6HYHUR 0DUWtQH] 3HOiH] HVWXGLD H LQWHUSUHWD HQ HVWH OLEUR OD UHDOLGDG

FRORQLDOGH*XDWHPDODEDMRSULQFLSLRVPHWRGROyJLFRVTXHSRUSULPHUD
YH]VHDSOLFDQDOGHVDUUROORKLVWyULFRGH&HQWUR$PpULFD,QYHVWLJDSRU
WDQWR ORV IHQyPHQRV EiVLFRV GH OD VRFLHGDG JXDWHPDOWHFD GH HVH
SHUtRGR\HVWDEOHFHWHVLVH+LSyWHVLVGHLQGXGDEOHYDORUFLHQWtILFR
/D REUD DQDOL]D ODV UHODFLRQHV GH SURGXFFLyQ HO WUDEDMR PLVPR GH ORV
LQGLRV \ GH ORV ODGLQRV PHQHVWHURVRV ODV SXJQDV HQWUH JUXSRV
GRPLQDGRV \ GRPLQDQWHV (VSDxROHV LQGLRV PHVWL]RV VRQ YDORUDGRV
GHQWURGHOFRQWH[WRHFRQyPLFRSROtWLFR\FXOWXUDOGHVXSURSLDFODVH
(ODXWRUQRH[DOWDQLQLHJDYDORUHVH[SOLFDUHDOLGDGHVLQFRQWURYHUWLEOHV
(O FULROOR HQ VX H[DFWD GLPHQVLyQ VRFLDO HV SUHVHQWDGR GHQWUR GH VX
SURFHVRGHXQDFRPSOLFDGDWUDPDGHSURFHVRV
6HYHUR 0DUWtQH] 3HOiH] FDWHGUiWLFR GH OD 8QLYHUVLGDG GH 6DQ &DUORV
GH *XDWHPDOD KD KHFKR HVWXGLRV VXSHULRUHV GH KLVWRULD HQ VX SDtV
0p[LFR\(VSDxD


 7tWXORRULJLQDO/DSDWULDGHOFULROOR
6HYHUR0DUWtQH]3HOiH]
'LVHxRGHFXELHUWD3LROLQ

(GLWRUGLJLWDO3LROLQ
H3XEEDVHU

6HYHUR0DUWtQH]3HOiH]

/DSDWULDGHOFULROOR
H3XEU
3LROLQ

 
 127$'(/$8725$/$&8$57$ 35Ï/2*2
(',&,Ï1
(Q HVWH OLEUR VH HQVD\D KDFHU +LVWRULD GH *XDWHPDOD EDMR SULQFLSLRV
+HPRGLILFDGRXQRVUHQJORQHVGHODSiJLQD&DStWXOR2FWDYR PHWRGROyJLFRV TXH VH DSOLFDQ SRU SULPHUD YH] DO HVWXGLR GH QXHVWUR
,,, ORV FXDOHV GDEDQ OXJDU D HTXtYRFR HQ UHODFLyQ FRQ XQ DVXQWR
LPSRUWDQWHHOFDUiFWHUIHXGDOGHODVRFLHGDGFRORQLDO
)XHUDGHHVDPtQLPDFRUUHFFLyQHOWH[WRHVH[DFWDPHQWHHOPLVPR
TXHHOGHODVHGLFLRQHVDQWHULRUHV
603
 
GHVDUUROOR&RQYLHQHSRUHVRLQGLFDUORVSURSyVLWRVGHOWUDEDMR\DYLVDUDO
OHFWRUVREUHGRVRWUHVSXQWRVLPSRUWDQWHV
/D ILQDOLGDG GH HVWH HQVD\R QR HV UHQGLU LQIRUPH GH FLHUWRV KHFKRV
DYHULJXDGRV\GHELGDPHQWHFRPSUREDGRV(OOLEURDSRUWDFLHUWDPHQWHDOJRD
ODODERUDFXPXODWLYDGHGDWRVKLVWyULFRVSHURVXYHUGDGHURFRPHWLGRHVPiV
DPELFLRVRLQWHQWDGDUXQSDVRHQODODERULQWHUSUHWDWLYDGHQXHVWURSDVDGR
\ DXQTXH OLPLWD VXV LQGDJDFLRQHV DO FDPSR GH OD YLGD FRORQLDO ²FRPR OR
DQXQFLDHOVXEWtWXOR²ODWDUHDLPSOLFDULHVJRV\XQDJUDQUHVSRQVDELOLGDG
LQWHOHFWXDO
6H HQWLHQGH DTXt SRU LQWHUSUHWDFLyQ KLVWyULFD QR DTXHO IDQWDVHDU TXH D
WtWXORGH³KLVWRULDILORVyILFD´QRVKDEODGHO³HVStULWX´GHXQDpSRFDGHVX
³SHUILO FXOWXUDO´ GH OD ³YRFDFLyQ KLVWyULFD GH VXV KRPEUHV´ \ RWUDV
TXLPHUDVSDUHFLGDV7DPSRFRVHWRPDHOFRPSURPLVRGHLQWHUSUHWDUFRPRXQ
VXEWHUIXJLR SDUD UHKXLU OD LQYHVWLJDFLyQ GH OR FRQFUHWR \ WHMHU LQJHQLRVDV
FRQMHWXUDV GLVIUD]DGDV GH ³FLHQFLDV VRFLDOHV´ /D +LVWRULD LQWHUSUHWDWLYD
UHDOL]DGDEDMRODVQRUPDVTXHDTXtVHDGRSWDQQRGDSRUKHFKD\VDELGDOD
VtQWHVLV GHO SHUtRGR HVWXGLDGR ²SRUTXH HQWUH QRVRWURV QR H[LVWHQ WRGDYtD
HVDV FRQGHQVDFLRQHV GH FRQRFLPLHQWR KLVWyULFR² VLQR TXH OD UHDOL]D FRPR
VXODERUIXQGDPHQWDO\HVHQODPDQHUDGHVLQWHWL]DUGRQGHVHHQFXHQWUDHO
FDUiFWHULQWHUSUHWDWLYRTXHDHVWDLQYHVWLJDFLyQVHOHDWULEX\H$OFDQ]DHVH
UDQJR OD ODERU KLVWyULFD FXDQGR EXVFD \ FRQVLJXH VHxDODU ORV JUDQGHV
KHFKRVGHWHUPLQDQWHVGHOSURFHVRVRFLDOQRORVKHFKRVPiVUXLGRVRV²QR
ODV³HIHPpULGHV²VLQRDTXHOORVTXHRSHUDQGRHQODEDVHGHODHVWUXFWXUD
GH OD VRFLHGDG GHWHUPLQDURQ VXV FDUDFWHUtVWLFDV PiV LPSRUWDQWHV \ OH
LPSULPLHURQ FLHUWDV WHQGHQFLDV D VX GHVDUUROOR $Vt HQVD\DU OD
LQWHUSUHWDFLyQGHOSURFHVRFRORQLDOJXDWHPDOWHFR²SURSyVLWRGHHVWHOLEUR²
HVLQYHVWLJDUORVIHQyPHQRVEiVLFRVGHQXHVWUDVRFLHGDGHQDTXHOSHUtRGR\
GHPRVWUDU FyPR HOORV FRQGLFLRQDURQ VXV PRGDOLGDGHV PiV QRWRULDV (V HQ
GRV SDODEUDV H[SOLFDU OD YLGD FRORQLDO KDFLHQGR UHIHUHQFLD D VXV
IXQGDPHQWRV
(Q DOJXQDV GH VXV VHFFLRQHV HO WUDEDMR QR OOHJD D IRUPXODU WHVLV VLQR
VRODPHQWH KLSyWHVLV TXH SRGUtDQ FRQILUPDUVH VREUH XQD LQIRUPDFLyQ PiV
DPSOLD GHVSXpV GH UHFDEDUOD ²SXHV VH WUDWD HQ HVRV FDVRV \ HQ PXFKRV
RWURV GH HVWH OLEUR GH WHPDV KLVWyULFRV JXDWHPDOWHFRV WRWDOPHQWH
LQH[SORUDGRVKDVWDKR\²&RQVLGHUDQGRHOYDORUWHQWDWLYRGHHVRVWUR]RVKD
TXHULGR HO DXWRU OODPDU HQVD\R DO FRQMXQWR VLQ RFXOWiUVHOH HPSHUR OD
SRVLELOLGDG GH KDEHU HQFRQWUDGR \ HVWDU SURSRQLHQGR HQ RWUDV VHFFLRQHV
FODYHVGHLQWHUSUHWDFLyQSOHQDPHQWHYiOLGDV\TXL]iGHILQLWLYDV
+D\ HQ *XDWHPDOD PXFKDV SHUVRQDV DSOLFDGDV D OD +LVWRULD HQ SODQ
SURIHVLRQDO \ WDPELpQ FRPR DILFLRQDGRV TXH GHVHDUiQ DSRUWDU YDOLRVD
FUtWLFD GH GHWDOOHV \ GH IRQGR FXDQGR HVWH SULPHU HVIXHU]R GH

LQWHUSUHWDFLyQ JOREDO GH OD FRORQLD VH OHV RIUH]FD FRPR LQFLWDQWH \ FRPR
SXQWRGHSDUWLGD$ODXWRUOHDJUDGDUtDVXVFLWDUHVDFUtWLFDQRVyORSRUTXH
HV QHFHVDULD SDUD HO DILQDPLHQWR GH OD LQWHUSUHWDFLyQ PLVPD VLQR SRUTXH
VLJQLILFDUtD XQD FLHUWD DFWLYDFLyQ GHO SHQVDPLHQWR KLVWyULFR WDQ
DEDQGRQDGRHQWUHQRVRWURVSRUYHQHUDUODQRWLFLDPXHUWD
VRFLDOHV PX\ FRPSOHMDV FRPR UHIOHMR GH FLHUWDV PRGDOLGDGHV GHO

SHQVDPLHQWRFRORQLDO\DXQRWUDVTXHHQHOWUDEDMRVHYHUiQ6LQHPEDUJR
8QHVWXGLRTXHSUHWHQGHLUDODVEDVHVGHODVRFLHGDGFRORQLDOWLHQHTXH
UHIHULUVHFRQVWDQWHPHQWHDOWUDEDMRGHLQGLRV\GHORVODGLQRVPHQHVWHURVRV
D ODV GLYHUVDV IRUPDV HQ TXH IXHURQ H[SORWDGRV D ODV SXJQDV TXH SRU HVH
PRWLYRVHGDEDQHQWUHORVJUXSRVGRPLQDGRV\ORVGRPLQDQWHV\DXQHQWUH
HVWRV~OWLPRVGLVSXWiQGRVHHOGRPLQLRGHDTXpOORV3RUHVDUD]yQWpUPLQRV
FRPR H[SORWDFLyQ \ FODVHV VRFLDOHV ²\ ORV YDVWRV FRQFHSWRV HFRQyPLFRV \
VRFLROyJLFRV TXH HQ HOORV YDQ H[SUHVDGRV² HVWiQ SUHVHQWHV HQ WRGR HO
HQVD\R &RPR VRQ WpUPLQRV TXH HO XVR FRUULHQWH KD OOHQDGR GH
FRQQRWDFLRQHVYDJDVFRQYLHQHSUHFLVDUTXpVLJQLILFDGRWLHQHQHQHOOLEUR
/DH[SORWDFLyQHVXQIHQyPHQRGHUHODFLyQHFRQyPLFDDWUDYpVGHOFXDO
XQDSHUVRQDRXQJUXSRKXPDQRVHDSURSLDYDORUHVFUHDGRVSRUHOWUDEDMR
GHRWURKRPEUHRJUXSRHQWHQGLGRTXHHVWH~OWLPRVHYHREOLJDGRDWROHUDU
GLFKD UHODFLyQ SRU FLUFXQVWDQFLDV GLYHUVDV FRPR SXHGH VHUOR HO HVWDU
ItVLFDPHQWH IRU]DGR D WROHUDUOD R HO QR GLVSRQHU GH PHGLRV GH SURGXFFLyQ
SDUDWUDEDMDUSRUFXHQWDSURSLD
 
8QDFODVHVRFLDOHVXQFRQMXQWRQXPHURVRGHSHUVRQDVTXHHQHOVHQRGH
XQD VRFLHGDG SUHVHQWDQ PRGRV GH YLGD VHPHMDQWHV H LQWHUHVHV FRPXQHV
GHWHUPLQDGRV XQRV \ RWURV SRU HO SDSHO FRP~Q TXH GLFKDV SHUVRQDV
GHVHPSHxDQHQHOUpJLPHQHFRQyPLFRGHGLFKDVRFLHGDG\HVSHFLDOPHQWHHQ
HOUpJLPHQGHODSURSLHGDG
$PERV FRQFHSWRV VRQ JUDQGHV DFLHUWRV GH OD (FRQRPtD 3ROtWLFD KDQ
DPSOLDGR HQRUPHPHQWH ODV SRVLELOLGDGHV GHO DQiOLVLV KLVWyULFR VRQ
PDQHMDGRV FRQ SURYHFKR SRU ORV +LVWRULDGRUHV LPSRUWDQWHV GH QXHVWUR
WLHPSR\QRKD\QLQJ~QPRWLYRSDUDPDQWHQHUORVGHVWHUUDGRVGHOiPELWRGH
QXHVWUDKLVWRULRJUDItD
(QWUH ORV PDWHULDOHV DQDOL]DGRV SDUD FRPSRQHU HVWH OLEUR WLHQH
GHVWDFDGD LPSRUWDQFLD OD FpOHEUH 5HFRUGDFLyQ )ORULGD GHO FURQLVWD
JXDWHPDOWHFR)UDQFLVFR$QWRQLRGH)XHQWHV\*X]PiQ3RUVHUHVDREUDXQD
H[WUDRUGLQDULDYHWDGHLQIRUPDFLyQKLVWyULFDVHODHPSOHDHQYDULDVIRUPDV
FRPR IXHQWH GH QRWLFLDV YDULDGtVLPDV FRPR WHVWLPRQLR GH VLWXDFLRQHV
QR VH SUHWHQGH KDFHU XQ HVWXGLR H[KDXVWLYR GH OD FUyQLFD OD FXDO SXHGH
H[DPLQDUVH GHVGH RWURV iQJXORV TXH QR LQWHUHVDQ D ORV ILQHV GHO HQVD\R
7DPSRFR KD\ LQWHQFLyQ ELRJUiILFD /DV IUHFXHQWHV DOXVLRQHV D OD YLGD GHO
FURQLVWDVRQUHFXUVRVH[SRVLWLYRVSUHWH[WRVSDUDHQWUDUHQIRUPDJUDGXDGD
\ YLYD D OD FRQFUHFLyQ GH OD H[LVWHQFLD FRORQLDO &RQIRUPH HO HVWXGLR
SHQHWUD HQ iUHDV PiV SURIXQGDV GH DTXHOOD H[LVWHQFLD OD FUyQLFD OH FHGH
OXJDU D PXFKRV RWURV GRFXPHQWRV GH DOWR YDORU KLVWyULFR \ HO FURQLVWD QRV
DEDQGRQDRULHQWDGRV\DHQVXPXQGR
)LQDOPHQWH²KHDTXtRWUDDGYHUWHQFLDQHFHVDULD²GHEHHQWHQGHUVHTXH
ORV QXPHURVRV DQiOLVLV TXH VH KDFHQ GHO SHQVDPLHQWR GH DTXHO QRWDEOH
KRPEUHGHOVLJOR;9,,QRVRQFRPRSRGUtDVXSRQHUORXQOHFWRUGHVSUHYHQLGR
UHIXWDFLRQHVRDWDTXHVDOFURQLVWDVLQRVRODPHQWHH[SOLFDFLRQHVGHOSRUTXp
GH DTXHOOD PDQHUD GH SHQVDU (Q QLQJ~Q SXQWR GH HVWH WUDEDMR VH TXLHUH
MX]JDUDORVKRPEUHVRDORVJUXSRVDOXGLGRVHQQLQJ~QPRPHQWRVHVXJLHUH
TXH SXGLHURQ KDEHU DFWXDGR GH PDQHUD GLVWLQWD GH FRPR OR KLFLHURQ 6H
VRVWLHQH PX\ DO FRQWUDULR TXH QR OHV KDEUtD VLGR SRVLEOH FRPSRUWDUVH QL SRVLEOHPHQWH VLQ GHVPD\R GHO LQWHUpV 8QD LPDJHQ QXHYD GH ODV UDtFHV GH
SHQVDU HQ RWUD IRUPD SRUTXH VX FRQGXFWD HVWDED PRGHODGD SRU IDFWRUHV *XDWHPDODXQDLPDJHQPiVGLQiPLFD\GHVGHOXHJRPiVVHULDWLHQHTXHVHU
KLVWyULFRV PiV SRGHURVRV TXH VX YROXQWDG /RV DQiOLVLV WLHQHQ OD ~QLFD HOUHVXOWDGRGHGLFKDOHFWXUDUHIOH[LYD
ILQDOLGDGGHVDFDUDOX]ODVPRWLYDFLRQHVPiVRPHQRVSURIXQGDVGHDTXHO (O OHFWRU DSUHVXUDGR TXH WLHQH R FUHH WHQHU PRWLYRV SDUD UHFKD]DU HO
FRPSRUWDPLHQWRSDUWLHQGRGHOVXSXHVWRGHTXHVXFRPSUHQVLyQWLHQHLQWHUpV ULWPRXQSRFRDFDGpPLFRTXHHOOLEURRVWHQWDSXHGHOHHUORVFDStWXORVFRPR
SHUGXUDEOH\XQDDOWDVLJQLILFDFLyQDFWXDO WUDEDMRV VXHOWRV \ HQ HO RUGHQ GH VX LQWHUpV SHUVRQDO FRPHQ]DQGR SRU HO

~OWLPRVLDVtORGHVHD(QWHQGLGRHVRVtTXHHOHQVD\RHVWiHQWRGRPRPHQWR


WUDWDQGRGHH[SOLFDUXQSURFHVR²XQDFRPSOHMDWUDPDGHSURFHVRV²\TXH
,QHYLWDEOHPHQWHKDEUiTXLHQHVPRWLYDGRVSRUXQSDWULRWLVPRIDOVR\PDO HVDFLUFXQVWDQFLDWRUQDPX\DFRQVHMDEOHFRPHQ]DUSRUHOSULQFLSLRVLWXDUVH
LQWHQFLRQDGR GLUiQ TXH HQ HVWH OLEUR VH DWHQWD FRQWUD FLHUWRV ³YDORUHV FRQPRGHVWLDHQHOQLYHODSDUHQWHPHQWHVXSHUILFLDOHQTXHHOOLEURLQLFLDVX
QDFLRQDOHV²DVtHQWUHFRPLOODV² DYHQWXUD
1R KDOODUiQ RWUR UHFXUVR FXDQGR FRPSUXHEHQ TXH HO DQiOLVLV FLHQWtILFR
UHPXHYH OD PiVFDUD EDMR OD FXDO VH RFXOWD HO YHUGDGHUR URVWUR GH QXHVWUD 603
UHDOLGDG FRORQLDO 6LQ HPEDUJR HO DXWRU VDEH TXH HVD UHDFFLyQ VyOR KD GH *XDWHPDODPD\RGH
GDUVHHQWUHPLQRUtDVLQWHUHVDGDVHQPDQWHQHUDTXHOODILFFLyQKLVWyULFD8Q
Q~PHUR FUHFLHQWH GH JXDWHPDOWHFRV LQWX\H VLQ HTXLYRFDUVH TXH QXHVWUD
DILUPDFLyQFRPRSXHEORH[LJHTXHDSUHQGDPRVDUHQHJDUGHQXHVWURSDVDGR
HQWDQWRTXHHVXQSDVDGRFRORQLDORORTXHHVORPLVPRODQHFHVLGDGGH
UHFRQRFHUQRV \ DILUPDUQRV PiV ELHQ HQ QXHVWUDV SRVLELOLGDGHV ODWHQWHV
SUR\HFWDGDVKDFLDHOSRUYHQLU
$XQTXHHVWHOLEURQRVHSURSRQHH[DOWDUQLQHJDUYDORUHVVLQRH[SOLFDU
UHDOLGDGHVHOOHFWRUDELHUWRDODYHUGDGHQFRQWUDUiHQpOVLWDOFRVDEXVFD
VyOLGRVSXQWRVGHDSR\RSDUDXQDHQpUJLFDDILUPDFLyQGHQXHVWURVHUVRFLDO
(VVRODPHQWHODYLHMDLGHDGHSDWULDFULROOLVWDODTXHHQHVWHHVWXGLRSRQHDO
GHVQXGRVXVOLPLWDFLRQHV&RQHOORVHGHVSHMDHOFDPLQRSDUDODIRUPDFLyQ
GH XQ FRQFHSWR FDGD YH] PiV DPSOLR GH SDWULD JXDWHPDOWHFD PiV
LQWHJUDWLYRDWRQRFRQODVH[LJHQFLDVGHPRFUiWLFDVGHODpSRFDTXHQRVKD
WRFDGRYLYLU
/D SURJUDPDFLyQ \ DXQ OD UHGDFFLyQ GH HVWH HQVD\R FRQWHPSODQ ODV
SRVLELOLGDGHV GH XQ OHFWRU FXOWR SHUR QR HVSHFLDOL]DGR TXH HV D TXLHQ
SULQFLSDOPHQWHVHGLULJHFRPRPHGLDGRUDFWLYRHQWUHHODXWRU\ORVVHFWRUHV
TXHQROHHQ7HPDV\WUDWDPLHQWRVUHVSRQGHQDXQRUGHQHVFDORQDGRVHJ~Q
HOFXDOFDGDWUR]RGHOOLEURSUHSDUDDOOHFWRUSDUDSDVDUDQLYHOHVGHPD\RU
KRQGXUD\FRPSOHMLGDG/DREUDSXHGHOHHUVHDVtVLQSULVDFRQUHIOH[LyQ\

 
 &DStWXOR3ULPHUR
/26&5,2//26
,,QIDQFLD\WRPDGHFRQFLHQFLD,,+HUHQFLDGHVDQJUH
\ KHUHQFLD GH SRGHU ,,, (O SUHMXLFLR GH OD
VXSHULRULGDG KLVSDQD ,9 /D VXSHULRULGDG GH ORV
FRQTXLVWDGRUHV 9 /D FRQTXLVWD FRPR IHQyPHQR
HFRQyPLFR 9, &ODVH GRPLQDQWH D PHGLDV 9,,
0RWLYDFLRQHV GH OD ³5HFRUGDFLyQ )ORULGD´ 9,,,
'HIHQVDGHOSDWULPRQLR\QDFLPLHQWRGHODSDWULD

²,²
,QIDQFLD\WRPDGHFRQFLHQFLD
(OGHIHEUHURGHIXHXQGtDWHUULEOHSDUDODFLXGDGGH6DQWLDJRGH
*XDWHPDOD$HVRGHODXQDGHODWDUGH²HUDXQViEDGR²FRPHQ]yDUHWXPEDU
HO VXHOR \ D VDFXGLUVH YLROHQWDPHQWH 0XFKRV HGLILFLRV VH GHUUXPEDURQ FRQ
HVWUXHQGR HQ DTXHOORV PRPHQWRV 2WURV TXHGDURQ VHULDPHQWH GDxDGRV \
FRQWLQXDURQGHVSORPiQGRVHFRQORVWHPEORUHVVLJXLHQWHVSXHVORVKXERGHGtD
\GHQRFKHGXUDQWHPiVGHXQPHV>@
/D SOD]D PD\RU GH OD FLXGDG TXH HQ RWUDV RFDVLRQHV HUD FHQWUR GH
IHVWLYLGDGHV \ UHJRFLMRV VH YLR FRQYHUWLGD HQ HVFHQDULR GH ODPHQWDFLRQHV
,PSURYLVyDOOtODJHQWHXQFREHUWL]RGHSDMD\OOHYyHQSURFHVLyQODLPDJHQGH
6DQ6HEDVWLiQTXHHUDWHQLGRSRUGHIHQVRUGHODFLXGDGIUHQWHDOD]RWHGHORV
WHPEORUHV3REUHV\ULFRVDXQDGRVPRPHQWiQHDPHQWHSRUHOSiQLFRDFXGtDQD
ORVDWULRVGHORVFRQYHQWRVDFRQIHVDUFRQSULVDVXVFXOSDV<HQODVWRUUHVTXH
PDODPHQWH VH VRVWHQtDQ HQ SLH JHPtDQ ODV FDPSDQDV VDFXGLGDV SRU OD PDQR
LQYLVLEOHGHOWHUUHPRWR>@
/RV WHPEORUHV GH WLHUUD IXHURQ FRPR VH VDEH XQ PDO LQWHUPLWHQWH HQ OD
YLGDGHDTXHOODFLXGDGTXHVHKDOODEDDVHQWDGDDORVSLHVGHXQYROFiQ\HQOD
FHUFDQtD GH RWURV GRV LJXDOPHQWH DPHQD]DGRUHV 4XLHQHV HQ HO DxR GH 
HUDQ WRGDYtD QLxRV KDEUtDQ GH SDVDU HQ HO FXUVR GH VXV YLGDV SRU PXFKRV
WUDQFHV\VREUHVDOWRVSDUHFLGRV>@
(QWUHODPXFKHGXPEUHTXHVHDJORPHUDEDSRUDTXHOORVGtDVHQORVDWULRV
VHKDOODEDXQQLxRTXHQRROYLGyMDPiVODVLPSUHVLRQHVGHOWHUUHPRWR\TXH
FXDUHQWD DxRV PiV WDUGH LED D UHFRUGDUODV HQ ODV SiJLQDV GH XQD FpOHEUH
FUyQLFD³«HQHODWULRGH6DQ)UDQFLVFRVLHQGR\RGHRFKRDxRVGHHGDGD
ODVD]yQPHDFXHUGRKDEHUYLVWRPXFKDVSHUVRQDV«FRQIHVDUVXVFXOSDVD
YRFHV«´>@
6X LQIDQFLD GHEH KDEHU WUDQVFXUULGR DPpQ GH ORV WHPEORUHV HQ XQ
DPELHQWHUHJDODGR\VHJXUR$OOtHVWDEDQORVSDGUHV\ORVDEXHORVSDUDYHODU
SRUVXELHQHVWDU$OOtHVWDEDQODVLPiJHQHVSURWHFWRUDVGHORVVDQWRVHQHODOWDU

GRPpVWLFR < HVWDEDQ WDPELpQ ORV VLUYLHQWHV \ HO HVFODYR QHJUR GH DGHPiQ ¢4XpHUDSXHVORTXHUHDOPHQWHVHSURSRQtDDOHVFULELUDTXHOODREUD"
VHQFLOOR \ VHUYLFLDO>@ /D FDVD PLVPD ²VX FDVD² RIUHFtD SRU IXHUD XQRV $QWHVGHUHVSRQGHUDHVDSUHJXQWD\SDUDSRGHUKDFHUORPiVDGHODQWHFRQ
YHQWDQDOHV VDOLHQWHV FRQ WXSLGDV \ IXHUWHV EDUUDV \ XQ SHVDGR SRUWyQ TXH QR EXHQRVIXQGDPHQWRVGHEHPRVFRQWHVWDUDHVWDRWUD¢4XLpQHUDDTXHOKRPEUH"
KXELHUDQSRGLGRGHUULEDUYHLQWHLQGLRVDXQHVFRJLGRVHQWUHORVPiVIRU]XGRV
VXSRQLHQGRTXHVHOHVRUGHQDVHUHDOL]DUWDQHVW~SLGDHLPSURGXFWLYDWDUHD>@
3RUORGHPiVORVLQGLRVVLELHQHVFLHUWRTXHKDEtDTXHWHQHUORVDUD\D\
SDWHQWL]DUOHV HQ WRGR PRPHQWR VX VXERUGLQDFLyQ ²£FRQVHMR FRWLGLDQR GH
SDGUHV \ DEXHORV²>@ QR HV PHQRV FLHUWR TXH D OD FDVD OOHJDEDQ VLHPSUH
FRPR SRUWDGRUHV GH DOJ~Q EHQHILFLR (O ORV YHtD FDVL D GLDULR HQ HO ]DJXiQ
VXGRURVRV \ MDGHDQWHV GHVFDUJDU GH VXV HVSDOGDV OD OHxD ORV JUDQRV ODV
OHJXPEUHV OD OHFKH OD SDQHOD \ PXFKRV RWURV ELHQHV VLQ ORV FXDOHV OD
H[LVWHQFLD QR KDEUtD VLGR WRGR OR DJUDGDEOH TXH HQ UHDOLGDG HUD $OJXQRV GH
HVRV ELHQHV QR HUDQ VRODPHQWH WUDtGRV SRU ORV LQGLRV GHVGH OHMRV VLQR TXH
KDEtDQ VLGR FXOWLYDGRV SRU HOORV PLVPRV HQ OD KDFLHQGD GH ORV SDGUHV GH
QXHVWURKpURH'HDOOtTXHUHVXOWDUDWDQGLItFLOFRPSUHQGHUHOGHVSUHFLRTXHORV
PD\RUHV UHFRPHQGDEDQ SDUD FRQ HVWRV VHUHV GHVFDO]RV \ UDtGRV TXH ROtDQ D
VXGRU6LpOKDFtDDGHPiQSRQJDPRVHOFDVRGHTXHUHUFKDQFHDUVHFRQDOJ~Q
FKLFXHOR DFRPSDxDQWH GH ORV LQGLRV HQ HO DFWR VH YHtD DVLGR SRU OD PDQR
HQpUJLFDGHODDEXHODTXLHQORDSDUWDEDFRQXQVXVXUURLQVLVWHQWH\HQIiWLFR
³« DSDUWH VRPRV QRVRWURV \ DSDUWH ORV QDWXUDOHV«´>@ 7DPELpQ GHEH
KDEHUOH VRUSUHQGLGR RtU GHFLU HQ PLWDG GH ODUJDV FRQYHUVDFLRQHV VREUH ORV
GHIHFWRVGHORVLQGLRVTXHpVWRVPDPDEDQWRGRORPDORTXHVHOHVDWULEXtD>@
¢$FDVRQRHUDQLQGtJHQDVODV³QDQDV´RQRGUL]DVTXHDPDPDQWDEDQDORVQLxRV
HQPXFKDVFDVDVGHJHQWHULFD"«>@
&LHUWDPHQWH KDEtD HQ WRGR HVWR DEVXUGRV LQFRPSUHQVLEOHV SDUD OD OyJLFD
GH XQ QLxR (V TXH QDGLH YLHQH DO PXQGR FRQ XQD FRQFLHQFLD GH FODVH \D
IRUPDGD pVWD VH YD IRUPDQGR HQ HO FXUVR GH ORV DxRV VHJ~Q YDQ VLHQGR
UHFRQRFLGRV FRPR SURSLRV ORV LQWHUHVHV GHO JUXSR VRFLDO HQ TXH VH YLYH <
QXHVWUR KpURH QR IXH XQD H[FHSFLyQ D OD UHJOD XQLYHUVDO SRFR D SRFR IXH
GHVDUUROOiQGRVH HQ pO OD QRFLyQ GH VXV LQWHUHVHV \ VX PHQWH IXH DFHSWDQGR
WRGRVDTXHOORVSUHMXLFLRV\PXFKRVPiV/OHJDGRDODPDGXUH]VHDILFLRQySRU
ODVOHWUDV\HVFULELyXQDULTXtVLPD\H[WHQVDFUyQLFDGHO5HLQRGH*XDWHPDOD
HQHOVLJOR ;9,,(QHOODGHMySODVPDGDVVLQTXHIXHUDHVDVXLQWHQFLyQWRGDV
ODVIRUPDVGHFRQFLHQFLDSURSLDVGHVXFODVHVRFLDO

 
 ²,,²
+HUHQFLDGHVDQJUH\KHUHQFLDGHSRGHU
)UDQFLVFR $QWRQLR GH )XHQWHV \ *X]PiQ IXH GHVFHQGLHQWH GH ORV
FRQTXLVWDGRUHV \ SULPHURV LQPLJUDQWHV HVSDxROHV GH *XDWHPDOD 3RU OD OtQHD
PDWHUQDVXIDPLOLDHQWURQFDEDFRQHOFpOHEUHVROGDGR\FURQLVWD%HUQDO'tD]
GHO&DVWLOOR3RUODUDPDSDWHUQDFRQ5RGULJRGH)XHQWHVXQFRORQRTXHVHODV
DUUHJOySDUDHQOD]DUDVXVGHVFHQGLHQWHVFRQODVIDPLOLDVPiVSRGHURVDVGHOD
FLXGDG>@ (Q OD JHQHDORJtD GH QXHVWUR KRPEUH DSDUHFHQ ORV $OYDUDGR ORV
%HFHUUDORV&KiYHV&DVWLOORV3RODQFRV9LOODFUHFHV\&XHYDV>@3HURFRPR
ODVHVSDGDVGHORVFRQTXLVWDGRUHVQRVHKDEtDQEDxDGRHQVDQJUHYDQDPHQWH
VLQR FRQ HO ILQ GH SRQHU D ODV VRFLHGDGHV LQGtJHQDV EDMR HO GRPLQLR GH ORV
QXHYRV DPRV GH DKt TXH HO iUERO JHQHDOyJLFR DSDUH]FD FROPDGR GH FDUJRV
S~EOLFRV \ RILFLRV GH DXWRULGDG FRUUHJLGRUHV DOFDOGHV UHJLGRUHV \ VtQGLFRV
GHO FDELOGR HWF>@ VLQ TXH DO ODGR GH ODV DXWRULGDGHV FLYLOHV IDOWHQ ODV
HFOHVLiVWLFDVXQWtRGHGRQ$QWRQLRKDEtDVLGRSURYLQFLDOGHODRSXOHQWDRUGHQ
UHOLJLRVDGH6DQWR'RPLQJR>@
(O YLHMR DUUDLJR GH VXV IDPLOLDUHV HQ HO $\XQWDPLHQWR GH *XDWHPDOD OR
OOHYy D RFXSDU GHVGH OD WHPSUDQD HGDG GH GLHFLRFKR DxRV HO SXHVWR GH
UHJLGRU 'XUDQWH WUHLQWLRFKR DxRV IXH PLHPEUR GHO $\XQWDPLHQWR FRQ GRV
SHUtRGRVGHLQWHUUXSFLyQHQORVFXDOHVDEDQGRQyODFLXGDGSDUDGLVIUXWDUODV
$OFDOGtDV 0D\RUHV GH 7RWRQLFDSiQ \ 6RQVRQDWH UHVSHFWLYDPHQWH>@ &RPR
DTXHOORV SXHVWRV HUDQ YHUGDGHURV PLUDGRUHV TXH SRQtDQ D OD YLVWD OD
RUJDQL]DFLyQ GH OD SURYLQFLD GRQ $QWRQLR DGTXLULy HQ HOORV XQ DPSOLR
FRQRFLPLHQWR GHO SDtV 7DPELpQ LQIOX\HURQ HQ OD FRQILJXUDFLyQ GH VX
PHQWDOLGDGUHIRU]DQGRODDFWLWXGGHTXLHQPLUDODVFRVDVGHVGHDUULEDGHVGH
HOSXQWRGHYLVWDGHORVGRPLQDGRUHV
1R HUD PHQRV DPSOLR HPSHUR HO KRUL]RQWH TXH VH RIUHFtD D VXV RMRV
FXDQGRGHMDEDORVVDORQHVGHO$\XQWDPLHQWR\VHWUDVODGDEDDOFDPSR$VROR
FXDWUROHJXDVGHODFLXGDGVHKDOODEDQODVWLHUUDVGHVXSURSLHGDG7UDVDJXLMDU
ODVFDEDOJDGXUDVSRUXQDFXHVWDGREODGDVHH[WHQGtDDVXVSLHVHO9DOOHGHODV

0HVDV GH 3HWDSD (UD DTXHOOD XQD H[WHQVD OODQXUD FRQ YHLQWLVLHWH OHJXDV GH
WLHUUDGHFXOWLYR\WUHFHSXHEORVGHLQGLRVGLVWULEXLGRVDFRQYHQLHQWHGLVWDQFLD
+DEtD HQ HO YDOOH GLHFLVpLV ODERUHV GH WULJR \ ³«RFKR PDUDYLOORVRV \
RSXOHQWRVLQJHQLRVGHD]~FDU«´>@&LQFRGHDTXHOORVLQJHQLRVSHUWHQHFtDQD
yUGHQHV UHOLJLRVDV SHUR GH ORV WUHV UHVWDQWHV XQR OH SHUWHQHFtD D pO>@ /D
RSXOHQFLDTXHHOFURQLVWDOHDWULEX\HDWDOHVHPSUHVDVQRGHEHWRPDUVHFRPR
H[DJHUDFLyQGHTXLHQDODEDORVX\RVXYDORUSRGtDFRQMHWXUDUVHFRQWHPSODQGR
ORV H[WHQVRV FDPSRV GH FDxD D]XFDUHUD VXV LQVWDODFLRQHV GH EHQHILFLR
UHFLQWRV SDUD KDELWDFLyQ \ RILFLQDVFDPLQRVSXHQWHV FHUFRVWRPDVGHDJXD
VLQ FRQWDU FRQ HO JDQDGR TXH VLHPSUH WHQtDQ HQ FRUWD SURSRUFLyQ>@ 6ROtDQ
WHQHUWDPELpQWHPSORVSDUWLFXODUHVTXHHQDOJXQRVFDVRVULYDOL]DEDQHQOXMR
FRQORVGHODFLXGDG>@
(O FURQLVWDQRHUDSURSLHWDULR VRODPHQWHGHHVH LQJHQLR(Q RWUD SDUWH VH
GHWLHQHDHQXPHUDUODVFXDOLGDGHVGHOJUDQRTXHVHSURGXFtDHQVXVODERUHVGH
WULJR\D~QPHQFLRQDGHSDVDGDRWUDVWLHUUDVTXHGDEDHQDUUHQGDPLHQWRHQHO
9DOOHGHODV9DFDV>@
6HHVWiYLHQGRSXHVTXH)XHQWHV\*X]PiQQRHUDVyORXQGHVFHQGLHQWHGH
FRQTXLVWDGRUHV VLQR TXH HUD DGHPiV XQ KHUHGHUR GH OD FRQTXLVWD (V PX\
LPSRUWDQWHFRPSUHQGHUORODKHUHQFLDGHVDQJUH\ODKHUHQFLDGHSRGHUDXQTXH
JHQHUDOPHQWH PDUFKDEDQ MXQWDV QR HUDQ XQD PLVPD FRVD (Q OD VRFLHGDG
FRORQLDOKXERXQJUXSRGHIDPLOLDVHQODVTXHFRPRHQODGHGRQ$QWRQLRVH
FRQVHUYDED VLQ PHVWL]DMH OD VDQJUH GH ORV FRQTXLVWDGRUHV \ SULPHURV
SREODGRUHV HVSDxROHV $O PLVPR WLHPSR HVDV IDPLOLDV SRVHtDQ WLHUUDV
GLVSRQtDQ GHO WUDEDMR GH ORV LQGLRV SDUD KDFHUODV SURGXFWLYDV \ FRQWURODEDQ
FLHUWRVSXHVWRVGHDXWRULGDG(VWRTXLHUHGHFLUTXHHOJUXSRKDEtDUHFLELGRGH
VXVDQWHSDVDGRVSRUXQDSDUWHXQDKHUHQFLDELROyJLFDFRQVWLWXLGDSRUFLHUWDV
FDUDFWHUtVWLFDVUDFLDOHV\SRURWUDSDUWHXQDKHUHQFLDHFRQyPLFD\SROtWLFDHQ
WpUPLQRVGHSURSLHGDG\DXWRULGDG(VGHODPD\RULPSRUWDQFLDHVWDEOHFHUFXiO
GHHVRVGRVOHJDGRVFRPSDFWDEDDOJUXSRKDFLHQGRGHpOXQDHQWLGDGKLVWyULFD
GHILQLGDFXiOGHHVDVGRVKHUHQFLDVOHGDEDFRKHVLyQDODFODVHVRFLDO
$Vt HO SUREOHPD GH DYHULJXDU TXLpQ HUD $QWRQLR GH )XHQWHV \ *X]PiQ
KRPEUH UHSUHVHQWDWLYR GH XQ JUXSR VRFLDO ²VHJ~Q TXHGy GLFKR KDFH XQ
PRPHQWR² QRV REOLJD D HVFODUHFHU ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GHO
JUXSR+DJiPRVOR

 ²,,,²

(OSUHMXLFLRGHODVXSHULRULGDGKLVSDQD
$OJXLHQ KD GLFKR TXH )XHQWHV \ *X]PiQ ³« VHQWtD OD WLHUUD FRPR XQ
FULROOR«´>@ \ HO SURSLR FURQLVWD VH GD HVH DSHODWLYR HQ YDULDV
RSRUWXQLGDGHV´«FULROORVFRPRQRVOODPDQ«´>@
'HPDQHUDJHQHUDOODSDODEUDFULROORGHVLJQDEDDORVKLMRVGHHVSDxROHV
QDFLGRVHQ$PpULFDVLQQLQJ~QPHVWL]DMH6HHPSOHySULPHUDPHQWHUHIHULGDD
ORV KLMRV GH ORV FRQTXLVWDGRUHV \ SULPHURV SREODGRUHV 6LQ HPEDUJR OD
FRQVWDQWH LQPLJUDFLyQ GH HVSDxROHV D ODV SURYLQFLDV OH IXH GDQGR QXHYRV
PDWLFHV GH FRQQRWDFLyQ D OD DFHSFLyQ SULPLWLYD 1R HUD OR PLVPR VHU XQ
FULROOR QXHYR TXH XQ FULROOR GH YLHMR DEROHQJR LQGLDQR SRUTXH ORV
GHVFHQGLHQWHVGHFRQTXLVWDGRUHVQRTXHUtDQSRQHUVHHQXQSODQRGHLJXDOGDG
FRQORVKLMRVGHDYHQWXUHURVUHFLpQOOHJDGRV(VWRVDYHQWXUHURVVLQHPEDUJR
VRVWHQtDQTXHVXLQPHGLDWDSURFHGHQFLDGH(VSDxDYDOtDPiVTXHFXDOHVTXLHUD
DEROHQJRV\OHGDEDQDODSDODEUDFULROORXQWRQRGHFLGLGDPHQWHGHVSHFWLYR
/RVFULROORVDVXYH]SUHIHUtDQOODPDUVHDVtPLVPRVHVSDxROHVKDFLHQGRD
XQODGRVXOXJDUGHQDFLPLHQWR\VXEUD\DQGRVXRULJHQHQWRGRVORVFDVRVHQ
TXH HVWR OHV IXHUD FRQYHQLHQWH \ SRVLEOH 7RGRV HVWRV JLURV DSDUHQWHPHQWH
DEVXUGRVWHQtDQVXUD]yQGHVHUHQODVRUGDSXJQDTXHPDQWXYLHURQHQWUHVtORV
FULROORV\ORVHVSDxROHVODFXDOHVWXGLDUHPRVHQRWUROXJDUFRPRXQDIDFHWDGH
ODOXFKDGHFODVHVGXUDQWHODFRORQLD
3HUR HO FRQFHSWR GH FULROOLVPR QR VH DJRWDED QL PXFKR PHQRV HQ XQD
WULYLDO FXHVWLyQ GH QDFLRQDOLGDGHV 7RGRV ORV PDWLFHV VHxDODGRV WHQtDQ XQ
IRQGR FRP~Q LPSRUWDQWH VH GDED SRU VXSXHVWR TXH HO RULJHQ HVSDxRO
DFDUUHDED VXSHULRULGDG IUHQWH D ORV VHFWRUHV LQGtJHQDV \ PHVWL]RV (VWD
VXSHULRULGDGHPDQDGDVHJ~QHOORVGHVXDQFHVWURKLVSDQRHUDXQDFRQYLFFLyQ
DEVROXWDPHQWHEiVLFDHQODFRQFLHQFLDVRFLDOGHORVFULROORV7RGDVODVEXHQDV
FXDOLGDGHVTXHHQFRQWUDEDQHQVtPLVPRV²\DIXHUDQUHDOHVRLPDJLQDULDV²
DVt FRPR ODV YHQWDMDV LQKHUHQWHV D VX SRVLFLyQ VRFLDO HUDQ H[SOLFDGDV SRU
HOORV LQYRFDQGR XQD VXSHULRULGDG LQQDWD \ IDWDO TXH FRPSDUWtDQ FRQ HO

 
HVSDxRO$HVWHUHVSHFWRVHKDFtDQFRQVLGHUDFLRQHVHQWRUQRDOD³OLPSLH]DGH ²,9
VDQJUH´>@ ³OD OHFKH´>@ \ WySLFRV GH HVH HVWLOR (UD XQD VXSHULRULGDG TXH
VHQFLOODPHQWH³VHWUDtD´«
< OD DSDULHQFLD VXSHUILFLDO GH ODV FRVDV FLHUWDPHQWH IDYRUHFtD D TXLHQHV /DVXSHULRULGDGGHORVFRQTXLVWDGRUHV
VRVWHQtDQ DTXHO DVHUWR SRUTXH HQ HIHFWR HQWUH OD JHQWH GH RULJHQ HXURSHR
DSDUHFtDXQDVHULHGHIDFXOWDGHVGHVDUUROODGDV\XQDKDELOLGDGJHQHUDOTXHOD
3DUD HVFODUHFHU HVWH DVXQWR WHQHPRV TXH UHFRUUHU FRQ OD PHQWH GXUDQWH
SRQtD VLQ OXJDU D GXGDV HQ XQ SODQR GH YHQWDMD UHVSHFWR GH OD SREODFLyQ
XQRVLQVWDQWHVSHUVSHFWLYDVKLVWyULFDVDPSOLDV(OUHFRUULGRQRVWUDHUiSRUVt
PRUHQD (QWUH LQGLRV \ PHVWL]RV SRU RWUR ODGR HUD HYLGHQWH FLHUWR DWUDVR HQ
PLVPRGHQXHYR\GLUHFWDPHQWHDODVXQWRTXHQRVRFXSD
FXDQWR D GHVDUUROOR LQWHOHFWXDO \ GH KDELOLGDGHV &RLQFLGtDQ SXHV FLHUWRV
5HFRUGHPRV TXH OD FRQTXLVWD GH $PpULFD IXH HO WULXQIR GH XQRV FXDQWRV
UDVJRV UDFLDOHV FRQ FLHUWRV QLYHOHV GH GHVDUUROOR KXPDQR \ GH DOOt GHGXFtDQ
JUXSRV GH DYHQWXUHURV GHVDUUDSDGRV \ DOHMDGRV GH VX DPELHQWH VREUH
ORV FULROORV VLQ WRPDUVH PiV WUDEDMRV XQD UHODFLyQ GH FDXVD \ HIHFWR ORV
YLJRURVDV RUJDQL]DFLRQHV LQGtJHQDV TXH YLYtDQ D OR ODUJR GH LQPHQVRV
EODQFRV HUDQ VXSHULRUHV SRUTXH HUDQ EODQFRV \ ORV LQGLRV HUDQ LQIHULRUHV
WHUULWRULRV(OGHVFDODEURTXHVXIULHURQJUDQGHVVRFLHGDGHVFRPRODPH[LFDQD
SRUTXHHUDQLQGLRV>@ \ OD SHUXDQD ²QR GLJDPRV ORV SHTXHxRV FDFLFD]JRV GH *XDWHPDOD² EDVWD
6LQHPEDUJRHOKHFKRGHTXHGRVIHQyPHQRVVHGHQMXQWRVQRVLJQLILFDTXH SDUD LQGLFDU TXH KDEtD XQD DSODVWDQWH VXSHULRULGDG GH SDUWH GH ORV
QRVHDODFDXVDGHORWUR6DEHPRVTXHODUD]DSRUVtPLVPDQRKDFHKLVWRULD FRQTXLVWDGRUHV TXLHQHV LQWHJUDQGR FRUWDV KXHVWHV \ XVDQGR HOHPHQWDOHV
QR HV IDFWRU TXH GHWHUPLQH QDGD GH LPSRUWDQFLD HQ HO SURFHVR VRFLDO < HOOR
DUJXFLDV>@ORJUDURQSRQHUODVEDMRVXGRPLQLRHQSRFRWLHPSR
VLJQLILFD TXH WHQHPRV TXH H[SOLFDU ²VL TXHUHPRV LU GH YHUDV DO IRQGR GH OD
1HJDU OD VXSHULRULGDG GH ORV FRQTXLVWDGRUHV VREUH ORV LQGtJHQDV HV XQD
FXHVWLyQ² HQ TXp UDGLFDED R GH GyQGH SURYHQtD HQWRQFHV OD HIHFWLYD
QHFHGDGD~QPiVJUDQGHTXHDWULEXLUODDPRWLYRVGHVDQJUH3RUTXHHODVHUWR
VXSHULRULGDGGHORVEODQFRVVREUHORVLQGLRV\ORVPHVWL]RVHQHOFRQWH[WRGH
GHODVXSHULRULGDGUDFLDOWLHQHDOPHQRVVHQWLGRSDUDORVRSUHVRUHVGHOLQGLR
ODVRFLHGDGFRORQLDO
IRPHQWDODFUHHQFLDGHTXHVXVRMX]JDPLHQWRIXHXQIHQyPHQRGHWHUPLQDGRSRU
FDXVDV ELROyJLFDV (V XQ GLVSDUDWH TXH EHQHILFLD D TXLHQHV OR VRVWLHQHQ /D
SRVWXUDURPiQWLFDHQFDPELRQHJDQGRDVHFDVFXDOTXLHUWLSRGHVXSHULRULGDG
DORVFRQTXLVWDGRUHVGHMDHQODREVFXULGDGODVFDXVDVGHOUiSLGR\SHUGXUDEOH
VRPHWLPLHQWRGHORVQDWLYRV\HVDREVFXULGDGOHMRVGHEHQHILFLDUORVHQPRGR
DOJXQR GHSDUD ODV PHMRUHV FRQGLFLRQHV SDUD OD VXSHUYLYHQFLD GH ORV
SUHMXLFLRV 8QD SRVWXUD FLHQWtILFD IUHQWH D HVWD FODVH GH SUREOHPDV GHEH
UHFKD]DU FRQ LJXDO HQHUJtD ORV SUHMXLFLRV UDFLVWDV \ ORV SUHMXLFLRV
VHQWLPHQWDOHVMX]JDQGRDHVWRV~OWLPRVWDQSHUMXGLFLDOHVFRPRDTXpOORV
$SULQFLSLRVGHOVLJOR;9,HUD(VSDxDXQRGHORVSDtVHVPiVGHVDUUROODGRV
GHO PXQGR 'XUDQWH PLOHQLRV KDEtD UHFLELGR ORV DSRUWHV FXOWXUDOHV GH ODV
FLYLOL]DFLRQHVGHO0HGLWHUUiQHR\GHO&HUFDQR2ULHQWH3RUODVPiVGLYHUVDV
YtDV²LQPLJUDFLRQHVDYDQ]DGDVFRPHUFLDOHVFRPRODVJULHJDV\ODVIHQLFLDV
GRPLQDFLRQHVGHPXFKRVVLJORVFRPRODURPDQD\ODPXVXOPDQDHWF²KDEtDQ

 
VLGR LQWURGXFLGRV HQ DTXHOOD VRFLHGDG ORV DOFDQFHV GH OD FXOWXUD PDWHULDO \
HVSLULWXDOGHPXFKRVSXHEORV/RViJLOHVFDEDOORVGHJXHUUDHVSDxROHVTXHHQ
HOVLJOR;9,KLFLHURQHVWUDJRVHQ$PpULFD\HQODSURSLD(XURSDHUDQSURGXFWR
GHOGHVDUUROORGHODJDQDGHUtDFDEDOODUPiVDQWLJXDSDVDQGRFODURHVWiSRUOD
URPDQD\ODGHORViUDEHV/RPLVPRKD\TXHGHFLUGHODVWpFQLFDVGHOWUDEDMR
GHO DFHUR TXH DOFDQ]DURQ WDQ DOWR GHVDUUROOR HQ 7ROHGR HQ WLHPSRV GH OD
RFXSDFLyQ iUDEH < QR KDEOHPRV GH OD SyOYRUD ²FRQ OD TXH KDEUtDPRV
PHQFLRQDGRORVWUHVIDFWRUHVWHFQROyJLFRVGHFLVLYRVGHODVXSHULRULGDGEpOLFD
GH ORV FRQTXLVWDGRUHV² SRUTXH KDVWD ORV QLxRV VDEHQ GyQGH \ FXiQGR IXH
LQYHQWDGD
/D FXOWXUD HVSDxROD GHO VLJOR ;9, ²FRPR WRGDV HVDV HFORVLRQHV GH
TXHDWDFDEDDORVLQGLRVFRQFDEDOORVGHJXHUUDQRWHQtDDVXIDYRU~QLFDPHQWH
OD YHQWDMD GHO VHUYLFLR TXH OH SUHVWDED OD EHVWLD DUUROODGRUD VLQR WDPELpQ HO
JUDQ FRPSOHMR GH FRQRFLPLHQWRV \ SHQVDPLHQWRV TXH YDQ DVRFLDGRV D OD
FULDQ]D HO DPDHVWUDPLHQWR \ HO WUDMtQ GH ORV FDEDOORV 5HFXpUGHVH FRPR
HMHPSORODVUHIHUHQFLDVDORVFDEDOORVFRQWHQLGDVHQODPX\FRQRFLGDFDUWDGH
3HGUR GH $OYDUDGR D +HUQiQ &RUWpV GHVSXpV GH OD GHUURWD GH ORV LQGLRV
TXLFKpV UHILHUH FyPR LJQRUDQGR ORV LQGLRV TXH ORV FDEDOORV HUDQ LQHILFDFHV
VREUHWHUUHQRVLQFOLQDGRV\HVFDEURVRVFDtDQIiFLOPHQWHHQODWUDPSDTXHORV
MLQHWHV OHV WHQGtDQ DO ILQJLU TXH KXtDQ FRQ ODV EHVWLDV KDFLD OD OODQXUD ³«
(VWDQGRDSHDGRVEHELHQGRYLPRVYHQLUPXFKDJHQWHGHJXHUUDDQRVRWURV\
GHMiUQRVODOOHJDUTXHYHQtDQSRUXQRVOODQRVPX\JUDQGHV<URPSLPRVHQ
DFWLYLGDG\SHQVDPLHQWRTXHOD+LVWRULDOODPD³VLJORVGHRUR´GHORVSXHEORV
²IXHUHVXOWDGRGHXQDFRPSOHMtVLPDWUDPDGHSURFHVRVKLVWyULFRVHQODTXH
MXJDURQSDSHOGHWHUPLQDQWHORVSURFHVRVHFRQyPLFRV/RFXDOQRTXLHUHGHFLU
QLPXFKRPHQRVTXHGHED VXEHVWLPDUVH HOHVIXHU]RFUHDGRUTXH UHDOL]DEDHO
SXHEOR HVSDxRO HQ DTXHO PRPHQWR /R TXH RFXUUH HV TXH ORV SXHEORV HVWiQ
VLHPSUH HQWUHJDGRV D XQ HVIXHU]R FUHDGRU SHUR HO TXH ORV UHVXOWDGRV VHDQ
ySWLPRV R PtQLPRV HV FRVD TXH YLHQH GHWHUPLQDGD SRU FR\XQWXUDV KLVWyULFDV
WDQ FLHJDV FRPR OD TXH OOHYy D &ROyQ VLQ SURSRQpUVHOR MDPiV D GHVFXEULU
SDUD(VSDxDXQFRQWLQHQWHGHOFXDOQRWHQtDQORVHVSDxROHVODPiVUHPRWDLGHD
$SHVDUGHTXHODVRFLHGDGHVSDxRODHUDXQDVRFLHGDGGHFODVHV\GHTXH
SRU WDO PRWLYR OD FXOWXUD HVSDxROD QR HUD SDWULPRQLR GH WRGR HO SXHEOR HV
FRVD VDELGD TXH PXFKRV FRQRFLPLHQWRV \ KDELOLGDGHV TXH YDQ DVRFLDGDV DO
WUDEDMR SURGXFWLYR VXHOHQ VHU GH GRPLQLR SRSXODU (O PiV U~VWLFR GH ORV
FRQTXLVWDGRUHV HVWDED IDPLOLDUL]DGR GHVGH OD LQIDQFLD FRQ FLHUWRV
SURFHGLPLHQWRV GH SURGXFFLyQ DJUtFROD \ JDQDGHUD FRQ FRQRFLPLHQWRV
JHQHUDOHV UHODFLRQDGRV FRQ OD HODERUDFLyQ GH ORV PHWDOHV FRQ XQ VLQ ILQ GH
HOHPHQWRV GH FXOWXUD TXH IORWDEDQ HQ VX DPELHQWH \ TXH HUDQ SURSLRV GHO
GHVDUUROORHFRQyPLFRJHQHUDOGH(VSDxDHQDTXHOPRPHQWR(VRGHWHUPLQDED
QDWXUDOPHQWH TXH HO ODEULHJR FRQTXLVWDGRU WXYLHUD XQ GHVDUUROOR LQWHOHFWXDO
VXSHULRUDOGHOVDFHUGRWHRVDELRLQGtJHQDDPHULFDQR3RUTXHQRVHVREYLRTXH
ODWHFQRORJtDGHVDUUROODGDRWRUJDVXSHULRULGDGPDWHULDOSHURVROHPRVROYLGDU
TXHXQDWDOWHFQRORJtDLQWURGXFHHQHOSXHEORTXHODSRVHHXQDDPSOLDVHULHGH
FRQRFLPLHQWRV\SURFHVRVLQWHOHFWLYRVTXHOHVRQLQKHUHQWHV (OFRQTXLVWDGRU

HOORV\DTXtKLFLPRVRWURDOFDQFHPX\JUDQGH«««\OOHJiEDQVHQRV\DD
XQD VLHUUD \ DOOt KLFLHURQ URVWUR < \R PH SXVH HQ KXLGD FRQ FLHUWRV GH D
FDEDOOR SRU VDFDUORV DO FDPSR \ VDOLHURQ FRQ QRVRWURV KDVWD OOHJDU D ODV
FRODV GH ORV FDEDOORV < GHVSXpV TXH PH UHKLFH FRQ ORV GH D FDEDOOR GR\
YXHOWDVREUHHOORV\DTXtVHKL]RXQDOFDQFH\FDVWLJRPX\JUDQGHHWF>@
+HDKtXQDPXHVWUDVHQFLOODGHOIHQyPHQRJHQHUDOFX\DLPSRUWDQFLDVHTXLHUH
VXEUD\DUODVXSHULRULGDGGHGHVDUUROORWHFQROyJLFRFRQOOHYDXQDVXSHULRULGDG
LQWHOHFWXDO TXH RSHUD HQ ODV PiV YDULDGDV VLWXDFLRQHV 6XSHULRULGDG FXOWXUDO
HQ HO VHQWLGR SOHQR GHO FRQFHSWR GH FXOWXUD GLVSRQLELOLGDG GH PiV UHFXUVRV
PDWHULDOHVHLQWHOHFWXDOHVTXHVLJQLILFDQPD\RUGRPLQLRGHODUHDOLGDG7RGR
HOORFRPRUHVXOWDGRGHXQSURFHVRKLVWyULFRSHFXOLDU7DOHUDODVXSHULRULGDG
GHORVFRQTXLVWDGRUHVVREUHORVLQGLRVDOPRPHQWRGHODFRQTXLVWD
3RGUtDPRV FHUUDU HVWH SDUiJUDIR LQGLFDQGR TXH OD LGHD TXH HQ pO VH
GHVDUUROODQRHVQXHYD²VLELHQKD\VREUDGRVPRWLYRVSDUDLQVLVWLUVREUHHOOD
$ VX PDQHUD FODUD \ SHQHWUDQWH )UD\ %DUWRORPp GH ODV &DVDV \D OH KDEtD
GLFKRDVXVFRPSDWULRWDVORPLVPRSXHVQRKDFtDRWUDFRVDDOUHFRUGDUOHVTXH
ORV LQGtJHQDV GH OD SHQtQVXOD LEpULFD DO WLHPSR GH VHU FRQTXLVWDGRV SRU ORV
URPDQRV VH HQFRQWUDURQ HQ XQD VLWXDFLyQ LJXDO D OD GH ORV LQGLRV HQ HO VLJOR
;9,>@

 ²9²
/DFRQTXLVWDFRPRIHQyPHQRHFRQyPLFR
3HUR H[SOLFDU OD VXSHULRULGDG GH ORV HVSDxROHV HQ HO PRPHQWR GH OD
FRQTXLVWD QR VLJQLILFD WRGDYtD QL PXFKR PHQRV KDEHU H[SOLFDGR ODV FDXVDV
SRUODVTXHORVLQGLRVTXHGDURQHQXQDVLWXDFLyQGHLQIHULRULGDGSHUPDQHQWH
GXUDGHUDSDUDWUHVVLJORVGHFRORQLDMH\D~QPXFKRPiVDFiGHOFRORQLDMH<HV
HVRORTXHQRVLQWHUHVDORTXHUHDOPHQWHWUDHPRVSODQWHDGRFRPRSUREOHPD
LJXDOTXHODIDVHPLOLWDUSDUDODFRQVROLGDFLyQGHODFRQTXLVWDHFRQyPLFD
(Q VXV FDUWDV GH UHODFLyQ D +HUQiQ &RUWpV 3HGUR GH $OYDUDGR H[SUHVD
FODUDPHQWH HQ YDULDV RSRUWXQLGDGHV \ HQ GLVWLQWDV IRUPDV TXH ORV LQGLRV
GHVSXpV GH VHU GHUURWDGRV SRU ODV DUPDV UHKXtDQ OD FRQTXLVWD DOHMiQGRVH
VXVWUD\pQGRVHDOFRQWUROHIHFWLYRGHORVHVSDxROHV5HILULpQGRVHDORVTXLFKpV
GLFH TXH WXYR TXH FRUUHUOHV \ TXHPDUOHV OD WLHUUD \ DJUHJD TXH HQ HVD
RSHUDFLyQ OH D\XGDURQ ORV FRQWLQJHQWHV HQYLDGRV SDUD WDO HIHFWR SRU ORV
FDNFKLTXHOHV³«FXDWURPLOKRPEUHVFRQORVFXDOHV\FRQORVGHPiVTXH\R
WHQtDKLFHXQDHQWUDGD\ORVFRUUt\HFKpGHWRGDVXWLHUUD(YLHQGRHOGDxR
TXH VH OHV KDFtD PH HQYLDURQ VXV PHQVDMHURV KDFLpQGRPH VDEHU FyPR \D
TXHUtDQ VHU EXHQRV«« «\ OHV PDQGp TXH VH YLQLHVHQ D VXV FDVDV \
/D FRQTXLVWD VXHOH YHUVH FRPR XQ FKRTXH GH DUPDV FRPR XQ HYHQWR
SREODVHQ OD WLHUUD FRPR DQWHV ORV FXDOHV OR KDQ KHFKR DVt \ ORV WHQJR DO
EpOLFR\DHOORVHGHEHTXHWHQJDPRVGHDTXHOGUDPiWLFRVXFHVRXQDYLVLyQWDQ
SUHVHQWHHQHOHVWDGRTXHDQWHVVROtDQHVWDUHQVHUYLFLRGHVXPDMHVWDG´>@
HVWUHFKD\WDQIDOVD(VQHFHVDULRFRPSUHQGHUVLQHPEDUJRTXHORVLQGLRVQR
'HEHVDEHUVHTXHODV~OWLPDVSDODEUDVGHOWH[WRWUDQVFULWR²³HQVHUYLFLRGH
TXHGDURQFRQTXLVWDGRVSRUHOPHURKHFKRGHKDEHUVLGRGHUURWDGRVHQWHQGHU
VXPDMHVWDG´²QRTXLHUHQGHFLURWUDFRVDVLQRTXHORVLQGLRVHVWiQWULEXWDQGR
TXHDTXHOORVVDQJULHQWRVIUDFDVRVGHMDURQKHULGDVDODVVRFLHGDGHVLQGtJHQDV
KDQDFHSWDGRODWULEXWDFLyQSXHVHQDTXHOPRPHQWRODUHDOFRURQDQRSHUFLEtD
SHURQRVRPHWLGDVWRGDYtD$TXHOORIXHVyORHOSULPHUSDVRGHODFRQTXLVWD\
GHQLQJ~QPRGRVXFRQVXPDFLyQ(VHYLGHQWHTXHVLGHVSXpVGHORVFRPEDWHV
GH4XH]DOWHQDQJR\ODPDWDQ]DGH8WDWOiQGHVSXpVGHUHFRJHUORVLQGLRVVXV
PXHUWRV\GHFXUDUORVHVSDxROHVVXVFDEDOORVKXELHVHQORVSULPHURVUHWRPDGR
DO WUDEDMR QRUPDO GH VXV VHPEUDGRV \ ORV VHJXQGRV ²SHUPtWDVHQRV pVWD
IDQWDVtDGHPRVWUDWLYD²KXELHVHQWRPDGRODD]DGDSDUDGHVPRQWDU\FRORQL]DU
XQDV WLHUUDV YtUJHQHV ²TXH PXFKDV KDEtD HQ DTXHOORV FRQWRUQRV² HV
HYLGHQWHGHFLPRVTXHQRKDEUtDKDELGRFRQTXLVWD/DJXHUUD\ODGHUURWDSRU
VtVRODVQRIXHURQQLSRGUtDQKDEHUVLGRQXQFDODYHUGDGHUDFRQTXLVWD
(V KDUWR FXULRVR TXH HO KHFKR DSXQWDGR HYLGHQWH SRU Vt PLVPR YHQJD
VLHQGR WDQ REVWLQDGDPHQWH ROYLGDGR < PiV VRUSUHQGHQWH UHVXOWD OD RPLVLyQ
FXDQGRVHFRPSUXHED²FRPRHVIiFLOKDFHUOR²TXHORVGRFXPHQWRVGHDTXHO
SHUtRGRDVtORVGHORVFRQTXLVWDGRUHVFRPRORVGHORVFRQTXLVWDGRVGDQFODUD
QRWLFLDGHTXHORVLQGLRVQRHVWXYLHURQVXMHWRV\GRPLQDGRVPLHQWUDVQRVHOHV
GHVSRMy GH VXV IXHQWHV GH ULTXH]D ²DSURSLDFLyQ GH VXV WLHUUDV² \ VH OHV
VRPHWLyDHVFODYLWXG9DOHGHFLUTXHODOXFKDDUPDGDIXHVRODPHQWHXQPHGLR
XQ UHFXUVR SDUD OOHJDU DO VRPHWLPLHQWR HFRQyPLFR \ TXH HVWH ~OWLPR IXH HO
PRPHQWR GHFLVLYR GH OD FRQTXLVWD < DXQ SXHGH GHPRVWUDUVH TXH OD
HYDQJHOL]DFLyQ IXH XQD WHUFHUD IDVH VRPHWLPLHQWR LGHROyJLFR QHFHVDULR DO

GH OD FRQTXLVWD RWUR EHQHILFLR TXH HO ³TXLQWR UHDO´ OD TXLQWD SDUWH GH XQD
WULEXWDFLyQ LPSXHVWD \ WDVDGD SRU ORV FRQTXLVWDGRUHV>$@ 5HILULpQGRVH D ORV
]XWXMLOHVHQRWUDFDUWDGLFHFyPRVHOHKX\HURQDORVPRQWHV\TXpH[SHGLHQWH
HPSOHy SDUD VXMHWDUORV³« \ DOOt DVHQWp UHDO D PHGLR GtD \ OHV FRPHQFp D
FRUUHU OD WLHUUD«´>@ \ PiV DGHODQWH HQ OD PLVPD FDUWD SHUR KDFLHQGR
UHIHUHQFLD D ORV HVFXLQWOHFRV GLFH ³«VH PHWLHURQ SRU ORV PRQWHV TXH QR
WXYHOXJDUGHOHVKDFHUGDxRQLQJXQRPiVGHTXHPDUOHVHOSXHEOR<OXHJR
OHV KLFH PHQVDMHURV D ORV VHxRUHV GLFLpQGROHV TXH YLQLHVHQ D GDU OD
REHGLHQFLD D VXV PDMHVWDGHV \ D Pt HQ VX QRPEUH \ VL QR TXH OHV KDUtD
PXFKRGDxRHQODWLHUUD\OHVWDODUtDVXVPDL]DOHV/RVFXDOHVYLQLHURQ\VH
GLHURQSRUYDVDOORVGHVXPDMHVWDG«´>@
/RVGRFXPHQWRVLQGtJHQDVTXHUHILHUHQODFRQTXLVWDFRQWHPSODGDGHVGHHO
iQJXOR GH ORV YHQFLGRV LOXVWUDQ \ FRQILUPDQ HO KHFKR GH OD FRQTXLVWD
HFRQyPLFDFRQLJXDOFODULGDG$HVWHUHVSHFWRVRQSDUWLFXODUPHQWHLQWHUHVDQWHV
ORV$QDOHVGHORV&DNFKLTXHOHVSXHVHQHOORVVHUHODWDQODVSHQDOLGDGHVGHXQ
SXHEOR LQGtJHQD TXH GHFLGLy FRPR PXFKRV RWURV DFHSWDU OD FRQTXLVWD ²
VRPHWLPLHQWRHFRQyPLFR²VLQSDVDUSRUODUHVLVWHQFLD\ODJXHUUD6DELGRHV
TXH ORV FDNFKLTXHOHV OH RIUHFLHURQ REHGLHQFLD D $OYDUDGR DQWHV GH TXH pVWH

OOHJDUDDVXVWHUULWRULRVDSHGLGRGHOFRQTXLVWDGRUHQYLDURQJHQWHTXHD\XGyD UHVWRGHODYLGDFRORQLDO1RVHSXHGHHQWHQGHUHOVHJXQGRSUREOHPDVLQRVH
VRPHWHUDORVTXLFKpVUHFLELHURQGHVSXpV D ORV FDVWHOODQRVSDFtILFDPHQWH HQ KD HQWHQGLGR HO SULPHUR < GHEH VXSRQHUVH TXH HVH KD VLGR HO PRWLYR
VXFLXGDGSHUR«£QRSXGLHURQVRSRUWDUODFRQTXLVWDQRSXGLHURQVXIULUODV SUHFLVDPHQWH SRU HO FXDO VH KD UHKXLGR VLHPSUH HO DQiOLVLV FLHQWtILFR GH OD
H[LJHQFLDV GH FDUiFWHU HFRQyPLFR D TXH ORV VRPHWLy $OYDUDGR ³« OXHJR FRQTXLVWDSUHVHQWiQGRODFRPRXQDHSRSH\DDORFXOWDUVXHVHQFLDHFRQyPLFD
7XQDWLXK OHV SLGLy GLQHUR D ORV UH\HV 4XHUtD TXH OH GLHUDQ PRQWRQHV GH VH HVFRQGH HO IDFWRU GHWHUPLQDQWH GH OD LQIHULRULGDG GH ORV LQGtJHQDV HQ HO
PHWDO´>@ 'HFLGLHURQ HQWRQFHV KXLU GH VX FLXGDG D ORV PRQWHV \ FRPHQ]y FRQWH[WR GH OD VRFLHGDG FRORQLDO 'HVSXpV GH VHU GHUURWDGRV ORV LQGtJHQDV
SDUDHOORVXQDODUJDJXHUUDHQFDPLQDGDDUHGXFLUORVGHQXHYRDODWULEXWDFLyQ IXHURQREOLJDGRVDWULEXWDUGHVSLDGDGDPHQWHIXHURQGHVSRMDGRVGHVXVWLHUUDV
³« 'LH] GtDV GHVSXpV TXH QRV IXJDPRV GH OD FLXGDG 7XQDWLXK FRPHQ]y D VRPHWLGRVDHVFODYLWXG\XOWHULRUPHQWHDVHUYLGXPEUH(QFDStWXORVYHQLGHURV
KDFHUQRVODJXHUUD(OGtD&DPH\GHVHSWLHPEUHGHFRPHQ]DURQD
KDFHUQRV VXIULU 1RVRWURV QRV GLVSHUVDPRV EDMR ORV iUEROHV EDMR ORV
EHMXFRV £2K KLMRV PtRV 7RGDV QXHVWUDV WULEXV HQWUDURQ HQ OXFKD FRQ
7XQDWLXK´>@
$Vt VH GHVHQFDGHQy OD JUDQ VXEOHYDFLyQ GH ORV FDNFKLTXHOHV TXH GXUy
H[DPLQDUHPRVFRQDOJ~QGHWHQLPLHQWRHVRVWHPDV/RTXHDTXtLQWHUHVDGHMDU
DVHQWDGR HV TXH ORV QDWLYRV SXHVWRV HQ XQD VLWXDFLyQ HFRQyPLFD PDOtVLPD
REOLJDGRVDWUDEDMDUHQODVFRQGLFLRQHVPiVGXUDVSDUD~QLFRSURYHFKRGHVXV
DPRVVHYLHURQHQDGHODQWHSULYDGRVGHWRGDSRVLELOLGDGGHVXSHUDFLyQ7RGR
ORFXDOSXHGHUHGXFLUVH²\FRQYLHQHKDFHUORHQEXVFDGHODPi[LPDFODULGDG
FXDWUR DxRV \ VLJQLILFy XQ HQRUPH GHUUDPDPLHQWR GH VDQJUH /D JXHUUD WHQtD ² DO VLJXLHQWH HVTXHPD FDXVDO D ,QIHULRULGDG WHFQROyJLFD \ SRU HQGH GH
XQDVRODILQDOLGDGTXHHOQDUUDGRULQGtJHQDH[SUHVDVLQYDFLODFLRQHV³«1R FXOWXUDJHQHUDOHQHOPRPHQWRGHORVSULPHURVFRQWDFWRV\ODVOXFKDVDUPDGDV
QRV VRPHWLPRV D ORV FDVWHOODQRV « /D PXHUWH QRV KLULy QXHYDPHQWHSHUR E6RPHWLPLHQWRHFRQyPLFR\FRQYHUVLyQGHOLQGLRHQIXHQWHGHULTXH]DSDUD
QLQJXQR GH ORV SXHEORV SDJy HO WULEXWR´>@ ³'XUDQWH XQ DxR FRQWLQXy OD HO QXHYR JUXSR GRPLQDQWH HVFODYLWXG \ VHUYLGXPEUH F 'H DOOt LQIHULRULGDG
JXHUUD<QLQJXQRGHORVSXHEORVSDJyHOWULEXWR´>@<FXDQGRSRUILQORV JHQHUDO SHUPDQHQWH GHULYDGD GH ODV FRQGLFLRQHV D TXH TXHGDURQ UHGXFLGRV
FDFLTXHVFRPLHQ]DQDFHGHUDQWHHOFRQTXLVWDGRUHODQDOLVWDQRORH[SUHVDHQ ORVQDWLYRV
WpUPLQRVEpOLFRVVLQRHQWpUPLQRVGHHFRQRPtDGHVRPHWLPLHQWRHFRQyPLFR 4XLHUHGHFLUSXHVTXHFXDQGRHOJUXSRVRFLDOGHORVFULROORVFRPHQ]yD
³«(QWRQFHV VH FRPHQ]y D SDJDU HO WULEXWR « 'XUDQWH HVWH DxR VH
LPSXVLHURQ WHUULEOHV WULEXWRV 6H WULEXWy RUR D 7XQDWLXK VH OH WULEXWDURQ
FXDWURFLHQWRVKRPEUHV\FXDWURFLHQWDVPXMHUHVSDUDLUDODYDURUR7RGDOD
JHQWHH[WUDtDRUR´>@<DVtHQWUDQORVDQDOHVGHVSXpVGHGHVFULELUODJXHUUD
D QDUUDU HO SULPHU SHUtRGR SURSLDPHQWH GH FRQTXLVWD FRQ VX ODUJD VHULH GH
FUtPHQHV HQFDPLQDGRV D UHJXODUL]DU \ FRQVROLGDU HO UpJLPHQ GH H[SORWDFLyQ
FRORQLDOGHODSULPHUDpSRFD>@
&RPRVHYHQLHOFRQTXLVWDGRUQLHOFRQTXLVWDGRH[SUHVDURQQXQFDHQVXV
GRFXPHQWRVPiV GLUHFWRV\IUDQFRV TXHOD FRQTXLVWDIXHVH FRQVXPDGD HQ ODV
EDWDOODV(VWDVIXHURQXQPHGLRFRPR\DTXHGyLOXVWUDGR
/D FRUUHFWD FRPSUHQVLyQ GH OD FRQTXLVWD FRPR SURFHVR FRPSOHMR HQ HO
FXDO HO PRPHQWR HFRQyPLFR HV HO GHWHUPLQDQWH \ GHFLVLYR WLHQH XQD
LPSRUWDQFLDH[WUDRUGLQDULDSDUDODFRUUHFWDFRPSUHQVLyQGHODLQIHULRULGDG²
HFRQyPLFDVRFLDOHLQWHOHFWXDO²HQTXHYLQLHURQDTXHGDUORVLQGLRVSDUDHO

HODERUDU \ D HVJULPLU HO SUHMXLFLR GH VX VXSHULRULGDG KLVSDQD ²SUHMXLFLR
EiVLFR HQ OD LGHRORJtD GHO JUXSR² HO IDFWRU GHWHUPLQDQWH GH OD HIHFWLYD
VXSHULRULGDG TXH WHQtDQ VREUH HO LQGLR QR HUD OD DVFHQGHQFLD HVSDxROD HQ
WpUPLQRVGHVDQJUH\HVWLUSHVLQRODKHUHQFLDGHODFRQTXLVWDHQWpUPLQRVGH
ULTXH]D \ SRGHUtR *R]DQGR GH FRQGLFLRQHV GH YLGD PX\ IDYRUDEOHV HOORV
SRGtDQ FXOWLYDU \ GHVDUUROODU WRGDV DTXHOODV FDSDFLGDGHV TXH QR SRGtDQ
DSDUHFHUGHVDUUROODGDVHQWUHORVLQGLRV
&HUUDPRVDTXtHOFLFORGHUHIOH[LRQHVTXHVHLQLFLyDODILUPDUTXHQXHVWUR
FULROOR $QWRQLR GH )XHQWHV GHVFHQGLHQWH GH FRQTXLVWDGRUHV IXQFLRQDULR
SHUSHWXRSURSLHWDULRGHFDxDYHUDOHV\WLHUUDVGHWULJRHUDXQWtSLFRKHUHGHUR
GH OD FRQTXLVWD &DEH HVSHUDU TXH HO OHFWRU HVWp DKRUD SHUVXDGLGR GH OD
LPSRUWDQFLDGHHVHULFRFRQFHSWRKLVWyULFR²KHUHQFLDGHFRQTXLVWD²SDUDOD
FRPSUHQVLyQGHODUHDOLGDG\HOSHQVDPLHQWRGHODFODVHVRFLDOTXHHVWHPDGH
HQWUDGDHQQXHVWURHVWXGLR

 ²9,²

&ODVHGRPLQDQWHDPHGLDV
3HURORVFULROORVFRPRWRGRVVDEHPRVQRWHQtDQHQVXVPDQRVHOJRELHUQR
GHODSURYLQFLD7DPSRFRSRVHtDQWRGDVODVIXHQWHVGHULTXH]DQLFRQWURODEDQ
D ORV LQGtJHQDV HQ IRUPD DEVROXWD (VWR QR RFXUULy VLQR PXFKR WLHPSR
GHVSXpV FRQ OD ,QGHSHQGHQFLD TXH IXH OD WRPD GHO SRGHU SRU HOORV>@
$TXHOOD FODVH FRPSDUWtD HO SRGHU HFRQyPLFR \ SROtWLFR HQ XQ SODQR GH
VXERUGLQDFLyQ FRQ OD PRQDUTXtD HVSDxROD UHSUHVHQWDGD HQ VXV IXQFLRQDULRV
(UDXQDFODVHGRPLQDQWHDPHGLDV\HOSURFHVRTXHGLROXJDUDHVDSHFXOLDU
VLWXDFLyQGHEHVHUFRQRFLGRVLTXLHUDPX\HVTXHPiWLFDPHQWH
3DUDH[WHQGHU\FRQVROLGDUVXGRPLQLRVREUHODVWLHUUDVLQGLDQDVODFRURQD
HVSDxROD VH YLR REOLJDGD D HVWLPXODU \ D SUHPLDU D ORV FRQTXLVWDGRUHV \ D
TXLHQHV TXLVLHUDQ YHQLU D SREODUODV (O SUHPLR FRQVLVWtD HQ FRQFHGHUOHV
GLYHUVRVSULYLOHJLRV\YHQWDMDV>@TXHGHVSHUWDEDQHOLQWHUpVSRUODFRQTXLVWD
\TXHXQDYH]ORJUDGDpVWDREOLJDEDQDUDGLFDUHQODVQXHYDVSRVHVLRQHV\D
SUHRFXSDUVH SRU OD FRQVHUYDFLyQ GHO LPSHULR /D FRURQD VH DKRUUy GH HVH
PRGR ORV HQRUPHV JDVWRV TXH KDEUtD RFDVLRQDGR OD FRQTXLVWD FRPR HPSUHVD
HVWDWDO SHUR FUHy FRQ HOOR HQ $PpULFD XQD VRFLHGDG FRQ XQ Q~FOHR GH
GRPLQDGRUHVDOWDPHQWHSULYLOHJLDGRV\SRGHURVRV'HDOOtDUUDQFDHOFDUiFWHU
IHXGDO GH OD VRFLHGDG LQGLDQD < GH PiV HVWi GHFLU TXH SDUD OD SURYLQFLD GH
*XDWHPDOD ²WHUULWRULR SREUH HQ PHWDOHV SUHFLRVRV² DTXHOORV SULYLOHJLRV
YLQLHURQ D JLUDU SULPRUGLDOPHQWH HQ WRPR D OD FRQFHVLyQ GH WLHUUDV \ DO
GRPLQLRVREUHORVLQGLRVSDUDREOLJDUORVDWUDEDMDUODV>@
(OVLVWHPDGHFRORQL]DUFRQFHGLHQGRSULYLOHJLRVVLELHQIXHXQH[SHGLHQWH
KiELO TXH LPSXOVy OD FRQTXLVWD VLQ RFDVLRQDUOH JDVWRV D OD PRQDUTXtD FUHy
LQPHGLDWDPHQWHHPSHURXQDFRQWUDGLFFLyQIXQGDPHQWDOHQWUHORVLQWHUHVHVGH
ORV FRORQL]DGRUHV \ ORV GH OD FRURQD 3RUTXH ORV FRQTXLVWDGRUHV \ SULPHURV
SREODGRUHV DXQ DFHSWDQGR OD DXWRULGDG GHO (VWDGR TXH OHV RWRUJDED WDOHV
SULYLOHJLRV KXELHUDQ TXHULGR H[SORWDU HVWRV GRPLQLRV VLQ OD LQWHUYHQFLyQ GH
QDGLH/HVHVWRUEDEDODSUHVHQFLDGHODEXURFUDFLDLPSHULDOTXHYHODEDSRUORV

 
LQWHUHVHV GHO UH\ \ FRQ OD FXDO PX\ D VX SHVDU WHQtDQ TXH FRPSDUWLU ORV KLVWyULFR PiV QRWDEOH GHO SHUtRGR FRORQLDO JXDWHPDOWHFR" 5HWRPHPRV HVH
SURYHFKRV TXH VH REWHQtDQ GH ODV SURYLQFLDV (QWUH ORV GHVFHQGLHQWHV GH ORV DVXQWR
FRQTXLVWDGRUHV \ SULPHURV FRORQRV ²HV GHFLU HQWUH ORV FULROORV² IXH
GHVDUUROOiQGRVHXQVHQWLPLHQWRGHVXILFLHQFLD\GHUHEHOGtDIUHQWHDOGRPLQLR
GH(VSDxDFRQIRUPHDXPHQWDEDODFDSDFLGDGSURGXFWLYDGHVXVSURSLHGDGHV\
VHKDFtDQHFRQyPLFDPHQWHPiVIXHUWHV/DFXOPLQDFLyQGHHVWHSURFHVRIXHOD
,QGHSHQGHQFLDSHURHOSURFHVRPLVPRVHREVHUYDDORODUJRGHORVWUHVVLJORV
FRORQLDOHV XQ IRUFHMHR FRQVWDQWH HQWUH ORV IXQFLRQDULRV UHDOHV \ ORV FULROORV
FRPR FODVH VRFLDO 8QRV \ RWURV WHQtDQ HO SURSyVLWR FRP~Q GH H[WUDHU HO
Pi[LPRGHULTXH]DGHODWLHUUDDEDVHGHOWUDEDMRGHORVLQGtJHQDV\SRUHVR
VHHVWRUEDEDQ/RVLQWHUPLQDEOHVFRQIOLFWRVHQWUH$XGLHQFLDV\$\XQWDPLHQWRV
²LQVWLWXFLRQHVUHSUHVHQWDWLYDVUHVSHFWLYDPHQWHGHORVLQWHUHVHVGHODFRURQD
\GHORVFULROORV²IXHURQXQDPDQLIHVWDFLyQHYLGHQWHGHDTXHOODSXJQD
4XLHUH GHFLU SXHV TXH OD LGHRORJtD GH FODVH GH ORV FULROORV ²HO
FULROOLVPR²QRHQWUDxDED~QLFDPHQWHIyUPXODVMXVWLILFDGRUDVGHXQDVLWXDFLyQ
GH SULYLOHJLR ²SUHMXLFLRV GH VXSHULRULGDG² VLQR WDPELpQ \ HVWR UHYLVWH OD
PD\RULPSRUWDQFLDSDUDQXHVWURHVWXGLRIyUPXODVYHODGDVGHDWDTXH\GHIHQVD
IUHQWH D OR HVSDxRO +D\ TXH VLWXDU D ORV FULROORV HQ OD WUDPD GH OD VRFLHGDG
FRORQLDO FRQ ORV IXQFLRQDULRV LPSHULDOHV UHJDWHiQGROHV HO GRPLQLR \ FRQ OD
PDVD GH PHVWL]RV PXODWRV H LQGLRV ²HVWRV ~OWLPRV HQ JUDQ PD\RUtD² HQ
SRVLFLyQ GH LQIHULRULGDG HFRQyPLFD \ SRU HQGH WDPELpQ VRFLDO \ SROtWLFD
,PSRUWDWHQHUPX\SUHVHQWHHVDXELFDFLyQSRUTXHODLGHRORJtDGHORVFULROORV
OHMRV GH VHU VLPSOH \ FRKHUHQWH HVWDED OOHQD GH FRQWUDGLFFLRQHV \ GH
DPELJHGDGHV TXH QR VH H[SOLFDQ VLQR UHILULpQGRODV D XQD SXJQD GH FODVHV
PXOWLODWHUDO IUHQWH D LQGLRV PHVWL]RV \ PXODWRV HOORV HUDQ GRPLQDGRUHV \
H[SORWDGRUHV HQ GLYHUVDV IRUPDV IUHQWH D ODV DXWRULGDGHV HVSDxRODV HUDQ
SDUFLDOPHQWHGRPLQDGRVDXQTXHQRH[SORWDGRVHUDQSDUWtFLSHVLQVDWLVIHFKRV\
TXLVTXLOORVRVHQHOVLVWHPDGHH[SORWDFLyQFRORQLDO
$KRUDELHQHOGRFXPHQWRPiVYDOLRVRSDUDHVWXGLDUDTXHOODLGHRORJtDHQ
HO UHLQR GH *XDWHPDOD \ SDUD GHVFXEULU DO PLVPR WLHPSR VXV PRWLYDFLRQHV
RFXOWDV HQ XQD GLQiPLFD GH FODVHV HV OD 5HFRUGDFLyQ )ORULGD GH )UDQFLVFR
$QWRQLR GH )XHQWHV \ *X]PiQ +DEtDPRV GHMDGR SHQGLHQWH XQD SUHJXQWD
DFHUFDGHHOOD¢4XpVHSURSRQtDHOFURQLVWDFULROORDOHVFULELUVXREUD"¢4Xp
LQGXMR D XQ WHUUDWHQLHQWH VLQ IRUPDFLyQ XQLYHUVLWDULD D HVFULELU HO GRFXPHQWR

 
 ²9,,²
0RWLYDFLRQHVGHOD³5HFRUGDFLyQ)ORULGD´
(QODVSULPHUDVSiJLQDVGHODFUyQLFDHODXWRUH[SUHVDWUHVPRWLYDFLRQHV
WUHVLQFLWDQWHVTXHVHJ~QpOGHFODUDIXHURQORVTXHOROOHYDURQDHPSUHQGHUHO
SURORQJDGR WUDEDMR GH HVFULELUOD 9DOH OD SHQD HQXQFLDUORV \ HVFXGULxDU VX
IRQGRVRFLDOSRUTXHORWLHQHQ
(O UHJLGRU )XHQWHV \ *X]PiQ IXH DOJR DVt FRPR HO +LVWRULDGRU GHO
$\XQWDPLHQWR$pOVHOHHQFDUJDEDGLOXFLGDUWRGRVDTXHOORVDVXQWRVTXHSRUVX
DQWLJHGDG OH UHVXOWDEDQ GXGRVRV DO &DELOGR>@ +DFLHQGR HVDV SHVTXLVDV HQ
ORVDUFKLYRVGHODLQVWLWXFLyQYLQLHURQDVXVPDQRVXQDV5HDOHV&pGXODVHQODV
TXH ORV UH\HV SHGtDQ \D GHVGH HO VLJOR ;9, TXH VH UHGDFWDVHQ LQIRUPHV \
UHODWRV VREUH OD UHDOLGDG JHRJUiILFD \ SROtWLFD GH OD SURYLQFLD /D FRURQD
FRPRHVVDELGRH[SLGLyyUGHQHVGHHVHWLSRHQWRGRWLHPSR\SDUDWRGDVODV
SURYLQFLDV HO FRQRFLPLHQWR GH VXV SHFXOLDULGDGHV HUD LQGLVSHQVDEOH SDUD
RULHQWDU OD SROtWLFD FRORQLDO GHVGH OD PHWUySROL ²DVt QDFLHURQ ODV PiV
FpOHEUHV&UyQLFDV GH ,QGLDV 1RV GLFH HO FURQLVWD SXHV TXH HO KDOOD]JR GH
HVWDVyUGHQHV\ODFRPSUREDFLyQGHTXHQDGLHKDEtDHPSUHQGLGRODWDUHDGH
HVFULELU XQ LQIRUPH FRPSOHWR GHO UHLQR OH LQVSLUDURQ OD LQLFLDWLYD GH WRPDU
GLFKRWUDEDMRSDUDVt>@
(Q HVWUHFKD UHODFLyQ FRQ DTXHOOD LQLFLDWLYD ²DJUHJXHPRV QRVRWURV²
VXUJLyHQpOODDVSLUDFLyQGHREWHQHUHOWtWXORGH&URQLVWDGHOUHLQR\DHVRVH
GHELyTXHDOWHUPLQDUGHHVFULELUODSULPHUDSDUWHGHVXFUyQLFDHQYLDUDXQD
FRSLD DO &RQVHMR GH ,QGLDV \ HQFDUJy D XQ DPLJR SDUD TXH JHVWLRQDVH OR GHO
WtWXOR 3HUR FXDWUR DxRV PiV WDUGH UHFLELy XQD FDUWD HQ TXH VX DJHQWH
LQIRUPDED FRQ SHQD TXH OD FRSLD VH KDEtD H[WUDYLDGR HQ HO &RQVHMR \ TXH
GHVLVWtDGHUHFXSHUDUOD>@/DFUyQLFDQRGHVSHUWyLQWHUpVHQDTXHODOWRyUJDQR
GHJRELHUQRLQGLDQR\GRQ$QWRQLRQRREWXYRQXQFDHOFpOHEUHWtWXORTXHWDQWR
OHHQWXVLDVPyHQXQSULQFLSLR
(VWRV ~OWLPRV GDWRV YLHQHQ D FXHQWR SRUTXH GHPXHVWUDQ TXH ODV UHDOHV
yUGHQHV \ OD DPELFLyQ GHO WtWXOR KDELHQGR VLGR TXL]i PRWLYDFLRQHV

VHFXQGDULDVGHODREUDQRIXHURQVXPRWLYDFLyQSULQFLSDO/RSUXHEDHOKHFKR
GHTXHGHVSXpVGHSHUGHUWRGDHVSHUDQ]DGHEXHQDDFRJLGDSDUDVXREUDHQHO
&RQVHMR)XHQWHVKD\DVHJXLGRHVFULELHQGROD5HFRUGDFLyQKDVWDWHUPLQDU
OD VHJXQGD SDUWH PXFKR PiV H[WHQVD TXH OD SULPHUD \ PiV FRPSOHMD HQ VX
HVWUXFWXUD>D@
/DVHJXQGDPRWLYDFLyQH[SUHVDGDSRUHOFURQLVWDHVFRPRVLJXH
+DFLD  OOHJy D *XDWHPDOD OD HGLFLyQ HVSDxROD GH OD ³+LVWRULD
9HUGDGHUD´ GH %HUQDO 'tD] GHO &DVWLOOR>@ /RV GHVFHQGLHQWHV GHO
FRQTXLVWDGRU \ FURQLVWD VH LQWHUHVDURQ FRPR HUD QDWXUDO HQ OD OHFWXUD GH
DTXHOODREUDFX\RPDQXVFULWRRULJLQDOVHFRQVHUYDEDHQWUHHOORVFRPRMR\DGH
IDPLOLD $QWRQLR GH )XHQWHV KDEtD OHtGR GHVGH VX MXYHQWXG GLFKR PDQXVFULWR
>@ \ QR WDUGy HQ SHUFDWDUVH GH TXH OD HGLFLyQ HVSDxROD FRQWHQtD DOJXQDV
DOWHUDFLRQHV GH WH[WR TXH D pO OH SDUHFLHURQ JUDYHV (Q OD HQWUDGD GH OD
5HFRUGDFLyQQRVGLFHSXHVTXHVHSURSRQHHQGHUH]DUDTXHOODDOWHUDFLRQHVGHO
RULJLQDOGHVX³tQFOLWR\JHQHURVRSURJHQLWRU«´>@ \ SUHVHQWD HVHFRPHWLGR
FRPRXQDGHODVPRWLYDFLRQHVGHVXSURSLDREUD
3HUR VXFHGH TXH ODV UHFWLILFDFLRQHV VH OH TXHGDURQ HQ HO WLQWHUR \ TXH
GHVSXpV GH KDEHU SXHVWR WDQWR pQIDVLV VREUH HO DVXQWR HQ OD HQWUDGD GH OD
FUyQLFD ODV ROYLGD HQ HO ODUJR FDPLQR GHO UHODWR /DV GLYHUJHQFLDV HQWUH OD
HGLFLyQ\HOPDQXVFULWRDXQVLHQGRGHGHWDOOHKDEUtDQPHUHFLGRDOJRPiVTXH
ODVEUHYHVDOXVLRQHVTXH)XHQWHVOHVGHGLFDPX\DOSULQFLSLRGHVXREUD>@<
HVWDLQFRQVHFXHQFLDSRQHDOGHVQXGRHQHOXPEUDOPLVPRGHOD5HFRUGDFLyQ
HQ TXp PHGLGD HVWi WRGD HOOD HPSXMDGD SRU PyYLOHV HQUDL]DGRV HQ XQD
FRQFLHQFLD GH FODVH /D PHQFLyQ GH %HUQDO 'tD] ²UXLGRVD PHQFLyQ HQ ODV
FXDWURSULPHUDVSiJLQDVGHODFUyQLFD²UHVSRQGHDODQHFHVLGDGSRUSDUWHGHO
FULROOR GH VHxDODU VX DEROHQJR GH FRQTXLVWDGRUHV \ SUHVHQWDUVH FRPR
GHVFHQGLHQWH GH HOORV /RV FULROORV QR GHVDSURYHFKDEDQ QLQJXQD RSRUWXQLGDG
GH UHFRUGDUOH D OD FRURQD ²\ QR ROYLGHPRV TXH OD SULPHUD SDUWH GH OD
5HFRUGDFLyQ IXH HVFULWD SHQVDQGR HQ HO &RQVHMR GH ,QGLDV² TXH HUDQ
VXFHVRUHV GH TXLHQHV KDEtDQ JDQDGR HVWRV GRPLQLRV SDUD HOOD +XELHUDQ
GHVHDGRSRGHUSURFODUPDUORWRGRVORVGtDV DQWHHOUH\ HQSHUVRQD (VD HVOD
YHUGDGHUDUD]yQ\QRRWUDGHTXH)XHQWHV\*X]PiQKD\DTXHULGROHYDQWDUOD
HILJLHGHVXDQWHSDVDGRDODSXHUWDGHOD5HFRUGDFLyQ)ORULGD)iFLOPHQWHOR
UHYHODHOGHVPHGLGRpQIDVLVTXHSRQHHQWRGRVORVSiUUDIRVHQTXHKDEODGHO

FRQTXLVWDGRU³«KDELpQGRPH GHGLFDGR HQ PL MXYHQLO HGDG D OHHU QR VROR
FRQ FXULRVLGDG VLQR FRQ DILFLyQ YHQHUDFLyQ \ FDULxR HO RULJLQDO ERUUDGRU
GH HO KHURLFR \ YDOHURVR FDSLWiQ %HUQDO 'tD] GHO &DVWLOOR PL UHELVDEXHOR
FX\DDQFLDQLGDGPDQXVFULWDFRQVHUYDPRVVXVGHVFHQGLHQWHVFRQDSUHFLRGH
PHPRULD HVWLPDEOH« HWF>@ (Q WRGDV ODV RFDVLRQHV HQ TXH DOXGH DO
PDQXVFULWR GHO FRQTXLVWDGRU KDEOD FRQ GHVHQIDGR GH ³«PL %HUQDO« PL
&DVWLOOR«´\FDEHVXSRQHUTXHHVDLQJHQXDSHGDQWHUtDGHOPiVSXURVDERU
FULROOR KD\D VLGR OD GHVJUDFLD GH OD FUyQLFD DQWH HO &RQVHMR SRUTXH D
PHGLDGRVGHOVLJOR ;9,,OHUHVXOWDEDPX\PROHVWRDODVDXWRULGDGHVHVSDxRODV
TXHOHVUHFRUGDUDQTXH$PpULFDKDEtDVLGRJDQDGDSRUHOHVIXHU]RSULYDGRGH
DTXHOORVDYHQWXUHURVDPELFLRVRV
$VtSXHVODVGRVSULPHUDVPRWLYDFLRQHVDGXFLGDVSRUHOFURQLVWDTXHGDQ
UHIXWDGDVSRUODFUyQLFDPLVPD/D5HFRUGDFLyQQRIXHHVFULWDHQREHGLHQFLD
GHXQDVYLHMDVFpGXODVSRUTXHHOHVWtPXORTXHGyDQXODGRDOVHUGHVHVWLPDGD
ODSULPHUDSDUOHGHODREUDSRUHO&RQVHMRGH,QGLDV7DPSRFRIXHHVFULWDSDUD
UHFWLILFDUODVDOWHUDFLRQHVGHODSULPHUDHGLFLyQGH%HUQDO'tD]SRUTXHQRVH
FXPSOH WDO FRPHWLGR HQ OD REUD QL KDEUtD VLGR QHFHVDULR SDUD FXPSOLUOR
GHVDUUROODUXQHQRUPHUHODWRSDQRUiPLFRTXHFRQVWDGHPLOQRYHFLHQWDVWUHLQWD
SiJLQDV HQ HO PDQXVFULWR>@ 1R IXHURQ HVDV ODV LQVWDQFLDV TXH LPSXOVDURQ D
)XHQWHV\*X]PiQDHVFULELUVXFUyQLFDPRQXPHQWDO
/D 5HFRUGDFLyQ )ORULGD HV IUXWR GH XQ VHQWLPLHQWR KRQGR DSUHPLDQWH \
SHUVLVWHQWHTXHHOFURQLVWDGHFODUDHQSRFDVSDODEUDVHQODLQWURGXFFLyQGHOD
REUD\TXHVHJ~QVHFRPSUXHEDDOOHHUODDQLPDWRGDVVXVSiJLQDVGHVGHHO
SULQFLSLRKDVWDHO ILQ'LFH GRQ $QWRQLRGH)XHQWHV\*X]PiQTXHODWHUFHUD
JUDQ UD]yQ GH VX WUDEDMR KD VLGR ³«HO DPRU D OD 3DWULD TXH PH
DUUHEDWD«´>@
¢6HQWLPLHQWRGHSDWULDHQHOVLJOR;9,,"
¢3DWULDFXDQGRD~QIDOWDEDPXFKRPiVGHXQVLJORSDUDOD,QGHSHQGHQFLD"
²9,,,²
'HIHQVDGHOSDWULPRQLR\QDFLPLHQWRGHOD
SDWULD
6t/D5HFRUGDFLyQ)ORULGDHVHOSULPHUGRFXPHQWRHQTXHVHPDQLILHVWD
GHPDQHUDFODUD\YHKHPHQWHODLGHD\ODHPRFLyQGHXQDSDWULDJXDWHPDOWHFD
(OYRFDEORVXHQDPX\GHFXDQGRHQFXDQGRDORODUJRGHOUHODWRSHUROD
FUyQLFD HV WRGD HOOD XQD H[DOWDFLyQ XQ FDQWR \ XQD GHIHQVD GHO UHLQR GH
*XDWHPDOD1RGHOUHLQRFRPRXQWUR]RGHOLPSHULRHVSDxROVLQRFRPRDOJR
TXHYDOHSRUVtPLVPR\TXHSUHFLVDPHQWHGHEHVHUYDORUDGRFRQDEVWUDFFLyQ
GH FXDOHVTXLHUD LPSHULRV SDUD KDFHUOH MXVWLFLD 1R OD PDGUH SDWULD VLQR OD
SDWULDQXHYDDPHULFDQD
3HUR FXLGDGR /D LGHD GH SDWULD HVWi VLHPSUH OOHQD GH SUREOHPDV VH
VXVWUDH D WRGD GHILQLFLyQ IRUPDO FDPELD GH FRQWHQLGR FRQ HO PXGDU GH ODV
VLWXDFLRQHV KLVWyULFDV SUHVHQWD VLJQLILFDFLRQHV GLYHUVDV VHJ~Q ORV SXQWRV GH
YLVWD GH ODV FODVHV VRFLDOHV \ QDGD KD\ PiV GHPDJyJLFR \ VLPSOLVWD TXH
DWULEXLUOH XQ FRQWHQLGR XQLYHUVDO \ SHUPDQHQWH /D LGHD GH SDWULD TXH HVWDED
QDFLHQGRHQ*XDWHPDODHQHOVLJOR ;9,,\TXHVHKDOODSUHVHQWHHQHOIRQGRGH
ORVDUUHEDWRV\DOHJDWRVGHOD5HFRUGDFLyQ)ORULGDHVODSDWULDGHOFULROOR(V
XQ SURGXFWR LGHROyJLFR GH OD OXFKD TXH VRVWHQtDQ ORV FULROORV FRQ OD PDGUH
SDWULD FRQ (VSDxD &RPR FXDOTXLHUD RWUD LGHD SROtWLFD HVWD LGHD HUD OD
H[SUHVLyQ GH XQ FRPSOHMR GH LQWHUHVHV GH FODVH TXH WHQtD VX RULJHQ HQ XQD
VLWXDFLyQ HFRQyPLFD /RV FULROORV HVWDEDQ GHIHQGLHQGR VX SDWULPRQLR GH
KHUHGHURV GH OD FRQTXLVWD \ HVH SDWULPRQLR IXH OD EDVH PDWHULDO GH OD TXH
VXUJLyHQWUHHOORVODLGHDGHSDWULD
7XYLHURQORVLQGLRVGHVGHOXHJRVXVSDWULDVDQWHVGHVHUFRQTXLVWDGRV(Q
HO3RSRO9XK\HQORV$QDOHVGHORV&DNFKLTXHOHVVHQRVKDEOD²HVHHVHQ
UHDOLGDG VX YHUGDGHUR WHPD² GH XQRV WHUULWRULRV SRVHtGRV GH XQ SDVDGR
OOHQRGHOXFKDVSDUDOOHJDUDHVDSRVHVLyQ\VHKDFHWHPHURVDUHIHUHQFLDORV
GRFXPHQWRV IXHURQ HVFULWRV GHVSXpV GH OD FRQTXLVWD D OD SpUGLGD GH DTXHOOD
SRVHVLyQ /RV TXLFKpV \ ORV FDNFKLTXHOHV QR VyOR VRQ FODURV DO UHIHULUVH HQ

 
DPERV GRFXPHQWRV D VX SDWULPRQLR SHUGLGR>@ VLQR TXH WDPELpQ PDQHMDQ HO
FRQFHSWRGHSDWULPRQLRWHUULWRULDOUHIHULGRDRWURVSXHEORVLQGtJHQDVSRUHOORV
FRPEDWLGRV\GRPLQDGRV>@3HURDOVHUFRQTXLVWDGRVORVLQGLRVSHUGLHURQVXV
WHUULWRULRV \ KDVWD VX OLEHUWDG LQGLYLGXDO FRQYLUWLpQGRVH D WUDYpV GH OD
FRQTXLVWDHQSDWULPRQLRGHORVFRQTXLVWDGRUHV\GHVXVGHVFHQGLHQWHV3RUHVR
ODSDWULDGHOFULROORQRHVHQPRGRDOJXQRODSDWULDGHOLQGLR(OLQGLRHVXQ
HOHPHQWR GH OD SDWULD GHO FULROOR XQD SDUWH GHO SDWULPRQLR TXH HVWDED HQ
GLVSXWDFRQ(VSDxD/RFXDOQRWLHQHQDGDGHH[WUDxRSRUTXHHQOD+LVWRULD
GHO PXQGR QXQFD IXHURQ FRPSDWULRWDV HO HVFODYR \ VX DPR QL HO VLHUYR \ VX
VHxRU>@
&XDWUR VRQ ORV JUDQGHV WHPDV GH OD 5HFRUGDFLyQ )ORULGD D VDEHU OD
FRQTXLVWD OD WLHUUD ORV LQGLRV \ (VSDxD 1R VyOR SRUTXH HVWiQ SUHVHQWHV HQ
WRGRPRPHQWRFROPDQGRORVGHQVRVFDStWXORVGHODFUyQLFDVLQRSRUTXHVRQ
ORV TXH HO FURQLVWD WUDEDMD FRQ SDVLyQ \ DQJXVWLD SRQLHQGR HQ HOORV FDUJDV
HPRFLRQDOHVGHOPiVGLYHUVRPDWL]<QRHVH[WUDxRTXHDVtVHDSRUTXHWUDWD
HQSULPHUOXJDU²FRQTXLVWD²GHODIXHQWH\HORULJHQGHOSDWULPRQLRFULROOR +HDKtH[SUHVDGRHQRWUDIRUPDHOVHQWLUTXHKHPRVVHxDODGRFRPRIXHU]D
GHVSXpV ²WLHUUD H LQGLRV² GH ORV GRV DVSHFWRV PiV LPSRUWDQWHV GHO
SDWULPRQLRHQVt\ILQDOPHQWH²(VSDxD²GHODIXHU]DTXHLPSHGtDHOSOHQR
GRPLQLR\GLVIUXWH GHOSDWULPRQLR DUUHEDWiQGROHDORVFULROORV XQSHGD]RGH
pO6RQODVFXDWURUDtFHVGHODSDWULDFULROOD6HUiQSRUORPLVPRORVDVXQWRV
GHQXHVWURDQiOLVLVHQORVFDStWXORVYHQLGHURVHQGHUH]DGRVDFRPSUHQGHUODV
FDUDFWHUtVWLFDVHVHQFLDOHVGHODFODVHVRFLDOGHORVFULROORV\GHVXLGHRORJtD
GHFODVHHOFULROOLVPR
6pDQRVSHUPLWLGRFHUUDUHVWHFDStWXORSUHiPEXORJHQHUDOHLQGLVSHQVDEOH
GHOH[DPHQVXEVLJXLHQWHUHILULHQGRXQHSLVRGLRRSRUWXQRTXHHVDOJRPiVTXH
XQDDQpFGRWD
+DFLDILQHVGHODxRWHUPLQyGHHVFULELUVX&UyQLFDGHOD3URYLQFLD
GHO6DQWtVLPR1RPEUHGH-HV~VHOUHOLJLRVR)UDQFLVFR9iVTXH]>@)XHQWHV\
*X]PiQHVWDEDHVFULELHQGRSRUDTXHOHQWRQFHVODSULPHUDSDUWHGHODVX\D>@\
HUDQHQWUDPERVEXHQRVDPLJRV9iVTXH]HUDPLHPEURGHXQDIDPLOLDFULROOD\
UHFRUGHPRV GH SDVDGD TXH HQ HO VHQR GH OD ,JOHVLD VH OLEUy LJXDOPHQWH XQD
VRUGDSXJQDHQWUHUHOLJLRVRVFULROORV\SHQLQVXODUHV>@3XHVELHQODOLFHQFLD
SDUD LPSULPLU OD REUD GH 9iVTXH] SURPRYLy VHJ~Q ODV PRGDOLGDGHV GH OD
pSRFD XQ HQJRUURVR SDSHOHR DQWH ODV DXWRULGDGHV FLYLOHV \ HFOHVLiVWLFDV GH

*XDWHPDOD (O $\XQWDPLHQWR WXYR TXH UHQGLU WDPELpQ VX GLFWDPHQ \ HQ HVWH
FDVRFRPRHQWRGRVORVTXHWRFDEDQDVXQWRVKLVWyULFRVIXHHOUHJLGRU)XHQWHV
HOHQFDUJDGRGHUHQGLULQIRUPHVREUHODVFXDOLGDGHVGHODFUyQLFDGHOIUDLOH
(OLQIRUPHHVLQWHUHVDQWtVLPRHQUHODFLyQFRQORTXHYHQLPRVWUDWDQGR>@
-XQWRDODVPXFKDVERQGDGHVTXHHOFRQFHMDOGLFHKDOODUHQODREUDGHVX
DPLJRUHFDUJDHODFHQWRVREUHHOKHFKRGHTXHHODXWRUHVKRPEUHQDFLGRHQHO
SDtV(VFRPRVLTXLVLHUDGHFLUTXHVyORORVKRPEUHVQDFLGRVHQ,QGLDVSXHGHQ
KDEODU FRQ MXVWLFLD GHO YDORU GH HVWRV WHUULWRULRV 2 OR TXH HV OR PLVPR
YHODGDPHQWH HVWi QHJiQGROH DXWRULGDG SDUD MX]JDUORV D ORV H[WUDQMHURV
H[WUDxRV HQ HOORV ³«(V XQ OLEUR HQ WRGR DGPLUDEOH ²GLFH HO LQIRUPH \
DJUHJD UHILULpQGRVH D OD QDFLRQDOLGDG GHO DXWRU²«\ SRU QDWXUDO GH OD
SDWULDHQTXHHVFULEHPiVDFODPDGRGHORVUHGREOHVGHVXWURPSD«´>@ODV
REUDV GH HVWD tQGROH GHEHQ GDUVH D FRQRFHU ³« SDUD OXVWUH GH HVWH QXHYR
PXQGR«´ \ HO FULROOR GHEH DO]DU VX YR] HQ QRPEUH GH ³OD SDWULD HQ TXH
HVFULEH«´>@
HVWLPXODGRUD GH OD FUyQLFD GH )XHQWHV 6X PXQGR OH HUD TXHULGR SRUTXH HUD
VX\R\PiVKRQGDPHQWHTXHULGRSRUTXHQRHUDWRWDOPHQWHVX\R(OLQGLRKDEtD
VLGR GHVSOD]DGR \ HO HVSDxRO YHQtD D YHU D TXLpQ GHVSOD]DED /RV FULROORV
HUDQ GLJiPRVOR DVt HO JUXSR HPSOD]DGR DPHQD]DGR \ SXHVWR HQ WUDQFH GH
GHIHQGHU OR VX\R (VWH IRQGR SRVHVLYR UHODWLYR D XQD SRVHVLyQ TXH ORV
DQWHSDVDGRV KDEtDQ FRQTXLVWDGR \ TXH HUD SUHFLVR FRQVHUYDU \ DPSOLDU
FRQVWLWX\HODFDXVDSURIXQGDGHODPRUH[DOWDGRTXHHOFULROORVHQWtDKDFLDVX
PXQGR
3DVHPRVDH[DPLQDUHVWHDVXQWRHQWRGDVXFRPSOHMLGDG

 &DStWXORVHJXQGR
/$6'26(63$f$6
, *DFKXSLQHV ,, &DXVDV GH OD LGHDOL]DFLyQ GH OD
FRQTXLVWD ,,, (O KpURH EULEyQ ,9 %UXWDOLGDG GH OD
SULPHUD HWDSD FRORQL]DGRUD 9 /RV GHIHQVRUHV GH
LQGLRV\FDXVDVGHVXp[LWR9,/DV/H\HV1XHYDV\OD
DEROLFLyQGHODHVFODYLWXGGHLQGLRV
²,²
*DFKXSLQHV
/RV UHIUDQHV \ SURYHUELRV VXHOHQ FRPSHQGLDU LPSRUWDQWHV MLURQHV GH OD
UHDOLGDG VRFLDO (Q ORV VLJORV FRORQLDOHV FRUUtD XQ SURYHUELR EXUOyQ \
HORFXHQWH TXHELHQSXHGH DSDUHFHUHQODHQWUDGDGHHVWHFDStWXOR GHFtDDVt
JDFKXStQFRQ FULROORJDYLOiQ FRQ SROOR>@ $OXGtD FODUR HVWi D OD HQHPLVWDG
HQWUH HVSDxROHV \ FULROORV \ GLVFUHWDPHQWH LQVLQXDED FLHUWDV YHQWDMDV GH ORV
SULPHURV VREUH ORV VHJXQGRV>@ (O SURYHUELR GHEH KDEHU FRUULGR HQWUH ODV
FDSDVPHGLDVGHODSREODFLyQHQWUHPHVWL]RV\PXODWRVSRUTXHHQVXPXFKR
DFLHUWR \ SRFD SDUVLPRQLD GHQRWD DOJ~Q UXGR GHVSUHFLR SDUD ORV GRV JUXSRV
GRPLQDQWHVSRULJXDO
/D SXJQD HQWUH HVSDxROHV DPHULFDQRV \ HVSDxROHV SHQLQVXODUHV IXH PX\
DFXVDGD HQ ODV SURYLQFLDV PD\RUHV FRPR 0p[LFR \ HO 3HU~ \ ORV
+LVWRULDGRUHV GH HVRV SDtVHV KDQ GDGR DPSOLD QRWLFLD GHO IHQyPHQR 6RQ
DEXQGDQWHV ODV SUXHEDV GH TXH HQ HO UHLQR GH *XDWHPDOD KXER WDPELpQ XQD
YLUXOHQWDHQHPLVWDGHQWUHDPERVJUXSRVVRFLDOHV(OIUDLOHYLDMHURFURQLVWD\
HVStD 7RPiV *DJH ²£TXH WRGR HVR IXH HO FpOHEUH LQJOpV² OOHJy D OD
FRQFOXVLyQGHVSXpVGHYLYLUGRFHDxRVHQHVWDSURYLQFLD>@GHTXHFULROORV\
HVSDxROHVHUDQ³«GRVJUXSRVGHKDELWDQWHVWDQRSXHVWRVHQWUHVtFRPRHQ
(XURSDORVHVSDxROHV\ORVIUDQFHVHV«´>@\QRMX]JDH[DJHUDGRLQGLFDUOHDO
JRELHUQREULWiQLFRTXH³«HO RGLR TXH VHSURIHVDQXQRV DRWURVHV WDOTXH
PH DWUHYR D GHFLU TXH QDGD FRQWULEXLUtD WDQWR D OD FRQTXLVWD GH $PpULFD
SRUORVLQJOHVHV60FRPRHVDGLYLVLyQ«´>@
3RUORTXHKDFHDODFUyQLFDGH)XHQWHV\*X]PiQHVFULWDFLQFXHQWDDxRV
PiV WDUGH TXH ODV QRWLFLDV GH *DJH VH FRPSUHQGHUi TXH HV XQ YHUGDGHUR
WHVRUR GH LQIRUPDFLyQ KLVWyULFD VREUH DTXHOOD HQHPLVWDG < HV GH DGYHUWLUVH
SXHVHOGHWDOOHQRFDUHFHGHLQWHUpVTXHODVHJXQGDSDUWHGHODREUDHVPXFKR
PiV IUDQFD \ ULFD HQ OD H[SUHVLyQ GHO SHQVDPLHQWR FULROOR IUHQWH D (VSDxD
PXFKR PiV GHFLGLGD HQ VX DFWLWXG FULROOLVWD \D TXH VHJ~Q VH UHFRUGDUi OD
SULPHUD SDUWH KDEtD VLGR HVFULWD SDUD REWHQHU OD DSUREDFLyQ GHO &RQVHMR GH

 
,QGLDV /D GLIHUHQFLD HQWUH DPEDV SDUWHV D HVWH UHVSHFWR HV PX\ QRWRULD \
DGHPiVVLJQLILFDWLYD
3HUR LQGHSHQGLHQWHPHQWH GH OD GLIHUHQFLD VHxDODGD HQ WRGD OD
5HFRUGDFLyQ)ORULGDVDOWDDODYLVWDTXHHQODPHQWDOLGDGGHOFULROORKDEtDGRV
(VSDxDV8QDHUDOD(VSDxDFRQTXLVWDGRUDTXHDpOVHOHDQWRMDVXEOLPHOOHQD
GHKLGDOJXtD\GHHOHYDGDVPLUDVRWUDHVOD(VSDxDPH]TXLQDUHSUHVHQWDGDSRU
IXQFLRQDULRV GH HVStULWX FDOFXODGRU \ SRU EDUFDGDV GH HPLJUDQWHV TXH
DPELFLRQDEDQXQDWDMDGDGHO1XHYR0XQGR/DSULPHUDGHHVDVGRV(VSDxDV
DSDUHFHHPEHOOHFLGDLGHDOL]DGD²SUHFLVDPHQWHDORVFULROORVOHVGHEHPRVOD
LGHDOL]DFLyQGHODFRQTXLVWDHVDGHIRUPDFLyQKLVWyULFDTXHDXQQRQRVKHPRV
TXLWDGRGH ODFDEH]D²/D VHJXQGD(VSDxD DSDUHFH HPSHTXHxHFLGD \ HV HQ
WRGRPRPHQWRPRWLYRGHDPDUJXUDSDUDHOFURQLVWD
([SOLFDU FyPR OD (VSDxD JUDWD D OD PHPRULD GH ORV FULROORV YLQR D
FRQYHUWLUVHHQOD(VSDxDTXHOHVGLVSXWDEDORVSURYHFKRVGH$PpULFDHVHHV
HODVXQWRTXHDKRUDWHQHPRVHQWUHPDQRV6HWUDWDGHXQSURFHVRLPSRUWDQWH\
FRPSOHMR FX\R HVWXGLR QRV LQWURGXFH HQ WHUUHQRV SRFR FRQRFLGRV GH OD YLGD
FRORQLDO
 
²,,²
&DXVDVGHODLGHDOL]DFLyQGHODFRQTXLVWD
$OJXQRVFRPHQWDULVWDVKDQFULWLFDGRGXUDPHQWHD)XHQWHV\*X]PiQSRUVX
IDOWD GH LPSDUFLDOLGDG HQ FXDQWR VH UHILHUH D ORV SULPHURV WLHPSRV GH OD
FRORQL]DFLyQ>@\KDKDELGRTXLHQORFDOLILTXHQRVLQUD]yQGH³«DGPLUDGRU
VHUYLO \ SDUFLDO GH ORV FRQTXLVWDGRUHV«´>@ (V SUHFLVR VLQ HPEDUJR LU XQ
SRFRPiVDOOi\EXVFDUODVUDtFHVVRFLDOHVGHOIDQDWLVPRGHOFURQLVWDQRVyOR
SRUTXHODODERUKLVWyULFDTXHGDWUXQFDGDVLVHOLPLWDDVHxDODUORVKHFKRVVLQ
H[SOLFDU VXV FDXVDV VLQR WDPELpQ SRUTXH HO LQGLFDGR IDQDWLVPR OD FLHJD
YHQHUDFLyQ D ORV FRQTXLVWDGRUHV SXHGH KDEHU VLGR PXFKR PiV TXH XQD
OLPLWDFLyQ SHUVRQDO GHO FURQLVWD SXGR VHU XQ UDVJR FDUDFWHUtVWLFR GH OD
LGHRORJtDGHVXFODVHVRFLDO
)XHQWHV \ *X]PiQ YH HQ OD FRQTXLVWD XQ KHFKR SURYLGHQFLDO \ HQ ORV
FRQTXLVWDGRUHV ³« LQVWUXPHQWRV HVFRJLGRV GH 'LRV SDUD HVWD JUDQGH
REUD«´>@ < VHUtD HTXLYRFDGR VXSRQHU TXH VH WUDWD VLPSOHPHQWH GH XQD
FRQFHSFLyQSURYLGHQFLDOLVWDGHOD+LVWRULD6HWUDWDGHXQDGLYLQL]DFLyQTXHYD
PiVDOOiGHWDOHVH[LJHQFLDVILORVyILFDV(OYHUGDGHURPRWLYRGHTXHHOFULROOR
SRQJD WDQ SRU ORV FLHORV XQ HYHQWR KLVWyULFR TXH GLVFXUULy WDQ DSHJDGR D OD
WLHUUD VH SRQH GH PDQLILHVWR HQ OD OHFWXUD DWHQWD GH OD SURSLD FUyQLFD 6RQ
QXPHURVtVLPRV ORV SiUUDIRV HQ TXH HO DXWRU H[SUHVD FRQ WRGD FODULGDG ODV
UD]RQHV SRU ODV FXDOHV HQ RSLQLyQ VX\D HUD GH MXVWLFLD WHQHU D ORV
FRQTXLVWDGRUHV HQ HO PiV HOHYDGR SHGHVWDO GH DGPLUDFLyQ (Q WRGRV HVRV
WUR]RVUHVXHQDXQWHPDIXQGDPHQWDOODJUDWLWXG
(O ELHQHVWDU HO GHVDKRJR OD HXIRULD TXH D ORV FULROORV OHV GHSDUDED VX
SULYLOHJLDGD SRVLFLyQ HFRQyPLFD \ VRFLDO VH OD GHEtDQ HQ HIHFWR D TXLHQHV
KDEtDQ WRPDGR OD WLHUUD \ KDEtDQ VRPHWLGR D ORV LQGLRV /RV FULROORV WHQtDQ
FODUDFRQFLHQFLDGHTXHHOORVHVWDEDQJR]DQGRORTXHRWURVKDEtDQFRQTXLVWDGR
< FRPR QLQJXQD FODVH H[SORWDGRUD UHFRQRFH TXH OH GHEH VX ELHQHVWDU D
DTXHOORV D TXLHQHV H[SORWD VLQR PiV ELHQ SUHILHUHQ HVWDV FODVHV UHFRQRFHUVH
GHXGRUDV GH TXLHQHV KLVWyULFDPHQWH ODV FRORFDURQ HQ SRVLFLyQ GH YHQWDMD \
SULYLOHJLR GH DOOt TXH ORV KHUHGHURV GH OD FRQTXLVWD ORV FULROORV VLQWLHUDQ
YHUGDGHUDYHQHUDFLyQSRUORVFRQTXLVWDGRUHV
/RVYHUERVGLVIUXWDU\JR]DUVHKDFHQSUHVHQWHVHQWRGRVORVSDVDMHVHQTXH
HOFURQLVWDKDFHHOSDQHJtULFRGHODFRQTXLVWD\DXQHQPXFKRVHQTXHDOXGHD
VXVMXJRVDVFRQVHFXHQFLDVVLQPHQFLRQDUODGLUHFWDPHQWH$VtSRUHMHPSORDO
GHVFULELU HO 9DOOH GH 3HWDSD ²HQ TXH VH HQFRQWUDED VX ³RSXOHQWR´ LQJHQLR
D]XFDUHUR² QR SXHGH PHQRV TXH HYRFDUODV GLILFXOWDGHV TXH WXYLHURQ TXH
YHQFHU ORV FRQTXLVWDGRUHV SDUD GRPHxDU D ORV LQGLRV GH GLFKD UHJLyQ \
FRPSDUDDTXHOORVGLItFLOHVGtDVFRQ³«HOUHJD]R\EODQGXUDGHODSD]TXH
KR\ JR]DPRV«´>@ (O KLPQR D ORV FRQTXLVWDGRUHV H[SUHVD VLHPSUH HO
UHFRQRFLPLHQWR GH ³« WRGR OR TXH KR\ JR]DPRV SRU OD LQGXVWULD \ WHVyQ
ODERULRVR GH DTXHOORV KHURLFRV HVSDxROHV«³>@ ³« DTXHOORV TXH QRV
GHMDURQ JDQDGD OD WLHUUD \ IXQGDPHQWDGR OR TXH VLQ RWUR WUDEDMR TXH
HQWUDPRV GHQWUR JR]DPRV«´>@ < IiFLOPHQWH VH FRPSUHQGH TXH HVD
H[KRUWDFLyQDODJUDWLWXGVHWRPDPiVUXLGRVDFXDQGRHOFULROORWLHQHHQPHQWH
DORVSHQLQVXODUHVDTXLHQHVFRPRVHH[SOLFDUiPiVDGHODQWHOHVLQWHUHVDED
QHJDUOH PpULWRV D OD FRQTXLVWD SDUD UHVWDUOH GHUHFKRV D ORV FULROORV (Q HVRV
PRPHQWRVHOFURQLVWDFODPDDQWHHOHVSHFWiFXORGHODLQJUDWLWXG³«SRUTXHHQ
HVWRV WLHPSRV QR VH DWLHQGH D ORV YHUGDGHURV PpULWRV GH TXLHQHV
YHUGDGHUDPHQWHVLUYLHURQD'LRV\D6X0DMHVWDG\TXHJDQDURQHVWDWLHUUD
ODVSXHUWDVDORVQXHYRVLQPLJUDQWHVHVSDxROHV3RUTXHPDORELHQVHFUHDED
ODLPSUHVLyQGHTXHHVWRV~OWLPRVHUDQXVXUSDGRUHVDGYHQHGL]RVTXHYHQtDQD
UHFRJHUORVIUXWRVGHORTXHRWURVKDEtDQVHPEUDGRSDUDVXVKLMRV
6HHVWiYLHQGRSXHVTXHODLGHDOL]DFLyQGHODFRQTXLVWDLEDtQWLPDPHQWH
XQLGD D OD QHFHVLGDG GH PDQWHQHU YLYR VX UHFXHUGR \ TXH WRGR HVWR MXQWR
UHVSRQGtDDXQDQHFHVLGDGVRFLDOGHORVFULROORV
$KRUD ELHQ ORV LQPLJUDQWHV ORV HVSDxROHV UHFLpQ YHQLGRV D ,QGLDV
WUDWDEDQ GH QHJDU \ GLVPLQXLU OD LPSRUWDQFLD GH OD FRQTXLVWD 3DUD KDFHUOR
VROtDQ UHIHULUVH D ODV JXHUUDV \ WULXQIRV GH (VSDxD HQ (XURSD \ ÈIULFD HQ
GRQGH QR VH KDEtD OXFKDGR FRQWUD DUPDV GH SLHGUD \ PDGHUD GHFtDQ VLQR
FRQWUDHMpUFLWRVTXHFRQWDEDQFRQLJXDOHV\DXQVXSHULRUHVUHFXUVRVGHJXHUUD
>@ (Q OD 5HFRUGDFLyQ KD\ YDULRV WUR]RV TXH UHIOHMDQ OD FRQWURYHUVLD TXH VH
PDQWHQtDHQWRUQRDHVWRVWySLFRV\YDOHODSHQDFLWDUDOJXQRSDUDTXHVHYHD
HO WRQR GH SHVDGXPEUH \ GLVJXVWR TXH OD SROpPLFD OH DUUDQFD DO FULROOR ³«
TXHULHQGR PDFXODU GH WRGDV PDQHUDV DXQ ORV SURSLRV HVSDxROHV ORV PiV
KHURLFRV\IDPRVRVKHFKRVGHORVFRQTXLVWDGRUHVFX\RYDORU\FX\DEL]DUUtD
D~QQRDFLHUWDQDHPXODU3RUTXHQLSXHGHQGHVPHQWLUQLOHVHVIiFLOQHJDU
ORV LOXVWUHV \ FODUtVLPDV VHUYLFLRV GH $PpULFD \ MX]JDQ TXH QR PHUHFHQ HO
FUpGLWR\UHQRPEUHGHKD]DxDVODVTXHQRVHHMHUFLWDURQHQÈIULFDR(XURSD
<HVWDOODVHJXULGDGTXHD~QODVIXQGDFLRQHVTXHKDOODURQFRQVWUXLGDVSDUD
OOHQD GH DEXQGDQFLD \ GHOLFLDV SDUD TXH OD SRVHDQ ORV TXH VH ROYLGDQ GH
HVWRVYDURQHVHQWRGRJUDQGHVDTXLHQHVWDQWRGHEHQ³>@
6LQ HPEDUJR OD JUDWLWXG QR IXH OD ~QLFD FDXVD GH LGHDOL]DFLyQ GH OD
FRQTXLVWD SRU ORV FULROORV (V SUHFLVR FRPSUHQGHU TXH HQ DTXHO HVWUHSLWRVR
UHFRQRFLPLHQWR KDFLD TXLHQHV GHMDURQ GRPLQDGR ³OR TXH KR\ JR]DPRV³ VH
HVFRQGHQ D VX YH] \ HQ XQ QLYHO PiV SURIXQGR GHOLFDGDV LPSOLFDFLRQHV
VRFLDOHV\PHFDQLVPRVGHGHIHQVDTXHSRGHPRVGHMDUEUHYHPHQWHDSXQWDGRV DODDQWLJXDSDUDHQIUHQWDUVHDODPRGHUQD\HVHDIiQOROOHYDDH[WUHPRVTXH
(QJUDQGHFHU ORV PpULWRV GH OD FRQTXLVWD HUD XQ PRGR GH UHIRU]DU ORV
GHUHFKRV \ PHUHFLPLHQWRV GH ORV GHVFHQGLHQWHV GH ORV FRQTXLVWDGRUHV (VWR
HUD PX\ LPSRUWDQWH SDUD ORV FULROORV SRUTXH FRPSURPHWtD D OD FRURQD D
PDQWHQHUVHILUPH\FRQVHFXHQWHHQHOSDJRGHOJUDQGLRVRVHUYLFLRTXHDTXHOORV
KRPEUHVOHKDEtDQKHFKR\VXVGHVFHQGLHQWHVOHFREUDEDQ
$GHPiV PDQWHQLHQGR YLYD \ PX\ SUHVHQWH OD FRQWLQXLGDG JHQHDOyJLFD
HQWUHORVFRQTXLVWDGRUHV\ORVFULROORVpVWRVWUDWDEDQVLQORJUDUORGHFHUUDUOH

VX FRPRGLGDG ODV YLWXSHUDQ « VLQ KDEHU H[DPLQDGR OR TXH DTXHOORV
DGPLUDEOHVYDURQHVTXHQRVOOHYDQODGHODQWHUD\WDPELpQODSULPDFtDVH
GHVYHODURQWUDEDMDURQ\DWHQGLHURQ« ³>@(QWUR]RVFRPRpVWHVHSHUILODHO
HQJUHLPLHQWRGHOHVSDxROUHFLpQOOHJDGRTXHPHQRVSUHFLDEDHOHVIXHU]RGHORV
FRQTXLVWDGRUHV \ IUHQWH D pO HO FULROOR DIHUUDGR D ³« DTXHOORV GLFKRVRV \
IHOLFHVVLJORV«³>@$OOtHVWiQODVGRV(VSDxDV(OFULROORWLHQHTXHDIHUUDUVH
SXHGHQ SDUHFHU ULGtFXORV VL VyOR VH ORV PLUD VXSHUILFLDOPHQWH $O GHVFULELU
SRUHMHPSORODVEDWDOODVGHODFRQTXLVWDOODPDVLHPSUHDORVFRQTXLVWDGRUHV
³ORV QXHVWURV´ ³« PDQWHQLpQGRVH FRQVWDQWHV ORV QXHVWURV TXHGDURQ
KHULGRVPXFKRV« ³>@ ³« GHVRUGHQDGRV GHO WRGR GHMDURQ OD FDPSDxD DO
DUELWULR GH ORV QXHVWURV«´>@ 5HILULHQGR HSLVRGLRV WDQ DOHMDGRV GHO
VRMX]JDPLHQWR GH *XDWHPDOD FRPR SXHGHQ VHUOR ODV H[SHGLFLRQHV GH
GHVFXEULPLHQWRGHODVFRVWDVGH0p[LFRKDEODVLQUHWLFHQFLDVGH³«QXHVWUD

DUPDGD«´>@ ²,,,²
(OWLHPSRHUDHQHPLJRGHORVFULROORV/RVVLJORVTXHORVVHSDUDEDQGHOD
FRQTXLVWD LEDQ DOHMiQGRORV PiV \ PiV GH OD pSRFD HQ TXH VXV DQWHSDVDGRV
KDEtDQ FRQTXLVWDGR HVWRV WHUULWRULRV \ OD FRURQD VH KDEtD YLVWR REOLJDGD D (OKpURHEULEyQ
SDJDU D FHGHU D HQWUHJDUOHV XQ GHVPHVXUDGR SRGHU HQ HO QXHYR PXQGR /RV
FULROORV VHJXtDQ H[LJLHQGR HO SDJR GH DTXHOOD GHXGD SHUR VH OHV HVFXFKDED
0RYLGRSRUODVXUJHQFLDVVRFLDOHVVHxDODGDVQXHVWURFURQLVWDGHVDSUXHED
FDGDYH]PHQRV3RUHVRKDEtDTXHFODPDU\UHFODPDU\VREUHWRGRKDEtDTXH
TXH ORV UHODWRV HVSDxROHV GH OD FRQTXLVWD QR VH GHWHQJDQ D UHIHULU SRU
DJLJDQWDUODFRQTXLVWDSDUDTXHQRVHYLHUDSHTXHxDGHVGHOHMRV
VHSDUDGRFRPRpOGHVHDUtDODVKD]DxDVGHFDGDXQRGHORVFRQTXLVWDGRUHVGH
*XDWHPDOD9HXQDLQMXVWLFLDGHORVQDUUDGRUHVHQHOKHFKRGHTXHDWULEX\DQODV
KD]DxDVDOJUXSRFRQTXLVWDGRU³«FRQIXVDPHQWHGHEDMRGHOQRPEUHJHQpULFR
GHHVSDxROHV«´>@1RDFLHUWDDFRPSUHQGHUTXHORVUHODWRVHVFULWRVFDVLGRV
VLJORV DWUiV QR SRGtDQ SUHYHU OD XWLOLGDG TXH WDO HVSHFLILFDFLyQ KDEUtD GH
/OHJDUDWHQHUFRQ HO WLHPSR SDUD XQDFODVHVRFLDOTXH SRUHQWRQFHV D~QQR
H[LVWtD/RVFULROORVKXELHUDQTXHULGRXQDFUyQLFDSDUWLFXODUSDUDODVKD]DxDV
GHFDGDXQRGHORVFXDWURFLHQWRVFLQFXHQWDFRQTXLVWDGRUHVGH*XDWHPDOD(OOR
OHVKDEUtDVLGRSDUWLFXODUPHQWH~WLOHQODVHJXQGDPLWDGGHOVLJOR ;9,,FXDQGR
VRQDED\DPRQyWRQDVHLQHILFDFHVDTXHOODVUHFODPDFLRQHV³SRUPX\VHxDODGRV
VHUYLFLRVD'LRV\DVX0DMHVWDG«´
3HURDIDOWDGHRWUDVQRWLFLDVDOOtHVWDEDHOFRSLRVRUHFXHUGRGHOFDSLWiQ
GHODFRQTXLVWDGHO$GHODQWDGR6XILJXUDHUDSRUH[FHOHQFLDHOVtPERORGH
DTXHOOD UHPRWD HPSUHVD < OD GHIRUPDFLyQ GH OD FRQTXLVWD GH *XDWHPDOD
DOFDQ]y VX SXQWR PiV H[WUHPDGR \ JURVHUR HQ OD LGHDOL]DFLyQ GH 3HGUR GH
$OYDUDGR (VWH SHUVRQDMH VDQJXLQDULR ³HVWH LQIHOLFH PDODYHQWXUDGR WLUDQR´
FRPROROODPDHQDOJ~QOXJDU)UD\%DUWRORPpGHODV&DVDV>$@VHFRQYLUWLy
SRU REUD GH OD DGPLUDFLyQ GH ORV FULROORV HQ XQ VHPLGLyV DGRUQDGR FRQ
YLUWXGHV TXH QXQFD WXYR )XHQWHV \ *X]PiQ OR OODPD +pUFXOHV TXH GHVGH OD
FXQDGHVSHGD]DEDiVSLGHV«´>@ ³«$OFLGHVFDVWHOODQR«´>@ \ OR FDOLILFD
PRUDOPHQWHFRPR³«LQFDSD]GHODGHDUVHDRWUDSDUWHTXHODGHODUD]yQ\
MXVWLFLD«´>@³«FRPSDVLYR\HVFODUHFLGR«´>@/OHJDDOIODJUDQWHH[WUHPR
GH SUHVHQWDUOR DQLPDGR GH XQD DFWLWXG DPRURVD \ SLDGRVD KDFLD ORV LQGLRV
&ODURHVWiTXHHVWH~OWLPR H[WUHPRHQ DELHUWD FRQWUDGLFFLyQ FRQOD FUXHOGDG
TXH FDUDFWHUL]y D $OYDUDGR VyOR SXHGH DOFDQ]DUOR HO FURQLVWD JUDFLDV D VX
DSDVLRQDGDFHJXHGDG$VtSRUHMHPSORDOFRPHQWDUFLHUWDVRUGHQDQ]DVGDGD

 
SRUHO$GHODQWDGRSDUDLPSHGLUTXHVHVLJXLHUDVDFDQGRLQGLRVSDUDYHQGHUORV
HQ1LFDUDJXD\HQHO3HU~HOFURQLVWDQRSXHGHRQRTXLHUHHQWHQGHUTXHDTXHO
QHJRFLR GH HVFODYRV HUD XQ DWHQWDGR FRQWUD ORV LQWHUHVHV GHO JUXSR GH
FRQTXLVWDGRUHVHVFODYLVWDVGH*XDWHPDOD\HQOXJDUGHLQIRUPDUTXH$OYDUDGR
SURWHJtD FRQ ODV RUGHQDQ]DV OD H[LVWHQFLD GH OD SULQFLSDO IXHQWH GH
HQULTXHFLPLHQWRGHORVFRQTXLVWDGRUHV²HOWUDEDMRGHORVLQGLRVHVFODYRV²
QRVGLFHTXHDOOtKD\XQD³PXHVWUD GHODPRUTXHOHVWHQLD\GHVHR GH VX
FRQVHUYDFLyQ´>@ 3XHGH HQFRQWUDUVH HQ OD 5HFRUGDFLyQ XQ EXHQ Q~PHUR GH
IDOODVLQWHUSUHWDWLYDVFRPRODDQWHULRUGHELGDVWRGDVDOLPSXOVRLGHDOL]DGRUGH
DOJXQGSXHEORVHTXHPyHDOJRVHUREy\RQRYLGHQLVXSHGHHOOR«VDOYR
ORV GLFKRV HVSDxROHV H FULVWLDQRV TXH \YDQ FRQ PLJR FRPR VXHOHQ H
DFRVWXPEUDQ KDFHU HQ VHPHMDQWHV JXHUUDV H HQWUDGDV«´>@ ³« WRGDV ODV
JXHUUDVHFDVWLJRVTXHVHKDQIHFKRKDQVLGRFDEVDTXHODWLHUUDHVWpFRPRHVWi
GHEDMR GH GRPLQLR H VHUYLGXPEUH H V\ QR VH KL]LHUD VHJXQG OD PXOWLWXG GH
\QGLRVHORVSRFRVFULVWLDQRVTXHDYtDQRVHJDQDEDGHTXH9XHVWUD0DMHVWDG
QR IXHVH VHUYLGR«´>@ )LQDOPHQWH GRQ $QWRQLR FRQRFLy ORV SDSHOHV GHO
2ELVSR 0DUURTXtQ HQFDPLQDGRV D SRQHU HQ RUGHQ ODV FRVDV GH $OYDUDGR
GHVSXpVGHVXPXHUWH&LWDHVRVSDSHOHVLQFLGHQWDOPHQWHQRUHILULpQGRVHDOD
OD FRQTXLVWD 3DUHFH QR GDUVH FXHQWD ²KH DTXt RWUR HMHPSOR² GH TXH ORV
DYLVRV \ HPEDMDGDV TXH HQYLDED $OYDUDGR D ORV LQGLRV DQWHV GH KDFHUOHV
JXHUUDORVIDPRVRVUHTXHULPLHQWRV>@HUDQXQDIRUPDOLGDGOHJDOHQGHUH]DGD
D MXVWLILFDU OD YLROHQFLD \ OD HVFODYL]DFLyQ GH SULVLRQHURV \ ORV LQWHUSUHWD
FRPR SUXHEDV GH TXH HO FDSLWiQ DJRWDED WRGRV ORV UHFXUVRV SDUD HYLWDU OD
OXFKDVHJ~QHUDQVXVLQFOLQDFLRQHVGXOFHV\SLDGRVDV>@
(V FRQYHQLHQWH GHMDU LQGLFDGR TXH )XHQWHV \ *X]PiQ WXYR HQ VXV PDQRV
PXFKtVLPRV GRFXPHQWRV TXH GDEDQ WHVWLPRQLR GH PDQHUD FODUtVLPD GH TXH
$OYDUDGRKDEtDVLGRXQEULEyQ/H\yGHVGHODLQIDQFLDHOPDQXVFULWRGH%HUQDO
'tD] HQ HO FXDO OHMRV GH DSDUHFHU XQ $OYDUDGR FRPSDVLYR \ HVFODUHFLGR
DSDUHFHXQJXHUUHURLPSXOVLYR DOTXH +HUQiQ&RUWpVWHQtDTXH UHIUHQDUSDUD
LPSHGLU TXH FRPHWLHVH FUXHOHV WRUSH]DV \ DWURSHOORV>@ $SDUHFH DOOt HO
$OYDUDGRGHODVPDVDFUHVTXHFRQVXLQFOLQDFLyQDOGHUUDPDPLHQWRGHVDQJUH
SXVRDOERUGHGHOIUDFDVRODFRQTXLVWDGH0p[LFR>@7RGRHOORVHOHSDVySRU
DOWRDOFULROORHQODOHFWXUDGH³VX%HUQDO´7XYRWDPELpQDODYLVWDODVDFWDV
PiVDQWLJXDVGHO&DELOGRGH*XDWHPDOD²ODVFLWDPXFKDVYHFHV²HQODVTXH
FRQVWDTXHHQWUHORVSURSLRVFRPSDxHURVGHOFRQTXLVWDGRUVHOHOOHJyDWHQHU
SRU ³RGLRVR´>@ /H\y HO SULPHU FURQLVWD GH *XDWHPDOD ²)UD\ $QWRQLR GH
5HPHVDO²HQFX\DREUDDEXQGDQWHVWLPRQLRVGHORTXHUHDOPHQWHKDEtDVLGR
HO $GHODQWDGR>@ 7XYR QRWLFLD GHO MXLFLR TXH VH VLJXLy FRQWUD $OYDUDGR HQ
0p[LFR²DXQTXHQRKD\DFRQRFLGRORVGRFXPHQWRVGHOSURFHVR²HQHOFXDO
VH OHDFXVySULQFLSDOPHQWHGHFUXHOGDGFRQORVLQGLRV>@ (OFRQTXLVWDGRUQR
SXGRUHIXWDUGLFKRFDUJR\VXGHIHQVDFRQVLVWLyHQHFKDUOHHQFDUDDOUH\TXH
ODV FUXHOGDGHV KDEtDQ UHGXQGDGR HQ JUDQ EHQHILFLR SDUD OD FRURQD ³« H VL

PXHUWHGHO$GHODQWDGRDOWRFDUHVHWHPDQRORVFLWDVLQRUHODWDQGRFyPRVH
IRUPy HO EDUULR GH -RFRWHQDQJR HQ ODV DIXHUDV GH OD DQWLJXD FLXGDG GH
*XDWHPDOD>@5HVXOWDTXHGLFKRVXEXUELRQDFLyFRPRDVLHQWRGHXQRVLQGLRVD
TXLHQHV HO FRQTXLVWDGRU ²³FRPSDVLYR \ HVFODUHFLGR LQFDSD] GH ODGHDUVH D
RWUDSDUWHTXHODGHODUD]yQ\MXVWLFLD´²KDEtDHQJDxDGRHQORVWpUPLQRVTXH
GHVFULEHVXWHVWDPHQWRKHFKRSRU0DUURTXtQFLWDGRSRU)XHQWHV\WUDQVFULWR
HQOD5HFRUGDFLyQ)ORULGD³«3ULPHUDPHQWHGLJRTXHSRUFXDQWRHOGLFKR
$GHODQWDGRGH[yHQHO9DOOHHWpUPLQRVGHVWDFLXGDGXQDODEUDQ]DGHWLHUUDV
GRQGH HVWiQ PXFKRV HVFODYRV FDVDGRV FRQ VXV PXMHUHV H KLMRV \ D Pt PH
FRQVWDQRVHKDYHUKHFKRHVFODYRVFRQUHFWDFRQFLHQFLDSRUTXHHQORVDxRV
SULPHURVGHODSREODFLyQGHODGLFKDODEUDQ]DHOGLFKRDGHODQWDGROODPyD
ORV6HxRUHVSULQFLSDOHVGHORVGHPiVSXHEORVTXHWHQtDHQHQFRPLHQGDHOHV
KL]R FLHUWD SOiWLFD H OHV SLGLy D FDGD 6HxRU GH FDGD SXHEOR TXH OH GLHVHQ
WDQWDV FDVDV FRQ VXV SULQFLSDOHV SDUD ODV SRQHU H MXQWDU HQ OD GLFKD
ODEUDQ]D/RVFXDOHVFRPROHWXYLHVHQSRU6HxRU\DYHUODVFRQTXLVWDGRVH
ODVGLHURQDVtFRPRODVSLGLy(VHKHUUDURQSRUHVFODYRVORVPiVGHOORVVLQ
SUHFHGHU RWUR H[DPHQ ( SDUD GHVFDUJR GH OD FRQFLHQFLD GH HO GLFKR
$GHODQWDGR\FRQIRUPHDORTXH\RFRQpOWHQtDFRPXQLFDGRHSODWLFDGR\D
OR TXH VDEtD GH VX YROXQWDG GLJR TXH GH[R SRU OLEUHV D WRGRV ORV LQGLRV
HVFODYRVTXHHVWiQHQODGLFKDODEUDQ]DPLOSDHDVXVPXMHUHVHKLMRV´«
HWF>@ (Q GRV SDODEUDV GHVHRVR GH REWHQHU WUDEDMDGRUHV SDUD XQD ODEUDQ]D
TXH SRVHtD HQ ODV LQPHGLDFLRQHV GH *XDWHPDOD $OYDUDGR SLGLy D YDULRV
SXHEORVTXHFRQWULEX\HVHQFRQDOJXQDVIDPLOLDVSDUDFUHDUXQQXHYRSREODGR
\ FXDQGR ORV WXYR UHXQLGRV VH DSURSLy GH HOORV FRPR HVFODYRV \ IXHURQ
PDUFDGRVFRQKLHUUR

 ¢&yPRSXGRHOFURQLVWDVRVOD\DUWDQWRVKHFKRVTXHKDFtDQGHVXKpURHXQ
SLOOR" ¢GH GyQGH VDFDUtD ORV UDVJRV GH JHQHURVLGDG FRQ TXH OR DGRUQD" 1R
SXHGH GHFLUVH TXH VX RSWLPLVPR IXHVH FRVD GH ³OD pSRFD´ SRUTXH VDEHPRV
TXH$OYDUDGRIXHUHSUREDGR\OOHYDGRDMXLFLRSRUVXVFRQWHPSRUiQHRV\HO
SURSLR 2ELVSR 0DUURTXtQ ²JUDQ DPLJR \ FRQILGHQWH VX\R² MX]Jy TXH OD
FRQFLHQFLDGHO$GHODQWDGRHVWDUtDPiVWUDQTXLODHQODRWUDYLGDVLVHGDEDOD
OLEHUWDGDORVHVFODYRVGH-RFRWHQDQJR
(QODLGHDOL]DFLyQGHODFRQTXLVWDGH*XDWHPDODIXHODFUyQLFDGH)XHQWHV
\ *X]PiQ OD DSRUWDFLyQ PiV QRWDEOH 1LQJ~Q GRFXPHQWR DQWHULRU VH KDEtD
ODQ]DGR FRQ WDQWR DWUHYLPLHQWR \ FRQYLFFLyQ D HPEHOOHFHU ORV KHFKRV \ ORV
SHUVRQDMHV GH DTXHO SHUtRGR < SRU OR TXH WRFD DO FDSLWiQ GH OD FRQTXLVWD
WRGRV ORV GRFXPHQWRV XOWHULRUHV VH EDVDURQ HQ OD 5HFRUGDFLyQ )ORULGD SDUD
VHJXLUGHVDUUROODQGRHOPLWRGH³GRQ3HGUR³/RFXDOQRHVXQDFDVXDOLGDG\
GHEH VHU FRPSUHQGLGR HQ WRGD VX VLJQLILFDFLyQ )XHQWHV \ *X]PiQ IXH HO
FURQLVWD FULROOR GH *XDWHPDOD $ pO OH FRUUHVSRQGtD SRU PRWLYRV GH FODVH
HFKDU ORV IXQGDPHQWRV GH OD LGHDOL]DFLyQ KLVWyULFD GH OD FRQTXLVWD 1R D
FURQLVWDV UHOLJLRVRV FRPR 5HPHVDO \ ;LPpQH] TXH IXHURQ HVSDxROHV GH
QDFLPLHQWR 1R D 9iVTXH] TXH SRU VX ILOLDFLyQ IUDQFLVFDQD HVWXYR REOLJDGR
PiV ELHQ D KDFHU OD FUyQLFD GH VX RUGHQ UHOLJLRVD>@ 1L VLTXLHUD D %HUQDO
'tD]SRUTXHOD LGHDOL]DFLyQ GH OD FRQTXLVWD QR IXHH[LJHQFLDGHORVSURSLRV
FRQTXLVWDGRUHV VLQR DO FRQWUDULR ORV GRFXPHQWRV GH ORV FRQTXLVWDGRUHV
RIUHFHQORVPiVYDOLRVRVHOHPHQWRVSDUDUHIXWDUDTXHOODLGHDOL]DFLyQ
(Q OD UHDOLGDG QR KD\ HSRSH\D pVWD HV VLHPSUH XQD HODERUDFLyQ GH ODV
JHQHUDFLRQHVTXHPLUDQKDFLDDWUiVHLGHDOL]DQODVDFFLRQHVGHORVKRPEUHVGH
JXHUUD /D LGHDOL]DFLyQ UHVSRQGH VLHPSUH D GHWHUPLQDGDV QHFHVLGDGHV
KLVWyULFDV TXH VRQ HQ GHILQLWLYD HO IDFWRU GHFLVLYR SDUD TXH VXUMD XQD
HSRSH\D/DLGHDOL]DFLyQGHODFRQTXLVWDGH$PpULFDIXHREUDGHORVFURQLVWDV
H KLVWRULDGRUHV FULROORV HQ WDQWR TXH IXHURQ YRFHURV GH VX FODVH VRFLDO
)XHQWHV \ *X]PiQ FXPSOLy HVH FRPHWLGR SDUD *XDWHPDOD PRYLGR SRU ODV
H[LJHQFLDV GH FODVH \D VHxDODGDV 'H DKt TXH UHVXOWH VXSHUILFLDO FRQWHQWDUVH
FRQFDOLILFDUORGHIDQiWLFRFXDQGRVXIDQDWLVPRHVXQGDWRKLVWyULFRGHOPD\RU
LQWHUpVTXHUHFODPDXQDDGHFXDGDLQWHUSUHWDFLyQ

 
 ²,9²
%UXWDOLGDGGHODSULPHUDHWDSDFRORQL]DGRUD
3DUD HQWUDU DO HVWXGLR GHO SURFHVR SRU HO FXDO OD PRQDUTXtD WUDV YHUVH
REOLJDGDDGDUOHPDQROLEUHDORVFRQTXLVWDGRUHV\SULPHURVFRORQRVYLQRD
UHFXSHUDUHOJRELHUQRHIHFWLYRGHODVSURYLQFLDVQDGDPHMRUTXHH[DPLQDUHO
GHVDUUROORGHGRVLQVWLWXFLRQHVFRORQLDOHVLPSRUWDQWtVLPDVODHQFRPLHQGD\HO
UHSDUWLPLHQWR3HVHDTXHIXHURQYHUGDGHURVHMHVGHOVLVWHPDFRORQLDOVHODV
FRQRFHSRFR\ORTXHGHHOODVVHVDEHDSDUHFHJHQHUDOPHQWHHQGHILQLFLRQHV
PXHUWDV>@ (V SUHFLVR HPSHUR FRQRFHUODV HQ VX GHVDUUROOR YLYR HQ HO
FRQWH[WR GH OD OXFKD GH FODVHV \ FRPR UHVXOWDGR GH OD PLVPD /DV
WUDQVIRUPDFLRQHV TXH VXIULHURQ HVWDV GRV LQVWLWXFLRQHV IXHURQ UHVXOWDGR ²
FRPRVHYHUi²GHODOXFKDOLEUDGDHQWUHHOSRGHUFHQWUDOL]DGRUGHOLPSHULR\
HOSRGHUORFDOGHORVFRQTXLVWDGRUHV\FRORQRV\VXVGHVFHQGLHQWHV6LQWHWL]DQ
HVDOXFKD\IDFLOLWDQVXFRPSUHQVLyQ
5HSDUWLPLHQWR \ HQFRPLHQGD IXHURQ LQVWLWXFLRQHV TXH QDFLHURQ XQLGDV
HQWUHOD]DGDV \ DVt SHUPDQHFLHURQ GXUDQWH VX SULPHUD HWDSD /DV LPSODQWy
&ULVWyEDO&ROyQHQODV$QWLOODV\HQVXIRUPDSULPLWLYDSDVDURQDOFRQWLQHQWH
FRQ ODV HPSUHVDV GH FRQTXLVWD XOWHULRUHV>@ (O UHSDUWLPLHQWR WHQtD GRV
DVSHFWRVSXHVFRQVLVWtDHQUHSDUWLUWLHUUDV\WDPELpQLQGLRVSDUDWUDEDMDUODV\
FRPR HVWH VHJXQGR DVSHFWR VH MXVWLILFDED GLFLHQGR TXH ORV LQGtJHQDV HUDQ
HQWUHJDGRV SDUD TXH HO IDYRUHFLGR YHODVH SRU VX FULVWLDQL]DFLyQ ²OH HUDQ
HQFRPHQGDGRVSDUDHOOR²GHDOOtTXHUHSDUWLULQGLRV\HQFRPHQGDUORVIXHVH
HQ HVD SULPHUD HWDSD XQD \ OD PLVPD FRVD /D HQFRPLHQGD SULPLWLYD HUD HQ
UHDOLGDG XQ SUHWH[WR SDUD UHSDUWLUVH ORV LQGLRV \ H[SORWDUORV>@ \ FRPR
QLQJXQD LQVWDQFLD VXSHULRU FRQWURODED OR TXH VH KDFtD FRQ HOORV YLQLHURQ D
HVWDUGHKHFKRHVFODYL]DGRV>@/DVDUELWUDULHGDGHVTXHVHFRPHWLHURQHQHVWH
SHUtRGR FRQ ORV QDWXUDOHV VRQ FDVL LQFUHtEOHV>@ \ OD GRFXPHQWDFLyQ
JXDWHPDOWHFDHVDEXQGDQWH\SDYRURVDHQHVWHUHVSHFWR>@
1RV KDOODPRV HQ OD HWDSD SULPLWLYD GH OD FRORQL]DFLyQ /D FRURQD GH
(VSDxDQRDSUXHEDORVYHMiPHQHVTXHVHFRPHWHQHQVXQRPEUHSHURWLHQHTXH
 
WROHUDUORVSRUTXHODGHVSLDGDGDH[SORWDFLyQGHORVLQGtJHQDVHVHODFLFDWHGH
OD FRQTXLVWD \ HO SDJR GH OD LPSODQWDFLyQ GHO LPSHULR /RV UH\HV HQYLDURQ
FRQVWDQWHV UHFRPHQGDFLRQHV GH TXH VH WUDWDVH D ORV LQGLRV FRQ FULVWLDQD
EHQHYROHQFLDSHURHQWHUDGRVGHORTXHHQUHDOLGDGHVWDEDRFXUULHQGRQROHV
TXHGy RWUR UHFXUVR TXH GLVLPXODU /D HQFRPLHQGD SULPLWLYD IXH HVR XQD
PDQHUD GH GLVLPXODU EDMR HO SUHWH[WR GH TXH VH HQWUHJDED D ORV LQGLRV SDUD
FULVWLDQL]DUORV HO KHFKR GH TXH VH ORV UHSDUWtD SDUD H[SORWDUORV KDVWD OD
DQLTXLODFLyQ /D HVFODYLWXG TXH VH HVFRQGtD WUDV HO UHSDUWLPLHQWR \ OD
HQFRPLHQGD SULPLWLYRV QR HVWDED SXHV OHJDOPHQWH DXWRUL]DGD (UD XQD
HVFODYLWXGYLUWXDO
6LQHPEDUJRKXERHQHVWHVDQJULHQWRSHUtRGRMXQWRDODYLUWXDOHVFODYLWXG
\D VHxDODGD WDPELpQ OD HVFODYLWXG DXWRUL]DGD \ OHJDO (Q VX DIiQ GH
HQULTXHFHUVH D WRGD SULVD ORV FRQTXLVWDGRUHV VH ODV DUUHJODURQ SDUD REWHQHU
SHUPLVR GH HVFODYL]DU FRQ EDVH OHJDO D DTXHOORV LQGtJHQDV TXH SUHVHQWDUDQ
XQDWHUFDUHVLVWHQFLDDUPDGD(VWHKiELOWUXFRVHFRPSOHPHQWyFRQHOFpOHEUH
5HTXHULPLHQWR GH 3DODFLRV 5XELRV>@ LQVWUXPHQWR MXUtGLFR UHGDFWDGR SRU HO
MXULVWD GHO PLVPR QRPEUH TXH GHEtD OHHUVH D ORV LQGLRV SDUD OODPDUORV D
DFHSWDUSDFtILFDPHQWHODVREHUDQtDGHOPRQDUFDHVSDxRO6HOHVH[SOLFDEDHQ
pOODH[LVWHQFLDGHORV3DSDVFRPRYLFDULRVGHO'LRVYHUGDGHURHQODWLHUUD\
FyPR HO ~OWLPR GH ORV 3DSDV OH KDEtD KHFKR GRQDFLyQ GH ORV WHUULWRULRV
LQGLDQRVDORVUH\HVGH(VSDxD(QWDOYLUWXGVHLQYLWDED²VHUHTXHUtD²DORV
LQGLRV D DFHSWDU ³« D OD ,JOHVLD SRU 6HxRUD \ VXSHULRU D GHO 8QLYHUVR
0XQGR\DO6XPR3RQWtILFHOODPDGR3DSDHQVXQRPEUH\DO(PSHUDGRUH
5HLQDGRxD-XDQDQXHVWURV6HxRUHVHQVXOXJDUFRPRDVXSHULRUHV\6HxRUHV
\5H\HVGHHVWDVLVODV\WLHUUDILUPHHQYLUWXGGHODGLFKDGRQDFLyQ«´>@6H
OHVKDFtDVDEHUTXHVLDFHSWDEDQHOUHTXHULPLHQWR³«RVUHFLELUHPRVFRQWRGR
DPRUHFDULGDG«´>@SHURHQFDVRGHUHFKD]DUORRGHGLIHULUPDOLFLRVDPHQWH
ODUHVSXHVWDHOGRFXPHQWRDGYLHUWHORTXHKDEUiGHSDVDUOHDORVLQGLRV³«
FHUWLILFRRV TXH FRQ OD D\XGD GH 'LRV QRVRWURV HQWUDUHPRV SRGHURVDPHQWH
FRQWUD YRVRWURV \ RV KDUHPRV JXHUUD SRU WRGDV ODV SDUWHV \ PDQHUDV TXH
SXGLpUHPRV\RVVXMHWDUHPRVDO\XJR\REHGLHQFLDGHOD,JOHVLD\DOGHVXV
0DJHVWDGHV\WRPDUHPRVYXHVWUDVSHUVRQDVHDYXHVWUDVPXMHUHVHKLMRVH
ORVKDUHPRVHVFODYRVHFRPRWDOHVORVYHQGHUHPRV\GLVSRQGUHPRVGHHOORV
FRPR VXV 0DJHVWDGHV PDQGDUHQ H RV WRPDUHPRV YXHVWRV ELHQHV H RV
KDUHPRV WRGRV ORV GDxRV H PDOHV TXH SXGLpUHPRV FRPR D YDVDOORV TXH QR
REHGHFHQQLTXLHUHQUHFLELUDVX6HxRU\OHUHVLVWHQHFRQWUDGLFHQ«´>@(VWD
~OWLPDDPHQD]DHUDHOSXQWRFODYHGHOUHTXHULPLHQWR\VXYHUGDGHUDUD]yQGH
VHUSRUTXH VHUYtDSDUD MXVWLILFDU OD HVFODYL]DFLyQ GHORV LQGLRV \ HOURERGH
VXVELHQHV(OGRFXPHQWRQRIXHHODERUDGRSDUDTXHORVLQGLRVORDFHSWDVHQ\
HYLWDUDVtODJXHUUDVLQRSUHFLVDPHQWHFRQWDQGRFRQTXHQRVHUtDDFHSWDGR\
GDUtDXQDEDVHOHJDODODHVFODYLWXGGHJXHUUD\DOGHVSRMRGHORVQDWLYRV$Vt
ORSUXHEDHOXVRTXHGHpOVHKL]R
(O UHTXHULPLHQWR VH FRQYLUWLy HQ SDUWH LQWHJUDQWH GHO HTXLSR TXH WRGR
FRQTXLVWDGRU KDEtD GH OOHYDU FRQVLJR D $PpULFD \ IXH XVDGR WDPELpQ SRU
$OYDUDGR HQ *XDWHPDOD>@ &RPR KRPEUH SUiFWLFR TXH HUD HO $GHODQWDGR
HYLWDEDSpUGLGDVGHWLHPSRHQYLDQGRHOUHTXHULPLHQWRSRUGHODQWHGHVt\GHVX
KXHVWH 6H OH H[SOLFDED HO FRQWHQLGR GHO GRFXPHQWR D XQRV LQGLRV TXH
HVWXYLHVHQ D PDQR \ VH OHV PDQGDED D H[SOLFDUOR FRQ VXILFLHQWHV GtDV GH
DQWLFLSDFLyQ D ORV LQGtJHQDV GH ORV SXHEORV D GRQGH WHQGUtD TXH OOHJDU OD
H[SHGLFLyQ HQ VX LWLQHUDULR +DEtD KDELGR WLHPSR SDUD HQWHQGHUOR SDUD
UHIOH[LRQDU \ GHFLGLUVH \ HO FRQTXLVWDGRU SRGtD DWDFDU LQPHGLDWDPHQWH D VX
OOHJDGD>@
'HPiVHVWiGHFLUTXHHVWHPDFDEURWUXFROHJDOVLUYLyHQWRGDVSDUWHVQR
VRODPHQWH HQ *XDWHPDOD SDUD HQFXEULU YLRODFLRQHV \ UXLQD SDUD ORV QDWLYRV
+XERRFDVLRQHVHQTXHVHOH\yGHVGHORDOWRGHXQDFROLQDDGLVWDQFLDHQTXH
ORVLQGtJHQDVQRSRGtDQVLTXLHUDHVFXFKDUORQRGLJDPRV\DHQWHQGHUOR2WUDV
YHFHVVHOH\yDJULWRVPLHQWUDVORVLQGLRVKXtDQSRUORVPRQWHV+XERWDPELpQ
RFDVLyQHQTXHVHOH\yGHVGHODFXELHUWDGHXQQDYtRDQWHVGHGHVHPEDUFDUD
KDFHUUHGDGDVGHHVFODYRV>@&RQVREUDGDUD]yQH[FODPDED)UD\%DUWRORPp
GH ODV &DVDV TXH QR VDEtD VL UHtU R OORUDU DO OHHU DTXHOOD HQVDUWD GH
DEVXUGLGHFHVWHROyJLFDVGHVWLQDGDVDOHJDOL]DUODHVFODYLWXG>@
$FRVWXPEUDGRVFRPRHVWDPRVDSHQVDUODFRQTXLVWDGHVGHHOODGRGHORV
FRQTXLVWDGRUHV ROYLGDPRV UHIOH[LRQDU VREUH OR TXH UHDOPHQWH VLJQLILFy SDUD
ORV FRQTXLVWDGRV (V FRQYHQLHQWH VLQ HPEDUJR FRQMHWXUDU OD VRUSUHVD GH ORV
LQGLRVHQXQWUDQFHFRPRpVWHGHUHFLELURGHHVFXFKDUHOUHTXHULPLHQWR8QRV
KRPEUHV YHQLGRV GHO RWUR ODGR GHO PXQGR FXELHUWR HO URVWUR FRQ DEXQGDQWH
SHODPEUH \ HO FXHUSR FRQ DPHQD]DQWHV DWDYtRV GH JXHUUD SUHFHGLGRV GH OD
DODUPD \ HO WHUURU GH ODV PDWDQ]DV \ GHVSRMRV TXH YLHQHQ UHDOL]DQGR HQ VX

UHFRUULGR VH SODQWDQ FRQ XQ WH[WR HQ OD PDQR \ FRQ ODV DUPDV \ ODV EHVWLDV
OLVWDVSDUDHQWUDUHQFRPEDWH6XSRQJDPRVTXHVHOHVWUDGXFHHOGRFXPHQWRD
VX LGLRPD \ TXH VH OHV GD HO SOD]R GH FXDWUR R FLQFR GtDV SDUD GHOLEHUDU \
GHFLGLUVH (Q HVH SOD]R WHQGUtDQ ORV LQGtJHQDV VHJ~Q ODV H[LJHQFLDV GHO
UHTXHULPLHQWR TXH DEDQGRQDU D VXV GLYLQLGDGHV FRPR HQJHQGURV GHO HUURU \
FRQYHQFHUVH GH TXH HO 'LRV YHUGDGHUR KDEtD YHQLGR DO PXQGR HQ WLHPSR
UHPRWR \ HQ SDtV GHVFRQRFLGR \ TXH FRQ WRGR \ VHU XQ 'LRV KDEtD VLGR
FODYDGRHQXQPDGHURSRUVXVHQHPLJRV²TXHQRHUDQGLRVHVDVXYH]VLQR
VLPSOHV KRPEUHV HTXLYRFDGRV² (Q XQRV SRFRV GtDV KDEtD TXH HFKDU SRU
WLHUUD ODV FUHHQFLDV KHUHGDGDV SRU VLJORV \ FRPHQ]DU D UHQGLUOH FXOWR D XQD
SHTXHxDILJXUDKXPDQDILMDGDVREUHGRVPDGHULOODVHQWUHFUX]DGDV)LJXUDTXH
SUHVHQWDED DGHPiV HO DVSHFWR GH ORV SURSLRV FRQTXLVWDGRUHV WH] SiOLGD \
OXHQJDV EDUEDV (Q XQRV SRFRV GtDV KDEtD TXH UHQXQFLDU DO GRPLQLR GH ODV
WLHUUDVGHODVPLOSDV\DFHSWDUODVREHUDQtDGHXQUH\GHVFRQRFLGR\OHMDQR
²XQUH\GXGRVR²TXHQRWHQtDPpULWRVJDQDGRVHQHVWDSDUWHGHOPXQGR\TXH
SUHWHQGtD VLWXDUVH SRU HQFLPD GH WRGDV ODV FDVDV JUDQGHV \ GH ORV DXWpQWLFRV
VHxRUHVGHOWHUULWRULR<ORSHRUGHWRGRVHVDEHSHUIHFWDPHQWH²YLDMHURV\
HPLVDULRV\HVStDVORKDQLQIRUPDGR²TXHQRVHFXPSOHODSURPHVDGH³DPRU
\FDULGDG´SDUDDTXHOORVTXHDFHSWDQODVFRQGLFLRQHVGHOUHTXHULPLHQWR4XH
VHOHVH[LJHLQPHGLDWDPHQWHHOSDJRGHSHVDGRVWULEXWRVODHQWUHJDGHPHWDOHV
SUHFLRVRV \ TXH WRGRV ORV SXHEORV TXH TXLVLHURQ VHU SDFtILFRV WXYLHURQ TXH
VXEOHYDUVH D OD YXHOWD GH SRFR WLHPSR>@ /RV LQGLRV GHEHQ KDEHU
FRPSUHQGLGRTXHHOUHTXHULPLHQWRHUDXQWUXFR\TXHWRGDVHVDVORFXUDVGHXQ
3DSD\XQUH\UHSDUWLpQGRVHHOPXQGRQRWHQtDQRWUDILQDOLGDGTXHSURYRFDUHO
UHFKD]R MXVWLILFDU OD JXHUUD \ GDUOH EDVHV OHJDOHV D OD HVFODYL]DFLyQ \ DO
GHVSRMR(VGLItFLOSHQVDUTXHQRORHQWHQGLHUDQ
1RVKHPRVGHWHQLGRXQPRPHQWRHQHVWHSXQWRSDUDRIUHFHUSRUYtDGHXQ
KHFKR UHSUHVHQWDWLYR XQD LGHD GHO YHUGDGHUR FDUiFWHU GH OD FRQTXLVWD (O
UHSDUWLPLHQWR\ODHQFRPLHQGDSULPLWLYRVHUDQGHVX\RXQDPDQHUDKLSyFULWDGH
DSURSLDUVH \ HVFODYL]DU D ORV LQGLRV -XQWR D HOOR HVWDED OD HVFODYLWXG OHJDO
DPSDUDGD HQ WUXFRV FRPR HO UHTXHULPLHQWR $ VX DPSDUR VH KHUUDURQ
PXFKtVLPRV HVFODYRV HQ *XDWHPDOD>@ (Q PD\R GH  OD $XGLHQFLD GH
0p[LFR OH HVFULEtD D OD HPSHUDWUL] UHILULpQGRVH D ORV DEXVRV GH OD
HVFODYL]DFLyQ GH LQGtJHQDV HQ *XDWHPDOD \ SRQtD SRU SUXHED GH TXH VH ORV

HVWDED HVFODYL]DQGR HQ JUDQGHV FDQWLGDGHV HO KHFKR GH TXH PLHQWUDV HQ ²9²
0p[LFR VH YHQGtD XQ HVFODYR HQ FXDUHQWD SHVRV HQ *XDWHPDOD VH REWHQtDQ D
GRVSHVRVFDGDXQR>@
(VD FDUWD HVFULWD SRU XQD $XGLHQFLD HQ FRQWUD GH ORV FRQTXLVWDGRUHV \ /RVGHIHQVRUHVGHLQGLRV\FDXVDVGHVXp[LWR
SULPHURV FRORQRV GH *XDWHPDOD DQXQFLD HO QDFLPLHQWR GH XQD GH ODV
FRQWUDGLFFLRQHV IXQGDPHQWDOHV GHO UpJLPHQ FRORQLDO 5HSDUWLPLHQWR \
/DYR]PiVSRGHURVDHQGHIHQVDGHORVLQGLRVVDOLyGHODRUGHQUHOLJLRVD
HQFRPLHQGD HVWLPXODEDQ ODV HPSUHVDV GH FRQTXLVWD \ HO DUULER GH JUXSRV GH
GH6DQWR'RPLQJR(VGHQRWDUVH TXHQRVDOLyGH FXDOTXLHU RUGHQ UHOLJLRVD
LQPLJUDQWHVSHURDODYH]HQWUDxDEDQXQSHOLJURSDUDHOGRPLQLRLPSHULDO$O
VLQRSUHFLVDPHQWHGHDTXpOODTXHVHKDOODEDPiVYLQFXODGDDOWURQRGH(VSDxD
GDxHDORVFRORQRVXQH[FHVLYRGRPLQLRVREUHODVIXHQWHVGHULTXH]DORVKDFtD
\PiVLGHQWLILFDGDFRQORVLQWHUHVHVGHODFRURQD>@(O(PSHUDGRU&DUORV9
GHPDVLDGR SRGHURVRV WDPELpQ HQ OR SROtWLFR /D WRWDO GHSHQGHQFLD HQ TXH
ILJXUDKLVWyULFDTXHSUHVLGLyODVUHIRUPDVTXHDKRUDHQWUDPRVDHVWXGLDUWHQtD
FDtDQ ORV LQGLRV EDMR VXV DPRV LPSODFDEOHV SULYDED D OD FRURQD GH WRGD
SRUFRQIHVRUDO*HQHUDOGHODRUGHQGH6DQWR'RPLQJR$OIXQGDUVHHO&RQVHMR
SRVLELOLGDG GH H[SORWDUORV D VX YH] 'H DKt TXH VLJXLpQGROH ORV SDVRV D ORV
FRQTXLVWDGRUHV \ FRQIRUPH pVWRV LEDQ FXPSOLHQGR VX PLVLyQ GH VRPHWHU ODV
SURYLQFLDVIXHUDQOOHJDQGRHQQ~PHURFDGDYH]PiVFUHFLGRORVIXQFLRQDULRV
UHDOHV /D HWDSD GH DJUHVLyQ LED FHGLpQGROH HO SDVR D OD ODERU GH
HVWUXFWXUDFLyQ GH ODV FRORQLDV \ ODV DXWRULGDGHV LPSHULDOHV ORV KRPEUHV GH
OH\HV ODV $XGLHQFLDV OOHJDEDQ SDUD SRQHU D UD\D QR VLQ UHVLVWHQFLD \
FRQWUDWLHPSRV OD DXWRQRPtD TXH OD H[SDQVLyQ FRQTXLVWDGRUD OH KDEtD GDGR D
ORVKRPEUHVGHJXHUUD\DORVDYHQWXUHURV/OHJDURQ\VHHVWDEOHFLHURQWDPELpQ
ODVyUGHQHVUHOLJLRVDV
&RPHQ]yDHVFXFKDUVHODYR]GHORVGHIHQVRUHVGHORVLQGLRV

5HDO\6XSUHPRGHODV,QGLDVDJRVWRGHRUJDQLVPRHVSHFtILFRSDUDHO
JRELHUQR GH ODV FRORQLDV HQ OD PHWUySROL VX SULPHU SUHVLGHQWH ²SUHVLGHQWH
IXQGDGRU\RUJDQL]DGRU²IXHHOSURSLR)UD\*DUFtDGH/RDLVD>@(O*HQHUDO
GHODSRGHURVDRUGHQGHSUHGLFDGRUHVHUDKRPEUHGHFRQILDQ]DGHOHPSHUDGRU
\ODRUGHQPLVPDHUDXQDLPSRUWDQWHIXHU]DSROtWLFDDOLDGDGHODFRURQD(VHHV
HOYHUGDGHURPRWLYR²ODFDXVDHFRQyPLFDSURIXQGD²GHTXHORVGRPLQLFRV
IXHUDQORVFDPSHRQHVHQODOXFKDSRUVDFDUDORVLQGtJHQDVGHODJDUUDGHORV
FRQTXLVWDGRUHV \ SULPHURV FRORQRV 1DGD GH TXH HOORV KD\DQ VLGR ³OD
FRQFLHQFLD GH (VSDxD´ QL GH TXH ³HO HVStULWX TXLMRWHVFR GH OD QDFLyQ´ VH
PDQLIHVWDUD D WUDYpV GH HOORV (VDV VRQ OXFXEUDFLRQHV /D GHIHQVD TXH ORV
GRPLQLFRVKDFtDQGHORVLQGLRVHUDHQHOIRQGRODGHIHQVDGHORVLQWHUHVHVGH
ODPRQDUTXtDHQIUHQWDGDDODYRUDFLGDGGHFRQTXLVWDGRUHV\FRORQRV
$O VHxDODUOR QR VH SUHWHQGH HQ PRGR DOJXQR UHVWDUOH PpULWRV D WRGRV
DTXHOORV JUDQGHV KRPEUHV TXH FRPR )UD\ %DUWRORPp GH ODV &DVDV
FRQVDJUDURQVXVYLGDVDODOXFKDSRUXQWUDWRPiVMXVWRSDUDORVLQGLRV(OORV
IXHURQ ORV YHUGDGHURV KpURHV HVSDxROHV GH OD pSRFD GH OD FRQTXLVWD HQ
RSRVLFLyQDORVKpURHVGHKRUFD\FXFKLOORDTXLHQHVULQGHWULEXWROD+LVWRULD
GHVLJQRFRQWUDULRDODTXHDTXtKDFHPRV/RTXHVHTXLHUHVHxDODUHVTXHQR
VRQORVLQGLYLGXRVTXLHQHVOHPDUFDQHOUXPERDODKLVWRULDVLQRDOUHYpVODV
FLUFXQVWDQFLDV KLVWyULFDV SUHSDUDQ R FLHUUDQ ORV FDPLQRV D ODV YRFDFLRQHV
LQGLYLGXDOHV +RPEUHV VHQVLEOHV EHQpYRORV \ KXPDQLWDULRV ORV KD KDELGR
VLHPSUH \ HQ WRGDV SDQHV 3HUR OD EHQHYROHQFLD HQ FLHUWDV FLUFXQVWDQFLDV

KLVWyULFDVSXHGHKDFHUGHOLQGLYLGXRXQSHOLJURVRDJLWDGRUDTXLHQORVUH\HV
PDQGDQ FDOODU HQ RWUDV FLUFXQVWDQFLDV SXHGH VHU RSRUWXQD \ ~WLO D XQD
GHWHUPLQDGDFODVHRIXHU]DVRFLDOSRGHURVD\HQWRQFHVHVFDPLQRGHWULXQIR
/DOtQHDSROtWLFDDGRSWDGDSRUODRUGHQGHGRPLQLFRVYLQFXODGDDODSROtWLFD
LPSHULDO GH UHFXSHUDFLyQ GH ORV LQGLRV SDUD OD FRURQD HVWLPXOy OD YRFDFLyQ
SRGUiQ GH ORV PLVPRV HVSDxROHV TXHGDU VLQR PX\ SRFRV \ EUHYtVLPRV
SXHEORV QL KDEUi FDVL SREODFLyQ GH HOORV SRUTXH ORV TXH WXYLHUHQ DOJR
YLHQGRTXH\DQRSXHGHQKDEHUPiVPXHUWRVORVLQGLRVOXHJRVHYHQGUiQD
&DVWLOODSRUTXHQRHVWiKRPEUHDOOiFRQYROXQWDGGHSREODUODWLHUUDVLQR
GHGLVIUXWDUODPLHQWUDVGXUDQORVLQGLRV«´>@³«3LHUGH9XHVWUD0DMHVWDG
KXPDQLWDULDGHORVPHMRUHVKRPEUHVGHDTXHOODRUGHQ\DWUDMRDVXVFODXVWURVD
RWURVPiV
$Vt VH H[SOLFD TXH )UD\ %DUWRORPp GH ODV &DVDV ²\ DPHV TXH pO RWURV
FRPR)UD\$QWRQLRGH0RQWHVLQRV²VHDWUHYLHUDDJULWDUDORVFXDWURYLHQWRV
HQ HO S~OSLWR \ HQ VXV IRJRVRV HVFULWRV TXH OD FRQTXLVWD HUD LQMXVWD TXH
\ VX UHDO FRURQD LQILQLWR Q~PHUR GH YDVDOORV TXH OH PDWDQ « SLHUGH
WHVRURV \ ULTXH]DV JUDQGHV TXH MXVWDPHQWH SRGUtD KDEHU«´>@ ³« 1R
FRQYLHQH D OD VHJXULGDG GHO HVWDGR GH 9XHVWUD 0DMHVWDG TXH HQ OD WLHUUD
ILUPH GH ODV ,QGLDV KD\D QLQJ~Q JUDQ VHxRU QL WHQJD MXULVGLFFLyQ DOJXQD
VREUHORVLQGLRVVLQR9XHVWUD0DMHVWDG«´>@³«6DELHQGRORVLQGLRVTXH
(VSDxDFDUHFtDGHGHUHFKRVSDUDGHVSRMDU\HVFODYL]DUDORVLQGLRV\TXHHO
UH\VHHVWDEDFRQGHQDQGRFRQORVURERV\FUtPHQHVTXHVHKDFtDQDVXVRPEUD
>@7DQDWUHYLGDVDFXVDFLRQHVKXELHUDQSRGLGRFRVWDUOHODYLGDDOIUDLOHEDMR
RWUDV FLUFXQVWDQFLDV (V PiV EDMR RWUDV FLUFXQVWDQFLDV QDGLH VH KXELHUD
DWUHYLGR D KDEODU DVt 3HUR HQ DTXHO PRPHQWR OD PRQDUTXtD HVSDxROD
QHFHVLWDEDKRPEUHVTXHKDEODVHQHQHVHWRQR\OHMRVGHPDQGDUFDOODUD)UD\
%DUWRORPp ORV UH\HV OR OODPDURQ SDUD HVFXFKDU VXV UD]RQHV ²&DUORV 9 DO
SULQFLSLR)HOLSH,,GHVSXpV²SURPRYLHURQGLVSXWDVWHROyJLFDV\MXUtGLFDVHQ
WRPRDHOODV\DFDEDURQSRUUHFRQRFHUTXHODMXVWLFLDHVWDEDGHVXSDUWH>@
'H QDGD VLUYLy OD ODERU TXH HQ (VSDxD UHDOL]DURQ ORV DJHQWHV GH ORV
FRQTXLVWDGRUHV QL HO GLQHUR TXH JDVWDURQ HQ SDJDU WHyORJRV \ MXULVWDV TXH
UHIXWDVHQ ORV DUJXPHQWRV GHO GRPLQLFR /D GHIHQVD TXH ORV GRPLQLFRV KDFtDQ
GHORVLQGLRVFRLQFLGtDFRQODGHIHQVDTXHODFRURQDKDEtDGHFLGLGRKDFHUGH
VXV SURSLRV LQWHUHVHV HQ UHODFLyQ FRQ ORV LQGLRV VDFDUORV GH OD PDQR GH ORV
FRQTXLVWDGRUHV\FRQYHUWLUORVHQWULEXWDULRVGHOUH\
(VPX\GLJQRGHQRWDUVHTXHMXQWRDORVDUJXPHQWRVWHROyJLFRVMXUtGLFRV\
PRUDOHV TXH HO IUDLOH HVJULPtD \ MXQWR D VXV DWUHYLGDV SDODEUDV FRQWUD ORV
GHUHFKRVGH(VSDxDSDUDHVFODYL]DUDORVLQGLRVVLHPSUHILJXUyHODUJXPHQWR
DFHUWDGR\SRGHURVtVLPRGHTXHODFRURQDVHSHUMXGLFDEDHQORHFRQyPLFRDO
SHUPLWLU ORV DEXVRV GH ORV FRQTXLVWDGRUHV (Q WRGRV ORV HVFULWRV GH )UD\
%DUWRORPp VH HQFXHQWUDQ SiUUDIRV FRPR ORV VLJXLHQWHV ³« 6L 9XHVWUD
0DMHVWDGQRVTXLWDVHORVLQGLRVDORVHVSDxROHVVLQQLQJXQDGXGDWRGRVORV
LQGLRVSHUHFHUiQHQEUHYHVGtDV\DTXHOODVWLHUUDV\SXHEORVTXHGDUiQFXDQ
JUDQGHVFRPRHOODVVRQYDFtDV\\HUPDVGHVXVSREODGRUHVQDWXUDOHV\QR

VRQ GH 9XHVWUD 0DMHVWDG \ TXH KDQ GH HVWDU VHJXURV HQ VXV FDVDV «
VDOLUVH KDQ GH ORV PRQWHV D ORV OODQRV \ UDVRV D KDFHU VXV SREODFLRQHV
MXQWDVGRQGHDSDUHFHUiLQILQLWDJHQWHTXHHVWiHVFRQGLGDSRUPLHGRGHODV
YHMDFLRQHV \ PDORV WUDWDPLHQWRV GH ORV HVSDxROHV«´>@ 7RGRV HVWRV
SiUUDIRV \ FHQWHQDUHV SDUHFLGRV TXH SXHGHQ HQWUHVDFDUVH GH ORV HVFULWRV GHO
GRPLQLFRWRFDQLQVLVWHQWHPHQWHHOSXQWRPiVVHQVLEOHGHOSUREOHPDORVLQGLRV
VRQ XQD SUHFLRVD IXHQWH GH ULTXH]D TXH HO UH\ QR HVWi DSURYHFKDQGR VRQ
YDVDOORV TXH GHEHQ WULEXWDU DO UH\ QR GHEH WROHUDUVH VX H[WHUPLQLR QR GHEH
SHUPLWLUVHTXHHVWpQFRPSOHWDPHQWHDPHUFHGGHVHxRUHVTXHFRQHOORVHKDFHQ
SHOLJURVDPHQWH SRGHURVRV QR KD\ TXH HVSDQWDU D ORV LQGLRV VLQR DWUDHUORV \
MXQWDUORV HQ SREODGRV SDFtILFRV HQ GRQGH VHUi IiFLO UHJXODUL]DU OD
WULEXWDFLyQ« HWF(VWDV HORFXHQWHVREVHUYDFLRQHVWRFDQWHVD ODVDOXG GH ODV
FDMDV UHDOHV IXHURQ ODV TXH OH GLHURQ IXHU]D D WRGDV ODV RWUDV WRFDQWHV D OD
VDOXGGHODOPDGHORVLQGtJHQDV\GHVXVRSUHVRUHV$TXtFRPRHQWRGRVORV
FDVRVHQTXHDQGDGHSRUPHGLRODH[SORWDFLyQODVWHRUtDVPRUDOHV\MXUtGLFDV
VyOR IXHURQ URSDMH LGHROyJLFR GH XQD SXJQD TXH VH OLEUy HQ WRPR D LQWHUHVHV
PDWHULDOHV (O HQFHQGLGR IHUYRU KXPDQLWDULR GH )UD\ %DUWRORPp QR IXH HO
IDFWRUGHWHUPLQDQWHGHVXWULXQIRHQDTXHOODVGLVSXWDVORIXHHOKHFKRGHTXH
VXSRKDOODUHOSXQWRGHFRQWDFWRHQWUHHOPHMRUDPLHQWRGHODFRQGLFLyQGHORV
LQGLRV \ HO PHMRUDPLHQWR GH ODV HQWUDGDV GHO UH\ /D FRLQFLGHQFLD VH GDED
KLVWyULFDPHQWH REMHWLYDPHQWH QR IXH FUHDGD SRU ORV GRPLQLFRV VLQR ELHQ
HVJULPLGD SRU HOORV $O GDUOH OD UD]yQ D ORV GHIHQVRUHV GH ORV LQGLRV HO UH\
KDFtDORTXHDWRGDVOXFHVOHFRQYHQtD
$VtQDFLyHOLPSRUWDQWtVLPRFXHUSRMXUtGLFRTXHVHOODPyGHVGHHQWRQFHV

³/H\HV 1XHYDV³ SURPXOJDGR HQ QRYLHPEUH GH  $SDUWH RWURV DVSHFWRV RULJLQDOGHODVOH\HVTXHQRVHFXPSOLHURQDFDEDOLGDG\ODVLWXDFLyQDQWHULRU
TXH GH PRPHQWR QR QRV LQWHUHVDQ ODV /H\HV 1XHYDV OH DVHVWDURQ XQ JROSH D VX SURPXOJDFLyQ D OD FXDO \D QXQFD VH UHJUHVy OH GLHURQ VX RULHQWDFLyQ
IRUPLGDEOHDODHVFODYL]DFLyQGHLQGLRV)XHURQVXILQ6HHVWDEOHFtDHQHOODV GHILQLWLYDDOUpJLPHQFRORQLDO
TXHWRGRVORVLQGLRVHUDQYDVDOORVOLEUHVWULEXWDULRVGHOUH\6HUtDQSXHVWRVHQ (O GHVDUUROOR VRFLDO HV XQ SURFHVR YLYR \ FRPSOHMR \ VXV JUDQGHV
OLEHUWDG WRGRV ORV HVFODYRV FX\RV DPRV QR SUHVHQWDVHQ MXVWR WtWXOR SDUD FXHVWLRQHV QR DGPLWHQ SRU UHVSXHVWD XQ Vt R XQ QR URWXQGRV /DV IXHU]DV HQ
UHWHQHUORV \ GH DOOt HQ DGHODQWH QR VH KDUtDQ QXHYRV HVFODYRV SRU QLQJ~Q SXJQDQRVHLPSRQHQXQDVVREUHRWUDVHQIRUPDPHFiQLFDVLQRGHVHPERFDQHQ
PRWLYR6HHVWDEOHFtDODSHQDGHPXHUWHSDUDHOFRQTXLVWDGRUTXHVRSUHWH[WR VLWXDFLRQHVQXHYDVJHQHUDOPHQWHLPSUHYLVWDV(VWRVHYHPX\ELHQDOHVWXGLDU
GHUHEHOGtDGHORVLQGLRVORVHVFODYL]DVHFRPRVHKDFtDDQWHV(QFRPLHQGD\ FRPRORKDUHPRVDFRQWLQXDFLyQHOUHVXOWDGRKLVWyULFRGHODV/H\HV1XHYDV
UHSDUWLPLHQWR²HVGHFLUODHVFODYLWXGGLVLPXODGD²WDPELpQUHFLEtDQXQUXGR
JROSHFRQODV/H\HV1XHYDV6HOHTXLWDEDQWRGRVORVLQGLRVDTXLHQORVWXYLHUD
VLQWtWXORDODYLVWD$TXLHQWHQLHQGRWtWXORVGLVSXVLHVHGHPXFKRVLQGLRVVH
OH UHGXFLUtDQ D Q~PHUR UD]RQDEOH $ TXLHQ WHQLHQGR WDPELpQ WtWXOR VH OH
FRPSUREDVHTXHOHVGDEDPDOWUDWRVHOHTXLWDUtDQWRGRVVLQPiVDYHULJXDFLyQ
,JXDOPHQWHVHOHTXLWDUtDQWRGRVORVLQGLRVHQFRPHQGDGRVDTXLHQHVHMHUFLHVHQ
RILFLRV GH DXWRULGDG /DV HQFRPLHQGDV TXH VXEVLVWLHVHQ GHVSXpV GH HVD
GUiVWLFD VHOHFFLyQ TXHGDUtDQ WUDQVIRUPDGDV HQ DOJR PX\ GLVWLQWR GH OR TXH
KDEtDQVLGRDQWHV\DQRXQGRPLQLRGLUHFWRVREUHORVLQGLRVVLQRVRODPHQWHHO
GHUHFKR D UHFLELU GH HOORV XQD WULEXWDFLyQ WDVDGD SRU OD DXWRULGDG UHDO
4XHGDEDQ VXSULPLGRV ORV VHUYLFLRV SHUVRQDOHV \ QDGLH SRGUtD REOLJDU D
WUDEDMDU D ORV QDWLYRV FRQWUD VX YROXQWDG /DV HQFRPLHQGDV TXH DVt
PRGLILFDGDVIXHVHQYDFDQGRSRUPXHUWHGHOEHQHILFLDULRSDVDUtDQDODFRURQD
VHSURKLEtDKHUHGDUODV(VWRVHUDQORVSXQWRVPHGXODUHVGHODV/H\HV1XHYDV
>@
9LVWRHOFDUiFWHUUDGLFDO\VRUSUHQGHQWHGHODV/H\HVGHHVREOLJDGR
SUHJXQWDUVHVLIXHURQREHGHFLGDV\HMHFXWDGDVVLIXHURQOOHYDGDVDODSUiFWLFD
/DUHVSXHVWDDWDOSUHJXQWDH[LJHH[SOLFDFLRQHVPLQXFLRVDV\SURORQJDGDVTXH
RFXSDUiQQXHVWUDDWHQFLyQKDVWDHOILQDOGHHVWHFDStWXOR3XHGHDQWLFLSDUVHVLQ
HPEDUJR TXH VHUi XQD UHVSXHVWD DILUPDWLYD \ QHJDWLYD D OD YH] 3RUTXH HQ
HIHFWRODVOH\HVWUDQVIRUPDURQUDGLFDOPHQWHODVLQVWLWXFLRQHVSULPLWLYDV\ORV
LQGtJHQDV QR YROYLHURQ D KDOODUVH HQ OD GHVHVSHUDGD VLWXDFLyQ DQWHULRU D VX
SURPXOJDFLyQ 3HUR QR VH ORJUy LPSODQWDUODV DO SLH GH OD OHWUD \ HQ WRGR VX
ULJRU &DXVDURQ XQD FRQPRFLyQ HQ ODV FRORQLDV OD FRURQD VH YLR REOLJDGD D
KDFHU FRQFHVLRQHV HQ YDULRV SXQWRV \ VH OOHJy D VLWXDFLRQHV LQWHUPHGLDV
FRQFLOLDWRULDV (VDV VLWXDFLRQHV LQWHUPHGLDV RVFLODQWHV HQWUH HO SURSyVLWR

 
 ²9,²
/DV/H\HV1XHYDV\ODDEROLFLyQGHOD
HVFODYLWXGGHLQGLRV
³« 5HSLFDURQ FDPSDQDV GH DOERURWR \ EUDPDEDQ OH\pQGRODV 8QRV VH
HQWULVWHFtDQ WHPLHQGR VX HMHFXFLyQ RWURV UHQHJDEDQ \ WRGRV PDOGHFtDQ D
)UD\ %DUWRORPp GH ODV &DVDV TXH ODV KDEtD SURFXUDGR 1R FRPtDQ ORV
KRPEUHVOORUDEDQODVPXMHUHV\ORVQLxRVHQVREHUEHFtDQVHORVLQGLRVTXH
QR SRFR WHPRU HUD«´>@ (VRV O~JXEUHV WRQRV HPSOHD HO FURQLVWD /ySH] GH
*yPDUDSDUDGHVFULELUHOLPSDFWRTXHFDXVDURQODV/H\HVGHHQHO3HU~
(V VDELGR TXH DOOt DOFDQ]y DTXHOOD FRQPRFLyQ VX FLPD GH YLROHQFLD /D
FDPDULOODGH*RQ]DOR3L]DUUDVHGHFODUyHQIUDQFDUHEHOGtD\IXHDVHVLQDGRHO
IXQFLRQDULR HVSDxRO TXH OOHJDED HQFDUJDGR GH KDFHU FXPSOLU ODV /H\HV
1XHYDV 1R SRFR WUDEDMR OH FRVWy UHSULPLU OD VXEOHYDFLyQ D 3HGUR GH OD
*DVFD PLOLWDU HVSDxRO HQYLDGR HVSHFLDOPHQWH SDUD VRPHWHU D 3L]DUUR TXH
HIHFWLYDPHQWHORGHUURWyORMX]Jy\OROOHYyDODKRUFDFRQVXVVHFXDFHV>@$
H[WUHPRV SDUHFLGRV VH KDEUtD OOHJDGR HQ 0p[LFR VL OD KDELOLGDG GHO YLUUH\
0HQGR]D\GHVXVDVHVRUHVQRKXELHUDLQWHUYHQLGRSDUDHYLWDUORV/RVFRORQRV
VHQHJDURQHQWRGDVSDUWHVDFXPSOLUODV\VXVHPLVDULRVDUPDGRVGHDWUDFWLYDV
VXPDV\GHYROXPLQRVRVHVFULWRVGLULJLGRVDOUH\YLDMDURQDODPHWUySROLSDUD
FRQVHJXLUGHDOJXQDPDQHUDTXHVHOHVSHUPLWLHVHFRQVHUYDUHOGRPLQLRVREUH
ORVLQGtJHQDV
&HQWUDQGRDKRUDODDWHQFLyQHQHOGHVDUUROORGHHVWHDVXQWRHQHOUHLQRGH
*XDWHPDODFRPHQFHPRVSRULQGLFDUTXHHOYLDMHYLROHQWRGHODV/H\HV1XHYDV
HUD FRVD PiV R PHQRV SUHYLVWD TXH VH YHtD YHQLU 8QD VHULH GH PDQGDWRV \
5HDOHV &pGXODV UHODFLRQDGDV FRQ OD WHQD] JHVWLyQ GH ORV GRPLQLFRV HQ OD
PHWUySROL KDFtDQ SUHVHQWLU TXH OD FRURQD WHUPLQDUtD SRU DGRSWDU PHGLGDV
GUiVWLFDV>@ /DV QRWLFLDV GH HVH SHUtRGR GHMDU YHU FyPR D PHGLGD TXH OD
PRQDUTXtDDSUHWDEDHQVXVPDQGDWRVUHODFLRQDGRVFRQHOFHVHRODPRGHUDFLyQ
GHODHVFODYLWXGORVFRQTXLVWDGRUHV\FRORQRVDSUHWDEDQWDPELpQDORVQDWLYRV
FRPR DSUHVXUiQGRVH D HQULTXHFHUVH DQWHV GH TXH OHV IXHVHQ TXLWDGRV>@ (O
 
SHUtRGRGHOD PiVGHVSLDGDGD FDFHUtD\YHQWD GH HVFODYRVHQ*XDWHPDODIXH
pVWH LQPHGLDWDPHQWH DQWHULRU D OD SURPXOJDFLyQ GH ODV /H\HV>@
3UREDEOHPHQWHVHSHQVyTXHODFRURQDVHOLPLWDUtDDSURKLELUODHVFODYL]DFLyQ
SDUD OR YHQLGHUR UHVSHWDQGR OD HVFODYLWXG \D H[LVWHQWH /R FLHUWR HV TXH HQ
HVRV DxRV VH PHQFLRQD PiV UHLWHUDGDPHQWH HQ ORV GRFXPHQWRV HO KLHUUR GH
PDUFDU HO WHUULEOH LQVWUXPHQWR DO URMR FDQGHQWH TXH QR UHVSHWDED QLxRV QL
PXMHUHV>@
6HVXSRGHODSURPXOJDFLyQGHODV/H\HV1XHYDVDQWHVGHTXHOOHJDUDQDOD
FLXGDGORVGRFXPHQWRV\ODVSHUVRQDVHQFDUJDGDVGHLPSODQWDUODV6LQSpUGLGD
GH WLHPSR ODV SURWHVWDV GH ORV FRQTXLVWDGRUHV WRPDURQ FXHUSR HQ H[WHQVRV \
H[DOWDGRVHVFULWRVGLULJLGRVDOPRQDUFD(QHOORVOHGLFHQTXHQRSXHGHQFUHHU
OR TXH R\HQ TXH HVWiQ HVFDQGDOL]DGRV FRPR VL KXELHUD PDQGDGR FRUWDUOHV OD
FDEH]D>@ ([SUHVDQ VLQ URGHRV TXH HO UH\ TXLHUH DXPHQWDU VXV UHQWDV D
H[SHQVDVGHVXVPiVOHDOHVVHUYLGRUHV>@SHURTXHOHMRVGHFRQVHJXLUORFRQ
VHPHMDQWHVOH\HVYDDSHUGHUORWRGRSXHVHVWiQUHVXHOWRVDYROYHUVHD(VSDxD
DQWHV GH TXHGDU HPSREUHFLGRV OHMRV GH VX SDtV QDWDO /H SUHJXQWDQ
DVRPEUDGRVFyPRSXGRILDUVHGHORVLQIRUPHVGH³«XQIUDLOHQROHWUDGRQR
VDQWR HQYLGLRVR YDQDJORULRVR DSDVLRQDGR LQTXLHWR \ QR IDOWR GH
FRGLFLD«´>@/HKDFHQUHFRUGDUTXHHQODFRQTXLVWDLQYLUWLHURQORSRFRTXH
WHQtDQ\JDVWDURQORPHMRUGHVXVYLGDV\TXHODFRURQDVLQDUULHVJDUHQHOOR
XQSHVRGHRURKDEtDUHFLELGRHQRUPHVEHQHILFLRV'HFODUDQHVWDUVHJXURVGH
TXH HO UH\ PXGDUi VHQWHQFLD \ OR FRQPLQDQ HQ WpUPLQRV KDUWR IUDQFRV D VHU
FRQVHFXHQWHFRQTXLHQHVWDQWROHKDQVHUYLGR³«QRVH FRQVLHQWDSUtQFLSH
FULVWLDQtVLPR WDO SDJD D WDQWR EXHQ VHUYLFLR«´>@ ³« SiJHQRV 9XHVWUD
0DMHVWDGORTXHQRVGHEH\KiJDQRVJUDQGHVPHUFHGHV«´>@
(O$\XQWDPLHQWRGH*XDWHPDOD²LQWHJUDGRFODURHVWiSRUFRQTXLVWDGRUHV
\SULPHURVFRORQRV²HQWUyDGHOLEHUDUVREUHHODVXQWR\DHOHJLUHPLVDULRTXH
YLDMDUtD D (VSDxD HQ UHSUHVHQWDFLyQ GH ORV SHUMXGLFDGRV 'H OOHYDUVH D
HMHFXFLyQODV/H\HV1XHYDV²GLFHHODFWDGHFDELOGR²³«HUDGHVSREODUVH
HVWDVSDUWHV\SHUGHUVXVFDVDV\KDFLHQGDV«´>@(VDVSRFDVSDODEUDVTXH
DQXHVWURVRtGRVQRGLFHQPXFKRUHVXPtDQHQHOOHQJXDMHGHDTXHOWLHPSRWRGR
HOSUREOHPDODH[SORWDFLyQGHORVLQGLRVKDEtDVLGRHOVHxXHORFRQHOFXDOOD
FRURQD KDEtD SXHVWR HQ PRYLPLHQWR D ODV KXHVWHV GH FRQTXLVWDGRUHV \ D ODV
EDUFDGDV GH FRORQRV OD H[SORWDFLyQ GH ORV LQGLRV HUD DKRUD OD EDVH GH
VXVWHQWDFLyQ GH ORV FRORQL]DGRUHV UHDOL]iQGRVH DVt OD SURPHVD GH OD
PRQDUTXtD \ OD HVSHUDQ]D GH pVWRV 7HQtDQ SXHV UD]yQ DO FRQVLGHUDUVH
GHIUDXGDGRV \ VX DPHQD]D HUD SHUIHFWDPHQWH OHJtWLPD ³GHVSREODU´
GHVPDQWHODU ORV FHQWURV GH SREODFLyQ HVSDxROD HVWDEOHFLGRV SRU HOORV
DEDQGRQDUHOLPSHULR\DTXHVHOHVQHJDEDHOSDJRSUHYLDPHQWHFRQYHQLGR6L
VH OHV TXLWDED OD SRVLELOLGDG GH H[SORWDU LQWHQVLYDPHQWH D ORV DERUtJHQHV
GHVDSDUHFtD OD UD]yQ SRU OD FXDO VH KDEtDQ GHFLGLGR D WUDVODGDUVH \ D
HVWDEOHFHUVHHQODSURYLQFLD
(ODOHJDWRWHQtDWDOIXHU]DGHUHDOLGDGTXHREOLJyDODFRURQDDKDFHUODV
FRQFHVLRQHVTXHHQVHJXLGDYHUHPRV6LUYHWDPELpQSDUDGHPRVWUDU²DTXLHQ
WRGDYtD OR GXGH² TXH HO SULQFLSLR PRWRU GH OD FRQTXLVWD \ FRORQL]DFLyQ
HVSDxRODGH$PpULFDIXHODSHUVSHFWLYDSRUSDUWHGHORVDXWRUHVGHHVDYDVWD
HPSUHVDGHXQHQULTXHFLPLHQWRUiSLGRDFRVWDGHORVLQGLRV\XQDH[LVWHQFLD
SDUDVLWDULDVREUHEDVHVHVFODYLVWDV'HQRKDEHUVLGRDVtODV/H\HV1XHYDVQR
KXELHUDQ FDXVDGR OD FRQPRFLyQ TXH FDXVDURQ \ ORV FRORQL]DGRUHV KXELHUDQ
FRQWLQXDGR YLYLHQGR GH VX KRQUDGR HVIXHU]R 3HUR OD UHDOLGDG HUD RWUD /DV
DFWDV GH FDELOGR GHVGH PXFKR DQWHV GH  VRQ D HVWH UHVSHFWR GH XQD
IUDQTXH]DTXHKDUtDHQURMHFHUDORVLGHDOL]DGRUHVGHODFRQTXLVWD6HKDEODHQ
HOODVGHTXH³«PXFKDVSHUVRQDVTXHQRWLHQHQLQGLRVVHTXLHUHQLU«´\VH
DVLHQWDTXHODFDXVDHVTXH³«QRWLHQHQTXLpQOHVGpGHFRPHU«´>@
3HURHOSHOLJURIXHFRQMXUDGR/RVLQGLRVVLJXLHURQGiQGROHGHFRPHUDORV
FRORQL]DGRUHV \ D VXV SULYLOHJLDGRV GHVFHQGLHQWHV SDUD ODUJRV VLJORV /D
HVFODYLWXG IXH DEROLGD WDQWR HQ VX YHUVLyQ OHJDOL]DGD FRPR HQ VX DVSHFWR
GLVLPXODGR EDMR HQFRPLHQGD \ UHSDUWLPLHQWR (VWD ~OWLPD LQVWLWXFLyQ VH
WUDQVIRUPySRUFRPSOHWRGDQGRFRPRUHVXOWDGRGRVQXHYDVLQVWLWXFLRQHVTXH
HQORWRFDQWHDODVLWXDFLyQGHOLQGtJHQDFUHDURQODVFRQGLFLRQHVHQTXHKDEUtD
GH TXHGDU SDUD HO UHVWR GH OD pSRFD FRORQLDO 1R VH YROYLy D OD HVFODYLWXG
SHURWDPSRFRVHDGRSWyODOLEUHFRQWUDWDFLyQGHOWUDEDMRFRPRSUHWHQGtDQODV
/DV/H\HV1XHYDVIXHURQSUHJRQDGDVHQODFLXGDGGH6DQWLDJRHQPD\RGH
>@(QDJRVWROD$XGLHQFLDLQIRUPDEDDOUH\TXHVLVHHMHFXWDEDDOSLH
GH OD OHWUD OR OHJLVODGR HQ UHODFLyQ FRQ OD HVFODYLWXG KDEtD TXH OLEHUWDG D
WRGRVORVHVFODYRVSRUTXHQLQJ~QHVSDxROHVWDEDHQSRVLELOLGDGGHSUHVHQWDU
WtWXORDOJXQRTXHOHJLWLPDVHVXSRVHVLyQ>@<HVRHUDSUHFLVDPHQWHORTXHOD
FRURQD KDEtD HVSHUDGR DO H[LJLU DTXHOORV WtWXORV 6DEtD TXH DO DPSDUR GH
DXWRUL]DFLRQHV FRPR OD LPSOLFDGD HQ HO UHTXHULPLHQWR VH KDEtD DSUHVDGR \
YHQGLGRPXFKtVLPRVHVFODYRVSHURQDGLHKDEtDWHQLGRHOFXLGDGRGHREWHQHU
ORV FRUUHVSRQGLHQWHV WtWXORV GH SRVHVLyQ OHJDO 6H PDQWXYR ILUPH SXHV HQ
H[LJLU GLFKRV WtWXORV QXQFD KDELGRV \ OD $XGLHQFLD FRPHQ]y D KDFHU SUHVLyQ
VREUHORVHVFODYLVWDV>@
$Vt HVWDEDQ ODV FRVDV FXDQGR OOHJy D *XDWHPDOD HO /LFHQFLDGR $ORQVR
/ySH]GH&HUUDWR(VWHKRPEUHHQpUJLFR\UHFWRYLQRFRPR3UHVLGHQWHGHOD
$XGLHQFLD FRQ HQFDUJR GH KDFHU FXPSOLU ODV /H\HV 1XHYDV +DEtD VLGR
UHFRPHQGDGRSRU)UD\%DUWRORPpGHODV&DVDV>@\FXPSOLyPX\FDEDOPHQWH
OR TXH GH pO VH HVSHUDED DFWXy VLQ FRQWHPSODFLRQHV VH LPSXVR D ODV
YHOHLGDGHVGHORVHVFODYLVWDV\HQSRFRWLHPSRORJUyVDFDUGHODHVFODYLWXGD
WRGRVORVLQGtJHQDVTXHODVXIUtDQ>@6XDFWXDFLyQIXHWDQUDGLFDOWDQHIHFWLYD
TXH VX QRPEUH SHUGXUD HQ ORV GRFXPHQWRV LQGtJHQDV GH OD pSRFD FRPR
HPLVDULRGHXQJUDQDOLYLRSDUDODSREODFLyQQDWLYD(VFRQYHQLHQWHWUDVFULELU
DTXtXQRVWUR]RVGHO³0HPRULDOGH6ROROi´FRUUHVSRQGLHQWHVDOSHUtRGRTXH
VLJXLy DO ILQDO GH OD VXEOHYDFLyQ GH ORV FDNFKLTXHOHV ²\D PHQFLRQDGD SRU
QRVRWURV DO H[DPLQDU HO IUDFDVR GH ORV SURSyVLWRV SDFLILVWDV GH DTXHO SXHEOR
²>@ \ FRQWUDSRQHUORV D ORV UHQJORQHV HQ TXH VH DQRWD HQ HO GRFXPHQWR OD
OOHJDGDGH&HUUDWR(OFRQWUDVWHHQWUHXQRV\RWURVVHUYLUiSDUDGDUXQDLGHDGH
ORTXHVLJQLILFySDUDORVLQGLRVODLPSODQWDFLyQGHODV/H\HV1XHYDV
³'XUDQWH HVWH DxR VH LPSXVLHURQ WHUULEOHV WULEXWRV 6H WULEXWy RUR D
7XQDWLXKVHOHWULEXWDURQFXDWURFLHQWRVKRPEUHV\FXDWURFLHQWDVPXMHUHVSDUD
LUDODYDURUR7RGDODJHQWHH[WUDtDRUR´>@«³'XUDQWHORVGRVPHVHVGHO
/H\HV1XHYDV7LUDQGRODFRURQDSRUVXODGR\ORVFRQTXLVWDGRUHVSRUHOVX\R
WHUFHU DxR WUDQVFXUULGR GHVGH TXH VH SUHVHQWDURQ ORV 6HxRUHV D SDJDU HO
DFDEDURQ SRU FRORFDU DO LQGtJHQD HQ HO SODQR LQWHUPHGLR GH OD VHUYLGXPEUH
WULEXWR 6 0 PXULy HO UH\ %HOHKp 4DW PXULy HO GtD  4XHK  GH
)XH XQ YLROHQWR IRUFHMHR \ UHJDWHR HQ TXH DPEDV SDUWHV WXYLHURQ TXH KDFHU
VHSWLHPEUH GH  FXDQGR HVWDED RFXSDGR HQ ODYDU RUR´>@ «
LPSRUWDQWHV FRQFHVLRQHV /RV LQGLRV TXH HUDQ OD SUHQGD GH OD GLVFRUGLD VH
³(QWRQFHV KLULHURQ DO $KW]LE &DRN SRU FRVDV GH VX SDUFLDOLGDG (O GtD 
OLEUDURQGHTXHGDUFRPRHVFODYRVSHURQRSDVDURQDVHUWUDEDMDGRUHVOLEUHV

 
$KPDNGHDEULOGHKLULHURQDO$KW]LE´>@³7UHFHPHVHVGHVSXpVGH HVFODYLWXGSHUGXUyKDVWDORVGtDVGHOD,QGHSHQGHQFLD(VSHUWLQHQWHUHFRUGDU
ODOOHJDGDGH7XQDWLXKIXHDKRUFDGRHOUH\$SR]RW]LO&DKt<PR[(OGtD DTXt TXH HO SURSLR )UD\ %DUWRORPp HQ VX GHIHQVD GH ORV QDWLYRV KDEtD
&DQHOGHPD\RGHIXHDKRUFDGRSRU7XQDWLXKHQXQLyQGH4XL\DYLW UHFRPHQGDGR TXH VH ORV VXEVWLWX\HVH VL HUD SUHFLVR SRU HVFODYRV DIULFDQRV
>@ /R PRUWLILFy GHVSXpV HO DUUHSHQWLPLHQWR SRU KDEHU KHFKR VHPHMDQWH
&DRN´>@ « ³&DWRUFH PHVHV GHVSXpV GH KDEHU VLGR DKRUFDGR HO UH\
$KSR]RW]LODKRUFDURQD&KXX\7]LTXLQ~MHIHGHODFLXGDGSRUTXHHVWDEDQ UHFRPHQGDFLyQ>@ SHUR HO FRPHUFLR \ OD H[SORWDFLyQ GH HVFODYRV QHJURV
HQIDGDGRV(OGtD&DQGH)HEUHURGHORDKRUFDURQHQ3D[D\i/R DXPHQWy LQHYLWDEOHPHQWH \ OOHJy D VHU FRPR HV ELHQ VDELGR XQR GH ORV PiV
FRQGXMHURQ SRU HO FDPLQR \ OR DKRUFDURQ VHFUHWDPHQWH>@ « ³'LHFLVLHWH WHQHEURVRVDVSHFWRVGHODYLGDFRORQLDO
GtDVGHVSXpVGHKDEHUDKRUFDGRD&KXX\7]LTXLQ~HOGtD,TGHPDU]R (VWHDVXQWRSRQHGHPDQLILHVWR²YDOHODSHQDLQVLVWLUHQHOOR²FyPRODV
GHIXHDKRUFDGRHO6HxRU&KLFEDOMXQWRFRQ1LPDEDK4XHKFK~QSHUR
HVWR QR OR KL]R 7XQDWLXK TXH HQWRQFHV VH KDEtD PDUFKDGR SDUD
;XFKLSLOODQ«´>@
'H SURQWR VH LQWHUUXPSH OD LPSXQLGDG TXH FXEUH ORV DFWRV GH ORV
FRQTXLVWDGRUHVGHVGHVXDSDULFLyQHQHOUHODWRLQGtJHQD\VHWLHQHQRWLFLDSRU
SULPHUDYH]GHODDFFLyQSXQLWLYDGHXQIXQFLRQDULRUHDO(VHOWHVWLPRQLRGH
OR TXH HVWDED RFXUULHQGR ORV UHSUHVHQWDQWHV GH OD FRURQD OH DUUHEDWDQ HO
JRELHUQRGHODSURYLQFLDDORVFRQTXLVWDGRUHV
LQVWDQFLDV PRUDOHV HVWXYLHURQ FRQGLFLRQDGDV SRU PRWLYRV GH FDUiFWHU
HFRQyPLFR HQ WRGR HO FRQIOLFWR GH OD HVFODYLWXG 3RUTXH GHVGH XQ SXQWR GH
YLVWD HVWULFWDPHQWH PRUDO² VL WDO DEVWUDFFLyQ H[LVWLHUD HQ DOJ~Q PRGR²
QLQJXQD HVFODYLWXG WHQGUtD MXVWLILFDFLyQ 3HUR RFXUULy TXH OD DEROLFLyQ GH OD
HVFODYLWXG GH LQGLRV DVRFLDGD DO LQFUHPHQWR GH OD HVFODYLWXG GH DIULFDQRV
YHQtD D UHVROYHU HO YHUGDGHUR SUREOHPD GH DTXHO PRPHQWR UHVFDWDED D ORV
QDWLYRVSDUDSURYHFKRGHODFRURQD\DOPLVPRWLHPSRSURSRUFLRQDEDIXHU]D
GH WUDEDMR SDUD ODV PLQDV \ RWUDV HPSUHVDV HQ ODV TXH SRU HVWDU HQ XVR
³'XUDQWH HVWH DxR  OOHJy HO 6HxRU 3UHVLGHQWH &HUUDWR FXDQGR
WRGDYtD HVWDED DTXt HO 6HxRU /LFHQFLDGR 3HGUR 5DPtUH] &XDQGR OOHJy
FRQGHQy D ORV FDVWHOODQRV GLR OLEHUWDG D ORV HVFODYRV \ YDVDOORV GH ORV
FDVWHOODQRVUHEDMyORVLPSXHVWRVDODPLWDGVXVSHQGLyORVWUDEDMRVIRU]DGRVH
KL]RTXHORVFDVWHOODQRVSDJDUDQDORVKRPEUHVJUDQGHV\SHTXHxRV(O6HxRU
&HUUDWRDOLYLyYHUGDGHUDPHQWHORVVXIULPLHQWRVGHOSXHEOR<RPLVPRORYLRK
KLMRV PtRV (Q YHUGDG PXFKDV SHQDOLGDGHV WXYLPRV TXH VXIULU«´>@³« (O
VLVWHPDVGHSURGXFFLyQPX\UXGLPHQWDULRVUHVXOWDEDFRQYHQLHQWHHOHPSOHRGH
WUDEDMR GH HVFODYRV (O SUREOHPD TXHGy DVt UHVXHOWR \ DTXHOODV GLVSXWDV
WHROyJLFDV H LQYRFDFLRQHV GHO (YDQJHOLR GLHURQ SRU UHVXOWDGR HQ ILQ GH
FXHQWDV XQ EXHQ QHJRFLR SDUD OD FRURQD \ SDUD ORV HVFODYLVWDV \ XQ LQIHUQDO
FDStWXOR SDUD OD +LVWRULD GH OD HVFODYLWXG 5HIOH[LRQHQ VREUH HVWR TXLHQHV
FUHHQHTXLYRFiQGRVHTXHODVLGHDVPRUDOHVGHWHUPLQDQDODHFRQRPtD\QRDO
UHYpV«
6HxRU &HUUDWR Vt FRQGHQy GH YHUGDG D ORV FDVWHOODQRV H KL]R OR TXH HUD
MXVWR«´>@
7DO FRPR DVLHQWD HO ³0HPRULDO GH 6ROROi³ IXHURQ OLEHUDGRV WRGRV ORV
HVFODYRV>@ +XER PXFKDV SURWHVWDV FRQWUD OD DFFLyQ GH &HUUDWR \ GH OD
$XGLHQFLD HQWUH ODV FXDOHV VH SRGUtD FLWDU SRU H[WHQVD \ PX\ LOXVWUDWLYD OD
TXHHOHYyDO&RQVHMRGH,QGLDVHQIHEUHURGH%HUQDO'tD]GHO&DVWLOOR
FRPR SURFXUDGRU VtQGLFR GHO $\XQWDPLHQWR GH *XDWHPDOD>@ 3HUR WRGR IXH
LQ~WLO/RVHVFODYRVIXHURQUHGLPLGRV3DUDWRGRHOUHVWRGHODpSRFDFRORQLDO
ORVLQGtJHQDVQRYROYLHURQDKDOODUVHVXPLGRVHQODHVFODYLWXG
6HLQWURGXMRHVRVtODLPSRUWDFLyQGHHVFODYRVDIULFDQRV\HVWDIRUPDGH

&RPR HO UHLQR GH *XDWHPDOD HUD XQD UHJLyQ UHODWLYDPHQWH SREUH HQ
PHWDOHVHOWUiILFRGHHVFODYRVIXHEDVWDQWHUHGXFLGRHQFRPSDUDFLyQFRQRWUDV
SURYLQFLDVHQGRQGHFREUySURSRUFLRQHVHQRUPHV(Q²DxRVLJXLHQWHD
ODSURPXOJDFLyQGHODV/H\HV1XHYDV²OOHJyODSULPHUDEDUFDGDGHDIULFDQRV
³« HQ Q~PHUR GH FLHQWR H FLQFXHQWD SLH]DV«´>@ \ SRU 5HDO &pGXOD VH
DXWRUL]yVXYHQWDOLEUH³«DSUHFLRVMXVWRV«´>@$GHPiVGHODVPLQDVTXH
IXH D GRQGH SULQFLSDOPHQWH VH ORV GHVWLQy ORV KXER WDPELpQ HQ ORV LQJHQLRV
D]XFDUHURV>@ /DV FDVDV GH JHQWH ULFD VROtDQ WHQHU DVLPLVPR DOJXQRV
HVFODYRV SDUD VHUYLFLRV GLYHUVRV /RV QHJURV HYDGLGRV GH ODV PLQDV IXHURQ
FDXVDGHDODUPDVHQODSULPHUDPLWDGGHOVLJOR ;9,,>@SXHVGLHURQHQIRUPDU
JUXSRVDO]DGRVTXHDVDOWDEDQORVFDPLQRV>@

 6XSULPLGDSXHVODHVFODYLWXGGHORVLQGLRV\VLHQGRHOORVFRPR TXHGy &DStWXOR7HUFHUR
GLFKRODEDVHGHVXVWHQWDFLyQGHODPLQRUtDHXURSHDUHVLGHQWHHQ*XDWHPDOD
TXHGD SRU DYHULJXDUVH TXp IRUPDV DGRSWy OD H[SORWDFLyQ GH ORV QDWLYRV
GHVSXpVGHODUHIRUPDLQWURGXFLGDSRUODV/H\HV1XHYDV3RUTXHHQHIHFWRQL /$6'26(63$f$6
ORV HVSDxROHV UHJUHVDURQ D VX SDtV FRPR DPHQD]DEDQ KDFHUOR QL ORV LQGLRV
VDOLHURQ WRWDOPHQWH GH OD RSUHVLyQ HQ TXH ORV SRQtD HO KHFKR GH HVWDU
FRQTXLVWDGRV
+XERDUUHJORV8QRGHHOORVIXHODWUDQVIRUPDFLyQGHODHQFRPLHQGDTXH
HVWDPRVHQFRQGLFLRQHVGHSDVDUDHVWXGLDUHQVHJXLGD
&RQWLQXDFLyQ
, 1DFH OD HQFRPLHQGD ,, /RV HQFRPHQGHURV ,,, (O
³VtQRGR´ ,9 /RV GRFWULQHURV 9 /RV FULROORV \ OD
EXURFUDFLD 9, 'HVSOD]DPLHQWR \ UHQRYDFLyQ HQ OD
FODVHFULROOD9,/&DXVDVGHOPHQRVSUHFLRGHOHVSDxRO
KDFLD ORV FULROORV 9,,, 9HQWDMDV GHO LQPLJUDQWH IUHQWH
DO FULROOR ,; /D SDWULD GH ORV FULROORV FRPR LGHD GH
FRQWHQLGRUHDFFLRQDULR

 
 ²,²
1DFHODHQFRPLHQGD
1RVHSLHQVHTXHHQORVWHUULWRULRVGHOUHLQRGH*XDWHPDODDGLIHUHQFLDGH
RWUDVSURYLQFLDVIXHURQDFHSWDGDVFRQPDQVDUHVLJQDFLyQODV/H\HV1XHYDV>@
$GHPiVGHODOERURWRGHSDODEUDV\SDSHOHV\DFRPHQWDGRKXERHQODUHJLyQ
GH1LFDUDJXDXQOHYDQWDPLHQWRDUPDGRXQRELVSRPXHUWRDSXxDODGDVSRUVX
DGKHVLyQ D ODV /H\HV YDULRV FRPEDWHV \ PRYLPLHQWRV GH JHQWH DO]DGD \ OD
RSRUWXQD LQWHUYHQFLyQ GH 3HGUR GH OD *DVFD TXH YHQtD GH UHJUHVR GHO 3HU~
GHVSXpV GH UHSULPLU HO OHYDQWDPLHQWR GH ORV 3L]DUUR >@ (O FRPEDWH TXH
GHFLGLy OD VXHUWH GH ORV DO]DGRV FRVWy OD YLGD GH QRYHQWD GH HOORV 0XFKRV
RWURV FD\HURQ SUHVRV \ PXULHURQ HQ OD KRUFD >@ /D VXEOHYDFLyQ GH ORV
KHUPDQRV &RQWUHUDV HQ 1LFDUDJXD ² TXH HV OD TXH VH KD PHQFLRQDGR² DVt
FRPRODGH-XDQ*DLWiQHQ+RQGXUDV>@WXYLHURQQH[RVFRQODFULVLVGHO3HU~
/DV/H\HV1XHYDVVHIXHURQLPSRQLHQGRDSHVDUGHWRGR/DHVFODYLWXGGH
LQGLRV IXH VXSULPLGD GHILQLWLYDPHQWH /D HQFRPLHQGD SULPLWLYD SHVH D WRGDV
ODV UHVLVWHQFLDV WXYR TXH GHVDSDUHFHU \ QR YROYLy D OHYDQWDU FDEH]D 1DFLy
RWUDLQVWLWXFLyQGLIHUHQWHDXQTXHOODPDGDFRQHOPLVPRQRPEUH\IXHHVWDOD
HQFRPLHQGD TXH SHUGXUy FDVL KDVWD HO ILQDO GH OD FRORQLD ²KDVWD HO VHJXQGR
WHUFLRGHOVLJOR;9,,,²
/DV /H\HV 1XHYDV WUDtDQ HO JHUPHQ GH OD LQVWLWXFLyQ TXH LED D QDFHU
3RUTXHHQHOODVVHGHFtDTXHHOUH\QRREVWDQWHORUHODWLYRDODOLEHUWDGGHORV
LQGLRV VHJXtD GHVHRVR GH SUHPLDU D ORV FRQTXLVWDGRUHV \ SULPHURV FRORQRV
8QDPDQHUDGHSUHPLDUORV²VXJHULGDFRQWRGDFODULGDGSRUGRVYHFHVHQHO
WH[WRGHODV/H\HV²VHUtDFHGHUOHDORVIDYRUHFLGRVXQDSDUWHGHORVWULEXWRV
TXHORVSXHEORVGHLQGtJHQDVWHQtDQTXHSDJDUOHDOUH\>@'LFKRGHRWURPRGR H[WUDOLPLWDFLRQHV (OOR HV WDQ FLHUWR TXH OD PHMRU PDQHUD GH HVWXGLDUOD HV
SXHVWR TXH WRGRV ORV LQGLRV SDVDEDQ D VHU YDVDOORV OLEUHV WULEXWDULRV GH OD
FRURQD pVWD VH DYHQtD D FHGHUOH SDUWH GH OD WULEXWDFLyQ D ORV HVSDxROHV TXH
PHUHFLHVHQ WDO HVWLSHQGLR >@ /RV FRORQL]DGRUHV VH DSUHVXUDURQ D VROLFLWDU
GLFKR SUHPLR OODPiQGROR FRQ HO YLHMR QRPEUH GH HQFRPLHQGD DXQTXH \D VH
WUDWDEDGHXQDFRVDGLVWLQWD

$O PLVPR WLHPSR LQLFLDURQ JHVWLRQHV SDUD FRQVHJXLU TXH OD QXHYD
HQFRPLHQGD VH KLFLHVH KHUHGLWDULD 3RUTXH ODV /H\HV RIUHFtDQ HO JRFH GH
DOJXQRV WULEXWRV D ORV FRQTXLVWDGRUHV \ FRORQRV \ D VXV YLXGDV H KLMRV
H[LVWHQWHV HQ DTXHO PRPHQWR SHUR HVWLSXODEDQ PX\ FODUDPHQWH TXH GLFKR
SULYLOHJLR QR VHUtD KHUHGLWDULR VLQR TXH FRQIRUPH IXHVHQ PXULHQGR ORV
EHQHILFLDGRVODWULEXWDFLyQYROYHUtDDGHVWLQDUVHDODVFDMDVUHDOHVWDOFRPR
RFXUUtDFRQHOUHVWRGHORVSXHEORV>@(OIRUFHMHRHQWRUQRDODSHUSHWXLGDGGH
ODV HQFRPLHQGDV IXH ODUJR \ DSDVLRQDGR (O DUJXPHQWR SULQFLSDO GH ORV
FRORQRVHQDSR\RGHODSHUSHWXLGDGHUDHOVLJXLHQWH³«TXHVLHOHIHFWRGHVX
VHUYLFLR IXH SHUSHWXR FXDO OR HV OD DGTXLVLFLyQ GH XQ LPSHULR VX
UHPXQHUDFLyQ TXH HUDQ ODV HQFRPLHQGDV GHEtD VHUOR LJXDOPHQWH«´>@
$UJXPHQWR QR GHVSURYLVWR GH OyJLFD DO TXH OD FRURQD UHVSRQGtD HQ WRQR
HQpUJLFR ³« TXH VL ORV HQFRPHQGHURV VLQ VH OHV SHUPLWLU MXULVGLFFLyQ
DOJXQD VREUH ORV LQGLRV ORV SUHGRPLQDQ \ KDFHQ WDQWDV PROHVWLDV \
YHMDFLRQHVTXHKDVLGRQHFHVDULRSURKLELUOHVUHVLGLUHQVXVSXHEORVQLWHQHU
FRQHOORVWUDWRDOJXQRMXVWRHVUHFHODUTXHVHUiQSHRUHV\PiVLQVROHQWHVVL
VHYLHVHQGXHxRVGHHOORVDSHUSHWXLGDG«´>@
(VD UHVSXHVWD SRQH GH PDQLILHVWR FLHUWRV KHFKRV TXH FRQILUPDGRV SRU
RWURVGRFXPHQWRVHVFRQYHQLHQWHGHVWDFDUGHXQDYH]3ULPHURTXHHOFpOHEUH
SOHLWR HQ WRPR D OD SHUSHWXLGDG GH ODV HQFRPLHQGDV VH UHILHUH \D
GHFLGLGDPHQWHDODHQFRPLHQGDQXHYDHVGHFLUDODFRQFHVLyQGHWULEXWRVVLQ
GRPLQLR GLUHFWR VREUH HO WUDEDMR GH ORV LQGtJHQDV 6HJXQGR TXH HO QXHYR
HQFRPHQGHURQRWHQtDDOPHQRUOHJDOPHQWHQLQJXQDDXWRULGDGVREUHORVLQGLRV
GH VX SXHEOR HQFRPHQGDGR < WHUFHUR TXH IXH SUHFLVR SURKLELU TXH ORV
HQFRPHQGHURV KDELWDVHQ HQ VXV SXHEORV GH HQFRPLHQGD SDUD HYLWDU TXH
FRPHWLHUDQDEXVRVYDOLpQGRVHGHODVFHQGLHQWHTXHDTXHOODFRQFHVLyQOHVGDED
(Q HIHFWR OD QXHYD HQFRPLHQGD VLQ GHMDU GH VHU XQ JUDQ DYDQFH HQ
FRPSDUDFLyQ FRQ OD DQWLJXD VH FRQYLUWLy HQ IXHQWH GH DEXVRV \
DQDOL]DUVXVDQRPDOtDV(VHOPpWRGRTXHKD\TXHHPSOHDU²GLFKRVHDGHSDVR
² FRQ WRGDV ODV LQVWLWXFLRQHV FRORQLDOHV LPSOLFDGDV HQ OD H[SORWDFLyQ GHO
LQGLR VL VH OHV HVWXGLD D EDVH GH ODV OH\HV \ RUGHQDQ]DV TXH ODV QRUPDEDQ
GHVFXLGDQGR ORV GLYHUVRV WUXFRV \ XVRV LQYHQWDGRV SDUD EXUODUODV HV
LPSRVLEOHFRPSUHQGHUORTXHIXHURQHQODUHDOLGDG(QHVDVLQVWLWXFLRQHVODV

DQRPDOtDVHUDQORQRUPDO ²,,²

/RVHQFRPHQGHURV
3RUORTXHKDFHDODVXFHVLyQKHUHGLWDULDGHODVHQFRPLHQGDVORVFRORQRV
\ VXV GHVFHQGLHQWHV ORJUDURQ VX SURSyVLWR 6H OHV FRQFHGLy SULPHUR XQD
³VHJXQGD YLGD´ GHVSXpV XQD WHUFHUD PiV DGHODQWH XQD FXDUWD \ ODV KXER
KHUHGDGDVHQ³TXLQWDYLGD´6HPHMDQWHHVWLUDPLHQWRGHODOH\VHREWXYR²FRVD
PX\ IUHFXHQWH HQ HO UpJLPHQ FRORQLDO² SRU YtD GH ³GLVLPXODFLyQ´ R GH
³FRPSRVLFLyQ´ (VWRV HUDQ SURFHGLPLHQWRV OHJDOHV SDUD LQFXPSOLU OD OH\ >@
/DFRURQDUHFLEtDJUDWLILFDFLRQHVDFDPELRGHGLVLPXODUWDORFXDODQRPDOtDR
ELHQ HQWUDED HQ DUUHJORV SDUD FRPSRQHU XQD VLWXDFLyQ LOHJDO WROHUiQGROD D
FDPELR GH XQD VXPD GHWHUPLQDGD >@ (Q HO DxR  HO SURFXUDGRU GHO
$\XQWDPLHQWR GH *XDWHPDOD DQWH HO &RQVHMR GH ,QGLDV RIUHFLy XQ VHUYLFLR HQ
GLQHUR ³SDUD OD FiPDUD GH 6X 0DMHVWDG´ SRU YDORU GH   GXFDGRV
(VWDEDJHVWLRQDQGRODFRQFHVLyQGHWHUFHUDYLGDSDUDODVHQFRPLHQGDV\FRPR
ODVH[LVWHQWHVHQHOUHLQRUHSRUWDEDQWRGDVMXQWDVGXFDGRVDQXDOHV
RIUHFLyXQDFDQWLGDGTXHVREUHSDVDEDGLFKDVXPD >@1RGHEHVHUPRWLYRGH
VRUSUHVDTXHHOSURFXUDGRUHVWXYLHUDGLVSXHVWRDSDJDUPXFKRPiVGHORTXH
ODVHQFRPLHQGDVOHUHSRUWDEDQDVXVSRVHHGRUHVVLQRGHEHYHUVHHQHOORXQD
SUXHED GH TXH ² WDO FRPR VH H[SOLFDUi DGHODQWH² ODV HQFRPLHQGDV OH
UHSRUWDEDQ D VXV SRVHHGRUHV DGHPiV GH ORV WULEXWRV D UHFLELU PXFKDV RWUDV
YHQWDMDVDGLFLRQDOHV
/DVXFHVLyQKHUHGLWDULDIXHGHVX\R XQDDQRPDOtDSHURD~Q PiV YLROHQWR
IXH TXH VH VLJXLHUDQ GDQGR HQFRPLHQGDV QR \D D ORV GHVFHQGLHQWHV GH
FRQTXLVWDGRUHV\FRORQRVVLQRDSHUVRQDVTXHSRURWURVPRWLYRVJR]DEDQGHO
IDYRU UHDO (Q UHLWHUDGRV HVFULWRV VH TXHMD HO $\XQWDPLHQWR GH TXH
FRQWUDULDQGR OD UD]yQ GH VHU GH ODV HQFRPLHQGDV ²XQ SUHPLR D
FRQTXLVWDGRUHVSULPHURVFRORQRV\GHVFHQGLHQWHVGHXQRV\RWURV²YLQLHUDQ
GH (VSDxD SHUVRQDV FRQ WtWXORV GH HQFRPLHQGD >@ SHUVRQDV TXH QR VyOR QR
WHQtDQPHUHFLPLHQWRVGHFRQTXLVWDVLQRTXHMDPiVKDEtDQYLVWRXQLQGLR
3DUHFH VHU VLQ HPEDUJR TXH QR VH GLHURQ HQFRPLHQGDV QXHYDV D HVDV

 
SHUVRQDV VLQR TXH UHFLELHURQ ODV TXH VH OHV IXHURQ TXLWDQGR D ORV YLHMRV
HQFRPHQGHURV IDOOHFLGRV SRUTXH KDFLD PHGLDGRV GHO VLJOR ;9,,, KDEtD HQ
*XDWHPDOD PiV R PHQRV HO PLVPR Q~PHUR GH HQFRPLHQGDV TXH D SULQFLSLRV
GHOVLJOR;9,,
1R WHUPLQDQ DOOt ODV DQRPDOtDV <D YLPRV TXH VH KL]R QHFHVDULR SURKLELU
TXHORVHQFRPHQGHURVUHVLGLHUDQHQVXVSXHEORVSDUDHYLWDUDEXVRV\PROHVWLDV
D ORV LQGLRV (Q  VH SURKLELy WDPELpQ TXH KLFLHUDQ SHUVRQDOPHQWH HO
FREUR GH ORV WULEXWRV TXH OHV SHUWHQHFtDQ R SRU PHGLR GH FREUDGRUHV
QRPEUDGRV SRU HOORV PLVPRV>@ 6H WUDWDED GH HYLWDU H[DFFLRQHV FREURV
LQMXVWRV \ YLROHQWRV 3HUR KD\ SUXHEDV GH TXH GLFKD SURKLELFLyQ QR IXH
REHGHFLGD\GHTXHORVHQFRPHQGHURVVLJXLHURQQRPEUDQGRVXVFREUDGRUHVR
UHFDXGDQGR SHUVRQDOPHQWH ORV WULEXWRV HQ PXFKRV SXHEORV >@ 6HJ~Q OD OH\
ODVWDVDFLRQHVGHWULEXWRV GHEtDQKDFHUVHSRU FRPLVLRQDGRVTXH QRPEUDEDOD
$XGLHQFLD>@²SXQWRpVWHTXHVHUHVSHWyVLHPSUH²\HOFREURORKDUtDQORV
&RUUHJLGRUHV>@6HH[SOLFDSXHVSRUTXpKXERWDQWDVDQRPDOtDVHQUHODFLyQ
FRQHOFREURORV&RUUHJLGRUHVIXHURQORVIXQFLRQDULRVPiVGDGRVDPDOWUDWDU\
UREDUDORVLQGLRV\XQHOHYDGRSRUFHQWDMHGHHOORVHUDQFULROORV²LQGLYLGXRV
LGHQWLILFDGRVFRQORVHQFRPHQGHURVSRUUD]RQHVGHFODVH²>@
<D VH KDEUi QRWDGR SRU OR GLFKR KDVWD DTXt TXH OD HQFRPLHQGD QR
JXDUGDED QLQJ~Q QH[R OHJDO FRQ OD SURSLHGDG GH OD WLHUUD (VWD VH VLJXLy
GRQDQGR SRU PHUFHG \ VH SRGtD DGTXLULU WDPELpQ SRU FRPSUD \ SRU
XVXUSDFLyQ >@ SHUR VX SRVHVLyQ HUD DVXQWR GLVWLQWR GH OD SRVHVLyQ GH
HQFRPLHQGDV+XERDOJXQRVHQFRPHQGHURVTXHQRIXHURQSURSLHWDULRVGHXQD
YDUD FXDGUDGD GH WLHUUD \ JUDQGHV WHUUDWHQLHQWHV TXH QXQFD IXHURQ
HQFRPHQGHURV/DWHQGHQFLDDFRQIXQGLUDOWHUUDWHQLHQWHFRQHOHQFRPHQGHUR
HUUyQHD\PX\GLIXQGLGDSURYLHQHVLQGXGDDOJXQDGHTXHODPD\RUtDGHORV
HQFRPHQGHURVHUDQDGHPiVWHUUDWHQLHQWHV\GHOKHFKRGLJQRGHVHxDODUVHGH
TXH PXFKRV GH HVWRV HQFRPHQGHURV WHUUDWHQLHQWHV SURFXUDURQ DGTXLULU WLHUUDV
HQODFHUFDQtDGHVXVSXHEORVGHHQFRPLHQGD
$VtIXH&RQWUDYLQLHQGRORTXHHVWDEDUHJODPHQWDGRDHVWHUHVSHFWR>@ORV
HQFRPHQGHURVWUDWDURQGHDGTXLULUWLHUUDVHQODVLQPHGLDFLRQHVGHVXVSXHEORV
HQFRPLHQGD
3DUDQRFLWDUPiVTXHXQHMHPSOR\SDUDTXHpVWHFRUUHVSRQGDDODUDQFLD
SDUHQWHOD GH QXHVWUR FULROOR )XHQWHV \ *X]PiQ PHQFLRQHPRV HO FDVR GH
%HUQDO 'tD] GHO &DVWLOOR WHQtD HQ HQFRPLHQGD HO SXHEOR GH 6DQ -XDQ
6DFDWHSpTXH]HQSLGLy\REWXYRWLHUUDV³«HQHOSDUDMHGHOSRWUHURGH
OD/DJXQLOODGHORV&DUUL]DOHV«´HQORVWpUPLQRVGHOPLVPRSXHEOR>@HQHO
PLVPRDxRVHOHH[WHQGLyWtWXORGHFXDWURFDEDOOHUtDVDVXKLMR)UDQFLVFRHQ
ORVWpUPLQRVGH6DQ-XDQ6DFDWHSpTXH]>@\RQFHDxRVPiVWDUGHHQHO
SURSLR )UDQFLVFR 'tD] GHO &DVWLOOR VROLFLWy \ REWXYR RWUDV GRV FDEDOOHUtDV
MXQWR D ODV TXH \D SRVHtD FHUFD GH 6DQ -XDQ >@ 3XHGH REVHUYDUVH FyPR HO
FRQTXLVWDGRU HQFRPHQGHUR HUD DGHPiV WHUUDWHQLHQWH FyPR H[WHQGtD ODV
SURSLHGDGHVGHODIDPLOLDVROLFLWDQGR\WLWXODQGRWLHUUDVDQRPEUHGHVXKLMR\
FyPRpVWHVHJXURKHUHGHURGHODHQFRPLHQGDDPSOLDEDVXSRVHVLyQGHWLHUUDV
HQORVDOHGDxRVGH6DQ-XDQ(VHHMHPSORTXHSRGUtDDFRPSDxDUVHGHPXFKRV
RWURV >@ LOXVWUD OD WHQGHQFLD GH ORV HQFRPHQGHURV D FRQYHUWLUVH HQ
SURSLHWDULRVGHODVWLHUUDVFHUFDQDVDVXVHQFRPLHQGDV >@(OOROHVUHVXOWDED
YHQWDMRVR SRUTXH D SHVDU GH WRGDV ODV yUGHQHV HQ FRQWUDULR OD HQFRPLHQGD
ORVSRQtDHQSRVLELOLGDGGHSUHVLRQDUDORVLQGLRV\REWHQHUGHHOORVIXHU]DGH
WUDEDMREDUDWDSDUDFXOWLYDUODVWLHUUDV
$Vt SXHV XQD GHILQLFLyQ DFDGpPLFD GH OD HQFRPLHQGD VHUtD OD VLJXLHQWH
HUD XQD FRQFHVLyQ OLEUDGD SRU HO UH\ D IDYRU GH XQ HVSDxRO FRQ PpULWRV GH
FRQTXLVWD \ FRORQL]DFLyQ FRQVLVWHQWH HQ SHUFLELU ORV WULEXWRV GH XQ
FRQJORPHUDGR LQGtJHQD WDVDGRV SRU OD $XGLHQFLD \ UHFDXGDGRV SRU ORV
&RUUHJLGRUHVRVXVGHSHQGLHQWHV(VDGHILQLFLyQHVXQSXQWRGHSDUWLGDQDGD
PiVODUHDOLGDGGHODHQFRPLHQGDYDSUHVHQWiQGRVHFRQIRUPHVHFRQRFHQODV
DQRPDOtDV DUULED VHxDODGDV TXH OH HUDQ FRQVXEVWDQFLDOHV \ RWURV HOHPHQWRV
TXHVHPHQFLRQDUiQDGHODQWH
(VWDPRVREOLJDGRV D UHVLVWLU HOGHVHRGHH[SOLFDUDTXtHOSURFHGLPLHQWR
SRU HO FXDO VH VROLFLWDED \ VH UHFLEtD XQD HQFRPLHQGD SRUTXH RWURV DVXQWRV
UHFODPDQFRQPiVXUJHQFLDQXHVWUDDWHQFLyQ(OOHFWRUTXHTXLHUDFRQRFHUHVRV
SRUPHQRUHV PX\ LQWHUHVDQWHV ORV KDOODUi HQ GRFXPHQWRV KLVWyULFRV
>@SHURHVDVDGTXLVLFLRQHVFRPRFXDOTXLHUDRWUDVUHODWLYDVDWLHUUDVXSRQtDQ JXDWHPDOWHFRVTXHVHLQGLFDQHQODVHFFLyQGHQRWDV>@
XQD JHVWLyQ \ XQD WLWXODFLyQ FRPSOHWDPHQWH DMHQDV D OD REWHQFLyQ GH OD /R TXH YHQLPRV WUDWDQGR GH LOXVWUDU D SURSyVLWR GHO GHVDUUROOR GH HVWD
LQVWLWXFLyQ HV OD SXJQD HQWUH OD FRURQD \ ORV FRORQRV 6H HVWi YLHQGR TXH OD

 
HQFRPLHQGD IXH XQD WUDQVDFFLyQ XQ DUUHJOR FRQFLOLDWRULR TXH SRQtD D ORV
LQGLRV FRPR WULEXWDULRV EDMR HO FRQWURO GHO UH\ \ TXH VDWLVIDFtD DO PLVPR
WLHPSRODWHQGHQFLDSDUDVLWDULDGHOQ~FOHRPiVFRQVSLFXRGHFRQTXLVWDGRUHV\
SULPHURV SREODGRUHV (Q HO ~OWLPR WHUFLR GHO VLJOR ;9, KDEtD HQ HO UHLQR GH
*XDWHPDODDSUR[LPDGDPHQWHGRVFLHQWDVHQFRPLHQGDV>@
6LQ HPEDUJR QR IXH pVWD OD LQVWLWXFLyQ TXH YLQR D SRQHU VREUH QXHYRV
FDXFHV HO JUDQ SUREOHPD GHO VLJOR ;9, TXH HUD HO SUREOHPD GH OD
GLVSRQLELOLGDG GHO WUDEDMR GHO LQGLR SDUD OD WRWDOLGDG GH ODV KDFLHQGDV \
ODERUHVGHORVHVSDxROHV'HEHSXHVHYLWDUVHHOH[DJHUDUODLPSRUWDQFLDGHOD
HQFRPLHQGDFRPSUHQGLHQGRTXHHOUHVXOWDGRPiVQRWDEOHGHODFULVLVFDXVDGD
SRU ODV /H\HV 1XHYDV QR SXGR KDEHU VLGR HVH SUHPLR TXH EHQHILFLy D
GRVFLHQWDVIDPLOLDVFRQORVWULEXWRVGHLJXDOQ~PHURGHSXHEORVGHLQGLRV >@
'HEHLQWHUHVDPRVPXFKRPiVDTXHOODRWUDLQVWLWXFLyQFRORQLDOVXUJLGDWDPELpQ
DUDt]GHODVOH\HVGHTXHYLQRDQRUPDUODVUHODFLRQHVGHSURGXFFLyQ
HQWUH OD JUDQ PDVD GH ORV LQGLRV VDFDGRV GH OD HVFODYLWXG \ OD FODVH GH ORV
WHUUDWHQLHQWHVFRORQLDOHV3XHVVDEHPRVTXHHVWRV~OWLPRVGHMDURQV~ELWDPHQWH
GH VHU HVFODYLVWDV \ TXHGy DGYHUWLGR TXH QR SDVDURQ D VHU FRPSUDGRUHV GH
WUDEDMR DVDODULDGR FRPR KDEUtD RFXUULGR VL KXELHVH VLGR IDFWLEOH OD SOHQD
REVHUYDQFLDGHODV/H\HV1XHYDV
(Q HIHFWR PXFKR PiV LPSRUWDQWH TXH OD QXHYD HQFRPLHQGD IXH HO QXHYR
UHSDUWLPLHQWR GH LQGLRV VLVWHPD TXH REOLJDED D ORV QDWLYRV D WUDEDMDU SRU
WHPSRUDGDVHQODVKDFLHQGDVUHWRPDQGRFRQHVWULFWDUHJXODULGDGDVXVSXHEORV
SDUDWUDEDMDUHQVXSURSLRVXVWHQWR\HQODSURGXFFLyQGHWULEXWRV(VWD~OWLPD
LQVWLWXFLyQ IXH OD SLH]D FODYH GHO VLVWHPD HFRQyPLFR GH OD FRORQLD \ SXHGH
DILUPDUVH TXH VHUi LPSRVLEOH LQWHJUDU XQD YLVLyQ FLHQWtILFD GH OD VRFLHGDG
FRORQLDO JXDWHPDOWHFD VXSHUDQGR ODV OLPLWDFLRQHV GH OD WUDGLFLRQDO ³KLVWRULD
GH KHFKRV³ DVt FRPR HO FDUiFWHU IUDJPHQWDULR \ GHVDUWLFXODGRU GH ODV
TXHIXHSURSLRGHOUHLQRGH*XDWHPDODH[FOXVLYDPHQWH²>@\FRQGLFLRQyGH
PDQHUD GHFLVLYD ODV OXFKDV GH FODVH ODV LGHRORJtDV GH FODVH ODV IRUPDV GHO
WUDWR VRFLDO \ RWUDV PDQLIHVWDFLRQHV LPSRUWDQWHV GH OD YLGD GH DTXHOOD
VRFLHGDG3RUORTXHKDFHDOSHQVDPLHQWRVRFLDOGHORVFULROORVHQSDUWLFXODU
TXHGDUi VREUDGDPHQWH GHPRVWUDGR HQ HO GHVDUUROOR GH QXHVWUR HVWXGLR FyPR
IXHDTXHOODUHODFLyQEiVLFDHQWUHVLHUYRV\WHUUDWHQLHQWHVHOUHSDUWLPLHQWRHO
IDFWRUGHWHUPLQDQWHGHODVPiVDFXVDGDVPRGDOLGDGHVGHODPHQWDOLGDGFULROOD
&RODWHUDOPHQWH VH LUi YLHQGR WDPELpQ FyPR IXH HVD UHODFLyQ OD TXH
GHWHUPLQy GHVGH RWUR iQJXOR ODV SULQFLSDOHV IRUPDV GHO SHQVDPLHQWR GH ORV
HVSDxROHV ²LQPLJUDQWHV \ EXUyFUDWDV² IUHQWH D ORV LQGLRV \ IUHQWH D ORV
FULROORV)LQDOPHQWHVHFRPSUHQGHUiHQXQPRPHQWRPiVDYDQ]DGRGHQXHVWUR
DQiOLVLV TXH HO UHSDUWLPLHQWR IXH GHVSXpV GH OD HVFODYLWXG \ SDUD XQD ODUJD
pSRFDHOPHFDQLVPRGHQWURGHOFXDOTXHGyFRQTXLVWDGRHOLQGLRHVGHFLUHO
PHFDQLVPRTXHJDUDQWL]yVXVXMHFLyQ\VXH[SORWDFLyQ\SRUHQGHVXSRVLFLyQ
GHLQIHULRULGDGSDUDHOUHVWRGHODpSRFDFRORQLDO
3RUWDOHVPRWLYRVVHOHGHGLFDHQHVWHOLEURXQFDStWXORHQWHURDOUpJLPHQ
GHWUDEDMR\MXVWDPHQWHHO~OWLPRFDStWXORGHODQiOLVLV²HOVpSWLPRWLWXODGR
³3XHEORVGH,QGLRV´²HQHOTXHVHVXSRQHTXHHVWDUHPRVSRQLHQGRSLHHQHO
~OWLPR SHOGDxR GH OD HVFDOD TXH YD LPSOtFLWD HQ OD SURJUDPDFLyQ GH HVWH
HQVD\R +HPRV GH FRQIRUPDPRV SXHV SRU OR SURQWR FRQ ORV HOHPHQWRV GH
GHILQLFLyQ GHO UHSDUWLPLHQWR TXH TXHGDQ HQXQFLDGRV DUULED UHFRUGDQGR DO
PLVPR WLHPSR TXH HVWD LQVWLWXFLyQ IXH UHVXOWDGR GHO FRQIOLFWR TXH VXVFLWDURQ
ODV
/H\HV1XHYDVGH
/DYLGDFRORQLDORIUHFHXQDJLWDGRHVSHFWiFXORGHFRQTXLVWDGRUHVFRORQRV
KDFHQGDGRV IXQFLRQDULRV PRQDUFDV OH\HV SROpPLFDV WULIXOFDV DVHVLQDWRV \
PRQRJUDItDV KLVWyULFDV PLHQWUDV QR VH UHFRQR]FD TXH OD EDVH GH DTXHOOD
HVWUXFWXUD VRFLDO IXH VX UpJLPHQ GH WUDEDMR HO UHSDUWLPLHQWR GH LQGLRV HO
WUDEDMyREOLJDWRULRGHORVQDWLYRVHOULJXURVRFRQWUROGHORVLQGtJHQDVHQVXV
SXHEORV GHVGH ORV FXDOHV HUDQ HQYLDGRV SHULyGLFDPHQWH D WUDEDMDU D ODV
KDFLHQGDV\ODERUHVGHORVHVSDxROHV\GHVXVGHVFHQGLHQWHVDORODUJRGHORV
WUHV VLJORV FRORQLDOHV (VH UpJLPHQ OH LPSULPLy GHVGH ODV EDVHV XQ
GHWHUPLQDGRFDUiFWHUDODVRFLHGDGFRORQLDOJXDWHPDOWHFD²SXHVKDGHVDEHUVH

PXFKDVFRVDVPiV&RQYLHQHGDUVHFXHQWDGHTXHHOSHUVRQDMHFHQWUDOGHHVH
WLQJODGR HO TXH SRQtD HQ PRYLPLHQWR D WRGRV ORV GHPiV HUD HO TXH PHQRV
UXLGR KDFtD /D KLVWRULD FRORQLDO JLUD HQ WRPR D OD H[SORWDFLyQ GHO LQGLR (O
LQGLR HUD HO SHUVRQDMH GH IRQGR 0LHQWUDV QR VH KD HQWHQGLGR HVWR QR VH KD
HQWHQGLGRHOGUDPD$PHQRVTXHGHLQWHQWRVHTXLHUDVHJXLUGLVLPXODQGRTXH
DTXHOORHUDXQGUDPD

 ²,,,²

(O³VtQRGR´
'RQ $QWRQLR GH )XHQWHV \ *X]PiQ HUD HQFRPHQGHUR *R]DED VX
HQFRPLHQGDHQWHUFHUDYLGDSXHVODKDEtDREWHQLGRVXDEXHORDSULQFLSLRVGH
VLJOR ;9,, >@ 1R GHEH ROYLGDUVH TXH HO ELVDEXHOR GHO FURQLVWD²HO FRORQR
IXQGDGRU GH OD IDPLOLD² KDEtD FDVDGR FRQ KLMD GH FRQTXLVWDGRU >@ 'H
PDQHUDTXHHOFULROORTXH UHFLELyODHQFRPLHQGD HQ SULPHUD YLGD KDEtDVLGR
KLMRGHSREODGRU\QLHWRGHFRQTXLVWDGRU
6yORHQGRVRFDVLRQHVPHQFLRQD)XHQWHVVXHQFRPLHQGD>@(QODSULPHUD
GD ORV QRPEUHV GH ORV SXHEORV 6DQWLDJR &RW]XPDOJXDSD \ 6DQWR 'RPLQJR
6LQDFDPHFD\R SREUHV SREODGRV GH OD FRVWD VXU GHO SDtV >@ (Q OD VHJXQGD
KDFHXQDIXJD]DOXVLyQH[SOLFDQGRXQDVXQWRTXHDQRVRWURVQRVLQWHUHVD\TXH
FRQYLHQHFRPHQWDUDTXtPLVPR>@
&XHQWD HO FURQLVWD TXH DOOi SRU HO DxR  ODV yUGHQHV UHOLJLRVDV
LQLFLDURQXQSOHLWRFRQORVHQFRPHQGHURV([LJtDQTXHpVWRVSDJDVHQXQDFXRWD
SRU OD ODERU TXH ORV IUDLOHV GRFWULQHURV UHDOL]DEDQ HQ ORV SXHEORV GH
HQFRPLHQGD$OHJDEDQORVIUDLOHVTXHORVHQFRPHQGHURVHVWDEDQREOLJDGRVD
FXLGDU TXH VXV LQGLRV GH HQFRPLHQGD IXHVHQ LQVWUXLGRV HQ OD IH \ TXH
KDELHQGR GHVDWHQGLGR VLHPSUH GLFKD REOLJDFLyQ MXVWR HUD TXH SDJDUDQ D
TXLHQHVDWHQGtDQODFULVWLDQL]DFLyQGHORVQDWLYRV(QORVWtWXORVGHHQFRPLHQGD
ILJXUDED FLHUWDPHQWH XQD FOiXVXOD TXH GHFtD ³< WHQGUi FXLGDGR HO
HQFRPHQGHUR GH KDFHU HQVHxDU D ORV QDWXUDOHV HQ ODV FRVDV GH 1XHVWUD
6DQWD)p&DWyOLFD´>@3DUHFHVHUTXHHVWHDVXQWRQRPHUHFLyQXQFDSRUSDUWH
GH ORV HQFRPHQGHURV HO LQWHUpV TXH SXVLHURQ SRU HMHPSOR HQ HO FREUR
SHUVRQDO\SXQWXDOGHVXVWULEXWRV/DVyUGHQHVUHOLJLRVDVH[LJLHURQTXHVHOHV
SDJDUDSRUPDQWHQHULQGRFWULQDGRVDORVLQGLRVORVHQFRPHQGHURVVHQHJDURQ
DSDJDUHOSOHLWRGXUyRFKHQWD\FLQFRDxRV\ILQDOPHQWHORVIUDLOHVJDQDURQOD
SDUWLGD4XHGyDVtLQVWLWXLGRHOVtQRGRQRPEUHTXHVHOHGLRDODFXRWD>@
+XERVLQHPEDUJRYDULRVHQFRPHQGHURVTXHQRVHRSXVLHURQDOSDJRGHO
VtQRGR\TXH\DIXHUDSRUTXHSUHYLHVHQTXHORVIUDLOHVJDQDUtDQDODODUJDHO

 
SOHLWR R ELHQ SRUTXH FRQVLGHUDUDQ MXVWR UHWULEXLU D ORV GRFWULQHURV ²,9²
FRPHQ]DURQDKDFHUVXSDJRVGHVGHTXHVHLQLFLyHOOLWLJLR'RQ$QWRQLRQRV
FRPXQLFD PX\ FRPSODFLGR TXH HQWUH ORV SUHYLVRUHV HVWXYR VX DEXHOR < HV
SUHFLVDPHQWHDOOtLOXVWUDQGRXQDVXQWRJHQHUDOGRQGHYXHOYHDUHYHODPRVTXH /RVGRFWULQHURV
pOHQORSDUWLFXODUJR]DEDGHXQDHQFRPLHQGD3RUTXH²H[SOLFD²XQDYH]
JDQDGD OD FRQWURYHUVLD SRU ORV IUDLOHV ORV HQFRPHQGHURV ³« TXHGDURQ
'RQ$QWRQLRWHQtDDPLVWDGFRQYDQRVIUDLOHV\FXUDVGRFWULQHURV\PXFKDV
REOLJDGRV D SDJDU ODV FXRWDV FDtGDV GXUDQWH ORV RFKHQWD \ FLQFR DxRV GHO
GHVXVQRWLFLDVDFHUFDGHODVFRVWXPEUHVPiVtQWLPDVGHORVLQGLRVODVREWXYR
SOHLWR \ HO SURFHGHU GHO DEXHOR GHO FURQLVWD FRQWLQXDGR GHVSXpV SRU VX
GHORVUHOLJLRVRV >@(Q VXV GHVFULSFLRQHVSDQRUiPLFDVGpDPSOLDVUHJLRQHV
SDGUH OR OLEUy D pO GH WHQHU TXH SDJDU GH JROSH XQD VXPD FUHFLGD>@
GHOUHLQRILJXUDVLHPSUHODHVSHFLILFDFLyQGHODVSDUURTXLDV\FRQYHQWRVTXH
2LJDPRVVXVSURSLDVSDODEUDV³«<HQWUHORVTXHSDJDURQVLHPSUHIXHGRQ
WHQtDQDVXFDUJRODVDOXGHVSLULWXDOGHORVQDWLYRV >@\VXYLYRLQWHUpV SRU
)UDQFLVFR GH )XHQWHV \ *X]PiQ PL DEXHOR TXH REWXYR VX HQFRPLHQGD HQ
HVWHDVXQWROROOHYDDHQXPHUDUSXQWXDOPHQWHFXiOHVSXHEORVHUDQGH GRFWULQD
WLHPSRGHO3UHVLGHQWH'RQ$ORQVR&ULDGRGH&DVWLOOD60\
GHVSXpV 'RQ )UDQFLVFR GH )XHQWHV \ *X]PiQ PL SDGUH « < HVWR QR PH
HVWXYRPDODPtSXHVDMXVWDGDPLFXHQWDGHGRFWULQDVSRUHODxRGH
VRORPHDOFDQ]yHQWUHVFLHQWRVVHWHQWDSHVRVQHFHVLWDQGRRWURVGHVHPEROVRV
WUHV\FXDWURPLOSRUQRKDEHUSDJDGRFRVDDOJXQD«´>@
4XHGDPRV HQWHUDGRV SXHV GH TXH FRQ HO KRPEUH GH VtQRGR \ GHVGH
PHGLDGRVGHOVLJOR ;9,,ORVHQFRPHQGHURVWXYLHURQODREOLJDFLyQGHSDJDUD
ORV GRFWULQHURV VXV VHUYLFLRV HQ ORV SXHEORV GH HQFRPLHQGD /R FXDO HUD
SHUIHFWDPHQWH UD]RQDEOH SRUTXH HQ OD PHGLGD TXH DTXHOORV UHOLJLRVRV OH
LQFXOFDEDQ D ORV LQGLRV XQD GRFWULQD GH PDQVHGXPEUH REHGLHQFLD \
UHVLJQDFLyQ OH SUHVWDEDQ D ORV HQFRPHQGHURV XQ YDOLRVtVLPR VHUYLFLR <D
VDEHPRVTXHpVWRVH[WUDtDQGHORVSXHEORVXQFDXGDOGHULTXH]DFRPSOHWDPHQWH
JUDWXLWD FUHDGD SRU ORV QDWLYRV /RV HQFRPHQGHURV TXH DFHSWDURQ GHVGH XQ
SULQFLSLR HO SDJR GHO VtQRGR VLQ UHIXQIXxDU GHEHQ VHU WHQLGRV SRU KRPEUHV
VHQVDWRV

\ FXiOHV RWURV GH YLVLWD 6H GLIHUHQFLDED FRQ HVDV GHQRPLQDFLRQHV D ORV
SREODGRV TXH WHQtDQ GRFWULQHUR SHUPDQHQWH HVWDEOHFLGR HQ HO OXJDU GH
DTXpOORVRWURVTXHYLVLWDEDHOGRFWULQHURVRODPHQWHHQFLHUWRVGtDV(OFURQLVWD
QRV FXHQWD TXH FXDQGR XQ SXHEOR GH YLVLWD FUHFtD HQ SREODFLyQ WRPiQGRVH
LQVXILFLHQWH HO FXLGDGR TXH ORV LQGLRV UHFLEtDQ FRQ OD YLVLWD GH VX
DGPLQLVWUDGRUHVSLULWXDOORVWHUUDWHQLHQWHVGHODFRPDUFDWRPDEDQLQWHUpVHQHO
SUREOHPD\JHVWLRQDEDQTXHVHDGMXGLFDVHXQGRFWULQHURSHUPDQHQWH>@
/D FUyQLFD GH )XHQWHV \ *X]PiQ RIUHFH UHLWHUDGR WHVWLPRQLR GH OD
LPSRUWDQFLDTXHWHQtDSDUDORVKDFHQGDGRVODSUHVHQFLDGHOGRFWULQHURHQORV
SXHEORV/DFDXVDGHGLFKRIHQyPHQRHVFDVLREYLD\VHKDUiHYLGHQWHFXDQGR
HVWXGLHPRV OD GLQiPLFD LQWHUQD GH GLFKRV FRQJORPHUDGRV 'H PRPHQWR
OLPLWpPRQRVDVHxDODUTXHGHVSXpVGHODV/H\HV1XHYDV\SDUDWRGRHOUHVWR
GH OD pSRFD FRORQLDO HQ TXH HVWXYR YLJHQWH HO VLVWHPD GH UHSDUWLPLHQWRV GH
LQGLRV OHV IXH ULJXURVDPHQWH SURKLELGR D ORV KDFHQGDGRV WHQHU Q~FOHRV GH
WUDEDMDGRUHVLQGtJHQDVGHQWURGHVXVKDFLHQGDV ²JDxDQtDVRUDQFKHUtDV²\
TXH FDUHFLHQGR DO PLVPR WLHPSR GH DXWRULGDG SDUD HMHUFHU GRPLQLR GLUHFWR
VREUH ORV LQGLRV HQ VXV SXHEORV OHV HUD LPSUHVFLQGLEOH OD FRODERUDFLyQ GHO
GRFWULQHURTXHYHQtDDVHUXQDOLDGRFRQIDFXOWDGHVSDUDYLYLU\DFWXDUHQHO
VHQR GHO SREODGR (VH HV HO PRWLYR SRU HO FXDO QXHVWUR FURQLVWD ²
HQFRPHQGHUR\WHUUDWHQLHQWH²OHFRQFHGHWDQWDLPSRUWDQFLDHQODGHVFULSFLyQ
GHORVSXHEORVDOWHPDORVFXUDWRVDOWUDEDMRGHORVGRFWULQHURV³«FRQFX\R
FHOR HVPHUDGR \ SLDGRVR VH YHQ SURGXFLU IUXWRV GH HVWLPDEOH FRVHFKD \

JUDQD]yQ FULVWLDQD«´>@ 2EVpUYHVH FRPR GHWDOOH FXULRVR ORV VtPERORV H[LVWHQWHGHGLVSHUVLyQRUJDQL]DGDOODPpPRVODDVtORVLQGtJHQDVDQWHVGHOD
DJUtFRODVXVDGRVHQODPHWiIRUDIUXWRVFRVHFKDJUDQD]yQ FRQTXLVWD QR YLYtDQ SUHGRPLQDQWHPHQWH HQ FHQWURV GH SREODFLyQ VLQR HQ
8QDSUXHED PX\FODUDGHTXHODSRVLFLyQ GHOFULROOR IUHQWH D ODODERUGH
ORV IUDLOHV YHQtD GHWHUPLQDGD HQ GHILQLWLYD SRU OR TXH DTXHOOD ODERU
VLJQLILFDED SDUD ORV LQWHUHVHV HFRQyPLFRV GH OD FODVH WHUUDWHQLHQWH QRV OD
RIUHFHQ VXV FDPELRV GH RSLQLyQ DO MX]JDU D OD RUGHQ GH 6DQWR 'RPLQJR $O
FRQVLGHUDUDORVGRPLQLFRVFRPRSURWDJRQLVWDVGHODGHIHQVDGHOLQGLRFRPR
SURSXJQDGRUHV GH ODV JUDQGHV UHIRUPDV OH UHVXOWDQ GHFLGLGDPHQWH RGLRVRV \
QR GHVDSURYHFKD QLQJXQD RSRUWXQLGDG SDUD GHQRVWDUORV >@ 6X SURIXQGD
DYHUVLyQ UHFDH SULQFLSDOPHQWH VREUH )UD\ %DUWRORPp GH ODV &DVDV &RPSDUD
VX SUHGLFDFLyQ FRQ ODV SHRUHV FDODPLGDGHV TXH D]RWDURQ D OD SURYLQFLD HQ
RWURVWLHPSRV>@\ORFRQVLGHUDHQWUHRWUDVFRVDVXQKRPEUHOOHQRGHYHQHQR
>@DILFLRQDGRDORVHPEXVWHV\ODVLPSRVWXUDV >@FDXVDQWHGHWRGDFODVHGH
PDOHV >@ \ DXWRU GHO GHVSUHVWLJLR GH (VSDxD IUHQWH D ODV QDFLRQHV >@ /D
GHVDSUREDFLyQGH)XHQWHV\*X]PiQSDUDODREUDGHORVGRPLQLFRVHQHOVLJOR
FKR]DV \ FDVHUtRV GLVSHUVRV MXQWR D ORV VHPEUDGRV FRQVWLWX\HQGR JUDQGHV
iUHDVSREODGDV>@/RVFHQWURVXUEDQRVGHTXHGDQQRWLFLDORVFRQTXLVWDGRUHV
²WDOHVFRPR;HODM~*XPDUFDM,[LPFKp\RWURV²HUDQVRODPHQWHORVQ~FOHRV
GH FRQIOXHQFLD GH iUHDV KDELWDGDV PXFKR PiV DPSOLDV $ HVRV Q~FOHRV
FRQFXUUtD WRGD OD SREODFLyQ HQ GtDV GHWHUPLQDGRV FRQ ILQHV FRPHUFLDOHV
UHOLJLRVRV\GHDGPLQLVWUDFLyQSHURQRHUDQODPRUDGDSHUPDQHQWHGHODJUDQ
PD\RUtD GH OD SREODFLyQ QDWLYD >@ $Vt SXHV OD GLVSHUVLyQ DQiUTXLFD
DGRSWDGD SRU ORV LQGLRV FRPR UHFXUVR GH GHIHQVD IUHQWH D OD FRQTXLVWD VH
GHVDUUROOy D SDUWLU GH XQ FXDGUR GH GLVSHUVLyQ RUJiQLFD H[LVWHQWH FRQ
DQWHULRULGDG<WRGRHOORHUDGHVIDYRUDEOHDOJUDQSODQPRQiUTXLFR\PLVLRQDO
GHODV/H\HV1XHYDVTXHH[LJtDFRPRUHTXLVLWRLQGLVSHQVDEOHTXHORVLQGLRV
YLQLHUDQDYLYLUWRGRVVLQH[FHSFLyQHQSREODGRVSHUIHFWDPHQWHRUJDQL]DGRV
\ HVWDEOHV /RV LQGtJHQDV QR SRGtDQ SDVDU D VHU HIHFWLYDPHQWH YDVDOORV
;9,OROOHYDDHQFRQDUVHFRQHOJUDQKLVWRULDGRUGHDTXHOODREUDHQHOUHLQRGH WULEXWDULRVGHOUH\QLpVWHSRGUtDFHGHUSDUWHGHODWULEXWDFLyQHQFRPLHQGD
*XDWHPDOD)UD\$QWRQLRGH5HPHVDO >@1RSRGtDSUHYHUHOFURQLVWDFULROOR QL VHUtD SRVLEOH VXPLQLVWUDU D ODV KDFLHQGDV SHULyGLFDPHQWH PDQR GH REUD
TXH SRFRV DxRV GHVSXpV GH VX PXHUWH RWUR JUDQ FURQLVWD GRPLQLFR ²)UD\ LQGtJHQD UHSDUWLPLHQWR PLHQWUDV QR KXELHUD FHQWUR GH SREODFLyQ
)UDQFLVFR;LPpQH]²OHHUtDOD5HFRUGDFLyQ)ORULGD\VHxDODUtDHQPX\SRFDV SHUIHFWDPHQWHHVWDEOHFLGRV\FRQWURODGRVSRUODDXWRULGDG
SDODEUDVHOPRWLYRGHVXDYHUVLyQFRQWUDORVIUDLOHVGHIHQVRUHVGHOLQGLR³« 3XHVELHQHQHVWDHQRUPHODERUTXHVHOODPyUHGXFFLyQGHLQGLRVMXJDURQ
OR OOHYy HO HQFRQR TXH WHQtD FRQWUD ORV IUDLOHV GRPLQLFRV SRU KDEHU VLGR XQ SDSHO LPSRUWDQWtVLPR ORV IUDLOHV GH OD RUGHQ GH 6DQWR 'RPLQJR (OORV
HVWRVORVTXHVDFDURQGHODVXxDV\ORVGLHQWHVGHORVORERVFDUQLFHURV«D IXHURQORVFDPSHRQHVGHHVWDUHDOL]DFLyQTXHIXHHQGHILQLWLYDHOUHPDWHGH
DTXHVWRV SREUHV \ GHVYDOLGRV SROOXHORV « FRPR GHVFHQGLHQWH GH ORV TXH OD JUDQ WUDQVIRUPDFLyQ RFXUULGD HQ ODV FRORQLDV D PHGLDGRV GHO VLJOR ;9, <
ORV SXHEORV GH LQGLRV ODV UHGXFFLRQHV GH LQGLRV YLQLHURQ D VHU HO SXQWR GH
HMHFXWDURQDTXHVWDVFUXHOGDGHV«´³>@
3HURHOFDVRHVTXHORVGRPLQLFRVDOPLVPRWLHPSRTXHUHDOL]DEDQODJUDQ
REUD GH DEROLU OD HVFODYLWXG GH LQGLRV VH GLHURQ D OD WDUHD ²TXH HUD SDUWH
HVHQFLDO GHO JUDQ SODQ² GH RUJDQL]DU ORV SXHEORV GH LQGLRV 3RUTXH OD
HVFODYLWXG KDEtD FDXVDGR XQD GLVSHUVLyQ TXH HUD JUDYH REVWiFXOR SDUD OD
UHRUJDQL]DFLyQ GH OD FRORQLD 0XFKRV LQGLRV YLYtDQ HQ ODV KDFLHQGDV GH VXV
DPRV PXFKRV RWURV DQGDEDQ KX\HQGR UHWLUDGRV HQ PRQWDxDV \ OXJDUHV
UHPRWRV \ RWURV SHUPDQHFtDQ HQ OD VHGH GH ORV DQWLJXRV SREODGRV
SUHKLVSiQLFRV(VHDOWRJUDGRGHGLVSHUVLyQ\GHVRUJDQL]DFLyQIXHUHVXOWDGRGH
XQDSHFXOLDUVXPDGHIDFWRUHVODHVFODYLWXGDUUDVWUyLQGLRVDODVKDFLHQGDV\
DKX\HQWy LQGLRV D ORV PRQWHV SHUR HVWR YLQR D RSHUDU VREUH XQ FXDGUR \D
 
DSR\R GH WRGR HO VLVWHPD HFRQyPLFR TXH VH HVWUXFWXUy D SDUWLU GH DTXHO
SHUtRGR/RFXDOTXLHUHGHFLUTXHORVWHUUDWHQLHQWHV\HQFRPHQGHURVFULROORV
GHVFHQGLHQWHV \ KHUHGHURV GH DTXHOORV ³ORERV´ D TXLHQHV ORV GRPLQLFRV
GHVSRMDURQ GH VXV HVFODYRV YLQLHURQ D VHU D OD ODUJD GHXGRUHV GH ORV
GRPLQLFRV OD UHGXFFLyQ JDUDQWL]y HO FREUR UHJXODU GH ORV WULEXWRV GH ORV
HQFRPHQGHURV\ODGLVSRQLELOLGDGGHPDQRGHREUDSDUDORVWHUUDWHQLHQWHV
(O FURQLVWD WHUUDWHQLHQWH \ HQFRPHQGHUR GXUR MXH] GH ORV GRPLQLFRV
FXDQGR ORV UHFXHUGD FRPR SLRQHURV GH ODV /H\HV 1XHYDV \ HQHPLJRV GH OD
HVFODYLWXG WLHQH SDUD HOORV HPSHUR PX\ HIXVLYRV HORJLRV FXDQGR ORV
UHFRQRFH FRPR DXWRUHV GH OD UHGXFFLyQ /RV OODPD HQWRQFHV ³« KLMRV GH OD
D]XFHQD GH 6DQWR 'RPLQJR«´>@ (Q GRV SDODEUDV HO FURQLVWD DERUUHFH R
HORJLD D ORV GRPLQLFRV VHJ~Q TXH ORV FRQVLGHUH HQ GLVWLQWRV SDVDMHV GH OD
FUyQLFD FRPR GHIHQVRUHV GHO LQGLR R FRPR IDYRUHFHGRUHV LQGLUHFWRV GH VX
H[SORWDFLyQ
1RVKHPRVGHWHQLGRDVHxDODUODVUHODFLRQHVHQWUHUHOLJLRVRVKDFHQGDGRV
\HQFRPHQGHURVHQWRPRDOSXHEORGHLQGLRVQRVyORSRUHOLQWHUpVTXHHQVt
PLVPRUHYLVWHHODVXQWRVLQRWDPELpQSDUDGDUXQDLGHDGHFyPRTXHGDURQODV
FRVDV GHVSXpV GH ODV UHIRUPDV <D VH KDEUi FRPSUHQGLGR TXH ORV
GHVFHQGLHQWHV GH FRQTXLVWDGRUHV \ SULPHURV FRORQRV TXHGDURQ HQ SRVLFLyQ
PX\ YHQWDMRVD 3HVH D HOOR VLHPSUH UHFRUGDURQ FRQ QRVWDOJLD ORV WLHPSRV
SULPHURVGHODFRORQL]DFLyQHQ TXHVXV DQWHSDVDGRVHUDQDPRV DEVROXWRVGH
ORVLQGLRV\ORVH[SULPtDQDVXDQWRMR(VWDHUDXQDGHODVFDXVDV²QROD~QLFD
² GH TXH ORV FULROORV IXHVHQ XQD FODVH GRPLQDQWH \ H[SORWDGRUD \ D OD YH]
HPEHUULQFKDGD\UHVHQWLGD
$EDQGRQHPRV \D HO DQFKXURVR WHPD GH ODV /H\HV 1XHYDV FX\DV
SUR\HFFLRQHVPiVLPSRUWDQWHVKDQVLGRVHxDODGDV

²9²
/RVFULROORV\ODEXURFUDFLD
/ODPDODDWHQFLyQTXH'RQ$QWRQLRGH)XHQWHV\*X]PiQKDELHQGRVLGR
FRPRIXHXQULFRKDFHQGDGRFRQFDVDGHPXFKRSRUWHHQODFLXGDGGH6DQWLDJR
GH*XDWHPDOD>@VHQRVSUHVHQWHHQODFUyQLFDFRPRKHUDOGR\YRFHURGHORV
GHVFHQGLHQWHV GH FRQTXLVWDGRUHV TXH KDEtDQ FDtGR HQ OD SREUH]D >@
6RUSUHQGHHQFRQWUDUSDVDMHVGHODREUDHQORVFXDOHVUHILULpQGRVHDOJUXSRGH
FULROORV HPSREUHFLGRV KDEOD GH HOORV HQ WpUPLQRV GH OD SULPHUD SHUVRQD
SOXUDOLQFOX\pQGRVHHQHVHJUXSRGHGHVSOD]DGRV >@pOTXHHQRWURVOXJDUHV
QRVKDKDEODGRGHVXVWLHUUDVGHODERUGHVX³PDUDYLOORVR´LQJHQLRGHD]~FDU
GHVXFDVDSXGLHQWHGHVXHQFRPLHQGDGHVXFDUJRGH5HJLGRU3HUSHWXRHQHO
$\XQWDPLHQWR\GHVXOXFUDWLYDJHVWLyQGH&RUUHJLGRU«>@
(VD DSDUHQWH LQFRQJUXHQFLD WLHQH SRU FDXVD XQ IHQyPHQR XQLYHUVDO HQ OD
YR]GHOLQGLYLGXRVHGHMDRtUVLHPSUHODYR]GHODFODVHVRFLDO1DGDWLHQHGH
H[WUDxRTXHHOFULROORULFRKDEOHHQQRPEUHGHWRGRVORVFULROORVLQFOXLGRVORV
SREUHWRQHV (VD HYHQWXDO GLIHUHQFLD GH IRUWXQD QR ERUUDED OD FRPXQLGDG GH
LQWHUHVHV HFRQyPLFRV ²TXH HUD HO IDFWRU DJOXWLQDQWH GH OD FODVH² VLQR DO
FRQWUDULR REOLJDED D WHQHU PX\ SUHVHQWH OD VROLGDULGDG SRUTXH HO
HPSREUHFLPLHQWRGHXQRVHUDXQDLQTXLHWDQWHDGYHUWHQFLDSDUDWRGRV
&XDQGR VH OHH OD 5HFRUGDFLyQ )ORULGD SHQHWUDQGR VX HQRUPH VXSHUILFLH
QRWLFLRVD SUHVWDQGR RtGR DO FODPRUHR HPRFLRQDO TXH OH GLR RULJHQ QR VH
SHUFLEHHQGHILQLWLYDHOPHQVDMHGHXQLQGLYLGXRGHXQKRPEUHDLVODGRVLQRHO
WHVWLPRQLRGHWRGRXQJUXSRVRFLDO(QHVRUDGLFDODIXHU]DH[WUDRUGLQDULDGH
HVWHGRFXPHQWRKLVWyULFRHQTXHPiVDOOiGHOFDXGDOGHQRWLFLDVFRQFUHWDV²
FX\R YDORU LQIRUPDWLYR HV JUDQGtVLPR² FRUUH XQ WRUUHQWH GH DFWLWXGHV GH
JUXSR GH QRVWDOJLDV \ FHUWLGXPEUHV GH DGKHVLRQHV \ DERUUHFLPLHQWRV GH
WHPRUHV\IDQIDUURQDGDVXQWRUUHQWHGHVXEMHWLYLGDG\SDVLyQTXHQRQDFHHQHO
DXWRUFRPRLQGLYLGXRVLQRHQXQQLYHOPiVKRQGRHQTXHHOLQGLYLGXRKDEOD
HQQRPEUHGHVXJUXSRVRFLDO
'RV FDStWXORV GH OD FUyQLFD HVWiQ GHGLFDGRV D GHPRVWUDU TXH HQ HO UHLQR

YLYtDQSRUDTXHOHQWRQFHVFLHQWRRQFHIDPLOLDVTXHSURFHGtDQGLUHFWDPHQWHGH
FRQTXLVWDGRUHV\SULPHURVSREODGRUHV>@/DILQDOLGDGGHHVHWUR]RGHODREUD
HVGHPRVWUDUTXHPXFKDVGHHVDVIDPLOLDVVHHQFRQWUDEDQSHVHDVX³«LOXVWUH
VDQJUH«´>@ HQ VLWXDFLRQHV TXH DO FURQLVWD OH SDUHFtDQ PRUWLILFDQWHV \ QR
GLJQDVGHOOLQDMHGHORV³EHQHPpULWRV´>@/RVGRVFDStWXORVHVWiQHVFULWRVHQ
WRQRGHDOHJDWR\HVHYLGHQWHTXHHOFULROORSHQVDEDHQHO&RQVHMRGH,QGLDV
PLHQWUDV HVFULEtD 1R VH DEVWLHQH GH UD]RQDU SRU HMHPSOR TXH ORV
GHVFHQGLHQWHV GH VHUYLGRUHV GH OD FRURQD UDGLFDGRV HQ (VSDxD JR]DEDQ GH
³³« PXFKRV PLOODUHV GH UHQWD«´ >@ DXQ WUDWiQGRVH GLFH GH VHUYLFLRV
PHQRVLPSRUWDQWHVTXHORVSUHVWDGRVSRUORVFRQTXLVWDGRUHVGH$PpULFD
6XUJH HQWRQFHV OD SUHJXQWD ¢(VWDEDQ VLHQGR GHVSOD]DGRV ORV FULROORV"
¢'HFtD YHUGDG HO FURQLVWD DO DILUPDU TXH PXFKRV GH HOORV VH KDOODEDQ
DUULQFRQDGRV\SDGHFtDQSREUH]D"/DUHVSXHVWDHVDILUPDWLYD²VtVHGDEDHO
IHQyPHQR GH GHVSOD]DPLHQWR GH DOJXQRV FULROORV² SHUR VL KD GH VHU XQD
UHVSXHVWD KLVWyULFD FRPSOHWD KD\ TXH GHVGREODUOD HQ WUHV H[SOLFDFLRQHV TXH
SDVDPRVDGDULQPHGLDWDPHQWH /DFUyQLFDGH)XHQWHV\*X]PiQHVULFDHQQRWLFLDVLOXVWUDWLYDVGHODSXJQD
3ULPHUD/RVFULROORVHPSREUHFLGRVGHTXHKDEOD)XHQWHV\*X]PiQQRVH
KDOODEDQHQODPLVHULDQRYLYtDQHQ FRQGLFLRQHVQLUHPRWDPHQWHSDUHFLGDVD
ODV GH ORV LQGLRV SREUHV $OJXQRV GH HOORV YLYtDQ HQ HO LQWHULRU GHO SDtV
UHGXFLGRV D ORV SURYHFKRV GH DOJXQD SHTXHxD HVWDQFLD R KDFLHQGD >@ RWURV
YLYtDQHQODFLXGDGDUULPDGRVDSDULHQWHVULFRVWDPELpQFULROORVTXHORVLEDQ
D\XGDQGR>@2WURVPiVKDOODURQFDELGDHQOD,JOHVLDDGRQGHQRVXHOHHQWUDU
HOKDPEUHFRPRHVVDELGR1RROYLGHPRVTXHXQRHVHOFRQFHSWRGHSREUH]D
HQODPHQWDOLGDGGHORVH[SORWDGRUHVFXDQGRSLHQVDQHQORVGHVXSURSLDFODVH
\RWURPX\GLVWLQWRVFXDQGRDOXGHQDODVSHQDOLGDGHVGHORVRSULPLGRV/RTXH
)XHQWHV \ *X]PiQ FRQVLGHUDED FRPR XQD VLWXDFLyQ GH HQFRJLPLHQWR \
PRGHVWLD«´>@UHILULpQGRVHDORVGHVXPLVPRHVWUDWRVRFLDOKDEUtDVLGRXQD
GLFKD LPSRVLEOH SDUD OD LQPHQVD PD\RUtD GH ORV LQGtJHQDV 'HEH LQVLVWLUVH
ILQDOPHQWH HQ TXH ORV FULROORV HPSREUHFLGRV FRQVWLWXtDQ XQ UHGXFLGR JUXSR
VHJ~QVHGHVSUHQGHGHOSURSLRWH[WRTXHHVWDPRVHVWXGLDQGR
(O VHJXQGR DVSHFWR GH OD UHVSXHVWD HV HO VLJXLHQWH 'HVGH PHGLDGRV GHO
VLJOR;9,ODSROtWLFDLPSHULDODGRSWyODOtQHDGHOLUUHWLUDQGRGHORVSXHVWRVGH
PDQGR D ORV FRQTXLVWDGRUHV \ D VXV GHVFHQGLHQWHV VXEVWLWX\pQGRORV FRQ
SHUVRQDV TXH QR WHQtDQ LQWHUHVHV UDGLFDGRV HQ $PpULFD )XHURQ FUHDGRV

QXHYRVyUJDQRVGHJRELHUQRHVWULFWDPHQWHUHSUHVHQWDWLYRVGHOSRGHUFHQWUDO²
ODV $XGLHQFLDV IXHURQ ORV PiV LPSRUWDQWHV² HQ ORV FXDOHV QR WHQtDQ HQWUDGD
ORV FULROORV >@ /RV KHUHGHURV GH OD FRQTXLVWD FRQVHUYDURQ SRVLFLRQHV QR
REVWDQWHHQORVyUJDQRVGHJRELHUQRGHQLYHOPHGLRORV
$\XQWDPLHQWRVIXHURQEDVWLRQHV GH HVDDULVWRFUDFLDGXUDQWH WRGD ODpSRFD
FRORQLDO >@ /RV &RUUHJLPLHQWRV \ ODV $OFDOGtDV 0D\RUHV ²MHIDWXUDV
SROtWLFDVGHORVGLVWULWRVLQWHULRUHVGHODVSURYLQFLDV²WDPELpQHVWXYLHURQHQ
VXPD\RUtDHQPDQRVGHFULROORV3HURHVWRQRPRGLILFyODWHQGHQFLDJHQHUDO\
FRQVWDQWH GH UREXVWHFHU HO SRGHU FHQWUDO D H[SHQVDV GH ORV SULYLOHJLRV GH OD
DULVWRFUDFLDLQGLDQD6HIXHKDFLHQGRPiVIXHUWH\PiVH[LJHQWHODEXURFUDFLD
HVSDxROD LQVWDODGD HQ ODV FRORQLDV \ D ILQDOHV GHO VLJOR ;9,, ²pSRFD GH OD
5HFRUGDFLyQ )ORULGD² HO SURFHVR KDEtD SXHVWR D ORV FULROORV HQ PDUFDGD
GHVYHQWDMD\ORVREOLJDEDDWROHUDUGHPX\PDODJDQDXQDVHULHGHyUGHQHV\
PHGLGDV GH JRELHUQR TXH PHQJXDEDQ VX DXWRULGDG \ UHVXOWDEDQ D YHFHV
KXPLOODQWHV
GHORVFULROORVFRQODEXURFUDFLD\SDUWLFXODUPHQWHGHODTXHVHOLEUDEDHQWUH
HO $\XQWDPLHQWR \ OD $XGLHQFLD GH *XDWHPDOD (OOR VH H[SOLFD IiFLOPHQWH
SULPHUR SRUTXH GLFKDV LQVWLWXFLRQHV IXHURQ FRPR \D VH GLMR ORV FHQWURV
UHSUHVHQWDWLYRV GH ODV GRV IXHU]DV FRQWUDSXHVWDV \ VHJXQGR SRUTXH GRQ
$QWRQLRFRPRPLHPEURTXHIXHGHXQDGHHOODVGHVDUUROODODUJRVWUR]RVGHVX
REUDDVXPLHQGRODVSRVLFLRQHVGHO&DELOGR\FRQWHPSODQGRODVFRVDVSRUDVt
GHFLUOR GHVGH ODV YHQWDQDV GHO $\XQWDPLHQWR <D VX SDGUH KDEtD RFXSDGR XQ
OXJDUHQGLFKDLQVWLWXFLyQ>@\VXSURSLRLQJUHVRDHOODDODWHPSUDQDHGDGGH
GLHFLRFKRDxRVORLGHQWLILFDEDSOHQDPHQWHFRQDTXHOEDOXDUWHGHODROLJDUTXtD
FULROOD >@ 6RQ SRU HVR QXPHURVDV VXV GLDWULEDV FRQWUD OD $XGLHQFLD FX\RV
HUURUHVVHHPSHxDHQDEXOWDU >@\DSDVLRQDGRVORVSDVDMHVHQTXHUHODWDORV
GLVJXVWRVKDELGRVHQWUHODVGRVLQVWLWXFLRQHV/RVPiVLPSRUWDQWHVGHDTXHOORV
DOWHUFDGRVVHRULJLQDEDQFODURHVWiHQODOXFKDSRUHOFRQWUROGHODULTXH]D
SHURGHOSODQRHFRQyPLFRWUDVFHQGtDQFRPRRFXUUHVLHPSUHHQHVWRVFDVRVDO
SODQR SROtWLFR \ DXQ DO QLYHO GH ODV SXUDV IRUPDOLGDGHV $\XQWDPLHQWR \
$XGLHQFLDGLVSXWDQHOGHUHFKRGHUHSDUWLULQGLRVSDUDODVKDFLHQGDVHQHOYDOOH
TXHFLUFXQGDEDDODFLXGDGGH*XDWHPDOD >@QRWLItFDVHDO$\XQWDPLHQWRTXH
FHVD HQ OD DGPLQLVWUDFLyQ GHO LPSXHVWR OODPDGR DOFDEDOD GH EDUORYHQWR

TXHGDQGR HOORV D FDUJR GH XQR GH ORV RLGRUHV GH OD $XGLHQFLD >@ OD
$XGLHQFLDTXLHUHSULYDUDO$\XQWDPLHQWRGHOGHUHFKRGHLQIRUPDUDOUH\³«HQ
FRVDV FRQYHQLHQWHV D OD UHS~EOL«´ >@ HO $\XQWDPLHQWR KDFH VDEHU DO
3UHVLGHQWH GH OD $XGLHQFLD TXH QR HVWi REOLJDGR D LU SRU pO D SDODFLR SDUD
DFRPSDxDUOR D FDWHGUDO >@ OD $XGLHQFLD GHFUHWD TXH HQ WRGRV ORV DFWRV
S~EOLFRV \ VROHPQHV FXDQGR VH KDOOHQ SUHVHQWHV ORV RLGRUHV ODV ³PD]DV´
LQVLJQLDVGHO$\XQWDPLHQWRGHEHQFRORFDUVHDORVSLHVGHORVRLGRUHV>@\DVt
SRGUtDPRV VHJXLU PHQFLRQDQGR HSLVRGLRV TXH SRQtDQ IUHQpWLFR D QXHVWUR
5HJLGRU3HUSHWXRHQORVTXHVHREVHUYDODVRUGDULxDTXHPDQWHQtDQODVGRV
LQVWLWXFLRQHV
/DV TXHMDV GH GRQ $QWRQLR GHMDQ YHU FyPR LED SHUGLHQGR DXWRULGDG \
SUHVWLJLRODYLHMDQREOH]D\KD\HQVXREUDSDVDMHVWDQOOHQRVGHUHVHQWLPLHQWR
\ HVFULWRV FRQ WDQWD YLYH]D TXH SDUHFH HVWDUVH YLHQGR FRQ ORV RMRV OR TXH
SDVDED &XHQWD SRU HMHPSOR TXH D SULQFLSLRV GH VLJOR WRGDYtD VH
DFRVWXPEUDED FRQ PRWLYR GH OD OOHJDGD GH XQ QXHYR 3UHVLGHQWH GH OD
$XGLHQFLD FLWDU D OD QREOH]D GH WRGR HO UHLQR SDUD FRQRFHUOD HQ VXV PiV
FRQVSLFXRV UHSUHVHQWDQWHV (UD DTXHOOD XQD FHUHPRQLRVD FRQYRFDWRULD D ORV
FULROORV HQ OD TXH VHQWtDQ VX YDOLPLHQWR \ KDOODEDQ PRWLYR GH KRQGD
VDWLVIDFFLyQ3HURHQORVWLHPSRVDFWXDOHVGLFHHOFURQLVWDUHILULpQGRVHDORV
VX\RV ORV 3UHVLGHQWHV WRPDQ HO FDPLQR GH UHJUHVR D (VSDxD WUDV KDEHU
JREHUQDGR YDULRV DxRV ³« VLQ KDEHU FRQRFLGR OD GpFLPD SDUWH GH HVWRV
EHQHPpULWRVGH*XDWHPDOD«´>D@ (Q VtQWHVLV OD EXURFUDFLD HVSDxROD YHQtD
UHVWiQGROH DWULEXFLRQHV \ SRGHU D OD QREOH]D FULROOD \ HVWD WHQGHQFLD VH
VRVWXYRKDVWDHOFRODSVRGHOUpJLPHQFRORQLDO3HURHVQHFHVDULRFRPSUHQGHU
TXHDSHVDUGHHVHSURFHVRGHGHVSOD]DPLHQWRODFODVHVRFLDOGHORVFULROORV
VH UHQRYy FRQWLQXDPHQWH FRQVHUYy \ DXQ IRUWDOHFLy VX SRVLFLyQ HQ OR
HFRQyPLFR\IXHHQILQODFODVHVRFLDOTXHVHKDOOyFDSDFLWDGDSDUDWRPDUHO
SRGHUDODKRUDGHOD,QGHSHQGHQFLD([SOLFDUFyPR\SRUTXpRFXUULyHVRHV
HO WHUFHU DVSHFWR GH OD UHVSXHVWD D OD FXHVWLyQ GHO GHVSOD]DPLHQWR GH ORV
FULROORV+HPRVGHMDGRSDUD~OWLPRHVWHDVSHFWRSRUVHUHOPiVLPSRUWDQWHHO
TXHDFODUDODVXSHUYLYHQFLDGHDTXHOJUXSRVRFLDODGHVSHFKRGHODSROtWLFD
FHQWUDOL]DGRUDTXHWHQGLyVLHPSUHDGHELOLWDUOR

 
 ²9,²
'HVSOD]DPLHQWR\UHQRYDFLyQHQODFODVH
FULROOD
$OGDUXQDSULPHUDGHILQLFLyQGHODSDODEUDµµFULROOR´DOFRPLHQ]RGHHVWH
OLEURVHKL]RODDGYHUWHQFLDGHTXHODLQPLJUDFLyQGHHVSDxROHVHOFRQVWDQWH
DUULEDU GH SHQLQVXODUHV TXH YHQtDQ D EXVFDU IRUWXQD HQ ,QGLDV GLR FRPR
UHVXOWDGRODSURPRFLyQGHQXHYDVJHQHUDFLRQHVGHFULROORV'HEHPRVUHWRPDU
DKRUD DTXHOOD DILUPDFLyQ SDUD FRPHQ]DU D H[SOLFDU HO SURFHVR GH
GHVSOD]DPLHQWRGHXQRVFULROORV\ODDSDULFLyQGHRWURV3RUTXHHVRIXHORTXH
RFXUULyODVYLHMDVIDPLOLDVKHUHGHUDVGHODFRQTXLVWDIXHURQSHUGLHQGRWHUUHQR
HQORHFRQyPLFR\HQORSROtWLFRSHURODVQXHYDVJHQHUDFLRQHVGHFULROORVVLQ
DOFDQ]DU QXQFD PiV ODV DOWDV SRVLFLRQHV GH PDQGR ORJUDURQ HVR Vt
HQULTXHFHUVH \ UHWHQHU OD SRVLFLyQ TXH KDEtD FRUUHVSRQGLGR D ORV DQWLJXRV
FULROORV $ HOOR VH GHEH TXH HQ ORV LQLFLRV GHO VLJOR ;,; DO UHDOL]DUVH OD
HPDQFLSDFLyQQRDSDUH]FDQHQODDULVWRFUDFLDWHUUDWHQLHQWHORVQRPEUHVGHORV
³EHQHPpULWRV´GHORVVLJORV;9,\;9,,²&KDYHV3DUHGHV'DUGyQ3RODQFR
+ROJXtQ$YDORV&XHWR2UGXxD9LYDU;LUyQ3iH]0DUtQ\WDQWRVRWURV>@
VLQRORVGHODVIDPLOLDVTXHHQHVHHQWRQFHVSUHSRQGHUDEDQHQODFODVHVRFLDO
FULROOD $\FLQHQD %HOWUDQHQD %DWUHV 3DYyQ ÈOYDUH] $VWXULDV $UULYLOODJD
/DUUD]iEDO0HOyQ3DORPR%DUUXWLD\PXFKRVPiV>@
(OSURFHVRTXHHVWDPRVHQXQFLDQGR²TXHSDVDUHPRVDDQDOL]DUHQVHJXLGD
² SUHVHQWD SXHV XQD IRUPD SHFXOLDU GH OXFKD GH FODVHV ORV LQPLJUDQWHV
HVSDxROHVSUHVLRQDEDQVREUHORVFULROORV\OHVUREDEDQWHUUHQRSHURQRFRPR
XQD FODVH DQWDJyQLFD TXH DVSLUD D GHUULEDU \ GHVWUXLU D VX HQHPLJD VLQR FRQ
EXUJXHVtD QR SUHWHQGLHQGR HOLPLQDUOD VLQR LQFRUSRUDUVH D HOOD \ OD JUDQ
EXUJXHVtDWLHQGHDGHVWUXLUDVXHQHPLJDPHQRUQRDQWDJyQLFD/DSUHVLyQTXH
HMHUFtDQORVLQPLJUDQWHVVREUHORVFULROORV\ODOXFKDGHpVWRVGHIHQGLpQGRVH
GLR SRU UHVXOWDGR ²KH DTXt OR TXH LQWHUHVD VHxDODU² OD UHQRYDFLyQ GH OD
FODVH FULROOD FRQ QXHYRV HOHPHQWRV \ VX FRQVHUYDFLyQ FRPR WDO FODVH VRFLDO
/RV FULROORV YLHMRV KHUHGHURV GH OD FRQTXLVWD HQ IRUPD GLUHFWD IXHURQ
OHQWDPHQWHGHVSOD]DGRVGHOSULPHUSODQRSRUHVSDxROHVTXHYLQLHURQGHVSXpV
SHUR TXH DO FRQYHUWLUVH WDPELpQ HQ WHUUDWHQLHQWHV \ H[SORWDGRUHV GH VLHUYRV
LQGtJHQDVVHDVLPLODURQDODHVWUXFWXUDGHFODVHVSUHH[LVWHQWHVLQDOWHUDUODHQ
ORPiVPtQLPR(VHQHODQiOLVLVGHHVWHSURFHVRGRQGHVHYLHQHDFRPSUHQGHU
FRQWRGDFODULGDGTXHORVUDVJRVHVHQFLDOHV\GHILQLGRUHVGHODFODVHFULROOD
IXHURQODSURSLHGDGODWLIXQGLVWDGHODWLHUUD\ODH[SORWDFLyQGHOWUDEDMRVHUYLO
GHO LQGLR /RV SULPHURV FULROORV FRQVWLWX\HURQ XQD FODVH VRFLDO SRUTXH
KHUHGDURQGHODFRQTXLVWDHVR/RVFULROORVWDUGtRVSURWDJRQLVWDVFHQWUDOHVGH
OD ,QGHSHQGHQFLD GH *XDWHPDOD OXFKDURQ VLHPSUH HQ WRUQR GH OR PLVPR ²
FRQVHUYDFLyQ\DPSOLDFLyQGHODSURSLHGDGWHUULWRULDO\GHOFRQWUROGHOLQGLR
² \ SDVDURQ D VHU OD FODVH GRPLQDQWH GHO SDtV JUDFLDV D TXH WHQtDQ HQ VXV
PDQRV HVR 3XHGH \ GHEH KDEODUVH VRFLROyJLFDPHQWH GH XQD ROLJDUTXtD
FULROOD HQ*XDWHPDODKDVWDODpSRFD FRQWHPSRUiQHD HQ OD PHGLGDTXHSXHGD
FRPSUREDUVHODSUHVHQFLDGHXQJUXSRVRFLDOGLULJHQWHFX\DIXHU]DHFRQyPLFD
\SROtWLFDUHVLGDHQODSRVHVLyQGHODWLIXQGLRV\ODH[SORWDFLyQGHOLQGLRFRPR
WUDEDMDGRU QR OLEUH 3RU OR PHQRV KDVWD OD 5HYROXFLyQ GH  ²£IHFKD WDQ
UHFLHQWH ² XQD ROLJDUTXtD GH HVH WLSR IXH OD FODVH GRPLQDQWH HQ HO SDtV
LQGLVFXWLEOH \ DEVROXWD >@ < HO FULROOLVPR OD FRQFLHQFLD GH FODVH GH ORV
FULROORV\DSHUILODGDHQORIXQGDPHQWDOGHVGHORVSULPHURVVLJORVFRORQLDOHV
²HVWiWRGDYtDYLYRHQODPHQWDOLGDGGHORVJUXSRVSRGHURVRVGHOSDtVFRPR
FRQVHFXHQFLD QDWXUDO GH OD SHUGXUDFLyQ GH DTXHOODV EDVHV HFRQyPLFDV (Q OD
WHQD]SHUVLVWHQFLDGHHVWDVFDWHJRUtDVKLVWyULFDVHVWULEDMXVWDPHQWHHOLQWHUpV
SURSyVLWRV PX\ GLIHUHQWHV ORV LQPLJUDQWHV OXFKDEDQ SRU LQWURGXFLUVH HQ OD
FODVH GH ORV FULROORV GHVSOD]DEDQ D pVWRV SDUD RFXSDU VX OXJDU +D\ TXH
HQWHQGHUORELHQ\UHFRUGDUTXHODKLVWRULDGHODVVRFLHGDGHVGHFODVHVRIUHFH
PXFKRV HMHPSORV FRPR pVWH HQ TXH JUXSRV QR DQWDJyQLFRV SXJQDQ
UHVSHFWLYDPHQWHSRULQWURGXFLUVHXQRHQHORWUR\SRULPSHGLUHVDSHQHWUDFLyQ
(Q OD VRFLHGDG FDSLWDOLVWD SRU HMHPSOR OD SHTXHxD EXUJXHVtD OXFKD FRQ OD

\ODLPSRUWDQFLDGHVXHVWXGLR
/DFUyQLFDGH)XHQWHV\*X]PiQVXPLQLVWUDYDOLRVDLQIRUPDFLyQDFHUFDGH
OD SXJQD HQWUH ORV FULROORV \ ORV LQPLJUDQWHV HVSDxROHV TXH YHQtDQ D
HVWDEOHFHUVH HQ OD SURYLQFLD (O FURQLVWD ORV OODPD ³DGYHQHGL]RV´ >@
DSHODWLYRTXHSUREDEOHPHQWHIXHGHXVRFRP~QHQWUHORVFULROORVSDUDDOXGLUD
ORVLQPLJUDQWHV²VLQTXHGHHOORKD\DSUXHED²\TXHHQWRGRFDVRUHIOHMD

ORTXHODYLHMDDULVWRFUDFLDWHUUDWHQLHQWHYHtDHQORVHVSDxROHVUHFLpQOOHJDGRV ²9,,²
LQWUXVRVOOHJDGRVWDUGH\HQPDODKRUD
(O SUREOHPD GH ORV LQPLJUDQWHV KDEtD VXUJLGR FODUR HVWi GHVGH HO VLJOR
;9, <D ORV FRQTXLVWDGRUHV VH TXHMDEDQ ²FXDQGR D~Q QR KDEtD PDGXUDGR OD &DXVDVGHOPHQRVSUHFLRGHOHVSDxROKDFLDORV
SULPHUDJHQHUDFLyQGHFULROORV²GHTXHFDGDGtDYHQtDQGH(VSDxDSHUVRQDV
FRQWtWXORVTXHOHVDEUtDQODVSXHUWDVGHODSURYLQFLD\SHUMXGLFDEDQDTXLHQHV FULROORV
OD KDEtDQ FRQTXLVWDGR>@ 8QR GH DTXHOORV LQPLJUDQWHV KDEtD VLGR HO SURSLR
ELVDEXHOR GH GRQ $QWRQLR SHUR VXV KLMRV \ QLHWRV FRQYHUWLGRV \D HQ /D DFWLWXG GH PHQRVSUHFLR TXH DGRSWDEDQ ORV HVSDxROHV IUHQWH D ORV
WHUUDWHQLHQWHV\HQFRPHQGHURVWXYLHURQTXHKDEpUVHODVFRQORVLQWUXVRVGHODV FULROORVHODGHPiQGHVGHxRVRQRHUDSHUFHSWLEOHVRODPHQWHSDUDORVFULROORV
pSRFDV VLJXLHQWHV (O SDGUH GHO FURQLVWD VRVWXYR FRPR 3URFXUDGRU GHO PLVPRV VLQR DXQ SDUD SHUVRQDV DMHQDV DO FRQIOLFWR (O IUDLOH LQJOpV 7RPiV
$\XQWDPLHQWRXQODUJROLWLJLRFRQHO3UHVLGHQWHGHOD$XGLHQFLD'RQ$OYDUR *DJH VRFDUUyQ \ SDQFLVWD D TXLHQ DTXHOOD HQHPLVWDG QR DIHFWDED HQ ORV PiV
4XLxyQH]GH2VRULR0DUTXpVGH/RUHQ]DQDSRUUD]yQGHXQDVHQFRPLHQGDV
FRQFHGLGDV D SHUVRQDV TXH D MXLFLR GH DTXHOOD FRUSRUDFLyQ QR HUDQ
PHUHFHGRUDVGHGLFKDFRQFHVLyQ/DWHVLVGHO3URFXUDGRUHUDTXHGHEtDGDUVH
ODVHQFRPLHQGDVYDFDQWHVDORVGHVFHQGLHQWHVGHFRQTXLVWDGRUHV\SREODGRUHV
DQWLJXRV>@$VtSXHVHOFURQLVWDVHVLWXDEDHQODWUDGLFLyQGHVXIDPLOLD\GH
VXFODVHDOSURWHVWDUDORODUJRGHWRGDVXREUDFRQWUDDTXHOORVDGYHQHGL]RV
TXH VHJ~Q pO DILUPD QR WHQtDQ PpULWRV SHUR JR]DEDQ GHO IDYRULWLVPR GH OD
PtQLPRODPHQFLRQDVLQHPEDUJRHQPXFKRVSDVDMHVGHVXFpOHEUHOLEURGH
YLDMHV'LFHHQXQRGHHOORVORVLJXLHQWH³« QRVROR HVWiQSULYDGRVGHORV
RILFLRV \ FDUJRV GH JRELHUQR VLQR TXH ORV HVSDxROHV DGYHQHGL]RV ORV
DIUHQWDQ WRGRV ORV GtDV FRPR D SHUVRQDV LQFDSDFHV GH JREHUQDU D ORV
GHPiV \ PHGLR LQGLRV«´>@ (VDV SRFDV SDODEUDV HVWiQ OOHQDV GH
FRQQRWDFLRQHVTXHHVFRQYHQLHQWHHVSLJDU(QSULPHUOXJDUHOYLDMHURWDPELpQ
XVDHOFRQFHSWRGH³DGYHQHGL]RVHVFXULRVRTXHHOWUDGXFWRUKD\DHVFRJLGR
FRURQD\HOOROHVEDVWDEDSDUDYHQLUDHPSXMDUDTXLHQHVVtORVWHQtDQ>@(VWH
DOHJDWR OOHQR GH HQRMR HVWi SUHVHQWH HQ GLYHUVDV IRUPDV HQ WRGD OD
5HFRUGDFLyQ )ORULGD \ ORV DUJXPHQWRV GHO FULROOR GHMDQ YHU OD DFWLWXG TXH
DVXPtDQORVDGYHQHGL]RVIUHQWHDORVDPHULFDQRV\IUHQWHDWRGRORDPHULFDQR
/RV HVSDxROHV OOHJDEDQ OOHQRV GH tQIXODV HQJUHtGRV ILQJLHQGR XQ
GHVSUHFLR\XQDVXSHULRULGDGTXHPRUWLILFDEDQDORVFULROORV >@9DOHODSHQD
TXHDQDOLFHPRVHVWHDVXQWRDSDUWHSRUTXHORVJHVWRVGHVXSHULRULGDGGHJUXSR
HQFXEUHQFDVLVLHPSUHWUXFRVUHODFLRQDGRVFRQODVOXFKDVGHFODVHV
 
SUHFLVDPHQWHHVDSDODEUDSDUDUHIHULUVHDORVLQPLJUDQWHVHVSDxROHVORFXDO
UHIXHU]DODVXSRVLFLyQGHTXHHODSHODWLYRHUDGHXVRJHQHUDOL]DGR(QVHJXQGR
OXJDUVHREVHUYDTXHSDUDODpSRFDHQTXH*DJHYLYLyHQ*XDWHPDOD²SULPHUD
GpFDGD GHO VLJOR ;9,, \D KDEtDQ VLGR GHVSOD]DGRV ORV FULROORV GH ORV DOWRV
FDUJRV GH JRELHUQR VL ELHQ HV FLHUWR FRPR TXHGy GLFKR HQ RWUR OXJDU TXH
UHWXYLHURQORVSXHVWRVGHDXWRULGDGHQHOQLYHOPHGLR(QWHUFHUOXJDUHOWH[WR
SDUHFHUtD UHIHULUVH D ORV PHVWL]RV FXDQGR GLFH TXH ORV HVSDxROHV ORV
FRQVLGHUDEDQ³PHGLRLQGLRV´\QRKD\WDOFRVDQRVHWUDWDEDHQPRGRDOJXQR
GHORVPHVWL]RVVLQRPX\FRQFUHWDPHQWHGHORVFULROORVORTXHRFXUUtDHUDTXH
²£\D HQWRQFHV \ GHVGH HQWRQFHV ² DWULEXLUOH D DOJXLHQ SDUHQWHVFR R
FRQVDQJXLQLGDGFRQORVLQGLRVHUDXQPRGRGHGLVPLQXLUOR\UHEDMDUORFRQOD
SDODEUD /RV SHQLQVXODUHV XVDEDQ IUHQWH D ORV FULROORV H[DFWDPHQWH HO PLVPR
SUHMXLFLR TXH pVWRV DGRSWDEDQ IUHQWH D ORV LQGLRV HO RULJHQ KLVSDQR GDED
VXSHULRULGDG ²DVt VH GHFtD² \ PiV VXSHULRULGDG ² DOHJDEDQ ORV
DGYHQHGL]RV² FXDQWR PiV SXUR \ FHUFDQR IXHUD HVH RULJHQ $Vt FRPR ORV
FULROORV LQYRFDEDQ VX VDQJUH HVSDxROHV SDUD MXVWLILFDU IDOD]PHQWH VX
SUHGRPLQLR VREUH ORV LQGtJHQDV DVt ORV SHQLQVXODUHV WUDWDEDQ GH SUHVHQWDUVH VXJHVWLRQDGR\FRQYHQFLGRGHODVXSHULRULGDGGHORHVSDxRO6HOHLQFXOFDED
FRPR PiV JHQXLQDPHQWH HVSDxROHV SDUD MXVWLILFDU HO GHVSOD]DPLHQWR GH ORV GHVGHODFXQDTXHHORULJHQHVSDxROHUDODFDXVDGHVXVXSHULRULGDGGHFODVH\
FULROORV1RSXGLHQGRQHJDUHOHQWURQTXHKLVSDQRGHODVIDPLOLDVFULROODVORV HVH SUHMXLFLR PDFKDFDGR \ DVLPLODGR D OR ODUJR GH WRGD OD YLGD WHQtD TXH
HVSDxROHVGHFtDQHQWUHRWUDVFRVDVTXHHOYLYLUSRUYDULDVJHQHUDFLRQHVHQHO PRWLYDUVHQWLPLHQWRVGHLQVHJXULGDGIUHQWHDORVSHQLQVXODUHV(QHVWHSXQWRDO
FOLPDGH$PpULFDOHVKDFtDSHUGHU ³« FXDQWR GH EXHQR OHV SXGR LQIOXLU OD FULROORORWUDLFLRQDEDQVXVSURSLRVSUHMXLFLRVHVJULPLGRVSRUXQHQHPLJRGH
VDQJUHGH(VSDxD«´>@ FODVHTXHQRHUDHOLQGLR
/DV MDFWDQFLDV GH ORV HVSDxROHV HUDQ FODUR HVWi WUXFRV SDUD SUHVHQWDUVH $KRUD ELHQ GHO PLVPR PRGR TXH DO UHIHULPRV DO SUHMXLFLR GH
FRPRPHUHFHGRUHVGHWRGRORTXHOHVRIUHFtDHOPXQGRLQGLDQR&UHDEDQFRQ VXSHULRULGDGGHOFULROORIUHQWHDOLQGLR²HQHOSULPHUFDStWXORGHHVWHOLEUR²
HOODVODLPSUHVLyQGHTXHKDEtDQGHMDGRDVXVHVSDOGDVXQPXQGRPXFKRPHMRU SURFHGLPRV VHxDODQGR ODV FDXVDV KLVWyULFDV YHUGDGHUDV GH DTXHOOD
\GHTXHJDQDEDQSRFRTXHGiQGRVHHQ$PpULFD(UDQSXHVORVPHOLQGUHVGH VXSHULRULGDG DVt WDPELpQ DKRUD DO UHIHULPRV D OD H[LWRVD OXFKD GH ORV
TXLHQDOUHJDWHDUDSDUHQWDPHQRVSUHFLRSDUDREWHQHUDVtDPHQRVSUHFLROR LQPLJUDQWHV FRQ ORV FULROORV FRQYHQGUi TXH QRV SUHJXQWHPRV VL QR KDEUi
TXH GHVHD DGTXLULU 6HUtD RFLRVR GHPRVWUDU DTXt TXH ORV HVSDxROHV KDELGR DOJXQD VXSHULRULGDG HIHFWLYD DOJXQD YHQWDMD UHDO TXH SXVLHUD D ORV
LQPLJUDQWHV FRQ WRGRV ORV GHIHFWRV TXH GHFtDQ KDOODU HQ HVWDV WLHUUDV VROtDQ DGYHQHGL]RV HQ FRQGLFLRQHV GH YHQFHU OD UHVLVWHQFLD GH ORV FULROORV
TXHGDUVH WHUFDPHQWH HQ HOODV 1R KDEtD HQ (VSDxD VLHUYRV FRQ FX\R VXGRU LQWURGXFLpQGRVHHQVXJUXSR
SXGLHUDDPDVDUVHIiFLOPHQWHXQDIRUWXQD 5HVSRQGDPRVDHVDSUHJXQWDHQXQEUHYHDSDUWDGRHVSHFLDO
$QWRQLRGH)XHQWHVTXHFRPRFULROORVHDIHUUDEDDORVX\R\DGLYLQDEDHO
WUXFRGHVXVHQHPLJRVLQWURGXFHQRWDVDPDUJDVFXDQGRHQWRQDHOFDQWRGHODV
ERQGDGHV \ EHOOH]DV GH VX SDtV 1R SXHGH TXLWDUVH GH OD FDEH]D D ORV
DGYHQHGL]RV TXH PHQRVSUHFLDEDQ WDOHV ERQGDGHV \ VX GHVSHFKR OR OOHYD D
FRPSDUDUORVFRQODVDUDxDVTXHDIHDQODVIORUHVWDV\YLYHQGHORTXHKD\HQ
HOODV >@(QHOLQWHUHVDQWH\DPSOLRFDStWXORHQTXH)XHQWHVKDEODGHOPDt]\
GH VXV YDULDGRV XVRV QR SXHGH ROYLGDUVH GHO ILQJLGR GHVGpQ FRQ TXH ORV
HVSDxROHVPLUDEDQHVD~WLOSODQWD >@6LHVWiKDEODQGRGHODPXFKDV\EHOODV
IORUHV TXH DPHQL]DQ \ DGRUQDQ HO UHLQR VH OH YLHQH D OD PHQWH TXH ORV
SHQLQVXODUHV MX]JDEDQ PiV EHOODV ODV GH (VSDxD \ FRQFOX\H ³«FRPR QR
KHPRV YLVWR DTXpOODV pVWDV QRV SDUHFHQ IORUHV ELHQ SHUIHFWDV \
KHUPRVDV«´>@ 6L PiV DGHODQWH GHVFULEH OD PDMHVWXRVLGDG GH ODV PRQWDxDV
GH VX WHUUXxR OR DVDOWD GH SURQWR OD FRPSUREDFLyQ GH TXH QR ODV DGRUQD OD
QLHYH >@ 6H SUHJXQWD XQR TXp QHFHVLGDG KDEtD GH PHQFLRQDU OD QLHYH XQ
HOHPHQWRDMHQRDOSDLVDMHJXDWHPDOWHFR\FRPSOHWDPHQWHGHVFRQRFLGRSDUDHO
FULROOR>@RWURVHVWXSHQGRVHOHPHQWRVGHSDLVDMHKDEtDHQVXWLHUUD\IDOWDEDQ
HQ HO SDLVDMH GH (VSDxD ²ORV YROFDQHV SRU HMHPSOR² \ PiV UD]RQDEOH
KDEUtD VLGR GHVFULELU FRQ HQWXVLDVPR OR TXH KDEtD VLQ ODPHQWDU OR TXH VH
HFKDED GH PHQRV 3HUR OD YHUGDG HV TXH HO FULROOR HVWDED HIHFWLYDPHQWH

 
 ²9,,,² DFRVWXPEUDGRVDGDUyUGHQHV\DQRHVWURSHDUVHODURSDORVFULROORVGHELHURQ
DGTXLULU ORV UDVJRV GH FDUiFWHU GH XQD FODVH LQIDWXDGD \ KDUDJDQD (Q WRGD
$PpULFD VH ORV DFXVDED GH LQGROHQWHV IUtYRORV GDGRV D OD SRPSD
9HQWDMDVGHOLQPLJUDQWHIUHQWHDOFULROOR GHUURFKDGRUHV \ SOHLWLVWDV LQFDSDFHV GH XQ HVIXHU]R VRVWHQLGR >@ \ DXQTXH
HVDV DFXVDFLRQHV KD\DQ VLGR IRUPXODGDV SULQFLSDOPHQWH SRU HVSDxROHV
LQWHUHVDGRV HQ GHVHVWLPDU D ORV FULROORV GHEH VXSRQHUVH TXH DOJR KDEtD GH
+D\ TXH VHxDODU HQ SULPHU WpUPLQR TXH PXFKRV LQPLJUDQWHV YHQtDQ GH
FLHUWR HQ HOODV (O FRQVXPLU VLQ SURGXFLU HO GLVIUXWDU VLQ WUDEDMDU HO YLYLU
(VSDxD FRQ SULYLOHJLRV REWHQLGRV DOOi (VWR ORV SRQtD GHVGH HO SULPHU
FRPR SDUiVLWRV \ DXQ GHVSUHFLDU D TXLHQHV OHV GDEDQ GH FRPHU IXHURQ
PRPHQWRHQVLWXDFLyQPX\YHQWDMRVD3RUTXHHOOOHJDUDODSURYLQFLDFRQXQD
FLUFXQVWDQFLDV TXH QXQFD SURSLFLDURQ OD DSDULFLyQ GH WLSRV KXPDQRV ELHQ
HQFRPLHQGD REWHQLGD GH DQWHPDQR R FRQ XQD RUGHQ SDUD UHFLELU WLHUUDV
LQWHJUDGRV/D+LVWRULD8QLYHUVDOSRQHHQHYLGHQFLDTXHHODGHPiQFHxXGR\
VLJQLILFDED TXH HO LQPLJUDQWH QR YHQtD D DEULUVH FDPLQR VLQR TXH KDOODED HO
DJUHVLYRODFUXHOGDGGHODVFODVHVSDUDVLWDULDVIUHQWHDTXLHQHVWLHQHQEDMRVX
FDPLQRDELHUWR\ORTXHOHIDOWDEDSDUDHQULTXHFHUVHHUDXQUD]RQDEOHFXLGDGR
GRPLQDFLyQ²HVSHFLDOPHQWHFXDQGRDFW~DQFRQJDUDQWtDGHLPSXQLGDG²VRQ
HQVXVQHJRFLRV
UDVJRVTXHHQFXEUHQJUDQGHVGHELOLGDGHVGHFDUiFWHU\YLFLRVTXHEURWDQGHOD
(Q VHJXQGR OXJDU GHEH TXHGDU DGYHUWLGR TXH HQ WRGR WLHPSR EDMR HO
VDFLHGDG \ OD KROJD]DQHUtD /RV FULROORV QR IXHURQ FLHUWDPHQWH XQ HMHPSOR
UpJLPHQFRORQLDOSDVDURQD$PpULFDJUXSRVGHHVSDxROHVTXHVHDFRJtDQDOD
H[WUHPDGR GH HVD OH\ XQLYHUVDO SHUR HV VHJXUR TXH WDPSRFR IXHURQ XQD
SURWHFFLyQ GH ORV IXQFLRQDULRV TXH HUDQ HQYLDGRV HQ VXEVWLWXFLyQ GH RWURV
H[FHSFLyQ7RPiV*DJHKDFHXQDYHQHQRVDGHVFULSFLyQGHORVGH&KLDSDV²
-XQWR D ORV 3UHVLGHQWHV \ ORV QXHYRV RLGRUHV \ WDPELpQ DUULPDGRV D
SURYLQFLDGHOUHLQRGH*XDWHPDOD²\GHVSXpVGHUHtUVHGHODSHGDQWHUtDTXH
IXQFLRQDULRVGHOD5HDO+DFLHQGDVROtDQYHQLUJUXSRVGHSDULHQWHV\DPLJRV
VHJ~Q pO ORV GLVWLQJXtD \ GH OD IORMHGDG GH FDUiFWHU TXH HQ HOORV GHVFXEULy
ORV FXDOHV LQVWDODGRV FRPR VLPSOHV LQPLJUDQWHV JR]DEDQ GH XQ WUDWR
DQRWD TXH ³« OHV SDUHFH TXH QR KD\ HQ HO PXQGR FRVD PHMRU TXH GRUPLU
SUHIHUHQFLDO\VDFDEDQGHHOORSURQWDVYHQWDMDV>@
WUDQTXLODPHQWHHQVXFDPD«´>@
'H ORV GRV DVSHFWRV GH OD FXHVWLyQ ²TXH SXHGHQ UHGXFLUVH DO KHFKR
(VHWHUFHUSXQWRODGHELOLGDGGHFDUiFWHUGHORVFULROORVQRKDEUtDVLGRXQ
JHQHUDO GH TXH PXFKRV LQPLJUDQWHV YHQtDQ DPSDUDGRV EDMR DOJXQD IRUPD GH
IDFWRU GH VX GHVSOD]DPLHQWR VL QR VH KXELHUD FRPELQDGR FRQ OR TXH HQ HVWD
SURWHFFLyQRILFLDO²GDQSUXHEDQXPHURVRVGRFXPHQWRVGHVGHHOVLJOR ;9,\
H[SOLFDFLyQ YLHQH D VHU HO FXDUWR SXQWR HO KHFKR GH TXH ORV LQPLJUDQWHV
VRQ SRU HVR ORV PiV HYLGHQWHV 3HUR SRVLEOHPHQWH QR IXHURQ ORV PiV
SURFHGtDQ GH XQD VRFLHGDG PXFKR PiV GHVDUUROODGD 0LHQWUDV ORV FULROORV
LPSRUWDQWHV(VSUHFLVRILMDUODDWHQFLyQHQRWURVGRVIDFWRUHVTXHWLHQHQTXH
FRQVWLWXtDQ XQD FODVHV H[SORWDGRUD \ KDUDJDQD HQ OD VRFLHGDG IHXGDO ORV
KDEHUMXJDGRXQSDSHOSULPRUGLDOHQHOSURFHVRGHGHELOLWDPLHQWRGHODVYLHMDV
LQPLJUDQWHVHUDQSRUWpUPLQRPHGLRHOHPHQWRVGHODVFODVHVWUDEDMDGRUDVGH
IDPLOLDV FULROODV \ OD DSDULFLyQ GH RWUDV QXHYDV (VWRV GRV IDFWRUHV DFWXDEDQ
XQD VRFLHGDG PHUFDQWLOLVWD +D\ TXH SUHVWDUOH DWHQFLyQ D HVH KHFKR /D
MXQWRVHQFRPELQDFLyQ\DVtORVSUHVHQWDUHPRVLQPHGLDWDPHQWH
SUHVHQFLD GH JUDQGHV PDVDV LQGtJHQDV VXVFHSWLEOHV GH VHU SXHVWDV HQ
$QRWHPRVSXHVHQWHUFHUOXJDUHOKHFKRGHTXHORVFULROORVQRHUDQJHQWH
VHUYLGXPEUH GHWHUPLQy TXH ORV HVSDxROHV RUJDQL]DUDQ HQ $PpULFD XQD
GHHPSXMH6HIRUPDEDQHQXQDVRFLHGDGHQTXHHOWUDEDMRHUDUHDOL]DGRSRU
VRFLHGDGIHXGDOSHUROD(VSDxDGHOVLJOR ;9,\DKDEtDHQWUDGRHQODSULPHUD
RWURV VHFWRUHV VRFLDOHV VREUH ORV VLHUYRV LQGtJHQDV UHFDtDQ ODV WDUHDV PiV
HWDSDGHOFDSLWDOLVPR<VLELHQHVFLHUWRTXHHQORVVLJORVVLJXLHQWHVQRWXYR
SHVDGDV \ ORV PHVWL]RV \ PXODWRV ²WUDEDMDGRUHV QR VHUYLOHV² FXEUtDQ ODV
XQ GHVDUUROOR FDSLWDOLVWD YLJRURVR ²HO VDTXHR GH ODV FRORQLDV IXH
DFWLYLGDGHVQRDJUtFRODVWDOHVFRPRDUWHVDQtDVWUDQVSRUWHFULDQ]DGHJDQDGR
SUHFLVDPHQWHHOIDFWRUSULQFLSDOGHVXGHILQLWLYRUHWUDVRFRPRSDtVHQYtDVGH
\RWUDV(GXFDGRVFRPRKLMRVGHIDPLOLDVDFRPRGDGDVURGHDGRVGHVLUYLHQWHV
LQGXVWULDOL]DFLyQ² >@ QR HV PHQRV FLHUWR TXH OD HVWUXFWXUD HFRQyPLFD \

 
VRFLDO GH OD PHWUySROL IXH PXFKR PiV DYDQ]DGD TXH OD GH VXV SURYLQFLDV (O
GHVDUUROOR GH OD HFRQRPtD PHUFDQWLO \ HO PRYLPLHQWR GH FDSLWDO FRPHUFLDO
KDEtDQ GHVFRPSXHVWR HQ (VSDxD ODV UHODFLRQHV GH SURGXFFLyQ SURSLDV GH OD
HFRQRPtD IHXGDO (O WUDEDMR DVDODULDGR KDEtD VXEVWLWXLGR FDVL WRWDOPHQWH DO
WUDEDMRVHUYLO\DEDMRHOUHLQDGRGHORVOODPDGRV5H\HV&DWyOLFRV3HURFRPR
VHWUDWDEDHQORVVLJORV ;9,\;9,,GHXQFDSLWDOLVPRQDFLHQWH\HQWRUSHFLGR
HQVXGHVDUUROORSRUGLYHUVRVIDFWRUHV\FRPRODSURGXFFLyQPHUFDQWLOQRLED
PiVDOOiGHODPDQXIDFWXUD\ODSHTXHxDLQGXVWULDGHDOOtTXHFRQYLYLHUDMXQWR
DXQDEXUJXHVtDGpELOXQDDULVWRFUDFLDGHODWLHUUDHQYtDVGHGHVLQWHJUDFLyQ
>@(OSXHEOR HVSDxRO ODPDVDGHWUDEDMDGRUHVDJUtFRODV \XUEDQRVSDGHFtD
VLPXOWiQHDPHQWHODH[SORWDFLyQDVDODULDGDSURSLDGHODHWDSDGHDFXPXODFLyQ
RULJLQDULD GHO FDSLWDO >@ \ ODV DUELWUDULHGDGHV TXH HO SHVR GH OD WUDGLFLyQ
IHXGDOPDQWHQtDWRGDYtDYLYDV(UDXQSXHEORDSRUUHDGRDOTXHFDUDFWHUL]DED
MXQWRDVXSREUH]D\HQtQWLPDUHODFLyQFRQHOODXQDWUXKDQHUtDOOHQDGHLQJHQLR
\ DVWXFLD XQ SXHEOR TXH VH YHtD REOLJDGR D WUDEDMDU LQWHQVDPHQWH SDUD LU
SDVDQGRXQDYLGDGHUHJDWHRV\WUDPSDVHQGHUUHGRUGHFDGDPDUDYHGt(VELHQ
FRQRFLGR HO YLYR UHWUDWR TXH GH HVH SXHEOR VH FRQVHUYD HQ ODV SiJLQDV GHO
4XLMRWH REUD TXH WLHQH SRU HVFHQDULR OD UHDOLGDG HVSDxROD GH OD pSRFD GH
&HUYDQWHV /DEULHJRV PDOLFLRVRV SRVDGDV GH FDPLQR HQ TXH ORV HVFU~SXORV
PRUDOHV HUDQ WDQ H[LJXRV FRPR ORV DOLPHQWRV EDFKLOOHUHV \ SHOXTXHURV GH
PXFKRV LQJHQLR \ QLQJXQD IRUWXQD PDOHDQWHV WURWDPXQGRV XQD DELJDUUDGD
SREODFLyQTXHPLWLJDEDFRQYLQREDUDWRODIUXVWUDFLyQSHUPDQHQWHODDPDUJXUD
GHO EUHJDU FRQWLQXR \ HO DQGDU VLHPSUH HQWUDPSDGR /D PLVPD YLGD GH
&HUYDQWHV YLGD OOHQDGHKXPLOODFLRQHVGHULYDGDVGHOD SREUH]DYLGDTXH VH
H[WLQJXLy HQ OD PiV FRPSOHWD DPDUJXUD WUDV KDEHU DQGDGR VLHPSUH D OD
E~VTXHGDGHOIDYRUGHJUDQGHVVHxRUHV²VLQTXHIDOWDUDHQHOODHOSURSyVLWR
GH YHQLU D ,QGLDV HQ EXVFD GH PHMRU IRUWXQD² GD WHVWLPRQLR GH OR TXH HUD
SDUDODVFDSDVPHGLDVGHODSREODFLyQODOXFKDSRUODYLGDHQOD(VSDxDGH
ORVVLJORV;9,\;9,,>@
1L OD DULVWRFUDFLD HVSDxROD QL OD EXUJXHVtD SDVDURQ D ,QGLDV D EXVFDU
IRUWXQD1RWHQtDQSRUTXpKDFHUOR(QODpSRFDGHODFRQTXLVWDIXHIUHFXHQWH
TXH VH HQURODUDQ HQ ODV HPSUHVDV ORV VHJXQGRQHV ³KLMRVGDOJR´ R VHD ORV
HOHPHQWRV PDUJLQDOHV GH OD QREOH]D GHVSOD]DGRV DOOi TXH DQVLDEDQ
HQJUDQGHFHUVHDFi$OJXQRVQREOHVYLQLHURQGHVSXpVFRPRDOWRVIXQFLRQDULRV
 
²9LUUH\HV 3UHVLGHQWHV 9LVLWDGRUHV² D GHVHPSHxDU FDUJRV WHPSRUDOHV /D
FRUULHQWHPLJUDWRULDIXHDOLPHQWDGDEiVLFDPHQWHSRUODVFDSDVPHGLDV\SRU
WUDEDMDGRUHVVHQFLOORVGHOD SHQtQVXOD >@ $O SULQFLSLR IXH PiV QXPHURVD OD
LQPLJUDFLyQSURYHQLHQWHGHOVXUGH(VSDxDSHURJUDGXDOPHQWHIXHDXPHQWDQGR
ODTXHYHQtDGHOQRUWHHVGHFLUGHODVUHJLRQHVHQTXHODHFRQRPtDPHUFDQWLO
HVWDEDPiVGHVDUUROODGD >@(VDJHQWHHQODTXHSUHGRPLQDEDQORVKRPEUHV
MyYHQHVKDELWXDGDDODOXFKDSRUHOSDQHQXQDPELHQWHSREUH\GLItFLOFRQXQ
FDUiFWHU WHPSODGR \ IRUPDGR GHQWUR GH ODV PRGDOLGDGHV GHO EURQFR
FDSLWDOLVPRQDFLHQWHHUDODTXHYHQtDDODVFRORQLDV(UDHQVXPD\RUtDJHQWH
H[SORWDGDTXHWUDtDHOGHFLGLGR\ELHQIXQGDPHQWDGRSURSyVLWRGHFRQYHUWLUVH
HQH[SORWDGRUD(OSURPHGLRGHHVDJHQWHGHEHKDEHUWHQLGRXQDVDSWLWXGHV\
XQD HQHUJtD VXSHULRUHV D ODV GHO FULROOR PHGLR 1R SRU PRWLYRV GH XQ PiV
FHUFDQRRULJHQHVSDxROQLSRUTXHOD³VDQJUH´GHORVFULROORVVHPDOHDUDEDMR
HO FOLPD GH ODV FRORQLDV VLQR SRUTXH ORV KRPEUHV VRQ SURGXFWR GHO UpJLPHQ
HFRQyPLFR\GHOHVWUDWRVRFLDOHQTXHVHIRUPDQ8QWUDEDMDGRUIRUMDGRHQODV
SHQXULDVGHODH[SORWDFLyQFDSLWDOLVWDIRUPDGDVXPHQWHHQODFRPSOHMLGDGGH
ODV UHODFLRQHV GH XQD VRFLHGDG PHUFDQWLO WUDVODGDGR GH SURQWR D XQD
IRUPDFLyQVRFLDOPHQRVGHVDUUROODGD\SXHVWRDFRQWHQGHUFRQORVSHUH]RVRV
VHxRULWRV GH pVWD WHQtD TXH KDOODU HQ Vt FLHUWDV SHFXOLDULGDGHV TXH OR
IDYRUHFtDQ XQD PD\RU FDSDFLGDG SDUD HO HVIXHU]R VLQ FRPSHQVDFLRQHV
LQPHGLDWDV \ PiV DJLOLGDG PHQWDO HQ WpUPLQRV GH DVWXFLD GH PDOLFLD SDUD
VDFDU SDUWLGR GH ODV FRVDV \ ODV VLWXDFLRQHV /D FUyQLFD GH 7RPiV *DJH
PHQFLRQD HQ YDULDV RFDVLRQHV D HVRV HVSDxROHV WHQDFHV \ DKRUUDWLYRV FDVL
VLHPSUH ]DILRV FRGLFLRVRV \ H[HQWRV GH HVFU~SXORV PRUDOHV TXH DO PRULU
GHMDEDQDVXVKLMRVHQSRVHVLyQGHFXDQWLRVDVIRUWXQDV>@
(V PX\ VLJQLILFDWLYR HO KHFKR GH TXH )XHQWHV \ *X]PiQ HQ VX FRQVWDQWH
DxRUDUORVWLHPSRVLGRV\ODPHQWDUORTXHSDVDEDHQORVVX\RVOHUHSURFKHD
HVWRV~OWLPRV HOHVWDU FRQWDPLQDGRV GH PDOLFLD HVH HV HO FDOLILFDWLYR TXH OH
YLHQHDODSOXPDFXDQGRTXLHUHFLIUDUHQXQDVRODSDODEUDWRGRORTXHDpO\D
ORVVX\RVOHVUHVXOWDEDDGYHUVR³«ODPDOLFLDTXHKR\FRUUH«´´>@,QVLVWH
HQTXHODVUHODFLRQHVHQWUHORVKRPEUHVWDQWRHQORVQHJRFLRVSULYDGRVFRPR
HQORVS~EOLFRVHVWiQWRFDGDVGHFLHUWDFRUUXSFLyQ>@\VXUHSURFKHVHKDFH
PiV FODUR \ GLUHFWR ²PiV WUDVSDUHQWH SDUD TXLHQ EXVTXH HO IRQGR GH DTXHO
PDOHVWDU² DO VHxDODU FRQFUHWDPHQWH TXH OD FRUUXSFLyQ SURYHQtD GH KDOODUVH
ORVKRPEUHVPiV\PiV³«RFXSDGRVHQPHUFDQFtDV\FRQWUDWRV«´>@/R FRQ SRFRV JDVWRV HVH DWUDFWLYR DEVRUELy OD LQLFLDWLYD GH ORV LQPLJUDQWHV
TXH UHDOPHQWH RFXUUtD HUD TXH HQ HO UHLQR GH *XDWHPDOD LEDQ DSDUHFLHQGR FRQYLUWLpQGRORVHQKDFHQGDGRV$VtVHIXHUHKDFLHQGRVXFHVLYDPHQWHODFODVH
DXQTXHPX\GpELOPHQWHFLHUWDVUHODFLRQHVHFRQyPLFDVGHFDUiFWHUPHUFDQWLO VRFLDO GH ORV FULROORV DOLPHQWDGD SUHFLVDPHQWH SRU ORV DGYHQHGL]RV TXH
/DWLHUUDKDEtDFRPHQ]DGRDVHUREMHWRGHHVSHFXODFLyQQRVyORHQQHJRFLRV GHVSOD]DEDQDORVFULROORVYLHMRV\VHFRQYHUWtDQHQFULROORVDVXYH](VHIXH
GHFRPSUD\YHQWDVLQRWDPELpQJUDYiQGRODFRQKLSRWHFDVVREUHSUpVWDPRV(O HOSURFHVR/DVYLHMDVIDPLOLDVSURPLQHQWHVSDVDURQDVHUIDPLOLDVGHVHJXQGR
DxLOVHSURGXFtDFDVLtQWHJUDPHQWHSDUDODH[SRUWDFLyQ\WDPELpQVHH[SRUWDED \ WHUFHU RUGHQ GHQWUR GH OD FODVH FULROORV GH PHGLDQD ULTXH]D FULROORV
FDFDR\SHTXHxDVFDQWLGDGHVGHDFKRWH\YDLQLOOD>@7RGRHOORDPHQD]DEDOD HPSREUHFLGRV +XER WDPELpQ DOJXQDV IDPLOLDV TXH VH H[WLQJXLHURQ VLQ GHMDU
HVWDELOLGDG \ OD UHODWLYD VLPSOH]D GH ODV UHODFLRQHV IHXGDOHV \ DXQTXH VH VXFHVLyQ
WUDWDUD GH IHQyPHQRV VHFXQGDULRV TXH DSHQDV DOWHUDEDQ VXSHUILFLDOPHQWH OD
HVWUXFWXUDIHXGDOHOFULROORYLHMRHOWHUUDWHQLHQWHDODPDQHUDGHGRQ$QWRQLR
QR SRGtD YHU FRQ EXHQRV RMRV OD PiV OHYH DOWHUDFLyQ GHO VLVWHPD 1XHVWUR
KDFHQGDGR VHQWtD OD PiV SURIXQGD DQWLSDWtD KDFLD HO FXOWLYR GHO DxLO \ ORV
QHJRFLRVTXHGHVXH[SRUWDFLyQVHGHULYDEDQ >@,PSXJQDORVHQYtRVGHWLQWD
³«DWUXHFRGHWUDSRVYLHMRV\FDURV«´>@²HQHVWRVWpUPLQRVGHVGHxDHO
LQWHUFDPELRGHDxLOSRUWHODV²\FRQHOPLVPRWHVyQSURSXJQDTXHGHEHUtDQ
EXVFDUVH\H[WUDHUVHORVPHWDOHVSUHFLRVRVGHODHQWUDxDGHOSDtV/DFUyQLFDVH
GHWLHQH HQ YDULRV SXQWRV D GHPRVWUDU TXH HQ HO UHLQR KDEtD \DFLPLHQWRV
YtUJHQHV\ODWHVLVGHODXWRUHVTXHHQYH]GHHVWDUH[SRUWDQGRWLQWD²OOHJDD
H[FODPDU ³£RMDOi QR OD KXELHUD´ ²VH GHEHUtD H[SRUWDU OD ULTXH]D PLQHUDO
TXH pO VXSRQH HVFRQGLGD HQ HO VXEVXHOR GHO SDtV >@ +H DOOt SXHV HO
FRPSOHPHQWR GH OD DYHUVLyQ TXH HO KDFHQGDGR IHXGDO VHQWtD KDFLD HO
PHUFDQWLOLVPRpOKXELHUDGHVHDGRXQDHFRQRPtDFHUUDGD\DXWRFRQVXQWLYDVLQ
SURGXFFLyQ PHUFDQWLO QL QHJRFLRV TXH SXGLHUDQ LPSXOVDU HO GHVDUUROOR
FDSLWDOLVWD\HOWUDEDMRDVDODULDGR\SLHQVDTXHODPHWUySROLHVWDUtDVDWLVIHFKD
UHFLELHQGR RUR \ SODWD GH VXV FRORQLDV VLQ QHFHVLGDG GH SURPRYHU HQ HOODV
QLQJ~QFDPELR
6DEHPRVQRVRWURV²QRVORSHUPLWHHOYHUODVFRVDVUHWURVSHFWLYDPHQWH²
TXHODSURGXFFLyQPHUFDQWLOQRSURVSHUyHQ*XDWHPDODGXUDQWHODFRORQLD$XQ
HQORVGtDVGHOD
,QGHSHQGHQFLD HUD PX\ SRFR OR TXH VH SURGXFtD SDUD OD H[SRUWDFLyQ \
WRGDYtDHUDHODxLOHO~QLFRSURGXFWRTXHVHH[SRUWDEDHQFDQWLGDGHVGHFLHUWD
LPSRUWDQFLD>@/RVHVSDxROHVTXHYHQtDQDODSURYLQFLDFRQXQDPHQWDOLGDG
\XQD³PDOLFLD´PHUFDQWLOLVWDVDFDEDEDQFRQYHUWLGRVHQWHUUDWHQLHQWHV3RUTXH
KDELHQGRODSRVLELOLGDGGHDGTXLULUWLHUUDV\VLHUYRVSDUDVDFDUOHVSURYHFKR

 
 ²,;²
/DSDWULDGHORVFULROORVFRPRLGHDGH
FRQWHQLGRUHDFFLRQDULR
'HPRV WpUPLQR D HVWH FDStWXOR FRQ XQDV REVHUYDFLRQHV EUHYHV \ PX\
QHFHVDULDV
/DLGHDGHSDWULDTXHVHPDQLILHVWDHQODFUyQLFDPRQXPHQWDOGH)XHQWHV\
*X]PiQHUDXQDLGHDGHFRQWHQLGRUHDFFLRQDULR1RODDQLPDEDODYLVLyQGHO
IXWXURGHOSDtVHQWpUPLQRVGHFDPELR\GHVDUUROORVLQRWRGRORFRQWUDULRHUD
XQD UHVSXHVWD DQWH OD DPHQD]D GH WUDQVIRUPDFLyQ TXH LED LPSOtFLWD HQ OD
SROtWLFDLPSHULDO\HQHODUULERGHLQPLJUDQWHV
$GHVSHFKRGHORTXHSRGUtDHVSHUDUVHGHXQDREUDTXHHVGHIHQVD\FDQWR
GHODSDWULDOD5HFRUGDFLyQRIUHFHXQWRQRGHQRVWDOJLD\SHVDGXPEUHXQWRQR
GH ODPHQWDFLyQ TXH D OD ODUJD VH LPSRQH HQ HO OHFWRU \ DFDED SRU VHU OD
LPSUHVLyQPiVKRQGDTXHGHMDVXOHFWXUD(QWRGDHOODVHHVFXFKDODDxRUDQ]D
GH OR SDVDGR OD GHVDSUREDFLyQ GHO SUHVHQWH \ HO PLHGR D OR IXWXUR (O DXWRU
KDFH UHLWHUDGDV UHIOH[LRQHV VREUH HO GHYHQLU GH ODV FRVDV HO FDPELDU GH ORV
WLHPSRV\OHMRVGHDSDUHFHUDOOtXQDSHUVSHFWLYDGHOSRUYHQLUGHODSDWULDHV
SUHFLVDPHQWH HQ HOODV GRQGH VXHQDQ ODV QRWDV PiV VRPEUtDV \ O~JXEUHV GH OD
5HFRUGDFLyQ4XL]iVRQWDPELpQVXVQRWDVPiVtQWLPDV PRQDUTXtD HVSDxROD" < ILQDOPHQWH ¢1R KDEUi VXUJLGR HQ OD VRFLHGDG
³« HQ HO PXQGR QR KD\ ILMH]D QL HQ OR PiV JUDQGH QL HQ OR PiV
SHTXHxR«´ >@³«ODLQFRQVLVWHQFLDGHODVFRVDVTXHQXQFDDVLVWHQHQVX
VHU«´>@³«HVDFKDTXHGHORWHPSRUDOODSRFDILMH]DFRQTXHSURFHGHHQ
WRGR«´>@ ³« HQ OR KXPDQR QR KD\ FRVD ILMD QL VHJXUD«´>@ \ DVt
VXFHVLYDPHQWHVXHOHHOFURQLVWDUHFRUGDUQRVODPXGDQ]DGHODVFRVDVKXPDQDV
SHURMDPiVORKDFHFRPRSRGUtDKDFHUORXQDPHQWHSUR\HFWDGDKDFLDORIXWXUR
YLHQGRHQODPXWDELOLGDGXQDJDUDQWtDGHTXHPDxDQDSRGUiOOHJDUDHVWDUELHQ
ORTXHKR\HVWiPDOVLQRFRPRVXHOHQKDFHUORWRGDVODVPHQWHVYXHOWDVKDFLDHO
SDVDGR TXHMiQGRVH GH TXH OR TXH D\HU HVWXYR ELHQ \D QXQFD YROYHUi D
HQFRQWUDUVH HQ DTXHO HVWDGR (VH HV HO HVStULWX GH OD REUD FLIUDGR FRQ
DGPLUDEOH DFLHUWR HQ ODV GRV SDODEUDV TXH OH VLUYHQ GH QRPEUH \ WtWXOR OD

5HFRUGDFLyQ)ORULGDHVGHYHUDVXQDUHFRUGDFLyQXQYROYHUODPLUDGDDWUiV
KDFLDWLHPSRVTXHDODXWRUVHOHDQWRMDEDQIORUHFLHQWHV\SUyVSHURV(OHQRUPH
WUDEDMRGHUHFRQVWUXFFLyQKLVWyULFDUHDOL]DGRSRU)XHQWHV\*X]PiQHQPXFKRV
GHORVFDStWXORVGHVXREUDQRWLHQHODILQDOLGDGGHDUURMDUOX]\FRPSUHQVLyQ
VREUHHOSUHVHQWHGHOKLVWRULDGRU\PHQRVD~QODGHYLVOXPEUDUHOIXWXUR6X
ILQDOLGDGHVFRQWUDSRQHUORVDORVFDStWXORVHQTXHKDEODGHODDFWXDOLGDG²ORV
TXH VRQ SURSLDPHQWH FUyQLFD² \ GHPRVWUDU TXH ORV WLHPSRV SDVDGRV IXHURQ
PHMRUHVTXHORVDFWXDOHV
)iFLO HV HQWHQGHU GHVSXpV GHO DQiOLVLV KHFKR HQ HVWRV GRV FDStWXORV ²
WLWXODGRV³/DVGRV(VSDxDV´²TXHHOWRQRIXQGDPHQWDOPHQWHSHVLPLVWDGHOD
FUyQLFD GHO FULROOR DVt FRPR HO FRQWHQLGR UHDFFLRQDULR GH OD LGHD GH SDWULD
TXH HQ HOOD VH PDQLILHVWD HUDQ FRQVHFXHQFLD QHFHVDULD \ UHIOHMR GH OD
LQVHJXULGDGTXH SHVDED FRPRXQDDPHQD]DVREUHHOJUXSRGHYLHMDV IDPLOLDV
KHUHGHUDVGHODFRQTXLVWD
1RVDVDOWDQDTXtHPSHURYDULDVFXHVWLRQHVGLItFLOHVTXHH[LJHQUHVSXHVWD
¢+DEUi HVWDGR YLJHQWH WRGDYtD HVD LGHD GH SDWULD HQWUH ORV FULROORV TXH
GLULJLHURQ SROtWLFDPHQWH OD HPDQFLSDFLyQ GH *XDWHPDOD" ¢+DEUiQ WHQLGR ORV
FULROORV GHO ~OWLPR SHUtRGR FRORQLDO HVH PLVPR VHQWLPLHQWR GH ³SDWULD D OD
GHIHQVLYD´" ¢)XHURQ HIHFWLYDPHQWH ORV FULROORV TXLHQHV FRQWURODURQ OD
,QGHSHQGHQFLDDOFDQ]DQGRFRQHOORVXYLHMRSURSyVLWRGHKHJHPRQtD"¢3RGUi
LQWHUSUHWDUVHDTXHOHYHQWRVLPSOH\OODQDPHQWHFRPRODWRPDGHOSRGHUSRUXQ
JUXSR GH H[SORWDGRUHV TXH YHQtD REOLJDGR D FRPSDUWLU OD H[SORWDFLyQ FRQ OD
JXDWHPDOWHFD D WRQR FRQ HO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV HQ ORV
~OWLPRV VLJORV FRORQLDOHV ²D WRQR FRQ HO GHVDUUROOR GHO PHUFDQWLOLVPR SRU
HMHPSOR² XQD QXHYD FODVH VRFLDO XQD FDSD PHGLD DOWD XQD SHTXHxD
EXUJXHVtDTXHFRQFLELHUDODSDWULDHQWpUPLQRVGHGHVDUUROOR"(QVXPD¢)XH
OD,QGHSHQGHQFLDXQKHFKRUHYROXFLRQDULRRIXHODLPSODQWDFLyQGHODSDWULDGH
ORVFULROORV"
+HPRVKDEODGRKDVWDDTXtGHODGHIHQVDGHOSDWULPRQLR+HPRVH[DPLQDGR
FLHUWDV IRUPDV TXH WRPDED OD SXJQD GH FULROORV \ SHQLQVXODUHV HQ WRUQR DO
SDWULPRQLR GH ORV SULPHURV 3HUR WRGDYtD QR KHPRV DQDOL]DGR HO SDWULPRQLR
PLVPRWHQHPRVTXHKDEODUGHODWLHUUDHQXQFDSLWXOR\GHORVLQGLRVHQGRV
FDStWXORV HVSHFLDOHV 3RUTXH ORV LQGLRV WUDEDMDQGR OD WLHUUD HUDQ OD SDUWH

HVHQFLDOGHOSDWULPRQLRHQGLVSXWD6yORGHVSXpVGHKDEHUDQDOL]DGRHVRVGRV &DStWXOR&XDUWR
WHPDV SHQGLHQWHV SRGUHPRV TXL]i EXVFDU HO SODQWHDPLHQWR FRUUHFWR GH ODV
FXHVWLRQHV DUULED HQXQFLDGDV GDU UHVSXHVWD D DOJXQDV GH HOODV \ VXJHULU HO
FDPLQRSDUDKDOODUODUHVSXHVWDGHRWUDV/RGHMDUHPRVSDUDHOFDStWXORILQDO 7,(55$0,/$*526$
GHOOLEUR(VSUHFLVRDKRQGDUPXFKRPiVWRGDYtD

, /D SDWULD FRPR SDLVDMH ,, /D SROtWLFD DJUDULD

FRORQLDO\HOODWLIXQGLVPR,,,7LHUUDVGHLQGLRV,98Q
FDVR GH ³GLOLJHQFLDV´ SDUD REWHQHU WLHUUDV 9
1HFHVLGDG GH UHIRUPD DJUDULD DQWHV GH OD
,QGHSHQGHQFLD

 
 ²,²
/DSDWULDFRPRSDLVDMH
/D 5HFRUGDFLyQ )ORULGD HV MXQWR D PXFKDV RWUDV FRVDV XQ LQPHQVR
SDLVDMH(VXQFRPSOHMRGH+LVWRULD&UyQLFD*HRJUDItD(WQRJUDItDGLVFXVLyQ
GHSUREOHPDVHFRQyPLFRV\GHDGPLQLVWUDFLyQS~EOLFDTXHVHGHVDUUROODHQHO
HVFHQDULRGHXQSDLVDMHGHJUDQGHVGLPHQVLRQHV
3RGUtD SHQVDUVH TXH OD GHVFULSFLyQ GH XQ SDtV FRQILJXUD VLHPSUH XQ
SDLVDMH3HURQRHVDVt(QFDStWXORVYHQLGHURVWHQGUHPRVTXHXWLOL]DUPXFKR
WUDEDMDGRUTXHYLYHHQFRQWDFWRGLUHFWRFRQODWLHUUD(OFDPSHVLQRVDEHTXHOD
WLHUUD HV GXUD TXH WLHQH SHGUXVFRV \ HVSLQDV TXH KLHUH \ FDQVD OD YH FRPR
DOJRQHFHVDULR\HQWUDxDEOHSHURQRODLGHDOL]D/DSHUVSHFWLYDLGHROyJLFDGHO
SDLVDMH HQ FDPELR VXSRQH GLVWDQFLD HOHYDFLyQ KRUL]RQWH HV OD SHUVSHFWLYD
GHOKRPEUHTXHPLUDODWLHUUDGHVGHXQDSRVLFLyQGRPLQDQWHTXHODDPDSRU
GLYHUVRVPRWLYRV\FRQRFHPXFKRVGHVXVVHFUHWRVSHURTXHQRODWUDEDMD
1RHVFDVXDOLGDGTXHOD5HFRUGDFLyQ)ORULGDVHDOD~QLFDREUDFRORQLDOGH
FDUiFWHU KLVWyULFR TXH SUHVHQWD XQ SDLVDMH GH *XDWHPDOD (O KHFKR QR HVWi
PRWLYDGR FRPR SRGUtD SHQVDUVH D OD OLJHUD SRUTXH )XHQWHV \ *X]PiQ KD\D
VLGR HO ~QLFR ODLFR HQWUH QXHVWURV FURQLVWDV H +LVWRULDGRUHV FRORQLDOHV
5HPHVDO *DJH 9iVTXH] ;LPpQH] -XDUURV *DUFtD 3HOiH] FXDWUR IUDLOHV \
GRV FOpULJRV YLHQH GHWHUPLQDGR SRU OD FLUFXQVWDQFLD GH TXH HVH ~QLFR
XQH[WUDRUGLQDULRGRFXPHQWR TXHHVSUHFLVDPHQWHODGHVFULSFLyQ GH XQJUDQ
FURQLVWDODLFRIXHXQPLHPEURGHODFODVHWHUUDWHQLHQWHXQFULROOR²HQWHQGLGR
WUR]R GHO UHLQR GH *XDWHPDOD ²HV OD ³'HVFULSFLyQ *HRJUiILFR0RUDO GH OD
FODUR HVWi TXH ORV KRPEUHV UHSUHVHQWDWLYRV GH XQD FODVH VRQ VLHPSUH VXV
'LyFHVLVGH*RDWKHPDOD´KHFKDSRU'RQ3HGUR&RUWpV\/DUUD]²>@\VHYHUi KRPEUHVPHMRUGRWDGRV²
TXH OD HQXPHUDFLyQ \ OD GHVFULSFLyQ GH ORV SREODGRV \ GH ORV DFFLGHQWHV &RPRKDFHQGDGR)XHQWHVWHQtDHQODWLHUUDVXSULQFLSDOREMHWRGHLQWHUpV
JHRJUiILFRV GH ODV UHODFLRQHV H[LVWHQWHV HQWUH HOORV OD LQGLFDFLyQ GH ORV
²VyOR FRPSDUDEOH HQ LPSRUWDQFLD FRQ HO LQGLR TXH YHQtD D VHU HO
FXOWLYRV R GHO DEDQGRQR GH ODV GLYHUVDV UHJLRQHV OD DQRWDFLyQ GH ODV
FRPSOHPHQWR GH OD WLHUUD GHVGH HO SXQWR GH YLVWD FULROOR² /D 5HFRUGDFLyQ
GLVWDQFLDV\KDVWDHOFRPHQWDULRGHODVMRUQDGDVGHFDPLQRSXHGHQFRPSRQHU
WHQtD TXH VHU \ OR HV XQ WHVRUR GH QRWLFLDV UHODWLYDV D DTXHO PHGLR GH
DORVXPRXQSDQRUDPDLQFOXVRXQSDQRUDPDGHJUDQULTXH]DLQIRUPDWLYDSHUR
SURGXFFLyQDEVROXWDPHQWHIXQGDPHQWDO
QRFRPSRQHQXQSDLVDMH
$ OD H[SHULHQFLD GHO KDFHQGDGR VH VXPDED OD GHO YLHMR IXQFLRQDULR /D
3DUDTXHODGHVFULSFLyQGHXQSDtVOOHJXHDVHUXQSDLVDMHWLHQHQTXHGDUVH
WLHUUDQRHUDVyORHOHOHPHQWREiVLFRGHODDJULFXOWXUD\SRUHOORGHODYLGDGH
FRQGLFLRQHV PX\ HVSHFLDOHV $XQTXH OD GHVFULSFLyQ HVWp QHFHVDULDPHQWH
DTXHOODVRFLHGDGDJUtFRODVLQRTXHSRUVHUORHUDWDPELpQHOSULQFLSDOPRWLYR
FRQVWUXLGD FRQ GDWRV GH OD UHDOLGDG REMHWLYD GHEH VHU XQD HODERUDFLyQ GH OD
GH WUiPLWHV \ OLWLJLRV GH LQWULJDV \ YLROHQFLDV DFHUFD GH WRGR OR FXDO KDEtD
FRQFLHQFLD GHO DXWRU \ QR XQ VLPSOH WUDVODGR GH DTXHOORV GDWRV GHEH HVWDU
DSUHQGLGRPXFKRHOFURQLVWDHQWUHLQWDDxRVGHJHVWLyQHQHO$\XQWDPLHQWRGH
GRPLQDGDSRUVXVSHFXOLDUHVHQIRTXHVDIHFWDGDSRUDFHQWRV\VRPEUDVTXHOD
*XDWHPDOD\HQORVDxRVTXHIXH&RUUHJLGRUGH7RWRQLFDSiQ\+XHKXHWHQDQJR
PHQWDOLGDG GHO QDUUDGRU SUR\HFWD VREUH OD UHDOLGDG GHEH HVWDU HQ VXPD
/DFUyQLFDFRQWLHQHGDWRVPX\YDOLRVRVDFHUFDGHODWLHUUDFRPRDVXQWRGHOD
WHxLGD GH VXEMHWLYLGDG (V SUHFLVR GHVGH OXHJR TXH OD UHIHUHQFLD D ORV
OHJLVODFLyQ \ OD DGPLQLVWUDFLyQ FRORQLDOHV \ RIUHFH FRPR HV QDWXUDO
IDFWRUHVILVLRJUiILFRVVHDFRQVWDQWH\GHSULPRUGLDOLPSRUWDQFLDHQHOUHODWR²
DPSOtVLPD LQIRUPDFLyQ DFHUFD GH ORV FXOWLYRV OD FDQWLGDG \ FDOLGDG GH ODV
ODWRSRJUDItDGHOSDtVVXVUtRV\ODJRVODVFDOLGDGHVGHODWLHUUDODGLYHUVLGDG
FRVHFKDVORVVLVWHPDVGHSURGXFFLyQORVDFFLGHQWHV\IUDFDVRVGHODPLVPD
GHORVFOLPDVODIORUD\ODIDXQDODKDELWDELOLGDGGHFDGDUHJLyQHWF²\TXH
ODVQRUPDVGHWUDEDMRODVFDUDFWHUtVWLFDVGHORVGLYHUVRVWLSRVGHWUDEDMDGRU
HODXWRUVHUHFRQR]FDOLJDGRDIHFWLYDPHQWHDHVDVUHDOLGDGHVGHPRGRTXHVX ODV PRGDOLGDGHV GH ODV KDFLHQGDV \ ODERUHV OD GLVSRQLELOLGDG GH WLHUUDV SRU
WUDWDPLHQWR LPSOLTXH DILFLyQ \ VLPSDWtD (VD VLPSDWtD GHO QDUUDGRU SDUD HO ORVSXHEORVGHLQGLRV\PXFKDVRWUDVLPSRUWDQWHVFXHVWLRQHVDTXHHVWDUHPRV
WUR]R GH PXQGR D TXH KDFH UHIHUHQFLD QR HV HPSHUR OD FRPSHQHWUDFLyQ GHO KDFLHQGRUHIHUHQFLDDORODUJRGHWRGRQXHVWURHVWXGLR7RGRHOORVHSUHVHQWD

 
DOOtYLVWRGHVGHHOiQJXORGHXQWHUUDWHQLHQWHLOXVWUDGRGHOVLJOR;9,,&DUJDGDV
GHVXEMHWLYLGDGFRPRHVWiQVXVQRWLFLDVKDEUiRFDVLRQHVHQTXHQRVGLUiQPiV
DFHUFDGHODDFWLWXGGHOFULROORKDFLDODWLHUUDTXHDFHUFDGHOHOHPHQWRPLVPR
3HURDGYHUWLGRVGHHVDFLUFXQVWDQFLDVDFDUHPRVSDUWLGRGHHOOD
/D PHQWDOLGDG GHO FURQLVWD QR HVWDEOHFH XQ FRUWH XQD VROXFLyQ GH
FRQWLQXLGDG HQWUH OD WLHUUD FRPR PHGLR GH SURGXFFLyQ VLVWHPDWL]DGD ²
KDFLHQGDVODERUHVWLHUUDVFRPXQDOHVGHLQGLRVHWF²\ODWLHUUDFRPRWUR]R
GHPXQGRTXHVHRIUHFHDVXVPRUDGRUHVSDtVSDWULDUHLQRGH*XDWHPDOD(Q
HO GHVDUUROOR GH OD FUyQLFD ULJH XQ SULQFLSLR TXH SRGUtDPRV OODPDU GH
LQWHJUDFLyQVXEMHWLYD\HVWDFLUFXQVWDQFLDHVFDXVDGHTXHHQHOODVHFRQIXQGDQ
GLYHUVRV DVXQWRV EDMR XQ PLVPR WUDWDPLHQWR \ HQ VHFXHQFLDV TXH SXHGHQ
SDUHFHUUHxLGDVFRQHORUGHQ1RGHEHHVRH[WUDxDPRV\DKHPRVGLFKRTXHOD
PRWLYDFLyQSURIXQGDGHOD5HFRUGDFLyQ)ORULGDHVODDODEDQ]D\ODGHIHQVDGH
OD SDWULDSDWULPRQLR \ OR TXH GHEHPRV KDFHU HV GHVFXEULU HO VLJQLILFDGR GHO
SHFXOLDU WUDWDPLHQWR TXH HQ HOOD VH KDFH GH OD WLHUUD HQ UHODFLyQ FRQ DTXHO
SURSyVLWRPHGXODUGHODREUD
(QWUHPRVDODVXPRSRUODYtDGHXQHMHPSOR
5HODWDQGRHODVLHQWR\ODSULPHUDFRQVWUXFFLyQGHODFLXGDGGH6DQWLDJRHQ
HO YDOOH GH $OPRORQJD HO FURQLVWD VH LQWHUUXPSH SDUD KDFHU XQ FRPHQWDULR
H[WHQVRGHOSULPHUYLDMHGH$OYDUDGRD(VSDxD5HWRPDGHVSXpVHODVXQWRGH
OD HUHFFLyQ GH OD FLXGDG H LQWHUFDOD XQD DPSOLD GHVFULSFLyQ GHO YROFiQ GH
$JXD²HQ FX\D SUR[LPLGDG VH HGLILFy OD FLXGDG² (VD GHVFULSFLyQ LQFOX\H
GHWDOODGRVFRPHQWDULRVGHODDJULFXOWXUDHQODVIDOGDVGHOYROFiQ\VHH[WLHQGH
KDVWD UHIHULU WRGR OR TXH SRGtD FRQWHPSODUVH GHVGH VX FLPD YDOOHV SXHEORV
PLOSDVHMLGRVSRWUHURVKDFLHQGDVODERUHVHWF8QDYH]KHFKDHVDDPSOtVLPD
GLJUHVLyQ SDVDHOFURQLVWD D ODQyPLQDSRUPHQRUL]DGDGHORVFRQTXLVWDGRUHV
GH *XDWHPDOD SXHV HOORV IXHURQ ORV IXQGDGRUHV \ SULPHURV YHFLQRV GH OD
FLXGDGFX\RQDFLPLHQWRHVWiUHODWDQGR>@
3XHGH SDUHFHU TXH KD\ DOOt XQ GHVRUGHQ ODPHQWDEOH UHVXOWDGR GH FLHUWD
LQFDSDFLGDGSURJUDPiWLFDGHODXWRU²³XQKDFLQDPLHQWRFRQIXVRGHUHODFLRQHV
H[DJHUDGDVRLQFRQH[DV
FRPRGLMRDOJXLHQFRQHVFDQGDORVDVXSHUILFLDOLGDG PRQWH´>@ URPSLpQGRVH FRPR XQD FLVWHUQD HQ XQD IDWtGLFD QRFKH GH 
²>@ 3HUR QR HV VLPSOHPHQWH HVR 6L VH HQWLHQGH OR TXH )XHQWHV \ *X]PiQ
TXLVR UHDOL]DUHQ OD 5HFRUGDFLyQ )ORULGD VH YHUi TXH HVH PRGR GH QDUUDU
UHVSRQGH SHUIHFWDPHQWH D OD LQWHQFLyQ GH OD REUD LQWHQFLyQ XQLILFDGRUD

LQWHJUDGRUD TXH XVD GH JUDQGHV URGHRV \ DWUHYLGRV SDUpQWHVLV \ TXH QR VH
DEVWLHQHGHHQWUHYHUDUDVXQWRVTXHSDUHFHQDOHMDGRVHQWUHVtSHURTXHSDUDpO
QRORHVWDEDQ3XHGHFRPSUREDUVHHQHIHFWRTXHORVWHPDVTXHFRQMXJDHQVXV
WUR]RV DSDUHQWHPHQWH PiV GHVRUGHQDGRV \ IDOWRV GH XQLGDG JXDUGDQ HQWUH Vt
HVWUHFKDV UHODFLRQHV VLJQLILFDWLYDV \ TXH HO FULROOR TXHUtD SUHFLVDPHQWH
VXJHULUHVDVUHODFLRQHVSUHVHQWDUODVFRPRHOFRQWH[WR\ODOLJD]yQLQWHUQD²
£ODXQLGDG²GHVXPXQGR\GHVXSDWULD1RVDWUHYHUtDPRVDDILUPDUTXHHV
LPSRVLEOH FDSWDU OD FRQFHSFLyQ TXH HO FURQLVWD WHQtD GH VX SDtV VL QR VH
SHUFLEHODLQWHQFLyQGHVXVLUUHJXODULGDGHVH[SRVLWLYDV(VSHOLJURVRDPpQGH
VXSHUILFLDO FRQWHQWDUVH FRQ GHFLU TXH )XHQWHV HV GHVRUGHQDGR R GHVSDFKDU
HVHGHVRUGHQGLFLHQGRTXHVHWUDWDGHO³EDUURTXLVPR´GHODXWRU\GHODpSRFD
(OUHODWRHPHUJHDYHFHVFRQHOtPSHWXGHVRUGHQDGRGHODVSODQWDVWUHSDGRUDV
\FXDQGRDGRSWDXQWRQRFXOWRUHFXHUGDFLHUWDPHQWHODULTXH]DUHFDUJDGDGHORV
UHWDEORV EDUURFRV SHUR ORV SUREOHPDV GH FRQVWUXFFLyQ TXH SUHVHQWD OD REUD
HQFLHUUDQ VLJQLILFDGRV LGHROyJLFRV TXH YDQ PXFKR PiV DOOi GH XQD SXUD
FXHVWLyQGHHVWLOR
(Q HO HMHPSOR TXH DFDEDPRV GH FLWDU HO YLDMH GH $OYDUDGR YLHQH D
UHFRUGDUTXHVX DXVHQFLDQROR GHVOLJyGHODFRQVWUXFFLyQGHODFLXGDG VLQR
TXH DO FRQWUDULR HO FRQTXLVWDGRU KDEtD LGR D (VSDxD D JHVWLRQDU EHQHILFLRV
SDUD OD SURYLQFLD TXH GHMy VRPHWLGD ²EHQHILFLRV SDUD ORV FRORQL]DGRUHV
QDWXUDOPHQWH² 1R TXLHUH HO FURQLVWD UHIHULU HO QDFLPLHQWR GH OD FLXGDG
FHQWUR GH GRPLQLR \ GH GLVIUXWH SDUD WDQWRV H[WUDQMHURV VLQ UHFRUGDUOHV TXH
DTXHOQDFLPLHQWRIXHSRVLEOHJUDFLDVDORVFRQTXLVWDGRUHV\HQHVSHFLDODOD
DFWLYLGDGGHVXMHIH+HDKtHOSRUTXpGHHVDSULPHUDGLJUHVLyQODFXDOQRVyOR
QRHVWiIXHUDGHOXJDUFRQIRUPHDODVPLUDVGHOFULROORVLQRTXHHUDGHOWRGR
LQGLVSHQVDEOHGHDFXHUGRFRQVXVFULWHULRVLQWHJUDWLYRVODILJXUDGH$OYDUDGR
WHQtDTXHSUHVLGLUHOUHODWRGHOQDFLPLHQWRGHODFLXGDGGH
6DQWLDJRFDEH]D\ULxyQGHOUHLQRGH*XDWHPDOD
/DVRUSUHQGHQWHGHVFULSFLyQGHOYROFiQGH$JXDVHLPSRQHHQVHJXLGDSRU
YDULRVPRWLYRV3ULPHUDPHQWHSRUTXHHOHPSLQDGRFUiWHUGHDTXHO³EHOOtVLPR
KDEtDDUURMDGRVREUHODSULPHUDFLXGDGXQWRUUHQWHTXHODGHVWUX\y\TXHIXH
FDXVD GH VX WUDVODGR DO YDOOH GH 3DQFKR\ 1R SRGtD UHVSRQVDELOL]DUVH D OD
PRQWDxDSRUDTXHOGHVDVWUH\VROtDPXUPXUDUVHTXHORVFRQTXLVWDGRUHVKDEtDQ

FRPHWLGRXQJUDYHHUURUDOLQVWDODUODFLXGDGMXQWRDXQYROFiQTXHOHFDXVDED
FRQVWDQWHV GDxRV>@ +H DKt OD SULPHUD PRWLYDFLyQ SXHV SDUD UHIHULUVH
LQPHGLDWDPHQWH D DTXHO VLPpWULFR \ HQRUPH SURPRQWRULR SUHVHQWiQGROR QR
VyORFRPRXQHVSHFWiFXORSDUDORVKDELWDQWHVGHODFLXGDGVLQRWDPELpQFRPR
XQD IXHQWH GH EHQHILFLRV ³« QRHV VyOR REMHWR GHOHLWDEOH D OD YLVWD SRU ODV
DPHQLGDGHVTXHRIUHFH²GLFHHOFULROOR²VLQRSRUOR~WLO\DEXQGDQWHGHOD
SURGXFFLyQ GH VX WLHUUD«´>@ < DVt FRPHQ]DQGR SRU OR PiV WHQGLGR GH VX
³GHOLFLRVD \ SHUHJULQD IDOGD´ YD LQIRUPDQGR GH H[WHQVDV VLHPEUDV GH PDt]
IULMRO \ KRUWDOL]DV TXH FRQWULEXtDQ D OD SURYLVLyQ GHO PHUFDGR GH OD FLXGDG
3RQHHVSHFLDOpQIDVLVHQHOFXOWLYRGHIORUHVRUQDPHQWDOHVHQHVDH[SODQDGD\
ODJUDWDVHULHGHVXVQRPEUHVOHVLUYHFRQH[DOWDFLyQ\VLQSULVDSDUDGHMDUHQ
HO OHFWRU OD LPSUHVLyQ GH TXH WRGD DTXHOOD IDOGD HUD XQ PDQWR GH FRORUHV>@
3DVDQGR DO VHJXQGR WHUFLR GH OD PROH TXH VH HOHYD KDFLHQGR SXQWD OD
GHVFULSFLyQ HQWUD HQ PRQWDxD WXSLGD K~PHGD \ REVFXUD SHUR QR SRU HOOR
PHQRV DQLPDGD DSDUWH GH ODV PDGHUDV H[FHOHQWHV TXH DOOt DEXQGDQ VHJ~Q HO
FURQLVWDHVWDEDDTXHOODSDUWHSREODGDGHEHVWLH]XHODVTXHKDFtDQODGHOLFLDGH
ORVFD]DGRUHV\DXQGHORVFXULRVRV/DOLVWDGHQRPEUHVGHDQLPDOHVFXOPLQD
FRQ OD GH ODV DYHV \ pVWD FRQ OD GH DTXHOODV TXH HUDQ UHJDOR SDUD HO RtGR \
SDUDORVRMRV>@
(O FRQRFLPLHQWR GHO SDtV DGTXLULGR JUDGXDOPHQWH GHVGH OD LQIDQFLD>@ \
OOHYDGR D JUDQ GHVDUUROOR HQ HO FXLGDGR GH VXV KDFLHQGDV \ HQ VXV YLDMHV GH
IXQFLRQDULRVXSRQHHQ)XHQWHVXQPLQXFLRVRFRQRFLPLHQWRGHODVSODQWDV\ORV
DQLPDOHVTXHVHFULDEDQVLOYHVWUHV$VtVHWUDWHGHODDVWXFLD\ORVKiELWRVGHO
WDFXD]tQ>@RGHODVDELDGLVFLSOLQDGHODVKRUPLJDVJXHUUHUDVGHODFRVWD>@
R GH OD GHOLFDGD EHOOH]D GHO FROLEUt ² ³HVWD DGPLUDEOH \ SURGLJLRVD
DYHFLWD´²>@HOFURQLVWDSRQHHQVXVGHVFULSFLRQHVODVLPSDWtDGHTXLHQKD
REVHUYDGRDHVRVVHUHVFRPRSHTXHxRVHLQTXLHWRVKDELWDQWHVGHODJUDQWLHUUD
DPDGD8QDGHODVPiV DFXVDGDV LQFOLQDFLRQHVGHOFURQLVWD HQVXWUDWDPLHQWR
GH OD WLHUUD HV pVWD TXH HVWDPRV WRFDQGR GH SDVDGD PRVWUDU TXH HQ VX VHQR
EURWDEDQ\YLYtDQPXOWLWXGHVGHVHUHVPRVWUDUTXHHUDULFD\REVHTXLRVDSRUVt
VROD < FODUR HVWi TXH GHFtD YHUGDG WUDWiQGRVH GH XQ SDtV VXEWURSLFDO GH
WLHUUDVIHUDFHVHQVXPD\RUtD3HURHOGHPDVLDGRFDQWDUHVDYHUGDGODPXFKD
HPRFLyQ FRQ TXH OD HQWRQD D FDGD SDVR GHODWD FLHUWR DIiQ GH DEXOWDUOD GH
LQIODUOD ²GLJiPRVOR DVt DXQTXH VXHQH PDO² SDUD UHVWDUOH XQ SRFR GH

LPSRUWDQFLDDOWUDEDMR
$Vt SXHV HQ OD VHJXQGD SDUWH GH OD GHVFULSFLyQ GHO YROFiQ VH FRQMXJDQ
GRV PRWLYDFLRQHV FULROODV XQD FLUFXQVWDQFLDO FRQWLQXDU SUHVHQWDQGR DTXHOOD
PRQWDxDFRPRXQDGHVSHQVDXQOXJDUGHUHFUHR\XQHVSHFWiFXOR\RWUDTXH
UHVSRQGHDXQDWHQGHQFLDSHUVLVWHQWHHQWRGDODFUyQLFDHQWRQDUHOFDQWRGHOD
PDGUH WLHUUD ULFD \ REVHTXLRVD HQ SODQWDV \ DQLPDOHV VLOYHVWUHV GH JUDWXLWD
XWLOLGDGSDUDHOKRPEUH
/OHJDILQDOPHQWHHOQDUUDGRUDODDOWDFLPDURFRVD\EDWLGDSRUORVYLHQWRV
$HVWDDOWXUDGHOUHODWRHOYROFiQ\DQRDSDUHFHFRPRDOJRTXHHVWiMXQWRDOD
FLXGDGVLQRFRPRDOJRTXHOHHVFRQVXEVWDQFLDO/DFLPDHVHOPLUDGRUGHVGH
GRQGHODFLXGDGPLUDDOUHLQRGHOTXHHVFDSLWDO(QSULPHUSODQRDSDUHFHQORV
SRWUHURV GH OD FLXGDG PLVPD \ ORV SXHEORV PX\ FHUFDQRV TXH OD VHUYtDQ \
DEDVWHFtDQ(QWRGDVGLUHFFLRQHVVHYHQSXHEORV\MXQWRDHOORVVXVHMLGRV\
WLHUUDV FRPXQDOHV>@ /D ODJXQD GH $PDWLWOiQ GHO WDPDxR GH XQD FDSD
H[WHQGLGD HQ HO VXHOR>@ 3HUR DO]DQGR OD PLUDGD SRGtDQ GRPLQDUVH JUDQGHV
H[WHQVLRQHVWRGDODWLHUUDGHOD3URYLQFLDGH6DQ6DOYDGRUWRGDODFRVWDVXU
KDVWDOD3URYLQFLDGH6XFKLWHSpTXH]\ODUHJLyQGH6RFRQXVFRSRUHOQRURHVWH
VHDOFDQ]DEDDYHUKDVWDODUHJLyQGHORV/ODQRVGH&KLDSDV>@/DGHVFULSFLyQ
GHO YROFiQ DVRFLDGD DO UHODWR GHO QDFLPLHQWR GH OD FLXGDG UHVSRQGH HQ HVWH
PRPHQWR DO SURSyVLWR GH VXJHULU TXH OD FLXGDG HV OR PiV HPLQHQWHPHQWH GHO
UHLQR(OYROFiQVHFRQYLHUWHHQVXVtPERORWDOFRPRDSDUHFtDHQVXHVFXGR
>@
$VHQWDPLHQWR \ WUD]D GH OD FLXGDG YLDMH GH $OYDUDGR GHVFULSFLyQ GHO
YROFiQSDQRUDPDGHVGHHOYROFiQ\WRGDYtDDOJRPiV\GHILQLWLYRODOLVWDGH
ORV FRQTXLVWDGRUHV \ OD LQGLFDFLyQ GHWDOODGD GH VXV GHVFHQGLHQWHV HQ HO
PRPHQWR DFWXDO HQ TXH HO FURQLVWD HVFULEtD (VWD ~OWLPD GLJUHVLyQ QR HUD WDO
GLJUHVLyQ ²FRPRQLQJXQDGHODV DQWHULRUHV²SDUDHO FULROORHOQDFLPLHQWR
GHODFLXGDGQRHUDXQKHFKRPXHUWRTXHVHKDEtDTXHGDGRHQHOSDVDGRVLQR
PX\DOFRQWUDULRHUDHOKHFKRTXHGDEDRULJHQDODFLXGDGHUDVXUD]yQGHVHU
D OD FXDO GHEtD FHxLUVH OD YLGD GHO SUHVHQWH (O UHWUDWR GHO QDFLPLHQWR GH OD
FLXGDGWLHQHPXFKDVILQDOLGDGHVSHURXQDSULQFLSDOHQWUHWRGDVGHPRVWUDUTXH
TXLHQHVQRHVWDEDQUHODFLRQDGRVFRQVXRULJHQHUDQLQWUXVRVHQHOODRSRUOR
PHQRV HUDQ EHQHILFLDULRV GH DOJR TXH QR OHV FRUUHVSRQGtD OHJtWLPDPHQWH /D
FLXGDGIXHFUHDGDSRUORVFRQTXLVWDGRUHVFRPRFHQWURGHGRPLQLR\GHGLVIUXWH

SDUD HOORV \ VXV GHVFHQGLHQWHV (VWD LGHD TXH HUD OD LGHD GH OD FLXGDG HQ OD
PHQWHGHOFULROORHVODTXHOHGDDOUHODWRGHOHYHQWRHVHFDUiFWHUGHVRUGHQDGR
SHURDOWDPHQWHVLJQLILFDWLYRSDUDVXPRPHQWR\OXJDU
+HPRVSUHVHQWDGRXQHMHPSOR\ORKHPRVDQDOL]DGRVRPHUDPHQWH3RGUtDQ
RIUHFHUVH PXFKRV PiV \ KDFHUVH DQiOLVLV EDVWDQWH PDWL]DGRV SHUR QR HV
QHFHVDULRORGLFKRHVVXILFLHQWHSDUDLQGLFDUHQTXpVHQWLGRHOGHVRUGHQGHOD
5HFRUGDFLyQ)ORULGDREHGHFHDH[LJHQFLDVVXEMHWLYDV\FyPRODFDSWDFLyQGH
HVDVH[LJHQFLDVHVUHTXLVLWRGHXQDOHFWXUDFRPSUHQVLYDGHOGRFXPHQWR
$KRUDELHQWRGRHVWRORGHFtDPRVDSURSyVLWRGHODWLHUUD\GHOSDLVDMH\
OR TXH VH SUHWHQGtD HUD LOXVWUDU FyPR D WUDYpV GH XQD SHFXOLDU PRGDOLGDG
H[SRVLWLYD HO DXWRU WUDWD GH LPSRQHU XQDV GHWHUPLQDGDV UHODFLRQHV GH
VLJQLILFDGR HQWUH ORV HOHPHQWRV GH OD SDWULD TXH SUHVHQWD (O HMHPSOR LOXVWUD
MXQWRDRWUDVFRVDVFyPRHOUHODWRGHULYDKDFLDHOSDLVDMH\FyPRDSDUHFHQHQ
pOVLQVROXFLyQGHFRQWLQXLGDGODWLHUUDFRPRSDUFHODFXOWLYDGDSRUHOKRPEUH
\ OD WLHUUD FRPR HOHPHQWR SUyGLJR TXH REVHTXLD GLYHUVRV ELHQHV (O SDLVDMH
HQJORED D XQD \ RWUD \ HVWR WDPELpQ REHGHFH SRU VXSXHVWR D H[LJHQFLDV
VXEMHWLYDVGHOQDUUDGRUFULROOR(OUHIHULUVHVLQGLVWLQFLyQDORVVHPEUDGRV\D
ODV VHOYDV D ORV IUXWRV GHO WUDEDMR \ D ORV REVHTXLRV GH OD QDWXUDOH]D \ HO
HQWRQDU HO FDQWR DPRURVR GH WRGR HOOR FRPR XQD XQLGDG UHVSRQGH D XQ
GHOLFDGR PHFDQLVPR SVLFROyJLFR TXH FRQGXFH HQ GHILQLWLYD D SRVLFLRQHV GH
JUDWLWXG FDVL PiJLFD IUHQWH D XQD WLHUUD PLODJURVD &XDQWR PiV PLODJURVD
DSDUHFHODWLHUUDPiVVHHVIXPDHOPpULWRGHTXLHQHVODWUDEDMDQ(VWHHVVLQ
OXJDUDGXGDVXQRGHORVPRWLYRVKRQGRV²PRWLYRVGHFODVH²SRUORVTXHDO
FULROOR OD SDWULD VH OH YXHOYH SDLVDMH $GYLpUWDVH TXH QR KHPRV GLFKR QL
LQVLQXDGRHQQLQJ~QPRPHQWRTXH)XHQWHV\*X]PiQRPLWDHQVXJUDQUHODWROD
UHIHUHQFLDDOWUDEDMRGHOLQGLR(QFDStWXORVYHQLGHURVFLWDUHPRVVXVFRSLRVDV
QRWLFLDV DFHUFD GH HVH WUDEDMR /R TXH HVWDPRV DILUPDQGR SRUTXH HV
SHUFHSWLEOHHQOD5HFRUGDFLyQ\SRUTXHDFXVDXQDWHQGHQFLDGHOFULROOLVPRHV
TXHHOSUHVHQWDUSRUPRPHQWRV²DYHFHVJUDQGHV\H[DOWDGRVPRPHQWRV²DOD
WLHUUDLGHDOL]DGD\FRPRREMHWRGHJUDWLWXGHQIDWL]DQGRFRQH[FHVRVXERQGDG
GLVPLQX\H VXWLOPHQWH HO PpULWR GHO WUDEDMR DXQTXH SRU VHSDUDGR VH KDJD
UHIHUHQFLDDpVWH
6LQ HPEDUJR SDUHFH KDEHU HQ )XHQWHV \ *X]PiQ RWUR UHVRUWH RWUD
QHFHVLGDGRFXOWD²WDPELpQGHFODVHSRUFLHUWR²TXHOROOHYDDRIUHFHUXQD
 
LPDJHQ GH OD SDWULD FRPR SDLVDMH /D GHVFULSFLyQ PLQXFLRVD \ HPRWLYD GHO
FDPSR GHO SDtV DVt FXDQGR VH WUDWD GH YROFDQHV ODJRV YDOOHV \ JUDQGHV
SHUVSHFWLYDV FRPR FXDQGR VH WUDWD GH ORV VHFUHWRV GH ODV SODQWDV \ ORV
DQLPDOHV VXJLHUH SHUWHQHQFLD SRVHVLyQ (V FRPR GHFLU ³WRGR HVWR TXH DPR
WDQWR \ TXH FRQR]FR WDQ HQWUDxDEOHPHQWH OR FRQR]FR \ OR DPR SRUTXH HVWi
OLJDGRDPLH[LVWHQFLDHVWHHVPLPXQGR\SXHGRKDEODUGHpOFRPRDPRU\
FRQRFLPLHQWRSRUTXHOHSHUWHQH]FR\PHSHUWHQHFH£QRVR\HQpOXQH[WUDQMHUR
XQXVXUSDGRU«HWF´(VWDHQpUJLFDPRWLYDFLyQHVSDUWLFXODUPHQWHQRWRULDHQ
FLHUWRV WUR]RV FRPR DTXpO HQ TXH )XHQWHV GHVFULEH \ HORJLD DO PDt] VXV
YHQWDMDV VREUH HO WULJR VXV XVRV P~OWLSOHV \ ODV YDULDGDV PDQHUDV GH
SUHSDUDUORSDUDDOLPHQWRGHOKRPEUH>@RDTXHORWURHQTXHUHILULpQGRVHDOD
SODQWDGHPDJXH\VHH[SOD\DPDQLIHVWDQGRVXXWLOLGDGSDUDORVPiVYDULDGRV
PHQHVWHUHV VLUYH SDUD FHUFDV GLFH SRU VXV KRMDV UREXVWDV \ DUPDGDV GH
SLQFKRVGHHVDVKRMDVVHREWLHQHILEUDSDUDEXHQDVFXHUGDVPiVUHVLVWHQWHTXH
ODGHOFixDPRWDPELpQVHREWLHQHSHUJDPLQRWDQEXHQRTXHD~QVHFRQVHUYDQ
SHWLFLRQHV HVFULWDV HQ pO SRU ORV FRQTXLVWDGRUHV HO ]XPR GH OD KRMD HV
PHGLFLQDOGHOFRJROORVHREWLHQHXQDPLHOFXUDWLYD\VXDYHDVtFRPRGLVWLQWRV
WLSRVGHEHELGDIHUPHQWDGDOODPDGDSXOTXH\YLQDJUHFODUR\JXVWRVR\KDVWD
DJXDUGLHQWH XVDGR SRU WRGRV 6L VH DWLHQGH D OD XWLOLGDG GH HVWD SODQWD HV
SUHFLVR UHFRQRFHU TXH HV ³«OD PiV VLQJXODU \ PDUDYLOORVD TXH SURGXFH \
FUtDODVDELD\SUyYLGDQDWXUDOH]D«´>@/DFUyQLFDHVWiOOHQDGHSDVDMHVHQ
TXH OD VLPSDWtD SRU DTXHOOR TXH VH GHVFULEH R FRPHQWD XQLGD D VX
FRQRFLPLHQWR SRUPHQRUL]DGR VLUYHQ SDUD H[SUHVDU FLHUWR GHUHFKR TXH VH
GHVSUHQGHGHODLGHQWLILFDFLyQHQWUHHOQDUUDGRU\VXPXQGR(OFDQWRDOSDtV
WLHQHHQWRGRPRPHQWRHOVHFUHWRVLJQLILFDGRGHXQDUJXPHQWR
9HDPRV DKRUD OR TXH ORV GRFXPHQWRV QRV GLFHQ DFHUFD GH OD WLHUUD FRPR
PHGLR GH SURGXFFLyQ \ FRPR SUREOHPD FRQFUHWR HQ OD VRFLHGDG FRORQLDO
4XHGHHQWHQGLGRVLQHPEDUJRTXHHQORVWUHVFDStWXORVVLJXLHQWHVWHQGUHPRV
TXH DQDOL]DU DVSHFWRV GHO WHPD GHVGH iQJXORV HVSHFLDOHV \ TXH YDPRV D
GHGLFDU HO SUHVHQWH FDStWXOR D FRQVLGHUDU GH OD PDQHUD PiV FRQFLVD TXH VHD
SRVLEOHFLHUWRVDVSHFWRVEiVLFRVGHOSUREOHPDTXHFRQGLFLRQDEDQDWRGRVORV
GHPiV
 ²,,²

/DSROtWLFDDJUDULDFRORQLDO\HOODWLIXQGLVPR
(V FRVD ELHQ VDELGD TXH HO SUREOHPD SULPRUGLDO GH OD VRFLHGDG
JXDWHPDOWHFDHVODPDODGLVWULEXFLyQGHVXULTXH]DSULPDULDODWLHUUDODFXDO
VHKDOODFRQFHQWUDGDHQSRFDPDQRVPLHQWUDVFDUHFHGHHOODODJUDQPD\RUtDGH
OD SREODFLyQ GHGLFDGD D OD DJULFXOWXUD \D SRUTXH QR OD WHQJD HQ DEVROXWR R
SRUTXHVHDSRFD\PDODODTXHSRVHH(VWDYHUGDGUHFRQRFLGDGHDQWLJXRHV
SURFODPDGDHQGLVWLQWDVIRUPDVSRUFHQVRV\HVWXGLRVUHFLHQWHV>@
6LQ HPEDUJR HO SUREOHPD GH OD WLHUUD QR SUHVHQWD GLILFXOWDGHV
SDUWLFXODUPHQWHJUDQGHVFRPRSUREOHPDKLVWyULFR(VGHFLUTXHUHVXOWDQPX\
FODURVORVSURFHVRVSRUORVFXDOHVHOSDtVHQWUy\VHKDPDQWHQLGRHQHVHDJXGR
ODWLIXQGLVPR TXH WDQWR GDxR OH RFDVLRQD \ TXH UHVXOWDQ EDVWDQWH HYLGHQWHV
WDPELpQ ODV GHULYDFLRQHV TXH HO PLVPR KD WHQLGR VREUH HO GHVDUUROOR GH ODV
FODVHVVRFLDOHV(OSUREOHPDWLHQHVXVUDtFHVHQODRUJDQL]DFLyQHFRQyPLFDGH
OD FRORQLD \ SRU WUDWDUVH GH DOJR WDQ EiVLFR HQ DTXHO UpJLPHQ UHVXOWD
UHODWLYDPHQWHVHQFLOORVHxDODUVXVIDFWRUHVSULQFLSDOHV
6H KD GLFKR FRQ LQVLVWHQFLD TXH OD OHJLVODFLyQ FRORQLDO HUD FDVXLVWD TXH
UHVSRQGtDDORVFDVRVSDUWLFXODUHVGHPRPHQWR\OXJDU\TXHSRUHVHPRWLYR
HUDFDSULFKRVD\FDUHFtDGHXQLGDG(OORHVYHUGDGVyORKDVWDFLHUWRSXQWR/DV
OH\HVTXHHPLWHXQ(VWDGRVRQHQXQDXRWUDIRUPDH[SUHVLyQGHORVLQWHUHVHV
GH OD FODVH D TXLHQ UHSUHVHQWD HVH (VWDGR \ FRPR HQWUH HVRV LQWHUHVHV WLHQH
TXH KDEHU DOJXQRV TXH VRQ SHUPDQHQWHV \ SULQFLSDOHV OyJLFDPHQWH GHEH
VXSRQHUVHTXHWRGDOHJLVODFLyQSRUFDVXLVWDTXHVHDWLHQHTXHHVWDUUHJLGDSRU
DOJXQRVSULQFLSLRVEiVLFRVTXHUHVSRQGHQDDTXHOORVLQWHUHVHV/DLQIRUPDFLyQ
TXH SURSRUFLRQDQ ORV GRFXPHQWRV FRORQLDOHV HQ OR WRFDQWH D OD WLHUUD \ HQ
HVSHFLDO ODV OH\HV \ 5HDOHV &pGXODV SHUPLWH VHxDODU OD SUHVHQFLD GH FLQFR
SULQFLSLRVTXHQRUPDURQODSROtWLFDDJUDULDGHDTXHOODUJRSHUtRGR&XDWURGH
HOORV HQFRQWUDURQ H[SUHVLyQ HQ ODV OH\HV HO RWUR QR 7RGRV HPDQDEDQ SRU
LJXDOGHLQWHUHVHVIXQGDPHQWDOHVGHODPRQDUTXtDHVSDxRODHQUHODFLyQFRQHO
PiV LPSRUWDQWH PHGLR GH SURGXFFLyQ GH VXV FRORQLDV DPHULFDQDV 9DPRV D

 
UHIHULPRV D OD OHJLVODFLyQ SXHV VLQ DWULEXLUOH IXHU]D GH IDFWRU GHWHUPLQDQWH
TXHQXQFDWLHQHVLQRFRPRH[SUHVLyQGHLQWHUHVHVHFRQyPLFRV
3ULPHUR(OSULQFLSLRIXQGDPHQWDOGHODSROtWLFDLQGLDQDHQORUHODWLYRDOD
WLHUUDVHHQFXHQWUDHQODWHRUtDGHOVHxRUtRTXHHMHUFtDODFRURQDGH(VSDxD
SRU GHUHFKR GH FRQTXLVWD VREUH WRGDV ODV WLHUUDV GH ODV SURYLQFLDV
FRQTXLVWDGDVHQVXQRPEUH(VWHSULQFLSLRHVODH[SUHVLyQOHJDOGHODWRPDGH
SRVHVLyQGHODWLHUUD\FRQVWLWX\HSRUHVRHOSXQWRGHSDUWLGDGHOUpJLPHQGH
WLHUUDFRORQLDO>@/DFRQTXLVWDVLJQLILFyIXQGDPHQWDOPHQWHXQDDSURSLDFLyQ²
\D OR KHPRV GLFKR HQ RWUR OXJDU XQ IHQyPHQR HFRQyPLFR² OD FXDO DEROtD
DXWRPiWLFDPHQWHWRGRGHUHFKRGHSURSLHGDGGHORVQDWLYRVVREURVXVWLHUUDV
>@ SHUR QR VH OR GDED DXWRPiWLFDPHQWH D ORV FRQTXLVWDGRUHV FRPR SRGUtD
VXSRQHUVH 8QRV \ RWURV FRQTXLVWDGRUHV \ FRQTXLVWDGRV VyOR SRGtDQ UHFLELU
WLHUUDVGHVXYHUGDGHURSURSLHWDULRHOUH\SXHVHQVXQRPEUHKDEtDQYHQLGR
ORV SULPHURV D DUUHEDWDUOH VXV GRPLQLRV D ORV VHJXQGRV ,QPHGLDWDPHQWH
GHVSXpVGHFRQVXPDGDODFRQTXLVWDWRGDSURSLHGDGVREUHODWLHUUDSURYHQtD
GLUHFWD R LQGLUHFWDPHQWH GH XQD FRQFHVLyQ UHDO (O UHSDUWR GH WLHUUDV TXH
KDFtDQORVFDSLWDQHVGHFRQTXLVWDHQWUHVXVVROGDGRVORKDFtDQHQQRPEUHGHO
PRQDUFD \ FRQ DXWRUL]DFLyQ GH pO \ OD SOHQD SURSLHGDG GH DTXHOORV UHSDUWRV
HVWDEDVXMHWDDFRQILUPDFLyQUHDO
< FRQVLJXLHQWHPHQWH FXDOTXLHU WLHUUD TXH HO UH\ QR KXELHUD FHGLGR D XQ
SDUWLFXODURDXQDFRPXQLGDG²SXHEORFRQYHQWRHWF²HUDWLHUUDUHDOHQJD
TXH SHUWHQHFtD DO UH\ \ TXH QR SRGtD XVDUVH VLQ LQFXUULU HQ GHOLWR GH
XVXUSDFLyQ (O SULQFLSLR GH VHxRUtR ²KD\ TXH UHSHWLUOR² WXYR XQD
LPSRUWDQFLD H[WUDRUGLQDULD +D\ TXH FRQVLGHUDUOR QR VyOR HQ VX DFFLyQ
SRVLWLYD ²~QLFDPHQWH HO UH\ FHGH OD WLHUUD² VLQR WDPELpQ HQ VX DFFLyQ
QHJDWLYDQRKD\WLHUUDVLQGXHxRQDGLHSXHGHLQWURGXFLUVHHQWLHUUDTXHHOUH\
QR OH KD\D FHGLGR OD FRURQD FHGH WLHUUD FXDQGR \ D TXLHQ OH FRQYLHQH \
WDPELpQ OD QLHJD FXDQGR HOOR OH UHSRUWD DOJ~Q EHQHILFLR (O SULQFLSLR GH
VHxRUtRRGHGRPLQLRGHOUH\VREUHWRGDODWLHUUDSXVRODVEDVHVOHJDOHVSDUD
HOGHVDUUROORGHORVODWLIXQGLRV\FXPSOLyHVDIXQFLyQQRVyORFXDQGRRSHUDED
SRVLWLYDPHQWHVLQRWDPELpQFXDQGRORKDFtDHQIRUPDQHJDWLYDFRPRYHUHPRV
PXFKRPiVDGHODQWHHQHVWHOLEUR
6HJXQGR&RQEDVHHQHOSULQFLSLRDQWHULRUHO(VWDGRHVSDxROGHVDUUROOy
XQ VHJXQGR SULQFLSLR GH VX SROtWLFD DJUDULD HQ ,QGLDV OR OODPDUHPRV HO

SULQFLSLRGHODWLHUUDFRPRDOLFLHQWHSRUTXHHVRIXHHQUHDOLGDG<DKHPRV
YLVWRHQRWUROXJDUTXHODFRURQDGH(VSDxDLPSRVLELOLWDGDSDUDVXIUDJDUODV
H[SHGLFLRQHV GH FRQTXLVWD FRPR HPSUHVDV GHO (VWDGR ODV HVWLPXOy FRPR
HPSUHVDVSULYDGDVFRQHODOLFLHQWHGHRIUHFHUOHDORVFRQTXLVWDGRUHVXQDVHULH
GHYHQWDMDVHFRQyPLFDVHQODVSURYLQFLDVTXHFRQTXLVWDVHQ,QGLFDPRVTXHHO
FHGHU WLHUUDV H LQGLRV IXH HO SULQFLSDO DOLFLHQWH HPSOHDGR &RQ GLiIDQD
FODULGDG OR SRQH GH PDQLILHVWR OD 5HDO &pGXOD GH )HPDQGR HO &DWyOLFR
IHFKDGD HQ 9DOODGROLG HO  GH MXQLR GH ²LQFRUSRUDGD GHVSXpV D OD
5HFRSLODFLyQGH/H\HVGH,QGLDV²>@³3RUTXHQXHVWURVYDVDOORVVHDOLHQWHQ
DO GHVFXEULPLHQWR \ SREODFLyQ GH ODV ,QGLDV \ SXHGDQ YLYLU FRQ OD
FRPRGLGDG \ FRQYHQLHQFLD TXH GHVHDPRV (V QXHVWUD YROXQWDG TXH VH
SXHGDQ UHSDUWLU \ UHSDUWDQ FDVDV VRODUHV WLHUUDV FDYDOOHUtDV \ SHRQtDV D
WRGRVORVTXHIXHUHQDSREODUWLHUUDVQXHYDVHQORV3XHEORV\/XJDUHVTXH
SRU HO *RYHUQDGRU GH OD QXHYD SREODFLyQ OH IXHUHQ VHxDODGRV KDFLHQGR
GLVWLQFLyQ HQWUH HVFXGHURV \ SHRQHV \ ORV TXH IXHUHQ GH PHQRV JUDGR \
PHUHFLPLHQWR\ORVDXPHQWHQ\PHMRUHQDWHQWDODFDOLGDGGHVXVVHUYLFLRV
SDUD TXH FXLGHQ GH OD ODEUDQ]D \ FULDQ]D \ KDYLHQGR KHFKR HQ HOODV VX
PRUDGD\ODERU\UHVLGLGRHQDTXHOORV3XHEORVTXDWURDxRVOHVFRQFHGHPRV
IDFXOWDGSDUDTXHGHDOOtDGHODQWHORVSXHGDQYHQGHU\KDFHUGHHOORVDVX
YROXQWDG OLEUHPHQWH FRPR FRVD VX\D SURSLD \ DVLPLVPR FRQIRUPH VX
FDOLGDGHO*RYHUQDGRURTXLHQWXYLHUHQXHVWUDIDFXOWDGOHVHQFRPLHQGHORV
,QGLRV HQ HO UHSDUWLPLHQWR TXH KLFLHUH SDUD TXH JRFHQ GH VXV
DSURYHFKDPLHQWRV\GHPRUDVHQFRQIRUPLGDGDODVWDVVDV\GHORTXHHVWi
RUGHQDGRHWF´
3DUDTXHHVHHVWtPXORGLHUDORVUHVXOWDGRVDSHWHFLGRVODFRURQDWHQtDTXH
PRVWUDU PXFKD PDJQDQLPLGDG HQ OD FHVLyQ GH WLHUUDV SXHV KXELHUD VLGR
GHVDVWURVR TXH VH SURSDJDUD OD QRWLFLD GH TXH ORV FRQTXLVWDGRUHV QR HVWDEDQ
VLHQGR GHELGDPHQWH SUHPLDGRV SRU VX LQYHUVLyQ QL ORV SULPHURV SREODGRUHV
SRU VX GHFLVLyQ GH WUDVODGDUVH D ODV FRORQLDV UHFLHQWHV (Q RWUR OXJDU KHPRV
H[DPLQDGR OD LPSRUWDQFLD GH HVWRV KHFKRV FRPR FRQGLFLRQDQWHV GH OD
EUXWDOLGDG GH OD SULPHUD HWDSD GH OD FRQTXLVWD $TXt WHQHPRV TXH VHxDODUORV
FRPRFRQGLFLRQDQWHVGHOLQLFLRGHOODWLIXQGLRHQODVFRORQLDVHOUH\RIUHFtD\
FHGtD ²QyWHVH HVWH GHWDOOH LPSRUWDQWH² XQD ULTXH]D TXH QR KDEtD SRVHtGR
DQWHV GHO PRPHQWR GH FHGHUOD /RV FRQTXLVWDGRUHV VDOtDQ D FRQTXLVWDU XQDV

WLHUUDV FRQ DXWRUL]DFLyQ HQ QRPEUH \ EDMR HO FRQWURO GH OD PRQDUTXtD \ OD
PRQDUTXtD ORV SUHPLDED FHGLpQGROHV WUR]RV GH HVDV PLVPDV WLHUUDV \ VXV
KDELWDQWHV /HV SDJDED SXHV FRQ OR TXH HOORV OH DUUHEDWDEDQ D ORV QDWLYRV \
FRQORVQDWLYRVPLVPRV<FRPRFHGtDORTXHQROHKDEtDSHUWHQHFLGRDPHVGH
FHGHUORSRGtDFHGHUORHQJUDQGHVFDQWLGDGHV
/DVDFWDVGHOSULPHUFDELOGRGHODFLXGDGGH6DQWLDJRGH*XDWHPDODGHVGH
HO GtD VLJXLHQWH GHO DVLHQWR GH OD FLXGDG UHYHODQ XQ FXDGUR PX\ DQLPDGR GH
ORV FRQTXLVWDGRUHV UHSDUWLpQGRVH ODV WLHUUDV HQWUH Vt HQ JUDQGHV H[WHQVLRQHV
FRQEDVHHQODDXWRUL]DFLyQTXHSDUDHOORWHQtDHOFDSLWiQGHODH[SHGLFLyQ\
DTXHOODVSHUVRQDVHQTXLHQHVpOGHOHJDEDGLFKDIDFXOWDGHQVXVDXVHQFLDV>@
(VWH SULQFLSLR SROtWLFR GHWHUPLQDGR SRU OD QHFHVLGDG GH H[SDQGLU \
FRQVROLGDUXQLPSHULRVLQKDFHUJDVWRVDH[SHQVDVGHORVFRQTXLVWDGRVIXHD
VX YH] HO SXQWR GH VX SDUWLGD GHO ODWLIXQGLVPR /DV WLHUUDV FHGLGDV D ORV
FRQTXLVWDGRUHV\SREODGRUHVVROLFLWDGDVSRUHOORVHQFDQWLGDGHVTXHODFRURQD
QRSRGtDYDORUDUSRUGHVFRQRFHUORTXHFHGtDIXHUHQORVSULPHURVODWLIXQGLRV
FRORQLDOHV ²VXVFHSWLEOHV GH VHU XOWHULRUPHQWH DPSOLDGRV FRPR VH YHUi
DGHODQWH²
5HVWDGHFLUTXHHVWHSULQFLSLRVHJXQGRGHQXHVWUDVHULHRSHUyGHPDQHUD
SURIXQGD\GHFLVLYDHQODHWDSDGHFRQTXLVWD\FRORQL]DFLyQLQWHQVDVDORODUJR
GHOVLJOR ;9,3HURVHUtDHTXLYRFDGRVXSRQHUTXHGHMyGHDFWXDUHQORVVLJORV
VLJXLHQWHV/DSRVLELOLGDGGHDGTXLULUWLHUUDSRUPHUFHGUHDOFRQWLQXyVLHQGR
GXUDQWH WRGR HO SHUtRGR FRORQLDO XQ DOLFLHQWH GH OD LQPLJUDFLyQ HVSDxROD D
,QGLDV3HUGLyODIXHU]D\HOVHQWLGRGHODSULPHUDHWDSDHVRVtSRUPRWLYRV
³FRPSRVLFLyQGHWLHUUDV´
/D LQFLWDFLyQ GHO SHUtRGR DQWHULRU D SHGLU \ REWHQHU WLHUUDV KDEtD GDGR
OXJDUDPXFKDVH[WUDOLPLWDFLRQHV(QDTXHOSHUtRGRFRQYHQtDWROHUDUODVSHUR
PHGLR VLJOR PiV WDUGH VH FRQYLUWLHURQ HQ PRWLYR GH UHFODPDFLRQHV \ GH
³FRPSRVLFLRQHV´ /D FRURQD FRPHQ]y D GLFWDU yUGHQHV HQFDPLQDGDV D TXH
WRGRV ORV SURSLHWDULRV GH WLHUUDV SUHVHQWDUDQ VXV WtWXORV /DV SURSLHGDGHV
U~VWLFDV VHUtDQ PHGLGDV SDUD FRPSUREDU VL VH DMXVWDEDQ D ODV GLPHQVLRQHV
DXWRUL]DGDVHQDTXHOORVWtWXORV(QWRGRVORVFDVRVHQTXHVHFRPSUREDUDTXH
KDEtD KDELGR XVXUSDFLyQ GH WLHUUDV UHDOHQJDV HO UH\ VH DYHQtD D FHGHUODV
OHJDOPHQWH VLHPSUH TXH ORV XVXUSDGRUHV VH DYLQLHUDQ D SDJDU XQD VXPD GH
GLQHUR SRU FRQFHSWR GH FRPSRVLFLyQ (Q FDVR FRQWUDULR HUD SUHFLVR
GHVDORMDUODVSDUDTXHHOUH\SXGLHUDGLVSRQHUGHHOODV
(Q  IXHURQ GHVSDFKDGDV SRU )HOLSH ,, ODV GRV &pGXODV TXH
GHILQLWLYDPHQWH SXVLHURQ HQ DFFLyQ HO SULQFLSLR GH OD FRPSRVLFLyQ GH WLHUUDV
HQ HO UHLQR GH *XDWHPDOD>@ ²\ SDUHFH TXH OR PLVPR RFXUULy HQ WRGDV ODV
FRORQLDVHQHVHDxR²>@(VGHOPD\RULQWHUpVSDUDQXHVWURHVWXGLRWUDVFULELU
XQRV IUDJPHQWRV GH HVDV &pGXODV \D TXH VX OHFWXUD DWHQWD HV LOXVWUDWLYD HQ
IRUPD LQPHMRUDEOH GH ORV FULWHULRV TXH SUHVLGLHURQ HO SULQFLSLR GH
FRPSRVLFLyQ GH WLHUUDV GHVGH VXV LQLFLRV /DV GRV 5HDOHV &pGXODV VRQ GH OD
PLVPD IHFKD ²ƒ GH 1RYLHPEUH GH ² \ HQ OD SULPHUD VH OHHQ ORV
VLJXLHQWHV FRQFHSWRV ³(O 5H\ 0L 3UHVLGHQWH GH PL $XGLHQFLD 5HDO GH
*XDWHPDOD3RUKDEHU \R VXFHGLGRHQWHUDPHQWH HQ HO 6HxRUtRTXHWXYLHURQ
HQ ODV ,QGLDV ORV 6HxRUHV TXH IXHURQ GH HOODV VH UHILHUH D ORV QDWLYRV
TXHVHGHVSUHQGHQGHORTXHVHYHUiHQVHJXLGD FRQTXLVWDGRV 6 0 HV GH PL SDWULPRQLR \ FRURQD UHDO HO 6HxRUtR GH ORV
7HUFHUR<DDILDQ]DGRHOLPSHULRSRUREUDGHODFRORQL]DFLyQ\GHODWRPD EDOGtRVVXHOR\WLHUUDGHHOODVTXHQRHVWXYLHUHFRQFHGLGRSRUORV6HxRUHV
HIHFWLYDGHOSRGHUORFDOSRUODVDXWRULGDGHVSHQLQVXODUHVHOSULQFLSLRSROtWLFR 5H\HV PLV SUHGHFHVRUHV R SRU Pt R HQ VX QRPEUH \ HQ HO PtR FRQ SRGHUHV
GH OD WLHUUD FRPR DOLFLHQWH SHUGLy VX VHQWLGR RULJLQDO \ VLJXLy DFWXDQGR HQ HVSHFLDOHV TXH KXELpUDPRV GDGR SDUD HOOR \ DXQTXH \R KH WHQLGR \ WHQJR
IRUPD DWHQXDGD 8QD JHQHUDFLyQ GH FRORQL]DGRUHV HVSDxROHV KDEtD HFKDGR YROXQWDGGHKDFHUPHUFHG\UHSDUWLUHOVXHORMXVWDPHQWH«ODFRQIXVLyQ\
UDtFHVHQODVFRORQLDVKDEtDQHULJLGRFLXGDGHVWHQtDQWLHUUDVHQDEXQGDQFLD H[FHVR TXH KD KDELGR HQ HVWR SRU FXOSD X RPLVLyQ GH PLV 9LUUH\HV
GLVSRQtDQ GHO WUDEDMR IRU]DGR GH ORV LQGLRV ²HO QXHYR UHSDUWLPLHQWR $XGLHQFLDV \ *REHUQDGRUHV SDVDGRV TXH KDQ FRQVHQWLGR TXH XQRV FRQ
FRPHQ]DEDDIXQFLRQDU²PXFKRVGHHOORVWHQtDQHQFRPLHQGDVKDEtDIXQGDGR RFDVLyQ TXH WLHQHQ GH OD PHUFHG GH DOJXQDV WLHUUDV VH KD\DQ HQWUDGR HQ
IDPLOLDV\WHQtDQGHVFHQGLHQWHV$WRQRFRQHVWDQXHYDVLWXDFLyQODPRQDUTXtD RWUDV PXFKDV VLQ WtWXOR « HV FDXVD TXH VH KD\DQ RFXSDGR OD PHMRU \ OD
VHKDOOyHQFRQGLFLRQHVGHDSOLFDUFRQSURYHFKRXQQXHYRSULQFLSLRODWLHUUD PD\RU SDUWH GH WRGD / L HUUD VLQ TXH ORV FRQFHMRV VH UHILHUH D ORV
FRPRIXHQWH GH LQJUHVRVSDUD ODV FDMDVUHDOHV EDMR HO SURFHGt PLHQWR GH OD PXQLFLSLRVGHORVSXHEORV60HLQGLRVWHQJDQORTXHQHFHVDULDPHQWHKDQ

 
PHQHVWHU«FDELpQGRVHYLVWR\FRQVLGHUDGRWRGRORVXVRGLFKRHQPL5HDO FUHFLPLHQWR TXH SXHGH WHQHU FDGD XQR \ D ORV LQGLRV OR TXH KXELHUHQ
&RQVHMR GH ODV ,QGLDV \ FRQVXOWiQGRVH FRQPLJR KD SDUHFLGR TXH FRQYLHQH PHQHVWHU SDUD KDFHU VXV VHPHQWHUDV ODERUHV \ FULDQ]DV WRGR OR GHPiV OR
TXH WRGD OD WLHUUD TXH VH SRVHH VLQ MXVWRV \ YHUGDGHURV WtWXORV VH PH SRGiLV FRPSRQHU \ VLUYLpQGRPH ORV SRVHHGRUHV GH ODV GLFKDV WLHUUDV «
UHVWLWX\D VHJ~Q \ FRPR PH SHUWHQHFH«´>@ \ SRU HVH WHQRU FRQWLQ~D OD TXH WLHQHQ \ SRVHHQ VLQ MXVWR \ OHJtWLPR WtWXOR VH ODV SRGiLV FRQILUPDU \
&pGXODRUGHQDQGRTXHWRGDVODVWLHUUDVXVXUSDGDVOHVHDQGHYXHOWDVDOUH\ GDUOHV GH QXHYR WtWXOR GH HOODV OD H[SUHVLyQ ³GH QXHYR´ QR VLJQLILFDED HQ
3DUHFHUtD D SULPHUD YLVWD TXH OD XVXUSDFLyQ GH WLHUUDV VX DSURSLDFLyQ DTXHOOp[LFR³RWUDYH]´VLQR³SRUSULPHUDYH]FRPRFRVDTXHDQWHVQRKDEtD
LOHJDO \ VXEUHSWLFLD VXIUtD XQ UXGR JROSH FRQ DTXHOOD FDWHJyULFD GLVSRVLFLyQ
UHDO 3HUR HVWDED RFXUULHQGR SUHFLVDPHQWH OR FRQWUDULR VH HVWDEDQ SRQLHQGR
ODV EDVHV SDUD TXH OD XVXUSDFLyQ VH FRQYLUWLHUD HQ XQ SURFHGLPLHQWR QRUPDO
SDUD DSURSLDUVH GH OD WLHUUD < HQ HIHFWR GHVGH HQWRQFHV KDVWD HO ILQDO GHO
FRORQLDMH OD DSURSLDFLyQ LOtFLWD GH WLHUUDV IXH XQD GH ODV SULQFLSDOHV
PRGDOLGDGHVGHODIRUPDFLyQGHODWLIXQGLRV
1RYD\DDSHQVDUVHTXHWRGRHOORRFXUULyDGHVSHFKRGHODYROXQWDGGHORV
UH\HVIXHXQIHQyPHQRSURPRYLGRKiELOPHQWHSRUODSROtWLFDHFRQyPLFDGHOD
PRQDUTXtD
/D&pGXODTXHKHPRVFLWDGRRUGHQDUHFXSHUDUSDUDHOUH\WRGDVODVWLHUUDV
XVXUSDGDV1RRIUHFHQLQJXQDSRVLELOLGDGGHUHWHQHUODVFRQEDVHHQDUUHJORV
(VXQDRUGHQWDMDQWH3HURHQODVHJXQGD&pGXODGHHVDPLVPDIHFKDVHOHGLFH
DO 3UHVLGHQWH TXH QR REVWDQWH OR RUGHQDGR HQ OD DQWHULRU VH SXHGH HQWUDU HQ
DUUHJORVFRQORVXVXUSDGRUHVVLpVWRVVHPXHVWUDQGLVSXHVWRVDSDJDUOR³MXVWR
\ UD]RQDEOH´ /HDPRV VXV UHQJORQHV PHGXODUHV ³3RU RWUD &pGXOD PtD GH OD
IHFKD GH pVWD RV RUGHQR TXH PH KDJDLV UHVWLWXLU WRGDV /LV WLHUUDV TXH
FXDOHVTXLHUDSHUVRQDVWLHQHQ\SRVHHQHQHVD3URYLQFLDVLQMXVWR\OHJtWLPR
WtWXOR´>@ ²GLFHHO PRQDUFD SHURHQVHJXLGD H[SOLFDTXH³«SRU DOJXQDV
MXVWDV FDXVDV \ FRQVLGHUDFLRQHV \ SULQFLSDOPHQWH SRU KDFHU PHUFHG D PLV
YDVDOORVKHWHQLGR\WHQJRSRUELHQTXHVHDQDGPLWLGRVDDOJXQDDFRPRGDGD
FRPSRVLFLyQ SDUD TXH VLUYLpQGRPH FRQ OR TXH IXHUH MXVWR SDUD IXQGDU \
SRQHUHQODPDUXQDJUXHVDDUPDGDSDUDDVHJXUDUHVWRV5H\QRV\HVRV\ODV
RFXUULGR´ 6 0! « \ HQ FDVR TXH DOJXQDV SHUVRQDV UHKXVDUHQ \ QR
TXLVLHUHQ OD GLFKD FRPSRVLFLyQ SURFHGHUpLV FRQWUD ORV WDOHV FRQIRUPH D
GHUHFKRHQYLUWXGGHODGLFKDPLUHDOFpGXOD«>@
6HUtDLQJHQXRVXSRQHUTXHODVGRV&pGXODVGHDTXHOGtDVHFRQWUDGLFHQR
TXHSXGRLQFOXLUVHHOFRQWHQLGRGHDPEDVHQXQDVROD\DTXHWUDWDQGHOPLVPR
DVXQWR1RVH FRQWUDGLFHQ VLQRTXHVH FRPSOHPHQWDQ \ HOKHFKRGHSRQHUOD
DPHQD]D GH UHVWLWXFLyQ HQ XQ GRFXPHQWR \ OD RIHUWD GH FRPSRVLFLyQ HQ RWUR
DSDUWHREHGHFtDDOSURSyVLWRGHQRUHVWDUOHIXHU]DOHJDODODSULPHUDSDUDQR
UHVWDUOHDWUDFWLYRDODVHJXQGD3RUTXHORTXHODFRURQDTXHUtDQRHUDTXHOH
GHYROYLHUDQ ODV WLHUUDV XVXUSDGDV VLQR TXH QR VH ODV GHYROYLHUDQ TXHUtD OD
FRPSRVLFLyQQHFHVLWDEDGLQHUR
(V LQWHUHVDQWH REVHUYDU TXH HQ OD HWDSD HQ TXH SULYy HO SULQFLSLR GH OD
WLHUUDFRPRDOLFLHQWHODFRURQDSXVRFLHUWDVFRQGLFLRQHVDOKDFHUPHUFHGGHOD
WLHUUD KDEtD TXH UDGLFDU HQ HOOD \ FXOWLYDUOD GXUDQWH XQ GHWHUPLQDGR WLHPSR
DQWHVGHREWHQHUODFRQILUPDFLyQGHVXSOHQDSRVHVLyQOHJDO²VHJ~QVHOH\yHQ
OD IDPRVD &pGXOD GHO UH\ FDWyOLFR TXH KHPRV FLWDGR XQDV SiJLQDV DWUiV²
3DVDGD DTXHOOD FRUWD \ GHFLVLYD HWDSD SULYDQGR DKRUD RWUR SULQFLSLR GH
SROtWLFD HFRQyPLFD GHVDSDUHFLHURQ WRWDOPHQWH DTXHOORV UHTXLVLWRV ORV
WHUUHQRV UHDOHQJRV XVXUSDGRV SRGtDQ WLWXODUVH SRU YtD GH FRPSRVLFLyQ«
HVWDQGRRQRSREODGRVFXOWLYDGRVRODEUDGRV«>@
/D FRPSRVLFLyQ GH WLHUUDV IXH XQ PHFDQLVPR FUHDGR HQ OD ~OWLPD GpFDGD
GHOVLJOR;9,LQJUHVyFRPRXQDVXQWRSHUPDQHQWHHQOD5HFRSLODFLyQGH/H\HV
IORWDVTXHYDQ\YLHQHQGHHOORV«VHOHVFRQILUPHODVWLHUUDV\YLxDVTXH GH,QGLDV>@HVWXYRFDXViQGROHLQJUHVRVDODFRURQDGXUDQWHWRGRHOSHUtRGR
SRVHHQ\SRUODSUHVHQWHFRQDFXHUGR\SDUHFHUGHPL&RQVHMR5HDOGHODV FRORQLDO>@ \ IXH XQ LPSRUWDQWH UHQJOyQ GH OD 5HDO +DFLHQGD HQ HO UHLQR GH
LQGLDV RV GR\ SRGHU FRPLVLyQ \ IDFXOWDG SDUD TXH UHVHUYDQGR DQWH WRGDV *XDWHPDODKDVWDHOGtDDQWHULRUDOD,QGHSHQGHQFLD>@'LFKRORPLVPRGHRWUR
FRVDV OR TXH RV SDUHFLHUH QHFHVDULR SDUD SOD]DV HMLGRV SURSLRV SDVWRV \ PRGRODXVXUSDFLyQGHWLHUUDVVHSUDFWLFyGHVGHHOVLJOR ;9,FRQEDVHHQOD
EDOGtRVGHORVOXJDUHV\FRQFHMRVVHUHILHUHRWUDYH]DORVSXHEORV60DVt OLEHUDOLGDG GH ODV FRQFHVLRQHV \ HQ HO GHVFRQWURO GH OD SULPHUD HWDSD
SRU OR TXH WRFD DO HVWDGR SUHVHQWH FRPR HO SRUYHQLU GHO DXPHQWR \ FRORQL]DGRUD (Q OD ~OWLPD GpFDGD GH HVH VLJOR IXH LQVWLWXLGR HO VLVWHPD GH

 
FRPSRVLFLRQHVHOFXDOQRYLQRDIUHQDUODXVXUSDFLyQ²SRUTXHQRHUDHVDVX
ILQDOLGDG²VLQR D FRQYHUWLUOD HQ XQ SURFHGLPLHQWR SDUD DGTXLULU WLHUUDV \
HQVDQFKDUORV ODWLIXQGLRV FRQ GHVHPEROVRV PRGHUDGRV $O QRUPDU OD
FRPSRVLFLyQ ODV OH\HV VLVWHPDWL]DURQ OD XVXUSDFLyQ GH WLHUUDV SDUD WRGR HO
SHUtRGRFRORQLDO
1RKD\QHJRFLRTXHPiVSURVSHUHTXHDTXpOHQTXHORVGRVWUDWDQWHVVDOHQ
EHQHILFLDGRV (O SURFHGLPLHQWR XVXUSDFLyQFRPSRVLFLyQ EHQHILFLDED D OD
FRURQD FRQ XQD UHFDXGDFLyQ FRQVWDQWH \ IDYRUHFtD D ORV WHUUDWHQLHQWHV
GiQGROHV IDFLOLGDGHV SDUD HQVDQFKDU VXV SURSLHGDGHV 'RV R WUHV GHWDOOHV
tQWLPRVGHOSURFHGLPLHQWRKDUiQPiVIiFLOODFRPSUHQVLyQGHVXJUDQp[LWR OHKDEtDLQYLWDGRDXVXUSDU
(Q ODV LQVWUXFFLRQHV TXH HO 3UHVLGHQWH 'RQ $ORQVR &ULDGR GH &DVWLOOD OH
GLR DO FRPLVLRQDGR SDUD KDFHU OD UHPHGLGD \ FRPSRVLFLyQ GH WLHUUDV HQ HO
&RUUHJLPLHQWR GH &KLTXLPXOD ²DxR ² VH OH UHFRPLHQGD HQWUH RWUDV
FRVDVUHJDWHDU\FHGHU³«SHGLUiDORVGXHxRVGHODVWDOHVHVWDQFLDVVLWLRV
\WLHUUDVTXHSDJXHQSRUHOODVPiVFDQWLGDGTXHORTXHWXYLHUHDYHULJXDGR
YDOHU SRU OD GLFKD LQIRUPDFLyQ TXH SUHYLDPHQWH KDEtD REWHQLGR HO
DQLPDOHVDSDFHUHQDPSOLRVWHUUHQRVDFRWDGRVVHFRQYLUWLyHQODPDQHUDGH
DSURSLDUVH HVDV WLHUUDV SRUTXH OOHJDGR HO PRPHQWR GH OD FRPSRVLFLyQ OD
DPHQD]D GH UHVWLWXFLyQ QR VLJQLILFDED SDUD ORV WHUUDWHQLHQWHV RWUD FRVD TXH
DEDQGRQDU VLQ LQGHPQL]DFLyQ XQDV WLHUUDV TXH DSHQDV VH ILQJtD HVWDU
DSURYHFKDQGR (Q FDPELR OD DPHQD]D GH DEDQGRQDUODV SUHRFXSDED
HIHFWLYDPHQWHDOFRPLVLRQDGRDO6XEGHOHJDGRTXHHUDVXMHIH\DO3UHVLGHQWH
TXHQRPEUDEDDO6XEGHOHJDGR(QUHDOLGDGSXHVQRHUDHOUH\TXLHQREOLJDED
DO WHUUDWHQLHQWH D SDJDUOH SRU ODV WLHUUDV XVXUSDGDV VLQR HUD HO WHUUDWHQLHQWH
TXLHQREOLJDEDDOUH\DGHMDUOHSRUPX\SRFRGLQHURODVWLHUUDVTXHHOVLVWHPD
2WUR GHWDOOH (Q  XQD LPSRUWDQWH &pGXOD OH GLR QXHYD IRUPD D OD
DGPLQLVWUDFLyQ GHO UDPR GH WLHUUDV >@ \ HQWUH RWUDV FRVDV GLVSXVR TXH ORV
6XEGHOHJDGRV SHUFLELHUDQ HO  GH ODV YHQWDV \ FRPSRVLFLRQHV TXH VH
UHDOL]DUDQEDMRVXGLUHFFLyQ7HQHPRVDOOtSXHVXQQXHYRIDFWRUIDYRUDEOHDO
SURFHVR XVXUSDFLyQFRPSRVLFLyQ SXHVWR TXH OD FRQFHVLyQ GHO FLWDGR
HVWLSHQGLRDORV6XEGHOHJDGRVHUDXQDGLVSRVLFLyQLQFLWDQWH\PDxRVDSRUXxD
FRPLVLRQDGR 6 0 \ GH DOOt LUi EDMDQGR KDVWD HO YDORU TXH VH SUREDUH SDUWH LQGXFtD D ORV 6XEGHOHJDGRV D SURFXUDU SUHFLRV DOWRV HQ ODV
YDOHUODVGLFKDVWLHUUDV«´>@\HQVHJXLGDOHUHFRPLHQGDLQWHOLJHQWHPHQWH FRPSRVLFLRQHV ²TXH HOHYDUtDQ HO HVWLSHQGLR D UHFLELU² SHUR DO PLVPR
³«$ORVTXHWXYLHUHQWtWXORGHSRVHVLyQDXQTXHLQYiOLGDKDUiEDMDKDVWD WLHPSR ORV LQGXFtD D UHDOL]DU FRPSRVLFLRQHV D FXDOTXLHU SUHFLR DQWHV TXH
ODPLWDGGHOYDORUTXHOHFRQVWDUHSRULQIRUPDFLyQ<DORVTXHQRWXYLHUHQ PDORJUDUODV²PiVYDOtDSiMDURHQPDQRTXHFLHQWRYRODQGR²
WtWXOR QL UHFDXGR EDVWDQWH EDMDUi OD FXDUWD SDUWH GH pO \ HQ WRGR LUi 1R KDFH IDOWD GHPRVWUDU TXH HO UHVRUWH IXQGDPHQWDO GHO PHFDQLVPR TXH
WHQLHQGR OD PDQR FXDQWR IXHUH SRVLEOH HQ EDMDU \ SURFXUDU TXH VLHPSUH OR HVWDPRV VHxDODQGR VH KDOODED HQ ODV QHFHVLGDGHV GH QXPHUDULR TXH HUDQ
TXHKLFLHUHVHDHQDXPHQWRGHOUHDOKDEHU«´>@(VWDVSDODEUDVUHODWLYDVD DFKDTXH FUyQLFR GH OD PRQDUTXtD HVSDxROD < UHVXOWD SHUIHFWDPHQWH
ODVUHEDMDVHQODFRPSRVLFLyQVRQPX\LPSRUWDQWHV6HDGPLWHXQDUHEDMDGHO FRPSUHQVLEOH TXH REWXYLHUD SURYHFKRV GH OD FRQFHVLyQ EDUDWD GH WLHUUDV TXH
 GHO YDORU GH OD WLHUUD D TXLHQ OD SRVHD FRQ WtWXORV LQYiOLGRV R VHD QR GH RWUR PRGR QR OH UHQGtDQ QLQJ~Q EHQHILFLR ²VLQ UHSDUDU FODUR HVWi HQ
H[WHQGLGRV SRU OD DXWRULGDG UHSUHVHQWDWLYD GHO UH\ WtWXORV RWRUJDGRV SRU ORV FRQVHFXHQFLDVKLVWyULFDVFRPRHOODWLIXQGLVPRTXHQRODDIHFWDEDQQLWHQtDSRU
$\XQWDPLHQWRV SULQFLSDOPHQWH < FRQ GLVFUHFLyQ VH OH GLFH DO FRPLVLRQDGR
TXH HV SUHIHULEOH XQD FRPSRVLFLyQ PX\ EDMD TXH XQD GHYROXFLyQ GH WLHUUD
XVXUSDGDQRRWUDFRVDVHGDDHQWHQGHUHQODV~OWLPDVSDODEUDVSXHVWRTXHOD
GHYROXFLyQ GH WLHUUDV HO IUDFDVR GH OD FRPSRVLFLyQ QR VLJQLILFDED QLQJ~Q
³DXPHQWR GHO UHDO KDEHU´ /D FRQVLJQD HUD QR SHUPLWLU HO IUDFDVR GH OD
FRPSRVLFLyQ 3HUR HVWR TXH GLVFUHWDPHQWH VH OH GHFtD DO FRPLVLRQDGR
GLVFUHWDPHQWH WLHQHQTXH KDEHUOR VDELGRWDPELpQORVWHUUDWHQLHQWHV'H PRGR
TXH FRUUHUORV PRMRQHV \ VHPEUDU XQDV PLOSDV DTXt \ DOOi R SRQHU XQRV
TXpSUHYHUODV²'HVGHHOSXQWRGHYLVWDGHODPRQDUTXtDODFRPSRVLFLyQIXH
XQUHFXUVRHFRQyPLFRLQWHOLJHQWH
1RV TXHGD SRU UHVSRQGHU VLQ HPEDUJR TXp LQWHUHVHV PRYtDQ D ORV
WHUUDWHQLHQWHVDDGTXLULUQXHYDVWLHUUDV\DDPSOLDUVXVSURSLHGDGHVHQIRUPD
WDQ GHVPHGLGD 1R UHVSRQGHUHPRV D HVWD FXHVWLyQ DQWHV GH KDEHU LQGLFDGR
RWURVGRVSULQFLSDOHVGHODSROtWLFDDJUDULDFRORQLDO
&XDUWR SULQFLSLR /D OHJLVODFLyQ FRORQLDO GH WLHUUDV WDQWR OD JHQHUDO
FRQWHQLGDHQOD5HFRSLODFLyQ>@FRPRODFRQWHQLGDHQ&pGXODVHLQVWUXFFLRQHV

 
HVSHFLDOHVSDUDOD$XGLHQFLDGH*XDWHPDOD>@H[SUHVDGHPDQHUDLQVLVWHQWH\ (QODVLQVWUXFFLRQHVGHO3UHVLGHQWH'RQ$ORQVR
FODUtVLPDHOLQWHUpVGHODPRQDUTXtDHQTXHORVSXHEORVGHORVLQGLRVWXYLHUDQ
WLHUUDV VXILFLHQWHV /DV SULPHUDV LQGLFDFLRQHV SUHFLVDV HQ WDO VHQWLGR QR
&ULDGRGH&DVWLOOD²\DFLWDGDV²OHHQFDUJD
DSDUHFHQVLQRKDVWDODJUDQUHIRUPDGHODV/H\HV1XHYDV>@\DTXHGHVGHHVH DOFRPLVLRQDGRTXHDQWHVGHHQWUDUDFRPSRVLFLyQ
PRPHQWRFRPHQ]DURQDYLYLUORVLQGLRVHQSXHEORV\DWULEXWDUDOUH\²VHJ~Q FRQXQSDUWLFXODU>@«KDUiLQIRUPDFLyQGHOD
OR H[DPLQDUHPRV FRQ EDVWDQWH GHWHQLPLHQWR HQ HO &DStWXOR 6pSWLPR² 3HUR
GHVGHHQWRQFHVODSRVLFLyQGHODPRQDUTXtDHVFODUDORVSXHEORVGHEHQWHQHU
FDQWLGDGTXHVHUiPHQHVWHUSDUDORVSXHEORVGH
VXILFLHQWHVWLHUUDVFRPXQHVSDUDVXVVLHPEUDVGHEHQWHQHUVXVHMLGRV²RVHD
WHUULWRULRVWDPELpQFRPXQHVGHSDVWRUHR\SDUDRWURVPHQHVWHUHVGLVWLQWRVGHOD
VLHPEUD² D ORV LQGLRV TXH HQ OR SDUWLFXODU TXLHUDQ DGTXLULU WLHUUDV SRU
FRPSRVLFLyQGHEHGiUVHOHVWUDWRSUHIHUHQFLDO\HQQLQJ~QFDVRGHEHDGPLWLUVH
DFRPSRVLFLyQDTXLHQKD\DXVXUSDGRWLHUUDVGHLQGLRV\DVHWUDWHGHWLHUUDV
FRPXQDOHV ²GH VHPHQWHUD \ HMLGRV² R GH SURSLHGDG GH DOJXQRV LQGLRV HQ
SDUWLFXODU $QWHV GH FRPSRQHU WLHUUDV FRQ SDUWLFXODUHV HVSDxROHV ORV
FRPLVLRQDGRV WLHQHQ TXH KDFHU DYHULJXDFLRQHV HQ ORV SXHEORV LQGtJHQDV
FHUFDQRVSDUDDVHJXUDUVHGHTXHQRVHHVWiVROLFLWDQGRWLHUUDXVXUSDGDDHOORV

LQGLRVFRPDUFDQRV²\DVtPLVPRDJUHJD²«GH
ODVWLHUUDVGHTXHWXYLHUHQQHFHVLGDGSDUDVXVPLOSDV
SDVWRVGHKHVDVSRWUHURV\RWUDVJUDQMHUtDV\HMLGRV
\WRGRORGHPiVTXHYLHUHTXHORV3XHEORVGHORV
GLFKRVQDWXUDOHVKXELHUHQPHQHVWHU\HVROHVGHMDUi
\RWURWDQWRPiVGHPDQHUDTXHVLHPSUHSURFXUHTXH
ORVLQGLRVTXHGHQFRQWHQWRV\QRDJUDYLDGRV«´8Q
SRFRPiVDGHODQWHYXHOYHDUHIHULUVHDODVWLHUUDVGH
ORVLQGLRVGLFLpQGROHTXH³«/DVWLHUUDVSDUD
PLOSDVSDVWRVGHKHVDVSRWUHURVHMLGRVTXHORV
LQGLRVHQSDUWLFXODU\ODV&RPXQLGDGHVGHORVWDOHV
SXHEORVWXYLHUHQ\SRVH\HUHQVHODVGHMH\QRWUDWHGH
HOORHQPDQHUDQLQJXQD«´DJUHJDQGRTXHVyOR
WUDWDUiGHODFRPSRVLFLyQFRQORVLQGLRVTXHHQOR
SDUWLFXODUWXYLHUDQDOJXQDWLHUUDQRWLWXODGD\DXQ
DpVWRVOHUHFRPLHQGDWUDWDUORVFRQPXFKD
WHPSODQ]D\DEDVHGHSHUVXDVLyQ>@
&LHQWRFLQFXHQWDDxRVPiVWDUGHHQOD&pGXODGHTXHUHRUJDQL]yHO
UDPR GH WLHUUD VH LQFOX\HQ UHQJORQHV TXH YXHOYHQ D UHFRPHQGDU PXFKD
WHPSODQ]D HQ OD FRPSRVLFLyQ FRQ LQGLRV SDUWLFXODUHV \ OD PiV DPSOLD
WROHUDQFLD FRQ ODV WLHUUDV FRPXQDOHV>@ ³« SXHV SRU OR WRFDQWH D ODV GH

FRPXQLGDG \ ODV TXH OHV HVWiQ FRQFHGLGDV D VXV SXHEORV SDUD SDVWRV \ OODPDUHPRV HO SULQFLSLR GHO EORTXHR DJUDULR GH ORV PHVWL]RV \ FRPR HQ
HMLGRVQRVHKDGHKDFHUQRYHGDGPDQWHQLpQGRORVHQODSRVHVLyQGHHOODV\ PpULWR GH VX LPSRUWDQFLD YDPRV D HVWXGLDUOR HQ GRV DSDUWDGRV GHO &DStWXOR
UHLQWHJUiQGROHVHQODVTXHVHOHVKXELHUHQXVXUSDGRFRQFHGLpQGROHVPD\RU
H[WHQVLyQHQHOODVVHJ~QODH[LJHQFLDGHODSREODFLyQ«´>@
7RGDV HVWDV UHFRPHQGDFLRQHV UHIOHMDQ ILHOPHQWH OD SROtWLFD GH OD
PRQDUTXtD IUHQWH DO SUREOHPD GH ODV WLHUUDV GH ORV SXHEORV GH LQGLRV 1R HV
TXH FiQGLGDPHQWH SHQVHPRV TXH HQ OD UHDOLGDG VH KL]R H[DFWDPHQWH OR TXH
WDOHVOH\HVH[SUHVDQORTXHDVHJXUDPRVHVTXHODSUHVHUYDFLyQGHODVWLHUUDV
GHORVLQGLRVIXHXQSULQFLSLREiVLFRGHODSROtWLFDDJUDULDFRORQLDO<QRHV
H[WUDxR SRUTXH FRPR YHUHPRV HQ SiJLQDV YHQLGHUDV ²HQ XQ &DStWXOR
HVSHFLDO SDUD HO WHPD² OD RUJDQL]DFLyQ GHO SXHEOR GH LQGLRV FRPR SLH]D
FODYH GH OD HVWUXFWXUD GH OD VRFLHGDG FRORQLDO H[LJtD OD H[LVWHQFLD GH XQDV
WLHUUDVHQTXHORVLQGtJHQDVSXGLHUDQWUDEDMDUSDUDVXVWHQWDUVHSDUDWULEXWDU\
SDUDHVWDUHQFRQGLFLRQHVGHLUDWUDEDMDUHQIRUPDFDVLJUDWXLWDDODVKDFLHQGDV
\ODERUHV\DRWUDVHPSUHVDVGHORVJUXSRVGRPLQDQWHV6HWUDWDSXHVGHXQ
SULQFLSLRSHUPDQHQWH\IXQGDPHQWDOGHODSROtWLFDDJUDULDGHODFRORQLDTXHOR
IXH SRUTXH HQUDL]DED HQ XQ LQWHUpV HFRQyPLFR WDPELpQ IXQGDPHQWDO \
SHUPDQHQWH GH OD PRQDUTXtD 3DUD TXH ORV LQGLRV SHUPDQHFLHUDQ HQ VXV
SXHEORV\IXHUDSRVLEOHFRQWURODUORVSDUDODWULEXWDFLyQHUDLQGLVSHQVDEOHTXH
WXYLHUDQDOOtXQDVWLHUUDVVXILFLHQWHVTXHQRWXYLHUDQTXHLUDEXVFDUODVDRWUD
SDUWH
'HORVFLQFRSULQFLSLRVTXHQRVSURSRQHPRVVHxDODUpVWHHVHO~QLFRTXH
QRRSHUyFRPRIDFWRUGHOGHVDUUROORGHORVODWLIXQGLRV6XLPSRUWDQFLDHVHQ
WRGRFDVRH[WUDRUGLQDULD/RVFXDWURSULQFLSLRVGHSROtWLFDDJUDULDVHxDODGRV
KDVWDDTXt²HOVHxRUtRGHODFRURQDVREUHODWLHUUDGHODVSURYLQFLDVODWLHUUD
FRPR DOLFLHQWH GH FRORQL]DFLyQ OD WLHUUD FRPR IXHQWH GH LQJUHVRV SDUD OD
6H[WR ³9LOODV \ UDQFKHUtDV´ \ ³/DGLQRV HQ SXHEORV GH LQGLRV´ DOOt
GHPRVWUDUHPRV TXH IXH UHDOPHQWH XQ SULQFLSLR GH SROtWLFD DJUDULD FRORQLDO \
SRQGUHPRVGHPDQLILHVWRORVLQWHUHVHVGHODFRURQDTXHORPDQWXYLHURQYLJHQWH
KDVWDHOILQDOGHOFRORQLDMH$TXtQRVOLPLWDUHPRVDSUHVHQWDUOR\DLQGLFDUVX
LPSRUWDQFLDFRPRIDFWRUGHOODWLIXQGLVPRFRORQLDO
/DV/H\HVGH,QGLDVHQORWRFDQWHDWLHUUDVQRKDFHQGLVFULPLQDFLyQGHOD
JHQWHPHVWL]D²ODV³FDVWDV´ORVODGLQRV²VLQRPiVELHQRIUHFHQSXQWRVGH
DSR\ROHJDOSDUDTXHHOORVWDPELpQODVSXHGDQREWHQHUSRUORVSURFHGLPLHQWRV
XVXDOHV>@ /DV &pGXODV HVSHFLDOHV SDUD *XDWHPDOD \ ODV GLVSRVLFLRQHV
OHJDOHV HODERUDGDV SRU OD $XGLHQFLD ²SRU HO 3UHVLGHQWH R SRU ORV 2LGRUHV
WDPSRFR HVWDEOHFHQ OLPLWDFLyQ SDUD OD REWHQFLyQ GH WLHUUDV SRU SDUWLFXODUHV
PHVWL]RV>@
6LQ HPEDUJR GDGR TXH ORV PHVWL]RV HUDQ XQ FRQWLQJHQWH KXPDQR HQ
FUHFLPLHQWR \ GH HVFDVRV UHFXUVRV HFRQyPLFRV HUD GH HVSHUDUVH TXH HO
JRELHUQR FRORQLDO D QLYHO SHQLQVXODU R D QLYHO GH SURYLQFLD WRPDUD ODV
SURYLGHQFLDV QHFHVDULDV SDUD SURSRUFLRQDUOHV WLHUUDV FRQVLGHUiQGRORV FRPR
XQ JUXSR HFRQyPLFDPHQWH GLIHUHQFLDGR \ PX\ QHFHVLWDGR GH DTXHO UHFXUVR
IXQGDPHQWDO 6L ORV LQGLRV FRPR FODVH YLYtDQ HQ VXV SXHEORV WHQtDQ VXV
WLHUUDV\JR]DEDQGHXQIXHURHVSHFLDOORVPHVWL]RVFRPRJUXSRHPHUJHQWHHQ
ODVRFLHGDGFRORQLDOQRXELFDGR\FDUHQWHGHPHGLRVGHSURGXFFLyQGHELHURQ
VHUREMHWRGHODFUHDFLyQGHFHQWURVHVSHFLDOHVSDUDHOORVGRWDGRVGHWLHUUDV
SDUDWUDEDMDU(VWRTXHVHKL]RHQRWUDVFRORQLDV\TXHORVPHVWL]RVGHOUHLQR
GH*XDWHPDODVROLFLWDURQHQGLYHUVDVIRUPDV >@IXHVLVWHPiWLFDPHQWHHYLWDGR
SRU ODV DXWRULGDGHV GHO UHLQR>@ /DV FDXVDV SURIXQGDV GHO IHQyPHQR \ VXV
FRURQDXVXUSDFLyQFRPSRVLFLyQ\ODGHIHQVDGHODVWLHUUDVGHLQGLRV²ORV
FXDWURKDOODQH[SUHVLyQHQODVOH\HV\DSDUHFHQDPSOLDPHQWHLOXVWUDGRVHQVXV
SRUPHQRUHVHQGRFXPHQWRVFRORQLDOHVGHPX\GLYHUVDtQGROH
(O TXLQWR SULQFLSLR ²~OWLPR GH QXHVWUD VHULH² QR VH GHVSUHQGH GH ODV
OH\HV HQ QLQJXQD IRUPD \ DQWHV ELHQ VL QRV DWXYLpUDPRV D HOODV SDVDUtD
WRWDOPHQWH LQDGYHUWLGR 1RV HV UHYHODGR SRU KHFKRV GH JUDQ WUDVFHQGHQFLD
FRQVLJQDGRVHQGRFXPHQWRVGHRWUDQDWXUDOH]DJUDFLDVDORVFXDOHVVDEHPRV
SUHFLVDPHQWH TXH HUD XQ SULQFLSLR TXH RSHUDED DO PDUJHQ GH OD OH\ /R

FRQVHFXHQFLDVKLVWyULFDVVHUiQH[DPLQDGDVHQRWUROXJDUFRPR\DVHGLMR(V
SUHFLVR VHxDODU DTXt HPSHUR XQ KHFKR PX\ LPSRUWDQWH OD SROtWLFD GH
QHJDFLyQ GH WLHUUDV D ORV PHVWL]RV SREUHV HQ FRQVWDQWH DXPHQWR GHPRJUiILFR
²DXQTXH HQ OR SDUWLFXODU SXGLHUDQ DGTXLULGDV TXLHQHV WXYLHUDQ PHGLRV SDUD
HOOR²IXHXQIDFWRUTXHHVWLPXOyHOFUHFLPLHQWRGHORVODWLIXQGLRV3RUTXHOD
SREODFLyQ PHVWL]D R ODGLQD SREUH ²ODV FDSDV PHGLDV UXUDOHV FRPR ODV
OODPDUHPRV DSURSLDGDPHQWH HQ VX HVWXGLR HVSHFLDO² VH YLR REOLJDGD D
GHVSOD]DUVHDODVKDFLHQGDV\DYLYLU\WUDEDMDUHQHOODVDFDPELRGHWLHUUDHQ

XVXIUXFWR 6H YROYLHURQ QHFHVDULDPHQWH DUUHQGDWDULRV < HVWR WDPELpQ TXH HO Q~PHUR GH HVWRV UHGXFLGR D~Q PiV SRU OD UHVLVWHQFLD TXH RSRQtDQ DO
MXVWLILFDED DXQTXH IXHUD FRPR LQWHUpV GH VHJXQGR RUGHQ ²RWURV KDEtD PiV VLVWHPD ²RFXOWDFLRQHV HYDVLRQHV \ RWUDV IRUPDV GH GHIHQVD² PDQWHQGUtD D
EiVLFRV²ODDPSOLDFLyQGHORVODWLIXQGLRV(OSULQFLSLRGHEORTXHRDJUDULRGH ORV KDFHQGDGRV HQ XQ FRQVWDQWH UHJDWHR HQWUH Vt \ FRQ ODV DXWRULGDGHV SDUD
ORVODGLQRVUXUDOHVTXHIXHXQSULQFLSLRLPSRUWDQWH\SHUPDQHQWHGHODSROtWLFD WHQHU DVHJXUDGD VX FXRWD GH LQGLRV (VWXGLDUHPRV HVWRV SUREOHPDV HQ
DJUDULDHQHOUHLQRGH
*XDWHPDOD IXH XQ SULQFLSLR IDYRUDEOH DO ODWLIXQGLVPR 2SHUy FRPR ORV
RWURVWUHVVREUHODEDVHGHOSULQFLSLRGHVHxRUtR3RUTXHQRKDELHQGRWLHUUDV
VLQGXHxRQLXVROtFLWRGHDTXpOODVTXHHOUH\QRKXELHVHFHGLGRSRUPHUFHGR
SRUFRPSRVLFLyQORVODGLQRVUXUDOHVSREUHVVHYLHURQREOLJDGRVDVRPHWHUVHD
ODV FRQGLFLRQHV GH WUDEDMR TXH OHV LPSRQtDQ ORV ODWLIXQGLVWDV +H DKt HO
SULQFLSLR GH VHxRUtR HQ VX DFFLyQ QHJDWLYD IRPHQWDQGR HO ODWLIXQGLR FRPR
FDStWXORV HVSHFLDOHV $Vt OD DSDULFLyQ GH QXHYDV HPSUHVDV DJUtFRODV GH
QXHYDV KDFLHQGDV \ ODERUHV FRQ QXHYRV SURSLHWDULRV VXSRQtD XQ DXPHQWR
QXPpULFR GH ORV LQWHUHVDGRV HQ REWHQHU LQGLRV GH UHSDUWLPLHQWR &RPR HVH
DXPHQWRQRFRUUHVSRQGtDDXQDXPHQWRQXPpULFRGHORVLQGLRVQHFHVDULDPHQWH
VHGDEDXQDDJXGL]DFLyQGHODSXJQDHQWRPRDODGLVSRQLELOLGDGGHPDQRGH
REUD(OLQFUHPHQWRGHPRJUiILFRGHORVPHVWL]RVYLQRDDOLYLDUSDUFLDOPHQWH
GLFKRSUREOHPD²IHQyPHQRTXHWDPELpQHVWXGLDUHPRVHQVXOXJDU²3HURGH
DGYHUWtDPRVDOSUHVHQWDUOR
+HPRVVHxDODGRSXHVFLQFRSULQFLSLRVGHODSROtWLFDDJUDULDFRORQLDOTXH
VHQRVLUiQSUHVHQWDQGRFRPRIXQGDPHQWDOHVFDGDYH]FRQPiVHYLGHQFLDHQHO
GHVDUUROOR GH QXHVWUR HVWXGLR (V LPSRUWDQWH LQVLVWLU HQ TXH FXDWUR GH HOORV
IRPHQWDURQHOGHVDUUROORGHORVODWLIXQGLRVHQODVFRORQLDV\IXHURQSRUHVR
PLVPRORVSXQWRVGHDUUDQTXHGHOSUREOHPDGHODWLHUUDHQQXHVWURSDtV
6LQ HPEDUJR HVRV SULQFLSLRV DFWXDEDQ XQLODWHUDOPHQWH IRPHQWDEDQ HO
ODWLIXQGLRGHVGHHOiQJXORGHORVLQWHUHVHVGHODFRURQD\VLELHQHVFLHUWRTXH
ORVGRVSULPHURVHQJHQGUDURQDOJUXSRLQLFLDOGHORVODWLIXQGLVWDV\HOWHUFHUR
\HOTXLQWRORHVWLPXODURQDHQJUDQGHFHUVHQRHVPHQRVFLHUWRTXHSXGRKDEHU
SULQFLSLRVTXHDFWXDUDQXQLODWHUDOPHQWHGHVGHHOiQJXORGHORVWHUUDWHQLHQWHV
3RU OR PHQRV XQR HV HYLGHQWH \ KD\ TXH VHxDODUOR DQWHV GH WHUPLQDU HVWH
DSDUWDGR
/D FODVH GH ORV WHUUDWHQLHQWHV FRORQLDOHV UHSRVDED FRPR \D VH KD GLFKR
VREUH OD SURSLHGDG GH OD WLHUUD \ HO FRQWURO GHO WUDEDMR GH ORV LQGLRV $KRUD
ELHQKDEtDXQDJUDQGHVSURSRUFLyQHQWUHODSRVLELOLGDGGHDGTXLULUWLHUUDV\OD
SRVLELOLGDGGHGLVSRQHUGHLQGLRV(VWD~OWLPDWHQtDXQOtPLWHGHWHUPLQDGRHQ
SULPHU OXJDU SRU HO Q~PHUR GH ORV LQGLRV YDURQHV HQ HGDG GH WUDEDMDU \
VHJXQGR OXJDU SRU OD FLUFXQVWDQFLD GH TXH HO UpJLPHQ FHGtD ORV LQGLRV HQ
FDQWLGDGHV\SRUWLHPSRHVWLSXODGRV/DWLHUUDHQFDPELRQRWHQtDOtPLWHSXHV
ODVOHJXDVFXDGUDGDVTXHIRUPDEDQODH[WHQVLyQGHOUHLQR>@ HUDQ XQD
HQRUPLGDGSDUDHOPLOOyQ\PHGLRGHKDELWDQWHVTXHHQpOYLYtD>@'HVGHHO
PRPHQWR PLVPR HQ TXH TXHGy RUJDQL]DGR HO UHSDUWLPLHQWR GH LQGLRV VH YLR

WRGRV PRGRV OD FODVH WHUUDWHQLHQWH WXYR TXH YHUVH LQGXFLGD D DVHJXUDU VX
GRPLQLRDFDSDUDQGR WLHUUDV QRSRUTXH KXELHUDWUDEDMDGRUHVSDUDFXOWLYDUODV
VLQRSDUDGHMDUODVDEDQGRQDGDV\TXHQRGLVPLQX\HUDHOQ~PHURSURSRUFLRQDO
GH LQGLRV TXH HQ FDGD PRPHQWR KLVWyULFR HVWDED D GLVSRVLFLyQ GH ODV
KDFLHQGDV'LFKRGHRWURPRGRODFODVHFULROODDVHQWDGDVREUHODSURSLHGDG
GH OD WLHUUD \ OD H[SORWDFLyQ VHUYLO GH ORV LQGLRV WXYR TXH SUHVHUYDUVH
IUHQDQGR VX SURSLR FUHFLPLHQWR QXPpULFR \ FRQFHQWUDQGR HQ VXV PDQRV FDGD
YH] PiV WLHUUDV 8Q FUHFLPLHQWR GHVPHGLGR GHO Q~PHUR GH KDFLHQGDV \
KDFHQGDGRV KXELHUD VLJQLILFDGR LQHYLWDEOHPHQWH XQ UHFUXGHFLPLHQWR GH OD
OXFKD HQ WRPR D ORV LQGLRV /D FRURQD QR ORV KXELHUD VROWDGR QR KXELHUD
DFFHGLGRDSHUGHUHOFRQWUROVREUHHOORVHQORVSXHEORVGHPRGRTXHOD~QLFD
VDOLGD KXELHUD VLGR OD DGRSFLyQ HVSRQWiQHD GHO WUDEDMR DVDODULDGR \ OD
FRQVLJXLHQWHPHQJXDYLROHQWDGHORVEHQHILFLRVGHODFODVHFULROOD(VWHKHFKR
IXQGDPHQWDO²ODOLPLWDFLyQGHODGLVSRQLELOLGDGGHLQGLRV²KD\TXHWHQHUOR
SUHVHQWHHQODH[SOLFDFLyQGHFLHUWDVFDUDFWHUtVWLFDVGHOGHVDUUROORGHODFODVH
FULROOD6XDYHUVLyQ\UHFKD]RDORV³DGYHQHGL]RV´²IHQyPHQRVHxDODGRHQXQ
FDStWXORDQWHULRU²WHQtDHVHSUREOHPDPX\HQHOIRQGRWLHUUDKDEtDVXILFLHQWH
SDUD TXH JUXSRV GH HVSDxROHV OOHJDUDQ SHULyGLFDPHQWH FRQ PLUDV D REWHQHU
WUR]RV GH HOOD GHVGH FLHUWRV SXQWRV GH YLVWD D OD FODVH FULROOD OH KXELHUD
FRQYHQLGRVHUXQSRFRPiVQXPHURVDSHURHVDVFRQVLGHUDFLRQHVSHUGtDQWRGD
VXYDOLGH]DQWHHOKHFKRGHTXHFDGDQXHYRWHUUDWHQLHQWHFRORQLDOHUDXQQXHYR
DVSLUDQWHDLQGLRV\HOQ~PHURGHpVWRVGHVDFRQVHMDEDSRUFRPSOHWRDXPHQWDU
HO Q~PHUR GH IDPLOLDV TXH FRQVWLWXtD OD DULVWRFUDFLD WHUUDWHQLHQWH 7DPELpQ

JXDUGD HVWUHFKD UHODFLyQ FRQ OR TXH HVWDPRV VHxDODQGR OD WHQGHQFLD PX\ DTXHOORV SULQFLSLRV SDUD DPSOLDU VX GRPLQLR FHUUDGR \ H[FOX\HQWH VREUH OD
DFXVDGD HQ OD FODVH FULROOD D FRQVWLWXLU XQD VROD JUDQ IDPLOLD D VHU XQD WLHUUD
SDUHQWHODFHUUDGD(VHYLGHQWHTXHGHHVHPRGRVHFRQVHJXtDDFDSDUDUODWLHUUD 3DUD FRPSUHQGHU FyPR OD WLHUUD VLQ HO LQGLR QR YDOtD QDGD \ FyPR OD
HQODVPDQRVGHXQQ~FOHRVRFLDOFRPSDFWDGRXQLILFDUORVLQWHUHVHVEiVLFRVH E~VTXHGD GHO FRQWURO GHO WUDEDMR GHO LQGLR HVWLPXOy HO DIiQ GH DFDSDUDU OD
LPSHGLUODSHQHWUDFLyQGHDGYHQHGL]RV WLHUUD FRQYLHQH VHxDODU GRV KHFKRV LPSRUWDQWHV 3ULPHUR TXH GXUDQWH OD
/D OLPLWDFLyQ QXPpULFD GH ORV LQGLRV GLVSRQLEOHV WDPELpQ RSHUDED HQ OD FRORQLDHOYDORUGHXQDKDFLHQGDLQFOXtDVXGHUHFKRDXQQ~PHURGHWHUPLQDGR
EDVH GH RWUR IHQyPHQR LPSRUWDQWH HO GH TXH OD FODVH FULROOD UHQRYDGD SRU GH LQGLRV GH UHSDUWLPLHQWR \ TXH HQ ODV RSHUDFLRQHV GH YHQWD VLHPSUH VH
HOHPHQWRVH[WUDQMHURVTXHORJUDEDQSHQHWUDUHQHOODVHPDQWXYLHUDFRPRXQD HVSHFLILFDEDHVHYDORU³«FRQODVFDEDOOHUtDVGHWLHUUDTXHOHSHUWHQHFHQ\
FODVH PX\ UHGXFLGD TXH QR FUHFtD VLQR PiV ELHQ WHQGLHUD D H[SXOVDU GH VX GHUHFKRGHLQGLRVGHUHSDUWLPLHQWR\ORGHPiVTXHOHWRFD«´>@<VHJXQGR
VHQRDFULROORVDUUXLQDGRVTXHSDVDEDQDODVFDSDVPHGLDV(VDOXFKDLQWHUQD TXH VH FRPSUDEDQ ODERUHV \ KDFLHQGDV FRQ OD PLUD GH QR FXOWLYDUODV SDUD
GHQWURGHODFODVH²OXFKDVRUGDGHODTXHRIUHFHFODURWHVWLPRQLRODREUDGH GLVSRQHU GH VXV LQGLRV GH UHSDUWLPLHQWR HQ ORV WUDEDMRV GH RWUD HPSUHVD
)XHQWHV \ *X]PiQ² UHYHOD TXH OD EDVH GH VXVWHQWDFLyQ HFRQyPLFD GH ORV DJUtFRODDGTXLULHQGRDVtODIXHU]DGHWUDEDMRVHUYLOGHYDULDVHPSUHVDVSDUD
FULROORVHUDXQDSODWDIRUPDOLPLWDGDTXHODFODVHQRSRGtDFUHFHU\TXHSRU FRQFHQWUDUODHQXQDVROD>@
HVHPRWLYRVXEtDQXQRV\FDtDQRWURV+DEtDWLHUUDVXILFLHQWHSDUDWRGRVSHUR /DWLHUUDVLQLQGLRVQRYDOtDQDGDSHURHOJUDQYDORUGHORVLQGLRVFRPR
QR KDEtD LQGLRV HQ FDQWLGDG LOLPLWDGD ²HVD HUD OD SODWDIRUPD FRQ OtPLWHV FUHDGRUHV GH YDORU DFRQVHMDED OD DGTXLVLFLyQ GH JUDQGHV H[WHQVLRQHV GH
SHOLJURVRV²\VLHQGRHVWRDVtDFDSDUDUODWLHUUDDXQTXHQRIXHUDDXWLOL]DUVH WLHUUD
HUD XQD PHGLGD QHFHVDULD GH SUHVHUYDFLyQ GH OD FODVH /RV FULROORV
FRPSUHQGLHURQ SRUTXH OD UHDOLGDG VH ORV KL]R YHU TXH OHV FRQYHQtD VHU XQD
FODVH VRFLDO SHTXHxD PX\ FRPSDFWR \ GXHxD GH LQPHQVDV SRVHVLRQHV
WHUULWRULDOHV 6ROR DVt SRGtD PDQWHQHUVH ULFD \ SRGHURVD HQ HO GLVIUXWH GH OD
H[SORWDFLyQ GH ORV LQGLRV < DVt OD HQFRQWUDPRV KDVWD HO ILQDO GH OD FRORQLD
 KDELWDQWHV HVSDxROHV \ FULROORV HQ WRGR HO UHLQR GH WRGDV HGDGHV \
VH[RV MXQWR D  GH KDELWDQWHV LQGLRV \ PHVWL]RV (V LQWHUHVDQWH
REVHUYDUTXHODFODVHODWLIXQGLVWDSXGRDPSOLDUVHFRPRORKL]RFRQODUHIRUPD
FDIHWDOHUD GHO VLJOR ;,; FXDQGR HOLPLQDGR HO GRPLQLR HVSDxRO VREUH ORV
LQGLRV VH SXGR HFKDU PDQR GH pVWRV \ GLVSRQHU GH HOORV DPSOLDPHQWH 6H
DPSOLy SXHV OD SODWDIRUPD GH VXVWHQWDFLyQ GH OD FODVH WHUUDWHQLHQWH ²OD
GLVSRQLELOLGDGGHLQGLRV²\ODFODVHSXGRFUHFHU
5HVXPDPRV SDUD WHUPLQDU 'H ORV FLQFR SULQFLSLRV TXH VH UHYHODQ FRPR
EiVLFRV GH OD SROtWLFD DJUDULD FRORQLDO FXDWUR IXHURQ JHQHUDGRUHV \
HVWLPXODGRUHVGHOODWLIXQGLVPR6LQHPEDUJRSRUVtVRORVQRKXELHUDQOOHYDGR
HO ODWLIXQGLVPR FRORQLDO D ORV H[WUHPRV TXH HVWH IHQyPHQR DOFDQ]y /D
HVWUXFWXUD GH OD FRORQLD \ OD HVHQFLD GH OD FODVH FULROOD IXHURQ IDFWRUHV TXH
REOLJDURQ D HVWD FODVH SRU ORV PRWLYRV \D LQGLFDGRV D DSURYHFKDUVH GH

 
 ²,,,² SDUWLGD GH HVWDV WLHUUDV FRPXQDOHV IXHURQ ODV TXH OD FRURQD OHV FRQFHGLy D
WRGRV ORV SXHEORV HQ OD pSRFD HQ TXH IXHURQ FUHDGRV ²OD pSRFD GH ODV
UHGXFFLRQHVTXHH[DPLQDUHPRVHQHO&DStWXOR6pSWLPR²(QSULQFLSLRWRGR
7LHUUDVGHLQGLRV SXHEOR GH LQGLRV GHVGH HO DFWR PLVPR GH VX RUJDQL]DFLyQ FRPR SXHEOR
FRORQLDOGLVSXVRGHXQDVWLHUUDVFHGLGDVSRUHOUH\(UDQGHSURSLHGDGFRP~Q
DGPLQLVWUDGDVSRUHOFDELOGRR$\XQWDPLHQWRGHLQGLRV
6REUH ODV WLHUUDV GH ORV SXHEORV GH ORV LQGLRV HV SUHFLVR KDFHU DOJXQDV
$ SDUWLU GH HVD GRQDFLyQ RULJLQDO PXFKRV SXHEORV DPSOLDURQ VXV WLHUUDV
LQGLFDFLRQHV HQ UHODFLyQ FRQ ORV RUtJHQHV FRORQLDOHV GHO ODWLIXQGLVPR D
ELHQ VROLFLWDQGR \ REWHQLHQGR SRU PHUFHG GLFKDV DPSOLDFLRQHV R ELHQ HQ
UHVHUYDGHYROYHUYDULDVYHFHVVREUHHOWHPDHQRWURVOXJDUHV\HVSHFLDOPHQWH
PXFKRV FDVRV WLWXOiQGRODV SRU FRPSRVLFLyQ GHVSXpV GH KDEHU HQWUDGR HQ VX
DOHVWXGLDUODHVWUXFWXUDGHOSXHEORGHLQGLRV
XVR SRU LPSXOVR GH OD QHFHVLGDG 3DUD HVWDV FRPSRVLFLRQHV \ SDUD FRPSUDV
&RPRGHFtDPRVDUULEDGHPDQHUDJHQHUDOODVOH\HV\GLVSRVLFLRQHVGHOD
HYHQWXDOHVGHWLHUUDVGHOFRP~QORVSXHEORVHFKDEDQPDQRGHOIRQGROODPDGR
PRQDUTXtD HQ UHODFLyQ FRQ OD GLVSRQLELOLGDG GH WLHUUDV SRU ORV LQGLRV VH
GH FRPXQLGDG R GH FDMDV GH FRPXQLGDG LQWHJUDGR D EDVH GH FLHUWDV
FXPSOLHURQ /RV SXHEORV WXYLHURQ VXV WLHUUDV ²VDOYR UDUtVLPDV H[FHSFLRQHV
FRQWULEXFLRQHVPXQLFLSDOHVHQWUHODVFXDOHVILJXUDEDWDPELpQFLHUWDFDQWLGDG
²>@
GH WUDEDMR HQ ODV PLVPDV WLHUUDV GHO SXHEOR>@ $ HOOR VH GHEH TXH
/RVGRFXPHQWRVFUHDQFRQIXVLyQDOGHQRPLQDUFRQPXFKDLPSUHFLVLyQHVDV
RFDVLRQDOPHQWHORVGRFXPHQWRVKDJDQGLVWLQFLyQHQWUHODVWLHUUDVGHVHPHQWHUD
WLHUUDV SHUR D OD ODUJD SXHGHQ GLVWLQJXLUVH FRQ FODULGDG ORV WUHV WLSRV GH
\ODVGHFRPXQLGDGGiQGROHpVWHVHJXQGRQRPEUHDODVDGTXLULGDVFRQIRQGRV
WLHUUDVGHLQGLRVH[LVWHQWHV
GHFRPXQLGDGSHURVHWUDWDGHDOJRRFDVLRQDOGHQWURGHODJUDQLQIRUPDOLGDG
(QSULPHUOXJDUODVTXHSURSLDPHQWHUHFLEtDQHOQRPEUHGHHMLGRVTXHGH
TXH UHLQDED HQ OD GHQRPLQDFLyQ GH ODV WLHUUDV GH LQGLRV )XH PX\ FRUULHQWH
PDQHUD PiV H[SOtFLWD VXHOHQ OODPDU DOJXQRV GRFXPHQWRV HMLGRV R SDVWRV \
OODPDU HMLGRV DO FRQMXQWR GH DTXHOODV WLHUUDV FRPXQDOHV HQJOREDQGR ODV GH
WDPELpQPRQWHV\SDVWDMHV(UDpVWDODWLHUUDLQGLVSHQVDEOH\GHXVRFRP~QHQ
VHPHQWHUD \ ODV TXH HUDQ SURSLDPHQWH HMLGRV HUDQ VLQ HPEDUJR GRV WLSRV
ORV DOUHGHGRUHV GHO SXHEOR WLHUUD \ PRQWHV SDUD UHFROHFWDU PDGHUD \ RWURV
GLVWLQWRVGHWLHUUDVFRPXQHV
PDWHULDOHV GH FRQVWUXFFLyQ PDGHUD \ KRMDV VHFDV SDUD OHILD HVSDFLRV SDUD
$GHPiVGHORVHMLGRV\WLHUUDVGHODEUDQ]DRGHFRPXQLGDGKXERWLHUUDV
H[SRQHU DO DLUH \ DO VRO KLORV \ WHODV \ SULQFLSDOPHQWH SDUD VROWDU DOJXQRV
TXH SHUWHQHFLHURQ HQ IRUPD SDUWLFXODU D FLHUWRV LQGLRV (Q XQ DSDUWDGR
DQLPDOHV GH SURSLHGDG SDUWLFXODU D ILQ GH TXH SDFLHUDQ HQ HOODV /D OH\
HVSHFLDOILQDOL]DQGR\DQXHVWURHVWXGLRVHDQDOL]DODH[LVWHQFLDGHSHTXHxDV
HVWDEOHFtDTXHODH[WHQVLyQGHORVHMLGRVGHEtDFDOFXODUVHUHSUHVHQWiQGRVHGRV
IDFFLRQHVGHLQGLRVQRVHUYLOHVHQORVSXHEORVLQGLRVLQFRUSRUDGRVDODSDUDWR
OtQHDVUHFWDVTXHVHFUX]DUDQHQHOFHQWURGHOSXHEOR²ODIXHQWHGHODSOD]DVL
GHODDXWRULGDG\GHODH[SORWDFLyQFRORQLDO\VHH[SOLFDFyPRGHQWURGHHVDV
OD KDEtD² FDGD XQD GH ODV FXDOHV GHEtD WHQHU XQD OHJXD GH ORQJLWXG R VHD
IDFFLRQHVVHGLHURQORVLQGLRVULFRV²³LQGLRVQRLQGLRV´FRUUHVSRQGLHQWHVD
PHGLD OHJXD GHVGH HO FHQWUR GHO SREODGR 6H VXSRQtD TXH HO iUHD HQFHUUDGD
OD FDSD PHGLD DOWD UXUDO \ QR D OD FODVH VHUYLO²>@ (Q HVDV UHGXFLGDV
HQWUHORVFXDWURH[WUHPRVGHHVDVOtQHDVSRGtDFRQVLGHUDUVHFRPRHMLGRGHXQ
PLQRUtDV KXER LQGLYLGXRV TXH GLVSXVLHURQ GH PHGLRV HFRQyPLFRV SDUD
SXHEOR>@SHURHVWDQRUPDHUDPX\IOH[LEOH\VXIULyWRGDFODVHGHYLRODFLRQHV
FRPSRQHUWLHUUDVFRQHOUH\6LQHPEDUJRWDQWRODVWLHUUDVGHHOORVFRPRODV
HQGHVIDYRUGHORVSXHEORV
GHDOJXQRVODGLQRVTXHWDPELpQOOHJDURQDSRVHHUODVSURSLDVQRFRQILJXUDURQ
(Q VHJXQGR OXJDU ²\ FRQ OD PD\RU LPSRUWDQFLD² ILJXUDEDQ ODV WLHUUDV
XQD UHDOLGDG EDVWDQWH LPSRUWDQWH FRPR SDUD PHQFLRQDUOD HQ XQ SODQR GH
FRPXQDOHV OODPDGDV GH PXFKDV PDQHUDV FRPXQHV GH FRPXQLGDG FRPXQHV
HTXLSDUDFLyQ FRQ ORV ODWLIXQGLRV \ ODV WLHUUDV FRPXQDOHV (VWDV GRV ~OWLPDV
GHVHPHQWHUDFRPXQHVGHODEUDQ]DRGHODEUDQ]D\VHPHQWHUD(OSXQWRGH
UHDOLGDGHVODWLIXQGLRV\WLHUUDVFRPXQDOHVHUDQODVTXHUHDOPHQWHIRUPDEDQHO

 
FXDGUR GHO DJUR FRORQLDO (O FXDGUR GH ODWLIXQGLRV \ PLQLIXQGLRV TXH
FRPSHQGLDHOSUREOHPDDJUDULRGHQXHVWURWLHPSRQRHVFRORQLDO(QWUHDTXpO
\ pVWH KD\ TXH VLWXDU OD WUDQVIRUPDFLyQ DJUDULD UHDOL]DGD SRU OD UHIRUPD
FDIHWDOHUDHQHO~OWLPRWHUFLRGHOVLJOR ;,;GHVPDQWHODPLHQWRGHODHVWUXFWXUD
FRORQLDO GH ORV SXHEORV VXSUHVLyQ FDVL WRWDO GH ODV WLHUUDV FRPXQDOHV
LQFUHPHQWR GH ODV UDQFKHUtDV FRQ OD LQWURGXFFLyQ GH LQGLRV HQ HOODV
PXOWLSOLFDFLyQ HQ JUDQ HVFDOD GH OD SURSLHGDG DJUDULD SHTXHxD HQ PDQRV GH
PHVWL]RV \ YLROHQWD HOHYDFLyQ GHO Q~PHUR GH HPSUHVDV DJUtFRODV JUDQGHV R
FRPXQLGDG>@
$XQTXH OD SURSLHGDG HUD FROHFWLYD HO WUDEDMR HQ DTXHOODV WLHUUDV HUD
LQGLYLGXDOHQORVWpUPLQRVPiVGHVDOHQWDGRUHV/DVDXWRULGDGHVLQGtJHQDVORV
$OFDOGHV\5HJLGRUHVTXHHQFDGDPRPHQWRORIXHUDQGLVWULEXtDQODVSDUFHODV
GH WLHUUD FRPXQDO HQWUH ODV IDPLOLDV GHO SXHEOR>@ (O VLVWHPD LPSHGtD HO
DUUDLJR\HOVHQWLPLHQWRGHSRVHVLyQVREUHXQDSDUFHODGHWHUPLQDGDGHPRGR
TXH QR VyOR DQXODED ORV SRGHURVRV LQFHQWLYRV TXH SXGR KDEHU KDELGR HQ XQ
HVIXHU]RUHDOPHQWHFROHFWLYRVLQRTXHWDPELpQGHVWUXtDHOHVWtPXORLQGLYLGXDO
QXHYRV ODWLIXQGLRV FDIHWDOHURV 'XUDQWH OD FRORQLD H[LVWLy FLHUWDPHQWH OD
SURSLHGDG UXVWLFD PHGLDQD \ SHTXHxD GH LQGLRV ULFRV \ ODGLQRV SHUR IXH XQ
IHQyPHQRSRFRJHQHUDOL]DGR
/DV WLHUUDV FRPXQDOHV HUDQ HO PiV LPSRUWDQWH UHFXUVR HFRQyPLFR GH OD
FODVH GH LQGLRV VLHUYRV )XHQWHV \ *X]PiQ UHFRQRFH TXH HUDQ ³« WRGR HO
FDXGDOGHVXPDQXWHQFLyQ>@\HQGLVWLQWDVIRUPDVVHxDODTXHHUDQQHFHVDULDV
³« D OD FRQVHUYDFLyQ \ FRP~Q \ JHQHUDO FRQYHQLHQFLD GH VXV
SREOD]RQHV«´>@ &XDQGR SRU PRWLYR GHO UHSDUWLPLHQWR R GH RWUDV
REOLJDFLRQHVRQHURVDVVHYHtDQORVLQGLRVSULYDGRVGHWLHPSRSDUDWUDEDMDUHQ
VXVWLHUQDVFRPXQHVVROtDQTXHMDUVHLQGLFDQGRTXHHVROHVDFDUUHDEDODUXLQD DFWLYDGR LQFHVDQWHPHQWH SRU ORV FDPELRV GH DXWRULGDGHV LQGtJHQDV TXH VH
³« QR WHQHPRV OXJDU GH DFXGLU D QXHVWUDV VHPHQWHUDV TXH HV QXHVWUD
KDFLHQGD\VXVWHQWR«´>@
1R WRGDV ODV WLHUUDV FRPXQDOHV VH KDOODEDQ VLHPSUH HQ HO FRQWRUQR R
FHUFDQtD GH ORV SXHEORV $OJXQRV WHQtDQ SDUWH GH VXV WLHUUDV HQ SDUDMHV
DOHMDGRVRWURVWHQtDQORPHMRU\SULQFLSDOGHODVPLVPDVDJUDQGHVGLVWDQFLDV
GHO SREODGR>@ (Q HVWRV FDVRV HO WLHPSR LQYHUWLGR HQ VHUYLFLRV SDUD ORV
JUXSRV GRPLQDQWHV UHVXOWDED GREOHPHQWH RQHURVR \ SHUMXGLFLDO SXHV WDPELpQ
HUD PiV HO WLHPSR UHTXHULGR SDUD ODERUDU ODV WLHUUDV FRPXQHV KDELGD FXHQWD
GHOTXHVHQHFHVLWDSDUDFDPLQDUKDVWDGRQGHVHHQFRQWUDEDQ
/DV WLHUUDV FRPXQDOHV HUDQ FRPR \D VH GLMR SURSLHGDG FROHFWLYD GH ORV
LQGLRV GH FDGD SXHEOR 6X DGPLQLVWUDFLyQ HVWDED D FDUJR GHO $\XQWDPLHQWR
3HUR FRPR GLFKRV yUJDQRV GH JRELHUQR ORFDO HVWDEDQ HQ PDQRV GH ODV
FDPDULOODV GH LQGLRV ³SULQFLSDOHV´ \ FRPR pVWRV HUDQ HQ PXFKRV FDVRV XQRV
WUDPSRVRVH[SORWDGRUHVGHORVLQGLRVFRPXQHV>@YHQtDDVHUIUHFXHQWHTXHHO
WUDEDMRHQODVWLHUUDVFRPXQHVLPSOLFDUDH[DFFLRQHV\IUDXGHVSDUWLFXODUPHQWH
FXDQGR VH WUDWDED GHO WUDEDMR UHDOL]DGR FRPR FRQWULEXFLyQ SDUD ODV FDMDV GH

TXH OOHYD DO FDPSHVLQR D LQWURGXFLU PHMRUDV HQ HO WUR]R GH WLHUUDV TXH OH HV
SURSLR
$ HOOR VH VXPDEDQ FLUFXQVWDQFLDV HVSHFLDOHV /D YLGD GH ORV SXHEORV GH
LQGLRV FRPR OD GH WRGDV ODV FRPXQLGDGHV SHTXHxDV \ DWUDVDGDV HVWDED
GRPLQDED SRU LQWULJDV TXH GDEDQ OXJDU D WRGD FODVH GH DEXVRV SRU SDUWH GH
TXLHQHV HQ HO VHQR GH DTXHOODV FRPXQLGDGHV WHQtDQ SRWHVWDG GH TXLWDU XQDV
SDUFHODV\GDURWUDVDFDSULFKR>@(OIDYRULWLVPRODVYHQJDQ]DVHOSURSyVLWR
GH KXPLOODU D ORV LQGLRV FRUULHQWHV FXDQGR UHFODPDEDQ VX GHUHFKR HUDQ
UHVRUWHV TXH PRWLYDEDQ WUDVODGRV \ UHGLVWULEXFLRQHV LQMXVWDV>@ 7RGR HOOR
KDFtDQFDGDDxR>@
$XQTXH ODV OH\HV DEUtDQ OD SXHUWD SDUD TXH FXDOTXLHU SHUVRQD SXGLHUD
DGTXLULUHQSURSLHGDGXQWUR]RGHWLHUUDSRUFRPSRVLFLyQHVDSRVLELOLGDGHUD
WRWDOPHQWHQXODSDUDODSREODFLyQLQGtJHQDFRUULHQWHGHORVSXHEORV(QSULPHU
OXJDU SRUTXH HO UpJLPHQ GH WUDEDMR OH VXVWUDtD D ORV LQGLRV PXFKR WLHPSR \
PXFKD HQHUJtD \ FRQ OR TXH GH XQR \ RWUD OHV TXHGDED SRGtDQ DSHQDV
WUDEDMDUHQ ODV WLHUUDV FRPXQDOHV (Q VHJXQGR OXJDU SRUTXH ORV LQJUHVRV GHO
LQGLR FRUULHQWH HUDQ H[LJXRV \ VL FRQ HOORV DSHQDV SRGtD VREUHYLYLU PDO
KDEUtD SRGLGR GHVHPEROVDU XQD VXPD SDUD FRPSUDU WLHUUD (VWRV KHFKRV TXH
DTXtDQRWDPRVEUHYHPHQWHHQUHODFLyQFRQODSROtWLFDJHQHUDOGHWLHUUDVVHUiQ
FRPSUHQGLGRVHQVXGUDPiWLFDUHDOLGDGFXDQGRORVHVWXGLHPRVGLUHFWDPHQWH
$XQTXH ODV OH\HV SUHVFULEtDQ TXH QR VH DGPLWLHUD D FRPSRVLFLyQ QLQJXQD
WLHUUDTXHKXELHUDVLGRXVXUSDGDDORVLQGLRVHVWRQRVHFXPSOLyDFDEDOLGDG
(OSRUTXpGHKHFKRVVHPHMDQWHVQRSXHGHKDFHUVHFRPSUHQVLEOHPLHQWUDVQR
VH KD DQDOL]DGR OD VLWXDFLyQ UHDO \ YHUGDGHUD GHO LQGLR HQ HO FRQWH[WR GH OD
VRFLHGDG FRORQLDO OD H[SORWDFLyQ D TXH HVWDED VRPHWLGR OD RSUHVLyQ TXH

SHVDED VREUH pO OD YLROHQFLD TXH VH HPSOHDED SDUD DKRJDU VXV PiV OHYHV
H[SUHVLRQHVGHUHEHOGtD8QDGLVFUHWDDSUR[LPDFLyQDDTXHOODUHDOLGDGSXHGH
REWHQHUVH SRU GH SURQWR UHVXPLHQGR PX\ EUHYHPHQWH ORV SDVRV GH XQDV
µµGLOLJHQFLDV´ ²HV GHFLU XQRV WUiPLWHV² HQFDPLQDGDV D FRPSRQHU WLHUUDV D
IDYRUGHFLHUWRHQFRPHQGHUR
²,9²
8QFDVRGH³GLOLJHQFLDV´SDUDREWHQHUWLHUUDV
6H WUDWD GH XQ YLHMR H[SHGLHQWH GH WLHUUDV HVFRJLGR HQWUH PXFKRV RWURV
VHPHMDQWHV QR SRUTXH WHQJD DOJR HVSHFLDO VLQR MXVWDPHQWH SRUTXH UHVXOWD
UHSUHVHQWDWLYRGHORTXHVROtDQVHUHVDVGLOLJHQFLDV1RKDUHPRVRWUDFRVDTXH
DSXQWDU VXV PRPHQWRV PiV VLJQLILFDWLYRV \ DJUHJDU SRFDV REVHUYDFLRQHV \
SDUpQWHVLV
$EUHHOH[SHGLHQWHXQDVROLFLWXGGH$ORQVRÈOYDUH]GH6DQWL]RYHFLQRGH
OD&LXGDGGH*XDWHPDOD>@(VHOPHVGHHQHURGH\'RQ$ORQVR&ULDGR
GH&DVWLOODSUHVLGHOD$XGLHQFLDGH*XDWHPDOD(QODVROLFLWXGDGXFHÈOYDUH]
GH6DQWL]RVHUKLMROHJtWLPRGH$ORQVRGH/XDUFDXQRGHORVFRQTXLVWDGRUHV
GHODSURYLQFLDDJUHJDTXHWLHQHKLMDVOHJtWLPDV³SDUDSRQHUHQHVWDGR´\TXH
SRU OD QHFHVLGDG TXH WHQtD QR ODV KDEtD SXHVWR FRQIRUPH D VX FDOLGDG
(VWDPRVSXHVDQWHXQFULROOR6HSUHVHQWDFRPRKRPEUHQHFHVLWDGRSHVHD
TXH HV HQFRPHQGHUR GH OD PLWDG GH 6DQWR 7RPiV &KLFKLFDVWHQDQJR \ GH GRV
SXHEORVPiV>@$VFHQGHQFLDGHFRQTXLVWDGRUHVHKLMDVSRUFDVDUGDWRVPX\
IUHFXHQWHVDOSULQFLSLRGHHVWDVVROLFLWXGHV
1R HV SRFD FRVD OR TXH SLGH 8Q VLWLR GH HVWDQFLD SDUD JDQDGR PD\RU \
RFKRFDEDOOHUtDV>@GHWLHUUDSDUDVLHPEUDVGHWULJR([SUHVDHOOXJDUHQTXH
VHKDOODQ\KDFHUHIHUHQFLDDORVGHWDOOHVWRSRJUiILFRVTXHVLUYHQGHOLQGHURV
XQDUUR\RXQDVORPDVHWF,QPHGLDWDPHQWHLQGLFDODVGLVWDQFLDVGHORVSXHEORV
PiVFHUFDQRVDXQDOHJXDVHHQFXHQWUD7HFSiQ*XDWHPDOD\6DQWD$SRORQLD
DSUR[LPDGDPHQWH D WUHV OHJXDV VH KDOOD 6DQWR 7RPiV &KLFKLFDVWHQDQJR \ D
FXDWUR7HFSiQ
$WLWOiQ $GHODQWH FRPSUREDUHPRV TXH HQ HVWD VROLFLWXG QR PHQFLRQD HO
SXHEORTXHYHUGDGHUDPHQWHSRVHtDWLHUUDVFRPXQDOHVGHQWURGHODVVROLFLWDGDV
\TXHSRUHVRPLVPRLEDDRSRQHUVHDODVROLFLWXG3HURFXDQGRHVRRFXUUD\D
ODV ³GLOLJHQFLDV´ VH HVWDUiQ GHVDUUROODQGR HQ HO FtUFXOR HVWUHFKR GH ODV
UHODFLRQHVHQWUHHOVROLFLWDQWH\HOFRPLVLRQDGRIUHQWHDORVLQGLRV6HKDUiOR
QHFHVDULRSDUDTXHORVGH&RPDODSDQRSXHGDQKDEODU1RIXHFDVXDOSXHVOD

 
RPLVLyQ GH &RPDODSD HQ HVWH SXQWR GH OD VROLFLWXG &RPLHQ]DQ ORV WUXFRV
3RURWUDSDUWHHVWDPRVIUHQWHDXQFDVRGHVROLFLWXGGHWLHUUDVSRUSDUWHGHXQ
HQFRPHQGHUR HQ OD FHUFDQtD GH VX SXHEOR GH HQFRPLHQGD (Q RWUR OXJDU
GLMLPRV TXH ODV OH\HV WUDWDEDQ GH LPSHGLU HVD SUR[LPLGDG SRUTXH ORV
HQFRPHQGHURVVDFDEDQYHQWDMDGHODVFHQGLHQWHTXHWHQtDQVREUHORVLQGLRVGH
VX HQFRPLHQGD YLQFXOiQGRORV DO WUDEDMR HQ WLHUUDV FHUFDQDV TXH D WDO HIHFWR
WLHUUDVVROLFLWDGDVTXHYHD³ODERQGDG\YDORUGpOODVSDUDORTXHWRFDDOD
FRPSRVLFLyQ´\TXHGHWRGRULQGDLQIRUPHDO3UHVLGHQWH
/D JHVWLyQ VH WUDVODGD DKRUD DO FDPSR (O 3UHVLGHQWH \ HO )LVFDO KDQ
TXHGDGROHMRV(OHQFRPHQGHUR\HOFRPLVLRQDGRGLDORJDQ²FDEHVXSRQHUOR
DVt² PLHQWUDV FDEDOJDQ WUDVODGiQGRVH GH XQ SXHEOR D RWUR (V GHFLU XQ
UHSUHVHQWDQWHGHORVLQWHUHVHVGHOUH\²XQUH\LQWHUHVDGRHQYHQGHUWLHUUDV²
REWHQtDQ \XQFULROORLQWHUHVDGRHQDGTXLULURFKRFDEDOOHUtDVSDUDODERUHVGHWULJRYDQ
(QODGHVFULSFLyQTXHKDFHGHODVWLHUUDVTXHVROLFLWDHOLQWHUHVDGRGHFODUD
TXH SDVD SRU HOODV HO FDPLQR UHDO GH *XDWHPDOD D &KLFKLFDVWHQDQJR 'DWR
LPSRUWDQWH (VWi VROLFLWDQGR WLHUUDV HFRQyPLFDPHQWH ELHQ VLWXDGDV ²TXH VRQ
ODVTXHYDQDLUDFDSDUDQGRORVODWLIXQGLVWDV²6LODSUR[LPLGDGGHODVYtDVGH
FRPXQLFDFLyQOHFRQILHUHYDORUDFXDOTXLHUWLHUUDHOKHFKRGHTXHHOFDPLQR
SDVHSRUPLWDGGHHOODORDXPHQWDPXFKRPiV(OFDPLQRGHUHIHUHQFLDSRQtD
DSUHJXQWDUOHDORVLQGLRVVLDTXHOODFRPSUDYHQWDYDHQSHUMXLFLRVX\R
(Q 7HFSiQ *XDWHPDOD VH FLWD D ODV DXWRULGDGHV \ ³SULQFLSDOHV´ SHUR
UHVXOWD TXH ORV $OFDOGHV KDEtD PDUFKDGR SUHFLVDPHQWH D OD FLXGDG FDSLWDO
³TXH OHV KDEtD 6X 6HxRUtD PDQGDGR TXH DOOi IXHVH´ ,PSRVLEOH VDEHU VL IXH
PHUD FDVXDOLGDG TXH HO 3UHVLGHQWH ORV OODPDUD HQ DTXHOORV GtDV 3XHGH
VRVSHFKDUVH WDPELpQ TXH ODV DXWRULGDGHV LQGtJHQDV HVWXYLHUDQ HOXGLHQGR HO
HQ FRQWDFWR HVDV WLHUUDV FRQ GRV FHQWURV LPSRUWDQWHV QDGD PHQRV TXH FRQ OD HQIUHQWDPLHQWR FRQ HO FRPLVLRQDGR (OOR QR REVWDQWH ORV GHPiV LQGLRV
FDSLWDO GHO UHLQR \ FRQ XQ SREODGR TXH KDEtD DFRJLGR LJXDO TXH HO GH H[SUHVDQ TXH OD YHQWD GH DTXHOODV WLHUUDV OHV VHUi SHUMXGLFLDO SRU HVWDU
7RWRQLFDSiQ D OD SREODFLyQ IXJLWLYD GH OD FLXGDG TXLFKp GH 8WDWOiQ ²R FHUFDQDV DO SXHEOR \ SRUTXH D HOODV YDQ D FD]DU \ D H[WUDHU RWURV
*XPDUFDM²DUUDVDGDHQWLHPSRVGHODFRQTXLVWD DSURYHFKDPLHQWRVTXHOHVVLUYHQSDUDSDJDUVXVWULEXWRV/RVLQGtJHQDVHVWiQ
$ORQVRÈOYDUH]GH6DQWL]RH[SUHVDTXH³HVWiSUHVWRDFRPSRQHUVHFRQVX WUDWDQGRGHHYLWDUODSUR[LPLGDGGHXQQXHYRWHUUDWHQLHQWHFHUFDGHVXSXHEOR
PDMHVWDG

 \ HQ HO H[SHGLHQWH VH LQWHUFDOD LQPHGLDWDPHQWH GHVSXpV GH OD \ D IDOWD GH PiV VyOLGDV UD]RQHV LQYRFDQ OR GH OD FD]D \ OR UHODFLRQDQ
VROLFLWXG TXH OR HQFDEH]D OD 5HDO &pGXOD GH  ²\D FRPHQWDGD SRU PDOLFLRVDPHQWH FRQ OR GH ORV WULEXWRV GHO UH\ ²£LQJHQXD PDOLFLD² (O
QRVRWURV DUULED² TXH DEULy OD SXHUWD GH OD FRPSRVLFLyQ GH WLHUUDV SDUD TXH FRPLVLRQDGR TXLHUH REOLJDUORV D TXH YHQJDQ FRQ pO D YHU ODV WLHUUDV HQ
GHVILODUDQSRUHOODORVWHUUDWHQLHQWHVFRORQLDOHVGXUDQWHGRVVLJORV DXVHQFLD GH ORV $OFDOGHV /RV LQGLRV VH QLHJDQ D LU HQ HVD IRUPD \ DJUHJDQ
(O 3UHVLGHQWH FRPR GHOHJDGR GHO UH\ HQ OR UHODWLYR D WLHUUDV \ ~QLFD TXHSRUORGHPiVQRGHEHUtDQLUORV$OFDOGHVGHFDGDSXHEORVXFHVLYDPHQWH
DXWRULGDG IDFXOWDGD SDUD H[WHQGHU WtWXORV >@ QRPEUD XQ FRPLVLRQDGR \ OH VLQRHQIRUPDVLPXOWiQHDORVUHSUHVHQWDQWHVGHWRGRVORVSXHEORVLQWHUHVDGRV
RUGHQDDWHQGHUORVVLJXLHQWHVSXQWRV /DWHQVLyQKDFRPHQ]DGR(VFODURTXHHOFRPLVLRQDGRTXLHUHKDFHUODYLVWD
4XHFLWHDO)LVFDOGHOD$XGLHQFLDSDUDTXHHQVXFDOLGDGGHSURWHFWRUGH GH WLHUUDV DXQ VLQ ODV DXWRULGDGHV \ TXH WLHQH SULVD /D REVHUYDFLyQ GH ORV
ORV LQGLRV HVWp SUHVHQWH HQ ODV GLOLJHQFLDV R DO PHQRV HVWp HQWHUDGR GH VX LQGLRVDFHUFDGHTXHQRFRQYLHQHTXHYD\DQORV$OFDOGHVGHFDGDSXHEORXQRV
GHVDUUROOR 3RU GHVJUDFLD HO )LVFDO SURWHFWRU QR LQWHUYLHQH HQ QDGD \ QR GHVSXpVGHRWURVHVLPSRUWDQWHFRPSUHQGHQTXHHOFRPLVLRQDGRSXHGHWUDWDU
YXHOYHVLTXLHUDDPHQFLRQDUORHOH[SHGLHQWH(OKHFKRVHKDFHQRWRULRSRUTXH GHVRUSUHQGHU\GHVRULHQWDUDORVXQRVFRQIDOVDVGHFODUDFLRQHVQRGDGDVSRU
PXFKDIDOWDOHVKL]RDORVLQGLRVXQGHIHQVRUGHWDOFDWHJRUtD4XHFLWHDODV
DXWRULGDGHV LQGtJHQDV GH ORV SXHEORV FHUFDQRV D ODV WLHUUDV VROLFLWDGDV \ D
RWUDV SHUVRQDV TXH SRVHDQ WLHUUDV HQ HO FRQWRUQR 4XH OHV KDJD VDEHU D ORV
LQGLRV³SRUOHQJXDGHLQWpUSUHWH´ORTXHVROLFLWDÈOYDUH]GH6DQWL]R\TXHGHQ
LQIRUPDFLyQDFHUFDGHVLYDHQVXSHUMXLFLR4XHKDJDXQDHYDOXDFLyQGHODV

ORV RWURV /RV LQGLRV GH 7HFSiQ *XDWHPDOD GHQXQFLDQ WDPELpQ DOOt PLVPR
TXH ORV PiV LQWHUHVDGRV HQ UHODFLyQ FRQ ODV WLHUUDV VROLFLWDGDV VRQ ORV GHO
SXHEOR GH &RPDODSD ³FRPR PiV FHUFDQRV D GLFKDV WLHUUDV´ 6XV
GHFODUDFLRQHVSDUHFHQLQFUHSDUDOFRPLVLRQDGRSUHJXQWiQGROHSRUTXpPRWLYR
KDFRPHQ]DGRDSHGLURSLQLyQHQHOSXHEORTXHPHQRVLQWHUHVDGRSRGtDHVWDU

HQODWLHUUDVROLFLWDGDSRUÈOYDUH]6DQWL]R+DVDOLGRDOX]HOGDWRFODYH/RV
LQGLRV GH &RPDODSD SXHEOR QR PHQFLRQDGR HQ OD VROLFLWXG D HQXPHUDU D ORV
FROLQGDQWHVVHUiQORVSHUMXGLFDGRV/DVGLOLJHQFLDVSDUHFHQSURJUDPDGDVSRU
HO FRPLVLRQDGR GH PRGR TXH ORV GH &RPDODSD QR HPLWDQ VX SDUHFHU R GH
PRGRTXHHPLWLpQGRORDOR~OWLPRFDUH]FDGHIXHU]DMXQWRDODVGHFODUDFLRQHV
GH ORV RWURV SXHEORV /RV GH 7HFSiQ *XDWHPDOD KDQ SXHVWR HO GHGR VREUH OD
 (VWi
QDGLHOOHJyD6DQWD3RORQLDSDUDLUDKDFHUODYLVWDGHODVWLHUUDV³\FRPRVH
KDEtDQH[FXVDGRGHQRTXHUHULUQLQJXQRGHHOORVKLFHSDUHFHUDQWHPtDOKLMR
GHO$OFDOGH\DRWURLQGLR«TXHIXLLQIRUPDGRTXHHUDQLQGLRVPX\FXUVDGRV
HQ DQGDU SRU WRGDV ODV GLFKDV WLHUUDV«\ VDOt GHVGH GLFKR SXHEOR SRU OD
PDxDQD OOHYDQGR FRQPLJR D ORV GLFKRV LQGLRV \ D RWURV HVSDxROHV \ D RWURV
LQGLRV ODGLQRV HQ OHQJXD FDVWHOODQD TXH HQ GLFKR SXHEOR VH KDOODURQ
OODJD(OFRPLVLRQDGRVHWUDVODGDD6DQWD3RORQLDSDUDUHDOL]DUGHVGHDOOtVX FODUR1RKDELHQGR$OFDOGHVDPDQRKL]RFDSWXUDU²³KLFHSDUHFHUDQWHPL²
SODQ&LWDDODDXWRULGDGLQGtJHQD\WDPELpQDTXtOHGLFHQTXHVHHQFXHQWUDHQ DOKLMRGHXQ$OFDOGHVHJXUDPHQWHKRPEUHMRYHQHLQH[SHUWR²HQUHDOLGDGXQ
*XDWHPDOD /HV LQIRUPD D ORV LQGLRV GHO SHGLGR GH ÈOYDUH] GH 6DQWL]R \ OH UHKpQ² \ D RWURV LQGLRV TXH WDPSRFR HUDQ DXWRULGDGHV SHUR TXH ³VH
UHVSRQGHQ TXH DFRUGDUiQ DOJR FXDQGR YXHOYD OD DXWRULGDG /HV SLGH VXV KDOODURQ´HQHOSXHEOR\GHORVFXDOHVDILUPDTXHVRQEXHQRVFRQRFHGRUHVGH
QRPEUHVDORVGHFODUDQWHV\VHQLHJDQDGDUORV²GHVFRQItDQ\WLHQHQUD]yQ²
/HVSLGHDFRPSDxDUORDYHUODVWLHUUDV\GHFODUDUVLVRQVX\DV \ VHUHK~VDQ
FDWHJyULFDPHQWH ³9LVWR VX PDO PHGLR \ SRFR FRPHGLPLHQWR ORV DSUHPLp FRQ
FiUFHO«\DVtQLSRUSHQDVQLSRUFRVDDOJXQDTXLVLHURQLU´6HYHTXHWRGDOD
FRPDUFDHVWiDKRUDVREUHDYLVR6RQSXHEORVFHUFDQRVXQRVGHRWURV\WRGRV
DERPLQDQ HO QDFLPLHQWR GH XQD H[WHQVD ODERU GH WULJR TXH VyOR YD D WUDHUOHV
REOLJDFLRQHV \ PROHVWLDV $GHPiV HV VHJXUR TXH KDQ HQWHQGLGR HO SURSyVLWR
ODFRPDUFD
6DOHSXHVODFRPLWLYDLQWHJUDGDSRUXQSHTXHxRJUXSRGHLQGLRVOOHYDGRV
D OD IXHU]D \ QR IDFXOWDGRV SDUD UHSUHVHQWDU D VX SXHEOR \ XQ JUXSR GH
HVSDxROHVTXHVRQHQHVWHFDVRHOHOHPHQWRGHIXHU]DLQGLVSHQVDEOH6DOHQGH
PDxDQD\FDEDOJDQSRUORVSLQDUHVGHODUHJLyQ/RVHVSDxROHV\FULROORVYDQ
DORPRGHVXVFDEDOJDGXUDVORVLQGLRVDSLHSXHVVyORFRQOLFHQFLDHVSHFLDO
H[SHGLGDSRUHO3UHVLGHQWHSRGtDXQLQGLRPRQWDUVREUHVXMDPHOJRVLDFDVR
GH LJQRUDU \ GHVRtU D ORV LQGLRV GH &RPDODSD \ SRU HVR VH QLHJDQ D GDU HUDSRVHHGRUGHWDOOXMR>@9DHQODFRPLWLYD$ORQVRÈOYDUH]GH6DQWL]R9DQ
GHFODUDFLRQHVDLVODGDVTXHSXHGHQSHUMXGLFDUDDTXpOORV\DWRGRV¢&yPRVH GRV LQWpUSUHWHV ³HO XQR HVSDxRO FULROOR GH *XDWHPDOD \ HO RWUR LQGLR PX\
ODV LUi D DUUHJODU HO FRPLVLRQDGR FRQ ORV GH &RPDODSD" 1R OH VHUi GLItFLO ODGLQR HQ OHQJXD FDVWHOODQD TXH DPERV GRV HQWLHQGHQ \ VDEHQ ELHQ OD OHQJXD
GHMDUORVEXUODGRV DFKLHVLFPDWHUQD(OSULPHURSXGRVHUXQDPLJRGHOHQFRPHQGHURHQWRGR
$ &RPDODSD OOHJD VRODPHQWH HO LQWpUSUHWH \ OHV LQIRUPD D ORV LQGLRV FDVRXQHOHPHQWRGHVXFODVHTXHVHSUHVWDEDDKDFHUOHHOLPSRUWDQWHIDYRUGH
UHXQLGRVHQFDELOGRHOPRWLYRGHVXPLVLyQ/RV$OFDOGHV\³SULQFLSDOHV´GH
HVWHSXHEOR²£TXHHQHVWHFDVRQRVHKDOODQDXVHQWHV²OHGLFHQDOLQWpUSUHWH
TXH TXLHUHQ KDEODU GLUHFWDPHQWH FRQ HO FRPLVLRQDGR ³SRUTXH WLHQHQ TXH
FRQWUDGHFLU \ DOHJDU DFHUFD GH ODV GLFKDV WLHUUDV SRUTXH VRQ VX\DV \ OHV
SHUWHQHFHQ \ DVLPLVPR VRQ GH ORV LQGLRV GH 7HFSiQ $WLWOiQ´ 3HUR PLHQWUDV
HVWRRFXUUHHQ6DQWD3RORQLDHVWiHOFRPLVLRQDGRDWURSHOODQGRSDUDKDFHUXQD
IDUVD TXH OOHQDUi FLHUWRV UHTXLVLWRV (V XUJHQWH KDFHU OD ³YLVWD GH RMRV´ SDUD
DFRPSDxDUOR\GHYLJLODUDORWURLQWpUSUHWH
(FKDQ D DQGDU GHVGH 6DQWD 3RORQLD \ WRPDQ HO UXPER GH 6DQWR 7RPiV
&KLFKLFDVWHQDQJR(OGRFXPHQWRQRGLFHTXHOOHJDUDQDDTXHOSXHEORQLTXHVH
KLFLHUD LQGDJDFLyQ FRQ VXV $OFDOGHV 6yOR H[SUHVD TXH WRPDURQ HVH UXPER
SDUDUHFRUUHUODVWLHUUDVVROLFLWDGDV(VGHFLUHOUHFRUULGRVHKDFHFDPLQDQGR
KDFLDODUHJLyQHQTXHVHWURSH]DUiFRQLQGLRVTXHUHFRQRFHQSRUHQFRPHQGHUR
DÈOYDUH]GH6DQWL]R\TXHQRGLUiQQDGDFRQWUDUtRDORTXHpVWHTXLHUHTXH
GLFWDPLQDUVLODVWLHUUDVVRQGHLQGLRVRVRQUHDOHQJDV\FRPRORVLQGLRVKDQ GLJDQ(VWDPRVHQHOSXQWRGHOH[SHGLHQWHHQTXHVHKDFHOD³YLVWDGHRMRV´\
DGRSWDGRODGHFLVLyQGHQRDFXGLUYXHOYHHOFRPLVLRQDGRFRQWUDHOORVVXDUPD TXH FRQWLHQH HQ HVWH FDVR XQD PHUD GHVFULSFLyQ GH ODV WLHUUDV VROLFLWDGDV
\GHFLGHKDFHUODYLVWDVLQVXSUHVHQFLD/RVFLWDDWRGRVSDUDHOGtDVLJXLHQWH ERVTXHV UDORV R WXSLGRV XQD FROLQD DOOi XQ UtR DFXOOi \ GDQGR XQ DPSOLR
D VDELHQGDV GH TXH QR DFXGLUiQ $O PHQRV GLFH TXH ORV FLWy 1R SRGHPRV URGHROOHJDHOJUXSRDXQDJUDQSLHGUDTXHOHGDQRPEUHDODUHJLyQ7XQDEDM
VDEHU VL OR KL]R \ WDPSRFR VL OD FLWDFLyQ OOHJy D WLHPSR (O KHFKR HV TXH 5HFRQRFHQXQDVH[SODQDGDVDFHUFDGHODVFXDOHVVHDQRWDTXHODWLHUUDHVPX\

 
EXHQDSDUDWULJR²VHJ~QH[SUHVDQ³ORVGLFKRVHVSDxROHVTXHDOOtLEDQ´²\
GHVSXpV GH DQGDU FXDWUR KRUDV D FDEDOOR IXHUD GH FDPLQR VH GHFLGH TXH OD
LQVSHFFLyQ HV VXILFLHQWH \ TXH QR HV SUHFLVR YHU WRGD OD WLHUUD VROLFLWDGD 6H
TXHGDQ VLQ OOHJDU D XQD ³ODJXQHWD GH DJXD´ TXH VH KDOOD FHUFD GH 7HFSiQ
$WLWOiQ\TXHHVXQRGHORVFRQILQHVGHORSHGLGR(VGHFLUTXHQRVHDFHUFDQ
D7HFSiQ$WLWOiQSHURUHFXpUGHVHTXHORVLQGLRVGH&RPDODSDH[SUHVDURQTXH
3RORQLD \ ORV GH &RPDODSD 6X WiFWLFD GH UHSOLHJXH KDEtD GDGR UHVXOWDGRV
GHVDVWURVRV3RUORTXHKDFHDORVGH&RPDODSDYDQDWHQHUDKRUDRSRUWXQLGDG
GH KDEODU FXDQGR \D HVWi GHFLGLGR \ UHVXHOWR HO SXQWR VREUH HO FXDO TXHUtDQ
REMHWDU (O H[SHGLHQWH TXH SHUPLWH KDFHU DOJXQDV FRQMHWXUDV PiV R PHQRV
OyJLFDV ²ODV KHPRV KHFKR² GHMD HQ HO PiV FRPSOHWR PLVWHULR PXFKRV
IDFWRUHVTXHWLHQHQTXHKDEHUDFWXDGRHQDTXHOODVGLOLJHQFLDV3RGHPRVHVWDU
ODVWLHUUDVHQFXHVWLyQWDPELpQSHUWHQHFtDQHQSDUWHDORVGHHVHSXHEOR
+HFKRHVWi(OHVFULWRGHODYLVWDGHRMRVQRLQFOX\HGHFODUDFLyQDOJXQDGH
ORVLQGLRVDFRPSDxDQWHVSHURVLDFDVRKDEODURQWXYRTXHKDEHUVLGRDHQWHUR
JXVWR GHO FRPLVLRQDGR GHO HQFRPHQGHUR VROLFLWDQWH £\ GH ORV GLFKRV
HVSDxROHVTXHDOOtLEDQHQSULPHUOXJDUSRUTXHSDUDHVRIXHURQDUUDVWUDGRVD
DTXHOKXPLOODQWHSDVHR\HQVHJXQGROXJDUSRUTXHDOILQDOGHOGRFXPHQWRGH
/RVGH&RPDODSDQRH[SUHVDURQ
OD YLVWD GH RMRV VH KDFH FRQVWDU TXH ODV WLHUUDV UHFRUULGDV VH WLHQH SRU
³UHDOHQJDV \HUPDV \ EDOGtDV´ 3UHWHQGLHURQ ORV LQGLRV SXHV IUXVWUDU HO
WUiPLWHPLHQWUDVQRVHHVFXFKDUDDORVGH&RPDODSDSRUHVRVHQHJDURQDGDU
GHFODUDFLyQSRUVHSDUDGR6DEtDQTXHDORVGHFDGDSXHEORVHOHVSUHJXQWDUtD
H[FOXVLYDPHQWH VL D HOORV OHV SHUWHQHFtD SDUWH GH DTXHOODV WLHUUDV \ VXV
QHJDWLYDV VHUYLUtDQ SDUD GHMDU PDUJLQDGRV D TXLHQHV UHDOPHQWH TXHUtDQ
³FRQWUDGHFLU \ DOHJDU DFHUFD GH ODV GLFKDV WLHUUDV SRUTXH VRQ VX\DV \ OHV
SHUWHQHFHQ´ 3HUR HVH PLVPR UHFXUVR OH GLR EDVH OHJDO DO FRPLVLRQDGR ²HO
VHJXURVVLQHPEDUJRGHTXHVHWUDWDGHIDFWRUHVGHSUHVLyQPiVH[DFWDPHQWH
GHRSUHVLyQ 3RUTXH GH SULPDVDSULPHUDVFRQVLJQDHOGRFXPHQWR GHDTXHOOD
ERFKRUQRVDUHXQLyQTXHORVLQGLRVDFXGLHURQ³\TXHDJRUDSRUELHQGHSD]\
FRQFRUGLD YHQtDQ WRGRV«\ TXLHUHQ \ FRQVLHQWHQ \ WLHQHQ SRU ELHQ TXH 6X
6HxRUtDHO6HxRU3UHVLGHQWHKDJDPHUFHGDOGLFKR$ORQVRÈOYDUH]GH6DQWL]R
GHODVGLFKDVFDEDOOHUtDVGHWLHUUDTXHSLGH
QLQJ~Q UHSDUR HQ UHODFLyQ FRQ ODV WLHUUDV TXH DQWHULRUPHQWH KDEtD TXHULGR
GHIHQGHUSRUVX\DV/RVGH6DQWD3RORQLDDFFHGHQDTXHVHOHGHQDÈOYDUH]GH
6DQWL]R XQDV WLHUUDV TXH FRQVLGHUDEDQ SURSLDV SHUR FRQVLJXHQ TXH QR VH OH
FHGD QLQJXQD TXH FDLJD GHQWUR GH WUHV OHJXDV FRQWDGDV GHVGH HO FHQWUR GHO
SXHEOR (O UHVWR GHO WHVWLPRQLR GH DTXHOOD UHXQLyQ HVWi IRUPDGR SRU
UHFRPHQGDFLRQHVTXHKDFHQORVLQGLRVUHODWLYDVDFLHUWRVGHWDOOHVLPSRUWDQWHV
TXHVLUYHQSDUDFRPSUHQGHUXQSRFRPiVODVLWXDFLyQ([SUHVDQTXHODWLHUUD
HQGHUUHGRUGHORVSXHEORVQROHVVLUYHVyORSDUDVHPEUDUVLQRTXHQHFHVLWDQ
PtQLPR GH EDVH OHJDO QHFHVDULR SDUD TXH QR DSDUHFLHUD WRGR FRPR SXUD HVSDFLRV SDUD VDFDU ³]DFDWH´ IRUUDMH VLOYHVWUH PDGHUD SDUD FRQVWUXFFLyQ
YLRODFLyQ² SRUTXH OR GHMy HQ OD SRVLELOLGDG GH LU D YHU ODV WLHUUDV FRQ OHxD ³RFRWH´ UDMDV GH PDGHUD UHVLQRVD SDUD FRPEXVWLyQ \ DOXPEUDGR \
GHFODUDFLyQGHXQRVLQGLRVGHVDXWRUL]DGRV\DWHPRUL]DGRV(QFXDQWRDORVGH WDPELpQSDUDFD]DUFRQHMRV\DYHVFX\DFDUQHFRQVXPHQRYHQGHQ3LGHQTXH
&RPDODSD HO FRPLVLRQDGR FXPSOLy FRQ HOORV DO SLH GH OD OHWUD OR TXH HO ORV ³PR]RV QL FULDGRV´ GHO WHUUDWHQLHQWH QR WUDWHQ PDO D OD JHQWH GH ORV
3UHVLGHQWHOHKDEtDRUGHQDGRSXHVVXREOLJDFLyQHUD²QyWHVH²KDFHUVDEHUD SXHEORV\TXHFXLGHTXHVXVJDQDGRVFXDQGRORVWHQJDQRHQWUHQDKDFHUGDxR
ORV LQGLRV ³SRU OHQJXD GH LQWpUSUHWH¶
 ODV SUHWHQVLRQHV GHO HQFRPHQGHUR < HQVXV³PLOSDV\VHPHQWHUDV´)LQDOPHQWHDERUGDQXQSXQWRFODYHTXHGHEHQ
H[DFWDPHQWH HVR IXH OR TXH KL]R QR SUHVHQWDUVH HQ SHUVRQD UHKXLU OD KDEHU WHQLGR HQ PHQWH GHVGH TXH FRQRFLHURQ ODV SUHWHQVLRQHV GHO FULROOR
FRQIURQWDFLyQFRPXQLFDUOHVHOSUREOHPDSRUPHGLRGHXQLQWpUSUHWH VROLFLWDQWH³TXHQRSLGDLQGLRVWUDEDMDGRUHVQLGHRWUDPDQHUDGHORVGLFKRV
*DQDGD\DODSDUWLGDHOFRPLVLRQDGRYXHOYHDFLWDUDORV$OFDOGHVGHORV SXHEORV«SDUDODVVHPHQWHUDV\RWUDVODERUHVGHODVGLFKDVWLHUUDV´\SXHVWR
SXHEORV FHUFDQRV \ GH ORV GLUHFWDPHQWH DIHFWDGRV SHUR DKRUD QR SDUD TXHGHWRGRVPRGRVKDEUiGHQHFHVLWDUORV³ORVSLGDGHOGLFKRSXHEORGH6DQWR
SUHJXQWDUOHV VL DOJXQD GH DTXHOODV WLHUUDV HUD VX\D ²SRUTXH HVR \D TXHGy 7RPiV VX HVWDQFLD \ HQFRPLHQGD \ HQ 6DQWD &UX] 8WDWOiQ \ HQ 6DQ 3HGUR \
DYHULJXDGR \ FRQVLJQDGR HQ OD ³YLVWD GH RMRV
¶² VLQR SDUD KDFHU FRQ HOORV RWUDVSDUWHVTXHpOTXLVLHUH´
³FRQFLHUWR\WUDQVDFFLyQ¶
 'HVGH OXHJR ÈOYDUH] GH 6DQWL]R DFHSWy DEVROXWD \ VROHPQHPHQWH WRGDV
/RVLQGLRVDFXGLHURQDHVDFLWDFLyQORVGH7HFSiQ*XDWHPDODORVGH6DQWD DTXHOODV LPSRWHQWHV UHFRPHQGDFLRQHV ³\ TXH FRQWUD HOOR QR LUi QL YHQGUi

 
DJRUD QL HQ WLHPSR DOJXQR´ (V LQWHUHVDQWH DQRWDU TXH HQ ORV GtDV HQ TXH VH
ILUPDED HO GRFXPHQWR TXH HVWDPRV FRPHQWDQGR YHQtD HQ FDPLQR KDFLD
*XDWHPDOD OD 5HDO &pGXOD ²GH  GH 1RYLHPEUH GH ² TXH
GHILQLWLYDPHQWH DXWRUL]DED \ UHJXODED HO UHSDUWLPLHQWR GH LQGLRV SDUD HO
ODERUHRGHKDFLHQGDV\ODERUHVGHORVHVSDxROHV\FULROORV/DHVWXGLDUHPRV
LPSRUWDQWHpVWHTXHHQVXOXJDUHVWXGLDUHPRV²2WURVHQFDPELRODKDEtDQ
SHUGLGREDMRODSUHVLyQGHGLYHUVRVIDFWRUHV\WHQtDQPX\SRFD7DPELpQORV
SXURVFDPELRVGHPRJUiILFRVKDEtDFRQWULEXLGRDHVHGHVHTXLOLEULRSXHVXQRV
SXHEORV KDEtD DXPHQWDGR PXFKR VX SREODFLyQ \ RWURV HVWDEDQ FDVL
GHVSREODGRV FRQVHUYDQGR XQRV \ RWURV VXV GRWDFLRQHV GH WLHUUD DQWHULRUHV D
HQVXOXJDU>@/RTXHXUJtDHUDGHMDUDWDGRVDORVLQGLRVHQODDFHSWDFLyQGH
TXH HO WHUUDWHQLHQWH WRPDVH SRVHVLyQ GH DTXHOODV WLHUUDV SXHV HUD HVR OR TXH
KDFtD IDOWD SDUD VDFDU FRQ p[LWR OD JHVWLyQ DQWH HO 3UHVLGHQWH 'RV SiJLQDV
UHSOHWDVGHODEHUtQWLFDVIyUPXODVGHGHUHFKRFXPSOHQHVHLPSRUWDQWHREMHWLYR
/RV$OFDOGHVLQGLRVVXVFULEHQFRQVXVQRPEUHVHOFRPSURPLVRTXHQRVHOHV
RLJDVLUHFODPDQDOJRHQFRQWUDGHORDFRUGDGRDOOt
/RV WUiPLWHV FRORQLDOHV VROtDQ VHU²PXFKR VH KD LQVLVWLGR HQ HOOR²
ODUJXtVLPRV \ OHQWRV SDSHOHRV EXURFUiWLFRV 1R DVt HO TXH QRV RFXSD /D
VROLFLWXGGHÈOYDUH]GH6DQWL]RHVGHHQHURGH\ODILUPDGHOSDSHOTXH
DFDEDPRVGHFLWDUHVGHIHEUHURGHOPLVPRDxR
(OGRFXPHQWRTXHQRVKDVHUYLGRSDUDHVWDUiSLGDVHFXHQFLDGHLPiJHQHV\
VLWXDFLRQHV QR LQFOX\H HO SDJR GH OD FRPSRVLFLyQ QL FRUUH LQVHUWR HO WtWXOR
FRUUHVSRQGLHQWH&RQWLHQHVRODPHQWHODV³GLOLJHQFLDV´TXHKHPRVUHVHxDGR>@
6RQHVDVGLOLJHQFLDVVLQHPEDUJRODVTXHQRQRVLQWHUHVDQ
3RUTXH³HOSUREOHPDGHODWLHUUD´QRHVRWUDFRVD TXHHOSUREOHPDGHOD
OXFKDGHFODVHVHQWRPRDODDSURSLDFLyQGHHVHPHGLRGHSURGXFFLyQ
<HOGRFXPHQWRRIUHFHXQFXDGURVHQFLOOR\YLYR²LJXDOTXHPXFKRVRWURV
GRFXPHQWRV GHO PLVPR FDUiFWHU² GH OR TXH HUD HVD OXFKD HQ OD VRFLHGDG
FRORQLDO 3RQH DQWH ORV RMRV ORV HOHPHQWRV HVHQFLDOHV GH HVD OXFKD ORV
UHFXUVRVGHOFULROORSDUDYHQFHUDORVLQGLRVODGLVSRVLFLyQGHOFRPLVLRQDGR\
VX YDOLRVtVLPD FRODERUDFLyQ SDUD HPEDXFDU D ORV LQGLRV OD DXVHQFLD GH
LQVWDQFLDV MXGLFLDOHV VXSHULRUHV TXH LPSLGLHUDQ HIHFWLYDPHQWH DTXHOODV
DUELWUDULHGDGHVODVLWXDFLyQGHGHVYHQWDMDJHQHUDO\GHGHVYDOLPLHQWRHQTXH
VHKDOODEDQORVLQGLRV\PXFKDVFRVDVPiV
$XQTXH OD OHJLVODFLyQ FRORQLDO FRQWHPSODED FRQ HO PD\RU LQWHUpV OD
SUHVHUYDFLyQ \ DPSOLDFLyQ GH ODV WLHUUDV GH ORV LQGLRV ²\D GLMLPRV SRU TXp
WHQtDTXHVHUDVt²DOILQDOL]DUODpSRFDFRORQLDOVHKDEtDFUHDGRXQFXDGURGH
JUDQ GHVHTXLOLEULR 8QRV SXHEORV KDEtDQ OOHJDGR D WHQHU PXFKD WLHUUD \ OD
DUUHQGDEDQDJHQWHGHRWURVSXHEORV\WDPELpQDORVPHVWL]RV>@ ²IHQyPHQR

HVRVFDPELRV>@
/DH[LVWHQFLDGHKDFLHQGDVFRQHQRUPHVH[WHQVLRQHVGHWLHUUDQRFXOWLYDGD
²HVGHFLUODWLIXQGLRV²ODGHXQQ~PHURFUHFLHQWHGHPHVWL]RVTXHFDUHFtDQ
GHWLHUUDVWRWDOPHQWHHOSUREOHPDGHPXFKRVSXHEORVGHLQGLRVTXHODVWHQtDQ
PX\ HVFDVDV \ ORV JUDYHV LQFRQYHQLHQWHV GHO VLVWHPD GH SURSLHGDG FRPXQDO
FRQ WUDEDMR LQGLYLGXDO VXMHWR D FDSULFKRV GH GLVWULEXFLyQ IXHURQ UHDOLGDGHV
TXH REOLJDURQ D FRQVLGHUDU VHULDPHQWH WRGDYtD EDMR HO UpJLPHQ FRORQLDO \
FRPRPHGLGDTXHGHEtDUHDOL]DUVHGHQWURGHpOODQHFHVLGDGGHXQDUHIRUPD
HQ OD GLVWULEXFLyQ \ HO DSURYHFKDPLHQWR GHO DJUR (O SULPHU SUR\HFWR GH
UHIRUPD DJUDULD TXH FRQRFH OD +LVWRULD GH *XDWHPDOD VH HVER]y HQ 
3UR\HFWR HPEULRQDULR \ OOHQR GH LQFHUWLGXPEUHV SUR\HFWR ROYLGDGR TXH VH
TXHGyHQHOSDSHOSHURTXHDOOtFRQVHUYySDUDTXHKR\WHQJDPRVQRWLFLDGH
HOODODVLWXDFLyQGHOSDtVHQORUHODWLYRDWLHUUDVDOILQDOGHODFRORQLD9DPRV
D GHGLFDUOH XQ EUHYH DSDUWDGR ~OWLPR GH HVWH FDStWXOR FRQ XQD ILQDOLGDG
FRQFUHWD \ ELHQ GHOLPLWDGD FRPSUREDU TXH OD SROtWLFD DJUDULD FRORQLDO
HVHQFLDOPHQWHIRPHQWDGRUDGHOODWLIXQGLRFRQGXMRDXQDVLWXDFLyQTXH\DHUD
PX\ GLItFLO \ SUREOHPiWLFD HQ ODV SRVWULPHUtDV GH DTXHOOD pSRFD
&RPSUREDUHPRVDGHPiVTXHHOSDQRUDPDGHODJURDOILQDOGHODFRORQLDHUD
XQSDQRUDPDGHODWLIXQGLRV\WLHUUDVFRPXQDOHVGHLQGLRV
(OODWLIXQGLVPRJXDWHPDOWHFRWLHQHVXVUDtFHVHQODFRORQLD\HVXQYHVWLJLR
FRORQLDO3HURHVSUHFLVRHQWHQGHU²\HQRWURVFDStWXORVORLUHPRVH[SOLFDQGR
²TXHKXERGHVDUUROORVKLVWyULFRVFRORQLDOHVKDVWDPXFKRWLHPSRGHVSXpVGH
OD,QGHSHQGHQFLDFRQGLFLRQDGRVSRUODSHUGXUDFLyQGHODVEDVHVFRORQLDOHVGH
QXHVWUDVRFLHGDG

 ²9²
1HFHVLGDGGHUHIRUPDDJUDULDDQWHVGHOD
,QGHSHQGHQFLD
(OSUR\HFWRTXHKHPRVPHQFLRQDGRHVSDUWHGHXQGRFXPHQWRPiVDPSOLR
\ORSULPHURTXHYDPRVDKDFHUHVYDORUDUHOFRQMXQWRFRPRIXHQWHKLVWyULFD
6H WUDWD GH ORV ³$SXQWDPLHQWRV VREUH $JULFXOWXUD \ &RPHUFLR GHO 5H\QR GH
*XDWHPDOD´>@ UHGDFWDGRV HQ  SRU XQD FRPLVLyQ GHO &RQVXODGR GH
&RPHUFLR GH OD FLXGDG GH *XDWHPDOD (O GRFXPHQWR IXH SHGLGR SRU $QWRQLR
/DUUD]iEDO 'LSXWDGR SRU OD FLXGDG HQ ODV &RUWHV GH &iGL] SDUD WHQHU HQ pO
XQD LQIRUPDFLyQ TXH OH VHULD LQGLVSHQVDEOH HQ ODV GLVFXVLRQHV GH DTXHOOD
PHPRUDEOHDVDPEOHD3DUHFHTXHWDPELpQVROLFLWy\OHIXHSUHSDUDGRSRUHO
&RQVXODGRXQGRFXPHQWRVREUHODVLWXDFLyQGHOD0LQHUtDHQHOUHLQRHOFXDO
ODSREODFLyQ²FRQVWLWXLGDPD\RULWDULDPHQWHSRUODVPDVDVFDPSHVLQDV²XQD
DPSOLDFLyQ GHO PHUFDGR LQWHUQR OD FXDO VyOR SRGtD DOFDQ]DUVH FRQ UHIRUPDV
EiVLFDV(QWUHRWUDVODGLVWULEXFLyQGHWLHUUDVHQSURSLHGDGDLQGLRV\PHVWL]RV
SREUHV \ OD VXSUHVLyQ GH ODV IRUPDV GH WUDEDMR VHUYLO VHPLJUDWXLWR $KRUD
ELHQHVDVUHIRUPDVTXHKXELHUDQUHYROXFLRQDGRODHVWUXFWXUDGHODVRFLHGDG
FRORQLDOHUDQSURSXJQDGDVSRUORVFRPHUFLDQWHVVLQHPEDUJRHQHOHQWHQGLGR
GH TXH QR KDEUtD ,QGHSHQGHQFLD \ GH TXH HOORV VHJXLUtDQ VLHQGR ORV
LPSRUWDGRUHVIDYRUHFLGRVHQH[FOXVLYDSRUHOPRQRSROLRFRPHUFLDOHVSDxRO
/RVWHUUDWHQLHQWHVSRUVXSDUWHSHQVDEDQH[DFWDPHQWHDOUHYpV'HVHDEDQ
OD,QGHSHQGHQFLDHQHOHQWHQGLGRGHTXHQRWUDHUtDXQDOLEHUDFLyQHFRQyPLFD
GHODVPDVDVFDPSHVLQDVVLQR~QLFDPHQWHVXSDVRDODGHSHQGHQFLDH[FOXVLYD
GH OD FODVH FULROOD 3RU RWUD SDUWH DQKHODEDQ OD OLEHUWDG GH SURGXFFLyQ \ GH
FRPHUFLR SDUD YHQGHU OLEUHPHQWH \ D PHMRUH V SUHFLRV VXV SURGXFWRV GH
H[SRUWDFLyQSDUWLFXODUPHQWHHODxLO²TXHSRUFDXVDGHOPRQRSROLRVHYHQGtD
FDGD YH] PHQRV² >@\ WDPELpQ HO WDEDFR HQ HO TXH WHQtDQ SXHVWDV JUDQGHV
HVSHUDQ]DV>@
KDGHVDSDUHFLGR1DWXUDOPHQWHORVWUR]RVPiVDPSOLRV\HQMXQGLRVRVGHORV
$SXQWDPLHQWRV VRQ DTXHOORV GHGLFDGRV DO FRPHUFLR SRUTXH GLFKD DFWLYLGDG
VXIUtDXQDJUDYHFRQWUDFFLyQHQDTXHOORVDxRVFUtWLFRV\SRUTXHHOGRFXPHQWR
H[SUHVD SULPRUGLDOPHQWH ODV SUHRFXSDFLRQHV GH ORV JUDQGHV FRPHUFLDQWHV GH
ODFLXGDGGH*XDWHPDOD(VDPLVPDFLUFXQVWDQFLDOHFRQILHUHVLQHPEDUJRXQ
JUDQ YDORU FRPR IXHQWH KLVWyULFD UHIHULGD D OD DJULFXOWXUD SRUTXH H[SUHVD
LQWHUHVHV \ SXQWRV GH YLVWD TXH QR VRQ ORV GH ORV KDFHQGDGRV \ WUDWD FRQ
EDVWDQWH IUDQTXH]D ORV SUREOHPDV GHO DJUR 3RU RWUD SDUWH WUDWiQGRVH GH
FRPHUFLDQWHV HVSDxROHV HQ VX PD\RUtD \ GH SHUVRQDV TXH DGYHUVDEDQ OD
,QGHSHQGHQFLD QR FDEH VRVSHFKDU TXH VXV RSLQLRQHV DFHUFD GH OD WLHUUD
HVWXYLHUDQDIHFWDGDVSRUSDVLyQRH[WUHPLVPRSROtWLFDGHQLQJXQDHVSHFLH6H
WUDWDGHXQWHVWLPRQLREDVWDQWHREMHWLYR
(Q OR UHODWLYR D OD VLWXDFLyQ GHO DJUR ORV FRPHUFLDQWHV WHQtDQ LQWHUHVHV
RSXHVWRV D ORV GH ORV ODWLIXQGLVWDV (O ELHQHVWDU \ OD SURVSHULGDG GH ORV
KDFHQGDGRV UHSRVDEDQ VREUH HO WUDEDMR VHPLJUDWXLWR \ SRU HQGH VREUH OD
PLVHULD GH ORV LQGLRV \ GH ORV ODGLQRV SREUHV FRPR OR GHPRVWUDUHPRV DO
(Q GRV SDODEUDV D ORV FULROORV OHV LQWHUHVDED XQD LQGHSHQGHQFLD VLQ
5HYROXFLyQ \ D ORV FRPHUFLDQWHV OHV KXELHUD FRQYHQLGR XQD WUDQVIRUPDFLyQ
UHYROXFLRQDULD VLQ ,QGHSHQGHQFLD (VWR ~OWLPR VH SRQH GH PDQLILHVWR HQ ORV
$SXQWDPLHQWRV ? GH PDQHUD SDUWLFXODU HQ VXV GRV VHFFLRQHV WLWXODGDV
³$JULFXOWXUDFRQUHVSHFWRDORVLQGLRV´\³$JULFXOWXUDFRQUHVSHFWRD3DUGRV\
%ODQFRV´$PEDVVHFFLRQHVIRUPDQXQDXQLGDGGHQWURGHOGRFXPHQWR\VRQHQ
HOOp[LFRGHQXHVWURWLHPSRXQSUR\HFWRGHUHIRUPDDJUDULD
&HxLGRV D OR TXH QRV LQWHUHVD HQ HVH OXJDU GHVWDFDUHPRV DOJXQDV
REVHUYDFLRQHV\UHFRPHQGDFLRQHVGHDTXHOSUR\HFWR
(O JUDGR GH H[SDQVLyQ DOFDQ]DGR SRU HO ODWLIXQGLVPR KDFLD HO ILQDO GH OD
FRORQLDDSDUHFHFODUDPHQWHPDQLILHVWRHQREVHUYDFLRQHVFRPRODVVLJXLHQWHV
³« (Q FXDQWR D ORV KDFHQGDGRV XQRV SRVHHQ WLHUUDV GH FRQVLGHUDEOH
Q~PHUR GH OHJXDV VLQ WUDEDMDUODV D UHVHUYD GH DOJXQD PX\ FRUWD SDUWH
UHVXOWDQGR SRU FRQVLJXLHQWH LQ~WLOHV D HOORV \ DO FRP~Q TXH FDUHFH
DEVROXWDPHQWH GH WHUUHQR SURSLR SDUD VHPEUDU VXV PDtFHV X RWUR IUXWR (O
JDQDGR PD\RU HV SRU OR UHJXODU HO QHUYLR \ VXEVWDQFLDV GH HVWDV JUDQGHV
HVWXGLDUHOUpJLPHQGHWUDEDMRDJUtFRODHQSXHEORV\UDQFKHUtDV(OGHVDUUROOR KDFLHQGDVSXHVFULiQGRVHJDQDGRHQODV3URYLQFLDVUHPRWDV\FRPSUDGR\
GHOFRPHUFLRHQFDPELRH[LJtDXQDHOHYDFLyQGHODFDSDFLGDGGHFRPSUDGH WUDtGR SDUD UHSDVWDUOR HQ ODV GH ODV &DSLWDO SDUD DEDVWHFHUOD GH FDUQH

 
IRUPD XQ WUiILFR HQWUH XQ RUGHQ GH LQGLYLGXRV TXH QL FRUUHVSRQGH
SURSLDPHQWHDODDJULFXOWXUDQLDOFRPHUFLR«´>@1yWHVHTXHQRFDOFXODOD
H[WHQVLyQGHODVJUDQGHVKDFLHQGDVHQFDEDOOHUtDVVLQRSRUOHJXDV6HWUDWDGH
XQDSRVHVLyQHVWULFWDPHQWHODWLIXQGLVWDGHLQWHQFLyQDFDSDUDGRUDTXHDSHQDV
SRQHHQFXOWLYRXQWUR]RSURSRUFLRQDOPHQWHSHTXHxRGHODSURSLHGDG(OUHVWR
VXHOHHPSOHDUVHHQODVKDFLHQGDVFHUFDQDVDODFLXGDGFDSLWDOSDUDHOHQJRUGH
GH JDQDGR WUDtGR GH RWUDV UHJLRQHV D EDVH GH SDVWRV HVSRQWiQHRV (V GH OD
PD\RU LPSRUWDQFLD OD LQGLFDFLyQ GH TXH DTXHOODV JUDQGHV H[WHQVLRQHV QR
FXOWLYDGDVSRGtDQVHUOH~WLOHV³DOFRP~Q´TXHFDUHFHDEVROXWDPHQWHGHWHUUHQR
SURSLR ¢4XLpQ HV HO ³FRP~Q´" &LHUWDPHQWH DGHODQWH QRV GLUi HO GRFXPHQWR
TXH PXFKRV SXHEORV QR WLHQHQ WLHUUDV VXILFLHQWHV SHUR DKRUD QR KDEOD GH
LQGLRVVLQRGHO³FRP~Q´
6H WUDWD GH XQD FDUDFWHUtVWLFD GHO GRFXPHQWR TXH FRQYLHQH VHxDODU /D
SROtWLFD DJUDULD GH OD FRORQLD VHJ~Q KHPRV GLFKR GHIHQGtD ODV WLHUUDV GH
LQGLRV \ OH QHJy WLHUUD D ORV PHVWL]RV ²D ODV FDSDV PHGLDV FRPR ODV
OODPDUHPRVFRQPiVFRUUHFFLyQFXDQGRH[DPLQHPRVVXGHVDUUROOR²$XQTXH
HO SULPHUR GH HVRV GRV SULQFLSLRV IXH HQ JHQHUDO UHVSHWDGR \ HVWXYR YLJHQWH
WRGR HO WLHPSR KXER GH WRGRV PRGRV XVXUSDFLyQ GH WLHUUDV GH LQGLRV (Q HO
DSDUWDGRDQWHULRUKHPRVYLVWRHOFXDGURGHUHDOLGDGHVHQTXHHVWRVIUDXGHVVH
UHDOL]DEDQ \ ORV SURSLRV $\XQWDPLHQWRV LQGLFDQ OD H[LVWHQFLD GH WLHUUDV
XVXUSDGDV D ORV LQGLRV HQ OD pSRFD HQ TXH IXHURQ UHGDFWDGRV>@ 'H PRGR
SXHVTXHDOILQDOGHODFRORQLDKDEtDHVFDVH]GHWLHUUDVHQPXFKRVSXHEORVGH
LQGLRV (O VHJXQGR GH ORV SULQFLSLRV FLWDGRV ²QHJDFLyQ GH WLHUUDV D ORV
PHVWL]RV²FDXVyQDWXUDOPHQWHXQ JUDQ Q~PHURGHODGLQRV SREUHV VLQWLHUUDV
/RV$SXQWDPLHQWRVDOUHIHULUVHDODSREODFLyQQHFHVLWDGDGHWLHUUDVHVLW~DQ
DOPDUJHQGHODSROtWLFDDJUDULDFRORQLDOHQORWRFDQWHDORVPHVWL]RV²DORV
³SDUGRV FRPR HO GRFXPHQWR ORV OODPD² \ DWLHQGH SRU LJXDO D LQGLRV \ PHV
WL]RV 3DUD UHIHULUVH D WRGD OD SREODFLyQ TXH SRGUtD DSURYHFKDU OD WLHUUD
DFDSDUDGDSRUORVODWLIXQGLRVVLQKDFHUODGLVHPLQDFLyQTXHKDFtDODSROtWLFD
DJUDULDFRORQLDOHPSOHDHOWpUPLQR³HOFRP~Q´(OGRFXPHQWRQRVHDWUHYHD
GHQXQFLDU GLUHFWDPHQWH OD GLVFULPLQDFLyQ GH ORV PHVWL]RV \ VH SURQXQFLD
GLVFUHWDPHQWH FRQWUD G GLVFULPLQDFLyQ H[FOX\pQGROD GH VX SUR\HFWR GH QXHYD
UHSDUWLFLyQ>@ (Q PXFKRV SXQWRV GHMD HQWHQGHU FRQ YLVLEOH LQWHQFLyQ GH
KDFHUORTXHODWLHUUDGHEHUHSDUWLUVHSRULJXDOHQWUHWRGRVORVTXHODQHFHVLWDQ

(QRWURVOXJDUHVHOGRFXPHQWRHVPiVFDWHJyULFRDFHUFDGHODVLJQLILFDFLyQ
GHOODWLIXQGLVPR³«<DTXHGD GHPRVWUDGR ²GLFH²TXHHORULJHQ RFDXVD
SULPDULD GH ORV DWUDVRV \ REVWUXFFLyQ TXH H[SHULPHQWD HQ HO 5H\ QR OD
$JULFXOWXUD DSR\R GH OD VXEVLVWHQFLD GH WRGRV VXV KDELWDQWHV HV VLQ
FRQWUDGLFFLyQ HO TXH ODV WLHUUDV VH KDOODQ GLVWULEXLGDV HQ SRVHVLRQHV
LQPHQVDV HQWUH SRFRV LQGLYLGXRV FRQ HQRUPH SHUMXLFLR GH ORV PXFKRV TXH
IRUPDQ OD PDVD GHO (VWDGR \ TXH QR WLHQHQ XQ SDOPR GH WHUUHQR HQ
SURSLHGDG GRQGH VHPEUDU XQD PLOSD 3DUHFH SXHV FRVD UD]RQDEOH MXVWD
QHFHVDULDDO5H\QR\FRQIRUPHDQXHVWUDV/H\HVGH,QGLDVTXHODVWLHUUDV
HVWpQ UHSDUWLGDV HQ PXFKDV PDQRV SDUD TXH HVWH FDVR TXHGH UHPRYLGD OD
FDXVDGHOJUDYHPDOLQGLFDGR´>@
(VHWUR]RUHVXOWDVRUSUHQGHQWH\DOHFFLRQDGRUSRUPXFKRVPRWLYRV(QOD
SULPHUD SiJLQD GH ORV $SXQWDPLHQWRV ²£HQ ORV SULPHURV UHQJORQHV² ORV
DXWRUHV KDEtDQ GLFKR TXH HO UHLQR WHQtD XQ iUHD WRWDO DSUR[LPDGD GH 
OHJXDVFXDGUDGDV\XQDSREODFLyQGHXQPLOOyQGHKDELWDQWHV>@<SDUDLOXVWUDU
HQ TXp PHGLGD HO UHLQR VH KDOODED SRFR SREODGR KDEtDQ SURSRUFLRQDGR ORV
GDWRV FRPSDUDWLYRV GH TXH (VSDxD ²³QXHVWUD PDGUH (VSDxD´² DOEHUJDED
RQFHPLOORQHVGHKDELWDQWHVHQXQWHUULWRULRGHOHJXDVFXDGUDGDV>@
6HJ~Q HVRV GDWRV HQ HO UHLQR KDEtD IDEXORVDV H[WHQVLRQHV GH WLHUUD SDUD
GLVWULEXLUOD DOHJUHPHQWH HQWUH ORV KDELWDQWHV 3HUR DOOt HVWi SUHFLVDPHQWH OD
OHFFLyQGHOSiUUDIRFLWDGR&XDQGRVHKDEODGHODWLHUUDGHXQSDtVQRVHKDEOD
GHVXVXSHUILFLHWHUULWRULDOVLQRGHORVWHUUHQRVTXHDGHPiVGHFXOWLYDEOHV\
VXVFHSWLEOHVGHURWXUDFLyQFRQORVUHFXUVRVHFRQyPLFRV\WpFQLFRVH[LVWHQWHV
VH HQFXHQWUDQ VLWXDGRV FHUFD R GHQWUR GH XQD UHG PiV R PHQRV DPSOLD GH
FRPXQLFDFLRQHVTXHORVYLQFXODFRQORVPHUFDGRV6LFLHQIDPLOLDVGHXQSDtV
KDQDFDSDUDGRODVWLHUUDVTXHUH~QHQHVDVFRQGLFLRQHVGHQDGDVLUYHTXHPiV
DOOi KD\D LQPHQVLGDGHV GHO WHUULWRULR YLUJHQ (O ODWLIXQGLVPR OOHJy D VHU XQ
SUREOHPD HQ HO UHLQR GH *XDWHPDOD ²HO SUREOHPD Q~PHUR XQR VHJ~Q ORV
$SXQWDPLHQWRV²SRUTXHDXQWUDWiQGRVHGHXQDVRFLHGDGTXHYLYtDHQGLH]R
GRFH FLXGDGHV SHTXHxDV \ HQ VHWHFLHQWRV SXHEORV GH LQGLRV WRGR HOOR
HVSDUFLGR VREUH XQ WHUULWRULR SURSRUFLRQDOPHQWH PX\ JUDQGH OD WLHUUD
HFRQyPLFDPHQWH ~WLO OOHJy D HVWDU DFDSDUDGD HQ SRFDV PDQRV
LQGHSHQGLHQWHPHQWH GH TXH KXELHUD JUDQGHV H[WHQVLRQHV GH WHUULWRULR
SRWHQFLDOPHQWHXWLOL]DEOHEDMRRWUDVFRQGLFLRQHVGHGHVDUUROORGHODVRFLHGDG

/RV IDFWRUHV TXH GHWHUPLQDURQ HO DUULER D HVD VLWXDFLyQ ORV KHPRV VHxDODGR
FRQDQWHULRULGDGHPDQDEDQGHORVLQWHUHVHVHFRQyPLFRVGHODPRQDUTXtD\GH
ODVFDUDFWHUtVWLFDVHVHQFLDOHVGpODFODVHFULROOD(UDQIDFWRUHVSURIXQGDPHQWH
LQKHUHQWHVDODHVWUXFWXUDFRORQLDO
¢4Xp SURSRQH HO SUR\HFWR GH ORV FRPHUFLDQWHV HQ UHODFLyQ FRQ ORV
ODWLIXQGLRV"
4XH ORV KDFHQGDGRV FRQVHUYHQ ³VLQ FRQWUDGLFFLyQ QL RSRVLFLyQ´ WRGR
DTXHOOR TXH GH S~EOLFR \ QRWRULR HVWp VLHQGR WUDEDMDGR \ IUXFWLILTXH>@ /DV
H[WHQVLRQHV TXH SRU IDOWD GH UHFXUVRV R SRU LQGROHQFLD HVWpQ DEDQGRQDGRV
²³HQ SHUMXLFLR GH OD PDVD GH OD SREODFLyQ´² VHUi REOLJDWRULR YHQGHUODV D
SUHFLRVUD]RQDEOHVVLKD\FRPSUDGRUTXHODVTXLHUD\VHGDSRUVXSXHVWRTXH
OR KDEUi HQ WRGRV ORV FDVRV>@ $XQTXH HVWD SUHVFULSFLyQ HV WRWDOPHQWH
XWySLFDHVVLJQLILFDWLYDSRUTXHUHLWHUDODRSLQLyQGHO&RQVXODGRHQFXDQWRD
TXHKDEtDPXFKDJHQWHQHFHVLWDGDGHODVWLHUUDVDFDSDUDGDVSRUORVODWLIXQGLRV
2 OR TXH HV OR PLVPR GHPXHVWUD TXH \D KDEtDQ VLGR DFDSDUDGDV WRGDV R OD
PD\RUtDGHODVWLHUUDVUHDOHQJDVHFRQyPLFDPHQWH~WLOHV'HQRKDEHUVLGRDVt
HO SUR\HFWR KXELHUD HQFDPLQDGR OD VROXFLyQ GHO SUREOHPD DJUDULR KDFLD OD
REWHQFLyQ GH WLHUUD GHO UH\ < QR RFXUUH WDO FRVD &XHQWD FRQ HOODV SDUD HO
UHSDUWR SHUR QR ODV FRQVLGHUD VXILFLHQWHV 7DPELpQ HV LQWHUHVDQWH REVHUYDU
FyPREDMRODGHQRPLQDFLyQGH³ODPDVDGHODSREODFLyQ´HQJOREDRWUDYH]D
LQGLRV\PHVWL]RV
(O HVWDGR JHQHUDO GH OD DJULFXOWXUD HV UXLQ
>@ \ OD VLWXDFLyQ JHQHUDO GH RWUHVFRVDVTXHFRQYLHQHUHWHQHU
ORVLQGLRVHVGHPLVHULD>@VHJ~QHOGRFXPHQWR/DVWLHUUDVFRPXQDOHVVRQHQ
PXFKRV FDVRV LQVXILFLHQWHV \ OD GLVWULEXFLyQ GH ODV PLVPDV GHSHQGH
DUELWUDULDPHQWHGHODVDXWRULGDGHVLQGtJHQDV>@(VHVLVWHPDKDFHTXHHOLQGLR
FDUH]FDGHHVWtPXORSDUDWUDEDMDU>@
/DLGHDPHGXODUGHOSUR\HFWRHVTXHDORVLQGLRVKD\TXHGDUOHVWLHUUDHQ
SURSLHGDG >@\DORVODGLQRVWDPELpQ >@HQSDUFHODVSURSRUFLRQDGDVDVXV
QHFHVLGDGHV\DOQ~PHURGHKLMRVTXHWHQJDQ>@(VODPDQHUDGHFRQYHUWLUORV
HQYHUGDGHURVDJULFXOWRUHV >@ORTXHQROOHJDUiQDVHUPLHQWUDVFDUH]FDQGH
WLHUUDRODWHQJDQVLQHODOLFLHQWHGHVHUVX\DSURSLD
(OSUR\HFWRSURSRQHXQFRPSOLFDGRVLVWHPDGHYLJLODQFLDSDUDFRPSUREDU
TXH ODV WLHUUDV FRQFHGLGDV HVWiQ VLHQGR HIHFWLYDPHQWH WUDEDMDGDV \ HVWDEOHFH

VDQFLRQHV SDUD TXLHQ QR ODV WUDEDMH>@ 3URKLEH YHQGHUODV >@ \ OH SUHVWD
HVSHFLDO DWHQFLyQ ²OR FXDO KDFH KRQRU D ORV DXWRUHV GHO GRFXPHQWR² D OD
QHFHVLGDG GH SURYHHU D ORV QXHYRV SURSLHWDULRV FRQ KHUUDPLHQWD VHPLOODV
DQLPDOHV³\GHPiVTXHQHFHVLWHQ´FREUiQGROHVHQIRUPDJUDGXDGD\FRQORV
IUXWRVGHVXVFRVHFKDV>@
1DWXUDOPHQWHHOSUR\HFWRWURSLH]DFRQXQJUDYHREVWiFXORTXHHVSUHFLVR
UHPRYHUSDUDTXHHOUHSDUWRULQGDORVUHVXOWDGRVGHVHDGRVHVHOUHSDUWLPLHQWR
GH LQGLRV TXH OHV URED WLHPSR \ HQHUJtDV \ ORV DSDUWD GH VXV VLHPEUDV /RV
FRPHUFLDQWHV DFRQVHMDQ GHFLGLGDPHQWH DEROLU HO WUDEDMR IRU]DGR DGRSWDU HO
VDODULROLEUH \ FXOWLYDUODV KDFLHQGDV\ODERUHV FRQLQGLRV\PHVWL]RV TXHGH
PRPHQWRQRHVWpQDWHQGLHQGRVXVWLHUUDVSURSLDVRTXHGHVXYROXQWDGTXLHUDQ
GHGLFDUVHDDTXHOWLSRGHDFWLYLGDGUHPXQHUDGD>@
1RFDEHGXGDGHTXHODDSOLFDFLyQGHHVWHVRUSUHQGHQWHSODQGHUHIRUPD
DJUDULDVLQ,QGHSHQGHQFLDKXELHUDVLJQLILFDGRXQJLJDQWHVFRSDVRDGHODQWHSDUD
ODVRFLHGDGJXDWHPDOWHFD3HURWDPSRFRSXHGHKDEHUGXGDDFHUFDGHTXHWRGR
pOHUDXQDXWRStDXQEXHQGHVHRLUUHDOL]DEOH/DFODVHVRFLDOFDSDFLWDGDSDUD
WRPDUHOSRGHUHQDTXHOPRPHQWR²ODFODVHFULROOD²KXELHUDHQFRQWUDGRVX
UXLQDHQDTXHOODVUHDOL]DFLRQHV\QDWXUDOPHQWHQRWRPyHQVHULRQLXQDSDODEUD
GHOSUR\HFWRGHO&RQVXODGR
6XYDORUFRPRWHVWLPRQLRKLVWyULFRHQFDPELRHVJUDQGH\DTXHKDVWDVX
XWRSLVPRWLHQHVLJQLILFDFLyQ(OSUR\HFWRGHPXHVWUDGHPDQHUDSDOPDULDGRV
3ULPHUD \ SULQFLSDO TXH HO GHVDUUROOR GHO ODWLIXQGLVPR OOHJy D EORTXHDU
WRGDYtD GXUDQWH OD FRORQLD HO GHVDUUROOR HFRQyPLFR GH ORV LQGLRV \ GH ODV
FDSDV PHGLDV HQ FUHFLPLHQWR /OHJy D VHU XQ JUDYH SUREOHPD \D HQ DTXHOOD
pSRFD
6HJXQGD TXH ODV WLHUUDV FRPXQDOHV GH LQGLRV SRU PRWLYR GH ODV
XVXUSDFLRQHVGHOVLVWHPDDUELWUDULRGHGLVWULEXFLyQ \ SULQFLSDOPHQWH SRUHO
WLHPSRTXHHOWUDEDMDGRUSHUGtDHQVHUYLFLRVIRU]DGRVJUDWXLWRV\VHPLJUDWXLWRV
QRHUDQVXILFLHQWHVSDUDVDFDUDOLQGLRGHODPLVHULDHQTXHORV$SXQWDPLHQWRV
QRVORSUHVHQWDQ
7HUFHUD TXH DO ILQDO GH OD FRORQLD HO SUREOHPD GH OD WLHUUD VH KDEtD
DJXGL]DGR DGHPiV FRPR FRQVHFXHQFLD GHO FUHFLPLHQWR GHPRJUiILFR GH ODV
FDSDV PHGLDV D TXLHQHV OD SROtWLFD DJUDULD FRORQLDO VH OD QHJy

VLVWHPiWLFDPHQWH0iVDGHODQWHDYHULJXDUHPRV\GLUHPRVSRUTXp VXEYHUVLYDVUHFRQRFtDFRQWRGDFODULGDGFXDQGRVHGLULJtDVHFUHWDPHQWHDOD
6L HO SUR\HFWR FRPHQWDGR QR IXHUD VXILFLHQWH SUXHED GH TXH OD PDOD DXWRULGDGSHQLQVXODUTXHHVODPLVHULDODTXHDUURMDDODOXFKDUHYROXFLRQDUtD
GLVWULEXFLyQGHODWLHUUDOOHJyDVHUWRGDYtDHQODFRORQLDHOSUREOHPDFDSLWDO DTXLHQHVODSDGHFHQ\TXHHOSURFHGLPLHQWRUDFLRQDOSDUDDPLQRUDUHVDOXFKD
GH OD VRFLHGDG JXDWHPDOWHFD WHQHPRV D PDQR XQD OHJtWLPD SUXHED TXH GHVGHHOSXQWRGHYLVWDGHORVGRPLQDGRUHVHVDEULUHODFFHVRDODVIXHQWHVGH
DSRUWDPRVFRQGHGLFDWRULDHVSHFLDOSDUDTXLHQHVFRJLGRVHQODLGHRORJtDGH ULTXH]D D XQ Q~PHUR PD\RU GH FLXGDGDQRV TXLHQHV VH FRQYHUWLUiQ
ORV FULROORV ODWLIXQGLVWDV ²VLQ VHUOR PXFKDV YHFHV² VH HVWUHPHFHQ DO RtU SUHFLVDPHQWH HQ FLXGDGDQRV DO FRQYHUWLUVH HQ SURSLHWDULRV 5HFRPHQGDED
KDEODUGHUHIRUPDVDJUDULDV$OOtYD GLVWULEXLUWLHUUDSRUTXHODWLHUUDHUD²FRPRORHVKR\WRGDYtD²ODSULQFLSDO
(OPiVGUiVWLFRHLQWUDQVLJHQWHGHWRGRVORV&DSLWDQHV*HQHUDOHVGHOUHLQR IXHQWH GH ULTXH]D GHO SDtV <D HQWRQFHV VH KDOODED PDO GLVWULEXLGD /D
GH *XDWHPDOD HQYLDGR HVSHFLDOPHQWH SDUD UHSULPLU HO PRYLPLHQWR GH HQIHUPHGDGGH*XDWHPDOD\DHVWDEDDOOt
,QGHSHQGHQFLD \ WULVWHPHQWH UHFRUGDGR SRU OD FUXHOGDG TXH SXVR HQ HO
FXPSOLPLHQWR GH VX PLVLyQ HO FHxXGR \ DPDUJR ²£SHUR QR WRQWR² -RVp
%XVWDPDQWH \ *XHUUD OOHJy D OD FRQFOXVLyQ GH TXH HQ HO UHLQR GH *XDWHPDOD
HUD QHFHVDULD XQD DPSOLD UHSDUWLFLyQ GH WLHUUDV HQWUH OD JHQWH SREUH (Q XQ
GRFXPHQWR GH  GLULJLGR DO JRELHUQR SHQLQVXODU \ ³PX\ UHVHUYDGR´
DFRQVHMD³«$EULUODVIXHQWHVGHULTXH]DS~EOLFDSDUDGHVWHUUDUODPLVHULD
TXH GLVSRQH D ORV TXH OD VXIUHQ D UHYROXFLRQHV HQ TXH HVSHUDQ YDULDU GH
VXHUWH PXOWLSOLFDU HO Q~PHUR GH SURSLHWDULRV SDUD DXPHQWDU HO GH
YHUGDGHURVFLXGDGDQRV«3URWHJHUOLEHUDOPHQWHDORVLQGLRVFODVHODPiV
QXPHURVD \ UHFRPHQGDEOH DO PLVPR WLHPSR TXH SRU VX VHQFLOOH] HV OD PiV
H[SXHVWDDVHUVHGXFLGD´>@<DODKRUDGHUHFRPHQGDUODVPHGLGDVFRQFUHWDV
PiV XUJHQWHV SDUD LPSHGLU TXH HQ *XDWHPDOD VH GHVDUUROODUDQ ORV SODQHV GH
VXEYHUVLyQ FRQWUD HO UpJLPHQ %XVWDPDQWH \ *XHUUD UHFRPHQGy PXFKD
GUDVWLFLGDG UHIRU]DU ODV PLOLFLDV SHUR WDPELpQ ³«TXH VH UHSDUWLHVHQ HQ
SHTXHxDV VXHUWHV D ORV PXODWRV H LQGLRV KRQUDGRV TXH QR IXHVHQ
SURSLHWDULRVODVWLHUUDVTXHVHSXGLHVHQFRQFHGHUVLQSHUMXLFLRGHWHUFHUR
SURSRUFLRQiQGROHV FDXGDOHV GHO IRQGR GH FRPXQLGDGHV SDUD ORV SULPHURV
JDVWRVGHFXOWLYR«´>@
6HWUDWDEDGHXQDPHGLGDGHPDJyJLFDFODURHVWi3HURODHILFDFLDTXHHO
3UHVLGHQWHOHVXSRQtDUDGLFDEDHQTXHODIDOWDGHWLHUUDHUDXQSRGHURVRIDFWRU
GHGHVFRQWHQWRHQWUHLQGtJHQDV\PHVWL]RV²DTXLHQHVOODPD³PXODWRV´²\pO
HVSHUDEDTXHDTXHOORVUHSDUWRVIXHUDQSRUHVRPLVPRXQJROSHDODRSLQLyQ
IDYRUDEOHDOD,QGHSHQGHQFLD
(V LQWHUHVDQWH VHxDODU GH SDVDGD TXH DTXHO GXUR IXQFLRQDULR TXH ILQJtD
DFKDFDUOH ORV PRYLPLHQWRV GH ,QGHSHQGHQFLD D OD DFFLyQ GH PLQRUtDV

 
 &DStWXOR4XLQWR
(/,1',2
, /D QHJDFLyQ GHO LQGLR FRPR QHFHVLGDG GH FODVH ,,
3DJDQLVPR PXHUWR \ SDJDQLVPR YLYR ,,, /RV WUHV
JUDQGHV SUHMXLFLRV HQ VX UHODFLyQ FRQ HO WUDEDMR
IRU]DGR ,9 /D SUHWHQGLGD ³KROJD]DQHUtD´ FRPR
UHVLVWHQFLD9/RVSUHMXLFLRVPHQRUHVODGHVFRQILDQ]D
GHO LQGLR 9, /D IDOVD GHIHQVD GHO LQGLR \ VXV
PRWLYDFLRQHVGHFODVH 9,,(OLQGLRFRPRHOHPHQWRGH
ODSDWULDGHOFULROOR

²,²
/DQHJDFLyQGHOLQGLRFRPRQHFHVLGDGGH
FODVH
/DQHJDFLyQGHOLQGLRFRPRQHFHVLGDGGHFODVH
6LGHVSXpVGHKDEHUOHtGROD5HFRUGDFLyQ)ORULGDVHKDFHXQDHYRFDFLyQ
JHQHUDOGHWRGRVVXVHOHPHQWRVGHMDQGRTXHODVLPiJHQHVYHQJDQDODPHPRULD
FRQHVSRQWDQHLGDGVHQRWDUiFyPRVHRUGHQDQSRUVtVRODVHQXQDHVSHFLHGH
MHUDUTXtD(QSULPHUOXJDUODLPDJLQDFLyQVHKDOODUiLQXQGDGDSRUORVFRORUHV
LQWHQVRVGHXQSDLVDMHYDULDGR\H[XEHUDQWHXQDWLHUUDDPHQD\IpUWLOTXHSRU
PRGR PLODJURVR OH ULQGH VXV IUXWRV DO KRPEUH 6REUH DTXHO SDLVDMH YHUHPRV
HUJXLUVH OD LPDJHQ GH ORV FRQTXLVWDGRUHV FXELHUWRV GH DFHUR UHOXFLHQWH \
PRQXPHQWDOL]DGRV SRU OD DGPLUDFLyQ GHO FULROOR $VRPDUiQ GHVSXpV ORV
PRYLPLHQWRV GHO HVSDxRO UHFLpQ OOHJDGR D ,QGLDV HO IXQFLRQDULR FHxXGR \ HO
DYHQWXUHUROOHQRGHPDOLFLDILJXUDVpVWDVTXHSUHVHQWDQXQGLEXMRDQJXORVR\
YLROHQWR FRPR SUR\HFFLyQ GH OD DQLPRVLGDG \ HO WHPRU TXH HO FULROOR VHQWtD
IUHQWHDHOODV(QVHJXLGDYHUHPRVGHVILODUDODVIDPLOLDVFULROODVEHQHPpULWDV
HPSREUHFLGDVXQDVWRGDYtDSRGHURVDVODVPiVLQIDWXDGDV\UHVHQWLGDVWRGDV
4XL]iGHVSXpVYHQJDQDQXHVWURVRMRVORVVDORQHVGHO$\XQWDPLHQWRRWDOYH]
UHFRUGHPRV ORV FDPSDQDULRV GH ODV LJOHVLDV GHVSXQWDQGR VREUH OD WHFKXPEUH
GHSXHEORV\YLOODV<DVtVXFHVLYDPHQWHODVSHUVRQDV\ODVFRVDVGHOPXQGR
GHOFURQLVWDVHLUiQKDFLHQGRSUHVHQWHVHQODUHPHPRUDFLyQFRQFLHUWRRUGHQ
GHDFXHUGRFRQHOFDORU\HQpQIDVLVTXHpOSXVRHQFDGDXQDDOGHVFULELUODV
'H SURQWR QRV GDPRV FXHQWD GH TXH HO LQGLR YLHQH GH ~OWLPR 6H KDEtD
UH]DJDGR HQ DOJXQD SDUWH \ D~Q DO DFRUGDPRV GH pO VH QRV DSDUHFH
GHVGLEXMDGR HPSHTXHxHFLGR GHVSURYLVWR GHO DOWR UHOLHYH TXH RVWHQWDQ RWURV
HOHPHQWRV GH OD 5HFRUGDFLyQ £3UHFLVDPHQWH HO LQGLR TXH HVWDED HQ WRGDV
SDUWHVTXHVRVWHQtDFRQVXWUDEDMRDDTXHOODVRFLHGDGTXHHUDHQILQODUD]yQ
GHVHUGHOFRORQLDMH
¢4Xp SDVD FRQ HO LQGLR HQ OD 5HFRUGDFLyQ" ¢$FDVR HVWH GRFXPHQWR
KLVWyULFR ULTXtVLPR HQ LQIRUPDFLyQ GHO SDtV TXH GHVFULEH YLHQH D UHVXOWDU

SREUHHQXQDVSHFWRWDQLPSRUWDQWH"
6HUtD HTXLYRFDUVH SHQVDU WDO FRVD (O LQGLR HVWi DOOt (VWi HQ WRGDV ODV
SiJLQDV GH OD FUyQLFD FRPR HVWDED HQ WRGRV ORV ULQFRQHV GHO UHLQR 3XHGH
GHFLUVH D~Q PiV HVWH GRFXPHQWR HV OD SULQFLSDO IXHQWH KLVWyULFD SDUD HO
FRQRFLPLHQWRGHORVLQGLRVGH*XDWHPDODGXUDQWHODpSRFDFRORQLDO\VROROD
FUyQLFDGH;LPpQH]SXHGHFRPSDUiUVHOHVLQOOHJDUQXQFDDVHUOHLJXDO >@$O
GHFLUTXHHOLQGLRDSDUHFHHVIXPDGR\GLVPLQXLGRHQOD5HFRUGDFLyQQRVHKD
GLFKRTXHHVWpDXVHQWHGHOFXDGURVRFLDOTXHHQHOODVHSLQWD/RTXHRFXUUHHV
TXHODREUDOHMRVGHSHFDUGHLQILGHOLGDGHQHVWHSXQWRHVXQUHIOHMRH[DFWRGH
OD UHDOLGDG GHQWUR GH OD FXDO VH JHVWy /D FRQWUDGLFFLyQ TXH HQ HOOD VH
GHVFXEUHHQWUHORIXQGDPHQWDOSUHVHQFLDGHOLQGtJHQDHQWRGRVORVSXQWRVGHOD
QDUUDFLyQ \ OD WHQGHQFLD GHO FURQLVWD D GHVGLEXMDUOR \ QHJDUOH VX YDORU
KXPDQR FRUUHVSRQGH D XQD FRQWUDGLFFLyQ REMHWLYD TXH VH GDED HQ OD YLGD
FRORQLDO\ODFUyQLFDQRKDFHPiVTXHUHIOHMDUOD&RPRORVFULROORVYLYtDQGHO
WUDEDMRGHORVLQGLRVpVWRVWHQtDQTXHVHUHQXQDXRWUDIRUPDODSUHRFXSDFLyQ
FDUGLQDO GHO JUDQ WHVWLPRQLR FULROOR TXH HV OD 5HFRUGDFLyQ 3HUR DO PLVPR
WLHPSR VLJXLHQGR XQD OH\ YiOLGD SDUD WRGRV ORV JUXSRV H[SORWDGRUHV ORV
FULROORV TXHUtDQ GLVLPXODU OD YHUGDGHUD SURFHGHQFLD GH VX ELHQHVWDU \ VX
ULTXH]D\HVHPyYLOORVOOHYDEDDQHJDUOHPpULWRVDORVLQGLRVDERUUDUODJUDQ
LPSRUWDQFLDGHVXWUDEDMRDJLJDQWDQGRVXVSRVLEOHVGHILFLHQFLDVRFXOWDQGRHO
RULJHQ HFRQyPLFR GH ODV PLVPDV LQYHQWDQGR PXFKDV RWUDV \ VRFDYDQGR SRU
WRGRVORVPHGLRVGHOSUHVWLJLRGHORVQDWLYRV$VtSXHVODSHFXOLDULGDGPiV
QRWRULDGHODFUyQLFDGH)XHQWHV\*X]PiQHQUHODFLyQFRQHOWHPDGHOLQGLRHV
XQDDFWLWXGQHJDWLYDSHVLPLVWDLQFOLQDGDVLHPSUHDUHVWDUOHYDORUDDTXHOJUDQ
JUXSRVRFLDO
6LQ HPEDUJR VH GLMR DO SULQFLSLR GH HVWH OLEUR TXH OD LGHRORJtD GH ORV
FULROORVHVWDEDOOHQDGHFRQWUDGLFFLRQHV\DPELJHGDGHVGHULYDGDV²WDPELpQ
VH VHxDOy HVWR² GHO KHFKR GH TXH ORV FULROORV IXHUDQ XQD FODVH GRPLQDQWH D
PHGLDV REOLJDGD SRU HQGH D DVXPLU SRVLFLRQHV GLVWLQWDV IUHQWH D XQ PLVPR
DVXQWR VHJ~Q TXH OR FRQWHPSODUD HQ UHODFLyQ FRQ RWURV JUXSRV GRPLQDQWHV
ULYDOHV VX\RV R HQ UHODFLyQ FRQ ORV VHFWRUHV RSULPLGRV (O WHPD GH ODV GRV
(VSDxDV \D LOXVWUy SDUFLDOPHQWH HVD HVFLVLyQ GH RSLQLRQHV VH H[DOWD D XQD
(VSDxD \ VH QLHJD D OD RWUD VH DILUPD OD VXSHULRULGDG KLVSDQD IUHQWH D ORV
LQGLRV\VHGLVFXWHHVDVXSHULRULGDGIUHQWHDOHVSDxRO$KRUDELHQHOWHPDGHO

LQGLRHVHOTXHGDOXJDUDORVPiVYLROHQWRVGHVSOD]DPLHQWRVGHHQIRTXHDODV
PiVIODJUDQWHVFRQWUDGLFFLRQHV\QLQJ~QRWURDVXQWRVXVFLWDHQOD5HFRUGDFLyQ
XQD SUREOHPiWLFD WDQ FRPSOHMD \ XQD WDO GLILFXOWDG GH MXLFLR 3DUD DQDOL]DU
FRQFLHUWR RUGHQ HVH WRUUHQWH GH RSLQLRQHV GLYHUVDV YROFDGR HQ XQ FDXGDO GH
LQIRUPDFLyQQRWLFLRVDDFHUFDGHORVQDWLYRVFRQYLHQHILMDUODDWHQFLyQSRUXQ
PRPHQWRHQORVVLJXLHQWHVSXQWRV
([DPLQDU ODV SRVLFLRQHV GHO FULROOR IUHQWH D OD DQWLJHGDG SDJDQD GH ORV
LQGLRVFRPSDUiQGRODVFRQVXVSRVLFLRQHVIUHQWHDOSDJDQLVPRTXHVHPDQWHQtD
YLYR HQWUH ORV LQGLRV GH VX WLHPSR +D\ DOOt XQD VLJQLILFDWLYD HVFLVLyQ GH
RSLQLRQHV
2EVHUYDU HO FKRTXH UHLWHUDGR HQWUH ODV RSLQLRQHV GHO DXWRU DFHUFD GH ORV
GHIHFWRV GHO LQGLR \ OD UHIXWDFLyQ GH HVDV RSLQLRQHV FRQWHQLGD HQ ORV GDWRV
REMHWLYRV TXH OD SURSLD FUyQLFD VXPLQLVWUD (VDV IDOODV VRQ SDUWLFXODUPHQWH
LOXVWUDWLYDVFXDQGRVHWUDWDGHWHPDVWDOHVFRPRODSUHWHQGLGD³KROJD]DQHUtD\
GHMDGH]´GHORVLQGLRV
2EVHUYDUFyPRHQPXFKRVFDVRVODFUyQLFDPLVPDRIUHFHODH[SOLFDFLyQ\
ODMXVWLILFDFLyQ²QRODFRQWUDGLFFLyQ²GHFLHUWRVUDVJRVTXHHOFULROORVHxDOD
FRPRGHILFLHQFLDVGHOFDUiFWHUGHOLQGLR,QVLVWHSRUHMHPSORHQGHFLUTXHHO
LQGLR HV UHFHORVR \ GHVFRQILDGR \ QR VH SHUFDWD GH TXH YDULRV UHODWRV
FRQWHQLGRV HQ VX REUD GDQ UD]yQ GH SRU TXp HO LQGLR VH YHtD REOLJDGR D
FXLGDUVHUHFHODQGRGHWRGR
+D\TXHDQDOL]DUORVVRUSUHQGHQWHVPRPHQWRVHQTXHHOFURQLVWDDOWHUDQGR
VX SRVLFLyQ IXQGDPHQWDO GH QHJDFLyQ GHO LQGLR SDUHFH DGRSWDU GH SURQWR
DFWLWXGHVGHDSR\R\GHIHQVDGHORVLQGtJHQDV(QWRGRVHVRVPRPHQWRVSXHGH
FRPSUREDUVH ²OH\HQGR FXLGDGRVDPHQWH HO WH[WR² TXH RFXUUH XQR GH HVWRV
GRVIHQyPHQRVORPiVIUHFXHQWHHVTXHHVWpFRQVLGHUDQGRDORVQDWLYRVQRHQ
VXOODQDUHODFLyQFRQORVFULROORVVLQRHQVXVUHODFLRQHVFRQORVHVSDxROHV\
TXHODDSDUHQWHGHIHQVDQRVHDRWUDFRVDTXHOD³QHJDFLyQGHODQHJDFLyQ´TXH
DTXpOORV KDFtDQ GHO LQGLR (Q RWUDV RFDVLRQHV SRGUi GHPRVWUDUVH TXH HO
FURQLVWD HVWi UHILULpQGRVH D H[FHVRV LQQHFHVDULRV HQ OD H[SORWDFLyQ \ HO PDO
WUDWRGHORVQDWLYRV\TXHHQUHDOLGDGQRORVHVWiGHIHQGLHQGRVLQRTXHHVWi
GDQGRHOJULWRGHDODUPDIUHQWHDOSHOLJURGHVXH[WHUPLQLR(QXQR\RWURFDVR
ODDSDUHQWHGHIHQVDGHORVLQGLRVHVHQHOIRQGRXQDPDOGLVLPXODGDGHIHQVD
GHORVLQWHUHVHVGHFODVHGHOFURQLVWD

 7RGDVHVWDVFRQWUDGLFFLRQHV\HVWRVFDPELRVGHDFWLWXG²TXHYHUHPRVHQ ²,,²
VHJXLGD FRQ DOJ~Q GHWHQLPLHQWR² KDQ VLGR PRWLYR GH TXH VH MX]JXH PDO D
)XHQWHV \ *X]PiQ HQWHQGLHQGR TXH VXV LQFRQJUXHQFLDV HUDQ VLPSOHPHQWH
PXHVWUDV GH XQD GHSORUDEOH IDOWD GH GHILQLFLyQ LGHROyJLFD IUHQWH DO WHPD GHO 3DJDQLVPRPXHUWR\SDJDQLVPRYLYR
LQGLR6LQHPEDUJRKDKDELGRVXSHUILFLDOLGDGGHSDUWHGHTXLHQHVDVtORKDQ
FULWLFDGRSXHVTXLVLHURQHQWHQGHUODLGHRORJtDVRFLDOGHOFULROORFRPRVLpVWD
6XJUDQLQWHUpVSRUODFRQTXLVWDREOLJyD)XHQWHV\*X]PiQDDVXPLUXQD
IORWDVH VXVSHQGLGD HQ HO WUDVPXQGR SODWyQLFR ROYLGDQGR TXH ODV LGHDV GH XQ
DFWLWXGUHODWLYDPHQWHIDYRUDEOHSDUDORVLQGtJHQDVGHDTXHOODpSRFD1RTXLHUH
WHUUDWHQLHQWH\HQFRPHQGHURH[SORWDGRUGHLQGLRVULYDOGHRWURVH[SORWDGRUHV
HVWR GHFLU TXH DGRSWDVH XQD SRVLFLyQ WDQ HFXiQLPH FRPR SDUD ODPHQWDU TXH
WHQtDQ TXH HVWDU DIHFWDGDV SRU ODV JUDQGHV FRQWUDGLFFLRQHV GH OD VRFLHGDG HQ
DTXHOOD GHVDVWURVD FDODPLGDG FD\HUD VREUH ORV DERUtJHQHV SRUTXH XQD WDO
TXH VH GHVHQYROYtD OD YLGD GH DTXHO KRPEUH 6L )XHQWHV \ *X]PiQ TXLHUH
REMHWLYLGDG KXELHUD VLGR GH WRGR SXQWR DQRUPDO HQ XQ KHUHGHUR GH OD
FRQYHQFHPRVGHODKROJD]DQHUtDGHORVLQGLRV\HQODFUyQLFDHQFRQWUDPRVD
FRQTXLVWDSHURHUDGHPXFKDLPSRUWDQFLDSDUDHOFULROORSRGHUGHPRVWUDUTXH
ORVLQGLRVVLHPSUHWUDEDMDQGRHOORQRHVSUXHEDGHTXHHOFURQLVWDDGROHFLHUD
ORV FDFLFD]JRV SUHKLVSiQLFRV KDEtDQ HVWDGR D OD DOWXUD GH OD IDHQD
GHIDOWDGHFRQVLVWHQFLD>@LGHROyJLFDVLQRPiVELHQGHTXHHQVXLGHRORJtDHUD
FRQTXLVWDGRUD \ VXV RMRV HVWDEDQ PX\ DWHQWRV SRU WDO PRWLYR SDUD SHUFLELU
XQ UHTXLVLWR QHJDU OD LPSRUWDQFLD GHO WUDEDMR GH ORV LQGLRV \ HVWR WLHQH TXH
FXDOTXLHU LQGLFLR GH SRGHUtR GH ULTXH]D GH WDOHQWR R GH HQHUJtD HQ ORV
KDEHU UHVSRQGLGR D PRWLYDFLRQHV TXH HV SUHFLVR GHVHQWUDxDU 6L PDFKDFD
SXHEORVTXHOHKLFLHURQIUHQWHDODKXHVWHGH3HGURGH$OYDUDGR1RKD\TXH
VREUHHOWHPDGHTXHHOLQGLRHVGHVFRQILDGR\PDOLFLRVR\DOSUHVHQWiUQRVOR
ROYLGDU TXH ORV GHWUDFWRUHV GH OD FRQTXLVWD HPSHxDGRV HQ GHVOXFLUOD \
HQVXVUHODFLRQHVFRQORVPHVWL]RVQRVGLFHTXHpVWRVORHQJDxDQYDOLpQGRVHGH
DUULQFRQDUVXUHFXHUGRDOHJDEDQTXHQRKDEtDVLGRJUDQPpULWRGRPLQDUDXQD
VX LQJHQXLGDG \ FDQGLGH] GHEHPRV FROHJLU GH HOOR QR TXH HO FURQLVWD
JHQWH WDQ GpELO \ DSRFDGD FRPR HUDQ ORV LQGLRV (VWH DUJXPHQWR SRQtD HQ
FDPELDUDGHSDUHFHUHQHOWLHPSRTXHWUDQVFXUUtDHQWUHXQDDILUPDFLyQ\RWUD
DSULHWRV DO FULROOR SRUTXH HQ HIHFWR ORV LQGtJHQDV TXH HVWDEDQ D OD YLVWD
VLQR TXH OD DFFLyQ GH ORV PHVWL]RV VREUH ORV LQGLRV HUD PRWLYR GH
UHGXFLGRV D OD PLVHULD \ RSULPLGRV SRU FDVL GRV VLJORV GH YLGD FRORQLDO QR
SUHRFXSDFLyQSDUDHOFULROORSRUFDXVDVTXHHVSUHFLVRVDFDUDOX]
RIUHFtDQ HO HVSHFWiFXOR GH XQRV HQHPLJRV GLJQRV GH ORV KD]DxRVRV
$VtSDUWLHQGRGHOSULQFLSLRGHTXHODVFRQWUDGLFFLRQHVOyJLFDVGHOFULROOR
FRQTXLVWDGRUHV 1R KDEtDQ VLGR FLHUWDPHQWH HVWRV ORV LQGtJHQDV TXH OH
HUDQHQGLYHUVRVJUDGRV\IRUPDVUHIOHMRVGHFRQWUDGLFFLRQHVREMHWLYDVGHVX
SUHVHQWDURQEDWDOODDORVKpURHVGHOFULROORVLQRDTXHOORVRWURVTXHQRKDEtDQ
VRFLHGDGKHPRVGHYHUFyPRVXVLQFRQVHFXHQFLDVHLQFHUWLGXPEUHVQRVGDQOD
SDVDGR WRGDYtD SRU OD GHVWUXFWRUD H[SHULHQFLD GH OD H[SORWDFLyQ FRORQLDO
SLVWD SDUD HVFODUHFHU LPSRUWDQWHV FXHVWLRQHV GH OD YLGD FRORQLDO
+DEtD TXHLQVLVWLUHQODGLIHUHQFLDTXH ORV VHSDUDED SHURVLQ HPEDUUDQFDUVH
HVSHFLDOPHQWHHQORTXHFRQFLHUQHDODVUHODFLRQHVHQWUHLQGLRV\FULROORV
H[SOLFDQGR ODV FDXVDV GH OD PLVPD VLQ WRFDU HO GHOLFDGR SUREOHPD GH TXH
DTXHOOD DVRPEURVD GHVHPHMDQ]D HQWUH ORV LQGLRV GH OD FRQTXLVWD \ ORV LQGLRV
GHODFRORQLDHUDUHVXOWDGRSUHFLVDPHQWHGHODFRQTXLVWD\ODFRORQLD
(Q PXFKRV FDVRV HO FURQLVWD VDOWD FRQ DJLOLGDG SRU HQFLPD GHO
SUREOHPD ³« FXDQGR ORV HVSDxROHV FRQTXLVWDURQ HVWRV SDtVHV \ UHLQRV WDQ
GLODWDGRV HUDQ ORV LQGLRV GH HOORV PX\ EHOLFRVRV GRWDGRV GH JUDQ GRQ GH
JRELHUQR LQJHQLRVRV \ HQWUH HOORV FRPR DQWHV KHPRV SURSXHVWR KXER
DUWtILFHV GH PDPSRVWHUtD FDQWHURV SODWHURV GH PDVRQHUtD RUtILFHV
HQWDOODGRUHVHKLVWRULDGRUHVFRQRWUDVKDELOLGDGHVGHTXHHVWDEDQDGRUQDGRV

 
< DKRUD VRQ FREDUGHV U~VWLFRV \ VLQ WDOHQWR VLQ JRELHUQR GHVDOLxDGRV VLQ
DUWH \ OOHQRV GH PDOLFLD SDUD TXH VH FRQR]FD TXH WRGDV ODV FRVDV VH PXGDQ
SXHV DXQ ODV PiV ILUPHV GHO PXQGR HVWiQ VXMHWDV D XQD FRQWLQXD YDULHGDG \
PXGDQ]D  1yWHVH FXiQ PDxRVDPHQWH HYLWD H[SOLFDU OD FDXVD GH WDQ
YHUWLFDOGHFDGHQFLDGHORVLQGLRVOOHYDQGRODDWHQFLyQGHOOHFWRUKDFLDXQD
FRQVLGHUDFLyQ SXUDPHQWH DEVWUDFWD HV ³OD PXGDQ]D GH ODV FRVDV´ OD
FDXVDQWHGHTXHORVLQGLRVKD\DQSHUGLGRVXVDQWLJXRVDWULEXWRV
(QRWUDVRFDVLRQHVVLQHPEDUJRODUHDOLGDGGHHVDJUDQFDtGDVHLPSRQH
FRQ GHPDVLDGD HYLGHQFLD \ HO FURQLVWD WLHQH TXH KDFHU DOJXQD DOXVLyQ D VXV
FDXVDV(VRRFXUUHSRUHMHPSORHQODLPSUHVLRQDQWHGHVFULSFLyQGHODGHUURWD
GHORVLQGLRVGH8VSDQWiQ'HVSXpVGHUHIHULUHOFURQLVWDODPDQLREUDFRQOD
TXHHOHMpUFLWRHVSDxROHQYROYLy\PDVDFUyDORVXVSDQWHFRV >@\GHLQGLFDU
TXH WRGRV ORV SULVLRQHURV IXHURQ PDUFDGRV FRQ KLHUUR \ UHSDUWLGRV FRPR
HVFODYRVSDVDDFRQWDUTXHXQFDFLTXHLQGtJHQDYLpQGRVHKHULGR\WHQLpQGROR
SRUDIUHQWDFRUULyGHOFDPSRGHPDWDQ]DDVXOXJDUGHRULJHQ\VDFDQGRDVX
PXMHU \ D GRV KLMDV D XQ OXJDU FHUFDQR ODV DKRUFy HQ XQ iUERO \ GHVSXpV VH
TXLWyODYLGDDUURMiQGRVHVREUHVXODQ]D³«7DOHVFRPRHVWHHUDQORVLQGLRV
GH9HUDSD]²FRPHQWDHOFURQLVWD²DORVTXHDKRUDGHVSUHFLDQPXFKRVGH
ORVTXHSDVDQGRGH(VSDxDDHVWDVSDUWHVYLHQGRTXHREHGHFHQDSDORV\D
SHVFR]DGDV SLHQVDQ TXH DVt IXHURQ VLHPSUH \ TXH VX DEDWLPLHQWR QDFH GH
SXVLODQLPLGDG \ QR GH HVWDU \D DFRVWXPEUDGRV DO VXIULPLHQWR GHVSXpV GH
KDELWXDGRV HQ pO SRU HO FtUFXOR GH FLHQWR \ VHVHQWD \ QXHYH DxRV TXH KD
HOOR D ORV FULROORV D QHJDU DTXHOOD QHJDFLyQ (Q HVRV PRPHQWRV HO DXWRU HV
SUHVD GH FLHUWD DJLWDFLyQ \ QHUYLRVLVPR TXH PHQRVFDEDQ OD FRQVLVWHQFLD
OyJLFD GH VX QDUUDFLyQ SHUR TXH HQULTXHFHQ HO GRFXPHQWR FRQ LQQ~PHURV
GHVWHOORVGHYHUGDGQRLQWHQFLRQDGD
1RSRGHPRVGHWHQHPRVDFRPHQWDUPiVDPSOLDPHQWHORVHSLVRGLRVGHOD
FRQTXLVWDGH8VSDQWiQDSUHJXQWDUSRUHMHPSORVLODWiFWLFDJXHUUHUDGHORV
FRQTXLVWDGRUHVLEDVLHPSUHHQFDPLQDGDDHQYROYHUDORVQDWLYRVFRQHOILQGH
DSUHVDU HOPD\RU Q~PHURGHHVFODYRVDOPRPHQWRGHOGHVDVWUHDGLVFXWLU²
WDPELpQHVWRSRGUtDKDFHUVH²VLDTXHOLQGRPDEOH\YDOHURVRFDFLTXHWRPyOD
WUiJLFDGHFLVLyQGHVXLFLGDUVHFRQVXIDPLOLDSRUTXHVHVLQWLyDIUHQWDGRFRPR
GLFHHOFURQLVWDRVLORKL]RPRYLGRSRUHOFRQYHQFLPLHQWRGHTXHODPXHUWH
HUD SUHIHULEOH DO GHVWLQR TXH OHV HVSHUDED HQ PDQRV GH ORV YHQFHGRUHV
ÒQLFDPHQWHGHEHPRVGHMDUVHxDODGDODEXHQDGLVSRVLFLyQGHOFULROORIUHQWHD
ORVJHVWRVGHYDOHQWtD\FRUDMHGHORVJXHUUHURVQDWLYRVGLVSRVLFLyQTXHWUDHHO
UHODWRPXFKRVHSLVRGLRVVHPHMDQWHVDOFLWDGR\TXHDVRFLDGDtQWLPDPHQWHDO
SURSyVLWRGHHOHYDUORVPpULWRVGHORVFRQTXLVWDGRUHVOROOHYDDSUHVHQWDUFRQ
EDVWDQWH HFXDQLPLGDG ORV PpULWRV GH ORV LQGLRV HQ DTXHO PRPHQWR WHUULEOH \
GHFLVLYR
'H PDQHUD JHQHUDO )XHQWHV \ *X]PiQ OH EULQGD VX HORJLR D GLYHUVRV
DVSHFWRVGHODFXOWXUDLQGtJHQDSUHKLVSiQLFDTXHOOHJDURQDVXFRQRFLPLHQWR²
PRQXPHQWRV FRQVWUXFFLyQ \ IRUWLILFDFLyQ GH FLXGDGHV IRUPDV GH JRELHUQR
OH\HVMHUDUTXtDVVRFLDOHVH[LJHQFLDVPRUDOHVDUWHVSLFWRJUDItDTXHpOOODPD
FRUULGRVXVXMHFLyQGHVGHDHVWHGH«´>@$TXtHOFURQLVWDLQVLQ~D
ODYHUGDGFLHQWRVHWHQWDDxRVGHVXIULPLHQWRFRORQLDOGHSDORV\SHVFR]DGDV
HUDQODFDXVDGHODEDWLPLHQWRHQTXHVHYHtDDORVLQGLRVDILQHVGHOVLJOR;9,,
$O H[SUHVDUVH DVt HO FULROOR FRUUH JUDYH ULHVJR GH HVWURSHDU DTXHOOR TXH
SUHFLVDPHQWH HVWi WUDWDQGR GH HPEHOOHFHU 3RUTXH EDVWDUi GHFLU XQD VROD
SDODEUD GH PiV SDUD GHVHPERFDU HQ OD FRQFOXVLyQ SHUIHFWDPHQWH OyJLFD \
DGHPiVKLVWyULFDPHQWHFRUUHFWDGHTXHHODEDWLPLHQWRGHORVLQGLRVDFWXDOHV
WDQGLVWLQWRVGHORVLQGLRVGHODFRQTXLVWDHUDFRQVHFXHQFLDGHOHVWDGRHQTXH
ORV SXVR OD FRQTXLVWD PLVPD 6H WUDWD GH XQR GH HVRV SDVDMHV GH OD
5HFRUGDFLyQ²£WDQIUHFXHQWHV²HQTXHHODXWRUHVDVDOWDGRSRUHOLQTXLHWDQWH
UHFXHUGR GH TXLHQHV ²³SDVDQGR GH (VSDxD D HVWDV SDUWHV´² DGRSWDEDQ XQD
DFWLWXGQHJDWLYDIUHQWHDWRGRORLQGLDQR\IUHQWHDODFRQTXLVWDREOLJDQGRFRQ

HVFULWXUD DUWHVDQtDV FRQRFLPLHQWR GH ORV XVRV GH ODV SODQWDV² WRGRV ORV
FXDOHV VRQ REMHWR GH PLQXFLRVDV GHVFULSFLRQHV HQ GHQVDV \ YDOLRVtVLPDV
SiJLQDVGHODREUD>@
+D\ XQ DVSHFWR GH OD FXOWXUD LQGtJHQD VLQ HPEDUJR TXH OH UHVXOWD
GHFLGLGDPHQWHRGLRVR\TXHHVHQWRGRPRPHQWRREMHWRGHVXVDWDTXHVPiV
GHVWHPSODGRV /DV IRUPDV GH OD UHOLJLRVLGDG SUHKLVSiQLFD ²TXH OODPDUHPRV
DTXt SDJDQLVPR LQGtJHQD VLQ HQWUDU D GLVFXWLU OD OHJLWLPLGDG GH HVD XVXDO
GHQRPLQDFLyQ² ODV FUHHQFLDV \ ORV ULWRV SUHKLVSiQLFRV \D VHD TXH ORV
FRQVLGHUHH[LVWLHQGRDQWHV>@RGHVSXpVGHODFRQTXLVWDVXVFLWDQHQHOFULROOR
DOJR PiV TXH XQD UHSXOVD HV XQD H[DOWDGD H LQGLJQDGD SUHRFXSDFLyQ 3DUD
GHVYHQWXUDVX\DEDVWDEDODDFFLyQGHODUDGRHQODVXSHUILFLHGHODWLHUUDSDUD
TXH GH HOOD EURWDUDQ FRPR SRU HQVDOPR ILJXULOODV SDJDQDV GH WRGD FODVH

'LUtDVHTXHHUDQODVDQJUHGHOSDtVSURQWDDPDQDUFRQFXDOTXLHUUDVJXxRTXH
VH KLFLHUD HQ VX HSLGHUPLV 'RQ $QWRQLR QRV FXHQWD DOXGLHQGR TXL]i D
H[SHULHQFLDV WHQLGDV HQ VXV SURSLDV WLHUUDV GH ODERU TXH ³« &DGD GtD VH
GHVHQWLHUUDQ \ VDFDQ GH ORV VXUFRV GH ORV VHPEUDGRV ILJXUDV GH IHtVLPDV \
GHVSURSRUFLRQDGDV UHSUHVHQWDFLRQHV GH KRPEUHV \ PXMHUHV GH VLHUSHV GH
HO SHVDU GH ORV LQGLRV DO FRQWHPSODU FyPR OD HILJLH FDtD KHFKD SHGD]RV $
QDGLH VH OH RFXOWy HO VHQWLPLHQWR \ OD PXGD UHVLVWHQFLD TXH RSXVLHURQ
9HQHUDEDQ VHFUHWDPHQWH DTXHOOD UHSUHVHQWDFLyQ \ DVt FRPR SXGLHURQ
UHVWLWXLUOD HQ HO FXUVR GH OD QRFKH VLQ VHU YLVWRV HV GH VXSRQHUVH TXH OH
UHQGLUtDQFXOWRGHVGHWLHPSRLQPHPRULDO
PRQRVGHiJXLODV\RWUDVLQILQLWDV\ULGtFXODVILJXUDV«TXHUXHGDQGHXQDV
SDUWHVDRWUDV«´>@\HQRWUROXJDUGLFHTXH³«HQODVWLHUUDVGHFXOWLYRVXHOH
GHVFXEULUHODUDGRHVSDQWRVDV\GHVFRPXQDOHVILJXUDVGHtGRORV«´>@
(O FULROOR QR VH KXELHUD GHWHQLGR D KDEODU GH DTXHOOD FDWHUYD GH
UHSUHVHQWDFLRQHVUHOLJLRVDVVLKXELHVHQVLGRSLHGUDPXHUWD3HURPX\ELHQVH
VDEtDTXHODUHOLJLyQLQGtJHQDHVWDEDYLYD\TXHORVLQGLRVHQODPHGLGDTXH
VH PDQWHQtDQ DSHJDGRV D VXV FUHHQFLDV SUHFULVWLDQDV HVWDEDQ VXVWUDtGRV D OD
FRQTXLVWDHVSLULWXDO(OFURQLVWDVDEtDSRUH[SHULHQFLDGHYLHMRIXQFLRQDULRGH
QLYHOPHGLR TXH HQORVDPRWLQDPLHQWRVGHLQGLRVVLHPSUH VDOtDDUHOXFLUHQ
XQDXRWUDIRUPDHOIDFWRUUHOLJLRVRSUHKLVSiQLFRORFXDOKDFtDSHQVDUTXHOD
LQFLGHQFLDGHODUHEHOGtDHUDPiVHOHYDGDGRQGHODFULVWLDQL]DFLyQHUDPHQRV
SURIXQGD >@ &RPR WHUUDWHQLHQWH FRQRFtD WDPELpQ TXH ORV ULWRV SDJDQRV
DQGDEDQHVFRQGLGRVKDVWDHQORVOXJDUHVTXHPHQRVSRGtDVRVSHFKDUVH
(Q HO SULPHU WRPR GH OD 5HFRUGDFLyQ )XHQWHV UHODWD XQ HSLVRGLR TXH
SXHGH VHUYLU DTXt ²HVFRJLGR HQWUH RWURV² SDUD LOXVWUDU FyPR HO SDJDQLVPR
HVWDEDYLYRHQWUHORVQDWLYRV\FyPRKXELHUDGHVHDGRHOFULROORYHUOHPXHUWR
&XHQWD TXH HQ PLWDG GH XQDV WLHUUDV GH ODERU VH OHYDQWDED XQD JUDQ ILJXUD
PRQROtWLFD SUHKLVSiQLFD >@ 1R VH KDEtD KHFKR FDVR GH DTXHOOD PROH FRPR
SRVLEOHREMHWRGHFXOWRFODQGHVWLQRSHURFRPRHUDXQHVWRUERSDUDHOWUD]RGH
ORVVXUFRVVHUHVROYLyPRYHUOD\DUURMDUODDXQDEDUUDQFDSURIXQGDTXHKDEtD
DOOt FHUFD &RQ SDODQFDV \ WLUR GH EXH\HV IXH DUUDVWUDGD \ ODQ]DGD DO
SUHFLSLFLR 3HUR D OD PDxDQD VLJXLHQWH ²£YD\D VRUSUHVD ² HO tGROR HVWDED
RWUD YH] HQ VX VLWLR VHFXODU 3RU WUHV YHFHV VH UHDOL]y HO IDWLJRVR WUDEDMR GH
ODQ]DUOD\RWUDVWDQWDVIXHUHVWLWXLGDGHQRFKHDVXVLWLR6HxDODGRQ$QWRQLR
TXHHOSHVRGHODWDOODKDFtDLPSRVLEOHTXHORVLQGLRVODUHVFDWDVHQGXUDQWHOD
QRFKH \ HO FRUWH GH OD EDUUDQFD SRU RWUD SDUWH LPSRVLELOLWDED TXH IXHVH
VXELGD D ORPR GH PXOD $ QXHVWUR KRPEUH QR OH FDEH OD PHQRU GXGD GH TXH
VyORSXGRUHJUHVDU³«FRQODLQGXVWULDGHOGHPRQLRTXHOHDVLVWtD«´ >@
6HRSWyILQDOPHQWHSRUGHVWUXLUODDJROSHVGHSLTXHWD\IXHGHYHUVHHQWRQFHV
 
7DOHV UHYHODFLRQHV GLVJXVWDEDQ D QXHVWUR KDFHQGDGR SHUR QR OH
VRUSUHQGtDQ $ OR ODUJR GH WRGR VX UHODWR LQVLVWH HQ GHFLU TXH HO SDJDQLVPR
LQGtJHQDHVWDEDYLYREDMRXQDFDSDVXSHUILFLDOGHFULVWLDQLVPR³«WLHQHQWDQ
DUUDLJDGDV HVWDV VXSHUVWLFLRQHV TXH QR KD\ PRGR SDUD SHUVXDGLUORV GH OR
FRQWUDULR \ HV VLQ GXGD SRUTXH HO GHPRQLR HQ HVWDV FRVDV OHV GLVSRQH ORV
VXFHVRV FRUUHVSRQGLHQWHV«´>@´« KDVWD KR\ VXV PLQLVWURV \ FXUDV PiV
FHORVRVQRKDQSRGLGRFRQGXFLUORVSRUHOFDPLQRVHJXURGHODIH«´>@
4XHORVLQGtJHQDVQRDGRSWDURQSOHQD\H[FOXVLYDPHQWHODVFUHHQFLDVGHOD
LQGRFWULQDFLyQ FDWyOLFD VLQR ODV FRPELQDURQ FRQ FUHHQFLDV VX\DV \
GHVDUUROODURQ XQD UHOLJLyQ PL[WD IXH REVHUYDGR SRU WRGRV ORV FURQLVWDV
FRORQLDOHV >@ 6LQ HPEDUJR QLQJXQR GH ORV JUDQGHV FURQLVWDV UHOLJLRVRV ²
5HPHVDO 9iVTXH] ;LPpQH]² TXH SRU UD]yQ GH VX SURIHVLyQ HVWDEDQ
SHUIHFWDPHQWHHQWHUDGRVGHOIHQyPHQRORVHxDODFRQWLPEUHVWDQDODUPDQWHVQL
OHFRQFHGHODLPSRUWDQFLDTXHOHFRQILHUHHOFURQLVWDODLFR(VWHQRVHRSRQH
VRODPHQWH D OR TXH HV SXUR ULWR SDJDQR VLQR D WRGR OR TXH SUHVHQWD XQ WLQWH
SUHFULVWLDQR \ VLJQLILFD XQ VDOLUVH GH OD IHUYLHQWH DXVWHULGDG TXH pO GHVHDUtD
SDUDORVLQGLRV/HDVXVWDQODVH[SDQVLRQHV\ERUUDFKHUDVTXHLEDQDVRFLDGDVD
ODVILHVWDVUHOLJLRVDVGHORVSXHEORVSRUTXHUHFXHUGDTXHHQVXJHQWLOLGDGORV
LQGLRV VH HPEULDJDEDQ SRU PRWLYRV UHOLJLRVRV >@ 'HVDSUXHED TXH HQ ODV
ILHVWDV FULVWLDQDV ORV LQGLRV EDLOHQ DO VRQ GH ODUJDV WURPSHWDV GH PDGHUD
SRUTXHORVQDWLYRVXVDEDQ\DpVRVLQVWUXPHQWRVDQWHVGHVXFULVWLDQL]DFLyQ>@
< DVt FRQ LQWUDQVLJHQFLD VH PDQLILHVWD HQ WRGR PRPHQWR FRQWUD OD
VXSHUYLYHQFLDHYLGHQWHXQDVYHFHVHPER]DGDRWUDVGHIRUPDVGHUHOLJLRVLGDG
SUHKLVSiQLFDDVRFLDGDVRVREUHSXHVWDVDODVIRUPDVFULVWLDQDV
/DVFDXVDVSURIXQGDVGHDTXHOIHQyPHQRGHVLQFUHWLVPRHVWDEDQPiVDOOi
GHODVSRVLELOLGDGHVHVFUXWDGRUDVGHOFURQLVWD\QRSXHGHUHSURFKiUVHOHTXHD
IDOWDGHRWUDH[SOLFDFLyQUHFXUUDDOSLDGRVR\IiFLOH[SHGLHQWHGHLPSXWiUVHOR
DO ³GHPRQLR´²SHUVRQDMH HVWH ~OWLPR WDQ LUUHDO \ VXSHUVWLFLRVR FRPR
FXDOTXLHUDGHODVIDQWDVtDVUHOLJLRVDVGHORVLQGLRV\TXHVXHOHDSDUHFHUHQOD
FUyQLFDFXDQGRVHWRFDHOWHPDGHOSDJDQLVPR²>@+D\TXHEXVFDUDTXHOODV
FDXVDV SRU VXSXHVWR HQ HO EDMR QLYHO FXOWXUDO HQ TXH IXHURQ PDQWHQLGRV ORV
LQGtJHQDVGXUDQWHODFRORQLD7LHQHTXHKDEHUVLGRXQIDFWRUGHSULPHURUGHQ
WDPELpQ OD WHQGHQFLD GH ORV LQGLRV D PDQWHQHU YLYDV VXV WUDGLFLRQHV QR SRU
LQHUFLD VLQR GHQWUR GH XQ HVIXHU]R HQGHUH]DGR D QR DFHSWDU SOHQD \
SDVLYDPHQWH ODV FUHHQFLDV LQWURGXFLGDV SRU VXV GRPLQDGRUHV \ HQHPLJRV GH
FODVH $VLPLVPR GHEH KDEHU MXJDGR XQ SDSHO LPSRUWDQWH OD FLUFXQVWDQFLD GH
TXH HO FDWROLFLVPR TXH VH OHV DGPLQLVWUy D ORV LQGtJHQDV UHGXFLGR D ORV
DVSHFWRV PiV HOHPHQWDOHV GH GLFKD UHOLJLyQ SUHVHQWDED PXFKD VLPLOLWXG FRQ
DVSHFWRV LPSRUWDQWHV GH OD UHOLJLRVLGDG SUHKLVSiQLFD SLpQVHVH SRU HMHPSOR
HQODVXVWDQFLDOVHPHMDQ]DHQWUHHOHMHUFLFLRGHKDFHUSURSLFLDODYROXQWDGGH
ORVGLRVHVYLHQGRHQHOORVXQRVSURWHFWRUHVSUHSRWHQWHV\HOPLVPRHMHUFLFLR
HQ UHODFLyQ FRQ ORV VDQWRV GHO FDWROLFLVPR PiV HOHPHQWDO 7DPELpQ IXH
LPSRUWDQWH IDFWRU OD WROHUDQFLD TXH HQ JHQHUDO PRVWUDURQ ORV UHOLJLRVRV
GH ORV KiELWRV UHOLJLRVRV GH ORV LQGLRV ²OD 'HVFULSFLyQ GH OD 'LyFHVLV GH
*XDWHPDOD KHFKD SRU HO $U]RELVSR 'RQ 3HGUR &RUWpV \ /DUUD]² VH OHH OD
VLJXLHQWH FRQFOXVLyQ ³« /RV LQGLRV JHQHUDOPHQWH VH FRQVHUYDQ HQ VXV
LGRODWUtDV DQWLJXDV \ VX FULVWLDQLVPR QR HV PiV TXH DSDULHQFLD H
KLSRFUHVtD«´>@
$KRUD ELHQ HVRV PDJQtILFRV GRFXPHQWRV UHGDFWDGRV SRU GRV UHOLJLRVRV
HVSDxROHV FDSDFHV GH XQ DOWR JUDGR GH VLQFHULGDG >@ DSRUWDQ PXFKRV
HOHPHQWRVSDUDDERQDUODKLSyWHVLVGHTXHKDEtDXQDHVWUHFKDUHODFLyQHQWUHOD
VXSHUYLYHQFLD GHO SDJDQLVPR \ OD UHVLVWHQFLD GH ORV LQGLRV IUHQWH D OD
GRPLQDFLyQ FRORQLDO R OR TXH HV OR PLVPR TXH HO DIHUUDUVH D VXV FUHHQFLDV
HUD HQ ORV LQGLRV XQD PDQHUD GH RSRQHUVH D VX FRQTXLVWD HVSLULWXDO \ SRU
HQGHXQDPDQLIHVWDFLyQSHFXOLDUGHODOXFKDGHFODVHV1RVHSXHGHSHQVDUGH
RWURPRGRFXDQGRVHOHHHQ;LPpQH]REVHUYDFLRQHVFRPRODVLJXLHQWH³«(V
WDQWDODGHVFRQILDQ]DTXHGHORVHVSDxROHVWLHQHQTXHSRUTXHORVPLQLVWURV
HQFDUJDGRVGHORVSXHEORVGHLQGLRV>@TXLHQHVVHFRQIRUPDURQFRQYHUDORV
QDWLYRV FRQYHQFLGRV GHO RULJHQ VREUHQDWXUDO GH VXV GHVGLFKDV \ FRQ HOOR
SDVDGHUDPHQWHDGRUPHFLGRV
(VDWROHUDQFLD\FRQIRUPLGDGQRVHGHELy~QLFDPHQWHDTXHORVUHOLJLRVRV
IXHVHQGLVSOLFHQWHV\GHVFXLGDGRV >@ VLQRTXHIXHWDPELpQHQJUDQPHGLGD
UHVXOWDGRGHODWHQD]RSRVLFLyQTXHORVLQGLRVSUHVHQWDURQVLHPSUHDODODERU
GH VXV LQGRFWULQDGRUHV \ GH OD SUHVLyQ TXH VREUH HOORV HMHUFLHURQ SDUD TXH
SDVDVHQ SRU DOWR VXV FUHHQFLDV \ SUiFWLFDV SDJDQDV >@ /RV SULQFLSDOHV
FURQLVWDV \ PXFKRV GRFXPHQWRV GH ORV VLJORV ;9,, \ ;9,,, KDEODQ GH OD
QHFHVLGDG GH IRU]DU \ FDVWLJDU D ORV LQGLRV SDUD TXH DFXGDQ D OD ,JOHVLD >@
KDEODQGHODVGLYHUVDVFRPELQDFLRQHVUHOLJLRVDVTXHVHGDEDQGHQWUR\IXHUD
GHOWHPSORFULVWLDQR >@GHFODUDQTXHODVFUHHQFLDVSUHKLVSiQLFDVFRQVWLWXtDQ
HOYHUGDGHURIRQGRUHOLJLRVRGHORVLQGtJHQDV >@ (O JUDQFURQLVWD GRPLQLFR
GHILQDOHVGHOVLJOR ;9,,\SULQFLSLRVGHO ;9,,,)UD\)UDQFLVFR;LPpQH]EXHQ
FRQRFHGRU GH ORV LQGLRV SXGR FRPSUREDU TXH ODV FUHHQFLDV \ WUDGLFLRQHV
UHOLJLRVRV60VRQHVSDxROHVFDVLVHSXHGHGHFLUTXHQRFUHHQORTXHOHV
GLFHQSRQLpQGRORVLHPSUHHQGXGD«´>@<ORPLVPRVHLQILHUHGHODVIUDQFDV
\ GHVDOHQWDGDV FRQFOXVLRQHV GHO LQIRUPH GHO $U]RELVSR &RUWpV \ /DUUD] ³«
7LHQHQ D ORV HVSDxROHV \ ODGLQRV SRU IRUDVWHURV \ XVXUSDGRUHV GH HVWRV
GRPLQLRV SRU FX\R PRWLYR ORV PLUDQ FRQ RGLR LPSODFDEOH \ HQ OR TXH ORV
REHGHFHQHV SRUSXUR PLHGR \ VHUYLOLVPR(OORVQR TXLHUHQ FRVDDOJXQDGH
ORVHVSDxROHVQLODUHOLJLyQQLODGRFWULQDQLODVFRVWXPEUHV«´>@
6LHQHO~OWLPRWHUFLRGHOVLJOR;9,,,XQUHOLJLRVRHVSDxROUHFLpQOOHJDGRD
ODSURYLQFLDSXGRSHUFLELUTXHHQORVLQGLRVDOHQWDEDXQLPSODFDEOHRGLRGH
FODVH\TXHHOUHFKD]RGHODUHOLJLyQGHORVGRPLQDGRUHVJXDUGDEDQH[RVFRQ
HORGLRTXHVHOHVWHQtDHVUD]RQDEOHVXSRQHUHQWRQFHVTXHXQWHUUDWHQLHQWHGH
ODVHJXQGDPLWDGGHO;9,,DVLGXRREVHUYDGRUGHORVQDWLYRVDORODUJRGHWRGD
XQD YLGD WXYR TXH KDEHU YLVOXPEUDGR TXH DOOt GRQGH SHUYLYtD HO SDJDQLVPR
KDEtD XQ PDUJHQ GH FRQFLHQFLD LQGtJHQD QR VRPHWLGD \ XQD H[SUHVLyQ GH
UHEHOGtD>@ $XQ PiV UD]RQDEOH UHVXOWD GLFKD VXSRVLFLyQ VL VH WUDH D OD
FRQWHQLGDVHQHO3RSRO9XKSRUpOGHVFXELHUWR\WUDGXFLGRSHUGXUDEDQOOHQDV
GH YLGD HQWUH ORV QDWLYRV ³« KDOOp TXH HUD OD 'RFWULQD TXH SULPHUR
PDPDEDQFRQODOHFKH\TXHWRGRVHOORVFDVLODWLHQHQGHPHPRULD«´>@<
FLQFXHQWDDxRVGHVSXpVHQHOGRFXPHQWRPiVFRPSOHWRTXHSRVHHPRVDFHUFD

PHPRULDTXH)XHQWHV\*X]PiQVDEtDVyORSRUQRWLFLDV\UHIHUHQFLDVVLQRSRU
H[SHULHQFLD GLUHFWD TXH HO GHVFRQWHQWR GH ORV LQGtJHQDV VROtD KDFHU FULVLV
FXDQGRVHOHVFRQWUDULDEDHQHVWHVHQVLEOHSXQWRGHVXVFUHHQFLDV\SUiFWLFDV
SDJDQDV 0XFKR OH KDEtD FRPXQLFDGR D HVWH UHVSHFWR ORV IUDLOHV GRFWULQHURV
DPLJRVVX\RV>@\PXFKRKDEtDYLVWRFRQVXVSURSLRVRMRV>@8QLQWHUHVDQWH

HMHPSOR GH HOOR HV HO HSLVRGLR TXH UHODWD HQ HO FDStWXOR QRYHQR GHO RFWDYR
OLEURGHOD5HFRUGDFLyQ>@
,EDGHFDPLQR)UD\0DUFRV5XL]SRUODVVLHUUDVGH+XHKXHWHQDQJRDGDUOD
PLVD HQ ORV SXHEORV GH VX YLVLWD ²VDEHPRV \D OR TXH HVWR TXLHUH GHFLU>@
FXDQGROOHJDURQDVXVRtGRVODVFDPSDQDVGHOHQFXPEUDGRSXHEORGH6DQ-XDQ
$WLWOiQ 3HQVy TXH SRGUtDQ HVWDU UHSLFDQGR SDUD KDFHUOH UHFLELPLHQWR VHJ~Q
HUDFRVWXPEUHSHURFRPRVHHQFRQWUDEDOHMRVWRGDYtDVHGLULJLyDQWHVDRWURV
SREODGRV GH VX LWLQHUDULR /OHJDGR SRU ILQ D 6DQ -XDQ REVHUYy FRQ VRUSUHVD
TXHODVFRIUDGtDVQRVDOtDQHQVXHQFXHQWUR\TXHDODHQWUDGDGHOSXHEORQR
KDEtD DFXGLGR QDGLH D UHFLELUOR 6LQ KDFHUVH QRWDU OOHJy KDVWD OD ,JOHVLD
+DOOiEDVH pVWD PX\ DGRUQDGD \ OOHQD GH DURPDV \ HO SXHEOR HVWDED DOOt
HQWXVLiVWLFDPHQWHHPEHELGRHQORVSRUPHQRUHVGHXQULWRVRUSUHQGHQWH6HOH
UHQGtD FXOWR \ VH OH KDFtDQ RIUHQGDV D XQ LQGLR MRYHQ PXGR \ VLPSOH HQ
H[WUHPR D TXLHQ VH KDEtD DWDYLDGR FRQ ODV YHVWLGXUDV VDFHUGRWDOHV GHO ULWR
FDWyOLFR\VH KDEtDFRORFDGR HQHO DOWDUPD\RU(OIUDLOH²³KDOODQGRFRPR
0RLVpVSHUYHUWLGRVXUHEDxR´GLFH$QWRQLR²QRSXGRPHQRVTXHLQWHUUXPSLU
OD FHUHPRQLD FRQ HQpUJLFDV SDODEUDV \ H[SOLFDU D ORV LQGLRV OD PDJQLWXG GH
DTXHOSHFDGRSDUDpODWUR]3HURQRTXLVLHURQHVFXFKDUOH6HIXHURQVDOLHQGR
GHOWHPSORKDVWDGHMDUORVROR\VHOOHYDURQDOLQGLRPXGRDRWURVLWLR4XLVR
HQWRQFHV)UD\0DUFRVDSUHVDUDDTXHOKRPEUHSDUDUHPLWLUORDODVDXWRULGDGHV
\FRQVHPHMDQWHYHOHLGDGSXVRHQJUDYHSHOLJURVXH[LVWHQFLD³«LUULWDGRHO
SXHEOR FRQWUD pO OH DFRPHWLHURQ FRQ PDFKHWHV SDORV \ SLHGUDV SDUD
TXHUHUOHPDWDUVDOLHQGRQRVLQJUDQGHD\XGDGH'LRVDXxDGHFDEDOORGH
HQWUHODVPDQRVGHDTXHOORVEiUEDURVREVWLQDGRV«´>@(VHVWHHOPRPHQWR
HQTXHHOFURQLVWDDSDUHFHFRPRSHUVRQDMHGHOVXFHVR)XHQWHV\*X]PiQHUD
HQ DTXHO HQWRQFHV $OFDOGH 0D\RU GH +XHKXHWHQDQJR $ pO OH FRUUHVSRQGLy
HQYLDUODIXHU]DS~EOLFDDOSXHEORDOERURWDGRRUGHQDUODFDSWXUDGHORVLQGLRV
PiVFRPSURPHWLGRVWRPDUOHVFRQIHVLyQ\DVLJQDUOHVFDVWLJRV'LVSXVRTXHD
FXDWURGHHOORVVHOHVD]RWDUDSRUODVFDOOHVGHOSXHEORFDEHFHUD\ORVHQWUHJy
DOD,JOHVLDGHODPLVPDORFDOLGDGGH+XHKXHWHQDQJRSDUDTXHVLUYLHUDQHQHOOD
SRU GRV DxRV SULYDGRV GH OLEHUWDG >@ (V GH VHxDODUVH TXH GRV GH DTXHOORV
FXDWUR LQIHOLFHV HUDQ LQGLRV SULQFLSDOHV ²SXHV HO FURQLVWD LQGLFD TXH KDEtDQ
VLGRDOFDOGHVGHVXSXHEOR²ORFXDODxDGHDOJRDODSDOL]DTXHKXELHURQGH
UHFLELUSDUDHVFDUPLHQWRGHOS~EOLFRWDPELpQLQGtJHQDGHDTXHOOXJDU >@ (O

FULROOR HPSHUR UHPHPRUDQGR ORV GHWDOOHV GHO LQFLGHQWH SDUD UHODWDUOR KDFH
FXHQWDGHTXHQRSURFHGLyFRQVXILFLHQWHGUDVWLFLGDG³«&UHRTXHQRH[FHGt
HQVXFDVWLJRDQWHVELHQPHUHFHORKDEHUTXHGDGRFRUWR«´>D@
&RQFOX\DPRV /D VXSHUYLYHQFLD GHO SDJDQLVPR \ HO UHFKD]R GHO
FDWROLFLVPR HUDQ IHQyPHQRV GHULYDGRV GHO RGLR TXH ORV LQGLRV VHQWtDQ KDFLD
VXV GRPLQDGRUHV \ H[SORWDGRUHV 1R SRGtDQ pVWRV ~OWLPRV SRU OR WDQWR YHU
FRQWUDQTXLODLQGLIHUHQFLDODVSUXHEDV²PX\QXPHURVDVDGHPiV²GHTXHOD
FRQFLHQFLDGHOLQGLRQRHVWDEDSOHQDPHQWHFRQTXLVWDGD'HDOOtODDYHUVLyQTXH
XQKRPEUHFRPR)XHQWHV\*X]PiQVHQWtDKDFLDWRGDVODVPDQLIHVWDFLRQHVGHO
SDJDQLVPR YLYLHQWH <D TXH QR IXHUD VX LQWHOLJHQFLD UHIOH[LYD VX LQVWLQWR GH
FODVH OH DGYHUWLUtD TXH XQD IXHU]D DGYHUVD VH RFXOWDED WUDV DTXHOODV SLHGUDV
YHQHUDGDV \ DTXHOORV DOERURWRV HQ TXH ORV GRFWULQHURV WHQtDQ TXH HVFDSDU D
JDORSHWHQGLGR
7RWDOPHQWH GLIHUHQWH HUD VX DFWLWXG ²UHFRUGpPRVOR SDUD FHUUDU HVWH
DSDUWDGR² IUHQWH D RWUDV PDQLIHVWDFLRQHV GH OD FXOWXUD SUHKLVSiQLFD TXH \D
HVWDEDQ PXHUWDV \ TXH FDUHFLHQGR GH VLJQLILFDFLyQ DFWXDO HQ OD OXFKD GH
FODVHVFRQHOLQGLRODWHQtDQQRREVWDQWHSDUDODOXFKDFRQORVSHQLQVXODUHV
QHJDGRUHVGHORLQGLDQR1yWHVHFyPRODELIXUFDFLyQGHODVLGHDVGHOFURQLVWD
DFHUFD GH ORV YDORUHV LQGtJHQDV SUHKLVSiQLFRV ²£WHPD TXH SDUHFHUtD QR
JXDUGDUUHODFLyQFRQSUREOHPDVHFRQyPLFRV\OXFKDVGHFODVHV²REHGHFtDD
OD DFFLyQ HMHUFLGD VREUH OD PHQWDOLGDG GHO FULROOR SRU GRV IRFRV GH LQWHUpV
HFRQyPLFR \ VRFLDO VX SUHRFXSDFLyQ IUHQWH DO SDJDQLVPR YLYR UHVSRQGtD DO
GHVHR GH OOHJDU D WUDWDU FRQ LQGLRV SOHQDPHQWH FRQTXLVWDGRV \ H[HQWRV GH
UHEHOGtD 6X VLPSDWtD IUHQWH D FLHUWRV DVSHFWRV \D PXHUWRV GH OD FXOWXUD
LQGtJHQD UHVSRQGtD D OD QHFHVLGDG GH PDQWHQHU HQ DOWR HO SUHVWLJLR GH OD
FRQTXLVWD DVXQWR pVWH FX\D VLJQLILFDFLyQ HFRQyPLFD \ GH FODVH \D IXH
DQDOL]DGDHQRWUROXJDU

 ²,,,²
/RVWUHVJUDQGHVSUHMXLFLRVHQVXUHODFLyQFRQ
HOWUDEDMRIRU]DGR
(Q HO DSDUWDGR SUHFHGHQWH KHPRV YLVWR FyPR HO FURQLVWD VH SURQXQFLD HQ
VHQWLGR FRQWUDULR IUHQWH D GRV DVSHFWRV GH XQ PLVPR DVXQWR +D\ DOOt XQD
HVFLVLyQ GH DFWLWXGHV \ GH RSLQLRQHV XQD GLFRWRPtD \ QR SURSLDPHQWH XQD
FRQWUDGLFFLyQ6LQHPEDUJRHOJUDQGH\FRPSOHMRWHPDGHOLQGLRHVRFDVLyQGH
QXPHURVDV \ IODJUDQWHV FRQWUDGLFFLRQHV HQ OD 5HFRUGDFLyQ )ORULGD \ D HOODV
HQWUDPRV DKRUD 6L KXELpUDPRV GH DJUXSDUODV HQ VHULHV GLUtDPRV TXH OD
SULPHUD JUDQ VHULH GH FRQWUDGLFFLRQHV SURYLHQH GH OD LQFRPSDWLELOLGDG HQWUH
ODVRSLQLRQHVGHODXWRUDFHUFDGHDOJXQDVFDUDFWHUtVWLFDV GH ORV LQGLRV\ORV
GDWRV GH OD UHDOLGDG TXH OD FUyQLFD UHWUDWD (VWDV DVRPEURVDV
LQFRPSDWLELOLGDGHVTXHDOJXQDVYHFHVRFXUUHQFRQVyORGRVRWUHVSiJLQDVGH
SRU PHGLR REHGHFHQ VLHPSUH D SUHMXLFLRV GH FODVH SURSLRV GHO FURQLVWD GH
PDQHUD TXH QR VRQ PHURV GHVFXLGRV VLQR RIXVFDFLRQHV OOHQDV GH VLJQLILFDGR
KLVWyULFR
$VtSRUHMHPSORHQHOQRWDEOHFDStWXORHQTXHGHVFULEHORVIpUWLOHVYDOOHV
TXH URGHDEDQ D OD FLXGDG GH *XDWHPDOD QRV GLFH TXH ³« VRQ ORV LQGLRV
SDLVDQRVGHHVWRVYDOOHVGHVFDQVDGDPHQWHULFRV\MDPiVSRUVXDFWLYLGDG\
ODERULRVDIUHFXHQFLDQHFHVLWDGRV«´>@3DVDHQVHJXLGDDUHIHULUFRQGHWDOOH
DOJXQDVLQWHUHVDQWHVFRVWXPEUHVGHDTXHOODJHQWHKDFLHQGRGHVSOLHJXHGHOJUDQ
FRQRFLPLHQWR TXH GH HOOD WHQtD \ HO LPSXOVR GH OD GHVFULSFLyQ OR OOHYD
LQVHQVLEOHPHQWHDGDUQRWLFLDGHXQDFDUDFWHUtVWLFDGHORVLQGLRVTXHQRSRGtD
IDOWDUHQDTXHOFXDGURVXJUDQUHVLVWHQFLDItVLFDTXHGHEHKDEHULPSUHVLRQDGR
D TXLHQHV FRPR GRQ $QWRQLR KDEtDQ YLVWR D ORV LQGtJHQDV HQ HO IUDJRU GHO
HVIXHU]RFRWLGLDQR$QRWDHQWRQFHVORVVLJXLHQWHVGDWRVTXHDSDUHFHQDSHQDV
GRVSiJLQDVDGHODQWHGHODUHIHUHQFLDDORVLQGLRV³GHVFDQVDGDPHQWHULFRV´\
TXHDOXGHQDHOORVPLVPRVVLQVROXFLyQGHFRQWLQXLGDG³«6RQJUDQGtVLPRV
VXIULGRUHVGHODLQFOHPHQFLD\WUDEDMR\VLIXHUDQPiVGRWDGRVGHHVStULWX
DUGLHQWHKLFLHUDQVLQGXGDDOJXQDYHQWDMDDWRGDVODVQDFLRQHVGHOPXQGR

SRUHODJXDQWH\JUDQVXIULPLHQWR\WHVyQTXHWLHQHQHQHOWUDEDMRSRUTXHDO
VRO \ DO DJXD \ KLHORV VyOR OHV FXEUH XQ PLVHUDEOH YHVWLGR GH VXWLO \ URWD
WHODGHPDQWDGHDOJRGyQTXHOODPDQWLOPDQRVLHQGRRWUDFRVDHOYHVWLGR
TXHXQDFDPLVDGHPDQWD\XQ FDO]RQFLOORGHVD\DOTXH HQ HOULJRUGHODV
OOXYLDVVHOHVHQMXJD\VHFDHQHOFXHUSRSRUFDUHFHUGHUHPXGDQRWHQLHQGR
SDUDGRUPLUVREUHHOGHVQXGRIUtR\GXURVXHORPiVFREHUWRUTXHHOGHXQD
FRUWD \ SREUH IUD]DGLOOD SHUR FRQ HOOD WLHQHQ SRU JHQHUDO FRVWXPEUH
FXEULUVH OD FDEH]D GHMDQGR GHVDEULJDGRV \ GHVFXELHUWRV ORV SLHV 3iVDQVH
VHLV\RFKRGtDVFRQHOFRUWR\VHFRDOLPHQWRGHXQDVWRUWLOODVGHPDt]TXH
VDFDQ GH VXV FDVDV SDUD LU D YLDMH R DO WUDEDMR GH ODV ODEUDQ]DV VLQ RWUD
FRVDTXHDHVWHRUGLQDULR\PtVHURDOLPHQWRDFRPSDxHHQTXHQRVpTXHRWUD
QDFLyQOHVLPLWH«´>@
1R VH YD\D D VXSRQHU TXH KDEODED GH XQRV LQGLRV DO GHFLPRV TXH HUDQ
VXDYHPHQWH ULFRV \ GH RWURV FXDQGR GLFH TXH GRUPtDQ HQ HO VXHOR TXH OD
H[LJXDYHVWLPHQWDVHOHVVHFDEDVREUHHOFXHUSR\TXHVDOtDQDWUDEDMDUWRGDOD
VHPDQDFRQXQDVWRUWLOODVHQGXUHFLGDVHQHOPRUUDOVRQH[DFWD\ULJXURVDPHQWH
ORVPLVPRV(QWUHDTXHOODDILUPDFLyQ\HVWRVGDWRVQRVHKDDOWHUDGRVLTXLHUD
HO VXMHWR JUDPDWLFDO HQ HO WH[WR >@ 2FXUUH VLPSOHPHQWH TXH QRV KDOODPRV
DQWH XQR GH HVRV WUR]RV GH OD REUD ²XQR GH ORV PiV SDOPDULRV HV FLHUWR
HVFRJLGR GH LQWHQWR SDUD HMHPSOLILFDU² HQ TXH HO FULROOR H[SUHVD FRQ
QDWXUDOLGDGVXVSUHMXLFLRVSDUDFRQWUDGHFLUORVGHVSXpVVLQSHUFDWDUVHGHHOOR
DO GHVFULELU OD UHDOLGDG VLQ SUHYHQFLRQHV (V SUREDEOH TXH OD H[WUHPRVD \
GHPDVLDGRHYLGHQWHFRQWUDGLFFLyQGHOHMHPSORFLWDGRWHQJDVXH[SOLFDFLyQHQ
HOKHFKRSRFRSHUFHSWLEOH\SRUHVRGLJQRGHVHxDODUVHGHTXHDOFRPHQ]DUD
KDEODU GH OD UHVLVWHQFLD ItVLFD GH ORV LQGLRV OH KD\D YHQLGR D OD PHPRULD DO
DXWRUHOUHFXHUGRGHVXVHQHPLJRVSHQLQVXODUHVJUDQGHVSURSDJDQGLVWDVGHVX
SURSLD UHVLVWHQFLD SDUD HO WUDEDMR (V HO LQVWDQWH HQ TXH H[SUHVD TXH D ORV
QDWLYRVVROROHVIDOWDUtDXQHVStULWXDUGLHQWH²¢FyPRHOGHOHVSDxRO"²SDUD
VXSHUDUHQHOHVIXHU]R³DWRGDVODVQDFLRQHVGHOPXQGR´<DDUUHEDWDGRSRUOD
VHFUHWDPRWLYDFLyQGHSUHVHQWDUDORVLQGLRVFRPRWUDEDMDGRUHVPiVUHVLVWHQWHV
TXHORVHVSDxROHVGHVFULEHODVSpVLPDVFRQGLFLRQHVHQTXHORVQDWLYRVYLYtDQ
\ ODERUDEDQ SDUD SRGHU GHFLUOH GHVSXpV D ORV SHQLQVXODUHV TXH HOORV QR
VRSRUWDUtDQ WUDEDMDU DVt $ HOOR VH GHEH TXH WHUPLQH HO SiUUDIR FRQ HVDV
SDODEUDVOOHQDVGHLQWHQFLyQ³HQTXHQRVpTXHRWUDQDFLyQOHVLPLWH´<DHOOR

VHGHEHWDPELpQTXHQRVHKD\DSHUFDWDGRGHODFRQWUDGLFFLyQH[LVWHQWHHQWUH 5HFRUGHPRVSDUDFRPHQ]DUTXHHOLQJHQLRD]XFDUHUR\ODVODERUHVGHGRQ
HVWRV ~OWLPRV HOHPHQWRV \ OD DVHYHUDFLyQ LQLFLDO VREUH OD ULTXH]D GH ORV $QWRQLRVHKDOODEDQHQHO9DOOHGHODV0HVDVGH3HWDSDTXHHUDXQRGHORVGH
LQGtJHQDVODFXDODVHYHUDFLyQHVWDED\DPX\OHMRVGHVXSHQVDPLHQWRDXQTXH *XDWHPDOD >@(VPX\SUREDEOHTXHGHVGHODLQIDQFLDKD\DQLPSUHVLRQDGRVX
KD\DTXHGDGRWDQFHUFDHQHOWH[WR(VQRFDEHGXGDXQYDOLRVRHMHPSORGH PHQWH ORV FRPHQWDULRV GH OD YLGD \ ORV SUREOHPDV GHO YDOOH \ TXH PX\
FRQWUDGLFFLyQSRUGHVSOD]DPLHQWRGHOHQIRTXHDOPRPHQWRGHHVFULELU WHPSUDQR KD\D KHFKR VXV SULPHUDV YLVLWDV D DTXHOODV SURSLHGDGHV TXH PiV
/D ILHO SUHVHQWDFLyQ GH OD UHDOLGDG DFWXDQGR OD PRWLYDFLyQ \D VHxDODGD WDUGH SDVDUtDQ D VHU VX\DV 6L SDUD HQWRQFHV HO MRYHQ )XHQWHV QR KXELHUD
WUDHDOUHODWRXQRVLQGLRVHQFXHURV\TXHFDVLQRFRPHQ¢'HGyQGHVDOLyOD DGRSWDGR OD FRVWXPEUH GH DILUPDU TXH ORV LQGLRV GH OD UHJLyQ HUDQ
GHVFDQVDGD ULTXH]D TXH D HVRV PLVPRV LQGLRV VH OHV DWULEX\H GRV SiJLQDV GHVFDQVDGDPHQWHULFRVSRFRVDxRVPiVWDUGHWHQGUtDTXHFRQYHQFHUVHGHHOOR
DWUiV" SRUODIXHU]DGHFLHUWRVKHFKRVTXHVHxDODUHPRVHQVHJXLGD
&RQYLHQHVDEHUDQWHWRGRTXHODUHJLyQDOXGLGDHQHOFDStWXORQRHUDSRFD 'RQ $QWRQLR HUD FDVL XQ DGROHVFHQWH FXDQGR HQWUy D IRUPDU SDUWH GHO
FRVD OD IRUPDEDQ QXHYH YDOOHV DPSOLR \ IpUWLOHV VHUYLGRV SRU OD SREODFLyQ $\XQWDPLHQWR >@ \ FDEDOPHQWH HQ HO DxR GH VX LQJUHVR VXUJLy XQ JUDYH
WUDEDMDGRUDGHVHWHQWD\VLHWHSXHEORVGHLQGLRV >@6HOHGDEDDOFRQMXQWRHO SUREOHPDTXHKL]RFULVLVWUHVDxRVPiVWDUGHHQFXDQGRDQGDEDSRUORV
QRPEUHFRP~QGH9DOOHVR9DOOHGH*XDWHPDODSRUYDULDVUD]RQHV3ULPHUD
TXH VREUH WRGRV HOORV WHQtDQ MXULVGLFFLyQ FRPR &RUUHJLGRUHV ORV $OFDOGHV
RUGLQDULRV GH OD FLXGDG GH *XDWHPDOD 6HJXQGD TXH FDVL OD WRWDOLGDG GH ODV
ODERUHV\KDFLHQGDVGHHVDUHJLyQHUDQSURSLHGDGGHSHUVRQDV\IDPLOLDVTXH
KDELWDEDQ HQ OD FLXGDG 7HUFHUD TXH VXV QXPHURVRV SXHEORV QR VRODPHQWH
SURYHtDQ GH PDQRV D ODV ODERUHV \ KDFLHQGDV VLQR TXH WDPELpQ VXUWtDQ GH
DOLPHQWRV \ RWURV ELHQHV LQGLVSHQVDEOHV D OD FLXGDG OHxD FDUEyQ ]DFDWH \
PXFKRVDUWtFXORVPiV(UDQVXGHVSHQVD\VXJUDQHUR6HLQWHJUDEDHOFRQMXQWR
FRQ HO YDOOH SURSLDPHQWH GH *XDWHPDOD ²URGHDQGR OD FLXGDG² \ ORV GH
&KLPDOWHQDQJR-LORWHSHTXH&DQDOHV6DFDWHSpTXH]0L[FR0HVDVGH3HWDSD
ODV9DFDV\$ORWHQDQJR>@/RVLQGLRVGHHVDLPSRUWDQWH]RQDHUDQWHQLGRVSRU
PiVSUyVSHURV\PHQRVPDOWUDWDGRVTXHWRGRVORVGHOUHVWRGHOUHLQR\DHOOR
VH GHEH HQ SDUWH TXH HO FURQLVWD VH SHUPLWD KDEODU GH VX ULTXH]D HUDQ
³GHVFDQVDGDPHQWHULFRV´VLVHORVFRPSDUDEDFRQORVGHRWUDVUHJLRQHV>@
6LQ HPEDUJR FRQRFLHQGR XQ SRFR OD YLGD GH GRQ $QWRQLR GH )XHQWHV \
RWURSRFRORTXHHOYDOOHVLJQLILFDEDSDUDpOVHOOHJDDFRPSUHQGHUPX\ELHQ
FXiOHVIXHURQORVPyYLOHVSURIXQGRVTXHOROOHYDURQDDILUPDUWDQVLQFXLGDGR
TXH DTXHOOD SREODFLyQ GH GHVFDPLVDGRV TXH GRUPtDQ HQ HO VXHOR HUD XQD
SREODFLyQ QR PHQHVWHURVD < YDOH OD SHQD GHWHQHUVH XQ PRPHQWR D YHU HVWH
DVXQWR SRUTXH HO FUHHU TXH ORV LQGLRV YLYHQ ELHQ HQ OD SREUH]D HO TXHUHU
FRQYHQFHUVH\FRQYHQFHUDORVGHPiVGHTXHVRQULFRVHQODGHVJUDFLDHVXQR
GHORVPiVYLHMRV\DUUDLJDGRVSUHMXLFLRVGHOFULROOLVPR>@

YHLQWL~QDxRVQXHVWURWHUUDWHQLHQWH >@(QHIHFWRRFXUULyTXHHO)LVFDOGHOD
$XGLHQFLD LQGLJQDGR SRU FLHUWDV TXHMDV TXH OH SUHVHQWDURQ ORV LQGLRV GH XQ
SXHEOR \ DSR\iQGRVH HQ HO KHFKR GH TXH HO WUDEDMR IRU]RVR GH ORV QDWLYRV
KDEtDVLGRDEROLGRHQRWUDVFRORQLDVGHFLGLySHGLU²£QDGDPHQRVTXHHVWR
² OD WRWDO VXSUHVLyQ GH ORV UHSDUWLPLHQWRV GH LQGLRV HQ WRGR HO UHLQR GH
*XDWHPDOD >@ 6H FRQPRYLy DTXHOOD VRFLHGDG SXHV OD LQLFLDWLYD GHO ILVFDO
WRFDEDVXVEDVHV/RVLQGtJHQDVFDSWDURQDOJXQRVUXPRUHVGHORTXHSDVDED\
HVR EDVWy SDUD TXH GLHUDQ PXHVWUDV GH FRPHQ]DU D DJLWDUVH \ RSXVLHUDQ XQD
GHVXVDGD UHVLVWHQFLD DQWH OD REOLJDFLyQ GH LU D WUDEDMDU D ODV KDFLHQGDV \
ODERUHV >@)XHGLItFLOWDUHDSHUVXDGLUORVGHTXHVHWUDWDEDVRODPHQWHGHXQD
SRQHQFLD FRQGHQDGD DO IUDFDVR \ GH TXH FXDOTXLHU GHVRUGHQ ORV
FRPSURPHWHUtDJUDYHPHQWHSDUDFXDQGRHVWXYLHUDUHFKD]DGD
3RUVXODGRORVLQWHUHVDGRVHQODFRQVHUYDFLyQGHOWUDEDMRIRU]RVRGHORV
LQGLRV VDOLHURQ GH LQPHGLDWR D OD GHIHQVD GHO UHSDUWLPLHQWR (O &DELOGR D OD
FDEH]DGHWRGRVQRVyORSRUPRWLYRVGHVXMXULVGLFFLyQVREUHVHWHQWD\VLHWH
SXHEORV TXH GDEDQ LQGLRV D ODV ODERUHV \ KDFLHQGDV GHO YDOOH VLQR SRUTXH
FRPR\DVHGLMRHQRWUROXJDUDTXHOODLQVWLWXFLyQHUDXQYHUGDGHURUHGXFWRGH
ORV LQWHUHVHV FULROORV (Q HO PRPHQWR PiV FUtWLFR YDULRV FRQYHQWRV GH
UHOLJLRVRVSUHVHQWDURQDSUHWDGRVHVFULWRVDOHJDQGRODQHFHVLGDGGHFRQVHUYDU
HO UpJLPHQ GH WUDEDMR FRPSXOVLYR GH ORV LQGLRV >@ (O GH 6DQ )UDQFLVFR
HQIUHQWiQGRVHOHV GHFODUy TXH OR KDFtDQ SRUTXH HPSOHDEDQ LQGLRV GH
UHSDUWLPLHQWR HQ VXV SURSLHGDGHV UXUDOHV \ HOHYy DO &RQVHMR GH ,QGLDV XQ

YLJRURVR HVFULWR GHQXQFLDQGR ORV YHMiPHQHV TXH ORV LQGLRV SDGHFtDQ EDMR
DTXHOVLVWHPDGHWUDEDMR>@
(O &DELOGR QRPEUy XQD FRPLVLyQ GH FXDWUR LQGLYLGXRV GH VX VHQR SDUD
KDFHUOHIUHQWHDODVYHOHLGDGHVGHO)LVFDO(VWDEDLQWHJUDGDSRUXQ$OFDOGHHO
6tQGLFR\GRV5HJLGRUHV
8QRGHORV5HJLGRUHVVHJXUDPHQWHHOLQWHJUDQWHPiVMRYHQGHODFRPLVLyQ
HUDGRQ)UDQFLVFR$QWRQLRGH)XHQWHV\*X]PiQ >@1RHVSRVLEOHVDEHUTXp
SDUWLFLSDFLyQWXYRHOQRYHOFRQFHMDOHQODSUHSDUDFLyQGHORVHVFULWRVOOHQRV
GH XQD KDELOLGRVD FRPELQDFLyQ GH YHUGDGHV \ PHQWLUDV TXH SUHVHQWy OD
FRPLVLyQHQDTXHOOLWLJLR3HURXQDFRVDHVFLHUWDHLQGXGDEOHORVDUJXPHQWRV
\ ORV WUXFRV IXQGDPHQWDOHV HPSOHDGRV SDUD MXVWLILFDU \ GHIHQGHU HO WUDEDMR
REOLJDWRULRGHORVLQGLRVWLHQHQTXHKDEHUTXHGDGRGHILQLWLYDPHQWHDVLPLODGRV
DODPHQWDOLGDGGHOMRYHQFULROORHQDTXHOORVDxRV
REOLJDWRULR >@ < HO WHUFHUR FRQVLVWH HQ H[SUHVDU HQ ODV PiV GLYHUVDV \
FDSFLRVDVIRUPDVTXHORVLQGLRVQRSDGHFHQSREUH]DTXHYLYHQFRQIRUPHV\
WUDQTXLORV >@ 6RQ WUHV LQYHWHUDGRV SUHMXLFLRV FULROOLVWDV TXH GHVGH OXHJR
HVWiQ SUHVHQWHV D OR ODUJR GH WRGD OD 5HFRUGDFLyQ \ HO WHUFHUR HV HO TXH VH
H[SUHVD GH PDQHUD FDVL PHFiQLFD HQ OD DILUPDFLyQ GHO FURQLVWD VREUH OD
³GHVFDQVDGDULTXH]D´GHORVLQGLRVGHO9DOOHGH*XDWHPDOD3DUDFRPSUHQGHU
SRUTXpFREUDURQWDQWRDUUDLJRHVWDVPHQWLUDVHQODPHQWDOLGDGGHORVFULROORV
HVSUHFLVRILMDUODDWHQFLyQHQHOVLJXLHQWHKHFKRLPSRUWDQWtVLPR
&XDQGR HO )LVFDO SLGLy OD DEROLFLyQ GHO UHSDUWLPLHQWR OD VXSUHVLyQ GHO
WUDEDMRIRU]RVRHVWDEDSLGLHQGRHQHOPLVPRDFWRODLPSODQWDFLyQGHOWUDEDMR
DVDODULDGR OD OLEUH FRQWUDWDFLyQ GHO WUDEDMR /R GLFH FRQ WRGD FODULGDG VX
SHWLFLyQ³«6XSOLFRD96TXHHQHMHFXFLyQGHODVGLFKDV&pGXODVTXHHQ
FDVR QHFHVDULR SLGR VH SRQJDQ FRQ HVWH SHGLPLHQWR XVDQGR GH VX QDWXUDO
/DSHWLFLyQGHO)LVFDOIUDFDVyHQHO&RQVHMRGH,QGLDV>@(OUHSDUWLPLHQWR
QR IXH DEROLGR 3HUR ORV JUXSRV VRFLDOHV TXH JUDYLWDEDQ VREUH HO WUDEDMR
FRPSXOVLYRGHORVQDWLYRVVLQWLHURQTXHHOVXHORVHOHVKDEtDDELHUWRGHEDMRGH
ORVSLHV>@<ORVSUHMXLFLRVFULROOLVWDVUHODFLRQDGRVFRQHOWUDEDMRGHOLQGLR
WUDVVHUHVJULPLGRV\SHUIHFFLRQDGRVHQODVFRQWLQJHQFLDVGHOSOHLWRVDOLHURQ
IRUWDOHFLGRV WHPSODGRV HQ OD SUXHED GH DTXHO WUDQFH \ PiV GHFLGLGDPHQWH
FRQVDJUDGRVFRPRYHUGDGHVTXHKDEtDTXHUHSHWLU\SURSDJDUHQWRGRPRPHQWR
\FRQFXDOTXLHUSUHWH[WR
8QSUHMXLFLRGHFODVH²WDOFRPRDTXtVHHQWLHQGH\VHXVDGLFKRFRQFHSWR
²HVXQDDVHYHUDFLyQGHXVRJHQHUDOL]DGR\FRQVWDQWHHQWUHORVLQGLYLGXRVGH
XQDFODVHVRFLDOODFXDODVHYHUDFLyQIDOVHDODUHDOLGDGHQVHQWLGRIDYRUDEOHD
ORV LQWHUHVHV HFRQyPLFRV GH GLFKD FODVH (OOD PLVPD KD HODERUDGR VXV
SUHMXLFLRV HQ HO SURFHVR KLVWyULFR GH OD OXFKD FRQ RWURV JUXSRV VRFLDOHV \
OOHJD D FRQYHQFHUVH GH TXH VRQ YHUGDGHV LQGLVFXWLEOHV \ D VHU LQFDSD] GH
SLHGDG \ GH OD TXH 6X 0DMHVWDG 'LRV OH JXDUGH PDQGD VH XVH FRQ HVWD
JHQWH VH VLUYD GH PDQGDU GDUPH GHVSDFKR QR VyOR SDUD HVWRV LQGLRV VLQR
JHQHUDO SDUD WRGDV ODV SURYLQFLDV HQ TXH FRQ JUDYHV \ VHYHUDV SHQDV VH
PDQGH TXH QLQJXQD -XVWLFLD QL RWUD SHUVRQD GH FXDOTXLHU FDOLGDG \
FRQGLFLyQTXHVHDQREOLJXHQQLSXHGDQREOLJDUDORVLQGLRVDTXHVHVLUYDQ
\WUDEDMHQIRU]DGRV\YLROHQWDGRVVLQRHVTXHYROXQWDULDPHQWHTXLHUDQSRU
VXMRUQDOVHUYLUQLVHKDJDQHQPDQHUDDOJXQD5HSDUWLPLHQWRVDODVODERUHV
\ TXH FHVHQ ORV TXH KXELHUHQ KHFKR \ ORV MXHFHV TXH SDUD HVWH HIHFWR VH
VXHOHQQRPEUDUVLQRTXHORVGHMHQFXOWLYDU\EHQHILFLDUVXVPLOSDV\ORTXH
TXLVLHUHQ WUDEDMDUSDUDVXVWHQWDUVH\SDJDU VXVWULEXWRV«´>@4XHFHVHHO
WUDEDMR REOLJDWRULR TXH VH VXSULPDQ ORV UHSDUWLPLHQWRV HQ WRGDV ODV
SURYLQFLDV GHO UHLQR TXH GHVDSDUH]FDQ ORV MXHFHV UHSDUWLGRUHV \ TXH ORV
LQGLRVWUDEDMDQOLEUHPHQWHSRUXQMRUQDO1RKD\HTXtYRFR(QRWURVSDSHOHV
H[SUHVDODPLVPDLGHDFRQWRGDFODULGDG/HGLFHDO5H\³«6HxRUVLHQGR
FDSWDUUDFLRQDOPHQWHODVIDODFLDVTXHHQFLHUUDQ
7UHVVRQORVSUHMXLFLRVTXHFRQHQHUJtDLQVLVWHQFLD\PDxDVHUHSLWHQDOR
ODUJR GH WRGRV ORV HVFULWRV HODERUDGRV SRU ORV JUXSRV WHUUDWHQLHQWHV HQ HO
FRQIOLFWR GH  8QR HV DILUPDU TXH ORV LQGLRV VRQ KDUDJDQHV TXH QR
WUDEDMDQVLQRVHOHVREOLJD >@ 2WURFRQVLVWH HQ GHFLU TXHVRQLQFOLQDGRVDO
YLFLR HVSHFLDOPHQWH D OD HPEULDJXH] \ TXH DXPHQWDQ HQWUH HOORV ODV
ERUUDFKHUDV \ ORV HVFiQGDORV VL QR VH OHV WLHQH RFXSDGRV FRQ HO WUDEDMR
SXQWXDO \ EXHQD OD SDJD WUDEDMDQ ORV LQGLRV VLQ UHSDUWLPLHQWR \ VLQ MXHFHV
UHSDUWLGRUHV TXH VRQ ORV PiV SHUMXGLFLDOHV VH DOTXLODQ \ DFXGHQ FRQ
SXQWXDOLGDG (VWD YHUGDG VH H[SHULPHQWD HQ WRGDV ODV RFXSDFLRQHV HQ TXH VH
QHFHVLWD GH HOORV \ FRQ ODV ODERUHV TXH QR WLHQHQ UHSDUWLPLHQWR´ >@ /D
VXSUHVLyQGHOUHSDUWLPLHQWRLPSOLFDEDODFUHDFLyQGHOWUDEDMRDVDODULDGRGH
OLEUHFRQWUDWDFLyQ<KHDTXtHOIRQGRGHWRGRDTXHOSUREOHPDODGHIHQVDGHO
UHSDUWLPLHQWR LPSOLFDED XQD OXFKD SRU HYLWDU OD OLEUH FRQWUDWDFLyQ \ HO

 
VDODULR$XQTXHXQDFRVDLPSOLFDEDODRWUDORVFULROORVKLFLHURQSURGLJLRV
SDUDTXHVyORVHYLHUDXQDFDUDGHOSUREOHPD
(QVXVSHWLFLRQHVGHFtDQHVQHFHVDULRTXHVHFRQVHUYHQORVUHSDUWLPLHQWRV
GH LQGLRV 3HUR SHGtDQ HVR VLQ FRQIHVDU HO SURSyVLWR YHUGDGHUR QR TXHUtDQ
SDJDU VDODULRV OLEUHV 6L ORV LQGLRV QR HUDQ REOLJDGRV D WUDEDMDU KDEUtD TXH
DWUDHUORVHLQWHUHVDUORVFRQHOVDODULR\QRDFXGLUtDQVLQRKDVWDTXHOHVOXFUD
RIUHFLGR HO GREOH >@ R PiV GH OR TXH VH OHV GDED FRPR SDJD IRU]RVD GH
UHSDUWLPLHQWR >@(OWUDEDMROLEUHVLJQLILFDEDXQHQFDUHFLPLHQWRLQPHGLDWRGH
ODPDQRGHREUD\HUDHVWRORTXHORVFULROORVWHQtDQTXHHYLWDUFRQGLVLPXOR
VLQ TXH OD YHUGDG VDOLHUD D OX] 3DUD FXEULU HVD YHUGDG QDFLHURQ \ VH
FRQVHUYDURQORVWUHVSUHMXLFLRVFULROOLVWDVDUULEDHQXQFLDGRV/RVWUHVWHQtDQOD
PLVPDILQDOLGDGDGHODQWDUVHLQWHUFHSWDUVDOLUVHDOSDVRDODFRQVLGHUDFLyQGH
TXHORVLQGLRVWUDEDMDUtDQGHEXHQDJDQD\YLYLUtDQHQPHMRUHVFRQGLFLRQHVVL
WXYLHUDQ OD SRVLELOLGDG GH FRQWUDWDU OLEUHPHQWH HO SUHFLR GH VX IXHU]D GH
WUDEDMR /RV WUHV SUHMXLFLRV VHUYtDQ SDUD LPSHGLU HO SODQWHDPLHQWR GH HVWD
~OWLPDSRVLELOLGDG$ODVHJXUDUSRUDGHODQWDGRTXHHOLQGLRHVKDUDJiQGHVX
QDWXUDOH]DTXHGDVREUHQWHQGLGRTXHQRWUDEDMDUiDQLQJ~QSUHFLR6LVHGDSRU
VDELGRTXHGHVHDPiVHQWUHJDUVHDORVYLFLRVTXHGHGLFDUVHDOWUDEDMRTXHGD
GLFKRTXHXVDUiODOLEHUWDGSDUDHPERUUDFKDUVHHQYH]GHWUDEDMDURELHQTXH
OR TXH JDQH GH PiV OH VHUYLUi SDUD DKRJDUVH HQ FKLFKD 6L VH DVLHQWD TXH HO
LQGLRQRHVPiVIHOL]FXDQGRGLVSRQHGHPHMRUHVFRQGLFLRQHVGHYLGDVLQRTXH
pO HQFXHQWUD ³VX´ IHOLFLGDG HQ PHGLR GH SULYDFLRQHV TXHGD GLFKR TXH HV
HTXLYRFDUVH SHQVDU TXH VH OH IDYRUHFH HO SURFXUDUOH XQ ELHQHVWDU TXH pO QR
GHVHD/RVFULROORV²ODFODVHWHUUDWHQLHQWHH[SORWDGRUDGHWUDEDMRVHUYLO²QR
KXELHUDQLQYHQWDGRQXQFDHVDVWUHVIDODFLDVQLHOODVKXELHUDQOOHJDGRDWHQHUHO
DUUDLJRTXHDOFDQ]DURQHQODPHQWHFULROODVLQRKXELHUDHVWDGRGHSRUPHGLR
OD QHFHVLGDG GH MXVWLILFDU HO WUDEDMR IRU]DGR (VD QHFHVLGDG ORV FRQYLUWLy HQ
IHUYLHQWHVGHIHQVRUHV\SURSDJDGRUHVGHORVWUHVSUHMXLFLRV
1R WLHQH QDGD GH H[WUDxR SXHV TXH HVWiQ SUHVHQWHV HQ OD JUDQ FUyQLFD
FULROOD7UHLQWDDxRVDQWHVGHFRQFHELUODLGHDGHHVFULELUODVXDXWRUVHKDEtD
YLVWRHQURODGRHQXQDGHDTXHOODVFUtWLFDVVLWXDFLRQHVHQODVFXDOHVSDUDVDFDU
DGHODQWHORVLQWHUHVHVGHODFODVHFULROODKDEtDTXHFRQYHQFHUVHFLHJDPHQWHGH
OD³YHUGDG´GHODVWUHVIDODFLDV\HVJULPLUODVFRQHOPD\RUFXLGDGR(QHOPiV
H[WHQVRHLPSRUWDQWHGHWRGRVORVHVFULWRVTXHHODERUyODFRPLVLyQHO&DELOGR

HQ>@VHKDFHQYHUGDGHURVSURGLJLRVGHFRQYHQFLPLHQWRPDxRVRDEDVH
GHORVSUHMXLFLRVFLWDGRV >@\VHHOXGHHQHVDIRUPDGHPDQHUDDEVROXWDOD
PHQFLyQ GHO DXPHQWR GH SDJD R HO VDODULR OLEUH FRPR SRVLEOH VROXFLyQ GHO
SUREOHPD>@(QHVHHVFULWRFRPRHQWRGRVORVGHPiVVHKDEODGHOELHQHVWDU
GHORVLQGLRVGHO9DOOHGH*XDWHPDOD\VHLQVLQ~DHQGLYHUVDVIRUPDVTXHQR
KD\ PRWLYRV OHJtWLPRV SDUD SUHRFXSDUVH SRU HOORV &DSFLRVDPHQWH SUHJXQWDQ
ORV FRQFHMDOHV FXiO VHUi OD FDXVD GH TXH HQ HVRV YDOOHV KD\D DXPHQWDGR HO
Q~PHURGHLQGLRVPLHQWUDVHQRWUDVUHJLRQHVGLVPLQX\HQ\FRQWHVWDQ³«QR
VH SRGUi GHFLU TXH SRU VXV PDORV WUDWDPLHQWRV QL SRUTXH VH OHV GDQ D ORV
LQGLRVLQWROHUDEOHVWUDEDMRV«´>@/DIDODFLDFRPRHOOHFWRU\DKDEUiQRWDGR
UDGLFD HQ SUHWHQGHU TXH VH FRQVHUYH HO WUDEDMR IRU]DGR HQ HO 9DOOH GH
*XDWHPDOD SRUTXH HQ GLFKD UHJLyQ YLYtDQ PHMRU ORV LQGLRV \ VH HQFRQWUDEDQ
PHQRV PDOWUDWDGRV ²OR FXDO FRPR \D VH GLMR HUD YHUGDG² /R TXH
OyJLFDPHQWH KDEtD TXH FRPSDUDU HUD OD VLWXDFLyQ GH ORV LQGLRV GH
UHSDUWLPLHQWR FRQ OD GH DTXpOORV TXH YLYtDQ HQ SXHEORV H[LPLGRV GH SUHVWDU
GLFKR VHUYLGR ²TXH GHVGH OXHJR ORV KDEtD² 3HUR FODUR HVWi TXH HO
$\XQWDPLHQWRQRSRGtDKDFHUWDOFRPSDUDFLyQVLQWUDLFLRQDUVH/DKLFLHURQORV
LPSXJQDGRUHV GHO UHSDUWLPLHQWR SDUWLGDULRV GHO )LVFDO GH OD $XGLHQFLD
GHPRVWUDQGRODVYHQWDMDVGHTXHJR]DEDQORVLQGLRVGHORVSXHEORVOLEUHVGH
DTXHOOD REOLJDFLyQ $ HOOR YDPRV D UHIHULUQRV FXDQGR QXHVWUR DVXQWR VHD
SURSLDPHQWHODRUJDQL]DFLyQGHOUHSDUWLPLHQWRGHLQGLRV²WHPDIXQGDPHQWDO
DO TXH YDPRV DFHUFiQGRQRV² HQ HVWH PRPHQWR HVWDPRV VHxDODQGR ODV
PRWLYDFLRQHVHFRQyPLFDVGHORVJUDQGHVSUHMXLFLRVFULROORVDFHUFDGHOLQGLR
6DEHPRV DKRUD GH GyQGH VDOLy OD GHVFDQVDGD ULTXH]D TXH HO FURQLVWD OHV
DVLJQy D ORV LQGtJHQDV GH ORV YDOOHV GH *XDWHPDOD (V IUXWR GHO SURFHVR
KLVWyULFR HQ TXH VH LQFXEDURQ ORV WUHV SUHMXLFLRV FRPHQWDGRV \ H[SUHVLyQ
LQHUFLDOGHXQRGHHOORVSRUSDUWHGHXQKRPEUHTXHFRPRKHPRVYLVWRWHQtD
PRWLYRVSDUDHVWDUSURIXQGDPHQWHFRQYHQFLGRGHTXHORVLQGLRVHUDQULFRVHQ
ODSREUH]D'RVSiJLQDVPiVDGHODQWHODUHDOLGDGUHIXWDHOSUHMXLFLRVLQTXHHO
DXWRU VH Gp FXHQWD /RV SUHMXLFLRV GH FODVH VRQ DVt OOHJDQ D FRQYHUWLUVH HQ
PHFDQLVPRVUHLWHUDWLYRVLQFRQVFLHQWHVFLHJRVLQVHQVLELOL]DGRUHVUHVSHFWRGH
DTXHOOD UHDOLGDG TXH ORV UHIXWD \D TXH SUHFLVDPHQWH OD UD]yQ GH VHU GHO
SUHMXLFLRHVODGHIRUPDFLyQGHHVDUHDOLGDGHQIXQFLyQGHIXHU]DVPXFKRPiV
SRGHURVDVTXHODOyJLFD

 +HPRVWHQLGRTXHUHIHULUDOJXQRVKHFKRV\SUHVHQWDUVLWXDFLRQHVFRQFUHWDV
SDUD H[SOLFDUHO IRQGR GHORVSUHMXLFLRVVREUHODKDUDJDQHUtDODSURFOLYLGDG
YLFLRVD\ODSUHWHQGLGDFRQIRUPLGDGGHORVLQGLRV/RVPiVVXWLOHVGHWDOOHVGH
OD LGHRORJtD GH XQD FODVH VRFLDO VRQ D YHFHV SURGXFWR GH SURFHVRV PX\
FRPSOHMRV 3RU OR GHPiV ODV UHIHUHQFLDV DO FRQIOLFWR GH  DSDUWH GH VX
YDORU FRPR HOHPHQWRV GH ODV H[SOLFDFLRQHV TXH DQWHFHGHQ LOXVWUDQ WHPDV
WRFDGRV HQ RWUDV VHFFLRQHV GH HVWH OLEUR HO $\XQWDPLHQWR FRPR LQVWLWXFLyQ
UHSUHVHQWDWLYD GH ORV LQWHUHVHV FULROORV HO IXQFLRQDULR HVSDxRO DWHQWDQGR
FRQWUD HO SDWULPRQLR GH ORV FULROORV OD H[SORWDFLyQ GH ORV LQGLRV FRPR
IXQGDPHQWDO PRWLYR GH GLVSXWD HQWUH OD DULVWRFUDFLD WHUUDWHQLHQWH \ ORV
UHSUHVHQWDQWHV GH OD PRQDUTXtD 'HEH REVHUYDUVH TXH OD PHQFLyQ GH WDOHV
DVXQWRV HQ OD H[SOLFDFLyQ GH ORV SUHMXLFLRV FULROORV QR HV PHUDPHQWH FDVXDO 7DPSRFR GHVDSURYHFKD ORV SDVDMHV HQ TXH SXHGH UHFRUGDPRV VX SUHWHQGLGD
SRQHGHPDQLILHVWRTXHFXDOTXLHUDKRQGDPLHQWRHQODYLGDFRORQLDOOOHJDGRD
FLHUWRQLYHOVXJLHUHHOJUDQWULiQJXORLQYHUWLGRFX\RViQJXORVVXSHULRUHVVRQOD
FODVH FULROOD \ OD EXURFUDFLD LPSHULDO FX\DV OtQHDV UHSUHVHQWDQ ODV WHQVLRQHV
IXQGDPHQWDOHVGHDTXHOODGLQiPLFDVRFLDO\FX\RYpUWLFHWRFDQGRODWLHUUD\
VRVWHQLHQGRODILJXUDFRPRXQSXQWRGHDSR\RHVHOLQGLR

²,9²
/DSUHWHQGLGD³KROJD]DQHUtD´FRPR
UHVLVWHQFLD
(Q WRGRV ORV SXQWRV HQ TXH HO GHVDUUROOR GH OD QDUUDFLyQ OR SHUPLWH GRQ
$QWRQLR GH )XHQWHV LQWURGXFH DOJXQDV SDODEUDV SDUD ODPHQWDU OD tQGROH
GHSUDYDGDGHORVQDWLYRV³«FRPRHVWDVJHQWHVWLHQHQSRFDSHUVHYHUDQFLD
SDUDOREXHQR\YXHOYHQFRQWDQWDSURSHQVLyQ\IDFLOLGDGDORVYLFLRV«´>@
KROJD]DQHUtD³«HQORVLQGLRVHVPX\QRWDEOHHVWDLQXWLOLGDG\GHMDPLHQWR
\ PX\ GLVWDQWH GH EXHQ GLFWDPHQ HO GLVFXUULUVH GH HOORV TXH GH VX OLEUH
DUELWULR VH DSOLTXHQ \ SURSRQJDQ D FRVD DOJXQD HQ TXH LPDJLQHQ SXHGHQ
WHQHUDOJ~QWUDEDMRDXQTXHpVWHIXHVHSDUDYROYHUOHVJUDQSURYHFKR«´>@
³« HVWD JHQHUDFLyQ GH ORV LQGLRV D OD YHUGDG QHFHVLWD GH VHU VLHPSUH
FRPSHOLGD\DSUHPLDGDSDUDWRGRORTXHHVWUDEDMR«´>@
6DEHPRV SRUTXH HOOR HV XQ IHQyPHQR KLVWyULFR XQLYHUVDO TXH HO LQWHUpV
TXH HO KRPEUH SRQH HQ HO WUDEDMR VH KDOOD HQ SURSRUFLyQ GLUHFWD FRQ HO
EHQHILFLRTXHGLFKRWUDEDMROHUHSRUWD4XHDOHVFODYRHUDSUHFLVRREOLJDUORD
WUDEDMDUDJROSHV\EDMRGLVWLQWDVIRUPDVGHWHUURUSRUTXHQRDSURYHFKiQGROH
HQQDGDVXHVIXHU]RVX~QLFRDIiQHUDDKRUUDUHQHUJtDV\QRUHJDODUOHVXYLGD
DODPR4XHDORVVLHUYRV²HQGLVWLQWDVIRUPDVEDMRORVGLIHUHQWHVUHJtPHQHV
IHXGDOHVTXHVHKDQGDGRKLVWyULFDPHQWH²IXHVLHPSUHQHFHVDULRHVWUHFKDUORV
SDUD HOHYDU HO UHQGLPLHQWR GH VX WUDEDMR FXDQGR ODERUDEDQ SDUD HO VHxRU
IHXGDO FRQWUDSHVDQGR DVt VX QDWXUDO LQFOLQDFLyQ D UHVHUYDU IXHU]DV SDUD
DTXHOORV GtDV R SHUtRGRV HQ TXH WUDEDMDEDQ SDUD Vt PLVPRV 4XH ORV VHUHV
KXPDQRVHQILQWUDEDMDQFRQHQWXVLDVPR\GHVDUUROODQHOPi[LPRUHQGLPLHQWR
FXDQGR OR KDFHQ SDUD Vt PLVPRV FRQ OD JDUDQWtD GH TXH HO SURGXFWR GH VX
HVIXHU]R OHV SHUWHQHFH \D VHD LQGLYLGXDO R FROHFWLYDPHQWH $Vt SXHV OR
SULPHURTXHKD\TXHSODQWHDUHQUHODFLyQFRQODOODPDGD³KDUDJDQHUtD´GHORV
LQGtJHQDVGH*XDWHPDOD²WDQSUHJRQDGDSRUHOFULROOLVPR²HVODSRVLELOLGDG
GH TXH VHD PiV ELHQ XQ UHVLVWLUVH D WUDEDMDU HQ PDODV FRQGLFLRQHV \ SDUD

SURYHFKR~QLFRGHKDFHQGDGRVHQFRPHQGHURVUHOLJLRVRV\UH\HVWDQGLVWDQWHV
FRPRGHVFRQRFLGRV
(O LQGLR HVWDED REOLJDGR D DFXGLU DO WUDEDMR GH ODV KDFLHQGDV \ ODERUHV
FRORQLDOHVEDMRODSUHVLyQGHOVLVWHPDGHUHSDUWLPLHQWRV6HOHSDJDEDXQUHDO
SRU GtD OD FXDO UHPXQHUDFLyQ OH HUD RQHURVD H LQFRQYHQLHQWH \ QR KDEtD
SRVLELOLGDG GH GLVFXWLUOD >@ %XVFDEDQ SXHV ORV LQGLRV SUHWH[WRV \
VXEWHUIXJLRVSDUDHVFDSDUGHDTXHOODREOLJDFLyQ\QRSXGLHQGRVXVWUDHUVHGH
HOODWUDEDMDEDQDUHJDxDGLHQWHVREOLJDGRVSRUORVFDSDWDFHV
6HVDEtDTXHORVQDWLYRVDFXGtDQYROXQWDULDPHQWHFXDQGRVHOHVSDJDEDGRV
UHDOHV SRU GtD 7DPELpQ ORV KDEtD TXH VH FRQWUDWDEDQ SRU UHDO \ PHGLR VL
DGHPiV VH OHV GDED DOJXQRV DOLPHQWRV (VWDEDQ WDPELpQ ORV OODPDGRV
³SHVHURV´ TXH WUDEDMDEDQ YROXQWDULDPHQWH SRU RFKR UHDOHV D OD VHPDQD HV
SHUPDQHQWH HQ HO UHLQR² VH GHFUHWy \D GHVGH  TXH ORV WULEXWRV GHEtDQ
VHUFREUDGRVHQHVSHFLH\QRHQGLQHUR>@7DQWRORVTXHOHFRUUHVSRQGtDQDOD
FRURQD FRPR ORV TXH UHFLEtDQ ORV HQFRPHQGHURV ²VH UHFRUGDUi TXH OD
HQFRPLHQGD TXHGy GHILQLWLYDPHQWH FRQYHUWLGD HQ XQD FRQFHVLyQ GH WULEXWRV D
SDUWLFXODUHV²>@KDEtDTXHUHGXFLUORVDPHWiOLFRGHVSXpVGHUHFLELUORVGHORV
LQGLRV \ ORV WDOHV UHPDWHV IXHURQ RFDVLyQ GH IUDXGHV \ PDOYHUVDFLRQHV HQ
SHUMXLFLRGHORVWULEXWDULRV>@
3DUDWULEXWDUORVLQGLRVWHQtDQTXHWUDEDMDUSURGXFLUSULQFLSDOPHQWHIUXWRV
²PDt] FDFDR FKLOH² \ WDPELpQ DUWtFXORV GH DUWHVDQtD ²PDQWDV GH ODQD
SHWDWHV² (UD XQ HVIXHU]R GH EDOGH HQ EHQHILFLR H[FOXVLYR GHO UH\ GH ORV
HQFRPHQGHURV \ GH ODV DXWRULGDGHV TXH PHGUDEDQ FRQ HO FREUR /RV LQGLRV
UHDOL]DEDQ DTXHO WUDEDMR FRQ HO PD\RU GHVJDQR \ HUD SUHFLVR REOLJDUORV FRQ
GHFLU XQ SHVR PiV FLHUWRV DOLPHQWRV >@ 3HUR HVWRV GDWRV HUDQ PDQHMDGRV
SRU ORV WHUUDWHQLHQWHV FRQ HO PD\RU FXLGDGR \ IXHURQ DEVROXWDPHQWH RPLWLGRV
HQWRGRVVXVHVFULWRVGHDXQTXHVRQGDWRVTXHFRUUHVSRQGHQDHVDpSRFD
>@ (V FODUR TXH OD UHYHODFLyQ GH TXH ORV LQGLRV DFXGtDQ YROXQWDULDPHQWH DO
WUDEDMRFXDQGRVHOHVSDJDEDXQSRFRPiVTXHHOUHDOGHUHSDUWLPLHQWRHFKDED
SRUWLHUUDHOSUHWH[WRGHODKROJD]DQHUtDSDUDIRU]DUORVKDEUtDVDFDGRDOX]TXH
ODWDOKDUDJDQHUtDQRHUDRWUDFRVDTXHODUHSXOVDGHXQWUDEDMRLQFRQYHQLHQWH
SRUPDOUHPXQHUDGRFDVLJUDWXLWR
(OLQGLRWHQtDTXHWUDEDMDUWDPELpQSDUDSURGXFLUWULEXWRV(VVDELGRTXHHO
WULEXWRIXHXQDFXRWDREOLJDWRULDSDUDWRGRVORVLQGLRVGHOD$PpULFDHVSDxROD
SDJDGHUD DO UH\ FRPR UHFRQRFLPLHQWR GH VX VHxRUtR >@ 'HVGH ILQDOHV GHO
VLJOR ;9, TXHGy HVWDEOHFLGD OD FDQWLGDG GH GRV SHVRV DQXDOHV HQ HO UHLQR GH
*XDWHPDOD >@\ HVD VXPDHVWDEDYLJHQWHWRGDYtD DSULQFLSLRV GHOVLJOR ;,;
>@3DJDEDQWRGRVORVLQGLRVYDURQHVHQWUHORVGLHFLRFKR\ORVFLQFXHQWDDxRV
GHHGDG4XHGDEDQH[LPLGRV~QLFDPHQWHORV³OHJtWLPRVFDFLTXHV´>@²LQGLRV
QREOHV GH TXLHQHV KDEODUHPRV HQ HO VpSWLPR FDStWXOR ² WDPELpQ VXV
SULPRJpQLWRV \ ORV DOFDOGHV LQGLRV PLHQWUDV OR HUDQ >@ /DV LQGLDV WDPELpQ
WULEXWDURQDXQTXHXQDFDQWLGDGPHQRU²XQWRVWyQRVHDFXDWURUHDOHV²KDVWD
PHGLDGRV GHO VLJOR ;9,,, >@ (Q RWUDV FRORQLDV HVSDxRODV QR WULEXWDEDQ ODV
SULVLyQ\D]RWHV >@ /D GRFXPHQWDFLyQ FRORQLDO SUHVHQWD D FDGD PRPHQWR HO
SHQRVRFXDGURGHORVLQGLRVFDVWLJDGRVSRULQGROHQFLD\UHWUDVRHQHOSDJRGH
ORVWULEXWRV1RIDOWDQUHIHUHQFLDVGHHVWHWLSRHQOD5HFRUGDFLyQ>@
'HVSXpV GH WUDEDMDU SDUD ORV KDFHQGDGRV \ SDUD HO UH\ ²R VXV
EHQHILFLDGRVORVHQFRPHQGHURV²HOLQGLRWHQtDTXHWUDEDMDUSDUDVRVWHQHUVH
D Vt PLVPR \ D VX IDPLOLD (VWH HVIXHU]R HUD FRPSOHWDPHQWH GLIHUHQWH GH ORV
GRV DQWHULRUHV ²UHSDUWLPLHQWR \ WULEXWDFLyQ² \ HO LQGLR QR WHQtD DTXt ORV
SRGHURVRV PRWLYRV TXH WHQtD DOOi SDUD UHVLVWLUVH \ DERUUHFHU HO WUDEDMR 6LQ
HPEDUJR WDPSRFR SRGtD WUDEDMDU SDUD Vt PLVPR HQ FRQGLFLRQHV TXH
HVWLPXODUDQXQPi[LPRLQWHUpV\UHQGLPLHQWR&RQH[FHSFLyQGHDOJXQRVLQGLRV
ULFRVTXHWHQtDQWLHUUDVSURSLDVODJUDQPDVDGHORVQDWLYRVWUDEDMDEDHQODV
WLHUUDV GH ORV SXHEORV ²WLHUUDV FRPXQDOHV \D PHQFLRQDGDV HQ HO FDStWXOR
DQWHULRU²ODVFXDOHVHUDQGLYLGLGDVHQSDUFHODV\GLVWULEXLGDVDUELWUDULDPHQWH
SRUODVDXWRULGDGHVLQGtJHQDVGHOSREODGR+HPRVVHxDODGRDOH[DPLQDUHVWH
SUREOHPD HQ VXOXJDUTXH HOVLVWHPD GH FDPELDUSDUFHODV GHWUDVODGDUDORV
LQGLRVGHXQDSDUFHODDRWUDHUDFDXVDGHTXHQLQJXQRGHHOORVVHLQWHUHVDUDHQ
PHMRUDU ODV FRQGLFLRQHV GH OD TXH HYHQWXDOPHQWH OH WRFDED (VWH KHFKR IXH
REVHUYDGR\VHxDODGRSRUYDULDVSHUVRQDVHQODpSRFDFRORQLDO>D@
$XQTXHODWLHUUDGHLQGLRVHUDFRPXQDOHOWUDEDMRHQHOODVHUDLQGLYLGXDO
PXMHUHV(VWDEDQH[LPLGRVGHOWULEXWRORVQHJURVHVFODYRVORVPHVWL]RV\ORV HQ OD IRUPD PiV GHVDOHQWDGRUD 1R GDED OXJDU DO DUUDLJR QL DO LQWHUpV TXH
PXODWRV>@'HELGRDODHVFDVH]GHPRQHGD²TXHIXHXQWUDVWRUQRHFRQyPLFR KDEUtD VXUJLGR VREUH XQD SDUFHOD SURSLD QL RIUHFtD ODV YHQWDMDV GH XQD
HPSUHVDFROHFWLYDGHYHUGDGHUDFRRSHUDFLyQ

 
 $VtSXHVHO~QLFRFDPSRHQTXHHOLQGLRFRP~QSRGtDGHVDUUROODUFLHUWR LQWHQWR SRUTXH LQVWLWX\pQGRVH \ FULiQGRVH MXHFHV GH PLOSDV SRU HO DxR GH
LQWHUpV SRU HO WUDEDMR HUD XQ FDPSR EDVWDQWH PH]TXLQR \ HVWUHFKR HO GH ORV TXHOHVREOLJDEDDKDFHUVHPHQWHUDV\FRJHUODVQRVRORVHUHPHGLDURQ
MRUQDOHV OLEUHPHQWH FRQWUDWDGRV \ HO GHO WUDEDMR SRU WDUHD &RQ UHVSHFWR DO ODV UHS~EOLFDV HVSDxRODV VLQR TXH ORV MX]JDGRV GH PLOSDV TXHGDURQ
SULPHUR\DVHGLMRTXHORVLQGLRVDFXGtDQDpOVLQUHWLFHQFLDV>E@ HVWDEOHFLGRV´>@ (Q HVDV SDODEUDV HVWi FRPSHQGLDGR WRGR HO SUREOHPD
&RQ UHVSHFWR DO VHJXQGR HV SRFR OR TXH KD\ TXH GHFLU SHUR PX\ SUHVHQWDGR DGHPiV HQ VX Pi[LPD SXUH]D DO PRPHQWR GH QDFHU 'LUtDVH TXH
VLJQLILFDWLYR(OSDJRSRUWDUHDDGHVWDMRVHXVyDPSOLDPHQWHHQODFRORQLD TXLHQ ODV HVFULELy TXHGDED LPSRVLELOLWDGR SRU HO KHFKR PLVPR GH KDEHUODV
(VHGDWRSRUVtVRORHVSUXHEDGHTXHORVLQGLRVDFHSWDEDQXQDSRVLELOLGDG HVFULWR SDUD YROYHU D OODPDU ³GHMDGH]´ GH ORV QDWLYRV D OR TXH GHVGH HO
GH DXPHQWDU VXV UDTXtWLFRV LQJUHVRV PXOWLSOLFDQGR VX HVIXHU]R )XHQWHV \ SULQFLSLRIXHUHVLVWHQFLDUHFKD]RGHXQDVLWXDFLyQTXHORVREOLJDEDDWUDEDMDU
*X]PiQ QRV LQIRUPD TXH ORV KDFHQGDGRV GHO 9DOOH GH *XDWHPDOD SDUD VRVWHQHU \ HQULTXHFHU D XQ Q~FOHR SDUDVLWDULR GH H[WUDQMHURV 6LQ
DFRVWXPEUDEDQSDJDUSRUWDUHDV\TXHORVLQGLRVHVIRU]iQGRVHWULSOLFDEDQDVt HPEDUJRDXQTXHORVGDWRVGHODUHDOLGDGFRQWUDGLFHQDJULWRVHOSUHMXLFLRGHO
VXSDJD>@ DXWRUHQHOVHQRPLVPRGHODFUyQLFDpVWHORJUDHQVRUGHFHUVH\VHJXLUDGHODQWH
(QUHVXPHQ(OUHSDUWLPLHQWRHUDGHVYHQWDMRVRSDUDORVLQGLRV\SRUHVROR UHSLWLHQGR D SRUItD OR TXH OD FRQFLHQFLD GH FODVH OH H[LJH TXH UHSLWD £VRQ
UHKXtDQ/DSURGXFFLyQGHELHQHVSDUDWULEXWDUOHVHUDWRWDOPHQWHJUDYRVDSXHV RFLRVRVSRUQDWXUDOH]DDERUUHFHQHOWUDEDMRHVSUHFLVRREOLJDUORV>@
UHJDODEDQ DOOt VX WUDEDMR 2GLDEDQ HVD REOLJDFLyQ (O WUDEDMR HQ VXV WLHUUDV
FRPXQDOHV QR RIUHFtD JUDQGHV DOLFLHQWHV SHUR DXQ VLHQGR DVt HVH WUDEDMR
DUURMDED DO PHUFDGR LQWHUQR JUDQ FDQWLGDG GH ELHQHV /DV ³SOD]DV´ R
³PHUFDGRV´ VHPDQDOHV GH ORV SXHEORV \ ODV FLXGDGHV VH DEDVWHFtDQ
IXQGDPHQWDOPHQWHFRQORSURGXFLGRSRUORVLQGLRVHQVXVWLHUUDVGHOFRP~Q<
ILQDOPHQWHDOOtGRQGHHOLQGLRSRGtDHQFRQWUDUDOJ~QLQWHUpVHQHVIRU]DUVH²
FDVRGHOVDODULROLEUH\GHOWUDEDMRSRUWDUHD²VHHVIRU]DED(UD³KDUDJiQ´
SXHVHQWRGRVDTXHOORVFDVRVHQTXHWHQtDPRWLYRVSDUDRSRQHUUHVLVWHQFLDDXQ
WUDEDMR TXH OH UHVXOWDED GHVYHQWDMRVR /R TXH D ORV RMRV GHO FULROOLVPR
DSDUHFtDFRPR³GHMDPLHQWR´GHORVLQGLRVQRHUDRWUDFRVDTXHUHVLVWHQFLD
+DEODQGRFRQULJRUHUDSUHFLVDPHQWHORFRQWUDULRGHOGHMDPLHQWR
+DFLD HO ILQDO GH OD 5HFRUGDFLyQ )ORULGD KD\ XQ FRUWR H LQWHUHVDQWH
FDStWXOR HQ HO FXDO H[SOLFDQGR HO FURQLVWD FyPR \ SRUTXp QDFLHURQ ORV
OODPDGRV³MXHFHVGHPLOSDV´QRVWUDVODGDDOPRPHQWRKLVWyULFRHQTXHQDFLy
HVRTXHIXHOODPDGRKROJD]DQHUtDGHORVLQGLRV'LFHHOQDUUDGRUTXHPX\DO
SULQFLSLR GH OD FRORQL]DFLyQ DOOi SRU OD GpFDGD WUHLQWD GHO VLJOR ;9, VH
JHQHUDOL]y HQWUH ORV LQGLRV HO SURSyVLWR GH DUURMDU GH VXV WHUULWRULRV D ORV
HVSDxROHV D EDVH GH QR WUDEDMDU SDUD HOORV ³« GHMDQGR GH VHPEUDU VXV
VHPHQWHUDVGHPDt]SDUDTXHDVtFRQHOKDPEUH\ODVGHVGLFKDVVHIXHVHQ
SDUD RWUDV SDUWHV GHMDQGR VXV WHUULWRULRV OLEUHV FRPR DQWHV SHUR FRPR HO
YDORU \ OD GLVSRVLFLyQ HVSDxROD QDFLHVH D GRPLQDUORV QR WXYR HIHFWR VX

 
 ²9²
/RVSUHMXLFLRVPHQRUHVODGHVFRQILDQ]DGHO
LQGLR
-XQWRDORVJUDQGHVSUHMXLFLRV²ULTXH]DHQODPLVHULDKDUDJDQHUtDtQGROH
YLFLRVD² HO FULROOLVPR HFKy D URGDU SDUD ODUJRV VLJORV XQ SXxDGR GH
SUHMXLFLRVPHQRUHVOODPpPRVOHVDVtTXHYLHQHQDVHUVLVHORVH[DPLQDFRQ
DOJ~Q GHWHQLPLHQWR DSpQGLFHV FRPSOHPHQWDULRV GH ORV PD\RUHV HO LQGLR HV
GHVFRQILDGR \PDOLFLRVR >@ UHFKD]D ORV EHQHILFLRV GH OD ³FLYLOL]DFLyQ´ >@
HV DEXVLYR FXDQGR VH OH GD WUDWR DPLVWRVR >@ HWF 7RGDV HVWDV SHTXHxDV
IDODFLDV HQ YDULDQWHV PiV R PHQRV DWHQXDGDV DVRPDQ DTXt \ DOOi HQ HO
GLVFXUVR GH OD 5HFRUGDFLyQ )ORULGD>@ 1R YDPRV D GHGLFDUOHV WLHPSR \
HVSDFLR TXH QHFHVLWDPRV SDUD DQDOL]DU RWURV DVXQWRV PiV LPSRUWDQWHV 6LQ
HPEDUJR HV GHO PD\RU LQWHUpV PRVWUDU QR ORV SHUMXLFLRV PLVPRV VLQR FyPR
HQFXHQWUDQVXUHIXWDFLyQHQODJUDQULTXH]DGHGDWRVTXHODFUyQLFDRIUHFHHQVX
ODUJRGHVDUUROOR%DVWDUiSDUDHOORXQHMHPSOR
(OFURQLVWDKDFHODREVHUYDFLyQHQGLVWLQWRVSXQWRVGHODREUDGHTXHORV
LQGLRVVRQUHFHORVRVGHVFRQILDGRV\PX\GDGRVDJXDUGDUVXVVHFUHWRV>@1R
H[SUHVDIUDQFDPHQWHTXHVHWUDWHGHXQGHIHFWRGHORVQDWLYRV²FRPRRFXUUH
FXDQGRDOXGHDODVVXSXHVWDVGHILFLHQFLDVGHORVSUHMXLFLRVIXQGDPHQWDOHV²
SHURPHQFLRQDODUHVHUYD\GHVFRQILDQ]DGHORVLQGLRV FRPRDOJR FRQQDWXUDO
HQ HOORV \ HVD VXWLO LPSOLFDFLyQ FRQYLHUWH VXV UHIHUHQFLDV HQ GHFODUDFLRQHV
SUHMXLFLRVDV $O RFXOWDU TXH OD GHVFRQILDQ]D WLHQH PRWLYRV \ MXVWLILFDFLyQ HQ
FLHUWDVFRQGLFLRQHVFRQFUHWDVGHODYLGDGHOLQGLRVHVXJLHUHIDOD]PHQWHTXH
HVXQGHIHFWRRXQDOLPLWDFLyQGHVXQDWXUDOH]D9HDPRVFyPRRFXUUHWRGRHVWR
HQ XQ SDVDMH GH OD FUyQLFD HVFRJLGR SDUD WDO ILQ HO FXDO SDVDMH ²FRVD WDQ
IUHFXHQWH HQ HVWH LQFUHtEOH GRFXPHQWR KLVWyULFR² HV XQD OHFFLyQ GH YLGD
FRORQLDOSRUPXFKRVUHVSHFWRV
9LHQHHOFURQLVWDUHILULpQGRVHDORV\DFLPLHQWRVGHPHWDOHVSUHFLRVRVWHPD
TXH OR DSDVLRQD SRU UD]RQHV TXH \D KHPRV LQGLFDGR >@ 3DUD GHPRVWUDU OD
H[LVWHQFLDGHXQ\DFLPLHQWRDXUtIHURHQODFHUFDQtDGHOSREODGRGH0RWRFLQWOD
 
FXHQWDHOVLJXLHQWHHSLVRGLR>@
)XH GRFWULQHUR GH DTXHO KXPLOGH SXHEOR XQ WDO )UD\ )UDQFLVFR %UDYR
QDWXUDOGH0iODJDTXLHQHQHOWUDWRFRQORVLQGLRVTXHHVWDEDQEDMRVXFXUDGH
DOPDVWXYRQRWLFLDGHTXHDSRFDGLVWDQFLDKDEtDXQ\DFLPLHQWRGHRUR6DEtD
HOIUDLOHTXHORVLQGLRVHQJHQHUDOVHHVIRU]DEDQSRURFXOWDUORV\DFLPLHQWRV
PLQHUDOHV >@ SXHV HO QDFLPLHQWR GH XQD PLQD HUD XQD YHUGDGHUD FDODPLGDG
SDUD OD SREODFLyQ GH OD FRPDUFD FLUFXQGDQWH (VWDED pO SRU OR WDQWR HQ
SRVHVLyQ GH XQ GDWR H[WUDRUGLQDULR \ TXLVR PDQHMDUOR FRQ FXLGDGR SDUD
VDFDUOH SURYHFKR &RPHQ]y SRU UHFRPHQGDUOHV D VXV IHOLJUHVHV HQ WRGDV VXV
SOiWLFDV \ VHUPRQHV TXH SRU QLQJ~Q PRWLYR IXHUDQ D UHYHODUOH D QDGLH OD
H[LVWHQFLD GHO WHVRUR GHO FXDO pO WHQtD VHJXUD QRWLFLD (VWXYR ILQJLHQGR
VROLGDULGDG\SURWHFFLyQGXUDQWHDxR\PHGLR\DOPLVPRWLHPSRFXOWLYDEDHQ
ORSDUWLFXODUODFRQILDQ]DGHXQLQGLRYLHMRTXHOHWHQtDDSUHFLR$OSULQFLSLR
VH QHJy HVWH LQGLR D FRQIHVDUOH HO VHFUHWR ² ³FRQFLELHQGR VRVSHFKDV \
PDOLFLDVFRPRHVSURSLRGHDTXHVWDHVWLUSH«³GLFHHOQDUUDGRU² >@SHUR
ILQDOPHQWHWXYRODGHELOLGDGGHOOHYDUOHDUHJDODUXQDVSHTXHxDVSRUFLRQHVGH
RURHQSHSLWDV,EDQDVtODVFRVDVFXDQGRHOUHOLJLRVRVHYLRHQODLQHYLWDEOH
QHFHVLGDG GH DEDQGRQDU 0RWRFLQWOD 7HQtD TXH WUDVODGDUVH D OD FLXGDG GH
*XDWHPDOD\GHDOOtHPSUHQGHUYLDMHD(VSDxD6HYLRREOLJDGRDSUHFLSLWDU
ORVKHFKRV&RQJUHJyDOSXHEOROHKL]RUXHJRV\SURPHVDV\ORJUyFRQFHUWDU
XQSDFWRFRQORVILHOHV(OORVOROOHYDUtDQDOOXJDUGRQGHVHHQFRQWUDEDHORUR
SHURDFRQGLFLyQGHTXHIXHVHFRQORVRMRVYHQGDGRV(OYLFDULRDFHSWy\DO
GRPLQJR VLJXLHQWH GHVSXpV GH OD PLVD OH YHQGDURQ ORV RMRV OR FRQGXMHURQ
KDFLHQGR URGHRV SDUD GHVRULHQWDUOR \ ILQDOPHQWH OR OOHYDURQ DO FULDGHUR GHO
SUHFLRVRPHWDO&RJLy\OOHYyFXDQWROHSHUPLWLHURQVXVIXHU]DV²SRUTXHRWUD
FRQGLFLyQKDEtDVLGRTXHQLQJ~QLQGLROHD\XGDUtDDWRPDUQLDWUDQVSRUWDUHO
RUR²>@3RFRVGtDVGHVSXpVVHPDUFKy
3HURVXFHGLyORTXHORVLQGLRVGH0RWRFLQWODWHPtDQ >@(VWDQGRDSXQWR
GH HPEDUFDU FRQ UXPER D (VSDxD HO UHOLJLRVR HQYLy D OD $XGLHQFLD GH
*XDWHPDOD XQ LQIRUPH FRPSOHWR GH OR TXH OH KDEtD RFXUULGR LQFOX\HQGR
DOJXQDV VHxDV GH OR SRFR TXH SXGR SHUFLELU HQ VX YLDMH D RMRV FHUUDGRV /D
$XGLHQFLD FRQVLGHUDQGR TXH FRQ HOOR LED D FRQVHJXLUVH ³XQ H[WUHPDGR
VHUYLFLR DO UH\´ GHVSDFKy LQPHGLDWDPHQWH XQ FRPLVLRQDGR ²QR PHQRV TXH
XQRGHVXV2LGRUHV²FRQDPSOLDVIDFXOWDGHVSDUDDYHULJXDUODXELFDFLyQGHO
\DFLPLHQWR /DV PHGLGDV DGRSWDGDV SRU HO 2LGRU FRPHQ]DURQ HQ OD
DPRQHVWDFLyQ VH DPSOLDURQ D ORV RIUHFLPLHQWRV SDVDURQ D ODV DPHQD]DV
GHULYDURQDODSULVLyQHQFiUFHOHVVHSDUDGDVDSUHPLDURQVHJXUDPHQWHFRQHO
WRUPHQWRItVLFR²DXQTXHHVWRQRORGHFODUHHOFURQLVWD²\FXOPLQDURQFRQHO
WRUPHQWRSVtTXLFRGHODFRQGHQDDPXHUWH(QHIHFWRIXHURQFRQGHQDGRVDOD
KRUFDYDULRVLQGLRVDTXLHQHVVHVXSRQtDVDEHGRUHVGHOVHFUHWRHVSHUDQGRTXH
ORPDQLIHVWDUtDQDOHQFRQWUDUVHDQWHODPXHUWH6XVLOHQFLROHVXJLULyDO2LGRU
OD WpWULFD LGHD GH PRQWDU WRGR HO DSDUDWR \ VLPXODU OD HMHFXFLyQ GHO ~OWLPR
VXSOLFLR GH WDO PRGR TXH DUURMDGRV DO YDFtR FRQ OD VRJD DO FXHOOR QR VH
DKRJDVHQ DTXHOORV LQIRUWXQDGRV 3HUR WDPSRFR HVWR VLUYLy 8QR D XQR IXHURQ
OOHYDGRVDOSDWtEXOR\VHGHMDURQDKRUFDUVLQVROWDUVXVHFUHWR>@
1DGLH KDEOy (O 2LGRU WXYR TXH YROYHUVH D OD FLXGDG GH *XDWHPDOD VLQ
UDVWURGHORTXHEXVFDEDGHVSXpVGHWRUWXUDUHQGLYHUVDVIRUPDVGXUDQWHRQFH
PHVHV D OD SREODFLyQ GH DTXHO REVFXUR OXJDU GHO GLVWULWR GH +XHKXHWHQDQJR
>@ 7RGRV ORV UHFXUVRV GH TXH GLVSRQtD HO H[SHULPHQWDGR \ SRGHURVR
IXQFLRQDULRQREDVWDURQSDUDYHQFHUORTXHHOFURQLVWDOODPDOD³SURWHUYLD\
SHUWLQDFLD´>@GHORVLQGLRVVXSHUYHUVDWHUTXHGDG
(VPX\VLJQLILFDWLYRHOKHFKRGHTXHHOQDUUDGRUQRLQWURGX]FDHQHOUHODWR
GHO HSLVRGLR ²VXFHVR YHUGDGHUDPHQWH GUDPiWLFR² QL OD PiV OHYH QRWD GH
FRQPLVHUDFLyQQRGLJDPRV\DGHFRPSUHQVLyQSDUDVXVSURWDJRQLVWDVLQGLRV
(QYH]GHDFHSWDUTXHORVLQGLRVYHtDQHQODVPLQDVXQDGHVJUDFLDDWDOSXQWR
TXHHVWDEDQGLVSXHVWRVDLQPRODUYLGDVSDUDHYLWDUODVHOLPLWDDFDOLILFDUGH
FREDUGtDHOWHPRUTXHOHVFDXVDEDQ>@²DXQTXH HOUHODWRHVWi GHPRVWUDQGR
TXH QR SRGtD VHU FREDUGtD OR TXH GDED OXJDU DO VDFULILFLR SHUVRQDO \ DO
KHURtVPR²(QOXJDUGHVXJHULUTXHIXHXQJUDYHHUURUHQWUHJDUOHDOGRFWULQHUR
SHTXHxDVSRUFLRQHVGHPHWDOH[FLWDQGRFRQHOORVXFRGLFLD\GiQGROHSUXHEDV
GHILQLWLYDVGHTXHKDEtDRURHOFURQLVWDGHVDSUXHEDODVGXGDV\YDFLODFLRQHV
LQLFLDOHV GHO LQGLR TXH FRPHWLy DTXHOOD LPSUXGHQFLD YLHQGR HQ HOODV HO
FRQVDELGR ³GHIHFWR´ GH ORV QDWLYRV ³« VRVSHFKDV \ PDOLFLDV«´ UHFHOR \
GHVFRQILDQ]D >@/DWRWDO LQVHQVLELOLGDGSDUDHO VXIULPLHQWRTXHVH HQFLHUUD
HQ ORV PRPHQWRV PiV WUiJLFRV GH DTXHO VXFHVR ²OD DFHSWDFLyQ GH OD PXHUWH
SDUD DOHMDU GHO SREODGR D PLQHURV \ FDSDWDFHV DQLTXLODGRUHV GH LQGLRV² OH
LPSLGH YHU HO KHURtVPR GH TXH GLHURQ SUXHED ORV QDWLYRV FRQGHQDGRV \
OOHYDGRV D OD KRUFD SDUD TXLHQHV QR WLHQH RWUR FDOLILFDWLYR TXH HO GH

³SHUWLQDFHV´>@YDOHGHFLUWHUFRV
1R VHxDODPRV HVRV GHWDOOHV ODPHQWDQGR OD LQVHQVLELOLGDG GHO FURQLVWD \
PHQRV UHSURFKiQGRVHOD ²OR FXDO VHUtD XQD VLPSOH]D² VLQR SUHFLVDPHQWH
TXHULHQGR GHPRVWUDU FyPR ORV SUHMXLFLRV GH FODVH OH LPSRQHQ XQD OtQHD GH
SHQVDPLHQWR OH YHGDQ RWUDV TXH SRGUtDQ SDUHFHU PiV UD]RQDEOHV \ QRV OR
SUHVHQWDQ HQ VX JHQXLQD DFWLWXG FULROOD GH PHQRVSUHFLR SDUD HO LQGLR H
LQVHQVLELOLGDG SDUD VXV YDORUHV 7DPELpQ VH TXLHUH GHPRVWUDU FyPR FKRFDQ
GHQWUR GH OD FUyQLFD ORV SUHMXLFLRV \ OD UHDOLGDG $O HVFULELU ODV SiJLQDV GHO
HSLVRGLRGH0RWRFLQWOD)XHQWHV\*X]PiQQRHVWDEDSHQVDQGRHQODKXUDxH]
GHORVLQGtJHQDVQLHUDVXSURSyVLWRSUHVHQWDUODFRPRXQGHIHFWRFDUDFWHUtVWLFR
GHHOORV6LVXWHPDKXELHVHVLGRFRQFUHWDPHQWHOD³GHVFRQILDQ]DGHOLQGLRVH
KXELHUD FXLGDGR GH QR UHIHULU XQ RPLQRVR DFRQWHFLPLHQWR TXH SRQH D ORV
OHFWRUHV VREUH OD SLVWD GHO SRUTXp GH DTXHOOD KXUDxH] /R TXH WHQtD HQ OD
FDEH]D HUD OD FXHVWLyQ GH ORV PHWDOHV SUHFLRVRV \ HO SURSyVLWR GH GHPRVWUDU
TXHMXQWRD0RWRFLQWODKDEtDRUR<GHPRVWUiQGRORQRVHQWUHJDFRODWHUDOPHQWH
\VLQSURSRQpUVHORWRGRORTXHDOOtHVWDPRVYLHQGRXQDYDOLRVDLOXVWUDFLyQGH
FyPR DFWXDEDQ ORV SUHMXLFLRV PHQRUHV HQ OD PHQWDOLGDG GHO FURQLVWD XQ
WHVWLPRQLR GH VX UDGLFDO QHJDFLyQ GH ORV LQGLRV FXDQGR QR KDEtD PRWLYRV
LQGLUHFWRVSDUD³GHIHQGHUORV´\HQILQXQDSUXHEDKLVWyULFDYLYD\SDOSLWDQWH
GH OR TXH VREUHYHQtD D ORV LQGLRV FXDQGR DIORMDEDQ HQ VX PDOLFLD \
GHVFRQILDQ]DHQVXVUHFHORV\FXLGDGRGHORVVHFUHWRVHQDTXHOODFDXWHODTXH
QRHUDPiVTXHXQDUELWULRIUHQWHDOHQJDxRIUHQWHDODVWUDPSDV\DFHFKDQ]DV
GHODJHQWHGHRWUDVFODVHVRFLDOHVODVTXHHQHOUpJLPHQFRORQLDOWHQtDQPiV
UHFXUVRVTXHORVLQGLRV\OOHYDEDQVLHPSUHODVGHJDQDU
)LHODODWUDGLFLyQLGHROyJLFDGHVXJUXSRHOFULROORVHODPHQWD£ORVLQGLRV
VRQWDQGHVFRQILDGRV«3HURDOGREODUXQDSiJLQDGHOD5HFRUGDFLyQQRVVDOH
DOSDVRODUHDOLGDGSDUDGHFLPRV£$\GHORVLQGLRVFXDQGRFRQItDQ«

 ²9,²
/DIDOVDGHIHQVDGHOLQGLR\VXVPRWLYDFLRQHV
GHFODVH
6RQYDULDGDVHLQFRQWDEOHVODVH[SUHVLRQHVDGYHUVDVSDUDORVLQGLRVHQOD
5HFRUGDFLyQHQODVTXHVHQLHJDQRVHRFXOWDQVXVYDORUHVVHOHVFDOXPQLD\
VHSRQHQGHPDQLILHVWRORVSUHMXLFLRVFULROORV5HVXOWDQSRUHVRVRUSUHQGHQWHV
DTXHOORV SDVDMHV HQ TXH URPSLHQGR GH PRPHQWR OD WHQGHQFLD JHQHUDO GH OD
SUHRFXSDFLyQSDUDTXLHQHVYLYtDQDVXVH[SHQVDVFRPRHUDHOFDVRGHWRGRV
ORV KDFHQGDGRV \ HQFRPHQGHURV (VD SUHRFXSDFLyQ UHODWLYD D ORV LQGLRV HQ
WDQWRTXHSURGXFWRUHVGHULTXH]DQRLPSHGtDTXHVHOHVVLJXLHUDGHVSUHFLDQGR
HQ WDQWR TXH VHUHV KXPDQRV /RV PRPHQWRV GH FRQPLVHUDFLyQ SDUD HO LQGLR
UHODFLRQDGRV FRQ ODV HSLGHPLDV YLHQHQ D VHU HQ UHDOLGDG PRPHQWR GH
VREUHVDOWR GHO FULROOR DO FRQVLGHUDU OD H[WLQFLyQ GH TXLHQHV FRQ VX HVIXHU]R
EDUDWR R JUDWXLWR VRVWHQtDQ D OD DULVWRFUDFLD FRORQLDO 6L KXELHUD HVWDGR HQ
PDQRVGHORVFULROORVHYLWDUDTXHOODPRUWDQGDGSRGHPRVHVWDUVHJXURVGHTXH
ORKXELHUDQKHFKR$OLQYHQWDUVHODYDFXQD\VHUHQYLDGDDODVFRORQLDVSRU
JHVWLyQGHODFRURQDORV$\XQWDPLHQWRVSUHVWDURQXQDYDOLRVDFRODERUDFLyQHQ
HOWUDEDMRGHGLIXQGLUVXVEHQHILFLRV\HQVHxDUDORVSURSLRVLQGLRVDDSOLFDUOD
REUD DSDUHFHQ H[SUHVLRQHV GH FRQPLVHUDFLyQ \ KDVWD GH GHIHQVD GHO LQGLR
7RPDGRVDLVODGDPHQWHWDOHVPRPHQWRVSXHGHQVHUPRWLYRGHFRQIXVLyQ\XQ
LQJHQLR PDOLJQR SRGUtD VHOHFFLRQDUORV HQ XQ IORULOHJLR SDUD VRVWHQHU TXH
)XHQWHVHUDPX\HQHOIRQGR\DSHVDUGHWRGRXQ³GHIHQVRU´GHORVLQGLRV
6LQ HPEDUJR EDVWD XQD FLHUWD IDPLOLDUL]DFLyQ FRQ ODV PRGDOLGDGHV GH OD
FUyQLFD²RORTXHHVORPLVPRFRQODFRPSOHMLGDGLGHROyJLFDGHOFURQLVWD²
SDUD UHFKD]DU FXDOTXLHUD H[SOLFDFLyQ VLPSOLVWD GH DTXHOORV SDVDMHV
H[FHSFLRQDOHV 8Q H[DPHQ GHWHQLGR GH ORV PLVPRV YLHQH D UHYHODU TXH HQ
HIHFWRHOFULROORWHQtDSDUWLFXODUHVPRWLYRVSDUDSURQXQFLDUVHHQIDYRUGHORV
QDWLYRV HQ PX\ HVSHFLDOHV RFDVLRQHV SHUR TXH HVRV YLUDMHV QR LPSOLFDQ XQ
DEDQGRQRGHVXSRVLFLyQQHJDGRUDEiVLFD
(OSUREOHPDGHODVHSLGHPLDVGHODVSHVWHVGHYLUXHOD\GHVDUDPSLyQTXH
KDFtDQHVWUDJRVHQORVSXHEORVGHLQGLRVHVPRWLYRGHVHQWLGDVODPHQWDFLRQHV
(OFURQLVWDVHFRPSDGHFHGHORVQDWLYRV\DFXVDFRQGXUH]DDODVDXWRULGDGHV
DODVFXDOHVVHJ~QGLFH³«QRVHOHVKDGDGRQDGDGHTXHVHGHVWUX\DQ\
PXHUDQ VLQ FXUDFLyQ QL UHJDOR FRPR XQRV SHUURV«´>@ (Q RWUR OXJDU
LQGLFDQGR TXH ORV LQGLRV HUDQ PX\ VHQVLEOHV DO FRQWDJLR GH OD YLUXHOD \ PX\
GpELOHVSDUDUHVLVWLUOD²ORFXDOVHFRPSUHQGHKDELGDFXHQWDGHODSREUH]DHQ
TXH YLYtDQ² GLFH OR VLJXLHQWH ³« SHUR HQ ODV SHVWHV PXHUHQ PLVHUDEOH \
FRSLRVDPHQWH VLQ H[FHSFLyQ GH HGDGHV SRUTXH GH HOORV FRPR GH ORV
DQLPDOHVPHQRV~WLOHVQRKDFHQFDVRORVVXSHULRUHVTXHGHEHQPLUDUSRUVX
FRQVHUYDFLyQ\DXPHQWR«´>@
/D GLVPLQXFLyQ QXPpULFD GH ORV LQGLRV WHQtD TXH VHU PRWLYR GH

SHURHVRQRIXHVLQRKDVWDORVSULPHURVDxRVGHOVLJOR;,;(QODpSRFDGH
QXHVWUR FURQLVWD QR HUDQ FRQRFLGDV \ SRU HQGH WDPSRFR FRQWURODGDV ODV
FDXVDV UHDOHV GH ODV HSLGHPLDV \ QR VH SRGtD KDFHU RWUD FRVD TXH UH]DU (Q
RFDVLRQHV HQ TXH OD SHVWH IXH GHPDVLDGR YLROHQWD \ SURORQJDGD HO
$\XQWDPLHQWR JHVWLRQy OD RUJDQL]DFLyQ GH SURFHVLRQHV SDUD TXH HQ URJDWLYD
S~EOLFDVHLPSORUDVHGHOFLHORHOFHVHGHDTXHO³FDVWLJR´>@(UDQDWXUDOTXH
ORVH[SORWDGRUHVGHLQGLRVQRGHVHDUDQVXGLVPLQXFLyQVLQRVXPXOWLSOLFDFLyQ
7RPiV *DJH DILUPD TXH OD FRVWXPEUH GH FDVDUORV VLHQGR WRGDYtD QLxRV ²
FRVWXPEUHTXHpOREVHUYyHQHOUHLQRGH*XDWHPDOD²REHGHFtDDOSURSyVLWR
GHTXHVHUHSURGXMHUDQSURQWR\QRGLVPLQX\HUDHOQ~PHURGHWULEXWDULRV>@
1RDSUXHEDQXHVWURWHUUDWHQLHQWHTXHORVLQGLRVVHDQOOHYDGRVGHODWLHUUD
IUtD D ORV REUDMHV GH DxLO ODV VDOLQDV \ ORV DVHUUDGHURV GH OD WLHUUD FiOLGD
&RQWUDHQ ODV HQIHUPHGDGHV GHO FOLPD FDOXURVR GLFH \ PXHUHQ R UHJUHVDQ
HQIHUPRV\HVHFRQVWDQWHLU\YHQLUKDVLGRODFDXVDGHTXHVHDUUXLQHQPXFKRV
SXHEORV>@'DORVQRPEUHVGHSREODGRVH[WLQJXLGRVRFDVLGHVDSDUHFLGRV\
SRQHHVSHFLDOpQIDVLVHQVHxDODUTXHODHODERUDFLyQGHODxLOSRUVtVROD\VLQ
FRQWDU FRQ ODV HQIHUPHGDGHV GH OD FRVWD HV EDVWDQWH SDUD PLQDU
GHILQLWLYDPHQWHODVDOXGGHORVLQGLRV >@+DFHPLQXFLRVDVGHVFULSFLRQHVGH
ORVSURFHGLPLHQWRVGHSURGXFFLyQGHODxLO\GHODVDOFRQHOILQGHGHPRVWUDU
TXH HUDQ GHVWUXFWLYRV SDUD ORV WUDEDMDGRUHV >@ $O WRFDU WDOHV DVXQWRV HO
FURQLVWD SRQH DO GHVFXELHUWR FLHUWRV DVSHFWRV SRFR FRQRFLGRV GH OD
H[SORWDFLyQ FRORQLDO \ QRV GHSDUD OD VRUSUHVD GH YHUOR LQGLJQDGR DQWH WDOHV
H[FHVRV³« LQGHIHQVRV \ VLQ YRFHV QR VH YHQ VXV PLVHULDV SRUTXH QR VH

R\HQVXVSDODEUDV´>@+HDTXtSXHVQXHYDPHQWHHOJULWRGHDODUPDDQWHHO
H[WHUPLQLRGHORVQDWLYRVFRQODGLIHUHQFLDGHTXHHOIDFWRUGHVXGHVWUXFFLyQ
QRHVDKRUDODYLUXHODVLQRODUHPLVLyQGHLQGLRVDOXJDUHVGLVWDQWHVHLQVDQRV
SDUDUHDOL]DUWUDEDMRVREOLJDWRULRV >@1RTXLHUHHOFULROORTXHORVLQGLRVVH
DFDEHQ
7DPSRFR JXDUGD VLOHQFLR DQWH FLHUWRV H[FHVRV TXH HQ VX RSLQLyQ
VREUHSDVDEDQ HO OtPLWH GH DJXDQWH GH ³ORV SREUHV \ PLVHUDEOHV LQGLRV´>@
&RQVLGHUD TXH HV GHVSLDGDGR SRU HMHPSOR FREUDUOHV LPSXHVWRV VREUH HO
WUiILFR GH OD VDO SURGXFWR GHO FXDO REWHQtDQ PtVHURV EHQHILFLRV \ HQ FX\D
HODERUDFLyQ ³« UHYLHQWDQ \ WUDVXGDQ OR PHMRU GH VX VDQJUH«´>@ 'RQ
$QWRQLR KDEtD YLVLWDGR HO DUGLHQWH LQILHUQR GH ODV VDOLQDV GH OD FRVWD >@ \
VDEtDTXHHUDQLQGLRVGHODOWLSODQRORVTXHGHDOOiWUDtDQODVDOSDUDYHQGHUOD
HQ HO PHUFDGR GH OD FLXGDG GH *XDWHPDOD (O LPSXHVWR VH FREUDED HQ ODV
WRGRV WLHPSRV ODV YRFHV GHO PLVHUDEOH QR VH DWHQGLHURQ´ >@ 9pDVH DO
FULROOR LGHDOL]DGRU IUHQpWLFR GH OD FRQTXLVWD LQVLQXDQGR TXH OD WLHUUD OH
FRUUHVSRQGH D VXV KDELWDGRUHV DERUtJHQHV GLVLPXODGRU VLVWHPiWLFR GH ODV
FDXVDVGHODSREUH]DGHORVLQGLRVYLHQGRDKRUDHQODSREUH]DXQDUJXPHQWR
KRPEUH SRGHURVR KDVWD GRQGH FDEtD VHUOR HQ DTXHOOD VRFLHGDG FODPDQGR
FRQWUDORVSRGHURVRV³GHOPXQGR´(OFURQLVWDTXHQRSHUFLELyHOLQIRUWXQLRGH
ORV LQGLRV DO UHIHULU HO HSLVRGLR GH 0RWRFLQWOD ²\ WDQWRV RWURV LJXDOPHQWH
SHQRVRV² GHFODUDQGR DTXt TXH QR VRQ HVFXFKDGDV ODV YRFHV GH ORV
PLVHUDEOHV
3HVH D VX WRQR GHFODPDWRULR \ YHUGDGHUDPHQWH H[FHSFLRQDO HO SDVDMH GH
UHIHUHQFLD VyOR SXHGH FRQIXQGLU D TXLHQ TXLHUD YDORUDUOR DLVODGDPHQWH
6LWXDGR HQ HO FRQWH[WR GH UHDOLGDGHV H LGHDV TXH YHQLPRV FRQRFLHQGR FRPR
UDt]\HVHQFLDGHOFULROOLVPRHVIiFLOHQFRQWUDUOHPRWLYDFLRQHVGHFODVH'HEH
DGXDQDVGHHQWUDGDGHODFLXGDGJDULWDV\SHUWHQHFtDDODVFDMDVUHDOHV >@
(UD SXHV XQD H[WRUVLyQ TXH QR EHQHILFLDED HQ QLQJXQD IRUPD D ORV FULROORV
TXHOHH[SULPtDDORVLQGLRVHOH[LJXREHQHILFLRGHXQH[WHQXDQWHSURFHVRGH
SURGXFFLyQ \ WUDQVSRUWH \ TXH ILQDOPHQWH SRQtD HQ SHOLJUR HO
DSURYLVLRQDPLHQWR GH VDO SDUD OD FLXGDG \ SDUD ODV KDFLHQGDV GHO YDOOH GH
*XDWHPDOD1RSRGtDHOFULROOR²KDFHQGDGRGHOYDOOHUHJLGRUGHODFLXGDG
HQHPLJRGHOH[WHUPLQLRGHORVLQGLRV\QRPHQRVHQHPLJRVGHODVFDMDVUHDOHV
²SHUPDQHFHULPSDVLEOHDQWHORVKHFKRVLQGLFDGRV5HVXHQDQXHYDPHQWHDOOt
VXFODPRUHQGHIHQVDGHORVLQGLRV
/D PiV GHVFRQFHUWDQWH \ SHUHJULQD H[SUHVLyQ GH OiVWLPD SRU ORV QDWLYRV
VXUJHDSURSyVLWRGHGRVSHTXHxRVSREODGRVFHUFDQRVDODFLXGDG²6DQ-XDQ
*DVFyQ \ 6DQWD ,QpV² ORV FXDOHV SRU FDUHFHU GH WLHUUDV GH FRPXQLGDG VH
YHtDQREOLJDGRVDFRPSUDUDRWURVSXHEORVHOPDt]GHVXFRQVXPREiVLFR >@
(VH KHFKR TXH UHVXOWD LQVLJQLILFDQWH VL VH OR FRQVLGHUD HQ PHGLR GH ODV
LQQXPHUDEOHV \ SDVPRVDV LQMXVWLFLDV GH TXH GD QRWLFLD OD 5HFRUGDFLyQ OH
DUUDQFDDOFURQLVWDVLQHPEDUJRVXVPiVYLEUDQWHVFODPRUHVGHMXVWLFLDSDUD
HOLQGLR ³« D OD YHUGDG IXHUD PiV GH MXVWLFLD \ UD]yQ TXH OD WXYLHUDQ OD
VHxDODUVH HQ SULPHU OXJDU TXH ORV HQFRPHQGHURV VLHPSUH IXHURQ GHIHQVRUHV
GHODSURSLHGDGFRPXQDOGHORVLQGLRVSRUTXHHOODHUDODEDVHGHSURGXFFLyQ
GH ORV WULEXWRV >@ /RV KDFHQGDGRV SRU VX SDUWH HVWDEDQ LJXDOPHQWH
LQWHUHVDGRVHQTXHORVSXHEORVWXYLHUDQVXVWLHUUDVSRUTXHEDMRHOVLVWHPDGH
UHSDUWLPLHQWR HQ HO FXDO QR UHFLEtDQ ORV LQGLRV XQD SDJD VXILFLHQWH HUD
LQGLVSHQVDEOHTXHREWXYLHUDQGHRWUDVIXHQWHVORQHFHVDULRSDUDVXEVLVWLU'H
ORFRQWUDULRPRULUtDQGHKDPEUH/DH[LVWHQFLDGHODVWLHUUDVGHLQGLRVHUDXQD
FRQGLFLyQ LQGLVSHQVDEOH SDUD TXH ORV SXHEORV SXGLHUDQ HQYLDU WUDEDMDGRUHV
FDVLJUDWXLWRVDODVKDFLHQGDV\ODERUHV<HVGHQRWDUVHHQDERQRGHORTXH
YHQLPRVVHxDODQGRTXHORVGRVSXHEORVFLWDGRVHQHOSiUUDIRTXHFRPHQWDPRV
HVWDEDQH[LPLGRVGHGDULQGLRVGHUHSDUWLPLHQWRVHJ~QORDQRWDGHSDVDGDHO
FURQLVWD>@
(VWi EDVWDQWHFODUR SXHV TXHOD FDXVD GH TXHGRQ$QWRQLR GHIHQGLHUDHO
GHUHFKR GH ORV SXHEORV D WHQHU VXV WLHUUDV HVWULED IXQGDPHQWDOPHQWH HQ HO
KHFKRGHKDEHUVLGRpOXQHQFRPHQGHUR\XQKDFHQGDGR3HURVLTXLVLpUDPRV
WRGDYtDXQDH[SOLFDFLyQDGLFLRQDOSDUDHOWRQRDLUDGRGHVXV~OWLPDVSDODEUDV
UHODWLYDV D ³ORV SRGHURVRV GHO PXQGR´ FRQYHQGUi LQGLFDU TXH VRQ
WLHUUD HVWRV PLVHUDEOHV TXH QR TXH OD REWHQJDQ DOJXQDV FRPXQLGDGHV DVt SUHFLVDPHQWH HVRV SRGHURVRV ²\ QR HO SUREOHPD GH ORV LQGLRV VLQ WLHUUDV²
SRUSREUHVFRPRSRUODUD]yQGHHVWDUHQODWLHUUDGHVXSURSLDQDWXUDOH]D ORV TXH PRWLYDQ HO WRQR GHO FXULRVR SiUUDIR /D WLHUUD SRGtD RWRUJDUOD
0iV TXLpQ EDVWDUi FRQWUD ORV SRGHURVRV GHO PXQGR FXDQGR YHPRV TXH HQ VRODPHQWHHOUH\SRUPHGLRGHO3UHVLGHQWHGHOD$XGLHQFLDHQVXFDOLGDGGH
MXH] SULYDWLYR GH WLHUUDV (VWDV DXWRULGDGHV HVSDxRODV TXH VH DUURJDEDQ GH

 
PDQHUDH[FOX\HQWHHOGHUHFKRGHFRQFHGHUODWLHUUDTXHWHQtDQHQVXVPDQRVHO SUREOHPiWLFD LQGLJHQLVWD SUHYDOHFHQ WRGDYtD ORV HQIRTXHV GHO FULROOLVPR
GDU\TXLWDUODIXHQWHGHULTXH]DQ~PHURXQRVRQORVSRGHURVRVTXHPRUWLILFDQ ,QWURGXFLPRVHVWDQRWDSDUDTXHVHYHDTXHHOSUREOHPDGHODIDOVDGHIHQVDGHO
DOFULROOR\OROOHYDQDDFRUGDUVHGHORVPLVHUDEOHVDTXLHQHVQRVHDWHQGLyHQ LQGLR WDQ FODUDPHQWH HMHPSOLILFDGD HQ OD FUyQLFD FULROOD WLHQH DPSOtVLPDV
WLHPSR DOJXQR (O FURQLVWD DSDUHQWD OORUDU ODV PLVHULDV GHO LQGLR SHUR HQ
UHDOLGDG HV VX SURIXQGD UDELHWD GH FULROOR UHVHQWLGR OD TXH JLPH HQ HVDV
SDODEUDV
< QR HV H[WUDxR &RPR UHJOD JHQHUDO SXHGH GHFLUVH TXH DOOt GRQGH HO
FULROORDSDUHFHGHIHQGLHQGRDOLQGLRHVIiFLOGHVFXEULUORVLQWHUHVHVFULROORV
UHDOPHQWHGHIHQGLGRV<DOOtGRQGHODGHIHQVDDGRSWDXQWRQRGHFODPDWRULRH
LQGLJQDGR GHEH VRVSHFKDUVH TXH HQ VX SHQVDPLHQWR HVWiQ ODV DXWRULGDGHV
LPSHULDOHV \ TXH HV D HOODV D TXLHQHV DFXVD YHODGDPHQWH SRU GHEDMR GH VXV
SDODEUDVMXVWLFLHUDV(QHOFDVRGHODVYLUXHODVVRQ³ORVVXSHULRUHV´ORVTXH
GHMDQ PRULU D ORV LQGLRV FRPR SHUURV (Q HO FDVR GH OD VDO VRQ ODV ³FDMDV
UHDOHV´ ODV TXH VH FRPHQ DO LQGLR (Q HO FDVR GH ODV WLHUUDV FRPXQDOHV VRQ
³ORVSRGHURVRVGHOPXQGR´ORVTXHQRODVGLVWULEX\HQFRQHTXLGDG(QORVWUHV
HMHPSORV \ HQ DOJXQRV PiV TXH SRGUtDQ FLWDUVH KD\ HQ HO IRQGR XQ LQWHUpV
FULROOLVWDDPHQD]DGR
(VWDV REVHUYDFLRQHV QR WLHQHQ ~QLFDPHQWH HO SURSyVLWR GH PRVWUDU ODV
OLPLWDFLRQHVGHFODVHGHOFURQLVWDTXHQRVVLUYHGHIXHQWHSULQFLSDO(VGHOD
PD\RULPSRUWDQFLDFRPSUHQGHUTXHHOFULROOLVPRSRUGHILQLFLyQ\GHPDQHUD
JHQHUDOHVLQFDSD]GHSODQWHDUXQDHIHFWLYDGHIHQVDGHOLQGLRVLQWUDLFLRQDUVH
(O FULROOLVPR HV OD LGHRORJtD GH ORV FULROORV \ pVWRV VRQ HO JUXSR VRFLDO GH
ODWLIXQGLVWDV H[SORWDGRUHV GH LQGLRV VLHUYRV 6LHQGR DVt OD GHIHQVD FULROOLVWD
QR SXHGH LU PiV DOOi GH SURFXUDU TXH ORV LQGLRV QR VH DFDEHQ \ TXH VLJDQ
VLHQGR LQGLRV (YHQWXDOPHQWH GHQXQFLD ORV H[FHVRV GH RWURV JUXSRV TXH
WDPELpQ H[SULPHQ D ORV QDWLYRV SHUR HVD GHQXQFLD TXH VH SUHVHQWD FRQ
SUHWHQVLRQHV GH ³GHIHQVD´ QR GHILHQGH RWUD FRVD TXH OD H[FOXVLYLGDG GH OD
H[SORWDFLyQFULROODGHORVLQGtJHQDV
6yOR FXDQGR VH KD VXSHUDGR HO QLYHO IHXGDO GHO FULROOLVPR GHVGH
SRVLFLRQHV UHYROXFLRQDULDV EXUJXHVDV ²WDO HO FDVR PH[LFDQR² X RWUDV PiV
DYDQ]DGDV VH SODQWHD OD SHUVSHFWLYD GH OD GHVLQGLJHQL]DFLyQ FRPR XQD
FRQVHFXHQFLD QDWXUDO \ HVSRQWiQHD GHO GHVDUUROOR GH ODV PDVDV LQGtJHQDV (O
KHFKRGHTXHHQ*XDWHPDODVHVLJDKDEODQGRGH³PHMRUDPLHQWRGHOLQGLR´HQ
HO VXSXHVWR GH TXH GHEH VHJXLU VLHQGR LQGLR HV SUXHED GH TXH HQ OD

SUR\HFFLRQHVKLVWyULFDV
6HUtD HUUyQHR VXSRQHU TXH HO QR GHVHDU OD GHVWUXFFLyQ GH ORV QDWLYRV
HTXLYDOtD HQ HO FULROOR D GHVHDU VX SURVSHULGDG $Vt FRPR VH DODUPD DQWH
FLHUWRVH[FHVRVGHODH[SORWDFLyQTXHQREHQHILFLDEDQDVXJUXSRVRFLDO >@
OR KDOODPRV DIOLJLGR WDPELpQ IUHQWH D FLHUWRV KHFKRV TXH HQ DOJ~Q PRGR
IDYRUHFtDQDORVLQGLRVDOHMiQGRORVGHVXFRQGLFLyQGHVLHUYRV
/H GLVJXVWD SRU HMHPSOR TXH ORV LQGtJHQDV GHO 9DOOH GH -LORWHSHTXH
FRQVWUX\DQ ³WUDSLFKXHORV´ PRGHVWDV LQVWDODFLRQHV HQ TXH HODERUDEDQ OD FDxD
HQ HVFDOD UHGXFLGD D]~FDU UDSDGXUD PLHOHV \ RWURV SURGXFWRV >@ 'LFH HO
FURQLVWDTXHVLHQGRPX\QXPHURVRVHVWRVWUDSLFKXHORV\FRUWtVLPRVVXVJDVWRV
GHSURGXFFLyQKDQEDMDGRORVSUHFLRV\FRQHOOROHKDQFUHDGRSUREOHPDVD
ORVJUDQGHVLQJHQLRVD]XFDUHURV6LQHPEDUJRH[SOLFDQRHVHVRORPiVJUDYH
²£QXHVWUR KRPEUH WLHQH SUHRFXSDFLRQHV HVSLULWXDOHV HQ UHODFLyQ FRQ ORV
LQGtJHQDV«ORPiVJUDYHHVHOGDxRTXHGHORVWUDSLFKXHORVOHYLHQHD³«
ODVDOPDVGHVWRVSREUHVLQGLRV«´ >@SRUTXHFRQODVPLHOHVIDEULFDQFKLFKD
\DJXDUGLHQWHVHHPEULDJDQHQIHUPDQVHKLHUHQXQRVDRWURVFDHQHQH[FHVRV
OLELGLQRVRV FRKDELWDQ LQFHVWXRVDPHQWH FRQ VXV KLMDV VXV PDGUHV KHUPDQDV
FXxDGDV QXHUDV \ QLxDV GH FRUWD HGDG \ 'LRV HV RIHQGLGR \ HO UH\ SLHUGH
YDVDOORVTXHVHOHPXHUHQ>@(OIXHJRGH6RGRPD\*RPRUUDSDUHFHYHQLUOH
DODVPLHQWHVDOFRQVLGHUDUODSURSDJDFLyQGHORVWUDSLFKXHORVDFHUFDGHORV
FXDOHVUHVXOWDGLItFLOFRPSUHQGHUFyPRVLHQGRSHTXHxDVIiEULFDVU~VWLFDVTXH
SURGXFtDQ D]~FDU VXILFLHQWH SDUD EDMDU HO SUHFLR GH GLFKR SURGXFWR SRGtDQ
DGHPiVSURGXFLUEHELGDVHQFDQWLGDGEDVWDQWHSDUDFUHDUVHPHMDQWHFXDGURGH
GHVFRPSRVLFLyQVRFLDO/RTXHHVWiFODURHQGHILQLWLYDHVTXHDGRQ$QWRQLR
OH GLVJXVWDED TXH ORV LQGLRV WXYLHUDQ VXV SURSLDV IiEULFDV GH D]~FDU \ TXH
FRPR SURSLHWDULR GH XQ LQJHQLR YHtD FRQ PDORV RMRV TXH ORV VLHUYRV VH OH
FRQYLUWLHUDQHQFRPSHWLGRUHV
(Q RWUR OXJDU H[SUHVD VX LQTXLHWXG SRUTXH ORV LQGLRV GHO 9DOOH GH
*XDWHPDOD HQ FRQMXQWR HVWDEDQ SURGXFLHQGR GHPDVLDGR WULJR >@ \ DXQTXH
SRU HVH PRWLYR KDEtD EDMDGR HO SUHFLR GH WDQ LPSRUWDQWH SURGXFWR \ ORV
SURSLRV LQGLRV SURGXFWRUHV REWHQtDQ DOJXQD JDQDQFLD ²GDWRV DPERV

RIUHFLGRVSRUHOFURQLVWDHQHOPLVPROXJDU²DpOOHSDUHFHVLQHPEDUJRTXH FRQWUDGLFFLRQHVVLVHWLHQHSUHVHQWHTXHHOWUDEDMRVHUYLOGHORVLQGLRVHUDOD
HO IHQyPHQR WLHQH PiV LQFRQYHQLHQWHV TXH YHQWDMDV HVWiQ DUUXLQDQGR D ORV EDVH GH VXVWHQWDFLyQ PDWHULDO GH ORV FULROORV \ TXH SRU OR WDQWR HO PiV
SURSLHWDULRV GH ODERUHV >@ KD VXELGR HO SUHFLR GH RWURV SURGXFWRV FX\R SRGHURVRFRQGLFLRQDQWHGHODDFWLWXGPHQWDOGHpVWRVHQUHODFLyQFRQDTXpOORV
FXOWLYRVHJ~QGLFHKDVLGRSURSRUFLRQDOPHQWHGHVFXLGDGR\HQILQSXHVWRV WHQtDTXHVHULQGHIHFWLEOHPHQWHHOSURSyVLWRGHFRQVHUYDU\DPSOLDUHOFRQWURO
ORVLQGLRVDSURGXFLUWULJRHQFDQWLGDGHVTXHUHEDVDQFLHUWROtPLWHVHVDOHQGH VREUHGLFKRWUDEDMR/RVUHWRUFLPLHQWRV\YDLYHQHVGHOSHQVDPLHQWRGHOFULROOR
ODOtQHDTXHOHVFRUUHVSRQGH³«DEDQGRQDQGRORVWUDWRVGHVXQDWXUDOH]D\ DFHUFD GHO LQGLR YLHQHQ GHWHUPLQDGRV SRU OD FRQVLGHUDFLyQ ²QR H[HQWD GH
HVWLUSH«´>@GLFHFRQYDJXHGDG\XQWDQWRRIXVFDGR/DFLUFXQVWDQFLDGHTXH SDVLyQ H LQTXLHWXG² GH GLYHUVRV IDFWRUHV TXH SRQtDQ HQ SHOLJUR OD EXHQD
DTXHOHYHQWXDODXPHQWRGHODSURGXFFLyQWULJXHUDGHORVLQGLRVIXHUDSDUDHOORV PDUFKDGHXQDVUHODFLRQHVGHFDUiFWHUIHXGDOHQWUHWHUUDWHQLHQWHV\QDWLYRV/D
PRWLYR GH SURVSHULGDG QR OH WRFD ODV ILEUDV DO GLVJXVWDGR QDUUDGRU /R PiV GHIHQVD FULROOLVWD GHO LQGLR YHUELJUDFLD HV XQD H[SUHVLyQ SDUDGyMLFD GH OD
SUREDEOH HV TXH QR KXELHVH PHQFLRQDGR VLTXLHUD HO DVXQWR VL QR KXELHUD GHIHQVDGHOSDWULPRQLRGHODFODVH
HVWDGRGHSRUPHGLRVXSUHRFXSDFLyQGHWHUUDWHQLHQWHGXHxRGHODERUHV
6HPXHVWUDHQIDGDGR²SHUPtWDVHQRVXQHMHPSORPiVIUHQWHDODXPHQWRGH
ORVWHODUHVHQWUHORVLQGLRVORVFXDOHVUHEDVDQGRODIXQFLyQDXWRFRQVXQWLYD\
GRPpVWLFDGHWHMHUSDUDYHVWLUFRPHQ]DEDQDSURGXFLUSDUDYHQGHU6DEHPRV
TXHHVWDSURGXFFLyQDUWHVDQDOWXYRXQFUHFLHQWHGHVDUUROORGXUDQWHODFRORQLD\
TXH HQWUy HQ FRPSHWHQFLD FRQ ORV WDOOHUHV GH ODV FLXGDGHV HQ PDQRV GH
PHVWL]RV >@ 'RQ $QWRQLR GH )XHQWHV SUHVHQFLy HO UHIHULGR DXJH GH ORV
WHODUHVLQGtJHQDV\VLELHQDpOQROHFDXVDEDQSHUMXLFLRGLUHFWR\SHUVRQDO²
FRPRRFXUUtDFRQHOD]~FDU\HOWULJR²ORFLHUWRHVTXHDORVFULROORVOHVHUD
HQRMRVDFXDOTXLHUPDQLIHVWDFLyQGHOLEHUDFLyQHFRQyPLFDGHORVLQGLRV%XVFD
HOFURQLVWDFRPRHQWRGRVORVSDVDMHVVHPHMDQWHVDpVWHXQDMXVWLILFDFLyQGH
VXHQRMRGLFHTXHSRUORVWHODUHVDEDQGRQDQORVLQGLRVVXVVLHPEUDV\KDVWD
ILQJHSUHRFXSDUVHSRUORVPHUFDGHUHVGHWHODVQRLQGLRV >@SHURILQDOPHQWH
HQ HO HPEDUD]R GH QR SRGHU GHFODUDU VX DXWpQWLFR VHQWLU GH FULROOR ²£ORV
LQGLRVDOFDPSRWRGRV²GHVEDUUDHQXQDVHULHGHH[SUHVLRQHVGHWtPLGD\
HQIXUUXxDGD GHVDSUREDFLyQ SDUD ODV DXWRULGDGHV HVSDxRODV ³« SRUTXH HO
GHVFXLGR\SHUPLVLyQGHOJRELHUQRKDGDGROXJDUDWRGRORTXHHVOLEHUWDG
QRFLYD\WDQWDPDQR\DPSDURDORVLQGLRVTXHVHUiPLODJURVLHOIRPHQWR
TXH VH OHV KD DSOLFDGR QR QRV VDOH D ORV RMRV \ RMDOi TXH PL GLVFXUVR VH
HQJDxH«´>@ 'LFKR HQ RWUDV SDODEUDV QRV YDPRV D DUUHSHQWLU GH HVWDUOH
GDQGRWDQWDOLEHUWDGDORVLQGLRV(OFULROOROHUHSURFKDDODVDXWRULGDGHVSRU
XQD SDUWH QR HYLWDU OD GHVWUXFFLyQ GH ORV LQGLRV SHUR SRU RWUD WDPELpQ QR
HYLWDUTXHDOJXQRVGHHOORVDOFDQFHQFLHUWDOLEHUWDGHFRQyPLFD
1R HV GLItFLO HQFRQWUDU OD H[SOLFDFLyQ GH WRGRV HVWRV YLUDMHV GREOHFHV \

 
 ²9,,²
(OLQGLRFRPRHOHPHQWRGHODSDWULDGHO
FULROOR
&HUUHPRV \D HVWH FDStWXOR GHGLFDGR D H[DPLQDU ODV PiV DFXVDGDV
FDUDFWHUtVWLFDVGHODDFWLWXGFULROODIUHQWHDOLQGLR$XQTXHKHPRVHPSOHDGR\
FLWDGR RWURV GRFXPHQWRV OD 5HFRUGDFLyQ )ORULGD KD VLGR DTXt PiV TXH HQ
FDStWXORVDQWHULRUHVODIXHQWHLQPHMRUDEOH\SULQFLSDOtVLPD1RQRVHQWUHJDUtD
HO GRFXPHQWR HVWD YHWD GH VX ULTXH]D VL LQFXUULHQGR HQ XQ HUURU IUHFXHQWH
TXLVLpUDPRVYDORUDUORVyORFRPRODFUyQLFDKLVWyULDGHOKLVWRULDGRU\FURQLVWD
)XHQWHV\*X]PiQ+HPRVVHJXLGRHPSHURHOSURFHGLPLHQWRGHYHUDODREUD
\DODXWRUDOD5HFRUGDFLyQ\DGRQ$QWRQLRFRPRIHQyPHQRVKLVWyULFRVHOORV
PLVPRV (V FRVD EDVWDQWH VDELGD TXH HO KLVWRULDGRU FXDOTXLHU KLVWRULDGRU R
FURQLVWD HQ WDQWR TXH UHSUHVHQWD D OD pSRFD \ DO JUXSR VRFLDO GHVGH FX\D
SHUVSHFWLYDPLUDKDFLDHOSDVDGRFRQVWLWX\HHQVtXQIHQyPHQRKLVWyULFRGLJQR
GHHVWXGLR(VWHVHQFLOORSULQFLSLRWHyULFRDSOLFDGRDOD5HFRUGDFLyQ)ORULGD
FRQYLHUWHHQSUHFLRVRVPDWHULDOHVPXFKtVLPRVDVSHFWRVGHODREUDTXHYLVWRV
GHRWURPRGRDSDUHFHQFRPRHUURUHVRIDOODVGHODXWRU\GHIHFWRVGHODREUD
&DPELRVGH RSLQLyQ FRQWUDGLFFLRQHV\SUHMXLFLRV YLVWRVFRPR HOHPHQWRVGH
DFWLWXGKDQVLGRHOWHPDPHGXODUGHOFDStWXOR
6LQ HPEDUJR KHPRV TXHULGR SUHVHQWDU HO FKRTXH HQWUH ORV SUHMXLFLRV GH
FODVH\ODUHDOLGDG\HVWHSURSyVLWRKDWHQLGRTXHDFDUUHDUXQEXHQQ~PHURGH
GDWRV FRQFUHWRV DFHUFD GHO LQGLR &RQYLHQH UHWHQHUORV 6H KL]R DPSOLD
UHIHUHQFLDDOVLQFUHWLVPRUHOLJLRVRGHORVLQGtJHQDV\HQUHODFLyQFRQHOORVH
LQGLFyTXH ODUHVLVWHQFLD D ODSOHQD FULVWLDQL]DFLyQHQFXEUtD FRPRFRQWHQLGR
GH FODVH XQD UHVLVWHQFLD D OD SOHQD FRQTXLVWD HVSLULWXDO $O GHVPHQX]DU HO
SUHMXLFLRFULROOLVWDGHODLQQDWDKROJD]DQHUtDGHOLQGLRVHVHxDOySULPHURTXH
KDEtDXQDUHVLVWHQFLDDOWUDEDMRIRU]DGR\DOWUDEDMRJUDWXLWR²HQUHODFLyQFRQ
pVWH~OWLPRVHGHVFULELyHOWULEXWR²\VHJXQGRTXHWUDWiQGRVHGHWUDEDMRGH
OLEUH FRQWUDWDFLyQ VH SRGtD GLVSRQHU GH LQGLRV DXQ FRQ VDODULRV EDMtVLPRV \
FRQSDJRDGHVWDMR5HIHUHQFLDVPHQRVGHWHQLGDVKLFLPRVGHODVPLQDVFRPR

FDODPLGDGSDUDORVLQGLRVGHODVHSLGHPLDVGHYLUXHOD\GHOWUDVODGRIRU]RVR
GHWUDEDMDGRUHVGHWLHUUDIUtDDFOLPDVFiOLGRV
5HFRUGHPRVDKRUDSDUDFRPSOHWDUOD\FRQFOXLUDTXHOODDILUPDFLyQTXHVH
KL]RDOILQDOGHOSULPHUFDStWXORGHHVWHWUDEDMR6HGLMRDOOtTXHODSDWULDGHO
FULROOR WDO FRPR DSDUHFH HQ OD REUD GH )XHQWHV \ *X]PiQ QR HUD HQ PRGR
DOJXQRODSDWULDGHOLQGLR\TXHpVWHYHQtDDVHUHQUHDOLGDGVyORXQHOHPHQWR
DXQTXH LPSRUWDQWH GH OD SDWULD GH DTXpO >@ (V TXL]i RSRUWXQR FRPSOHWDU
GLFKD DVHYHUDFLyQ GLFLHQGR TXp HOHPHQWR FRQFUHWDPHQWH HV HO LQGLR HQ OD
SDWULDFULROOD1RVyORSRUTXHHOKDEHUOOHJDGRDHVWHSXQWRGHOHQVD\RSRQHDO
OHFWRU ²FDEH VXSRQHUOR UD]RQDEOHPHQWH² HQ FRQGLFLRQHV GH FRPSUHQGHU \
DFHSWDU DTXHOOD SULPHUD DILUPDFLyQ VLQR SRUTXH VH WUDWD GH FRQFOXLU XQD
VHFFLyQ GHO HQVD\R TXH SUHFLVDPHQWH YHUVD VREUH OD LGHD GHO LQGLR HQ OD
PHQWDOLGDGGHOFULROOR(QQLQJ~QOXJDUGHVXREUDDILUPDQLQLHJDHOFURQLVWD
TXHHOLQGLRVHDVXFRPSDWULRWDRTXHODSDWULD³TXHORDUUHEDWDVHDWDPELpQ
SDWULDGHOLQGLR/DUD]yQSRUODFXDOQRWRFDHVHSXQWRHVREYLDQROHSDVy
SRU OD LPDJLQDFLyQ (Q HO SDQRUDPD QRWLFLRVR GH OD 5HFRUGDFLyQ )ORULGD HO
LQGLRDSDUHFHHQXQSODQRVRFLDOSHUIHFWDPHQWHGHOLPLWDGR\FRQXQDIXQFLyQ
FODUDPHQWH GHILQLGD HV HO WUDEDMDGRU GH OD WLHUUD /D WUDEDMD SDUD Vt PLVPR
SDUD ORV KDFHQGDGRV \ GXHxRV GH ODERUHV SDUD ODV FRPXQLGDGHV UHOLJLRVDV
SDUD ORV HQFRPHQGHURV \ SDUD HO UH\ 1R HV LJXDO D ORV HVSDxROHV QL D ORV
QHJURV QL D ORV GLVWLQWRV WLSRV GH PHVWL]RV (VWi REOLJDGR D WUDEDMDU \ D
WULEXWDU/DVOH\HVKDFHQGHpOXQVXMHWRHVSHFLDOFRQGHUHFKR\REOLJDFLRQHV
GLIHUHQWHV GH ORV GH RWURV VHFWRUHV VRFLDOHV < VL HQ OD UHDOLGDG FRORQLDO
DSDUHFH HO LQGLR HQ XQ SODQR GH VXSHGLWDFLyQ FRPR JUDQ PDVD ODERUDQWH \
VHUYLOPXFKRPiVQHWDPHQWHGHILQLGR\VHJUHJDGRDSDUHFHHQODVXEMHWLYLGDG
GHOFULROOR/DOHFWXUDDWHQWDGHOD5HFRUGDFLyQQRGHMDOXJDUDGXGDVHQHVWH
SXQWR(OLQGLRHVWiDOOtSDUDVHUYLU(VDHVVXUD]yQGHVHUGHVGHHOPRPHQWR
²VLHPSUH SUHVHQWH HQ OD VXEMHWLYLGDG GHO FULROOR² HQ TXH IXH JDQDGD OD
WLHUUD(VWH~OWLPRFRQFHSWRODWLHUUDJDQDGDLQYROXFUDDOLQGLR<FXDQGRHO
FULROORWLHQHODYLYHQFLDGHOOHJDGRUHFLELGRGHVXVPD\RUHVGH³ORTXHKR\
JR]DPRV´HOLQGLRHVWiDOOtFRPRDOJRTXHH[LVWHMXQWRDODWLHUUD\H[LVWHSDUD
WUDEDMDUOD7RGRORTXHGHDOJXQDPDQHUDUHPRWDRLQPLQHQWHSRQHHQSHOLJUR
HVD ~OWLPD \ IXQGDPHQWDO FHUWLGXPEUH GH FODVH HV PRWLYR GH DODUPD \ GH
UHSUREDFLyQSDUDHOFURQLVWD(QODSDWULDGHOFULROORHOLQGLRHV\GHEHVHUHO

FRPSOHPHQWRGHODWLHUUD &DStWXOR6H[WR

(/0(67,=$-(</$6&$3$60(',$6

, /RV SULPHURV PHVWL]RV ,, (O SUREOHPD ¢FDVWDV R

FDSDV PHGLDV" ,,, /RV HVFODYRV QHJURV ,9
3URSDJDFLyQ GH PHVWL]RV 9 /D SOHEH XUEDQD 9, /D
FDSD DUWHVDQDO SURYHHGRUD 9,, /D FDSD PHGLD DOWD
XUEDQD 9,,, /DV FDSDV PHGLDV HQ OD GLQiPLFD GH
FODVHV ,;9LOODV \UDQFKHUtDV ; /DGLQRV HQ SXHEORV
GH LQGLRV ;, /DV FDSDV PHGLDV HQ OD SDWULD GHO
FULROOR

 
 ²,²
/RVSULPHURVPHVWL]RV
(QWUHODVPLQRUtDVGRPLQDQWHV²HVSDxROHV\FULROORV²\ODJUDQPXOWLWXG
RSULPLGD GH ORV LQGLRV IXH GHVDUUROOiQGRVH HQ ORV VLJORV FRORQLDOHV OD
FRPSOHMD JDPD VRFLDO GH ODV FDSDV PHGLDV /D FRQTXLVWD KDEtD GDGR SRU
UHVXOWDGRXQDVLPSOH\UtJLGDHVWUDWLILFDFLyQHQODTXHWDOHVQLYHOHVQRH[LVWtDQ
3HURGHVSXpVGHWUHVFLHQWRVDxRVDOOOHJDUODFRORQLDDVXILQ\DFRQVWLWXtDQ
ODV FDSDV PHGLDV OD WHUFHUD SDUWH GH OD SREODFLyQ WRWDO GHO UHLQR>@ +HPRV
OOHJDGRDOSXQWR HQTXHVH KDFHSUHFLVR FRQVLGHUDUDDTXHOORV VHFWRUHVSDUD
LQFRUSRUDUORVDODGLQiPLFDGHFODVHVGHODVRFLHGDGFRORQLDO
&XDQGRVHHVWXGLDQODVDFWDVGHORVSULPHUtVLPRVFDELOGRVGHODFLXGDGGH
6DQWLDJRGH*XDWHPDOD²FDELOGRVGHFRQTXLVWDGRUHVHQTXHVHKDFHPHQFLyQ
GHVDOLGDVJXHUUHUDV\HQORVTXHVHWUDWDSULQFLSDOPHQWHGHSUREOHPDVFRPR
HOUHSDUWRGHODWLHUUDHOUHSDUWRGHORVLQGLRVHOWUD]RGHODFLXGDG²OODPDOD
DWHQFLyQ HQFRQWUDUVH GH SURQWR HQ XQ FDELOGR GHO PHV GH MXOLR GH  FRQ
XQDPHQFLyQGHODVFXQDVSDUDQLxRV6tODVFXQDVDXQTXHSDUH]FDH[WUDxR6H
GLVFXWLy \ ILMy HQ HVH FDELOGR MXQWR D RWUDV WDULIDV OD GH ORV WUDEDMRV GH
UHIOH[LRQHV
/RV QLxRV TXH HQ HVH PRPHQWR QDFtDQ \ ORV TXH KDEtDQ OOHJDGR UHFLpQ
QDFLGRVDODFLXGDG²TXHHQORVSULPHURVDxRVGHEHKDEHUWHQLGRPXFKRGH
FDPSDPHQWR² IXHURQ HQJHQGUDGRV HQ HO SHUtRGR GH ODV VXEOHYDFLRQHV
LQGtJHQDV HO SHUtRGR HQ TXH OD WURSD HVSDxROD SXHVWD HQ DSXURV SRU OD
UHEHOLyQ DQGXYR HUUiWLFD DWDFDQGR \ VHJXUDPHQWH UHSOHJiQGRVH SRU
WHPSRUDGDVVLQSRGHUHVWDEOHFHUVHHQXQOXJDUGHILQLWLYR>@)XHURQKLMRVGHOD
YLROHQFLD HQJHQGUDGRV HQ HO RGLR \ HQ HO PLHGR (O UDSWR \ OD YLRODFLyQ GH
PXMHUHVLQGtJHQDVGXUDQWHODFRQTXLVWDIXHXQIHQyPHQRWDQIUHFXHQWHFRPRHO
URER GH DOLPHQWRV GH MR\DV GH RWURV ELHQHV ,JXDO LPSXQLGDG SUHVLGtD WRGDV
HVDVIRUPDVGHSLOODMH>@(QHOMXLFLRTXHVHOHVLJXLyD$OYDUDGRHQ0p[LFR
²²QRVHOHDFXVy~QLFDPHQWHSRUURERV\YLROHQFLDVLQQHFHVDULDVFRQ
LQGLRV \ KDVWD FRQ HVSDxROHV VLQR WDPELpQ SRU XOWUDMHV GH FDUiFWHU VH[XDO \
SRUFUtPHQHVFRPHWLGRVHQORVLQGLRVSDUDDUUHEDWDUOHVVXVPXMHUHV>@1RKD\
QLQJ~Q PRWLYR SDUD VXSRQHU TXH ORV FRPSDxHURV GH DUPDV GH ³GRQ 3HGUR´
DGRSWDUDQSURFHGLPLHQWRVPHQRVGLUHFWRVSDUDUHVROYHUHODSUHPLRVH[XDOHQ
PHGLR GH XQ PXQGR HQHPLJR 3HUWHQHFH DO PiV ULGtFXOR JpQHUR QRYHOHVFR \
SRUQRJUiILFRWRGRORTXHVHKDIDQWDVHDGRDFHUFDGH³ODKHPEUDLQGtJHQDTXH
WUpPXOD\FXULRVDDEUtDVXUHJD]RDORVVHPLGLRVHVEDUEXGRVUHQGLGDSRUOD
VHGXFFLyQGHORVYHQFHGRUHVHWFHWF´ >@)DQWDVtDVPX\GHOJXVWRGHDXWRUHV
FDUSLQWHUtD \ TXHGy FRQVLJQDGR TXH ORV FDUSLQWHURV QR FREUDUtDQ PiV GH XQ
SHVRSRUKDFHU³XQDFXQDSDUDQLxRV´>@+DEtDVHFRPHQ]DGRODFRQVWUXFFLyQ
GHODFLXGDGHQHOYDOOHGH$OPRORQJDVyORVLHWHPHVHVDQWHV²IXHDVHQWDGD
FRPR VH VDEH HO  GH 1RYLHPEUH GH ²>@ \ HUD QDWXUDO TXH VH
GLVFXWLHUD MXQWR DO UHSDUWR GH VRODUHV \ ORV SUREOHPDV UHODWLYRV D OD
FRQVWUXFFLyQ GH YLYLHQGDV HO SUREOHPD GHO PHQDMH GH HVWDV ~OWLPDV PHVDV
VLOODVDUFDVSXHUWDV>@/DH[FHVLYDGHPDQGDGHTXHHUDREMHWRHOWUDEDMRGH
ORVDUWHVDQRV\HOFRUWRQ~PHURGHpVWRV²WRGDYtDHUDQDUWHVDQRVHVSDxROHV
TXHKDEtDGHMDGRODHVSDGD\ODEDOOHVWDSDUDDSOLFDUVHDO\XQTXH\DODVLHUUD
²IXHFDXVDGHTXHSUHWHQGLHUDQFREUDUSUHFLRVGHPDVLDGRHOHYDGRVSRUVXV
SURGXFWRV \ GH TXH HO FDELOGR SRQLpQGROHV FRWR ILMDUD ODV WDULIDV
PHQFLRQDGDV(VDHVFRQGLGDPHQFLyQGHOPXHEOHTXHVHKDFHQHFHVDULRGRQGH
KD\ VHUHV KXPDQRV UHFLpQ QDFLGRV VXJLHUH GH SDVDGD ODV VLJXLHQWHV

\OHFWRUHVFRQODPDVJURVHUDPHQWDOLGDGFULROOLVWDSRUVXSXHVWR/DVIXHQWHV
KLVWyULFDV QR RIUHFHQ QLQJ~Q SXQWR GH DSR\R D WDOHV VXHxRV HUyWLFRV \
SUHVHQWDQ SRU HO FRQWUDULR XQ FXDGUR GH VXPD FUXHOGDG SRU SDUWH GH ORV
FRQTXLVWDGRUHV\GHRGLRVXSUHPRSRUSDUWHGHORVLQGLRV>@&RQ HVDV EDVHV
GHEHVXSRQHUVHTXHDOLJXDOTXHHQWRGDVODVJXHUUDVGHFRQTXLVWDFRQRFLGDV
ODV PXMHUHV GH ORV YHQFLGRV GHEHQ KDEHU HVWDGR KRUURUL]DGDV FRQ HO
DFXFKLOODPLHQWRGHVXVKRPEUHV²KLMRVSDGUHVHVSRVRV²LGHQWLILFDGDVFRQ
ORVYDORUHVGHVXVRFLHGDG\KRQGDPHQWHFRQWXUEDGDVDQWHHOGHUUXPEHGHVX
PXQGR\ODSHUVSHFWLYDGHODHVFODYLWXG
6LQHPEDUJRHOFDELOGRFLWDGRUHIOHMDXQPRPHQWRTXH\DQRHVHOGHODV
JUDQGHVFDUQLFHUtDV6HKDHQWUDGRHQHOSHUtRGRGHORVFUtPHQHVFRQPRWLYR
GHODH[SORWDFLyQHVFODYLVWDLQWHQVLYDSHUtRGRWDPELpQVDQJULHQWRSHURFRQXQ
FDUiFWHUGLIHUHQWH6HHVWiQFRQVWUX\HQGRYLYLHQGDVHQODVTXHYDQDFRKDELWDU
SRU OR SURQWR \ HQ WDQWR OOHJDQ PXMHUHV HVSDxRODV ORV FRQTXLVWDGRUHV \ ODV

LQGLDV TXH OHV VLUYHQ /D PHQFLyQ GH ODV FXQDV HQ OD WDULID GH FDUSLQWHURV
GHODWDGLFKDFRQYLYHQFLDSRUTXHODFXQDHVXQPXHEOHHXURSHRQRXVDGRSRU
ORVLQGLRV>@\QRVHKXELHUDKHFKRQHFHVDULRVLORVSULPHURVQLxRVPHVWL]RV
HQ XQLyQ GH VXV PDGUHV KXELHVHQ SHUPDQHFLGR HQ ODV YLYLHQGDV QDWLYDV 6H
HVWiIUHQWHDXQWLSRGHIDPLOLDPX\SHFXOLDULPSURYLVDGD\SURYLVLRQDOTXH
VHUiDEDQGRQDGDSRFRWLHPSRGHVSXpV
(QHOFXUVRGHODVGpFDGDVWHUFHUD\FXDUWDGHOVLJOR ;9,OOHJDURQPXMHUHV
HVSDxRODV HQ JUXSRV LPSRUWDQWHV D OD QXHYD FRORQLD (Q $EULO GH 
UHJUHVDQGRGHVXVHJXQGRYLDMHD(VSDxD$OYDUDGROHGLULJLyDO$\XQWDPLHQWR
GH*XDWHPDODXQDFXULRVDFDUWDFRPXQLFDKDEHUOOHJDGRD3XHUWR&DEDOORVHQ
WUHVQDYtRVFRQPXFKDJHQWHSLGHLQGLRVSDUDWUDVODGDUVH\QRGHVFRQRFLHQGR
ODV HVSHUDQ]DV GH VXV FDPDUDGDV ORV HQWXVLDVPD LQIRUPiQGROHV TXH GRxD
%HDWUL] VX HVSRVD WUDH SRU FRPSDxtD ³« YHLQWH GRQFHOODV PX\ JHQWLOHV
PXMHUHVKLMDV GH FDEDOOHURVGHPX\EXHQRVOLQDMHV«´>@&XDWUR DxRVPiV
WDUGHVHWLHQHQRWLFLDGHODOOHJDGDGHXQDQDYHSURFHGHQWHGH6DQ/XFDUGH
%DUUDPHGDTXHWUDHSRUFDUJDPHQWR³PXFKDVPXMHUHVGH&DVWLOOD´>@
/DV OH\HV HVSDxRODV QR VROR DXWRUL]DEDQ HO PDWULPRQLR HQWUH LQGtJHQDV \
HVSDxROHVVLQRTXHUHFRPHQGDEDQQRSRQHULPSHGLPHQWRDWDOHVPDWULPRQLRV
GDQGRSRUVXSXHVWRTXHKDEUtDQGHFDVDUVHQRVRODPHQWHHVSDxROHVFRQLQGLDV
VLQR WDPELpQ LQGLRV FRQ HVSDxRODV>@ (VDV VDQDV GLVSRVLFLRQHV QR
PRGLILFDEDQ HPSHUR OD UHDOLGDG LQGLDQD 6REUH ODV EDVHV GH OD HVFODYLWXG
FUHDGD SRU OD FRQTXLVWD HUD GHO PD\RU LQWHUpV SDUD ORV FRQTXLVWDGRUHV
PDQWHQHU\DKRQGDUODVGLIHUHQFLDVHQWUHORVGRVJUXSRVYHGDUOHVDORVLQGLRV
HO DFFHVR DO SODQR HFRQyPLFR \ FXOWXUDO GH ORV HVFODYLVWDV \ VXPLUORV HQ OD
LQIHULRULGDG 3RU WDO PRWLYR ORV HVSDxROHV QR VH XQLHURQ FRQ ODV PXMHUHV
LQGLDVQRVHDVRFLDURQPDULWDOPHQWHFRQHOODVVLQRTXH~QLFDPHQWHXVDURQGH
HOODV QR FUHDURQ FRQ HOOR XQ DFHUFDPLHQWR VRFLDO VLQR GLHURQ XQD
GHPRVWUDFLyQGHODGLVWDQFLDTXHKDEtDHQWUHODFODVHGHODVHVFODYDV\ODGH
VXVDPRV(VLQWHUHVDQWHUHFRUGDUDHVWHUHVSHFWRTXHWRGDYtDHQHOPRPHQWR
GH ODV /H\HV 1XHYDV DO VHU DEROLGD OD HVFODYLWXG KXER TXH OHJLVODU
SURKLELHQGRHVWULFWDPHQWHHOGDUOHPXHUWHDORVLQGLRV\HOYLRODUDVXVPXMHUHV
HKLMDV>@
3RVWHULRUPHQWH DO LQVWDXUDUVH HO UpJLPHQ GH VHUYLGXPEUH IXH PX\
IUHFXHQWH HO FRQFXELQDWR GH HVSDxROHV R FULROORV FRQ PXMHUHV LQGLDV QR \D

FRPR FRQVHFXHQFLDV GHO GRPLQLR GLUHFWR VREUH VXV SHUVRQDV VLQR FRPR
UHVXOWDGR GH OD SUHVLyQ HMHUFLGD GHVGH HO SODQR GH ORV VHxRUHV VREUH ODV
PXMHUHV GH OD FODVH VHUYLO 6H GHVDUUROOy OR TXH FRQ WRGD SURSLHGDG SXHGH
OODPDUVH XQ ³PHVWL]DMH IHXGDO´ WUD\HQGR FRQ HVH FRQFHSWR D OD PHPRULD ORV
DEXVRV TXH HQ HO IHXGDOLVPR FHQWURHXURSHR SRGtD SHUPLWLUVH HO VHxRU VREUH
ODVPXMHUHVGHORVVLHUYRV²VLQROYLGDUHOFpOHEUH³GHUHFKRGHSHUQDGD´>@
%DMR HO IHXGDOLVPR FRORQLDO VH GLHURQ ODV FRQGLFLRQHV JHQHUDOHV GH SUHVLyQ
HFRQyPLFD\VRFLDOSDUDTXHFRPRIHQyPHQRUHLWHUDGRORVYDURQHVGHOJUXSR
WHUUDWHQLHQWHSXGLHUDQVHUYLUVHVH[XDOPHQWHGHODVPXMHUHVLQGtJHQDV>@
'RV KHFKRV KD\ TXH VHxDODU \ UHWHQHU HQ UHODFLyQ FRQ HVWH SUREOHPD
3ULPHURTXHHOFRQF~ELWRGHHVSDxRORFULROORFRQLQGLD²DOTXHOODPDUHPRV
PHVWL]DMHLQLFLDODXQTXHVHSURGXMRGXUDQWHWRGRHOFRORQLDMH²VHGHVDUUROOy
DO PDUJHQ GHO PDWULPRQLR \ IXH HQ GHILQLWLYD XQD SHFXOLDU IDFHWD GH OD
RSUHVLyQFRORQLDO<VHJXQGRTXHHOLQFUHPHQWRQXPpULFRGHORVPHVWL]RVVH
GHELyPiVTXHDOPHVWL]DMHLQLFLDODODPXOWLSOLFDFLyQGHPHVWL]RVHQWUHVt\
UHODFLRQiQGRVH FRQ RWURV JUXSRV IHQyPHQR DO TXH KHPRV GH UHIHULPRV PiV
DGHODQWH
'H ORV PHVWL]RV LQGLDQRV VH RSLQDED HQ JHQHUDO OR VLJXLHQWH ³« ORV
PHVWL]RVWLHQHQEXHQWDOOHDXQTXHHQDOJRVHGLIHUHQFLDQGHORVFDVWHOODQRV
VRQ FRP~QPHQWH QRYHOHURV FKLVPHURV PHQWLURVRV \ JORWRQHV DXQTXH KD\
PXFKRV YLUWXRVRV´>@ /D SULPHUD SDUWH GH HVH MXLFLR UHODWLYD D VX EXHQD
GLVSRVLFLyQ ItVLFD FRPXQLFD DOJR TXH SRGtD VXSRQHUVH WUDWiQGRVH GH OD
SULPHUD JHQHUDFLyQ GH PHVWL]RV QR WHQtDQ pVWRV SRU TXp DGROHFHU GH PDOD
FRQVWLWXFLyQSXHVWRTXHHUDQKLMRVGHPXMHUHVVDQDVVHJXUDPHQWHWRPDGDVGH
HQWUH OD MXYHQWXG GH OD DULVWRFUDFLD LQGtJHQD \ HQ WRGR FDVR QR H[SXHVWDV
WRGDYtDDORVGDxRVGHODSREUH]DTXHVHSDGHFLyHQPXFKDVUHJLRQHVGHOUHLQR
GXUDQWHODFRORQLD/DVHJXQGDSDUWHDQXQFLDDOJRTXHHVGHPXFKRLQWHUpVORV
PHVWL]RVSUHVHQWDQGHVGHHOPRPHQWRGHVXDSDULFLyQORVUDVJRVSURSLRVGH
XQ VHFWRU VRFLDO GLVORFDGR XQ JUXSR TXH WLHQH IUHQWH D Vt OD WDUHD GH LU
HQFRQWUDQGR FRQIRUPH YD FUHFLHQGR VX DMXVWH \ DFRPRGR HQ XQD VRFLHGDG
FX\DV JUDQGHV SLH]DV HVWUXFWXUDOHV SUHH[LVWHQWHV \ SHUIHFWDPHQWH GHILQLGDV
YDQDRIUHFHUOHXQFDPSRGHGHVDUUROORPX\HVWUHFKR/RVPHVWL]RVQRHUDQQL
TXHUtDQ VHU LQGLRV VLHUYRV 7DPSRFR HUDQ QL SRGtDQ VHU VHxRUHV SXHV QR
KHUHGDEDQ WLHUUDV QL JR]DEDQ GHO DSR\R GH FODVH QHFHVDULR SDUD REWHQHUODV

(UDQWUDEDMDGRUHVOLEUHVTXHWHQtDQTXHHQFRQWUDUXQWUDEDMR~WLODODVRFLHGDG DOJXLHQTXHQRHVVLHUYR\WDPSRFRHVVHxRU\FRPRVXSRVLFLyQGHKRPEUH
\UHPXQHUDGRSRUHOOD(VWRHUDGHSRUVtXQSUREOHPDSHURVHYHtDDJUDYDGR OLEUH\UHVHQWLGRSXHGHVHUJHUPHQGHDJLWDFLyQHQWUHORVLQGLRVVHOHRUGHQD
SRU WUHV IDFWRUHV TXH DGHODQWH HVWXGLDUHPRV HQ VXV HIHFWRV HO DXPHQWR VDOLUGHORVSXHEORV\YLYLUHQODVFLXGDGHV
LQFHVDQWH GHO Q~PHUR GH PHVWL]RV HO OHQWtVLPR GHVDUUROOR HFRQyPLFR GH OD 5HSHWLGDV H LQ~WLOHV VHUiQ ODV yUGHQHV GH DLVODU D ORV PHVWL]RV GH ORV
VRFLHGDG FRORQLDO ²FRQ HVWDQFDPLHQWR \ FULVLV HQ VX ~OWLPD HWDSD² \ XQD LQGLRV>@(QHOFXUVRGHWUHVFHQWXULDVLUiQFREUDQGRLPSRUWDQFLDQRVyORHQ
SROtWLFD EORTXHDGRUD SDUD HVWRV QXHYRV VHFWRUHV SRU SDUWH GH ORV JUXSRV ORV SXHEORV VLQR HQ ODV FLXGDGHV ODV KDFLHQGDV ODV PLQDV ODV IHULDV ODV
GRPLQDQWHV3DGHFLHQGRSXHVJUDQHVWUHFKH]HFRQyPLFD\SRUHQGHWDPELpQ VDOLQDVORVFXDUWHOHVGHVDUUROODQGRXQDLPSRUWDQWHDFWLYLGDGHFRQyPLFDHQOD
GHLQVWUXFFLyQ\SUHSDUDFLyQJHQHUDOODJUDQPD\RUtDGHHOORVWXYRTXHKDFHU DJULFXOWXUD \ OD JDQDGHUtD DVt FRPR HQ ODV DUWHVDQtDV HO WUDQVSRUWH \ HO
GHODH[LVWHQFLDXQDSHUPDQHQWHLPSURYLVDFLyQ\XQDDYHQWXUD/DOXFKDSRUOD FRPHUFLR PHQRU $OJXQRV VHUiQ PDHVWURV GH GLVWLQWRV RILFLRV \ PXFKtVLPRV
VXEVLVWHQFLD HQ XQ PHGLR DGYHUVR ORV REOLJy D VHU PX\ DVWXWRV GDGRV D OD VHUiQSHRQHV$OJXQRVVHUiQFDSRUDOHV\YDTXHURV\XQDHQRUPHPD\RUtDVHUi
LQWULJDLUULWDEOHV\DJUHVLYRVSRFRGLVFLSOLQDGRV\GHFULWHULRVPRUDOHVPX\ GH PtVHURV FRORQRV HQ ODV UDQFKHUtDV GH ODV KDFLHQGDV 7RGR HVWR WHQGUHPRV
HOiVWLFRV (VWDV FDUDFWHUtVWLFDV TXH ORV JUXSRV GRPLQDQWHV FULWLFDURQ FRPR TXHDQDOL]DUORPiVDGHODQWHFXDQGR\DQRHVWHPRVYLHQGRDORVPHVWL]RVFRPR
IXHQWHGHPROHVWLDV\FRQWUDWLHPSRVSDUDHOORVHUDQFRQVHFXHQFLD\H[SUHVLyQ JUXSR pWQLFR HPHUJHQWH VLQR FRPR FRQILJXUDGRUHV GH JUXSRV VRFLR
GHOGUDPDTXHYLYtDODPD\RUtDGHORVPHVWL]RVVHJ~QVHLUiYLHQGRFRQIRUPH HFRQyPLFRV
ORVFRQR]FDPRVPHMRU
(Q OD FDUWD HQ TXH HO SULPHU 2ELVSR GH *XDWHPDOD GRQ )UDQFLVFR
0DUURTXtQOHFRPXQLFDDOHPSHUDGRUODLQHVSHUDGD\FHUFDQDPXHUWHGH3HGUR
GH$OYDUDGR\GHVXHVSRVD²HVVDELGRTXHPXULHURQORVGRVHQ²KDFH
OD SHQRVD REVHUYDFLyQ GH TXH HO DGHODQWDGR VROR GHMy KLMRV LOHJtWLPRV ³«
'LRV1XHVWUR6HxRUQRIXHVHUYLGRTXHHOORVGH[DVHQOHJtWLPRKHUHGHURV\QR
EDVWDUGRV´>@ 6LHWH DxRV PiV WDUGH HO 2ELVSR VH GLULJH DO PRQDUFD SDUD
LQIRUPDUOH TXH HQ OD FLXGDG KD\ PXFKRV PHVWL]RV \ PHVWL]DV \ TXH HV
FRQYHQLHQWH WRPDU PHGLGDV SDUD LQGRFWULQDUORV \ SDUD TXH ODV PXMHUHV VH
FDVHQ>@ &LQFR DxRV GHVSXpV XQD 5HDO &pGXOD VH UHILHUH D ORV PHVWL]RV
KXpUIDQRV\SLGHLQIRUPDFLyQVREUHVXHVWDGR\VREUHORTXHFRQYHQGUtDKDFHU
FRQHOORVVXJLHUHODSRVLELOLGDGGHHQYLDUORVD(VSDxDDDSUHQGHURILFLRV>@
'RFHDxRVPiVWDUGH²HQ²RWUDFpGXODGLVSRQH³«4XHORVKLMRVGH
HVSDxROHVHLQGLDVTXHDQGXYLHVHQSHUGLGRVHUHFRMDQ\VDTXHQGHHQWUHORV
LQGLRV WUD\pQGRORV D YLYLU D ODV FLXGDGHV GH HVSDxROHV´>@ +H DKt D ORV
PHVWL]RV GH OD SULPHUD JHQHUDFLyQ GHVFXEULpQGRVH D Vt PLVPRV FRPR
EDVWDUGRVHQXQiPELWRVRFLDOTXHQRKDEtDFRQWDGRFRQVXDSDULFLyQ\TXHORV
DFRJH FRQ FLHUWD SHUSOHMLGDG 1R VH VDEH TXp GHVWLQR FRQYHQGUi DVLJQDUOHV
DXQTXH \D VH YLVOXPEUD TXH ODV SULPHUDV JHQHUDFLRQHV WRPDUiQ HO FDPSR GH
ODV DUWHVDQtDV \ RWURV RILFLRV TXH ORV HVSDxROHV LUiQ GHMDQGR +D DSDUHFLGR

 
 ²,,²
(OSUREOHPD¢FDVWDVRFDSDVPHGLDV"
(QVXHWDSDLQLFLDOIXHHOPHVWL]DMHXQIHQyPHQRUHODWLYDPHQWHVLPSOHSHUR
OOHJyD VHUGHXQD FRPSOHMLGDGLQH[WULFDEOHHQHWDSDVXOWHULRUHV9HLQWH DxRV
GHVSXpV GH OD FRQTXLVWD FXDQGR Vp KDFtD DGXOWD OD SULPHUD JHQHUDFLyQ GH
PHVWL]RV OD JUDQ UHIRUPD GH ODV /H\HV 1XHYDV SURPRYLy OD LQWURGXFFLyQ GH
HVFODYRVDIULFDQRV²FRPRVHUHFRUGDUi²+L]RHQWRQFHVVXLQJUHVRHOWHUFHU
HOHPHQWR pWQLFR GHO PHVWL]DMH FRORQLDO ORV QHJURV 'H ODV XQLRQHV HQWUH ORV
WUHVHOHPHQWRVUDFLDOHVEiVLFRV²HVSDxROHVLQGLRV\QHJURV²VXUJLHURQWUHV
WLSRV GH PHVWL]RV TXH WDPELpQ SRGHPRV OODPDU EiVLFRV HO SURFUHDGR SRU
HVSDxRO FRQ LQGLD DO TXH VH OODPy SURSLDPHQWH ³PHVWL]R´ HO SURFUHDGR SRU
HVSDxROFRQQHJUDDOTXHVHOODPy³PXODWR´HOSURFUHDGRSRUQHJURFRQLQGLD
DO TXH VH OODPy ³]DPER´ (VSDxROHV R FULROORV LQGLRV DIULFDQRV PHVWL]RV
PXODWRV\]DPERVPH]FOiQGRVHHQWUHVtSURFUHDURQVHUHVGHIyUPXODVpWQLFDV
YDULDGtVLPDV WRGRV ORV FXDOHV DXPHQWDQGR HQ Q~PHUR GXUDQWH OD FRORQLD
FRQVWLWX\HURQHOHOHPHQWRKXPDQRGHODVFDSDVPHGLDVGH
DTXHOODVRFLHGDG/DQHFHVLGDGGHGLVWLQJXLUDWRGRHVWHFRQMXQWRSHVHD
VX FRPSOHMLGDG GH ORV HOHPHQWRV UDFLDOHV EiVLFRV GLR RULJHQ D XQD
VLPSOLILFDFLyQ TXH FLHUWR GRFXPHQWR UHVXPH HQ ODV VLJXLHQWHV SDODEUDV (O
'HEH DQRWDUVH SDUD FRPHQ]DU TXH OD OHJLVODFLyQ LQGLDQD KDFtD
GLIHUHQFLDFLRQHV PX\ SUHFLVDV SDUD TXH ODV FDVWDV ²DVt VH GHQRPLQDED DO
FRQMXQWR GH ORV VHFWRUHV PHVWL]RV² QR IXHUDQ FRQIXQGLGDV QL WUDWDGDV HQ XQ
SODQRGHLJXDOGDGFRQORVHVSDxROHV\FULROORVQLFRQORVLQGLRV5HVSHFWRGH
HVWRV ~OWLPRV KDOOiEDQVH ODV FDVWDV HQ YHQWDMD SXHV QR HVWDEDQ REOLJDGDV D
WULEXWDU>@WHQtDQOLEHUWDGSDUDWUDVODGDUVHDYLYLUGHXQOXJDUDRWUR>@\VXV
LQGLYLGXRV SRGtDQ FRQWUDWDU VX WUDEDMR HQ GRQGH \ FRQ TXLHQ OHV FRQYLQLHUD
5HVSHFWR GH HVSDxROHV \ FULROORV HQ FDPELR ODV FDVWDV VH KDOODEDQ HQ
GHVYHQWDMD 1R WHQtDQ DFFHVR D FDUJRV S~EOLFRV OHV HVWDEDQ YHGDGDV FLHUWDV
RFXSDFLRQHV \ ODV SHQDV SDUD XQ PLVPR GHOLWR HUDQ PiV GXUDV VL HO UHR
SHUWHQHFtDDXQDFDVWD(VELHQVDELGRTXHHOGHUHFKRLQGLDQRIXHXQGHUHFKR
HVWDPHQWDULR HQ TXH VH KDFtD GLIHUHQFLD HQWUH ORV VXMHWRV GH DFXHUGR FRQ VX
FRQGLFLyQVRFLDO>@(VPX\IUHFXHQWHHQFRQWUDUHQODGRFXPHQWDFLyQFRORQLDO
GLVSRVLFLRQHVTXHGLVFULPLQDQDPHVWL]RVPXODWRV\DWRGDOD³JHQWHGHFRORU
TXHEUDGR´ ²FRPR WDPELpQ VH XVDED GHFLU²>@ SULYiQGROD GH FLHUWRV
GHUHFKRV \ DVLJQiQGROH SHQDV LQIDPDQWHV SRU GHOLWRV TXH VROR RFDVLRQDEDQ
PXOWDVFXDQGRHUDQFRPHWLGRVSRUHVSDxROHV>@(ORUGHQDPLHQWRMXUtGLFRGH
OD GRPLQDFLyQ HVSDxROD HQFXDGUy UtJLGDPHQWH D ORV PHVWL]RV SRU VREUH ORV
LQGLRV\SRUGHEDMRGHSHQLQVXODUHV\FULROORV
9DULRV DXWRUHV KDQ VHxDODGR TXH ODV FDVWDV QR FRQVWLWXtDQ FODVHV < HV
FLHUWR1LQJXQRGHORVJUXSRVPHVWL]RVFRQVLGHUDGRHQVtPLVPRQLHOFRQMXQWR
GHHOORVFRQILJXUDEDXQDFODVHVRFLDO/DVFDVWDVHUDQHVSHFLILFDFLRQHVpWQLFDV
EODQFRFRQHOLQGLRGDHOPHVWL]R\VLpVWHSURGXFHSRUSURFUHD60FRQ TXHODOHJLVODFLyQFRORQLDOVHLQWHUHVyHQGHILQLUQRWDQWRFRQHOSURSyVLWRGH
EODQFR UHVXOWD HO FDVWL]R TXH XQLGR DO EODQFR VX SUROH SDVD \D SRU EODQFD GLVWLQJXLUDXQDVGHRWUDVVLQRSDUDGLVWLQJXLUODVDWRGDVHOODVGHORVLQGLRV\
VLHQGR VDOWR DWUiV £D PH]FOD GHO PHVWL]R R HO FDVWL]R FRQ FXDOHVTXLHUD RWUD GHORVHVSDxROHVPDUFiQGROHVXQiUHDSURSLDGHREOLJDFLRQHV6LQHPEDUJR
UD]D/DEODQFDFRQHOQHJURGDHOPXODWR \ HOQHJUR FRQ HO LQGLRHO]DPER QR SRGHPRV FRQIRUPDPRV FRQ GHMDU DVHQWDGR OR DQWHULRU SRUTXH VL ELHQ HV
(VWDV VRQ ODV UD]DV FDOLILFDGDV \ FRP~QPHQWH FRQRFLGDV HQ HO SDtV « /DV
PH]FODV VXEVHFXHQWHV GH ODV SHUVRQDV PL[WDV VRQ LQDFDEDEOHV H
LQQRPLQDGDV«´>@
3RU IRUWXQD QR VRQ ORV PDWLFHV pWQLFRV ORV TXH D QRVRWURV QRV LQWHUHVDQ
VLQR ORV JUXSRV VRFLDOHV HQ VX SURFHVR \ HQ VX DFFLyQ FRUUHODWLYD WRGR HOOR
GHWHUPLQDGRSRUIDFWRUHVHFRQyPLFRVTXHQRWLHQHQQDGDTXHYHUFRQODUD]DQL
FRQHOFRORUGHODSLHO

FLHUWRTXHODVFDVWDVQRHUDQFODVHVQRHVPHQRVFLHUWRSRURWURODGRTXHHO
HOHPHQWR KXPDQR TXH ODV FRQVWLWXtD DJUXSDGR SRU HIHFWR GH VXV GLVWLQWDV
IXQFLRQHVHLQWHUHVHVHFRQyPLFRVSXGRKDEHUFRQILJXUDGRFDSDVRFODVHVFRQ
DEVROXWD LQGHSHQGHQFLD GH ODV IyUPXODV pWQLFDV $~Q PiV HO PHUR KHFKR GH
DILUPDU TXH ODV FDVWDV QR HUDQ FODVHV VLQ GDU PiV H[SOLFDFLyQ SDUHFH XQD
WULTXLxXHODHQFDPLQDGDDGHMDUODLPSUHVLyQGHTXHHQODVRFLHGDGFRORQLDOQR
KDEtD FODVHV VLQR FDVWDV <D VH WUDWH GH XQD IDODFLD R GH VLQFHUD
VXSHUILFLDOLGDGQRYDPRVQRVRWURVDGHJOXWLUWDQLQVLJQHStOGRUD$OFRQWUDULR

9DPRVDGHGLFDUHVWHFDStWXORDODLQGDJDFLyQGHVLHOGHVDUUROORGHOPHVWL]DMH SURSLHGDG WDPSRFR UHFRQRFHQ LQWHUHVHV HFRQyPLFRV FRPXQHV QL UHDFFLRQDQ
QRFRQILJXUyDOPDUJHQGHODVFDVWDV\GHWRGDGLIHUHQFLDFLyQUDFLDOJUXSRV FRQ OD VROLGDULGDG TXH HV SURSLD GH ODV FODVHV ²VL ELHQ HV FLHUWR TXH HQ
VRFLRHFRQyPLFRV FODVHV R FDSDV VRFLDOHV FX\D DFWXDFLyQ SXHGD KDEHU VLGR GHWHUPLQDGDV VLWXDFLRQHV KLVWyULFDV DUUDVWUDGDV ODV FDSDV SRU ODV FODVHV
LPSRUWDQWH HQ OD GLQiPLFD GHO FRQMXQWR FRORQLDO 6L OD LQGDJDFLyQ DUURMD SXHGHQDFWXDUHQXQDGLUHFFLyQEDVWDQWHSUHFLVD²
UHVXOWDGRVSRVLWLYRVWUDWDUHPRVHQODVHJXQGDSDUWHGHOFDStWXORGHDQDOL]DU < ILQDOPHQWH TXLQWD 6DEHPRV GH DQWHPDQR TXH QXHVWUR DQiOLVLV QRV
ODV UHODFLRQHV GLQiPLFDV H[LVWHQWHV HQWUH ORV JUXSRV PHGLRV TXH KD\DPRV OOHYDUiDODFRQFOXVLyQGHTXHORVPHVWL]RVQRIRUPDURQFODVHVVLQRFDSDV²
SRGLGRGHILQLU\ODVWUHVJUDQGHVIXHU]DVGHODVTXHKHPRVYHQLGRKDEODQGROD HQ FX\R VHQR PDGXUDED HYHQWXDOPHQWH XQD FODVH VRFLDO² 6LQ HPEDUJR HVD
FODVH GH ORV FULROORV OD FODVH GH ORV LQGLRV \ OD PRQDUTXtD HVSDxROD FRQFOXVLyQQRQRVGLFHQDGDVLQROOHJDPRVDHOODGDQGRORVSDVRVQHFHVDULRV
UHSUHVHQWDGD SRU VXV IXQFLRQDULRV (VWD VHFFLyQ GHO OLEUR SXHGH UHVXOWDU PiV \ GDUORV HV OD ~QLFD PDQHUD GH FRPHQ]DU D FRPSUHQGHU DXQTXH VROR VHD HQ
DPSOLD TXH ODV TXH OH SUHFHGHQ \ VLJXHQ SHUR QR LPSRUWD TXHUHPRV KDFHU IRUPDHOHPHQWDOODYHUGDGHUDVLJQLILFDFLyQKLVWyULFDGHHVRTXHFRQIXVDPHQWH
HQWUDUDODHVFHQDXQRWUDVRWUR\YHUORVGHVSXpVUHXQLGRV\HQDFFLyQDWRGRV OODPDPRVPHVWL]DMHUHIHULGRDODFRORQLD
ORVSHUVRQDMHVGHOGUDPD
4XHGHQKHFKDVXQDVLQGLFDFLRQHVUiSLGDV
3ULPHUD /ODPDUHPRV PHVWL]RV ²SXHV HVR HUDQ² \ QR ³FDVWDV´ D ORV
HOHPHQWRVKXPDQRVRULJLQDGRVSRUODPH]FODGHODVUD]DVDUULEDPHQFLRQDGDV
8VDUHPRV HO WpUPLQR ODGLQRV HQ HO VHQWLGR TXH \D FRPHQ]DED D HPSOHDUOR
)XHQWHV\*X]PiQ\TXHOOHJyDJHQHUDOL]DUVHGXUDQWHODFRORQLDSDUDGHVLJQDU
DSHUVRQDVRFRQMXQWRVGHSHUVRQDVTXHQRHUDQLQGLDVQLHVSDxRODVRFULROODV
(OFRQFHSWRGHODGLQRVHVPiVDPSOLRTXHHOGHPHVWL]RVSRUTXHLQFOX\HDORV
QHJURV>@
6HJXQGD (O FRQFHSWR ODGLQR HV QHJDWLYR SXHV VH UHILHUH D WRGDV ODV
SHUVRQDV TXH HQ OD VRFLHGDG FRORQLDO QR HUDQ LQGtJHQDV QL HVSDxRODV R
GHVFHQGLHQWHVSXURVGHHVSDxROHV,QGLFDXQDVXPDGHSHUVRQDVVLQHVSHFLILFDU
VXV FDUDFWHUtVWLFDV 1XHVWUR WHPD FRQVLVWH SUHFLVDPHQWH HQ VHxDODU OD
H[LVWHQFLDGHJUXSRVHVSHFtILFRVHQWUHORVODGLQRVORFXDOH[FOX\HWRWDOPHQWH
OD SRVLELOLGDG GH TXH HQ QLQJ~Q PRPHQWR FRQVLGHUHPRV D OD VXPD GH ORV
ODGLQRVFRPRXQJUXSRVRFLDO
7HUFHUD 6HJXLPRV HPSOHDQGR HO FRQFHSWR GH FODVH VRFLDO WDO FRPR IXH
GHILQLGR HQ HO VHJXQGR DSDUWDGR GHO SUyORJR GH HVWH OLEUR &RQYLHQH WHQHUOR
PX\FODUR
&XDUWD(QWHQGHPRV SRUFDSD VRFLDO²GLIHUHQFLiQGRODGHOD FODVH VRFLDO
²XQJUXSRQXPHURVRGHSHUVRQDVTXHHQXQDVRFLHGDGSUHVHQWDQXQQLYHOGH
ULTXH]D R GH SREUH]D VHPHMDQWH SHUR TXH GHELGR D TXH QR GHVHPSHxDQ XQD
IXQFLyQ HFRQyPLFD FRP~Q \ ELHQ GHILQLGD HQ HO UpJLPHQ GH SURGXFFLyQ \ GH

 
 ²,,,²
/RVHVFODYRVQHJURV
(OHVWUDWRPiVEDMR\PiVDPSOLRGHODVRFLHGDGFRORQLDOORIRUPDEDQORV
LQGLRVFRPXQHVGHTXLHQHVSRUHVRPLVPRVHKDKHFKR\VHKDUiKDVWDHOILQDO
GHHVWHOLEUREiVLFDUHIHUHQFLDODtQILPDPXOWLWXGGHORVPDVHJXDOHVRLQGLRV
FRUULHQWHVVLQSURSLHGDGQLSULYLOHJLRDOJXQRREOLJDGRVDWUDEDMDU\DWULEXWDU
6LQ HPEDUJR ORV HVFODYRV DIULFDQRV VH HQFRQWUDURQ HQ XQD VLWXDFLyQ FDVL
WDQPDODFRPRODGHORVLQGLRVHVFODYL]DGRVSHRUTXHODGHORVLQGLRVVLHUYRV
GXUDQWHHOSHUtRGRHQTXHGLFKRVDIULFDQRVIXHURQHIHFWLYDPHQWHHVFODYRV(O
SULPHU SDVR HQ GLUHFFLyQ D ODV FDSDV PHGLDV FRORQLDOHV WLHQH TXH VHU
LQGHIHFWLEOHPHQWH OD FRPSUHQVLyQ GH ORV SURIXQGRV FDPELRV KDELGRV HQ OD
HVFODYLWXGGHORVQHJURVFRPRVHYHUiHQVHJXLGD
+D\ QRWLFLDV GH LPSRUWDFLyQ GH HVFODYRV DIULFDQRV GHVGH HO PRPHQWR
DVXQWR>@ (Q $EULO GH  VH GLULJH DOD $XGLHQFLD UD]RQDQGR TXH QR HV
FRQYHQLHQWHODLPSRUWDFLyQGHPiVQHJURV>@\HQ2FWXEUHGHHOHYDXQD
SURWHVWD SRUTXH DOJXQRV FRPHUFLDQWHV \ PLQHURV VH SURSRQHQ LQWURGXFLU
DIULFDQRVSRUHOSXHUWRGH7UXMLOOR>@
$ORVWHUUDWHQLHQWHVGHOUHLQRGH*XDWHPDODOHVLQWHUHVyHQXQGHWHUPLQDGR
PRPHQWR OD DGTXLVLFLyQ \ H[SORWDFLyQ GH HVFODYRV DIULFDQRV SHUR HQ RWUR
PRPHQWR ²VHVHQWD R VHWHQWD DxRV PiV WDUGH² GHMy GH LQWHUHVDUOHV \
JHVWLRQDURQ HQ VHQWLGR FRQWUDULR HYLWDQGR OD OOHJDGD GH PiV WUDEDMDGRUHV GH
FRORU$HVWHIHQyPHQRSXHGHVHxDOiUVHOHDOJXQDVFDXVDVFRQGLFLRQDQWHVTXH
DFWXDURQVHJ~QWRGDVODVDSDULHQFLDVHQGHUUHGRUGHXQDIDFWRUGHWHUPLQDQWH
VHJ~QWUDWDUHPRVGHH[SOLFDU
5HFRUGHPRVTXHORVQHJURVIXHURQLQWURGXFLGRVHQJUDQHVFDODHQDTXHOODV
FRORQLDV GRQGH ORV LQGLRV KDEtDQ VLGR H[WHUPLQDGRV ²FRPR HQ HO FDVR GH
&XED²WDPELpQHQDTXpOODVHQTXHKXERJUDQGHVFHQWURVPLQHURVSRUTXHDOOt
VDWLVIDFtDQ HO SURSyVLWR LPSHULDO \ ORFDO GH IDFLOLWDU XQ ODERUHR LQWHQVLYR GH
ORVPHWDOHVVLQPHUPDGHODSREODFLyQQDWLYD²HVHOFDVRGHOYLUUHLQDWRGHOD
PLVPR GH OD SURPXOJDFLyQ GH ODV /H\HV 1XHYDV HQ *XDWHPDOD ²²>@ 1XHYD (VSDxD 0p[LFR² \ WDPELpQ HQ DTXHOODV ILQDOPHQWH HQ TXH VH
8QRV YHLQWH DxRV PiV WDUGH SRU 5HDO &pGXOD VH DXWRUL]D VX YHQWD \ UHYHQWD GHVDUUROODURQ JUDQGHV SODQWDFLRQHV SULQFLSDOPHQWH FDxHUDV HQ ]RQDV
FDOXURVDV \ GH SREODFLyQ LQGtJHQD SRFR GHQVD ²1XHYR 5HLQR GH *UDQDGD
OLEUHHQHO UHLQR>@ 6H FRQRFHQ UHSHWLGDV UHFRPHQGDFLRQHV HQ HO VHQWLGR GH
&RORPELD² 7DOHV WHQGHQFLDV KDQ VLGR VHxDODGDV SRU ORV +LVWRULDGRUHV GH
VXEVWLWXLUDORVLQGLRVSRUWUDEDMDGRUHVQHJURHQODVPLQDV>@(QORVDxRVHQ
ORVUHVSHFWLYRVSDtVHV1RVWRFDDQRVRWURVLQGLFDUTXHHOUHLQRGH*XDWHPDOD
TXH7RPiV*DJHYLYLyHQ*XDWHPDODYLRHVFODYRVSULQFLSDOPHQWHHQ3HWDSD\
IXH HO FDVR FRQWUDULR HQ ORV WUHV DVSHFWRV UHIHULGRV )XH FRQTXLVWDGR YHLQWH
$PDWLWOiQ ORFDOL]DFLyQ GHELGD D TXH HQ HVD UHJLyQ KDEtD JUDQGHV LQJHQLRV
DxRVPiVWDUGHTXHODV$QWLOODV\ODDIOXHQFLDGHFRORQRVGHVGHHVHPRPHQWR
D]XFDUHURV VHJ~Q OR LQGLFD HO SURSLR FURQLVWD \ YLDMHUR>@ 3HUR \D HQ HVRV
KDVWDODSURPXOJDFLyQGHODV/H\HV1XHYDVIXHFRPSDUDWLYDPHQWHUHGXFLGDOR
DxRV²ILQDOGHODSULPHUD\SULQFLSLRGHODVHJXQGDGpFDGDGHOVLJOR ;9,,² FXDO TXLHUH GHFLU ²HV LPSRUWDQWH VHxDODUOR² TXH KXER PHQRV HVFODYLVWDV \
VH KDFHQ QRWRULRV GRV IHQyPHQRV GH PXFKR LQWHUpV 3ULPHUR TXH ORV QHJURV
PHQRVWLHPSRSDUDOOHYDUDGHODQWHODGHVWUXFFLyQGHORVLQGLRV>@(QVHJXQGR
OOHYDQ VX OXFKD D H[WUHPRV TXH VRQ FDXVD GH DODUPD SDUD ODV DXWRULGDGHV
OXJDU IXH XQD FRORQLD SREUH HQ PLQDV>@ < ILQDOPHQWH QR IXH JUDQGH HO
FRORQLDOHV SXHV PXFKRV GH HOORV FRQVLJXHQ IXJDUVH \ IRUPDU JUXSRV HQ
GHVDUUROORGHODVSODQWDFLRQHVDJUtFRODVHQODV]RQDVPiVFiOLGDVGHOUHLQR/D
UHEHOGtD>@ < VHJXQGR IHQyPHQR HO $\XQWDPLHQWR GH *XDWHPDOD ²HV GHFLU
SURGXFFLyQ GH ORV FHUHDOHV EiVLFRV ²PDt] \ WULJR² VH ORFDOL]y HQ ODV
ODYR]GHORVWHUUDWHQLHQWHVUDGLFDGRVHQODFDSLWDO²FRPLHQ]DDJHVWLRQDUTXH
UHJLRQHVWHPSODGDV\IUtDVFRQGHQVDSREODFLyQLQGtJHQDTXHSUHVWDEDHQHOODV
QR VH LQWURGX]FDQ PiV HVFODYRV DIULFDQRV HQ HO UHLQR (Q   GH MXOLR
VX IXHU]D GH WUDEDMR>@ 0XFKRV LQJHQLRV D]XFDUHURV \ KDFLHQGDV GH FDxD VH
HQWHUDGRGHOSUy[LPRDUULERGHGRVQDYHVFDUJDVGHDIULFDQRVHOFDELOGRSLGH
DOD$XGLHQFLDTXHQRSHUPLWDVXGHVHPEDUFR³SRUKDEHUPXFKRVKRPEUHVGH HQFRQWUDEDQ HQ ORV YDOOHV WHPSODGRV FRPR ORV FHUFDQRV D OD FDSLWDO>@ (Q
]RQDV EDMDV \ FiOLGDV VH KDOODEDQ ODV SODQWDFLRQHV GH FDFDR ODV KDFLHQGDV
FRORU´>@ $SHQDV GRV PHVHV GHVSXpV HOHYD RWUR HVFULWR VREUH HO PLVPR
JDQDGHUDV \ ODV SODQWDFLRQHV \ REUDMHV GH DxLO \ GHEH LQGLFDUVH TXH XQ

 
LPSRUWDQWHSRUFHQWDMHGHORVQHJURVTXHKXERHQHOUHLQRVHHQFRQWUDEDHQODV
HPSUHVDV DxLOHUDV \ JDQDGHUDV>@ 6LQ HPEDUJR HVWRV UHQJORQHV GH OD
SURGXFFLyQ QR KLFLHURQ QHFHVDULD OD LPSRUWDFLyQ GH HVFODYRV HQ Q~PHUR
FUHFLGR (O FDFDR HVWDED FDVL WRWDOPHQWH HQ PDQRV GH ORV LQGLRV>@ (O DxLO
DEVRUELyPXFKDPDQRGHREUDPHVWL]D\FRQWyDGHPiVFRQPDQGDPLHQWRVGH
LQGLRV TXH VLJXLHURQ KDFLpQGRVH D SHVDU GH WRGDV ODV GLVSRVLFLRQHV \
UHFRPHQGDFLRQHV HQ FRQWUD>@ (Q VXPD QL OD ORFDOL]DFLyQ QL OD PDJQLWXG GH
ODVHPSUHVDVDJUtFRODVGHOUHLQRGH*XDWHPDODHQUHODFLyQFRQODORFDOL]DFLyQ
\ OD PDJQLWXG GH ODV PDVDV WUDEDMDGRUDV LQGtJHQDV \ PHVWL]DV GLVSRQLEOHV
FUHDURQ FRQGLFLRQHV TXH H[LJLHUDQ HO LQJUHVR GH JUDQGHV PDVDV GH
WUDEDMDGRUHVDIULFDQRV
$KRUDELHQHOSHUtRGRGHDFWLYDLPSRUWDFLyQGHQHJURV\GHVXHIHFWLYD
H[SORWDFLyQHVFODYLVWDHQ*XDWHPDODFDHHQWUHHOPRPHQWRGHODVXSUHVLyQGH
ODHVFODYLWXGGHLQGLRV\ORVDxRVHQTXHIXHTXHGDQGRRUJDQL]DGRHOWUDEDMR
IRU]RVR SRU PHGLR GH ORV UHSDUWLPLHQWRV /R FXDO REOLJD D SHQVDU TXH HQ
GHILQLWLYD HO IDFWRU GHWHUPLQDQWH GH TXH OD LQWURGXFFLyQ GH QHJURV
GLVPLQX\HUD IXH OD GLVSRQLELOLGDG GH PDQR GH REUD IRU]RVD +XER
LQWURGXFFLyQ GH HVFODYRV DIULFDQRV HQ *XDWHPDOD FXDQGR VH FUH\y TXH ORV
LQGLRVSDVDUtDQDODFRQGLFLyQGHWUDEDMDGRUHVOLEUHV\WDPELpQHQHOSHUtRGR
HQTXHIXHHVWUXFWXUiQGRVH\DXWRUL]iQGRVHHOQXHYRUpJLPHQGHVHUYLGXPEUH
$O HVWDU pVWH LQVWDXUDGR ORV QHJURV VH KLFLHURQ LQQHFHVDULRV 6LHQGR
LQQHFHVDULRV QR VH GHVDUUROODURQ ODV LQVWLWXFLRQHV \ ORV PHGLRV GH IXHU]D
SUHFLVRVSDUDFRQWURODUORV\HQWDOHVFLUFXQVWDQFLDVVHWRPDURQSHOLJURVRVH
LQGHVHDEOHV D ORV RMRV GH ORV JUXSRV GRPLQDQWHV (V HO PRPHQWR HQ TXH HO
FDELOGRSLGHHOFHVHGHVXLPSRUWDFLyQ\HQTXHOD$XGLHQFLDFRPSUHQGLHQGR
SHUIHFWDPHQWHODFR\XQWXUDFRODERUySDUDUHGXFLUDWpUPLQRVLQVLJQLILFDQWHVOD
HQWUDGDGHQHJURVGXUDQWHHOUHVWRGHODpSRFDFRORQLDO>@
'HVGH PHGLDGRV GHO VLJOR ;9,, OD GRFXPHQWDFLyQ UHYHOD FRQ FODULGDG XQ
KHFKR TXH KDEUi GH WHQHU JUDQGHV FRQVHFXHQFLDV VREUH OD HVWUXFWXUD GH FODVH
FRORQLDOJUDGXDOPHQWHUHGXFLGRVXQ~PHURORVHVFODYRVGHMDURQGHVHUORTXH
KDEtDQ VLGR DQWHV SDUD FRQYHUWLUVH HQ HVFODYRV GH FRQILDQ]D HVFODYRV FDVL
SDWULDUFDOHV1R\DWUDEDMDGRUHVH[SORWDGRVHQJUDGRVXSHUODWLYR\VLQQLQJ~Q
LQFHQWLYR HQ VX WUDEDMR VLQR WUDEDMDGRUHV D TXLHQHV VH FRQILDED OD
DGPLQLVWUDFLyQGHODVKDFLHQGDVRGHFLHUWRVDVSHFWRVGHOWUDEDMRHQHOODVGHO

PLVPR PRGR TXH VH OHV SHUPLWtD YLYLU HQ HO LQWHULRU GH FLHUWDV FDVDV ULFDV
9LQLHURQ D VHU GLVSHUVRV HQ SHTXHxRV JUXSRV HQ ODV KDFLHQGDV FDxHUDV
DxLOHUDV \ JDQDGHUDV \ WDPELpQ HQ ODV FDVDV SDUWLFXODUHV GH ODV FLXGDGHV
JXDUGLDQHV FDSDWDFHV PR]RV GH FDEDOOHUL]D VLUYLHQWHV GRPpVWLFRV HQ XQD
UHODFLyQ EDVWDQWH FHUFDQD FRQ VXV DPRV 0XFKRV GH HOORV VLQ GHMDU GH VHU
HVFODYRV²SHURHVFODYRVGHHVWHWLSR²IXHURQPDQGRQHV\WXYLHURQDXWRULGDG
VREUHORVLQGLRVHQODVKDFLHQGDVSHVHDTXHORVQDWLYRVHUDQ³YDVDOORVOLEUHV
GH 6X 0DMHVWDG´ VHJ~Q ODV OH\HV FRORQLDOHV 6H GLR XQD UHODFLyQ LQVyOLWD GH
DXWRULGDG\KDVWDGHH[SORWDFLyQGHHVFODYRVVREUHVLHUYRV+D\GHHOORFODUDV
SUXHEDVGRFXPHQWDOHV>@
(Q HVDV FRQGLFLRQHV IDOWDQGR OD DIOXHQFLD GH QXHYRV HOHPHQWRV GH UD]D
QHJUD ORV H[LVWHQWHV IXHURQ DEVRUELGRVSRUHO PHVWL]DMH+DFLD HO ILQDOGHOD
FRORQLD XQ LPSRUWDQWH GRFXPHQWR UHIOHMD HO SXQWR D TXH KDEtD OOHJDGR HO
LQGLFDGR SURFHVR GLFH DVt ³« FRQWUD\pQGRQRV D HVWD 3URYLQFLD GH
*XDWHPDOD VXFHGH TXH DTXt KDQ VLGR PX\ UDUDV ODV LQWURGXFFLRQHV GH
QHJURV DIULFDQRV pVWRV VyOR VH UHFRQRFHQ UHSURGXFLGRV VLQ PH]FOD HQ ORV
SXHUWRV GH 2PRD \ 7UXMLOOR \ HQ XQR TXH RWUR LQJHQLR GHO LQWHULRU GH OD
3URYLQFLD /RV SRFRV TXH KDQ SDVDGR D ODV GHPiV FLXGDGHV \ SXHEORV KDQ
IRUPDGR OD FODVH GH JHQWHV TXH VH GLFHQ PXODWRV«´>@ < XQ DXWRU
FRQWHPSRUiQHR>@KDWHQLGRHODFLHUWRGHVHxDODUORVVLJXLHQWHVKHFKRVFRPR
VLJQLILFDWLYRVGHORTXHOOHJyDVHUODFRQGLFLyQGHORVHVFODYRVDOVHUDEROLGD
ODHVFODYLWXGSRUOD$VDPEOHD1DFLRQDOGHODV3URYLQFLDVGH&HQWUR$PpULFD
²² OD UHVROXFLyQ VH WRPy SRU XQDQLPLGDG GH ORV GLSXWDGRV VLQ
RSRVLFLyQ ORV DPRV UHQXQFLDURQ D OD LQGHPQL]DFLyQ TXH HO GHFUHWR OHV
FRQFHGtD\ORVQHJURVOLEHUDGRVSUHILULHURQTXHGDUVHHQFDVDGHVXVDPRV>@
6HUtD HTXLYRFDGR SXHV VXSRQHU TXH ORV QHJURV IXHURQ HO VHFWRU PiV
RSULPLGR HQ OD VRFLHGDG FRORQLDO JXDWHPDOWHFD $XQ SDUD HO SHUtRGR GH VX
HIHFWLYD H[SORWDFLyQ HVFODYLVWD KD\ TXH WHQHU SUHVHQWH FRPR KHFKR PX\
LPSRUWDQWHTXHORVKDFHQGDGRVWXYLHURQTXHFRPSUDUORVDSUHFLRVTXHMDPiV
LPDJLQDURQ SDJDU SRU ORV HVFODYRV LQGLRV>@ OR FXDO IXH XQ IDFWRU GHFLVLYR
SDUDTXHVHOHVGLHUDXQWUDWRGLIHUHQWH>@
/D OHJLVODFLyQ LQGLDQD HVWDEOHFtD TXH ORV QHJURV SRGtDQ UHGLPLUVH
FRPSUDQGRVXOLEHUWDG>@\PXFKRVODREWXYLHURQHQHOSHUtRGRGHWUDQVLFLyQ
HQWUHODHVFODYLWXGHIHFWLYD\ODHVFODYLWXGDWHQXDGD\VLJXLHURQFRPSUiQGROD

GHVSXpV>@ /D GRFXPHQWDFLyQ JXDWHPDOWHFD PHQFLRQD FRQ LQVLVWHQFLD D ORV
QHJURV OLEUHV HQ OD VHJXQGD PLWDG GHO VLJOR ;9,, FRPR HPSOHDGRV FRPR
RILFLDOHVGHDUWHVDQtDV\WDPELpQFRPRSHTXHxRVDJULFXOWRUHVDUUHQGDWDULRV\
KDVWDSURSLHWDULRVGHPRGHVWDVSDUFHODV(QHOVLJOR;9,,,HUDQ\DPX\SRFRV\
ORVFyPSXWRVGHSREODFLyQGHO;,;DSHQDVLQGLFDQTXHKD\HQHOUHLQR³DOJXQRV
QHJURV´>@
/DFRPSUHQVLyQGHODGLVWLQWDVLWXDFLyQGHORVHVFODYRVQHJURVHQORVGRV
SHUtRGRV LQGLFDGRV ²HVFODYLWXG HIHFWLYD \ HVFODYLWXG DWHQXDGD² HV
LPSRUWDQWHHQWUHRWUDVFRVDVSDUDHVFODUHFHUODFXHVWLyQGHODJHQWHGHFRORU
HQ OD OXFKD GH FODVHV GH OD FRORQLD /RV QHJURV IXHURQ XQD FODVH VRFLDO
SHUIHFWDPHQWH GHILQLGD HQ HO SULPHU SHUtRGR )XHURQ WUDEDMDGRUHV FDXWLYRV
IRU]DGRVH[HQWRVGHHVWtPXOR\GHLQWHUpVHQHOWUDEDMR\VXOXFKDVHHQGHUH]y
²FRPR OD GH WRGRV ORV HVFODYRV GHO PXQGR² KDFLD OD UHFXSHUDFLyQ GH OD
OLEHUWDG SRU OD HYDVLyQ HQ UHEHOGtD 6H VXEOHYDURQ HQ GLVWLQWRV OXJDUHV GHO
UHLQR UHKX\HURQ HO FRQWURO GH VXV DPRV VH KLFLHURQ IXHUWHV HQ OD PRQWDxD
FUHDURQ SREODGRV DO PDUJHQ GH OD OH\ VDFULILFDURQ VXV YLGDV WUDWDQGR GH
SURORQJDU VX LQVHJXUD UHGHQFLyQ \ REOLJDURQ DO JRELHUQR D KDFHU FUHFLGDV
HURJDFLRQHV SDUD VRPHWHUORV R GLVSHUVDUORV SRU ODV DUPDV>@ 6H OODPy
FLPDUURQHV D ORV HVFODYRV IXJLWLYRV KDELWDGRUHV GH HItPHURV FKRFHUtRV
FRQVWUXLGRVSRUHOORVPLVPRVSDUDYLYLUHQOLEHUWDG0HGLDQGRHOVLJOR;9,,VH
WLHQHQODV~OWLPDVQRWLFLDVGHHVWRVKXPLOGHV(VSDUWDFRVGHQXHVWURSDVDGR\
GH DOJXQDV SURYLGHQFLDV WRPDGDV SRU HO JRELHUQR SDUD WHUPLQDU GH
GHVPDQWHODUORV 'H DOOt DGHODQWH FHVDQ ODV VXEOHYDFLRQHV \ QR YXHOYH D
SODQWHDUVHODOXFKDDELHUWDGHORVQHJURV>@ORFXDOQRGHEHLQWHUSUHWDUVHFRPR
VX GHUURWD VLQR FRPR XQD FRQVHFXHQFLD LQPHGLDWD GHO SDVR GHO VHJXQGR
SHUtRGR\WLSRGHHVFODYLWXG
$O GLVPLQXLU VX Q~PHUR SRU PRWLYR GHO PHVWL]DMH \ GHO FHVH GH ODV
LPSRUWDFLRQHVDOVHUJUDGXDOPHQWHUHWLUDGRVGHOODERUHRHIHFWLYRGHODWLHUUD
²TXH HQWUDURQ D UHDOL]DU ORV LQGLRV GH UHSDUWLPLHQWR² \ DO FRQYHUWLUVH
PXFKRVGHHOORVHQWUDEDMDGRUHVGHFRQILDQ]DORVHVFODYRVQHJURVSHUGLHURQ
ODVFDUDFWHUtVWLFDVTXHHQHOSHUtRGRDQWHULRUKDEtDQKHFKRGHHOORVXQDFODVH
ELHQGHILQLGDHQVXIXQFLyQHFRQyPLFD\HQVXOXFKD(QHOODUJRSHUtRGRTXH
YD GHVGH  KDVWD ORV DxRV GH OD ,QGHSHQGHQFLD QR KD\ PDQLIHVWDFLyQ
DOJXQDGHORVHVFODYRVFRPRFODVH<HVGLJQRGHLQGLFDUVHTXHHOWUDQFHGHOD
 
HPDQFLSDFLyQ²DxRVD²DFHQWXyODILVRQRPtDGHWRGDVODVFODVHV
\ FDSDV GH OD VRFLHGDG FRORQLDO JXDWHPDOWHFD SUHVHQWiQGRODV HQ HO PiV DOWR
JUDGRGHGHILQLFLyQGHTXHHUDQFDSDFHV/RVHVFODYRVQHJURVHUDQ\DHQWRQFHV
XQVHFWRULQVLJQLILFDQWH
$QWHVGHSURVHJXLUODDYHULJXDFLyQHQFDPLQRKDFLDODVFDSDVPHGLDV²HQ
GRQGH HQFRQWUDUHPRV D ORV QHJURV OLEHUDGRV² HV SUHFLVR VLQWHWL]DU HO
VLJQLILFDGRGHODHVFODYLWXGGHDIULFDQRVQRVyORSRUTXHQRWHQGUHPRVPHMRU
RSRUWXQLGDG GH KDFHUOR VLQR SRUTXH OD FRPSOHMLGDG GH FLHUWRV WHPDV TXH
DGHODQWHQRVDJXDUGDQH[LJHTXHHVWRTXHGHFODUR
(QHOSURFHVRFRORQLDOJXDWHPDOWHFRORVQHJURVLQJUHVDURQSDUDRFXSDUHO
OXJDU GH ORV LQGLRV VDFDGRV GH OD HVFODYLWXG 'XUDQWH HO SHUtRGR HQ TXH
FXPSOLHURQHVDIXQFLyQ\SRUHOKHFKRPLVPRGHFXPSOLUODIXHURQXQDFODVH
H[SORWDGD IXQGDPHQWDO )XHURQ MXQWR D ORV LQGLRV ²TXH HQ HVH SHUtRGR
HVWDEDQ FDPELDQGR GH FRQGLFLyQ² XQD FODVH DQWDJyQLFD UHVSHFWR GH ORV
JUXSRVHVSDxRO\FULROOR$KRUDELHQDGLIHUHQFLDGHRWUDVFRORQLDVHQODVTXH
OD H[SORWDFLyQ HVFODYLVWD FRQWLQXy SDUDOHODPHQWH D OD VHUYLO \ DVDODULDGD GH
LQGLRV \ PHVWL]RV HQ *XDWHPDOD HO WUDEDMR VHUYLO GH ORV LQGLRV HQ
FRPELQDFLyQ FRQ HO DVDODULDGR GH LQGLRV \ PHVWL]RV UHGXMR D SURSRUFLRQHV
PtQLPDV OD QHFHVLGDG GH HVFODYRV DIULFDQRV &RPR FRQVHFXHQFLD HQ XQ
VHJXQGRSHUtRGRPXFKRPiVDPSOLRHQTXHORVLQGLRVUHDVXPLHURQSOHQDPHQWH
OD IXQFLyQ GH FODVH SURGXFWRUD \ H[SORWDGD IXQGDPHQWDO OD GLVPLQXFLyQ
FXDQWLWDWLYDGHORVQHJURVPRWLYyHQWUHHOORVXQDUHJUHVLyQFXDOLWDWLYDKDFLDHO
YtQFXORSDWULDUFDOFRQVXVDPRV\XQDYLROHQWDSpUGLGDGHVXVLJQLILFDFLyQHQ
ODGLQiPLFDGHFODVHV
 ²,9²
3URSDJDFLyQGHPHVWL]RV
3DUDLOXVWUDUHODXPHQWRQXPpULFRGHORVPHVWL]RVUHVXOWDDSURSLDGRWUDHUD
OD PHPRULD HQ YLVLyQ UiSLGD OD LPDJHQ TXH GH HOORV RIUHFHQ YDUtDV IXHQWHV
KLVWyULFDVGHGLVWLQWRVSHUtRGRV
/D FUyQLFD GH 7RPiV *DJH SUHVHQWDQGR HO FXDGUR VRFLDO GHO UHLQR D
SULQFLSLRVGHOVLJOR;9,,WRGDYtDVHUHILHUHDORVGLVWLQWRVWLSRVGHPHVWL]RFRQ
PXFKDFRQFUHFLyQ\GHWDOOHVFRPRVLHOFURQLVWDSHUFLELHVHODVSURSRUFLRQHV
GH VDQJUH DIULFDQD LQGtJHQD R HXURSHD TXH OH FRQIHUtDQ VX SHFXOLDU PDWL] DO
LQGLYLGXR GHQWUR GH ODV FDVWDV /RV QHJURV DSDUHFHQ HQ FUHFLGR Q~PHUR VRQ
PiVLPSRUWDQWHVTXHORVPHVWL]RV\VHKDFHGHHOORVUHLWHUDGDPHQFLyQ
(OFXDGURGHOD5HFRUGDFLyQ)ORULGDFRUUHVSRQGLHQWHDORV~OWLPRVDxRV
GHOSURSLRVLJOR;9,,\TXL]iYiOLGRSDUDORVSULQFLSLRVGHOVLJXLHQWHSUHVHQWD
D ORV PHVWL]RV GH PDQHUD SRU FRPSOHWR GLVWLQWD +DQ FREUDGR SDUD HQWRQFHV
JUDQ LPSRUWDQFLD HVWiQ HQ OD FLXGDG HQ HO YDOOH \ HQ PXFKRV SXHEORV (O
FURQLVWD\DQRKDFHGLVWLQFLyQGHPDWLFHVHPSOHDODGHQRPLQDFLyQ³PHVWL]RV\
PXODWRV´ SDUD UHIHULUVH D WRGRV ORV PHVWL]RV VLQ GLVFHUQLU>@ \ FRPLHQ]D D
HPSOHDU HOWpUPLQR ³ODGLQRV´ SDUD GHVLJQDUDORVJUXSRV GH JHQWH PHVWL]DHQ
GLVWLQWDVORFDOLGDGHVGHOUHLQR>@6HYDQERUUDQGRORVPDWLFHVpWQLFRVGHQWUR
GHO JUDQ FRQMXQWR SHUR FRPLHQ]DQ D VHU HYLGHQWHV ODV GLIHUHQFLDV GH RUGHQ
HFRQyPLFR \ VRFLDO )XHQWHV \ *X]PiQ GD QRWLFLD GH JUXSRV GH PHVWL]RV
UXUDOHVIORWDQWHV\PX\LQDGDSWDGRVDTXLHQHVDFXVDGHYDJRV\ODGURQHVHQHO
FDPSR>@ORVGLVWLQJXHQRREVWDQWHGHRWURVJUXSRVGH³PHVWL]RV\PXODWRV´
TXHWUDEDMDQODWLHUUDFUtDQ\YHQGHQJDQDGRVHGHGLFDQDOSHTXHxRFRPHUFLR
HQ WLHQGDV \ FRPR EXKRQHURV \ UHFRQRFH TXH FRQVWLWX\HQ XQD IXHU]D ~WLO \
QHFHVDULDGHQWURGHODVRFLHGDG>@(QGLYHUVRVSXQWRVGHOD5HFRUGDFLyQVH
KDFH FRPHQWDULR WDPELpQ GH ODV QRWDEOHV DSWLWXGHV \ KDELOLGDGHV GH ORV
PHVWL]RV GHGLFDGRV D ODV DUWHVDQtDV OR FXDO LQWURGXFH MXQWR D ORV VHFWRUHV
VHxDODGRVDQWHULRUPHQWHXQJUXSRPHVWL]RDUWHVDQDO
/RV QHJURV QR FRQVWLWX\HQ DVXQWR GH LPSRUWDQFLD HQ OD 5HFRUGDFLyQ \

DSHQDVORVPHQFLRQDFRPRH[LVWHQWHVHQDOJXQDVKDFLHQGDVD]XFDUHUDV >@ HV
GHQRWDUVHVLQHPEDUJRTXH)XHQWHVDOXGHHQGRVRWUHVRSRUWXQLGDGHVDVX
UHODFLyQ GLUHFWD ²¢SDWULDUFDO"² FRQ QHJURV HVFODYRV VX\RV UHYHODQGR GH
SDVDGDTXHXQRGHHOORVKDELWDEDHQODSURSLDFDVDGHOFURQLVWD\IXHREMHWR
GH OD DWHQFLyQ GH WRGRV ORV PpGLFRV GH OD FLXGDG FRQ PRWLYR GH FLHUWD
HQIHUPHGDGTXHORDTXHMy>@
(OSDQRUDPDVRFLDOTXHUHFRJHODHVWXSHQGD³'HVFULSFLyQ´GHO$U]RELVSR
&RUWpV \ /DUUD] UHWUDWR GH OD HQWUDxD GH VX GLyFHVLV HQ HO ~OWLPR WHUFLR GHO
VLJOR;9,,,>@QRVyORRIUHFHXQDLPDJHQQXHYDGHORVPHVWL]RVVLQRTXHHVXQD
YHUGDGHUD UHYHODFLyQ HQ OR FRQFHUQLHQWH D HOORV 3RUTXH KDELWXDGRV FRPR
HVWDPRVDSHQVDUODYLGDFRORQLDOFRPRYLGDGHFLXGDG²DIiQGHROYLGDUVXV
PiVFUXGDVUHDOLGDGHV\VXVEDVHVHFRQyPLFDVTXHVHKDOODEDQHQHOFDPSR²
QRV SURKLELPRV MXQWR D PXFKDV RWUDV FRVDV OD FDSWDFLyQ GHO SURFHVR GH
FUHFLPLHQWRGHORVPHVWL]RVDOOtGRQGHIXHPiVLPSRUWDQWHHQVtPLVPR\FRPR
IDFWRUGHOGHVDUUROORHFRQyPLFRGHODFRORQLD(O$U]RELVSRSHQHWUDQGRKDVWD
ORV PiV DSDUWDGRV ULQFRQHV GH OD GLyFHVLV UHFRUULHQGR D ORPR GH PXOD
FDPLQRV LQFUHtEOHV FRQ HO ILQ GH UHFDEDU ORV GDWRV QHFHVDULRV SDUD VX
LQIRUPH>@ YLQR D FRPSUREDU FRQ VRUSUHVD \ DODUPD TXH DO PDUJHQ GH ODV
FLXGDGHV GH ORV EODQFRV \ GH ORV SXHEORV GH LQGLRV HQ XQD ]RQD GLIXVD TXH
HVFDSDED DO FRQWURO GH ODV DXWRULGDGHV \ GH OD ,JOHVLD VH H[WHQGtD HO PXQGR
OLFHQFLRVRPLVHUDEOH\YLROHQWRGHORVODGLQRVUXUDOHV$ORVRMRVGHOSUHODGR
\GHVX FRPLWLYD\DQRKD\ PHVWL]RVQLPXODWRVQL SRVLELOLGDGGHHVWDEOHFHU
GLIHUHQFLDV GH PDWL] pWQLFR HQ DTXHOOD FRQIXVD PXOWLWXG ODGLQD TXH YLYtD
DSLxDGD HQ KDFLHQGDV KDWRV UDQFKHUtDV YDOOHV WUDSLFKHV REUDMHV VDOLQDV \
SDMXLGHV>@ JHQWH D OD TXH QR DOFDQ]DED OD MXVWLFLD UHDO TXH QR UHFLEtD
GRFWULQD FULVWLDQD QL HVWDED YLJLODGD SRU QLQJXQD DXWRULGDG (VWRV Q~FOHRV
UXUDOHV GH JHQWH PHVWL]D SHTXHxRV SHUR LQFRQWDEOHV VH OH DQWRMDQ DO
$U]RELVSR ³« XQDV IRUWDOH]DV GHO GHPRQLR GHVGH GRQGH FRQ RSURELR GHO
FULVWLDQLVPR EXUOD R VDOYRFRQGXFWR WRGDV ODV OH\HV QDWXUDOHV GLYLQDV
HFOHVLiVWLFDV \ UHDOHV«´>@ 3RU PRPHQWRV OOHJD D FDOFXODU TXH HVWi DOOt OD
PLWDGGHODSREODFLyQWRWDOGHOUHLQR0iVWUDQTXLOL]DGRDGPLWHTXHSRGUtDVHU
ODWHUFHUDSDUWH$XQDVtGLFH³«HVPXFKDJHQWHSDUDWDQWRDEDQGRQR«´
>@
(O JUDQ YDORU GRFXPHQWDO GH OD ³'HVFULSFLyQ´ HQ pVWH FRPR HQ PXFKRV

RWURV GH VXV WHPDV UDGLFD HQ TXH HO DXWRU QR VH OLPLWy D FRQVLJQDU FLHUWDV
DQRPDOtDV \ ODFUDV PRUDOHV GH OD YLGD FRORQLDO VLQR TXH LQWHUHVDGR
VLQFHUDPHQWH HQ DYHULJXDU ODV FDXVDV WXYR TXH GHVFHQGHU DO SODQR GH ODV
FRQGLFLRQHV PDWHULDOHV GH H[LVWHQFLD GH OD SREODFLyQ>@ (VD PDQHUD GH
LQGDJDUHQULTXHFLyHOLQIRUPHFRQPXFKRV\PX\YDOLRVRVGDWRVDFHUFDGHOD
UHDOLGDGHFRQyPLFD GHOUHLQRDILQHVGHOVLJOR ;9,,, ²D ORV TXH YROYHUHPRV
REOLJDGDPHQWH PiV DGHODQWH² 3RU OR SURQWR HV HO SULPHU GRFXPHQWR TXH
OODPD OD DWHQFLyQ VREUH OD PDVD GH ORV ODGLQRV UXUDOHV VHxDODQGR VX
LPSRUWDQFLD QXPpULFD \ UHYHODQGR TXH HVD FDSD PHGLD GH PHVWL]RV SREUHV
WUDEDMDGRUHVGHOFDPSRHUDODVHJXQGDJUDQIXHU]DSURGXFWRUD\H[SORWDGDGHO
UHLQRLQPHGLDWDPHQWHGHVSXpVGHORVLQGLRV
/RV ODGLQRV UXUDOHV DSDUHFHQ SULQFLSDOPHQWH HQ ODV KDFLHQGDV FRPR
³IDPLOLDV GH DVLHQWR´ ²DVt OODPD HO LQIRUPH D ODV TXH KDELWDEDQ
SHUPDQHQWHPHQWH HQ HO OXJDU² R FRPR HVFRWHURV HV GHFLU JUXSRV GH
WUDEDMDGRUHVTXHQRSHUPDQHFtDQHQXQOXJDUILMRTXHLEDQGHXQDKDFLHQGDD
RWUD \ QR UHFRQRFtDQ QLQJ~Q SREODGR FRPR OXJDU GH VX UHVLGHQFLD>@ (VWRV
JUXSRV WUDVKXPDQWHV HVWDEDQ FRPSXHVWRV SRU SHUVRQDV GH DPERV VH[RV \ GH
WRGDVODVHGDGHV>@
/DFRQVWDQWH\PLQXFLRVDUHIHUHQFLDTXHVHKDFHGHORVWUDEDMDGRUHVGHODV
KDFLHQGDV HQ OD 'HVFULSFLyQ QR GHMD OXJDU D GXGDV VLHPSUH VRQ ODGLQRV
&XDQGR QR OR GLFH H[SUHVDPHQWH VH LQILHUH GHO WH[WR \ HQ RFDVLRQHV GHMD
HQWHQGHU TXH XQD FRVD FRQOOHYD OD RWUD³« OD JHQWH ODGLQD GH ODV
KDFLHQGDV«¶´>@ 6L RFDVLRQDOPHQWH DSDUHFHQ LQGLRV HQ HVRV OXJDUHV GLFH R
GD SRU HQWHQGLGR TXH HOOR HV XQD DQRPDOtD>@ (O DXWRU GHO LQIRUPH VDEtD
SHUIHFWDPHQWH \ OR H[SUHVD FRQ WRGD FODULGDG TXH D ORV LQGLRV OHV HVWDED
SURKLELGRDEDQGRQDUVXVSXHEORV>@\TXHSHVHDHOORWUDWDEDQGHHVFRQGHUVH
HQORVUHGXFWRVGHORVODGLQRVUXUDOHV>@+HPRVGHYROYHUVREUHHVWRVGDWRV
FXDQGRH[DPLQHPRVHQVXOXJDUORVVXEWHUIXJLRVDGRSWDGRVSRUORVLQGtJHQDV
SDUD HVFDSDU DO FRQWURO \ D OD H[SORWDFLyQ D TXH HVWDEDQ VRPHWLGRV HQ ORV
FXDOTXLHU RWUR PHGLR GH SURGXFFLyQ \ HQ FRQVHFXHQFLD HFRQyPLFDPHQWH
DSUHVDGRV\H[SORWDGRV0iVDGHODQWHYDPRVDDQDOL]DUVXVLWXDFLyQ\VXJUDQ
LPSRUWDQFLDHFRQyPLFD²SXHVDTXtVyORORVHVWDPRVPHQFLRQDQGRHQUHODFLyQ
FRQ HO FUHFLPLHQWR GH OD SREODFLyQ PHVWL]D² \ YHUHPRV TXH WUDEDMDEDQ
SULQFLSDOPHQWH D FDPELR GH XVXIUXFWR GH OD WLHUUD DMHQD TXH KDELWDEDQ 7DO
FRPSUREDFLyQ ORV SRQH DO PDUJHQ GH OD GHILQLFLyQ HVWULFWD GH WUDEDMDGRUHV
DVDODULDGRVVLWXiQGRORVHQXQSODQRLQWHUPHGLRVHPLIHXGDOHQWUHORVVLHUYRV
\ORVREUHURVDJUtFRODV
1RV KDOODPRV IUHQWH D XQ VHFWRU PHVWL]R TXH SUHVHQWD LPSRUWDQWHV
FDUDFWHUtVWLFDVHFRQyPLFDVFRPXQHVUHODWLYDVDVXIXQFLyQ\DVXVLWXDFLyQ/RV
ODGLQRV UXUDOHV HUDQ OD FDSD PHGLD UXUDO PiV EDMD OLQGDQWH FRQ ORV LQGLRV
DXQTXHHVHQFLDOPHQWHGLVWLQWDGHHOORVSRUUD]yQGHODOLEHUWDGGHPRYLPLHQWR
\ FRQWUDWDFLyQ DVt FRPR SRU HVWDU H[RQHUDGD GH WULEXWDU (O GHVRUGHQ ORV
YLFLRV \ HO iQLPR DWUDELOLDULR TXH HO $U]RELVSR REVHUYy HQ ORV ODGLQRV GHO
FDPSRHUDQFRQVHFXHQFLDQDWXUDO\QHFHVDULDGHODVFRQGLFLRQHVHQTXHYLYtDQ
²TXH OD SURSLD 'HVFULSFLyQ LOXVWUD DPSOLDPHQWH² DLVODPLHQWR \ D YHFHV
JUDQGHVGLVWDQFLDVHQWUHXQR\RWURVJUXSRVDVtFRPRHQWUHpVWRV\ORVSXHEORV
\ ODV FLXGDGHV SpVLPRV FDPLQRV ²VHQGHURV LQWUDQVLWDEOHV HQ FLHUWDV pSRFDV
GHODxR²\GLILFXOWDGHVGHWRGDtQGROHSDUDODFRPXQLFDFLyQ\HOLQWHUFDPELR
>@ WRWDO DXVHQFLD GH HVFXHODV ²SXHV ODV PtVHUDV HVFROHWDV SDUURTXLDOHV VH
KDOODEDQHQORVSXHEORV\QRHQWRGRV²IDOWDFRPSOHWDGHHVWtPXORVSDUDOD
VXSHUDFLyQ SHUVRQDO DQWH XQD SHUVSHFWLYD YLWDO TXH DSHQDV LED PiV DOOi GHO
FHUFR GH PRQWDxDV FLUFXQGDQWHV \ OD FHUWLGXPEUH GH XQD PXHUWH WHPSUDQD
7RGR HOOR FODUR HVWi VREUH OD EDVH GH XQ WUDEDMR PDO UHPXQHUDGR \ HQ
RFDVLRQHVPX\GXUR>@
(OLQIRUPHKDFHPHQFLyQGHODUUHQGDPLHQWRGHWLHUUDVGHODVKDFLHQGDVDOD
JHQWH SREUH TXH YLYtD HQ HOODV>@ GDWR TXH YHUHPRV DPSOLDGR HQ RWURV
GRFXPHQWRV \ TXH UHYHOD RWUD IRUPD GH H[SORWDFLyQ IHXGDO D TXH HVWDED
VRPHWLGDODFDSDODGLQDSREUHGHOFDPSR
SXHEORV
/RV ODGLQRV GH ODV KDFLHQGDV FDVHUtRV WUDSLFKHV VDOLQDV \ YDOOHV HQ
TXLHQHV HO $U]RELVSR YLR XQ PLVPR WLSR GH JHQWH SRU UD]yQ GH VX JHQHUDO
DEDQGRQRHVSLULWXDO\PDWHULDOFRQVWLWXtDQREMHWLYDPHQWHXQDFDSDGHDTXHOOD
VRFLHGDG (UDQ WUDEDMDGRUHV DJUtFRODV OLEUHV GHVSURYLVWRV GH WLHUUD \ GH

(V LQWHUHVDQWH REVHUYDU TXH ORV QHJURV FDVL QR ILJXUDQ HQ HO LQIRUPH GH
&RUWpV\/DUUD]([FHSFLRQDOPHQWHVHxDODXQDFRQFHQWUDFLyQGHHVFODYRVHQHO
LQJHQLR GH 6DQ *HUyQLPR HVSOpQGLGD HPSUHVD D]XFDUHUD TXH SRVHtDQ ORV
GRPLQLFRV FHUFD GH 6DODPi>@ 1R YXHOYH D PHQFLRQDUORV HQ HO FyPSXWR GH
KDELWDQWHVGHPiVGHRFKRFLHQWDVKDFLHQGDVTXHVHFLWDQHQHOGRFXPHQWR<QR

PHQRV LQWHUHVDQWH UHVXOWD FRPSUREDU TXH OD ~QLFD UHIHUHQFLD SHUVRQDO TXH VH
KDFH GH XQ QHJUR GH XQ LQGLYLGXR GH FRORU YLHQH DVRFLDGD D ORV DEXVRV GH
FLHUWR$OFDOGH0D\RUFX\DFUXHOGDGHVFDQGDOL]yDO$U]RELVSRVHGHWLHQHHQ
YDULRV SXQWRV D GHQXQFLDUOD \ HQ XQR GH HOORV UHILHUH TXH HO IXQFLRQDULR
LQYHQWy XQD RULJLQDO PDQHUD GH D]RWDU D ORV LQGLRV OD FXDO FRQVLVWtD HQ QR
DWDUORVDOSRVWHS~EOLFR²ODSLFRWD²VLQRHPSOHDUDXQQHJURIRU]XGRTXHORV
DJDUUDEDSRUODVPDQRVPLHQWUDVUHFLEtDQHOKLULHQWHFDVWLJR³«SDUDTXHORV
LQGLRVD]RWDGRVVLHQWDQPD\RUDEDWLPLHQWR«´>@
$Vt SXHV HQ *DJH ²SULQFLSLRV GHO ;9,,² WHQHPRV SRFRV PHVWL]RV \
PXFKRVQHJURV\GHpVWRVDOJXQRVYDQDODKRUFDSRUUHEHOGHVVXVLWXDFLyQHV
LJXDODODGHORVLQGLRV(Q)XHQWHV²ILQDOGHOVLJOR²HOFXDGURKDFDPELDGR
UDGLFDOPHQWH\DVRQPX\LPSRUWDQWHV\QXPHURVRVORVPHVWL]RVHQWDQWRTXH
ORVQHJURVDSDUHFHQVRODPHQWHHQDOJXQDVKDFLHQGDV\HQFLHUWDVFDVDVULFDVGH
ODVFLXGDGHVXQRGHHOORVVHUYLGRUGHOFURQLVWDUHSUHVHQWDHQODFUyQLFDDORV
HVFODYRVGHFRQILDQ]DFX\DVLWXDFLyQ\YHQWDMDVHUDQWRWDOPHQWHLQDFFHVLEOHV
SDUDORVLQGLRV(QHOLQIRUPHGH&RUWpV\/DUUD]²KDFLD²ORVQHJURV
QR FXHQWDQ DXQTXH ORV PHQFLRQH DOJXQD YH] ,QFLGHQWDOPHQWH DOXGH D XQR ²
QHJUR OLEUH DO SDUHFHU² TXH HUD HVELUUR GH XQ GpVSRWD ORFDO YHUGXJR GH
LQGLRV /RV PHVWL]RV HQ FDPELR VRQ XQR GH ORV JUDQGHV WHPDV GH OD
'HVFULSFLyQ\XQDSHUPDQHQWHSUHRFXSDFLyQSDUDHODXWRUTXLHQYLRHQHOORV
VLQ HTXLYRFDUVH D XQD GH ODV PiV LPSRUWDQWHV IXHU]DV VRFLDOHV GHO UHLQR
/OHYDGRSRUHOGHVLJQLRGHSRQHUpQIDVLVHQDTXHOORVJUXSRVTXHVHKDOODEDQ
PiV VXVWUDtGRV DO FRQWURO GH OD ,JOHVLD WXYR TXH GHGLFDUOH D ORV PHVWL]RV
UXUDOHVXQDDWHQFLyQHVSHFLDOtVLPDVyORFRPSDUDEOHFRQODTXHOHGHGLFyDORV
LQGLRV ²D pVWRV SRU VHU ORV YHUGDGHURV VRVWHQHGRUHV GH OD UHQWD GH ORV
FXUDWRV>@ 'H HVH PRGR OD 'HVFULSFLyQ VH FRQYLUWLy HQ WHVWLPRQLR GH OD
H[LVWHQFLD \ OD LPSRUWDQFLD GH XQD FDSD VRFLDO TXH VXHOH VHU RPLWLGD HQ OD
YLVLyQ KLVWyULFD GH OD VRFLHGDG FRORQLDO ORV WUDEDMDGRUHV UXUDOHV SREUHV QR
LQGLRV TXH UHSUHVHQWDEDQ VHJ~Q SDUHFH PiV GH OD PLWDG GH OD SREODFLyQ
PHVWL]D>@ 7HQGUHPRV TXH YROYHU D ILMDU HQ HOORV QXHVWUD DWHQFLyQ PiV
DGHODQWHDOUHIHULPRVDYLOODV\UDQFKHUtDV&RQYLHQHTXHYHDPRV SULPHURD
ORVPHVWL]RVHQODVFLXGDGHV

 
 ²9²
/DSOHEHXUEDQD
(Q ODV FLXGDGHV GHO UHLQR HO GHVDUUROOR GH ORV PHVWL]RV FRQILJXUy WUHV
FDSDVPHGLDVXUEDQDV'RVGHHOODVVRQVXJHULGDVSRUORVGRFXPHQWRVTXHODV
GHQRPLQDQODSOHEH\ORVDUWHVDQRV/DWHUFHUDPXFKRPHQRVGHILQLGD\PiV
WDUGtD HV REMHWLYDPHQWH SHUFHSWLEOH HQ OD UHWURVSHFFLyQ KLVWyULFD /D
OODPDUHPRVFDSDPHGLDDOWDXUEDQD
(QHOVLJOR ;9,,QRVHHQFXHQWUDWRGDYtDFRQPXFKDIUHFXHQFLDODSDODEUD
SOHEH HQ ORV GRFXPHQWRV SHUR \D VH OH FRQFHGH PXFKD LPSRUWDQFLD D OD
UHDOLGDG TXH GHVSXpV FDGD YH] PiV GHFLGLGDPHQWH VHUi QRPEUDGD FRQ HVH
WpUPLQR )XHQWHV \ *X]PiQ XVD GH SUHIHUHQFLD H[SUHVLRQHV WDOHV FRPR ³OD
JHQWHGHOYXOJR´³ODJHQWHRUGLQDULD´>@6DEHPRVVLQHPEDUJRTXHHQ
VH DPRWLQy XQ VHFWRU GH OD JHQWH SREUH GH OD FLXGDG GH 6DQWLDJR \ TXH DO
GLVFXWLUVH HQ HO $\XQWDPLHQWR OD QHFHVLGDG GH RUJDQL]DU XQD JXDUGLD SDUD
KDFHUOHIUHQWHDWDOHVWXPXOWRVHOUHJLGRU)XHQWHV\*X]PiQGLRVXSDUHFHUHQ
ORVVLJXLHQWHVWpUPLQRV³«TXHSRUFXDQWRODSOHEHKDFUHFLGR\ODQREOH]D
/RVGHPiVSDUHFHUHVH[DPLQDGRVXQRDXQRQRDUURMDQPiVOX]VREUHOR
TXHHQWRGRVHOORVVHHQWLHQGHSRUSOHEHHV³HOYXOJR´ODJHQWHSREUHGHOD
FLXGDG PHVWL]D FDVL WRGD HOOD TXH VH KDFLD FDGD GtD PiV QXPHURVD \ DO
SDUHFHUWDPELpQPiVLUULWDEOH\DJUHVLYD
/DGLILFXOWDGTXH SXHGHRIUHFHUOD FRPSUHQVLyQGHO FRQFHSWR FRORQLDOGH
SOHEH VH UHVXHOYH FXDQGR TXHGDQ HQWHQGLGRV ORV VLJXLHQWHV GRV SXQWRV
3ULPHURTXHQRKDFtDUHIHUHQFLDDOFRORUGHODSLHOQLDODRFXSDFLyQGHODV
SHUVRQDV VLQR H[FOXVLYDPHQWH D VX QLYHO GH SREUH]D \ D FLHUWD FRQGXFWD
JHQHUDOTXHDSDUHFtDFRPRSURSLDGHODJHQWHSREUHGHODFLXGDG$VtSXHVOD
SOHEH HVWDED FRQVWLWXLGD SRU PHVWL]RV PXODWRV ]DPERV QHJURV OLEUHV \ OD
PXOWLWXGGHFRPELQDFLRQHVTXHVHHQJOREDEDQHQODGHVLJQDFLyQGH³SDUGRV´
SHURKDEtDSDUGRVDFRPRGDGRV²DUWHVDQRVWHQGHURVDUWLVWDV²TXHDQDGLH
VHOHKXELHUDRFXUULGRGHFLUTXHSHUWHQHFtDQDODSOHEH(UDQSDUGRVGHRWUR
QLYHO HFRQyPLFR \ VRFLDO $Vt WDPELpQ KDEtD DUWHVDQRV WHQGHURV \ DUWLVWDV
DUUXLQDGRV QR DFRPRGDGRV TXH SHUWHQHFtDQ D OD SOHEH FRQ HO WURSHO GH
DSUHQGLFHV RILFLDOHV VLUYLHQWHV \ SHRQHV PiV QHFHVLWDGRV \ GHVGH OXHJR
PXFKR PiV QXPHURVRV TXH VXV PDHVWURV \ SDWURQHV /D SOHEH HUD OD PDVD
SREUHODFLXGDG
&XDQGR HQ XQ GRFXPHQWR FRORQLDO HQFRQWUDPRV SRU HMHPSOR OD
GLVSRVLFLyQGHTXHDODVQXHYHGHODQRFKHDOWRFDUODFDPSDQDGHTXHGDVH
GLVPLQXLGR«\SDUDPD\RUUHVSHWRPHMRUPDQXWHQFLyQDOLHQWR\YLJRUGHOD
UHFRMDQ HQ VXV FDVDV WRGRV ORV PRUDGRUHV GH OD FLXGDG SHUR ³«
UHDOMXVWLFLDHQORVFDVRVGHDFFLGHQWHFRPRDKRUDKDVXFHGLGRHQHOHPEDUD]R
HVSHFLDOPHQWH ORV RILFLDOHV PHFiQLFRV PHVWL]RV \ PXODWRV \ GHPiV
TXHVHKL]RDODHMHFXFLyQGHODUHDOMXVWLFLDSRUORVSUHVRVGHODPiVtQILPD
LQGLYLGXRV GH OD SOHEH«´>@ QRV VHQWLPRV LQFOLQDGRV D SHQVDU TXH OD SOHEH
SOHEH «\ HQ FRQVLGHUDFLyQ GH TXH VH SXHGHQ QXPHUDU VROR HQ ORV SXHEORV
TXH QRV FHUFDQ GHO YDOOH GH HVWD FLXGDG PiV GH VHWHQWD PLO LQGLRV SXHGH
SUXGHQWHPHQWHUHFHODUVHFXDOTXLHUDPRYLPLHQWRGHGHVHUYLFLRGHO5H\1XHVWUR
6HxRUDXPHQWiQGRVHWDQJUDQQ~PHURGHLQGLRVFRQHOJUDQGHDTXHKDYHQLGR
HO GH PXODWRV PHVWL]RV \ ]DPERV WLHQH QR VROR SRU FRQYHQLHQWH VLQR SRU
QHFHVDULRHOTXHVHSRQJDODJXDUGDGHFLQFXHQWDKRPEUHV´>@
2WUR UHJLGRU FRPSDxHUR GHO TXH QRV HV FRQRFLGR VH UHILULy HQ DTXHOOD
VHVLyQ GH FDELOGR D ³« OD DXGDFLD TXH KD PRVWUDGR HO YXOJR GH HVWD
FLXGDG«´>@ QR VyOR FRQ RFDVLyQ GHO WXPXOWR UHFLHQWH HQ TXH XQD PXOWLWXG
LUULWDGD VH KDEtD HQIUHQWDGR D OD DXWRULGDG SDUD FXEULU OD IXJD GH FLHUWRV
UHRV>@VLQRHQPXFKDVRWUDVDOWHUDFLRQHVUHJLVWUDGDVHQORV~OWLPRVDxRV

HVWDED IRUPDGD DO PHQRV HQ VX PD\RU SDUWH SRU ORV PHVWL]RV \ PXODWRV \
WRGRV ORV WUDEDMDGRUHV QR PDHVWURV ²RILFLDOHV² GH RILFLRV \ DUWHVDQtDV $O
SLHGHODOHWUDHVORTXHGLFHQHVDVSDODEUDVSHURQRIXHHVRORTXHUHDOPHQWH
VH TXLVR GHFLU FRQ HOODV /DV KHPRV HVFRJLGR SDUD HMHPSOLILFDU HO XVR
LPSUHFLVRTXHVHKDFtDGHOFRQFHSWRGHSOHEHHOFXDOXVRGDEDSRUHQWHQGLGDV
FLHUWDV LPSOLFDFLRQHV TXH D QRVRWURV VH QRV HVFDSDQ SRU KDOODPRV IXHUD GH
DTXHOFRQWH[WRVRFLDO(VDVSDODEUDVGDEDQDHQWHQGHUORVLJXLHQWHGHVSXpVGH
ODV QXHYH GH OD QRFKH GHEH UHWLUDUVH GH OD FLUFXODFLyQ FDOOHMHUD WRGD OD
SREODFLyQSREUHGHODFLXGDGODJHQWHUXGD\PHQHVWHURVDTXHHVPD\RUtD\
GHVREUDVHVDEHTXHVXLQFOLQDFLyQDODYLROHQFLDRULJLQDJUHVFDV\SUREOHPDV
HQHOWUDQVFXUVRGHODQRFKH\ HVPRWLYRGHLQWUDQTXLOLGDG SDUD ODV SHUVRQDV

DFRPRGDGDV
2EMHWLYDPHQWHODSOHEHFRORQLDOHUDODSREODFLyQXUEDQDPHQHVWHURVD6LQ
HPEDUJRODFRPSUHQVLyQGHOFRQFHSWRGHSOHEHH[LJHHQVHJXQGROXJDUTXH
VH OR HQWLHQGD FRPR XQD HODERUDFLyQ LGHROyJLFD GH OD PLQRUtD GRPLQDQWH \
TXH SRU OR WDQWR VH SHUFLED HO FRQWHQLGR VXEMHWLYR GH DYHUVLyQ \ WHPRU TXH
OOHYDEDHVFRQGLGR0DOSRGtDKDEHUVHGDGRDVtPLVPDHVHQRPEUHXQDSREUH
JHQWHDQDOIDEHWDTXHQRKDEtDLGRDODHVFXHODQLWHQtDODPiVUHPRWDQRFLyQ
GH+LVWRULDGH5RPD$SRGiURQODDVtORVLQWHJUDQWHVGHOUHGXFLGRJUXSRTXH
SDVDED SRU ODV DXODV GH ORV FROHJLRV FRORQLDOHV ²FROHJLRV GH VHxRULWRV²
TXHUHFLEtDQXQDIRUPDFLyQFDWyOLFRODWLQD\TXHLGHQWLILFDGRVGHVGHODEDQFD
HVFRODUFRQORV³SDWULFLRV´>@²HVGHFLUFRQORVHVFODYLVWDVGHODDQWLJHGDG
URPDQD² YLHURQ HQ ORV PHVWL]RV SREUHV GH ODV FLXGDGHV GHO UHLQR DOJR
VHPHMDQWH D OD SOHEH GH ODV XUEHV LPSHULDOHV &RVDV ELHQ GLVWLQWDV HUDQ SRU
FLHUWRSHURRIUHFtDQVLPLOLWXGHVH[WHUQDVVXILFLHQWHVSDUDTXHODPHQWDOLGDGGH
ORV JUXSRV GRPLQDQWHV ²TXL]i LPLWDQGR D ORV GH RWUDV FRORQLDV² DVRFLDUD
DTXHOYRFDEORGHORVWH[WRVODWLQRVFRQHVWDUHDOLGDGHPHUJHQWHHLQTXLHWDQWH ³«FRQSUHWH[WRGHFD]DGRUHV\GHYDTXHURVHVXQQ~PHURFRQVLGHUDEOHGH
PDVD SREUH PDVD GHVFRQWHQWD PDVD PHGLD SDUD OD FXDO QR KDEtDQ VLGR
HVSHFtILFDPHQWHFUHDGRVORVDSDUDWRVGHFRQWUROHVSLULWXDO\GHUHSUHVLyQGHO
(VWDGR SXHV SRU GHEDMR GH HOOD VH HQFRQWUDED WRGDYtD OD JUDQ PDVD
IXQGDPHQWDO GH ORV LQGLRV H[SORWDGRV ²WDPELpQ HQ 5RPD KDEtDQ VLGR ORV
HVFODYRVODJUDQFODVHDQWDJyQLFDGHORVSDWULFLRV\QRODSOHEHDXQTXHpVWD
SRUGLVIUXWDUGHGHUHFKRVVHPRVWUDEDPXFKRPiVDFWLYD\DJUHVLYD
5HVRQDQFLDVWDOHVGHEHKDEHUWHQLGRHOWpUPLQRSOHEHHQODPHQWDOLGDGGH
*XDWHPDOD>@
&ULROOR FXOWR DGRUQDGR FRQ ODWLQLGDGHV VX YHUGDGHUD HVFXHOD IRUPDWLYD
KDEtD VLGR HPSHUR HO GHVHPSHxR GH FDUJRV S~EOLFRV \ HO FXLGDGR GH VXV
SURSLHGDGHV D OR ODUJR GH WUHLQWD DxRV 'HFDQR GH FULROORV UHFRUGHPRV TXH
DQGDED HQ ORV YHLQWH DxRV FXDQGR OD FULVLV \ GHIHQVD GH ORV UHSDUWLPLHQWRV
SDUDLQGLFDUTXHUD\DEDORVFLQFXHQWDFXDQGRORHQFRQWUDPRVRSLQDQGRVREUH
ODSOHEHHQHOFDELOGR(VHO~QLFRSDUWLFLSDQWHGHDTXHOODVHVLyQTXHUHODFLRQD
ORVPRYLPLHQWRVGHODSOHEHFRQHOSHOLJURGHXQOHYDQWDPLHQWRGHLQGLRV'H
VX GHFODUDFLyQ VH GHVSUHQGH TXp SDUD pO OD SHOLJURVLGDG GH ORV
DPRWLQDPLHQWRVGHODSOHEHQRUDGLFDEDHQHOORVPLVPRVVLQRHQVXFDUiFWHU
GH SRVLEOHV GHVHQFDGHQDQWHV GHO GHVFRQWHQWR GH VHWHQWD PLO LQGLRV TXH
³FHUFDEDQ´ODFLXGDGGH*XDWHPDOD(VGLJQRGHQRWDUVHTXHHQFLHUWRSDVDMH
GH VX FUyQLFD²HVFULWR VyOR GRV DxRV DQWHV GHO PRPHQWR TXH UHIHULPRV²>@
\DVHKDEtDGHWHQLGRHOFURQLVWDDVHxDODUTXHHQWUHORVLQGLRVGHOYDOOHKDEtD
PXFKDVDUPDV\TXHHUDFRQYHQLHQWHUHFRJHUODV
HVFRSHWDVIOHFKDVODQ]DV\MDUUHWDGHUDVHOTXHVHKDOODHQWUHORVLQGLRV\HQ
TXHVHGHELHUDFDUJDUPXFKRODFRQVLGHUDFLyQODGLOLJHQFLD\YLJLODQFLDSDUD
TXLWDUODV \ SRQHUODV HQ OD UHDO VDOD GH DUPDV GH OD FLXGDG GH *RDWKHPDOD
GRQGH HVWXYLHUDQ PHMRU SDUD DUPDU QXHVWUD JHQWH HQ RFDVLRQHV TXH VH
RIUHFLHVHQ´>@
(QORVWUHVVLJORVFRORQLDOHVVHVXFHGLHURQXQDVDRWUDVODVSURKLELFLRQHV
VREUHHOXVR\ODWHQHQFLDGHDUPDVHQWUHORVLQGLRV\HQWUHODSOHEHVHSURKtEH
XQFULROORFRPRHOUHJLGRU)XHQWHV+RPEUHTXHQRKL]R8QLYHUVLGDGSRUTXH DPHVWL]RVQHJURV\PXODWRVWHQHUFDEDOORV\HJXDV\DUPDVDxR >@
IULVDED ORV FXDUHQWD DxRV FXDQGR OD GH 6DQ &DUORV GH *XDWHPDOD LQLFLy VXV TXHQLQJ~QPHVWL]RPXODWRRQHJUROLEUHOOHYHHVSDGDPDFKHWHQLRWUDDUPD
ODERUHV>@ SHUR TXH KDEtD KHFKR HVWXGLRV HQ HO FROHJLR MHVXLWD GH 6DQ /XFDV VR SHQD GH GRVFLHQWRV D]RWHV ³DPDUUDGR D XQ SDOR´ DxR  >@ TXH VH
²³ODLQVWLWXFLyQGHHQVHxDQ]DVXSHULRUPiVLPSRUWDQWHGHOVLJOR ;9,,´VHJ~Q UHFRMDQODVDUPDVGHIXHJRTXHKD\DHQORVSXHEORV\TXHQRVHSHUPLWDQMXQWDV
DILUPD XQ HQWHQGLGR HQ HVWD PDWHULD²>@ +RPEUH TXH PX\ SUREDEOHPHQWH RPDUFKDVFRQSUHWH[WRGHUHJRFLMRV >@TXHQLQJ~QLQGLRPHVWL]RQL
FRPHQ]yDOHHUORVFOiVLFRVODWLQRVGHVGHODMXYHQWXG\TXHFLWDHQVXVHVFULWRV RWUDSHUVRQDSXHGD³FDUJDU´FXFKLOORSXxDOPDFKHWHQLGDJD >@TXH
D WRGRV ORV KLVWRULDGRUHV URPDQRV LPSRUWDQWHV >@ TXH JXVWDED OODPDU VRORDORVHVSDxROHVVHOHVSHUPLWDOOHYDUDUPDVFRPRVRQHVSDGDVGHFLQFR
³SDWULFLRV´DORVIXQGDGRUHVGHODDULVWRFUDFLDFRORQLDOJXDWHPDOWHFD >@ TXH FXDUWDV\RWUDVVHPHMDQWHVELHQDFRQGLFLRQDGDV\HQYDLQDGDV>@3HVH
VH DFXHUGD GH ODV ³*HyUJLFDV´ GH 9LUJLOLR FXDQGR VH UHILHUH D OD FULDQ]D GH DWRGRORVKHFKRVGHVDQJUHIXHURQFDGDYH]PiVIUHFXHQWHVHQWUHODSOHEHGH
DEHMDV>@ GHO 9HVXELR FXDQGR GHVFULEH XQ YROFiQ GH VX WHUUXxR>@ \ GH ODV OD FLXGDG GH *XDWHPDOD \ ODV SHQDV OOHJDURQ D VHU WDQ GHVPHVXUDGDV FRPR
FROLQDV GH 5RPD DO PHQFLRQDU ORV PRQWHV TXH FLUFXQGDEDQ D OD FLXGDG GH

 
LQHILFDFHVHQSRUEDQGRVHKL]RVDEHUTXHODVRODSRUWDFLyQGHDUPDV
FRUWDVVHFDVWLJDUtDFRQGRVFLHQWRVD]RWHV\VHLVDxRVGHSUHVLGLR>@
/D GHOLQFXHQFLD KDEtD DOFDQ]DGR tQGLFHV DODUPDQWHV HQWUH OD JHQWH
PHQHVWHURVD GH OD FLXGDG ²OR FXDO VH H[SOLFD VL UHFRUGDPRV TXH HO
HPSREUHFLPLHQWR JHQHUDO GHO UHLQR HQ OD ~OWLPD HWDSD FRORQLDO WXYR TXH
UHSHUFXWLUPiVVREUHODJHQWHSREUH\HOHYDUHOtQGLFHGHVXGHVHVSHUDFLyQ²
8QSHULyGLFRGHODpSRFDGHOD,QGHSHQGHQFLDFRPHQWDTXHHQXQDxRHQWUDURQ
DO KRVSLWDO GH OD FLXGDG PiV GH VHWHFLHQWDV SHUVRQDV KRPEUHV \ PXMHUHV
KHULGDV HQ ULxDV GH ODV FXDOHV PXULHURQ GLHFLQXHYH>@ $O DxR VLJXLHQWH VH
OOHJy D OD FLIUD GH QRYHFLHQWRV KHULGRV HQ ULxDV \ HO SHULyGLFR VHxDOD FRQ
WRGDFODULGDGTXHHVDRODGHFUtPHQHVVHGHVDUUROODED~QLFDPHQWHHQHOVHQR
GH XQD FDSD VRFLDO GHWHUPLQDGD D OD TXH OODPD ³XQD SOHEH OLEHUWLQD \
VDQJXLQDULD´>@
/D SOHEH QR HUD VRODPHQWH XQD UHDOLGDG UHFRQRFLGD SRU WRGRV ORV
REVHUYDGRUHV GHVGH HO VLJOR ;9,, VLQR TXH OOHJy D VHU D ILQHV GHO ;9,,, \
SULQFLSLRVGHO ;,;XQRGHDTXHOORVSUREOHPDVTXHGDEDQRFDVLyQDVHVXGRV\
ELHQLQWHQFLRQDGRVLQIRUPHVGHORVDOWRVIXQFLRQDULRVHVSDxROHV(QHO
RLGRU GHFDQR GH OD $XGLHQFLD GH *XDWHPDOD GRQ -RDTXtQ %HUQDUGR
&DPSXVDQRUHPLWLyDOJRELHUQRSHQLQVXODUXQDLQWHUHVDQWH³([SRVLFLyQVREUH
ORVGHVyUGHQHVGHODSOHEH´ >@(OEXHQVHQWLGRGHODXWRUXQLGRDOFDUiFWHU
UHVHUYDGR GHO GRFXPHQWR SXVLHURQ HQ pVWH FLHUWRV SiUUDIRV TXH UHIOHMDQ FRQ
EDVWDQWH IUDQTXH]D OD UHDOLGDG H LQWHQWDQ H[SOLFDUOD FRQ VDQR FULWHULR ³$XQ
DFRVWXPEUDGR D YHU WDQWRV YLFLRV \ PLVHULDV HQ ODV FODVHV EDMDV GH RWUDV
FLXGDGHV GH $PpULFD ²FRPLHQ]D GLFLHQGR HO RLGRU² QR KD GHMDGR GH
DVRPEUDUPHHOH[FHVRDTXHOOHJDHVWDLQIHOLFLGDGHQODGH*XDWHPDOD6XV
EDUULRVVXPHUJLGRVHQXQDGHVHVSHUDGDSREUH]DFRQGHQDGRVDODRFLRVLGDG
QR SUHVHQWDQ VLQR SHQGHQFLDV VDQJXLQDULDV XQD FRQWLQXD ERUUDFKHUD OD
DQGUDMRVD GHVQXGH] ODV FRVWXPEUHV PiV JURVHUDV \ OD FRUUXSFLyQ GH ORV
LQRFHQWHVLQGLRVIRUDVWHURV«´ >@(QHVDVFULVSDQWHVSDODEUDVTXHSRU VX
GHQVLGDG VRQ GLJQDV GH VHU OHtGDV GRV \ PiV YHFHV KD\ HOHPHQWRV GH
GHILQLFLyQTXHHVSUHFLVRH[WUDHUSRUTXHVHWUDWDGHUDVJRVSHUPDQHQWHVGHOD
SOHEH VL ELHQ DSDUHFHQ PiV DFHQWXDGRV HQ HO ~OWLPR SHUtRGR GH OD FRORQLD
8QD GHVHVSHUDGD SREUH]D 'HVRFXSDFLyQ IRU]RVD 6HJUHJDFLyQ HQ EDUULRV
SURSLRV 9LROHQFLD \ YLFLRV FRPR QDWXUDO FRQVHFXHQFLD GH ODV FRQGLFLRQHV

DQWHV DSXQWDGDV ,QIHOLFLGDG QR YLVWD SRU HO IXQFLRQDULR HQ RWUDV FLXGDGHV GH
$PpULFD
(O RLGRU GLFH FRQ WRGD FODULGDG TXH KD\ SOHEH HQ WRGDV ODV FLXGDGHV GHO
UHLQRDXQTXHVXLQIRUPHVHUHILHUDFRQPiVpQIDVLVDODGHODFDSLWDO³OD
SOHEHGHHVWDFDSLWDOFRPRODGHODVGHPiVFLXGDGHVGHO5HLQR«´>@
6H KD FUHtGR TXH OD YLROHQFLD HQWUH OD JHQWH SREUH SRGtD UHIUHQDUVH
PXOWLSOLFDQGR\DJUDYDQGRODVSHQDVGLFHHOVHQVDWRMXH]SHURHVHKDVLGRXQ
³IDWDOHUURU´>@HVGRORURVRSDUDORVMXHFHVVHQVLEOHVLPSRQHUFDVWLJRVTXH
QRWRFDQHOIRQGRGHOSUREOHPD>@/DVROXFLyQHVWULEDHQHGXFDU\SRUWRGRV
ORVPHGLRVSURFXUDUOHDODJHQWHSREUH³XQDVXEVLVWHQFLDGHFHQWH´>@&RQ
UHVSHFWR D OD RFLRVLGDG UHFRQRFH TXH HV FRQVHFXHQFLD GH OD IDOWD GH
RSRUWXQLGDGHVGHWUDEDMRHQODFLXGDG\SRUHVDUD]yQSURSRQHMXQWRDFLHUWRV
FHQWURVGHWUDEDMRFRUUHFFLRQDO²QRSUHVLGLRVVLQRFHQWURVUHHGXFDGRUHV²
PHGLGDV SDUD WUDVODGDU SDUWH GH OD JHQWH GHVRFXSDGD GH ODV FLXGDGHV D ODV
FRVWDVHQGRQGHVHJ~QpORSLQDKD\PiVQHFHVLGDGGHJHQWHWUDEDMDGRUD>@
1DWXUDOPHQWHDXQTXHHORLGRUGLFHTXHKD\TXHLUDOIRQGRGHOSUREOHPD
pOQRDKRQGDGHPDVLDGR$OUHIHULUQRVPiVDGHODQWHDODSROtWLFDGHOEORTXHR
DJUDULR²QHJDFLyQGHWLHUUDV²VHJXLGDSRUORVJUXSRVGRPLQDQWHVIUHQWHDORV
PHVWL]RVWRFDUHPRVQRVRWURVODYHUGDGHUDFDXVDGHDTXHOODVFRQFHQWUDFLRQHV
XUEDQDVGHPXHUWRVGHKDPEUH6LQHPEDUJROD³([SRVLFLyQ´WLHQHHOPpULWR
GH VHxDODU TXH ORV YLFLRV \ GHVyUGHQHV GH OD SOHEH QR HPDQDEDQ GH OD
QDWXUDOH]DGHODJHQWHTXHIRUPDEDGLFKDFDSDVRFLDOVLQRTXHHUDQUHVXOWDGR
GHODSREUH]D\ODGHVRFXSDFLyQHQTXHVHYHtDREOLJDGDDYLYLU(ORLGRUOOHJD
D DILUPDU TXH SHVH D OD IHURFLGDG TXH PRVWUDED OD JHQWH GH OD SOHEH HQ VXV
DFWRVYLROHQWRVKDEtDHQHOODFXDOLGDGHVKXPDQDVODWHQWHV³«SRURWUDSDUWH
VRQ GH tQGROH GyFLO VXPLVD \ ELHQ GLVSXHVWD SDUD WRGR JpQHUR GH DUWHV H
LQGXVWULDV«´>@ (O SHQVDPLHQWR TXH SUHVLGH WRGR HO LQIRUPH SRGUtD
UHVXPLUVH HQ ODV VLJXLHQWHV SDODEUDV HVWD JHQWH QR HV PDOD GH SRU Vt VH YH
FRPSHOLGD D VHUOR QR VH SRGUi FRUUHJLUOD FDVWLJiQGROD KD\ TXH RIUHFHUOH
RSRUWXQLGDGHVSDUDPHMRUDU
'HVDIRUWXQDGDPHQWH HVDV RSRUWXQLGDGHV QR SRGtDQ VXUJLU SRU
HQFDQWDPLHQWRHQXQUpJLPHQVRFLDOTXHSUHFLVDPHQWHSRUVHUORTXHHUDKDEtD
RULJLQDGR DTXHOODV PDVDV PLVHUDEOHV /DV VROXFLRQHV TXH SURSRQH HO RLGRU
HUDQ LPSUDFWLFDEOHV 'H ODV FRVWDV KXtD OD JHQWH SRUTXH HUDQ XQ LQILHUQR GH

HQIHUPHGDGHVHQGpPLFDV(QFXDQWRDORVFHQWURVGHWUDEDMRFRUUHFFLRQDOPDO
LEDDLQYHUWLUGLQHURHQHOORVXQJRELHUQRTXHHVWDEDSLGLHQGRVXEVLGLRVSDUD
KDFHUOHIUHQWHDXQDJXHUUDHQWUHIUDQFHVHV\HVSDxROHV(ORLGRUQRFRPSUHQ
GLR TXH DTXHOOD SDYRURVD PLVHULD GH OD SOHEH QR SHUMXGLFDED HQ QDGD ORV
LQWHUHVHV GH ORV JUXSRV GRPLQDQWHV \ TXH HQ FLHUWR PRGR ORV IDYRUHFtD DO
SRQHU SRU ORV VXHORV HO SUHFLR GH OD IXHU]D GH WUDEDMR 'H WRGRV PRGRV VX
³([SRVLFLyQ´ RIUHFH GDWRV IXQGDPHQWDOHV DFHUFD GH OR TXH HUD DTXHOOD FDSD
VRFLDOHQVXSHRUPRPHQWR
6H GLMR DQWHULRUPHQWH TXH PXFKRV DUWHVDQRV SREUHV \ PiV D~Q VXV
RILFLDOHV \ DSUHQGLFHV IRUPDEDQ SDUWH GH ODV SOHEHV HQ ODV FLXGDGHV
FRORQLDOHV (VD DILUPDFLyQ JHQHUDO GHEH VHU FRPSOHWDGD VLQ HPEDUJR
LQGLFDQGRTXHHOIHQyPHQRVHSUHVHQWyFRQEUXVFDDFHQWXDFLyQHQODFLXGDGGH
*XDWHPDOD GHVSXpV GH ORV WHUUHPRWRV GH  \ FRPR FRQVHFXHQFLD GHO
WUDVODGRGHODFDSLWDODOYDOOHGHOD(UPLWD(OWUDVODGRIXHHOJROSHGHILQLWLYR
SDUDPXFKRVWDOOHUHV\KDVWDJUHPLRVHQWHURVTXHYHQtDQDUUXLQiQGRVHFRQOD
FUHFLHQWHLPSRUWDFLyQGHDUWtFXORVLQGXVWULDOHVHXURSHRV(VWRVSURGXFWRVFRQ
DOJXQRV GH ORV FXDOHV QR SRGtDQ FRPSHWLU HQ SUHFLR QL HQ FDOLGDG ORV
IDEULFDGRV SRU ORV DUWHVDQRV GHO SDtV LQJUHVDURQ HQ FDQWLGDGHV FDGD YH]
PD\RUHV D FDXVD GH FLHUWD OLEHUDOL]DFLyQ GHO PRQRSROLR FRPHUFLDO \ GH XQ
FUHFLHQWH FRQWUDEDQGR (VWDQGR DVt ODV FRVDV VREUHYLQR HO WUDVODGR GH OD
FLXGDG7DOFRPRORKDVHxDODGRXQLQYHVWLJDGRUFRQWHPSRUiQHRHQFXLGDGRVD
PRQRJUDItD VREUH ORV JUHPLRV DUWHVDQDOHV HQ OD FLXGDG GH *XDWHPDOD>@ ORV
WUDEDMRVGHFRQVWUXFFLyQGHODQXHYDFLXGDGDEVRUELHURQDXQDPXFKHGXPEUH
GH PDHVWURV RILFLDOHV \ DSUHQGLFHV TXLHQHV DEDQGRQDQGR VXV RILFLRV
KDELWXDOHVVHSXVLHURQDWUDEDMDULQFOXVRFRPRSHRQHVHQRWURVRILFLRVTXHVH
KDFtDQ XUJHQWHV \ HUDQ ELHQ UHPXQHUDGRV HVSHFLDOPHQWH HQ DOEDxLOHUtD \
FDUSLQWHUtD 7UDQVFXUULGD HPSHUR OD HWDSD GH OD FRQVWUXFFLyQ LQWHQVLYD XQ
JUDQ Q~PHUR GH DTXHOORV WUDEDMDGRUHV IXHURQ TXHGDQGR FHVDQWHV \
GHVRUJDQL]DGRV \ SDVDURQ D HQJURVDU ODV ILODV GH ORV PHQHVWHURVRV GH OD
FLXGDG
'HEHTXHGDUPX\FODUR²SRUTXHHQWRPRDHVWRKDKDELGRHTXLYRFDFLRQHV
² TXH HO WUDVODGR GH OD FLXGDG QR IXH OD FDXVD GH OD DSDULFLyQ GH OD SOHEH
VLQR VyOR XQ IDFWRU FRDG\XYDQWH GH VX LPSHWXRVR FUHFLPLHQWR HQ OD FLXGDG
FDSLWDO +HPRV YLVWR TXH HO GHVDUUROOR GH HVWD FDSD VRFLDO DSDUHFH FRPR

SUREOHPDHQORVGRFXPHQWRVGHVGHHOVLJOR;9,,\TXHKXERSOHEHHQWRGDVODV
FLXGDGHVGHOUHLQR
/RV WDOOHUHV \ ORV JUHPLRV OD DFWLYLGDG DUWHVDQDO HQ FRQMXQWR GHELy
UHRUJDQL]DUVH\UHFREUDUVXDQWLJXDLPSRUWDQFLD DOYROYHUDODQRUPDOLGDGOD
H[LVWHQFLDFROHFWLYDHQOD1XHYD*XDWHPDODGDGRHOFDVRGHTXHORVSURGXFWRV
DUWHVDQDOHVKXELHVHQFRQWLQXDGRJR]DQGRGHODGHPDQGDTXHDQWHVWHQtDQ3HUR
IXH HVR SUHFLVDPHQWH OR TXH YHQtD IDOWDQGR FDGD YH] PiV HQ HO ~OWLPR WHUFLR
GHOVLJOR;9,,,\DUUXLQDQGRDPXFKRVDUWHVDQRV>@1RDWRGRVSRULJXDOVLQR
GHPDQHUDPiVGLUHFWDDORVWHMHGRUHV>@/DVLPSRUWDFLRQHVLOHJDOHVGHDTXHO
SHUtRGR ²TXH SDUHFHQ KDEHU VLGR PiV YROXPLQRVDV TXH ODV OHJtWLPDV²
HVWDEDQ SULQFLSDOPHQWH FRPSXHVWDV SRU WHMLGRV ²LQJOHVHV IUDQFHVHV
KRODQGHVHV\WDPELpQHVSDxROHV²IHUUHWHUtD\FULVWDOHUtD>@
3RGHPRV SUHFLVDU HVWD FXHVWLyQ SXHV HQ ORV VLJXLHQWHV WpUPLQRV /RV
WHUUHPRWRVGH6DQWD0DUWD\HOWUDVODGRGHODFLXGDGIXHURQFDODPLGDGHVTXH
VREUHYLQLHURQ SRU FDVXDO GHVJUDFLD SDUD ORV DUWHVDQRV GH OD FDSLWDO HQ XQ
PRPHQWR HQ TXH QHFHVDULDPHQWH VH SUHVHQWDED OD GHFDGHQFLD GH PXFKDV
DUWHVDQtDVGHWHUPLQDGDSRUODLUUXSFLyQGHSURGXFWRVLQGXVWULDOHVDWUDYpVGH
XQFRPHUFLRDPSOLDGR\XQFRQWUDEDQGRLQFRQWHQLEOH(OWUDVODGRORVGHELOLWy
HFRQyPLFDPHQWH ORVGHVRUJDQL]y\SUHFLSLWyVXFRQYHUVLyQHQ HOHPHQWRVGH
ODSOHEHFDSLWDOLQD
/DFRQRFLGDDJUHVLYLGDGGHODJHQWHGHHVWDFDSDVRFLDOHQJHQGUDGDSRUOD
RSUHVLyQ SHUR QR GLULJLGD FRQWUD ORV RSUHVRUHV WRPDED IRUPDV
DXWRGHVWUXFWLYDV(UDHQFLHUWRPRGRXQDYLROHQFLDVXLFLGD(VWDSHFXOLDULGDG
HUDFRQVHFXHQFLDGHTXHQRKDEtDHQWUHVXVLQWHJUDQWHVVROLGDULGDGGHJUXSR
&RPRQRWHQtDQXQLGDGGHIXQFLyQHFRQyPLFDQLGHLQWHUHVHVWDPSRFRSRGtD
IRUPDUVHHQWUHHOORVXQDFRQFLHQFLDGHFODVH/DSREUH]DFRP~QQRXQHDORV
KRPEUHV VL FRQFLEHQ FDPLQRV GLYHUJHQWHV SDUD VDOLU GH HOOD 8QD PDVD GH
PHQHVWHURVRVQRIRUPDXQDFODVHFDUUHWHURVSODFHUDV]DFDWHURVYHQGHGRUHV
DPEXODQWHV GH JRORVLQDV \ EDUDWLMDV FRFKHURV ERUGDGRUDV HPSOHDGRV
PHQRUHVGHWDOOHUHV\QHJRFLRVGLYHUVRVFRPRPHVRQHVFRPHGRUHVFDQWLQDV
HVWDQTXLOORV WLHQGDV FDUQLFHUtDV PROLQRV FDOHUDV SDQDGHUtDV LPSUHQWDV
ERWLFDV *HQWH TXH SUHVWDED D OD VRFLHGDG VHUYLFLRV LPSRUWDQWHV H
LQGLVSHQVDEOHVRTXHHVWDEDSRWHQFLDOPHQWHGRWDGDSDUDSUHVWDUORVSHURTXH
GHPRGRJHQHUDOQRHQFRQWUDEDRSRUWXQLGDGHV\HUDPX\PDOUHWULEXLGD

 $TXt HQ HO VHQR GH HVWD FDSD VRFLDO FRQIXVD \ KHWHURJpQHD VyOR ²9,²
XQLIRUPDGD SRU HO UDVHUR GH XQD SREUH]D FRP~Q H[LVWLHURQ ORV SULPHURV
REUHURVJXDWHPDOWHFRV&LHUWRVWDOOHUHVRSHTXHxDVIiEULFDVQRDUWHVDQDOHVTXH
HPSOHDEDQPDQRGHREUDDVDODULDGDSDUDSURGXFLUPHUFDQFtDVFRPRORIXHURQ /DFDSDDUWHVDQDOSURYHHGRUD
ORV PROLQRV ODV SDQDGHUtDV ORV WHODUHV JUDQGHV H[SORWDURQ D ORV SULPHURV
REUHURV GHO SDtV ²HQ HO PDUFR GH XQDV UHODFLRQHV GH SURGXFFLyQ PX\
5HVXOWDIiFLOHQWHQGHUTXHHOFRQVXPRFUHFLHQWHGHSURGXFWRVLQGXVWULDOHV
VHPHMDQWHVDODVGHORVWDOOHUHVPDQXIDFWXUHURVGHODVFLXGDGHVHXURSHDVGHOD
WXYRTXHGHVSOD]DUDXQQ~PHURWDPELpQFUHFLHQWHGHSURGXFWRVDUWHVDQDOHVHV
EDMD (GDG 0HGLD VDOYDGDV ODV GLIHUHQFLDV GH WDPDxR² 3RFRV GLVSHUVRV
XQ ODUJR SURFHVR TXH OOHJD KDVWD QXHVWURV GtDV \ VX ~OWLPD IDVH OD HVWDPRV
VXPLGRV HQ OD WXUELD \ VXSHUVWLFLRVD LJQRUDQFLD GH OD JHQWH SREUH GH ODV
SUHVHQFLDQGR (V QHFHVDULR TXH HVIXHU]R GH LPDJLQDFLyQ HQ FDPELR SDUD
FLXGDGHV FRORQLDOHV HVRV REUHURV QR FRQILJXUDURQ WRGDYtD XQ HPEULyQ GH
FRPSUHQGHUODLPSRUWDQFLDTXHWXYLHURQORVDUWHVDQRVHQODVpSRFDVDQWHULRUHV
SUROHWDULDGR 6HUi SUHFLVR XQ LPSRUWDQWH GHVDUUROOR QXPpULFR \ GH
DOGHVDUUROORLQGXVWULDO(VHQRUPHHOUHFXHQWRGHORVSURGXFWRVTXHVDOtDQGH
DJOXWLQDFLyQHQHPSUHVDVPiVJUDQGHVSDUDTXHFRPLHQFHQDGDUVHUHDFFLRQHV
VXVWDOOHUHVPXFKRVGHORVFXDOHVIDOWDQGRKXELHUDQSDUDOL]DGRODYLGDGHOD
GH JUXSR \ HVWR QR RFXUULUi VLQR KDVWD ILQHV GHO VLJOR ;,; EDMR HO LPSXOVR
VRFLHGDG SUHLQGXVWULDO )LMHPRV OD DWHQFLyQ HQ HO UHLQR GH *XDWHPDOD \
HFRQyPLFR GH ODV UHIRUPDV OLEHUDOHV 1R GHEHPRV GHMDU GH VHxDODU VLQ
DQDOLFHPRVVyORXQDVSHFWRFRQFUHWRGHOWHPDODUHODFLyQGHORVDUWHVDQRVFRQ
HPEDUJRODDSDULFLyQGHORVSULPHURVREUHURVHQHOPRVDLFRGHODSOHEH
HOWUDQVSRUWH
/DSOHEHIXHXQDFDSDVRFLDOXUEDQDSREUH\KHWHURJpQHDHFRQyPLFDPHQWH
&RQXQDULVLWDEXUORQDVXHOHQLQGLFDUORVHQDPRUDGRVGH³ORSLQWRUHVFRGH
LPSRUWDQWHRSULPLGD\H[SORWDGDHQGLYHUVDVIRUPDVGHVFRQWHQWDSHURLQFDSD]
OD+LVWRULD´²SLQWRUHVFRV HOORVPLVPRVHQVX IUtYRODVXSHUILFLDOLGDG² TXH
GHHVER]DUXQDDFWLWXGJHQHUDOL]DGDGHFODVH6XLUULWDELOLGDGSXGRKDEHUVLGR
HQRWURVWLHPSRVGXUDEDQVHPDQDV\PHVHVDORPRGHPXODORVYLDMHVTXHKR\
XQD IXHU]D SROtWLFD VXVFHSWLEOH GH GLUHFFLyQ SRU ORV JUXSRV TXH KLFLHURQ OD
VHUHDOL]DQHQSRFDVKRUDVRPLQXWRVSRUHOLPSXOVRGHOPRWRUGHFRPEXVWLyQ
,QGHSHQGHQFLD \ HV HYLGHQWH TXH XQR GH HOORV TXLVR PRYLOL]DUOD SHUR D OD
LQWHUQD $SDUWH GH TXH GLFKRV DILFLRQDGRV VXHOHQ LJQRUDU HO YHUGDGHUR
ODUJDSHVyPiVHOWHPRUTXHLQVSLUDEDODSRVLELOLGDGGHVXGHVERUGHDQiUTXLFR
VLJQLILFDGRKLVWyULFRGHHVHLQYHQWRFRPRIDFWRUGHODpSRFDFRQWHPSRUiQHD
\ YLQGLFDWLYR +HPRV GH YROYHU VREUH HVWH SXQWR HQ RWUR OLEUR>@ /D
PLVHULDGHODSOHEHHVXQDGHODVPXFKDVUHDOLGDGHVTXHVXHOHQRPLWLUVHSDUD
PDQWHQHU XQ FXDGUR LGHDOL]DGR GH OD YLGD FRORQLDO GHO PLVPR PRGR TXH VH
SDVDSRUDOWRODJUDQLPSRUWDQFLDGHORVODGLQRVUXUDOHVSREUHV(VWRV~OWLPRV
WHQLHQGR FRPXQLGDG GH IXQFLyQ HFRQyPLFD \ GH LQWHUHVHV FRPR SDUD IRUPDU
XQD FODVH VRFLDO QR OD LQWHJUDURQ SRU FDXVD GH VX JUDQ GLVSHUVLyQ \
DLVODPLHQWR /D SOHEH DO FRQWUDULR FRQFHQWUDGD HQ ORV EDUULRV GH GRFH
FLXGDGHV>@ QR FRPSDFWy XQD FODVH SRU PRWLYR GH OD JUDQ GLVSDULGDG GH
IXQFLyQHFRQyPLFDGHVXVFRPSRQHQWHV

HOFDVRHVTXHVXEHVWLPDQRQRYHQHOHVIXHU]RWHFQROyJLFR\ODFRPSOHMDWUDPD
GHIHQyPHQRVHFRQyPLFRVTXHVHKDOODEDGHWUiVGHOYLDMDU\HOWUDQVSRUWDUFRQ
DQLPDOHV GH WLUR \ FDUJD +DJDPRV DKRUD DEVWUDFFLyQ GH OD FULDQ]D \ HO
FRPHUFLR GH JDQDGR FDEDOODU TXH HUDQ IHQyPHQRV GHWHUPLQDGRV
SULQFLSDOPHQWHSRUODVQHFHVLGDGHVGHOWUDQVSRUWH\REVHUYHPRVTXHDTXHOODV
IRUPDV GH GHVSOD]DPLHQWR KXELHUDQ VLGR LPSRVLEOHV VLQ OD SDUWLFLSDFLyQ GHO
HVIXHU]R GH YDULRV WLSRV GH DUWHVDQRV (Q HIHFWR OD EHVWLD GH WLUR \ FDUJD
FULDGD\DPDHVWUDGDQRHVWDEDWRGDYtDHQFRQGLFLRQHVGHUHFLELUFDUJDQLGH
OOHYDUVREUHVtDXQMLQHWH\D~QPHQRVGHWLUDUGHFXDOTXLHUWLSRGHFDUUR(Q
HOSULPHUR \ VHJXQGRFDVRVKDFtDQIDOWD ORVDSDUHMRV\DUQHVHV OD PRQWXUD\
DOJXQDVFRVDVPiVHQHOWHUFHURHOYHKtFXORPLVPR/RFXDOFRPLHQ]DDSRQHU
GHPDQLILHVWRTXHHOWUDQVSRUWHFRORQLDOHUDHQJUDQPHGLGDREUDGHOWUDEDMR
GH XQ HMpUFLWR GH DUWHVDQRV TXH SURGXFtDQ FLQFKRV KHELOODV DUJROODV DURV

KHUUDGXUDV IUHQRV UHPDFKHV ERWRQHV FXHUGDV ILHOWURV FRMLQHV DVLHQWRV
OiPSDUDV UXHGDV HVSXHODV VLOODV GH PRQWDU EROVDV DOEDUGDV \ XQ JUDQ
Q~PHURGHSLH]DVVLPSOHV\FRPSOHMDVGHPDGHUDKLHUURFREUHHVWDxRSODWD
\FXHUR(OPRYLPLHQWRGHODVSHUVRQDV\ODVPHUFDQFtDVHQDTXHOODVRFLHGDG
²TXH OHQWD \ WDUGtDPHQWH IXH DGRSWDQGR HO XVR GH DOJXQRV DUWtFXORV
LQGXVWULDOHV²QRGHSHQGtDVyORGHTXHODJDQDGHUtDSURSRUFLRQDUDDQLPDOHV
VLQR WDPELpQ GHO FRPSOLFDGR HTXLSR TXH ORV SRQtD HQ FRQGLFLRQHV GH VHU
FRQGXFLGRV SRU MLQHWHV DUULHURV \ FRFKHURV (VH LQVWUXPHQWDO VDOtD GH ODV
PDQRVGHFLHQWRV\PLOHVGHPDHVWURVRILFLDOHV\DSUHQGLFHVHQORVWDOOHUHV
GH VLOOHURV FDUURFHURV JXDUQLFLRQHURV FXUWLGRUHV WDODEDUWHURV WHMHGRUHV
SDxHURV KHUUHURV KHUUDGRUHV>@ FDUSLQWHURV HEDQLVWDV HQVDPEODGRUHV
FHUUDMHURVSLQWRUHVSODWHURVRUIHEUHVREDWLRMDV\PXFKRVPiVTXHHVFDSDQD
QXHVWURUHFXHQWR
(Q LJXDO IRUPD SXHGH FRPSUREDUVH OD H[WUDRUGLQDULD LPSRUWDQFLD GH ORV
SURGXFWRV \ VHUYLFLRV DUWHVDQDOHV HQ PXFKRV RWURV DVSHFWRV GH OD YLGD \ OD
DFWLYLGDGGHDTXHOSHUtRGRODYHVWLPHQWDHODMXDUGRPpVWLFRODFRQVWUXFFLyQ
ODLOXPLQDFLyQODRUQDPHQWDFLyQHWFHWF+iJDVHSRUXQPRPHQWRHOHVIXHU]R
²YDOH OD SHQD² GH SHQVDU ODV VHULHV GH REMHWRV \ VHUYLFLRV TXH
UHVSHFWLYDPHQWHKDEUtDQIDOWDGRHQODVFLXGDGHVFRORQLDOHVVLKXELHVHIDOWDGR
HOWUDEDMRGHORVDUWHVDQRV\DPHQFLRQDGRVDORVTXHVHSXHGHDJUHJDUVLVH
TXLHUH HO GH VDVWUHV \ MXERQHURV ]DSDWHURV FDOFHWHURV \ VRPEUHUHURV SREODGRV\DHVWDEOHFHUVHHQHOORV/RVFRQTXLVWDGRUHV\SULPHURVSREODGRUHV
EDUEHURV VDQJUDGRUHV UHORMHURV IRUMDGRUHV \ WDOODGRUHV« /D VXSUHVLyQ
LPDJLQDULDGHWRGRVHVRVWUDEDMDGRUHVWUDHFRQVLJRHOGHUUXPEHGHODFLXGDG\
GHODYLGDXUEDQDFRORQLDOGHUUXPEHWDPELpQLPDJLQDULRSHURDOHFFLRQDGRUHO
WUDEDMR DUWHVDQDO HUD XQ IDFWRU HFRQyPLFR LQGLVSHQVDEOH QR \D VyOR SDUD OD
FRPRGLGDGVLQRSDUDHOVLPSOH\SXURVXEVLVWLUFLYLOL]DGR(VSRUORGHPiV
OD LPSRUWDQFLD TXH WXYLHURQ ORV DUWHVDQRV HQ WRGDV ODV VRFLHGDGHV
RIUHFtDQFRPRXQFDPSRGHWUDEDMRSDUDODJHQWHOLEUHQRSRVHHGRUDGHPHGLRV
GH SURGXFFLyQ FRQ XQD Pi[LPD SHUVSHFWLYD GH OOHJDU D SRVHHUORV HV PX\
PRGHVWD PHGLGD (O KHFKR GH TXH DOJXQRV DUWHVDQRV KD\DQ DOFDQ]DGR XQ
PHGLDQRELHQHVWDUDVtFRPR ODFLUFXQVWDQFLDGHTXHYDULRVGH HOORV WXYLHUDQ
XQ WDOOHU QR FRPSHQVD HO KHFKR JHQHUDO \ SUHYDOHFLHQWH GH TXH OD JUDQ
PD\RUtD GH HVWRV WUDEDMDGRUHV IXH JHQWH SREUH R PX\ SREUH (Q OD VRFLHGDG
FRORQLDO OD ULTXH]D HUD SULYLOHJLR FDVL H[FOXVLYR GH ORV WHUUDWHQLHQWHV \ ORV
JUDQGHVFRPHUFLDQWHV/DRUJDQL]DFLyQGHDTXHOODVRFLHGDGKDEtDHVWDEOHFLGR
GHVGH VXV SULQFLSLRV XQRV OtPLWHV XQ PDUFR EDVWDQWH HVWUHFKR DO
GHVHQYROYLPLHQWR GH WRGRV ORV WUDEDMDGRUHV TXH SURYHtDQ D OD FLXGDG GH
ELHQHV \ VHUYLFLRV 9DPRV D ILMDU OD DWHQFLyQ SRU XQ PRPHQWR VREUH HVWH
IHQyPHQR TXH HV LPSRUWDQWH SDUD HO WHPD TXH WUDHPRV \ SDUD FRPSUHQGHU
PXFKDVRWUDVFRVDV
1R VH SXHGH HQWHQGHU OD HVWUXFWXUD GH OD FLXGDG FRORQLDO VL QR VH WLHQHQ
SUHVHQWHV ODV FLUFXQVWDQFLDV TXH OH GLHURQ QDFLPLHQWR SRUTXH DOJXQDV GH ODV
IXQFLRQHV TXH OH GLHURQ RULJHQ VH FRQVHUYDURQ GHVSXpV FRPR GHWHUPLQDQWHV
EiVLFDVGHGLFKDHVWUXFWXUD/DVFLXGDGHVFRORQLDOHVIXHURQIXQGDGDVFRPRXQD
H[LJHQFLD GH OD FRQVROLGDFLyQ GHO LPSHULR )XQGDUODV IXH XQ UHTXLVLWR ²
UHFRUGpPRVOR² XQD FRQGLFLyQ TXH OD FRURQD LPSRQtD D ORV FRQTXLVWDGRUHV
SDUD SUHPLDUORV 6H FRQFHGtD WLHUUD H LQGLRV D TXLHQ VH REOLJDUD D IXQGDU
DFHSWDURQHVHFRPSURPLVR\DVtODFUHDFLyQGHODVFLXGDGHVHVWXYRSUHVLGLGD
SRU FLHUWRV SURSyVLWRV IXQGDPHQWDOHV WRFDQWHV XQRV DO LQWHUpV GH OD FRURQD
TXHH[LJtDGLFKDVIXQGDFLRQHV\RWURVDOLQWHUpVGHORVIXQGDGRUHV\SULPHURV
SREODGRUHV(QRWUDVSDODEUDVODFLXGDGQDFtDDQWHWRGRFRPRVHGHIXWXUDGHO
SRGHU UHDO \ SXQWR GH FRQWDFWR HQWUH HVH SRGHU \ ORV JUXSRV KXPDQRV
FRQVWLWXWLYRVGHODFRORQLD\HQVHJXQGRWpUPLQRODFLXGDGQDFtDFRPROXJDUD
SUHLQGXVWULDOHVTXHDOFDQ]DURQODVHJXQGDJUDQGLYLVLyQGHOWUDEDMR
$SHVDUGHVXJUDQXWLOLGDGVRFLDOORVDUWHVDQRVQRWHQtDQSRUGHODQWHXQD
KDODJDGRUD SHUVSHFWLYD GH ELHQHVWDU HFRQyPLFR 6HU DUWHVDQR VLJQLILFDED
KDEHUWRPDGRXQDRFXSDFLyQGHGLItFLODSUHQGL]DMH\JHQHUDOPHQWHIDWLJRVDHQ
VXHMHFXFLyQIRUPDOPHQWHUHFRQRFLGDFRPRKRQHVWDSRUORVJUXSRVGRPLQDQWHV
²TXHDOPLVPRWLHPSRUHFKD]DEDQODVDUWHVDQtDVFRPRGHVKRQURVDVSDUDHOORV
² \ TXH QR EULQGDED OD SRVLELOLGDG GH HQULTXHFHUVH /DV DUWHVDQtDV VH

SURSyVLWRSDUDGLVIUXWDUODFRQTXLVWDSDUDJR]DUVXVSURYHFKRVSRUTXLHQHVOD
KDEtDQ UHDOL]DGR 4XLHQHV KDEtDQ DVXPLGR HO HVIXHU]R \ ORV ULHVJRV GH OD
FRQTXLVWD \ KDEtDQ DFHSWDGR HO FRQYHUWLUVH HQ SREODGRUHV GH ODV FLXGDGHV
IXQGDGDVSRUHOORVYHtDQHQHVWHKHFKRXQDPDQHUD²OD~QLFDPDQHUDSRVLEOH
²GHFRQFUHWDUODVDVSLUDFLRQHVTXHKDEtDQVLGRHOPRWRUGHVXSDUWLFLSDFLyQ
HQ OD HPSUHVD 6L VH GHVHFKD OD SXHULO FUHHQFLD GH TXH ORV FRQTXLVWDGRUHV
YHQtDQ PRYLGRV SRU XQ TXLMRWHVFR DIiQ GH DYHQWXUDV \ VH UHFRQRFH TXH ORV

PRYtDHOPX\FRPSUHQVLEOHGHVHRGHKDFHUIRUWXQD²PiVFRPSUHQVLEOHVLVH
UHFXHUGD TXH HUDQ JHQWH SREUH YHQLGD GH XQ SDtV WUDGLFLRQDOPHQWH SREUH
²>@IiFLOPHQWHVHGHMDHQWHQGHUTXHODIXQGDFLyQGHFLXGDGHVHUDSDUDHOORV
OD PHGLGD LQGLVSHQVDEOH HO SDVR GHFLVLYR SDUD TXH VX DSRUWDFLyQ D OD
FRQTXLVWDFRPHQ]DUDDUHQGLUHQIRUPDHVWDEOHORVIUXWRVGHVHDGRV/DFLXGDG
GHEtDVHUGHVGHHVHSXQWRGHYLVWDXQFHQWURGHGRPLQLR\GHGLVIUXWHGHOR
GRPLQDGR XQ FHQWUR SDUD YLYLU VLQ WUDEDMDU 3HUR FRPR HVWR ~OWLPR VyOR HV
SRVLEOHDFRQGLFLyQGHTXHDOJXLHQWUDEDMHSDUDVXVWHQWDUDTXLHQQRORKDFH²
OH\HFRQyPLFDLQH[RUDEOH²ODFLXGDGFRORQLDOUHVSRQGLyHQVXRUJDQL]DFLyQ
GHVGH VXV SULQFLSLRV DO SURSyVLWR GH TXH ORV LQGLRV \ GHVSXpV WDPELpQ ORV
PHVWL]RV VXPLQLVWUDVHQ WRGR OR QHFHVDULR SDUD OD YLGD GHO Q~FOHR SREODGRU
HVSDxRO\GHVXVGHVFHQGLHQWHV'HVGHODHOHFFLyQGHOVLWLRHQTXHODFLXGDG
KDEUtD GH HULJLUVH KDVWD OD HODERUDFLyQ GH VXV RUGHQDQ]DV PXQLFLSDOHV WRGR
HVWDEDHQDOJXQDIRUPDFRQGLFLRQDGRSRUHVHSURSyVLWR(OH[DPHQGHORTXH
IXH OD YLGD FRWLGLDQD HQ XQ FHQWUR FRPR 6DQWLDJR GH *XDWHPDOD SRQH GH
PDQLILHVWRHOVLJXLHQWHKHFKRJHQHUDOXQDYH]SDVDGRVORVFRQWUDWLHPSRVTXH
GHPRUDURQ OD QRUPDOL]DFLyQ GH OD YLGD XUEDQD GHVSXpV GH OD IXQGDFLyQ ²
VXEOHYDFLyQ GH ORV FDNFKLTXHOHV LQXQGDFLyQ \ UXLQD GH $OPRORQJD² OD
H[LVWHQFLD GH OD FLXGDG WLHQH SRU EDVH XQ VLVWHPD GH VXPLQLVWURV \ VHUYLFLRV
SHUIHFWDPHQWHFRQWURODGRSRUHO$\XQWDPLHQWRTXHH[LJHDEDVWRVDORVSXHEORV
FLUFXQGDQWHVGLFWDSUHFLRVILMDMRUQDOHVHODERUDUHJODPHQWRVGHWUDEDMRSDUD
LQGLRV\PHVWL]RVHQODFLXGDGDSUXHEDRUHFKD]DFDOLGDGHVGHORVSURGXFWRV
VXSHUYLVDSHVDV\PHGLGDVSUHVLGHH[iPHQHVGHRILFLRV\HQGHILQLWLYDWLHQH
HQVXVPDQRVDWRGRVORVSURYHHGRUHV>@
(OKHFKRKDVLGRYLVWRFRPRDOJRQDWXUDOSXHVWRTXH²DVtVHKDSHQVDGR
² XQD FLXGDG WLHQH TXH DEDVWHFHUVH \ HO $\XQWDPLHQWR HVWi OODPDGR SRU
GHILQLFLyQ D UHVROYHU HVD FODVH GH SUREOHPDV 7DPELpQ VH KD GLFKR TXH DO
SURFHGHU DVt ORV IXQGDGRUHV \ SULPHURV LQPLJUDQWHV QR KDFtDQ RWUD FRVD TXH
WUDVSODQWDU OD WUDGLFLyQ GHO PXQLFLSLR PHGLHYDO HXURSHR /R FXDO HV YHUGDG
SHUR QR HV WRGD OD YHUGDG 3RUTXH ODV IXQFLRQHV RUGLQDULDV GHO PXQLFLSLR
PHGLHYDO HVSDxRO DGDSWDGDV D OD HVWUXFWXUD GH XQD VRFLHGDG FRPSOHWDPHQWH
GLVWLQWD²VXUJLGDGHOSURFHVRGHFRQTXLVWDTXHHQRWUROXJDUKHPRVDQDOL]DGR
²WHQtDQTXHFREUDUXQFRQWHQLGRGHFODVHGLVWLQWR<HVHVRORTXHQRVHKD
TXHULGRYHUTXHODVUHODFLRQHVHQWUHHO$\XQWDPLHQWRGHODFLXGDGFRORQLDO\
 
ORVSURYHHGRUHVGHELHQHV\VHUYLFLRVGHHVDFLXGDGHUDQWUDWiQGRVHGHORV
LQGLRVXQDVUHODFLRQHVHQWUHVHxRUHV\VLHUYRV²LQLFLDOPHQWHORIXHURQHQWUH
HVFODYLVWDV\HVFODYRV²\WUDWiQGRVHGHORVPHVWL]RVHUDQXQDPDQLIHVWDFLyQ
GHODSROtWLFDDGRSWDGDGHVGHHOSULQFLSLRSRUHOQ~FOHRHVSDxROIUHQWHDGLFKR
VHFWRUHPHUJHQWH(VDSROtWLFDFRQVLVWtDHQFHUUDUOHDORVPHVWL]RVHODFFHVRDO
SODQR HFRQyPLFR \ SROtWLFR GH ORV JUXSRV GRPLQDQWHV VLWXDUORV HQ XQ SODQR
DFRWDGR SRU VREUH ORV LQGLRV \ SRU GHEDMR GH ORV HVSDxROHV FDQDOL]DU VX
IXHU]D GH WUDEDMR KDFLD HO QLYHO PHGLR GH ODV RFXSDFLRQHV OLEUHV \ HMHUFHU
VREUHGLFKDDFWLYLGDGXQFRQWURO²KHDTXtORPiVLPSRUWDQWH²SDUDTXHORV
PHVWL]RV DVXPLHUDQ XQD VHULH GH WDUHDV SURGXFWLYDV \ QR SURGXFWLYDV WRGDV
HOODVLQGLVSHQVDEOHVSDUDODH[LVWHQFLDGHODVRFLHGDG\SDUDTXHH[LPLGRVGH
HOODV SXGLHUDQ ORV HVSDxROHV \ FULROORV GHGLFDUVH D PDQGDU \ D GLVIUXWDU VLQ
SURGXFLU /D LQMHUHQFLD \ DXWRULGDG GHO $\XQWDPLHQWR VREUH ORV DUWHVDQRV \
SURYHHGRUHV WHQtD XQ HYLGHQWH FDUiFWHU GH GRPLQDFLyQ \ KDVWD RSUHVLyQ GH
FODVH>@6LHQFLHUWDVFLUFXQVWDQFLDVDVXPtDODDFWLWXGGHXQSURWHFWRUGHORV
JUHPLRVORKDFtDGHIHQGLHQGRODHVWDELOLGDGGHODYLGDXUEDQD\ORVLQWHUHVHV
GH ORV FRQVXPLGRUHV HQWHQGLGR TXH HO JUXSR FULROOR GH ODV FLXGDGHV
UHSUHVHQWDGRSRUHO$\XQWDPLHQWRHUDSRUH[FHOHQFLD\SRUHVHQFLDXQJUXSR
FRQVXPLGRU>@ /D H[LVWHQFLD PLVPD GH ORV JUHPLRV OD REOLJDFLyQ GH
DJUHPLDUVHUHVSRQGtDDODOtQHDHGLOLFLDGHFRQWURODUDORVSURYHHGRUHV<HO
KHFKR GH TXH HQ OD FLXGDG GH *XDWHPDOD HVWXYLHUDQ DJUHPLDGRV QR VyOR ORV
DUWHVDQRV VLQR WDPELpQ ORV VDOLWUHURV FXUWLGRUHV PROLQHURV DVt FRPR ORV
WDEHUQHURV URSHURV ERWLFDULRV>@ \ RWURV SURYHHGRUHV QR DUWHVDQDOHV
UHVSRQGtDDOKHFKRGHTXHGHVGHHOSXQWRGHYLVWDGHORVVHxRUHVGHODFLXGDG
WRGRV SRU LJXDO HUDQ SURYHHGRUHV H LJXDO HUD HO LQWHUpV HQ GLFWDUOHV
UHJODPHQWRV \ WHQHUORV HQ SODQ GH VHUYLGRUHV /D DJUHPLDFLyQ QR UHVSRQGtD
UHDOPHQWH D ORV LQWHUHVHV GH ORV DJUHPLDGRV DXQTXH IRUPDOPHQWH VH KD\D
SURFXUDGR GDU HVD LPSUHVLyQ (V PX\ VLJQLILFDWLYR TXH VyOR KD\D KDELGR
JUHPLRV HQ ODV FLXGDGHV LPSRUWDQWHV GHO UHLQR ²FRQ YLJRURVRV Q~FOHRV
FULROORV \ HVSDxROHV² IDOWDQGR HQ ODV GHPiV FLXGDGHV \ HQ ORV SXHEORV
JUDQGHVHQGRQGHODVDUWHVDQtDV\DFWLYLGDGHVGHDEDVWHFLPLHQWRVHUHDOL]DURQ
OLEUHPHQWH>@7DPELpQUHVXOWDOODPDWLYRHOGDWRGHTXHORVJUHPLRVQRKD\DQ
WHQLGR QXQFD UHSUHVHQWDFLyQ HQ HO $\XQWDPLHQWR GH *XDWHPDOD>@ KDELHQGR
VLGRGHWDOYLWDOLPSRUWDQFLDODVGHFLVLRQHVGHpVWHVREUHDTXpOORV
 6RVWHQHPRV SXHV TXH WRGRV ORV SURYHHGRUHV LQWHUQRV GH OD FLXGDG
DUWHVDQRV PDQXIDFWXUHURV R UHYHQGHGRUHV VH GHVDUUROODURQ HQ XQ PROGH TXH
YHQtD LPSXHVWR SRU OD HVHQFLD PLVPD GH OD FLXGDG FRORQLDO ²FHQWUR GH
GRPLQLR \ GH GLVIUXWH² \ IXHURQ SRU HVR VHUYLGRUHV GH ORV JUXSRV TXH
FUHDURQ OD FLXGDG SDUD Vt 6HUYLGRUHV OOHJDGRV FXDQGR OD FLXGDG VH HVWDED
IRUPDQGRR\DHVWDEDIRUPDGDGHDFXHUGRFRQXQDFRQFHSFLyQSHUIHFWDPHQWH
FODUDSDUDVXVIXQGDGRUHV(VDFRQFHSFLyQOHVDVLJQyXQFRPHWLGRHFRQyPLFR
\XQQLYHOVRFLDOTXHWXYLHURQTXHDFHSWDU
$XQTXH FRP~QPHQWH VH KDEOD GH ORV DUWHVDQRV FRPR GH XQ VHFWRU GH
WUDEDMDGRUHVTXHVHGHILQHSRUFLHUWRVUDVJRVFRPXQHVDWRGRVVXVRILFLRV²
WDOOHUHV SHTXHxRV MHUDUTXtD GH PDHVWURV RILFLDOHV \ DSUHQGLFHV HPSOHR GH
LQVWUXPHQWRV UHODWLYDPHQWH VLPSOHV \ QR RWUD IXHU]D TXH OD KXPDQD² HO
DQiOLVLV GH OD SDUWLFLSDFLyQ GH DTXHO VHFWRU HQ OD GLQiPLFD GH OD FLXGDG
FRORQLDO GHVFXEUH VLQ HPEDUJR XQD JUDQ IDOWD GH FRKHVLyQ \ XQLGDG 6XV
LQWHJUDQWHV GHVDYHQLGRV SRU SXJQDV \ ULYDOLGDGHV \ HQ RWURV FDVRV
GLVWDQFLDGRV SRU XQD WRWDO GLVSDULGDG GH IXQFLyQ HFRQyPLFD QR GLHURQ
PXHVWUDVGHSRGHUUHDFFLRQDUFRPRXQDHQWLGDGVRFLDOVLTXLHUDHVER]DGD(Q
HIHFWRXQDFRQVLGHUDEOHFDQWLGDGGHGRFXPHQWRVGHWHPDDUWHVDQDO\DKDQVLGR
HVWXGLDGRV ²SULQFLSDOPHQWH SRU HO LQYHVWLJDGRU FX\D PRQRJUDItD VREUH HO
WHPDKHPRVFLWDGRYDULDVYHFHV²>@SRURWUDSDUWHORVFURQLVWDVFRORQLDOHV
\RWURVPDWHULDOHVGHODpSRFD²ODPLVPD5HFRUGDFLyQ)ORULGDWDQSURIXVDHQ
QRWLFLDV GH HVWH WLSR² GHEHUtDQ LQIRUPDUQRV GH PRYLPLHQWRV R VLTXLHUD GH
JHVWLRQHVOOHYDGDVDFDERSRUORVDUWHVDQRVFRPRFRQMXQWR$VtFRPRWHQHPRV
QRWLFLD FODUD \ UHLWHUDGD GH VXEOHYDFLRQHV \ JHVWLRQHV GH LQGLRV GH IXJDV \
UHEHOGtDGHORVQHJURVGHDOERURWRVGHODSOHEHGHXQDELHQGHILQLGDFRQGXFWD
GH JUXSR HQ ORV FULROORV \ HQ ORV HVSDxROHV LQPLJUDQWHV \ EXUyFUDWDV DVt
HVSHUDUtDPRVHQFRQWUDUDOJRGHORVDUWHVDQRV SHURSDUHFH TXH QRKXERWDOHV
HYHQWRVQLWDOFRPSRUWDPLHQWRVROLGDULRGHJUXSR
1R HV H[WUDxR $TXHO VHFWRU SUHVHQWDED PXFKDV H LPSRUWDQWHV
FRQWUDGLFFLRQHVLQWHUQDVGHFDUiFWHUHFRQyPLFR/DSULPHUDGHHOODVVHGDED
HQWUH ORV PDHVWURV SRU XQ ODGR \ ORV RILFLDOHV \ DSUHQGLFHV SRU HO RWUR (O
DSUHQGL]DMH HUD XQD IRUPD GH H[SORWDFLyQ GH DGROHVFHQWHV PRYLGD SRU OD
QHFHVLGDGTXHWHQtDQORVPDHVWURVGHFRQWDUFRQDOJXLHQTXHOHVD\XGDVHHQHO
WUDEDMR>@\SRUODQHFHVLGDGTXHWHQtDQORVMyYHQHVGHDSUHQGHUXQRILFLR(O

DSUHQGL] WUDEDMDED VLQ QLQJ~Q VDODULR SRU SHUtRGRV HVWLSXODGRV TXH OOHJDEDQ
KDVWD RFKR DxRV HQ FLHUWRV FDVRV>@ 5HFLEtD GHO PDHVWUR DOEHUJXH YHVWLGR
DOLPHQWRV\ODHQVHxDQ]DGHORILFLRHOFXDOXQDYH]DSUHQGLGRQRFRQYHUWtD
DODSUHQGL]HQPDHVWURVLQRHQRILFLDO>@/RVRILFLDOHVUHFLEtDQXQVDODULR
SHUROHVHVWDEDSURKLELGRWUDEDMDUSRUFXHQWDSURSLDPLHQWUDVQRKXELHUDQ
DOFDQ]DGRODPDHVWUtD>@(QFXDQWRDODSRVLELOLGDGGHDOFDQ]DUODYHDPRV
OR TXH GLFH HO LQYHVWLJDGRU TXH QRV YLHQH SURSRUFLRQDQGR HVWRV YDOLRVRV
GDWRV ³(V SUHVXPLEOH TXH OD DVSLUDFLyQ GH WRGR RILFLDO KD\D VLGR OD GH
DGTXLULU OD PDHVWUtD VLQ HPEDUJR pVWD QR HUD SRVLEOH D WRGRV DOFDQ]DUOD
0XFKRVDUWHVDQRVGXUDQWHWRGDVXYLGDRJUDQSDUWHGHHOODSHUPDQHFLHURQ
VLHPSUHFRPRRILFLDOHV7RGRHOORHVH[SOLFDEOHFRPRYHUHPRVPiVDGHODQWH
SRU ORV FXDQWLRVRV GHVHPEROVRV HFRQyPLFRVTXHLPSOLFDEDOD REWHQFLyQGH
ODPDHVWUtD\SRVWHULRUPHQWHHOPDQWHQLPLHQWRGHXQWDOOHUFRQRILFLDOHV\
DSUHQGLFHV´>@<VHJXLGDPHQWHHOPLVPRDXWRULQIRUPDGHODVFHUHPRQLDV\
GLILFXOWDGHVTXHHQWUDxDEDHOH[DPHQGHPDHVWUtD>@GHORVQRSRFRVFDVRV
HQ TXH HO H[DPLQDGR HUD UHSUREDGR>@ \ GH FyPR ³0XFKRV RILFLDOHV QR
REWHQtDQODPDHVWUtDVLQRDO FDER GH PXFKRV DxRVGHKDEHU WUDEDMDGR FRQ
PDHVWURV H[DPLQDGRV \ KD\ H[SHGLHQWHV HQ ORV FXDOHV VH PDQLILHVWD TXH
HMHUFLHURQODRILFLDOtDGXUDQWH\KDVWDDxRV´>@
(O DSUHQGL]DMH \ OD RILFLDOtD HUDQ ²DILUPDPRV QRVRWURV² IRUPDV GH
H[SORWDFLyQ TXH VH GDEDQ HQWUH ORV DUWHVDQRV \ TXH QDWXUDOPHQWH URPStDQ VX
XQLGDGGHJUXSR(ODSUHQGL]HUDSUiFWLFDPHQWHXQVLUYLHQWHVXMHWRDODFDVD
GHOPDHVWUR>@\REOLJDGRDWUDEDMDUSDUDpODFDPELRGHWHFKR\VXVWHQWR²
TXHGHEHQKDEHUVLGREDVWDQWHDXVWHURV²\GHODFDSDFLWDFLyQSDUDFRQYHUWLUVH
HQ WUDEDMDGRU DVDODULDGR GHO PLVPR PDHVWUR X RWURV 7ROHUDED SXHV XQD
H[SORWDFLyQ GH VLUYLHQWH GXUDQWH XQRV DxRV SDUD SDVDU D XQD H[SORWDFLyQ
DVDODULDGD SRU PXFKRV DxRV PiV /RV RILFLDOHV WUDEDMDEDQ SDUD ORV PDHVWURV
²QRVRODPHQWHFRQHOORVFRPRUH]DODFLWD²FRQODPLUDGHHQWUDUDOJ~QGtD
HQVXFtUFXOR1RVLHPSUHORJUDEDQHVHILQ7RGRORFXDOTXLHUHGHFLUTXHHQHO
FRQMXQWRGHWUDEDMDGRUHVTXHJHQpULFDPHQWHOODPDPRVDUWHVDQRVKDEtDSRUOR
SURQWRXQDSXJQDGREOHHQSULPHUOXJDUHOIRUFHMHRTXHVLHPSUHVHHVWDEOHFH
HQWUHHOH[SORWDGRUTXHH[LJH\DSULHWD\HOH[SORWDGRTXHUHK~VD\VHGHILHQGH
\HQVHJXQGROXJDUODSXJQDTXHWDPELpQVHRFXOWDVLHPSUHHQODVVRFLHGDGHV

GH FODVHV HQWUH ORV TXH HQVHxDQ XQ RILFLR R SURIHVLyQ \ DTXpOORV TXH OD
DSUHQGHQ FXDQGR ORV ~OWLPRV VRQ FRPSHWLGRUHV SRWHQFLDOHV GH ORV SULPHURV
(VWD OXFKD TXH VXHOH GHVDUUROODUVH FRQ FHUHPRQLRVR GLVLPXOR ²SDUD HOOR
VHUYtDQ HQWUH ORV DUWHVDQRV ORV UHJODPHQWRV ORV H[iPHQHV ORV UHTXLVLWRV
EXURFUiWLFRVHWF²HVWDOXFKDOOHJDDVHUVXWLOPHQWHGHVSLDGDGDFXDQGRSRU
VHUOHQWRHOGHVDUUROORHFRQyPLFRGHODVRFLHGDG\OHQWRRQXORWDPELpQHO
FUHFLPLHQWR GH OD GHPDQGD GH ORV RILFLRV HQ FXHVWLyQ HO JUXSR GH ORV
JUDGXDGRVLQYHQWDHLPSRQHPLOGLILFXOWDGHVSDUDTXHVXQ~PHURQRDXPHQWH
(VWDOH\KLVWyULFDGHEHKDEHUDFWXDGRFRQULJRUHQWUHORVDUWHVDQRVFRORQLDOHV
SRUTXHSRUXQDSDUWHVDEHPRVTXHORVPHVWL]RVVHKDFtDQFRQWLQXDPHQWHPiV
QXPHURVRVORFXDOLQGLFDTXHKDEtDXQQ~PHURFUHFLHQWHGHSHUVRQDVMyYHQHV
HQFDX]DGDVKDFLDORVWUDEDMRVOLEUHVGHQLYHOPHGLR\SRURWUDSDUWHVDEHPRV
TXH ODV FLXGDGHV FRORQLDOHV WXYLHURQ XQ GHVDUUROOR HFRQyPLFR OHQWtVLPR TXH
QRDXPHQWDURQVXQ~PHURGHVSXpVGHOVLJOR ;9,\TXHHQODVSRVWULPHUtDVGH
OD FRORQLD VH VLQWLy HQ HOODV YLROHQWDPHQWH OD FRQWUDFFLyQ HFRQyPLFD JHQHUDO
GHOUHLQR(VWDFRQIOXHQFLDGHIDFWRUHVHVWDQFDPLHQWRHFRQyPLFR\DXPHQWRGH
ORVPHVWL]RVIXHODFDXVDIXQGDPHQWDOGHOGHVHPSOHRTXHDIHFWyDGLFKRVHFWRU
²RFLRVLGDG IRU]RVD \D PHQFLRQDGD HQ RWUR OXJDU² \ GH TXH OD PD\RUtD GH
ORV PHVWL]RV WXYLHUD TXH GHVSOD]DUVH HQ GLUHFFLyQ GH ODV GRV FDSDV PHGLDV
SREUHV TXH DQWHV KHPRV HVWXGLDGR ODGLQRV UXUDOHV \ SOHEH XUEDQD (Q HVH
PDUFRKD\TXHVLWXDUODVWHQVLRQHV\SXJQDVGHODVGLVWLQWDVMHUDUTXtDV\JUXSRV
GHO VHFWRU DUWHVDQDO SDUD FRPSUHQGHUODV HQ VX YHUGDGHUR VLJQLILFDGR \ SDUD
UHODFLRQDUODV FRQ RWURV SURFHVR TXH YHUHPRV DGHODQWH +DEtD FDGD YH] PiV
MyYHQHVPHVWL]RVHQEXVFDGHWUDEDMR\QRKDEtDPiVGHPDQGDGHDUWHVDQRV
(VWR H[SOLFD SDUFLDOPHQWH SRU TXp DO UHIHULUVH D OD SOHEH ORV GRFXPHQWRV
PHQFLRQDQ FRPR XQR GH VXV FRQVDELGRV HOHPHQWRV D ORV ³RILFLDOHV
PHFiQLFRV´>@(VHYLGHQWHTXHODPD\RUtDGHORVDSUHQGLFHV\RILFLDOHV\XQ
Q~PHURFUHFLHQWHGHPDHVWURVSREUHVSHUWHQHFtDQDODSOHEHXUEDQD/RFXDO
TXLHUHGHFLU²QyWHVHELHQ²TXHVRODPHQWHXQDIUDFFLyQGHOVHFWRUDUWHVDQDO
LQWHJUDGDSRUDOJXQRVPDHVWURV\TXL]iSRUXQRVSRFRVRILFLDOHVSRVHHGRUHVGH
FLHUWRPRGHVWRELHQHVWDUSXHGHQFRQVLGHUDUVHFRPRSHUWHQHFLHQWHVDXQDFDSD
PHGLDDFRPRGDGDQRULFDQLSREUH$GHODQWHFRPSOHWDUHPRVODYLVLyQGHHVWD
FDSD FRQ ORV SURYHHGRUHV QR DUWHVDQDOHV GHO PLVPR UDQJR HFRQyPLFR 8QD
PD\RUtDGHWUDEDMDGRUHVDUWHVDQDOHVSHUWHQHFtDQDODSOHEH

3HURDGHPiVGHODVFRQWUDGLFFLRQHVHFRQyPLFDVTXHRSHUDEDQHQVHQWLGR
YHUWLFDO MHUiUTXLFR \ TXH SRU Vt VRODV EDVWDEDQ SDUD GLYLGLU D ORV DUWHVDQRV
DUURMiQGRORVDGRVFDSDVVRFLDOHVGLVWLQWDV²SOHEH\FDSDPHGLDDFRPRGDGD
² RWUDV LPSRUWDQWHV FRQWUDGLFFLRQHV ORV GLYLGtDQ HQ VHQWLGR ODWHUDO X
KRUL]RQWDO GLJiPRVOR DVt 6DOWD D OD YLVWD DXQ WUDWiQGRVH GH PDHVWURV TXH
GHEH KDEHU KDELGR FLHUWD GLVWDQFLD \ PXWXD LQGLIHUHQFLD HQWUH DUWHVDQRV PX\
FDOLILFDGRV FRPR SODWHURV UHORMHURV LPSUHVRUHV \ DTXpOORV RWURV TXH
GHVHPSHxDEDQ RILFLRV UXGRV \ PXFKR PHQRV FRWL]DGRV FRPR DOEDxLOHV
KHUUDGRUHVRFDQWHURV
(VWDEOHFtD XQD JUDQ GLIHUHQFLD ²TXH QXQFD VH KD VHxDODGR DO UHIHULUVH D
ORV DUWHVDQRV² HO TXH IXHVHQ SURGXFWRUHV GH ELHQHV R SUHVWDGRUHV GH
VHUYLFLRV HV GHFLU TXH IXHVHQ DUWHVDQRV SURGXFWLYRV R QR SURGXFWLYRV /RV
SULPHURV GHSHQGtDQ QRWDEOHPHQWH GH OD H[LVWHQFLD \ ORV SUHFLRV GH VXV
UHVSHFWLYDV PDWHULDV SULPDV ILEUDV FXHURV PHWDOHV ²WHMHGRUHV ]DSDWHURV
KHUUHURV²PLHQWUDVTXHORVVHJXQGRVQRFRQIURQWDGRVDHVHEiVLFRSUREOHPD
EDUEHURVVDQJUDGRUHV\DOEpLWDUHV
(QWUHORVDUWHVDQRVSURGXFWLYRVKD\TXHVHxDODUXQDSULPHUDGLYLVLyQPX\
LPSRUWDQWH DTXHOORV TXH HQFRQWUDEDQ HQ HO SDtV VXV SULQFLSDOHV PDWHULDV
SULPDV\ORVTXHODVUHFLEtDQDWUDYpVGHOFRPHUFLRH[WHULRUPRQRSROLVWD\HO
FRQWUDEDQGR$VtSRUHMHPSORORVFDUSLQWHURV\WHMHGRUHVHQHOSULPHUFDVR
²PDGHUDDOJRGyQ²\ORVKHUUHURV\RUIHEUHVHQHOVHJXQGR²KLHUURHVWDxR
\EURQFH²>@
7RGDV HVDV GLYHUVLGDGHV FUHDEDQ GLYLVLyQ HQWUH ORV DUWHVDQRV SXHV
DIHFWDEDQ VXV LQWHUHVHV EiVLFRV HQ IRUPDV DLVODGDV XQDV GH RWUDV \ KDVWD
FRQWUDSXHVWDV$~QGHQWURGHOJUXSRGHORVTXHKDOODEDQHQHOSDtVVXPDWHULD
SULPD GHEH KDEHU KDELGR SRVLFLRQHV UDGLFDOPHQWH RSXHVWDV IUHQWH DO JUDQ
SUREOHPDGHOFRPHUFLR H[WHULRU \HOFRQWUDEDQGR/RVWHMHGRUHVFRPR\D VH
GLMR HQ RWUR OXJDU VH YHtDQ VHULDPHQWH SHUMXGLFDGRV SRU OD LPSRUWDFLyQ GH
WHODV \ URSD KHFKD>@ \ HQ GLYHUVDV IRUPDV H[SUHVDURQ FRPR JUHPLR VX
H[LJHQFLDGHXQPD\RUFRQWUROVREUHHOFRQWUDEDQGR\PD\RUHVUHVWULFFLRQHVD
ODLPSRUWDQFLDOHJDOGHHVRVJpQHURV>@(QULJRUIXHURQORVWHMHGRUHV\QR
RWUR JUHPLR DSDUWH GH HOORV TXLHQHV VH PDQLIHVWDURQ HQ FRQWUD GH OD
LPSRUWDFLyQ GH ORV DUWtFXORV TXH YHQtDQ D DUUXLQDUORV 9LHQGR OR TXH OHV
RFXUUtD FRQ HO FRQWUDEDQGR \ FRQ FLHUWD OLEHUDOL]DFLyQ GH ODV LPSRUWDFLRQHV

SUHYLHURQVLQHTXLYRFDUVHTXHOD,QGHSHQGHQFLDHQWDQWRTXHOLEHUDGRUDGHO
FRPHUFLRVHUtDSDUDHOORVDOWDPHQWHSHUMXGLFLDO$VtORGDQDHQWHQGHUYDULRV
GRFXPHQWRV S~EOLFRV GH HVD pSRFD HQ TXH ORV HQHPLJRV GH OD HPDQFLSDFLyQ
WUDWDQ GH GUDPDWL]DU GLFKD SHUVSHFWLYD>@ 6LQ HPEDUJR VHUtD IDOVR DILUPDU
TXH WRGRV ORV DUWHVDQRV YLHURQ FRPR XQ SHOLJUR OD OLEHUWDG GH FRPHUFLR
,JXDOPHQWHJUDWXLWRUHVXOWDDILUPDUTXHORVDUWHVDQRVHQFRQMXQWRVLPSDWL]DURQ
FRQ OD HPDQFLSDFLyQ 1R KD\ SXQWR GH DSR\R SDUD QLQJXQD GH HVDV GRV
JHQHUDOL]DFLRQHVSRUTXHFRPRVHYLHQHH[SOLFDQGRQRVyORQRIRUPDURQXQD
FODVH VLQR TXH WDPSRFR IRUPDURQ XQD FDSD VRFLDO SXHV VXV LQWHUHVHV
HFRQyPLFRV HUDQ PX\ GHVLJXDOHV /RV FDUSLQWHURV ²SDUD TXH VH YHD PHMRU
HVWH DVXQWR² TXLHQHV DO LJXDO TXH ORV WHMHGRUHV HQFRQWUDEDQ HQ HO SDtV VX
SULQFLSDO PDWHULD SULPD ²OD PDGHUD² GHEHQ KDEHU HVWDGR LQWHUHVDGRV QR
REVWDQWHHQODDPSOLDFLyQGHODVLPSRUWDFLRQHVpVWDVQRLQFOXtDQSURGXFWRVGH
FDUSLQWHUtD \ HQ FDPELR GLYHUVLILFDEDQ \ EDMDEDQ ORV SUHFLRV GH ORV
LQVWUXPHQWRV H LPSOHPHQWRV TXH D HOORV OHV HUDQ LQGLVSHQVDEOHV (Q HO
LQYHQWDULRGHXQFXDQWLRVRFDUJDPHQWRGHFRQWUDEDQGRGHFRPLVDGRHQ²
OD JROHWD 6DQWD 6RItD²>@ DSDUHFHQ LPSRUWDQWHV FDQWLGDGHV GH FODYRV GH
KLHUUR\GHODWyQWRPLOORVGHKLHUUR\GHEURQFHELVDJUDVFDQGDGRV³FKDSDV
SDUD OODYHV´ WLUDGRUHV GH ³FyPRGDV´ FHUUDGXUDV GH KLHUUR PDUWLOORV
EDUUHQDV OLPDV D]XHODV ³FHSLOORV FRQ VXV KLHUURV PRQWDGRV´ HVFRSODV
VXUWLGDV ³SLQ]DV SDUD FDUSLQWHURV´ VLHUUDV GH WRGD FODVH ³FRPSDVHV SDUD
FDUSLQWHUR´ HWF>@ /D VROD SUHVHQFLD GH HVRV DUWtFXORV KDFH SUXHED GH OD
GHPDQGD TXH WHQtDQ SRU SDUWH GH VXV FRPSUDGRUHV HVSHFtILFRV SXHV ORV
IOHWDGRUHV GH FRQWUDEDQGR QR VROtDQ FRUUHU ULHVJRV FRQ PHUFDQFtDV TXH QR
WXYLHUDQJDUDQWL]DGDODYHQWDHQHOFRPHUFLRORFDO'HVGHHVHSXQWRGHYLVWD
FDEH VXSRQHU TXH ORV FDUSLQWHURV IXHURQ VLPSDWL]DQWHV GHO FRPHUFLR OLEUH \
SRU OR WDQWR HQ VX KRUD WDPELpQ GH OD HPDQFLSDFLyQ < DVt SRGUtDPRV
FRQWLQXDU VHxDODQGR RWURV FDVRV SDUWLFXODUHV XQRV PiV FRPSOHMRV TXH RWURV
WRGRVGLVWLQWRV/RVKHUUHURVSHUMXGLFDGRVSRUHOLQJUHVRGHFLHUWRVDUWtFXORV
FRQFHVLRQDULRVHVSHFLDOHVFRQDXWRUL]DFLyQUHDO\SUREDEOHPHQWHLQWHUHVDGRV
HQTXHGLFKDVLWXDFLyQVHSURORQJDVH/RTXHTXHUHPRVLOXVWUDU\GHPRVWUDUHV
ODJUDQGLVSDULGDGGHWHQGHQFLDVHLQWHUHVHVGHORVDUWHVDQRVTXHH[SOLFDSRU
TXpQXQFDSXGLHURQUHDFFLRQDUFRPSDFWDGRVFRPRXQDFODVHVRFLDO
3RU OR TXH KDFH D VX DFWLWXG IUHQWH D OD ,QGHSHQGHQFLD ODV ~QLFDV
DILUPDFLRQHV GH FDUiFWHU JHQHUDO TXH SXHGHQ KDFHUVH VRQ TXL]i ODV GRV
VLJXLHQWHV 3ULPHUD TXH HO DXPHQWR GHO FRQWUDEDQGR \ OD SHUVSHFWLYD GHO
FRPHUFLROLEUHVLELHQSHUMXGLFDEDDDOJXQRVJUHPLRV²HOGHWHMHGRUHVHVHO
~QLFR TXH QR GHMD OXJDU D GXGDV² HV PX\ SUREDEOH TXH EHQHILFLDUD D RWURV
TXH QHFHVLWDEDQ LQVWUXPHQWRV \ PDWHULDV GH LPSRUWDFLyQ FLUFXQVWDQFLD pVWD
TXH GHEH KDEHU GHWHUPLQDGR QDWXUDOPHQWH GRV SRVLFLRQHV GLVWLQWDV XQD
DGYHUVD \ RWUD IDYRUDEOH UHVSHFWR GH OD HPDQFLSDFLyQ /D VHJXQGD TXH ODV
GRV SRVLFLRQHV DQWHGLFKDV VRQ YiOLGDV VRODPHQWH SDUD XQD FDSD GH DUWHVDQRV
PiVRPHQRVDFWLYRV\SUyVSHURV\QRSDUDODJUDQPD\RUtDGHWUDEDMDGRUHV
DUWHVDQDOHVGHODSOHEHDSUHQGLFHVRILFLDOHV\PDHVWURVSREUHV7RGRVpVWRV
FDEH VXSRQHUOR GHEHQ KDEHU FRPSUHQGLGR TXH VX PLVHULD HUD XQD
FRQVHFXHQFLDQHFHVDULDGHOHPSREUHFLPLHQWRJHQHUDOGHOUHLQRGHODSROtWLFD
UHVWULFWLYD\GHSULPHQWHGHO$\XQWDPLHQWR\HQGHILQLWLYDGHXQUpJLPHQTXH
QR GDED OXJDU DO GHVDUUROOR GH OD SURGXFFLyQ DJUtFROD \ D OD FLUFXODFLyQ GH
GLQHUR 'HEHQ KDEHU FRPSDUWLGR OD RSLQLyQ PX\ JHQHUDOL]DGD GH TXH OD
,QGHSHQGHQFLD WUDHUtD WUDV Vt XQ UHVXUJLPLHQWR HFRQyPLFR JHQHUDO
,QFRUSRUDGRVDODSOHEHORVDUWHVDQRVSREUHV²DOPHQRVXQDJUDQPD\RUtDGH
HOORV² GHEHQ KDEHU PLUDGR HQ OD GLUHFFLyQ TXH VHxDODED HO JUXSR GLULJHQWH
OLEHUDO GHO TXH KDEODUHPRV PiV DGHODQWH \ SRVLEOHPHQWH HVSHUDEDQ XQD
,QGHSHQGHQFLDHQTXHWRPDUtDQSDUWH\VHOHVGDUtDRSRUWXQLGDGGHRSLQDU(O
GH6HSWLHPEUHVRUSUHQGLGRVSRUXQD,QGHSHQGHQFLDGHFLGLGD\UHDOL]DGDD
HVSDOGDVGHODVFDSDVPHGLDV\GHOSURSLRJUXSROLEHUDODFXGLHURQFRPRVH
VDEHDGDUYLYDVHQORVFRUUHGRUHV\YHQWDQDVGHOSDODFLR3HURXQHVSHFWDGRU
TXH GD JULWRV QR GHMD SRU HVR GH VHU XQ HVSHFWDGRU 6HJXLUHPRV FRQ HVWH
GH PHWDO TXH DQWHULRUPHQWH HUDQ IDEULFDGRV SRU HOORV SHUR YLYDPHQWH
LQWHUHVDGRV DO PLVPR WLHPSR HQ OD OLEHUDOL]DFLyQ GH ODV LPSRUWDFLRQHV GH
KLHUUR \ HQ OD UXSWXUD GHO PRQRSROLR GH XQRV FXDQWRV LPSRUWDGRUHV TXH
LPSRQtDQORVSUHFLRVGHOPHWDO>@/RVSODWHURV\FRKHWHURVWUDEDMDGRUHVGH
GRV PDWHULDV FRQWURODGDV SRU HO JRELHUQR FRORQLDO SXHVWR HQ SODQ GH

SUREOHPDHQRWURHVWXGLRHVSHFLDO>@
$QWHV GH HQXQFLDU ODV FRQFOXVLRQHV GH HVWH DSDUWDGR HV FRQYHQLHQWH
WUDVFULELUDOJXQRVUHQJORQHVGHGRFXPHQWRVGH\SDUDTXHVHYHDOR
TXH KDEtD YHQLGR D VHU OD VLWXDFLyQ JHQHUDO GH ORV DUWHVDQRV DO ILQDO GH OD
FRORQLD(OKHFKRGHTXHQRKD\DVLGRHVDVXVLWXDFLyQHQWLHPSRVDQWHULRUHV

QR OH UHVWD YDORU D HVWRV GRFXPHQWRV SXHV OR TXH UHDOPHQWH QRV LQWHUHVD HV
VDEHUTXpVLJQLILFyHQGHILQLWLYDHOSURFHVRFRORQLDOSDUDORVGLVWLQWRVJUXSRV
TXHHQpOVHIRUPDURQ8QLQIRUPHGHHQWUDQGRDKDEODUGHORVPHVWL]RV
KDFH ODV VLJXLHQWHV REVHUYDFLRQHV ³« /D VHJXQGD FODVH GH KDELWDQWHV VRQ
ORVSDUGRVLQFOXVRVDOJXQRVQHJURVFDVWDPHQRV~WLOSRUVXLQQDWD
IORMHUD \ DEDQGRQR 'H HVWD HVSHFLH VH SXHGHQ KDFHU WUHV GLYLVLRQHV SURYHHGRUDVHJ~QKHPRVYHQLGRWUDWDQGRGHLQGLFDU&RQFOX\DPRV1RSXHGH
3ULPHUD DUWHVDQRV FRPR SLQWRUHV HVFXOWRUHV SODWHURV FDUSLQWHURV
WHMHGRUHVVDVWUHV]DSDWHURVKHUUHURVHWFFX\RVRILFLRVVRQQHFHVDULRVDOD
5HS~EOLFD SHUR TXH GH WDO PRGR ORV HMHUFHQ SRU FRVWXPEUH FDSULFKR \
DUELWUDULHGDG TXH QHFHVLWDQ XQD UHIRUPD \ DUUHJOR TXH SUHFDYDQ ORV
PHQRVFDERV TXH VXIUH IUHFXHQWHPHQWH HO FRP~Q TXH HVWi SRU QHFHVLGDG
DWHQLGRDHOORV«´>@ 'HVSXpV GH DWULEXLUOH D ORV ³SDUGRV´ ²HV GHFLU DO
FRQMXQWRGHORVPHVWL]RV²>@XQDPDODGLVSRVLFLyQSDUDHOWUDEDMRDSXQWD
TXHORVDUWHVDQRVQRWUDEDMDQDVDWLVIDFFLyQGHOS~EOLFRHOFXDOFRPRVHYH
QHFHVLWDGHHOORVLPSUHVFLQGLEOHPHQWH$QRWDHQVHJXLGDHOGRFXPHQWR³«
&DUHFHQ GH IRQGRV HQ OR JHQHUDO SDUD SURYHHUVH GH ORV PDWHULDOHV
UHVSHFWLYRVHVPHQHVWHUTXHHOTXHQHFHVLWDODREUDVLVXYDORUOOHJDDXQD
GRFHQDGHSHVRVORVGHVHPEROVHDOPDHVWURDQWHVGHUHFLELUODSDUDFRPSUDU
ODPDWHULDSDJDUDORVRILFLDOHV\FRPHUPLHQWUDVWUDEDMD«´>@
'LH] DxRV PiV WDUGH RWUR WHVWLPRQLR pVWH FRQ DFWLWXG TXH VH VXSRQH GH
GXGRVD VLPSDWtD KDFLD ORV DUWHVDQRV VXHOWD SDUUDIDGDV FRPR ODV VLJXLHQWHV ²HQGRQGH\DHVFODUDPHQWHSHUFHSWLEOH²KDVWDORVLQIRUPHVGHODV~OWLPDV
³« 9LYH HQ OD REVFXULGDG ²HO DUWHVDQR² VXPHUJLGR HQ XQD YHUJRQ]RVD
LJQRUDQFLD 6X JpQHUR GH YLGD H[FLWD HO GHVSUHFLR GH PXFKRV VX IDOWD GH
OXFHV OH DOHMD GH OD FRPSDxtD GH RWURV´>@ 'HVSXpV GH LQGLFDU TXH KD\
KRQURVDVH[FHSFLRQHVSLQWDHVWHFXDGUR VHFWRUSRGHURVRGHWHUUDWHQLHQWHVIXQFLRQDULRV\FRPHUFLDQWHVDOTXHVHUYtDQ
³«&RPRVRORDVSLUDDXQDFRUWDJDQDQFLDOHHVLQGLIHUHQWHDGTXLULUOD
FRQXQDREUDPiVRPHQRVDFDEDGD$VtHVTXHHODUWHHQYH]GHDGHODQWDU
HQ VX WDOOHU GHFDH FRQ HO PLVPR GH TXLHQ GHEHUtD UHFLELU VX PD\RU OXVWUH
3RU XQD FRQVHFXHQFLD SUHFLVD HO DUWHVDQR YLpQGRVH GH HVWD VXHUWH VH
DEDQGRQDPiV6XYHVWLGRHVGHVDOLxDGR\DVTXHURVR6XWLHQGDGHVSURYLVWD
DUWtFXOR²DSDUHFLGR HQHO(GLWRU &RQVWLWXFLRQDO SHURQRHVFULWR SRUQLQJXQR
GHVXVUHGDFWRUHVGHSODQWD²RIUHFHHQO~JXEUHVSLQFHODGDVODUHDOLGDGGH
ODJUDQPD\RUtDGHORVDUWHVDQRVJHQWHSREUHGHODSOHEH/DVH[FHSFLRQHVD
TXH KDFH UHIHUHQFLD²³KD\ PXFKRV TXH KRQUDQ GHO PHMRU PRGR VX
SURIHVLyQ´²>@ IRUPDEDQ SDUWH GH OD FDSD PHGLD DFRPRGDGD DUWHVDQDO
KDEODUVH GH XQD FODVH VRFLDO GH DUWHVDQRV HQ OD FLXGDG FRORQLDO QL IXHUD GH
HOODQRKXERWDOFODVH7DPSRFRGHXQDFDSDDUWHVDQDO/DJUDQPD\RUtDGHORV
WUDEDMDGRUHV DUWHVDQDOHV SHUWHQHFtD D OD SOHEH HV GHFLU D OD JHQWH SREUH R
SDXSpUULPD GH OD FLXGDG 8Q JUXSR UHGXFLGR GH DUWHVDQRV DFRPRGDGRV
LQWHJUDED MXQWR D XQ LPSRUWDQWH JUXSR GH SURYHHGRUHV QR DUWHVDQDOHV ²
WDEHUQHURV FDUQLFHURV SDQDGHURV WHQGHURV GH PHQRV FXDQWtD PDUUDQHURV
FLHUWRV SURSLHWDULRV GH UHFXDV ERWLFDULRV HWF ² XQD FDSD PHGLD XUEDQD GH
DEDVWHFHGRUHV DFRPRGDGRV (VWH ~OWLPR FDOLILFDWLYR ²DFRPRGDGRV² HV
LQGLVSHQVDEOH SDUDVHSDUDUORV GH ORV DEDVWHFHGRUHV SREUHV\PLVHUDEOHVGHO
WLSRGH]DFDWHURVFDUERQHURVYHQGHGRUHVGHVDO\RWURVXUEDQRV\VXEXUEDQRV
/D H[LVWHQFLD GH OD FDSD PHGLD GH DEDVWHFHGRUHV DFRPRGDGRV DGPLWLGD OD
KHWHURJHQHLGDGGHVXVLQWHJUDQWHV\DWHQGLHQGRDFLHUWDXQLIRUPLGDGGHIRUWXQD
TXHHVHQGHILQLWLYDORTXHODGLEXMD\ODGHVWDFDHVXQDUHDOLGDGDFHUFDGHOD
FXDOQRGHMDQOXJDUDGXGDORVGRFXPHQWRV7RGRVHOORVGHVGHOD5HFRUGDFLyQ
GpFDGDV FRORQLDOHV KDFHQ PHQFLyQ GH XQ JUXSR IDYRUHFLGR GH DUWHVDQRV
UHYHQGHGRUHV GXHxRV GH SHTXHxDV PDQXIDFWXUDV WUDQVSRQtDV SUyVSHURV TXH
VHKDOODEDQSRUHQFLPDGHODSOHEH²DODTXHH[SORWDEDQ²\SRUGHEDMRGHO
*HQWH TXH QR OOHJDED D ULFD ² DXQTXH DOJXQRV GH VXV LQWHJUDQWHV OR IXHUDQ
H[FHSFLRQDOPHQWH² SHUR TXH WDPSRFR HUD SREUH &DGD XQR GH ORV JUXSRV
IDYRUHFLGRV TXH DFDEDPRV GH PHQFLRQDU WHQtD XQ DOD SREUH TXH FDtD HQ ORV
WXUELRV IRQGRV GH OD SOHEH DUWHVDQRV UHYHQGHGRUHV PDQXIDFWXUHURV
WUDQVSRUWLVWDV WRGRV HOORV SREUHV < WDPELpQ WHQtDQ DOOt HQ OD SOHEH VX
GH D~Q ORV XWHQVLOLRV PiV QHFHVDULRV « 4XLVLHUD TXH HVWD QR IXHVH OD HMpUFLWR GH H[SORWDGRV RILFLDOHV DSUHQGLFHV SHRQHV REUHURV VLUYLHQWHV
SLQWXUDGHXQFLHUWRQ~PHURGHDUWHVDQRV5HFyUUDQVHVXVWDOOHUHVYLVtWHQVH FDUJDGRUHV HPSOHDGRV DVDODULDGRV \ QR DVDODULDGRV GH DPERV VH[RV GH
ODV FiUFHOHV GpVH XQD RMHDGD SRU OD FLXGDG \ VH YHUi TXH QR H[DJHUR ODV GLYHUVDVHGDGHV\GHWRGRWLSR
FLUFXQVWDQFLDVGHVXGHSORUDEOHHVWDGR´3HVHDVXOLJHUH]D\FXUVLOHUtDHO $Vt SXHV QL OD SOHEH QL OD FDSD PHGLD DUWHVDQDO SURYHHGRUD ²R

 
DEDVWHFHGRUDDFRPRGDGD²HUDQFODVHVVLQRFDSDVGHFRPSRVLFLyQFRPSOHMD ²9,O²
1RODVGLVWLQJXtD\VHSDUDED~QLFDPHQWHVXGLYHUVDVLWXDFLyQHFRQyPLFDVLQR
WDPELpQHOKHFKRGHTXHODFDSDPHGLDDFRPRGDGDHUDH[SORWDGRUDGHODJHQWH
GH OD SOHEH /RV HOHPHQWRV GH OD FDSD PHGLD DUWHVDQDO SURYHHGRUD HUDQ /DFDSDPHGLDDOWDXUEDQD
SHTXHxRVSURSLHWDULRVHQVXVUHVSHFWLYRVUDPRVGXHxRVGHSHTXHxRVWDOOHUHV
GHSXOSHUtDV\PHVRQHVGHUHFXDVGHPXODVHWFHQWDQWRTXHORVGHODSOHEH
9DPRVDGHGLFDUOHDKRUDXQDVSiJLQDVDODFDSDVRFLDOTXHKHPRVTXHULGR
HUDQGHVSRVHtGRVGXHxRVVRODPHQWHGHVXIXHU]DGHWUDEDMR3HVHDWRGRHOOR
OODPDUPHGLDDOWDXUEDQDGHODFXDODGYHUWtDPRVHQXQDSiJLQDDQWHULRUTXH
QR SRGHPRV KDEODU DTXt GH XQD ³OXFKD GH FDSDV´ SRUTXH WDO FRVD VHUtD XQ
UHVXOWDEDPHQRVGHILQLGDTXHODSOHEH\ODDUWHVDQDOSURYHHGRUD/DVIXHQWHV
DEVXUGRTXHODWHRUtDKLVWyULFDWLHQH\DVHxDODGRODFDSDVRFLDOVHFDUDFWHUL]D
KLVWyULFDVQRRIUHFHQHOHPHQWRVSDUDGLVWLQJXLUODH[LVWHQFLD\HOFRQWRUQRGH
SUHFLVDPHQWHSRUVXIDOWDGHFRPSDFWDFLyQIXQFLRQDO\SRUHQGHGHFRQFLHQFLD
HVWH JUXSR ²FRQWRUQR EDVWDQWH ERUURVR HQ WRGR PRPHQWR² VLQR KDVWD ODV
VRFLDO&XDQGRVHDILUPDTXHORVHOHPHQWRVKHWHURJpQHRVGHXQDFDSDH[SORWDQ
~OWLPDV GpFDGDV GH OD FRORQLD \ DXQTXH VX GHVDUUROOR WLHQH TXH YHQLU
DORVHOHPHQWRVWDPELpQKHWHURJpQHRVGHRWUDVHHVWiLQGLFDQGRTXHHVDDFFLyQ
QDWXUDOPHQWHGHSHUtRGRVDQWHULRUHVHOKHFKRHVTXHHVWDFDSDQRVHSUHVHQWD
H[SORWDGRUDQRXQLILFDDQLQJXQRGHORVGRVJUXSRVSXHVVHWUDWDGHGLYHUVRV
FRPR WDO DQWHV GHO VLJOR ;,; +DFH VX DSDULFLyQ HQ ODV GpFDGDV GH OD
WLSRVGHH[SORWDGRUHVGHH[SORWDGRV\GHH[SORWDFLRQHV
,QGHSHQGHQFLD \ KD\ PXFKRV PRWLYRV SDUD HVWXGLDUOD WDO FRPR VH YD
< FHUUHPRV HVWH DSDUWDGR FRQ XQD REVHUYDFLyQ LPSRUWDQWH 0XFKRV
SUHVHQWDQGR HQ HVRV PRPHQWRV 6HUtD XQ HUURU VXSRQHU TXH VX HVWXGLR
HOHPHQWRV GH OD FDSD PHGLD DUWHVDQDO SURYHHGRUD GHVDUUROOiQGRVH FRPR
SHUWHQHFHDODQiOLVLVGHDTXHODFRQWHFLPLHQWRQRVyORSRUTXHHVWDFDSDVRFLDO
SHTXHxRVSURSLHWDULRVH[SORWDGRUHVGHREUHURV\HPSOHDGRVGHFRPHUFLRVH
HV XQ GHVDUUROOR \ XQ UHVXOWDGR GHO FRORQLDMH VLQR SRUTXH XQ HQVD\R GH
LQFRUSRUDURQ D OD FDSD PHGLD DOWD GH OD TXH YDPRV D KDEODU HQ VHJXLGD
LQWHUSUHWDFLyQ JHQHUDO GH OD FRORQLD WLHQH TXH SUHVHQWDU ² WLHQHQ TXH ³GHMDU
FRQVWLWX\HQGRDOOtXQHPEULyQGHSHTXHxDEXUJXHVtDPX\GpELO
OLVWRV´ GLJiPRVOR DVt² D WRGRV ORV JUXSRV TXH YDQ D DFWXDU HQ OD
,QGHSHQGHQFLD \ HQ HO JUDQ FRQIOLFWR GH FODVHV TXH VREUHYLQR GHVGH HO
PRPHQWRPLVPRGHVXSURFODPDFLyQ
8QR GH ORV PRWLYRV ²VRQ YDULRV² SRU ORV TXH HO HVWXGLR GH OD
,QGHSHQGHQFLDVLJXHVLHQGRXQDWROODGHURKLVWyULFROOHQRGHJUDYHVSUREOHPDV
GH LQWHUSUHWDFLyQ FRQVLVWH HQ VXSRQHU TXH ORV JUXSRV VRFLDOHV TXH OXFKDEDQ
SRU OD HPDQFLSDFLyQ OR KLFLHURQ FRQ LGpQWLFRV SURSyVLWRV \ OD FRQFHEtDQ GH
LJXDO PDQHUD 2FXOWDQGR TXH OD VRFLHGDG FRORQLDO SUHVHQWDED SURIXQGDV
GLYLVLRQHVGHFODVHVVHKDGDGRSRFDLPSRUWDQFLDDOKHFKRGHTXHORVJUXSRV
LQWHUHVDGRVHQOD,QGHSHQGHQFLDHVSHUDEDQGHHOODUHVXOWDGRVGLVWLQWRV\KDVWD
FRQWUDULRV8QIHKDFLHQWHF~PXORGHGDWRVSRQHGHPDQLILHVWRTXHIUHQWHDORV
FULROORVTXHOXFKDEDQSRUODHPDQFLSDFLyQDVXPDQHUD²,QGHSHQGHQFLDVLQ
5HYROXFLyQ²RWURVJUXSRVXUEDQRVRUJDQL]DURQ\UHDOL]DURQPRYLPLHQWRVGH
,QGHSHQGHQFLD FRQ ILQHV \ SURFHGLPLHQWRV FRPSOHWDPHQWH GLIHUHQWHV 7UHV
QRWDEOHV FDUDFWHUtVWLFDV SUHVHQWDQ ODV DFFLRQHV SROtWLFDV GH HVWRV JUXSRV
FDUDFWHUtVWLFDV TXH QR VROR ODV GLVWLQJXHQ UDGLFDOPHQWH GH OD OtQHD SROtWLFD

 
FULROOLVWD VLQR TXH HQ FLHUWRV PRPHQWRV VXVFLWDURQ YHUGDGHUDV OXFKDV HQWUH
ORV FULROORV \ HVWRV JUXSRV EORTXHDQGR ORV SULPHURV OD UHDOL]DFLyQ GH OD
,QGHSHQGHQFLDWDOFRPRODGHVHDEDQORVVHJXQGRV>@3ULPHUDFDUDFWHUtVWLFD \ GHEH VHU FRQWHPSODGD HQ HVD OtQHD VL VH TXLHUH HQWHQGHU VX VLJQLILFDGR
XQD LGHRORJtD SROtWLFD UHYROXFLRQDULD SDUD DTXHO PRPHQWR HQ OD TXH VH
SODQWHDEDODQHFHVLGDGGHUHLYLQGLFDUDORVWUDEDMDGRUHVDJUtFRODVDWUDYpVGH
XQD UHGLVWULEXFLyQ GH OD WLHUUD HQ ORV WpUPLQRV GHO OLEHUDOLVPR 6HJXQGD OD
FRQYLFFLyQ GH TXH OD ,QGHSHQGHQFLD GHEtD KDFHUVH SRU OD YtD YLROHQWD
SRQLpQGROD HQ FRQWDFWR FRQ HO PRYLPLHQWR DUPDGR \ SRSXODU PH[LFDQR <
WHUFHUD DXVHQFLD GH WHPRU IUHQWH D ODV FDSDV PHGLDV SREUHV XUEDQD \ UXUDO
FRQODVTXHVHFRQWDEDSDUDOOHYDUDHIHFWRODOXFKDGH,QGHSHQGHQFLD>@(VH
\ODVWLPRVDPHQWHGHQXQFLDGD\GHVDUWLFXODGDDILQHVGHHVHDxRWHQtDHO
PLVPRFDUiFWHUHOPLVPRFRQWHQLGRGHFODVHTXHORVPRYLPLHQWRVDQWHGLFKRV
KLVWyULFR VX IUDFDVR \ KDVWD HO ULJRU GHVDWDGR SRU OD DXWRULGDG VREUH ORV
FRPSURPHWLGRV \ VRVSHFKRVRV (O SODQ LQFOXtD OD FDSWXUD \ GLVWULEXFLyQ GH
DUPDVHODSUHVDPLHQWRGHIXQFLRQDULRVFLYLOHV\PLOLWDUHVODOLEHUDFLyQGHORV
SUHVRVGH*UDQDGD²TXHVHKDOODEDQKXQGLGRVHQODVFiUFHOHVGHODFDSLWDO²
ODVXEOHYDFLyQGHODWURSDUHJXODUGHOEDWDOOyQGHODFLXGDGODLQFDXWDFLyQGHO
WHVRUR GHO JRELHUQR \ HO HQYtR GH DJLWDGRUHV D WUHV UHJLRQHV GHO LQWHULRU GHO
SDtV>@
FDUiFWHU WXYLHURQ ORV PRYLPLHQWRV GH 6DQ 6DOYDGRU HQ  \  \ 3HUR QR HVWDPRV KDFLHQGR +LVWRULD GH OD ,QGHSHQGHQFLD /R TXH QRV
WDPELpQORVGH/HyQ\*UDQDGDHQ1LFDUDJXD
(V FXULRVR \ VLJQLILFDWLYR TXH HO &DSLWiQ *HQHUDO %XVWDPDQWH \ *XHUUD
KiELO SROtWLFR \ EXHQ FRQRFHGRU GH OD VLWXDFLyQ HQYLDUD D SDFLILFDU 6DQ
6DOYDGRUQRDXQPLOLWDU HVSDxROVLQR D XQSURPLQHQWH FULROOR GHOD FDSLWDO
'RQ-RVpGH$\FLQHQD\TXHHO$\XQWDPLHQWRGH*XDWHPDODPiVDVXVWDGRTXH
HQWXVLDVPDGR FRQ DTXHO OHYDQWDPLHQWR KD\D HQYLDGR QDGD PHQRV TXH D VX
5HJLGRU'HFDQR'RQ-RVp0DUtD3H\QDGR²HOPiVKiELO\WDOHQWRVRSROtWLFR
FULROOR GHO PRPHQWR² (Q ORV GRFXPHQWRV UHVHUYDGRV HQ TXH HO &DSLWiQ
*HQHUDO OH FRPXQLFy DO JRELHUQR SHQLQVXODU OR TXH RFXUUtD HQ 6DQ 6DOYDGRU
/HyQ \ *UDQDGD VLHPSUH VHxDOy OD FLUFXQVWDQFLD GH TXH ORV ³HVSDxROHV
DPHULFDQRV´²HVGHFLUORVFULROORV²QRDFXHUSDEDQDTXHOORVPRYLPLHQWRV
DUPDGRV \ TXH HVH KHFKR IDYRUHFtD SRGHURVDPHQWH DO JRELHUQR>@
,JXDOPHQWH H[SUHVD TXH OD SOHEH KD VLGR ³KDODJDGD´ \ PRYLOL]DGD \ TXH HO
WHPRU TXH OD DQDUTXtD VXVFLWD HQWUH HO YHFLQGDULR ULFR HV HO PiV LPSRUWDQWH
HQHPLJRTXHFRQWUDVtWHQtDQDTXHOODVUHYROXFLRQHV²VHXVDHVHWpUPLQRHQORV
GRFXPHQWRV²>@&XDQGRVH SURFHGtDHQHOODV D GHSRQHUD ODVDXWRULGDGHV
ORVFULROORVQRHUDQOODPDGRVDRFXSDUORVSXHVWRVGHPDQGR(QODFLXGDGGH
/HyQSRUHMHPSORHOPRYLPLHQWRQRPEUySUHVLGHQWHDO2ELVSR\ORURGHyGH
XQD MXQWD JXEHUQDWLYD FRPSXHVWD SRU XQ PpGLFR \ ERWLFDULR²FRPLHQ]DQ D
DSDUHFHU ORV PpGLFRV \ RWURV SURIHVLRQDOHV QyWHVH² XQ DERJDGR
SULQFLSLDQWH \ GRV YHFLQRV ³GH EXHQD \ UHJXODU UHSXWDFLyQ´ ²VHJ~Q UH]D HO
LQIRUPHGH%XVWDPHQWH²>@
/DFpOHEUH&RQMXUDFLyQGH%HOpQRUJDQL]DGDHQODFLXGDGGH*XDWHPDODHQ

LQWHUHVDHVKDFHUDOJXQDVREVHUYDFLRQHVDFHUFDGHODSURFHGHQFLDVRFLDOGHORV
SURWDJRQLVWDVGHDTXHOORVPRYLPLHQWRV\GHODVSHUVRQDVTXHWXYLHURQQRWRULD
YLQFXODFLyQ FRQ HOORV /R SULPHUR TXH VDOWD D OD YLVWD HV TXH QR VRQ ORV
FULROORV/RVHJXQGRPX\LPSRUWDQWHHVTXHQRSHUWHQHFHQDODFDSDDUWHVDQDO
SURYHHGRUD VL ELHQ HV FLHUWR TXH JHQWH GH HVD FDSD PHGLD SXHGH KDEHUORV
DFXHUSDGR \ VHJXLGR FRPR OR KL]R HYLGHQWHPHQWH OD SOHEH>@ $OJXQRV
DUWHVDQRV IXHURQ SURFHVDGRV SRU GHVDIHFFLyQ DO UpJLPHQ SHUR HUDQ FDVRV
LQGLYLGXDOHV TXH RFXUULHURQ WRWDOPHQWH DO PDUJHQ GH ORV PRYLPLHQWRV D TXH
QRVHVWDPRVUHILULHQGR>@(OH[DPHQGHODVQyPLQDVGHORVSURFHVDGRVFRPR
GLULJHQWHV UHYROXFLRQDULRV DPSOLDGDV FRQ ORV QRPEUHV GH SHUVRQDV TXH
FRQVLJXLHURQ VXVWUDHUVH D ORV JROSHV GH JRELHUQR SHUR TXH QR REVWDQWH
SHUWHQHFtDQDOVHFWRUGHQWURGHOFXDOVHJHVWDEDQDTXHOORVPRYLPLHQWRVHVHO
SULPHUSDVRTXHKD\TXHGDUHQODE~VTXHGDGHVXVDILQLGDGHVGHFODVHRGH
FDSDVRFLDO
6H KDFH QRWDU DQWH WRGR OD SUHVHQFLD GH PXFKRV UHOLJLRVRV UHJXODUHV \
VHFXODUHV PXFKRV GH HOORV FRQGHQDGRV D VXIULU GXUDV SHQDV KRPEUHV GH OD
WDOOD GHO SUHVEtWHUR 7RPiV 5XL] ²XQR GH ORV PiV UDGLFDOHV GLULJHQWHV GH
%HOpQ²GH%HQLWR6RWRUHOLJLRVRSURFHVDGR\PXHUWRSRUORGH*UDQDGD>@
(VQRWRULDODSDUWLFLSDFLyQGHXQJUXSRGHPpGLFRVHQWUHTXLHQHVGHVFXHOODV
'RQ 3HGUR 0ROLQD 'RQ &LULOR )ORUHV 'RQ 0DULDQR 6XiUH] 'RQ 6DQWLDJR
&HOLV²PiUWLUGH6DQ6DOYDGRU²>@7DPELpQXQJUXSRGHDERJDGRVFRPR
-RVp )UDQFLVFR &yUGRYD \ 9HQDQFLR /ySH] /ODPD HVSHFLDOPHQWH OD DWHQFLyQ
XQ JUXSR GH HPSOHDGRV YDULRV GH HOORV HVFULEDQRV \ RILFLQLVWDV HQ ODV

GHSHQGHQFLDVGHOJRELHUQRHOSULPHURGHHOORV6LPyQ%HUJDxR\9LOOHJDV²
GHSRUWDGRHQ²HOMRYHQ0DULDQR%HGR\D²SUHVRFLQFRDxRVSRUORGH
%HOpQ \ DVHVLQDGR HQ ² $QGUpV 'DUGyQ 0DQXHO ,EDUUD -XDQ -RVp
$OYDUDGR )UDQFLVFR 0RQWLHO WRGRV HOORV KRPEUHV MyYHQHV \ GH FLHUWR
GHVDUUROOR LQWHOHFWXDO SDUD TXLHQHV OD VRFLHGDG FRORQLDO QR RIUHFtD RWUD
SHUVSHFWLYD TXH HQYHMHFHU HQ ODV RILFLQDV S~EOLFDV R HQ HPSOHRV PDO
UHWULEXLGRV (V LPSUHVLRQDQWH VHJXLU HQ ORV GRFXPHQWRV OD VHFXHQFLD YLWDO GH
XQ KRPEUH FRPR &D\HWDQR %HGR\D ²KHUPDQR GHO PiUWLU \ GH OD DGPLUDEOH
'RxD 'RORUHV HVSRVD GHO 'RFWRU 0ROLQD² HQWUH  \  ORV
GRFXPHQWRV UHODWLYRV D &D\HWDQR %HGR\D VH UHILHUHQ WRGRV FODUR HVWi D VX
H[FDUFHODFLyQ OD FXDO QR VH ORJUy KDVWD TXH VDOLy GHO PDQGR %XVWDPDQWH \
*XHUUD>@ (Q  DSDUHFH XQD ³LQIRUPDFLyQ GH SREUH]D´ UHODFLRQDGD FRQ
XQD VROLFLWXG GH HPSOHR>@ (QWUH IHEUHUR \ PD\R GH  HVWi VROLFLWDQGR
SHUPLVRSDUDKDFHUXQDVUHSUHVHQWDFLRQHVGHWHDWURHQODFLXGDGGH*XDWHPDOD
>@ 3HUR D PHGLDGRV GH HVH PLVPR DxR DSDUHFH SRU 2D[DFD WUDWDQGR HQ
FRODERUDFLyQFRQVXKHUPDQRTXHDQGDEDSRU&RPLWiQGHSRQHUVHHQFRQWDFWR
\WHQHUSOiWLFDVFRQHO*HQHUDO)UDQFLVFR%UDYRFDXGLOORLQVXUJHQWHGHOVXUGH
0p[LFR>@ (V GHFLU FRQMXUD SURFHVR FLQFR DxRV GH FiUFHO FRORQLDO ²£QR
WRGDV ODV FiUFHOHV VRQ OR PLVPR ² SREUH]D DVSLUDFLRQHV WHDWUDOHV ²
VHJXUDPHQWHFRQILQHVVXEYHUVLYRV²\GHQXHYRDKDFHUVDFULILFLRV\DOXFKDU
SRUOD,QGHSHQGHQFLDFXDQGRORVWLHPSRVORH[LJHQ3HUVRQDOLGDGHVHQpUJLFDV
\ YDOLRVDV TXH QR FDEtDQ HQ HO PROGH UtJLGR \ PH]TXLQR GH OD GHFDGHQFLD
FRORQLDO
¢4XLpQHUDHVWDJHQWH"
(Q WRGRV ORV PRYLPLHQWRV VH FRQWy WDPELpQ FRQ DOJXQRV PLOLWDUHV GH
PHGLDQD\EDMDJUDGXDFLyQFRPRORIXHURQORVGH%HOpQHO7HQLHQWH-RDTXtQ
<~GLFH ORV 6DUJHQWRV /HyQ 'tD] )HOLSH &DVWUR \ 5DIDHO $UD]DPHQGL \
QDWXUDOPHQWHHODOIpUH]-RVp)UDQFLVFR%DUUXQGLD
/D SUHVHQFLD GH WUHV QRWDEOHV KRPEUHV GH RULJHQ LQGtJHQD HV PHUHFHGRUD
GH XQ EUHYH FRPHQWDULR )UD\ 7RPiV 5XL] UHOLJLRVR GRFWRUDGR HQ )LORVRItD
FRQMXUDGR GH %HOpQ (O PiUWLU 0DQXHO 7RW FRPHUFLDQWH MRYHQ OOHJDGR GH OD
9HUDSD] SUREDEOHPHQWH D OD 8QLYHUVLGDG>@ (O HVWXGLDQWH 0RGHVWR
+HUQiQGH] LQGLR QREOH SDVDQWH GH 'HUHFKR SUHVR SRU DJLWDGRU \ SRU VXV
FRQWDFWRV FRQ 0DWHR $QWRQLR 0DUXUH>@ (VWRV LQGtJHQDV SRU VXSXHVWR QR

SHUWHQHFtDQQLUHSUHVHQWDEDQDODFODVHVRFLDOGHORVLQGLRVSXHVHUDQOLEUHV\
DFWXDEDQHQRWURQLYHOHFRQyPLFRVRFLDO(QRWURFDStWXORQRVYDPRVDUHIHULU
DODSRVLELOLGDGTXHKDEtDSDUDDOJXQRVLQGLRVQREOHVLQFRUSRUDGRVDODSDUDWR
GH DXWRULGDG HQ HO LQWHULRU GHO SDtV GH HQULTXHFHUVH \ VLWXDU D VXV
GHVFHQGLHQWHV HQ QLYHOHV HFRQyPLFRV VXSHULRUHV /RV WUHV SUyFHUHV
UHYROXFLRQDULRVFLWDGRVHUDQLQGLRVSRUVXUD]DSHURVXSRVLFLyQHFRQyPLFD\
VRFLDOSHUWHQHFtDQDODFDSDPHGLDDOWDXUEDQD(UDQKRPEUHVOLEUHVFRQDOWR
GHVDUUROOR LQWHOHFWXDO KLVWyULFDPHQWH KHUPDQGDGRV FRQ %HUJDxR \ 9LOOHJDV
FRQHOJUXSRGHORV%HGR\DFRQHOSURWRPiUWLU0DWHR$QWRQLR0DUXUH
1RV KDOODPRV SRU GH SURQWR FRQ XQ VHFWRU TXH SUHVHQWD XQD WHQGHQFLD
SROtWLFDGHILQLGDSHURTXHVHLQWHJUDSRUJUXSRVGHUHOLJLRVRVXQLYHUVLWDULRV
SURIHVLRQDOHV PLOLWDUHV GH EDMD JUDGXDFLyQ \ EXUyFUDWDV \ HPSOHDGRV GH
PRGHVWDFDWHJRUtD
6DEHPRV TXH OD ,JOHVLD \ HO (MpUFLWR QR VRQ QL KDQ VLGR QXQFD FODVH QL
FDSDVVRFLDOHVVRQLQVWLWXFLRQHVLQWHUQDPHQWHMHUDUTXL]DGDV\FRPSXHVWDVSRU
HOHPHQWR KXPDQR SURFHGHQWH GH GLVWLQWDV FODVHV \ FDSDV $ HOOR VH GHEH TXH
FXDQGR OD OXFKD GH FODVHV VH DJXGL]D HVWDV LQVWLWXFLRQHV VH DJULHWDQ \
RFDVLRQDOPHQWH VH TXLHEUDQ GHVGH GHQWUR OD OXFKD GH FODVHV OOHJD KDVWD VX
VHQR\URPSHVXXQLGDGIRUPDO/D+LVWRULDGHOD,QGHSHQGHQFLDGH$PpULFD
²SRU QR KDEODU GH ODV 5HYROXFLRQHV XOWHULRUHV HQ QXHVWURV SDtVHV² RIUHFH
HMHPSORVXILFLHQWHGHHMpUFLWRVGLYLGLGRVHQEDQGRVRSXHVWRV(VFRVDVDELGD
TXHGHPDQHUDJHQHUDOHODOWRFOHURFRORQLDOVHRSXVRDOD,QGHSHQGHQFLDR
DFFHGLy FXDQGR \D QR VH SRGtD KDFHU RWUD FRVD D WROHUDU IRUPDV GH
HPDQFLSDFLyQ VXPDPHQWH FRQVHUYDGRUDV (V VDELGR WDPELpQ TXH HO OODPDGR
EDMR FOHUR QXWULGR SULQFLSDOPHQWH SRU FXUDV GH ODV FDSDV PHGLDV GH OD
SREODFLyQ FRORQLDO OH GLR D ODV OXFKDV GH ,QGHSHQGHQFLD VXV OtGHUHV
UHYROXFLRQDULRVPiVUDGLFDOHV6HFRQVLGHUDTXHHOPiVJHQLDOGHHOORVIXHHO
FXUDPHVWL]RPH[LFDQR-RVp0DUtD0RUHORV\HVPX\LQWHUHVDQWHVHxDODUTXH
HQODUHXQLyQGHFLVLYDGHORVFRQMXUDGRVGH%HOpQHQODMXQWDHQTXHVHWRPy
ODUHVROXFLyQGHOOHYDUDFDERHOOHYDQWDPLHQWRHOFXUD7RPiV5XL]²QXHVWUR
UHOLJLRVR LQGtJHQD OHWUDGR²« VDFy D OX] \ FRPHQWy XQD SURFODPD
PDQXVFULWD GH 0RUHORV HQWXVLDVPDQGR D VXV R\HQWHV«´ VHJ~Q UHODWD XQ
WHVWLPRQLRSUHVHQFLDO>@7DPELpQWLHQHJUDQVLJQLILFDFLyQHOKHFKRGHTXHORV
GLULJHQWHV GHO VHJXQGR PRYLPLHQWR VDOYDGRUHxR ²0LJXHO 'HOJDGR -XDQ

0DQXHO5RGUtJXH]\6DQWLDJR&HOLV²KD\DQWUDWDGRGHHVWDEOHFHUFRQWDFWRFRQ
0RUHORV\TXHHVHLQWHQWRSOHQDPHQWHFRPSUREDGRSRUODVDXWRULGDGHVKD\D
VLGRHOPiVWHUULEOHGHORVFDUJRVTXHVHOHVKLFLHURQHQHOGUDPiWLFRSURFHVR
>@
4XH QR QRV GHVRULHQWHQ SXHV ODV LQVWLWXFLRQHV SRUTXH QR VRQ HOODV
TXLHQHVPXHYHQODKLVWRULDVLQRORVJUXSRVVRFLRHFRQyPLFRVODVFODVHV\ODV
FDSDV DFWXDQGR WDPELpQ QDWXUDOPHQWH HQ HO VHQR GH ODV LQVWLWXFLRQHV (O
KHFKRGHTXHHQORVPRYLPLHQWRVUHYROXFLRQDULRVGH,QGHSHQGHQFLDDSDUH]FDQ
HVWXGLDQWHV \ SURIHVLRQDOHV GHEH YHUVH EDMR HO PLVPR SULVPD TXH ORV GRV
JUXSRV DQWHULRUHV /D 8QLYHUVLGDG FRPR WDO LQVWLWXFLyQ KD UHFLELGR VLHPSUH
²D\HUFRPRKR\²HOHPHQWRVGHWRGRVORVVHFWRUHVVRFLDOHVTXHGLVSRQHQGH
PHGLRV HFRQyPLFRV SDUD FXUVDU HQ VXV DXODV 6HUtD WRWDOPHQWH HTXLYRFDGR
UHVSRQVDELOL]DUOD GH TXH HQWUH VXV HVWXGLDQWHV 9 HJUHVDGRV KD\DQ DSDUHFLGR
DOJXQRV GH ORV PiV WDOHQWRVRV \ YDOHURVRV KRPEUHV GH OD ,QGHSHQGHQFLD
UHYROXFLRQDULD ²0DWHR $QWRQLR 0DUXUH 3HGUR 0ROLQD² SRUTXH HQ VXV
DXODVVHIRUPDURQWDPELpQKRPEUHVWDQGLVFXWLEOHVFRPR0DULDQR/DUUDYH\
-RVpGHO9DOOHPpGLFRHOSULPHURHQHPLJRGHOD,QGHSHQGHQFLDDQH[LRQLVWD
IXULRVRUHVSRQVDEOHGHODPXHUWHGH0DULDQR%HGR\D>@DERJDGRHOVHJXQGR
GHDPSOLDHUXGLFLyQODFXDOIXHGHJUDQXWLOLGDGDODVDXWRULGDGHVHVSDxRODV\
VLUYLySDUDDUJXPHQWDUODSRVWHUJDFLyQGHOD,QGHSHQGHQFLD>@
$XQTXHODH[LVWHQFLDGHODFDSDPHGLDDOWDYLHQHVXJHULGDSRUGDWRVPX\
GLVSHUVRV KD\ VLQ HPEDUJR IUDVHV REVHUYDFLRQHV \ FRUWRV IUDJPHQWRV
GRFXPHQWDOHV TXH LQGLFDQ TXH DOJXQDV SHUVRQDV VH SHUFDWDURQ GH OD
H[LVWHQFLD GH DTXHOOD FDSD VRFLDO 8Q IUDJPHQWR PX\ LQWHUHVDQWH D HVWH
UHVSHFWR HV HO TXH LQPHGLDWDPHQWH YDPRV D WUDQVFULELU \ D FRPHQWDU )XH
UHGDFWDGR SRU DOJXLHQ TXH VH KDOOy PX\ FHUFD GH OD UHDOLGDG TXH DTXt
HVWDPRV WUDWDQGR GH GHILQLU \ PHUHFH VHU OHtGR GHVSDFLR ³« %DMR HO
JRELHUQRHVSDxROKDEtDGLVWLQFLRQHV\FODVHVSULYLOHJLDGDV+DEtDXQDFODVH
PHGLD \ HO SXHEOR TXH QR JR]DED GH QLQJXQD FRQVLGHUDFLyQ /DV IDPLOLDV
HVSDxRODVULFDV\ODVGHORVSULPHURVHPSOHDGRVFDVLVLHPSUHSHQLQVXODUHV
FRPSRQtDQ OD SULPHUD FODVH /D VHJXQGD FRQVLVWtD HQ SHUVRQDV HVSDxRODV
GH PHGLDQD IRUWXQD R SREUHV GHGLFDGDV UHJXODUPHQWH D ODV OHWUDV HQ TXH
VROtDQLQJHULUVHWDOHQWRVGLVWLQJXLGRVGHRWUDVUD]DV(QODWHUFHUDHQWUDEDQ
ORV MRUQDOHURV ORV VLUYLHQWHV PHQHVWUDOHV \ DXQ DOJXQRV SURSLHWDULRV QR

WHQLGRV SRU HVSDxROHV (VWR VXSXHVWR OD LGHD GH ,QGHSHQGHQFLD HUD PiV
JHQHUDOHQODFODVHPHGLD\PiVQDWXUDOHQORVLQGLYLGXRVTXHQRJR]DQGR
GH ORV SULYLOHJLRV GH OD SULPHUD FRQRFtDQ SRU VXV OXFHV \ VHQWtDQ SRU
FRQVLJXLHQWHPiVTXHOD~OWLPDODVUHVWULFFLRQHV\PDOHVGHODGHSHQGHQFLD
+XER SXHV SURPRYHGRUHV GH OD ,QGHSHQGHQFLD HQ HVWD FODVH \ IXHURQ ORV
PiV DFWLYRV QR SRU DOFDQ]DU ODV GLVWLQFLRQHV TXH DERUUHFtDQ VLQR SRU
PHMRUDUGHVXHUWHVLQRSFLyQDPHMRUDUODKDVWDHQWRQFHV´>@
6L HVWXYLpUDPRV KDFLHQGR HO DQiOLVLV GH OD HPDQFLSDFLyQ VHxDODUtDPRV
LQPHGLDWDPHQWHHOKHFKRGHTXHHODXWRUGHHVRVUHQJORQHVWHVWLJRGHORTXH
IXH DTXHO DFRQWHFLPLHQWR RPLWH HQ DEVROXWR D ORV LQGLRV QL VLTXLHUD ORV
PHQFLRQD HQ VX HVTXHPD GH ORV JUXSRV VRFLDOHV SDUWLFLSDQWHV 6XV UHFXHUGRV
SDVDQ DO SDSHO D YXHODSOXPD ²HQ WRGR HO GRFXPHQWR HV QRWRULD OD IDOWD GH
HVPHUR HQ OD FRQVWUXFFLyQ JUDPDWLFDO² \ OD ,QGHSHQGHQFLD TXHGD UHWUDWDGD
FRPRORTXHHQGHILQLWLYDIXHXQDFRQWHFLPLHQWRGHFLXGDGXQHQFDGHQDPLHQWR
GH SURFODPDFLRQHV FRQWURODGDV SRU ORV JUXSRV FULROORV GH ODV FLXGDGHV D
HVSDOGDV GH ODV FDSDV PHGLDV TXH PiV KDEtDQ OXFKDGR SRU HOOD \ FRQ
IUXVWUDFLyQGHODVDVSLUDFLRQHVGHORVJUXSRVUHYROXFLRQDULRV3HURORTXHQRV
LQWHUHVDHVREVHUYDU FyPRHVER]DHQ SRFDVSDODEUDVD ORVJUXSRVXUEDQRV\
FyPRVXHVTXHPDFRLQFLGHHQDOJXQRVSXQWRVFRQQXHVWURDQiOLVLV\FKRFDFRQ
pOHQRWURV
(OJUXSRGRPLQDQWH²³FODVHVSULYLOHJLDGDV´GLFH²HVWiLQWHJUDGRSRUORV
FULROORV \ ORV IXQFLRQDULRV 1yWHVH FyPR VLJXLHQGR HO XVR FRORQLDO OODPD
HVSDxROHVDORVFULROORV\SHQLQVXODUHVDORVHVSDxROHVGH(VSDxD1RVLW~D
HQ HO RWUR H[WUHPR D ORV LQGLRV VLQR D OR TXH pO OODPD ³HO SXHEOR´
UHILULpQGRVH H[DFWDPHQWH D ODV FDSDV PHGLDV XUEDQDV SREUH \ DFRPRGDGD
,QFOX\H D ORV DUWHVDQRV HQ HO SXHEOR ²ORV ³PHQHVWUDOHV´² SHUR QyWHVH TXH
KDFH OD GLVWLQFLyQ GH ³DOJXQRV SURSLHWDULRV QR WHQLGRV SRU HVSDxROHV´ BTXH
SDUHFH DOXGLU DO JUXSR PHGLR GH DUWHVDQRV \ SURYHHGRUHV DFRPRGDGRV QR
LJXDOHV DO UHVWR GH OD PDVD XUEDQD /D FLUFXQVWDQFLD GH TXH QR HPSOHH OD
GHQRPLQDFLyQ ³SOHEH´ QR GHEH VRUSUHQGHPRV HO IUDJPHQWR IXH HVFULWR
GHVSXpVGHOD,QGHSHQGHQFLDODOXFKDHQWUHOLEHUDOHV\FRQVHUYDGRUHVHVWDED
GHILQLWLYDPHQWHSODQWHDGDHODXWRUHUDXQOLEHUDO²ORUHYHODHQYDULRVSXQWRV
GH ODV 0HPRULDV² \ D HVDV DOWXUDV UHVXOWDED LPSROtWLFR HO XVR GH DTXHOOD
GHVSHFWLYD GHQRPLQDFLyQ FRORQLDO $KRUD ELHQ FRQ WRGR \ VHU HO SXHEOR HO

VHFWRUPiVQXPHURVRGHODFLXGDG\WDPELpQHOPiVSREUH\VXIULGR²³TXHQR
JR]DED GH QLQJXQD FRQVLGHUDFLyQ´² QR IXH HVH GLFH HO PHPRULDOLVWD HO
VHFWRU PiV DFWLYR HQ OD OXFKD GH ,QGHSHQGHQFLD VLQR HO TXH OODPD ³FODVH
PHGLD´TXHFRUUHVSRQGHDODFDSDPHGLDDOWDGHQXHVWURHVTXHPD
/DKDFHFRQVLVWLUGH³SHUVRQDVHVSDxRODVGHPHGLDQDIRUWXQDRSREUHV´\
VyORHQVHJXQGROXJDULQGLFDTXHVROtDQLQWHJUDUVHDHOODWDOHQWRV³GHODVRWUDV
UD]DV´ (VWRV GDWRV QR GHEHQ WRPDUVH DO SLH GH OD OHWUD /R TXH UHDOPHQWH
RFXUUtD\HVPX\LPSRUWDQWHFRPSUHQGHUHVTXHGHVSXpVGHWUHVFHQWXULDVGH
PHVWL]DMHKDEtDHQODFDSDDODTXHHODXWRUVHUHILHUHPXFKRVGHVFHQGLHQWHVGH
HVSDxROHVHPSREUHFLGRV\SRURWUDSDUWHXQJUDQQ~PHURGHSHUVRQDVTXHVLQ
VHUHVSDxRODVQRSRGtDQVHUFDOLILFDGDVGHRWURPRGRSHUVRQDVTXHHVWDEDQ
PX\FHUFDGHOHVSDxROHPSREUHFLGRQRVyORSRUVXWLSRpWQLFRVLQRSRUODV
FRVWXPEUHV OD LQGXPHQWDULD HO KDEOD \ OD SUHVHQWDFLyQ JHQHUDO 'H HVWH
IHQyPHQRKD\ UHIHUHQFLDVGRFXPHQWDOHV>@ 1RV KDOODPRV HQ HO PRPHQWR HQ
TXHKDOOHJDGRDVXSXQWRH[WUHPRDTXHOODWHQGHQFLD²VHxDODGDDOSULQFLSLR
GHOFDStWXOR²TXHLEDERUUDQGR\FRQIXQGLHQGRODVGLIHUHQFLDVGHPDWL]UDFLDO
\ GHVWDFDQGR FDGD YH] PiV ORV QLYHOHV HFRQyPLFRV \ VRFLDOHV &XDQGR HO
PHPRULDOLVWD GLFH TXH HQ OD ³FODVH PHGLD´ VROtDQ LQWURGXFLUVH ³WDOHQWRV
GLVWLQJXLGRV GH ODV RWUDV UD]DV´ QR VH HVWi UHILULHQGR D ORV PHVWL]RV VLQR D
FLHUWRVFDVRVPX\FRQFUHWRVGHLQGLRVFX\RRULJHQHUDFODUR\FRQRFLGRFRPR
ORV WUHV TXH DUULED KHPRV VHxDODGR TXH HIHFWLYDPHQWH HUDQ ³WDOHQWRV
GLVWLQJXLGRV´\GHFODUDPHQWHHUDQLQGtJHQDV
'HEHPRVUHFRUGDUDTXtSDUDUHODFLRQDUORFRQORVIHQyPHQRVTXHHVWDPRV
WUDWDQGR HO SURFHVR GH HPSREUHFLPLHQWR GH FULROORV GHO FXDO KDEODPRV DO
SDUD PXFKRV GH HVWRV QREOHV DUUXLQDGRV>@ VLQ GHMDU GH PHQFLRQDU WDPELpQ
ORVHPSOHRV>@\KDVWDOD8QLYHUVLGDGUHFLpQFUHDGD>@FRPRRSRUWXQLGDGHV
SDUD HVWH JHQWH (O HPSREUHFLPLHQWR GH FULROORV IXH XQ IHQyPHQR OHQWR TXH
DFWXDQGRFRQGLVFUHWDFRQWLQXLGDGIXHGHVSOHJDQGRHQODVRFLHGDGFRORQLDOXQ
FRQWH[WRGH³SHUVRQDVHVSDxRODVGHPHGLDQDIRUWXQDRSREUHV´(VWDVSHUVRQDV
SDVDEDQDIRUPDUSDUWHGHODVFDSDVPHGLDV²HVSHFLDOPHQWHODVPHGLDVDOWDV
²HQODVFLXGDGHV\HQORVSXHEORVGHOUHLQR
1RROYLGHPRVTXHODVIDPLOLDVQREOHVVLHPSUH\HQWRGDVSDUWHVFXDQGR
SLHUGHQODVYHQWDMDVHFRQyPLFDVTXHVRQHODUPD]yQGHVXVXSHULRULGDGVRFLDO
FRQVHUYDQ SRU DOJ~Q WLHPSR ODV YHQWDMDV GH OD HGXFDFLyQ TXH HQ VX HVWDGR
DQWHULRU SXGLHURQ UHFLELU 0XFKRV FULROORV HPSREUHFLGRV IXHURQ
LQWURGXFLpQGRVHHQORVFDPSRVHQTXHVXVYHQWDMDVGHHGXFDFLyQ\IRUPDFLyQ
LQWHOHFWXDOSRGtDQVHU~WLOHVHQOD,JOHVLD\ORVFXDUWHOHVHQORVQLYHOHVPHGLR
H LQIHULRU GH OD EXURFUDFLD \ ILQDOPHQWH WDPELpQ HQ OD 8QLYHUVLGDG \ ODV
SURIHVLRQHV>@(QHVRVFDPSRVVHHQFRQWUDEDQFODURHVWiFRQHOHPHQWRVGH
ODFODVHGRPLQDQWHTXHRFXSDEDQORVQLYHOHVGHGLUHFFLyQ\WDPELpQSRURWUR
ODGR FRQ PHVWL]RV IDYRUHFLGRV SURYHQLHQWHV GH OD FDSD PHGLD DUWHVDQDO
SURYHHGRUD \ RFDVLRQDOPHQWH FRQ FRPSDxHURV \ FROHJDV LQGLRV 7RGD HVWD
JHQWHDSDUHFtDFRPRXQDFDSDVRFLDOOHWUDGD²³GHGLFDGDVJHQHUDOPHQWHDODV
OHWUDV´GLFHHODXWRUGHODV0HPRULDV²QRSRUTXHODFDSDPHGLDDOWDXUEDQD
HVWXYLHUD LQWHJUDGD VyOR SRU LQWHOHFWXDOHV VLQR SRUTXH XQ VHFWRU GH HVD FDSD
VRFLDOVHJDQDEDODYLGDFRQODVOHWUDV\ORVQ~PHURVHQORVHVFULWRULRVGHODV
RILFLQDV S~EOLFDV \ HQ DOJXQDV SULYDGDV FRPR HPSOHDGRV R FRPR
SURIHVLRQDOHV /XHJR WDPELpQ SRUTXH GXUDQWH ORV TXLQFH DxRV TXH GXUy HO
UHIHULPRV DO GHVSOD]DPLHQWR \ UHQRYDFLyQ GH OD FODVH FULROOD>@ )XHQWHV \
*X]PiQODPHQWDEDODVXHUWHGHPXFKRVEHQHPpULWRVHPSREUHFLGRV\DDILQHV
GHOVLJOR ;9,,>@$ORODUJRGHWRGR ;9,,,\ORVSULQFLSLRVGHO ;,;DSDUHFHQ
GRFXPHQWRV TXH HQ GLVWLQWDV IRUPDV VH UHILHUHQ D HVWH SUREOHPD>@ /RV
FULROORV GHVSOD]DGRV ORV TXH SHUGLHURQ VX SRVLFLyQ GH ODWLIXQGLVWDV
H[SORWDGRUHV GH LQGLRV QDWXUDOPHQWH GHMDURQ SRU HVR PLVPR GH VHU FULROORV
DXQTXH UDFLDOPHQWH VH KD\DQ FRQVHUYDGR FRPR GHVFHQGLHQWHV GH IDPLOLDV
HVSDxRODV 3DVDEDQ D VHU RWUD FRVD <D HO JUDQ GRFXPHQWR FULROOR QRV KDEtD
KDEODGRGHIDPLOLDV³LOXVWUHVTXHYLYtDQ³DSDJDGDV´³FRQREVFXUDSUROH´>@
\QRVKDEtDHQWHUDGRGHTXHODSURIHVLyQUHOLJLRVDHUDXQFDPLQR\XQUHIXJLR

SURFHVRGHOD,QGHSHQGHQFLDGH*XDWHPDODHOJUXSROHWUDGRGH
ODFDSDPHGLDDOWDGHVDUUROOyXQDJUDQODERUGHOXFKDLGHROyJLFDSRUPHGLRGH
OD SDODEUD HVFULWD ODERU FX\R LQLFLR SXHGH VLWXDUVH HQ ORV HVFULWRV
SHULRGtVWLFRV\HQODSRHVtDSROtWLFDGHODGPLUDEOH%HUJDxR\9LOOHJDV\FX\D
FXOPLQDFLyQ H[DFWDPHQWH HQ OD PLVPD OtQHD GRFWULQDULD VH KDOOD HQ ORV
DXGDFHVSROpPLFRVGH'RQ3HGUR0ROLQDHQ³(O(GLWRU&RQVWLWXFLRQDO´(QWUH
OD JHQWH OHWUDGD GH OD FDSD PHGLD DOWD QR VH HQFRQWUDEDQ HVWULFWDPHQWH ORV
KRPEUHVPiVHUXGLWRVGHODVSRVWULPHUtDVFRORQLDOHV²SXHVHQWUHORVFULROORV
\ HQ OD EXURFUDFLD HVSDxROD KXER KRPEUHV PX\ SUHSDUDGRV² SHUR HV
DEVROXWDPHQWH VHJXUR TXH HQWUH HOORV VH KDOODED DOJR PXFKR PiV LPSRUWDQWH

TXH OD HUXGLFLyQ DOOt HVWDEDQ ORV KRPEUHV GH LGHRORJtD PiV DYDQ]DGD ODV
PHQWDOLGDGHVUHYROXFLRQDULDVODVFDEH]DVPiVDFWLYDV/DFDXVDGHHVWHKHFKR
HVWULEDHQTXHODFDSDPHGLDDOWDHUDHQODVRFLHGDGFRORQLDOHO~QLFRVHFWRU
RSULPLGR \ UHVHQWLGR TXH WHQLD XQ JUXSR GH KRPEUHV FRQ DOWR GHVDUUROOR
LQWHOHFWXDOXQLYHUVLWDULRVRDXWRGLGDFWRVFRPRORIXH%HUJDxR
0XFKR PiV UHQGLPLHQWR \ RGLR GH FODVH WLHQH TXH KDEHU KDELGR SRU
VXSXHVWR HQ ODV PDVDV VREUH ODV TXH UHFDOD GLUHFWDPHQWH OD H[SORWDFLyQ ORV
UHFRUGDPRV TXH OD PHGLFLQD HUD RFXSDFLyQ GHJUDGDQWH \ PDO YLVWD SRU OD
DULVWRFUDFLD >@ HUD FDUUHUD SDUD HVWXGLDQWHV GH FDSD PHGLD DOWD TXLHQHV
YLHQGR HQ OD SREUH]D GHO SDtV XQD SHUVSHFWLYD GH IUDFDVR SURIHVLRQDO WHQtDQ
TXHYHUHQOD,QGHSHQGHQFLDXQDRSRUWXQLGDGGHWUDQVIRUPDFLyQVRFLDO\QRXQ
VLPSOHUHHPSOD]RGHORVHVSDxROHVSRUORVFULROORV²&RQODFODULGDGPHQWDO
GH TXLHQ FRPSUHQGH TXH HO SUREOHPD H[LJH VROXFLRQHV UHYROXFLRQDULDV TXH
DIHFWHQDWRGDODVRFLHGDGDVLHQWDHO'RFWRU0ROLQDHVWDVVHQFLOODVSDODEUDV
LQGLRVORVODGLQRVUXUDOHVODSOHEH3HURSRUPXFKDLQWHOLJHQFLDQDWXUDOTXH
KXELHUD HQ DOJXQRV GH VXV KRPEUHV IDOWDED OD SUHSDUDFLyQ IDOWDEDQ ORV
UHFXUVRVFRQFHSWXDOHVLQGLVSHQVDEOHVSDUDODOXFKDLGHROyJLFD/DLJQRUDQFLD
ORVKDFtDDGHPiVIDWDOLVWDV\VHQVLEOHVDODVH[SOLFDFLRQHVVXSHUVWLFLRVDVGH
VXPLVHUDEOHHVWDGR
)LMHPRVELHQHVWHSXQWR1RHVH[DFWRDILUPDUTXHHQODVRFLHGDGFRORQLDO
KXELHUD XQD ³FODVH PHGLD OHWUDGD´ +DEtD XQD FDSD PHGLD DOWD TXH VH KDFtD
QRWDU \ HVFXFKDU SRU XQ JUXSR GH SROtWLFRV OHWUDGRV (O DXWRU GHO IUDJPHQWR
FLWDGR KDFH GH HVWH JUXSR XQD FODVH VLQ REVHUYDU TXH HVH JUXSR LOXVWUDGR \
SHQVDQWHHUDHOFHUHEURHORUJDQL]DGRU\YRFHURGHXQDFDSDVRFLDOTXHWHQtD
PXFKtVLPRVLQWHJUDQWHVQROHWUDGRV
/DV PRWLYDFLRQHV GH WDQ H[FHOHQWH GLVSRVLFLyQ UHYROXFLRQDUtD HQWUH
HPSOHDGRVHLQWHOHFWXDOHVGHODFDSDPHGLDSXHGHKDOODUVHDSULPHUDYLVWDHQ
HOKHFKRGHTXHODVRFLHGDGFRORQLDOQRRIUHFtDRSRUWXQLGDGHVGHVXSHUDFLyQD
OD JHQWH GHGLFDGD DO WUDEDMR LQWHOHFWXDO \ H[FOXLGD GH OD GLUHFFLyQ SROtWLFD \
³« (Q ORV SDtVHV SREUHV WRGR VH UHVLHQWH GH OD PLVHULD « (O SDtV HV
SREUH QR SXHGH PDQWHQHU PXFKRV PpGLFRV \ pVWH HV HO SULPHU REVWiFXOR
HIHFWLYRTXHVHRSRQHDORVDGHODQWDPLHQWRGHODPHGLFLQD«´>@
(O SDtV HUD SREUH &DGD YH] PiV SREUH>@ 3HUR HO HPSREUHFLPLHQWR
WHQtD FRPR HQ WRGDV ODV VRFLHGDGHV GH FODVHV HIHFWRV GHVLJXDOHV VREUH ORV
GLVWLQWRV VHFWRUHV GH OD SREODFLyQ /D EXURFUDFLD HVSDxROD VLJXLy UHFLELHQGR
VLQLQWHUUXSFLyQVXVHVSOpQGLGRVVXHOGRVTXHVHREWHQtDQGHODVSURSLDVUHQWDV
GHO SDtV>@ /RV SRFRV JUDQGHV FRPHUFLDQWHV GHO UHLQR PRQRSROLVWDV
UHODFLRQDGRV HQ H[FOXVLYD FRQ ODV FDVDV H[SRUWDGRUDV H LPSRUWDGRUDV GH
&iGL]REWXYLHURQLQFOXVRYHQWDMDVGHODVLWXDFLyQSRUTXHHVFDVHDQGRFLHUWRV
DUWtFXORV HXURSHRV LQGLVSHQVDEOHV SXGLHURQ YHQGHUORV D PHMRUHV SUHFLRV (O
FRQWUDEDQGR DGHPiV HUD UHDOL]DGR HQ JUDQ SDUWH SRU XQ JUXSR GH HOORV
PLVPRV>@ /D SUXHED GHILQLWLYD GH TXH OD VLWXDFLyQ GHO UHLQR QR ORV
SHUMXGLFDED HV VX LQYDULDEOH DGKHVLyQ DO UpJLPHQ \ VX GHVDSUREDFLyQ GH OD
,QGHSHQGHQFLDKDVWDHO~OWLPRPRPHQWR>@/DDULVWRFUDFLDWHUUDWHQLHQWHORV
DGPLQLVWUDWLYD GHO UHLQR HPSOHRV PDO UHPXQHUDGRV HVWUDWLILFDFLRQHV
FULROORVVLHPSUHKDEtDQHVWDGRGHVFRQWHQWRVHQPHGLRGHODRSXOHQFLDSRUORV
MHUiUTXLFDV VLQ PRYLOLGDG SURIHVLRQHV FRQ HVFDVtVLPD GHPDQGD 0DULDQR
PRWLYRVTXHHQRWUROXJDUKHPRVHVWXGLDGRGHWHQLGDPHQWH²£FODVHGRPLQDQWH
%HGR\D KDEtD SDVDGR FDWRUFH DUWRV ²OR PHMRU GH VX MXYHQWXG² HQ XQ
DPHGLDV²>@ 9HtDQ DFHUFDUVH OD FR\XQWXUD HQ TXH HO SRGHU SDVDUtD D VXV
HPSOHXFKR GH OD 5HDO +DFLHQGD $GPLQLVWUDFLyQ GH 5HQWDV GH OD FRORQLD
PDQRV\KDFtDQXQD GLVLPXODGD \ PDxRVD ODERUFRQVSLUDWLYDSULQFLSDOPHQWH
FD\y SUHVR FXDQGR HVWDED D SXQWR GH REWHQHU XQ LQVLJQLILFDQWH DVFHQVR SRU
GHVGH VXV $\XQWDPLHQWRV VRFDYDQGR HO SRGHU HVSDxRO VLQ FRPSURPHWHUVH
VXEVWLWXFLyQ>@ 'RQ 3HGUR 0ROLQD GDQGR UHVSXHVWD D XQ HVFULWR HQ TXH HO
MDPiVDELHUWDPHQWH/DGHFDGHQFLDGHOLPSHULR\ODHPDQFLSDFLyQHQPDUFKD
&DSLWiQ*HQHUDO²8UUXWLD²OHSHGtDRSLQLyQVREUHODVLWXDFLyQGHOD
HQ RWUDV FRORQLDV HUDQ IDFWRUHV TXH WUDEDMDEDQ D IDYRU GH ORV FULROORV
SURIHVLyQPpGLFDOHGLFHMXQWRDRWUDVFRVDVTXHKD\HQIHUPHGDGHSLGHPLDV
JXDWHPDOWHFRV (OORV OR VDEtDQ \ PDQLREUDEDQ FDXWHORVDPHQWH VLQ SULVD
\ PXHUWH SHUR TXH ORV PpGLFRV DXQ VLHQGR VyOR GLHFLRFKR JUDGXDGRV SDUD
HYLWDQGRTXHXQPRYLPLHQWRSRSXODUXUEDQRGLULJLGR SRUODFDSD PHGLD DOWD
WRGR HO UHLQR  VRQ GHPDVLDGRV SDUD OD SRFD JHQWH TXH SXHGH UHTXHULU \
OOHYDQGRWUDVVtDODVFDSDVPHGLDVPHQHVWHURVDVOHVDUUHEDWDVHORTXHSDUHFtD
SDJDU VXV VHUYLFLRV>@ $JUHJD TXH SHVH D HOOR KD\ PiV HVWXGLDQWHV GH YHQLUGHURGDGRDVXVPDQRV(OHPSREUHFLPLHQWRGHOUHLQRORVDIHFWySRFR
PHGLFLQD TXH HQ DxRV DQWHULRUHV>@ ²GDWR pVWH GH JUDQ LQWHUpV VL QRGHMDURQSRUHOORGHVHUODFODVHYHUGDGHUDPHQWHDGLQHUDGD\SRGHURVDGHO

 
SDtV /DV FODVHV \ FDSDV RSULPLGDV IXHURQ ODV TXH VXIULHURQ HO IHQyPHQR HQ
WpUPLQRV GH PiV SHQXULD \ PiV GHVYDOLPLHQWR (VD HV OD FDXVD GH TXH KD\D
VLGR HO VHFWRU OHWUDGR GH OD FDSD PHGLD DOWD \ QR RWUR HO GHVWLQDGR
KLVWyULFDPHQWHDOHYDQWDUHOJULWRGHSURWHVWD\DRUJDQL]DUORVPRYLPLHQWRVGH
,QGHSHQGHQFLD YLROHQWD \ WUDQVIRUPDGRUD 1R HUD PLVLyQ TXH HVWXYLHUD DO
DOFDQFHGHODFRQFLHQFLDQLGHODFDSDFLGDGSROtWLFDGHQLQJXQRGHORVJUDQGHV
JUXSRVH[SORWDGRV>@
(V HTXLYRFDGR SXHV VXSRQHU TXH OD FDSD PHGLD DOWD VH FRPSRQtD
VRODPHQWHGHOVHFWRUTXHPiVGHGHVWDFyHQODOXFKDLGHROyJLFD\SROtWLFD²
RILFLQLVWDV HPSOHDGRV HVWXGLDQWHV FXUDV SURIHVLRQDOHV² (OORV IXHURQ
UHSHWLPRV HO JUXSR SHQVDQWH \ SRUWDYR] GH DOJR PXFKR PiV DPSOLR (V
FXULRVRSRUHMHPSORTXHHQODVUHXQLRQHVVHFUHWDVGHO'RFWRU3HGUR0ROLQD
KD\D WHQLGR HQWUDGD HO FRPHUFLDQWH %DVLOLR 3RUUDV TXLHQ DGHPiV KL]R
GRQDFLyQ GH PLO SHVRV D DTXHO JUXSR SROtWLFR>@ 3RUUDV HUD FRPHUFLDQWH
PHGLR QR GHO UDQJR GH ORV 8UUXHOD 3D\pV ,VDVL 3HUDOHV 5RPi &LYLGDQHV
7UXOOp HWF>@ VLQR MXVWDPHQWH GHO JUXSR GH FRPHUFLDQWHV TXH VH YHtD
EORTXHDGRHQVXVRSHUDFLRQHVSRUDTXHOORVRWURV'RQ%DVLOLRKDVWDHVFULELy
DOJXQDVFRVLOODVWtPLGDPHQWHVXEYHUVLYDVTXHKL]RFLUFXODUPDQXVFULWDVHQWUH
DPLJRV GH PXFKDV FRQILDQ]D GHVFRQWHQWRV FRPR pO \ XQR GH GLFKRV DPLJRV
HUDGRQ9tFWRU=DYDOD>@WDPELpQFRPHUFLDQWHPHGLRQRJUDQGHFRPRORVTXH
FRQWURODEDQ HO &RQVXODGR GH &RPHUFLR QL SHTXHxR FRPR ORV SURYHHGRUHV \
FDMRQHURV GH OD SOD]D GH DEDVWRV>@ 'RQ %DVLOLR 3RUUDV HV EDVWDQWH
FRQRFLGRSRUVXDFWXDFLyQHOGHVHSWLHPEUHGtDHQTXHFRODERUDQGRFRQ
'RxD'RORUHV%HGR\DGH0ROLQD\FRQRWUDVSHUVRQDVFRQVLJXLHURQTXHXQD
PXFKHGXPEUHPiVRPHQRVQXPHURVDDFXGLHVHDORVFRUUHGRUHVGHOSDODFLRD
9HUDSD]\ODSHUVSHFWLYDSURIHVLRQDOGHOKRPEUHGHFDSDPHGLDDOWD
/ODPD SRGHURVDPHQWH OD DWHQFLyQ DVLPLVPR HQFRQWUDU HQ OD OLVWD GH ORV
FRQMXUDGRV GH %HOpQ D GRV SHUVRQDV GH TXLHQHV VH GLFH TXH WHQtDQ SRU
RFXSDFLyQ OD GH DJULFXOWRUHV \ TXH XQR GH HOORV VHD QDGD PHQRV TXH HO
LQIDWLJDEOH &D\HWDQR %HGR\D>@ KRPEUH VXEYHUVLYR H LQTXLHWR YHUGDGHUD
DQWtWHVLV GHO WLSR GH WHUUDWHQLHQWH FRORQLDO -XQWR D pO ILJXUD XQ 0DULDQR
&iUGHQDVWDPELpQ³DJULFXOWRU´TXHGHEHKDEHUVLGRFRPR%HGR\DSRVHHGRU
GHDOJXQDSURSLHGDGU~VWLFDPHGLDQDRSHTXHxD
8QVHJXQGRWUR]RGRFXPHQWDOPiVEUHYHHQVXWH[WRSHURPiVFRQFUHWRHQ
VXUHIHUHQFLDDOSUREOHPDYLHQHDD\XGDPRV$SDUHFHHQHOLQIRUPHTXHULQGLy
HO 7HVRUHUR GH ODV FDMDV UHDOHV GRQ 0DQXHO 9HOD HQ  (VWH DOWR
IXQFLRQDULR HVSDxRO TXH YHtD OD ,QGHSHQGHQFLD D WUHV DxRV GH GLVWDQFLD \
GHVGHOD SHQtQVXOD²\DVH KDOODEDGHUHJUHVR HQ 0DGULGFXDQGRHVFULELyHO
LQIRUPH²>@ OH GHGLFy XQRV UHQJORQHV D ODV FDSDV PHGLDV SRFRV SHUR PX\
LPSRUWDQWHV$SUR[LPiQGRVHDOSXQWRTXHQRVLQWHUHVDLQIRUPDHO7HVRUHUR
³« $QWHV FRQYLHQH GHFLU TXH OD SREODFLyQ GHO H[SUHVDGR 5HLQR GH
*XDWHPDOD DVFLHQGH D XQ PLOOyQ HVFDVR GH KDELWDQWHV 4XH GH HOORV VH
FXHQWDQ FRPR VHLVFLHQWRV PLO ,QGLRV WUHVFLHQWRV PLO 0XODWRV 1HJURV \
&DVWDV\GHFXDUHQWDDFLQFXHQWDPLOEODQFRVR(VSDxROHV&ULROORVVLHQGR
PX\ FRUWR HO Q~PHUR GH ORV (XURSHRV R &KDSHWRQHV TXH IRUPDQ XQD VROD
FODVHFRQORVGHOSDtV´>@'HVSXpVGHGDUHVDVFLIUDV²TXHFRLQFLGHQFRQ
ODVGHRWURVGRFXPHQWRVTXHDGHODQWHFLWDUHPRV²>@\GHGHMDUQRVHQWHUDGRV
GH TXH HPSOHD OD GHVLJQDFLyQ ³PXODWRV QHJURV \ FDVWDV´ SDUD UHIHULUVH DO
FRQMXQWR GH ORV PHVWL]RV R ODGLQRV DQRWD HQ OD PLVPD KRMD ODV VLJXLHQWHV
SDODEUDV REVFXUDV SRU VX PDOD UHGDFFLyQ SHUR OXPLQRVDV HQ FLHUWRV SXQWRV
JULWDU\DSUHVLRQDUSXHVOD,QGHSHQGHQFLDHVWDEDVLHQGRGLVFXWLGD\GHFLGLGD TXHWRFDQQXHVWURWHPDFRPRHOOHFWRUYHUiVLOHHFRQFXLGDGR/DFDVWDGH
SRU OD YtD FDXWHORVD ²OD YtD FULROOD² HQ FRPSRQHQGDV FRQ ODV DXWRULGDGHV ORV0XODWRVVHGLYLGHHQWUHORVTXHIRUPDQODSDUWHFRP~QGHOSXHEORTXHHV
HVSDxRODV>@ OD PiV QXPHURVD \ HQWUH ORV TXH SRU OD PHMRUD GH IRUWXQD FRPSRQHQ RWUD
'HEH UHFRUGDUVH TXH HO KHURLFR LQGLR UHYROXFLRQDULR 0DQXHO 7RW HUD FDVWD PHGLD HQ TXH VH FXHQWDQ EDVWDQWHV SHUVRQDV (FOHVLiVWLFDV
FRPHUFLDQWH >@ OR FXDO QR LPSLGH TXH D OD YH] IXHUD XQLYHUVLWDULR FRPR $ERJDGRV 0pGLFRV 0DHVWURV $UWLVWDV 3URSLHWDULRV $JULFXOWRUHV \
LQIRUPD XQ DXWRU>@ VLQR PiV ELHQ LQGXFH D VXSRQHU TXH HO SUyFHU DUULEy D WUDWDQWHV HWFpWHUD /DV GH OD SULPHUD GLYLVLyQ QR KDQ VLGR SRU Vt PLVPRV
SRVLFLRQHVUHYROXFLRQDULDVGHVGHGRVFDPLQRVGLVWLQWRVSHURFRQYHUJHQWHVHO UHYROWRVRV SHUR FRPR JHQHUDOPHQWH VRQ SREUHV VLQ SULQFLSLRV QL
FRPHUFLR GH QLYHO PHGLR HQ HO LQWHULRU GHO SDtV 7RW HUD RULXQGR GH OD FRVWXPEUHV VH KDQ XQLGR FRQ IDFLOLGDG D ORV TXH ORV VRQ UHYROWRVRV
OOHYDGRVGHODHVSHUDQ]DGHDOLYLDUVXVXHUWH0DVORVVHJXQGRVVLHPSUHKDQ

 
VLGR GHO SDUWLGR GH OD LQGHSHQGHQFLD SRU HO DQKHOR \ GHVHR GH OOHJDU D
LJXDODUVH\SRGHUSDUWLFLSDUGHORVKRQRUHV\GLVWLQFLRQHVTXHGLVIUXWDQORV
&ULROORVR(VSDxROHV$PHULFDQRV(VWRVHQYHUGDGVRQORV3DWULDUFDVGHOD
UHEHOLyQ \ OR VHJXLUiQ VLHQGR DX[LOLDGRV GH ORV GH OD FODVH PHGLD FRQ
TXLHQHV KDQ FRQWDGR SDUD VXV SODQHV \ SUR\HFWRV D SHVDU GH OD PXWXD
DYHUVLyQTXHVHWLHQHQ«´>@
(O REVHUYDGRU TXH HVFULELy HVRV UHQJORQHV IXH IXQFLRQDULR GH OD 5HDO
+DFLHQGD GXUDQWH YHLQWLQXHYH DxRV GH ORV WUHLQWD \ GRV TXH YLYLy HQ
*XDWHPDOD>@(VSDxRODPELFLRVRSHURHILFD]\H[DFWRFRPHQ]yVXFDUUHUD
FRPRRILFLDOGHOD&RQWDGXUtDGH7DEDFRV\OOHJyDVHU7HVRUHUR*HQHUDOGHO
UHLQR>@6HKDOODEDHQ/HyQGH1LFDUDJXDFXDQGRHOPRYLPLHQWRDUPDGRGH
 \ DUURVWUy OD SHOLJURVD WDUHD GH HVFDSDU FRQ ORV IRQGRV GH ODV FDMDV
UHDOHV SDUD LPSHGLU TXH ORV UHYROXFLRQDULRV ORV LQFDXWDUDQ>@ (V PX\
SUREDEOH TXH KD\D HVWDGR SUHVHQWH HQ OD MXQWD GHO  GH VHSWLHPEUH GH
>@ \ WRGDYtD SHUPDQHFLy HQ *XDWHPDOD FXDWUR PHVHV SUHSDUDQGR VX
UHJUHVRD(VSDxDSRUTXHVHQHJyDMXUDUOD,QGHSHQGHQFLD>@3RGHPRVHVWDU
VHJXURV SXHV GH TXH FRQRFtD EDVWDQWH ELHQ OD FRPSRVLFLyQ VRFLDO GH OD
FRORQLD\GHTXHFDSWDEDKDVWDGRQGHVXSRVLFLyQSROtWLFDVHORSHUPLWtDORV
HOHPHQWRVTXHHQWUDURQHQMXHJR\VXFRUUHODFLyQH[WHUQDHQHOGHVDUUROORGHOD
,QGHSHQGHQFLD>@9DULDVGHVXVREVHUYDFLRQHVDFHUFDGHODVFDSDVPHGLDV\
GH ORV FULROORV \D KDEtD VLGR UHFRJLGDV SRU QRVRWURV HQ RWUDV IXHQWHV R
GHGXFLGDVGHHOODV6LQHPEDUJRHVGHLQWHUpVGHVSUHQGHUODVGHHVHDSUHWDGR
WUR]RGRFXPHQWDO\YHUODVUXEULFDGDVSRUXQREVHUYDGRUWDQLPSRUWDQWH
/D FDSD PHGLD DOWD ³VLHPSUH´ KD VLGR GHFLGLGD SDUWLGDULD GH OD
,QGHSHQGHQFLD /R VDEtDPRV VX OXFKD FRPHQ]y GHVGH HO PRPHQWR PLVPR HQ
TXH (VSDxD IXH LQYDGLGD SRU ORV IUDQFHVHV \ TXHGy VLQ UH\ HQ  /RV
PRYLPLHQWRV DUPDGRV IXHURQ RUJDQL]DGRV \ UHDOL]DGRV SRU HOOD $ HOOD
SHUWHQHFHQORVPiUWLUHV\KpURHVGHDTXHOODOXFKD
/RV FULROORV FRQVLJXLHURQ HO FRQWURO GH OD ,QGHSHQGHQFLD VHU ORV
³SDWULDUFDV´ GH HOOD DSURYHFKDQGR SDUD VXV ILQHV HO WUDEDMR GH DJLWDFLyQ
UHDOL]DGRSRUODFDSDPHGLDDOWDHQWUHODVFDSDVPHGLDVSREUHV
6LQ HPEDUJR KDEtD HQWUH ORV GRV JUXSRV ³PXWXD DYHUVLyQ´ /RV LQWHUHVHV
GHOJUXSRHUDQGLIHUHQWHVKHPRVGLFKRQRVRWURV\VLELHQDPERVSURSXJQDEDQ
OD,QGHSHQGHQFLDOD FRQFHEtDQ HQIRUPDVPX\GLVWLQWDV/RV TXHTXHUtDQ XQD

HPDQFLSDFLyQ HVWiWLFD FRQVHUYDGRUD \ ORV TXH TXHUtDQ \ QHFHVLWDEDQ XQD
HPDQFLSDFLyQ WUDQVIRUPDGRUD \ UHYROXFLRQDULD HV QDWXUDO TXH VH WXYLHUDQ
PXWXDDYHUVLyQ
/RVPXODWRV\FDVWDV²HVGHFLUORVODGLQRV²VHFODVLILFDQHQGRVJUXSRV
SHURHVDVHSDUDFLyQQRWLHQHDEVROXWDPHQWHQDGDTXHYHUFRQODIyUPXODpWQLFD
GH VX PHVWL]DMH VLQR ~QLFDPHQWH FRQ VX VLWXDFLyQ HFRQyPLFD (V LJXDO
OODPDUORVPHVWL]RVPXODWRVSDUGRVFDVWDVRODGLQRVORLPSRUWDQWHHVTXHOD
PD\RUtDGHHOORVVRQSREUHV\³IRUPDQODSDUWHFRP~QGHO3XHEOR´\ORVRWURV
IRUPDQ XQ JUXSR TXH JR]D GH PHMRU IRUWXQD (VWRV ~OWLPRV VLQ HPEDUJR QR
JR]DQGHODSRVLFLyQGHORVFULROORVHQORHFRQyPLFRQLHQORSROtWLFR
/RVODGLQRVSREUHVFDUHFHQGHHGXFDFLyQ\GHRUGHQHQVXJpQHURGHYLGD
³VLQSULQFLSLRV QL FRVWXPEUHV´(O 7HVRUHURQRSXGRLQFOXLU HQVX LQIRUPHOD
SDODEUD PLVHULD SRUTXH FRQ HOOD KXELHUD ODVWLPDGR ORV UHJLRV RtGRV GH
)HPDQGR 9,, D TXLHQ SUHFLVDPHQWH TXHUtD KDODJDU>@ SHUR OD UHDOLGDG VH
ILOWUyHQWUHOLQHDVFRPRVXHOHRFXUULUHQHVWRVFDVRVODSREUH]DGHORVODGLQRV
FRPXQHVHUDWDO²DGPLWHHO7HVRUHUR²TXHVHKDFtDIiFLODUUDVWUDUORVWUDVOD
HVSHUDQ]DGHDOLYLDUVXVXHUWH$OOtYDSXHVODSOHEH\ODPDVDDQGUDMRVDGH
ORVODGLQRVUXUDOHV
/RVODGLQRVSREUHVQRKDQVLGRSRUVtPLVPRV³UHYROWRVRV´4XLHUHGHFLU
HO 7HVRUHUR TXH QR HPSUHQGLHURQ SRU Vt PLVPRV DFFLRQHV FRQWUD HO UpJLPHQ
TXHORVWHQtDHQODPLVHULD²HVRHVORTXHVHHQWLHQGHSRU³UHYROWRVR´FXDQGR
KDEOD XQ HPSOHDGR GHO LPSHULR² +HPRV GLFKR QRVRWURV TXH ORV ODGLQRV
UXUDOHVQRSRGtDQFRPSDFWDUVHSRUPRWLYRGHVXJUDQDLVODPLHQWR\GLVSHUVLyQ
\ OD SOHEH SRU PRWLYR GH VX IDOWD GH XQLGDG GH IXQFLyQ HFRQyPLFD \ GH
LQWHUHVHV
(VLQWHUHVDQWHUHSDUDUHQTXHHOLQIRUPHQRGLVWLQJXHQLPHQFLRQDDOVHFWRU
XUEDQR TXH KHPRV OODPDGR FDSD PHGLD DUWHVDQDO SURYHHGRUD 1yWHVH TXH DO
HQXPHUDU ORV HOHPHQWRV GH OD FDSD PHGLD DOWD QR LQFOX\H D ORV DUWHVDQRV ²
DXQTXHSXHGHDGPLWLUVHTXHORVLQFOX\HUDEDMRODGHVLJQDFLyQGH³$UWLVWDV´²
< HYLGHQWHPHQWH HV LPSRVLEOH TXH KD\D HQJOREDGR D OD PHGLD DUWHVDQDO
SURYHHGRUDHQ³ODSDUWHFRP~QGHOSXHEOR´/RTXHRFXUUHHVTXHHO7HVRUHUR
HVWDEDYLHQGRDORVJUXSRVFRORQLDOHVGLUHFWD\H[FOXVLYDPHQWHHQIXQFLyQGH
OD ,QGHSHQGHQFLD \ DVt YLVWRV WLHQH TXH KDEHU UHVXOWDGR LPSHUFHSWLEOH R
LQVLJQLILFDQWH OD FDSD DUWHVDQDO SURYHHGRUD SRU ORV VLJXLHQWHV PRWLYRV

3ULPHURTXHVXVLQWHJUDQWHVWHQtDQFRPR\DGLMLPRVXQDJUDQGLYHUVLGDGGH
LQWHUHVHV\GHSRVLFLRQHVIUHQWHDODSHUVSHFWLYDGHODHPDQFLSDFLyQORFXDO
GHEH KDEHU DQXODGR R QHXWUDOL]DGR D PXFKRV GH HOORV HQ HO HSLVRGLR GH OD
,QGHSHQGHQFLD6HJXQGRTXHXQEXHQQ~PHURGHLQWHJUDQWHVGHODFDSDPHGLD
DUWHVDQDO SURYHHGRUD ² VHJXUDPHQWH XQD PD\RUtD² GHEH KDEHUVH SOHJDGR
WRWDOPHQWH D ORV OLQHDPLHQWRV GH OD FDSD PHGLD DOWD HQ OR TXH UHVSHFWD D
SRVLFLRQHV IUHQWH D OD HPDQFLSDFLyQ < QR KDELHQGR SUHVHQWDGR XQD SRVLFLyQ
GLVWLQWD SDUD HO REVHUYDGRU pVWH QR WHQtD SRU TXp GLVWLQJXLUORV HQ VX
HQXPHUDFLyQ GH JUXSRV SROtWLFRV (Q GRV SDODEUDV HO WUDQFH GH OD
,QGHSHQGHQFLDGHVGLEXMyDODFDSDGHDUWHVDQRV\SURYHHGRUHVQHXWUDOL]DQGR
SDUD HO REVHUYDGRU D WRGRV VXV HOHPHQWRV DGYHUVRV D OD ,QGHSHQGHQFLD \
HQJOREDQGR HQ OD FDSD PHGLD DOWD D ORV TXH VHJXtDQ VX OtQHD SROtWLFD (VWRV
KHFKRV SURSLRV GH XQ PRPHQWR FUtWLFR \ GH GHVHQODFH QR FRQWUDGLFHQ VLQ
HPEDUJR OD H[LVWHQFLD GH OD FDSD PHGLD DUWHVDQDO SURYHHGRUD FRPR XQD
HQWLGDGKLVWyULFDGLVWLQWDGHODFDSDPHGLDDOWD\FURQROyJLFDPHQWHDQWHULRUD
HOOD
3HUR HO SXQWR UHDOPHQWH LQWHUHVDQWH GH HVWH WH[WR ²HO SXQWR DO TXH
TXHUtDPRVOOHJDU²HVDTXHOHQTXHFRQFXDWURSDODEUDVHVFXHWDV\URWXQGDV
OHRWRUJDQXHYDVEDVHVDQXHVWUDDILUPDFLyQGHTXHODFDSDPHGLDDOWDQRSRGtD
HVWDUFRQVWLWXLGDVRODPHQWHSRUHOVHFWRUXUEDQROHWUDGR$QXHVWUDVRVSHFKDV
VXVFLWDGDVDOHQFRQWUDUFRPHUFLDQWHV\DJULFXOWRUHVHQODFRQMXUDFLyQGH%HOpQ
\HQHOFtUFXORVXEYHUVLYRGHO'RFWRU0ROLQDYLHQHDVXPDUVHHOWHVWLPRQLRGH
XQ REVHUYDGRU TXH QR SRGtD HTXLYRFDUVH HQ HVWH SXQWR MXQWR D ORV
HFOHVLiVWLFRV DERJDGRV PpGLFRV HVWXGLDQWHV HPSOHDGRV PDHVWURV DUWLVWDV
TXH FRQVWLWXtDQ HO VHFWRU OHWUDGR GH OD FDSD KDEtD WDPELpQ VHJ~Q DFODUD HO
7HVRUHURSURSLHWDULRVDJULFXOWRUHVWUDWDQWHVHWFpWHUD
(VDVFXDWURSDODEUDVDEDUFDQ\GHODWDQDXQVHFWRUYLJRURVR\FRPSOHMRGH
OD VRFLHGDG FRORQLDO FRQ UHSUHVHQWDQWHV HQ ODV FLXGDGHV \ VHJXUDPHQWH FRQ
XQD DPSOLD UDPLILFDFLyQ HQ ORV SXHEORV GHO LQWHULRU GHO SDtV 'HQWUR GH HVH
VHFWRU H[LVWtD HO HPEULyQ GH XQD SHTXHxD EXUJXHVtD \ GH XQD FODVH GH
DJULFXOWRUHV SHTXHxRV \ PHGLDQRV (O HPEULyQ SHTXHxREXUJXpV HVWDED
LQWHJUDGRSULQFLSDOPHQWHSRUORVFRPHUFLDQWHVTXHQRVHEHQHILFLDEDQFRQHO
PRQRSROLRTXHQRJR]DEDQGHUHODFLRQHVH[FOXVLYDVFRQODVFDVDVHVSDxRODV
\TXHSRUHVRPLVPRVHKDOODEDQHQXQSODQRGHGHVYHQWDMDIUHQWHDODVWUHLQWD

JUDQGHV ILUPDV FRPHUFLDOHV GHO UHLQR 7DPELpQ KD\ TXH XELFDU DOOt D FLHUWRV
SURGXFWRUHV QR DUWHVDQDOHV PDQXIDFWXUHURV H[SORWDGRUHV GH PDQR GH REUD
DVDODULDGD TXH WLHQHQ TXH KDEHU HVWDGR LQWHUHVDGRV HQ OD DPSOLDFLyQ GHO
PHUFDGRLQWHUQR\HQODDEROLFLyQGHODVWUDEDVDODSURGXFFLyQSURSLHWDULRV
GH PROLQRV GH WHQHUtDV GH IiEULFDV GH MDEyQ \ GH DJXDUGLHQWH \ RWURV (O
UXGLPHQWRGHODFODVHGHDJULFXOWRUHVPHGLRV\SHTXHxRVHVWDEDIRUPDGRSRU
WRGRV ORV SURSLHWDULRV GH WLHUUDV QR DGTXLULGDV SRU KHUHQFLD GH FRQTXLVWD QL
SRU GHULYDFLyQ QL DPSOLDFLyQ GH DTXHOOD KHUHQFLD QL SRU GRQDFLyQ UHDO EDMR
ORV DXVSLFLRV GH ORV DOWRV IXQFLRQDULRV HV GHFLU QR DGTXLULGDV SRU ODV YtDV
SURSLDPHQWH FRORQLDOHV SDUD OD IRUPDFLyQ GH HPSUHVDV DJUtFRODV 7LHUUDV
FRPSUDGDVDLQGLRVRHVSDxROHVRXVXUSDGDVRDGTXLULGDVEDMRFRQGLFLRQHV
GLItFLOHV VLQ D\XGD RILFLDO TXH IRUPDEDQ KHUHGDGHV PHGLDV \ SHTXHxDV
WUDEDMDGDV SRU VXV SURSLHWDULRV R FRQ PDQR GH REUD DVDODULDGD /RV
GRFXPHQWRVGHODpSRFDGH,QGHSHQGHQFLDGDQWHVWLPRQLRGHODH[LVWHQFLDGH
HVWRV DJULFXOWRUHV >@ \ QRVRWURV QRV UHIHULPRV FRQ DOJ~Q GHWDOOH D VX
GHVDUUROORHQHOGpFLPRDSDUWDGRGHHVWHFDStWXORDOHVWXGLDUODOXFKDGHORV
ODGLQRVHQSXHEORVGHLQGLRV(ODVXQWRORH[LJH\ORDPHULWD
/D SDODEUD HWFpWHUD TXH HO 7HVRUHUR DxDGLy D OD PHQFLyQ GH ORV
SURSLHWDULRV DJULFXOWRUHV \ WUDWDQWHV QR HVWi DOOt VLQ UD]yQ QL GHEH VHU
GHVHVWLPDGD 'HMD HQWHQGHU ²LQDGYHUWLGDPHQWH TXL]i SHUR FRQ DSHJR D OD
UHDOLGDG²TXHMXQWRDORVHOHPHQWRVPHQFLRQDGRVKDEtDRWURVTXHVHRPLWHQ
(VTXHODFDSDPHGLDDOWDXUEDQDHUDXQFRPSOHMRVRFLDO6LELHQHVSRVLEOH
VHxDODUHQHOODFRPRIDFWRUFHQWUDOODFRPELQDFLyQGHORVUXGLPHQWRVGHXQD
SHTXHxDEXUJXHVtD\GHXQDFODVHGHDJULFXOWRUHVPHGLRV\SHTXHxRV\VLHV
LQGXGDEOH OD SUHVHQFLD GH XQD DFWLYD UHG GH HPSOHDGRV \ SURIHVLRQDOHV TXH
SURYHQtDQGHHVRVJUXSRVRJXDUGDEDQDILQLGDGFRQHOORV²TXHHQWRGRFDVR
DFWXDEDQ HQ QRPEUH GH HOORV² QR HV PHQRV FLHUWR TXH PXFKRV RWURV
HOHPHQWRV GH OD FDSD PHGLD DOWD HVFDSDQ DO DQiOLVLV 4XHGH DTXt VXJHULGD OD
FRQYHQLHQFLDGHSUHFLVDUORVHQXQDLQYHVWLJDFLyQHVSHFLDO
(O JUXSR GH LQWHOHFWXDOHV \ DFWLYLVWDV UHYROXFLRQDULRV GH OD pSRFD GH OD
,QGHSHQGHQFLD IXH HO SXQWR GH DUUDQTXH GHO 3DUWLGR /LEHUDO TXH VH IRUPy
LQPHGLDWDPHQWH GHVSXpV GH OD HPDQFLSDFLyQ SDUD KDFHUOH IUHQWH DO SDUWLGR
FRQVHUYDGRU GH ORV FULROORV /RV UHYROXFLRQDULRV GH ORV GtDV GH OD
,QGHSHQGHQFLD IXHURQ HO Q~FOHR GLUHFWLYR GH XQ SDUWLGR TXH WXYR IXHU]D

VXILFLHQWH SDUD VRVWHQHU XQD SURORQJDGD JXHUUD GH FODVHV FRQ ORV FULROORV ² GHFODVHFRPRLQGLFDUHPRVDOILQDOGHHVWHOLEUR²
SXHVHVRXQDJXHUUDGHFODVHVIXHORTXHFRQRFHPRVFRQHOQRPEUHGHOXFKDV 9DPRV WUDWDQGR VLHPSUH GH KLOYDQDU SURFHVRV KLVWyULFRV ²HYLWDQGR SRU
GH OD )HGHUDFLyQ \ TXH $OHMDQGUR 0DUXUH OODPy ³5HYROXFLRQHV GH SULQFLSLR PHWRGROyJLFR OD GHVFULSFLyQ LQHUWH HO LQIRUPH PXHUWR² HOOR QRV
&HQWURDPpULFD´HQVXREUDPDJLVWUDO²>@/DPiVHOHPHQWDOOyJLFDKLVWyULFD REOLJD D PRVWUDU D YHFHV UHPRWDV SUR\HFFLRQHV GHO WHPD TXH WHQHPRV HQWUH
REOLJDDSHQVDUTXHDTXHOORVKRPEUHVHUDQUHSUHVHQWDQWHVGHXQDIXHU]DVRFLDO PDQRV WDPELpQ QRV REOLJD HQ FLHUWRV PRPHQWRV D VROWDU ORV KLORV GH XQD
PX\DPSOLDFX\RVSULQFLSDOHVHOHPHQWRVFUHHPRVHVWDUVHxDODQGRFRQDFLHUWR H[SOLFDFLyQSDUDUHWRPDUORVGHQXHYRPiVDGHODQWH
\ HVSHUDPRV SUHVHQWDU HQ IRUPD FRQYLQFHQWH PiV DGHODQWH /RV OLQHDPLHQWRV
FRUUHFWRV DO SDUHFHU SDUD OOHJDU D OD SOHQD FRPSUHQVLyQ GHO SDSHO KLVWyULFR
GHHVWDFDSDVRQORVVLJXLHQWHV
/DFDSDPHGLDDOWDGHODVFLXGDGHVQRHUDH[FOXVLYDPHQWHXQDFDSDXUEDQD
²HVDHVODFODYHGHVXFRPSUHQVLyQ²VHSURORQJDED\FRPSOHWDEDHQODFDSD
PHGLD DOWD UXUDO GH ORV SXHEORV \ HVWDED SUHVHQWH HQ GRQGH KXELHUD
SURSLHWDULRVGHUDQJRPHGLRQRFRORQLDO²QRKHUHGHURVGHODFRQTXLVWDQLGHO
DSR\R GHO SRGHU HVSDxRO /D HVWUXFWXUD GH OD FRORQLD ²ODV UHODFLRQHV
FRORQLDOHV GH SURGXFFLyQ² EORTXHDED HO GHVDUUROOR HFRQyPLFR GH WRGD HVWD
JHQWH 3RU HVR XQD ,QGHSHQGHQFLD FRQWURODGD SRU ORV FULROORV UHVXOWDED SDUD
HOODXQDYHUGDGHUDIUXVWUDFLyQQRSRGtDHVSHUDUVHGHWDOHYHQWRXQDHIHFWLYD
OLEHUDOL]DFLyQGHORVPHFDQLVPRVGHREWHQFLyQGHODSURSLHGDGWHUULWRULDOQL
XQFDPELRHQHOUpJLPHQGHWUDEDMR\HQODVLWXDFLyQGHODVPDVDVRSULPLGDV\
PXFKRPHQRVXQDDPSOLDFLyQGHOPHUFDGRLQWHUQR(VDIXHODFDXVDGHTXHOD
FDSDPHGLDDOWD²SHTXHxDEXUJXHVtDHQJHVWDFLyQ\DJULFXOWRUHVPHGLDQRV\
SHTXHxRV²KD\DOXFKDGRSRUXQDHPDQFLSDFLyQFRQFDPELRVHVWUXFWXUDOHV\
GH TXH DO QR ORJUDU VX SURSyVLWR VH FRQVWLWX\HUD HQ IXHU]D GH RSRVLFLyQ
LQPHGLDWDPHQWHGHVSXpVGHOD,QGHSHQGHQFLD
/D FDSD PHGLD DOWD XUEDQD DPSOLDGD \ HVWUHFKDPHQWH YLQFXODGD FRQ OD
FDSDPHGLDDOWDUXUDO²GHODTXHUHFLELyFDGDYH]PiVVXIXHU]DHFRQyPLFD\
SROtWLFD²MXJyXQSDSHOGHSULPHURUGHQHQODOXFKDSRUOD,QGHSHQGHQFLD²
TXH OH IXH KiELOPHQWH DUUHEDWDGD SRU ORV FULROORV HQ XQD PDQLREUD GH
HQWHQGLPLHQWRFRQODVDXWRULGDGHVHVSDxRODV²HQODGHVDQH[LyQD0p[LFR\
HQ OD FUHDFLyQ GH OD 5HS~EOLFD )HGHUDO ²PRPHQWRV DPERV HQ TXH ORJUy
WRPDUODGLUHFFLyQSROtWLFDGHODVRFLHGDGFHQWURDPHULFDQD²HQODVJXHUUDV
LQWHVWLQDVGHOD)HGHUDFLyQ²HQTXHHOODSRODUL]y\GLULJLyDOEDQGROLEHUDO²
\ HQ HO PRYLPLHQWRGH 5HIRUPDGH²HQTXHILQDOPHQWHWRPyHO SRGHU
DXQTXH SDUD HQWRQFHV KDEtD VXIULGR LPSRUWDQWHV DOWHUDFLRQHV HQ VX FRQWHQLGR

 
 ²9,,,² \VRFLDO3UHJXQWiEDPRVSRUODVFDSDVPHGLDV\QXHVWUDODERUKDVLGRPRVWUDU
VX H[LVWHQFLD GHILQLUODV D LQGLFDU DOJXQDV SDUWLFXODULGDGHV GH VX GHVDUUROOR
3DUDHOORKHPRVWHQLGRTXHPRYHPRVVREUHDPSOLDVSHUVSHFWLYDVUHPRQWDPRV
/DVFDSDVPHGLDVHQODGLQiPLFDGHFODVHV KDVWD ORV WLHPSRV GHO PHVWL]DMH GH FRQTXLVWD OD SURFUHDFLyQ HQ LQGLDV
FDXWLYDV \ VLJXLHQGR FLHUWRV GHVGREODPLHQWRV GHO SUREOHPD KHPRV OOHJDGR D
OD~OWLPDHWDSDFRORQLDOHQODTXHORVSUyFHUHVGHODFDSDPHGLDDOWDSUyFHUHV
(O FDStWXOR TXH HVWDPRV GHVDUUROODQGR KD H[LJLGR HVIXHU]RV GH
GLVFHUQLPLHQWRPiVODERULRVRVTXHORVUHTXHULGRVSRUQLQJXQDRWUDVHFFLyQGH
HVWHOLEUR7HQtDTXHVHUDVt(VWDPRVH[DPLQDQGRHOGHVDUUROORGHORVJUXSRV
SRFRGHILQLGRVGHODVRFLHGDGFRORQLDODTXHOORVTXHLQH[LVWHQWHVDOPRPHQWR
GHODFRQTXLVWDQRVDOLHURQGHHOODFRQXQDIXQFLyQHFRQyPLFDHVWDWXLGDVLQR
TXHIRUPiQGRVHGHVSXpVOHQWDPHQWHIXHURQKDOODQGRVXVLWLR²FRQSURIXQGRV
FDPELRV LQWHUQRV D OR ODUJR GHO SURFHVR² HQ PHGLR GH ORV GRV JUXSRV
DQWDJyQLFRV LQLFLDOHV 1R VH QRV KL]R SDUWLFXODUPHQWH GLItFLO FRPSUHQGHU
FyPRFODXVXUDGDODJUDQFULVLVGHODFRQTXLVWDFRQVX~OWLPDIDVHTXHIXHOD
DSOLFDFLyQ GH ODV /H\HV 1XHYDV TXHGDURQ KLVWyULFDPHQWH HVWDEOHFLGRV ORV
FRQTXLVWDGRUHVFRORQRV\IXQFLRQDULRVUHDOHVHQHOSODQGHDPRVIUHQWHDORV
LQGLRVHQVLWXDFLyQGHVLHUYRV/DVGLVFUHSDQFLDVVXUJLGDVHQWUHORVGRVJUXSRV
GRPLQDQWHV IXHURQ HQ VX OXJDU H[SOLFDGDV HUDQ FODUtVLPRV ORV LQWHUHVHV TXH
XQLILFDEDQDODFODVHWHUUDWHQLHQWHORFDOIUHQWHDODDOWDEXURFUDFLDHVSDxROD\
HVWD ~OWLPD HQ WDQWR TXH GHIHQGtD ORV LQWHUHVHV GH OD QREOH]D \ OD EXUJXHVtD
SHQLQVXODUHV²SHUVRQLILFDGDVHQHOUH\²DFWXDEDWDPELpQFRPRXQDFODVHVLQ
VHUOR>@/DOXFKDGHHVWRVGRVJUXSRVHQWRUQRDOLQGLR\IUHQWHDOLQGLRDVt
FRPR OD GH pVWH IUHQWH D VXV H[SORWDGRUHV UHVXOWDURQ WDQ HYLGHQWHV TXH QRV
DWUHYLPRV D VXJHULU OD ILJXUD GH ³HO JUDQ WULiQJXOR LQYHUWLGR´ ²VH UHFRUGDUi
²>@ SDUD VLPEROL]DU \ HVTXHPDWL]DU DO Pi[LPR ODV SULQFLSDOHV WHQVLRQHV
HVWUXFWXUDOHV GH OD VRFLHGDG FRORQLDO JXDWHPDOWHFD 'LFKR HVTXHPD YD D
VHUYLPRV DKRUD \ SRU HVR KHPRV WUDtGR D OD PHPRULD VXV \D FRQRFLGRV
HOHPHQWRV
8QDGHODILQDOLGDGHVGHOSUHVHQWHFDStWXORHUDVHJ~QVHGLMRDOSULQFLSLR
VXSHUDU HO IiFLO H[SHGLHQWH GH FRQVLJQDU TXH HO PHVWL]DMH GLR XQD ³FDVWDV´
4XHUtDPRVLUPXFKRPiVDOOi\EXVFDUDOPDUJHQGHODFUHFLHQWHFRQIXVLyQGH
ODVPH]FODVUDFLDOHV²TXHQRRSHUDQFRPRIDFWRUHVKLVWyULFRV²ODJHVWDFLyQ
GHJUXSRVGLIHUHQFLDGRVSRUVXIXQFLyQRDOPHQRVSRUVXVLWXDFLyQHFRQyPLFD
UHYROXFLRQDULRV SRU HVR ROYLGDGRV YHtDQ DSDJDUVH VXV YLGDV HQ WpWULFDV
EDUWROLQDV +HPRV WHQLGR TXH PHQFLRQDU FRQVWDQWHPHQWH OD YLROHQFLD OD
SREUH]D\ODIUXVWUDFLyQQRSRUXQVLQLHVWURDIiQGHGHVWDFDUHOODGRRPLQRVR
GHODVFRVDV²FRPRSRGUtDQRSLQDUORVQRVWiOJLFRVGHODWUDQTXLOLGDGFRORQLDO
²VLQRSRUTXHHVRVVLJQRVSUHVLGtDQUHDO\GHVDIRUWXQDGDPHQWHODH[LVWHQFLD
GH OD JUDQ PD\RUtD GH OD JHQWH GH ODV FDSDV PHGLDV HQ ODV FLXGDGHV \ HQ HO
FDPSR 'DQ IH GH HOOR QR VyOR ORV FURQLVWDV HQ GLYHUVDV IRUPDV VLQR XQ
FUHFLGR Q~PHUR GH GRFXPHQWRV HGLWDGRV \ GH DUFKLYR $FWDV GH &DELOGR
5HDOHV &pGXODV /H\HV $FXHUGRV GH OD $XGLHQFLD EDQGRV 2UGHQDQ]DV
TXHMDV SURFHVRV H[SRVLFLRQHV UHVHUYDGDV 0HPRULDV SHULyGLFRV LQIRUPHV
HFRQyPLFRV\RWUDVIXHQWHVTXHKHPRVYHQLGRFLWDQGR
(O HVWXGLR GH ODV FDSDV PHGLDV SRQH GH PDQLILHVWR FRPR KHFKR
IXQGDPHQWDO TXH VH GHVDUUROODURQ HQ ODV FRQGLFLRQHV GH XQ PDUFR KLVWyULFR
UHVWULQJLGRRSUHVLYR\DOWDPHQWHGHVIDYRUDEOH<HVHPDUFRQRHUDRWURTXHHO
TXH VLPEyOLFDPHQWH KHPRV OODPDGR ³HO WULiQJXOR LQYHUWLGR´ HV GHFLU ODV
WHQVLRQHV\OLPLWDFLRQHVFUHDGDVSRUODOXFKDGHFODVHVEiVLFDWHUUDWHQLHQWHV\
PRQDUTXtDH[SORWDQGR\GLVSXWiQGRVHDOLQGLR
9DPRVDHQVD\DUDKRUDHQODVHJXQGDSDUWHGHHVWHFDStWXORXQHMHUFLFLR
TXHHVLQGLVSHQVDEOHSDUDLQWHJUDUODYLVLyQGHORVIXQGDPHQWRVGHODVRFLHGDG
FRORQLDO 6H WUDWD GH VLQWHWL]DU HO GHVDUUROOR GH ODV FDSDV PHGLDV
LQFRUSRUiQGRODVDOHVTXHPDGHODOXFKDGHFODVHVEiVLFD(QRWUDVSDODEUDVVH
WUDWD GH VLWXDU D ODV FDSDV PHGLDV HQ HO WULiQJXOR (O HMHUFLFLR WLHQH GRV
ILQDOLGDGHV LJXDOPHQWH LPSRUWDQWHV /D SULPHUD HV GHPRVWUDU TXH ODV FDSDV
PHGLDV FRORQLDOHV IXHURQ XQ UHVXOWDGR KLVWyULFR GLUHFWR \ QHFHVDULR GH ODV
FRQWUDGLFFLRQHV \ OXFKDV H[LVWHQWHV HQWUH ORV JUXSRV SULPDULRV 'HPRVWUDUOR
HTXLYDOH D GDUOD H[SOLFDFLyQ FLHQWtILFD ²OD LQWHUSUHWDFLyQ² GH DTXHOODV
FDSDV SXHV VH VHxDODQ ORV IDFWRUHV TXH GHWHUPLQDURQ VX QDFLPLHQWR \ VX
SHFXOLDUGHVDUUROOR(OORUHYLVWHDGHPiVFLHUWRLQWHUpVWHyULFR\DTXHRIUHFH

 
XQ HMHPSOR GH FyPR ODV FRQWUDGLFFLRQHV EiVLFDV GH XQD VRFLHGDG GH FODVHV VLQR TXH IXHURQ GLUHFWDPHQWH JHQHUDGRV SRU HOOD 9DPRV D D\XGDPRV VL VH
JHQHUDQ HQ HOOD JUXSRV VRFLDOHV QXHYRV OODPDGRV D WRPDU HO SRGHU HQ XQD TXLHUH LPDJLQDQGR TXH JDUDEDWHDPRV XQD FXDQWDV QRWDV \ ILJXUDV VREUH HO
GHWHUPLQDGDFLUFXQVWDQFLDKLVWyULFDIXWXUD/DVHJXQGDILQDOLGDGHVFRPSOHWDU
ODYLVLyQTXH\DWHQHPRVGHODVFDSDVPHGLDVSRUTXHKD\PXFKRVDVSHFWRVGH
VXUHDOLGDGTXHVyORSXHGHQFRPSUHQGHUVHFXDQGRVHODVREVHUYDPRYLpQGRVH
DSULVLRQDGDVHQODUHGGHLQWHUHVHVDMHQRVTXHOHVFHUUyFLHUWRVFDPLQRV\OHV
LPSXVRRWURV
5HSUHVHQWHPRV HO WULiQJXOR $O ILQDO GHO OLEUR HQFRQWUDUi HO OHFWRU XQ
GLDJUDPD TXH HQ FLHUWRV PRPHQWRV SXHGH VHU ~WLO DXQTXH QR LQGLVSHQVDEOH
WULiQJXOR 1R FRUUHPRV ULHVJR DOJXQR GH FDHU HQ HVTXHPDWLVPR>@ SRUTXH
WRGRORTXHYDPRVDVLPEROL]DUFRQWUD]RV\PDUEHWHVFRPSHQGLDSURFHVRV\
UHDOLGDGHV YLYDV TXH \D KHPRV H[SOLFDGR DQWHULRUPHQWH \ TXH VHJXLUHPRV
H[SRQLHQGRHQVXGHVDUUROORFRQFUHWR
7HQHPRVTXHFRPHQ]DUSRUORVQHJURV\DTXHVHJ~QYLPRVVLQHOORVIDOWD
HO WHUFHU HOHPHQWR GHO PHVWL]DMH < GH HQWUDGD QRV H[SRQHPRV D TXH XQ
LQRFHQWHQRVGLJDTXHORVQHJURVHUDQWUDtGRVGH*XLQHD\GHRWUDVUHJLRQHVGH
SDUD VLPSOLILFDUODV H[SOLFDFLRQHV VLJXLHQWHV /RV WUHV iQJXORV TXH SRU VX ÈIULFDRFFLGHQWDO>@\TXHSRU FRQVLJXLHQWH IXHURQ XQHOHPHQWRYHQLGRGHO
LPSRUWDQFLD GHEHUtDQ VHU FRURQDGRV FRQ WUHV FLUFXQIHUHQFLDV VDEHPRV \D OR H[WHULRU\QREURWDGRGHOHVTXHPD
TXHUHSUHVHQWDQ(OKHFKRGHTXHORVLQGLRVKD\DQVLGRXQDHQRUPHPD\RUtDGH &LHUWDPHQWH ²H[SOLFDUtDPRV² HUDQ VHFXHVWUDGRV HQ RWUR FRQWLQHQWH \
ODSREODFLyQDVtFRPRODFLUFXQVWDQFLDGHTXHFULROORV\HVSDxROHVIXHUDQXQD HPEDUFDGRVDODIXHU]DSDUDYHQGHUORVHQODVFRORQLDVHVSDxRODVWDPELpQHQ
tQILPD PLQRUtD>@ QR DOWHUDQ OD GUiVWLFD GRPLQDFLyQ TXH HMHUFLHURQ pVWRV
SRFRVVREUHDTXHOORVPXFKRVUD]yQSRUODFXDOFRQVHUYDPRVODILJXUDFRQHO
YpUWLFH KDFLD DEDMR ²HO HVTXHPD HV GLQiPLFR FRPSHQGLD IXHU]DV \
UHODFLRQHV QR FDQWLGDGHV² $GPLWDPRV SXHV TXH HO iQJXOR VXSHULRU GH OD
L]TXLHUGD FRQ HO UHGRQGHO TXH OR URGHD UHSUHVHQWD D OD DULVWRFUDFLD FULROOD
4XHHOGHODGHUHFKDVLPEROL]DDORVUHSUHVHQWDQWHVGHODPRQDUTXtD4XHOD
UHFWDKRUL]RQWDOXQLHQGR\VHSDUDQGRDODYH]DHVDVGRVIXHU]DVVLPEROL]DVX
REOLJDGDFRODERUDFLyQGHH[SORWDGRUHV\VXVSXJQDV\UHJDWHRVHVSHFLDOPHQWH
HQ WRPR DO LQGLR /RV WUD]RV TXH GHVFLHQGHQ FRQYHUJHQWHV VREUH HO LQGLR
VLJQLILFDQ OD GREOH RSUHVLyQ TXH pVWH SDGHFtD SHUR FRQVLGHUDGRV GH DEDMR
KDFLDDUULEDWDPELpQVLJQLILFDQODUHVLVWHQFLDGHORVLQGtJHQDVVXPXOWLIRUPH
OXFKDHQGHVYHQWDMDFRQVXVRSUHVRUHV+HDOOtHOHVTXHPDEiVLFRGHODOXFKD
GH FODVHV FRORQLDO \ GH VXV SULQFLSDOHV WHQVLRQHV &XDQGR HQ FDStWXORV
SUHFHGHQWHVH[SOLFiEDPRVODHVHQFLDGHODFRQTXLVWDODWUDQVIRUPDFLyQGHOD
HQFRPLHQGD \ HO UHSDUWLPLHQWR ODV GRV (VSDxDV OD SDWULD FRPR SDWULPRQLR
ORV JUDQGHV SUHMXLFLRV DFHUFD GHO LQGLR OD UHVLVWHQFLD GH pVWH IUHQWH D VX
FRQTXLVWD WRWDO \ IUHQWH DO WUDEDMR IRU]DGR HQ WRGR PRPHQWR HVWXYR
LQVLQXiQGRVHHVDILJXUDHQHOIRQGRGHORVKHFKRV6HWUDWDGHGHPRVWUDUDKRUD
TXHDOH[SOLFDUHQORVDSDUWDGRVSUHFHGHQWHVGHHVWHFDStWXORHOGHVDUUROORGH
ODVFDSDVPHGLDV²QRLQGLDVQRFULROODVQRSHQLQVXODUHV²QRVKHPRVHVWDGR
UHILULHQGR D IHQyPHQRV TXH QR VRODPHQWH VH UHODFLRQDEDQ FRQ DTXHOOD WUDPD

ODV SRUWXJXHVDV \ PXFKR PiV HQ ODV LQJOHVDV GH $PpULFD 3HUR HVR RFXUULy
SRUTXH DTXt HQ ODV FRORQLDV VH KL]R QHFHVDULD HQ GLVWLQWRV PRPHQWRV \ SRU
GLVWLQWRVPRWLYRVODIXHU]DGHWUDEDMRGHDTXHOORVHVFODYRVLPSRUWDGRV(QODV
$QWLOODVFRPHQ]yODLQWURGXFFLyQGHQHJURVPX\SURQWRSRUTXHKDELHQGRVLGR
ODVLVODVXQDDQWHVDODGHODFRQTXLVWDFRQWLQHQWDOODH[SORWDFLyQGHORVQDWLYRV
IXH DOOt WDQ LQWHQVD TXH OOHJy D H[WHUPLQDUORV>@ (Q *XDWHPDOD UHJLyQ
FRQTXLVWDGDYHLQWHDxRVPiVWDUGHQRVHSODQWHyHOSUREOHPDGHODQHFHVLGDG
GHQHJURVVLQRKDVWDSDVDGRVRWURVYHLQWHDxRVPiVHQHOPRPHQWRHQTXHORV
LQGLRVIXHURQVDFDGRVGHODHVFODYLWXG/DH[SOLFDFLyQGHHVWHDVXQWRODKHPRV
GDGRHQORVFDStWXORVHQTXHYLPRVFyPRODFRURQDHVSDxRODDWUDYpVGHXQD
FDPSDxD GH GHIHQVD GH ORV LQGLRV TXH FXOPLQy HQ ODV /H\HV GH  ORJUy
UHFXSHUDUORVFRPRYDVDOORV\WULEXWDULRVVX\RV/RVHVFODYLVWDVGHODSULPHUD
HWDSDFRORQL]DGRUDQHFHVLWDURQHQWRQFHVXQVXEVWLWXWLYRGHORVLQGLRVTXHOHV
HVWDEDQ VLHQGR DUUHEDWDGRV \ HVD FR\XQWXUD ²tQWHJUDPHQWH UHODWLYD D OD
GLQiPLFDGHOWULiQJXOREiVLFRFRORQRV\FRURQDGLVSXWiQGRVHDOLQGLR²IXHOD
FDXVDGHTXHHQWUDUDHQHVFHQDHOJUXSRQXHYRGHORVQHJURV
6L KXELpUDPRV GH VLPEROL]DU JUiILFDPHQWH D ORV HVFODYRV DIULFDQRV HQ
QXHVWURGLDJUDPDWHQGUtDPRVTXHKDFHUORGLEXMDQGRXQFtUFXORHQHOLQWHULRU\
HQODSDUWHPiVEDMDGHOFRUUHVSRQGLHQWHDORVLQGLRVVHxDODQGRFRQHOORTXH
VH WUDWD GH XQ JUXSR RSULPLGR GHQWUR GH ORV RSULPLGRV /RV LQGLRV HVWDEDQ
SDVDQGRDXQDFRQGLFLyQQXHYDWRGDYtDQRELHQGHILQLGD(QWRGRHVHODSVR

TXHFRUUHSRUODVHJXQGDPLWDGGHOVLJOR;9,HOFtUFXORGHORVHVFODYRVFUHFH
3HUR UHSHQWLQDPHQWH VH HVWDELOL]D 'HVSXpV FRPLHQ]D D GHFUHFHU \ OR YHPRV
GHVOL]DUVH KDFLD DUULED KDVWD VDOLU GHO FtUFXOR GH ORV LQGLRV 6H KD
UHJXODUL]DGRHOWUDEDMRIRU]RVRGHHVWRV~OWLPRV$ULVWRFUDFLD\PRQDUTXtDVH
KDQSXHVWRGHDFXHUGRHOLQGLRFRQFHQWUDGRHQVXVSXHEORVWUDEDMDUiSDUDORV
GRV 7UDEDMDUi SDUD WULEXWDU H LUi REOLJDWRULDPHQWH D ODV KDFLHQGDV /R PiV
LPSRUWDQWH QR VHUi OLEUH GH FRQWUDWDU ODV FRQGLFLRQHV QL HO SUHFLR GH VX
WUDEDMR 'HVGH HVH PRPHQWR ²LPSRUWDQWtVLPR UHDMXVWH HQ ODV WHQVLRQHV GHO
WULiQJXOR² ORV QHJURV \D QR VHUiQ QHFHVDULRV VDOYR HQ FLHUWRV OXJDUHV \ HQ
FDQWLGDGHVPX\PRGHUDGDV<FRPRVHKDSDJDGRXQSUHFLRSRUHOORVVHOHV
WUDWDUi PHMRU TXH D ORV LQGLRV>@ 'HVGH PHGLDGRV GHO VLJOR ;9,, FHVDQ ODV
VXEOHYDFLRQHV GH QHJURV (V LQWHUHVDQWH VHxDODU TXH OD GRFXPHQWDFLyQ
VXEVLJXLHQWHQRKDFHPHQFLyQGHPDOWUDWRDORVQHJURVQRH[LVWHFRPRDVXQWR
HQORVSDSHOHVFRORQLDOHV0XFKRVSDVDUiQDVHUHVFODYRVGHFRQILDQ]DRWURV
REWHQGUiQ VX OLEHUWDG \ HQ GLVWLQWDV IRUPDV SDVDUiQ D ODV FDSDV PHGLDV HQ
GRQGH HO PHVWL]DMH UHGXFLUi SDXODWLQDPHQWH VX Q~PHUR ²SHUR HO Q~PHUR GH
QHJURLGHV DXPHQWDUi KDVWD FRQIXQGLU ODV GHVLJQDFLRQHV GH ³PHVWL]R´ \
³PXODWR´²>@(QQXHVWURGLDJUDPDVyORTXHGDSRUFRQVLJXLHQWHXQGLVFUHWR
FtUFXORSRUHQFLPDGHOGHORVLQGLRVVLJQLILFDQGRODH[LVWHQFLDGHQ~FOHRVGH
HVFODYRVHQSRFDVKDFLHQGDV3DUWLHQGRGHHVDSHTXHxDILJXUDFLUFXODUSRGUtD
WUD]DUVH XQDV OtQHDV UDGLDOHV WHQXHV HQ GLUHFFLyQ DO FHQWUR GHO WULiQJXOR
VHxDODQGR OD WUDQVIRUPDFLyQ JUDGXDO GH QHJURV LQFRUSRUDGRV D ODV FDSDV
PHGLDV < HVR VHUtD WRGR OR HVHQFLDO 1yWHVH TXH QR VRODPHQWH OD DSDULFLyQ
VLQRFDGDXQRGHORVPRPHQWRV\FDPELRVGHFLVLYRVGHOSURFHVRGHORVQHJURV
HVWXYRGHWHUPLQDGRSRUDOJ~QFDPELRHQODOXFKDGHORVJUXSRVSULPDULRV
(OPHVWL]DMHGHHVSDxRORFULROORFRQLQGLDWDQWRHOGHFRQTXLVWDFRPRHO
TXHKHPRVOODPDGR³PHVWL]DMHIHXGDO´VXHOHVHUIDOVHDGRDOSUHVHQWDUORFRPR
XQ IHQyPHQR ELROyJLFR \ DXQ PiV VXSHUILFLDOPHQWH FRPR XQ UHLWHUDGR
LQFLGHQWH VH[XDO 3RGUtD VDOLPRV DO SDVR RWUD YH] QXHVWUR LQRFHQWH
DUJXPHQWDGRU²£HQHPLJR GH QXHVWUR WULiQJXOR \ VtPEROR pO WDPELpQ ²
GLFLHQGR TXH HO FRLWR \ OD FLHJD SURFUHDFLyQ SHUWHQHFHQ D OD PiV HOHPHQWDO
QDWXUDOH]D GHO VHU KXPDQR \ TXH VRQ IHQyPHQRV QR VyOR DQWHULRUHV VLQR
WRWDOPHQWHDMHQRVDOSUREOHPDGHODVFODVHV
6HUtDODUJR\HVWDUtDIXHUDGHOXJDUDTXtH[SOLFDUOHTXHORVDFWRVKXPDQRV

HQWDQWRTXHVRQKXPDQRVHVWiQVLHPSUHVRFLDOPHQWHFRQGLFLRQDGRV3HURHV
IiFLO SDUD FXDOTXLHUD HQWHQGHU OD VLJXLHQWH YHUGDG TXH HO KRPEUH QR SXHGH
HIHFWXDUQLQJ~QDFWRGHUHODFLyQ²VHDGHODQDWXUDOH]DTXHIXHUH²TXHQRHVWp
FRQGLFLRQDGRSRUHOYDORUTXHVHRWRUJDDVtPLVPR\DDTXpOORVFRQTXLHQHV
VHUHODFLRQD\TXHODPHGLGDRPDQHUDGHYDORUDUVH\GHYDORUDUDORVGHPiV
OHHVGDGDQHFHVDULDPHQWHSRUHOWLSRGHVRFLHGDGHQTXHVHKDIRUPDGR\SRU
HOOXJDUTXHRFXSDHQHOOD
$VtSXHVHOHVSDxRO²RHOFULROORVLVHTXLHUH²UHDOL]yDFWRVKXPDQRV
PX\GLVWLQWRVFXDQGR\DFLyFRQPXMHUHVSDxROD\FXDQGRORKL]RFRQLQGLD(Q
HOSODQRELROyJLFRHV SRVLEOHTXHORVGRV IHQyPHQRVIXHUHQPX\ VHPHMDQWHV
SHUR HVR D QRVRWURV QR QRV LPSRUWD SRUTXH HVWDPRV WUDWDQGR GH HQWHQGHU OD
IHFXQGDFLyQ VLQR ORV FRQGLFLRQDQWHV VRFLDOHV \ ODV FRQVHFXHQFLDV KLVWyULFDV
GH OD PLVPD FXDQGR HV UHDOL]DGD HQWUH SHUVRQDV SHUWHQHFLHQWHV D GLVWLQWDV
FODVHVGHXQDVRFLHGDGGHWHUPLQDGD$ODPXMHUHVSDxRODHOHVSDxROODKDEtD
OOHYDGRRODWXYRTXHOOHYDUDOD,JOHVLD\DOOtHQXQDFHUHPRQLDDODTXHHO
FRQJORPHUDGR OH DWULEXOD VLJQLILFDFLyQ WUDVFHQGHQWH VH FRPSURPHWLy D
FRQYLYLUSHUGXUDEOHPHQWHFRQHOODDSURWHJHU\HGXFDUDVXVKLMRVDKDFHUD
HVWRV \ HYHQWXDOPHQWH WDPELpQ D HOOD KHUHGHURV GH VXV ELHQHV (VRV KLMRV
UHFLELHURQ SXHV FLHUWRV ELHQHV PDWHULDOHV \ FLHUWD FDSDFLGDG SDUD
FRQVHUYDUORV\DPSOLDUORV,QJUHVDURQDOJUXSRDOTXHSHUWHQHFtDQVXVSDGUHV\
RWUDV IDPLOLDV TXH WDPELpQ WHQtDQ DOJR TXH FRQVHUYDU KHUHGDU \ DPSOLDU
(QWUDURQ D IRUPDU SDUWH GH OD FODVH GRPLQDQWH (VH GHVWLQR OHV KDEtD VLGR
DVLJQDGR HQ OD PHQWH GH VXV SURJHQLWRUHV PXFKR DQWHV GH TXH QDFLHUDQ DO
SURJUDPDUVXSURFUHDFLyQTXHQDGDWXYRGH³DFWRFLHJR´
7DPSRFR OR IXH OD IHFXQGDFLyQ GH OD PXMHU LQGLD SRU HO HVSDxRO R HO
FULROOR <D VHD TXH OD YLRODUD OD HQJDxDUD OD VRERUQDUD OD VHGXMHUD OD
SHUVXDGLHUD HQ FXDOTXLHUD GH ORV FDVRV VH GLHURQ XQDV FRQGLFLRQHV TXH HV
SUHFLVRLQGLFDU/DFRQGLFLyQIXQGDPHQWDOGHOPHVWL]DMHGHHVSDxROFRQLQGLD
IXHGHVGHOXHJRODVXSHULRULGDGGHOKLVSDQRVREUHODQDWLYD²WHPDTXHGHEH
VHUELHQHQWHQGLGR\TXH\DQRVRFXSyHQOXJDURSRUWXQR²>@1RPHUDPHQWH
OD SUHWHQVLyQ GH VXSHULRULGDG VLQR OD VXSHULRULGDG HIHFWLYD HQ WpUPLQRV GH
YHQWDMD HFRQyPLFD VRFLDO GH DXWRULGDG \ GH GHVDUUROOR LQWHOHFWXDO (O
VRPHWLPLHQWR HFRQyPLFR TXH IXH OD HVHQFLD SHUGXUDEOH GH OD FRQTXLVWD \ OD
FDXVD WDPELpQ SHUGXUDEOH GH OD LQIHULRULGDG JHQHUDO GH ORV FRQTXLVWDGRV

VLJXLy RSHUDQGR GHVGH OXHJR HQ HO PHVWL]DMH KDFLHQGR GH pO FRPR \D
GHFtDPRV XQ DVSHFWR SHFXOLDU GH OD RSUHVLyQ (Q HO SHUtRGR HVFODYLVWD OD
PXMHULQGLDIXHXVDGDFRPRLQVWUXPHQWR(QHOSHUtRGRIHXGDOVHHQFRQWUyHQ
XQD VLWXDFLyQ GH LQIHULRULGDG PHQRV DUUROODGRUD SHUR SRVLEOHPHQWH PiV
HIHFWLYDSDUDORVKHFKRVTXHHVWDPRVDQDOL]DQGR6HDOHMDHOUHFXHUGRGHODV
GHJROOLQDVGHODFRQTXLVWD²TXHQXQFDVHERUUDUiGHOWRGR²YDFDODQGROD
ODERU GRFWULQDULD \ DPDQVDGRUD GH OD FODVH GRPLQDQWH OD GHVLJXDOGDG YD
VLHQGR VREUHOOHYDGD FRQ DFWLWXGHV QXHYDV HQ ODV TXH KD\ FDELGD SDUD HO
RSRUWXQLVPR'XUDQWHORVVLJORVFRORQLDOHVHORGLRGHFODVHVLHPSUHYLYRHQ
ORV LQGLRV>@ UHFLELy HO LQIOXMR PRGHUDGRU GH OD ,JOHVLD /D PXMHU LQGLD
DSUHQGLy D SRVWUDUVH IUHQWH DO KRPEUH EODQFR TXH VH VXSRQtD IDFXOWDGR SDUD
DFHUFDUOD D 'LRV DSUHQGLy D UHQGLUOH FXOWR D LPiJHQHV UHOLJLRVDV GH WLSR
HXURSHRDORV&ULVWRV\PiUWLUHVEODQFRVVDQJUDQWHV\GHVQXGRVFRQVXPLGRV
SRUODSDVLyQDQDWyPLFDPHQWHHVWXSHQGRV>@8QJUDQQ~PHURGHIDFWRUHVGH
GRPLQDFLyQPDWHULDOHV\SVLFROyJLFRVJUDQGHV\SHTXHxRVDOJXQRVGHHOORV
PX\VXWLOHVHQVDQFKDURQODVSRVLELOLGDGHVGHOPHVWL]DMHIHXGDOVLQDOWHUDUVX
FDUiFWHU/DPXMHULQGLDQRIXHODHVSRVDGHOHVSDxRORFULROORTXHLQFLGHQWDOR
UHJXODUPHQWHODSRVH\y)XHDORVXPRVXFRQFXELQDLQGLDVX³EDUUDJDQD´HQ
HVWULFWDPHQWH HFRQyPLFD HVWi HQ HO KHFKR GH TXH OD RSLQLyQ QR VH FRQPRYtD
IUHQWHDOFRQFXELQDWR\ODSURFUHDFLyQGHKLMRVHVSXULRV²VXFHVRVFRUULHQWHV
HQODYLGDFRORQLDO²VLHPSUHTXHODFRQGXFWDGHOYDUyQGHMDVHHQWHQGHUTXH
VHWUDWDEDGHHVFDSDGDVTXHQRDPHQD]DEDQODHVWUXFWXUDQLHOSDWULPRQLRGHVX
IDPLOLD OHJtWLPD /D DULVWRFUDFLD FRORQLDO OD FODVH FULROOD VH DEULy EDMR OD
SUHVLyQGHHVSDxROHVLQPLJUDQWHV\WDPELpQVHDEULySDUDH[SXOVDUGHVXVHQR
D HVSDxROHV DUUXLQDGRV SHUR FRQVLJXLy PDQWHQHUVH FHUUDGD IUHQWH D OD JHQWH
PHVWL]D H LQGtJHQD GXUDQWH HO UHVSHWDEOH ODSVR GH WUHV VLJORV 1R GHEH
VXSRQHUVHHPSHURTXHHQHOPDUFRGHODVUHODFLRQHVIHXGDOHVGHVDSDUHFLyOD
YLRODFLyQGHODVPXMHUHVLQGLDVHQODIRUPDPiVEUXWDO(OIHQyPHQRSHUGXUy
HVSHFLDOPHQWH HQ ODV UHJLRQHV LQWHULRUHV GHO SDtV $ ILQHV GHO VLJOR ;9,,,
&RUWpV\/DUUD]GDQRWLFLDLQGLJQDGRGHDEXVRVGHHVDtQGROHFRPHWLGRVSRU
ORV &RUUHJLGRUHV \ $OFDOGHV 0D\RUHV ²IXQFLRQDULRV TXH VLHPSUH IXHURQ
FULROORV R HVSDxROHV² 'LFH GH HOORV TXH FRQ WHQHU DFWLYR HO OiWLJR \
GHVSHOOHMDUDORVLQGLRVHQHOSRVWHVHKDFtDQGXHxRVGHORVLQGLRVPLVPRVGH
VXVFDXGDOHV\DJUHJDWH[WXDOPHQWHTXHWDPELpQGHVXVPXMHUHV³«(OHVWDGR
GH ORV LQGLRV HV KDOODUVH GRPLQDGRV SRU OR FRP~Q SRU $OFDOGHV 0D\RUHV
FRGLFLRVRV\FUXHOHVTXHKDFHQGHHOORVFXDQWRVHOHVDQWRMDVLQTXHSXHGDQ
HO Op[LFR MXUtGLFR GH OD pSRFD OR TXH HQ DTXHO FRQWH[WR TXHUtD GHFLU VX VHU UHPHGLDGRV SRU ODV $XGLHQFLDV SRUTXH DXQTXH TXLHUDQ \ OR KDJDQ HQ
VHUYLGRUD H[WUDPDWULPRQLDO HQ PDWHULD GH FRPRGLGDG VH[XDO 1LQJXQD OH\ HIHFWR EXVFDU UHPHGLR TXHMDUVH 6 0 FXDQGR VH KDOODQ VXPDPHQWH
QLQJXQDLQVWDQFLDPRUDOHIHFWLYDREOLJDEDDOVHxRUFRORQLDODQWHVXFRQFXELQD RSULPLGRV HQ DPDUUiQGRORV D OD SLFRWD TXLWDUOHV OD SLHO \ HQFDUFHODGRV
LQGLD QL DQWH ORV KLMRV TXH HQ HOOD SURFUHDVH>@ $O FRQWUDULR OD RSLQLyQ
GHQWURGHODFODVHLQGtJHQDGHEHKDEHUFHQVXUDGRDODPXMHUTXHFD\HQGRHQ
FRQGHVFHQGHQFLDV FRQ HO WUDGLFLRQDO HQHPLJR QR VH KDOODED D OD DOWXUD GHO
RGLRTXHKDEtDPRWLYRVVREUDGRVSDUDWHQHUOH&DEHVXSRQHUTXHHVDDYHUVLyQ
GH FODVH KD\D VLGR HO SULQFLSDO IUHQR GHO PHVWL]DMH LQLFLDO R GLUHFWR GH
HVSDxROR FULROORFRQLQGLD>@(QHO VHQRGHODFODVHGRPLQDQWHODRSLQLyQ
HUD DXQ PiV GUiVWLFD SXHV VL DOOi VH WUDWDED GH XQ UHVHQWLPLHQWR DTXt VH
WUDWDED GH OD GHIHQVD GHO SDWULPRQLR <D YLPRV HQ RWUR OXJDU²³KHUHQFLD GH
VDQJUH\KHUHQFLDGHSRGHU´²FyPRODFRQVHUYDFLyQGHODULTXH]DGHQWURGH
XQUHGXFLGRQ~FOHR(XURSHRKHUHGHURGHODFRQTXLVWDH[LJtDTXHHVHQ~FOHRVH
PDQWXYLHUDFHUUDGR\YHODUDSRUVXGLIHUHQFLDFLyQUDFLDODODFXDOVHOHKDEtD
GDGRGHVGHORVSULQFLSLRVHOIDOVRVLJQLILFDGRGHXQDIXHQWHGHGLVWLQFLyQHQ
WRGRVORVVHQWLGRV<ODSUXHEDGHTXHODYHUGDGHUDSUHRFXSDFLyQHUDGHUDt]

FRQYLHUWHQ OD TXHMD HQ HORJLR « HV IXHUWH FRVD TXH FRQ WHQHU XQD SLFRWD
GHODQWH GH ODV FDVDV UHDOHV VHD XQ $OFDOGH GXHxR GH ORV LQGLRV GH VXV
FDXGDOHV\GHVXVPXMHUHV«´>@
(QWHQGDPRV SXHV TXH HO PHVWL]DMH LQLFLDO IXH XQ DFWR UHDOL]DGR HQ HO
FRQWH[WR\FRPRFRQVHFXHQFLDGHODLQIHULRULGDG\GHVYHQWDMDGHODPXMHUGHOD
FODVHVHUYLOIUHQWHDOKRPEUHGHODFODVHGRPLQDQWH)XHUHVXOWDGRGHODXQLyQ
ELROyJLFD EDVDGD HQ XQD SURIXQGD GHVXQLyQ \ GHVLJXDOGDG KXPDQD GH OD
IRUQLFDFLyQ FRPR DFWR GH GRPLQLR GH FODVH PiV R PHQRV HQFXELHUWR \ HQ
PXFKRVFDVRVFRPRXQVLPSOHXOWUDMH
/RVKLMRVGHDTXHOODVXQLRQHVORVPHVWL]RVRULJLQDOHVIXHURQORTXHIXHURQ
²WUDEDMDGRUHV VLQ SDWULPRQLR ODQ]DGRV D OD E~VTXHGD GH RFXSDFLRQHV GH
QLYHOPHGLRRFRPSOHWDPHQWHGHVFDOLILFDGDV²FRPRFRQVHFXHQFLDGHTXHVXV
SDGUHV SHUWHQHFtDQ D GRV FODVHV DQWDJyQLFDV QLQJXQD GH ODV FXDOHV SRGtD

GDUOHVFDELGDVLQSHUMXGLFDUVHRSHUMXGLFDUORV7RGRORFXDOIXHUHVXOWDGRHQ
~OWLPR DQiOLVLV GH OD H[LVWHQFLD PLVPD GH HVDV FODVHV HQ SXJQD \ GH ODV
SRVLELOLGDGHV GH FRQGXFWD HVWDEOHFLGDV SRU OD GRPLQDFLyQ GH XQD VREUH OD
RWUD
(O PHVWL]DMH VHFXQGDULR OD PXOWLSOLFDFLyQ GH ORV PHVWL]RV FRPELQiQGRVH
HQWUH Vt \ FRQ ORV GHPiV JUXSRV ² LQFOXLGRV SRU VXSXHVWR ORV PLVPRV
HVSDxROHV \ FULROORV² QR IXH QL SRGtD VHU RWUD FRVD TXH XQD SURORQJDFLyQ \
XQDFRPSOLFDFLyQGHORVUHVXOWDGRVGHOPHVWL]DMHLQLFLDO/DPXOWLSOLFDFLyQGH
VHUHV TXH QDFtDQ IXHUD GHO JUXSR GRPLQDGRU DFDXGDODGR \ IXHUD GHO JUXSR
LQGtJHQDVHUYLOHUDXQSUROLIHUDUGHLQGLYLGXRVHQEXVFDGHRFXSDFLRQHVOLEUHV
GH QLYHO PHGLR H LQIHULRU ,QGLYLGXRV TXH QR KDEtDQ KHUHGDGR SURSLHGDG QL
DXWRULGDG QL VHUYLGXPEUH \ TXH WHQtDQ TXH KDFHUVH ~WLOHV SDUD VHU
UHPXQHUDGRV\SRGHUVREUHYLYLU$KRUDELHQHOp[LWR\ODVYLFLVLWXGHVGHHVD
E~VTXHGDGHSHQGtDQQDWXUDOPHQWHGHODGHPDQGDGHWUDEDMDGRUHVHQDTXHOOD
VRFLHGDG\GHODViUHDVRFXSDFLRQDOHVHQTXHORVQHFHVLWDUD/DQHFHVLGDGGH
WUDEDMDGRUHVOLEUHVDFWXyFRPRXQPROGHHQHOTXHVHIXHYDFLDQGRODFRUULHQWH
KXPDQD GH ORV PHVWL]RV /DV HVWUHFKHFHV OLPLWDFLRQHV \ FDSULFKRV GH HVH
PROGHYDQDGHWHUPLQDUODVGLVWLQWDVVLWXDFLRQHV\IXQFLRQHVGHORVPHVWL]RV FULROORV \ SHQLQVXODUHV²HUD VRODPHQWH GH   SHUVRQDV ODV FXDOHV QR
HVGHFLUYDQDFRQILJXUDUDODVFDSDVPHGLDV
/DVSULPHUDVJHQHUDFLRQHVGHPHVWL]RVSURSRUFLRQDURQODJHQWHTXHKDEUtD
GHDVXPLUORVRILFLRV\WUDEDMRVOLEUHVTXHLEDQKDFLpQGRVHQHFHVDULRVFRQHO
GHVDUUROOR GH OD QXHYD VRFLHGDG HVSHFLDOPHQWH ORV RILFLRV HQVHxDGRV \
GHVSXpV DEDQGRQDGRV SRU ORV HVSDxROHV ²QR ROYLGHPRV TXH ORV SULPHURV
DUWHVDQRV IXHURQ WRGRV HVSDxROHV \ TXH WDPELpQ HOORV VH YROYLHURQ ³VHxRUHV
GHYDVDOORV´²>@
3HURODVRFXSDFLRQHVGHQLYHOPHGLR²DUWHVDQtDVDEDVWRVWUDQVSRUWHHWF
² FRQVWLWXtDQ XQ FDPSR EDVWDQWH OLPLWDGR HQ OD VRFLHGDG FRORQLDO
JXDWHPDOWHFD VRFLHGDG FRQ SRFDV FLXGDGHV DOJXQDV GH HOODV PX\
SHTXHxDV>@ FRQ XQ GHVDUUROOR HFRQyPLFR PX\ OHQWR \ TXH SDUD FROPR GH
PDOHVVXIULyXQDSURORQJDGD\JUDYHFULVLVHQVX~OWLPRSHUtRGR&XDQGRHQ
RWUR OXJDU GHFtDPRV TXH ODV RFXSDFLRQHV OLEUHV HUDQ XQ FDPLQR SDUD ORV
PHVWL]RVKXELHUDVLGRPiVH[DFWRGHFLUTXHHUDQXQDVHQGDHVWUHFKDFDVLXQ
FDOOHMyQ(QXQDSULPHUDHWDSDORVPHVWL]RVIXHURQHQFRQWUDQGRDFRPRGR~WLO
\IXHHQWRQFHVFXDQGRFRQILJXUDURQODFDSDPHGLDDUWHVDQDOSURYHHGRUDGHODV

FLXGDGHV 3HUR JUDGXDOPHQWH IXH KDFLpQGRVH PiV GLItFLO VX VLWXDFLyQ (O
FUHFLPLHQWRQXPpULFRGHODSREODFLyQPHVWL]DQRJXDUGDEDSURSRUFLyQFRQOD
GHPDQGD GH WUDEDMDGRUHV XUEDQRV \ HVWH IHQyPHQR FRQWLQXDGR KDVWD HO ILQDO
GHO FRORQLDMH IXH OD FDXVD IXQGDPHQWDO GH OD DSDULFLyQ GH ODV FDSDV PHGLDV
SREUHVHQODFLXGDG\HQHOFDPSR²ODSOHEH\ORVODGLQRVUXUDOHV²PRWLYy
OD JUDQ FDODPLGDG GH OD GHVRFXSDFLyQ IRU]RVD HQ OD GRV HVIHUDV FLWDGDV \
SUHVLRQy HO HVWDEOHFLPLHQWR GH ODGLQRV HQ SXHEORV GH LQGLRV (O FXDGUR GH
SREUH]D GHOLQFXHQFLD SRUGLRVHUtD \ IHURFLGDG VDQJXLQDULD TXH KRUURUL]y DO
RLGRU &DPSXVDQR DO PLUDU D ODV FLXGDGHV>@ DVt FRPR OD GLVSHUVLyQ HO
HPEUXWHFLPLHQWR OD GHVQXGH] ItVLFD H LQWHOHFWXDO TXH DODUPDURQ D &RUWpV \
/DUUD] DO FRQRFHU ODV UDQFKHUtDV GHO LQWHULRU GHO SDtV>@ HUDQ UHVXOWDGR GHO
SURFHVRGHGHVFRPSHQVDFLyQTXHHVWDPRVLQGLFDQGR
/DHVFDVDRSRUWXQLGDGGHp[LWRHQODVFLXGDGHVGHp[LWRHQODVFLXGDGHVQR
SXHGHH[WUDxDPRVVLUHFRUGDPRVTXHQRHUDQPiVGHGRFHRWUHFHHQWRGRHO
UHLQR >@ TXH OD PiV SRSXORVD GH HOODV ²*XDWHPDOD² WHQtD
DSUR[LPDGDPHQWH PRUDGRUHV D ILQHV GHO VLJOR ;9,, \ VRODPHQWH XQRV
 D SULQFLSLRV GHO ;,;>@ \ TXH OD SREODFLyQ HVSDxROD GHO UHLQR ²
UDGLFDEDQWRGDVHQODVFLXGDGHV>@$VtSXHVDXQVLFRQVLGHUDPRVDDTXHOOD
VRFLHGDG HQ VXV PHMRUHV PRPHQWRV OD GHPDQGD GH ELHQHV \ VHUYLFLRV
SURSRUFLRQDGRV SRU ORV DUWHVDQRV \ SURYHHGRUHV WLHQH TXH KDEHU VLGR PX\
PRGHVWD $OJXQRV GH GLFKRV ELHQHV HUDQ GH FRQVXPR LQGLVSHQVDEOH \ VX
GHPDQGD UHEDVDED ORV OtPLWHV GH ODV FLXGDGHV SRU HVR GLHURQ OXJDU D TXH
DOJXQRV JUHPLRV VH IRUWDOHFLHUDQ FRPR RFXUULy FRQ HO GH WHMHGRUHV R D TXH
DOJ~QDUWHVDQRHQSDUWLFXODUVHKLFLHVHULFR²FRPRHOIDEULFDQWHGHFDQGHODV
TXH PHQFLRQD )XHQWHV >@ DUWtFXOR LQGLVSHQVDEOH SDUD HO DOXPEUDGR \ GH
PXFKRFRQVXPRHQHOULWRFDWyOLFR²3HURDOPDUJHQGHXQQ~FOHROLPLWDGRGH
DUWHVDQRV\SURYHHGRUHVIDYRUHFLGRVHUDQDWXUDOTXHODDIOXHQFLDGHPHVWL]RV
DODVFLXGDGHVYLQLHUDDFDHUEDMRODH[SORWDFLyQGHHVHPLVPRQ~FOHRFD\HUD
HQ OD GHVRFXSDFLyQ R HQ OD VHPLRFXSDFLyQ VH YLHUD REOLJDGD D WUDEDMDU D
FDPELRGHFXDOTXLHUFRVDRVHODQ]DUDDORVFDPSRV\SXHEORVHQEXVFDGHOR
QHFHVDULRSDUDVREUHYLYLU
/RTXHOOHYDPRVGLFKRDFHUFDGHODVFDSDVPHGLDVKDVWDHOSXQWRHQTXH
QRVKDOODPRVGHULYDtQWHJUDPHQWHGHOHVTXHPDFRORQLDOEiVLFR(OPHVWL]DMH

WDQWR HO LQLFLDO FRPR HO VHFXQGDULR YHQHUR GH WUDEDMDGRUHV HQ EXVFD GH
RFXSDFLyQ IXH UHVXOWDGR GH OD RSUHVLyQ GH HVSDxROHV \ FULROORV VREUH ORV
LQGLRV GHVHQFDGHQDQWH D VX YH] GH QXHYDV VLWXDFLRQHV RSUHVLYDV /D
FLUFXQVWDQFLD GH TXH KD\D KDELGR SRFD RSRUWXQLGDG GH YHQGHU ELHQHV \
VHUYLFLRV \ DXQ SXUD IXHU]D GH WUDEDMR QR FDOLILFDGD HQ ODV FLXGDGHV \ HQ HO
FDPSR REHGHFtD D TXH OD HVWUXFWXUD EiVLFD GH OD FRORQLD VXSRQtD JUDQGHV
PDVDVGHVLHUYRVFRQEDMtVLPDRQXODFDSDFLGDGGHFRPSUD\XQDpOLWHXUEDQD
FULROOD\HVSDxRODDGLQHUDGDSHURVXPDPHQWHUHGXFLGD
6LTXHUHPRVYLVXDOL]DUORLQGLFDGRKDVWDDTXtFRQILJXUDV\WUD]RVVREUHHO
WULiQJXORGHEHPRVWHQHUDOJ~QFXLGDGRDOVHOHFFLRQDU\XELFDUORVVtPERORV
SRUTXHHOPHVWL]DMHIXHXQSURFHVRFRPSOHMRTXHDUURMyUHVXOWDGRVHQYDULDV
GLUHFFLRQHV3RUGHSURQWRVHUiSUHFLVRWUD]DUXQDVILJXUDVTXHLQGLTXHQTXH
ORV SULPHURV PHVWL]RV QXWULHURQ HO SULPHU Q~FOHR GH OD FDSD PHGLD DUWHVDQDO
SURYHHGRUD\TXHGHWRGDVODVFDSDVPHGLDVIXHpVWDODTXHSULPHURFRPHQ]y
D LQWHJUDUVH 0DUTXHPRV XQ SHTXHxR FtUFXOR R XQ SXQWR HQpUJLFR SHUR GH
GLPHQVLRQHV PX\ GLVFUHWDV H[DFWDPHQWH HQ OD PLWDG \ VREUH OD UHFWD TXH
GHVFLHQGH GH ORV FULROORV D ORV LQGLRV &RQYHQJDPRV HQ TXH UHSUHVHQWD DO
PHVWL]DMH OD SURPRFLyQ GH PHVWL]RV GH WRGR WLSR \ TXH VL ELHQ SRGUtDPRV
KDEHUVLWXDGRHVHIRFRHQRWURVSXQWRVGHODILJXUDKHPRVSUHIHULGRFRORFDUOR
DOOt SRU XQD UD]yQ EDVWDQWH DFHSWDEOH OD GH TXH HO PHVWL]DMH LQLFLDO
FRQVLGHUDGRDORODUJRGHFDVLWUHVVLJORVTXHGXUyODFRORQLDWLHQHTXHKDEHU
VLGRPXFKRPiVIUHFXHQWHHQWUHFULROORVHLQGLDVTXHHQWUHHVSDxROFRQLQGLD
>@
7UDFHPRV WDPELpQ HQ HO HVSDFLR LQWHULRU GHO WULiQJXOR XQ UHFWiQJXOR
HVWUHFKR \ ODUJR XQD FLQWD TXH UHSUHVHQWD D OD FDSD PHGLD DUWHVDQDO
SURYHHGRUD 8Q YLJRURVR WUD]R HQ IRUPD GH IOHFKD GHEHUtD VDOLU GHO IRFR GHO
PHVWL]DMH \ SHQHWUDU HQ HVWH UHFWiQJXOR UHFRUGiQGRQRV TXH ORV SULPHURV
PHVWL]RVIXHURQWDPELpQORVSULPHURVDUWHVDQRV\SURYHHGRUHVQRHVSDxROHV\
TXHHOPHVWL]DMHHVWDUiVLHPSUHODQ]DQGRHOHPHQWRVHQHVDGLUHFFLyQ
7RPDQGR FRPR UHIHUHQFLD HO SXQWR TXH VLPEROL]D DO PHVWL]DMH GHEHPRV
GHOLQHDUDKRUDXQDDPSOLDILJXUDHOtSWLFDTXHHQYXHOYHDDTXHOSXQWRHQXQRGH
VXVH[WUHPRVSHURTXHFRQHORWURVHDODUJDKDFLDDEDMRKDVWDWRFDUHOFtUFXOR
GHORVLQGLRV6HUtDpVWDXQDPDQHUDGHLQGLFDUTXHHOPHVWL]DMHFRQIRUPHIXH
FREUDQGRLPSRUWDQFLDQXPpULFDVH SUR\HFWyVRFLDOPHQWH HQGLUHFFLyQGHORV
 
WUDEDMDGRUHV SREUHV GHO FDPSR \ FRQILJXUy OD FDSD PHGLD EDMD GH ODGLQRV
UXUDOHV
6LQHPEDUJRVDEHPRVTXHWDPELpQODQ]yPXFKDJHQWHDORVEDUULRVSREUHV
GHODVFLXGDGHV\HOORQRVDSUHPLDDGLEXMDULQPHGLDWDPHQWHSRUGHEDMRGHOD
FLQWD TXH FRUUHVSRQGH D OD FDSD PHGLD DUWHVDQDO RWUD ILJXUD UHFWDQJXODU
LGpQWLFDTXHUHSUHVHQWDDODSOHEH<DVtFRPRGHOIRFRGHOPHVWL]DMHKLFLPRV
VDOLUXQDIOHFKDHQGLUHFFLyQGHODFDSDPHGLDDUWHVDQDODVtWHQHPRVTXHVDFDU
RWUDHQGLUHFFLyQGHODSOHEH(OLQFUHPHQWRGHPRJUiILFRGHORVPHVWL]RVGLR
RULJHQDODH[WHQVDFDSDGHORVODGLQRVUXUDOHVVLPEROL]DGDHQODHOLSVHSHUR
WDPELpQ ODQ]y JHQWH D OD SOHEH GH ODV FLXGDGHV < FRPR HQ OD SOHEH KDEtD
PXFKD JHQWH DUUXLQDGD SURYHQLHQWH GH OD FDSD PHGLD DUWHVDQDO QR HVWDUi GH
PiV WUD]DU XQD FRUWD IOHFKD TXH VLUYD SDUD UHFRUGiUQRVOR &LHUWDPHQWH HVWRV
VLJQRV FRQ IRUPD GH IOHFKDV GHEHUtDQ DSDUHFHU FRQ WUD]RV PiV IXHUWHV \ PiV
YLVLEOHV TXH HO UHVWR GH ODV OtQHDV GHO GLDJUDPD SXHVWR TXH LQGLFDQ
GHVSOD]DPLHQWRV LQIOXHQFLDV GLQiPLFDV H LQWHJUDGRUDV TXH VRQ MXVWDPHQWH OR
TXH PiV QRV LQWHUHVD HQ HO HMHUFLFLR ²SHUFLELHQGR HQ WRGR PRPHQWR SRU
VXSXHVWR TXH HV OD GLQiPLFD GHO WULiQJXOR OD TXH GHWHUPLQD HQ XQD X RWUD
IRUPDHVWRVGHVDUUROORVTXHYDPRVLQGLFDQGRFRQWUD]RV
$KRUD ELHQ $GPLWLPRV TXH ODV FLXGDGHV RIUHFtDQ SRFR WHUUHQR SDUD HO
GHVDUUROOR GH ORV PHVWL]RV \ TXH HVD FLUFXQVWDQFLD FRQILJXUy ODV GRV FDSDV
PHGLDVXUEDQDV\DDOXGLGDVVXUJH\VHLPSRQHDKRUDXQDVHULHGHSUHJXQWDV
¢SRUTXp VH FRQYLUWLHURQ PXFKtVLPRV PHVWL]RV HQ WUDEDMDGRUHV SREUHV GHO
FDPSR" ¢SRU TXp SDUDURQ GLVHPLQDGRV HQ PtVHURV FKRFHUtRV \ HQ ODV
UDQFKHUtDV GH ODV KDFLHQGDV" ¢SRU TXp QR IXQGDURQ SREODGRV GH ODGLQRV FRQ
VXVDXWRULGDGHV\FRQWLHUUDVSDUDWUDEDMDU"¢SRUTXpHOJRELHUQRFRORQLDOTXH
YHtDVXPLVHULDHQODVFLXGDGHV\HQODVUDQFKHUtDVQRGLFWySURYLGHQFLDVSDUD
IDFLOLWDUOHV HO HVWDEOHFLPLHQWR GH FHQWURV SURSLRV LQFRUSRUDGRV DO VLVWHPD
DGPLQLVWUDWLYR GRWDGRV GH WLHUUDV DJXDV SDVWRV ERVTXHV" ,QFOXVR FDEH
SUHJXQWDUSRUTXpQRORREOLJyDFRQFHQWUDUVHHQSREODGRVQXHYRVFRPRKL]R
HQWRGRWLHPSRFRQORVLQGLRV>@FXDQGRVHHVSDUFtDQVREUHiUHDVDPSOLDV\
QR FRQWURODGDV 3UHJXQWDV WRGDV TXH LQWHJUDGDV DO HMHUFLFLR TXH YHQLPRV
UHDOL]DQGRGHEHQFRQWHVWDUVHHQIXQFLyQGHHVWDRWUDTXHODVHQJORED¢SXHGH
DFDVRGHPRVWUDUVHTXHODGLVSHUVLyQGHODGLQRVHQODVKDFLHQGDVDVtFRPRVX
SHQHWUDFLyQHQORVSXHEORVGHLQGLRVIXHURQIHQyPHQRVGHWHUPLQDGRVSRUODV
FRQWUDGLFFLRQHVEiVLFDVGHOHVTXHPDGHFODVHVFRORQLDO" ²,;²
9DPRVDYHU

9LOODV\UDQFKHUtDV
/D GLVJUHJDFLyQ \ HO GHVDUUDLJR GH ORV ODGLQRV \D KDEtD OODPDGR OD
DWHQFLyQ GH GRV QRWDEOHV REVHUYDGRUHV GLUHFWRV SHUR QXHVWUD KLVWRULRJUDItD
QRUPDOPHQWH LQWHUHVDGD HQ FXHVWLRQHV GH RWUD tQGROH QR KD GHVWDFDGR OD
LPSRUWDQFLD TXH HQFLHUUDQ VXV LQGLFDFLRQHV 6H WUDWD GH GRV $U]RELVSRV ²
DXQTXHHQULJRUHOVHJXQGRGHHOORVQRKDEtDDOFDQ]DGRWRGDYtDHVDGLJQLGDG
FXDQGR PHGLWy \ HVFULELy VREUH WDOHV SUREOHPDV² (O SULPHUR TXH SXVR HO
JULWR HQ HO FLHOR IXH FRPR \D OR YLPRV GRQ 3HGUR &RUWpV \ /DUUD] KRPEUH
LOXVWUDGR TXH HVFULEtD XQ LQIRUPH VHFUHWR SDUD XQ UH\ UHIRUPLVWD TXH TXHUtD
VDEHU OD YHUGDG ²&DUORV ,,,² >@ UHOLJLRVR UHFLpQ OOHJDGR DO UHLQR QR
FRQWDJLDGR GH FLHUWRV SUHMXLFLRV FRORQLDOHV D TXLHQ OD PLVHULD QR OH SDUHFtD
PHQRVPLVHULDSRUTXHODSDGHFLHUDQORVLQGLRV\DTXLHQDVRPEUyHQFRQWUDUD
OD PD\RUtD GH ORV PHVWL]RV GLVJUHJDGRV SRU ORV FDPSRV VXPLGRV HQ OD
SREUH]DSURPLVFXDPHQWHDPRQWRQDGRVHQVXFLRVFKRFHUtRVDOPDUJHQGHWRGD
ODOH\³GLYLQD\KXPDQD´$SDUWHGHVXVYDOLRVDVREVHUYDFLRQHV\DFLWDGDVHQ
SDJLQDVDQWHULRUHV>@RWUDVPiVPX\UHYHODGRUDVWDPELpQYDQDVHUQRV~WLOHV
GHQWURGHXQRVPRPHQWRV
(ORWUR$U]RELVSRYLRODVFRVDVVHVHQWDDxRVPiVWDUGHGHVGHXQiQJXOR
GLVWLQWR \ PXFKR PiV YHQWDMRVR PRWLYR SRU HO FXDO SXGR FRQGHQVDU HQ GRV
FDStWXORV GH XQ LPSRUWDQWH WUDEDMR KLVWyULFR ²DO TXH PRGHVWDPHQWH OODPy
³0HPRULDV SDUD OD +LVWRULD GHO $QWLJXR 5HLQR GH *XDWHPDOD´²>@XQD
YDOLRVD VHULH GH GDWRV \ REVHUYDFLRQHV TXH HQ VHJXLGD YDPRV D FLWDU \ D
HVFUXGLxDU )UDQFLVFR GH 3DXOD *DUFtD 3HOiH] SHUWHQHFtD DO H[LJXR JUXSR GH
IDPLOLDVODGLQDVTXHYLYtDQHQHOSXHEORGHLQGLRVGH6DQ-XDQ6DFDWHSpTXH]D
ILQHV GHO VLJOR ;9,,>@ 3URFHGtD SXHV GH OD FDSD PHGLD DOWD UXUDO 6H KL]R
FXUD KDFLD ORV DxRV HQ TXH FRPHQ]DEDQ ODV OXFKDV GH ,QGHSHQGHQFLD>@ (Q
²HODxRPiVGXURGHODUHSUHVLyQEXVWDPDQWLQD²>@REWXYRODFiWHGUD
GH(FRQRPtD3ROtWLFDHQOD8QLYHUVLGDGGH6DQ&DUORV>@\HQHODxRGHOD
,QGHSHQGHQFLD GHILQLWLYD  SXEOLFy VX SULPHU WUDEDMR FRQ HO WtWXOR

 
³2EVHUYDFLRQHV 5~VWLFDV VREUH (FRQRPtD 3ROtWLFD´>@ )XH HO SULPHU 5HDOHV&pGXODVSURKLEtDQTXHVHLQVWDODUDQHQSXHEORVGHLQGLRV/D~OWLPDIXH
$U]RELVSR GH OD QDFLyQ JXDWHPDOWHFD LQGHSHQGLHQWH \ DXQTXH OH WRFy GHODxR\OD5HFRSLODFLyQGH/H\HVGH,QGLDVGHFRQILUPyGLFKD
GHVHPSHxDU HVH FDUJR GXUDQWH OD WHQHEURVD GLFWDGXUD FULROOD GH ORV WUHLQWD SURKLELFLyQ>@3HURODVSURSLDVOH\HVHVSDxRODV²DGYLHUWH²UHFRPHQGDEDQ
DxRV IDOOHFLy HQ  SRGHPRV DVHJXUDU TXH VX SHUVRQDOLGDG VH DVRFLD
SHUIHFWDPHQWH D OD GH DTXHOORV FXUDV OLEHUDOHV GH PHQWDOLGDG DYDQ]DGD GH
TXLHQHVKHPRVKDEODGRHQHODSDUWDGRSUHFHGHQWH3DUDDILUPDUORWHQHPRVXQD
SUXHEDGRFXPHQWDOTXHFRQVWDHQVHWHFLHQWDVSiJLQDVHVFULWDVSRUpOPLVPR\
WHUPLQDGDV FXDQGR WHQtD  DxRV GH HGDG \ KDEtDQ SDVDGR  GHVGH OD
,QGHSHQGHQFLD >@ ODV 0HPRULDV GH *DUFtD 3HOiH] VRQ HO SULPHUR \ HO PiV
LPSRUWDQWH HVIXHU]R VLVWHPiWLFR UHDOL]DGR SDUD VDFDU D OX] HO VLVWHPD
HFRQyPLFR GH OD FRORQLD \ DWDFDUOR GHVGH ODV SRVLFLRQHV GH OD (FRQRPtD
3ROtWLFDOLEHUDO*DUFtD3HOiH]GHQXQFLDODFRGLFLDGHORVFRQTXLVWDGRUHV\GH
VXV GHVFHQGLHQWHV LQVLVWH HQ OD GHVWUXFFLyQ GH ORV LQGLRV EDMR HO VLVWHPD
FRORQLDOUHYHODODVOLPLWDFLRQHVJUDYRVDVGHOVLVWHPDILVFDO\GHOPRQRSROLR
FRPHUFLDO VHxDOD \ GHVDSUXHED HO UpJLPHQ GH WUDEDMR IRU]DGR GHQXQFLD ODV
FRQVHFXHQFLDVGHODPDODGLVWULEXFLyQGHODWLHUUD\VHUHILHUHFRPRQRSRGtD
VHUPHQRVDODSROtWLFDGHOJRELHUQRFRORQLDOIUHQWHDORVODGLQRV(VWHKRPEUH
DFXFLRVRYLYLyHOSULPHUWHUFLRGHYLGDEDMRHOUpJLPHQFRORQLDOHOVHJXQGR
EDMRODVFUtWLFDVFLUFXQVWDQFLDVGHOD)HGHUDFLyQ&HQWURDPHULFDQD\HOWHUFHUR
ODFUHDFLyQGHYLOODV\OXJDUHVSDUDORVODGLQRV\HQ0p[LFRVLJXLHQGRHVDV
UHFRPHQGDFLRQHVVHH[WHQGLyHOYLUUHLQDWRKDFLDHOQRUWHKDFLDODVOODPDGDV
SURYLQFLDV LQWHUQDV HVWDEOHFLHQGR SREODGRV GH ODGLQRV TXH IXHURQ FRPR
DYDQ]DGDV \ GHVSXpV VH FRQYLUWLHURQ HQ SREODFLRQHV LPSRUWDQWHV>@ (O
SUREOHPDGHODVWLHUUDVTXHHVFRQVXEVWDQFLDOFRQHOGHODFUHDFLyQGHQXHYRV
SREODGRVHVWDEDWDPELpQFODUDPHQWHSUHYLVWRSRUODVOH\HVHQODVTXHVHGDED
DORVODGLQRVHOGHUHFKRGHVROLFLWDUODV\DGTXLULUODVDOIXQGDUYLOODV>@'LFH
TXH ODV DXWRULGDGHV FRORQLDOHV GH *XDWHPDOD LQWHUSUHWDQGR FDSULFKRVD \
IHVWLQDGDPHQWH DTXHOODV OH\HV GLVSXVLHURQ TXH VyOR D ORV LQGLRV SRGtD
FHGpUVHOHVOHJDOPHQWHWLHUUDVUHDOHQJDVHQFDVRGHFUHDFLyQGHSXHEORVSHUR
TXHWUDWiQGRVHGH³FDVWDV´KDEtDTXHFREUDUOHV³VXMXVWRSUHFLR´>@,QFXOSD
D ORV DJHQWHV GH OD DGPLQLVWUDFLyQ SRU KDEHUVH QHJDGR D HTXLSDUDU D ORV
ODGLQRVFRQORVLQGLRVHQHVWHSXQWRFDSLWDO>@\FRQFOX\HHQWRQRGHHQpUJLFD
GHVDSUREDFLyQ ³KDUWR ODXGDEOH UHVXOWD OD OHJLVODFLyQ HQ HVWD SDUWH \ HO
RULJHQ GHO PDO TXH VH ODPHQWD GHEH EXVFDUVH QR HQ ODV OH\HV VLQR HQ OD
DGPLQLVWUDFLyQFRORQLDOTXHSXEOLFDGRHOFyGLJRTXHODUHJtDVHUHILHUHD
FRPR$U]RELVSRGH*XDWHPDODEDMRHOSRGHUGHORVFRQVHUYDGRUHV'LRDOD
LPSUHQWD VXV 0HPRULDV DQWHV GH HQWUDU DO WHUFHU WUR]R GH VX ODUJD
H[LVWHQFLD>@ \ HQ HOODV QR VH HQFXHQWUD QL XQD VROD SDODEUD TXH VLJQLILTXH
FRQGHVFHQGHQFLD LGHROyJLFD FRQ HO FULROOLVPR $O WUDWDU HO SUREOHPD GH ORV
ODGLQRVFLWDGRFXPHQWRVDQWLJXRVTXHH[DPLQyFRPR+LVWRULDGRUSHURWDPELpQ
KD\WUR]RVHQTXHVXH[SRVLFLyQVHFRQYLHUWHHQFUyQLFDDOUHIHULUVHDKHFKRV\
FLUFXQVWDQFLDV TXH HO DXWRU WHQtD D OD YLVWD SRUTXH SUHYDOHFtDQ HQ VX WLHPSR
(VWR~OWLPRHVLPSRUWDQWH\KD\TXHDJUHJDUORDODVSUHPLVDVTXHOHFRQILHUHQ
WDQDOWRYDORUGRFXPHQWDODVXWUDEDMR
9DPRVDUHVXPLUODVREVHUYDFLRQHVGHOUHOLJLRVRHFRQRPLVWDDUHIOH[LRQDU
VREUHORTXHGHHOODVVHGHVSUHQGH\DUHODFLRQDUODVFRQRWURVGDWRVTXHDVt
FRPELQDGRVDUURMDQOX]VREUHHOSUREOHPD
/DSROtWLFDGHODGLQRVGLFHIXHWRGDHOODXQGHVDFLHUWR<QRSRUTXHODV
OH\HV IXHVHQ PDODV VL ODV OH\HV GDGDV SRU OD PHWUySROL VREUH HVWH SUREOHPD
KXELHVHQVLGRREHGHFLGDVORVODGLQRVKXELHUDQUHVXOWDGREHQHILFLDGRV9DULDV

ODV/H\HVGH,QGLDV60UHKXVyGDUOHVFXPSOLPLHQWR´>@
*DUFtD3HOiH]DGYLHUWHTXHODDGPLQLVWUDFLyQFRORQLDOUHWRUFLyHVDVOH\HV
SDUDQRFXPSOLUODVORFXDOIXHHIHFWLYDPHQWHDVt1RREVWDQWHGDQRWLFLDVGH
PRPHQWRVHQTXHOD$XGLHQFLDXQRLGRUDOJ~QIXQFLRQDULRELHQLQWHQFLRQDGR
TXLVLHURQSURPRYHUODFUHDFLyQGHYLOODVSDUDODGLQRVSHURKXERVLHPSUHDOJR
TXHIUXVWUyRGHMyHQVXVSHQVRDTXHOORVRFDVLRQDOHVSURSyVLWRV(ODXWRUGHODV
0HPRULDVQRFRQFLEHVRVSHFKDVHQHVWHSXQWR\VHFRQIRUPDFRQSRGHUFXOSDU
DOJRELHUQRFRORQLDOGDQGRSRUVXSXHVWRTXHVXDEDQGRQRGHORVODGLQRVIXH
UHVXOWDGR GH VXFHVLYRV GHVFXLGRV \ GH XQD FHQVXUDEOH LQGLIHUHQFLD IUHQWH D
DTXHO VHFWRU VRFLDO 6XV SURSLRV GDWRV HPSHUR LQFLWDQ D OD VXVSLFDFLD \
QRVRWURV VLQ UHSURFKDUOH QDGD DO FOpULJR +LVWRULDGRU VLQ H[LJLUOH HO XVR GH
FODYHV PHWRGROyJLFDV TXH QR HVWDED REOLJDGR D PDQHMDU YDPRV D IRUPXODU
LQPHGLDWDPHQWH XQD SUHJXQWD TXH KD GH DFRPSDxDUQRV HQ WRGD HVWD
DYHULJXDFLyQ ¢TXLpQ R TXLHQHV KDEUtDQ VLGR SHUMXGLFDGRV HQ VXV LQWHUHVHV
HFRQyPLFRVFRQODFUHDFLyQGHYLOODVGHODGLQRV"2ORTXHHVORPLVPRGLFKR

DOUHYpV¢TXLpQRTXLpQHVVHEHQHILFLDEDQHFRQyPLFDPHQWHFRQODGLVSHUVLyQ\
HOGHVDUUDLJRGHORVODGLQRV"(VWDHVODSUHJXQWDFODYH
$OQRGLULJLUVXE~VTXHGDKDFLDORVLQWHUHVHVGHJUXSRD*DUFtD3HOiH]QR
OHTXHGyRWURUHFXUVRTXHDWULEXLUOHDODVOH\HV²DVXLQFXPSOLPLHQWRHQHVWH
FDVR²XQDIXHU]DGHGHWHUPLQDFLyQKLVWyULFDTXHQXQFDKDQWHQLGRQLSXHGHQ
WHQHU ³(O JROSH GDGR D XQD OH\ KLHUH PXFKDV D XQ WLHPSR´ H[SOLFD>@
'HVREHGHFtDODSURKLELFLyQGHHVWDEOHFHUVHODGLQRVHQSXHEORVGHLQGLRVVH
GHVDWHQGLy HQ FRQVHFXHQFLD OD UHFRPHQGDFLyQ GH IXQGDU YLOODV GH ODGLQRV \
FRQHVWRVHFHUUyWDPELpQODSRVLELOLGDGGHDVLJQDUOHVWLHUUDVSURSLDV>@$Vt
ODV FRVDV ORV ODGLQRV VH YLHURQ REOLJDGRV D DFRJHUVH D ODV KDFLHQGDV \ D
VHJXLUEXVFDQGRVXVXHUWHHQORVSXHEORVGHLQGLRV+DELHQGRWHQLGRGHUHFKR
SXHV D SHGLU \ UHFLELU WLHUUD GHO UH\ VH YLHURQ REOLJDGRV D WUDEDMDU WLHUUD
DMHQDFRPRIRUDVWHURVHQWRGDVSDUWHV>@
(Q HO UHLQR GH *XDWHPDOD GHELHURQ KDEHUVH IXQGDGR FLHQ R GRVFLHQWDV
YLOODV R SREODFLRQHV GH ODGLQRV ²VLJXH GLFLHQGR²>@ /D QHFHVLGDG GH
WHQHUODV HUD WDQ JUDQGH \ WDQ XUJHQWH TXH ORV ODGLQRV FUHDURQ DOJXQDV SRU
HVIXHU]R SURSLR QR HQ WHUUHQRV GH FRQFHVLyQ S~EOLFD VLQR HQ WLHUUDV GH
GRPLQLR SULYDGR SDJDQGR SRU HOODV VHJ~Q ODV SRVLELOLGDGHV GH ORV JUXSRV
IXQGDGRUHV>@'HDOOtSURYLHQHTXHXQDVYLOODVWHQJDQWLHUUDVDOHGDxDVSDUD
WUDEDMDU\RWUDVDSHQDVSRVHtDQVRODUHVSDUDKDELWDFLyQYLpQGRVHREOLJDGDVD
FXOWLYDUWLHUUDVDOTXLODGDVRVXMHWDVDSDJR>@+DFHODFRQMHWXUDGHTXHHQHO
UHLQR TXL]i KXER XQDV WUHLQWD YLOODV QDFLGDV DVt SRU HVIXHU]R SULYDGR GH ORV
ODGLQRV\SURSRUFLRQDHOGDWRGHTXLQFHGHHOODVFX\RRULJHQOHHUDFRQRFLGR FLUFXQVWDQFLDHVSHFLDO\GHQLQJ~QPRGRPLUDQGRDOELHQGHDTXHOODJHQWHHO
/D*RPHUD6DQ9LFHQWH6DODPi6DQ-HUyQLPR'RQ*DUFtD&XDMLQLTXLODSD
$]DFXDOSD6DQWD5RVD*XD\DEDO7HSHWLWiQ6DQ6HEDVWLiQODVWUHV~OWLPDVHQ
LQGLRV\ODGLQRVGHFLGLHUDQDEDQGRQDUHOOXJDU\VHSDUDUVHIXQGDQGRDVtGRV
SREODGRVQXHYRV$SHVDUGHTXHHVWHGHVSOD]DPLHQWRKDEtDVLGRPRWLYDGRSRU
XQD FDODPLGDG TXH FDXVy PXFKDV PXHUWHV \ JUDYHV SpUGLGDV ORV ODGLQRV
WXYLHURQTXHSDJDUSHVRVSRUHOWUR]RGHWHUUHQRHQTXHVHHVWDEOHFLHURQ
>@(OJRELHUQRDXWRUL]y\OHJDOL]yODFUHDFLyQGHODYLOODSHURQRODGRWyGH
QDGD>@
&RPR H[FHSFLyQ \ HQ VRUSUHQGHQWH FRQWUDVWH GH ODV YLOODV PHQFLRQDGDV
TXHIXHURQWRGDVHULJLGDVVREUHWHUUHQRVFRPSUDGRVODYLOODGH*XDGDOXSHIXH
IXQGDGDHQWLHUUDVFHGLGDVSRUHO$\XQWDPLHQWRGHODFLXGDGGH*XDWHPDOD>@
(VWHSHUHJULQRDFRQWHFLPLHQWRTXHSDUHFHFRQWUDGHFLUODOtQHDGHOJRELHUQR\
GHO SURSLR $\XQWDPLHQWR IUHQWH D ORV ODGLQRV WLHQH VLQ HPEDUJR VX
H[SOLFDFLyQ&RQPLQDGRVSRUHOJRELHUQRORVPRUDGRUHVGHORVUDQFKHUtRVGH
ODFXHVWDGH&DQDOHV²PX\FHUFDQDDODQXHYDFDSLWDO²VROLFLWDURQSHUPLVR
SDUDDYHFLQGDUVHHQWLHUUDVHMLGDOHVTXHSHUWHQHFtDQDODFLXGDG&RUUtDHODxR
 \ OD FLXGDG FDSLWDO WUDVODGDGD VyOR GLHFLRFKR DxRV DQWHV D VX QXHYR
HPSOD]DPLHQWRHQHOYDOOHGHOD(UPLWDSDGHFtDODVFRQVHFXHQFLDVGHQRWHQHU
DOOtFRPRORKDEtDWHQLGRHQVXDQWLJXRORFDOXQFUHFLGRQ~PHURGHSXHEORV
TXH IXHUDQ GHVSHQVD SDUD DEDVWHFHUOD (O $\XQWDPLHQWR FHGLy SXHV FXDWUR
FDEDOOHUtDVDORVODGLQRVVROLFLWDQWHVSHUREDMRODFRQGLFLyQ²DFHSWDGDSRU
HOORV²GHTXHVHGHGLFDUtDQDFXOWLYDUKRUWDOL]DVSDUDHOPHUFDGRGHODQXHYD
FLXGDG>@
6LQDOJXQDGXGDFDEHGHTXHHO$\XQWDPLHQWRSURFHGLySUHVLRQDGRSRUXQD
VLJXLHQWHHSLVRGLRYLHQHDERUUDUOD(QHOPLVPRDxRGHXQQXHYRJUXSR
GHIDPLOLDVODGLQDVGHODFXHVWDGH&DQDOHV²ODSULPHUDYH]KDEtDQVLGR
ODSURYLQFLDGH6DQ6DOYDGRU6DQ0DUFRV/DV0HVDV&KLFRM\ODYLOODGH
*XDGDOXSH DO VXUHVWH GH OD QXHYD FDSLWDO GH *XDWHPDOD>@ 5HODWD FyPR
ORJUDURQ FRQVWLWXLUVH DOJXQDV GH HOODV GD HO QRPEUH GH ORV SURSLHWDULRV HQ
FX\D WLHUUD VH KDEtDQ LQVWDODGR \ D TXLHQ ILQDOPHQWH ORJUDURQ FRPSUiUVHOD \
KDVWDPHQFLRQDODVFDQWLGDGHVSDJDGDVSRUORVODGLQRVSDUDDVHQWDUVHHQVRODU
SURSLR%UHYHVUHIHUHQFLDVGHO+LVWRULDGRUGHWUiVGHODVFXDOHVVHDGLYLQDTXH
KXERHSLVRGLRVGHJUDQHVIXHU]RFROHFWLYR>@$VtSRUHMHPSORODLQXQGDFLyQ
\ UXLQD GHO SXHEOR GH 3HWDSD ²² GLR RFDVLyQ D TXH VXV PRUDGRUHV

IDPLOLDV DKRUD HUDQ ² VH GLULJLy DO JRELHUQR SLGLHQGR FLHUWDV WLHUUDV
UHDOHQJDVSDUDIXQGDUXQDYLOOD/D$XGLHQFLD²QyWHVHHVWHGHWDOOH²YLHQGR
TXHHOORHUD³FRQIRUPHDODVLQWHQFLRQHVGH6X0DMHVWDG´LQLFLyHOH[SHGLHQWH
SDUD IDYRUHFHU D GLFKDV IDPLOLDV 3HUR HO $\XQWDPLHQWR HQWHUDGR GH OD
SHWLFLyQLQWHUFHGLySDUDVROLFLWDUTXHQRVHOHVGLHUDQODVWLHUUDVTXHSHGtDQ
VLQRTXHVHDJUHJDUDQDODYLOODGH*XDGDOXSH>@/RVODGLQRVLQVLVWLHURQHQ
VHUIXQGDGRUHVHQWLHUUDVUHDOHQJDVHO$\XQWDPLHQWRQRFHGLyHOH[SHGLHQWHVH
KL]R YROXPLQRVR \ ODV  IDPLOLDV VH TXHGDURQ FRPR HVWDEDQ VLQ WLHUUD
SURSLDHQODFXHVWDGH&DQDOHV>@KDFHHO

 +LVWRULDGRU OD REVHUYDFLyQ HQ TXH ODV WLHUUDV UHDOHQJDV VROLFLWDGDV HQ
DTXHOODRSRUWXQLGDGWRGDYtDQRKDEtDWHQLGRDSURYHFKDPLHQWR~WLOHQORVGtDV
HQTXHpOGHVFULEHHOHSLVRGLRSDVDGRVFDVLFLQFXHQWDDxRV
(VLPSRUWDQWHFRQVLJQDUTXHFRQH[FHSFLyQGHOFDVRDUULEDPHQFLRQDGRGH
OD YLOOD GH *XDGDOXSH HO $\XQWDPLHQWR GH *XDWHPDOD KL]R IUDFDVDUHQ WRGR
WLHPSRWRGRVORVLQWHQWRVGHFUHDUYLOODVHQORVWHUULWRULRVGHVXMXULVGLFFLyQ
*DUFtD3HOiH]LQIRUPDTXHDTXHOFXHUSRVHODVDUUHJOySDUDTXHHQORVYDOOHV
TXH FLUFXQGDEDQ \ DEDVWHFtDQ D OD FLXGDG QR VXUJLHUDQ SREODGRV GH ODGLQRV
>@ 3RGUtD SHQVDUVH TXH HVD SROtWLFD SURWHJtD HO GRPLQLR GHO $\XQWDPLHQWR
VREUHORVVHWHQWD\VLHWHSXHEORVGHLQGLRVGHORVQXHYHYDOOHVTXHFLUFXQGDEDQ
DODFLXGDGHQVXDQWHULRUORFDOLGDG²HOHGpQGHORVFULROORVFDSLWDOLQRVGHO
TXH \D KHPRV KHFKR PHQFLyQ HQ RWUR VLWLR² SHUR QR GHEH ROYLGDUVH TXH OD
LQIRUPDFLyQGHO+LVWRULDGRUFRQWHPSODVHVHQWDDxRVGHH[LVWHQFLDGHODFDSLWDO
HQVXQXHYRiPELWRGHOYDOOHGHOD(UPLWD>@\VLSDUDHQWRQFHVHUDWRGDYtD
XQD H[FHSFLyQ OD YLOOD GH *XDGDOXSH GHEH LQIHULUVH QHFHVDULDPHQWH TXH HO
$\XQWDPLHQWR QR DOWHUy VX QRUPD GH HYLWDU ODV YLOODV GH ODGLQRV HQ ODV
FRPDUFDVDEDVWHFHGRUDVGHODFDSLWDO
(VWH KHFKR WLHQH IiFLO H[SOLFDFLyQ \ DXQTXH SDUHFH XQ IHQyPHQR
FLUFXQVFULWR D OD YLGD GH XQD FLXGDG VH HVFRQGHQ DOOt HOHPHQWRV TXH VLUYHQ
SDUDFRPHQ]DUDHQWHQGHUODSRVLFLyQFULROODIUHQWHDORVODGLQRVHQJHQHUDO/D
MXULVGLFFLyQ TXH WHQtD HO $\XQWDPLHQWR VREUH ORV YDOOHV \ SXHEORV TXH
URGHDEDQ D OD FLXGDG DXWRULGDG REWHQLGD HQ ORV IORULGRV WLHPSRV HQ TXH OD
SURSLDFLXGDGHVWDEDQDFLHQGRFRPRFHQWURGHGRPLQLR\GHGLVIUXWHLQFOXtD
YDULRV GHUHFKRV IHXGDOHV TXH REOLJDEDQ D ORV LQGLRV QR VyOR D SURYHHUOD GH
FLHUWRV ELHQHV VLQR WDPELpQ D WUDEDMDU REOLJDWRULDPHQWH HQ OD FRQVWUXFFLyQ \
UHSDUDFLyQGHHGLILFLRVHQHOPDQWHQLPLHQWRGHFDOOHV\SOD]DV\KDVWDFRPR
VLUYLHQWHV²³WHTXHWLQHV´²GHFLHUWDVSHUVRQDVDTXLHQHVODDXWRULGDGVHORV
DVLJQDED>@(VWHVLVWHPDGHVHUYLFLRVSHUVRQDOHVWDQLPSRUWDQWHSDUDTXHOD
FLXGDG IXHUD OR TXH WHQtD TXH VHU GHVGH HO SXQWR GH YLVWD FULROOR UHSRVDED
VREUH OD SOHQD DFHSWDFLyQ GH XQDV GHWHUPLQDGDV UHODFLRQHV HQWUH ORV VLHUYRV
GHOYDOOH\ORVVHxRUHVGHODFLXGDG/DSXUH]D\VHQFLOOH]GHHVDVUHODFLRQHV
HUDXQDFRQGLFLyQQHFHVDULDSDUDVXEXHQIXQFLRQDPLHQWR\VXSHUGXUDFLyQ1R
ROYLGHPRVSRURWUDSDUWHTXHORVVHxRUHVGHODFLXGDGUHSUHVHQWDGRVHQVX
$\XQWDPLHQWRHUDQWDPELpQORVVHxRUHVGHODVKDFLHQGDVGHOYDOOHDGRQGHVH

H[WHQGtDQ ODV UHODFLRQHV DQWHV VHxDODGDV &XDOTXLHU HOHPHQWR TXH YLQLHUD D
URPSHU OD XQLGDG GHO HVWDWXWR IHXGDO TXH UHJtD HQ HO YDOOH KXELHUD VLGR GH
ODPHQWDEOHVFRQVHFXHQFLDVSDUDODFRPRGLGDGGHORVFULROORVHQVXPX\QREOH
\PX\OHDOSDUDtVR/DVYLOODVGHODGLQRVFRPRQ~FOHRVGHWUDEDMDGRUHVOLEUHV
QR VyOR KXELHUDQ RIUHFLGR HO SpVLPR HVSHFWiFXOR GH SREODGRV TXH QR GDEDQ
VHUYLFLR D OD FLXGDG QL D ODV KDFLHQGDV VLQR TXH D OD ODUJD KXELHUDQ
SUHWHQGLGR TXH ORV LQGLRV ODV VLUYLHUDQ WDPELpQ D HOODV SXHV HV VHJXUR TXH
DOJXQRV HVSDxROHV HPSREUHFLGRV KXELHUDQ LGR D HVWDEOHFHUVH DOOt (Q SRFR
WLHPSRKXELHUDQHVWURSHDGRDTXHOYLHMRHGpQRUJDQL]DGRWDQVDELDPHQWHHQHO
VLJOR ;9,SRUORVFUHDGRUHVGHODFLXGDG/DSUHVHQFLDGHODGLQRVLQFUXVWDGRV
HQ ORV SXHEORV GHO YDOOH HUD FRVD TXL]i ODPHQWDEOH SHUR LQHYLWDEOH \ QR GH
JUDYHVFRQVHFXHQFLDV$OQRWHQHUSREODGRVSURSLRVWHQtDQTXHDFDWDUHOIXHUR
GH ORV DMHQRV \ FRPR pVWH QR RIUHFtD IOH[LELOLGDG HVWDQGR WDQ FHUFD GH OD
FDSLWDOWHQtDQTXHGHVSOD]DUVHKDFLDHOLQWHULRUGHOSDtVHQGRQGHWHUPLQDEDQ
WUDEDMDQGRSDUDTXLHQHVDOOiORVQHFHVLWDEDQ+HDKtSXHVSRUTXpORVFULROORV
GHODFLXGDGQRTXHUtDQYLOODVGHODGLQRVHQVXFHUFDQtD
/DV YLOODV SRU Vt PLVPDV FDUHFtDQ GH LPSRUWDQFLD HQ HO SDQRUDPD GHO
UHLQR (UDQ SRFDV \ SRFR SREODGDV>@ 6RQ LPSRUWDQWHV FRPR SUREOHPD
KLVWyULFRHVRVtSRUTXHODSUHFDULHGDGGHVXQDFLPLHQWR\GHVXVH[LVWHQFLD
DOFKRFDUFRQODFHUWH]DGHTXHVXLQFUHPHQWRKXELHUDVLGRODYtDQDWXUDOGHO
GHVDUUROORHFRQyPLFRGHPXFKRVPLOODUHVGHODGLQRVUHIXHU]DODVLJQLILFDFLyQ
GHO LQWHUURJDQWH TXH WUDHPRV SODQWHDGR ¢TXLpQHV VDOtDQ JDQDQFLRVRV FRQ OD
GLVSHUVLyQ\HOGHVDUUDLJRGHORVODGLQRV"
/D JUDQ PD\RUtD GH ORV ODGLQRV YLYtD GHVSDUUDPDGD SRU ORV FDPSRV GHO
LQWHULRU GHO SDtV SULQFLSDOPHQWH HQ ODV UDQFKHUtDV GH ODV KDFLHQGDV 1R HQ
SXQWRVUHFRQRFLGRVSRU ODDGPLQLVWUDFLyQ QLUHJLGRV SRUDXWRULGDGRILFLDOGH
QLQJXQD HVSHFLH VLQR HQ FKRFHUtRV LPSURYLVDGRV D YHFHV DSLxDGRV \ MXQWRV
RWUDVPX\HVSDUFLGRV\HQRFDVLRQHVDOLQHDGRVGHWUHFKRHQWUHFKRMXQWRDORV
SROYRULHQWRV FDPLQRV>@ 3DUD IRUPDUVH XQD LGHD GH HVH HQRUPH \ ROYLGDGR
DVSHFWR GH OD UHDOLGDG FRORQLDO QR KD\ PHMRU UHFXUVR TXH VXPDUVH D OD
FRPLWLYD GHO $U]RELVSR &RUWpV \ /DUUD] HQ VX YLDMH GH GLH] PHVHV SRU
FXDWURFLHQWRVSXHEORV\RFKRFLHQWDVKDFLHQGDVGHVXGLyFHVLV²UHFRUULGRTXH
SXHGH KDFHUVH HQ OD OHFWXUD GH VX 'HVFULSFLyQ>@ VLQ WHQHU TXH DUURVWUDU
SHOLJURV \ HQIHUPHGDGHV YDGHDU UtRV DFUHFLGRV VXELU \ EDMDU SRU

GHVSHxDGHURVQLFDEDOJDUSRULQPHQVDVVROHGDGHVGHVKDELWDGDVHQODVTXHQR
VHRtDHOFDQWRGHXQSiMDUR² >@HVHOGRFXPHQWRTXHQRVOOHYDDGRQGHVH
HQFRQWUDEDQ ORV ODGLQRV UXUDOHV SREUHV ³(Q WRGDV ODV SDUURTXLDV GHO
$U]RELVSDGRDUHVHUYDGHPX\SRFDVKD\WDQWRVUDQFKRVYDOOHVWUDSLFKHV
KDFLHQGDV VDOLQDV HWF TXH FXDQGR PHQRV KDELWD HQ HOORV OD PLWDG GH OD
JHQWH GHO DU]RELVSDGR 'LVWDQ GH ORV SXHEORV QR GRV OHJXDV VLQR FXDWUR
RFKR \ KDVWD YHLQWH 1R VRODPHQWH KD\ DPDQFHEDPLHQWRV VLQR SROLJDPLDV
ODWURFLQLRV KRPLFLGLRV WRGR JpQHUR GH YLFLRV \ QLQJ~Q LQGLFLR GH
&ULVWLDQLV«´>@ 3XGR KDEHU DJUHJDGR HO UHOLJLRVR TXH WDPSRFR OOHJDED
KDVWDHVRVOXJDUHVQLQJ~QLQGLFLRGHDGPLQLVWUDFLyQGHMXVWLFLD\TXHHO~QLFR
IUHQRGHOFULPHQHUDHOWHPRUGHODYHQJDQ]DSHUVRQDO>@
'H ORV OXJDUHV HQ TXH HO LQIRUPH ORFDOL]D D ORV ODGLQRV OD PD\RUtD VRQ
KDFLHQGDV6HUHILHUHDOJXQDVYHFHVDUDQFKHUtDV\YDOOHVGHORVFXDOHVQRGLFH
TXHSHUWHQH]FDQDXQDKDFLHQGDGHWHUPLQDGD'HORVYDOOHVHQDOJXQRVFDVRV
HQ TXH QR ORV KDFH SHUWHQHFHU D ODV KDFLHQGDV SDUHFH HQWHQGHUVH TXH
SHUWHQHFHQDODMXULVGLFFLyQGHFLHUWRV SXHEORV SHURQRGHMDGXGD GH TXHOD
JHQWHTXHORVKDELWDHVODGLQD\QRSHUWHQHFHDGLFKRVSXHEORV>@3RUORTXH
KDFH D ODV UDQFKHUtDV QR YLQFXODGDV H[SUHVDPHQWH D ODV KDFLHQGDV TXHGD OD
GXGD\KDVWDODLPSUHVLyQGHTXHDOJXQDVSXGLHURQKDEHUVHKDOODGRHQWLHUUDV
UHDOHQJDVRFXSDGDVLOHJDOPHQWH
PLQRUtD FRQVHJXtD ODERUDU LOtFLWDPHQWH WLHUUDV UHDOHQJDV R GH FRPXQLGDGHV
LQGtJHQDV>@ 'LFKR GH RWUR PRGR FRPSUREDPRV TXH OD PD\RUtD GH ORV
ODGLQRVUXUDOHVVHYHtDQREOLJDGRVDDFHSWDUODVGHVYHQWDMDVTXHWUDtDFRQVLJR
HO LQVWDODUVH \ WUDEDMDU HQ WLHUUDV GH SURSLHGDG SULYDGD < VDEHPRV TXH OD
FDXVDSULQFLSDOGHTXHVHYLHUDQREOLJDGRVDHOORSURYHQtDGHTXHHOJRELHUQR
FRORQLDO VH QHJDUD D FHGHUOHV UHDOHQJRV SDUD IXQGDU YLOODV 7RGR OR FXDO
UHGXFLGR D ORV KHFKRV VLPSOHV VH GLFH DVt OD SROtWLFD GHO JRELHUQR FRORQLDO
IUHQWH D ORV ODGLQRV ORV REOLJDED D LQWURGXFLUVH HQ ODV KDFLHQGDV
$EVWHQJiPRQRVGHSUHJXQWDUWRGDYtDTXpYHQWDMDVSRGtDUHSRUWDUOHDOJRELHUQR
HVDSROtWLFD²DVXWLHPSRORKDUHPRV&RUWpV \ /DUUD] YLRWDQWD JHQWH HQ ODV
KDFLHQGDVTXHOOHJyDFDOFXODUSRUOREDMRTXHDOOtHVWDEDODWHUFHUDSDUWHGH
OD SREODFLyQ GHO UHLQR 6H H[FHGLy SHUR QR QRV H[FHGHPRV QRVRWURV DO
FDOFXODUTXHDOOtHVWDEDPiVGHODPLWDGGHODSREODFLyQPHVWL]DGHOUHLQR+D\
WUR]RV GH VX 'HVFULSFLyQ HQ TXH OD QRWLFLD GH ODGLQRV HQ Q~FOHRV GLVSHUVRV
UHVXOWD LPSUHVLRQDQWH $Vt SRU HMHPSOR HQ OD SDUURTXLD GH /RV (VFODYRV
HQFRQWUy  SHUVRQDV TXH YLYtDQ HQ VXV SXHEORV SHUR HQ OD PLVPD
SDUURTXLDFRQWySHUVRQDVTXHYLYtDQGLVSHUVDVHQKDFLHQGDVYDOOHV
XQ WUDSLFKH XQ LQJHQLR XQ ³FDOOHMyQ´ ²SRVLEOHPHQWH XQ FDPLQR UXUDO VLQ
VDOLGD² ODV RULOODV GH XQ UtR \ XQD ODJXQD XQ ³SDMXLGH´ ORV SDMXLGHV HUDQ
FKRFHULRV SURYLVLRQDOHV FRQVWUXLGRV \ KDELWDGRV SULQFLSDOPHQWH SRU LQGLRV
(VWRV SRUPHQRUHV VRQ GH PXFKR LQWHUpV /R TXH ORV ODGLQRV UXUDOHV
QHFHVLWDEDQHUDWLHUUDSDUDSURGXFLU\VXSURSyVLWRWLHQHTXHKDEHUVLGRGHVGH
OXHJR TXH HO SURGXFWR OHV SHUWHQHFLHUD tQWHJUDPHQWH \ GLVSRQHU GH pO FRQ
HQWHUD OLEHUWDG (VD VLWXDFLyQ VROR SRGtD GiUVHOHV FXDQGR FXOWLYDEDQ
VXEUHSWLFLDPHQWH WLHUUD UHDOHQJD R WLHUUD FX\R GRPLQLR HVWXYLHUD GHVFXLGDGR
SRU SDUWH GH VXV OHJtWLPRV GXHxRV 3RUTXH HO FXOWLYDU WLHUUD DMHQD FRQ
FRQRFLPLHQWR \ DXWRUL]DFLyQ GH VX SURSLHWDULR VLJQLILFDED QDWXUDOPHQWH OD
REOLJDFLyQGHSDJDUHOXVRGHGLFKDWLHUUDFRQSDUWHGHOSURGXFWRFRQWUDEDMR
RFRQGLQHUR
$KRUD ELHQ VL OR TXH DFDEDPRV GH DILUPDU HV FLHUWR ²\ WRGRV ORV
HOHPHQWRVGHMXLFLRGLVSRQLEOHVSDUHFHQLQGLFDUORDVt²HQWRQFHVUHVXOWDPX\
LPSRUWDQWHFRPSUREDUFRPRHQHIHFWRVHFRPSUXHEDSRUORVGDWRVGH&RUWpV\
/DUUD] \ GH *DUFtD 3HOiH] TXH OD JUDQ PD\RUtD GH ORV ODGLQRV UXUDOHV VH
HQFRQWUDEDQHQODVKDFLHQGDVHQWLHUUDVGHSURSLHGDGSULYDGD\TXHVyORXQD
 
IXJLWLYRV GH VXV SXHEORV ORV YHUHPRV HQ HO FDStWXOR VLJXLHQWH>@ (Q OD
SDUURTXLD GH &RQJXDFR KDOOy  KDFLHQGDV FRQ XQ SURPHGLR GH  SHUVRQDV
FDGD XQD HQ &DOXFR  KDFLHQGDV FRQ  SHUVRQDV FDGD XQD HQ $WHRV 
KDFLHQGDVFRQSHUVRQDVFDGDXQDHQ&RQFKDJXDSHUVRQDVGLVSHUVDV
VLHQGRSDUURTXLDGHHQWRWDOHQ*RWHUDKDFLHQGDVFRQXQSURPHGLR
GH  SHUVRQDV FDGD XQD HQ -XWLDSD HO SURPHGLR HV GH  SHUVRQDV SRU
KDFLHQGD HQ =DFDSD VRQ  KDFLHQGDV FRQ XQ SURPHGLR GHFODUDGR GH 
SHUVRQDVFDGDXQDHQ$VXQFLyQ0LWDKDEtDKDFLHQGDV\HQ-DODSDFRQXQ
SURPHGLRGHSHUVRQDVSRUKDFLHQGDHQDPEDVSDUURTXLDVHWF>@
(QPXFKDVKDFLHQGDVYLRHO$U]RELVSRPiVJHQWHGHODTXHDSDUHFtDHQODV
GHFODUDFLRQHV\HOSUHJXQWDUSRUWDODQRPDOtDVHOHGLMRTXHHUDQ³HVFRWHURV´
IDPLOLDVGHWUDEDMDGRUHVTXHLEDQGHXQOXJDUDRWUR³JHQWHTXHQRHVWiGHSLH
HQODKDFLHQGD´>@ (VD PRYLOLGDG OH FDXVy SUHRFXSDFLyQ SXHV VLJQLILFDED
LJXDO TXH HO YLYLU HQ ODV UDQFKHUtDV KDOODUVH FRPSOHWDPHQWH DO PDUJHQ GH OD
,JOHVLD 6LQ HPEDUJR OOHJD XQ PRPHQWR HQ TXH WDO LQIRUPDFLyQ VH OH KDFH
VRVSHFKRVD \ GLVFXUUH TXH SUREDEOHPHQWH OH HVWiQ PLQWLHQGR >@ 1R FDEH
GXGD GH TXH KDEtD WUDEDMDGRUHV WUDVKXPDQWHV MRUQDOHURV TXH LEDQ GH XQD
KDFLHQGD D RWUD SHUR WDPELpQ HV UD]RQDEOH VXSRQHU TXH RFXOWiQGROH DO
SUHODGR HO YHUGDGHUR Q~PHUR GH SHUVRQDV TXH YLYtDQ VLQ FRQWDFWR FRQ OD
,JOHVLD²QL FRQRWUD DXWRULGDGGHQLQJXQDFODVH²GHEHQ KDEHUOHSUHVHQWDGR
FRPR HVFRWHURV D PXFKRV WUDEDMDGRUHV TXH HUDQ KDELWDQWHV ILMRV GH ODV
UDQFKHUtDVSDUWLFXODUPHQWHFXDQGRVHWUDWDEDGHIDPLOLDVHQWHUDV
$IOLJLGRHO$U]RELVSRDQWHHOSUREOHPDGHWDQWRVPLOODUHVGHDOPDVGDGDV
DO GLDEOR ²\ WDQWRV PLOODUHV GH SHVRV GH UHQWD TXH OD ,JOHVLD GHMDED GH
SHUFLELU DO PLVPR WLHPSR²>@ LQWHUURJD UHIOH[LRQD FRPSDUD KDFH
HQWUHYLVWDV HQ SULYDGR \ ILQDOPHQWH WRFD HO IRQGR GHO SUREOHPD ³(Q ODV
KDFLHQGDVVHYLYHFRQWRGDOLEHUWDG´²H[FODPDOODPDQGRFRQHVHSUHFLRVR
QRPEUHDOGHVRUGHQGHXQDJHQWHLQIHOL]TXHSUHFLVDPHQWHFDUHFtDGH/LEHUWDG YDOOHV\KDFLHQGDVFRQWDOHVSUHWH[WRV\PHQWLUDVTXHHVSUHFLVRFHGHUDVXV
\OXHJRVHxDODFRQHOGHGRDTXLHQHVpOHQFXHQWUDFXOSDEOHV³«ORV GXHxRV
&RQYHQFLGR GH TXH HUD LPSRVLEOH TXH OD ,JOHVLD \ OD DXWRULGDG OOHJDUDQ
KDVWD DTXHOORV LQQXPHUDEOHV \ GLVWDQWHV ULQFRQHV HPLWLy HO $U]RELVSR XQ
HGLFWRJHQHUDOGLULJLGRDWRGRVORVSURSLHWDULRVGHKDFLHQGDVFRQPLQiQGRORVD
TXHKLFLHUDQUHFXHQWR\FHQVRGHVXJHQWH\SXVLHUDQODVOLVWDVHQPDQRVGHORV
FXUDV GH FDGD FRPDUFD>@ 7DPELpQ GLFWy SURYLGHQFLDV SDUD TXH ORV
KDFHQGDGRV QR DGPLWLHUDQ HQ VXV WHUULWRULRV D SHUVRQDV GHVFRQRFLGDV VLQR
WUD\HQGRDXWRUL]DFLyQGHVXVFXUDV\DOFDOGHV>@3HURHVWRVIUiJLOHVLQWHQWRV
VHKLFLHURQDxLFRVFRQWUDXQDYDVWD\YLHMDUHDOLGDGHFRQyPLFDVLQDOWHUDUOD
HQORPiVPtQLPR(OSULPHURHQFRPSUHQGHUORIXHHOPLVPR$U]RELVSR³«
OR TXH KD VXFHGLGR HV TXH YDULRV \ ORV PiV KDFHQGHURV DOHJDQ D ORV FXUDV
LPSRVLELOLGDGHV \ pVWRV PH ODV DSR\DQ´>@ ³(VWDV SURYLGHQFLDV VROR
VLUYHQSDUDHOGHVSUHFLR\SDUDTXHVHDXPHQWHQORVGHOLWRVSXHVVREUHTXH
QLQJXQRKDFHFDVRORVPLVPRVGXHxRVRFXOWDQODVSHUVRQDVTXHKD\HQORV
REVWLQDFLRQHV SRUTXH VREUH HVWDU YLHQGR \ WRFDQGR OD PXFKD JHQWH TXH
SHUPLWHQ OD OLEHUWDG GH FRQFLHQFLD SDUD WHQHU PR]RV SDUD HO WUDEDMR´>@ KD\ HQ HVWRV VLWLRV \ KDFLpQGROHV FDUJR GH HOOR UHVSRQGHQ XQRV TXH VRQ
6RQHOORVORVKDFHQGDGRVTXLHQHVVHEHQHILFLDQFRQWRGDVHVWDVIRUWDOH]DVGHO SDVDMHURVRWURVTXHYLYHQHQHOSXHEOR\TXHKDQLGRDWUDEDMDUSRUSRFRV
GHPRQLR \ HOORV VRQ ORV SULQFLSDOHV LQWHUHVDGRV HQ RFXOWDU HO Q~PHUR GH GtDVGHTXHVRODPHQWHVHVDFDDVDEHUTXHPXFKRVGXHxRVGHODVKDFLHQGDV
SHUVRQDVTXHYLYHQHQVXVUDQFKHUtDV\YDOOHVDGRQGHQRTXLHUHQYHUOOHJDU
QLQJXQD DXWRULGDG TXH LQWHUILHUD OD H[FOXVLYD GH HOORV PLVPRV ³« VLQ
VXMHFLyQ D 'LRV D OD ,JOHVLD QL DO 5H\ VLQ PiV UHJOD TXH HO FDSULFKR \
DQWRMR DEDQGRQDGRV D WRGR JpQHUR GH YLFLRV´>@ ³/RV KDFHQGDGRV \
GXHxRVGHWUDSLFKHVRYDOOHVUHFRJHQVLQGLILFXOWDGDWRGDHVWDJHQWHSRUTXH
OHV WUDEDMD FRQ PXFKD FRQYHQLHQFLD \ FRQVLGHUD FRPR SUHPLR GH VXV
WUDEDMRVHODEDQGRQRDVXVYLFLRV«´>@(QHVWH~OWLPRGHWDOOHVHHTXLYRFy
HO GLVJXVWDGR $U]RELVSR ²OD SDJD GHO WUDEDMR HQ ODV KDFLHQGDV HUD GH RWUD
tQGROH FRPR YHUHPRV² SHUR QR LPSRUWD VH FXPSOLy OR TXH SDUHFH XQ
SULQFLSLRPHWRGROyJLFRHVSRQWiQHRHQWRGDOD'HVFULSFLyQHOEXHQVHQWLGR\
ODVLQFHUDQHFHVLGDGGHDYHULJXDUODVFDXVDVGHODOHMDPLHQWRGHOD,JOHVLDSRU
WDQWDJHQWHKXPLOGHGHDTXHOODVRFLHGDG²LQGLRV\ODGLQRVSRULJXDO²OOHYD
OD LQGDJDFLyQ GHUHFKDPHQWH D ODV FDXVDV SURIXQGDV GH OD SREUH]D HO
DLVODPLHQWR\ODGHJUDGDFLyQKXPDQD/RVKDFHQGDGRVQHFHVLWDEDQIRPHQWDEDQ
\RFXOWDEDQODVUDQFKHUtDVSRUTXHORVODGLQRVSREUHVTXHDQGDEDQDODEXVFD
GHXQWUR]RGHWLHUUDVHDYHQtDQDWUDEDMDUOHVHQFRQGLFLRQHVPX\IDYRUDEOHV

VRQGHOPLVPRWHPSOH\PXFKRVKDVWDGHSHRUTXHORVWDOHVFULDGRVTXHORV
VLUYHQ\TXHHVWRVGHVyUGHQHVVRQLUUHPHGLDEOHV«´>@
(QORWRFDQWHDORVODGLQRVUXUDOHVWUHVVRQORVSXQWRVFODYHVTXHQRVGHMD
DFODUDGRV HVWH GLOLJHQWH WHVWLJR 3ULPHUR TXH HQ ODV KDFLHQGDV VH HQFRQWUDED
XQHOHYDGRSRUFHQWDMHGHOWRWDOGHORVPHVWL]RV²HOFXDOSXHGHHVWLPDUVHHQ
PiVGHXQ²VLQKDFHUFXHQWDGHORPXFKRTXHHOYLDMHURQRSXGRYHU\D
SRUTXH VH OR RFXOWDUDQ R SRU LPSRVLELOLGDG PDWHULDO GH OOHJDU D FLHUWRV
SDUDMHV6HJXQGRTXHORVKDFHQGDGRVDFRJtDQHQVXVSURSLHGDGHVDJUXSRVGH
WUDEDMDGRUHV ODGLQRV SRUTXH OHV HUDQ QHFHVDULRV HQ UD]yQ GH TXH OHV
WUDEDMDEDQ ³FRQ PXFKD FRQYHQLHQFLD´ < WHUFHUR TXH ORV KDFHQGDGRV VH
RSRQtDQ D OD LQWURPLVLyQ GH OD DXWRULGDG UHOLJLRVD HQ VXV SURSLHGDGHV \
RFXOWDEDQ R WUDWDEDQ GH KDFHU PHQRV RVWHQVLEOH OD SUHVHQFLD GH ORV
WUDEDMDGRUHV HVWDEOHFLGRV HQ HOODV (VRV SXQWRV FRPR IiFLOPHQWH VH
FRPSUHQGHVRQGHODPD\RULPSRUWDQFLDHQUHODFLyQFRQQXHVWURLQWHUURJDQWH
FODYH3RUORSURQWRSRGHPRVHVWDUVHJXURVGHTXHODGLVSHUVLyQGHORVODGLQRV
EHQHILFLDED HFRQyPLFDPHQWH D ORV KDFHQGDGRV 6HUtD XQ HUURU OLPLWDU HVD

DILUPDFLyQ GLFLHQGR TXH VyOR EHQHILFLDED FRQFUHWDPHQWH D TXLHQHV ORV
DFRJtDQ HQ VXV KDFLHQGDV \ H[SORWDEDQ GLUHFWDPHQWH VX WUDEDMR 3RUTXH
VDEHPRVGHIXHQWHVH[KDXVWLYDVTXHODGLVSRQLELOLGDGGHPDQRGHREUDVHUYLO
RPX\EDUDWDHUDXQDQHFHVLGDGFDSLWDOSDUDWRGRVORVWHUUDWHQLHQWHV\TXHVH
YHtDQ REOLJDGRV D HQFRQWUDUOH VROXFLyQ FRPELQDQGR OD H[SORWDFLyQ GH LQGLRV
GH UHSDUWLPLHQWR FRQ LQGLRV DVDODULDGRV \ FRQ WUDEDMDGRUHV ODGLQRV ILMRV \
WHPSRUHURV$XQHQORVFDVRVGHXQDVDWLVIDFWRULDGLVSRQLELOLGDGGHLQGLRVGH
UHSDUWLPLHQWRODREOLJDFLyQGHUHWRUQDUDVXVSXHEORVGHVSXpVGHFXPSOLGRHO
SOD]RGHVHUYLFLRODSURKLELFLyQGHTXHVHTXHGDUDQHQODVKDFLHQGDVH[LJtD
TXH SRU OR PHQRV XQ UHGXFLGR SHUVRQDO ODGLQR SHUPDQHFLHUD HQ HOODV
FRQWLQXDPHQWH/D'HVFULSFLyQUHYHODFRQWRGDFODULGDG²VLQPiVTXHKRMHDU
HOGRFXPHQWR²TXHODVFDQWLGDGHVGHODGLQRVHQODVKDFLHQGDVHUDQPHQRUHV
HQODVUHJLRQHVGHQVDPHQWHSREODGDVGHLQGLRVTXHHUDQHOHYDGDVHQODV]RQDV
GHOSDtVHQTXHORVLQGLRVHVFDVHDEDQ\TXHORVWUDEDMDGRUHVODGLQRVHVWDEDQ
HQWRGDVSDUWHV>@(QODVFRQGLFLRQHVHQTXHVHGHVDUUROODURQODVHPSUHVDV
DJUtFRODVFRORQLDOHVHODXPHQWRGHODGLVSRQLELOLGDGGHPDQRGHREUDVHUYLO
VHPLVHUYLO R PX\ EDUDWD EHQHILFLDED D ORV KDFHQGDGRV HQ FRQMXQWR (O
GHVSOD]DPLHQWRGHODGLQRVSREUHVKDFLDODVKDFLHQGDV\VXHVWDEOHFLPLHQWRHQ
ODVUDQFKHUtDVPRWLYy²FRPRHQWRGRVORVFDVRVHQTXHDXPHQWDHOQ~PHUR
GHWUDEDMDGRUHVGHVSRVHtGRVHQEXVFDGHRFXSDFLyQ²XQDPD\RUSRVLELOLGDG
GHLPSRQHUFRQGLFLRQHVSRUSDUWHGHOH[SORWDGRU\GHHVWDEOHFHUUHODFLRQHVGH
WUDEDMRIDYRUDEOHVSDUDpO/DFRPSUHQVLyQGHHVWHKHFKRVHKDFHPXFKRPiV
FODUDFXDQGRVHFRQRFHQODVFRQGLFLRQHVGHYLGD\GHWUDEDMRTXHSULYDEDQHQ
ODVUDQFKHUtDV\HVHVRORTXHGHEHPRVDQDOL]DUHQVHJXLGD
&RPHQFHPRVFRQXQDLQGLFDFLyQGHSULPRUGLDOLPSRUWDQFLD+HPRVGLFKR
TXHORVODGLQRVHQWDQWRTXHDSDUHFtDQFRPRHOHPHQWRVSHUWXUEDGRUHVGHODV
UHODFLRQHV IHXGDOHV GH OD FRORQLD ²ODV UHODFLRQHV HQWUH VLHUYRV \ VHxRUHV²
HUDQ XQ HVWRUER SDUD ORV FULROORV \ SDUD HO JRELHUQR 6LQ HPEDUJR XQD JUDQ
PD\RUtDGHODGLQRVSUHFLVDPHQWHORVTXHYLYtDQ\WUDEDMDEDQHQODVKDFLHQGDV
QR VyOR QR SHUWXUEDEDQ DTXHO FXDGUR IHXGDO VLQR DO FRQWUDULR YLQLHURQ D
FRPSOHPHQWDUOR \ D IDYRUHFHU VX FRQVROLGDFLyQ /R FRPSOHPHQWDURQ SRUTXH
ODVUHODFLRQHVGHSURGXFFLyQHQWUHORVKDFHQGDGRV\ODJHQWHGHODVUDQFKHUtDV
WXYR XQ FDUiFWHU PDUFDGDPHQWH IHXGDO VHJ~Q H[SOLFDUHPRV HQ VHJXLGD <
IDYRUHFLHURQVXFRQVROLGDFLyQSRUTXHDOSURSRUFLRQDUOHPDQRGHREUDVHPL

IHXGDODORVKDFHQGDGRVTXHFDUHFtDQGHLQGLRVHYLWDURQTXHHVWRVKDFHQGDGRV
OXFKDUDQSRUODOLEUHFRQWUDWDFLyQGHODPDQRGHREUDLQGtJHQD²ORFXDOOHV
KXELHUDFRQYHQLGRHQXQDVLWXDFLyQGHHVFDVH]JHQHUDOGHPDQRGHREUD²(Q
RWUDV SDODEUDV OD DIOXHQFLD GH WUDEDMDGRUHV ODGLQRV PX\ SREUHV DO FDPSR
SHUPLWLy HO DXPHQWR GHO Q~PHUR GH KDFLHQGDV VLQ XQ DXPHQWR GHO Q~PHUR GH
LQGLRV R XQ FDPELR HQ OD FRQGLFLyQ VHUYLO GH pVWRV +HFKD HVD LQGLFDFLyQ
JHQHUDO FRQVLGHUHPRV DKRUD XQD VHULH GH FDUDFWHUtVWLFDV GHO ODGLQR SREUH \
GHO UpJLPHQ GH WUDEDMR HQ ODV UDQFKHUtDV SDUD GHPRVWUDU HQ VXFHVLYDV
FRPSDUDFLRQHVFyPRHVWHWUDEDMDGRU\HVWHUpJLPHQWHQtDQJUDQGHVDWUDFWLYRV
SDUDORVKDFHQGDGRVFRORQLDOHV\SRUTXpVHUtDHTXLYRFDGRVXSRQHUTXHVyOR
HOVLVWHPDGHUHSDUWLPLHQWRVHUDGHVHDEOH\VDWLVIDFWRULRSDUDHOORV
<D VH YLR TXH ORV KDFHQGDGRV QR WHQtDQ QLQJ~Q LQWHUpV HQ TXH VXV PR]RV
FRORQRVHVWXYLHUDQEDMRHQFRQWUROLGHROyJLFRGHOD,JOHVLD(OODGLQRQRWHQtD
HOWUDXPDGHXQSDVDGRGHVWUXLGRQRWHQtDXQDVWUDGLFLRQHVFX\DVXSHUYLYHQFLD
FODQGHVWLQD IXHUD DVLGHUR GH UHVLVWHQFLDV LGHROyJLFDV 1R KDEtD VLGR QL VH
VHQWtDFRQTXLVWDGR1DFtDHQXQPXQGRTXHGHVGHHOSULQFLSLRVHOHSUHVHQWDED
FRPR DMHQR1RVROLGDUL]DGR FRQHO LQGLR QLFRQ HOHVSDxROQLWDPSRFR FRQ
ORVGHPiVODGLQRVUXUDOHVOHMDQRV\GHVFRQRFLGRVHOODGLQRGHODVKDFLHQGDV
WLHQH TXH KDEHU VLGR LQGLYLGXDOLVWD \ SRU OR WDQWR LQPRUDO /D PRUDOLGDG VH
GHVDUUROOD HQ HO KRPEUH HQ SURSRUFLyQ D VX FDSDFLGDG GH VROLGDUL]DUVH FRQ
RWURV KRPEUHV ²QRV UHIHULPRV FODUR HVWi D OD PRUDOLGDG DXWpQWLFD QR D OD
VDQWXUURQHUtD² HVH LQGLYLGXDOLVPR HUD XQD YHQWDMD SDUD HO RSUHVRU GH ORV
ODGLQRV DOOt GRQGH UHLQDUD QR KDEUtD DGKHVLyQ GH JUXSR QR KDEUtD
FRPSDFWDFLyQ VLQGHODWRUHV \ MDPiV KDEUtD TXLHQVHGHMDUDOOHYDUDODKRUFD
SDUDVDOYDUXQVHFUHWRGHODFRPXQLGDGFRPRVXFHGtDHQWUHORVLQGLRV³WHUFRV
\GHVFRQILDGRV´²GRWDGRVGHXQIXHUWHVHQWLPLHQWRGHFODVH²
/RV YLFLRV \ GHVyUGHQHV TXH DODUPDURQ D 'RQ 3HGUR &RUWpV \ /DUUD] ²
GHULYDFLRQHV GH OD PLVHULD² QR DIOLJtDQ D ORV H[SORWDGRUHV /D OXMXULD HO
DGXOWHULR \ OD SURPLVFXLGDG VLJQLILFDEDQ D OD ODUJD XQD JDUDQWtD GH
UHQRYDFLyQHLQFUHPHQWRGHODJHQWHWUDEDMDGRUDGLVSRQLEOHJHQWHQDFLGDHQOD
KDFLHQGD \ SRU HOOR PiV HQFHUUDGD HQ VX iPELWR /D HPEULDJXH] FRPR
FXDOTXLHURWUDFRVWXPEUHDXWRGHVWUXFWLYDGHELOLWDEDHOFDUiFWHUGHOWUDEDMDGRU
\ORSRQtDPiVDPHUFHGGHTXLHQDGHPiVGHVHUVXDPRHUDVX~QLFRMXH]
/DV ERUUDFKHUDV GH ORV LQGLRV HUDQ FRVD ELHQ GLVWLQWD OLEHUDEDQ F~PXORV GH

DJUHVLYLGDGGLULJLGDFRQWUDHQHPLJRVGHFODVHELHQFRQRFLGRV\IiFLOPHQWHVH
FRQYHUWtDQHQDPRWLQDPLHQWRV
/RV LQGLRV LEDQ \ YHQtDQ GH VXV SXHEORV < DXQTXH ORV SXHEORV HUDQ HQ
FLHUWRPRGRVXVFiUFHOHVODYHUGDGHVTXHDOOiHQFRQWUDEDQDVXVLJXDOHVFRQ
TXLHQHV VH VHQWtDQ XQLGRV $GHPiV KDEtD HQ HO SXHEOR XQD WLHUUD FRPXQDO IXHU]DGHWUDEDMRDFDPELRGHVHUVX\RVORVIUXWRVSURGXFLGRVFRQODIXHU]DGH
LQVXILFLHQWHDGPLQLVWUDGD\GLVWULEXLGDSRU$OFDOGHVYHQDOHVSHURDOILQ\DO
FDERHUDGHORVLQGLRV/DVFKR]DVHVWUHFKDV\HQQHJUHFLGDVSRUHOKXPRHO
VXHORHQTXHGRUPtDQHUDQGHHOORV/RVLQGLRVWHQtDQDOJRDXQTXHIXHUDPX\
SRFRPX\PDOR\PX\GLVFXWLGR3HURHOODGLQRGHODKDFLHQGDQRWHQtDQDGD
/DWLHUUDTXHWUDEDMDEDHOVXHORHQTXHVHKXQGtDQORVKRUFRQHVGHVXFKR]DOD
FKR]D PLVPD HO DJXD HO FDPLQR OD DUEROHGD GH GRQGH VH VDFDED OHxD WRGR
HUDGHODPR>@
$GLIHUHQFLDGHOLQGLRTXHHVWDEDDWDGRDVXSXHEORSRUODOH\HOODGLQR
HVWDEDDWDGRDODKDFLHQGDSRUODLQRSLD(UDIRUPDOPHQWHOLEUHGHPDUFKDUVH
FXDQGR TXLVLHUD>@ SHUR HVWR TXH SDUHFH XQD YHQWDMD GHEH KDEHU VLGR XQD
DPHQD]DSDUDORVWUDEDMDGRUHVYLHMRVRFRQIDPLOLD3RUTXHVyORSRGtDQLUVHD
RWUD KDFLHQGD R D XQ YDOOH R D XQD VDOLQD &RUUHU VXHUWH HQ XQ SXHEOR GH
LQGLRVHQGRQGHWRGRVHFRQIDEXODEDFRQWUDHOLQWUXVRHUDDYHQWXUDGHPDVLDGR
DUGXD SURSLD VRODPHQWH SDUD MyYHQHV VROWHURV %LHQ VH YH HQ HVWH HMHPSOR
FyPR OD /LEHUWDG HV SDODEUD YDFtD FXDQGR QR VXSRQH SURSLHGDG R DO PHQRV
HXURSHRDXQTXH\DXVDGDODWHUDOPHQWHHQODVDQWLJXDVVRFLHGDGHVHVFODYLVWDV
²HOWUDEDMDGRUGHVSURYLVWRGHWLHUUDDFHSWDEDFXOWLYDUODGHOKDFHQGDGRTXH
ODWHQtDGHVREUD\DFDPELRGHHOORVHOHSHUPLWtDFXOWLYDUSDUDVtXQDSDUFHOD
GHQWUR GH OD PLVPD KDFLHQGD &HGtD SXHV XQD SDUWH GH VX WLHPSR \ GH VX
WUDEDMRTXHOHTXHGDEDHQHOWLHPSRUHVWDQWH/DFHVLyQGHWLHUUDHQXVXIUXFWRD
FDPELR GH WUDEDMR IXH OD UHODFLyQ GH SURGXFFLyQ WtSLFD GH OD UDQFKHUtD
FRORQLDOFRPRSUREDUHPRVHQVHJXLGD(UDXQVLVWHPDPX\YHQWDMRVRSDUDORV
WHUUDWHQLHQWHVSRUTXHSDJDEDQODIXHU]DGHWUDEDMRTXHHUDORTXHQHFHVLWDEDQ
QR FRQ GLQHUR VLQR SUHVWDQGR WUR]RV GH WLHUUD TXH WHQtDQ GH VREUD \ HVWDEDQ
GHVDSURYHFKDGRV
(V*DUFtD3HOiH]TXLHQDFODUDGHILQLWLYDPHQWHHQDSUHWDGRVUHQJORQHV
OD VLWXDFLyQ GHO WUDEDMDGRU \ HO UpJLPHQ GH WUDEDMR GH ODV UDQFKHUtDV (O
IHQyPHQR OD UDQFKHUtD VH FRQVHUYDED LQWDFWR HQ OD GpFDGD HQ TXH HO
+LVWRULDGRU HVFULELy VREUH HVWH DVXQWR ²GRV GpFDGDV GHVSXpV GH OD
,QGHSHQGHQFLD²\pOOHFRQFHGHPXFKDLPSRUWDQFLDFRPRYHVWLJLRFRORQLDO
\IXHQWHGHPLVHULDVTXHGHEHGHVDSDUHFHU(VpOTXLHQQRVVDFDGHGXGDVHQ
ORWRFDQWHDTXHHOXVXIUXFWRHUDODIRUPDXVXDOGHUHWULEXFLyQHQDTXHOORV
OXJDUHV ³1R KD\ VRODUHV HQ SURSLHGDG SDUD KDELWDFLyQ VLQR D PHUFHG GHO
GXHxRGHODWLHUUD1LKD\VLWLRVGHFUtD\VHPHQWHUDFRQSHUSHWXLGDGVLQR
SRVLELOLGDGFRQFUHWDGHWUDEDMDUFRQSURYHFKR\YLYLUGHFRURVDPHQWH
(OLU\YHQLUGHORVLQGLRVGDEDRFDVLyQDFRQVWDQWHVSUREOHPDV²TXHHQ
VX OXJDU DQDOL]DUHPRV FRPR SUREOHPDV SDUD HO LQGLR² QR VyOR SRUTXH
SUHWHQGtDQ TXH VH OHV UHFRQRFLHUD HO WLHPSR SHUGLGR HQ ORV YLDMHV \ SRUTXH
SUHWH[WDEDQUHWUDVRVVLQRSRUTXHKDEtDTXHWHQHUELHQGLVSXHVWRVDORVMXHFHV
UHSDUWLGRUHV\DORVPLVPRV$OFDOGHVLQGLRVWRGRHOFXDOVXSRQtDVRERUQRV\
JUDWLILFDFLRQHV (O WUDEDMDGRU GH UDQFKHUtD HQ FDPELR HVWDED DOOt WRGRV ORV
GtDV\DWRGDKRUD
$O LQGLR GH UHSDUWLPLHQWR KDEtD TXH SDJDUOH XQ UHDO FRQ FDGD GtD GH
WUDEDMR \ VL ELHQ HVD UHPXQHUDFLyQ HUD EDMtVLPD \ KDEtD PLO WUXFRV SDUD
UHFRUWDUOD D~Q PiV>@ OR FLHUWR HV TXH OD HVFDVH] JHQHUDO GH PRQHGD
GHVDFRQVHMDEDSDJDUHQPHWiOLFR(VWR~OWLPRQRHUDQHFHVDULRFRQODJHQWHGH
UDQFKHUtDDODTXHVHOHSRGtDSDJDUHOWUDEDMRFHGLpQGROHWLHUUDHQXVXIUXFWR
/D IyUPXOD HUD VHQFLOOD \ YLHMD ²WtSLFD \ SUHGRPLQDQWH HQ HO IHXGDOLVPR

SRU WLHPSR \ D FRQGLFLyQ GH VHUYLFLR (Q ILQ WHUUHQRV GH SDVWR GH XQ XVR
FRP~Q R H[FOXVLYR VLQR WRGR SUHFDULR FRQ TXH QL OD SREODFLyQ QL ORV
PRUDGRUHVJR]DQGHUHFKRVSURSLRV1ROHVFRPSHWHQRWURVGHUHFKRVTXHORV
FRQYHQFLRQDOHV \ GH DTXt GLPDQD OD VXHUWH PiV R PHQRV JUDWD GH WDOHV
FDVHUtRV UHJDGRV HQ WLHUUDV GH SURSLHGDG \ QR PHQRV OD YHQWDMD R
GHVYHQWDMDTXHOOHYHQORVSURSLHWDULRV'HDTXtODEXHQDRPDODLQWHOLJHQFLD
GH ORV FRQYHQLRV XVXIUXFWXDULRV HQWUH GXHxRV \ FRORQRV \ GH DTXt OD
GLYHUVLGDGGHXVRVWUDGLFLRQDOHV\FRVWXPEUHVUHFLELGDVHQHVWDPDWHULDTXH
D YHFHV HQJUtHQ \ DPHGUHQWDQ D ORV XQRV \ ORV RWURV´>@ &RQFOX\H
H[SUHVDQGRTXHHVSUHFLVRFUHDUSREODFLRQHVFRQWLHUUDVSURSLDV\GHUHFKRV
FLYLOHV \ VXSULPLU HVDV ³UDQFKHUtDV VREUHSXHVWDV VLQ H[LVWHQFLD OHJDO \
SROtWLFD´>@
&RPR VH YH WRGRV ORV DVSHFWRV IXQGDPHQWDOHV GHO UpJLPHQ GH ODV
UDQFKHUtDVHUDQGHFDUiFWHUIHXGDOVDOYRODFLUFXQVWDQFLDGHTXHHOWUDEDMDGRU

QR HVWDED DGVFULWR D OD KDFLHQGD>@ /DV SDUFHODV RFXSDGDV SRU ODV
KDELWDFLRQHV SHUWHQHFtDQ DO KDFHQGDGR 1R KDEtD WLHUUDV SDUD VHPEUDU TXH
SHUWHQHFLHUDQ DO WUDEDMDGRU (VWDEDQ FHGLGDV D FDPELR GH WUDEDMR ²³D
FRQGLFLyQ GH VHUYLFLR´² \ DXQ HVWR VXMHWR D VXFHVLYDV DUUHJORV \
FRQWLQXDFLRQHV WHPSRUDOHV 1R KDEtD HMLGRV R WLHUUDV GH XVR FRPXQDO SDUD
SDVWRUHRREWHQFLyQGHOHxD\RWURVPDWHULDOHVVLQRWRGR³SUHFDULR´²WpUPLQR
MXUtGLFRTXHDTXtLQGLFDDSURYHFKDPLHQWRGHDOJRTXHQRSHUWHQHFHDTXLHQOR
QHFHVLWDGR GH WUDEDMR TXH RIUHFH WLHUUD 6LQ HPEDUJR HQFXEUHQ XQD GUiVWLFD
IRUPD GH H[SORWDFLyQ IHXGDO FX\D HVHQFLD VH SRQH GH PDQLILHVWR DO
FRQVLGHUDUORV VLJXLHQWHV KHFKRV HO KDFHQGDGR VH DSURSLD ELHQHV SURGXFLGRV
SRU HO WUDEDMDGRU PLHQWUDV TXH HO WUDEDMDGRU QR VH DSURSLD QDGD TXH QR VHD
SURGXFLGRSRUVXSURSLRWUDEDMR(OKDFHQGDGRQRGRQDQLSLHUGHQLSURGXFH
QDGD5HFLEHELHQHVFUHDGRVSRUHOWUDEDMDGRU~QLFDPHQWHSRUPRWLYRGHVHU
pOHOSURSLHWDULRGHODWLHUUD\SRUTXHHOH[SORWDGRFDUHFHGHWLHUUD9DOJDHVWD
DSURYHFKD² (Q ODV UDQFKHUtDV QR UHJtD GHUHFKR DOJXQR QL VLTXLHUD SDUD
TXLHQHVVHKDOODEDWHPSRUDOPHQWHHQHOODV²³PRUDGRUHV´²5HJtDQDUUHJORV
FRQYHQFLRQDOHVTXHYDULDEDQGHXQDUHJLyQDRWUD\TXHHQDOJXQDVIRUPDEDQ
FRVWXPEUH R WUDGLFLyQ (VRV DUUHJORV ²³FRQYHQLRV XVXIUXFWXDULRV´²
FRQGLFLRQDEDQODPHMRURSHRUVXHUWHGHORVFRORQRVODPD\RURPHQRUYHQWDMD
TXH REWHQtDQ ORV SURSLHWDULRV \ QDWXUDOPHQWH RFDVLRQDEDQ DOWHUFDGRV \
VLWXDFLRQHV WHQVDV HQ TXH KDEtD WHPRU \ HQJUHLPLHQWR 3HUR HO IDFWRU
GHWHUPLQDQWH GH WDOHV FRQYHQLRV \ D OD YH] HO KHFKR GHILQLWRULR GH ODV
UDQFKHUtDVHUDTXHVHKDOODEDQDVHQWDGDVHQWLHUUDDMHQD³FDVHUtRVUHJDGRVHQ
WLHUUDV GH SURSLHGDG´ ³UDQFKHUtDV VREUHSXHVWDV VLQ H[LVWHQFLD OHJDO´ $Vt
SXHV PiV H[DFWR TXH GHFLU TXH HQ ODV UDQFKHUtDV QR UHJtD QLQJ~Q GHUHFKR
VHUtD GHFLU HVWR RWUR TXH UHJtD ~QLFDPHQWH HO GHUHFKR GH SURSLHGDG GHO
KDFHQGDGRVREUHODWLHUUDHQTXHVHKDOODEDQLQVWDODGDVORFXDOHOLPLQDEDWRGD
RWUDLQVWDQFLDHQODVUHODFLRQHVLQWHUQDVGHDTXHOODXQLGDGVRFLDO\ODVXMHWDED
DFRQYHQLRVGHXVXIUXFWRQHFHVDULDPHQWHYHQWDMRVRVSDUDHOKDFHQGDGR(VRV
FRQYHQLRV GHEHQ KDEHU YDULDGR PXFKR VHJ~Q FLUFXQVWDQFLDV HVSHFLDOHV
&XDQGR)XHQWHV\*X]PiQQRVUHILHUHTXHGDEDHQDUUHQGDPLHQWRXQDVWLHUUDVD
FDPELR GH RFRWH SDUD HO FRQVXPR GH VX KDFLHQGD>@ HVWi UHILULpQGRVH D XQ
FRQYHQLRGHXVXIUXFWRDFDPELRGHVHUYLFLR$ORPLVPRGHEHUHIHULUVH&RUWpV
\ /DUUD] FXDQGR LQIRUPD TXH HQ 0L[FR ³« ORV GXHxRV GH ODV KDFLHQGDV
EUHYHQRWDSDUDHOOHFWRUVLQQRFLRQHVGH(FRQRPtD3ROtWLFD
1RVTXHGDSRUVHxDODUXQD~OWLPDFDUDFWHUtVWLFDGHOODGLQRUXUDOTXHSDUD
HO WHUUDWHQLHQWH HUD XQ DWUDFWLYR DGLFLRQDO 'H LQWHQWR OD KHPRV GHMDGR GH
~OWLPRSRUTXHYDDVHUYLPRVSDUDDQXGDUWRGRVHVWRVKHFKRVHVXQDUHVSXHVWD
FRPSOHWDDODSUHJXQWDTXHWUDHPRVSHQGLHQWH
(O LQGLR HUD XQ VLHUYR FRQ GRV VHxRUHV \ VL ELHQ HV FLHUWR TXH KDEtDQ
HQFRQWUDGRXQVLVWHPDSDUDFRPSDUWLUVXH[SORWDFLyQQRGHEHROYLGDUVHTXHHO
PiVIXHUWHGHORVGRV²HOUH\²PDQWHQtDXQDHVWUHFKDYLJLODQFLDSDUDTXHHO
RWUR ²HO KDFHQGDGR² QR VH OR DSURSLDUD WRWDOPHQWH QL OR DJRELDUD
GHPDVLDGR /D FRURQD WHQLD SRU HVR ³SURFXUDGRUHV GH LQGLRV´ HQWUH VXV
IXQFLRQDULRV\HQODV/H\HVGH,QGLDVHOQDWLYRILJXUDEDFRPRXQ³PHQRU´>@
²KiELO WUXFR TXH SRQtD VX WXWHOD \ GHIHQVD HQ PDQRV GH XQR GH VXV
H[SORWDGRUHVODPRQDUTXtD£\GHMDEDFRQODVPDQRVDWDGDVDORWUR²3XHV
ELHQQDGDGHHVRRFXUUtDFRQORVODGLQRVSREUHVGHOFDPSR$GLIHUHQFLDGH
ORVLQGLRVTXHHUDQVLHUYRVYLJLODGRV\³SURWHJLGRV´SRUDOJXLHQTXHWDPELpQ
TXHUtD VDFDUOHV SURYHFKR ORV ODGLQRV HVWDEDQ FRPSOHWDPHQWH DEDQGRQDGRV
GHMDGRVDPHUFHGGHORVWHUUDWHQLHQWHV(VFXULRVRREVHUYDU²\WRFDPRVDTXt
XQSXQWRLPSRUWDQWH²FyPRODSROtWLFDGHDEDQGRQRGHORVODGLQRVSRUSDUWH
GHOJRELHUQRVLJQLILFDEDVHUHQXQFLDDVDFDUOHSURYHFKRDPXFKRVPLOODUHVGH
WUDEDMDGRUHVSDXSpUULPRVTXHREOLJDGDPHQWHLEDQDSDUDUEDMRODGHSHQGHQFLD
DUUHQGDEDQDYDULRVWUDEDMDGRUHVSDUWHGHVXVWLHUUDV\HQHOODVKDFtDQVXV
VHPHQWHUDV\MDFDOHVSHUVRQDVGHRWUDVSDUURTXLDV´>@(VHYLGHQWHTXHQLHO
KDFHQGDGRGHOVLJOR ;9,,QLHO$U]RELVSRGHO ;9,,,QLHOHFRQRPLVWDGHO ;,;
VH UHILHUHQ DO DOTXLOHU GH OD WLHUUD SDJDGR HQ GLQHUR ²DUUHQGDPLHQWR HQ
VHQWLGRHVWULFWR²VLQRDIRUPDVGHXVXIUXFWRDFDPELRGHWUDEDMR
(VWRVFRQYHQLRVXVXIUXFWXDULRVRIUHFHQVXSHUILFLDOPHQWHODDSDULHQFLDGH
XQ LQWHUFDPELR ³MXVWR´ HQWUH XQ QHFHVLWDGR GH WLHUUD TXH RIUHFH WUDEDMR \ XQ

GH ORV KDFHQGDGRV /D SUHJXQWD TXH WUDHPRV SODQWHDGD VL KD GH FXPSOLU VX
FRPHWLGR PHWRGROyJLFR H[LJH TXH QR SHUPDQH]FDPRV FLHJRV IUHQWH D OD
VLJXLHQWH FXHVWLyQ ¢SRU TXp PRWLYR DGRSWDURQ ODV DXWRULGDGHV GHO UHLQR GH
*XDWHPDOD XQD SROtWLFD TXH FRQWUDYLQLHQGR OH\HV \ GLVSRVLFLRQHV TXH
IDYRUHFtDQ D ORV ODGLQRV FRQ OD FUHDFLyQ GH YLOODV UHVXOWy IDYRUHFLHQGR HQ
GHILQLWLYD D ORV WHUUDWHQLHQWHV" (V HYLGHQWH TXH HVD SROtWLFD WDQ
RVWHQVLEOHPHQWHFRQWUDULDDODVOH\HVVyORSXGRVHJXLUVHFRQODDSUREDFLyQ\

WROHUDQFLD GH OD FRURQD /R FXDO REOLJD D SODQWHDU OD SRVLELOLGDG GH TXH OD
PRQDUTXtDPLVPDIXHUDEHQHILFLDGDFRQODGLVSHUVLyQGHORVODGLQRVHQHOFDVR
FRQFUHWRGHOUHLQRGH*XDWHPDOD/RTXHD*DUFtD3HOiH]OHSDUHFLyGHVFXLGR
\ WHUJLYHUVDFLyQ GH OD YROXQWDG GHO UH\ SRU SDUWH GH VXV UHSUHVHQWDQWHV HQ
*XDWHPDODSXHGHKDEHUVLGRPiVELHQHOUHVXOWDGRGHXQFRQYHQFLPLHQWRGH
XQFRQYHQLRWiFLWRFRQHOJRELHUQRSHQLQVXODUHQHOVHQWLGRGHTXHODFUHDFLyQ
GHYLOODV\ODHQWUHJDGHWLHUUDVDORVODGLQRVHUDQFRQWUDULDVDORVLQWHUHVHVGHO
UH\ 8QD PHGLDQD IDPLOLDUL]DFLyQ FRQ ODV WULTXLxXHODV GHO EXURFUDWLVPR
FRORQLDO SURSRUFLRQD GRV HQVHxDQ]DV GLJQDV GH DQRWDUVH /D SULPHUD \D KD
VLGR VHxDODGD SRU DOJXQRV +LVWRULDGRUHV SHUR OD VHJXQGD QR KD VLGR
VXILFLHQWHPHQWH YDORUDGD 3ULPHUD TXH ODV OH\HV VH GHVREHGHFtDQ GH PLO
PDQHUDV \ TXH SRU OR WDQWR TXHUHU HQWHQGHU OD FRORQLD D EDVH GH ODV OH\HV
FRORQLDOHVHVXQSURSyVLWRPDOLQWHQFLRQDGRRIUDQFDPHQWHQHFLR<KHDTXtOD
VHJXQGDTXHXQHOHYDGRSRUFHQWDMHGHGHVREHGLHQFLDV\GHIRUPDFLRQHVGHODV
OH\HV UHDOHV HUDQ OOHYDGDV D FDER FRQ SOHQR FRQRFLPLHQWR GHO &RQVHMR GH
,QGLDV \ GHO UH\ ELHQ SRUTXH DFFHGLHURQ D UXHJRV \ VRERUQRV GH SHUVRQDV H
LQVWLWXFLRQHVLQWHUHVDGDVELHQSRUTXHFLHUWDVOH\HVFRQYLQLHUDQDXQOXJDUSHUR
QR D RWUR \ ILQDOPHQWH SRUTXH DOJXQDV OH\HV \ GLVSRVLFLRQHV IXHURQ HPLWLGDV
FRQ ILQHV GHPDJyJLFRV GHVWLQDGDV D VDOYDU HO SUHVWLJLR GHO ³FULVWLDQtVLPR
PRQDUFD´IUHQWHDHVSHFWDGRUHV\FUtWLFRVLQWHUQRV\IRUiQHRVVLQLPSRUWDUVX
OR ODUJR GH FDVL GRV VLJORV>@ (Q  VH UHFLELy OD ~OWLPD SURKLELFLyQ GH
TXHORVODGLQRVVLJXLHUDQLQVWDOiQGRVHHQORVSXHEORVGHLQGLRV>@(Q 
IXH UHPRYLGR HO ~OWLPR &DSLWiQ *HQHUDO TXH VH LQWHUHVy HQ OD FUHDFLyQ GH
YLOODV³«HQFRQIRUPLGDGGH&pGXODV\RUGHQDPRVTXHORGLVSRQtDQ«´ >@
'HVGH HVH PRPHQWR QR YXHOYH D KDEHU SURKLELFLRQHV QL 5HDOHV &pGXODV DO
UHVSHFWRQL&DSLWiQ*HQHUDOTXHYXHOYDDILMDUVXDWHQFLyQVREUHHOSUREOHPD
SHVHDTXHHOSUREOHPDPLVPRVHKDUiPiVQRWRULRFRQHOFUHFLPLHQWRGHODV
PDVDV GH ODGLQRV PLVHUDEOHV HQ ODV FLXGDGHV \ HQ HO FDPSR 6H WUDWD GH XQ
YLUDMH\XQFRQWUDVWHGHPDVLDGREUXVFRVGHXQFDPELRGHSROtWLFDGHPDVLDGR
UHSHQWLQR \ QRWRULR TXH QR DGPLWH VHU YDORUDGR FRPR XQD GHFLVLyQ GH ODV
DXWRULGDGHV ORFDOHV HQ IODJUDQWH GHVREHGLHQFLD GH yUGHQHV DQWHULRUHV ODV
FXDOHV yUGHQHV VLJXLHURQ VLHQGR YLJHQWHV \ REHGHFLGDV HQ RWUDV FRORQLDV \
IXHURQUHFRJLGDVHQOD5HFRSLODFLyQGH/H\HVGH,QGLDV
6LKHPRVGHEXVFDUOHXQDUD]yQGHVHUDOFDPELRGHSROtWLFDTXHHVRVGDWRV
VXJLHUHQ XQ JUDQ KHFKR YROXPLQRVR \ PLO YHFHV FRPSUREDGR QRV RIUHFH GH
LQPHGLDWRODVEDVHVSDUDHQFRQWUDUOD&HQWHQDUHVGHGRFXPHQWRVSUHVHQWDQFRQ
WRGDFODULGDGFRPRIHQyPHQREiVLFRGHODGLQiPLFDFRORQLDOODSXJQDHQWUH
ODFRURQD\ORVFULROORV DSURSyVLWRGHORVLQGLRV<GHHVDSXJQD VHLQILHUH
TXHFXDOTXLHUIDFWRUTXHYLQLHUDDGLVPLQXLUHOLQWHUpVGHORVKDFHQGDGRVVREUH
ORVLQGLRV\DFDXVDUXQDFLHUWDGLVWHQVLyQHQDTXHOODSXJQDWHQtDTXHUHVXOWDU
FXPSOLPLHQWR 5HVXOWD KDUWR VRVSHFKRVR TXH GHVSXpV GH OD 5HFRSLODFLyQ GH GHVHDEOH SDUD OD PRQDUTXtD \ UHFRPHQGDEOH SRU SDUWH GH VXV IXQFLRQDULRV
/H\HV GH ,QGLDV  QR KD\D LQVLVWLGR OD PRQDUTXtD HQ OD FUHDFLyQ GH
SREODGRV GH ODGLQRV %LHQ VDEHPRV TXH FXDQGR UHDOPHQWH VH LQFXUUtD HQ
GHVREHGLHQFLD GH ODV OH\HV OR QRUPDO HUD TXH OD FRURQD LQVLVWLHUD HQ VX
FXPSOLPLHQWRHQYLDUDVXFHVLYDV5HDOHV&pGXODV²TXHQRODVKXERSDUDHVWH
DVXQWRGHVGHPHGLDGRVGHO;9,,²TXHKLFLHUDUHSHWLGDVFRQVXOWDV\HQYLDUD
FRPLVLRQDGRV HVSHFLDOHV LQFOXVR TXH UHPRYLHUD IXQFLRQDULRV KDVWD KDFHUVH
REHGHFHU 'HWUiV GH XQD DSDUHQWH GHVREHGLHQFLD FRPR OD TXH HVWDPRV
FRPHQWDQGR KDEtD VLHPSUH XQD FRQFHVLyQ XQ HQWHQGLPLHQWR PiV R PHQRV
VHFUHWRSDUDTXHODOH\QRVHFXPSOLHUD
3HUR ¢WHQHPRV DOJXQD EDVH SDUD VRVSHFKDU TXH OD SROtWLFD GH ODGLQRV
DGRSWDGDHQ*XDWHPDODSXGLHUDUHVXOWDUOHFRQYHQLHQWHDODFRURQD"
/DSULPHUDEDVHSDUDVRVSHFKDUORHVWULEDFRPR\DKHPRVLQGLFDGRHQHO
KHFKRPLVPRGHTXHWDOSROtWLFDIXHUDDGRSWDGD\QRYROYLHUDDVHUGLVFXWLGDD
 
ORFDOHV
*DUFtD3HOiH]OHUHSURFKDDODVDXWRULGDGHVGH*XDWHPDODQRKDEHUKHFKR
OR TXH KLFLHURQ ORV YLUUH\HV GH 0p[LFR TXH H[WHQGLHURQ KDFLD DO QRUWH HO
YLUUHLQDWRIXQGDQGRSREODGRVGHPHVWL]RV>@1RFRPSUHQGLy²QLWHQtDSRU
TXp HQWHQGHUOR² TXH ORV LQWHUHVHV GH OD FRURQD HVSDxROD HQ 0p[LFR HUDQ
FRPSOHWDPHQWHGLIHUHQWHVGHORVTXHWHQtDHQ*XDWHPDOD
$OOi OD JUDQ IXHQWH GH ULTXH]D SDUD OD PHWUySROL HUDQ ODV PLQDV GH RUR \
SODWD /DV FDQWLGDGHV TXH VDOtDQ FDGD DxR SRU HO SXHUWR GH 9HUDFUX] SDUD
(VSDxDVXPDEDQGRVWHUFHUDVSDUWHVGHODSURGXFFLyQDQXDOGHSODWDGHWRGR
HO PXQGR>@ (O UHSDUWLPLHQWR GH LQGLRV KDEtD VLGR DEROLGR HQ OD 1XHYD
(VSDxDGHVGHH[FHSWRSDUDHOODERUHRGHODVPLQDV²HQFRPELQDFLyQ
FRQ WUDEDMDGRUHV QHJURV² \ SDUD REUDV S~EOLFDV>@ (Q HO DxR  VH
DXWRUL]yDORVKDFHQGDGRVPH[LFDQRVSDUDUHWHQHUDORVLQGLRVSRUPRWLYRGH
GHXGDV>@FRQORFXDOQDFLy\VHSURSDJyHQDTXHOODFRORQLDGHVGHPHGLDGRV
GHO VLJOR ;9,, OD UDQFKHUtD GH LQGLRV UDGLFDGRV HQ ODV KDFLHQGDV ²TXH IXH
SURKLELGDHQ*XDWHPDODKDVWDHOILQDOGHODFRORQLD²
/RVGRVFXDGURVHFRQyPLFRVRFLDOHVSUHVHQWDQSURIXQGDVGLIHUHQFLDVTXH
IXHURQ ODV TXH PRWLYDURQ XQD GLVWLQWD SROtWLFD GH ODGLQRV (O UHLQR GH
*XDWHPDODHUDSREUHHQPLQDV6X~QLFD³PLQD´HIHFWLYD²SHUGyQHVHHOMXHJR
GHSDODEUDV² HUDQORVLQGLRV(OUDPRPiVSURGXFWLYR GHOD5HDO +DFLHQGD
IXH HQ WRGR WLHPSR HO GH WULEXWRV VLJXLpQGROH QR GH FHUFD HO GH LPSXHVWRV
SROtWLFD HFRQyPLFD GHVGH HO SXQWR GH YLVWD GH ORV GRV JUXSRV H[SORWDGRUHV
TXLHQHV GHVDSURYHFKDQGR XQ IDFWRU TXH YHQtD D PRGHUDU OD FRQWUDGLFFLyQ
EiVLFDH[LVWHQWHHQWUHHOORVKXELHUDQLPSHGLGRHOFUHFLPLHQWRQXPpULFRGHXQD
QXHYD JUDQ PDVD GH WUDEDMDGRUHV VXVFHSWLEOHV GH VHU H[SORWDGRV HQ GLYHUVDV
IRUPDV/DSROtWLFDDGRSWDGDIXHFRUUHFWDGHVGHHOSXQWRGHYLVWDGHTXLHQHV
WHQtDQ HQ VXV PDQRV HO GHVWLQR GH ORV PHVWL]RV FRPR VHFWRU VRFLDO HQ
FUHFLPLHQWR/DVOH\HVVHGHMDURQFRPRHVWDEDQDVtDSDUHFtDFRPRGHVDFDWRD
OD ³OHJLVODFLyQ EHQpILFD´ OR TXH HQ UHDOLGDG GHEH KDEHU VLGR XQ WiFLWR
VREUH WUDQVDFFLRQHV DOFDEDODV>@ /RV GRV UHQJORQHV GHSHQGtDQ HQ
GHILQLWLYD GH TXH ORV LQGLRV HVWXYLHUDQ SHUIHFWDPHQWH FRQWURODGRV HQ VXV
SXHEORV QR VyOR SDUD JDUDQWtD GH OD WULEXWDFLyQ VLQR SDUD SRGHU FHGpUVHORV
VLVWHPDWL]DGDPHQWHDODVKDFLHQGDVORFXDOHUDDVXYH]IDFWRUGHFLVLYRGHOD
SURGXFFLyQGHOFRPHUFLRLQWHUQR\H[WHULRU\SRUWDQWRWDPELpQGHODXPHQWR
GHODVDOFDEDODV
(Q HVH FRQWH[WR DSDUHFHQ \ FRPLHQ]DQ D SUROLIHUDU ORV PHVWL]RV (Q HVH
FRQWH[WRVHSODQWHDHOGLOHPDGHIXQGDUYLOODV\GDUOHVWLHUUDVRGHMDUTXHVLJD
VXFXUVRHVSRQWiQHRXQSURFHVRTXHORVFRQYLHUWHHQWUDEDMDGRUHVQHFHVLWDGRV
\GHVDUUDLJDGRV(VWHVHJXQGDDOWHUQDWLYDYLHQHDVXPLQLVWUDU²£FRPRFDtGRV
GHO FLHOR ² SHRQHV TXH VH LQWURGXFHQ HQ ODV KDFLHQGDV TXH VH DYLHQHQ D
IRUPDUUDQFKHUtDVHVWDEOHV\DWUDEDMDUDFDPELRGHXVXIUXFWRGHSDUFHODV(VWR
FXDQGR ODV KDFLHQGDV HVWiQ FUHFLHQGR HQ WDPDxR \ HQ Q~PHUR QHFHVLWDQGR
PDQR GH REUD SUHIHUHQWHPHQWH VHUYLO ²WRGDV TXLHUHQ LQGLRV² \ HVWiQGROHV
SURKLELGRUHWHQHUDORVQDWLYRV\IRUPDUUDQFKHUtDVFRQHOORV
3DUDODFRURQDHOGHVDUUROORGHODVUDQFKHUtDV\HODXPHQWRQXPpULFRGH
WUDEDMDGRUHVODGLQRVUXUDOHVYHQtDDVHUHQGHILQLWLYDXQIDFWRUTXHFRQWULEXtD
D OD FRQVHUYDFLyQ GH ORV SXHEORV GH LQGLRV FRQ VX UpJLPHQ GH WULEXWDFLyQ \
UHSDUWLPLHQWR \D UHJXODUL]DGR /D IXQGDFLyQ GH YLOODV GH ODGLQRV \ OD
FRQVLJXLHQWH FHVLyQ GH WLHUUDV D HVWH VHFWRU HQ FUHFLPLHQWR HUDQ PHGLGDV
FRQWUDULDV D ORV LQWHUHVHV GH OD PRQDUTXtD HQ ODV FRQGLFLRQHV HVSHFLDOHV GHO
UHLQR GH *XDWHPDOD $XQTXH XQD OH\HV OR UHFRPHQGDUDQ KDEtD TXH DWHQGHU
DTXHOORTXHHQILQGHFXHQWDVHUDODUD]yQGHVHUGHODVOH\HVHOLQWHUpVGHOD
FRURQD \ pVWH DFRQVHMDED GHVDWHQGHU DTXHOODV OH\HV $Vt VH OR GHEHQ KDEHU
GHPRVWUDGR ORV FULROORV \ WDPELpQ ORV IXQFLRQDULRV TXH HVWDEDQ YLHQGR GH
FHUFD OD UHDOLGDG /D IXQGDFLyQ GH YLOODV KXELHUD VLGR XQ JUDYH HUURU GH

FRQVHQWLPLHQWRXQHQWHQGLGRSROtWLFRGHFDUiFWHUUHVHUYDGR
&ODUR TXH HVD SROtWLFD GH ODGLQRV SDUHFH XQ GHVDFLHUWR VL VH SDUWH GHO
VXSXHVWR HUUDGR \ FDQGRURVR GH TXH OD EXHQD YROXQWDG GH ORV OHJLVODGRUHV
SHQLQVXODUHV \ GHO UH\ IXHURQ WUDLFLRQDGDV SRU OD PDOD YROXQWDG GH ODV
DXWRULGDGHVORFDOHV\PiVD~QVLVXEMHWLYDPHQWHVHWLHQHDOJXQDYLQFXODFLyQR
DILQLGDGGHFODVHFRQORVODGLQRV(VRIXHORTXHOHSDVyDO+LVWRULDGRU*DUFtD
3HOiH]ORFXDOSXHGHVHxDODUVHVLQDIiQGHFULWLFDUOR%DVWDQWHKL]RFRQLQLFLDU
ODGHQXQFLDVLVWHPiWLFDGHODVODFUDVFRORQLDOHV\FRQOHJDUQRVHVHDUVHQDOGH
GDWRV SDUD OD +LVWRULD (FRQyPLFD HQ HO TXH KHPRV HQFRQWUDGR QRWLFLDV
IXQGDPHQWDOHVDFHUFDGHYLOODV\UDQFKHUtDV
(O LQWHUURJDQWH TXH QRV SXVR VREUH OD E~VTXHGD GH ORV LQWHUHVHV
HFRQyPLFRV TXH GHWHUPLQDURQ OD GLVSHUVLyQ GH ORV ODGLQRV KD FXPSOLGR VX
PLVLyQ OD GLVJUHJDFLyQ GH ORV ODGLQRV EHQHILFLDED D ORV KDFHQGDGRV \ D OD
PRQDUTXtD (VD HV OD YHUGDGHUD FDXVD GH TXH D OR ODUJR GH GRV VLJORV \ D
SHVDUGHOFRQVWDQWHDXPHQWRGHPRJUiILFRGHORVODGLQRVVLHPSUHKXELHUDDOJR
TXH KDFtD IUDWDVDU ORV LQWHQWRV GH SRU Vt GpELOHV \ PX\ HVSRUiGLFRV GH
DXWRUL]DUOHV OD IXQGDFLyQ GH VXV YLOODV \ GH GDUOHV WLHUUDV UHDOHQJDV TXH ODV
KDEtDHQLQPHQVDFDQWLGDG
7RGR OR GLFKR HQ HVWH DSDUWDGR FDEH HQ QXHVWUR GLDJUDPD ²VL KHPRV GH
UHFRUGDUOR²HQODILJXUDHOtSWLFDTXHVHH[WLHQGHKDFLDDEDMR\FROLQGDFRQOD
HVIHUDGHORVLQGLRV)LJXUDTXHVLPEROL]DDORVODGLQRVSREUHVGHOFDPSR²OD
FDSDPHGLDEDMDUXUDO²\TXHOHSUHVHQWDFRPRXQUHVXOWDGRKLVWyULFRGLUHFWR
\ FODUtVLPR GH ODV WHQVLRQHV \ OLPLWDFLRQHV LQKHUHQWHV DO WULiQJXOR FRORQLDO
EiVLFR

 ²;²

/DGLQRVHQSXHEORVGHLQGLRV
+DELHQGRKDELGRSRFDVYLOODVHVQDWXUDOTXHHQDTXHOODVUHJLRQHVHQTXH
HUDQHVFDVRVORVSXHEORVHLQGLRVODSREODFLyQODGLQDVHHQFRQWUDUDFDVLWRGD
HOOD GLVSHUVD (Q 1LFDUDJXD HQ GRQGH DO ILQDO GH OD FRORQLD HO  GH OD
SREODFLyQ HUD ODGLQD>@ WRGD HVD JHQWH YLYtD ²VHJ~Q UH]D XQ GRFXPHQWR
RILFLDO GH OD pSRFD² ³« GLVHPLQDGD \ GLVWULEXLGD HQ UDQFKHUtDV VLQ
IRUPDUSXHEOR«´>@(QODSURYLQFLDGH6DQ6DOYDGRUHQFDPELRHQODTXH
HOQ~PHURGHLQGLRVFDVLLJXDODEDDOGHODGLQRV²VLHQGRXQSRFRPD\RUHOGH
pVWRV~OWLPRV²>@HOIHQyPHQRGHORVODGLQRVLQWURGXFLGRVHQORVSXHEORVGH
LQGLRV DFXVD FLIUDV GH FLHUWD LPSRUWDQFLD>@ OR FXDO WDPELpQ SXHGH
FRPSUREDUVH HQ OD UHJLyQ VXGHVWH GHO WHUULWRULR TXH KR\ FRUUHVSRQGH D OD
5HS~EOLFDGH*XDWHPDOD>@(QODVUHJLRQHVGHQVDPHQWHSREODGDVGHLQGLRV
FRPRHODOWLSODQRFHQWUDORFFLGHQWDO\HOVXURHVWHJXDWHPDOWHFRVDVtFRPROD
9HUDSD]VHFRQWDEDJUDQFDQWLGDGGHSXHEORVGHLQGLRVPHGLDQRV\SHTXHxRV
HQTXHQRKDEtDODGLQRVRVXQ~PHURHUDPX\UHGXFLGR>@
&RPSOHWDPRV HVDV LQGLFDFLRQHV GH GLVWULEXFLyQ FRQ XQDV REVHUYDFLRQHV
UHODWLYDVDODSURSRUFLyQ3DUWLHQGRGHOGDWRGHTXHDSULQFLSLRVGHOVLJOR ;,;
ORVODGLQRVFRQVWLWXtDQHOGHODSREODFLyQWRWDOGHOUHLQRMXQWRDXQ
GHLQGLRV\XQGHFULROORV\HVSDxROHV>@\DGPLWLHQGRTXHHQUDQFKHUtDV
\SREODGRVVLPLODUHVQRVHKDOODEDPHQRVGHODPLWDGGHORVODGLQRV²ORFXDO
HVFDOFXODUSRUOREDMRSRUTXHODGRFXPHQWDFLyQSDUHFHLQGLFDUPXFKRPiV²
UHVXOWDHQWRQFHVTXHQRVTXHGDVRODPHQWHODRWUDPLWDGRVHDXQGHOD
SREODFLyQWRWDOSDUDGLVWULEXLUODHQWUHODVFDSDVPHGLDVGHODVFLXGDGHV\ORV
Q~FOHRVGHODGLQRVGHXQJUDQQ~PHURGHSXHEORV6LGHHVRVODGLQRV
GHFLGLpUDPRV QR TXLWDU PiV GH XQRV  SDUD LQWHJUDU WRGDV ODV FDSDV
PHGLDV XUEDQDV GH WRGDV ODV FLXGDGHV ²OR FXDO HV RWUD YH] XQ FiOFXOR
PRGHUDGR² WHQGUHPRV TXH FRQVLGHUDU WRGDYtD TXH ORV  ODGLQRV
UHVWDQWHV FRUUHVSRQGHQ D OD pSRFD GH VX Pi[LPR LQFUHPHQWR ²HO ILQDO GH OD
FRORQLD²\TXHPLUDQGRDORVVLJORVDQWHULRUHVHVHQ~PHURIXHFDGDYH]PiV

 
UHGXFLGR(QVXPDVHWUDWDGHYHUFRQFODULGDGTXHORVODGLQRVLQWURGXFLGRV GHTXHGLPDQDQ DTXHOORVKHFKRV KD GHVHDGR VHSDUDUORV GH ORV LQGLRV HQ
HQORVSXHEORVIXHURQXQDPLQRUtDUHVSHFWRGHVXQ~PHURWRWDO\PX\SHTXHxDV
PLQRUtDVHQDTXpOORVSXHEORVHQTXHOOHJDURQDLQVWDODUVH>@
(OORVHDFRPRGDSHUIHFWDPHQWHDODVLWXDFLyQTXHYHQLPRVSUHVHQWDQGR6L
OD SROtWLFD FRORQLDO GH ODGLQRV HVWXYR UHJLGD FRPR VXVWHQWDPRV SRU HO
SULQFLSLRGHQHJDUOHVSRVLELOLGDGHVGHOLEHUDFLyQHFRQyPLFDFHGLpQGRVHORVD
ORVKDFHQGDGRVFRQPLUDVDXQDDWHQXDFLyQGHODSXJQDHQWRUQRDOWUDEDMRGHO
LQGLRHQWRQFHVKXELHUDVLGRDEVXUGRRIUHFHUOHVXQFDPSRGHGHVDUUROORHQORV
SXHEORVGHLQGLRV
1RRFXUULyWDOFRVDSRUVXSXHVWRVLQRWRGRORFRQWUDULR$ILQHVGHOVLJOR
;9,,,WRGDYtDSULYDEDODSROtWLFDGHFRQVLGHUDUDORVODGLQRVFRPRLQWUXVRVHQ
ORV SXHEORV RIUHFLpQGROHV VRODPHQWH OD SRVLELOLGDG GH XQD H[LVWHQFLD VLQ
DOLFLHQWHVHFRQyPLFRV3DUDORJUDUORVHFRQVHUYyKDVWDHOILQDOGHODFRORQLD
ODSURKLELFLyQGHFRPSUDUOHWLHUUD\RWURVELHQHVUDtFHVDORVLQGLRVDVtFRPR
HO FRQGLFLRQDQWH GHVDOHQWDGRU GH TXH OD WLHUUD UHDOHQJD QR OH SHUWHQHFtD D
TXLHQODWUDEDMDUDDXQTXHODKXELHVHGHVEUR]DGR\SRGtDVHULHUHFODPDGDHQ
FXDOTXLHUPRPHQWR>@
(O UHOLJLRVR OLEHUDO $QWRQLR *DUFtD 5HGRQGR TXH HVFULELy LPSRUWDQWHV
WUDEDMRVVREUHSUREOHPDVHFRQyPLFRVGHOUHLQRHQORV~OWLPRVDxRVGHOVLJOR
;9,,, ²OD PHQGLFLGDG OD UXLQD GHO FXOWLYR GHO FDFDR HWF ²>@ D TXLHQ
*DUFtD 3HOiH] OODPD HQ DOJ~Q OXJDU ³EHQHPpULWR DERJDGR GHO ODGLQDMH´>@
VRVWHQtDODWHVLVGHTXHODDJULFXOWXUDGHOSDtVUHFLELUtDXQSRGHURVRLPSXOVRVL
VHSHUPLWLHUDDORVODGLQRVDGTXLULUWLHUUDVHQSOHQDSURSLHGDGGHORVSXHEORV
< DUJXPHQWDQGR HVD RSLQLyQ VXPLQLVWUD SUXHEDV GH TXH ORV ODGLQRV YLYtDQ
GHVDUUDLJDGRV \ FRPR LQWUXVRV HQ ORV SXHEORV \ GH TXH SRU HVH PRWLYR QR
SRGtDQGLULJLUVHDHVRVOXJDUHVORVODGLQRVPHQHVWHURVRVGHODVFLXGDGHV\GHO
FDPSR ³«3DUDORJUDUTXHORVEUD]RVGHOODGLQRTXHKDVWDDTXtKDQVLGR
EHQHILFLRGHpVWRV¢SHURDGyQGHYDQHVWDVIDPLOLDVGHVGLFKDGDV"«/RV
ODGLQRVVHUiQXWLOtVLPRVHQORVSXHEORVEDMRWRGRVUHVSHFWRVVLHPSUHTXHVH
OHVFRQFHGDHQHOORVXQDH[LVWHQFLDFLYLO\QRSUHFDULDFRPRKDVWDDTXtOD
KDQWHQLGR3DUDHVWRHVIRU]RVRTXHDOGHUHFKRGHYHFLQGDGVHOHVDxDGDHO
GHSRGHUDGTXLULUSURSLHGDGHV\ELHQHVUDtFHV\DKDFLHQGRSURSLDVHQWRGR
ULJRU ODVWLHUUDVTXHGHVPRQWHQRODVTXHHVWpQ HQWHUDPHQWHDEDQGRQDGDV
GHQWURGHORVHMLGRVGHORVSXHEORV\DFRPSUDQGRDORVLQGLRVODVTXHpVWRV
OHV TXLHUDQ YHQGHU VLQ TXH OHV TXHGH HQ PRGR DOJXQR HO GHUHFKR GH
UHVWLWXFLyQ TXH WDQWRV SHUMXLFLRV KD FDXVDGR HQ OD DJULFXOWXUD \ DXQ DO
LQGLRPLVPRHQFX\RIDYRUVHHVWDEOHFLy´>@
7H[WR YHUGDGHUDPHQWH SUHFLRVR GH JUDQ YDORU GRFXPHQWDO SRU VX GHQVR
FRQWHQLGRQRWLFLRVRSRUHOPpULWRGHVXDXWRU²KRPEUHJUDYH\HQWHQGLGR²\
WDPELpQ SRU VX IHFKD D YHLQWH DxRV GH OD ,QGHSHQGHQFLD (O JRELHUQR TXH
GHVGHPHGLDGRVGHOVLJOR;9,,QRYROYLyDFRQVLGHUDUHQVHULRODQHFHVLGDGGH
FUHDUYLOODVSDUDODGLQRVVHJXtDIRPHQWDQGRLQFRQYHQLHQWHV\GLILFXOWDGHVSDUD
VX LQVWDODFLyQ HQ ORV SXHEORV GH LQGLRV WRGDYtD D ILQHV GHO ;9,,, ²SUXHED
FODUtVLPD GH TXH HUD XQD SROtWLFD GH DUULQFRQDPLHQWR HQ GLUHFFLyQ D ODV
KDFLHQGDV²/DYLGDGHORVODGLQRVHQORVSXHEORVWRGDYtDWLHQHXQFDUiFWHU
SUHFDULRGHDXVHQFLDGHIXQGDPHQWRVOHJtWLPRV<DOSURSRQHUHO'HiQ*DUFtD
5HGRQGR ORV WUHV GHUHFKRV TXH FDPELDUtDQ HVD VLWXDFLyQ HVWi UHFRPHQGDGR
FDEDOPHQWH ²HV LQWHUHVDQWH VXEUD\DUOR² OD OHJDOL]DFLyQ GH ORV WUHV
SURFHGLPLHQWR LOHJDOHV TXH DGRSWDEDQ ORV ODGLQRV SDUD GLVSRQHU GH DOJXQDV
WLHUUDVHQHVRVSREODGRVGHVPRQWDU\XVDUUHDOHQJDVFHUFDQDVDORVSXHEORVR
FROLQGDQWHV FRQ HOORV XVXUSDU \ DOTXLODU WLHUUDV FRPXQDOHV QR FXOWLYDGDV SRU
ORV LQGLRV FRPSUDU WLHUUDV GH ORV SXHEORV HQ FRQWUDYHQFLyQ GH OD OH\ TXH
SURKLEtDYHQGHUODV>@
PHQRV ~WLOHV TXH SHUMXGLFLDOHV VH GHGLTXHQ D OD DJULFXOWXUD « FUHR
QHFHVDULRQHFHVDUtVLPRTXHVHOHVDXWRULFHSDUDSRGHUDGTXLULUYHFLQGDG\
SURSLHGDGHV HQ ORV SXHEORV GH ORV LQGLRV´>@ 'HVDUUROOD HQ VHJXLGD HO
DUJXPHQWRGHTXHHOGHVDUUDLJR\ODLQVHJXULGDGLQKLEHQODFDSDFLGDGPRUDO\
SURGXFWLYD GH ORV KRPEUHV \ DJUHJD HQ OD PLVPD SiJLQD ODV VLJXLHQWHV
SDODEUDVUHYHODGRUDV³(OJRELHUQRLQIRUPDGRGHORVKHFKRVTXHSUXHEDQ
1yWHVHFyPRSDUDHYLWDUODDIOXHQFLDGHODGLQRVDHVRVFHQWURVODPHGLGD
FODYHGHOJRELHUQRUHFD\yVREUHHOIDFWRUFODYHGHOSUREOHPDGHORVODGLQRV
OD WLHUUD 6L KDEtD XQ PRWLYR SDUD QR GDUOHV WLHUUDV HQ VXV YLOODV KDEtD GRV
SDUDQRSHUPLWLUTXHODVDGTXLULHUDQHQORVSXHEORVSRUTXHDTXtDOSURSyVLWR
RULJLQDOGHFRQYHUWLUORVHQWUDEDMDGRUHVVHPLVHUYLOHVVHVXPDEDODQHFHVLGDG
GHTXHORVLQGLRVFRQVHUYDUDQVXVWHUUHQRVFRPXQDOHVHVWRHUDFRPR\DVHKD
VXSHUMXGLFLDOYHFLQGDGODGHORVODGLQRVHQORVSXHEORV\QRGHODVFDXVDV GLFKRFRQGLFLyQLQGLVSHQVDEOHSDUDTXHSXGLHUDQORVLQGLRVVHJXLUWULEXWDQGR

 
\WUDEDMDQGRFDVLGHUHJDODGRHQORVUHSDUWLPLHQWRV GLFHHO'HiQSRUTXHXQH[WUDQMHURVHHQFXHQWUDHQSDWULDDMHQDSHURWLHQHOD
(O'HiQQRVHHTXLYRFyDOVHxDODUTXHSDUDORVODGLQRVHVWDEDFHUUDGDOD VX\DGHODTXHYLHQH\DODTXHSXHGHUHWRPDU(QORVODGLQRVGHODVKDFLHQGDV
SXHUWD GH ORV SXHEORV PLHQWUDV QR KXELHUD SRVLELOLGDG GH REWHQHU WLHUUD HQ GHEH KDEHU GRPLQDGR XQ VHQWLPLHQWR GH OD YLGD PXFKR PiV GHSULPHQWH HO
SURSLHGDG \ TXL]i OOHJy D FRPSUHQGHU TXH DTXHOODV SURKLELFLRQHV HQFXEUtDQ VHQWLPLHQWRGHTXHYLYLUHUDSHGLUSRVDGDHQFDVDDMHQD\VHUWROHUDGRHQHOOD
XQD GHVSLDGDGD SROtWLFD GH EORTXHR DJUDULR (Q WRGR FDVR OD FRPSUREDFLyQ D FDPELR GH HQULTXHFHUOD 1R GLJDPRV ³SDWULD DMHQD´ SRUTXH HO FRQFHSWR
REMHWLYDGHHVDVLWXDFLyQDUUDQFyGHVXSOXPDXQRVDLUDGRVUHQJORQHVTXHVRQ PLVPR GH SDWULD QR GHEH KDEHU OOHJDGR DO PH]TXLQR PXQGR GH UHDOLGDGHV H
VLQ OXJDU D GXGDV HO MXLFLR PiV H[DFWR \ EUHYH TXH SXHGH KDFHUVH GH ORV LGHDVHQTXHWUDQVFXUUtDDTXHOODYLGD<WDPSRFRSDVHPRVSRUDOWR²VHUtDXQ
ODGLQRV HQ HO FRQWH[WR GH OD VRFLHGDG FRORQLDO FDGD IUDVH FRPSHQGLD XQ GHVFXLGR²TXHHVWDPRVIUHQWHDRWURVHFWRUKXPDQRTXHQRFRPSDUWtDODSDWULD
DVSHFWR GH OD UHDOLGDG GH DTXHO VHFWRU \ PHUHFHQ VHU OHtGDV UHIOH[LYDPHQWH FRQORVFULROORVVLHOLQGLRHUDXQDSDUWHGHODSDWULDFULROODHOODGLQRSREUH
³8QKRPEUHTXHQRSXHGHWHQHUSURSLHGDGQLELHQUDt]DOJXQRHQHOSDtVR HUDHQHOODXQIRUDVWHURREOLJDGRDWUDEDMDUDFDPELRGHXQGLPLQXWRWUR]RGH
SXHEOR TXH KDELWD HV VLHPSUH H[WUDQMHUR HQ pO &RPR H[WUDQMHUR WLUDUi D WLHUUDUHFLELGRHQSUpVWDPR³&RPRH[WUDQMHURVHQHOSDtVTXHKDELWDQ´DVtORV
SDVDU\SDVDQGRDUUHEDWDUiORTXHSXHGDVHJXURGHTXHQXQFDYDDSHUGHU YLRWRGDYtDDOILQDOGHODFRORQLDHO'HiQ*DUFtD5HGRQGR
SRUHVWDSDUWHHVHOKRPEUHPiVLQGHSHQGLHQWHGHODVOH\HV\PiVOLEUHGHOD (O FRQWHQLGR PiV LPSRUWDQWH GHO IUDJPHQWR HV VLQ HPEDUJR OD
LQVSHFFLyQGHORVMXHFHV6LpVWRVOHSHUVLJXHQFRQHFKDUDDQGDUORVGHMD FRPSUREDFLyQ GH TXH ORV PHVWL]RV VHJXtDQ VLHQGR ³PDORV´ \ HO FRUUHFWR
EXUODGRV < TXp UHVSHWR GHEHUiQ WHQHU D ODV OH\HV XQRV KRPEUHV D TXLHQHV VHxDODPLHQWR GH ODV FDXVDV GH HVH KHFKR )LQDOL]DQGR HO VLJOR ;9, ORV
HVDV OH\HV QR IDYRUHFHQ HQ QDGD GH OR SULQFLSDO \ VyOR HQ HO WH[WR SDUD
FDVWLJDUVXVGHOLWRV"¢4XpYLUWXGHVTXpFRQGXFWDVHSXHGHHVSHUDUGHHOORV
QR WHQLHQGR UDt] DOJXQD TXH ORV OLJXH \ HVWUHFKH FRQ HO SDtV TXH KDELWDQ
GRQGHVRQWUDWDGRVFRPRH[WUDQMHURV\QXQFDPLUDGRVFRPRKLMRV"(VWDHV
XQDGHODVSULQFLSDOHVFDXVDVGHTXHORVODGLQRVVHDQPDORV\DOJXQDVYHFHV
SHUMXGLFLDOHV HQ ORV SXHEORV PiV \R KH DGPLUDGR TXH QR VHDQ PXFKR
SHRUHV \ TXH VH HQFXHQWUH HQWUH HOORV JHQWH GH SURELGDG FRPR OD KD\ HQ
HIHFWR´>@
$SDUWH GH VX H[WUDRUGLQDULR FRQWHQLGR QRWLFLRVR KD\ HQ HVDV SDODEUDV
IXHU]D\KHUPRVXUDSRUODYHUGDGGHVXFRQWHQLGRGRFWULQDULR/DLGHDFHQWUDO
GHO IUDJPHQWR TXH HQ UHDOLGDG QR HV XQ SULQFLSLR OLEHUDO VLQR GHPRFUiWLFR
HQHPLJRVGHORVPHVWL]RVQRVLQIRUPDEDQGHORVGHIHFWRVGHVXFDUiFWHU3HUR
KDQSDVDGRGRVVLJORV1RVHWUDWDDKRUDGHORVSULPHURVPHVWL]RVVLQRGHOD
WHUFHUDSDUWHGHODSREODFLyQGHOUHLQR<ORPiVVRUSUHQGHQWHTXLHQORGLFH
QRHVDKRUDXQKLSyFULWDKDFHQGDGRRXQIXQFLRQDULR²LQWHUHVDGRVDPERVHQ
HORUGHQIHXGDOGHORVSXHEORV²VLQRTXHORGLFHHO³DERJDGRGHOODGLQDMH´
/RGLFHHQKRQRUDODYHUGDG\DOPLVPR WLHPSRH[SOLFDORVPRWLYRVGH
DTXHOODFRQGXFWD\FRQILHVDTXHVHVRUSUHQGHGHTXHVLHQGRODYLGDORTXHHUD
SDUDORVODGLQRVQRIXHUDQHOORVPXFKRSHRUHV1ROHVTXHGDEDRWURUHFXUVR
TXH YLRODU ODV OH\HV SRUTXH HVDV OH\HV OHV QHJDEDQ GHUHFKRV YLWDOHV \ ORV
FDUJDEDQ GH FDVWLJRV LQIDPDQWHV (VWDEDQ REOLJDGRV D HQJDxDU D XVXUSDU D
DUUHEDWDUSRUTXHHVDHUDOD~QLFDPDQHUDGHSURVSHUDUHQXQUpJLPHQTXHOHV
UXVRQLDQR HV WDQ YHUGDGHUD TXH UHVXOWD VXEYHUVLYD KDVWD HQ QXHVWURV GtDV FHUUDED WRGDV ODV SXHUWDV SDUD REOLJDUORV D LU D HQWUHJDUVH D ODV KDFLHQGDV
DTXHOTXHQRWLHQHSURSLHGDGHQHOSDtVTXHKDELWDHVXQH[WUDQMHURHQGLFKR 7HQtDQ TXH GHIHQGHUVH KDFLHQGR D XQ ODGR HVFU~SXORV PRUDOHV TXH VyOR
SDtV (O IUDJPHQWR VH UHILHUH FODUR HVWi D OD JUDQ PD\RUtD GH ODGLQRV EHQHILFLDUtDQDVXVHQHPLJRVGHFODVHORVGXHxRV\ORVPDQGRQHVTXLHQHVOHV
GHVSRVHtGRV\GHVDUUDLJDGRVDODFDSDPHGLDEDMDUXUDODORVSOHEHVXUEDQDV QHJDEDQXQWUR]RGHWLHUUDSDUDWUDEDMDUHQEHQHILFLRSURSLR\DOPLVPRWLHPSR
\FRQHVSHFLDOLQWHUpVDORVODGLQRVLQWUXVRVHLQDGDSWDGRVGHORVSXHEORV(Q WHQtDQ DEDQGRQDGDV LQPHQVDV \ IpUWLOHV WLHUUDV 8QD YH] FXELHUWDV ODV FRUWDV
OR WRFDQWH D ORV ODGLQRV SREUHV GHO FDPSR WUDEDMDGRUHV GH UDQFKHUtDV HO QHFHVLGDGHVGHRILFLRVXUEDQRV\WUDQVSRUWHDODJUDQPD\RUtDGHORVODGLQRV
MXLFLRGHO'HiQSRGUtDVHUOOHYDGRDXQPiVOHMRV/DPiVtQWLPDFRQFHSFLyQGH VyOR OHV TXHGDEDQ OHJDOPHQWH HO PtVHUR GHVWLQR GH ODV KDFLHQGDV \ VXV
ODH[LVWHQFLDQRGHEHKDEHUVLGRGHHVDJHQWHXQDLGHDGH³H[WUDQMHUtD´FRPR UDQFKHUtDV0XFKRVGHHOORVVLQGXGDDOJXQDORVPHMRUHVORVPiVHQpUJLFRV

 
UHVROYLHURQDEULUVHFDPLQR³SRUODVPDODV(VDGHFLVLyQLPSOLFDEDSHQHWUDU
HQORVSXHEORVPHGUDUKiELOPHQWHDH[SHQVDVGHTXLHQHVVHKDOODEDQDXQPiV
RSULPLGRV REWHQHU DOJR GH ORV VLHUYRV &RQWUD OD OH\ SXHV OD OH\ VH HUJXtD
FRQWUD HOORV < GHVJUDFLDGDPHQWH WDPELpQ FRQWUD ORV LQGLRV QR KDEtD RWUR
FDPLQR/DHVWUXFWXUDFRORQLDOGHWHUPLQyXQDSROtWLFDGHODGLQRV\HVDSROtWLFD
QRVSUHVHQWDSRUXQDSDUWHXQFDVRGHHVFODYLWXGDWHQXDGD\GHFRQILDQ]D²
SXHV VLQ ODV GRV FRQGLFLRQHV QR KXELHUD SRGLGR HVWH HVFODYR ODQ]DUVH D
FRQVHJXLUWLHUUDHQORVOLQGHURVGHXQSXHEORGHLQGLRV²\SRURWUDXQFDVR
GHSHQHWUDFLyQGHXQKRPEUHGHFRORUHQXQDFDSDPHGLD²ODFDSDPHGLDDOWD
UXUDO² HQ HO SUHFLVR PRPHQWR HQ TXH HVH IHQyPHQR GHEH KDEHU VLGR PX\
GHWHUPLQy TXH PXFKRV GH pVWRV SDUD QR FDHU HQ OD PLVHULD WXYLHUDQ TXH
DUUHEDWDUOH DOJR D ORV LQGLRV WXYLHUDQ TXH VHUOHV ³SHUMXGLFLDOHV´ FRPR
UHFRQRFtDHO'HiQ(VWHKHFKRWXYR\VLJXHWHQLHQGRHQRUPHVSUR\HFFLRQHVHQ
HOGHVDUUROORVRFLDOGH*XDWHPDOD\HVSRUHOORLPSRUWDQWHLQGLFDUVXRULJHQ
FRORQLDO
(Q ORV SXHEORV IXHURQ DSDUHFLHQGR \ SUROLIHUDQGR SHVH D WRGR ORV
DJULFXOWRUHVODGLQRVSHTXHxRV\PHGLDQRV(OSURFHVRGHVXFRQVROLGDFLyQIXH
ODUJR \ FRPSOHMR /D GRFXPHQWDFLyQ FRORQLDO SUHVHQWD ODWHUDOPHQWH D FDGD
SDVRLQGLFLRV\GDWRVDLVODGRVGHHVHSURFHVR$Vt²SDUDSRQHUXQHMHPSOR
YLQFXODGR FRQ KHFKRV WUDWDGRV HQ HVWH OLEUR² HO JUDQ FRQIOLFWR GH 
DFHUFDGHORVUHSDUWLPLHQWRVIXHVXVFLWDGRFRPRVHUHFRUGDUiSRUFLHUWDTXHMD
TXHXQRVLQGLRVSUHVHQWDURQDO)LVFDOGHOD$XGLHQFLD$OOiQRORGLMLPRV²
HUDQGDWRVODWHUDOHVTXHQRVKXELHUDQGHVYLDGR²SHURGLUHPRVDTXtTXHHUDQ
ORVLQGLRVGH$JXDFKDSiQ\TXHVHTXHMDEDQGHTXHHQHOFRQWRUQRGHOSXHEOR
KDEtDQ DSDUHFLGR FLQFR DJULFXOWRUHV QXHYRV H[LJLpQGROHV VHUYLFLR GH
UHSDUWLPLHQWR>@ 'H PXFKR WLHPSR DWUiV KDEtD FXDWUR KDFLHQGDV D ODV TXH
WUDGLFLRQDOPHQWH GDEDQ UHSDUWLPLHQWR OR FXDO DFHSWDEDQ SRU KDEHU yUGHQHV
DQWLJXDV\SRUVHUWLHUUDVOHJDOPHQWHDGTXLULGDV/RVFLQFRLQWUXVRVHQFDPELR
HVWiQGLVSRQLHQGRGHWLHUUDVUHDOHQJDVTXHFROLQGDQFRQODVGHOSXHEOR\SRU
DxDGLGXUDFUHHQWHQHUGHUHFKRDUHSDUWLPLHQWRHOORVWDPELpQ1RHVHVWD~OWLPD
TXHMDORTXHDKRUDQRVLQWHUHVDVLQRHOHMHPSORGHORVDJULFXOWRUHVDUULPDGRV
DO SXHEOR 7RGRV HOORV HUDQ ODGLQRV \ OH\HQGR ORV SDSHOHV GHO SOHLWR VH
FRPSUXHEDQ ORV VLJXLHQWHV GDWRV LQWHUHVDQWHV 8QR GH ORV XVXUSDGRUHV HUD
IDPLOLDU GH XQR GH ORV KDFHQGDGRV D TXLHQHV ORV LQGLRV VHUYtDQ
WUDGLFLRQDOPHQWH \ VDOWD D OD YLVWD TXH HVH UHVSDOGR OH YDOtD SDUD XVXUSDU
WLHUUD\KDVWDDWUHYHUVHDSHGLULQGLRV>@2WURGHORVXVXUSDGRUHVKDEtDVLGR
FULDGR GHO $OFDOGH 0D\RU GH OD UHJLyQ>@ FRQ OR FXDO TXHGD GLFKR TXH
FRQWDED SRU OR PHQRV FRQ HO DVHQWLPLHQWR GHO YHUGDGHUR PDQGDPiV GH OD
UHJLyQ>@8QWHUFHUXVXUSDGRUHUDQHJUR\HVFODYRGDWRGHPXFKRLQWHUpVTXH
 
IUHFXHQWH PRPHQWR \D HVWXGLDGR HQ RWUR OXJDU +H DKt SXHV XQ HMHPSOR
VHQFLOORGHQRWLFLDVKLVWyULFDVODWHUDOHVDSDUHFLGDVDSURSyVLWRGHRWURDVXQWR
SHURLOXVWUDWLYDVGHODOHQWDSHQHWUDFLyQGHDJULFXOWRUHVODGLQRVHQORVSXHEORV
GHLQGLRV7RGRVORVWHVWLJRVTXHFRPSDUHFLHURQHQ$JXDFKDSiQFLWDGRVSDUD
HVWH SOHLWR FRQILUPDURQ OD H[LVWHQFLD GH ORV FLQFR DJULFXOWRUHV PHQFLRQDGRV
SRU ORV LQGLRV ORV FDOLILFDURQ GH SHUVRQDV SREUHV UHFRQRFLHURQ TXH XVDEDQ
WLHUUDVTXHQROHVSHUWHQHFtDQ²LQFOXLGDVWLHUUDVGHORVLQGLRV³UDVWURMRV´TXH
pVWRVDEDQGRQDEDQ²\DJUHJDURQFRQHYLGHQWHDIiQGHIDYRUHFHUDORVFLQFR
HQFDUWDGRVTXHPXFKDRWUDJHQWHSREUHGHORVSXHEORVKDFtDORPLVPR>@
6DEHPRVTXHORVLQGLRVHQFLHUWDVFLUFXQVWDQFLDVGDEDQHQDUUHQGDPLHQWR
XQD SDUWH GH VXV WLHUUDV FRPXQDOHV >D@ $Vt SRU HMHPSOR FXDQGR XQD
HSLGHPLDUHGXFtDEUXVFDPHQWHHOQ~PHURGHKDELWDQWHVGHXQSXHEORRFXDQGR
FXDOTXLHU DFWLYLGDG ORV DSDUWDED GHO ODERUHR GH WRGD VX WLHUUD GLVSRQLEOH
6DEHPRV WDPELpQ SRVLWLYDPHQWH TXH HQ ODV GpFDGDV TXH VLJXLHURQ D OD
,QGHSHQGHQFLD KDEtD XQ JUDQ Q~PHUR GH SHUVRQDV TXH WUDEDMDEDQ WLHUUDV
WRPDGDV HQ DUUHQGDPLHQWR D ORV SXHEORV >@ \ TXH OD OHJLVODFLyQ OLEHUDO
SURFHGLy LQPHGLDWDPHQWH D IDFLOLWDU VX REWHQFLyQ HQ SURSLHGDG /D PLVPD
OHJLVODFLyQ FRQILUPD TXH ORV LQGtJHQDV YHQGtDQ WLHUUDV GH VXV SXHEORV SXHV
HVWDEOHFLy IRUPDV SDUD REWHQHU ORV WtWXORV GH SURSLHGDG TXH QR SRGtDQ
REWHQHUVHEDMRHOVLVWHPDFRORQLDO>@
&RUWpV \ /DUUD] DVHJXUD TXH OD SHQHWUDFLyQ GH ODGLQRV HQ ORV SXHEORV
DUUXLQDED D ORV LQGLRV HQ OR PDWHULDO>@ ²DSDUWH GH VXV UHLWHUDGDV
LQGLFDFLRQHVGHTXHGLFKRFRQWDFWRHUDGHVIDYRUDEOHHQORHVSLULWXDOVHJ~QpO
HQWHQGtDHVWH~OWLPRFRQFHSWR² >@\DXQTXHHQHVWHFDVRVHUHILHUHDDOJR
TXHQRSXGRYHUFRQVXVRMRVHVQRWRULRTXHUHFRJHXQDRSLQLyQJHQHUDOL]DGD
*DUFtD3HOiH]VHSDUDDFRQMHWXUDUFXiOSXGRVHUODFDXVDGHTXHHQXQRV
SXHEORV KD\DQ FRQVHJXLGR ORV ODGLQRV DSURSLDUVH SDUWH GH ODV WLHUUDV GH ORV
LQGLRV ²D YHFHV JUDQ SDUWH GH HOODV² PLHQWUDV HQ RWURV OHV IXH LPSRVLEOH
6XSRQHTXHHQHOVHJXQGRFDVRVHWUDWyGH³QDWXUDOHVGHILEUD\HQWHUH]D´>@
TXHVXSLHURQFRQYLYLUFRQORVODGLQRVVLQFHGHUOHVVXVWLHUUDVHQWDQWRTXHHQ
ORV RWURVFDVRVIDOWyHVD HQHUJtD/DFRQMHWXUD QR WLHQHPXFKR YDORU SHURHV
LQWHUHVDQWHREVHUYDUTXHHO+LVWRULDGRUGDSRUVDELGRFRPREDVHGHWRGDVVXV
UHIOH[LRQHVVREUHDTXHOORVUHVXOWDGRVGHVLJXDOHVHOKHFKRIXQGDPHQWDOGHTXH
KXERXQDSXJQDXQIRUFHMHRHQWUHORVLQGLRV\ORVODGLQRVGHORVSXHEORVHQ
WRUQRDODVWLHUUDVGHDTXpOORV
(VRIXHORTXHRFXUULy\ORTXHDQRVRWURVQRVLQWHUHVDVHxDODU(OEORTXHR
DJUDULR TXH IXH HO SULQFLSLR UHFWRU GH OD SROtWLFD GH ORV JUXSRV GRPLQDQWHV
IUHQWH DO GHVDUUROOR QXPpULFR GH ORV PHVWL]RV ²\ XQ DVSHFWR YHODGR SHUR
LPSRUWDQWtVLPRGHODOXFKDGHFODVHVFRORQLDO²GLRUHVXOWDGRVPX\GLYHUVRV
\GHQWURGHHOORVDSDUHFLHURQWHQVLRQHVVHFXQGDULDVDOJXQDVGHODVFXDOHVQR
SXHGHQ RPLWLUVH HQ HO FXDGUR GH OD UHDOLGDG FRORQLDO (Q ODV FLXGDGHV IRUPy
ODV SOHEHV PHQHVWHURVDV HQ VRUGD OXFKD FRQ OD FDSD PHGLD DUWHVDQDO
SURYHHGRUD (Q ORV SXHEORV GHWHUPLQy TXH OD VXSHUYLYHQFLD \ HO p[LWR
HFRQyPLFRGHORVODGLQRVGHSHQGLHUDIDWDOPHQWHGHTXHFRQVLJXLHUDQXVXUSDU
DOTXLODU R FRPSUDU WLHUUD GH ORV LQGtJHQDV \ VH FRQYLUWLHUDQ D OD ODUJD HQ
H[SORWDGRUHVGHLQGLRVHOORVWDPELpQ
&RUWpV\/DUUD]SURSRUFLRQDDOJXQDVQRWLFLDVDLVODGDVSHURPX\YDOLRVDV
DFHUFD GH OD RSUHVLyQ GH ORV LQGLRV SRU ORV ODGLQRV HQ ORV SXHEORV GH ORV
SULPHURV>@ (O $U]RELVSR QDWXUDOPHQWH GHVSLVWDGR HQ FLHUWRV DVXQWRV GH
SROtWLFDFRORQLDO²UHSLWDPRVTXHHPSUHQGLyODYLVLWDGHVX'LyFHVLVHOPLVPR
DxRGHVXOOHJDGDD*XDWHPDOD²>@UHFRPLHQGDXQDPHGLGDTXHKDEtDVLGR
DEDQGRQDGD PiV GH FLHQ DxRV DWUiV SHUR VXV REVHUYDFLRQHV GLUHFWDV WRFDQ
H[DFWDPHQWHHOSXQWRTXHTXHUHPRVGHVWDFDU³«FRQYHQGUtD²GLFH²HO TXH
YLYLHUDQORVODGLQRVHQSXHEORVVHSDUDGRV\FRQODVXMHFLyQFRUUHVSRQGLHQWH
SDJDQGRD'LRV\DO5H\ORTXHVHUtDUD]yQ\QRTXHWRGRKD\D GHFDUJDU
VREUH ORV LQGLRV \ DXQ ORV PLVPRV ODGLQRV ORV PLUDQ FRPR HVFODYRV \ VH
VLUYHQ GH HOORV SDUD WRGR VLQ TXH HOORV TXLHUDQ VHUYLU D QLQJXQR«´>@
+DFLDHO~OWLPRWHUFLRGHOVLJOR;9,,,ODFDSDPHGLDDOWDUXUDOKDEtDHFKDGRVXV
EDVHV \ DXQTXH OHJDOPHQWH HUDQ EDVHV LQVHJXUDV \ HO EORTXHR DJUDULR KDFtD
PX\ GLItFLO VX GHVDUUROOR OD SHQHWUDFLyQ HQ ORV SXHEORV KDEtD DYDQ]DGR
EDVWDQWHSDUDTXHXQREVHUYDGRUFRPRHO$U]RELVSRSHUFLELHUDORVDEXVRV\OD
DFWLWXGGHVXSHULRULGDGGHORVODGLQRVHQDOJXQRVGHGLFKRVFHQWURV
'HVGHHOSXQWRGHYLVWDGHOLQGLRHOGHVDUUROORGHODFDSDPHGLDDOWDUXUDO

ORV ODGLQRV GH ORV SXHEORV VLJQLILFy OD DSDULFLyQ GH XQ QXHYR HQHPLJR GH
FODVH PHQRV SRGHURVR TXH ODV DXWRULGDGHV HVSDxROHV \ ORV WHUUDWHQLHQWHV
FULROORVSHURPiVDVWXWR\QRPHQRVDPELFLRVR
/D FRPSUHQVLyQ GH HVWH IHQyPHQR HQ VX GHOLFDGD FRPSOHMLGDG HV VLQ
QLQJXQD H[DJHUDFLyQ XQD SUHPLVD LQGLVSHQVDEOH SDUD FRPSUHQGHU HO SURFHVR
KLVWyULFR JXDWHPDOWHFR XOWHULRU 3RUTXH OD ,QGHSHQGHQFLD DO GHVSOD]DU DO
HQHPLJRFRP~QGHWRGDVODVFODVHV\FDSDVGHODVRFLHGDGJXDWHPDOWHFD\DO
SRQHUDORVFULROORVHQVLWXDFLyQGHJREHUQDUODVHJ~QVXVLQWHUHVHVFRPSDFWyD
ODV FDSDV PHGLDV DOWDV XUEDQD \ UXUDO HQ XQ EORTXH GH RSRVLFLyQ TXH GHVGH
HVH PRPHQWR LED D GHVHPSHxDU XQ SDSHO LPSRUWDQWtVLPR EDMR OD EDQGHUD GHO
OLEHUDOLVPR $KRUD ELHQ OD IXHU]D GH HVH EORTXH YD D UHSRVDU GHVGH HO
SULQFLSLR \ FDGD YH] PiV HQ ORV DJULFXOWRUHV PHGLDQRV \ SHTXHxRV FX\R
GHVDUUROORORJUDGRFRQGLILFXOWDGHQHOPDUFRFRORQLDOFREUDUiXQULWPRPiV
DFHOHUDGRGHVSXpVGHODHPDQFLSDFLyQ(QODQXHYDFRUUHODFLyQGHIXHU]DVVH
FRQYHUWLUiQOHQWDPHQWHHQXQDFODVHVRFLDOGHILQLGDTXHOHYDDGDUKRPEUHV
GLQHUR FRQH[LRQHV \ RWURV IDFWRUHV GH IXHU]D DO OLEHUDOLVPR SHUR TXH OH YD
LPSRQHU QDWXUDOPHQWH VXV H[LJHQFLDV GH JUXSR (VWR TXLHUH GHFLU ²QyWHVH
ELHQ²TXHMXQWRDOVHFWRUSHTXHxREXUJXpVGHFRPHUFLDQWHVPDQXIDFWXUHURV\
SURIHVLRQDOHV GH OD pSRFD GH ,QGHSHQGHQFLD PLOLWDED HO LQWHUpV GH OD FDSD
PHGLDDOWDUXUDOFRQVXQ~FOHRGHQXHYRVDJULFXOWRUHVWDPELpQDSULVLRQDGRVHQ
ODV OLPLWDFLRQHV GHO VLVWHPD FRORQLDO 1R SXHGH GXGDUVH GH OD VLQFHULGDG GH
WRGRV HVWRV VHFWRUHV DO SURFODPDU ORV SULQFLSLRV UHYROXFLRQDULRV GHO
OLEHUDOLVPR²UHYROXFLRQDULRVSDUDDTXpOHQWRQFHV²ODPXOWLSOLFDFLyQGHORV
SURSLHWDULRV GH OD WLHUUD OD DEROLFLyQ GH OD VHUYLGXPEUH GHO LQGLR HO
LQFUHPHQWR GH OD SURGXFFLyQ DJUtFROD \ PDQXIDFWXUHUD GH DUWtFXORV GH
H[SRUWDFLyQODDQLPDFLyQGHOPHUFDGRLQWHUQRHWF3HURHQODVFRQGLFLRQHVHQ
TXH TXHGy HO SDtV GHVSXpV GH OD ,QGHSHQGHQFLD HV GHFLU D OD KRUD GH ODV
UHDOL]DFLRQHVOD~QLFDPHGLGDHIHFWLYDTXHSRGtDWRPDUVHLQPHGLDWDPHQWHFRQ
PLUDV D XQ DXPHQWR GH OD SURGXFFLyQ \ GHO PRYLPLHQWR GH YDORUHV HUD
OLEHUDOL]DUODDGTXLVLFLyQGHWLHUUDV<DOSURFHGHUDWRPDUHVDPHGLGDVHKL]R
VHQWLU FRPR QR SRGtD VHU PHQRV OD SUHVLyQ GH ORV DJULFXOWRUHV SHTXHxRV \
PHGLDQRVH[LJLHQGRODSOHQDSURSLHGDGGHODVWLHUUDVXVXUSDGDV\WUDEDMDGDV
SRUHOORVWDQWRODVUHDOHQJDVTXHGHVGHHQWRQFHVVHOODPDURQEDOGtDVFRPR
ODV GH LQGLRV D WtWXOR GH TXH pVWRV ODV WHQtDQ DEDQGRQDGDV R HQ GHVXVR

([LJLHURQ\REWXYLHURQIDFLOLGDGHVOHJDOHVSDUDDGTXLULUHQSURSLHGDGODVTXH
ORV LQGLRV OHV DUUHQGDEDQ \ QDWXUDOPHQWH SLGLHURQ WtWXORV GH SURSLHGDG SDUD
DTXHOODV TXH KDEtD FRPSUDGR D ORV LQGLRV DO PDUJHQ GH ODV SUHVFULSFLRQHV
FRORQLDOHV (O HVWXGLR GH OD OHJLVODFLyQ GH WLHUUDV GXUDQWH HO FRUWR SHUtRGR
SRVWFRORQLDO HQ TXH ORV OLEHUDOHV WXYLHURQ OD SRVLELOLGDG GH LQWHQWDU XQD
UHIRUPDDJUDULD>@SRQHGHPDQLILHVWRHOSHVRTXHWHQtDQODVH[LJHQFLDVGHORV
DJULFXOWRUHV GH OD FDSD PHGLD DOWD UXUDO /DV OH\HV GHPDVLDGR LQFOLQDGDV D
IDYRUHFHU D HVHJUXSRTXHKDEtD QDFLGRHQ VRUGD SXJQD FRQ ORV LQGLRV\TXH
DQKHODEDFRQVROLGDUORTXHKDEtDORJUDGRDGTXLULUHQORVSXHEORVIXHURQOH\HV
TXHGHVDWHQGLHURQSDUFLDOPHQWHHOLQWHUpVGHORVLQGtJHQDVTXHQROHGLHURQOD
GHELGDLPSRUWDQFLDDODQHFHVLGDGGHOLEHUDU\IDYRUHFHUHQIRUPDVHIHFWLYDVD
OD JUDQ PDVD LQGLD GH ORV SXHEORV < DVt FRPHQ]DQGR D GHVYLDUVH GH ORV
SULQFLSLRVOLEHUDOHVHQDWHQFLyQDXQVHFWRUTXHHUDKLVWyULFDPHQWHHQHPLJRGH
ORVLQGLRVHOJRELHUQROLEHUDOVHJDQyODDYHUVLyQGHpVWRVODFXDOKiELOPHQWH
PDQHMDGDSRUORVFULROORV\SRUOD,JOHVLD²FULROODHOODWDPELpQHQVXVDOWDV
MHUDUTXtDV²IXHXQIDFWRUGHFLVLYR HQ OD FDtGDGHO SDUWLGROLEHUDO>@ (Q OD
FDtGD GHO 'RFWRU 0DULDQR *iOYH] VyOR VH KD TXHULGR YHU HO GHUUXPEH GH XQ
UpJLPHQ SURJUHVLVWD SRU ODV PDTXLQDFLRQHV GH ORV FULROORV FRQVHUYDGRUHV OR
FXDO VLQ GHMDU GH VHU YHUGDG HQFXEUH R WHUJLYHUVD XQ KHFKR GH OD PD\RU
LPSRUWDQFLDTXHODVPDVDVLQGtJHQDVVLJXLHURQDORVFULROORVQRSRUTXHIXHUDQ
LJQRUDQWHV QL WDPSRFR SRUTXH ODV UHIRUPDV GH *iOYH] IXHUDQ ³GHPDVLDGR
DYDQ]DGDVSDUDXQSXHEORTXHQRODVHQWHQGtD´²FRPRKDOOHJDGRDGHFLUVH²
VLQRSRUTXHODVOH\HVDJUDULDVGHDTXHOJRELHUQRFHUFHQDEDQODSURSLHGDGGH
ORVLQGLRVVREUHVXVWLHUUDVFRPXQDOHV\QRRIUHFtDQFRPSHQVDFLRQHVHIHFWLYDV
HLQPHGLDWDV>@$OFRPSUREDUTXH GLFKDVOH\HVSRQtDQ D OD PDVDLQGtJHQD
GHOODGRGHORVFRQVHUYDGRUHV*iOYH]TXLVRGDUPDUFKDDWUiVGHURJiQGRODV\
HVWROHJDQyODGHVDSUREDFLyQGHVXVPiVDUGLHQWHVSDUWLGDULRV\SUHFLSLWyVX
H[SORWDUORV VLHPSUH TXH IXHUD SRVLEOH /RV LQGtJHQDV SRU VX SDUWH WDPSRFR
SRGtDQ FRQILDUHQ QDGDTXH SURYLQLHUDGHDTXHO VHFWRU/DGLQiPLFD FRORQLDO
FUHy\GHMyHVWDEOHFLGDODOXFKD\HORGLRGHFODVHHQWUHORVLQGLRV\ODFDSDGH
ODGLQRV LQVWDODGD HQ VXV SXHEORV FXDQGR HQ HVD FDSD DSHQDV FRPHQ]DED D
FRQILJXUDUVHXQDFODVHGHQXHYRVWHUUDWHQLHQWHV
6DEHPRV TXH ORV DJULFXOWRUHV PHGLDQRV \ SHTXHxRV GHVOLJDGRV GHO
JRELHUQR GXUDQWH OD GLFWDGXUD FULROOD GH ORV  DxRV VLJXLHURQ
GHVDUUROOiQGRVHHFRQyPLFDPHQWH\FRQVROLGiQGRVHFRPRFODVH(OFXOWLYRGH
ODJUDQD²REOLJDGDPHQWHSURWHJLGRSRUHOJRELHUQRDOFRQYHUWLUVHHQHO~QLFR
SURGXFWRGHH[SRUWDFLyQGHOSDtV²OHVGLRXQIXHUWHLPSXOVR(VVDELGRTXHOD
FRFKLQLOOD IXH FULDGD HQ ODV SURSLHGDGHV PHGLDQDV \ SHTXHxDV TXH IXH XQ
FXOWLYRSURSLRGHORVPHVWL]RVQRDGRSWDGRSRUORVLQGLRVQLSRUODVJUDQGHV
KDFLHQGDV>@(OFXOWLYRGHOFDIpORVKDUiIXHUWHVPiVWDUGHHQODV]RQDVGHO
SDtV DSURSLDGDV SDUD OD SURGXFFLyQ GH GLFKR IUXWR \ OOHJDUi HO PRPHQWR HQ
TXH ILQDOPHQWH WRPDUiQ HO SRGHU ²² QR SDUD WUHLQWD VLQR SDUD VHWHQWD
DxRV GH WHUULEOHV GLFWDGXUDV GH JUDQGHV \ FRQWUDGLFWRULDV UHIRUPDV FX\R
VLJQLILFDGR JHQHUDO WHQGUHPRV TXH VXJHULU DO ILQDO GH HVWH OLEUR *UDQGHV
VHFWRUHV GH ODV FDSDV PHGLDV URPSHUiQ HQWRQFHV VXV DWDGXUDV £WRGDYtD
FRORQLDOHV \ WHQGUiQ XQ IRUPLGDEOH GHVDUUROOR 3HUR VREUH HO LQGLR FDHUiQ
QXHYDV DWDGXUDV QXHYDV FDGHQDV TXH YDQ D FRQVROLGDU \ SURORQJDU VX
FRQGLFLyQ GH VLHUYR GH SURGXFWRU EiVLFR QR OLEUH DWHUURUL]DGR
GHVSLDGDGDPHQWH H[SORWDGR SDUD PXFKR WLHPSR PiV ,JXDO GHVJUDFLD FDHUi
VREUH ORV ODGLQRV SREUHV GH ODV KDFLHQGDV ²TXH FRPHQ]DUiQ D OODPDUVH
³ILQFDV´²/DVUDQFKHUtDVYDQDPXOWLSOLFDUVHFRQODVILQFDVFDIHWDOHUDV\HQ
HVRV DQWURV YDQ D HQFRQWUDUVH \ FRQIXQGLUVH LQGLRV \ ODGLQRV SREUHV
SURWDJRQL]DQGRXQDQXHYD\GXUDVHUYLGXPEUH
3RGUtDSHQVDUVHTXHODVSUHFHGHQWHVLQGLFDFLRQHVQRVDOHMDQGHPDVLDGRGH
FDtGD>@(OFRQWHQLGRGHODVGLVSRVLFLRQHVDJUDULDVGHOJRELHUQRGH*iOYH]
QR IXH RFXUUHQFLD GHO -HIH GH (VWDGR )XH UHVXOWDGR SROtWLFR GH XQD UHDOLGDG
IXQGDPHQWDO TXH HVWDPRV WUDWDQGR GH VHxDODU TXH ORV PHGLDQRV \ SHTXHxRV
DJULFXOWRUHVGHOSDtV²GHILQLpQGRVHFDGDYH]PiVFRPRXQDFODVHHQHOVHQR
GH OD FDSD PHGLD DOWD UXUDO² QR SRGtDQ QL VDEtDQ FRQFHELU VX GHVDUUROOR
HFRQyPLFR GH RWUD PDQHUD TXH QR IXHUD OD TXH KDEtD YHQLGR RSHUDQGR HQ VX
SHFXOLDUQDFLPLHQWRKLVWyULFRFHUFHQDUODSURSLHGDGFRPXQDOGHORVLQGLRV\

QXHVWUR WHPD SHUR QR HV DVt <D DQWHULRUPHQWH KHPRV WHQLGR TXH KDFH
UHIHUHQFLDDpSRFDVFHUFDQDVWUDWDQGRWHPDVFRORQLDOHV\WRGDYtDORKDUHPRV
HQRWUDVRFDVLRQHVDGHODQWH6RQORVIHQyPHQRVPLVPRVORVTXHVHDODUJDQHQ
GHFLVLYDVSUR\HFFLRQHVVREUHpSRFDVXOWHULRUHVHLQFOXVRVREUHHOSUHVHQWH\
HOVHxDODPLHQWRGHVXLQIOXHQFLDDYHFHVGHWHUPLQDQWHHVVLQGXGDDOJXQDOD
WDUHDTXHOHFRQILHUHXWLOLGDGHLPSRUWDQFLDDOD+LVWRULD(QHOFDVRTXHDKRUD
QRVRFXSDKHPRVTXHULGRVHxDODUFyPRODEORTXHDQWHSROtWLFDFRORQLDOIUHQWH

DOGHVDUUROORGHORVPHVWL]RVFRQILJXUDGRUDGHODVFDSDVPHGLDVGHWHUPLQyOD
IRUPDFLyQ \ ODV FDUDFWHUtVWLFDV GH XQD FDSD PHGLD DOWD UXUDO GH ODGLQRV HQ
SXHEORVGHLQGLRV&yPRODJHVWDFLyQGHXQDFODVHGHPHGLDQRV\SHTXHxRV
DJULFXOWRUHVHQHOVHQRGHHVDFDSDPHGLDHVWUHFKDPHQWHYLQFXODGDDODFDSD
PHGLD DOWD GH ODV FLXGDGHV OH LPSULPLy DO FRQMXQWR OLEHUDO XQ VHVJR
SUHFLVDPHQWH QR OLEHUDO IUHQWH D OD SREODFLyQ LQGtJHQD &yPR XQ IDFWRU
HFRQyPLFRLPSUHYLVWR²HODXJHGHODSURGXFFLyQGHFDIpHQUHVSXHVWDDVXV
DOWRVSUHFLRV\VXJUDQGHPDQGDLQWHUQDFLRQDO²FRQYLUWLyDTXHOVHVJRRULJLQDO
HQXQDFUHFLHQWHGHFLVLyQGHH[SORWDUEiUEDUDPHQWHDORVLQGLRVUHFUXGHFLHQGR
VXFRQGLFLyQGH VLHUYRV(OJHUPHQ KLVWyULFRGHWRGRHVWR VHHQFXHQWUDHQOD
FRORQLD HQ ODV FRQGLFLRQHV SHFXOLDUHV \D H[DPLQDGDV HQ TXH QDFLy OD FDSD
PHGLDDOWDUXUDO
+HDOOtSXHVDORVDJULFXOWRUHVPHVWL]RVGHPHGLDQDIRUWXQDUHYROWRVRVD
TXLHQHVQRRPLWLyHQVXLQIRUPHHO7HVRUHURHVSDxROHQXPHUDQGRDWRGRVORV
HOHPHQWRVGHODFDSDPHGLDDOWD>@2WURVGRFXPHQWRVGHODPLVPDpSRFDQRV
ORVSUHVHQWDQFRPR³«JHQWHSDUGDGHGLFDGDDODDJULFXOWXUDHQSHTXHxDV
KHUHGDGHV«´>@ \ GDQ SUXHED GH TXH HVDV SHTXHxDV HPSUHVDV HQ ODV TXH
WUDEDMDEDQ PXFKDV YHFHV VXV SURSLRV GXHxRV R DUUHQGDWDULRV HUDQ
SURSRUFLRQDOPHQWHPiVSURGXFWLYDVTXHODVJUDQGHVKDFLHQGDV>@$XQVHFWRU
GH HOORV VH UHILHUH WDPELpQ PX\ SUREDEOHPHQWH HO ³(GLWRU &RQVWLWXFLRQDO´
FXDQGR VDOH HQ GHIHQVD GH ORV SRTXLWHURV SHTXHxRV SURGXFWRUHV GH DxLO D
TXLHQHVORVJUDQGHVFRPHUFLDQWHVOHVFRPSUDEDQSRUDQWLFLSDGRVXVFRVHFKDV
KDFLpQGROHVSUpVWDPRV\H[WRUVLRQiQGRORV>@
9DULRVWUD]RVYDQDFRPSOLFDUQXHVWURGLDJUDPDVLTXHUHPRVFRPSOHWDUOR
8QDDPSOLDHOLSVHLJXDODODTXHKHPRVXVDGRSDUDVLPEROL]DUDODFDSDPHGLD
EDMD UXUDO WHQGUi TXH H[WHQGHUVH DKRUD KDFLD DUULED VLPEROL]DQGR D OD FDSD
PHGLD DOWD UXUDO /D H[SOLFDFLyQ GH VX QDFLPLHQWR \ GHVDUUROOR GHMD
GHPRVWUDGR TXH IXH IUXWR GH ODV OXFKDV \ OLPLWDFLRQHV GHO WULiQJXOR $XQTXH
HVWDFDSDHVWXYRLQWHJUDGDSULQFLSDOPHQWHSRUPHVWL]RVGHWRGRWLSRFRQYLHQH
LQGLFDUFRQGRVWUD]RVHQIRUPDGHIOHFKDTXHGHVGHODHVIHUDGHORVLQGLRV\
GHVGHODGHORVFULROORVWDPELpQLQJUHVyDOJXQDJHQWHDHVWDFDSDDOWDGHORV
SXHEORV ²SRFD SHUR QR KD\ PRWLYR SDUD RPLWLUOD² LQGLRV ULFRV \ FULROORV
HPSREUHFLGRV 'HVGH HO VHQR GH OD HOLSVH KDVWD OD FLQWD TXH UHSUHVHQWD D OD
FDSDPHGLDDOWDXUEDQDKD\TXHWUD]DUXQDIOHFKDHQpUJLFDLQGLFDGRUDGHTXH

HVDFDSDXUEDQDQXWULGDSRUFULROORVYHQLGRVDPHQRV\WDPELpQSRUHOHPHQWRV
SHTXHxREXUJXHVHV SURYHQLHQWHV GH OD FDSD DUWHVDQDO SURYHHGRUD²
FRPHUFLDQWHV PHGLRV GXHxRV GH WDOOHUHV PDQXIDFWXUHURV HWF² UHFLELy XQ
YDOLRVRDSRUWHKXPDQRSURYHQLHQWHGHODFDSDDOWDGHORVSXHEORV6HHQWLHQGH
SRU VXSXHVWR TXH GLFKR DSRUWH QR HVWDED LQWHJUDGR ~QLFD QL QHFHVDULDPHQWH
SRU DJULFXOWRUHV PHGLDQRV \ SHTXHxRV LQVWDODGRV HQ ODV FLXGDGHV VLQR SRU
SHUVRQDVGHGLFDGDV D SURIHVLRQHV \HPSOHRV GHDOWDFDOLILFDFLyQ²LQFOXLGRV
FXUDV HVFULEDQRV HVWXGLDQWHV HWF ²TXH SURFHGtDQ GH OD FDSD DOWD GH ORV
SXHEORV
(OWULiQJXORDVtFRPSOHWDGR\WRGRORGLFKRHQHVWHFDStWXORQRVH[LPHGH
KDFHU XQD FODVLILFDFLyQ LQHUWH GH ORV JUXSRV VRFLDOHV PiV LPSRUWDQWHV GH OD
VRFLHGDG FRORQLDO D ORV FXDOHV KHPRV YLVWR HQ VX GHVDUUROOR \ HQ VXV
UHODFLRQHV6RODPHQWHQRVKHPRVDWUHYLGRDOODPDUFODVHVVRFLDOHVHQIRUPD
FDWHJyULFD \ VLQ UHVHUYDV D OD PDVD GH ORV LQGLRV VLHUYRV D OD DULVWRFUDFLD
WHUUDWHQLHQWH FULROOD \ D ORV QHJURV HVFODYRV HQ HO SULPHU SHUtRGR 'H OD
EXURFUDFLDLPSHULDOGLMLPRVTXHDFWXDEDFRPRXQDFODVHVLQVHULRODXQLILFDED
HO KHFKR GH UHSUHVHQWDU ORV LQWHUHVHV GH ODV FODVHV GRPLQDQWHV HVSDxRODV ²
QREOH]D\EXUJXHVtDSHQLQVXODUHV²\HOGHEHQHILFLDUVHHFRQyPLFDPHQWHHQHO
GHVHPSHxR GH HVD IXQFLyQ SHUR FRPR VXV LQWHJUDQWHV SURYHQtDQ GH GLVWLQWRV
VHFWRUHV SULYLOHJLDGRV GH OD SHQtQVXOD WUDtDQ FRQVLJR ODV GLIHUHQFLDV GH OD
SROtWLFDHVSDxRODFLUFXQVWDQFLDTXHPLQDEDVXXQLGDGFXDQGRHVDVGLIHUHQFLDV
VHDJXGL]DEDQHQODPHWUySROL²ORFXDOSXGRQRWDUVHHQODpSRFDGH&DUORV,,,
\IXHHVFDQGDORVDPHQWHQRWRULRHQODpSRFDGHOD,QGHSHQGHQFLD²>@'HORV
DJULFXOWRUHV PHGLDQRV \ SHTXHxRV GLMLPRV TXH LQLFLDURQ OD IRUPDFLyQ GH XQD
QXHYDFODVHGHWHUUDWHQLHQWHV²ODFXDOOOHJDUtDDVHUPX\LPSRUWDQWHPiVWDUGH
²HQHOVHQRGHODFDSDPHGLDDOWDUXUDO7RGRORGHPiVDTXHKHPRVKHFKR
UHIHUHQFLDHUDQFDSDVVRFLDOHV\VHFWRUHVLQWHUQRVSHFXOLDUHVGHODVPLVPDV
$XQTXH HQ ORV WH[WRV FLWDGRV KHPRV WURSH]DGR FRQ HO WpUPLQR ³FODVH
PHGLD´²FDVL VLHPSUH GHVLJQDQGR FRQ YDJXHGDG DO FRQMXQWR GH ODV FDSDV
PHGLDVDOWDV²VHQRWDUiTXHQRORKHPRVDFHSWDGRQLDGRSWDGRSDUDQRPEUDU
DQLQJ~QJUXSR(OORREHGHFHDTXHODVFODVHVVRFLDOHVVLUHDOPHQWHORVRQVH
GHILQHQ SRU VX XQLGDG GH IXQFLyQ HFRQyPLFD \ GH LQWHUHVHV TXH OHV VRQ
HVHQFLDOHV\QRSRUVXXELFDFLyQUHODWLYDDRWURVJUXSRV/DXELFDFLyQUHODWLYD
SXHGH HPSOHDUVH FRPR XQ HOHPHQWR GH GHILQLFLyQ GH ODV FDSDV FDUHQWHV GH

XQLGDGIXQFLRQDO\DXQDOOtHVLQVXILFLHQWH\UHTXLHUHHOVHxDODPLHQWRGHRWUDV ²;,²
FDUDFWHUtVWLFDVFRPRORKHPRVKHFKR
1R FDUHFH GH LQWHUpV UHSUHVHQWDUVH QXHYDPHQWH HO WULiQJXOR RULJLQDO VLQ
RWUR HOHPHQWR TXH VXV WUHV IXHU]DV LQLFLDOHV \ SUHJXQWDUVH FyPR VH SRGUtDQ /DVFDSDVPHGLDVHQODSDWULDGHOFULROOR
KDEHUIRUPDGRHQpOORVJUXSRVTXHGHVSXpVKHPRVGHILQLGR\XELFDGR²ODV
FDSDV PHGLDV GH OD VRFLHGDG FRORQLDO JXDWHPDOWHFD² QR VLHQGR FRPR
1RGHPRVSRUFRQFOXLGRHVWHFDStWXORVLQKDEHUQRVUHLQVWDODGRHQHOJUDQ
UHVXOWDGR KLVWyULFR GH ODV OXFKDV WHQVLRQHV FRQWUDGLFFLRQHV \ OLPLWDFLRQHV
PLUDGRUGHILQHVGHOVLJOR;9,,ODFXPEUHHQPLWDGGHODFRORQLDGHVGHODFXDO
LQKHUHQWHV DO HVTXHPD LQLFLDO 7DO HVIXHU]R FRQGHQDGR DO IUDFDVR VLUYH SDUD
KHPRVHVWDGRPLUDQGRDOSDVDGR\DOIXWXURSDUDYLVOXPEUDU²FRPRGHVGHOD
FRQILUPDU OD WHVLV TXH KD VLGR PRWLYR GH OD VHJXQGD SDUWH GH HVWH FDStWXOR
FLPDGHXQYROFiQ²ORVOLQHDPLHQWRV\ODVLQFLGHQFLDVGHXQSDQRUDPDGHWUHV
6LUYH WDPELpQ SDUD FRPSUREDU TXH HV LPSRVLEOH WHQHU XQD LGHD GH OD
VLJORV
GLQiPLFDVRFLDOGHODFRORQLDVLVHRPLWH²FRPRVHKDRPLWLGRDEVROXWDPHQWH
1RKDFHIDOWDQLQJ~QHVIXHU]RHVSHFLDOSDUDGHVFXEULUDODVFDSDVPHGLDV
KDVWDDKRUD²HOHVWXGLRGHODVFDSDVPHGLDVTXHIXHURQUHVXOWDGRV\DODYH]
HQ OD 5HFRUGDFLyQ )ORULGD DVt OR SUXHEDQ ODV PXFKDV RSRUWXQLGDGHV HQ TXH
IXHU]DVDFWLYDVGHHVDGLQiPLFD)LQDOPHQWHSXHGHOOHYDUHOSHQVDPLHQWRKDVWD
KHPRV WHQLGR TXH FLWDUOD SDUD LOXVWUDU GLYHUVRV DVXQWRV HQ ORV DSDUWDGRV
DTXHO SXQWR HQ TXH DILUPiEDPRV PX\ DO SULQFLSLR TXH HUD XQD WULYLDOLGDG
SUHFHGHQWHV6LQHPEDUJRGLFKRVVHFWRUHVYDQKDFLpQGRVHPiVHYLGHQWHVPiV
FRQIRUPDUVH FRQ GHFLU TXH ³ODV FDVWDV QR HUDQ FODVHV \ TXH HUD SUHFLVR
YLVLEOHV FRQIRUPH VH YD DSUHQGLHQGR D GHVFXEULU WRGR OR TXH HVFRQGH HVWH
DKRQGDU HQ HVH SXQWR SDUD FRPHQ]DU D HQWHQGHU OD YHUGDGHUD VLJQLILFDFLyQ
GRFXPHQWRHQVXYDVWD\GHVRUGHQDGDULTXH]D
KLVWyULFD GH OR TXH FRQIXVDPHQWH VH OODPD ³PHVWL]DMH´ UHIHULGR D OD pSRFD
$OOtHVWi OD FLXGDGGH6DQWLDJR GH *XDWHPDODDORVSLHV GHOYROFiQ (OOD
FRORQLDO
HUDHOFRUD]yQGHODSDWULDFULROOD\VXGHVFULSFLyQFXLGDGRVDHVHOWHPDGHORV
FDStWXORV PiV SOiFLGRV \ HQWXVLDVWDV GH OD FUyQLFD>@ &LXGDG EODQFD WRGD
HOOD SRU GHQWUR \ SRU IXHUD>@ FXDGULFXODGD SRU FDOOHV HPSHGUDGDV>@
FXELHUWD GH WHMD D GRV DJXDV FRQ DOHUR H[FHSWR HQ DOJXQRV VXEXUELRV HQ TXH
KDEtD WHFKRV GH SDMD>@ ,QWHUUXPStDQ HVH RUGHQDPLHQWR VHQFLOOR FRPR VH
VDEH ODV PROHV GH TXLQFH FRQYHQWRV FRQ VXV WHPSORV>@ DSDUWH GH PXFKDV
RWUDVLJOHVLDV\FDSLOODV\ORVHGLILFLRVGHJRELHUQR
(UD HQ UHDOLGDG XQD FLXGDG HVSDxROD &RQVWUXLGD FRQ WpFQLFDV \ HVWLORV
WUDtGRV SRU ORV HVSDxROHV GLVHxDGD \ GLULJLGD SRU HOORV GHVDUUROODGD VHJ~Q
ODVQHFHVLGDGHVGHORVHVSDxROHVTXHYLYtDQ\PDQGDEDQHQHOODDODPDQHUD
HVSDxROD (VWH KHFKR D GDGR OXJDU D XQD MXELORVD RUDWRULD VHJ~Q OD FXDO ³HO
DOPD GH (VSDxD UHQDFtD \ VH SURGLJDED HQ HO 1XHYR 0XQGR´ \ DTXHOORV
UREXVWRV FRQYHQWRV \ WHPSORV HUDQ ³OHYDQWDGRV SRU OD IH´ HWF ,QRFHQWHV
EREHUtDV ³PRGHUQDV´ TXH MDPiV HQFRQWUDUtDPRV HQ OD REUD GH )XHQWHV \
*X]PiQ OD FXDO QRV HQWHUD FDEDOPHQWH GH TXH ODV LJOHVLDV ODV FDOOHV \
SOD]DVODVFDVDVGHKDELWDFLyQ\ORVHGLILFLRVS~EOLFRVIXHURQOHYDQWDGRVSRU

 
HOWUDEDMRGHORVLQGLRV\ODVFDSDVPHGLDV1RHQHOVHQWLGRJHQHUDOGHTXH
QDGD KXELHUD KDELGR VLQ OD ULTXH]D IXQGDPHQWDO FUHDGD SRU HOORV VLQR HQ HO
VHQWLGRSUHFLVRGHTXHODVSLHGUDVODEUDGDVORVODGULOORVODVWHMDVODVYLJDV
ORV PXURV ORV DUWHVRQDGRV ODV SXHUWDV ODV UHMDV \ DVt VXFHVLYDPHQWH KDVWD
OOHJDUDORVPiVYDOLRVRVHQVHUHV\RUQDPHQWRV²UHWDEORVOiPSDUDVPXHEOHV
EDOFRQHVVXUWLGRUHVHWF²HUDQFDVLtQWHJUDPHQWHREUDGHORVLQGLRV\GHODV
FDSDVPHGLDV
$TXHOODFLXGDGHVSDxRODWHQtDHOJUDQSULYLOHJLRGHKDEHUVLGRFRQVWUXLGD
\VHJXLUVLHQGRPDQWHQLGD\DEDVWHFLGDSDUDORVHVSDxROHV\VXVGHVFHQGLHQWHV
SRU WUDEDMDGRUHV LQGLRV \ PHVWL]RV ORV LQGLRV EDMR OD SUHVLyQ GHO
UHSDUWLPLHQWR SDUD REUDV GH OD FLXGDG \ RWUDV REOLJDFLRQHV VHUYLOHV \ ORV
PHVWL]RV EDMR OD SUHVLyQ GH OD PLVHULD \ OD GHVRFXSDFLyQ FUHFLHQWHV TXH
SURSRUFLRQDEDQPDQRGHREUDEDUDWD(QHVRVKHFKRVGHVFDQVDEDHOYHUGDGHUR
HQFDQWRGHODH[LVWHQFLDGHODFLXGDGSDUDTXLHQHVODJR]DURQFXDQGRYLYtDVX
DXWpQWLFD YLGD GH FDSLWDO FRORQLDO FHQWUR GH GRPLQLR \ GH GLVIUXWH>@
(QFDQWRTXHVHRFXOWDQDWXUDOPHQWHDTXLHQHVKR\YHQODFLXGDGFRQRMRVGH
$UTXHyORJRGHWXULVWDRGHJXLDGRUGHWXULVWDVDXQTXHORJUHQDSUHFLDURWURV
YDORUHVHVWpWLFRV/RDGLYLQDQHQFDPELRODVPHQWHVFULROOLVWDVDFWXDOHVTXH
SRU HVR VH HQDPRUDQ GH /D $QWLJXD \ OD FRQYLHUWHQ HQ VtPEROR VL ELHQ HV
FLHUWRTXHSUHILHUHQQRHVWDEOHFHUVHHQODFLXGDGPRQXPHQWR""" HVQHFHVDULR
LUDORVEDUULRV\ORVWDOOHUHVGHORVDUWHVDQRVSDUDVDEHUGHHOORV)XHQWHV\
*X]PiQ VH HVWi UHILULHQGR D OD REUD GH FHQWHQDUHV GH PLOHV GH PDHVWURV
RILFLDOHVDSUHQGLFHV\SHRQHVDOGHVFULELUODFLXGDG<DXQTXHVXUHIHUHQFLDD
ORVDXWRUHVUHVXOWDVXPDPHQWHOLPLWDGD²OHHUDLPSRVLEOHFRQRFHUORVDWRGRV
HLQFRQYHQLHQWHGDUOHGHPDVLDGDLPSRUWDQFLDDORVFRQRFLGRVQRSXHGHPHQRV
TXHDODEDUDO³GLHVWUR\SHULWRDUWtILFH´GHFX\DVPDQRVVDOLypVWDRDTXpOOD
REUDHQWUHODVPXFKtVLPDVTXHPHQFLRQDHQVXGHVFULSFLyQXQDHVWXSHQGDUHMD
GH KLHUUR GRUDGD D IXHJR SRQJDPRV SRU FDVR>@ (V HMHUFLFLR LQWHUHVDQWH \
DOHFFLRQDGRU OD OHFWXUD GH HVWD GHVFULSFLyQ SUHJXQWiQGRVH TXLpQ R TXLpQHV
WUDEDMDURQ SDUD GDUOH H[LVWHQFLD D ORV REMHWRV \ HGLILFLRV TXH HO FURQLVWD YD
PHQFLRQDQGRDVtFXDQGRVHWUDWDGHODH[TXLVLWDWDOODGHXQDLPDJHQUHOLJLRVD
GH JUDQ SUHVWLJLR FRPR FXDQGR KDEOD GH EyYHGDV \ F~SXODV GH MDUGLQHV \
IXHQWHVGHSXHQWHV\DFXHGXFWRVVLQLJQRUDUHOPpULWRGHQLQJXQDREUDVRFLDO
PHQWH ~WLO 6H FRPSUXHED TXH OD FLXGDG GHVDUUROODGD FRQ EDVH HQ FiQRQHV
 
HXURSHRV ²SULQFLSDOPHQWH URPDQRV² HUD WHVWLPRQLR GH HVIXHU]R GH ORV
LQGLRVGHODSOHEH\GHORVDUWHVDQRV
(VWiQHQODGHVFULSFLyQORVGLH]EDUULRVGHODFLXGDG(OFURQLVWDQRSXHGH
RFXOWDU ORV YLROHQWRV FRQWUDVWHV TXH WHQtD TXH KDEHU HQ DTXHO FHQWUR HQ TXH
FRQYLYtDQVHJUHJDGRV\HQSXJQDJUXSRVVRFLDOHVFX\DVSURIXQGDVGLIHUHQFLDV
HFRQyPLFDVVHUHIOHMDEDQ HQODVKRQGDVGLIHUHQFLDVGHVX JpQHURGH YLGD (O
DIiQ GH GHVFULELU OD FLXGDG FRPSOHWD WUDLFLRQD HO SURSyVLWR GH RFXOWDU VXV
ODFUDVVLQTXHGHEDPRVVXSRQHUTXHWDOSURSyVLWRIXHUDPX\DFHQWXDGRHQHO
QDUUDGRU SRUTXH FLHUWRV DVSHFWRV TXH D QRVRWURV QRV SXHGHQ GLVJXVWDU
FRQVWLWXtDQSDUDpOPDOHVLQHYLWDEOHV\KDVWDGLVFUHWDPHQWHGHVHDEOHV²PDOHV
TXHQRSHUMXGLFDEDQRTXHEHQHILFLDEDQDVXFODVH²(VIODJUDQWHHOFRQWUDVWH
HQWUHHOKHUPRVREDUULRGH6DQWR'RPLQJRHQGRQGHVHHQFRQWUDEDQODVFDVDV
SULQFLSDOHVDPSOLDV\DGRUQDGDVGHODJHQWHULFD>@FRQORVEDUULRVGH6DQ
-HUyQLPR \ 6DQWLDJR TXH HUDQ PtVHURV DUUDEDOHV GH JHQWH SREUH>@
,PSUHVLRQDOHHU OD GHVFULSFLyQGHOSDVHRGHOD $ODPHGD GHO &DOYDULR HQORV
GtDV IHVWLYRV FRQ HO GHVILODU GH FRFKHV \ JHQWH GH D FDEDOOR>@ ²HVWDPSD
IHOL]GHODYLGDFULROOD²\HQWHUDUVHGHTXHKDEtDHQODFLXGDGXQDFDVDSDUD
HQFHUUDU \ FDVWLJDU D ODV SURVWLWXWDV TXH LEDQ HQ DXPHQWR ²HVWDPSD
LQGHIHFWLEOHGHODGHJUDGDFLyQGHODPXMHUSREUHHQODVVRFLHGDGHVGHFODVHV
²>@(VWiDOOtHQVXPDMXQWRDODKROJXUD\ODHXIRULDGHODPLQRUtDFULROOD\
HVSDxRODODHVFDVH]\SHQXULDGHORVEDUULRVGHODSOHEHDTXHOODSOHEHTXHVH
DPRWLQDEDDODTXHKDEtDTXHSURKLELUOHODFLUFXODFLyQQRFWXUQD\GHODFXDO
RSLQDEDHO5HJLGRUTXHHVWDEDFUHFLHQGRHQVXWLHPSR>@
&HUFD GH OD FLXGDG VH KDOODEDQ ORV SXHEORV TXH OD VHUYtDQ DOJXQRV WDQ
SUy[LPRV TXH DSDUHFtDQ FRPR EDUULDGDV GH LQGLRV 0XFKRV GH HVRV SXHEORV
KDEtDQ QDFLGR FRPR FRQFHQWUDFLRQHV GH HVFODYRV FXDQGR OD SURSLD FLXGDG
QDFtD>@ (O FURQLVWD H[SOLFD VLQ UHWLFHQFLDV FyPR HQ DTXHOORV IORULGRV
WLHPSRV WXYLHURQ ORV FRQTXLVWDGRUHV OD DQLPRVD LGHD GH KDFHU FDFHUtDV
QRFWXUQDVGHLQGLRV³«HQODVQRFKHVPiVREVFXUDVDVtGHLQYLHUQRFRPRGH
YHUDQR>@ \ FyPR MXQWDQGR HQ WLHUUDV VX\DV OR TXH LEDQ DWUDSDQGR HQ
DTXHOODV VDOLGDV FUHDURQ SREODFLRQHV GH GRVFLHQWRV WUHVFLHQWRV R PiV
HVFODYRV3RUVHUFRVDGHVXSURSLHGDG\HQSUXHEDGHJUDWLWXGGLHURQDHVDV
SREODFLRQHVORVQRPEUHVGHVXVVDQWRVIDYRULWRVFRQDJUHJDFLyQGHODSHOOLGR
GHO GXHxR >@ 6DQ *DVSDU 9LYDU 6DQWD &DWDULQD %REDGLOOD 6DQ /RUHQ]R
0RQUR\ 6DQWLDJR =DPRUD 6DQ %DUWRORPp %HFHUUD 6DQWD /XFtD 0RQWHUURVR
6DQWD&DWDULQD%DUDKRQD6DQ-XDQ*DVFyQ\RWURVPiV>@'HORVVHWHQWD\
VLHWH SXHEORV GHO YDOOH TXH HUDQ ³« RUGLQDULD GHVSHQVD \ SURYLGHQWH
JUDQHURGH*RDWKHPDOD«´>@ORVYHLQWLRFKRPiVFHUFDQRVHUDQORVTXHPiV
GLUHFWD\VLVWHPDWL]DGDPHQWHODSURYHtDQ>@
<DTXtFRPLHQ]DDDVRPDUQXHVWURYHUGDGHURWHPD
6L KHPRV TXHULGR YHU D ODV FDSDV PHGLDV HQ HO SDQRUDPD GH OD FUyQLFD
FULROODQRKDVLGRSDUDFRPSUREDUTXHHVWiQDOOtVLQRSDUDDOJRPXFKRPiV
LPSRUWDQWH LQGLFDU HQ TXp JUDGR GH GHVDUUROOR VH HQFRQWUDEDQ HQ DTXHO
PRPHQWR\DQDOL]DUODVSRVLFLRQHVGHOFULROORVXVDFWLWXGHVGHFODVHIUHQWHD
GLFKRV VHFWRUHV 6RQ GRV FXHVWLRQHV TXH UHVROYHUHPRV FRQ SURQWLWXG \
SURYHFKR 1R SRUTXH HQ Vt PLVPDV VHDQ IiFLOHV ²VHUtDQ HQ UHDOLGDG PX\
GLILFXOWRVDV VL ODV DERUGiVHPRV GH HQWUDGD² VLQR SRUTXH HO DQiOLVLV GH OD
HVWUXFWXUD FRORQLDO HQ HO SXQWR HQ TXH DKRUD QRV KDOODPRV QRV SRQH HQ ODV
PDQRV WRGRV ORV HOHPHQWRV FRQFUHWRV \ ORV LQVWUXPHQWRV WHyULFRV QHFHVDULRV
SDUDUHVROYHUODVVLQGLILFXOWDG
6DEHPRV TXH HO FULROOR HV SRU GHILQLFLyQ HO ODWLIXQGLVWD H[SORWDGRU GH
VLHUYRVLQGLRV+HPRVYLVWRTXHVXVSRVLFLRQHVVROLGDULDVRDGYHUVDVIUHQWHD
ODV SHUVRQDV \ ODV FRVDV GH VX PXQGR ²ODV UHDOHV \ KDVWD ODV LUUHDOHV SXHV
WHQHPRVFRPSUREDGRTXHODVHQWLGDGHVUHOLJLRVDVGHORVLQGLRV\WDPELpQODV
VX\DV SURSLDV HQWUDQ HQ HVWD YDORUDFLyQ²>@ YLHQHQ GHWHUPLQDGDV SRU OD
FLUFXQVWDQFLDGHTXHDXPHQWHQ\FRQVROLGHQRGLVPLQX\DQ\SRQJDQHQSHOLJUR
VXGRPLQLRGHFODVHVREUHDTXHOORVGRVIDFWRUHVODWLHUUD\ORVLQGLRV
6DEHPRVSRURWUDSDUWHTXHODVFDSDVPHGLDVREOLJDGDVDGHVDUUROODUVH
HQXQPDUFRVRFLDOTXHODVLQKLEtD\ODVEORTXHDEDVHFRQILJXUDURQEDMRORV
WUHV VLJQRV GH UHODFLyQ HFRQyPLFD VLJXLHQWHV ²VRORV R FRPELQDGRV² DSDUHFLGR FRPR DOJR QDWXUDO \ HQ GHILQLWLYD HUD XQD FRQGLFLyQ GH OD
SULPHUR IXHURQ RSULPLGDV \ H[SORWDGDV SRU ORV JUXSRV GRPLQDQWHV VHJXQGR
VH RSULPLHURQ\H[SORWDURQ HQWUHVt\WHUFHURRSULPLHURQ \ H[SORWDURQDORV
LQGLRV(MHPSORVGHOSULPHUFDVR²TXHHVGHVGHOXHJRHOSUHGRPLQDQWH²ORV
KDOODPRVHQHOFRQWUROGHO$\XQWDPLHQWRVREUHORVJUHPLRVDUWHVDQDOHVHQHO
EORTXHRGHODVDXWRULGDGHVVREUHORVODGLQRVHQORVSXHEORV\SULQFLSDOPHQWH
HQ OD H[SORWDFLyQ GH ORV KDFHQGDGRV VREUH ORV ODGLQRV SREUHV GH ODV
UDQFKHUtDV(MHPSORVGHOVHJXQGR FDVRHQFRQWUDPRVHQODH[SORWDFLyQGHORV

PDHVWURVDUWHVDQRVVREUHRILFLDOHV\DSUHQGLFHVDTXLHQHVDGHPiVFHUUDEDQ
ODV SXHUWDV GH OD PDHVWUtD SDUD HYLWDUVH FRPSHWLGRUHV OD H[SORWDFLyQ GH
WHQGHURV\PDQXIDFWXUHURVVREUHHPSOHDGRVREUHURV\SHRQHVODH[SORWDFLyQ
HQ VXPD GH OD FDSD PHGLD DUWHVDQDO SURYHHGRUD VREUH OD SOHEH 'HO WHUFHU
FDVR WHQHPRV HMHPSORV HQ OD DFFLyQ GH ORV SURYHHGRUHV XUEDQRV \ FLHUWRV
HOHPHQWRVGHODSOHEHVREUHORVLQGLRVFRPRFRPSUDGRUHV\UHYHQGHGRUHVGH
ORVSURGXFWRVTXHpVWRVWUDtDQDODFLXGDG\SULQFLSDOPHQWHSRUVXSXHVWRHQ
ODDFFLyQGHORVODGLQRVGHORVSXHEORVHQWDQWRTXHFRQVHJXtDQDSURSLDUVHODV
WLHUUDV GH ORV LQGLRV R ORV H[SORWDEDQ HQ FXDOTXLHU IRUPD ²H[LJLpQGROHV
VHUYLFLRV JUDWXLWRV HQJDxiQGRORV HQ ODV WUDQVDFFLRQHV FRPHUFLDOHV HWF
&RQRFLHQGR HVDV EDVHV HV SRFR OR TXH QRV TXHGD SRU DQGDU /D FUyQLFD
UHIOHMD GHVGH OXHJR ODV SRVLFLRQHV GHO FULROOR IUHQWH D ORV WUHV WLSRV GH
UHODFLyQ HFRQyPLFD GH ODV FDSDV PHGLDV HQWUH Vt \ FRQ ODV FODVHV \
QDWXUDOPHQWHSRQHPXFKRPiVLQWHUpVHQOD~OWLPDHVGHFLUHQDTXHOODHQTXH
ODV FDSDV PHGLDV WRFDEDQ HO LQGLR \ REWHQtDQ DOJR GH pO 3RFDV UHIHUHQFLDV
EDVWDUiQSDUDLOXVWUDUHVWRVWHPDV
&RPRFLXGDGDQRGHXQDFLXGDGHQTXHORVDUWHVDQRVHUDQWDQLPSRUWDQWHV
WDQFDSDFHVPXFKRVGHHOORV\WDQPDOUHWULEXLGRV)XHQWHV\*X]PiQDGRSWD
XQD DFWLWXG! GLVFUHWDPHQWH UHVSHWXRVD VHJ~Q \D OR KHPRV YLVWR HQ OD
GHVFULSFLyQ GH VX ³*RDWKHPDOD´ &RPR PLHPEUR GHO $\XQWDPLHQWR IXH
YLJLODQWHGHORVDUWHVDQRV\GHORVSURYHHGRUHV\VXSRFRQWULEXLUHQORTXHD
pO OH WRFy>@ D PDQWHQHUORV HQ HO RUGHQ \ QLYHO GH VHUYLGRUHV OLEUHV SHUR
REHGLHQWHVFRPRFRQYHQtDDORVVHxRUHVGHODFLXGDG
'HODH[SORWDFLyQGHODSOHEHSRUODFDSDDUWHVDQDOSURYHHGRUDQRGLFHHO
FURQLVWD XQD SDODEUD < HV SHUIHFWDPHQWH H[SOLFDEOH VX VLOHQFLR (VD SXJQD
HQWUHRSULPLGRVQRLPSOLFDEDQLQJ~QSHOLJURSDUDODFODVHFULROODGHEHKDEHU
DEXQGDQFLD \ HO EXHQ SUHFLR GH ORV SURGXFWRV DUWHVDQDOHV \ PDQXIDFWXUDGRV
TXHODDULVWRFUDFLDFRQVXPtD
<D VDEHPRV TXH OD SOHEH H[LVWtD DO JUDGR GH KDFHU DPRWLQDPLHQWRV HQ
WLHPSRVGHOFURQLVWD\TXHHQHOFDELOGRFRQRFDVLyQGHOWXPXOWRGH>@
HO 5HJLGRU YRWy SRU TXH VH RUJDQL]DUD XQD JXDUGLD 6LQ HPEDUJR HQ OD
5HFRUGDFLyQQROHSUHRFXSDODSOHEHSRUVXPLVHULDQLSRUVXDJUHVLYLGDG²
IHQyPHQRV DPERV TXH \D HVWDEDQ DOOt HQ GHVDUUROOR² >@ OR TXH OH

SUHRFXSDHVODDFFLyQGHHVDFDSDVRFLDOVREUHORVLQGLRVDEDVWHFHGRUHVGHOD
FLXGDG +XER VLHPSUH OD FRVWXPEUH SRU SDUWH GH OD JHQWH SREUH \ TXL]i
WDPELpQ GH DOJXQRV SURYHHGRUHV DFRPRGDGRV GH VDOLU D ORV FDPLQRV D
LQWHUFHSWDUDORVLQGLRVSDUDFRPSUDUOHVORVSURGXFWRVTXHWUDtDQDODSOD]DGH
DEDVWRVHOPHUFDGRRWLHQGDVGHODFLXGDG1RIXHURQHILFDFHVODVUHLWHUDGDV
yUGHQHV GDGDV SRU OD $XGLHQFLD \ HO $\XQWDPLHQWR SDUD SURKLELU HVWD
RSHUDFLyQ GH ORV ³UHJDWRQHV´ DVt OODPDGRV>@ OD FXDO QR LED VRODPHQWH
HQGHUH]DGD D REWHQHU ORV SURGXFWRV D SUHFLRV PX\ EDMRV VLQR WDPELpQ D
DUUHEDWiUVHORV D ORV LQGLRV GH YDOGH HQ IRUPD YLROHQWD>@ 'LFH HO 5HJLGRU
PX\ LQGLJQDGR TXH WDOHV URERV QR VH HMHFXWDEDQ VyOR HQ ORV FDPLQRV \
HQWUDGDVGHODFLXGDGVLQRWDPELpQHQHOSURSLRPHUFDGROOHJiQGRVHDFDXVDU
PXHUWHV GH LQGLRV HQ ULxDV DVt VXVFLWDGDV>@ 'H PDQHUD JHQHUDO DFXVD D OD
SOHEHSRUGLFKRVDEXVRV²³YXOJR\SRSXODFKR´³JHQWHLQIDPH\DWUHYLGD´²
SHURFODUDPHQWHGHMDYHUTXHORVKRPLFLGLRVHUDQSHUSHWUDGRVSULQFLSDOPHQWH
SRUQHJURV\PXODWRVTXLHQHVREUDEDQ GHVDIRUDGRVEDMR HO DPSDURGHFLHUWD
WROHUDQFLDHLPSXQLGDG>@
1RVKDOODPRVSXHVIUHQWHDXQIHQyPHQRTXHQRHMHPSOLILFDVyORQXHVWUD
WHPDGHOPRPHQWR²ODDFFLyQYLROHQWDGHODVFDSDVPHGLDVXUEDQDVVREUHORV
LQGLRV DEDVWHFHGRUHV² VLQR RWURV WHPDV \D FRQRFLGRV H tQWLPDPHQWH
UHODFLRQDGRVFRQDTXpODVtHOYDOLPLHQWRTXHSDVDURQDWHQHUORVQHJURVIUHQWH
D ORV LQGLRV DO SDVDU GH OD HVFODYLWXG D ODV FDSDV PHGLDV ²YDOLPLHQWR TXH
WLHQH TXH KDEHU VLGR SRU VXSXHVWR OD FDXVD GHO PLHGR TXH ORV LQGtJHQDV OHV
WHQtDQ²>@\WDPELpQHVWDPRVDQWHXQHMHPSORWtSLFRGHGHIHQVDFULROODGHO
LQGLR,QKLELU\DKX\HQWDUDORVLQGLRVDEDVWHFHGRUHVHUDDWHQWDUFRQWUDXQRGH
ORVPiVSUHFLRVRVGRQHVOHJDGRVSRUORVFRQTXLVWDGRUHVDVXVGHVFHQGLHQWHV
$O FULROOR QR OH FRQYHQtD QLQJXQD LQWHUYHQFLyQ TXH DOWHUDUD HO VLVWHPD GH
DEDVWRV GH OD FLXGDG QR VyOR SRUTXH SRGtD WUDHU FRPR FRQVHFXHQFLD HO
HQFDUHFLPLHQWRRODHVFDVH]GHORVDOLPHQWRVGHODFLXGDGVLQRWDPELpQGHVGH
RWURSXQWRGHYLVWDODSRVLELOLGDGGHTXHORVLQGLRVGHOYDOOHSXGLHUDQDFXGLU
DO UHSDUWLPLHQWR \ FDVL UHJDODU XQD VHPDQD GH WUDEDMR FDGD PHV DVt FRPR OD
SRVLELOLGDGGHTXHSDJDUDQSXQWXDOPHQWHVXVWULEXWRVGHSHQGtDQRVyORGHTXH
SXGLHUDQ WUDEDMDU VXV WLHUUDV SDUD VXVWHQWDUVH FRQVXPLHQGR VXV IUXWRV VLQR
WDPELpQGHTXHWXYLHUDQSRVLELOLGDGGHYHQGHUORVHQHOPHUFDGRGHODFLXGDG\
GHORVSXHEORV

$KRUD ELHQ GH DFXHUGR FRQ OR TXH DFDEDPRV GH H[SUHVDU \ VDELHQGR
FRPR VDEHPRV TXH HO FURQLVWD HUD PX\ SXQWLOORVR HQ OR WRFDQWH D TXH ORV
SXHEORV GH LQGLRV WXYLHUDQ \ FRQVHUYDUDQ VXV WLHUUDV FRPXQDOHV ²YLPRV
RSRUWXQDPHQWH ODV PRWLYDFLRQHV GH FODVH GH HVD VHQVLELOLGDG²>@ WHQHPRV
TXHSUHJXQWDUHQVHJXLGDVLODSHQHWUDFLyQGHODGLQRVHQGLFKDVWLHUUDVHUD\D
XQIHQyPHQRDYDQ]DGRHQWLHPSRGH)XHQWHV
3RGHPRV DVHJXUDU TXH QR OR HUD (O SDQRUDPD GH OD 5HFRUGDFLyQ HV HQ
JUDQSDUWHXQDGHVFULSFLyQGHORVSXHEORVGHFDGDXQDGHODVUHJLRQHVWUDWDGDV
HQ ODREUD'HVFULSFLyQDSUHWDGD HQ OD TXHVHLQFOX\HWRGROR LPSRUWDQWHGH
FDGDSXHEORGHVGHHOSXQWRGHYLVWDGHOKDFHQGDGRHQFRPHQGHUR&RUUHJLGRU
1R IDOWD SXHV QXQFD OD LQGLFDFLyQ GHO Q~PHUR \ FDUiFWHU GH ORV LQGLRV VXV
RFXSDFLRQHV\SURGXFWRVHOHVWDGRHQTXHVHKDOODEDQHOFXLGDGRGHVXVDOPDV
ODGLVSRQLELOLGDGGHWLHUUDV\WDPELpQODSUHVHQFLDGHKDELWDQWHVODGLQRV6LD
ILQHV GHO VLJOR ;9,, KXELHUD VLGR IUHFXHQWH HO XVR GH WLHUUDV GH LQGLRV SRU
ODGLQRV \D IXHUD DOTXLODGDV XVXUSDGDV R FRPSUDGDV SRGHPRV HVWDU VHJXURV
GHTXHHOKHFKRKXELHUDVLGRGHQXQFLDGRFRPHQWDGR\FULWLFDGRFRQpQIDVLVHQ
XQJUDQQ~PHURGHSDVDMHVGHOD5HFRUGDFLyQ)ORULGD
(O IHQyPHQR FRPHQ]DED D SUHVHQWDUVH HQ SHTXHxD HVFDOD HVR Vt \ HO
FULROOR QR ORSDVy SRUDOWR'LFHTXH HQORVSXHEORV GHO YDOOHGH *XDWHPDOD
YLYtD XQ FUHFLGR Q~PHUR GH HVSDxROHV \ ODGLQRV \ TXH VH KDFtD XUJHQWH
DXPHQWDUODYLJLODQFLD\ODMXVWLFLDHQHVDLPSRUWDQWHUHJLyQSRUTXHDSDUWHGH
PXFKRV GHOLWRV TXH VH TXHGDEDQ VLQ DYHULJXDFLyQ ORV LQGLRV HVWDEDQ VLHQGR
SHUMXGLFDGRVHQSOHLWRVVREUHVXVWLHUUDV\RWUDVSHUWHQHQFLDV>@1RYXHOYHD
WRFDU HO WHPD HQ QLQJ~Q RWUR OXJDU \ UHILULpQGRVH DO SURSLR YDOOH VyOR OR
PHQFLRQD XQD YH] OR FXDO HV VtQWRPD LQIDOLEOH GH TXH HO SUREOHPD QR
SUHVHQWDEDWRGDYtDSURSRUFLRQHVGHLPSRUWDQFLD
1R FRQRFLHQGR OD FUyQLFD SRGUtD FRQFHELUVH OD VLJXLHQWH VRVSHFKD
)XHQWHVYLRHOSUREOHPDHQHOYDOOHGH*XDWHPDOD\VyORDOOtSRUTXHFRPR
PLHPEURGHO$\XQWDPLHQWR\FRPRSURSLHWDULRGHWLHUUDVHQHVHFRQWRUQRIXH
DOOt GRQGH WXYR RSRUWXQLGDG GH FRPSUREDUOR 3HUR SHQVDU HVR VHUtD
HTXLYRFDUVH$XQDGPLWLHQGRTXHKD\DWHQLGRXQFRQRFLPLHQWRPiVGHWDOODGR
GHO YDOOH GH OD FLXGDG QR SXHGH SRQHUVH HQ GXGD TXH FRQRFLy PX\ ELHQ
SHUVRQDOPHQWH\FRQPXFKRGHWHQLPLHQWRORVQXHYHJUDQGHV&RUUHJLPLHQWRV\
3DUWLGRV TXH GHVFULEH HQ HO GRFXPHQWR $WLWOiQ ,]TXLQWHSHTXH *XD]DFDSiQ

&KLTXLPXOD GH OD 6LHUUD &DVDJXDVWOiQ *ROIR 'XOFH \ $OFDOGtD 0D\RU GH 5HFRUGDFLyQHVSXHEOR³VLQPH]FODDOJXQDGHODGLQRV´>@(QOD'HVFULSFLyQ
$PDWLTXH7HFSiQ$WLWOiQ7RWRQLFDSiQ\+XHKXHWHQDQJR\4XH]DOWHQDQJR6L GHO $U]RELVSR DSDUHFH FRQ  LQGLRV \  ODGLQRV>@ -DODSD TXH HQ ORV
LJQRUiVHPRV TXH WXYR HQFRPLHQGDV HQ ORV &RUUHJLPLHQWRV GH WLHPSRVGHOFULROORHUDSXHEORVLQODGLQRV>@HQORVGHO$U]RELVSRWHQtD
,]TXLQWHSHTXH>@ \ *XD]DFDSiQ>@ \ TXH IXH &RUUHJLGRU GH 7RWRQLFDSiQ \ LQGLRV \  ODGLQRV>@ -XWLDSD VLQ PH]FOD GH ODGLQRV D ILQHV GHO ;9,,>@
+XHKXHWHQDQJR SRU OD VROD OHFWXUD GH VXV GHVFULSFLRQHV GH HVRV WUR]RV GHO DOEHUJDEDLQGLRV\ODGLQRVDILQHVGHO;9,,,>@'HLJXDOYDORUVRQODV
SDtVSRGUtDPRVJDUDQWL]DUVLQYDFLODFLyQTXHQRSXGRHVFULELUODVDOJXLHQTXH QRWLFLDV GH SXHEORV TXH HQ WLHPSRV GH )XHQWHV \ *X]PiQ WHQtDQ SRTXtVLPRV
QRKXELHUDFRQRFLGRFRQYLYRLQWHUpVHVDVUHJLRQHV<QRKD\PHQRVGHWDOOHV\ KDELWDQWHVODGLQRV\HQWLHPSRGH&RUWpV\/DUUD]\DSUHVHQWDEDQODPLWDGGH
YLYH]DGHFRPHQWDULRHQWRGDVODVGHPiV(OFURQLVWDUHFRUULyHOSDtVHQWRGDV ODGLQRVRPiV$VtSRUHMHPSOR$VXQFLyQ0LWDHQGRQGHHOFULROORFRQWy
GLUHFFLRQHV \ OR TXH QRV FRPXQLFD DFHUFD GH ORV SXHEORV DVt FRPR GH OD
HVSDxROHV \ PXODWRV MXQWR D PLO LQGLRV>@ D ILQHV GHO VLJOR ;9,,, WHQtD 
SUHVHQFLD \ SHQHWUDFLyQ GH ODGLQRV HQ HOORV HV WHVWLPRQLR GH XQ EXHQ
LQGLRV\ODGLQRV>@(V PX\UDUR HQFRQWUDUDOJXQDSREODFLyQLPSRUWDQWH
FRQRFHGRU TXH WHQtD DGHPiV XQ JUDQ LQWHUpV SHUVRQDO \ GH FODVH HQ HVRV
GHO RULHQWH GHO SDtV ²HO WHUULWRULR DFWXDO GH *XDWHPDOD VLQ HO 3HWpQ YLHQH
SXQWRV
VLHQGRSUiFWLFDPHQWHORTXHOD5HFRUGDFLyQGHVFULEH²HQTXHVHFRQVHUYHHO
(O FXDGUR VRFLDO GH OD FUyQLFD UHYHOD TXH KDEtD UHODWLYDPHQWH SRFRV
PLVPRQ~PHUR\ODPLVPDSURSRUFLyQGHKDELWDQWHVHQDPERVGRFXPHQWRV>@
PHVWL]RV HQ ORV SXHEORV &XDQGR ORV KD\ QXQFD GHMD GH LQGLFDUOR $ YHFHV
/DFDSDPHGLDDOWDUXUDOGHODGLQRVHQSXHEORVGHLQGLRVDSHQDVFRPHQ]DEDD
DQRWDVXQ~PHURH[DFWRMXQWRDOGHLQGLRVRWUDVYHFHVVHOLPLWDDYDORUDUVX
IRUPDUVH HQ WLHPSRV GH )XHQWHV \ *X]PiQ 1R VHUtD LQH[DFWR GHFLU TXH VH
FDQWLGDGFRQXQDGMHWLYRPXFKRVSRFRVDOJXQRVUHJXODUQ~PHURGHPHVWL]RV
KDOODED HQ OD IDVH GH LQVWDODFLyQ \ TXH QR KDEtD SDVDGR D OD GH SHQHWUDFLyQ
\PXODWRVGHODGLQRV\HVSDxROHV7DPSRFRRPLWHLQGLFDUORFXDOHVYDOLRVR\
FRQPRWLYRGHODWLHUUD
PX\ IUHFXHQWH GDWR OD WRWDO DXVHQFLD GH PHVWL]RV LQGLRV WRGRV VLQ PH]FOD
(OVLJOR;9,,,SUHVHQFLyXQJUDQGHVDUUROORGHORVODGLQRVPiVDFXVDGRHQ
DOJXQDGHODGLQRV<DVtYLHQGRGHVILODUSRUODFUyQLFDYDULRVFHQWHQDUHVGH
ODUHJLyQVXGHVWHGHODDFWXDO5HS~EOLFDGH*XDWHPDOD\HQORTXHHQWRQFHVHUD
SXHEORV SRFRV JUDQGHV \ PXFKRV PHGLDQRV \ SHTXHxRV XQRV FHUFDQRV D OD
SURYLQFLDGH6DQ6DOYDGRU(OGHVSOD]DPLHQWRGHXQPD\RUQ~PHURGHODGLQRV
FDSLWDO \ RWURV SHUGLGRV HQ VHOYDV \ FRUGLOOHUDV VH REWLHQH OD LPSUHVLyQ
KDFLD HO VXGHVWH GHEH KDEHU UHVSRQGLGR FRPR \D VH GLMR HQ RWUR OXJDU DO
JHQHUDO TXH DUULED DQRWDPRV 6LQ HPEDUJR XQD MXVWD DSUHFLDFLyQ GH HVH
GHVDUUROORGHODVKDFLHQGDVHQXQDUHJLyQQRGHQVDPHQWHSREODGDGHLQGLRV\
EDODQFHH[LJHODVVLJXLHQWHVQRWDV
TXL]i WDPELpQ D XQD PD\RU LQGHIHQVLyQ GH ORV LQGtJHQDV DOHMDGRV GH ORV
/RV PHVWL]RV \ PXODWRV VRQ \D XQD UHDOLGDG KLVWyULFD SDWHQWH \ PX\
FHQWURV HQ TXH GpELOPHQWH SHUYLYtD OD WUDGLFLyQ \ KDVWD OD QREOH]D GH ORV
LPSRUWDQWHHQOD5HFRUGDFLyQ(VWiQHQODFLXGDGHQHOYDOOHHQODVKDFLHQGDV
VHxRUtRVSUHKLVSiQLFRV
\HQORVSXHEORV6XGHVDUUROORHVVRUSUHQGHQWHVLPLUDPRVKDFLDHOVLJOR;9,\
6HUtDLQFRUUHFWRVXSRQHUVLQHPEDUJRTXHHOGHVDUUROORGHORVPHVWL]RVHQ
SULQFLSLRVGHO ;9,, HQ TXH ORV GRFXPHQWRV WRGDYtD VH UHIHUtDQ D HOORV FRPR
HOVLJOR;9,,,IXHPiVDFHOHUDGRTXHHQHODQWHULRU%LHQYLVWDVODVFRVDVWDQWD
DOJR TXH HVWDED HPHUJLHQGR>@ 3HUR QR PHQRV VRUSUHQGHQWH UHVXOWD PLUDU
GLIHUHQFLDKD\HQWUHODpSRFDGHOFURQLVWD\ODpSRFDGH,QGHSHQGHQFLDHQOR
KDFLDILQHVGHOVLJOR ;9,,,\ODVGpFDGDVGHOD,QGHSHQGHQFLD\FRPSUREDUHO
UHODWLYRDOLQFUHPHQWRGHORVODGLQRVFRPRODKD\HQWUHHOILQDOGHODFRQTXLVWD
GHVDUUROOR TXH D~Q KDEUtD GH H[SHULPHQWDU FRQ SRVWHULGDG D OD 5HFRUGDFLyQ
\ ORV GtDV GH )XHQWHV \ *X]PiQ /R ~QLFR TXH VH SXHGH GHFLU ²\ KD\ TXH
7HQLHQGRDODYLVWDHVHGHVDUUROORVXEVLJXLHQWHDILUPDPRVTXHDILQHVGHOVLJOR
GHFLUOR²HVTXHODFRUULHQWHGHOPHVWL]DMH²FRQVXVWUHVGHOJDGRVDIOXHQWHV
;9,, KDEtD UHODWLYDPHQWH SRFRV ODGLQRV HQ ORV SXHEORV )XHQWHV PHQFLRQD
FULROORV HPSREUHFLGRV QHJURV OLEHUDGRV H LQGLRV HQULTXHFLGRV² HVWXYR
PXFKRVSXHEORVGHLQGLRVTXH\DDSDUHFHQFRPRSXHEORVPL[WRVHQHOLQIRUPH
DFUHFHQWDQGR GHPDQHUD FRQWLQXDHOQ~PHUR GH SHUVRQDVSHUWHQHFLHQWHV D ODV
GH&RUWpV\/DUUD]$OJXQRVGHHOORVPX\LPSRUWDQWHV(VTXLSXODVTXHHQOD

 
FDSDV PHGLDV SHUR TXH HQ HO FXUVR GH WUHV FHQWXULDV HVH FDXGDO KXPDQR VH
YROFy VXFHVLYDPHQWH PiV HQ XQDV GLUHFFLRQHV TXH HQ RWUDV GDQGR FRPR
UHVXOWDGR OD FRQILJXUDFLyQ GH ODV FDSDV PHGLDV FRQ FLHUWR RUGHQ WHPSRUDO
7RGR LQGLFD TXH OD FDSD DUWHVDQDO SURYHHGRUD FRPHQ]y D WRPDU IRUPD DQWHV
TXH OD SOHEH \ TXH DPEDV FDSDV XUEDQDV IXHURQ DQWHULRUHV D OD JUDQ
SURSDJDFLyQ GH ODGLQRV SREUHV HQ HO FDPSR /D ILOWUDFLyQ GH ODGLQRV HQ ORV
SXHEORVVHSUHVHQWDSDUFLDOPHQWHFRPRXQGHVERUGHGHVXSUROLIHUDFLyQ\VX
PLVHULDHQHOFDPSR
/D FDSD PHGLD DOWD XUEDQD QR HVWi SUHVHQWH HQ HO FXDGUR VRFLDO GH OD
5HFRUGDFLyQ\HVRVyOREDVWDSDUDDILUPDUTXHWRGDYtDQRH[LVWtDSRUTXHOD
YLGD GH OD FLXGDG SDOSLWD HQWHUD \ FRQ WRGRV VXV SRUPHQRUHV GH pSRFD HQ OD
FUyQLFD/DPHGLDDOWDUXUDOFRPHQ]DEDDLQVWDODUVH
(VHRUGHQTXHKHPRVVHxDODGRHQODIRUPDFLyQGHODVFDSDVPHGLDVTXH
QR HV PiV TXH HO SUHGRPLQLR GH FLHUWRV GHVDUUROORV HQ FLHUWRV SHUtRGRV ²
MDPiV XQD VXFHVLyQ H[FOX\HQWH² UHVSRQGLy FODUR HVWi D IDFWRUHV \
FLUFXQVWDQFLDV HFRQyPLFDV TXH QR QHFHVLWDPRV UHSHWLU SHUR TXH WDPSRFR
GHEHPRV ROYLGDU FDPSRV RFXSDFLRQDOHV DELHUWRV R FHUUDGRV ²£R
HQWUHDELHUWRV ² SROtWLFD GH EORTXHR DJUDULR EDUUHUDV TXH GLILFXOWDURQ \
UHWUDVDURQODDSDULFLyQGHFLHUWRVIHQyPHQRVHWFHWF
/DSRVLFLyQLGHROyJLFDGHOFURQLVWDFULROORDQWHODSUHVHQFLDGHODGLQRVHQ
ORVSXHEORVHVFODUD\PX\LOXVWUDWLYD
4XH HQ FLHUWRV SXHEORV JUDQGHV FRPR 3DW]~Q 7RWRQLFDSiQ R
+XHKXHWHQDQJR WXYLHUDQ VXV FDVDV DOJXQRV KDFHQGDGRV FULROORV GXHxRV GH
HVWDQFLDV GHO FRQWRUQR HV FRVD TXH OH UHVXOWD QDWXUDO \ FRQYHQLHQWH ²\ D OD
YH] QRV GHMD HQWHUDGRV GH TXH HO KHFKR RFXUUtD²>@ 7UDWiQGRVH GH ORV
ODGLQRV ODV FRVDV FDPELDQ SRU FRPSOHWR \ YDPRV D LQGLFDU FXiOHV VRQ ORV
PRWLYRVSRUORVTXHHQVXRSLQLyQHUDSHUMXGLFLDOTXHKLFLHUDQFRQWDFWRFRQ
ORVLQGLRV
5HVXOWDFXULRVRFRPSUREDUTXHFRORFDHQSULPHUSODQRPX\SRUHQFLPDGH
WRGR ORGHPiVHO SUREOHPDGHODGRFLOLGDG \ VXPLVLyQLGHROyJLFD GHOLQGLR
5HILULpQGRVH SRU HMHPSOR DO SXHEOR GH 3HWDSD ²SXHEOR GH LQWHUpV SDUD pO
SRU KDOODUVH FHUFD GH VX KDFLHQGD² GLFH OR VLJXLHQWH ³« 7LHQH KR\ HVWH
QXPHURVR SXHEOR PXFKD YHFLQGDG IXHUD GH ORV LQGLRV GH HVSDxROHV
PXODWRVPHVWL]RV\QHJURVQRVpVLSURYHFKRVDDODVDOXGHVSLULWXDOGHHVWRV

PLVHUDEOHV \ SREUHV LQGLRV«´>@ <D OR VDEHPRV HQ FXDQWR HO FULROOR
FRPLHQ]D D DIOLJLUVH SRU OD ³VDOXG HVSLULWXDO´ GH ORV LQGLRV \ FRPLHQ]D D
OODPDUORV ³SREUHV\PLVHUDEOHV´KD\TXHHQWHQGHUTXHHVWDPRV HQSUHVHQFLD
GHXQFDVRGHIDOVDGHIHQVD\KD\TXHEXVFDUVLQSpUGLGDGHWLHPSRHOSXQWR
HQTXHHVWiVLHQGRDPHQD]DGRROHVLRQDGRVXFRQWUROVREUHORVVLHUYRV(QHO
FDVRSUHVHQWHHOPRWLYRGHVXDIOLFFLyQVDOWDDODYLVWDORVODGLQRVVDFDQGH
VXLJQRUDQFLD\UHVLJQDFLyQDORVQDWLYRV²HVDHVVXVDOXGHVSLULWXDOSDUDHO
FULROOR²FRPRFRQVHFXHQFLDLQHYLWDEOHGHOFRQWDFWRHQWUHVLHUYRV\KRPEUHV
OLEUHV WDPELpQ GHVFRQWHQWRV (Q RWUR OXJDU UHILULpQGRVH D XQ SXHEOR QR
FRQWDPLQDGR SRU DTXHO FRQWDFWR FHOHEUD HO KHFKR HQ WpUPLQRV UHDOPHQWH
SUHFLRVRV FRPR WHVWLPRQLR KLVWyULFR GLFH TXH WLHQH ³« FXDWURFLHQWRV \
RFKHQWDKDELWDGRUHVVLQPH]FODDOJXQDGHODGLQRVTXHVXHOHVHUGDxRDOD
VLPSOLFLGDG GH HVWD QDFLyQ TXH HVWi PHMRU FRQ VX LJQRUDQFLD TXH QR
DGYHUWLGD\DYLVDGD´>@
(Q GLVWLQWDV IRUPDV \ OXJDUHV GHMD YHU HO FULROOR TXH ORV ODGLQRV VROtDQ
VXVFLWDUHIHFWRVVXEYHUVLYRVHQWUHORVLQGLRVLQGXFLpQGROHVDURPSHUHOIXHUR
TXH UHJtD HQ VXV SXHEORV'LFKDSUHRFXSDFLyQTXHHQ HOIRQGRHV VLHPSUHOD
PLVPDVHPDQLILHVWDSRUHMHPSORDOUHIHULUTXHORVODGLQRVSRUFDXVDGHVX
PRYLOLGDG H LQHVWDELOLGDG DQLPDEDQ D ORV LQGLRV D DEDQGRQDU VXV SXHEORV
0XFKR PiV VL HUDQ SXHEORV DWUDYHVDGRV SRU FDPLQRV FRQ PXFKR WUiILFR GH
DUULHURVFRPRHUDHOFDVRGHOGH6DQWD,QpVPX\SUy[LPRD3HWDSD'HVSXpV
GHLQGLFDUTXHHOSXHEORVHYHtDDWUDYHVDGRSRUHO³FDPLQRUHDO´LQIRUPDTXH
WHQtD ³« RFKRFLHQWRV KDELWDGRUHV LQGLRV IXHUD GH ORV PHVWL]RV PXODWRV \
QHJURVDUULHURVTXHHQpOWLHQHQVXVFDVDV\IDPLOLDV\VLUYHQGHSHUYHUWLU\
GHVDIRUDUPXFKRVLQGLRVOOHYiQGRORVFRQVXVUHFXDVDRWURVUHLQRVGRQGHVH
TXHGDQ SHUGLGRV«´>@ /D SLH]D FODYH GHO VLVWHPD IHXGDO FRORQLDO HO
UHSDUWLPLHQWRGHVFDQVDEDVREUHODFRQGLFLyQIHXGDOWDPELpQGHTXHHOLQGLR
HVWXYLHUDDGVFULWR\ILMRHQVXSXHEOR$QLPDUORDKXLUXRIUHFHUOHPHGLRVGH
KDFHUOR HUD XQD DFWR VXEYHUVLYR 1R GHEH KDEHU VLGR PX\ IUHFXHQWH SRUTXH
ODV DXWRULGDGHV FRORQLDOHV OR KXELHUDQ IUHQDGR OOHYDQGR D OD KRUFD XQRV
FXDQWRV DUULHURV VL OR KXELHUDQ FUHtGR QHFHVDULR 3HUR GHQWUR GH FLHUWRV
OtPLWHVFRPRVHYHHOKHFKRRFXUUtD\QRVD\XGDDFRPSUHQGHUHQTXpVHQWLGR
\ HQ TXp IRUPDV UHVXOWDED SHUMXGLFLDO SDUD HO FULROOR HO FRQWDFWR GH LQGLRV \
PHVWL]RV

 /ODPD SRGHURVDPHQWH OD DWHQFLyQ FRPSUREDU TXH HQ QLQJ~Q OXJDU GH OD
FUyQLFD VH GLJD TXH ORV PHVWL]RV \ PXODWRV LQVWDODGRV HQ ORV SXHEORV HUDQ
SHUMXGLFLDOHVSRUTXHH[SORWDEDQORVLQGLRVSRUTXHFRQPDxDRFRQYLROHQFLD
VH DSURSLDUDQ GH VXV ELHQHV R VH LQWURGXMHUDQ HQ VXV WLHUUDV 6LOHQFLR
YHUGDGHUDPHQWH VLJQLILFDWLYR SRUTXH ORV ODGLQRV \D HVWDEDQ DOOt HQ PXFKRV
SXHEORVDXQTXHVXQ~PHURIXHUDUHODWLYDPHQWHFRUWRSRUTXH\DVHGHGLFDEDQ
DO FRPHUFLR DPEXODQWH \ HQ WLHQGDV>@ \ VH LQVWDODEDQ R WUDQVLWDEDQ HQ ORV
SXHEORVFRPRDUULHURV²GHWRGRORFXDOGDQRWLFLDODFUyQLFD² >@SRUTXH
)XHQWHVGHFODUDTXHORVODGLQRVPiVSREUHVGHORVSXHEORVHUDQGDGRVDUREDU
HQODVKDFLHQGDV>@\VHDEVWLHQHQRREVWDQWHGHVHxDODUODPLVPDWHQGHQFLD
HQUHODFLyQFRQORVLQGLRVSRUTXHVDEHPRVFXiQDFXFLRVDHUDVXPLUDGDSDUD
HVHWLSRGHSUREOHPDV\FXiQWRKXELHUDUHSDUDGRHQWDOHVDEXVRVVLKXELHVHQ
VLGR XQ WDQWR IUHFXHQWHV \ QRWRULRV QR VyOR FRPR GXHxR GH XQD KDFLHQGD \
ODERUHVFHUFDQDVDODFDSLWDOVLQRFRPR&RUUHJLGRUGHXQHQRUPHGLVWULWR²
7RWRQLFDSiQ \ +XHKXHWHQDQJR² GHO TXH RIUHFH GHVFULSFLRQHV \ UHODWRV GH
YLDMHHVWXSHQGRVHQVXULTXH]DGHREVHUYDFLRQHVSRUTXHVDEHPRVILQDOPHQWH
TXHHVHHUDHOWLSRGHGDWRVTXHQRVHOHHVFDSDEDQDOFURQLVWDFULROOR\TXH
KDELHQGR SHUFLELGR DOJR VHPHMDQWH HQ HO YDOOH GH VX FLXGDG QR GHMy GH
DQRWDUOR
+D\ SRU DOOt SHUGLGD XQD IXJD] DOXVLyQ TXH SXHGH VHUYLPRV SDUD PDWL]DU
HVWHDVXQWR5HILULpQGRVHFRQFUHWDPHQWHDQHJURV\PXODWRV²QRD³PHVWL]RV\
PXODWRV´TXHHVVLQyQLPRGHODGLQRVHQHOOp[LFRGH)XHQWHV²GLFHTXHVRQ
SHUQLFLRVRV \ QRFLYRV FXDQGR YLYHQ HQ ORV SXHEORV ³« SRUTXH DGHPiV GH
TXHUHUORV VXSHGLWDU \ DQWHFHGHU OHV FRPXQLFDQ ODV FRVWXPEUHV \ ORV YLFLRV
TXHQRFRQRFHQ«´>@/DpSRFDGHOFURQLVWDODVHJXQGDPLWDGGHOVLJOR;9,,
IXH OD pSRFD HQ TXH ORV QHJURV SDVDQGR D VHU HVFODYRV GH FRQILDQ]D R
FRQVLJXLHQGR VX OLEHUWDG DSDUHFHQ FRPR HOHPHQWRV KXPDQRV PX\ DFWLYRV HQ
SOHQR SURFHVR GH SHQHWUDFLyQ HQ ODV FDSDV PHGLDV )XHQWHV ORV YLR HQ HVH
PRPHQWRV~ELWDPHQWHWUDQVIRUPDGRVGHHVFODYRVHQKRPEUHVFRQSRVLELOLGDG
PHQFLRQDWDPELpQHOPLHGRTXHORVLQGLRVOOHJDURQDWHQHUOHV>@6LQHPEDUJR
²KH DTXt OR LQWHUHVDQWH² DO PHQFLRQDU VX LPSDFWR HQ ORV SXHEORV QR
PHQFLRQDURERVXVXUSDFLRQHV\XOWUDMHVFRPRHUDGHHVSHUDUVHVLQRVHOLPLWD
D GHFLU TXH ORV QHJURV \ PXODWRV WUDWDEDQ GH GRPLQDU D ORV LQGLRV ²ORV
TXLHUHQ³VXSHGLWDU\DQWHFHGHU´²\TXHOHVFRPXQLFDEDQYLFLRV\FRVWXPEUHV
QRFLYDV$FHUFDGHHVWHVHJXQGRLQFRQYHQLHQWHVyORVHSXHGHVXSRQHUTXHVH
WUDWDRWUDYH]GHOD³VDOXGHVSLULWXDO´GHORVQDWLYRVSXHVWRVHQFRQWDFWRFRQ
HOHPHQWRV TXH VDOWDURQ GH OD HVFODYLWXG D XQD OLEHUWDG FRQ SUHUURJDWLYDV ²
SRUTXHUHVXOWD PX\GLItFLO LPDJLQDUTXpYLFLRV SRGtDQ HQVHxDUOHVORVQHJURV
TXHQRKXELHUDQDSUHQGLGRDQWHVGHORVFULROORV\HVSDxROHVRTXHQRWXYLHUDQ
GH Vt SRU VHU XQLYHUVDOHV² 3HUR GHO SXQWR DQWHULRU WHQHPRV TXH VHxDODU
GHVGHOXHJRTXHHOFULROORQRVHKXELHUDOLPLWDGRDWDQSRFDFRVD²DGHFLU
GHSDVDGDTXHORVQHJURVWUDWDEDQGHGRPLQDUDORVLQGLRV²VLHQVXWLHPSR
KXELHUD HVWDGR HQ PDUFKD OD SHQHWUDFLyQ GH ODGLQRV HQ ODV WLHUUDV GH ORV
SXHEORV 'H KDEHU RFXUULGR HVWR OD FUyQLFD WHQGUtD XQ QXHYR PRWLYR SDUD
FODPDUHQGHIHQVDGHOLQGLRHOFULROORKXELHUDUHFRQRFLGR\GHVSUHVWLJLDGRHQ
GLYHUVDVIRUPDVDXQQXHYRHQHPLJRGHFODVH\HOFXDGURGHOD5HFRUGDFLyQ
SUHVHQWDUtD LQIDOLEOHPHQWH FLHUWRV HOHPHQWRV TXH HVWiQ GHO WRGR DXVHQWHV HQ
HOOD
(Q VXPD (O KHFKR GH TXH HO FURQLVWD UHILULpQGRVH DO FRQWDFWR GH ORV
ODGLQRV FRQ ORV LQGLRV HQ ORV SXHEORV VHxDOH FRPR SULQFLSDO SUREOHPD HO
VXVFLWDGR SRU VX LQIOXHQFLD LGHROyJLFD VREUH ORV VLHUYRV ²³TXH HVWiQ PHMRU
FRQ VX LJQRUDQFLD TXH QR DGYHUWLGRV \ DYLVDGRV´² HV XQD QXHYD SUXHED GH
TXHODILOWUDFLyQGHODGLQRVHQORVSXHEORVVHKDOODEDHQDTXHOPRPHQWRHQVX
IDVHLQLFLDOGHPRGHUDGD\TXL]iWHPHURVDLQVWDODFLyQPX\OHMRVWRGDYtDGHO
HVWDGR HQ TXH KDEUtD GH HQFRQWUDU HVWH SURFHVR &RUWpV \ /DUUD] \ D JUDQ
GLVWDQFLD GH OD IDVH HQ TXH YDQ D UHWUDWDUOR ORV GRFXPHQWRV GHO 'HiQ *DUFtD
5HGRQGR \ GHO +LVWRULDGRU *DUFtD 3HOiH] 5HFRUGHPRV OD GHFODUDFLyQ GH
&RUWpV \ /DUUD] RFKHQWD DxRV PiV WDUGH ³« ORV PLUDQ FRPR HVFODYRV \ VH
GH DEULUVH SDVR HQ ODV iUHDV HQ TXH LEDQ GHVHQYROYLpQGRVH ORV PHVWL]RV VLUYHQGHHOORVSDUDWRGR«>@
KRPEUHV GHVHQFDGHQDGRV HQ HO PiV DPSOLR VHQWLGR GHO YRFDEOR \ SRU (QODVKDFLHQGDVHUDWRGDYtDIUHFXHQWHWHQHUXQFLHUWRQ~PHURGHHVFODYRV
DxDGLGXUD YDOLGRV GH FLHUWR DSR\R GH VXV DPRV TXH HUDQ ORV DPRV GH OD QHJURV>@SHURODSURGXFFLyQHQJUDQHVFDODHUDUHDOL]DGDSRUORVLQGLRVGH
VRFLHGDG>@ 5HFXpUGHVH TXH HO FURQLVWD GHQXQFLD FRQ LUD VXV YLROHQFLDV UHSDUWLPLHQWR(VWHVLVWHPDHVWDEDSHUIHFWDPHQWHUHJXODUL]DGRHQODpSRFDGHO
FRQWUD ORV LQGLRV HQ TXH ODV HQWUDGDV GH OD FLXGDG \ HQ HO PHUFDGR>@ \ FURQLVWD>@3HVHDTXHHOYDOOHGH*XDWHPDODHUDOD]RQDPRGHORHQFXDQWRDO

 
UHSDUWLPLHQWR²SXHVGHDOOtVHH[WHQGLyDODVRWUDVUHJLRQHV\DOOtDOFDQ]yVX
Pi[LPDSHUIHFFLyQEDMRODYLJLODQFLD\HOLQWHUpVGHOPiVLPSRUWDQWHFHQWURGH
FULROORV²SHVHDHOORVHKDFtDSUHFLVRUHFXUULUDODIXHU]DGHWUDEDMRGHORV
ODGLQRVUXUDOHVGLVSHUVRV\GHORVPiVSREUHVLQVWDODGRVHQORVSXHEORV>@(O
FURQLVWDPHQFLRQDDORV³JDxDQHV´RWUDEDMDGRUHVUXUDOHVODGLQRV\GLFHTXH
PXFKDV KDFLHQGDV QR GRWDGDV GH VXILFLHQWHV LQGLRV UHSDUWLGRV UHFXUUtDQ D
HVWRVODGLQRV>@WDPELpQVHUHILHUHDJHQWHPHVWL]DIORWDQWH\GHVRFXSDGDD
OD TXH DFXVD GH VHU GDGD D UREDU HQ ODV KDFLHQGDV GHO YDOOH>@ (O FURQLVWD
H[SUHVDFRQWRGDFODULGDGTXHGDEDWLHUUDVVX\DVHQDUUHQGDPLHQWR>@ORFXDO
KDFHVXSRQHUTXHVHWUDWDEDGHODGLQRV\TXHGHEHQKDEHUYLYLGRLQVWDODGRVHQ
HVDVWLHUUDVTXHXVXIUXFWXDEDQSHURQRHVH[SOtFLWRHQHVWRVSXQWRV
3HVH D TXH HQ OD 5HFRUGDFLyQ )ORULGD VRQ FODUDPHQWH SHUFHSWLEOHV ORV
ODGLQRVSREUHV²ODFDSDPHGLDUXUDOEDMD²HQODREUDQRVHKDFHUHIHUHQFLD
DODVUDQFKHUtDV(VHVLOHQFLRQRSXHGHQLGHEHWRPDUVHHPSHURFRPRLQGLFLR
GH TXH HO IHQyPHQR GH JUDQ LPSRUWDQFLD HQ HO VLJOR VLJXLHQWH QR KXELHUD
FRPHQ]DGRDDSDUHFHUHQHO ;9,,(QHVWHSXQWROD5HFRUGDFLyQHVXQDIXHQWH
SRFR UHFRPHQGDEOH ²WHQHPRV TXH UHFRQRFHUOR \ H[SOLFDUOR² $XQTXH HO
FURQLVWDKDFHPHQFLyQGHODVKDFLHQGDVHQWRGRHOSDtVVyORHQWUDHQGHWDOOHV
GH VX HVWUXFWXUD DO UHIHULUVH D ODV GHO YDOOH \ DXQ DOOt RIUHFH SRFRV
SRUPHQRUHV /D JUDQ SURIXVLyQ GH SXHEORV HQ HO YDOOH GH *XDWHPDOD FUHDED
FRQGLFLRQHVGHVIDYRUDEOHVSDUDODIRUPDFLyQGHUDQFKHUtDVQRVyORSRUODDOWD
GLVSRQLELOLGDGGHLQGLRVVLQRSRUTXHODSUR[LPLGDGHQWUHSXHEORV\KDFLHQGDV
SHUPLWtD TXH ORV WUDEDMDGRUHV ODGLQRV GH pVWDV WXYLHUDQ VXV YLYLHQGDV HQ
DTXpOORV²FRPRFRQFUHWDPHQWHORGLFHHOFURQLVWDUHILULpQGRVHDORVJDxDQHV
TXHYLYtDQ HQ ORVSXHEORV GHOYDOOH²>@/DUDQFKHUtDVHGHVDUUROOyPXFKR
PiV\ TXL]i WDPELpQFRQ DQWHULRULGDG FURQROyJLFDHQODV UHJLRQHVFRQ SRFD
GHQVLGDG GH SREODFLyQ LQGtJHQD>@ )LQDOPHQWH HV SUHFLVR FRPSUHQGHU TXH
DOOtGRQGHVHFRQVHUYDURQQ~FOHRVGHHVFODYRVQHJURVFRPRWUDEDMDGRUHVILMRV
FRPELQDGRV FRQ HO UHSDUWLPLHQWR GH LQGLRV ²OR FXDO RFXUUtD HQ DOJXQDV
KDFLHQGDV GHO YDOOH HQ WLHPSRV GHO FURQLVWD>@ \ PX\ SUREDEOHPHQWH HQ OD
VX\D²>@ QR SXGLHURQ VXUJLU ODV UDQFKHUtDV GH ODGLQRV VLQR FRQIRUPH
DTXHOORVHVFODYRVVHIXHURQH[WLQJXLHQGR
(V PX\ SRVLEOH TXH HQ ODV KDFLHQGDV TXH )XHQWHV PHQFLRQD HQ UHJLRQHV

DOHMDGDVGHOLQWHULRUGHOSDtV\PX\HVSHFLDOPHQWHHQODVGHOVXGHVWH²TXHDO
SDUHFHU LEDQ HQ DXPHQWR²>@ KD\D KDELGR UDQFKHUtDV \ TXH HO DXWRU KD\D
RPLWLGR HO FRQVLJQDUOR 1DGD SRGHPRV DILUPDU QL QHJDU FRQ EDVH HQ VX
VLOHQFLR SHUR DFHUFD GHO VLOHQFLR PLVPR SRGHPRV HPLWLU XQDV UD]RQDEOHV
FRQMHWXUDVTXL]iQHFHVDULDV1RROYLGHPRVTXHDO$U]RELVSR&RUWpV\/DUUD]
OOHJy D OD FRQFOXVLyQ ²DXQTXH IXHUD PXFKR WLHPSR GHVSXpV² GH TXH ORV
KDFHQGDGRV HUDQ ORV SULPHURV LQWHUHVDGRV HQ GLVLPXODU OD H[LVWHQFLD GH ODV
UDQFKHUtDV7DPSRFRGHEHPRVROYLGDUTXHHQtQWLPDUHODFLyQFRQODGHIHQVD
GHOWUDEDMRIRU]RVRGHORVLQGLRVORVFULROORVDOHJDEDQTXHQRKDEtDRWUDJHQWH
GH OD FXDO VH SXGLHUD HFKDU PDQR SDUD ORV WUDEDMRV GHO FDPSR \ DXQTXH HO
DOHJDWRHUDXQDIDODFLDGHVWLQDGDDHOXGLUODOLEUHFRQWUDWDFLyQGHOWUDEDMRGHO
LQGLR ²HQ VX OXJDU OR YLPRV²>@ SXGR KDEHUVH ILMDGR HQ OD PHQWDOLGDG GH
ORV FULROORV FRPR XQ FRQGLFLRQDQWH TXH DFRQVHMDED RFXOWDU OD GLVSRQLELOLGDG
GH PDQR GH REUD ODGLQD VHPLVHUYLO 6RQ FRQMHWXUDV \ FRPR WDOHV KD\ TXH
DVRFLDUODVDOPXWLVPRGHOFURQLVWDQR FRQLQWHQFLyQGH H[SOLFDUORVLQRSDUD
LQVLVWLU HQ TXH QR SXHGH YHUVH HQ pO XQD SUXHED GH TXH ODV UDQFKHUtDV QR
H[LVWLHUDQWRGDYtD5HVXOWDGLItFLOVLQHPEDUJRQRSHQVDU TXHFRPHQ]DEDQD
DSDUHFHU HQ DOJXQDV UHJLRQHV VDELHQGR TXH HQ YDULRV SXHEORV \D KDEtDQ
DSDUHFLGR Q~FOHRV GH ODGLQRV \ TXH HQ HO YDOOH GH *XDWHPDOD KDEtD ODGLQRV
PX\ SREUHV GHVRFXSDGRV \ REOLJDGRV D UREDU HQ ODV KDFLHQGDV /RV PLVPRV
DUUHQGDWDULRVGHOFURQLVWDTXHHQHOYDOOHGHODV9DFDVSURGXFtDQRFRWHSDUD
VXKDFLHQGDHVSRVLEOHTXHIXHUDQPRUDGRUHVGHXQDUDQFKHUtD1RVDEHPRV
)UHQWH D OD FDSD DUWHVDQDO SURYHHGRUD DXWRULGDG \ YLJLODQFLD &LHUWD
UHVSHWXRVD VLPSDWtD SDUD ORV DUWHVDQRV PiV QRWDEOHV FRPR VHUYLGRUHV
GLVWLQJXLGRV )UHQWH D OD SOHEH GHVSUHFLR H LQGLIHUHQFLD SDUD VX PLVHULD
/HMDQR WHPRU GH TXH VXV PRWLQHV SXGLHUDQ GHVHQFDGHQDU DWUHYLPLHQWRV \
SURWHVWDV HQWUH ORV LQGLRV GHO YDOOH (QpUJLFD GHQXQFLD GH WUDPSDV \ URERV
KHFKRVDORVLQGLRVSRUODSOHEH\ORVDEDVWHFHGRUHVGHODFLXGDG)UHQWHDORV
ODGLQRVGHORVSXHEORV²SULPHUDIDVHPX\WtPLGDWRGDYtDGHODFDSDPHGLD
DOWD UXUDO² FLHUWR UHFHOR SRUTXH SHUYLHUWHQ OD VHQFLOOH] H LQRFHQFLD GH ORV
LQGLRV 6LQ HPEDUJR QR VH RFXOWD FLHUWD VLPSDWtD SDUD ORV FRPHUFLDQWHV ²
HVSHFLDOPHQWHSDUDORVWUDILFDQWHVPyYLOHV²\DXQSDUDORVDUULHURV>@TXHOH
GDEDQ LPSXOVR DO LQWHUFDPELR GH SURGXFWRV HQ HO UHLQR )UHQWH D ORV ODGLQRV
SREUHV GHO FDPSR XQ WRQR GH DSUREDFLyQ FXDQGR VH WUDWD GH JDxDQHV D

TXLHQHV FDOLILFD GH KiELOHV DJULFXOWRUHV HQpUJLFD UHSXOVD SDUD HO VHFWRU &DStWXOR6pSWLPR
IORWDQWH QR LQFRUSRUDGR DO WUDEDMR GH ODV KDFLHQGDV ²TXH TXL]i DQXQFLD HO
DQGDUGHVWHUUDGRSDUDLUDSDUDUHQODVKDFLHQGDVOHMDQDVRHVHOSULQFLSLRGH
ORVFDVHUtRVHQWLHUUDV\YDOOHVDEDQGRQDGRV² 38(%/26'(,1',26
6yORDSDUHFHQELHQGHILQLGDVGRVFDSDVPHGLDVXUEDQDVDUWHVDQDO\SOHEH
/DV GRV UXUDOHV WHQGUiQ XQ JUDQ GHVDUUROOR HQWUH OD pSRFD GH OD 5HFRUGDFLyQ
)ORULGD \ ODV SRVWULPHUtDV GH OD FRORQLD VHJ~Q YLPRV HQ ORV DSDUWDGRV
DQWHULRUHV /D PHGLD DOWD XUEDQD QR VH SHUILOD WRGDYtD H LQVLVWLPRV HQ OD , /D UHGXFFLyQ \ ORV SXHEORV ,, (O UHSDUWLPLHQWR GH
KLSyWHVLVGHTXHQRWHQGUiIXHU]DPLHQWUDVQROOHJXHDHVWDUYLQFXODGDFRQOD LQGLRVQDFLPLHQWR\UpJLPHQ ,,,(OUHSDUWLPLHQWRSRU
PHGLD DOWD UXUDO D WUDYpV GHO HOHPHQWR KXPDQR GHVFRQWHQWR \ HQpUJLFR TXH GHQWUR DQRPDOtDV \ DEXVRV ,9 /D SDJD GH
ORV SXHEORV OH SURSRUFLRQHQ (VWiQ DOOt \D VLQ HPEDUJR PXFKRV FULROORV UHSDUWLPLHQWR 9 'LIXVLyQ \ SUR\HFFLRQHV KLVWyULFDV
HPSREUHFLGRV FRORFiQGRVH HQ ODV LQVWLWXFLRQHV HQ TXH SXHGH VHU ~WLO VX GHO UHSDUWLPLHQWR 9, (O WHUURU FRORQLDO \ ORV
HGXFDFLyQSULYLOHJLDGDTXHHVORTXHOHVTXHGD7DPELpQKD\DOJXQRVFULROORV &RUUHJLGRUHV 9,, ,QGLRV ULFRV 9,,, (YDVLyQ GH
HPSREUHFLGRVHQORVSXHEORV\ODFUyQLFDGHQRWLFLDVGHSRFRVSHURQRWRULRV LQGLRV,;³(OSUREOHPDGHOLQGLR´
LQGLRVULFRVGHORVTXHKDEODUHPRVHQHOSUy[LPRFDStWXOR(OSURFHVRGHODV
FDSDV PHGLDV HVWi HQ PDUFKD /D 5HFRUGDFLyQ OR UHIOHMD HQ XQ PRPHQWR
HTXLGLVWDQWHHQWUHDTXpOHQTXHPDGXUDEDODSULPHUDJHQHUDFLyQGHPHVWL]RV\
HO2ELVSR\HO&RQVHMRVHSUHJXQWDEDQ¢TXpYDPRVDKDFHUFRQHOORV"\DTXHO
RWUR HQ TXH FRQILJXUDQGR FDSDV VRFLDOHV XUEDQDV \ UXUDOHV GH PXFKD
LPSRUWDQFLD ²\ FRQ PXFKD FRQFLHQFLD UHYROXFLRQDULD XQD GH HOODV² ORV
FULROORV \ ORV IXQFLRQDULRV HVSDxROHV SXHVWRV HQ HO WUDQFH GH GHFODUDU XQD
,QGHSHQGHQFLD TXH \D HUD LQHYLWDEOH GHEHQ KDEHUVH OOHYDGR ODV PDQRV D OD
FDEH]DSURILULHQGR\H[FODPDQGRODPLVPtVLPDSUHJXQWD«>@

 
 ²,²
/DUHGXFFLyQ\ORVSXHEORV
<DVH GLMRTXHODHVWUXFWXUDGHOD FRORQLDWDOFRPRTXHGy GHVSXpVGHOD
SURIXQGD UHRUJDQL]DFLyQ GH PHGLDGRV GHO VLJOR ;9, WHQtD SRU EDVH OD
FRQFHQWUDFLyQ GH ORV LQGLRV HQ SXHEORV LQFRUSRUDGRV D OD PRQDUTXtD /D
UHGXFFLyQGHLQGLRVGLUHFWDPHQWHDVRFLDGDDODDEROLFLyQGHODHVFODYLWXGIXH
OD PHGLGD IXQGDPHQWDO GHO JUDQ SUR\HFWR SROtWLFR TXH LED LPSOtFLWR HQ ODV
/H\HV1XHYDV>@
+D\ PRWLYRV SDUD DGPLUDU OD HQHUJtD FRQ TXH ORV IXQFLRQDULRV GH OD
SULPHUD $XGLHQFLD GH *XDWHPDOD DVLVWLGRV SRU XQ JUXSR GH IUDLOHV \
SUHVLGLGRVSRU$ORQVR/ySH]&HUUDWRGHMDURQLPSODQWDGRHOQXHYRVLVWHPDHQ
PHQRV GH GLH] DxRV>@ 1R IXH SRFD FRVD GRPLQDU OD UHVLVWHQFLD GH ORV
FRQTXLVWDGRUHV \ FRORQRV HVFODYLVWDV UHGXFLU D SREODGRV GH WLSR HVSDxRO XQ
JUDQ Q~PHUR GH LQGLRV TXH YLYtDQ HQ VXV GLVJUHJDGDV SREODFLRQHV
SUHKLVSiQLFDV>@ R GLVSHUVRV HQ ODV KDFLHQGDV \ HQ ORV PRQWHV ²D GRQGH
PXFKRVKDEtDQKXLGR²QLHOKDEHULPSODQWDGRHQHVDVUHGXFFLRQHVHOUpJLPHQ
PXQLFLSDO>@ QL UHEDMDU D OD PLWDG OD WULEXWDFLyQ GH ORV LQGLRV \ FDQDOL]DUOD
KDFLD ODV FDMDV UHDOHV>@ /D PDJQLWXG GH OD HPSUHVD \ HO ULWPR GH VX
UHDOL]DFLyQ KDQ VLGR PRWLYR GH DVRPEUR \ GH MXVWRV HORJLRV GH SDUWH GH
PXFKRVDXWRUHV6LQHPEDUJRVHKDSDVDGRSRUDOWRTXHORVIXQFLRQDULRV\ORV
UHOLJLRVRVFRQWDURQHQODWDUHDGHODUHGXFFLyQFRQXQDYLJRURVDIXHU]DSXHVWD
DVXVHUYLFLRHVSRQWiQHDPHQWHIXHODFRODERUDFLyQGHPXFKtVLPRVQDWLYRVOD
FXDOHVWiLQGLFDGDFRQWRGDFODULGDGHQODFUyQLFDGH;LPpQH]>@
(VDRPLVLyQHVFRQVHFXHQFLDFRPRWDQWDVRWUDVGHODSURSHQVLyQDYHUORV
KHFKRV GH DTXHO SHUtRGR VRODPHQWH GHVGH OD SHUVSHFWLYD GH ORV
FRQTXLVWDGRUHV DXQTXH VH WUDWH GH KHFKRV GH OD PD\RU LPSRUWDQFLD SDUD ORV
LQGLRV &XDQGR HQ ORV $QDOHV &DNFKLTXHOHV OHHPRV TXH &HUUDWR ³« GLR
\SHTXHxRV«´>@ODFRQVLGHUDFLyQGHOSUREOHPDTXHDTXHOORVLJQLILFySDUDORV
HVFODYLVWDV QRV GLVWUDH GH FRQVLGHUDU VHULDPHQWH OR TXH VLJQLILFy SDUD ORV
LQGLRV3RFRVUHQJORQHVDQWHVHODQDOLVWDKDEtDFRQVLJQDGRTXHSRURUGHQGHO
2LGRU -XDQ 5RJHO VH FRPHQ]DURQ D MXQWDU ODV FDVDV \ DJUHJD ²£LPSRUWDQWH
GHWDOOH ² TXH ³« OOHJy OD JHQWH GHVGH ODV FXHYDV \ ORV EDUUDQFRV´>@
7RGRVHVWRVGDWRVHVWiQOOHQRVGHKRQGRVLJQLILFDGR
'HVGHHODxRGHODOOHJDGDGHORVFRQTXLVWDGRUHVD
*XDWHPDOD KDVWD ORV DxRV D TXH KDFHQ UHIHUHQFLD ODV FLWDV SUHFHGHQWHV
WUDQVFXUULHURQ YHLQWH R WUHLQWD DxRV YHUGDGHUDPHQWH HVSDQWRVRV SDUD ORV
LQGLRV IXH OD HWDSD IHUR] GH OD FRQTXLVWD \ GH OD H[SORWDFLyQ VLQ IUHQR 'H
SURQWRFXDQGRQRKDEtDHVSHUDQ]DGHTXHDTXHOLQILHUQRWHUPLQDUDOHVIXHURQ
OHtGDV D ORV LQGLRV \ H[SOLFDGDV HQ VXV OHQJXDV XQDV OH\HV TXH YHQtDQ D
WUDQVIRUPDU UDGLFDOPHQWH VX VLWXDFLyQ )UDLOHV \ IXQFLRQDULRV GHO UH\ SRQHQ
PDQRVDODREUD\ODV/H\HVHQWUDQHQYLJRUHIHFWLYDPHQWH
(VR VLJQLILFy SDUD ORV LQGLRV XQD ELHQDYHQWXUDQ]D GLItFLO GH LPDJLQDU
5HFXSHUDURQ OD OLEHUWDG &HVDURQ ORV WUDEDMRV IRU]DGRV FRQ VX FDXGD GH
VXIULPLHQWR \ PXHUWH 'HVDSDUHFtDQ ORV GHVPHGLGRV WULEXWRV TXH KDEtD TXH
SDJDUEDMRODDPHQD]DGHODFXFKLOODPLHQWR\ODKRUFD>@3DUDORVTXHKDEtDQ
KXLGR\YLYtDQHVFRQGLGRVHQODPRQWDxDUHWRUQDEDODSRVLELOLGDGGHODYLGD
FLYLOL]DGD GHO WUDEDMR UHJXODU GH OD WLHUUD \ HO JRFH GH VXV IUXWRV 3RU RWUD
SDUWHORVHVFODYLVWDVORVHQHPLJRVLPSODFDEOHVTXHFRQODHVSDGDLQGLFDEDQ
HO OXJDU HQ TXH KDEtD TXH HQFRUYDUVH SDUD VDFDUOH RUR R IUXWRV D OD WLHUUD
DQGDEDQ DKRUD DWULEXODGRV \ KXPLOGHV IUHQWH D ORV IUDLOHV \ ORV MXHFHV UHFLpQ
OOHJDGRV1RWHQtDQRWUDDOWHUQDWLYDHQDTXHOPRPHQWRTXHDFHSWDUODOH\HQ
VXSXQWRPHGXODUHOTXHTXLHUDTXHORVLQGLRVOHWUDEDMHQFRQYHQJDFRQHOORV
\SiJXHOHV
/D FUyQLFD GH ;LPpQH] WUDQVFULEH WUR]RV GH XQ FURQLVWD GRPLQLFR TXH
HVWXYR SUHVHQWH FXDQGR ODV /H\HV IXHURQ SUHJRQDGDV \ DSOLFDGDV HQ &LXGDG
5HDOGH&KLDSDV>@6XUHODWRHVXQFXDGURLPSUHVLRQDQWHGHOTXHYDOHODSHQD
HQWUHVDFDU XQRV UHQJORQHV SDUD LPDJLQDU OD FRQPRFLyQ GH ORV LQGLRV DO
SHUFDWDUVH GH OD UHDOLGDG GH ODV /H\HV 1XHYDV 7UDV KDFHU HO QDUUDGRU XQ
OLEHUWDG D ORV HVFODYRV « UHEDMy ORV LPSXHVWRV D OD PLWDG VXVSHQGLy ORV LQWHUHVDQWHHORJLRGH&HUUDWR\GHVXHVWUHFKDFRODERUDFLyQFRQORVIUDLOHV>@
FXHQWD FyPR HQYLy XQ -XH] TXH SXVR HQ OLEHUWDG D ORV QDWLYRV HQ  ³«
WUDEDMRVIRU]DGRVHKL]RTXHORVFDVWHOODQRVSDJDUDQDORVKRPEUHVJUDQGHV
QDGLH SXHGH LPDJLQDU ODV DIOLFFLRQHV GH ORV (VSDxROHV D HVWH WLHPSR \ ODV

 
PDxDV TXH XVDURQ FRQ HO -XH] \ FRQ QRVRWURV SDUD TXH QR VH DKHUUDVHQ R GDGR PDxD SDUD HQWXVLDVPDU D ORV QDWLYRV FRQ HVD FULVSDQWH GLV\XQWLYD R OD
VRODPHQWHVHDKHUUDVHQGHQRPEUH\GHYHUDVTXHGDVHQFDXWLYRVFRQQRVpTXp UHGXFFLyQFRQWRGDVVXVLPSOLFDFLRQHVRODHVFODYLWXGGHODVVX\DV$GHPiV
FRQFLHUWRVFDXWHORVRV«´>@³«7DVyWDPELpQHVWH-XH]ODWLHUUDVHUHILHUHD HOUHVSHWRTXHPRVWUDEDQORVFRQTXLVWDGRUHVKDFLDORVGHIHQVRUHVKDFtDSHQVDU
OD PRGHUDFLyQ GH OD WDVD GH WULEXWRV 6 0 \ TXLWy DTXHOOD LQILQLGDG GH QHFHVDULDPHQWHTXHpVWRVFRQHOUH\DVXVHVSDOGDVHUDQPiVSRGHURVRVTXH
WLUDQtDV TXH KDEtD DOOt &HVDURQ ORV 7DPHQHV LQGLRV FDUJDGRUHV 6 0 HO
VHUYLFLR SHUVRQDO \ HO TXH WHQtD HQ VX FDVD FXDUHQWD \ FLQFXHQWD LQGLRV GH
VHUYLFLR \ RWURV WDQWRV HQ VXV KDFLHQGDV FRPHQ]y D SDJDU \ D URJDU SRU XQ
LQGLRTXHOHWUDMHVHOHxDRSRUXQDLQGLDTXHOHKLFLHVHSDQ«´>@³«\DVtVH
MXQWDURQSDUDDTXHOGtDPiVLQGLRVTXH\RMDPiVKHYLVWRMXQWRVHQODSURYLQFLD
GH&KLDSD9HQtDQFLHUWRFRPRDXQMXELOHRJUDQGLRVtVLPR\SOHQDULDUHPLVLyQ
\DVtORHUDSDUDHOORV«¶¶>@³«$TXHOGtDVHKL]RXQVROHPQHFDGDOVRHQOD
DTXpOORV \ TXH HQ GHILQLWLYD SRGtDQ LPSRQHU SRU OD IXHU]D OR TXH HQ DTXHO
PRPHQWR RIUHFtDQ FRPR XQD VDOLGD YHQWDMRVD 2WUR PRWLYR SRGHURVR SDUD
FRODERUDUFRQORVGHIHQVRUHVHUDODSHUVSHFWLYDGHFREUDUOLEUHPHQWHHOYDORU
GHO WUDEDMR \ DXQ QR WUDEDMDU SDUD RWUR VL OD SDJD QR HUD FRQYHQLHQWH (VWD
QXHYDFLUFXQVWDQFLDTXHSRUVtPLVPDWLHQHTXHKDEHUOHUHVXOWDGRDWUDFWLYD\
VRUSUHQGHQWHDORVLQGtJHQDV²VHWUDWDEDGHOVDODULRHQSXHEORVTXHDSHQDV
FRPHQ]DEDQ D HQWUDU HQ HO UpJLPHQ HVFODYLVWD FXDQGR IXHURQ FRQTXLVWDGRV²
SOD]D«\DOOtVpSUHJRQDURQODVOH\HV\VHOHVLQWHUSUHWDURQDORVLQGLRVGH
FDGD QDFLyQ HQ VX OHQJXD \ DYLVDGRV GH DOJXQDV FRVDV ORV VROWDURQ«´>@
³(VWDED GH 6DQWR 'RPLQJR D FDVD GHO -XH] FRPR XQ UtR FDXGDORVR GH LQGLRV
TXH LEDQ \ YHQtDQ \ QXHVWUD FDVD QR FDEtD GH JHQWHV QL ORV LQGLRV GH JR]R
YLpQGRVH WDQ ULFRV \ WDQ DOLYLDGRV GH WDQ LQWROHUDEOHV FDUJDV FRPR KDEtD
VXIULGR«´>@³«)XHHVWDXQDPXGDQ]DFXDO\RQRKHYLVWRQLHVSHUDPRVYHU
\XQRVOORUDEDQ\RWURVFDQWDEDQSRUTXHIXHJUDQYXHOWDODTXHDTXHOGtDGLROD
UXHGD GH OD IRUWXQD«´>@ ³$FDEDGR HVWR WUDWy HO -XH] GH YLVLWDU OD WLHUUD \
KDFHU LQIRUPDFLyQ GH ORV FXOSDGRV (UDQ WDQWDV ODV FXOSDV \ ORV H[FHVRV ORV
KRPLFLGLRV YLROHQFLDV URERV \ PDOHV TXH VyOR HO GtD GHO -XLFLR EDVWD SDUD
FRQFOXLUORVSURFHVRVTXHVHSXGLHUDQKDFHU´>@
3RGHPRVHVWDUVHJXURVGHTXHORVLQGLRVFRQIRUPHIXHURQFRQRFLHQGRORV
EHQHILFLRV GH OD UHIRUPD TXH FRPHQWDPRV FRPSUHQGLHURQ SHUIHFWDPHQWH OD
SXJQD TXH HVWDED HQWDEODGD HQWUH VXV DPRV \ VXV GHIHQVRUHV $XQTXH HVWRV
HVWD FLUFXQVWDQFLD GHFLPRV GHEH KDEHU WHQLGR SUR\HFFLRQHV GLYHUVDV \ GH
PXFKDFRQVLGHUDFLyQHQODPHQWHGHORVQDWLYRVDVtSRUHMHPSORODHVSHUDQ]D
GHREOLJDUDYROYHUVHD(VSDxDDTXLHQHVKDEtDQYHQLGRGHDOOiFRQODPLUDGH
XQHQULTXHFLPLHQWRSDUDVLWDULR\TXHGDUVHORVLQGLRVWUDEDMDQGRSDUDVtHQODV
WLHUUDVGHORVSXHEORV²TXHLEDQH[SUHVDPHQWHVXSXHVWDVHQODUHGXFFLyQ²
SDJDQGR XQ WULEXWR DO UH\ \ TXL]i DOJXQD FRVD D ORV UHOLJLRVRV FRPR
DGPLQLVWUDGRUHVLQPHGLDWRV,QFOXVRHOWULEXWRGHEHKDEHUVHSUHVHQWDGRFRPR
DOJRDFHSWDEOHHQDTXHOPRPHQWRSRUTXHHQSULPHUOXJDUORFRPSDUDEDQORV
LQGtJHQDV FRQ HO TXH YHQtDQ SDJDQGR D ORV FRQTXLVWDGRUHV EDMR VX GRPLQLR
GLUHFWR HQ VHJXQGR OXJDU HUD XQ JpQHUR GH LPSRVLFLyQ TXH \D FRQRFtDQ SRU
KDEHUODH[LJLGRRSDJDGRDQWHVGHODFRQTXLVWDPXFKRVGHHOORV>@ILQDOPHQWH
HQWHUFHUOXJDUSRUTXHODFRQGLFLyQGHWULEXWDUQRUHVXOWDUtDWDQRQHURVD\HQGR
DVRFLDGDDODFRQGLFLyQGHWUDEDMDUOLEUHPHQWHTXHHUDFRPRORSODQWHDEDQODV
/H\HV 1XHYDV \ FRPR GH LQPHGLDWR FRPHQ]y D SUDFWLFDUVH ³KL]R TXH ORV
~OWLPRV RIUHFtDQ XQD OLEHUDFLyQ FRQGLFLRQDGD DO SDJR GH WULEXWRV DO UH\ GH
(VSDxD\VXD\XGDVXSRQtDODHVSHUDQ]DGHFRQYHUWLUORVDXQDUHOLJLyQH[yWLFD
KDEtD SRGHURVRV PRWLYRV SDUD DFHSWDU HVD OLEHUDFLyQ \ HVD D\XGD \ SDUD
SUHVWDUVHDFRODERUDUDFWLYDPHQWHFRQORVGHIHQVRUHV(OSULPHUtVLPRGHWRGRV
ORV PRWLYRV VDOLU GH OD FUXHO HVFODYLWXG TXH KDEtDQ VXIULGR LPSHGLU TXH VH
YROYLHUD D OD VLWXDFLyQ DQWHULRU 6DEtDQ ORV LQGLRV TXH ORV FRQTXLVWDGRUHV
HVWDEDQPRYLHQGRWRGRVVXVUHFXUVRVDQWHHOUH\SDUDUHFXSHUDUORVSULYLOHJLRV
SHUGLGRV \ TXH HQ WDOHV FLUFXQVWDQFLDV QR FRODERUDU FRQ ORV GHIHQVRUHV HUD
IDYRUHFHUDVXVPiVWHPLEOHVHQHPLJRV/RVUHOLJLRVRVPLVPRVGHEHQKDEHUVH

FDVWHOODQRVSDJDUDQDORVKRPEUHVJUDQGHV\SHTXHxRV´>@
0XFKRVLQGLRVFUH\HURQYHUVXVDOYDFLyQHQDTXHOSODQTXHIXHSUHJRQDGR
FRQFDQWRV\OiJULPDV\OOHQRVGHFRQILDQ]DFRODERUDURQHQODFUHDFLyQGHORV
SXHEORV DSRUWDQGR DVt OD IXHU]D KXPDQD TXH KL]R SRVLEOH \ TXH H[SOLFD ODV
SURSRUFLRQHVTXHDOFDQ]yODODERUGHUHGXFFLyQHQSRFRWLHPSR(OFURQLVWD
GRPLQLFRDTXLHQ;LPpQH]WUDQVFULEHGHTXLHQKHPRVFLWDGRXQRVUHQJORQHV
GLFHTXHHOPiVJUDQGHREVWiFXORGHODUHGXFFLyQGH&KLDSDVIXHODFRVWXPEUH
LQGtJHQD GH KDELWDU FKRFHUtRV PX\ GLVSHUVRV TXH QR IRUPDEDQ SXHEORV
FRPSDFWRV VLQR JUDQGHV iUHDV FXOWLYDGDV \ SREODGDV>@ ²OR FXDO FRQILUPD

;LPpQH]UHIHULGRDORVTXLFKpV\FDNFKLTXHOHV>@SHURTXHWRGRIXHVXSHUDGR DSR\y HQ OD IDHQD (O FURQLVWD GLFH FRQ WRGD FODULGDG TXH )UD\ %HQLWR GH
SRUODIHGHORVLQGLRVODFXDOFRPRSRUXQPLODJUR>@H[SHULPHQWyXQV~ELWR 9LOODFDxDVIXQGyHOSXHEORGHHVDPDQHUDSHURTXHORKL]R³«LQVWDGRGHORV
FUHFLPLHQWR HQ DTXHOODV MRUQDGDV ³« &HUUDWR D\XGy PXFKR FRPR \D GLMH LQGLRVTXHQRKDOODURQRWURPRGRGHGHIHQGHUOR«´²UHILULpQGRVHDOWHUUHQR
SHURORFRP~Q\ORPiVKDVLGRREUDGHODIHGHORVLQGLRVHOORVKDFHQVXV TXH OHV LED D VHU DUUHEDWDGR²>@ /D FRODERUDFLyQ GH ORV LQGLRV HQ OD
FDVDV \ ODV QXHVWUDV \ GH VX VXGRU VH KD FRPSUDGR OR GLFKR RUQDPHQWRV \ UHGXFFLyQREHGHFLyDGLYHUVRVPHFDQLVPRVTXHORVREOLJDEDQDHVFRJHUHQWUH
REMHWRVGHXVRULWXDOHQODVLJOHVLDV60«\HVWRGHMXQWDUVHORVSXHEORV
\ SURVSHULGDG GH ODV ,JOHVLDV KD VLGR DVt WDPELpQ HQ *XDWHPDOD«´>@
+HPRV LQGLFDGR DUULED FXiOHV GHELHURQ VHU ODV PRWLYDFLRQHV UHDOHV GH HVD
PLODJURVDHFORVLyQGHIH\GHEXHQDYROXQWDG
/D GLILFXOWDG GH OD FUHDFLyQ GH SXHEORV FRORQLDOHV QR UDGLFDED HQ VX
FRQVWUXFFLyQ/RVSXHEORVIXHURQLQLFLDOPHQWHFKRFHUtRVRUGHQDGRVHQWRUQRD
XQD SOD]D FRQIRUPH D FLHUWRV FULWHULRV IXQFLRQDOHV GH FRQTXLVWD ²SXHV OD
UHGXFFLyQ QR OR ROYLGHPRV IXH OD ~OWLPD IDVH PRQiUTXLFD \ PLVLRQDO GHO
SURFHVRFRQTXLVWDGRU²ODVFKR]DVODVFDVDVGHFDELOGRODVLJOHVLDVPLVPDV
IXHURQFRQVWUXLGDVFRQODVPiVVHQFLOODVWpFQLFDVLQGtJHQDVKRUFRQHVU~VWLFRV
KLQFDGRV HQ HO VXHOR WHFKRV GH SDMD SDUHGHV GH FDxD GH PDt] \ SLVRV GH
WLHUUDDSHOPD]DGD3RVWHULRUPHQWHGHPDQHUDJUDGXDOIXHURQDSDUHFLHQGRODV
LQVWDODFLRQHV GH DGREH ²XVDGR SRU LQGtJHQDV \ HVSDxROHV DQWHV GH VX
HQFXHQWUR² ORV WHFKRV GH WHMD ODV LJOHVLDV GH ODGULOOR FRFLGR>@ VLQ TXH
GHMDUD GH SUHYDOHFHU OD FKR]D VHQFLOOD GH SDORV SDMD \ FDxDV FRPR
KDELWDFLyQGHORVLQGLRV\FXHUSRGHORVSXHEORV
/DUHODWLYDVHQFLOOH]GHOSXHEORLQLFLDOIDFLOLWDEDVXFRQVWUXFFLyQ;LPpQH]
UHILHUHHOFDVRGHXQSXHEORTXHIXHOHYDQWDGRFRQLJOHVLD\WRGRHQHOFXUVR
GHXQDQRFKHGHWUDEDMRLQWHQVR²VLELHQEDMRFLUFXQVWDQFLDVPX\HVSHFLDOHV
²6DQWR'RPLQJR;HQDFRMIXHFRQVWUXLGRHQXQDQRFKHSRUORVLQGLRVGH6DQ
3HGUR 6DFDWHSpTXH] FRPR PHGLGD GH HPHUJHQFLD SDUD LPSHGLU TXH FLHUWR
HVSDxROWRPDUDSRVHVLyQGHXQDVWLHUUDVGHOSXHEORTXHOHVHUtDQHQWUHJDGDVDO
GtDVLJXLHQWH>@'HHVHHSLVRGLRVyORQRVLQWHUHVDVHxDODUDTXtGRVGHWDOOHV WXYLHURQ SRVWHULRUPHQWH VREUDGD RSRUWXQLGDG GH MXVWLILFDU VX UHFHOR 3RUTXH
SULPHURODSRVLELOLGDGPDWHULDOGHHULJLUXQSXHEORHQSRFDVKRUDVVLHPSUH
TXH VH FRQWDUD FRQ HO LQWHUpV \ HO HVIXHU]R GH ORV LQGLRV \ VHJXQGR TXH HVH
LQWHUpV HPDQDED JHQHUDOPHQWH GH OD DPHQD]D GH FDHU HQ VLWXDFLRQHV DXQ
SHRUHVRTXHHPSHRUDEDQODLPSOtFLWDHQODUHGXFFLyQ/DLQLFLDWLYDGHHULJLU
;HQDFRMHQXQDQRFKHVDOLyGHORVLQGLRVDXQTXHHOp[LWRGHODHPSUHVDKD\D
TXHGDGR FRQVLJQDGR HQWUH ODV REUDV GHO IUDLOH GRPLQLFR TXH ORV GLULJLy \
 
GRVPDOHVHOPHQRU'HVGHHVWHSXQWRGHYLVWDODUHGXFFLyQIXHXQFKDQWDMHGH
JUDQGHVSURSRUFLRQHV
(O YHUGDGHUR SUREOHPD GH OD FUHDFLyQ GH SXHEORV UDGLFDED HQ TXH DO
MXQWDU D ORV LQGLRV GH YDULRV SREODGRV GH WLSR SUHKLVSiQLFR QHFHVDULDPHQWH
KDEtD TXH DEDQGRQDU ODV DPSOLDV iUHDV GH WLHUUDV FXOWLYDGDV HQ TXH VH
H[WHQGtDQ<DXQTXHHOSXHEORQXHYROHFRUUHVSRQGtDQXQDVWLHUUDVFRPXQDOHV
HO WUDVODGR VLJQLILFDED SDUD ORV LQGLRV DUUDQFDUVH GH VXV VLHPEUDV GH PDt] \
RWURVFXOWLYRV GH VXV PLOSDVHQODV TXHVHKDOODEDQHQFODYDGDV VXV DQWLJXDV
FKR]DV \ WDPELpQ HQWHQGiPRVOR VXV DQWLJXDV YLGDV 3DUD LPSHGLU TXH
GHFHSFLRQDGRV VH UHJUHVDUDQ D DTXHOORV OXJDUHV IXH SUHFLVR GHVWUXLU ORV
VHPEUDGRV\ODVYLYLHQGDV>@<ORVLQGLRVWXYLHURQTXHFRQIRUPDUVHFRQYHU
FyPRFDtDQVREUHDTXHOODVWLHUUDVGHEUR]DGDV\KHFKDVDOFXOWLYRORVFRORQRV
H[WUDQMHURV TXH ODV SHGtDQ FRPR WLHUUDV GHO UH\ GHVRFXSDGDV \ GLVSRQLEOHV
SDUDKDFHUGHHOODVPHUFHG>@
+XERPXFKRVLQGLRVVLQHPEDUJRTXHQRDFHSWDURQODVFRQGLFLRQHVGHOD
UHGXFFLyQ\TXHDEROLGDODHVFODYLWXGSHUPDQHFLHURQHQORVPRQWHVRIXHURQ
D UHIXJLDUVH HQ HOORV 6H KL]R SUHFLVR UHGXFLUORV SRU OD IXHU]D \ DXQTXH ORV
FURQLVWDV UHOLJLRVRV VH OLPLWDQ D H[SUHVDU TXH DTXHOOD ODERU FRVWy ³LQPHQVRV
WUDEDMRV´>@ KD\ PXFKRV LQGLFLRV GH TXH HQ HOOD VH HPSOHy OD YLROHQFLD
)XHQWHV\*X]PiQFDOLILFDHVDIDVHGHODUHGXFFLyQFRPRXQDJXHUUDFRQORV
LQGLRVTXHODUHKXtDQ>@
+D\ TXH UHFRQRFHU TXH HVWRV LQGLRV ORV LQGyFLOHV ORV TXH QR FRQILDURQ
ELHQ VDEHPRV TXH ODV /H\HV 1XHYDV SHVH D OD IHUYRURVD VLQFHULGDG GH ORV
KRPEUHV TXH OXFKDURQ SRU FRQVHJXLUODV ²FRPR )UD\ %DUWRORPp \ VXV
FRODERUDGRUHV²IXHURQGHVSXpVWUDLFLRQDGDVHQVXSXQWRPiVFRQYLQFHQWH\
ORVSXHEORVHQGRQGHKDEtDQGHYLYLUORVLQGLRVVLQTXHQDGLHORVPROHVWDUD
³FRPR YDVDOORV OLEUHV GH 6X 0DMHVWDG´ VH FRQYLUWLHURQ HQ UHGXFWRV GH
RSUHVLyQ
 (Q VX SULPHUD HWDSD LPSXOVDGD SRU KRPEUHV JHQHURVRV \ DVRFLDGD D OD
DEROLFLyQGHODHVFODYLWXGODUHGXFFLyQIXHXQDREUDQRH[HQWDGHKXPDQLVPR
\ GH FLHUWD JUDQGH]D 3HUR VHUtD XQ HUURU VXSRQHU TXH HQ HVR TXHGy /D
UHGXFFLyQIXHXQSUREOHPDSHUPDQHQWHDORODUJRGHWRGDODpSRFDFRORQLDO\
VL ELHQ HV FLHUWR TXH FRQVHUYy VX ILQDOLGDG HVHQFLDO VXIULy FDPELRV TXH
HOLPLQDURQWRWDOPHQWHODVFDUDFWHUtVWLFDVGHODSULPHUDHWDSD
(O PiV LPSRUWDQWH GH GLFKRV FDPELRV RFXUULy FXDQGR OD PRQDUTXtD
FHGLHQGR DQWH OD SUHVLyQ GH ORV FRORQRV OHV FRQFHGLy HO GHUHFKR GH REWHQHU
IXHU]DGHWUDEDMRREOLJDWRULDHQORVSXHEORV3RGUtDSHQVDUVHTXHDSDUWLUGH
HVHPRPHQWRODUHGXFFLyQTXHGyGHVYLUWXDGD\VHFRQYLUWLyHQRWUDFRVDSXHV
VH DEDQGRQy HO SULQFLSLR GH ODV /H\HV 1XHYDV TXH PiV DUGLHQWHPHQWH
GHIHQGLHURQ VXV SURSXJQDGRUHV \ TXH KDEtD GHFLGLGR OD FRODERUDFLyQ GH
PXFKtVLPRVLQGtJHQDVHOSULQFLSLRGHODOLEHUWDGGHWUDEDMR3DURHVHMXLFLR
VHUtDXQDJUDYHHTXLYRFDFLyQ(VFLHUWRTXHDTXHOSULQFLSLRWXYRHIHFWLYDPHQWH
ODLPSRUWDQFLDTXHVHKDVHxDODGRSHURKD\TXHFRPSUHQGHUTXHQRUDGLFDED
HQpOODHVHQFLDGHODUHGXFFLyQQRHVWDEDDOOtVXUD]yQGHVHU/DUHGXFFLyQ
IXH XQ SURFHGLPLHQWR VXPDPHQWH KiELO FXLGDGRVDPHQWH HVWXGLDGR SRU OD
PRQDUTXtD>@ TXH WHQtD SRU ILQDOLGDG RUJDQL]DU D ORV LQGLRV GH PDQHUD TXH
VDOLHUDQ GHO GRPLQLR GH ORV FRQTXLVWDGRUHV TXHGDUDQ VXMHWRV D OD DXWRULGDG
GHO UH\ \ VH KLFLHUD SRVLEOH FRQVHUYDUORV H[SORWDUORV HQ IRUPD UDFLRQDO \
VLVWHPiWLFD \ FRPSOHWDU VX FRQTXLVWD HVSLULWXDO 6L GHVSXpV VH MX]Jy TXH HUD
FRQYHQLHQWH SHUPLWLU HQ FLHUWD PHGLGD OD H[SORWDFLyQ IRU]DGD GH ORV QDWLYRV
FRQVDJUDFLyQ QR VLJQLILFy XQD TXLHEUD GH ODV UHGXFFLRQHV VLQR WRGR OR
FRQWUDULRHOLQLFLRGHXQQXHYR\ODUJRSHUtRGRHQTXHQRVHUiQ~QLFDPHQWHGH
LQWHUpV SDUD HO UH\ VLQR WDPELpQ SDUD ORV KDFHQGDGRV 'H DOOt HQ DGHODQWH
YHUHPRV UHDSDUHFHU OD UHGXFFLyQ HQ ORV GRFXPHQWRV FRQ HVH FDUiFWHU FRPR
PRWLYR GH LQWHUpV FRP~Q SDUD ORV IXQFLRQDULRV GH OD FRURQD \ SDUD OD FODVH
FULROOD +DEUi QRWLFLD GH UHGXFFLRQHV OOHYDGDV D FDER KDVWD ILQHV GHO VLJOR
;9,,,>@\D~QHQODV&RUWHVGH&iGL]SODQWHDUiQORVFULROORVODQHFHVLGDGGH
UHGXFLUDORVLQGLRVSULPLWLYRVGHODVUHJLRQHVPDUJLQDOHVTXHWRGDYtDQROR
KDEtDQVLGRLQYRFDQGR³«ODVYHQWDMDVTXHWUDHUtDDOD5HOLJLyQDO(VWDGR\
DXQDORVPLVPRVLQGLRVGLVSHUVRVODYLGDFLYLO«´>@²GHMDQGRHQHOWLQWHUR
SRU VXSXHVWR ODV YHQWDMDV TXH GLFKD PHGLGD WUDHUtD D ORV FULROORV TXH OD
SHGtDQ²
/DUHGXFFLyQFRQWLQXyVLHQGRXQSUREOHPDDFWXDOSRURWURPRWLYRPiV/RV
LQGLRVDEUXPDGRVSRUODH[SORWDFLyQ\ORVXOWUDMHVGHTXHHUDQREMHWRHQORV
SXHEORV HVWXYLHURQ VLHPSUH IXJiQGRVH GH HOORV < ODV DXWRULGDGHV
SHQLQVXODUHV \ FULROODV WUDWDURQ GH LPSHGLU HVD HYDVLyQ \ GH UHGXFLUORV GH
QXHYR&RPRIiFLOPHQWHVHGHMDHQWHQGHUHOSUREOHPDGHPDQWHQHUORVDUD\D
HQVXVSXHEORV²SUREOHPDSDUDORVJUXSRVGRPLQDQWHV²HUDFRQVHFXHQFLDGH
RWUR SUREOHPD LQFRPSDUDEOHPHQWH PiV JUDYH HO TXH UHSUHVHQWDED SDUD ORV
LQGLRV OD H[LVWHQFLD HQ HVRV SXHEORV (V SUHIHULEOH SRU WDO PRWLYR H[DPLQDU
HVWHDVSHFWRGHODUHGXFFLyQPiVDGHODQWHGHVSXpVGHDKRQGDUXQSRFRHQOD
UHDOLGDG GH DTXHOOD H[LVWHQFLD DVt OR KDUHPRV HQ XQ DSDUWDGR HVSHFLDO
SRUODFODVHWHUUDWHQLHQWH\VLHVWRVHKL]RVLQWUDLFLRQDUORVREMHWLYRVDUULED
HQXQFLDGRV GHEH UHFRQRFHUVH HQWRQFHV TXH OD UHGXFFLyQ FRPHQ]y D UHQGLU
FLHUWRV VHUYLFLRV DGLFLRQDOHV QR SUHYLVWRV SHUR TXH QR DOWHUDEDQ HQ QDGD VX
HVHQFLDHQGHILQLWLYDVLJXLyFXPSOLHQGRVXILQDOLGDGRULJLQDO
(Q XQD &pGXOD 5HDO GH  HQ TXH DELHUWDPHQWH VH DXWRUL]D HO
UHSDUWLPLHQWR HQ HO UHLQR GH *XDWHPDOD>@ VH RUGHQD ²QR VH UHFRPLHQGD
VLPSOHPHQWH VLQR TXH VH PDQGD KDFHUOR² FUHDU SXHEORV GH LQGLRV HQ ODV
FHUFDQtDVGHODVKDFLHQGDVTXHORVQHFHVLWHQ6HGLFHHQHOODFDWHJyULFDPHQWH
TXH OD PHGLGD GHEH WRPDUVH SDUD TXH ORV LQGLRV SXHGDQ DFXGLU DO WUDEDMR
REOLJDWRULR \ SXHGDQ UHWRUQDU D VXV SXHEORV \ KDELWDU HQ HOORV>@ (O
GRFXPHQWR PDUFD OD FRQVDJUDFLyQ GHO UpJLPHQ GH WUDEDMR IRU]DGR SDUD ODV
KDFLHQGDV ²FRPR WDO OR DQDOL]DUHPRV PiV DGHODQWH² \ UHYHOD TXH GLFKD

HYDVLyQGHLQGLRV
/D JUDQ LPSRUWDQFLD KLVWyULFD GH OD UHGXFFLyQ HVWULED HQ TXH PRGHOy
LPSODQWy PXOWLSOLFy \ FRQVROLGy OD SLH]D FODYH GH OD HVWUXFWXUD FRORQLDO HO
SXHEOR GH LQGLRV XQ UpJLPHQ SDUD OD SREODFLyQ PD\RULWDULD H[SORWDGD XQ
VLVWHPDGHEDVHTXHSRUVHUOROHLPSULPLyVXVFDUDFWHUtVWLFDVPiVQRWDEOHVQR
VyORDORVLQGLRV²TXHVRQXQSURGXFWRKLVWyULFRGHGLFKRUpJLPHQ²VLQRDOD
HVWUXFWXUD FRORQLDO HQ FRQMXQWR (VR TXH OODPDPRV ³OD YLGD FRORQLDO´ IXH
IXQGDPHQWDOPHQWH²VLKHPRVGHKDEODUFRQVHULHGDG²ODYLGDGHODLQPHQVD
PD\RUtDGHODSREODFLyQFRORQLDOUHSUHVHQWDGDSRUORVLQGLRVFRQFHQWUDGRVHQ
VHWHFLHQWRV\WDQWRVSXHEORV>@
3XHGH\GHEHKDFHUVHXQDHQXPHUDFLyQGHORVUDVJRVHVHQFLDOHVFRPXQHVD
WRGRVORVSXHEORVXQLQWHQWRGHGHILQLFLyQ7DOLQWHQWRFRQGXFHGLUHFWDPHQWHD

VXV IXQFLRQHV HFRQyPLFDV QR VyOR SRUTXH HOODV IXHURQ HO PRWLYR GH OD
FUHDFLyQ\GHOPDQWHQLPLHQWRGHORVSXHEORVVLQRSRUTXHHUDQODHVHQFLDGHOD
YLGD FRWLGLDQD HQ HOORV 3RGUtD LQWHQWDUVH SRU VXSXHVWR XQD HQXPHUDFLyQ GH
FDUDFWHUtVWLFDVFXOWXUDOHVFRPXQHVSHURHVRHVSRQHUVHGHLQWHQWRHQXQSODQR
VXSHUILFLDO\DTXHWDOHVFDUDFWHUtVWLFDVIXHURQUHVXOWDGRGHDTXHOODIXQFLRQHV
HFRQyPLFDVFRPRORGHPRVWUDUHPRVHQHVWHFDStWXOR\HQHOVLJXLHQWH
8Q SXHEOR HUD DQWH WRGR XQD FRQFHQWUDFLyQ GH IDPLOLDV LQGtJHQDV
VRPHWLGDV D FLHUWDV REOLJDFLRQHV OD SULPHUD GH ODV FXDOHV UHTXLVLWR GH ODV
GHPiV HUD UDGLFDU HQ HO SXHEOR \ QR DXVHQWDUVH VLQR HQ ORV WpUPLQRV TXH OD
DXWRULGDG WHQtD RUGHQDGR R SHUPLWLGR>@ /D DXWRULGDG DOXGLGD D OD TXH
YHUHPRV HQ DFFLyQ PiV DGHODQWH UHSUHVHQWDED D ORV JUXSRV GRPLQDQWHV
HVSDxRO \ FULROOR /D H[LVWHQFLD HQ ORV SXHEORV HVWXYR SUHVLGLGD SRU OD
FRHUFLyQ XQ SXHEOR HUD HQ FLHUWR VHQWLGR XQD FiUFHO FRQ UpJLPHQ GH
PXQLFLSLR
7HQtDTXHVHUORSRUTXHODILQDOLGDGGHDTXHOODVFRQFHQWUDFLRQHVUDGLFDED
HQHOSURSyVLWRGHREOLJDUDORVLQGLRVKRPEUHV\PXMHUHVDUHDOL]DUXQDVHULH
GH WUDEDMRV JUDWXLWRV R PX\ PDO UHPXQHUDGRV $OJXQRV GH HVRV WUDEDMRV HUDQ
IRUPDVOHJDOL]DGDVGHODH[SORWDFLyQFRORQLDOSURGXFLUSDUDWULEXWDUDFXGLUDO
UHSDUWLPLHQWR SUHVWDU VHUYLFLRV QR UHPXQHUDGRV D OD ,JOHVLD>@ DEULU \
FRPSRQHUVLQSDJDORVFDPLQRV>@WUDEDMDUHQODFRQVWUXFFLyQGHHGLILFLRVHQ
ODV FLXGDGHV>@ HWF PXFKRV RWURV HVWDEDQ SURKLELGRV R QR HVWDEDQ
FRQWHPSODGRV HQ OD OH\ VHUYLFLRV JUDWXLWRV GH FDUJD \ WUDQVSRUWH SDUD ODV
DXWRULGDGHVSDUDUHOLJLRVRV\SDUWLFXODUHV>@VHUYLFLRGHPROHQGHUDV>@HWF
$SDUWHGHODVSUHVLRQHVLQGLFDGDVEDMRODVFXDOHVSURGXFtDQORVLQGLRVOR
PiV \ OR SULQFLSDO GH FXDQWR FRQVXPtD \ H[SRUWDED OD VRFLHGDG FRORQLDO
WDPELpQ WHQtDQ ORV LQGtJHQDV TXH WUDEDMDU SDUD Vt (VWR OR KDFtDQ
IRUPD GLUHFWD R D WUDYpV GH UHYHQGHGRUHV 7RGR OR FXDO TXLHUH GHFLU TXH ORV
SXHEORVSURYHtDQDOUHVWRGHODVRFLHGDGWDPELpQFXDQGRORVLQGLRVWUDEDMDEDQ
SDUDVtPLVPRV
$GHPiV GHO FXOWLYR GH OD WLHUUD FRPXQDO \ GH OD DUWHVDQtDV PHQRUHV ORV
LQGLRV WHQtDQ SRVLELOLGDG GH YHQGHU VX IXHU]D GH WUDEDMR OLEUHPHQWH VLHPSUH
TXH KXELHUDQ FXPSOLGR FRQ ORV WUDEDMRV REOLJDWRULRV ²HVSHFLDOPHQWH HO GH
UHSDUWLPLHQWR²\UHWRUQDUDQUHJXODUPHQWHDOSXHEORSDUDQRGHVOLJDUVHGHpO
'HELGRDODH[LVWHQFLDGHOWUDEDMRIRU]DGR\WDPELpQFDGDYH]PiVDODGH
ORVODGLQRVUXUDOHVSREUHV²TXHWUDEDMDEDQDFDPELRGHXVXIUXFWRGHWLHUUDV
²HOVDODULRQRIXHSUHGRPLQDQWH\IXHVLHPSUHEDMtVLPRHQHODJURFRORQLDO
(Q ORV PHMRUHV FDVRV DOFDQ]y D VHU HO GREOH GH OD SDJD IRU]DGD GH
UHSDUWLPLHQWR /RV UHDOHURV PHQFLRQDGRV SRU )XHQWHV \ *X]PiQ>@ VH
FRQWUDWDEDQYROXQWDULDPHQWHEDMRODFRQGLFLyQGHTXHVHOHVSDJDUDXQUHDOSRU
FXPSOLUODWHUFHUDSDUWHGHODWDUHDTXHUHDOL]DEDQDGHVWDMRHQODVHPDQDGH
UHSDUWLPLHQWR (V GHFLU TXH VH DYHQtDQ OLEUHPHQWH D WUDEDMDU SRU XQ UHDO OD
WHUFHUD SDUWH GH OD WDUHD TXH REOLJDWRULDPHQWH WHQtDQ TXH UHDOL]DU SRU HVH
PLVPR UHDO HQ OD VHPDQD GH UHSDUWLPLHQWR 7UDEDMDQGR DVt REWHQtDQ
DSUR[LPDGDPHQWH GRV UHDOHV HO GtD>@ (O GDWR HV LPSRUWDQWH \ FRQYLHQH
UHWHQHUORSRUTXHUHYHODGRVFRVDVTXHQRVVHUYLUiQFRPRtQGLFHVSDUDPHGLU
PXFKDV RWUDV GHVSXpV SULPHUD TXH ORV LQGLRV YHQGtDQ SRU GRV UHDOHV XQD
MRUQDGD GH WUDEDMR LQWHQVR REOLJDGRV SRU OD QHFHVLGDG \ VLQ QHFHVLGDG GH
REOLJDUORV \ VHJXQGD TXH OD WDUHD LPSXHVWD SRU ORV KDFHQGDGRV FRPR
FRUUHVSRQGLHQWHDOUHDOGHUHSDUWLPLHQWRHUDH[WHQXDQWHSXHVWRTXHHOLQGLRQR
ODDFHSWDEDOLEUHPHQWHDXQTXHHVWXYLHUDXUJLGR\GLVSXHVWRDHVIRU]DUVHSDUD
REWHQHUDOJ~QGLQHUR'RFXPHQWRVGHODPLVPDpSRFDPHQFLRQDQDORVSHRQHV
TXHVHFRQWUDWDEDQSRUUHDO\PHGLRDOGtD\DOJRGHFRPHU>@\WDPELpQDORV
SULQFLSDOPHQWHHQODVWLHUUDVFRPXQDOHVGHORVSXHEORV\WDPELpQGHGLFiQGRVH
DFLHUWDVDUWHVDQtDVUXUDOHVDVRFLDGDVDODDJULFXOWXUDDODJDQDGHUtDODQDU\DO
DSURYHFKDPLHQWR IRUHVWDO 3URGXFtDQ WHMLGRV GH ODQD \ DOJRGyQ HVWHUDV
FXHUGDV UHGHV VRPEUHURV GH SDOPD FDUSLQWHUtD WRVFD JUDQ FDQWLGDG GH
FHUiPLFD FRUULHQWH \ GH PHGLDQD FDOLGDG HWF>@ /RV IUXWRV GH ODV WLHUUDV
FRPXQDOHV HUDQ HQ SDUWH FRQVXPLGRV SRU VXV SURGXFWRUHV \ RWUD SDUWH HUD
YHQGLGD HQ ORV PHUFDGRV GH ODV FLXGDGHV \ ORV SXHEORV /RV SURGXFWRV
DUWHVDQDOHVHUDQFDVLtQWHJUDPHQWHGHVWLQDGRVDODYHQWDHQHVRVPHUFDGRVHQ

SHVHURVTXHDFHSWDEDQRFKRUHDOHVHVGHFLUXQSHVRSRUODVHPDQDGHVHLV
GtDV PiV DOJR GH FRPHU>@ +DVWD HO ILQDO GH OD FRORQLD \ WRGDYtD XQDV
GpFDGDVGHVSXpVGHOD,QGHSHQGHQFLDHOLQJUHVRGHORVWUDEDMDGRUHVDJUtFRODV
FRUULHQWHVRVFLODEDHQWUHXQUHDO\GRVUHDOHVSRUGtD>@
(OSXHEORHUDSXHVXQDFRQFHQWUDFLyQGHIXHU]DGHWUDEDMRFRQWURODGDSRU
ORVJUXSRVGRPLQDQWHV\GLVSRQLEOHHQWUHVIRUPDV GLVWLQWDV JUDWXLWD IRU]RVD
VFPLJUDWXLWD IRU]RVD \ DVDODULDGD PX\ EDUDWD ²VLQ SRVLELOLGDG GH TXH HVWD
~OWLPD GHVSOD]DUD GH VX SRVLFLyQ SUHYDOHFLHQWH D ODV GRV DQWHULRUHV (VD

FLUFXQVWDQFLDHUDODTXHKDFtDGHOSXHEORGHLQGLRVODSLH]DGHVXVWHQWDFLyQGH HVHQFLDGHOUpJLPHQGHSXHEORVTXHUDGLFDEDHQHOFRQWUROGHORVLQGLRVSDUD
ODVRFLHGDGFRORQLDO\ODTXHPRWLYDEDHQVHQWLGRLQYHUVRTXHXQJUDQQ~PHUR H[SORWDUORVSRODUL]yVREUHHOORVODDPELFLyQGHORVJUXSRVSDUDVLWDULRVDOWRV
GH IHQyPHQRV GH OD VRFLHGDG FRORQLDO LQFLGLHURQ VREUH HO SXHEOR GH LQGLRV \ PHGLRV LQLFLDOHV \ HPHUJHQWHV \ GHWHUPLQy TXH WRGDV HVDV PLQRUtDV
%DVWDQXQRVUHQJORQHVSDUDPRVWUDUOR JUDYLWDUDQ HQ XQD X RWUD IRUPD VREUH DTXHOODV FRQFHQWUDFLRQHV GH
(OUpJLPHQFRHUFLWLYRGHORVSXHEORVJDUDQWL]DEDODSURGXFFLyQ\HOFREUR WUDEDMDGRUHV FRDFFLRQDGRV /D YLGD GH GLFKRV WUDEDMDGRUHV WXYR TXH VHU HQ
GHORVWULEXWRVTXHHUDQFRPR\DVHGLMRODUHQWDPiVLPSRUWDQWHREWHQLGDSRU FRQVHFXHQFLD PX\ PH]TXLQD \ SHQRVD SULYDGD GH RSRUWXQLGDGHV GH
OD PRQDUTXtD HQ HO UHLQR GH *XDWHPDOD *DUDQWL]DED OD SLWDQ]D GH ORV VXSHUDFLyQFDUHQWHGHHVWtPXORV\PX\GLItFLOGHVREUHOOHYDU
HQFRPHQGHURV D TXLHQHV HO UH\ FHGtD XQD SDUWH GH HVRV WULEXWRV 9DPRVDYHUDKRUDTXpIRUPDVWRPDEDODYLGDFRQFUHWDGHORVLQGLRVTXp
,QGLUHFWDPHQWH OD IXHU]D GH WUDEDMR FRQFHQWUDGD \ JREHUQDGD HQ ORV SXHEORV VLJQLILFDED FRQFUHWDPHQWH SDUD HOORV TXH ORV SXHEORV IXHUDQ VHJ~Q ORV
SURPRYtD OD UHQWD GH DOFDEDODV ²LPSXHVWRV VREUH WUDQVDFFLRQHV SXHVWR TXH DFDEDPRV GH GHILQLU FRQFHQWUDFLRQHV GH WUDEDMDGRUHV FRDFFLRQDGRV
HOOD SURGXFtD ODV IUXWDV \ PHUFDQFtDV TXH DO FLUFXODU PRWLYDEDQ WDOHV 2SLQDPRVTXHLQGDJDQGRHQHVDGLUHFFLyQ\QRHQRWUDVHWRFDHOIRQGRGHOD
LPSXHVWRV(VWHUHQJOyQDOLJXDOTXHORVWULEXWRVQRVHUHPLWtDtQWHJUDPHQWHD UHDOLGDGFRORQLDO
(VSDxDVLQRTXHVHUYtDSDUDFXEULUORVJDVWRVGHJRELHUQR\HVSHFLDOPHQWHORV 3ULPHURHOUHSDUWLPLHQWR
VXHOGRVGHODEXURFUDFLD(QHVWHVHQWLGRPHGLDWL]DGRSHURQRSRUHOORPHQRV
HYLGHQWHORVSXHEORVJHQHUDEDQHOVXVWHQWRGHORVIXQFLRQDULRVHVSDxROHV(O
UpJLPHQ GH SXHEORV JDUDQWL]DED OD GLVSRQLELOLGDG GH PDQR GH REUD IRU]RVD
SDUDODVKDFLHQGDVHQULTXHFLHQGRDORVKDFHQGDGRVHQGRVIRUPDVDOUHGXFLU
HOFRVWRGHORVELHQHVGLUHFWDPHQWHFUHDGRVSRUORVLQGLRVGHUHSDUWLPLHQWR\
DOGLVPLQXLUODGHPDQGD\SRUORWDQWRHOSUHFLRGHODPDQRGHREUDYROXQWDULD
(OUpJLPHQWDPELpQSHUPLWtDTXHGHORVSXHEORVVDOLHUDHVWDVHJXQGDPDQRGH
REUDGHOLEUHFRQWUDWDFLyQPX\EDUDWD\VLQPHQRVFDERGHODREOLJDWRULD(Q
HO PLVPR VHQWLGR TXH D ORV KDFHQGDGRV HQULTXHFtD D ODV yUGHQHV UHOLJLRVDV
SRVHHGRUDVGHKDFLHQGDV>@*DUDQWL]DEDODVUHQWDVGHOD,JOHVLD\SURSLFLDED
HOHQULTXHFLPLHQWRSHUVRQDOGHDOJXQRVGRFWULQDULRV\FXUDVSiUURFRVDOSRQHU
DORVLQGLRVGLUHFWDPHQWHEDMRVXYLJLODQFLD>@3URSLFLDEDHOHQULTXHFLPLHQWR
GHODVDXWRULGDGHVORFDOHV&RUUHJLGRUHV\$OFDOGHV²GHTXLHQHVKDEODUHPRV
DGHODQWH² SRU FXDQWR HO DLVODPLHQWR \ HO FDUiFWHU FHUUDGR GH ORV SXHEORV
VXPDGRVDODLJQRUDQFLD\HOPLHGRHQTXHHOUpJLPHQPDQWHQtDDORVLQGLRV
SRQtDQ D pVWRV FRPSOHWDPHQWH D PHUFHG GH ORV FDSULFKRV GH GLFKDV
DXWRULGDGHV (O UpJLPHQ GH SXHEORV VH SURSRQtD PDQWHQHUORV FHUUDGRV D OD
SHQHWUDFLyQGHODGLQRVSHURDOPLVPRWLHPSR²SUHFLVDPHQWHSRUWUDWDUVHGH
FRQFHQWUDFLRQHVGHVLHUYRVDWHPRUL]DGRV²DWUDMRKDFLDHOORVODDPELFLyQ\OD
OXFKD GH ORV PHVWL]RV PiV HQpUJLFRV TXLHQHV FRPR YLPRV HQ RWUR OXJDU
OHQWDPHQWHFRQILJXUDURQXQDFDSDPHGLDDOWDUXUDOH[SORWDGRUDGHLQGLRV/D

 
 ²,,²
(OUHSDUWLPLHQWRGHLQGLRVQDFLPLHQWR\
UpJLPHQ
(O SURSyVLWR GH WUDQVIRUPDU D ORV LQGLRV HQ ³YDVDOORV OLEUHV´ IUDFDVy HQ
WRGDVODVFRORQLDV/DWRWDOLGDGGHOIUDFDVR\ODXQLIRUPLGDGGHODVUHODFLRQHV
HFRQyPLFDV TXH IXHURQ VXUJLHQGR HQ WRGDV SDUWHV HQ VXEVWLWXFLyQ GHO VDODULR
OLEUHLQVLQ~DQGHVGHOXHJRODSUHVHQFLDGHXQDOH\REMHWLYDTXHQRHVWDPRV
FRPSURPHWLGRV D GLOXFLGDU HQ HVWH OLEUR ²HV WDUHD TXH GHEH HPSUHQGHUVH
GHVGH XQD SHUVSHFWLYD PiV HOHYDGD HVWXGLDQGR ODV WHQGHQFLDV JHQHUDOHV GHO
LPSHULRLQGLDQRHQFRQMXQWR²
&LHUWRV KHFKRV JHQHUDOHV VRQ HYLGHQWHV \ FRQYLHQH OODPDU OD DWHQFLyQ
VREUHHOORVVLQIRUPXODUKLSyWHVLVGHQLQJXQDFODVH(VHYLGHQWHSRUHMHPSOR
TXH OD ~QLFD SRVLELOLGDG GH FRQVROLGDFLyQ GHO LPSHULR HQ ODV FLUFXQVWDQFLDV
LQWHUQDVHLQWHUQDFLRQDOHVGHOD(VSDxDGHORVVLJORV;9,\;9,,UDGLFDEDHQOD
FRORQL]DFLyQHIHFWLYDODPLJUDFLyQ\HODUUDLJRGHFRORQRVHVSDxROHV(VWRV
TXH FRPSUHQGtDQ SHUIHFWDPHQWH OD VLWXDFLyQ REWXYLHUDQ GH HOOD OD IXHU]D
QHFHVDULDSDUDLPSRQHUFLHUWDVFRQGLFLRQHV/DLQLFLDWLYDFRORQL]DGRUDH[LJtD
XQPtQLPRGHLQFHQWLYRVHFRQyPLFRV(VHPtQLPRHVWDEDJDUDQWL]DGRPLHQWUDV
PDVDVLQGtJHQDVLQFRUSRUDGDVDXQVLVWHPDJHQHUDOGHSURGXFFLyQVHPHMDQWH
DO TXH SUHYDOHFtD HQ OD PHWUySROL KXELHUDQ H[SHULPHQWDGR XQ GHVDUUROOR
JHQHUDOGHFDSDFLGDGHVTXHKDEUtDVLJQLILFDGRDFRUWRSOD]RODLPSRVLELOLGDG
GH PDQWHQHUODV GRPLQDGDV 3RU RWUD SDUWH HVD LPDJLQDULD HPSUHVD KXELHUD
VLJQLILFDGR FRQYHUWLU D ODV FRORQLDV HQ FRPSHWLGRUDV FRPHUFLDOHV VLHQGR
FRPRHUDQPHUFDGRVSDUDXQFRPHUFLRPRQRSROtVWLFRGHJUDQSURYHFKRSDUD
ODEXUJXHVtDSHQLQVXODU
1R/DVWpFQLFDVTXHVHSXVLHURQHQPDQRVGHORVLQGLRVJLUDEDQHQWRUQRD
ODD]DGDHOPDFKHWH\HOKDFKD²HQHOUHLQRGH*XDWHPDODQRVHJHQHUDOL]y
VLTXLHUDHOXVRGHODUDGR²>@&RQHVDFDSDFLGDGSURGXFWLYDODH[SORWDFLyQ
DVDODULDGD KXELHUD DUURMDGR JDQDQFLDV LQVLJQLILFDQWHV TXH GH QLQJ~Q PRGR
HVWLPXODEDQ QL FRQVROLGDEDQ OD FRORQL]DFLyQ (O VDODULR KXELHUD WHQLGR TXH
FRH[LVWLUDUWLILFLDOPHQWHMXQWRDXQDFDSDFLGDGSURGXFWLYDTXHFRUUHVSRQGtDD
HWDSDV GH GHVDUUROOR HFRQyPLFR DQWHULRUHV DO FDSLWDOLVPR PiV LQFLSLHQWH /D
FRURQD VH KDEtD HTXLYRFDGR SXHV VH KDEtD H[FHGLGR DO LQWHQWDU OD
LPSODQWDFLyQGHODSDJDOLEUHHQVXVFRORQLDV\DTXHDOPLVPRWLHPSRVHYHtD
REOLJDEDDRIUHFHULQFHQWLYRVSDUDODFRORQL]DFLyQ/DH[SORWDFLyQGHOLQGLR
FRQORVVHQFLOORVHOHPHQWRVGHWHFQRORJtDHXURSHDTXHFRQYHQtDSRQHUHQVXV
PDQRV VyOR JDUDQWL]DED JDQDQFLDV DWUDFWLYDV VL H[LVWtD OD SRVLELOLGDG GH
IRU]DUOR\GHSDJDUOHPX\SRFR(VWDSDUHFHKDEHUVLGRODFDXVDHQWpUPLQRV
JHQHUDOHV GH TXH OD PRQDUTXtD VH YLHUD REOLJDGD D HOHYDU ORV SURYHFKRV GH
ORVFRORQRVSHUPLWLpQGROHVODH[SORWDFLyQGHOLQGLREDMRXQUpJLPHQGHWUDEDMR
KXER OD SRVLELOLGDG GH HVFODYL]DU D ORV LQGLRV SHUR HV HYLGHQWH TXH QR VH
DOFDQ]DED FRQ OD SHUVSHFWLYD GH H[SORWDUORV FRPR WUDEDMDGRUHV OLEUHV (VWR
~OWLPRWDPELpQVHFRPSUHQGHSHUIHFWDPHQWHSRUTXHODH[SORWDFLyQDVDODULDGD
SURSLD GHO VLVWHPD FDSLWDOLVWD VXSRQH XQ JUDGR GH GHVDUUROOR GH ODV IXHU]DV
SURGXFWLYDV ²LQVWUXPHQWRV SURFHGLPLHQWRV GH SURGXFFLyQ FDSDFLWDFLyQ GHO
WUDEDMDGRU GLYHUVLILFDFLyQ GH ODV HPSUHVDV HWF ²TXH QR VH GDED QL SRGtD
FUHDUVH DUWLILFLDOPHQWH HQ ODV FRORQLDV QDFLHQWHV $XQ VL KDFLHQGR IDQWDVtDV
VXSRQHPRV TXH (VSDxD KXELHUD SRGLGR WUDVODGDU D VXV FRORQLDV WRGDV VXV
WpFQLFDVHQWRGDVRFDVLWRGDVVXVUDPDVSURGXFWLYDV²ORFXDOUHSHWLPRVHV
SXUDIDQWDVtDLPSRVLEOH²DXQHQWRQFHVKXELHUDVLGRDEVXUGRTXHHPSUHQGHUtD
WDOHPSUHVD1LQJ~QLPSHULRSXHGHLQWHUHVDUVHHQODHTXLSDUDFLyQWHFQROyJLFD
GH VXV FRORQLDV SRUTXH HOOR ODV SRQH HQ FRQGLFLRQHV GH GHMDU GH VHUOR /DV

IRU]DGRVHPLJUDWXLWR
(OKHFKRHVTXHGHVSXpVGHODDEROLFLyQGHODHVFODYLWXGIXHDSDUHFLHQGR
HQWRGDVODVFRORQLDVODSUiFWLFDWROHUDGDDOSULQFLSLR\OHJDOL]DGDGHVSXpVGH
REOLJDU D ORV LQGLRV D WUDEDMDU HQ ODV KDFLHQGDV ODV PLQDV WDOOHUHV \ REUDV
S~EOLFDV VLQ GHVYLQFXODUVH GH VXV SXHEORV>@ $O ILQDOL]DU HO VLJOR ;9, HO
WUDEDMRLQGtJHQDHQODVFRORQLDVHUDWRWDOPHQWHVHUYLO>@
(O UpJLPHQ GH VHUYLGXPEUH QDFLy H[DFWDPHQWH EDMR ODV PLVPDV IRUPDV \
KDVWDFRQHOPLVPRQRPEUHHQHO3HU~HQOD1XHYD(VSDxD\HQ*XDWHPDOD(O
FpOHEUH WUDWDGR GH )UD\ 0LJXHO $JLD ³7UHV 3DUHFHUHV *UDYHV HQ 'HUHFKR´
LPSUHVR HQ /LPD HQ >@ QR WHQtD RWUD ILQDOLGDG TXH DFODUDU
GHILQLWLYDPHQWH OD LOHJDOLGDG GHO ³VHUYLFLR SHUVRQDO´ GH ORV LQGLRV ²TXH HV
H[DFWDPHQWH OR TXH HQ VX OXJDU KHPRV OODPDGR UHSDUWLPLHQWR SULPLWLYR

DVRFLDGR D OD YLHMD HQFRPLHQGD \ D OD HVFODYLWXG² \ GHPRVWUDU DO PLVPR HQODVKDFLHQGDV\GHUHWHQHUHQHOODVDORVLQGLRVFRQHOSUHWH[WRGHGHXGDV
WLHPSR TXH HO ³UHSDUWLPLHQWR R PLWD´ JR]DED GH DXWRUL]DFLyQ UHDO \ YHQtD >@ 3RU HVD YtD VH DOHMy \ VH GLIHUHQFLy UDGLFDOPHQWH HO SURFHVR FRORQLDO

IXQFLRQDQGR OHJDOPHQWH HQ 0p[LFR *XDWHPDOD 1XHYR 5HLQR GH *UDQDGD PH[LFDQRGHOSURFHVRJXDWHPDOWHFRQRVyORHQORUHODWLYRDODVLWXDFLyQGHO
&RORPELD$XGLHQFLDGH4XLWR\HQHO3HU~PLVPR>@(ODXWRUORGHVFULEH
FRQODVPLVPDVFDUDFWHUtVWLFDVTXHRWURVGRFXPHQWRVORSUHVHQWDQHQ0p[LFR\
*XDWHPDOD>@ \ OR GHILHQGH SRU VHU ³« VREUHPDQHUD SURYHFKRVtVLPR SXHV
WRGRHOELHQGHOD5HS~EOLFDSHQGHGHpO«´>@
(Q0p[LFR\DHVWDEDRUJDQL]DGR\OHJDOL]DGRHOUHSDUWLPLHQWRKDFLD
²OODPDGR DOOi WDPELpQ ³FXDWHTXLO´²>@\ VX GHVFULSFLyQ FRUUHVSRQGH
H[DFWDPHQWH FRQ OD GHO DGRSWDGR HQ *XDWHPDOD>@ 6LQ HPEDUJR D
SULQFLSLRV GHO VLJOR ;9,, VH YLR TXH UHVXOWDED PX\ SHUMXGLFLDO SDUD ORV
LQGLRV \ VXVFLWy GXGDV \ GLVFXVLRQHV TXH FXOPLQDURQ HQ VX DEROLFLyQ
RFXUULGD HQ >@ (VWRV GDWRV VRQ GH LQWHUpV SRUTXH KDELHQGR VLGR
LGpQWLFR HO UpJLPHQ GH WUDEDMR VXSULPLGR HQ 0p[LFR DO TXH VH PDQWXYR HQ
*XDWHPDODHVREYLRTXHORVLQFRQYHQLHQWHVTXHDOOiOOHYDURQDVXVXSUHVLyQ
DO PHQRV HQ OR UHODWLYR DO GDxR GH ORV LQGLRV VLJXLHURQ RSHUDQGR GXUDQWH
GRVVLJORV\PHGLRDOOtGRQGHQRIXHVXSULPLGRWDOHOFDVRGH*XDWHPDOD
(QXQSUHFLRVRGRFXPHQWRGHODxRHO$\XQWDPLHQWRGHODFLXGDGGH
0p[LFR VH GLULJLy DO UH\ ²)HOLSH ,9² DUJXPHQWDQGR ODV YHQWDMDV TXH
UHSRUWDUtD WUDQVIRUPDU HO UHSDUWLPLHQWR HQ VHUYLFLR URWDWLYR SRU DxRV
UHHPSOD]DQGR DO GH VHPDQDV TXH VH KDOODED HVWDEOHFLGR>@ /DV LGHDV
FHQWUDOHV GHO GRFXPHQWR DUURMDQ OX] VREUH OD SUREOHPiWLFD GHO VLVWHPD HQ
*XDWHPDOD \ FRQYLHQH SRU HOOR KDFHU XQDV DQRWDFLRQHV FRPSDUDWLYDV 6H
UHFRQRFHFRPRSXQWRGHSDUWLGDTXHHOUHSDUWLPLHQWRHVWDEDDFDEDQGRFRQ
ORV LQGLRV>@ (VWD RSLQLyQ ²£PX\ LPSRUWDQWH ² OD YDPRV D HQFRQWUDU
WDPELpQHQGRFXPHQWRVJXDWHPDOWHFRVFRPRVHYHUi'HFODUDVLQHPEDUJR
TXHQRVHSXHGHSUHVFLQGLUGHOUHSDUWLPLHQWR³«SRUTXHKDFLHQGDV\PLQDV
SHUHFLHUDQ VLQ HVWH VRFRUUR«´>@(VWH DVHUWR UHIOHMD TXH OD PHQWDOLGDG GH
ORVKDFHQGDGRVPH[LFDQRVHVWDEDGRPLQDGDWRGDYtDSRUODH[SHULHQFLDGH
ODOXFKDSDUDREWHQHUPDQRGHREUDIRU]DGD\TXHSODQWHDEDQODFXHVWLyQ
HQ ORV WpUPLQRV GH OD GLV\XQWLYD ³R UHSDUWLPLHQWR R LQGLRV OLEUHV HQ VXV
SXHEORV´(OSUREOHPDKDOOyVROXFLyQFRPRVDEHPRVHQXQDWHUFHUDYtDOD
DEROLFLyQ GHO UHSDUWLPLHQWR HQ  OD DXWRUL]DFLyQ GH IRUPDU UDQFKHUtDV
 
LQGLR VLQR WDPELpQ HQ HO GHVDUUROOR GH ODV FDSDV PHGLDV FRPR KHPRV
LQGLFDGRHQRWUROXJDU>@(QODHVWUXFWXUDFRORQLDOPH[LFDQDQRGHVHPSHxy
HOSXHEORGHLQGLRVHOSDSHODEVROXWDPHQWHEiVLFRTXHMXJyHQ*XDWHPDOD
/D KDFLHQGD QRYRKLVSDQD GRWDGD GH VLHUYRV GLUHFWDPHQWH VXMHWRV D HOOD
WXYR XQ FDUiFWHU PiV IHXGDO TXH OD KDFLHQGD JXDWHPDOWHFD (Q
FRPSHQVDFLyQ OD HVWUXFWXUD GHO YLUUHLQDWR IDYRUHFLy HO GHVDUUROOR GH ORV
SREODGRVGHPHVWL]RVORFXDOIXHGHFLVLYRHQHOGHVHQYROYLPLHQWRKLVWyULFR
GH0p[LFR
(O GRFXPHQWR DILUPD FRPR VX WHVLV PiV LPSRUWDQWHV TXH HO DVSHFWR
YHUGDGHUDPHQWHGHVWUXFWLYRGHOUHSDUWLPLHQWRHVODFRQWLQXDPRYLOL]DFLyQHQ
TXHPDQWLHQH D ORV LQGLRV 3RUHVRSURSRQHDO VHUYLFLR URWDWLYRDQXDO/RV
LQGLRVRFXSDQPiVGHODWHUFHUDSDUWHGHVXWLHPSRHQUHSDUWLPLHQWRV\QR
ODFXDUWDSDUWHFRPRGHEtDVHU³«HOPXGDUVHWDQDPHQXGRHVHORULJHQ\
FDXVDGHWRGDVVXVYHMDFLRQHV«>@GLFH\DJUHJDTXHPLHQWUDVXQRVHVWiQ
HQODVKDFLHQGDVRWURVDQGDQEXVFDQGRDORVGHUHSXHVWR\pVWRVVHKDOODQ
HVFRQGLGRV GH PDQHUD TXH HQ FDGD PRPHQWR VRQ PXFKRV ORV LQGLRV
GLVWUDtGRVGHVXWUDEDMRSURSLR3LHUGHQDGHPiVXQRRGRVGtDVGHFDPLQR
²³DOJXQDVYHFHVDWDGRV´²>@ QRVH OHVUHFRQRFH HVHWLHPSRDOSDJDUOHV
>@ \ WRGDYtD SLHUGHQ XQ SDU GH GtDV GHVSXpV GHO UHJUHVR SRUTXH YXHOYHQ
PX\FDQVDGRV>@
(QFRQWUDUHPRV HO PLVPR FXDGUR HQ OD GRFXPHQWDFLyQ JXDWHPDOWHFD PX\
HQULTXHFLGRFRQSRUPHQRUHVGHORTXHVLJQLILFDEDHOUHSDUWLPLHQWRHQODYLGD
FRWLGLDQD GH ORV SXHEORV \ FRQ XQD GLIHUHQFLD SULQFLSDO HQ HO UHLQR GH
*XDWHPDODHOVLVWHPDVLJXLyUREiQGROHVWLHPSR\IXHU]DDORVLQGLRVDORODUJR
GHWRGDODpSRFDFRORQLDO
'HMDQGR GH ODGR LQGLFLRV GXGRVRV GH DxRV DQWHULRUHV>@ WHQHPRV OD
VHJXULGDG GH TXH HQ  \D SUHVHQWDED HO UHSDUWLPLHQWR HQ *XDWHPDOD VXV
FDUDFWHUtVWLFDV HVHQFLDOHV \ HQ HVH DxR IXH DXWRUL]DGR SRU OD PRQDUTXtD (O
GDWR FURQROyJLFR HV LQWHUHVDQWH SRUTXH UHYHOD VLPXOWDQHLGDG FRQ OD
OHJDOL]DFLyQ GHO VLVWHPD HQ 0p[LFR>@ \ SRUTXH SRQH GH PDQLILHVWR TXH HO
UHSDUWLPLHQWR VH JHVWy HQ HO FRUWR ODSVR GH YHLQWH DxRV ²TXH WUDQVFXUUHQ
GHVGHHOILQDOGHODJHVWLyQGH&HUUDWRHQ²/DDXWRUL]DFLyQUHDOILJXUD
HQ XQD &pGXOD GDGD HQ 0DGULG HO  GH $EULO GH  FLWDGD HQ OD
5HFRUGDFLyQ)ORULGD>@)XHQWHV\*X]PiQODSUHVHQWDFRPRHOLQLFLRGHORV
UHSDUWLPLHQWRV HQ HO SDtV>@ \ HIHFWLYDPHQWH HQ HVD &pGXOD VH OH FRQILHUH
EDVHOHJDODORVWUHVSULQFLSLRVTXHGHILQHQHOVLVWHPD\DPDGXUR²VXSHUDGRV
ORV WDQWHRV HPEULRQDULRV² OD FRHUFLyQ ²HO GRFXPHQWR RUGHQD TXH VH KDJD
UHSDUWLPLHQWR DWHQGLHQGR D OD QHFHVLGDG GH ORV YHFLQRV HVSDxROHV \ QR D OD
YROXQWDGGHORVLQGLRV\WDPELpQSULYDDpVWRVGHODSRVLELOLGDGGHGLVFXWLUOD
SDJD² OD URWDFLyQ ²HVWDEOHFH TXH VH UHSDUWHQ VHPDQDOPHQWH² \ OD
UHPXQHUDFLyQIRU]DGD²PDQGDSDJDUOHVFXDWURUHDOHVSRUVHPDQDHVWLSHQGLR
TXHPX\SURQWRVHDXPHQWyDXQUHDOSRUGtD²>@
3RFRVDxRVPiVWDUGH²HQWUH\²)UD\0LJXHO$JLDHVWXYRHQ
*XDWHPDOD>@\REVHUYyORVUHSDUWLPLHQWRV6XVQRWLFLDVFRQILUPDQTXH\DHUDQ
XQVLVWHPDVHPDQDOURWDWLYRSRUWDQGDVGHWUDEDMDGRUHVTXHGXUDED³«GHVGH
HO OXQHV D OD KRUD GH YtVSHUDV KDVWD HO ViEDGR D ODV FLQFR GH OD
WDUGH«´>@TXH VH SDJDED D FDGD LQGLR FLQFR UHDOHV D OD VHPDQD ²D UHDO
SRUGtDGHVFRQWDQGRHOOXQHV²\TXHVHSURFXUDEDQR HQYLDUORV DPiVGH
VLHWHOHJXDVGHGLVWDQFLDGHVXVSXHEORV>@
$XQTXH HO UHSDUWLPLHQWR IXQFLRQy FRQ DXWRUL]DFLyQ HQ HO ~OWLPR FXDUWR
GHO VLJOR ;9, UHFLELy VX JUDQ FRQVDJUDFLyQ GHILQLWLYD H[DFWDPHQWH DO
FRQFOXLU GLFKR VLJOR H LQLFLDUVH HO VLJXLHQWH /D 5HDO &pGXOD IHFKDGD HQ
9DOODGROLGHOGH1RYLHPEUHGH>@HQYLDGDGLUHFWDPHQWHDO&DSLWiQ
*HQHUDO\3UHVLGHQWHGHOD$XGLHQFLDGH*XDWHPDOD'RQ$ORQVR&ULDGRGH
VH KD HQWHQGLGR TXH VH UHILHUH D GRV UHJtPHQHV GH WUDEDMR WRWDOPHQWH
GLIHUHQWHV6XYHUGDGHUDFRQWUDGLFFLyQUDGLFDFRPRVHYHUiHQHOSURSyVLWR
GHFRQFLOLDUHOELHQHVWDU\KDVWDODOLEHUWDGGHORVLQGLRVFRQXQVLVWHPDTXH
HUDSRUHVHQFLDXQDSULYDFLyQGHODOLEHUWDG\XQDIXHQWHGHYHMiPHQHV7DO
FRQWUDGLFFLyQTXHSRGUtDSDUHFHUSXUDPHQWHUHWyULFD\KDVWDGHPDJyJLFD
HVUHIOHMRVLQHPEDUJRGHXQDIODJUDQWHFRQWUDGLFFLyQREMHWLYDVLQSHUGHU
LQWHUpV HQ TXH ORV LQGLRV VH FRQVHUYDUDQ \ KDVWD SURVSHUDUDQ FRPR
WULEXWDULRVODPRQDUTXtDQRSRGtDPHQRVTXHLQWHUHVDUVHDODYH]HQTXH
ORVFRORQL]DGRUHVHVSDxROHVKDOODUDQHVWtPXOR\SURVSHULGDGDH[SHQVDVGH
ORV LQGLRV (VWDPRV DQWH HO QDFLPLHQWR GH XQD FRQWUDGLFFLyQ TXH HQ RWUR
FDStWXOR KHPRV VHxDODGR FRPR EiVLFD HQ OD HVWUXFWXUD FRORQLDO OD TXH
VXUJtD GHO KHFKR GH FRPSDUWLU OD H[SORWDFLyQ GH ORV LQGtJHQDV 8QRV
UHQJORQHV WH[WXDOHV GH OD &pGXOD QRV SRQGUiQ PiV FHUFD GH DTXHO YLUDMH
GHFLVLYR
(Q HO SUHiPEXOR H[SUHVD HO UH\ TXH KD WHQLGR QRWLFLDV GH ORV GDxRV TXH
UHFLEHQ ORV LQGLRV SRU FDXVD GHO VHUYLFLR SHUVRQDO SHVH D TXH KD VLGR
SURKLELGR 'HFODUD TXH GHVHD ³« DFXGLU DO UHPHGLR GH HOOR SDUD TXH ORV
LQGLRVYLYDQFRQHQWHUDOLEHUWDGGHYDVDOORVVHJ~QGHODIRUPDGHORVGHPiV
TXH WHQJR HQ HVRV \ HVWRV \ RWURV UHLQRV VLQ QRWD GH HVFODYLWXG QL GH RWUD
VXMHFLyQ\VHUYLGXPEUHPiVGHODTXHFRPRQDWXUDOHVYDVDOORVGHEHQ«´>@
\GHVSXpVGHLQIRUPDUTXHVX&RQVHMRGH,QGLDVKDHVWXGLDGRORVSDUHFHUHVGH
SHUVRQDVH[SHULPHQWDGDVGHWRGDVODVFRORQLDV>@UHVXHOYHSURYHHU\RUGHQDU
OR VLJXLHQWH ³«3ULPHUDPHQWH HV PL YROXQWDG TXH ORV UHSDUWLPLHQWRV TXH
KDVWDDTXtVHKDQKHFKR\KDFHQGHORVLQGLRVSDUDODODERUGHORVFDPSRV
&DVWLOOD \ GHGLFDGD WRGD HOOD DO DVXQWR \D QR OR SUHVHQWD FRPR XQD
FRQFHVLyQVLQRFRPRXQWHPDGHYLYRLQWHUpVSDUDODFRURQD(VWDFpOHEUH
&pGXODSRQHGHPDQLILHVWRTXHMXQWRDOQXHYRUHSDUWLPLHQWRVHSUDFWLFDED
WRGDYtDUHVLGXDOPHQWHHOYLHMRUHSDUWLPLHQWRHVFODYLVWD²RTXL]iVHHVWDED
UHFD\HQGRHQpOFRQSUHWH[WRGHODVDXWRUL]DFLRQHVSDUDHOQXHYR²KHFKR
LPSRUWDQWH TXH FRQILUPDQ RWURV GRFXPHQWRV>@ < DVt DO SURKLELU
HQpUJLFDPHQWH HO DQWLJXR \ DXWRUL]DU GHFLGLGDPHQWH HO QXHYR OODPiQGRORV
HQ DOJXQRV OXJDUHV FRQ HO PLVPR QRPEUH SDUHFH FRQWUDGHFLUVH \ GLR FRQ
HGLILFLRV JXDUGD GH JDQDGRV \ VHUYLFLR GH ODV FDVDV \ RWURV FXDOHVTXLHU
VHUYLFLRV FHVHQ´>@ 'LUtDVH TXH OD &pGXOD WRPD HO FDXFH GH OD OLEUH
FRQWUDWDFLyQGHOLQGLRSHURQRKD\WDOFRVDVHHVWiUHILULHQGRKDVWDDTXt
DO UHSDUWLPLHQWR HVFODYLVWD \ D UHQJOyQ VHJXLGR YD D FRQFHGHUOH ODV PiV
VyOLGDV EDVHV OHJDOHV DO UHSDUWLPLHQWR IHXGDO $FODUD ³« 3HUR SRUTXH OD
RFXSDFLyQGHHVWDVFRVDVHVLQH[FXVDEOH\VLIDOWDVHTXLHQDFXGLHVHDHOODV\
VH RFXSDVH HQ HVWRV HMHUFLFLRV QR VH SRGUtDQ FRQVHUYDU HVDV SURYLQFLDV ²
UHDO \ VROHPQH FRQIHVLyQ GH TXH HO LPSHULR VH SLHUGH VL QR VH OH KDFH HVH
RWRUJDPLHQWR D ORV FRORQL]DGRUHV ² « RUGHQR \ PDQGR TXH GHVGH OD
HOOROXJDUDFRQIXVLRQHV\GLVSXWDV>@6LQHPEDUJRQRRIUHFHSUREOHPDVL
SXEOLFDFLyQGHHVWD2UGHQHQDGHODQWHHQWRGDV\FXDOHVTXLHUSDUWHVGHHVDV

 
SURYLQFLDV \ VX GLVWULWR ²DXWRUL]DFLyQ SDUD WRGR HO UHLQR GDWR TXH YD D
VHUYLUQRVRSRUWXQDPHQWH²VHLQWURGX]FDFRQVHUYH\JXDUGHTXHORVLQGLRV
VHOOHYHQ\VDOJDQDODVSOD]DV\OXJDUHVS~EOLFRVDFRVWXPEUDGRVSDUDHVWR
TXH FRQ PiV FRPRGLGDG VX\D SXGLHUHQ LU \ VLQ TXH VH OHV VLJD GH HOOR
YHMDFLyQ\PROHVWLDPiVTXHREOLJDUORVDTXHYD\DQDWUDEDMDUSDUDTXHORV
SUHRFXSDFLyQFODYHGHHVWD5HDO&pGXODFRLQFLGH²QRSRGtDVHUGHRWURPRGR
² FRQ HO SULQFLSLR FODYH GHO QXHYR UHSDUWLPLHQWR TXH YD\DQ IRU]DGRV D ODV
KDFLHQGDVSHURQRVHTXHGHQHQHOODV³«\SDUDTXHVHSXHGDFXPSOLUFRQ
ORXQR\FRQORRWURRUGHQR\PDQGRTXHORVLQGLRVTXHKXELHUHQGHWUDEDMDU
HQODVGLFKDVKHUHGDGHV\HVWDQFLDVVHDOTXLOHQGHORVSXHEORVFLUFXQYHFLQRV
TXH ORV KXELHUHQ PHQHVWHU « ORV FRQFLHUWHQ \ FRMDQ DOOt SRU GtDV R SRU D HOODV \ QR KDELpQGRORV « PDQGR TXH FHUFD GH HOODV HQ ORV VLWLRV PiV
VHPDQDV«´>@
(OPRQDUFDGHVHDUtDFRPRVHYHTXHORVLQGLRVIXHVHQOLEUHV\VLQQRWDGH
VHUYLGXPEUH SHUR TXH VH OHV REOLJDUD D WUDEDMDU SDUD ORV HVSDxROHV
OOHYiQGROHVSDUDHOORDORVOXJDUHVS~EOLFRV³DFRVWXPEUDGRV´(VHYLGHQWHTXH
ORVGRFWRVFRPSRQHQWHVGHO&RQVHMRGH,QGLDVFRPSUHQGLHURQTXHODOLEHUWDG
GHORVLQGLRVTXHGDEDFRQYHUWLGDHQXQPLWRDOREOLJDUORVDWUDEDMDUSDUDORV
HVSDxROHVSHURFRPSUHQGDPRVQRVRWURVWDPELpQTXHXQD5HDO&pGXODQRHUD
XQ HMHUFLFLR GH /yJLFD VLQR XQ LQVWUXPHQWR SROtWLFR \ TXH HVDV IDQIDUULDV GH
OLEHUWDG QR SRGtDQ QL GHEtDQ VHU VXSULPLGDV H[SUHVDEDQ TXH HO UH\ HVWDED
YLROHQWDQGR OD YROXQWDG RULJLQDO GH OD PRQDUTXtD HQ UHODFLyQ FRQ ORV LQGLRV
YROXQWDGQRGHOWRGRDEDQGRQDGD\TXHSRGtDUHFDSDFLWDU\UHFWLILFDUVHVLORV
FRORQRVGDEDQOXJDUDHOOR(OUH\GHVHDED~QLFDPHQWHGHQWURGHHVHFRQWH[WR
GHLPSRUWDQWHVFRQFHVLRQHV\VXWLOHVDPHQD]DVTXHORVLQGLRV³«WUDEDMHQ\
VHRFXSHQHQHOHMHUFLFLRGHODUHS~EOLFDSRUVXVMRUQDOHV\TXHpVWRVVHDQ
DSWRV\DFRPRGDGRVSDUDVXYLYLHQGDTXHVHDQVDOXGDEOHV\DSURSyVLWR«
VHKDJDQSREODFLRQHVGRQGHKDELWHQ\YLYDQHQYHFLQGDGORVGLFKRVLQGLRV
GHGRQGHVLQPXFKRWUDEDMRGHFDPLQRQLRWUDGHVFRPRGLGDGSXHGDQDFXGLU
DOEHQHILFLR\ODERUGHODVGLFKDVKHUHGDGHV\HVWDQFLDV\TXHSXHGDQ²GH
UHJUHVR HQ VXV SXHEORV HQ GRQGH HVWDUiQ VLHPSUH DYHFLQGDGRV² VHU
GRFWULQDGRVHLQGXVWULDGRVHQODVFRVDVGH1XHVWUD6DQWD)H&DWyOLFD\ORV
TXHVHHQIHUPDUDQYLVLWDGRV\FXUDGRV\VHOHVDGPLQLVWUHQORVVDFUDPHQWRV
VLQTXHVHIDOWHDODODERU\IUXFWLILFDFLyQGHODWLHUUDTXHHVWDQQHFHVDULR
SDUD HO VXVWHQWR GH WRGRV«´>@ /D FRURQD OOHJD D RUGHQDU OD FUHDFLyQ GH
SXHEORV HQ ORV OXJDUHV HQ TXH KDJDQ IDOWD FRQ HO ILQ GH QRUPDOL]DU OD QXHYD
VLWXDFLyQ GHVHDGD TXH ORV LQGLRV WUDEDMHQ REOLJDWRULDPHQWH SDUD ORV
KDFHQGDGRVVLQFDHUEDMRVXSRWHVWDG
6H HVIXPDURQ SXHV ODV XWySLFDV HVSHUDQ]DV GH OLEHUWDG TXH PRYLHURQ OD
YLGDKHURLFDGH)UD\%DUWRORPp+DEtDPXHUWRODJHQHUDFLyQTXHUHFLELyFRQ
DFRPRGDGRV\MXVWRV«\TXHYRV(O3UHVLGHQWH60\ORVJREHUQDGRUHV FiQWLFRV \ OiJULPDV OD SURPXOJDFLyQ GH ODV /H\HV 1XHYDV )UHQWH D OD
HQ VXV GLVWULWRV WDVHQ FRQ OD PRGHUDFLyQ \ MXVWLILFDFLyQ TXH FRQYLHQH ORV JHVWDFLyQ \ OHJDOL]DFLyQ GHO UHSDUWLPLHQWR TXH FRORFDED D ORV LQGLRV HQ XQD
MRUQDOHV \ FRPLGD TXH VH OHV KXELHUH GH GDU FRQIRUPH D OD FDOLGDG GHO QXHYDVHQGDGHLQIRUWXQLRVQRVHOHYDQWDURQQXHYRVGHIHQVRUHV/DPRQDUTXtD
WUDEDMR\WLHPSRTXHVHKXELHUHQGHRFXSDU«SRUTXHPLLQWHQFLyQQRHV
TXLWDUDGLFKDVKHUHGDGHV\HVWDQFLDVHOVHUYLFLRTXHKDQPHQHVWHUSDUDVX
ODERU \ EHQHILFLR VLQR TXH WHQLHQGR WRGR OR QHFHVDULR ORV LQGLRV QR VHDQ
RSULPLGRV \ GHWHQLGRV HQ HOODV FRPR OR KDQ VLGR«´>@ +H DKt FRQ PiV
FODULGDGSRUTXpVHLQVLVWHHQHOSULQFLSLRGHODOLEHUWDGGHORVLQGLRVHQHVWH
GRFXPHQWR TXH SUHFLVDPHQWH YLHQH D FHUFHQDUOD VH TXLHUH GHMDU
FDWHJyULFDPHQWH HVWDEOHFLGR TXH ODV GRV FRQFHVLRQHV UHFtSURFDPHQWH
FRPSOHPHQWDULDV ² SRGHU REOLJDU D ORV LQGLRV D LPSRQHUOHV XQD SDJD QR
GLVFXWLGD SRU HOORV² QR VLJQLILFDQ HQ PRGR DOJXQR OD HQWUHJD WRWDO VLQR
~QLFDPHQWH OD DXWRUL]DFLyQ SDUD H[SULPLUORV GHQWUR GH FLHUWD PHGLGD \
GHYROYHUORV D VXV SXHEORV TXH HV GRQGH HO UH\ TXLHUH TXH HVWpQ /D

QR ORV QHFHVLWDED DKRUD \ QR ORV KXELHUD WROHUDGR ³'LR RWUD JUDQ YXHOWD OD
UXHGDGHODIRUWXQD´KDEUtDGLFKRFRQVXDFHQWRPHGLHYDOHOFLWDGRFURQLVWDGH
&KLDSDV TXH \D QR YLR HVWRV FDPELRV 3HUR QR HUD HVR (O JUDQ FRQIOLFWR GH
LQWHUHVHV VXVFLWDGR SRU OD FUHDFLyQ GH XQ HQRUPH LPSHULR LED HQFRQWUDQGR
DMXVWHVHQWUHVXVEHQHILFLDULRV²VLELHQHUDQDMXVWHVTXHLPSOLFDEDQWHQVLRQHV
² /RV FRORQRV SXGLHURQ SURVSHUDU \ VLJXLHURQ SDVDQGR D ,QGLDV /DV QDYHV
HVSDxRODV DUULDEDQ YHODV HQ 6HYLOOD \ GHVFDUJDEDQ HO EXHQ ODVWUH SHVDGR \
UHIXOJHQWHGHORVWULEXWRVGHOUH\
2UGHQDQGR DKRUD DOJXQRV GDWRV HQWUHVDFDGRV GH YDULRV GRFXPHQWRV GHO
VLJOR ;9,, ²2UGHQDQ]DV \ GHVFULSFLRQHV²>@ YDPRV D SUHVHQWDU HO
UHSDUWLPLHQWRHQVXYHUVLyQOHJDO\GHVFDPDGDWDOFRPRVHVXSRQtDTXHGHEtD

IXQFLRQDU 1RV OOHYDUi DSHQDV GRV R WUHV SiJLQDV (Q HO DSDUWDGR VLJXLHQWH
HPSOHDQGR XQD GRFXPHQWDFLyQ PiV DPSOLD YDPRV D H[DPLQDUOR WDO FRPR GH
YHUDVIXH
(VWDEDQ REOLJDGRV D SUHVWDU VHUYLFLR GH UHSDUWLPLHQWR WRGRV ORV LQGLRV
YDURQHV GH GLHFLVpLV D VHVHQWD DxRV>@ 6H H[FHSWXDED VRODPHQWH D ORV
$OFDOGHVLQGLRVPLHQWUDVRFXSDEDQHVHFDUJR>@\DORVHQIHUPRV>@'HEtDQ
DFXGLUWXUQiQGRVHSRUJUXSRVGHPDQHUDTXHFDGDVHPDQDIXHUDODFXDUWDSDUWH
GHORVLQGLRVGHFDGDSXHEORDODVODERUHV\KDFLHQGDV\FDGDJUXSRWXYLHUD
WUHVVHPDQDVGLVSRQLEOHVSDUDDWHQGHUVXVVLHPEUDV\RWUDVRFXSDFLRQHV>@
3DUDVHUGHVSDFKDGRVHOOXQHVORVGHWXUQRGHEtDQSUHVHQWDUVHHOGRPLQJR
HQ OD SOD]D GHO SXHEOR>@ /RV PD\RUGRPRV \ VLUYLHQWHV GH ODV KDFLHQGDV VH
KDFtDQSUHVHQWHVDOOtSDUDUHFLELU\DFRPSDxDUDOGtDVLJXLHQWHDORVLQGLRV
TXH OHV FRUUHVSRQGtDQ>@ +DEtD XQ SDGUyQ R OLVWD HQ GRQGH HVWDED
HVSHFLILFDGR FXiQWRV LQGLRV OH FRUUHVSRQGtDQ D FDGD KDFLHQGD (O SDGUyQ VH
IRUPDED EDMR ODV yUGHQHV GHO 3UHVLGHQWH GH OD $XGLHQFLD TXH HUD TXLHQ
FRQFHGtD HO GHUHFKR D LQGLRV GH UHSDUWLPLHQWR>@ /RV SDGURQHV FDPELDEDQ
SRFR GH PRGR TXH HO GHUHFKR TXH WHQtD XQD KDFLHQGD D XQ GHWHUPLQDGR
Q~PHURGHLQGLRVHUDPX\GXUDGHUR\ORVLQGLRVGHORVSXHEORVVHUHFRQRFtDQ
REOLJDGRV D VHUYLUDGHWHUPLQDGDV KDFLHQGDVGXUDQWHSHUtRGRVODUJRVTXHHQ
FLHUWRVFDVRVGXUDEDQPXFKDVGpFDGDV>@(VWDEDUHJODPHQWDGRTXHWRGRVORV
LQGLRVGHFDGDSXHEORWHQtDQ TXHSUHVWDUHO VHUYLFLRHYLWDQGR TXH XQPLVPR
LQGLRORGLHUDSRUGRVRPiVVHPDQDVFRQVHFXWLYDVFRQORFXDOGHVDWHQGHUtDD
VXIDPLOLD\VXVVLHPEUDV>@
/DYLJLODQFLDSDUDHOFXPSOLPLHQWRGHOUHSDUWRHVWDEDGLUHFWDPHQWHDFDUJR
GH ORV $OFDOGHV LQGLRV>@
 (VWRV WHQtDQ VREUH Vt D ORV -XHFHV 5HSDUWLGRUHV OLPLWDQ D VHxDODUORV ²\ TXH FREUDQ WRGR VX VHQWLGR DVRFLDGDV D ODV
IXQFLRQDULRV HVSDxROHV R FULROORV TXH YLJLODEDQ UHJLRQHV H[WHQVDV \ TXH
UHFLEtDQXQVXHOGRSRUHVHWUDEDMR>@(OVXHOGRGHORV-XHFHV5HSDUWLGRUHVVH
REWHQtD GH OD FXRWD GH PHGLR UHDO TXH WHQtDQ TXH SDJDU ORV KDFHQGDGRV SRU
FDGDLQGLRTXHOHVIXHUDUHSDUWLGR>@
(OWLHPSRHPSOHDGRHQHOFDPLQRGHLGD²HOOXQHV²GHEtDUHFRQRFHUVH
FRPR WLHPSR GH WUDEDMR>@ /RV LQGLRV QR HVWDEDQ REOLJDGRV D OOHYDU
LQVWUXPHQWRVQLDSHURVGHODEUDQ]DODKDFLHQGDRODERUGHEtDSURSRUFLRQDUORV
>@(OLQGLRUHSDUWLGRQRSRGtDUHWLUDUVHDQWHVGHWHUPLQDGDODVHPDQD>@ D

PHQRVTXHHOKDFHQGDGRORGHVSLGLHUDSRUTXH\DQRORQHFHVLWDUD>@
7HQtD TXH SDJiUVHOH DO LQGLR XQ UHDO GH SODWD SRU FDGD GtD GH WUDEDMR
GLDULDPHQWH R DO ILQ GH OD VHPDQD HQ PRQHGD \ HQ PDQR SURSLD>@ QR HQ
HVSHFLH>@
(VHHVHOHVTXHPDOHJDOGHOUHSDUWLPLHQWRSDUDWUDEDMRVGHFDPSR-XQWRD
pOH[LVWLyHO³VHUYLFLRRUGLQDULRSDUDODFLXGDG´\HO³VHUYLFLRH[WUDRUGLQDULR
GHODFLXGDG´/RVSXHEORVFHUFDQRV\FLUFXQGDQWHVGHODVFLXGDGHVKHFKRVD
VHUYLUODVGHVGHODpSRFDHVFODYLVWDHQYLDEDQURWDWLYDPHQWHFLHUWRQ~PHURGH
LQGLRV SDUD OD FRQVWUXFFLyQ GH HGLILFLRV \ RWURV WUDEDMRV GH PDQWHQLPLHQWR \
GHVDUUROOR GH GLFKDV FLXGDGHV>@ /RV PLVPRV SXHEORV HQYLDEDQ
URWDWLYDPHQWHXQQ~PHURPHQRUSHURWDPELpQFRQVWDQWHGHLQGLRV²HVWHHUDHO
VHUYLFLR ³H[WUDRUGLQDULR´² SDUD WUDEDMRV GH FRQVWUXFFLyQ \ UHSDUDFLyQ GH
FDVDVSDUWLFXODUHV>@/DVSHUVRQDVEHQHILFLDGDVFRQHVWHUHSDUWRHPSOHDEDQ
D ORV LQGLRV HQ GLYHUVRV WUDEDMRV WDOHV FRPR LU D KDFHU FRQVWUXFFLRQHV \
UHSDUDFLRQHV HQ VXV KDFLHQGDV VL ODV WHQtDQ>@ R GHVHPSHxDU RILFLRV
GRPpVWLFRV>@ $OJXQRV GH HVWRV LQGLRV HUDQ HQWUHJDGRV SDUD KDFHU WUDEDMRV
SURGXFWLYRVTXHFRQWULEXtDQDOVXVWHQWRGHOEHQHILFLDULRTXHVROtDVHUSHUVRQD
HPSREUHFLGD GH OD FODVH GRPLQDQWH ²³HVSHFLDOPHQWH YLXGDV \ SHUVRQDV
EHQHPpULWDV SREUHV´²>@ (VWH VHUYLFLR OODPDGR GH ³WHTXHWLQHV´ H[LVWLy
GHVGH ORV LQLFLRV GHO UHSDUWLPLHQWR>@ HQ WRGDV ODV FLXGDGHV VHJ~Q SDUHFH
>@(OVHUYLFLRRUGLQDULR\H[WUDRUGLQDULRGHODFLXGDGGH*XDWHPDODHVWXYR
VLHPSUHFRQWURODGRSRUHO$\XQWDPLHQWR>@
3HVH D OD LPSRUWDQFLD TXH HYLGHQWHPHQWH WXYLHURQ HVWRV UHSDUWLPLHQWRV R
VHUYLFLRV GH FLXGDG QRV FRQIRUPDUHPRV FRQ ODV QRWDV SUHFHGHQWHV TXH VH
REVHUYDFLRQHVVREUHODFLXGDGFRPRFHQWURGHGLVIUXWHKHFKDVHQHOFDStWXOR
DQWHULRU²1RVLQWHUHVDHVFXGULxDUDKRUDODVLQWHULRULGDGHVGHOUHSDUWLPLHQWR
SDUDWUDEDMRVGHFDPSRTXHIXHODLQVWLWXFLyQHFRQyPLFDPiVLPSRUWDQWHGHOD
FRORQLD\XQDVSHFWRSULPRUGLDOGHODYLGDHQORVSXHEORV

 ²,,,²
(OUHSDUWLPLHQWRSRUGHQWURDQRPDOtDV\
DEXVRV
)XHQWHV \ *X]PiQ DILUPD TXH HO VLVWHPD GH UHSDUWLPLHQWRV FHxLGR D ODV
2UGHQDQ]DVKXELHUDVLGREHQHILFLRVRSDUDORVWHUUDWHQLHQWHV\SDUDORVLQGLRV
>@ \ TXH OD UXLQD TXH HVWDED FDXVDQGR HQ ORV SXHEORV>@ HUD GHELGD D ORV
GHVyUGHQHV \ DEXVRV LOHJDOHV LQWURGXFLGRV SRU ODV DXWRULGDGHV PHQRUHV
HQFDUJDGDV GH VX IXQFLRQDPLHQWR ORV -XHFHV 5HSDUWLGRUHV \ ORV $OFDOGHV
LQGLRV>@ (VD RSLQLyQ SURYHQLHQWH GH XQD SHUVRQD LQWHUHVDGD HQ OD EXHQD
PDUFKDGHOVLVWHPDTXHVHDODUPDEDIUHQWH DVXVDQRPDOtDV HVXQDSUHFLRVD
SUXHED GH TXH HO UHSDUWLPLHQWR HUD UXLQRVR SDUD ORV LQGtJHQDV 3RUTXH OD
UHDOLGDGHUDVXDSOLFDFLyQFRQFUHWDFRQWRGRVDTXHOORVGHVyUGHQHV\DEXVRV ORV UHOLJLRVRV GH OD 2UGHQ GH 6DQWR 'RPLQJR KD\DQ VLGR SDUWLGDULRV GHO
QR VX HVWDWXWR EXUODGR (O FURQLVWD FULROOR KRPEUH LQWHOLJHQWH TXH YHtD PiV
DOOi GH VXV QDULFHV FRPSUHQGtD TXH HO VLVWHPD KDEtD VLGR HVWUXFWXUDGR SDUD
H[SORWDU DO LQGLR HTXLOLEUDGDPHQWH VLQ GHVWUXLUOR < FRPR HUD WDQ VHQVLEOH \
DWHQWR²\DOHFRQRFHPRV²SDUDFLHUWRVH[FHVRVGHODH[SORWDFLyQTXHSRQtDQ
HQ SHOLJUR OD H[SORWDFLyQ PLVPD DSXQWy HQ VX REUD FRPR GHQXQFLiQGRORV
PXFKRVSRUPHQRUHVTXH D pOOHSDUHFtDQ YLFLRVGHO UHSDUWLPLHQWR<ORHUDQ
FLHUWDPHQWH SHUR HO FDVR HV TXH ORV YLFLRV GH DTXHOOD LQVWLWXFLyQ HUDQ VX
VXEVWDQFLD HUDQ DQWHULRUHV D VX VDOXG GLJiPRVOR DVt (Q HIHFWR D SDUWLU GHO
SHUPLVR JHQHUDO SDUD REOLJDU D ORV LQGLRV D WUDEDMDU HQ ODV KDFLHQGDV ²FRQ
UHPXQHUDFLyQ WDVDGD \ D FRQGLFLyQ GH GHYROYHUORV D VXV SXHEORV²
FRPHQ]DURQ LQPHGLDWDPHQWH ORV DEXVRV /DV 2UGHQDQ]DV YLQLHURQ GHVSXpV H[SORWDGRV \ GH ORV H[SORWDGRUHV /RV UHOLJLRVRV IUDQFLVFDQRV IXHURQ DO
IXHURQ HODERUDGDV SDUD PRGHUDU DTXHOOD UHDOLGDG LQLFLDO SDUD VXSULPLU ORV
H[FHVRV\GHVyUGHQHVTXHDUUXLQDEDQDORVLQGLRV>@/RVSUHMXLFLRVGHFODVH
GHO FURQLVWD ²KRPEUH HQWUDxDEOHPHQWH OLJDGR D OD GHIHQVD GHO WUDEDMR
IRU]DGR FRPR VH UHFRUGDUi² QR OH SHUPLWLHURQ YHU TXH ORV DEXVRV GHO
UHSDUWLPLHQWRQRHUDQGHIRUPDFLRQHVGHOVLVWHPDVLQRVXVXEVWDQFLDRULJLQDO\
SHUPDQHQWH < PXFKR PHQRV SXGR FRPSUHQGHU TXH HO UHSDUWLPLHQWR LQFOXVR
FHxLGR D VXV HVWDWXWRV OHJDOHV KXELHUD VLGR GH WRGRV PRGRV SHUMXGLFLDO SDUD

ORV LQGLRV VHJ~Q LUHPRV YLHQGR 6LQ HPEDUJR OD SULPHUD GH HVDV GRV
FHJXHGDGHV IXH PRWLYR FRPR GHFtDPRV GH TXH HO FURQLVWD FRQVLJQDUD HQ VX
REUD D WtWXOR GH DQRPDOtDV SHOLJURVDV \ FHQVXUDEOHV PXFKDV LQWLPLGDGHV
FRWLGLDQDVGHORVUHSDUWLPLHQWRV
/DV IXHQWHVKLVWyULFDV PiVLPSRUWDQWHVSDUDDQDOL]DUOD UHDOLGDG GH DTXHO
UpJLPHQ GH WUDEDMR VRQ ORV SDSHOHV TXH DWDFiQGROR DELHUWDPHQWH GHODWDQ OR
TXH VX SUiFWLFD VLJQLILFDED SDUD ORV LQGLRV \ SDUD TXLHQHV PHGUDEDQ FRQ pO
1LQJ~QGRFXPHQWRORGHQXQFLDFRQWDQWDHQHUJtD\FRQFLVLyQFRPRHOHVFULWR
GH ORV IUDLOHV IUDQFLVFDQRV \D PHQFLRQDGR HQ RWUR OXJDU GH HVWH OLEUR>@ ²
DTXpOORVTXHHQODVFULVLVGHDDSR\DURQDO)LVFDOGHOD$XGLHQFLD
HQ VX LQLFLDWLYD GH DEROLU HO UHSDUWLPLHQWR² < HV KDUWR SDUDGyMLFR TXH HQ
QXHVWURDQiOLVLVWHQJDPRVTXHUHODFLRQDU²£DWUHVVLJORVGHGLVWDQFLD²ORV
GDWRV GH ORV IUDQFLVFDQRV FRQ ORV GHO 5HJLGRU TXH ILJXUy HQ OD FRPLVLyQ GHO
$\XQWDPLHQWR \ GHIHQGLy DSDVLRQDGDPHQWH HO WUDEDMR IRU]DGR>@ 7DPELpQ
SXHGHUHVXOWDUSDUDGyMLFRTXHORVJUDQGHVGHIHQVRUHVGHOLQGLRHQHOVLJOR;9,
WUDEDMRIRU]DGRHQHOVLJOR;9,,VROLGDUL]iQGRVHFRQHO$\XQWDPLHQWR\FRQORV
KDFHQGDGRVSDUDFRQVHJXLUTXHHOVLVWHPDQRIXHUDDEROLGR>@6LQHPEDUJR
HO KHFKR QR SUHVHQWD QLQJ~Q SUREOHPD VL VH HQWLHQGH DO PDUJHQ GH WRGD
LGHDOL]DFLyQ TXH ORV GRPLQLFRV DFWXDURQ HQ IRUPD FRQVHFXHQWH KDEtDQ
FRODERUDGR FRQ OD PRQDUTXtD HQ HO VLJOR DQWHULRU SDUD LPSODQWDU XQ
GHWHUPLQDGR RUGHQDPLHQWR HFRQyPLFR \ VRFLDO DTXHOOR VH KDEtD ORJUDGR \
DKRUD GHQWUR GHO QXHYR RUGHQ HOORV WHQtDQ KDFLHQGDV VH DSURYHFKDEDQ GHO
UHSDUWLPLHQWR>@\REWHQtDQEHQHILFLRVPX\PHUHFLGRVQRVyORFRPRSUHPLR
D VX GHFLVLYD SDUWLFLSDFLyQ HQ OD GLItFLO HPSUHVD VLQR SRU HO LPSRUWDQWtVLPR
SDSHOTXHVHJXtDQGHVHPSHxDQGRFRPRFRQVHMHURV\JXtDVHVSLULWXDOHVGHORV
SDUHFHU ORV ~QLFRVTXH QR H[SORWDEDQ LQGLRVGHUHSDUWLPLHQWR>@ \ SRU HVR
GHQXQFLDURQORTXHRWURVWHQtDQTXHFDOODU
9DPRV D FRPSOHWDU SXHV HO FXDGUR GHO UHSDUWLPLHQWR LQWURGXFLHQGR
QRWLFLDV GH VX UHDOLGDG YLYD HQ HO HVTXHOHWR OHJDO TXH KHPRV HVER]DGR HQ
SiJLQDV DQWHULRUHV (O VLVWHPD HUD JUDYRVR H LQFRQYHQLHQWH SDUD ORV LQGLRV
HUDGHVGHVXEDVHXQDYHMDFLyQTXHGDEDOXJDUDPXFKDVRWUDV
/RV LQGLRV UHYHVWLGRV GH DXWRULGDG ORV $OFDOGHV ORV ³SULQFLSDOHV´ R

QREOHV VXV SDULHQWHV \ FRPSDGUHV ORV LQGLRV ULFRV WRGRV ORV TXH WHQtDQ
DOJXQDLQIOXHQFLDODSRQtDQHQMXHJRSDUDUHKXLUHOUHSDUWLPLHQWR\SDUDHQYLDU
HQVXOXJDUDORVLQGLRVSREUHV\FRPXQHVDORVPDVHJXDOHV>@(VWDHUDXQD
LPSRUWDQWH DQRPDOtD GHO VLVWHPD TXH SRU VL VROD EDVWDED SDUD JHQHUDU
LQQXPHUDEOHV GDxRV HQ ORV SXHEORV $Vt OR UHYHOD OD ³2UGHQDQ]D 9HLQWLXQR´
TXHIXHSURPXOJDGDtQWHJUDPHQWHFRQPLUDVGHHQPHQGDUGLFKDIDOOD>@\OR
FRQILUPDOD5HFRUGDFLyQVHVHQWDDxRVPiVWDUGH>@GDQGRFRQHOORSUXHEDGH
TXH OD 2UGHQDQ]D IXH LQHILFD] (Q DPERV GRFXPHQWRV VH H[SOLFD TXH HO QR
DOWHUQDUVHORVLQGLRVUHVXOWDEDHQH[WUHPRUXLQRVRSDUDORVTXHLEDQDOVHUYLFLR
HQVHPDQDVVXFHVLYDV
³«VLQTXHGDUOHVWLHPSRSDUDGHVFDQVDU²GLFHOD2UGHQDQ]DFLWDGD²QL
DFXGLUDODEUDUVXVPLOSDV\EXVFDUFRQTXHVXVWHQWDUVXVKLMRV\PXMHUHV\
SDJDUVXWULEXWR«´>@)XHQWHV\*X]PiQOOHJDDGHFLUTXHHVDDQRPDOtDHUD
XQD DPHQD]D GH UXLQD WRWDO SDUD PXFKRV SXHEORV>@ 5HILHUH TXH ORV LQGLRV
LQIOX\HQWHVQRVyORIRU]DEDQDORVPiVKXPLOGHVDLUHQVXOXJDUFRQYLROHQFLDV
\HQJDxRV>@ VLQR TXH WDPELpQ VROtDQ SDJDUOHV SDUD TXH ORV UHHPSOD]DUDQ
3HURDJUHJD²£GDWRPX\LPSRUWDQWH²TXHDXQVLORVPDVHJXDOHVUHFLELHUDQ
SRUHOVRERUQRRWURWDQWRLJXDODODSDJDGHUHSDUWLPLHQWRGREOiQGRODDXQDVt
VDOGUtDQSHUMXGLFDGRV³«DXQTXHSHUFLELHUDQWRGRVORVGRFHUHDOHVVHLVGH
FDUJDGDGHJUDYHVLQFRQYHQLHQWHV(VHVHHOSXQWRVREUHHOTXHGHEHPRVILMDU
OD DWHQFLyQ SDUD LU FRPSUHQGLHQGR ODV LQWLPLGDGHV GHO UHSDUWLPLHQWR ²
SDUWLFXODUPHQWH FXDQGR OOHJXHPRV D OD PRGDOLGDG GH SDJD SRU WDUHD R D
GHVWDMR² (O FURQLVWD GLFH TXH HO UHSDUWLPLHQWR FRQWLQXDGR GHVWUXtD D ORV
LQGLRV DXQTXH VH OHV SDJDUD HO GREOH SHUR QR VH DWUHYH D GHFLU H[DFWDPHQWH
SRU TXp FDXVD ORV GHVWUXtD 7RGR OR TXH GLFH DFHUFD GHO DEDQGRQR HQ TXH HO
WUDEDMDGRUGHMDEDVXVFRVDVQRHVYiOLGRSRUTXHORPLVPROHSDVDUtDDOTXH
VDOtDDFRQWUDWDUVHOLEUHPHQWHSRUGRVUHDOHVGLDULRV\HOFURQLVWDSUHVHQWDD
pVWH RWUR FRPR XQ WUDEDMDGRU DO TXH OH LED ELHQ 3DUD HQWHQGHU SXHV HO
VLJQLILFDGRUHDOGHOUHSDUWLPLHQWRKD\TXHPLUDUDODLQWHQVLGDGGHODMRUQDGD
GHWUDEDMRHQHOVLVWHPD
/DOHFWXUDDWHQWDGHORVWH[WRVFLWDGRVSRQHHQHYLGHQFLDXQDFRQWUDGLFFLyQ
TXHRSHUDEDHQODHQWUDxDGHOVLVWHPD/RVH[SORWDGRUHVWHQtDQLQWHUpVHQTXH
HO UHSDUWLPLHQWR IXHVH URWDWLYR SDUD TXH HO LQGLR SXGLHUD VHU H[SULPLGR SRU
GLYHUVRV DPRV HO TXH OR WHQtD SRU VHPDQDV WUDWDED GH VDFDUOH HO Pi[LPR
SURYHFKRDEDVHGHQRUPDVGHWUDEDMRH[WHQXDQWHV3HURSUHFLVDPHQWHSRUTXH
OD VHPDQD GH UHSDUWLPLHQWR HUD H[WHQXDQWH WUDWDEDQ ORV LQGLRV GH UHKXLUOD
KDFLHQGRPX\GLItFLOTXHHOVLVWHPDIXQFLRQDVHHQIRUPDURWDWLYD6HUtDSXHV
XQD VLPSOH]D GHFLU TXH ORV LQGLRV LQIOX\HQWHV WHQtDQ ³OD FXOSD´ GH TXH ORV
KXPLOGHV UHVXOWDUDQ DUUXLQDGRV SRUTXH HUD OD tQGROH GHO VLVWHPD OD TXH ORV
UHSDUWLPLHQWR\VHLVGHVRERUQR60QRSDUHFHHTXLYDOHQWHSUHPLRDOWHVyQ
REOLJDEDDWRGRVDGHIHQGHUVHGHDTXHOGHWHULRUR\QDWXUDOPHQWHVHGHIHQGtDQ
FRQWLQXDGR\SHQRVRHQHOWUDEDMRXQDVHPDQDWUDVRWUDXQPHVWUDVRWUR\
PHMRUTXLHQHVJR]DEDQGHDXWRULGDG\GHYHQWDMDVHFRQyPLFDV
XQ DxR HQWHUR VLQ LQWHUPLVLyQ \ SDXVD SDUD GHO GHVFDQVR \ HO ~WLO GH VXV
7DQWR OD 2UGHQDQ]D 9HLQWLXQR FRPR ODV GHFODUDFLRQHV GH )XHQWHV OH GDQ
SURSLRV VHPEUDGRV UHSDURV GH VXV SURSLDV FDVDV \ RWUDV LQH[FXVDEOHV
PXFKD LPSRUWDQFLD D OD QHFHVLGDG GH GHVFDQVR GHVSXpV GHO UHSDUWLPLHQWR \
JUDQMHUtDV \ FRPSDxtD GH VXV PXMHUHV \ KLMRV TXH SRU WRGR GHELHUDQ ORV
FODUDPHQWH VH YH TXH HO YHUGDGHUR SUREOHPD HUD OD IDWLJD R HO DJRWDPLHQWR
MXHFHV VXSHULRUHV SRQHU SDUWLFXODU GHVYHOR SRU HO UHPHGLR GHVWDV PLVHULDV
FRQVHFXWLYRDOWUDEDMRIRU]DGR$HVWHUHVSHFWRFRQYLHQHVHxDODUHOVLJXLHQWH
TXHDPHQD]DQWRWDOUXLQD\GHVRODFLyQGHORVSXHEORV«´>@
GHWDOOHKXERPXFKDVUHFRPHQGDFLRQHV\PXFKRIUDXGHHQWRUQRDODSDJDGHO
$GRSWDXQWRQRGHDODUPDGDSUHRFXSDFLyQSRUORVLQGLRVHOFURQLVWD\HVR
GtD HQ TXH HO LQGLR HUD GHVSDFKDGR \ FDPLQDED KDFLD OD KDFLHQGD ²ODV
VLHPSUH HV VRVSHFKRVR (VWi XQR REOLJDGR D SUHJXQWDUVH SRU TXp QR SRGtDQ
2UGHQDQ]DV PDQGDQ SDJDUOR²>@ SHUR QL ODV RUGHQDQ]DV QL QDGLH GLMR XQD
GHGLFDUVH DOJXQRV LQGLRV H[FOXVLYDPHQWH D LU FRPR UHSDUWLGRV JDQDQGR GRV
SDODEUD DFHUFD GH SDJDU HO GtD HQ TXH HO LQGLR FDPLQDED GH UHJUHVR D VX
UHDOHVSRUGtDXQRGHSDJD\RWURGHVRERUQR$OILQ\DOFDERVDEHPRVTXH
SXHEOR(VGLItFLOVDEHUTXpFULWHULRSUHVLGLyHVDFRPSOHWDGHVHVWLPDFLyQGHO
ORV LQGLRV YHQGtDQ YROXQWDULDPHQWH VX MRUQDGD SRU GRV UHDOHV 3HUR DOOt HVWD
WLHPSR \ GHO HVIXHU]R GH OD FDPLQDWD GH UHJUHVR (O FDVR HV TXH
SUHFLVDPHQWH HO VHFUHWR GH HVWD FXHVWLyQ OD MRUQDGD GH UHSDUWLPLHQWR HUD
REMHWLYDPHQWHHOUHWRUQRHUDHO~OWLPRHVIXHU]RGHODVHPDQDGHUHSDUWLPLHQWR
FRPSOHWDPHQWHGLVWLQWDGHODMRUQDGDYROXQWDULDSRUHOKHFKRGHVHUIRU]RVDVH
HVIXHU]R TXH HQ PXFKRV FDVRV DEVRUEtD HO WLHPSR GH GHVFDQVR GHO GRPLQJR
UHDOL]DED D FDSULFKR GH ORV KDFHQGDGRV HUD VXPDPHQWH SHVDGD \ HVWDED

 
SXHVVDEHPRVTXHXQRGHORVDVSHFWRVQRWRULRVGHHVHGtDGHODVHPDQDHQORV
SXHEORVHUDODOOHJDGDGHORVUHSDUWLGRV
(O GRPLQJR HQ OD WDUGH KDEtD WXUEDFLyQ HQ ORV SXHEORV /OHJDEDQ
³PDOKXPRUDGRV \ FDQVDGRV´ ORV WUDEDMDGRUHV GH OD VHPDQD DQWHULRU /RV TXH
LEDQDVDOLUDOGtDVLJXLHQWHHVWDEDQDWDUHDGRVHQGHMDUVXVFDVDVSURYLVWDVGH
OHxD \ RWUDV FRVDV /DV PXMHUHV SUHSDUDQGR ODV WRUWLOODV GH PDt] TXH WHQtDQ
TXHOOHYDUORVKRPEUHV7RGRHOORSDUDLUDUHJDODUIXHU]DGHWUDEDMR$VtOR
YLR XQR GH ORV IUDQFLVFDQRV FRQ YHLQWLFXDWUR DxRV GH H[SHULHQFLD FRPR
GRFWULQHURHQSXHEORV>@
FXDWUR UHDOHV \ ORV DOLPHQWRV GH OD VHPDQD>@ 8QR GH ORV GHFODUDQWHV
IUDQFLVFDQRV ²pVWH FRQ WUHLQWD \ GRV DxRV GH H[SHULHQFLD HQ GLVWLQWDV
UHJLRQHVGHOSDtV²GLFHTXHHUDIUHFXHQWHYHUDPXMHUHVLQGLDVTXHWHQtDQHO
PDULGRHQIHUPR³«EXVFDQGRTXLpQYD\DHQVXOXJDUDOVHUYLFLRSRUTXHODV
REOLJDQORVLQGLRV$OFDOGHV\ORVMXHFHVUHSDUWLGRUHV«´>@
6HHVWiYLHQGRTXHODV2UGHQDQ]DVHUDQXQVXHxRXQDDXQDFKRFDEDQFRQ
ODUHDOLGDG\HUDQLQRSHUDQWHV1RSRGtDVHUGHRWURPRGRSRUTXHSUHWHQGtDQ
HYLWDUODYLROHQFLDGHOUHSDUWLPLHQWR\pVWHHUDLPSUDFWLFDEOHVLQYLROHQFLD²
\DVHH[SOLFySRUTXp²3URKLEtDQSRUHMHPSORTXHORVFULDGRV\HVFODYRV
2WURVDJUHJDQGDWRVLPSRUWDQWHV(QDOJXQRVSXHEORVKDEtDTXHFDSWXUDU\
HQFHUUDU D ORV LQGLRV>@ SDUD SRGHU HQWUHJDUORV DO GtD VLJXLHQWH (VWR GHEH
KDEHU VLGR PX\ IUHFXHQWH \ KDFH UHFRUGDU HO GRFXPHQWR PH[LFDQR FLWDGR HQ
SiJLQDV DQWHULRUHV HQ TXH VH GLFH TXH XQRV DQGDEDQ EXVFDQGR HO UHSXHVWR
RWURVHVFRQGLGRV\RWURVSUHVRV(Q*XDWHPDODDGHPiVGHHQFHUUDUORVVHXVy
HQDOJXQDVUHJLRQHVTXLWDUOHVDORVLQGLRVXQDSUHQGDDUUHEDWDUOHVXQRGHVXV
REMHWRVLQGLVSHQVDEOHV³«TXHSXHGHVHUODPDQWDFRQTXHVHDEULJDQRHO
D]DGyQKDFKDRPDFKHWHFRQTXHKDQGHWUDEDMDUHQVXVFDVDV«´>@FRPR
JDUDQWtD GH TXH QR HVFDSDUtDQ DQWHV GH OOHJDU D OD KDFLHQGD R DQWHV GH
FXPSOLGD OD VHPDQD (VD SUHQGD SRGtD TXHGDU GHFRPLVDGD HQ HO SXHEOR \
WDPELpQSRGtDVHUOHHQWUHJDGDDODSHUVRQDDTXLHQORVDIHFWDGRVKDEtDQGH
VHUYLU>@!2EVFXURVGHWDOOHVTXHFRPLHQ]DQDUHYHODUODLPDJHQGHOSXHEOR
EDMRHOIXQHVWRVLJQRGHWUDEDMRIRU]DGR
6LVHKXELHUDUHVSHWDGROD2UGHQDQ]DVHJ~QODFXDOHVWDEDQH[LPLGRVGHO
UHSDUWR ORV HQIHUPRV HV QDWXUDO TXH OD PD\RUtD GH ORV LQGLRV GH WXUQR
KDEUtDQDSDUHFLGRFDGDVHPDQDLPSRVLELOLWDGRVSRUGLYHUVDVGROHQFLDV/D
PLVHULD VH KDEUtD HQFDUJDGR GH SUHVHQWDU XQ ODFHUDQWH GHVILOH GH
HQIHUPHGDGHV \ OHVLRQHV UHDOHV /D VDOXG GH ORV KRPEUHV VDQRV KXELHUD
LQYHQWDGRSDUDSUHVHUYDUVHDFKDTXHVILFWLFLRV)UHQWHDHVDUHDOLGDG\HQ
DWHQFLyQDODVDOXGGHODVKDFLHQGDV\ODERUHVTXHHUDORTXHLPSRUWDEDVH
LPSXVR OD SUiFWLFD GH TXH ORV HQIHUPRV SDJDUDQ D DOJXLHQ TXH ORV
VXEVWLWX\HUD $Vt VH ORJUy TXH VyOR VH VXVWUDMHUDQ DO WUDEDMR IRU]DGR ORV
HQIHUPRVPX\JUDYHV\ORVPRULEXQGRVSDJDQGRFODURHVWiDTXLHQHVLEDQ
D UHHPSOD]DUORV +XER SXHV ³DOTXLORQHV´ WUDEDMDGRUHV TXH DFHSWDEDQ LU
HQVXEVWLWXFLyQGHOHQIHUPRVLHVWHOHVGDEDXQDSDJDDGLFLRQDOPtQLPDGH

GHORVKDFHQGDGRVPDOWUDWDUDQHQFXDOTXLHUIRUPDDORVLQGLRV>@3HURHO
FDVR HV TXH ORV LQGLRV LEDQ FRQWUD VX YROXQWDG KDFLHQGR XQD LQYHUVLyQ GH
WLHPSR\GHIXHU]DWRWDOPHQWHOHVLYDDVXVLQWHUHVHV&DPLQDEDQ\WUDEDMDEDQ
GHVSDFLRVLOHVHUDSRVLEOH(UDQQHFHVDULRVORVFDSDWDFHVORVJROSHV
3UHVFULEtDQTXHVHOHGLHUDKHUUDPLHQWDVDOLQGLR3HURORVKDFHQGDGRV²
DO PHQRV ORV GHO YDOOH GH *XDWHPDOD² QXQFD ODV GLHURQ DOHJDQGR FRQ
VREUDGDUD]yQTXHORVLQGLRVODVGHVWUXtDQRODVKXUWDEDQ>@(VHYLGHQWHTXH
ORVLQGLRV²£WDPELpQFRQVREUDGDUD]yQ²HVWDEDQDWHQWRVDFXDOTXLHUGDxR
TXH SXGLHUDQ FDXVDUOH LPSXQHPHQWH D VX H[SORWDGRU \ HQHPLJR GH FODVH
'HVWUXLU \ KXUWDU DTXHOODV KHUUDPLHQWDV HUD XQ SHUMXLFLR TXH SRGtDQ
RFDVLRQDUOHDTXLHQOHVHVWDEDGHVWUX\HQGR\KXUWDQGRODYLGD/DV2UGHQDQ]DV
VHVLWXDEDQDOPDUJHQGHHVWDVUD]RQHVGHFODVH\SRUHVRHUDQOHWUDPXHUWD
/DVHULHGHVXVSURKLELFLRQHVYLHQHDVHUFDVLtQWHJUDPHQWHODVHULHGHORV
DEXVRV\GHVyUGHQHVTXHFRQVWLWXtDQODUHDOLGDGFRWLGLDQDGHOVLVWHPD$OJXQRV
GHHVRVDEXVRVQRVVRQFRQRFLGRV~QLFDPHQWHSRUTXHODV2UGHQDQ]DVGHODWDQ
VX H[LVWHQFLD³« ,WHQ 3RU FXDQWR VX 6HxRUtD HVWi LQIRUPDGR TXH DOJXQRV
ODEUDGRUHVKDELHQGRWUDEDMDGRORVLQGLRVODPLWDGGHODVHPDQDORVGHMDQLU
D VXV SXHEORV VLQ SDJDUOHV OR TXH KDQ WUDEDMDGR KDFLpQGROHV SDJD FRQ
GHMDUOHV LU«´>@ ³« ,WHQ 4XH QLQJ~Q ODEUDGRU SRU GHMDU GH LU D ORV
LQGLRVDVXVSXHEORVUHFLEDGHHOORVGLQHURQLRWUDFRVD«´>@
7RGRVORVGRFXPHQWRVTXHKDFHQUHIHUHQFLDDOVLVWHPDLQFOXVRORVTXHOR
GHILHQGHQ UHYHODQ TXH ORV -XHFHV 5HSDUWLGRUHV HUDQ DGHPiV GH SHTXHxRV
GpVSRWDV R JUDQGHV FDSDWDFHV ²LQGLVSHQVDEOHV GDGD OD QDWXUDOH]D YLROHQWD
GHO VLVWHPD² XQRV PHGLDGRUHV PHGUDGRUHV TXH WDPELpQ VDFDEDQ WDMDGD HQ
DTXHO JUDQ IUDXGH /RV LQGLRV QR SRGtDQ TXHMDUVH FRQWUD HOORV SRUTXH HUDQ

IXQFLRQDULRV GH ORV JUXSRV GRPLQDQWHV ²JHQHUDOPHQWH FULROORV \ D YHFHV
HVSDxROHV HPSDUHQWDGRV FRQ DOWRV IXQFLRQDULRV²>@ FX\D LQIOXHQFLD
GHVYLUWXDEDFXDOTXLHU TXHMDGHLQGLRV\DWUDtDVREUHHOORVSHRUHVPDOHV/RV
KDFHQGDGRV WDPSRFR ORV GHQXQFLDEDQ SRUTXH VH YHtDQ REOLJDGRV D
FRQJUDFLDUORV SDUD TXH QR OHV IDOWDVHQ LQGLRV>@ $O DPSDUR GH HVWDV
FLUFXQVWDQFLDV DFHSWDEDQ GiGLYDV GH ORV KDFHQGDGRV \ GHVFDUDGDPHQWH
IDYRUHFtDQ HQ HO UHSDUWR D DTXHOODV HPSUHVDV TXH ORV JUDWLILFDEDQ
HVSHFLDOPHQWH D ORV LQJHQLRV D]XFDUHURV>@ $ ORV LQGtJHQDV VROtDQ SHGLUOHV
OHJXPEUHV \ DYHV SRU PHQRV GH OD PLWDG GH VX SUHFLR ³« OR FXDO GDQ ORV
LQGLRV VLQ UpSOLFD ²GHFODUD XQR GH ORV IUDQFLVFDQRV² SRUTXH VL QR OR
(VWD ~OWLPD FLIUD GHEH KDEHU FRUUHVSRQGLGR DSUR[LPDGDPHQWH DO Q~PHUR GH
LQGLRV YDURQHV HQ HGDG GH WUDEDMR ²GH ORV  TXH HUDQ HQ WRWDO VHJ~Q
LQIRUPD )XHQWHV² 4XLHUH GHFLU TXH HQ HO FXUVR GH XQ DxR ORV LQGLRV GH
VHWHQWD\VLHWHSXHEORVSUHVWDEDQDOUHGHGRUGHVHUYLFLRVGHVHPDQDD
ODV KDFLHQGDV \ ODERUHV GHO YDOOH 7DOHV FLIUDQ GDQ XQD LGHD DSUR[LPDGD GHO
PRYLPLHQWRGHLQGLRVFRQPRWLYRGHOUHSDUWLPLHQWRHQDTXHOODUHJLyQ\GHOD
LPSRUWDQFLDTXHHOPLVPRGHEHKDEHUWHQLGRHQODYLGDLQWHUQDGHFDGDXQRGH
ORVSXHEORV
(O LQWHQWR GH VXSULPLU ORV 5HSDUWLGRUHV SDUHFH KDEHU VLGR VRODPHQWH XQD
UHSHUFXVLyQGHODFULVLVGHOUHSDUWLPLHQWRHQ0p[LFR²TXHFXOPLQyDOOiFRQOD
KLFLHUDQ ORV HQFDUFHODEDQ \ FDVWLJDEDQ FRQ ULJRU « VLQ WHQHU D TXLHQ
TXHMDUVH«´>@7DPELpQHUDIUHFXHQWHTXHOHVYHQGLHUDQDODIXHU]DGLYHUVRV
REMHWRV HVSHFLDOPHQWH LQVWUXPHQWRV DJUtFRODV ²D]DGDV KDFKDV PDFKHWHV²
>@! &LHUWD 2UGHQDQ]D SURKtEH TXH ORV 5HSDUWLGRUHV FREUHQ SHUVRQDOPHQWH
PXOWDVDORV$OFDOGHVLQGLRV³«VRFRORUGHGHFLUTXHIDOWDQDOJXQRVLQGLRV
GHUHSDUWLPLHQWR«´>@(QORVWLHPSRVGH)XHQWHV\*X]PiQVROtDQORVWDOHV
-XHFHVHVWDUVHHQVXVFDVDVGHODFLXGDGGH*XDWHPDODRELHQHQODVKDFLHQGDV
TXH ORV IDYRUHFtDQ ²VHJ~Q LQIRUPD HO FURQLVWD²>@ \ FDGD FXDWUR PHVHV
UHFRUUtDQ ORV SXHEORV GH VX MXULVGLFFLyQ UHFRJLHQGR ORV GLQHURV GH VXV
QHJRFLRV SDUWLFXODUHV \ VHJXUDPHQWH LPSDUWLHQGR PXOWDV \ FDVWLJRV H
LPSRQLHQGRHOWHPRUTXHHUDPLVLyQHVHQFLDOGHVXRILFLR+DFLDKXERXQ
LQWHQWRGHVXSULPLUHVWRV-XHFHV(QOD&pGXODFRUUHVSRQGLHQWHVHH[SUHVDFRQ
DFLHUWRTXH ³« VX FRVWD \ VDODULR YLHQH D VDOLU GH OD VDQJUH GH ORV LQGLRV
DEROLFLyQ GHO VLVWHPD GRV DxRV PiV WDUGH² (Q HO UHLQR GH *XDWHPDOD VH
GHVYDQHFLy FRPR XQ HFR /RV -XHFHV 5HSDUWLGRUHV HUDQ LQGLVSHQVDEOHV VL HO
VLVWHPDKDEtDGHFRQVHUYDUVH$VtORSUXHEDQORVSDSHOHVGHODFULVLVGH
HQORVTXHVHYHDORVGHIHQVRUHVGHOWUDEDMRIRU]DGRFODPDQGRSRUOD
FRQVHUYDFLyQ GH ORV -XHFHV \ DUJXPHQWDQGR TXH ORV $OFDOGHV LQGLRV QR
DFWXDUtDQRQRVHUtDQREHGHFLGRVVLQRVHHUJXtDGHWUiVGHHOORVODVRPEUDGH
HVWRVIXQFLRQDULRVUXUDOHV>@
1DGDKD\GHH[WUDxRHQWRGRHVWR+HPRVH[SOLFDGRHQRWUROXJDUSRUTXp
HQ HO UHLQR GH *XDWHPDOD VH FRQVHUYy HO UHSDUWLPLHQWR>@ HO WULEXWR HUD OD
UHQWDPiVLPSRUWDQWHGHODFRURQDHQHVWDFRORQLD\HOHVWULFWRFRQWUROGHORV
LQGLRVHQVXVSXHEORVHUDOD~QLFDJDUDQWtDGHOFREURFDEDOGHODWULEXWDFLyQ
(UDLPSRVLEOHFHGHUWRWDOPHQWHORVLQGLRVDORVKDFHQGDGRV\HUDLPSRVLEOH
QHJiUVHORV WRWDOPHQWH (O UHSDUWLPLHQWR HUD OD VROXFLyQ FRQFLOLDWRULD FRUUHFWD
GHVGH HO SXQWR GH YLVWD GH ODV GRV IXHU]DV GRPLQDQWHV PRQDUTXtD \ FODVH
«\GHORVTXHOHVGDQORVKDFHQGDGRV60SRUGDUDXQRVPiVLQGLRV
FULROOD
TXHDRWURV«´>@
(OKHFKRGHTXHODV2UGHQDQ]DVKD\DQVLGRHVFDQGDORVDPHQWHGHVDWHQGLGDV
3HURQRIXHURQVXSULPLGRV(OPHGLRUHDOTXHORVKDFHQGDGRVSDJDEDQSRU
VHH[SOLFDVLQGLILFXOWDGHQHOPDUFRGHFLHUWDVUHDOLGDGHVVXWLOHVTXHKHPRV
FDGD LQGLR TXH VH OHV UHSDUWtD ²\ GHO FXDO VH REWHQtDQ ORV VXHOGRV GH ORV
H[SOLFDGR HQ RWUR OXJDU 6HUtD XQ HUURU VXSRQHU TXH VLPSOHPHQWH IXH
-XHFHV  SHVRV DQXDOHV SDUD FDGD XQR² DUURMDED DQXDOPHQWH FUHFLGDV
GHVREHGHFLGDODYROXQWDGGHORVPRQDUFDVH[SUHVDGDSRUVXVIXQFLRQDULRVHQ
VXPDV TXH IXHURQ PDQHMDGDV HQ IRUPD IUDXGXOHQWD SRU ORV 3UHVLGHQWHV KDVWD
DTXHOODV2UGHQDQ]DV<DKHPRVGLFKR\DKRUDHVRSRUWXQLGDGGHUHSHWLUOR²
>@(QHVHDxRHQTXHFRPHQ]DURQDVHUFRQWDELOL]DGDV\SDVDURQDODV
HMHPSOLILFiQGRORGHQXHYR²TXHODFRURQDQRFHGtDHQDTXHOORTXHUHDOPHQWH
FDMDVUHDOHVVHUHFDXGDURQVRODPHQWHHQHOYDOOHGH*XDWHPDOD SHVRV
>@(VDVXPDQRVHQWHUDLQGLUHFWDPHQWHGHTXHSRUDTXHOWLHPSRVHUHSDUWtDQ
OHLQWHUHVDED\TXHHOGHVDFDWRDVXVGLVSRVLFLRQHVLPSOLFDEDVLHPSUHHQHO
IRQGRXQDWROHUDQFLDLQWHUHVDGDGHVXSDUWHRFRQYHQLRV\HQWHQGLGRVPiVR
HQ HO YDOOH DSUR[LPDGDPHQWH  LQGLRV FDGD VHPDQD \  FDGD PHV PHQRV UHVHUYDGRV 2EVpUYHVH TXH GH WRGDV ODV GLVSRVLFLRQHV UHODWLYDV DO

 
VLVWHPDGHUHSDUWLPLHQWRVIXHURQUHVSHWDGDV\VHFRQVHUYDURQHVWULFWDPHQWH\ 1RHVWDPRVIUHQWHDXQIHQyPHQRH[WUDRUGLQDULRVLQRIUHQWHDXQDVSHFWR
VLQPXFKRUXLGRDTXHOODVTXHIXQGDPHQWDOPHQWHOHLQWHUHVDEDQDODPRQDUTXtD GH OD OHJLVODFLyQ FRORQLDO TXH OH HUD SURSLR \ TXH FRQYHQGUtD WHQHU SUHVHQWH
ORVLQGLRVSHUPDQHFLHURQUHGXFLGRVHQVXVSXHEORVSDJDURQVXVWULEXWRV\QR VLHPSUH TXH VH OH HVWXGLD DOOt GRQGH ODV OH\HV FRORQLDOHV QR QRUPDEDQ
VHIRUPDURQUDQFKHUtDVGHLQGLRVHQODVKDFLHQGDV(OREMHWLYRIXQGDPHQWDOGHO HIHFWLYDPHQWHODUHDOLGDGFRORQLDO²IHQyPHQRKDUWRIUHFXHQWH²QRGHEHPRV
VLVWHPDGHVGHHOSXQWRGHYLVWDPRQiUTXLFRVHFXPSOLyDFDEDOLGDG FRQIRUPDPRVFRQGHQXQFLDUODGLVFUHSDQFLDHQWUHODOH\\ODUHDOLGDGVLQRTXH
$KRUDELHQVLVHH[DPLQDFRQFULWHULRUHDOLVWDODVHULHGHDWURSHOORVTXH HV SUHFLVR SUHJXQWDU FXiO SXGR VHU HO LQWHUpV GH OD FRURQD HQ WROHUDU HVRV
VXIUtDQ ORV LQGLRV HQ FRQWUDYHQFLyQ GH ODV 2UGHQDQ]DV VH YHUi TXH HQ GHVDMXVWHV(VPX\IUHFXHQWHHQFRQWUDUDODSRVWUHUHVXOWDGRVIDYRUDEOHVSDUD
FRQMXQWRQROHRFDVLRQDEDQQLQJ~QSHUMXLFLRDODFRURQD8QDYH]JDUDQWL]DGD HOOD <D OR KDEtDPRV LQGLFDGR DO H[DPLQDU OD FRQWUDYHQFLyQ GH ODV OH\HV
ODWULEXWDFLyQ\ODQRDEVRUFLyQGHOLQGLRSRUODKDFLHQGDVXH[SORWDFLyQSRU UHODWLYDV D ODV YLOODV SDUD ODGLQRV GHWUiV GH OD FXDO VH HVFRQGtD VL QRV
ORV KDFHQGDGRV JDUDQWL]D OD SURGXFFLyQ \ HO PRYLPLHQWR GH ELHQHV HQ HO DWHQHPRVDORVKHFKRVXQEHQHILFLRSDUDODPRQDUTXtD>@/RVHVFDQGDORVRV
PHUFDGRLQWHUQRORFXDOHUDLQGLVSHQVDEOHSDUDODSURVSHULGDGGHODPLQRUtD DEXVRV GHO UHSDUWLPLHQWR HQ IODJUDQWH FRQWUDYHQFLyQ GH ODV 2UGHQDQ]DV \D
HXURSHD GRPLQDQWH \ SDUD OD FRQVHUYDFLyQ GH OD FRORQLD FRPR WDO FRORQLD HVWDPRVYLHQGRTXHQRODSHUMXGLFDEDQHQQDGDVLQRTXHHQ~OWLPRDQiOLVLVOH
JDUDQWL]DEDWDPELpQODSURGXFFLyQGHELHQHVSDUDODH[SRUWDFLyQORFXDOHUD FRQYHQtDQ
LQGLVSHQVDEOH SDUD TXH SXGLHUD KDEHU FRPHUFLR FRQ (VSDxD $PERV 3HURVLJDPRVSRUTXHWRGDYtDQRKHPRVWRFDGRHOSXQWRFHQWUDOGHDTXHOOD
PRYLPLHQWRV GH ELHQHV HO FRPHUFLR LQWHUQR \ HO H[WHUQR SURPRYtDQ HO PiTXLQDH[WRUVLRQDGRUDGHLQGLRV
VHJXQGR UHQJOyQ GH ODV UHQWDV FRORQLDOHV ODV DOFDEDODV R LPSXHVWRV VREUH
WUDQVDFFLRQHV
7ULEXWRV DOFDEDODV \ FRPHUFLR PRQRSROLVWD HUDQ HQ GHILQLWLYD ORV WUHV
LQWHUHVHV IXQGDPHQWDOHV GH OD FRURQD HQ HO UHLQR GH *XDWHPDOD 3LpQVHVH
DKRUDTXHHOSULPHURGHHOORVGHSHQGtDGHODSUHVHUYDFLyQ\HOFRQWUROGHORV
LQGLRVHQVXVSXHEORVSHURTXHORVRWURVGRVH[LJtDQTXHHVRVPLVPRVLQGLRV
IXHUDQ VDFDGRV GH VXV SXHEORV \ H[SORWDGRV SRU ORV WHUUDWHQLHQWHV /D
LQWHQVLILFDFLyQGHHVDH[SORWDFLyQQRSHUMXGLFDEDHQQDGDDODPRQDUTXtDVLQR
TXHHQUHDOLGDGODEHQHILFLDED
6LHQGR DVt SRGUtD SHQVDUVH TXH ODV 2UGHQDQ]DV TXH UHFRPHQGDEDQ
PRGHUDFLyQ\EXHQWUDWRSDUDORVLQGLRVHVWDEDQGHPiV\KDVWDIRPHQWDEDQHO
KiELWR GH LQREHGLHQFLD 3HUR HVR QR VHUtD FLHUWR $TXHOORV GRFXPHQWRV HUDQ
HQ WRGR FDVR XQD DGPRQLFLyQ PDQWHQtDQ HQWUH ORV H[SORWDGRUHV ORFDOHV GHO
LQGLR OD LPSUHVLyQ GH TXH HUDQ WUDQVJUHVRUHV \ GH TXH OD FRURQD SRGtD HQ
FXDOTXLHU PRPHQWR UHDFFLRQDU FRQ PHGLGDV GUiVWLFDV FRQWUD HOORV 3RU RWUR
ODGR GLFKRV GRFXPHQWRV IRPHQWDEDQ HQWUH ORV LQGLRV OD FUHHQFLD GH TXH VXV
PDOHV HUDQ LJQRUDGRV SRU &/ UH\ TXLHQ OOHJDQGR D VDEHUORV OHV SRQGUtD
UHPHGLR HQ VHJXLGD (UD PX\ LPSRUWDQWH SDUD OD PRQDUTXtD PDQWHQHU HVWH
HQJDxRHQWUHORVLQGLRV\QRSXHGHQHJDUVHTXHORFRQVLJXLyHQEXHQDPHGLGD

 
 ²,9²
/DSDJDGHUHSDUWLPLHQWR
$FHUFD GH OD SDJD GH UHSDUWLPLHQWR VyOR KHPRV GLFKR OR TXH ODV
2UGHQDQ]DV SUHVFULEtDQ \ KHPRV LQGLFDGR TXH QR FRPSHQVDED QL
UHPRWDPHQWHHOYDORUGHODIXHU]DGHWUDEDMRTXHHOLQGLRGDEDSRUHOOD6LQ
HPEDUJRODSDJDHUDHOSXQWRFHQWUDOGHOVLVWHPDHQWRUQRDHOODJLUDEDQODV
YHQWDMDVTXHHOPLVPRRIUHFtDDORVWHUUDWHQLHQWHV\ODPHQJXDTXHOHFDXVDEDD
ORV LQGLRV /DV DQRPDOtDV UHODWLYDV D HVWH SXQWR HUDQ HQ FRQVHFXHQFLD GH OD
PD\RULPSRUWDQFLDHQODVUHODFLRQHVGHSURGXFFLyQLPSOLFDGDVHQHOVLVWHPD
(OUHDOHUDODPRQHGDIUDFFLRQDULDTXHUHSUHVHQWDEDODRFWDYDSDUWHGHXQ
SHVR3HUR¢TXpVHSRGtDDGTXLULUDFDPELRGHXQUHDO"
(Q HO VLJOR ;9,, XQ UHDO HTXLYDOtD DSUR[LPDGDPHQWH D FDGD XQR GH ORV
VLJXLHQWHVELHQHVODPLWDGGHXQDJDOOLQD²TXHHQWHUDYDOtDGRVUHDOHV²>@
XQFXDUWLOORGHPLHO>@VLHWHRQ]DVGHSDQGHWULJR>@XQRFWDYRGHOLWURGH
YLQR R GH DFHLWH>@ (O SUHFLR GHO PDt] YDULDED VHJ~Q OD SUR[LPLGDG GH OD
~OWLPD FRVHFKD SHUR SXHGH HVWLPDUVH SURPHGLDQGR GDWRV GHVGH ILQHV GHO
VLJOR ;9, KDVWD HO SULPHU WHUFLR GHO ;9,,, H[FOX\HQGR pSRFDV GH FDUHVWtD HQ
WLHPSR TXH OH TXHGDED GHVSXpV GHO UHSDUWLPLHQWR 3HUR DXQ FRQVLGHUDQGR HO
PHMRUGHORVFDVRV²HVGHFLUFRQVLGHUDQGRTXHDTXHOODSDJDFRUUHVSRQGLHUD
VRODPHQWHDXQDVHPDQDGHFDGDPHV\TXHHIHFWLYDPHQWHVHDERQDUDHOUHDO
FDGD GtD FRVDV DPEDV TXH QR VROtDQ RFXUULU² HOOR VLJQLILFDED TXH HO LQGLR
WHQtDTXHFHGHUOHDOKDFHQGDGRGRFHVHPDQDVFDGDDxRRVHDHOGHVXV
MRUQDGDVDQXDOHVGHWUDEDMRDFDPELRGHXQDSDJDLQVLJQLILFDQWH
/RV SUHFLRV DQRWDGRV UHYHODQ HO VLJQLILFDGR HIHFWLYR GH OD SDJD GH
UHSDUWLPLHQWR ²VX YDORU GH FDPELR 1R HVWi GH PiV FRPSDUDUOD DKRUD FRQ
DOJXQRVVXHOGRV1RSRUFLHUWRFRQHOGHO&DSLWiQ*HQHUDO\3UHVLGHQWHGHOD
$XGLHQFLD TXH GHYHQJDED   SHVRV DQXDOHV>@ QL FRQ ORV GH ORV
2LGRUHV \ &RQWDGRUHV GH OD 5HDO +DFLHQGD TXH DVFHQGtDQ D  \ 
DQXDOHV UHVSHFWLYDPHQWH>@ (VDV FDQWLGDGHV FRUUHVSRQGHQ DO ILQDO GH OD
FRORQLD²²\HVSRVLEOHTXHDPHGLDGRVGHOVLJOR;9,,,IXHUDQPHQRUHV
SRUTXH KDFLD HO ~OWLPR WHUFLR GH HVH VLJOR KXER XQD VHULH GH DXPHQWRV
LPSRUWDQWHVHQORVVXHOGRV GH ODEXURFUDFLD>@ /RV SDSHOHV GH HVH SHUtRGR
QRV HQWHUDQ GH TXH HQ  OHV IXH DXPHQWDQGR HO VXHOGR D ORV RILFLDOHV
VXEDOWHUQRVGHODVFDMDVUHDOHV\GHTXHHORILFLDOWHUFHURTXHGHYHQJDED
SHVRV DQXDOHV REWXYR >@ 8Q HVFULELHQWH VXSHUQXPHUDULR GH ODV FDMDV
UHDOHVGHYHQJDEDGHVSXpVGHORVDXPHQWRVUHIHULGRVSHVRVDQXDOHV>@
(VWDV ~OWLPDV FLIUDV VRQ GH PXFKR LQWHUpV SXHV VH WUDWD GH HPSOHDGRV GH OD
TXH QDWXUDOPHQWH KDEtD DO]DV DQRUPDOHV GHO SUHFLR TXH FRQ XQ UHDO SRGtD
DGTXLULUVHXQFXDUWRGHIDQHJDGHPDt]HQORVEXHQRVPRPHQWRV\XQRFWDYRGH
IDQHJDHQORVPDORV²GXSOLFiQGRVHHOSUHFLRHQpVWRV~OWLPRVFRPRVHYH²
>@/DIDQHJDGHPDt]HTXLYDOtDDFXDWURFLHQWDVPD]RUFDV
6L XQ PLHPEUR GH ORV JUXSRV GRPLQDQWHV FULROOR R HVSDxRO VH KXELHVH
YLVWR GH SURQWR FRQVWUHxLGR D FXEULU VXV JDVWRV FRQ ORV UHFXUVRV TXH
SURSRUFLRQDED XQ UHDO SRU GtD HV VHJXUR TXH VH KDEUtD YLVWR HQ ORV PiV
GUDPiWLFRV DSULHWRV \ VL HVD VLWXDFLyQ VH KXELHVH SURORQJDGR HQ VHPDQDV
VXFHVLYDV HV VHJXUR TXH pO \ VX IDPLOLD KXELHUDQ SHUHFLGR SRU KDPEUH R SRU
DOJXQDGHULYDFLyQGHODSREUH]D6LQHPEDUJRHQODFULVLVGHOUHSDUWLPLHQWRGH
 WRGRV ORV GHIHQVRUHV GHO WUDEDMR IRU]DGR H[SUHVDURQ TXH DTXHOOD SDJD
HUD VXILFLHQWH +D\ TXH VXSRQHU DXQTXH HOORV QR OR KD\DQ GLFKR DVt TXH
FRQWDEDQ FRQ TXH HO LQGLR VH ODV DUUHJODUtD SDUD QLYHODU VXV LQJUHVRV HQ HO

PiVPRGHVWDEXURFUDFLDHPSOHDGRVSREUHVFRQVXHOGRVTXHUHSUHVHQWDEDQOD
GpFLPD SDUWH GH ORV VXHOGRV GH ORV DOWRV IXQFLRQDULRV $XQ DVt QLQJXQR GH
HOORVUHFLEtDPHQRVGHXQSHVRSRUGtD>@QLDQWHVGHORVDXPHQWRV/RFXDO
VLHQGR SRFD FRVD FXDGUXSOLFDED ODV HQWUDGDV GHO LQGLR PiV IDYRUHFLGR ²
DTXHOTXHREWHQtDGRVUHDOHVHQMRUQDGDOLEUH²>@!PXOWLSOLFDEDSRUVHLVOD
SDJDTXHVHSXHGHWRPDUFRPRSURPHGLRGHOMRUQDOGHOLQGLRFRUULHQWHKDFLDHO
ILQDOGHODFRORQLD>@\PXOWLSOLFDEDSRURFKRODSDJDGHUHSDUWLPLHQWR
8QDYH]FRQVLGHUDGRORTXHHUDHOUHDOHQVXYDORUDEVROXWR\HQWpUPLQRV
FRPSDUDWLYRVGHEHPRVKDFHUODSUHJXQWDTXHQRVOOHYDUiDOD~OWLPDHQWUDxD
GHOUHSDUWLPLHQWR¢VHFXPSOLyODSUHVFULSFLyQGHSDJDUWHDORVLQGLRVXQUHDO
SRUGtDHQPRQHGD\HQPDQRSURSLD"9DPRVDYHUTXHQR
(QHOSULPHUWHUFLRGHOVLJOR ;9,,ODVLQVLVWHQWHVUHFRPHQGDFLRQHVGHTXH
ORVKDFHQGDGRVGHQFXPSOLPLHQWRHQHVDSUHVFULSFLyQKDEODQSRUVtVRODV>@

 (Q ODV 2UGHQDQ]DV GHO 3UHVLGHQWH $FXxD GDGDV HQ  VH PDQGD ³«
,WHQ4XHVRODVPLVPDVSHQDVQLQJ~QODEUDGRUSDJXHHOMRUQDODORVLQGLRV
HQURSDFDFDRSDQTXHVRQLRWUDFRVDVLQRODSDJDVHDHQUHDOHV\DOFDER
GHFDGDVHPDQDVLQGLODWDUORSDUDODRWUD«´>@\FRPRGLFKDV2UGHQDQ]DV
IXHURQ GLFWDGDV VHJ~Q UH]D VX SUHiPEXOR SDUD TXH FHVDUDQ ORV ³DJUDYLRV \
YHMiPHQHV´TXHDORVLQGLRV³VHOHVVXHOHKDFHU´UHVXOWDHYLGHQWHTXHHOSDJR
HQ HVSHFLH HVWDED HQ XVR \ HV SUHFLVR VXSRQHU WDPELpQ TXH OD WDVDFLyQ GHO
YDORUGHDTXHOORVDUWtFXORVODKDFtDHOKDFHQGDGRDVXFULWHULR(QFXDQWRDTXH
ODV2UGHQDQ]DVFLWDGDVOHKD\DQSXHVWRUHPHGLRDHVHJUDYHPDOQRVVDFDGH
GXGDVXQRGHORVGHFODUDQWHVIUDQFLVFDQRVTXLHQLQIRUPHORVLJXLHQWH²WUHLQWD
\ FLQFR DxRV GHVSXpV² ³«RWURV ODEUDGRUHV OHV SDJDQ HQ VHPLWDV TXH HV
SDQ EDVWR WDVDMRV R YHODV GH VHER KDFLpQGROHV UHFLELU HVWDV FRVDV SRU OD
IXHU]D«´>@ORFXDOLQGLFDTXHDOPHQRVHQFLHUWDVUHJLRQHVFRQWLQXDED
HQXVRHOSDJRHQHVSHFLH\OHHUDSRVLEOHDORVKDFHQGDGRVLPSRQHUORFRQ
YLROHQFLD
1RSXHGHGXGDUVHTXHODHVFDVH]GHPRQHGDOHGDEDXQSXQWRGHDSR\RD
HVWDV LQIUDFFLRQHV )XHQWHV \ *X]PiQ LQIRUPD TXH HQ VX WLHPSR VH XVDED
WRGDYtD HO FDFDR FRPR PRQHGD FRUULHQWH HQ FLHUWDV UHJLRQHV GHO UHLQR>@ \
DGPLWHTXHHQDOJXQRVOXJDUHVVHVHJXtDSDJDQGRDORVLQGLRVHQHVSHFLHSRU
IDOWDGHPRQHGD5HVXOWDLPSRVLEOHVDEHUVLQHPEDUJRHQTXpFDVRVVHSDJDED
DO LQGLR HQ HVSHFLH SRU DEVROXWD LPSRVLELOLGDG GH KDFHUOR HQ RWUD IRUPD HQ
FXiOHV VH KL]R HVR SDUD UHVHUYDU OD PRQHGD PHWiOLFD HQ PDQRV GH ORV
KDFHQGDGRV\FXiQGRVHSUDFWLFySDUDUREDUOHDORVLQGLRVHQODWDVDFLyQGHO
SDJR7RGRLQFOLQDDVXSRQHUTXHSUHYDOHFLHURQODVGRV~OWLPDVPRWLYDFLRQHV
(QHOGUDPiWLFRPHPRULDOTXHORVLQGLRVGH$JXDFKDSiQOHSUHVHQWDURQDO
)LVFDOGHOD$XGLHQFLDHQ²VXVFLWDQGRVLQTXHUHUORODJUDQFULVLVGHO
UHSDUWLPLHQWR²VHTXHMDQMXQWRDPXFKDVRWUDVFRVDVGHTXHVHOHVSDJDEDQ
FRQXQDPRQHGDWDQPDOD TXH GHVSXpV QR VH OD TXLHUHQ UHFLELU QL SDUD VX
WULEXWRQLSRURWUDFRVD«>@GHFX\DVPRQHGDVWUDHPRVDOJXQDVSDUDKDFHU
GHPRVWUDFLyQGHHOOD«´>@(VWDPRVSXHVDQWHHOSUREOHPDGHODSDJDGH
UHSDUWLPLHQWRKHFKDFRQPRQHGDGHVYDORUL]DGD+D\PRWLYRVSDUDSHQVDUTXH
HO FDVR HUD PX\ IUHFXHQWH $QWHV GH IXQGDUVH OD &DVD GH OD 0RQHGD HQ
LQWHQFLRQDOPHQWHFRUWDGDTXHSRUHVHPRWLYRFLUFXODEDDOOiFRQGLILFXOWDG$Vt
OD FLUFXODFLyQ GH PRQHGD PDOD FDXVy VHULRV SUREOHPDV HQ OD HFRQRPtD GHO
UHLQR \ VH GLFWDURQ GUiVWLFDV SHQDV SDUD TXLHQHV VH QHJDUDQ D DFHSWDU ODV
PRQHGDV SHTXHxDV GH D UHDO>@ )iFLOPHQWH VH FRPSUHQGH TXH OD PRQHGD
PDODLEDDSDUDUDPDQRVGHORVLQGtJHQDV\TXHOXHJRQRVHOHVUHFLEtDSRUHO
YDORUQRPLQDOTXHHOORVKDEtDQWHQLGRTXHDFHSWDUOD
$XQTXHODV2UGHQDQ]DVHVWLSXODQTXHORVKDFHQGDGRVGHEtDQDERQDUPHGLR
UHDOSRUFDGDLQGLRTXHOHVIXHUDUHSDUWLGRORFRUULHQWHIXHTXHHVDFXRWDVHOD
GHVFRQWDUDQ GH VX SDJD VHPDQDO D ORV WUDEDMDGRUHV /RV UHOLJLRVRV GH 6DQ
)UDQFLVFRGHQXQFLDQFRQHQHUJtDHVHIUDXGHFUXHO>@
6H HVWi YLHQGR SXHV TXH HO MRUQDO GH UHSDUWLPLHQWR UDTXtWLFR GH SRU Vt
HUD UHFRUWDGR D~Q PiV FRQ WUXFRV FRPR HO SDJR HQ HVSHFLH HQ PRQHGD
GHSUHFLDGD \ KDVWD GHVFRQWiQGRVH D ORV LQGLRV HO SUHPLR GH TXLHQHV ORV
HQYLDEDQDPHQD]DGRV\DHPSXMRQHVDODVKDFLHQGDV
6LQ HPEDUJR QR KHPRV PHQFLRQDGR WRGDYtD HO JUDQ WUXFR HO TXH VLQ
DSDUHFHU FRPR WDO QL KDOODUVH SURKLELGR SRU ODV 2UGHQDQ]DV UHGXFtD DO
PtQLPR OD SDJD GH UHSDUWLPLHQWR \ HOHYDED DO Pi[LPR ORV EHQHILFLRV TXH HO
VLVWHPDOHEULQGDEDDORVKDFHQGDGRV6HWUDWDGHOSDJR³SRUWDUHD´HOSDJRD
GHVWDMR
)XHQWHV \ *X]PiQ LQIRUPD DELHUWDPHQWH VREUH OD JHQHUDOL]DFLyQ GH HVD
PRGDOLGDG GH SDJR QR FULWLFiQGROD VLQR PiV ELHQ SUHVHQWiQGROD FRPR XQD
SUiFWLFD YHQWDMRVD SDUD ORV LQGtJHQDV ³« OD REVHUYDQFLD TXH WLHQH HO
&DELOGR-XVWLFLD\5HJLPLHQWRGH*RDWKHPDODHVSDJDUOHVDOFRUULHQWHTXH
HV XQ UHDO SRU FDGD GtD \ ORV GXHxRV GH ODERUHV D UHDO SRU FDGD WDUHD
JDQDQGRHQHOODVORVPiVDWUHV\DFXDWURUHDOHVDOGtD«´>@'LUtDVHTXH
ORVGXHxRVGHODERUHV²VLHPEUDGHPDt]\WULJR²OHKDFtDQXQIDYRUDORV
LQGLRVDOGDUOHVRSRUWXQLGDGGHJDQDUWUHVRFXDWURUHDOHVDOGtDPLHQWUDV
TXHHQODVWLHUUDV\REUDVGHO$\XQWDPLHQWRVyORSRGtDQJDQDUXQUHDO
(V FRVD EDVWDQWH VDELGD ²SHUR GLJQD GH UHSHWLUVH DTXt² TXH HO SDJR D
GHVWDMRRIUHFLpQGROHDOWUDEDMDGRUODSRVLELOLGDGGHUHFLELUPiVGLQHURFUHD
OD DSDULHQFLD GH TXH OR IDYRUHFH SHUR HQ UHDOLGDG QR KDFH PiV TXH
LQWHQVLILFDUVXH[SORWDFLyQ6LHOWUDEDMDGRUUHFLEHWUHVYHFHVPiVGLQHURTXH
*XDWHPDODDxRFRUUtDHQHOUHLQRODTXHVHDFXxDEDHQ0p[LFR\HQHO DQWHVSRUKDEHUWUDEDMDGR\SURGXFLGRWUHVYHFHVPiVTXHDQWHVHVHYLGHQWH
3HU~ 'H DTXHOORV YLUUHLQDWRV DIOXtD PXFKD PRQHGD GHVJDVWDGD ²R TXHJDVWyVXRUJDQLVPRWDPELpQWUHVYHFHVPiV\TXHSURSRUFLRQDOPHQWHQR

 
JDQyPiVVLQRTXHYHQGLyVXIXHU]DGHWUDEDMRDXQULWPRPiVDFHOHUDGR\DO
PLVPR SUHFLR %DMR HO UpJLPHQ GH OLEUH FRQWUDWDFLyQ HO SDWURQR SXHGH
EHQHILFLDUVH FRQ HVWH SURFHGLPLHQWR JUDFLDV D TXH ODV QHFHVLGDGHV GH ORV
WUDEDMDGRUHVORVREOLJDQDDXPHQWDUVXVLQJUHVRVFRQVDFULILFLRGHODVDOXG\
GHODVSHUVSHFWLYDVYLWDOHV%DMRXQUpJLPHQFRPRHOTXHHVWDPRVHVWXGLDQGR
ODLQWHQVLILFDFLyQGHODH[SORWDFLyQSRUPHGLRGHOSDJRDGHVWDMRVHSURGXFtD
VREUH EDVHV WRWDOPHQWH GLIHUHQWHV \ WHQtD XQ FDUiFWHU PXFKR PiV GUiVWLFR (O
LQGLRHVWDEDIRU]DGRDWUDEDMDU\DDFHSWDUXQUHDOGLDULRPLHQWUDVVHKDOODED
UHSDUWLGR/DQHFHVLGDGGHDXPHQWDUVXVLQJUHVRVQRORLQFOLQDEDDHVIRU]DUVH
DOOt HQ HO UHSDUWLPLHQWR VLQR DO FRQWUDULR DTXHOOD QHFHVLGDG OH DFRQVHMDED
HVFDSDU GHO WUDEDMR IRU]DGR SDUD SRGHU GHGLFDUVH DO WUDEDMR OLEUH HQ TXH VX
HVIXHU]ROHUHQGtDXQSRFRPiV/DDGRSFLyQGHOSDJRDGHVWDMRHQHOPDUFR
GHO WUDEDMRIRU]DGRQRVLJQLILFDEDXQD RSRUWXQLGDGGHDXPHQWDUORVLQJUHVRV
DFHOHUDQGR HO ULWPR GH WUDEDMR VLQR TXH HUD VLPSOH \ OODQDPHQWH XQD
LPSRVLFLyQ IRU]RVD HQGHUH]DGD D GLVPLQXLU WRGDYtD PiV HO MRUQDO /RV
KDFHQGDGRV GHFLGLHURQ TXH HO GtD GH UHSDUWLPLHQWR OD MRUQDGD SRU OD TXH
OHJDOPHQWH WHQtDQ TXH SDJDU XQ UHDO \D QR VHUtD HO WLHPSR GH WUDEDMR
WUDQVFXUULGRHQWUHODVDOLGD\ODSXHVWDGHOVRO6HHQWHQGHUtDSRUGtD³ODWDUHD
GHOGtD´WDVDGDSRUHOORV\DFHSWDGDSRUORVLQGLRVDODIXHU]DFRPRWRGROR
GHPiV 1DWXUDOPHQWH ORV KDFHQGDGRV HVWLSXODURQ WDUHDV TXH QR SRGtDQ
UHDOL]DUVH HQ XQ GtD VLQR HQ GRV ²FRPR YHUHPRV HQ VHJXLGD² R WDUHDV WDQ
SHVDGDVTXHVHKDFtDSUHFLVRSDUDUHDOL]DUODVHQXQGtDGHVDUUROODUHQpOHO
HVIXHU]R GH GRV 7RGR HVWR VLJQLILFy TXH ORV KDFHQGDGRV REWXYLHURQ PiV
WUDEDMRPiVSURGXFWRVPiVXWLOLGDGHVSRUFDGDUHDOHQWUHJDGRDORVLQGLRV\
pVWRV YLHURQ GLVPLQXLGD VX SDJD SXHV WXYLHURQ TXH HQWUHJDU SRU HOOD PXFKR
PiVWUDEDMRTXHDQWHV
5HVXOWDVXPDPHQWHGHVFRQFHUWDQWHODGHFODUDFLyQGH)XHQWHV\*X]PiQTXH
DFDEDPRVGHFLWDUHQHOSXQWRHQTXHGLFHTXHPXFKRVLQGLRVWUDEDMDQGRSRU
WDUFDHQODVODERUHVGHOYDOOHOOHJDEDQDSHUFLELU³DWUHV\FXDWURUDOHVDOGtD´
1RGLUHPRVDVHFDVTXHVHWUDWDGHXQRGHHVRVRSWLPLVWDVUHWRUFLPLHQWRVGH
ODUHDOLGDGHQORVTXHVXHOHFDHUHOFURQLVWDFULROORFXDQGRWRFDWHPDVSDUDpO
HVSLQRVRVFRPRHVHOFDVR3XHGHKDEHUDOOtDOJRPiVFRPSOHMR6LQHPEDUJR
DSUHVXUpPRQRV D GHPRVWUDU TXH D SRFDV SiJLQDV GHO WH[WR FLWDGR \
UHILULpQGRVHDORVPLVPRVLQGLRVGHOYDOOH>@VHFRQWUDGLFHIODJUDQWHPHQWH\

SDUHFH SUHVHQWDU ²HVD HV QXHVWUD RSLQLyQ² OR TXH UHDOPHQWH RFXUUtD FRQ HO
SDJR GH UHSDUWLPLHQWR HQ HVD UHJLyQ (V HO SDVDMH HQ TXH VH UHILHUH D ORV
UHDOHURV'LFHDOOt²FRQWRGDFODULGDG\VLQOXJDUDFRQIXVLyQ²TXHDOJXQRV
LQGLRVGHVSXpVGHRFXOWDUVH\UHKXLUHOUHSDUWLPLHQWRLEDQYROXQWDULDPHQWHD
RIUHFHUVXWUDEDMRDDTXHOODVODERUHVHQTXHORVUHSDUWLGRVQRHUDQVXILFLHQWHV
6HORVFRQWUDWDEDSRUTXHKDFtDQIDOWDSHURpVWRV²H[SOLFDHOFURQLVWD²VyOR
VHDYHQtDQDWUDEDMDUVLVHOHVDVLJQDEDQWDUHDVHTXLYDOHQWHVDXQWHUFLRGHOD
WDUHDQRUPDOGHUHSDUWLPLHQWR\VREUHHVDEDVHDOFDQ]DEDQDOUHGHGRUGHGRV
UHDOHV GLDULRV>@ 1yWHVH TXH ORV UHDOHURV HUDQ HQ ULJRU WUDEDMDGRUHV D
GHVWDMRFRQWUDWDGRVOLEUHPHQWH\TXHVHGLIHUHQFLDEDQGHORVWUDEDMDGRUHVGH
UHSDUWLPLHQWRHQTXHDTXHOORHUDQWUDEDMDGRUHVDGHVWDMRIRU]DGR$KRUDELHQ
VLORVUHDOHURVFRQODWDUHDSHTXHxDDOFDQ]DEDQGRVUHDOHVGLDULRTXLHUHGHFLU
TXHVXHVIXHU]ROHVSHUPLWtDUHDOL]DUGRVWDUHDGHHVDVSHTXHxDVHTXLYDOHQWHV
D XQ WHUFLR GH ODV QRUPDOHV /R FXDO TXLHUH GHFLU TXH ORV WUDEDMDGRUHV GH
UHSDUWLPLHQWRSDUDJDQDUWUHV\KDVWDFXDWURUHDOHVSRUGtDWHQGUtDTXHKDEHU
UHDOL]DGRWUHV\KDVWDFXDWURWDUHDVJUDQGHVHQFDGDGtDRVHDQXHYHRGRFH
WDUHDVGHODVSHTXHxDV<HVWRHVDWRGDVOXFHVLPSRVLEOH
'HEHPRV DGYHUWLU SDUD YDORUDU FRUUHFWDPHQWH HVRV GDWRV TXH FXDQGR
)XHQWHV H[SOLFD OR GH ORV UHDOHURV HVWi GHQXQFLDQGR ORV GHVFXLGRV GH ODV
DXWRULGDGHV HQFDUJDGDV GH UHSDUWLU LQGLRV \ HVWi HPSHxDGR HQ GHPRVWUDU HO
GDxR TXH HVRV GHVFXLGRV OH DFDUUHDEDQ D ORV KDFHQGDGRV>@ (Q FDPELR
FXDQGR GLFH TXH HO SDJR SRU WDUHD HUD IDYRUDEOH SDUD ORV LQGLRV VH HVWi
UHILULHQGR FRQFUHWDPHQWH D HVD PRGDOLGDG GH SDJR \ QR D RWUD FRVD \ SRU
VXSXHVWRUHSDUyHQODQHFHVLGDGGHMXVWLILFDUOD6XLQIRUPDFLyQHVLPSXOVLYD\
HVSRQWiQHD\SUREDEOHPHQWHPiVVLQFHUD FXDQGR H[SOLFDOR GH ORV UHDOHURV
(VFRPHGLGD\FDXWHORVDFXDQGRDQXQFLDHOXVRGHOSDJRSRUWDUHD&RPRODV
GRVLQIRUPDFLRQHVVHFRQWUDGLFHQXQDGHODVGRVHVWiIDOVHDGD\HVUD]RQDEOH
VXSRQHU ²UHFRUGDQGR RWUDV GHIRUPDFLRQHV GH OD UHDOLGDG TXH \D KHPRV
HQFRQWUDGRHQVXREUD²TXHIDOVHyORVKHFKRVDOUHIHULUVHDOGHVWDMRIRU]DGR
$GHPiVORTXHHQGHILQLWLYDVHGHVSUHQGHGHHVDFRQWUDGLFFLyQ²TXHODWDUHD
GH UHSDUWLPLHQWR HUD PX\ SHVDGD \ TXH ORV LQGLRV QR OD DFHSWDEDQ DO
FRQWUDWDUVHOLEUHPHQWH²YLHQHFRQILUPDGRHQRWURVGRFXPHQWRV
(Q ORV SDSHOHV GHO JUDQ SOHLWR HQ WRUQR DO UHSDUWLPLHQWR RFXUULGR HQ
 ²£DSUHWDGRV HVFULWRV TXH VDFDQ D OX] WDQWDV LQWLPLGDGHV GHO

VLVWHPD²VHFDSWDXQFXDGURPX\FRPSOHWRGHORTXHVLJQLILFDEDHOSDJRSRU
WDUHDGHQWURGHOWUDEDMRIRU]DGR(QSULPHUOXJDUHVWiORTXHDOUHVSHFWRGLFHQ
ORVLQGLRVGH$JXDFKDSiQHQVXPHPRULDOGHTXHMDVSXHVMXQWRDRWURVDEXVRV
WUDGLFLRQDOHV OH FRQFHGHQ HVSHFLDOtVLPD LPSRUWDQFLD D ODV WDUHDV ³« \ FRQ
WRGR DTXHVWH WUDEDMR ORV TXH YDQ D ODV ODERUHV QR VH OHV SDJD VX WUDEDMR
SRUTXHOHVGDQWDQJUDQGHVWDUHDVTXHODTXHHVGHXQGtDDSHQDVODSXHGHQ
VDFDUHQWRGDODVHPDQD\DOILQGHHOODOHVGDQXQUHDORUHDO\PHGLRFRQ
PXFKRPiVLPSRUWDQWHD~Q(OUHSDUWLGRWHQtDTXHUHDOL]DUSRUXQUHDOORTXHOH
REOLJDUDQ D KDFHU HQ FRQGLFLRQHV GH WUDEDMR TXH SRGtDQ VHU PX\ PDODV R
SHOLJURVDV \ VREUH WRGR WHQtD TXH DFHSWDU ODV WDUHDV WDVDGDV HQ IRUPD
DUELWUDULD SRU ORV KDFHQGDGRV FRQ OR TXH OD SDJD UHVXOWDED GLVPLQXLGD D
PXFKRPHQRVGHXQUHDOSRUGtD(ORWURHOLQGLRMRUQDOHUR²TXHQDWXUDOPHQWH
SRGtDVHUHOPLVPRWUDEDMDGRUHQRWURPRPHQWRGHVXDFWLYLGDGSURGXFWLYD²
QRVyORSHGtDUHDO\PHGLRRGRVUHDOHVVLQRTXHHVHVDODULRFRUUHVSRQGtDD
QRPEUHVRSUHWH[WRV60TXHQRKLFLHURQPiVTXHXQDWDUHD«´>@(QVX WDUHDVGLVFXWLGDVOLEUHPHQWHUHFKD]DQGRODVH[WHQXDQWHVGHOUHSDUWLPLHQWR
HQpUJLFDSHWLFLyQGHDEROLFLyQGHOUHSDUWLPLHQWRHO)LVFDOWDPELpQVHUHILHUHD 6H FRPSUHQGH DKRUD SRU TXp HQ  DO OOHJDU D RtGRV GH ORV LQGLRV HO
ODV WDUHDV DJRELDQWHV \ DJUHJD TXH HO FXUD GRFWULQHUR GHO SXHEOR OH KD UXPRUGHTXHHOUHSDUWLPLHQWRLEDDVHUVXSULPLGRVHFRQPRYLHURQORVSXHEORV
DVHJXUDGREDMRMXUDPHQWRTXHHVFLHUWRORTXHDOUHVSHFWRGLFHQORVLQGLRVHQ HQORFDUHFKLIOD\JULWHUtD\SUHJRQDURQODHQRUPHQRWLFLDVLQHVSHUDUVLTXLHUD
VXHVFULWR>@(QODLQGDJDFLyQGHWHVWLJRVKHFKDFRQPRWLYRGHODFRQPRFLyQ VX FRQILUPDFLyQ ³« FRQ WDQWR H[FHVR ²GLFH XQ SDSHO GH OD pSRFD² TXH
TXH LQHVSHUDGDPHQWH FDXVDURQ DTXHOODV TXHMDV XQR GH ORV GHFODUDQWHV ² DOERURWDGRV HQ VXV SXHEORV FRQ FDMDV \ FODULQHV KDQ SXEOLFDGR HO HVWDU
QLQJXQRGHHOORVHUDLQGLR\WRGRVGHFODUDURQFRQWUDORVLQGLRV²XQRSRUOR TXLWDGR GLFKR UHSDUWLPLHQWR \ QR GHEHUOR GDU SHUGLHQGR HO UHVSHWR D ORV
PHQRVUHFRQRFLyKDEHURtGRDORVLQGtJHQDVTXHMDUVHGHTXH³OHVGDQJUDQGHV UHSDUWLGRUHV \ HVSDxROHV ODEUDGRUHV«´>@ 7DPELpQ SXHGH LPDJLQDUVH HO
WDUHDV´>@ )LQDOPHQWH HOHYDGDV HVWDV GHFODUDFLRQHV DO 3UHVLGHQWH \ YLVWDV DEDWLPLHQWRTXHFDHUtDVREUHDTXHOORVFKRFHUtRVKXPHDQWHVFXDQGRVHYLRTXH
SRUOD$XGLHQFLDVHOLEUyXQHVFULWRSDUDORVLQGLRVGH$JXDFKDSiQHQHOFXDO WRGR KDEtD GH VHJXLU LJXDO \ TXH FDGD GRPLQJR GHVSXpV GH OD PLVD VH
VH RUGHQD TXH VRODPHQWH GHEHQ SUHVWDU UHSDUWLPLHQWR D ODV KDFLHQGDV TXH GH VHJXLUtDHVFXFKDQGROD YR]³DKPDQGDPLHQWR FDLP´²HUHVGHPDQGDPLHQWR
DQWLJXR OR WHQtDQ DVLJQDGR ³«SDJiQGROHV SRU HQWHUR VXV MRUQDOHV \ ODV HUHV UHSDUWLGR² FRQ OD TXH VH GHVLJQDED D TXLHQHV WHQtDQ TXH LU D ODV
WDUHDV QR VHDQ H[FHVLYDV«´>@ (VD YDJD \ IORMD UHFRPHQGDFLyQ HTXLYDOtD KDFLHQGDV\ODERUHVDWUDEDMDUREOLJDWRULDPHQWH\SRUWDUHD>@
VHJ~QORVXVRVFRORQLDOHVDGDUOHDSUREDFLyQDORTXHVHYHQtDSUDFWLFDQGR
SXHV GHMDED RWUD YH] D FULWHULR GH ORV KDFHQGDGRV TXp GHEtD HQWHQGHUVH SRU
³WDUHDVH[FHVLYDV´(OKHFKRHVPX\VLJQLILFDWLYR/DVDXWRULGDGHVFHQWUDOHVQR
OH GLHURQ LPSRUWDQFLD DO DVXQWR GH ODV WDUHDV SHVH D TXH FRQ MXUDPHQWR GHO
GRFWULQDULRVHVDEtDTXHORVLQGLRVQRSRGtDQGHVDUUROODUODVHQXQGtD6LHVD
H[WRUVLyQ KXELHVH VLGR XQ KHFKR DQRUPDO R H[WUDRUGLQDULR HV VHJXUR TXH OD
$XGLHQFLDKXELHUDLQGLFDGRSRUORPHQRVXQDWDUHDPi[LPDSHUPLVLEOH3HUR
QRGLMRQDGDQRKDEtDDKtQDGDDQRUPDO
6H HVWi YLHQGR SXHV SRU TXp DILUPiEDPRV TXH HO SDJR D GHVWDMR HUD HO
WUXFRPHGXODUGHOUHSDUWLPLHQWR
6HUtD HTXLYRFDGR VXSRQHU TXH OD GLIHUHQFLD HQWUH HO LQGLR UHSDUWLGR \ HO
LQGLR OLEUHPHQWH FRQWUDWDGR YLVWD GHVGH HO iQJXOR GH ORV WHUUDWHQLHQWHV
UDGLFDEDHQTXHHOSULPHURUHFLEtDXQUHDOSRUGtD\HOVHJXQGRUHDO\PHGLRR
GRV<DHVRKXELHUDVLGRXQDGLIHUHQFLDJUDQGHSHURODGLIHUHQFLDHIHFWLYDHUD

 
 ²9²
'LIXVLyQ\SUR\HFFLRQHVKLVWyULFDVGHO
UHSDUWLPLHQWR
(V QHFHVDULR IRUPDUVH XQD LGHD GH OD JHQHUDOL]DFLyQ \ SHUGXUDFLyQ GHO
UHSDUWLPLHQWR\GHODLPSRUWDQFLDTXHORVGRFXPHQWRVFRORQLDOHVOHFRQILHUHQ
FRPRUpJLPHQGHWUDEDMRIXQGDPHQWDO
(Q ORV GRFXPHQWRV GHO VLJOR ;9,, QR IDOWD DOJXQD QRWLFLD DXQTXH VHD
RFDVLRQDOGHODERUHVRGHKDFLHQGDVTXHQRWHQtDQLQGLRV>@/DH[SOLFDFLyQ
GH HVOH IHQyPHQR VH HQFXHQWUD HQ ORV FRPHQWDULRV GH )XHQWHV \ *X]PiQ DO
UHIHULUVH D pO GLFH TXH HQ FLHUWDV UHJLRQHV ORV SXHEORV \ VXV KDELWDQWHV HUDQ
SRFRV HQ SURSRUFLyQ DO Q~PHUR \ OD DFWLYLGDG GH ODV KDFLHQGDV>@ (VWDV
HPSUHVDVWHQtDQTXHHPSOHDULQGLRV\ODGLQRVDVDODULDGRV\HVGHVXSRQHUVH
TXHWUDWDURQGHIRUPDUSURQWRUDQFKHUtDVGHODGLQRV
8QR GH ORV GHFODUDQWHV IUDQFLVFDQRV DWDFDQGR DO VLVWHPD HVJULPH HO
YLJRURVRDUJXPHQWRGRTXHORVLQGLRVVHHQFXHQWUDQLQFRPSDUDEOHPHQWHPHMRU
HQDTXHOORVSXHEORVTXHQRSUHVWDQVHUYLFLR>@1RGLFH FXiOHV HUDQ QL KD\
GRFXPHQWR TXH PHQFLRQH PRWLYR R UHJOD GH H[HQFLyQ SDUD GHWHUPLQDGRV
SXHEORV(VSUREDEOHTXHVHUHILHUDDORVGHODSURYLQFLDGH&KLDSDVHQGRQGH
DPHGLDGRVGHOVLJOR;9,,QRVHSUDFWLFDEDHOUHSDUWLPLHQWRGHLQGLRV>@
5HIHUHQFLDV FRQFUHWDV \ VHJXUDV GH OD SUiFWLFD JHQHUDOL]DGD GHO
UHSDUWLPLHQWR ODV WHQHPRV SDUD ODV SURYLQFLDV GH 1LFDUDJXD \ 6DQ 6DOYDGRU
>@ \ GHVGH OXHJR SDUD ODV FRUUHVSRQGLHQWHV D OR TXH KR\ HV *XDWHPDOD
HPSUHVDV DJUtFRODV <D OD 5HDO &pGXOD TXH OR DXWRUL]y GHILQLWLYDPHQWH HQ
 GLFH TXH HV SDUD ³WRGDV \ FXDOHVTXLHU SDUWHV GH HVDV SURYLQFLDV \ VX
GLVWULWR>@ (Q ORV HVFULWRV GHO VRQDGR SOHLWR HQ TXH VH LQWHQWy DEROLU HO
VLVWHPDVHHQFXHQWUDUHLWHUDGDSUXHEDGHORGLFKR$VtHO5HFWRUGHO&ROHJLR
GHOD&RPSDxtDGH-HV~VHQVXHVFULWRGHGHIHQVDGHOVLVWHPDGLFHTXH³«
KDVLGR6HxRULQPHPRULDOFRVWXPEUHHQHVWDFLXGDG\UHLQR«>@
(Q HO HVFULWR GHO &DELOGR (FOHVLiVWLFR VH SLGH ³« VH VLUYD 9XHVWUD
0DMHVWDGPDQGDUVHYXHOYD\FRQWLQ~HHOUHSDUWLPLHQWRGHLQGLRVDVtGHODV
ODERUHV GH SDQ OOHYDU \ GHPiV KDFLHQGDV GH IUXWRV \ JDQDGRV \ REUDV
S~EOLFDV«´>@ 1R GLFH TXH VHDQ SDUD WRGR HO UHLQR SHUR UHYHOD FRQ WRGD
FODULGDG TXH HO VLVWHPD VH XVDED SDUD HPSUHVDV SURGXFWRUDV GH FHUHDOHV ²
ODERUHVGHSDQOOHYDU²\SDUDKDFLHQGDVGLYHUVDVLQFOXLGDVODVJDQDGHUDV
(O D\XQWDPLHQWR GH *XDWHPDOD TXH HQ FLHUWR PRGR TXLVR FHQWUDU VX
GHIHQVDHQHOWUDEDMRIRU]DGRSDUDORVYDOOHVGHODFLXGDGSRQHGHPDQLILHVWR
TXH HO VLVWHPD HVWDED JHQHUDOL]DGR HQ ODV SULQFLSDOHV UHJLRQHV GHO UHLQR 6X
SULPHU \ PiV H[WHQVR DOHJDWR GLULJLGR DO 3UHVLGHQWH SDUD RSRQHUVH FRQ WRGD
HQHUJtDDODLQLFLDWLYDGHO)LVFDOFRQWLHQHSDVDMHVPX\HORFXHQWHVDOUHVSHFWR
>@(QORVSULPHURVSiUUDIRVSLGHTXHGHFODUH³QRKDEHUOXJDU´DORSHGLGR
SRU HO )LVFDO ³« \ TXH VH JXDUGH \ HMHFXWH \ OOHYH DGHODQWH HO VHUYLFLR \
UHSDUWLPLHQWRGHGLFKRVLQGLRVVHJ~QODORDEOHFRVWXPEUHFRQTXHVHKDFH\
SRUODPLVHULFRUGLDGH'LRVVHKDFRQWLQXDGRFRQWRGDSLHGDG\VHJXULGDG
GH OD 5HDO &RQFLHQFLD \ GH ORV YHFLQRV \ QDWXUDOHV GHVWD FLXGDG \
SURYLQFLDV«´>@\HQODPLVPDIRUPDFLHUUDHOH[WHQVRGRFXPHQWRSLGLHQGR
³«FRQWLQXDUODFRVWXPEUH\IRUPDWDQORDEOHGHUHSDUWLUVHHQHVWDFLXGDG\
9DOOH \ HQ WRGD OD SURYLQFLD HO VHUYLFLR GH ORV GLFKRV LQGLRV«´>@ (Q
SiUUDIRVFHQWUDOHVHO$\XQWDPLHQWRTXHVLHQRWUDVSDUWHVSDJDQPDO\PDOWUDWDQ
H[FOXLGRHO3HWpQ>@6HSXHGHDILUPDUTXHHOVLVWHPDWXYRPiVLPSRUWDQFLD
HQORVGRV~OWLPRVWUR]RVGHOUHLQRTXHHQ1LFDUDJXD\PiVHQ*XDWHPDODTXH
HQ 6DQ 6DOYDGRU (VWD JUDGDFLyQ UHVSRQGH DO SDUHFHU D ODV UHVSHFWLYDV
GHQVLGDGHV GH SREODFLyQ LQGtJHQD DXQTXH GHMD VLQ H[SOLFDFLyQ HO FDVR GH
&KLDSDV
$KRUD ELHQ OR QRUPDO \ FRQVWDQWH HV TXH ORV SDSHOHV VH UHILHUDQ DO
UHSDUWLPLHQWR FRPR DOJR SUDFWLFDGR HQ WRGR HO UHLQR \ SDUD WRGD FODVH GH

DORVLQGLRV³«-XVWLFLDVKD\TXHORUHPHGLHQ\FDVWLJXHQ«TXHORTXH
DOJXQRVLQGLYLGXRVKDFHQ\QRVHFDVWLJDQRORKDGHSDJDUHOELHQXQLYHUVDO
\WRGRVORVYDVDOORVGH6X0DMHVWDGTXHYLYHQ\OHVLUYHQHQHVWDVSDUWHV«´
>@<SRUVLORVUHQJORQHVDQWHULRUHVGHMDQGXGDDFHUFDGHODJHQHUDOL]DFLyQ\
ODLPSRUWDQFLDIXQGDPHQWDOGHOVLVWHPDHOGRFXPHQWRGLFHPiVDGHODQWH³«
QR KD\ FDXVD QL UD]yQ XUJHQWH TXH PRWLYH XQD QRYHGDG WDQ SHUMXGLFLDO DO
UHLQR TXH HV OR PLVPR SULYDUOH GHO VHUYLFLR GH ORV LQGLRV TXH GHVWUXLUOR \

DQLTXLODUOR«´>@(VWDVH[SUHVLRQHVVRQSRUVXSXHVWRH[DJHUDGDVHQUD]yQ
GHODGHIHQVDTXHVHSURSRQHQSHURVHUtDHTXLYRFDGRVXSRQHUTXHHQHOODWRGR
HV KLSpUEROH /D VXSUHVLyQ GHO UHSDUWLPLHQWR KDEUtD VLJQLILFDGR FRPR
IiFLOPHQWHVHFRPSUHQGHXQFDPELRSURIXQGRHQODHVWUXFWXUDGHOUHLQR\XQD
FULVLVYLROHQWDSDUDODFODVHFULROOD
/DVQRWLFLDVGH)XHQWHV\*X]PiQVREUHHVWHSXQWRVRQGHJUDQLQWHUpV(O
FURQLVWDKDFHEUHYHPHQFLyQGHODFULVLVGH\VHUHILHUHDOD5HDO&pGXOD
GHFRQORFXDOWHUPLQyDTXHOSOHLWR>@'LFHTXHHQHOODVHDXWRUL]DURQ
ORVUHSDUWLPLHQWRV~QLFDPHQWHSDUDODVODERUHVGHSDQOOHYDU<DHVWRKXELHUD
VLGR DXWRUL]DUORV HQ JUDQ HVFDOD SXHVWR TXH HO PDt] \ HO WULJR HUDQ ORV
SURGXFWRV GH FRQVXPR EiVLFR \ SUiFWLFDPHQWH WRGDV ODV KDFLHQGDV WHQtDQ
FXOWLYRVGHPDt]DSDUWHGHODVODERUHVTXHVRORFXOWLYDEDQFHUHDOHV3HURHO
FURQLVWDQRVDKRUUDUHIOH[LRQHVDOGHFODUDUDOOtPLVPR³«0DV VLQ HPEDUJR
HVWRFRPRWRGRORGHPiVVHJRELHUQDSRUHOIDYRU\ORVLQGLRVVHUHSDUWHQD
TXLHQHV VH TXLHUH \ HQ SULPHU OXJDU SDUD ORV LQJHQLRV \ WUDSLFKHV GH
D]~FDU«´>@<FRPRDOUHIHULUVHDODVLWXDFLyQDQWHULRUDODFULVLVQRVKDEtD
GLFKR TXH ORV 3UHVLGHQWHV GDEDQ LQGLRV GH UHSDUWLPLHQWR SDUD ODV ODERUHV
LQJHQLRV\WUDSLFKHV>@WHQHPRVTXHOOHJDUDODFRQFOXVLyQGHTXHODFULVLVQR
UHGXMRODVSRVLELOLGDGHVGHREWHQHULQGLRVUHSDUWLGRV\TXHDQWHV\GHVSXpVGH
³« 6L ODV KDFLHQGDV IXHUDQ XQD X RWUD SXGLHUD WROHUDUVH HO GDxR
VROLFLWDQGR HO UHPHGLR FRQ VLOHQFLR SHUR VLHQGR WDQWDV ¢TXLpQ QR FODPD
KDVWDTXHVHRLJDQORVGHVyUGHQHVHQWRGRHOPXQGRSDUDTXHFRQWULEX\DQD
VX UHPHGLR«´>@ ³« 3DUD HO FXOWLYR GH ODV KDFLHQGDV ²GLFH XQRV
UHQJORQHVDGHODQWH²VHKDFHQUHSDUWRVGHLQGLRVSDUDORVWUDEDMRV´>@(V
LQWHUHVDQWH FRPSUREDUTXHHVWHFXLGDGRVR REVHUYDGRUTXHPHQFLRQD HQ VX
LQIRUPHSREODGRV\KDFLHQGDV>@GHOWHUULWRULRTXHFRUUHVSRQGHD
ODVDFWXDOHV5HS~EOLFDVGH*XDWHPDOD\(O6DOYDGRUQRGLJDTXHHOUHSDUWR
VHKDFtDSDUD³DOJXQDVKDFLHQGDVRSDUD³PXFKDVGHHOODVRSDUDODVGH
WDO R FXDO UHJLyQ VLQR VH H[SUHVH HQ OD IRUPD JHQHUDOL]DGRUD TXH HVWDPRV
YLHQGR$UHQJOyQVHJXLGRGLFH³«(VWRVUHSDUWRVORVSLGHQORVKDFHQGDGRV
HQ HO WLHPSR RSRUWXQR SDUD OD VLHPEUD SDUD HO GHV\HUER \ HQ VXPD VH
FRQVLGHUDQQHFHVDULRVSDUDTXHODWLHUUDSURGX]FDHQFX\RWLHPSRWDPELpQ
VRQ QHFHVDULRV HVWRV FXOWLYRV SDUD TXH SURGX]FD OD WLHUUD HQ ORV FDPSRV
SURSLRV GH ORV LQGLRV TXH SRU HVWDU UHSDUWLGRV HQ KDFLHQGDV DMHQDV QR
SXHGHQ WHQHU IUXWRV QL OOHYDUORV ODV SURSLDV´>@³(VWRV UHSDUWLPLHQWRV VH
KDFHQFRQWRGDYLROHQFLDTXHQRVHGHMDGHUHVSHWDUVRODPHQWHORVFDPSRV\
WLHUUDVGHORVPLVHUDEOHVLQGLRVSHURQLVXVDOXG\YLGDVREUHORFXDOYpDVH
GRFXPHQWR WHUPLQDQWH HQ OD SDUURTXLD GH &KLFKLFDVWHQDQJR HQ GRQGH
HOODVHUHSDUWLHURQSDUDWRGDFODVHGHHPSUHVDVDJUtFRODV
(Q RWUR OXJDU QRV KHPRV UHIHULGR D OD GHQXQFLD TXH KDFH )XHQWHV GH OD
GHVWUXFFLyQ GH ORV LQGLRV D FDXVD GH OOHYDUORV GH FOLPDV IUtRV D ODV FRVWDV
FiOLGDV>@ 7HQHPRV TXH UHFRUGDU DKRUD HVH DVXQWR FRPR XQ DVSHFWR GHO
UHSDUWLPLHQWR \ XQD SUXHED GH VX SUiFWLFD HQ ODV PiV GLYHUVDV HPSUHVDV 6H
HQYLDED LQGLRV D ORV REUDMHV GH DxLO D ORV DVHUUDGHURV \ WDPELpQ D KDFHU
FRQVWUXFFLRQHVHQODVFRVWDV>@(VWRVPDQGDPLHQWRVHVWDEDQSURKLELGRVSRU
5HDO &pGXOD \ SRU YDULRV DFXHUGRV GH OD $XGLHQFLD SHUR VH VHJXtDQ
SUDFWLFDQGRHQWLHPSRVGHOFURQLVWDSHVHDTXHFDXVDEDQJUDQPRUWDQGDGHQWUH
ORVLQGtJHQDV>@
/D³'HVFULSFLyQ´GH&RUWpV\/DUUD]UHYHODTXHHOUHSDUWLPLHQWRVHJXtDHQ
SOHQDYLJHQFLDHQ HO~OWLPRWHUFLRGHOVLJOR ;9,,, 6XVREVHUYDFLRQHV VRQGHO
PiV DOWR YDORU KLVWyULFR \ XQDV GH HOODV PHUHFHQ VHU OHtGDV FRQ DWHQFLyQ
5HILULpQGRVHDODVKDFLHQGDVHQJHQHUDO\DORVGHVyUGHQHV\PLVHULDVTXHHQ
HOODVHQFRQWUyDOFRQRFHUODVGHFHUFDH[SUHVDVXSRVLFLyQGHOVLJXLHQWHPRGR WLHPSRVTXHVHQHFHVLWDQPiVRSHUDULRVSUHFLVHODMXVWLFLDDORVODGLQRVTXH

DTXHOORV LQIHOLFHV HQ FRQVWHODFLyQ HSLGHPLD GH VDUDPSLyQ 6 0 TXH
SDGHFtDQPHOOHYDEDQHOGLQHURGHORVUHSDUWRVLQWHQWDQGRGHMDUORVREUHOD
PHVD SDUD TXH OR YROYLHUD D ORV KDFHQGDGRV D FDXVD GH QR SRGHU LU D
WUDEDMDUSRUUHSDUWRSRUKDOODUVHHQIHUPRVTXHGiQGRPHFRQHOGRORUGHQR
SRGHU FRQVRODUORV SRU GHVSDFKR TXH KDEtD GH ORV PLQLVWURV GHO 5H\ VLQ
KDEHUPH TXHGDGR RWUR DUELWULR TXH HVFULELU DO ILVFDO GH OD 5HDO $XGLHQFLD
SDUDTXHORVDPSDUDUDSHURVLQQLQJ~QHIHFWR´
³1RTXLHURGHFLUTXHVHDEDQGRQHQODVKDFLHQGDVQLTXHGHMHQGHVHUVXV
IUXWRVDEHQHILFLRGHOS~EOLFRSHURORVHUtDQPiVQRSRUHOUHSDUWLPLHQWRGH
LQGLRVHQORVWLHPSRVSUHFLVRVSDUDHOFXOWLYRGHVXVFDPSRVSRUTXHSRUHVWH
PHGLRVyORVHFRQVLJXHTXHORVIUXWRVTXHKDEtDQGHSURGXFLUORVFDPSRVGH
ORV LQGLRV ORV SURGX]FDQ ORV GH ORV KDFHQGDGRV VLHQGR PX\ LQGLIHUHQWH DO
S~EOLFR HO TXH ORV SURGX]FDQ pVWRV R DTXpOORV FXOWtYHQVH HQ EXHQD KRUD ODV
KDFLHQGDV SHUR SRU PHGLR GH FULDGRV DVDODULDGRV SRU WRGR HO DxR \ HQ ORV

YLYHQKDUWRRFLRVRV\QRDORVPLVHUDEOHVLQGLRVRFXSDGRVHQVXVFXOWLYRV´ UHODWLYR D OD WLHUUD \ TXH QRV KDQ GDGR DSR\R GRFXPHQWDO HQ PXFKtVLPRV
³/DV KDFLHQGDV QHFHVLWDQ GH RWURV DUUHJORV \ HO WUDEDMR HO SUREOHPD 6 SXQWRVGHVSXpVWDPELpQQRVRIUHFHQSUXHEDVHJXUDGHTXHHOUHSDUWLPLHQWRHUD
0 HV TXH QHFHVLWDQ PXFKRV SHUR ORV LQGLVSHQVDEOHV VRQ R TXLWDU ORV HO PiV LPSRUWDQWH PHFDQLVPR GH H[SORWDFLyQ GHO LQGLR HQ  ²DxR GHO
UHSDUWRV GH LQGLRV TXH IXHUD HO UHPHGLR VHJXUR R PRGHUDUORV OR TXH QR GRFXPHQWR² \ GH TXH VH KDEtD DGRSWDGR HO UHSDUWR SRU WHPSRUDGDV \
VXFHGHUiHTXLWDWLYDPHQWHSRUPXFKDSURYLGHQFLDVTXHVHWRPHQ´>@
'HHVHSUHFLRVRWH[WRYDPRVDH[WUDHUVXFLQWDPHQWHXQDVFRQFOXVLRQHVPX\
YDOLRVDV3ULPHUDTXHHOUHSDUWLPLHQWRHVWDEDHQXVRHQWRGDODUHJLyQYLVLWDGD
SRUHOUHOLJLRVRODFXDOUHJLyQVHKDOODEDQFXELHUWDSRUXQFUHFLGRQ~PHURGH
KDFLHQGDV6HJXQGDHOUHSDUWLPLHQWRIXQFLRQDEDFRQHQWHUDLQGHSHQGHQFLDGH
ODV UDQFKHUtDV ²GH ODV FXDOHV QRV GD FXLGDGRVD LQIRUPDFLyQ HO PLVPR
GRFXPHQWR² \ HUD HQ FLHUWR PRGR XQ FRPSOHPHQWR GH HOODV SDUD HO
KDFHQGDGR 7HUFHUD HO VLVWHPD VLJXH VLHQGR XQ DSDUDWR GH YLROHQFLD TXH
SHUMXGLFDDORVLQGLRVJUDYHPHQWHHQGLVWLQWDVIRUPDV&XDUWDHOVLVWHPDHVGH
DOWRLQWHUpVSDUDORVKDFHQGDGRV²ORFRQVLGHUDQQHFHVDULRGLFHSDUDTXHOD
WLHUUD SURGX]FD \ H[SUHVD TXH VHUOD LPSRVLEOH PRGHUDUORV² 4XLQWD HO
VLVWHPDJR]DGHOPiVVyOLGRUHVSDOGRRILFLDO\ORVGDxRVTXHOHFDXVDDORV
LQGLRV QR FRQVWLWX\HQ DUJXPHQWR HQ ORV RtGRV GH ORV ³PLQLVWURV GHO 5H\´
6H[WD HO HVSHFWiFXOR GH ORV VHFWRUHV ODGLQRV GHVRFXSDGRV \ GH ORV LQGLRV
DUUHEDWDGRVGHVXVSURSLDVVLHPEUDVOOHYDDOREVHUYDGRUDSURQXQFLDUVHSRU
ODWRWDOVXSUHVLyQGHOUHSDUWLPLHQWR<ILQDOPHQWHVpSWLPDHOUHSDUWLPLHQWRKD
DEDQGRQDGRHOGHVHPDQDV$OHVER]DUODVLWXDFLyQJHQHUDOGHORVLQGLRVORV
DXWRUHV QR RPLWLHURQ ³« ORV WUDEDMRV D TXH VH OHV REOLJD HQYLiQGRORV ORV
$OFDOGHV0D\RUHVHQSDUWLGDVFRQQRPEUHGHUHSDUWLPLHQWRVDODVKDFLHQGDV
GH ORV TXH ORV SLGHQ SDUD VXV ODERUHV \ GHEHQ GiUVHOHV FRQ DUUHJOR D ODV
OH\HV«´>@<HQHOLQWHUHVDQWHSUR\HFWRGHUHIRUPDDJUDULDTXH\DKHPRV
DQDOL]DGR HQ RWUR OXJDU QDWXUDOPHQWH WURSH]DURQ FRQ HO UHSDUWLPLHQWR \
WXYLHURQ TXH GHVDFRQVHMDUOR SXHV HO VLVWHPD KXELHUD KHFKR LPSRVLEOH HO
DSURYHFKDPLHQWR GH ODV WLHUUDV TXH KDEtD TXH HQWUHJDUOH D ORV LQGtJHQDV
³«ODH[WUDFFLyQGHLQGLRVTXHVHDFRVWXPEUDKDFHUGHORVSXHEORVFRQHO
QRPEUH GH PDQGDPLHQWRV SDUD WUDEDMDU HQ ODV KDFLHQGDV GH ORV EODQFRV
SHUMXGLFDUiLQIDOLEOHPHQWHODODEUDQ]DGHORVPLVPRVLQGLRVWHQLHQGRpVWRV
FDPSRVSURSLRVDTXHDWHQGHU\RFXSDUVHVLHQGRSUHFLVDPHQWHHOWLHPSRHQ
TXH VH HIHFW~DQ GLFKDV H[WUDFFLRQHV HO RSRUWXQR TXH HOORV QHFHVLWDQ SDUD
FXOWLYDU WDPELpQ VXV SRVHVLRQHV R FRVHFKDUODV«´ >@ (Q FRQVHFXHQFLD
³« QR VH REOLJDUi D LQGLR DOJXQR TXH WHQJD VHPHQWHUD SURSLD R TXH HVWp
SRUVHPEUDUODFXLGDUODRFRVHFKDUODDTXHYD\DDEHQHILFLDUODGHOEODQFR
VXIULGR²RHVWiVXIULHQGR²XQLPSRUWDQWHFDPELRTXHWHQHPRVTXHYDORUDUHQ
WRGR VX VLJQLILFDGR $XQTXH KD\ SUXHED GH TXH WRGDYtD GLH] DxRV PiV WDUGH
HVWDEDQODVDXWRULGDGHVUHFRPHQGDQGRVHJXLUFRQHOVLVWHPDURWDWLYRGHWDQGDV
SRUFXDUWDVSDUWHV>@HOUHOLJLRVRYLRHQXQUHSDUWLPLHQWRGLVWLQWR²TXH
YDDLPSRQHUVH\DSHUGXUDUODUJRWLHPSR²ORVLQGLRVQRHUDQHQYLDGRVSRU
WDQGDV VHPDQDOHV VLQR HQ ODV WHPSRUDGDV HQ TXH ORV KDFHQGDGRV ORV
QHFHVLWDEDQSRUVHUODVGHPiVDFWLYLGDGDJUtFROD\PiVXUJHQFLDGHPDQRGH
REUD (VH HUD HO WLHPSR ³RSRUWXQR´ SDUD ORV KDFHQGDGRV SHUR HUD HO PiV
LQRSRUWXQR SDUD ORV LQGLRV SRUTXH WDPELpQ VXV WLHUUDV FRPXQDOHV UHTXHUtDQ
FXOWLYR 3RU KDOODUVH UHSDUWLGRV HQ HVRV SHUtRGRV ORV IUXWRV TXH KDEtDQ GH
SURGXFLUORVFDPSRVGHORVLQGLRVORVSURGXFtDQODVKDFLHQGDV
&RQHVDLPSRUWDQWHPRGLILFDFLyQLQWURGXFLGDHQHOVLJOR ;9,,,SHUGXUyHO
UHSDUWLPLHQWRKDVWDOD,QGHSHQGHQFLD/RV³$SXQWDPLHQWRVVREUH$JULFXOWXUD\
&RPHUFLR TXH QRV SURSRUFLRQDURQ WDQ YDOLRVRV GDWRV SDUD HO FDStWXOR
 
«3RGUiVRODPHQWHHFKDUVHPDQRSDUDGLFKRVUHSDUWLPLHQWRVGHDTXHOORV
LQGLRV TXH SRU DOJ~Q PRWLYR VH KDOODVHQ H[SHGLWRV HQ OD RFDVLyQ TXH VH
SLGDQ \ ORV KDFHQGDGRV SURFXUDUiQ EXVFDU RWUD JHQWH TXH OHV WUDEDMH SRU
VXV MXVWRV MRUQDOHV LQWURGXFLHQGR HVWD SUiFWLFD REVHUYDGD HQ PXFKRV
SDUDMHV GHO 5HLQR«´>@ < D~Q DJUHJDQ PiV DGHODQWH ³« HQ FDVR GH
VHUYLUVH GH ORV LQGLRV VHD SDJiQGROHV VX WUDEDMR \ RFXSDFLyQ VLQ
DSUHPLDUORV«´>@
&ODURTXHHVWRVVDQRVSUR\HFWRV²TXHKDEUtDQVLJQLILFDGRXQDUHYROXFLyQ
GHQWURGHODFRORQLD²>@IXHURQWRWDOPHQWHGHVHFKDGRVSRUORVFULROORVTXH
GHVHDEDQ H KLFLHURQ XQD ,QGHSHQGHQFLD VLQ UHYROXFLyQ /RV WH[WRV FLWDGRV
WLHQHQ VLQ HPEDUJR XQ H[WUDRUGLQDULR YDORU GH SUXHED HQ UHODFLyQ FRQ ORV
SXQWRVTXHYHQLPRVDFODUDQGR(OUHSDUWLPLHQWROOHJyDOILQDOGHODFRORQLDFRQ
OD PRGLILFDFLyQ DSXQWDGD /RV LQGLRV HUDQ HQYLDGRV D OD IXHU]D FXDQGR ORV
KDFHQGDGRV ORV SHGtDQ VLQ RSFLyQ GH FRQWUDWDUVH OLEUHPHQWH /D JUDQ
GHVYHQWDMD TXH UHSUHVHQWDED SDUD ORV LQGLRV VHU UHWLUDGRV GH VXV WLHUUDV
FRPXQDOHVHQODVWHPSRUDGDVHQTXHHUDQDOOtPiVQHFHVDULRVHUDXQGDxRTXH
VHOHVKDFtDGHQWURGHODOH\²³GHEHQGiUVHOHVFRQDUUHJORDODVOH\HV´²
$GHPiV GH FRPSUREDU TXH HO VLVWHPD TXH HVWDPRV HVWXGLDQGR VH
JHQHUDOL]y \ SHUGXUy FRPR LQVWLWXFLyQ GH OD PD\RU LPSRUWDQFLD KDVWD HO ILQDO
GHODFRORQLDHVSUHFLVRGDUVHFXHQWDGHTXHVXYHUVLyQPRGLILFDGDUHSUHVHQWy
PiV EHQHILFLRV SDUD ORV KDFHQGDGRV \ PD\RUHV PDOHV SDUD ORV LQGLRV (Q
HIHFWR OD DGRSFLyQ GHO UHSDUWR SRU WHPSRUDGDV WLHQH TXH KDEHU HVWDGR HQ
HVWUHFKDUHODFLyQFRQHOGHVDUUROORGHODVUDQFKHUtDVTXHWXYRVXJUDQDXJHHQ
HOVLJOR ;9,,,(OKHFKRGHTXHVHKD\DDEDQGRQDGRHOUHSDUWRSRUVHPDQDVHV
HQVtPLVPRXQDSUXHEDGHTXHDORVKDFHQGDGRVOOHJyDVHUOHVSUHIHULEOHHO
RWUR /D FRURQD QR JDQDED QL SHUGtD QDGD FRQ HO FDPELR SXHV ORV LQGLRV
VLJXLHURQ UDGLFDGRV HQ VXV SXHEORV \ FRQWURODGRV SDUD OD WULEXWDFLyQ /RV
LQGLRV QR SXGLHURQ GHVHDU QL SURSXJQDU XQ FDPELR TXH ORV SHUMXGLFDED
SURIXQGDPHQWH (Q FDPELR QyWHVH FXiQWDV YHQWDMDV WXYR TXH UHSRUWDUOH OD
PRGLILFDFLyQ D ORV FULROORV GHVGH HO PRPHQWR HQ TXH OD GLVSRQLELOLGDG GH
PDQR GH REUD ODGLQD VHPLVHUYLO DOFDQ]y FLHUWR QLYHO LPSRUWDQWH 'HMDURQ GH
SDJDUHOUHDOGHUHSDUWLPLHQWRHQODVWHPSRUDGDVGHSRFDDFWLYLGDGDJUtFROD
HQTXHORVWUDEDMDGRUHVGHUDQFKHUtDSRGtDQFXEULUODVIDHQDVGHODVKDFLHQGDV
D FDPELR GH WLHUUD HQ XVXIUXFWR 6LJXLHURQ GLVSRQLHQGR GH PDQR GH REUD
IRU]RVDGHORVSXHEORVFXDQGRODQHFHVLWDEDQFRQWRGRVORVDEXVRVTXHSRGtDQ
FRPHWHUVHHQHVDVFRQGLFLRQHVHVSHFLDOPHQWHHOSDJRSRUWDUHD<DOJRPiV
GH LQFDOFXODEOH LPSRUWDQFLD HQ ODV FRQGLFLRQHV GHO UHSDUWLPLHQWR SRU
VHPDQDV URWDWLYR HO PHUFDGR LQWHUQR GH FHUHDOHV \ JUDQRV EiVLFRV ²PDt]
IULMRO WULJR² HUD DEDVWHFLGR SRU ODV DSRUWDFLRQHV GH ODV KDFLHQGDV \ GH ORV
SXHEORVORFXDOLPSOLFDEDXQFLHUWRJUDGRGHFRPSHWHQFLDFRQUHSHUFXVLyQHQ
ORVSUHFLRV²UHFRUGHPRVD'RQ$QWRQLRGH)XHQWHVODPHQWiQGRVHGHTXHORV
LQGLRV GHO YDOOH SURGXFtDQ PiV WULJR GHO TXH pO KXELHUD TXHULGR²>@ (O
UHSDUWR GH WHPSRUDGD HQ FDPELR SHUMXGLFDED PXFKR PiV TXH HO RWUR OD
DJULFXOWXUDGHORVSXHEORVSRUTXHOHVDUUHEDWDEDPDQRGHREUDFXDQGRPiVOD
QHFHVLWDEDQ ²FLUFXQVWDQFLD TXH SXGR REVHUYDU SHUIHFWDPHQWH XQ UHOLJLRVR
UHFLpQ OOHJDGR DO UHLQR \ TXH FRQILUPDQ FRQ WRGD FODULGDG ORV GXFKRV
FRPHUFLDQWHVGHO&RQVXODGRHQVXV³$SXQWDPLHQWRV´²³/RVIUXWRVTXHKDEtDQ
GH SURGXFLU ORV FDPSRV GH ORV LQGLRV ORV SURGXFHQ ORV GH ORV KDFHQGDGRV´

GHQXQFLD&RUWpV\/DUUD](VRLPSOLFDQHFHVDULDPHQWHTXHHOPHUFDGRLQWHUQR
DEVRUEtDHQPD\RUFDQWLGDGTXHDQWHVORVIUXWRVGHODVKDFLHQGDV\HQPHQRU
FDQWLGDG ORV GH ODV WLHUUDV GH ORV LQGLRV 1R QRV HV GDEOH KDFHU QLQJXQD
DILUPDFLyQ DFHUFD GH VL ORV SUHFLRV VH YLHURQ DIHFWDGRV SRU HMHPSOR R
FRQMHWXUDU VL RFDVLRQDOPHQWH KDEUiQ WHQLGR TXH FRPSUDUOH ORV LQGLRV D ORV
KDFHQGDGRV DTXHOORV SURGXFWRV TXH QR SRGtDQ FXOWLYDU HQ VXV SXHEORV \ TXH
FRQ VXV SURSLDV PDQRV KDEtDQ SURGXFLGR HQ ODV KDFLHQGDV D FRVWR GH
UHSDUWLPLHQWR 3HUR Vt SRGHPRV DILUPDU GH PDQHUD JHQHUDO \ VLQ ULHVJR GH
HTXLYRFDFLyQTXHXQDXPHQWRGHODSRUWHGHODVKDFLHQGDVDOPHUFDGRLQWHUQR
²HVSHFLDOPHQWH HQ JUDQRV² \ XQD GLVPLQXFLyQ GHO DSRUWH GH ORV SXHEORV
WXYR TXH VHU XQ EXHQ QHJRFLR SDUD ORV WHUUDWHQLHQWHV \ XQD QXHYD FDODPLGDG
SDUDORVLQGLRV<HVWHKHFKRKD\TXHVXPDUORFRQWRGDVXLPSRUWDQFLDDORV
RWURV PRWLYRV \D VHxDODGRV TXH GHEHQ KDEHU RSHUDGR FRPR FDXVDQWHV GH OD
PRGLILFDFLyQGHOUHSDUWLPLHQWRTXHFRPHQWDPRV5HVXPLHQGRGLVSRQLELOLGDG
GH PDQR GH REUD VHPLVHUYLO SHUPDQHQWH JUDFLDV D ODV UDQFKHUtDV
GLVSRQLELOLGDG GH PDQR GH REUD VHUYLO HQ ORV SHUtRGRV GH PD\RU DFWLYLGDG
DJUtFROD JUDFLDV DO UHSDUWLPLHQWR GH WHPSRUDGDV EORTXHR SDUFLDO GH OD
DJULFXOWXUDGHORVSXHEORVGHLQGLRV\PD\RUGHPDQGDGHORVSURGXFWRVGHODV
KDFLHQGDV HQ HO PHUFDGR LQWHUQR +H DKt HO IRQGR GHO UHSDUWLPLHQWR HQ VX
YHUVLyQPRGLILFDGDGHILQHVGHOVLJOR;9,,,\SULQFLSLRVGHO;,;
1RVKDOODPRVQXHYDPHQWHIUHQWHDIHQyPHQRVEiVLFRVGHODYLGDFRORQLDO
TXHVHSUR\HFWDQPXFKRPiVDOOiGHODFRORQLD
(QHIHFWRDOWRPDUIRUPDHOUHSDUWLPLHQWRDILQHVGHOVLJOR;9,\SULQFLSLRV
GHO;9,,ODV&pGXODV5HDOHV\ORVIXQFLRQDULRVGHODFRURQDWHQtDQTXHLQVLVWLU
PXFKR HQ TXH ORV LQGLRV QR IXHUDQ UHWHQLGRV HQ ODV KDFLHQGDV>@ 3RU HVR
FXDQGRVHHVWXGLDQODVYLFLVLWXGHVGHOVLVWHPDHQDTXHOSHUtRGRWHPSUDQRVH
SLHQVDTXHDOOOHJDUDOD,QGHSHQGHQFLDORVFULROORVYDQDFDHUFRQPDQROLEUH
VREUHORVSXHEORVSDUDSURYHHUVHGHVLHUYRV\RUJDQL]DUVXVUDQFKHUtDV3HUR
DO HVWXGLDU HVWH RWUR SHUtRGR VH FRPSUXHED TXH QR RFXUULy WDO FRVD ODV
UHODFLRQHVGHSURGXFFLyQHQWUHKDFLHQGDV\SXHEORV²HQWUHFULROORVHLQGLRV
² FRQWLQXDURQ VREUH ODV PLVPDV EDVHV TXH VH HQFRQWUDEDQ DQWHV GH OD
,QGHSHQGHQFLD \ GXUDQWH ORV WUHLQWD DxRV GH OD GLFWDGXUD FULROOD QR VH
DOWHUDURQHVDVUHODFLRQHVHQORIXQGDPHQWDO
+DEtD RFXUULGR OR TXH \D KHPRV YLVWR (Q HO FXUVR GHO VLJOR ;9,,, VH

GHVDUUROODURQ ODV UDQFKHUtDV \ VH DGRSWy HO UHSDUWLPLHQWR GH WHPSRUDGDV (Q
HVDV FLUFXQVWDQFLDV ORV KDFHQGDGRV WHQtDQ OR TXH TXHUtDQ XQ Q~FOHR GH
WUDEDMDGRUHV VHPLIHXGDOHV ILQFDGRV HQ OD KDFLHQGD \ SUiFWLFDPHQWH
SHUWHQHFLHQWHV D HOOD \ XQ FRPSOHMR GH UHVHUYRULRV HQ ORV FXDOHV VH REWHQtD
PDQRGHREUDVHUYLODOVROLFLWDUODORVSXHEORV
$ HVR VH GHEH ²VHxDOHPRV HO QH[R HQWUH HVWRV GDWRV² TXH OD GLFWDGXUD
FULROODQROHKD\DKHFKRODPHQRUFRQFHVLyQDODVFDSDVPHGLDVVLQRTXHPX\
DOFRQWUDULRKD\DDGRSWDGRXQDSROtWLFDIpUUHDSDUDPDQWHQHUODVEORTXHDGDVHQ
HO PROGH FRORQLDO (OOR HUD XQ UHTXLVLWR LQGLVSHQVDEOH SDUD TXH ORV SXHEORV
FRQVHUYDUDQVXYLHMDHVWUXFWXUD²FRQFHQWUDFLRQHVGHVLHUYRVGLVSRQLEOHV²\
REOLJDGRDWUDEDMDUHQIRUPDVHUYLOEDMRHODFRVRGHOH\HVWHUULEOHV²FRPRHO
FpOHEUH5HJODPHQWRGH-RUQDOHURV²>@\GHODPiVGHVFDUDGDYLROHQFLD
1R QRV DOHMDPRV GH QXHVWUR WHPD HV HO WHPD HO TXH VH SUR\HFWD
SURIXQGDPHQWH KDFLD HO SUHVHQWH 2EVpUYHVH TXH XQD YH] FRQVROLGDGDV ODV
UDQFKHUtDV GH ODV ILQFDV ORV JRELHUQRV OLEHUDOHV REOLJDURQ D ORV SXHEORV D
SURSRUFLRQDUPDQRGHREUDIRU]RVDSDUDODVWHPSRUDGDV\SDUDORVOXJDUHVHQ
TXH HO QXHYR FXOWLYR OD UHTXHUtD HVSHFLDOPHQWH SDUD ODV FRVHFKDV /RV -HIHV
3ROtWLFRV DFWXDQGR H[DFWDPHQWH LJXDO TXH ORV DQWLJXRV &RUUHJLGRUHV \
$OFDOGHV 0D\RUHV UHFLEtDQ HO SHGLGR GH ORV ILQTXHURV \ RUGHQDEDQ ORV
³PDQGDPLHQWRVGHLQGLRV´>@3DUDHVWRVXVRVIXHLQWURGXFLGRLQLFLDOPHQWHHO
SDUDTXHQRGLVPLQX\HUDODGLVSRQLELOLGDGGHODGLQRVUXUDOHVSREUHVSDUDODV
KDFLHQGDV3HVHDHOORFRPR\DH[SOLFDPRVHQRWUROXJDUODFDSDPHGLDDOWD
UXUDO VLJXLy GHVDUUROOiQGRVH SHUR HVWR RFXUULy D GHVSHFKR GH OD GLFWDGXUD
FULROODHQXQDVRUGDOXFKDTXHFXOPLQyHQHOPRYLPLHQWRGH
+H DTXt XQD VRUSUHVD 1R IXHURQ ORV FULROORV TXLHQHV URPSLHURQ OD
HVWUXFWXUD FRORQLDO GH ORV SXHEORV SDUD IRUPDU VXV UDQFKHUtDV £IXHURQ ORV
OLEHUDOHV /D ,QGHSHQGHQFLD OHMRV GH WUDHU FRQVLJR XQ LQFUHPHQWR GH OD
SURGXFFLyQDJUtFRODHQODVKDFLHQGDVWUDGLFLRQDOHVFDXVyXQDFRQWUDFFLyQGH
ODSURGXFFLyQ\GHOPRYLPLHQWRGHYDORUHV²£YHLQWHDxRVGHJXHUUDGHFODVHV
\ WUHLQWD GH UHFXSHUDFLyQ FRQVHUYDGRUD² (O LQFUHPHQWR JUDGXDO SHUR PX\
ItUPH RFXUULy HQ ODV HPSUHVDV DJUtFRODV PHGLDV SURGXFWRUDV GH JUDQD \
HVSHFLDOPHQWHHQODVGHFDIp<FXDQGRORVOLEHUDOHVWRPDURQHOSRGHU²FRQ
HVWRV QXHYRV WHUUDWHQLHQWHV FDIHWDOHURV LPSULPLpQGROH VX FDUiFWHU DO
PRYLPLHQWR² HQWRQFHV Vt TXH VH QHFHVLWy GH ORV LQGtJHQDV SDUD LPSXOVDU
YHUWLJLQRVDPHQWHODFUHDFLyQGHILQFDVSDUDDEULUFDPLQRV\SDUDPXFKtVLPDV
RWUDV UHDOL]DFLRQHV LQKHUHQWHV D OD WUDQVIRUPDFLyQ GHO SDtV HQ H[SRUWDGRU GH
HVH IUXWR /D OHJLVODFLyQ DJUDULD GH OD 5HIRUPD /LEHUDO HQGHUH]DGD D
WUDQVIRUPDU OD SURSLHGDG FRPXQDO GH ORV SXHEORV HQ SURSLHGDG SULYDGD GH
SHTXHxRVDJULFXOWRUHVQRSUHWHQGtD~QLFDPHQWHOLEHUDOL]DUODSURSLHGDGGHOD
WLHUUD\DXPHQWDUODSURGXFFLyQDEDVHGHORVODGLQRVGHORVSXHEORVEDMRHO
HVWLPXORGHVXQXHYDVLWXDFLyQ7DPELpQVHSURSRQtD\ORFRQVLJXLyODQ]DUD
XQJUDQQ~PHURGHLQGLRVDODE~VTXHGDGHWUDEDMRHQODVILQFDV(VVDELGRTXH
DOOtIXHURQDWUDSDGRVEDMRGLYHUVRVSUHWH[WRVOHJDOHVHLOHJDOHV\TXHHOUHVWR
GH OD SREODFLyQ LQGtJHQD ²HO TXH SHUPDQHFLy HQ ORV SXHEORV² WDPELpQ IXH

WHOpIRQR HQ *XDWHPDOD (O HVTXHPD GH HVWRV PDQGDPLHQWRV TXH GXUDURQ
GHVGH%DUULRVKDVWD8ELFR²²HVH[DFWDPHQWHHOGHOUHSDUWLPLHQWRGHO
~OWLPRVLJORFRORQLDO(OUHSDUWLPLHQWRQRKDEtDVLGRVXSULPLGRGHVSXpVGHOD
,QGHSHQGHQFLD \ OD 5HIRUPD FDIHWDOHUD OH LPSULPLy XQ QXHYR \ IRUPLGDEOH
LPSXOVR EDMR ODV QHFHVLGDGHV GH XQD QXHYD FODVH GH WHUUDWHQLHQWHV
H[SORWDGRUHV GH VLHUYRV LQGLRV ²HV GHFLU EDMR XQD QXHYD FODVH GH FULROORV
FRPRH[SOLFDUHPRVDOILQDOGHOOLEUR²
(Q HO DPSOLR IUDJPHQWR GH &RUWpV \ /DUUD] TXH KHPRV FLWDGR HQ SiJLQDV
DQWHULRUHV VH KDEUi QRWDGR TXH HO UHOLJLRVR VH UHILHUH D ORV LQGLRV GH
&KLFKLFDVWHQDQJR TXLHQHV DIOLJLGRV SRU XQD HSLGHPLD GH VDUDPSLyQ \
REOLJDGRVDLUDOUHSDUWLPLHQWRVHQHJDEDQ\EXVFDEDQDSR\RHQHO$U]RELVSR
²TXLHQ QR SXGR KDFHU QDGD SRU HOORV²>@ 'LFH DOOt TXH ORV LQGLRV OH
HQWUHJDURQHOGLQHURGHOUHSDUWRSDUDTXHpOORGHYROYLHUDDORVKDFHQGDGRV
>@ (VWH VRUSUHQGHQWH GHWDOOHV ²OD SDJD IRU]DGD DQWLFLSDGD FRPR UHFXUVR
DGLFLRQDO SDUD REOLJDU DO LQGLR² QR FRUUHVSRQGH HQ DEVROXWR DO PHFDQLVPR
GHOUHSDUWLPLHQWRGHOVLJOR ;9,,/DUHIHUHQFLDGH&RUWpV\/DUUD]SRUVtVROD
WDPSRFRQRVDXWRUL]DSDUDGHFLUTXHVHWUDWDGHXQDVSHFWRGHOUHSDUWLPLHQWR
GLHFLRFKHVFR ²HV SUHFLVR LQYHVWLJDU PiV \ DYHULJXDU VL HO DQWLFLSR HUD \D
HQWRQFHV XQ XVR JHQHUDOL]DGR² (Q WRGR FDVR VDEHPRV SHUIHFWDPHQWH TXH OD
SDJD IRU]DGD DQWLFLSDGD IXH XQ UHFXUVR DVRFLDGR DO PDQGDPLHQWR GH ODV
GLFWDGXUDVFDIHWDOHUDV²ODWULVWHPHQWHFpOHEUH³KDELOLWDFLyQ´GHOLQGLR²>@
\QRFDEHODPHQRUGXGDGHTXHHOGDWRGH&RUWpV\/DUUD]DXQTXHQRVOOHJXH
DLVODGRHVXQUHPRWRLQGLFLR\DQWHFHGHQWHGHODKDELOLWDFLyQ
$Vt SXHV DO KDEODU GH UHSDUWLPLHQWRV \ PDQGDPLHQWRV GHO UpJLPHQ GH

WUDEDMR IRU]DGR FRORQLDO QRV HVWDPRV UHILULHQGR D XQ PHFDQLVPR GH
H[SORWDFLyQTXH\DHVWDEDHQXVRDILQHVGHOVLJORGHODFRQTXLVWD\TXHVLQ
HPEDUJR OR YLPRV FRQ QXHVWURV RMRV HQ SOHQD YLJHQFLD WRGDYtD PXFKRV
JXDWHPDOWHFRV DQWHV GH  VLOHQFLRVDV KLOHUDV GH LQGLRV HVFROWDGRV
VLHPSUH D YHFHV DWDGRV TXH SDVDEDQ SRU SXHEORV \ FLXGDGHV HQ VX ODUJR \
IRU]RVR UHFRUULGR D SLH GHVGH VXV SXHEORV KDVWD ODV ILQFDV 7ULVWH FXDGUR
FRORQLDODPHGLDGRVGHOVLJOR;;>@
/DVGHSULPHQWHVUHDOLGDGHVTXHYHQLPRVH[DPLQDQGRHUDQODHQWUDxD\HO
IRQGR YHUGDGHUR GH OD YLGD FRORQLDO $ HVWRV QLYHOHV TXHUtDPRV OOHJDU
+XELHUDVLGRPiVDPHQRGHVGHOXHJRKDFHU+LVWRULD³GHODFXOWXUD´\UHIHULU
DOJXQRV ORJURV IHOLFHV GH ODV PLQRUtDV XUEDQDV DFRPRGDGDV &RQWDU ²
SRQJDPRVSRUFDVR²FyPRIXHLQWURGXFLGDODSULPHUDLPSUHQWDHQ*XDWHPDOD FULROOD \ OD FODVH PLVPD DVHQWDGD VREUH UHDOLGDGHV TXH VRQ SRU HVR OD
FyPRXQ2ELVSRODKL]RWUDHUGHVGH3XHEODFRQLPSUHVRU\WRGRSDUDHGLWDU
XQOLELRVX\RGH7HRORJtDHVFULWRHQODWtQTXHIXHHOSULPHUOLEURLPSUHVRHQ
HO SDtV \ TXH SUREDEOHPHQWH VLUYLy PXFKR D ORV LQWHUHVDGRV HQ SUREOHPDV
WHROyJLFRV TXH FRQRFtDQ DTXHO FXOWR LGLRPD 3HUR QRV KHPRV SURSXHVWR HO
HQRMRVR WUDEDMR GH H[SOLFDU PiV ELHQ SRU TXp ORV IHOLFHV ORJURV GH QXHVWUD
FXOWXUD FRORQLDO IDYRUHFLHURQ WDQ VyOR D UHGXFLGRV FtUFXORV GH SHUVRQDV
DFRPRGDGDVRULFDVSRUTXpORVLQGLRVORVODGLQRVUXUDOHVSREUHVODSOHEH
ODLQPHQVDPD\RUtDGHODSREODFLyQFRORQLDOWXYRTXHYLYLUHQFRQGLFLRQHVWDQ
GLItFLOHVTXHORVELHQHVGHODFXOWXUDVXSHULRUQRVyOROHVHUDQUHPRWRVVLQR
WRWDOPHQWH DMHQRV H LQGLIHUHQWHV < SDUD KDFHU HVWD GHVOXFLGD SHUR XUJHQWH
+LVWRULD³GHODLQFXOWXUD´>@WHQHPRVTXHUHVLJQDPRVDUR]DUPX\UDUDYH]\
PX\ ODWHUDOPHQWHWHPDVFRPROD8QLYHUVLGDGFRORQLDOOD/LWHUDWXUDFRORQLDO
+LVWRULDGHODFXOWXUDDQWHVELHQVHxDODVXVIXQGDPHQWRVVLQORVFXDOHVIORWD
HQHODLUH(QODVVRFLHGDGHVGHFODVHVODULTXH]DPDWHULDO\HVSLULWXDOGHORV
JUXSRVGRPLQDQWHVUHSRVDVREUHODSREUH]DGHODSREODFLyQRSULPLGDSHURQR
HQ IRUPD SDVLYD H LQHUWH FRPR SXHGH UHSRVDU XQD SLHGUD VREUH RWUD SLHGUD
VLQR HQ IRUPD TXH ODV PRGDOLGDGHV FXOWXUDOHV GH OD FODVH GRPLQDQWH UHVXOWDQ
SRGHURVDPHQWH FRQGLFLRQDGDV SRU VXV UHODFLRQHV FRQ ODV FODVHV H[SORWDGDV
%LHQ OR KHPRV YHQLGR YLHQGR HQ XQD GH ODV PiV QRWDEOHV \ DXWpQWLFDV
FUHDFLRQHVGHODFXOWXUDFRORQLDOJXDWHPDOWHFD²HQODTXHKHPRVWHQLGRTXH
DGHQWUDPRV XQ SRFR² OD 5HFRUGDFLyQ )ORULGD PRQXPHQWDO H[SUHVLyQ
FLHQWtILFDOLWHUDULD GH OD FRQFLHQFLD VRFLDO GH ORV FULROORV REUD TXH QR
H[LVWLUtD VL QR KXELHUDQ H[LVWLGR ODV QHFHVLGDGHV LGHROyJLFDV GH OD FODVH
WHPiWLFD\ODVXEVWDQFLDYLYDGHODREUD
1RKD\XQGLYRUFLRSXHVHQWUHORVGRVQLYHOHV$TXHOFpOHEUH2ELVSRTXH
LQWURGXMRHQHOUHLQRODPiTXLQDTXHKDEtDGHGLYXOJDUODVOHWUDVIXHFXDQGR
OOHJy HO PRPHQWR XQ GHIHQVRU GH DTXHOOD RWUD PiTXLQD IXQHVWD TXH KDEtD GH
FHUUDUVH HO SDVR D ODV OHWUDV \ D WRGD SRVLELOLGDG GH VXSHUDFLyQ HQWUH ORV
LQGLRV HO UHSDUWLPLHQWR -XVWDPHQWH HQ HO DxR HQ TXH VH LPSULPLy OD
³([SOLFDWLR$SRORJHWLFD´²²DOFDQ]DEDVXSXQWRFXOPLQDQWHHOSOHLWRHQ
WRPR D OD DEROLFLyQ GHO WUDEDMR IRU]DGR \ HQWUH ORV PXFKRV HVFULWRV TXH
HOHYDURQ DO &RQVHMR GH ,QGLDV ORV GHIHQVRUHV GHO UHSDUWLPLHQWR ILJXUD XQD
FDUWDGH)UD\3D\R(QUtTXH]GH5LEHUD>@$GPLWHUHSRVDGDPHQWHHO2ELVSR
TXHKD\³«FDVRV VLQJXODUHV GH UHFLELU DOJXQRV LQGLRV DOJXQDV PROHVWLDV R
YHMDFLRQHV GH ORV ODEUDGRUHV«´>@ SHUR DJUHJD TXH ³«FRQ DOJXQRV
HO $UWH FRORQLDO ²£JUDWRV WHPDV² SDUD H[WHQGHPRV HQ iULGRV DQiOLVLV GH
LQVWLWXFLRQHV WDQ VyUGLGDV FRPR pVWD TXH YHQLPRV YLHQGR HO UHSDUWLPLHQWR
FRORQLDO3HURHVHOFDVRTXHDTXtHQODUHGXFFLyQGHLQGLRVHQHOUpJLPHQGH
SXHEORV HQ HO UHSDUWLPLHQWR HQ OD H[WRUVLyQ GHO WUDEDMR SRU WDUHD VH
HQFXHQWUDQORVPHFDQLVPRVTXHFRQYLUWLHURQDOQDWLYRSUHKLVSiQLFRHQHOLQGLR
FRORQLDO ORV PHFDQLVPRV TXH DSULVLRQDURQ HQ XQD GXUtVLPD VLWXDFLyQ GH
SREUH]D PDWHULDO \ HVSLULWXDO ²GH LQIHULRULGDG SHUPDQHQWH UHVSHFWR GH VXV
RSUHVRUHV²DODJUDQPD\RUtDKXPDQDGHODVRFLHGDGTXHHVWDPRVWUDWDQGRGH
HQWHQGHU
3RUORGHPiVOD+LVWRULDGHODVUHDOLGDGHVEiVLFDVQRQLHJDQLH[FOX\HDOD

HMHPSODUHV GH SHQD « VLQ GXGD VHUiQ PHQRUHV DTXHOORV GDxRV R QR WDQ
FRQWLQXRV«´>@(OKHFKRHVTXHHOUHSDUWLPLHQWR³«HVDVXQWRTXHWRFDHQ
FRP~Q D WRGR HVWH 5H\QR FX\R VXVWHQWR GHSHQGH JUDQGHPHQWH GH HVWH
VHUYLFLR GH LQGLRV VLQ HO FXDO VH FRQVLGHUD LPSRVLEOH DTXt FRPR OR HV OD
FXOWXUDGHFDPSRV\WLHUUDV«>@&DUWDEUHYH\FRQWXQGHQWHTXHGHEHKDEHU
SHVDGR PXFKR HQ OD EDODQ]D DO GHFLGLUVH OD FRQVHUYDFLyQ GHO UHSDUWLPLHQWR
SXHVQRHUDSRFRHOFUpGLWRTXHJR]DEDHQHO&RQVHMRDTXHOSUHODGRTXHOOHJy
DVHU9LUUH\GH0p[LFR+RPEUHH[SHUWRHQOLGHVEXURFUiWLFDVQRVHHQUHGyHQ
FRQVLGHUDFLRQHV VREUH VL ORV LQGLRV WUDEDMDUtDQ \ YLYLUtDQ PHMRU FRQ SDJD
OLEUH%LHQKXELHUDSRGLGRpOKDFHUILOLJUDQDVFRQHOSUREOHPD²QDGDPHQRV

TXHXQ7HyORJR²SHUR\DRWURVORKDEtDQKHFKRH[WHQVDPHQWH\EDVWDQWHELHQ ²9,²
&RPSUHQGLyTXHORTXHVHQHFHVLWDEDHUDVXYRWR\HVRHVVXFDUWDXQYRWRGH
SHVRHQSRFRVUHQJORQHV
1RYDPRVDPHQRVSUHFLDUHOYHUGDGHURVLJQLILFDGRGHODLQWURGXFFLyQGH (OWHUURUFRORQLDO\ORV&RUUHJLGRUHV
OD LPSUHQWD HQ HO UHLQR GH *XDWHPDOD \ PHQRV TXHUUtDPRV QL SRGUtDPRV
GLVFXWLUOHPpULWRVDOUHDOL]DGRUGHWDQLPSRUWDQWHLQLFLDWLYD6HWUDWDHVRVtGH
(OUpJLPHQFRORQLDOIXHXQUpJLPHQGHWHUURUSDUDHOLQGLR(VWDDILUPDFLyQ
GHPRVWUDU FyPR XQ KHFKR GH JUDQ LPSRUWDQFLD FXOWXUDO SDUD ODV PLQRUtDV
SXHGH SDUHFHU HVFDQGDORVD ²£KD\ WDQWD PRMLJDWHUtD HQ WRUQR D OD FRORQLD²
XUEDQDVFDUHFtDSRUFRPSOHWRGHSUR\HFFLRQHVSRVLWLYDVHQWUHODPD\RUtDGH
SHUR QR GHEHUtD VRUSUHQGHU D QDGLH SXHV VH VDEH TXH OD ~QLFD PDQHUD GH
OD SREODFLyQ 6H WUDWD GH LOXVWUDU OD SURIXQGD FRQWUDGLFFLyQ HO DELVPR TXH
PDQWHQHU VRPHWLGD D XQD PD\RUtD GHVFRQWHQWD HV PDQWHQHUOD DWHPRUL]DGD (O
KDEtD HQ DTXHOOD VRFLHGDG HQWUH HO GHVDUUROOR GH ODV PLQRUtDV \ HO GH ODV
WHUURUFRORQLDOQRVHKDFHHYLGHQWHFXDQGRVyORVHPLUDODYLGDXUEDQDGHOD
PD\RUtDVDOH[WUHPRGHTXHXQPLVPRKRPEUHSRGtDVHU²\VROtDVHUOR²XQ
FRORQLDSRUTXHVHHMHUFtDVREUHODSREODFLyQLQGtJHQDHQHOLQWHULRUGHOSDtV
LPSXOVRUGHODFXOWXUDHQWUHODVSULPHUDV\XQIUHQDGRUGHODFXOWXUDHQWUHODV
HQHODSDUWDGRHVFHQDULRGHORVSXHEORV$GHPiVQRKDEtDHQODFRORQLDXQD
VHJXQGDV 6H WUDWD GH OODPDU OD DWHQFLyQ DVLPLVPR VREUH OD PDJQLWXG GH ODV
RVWHQWRVDJHQGDUPHUtDGHVSOHJDGDSDUDYHODUSRUHORUGHQFRORQLDO$SDUWHGH
UHDOLGDGHVKXPDQDVTXHVRQGHVDWHQGLGDVFXDQGRDWtWXORGH+LVWRULDFXOWXUDO
ODV GpELOHV JXDUQLFLRQHV GH DOJXQRV SXHUWRV IRUWLILFDGRV \ GH SRFRV \
VH PLUD KDFLD ODV UHDOL]DFLRQHV PiV R PHQRV EULOODQWHV GH ODV PLQRUtDV
PRGHVWRVEDWDOORQHV³ILMRV´TXHVHRUJDQL]DURQKDFLDHOILQDOGHOFRORQLDMHOD
DFRPRGDGDV XUEDQDV \ VH OH GD OD HVSDOGD DO JUDQ FRPSOHMR HFRQyPLFR \
IXHU]D DUPDGD FRORQLDO UHVLGtD HQ PLOLFLDV SURSLDPHQWH GLFKDV XQLGDGHV
VRFLDOTXHOHVVHUYtDGHVRSRUWH\TXHHUDHQYHUGDGODWUDPDGHODH[LVWHQFLD
LQWHJUDGDV SRU FLYLOHV SULQFLSDOPHQWH FULROORV TXH HVWDEDQ SUHSDUDGRV SDUD
HQODFRORQLD
WRPDU ODV DUPDV FXDQGR XQD HYHQWXDOLGDG OR UHFODPDED \ TXH DVLVWLGRV SRU
(O UHSDUWLPLHQWR GH LQGLRV HO WUDEDMR IRU]DGR WHPSRUDO IXH XQR GH ORV
VLUYLHQWHV \ DOJXQD JHQWH OHDO OH KDFtDQ IUHQWH D ORV PRWLQHV ORV DWDTXHV GH
JUDQGHV IDFWRUHV GH OD KLVWRULD GH *XDWHPDOD )XH HO UpJLPHQ GH WUDEDMR TXH
SLUDWDVHWF
FRQVROLGy HQ VXV UHVSHFWLYDV VLWXDFLRQHV D ODV GRV FODVHV VRFLDOHV PiV
1R 3DUD FRPSUHQGHU QXHVWUR DVXQWR KD\ TXH UHFRUGDU FRPR QRUPD
LPSRUWDQWHVGHODVRFLHGDGJXDWHPDOWHFD²ODVFODVHVDQWDJyQLFDV²GXUDQWHOD
JHQHUDO TXH OD DJUHVLYLGDG \ HO FDUiFWHU GH XQ UpJLPHQ GH WHUURU FXDOTXLHUD
FRORQLD \ SDUD PXFKRWLHPSR GHVSXpVORVVLHUYRV LQGLRV\ ORV WHUUDWHQLHQWHV
JXDUGDQ GLUHFWD UHODFLyQ FRQ HO Q~PHUR HO JUDGR GH GHVDUUROOR JHQHUDO \ OD
FULROORV/DVFRQVROLGy\OHVLPSULPLyPXFKRVGHVXVUDVJRVHVHQFLDOHV
FDSDFLGDG SROtWLFD GH DTXpOORV D TXLHQHV SUHWHQGH DWHPRUL]DU (O WHUURU
6LVHSXGLHUDKDFHUXQLQYHQWDULRGHWRGRORTXHHOUHSDUWLPLHQWROHGLRD
FRORQLDO VH HVWDEOHFLy VREUH FLHUWDV SUHPLVDV TXH HUDQ QDWXUDOPHQWH ODV
TXLHQHVFRQpOVHEHQHILFLDEDQ\GHWRGRORTXHOHTXLWyDTXLHQHVORSDGHFtDQ
SUHPLVDV GH OD VRFLHGDG FRORQLDO 3ULPHUD XQD SREODFLyQ LQGtJHQD
HQWpUPLQRVGHYLGDPDWHULDO\GHGHVDUUROORLQWHOHFWXDOVHWHQGUtDH[SOLFDGD
DSULVLRQDGD HQ XQ UpJLPHQ HFRQyPLFR TXH OH FHUUDED WRGD SRVLELOLGDG GH
VLQQHFHVLGDGGHPiVODPLWDGGHODSUREOHPiWLFDVRFLDOJXDWHPDOWHFD
VXSHUDFLyQ 6HJXQGD ²FRPSOHPHQWR GH OD DQWHULRU² GDU D ORV LQGLRV
~QLFDPHQWH DTXHOORV HOHPHQWRV GH FXOWXUD TXH IXHUDQ DEVROXWDPHQWH
LQGLVSHQVDEOHV SDUD OOHYDU DGHODQWH VX H[SORWDFLyQ ²SRFRV LQVWUXPHQWRV GH
PHWDO LPSUHVFLQGLEOHV SDUD OD DJULFXOWXUD LQVWUXFFLyQ FHxLGD D XQDV SRFDV
FUHHQFLDVVHQFLOODV\HILFDFHV²FRPSHQVDQGRFRQHOQ~PHUR\ODYLROHQFLDHO
EDMRUHQGLPLHQWRGHXQDPDVDWUDEDMDGRUDVXPLGDHQXQDHQRUPHLQIHULRULGDG
GHUHFXUVRVPDWHULDOHVHLQWHOHFWXDOHV6REUHHVDVEDVHV\HQIXQFLyQGHHOODV

 
DFWXyHOWHUURUFRORQLDOHQODVWUHVIRUPDVVLJXLHQWHV3ULPHUD6RIRFDQGRFRQ
ULJRU WRGDV ODV PDQLIHVWDFLRQHV GH UHEHOGtD LQGLYLGXDO D EDVH GH DSOLFDU VLQ
PHVXUDQLFRQWHPSODFLRQHVHOWRUPHQWRGHD]RWHV\FiUFHO>@\SDVDQGRDOGH
KRUFDHQ ORV FDVRVGHDPRWLQDPLHQWR>@ 6HJXQGD 0DQWHQLHQGR HQ XQ SODQR
GH DXWRULGDG ORFDO D XQD ³QREOH]D´ LQGtJHQD SUHKLVSiQLFD ²PiV GXGRVD
FRQIRUPH SDVDED HO WLHPSR²GiQGROH RSRUWXQLGDGGHH[WRUVLRQDU DOD JHQWH
GH VX UD]D \ FRQYLUWLpQGROD GH HVH PRGR HQ YLJLODQWH GLUHFWD \ FyPSOLFH
LQWHUHVDGD HQ OD RSUHVLyQ < HO WHUFHU SULQFLSLR TXH RSHUDED DVRFLDGR D ORV
GRVDQWHULRUHV\TXHIXHHOPiVLPSRUWDQWHXQDDPSOLD\GHVFDUDGDWROHUDQFLD
SDUDORVXOWUDMHVDOLQGLR(VDWROHUDQFLDHUDFRPRXQDFRQIDEXODFLyQXQKLOR
GHVROLGDULGDGHQWUHWRGRVORVJUXSRVOLEUHV²LQFOXLGRVORVLQGLRVQRVLHUYRV
² IUHQWH D OD SREODFLyQ PD\RULWDULD VHUYLO HUD XQD FRQQLYHQFLD TXH VH
H[WHQGtD GHVGH HO 3UHVLGHQWH \ ORV 2LGRUHV KDVWD ORV $OFDOGHV LQGtJHQDV OD
HQWHQGtDQORVODGLQRVGHORVSXHEORVFRQWDEDQFRQHOODORVQHJURVOLEUHV\ORV
KDVWDKR\²UHVSRQGtDQDODQHFHVLGDGGHWHQHUORVLHPSUHDWHPRUL]DGRGHQR
GHMDUOR OHYDQWDU FDEH]D GH WHQHUOR HVFDUPHQWDGR \ FRQYHQFLGR GH TXH OD
PHQRUUHEHOGtDVHUtDFDVWLJDGDHQIRUPDGHVPHVXUDGDHLQPHGLDWD\GHTXHHO
FDVWLJRSRGtDYHQLUQRVyORGHODDXWRULGDGHVSDxRODRFULROODVLQRGHPXFKDV
SHUVRQDVTXHJR]DEDQGHLPSXQLGDGSDUDJROSHDUOR\TXHVHVHQWtDQREOLJDGDV
DYLJLODUOR
'HD]RWHV\SLFRWDVGDQFRSLRVDQRWLFLDORVGRFXPHQWRVGHVGHSXQWRVGH
YLVWD PX\ GLYHUVRV 8Q KRPEUH FRPR )XHQWHV \ *X]PiQ WRWDOPHQWH
FRPSHQHWUDGRGHODVQHFHVLGDGHVGHVXFODVH²GRVYHFHV&RUUHJLGRU²>@
QRVyORPHQFLRQDUHSHWLGDPHQWH\FRQQDWXUDOLGDGORVD]RWHVVLQRTXHUHILHUH
FDVRVHQTXHpORUGHQyGDUORV>@\H[SUHVDVLQURGHRVTXH³«HVSHUGHUHO
WLHPSRFRQORVLQGLRVVLQROHVKDEODQHQVXPRGR\YHQTXHTXLHQOHVKDEOD
HV KRPEUH FRPR HOORV \ WLHQH OD IDFXOWDG GH HPSXxDU HO D]RWH HQ TXH HV
QHFHVDULRTXHVHHMHUFLWH«>@SRUTXHHVXQDJHQHUDFLyQVHUHILHUHDORV
HVFODYRV GH FRQILDQ]D (UD XQ SXQWR GH DILQLGDG SRU HQFLPD GH WRGDV ODV
FRQWUDGLFFLRQHV GH OD SREODFLyQ OLEUH \ XQ GHOLFDGR IDFWRU TXH KD\ TXH
UHODFLRQDU FRQ HO GHVDUUROOR GH OD FDSD PHGLD DOWD UXUDO 3DUD PXFKRV
LQGLYLGXRV GH HVD FDSD VRFLDO DVSLUDQWHV D H[SORWDGRUHV HO FRQVWLWXLUVH HQ
FDSDWDFHV GH ORV LQGLRV HUD XQD PDQHUD GH DUULPDUVH D ORV FULROORV (QWUH
ODGLQRV \ QHJURV PiV R PHQRV DYHQWXUHURV \ WDPELpQ HQWUH ORV LQGLRV
PDQGRQHVGHORVSXHEORVDFWXDEDXQDYHUGDGHUDUHGGHHVELUURV>@
8QD YH] VHxDODGDV ODV SUHPLVDV \ ORV SULQFLSLRV GHO WHUURU FRORQLDO KD\
TXHVHxDODUVXKRQGDUD]yQGHVHU
/D LQIHULRULGDG HQ TXH HO UpJLPHQ HFRQyPLFR GH OD FRORQLD PDQWHQtD DO
LQGLR ²SREUH]D LJQRUDQFLD VXSHUVWLFLyQ² QR FRPSHQVDED GHO WRGR VX
HQRUPHVXSHULRULGDGQXPpULFD(VWDFLUFXQVWDQFLDFDSWDGDSRUHOFRQMXQWRGH
ODV PLQRUtDV H[SORWDGRUDV>@ \ DVSLUDQWHV D WDOHV FUHy HQWUH HOODV XQ
FRQVHQVR DFHUFD GHO WUDWR TXH HUD SUHFLVR GDUOH D ORV LQGLRV HO WUDWR TXH
³PHUHFtDQ´\VLQHOFXDOVXUJtDHQVHJXLGD³ODLQVROHQFLD´\HODOERURWR$Vt
SXHVORVFRQVWDQWHVXOWUDMHVODFUXHOGDGH[FHVLYDFRQTXHVHORVFDVWLJDEDSRU
PRWLYRVI~WLOHV>@HOWUDWRKXPLOODQWH\RIHQVLYRHQWRGRPRPHQWRWHQtDQVX
KRQGD UD]yQ GH VHU HQ OD JUDQ GHVSURSRUFLyQ QXPpULFD TXH KDEtD HQWUH ODV
PLQRUtDV GRPLQDQWHV \ OD FODVH VHUYLO (VDV IRUPDV GH WUDWR ²TXH KD\ TXH
YDORUDU MXQWR D RWURV IDFWRUHV HQ OD FRQILJXUDFLyQ SVLFROyJLFD GHO LQGtJHQD
 
LQGLRVHQJHQHUDOTXHQHFHVLWDHVWDUGHEDMRGHO\XJR\TXHQRFRQR]FDQRWUD
FRVD TXH VXSHULRULGDG \ GRPLQLR«´>@ 1yWHVH FyPR OD FDUJD HPRFLRQDO
YHUGDGHUD GH HVWD ~OWLPD H[SUHVLyQ HV HO WHPRU \ UHIOH[LyQHVH XQ LQVWDQWH
VREUH HVWD FXHVWLyQ ¢SRU TXp HUD SUHFLVR TXH ORV LQGLRV QR FRQRFLHUDV RWUD
FRVDTXHVXSHULRULGDG\GRPLQLR"6HYHUiTXHHOFULROORWHQtDUD]yQ²UD]yQ
GHFODVH²\TXHVLQHOWHUURUQRVHKXELHUDSRGLGRH[SORWDUHQODVIRUPDVTXH
VH KDFtD D XQD PDVD WDQ QXPHURVD 8Q KRPEUH FRPR &RUWpV \ /DUUD] QR
LGHQWLILFDGR FRQ HO UpJLPHQ SRU PRWLYR GH VX PLVLyQ FRPR LQIRUPDQWH GH XQ
PRQDUFDUHIRUPLVWDQRVOHJyWDPELpQYDOLRVtVLPDVQRWLFLDVVREUHHOWHUURU<D
KHPRVFLWDGRDOJXQDVUHILULpQGRQRVDRWURVDVXQWRV>@SHURD~QWHQHPRVTXH
YHUHQSiJLQDVSUy[LPDVVXVDJXGDVREVHUYDFLRQHVVREUHHOHVWDGRGHIRELD
HQTXHYLRDORVLQGLRV\VXVPiVGUDPiWLFDVGHQXQFLDVHQWRUQRDOWUDWRTXHVH
OHVGDED
/DPiVDOWDSHUVRQLILFDFLyQGHODWLUDQtDFRORQLDO²TXHIXHSULQFLSDOPHQWH
WLUDQtD UXUDO² QR VH HQFXHQWUD HQ ORV 3UHVLGHQWHV VLQR HQ ORV &RUUHJLGRUHV
(VWD DILUPDFLyQ HV YiOLGD SDUD WRGDV ODV FRORQLDV HVSDxRODV GH $PpULFD \
FXDQGR VH OHHQ OD IHFKRUtDV GH HVWRV IXQFLRQDULRV HQ 0p[LFR \ HQ ORV
YLUUHLQDWRV GH 6XGDPpULFD SDUHFH HVWDUVH OH\HQGR OD GHVFULSFLyQ GH VX
FRQGXFWDHQHOUHLQRGH*XDWHPDOD>@
/RVFRUUHJLGRUHVR$OFDOGHV0D\RUHVHUDQMHIHVSROtWLFRVGHPX\DPSOLRV
GLVWULWRV ²FRPR SRGtDQ VHUOR HO GH 7RWRQLFDSiQ \ +XHKXHWHQDQJR HO GH
7HFSiQ$WLWOiQHOGH&KLTXLPXODGHOD6LHUUDHOGH6RQVRQDWHHWFHWF²>@
7HQtDQDVXFDUJRODYLJLODQFLD\GLUHFFLyQGHORVSXHEORV\ODVXSHUYLVLyQGH
OD SURGXFFLyQ \ FREUR GH ORV WULEXWRV 6X DXWRULGDG VH KDOODED GLUHFWDPHQWH
SRUHQFLPDGHODVDXWRULGDGHVLQGtJHQDVGHORVSXHEORVORV$OFDOGHVLQGLRVD
TXLHQHV HQ XQRV FDVRV WHQtDQ TXH DSUHPLDU FRQ FDVWLJRV \ FRQ TXLHQHV HQ
RWURVFDVRVVHFRQIDEXODEDQSDUDH[WRUVLRQDUDODSREODFLyQLQGLD(OSXHVWR
GH &RUUHJLGRU HUD SURYHtGR SRU ORV 3UHVLGHQWHV R SRU OD FRURQD \ WHQtD XQ
VXHOGR>@SHURORVDVSLUDQWHVSDJDEDQDODPRQDUTXtDPX\HOHYDGDVVXPDVGH
GLQHURSDUDREWHQHUXQ&RUUHJLPLHQWR>@(QFLQFRRVHLVDxRVGHGHVHPSHxR
GHO FDUJR UHFXSHUDEDQ OD LQYHUVLyQ FRQ HQRUPHV JDQDQFLDV>@ (VWD
FLUFXQVWDQFLD GHWHUPLQy TXH ORV &RUUHJLPLHQWRV HVWXYLHUDQ HQ PDQRV GH
SHUVRQDV PX\ ULFDV TXH SRGtDQ FRPSUDUORV JHQHUDOPHQWH HQ PDQRV GH
FULROORV>@ \ TXH OD WUDPD GH ORV &RUUHJLPLHQWRV \ $OFDOGtDV 0D\RUHV
YLQLHUD D VHU HQ GHILQLWLYD HO QLYHO HQ TXH OD PRQDUTXtD GHMDED DFWXDU HO
GHVSRWLVPR GH OD FODVH WHUUDWHQLHQWH 'HVSRWLVPR VXSHGLWDGR D OD DXWRULGDG
PRQiUTXLFD \ VLQ HPEDUJR PXFKR PiV GUiVWLFR TXH HO GH DTXpOOD
'HVSRWLVPR UHJLRQDO HMHUFLGR GLUHFWDPHQWH VREUH ORV SXHEORV GH LQGLRV HQ
DSR\R \ FRQ DSR\R GH ORV KDFHQGDGRV DVLVWLGR SRU HVELUURV \ H[SROLDGRUHV
VXEDOWHUQRVGRWDGRGHSRGHUVXILFLHQWHSDUDLQWHUFHSWDUGHVYLUWXDU\DSODVWDU
SRUHOWHUURUWRGRLQWHQWRGHTXHMD
/RV URERV \ YHMDFLRQHV GH ORV &RUUHJLGRUHV VREUH ORV LQGLRV QR HUDQ
QLQJ~Q VHFUHWR (O 3UHVLGHQWH \ OD $XGLHQFLD WHQtDQ HQ ORV &RUUHJLGRUHV XQD
JDUDQWtD GH OD UHFDXGDFLyQ GH ORV WULEXWRV \ GH OD VXMHFLyQ SROtWLFD GH ORV
SXHEORV \ OD WROHUDQFLD TXH DGRSWDEDQ IUHQWH D VXV FRQRFLGRV DEXVRV FDH
GHQWURGHODH[SOLFDFLyQTXHKHPRVGDGRDFHUFDGHODWROHUDQFLDHQUHODFLyQ
FRQHOWHUURU(UDFRVDHQWHQGLGDTXHXQ&RUUHJLGRUFXPSOtDVXIXQFLyQGHMHIH
GHODUHFDXGDFLyQGHWULEXWRV\GHYLJLODQWHVXSHULRUGHORVLQGLRVDFDPELR
GH HVFDQGDORVRV QHJRFLRV /RV &RUUHJLGRUHV GHFODUDEDQ FtQLFDPHQWH TXH
FRPSUDEDQ HO SXHVWR SDUD LQFUHPHQWDU VXV IRUWXQDV>@ \ ORV GRFXPHQWRV
RILFLDOHV VH UHILHUHQ DO KHFKR FRQ VRUSUHQGHQWH OODQH]D ³«VL KD\ WLUDQtD
SURGXFHQVLUHFWRREUDUVyORULQGHQORDVHQWDGR«>@
+DEtDXQVLQItQGHWUDPSDVTXHFDQDOL]DEDQHOGLQHUR\ORVELHQHVGHORV
LQGLRV D ODV DUFDV GH ORV &RUUHJLGRUHV ²UDFLRQHV EHVDPDQRV VDOXWDFLRQHV

FXRWDVGHYLVLWDVREUHVXHOGRVFRQPXWDFLyQGHWULEXWRVHWFHWF²>@SHUR
HUDQGRVORVQHJRFLRVYHUGDGHUDPHQWHYROXPLQRVRVFRQORVFXDOHVDFXPXODEDQ
IRUWXQDVDUUDQFDGDVDORVLQGLRVHUDQHOORVHOUHSDUWLPLHQWRGHPHUFDQFtDV\
HOUHSDUWLPLHQWRGHKLOD]DV9DPRVDGHVFULELUORVUiSLGDPHQWH
(O UHSDUWLPLHQWR GH PHUFDQFtDV HUD XQ HVFDQGDORVR FRPHUFLR IRU]DGR
&RQVLVWtD HQ YHQGHUOH D ORV LQGLRV FRQWUD VX YROXQWDG \ EDMR OD DFFLyQ GHO
PLHGR GLYHUVRV DUWtFXORV TXH HOORV QR QHFHVLWDEDQ R TXH QHFHVLWiQGRORV
KXELHUDQSUHIHULGRDGTXLULUORVEDMRRWUDVFRQGLFLRQHV/DVHQRUPHVXWLOLGDGHV
GHHVWHQHJRFLRSURYHQtDQHQSULPHUOXJDUGHOFUHFLGRQ~PHURGHLQGtJHQDVD
TXLHQHV XQ &RUUHJLGRU SRGtD LPSRQHU GLFKDV FRPSUDV SXHV ORV
&RUUHJLPLHQWRV \ $OFDOGtDV 0D\RUHV HUDQ GHPDUFDFLRQHV WHUULWRULDOHV PX\
H[WHQVDV TXH DEDUFDEDQ PXFKRV SXHEORV>@ /XHJR GH TXH HO YHQGHGRU QR
VyORLPSRQtDHODUWtFXORVLQRWDPELpQODFDQWLGDGODFDOLGDG\HOSUHFLR6H
GDEDHOFDVRGHTXHORVLQGLRVWXYLHUDQTXHHQGHXGDUVHSRUUHFLELUPHGLDVGH
VHGDDXQTXHDQGXYLHUDQGHVFDO]RV>@<DXQVLVHWUDWDEDGHREMHWRVGHFLHUWD
XWLOLGDG FRPR WHODV R LQVWUXPHQWRV GH ODEUDQ]D OHV HUD VXPDPHQWH JUDYRVR
UHFLELUORV GH PDOD FDOLGDG \ D SUHFLRV PX\ VXELGRV>@ OD DPSOLWXG \
FRPSOHMLGDG GH HVWD IUDXGXOHQWD RSHUDFLyQ HQ YDULRV SXHEORV H[LJtD TXH ORV
&RUUHJLGRUHV IXHUDQ DVLVWLGRV SRU ORV $OFDOGHV LQGLRV XQDV YHFHV FRPR
FyPSOLFHV\SDUWLFLSDQWHVHQHOQHJRFLR\RWUDVSRUYHUVHREOLJDGRVDKDFHUOR
>@
(VWRV UHSDUWLPLHQWRV GH PHUFDQFtDV WRPDEDQ D YHFHV IRUPDV PX\
FDSULFKRVDVDXQTXHHQHOIRQGRIXHUDQWRGRVORPLVPR$VtSRUHMHPSORXQ
&RUUHJLGRU SRGtD DUUHEDWDUOH D ORV LQGLRV FLHUWRV SURGXFWRV GH H[SRUWDFLyQ
FRPRYDLQLOODFDFDRDFKLRWH\SDJDUOHVFRQPHUFDGHUtDVDODIXHU]D>@(Q
HVWRV FDVRV HO QHJRFLR HUD GREOH SRUTXH HO SUHFLR HOHYDGR GH ORV DUWtFXORV
HQWUHJDGRV UHGXFtD HO GH ORV SURGXFWRV DUUHEDWDGRV D ORV LQGLRV \ pVWRV
SURGXFWRV VH YHQGtDQ GHVSXpV D VX SUHFLR FRUULHQWH GH H[SRUWDFLyQ 2FXUUtD
FRQ PXFKD IUHFXHQFLD WDPELpQ TXH ORV &RUUHJLGRUHV WXYLHUDQ FRQWURODGD OD
SURGXFFLyQGHORVDUWtFXORVTXHYHQGtDQDSUHVLyQGDxDQGRDVtQRVyORDORV
LQGLRV FRPSUDGRUHV IRU]DGRV VLQR WDPELpQ D ORV SURGXFWRUHV XVXDOHV D
TXLHQHVOHV SURKLEtDQ OD FRPSHWHQFLD$OJXQRVWHQtDQSDQDGHUtDV\UHSDUWtDQ
SDQDODIXHU]D>@RWURVYHQGtDQFDUQH\QRSHUPLWtDQTXHORVFULDGRUHVGH
JDQDGR OD YHQGLHUDQ>@ RWURV KDFtDQ ³SHVTXHUtDV´²REOLJDEDQ D FLHUWRV

LQGLRVDHQWUHJDUOHVGHWHUPLQDGDVFDQWLGDGHVGHSHVFDGR²\OXHJRYHQGtDQHO
SHVFDGR DYLYDIXHU]D>@ RWURV WHQtDQ IiEULFD GH FDQGHODV \ ODV GLVWULEXtDQ
VLQTXHQDGLHVHDWUHYLHUDDUHFKD]DUODV>@
(O UHSDUWLPLHQWR GH PHUFDQFtDV DSDUHFH FRPR QHJRFLR XVXDO GH ORV
&RUUHJLGRUHVHQGRFXPHQWRVGHORVVLJORV;9,,;9,,,\;,;>@\HQWRGRVVH
GLFHTXHDUURMDEDHQRUPHVJDQDQFLDVDGLFKRVIXQFLRQDULRV>@TXHKXQGtDD
ORV LQGLRV>@\ TXH pVWRV OR DFHSWDEDQ ~QLFDPHQWH SRU PLHGR D ODV
UHSUHVDOLDV>@
(OUHSDUWLPLHQWRGHKLOD]DVGHKLODGRVRGHDOJRGyQFRPRWDPELpQVHOH
OODPy UHFDtD VREUH ODV PXMHUHV LQGtJHQDV \ EDVWD VX GHVFULSFLyQ SDUD
FRPSUHQGHU OR TXH SDUD HOODV \ SDUD HO SXHEOR GH LQGLRV VLJQLILFDED
&RPSUDEDQ ORV &RUUHJLGRUHV GHVGH TXH WRPDEDQ SRVHVLyQ GH VX FDUJR
JUDQGHV FDQWLGDGHV GH DOJRGyQ GH ILEUD>@ 3DUD WUDQVSRUWDUOR GHVGH ODV
SODQWDFLRQHVKDVWDODFDEHFHUDGHO&RUUHJLPLHQWRHQYLDEDQLQGLRVTXHWHQtDQ
DQLPDOHVGHFDUJDDTXLHQHVOHVSDJDEDQPXFKRPHQRVGHORTXHHUDKDELWXDO
SRU HVRV WUDEDMRV GH WUDQVSRUWH>@ $OPDFHQDGR HO DOJRGyQ KDFtDQ FXDWUR
UHSDUWRVDODxR>@ORVFXDOHVFRQVLVWtDQHQGLVWULEXLUGLFKRPDWHULDOHQWRGDV
ODV FDVDV GH ORV SXHEORV SDUD TXH DV LQGLDV OR GHYROYLHUDQ FRQYHUWLGR HQ
KLOR(VWDGLVWULEXFLyQWHQtDQTXHKDFHUODORV$OFDOGHVGHORVSXHEORV3DUHFH
TXHHQORVLQLFLRVGHHVWDOXFUDWLYDLPSRVLFLyQVHH[LJtDTXHORKLODUDQKDVWD
HO JUXHVR GHO SDELOR ²SDUD HPSOHDUOR SUHFLVDPHQWH FRPR PHFKD SDUD
FDQGHODV² \ VH KDFtD VyOR XQ UHSDUWR DO DxR>@ &RQ HVD FDOLGDG KXER
&RUUHJLGRUHV TXH SRVWHULRUPHQWH VH DWUHYLHURQ D KDFHU GRV UHSDUWLPLHQWRV
DQXDOHV\GHVSXpVWUHV>@0iVDGHODQWHFRPHQ]DURQDH[LJLUTXHHOSURGXFWR
QR WXYLHUD ODV FDUDFWHUtVWLFDV GHO SDELOR VLQR TXH IXHUD KLOR GHOJDGR \
DSUHWDGRSURSLRSDUDWHMHUHOFXDOH[LJtDPXFKRPiVWUDEDMR\WHQtDSRUHQGH
PiVYDORU>@)LQDOPHQWHDPHGLDGRVGHOVLJOR ;9,,VHOOHJyDKDFHUFXDWUR
HQWUHJDVDODxR>@H[LJLpQGRVHKLORGHOJDGR
+D\ LQGLFLRV GH TXH DOJXQRV &RUUHJLGRUHV HQ DOJXQRV SXHEORV H[LJtDQ
HVWH WUDEDMR FRPSOHWDPHQWH VLQ SDJD>@ /R FRUULHQWH IXH XQD SDJD IRU]DGD
PX\EDMDTXHRVFLODEDDPHGLDGRVGHOVLJOR ;9,,HQWUHXQUHDO\PHGLRSRU
OLEUD \ XQ UHDO SRU FDGD FXDWUR OLEUDV>@ 1R GHEHQ VRUSUHQGHPRV HVDV
GLIHUHQFLDVSRUTXHVHWUDWDGHXQVLVWHPDHQHOTXHSULYDEDODPiVFRPSOHWD

DUELWUDULHGDG $GHPiV HVDV FLIUDV ²GH FHUR D XQR \ PHGLR² HUDQ FDVL
LQGLIHUHQWHV SDUD ODV LQGLDV SXHV VX WUDEDMR UHVXOWDED LJXDOPHQWH UREDGR VL
KDEtDXQDPtVHUDSDJD\VLQRKDEtDSDJDDOJXQD/RSUXHEDHOKHFKRGHTXHD
WRGDVKDEtDTXHWHQHUODVDWHUURUL]DGDVSDUDTXHFXPSOLHUDQFRQODVHQWUHJDVGH
KLOR\TXHHOD]RWDUODVSRUUHWUDVRVIXHUDWDQIUHFXHQWH\QHFHVDULRDOOtGRQGH
UHFLEtDQSDJDFRPRHQGRQGHQRODUHFLEtDQ>@
3DUDIRUPDUVHXQDLGHDGHODPDJQLWXGGHODWUDFR\ODH[SORWDFLyQGHWDOHV
UHSDUWLPLHQWRVFRQYLHQHFDOFXODUODVJDQDQFLDVREWHQLGDVSRUHO&RUUHJLGRUHQ
HOORV 6DEHPRV TXH D PHGLDGRV GHO VLJOR ;9,, FRPSUDEDQ HO DOJRGyQ HQ ORV
SXHEORVGHODFRVWDDXQSUHFLRGHWUHVSHVRVHOIDUGRGHFXDWURDUUREDV>@
(VHPLVPRIDUGRWUDQVIRUPDGRHQKLORORYHQGtDQORVPLVPRV&RUUHJLGRUHVD
XQ SUHFLRGHWUHLQWD\VLHWH SHVRV \ PHGLR>@6DELHQGR TXH DTXHOODV FXDWUR
DUUREDV UHSUHVHQWDEDQ XQ IDUGR GH FLHQ OLEUDV>@ \ FRQVLGHUDQGR VRODPHQWH
DTXHOORVOXJDUHV HQTXHVH OHDERQDEDDODVLQGLDVXQUHDO\PHGLRSRU FDGD
OLEUDGHKLODWXUD²GHVFRQWHPRVGHPRPHQWRORVOXJDUHVHQTXHVHOHVSDJDED
PHQRVRQRVHOHVSDJDEDQDGD²UHVXOWDHQWRQFHVTXHHOPDWHULDO\ODPDQRGH
REUDVXPDUtDQYHLQWL~QSHVRVFRQVHLVUHDOHVHQFDGDIDUGR3RUFRQFHSWRGH
WUDQVSRUWHGHODOJRGyQSRGUtDVXPDUVHRWURVGRVUHDOHVDHVHFRVWRSXHV\DVH
GLMR TXH ORV &RUUHJLGRUHV REWHQtDQ HO WUDQVSRUWH D SUHFLRV GH PLHGR>@ 'H
PDQHUDSXHVTXHODJDQDQFLDHQFDGDIDUGRHUDGHTXLQFHSHVRV\VHLVUHDOHV
< FRPR VDEHPRV WDPELpQ TXH XQ &RUUHJLGRU SRGtD UHSDUWLU PLO IDUGRV GH
DOJRGyQ HQ XQ DxR>@ WHQHPRV DOOt XQD JDQDQFLD GH TXLQFH PLO VHWHFLHQWRV
FLQFXHQWDSHVRVDQXDOHV6LHOPRQWRGHHVWD~OWLPDFLIUDUHVXOWDVRUSUHQGHQWH
\VLVHGHVHDHOLPLQDUWRGDSRVLELOLGDGGHH[DJHUDFLyQWUDQTXLODPHQWHSXHGH
UHGXFLUVHDODPLWDG3HURXQDYH]KHFKRHVRKD\TXHKDFHUWUHVRSHUDFLRQHV
PHQWDOHVPiVODSULPHUDHVPXOWLSOLFDUODFDQWLGDGUHVXOWDQWHSRUHOQ~PHUR
GHDxRVTXHGXUDEDXQ&RUUHJLGRUHQHOFDUJRQ~PHURTXHYDULDEDGHVGHWUHV
KDVWD FLQFR DxRV VLHQGR OR FRUULHQWH HVWR ~OWLPR>@ /D RWUD RSHUDFLyQ HV
FRQMHWXUDU ODV JDQDQFLDV REWHQLGDV HQ DTXHOORV OXJDUHV HQ TXH VH SDJDED D~Q
PHQRV D ODV LQGLDV \ DTXHOORV GRQGH QR VH OHV SDJDED QDGD < OD RWUD HV
UHFRUGDUTXHpVWHHUDVRORXQRGHORVQHJRFLRVGHORV&RUUHJLGRUHV
(VDVHQRUPHVFDQWLGDGHVVDOtDQGHOGHVJDVWHItVLFR\ODSpUGLGDGHWLHPSR
GH ODV PXMHUHV LQGLDV OR FXDO HV SUHFLVR UHSUHVHQWDUVH PX\ FRQFUHWDPHQWH
FRPR GHWHULRUR GH OD YLGD LQGtJHQD HQ ORV SXHEORV GHVFXLGR \ DEDQGRQR GH

ORV KLMRV ORV HVSRVRV \ ORV SDGUHV GHVDWHQFLyQ GH ODV WDUHDV GRPpVWLFDV
DUWHVDQDOHV\DJUtFRODVGHXWLOLGDGSDUDODIDPLOLDGHELOLWDPLHQWRRUJiQLFRGH
ODVPXMHUHVJHVWDQWHVRHQSHUtRGRGHODFWDQFLDHWFHWF
/RV UHOLJLRVRV IUDQFLVFDQRVTXHD PHGLDGRV GHO VLJOR ;9,, VH GHFODUDURQ
FRQWUD HO UHSDUWLPLHQWR GH LQGLRV WDPELpQ GHQXQFLDURQ HQ VXV GHFODUDFLRQHV
HVWDLQIDPHH[SORWDFLyQGHODVPXMHUHVLQGtJHQDVGHODTXHHUDQWHVWLJRV8QR
GH HOORV GLFH ³« TXH VLHQGR WDQ FRQWLQXDGD OD WDUHD SRU VHU ORV
UHSDUWLPLHQWRVFDGDWUHVPHVHVQRSXHGHQDMXVWDUODVLQRHVWUDEDMDQGRGH
GtD\GHQRFKH\TXHHQOD,JOHVLDHVWDQGRHQODGRFWULQDHVWiQGHVPRWDQGR
\OLPSLDQGRHODOJRGyQODVPXMHUHVRKLODQGRSRUORFXDOQRSXHGHQDFXGLU
DVXPHQHVWHUQLFXLGDUGHVXVSDGUHV«´>@2WURDJUHJD³«TXHHVFDUJD
4XH]DOWHQDQJR UHJLyQ TXH FRUUHVSRQGH D ORV DFWXDOHV 'HSDUWDPHQWRV GH
4XH]DOWHQDQJR 7RWRQLFDSiQ \ +XHKXHWHQDQJR FRQ WUR]RV GH ORV GH 6DQ
0DUFRV\(O4XLFKp>@
4XHGH FODUR SXHV TXH HQ ORV VLJORV FRORQLDOHV KXER FLQFR SUiFWLFDV
GLVWLQWDV D ODV TXH VH OODPy FRQ HO PLVPR QRPEUH GH UHSDUWLPLHQWR HO GH
WLHUUDV SURSLR GHO PRPHQWR TXH VLJXLy D OD FRQTXLVWD HQ TXH ORV
FRQTXLVWDGRUHV \ SULPHURV SREODGRUHV VH DGMXGLFDURQ WHUUHQRV HO
UHSDUWLPLHQWR HVFODYLVWD GH LQGLRV DVRFLDGR D OD HQFRPLHQGD SULPLWLYD HO
UHSDUWLPLHQWR GH LQGLRV GH FDUiFWHU IHXGDO OODPDGR WDPELpQ PDQGDPLHQWR
UpJLPHQ GH WUDEDMR TXH IXH HO DVSHFWR PiV LPSRUWDQWH GH ODV UHODFLRQHV GH
SURGXFFLyQGHODFRORQLDHOUHSDUWLPLHQWRGHPHUFDQFtDV\HOUHSDUWLPLHQWRGH
RQHURVDSDUDORVLQGLRV60SXHVSDUDDFXGLUVXVPXMHUHV\KLMDVDGDU
ORV KLODGRV FXDWUR YHFHV DO DxR QR WLHQHQ WLHPSR SDUD DFXGLU D VXV
JUDQJHUtDV SRU OR FXDO HPSREUHFHQ ORV LQGLRV«>@ &DVL WRGRV DOXGHQ DO
WRPHQWRGHD]RWHV\FiUFHOTXHVHGDEDDTXLHQHVVHDWUDVDEDQHQODHQWUHJDGHO
KLOR>@ \ GRV GH HOORV GHFODUDQ TXH VH DSOLFDED WRUPHQWR D PXMHUHV
HPEDUD]DGDV>@ 8QR GH ORV GHFODUDQWHV PiV LQGLJQDGR \ PiV H[SOtFLWR HQ
HVWH SXQWR UHILHUH TXH KD TXHULGR LQWHUFHGHU HQ IDYRU GH YLXGDV \ HQIHUPDV
SHURTXHORV&RUUHJLGRUHVFRQWHVWDQTXHVLQRVHFREUDFRQULJRUQRVHKDFH
QHJRFLR>@$JUHJDTXHOHVVXHOHQUHVSRQGHU³«3DGUH\RYLQHDEXVFDUPL
YLGD QR VH PHWD HQ PL RILFLR TXH \D VDEHQ HVRV VHxRUHV UHILULpQGRVH DO
KLOD]DVTXHKHPRVH[SOLFDGR
8QRVQRWDVLOXVWUDWLYDVGHOWHUURUGDUiQILQDHVWHDSDUWDGR
(QODFULVLVGHOUHSDUWLPLHQWRHQORVLQGLRVQRHPLWLHURQVXRSLQLyQ
QL OHV IXH SHGLGD (O )LVFDO TXH LQWHQWy VDFDUORV GH DTXHO VLVWHPD HO
/LFHQFLDGR 'RQ 3HGUR )UDVR H[SOLFD HO PRWLYR HQ SRFDV SDODEUDV ³« 3RU
SDUWH GH ORV QDWXUDOHV QR VH KD KHFKR SUREDQ]D SRUTXH QR KD\ TXLHQ VH
DWUHYDDGHFLUODHQHVWDFDXVD«´>@
6HVHQWD DxRV PiV WDUGH KDFLD HO  )UD\ )UDQFLVFR ;LPpQH] HO JUDQ
FRQRFHGRUGH ORVLQGLRVUHVXPHVXVLWXDFLyQHQ HVWDVSRFDV SDODEUDV ³«VH
YHQ WDQ DYDVDOODGRV \ VRMX]JDGRV TXH VRQ VLHUYRV GH ORV PLVPRV VLHUYRV
3UHVLGHQWH\OD$XGLHQFLD60TXHHVHVWHHOPRGRGHEXVFDUOD«´>@
&LHQ DxRV PiV WDUGH &RUWpV \ /DUUD] HQFRQWUy ORV UHSDUWLPLHQWRV GH
DOJRGyQFRQODVPLVPDVFDUDFWHUtVWLFDVTXHORVSUHVHQWDQORVSDSHOHVGHOVLJOR
;9,, QHJRFLR GH &RUUHJLGRUHV WUDQVSRUWH IRU]DGR D SUHFLRV UXLQRVRV
GLVWULEXFLyQGHOPDWHULDOSRUORV$OFDOGHVDPXMHUHVLQGLDVQLQJ~QEHQHILFLR
SDUDpVWDVTXHWHQtDQTXHUHSRQHUGHVXSURSLRSHFXOLRHODOJRGyQTXHIDOWDUD
SDUDFRPSOHWDUHOSHVRH[DFWRGHOPDWHULDOUHFLELGR>@
2QFHDxRVDQWHVGHOD,QGHSHQGHQFLDORV³$SXQWDPLHQWRV´GDQQRWLFLDGH
TXH FRQWLQ~DQ ORV ³UHSDUWLPLHQWRV GH KLOD]DV GH DOJRGyQ´>@ (VWD IRUPD GH
WUDEDMRIRU]DGRGHODVLQGLDVSHUGXUySXHVGHVGHDSUR[LPDGDPHQWHHOSULPHU
WHUFLRGHOVLJOR ;9,,KDVWDHOILQDOGHODFRORQLD6HSUDFWLFyHQWRGDODUHJLyQ
TXH DEDUFDEDQ ORV &RUUHJLPLHQWRV GH 7RWRQLFDSiQ \ +XHKXHWHQDQJR \

SXHV QR KD\ KRPEUH SRU YLO TXH VHD DXQTXH VHD XQ HVFODYR TXH QR ORV
XOWUDMH \ PDOWUDWH TXH HV LQGHFLEOH OD VHUYLGXPEUH HQ TXH VH YHQ«´>@
3DODEUDV SUHFLRVDV SRU VX FRQFLVLyQ HQ ODV FXDOHV HVWi UHWUDWDGD OD JUDQ
FRQIDEXODFLyQ GH OD WROHUDQFLD FRQWUD HO LQGLR HVSHFLDOPHQWH DTXHOOD UHG GH
FDSDWDFHV \ HVELUURV TXH FXPSOtDQ HVSRQWiQHDPHQWH XQD IXQFLyQ VRFLDO GH
LQWLPLGDFLyQGHORVVLHUYRV
&LQFXHQWD DxRV GHVSXpV HQ  &RUWpV \ /DUUD] LQIRUPDUi FRQ
YHUGDGHURDVRPEURGH&RUUHJLGRUHVTXHKDFtDQKXLUHVSDQWDGRVDORVLQGLRVD
HVFRQGHUVH HQ OD VHOYD SDUD QR YROYHU PiV>@ GH TXHMDV HOHYDGDV SRU ORV
LQGLRV DO *RELHUQR \ D OD ,JOHVLD HQ PRPHQWRV GH VXPD GHVHVSHUDFLyQ \
UHWLUDGDVSRUHOORVPLVPRVEDMRODDFFLyQGHOWHUURU>@GHLQGLRVTXHPRUtDQ
DWDGRVDOSRVWHDFDXVDGHORVD]RWHV>@
2EVHUYy HO SUHODGR TXH ORV LQGLRV QXQFD FRQWHVWDEDQ FRQ DVHUFLyQ D VXV

SUHJXQWDV VLQR VLHPSUH FRQ XQ ³TXLHQ VDEH ³WDO YH]´ ³ELHQ SXHGH VHU¶ \
TXLVR DYHULJXDU OD FDXVD GH XQ KiELWR WDQ H[WUDxR>@ &RPSUREy TXH
FRQWHVWDEDQ DVt QR VRODPHQWH FXDQGR VH OHV LQWHUURJDEDQ VREUH DVXQWRV GH
FLHUWD LPSRUWDQFLD UHODWLYRV SRU HMHPSOR D OD GRFWULQD TXH VH VXSRQtD TXH
WHQtDQTXHFRQRFHUVLQRWDPELpQDOSUHJXQWDUOHVVLORVFDPLQRVHUDQEXHQRVVL
HOSXHEORPiVSUy[LPRGLVWDEDPXFKRWRGDYtDRVLORVUtRVDGHODQWHHVWDEDQ
FUHFLGRV>@ $GLYLQDQGR TXH HO UHKXVDU OD UHVSXHVWD HUD XQD UHDFFLyQ GH
WHPRU TXLVR FRQILUPDUOR SOHQDPHQWH ³«3DUD DVHJXUDUPH GH FRVD WDQ
H[WUDxD FRPR LQFUHtEOH PH KD VXFHGLGR OOHYDU FRQYHUVDFLyQ FRQ DOJXQRV
LQGLRV HQ HO LGLRPD FDVWHOODQR \ GHFLUOH D DOJXQR ¢SDUHFH TXH VDEHV
FDVWLOOD"\UHVSRQGHUPHVLPLSDGUHOHYDQWDUXQSRFRODYR]\GHFLUOHFRQ
DOJXQDVHULHGDG ¢FRQTXpVDEHVFDVWLOOD"\UHVSRQGDQR PL SDGUH $OJXQD
YH] KH SUHJXQWDGR WDPELpQ ¢\D KDV FRPLGR" \ UHVSRQGHUPH VL PL SDGUH
/HYDQWDU XQ SRFR OD YR] ¢FRQ TXp \D KDV FRPLGR" \ UHVSRQGHUPH QR PL
SDGUH´>@(QGRVUHQJORQHVUHVXPHHOUHOLJLRVRODGHSORUDEOHUHDOLGDGTXH
VH !H[SUHVDED HQ DTXHO KHFKR WULYLDO \ GUDPiWLFR ³'H WRGR OR FXDO VH
LQILHUHTXHORVPLVHUDEOHV PLUDQFRQPXFKD LQGLIHUHQFLD HOGHFLUVtR QR D
OORURV\DTXHOORVUHVWDOOLGRVHQODVFDUQHVWUDVXGDGDVGHORVLQGLRV3HURYLR
ODV FRVDV DO UHYpV \ KDVWD FUX]y SRU VX PHQWH OD LGHD VXEYHUVLYD GH TXH ORV
LQGLRV SRGUtDQ FDVWLJDU D VXV RSUHVRUHV QHJiQGRVH D GDUOHV GH FRPHU 1R
FRPSUHQGLy TXH HO WHUURU HUD QHFHVDULR SUHFLVDPHQWH SDUD DKRJDU WDOHV
LQLFLDWLYDVGHSURWHVWD\GHUHEHOGtDTXHORVLQGLRVVHJXtDQGiQGROHGHFRPHU
D VXV YHUGXJRV QR SRUTXH IXHUDQ QHFLRV VLQR SRUTXH HVWDEDQ UDGLFDOPHQWH
DWHUURUL]DGRV 1R HQWHQGLy HO VHQWLGR GHO WHUURU FRORQLDO ²DXQTXH TXLVLHURQ
GHPRVWUiUVHOR²>@$HOORGHEHPRVHPSHURTXHHQVXLQIRUPHVHHQFXHQWUHQ
ODVQRWLFLDVPiVFRSLRVDV\VLQFHUDVGHDTXHOIHQyPHQR
(O WRUPHQWR GH D]RWHV HVWi SUHVHQWH HQ SULPHU SODQR HQ WRGD OD FUyQLFD
FRORQLDO OD GHO LQGLR OD GHO FULROOR \ OD GHO IXQFLRQDULR (Q ORV $QDOHV
&DNFKLTXHOHVDOFHUUDUVHHOFLFORGHORVFUtPHQHVGHORVFRQTXLVWDGRUHV>@
LQPHGLDWDPHQWH GHVSXpV GH ODV UHIHUHQFLDV D &HUUDWR \ HQ UHODFLyQ FRQ HO
FREUR GH OD QXHYD WULEXWDFLyQ FRPLHQ]DQ ODV QRWLFLDV GH $OFDOGHV D]RWDGRV
³«/RVDOFDOGHVIXHURQD]RWDGRV\KHULGRV«´>@³«(OFXDWURGHIHEUHUR
IXHURQD]RWDGRVORV$OFDOGHV\5HJLGRUHVGH6DQ0LJXHO;HQ\XSORVFDSWXUy
HO&RUUHJLGRU+HUQDQGRGH$QJXOR5HFLELHURQFLHQD]RWHV«´>@ ³«(O
FXDQWRVHOHVSUHJXQWD«\TXHVXREMHWR~QLFRHVHOHYLWDUHOFDVWLJRVLQ
SRQHUVHHQRWURFXLGDGR´>@³«YLYHQWDQDFREDUGDGRV\WHPHURVRVTXHOR
TXHSURFXUDQHQVXVUHVSXHVWDVQRHVODYHUGDGVLQRHOTXHVHDQDJXVWRGH
TXLHQSUHJXQWD´>@
(VWHHPLVDULRGH&DUORV,,,HVWHKRPEUHTXHQRHQWHQGLyODFRORQLDSDUHFH
DJRELDGR SRU ODV UHDOLGDGHV TXH WXYR TXH GHVFXEULU HQ VXV YLDMHV (Q ODV
~OWLPDVKRMDVGHVXH[WHQVRLQIRUPHKD\SDODEUDVGHYHUGDGHUDLQGLJQDFLyQDO
UHIHULUVH DO WUDWR TXH UHFLEtDQ ORV LQGLRV 9pDVH SRU HMHPSOR pVWDV ³« /RV
PRWLYRV SDUD D]RWDUORV VRQ SRU FXDOTXLHU FRVD TXH QR VDOJD D JXVWR GH ORV
RWURV 'H OD FUXHOGDG QR SURGX]FR RWURV GRFXPHQWRV HV GHFLU QR GR\ RWUR
OXQHV FLQFR GH IHEUHUR D]RWDURQ D ORV VHxRUHV TXLFKpV HQ 6DQ 0LJXHO
&KLPHTXHQ\i«´>@ < QDWXUDOPHQWH DSDUHFH WDPELpQ PX\ SURQWR FRPR XQ
GHVGREODPLHQWR GHO WRUPHQWR TXH UHFLEtDQ ORV SULQFLSDOHV HO TXH pVWRV OH
GDEDQ D ORV LQGLRV FRUULHQWHV ³« $ ORV TXLQFH GtDV GHO GpFLPRVH[WR PHV
PXULy$ORQVR8FKEDKD\ORD]RWDURQORV$OFDOGHV0XULyHQODSULVLyQ«>@
7RGDV HVWDV QRWLFLDV YDQ DSDUHFLHQGR DOWHUQDGDV FRQ QRWLFLDV GH OD DFWLYLGDG
GHORVIXQFLRQDULRVTXLHQHVOOHJDEDQ³«DKDFHUODFXHQWDGHODVFDVDV«´
>@ HV GHFLU HO FyPSXWR GH ORV WULEXWDULRV>@ \ OD WDVDFLyQ GH ORV WULEXWRV
>@
(QODFUyQLFDFULROOD\DYLPRVTXHQRVRODPHQWHKD\IUDQFDVUHIHUHQFLDVDO
WHVWLPRQLR60VLQRTXHFRQEDVWDQWHIUHFXHQFLDRLJRVXVFODPRUHV\OODQWRV
GHVGH PL FXDUWR R DSRVHQWR \ DXQ ORV ODWLJD]RV GH EDVWDQWH OHMRV < QR KH
VDELGRFRQWHQHUPLVHQWLPLHQWRGLFLHQGRHVWRVPLVHUDEOHVVRQXQRVQHFLRVHQ
YHQLU D *RDWKHPDOD D WUDHU FRQ WDQWR DIiQ ORV YtYHUHV TXH QHFHVLWD VLQR
GHMDUQRV HQ FXDOTXLHUD QHFHVLGDG \ SHUHFHUtDPRV FLHUWDPHQWH VL GLDULDPHQWH
QRQRVWUDMHUDQORQHFHVDULRSDUDYLYLU´>@
'RQ 3HGUR &RUWpV \ /DUUD] VH HVWUHPHFtD HVFXFKDQGR DTXHOORV JULWRV \

D]RWHVLQRTXHHQFRQWUDPRVDOOtVXDSRORJtD>@ORFXDOHVSRUDSDUWHXQGDWR
PX\LPSRUWDQWH
)LQDOPHQWH HQ HO LQIRUPH VHFUHWR GHO IXQFLRQDULR \D YLPRV TXH HO
WRUPHQWRDSDUHFHHQSURSRUFLRQHVSRFRFRQRFLGDV\PiVUHYHODGRUDVSRUTXH
HVWHH[WUDQMHURQRLGHQWLILFDGRFRQODFRORQLDVHUHILHUHDOIHQyPHQRFRQXQD
REMHWLYLGDGLQVXSHUDEOH(VGHFLHUWRLQWHUpVVHxDODUTXHORVD]RWHVGHO~OWLPR
IUDJPHQWR TXH KHPRV WUDQVFULWR QR HUDQ GDGRV HQ ORV SXHEORV HQ GRQGH HO

$U]RELVSR VXSR GH LQGLRV GHVSHOOHMDGRV SRU IDOWDV OHYHV VLQR HVFXFKDGRV ²9,,²
³FRQEDVWDQWHIUHFXHQFLD´HQVXVDSRVHQWRVGHOSDODFLRDU]RELVSDOGHODFLXGDG
GH *XDWHPDOD>@ (VWH LQIRUPDQWH ORJUD FRPSHQGLDU HQ SRFDV SDODEUDV OD
FRQIDEXODFLyQ GHO WHUURU HQ WRGD VX GXUH]D ³/R FLHUWR HV  FRQFOX\H HQ HO ,QGLRVULFRV
PLVPR OXJDU² TXH ORV PLVHUDEOHV D OD YR] GH FXDOTXLHUD OXHJR HVWiQ
DPDUUDGRV D OD SLFRWD KRPEUHV PXMHUHV FKLFRV \ JUDQGHV « SXHV VH
D]RWDQPXFKDVYHFHVFRQVREUDGDFUXHOGDG\PXFKDVVLQPRWLYRDOJXQR\
PXFKtVLPDV\FXDVLVLHPSUHSRUORTXHQRVHD]RWDUtDVLQRIXHUDLQGLR´>@
+D\TXHUHFKD]DUSXHVDTXLHQHVILQJLHQGRREMHWLYLGDGKLVWyULFDHQHVWH
SXQWR SRQHQ ORV RMRV HQ EODQFR \ H[SUHVDQ TXH ³KD\ TXH UHFRQRFHU
GHVJUDFLDGDPHQWH TXH DOJXQRV IXQFLRQDULRV FRORQLDOHV VH YDOLHURQ GH VX
DXWRULGDGSDUDRSULPLUDORVLQGLRVHWFHWF´1RIXHDVt(OWUDWRFUXHOSDUDHO
LQGLR QR IXH XQ IHQyPHQR HVSRUiGLFR VLQR XQ IHQyPHQR LQKHUHQWH D OD
HVWUXFWXUD VRFLDO GH OD FRORQLD DEVROXWDPHQWH QHFHVDULR SDUD PDQWHQHU
VRPHWLGDDLQFUHtEOHVIRUPDVGHH[SORWDFLyQDXQDPDVDGHVLHUYRVFRQHQRUPH
VXSHULRULGDGQXPpULFD/RTXHORVGRFXPHQWRVSRQHQDODYLVWD²ORTXHKD\
TXH³UHFRQRFHU¶VLQJD]PRxHUtDV²HVTXHHOUpJLPHQFRORQLDOIXH\WXYRTXH
VHU XQ UpJLPHQ GH WHUURU SDUD HO LQGLR 6LQ HO WHUURU \ VXV FDUDFWHUtVWLFDV
VHxDODGDVQRVHH[SOLFDQPXFKRVDVSHFWRVLPSRUWDQWHVGHODYLGDFRORQLDOTXH
WLHQHQKRQGDVSUR\HFFLRQHVHQpSRFDVVXEVLJXLHQWHV
 
(Q YDUtDV RSRUWXQLGDGHV QRV KHPRV UHIHULGR D LQGLYLGXRV R Q~FOHRV
SHTXHxRVGHLQGtJHQDVTXHSRUPRWLYRVGHDXWRULGDGGHULTXH]DLQFOXVRGH
FLHUWD QREOH]D R SULQFLSDOtD UHFRQRFLGD WUDGLFLRQDOPHQWH DFWXDEDQ HQ HO
FRQWH[WR GH ORV SXHEORV DO PDUJHQ GH OD VHUYLGXPEUH 1R KHPRV LQVLQXDGR
VLTXLHUD TXH SXGLHUDQ FRQVWLWXLU XQD FDSD VRFLDO SRU Vt PLVPRV SHUR KHPRV
DILUPDGRTXHPXFKRVGHHOORVHVWDEDQH[HQWRVGHODREOLJDFLyQGHWULEXWDUTXH
PXFKRV PiV FRQVHJXtDQ HOXGLU HO WUDEDMR IRU]DGR \ TXH HQ FRQMXQWR VH
VXVWUDtDQ D ODV FRQGLFLRQHV GH OD FODVH GH LQGLRV VLHUYRV +HPRV LQGLFDGR
WDPELpQTXHDOJXQDVSHUVRQDV\IDPLOLDVGHHVRVQ~FOHRVVHLQWHJUDEDQDODV
FDSDVPHGLDVDOWDVUXUDO\XUEDQD
/RV GRFXPHQWRV SUHVHQWDQ PXFKRV FDVRV HQ TXH HVRV $OFDOGHV H LQGLRV
SULQFLSDOHV DSDUHFHQVXIULHQGRSULVLyQ\D]RWHVSRU DWUDVRV HQOD WULEXWDFLyQ
>@SRUSDUWLFLSDUHQDPRWLQDPLHQWRV>@SRUWROHUDUODDXVHQFLDRODHYDVLyQ
GHLQGLRV GH VXVSXHEORV>@ \ KDVWD SRU IDOODV HQ OD HQWUHJD GH KLOD]DV>@
3HURWDPELpQORVKHPRVSRGLGRVHxDODUQRSRFDVYHFHVFRPRFyPSOLFHVGH
ORV&RUUHJLGRUHV\FRPRWUDPSRVRVH[SROLDGRUHVGHODJHQWHGHVXUD]D(VWH
~OWLPR SXQWR HO LQGLR H[SORWDGRU GH LQGLRV HV HO TXH YD D RFXSDPRV XQ
PRPHQWR6HYHUiTXHWLHQHPXFKDLPSRUWDQFLD
(V XQ KHFKR LQGLVFXWLEOH ²VHxDODGR \D SRU DOJXQRV DXWRUHV²>@ TXH
YDULDV GH ODV VRFLHGDGHV SUHKLVSiQLFDV GH *XDWHPDOD \ HQ HVSHFLDO ORV
OODPDGRV ³UHLQRV´ GH ORV TXLFKpV \ GH ORV FDNFKLTXHOHV VH HQFRQWUDEDQ
FXDQGRIXHURQVRPHWLGDVSRUODFRQTXLVWDHQXQDHWDSDGHWUDQVLFLyQHQWUHHO
UpJLPHQ GH FRPXQLGDG SULPLWLYD \ HO UpJLPHQ GH HVFODYLWXG HQWUDQGR D pVWH
~OWLPR(VGLItFLOSUHFLVDUHQTXpSXQWRGHHVHGHVDUUROORVHKDOODEDFDGDXQD
²LQYHVWLJDFLRQHV HVSHFLDOHV WHQGUiQ TXH KDFHUOR² SHUR FLHUWRV KHFKRV
JHQHUDOHV VRQ EDVWDQWH FODURV \ VRQ DGHPiV VXILFLHQWHV SDUD OR TXH DTXt
GHVHDPRVH[SOLFDU
(O3RSRO9XKRIUHFHSXQWRVGHDSR\RSDUDDVHJXUDUVLQYDFLODFLRQHVTXH
ORVTXLFKpVKDEtDQIRUPDGRXQSHTXHxRLPSHULRUHGXFLHQGRDWULEXWDULRVVX\RV
DRWURVSXHEORVYHQFLGRVHQODJXHUUD>@$SDUWHGHODVGLIHUHQFLDVH[LVWHQWHV
HQWUHORVSXHEORVWULEXWDULRV\HOSXHEORGRPLQDGRUKDEtDHQHOVHQRGHpVWH
LPSRUWDQWHV GLIHUHQFLDV HQWUH ORV JUDQGHV VHxRUHV ²ODV ³YHLQWLFXDWUR FDVDV
JUDQGHV´² \ VXV YDVDOORV DPLJRV \ D~Q GHQWUR GH pVWH ~OWLPR QLYHO KDEtD
GLIHUHQFLDV HQWUH ORV FDEH]DV GH JUXSR \ OD JHQWH GHO JUXSR PLVPR>@ (V
LPSRVLEOH GHFLU VL HVWDV GLIHUHQFLDV LQWHUQDV HUDQ H[DFWDPHQWH GLIHUHQFLDV GH
FODVH ²QR SRGUi VDEHUVH PLHQWUDV QR VH DFODUH FXiO HUD HO UpJLPHQ GH
SURSLHGDGGHODWLHUUD\VLKDEtDUHODFLRQHVLQWHUQDVGHH[SORWDFLyQ²SHURHV
HYLGHQWH HVR Vt TXH KDEtD XQD MHUDUTXtD PX\ DFXVDGD \ TXH HO JUXSR PiV
SRGHURVRVHSUHVHQWDEDDQWHHOUHVWRGHODVRFLHGDGFRPRPiVFHUFDQRDORV
GLRVHV UHYLVWLpQGRVH GH XQ DLUH VDFHUGRWDO>@ ²VtQWRPD pVWH TXH VXHOH LU
DVRFLDGR D OD IRUPDFLyQ GH XQD FODVH GRPLQDQWH HQ ODV VRFLHGDGHV PiV
DQWLJXDV FRQRFLGDV² (O GRFXPHQWR TXLFKp RIUHFH QRWLFLD VHJXUD GH TXH HQ
DOJXQDV GH DTXHOODV JXHUUDV ORV SULVLRQHURV GH ORV SXHEORV UHEHOGHV HUDQ
KHFKRV HVFODYRV>@ \ KD\ LQGLFLRV GH TXH DOJXQDV IXHURQ SURYRFDGDV
~QLFDPHQWHSDUDFDSWXUDUSULVLRQHURV>@
GH TXH ORV LQGLRV UHFRQRFtDQ LPSRUWDQWHV GLIHUHQFLDV HQ HO VHQR GH VXV
/RV$QDOHVGHORV&DNFKLTXHOHVHQODVHFFLyQHQTXHLQIRUPDQGHHVWHRWUR
SXHEORDQWHVGHVHSDUDUVHGHORVTXLFKpVORSUHVHQWDQSOHQDPHQWHDVRFLDGRD
ODV JXHUUDV GH GRPLQDFLyQ GH DTXpOORV>@ \ PHQFLRQDQ FRQ FODULGDG OD
H[LVWHQFLD GH HVFODYRV GHO UH\ TXLFKp>@ (Q OD VHFFLyQ HQ TXH ORV
FDNFKLTXHOHVDSDUHFHQFRQVWLWX\HQGRXQSXHEORLQGHSHQGLHQWHIRUPDQWDPELpQ
XQ SHTXHxR LPSHULR WULEXWDULR>@ DXQTXH QR KD\ UHIHUHQFLD FODUD GH
HVFODYLWXG0XFKRPiVDGHODQWHFRQVLJQDQGRKHFKRVRFXUULGRVGHVSXpVGHODV
PLVPR GHOLWR YDULDEDQ VHJ~Q TXH HO UHR IXHVH ³SHUVRQD SULQFLSDO´ R
³SOHEH\R´>@$OXGHYDULDVYHFHVDODHVFODYLWXGHVWDEOHFLGDFRPRSHQDSDUD
GLYHUVRVGHOLWRVTXHDOFDQ]DEDHQFLHUWRVFDVRVDWRGRVORVIDPLOLDUHVGHOUHR
>@ ,QIRUPD TXH ³PX\ D ORV SULQFLSLRV GH OD FRQTXLVWD GH HVWH UHLQR´ ORV
FRQTXLVWDGRUHVOHFRPSUDEDQHVFODYRVDORVLQGLRVFDFLTXHV\SULQFLSDOHV>@
6HWUDWDGHORVOODPDGRV³HVFODYRVGHUHVFDWH´FX\DDGTXLVLFLyQPiVTXHXQD
FRPSUD ²DJUHJXpPRVOR GH SDVDGD² HUD XQ FKDQWDMH LPSXHVWR SRU ORV
FRQTXLVWDGRUHV D OD QREOH]D LQGtJHQD EDMR OD IDOVD RIHUWD GH GDUOH XQ WUDWR
SUHIHUHQFLDO (O IHQyPHQR LQWHUHVD DTXt ~QLFDPHQWH FRPR SUXHED GH TXH
H[LVWtDQORVWDOHV FDFLTXHV\SULQFLSDOHV \ GH TXH WHQtDQHVFODYRVSHUR GHEH
VXSRQHUVH TXH ORV FRQTXLVWDGRUHV H[DJHUDURQ DQWH OD PRQDUTXtD ODV
SRVLELOLGDGHVGHDTXHOQHJRFLR\DTXHOHVVHUYtDSDUDHQFXEULU\MXVWLILFDUOD
HVFODYL]DFLyQGHLQGLRVDGTXLULGRVSRURWURVSURFHGLPLHQWRV
8Q FURQLVWD PXFKR PiV HFXiQLPH HQ HVWH DVXQWR ² SRUTXH HV OtFLWR
VXSRQHU TXH DO FULROOR SXGR LQWHUHVDUOH H[DJHUDU OD H[LVWHQFLD GH HVFODYRV
DQWHVGHODFRQTXLVWD²YLHQHDGDUQRVVLQHPEDUJRODVPiVVyOLGDVSUXHEDV
VRFLHGDGHVGHTXHHMHUFtDQODH[SORWDFLyQVREUHSXHEORVGRPLQDGRV\GHTXH
VXVHVFODYRVGHJXHUUDHUDQSHUWHQHQFLDDEVROXWDGHVXVDPRV)UD\)UDQFLVFR
;LPpQH] QR VyOR LQFOX\y HQ VX FUyQLFD ODV QRWLFLDV GHO 3RSRO 9XK
GHVFXELHUWDVSUHFLVDPHQWHSRUpOVLQRTXHDJUHJyPXFKRVGDWRVUHFDEDGRVHQ
VXWUDWRGLUHFWRFRQORVLQGLRVDTXLHQHVOOHJyDFRQRFHUPX\ELHQ
$OGHVFULELUODRUJDQL]DFLyQGHORVHVSDUFLGRVSREODGRVSUHKLVSiQLFRVDVt
GHORVTXLFKpVFRPRGHORVFDNFKLTXHOHVRIUHFHVLPXOWiQHDPHQWHXQHVTXHPD
/H\HV 1XHYDV HQ HO DxR  HO GRFXPHQWR LQGtJHQD KDFH WRGDYtD OD
GLVWLQFLyQ HQWUH ³ORV 6HxRUHV SULQFLSDOHV´ \ ³OD JHQWH SREUH´>@ UHYHODQGR
FRQ HOOR TXH ODV GLIHUHQFLDV HQWUH ORV LQGLRV VHJXtDQ VLHQGR UHFRQRFLGDV SRU
HOORV YHLQWH DxRV GHVSXpV GHO FRODSVR TXH VXIULHURQ VXV VRFLHGDGHV FRQ OD
FRQTXLVWDORFXDOVXJLHUHDVXYH]TXHDTXHOODVGLIHUHQFLDVGHELHURQVHUPX\
PDUFDGDVHQRWURWLHPSR
)XHQWHV\*X]PiQRIUHFHGDWRVGHLQWHUpVSDUDHVWHSXQWR0HQFLRQDGHVGH
OXHJRODWULEXWDFLyQSUHKLVSiQLFD>@'HVFULELHQGRODVOH\HV\FRVWXPEUHVGH
JRELHUQRGHORVLQGtJHQDVDQWHVGHODFRQTXLVWDLQGLFDTXHODVSHQDVSDUDXQ

GH OD MHUDUTXtD VRFLDO GH VXV KDELWDQWHV>@ (VD MHUDUTXtD DVFLHQGH GHVGH OD
JHQWH FRP~Q D ODV FDEH]DV GH IDPLOLD GH pVWRV D ORV FDEH]DV GH ³FDOSXO R
SDUHQWHOD \ GH pVWRV D ORV 6HxRUHV R ³FDVDV JUDQGHV´ TXLHQHV UHFRQRFtDQ
UH\HV KHUHGLWDULRV>@ (O HVTXHPD SRQH GH PDQLILHVWR XQD HVFDOD VRFLDO FRQ
GLIHUHQFLDVPX\PDUFDGDVSHURHOFDUiFWHUGHOLEHUDWLYRGHVXUpJLPHQLQWHUQR
²H[SOLFDGRSRUHOFURQLVWDHQRWURHVWXSHQGRWUR]RGHODREUD²>@VXJLHUH
SRGHURVDV VXSHUYLYHQFLDV GH ORV KiELWRV GHPRFUiWLFRV GH OD VRFLHGDG
SULPLWLYDVLQFODVHV
$ SDUWLU GH HVH HVTXHPD VRFLDO VH GHVDUUROOy OD GRPLQDFLyQ VREUH RWURV
SXHEORV \ VX H[SORWDFLyQ D EDVH GH WULEXWRV IRU]DGRV 7UDGXFLHQGR XQ

GRFXPHQWR LQGtJHQD UHODWLYR D OD GHVWUXFFLyQ GH OD FLXGDG TXLFKp GH 8WDWOiQ
SRUyUGHQHVGH$OYDUDGRHOFURQLVWDOHH³«HQWRQFHVVHTXHPyHOSXHEORR
FLXGDG\VHDFDEyHO5HLQR\GHMDURQGHWULEXWDUORVSXHEORVHOWULEXWRTXH
KDEtDQ GDGR D QXHVWURV SDGUHV \ DEXHORV«´>@ 3RU OR TXH KDFH D OD
HVFODYLWXGUHILULpQGRVHDORVTXLFKpVGLFH³«7RGRVORVTXHFDXWLYDEDQHQ
JXHUUDV IXHVHQ FKLFRV R JUDQGHV TXHGDEDQ SRU HVFODYRV«´>@ $O
GHVFULELUODVFRVWXPEUHVSUHKLVSiQLFDVGHORVLQGLRVGHOD9HUDSD]DQRWDOR
VLJXLHQWH ³«HO TXH PDWDED R KHUtD D HVFODYR QR WHQtD QLQJXQD SHQD
SRUTXH GHFtDQ TXH DTXHOOD HUD KDFLHQGD VX\D«´>@ \ GD LQIRUPDFLyQ GH
VLWXDFLRQHV FRQFUHWDV HQ TXH VH GLVSRQtD FRQ WRGD OLEHUWDG GH OD YLGD GHO
HVFODYRRVHOHYHQGtD>@
(Q VXPD DXQTXH WHQJDPRV GXGDV DFHUFD GH VL ODV GLIHUHQFLDV VRFLDOHV
LQWHUQDVGHDTXHOORVSXHEORVHUDQUHDOPHQWHGLYLVLRQHVGHFODVHGHWHUPLQDGDV
SRUODSURSLHGDGSULYDGD\ODH[SORWDFLyQQRSXHGHGXGDUVHGHODH[LVWHQFLD
PLVPD GH GLFKDV GLIHUHQFLDV 7DPSRFR SXHGH KDEHU GXGD HQ FXDQWR D TXH OD
WULEXWDFLyQGHORVSXHEORVGRPLQDGRVHUDXQDIXHQWHGHHQULTXHFLPLHQWR\GH
SRGHUtR²\ GH GLIHUHQFLDFLyQ SRU HQGH² SDUD ODV DOWDV MHUDUTXtDV GH ORV
SXHEORV GRPLQDGRUHV 7DPSRFR OD KD\ DFHUFD GH TXH OD UHODFLyQ HQWUH HVDV
MHUDUTXtDV \ DTXHOORVSXHEORVWULEXWDULRVHUD XQDUHODFLyQ GHH[SORWDFLyQ/R
FXDOTXLHUHGHFLU²KHDTXtXQKHFKRPX\LPSRUWDQWHSDUDQXHVWURWHPD²TXH
LQFOXVRVLORVFDFLTXHV\³FDVDVJUDQGHV´\VXVUH\HVQRKXELHVHQH[SORWDGRD
ORVYDVDOORV\V~EGLWRVGHVXSURSLRSXHEORHUDQH[SORWDGRUHVGHORVSXHEORV
WULEXWDULRV 7DPSRFR KD\ GXGD DFHUFD GH TXH ORV HVFODYRV \D OR IXHUDQ SRU
PRWLYR GH GHOLWRV R LQFRUSRUDGRV SRU OD JXHUUD D OD HVWUXFWXUD GHO SXHEOR
GRPLQDGRULQWURGXFtDQHQHOODSRUORPHQRVHVDFODVHELHQGHILQLGDODGHORV
HVFODYRVDXQTXHIXHVHQSRFRVFRPRSDUHFHLQIHULUVHGHORVGRFXPHQWRV>@
$IDOWDGHXQWpUPLQRPiVDSURSLDGRYDPRVDVHJXLUOODPDQGR³QREOHV´D
ORVLQGtJHQDVTXHDQWHVGHODFRQTXLVWDIRUPDEDQODVMHUDUTXtDVPiVDOWDVTXH
VH EHQHILFLDEDQ FRQ OD H[SORWDFLyQ GH ORV SXHEORV WULEXWDULRV \
VHFXQGDULDPHQWHWDPELpQFRQODGHHVFODYRV/DLPSUHFLVLyQTXHVHREVHUYDHQ
ODV FUyQLFDV LQGtJHQDV FXDQGR VH UHILHUHQ D HVWD QREOH]D ²FUyQLFDV HVFULWDV
GHVSXpV GHO FRODSVR GH VXV VRFLHGDGHV² DVt FRPR OD TXH H[KLEHQ ORV
FURQLVWDVFRPR)XHQWHV\;LPpQH]QRVREOLJDDHQJOREDUHQODGHVLJQDFLyQGH
QREOHV VLQ GLVWLQFLyQ SRVLEOH GH JUDGRV D ORV UH\HV R MHIHV SROtWLFRV \

UHOLJLRVRV\DVXVGHVFHQGLHQWHVDORVVHxRUHVRSULQFLSDOHV\DORVFDEH]DV
GH³FDOSXO´RGHSDUHQWHODRGHSDUFLDOLGDGWDPELpQOODPDGRV³FDFLTXHV´/D
IXHQWH GH HVWD FRQIXVLyQ VH KDOOD HQ HO KHFKR GH TXH OD SULPHUD IDVH GH OD
FRQTXLVWD ²OD IDVH EpOLFD HVFODYL]DGRUD² GHVSUHFLy HVDV MHUDUTXtDV \ DXQ
SXHGHGHFLUVHTXHWHQGLyDHOLPLQDUODVEDMRHOUDVHURGHXQWUDWRFRP~QSDUD
WRGRV ORV LQGtJHQDV>@ < FLHUWDPHQWH KDEUtDQ TXHGDGR ERUUDGDV VL DTXHOOD
HWDSDKXELHVHGXUDGRPiVGHORVYHLQWLFLQFRRWUHLQWDDxRVTXHGXUy
3HURODJUDQUHRUJDQL]DFLyQGHPHGLDGRVGHVLJORFRQWyKiELOPHQWHFRQOD
QREOH]D FDtGD OD UHLYLQGLFy HQ FLHUWD IRUPD \ VXSR VHUYLUVH GH HOOD FRQ
HILFDFLD /RV QREOHV IXHURQ OODPDGRV D FRODERUDU FRQ HO UpJLPHQ FRORQLDO
DVXPLHQGR OD DXWRULGDG HQ ORV SXHEORV &XDQGR HVWR RFXUULy OD QREOH]D
GHVRUJDQL]DGD \ SULYDGD GH PXFKRV GH VXV HOHPHQWRV PiV FRQVSLFXRV IXH
UHFLELGDEDMRHOSULQFLSLRJHQHUDOGHTXHSRGtDQRSWDUDORVFDELOGRVGHLQGLRV
²FUHDGRV HQ WLHPSRV GH &HUUDWR HQ *XDWHPDOD²>@ WRGRV ORV ³FDFLTXHV \
SULQFLSDOHV TXH SDUHFLHVHQ FDSDFHV´>@ /DV DXWRULGDGHV HVSDxRODV \ ORV
IUDLOHV HQ SOHQD ODERU GH UHGXFFLyQ VH DWXYLHURQ D XQ FULWHULR JHQHUDO TXH
UHVSRQGtD D ODV H[LJHQFLDV SUiFWLFDV GH VX SUR\HFWR $XQTXH HQ OD
UHRUJDQL]DFLyQ GH DTXHO PRPHQWR ORV LQGtJHQDV KD\DQ KHFKR YDOHU VX UDQJR
SUHKLVSiQLFR \ ORV RUJDQL]DGRUHV ORV KD\DQ DWHQGLGR SDUFLDOPHQWH \ DXQTXH
GHVSXpV KD\DQ UHFRUGDGR ORV LQGLRV QREOHV VX H[DFWD SURFHGHQFLD QRELOLDULD
²FRPRVHYHHQDOJXQRVHVFULWRVSRVWHULRUHVHQTXHODGHWDOODQFRQEDVWDQWH
SUHFLVLyQ² HO KHFKR HV TXH ODV FUyQLFDV QR HQWUDQ HQ GHWDOOH \ VRODPHQWH
SURSRUFLRQDQHOGDWRJHQHUDOORV³SULQFLSDOHV\FDFLTXHV´RVHDORVJUDQGHV
VHxRUHV\ODSOp\DGHGHORVFDEH]DVGHSDUHQWHODHQFRQMXQWRIXHURQVLWXDGRV
HQXQSODQRSUHIHUHQFLDOFXDQGRVHFUHDURQORVSXHEORVGHLQGLRV²XQLGDGHV
EiVLFDVGHODFRORQLDHQFX\RHVWXGLRQRVKDOODPRV²\ODJHQWHGRPLQDGRUD
GH OD VRFLHGDG SUHKLVSiQLFD IXH UHVXFLWDGD D XQD QXHYD YLGD HQ ORV SXHEORV
8QDYLGDGLIHUHQWHHQODTXHVHFRQVHUYDEDQVLQHPEDUJRDOJRGHODDQWLJXD
YHQWDMD
6HxDODUHPRV DOJXQRV GDWRV TXH QRV VLW~DQ HQ HO DUUDQTXH GH DTXHO
LPSRUWDQWHSURFHVR
$O LQWURGXFLUVH OD GLVSRVLFLyQ GH TXH ORV LQGLRV SRGUtDQ HOHJLU VXV
FDELOGRVGHHQWUHODJHQWHTXHSHUWHQHFtDHQFDGDSXHEORDODQWLJXRJUXSRGH
SULQFLSDOHV \ FDFLTXHV OD GLVSRVLFLyQ IXH UHFLELGD FRQ UHJRFLMR SRU OD

SREODFLyQ QDWLYD>@ )XHQWHV \ *X]PiQ UHODWD TXH DO UHDOL]DUVH OD SULPHUD
HOHFFLyQGH$OFDOGHVLQGLRVHQHOYDOOHGH*XDWHPDODORVLQGtJHQDVDFXGLHURQ
FRQJUDQ DOERURWR ³«GH IODXWDV FDUDFROHV WHSRQDVWOHV \ VLOERV GH PXFKDV
WURSDV GH LQGLRV TXH DFRPSDxDQGR D VXV QXHYRV $OFDOGHV \ MXVWLFLDV VH
HQFDPLQDURQ D 3DODFLR SRU OD FRQILUPDFLyQ GH VXV RILFLRV«´>@ $TXHOOD
FRQIOXHQFLDGHUXLGRVDVFRPLWLYDVVREUHODFLXGDGHQODPDxDQDGHXQPLVPR
GtDOOHJyDLQTXLHWDUDVXFRUWRYHFLQGDULR\DOSURSLR3UHVLGHQWH&HUUDWR²
GLFH HO FURQLVWD² \ DJUHJD TXH HQ FRQPHPRUDFLyQ GH DTXHO SULPHU HYHQWR
WRGDYtDHQVXWLHPSRDFRVWXPEUDEDQDFXGLUHQODPDxDQDGHOGtDGHDxRQXHYR
DUHFDEDUVXFRQILUPDFLyQORVFDELOGRVGHORVSXHEORVGHOYDOOH>@)XHQWHV
DILUPDGHPDQHUDJHQHUDOTXHDORVLQGLRVOHVJXVWDEDVHUJREHUQDGRVSRUVXV
SULQFLSDOHV\FDFLTXHV>@\;LPpQH]GLFHTXHHQWRGRVORVDVXQWRVGHDOJXQD
LPSRUWDQFLD FROHFWLYD ORV $OFDOGHV FRQVXOWDEDQ FRQ ORV GHPiV LQGLRV QREOHV
SUHVWLJLR \ DXWRULGDG VREUH OD PDVD LQGtJHQD \ GH VXPLVLyQ DQWH ODV
DXWRULGDGHV HVSDxRODV 7DO FLUFXQVWDQFLD IXH FDSWDGD SRU ORV SLRQHURV GH OD
UHGXFFLyQ>@\QRODGHVDSURYHFKDURQ
/DV DXWRULGDGHV LQGtJHQDV VH KDOODEDQ HQWUH OD HVSDGD \ OD SDUHG 6L
FRQGHVFHQGtDQ FRQ OD JHQWH FRQTXLVWDGD UHVXOWDEDQ LQFXPSOLHQGR DQWH ORV
&RUUHJLGRUHV \ HOOR GHVDWDED HO D]RWH VREUH VXV HVSDOGDV>@ 3DUD FXPSOLU
FRQ ORV &RUUHJLGRUHV WHQtDQ TXH HPSOHDU PDQR GXUD FRQ ORV LQGLRV (VD
LPSODFDEOH DOWHUQDWLYD HV OD TXH SUHVHQWD D ORV $OFDOGHV XQDV YHFHV FRPR
YtFWLPDV GHO ULJRU GH ORV &RUUHJLGRUHV \ RWUDV FRPR YHUGXJRV GH ORV
PDVHJXDOHV
(OJRELHUQRFRORQLDOLQWHUHVDGRHQTXHODDXWRULGDGLQGtJHQDFXPSOLHUDVX
FRPHWLGR D FDEDOLGDG H[WHQGLy KDVWD HOOD OD WROHUDQFLD TXH KHPRV DQDOL]DGR
FRPR HOHPHQWR GHO WHUURU /HJDOPHQWH ORV FDELOGRV LQGtJHQDV $OFDOGHV
GHO SXHEOR D\XGiQGRVH HQWUH Vt>@ (VWRV GDWRV \ RWURV VHPHMDQWHV KDFHQ
SHQVDUTXHORVQREOHVIXHURQHQPXFKRVSXHEORVHOHPHQWRVEHQHILFLRVRVTXH
DVXPLHURQXQDDFWLWXGVROLGDULDFRQHOUHVWRGHODSREODFLyQ
3HUR QR WRGRV FRQVHUYDURQ HVD DFWLWXG QL HUD SRVLEOH TXH WDO FRVD
RFXUULHUD$XQTXHHUDQGHXQDPLVPDUD]DFRQORVPDVHJXDOHV\DXQTXHHQWUH
HOORV SUHSRQGHUDEDQ ORV FDFLTXHV R FDEH]DV GH FDOSXO ²TXH VH KDOODEDQ
PXFKRPiVSUy[LPRVTXHORV³VHxRUHV´DODSREODFLyQFRP~QHQODHVWUXFWXUD
SUHKLVSiQLFD²>@ OD RUJDQL]DFLyQ FRORQLDO ORV FRORFDED HQ XQD WHVLWXUD HQ
TXHUD]D\WUDGLFLyQWHQtDQTXHVHUDUUROODGDVSRUIDFWRUHVPXFKRPiVIXHUWHV
(OUpJLPHQGHSXHEORVDODEULUOHODVSXHUWDVGHORVFDELOGRVDODQREOH]D
LQGtJHQD \ DO H[RQHUDU GH OD WULEXWDFLyQ D ORV ³OHJtWLPRV FDFLTXHV \ D VXV
SULPRJpQLWRV´²QRUPDTXHVHUHVSHWyKDVWDHOILQDOGHODFRORQLD²>@FUHy
XQDPLQRUtDGLIHUHQFLDGDGHLQGLRVHQHOVHQRGHORVSREODGRVFRORQLDOHV<
HUD HVR SUHFLVDPHQWH OR TXH VH EXVFDED $O KDFHUVH OD UHGXFFLyQ DO
RUJDQL]DUVHORVSXHEORVVHYLRTXHKDFtDIDOWDODDXWRULGDGSHTXHxD\ORFDOHQ
FDGDXQRGHHOORVXQDDXWRULGDGTXHQRRFDVLRQDUDJDVWRVSRUTXHORVSXHEORV
HUDQPXFKRV\VHHVSHUDEDTXHIXHUDQFDGDYH]PiVQXPHURVRVXQDDXWRULGDG
TXH SXGLHUD YLYLU HQ HO VHQR GHO SXHEOR YLJLODGD DOOt SRU HO GRFWULQHUR
VXSHGLWDGD\REHGLHQWHUHVSHFWRGHODVH[LJHQFLDVGHO&RUUHJLGRUFDSDFLWDGD
SDUDYLJLODUGLUHFWDPHQWHDORVLQGLRV\JDUDQWL]DUVXDUUDLJR\VXWULEXWDFLyQ
/D QREOH]D LQGtJHQD KXPLOODGD UHXQtD H[DFWDPHQWH HVDV FDUDFWHUtVWLFDV GH

5HJLGRUHV\$OJXDFLOHVHOHJLGRVFDGDDxR\FRQILUPDGRVSRUHO&RUUHJLGRU
WHQtDQ DXWRULGDG SDUD SUDFWLFDU DUUHVWRV \ FDVWLJDU FLHUWRV GHOLWRV FRPR OD
HEULHGDGODIDOWDGHDVLVWHQFLDDPLVD\GHVGHOXHJRODQHJOLJHQFLDHQUHODFLyQ
FRQ ORV WULEXWRV \D TXH HO SULQFLSDO FRPSURPLVR GH ORV $OFDOGHV HUD YHODU
SRUTXH HO SXHEOR SURGXMHUD ORV IUXWRV R DUWtFXORV SDUD WULEXWDU /D UHDOLGDG
HPSHUR LED PXFKR PiV DOOi SRUTXH OD WROHUDQFLD QR HUD HQ HVWH FDVR
VRODPHQWH XQD LQFLWDFLyQ D OD EUXWDOLGDG FRQ ORV LQGLRV FRPXQHV VLQR XQD
WHQWDFLyQGHFREUDUVHHQHOORVHOSUHFLRGHODUHVSRQVDELOLGDG\GHHYHQWXDOHV
FDVWLJRVHLQVXOWRVUHFLELGRVGHODDXWRULGDGVXSHULRU$GHPiVODRSFLyQDOD
DXWRULGDGFUHyXQYtQFXORHQWUHWRGRVORVTXHODWHQtDQHOFXDODPSOLDGRFRQ
SDUHQWHODV \ FRPSDGUD]JRV JHQHUy XQD YHUGDGHUD IDFFLyQ FDELOGHVFD HQ ORV
SXHEORV(QPXFKRVGHHOORVORVSULQFLSDOHVHUDQHQFRQMXQWRXQDFDPDULOOD
GH LQGLRV DEXVLYRV \ FUXHOHV TXH H[WRUVLRQDEDQ D ORV LQGLRV FRPXQHV 1R
SXHGH GHFLUVH TXH DVt IXHUD HQ WRGDV SDUWHV SHUR IXH PX\ IUHFXHQWH \ OD
GRFXPHQWDFLyQSRQHGHPDQLILHVWR²FRPRORYHUHPRV²TXHODFRUUXSFLyQGH
ORV SULQFLSDOHV IXH HQ DXPHQWR D OR ODUJR GH ORV WUHV VLJORV GH OD FRORQLD
6XSRQHU TXH QR GHELy KDEHU VLGR DVt SRUTXH VH WUDWDED GH JHQWH WRGD HQ OD
PLVPD UD]D VHUtD FDHU GH QXHYR HQ OD LQRFHQWH FUHHQFLD PLO YHFHV UHIXWDGD
SRU ORV KHFKRV GH TXH OD DILQLGDG R GLYHUVLGDG UDFLDO GH ORV KRPEUHV WLHQH
IXHU]D GH GHWHUPLQDFLyQ VREUH VXV DILQLGDGHV R SXJQDV KLVWyULFDV (O DSDUDWR
FRORQLDO QHFHVLWDED GH DTXHOOD GLYLVLyQ \ FRUUXSFLyQ \ OD FUHy IiFLOPHQWH

GiQGROHDXQRVLQGLRVRSRUWXQLGDGGHHQULTXHFHUVHDH[SHQVDVGHORVRWURV
(O KHFKR GH TXH ODV HOHFFLRQHV GH $OFDOGHV HVWXYLHUDQ VXMHWDV D OD
DSUREDFLyQ GHO &RUUHJLGRU LQIOX\y PXFKtVLPR HQ OD FRUUXSFLyQ TXH HVWDPRV
VHxDODQGR3RUTXHORV&RUUHJLGRUHVLQWHUHVDGRVHQWHQHUHQORV$OFDOGHVXQRV
EXHQRV D\XGDQWHV SDUD UHDOL]DU VXV DWUDFRV SUHVLRQDEDQ SDUD TXH IXHUDQ
HOHJLGRV LQGLYLGXRV GLVSXHVWRV QR VyOR D FRODERUDU VLQR D SDUWLFLSDU HQ
DTXHOORVGHVSLDGDGRVQHJRFLRV²£ELHQVDEtDQTXHHOFyPSOLFHPiVVHJXURHV
HOTXHSDUWLFLSD\VHFRPSURPHWHWDPELpQ²)XHQWHV\*X]PiQH[SUHVDTXHHO
IDYRULWLVPR HO SRGHU \ OD FRGLFLD ²VH HQWLHQGH TXH GH ORV &RUUHJLGRUHV
DXQTXH HVWH H[&RUUHJLGRU QR VH DWUHYD D GHFLUOR² GHVYLUWXDEDQ ODV
HOHFFLRQHV\OOHYDEDQDODV$OFDOGtDVLQGLYLGXRVGHRWURVSXHEORVDMHQRVDODV
QHFHVLGDGHV\XVRVGHOOXJDURELHQDLQGLRVFRPXQHVPX\LQHSWRVWRWDOPHQWH
GyFLOHV DQWH ODV PDTXLQDFLRQHV GHO WLUDQXHOR UHJLRQDO>@ ;LPpQH] OOHJD D
DILUPDU JHQHUDOL]DQGR TXH OD FRUUXSFLyQ GH $OFDOGHV RFXUUtD VRODPHQWH
GRQGH \ FXDQGR VH KDOODEDQ EDMR OD SUHVLyQ GH ORV &RUUHJLGRUHV ³«SRUTXH
FRPRHOORVQRDWLHQGHQPiVTXHDVXVLQWHUHVHV²GLFH²SRQHQDTXLHQHVVH
WUDEDMRV QR UHPXQHUDGRV WDOHV FRPR VHUYLFLRV GH FRUUHR FRQGXFFLyQ GH
SHUVRQDVFRPRJXtDVGHFDPLQRDFDUUHRGHFDUJDV\HTXLSDMHVGHSDVDMHURVR
GH DXWRULGDGHV GHVLJQDEDQ GH LQWHQWR D DTXHOORV LQGLRV D TXLHQHV OHV KDEtDQ
SDJDGRSDUDLUDOUHSDUWLPLHQWR\PDxRVDPHQWHILQJtDQWHQHUTXHOHYDQWDUORV
GHQRFKHSDUDHVRVVHUYLFLRVWRGRHOORFRQODPLUDGHTXHOHVGHYROYLHUDQHO
GLQHURUHFLELGRFRPRVRERUQRGHUHSDUWLPLHQWRUHFXSHUiQGRORHQHIHFWRFRQ
HVWDVSUHVLRQHV>@
7DPELpQ D SURSyVLWR GHO UHSDUWLPLHQWR KDFH OD VLJXLHQWH GHQXQFLD
VXPDPHQWHLPSRUWDQWH+DOOiQGRVHHQPDQRGHORV$OFDOGHVODGLVWULEXFLyQGH
OD WLHUUD FRPXQDO \ VLHQGR GH VX UHVSRQVDELOLGDG OD SURGXFFLyQ GH WULEXWRV
H[LJtDQ HO ODERUHR GH H[WHQVLRQHV GH WLHUUD PD\RUHV TXH ODV QHFHVDULDV SDUD
FXEULU DTXHOOD REOLJDFLyQ /DV FRVHFKDV DUURMDEDQ VREUDQWHV GH ORV FXDOHV
GLVSRQtDQ ORV $OFDOGHV IUDXGXOHQWDPHQWH \ ORJUDEDQ FRQ HVH DEXVR
FRQVLGHUDEOHVSURYHFKRV>@(VWDIRUPDGHHQULTXHFLPLHQWRGHORV$OFDOGHVD
H[SHQVDV GH ORV LQGLRV GHEH KDEHU VLGR PX\ JHQHUDOL]DGD )XH HQ WRGR FDVR
PX\ GXUDGHUD SRUTXH KDVWD ORV ~OWLPRV DxRV GH OD FRORQLD VH HQFXHQWUDQ
OHV DQWRMD FRQWUD ODV OH\HV 5HDOHV D TXLHQHV OHV SDUHFH TXH VRQ PiV D
SURSyVLWR SDUD VXV JUDQJHUtDV«´>@ (VD JHQHUDOL]DFLyQ KHFKD SRU XQ
WHVWLJRH[SHULPHQWDGRHQFRVDVGHLQGLRV\EDVWDQWHMXVWRHQVXVDSUHFLDFLRQHV
UHIXHU]D OD DILUPDFLyQ GH TXH HQWUH WRGRV ORV IDFWRUHV TXH FRUURPStDQ OD
FRQGXFWD GHO LQGLR FRQ DXWRULGDG OD SUHVLyQ GH ORV &RUUHJLGRUHV IXH HO PiV
LPSRUWDQWH>@
(OORQRGHVGLFHVLQHPEDUJRTXHODSRVLFLyQHQTXHHOUpJLPHQFRORFDED
D ORV LQGLRV FRQ DXWRULGDG IXHUD OD FRQGLFLyQ EiVLFD \ SURSLFLD SDUD TXH
DFWXDUDQ IDFWRUHV FRPR HO VHxDODGR 1R SXHGH VXEHVWLPDUVH YHUELJUDFLD HO
LQWHUpVTXHWHQtDQORVLQGLRVQREOHVHQ]DIDUVHGHOUHSDUWLPLHQWR\HQYLDUVyOR
DORVPDVHJXDOHV$FHUFDGHHVWDDUELWUDULHGDGRIUHFH)XHQWHV\*X]PiQGDWRV
PX\ YDOLRVRV 'LFH TXH ORV $OFDOGHV FRPR LQPHGLDWRV HQFDUJDGRV GHO
UHSDUWLPLHQWR ²DXQTXH EDMR HO FRQWURO GH 5HSDUWLGRUHV \ &RUUHJLGRUHV²
H[FOXtDQGHDTXHOVHUYLFLRDWRGRVORVLQGLRVSULQFLSDOHVFRQVXVSDULHQWHV\
FRPSDGUHV>@ORFXDOUHSUHVHQWDEDFRPRVDEHPRVXQDJUDQYHQWDMDSDUDOD
IDFFLyQGHORVIDYRUHFLGRVXQSHUMXGLFLDOUHFDUJRGHWUDEDMRFDVLJUDWXLWRSDUD
ORVLQGLRVFRPXQHV
$JUHJDTXHDXWRUL]DGRVORV$OFDOGHVSDUDHQYLDULQGLRVDKDFHUGLYHUVRV

UHIHUHQFLDVGRFXPHQWDOHVGHVREUDQWHVSURGXFLGRVFRQILQHVGHWULEXWDFLyQGH
ORV FXDOHV VH DSURSLDEDQ LOtFLWDPHQWH ODV DXWRULGDGHV LQGtJHQDV>@ (O
FURQLVWD FULROOR GHQXQFLD HVWH URER SRUTXH VHJ~Q pO GLFH ORV VREUDQWHV VH
SURGXFtDQFRQPDQRGHREUDTXHKDFtDIDOWDHQODVODERUHV\KDFLHQGDV>@
/D IXHQWH PiV ULFD \ H[SUHVLYD HQ UHODFLyQ FRQ ORV DEXVRV GH ORV LQGLRV
SULQFLSDOHV OD WHQHPRV FRPR SDUD WRGR OR UHODWLYR D OD PLVHULD \ HO WHUURU
FRORQLDOHVHQOD³'HVFULSFLyQ´GH&RUWpV\/DUUD]/ODPDDHVWRVJUXSRV³«
SHUGLFLyQ\SHVWHGHORVSXHEORV«HLQIRUPDDUHQJOyQVHJXLGRTXH³« SRU
Vt\SRUPHGLRGHORV$OFDOGHVORGLVSRQHQWRGRORHQUHGDQWRGR\PDQGDQ
GHVSyWLFDPHQWHDORVLQGLRVPDVHJXDOHVXRUGLQDULRV«´>@(OSUREOHPDGH
ORV ³FDOSXOHV´ ²FRPR VXHOH OODPDU DO FRQMXQWR GH ORV SULQFLSDOHV² VH OH
SUHVHQWD FRPR GH OD PD\RU LPSRUWDQFLD 6H SUHJXQWD FXiO SRGUtD VHU OD
VROXFLyQ SDUD DTXHOORV URERV \ FUXHOGDGHV GH ORV ³FDOSXOHV´ \ WHUPLQD SRU
UHFRPHQGDUOHDOUH\²SXHVSDUDpOHVFULEtDQRORROYLGHPRV²ODSHUHJULQD
RFXUUHQFLD GH TXH ORV FDELOGRV GH LQGLRV QR OH IXHUDQ UHVHUYDGRV D ORV
SULQFLSDOHV D HVDV FDPDULOODV GH HVELUURV PDxRVRV VLQR D LQGLRV LQVWUXLGRV
5HFRQRFHTXHODHPSUHVDGHLQVWUXLUORVHVGLILFXOWRVD³«\DOJRODUJD>@\
UHPDWD FRQ HVH WRQR TXLMRWHVFR TXH FREUDQ VXV SDODEUDV DO UHIHULUVH D ORV

HQGULDJRVGHODFRORQLD³«1RKDOORRWURUHPHGLRTXHODLQVWUXFFLyQ\TXH
VHTXLWHODSHVWHGHORVFDOSXOHV\SULQFLSDOHV>@
1R SRGtD HQWHQGHU DTXHO KRPEUH ²SHUR HVWDPRV REOLJDGRV D HQWHQGHUOR
QRVRWURV²TXHXQDSURPRFLyQGHLQGLRVLQVWUXLGRVHUDXQFRQWUDVHQWLGRSXHV
OD LQVWUXFFLyQ SUHVXSRQtD XQ JpQHUR GH YLGD GH SRU Vt EDVWDED SDUD VDFDU DO
KRPEUHLQVWUXLGRGHODFRQGLFLyQGHLQGLRFRPRHQHIHFWRRFXUULyFRQDOJXQRV
³LQGLRV QR LQGLRV TXH OOHJDURQ KDVWD OD 8QLYHUVLGDG R KLFLHURQ OD FDUUHUD
HFOHVLiVWLFD ²KRPEUHV OLEUHV GH UD]D LQGtJHQD GH FDSD PHGLD DOWD² QR
FRPSUHQGLy TXH ORV LQGLRV LQVWUXLGRV VyOR SRGtDQ DSDUHFHU HQWUH ORV LQGLRV
ULFRV \ TXH pVWRV VyOR SRGtDQ DSDUHFHU D VX YH] HQWUH ³OD SHVWH´ GH ORV
FDOSXOHV\SULQFLSDOHV\DTXHHOUHVWRGHORVLQGLRVYLYtDHQFRQGLFLRQHVGH
PLVHULD TXH FHUUDEDQ WRGD SRVLELOLGDG GH LQVWUXFFLyQ ILQDOPHQWH VX
LQFRPSUHQVLyQ GH OD FRORQLD QR OH SHUPLWLy YHU TXH XQRV LQGLRV LQVWUXLGRV
LQGLRV GH YHUGDG VLHUYRV LQVWUXLGRV ²£VL WDO FRQWUDVHQWLGR IXHUD SRVLEOH²
FDSDFHVGHIUHQDUODVIHFKRUtDVGHORV&RUUHJLGRUHV\ORV$OFDOGHVFDSDFHVGH
LPSHGLUHOWHUURUFRORQLDOKXELHUDQVLGRODVXEYHUVLyQODJULHWDGHHVFDSHGH
HQRUPHV DF~PXORV GH RGLR GH FODVH ODWHQWH HQ WRGDV SDUWHV GH PDOHVWDU \
IDVWLGLRGHVLJORVODTXLHEUDGHOUpJLPHQ
6LQ HPEDUJR VL &RUWpV \ /DUUD] KXELHUD HQWHQGLGR WRGR HVR
SUREDEOHPHQWH VH KXELHUD FDOODGR \ QR WHQGUtDPRV VX SUHFLRVR WHVWLPRQLR
KLVWyULFR&RQOXMRGHGHWDOOHSUHVHQWDDORVFDOSXOHVGRPLQDQGR\GLULJLHQGR
ORVLQGLRVFRPXQHV²WDOFRPRORKDEODGHQXQFLDGR)XHQWHV\*X]PiQPXFKR
WLHPSRDWUiVVHJ~QYLPRV²
6HJXUDPHQWH QR IXH DVt HQ WRGDV SDUWHV 1R HV HVR OR TXH SURSRQHPRV
GHPRVWUDU(OKHFKRGHEHKDEHUVLGRVLQHPEDUJREDVWDQWHIUHFXHQWHSRUTXH
HO $U]RELVSR OR GHQXQFLD HQ YDULRV SXQWRV GH VX LQIRUPH \ OR WUDWD FRPR XQ
IHQyPHQRJHQHUDOL]DGR
/D LPSRUWDQFLD KLVWyULFD GH ORV KHFKRV TXH YHQLPRV DSXQWDQGR QR UDGLFD
VRODPHQWHHQTXHSUHVHQWDQDVSHFWRVHQWUDxDEOHVGHODUHDOLGDGGHORVSXHEORV
6X GHWHQLGD FRQVLGHUDFLyQ HV QHFHVDULD WDPELpQ SDUD HVFODUHFHU FLHUWRV
SXQWRV REVFXURV TXH RFDVLRQDOPHQWH KDQ GDGR SLH D FRPHQWDULRV HUUyQHRV \
PXFKDV YHFHV WHQGHQFLRVRV 1R KD IDOWDGR SRU HMHPSOR TXLHQ GHMH
ERTXLDELHUWR D VX DXGLWRULR FRQ IDODFHV GHVDWLQRV FRPR HO TXH VLJXH ³/RV
LQGtJHQDV VH KDFtDQ OD JXHUUD \ VH H[SORWDEDQ XQRV D RWURV DQWHV GH OD
FRQTXLVWD VL GHQWUR GH VX SURSLD UD]D SURFHGtDQ DVt QR HV H[WUDxR TXH RWUD
JHQWHPiVFLYLOL]DGD\UDFLDOPHQWHGLVWLQWDORVFRQTXLVWDUDSDUDH[SORWDUORV
HWF´
1R KD\ SHRU PHQWLUD TXH OD TXH WLHQH XQ SRFR GH YHUGDG ²KD GLFKR XQ
ILOyVRIR²>@\FDEDOPHQWHHVHWLSRGHPHQWLUDVKDSURVSHUDGRDODPSDURGH
YHUGDGHV IUDJPHQWDULDV WRPDGDV GHO WHUUHQR TXH DKRUD HVWDPRV DQDOL]DQGR
&LHUWDPHQWHORVUHLQRVLQGtJHQDVGH*XDWHPDODSUDFWLFDEDQ\DODH[SORWDFLyQ
HO GHVDUUROOR GH VXV IXHU]DV SURGXFWLYDV OR KL]R SRVLEOH GHVGH HO PRPHQWR
OD YLGD GH ORV SXHEORV LPSRQLHQGR VX FDSULFKR FRQ FiUFHOHV \ OiWLJRV>@ TXHUHJXODUL]yODSURGXFFLyQGHH[FHGHQWHVRSOXVSURGXFWR\HQFRQVHFXHQFLD
5HSHWLGDPHQWH ORV VHxDOD FRPR FyPSOLFHV GH ORV &RUUHJLGRUHV \ SRU Vt HVWDEDQ FRQILJXUDQGR XQD VRFLHGDG GH FODVHV 1R SXHGH QHJDUVH TXH HVD
H[SORWDGRUHV GH ORV LQGLRV ³«(O $OFDOGH 0D\RU VXHOH HQWHQGHUVH FRQ VXV FLUFXQVWDQFLD VLQ VHU GHWHUPLQDQWH DFWXDQGR MXQWR D RWUDV TXH \D KHPRV
FDOSXOHV\SULQFLSDOHVDTXLHQHVQRDOFDQ]DQORVUHSDUWRV\FUXHOGDGHVGH DQDOL]DGR LQIOX\y HQ OD FRQTXLVWD GH ORV QDWLYRV SHUR QR SRUTXH PRUDO \
ORV$OFDOGHV0D\RUHVDQWHVORVTXLHUHQORVUHSDUWRV60SRUTXHHQHVWR SURYLQGHQFLDOPHQWHVHKLFLHUDQPHUHFHGRUHVGHTXHXQRVH[WUDxRVYLQLHUDQD
WLHQHQ VXV XWLOLGDGHV«´>@ \ HQ RWUR OXJDU GHFODUD³« HOORV WLHQHQ VX VRMX]JDUORV ²TXH HV OR TXH VXWLOPHQWH VH LQVLQ~D HQ DTXHOOD IDODFLD² VLQR
LQIOXMRH LQWHUpV HQ ORV UHSDUWLPLHQWRVTXH KDFHQ ORV$OFDOGHV0D\RUHV GH SRUTXH ODV VRFLHGDGHV TXH KDQ DOFDQ]DGR FLHUWR JUDGR GH GHVDUUROOR VRQ
PHUFDQFtDVHKLOD]DV60\DXQORVSLGHQ«´>@)LQDOPHQWHH[SUHVD³«
/DYHUGDGHUDPLVHULDGHORVLQGLRVHQHVWDVFRVDVODWLHQHQSRUORVPLVPRV
LQGLRV TXH VRQ DOFDOGHV R SULQFLSDOHV SXHV FRQ OD FUXHOGDG TXH OHV HV
QDWXUDOORVFDVWLJDQDWUR]PHQWHORVWLHQHQHVFODYL]DGRV\VHKDFHQVHxRUHV
GH VXV WUDEDMRV \ FDXGDOHV´ >@ +H DKt SXHV D ORV LQGLRV SULQFLSDOHV
VDFDQGRWDMDGDHQORVQHJRFLRVGHO&RUUHJLGRU\HQULTXHFLpQGRVHDFRVWDGH
HVWDEOHV VRQ SRSXORVDV VH KDOODQ YLQFXODGRV D ODV WLHUUDV GH FXOWLYR \
ILQDOPHQWH WDPELpQ SRUTXH SUHVHQWDQ FRQWUDGLFFLRQHV LQWHUQDV \ ULYDOLGDGHV
H[WHUQDV TXH GLVPLQX\HQ VX FDSDFLGDG GHIHQVLYD 2WUDV VRFLHGDGHV PiV
DWUDVDGDVWRGDYtDQyPDGDVRVHPLQyPDGDVQRSUHVHQWDQHVDVFDUDFWHUtVWLFDV
\ HV LPSRVLEOH SRU HOOR FRQTXLVWDUODV (V VDELGR TXH ORV H[SORUDGRUHV
HVSDxROHV GHVFXEULHURQ HQRUPHV \ ULFRV WHUULWRULRV GHO VXU GH 1RUWHDPpULFD

 
SHURODFRORQL]DFLyQHVSDxRODQRVHGLULJLyKDFLDDOOiSRUTXHKDEtDVRODPHQWH
SXHEORV SULPLWLYRV QyPDGDV R VHPL QyPDGDV GH RUJDQL]DFLyQ FRPXQDO VLQ
FODVHV SXHEORV SRFR GHVDUUROODGRV FRQ XQD DJULFXOWXUD LQFLSLHQWH R
GHVFRQRFHGRUHV GHO FXOWLYR GH OD WLHUUD SXHEORV SHTXHxRV TXH SRGtDQ
OHYDQWDU VXV FDEDxDV \ GHVDSDUHFHU QR VXVFHSWLEOHV SRU OR WDQWR GH VHU
FRQTXLVWDGRV SDUD H[SORWDUORV /D H[SHULHQFLD KLVWyULFD GHPXHVWUD TXH QR VH
SXHGHFRQTXLVWDUQLH[SORWDUDYHUGDGHURVSULPLWLYRVUHFROHFWRUHVFD]DGRUHV
\SHVFDGRUHVQLVLTXLHUDDORVSXHEORVVHPLQyPDGDVTXHDVRFLDQLQLFLRVGH
DJULFXOWXUD FRQ OD FD]D R SDVWRUHR \ OD UHFROHFFLyQ (VD HV OD FDXVD
IXQGDPHQWDO GH TXH ORV FRQTXLVWDGRUHV HVSDxROHV KD\DQ PHQRVSUHFLDGR OD
FRORQL]DFLyQ GH ODV UHJLRQHV GHO QRUWH GH $PpULFD GHVFXELHUWDV SRU HOORV \
GH TXH ORV FRORQL]DGRUHV DQJORVDMRQHV OOHJDGRV GHVSXpV KD\DQ WHQLGR TXH
HQWDEODUXQDODUJDJXHUUDGHH[WHUPLQLRFRQORVLQGtJHQDVGHDTXHOODUHJLyQ²
H[WHUPLQLRVLVWHPiWLFRGHOTXHWRGRVWHQHPRVQRWLFLDSXHVVHYROYLyWHPDGH
VROD]\HQWUHWHQLPLHQWRHQHOFLQHQRUWHDPHULFDQR²(VLQWHUHVDQWHDQRWDUTXH
ORVHVFODYRVDIULFDQRVWUDtGRVHQJUDQGHVFDQWLGDGHVDODVGRV$PpULFDVHUDQ
WRGRVSURFHGHQWHVGHSXHEORVDJUDULRVDOJXQRVGHHOORVFRQXQFRQVLGHUDEOH
GHVDUUROOR FXOWXUDO \ TXH QXQFD VH SXGR HVFODYL]DU D ORV QHJURV
YHUGDGHUDPHQWHSULPLWLYRV>@
(QHVHVHQWLGRSXHV\QRHQRWURSXHGH\GHEHGHFLUVHTXHHOJUDGRGH
GHVDUUROOR HFRQyPLFRVRFLDO GH ORV UHLQRV LQGtJHQDV LQFOXLGR DOOt HO
DSDUHFLPLHQWR GH OD H[SORWDFLyQ WULEXWDULD \ HVFODYLVWD LQFLSLHQWH FRQWULEX\y
DO VRMX]JDPLHQWR GH ORV LQGtJHQDV SRU ODV KXHVWHV FRQTXLVWDGRUHV GH XQD
VRFLHGDG PXFKR PiV GHVDUUROODGD (Q SULPHU OXJDU SRUTXH VX FDSDFLGDG
SURGXFWLYD VX RUJDQL]DFLyQ \ VX HVWDELOLGDG HVWLPXODURQ \ DWUDMHURQ OD
DPELFLyQ PRWLYDGRUD GH OD FRQTXLVWD (Q VHJXQGR OXJDU SRUTXH OD EDVH
DJUtFRODGHDTXHOODVVRFLHGDGHVODVKDFtDGHSHQGHUGHVXVWLHUUDVGHFXOWLYR SUHVLGHWRGRVORVSURFHVRVTXHYHQLPRVHVWXGLDQGR
UHF~HUGHVHD$OYDUDGR³FRUULpQGROHVODWLHUUD´ TXHPDQGR\ GHVWUX\HQGRVXV
PDL]DOHV SDUD REOLJDUORV D UHQGLUVH>@ (Q WHUFHU OXJDU SRUTXH VXV SURSLDV
OXFKDVGHFRQWHQLGRLPSHULDOLVWDWULEXWDULRHQWUHGRPLQDGRUHV\GRPLQDGRV\
GHGRPLQDGRUHVHQWUHVt²HOFDVRGHTXLFKpV\FDNFKLTXHOHV²UHVTXHEUDMDED
VXXQLGDGIUHQWHDOLQYDVRUHKL]RPiVIiFLOODHPSUHVDGHFRQTXLVWDUORV
3RUDxDGLGXUDKD\LPSRUWDQWHVLQGLFLRVGHTXHDOJXQRVJUXSRVQREOHVGH
ODV VRFLHGDGHV LQGtJHQDV YLHQGR TXH HO LQYDVRU HUD LQYHQFLEOH WUDWDURQ GH

PDQLREUDU SROtWLFDPHQWH SDUD SOHJiUVHOH \ SDUD FRQVHUYDU DVt XQD SRVLFLyQ
YHQWDMRVDHQODRUJDQL]DFLyQTXHUHVXOWDUDGHODFRQTXLVWD+D\EXHQDVEDVHV
GRFXPHQWDOHV SDUD VRVSHFKDU HVH YLUDMH>@ HO FXDO QR WHQGUtD QDGD GH
VRUSUHQGHQWH SRUTXH OD +LVWRULD HVWi OOHQD GH FDVRV VHPHMDQWHV ODV FODVHV
GRPLQDGRUDVDUURMDQDODJXHUUDDVXVSXHEORV\DVHDSDUDGHIHQGHUHORUGHQ
HQ TXH HOODV SUHYDOHFHQ R SDUD DPSOLDU VX SURSLD GRPLQDFLyQ \ FXDQGR VH
YLVOXPEUD HO IUDFDVR \ OD GHUURWD GHO VHQR GH HVDV PLVPDV FODVHV VDOHQ ORV
SULPHURV WDQWHRV GH FRQFLOLDFLyQ FRQ HO HQHPLJR HQFDPLQDGRV D FRQVHUYDU
SRVLFLRQHVGHYHQWDMDHQHOUpJLPHQGHOYHQFHGRU/DUD]DQRWLHQHQDGDTXH
YHU FRQ WRGR HVWR \ ORV QREOHV QDWLYRV LJXDO TXH ORV GH WRGDV ODV UD]DV GHO
PXQGR HV SRVLEOH TXH DQWHSXVLHURQ VXV LQWHUHVHV GH JUXSR D FXDOHVTXLHUD
FRQVLGHUDFLRQHV GH VROLGDULGDG UDFLDO>@ 6L QR OR KLFLHURQ HQ OD SULPHUD
HWDSD GH OD FRQTXLVWD ²GHELGR D TXH ORV SURSLRV FRQTXLVWDGRUHV QR VH
PRVWUDURQPX\LQWHUHVDGRVHQDTXHODUUHJOR²WXYLHURQXQDQXHYDRSRUWXQLGDG
DOKDFHUVHODRUJDQL]DFLyQGHILQLWLYDGHODFRORQLDDOFUHDUVHORVSXHEORV\DO
VHU OODPDGRV ORV ³SULQFLSDOHV \ FDFLTXHV´ D FRODERUDU HQ HO QLYHO GH ODV
DXWRULGDGHVPXQLFLSDOHV
(QVXPDODGLVSRVLFLyQTXHPXHVWUDQORVKRPEUHVSDUDH[SORWDUVHXQRVD
RWURV QR WLHQH QDGD TXH YHU FRQ OD UD]D VLQR TXH HV OD GHWHUPLQDGD SRU OD
FLUFXQVWDQFLDGHTXHXQDYH]LQJUHVDGDODVRFLHGDGDOUpJLPHQGHH[SORWDFLyQ
\GHFODVHVODSURSLDH[SORWDFLyQVHFRQYLHUWHHQHOSURFHGLPLHQWRSULQFLSDO\
FDVL H[FOXVLYR SDUD DOFDQ]DU OD SURVSHULGDG 8QD FRQGXFWD GLIHUHQWH VyOR
SXHGHHVSHUDUVHGHVRFLHGDGHVTXHWRGDYtDQRKDQDGRSWDGRODH[SORWDFLyQ²
FRPRODVSULPLWLYDV²RTXH\DODVXSULPLHURQ²FRPRODVPiVDYDQ]DGDVGH
QXHVWUR WLHPSR² (Q QLQJXQR GH HVRV FDVRV VH KDOODEDQ RV LQGtJHQDV \
PHQRVD~QORVHVSDxROHV(VWHHVHQ~OWLPRDQiOLVLVHOSULQFLSLRKLVWyULFRTXH
9HDPRV RWUD IDODFLD RWUD GHIRUPDFLyQ KLVWyULFD TXH VH UHODFLRQD FRQ
QXHVWURDVXQWR\TXHFRQYLHQHUHIXWDU
/RV LGHDOL]DGRUHV GH OD FRORQLD \ RWURV DXWRUHV UHDFFLRQDULRV HQ VX DIiQ
GHRFXOWDUODHVWUXFWXUDGHFODVHVGHDTXHOODVRFLHGDGGLFHQTXHQRKDEtDHQ
HOODJUXSRV³LQIUDQTXHDEOHV´²£FyPRVLXQDFODVHSDUDVHUORWXYLHUDTXHVHU
XQEORTXHLPSHQHWUDEOH²\HQHVHSURSyVLWRJXVWDQFLWDUHOKHFKRGHTXHHQ
ODFRORQLDKXERLQGLRVULFRV\KDVWDLQGLRVTXHFXUVDURQHQOD8QLYHUVLGDG

 1R HV H[WUDxR TXH HQ OD FRORQLD KXELHUD DOJXQRV LQGLRV ULFRV <D KHPRV
H[SOLFDGRTXHHOUpJLPHQGHSXHEORVLQFRUSRUyDODSDUDWRGHSRGHU\SXVRDO
PDUJHQ GH OD VHUYLGXPEUH D Q~FOHRV PLQRULWDULRV GH LQGtJHQDV PiV R PHQRV
HPSDUHQWDGRV FRQ ODV MHUDUTXtDV GRPLQDQWHV SUHKLVSiQLFDV &RPR HO DSDUDWR
GHSRGHUFRORQLDOH[LVWtDHVHQFLDOPHQWHHQIXQFLyQGHODH[SORWDFLyQ\FRPR
VXFRQVHUYDFLyQ\EXHQIXQFLRQDPLHQWRH[LJtDXQDSROtWLFDGHWHUURUSDUDFRQ
ORVLQGLRVODVPLQRUtDVFDELOGHVFDVGHORVSXHEORVWXYLHURQHQVXVPDQRVHVRV
WUHV HOHPHQWRV TXH RSHUDEDQ HQOD]DGRV DXWRULGDG WHUURU \ SRVLELOLGDG GH
H[SORWDU'HDOOtQDFHODH[LVWHQFLDGHORVLQGLRVULFRVGHODFRORQLD+XERXQD
PLQRUtD GH LQGLRV H[SORWDGRUHV GH LQGLRV HQWHQGLGR TXH HO UpJLPHQ
QHFHVLWDGRGHODFRODERUDFLyQGHORVSULPHURVORVSXVRHQDSWLWXGGHRSULPLU
\H[SORWDUDORVVHJXQGRV
(V LQWHUHVDQWH FRPSUREDU TXH FXDQGR ORV FURQLVWDV \ RWURV GRFXPHQWRV
FRORQLDOHVPHQFLRQDQLQGLRVDFDXGDODGRVFDVLVLHPSUHUHYHODQTXHVHWUDWDED
GH LQGLRV QREOHV R FRQ DXWRULGDG ²TXH YLHQH D VHU OR PLVPR² )XHQWHV \
*X]PiQUHSDUDSRUHMHPSORHQODULTXH]DGHOLQGLR'RQ3HGUR+HUQiQGH]GH
&KLPDOWHQDQJR² ³« KHUPRVR GH SHUVRQD \ FLUFXQVSHFWR GH VHPEODQWH
VLHPSUH FRMLWDEXQGR«´²>@ 2EVHTXLRVR FRQ OD ,JOHVLD FDULWDWLYR FRQ
LQGLRV HQIHUPRV \ YLXGDV TXH VH DWUDVDEDQ HQ OD WULEXWDFLyQ DPLJR GH
VDOXWDFLRQHVDUHOLJLRVRV\&RUUHJLGRUHVGHMyDOPRULUXQDLPSRUWDQWHIRUWXQD
SDUWH GH OD FXDO SXVR HQ VX WHVWDPHQWR D FXHQWDV GH XVXUD SDUD FRQWLQXDU
DTXHOODVGRQDFLRQHVFDULWDWLYDV\DTXHOODVVDOXWDFLRQHV>@6HxDODHOFURQLVWD
TXH QXQFD DFHSWy SXHVWR GH DXWRULGDG DXQTXH HUD QREOH \ TXH ORV
&RUUHJLGRUHV TXLVLHURQ PXFKDV YHFHV GHVLJQDUOR SDUD JRELHUQR GH LQGLRV
)LQDOPHQWH UHYHOD TXH ³D WDO KRPEUH OR PDWDURQ D GLVJXVWRV ORV PLVPRV
LQGLRV´\DXQTXLHQGLJDTXHDSHGUDGDV«>@²HVWH~OWLPRGHWDOOHWUiJLFR
DVRFLDGRDODFDULGDG\HOPXFKRDSHJRDVDOXWDFLRQHVVXJLHUHODLPDJHQGHO
KRPEUHTXHQRORJUDDSDJDUFRQOLPRVQDVHORGLRTXHHQVXPHGLRVHOHWLHQH
²7DPELpQVHUHILHUH)XHQWHV\*X]PiQ²SRUPHQFLRQDURWURHMHPSOR²D
'RQ3DVFXDOGH*X]PiQLQGLRFDFLTXHJREHUQDGRUGH3HWDSDFX\RKHUPDQR
'RQ5DIDHOHUDSURSLHWDULRGHXQDVWLHUUDVHQODVTXHVHVDEtDTXH\DFtDXQD
YHWDGHSODWD>@(OKLVWRULDGRU*DUFtD3HOiH]UHILULpQGRVHDODH[LVWHQFLDGH
DOJXQRVLQGLRVULFRVHQVXWLHPSR²DYHLQWHDxRVGHOD,QGHSHQGHQFLD²KDFH
GH HOORV XQD OLVWD TXH VRUSUHQGH SRU VX EUHYHGDG (O DXWRU GHEH KDEHU

FRQRFLGRDWUHVGHORVLQGLRVPHQFLRQDGRVSRUTXHHUDQRULXQGRVGHODUHJLyQ
GH6DFDWHSpTXH]\SRUHVHPRWLYRSXGRLQIRUPDUTXHORVWUHVHUDQDXWRULGDGHV
HQVXVSXHEORVUHVSHFWLYRVTXHORVWUHVKDEtDQ³SXHVWRHQHVWXGLRV´DVXVKLMRV
\TXHXQRGHHVRVKLMRVKDEtDVREUHVDOLGRHQODWLQLGDGHV>@
$Vt SXHV GHFLU TXH HO LQGLR FRUULHQWH HO VLHUYR HO PDVHJXDO SRGtD
HQULTXHFHUVH\HVFDODUKDVWDHOQLYHOGHOKDFHQGDGR³VLHUDIDYRUHFLGRSRUVX
HVIXHU]R VX VXHUWH R VX LQWUHSLGH] HWF´ HV FRQWDU IiEXODV TXH IDOVHDQ OD
UHDOLGDG GHO SHUtRGR GHFLVLYR \ GH OD FODVH IXQGDPHQWDO GH QXHVWUD KLVWRULD
)iEXODV TXH VLQ HPEDUJR VH HVFXFKDQ RFDVLRQDOPHQWH KDVWD HQ ODV DXODV GH
ODV8QLYHUVLGDGHVGHQXHVWURSDtV
(QRWUROXJDUGHHVWHOLEURDGYHUWtDPRVTXHORVLQGLRVULFRVVDOLGRVGHORV
Q~FOHRV QR VHUYLOHV GH ORV SXHEORV DFWXDEDQ FRPR LQWHJUDQWHV GH ODV FDSDV
PHGLDVDOWDV\TXHVRFLROyJLFDPHQWHKDEtDTXHVLWXDGRVDOOt7DPELpQKLFLPRV
UHIHUHQFLDDHFOHVLiVWLFRV\XQLYHUVLWDULRVGHUD]DLQGtJHQDKRPEUHVOLEUHVTXH
MDPiVKDEtDQLGRDXQUHSDUWLPLHQWR
6L QR GLIHUHQFLDPRV D ORV LQGLRV FRQ DXWRULGDG VLQ VHUYLGXPEUH \ FRQ
FDXGDOGHODJUDQPDVDGHORVLQGLRVVLHUYRVVLQRVHWLHQHQPX\HQFXHQWDODV
UHODFLRQHV HVSHFtILFDV H[LVWHQWHV HQWUH HVDV GRV FDWHJRUtDV GH LQGLRV \ HQWUH
HOODV \ ODV FODVHV FDSDV \ JUXSRV SHFXOLDUHV GH OD HVWUXFWXUD FRORQLDO HV
LPSRVLEOHDUWLFXODUDTXHOODHVWUXFWXUDSRURPLVLyQGHXQDSLH]DSHTXHxDSHUR
LPSRUWDQWtVLPD1RVWDSDPRVORVRMRVDOQRUHFRQRFHUTXHHOUpJLPHQFRORQLDO
DSURYHFKDQGR HQ SDUWH ODV GLYLVLRQHV GH ODV VRFLHGDGHV LQGtJHQDV
SUHKLVSiQLFDVFUHyKiELOPHQWHFRQORVLQGLRVQREOHVXQDSLH]DLQGLVSHQVDEOH
LQWHUPHGLDULDRSULPLGD\RSUHVRUDTXHIXHODFDPDULOODRIDFFLyQFDELOGHVFD
GHORVSXHEORV
(O SUHMXLFLR URPiQWLFR GH ³OD UD]D YHQFLGD´ TXH QR TXLHUH YHU ODV
GLYLVLRQHV GH PRWLYDFLyQ HFRQyPLFD HQWUH ORV LQGLRV DQWHV GH OD FRQTXLVWD \
GXUDQWH OD FRORQLD FUHD FRQIXVLyQ 9 HQWRUSHFH OD FRPSUHQVLyQ GH QXHVWUR
SURFHVR GH OXFKD GH FODVH < WRGR OR TXH LQWURGXFH FRQIXVLyQ HQ QXHVWUD
+LVWRULDIDYRUHFHORVSUHMXLFLRVUHDFFLRQDULRV<DGLMLPRVHQRWUDSDUWH²DO
UHIHULPRV DO SUREOHPD GH OD LQIHULRULGDG GHO LQGLR HQ OD FRQTXLVWD² TXH HO
URPDQWLFLVPR KLVWyULFR IUHQWH DO LQGtJHQD HV HQ HO IRQGR UDFLVPR DO UHYpV
SRUTXHDVXPHXQDOtULFDGHIHQVDGHOLQGLRFRPRUD]D(OUDFLVPRDOUHYpVVyOR
VLUYHHQGHILQLWLYDSDUDGDUOHFDPSR\EHOLJHUDQFLDDOUDFLVPRDOGHUHFKR\D

RWURVDEVXUGRV ²9,,,²

(YDVLyQGHLQGLRV
1DWXUDOPHQWHPXFKRVLQGLRVKXtDQGHORVSXHEORV>@
6HUtDQHFLRSUHJXQWDU¢GHTXpKXtDQ"(OFDStWXORTXHHVWDPRVWHUPLQDQGR
WRGRpOUHVSRQGHSRUDQWLFLSDGRDHVDSUHJXQWD+XtDQGHOGHVJDVWHDJRWDGRUH
LQ~WLOGHOWUDEDMRGHUHSDUWLPLHQWR>@KXtDQGHORVFDVWLJRVSRUUHWUDVRHQHO
SDJRGHWULEXWRV>@KXtDQGHORVUHSDUWRV\DWURFLGDGHVGHORV&RUUHJLGRUHV
>@
/D HVHQFLD GHO SXHEOR FRORQLDO WHQtD TXH PRWLYDU GH XQD SDUWH OD
DVSLUDFLyQ GHO LQGLR D DEDQGRQDUOR \ GH RWUD OD FRHUFLyQ SDUD TXH QR OR
GHMDUD/D5HFRSLODFLyQGH/H\HVGH,QGLDVUHFRJLyYDULDV&pGXODV5HDOHVGH
ORV SULPHURV DxRV GH VLJOR ;9,, UHODWLYDV D ³« 4XH QLQJ~Q LQGLR GH VX
SXHEORVHYD\DDRWUR«4XHQRVHGpOLFHQFLDDORVLQGLRVSDUDYLYLUIXHUD
GH VXV SXHEORV«HWF´>@ 6L HQ RWUDV VHFFLRQHV GHO LPSHULR PHUHFLHURQ
FXLGDGR GLYHUVR HVDV OH\HV HQ HO UHLQR GH *XDWHPDOD IXHURQ PRWLYR GH
HVSHFLDODWHQFLyQKDVWDHOILQDOGHOFRORQLDMH>@6HVDEtDTXHSRUOH\UHDO
QRSRGtDQORVLQGLRVDEDQGRQDUVXVSXHEORV>@\TXHODLQIUDFFLyQGHHVD
QRUPDPRWLYDEDODUHVWLWXFLyQ\GUiVWLFRVFDVWLJRV>@
¢+DFLDGyQGHKXtDQ"(VDHVODSUHJXQWDTXHKD\TXHSODQWHDU
/RV GRFXPHQWRV QR LQGLFDQ TXH IXHUDFXHVWLyQ ODIXJDGHORVLQGLRVGH
XQRV SXHEORV D RWURV \ HOOR VH H[SOLFD HO ULJXURVR FRQWURO D FHQVR GH ORV
WULEXWDULRV XQLGR D RWURV UHJLVWURV ²GH UHSDUWLPLHQWR GH ,JOHVLD HWF²
LJXDO VHUYtDQ SDUD GHODWDU OD DXVHQFLD GH XQ YHFLQR HVFDSDGR TXH OD
SUHVHQFLDGHXQ H[WUDxR HQ HOSXHEOR(O EXHQ IXQFLRQDPLHQWRGHOUpJLPHQ
GH SXHEORV H[LJtD TXH VH SXVLHUD LJXDO FXLGDGR HQ VHxDODU \ FDVWLJDU DO
H[WUDxRTXHHQORFDOL]DUUHVWLWXLU\FDVWLJDUDOIXJLWLYR>@
1RHUDIUHFXHQWHTXHORVLQGLRVVHLQWURGXMHUDQHQODVUDQFKHUtDVGHODV
KDFLHQGDV+HPRVDQRWDGRHQRWUROXJDUUHILULpQGRQRVDHOODVTXHDOJXQRV
LQGLRV WUDWDEDQ GH SDVDU LQDGYHUWLGRV HQ HVRV UHGXFWRV SHUR TXH ODV
REVHUYDFLRQHV \ FyPSXWRV GH &RUWpV \ /DUUD] SHUPLWHQ DILUPDU TXH HUDQ

 
SURSRUFLRQDOPHQWH SRFRV (V HYLGHQWH TXH ODV UDQFKHUtDV SUHVHQWDEDQ
LQFRQYHQLHQWHVSDUDODRFXOWDFLyQGHLQGLRV\DSRUTXHTXHGDUDQH[SXHVWRV
D OD GHODFLyQ \ OD FDSWXUD R SRUTXH ODV FRQGLFLRQHV GH YLGD \ WUDEDMR HQ
DTXHOORVOXJDUHVQDGDDWUDFWLYDVUHxtDQFRQODDXWRQRPtDTXHORVIXJLWLYRV
EXVFDEDQHQVXDUULHVJDGDDYHQWXUD
/RV LQGLRV KXtDQ D FLHUWRV OXJDUHV HQ ORV TXH IRUPDQGR FRPXQLGDGHV
>@
)XHQWHV DQGXYR SRU DTXHOORV OXJDUHV HQWUH ORV DxRV  \ >@
([DFWDPHQWH FLHQ DxRV PiV WDUGH DOFDQ]y ORV PLVPRV FRQItQHV 'RQ 3HGUR
&RUWpV\/DUUD]HQHOUHFRUULGRGHVXYLVLWD\UHVXOWDLQWHUHVDQWHREVHUYDU
TXH UHILULpQGRVH D ORV PLVPRV SXHEORV ²1HEDM &RW]DO \ &KDMXO² KL]R OD
VLJXtHQWH DQRWDFLyQ HQ VX LQIRUPH ³« $ OD RWUD EDQGD GH OD PRQWDxD GHO
FODQGHVWLQDV \ WUDEDMDQGR DOJXQDV WLHUUDV UHDOHQJDV SRGtDQ PDQWHQHUVH SXHEOR GH &KDMXO HVWi HO 3HWpQ D QR PXFKD GLVWDQFLD « (Q GLFKDV
VXVWUDtGRVDODRSUHVLyQFRORQLDO\HQGLVFUHWRLQWHUFDPELRQRREVWDQWHFRQ
OD JHQWH TXH SHUPDQHFtD HQ ORV SXHEORV (VRV OXJDUHV SRGtDQ KDOODUVH
VLWXDGRV HQ YDOOHV \ TXHEUDGDV HVFRQGLGDV DOHMDGRV GH ORV FDPLQRV \
VHQGHURVTXHHQOD]DEDQDODVSREODFLRQHV²UHFRUGHPRVTXHKDEtDDYHFHV
JUDQGHV H[WHQVLRQHV GHVSREODGDV HQWUH XQ SXHEOR \ RWUR²>@ 7DPELpQ
SRGtDQKDOODUVHFRPSOHWDPHQWHDOPDUJHQGHHVDHVSDFLDGDUHGGHFDPLQRV
\ VHQGHURV FRPR RFXUUtD FRQ ORV FKRFHUtRV FODQGHVWLQRV LQVWDODGRV
FRPSOHWDPHQWHKDFLDHOQRUWHPiVDOOiGHORV~OWLPRVSXHEORVGHOD9HUDSD]
\GHO&RUUHJLPLHQWRGH7RWRQLFDSiQ\+XHKXHWHQDQJR
6LHQGR &RUUHJLGRU HQ HVWH ~OWLPR \ DPSOLR GLVWULWR )XHQWHV \ *X]PiQ
WXYR QRWLFLD ²OR FXHQWD HQ SiJLQDV GH JUDQ LQWHUpV GRFXPHQWDO² GH TXH
PiVDOOiGHODOHMDGR\HQFXPEUDGRSXHEORGH6DQ0DWHR,VWDWOiQDFDWRUFH
OHJXDV GH GLVWDQFLD \ HQ SOHQD VHOYD VH KDOODED XQ SREODGR GH FXDUHQWD
IDPLOLDVGHLQGLRVTXHYLYtDQDOPDUJHQGHWRGDDXWRULGDGXREOLJDFLyQ>@
'HO UHODWR VH GHVSUHQGH TXH DTXHOOD JHQWH SHUWHQHFtD DO SURSLR SXHEOR GH
6DQ0DWHR\TXHKDFtDFRPHUFLRGHWUXHTXHFRQORVLQGLRVGHO/DFDQGyQQR
FRQTXLVWDGRVQLUHGXFLGRV(O&RUUHJLGRUGLFHKDEHUDUULHVJDGRODVDOXG\
KDVWDODYLGDSDUDOOHJDUDDTXHOUHIXJLRFRQHOREMHWRGHUHVWLWXLUORVLQGLRV
DO SXHEOR /RV LQVWDOy HQ XQD EDUULDGD HVSHFLDO GHO PLVPR OHV QRPEUy
DXWRULGDGLQGtJHQD\FDVWLJyDORV$OFDOGHV\5HJLGRUHVTXHORKDEtDQVLGR
GHVGH GLHFLVLHWH DxRV DWUiV SRU KDEHU RFXOWDGR DTXHOOD FRQRFLGD IXJD
GXUDQWHWRGRHVHWLHPSR>@
1R OHMRV GH HVDV QRWLFLDV GHVFULELHQGR HQ OD FUyQLFD ORV SXHEORV GH
1HEDM &RW]DO &KDMXO \ &XQpQ PX\ FHUFDQRV WRGRV D OD UHJLyQ GH ORV
ODFDQGRQHV)XHQWHVGHFODUDTXHPXFKRVLQGLRVGHHVRVSREODGRVVHHYDGtDQ
KDFLDODUHJLyQGHORVEiUEDURV\H[SOtFLWDPHQWHUHFRQRFHTXHHOPRWLYRGH
ODIXJDHUDHODWUDVRHQORVWULEXWRV\HOWHPRUDOFRUUHVSRQGLHQWHFDVWLJR

PRQWDxDV GHVGH &KDMXO HVWiQ \D ORV LQGLRV /DFDQGRQHV \ \R FUHR FRQ
IXQGDPHQWR TXH SDUD HOOR WHQJR TXH VRQ LQGLRV IXJLWLYRV GH VXV SXHEORV
PXFKRV GH HOORV ORV FXDOHV VH PHWHQ HQ GLFKDV PRQWDxDV \ KDELWDQ GHVGH
DTXtKDVWDORVFRQILQHVGH6RORPDHQOLQHDGHSRQLHQWHDRULHQWH«´>@(O
IXQGDPHQWRTXHGLFHWHQHUHO$U]RELVSRSDUDWDOVRVSHFKDQRSXHGHKDEHU
VLGRRWURTXHODVLQIRUPDFLRQHVUHFLELGDVHQVXYLDMHSRUDTXHOORVSXHEORV
SXHV KD\ SDSHOHV RILFLDOHV GH HVRV DxRV TXH FRQILUPDQ OD IXJD GH LQGLRV
KDFLDHO3HWpQ>@'HEHQKDEHUOHGLFKRTXHHQODUHJLyQGHORVODFDQGRQHV
KDEtDPXFKRVLQGLRVKXLGRVGHVXVSXHEORV\pOSRFRHQWHUDGRTXL]iGHOR
TXHHUDQORVODFDQGRQHVFUH\yHQWHQGHUTXHPXFKRVODFDQGRQHVHUDQLQGLRV
SUyIXJRV OR FXDO QR HV OR PLVPR 6LQ HPEDUJR QR SXHGH H[FOXLUVH
WRWDOPHQWHODSRVLELOLGDGGHTXHODVFRVDVIXHUDQWDOFRPRGLFHHOSUHODGR
TXH SRU OR PHQRV DOJXQRV LQGLRV DGRSWDUDQ HO JpQHUR GH YLGD GH ORV
ODFDQGRQHVLQFRUSRUiQGRVHDVXVFRPXQLGDGHVSULPLWLYDV(VWRVLJQLILFDUtD
GH KDEHU RFXUULGR TXH UHWRPDEDQ D OD YLGD SULPLWLYD KX\HQGR GH OD YLGD
FLYLOL]DGD TXH OHVRIUHFtD ODFRORQLD TXH SUHIHUtDQODVPLVHULDV GHODYLGD
SULPLWLYD HQ OD VHOYD \ QR OD SREUH]D OD H[SORWDFLyQ \ ORV D]RWHV GHO
UpJLPHQGHSXHEORV
6HUtD XQ JUDYH HUURU VXSRQHU TXH HVRV LQGLRV KXtDQ KDFLD OD /LEHUWDG /D
/LEHUWDGQRHVWiHQODVHOYDGRQGHHOKRPEUHYLYHDPHUFHGGHWRGDFODVHGH
FDODPLGDGHVTXHQRSXHGHFRQWURODU/D/LEHUWDGHVFRPRVHVDEHHOJUDGRGH
GRPLQLR TXH HO KRPEUH WLHQH VREUH OD QDWXUDOH]D SDUD VHUYLUVH GH HOOD \ VH
PLGH FRQFUHWDPHQWH SRU ODV FRQGLFLRQHV GH YLGD TXH OH SHUPLWHQ GHVDUUROODU
VXVIDFXOWDGHVItVLFDVHLQWHOHFWXDOHV(VDVFRQGLFLRQHVVHGDQHQPD\RUJUDGR
HQ ODV VRFLHGDGHV PiV GHVDUUROODGDV ²HQ HVR FRQVLVWH HQ GHILQLWLYD HO
GHVDUUROORHIHFWLYRGHXQDVRFLHGDG²\WUDWiQGRVHGHVRFLHGDGHVGHFODVHV
VH GDQ HQ PD\RU JUDGR HQ ODV FODVHV GRPLQDQWHV $Vt SXHV ORV LQGLRV TXH

KXtDQGHVXVSXHEORVWDQWRORVTXHVHLEDQDODVHOYDFRPRORVTXHIRUPDEDQ
SREODGRV FODQGHVWLQRV R ³SDMXLGHV´ ²FRPR OR YHUHPRV HQ VHJXLGD² QR
FRQTXLVWDEDQFRQHOORQLQJXQD/LEHUWDGVLQRTXHSXHVWRVDHVFRJHUHQWUHGRV
JpQHURV GH YLGD HQRUPHPHQWH IUXVWUDGRUHV ²SRU OR WDQWR FRQWUDULRV D OD
/LEHUWDGTXHHVDFUHFHQWDPLHQWRKXPDQR²HVFRJtDQHOPHQRVGHVWUXFWLYRGH
HQWUDPERV
6LQ HPEDUJR OD IXJD GH LQGLRV KDFLD ODV UHJLRQHV PDUJLQDOHV GHO QRUWH
DXQTXH KD\D VLGR PiV GUDPiWLFD IXH PX\ VHFXQGDULD UHVSHFWR GH OD HYDVLyQ
TXH SRGUtDPRV OODPDU LQWHUQD R HYDVLyQ SRU RFXOWDFLyQ (VWD ~OWLPD FREUy
SURSRUFLRQHV PX\LPSRUWDQWHVHQHOVLJOR ;9,,,\QREDVWDURQ UHVWLWXFLRQHV\
FDVWLJRVSDUDHYLWDUVXFRQVWDQWHLQFLGHQFLD
/RVSDMXLGHVHUDQFRQMXQWRVGHFKR]DVSURYLVLRQDOHV\MDFDOHVRFREHUWL]RV
LPSURYLVDGRVTXHVHUYtDQGHDOEHUJXHWHPSRUDODJUXSRVGHLQGLRVHYDGLGRV
GHVXVSXHEORV>@/RVSDMXLGHVVHHQFRQWUDEDQSUiFWLFDPHQWHHQWRGDVSDUWHV
DXQTXH SXHGH GHFLUVH TXH HUDQ PiV IUHFXHQWHV HQ XQ iUHD H[WHQVD HQ ODV
UHJLRQHVFRUUHVSRQGLHQWHVDOFHQWURGHODDFWXDO5HS~EOLFDGH*XDWHPDOD>@
6HKDOODEDQHQSXQWRVSRFRYLVLEOHVSULQFLSDOPHQWHHQEDUUDQFDV\YDOOHFLOORV
DLVODGRV\DTXHHUDSUHFLVRRFXOWDUQRVRODPHQWHORVMDFDOHVVLQRWDPELpQORV
KLVWyULFDPiVQRWDEOHGHODVUDQFKHUtDV\RWURVUHGXFWRVGHODGLQRVSREUHVOD
FRQYLUWLy HQ HO GRFXPHQWR UHYHODGRU GH OD LPSRUWDQFLD QXPpULFD GH ORV
SDMXLGHV² DXQTXH RWURV GRFXPHQWRV FRORQLDOHV GHQ QRWLFLD GH OD HYDVLyQ GH
LQGLRV² XQR GH ORV DVXQWRV GH PD\RU LPSRUWDQFLD HQ OD LQGDJDFLyQ GHO
$U]RELVSRHUDHOFyPSXWRGHODVSHUVRQDVTXHYLYtDQDOPDUJHQGHODLJOHVLD\
HVH HUD HO FDVR WDPELpQ GHO JHQWtR TXH YLYtD HVFRQGLGR HQ ORV SDMXLGHV
$FHUFDGHVXQ~PHURHOSUHODGRLQVLVWHHQTXHHUDQPXFKRV\HVWDEDQHQWRGDV
SDUWHV>@ \ HQ ODV QRWDV ILQDOHV GH VX LQIRUPH OODPD OD DWHQFLyQ SRU ~OWLPD
YH] ³« /RV SDMXLGHV DVFHQGHUtDQ D PXFKRV PLOHV VL SXGLHUDQ
QXPHUDUVH«´>@
7DQWR OD FUyQLFD FULROOD FRPR HO LQIRUPH GHO $U]RELVSR PHQFLRQDQ OD
LQFOLQDFLyQGHOLQGLRDYLYLUHQORVPRQWHVDDOHMDUVHGHORVSXHEORV²³«OD
LQFOLQDFLyQGHORVLQGLRVTXHDSHWHFHQYLYLUHQORVPRQWHV\VRORV«´²>@
SHURPLHQWUDVHQHOSULPHUJUDQLQIRUPHSDQRUiPLFRVHPHQFLRQDHOKHFKRDOD
PDQHUD FULROOD IDOD]PHQWH VLQ LQGLFDU ODV FDXVDV \ VXJLULHQGR XQD WHQGHQFLD
QDWXUDO GH ORV LQGtJHQDV HQ HO VHJXQGR GRFXPHQWR VH GD QRWLFLD FRQFUHWD GH
IXJDVSRUWHUURUIUHQWHDODFUXHOGDG>@\VHGLFHTXH ORV LQGLRVOH KXtDQDO
UpJLPHQ ³«HO REMHWR SULQFLSDO GH VXV KDELWDGRUHV UHILULpQGRVH D ORV
FXOWLYRVDORVTXHVHGHGLFDED\GHORVTXHVHVRVWHQtDODSREODFLyQGHHVRV
OXJDUHV 9LYtDQ HQ HOORV JUXSRV GH IDPLOLDV \ DXQTXH ODWHUDOPHQWH KXELHUD
XQLRQHV PDULWDOHV IRUWXLWDV \ FLHUWR DYHQWXUHULVPR VH[XDO ORV GRFXPHQWRV
UHYHODQTXHORVLQGLRVWHQGtDQDFRQILJXUDUHVRVQ~FOHRVFODQGHVWLQRVFRQVXV
IDPLOLDV>@ (VWH GDWR HV LPSRUWDQWH SRUTXH D\XGD D HQWHQGHU TXH ORV
SDMXLGHV QR HUDQ UHGXFWRV GH PDOHDQWHV VLQR LQWHQWRV GH YLGD RUJDQL]DGD DO
PDUJHQ GH OD H[SORWDFLyQ FRORQLDO>@ 8QD FDUDFWHUtVWLFD LPSRUWDQWH GH ORV
SDMXLGHV HUD VX SURYLVLRQDOLGDG OD FXDO UHVSRQGtD D GRV FLUFXQVWDQFLDV
SULPHUD OD SHUVSHFWLYD GH WHQHU TXH DEDQGRQDUORV DO VHU GHVFXELHUWRV>@ \
VHJXQGDODFHUWH]DGHTXHVHUtDQGHVWUXLGRVJHQHUDOPHQWHLQFHQGLDGRV²SRU
ODDXWRULGDGFXDQGRDTXHOORRFXUULHUD>@(VWRVULHVJRVSRQHQGHPDQLILHVWR
SRUORGHPiVODSREUH]DODFDUHQFLDGHELHQHVODVSULYDFLRQHVGHVXDFWXDO
QRPDGLVPRGHIXJLWLYRVDWRGRORFXDOVHDYHQtDODJHQWHGHORVSDMXLGHVSRU
YLYLU OHMRV GHO DOFDQFH GH &RUUHJLGRUHV &XUDV>@ 5HSDUWLGRUHV $OFDOGHV
FRUURPSLGRV\RWURVHVELUURV
(OPLVPRPRWLYRTXHKL]RGHOD³'HVFULSFLyQ´GH&RUWpV\/DUUD]ODIXHQWH
 
SDMXLGHVHVKXLUGHODVXMHFLyQDO5H\\GHOD,JOHVLD«´>@<DKHPRVYLVWR
ORTXHHVDVXMHFLyQVLJQLILFDED
6HDODHYDVLyQGHLQGLRVHO~OWLPRDVSHFWRGHODUHDOLGDGGHORVSXHEORV
VHxDODGR HQ HVWH FDStWXOR \D TXH FRPSOHPHQWD GH PDQHUD EDVWDQWH
VLJQLILFDWLYD WRGRV ORV YLVWRV DQWHULRUPHQWH $ ORV PDQFKRQHV REVFXURV FRQ
TXH KDEtDPRV \D HVWURSHDGR HO LGtOLFR SDLVDMH GH ORV ³SXHEOHFLWRV´
DJUHJDPRV DKRUD SRU VL HUD SRFR ORV ERFKRUQRVRV JDUDEDWRV URMRV GH ORV
SDMXLGHVHQOODPDV3HURQRLPSRUWD(OSDLVDMLVPR\HOSLQWRUHVTXLVPRVRQHQ
QXHVWUR PHGLR WUXFRV GH SHUVSHFWLYD ²WUXFRV IDYRULWRV GH OD HVWpWLFD
FULROOLVWD LJXDO HQ +LVWRULD TXH HQ /LWHUDWXUD \ 3LQWXUD² DGRSWDGRV SDUD QR
YHUGHFHUFD\DIRQGRODUHDOLGDGGHORVLQGLRV\SDUDTXHRWURVQRODYHDQ
 ²,;² $QWURSRORJtDUHDFFLRQDULDDSDUHFHFRPR³XQDVXPDGHFDUHQFLDVRUJiQLFDV\
FXOWXUDOHV´³$KRUDELHQ³HVDVXPDQRVHKDRSHUDGRHQVt\SRUTXHVtHQOD
³QDWXUDOH]D´GHOLQGLRVLQRTXHVHKDLGRVXPDQGRDORODUJRGHFXDWURVLJORV
³(OSUREOHPDGHOLQGLR´ GHKLVWRULDLQFOXLGDODPiVUHFLHQWH<GHPDQHUDHVSHFLDOHQODKLVWRULDGH
DTXHOORV IDFWRUHV TXH GXUDQWH VLJORV KDQ EORTXHDGR HO GHVDUUROOR GH ODV
IDFXOWDGHV ItVLFDV R LQWHOHFWXDOHV GHO LQGtJHQD HQFHUUiQGROR HQ XQD VLWXDFLyQ
¢4XpQRVKHPRVSURSXHVWRDOSUHVHQWDUHOSXHEORGHLQGLRVFRORQLDOFRPR
GH HVFODYR GH VLHUYR R GH WUDEDMDGRU DVDODULDGR VHPLVHUYLO )DFWRUHV
XQD FRQFHQWUDFLyQ GH WULEXWDULRV \ GH WUDEDMDGRUHV IRU]DGRV" ¢4Xp MXVWLILFD
HFRQyPLFRV SRU VXSXHVWR H[SORWDFLyQ SREUH]D IDWLJD 2 GHULYDGRV GH ORV
HVWHIDWLJRVRH[DPHQGHORVVLVWHPDVGHH[SORWDFLyQTXHRSHUDEDQHQHOVHQR
HFRQyPLFRVKDPEUHGHELOLGDGHQIHUPHGDGDXVHQFLDGHPHGLRVSDUDHYLWDUOD
GHORVSXHEORV"
\FRPEDWLUOD2ELHQIDFWRUHVTXHKDQH[LVWLGRHQIXQFLyQGHORVHFRQyPLFRV
(O FDVR HV TXH DTXHOORV VLVWHPDV SURWDJRQL]DGRV SRU ORV VHUHV KXPDQRV
FRHUFLyQWHUURUVXSHUVWLFLyQDLVODPLHQWRFXOWXUDO
TXH YLYLHURQ OD YLGD FRORQLDO PRGHODURQ VXV FDUDFWHUtVWLFDV VHJ~Q HO SDSHO
'H PRGR SXHV TXH DO GHGLFDUOH DPSOLRV HVSDFLRV GH HVWH OLEUR D ORV
TXHHQHOORVGHVHPSHxDURQ(O&RUUHJLGRUFULROORGLULJtDHOWHUURUUHJLRQDO\
PHFDQLVPRVTXHPDQWXYLHURQDORVLQGLRVVLQSRVLELOLGDGGHGHVDUUROODUPiV
KDFtD LQIDPHV QHJRFLRV D H[SHQVDV GH ORV LQGLRV SHUR HVDV DFWLYLGDGHV
DPSOLDPHQWH VXV SRWHQFLDOLGDGHV KXPDQDV OR TXH VH TXLHUH HV LQFRUSRUDU GH
PRGHODURQDVXYH]ODVFDUDFWHUtVWLFDVGHOFULROORFRQWULEX\HURQDVXULTXH]D\
OOHQR OD DFFLyQ GH HVRV PHFDQLVPRV D OD H[SOLFDFLyQ KLVWyULFD GH OD FODVH
ELHQHVWDU FRQILJXUDURQ VX DFWLWXG IUHQWH D ORV RWURV JUXSRV VRFLDOHV \
LQGtJHQDVHUYLOTXHFRQVWLWXtDHOGHODSREODFLyQGHOUHLQRGH*XDWHPDOD
HVSHFLDOPHQWH VXV PHFDQLVPRV GH DXWRVXJHVWLyQ SDUD MXVWLILFDU VX FRQGXFWD
DSULQFLSLRVGHOVLJOR;,;\SRUFHQWDMHVPiVHOHYDGRVHQORVVLJORVDQWHULRUHV
IUHQWHDOLQGLRLQFOXVRTXL]iVXQHFHVLGDGGHREVHTXLDUFRQEHOOH]D\ULTXH]D
(VD H[SOLFDFLyQ DOFDQ]D HQ PXFKRV DVSHFWRV D OD SREODFLyQ LQGtJHQD GH KR\
DODVLPiJHQHVGHVXUHOLJLyQHQXQDPiJLFDFRPSHQVDFLyQGHODUXLQDTXHVXV
TXHFRQVWLWX\HDSUR[LPDGDPHQWHODPLWDGGHODSREODFLyQJXDWHPDOWHFD\TXH
QHJRFLRV OOHYDEDQ D ORV SXHEORV < D OD YH] WRGR OR TXH ORV FULROORV OH
LQFRUSRUDGDDODFODVHSUROHWDULDDJUtFRODHQORHVHQFLDO²ORVDVDODULDGRVGHO
DUUHEDWDURQDOLQGLRSRUPHGLRGHDTXHOORVVLVWHPDVDVtFRPRHOWHUURUTXHORV
FDPSRHQFRQMXQWR²VHGLVWLQJXHGHOUHVWRGHOSUROHWDULDGRQRREVWDQWHSRU
SUHVLGtD IXHURQ IDFWRUHV KLVWyULFRV GHFLVLYRV HQ OD IRUPDFLyQ GH ODV
KRQGDVFDUDFWHUtVWLFDVGHULYDGDVGHFXDWURVLJORVGHH[SORWDFLyQFRORQLDO
FDUDFWHUtVWLFDVGHODFODVHVHUYLOFRORQLDO
/DLQVXILFLHQFLD \ODGLVWULEXFLyQ DUELWUDULDGHODVWLHUUDVFRPXQDOHV FRQ
(O LQWHUpV GH WRGR HVWR UDGLFD HQ VX SUR\HFFLyQ VREUH HO SUHVHQWH (V
SRFR WLHPSR \ SRFR HVWtPXOR SDUD FXOWLYDUODV ORV UHJDWHRV HPSXMRQHV \
LPSRVLEOH SODQWHDU FRQ KRQUDGH] HO DVt OODPDGR ³SUREOHPD GHO LQGLR´ VL VH
FDODER]RV GHO UHSDUWLPLHQWR GH LQGLRV ODV WDUHDV DJRELDQWHV SDJDGDV HQ
GHVFRQRFHHOGHVDUUROORKLVWyULFRGHGLFKRSUREOHPD6LVHRPLWHODWUDPDGH
PRQHGDDGXOWHUDGD\HQHVSHFLHODVH[DFFLRQHVGHORV-XHFHV5HSDUWLGRUHVGH
IDFWRUHV KLVWyULFRV TXH OR JHQHUDURQ \ OR SURORQJDQ WRGDYtD ²£VL VH OR
ORV$OFDOGHV,QGLRVGHORVPD\RUGRPRV\FDSDWDFHVGHWRGDOD\DORVURERV\
FRQVLGHUDHQDEVWUDFWR²VHFUHDODVXJHVWLyQGHTXHODIXHQWHGHOSUREOHPD
IUDXGHVDSURSyVLWRGHODWULEXWDFLyQ\ODWULEXWDFLyQPLVPDODWLUDQtDUHJLRQDO
UDGLFD HQ ³OD QDWXUDOH]D GHO LQGLR´ \ SDUWLHQGR GH VHPHMDQWH SRVWXODGR HVWi
GH ORV &RUUHJLGRUHV HO HQGHXGDPLHQWR SRU FRPSUD IRU]DGD GH PHUFDQFtDV
JDUDQWL]DGD OD LPSRVLELOLGDG GH HQFRQWUDUOH VROXFLyQ (VH HQIRTXH HV HQ HO
LQ~WLOHV\FDUDVHOOLPSLDUHVFDUGDU\WRUFHUFRQORVGHGRVGHGtD\GHQRFKH
IRQGR HO HQIRTXH UDFLVWD HODERUDGR SRU HVSDxROHV \ FULROORV KDFH
HO DOJRGyQ SDUD ODV HQWUHJDV WULPHVWUDOHV OD FiUFHO \ ORV D]RWHV GHVJDUUDQWHV
FXDWURFLHQWRV DxRV \ VX GLVIUD]DGD SHUYLYHQFLD REOLJD D SUHJXQWDU SRU ORV
SDUD KRPEUHV \ PXMHUHV ODV WLHUUDV \ ORV KLMRV DEDQGRQDGRV SDUD SRGHU
LQWHUHVHVFULROOLVWDV\FRORQLDOLVWDVTXHORDOLPHQWDQKR\
FXPSOLU FRQ ODV H[LJHQFLDV GH ORV PDQGRQHV OD LPSXQLGDG \ WROHUDQFLD
(O SUREOHPD HQ DEVWUDFWR GHVYLQFXODGR GH VX GHVDUUROOR YLVWR HQ YLVLyQ
H[WHQGLGD D XQD UHG GH DXWRULGDGHV \ HVELUURV SDUD PDQWHQHU DWHUURUL]DGRV D
HVWiWLFD IRWRJUiILFD UDGLRJUiILFD PRQRJUiILFD FRPR JXVWD KDFHUOR OD

 
ORV LQGLRV OD FRQVHUYDFLyQ GHO UpJLPHQ GH PDQGDPLHQWRV GHVSXpV GH OD
,QGHSHQGHQFLDODVXSUHVLyQGHODVWLHUUDVFRPXQDOHVDIDYRUGHODFDSDPHGLD
DOWD UXUDO \ VLQ FRPSHQVDFLyQ SDUD ORV LQGLRV OD PXOWLSOLFDFLyQ GH ODV
UDQFKHUtDV \ HO UHFUXGHFLPLHQWR GH OD VHUYLGXPEUH LQGtJHQD SDUD ODV ILQFDV
FDIHWDOHUDV+HDKtORVSULQFLSDOHVHOHPHQWRVSDUDODFRPSUHQVLyQKLVWyULFDGH
OD PLWDG GH ORV JXDWHPDOWHFRV (VWH WLSR GH FRPSUHQVLyQ KD VLGR UHKXLGR ²
PDxRVDPHQWH HVTXLYDGR SDUD GDUOH SDVR D IDOVRV LQWHQWRV GH FRPSUHQVLyQ
DQWLKLVWyULFD² SRUTXH SRQH HQ HYLGHQFLD TXH HO SUREOHPD GHO LQGLR WLHQH VX
YHUGDGHUDIXHQWHHQODRSUHVLyQGHOLQGLR
$KRUDELHQHVDRSUHVLyQVHUHPRQWDKDVWDODRUJDQL]DFLyQGHODFRORQLDOD
FXDO IXH VHJ~Q KHPRV WUDWDGR GH H[SOLFDUOR OD FUHDFLyQ GH XQD HVWUXFWXUD
HFRQyPLFD\VRFLDOTXHSXVRDORVFRQTXLVWDGRUHVHQXQDVLWXDFLyQ\FRQXQDV
OLPLWDFLRQHV GHWHUPLQDGDV (O UHVXOWDGR GH HVH JpQHUR GH YLGD IXH OD
FRQYHUVLyQ GH OD PDVD GH ORV ³QDWXUDOHV´ GH ORV FRQTXLVWDGRV HQ OD FODVH
VRFLDOGHORVLQGLRVVLHUYRV$VtSXHVHOSUREOHPDGHOLQGLRVXUJLyDOPLVPR
WLHPSR TXH HO LQGLR FRPR FODVH \D TXH OD RSUHVLyQ KL]R DO LQGLR \ OR KD
FRQVHUYDGRFRPRWDO/RTXHHTXLYDOHDGHFLUTXHODYHUGDGHUDVROXFLyQGHO
SUREOHPDGHOLQGLRWHQGUiTXHEXVFDUVH²KHDTXtHOPHROORGHODFXHVWLyQ²
HQ OD VXSUHVLyQ GH ORV IDFWRUHV GH RSUHVLyQ TXH GHWLHQHQ \ FRQVHUYDQ HQ XQ
FUHFLGRVHFWRUGHWUDEDMDGRUHVDJUtFRODVGHQXHVWURSDtVODVFDUDFWHUtVWLFDVGHO
VLHUYR FRORQLDO /D VXSUHVLyQ GH GLFKRV IDFWRUHV WUDHUtD FRQVLJR FRPR
FRQVHFXHQFLD QHFHVDULD OD WUDQVIRUPDFLyQ GHO LQGLR HQ HOHPHQWR GH RWUD
GHILQLFLyQ VRFLDO GLIHUHQWH ²SUROHWDULR H[HQWR GH FDUDFWHUtVWLFDV GH VLHUYR
FRORQLDORSHTXHxRSURSLHWDULRGHWLHUUDVODERUDGDVSRUpOPLVPRRPLHPEUR
GH HPSUHVDV DJUtFRODV H LQGXVWULDOHV FROHFWLYDV VHJ~Q IXHUD HO SURFHVR
SROtWLFRDWUDYpVGHOFXDOGHVDSDUHFLHUDQDTXHOORVIDFWRUHV²
3HURFXLGDGR1RHVWDPRVGLFLHQGRTXHODVROXFLyQGHOSUREOHPDGHOLQGLR
VHDVXODGLQL]DFLyQ(VDHVXQDDILUPDFLyQPX\VRFRUULGDHQODV³PRQRJUDItDV
FLHQWtILFDV´ GH QXHVWUR WLHPSR HUUyQHD \ GHOLEHUDGDPHQWH IDOD] \ OHMRV GH
FRPSDUWLUOD HV SUHFLVR GHQXQFLDU ORV GHOLFDGRV WUXFRV TXH HQFLHUUD (O
FRQFHSWR PLVPR GH ODGLQL]DFLyQ HV YDJR FRQIXQGH \ FDVL QR GLFH QDGD
6XJLHUH XQD PLVWHULRVD PHWDPRUIRVLV JUDFLDV D OD FXDO HO LQGLR ODGLQL]DGR
VXSULPH VXV SUREOHPDV SRU KDEHUVH ODGLQL]DGR OR FXDO HV IDOVR HQ YDULRV
VHQWLGRV3ULPHUDPHQWHSRUTXHHOLQGLRTXHORJUDODGLQL]DUVH²HOTXHORJUD

VDFXGLUVHODVFDUDFWHUtVWLFDVGHOVLHUYRFRORQLDOGLUtDPRVQRVRWURV²ORKDFH
SRUTXH KD UHVXHOWR FLHUWRV SUREOHPDV HFRQyPLFRV TXH OR UHWHQtDQ HQ VX
VLWXDFLyQDQWHULRUGHPDQHUDTXHODODGLQL]DFLyQQRHVQLSXHGHVHUODFDXVD
VLQRTXHHVVLHPSUHXQDFRQVHFXHQFLDGHFLHUWRPHMRUDPLHQWRHFRQyPLFR(Q
VHJXQGROXJDUODYDJXHGDGGHOFRQFHSWRGH³ODGLQR´WDOFRPRVHXVDHQHVDV
PRQRJUDItDV ²³WRGR DTXHO TXH QR HV LQGLR´² HQJORED D PXFKRV VHFWRUHV
VRFLDOHV GHVGH HO SUROHWDULR DJUtFROD QR LQGLR KDVWD HO WHUUDWHQLHQWH
ODWLIXQGLVWDHOFRPHUFLDQWHRHOLQGXVWULDOEXUJXpVGHPDQHUDTXHDOPDQHMDU
FDSFLRVDPHQWHHOFRQFHSWRGHODGLQL]DFLyQVHVXJLHUHTXHHOLQGLRODGLQL]DGR
SDVD DO PXQGR GH ORV DIRUWXQDGRV \ HVWR WDPSRFR HV FLHUWR SRUTXH XQ
LPSRUWDQWH SRUFHQWDMH GH LQGLRV TXH GHMDQ GH VHU LQGLRV SDVDQ D VHU
SUROHWDULDGRVDJUtFRODVRJHQWHSREUHGHRWURVVHFWRUHVSDGHFLHQGRPLVHULDV
TXH SRFR VH GLIHUHQFLDQ GH ODV GH ORV LQGLRV FRPXQHV (Q WHUFHU OXJDU HO
PDOKDGDGR FRQFHSWR GH ODGLQL]DFLyQ UHSRVD HQ OD JUDQ PHQWLUD GH TXH OD
VRFLHGDG JXDWHPDOWHFD VH GLYLGH HQ GRV ³JUXSRV FXOWXUDOHV´ GH LQGLRV \
ODGLQRVRFXOWDQGRSRUFRQIXVLyQODYHUGDGHUDHVWUXFWXUDGHFODVHVGHQXHVWUD
VRFLHGDG $Vt HO FRQFHSWR GH ODGLQL]DFLyQ GHMD VLQ HVSHFLILFDU TXH HO LQGLR
FXDQGR H[SHULPHQWD XQD PHMRUD HQ VX VLWXDFLyQ HFRQyPLFD VH GHVSOD]D SRU
HVR PLVPR D RWUR QLYHO GH DTXHOOD HVWUXFWXUD D RWUD FODVH FDSD R JUXSR
SHFXOLDU GHQWUR GH XQD GH HOODV )LQDOPHQWH HO FRQFHSWR GH ODGLQL]DFLyQ
VXJLHUH XQ FDPELR IiFLO XQD SLUXHWD TXH ORV LQGLRV SRGUtDQ UHDOL]DU VLHPSUH
TXH WXYLHUDQ OD GHFLVLyQ \ HO iQLPR GH KDFHUOD GLVLPXODQGR FRQ HOOR ODV
HQRUPHV EDUUHUDV TXH OH LPSLGHQ DO LQGLR SUROHWDULR ²SRU LQGLR \ SRU
SUROHWDULR²VDOLUGHVXGLItFLOVLWXDFLyQ
1R /R TXH KHPRV GLFKR \ FRQYLHQH UHSHWLU HV TXH KLVWyULFDPHQWH ORV
LQGLRVVRQXQSURGXFWRGHOUpJLPHQFRORQLDOXQUHVXOWDGRGHODRSUHVLyQ\OD
H[SORWDFLyQ GH ORV QDWLYRV TXH OD SHUGXUDFLyQ GH OD SREODFLyQ LQGtJHQD
GHVSXpV GH OD FRORQLD QR HV RWUD FRVD TXH OD SHUGXUDFLyQ GH OD FODVH VHUYLO
FRORQLDO\ILQDOPHQWHTXHODSHUGXUDFLyQGHXQDPD\RUtDLQGtJHQDHQODpSRFD
DFWXDO HQ TXH HO VDODULR KD UHHPSOD]DGR FDVL WRWDOPHQWH DO WUDEDMR IRU]DGR
UHVSRQGH HQ SULPHU OXJDU D OD DFFLyQ LQHUFLDO GH FXDWUR FHQWXULDV GH
VHUYLGXPEUH\HQVHJXQGROXJDUDTXHHOVDODULRSRUVtVyORQRHVVXILFLHQWH
SDUDPRGLILFDUDFRUWRSOD]RHOJpQHURGHYLGDGHORVDQWLJXRVVLHUYRV²£TXH
SUHFLVDPHQWHSRUVHUORUHFLEHQORVVDODULRVPiVEDMRV²

 1R VH SLHQVH TXH HVWDPRV HQWUDQGR LQDGYHUWLGDPHQWH HQ HO iPELWR GH OD &DStWXOR2FWDYR
6RFLRORJtD \ GH OD 3ROtWLFD (VWDPRV HQ HO XPEUDO GH HVDV GLVFLSOLQDV
SRQLHQGR HQ VXV PDQRV FLHUWRV HOHPHQWRV TXH VyOR GH OD +LVWRULD SXHGHQ
UHFLELU\VLQORVFXDOHVWUDEDMDQDFLHJDV(QHVWHFDVRORVHOHPHQWRVEiVLFRV /$&2/21,$<12627526
SDUDXQSODQWHDPLHQWRVLQFHUR\FRUUHFWRGHOOODPDGRSUREOHPDGHOLQGLRTXH
SRGUtD OODPDUVH FRQ PiV MXVWH]D HO SUREOHPD GH OD SHUGXUDFLyQ GH ODV
FDUDFWHUtVWLFDV GHO VLHUYR FRORQLDO HQ XQ VHFWRU PD\RULWDULR GHO SUROHWDULDGR 5HIOH[LRQHVILQDOHV
DJUtFRODGH*XDWHPDOD
,3HUGXUDFLyQGHODUHDOLGDGFRORQLDO,,/DFXHVWLyQGH
OD FXOWXUD GHO LQGLR ,,, &DUiFWHU IHXGDO GHO UpJLPHQ
FRORQLDO ,9 ¢&RQWUD (VSDxD KR\" 9 (StORJR SDUD HO
FURQLVWDFULROOR

 

²,²
3HUGXUDFLyQGHODUHDOLGDGFRORQLDO
(OH[DPHQGHODYLGDFRORQLDOUHDOL]DGRHQORVFDStWXORVSUHFHGHQWHVSRQH
DO OHFWRU HQ FRQGLFLRQHV GH KDFHU SRU Vt PLVPR XQD UHIOH[LyQ DFHUFD GHO
VLJQLILFDGR DFWXDO GH OD FRORQLD HV GHFLU HQ FRQGLFLRQHV GH FRPHQ]DU D
HVER]DUOH XQD UHVSXHVWD D OD VLJXLHQWH SUHJXQWD ¢KDVWD TXp JUDGR \ EDMR TXp
IRUPDVSULQFLSDOHVVLJXHJUDYLWDQGRDTXHOHQRUPHWUR]RGHQXHVWURSDVDGRHQ
ODHQWUDxDGHQXHVWURSUHVHQWH"
'RV R WUHV FXHVWLRQHV LPSRUWDQWHV QR GHEHQ IDOWDU HQ OD PHQFLRQDGD
UHIOH[LyQ\YDPRVSRUHVRDGHGLFDUOHVODV~OWLPDVSiJLQDVGHHVWHHQVD\R
(O HVWXGLR GH OD FRORQLD SRQH GH PDQLILHVWR DQWH WRGR TXH QR VH WUDWD
PHUDPHQWH GH XQD pSRFD GH QXHVWUD KLVWRULD XQ WLHPSR SUHWpULWR HQ TXH
RFXUULHURQFLHUWRVKHFKRVOODPDGRVSRUHVRFRORQLDOHV1R/DFRORQLDIXHOD
IRUPDFLyQ \ FRQVROLGDFLyQ GH XQD HVWUXFWXUD VRFLDO TXH QR KD VLGR
UHYROXFLRQDGDWRGDYtD\DODTXHSHUWHQHFHPRVHQPX\FRQVLGHUDEOHPHGLGD
%DVWDVDOLUXQSRFRGHODKLSHUWUyILFDFLXGDGFDSLWDOGH*XDWHPDODSDUD9(5
ODFRORQLDHQWRGDVSDUWHV/DUHDOLGDGFRORQLDOHVQXHVWUDUHDOLGDGPiVKRQGD
6H LQFXUUH HQ XQ YLHMR HUURU DO VXSRQHU TXH OD SUHVHQFLD GHO LQGLR HQ
QXHVWURSDQRUDPDKXPDQROHFRQILHUHXQDUHDOLGDGPiVKRQGD\SHUVLVWHQWHD
³OR DXWyFWRQR´ OR SUHFRORQLDO -XVWDPHQWH HO KHFKR GH TXH OD PLWDG GH ORV
JXDWHPDOWHFRVVHDQWRGDYtDLQGLRVFRQVWLWX\HHOPiVYROXPLQRVRHOHPHQWRGH
MXLFLRSDUDDILUPDUTXHODUHDOLGDGFRORQLDOSHUYLYHHQQRVRWURV6LDHVRVH
DJUHJD TXH HO ODWLIXQGLVPR \ OD H[SORWDFLyQ GH HVRV PLVPRV LQGLRV VLJXH
VLHQGR HO VRSRUWH SULQFLSDO GH XQD PLQRUtD GRPLQDQWH GH WHUUDWHQLHQWHV
GRPLQDQWHGHPDQHUDDEVROXWDKDVWD\HQVD\DQGRGLVWLQWDVIyUPXODVGH
WUDQVIRUPDGDUHYROXFLRQDULDPHQWH
(Q EXVFD GH XQD VtQWHVLV WHyULFD PX\ HVFXHWD ²TXH SXHGH LQWHQWDUVH FRQ
EDVHHQORVDQiOLVLVDQWHULRUHV²OODPDUtDPRVODDWHQFLyQVREUHORVVLJXLHQWHV
KHFKRV 8QD 6RFLHGDG YLYH XQD VLWXDFLyQ FRORQLDO FXDQGR HV JREHUQDGD HQ
IXQFLyQGHORVLQWHUHVHVHFRQyPLFRVGHODVFODVHVGRPLQDQWHVGHXQDVRFLHGDG
H[WUDxD (VD LQWURPLVLyQ SUHVLRQD FDPELRV HVWUXFWXUDOHV HQ OD VRFLHGDG
FRORQL]DGDORVFXDOHVFDPELRVSXHGHQVHUPiVRPHQRVSURIXQGRVVHJ~QTXH
OD VXSHULRULGDG GH GHVDUUROOR WHFQROyJLFR GHO FRQTXLVWDGRU OH SHUPLWD
LQWURGXFLUORV LPSXQHPHQWH (Q HO FDVR GH ODV VRFLHGDGHV DPHULFDQDV KHPRV
LQGLFDGR TXH VH KDOODURQ HQ JUDQ GHVYHQWDMD IUHQWH D ORV FRQTXLVWDGRUHV
HVSDxROHV /D VXSHULRULGDG GH FXOWXUD JHQHUDO GH pVWRV ²D FX\D FRUUHFWD
FDSWDFLyQ FLHQWtILFD OH KHPRV DVLJQDGR XQ DOWR YDORU H[SOLFDWLYR²>@
GHWHUPLQDGD SRU ODV SHFXOLDULGDGHV GH ORV SURFHVRV KLVWyULFRV GH ODV GRV
VRFLHGDGHV HQ FKRTXH GHWHUPLQy D VX YH] TXH OD GRPLQDFLyQ HVSDxROD QR
LPSOLFDUDVRODPHQWHXQDSUHVLyQUHRUJDQL]DWLYDHQVHQWLGRIDYRUDEOHSDUDORV
FRORQL]DGRUHVVLQRXQDWRWDOUHHVWUXFWXUDFLyQHQHVHVHQWLGR/DHVWUXFWXUDGH
ODVRFLHGDGFRORQLDOUHVSRQGLytQWHJUDPHQWHDORVLQWHUHVHVGHODQREOH]D\GH
ODEXUJXHVtDSHQLQVXODUHVUHSUHVHQWDGDVHQVX(VWDGRPRQiUTXLFR(VH(VWDGR
UHSUHVHQWDGR HQ ODV FRORQLDV SRU OD EXURFUDFLD HVSDxROD ²LQFOXLGDV DOOt OD
DOWDMHUDUTXtDHFOHVLiVWLFD\ODRILFLDOLGDGPLOLWDU²IXHHOSRGHUTXHRUJDQL]y
\JREHUQyODVFRORQLDVGXUDQWHGRVVLJORV\PHGLR0LHQWUDVHVRRFXUULyDVtVH
GLR D FDEDOLGDG XQD VLWXDFLyQ FRORQLDO (O DQiOLVLV GH ORV SURFHVRV
IXQGDPHQWDOHVGHHVDVLWXDFLyQKDVLGRQXHVWUROHPDGHHVWXGLRHQHVWHOLEUR
$KRUDELHQHOILQDOGHODSOHQDVLWXDFLyQFRORQLDOQRIXH &/ILQDOGHWRGRV
ORV SURFHVRV SURSLRV GH OD HVWUXFWXUD FRORQLDO 1L OD ,QGHSHQGHQFLD QL OD
5HIRUPD URPSLHURQ DTXHOOD HVWUXFWXUD < HOOR VH HQWLHQGH VLQ GLILFXOWDG ORV
JUXSRVVRFLDOHVTXHUHVSHFWLYDPHQWHWRPDURQHOSRGHUHQDPERVPRPHQWRV²
ORV FULROORV \ ORV WHUUDWHQLHQWHV PHGLRV HQ FUHFLPLHQWR² OR WRPDURQ
SUHFLVDPHQWH SDUD EHQHILFLDUVH FRQ OD HVWUXFWXUD FRORQLDO QR SDUD
WUDQVIRUPDUOD /RV FDPELRV LQWURGXFLGRV SRU HVRV JUXSRV KDOODQ SURQWD
H[SOLFDFLyQ KLVWyULFD VL VH ORV HVWXGLD HQ IXQFLyQ GH ORV EHQHILFLRV TXH HQ
DPERVFDVRVVHTXHUtDREWHQHUGHODYLHMDHVWUXFWXUD
SRGHU HQ FRPELQDFLyQ FRQ OD EXUJXHVtD \ HO LPSHULDOLVPR GHVGH  /D ,QGHSHQGHQFLD VXSULPLy HO JRELHUQR UHSUHVHQWDWLYR GH ODV FODVHV
HQWRQFHV VH HQWHQGHUi SRU TXp GHFLPRV TXH OD HVWUXFWXUD FRORQLDO QR KD VLGR GRPLQDQWHV HVSDxRODV SHUR IXH OD LPSODQWDFLyQ GHO JRELHUQR GH XQD FODVH

 
FRORQLDOGRPLQDQWHDPHGLDV>@TXHGHVGHVXQDFLPLHQWRKDEtDVLGRXQyUJDQR
GHOVLVWHPD/DVFRORQLDVVHFRQVROLGDURQFRQJUXSRVORFDOHVGHHVSDxROHVTXH
OD PRQDUTXtD WXYR TXH WROHUDU FRPR FRODERUDGRUHV \ SDUWtFLSHV HQ OD
H[SORWDFLyQGHORVQDWLYRV&RQVLQWLyDODFODVHGRPLQDQWHDPHGLDVSHURHOOD
QXQFDHVWXYRFRQIRUPHFRQVXVLWXDFLyQ<FXDQGRSRUILQWRPyHOSRGHUKL]R
ORTXHWHQtDTXHKDFHUGHFRQIRUPLGDGFRQVXHVHQFLDKLVWyULFDHQWUHJDUVHD
H[SORWDUDORVLQGLRV\DODVFDSDVPHGLDVSREUHVVLQLQWHUIHUHQFLDH[WUDQMHUD
6XSULPLy HO WULEXWR TXH \D QR VH MXVWLILFDED \ TXH VLHPSUH OH KDEtD VLGR
LQFyPRGRSRUTXHDEVRUEtDIXHU]DGHWUDEDMRLQGtJHQDDIDYRUGHODPHWUySROL
6XSULPLy HO PRQRSROLR FRPHUFLDO SHUR DSHQDV VH EHQHILFLy HOOD PLVPD FRQ
HVD PHGLGD SRUTXH QR ORJUy LQFUHPHQWDU ODV H[SRUWDFLRQHV LQGLVSHQVDEOHV
SDUDDXPHQWDU\GLYHUVLILFDUODVLPSRUWDFLRQHVQLDPSOLyWDPSRFRHOPHUFDGR
LQWHUQRFRQPHGLGDDOJXQDGHEHQHILFLySRSXODU&RQVHUYyORVPDQGDPLHQWRV
GH LQGLRV \ PDQWXYR FHORVDPHQWH OD HVWUXFWXUD FRORQLDO GH ORV SXHEORV (VWR
~OWLPR FRQ HO ILQ GH PDQWHQHU D OD FDSD PHGLD DOWD UXUDO IXHUD GH WRGD
SRVLELOLGDGGHDUUHEDWDUOHHOFRQWUROH[FOXVLYRVREUHHOWUDEDMRIRU]DGRGHORV
LQGLRV /D GLFWDGXUD FULROOD GH ORV WUHLQWD DxRV IXH HQ SRFDV SDODEUDV XQ
GHVDUUROORFRORQLDOVLQPHWUySROL
/DV JXHUUDV GH OD )HGHUDFLyQ &HQWURDPHULFDQD OLEUDGDV HQWUH
FRQVHUYDGRUHV \ OLEHUDOHV FRQ DQWHULRULGDG D OD LPSODQWDFLyQ GH OD GLFWDGXUD
FULROODHQ*XDWHPDODQRIXHURQRWUDFRVDTXHODH[SUHVLyQYLROHQWDGHODOXFKD
GH FODVHV HQWUH ORV FULROORV \ HO FRPSOHMR GH FDSDV PHGLDV DOWDV FRQ ORV
WHUUDWHQLHQWHV PHGLRV FRPR HOHPHQWR FDWDOL]DGRU (Q ORV OXJDUHV \ PRPHQWRV
HQTXHORVOLEHUDOHVWXYLHURQVXILFLHQWHSRGHU\OLEHUWDGGHDFFLyQ²*iOYH]HQ
OD-HIDWXUDGHO(VWDGRGH*XDWHPDODSRUHMHPSOR²VHLPSXVLHURQORVLQWHUHVHV
GHORVWHUUDWHQLHQWHVPHGLR\FRPHQ]yDDGRSWDUVHXQDSROtWLFDIDYRUDEOHDORV
ODGLQRVGHORVSXHEORV\GHODVFLXGDGHV²QRDOJUDQVHFWRUGHODGLQRVUXUDOHV
SREUHV²\PX\GHVIDYRUDEOHSDUDORVLQGLRV>@
1RHVQLQJ~QSUREOHPDDYHULJXDUTXpTXHUtDQORVOLEHUDOHVFLQFXHQWDDxRV
GHVSXpVGHOD,QGHSHQGHQFLDSRUTXHHQWRQFHVWRPDURQHOSRGHUHQ*XDWHPDOD
LPSXVLHURQ XQD WHUULEOH GLFWDGXUD \ UHDOL]DURQ WRGRV VXV SURSyVLWRV (Q HO
FXUVR GH ORV PHQFLRQDGRV FLQFXHQWD DxRV VH KDEtD H[SRUWDGR JUDQD HQ
UHHPSOD]RGHODxLO\GHVSXpVFDIpHQUHHPSOD]RGHODJUDQD$PERVSURGXFWRV
IXHURQFXOWLYDGRVSULQFLSDOPHQWHSRUORVWHUUDWHQLHQWHVPHGLDQRV\SHTXHxRV
 
TXLHQHVSRUHVDFDXVDH[SHULPHQWDURQXQFRQWLQXDGRPHMRUDPLHQWRHFRQyPLFR
\ VH SHUILODURQ FDGD YH] PiV FRPR XQD FODVH /D GLFWDGXUD FULROOD VH KDEtD
YLVWR REOLJDGD D GDUOHV DSR\R SRUTXH GLFKDV H[SRUWDFLRQHV HUDQ HO ~QLFR
VRSRUWHGHOFRPHUFLRH[WHULRU\GHOLQJUHVRGHGLYLVDV$OLPHQWySXHVDVXV
HQHPLJRVWUDGLFLRQDOHV3HURYLPRVHQVXOXJDUTXHVyORHUDQHVRHQHPLJRV\
QR XQD FODVH DQWDJyQLFD GHVFRVD GH WRPDU HO SRGHU SDUD UHHVWUXFWXUDU OD
VRFLHGDG FRORQLDO GHVGH VXV EDVHV (QHPLJRV TXH TXHUtDQ QLYHODUVH FRQ ORV
FULROORV HQ OR WRFDQWH D ODV SRVLELOLGDGHV GH REWHQHU WLHUUDV \ GH HMHUFHU
FRQWURO VREUH ORV LQGLRV SDUD H[SORWDUORV GRV QHFHVLGDGHV VHQWLGDV SRU ORV
WHUUDWHQLHQWHVPHGLRV\SHTXHxRVGHVGHVXQDFLPLHQWRHQODFRORQLDODVFXDOHV
QHFHVLGDGHVVHKDEtDQDJLJDQWDGRDPHGLDGRVGHOVLJOR ;,;FRQODSHUVSHFWLYD
GHH[SRUWDUFDQWLGDGHVFUHFLHQWHVGHFDIp/DPLVPDSURGXFFLyQ\H[SRUWDFLyQ
GH GLFKR IUXWR \D HQ PDUFKD D SHVDU GH PXFKDV GLILFXOWDGHV >@ SXVR D ORV
QXHYRVWHUUDWHQLHQWHVHQSRVLELOLGDGHFRQyPLFDGHRUJDQL]DUVHGHJHVWLRQDUVX
DOLDQ]DFRQORVFRPHUFLDQWHVGHODFLXGDGFDSLWDOGHDUPDUVH\WRPDUHOSRGHU
GH
/RV QXHYRV WHUUDWHQLHQWHV FRQVLJXLHURQ SRU ILQ VHU ORV YHUGDGHURV DPRV
GH ORV LQGLRV 'H HVR GHSHQGtD WRGR OR GHPiV URWXUDU WHUUHQRV DSWRV SDUD
FUHDU QXHYDV ILQFDV FDIHWDOHUDV KDFHUODV SURGXFWLYDV FRQ PDQR GH REUD
IRU]RVD VHPLJUDWXLWD DEULU FDPLQRV \ SXHUWRV SDUD VDFDU HO JUDQR KDFLD ORV
PHUFDGRV OHYDQWDU ORV SRVWHV \ WHQGHU ORV KLORV GH XQD UHG WHOHIyQLFD \
WHOHJUiILFD TXH FRPXQLFDUtD ODV ILQFDV FRQ ODV FLXGDGHV \ pVWDV FRQ ORV
FRPSUDGRUHVGHOH[WUDQMHURHWF
(QODEDVHGHOD5HIRUPDVHKDOOyFRPRHUDGHHVSHUDUVHXQDOHJLVODFLyQ
GH WLHUUDV \ XQD OHJLVODFLyQ ODERUDO /D GH WLHUUDV VH GHVSOHJy HQ GRV
GLUHFFLRQHV8QDGHHOODVIXHODVXSUHVLyQJUDGXDOSHURHIHFWLYDGHODVWLHUUDV
FRPXQDOHV GH ORV SXHEORV GH LQGLRV 6H UHDOL]y HVWD LPSRUWDQWH HPSUHVD DO
DPSDUR GH OD GRFWULQD OLEHUDO TXH UHFRPLHQGD PXOWLSOLFDU HO Q~PHUR GH
SURSLHWDULRV SHUR VH OHJLVOy \ VH DFWXy GH PRGR TXH GLFKD PXOWLSOLFDFLyQ
IDYRUHFLHUD D OD FDSD PHGLD DOWD UXUDO ²ORV ODGLQRV GH ORV SXHEORV² \
ODQ]DUDDOPHUFDGRGHPDQRGHREUDXQDPDVDFUHFLHQWHGHLQGLRVGHVSRMDGRV
GHVXVWLHUUDV\HVSDQWDGRV(ORWURJUDQDVSHFWRGHODWUDQVIRUPDFLyQOLEHUDO
GHODJURJXDWHPDOWHFRIXHODPXOWLSOLFDFLyQGHODVHPSUHVDVDJUtFRODVJUDQGHV
FRQVHJXLGD D EDVH GH PHGLGDV TXH IDFLOLWDURQ OD REWHQFLyQ GH WLHUUDV SRU
SHUVRQDV TXH WXYLHUDQ UHFXUVRV HFRQyPLFRV SDUD FRQYHUWLUODV HQ ILQFDV /D GHO WUDEDMDGRU \ MXVWLILFDGRUD GH VX HQYtR YLROHQWR D ODV ILQFDV \ GH VX
PXOWLSOLFDFLyQ GH ODV ILQFDV EDMR ODV SULPHUDV GLFWDGXUDV FDIHWDOHUDV ²KDVWD
&DEUHUDLQFOXVLYH²HVXQDUHDOL]DFLyQTXHDVRPEUDSRUVXVSURSRUFLRQHV >@
1R GHEH ROYLGDUVH HPSHUR TXH IXH UHDOL]DGD PDWHULDOPHQWH SRU ORV LQGLRV
EDMRODLPSODFDEOHSUHVLyQGHDTXHOODVGLFWDGXUDV/DPXOWLSOLFDFLyQGHILQFDV
VLJQLILFy HQWUH PXFKDV RWUDV FRVDV OD PXOWLSOLFDFLyQ GH ODV UDQFKHUtDV GH
LQGLRV ²IHQyPHQR FX\D VLJQLILFDFLyQ QR HVFDSD VL VH WLHQH HQ PHQWH OR
VHxDODGRHQFDStWXORVDQWHULRUHVDFHUFDGHODVUDQFKHUtDV\HOUpJLPHQFRORQLDO
GHSXHEORV²
(OURPSLPLHQWRGHODHVWUXFWXUDFRORQLDOGHORVSXHEORVIXHHOFDPELRPiV
LPSRUWDQWH LQWURGXFLGR SRU OD 5HIRUPD HQ OD HVWUXFWXUD GH OD VRFLHGDG
JXDWHPDOWHFD /H YDQ DVRFLDGRV IHQyPHQRV FRPR OD VXSUHVLyQ GH ODV WLHUUDV
UHWHQFLyQ HQ HOODV ORV ILQTXHURV FRPR FODVH HQ HO SRGHU VH PDQWXYLHURQ
VLHPSUH HQ SRVLELOLGDG OHJDO GH UHWHQHU D ORV LQGLRV HQ ODV ILQFDV WRGR HO
WLHPSRTXHORVQHFHVLWDUDQFXDQGR8ELFRSURKLELyHOHQGHXGDPLHQWRIRU]RVR
\ OD UHWHQFLyQ SRU GHXGDV ²FRPELQDFLyQ PRQVWUXRVD TXH KDEtD HVWDGR HQ
YLJRUGHVGH%DUULRVKDVWDHVHPRPHQWR²ORKL]RSRUTXHVX³/H\GH9DJDQFLD´
WRUQDEDLQQHFHVDULRDTXHOYLHMRSURFHGLPLHQWRFRPSXOVLYR6HWHQtDSRUUHRV
GHYDJDQFLD\VHOHVHQYLDEDDURPSHUSLHGUDDORVFDPLQRVVLQSDJDDOJXQDD
WRGRVORVLQGLRVTXHQRGHPRVWUDUDQKDEHUFXPSOLGRFLHQMRUQDOHVSRUDxRHQ
ODV ILQFDV FXDQGR VH WUDWDUD GH LQGLRV FRQ DOJXQD WLHUUD \ FLHQWR FLQFXHQWD
MRUQDOHV FXDQGR VH WUDWDUD GH LQGLRVVLQWLHUUDV >@ $Vt VH FRQVLJXLy TXH ORV
WUDEDMDGRUHVDFXGLHURQSRUVtPLVPRVDHQWUHJDUVHDODVILQFDV\D~QDURJDU
FRPXQDOHV OD DFHOHUDFLyQ YLROHQWD GHO SURFHVR GH PXOWLSOLFDFLyQ GH ORV
PLQLIXQGLRV²SURFHVRDSHQDVLQLFLDGRHQODFRORQLD²ODVXSUHVLyQGHOSRGHU
ORFDOGHODVFDPDULOODVGHLQGLRVQREOHVHOFRQWUROGHOJRELHUQRPXQLFLSDOGH
ORV SXHEORV SRU ORV Q~FOHRV ODGLQRV UDGLFDGRV HQ PXFKRV GH HOORV HO
GHVSOD]DPLHQWR GHILQLWLYR \ HVWDFLRQDO GH PDVDV GH LQGLRV D ODV UHJLRQHV GH
GHVDUUROORFDIHWDOHURHWF
/DOHJLVODFLyQODERUDOGHOD5HIRUPDFUHyORVLQVWUXPHQWRVQRUPDGRUHVGH
XQD QXHYD VLWXDFLyQ GH VHUYLGXPEUH SDUD HO LQGLR DKRUD HQ IXQFLyQ GH ORV
LQWHUHVHV GH ORV ILQTXHURV 'HVGH HO FpOHEUH \ IXQHVWR ³5HJODPHQWR GH
-RUQDOHURV´ GH OD pSRFD GH %DUULRV >@ KDVWD OD QR PHQRV FpOHEUH ³/H\ GH
9DJDQFLD´GHO~OWLPRGLUHFWRUFDIHWDOHUR8ELFR >@VHIXHURQSHUIHFFLRQDQGR
²QR ³KXPDQL]DQGR´ FRPR PDOLFLRVDPHQWH VH KD TXHULGR GHFLU² ORV
PHFDQLVPRV OHJDOHV GH OD RSUHVLyQ GH ORV LQGLRV HQ WRUQR D ORV VLJXLHQWHV
SXQWRV PHGXODUHV TXHGDURQ REOLJDGRV D DFXGLU D ODV ILQFDV FXDQGR ORV
ILQTXHURVORVQHFHVLWDUiQ >@\ODVDXWRULGDGHVORFDOHVGHSXHEORV\FLXGDGHV
YLHURQ HQ OD WDUHD GH FRQWURODUORV \ HQYLDUORV VX PLVLyQ PiV LPSRUWDQWH D
HVWRVHQYtRVVHOHVVLJXLyOODPDQGRFRQVXQRPEUHFRORQLDOPDQGDPLHQWRV >@
\ IXHURQ HIHFWLYDPHQWH XQD EUXVFD UHDFWLYDFLyQ GHO WUDEDMR IRU]DGR FRORQLDO
TXH VH OHV SHUPLWLHUD WUDEDMDU HQ HOODV SRU XQD SDJD FDVL VLPEyOLFD GHVGH
%DUULRVKDVWD8ELFRHVWXYRYLJHQWHHO³OLEUHWRGHMRUQDOHURV´>@LQYHQWDGRH
LQVWLWXLGR SRU HO JRELHUQR GHO SULPHU GLFWDGRU FLWDGR WUDWiEDVH GH XQ
GRFXPHQWRSUREDWRULRGHOD³VROYHQFLD´GHOLQGLRIUHQWHDVXSDWURQRODFXDO
VROYHQFLD OH HUD H[WHQGLGD FXDQGR DO SDWURQR OH FRQYHQtD HQWHQGLGR TXH VLQ
HOODHVWDEDHOLQGLRVXMHWRDOULJRUGHODVDXWRULGDGHV\GHOSURSLRILQTXHUR
TXH OR WRPDEDQ SRU SUyIXJR LQVROYHQWH EDMR HO JRELHUQR GH 8ELFR VLUYLy HO
OLEUHWRSDUDFRPSUREDUHOFXPSOLPLHQWRGHORVMRUQDOHVDQXDOHVREOLJDWRULRV
FRQODILUPDGHOILQTXHURRORVILQTXHURVDTXLHQHVGLFKRVMRUQDOHVOHVKDEtDQ
VLGRWUDEDMDGRV
(OOLEUHWRGHMRUQDOHURVQRIXHVXSULPLGRVLQRKDVWDHODxRHQTXHHO
&RQJUHVR GH OD 5HS~EOLFD OR DEROLy FRQ WRGD RWUD IRUPD GH WUDEDMR
REOLJDWRULR 6X DEROLFLyQ IXH XQD GH ODV PiV LPSRUWDQWHV PHGLGDV GH OD
5HYROXFLyQ GH  \ TXL]i OD ~QLFD GH IRQGR TXH SHUGXUy GHVSXpV GH OD
FRQWUDUUHYROXFLyQGH6HFHUUyDVtHOJUDQFDStWXORGHOWUDEDMRIRU]DGRHQ
QXHVWUR SDtV TXH KDEtD FRPHQ]DGR FRQ OD LPSODQWDFLyQ GHO UHSDUWLPLHQWR GH
LQGLRV HQ OD VHJXQGD PLWDG GHO VLJOR ;9, /R FXDO TXLHUH GHFLU TXH HQ
*XDWHPDOD SULYDHOVDODULRHQHOFDPSR GHVGH KDFHDSHQDV YHLQWLFLQFRDxRV
TXHKHPRVGHILQLGRFRPRUHSDUWLPLHQWRGHWHPSRUDGDVGDGRTXHORVLQGLRV GHVSXpV GH KDEHU SULYDGR GXUDQWH FXDWURFLHQWRV DxRV HO WUDEDMR IRU]DGR
WHQtDQTXHDFXGLUIRU]RVDPHQWHDODVILQFDVTXHGyHOLPLQDGDHQHVWDUHODFLyQ VHPLJUDWXLWRGHFDUiFWHUIHXGDO$ORTXHHVSUHFLVRDJUHJDUSDUDQRFDHUHQ
GH WUDEDMR OD SRVLELOLGDG GH OLEUH FRQWUDWDFLyQ \ SULYy OD SDJD IRU]DGD LOXVLRQHV TXH HO SHVR VRFLDO GH FXDWUR VLJORV GH VHUYLGXPEUH GHSDUD
EDMtVLPD VH OODPy ³KDELOLWDFLyQ´ D OD SDJD IRU]DGD DQWLFLSDGD HQGHXGDGRUD FRQGLFLRQHVySWLPDVSDUDODYLJHQFLDGHVDODULRVEDMtVLPRVKHFKRTXHUHWLHQH

 
QDWXUDOPHQWH DOWUDEDMDGRUHQ HOQLYHOGHYLGDPLVHUDEOHGHO VLHUYR FRORQLDO WUDGLFLRQDODTXLHQOD5HIRUPDDWDFy\SULYyGHVXVELHQHVIXHOD,JOHVLD\HVWR
DXQTXHHVHQFLDOPHQWH\DQRVHDXQVLHUYR SRUTXHVyORGHVSRMiQGRODGHVXJUDQSRGHUHFRQyPLFR\SROtWLFRHUDSRVLEOH
5HSiUHVHHQWRQFHVHQHOHVTXHPDVLJXLHQWHOD,QGHSHQGHQFLDVXSULPLyHO GRPLQDUODHQpUJLFDRSRVLFLyQTXHRIUHFtDDOPRYLPLHQWR
IDFWRU PHWURSROLWDQR GH OD HVWUXFWXUD FRORQLDO \ FRQ HOOR OD SOHQD VLWXDFLyQ /D HVHQFLD GH OD 5HIRUPD GH *XDWHPDOD IXH XQD DPSOLDFLyQ GH OD FODVH
FRORQLDO SHUR FRQVHUYy ORV RWURV IDFWRUHV HVHQFLDOHV GH DTXHOOD HVWUXFWXUD FULROODHQHOSRGHUVREUHODEDVHGHXQDDPSOLDFLyQGHODGLVSRQLELOLGDGGH
FODVH WHUUDWHQLHQWH GRPLQDQWH DFDSDUDPLHQWR GH OD WLHUUD SRU GLFKD FODVH \ ORVLQGLRVHQVLWXDFLyQGHVLHUYRV\XQDDPSOLDFLyQPX\QRWDEOHGHOQ~PHUR
H[SORWDFLyQVHUYLOGHODPDVDLQGLD/D5HIRUPDURPSLyODHVWUXFWXUDFRORQLDO GHHPSUHVDVDJUtFRODVODWLIXQGLVWDV$SDUWLUGHHVDVEDVHVRFXUULHURQPXFKDV
GHOSXHEORGHLQGLRVSHURORKL]RSDUDDPSOLDUODSRVLELOLGDGGHH[SORWDUORVD FRVDVLPSRUWDQWHVELHQORVDEHPRVSHURDTXtQRVLQWHUHVDLQGLFDUVRODPHQWH
IDYRUGHXQDFODVHWHUUDWHQLHQWHPiVQXPHURVD(OFDPELRGHORVPHFDQLVPRV TXHHUDQEDVHVFRORQLDOHV
GH H[SORWDFLyQ GHO LQGLR QR IXH SXHV XQ FDPELR HVWUXFWXUDO DXQTXH KD\D
LPSOLFDGRHOURPSLPLHQWRGHODHVWUXFWXUDLQWHUQDGHORVSXHEORVFRORQLDOHV<
HOKHFKRGHTXHWRGRVHVRVFDPELRVKD\DQFDXVDGRXQQRWDEOHDXPHQWRGHODV
H[SRUWDFLRQHV \ GH TXH SRU HVD YtD VH KD\D DFWLYDGR HO LQWHUFDPELR FRQ ORV
SDtVHVFDSLWDOLVWDV\ODFLUFXODFLyQGHGLQHURHQWUHORVJUXSRVGRPLQDQWHVGHO
SDtV QR DOWHUD HO KHFKR GH TXH OD 5HIRUPD IXH XQ GHVDUUROOR GH SURFHVRV
FRORQLDOHVVLQUXSWXUDGHODHVWUXFWXUDFRORQLDO<DHQSOHQDVLWXDFLyQFRORQLDO
VH H[SRUWDEDQ KDFLD ORV SDtVHV FDSLWDOLVWDV ²D WUDYpV GHO PRQRSROLR GH OD
(VSDxDFDSLWDOLVWD²ORVIUXWRVGHODH[SORWDFLyQGHORVVLHUYRV(OKHFKRGH
TXH HQ HO ~OWLPR WHUFLR GHO VLJOR ;,; VH KD\D H[SRUWDGR PD\RU FDQWLGDG GH
IUXWRVGHTXHHOFDIpKD\DVXVWLWXLGRDODxLO\GHTXHKD\DQLQJUHVDGRPD\RUHV
FDQWLGDGHV GH GLQHUR D ODV FDMDV GH ORV WHUUDWHQLHQWHV ²TXLHQHV D VX YH]
HVWXYLHURQ HQ FRQGLFLRQHV GH FRPSUDU PiV ELHQHV \ VHUYLFLRV² LQGLFD
VRODPHQWHXQFDPELRFXDQWLWDWLYRQRXQFDPELRFXDOLWDWLYRHQORVIXQGDPHQWRV
GH OD VRFLHGDG JXDWHPDOWHFD /D 5HIRUPD OLEHUDO IXH HO FRQMXQWR GH FDPELRV
LQWURGXFLGRV SRU XQD VHULH GH JRELHUQRV TXH KLVWyULFDPHQWH UHSUHVHQWDQ HO
SRGHU GH OD FODVH FULROOD DPSOLDGD SRU ORV ILQTXHURV \ GLULJLGD SRU HOORV
'LFKD DPSOLDFLyQ GH OD FODVH GRPLQDQWH VH KDFLD SRVLEOH GHVGH OD
,QGHSHQGHQFLDSRUTXHODGHVDSDULFLyQGHOSRGHUHVSDxROSHUPLWtDXQDQXHYD
GLVWULEXFLyQGHORVLQGLRVSDUDVXH[SORWDFLyQ8QDYH]UHDOL]DGRHVWR~OWLPR
SXGLHURQORVFULROORVWUDGLFLRQDOHVFRQVHUYDUVXVODWLIXQGLRV\VXSRVLFLyQGH
FODVH VLQ TXH HOOR LPSLGLHUDQ TXH ORV QXHYRV FULROORV ORV FDIHWDOHURV VH
HQULTXHFLHUDQ YHUWLJLQRVDPHQWH \ JREHUQDUDQ HO SDtV GXUDQWH VHWHQWD DxRV
'LH] DxRV GH WtPLGD 5HYROXFLyQ  VHJXLGRV GH XQD YLROHQWD
FRQWUDUUHYROXFLyQ\GHXQDHQpUJLFD\SHUVLVWHQWHSHQHWUDFLyQLPSHULDOLVWD>D@
DUURMDQ UHVXOWDGRV PX\ FRPSOHMRV TXH QR HV IiFLO QL RSRUWXQR SXQWXDOL]DU
GHQWURGHHVWDVUHIOH[LRQHV~OWLPDV/RTXHTXHUHPRVVHxDODUFRQpQIDVLVHVR
Vt HV TXH WRGRV ORV JUDQGHV WHPDV GH OD DFWXDO SUREOHPiWLFD JXDWHPDOWHFD
WLHQHQ VX UDt] HQ OD FRORQLD (OOD FRQILJXUy SOHQDPHQWH D ODV GRV FODVHV TXH
TXHGDURQFRPRFODVHVDQWDJyQLFDVGHODVRFLHGDGJXDWHPDOWHFDSRUPiVGHXQ
VLJORGHVSXpVGHOD,QGHSHQGHQFLDORVLQGLRVVLHUYRV\ORVFULROORV$XQTXHOD
VHUYLGXPEUH KD\D VLGR DEROLGD SRU OD 5HYROXFLyQ \ ORV LQGLRV SHUWHQH]FDQ
KR\ FDVL WRWDOPHQWH D OD PDVD GH ORV SUROHWDULRV \ VHPLSUROHWDULRV DJUtFRODV
>@ HV HYLGHQWH TXH HO VLVWHPD GH VDODULR HVWi FRJLGR HQ XQ FtUFXOR YLFLRVR
SRUTXHFXDWURVLJORVGHVHUYLGXPEUHFRQGLFLRQDQXQDUHDOLGDG\XQRVKiELWRV
YDORUDWLYRV PX\ GHVIDYRUDEOHV SDUD HO LQGLR ²JUDQ DWUDVR GH GHVDUUROOR
LQWHOHFWXDO GHVYDOLPLHQWR SRU LJQRUDQFLD GH OD OH\ EDUUHUDV LGLRPiWLFDV OD
FRVWXPEUHGHPDOWUDWDUORDUUDLJDGRHQVXVRSUHVRUHVLQVHJXULGDGGHVXSDUWH
HWF²ORFXDOSHUPLWHTXHDOLQGLRVHOHDERQHQVDODULRVVXPDPHQWHEDMRV²
LQIHULRUHVHQDOJXQDVUHJLRQHVDORVTXHVHOHVDERQDQDOSUROHWDULRODGLQRSRU
UHDOL]DU ODV PLVPDV ODERUHV² \ WRGR HOOR GHWHUPLQD TXH HO WUDEDMDGRU LQGLR
DSHQDVSXHGDPRGLILFDUHQPHGLGDLQVLJQLILFDQWH\DULWPROHQWtVLPRHOQLYHO\
HOJpQHURGHYLGDSURSLRVGHOVLHUYRWUDGLFLRQDO+HPRVHQXQFLDGRHQVXOXJDU
ODFRQFOXVLyQKLVWyULFD²VHUHFRUGDUi²GHTXHHOSUREOHPDGHOLQGLRHVHOGH
OD SHUGXUDFLyQ GH ODV FDUDFWHUtVWLFDV GHO VLHUYR FRORQLDO HQ XQ VHFWRU
PD\RULWDULRGHOSUROHWDULDGRDJUtFRODJXDWHPDOWHFR/DH[SORWDFLyQDVDODULDGD
 0iV TXH RGLR GH FODVH ORV OLEHUDOHV VHQWtDQ XQD SURIXQGD TXHHQQLQJ~QFDVRKDFHPLODJURVSHURTXHUHSUHVHQWDXQDGHODQWRUHVSHFWRGH
ULYDOLGDG GH FODVH IUHQWH D ORV FULROORV YLHMRV (O ~QLFR JUDQ WHUUDWHQLHQWH ODH[SORWDFLyQIRU]DGDGHFDUiFWHUIHXGDOVHFRQYLHUWHHQHOFDVRGHOLQGLRHQ

 
XQDGHODQWRPtQLPRSRUTXHVHPDQWLHQHQORVVXSXHVWRVFROHFWLYRVDQWHULRUHVD
VXLPSODQWDFLyQ
(O LQGLR HVWi DOOt $ILUPDFLyQ TXH HV SUHFLVR FDSWDU HQ WRGD VX
FRPSOHMLGDG SRUTXH HO KHFKR GH TXH HO FLQFXHQWD SRU FLHQWR GH ORV
JXDWHPDOWHFRVVHPDQWHQJDHQODVPRGDOLGDGHVGHOVHUGHORVVLHUYRVVLJQLILFD
SRU XQD SDUWH TXH SHVD VREUH HOORV XQD SREUH]D GH VLJORV XQD LJQRUDQFLD
SODJDGD GH VXSHUVWLFLRQHV XQ SURIXQGR HVFHSWLFLVPR UHVSHFWR GH ODV
LQLFLDWLYDV GH UHEHOGtD HWF SHUR WDPELpQ HVWD LQGLFDGR TXH DOOt HQWUH ODV
PDVDV TXH KDQ VREUHOOHYDGR OD KXPLOODQWH H[SORWDFLyQ \ HO WHUURU GH FXDWURV
FHQWXULDV GH VHUYLGXPEUH DOOt WLHQHQ TXH KDOODUVH ORV PiV SURIXQGRV
\DFLPLHQWRVGHUHVHQWLPLHQWRGHFODVH&RQVREUDGDUD]yQVHKDVHxDODGRTXH
HQ*XDWHPDODQLQJ~QSURJUDPDUHYROXFLRQDULRSXHGHLUOHMRVVLQRFXHQWDFRQ
ORVLQGLRV&RQLJXDOUD]yQGHEHDJUHJDUVHHPSHURTXHHOUHVHQWLPLHQWRGHO
LQGLRQRHVFRORQLDOVyORSRUVXPDJQLWXGVLQRWDPELpQSRUVXFDOLGDG\HVWR
HQFLHUUD JUDYHV SUREOHPDV HO UpJLPHQ FRORQLDO GHWHUPLQy ²OR KHPRV
H[SOLFDGR HQ VX OXJDU² TXH SDUD ORV PHVWL]RV UXUDOHV QR KD\D KDELGR RWUD
SHUVSHFWLYDGHHQULTXHFLPLHQWRTXHODGHH[SORWDUDORVLQGLRV\TXHD~QVLQ
DOFDQ]DU HVH H[WUHPR ORV PiV SREUHV HQWUH ORV ODGLQRV WXYLHUDQ SRGHURVRV
PRWLYRVSDUDUHFDOFDUVXGLIHUHQFLDFLyQFRQHOLQGLR\DTXHHVRLPSOLFDEDVX
DILUPDFLyQFRPR WUDEDMDGRUHVPX\ SREUHVSHUR QRVXMHWRVD VHUYLGXPEUH(O
DEVXUGR³GHVSUHFLR´GHOODGLQRSREUHKDFLDHOLQGLRQRIXHXQDEVXUGRHQOD
pSRFD HQ TXH GLFKD DFWLWXG VH JHVWy OD pSRFD FRORQLDO SRUTXH OD FRP~Q
SREUH]D GH XQR \ RWUR REOLJDED DO SULPHUR D H[DJHUDU GHIHQVLYDPHQWH VX
FRQGLFLyQ GH WUDEDMDGRU QR VXMHWR D REOLJDFLRQHV VHUYLOHV (O SURFHVR GH OD
5HIRUPDOLEHUDOYLQRDH[DFHUEDUHVDFLUFXQVWDQFLD\DTXHHODVFHQVRDOSRGHU
SRU JUXSRV PLQRULWDULRV SURFHGHQWHV GH ODV FDSDV PHGLDV DOWDV DUUDVWUy HQ
VHQWLGRDVFHQGHQWHWDPELpQDDPSOLRVVHFWRUHVGHHVDVFDSDVHQFRQMXQWRQR
VyOR SRUTXH HO DXJH FDIHWDOHUR DPSOLy ORV FDPSRV RFXSDFLRQDO XUEDQRV SDUD
ORV ODGLQRV VLQR SRUTXH HO QXHYR (VWDGR FRQWy FRQ HOORV SDUD RUJDQL]DU XQD
QXHYD \ PiV GHVDUUROODGD EXURFUDFLD \ XQD IXHU]D S~EOLFD PRGHUQD ODFRQVHUYDFLyQGHORVIXQGDPHQWRVFRORQLDOHVTXHHVWDEDQVLHQGRDPHQD]DGRV
HVSHFLDOPHQWHXQHMpUFLWR\XQDSROLFtDGHWLSRPRGHUQR
1RH[DJHUDUtDPRVSXHVDOHQXQFLDUODVLJXLHQWHSDUDGRMDTXHDQLGDHQOD
HQWUDxD GH QXHVWUD VRFLHGDG FDUJDGD GH VXSHUYLYHQFLDV FRORQLDOHV HO
SUROHWDULDGR DJUtFROD JXDWHPDOWHFR XQLILFDGR REMHWLYDPHQWH SRU HO VDODULR \

SRUIXQFLRQHVHFRQyPLFDVFRPXQHVVHFRPSDFWDFRQOHQWLWXG\GHVDUUROODFRQ
GLILFXOWDGXQDFRQFLHQFLDGHFODVHFRP~QGHELGRDTXHVXEMHWLYDPHQWHVLJXHQ
SHVDQGR HQWUH LQGLRV \ ODGLQRV ORV UHFHORV \ ODV DFWLWXGHV FRORQLDOHV
H[DFHUEDGDVSRUORVUHDMXVWHVGHOD5HIRUPDFDIHWDOHUD\YLJHQWHVKDVWDKDFH
DSHQDV FLQFR OXVWURV (O DFHOHUDPLHQWR GH OD FRPSDFWDFLyQ GH FODVH GHO
SUROHWDULDGR DJUtFROD HV XQR GH ORV PiV LPSRUWDQWHV GH OD 5HYROXFLyQ HQ
*XDWHPDOD 3UREOHPD GH RULJHQ FRORQLDO TXH QR SXHGH VLTXLHUD SODQWHDUVH
FRUUHFWDPHQWH VLQ XQ EXHQ FRQRFLPLHQWR KLVWyULFR GH ODV FRQGLFLRQHV GH VX
DSDULFLyQ\GHVDUUROOR
(Q FXDQWR D OD FODVH ODWLIXQGLVWD QR EDVWD FRQ LQGLFDU TXH VX SUHVHQFLD
GHODWD XQ HOHPHQWR FRORQLDO \ UHJUHVLYR HQ OD IyUPXOD GHO SRGHU DFWXDO HQ
*XDWHPDODHVSUHFLVRYDORUDUHOSDSHOTXHVHKDMXJDGRFRPRFRQVHUYDGRUD
GH ORV IDFWRUHV FRORQLDOHV TXH IXQGDPHQWDQ VX ERQDQ]D /DWLIXQGLVWD \
H[SORWDGRUD GH WUDEDMR VHPLJUDWXLWR R PX\ EDUDWR DSR\DGD HQ IRUPDV GH
DSURYHFKDPLHQWR H[WHQVLYR GH OD WLHUUD \ GH OD PDQR GH REUD KD VLGR
QHFHVDULDPHQWH UHIUDFWDUtD D WRGR OR TXH VLJQLILTXH WHFQLILFDFLyQ GH OD
SURGXFFLyQ²\FRQHOORDWRGRVORVGHVDUUROORVVRFLDOHVTXHYDQDVRFLDGRVD
FXDOTXLHUDGHODQWRWHFQROyJLFR²,QWHUHVDGDYLYDPHQWHHQPDQWHQHUFRVWRVGH
SURGXFFLyQ PX\ EDMRV D IXHU]D GH PDQWHQHU SURFHGLPLHQWRV GH SURGXFFLyQ
UXGLPHQWDULRV KD WHQLGR TXH LQWHUHVDUVH HQ HO HVWDQFDPLHQWR GH OD SREODFLyQ
FDPSHVLQD TXH WUDEDMD SDUD HOOD SXHV OD SUROLIHUDFLyQ GH WUDEDMDGRUHV
FDOLILFDGRV OH UHVXOWD LQQHFHVDULD \ SHOLJURVD ²\ FRQ HOOR KD VLGR OD IXHU]D
GHWHUPLQDQWH GH TXH HO LQGLR VLJD VLHQGR LQGLR² +D WHQLGR TXH RSRQHUVH
GHFLGLGDPHQWHDOD5HIRUPD$JUDULDFXDQGRpVWDDSDUHFLyHQHOKRUL]RQWHGHOD
5HYROXFLyQ QR VyOR QL SULQFLSDOPHQWH SDUD GHIHQGHU OD SRVHVLyQ GH ORV
ODWLIXQGLRV VLQR SDUD LPSHGLU OD OLEHUDFLyQ HFRQyPLFD GH OD SREODFLyQ VLQ
WLHUUD TXH OH YHQGH IXHU]D GH WUDEDMR D SUHFLRV PtQLPRV < FXDQGR VH YLR
LPSRVLELOLWDGDGHUHFXSHUDUSRUVLVRODHO3RGHUSHUGLGRHQ\GHHYLWDU
OD5HIRUPD$JUDULDQHJRFLyFRQHOLPSHULDOLVPR²TXHQRTXHUtDRWUDFRVD²
SRUOD5HYROXFLyQ
<D DQWHULRUPHQWH OH KDEtD KHFKR LPSRUWDQWHV FRQFHVLRQHV DO FDSLWDO
H[WUDQMHURLQWHUHVDGDSULQFLSDOPHQWHHQDSURYHFKDUODVYtDVGHFRPXQLFDFLyQ
²IHUURFDUULOHVSXHUWRV OtQHDVPDUtWLPDV²TXHDTXpO WHQGUtD TXHHVWDEOHFHU

VLVHOHFHGtDQWLHUUDV\VHOHSHUPLWtDFRPSDUWLUODEDUDWXUDGHODPDQRGHREUD
GHOSDtV3HURIXHGXUDQWHODFRQWUDUUHYROXFLyQGHFXDQGRODFODVHFULROOD
SURSLFLy HO JUDQ HQWURQTXH GHO LPSHULDOLVPR FRQ ODV EDVHV FRORQLDOHV
FRQVHUYDGDVKDVWDHQWRQFHVSRUHOOD/DFODVHTXHQDFLyFRPRFRODERUDGRUD\
PHGUDGRUD HQ OD HVWUXFWXUDFLyQ GH XQ VLVWHPD FRORQLDO TXH VH VDFXGLy D OD
YLHMD PHWUySROL FXDQGR HVWXYR VHJXUD GH SRGHU KDFHUOR FRQVHUYDQGR OD
HVWUXFWXUD FRORQLDO D VX IDYRU TXH VH DPSOLy VLQ DOWHUDU VX HVHQFLD FXDQGR
SXGRDPSOLDUODH[SORWDFLyQGHORVLQGLRVFRPRVLHUYRV\DXPHQWDUHOQ~PHUR
GHODWLIXQGLRV\TXHSRUORWDQWRQRSXHGHVXEVLVWLUFRPRFODVHVLQRVHDSR\D
HQ OD VXEVLVWHQFLD GH FLHUWDV EDVHV FRORQLDOHV HV QDWXUDO TXH UHFXUULHUD D
EXVFDUVHHODX[LOLR\\ODDOLDQ]DGHXQDQXHYDPHWUySROLHQHOPRPHQWRHQTXH
WDOPHGLGDHUDOD~QLFDJDUDQWtDGHVXVDOYDFLyQ>D@
6H HVWi YLHQGR SXHV FyPR ORV JUDQGHV SUREOHPDV GH IRQGR GH OD
DFWXDOLGDG JXDWHPDOWHFD ²ORV TXH KHPRV OODPDGR UDtFHV GH OD SUREOHPiWLFD
DFWXDO² VRQ UHDOLGDGHV FRORQLDOHV TXH KDQ PDQWHQLGR SRU PXFKR WLHPSR
GHVSXpV GH OD HPDQFLSDFLyQ VLQ DOWHUDU VX HVHQFLD D SHVDU GH FLHUWRV
GHVDUUROORV(VSHFLDOPHQWHLPSRUWDQWHHVQRHQJDxDUVHDFHUFDGHOD5HIRUPD
\D TXH UHYHVWLGD HQ VX SULPHUD HWDSD GH XQ URSDMH LGHROyJLFR OLEHUDO
UHDOL]DGRUD GH FLHUWRV FDPELRV IDYRUDEOHV SDUD ODV FDSDV PHGLDV DOWDV \
DVRFLDGD D XQ JUDQ LQFUHPHQWR GH ODV H[SRUWDFLRQHV \ GHO PRYLPLHQWR GH
FDSLWDO FRPHUFLDO VXHOH RFXOWDUVH VX YHUGDGHUR FRQWHQLGR GH FODVH \ VX
UHDOLGDG SURIXQGD (Q ULJRU DXQTXH GLYHUVRV IHQyPHQRV GH VXSHUILFLH
SDUH]FDQLQGLFDURWUDFRVDODYHUGDGHVTXHODVGLFWDGXUDVFDIHWDOHUDVIXHURQ
SRGUtDREMHWDUTXHpVWRVIXHURQWDPELpQVXHxRVGHORVWHUUDWHQLHQWHVPHGLDQRV
DSDUHFLGRVHQODFDSDPHGLDDOWDUXUDO\QRVDSUHVXUDUtDPRVDDGPLWLUORGHVGH
OXHJRVLHPSUHTXHHVWXYLHUDELHQHQWHQGLGR²KHDTXtHOPHROORGHODFXHVWLyQ
²TXHODDVSLUDFLyQIXQGDPHQWDOGHHVHVHFWRUHPHUJHQWHIXHLQFRUSRUDUVHD
ODSRVLFLyQ\DODVYHQWDMDVGHODFODVHFULROOD\TXHSRUKDEHUVLGRHOORDVt
QR WLHQH QDGD GH H[WUDxR TXH OD UHDOL]DFLyQ GH ODV DVSLUDFLRQHV FULROODV
EiVLFDVVHKD\DUDGLFDOL]DGRDOWRPDUHVWRVQXHYRVFULROORVHOSRGHU
(QHOVLJORTXHFXUVDGHVGHODFDtGDGHOLPSHULRHVSDxROKDVWDODLUUXSFLyQ
YLROHQWD GHO LPSHULDOLVPR QRUWHDPHULFDQR HQ *XDWHPDOD ²WUHLQWD DxRV GH OD
SULPHUDGLFWDGXUDFULROODFRQ5DIDHO &DUUHUD FRPRUH\H]XHOR\VHWHQWD DxRV
GHGLFWDGXUDVFDIHWDOHUDV²ODFODVHFULROODFUHyOD1DFLyQ\ODQDFLRQDOLGDG
JXDWHPDOWHFDV(VXQHUURUFUHHUTXHQXHVWUDQDFLRQDOLGDGREUDSHUIHFFLRQDGD
KDVWD HO QLYHO GH VXV VtPERORV SRU ORV JRELHUQRV GH OD 5HIRUPD HV SRU HVR
REUDGHPHVWL]RV*UDYHHUURUGHULYDGRGHXQDYLVLyQUDFLVWD\VXSHUILFLDOGH
DTXHOORV SURFHVRV 3RUTXH HQ SULPHU OXJDU ORV PHVWL]RV HQ FRQMXQWR QR KDQ
UHSUHVHQWDGRQXQFDHQ ODKLVWRULDGH*XDWHPDODXQDHQWLGDG GHILQLGDIRUPDQ
XQ FRQWLQJHQWH KXPDQR TXH VH XELFD HQ GLVWLQWDV FDSDV \ FODVHV VHJ~Q VX
IXQFLyQ HFRQyPLFD FRPR OR KHPRV GHPRVWUDGR (Q VHJXQGR OXJDU SRUTXH OD
5HIRUPD QR IXH OD WRPD GHO SRGHU SRU ORV PHVWL]RV ²GHVDFLHUWR TXH
RFDVLRQDOPHQWH VH HVFXFKD \ KDVWD VH OHH HQ QXHVWUR PHGLR² VLQR
FRQFUHWDPHQWHSRUODFODVHGHORVWHUUDWHQLHQWHVPHGLDQRV\SHTXHxRVTXHVH
GHVDUUROODEDQ GHVGH OD FRORQLD HQ HO VHQR GH OD FDSD PHGLD DOWD UXUDO HQ
DOLDQ]D FRQ HOHPHQWRV SHTXHxREXUJXHVHV \ EXUJXHVHV GH OD FDSLWDO \ GH
ODUHDOL]DFLyQSOHQD\UDGLFDOL]DGDGHODSDWULDFULROOD6LOD,QGHSHQGHQFLD
YLQR D UHDOL]DU HO GHVLGHUiWXP FULROOR HQ OR TXH UHVSHFWD D TXH ORV LQGLRV
TXHGDUDQREOLJDGRVDWUDEDMDUVRODPHQWHSDUDODFODVHFULROODOD5HIRUPDYLQR
D UHDOL]DUOR PXFKR PiV UDGLFDOPHQWH DO VXSULPLU ODV WLHUUD FRPXQDOHV \ DO
UHIRU]DU DGHPiV ORV PHFDQLVPRV TXH LPSHGtDQ OD FRQWUDWDFLyQ OLEUH \
PDQWHQtDQHOWUDEDMRVHPLJUDWXLWR/DIRUPDFLyQGHPXFKRVPLOHVGHUDQFKHUtDV
GH LQGLRV \ OD UHWHQFLyQ GH ORV PLVPRV FRQ HO SUHWH[WR GH GHXGDV IXHURQ
FRQFUHFLRQHVGHYLHMRVVXHxRVFULROOLVWDVIUXVWUDGRVGXUDQWHODFRORQLDSRUHO
FRQWUROPRQiUTXLFRGHOLQGLR<QRRWUDFRVDGHEHGHFLUVHGHODWLWXODFLyQGH
JUDQGHV H[WHQVLRQHV GH WLHUUDV EDOGtDV ODV UHDOHQJDV GH RWURUDSDUD
FRQYHUWLUODV HQ QXHYDV HPSUHVDV DJUtFRODV WUDEDMDGDV SRU VLHUYRV 6H QRV

DOJXQRVSXHEORVLPSRUWDQWHV(QWHUFHUOXJDUSRUTXHXQDHQRUPHPD\RUtDGH
ORVPHVWL]RVFRQFUHWDPHQWHORVSHUWHQHFLHQWHVDODFDSDPHGLDEDMDUXUDOQR
VyORQRKLFLHURQOD5HIRUPDVLQRTXHQRUHFLELHURQGHHOODQLQJ~QEHQHILFLR
\DTXHVHPDQWXYLHURQFXPSOLHQGRVXIXQFLyQWUDEDMDGRUDHQODVKDFLHQGDV\
HQPXFKtVLPRVFDVRVVHMXQWDURQFRQORVLQGLRVHQODVUDQFKHUtDVHLQJUHVDURQ
DXQDVHUYLGXPEUHTXHQRKDEtDQFRQRFLGRDQWHV)LQDOPHQWHGHEHHQIDWL]DUVH
VREUHHOKHFKRGHTXHQXQFDIXHODVDQJUHHVSDxRODQLHOFRORUGHODSLHOORTXH
FRQILJXUy\FRPSDFWyDODFODVHFULROOD²VHJ~QTXHGyLOXVWUDGRFRQDPSOLWXG
HQ HVWH OLEUR² VLQR OD IXQFLyQ DFDSDUDGRUD GH OD WLHUUD \ H[SORWDGRUD GH
WUDEDMRVHUYLO(OKHFKRGHTXHDODPSOLDUVHODFODVHFRQQXHYRVWHUUDWHQLHQWHV
FDIHWDOHURVKD\DDSDUHFLGRHQHOODXQVHFWRUGHFULROORVPHVWL]RVVyORHVXQD

SUXHEDPiVGHTXHODFRQGLFLyQGHFULROOLGDGQRGHSHQGLyQXQFDHQDEVROXWR
GHIDFWRUHVUDFLDOHV
(VGHWRGRSXQWRFRQYHQLHQWHUHIOH[LRQDUVREUHORVKHFKRVDQRWDGRV\DXQ
LQYHVWLJDUHQODGLUHFFLyQTXHHOORVVXJLHUHQSDUDDYHULJXDUDFLHQFLDFLHUWDHQ
TXp PHGLGD HVWDPRV YLYLHQGR WRGDYtD HQ OD SDWULD FULROOD \ HQ TXp PHGLGD
UHVSRQGH D HOOD SRU FRQVLJXLHQWH OD LGHD GRPLQDQWH GH QDFLRQDOLGDG HQWUH
QRVRWURV 1R SXHGH SRQHUVH HQ GXGD OD HVHQFLD FRORQLDO GH OD FODVH TXH KD
GLULJLGR ORV GHVWLQRV GH *XDWHPDOD GHVGH OD UXSWXUD GH OD )HGHUDFLyQ
&HQWURDPpULFDKDVWDOD5HYROXFLyQGH1RSXHGHSRQHUVHHQGXGDTXHHO
GRPLQLR FULROOLVWD GH OD VRFLHGDG JXDWHPDOWHFD KD VLGR GHWHUPLQDQWH GHO
PDQWHQLHQWHGHUHODFLRQHVGHSURGXFFLyQGHFDUiFWHUIHXGDOHQHODJURGXUDQWH
WRGR HVH VLJOR GH YLGD LQGHSHQGLHQWH 1R SXHGH SRQHUVH HQ GXGD TXH OD
H[LVWHQFLDGHXQDJUDQPDVDFDPSHVLQDFRQFDUDFWHUtVWLFDVFRORQLDOHVUHVSRQGH
D OD SHUGXUDFLyQ GH DTXHOODV UHODFLRQHV 1R SXHGH SRQHUVH HQ GXGD TXH HO
ODWLIXQGLVPRIHQyPHQRFRORQLDOTXH\DHUDXQJUDYHSUREOHPDHQODFRORQLD
>@DXPHQWyHQRUPHPHQWHFRPRFRQVHFXHQFLDGHODUDGLFDOL]DFLyQGHOGRPLQLR
FULROOR EDMR ODV GLFWDGXUDV FDIHWDOHUDV \ FRQVWLWX\H HO PiV JUDYH SUREOHPD
HFRQyPLFR GHO SDtV HQ OD DFWXDOLGDG (V LQQHJDEOH TXH OD 5HYROXFLyQ TXHGy
FRPR XQ SURFHVR DSHQDV LQLFLDGR IUXVWUDGR SUHFLVDPHQWH HQ HO PRPHQWR HQ
TXH LED D WUDQVIRUPDU HO UpJLPHQ DJUDULR GHO SDtV (V LQQHJDEOH TXH OD JUDQ
PD\RUtD GH LQGLRV JXDWHPDOWHFRV ²\ WDPELpQ XQ FUHFLGR SRUFHQWDMH GH
SUROHWDULRV DJUtFRODV ODGLQRV² FDUHFHQ WRWDOPHQWH GH XQD QRFLyQ VLTXLHUD
JHRJUiILFDGHORTXHHV*XDWHPDOD\TXHHQJHQHUDOQRFRPSDUWHQODSDWULD
JXDWHPDOWHFD DXQTXH OD &RQVWLWXFLyQ GH OD 5HS~EOLFD ORV GHILQD FRPR
FLXGDGDQRV FRQ WRGRV ORV GHUHFKRV DQRWHPRV GH SDVR TXH WDPSRFR WLHQHQ
GLVWLQWDFRQGLFLRQDQQXHVWUDUHDOLGDGDFWXDOSURIXQGDPHQWH
&RQFOX\DPRV 3XHGH KLVWRULDUVH GH PXFKDV PDQHUDV HO GHVDUUROOR GH
*XDWHPDOD GHVGH OD VXSUHVLyQ GHO GRPLQLR HVSDxRO KDVWD KR\ SHUR OD
FDSWDFLyQGHOVLJQLILFDGRKLVWyULFRGHORVFDPELRVRFXUULGRVHQHVHGHVDUUROOR
VyORSXHGHDOFDQ]DUVHDGRSWDQGRFRPRUHIHUHQFLDPHWRGROyJLFDQXHVWUDEiVLFD
UHDOLGDG FRORQLDO ¢HQ GyQGH FXiQGR FyPR SRUTXp PRWLYRV HQ LQWHUpV GH
TXLpQHV\HQTXpPHGLGDVHKDPRGLILFDGRRFRQVHUYDGRODHVWUXFWXUDFRORQLDO
TXHIXHSURSLDGHODVRFLHGDGJXDWHPDOWHFDGXUDQWHWUHVVLJORV"(QODUHVSXHVWD
DHVHFRPSOLFDGRLQWHUURJDQWHVHKDOODODLQWHUSUHWDFLyQGHOD,QGHSHQGHQFLD
GHODGLFWDGXUDGHORVWUHLQWDDxRVGHOD5HIRUPD\ODVGLFWDGXUDVFDIHWDOHUDV
GH OD 5HYROXFLyQ \ GH OD FRQWUDUUHYROXFLyQ \ WDPELpQ GH OD SHQHWUDFLyQ
LPSHULDOLVWDPiVUHFLHQWH(QHIHFWRODH[SHULHQFLDPXQGLDOGHPXHVWUDTXHHO
LPSHULDOLVPRVyORFRQVLJXHFUHDUVLWXDFLRQHVQHRFRORQLDOHVHQVRFLHGDGHVFRQ
XQ SDVDGR FRORQLDO QR UHEDVDGR UHYROXFLRQDULDPHQWH < HVH HV QXHVWUR FDVR
0HGLDQGR HO VLJOR ;; KHPRV HQWUDGR D OD pSRFD HQ TXH QXHVWUD SHUVLVWHQWH
UHDOLGDG FRORQLDO KLVSiQLFD HQWURQFD FRQ OD UHDOLGDG GHO QHRFRORQLDOLVPR
QRUWHDPHULFDQR >@ HVH IHQyPHQR GH HPSDOPH FRORQLDOLVWD HV OD FODYH
KLVWyULFDGHOSUHVHQWHTXHYLYHHQ*XDWHPDOD$XQTXHHOLPSHULRHVSDxRO\HO
LPSHULDOLVPR QRUWHDPHULFDQR FRUUHVSRQGDQ D GRV HWDSDV GHO GHVDUUROOR
JHQHUDO GHO FDSLWDOLVPR PX\ GLVWLQWDV HQWUH Vt DXQTXH DTXpO KD\D VLGR
HVHQFLDOPHQWH WULEXWDULR \ PRQRSROLVWD FRPHUFLDO \ pVWH VHD HVHQFLDOPHQWH
LQYHUVRU GH FDSLWDO DXQTXH SRU VXV GLIHUHQFLDV DGRSWHQ SURFHGLPLHQWRV
GLYHUVRVSDUDHOFRQWURO\HOVDTXHRGHVXVFRORQLDVHVXQKHFKRHYLGHQWHTXH
ODSHUGXUDFLyQGHHOHPHQWRVHVWUXFWXUDOHVGHOSULPHURGLVSRQHODVFRQGLFLRQHV
LQGLVSHQVDEOHV\SUHFLVDVSDUDODSHQHWUDFLyQGHOVHJXQGR(VXQJUDYHHUURU
QRFLyQ GH OD H[LVWHQFLD GH OD &RQVWLWXFLyQ (V LQQHJDEOH TXH HO FRQMXQWR GH
FDUDFWHUtVWLFDV TXH GHILQHQ D *XDWHPDOD FRPR XQ SDtV VXEGHVDUUROODGR VRQ
FRQVHFXHQFLD HQ SULPHU OXJDU GHO SURFHVR FRORQLDO TXH OH GLR IRUPD D HVWD
VRFLHGDG\OHLPSULPLyVXVFDUDFWHUtVWLFDVPiVSURIXQGDVHQVHJXQGROXJDUGH
OD FRQVHUYDFLyQ GH OD HVWUXFWXUD FRORQLDO SRU REUD GHO GRPLQR FULROOR \ HQ
WHUFHU OXJDU GH OD DFFLyQ IUHQDGRUD GHO LPSHULDOLVPR LQWHUHVDGR HQ REWHQHU
YHQWDMDVGHOSURSLRVXEGHVDUUROOR >@+HFKRVWRGRVTXHSRQHQGHPDQLILHVWR
FyPR OD JHVWDFLyQ FRORQLDO GH OD VRFLHGDG JXDWHPDOWHFD \ OD DXVHQFLD GH XQ
SURFHVR UHYROXFLRQDULR TXH GLHUD RULJHQ D XQD HVWUXFWXUD HVHQFLDOPHQWH
 
VXSRQHUTXHQXHVWURGHVDUUROORFRORQLDOHVWiGHVOLJDGRGHODUHDOLGDGFDQGHQWH
\ DFWXDO GHO SDtV R OR TXH HV OR PLVPR FRQVLGHUDU HO QHRFRORQLDOLVPR
XQLODWHUDOPHQWHFRPRXQDSXUDLQFLGHQFLDGHIDFWRUHVH[yJHQRVVREUHQXHVWUD
YLGDVRFLDOFRQWHPSODGDHQDEVWUDFWRVLQKLVWRULD1DGLHHVWiFDSDFLWDGRSDUD
HQWHQGHU OD SHQHWUDFLyQ GHO LPSHULDOLVPR HQ *XDWHPDOD VL VyOR PDQHMD XQ
FRQRFLPLHQWR WHyULFR GH OR TXH HV &/ LPSHULDOLVPR (O FRQRFLPLHQWR GHO
GHVDUUROORJXDWHPDOWHFRHQWpUPLQRVGHIRUPDFLyQFRORQLDO\SHUGXUDFLyQGH
HOHPHQWRV FRORQLDOHV FRQVWLWX\H VLQ OXJDU D GXGDV XQD H[LJHQFLD SDUD OD
FRPSUHQVLyQGHQXHVWUDUHDOLGDGGHKR\
 ²,,²

/DFXHVWLyQGHODFXOWXUDGHOLQGLR
(O H[DPHQ GH ODV FRQGLFLRQHV HQ TXH OD FRQTXLVWD \ ORV PHFDQLVPRV GH
H[SORWDFLyQ FRORQLDO SXVLHURQ D ORV LQGtJHQDV QRV OOHYy GLUHFWDPHQWH D OD
FRQFOXVLyQGHTXHHOLQGLRIXHXQUHVXOWDGRKLVWyULFRGHODRSUHVLyQFRORQLDO
OD RSUHVLyQ KL]R DO LQGLR>@ 1R QHFHVLWDPRV UHSHWLU QDGD DFHUFD GH HVH
DVXQWR TXH HVWi VXILFLHQWHPHQWH LOXVWUDGR D OR ODUJR GH WRGR &/ OLEUR SHUR
HVWDPRV REOLJDGRV D UHODFLRQDUOR FRQ HO VRFRUULGR WHPD GH ³OD FXOWXUD GHO
LQGLR´ SRUTXH HQ DOJ~Q OXJDU KHPRV DILUPDGR \ QRV FRPSURPHWLPRV D
GHPRVWUDUOR TXH HO HVWXGLR GH ORV LQGtJHQDV DO QLYHO GH VXV PRGDOLGDGHV
FXOWXUDOHVUHSUHVHQWDXQDSRVLFLyQPHWRGROyJLFDVXSHUILFLDO>@
(Q HIHFWR HQ WpUPLQRV GH FXOWXUD VyOR SXHGH KDFHUVH OD GHVFULSFLyQ GHO
LQGLR SHUR QR VX H[SOLFDFLyQ TXH HV OR TXH UHDOPHQWH LQWHUHVD ([SOLFDU XQ
IHQyPHQRSDUDODFLHQFLDHVVHxDODUFXiOHVVRQ\FyPRRSHUDQODVFDXVDV\
FRQGLFLRQHV TXH OH GDQ RULJHQ 8QD GHVFULSFLyQ QR SXHGH VHU QXQFD XQD
H[SOLFDFLyQSRUTXHXQIHQyPHQRQXQFDSXHGHVHUODFDXVDGHVLPLVPR&XDQWR
PiVFRPSOHWDVHDODGHVFULSFLyQGHOLQGLRJXDWHPDOWHFR²\DSRUHOQ~PHURGH
FDUDFWHUtVWLFDV TXH LQFOX\D R SRU HO VHxDODPLHQWR GH ODV TXH VRQ FRPXQHV D
WRGRVORVLQGLRV²PiVQRVGLUiDFHUFDGHFyPRHVHOLQGLRFLHUWDPHQWHSHUR
VHJXLUiHQHODEDQGRQROD H[SOLFDFLyQ GH SRUTXpHVDVt < QR VH UHVROYHUtD
QDGD LQWHQWDQGR XQD VHFXHQFLD FURQROyJLFD GH GHVFULSFLRQHV FXOWXUDOHV
²³KLVWRULD GH OD FXOWXUD LQGtJHQD´² SRUTXH VLHPSUH SHUPDQHFHUtDQ HQ OD
WLQLHEOD ODV FDXVDV GHO FDPELR ODV FRQGLFLRQHV GHWHUPLQDUHV GHO SDVR GH XQ
FXDGURFXOWXUDODRWUR
/D H[SOLFDFLyQ GHO LQGLR VRODPHQWH SXHGH KDOODUVH HQ HO VHxDODPLHQWR GH
ORVIDFWRUHVTXHORIXHURQPRGHODQGRFRPRWDOLQGLRDSDUWLUGHXQDUHDOLGDG
KXPDQD DQWHULRU TXH QR HUD HO LQGLR 2 OR PLVPR GLFKR GH RWUR PRGR OD
H[SOLFDFLyQ GHO LQGLR FRQVLVWH HQ PRVWUDU FyPR OD FRQTXLVWD \ HO UpJLPHQ
FRORQLDOWUDQVIRUPDURQDORVQDWLYRVSUHKLVSiQLFRVHQORVLQGLRV$KRUDELHQ
HVDH[SOLFDFLyQWLHQHTXH UHIHULUVHSULPHUDPHQWHDIDFWRUHVHFRQyPLFRV\GH

 
HVWUXFWXUD 3RUTXH OD GHVDUWLFXODFLyQ GH OD FXOWXUD SUHKLVSiQLFD \ OD
FRQILJXUDFLyQ GH XQ QXHYR FRPSOHMR FXOWXUDO SURSLR GH ORV LQGLRV IXHURQ
KHFKRV TXH REHGHFLHURQ DO GHVPDQWHODPLHQWR GH OD RUJDQL]DFLyQ
HFRQyPLFRVRFLDO GH ORV SXHEORV SUHKLVSiQLFRV \ D ODV QXHYDV IXQFLRQHV TXH
SDVDURQDGHVHPSHxDUORVQDWLYRVHQODHVWUXFWXUDFRORQLDO(QODEDVHGHWRGR
HVWXYRHOKHFKRGHTXHODSREODFLyQLQGtJHQD²TXHVHJ~QYLPRVQRHUDXQD
PDVD KRPRJpQHD VLQR XQD VRFLHGDG FRQ ³JUDQGHV VHxRUHV´ FRQ XQD QREOH]D
LQWHUPHGLDGH³FDEH]DVGHFDOSXO´FRQPDVHJXDOHVFRQHVFODYRV\UHODFLRQHV
GHGRPLQDFLyQWULEXWDULD² >@SDVyDVHUHQODQXHYDRUJDQL]DFLyQVRFLDOXQD
JUDQFODVHGHWUDEDMDGRUHVVHUYLOHVFRQFHQWUDGRVHQSXHEORV\VRPHWLGRVDXQ
UpJLPHQ TXH \D FRQRFHPRV ²PX\ VHFXQGDULDPHQWH WDPELpQ XQD PLQRUtD GH
QREOHWHV LQFRUSRUDGRV DO DSDUDWR GH DXWRULGDG FRORQLDO HQ VX QLYHO PiV EDMR
² >@ $OOt FRPLHQ]D OD H[SOLFDFLyQ GHO LQGLR /DV FDUDFWHUtVWLFDV FXOWXUDOHV
TXHYDQDWLSLILFDUORPiVWDUGHIXHURQFRQVHFXHQFLDGHODVSUHVLRQHVVXIULGDV
SRU OD FODVH GH VLHUYRV QDWLYRV HQ OD HVWUXFWXUD FRORQLDO GH ODV IXQFLRQHV
GHVHPSHxDGDV SRU HO VLHUYR HQ GLFKD HVWUXFWXUD \ WDPELpQ SRU VXSXHVWR GH
ODV UHVLVWHQFLDV \ UHVSXHVWDV HODERUDGDV SRU HO VLHUYR DSUHVDGR HQ DTXHOOD
HVWUXFWXUDGHODTXHIRUPDEDSDUWH
3UHVLRQHVIXQFLRQHV\UHVLVWHQFLDVKDQVLGRSRUHVRORVSXQWRVGHLQWHUpV
PHGXODUHQHOWUDWDPLHQWRTXHKHPRVKHFKRGHOLQGLRHQHVWHOLEUR<SRUHVD
YtD DUULEDPRV D FRQFOXVLRQHV TXH LPSOLFDQ XQ FRQFHSWR GLQiPLFR GHO LQGLR
FRPR FODVH ORV LQGLRV IXHURQ LQLFLDOPHQWH ORV QDWLYRV WUDQVIRUPDGRV SRU HO
UpJLPHQ FRORQLDO HQ XQD JUDQ FODVH GH VLHUYRV FRQ UHGXFLGDV PLQRUtDV GH
LQGLYLGXRV H[LPLGRV GH VHUYLGXPEUH GRWDGRV GH DXWRULGDG ORFDO \ SRU HVR
LQFRUSRUDGRVDODFDSDPHGLDDOWDUXUDOGHDTXHOODVRFLHGDG'HVSXpVGHWUHV
VLJORVGHYLGDFRORQLDOFXDQGROD5HIRUPDURPSLyODHVWUXFWXUDGHORVSXHEORV
GHLQGLRVFREUyODVHUYLGXPEUHQXHYRVFDUDFWHUHV\FRPHQ]DURQDODQJXLGHFHU
ODV FDPDULOODV QREOHV SRU SULYDFLyQ GH OD DXWRULGDG TXH DQWHV WHQtDQ <
ILQDOPHQWH DO VXSULPLUVH OD VHUYLGXPEUH ²KHFKR UHODWLYDPHQWH UHFLHQWH²
SDVDURQ D VHU ORV LQGLRV OR TXH KR\ VRQ ORV VHPLSUROHWDULRV \ SUROHWDULRV
DJUtFRODVTXHWRGDYtDFRQVHUYDQ²\HQWDQWRTXHFRQVHUYDQ²ODVFRVWXPEUHV
\ODPHQWDOLGDGTXHIXHURQSURSLDVGHOVLHUYRFRORQLDO
'H HVSDOGDV D OD UHDOLGDG KLVWyULFD IDVFLQDGRV SRU XQ FXOWXUDOLVPR
LQJHQXR KD KDELGR DXWRUHV TXH FUH\HURQ DSRUWDU DOJR D OD H[SOLFDFLyQ GHO

LQGLRKDFLHQGRHOLQYHQWDULRGHVXVFRPSRQHQWHVFXOWXUDOHVFRQVHUYDGRVGHVGH
DQWHVGHODFRQTXLVWDGHDTXHOORVRWURVTXHVHSUHVHQWDQFRPRHOHPHQWRVGH
FXOWXUDHXURSHDLQWURGXFLGRVSRUORVFRORQL]DGRUHV\GHDTXpOORVHQILQTXH
VRQ FRPELQDFLRQHV GLYHUVDV GH HOHPHQWRV GH XQD \ RWUD SURFHGHQFLD /RV
UHVXOWDGRV KDQ VLGR VLHPSUH LQFRPSOHWRV \ DGHPiV HVWpULOHV SRUTXH FRQ
VHPHMDQWH EDODQFH FODVLILFDGRU QR VH FRQVLJXH RWUD FRVD TXH GHVSHGD]DU \
HQFDVLOODUPHQWDOPHQWHDOLQGLRHQXQHVIXHU]RGHDEVWUDFFLyQSHQRVRHLQ~WLO
6L HQ FDPELR VH WRPD FRPR SXQWR GH SDUWLGD OD FRQFOXVLyQ KLVWyULFD GH
TXH HO LQGLR HV KHFKXUD GH OD FRORQLD VH GLVSRQH HQWRQFHV GH XQ PDUFR GH
UHIHUHQFLDV TXH SHUPLWH H[SOLFDU LQWHJUDWLYDPHQWH VX FXOWXUD 7DO FULWHULR
HQJOREDWRGRDTXHOORTXHGHVXFXOWXUDOHIXHSURKLELGR\TXLWDGRDOQDWLYRSRU
HO UpJLPHQ FRORQLDO OR TXH HO LQGtJHQD DEDQGRQy R UHWXYR HVSRQWiQHDPHQWH
SRU FRQYHQLHQFLD GHQWUR GH ODV SRVLELOLGDGHV GH OD QXHYD VLWXDFLyQ OR TXH
WUDWy GH UHWHQHU FODQGHVWLQDPHQWH FRPR PHGLGD GH GHIHQVD IUHQWH D VX
FRQTXLVWD WRWDO WRGR DTXHOOR TXH HODERUy FRPR UHVLVWHQFLD D OD RSUHVLyQ \
FRPRH[SUHVLyQDELHUWDRYHODGDGHVXFRQFLHQFLD\GHVXRGLRGHFODVHOR
TXHHOUpJLPHQGHGRPLQDFLyQHVSDxRODOHLPSXVRDOLQGtJHQDSDUDVXMHWDUOR\
FRQYHUWLUORHQVLHUYRWRGRORTXHHOUpJLPHQOHFRQFHGLySDUDKDFHUGHpOXQ
WUDEDMDGRUPiVSURGXFWLYRSHURQRGHPDVLDGRFDSDFLWDGRORTXHHOUpJLPHQOH
FRQFHGLy SDUD KDFHU GH pO XQ WUDEDMDGRU PiV SURGXFWLYR SHUR QR GHPDVLDGR
FDSDFLWDGR OR TXH HO UpJLPHQ OH QHJy FXOWXUDOPHQWH SDUD PDQWHQHUOR HQ XQ
SODQR GH VXMHFLyQ \ GH LQIHULRULGDG SHUPDQHQWH 3RUTXH HVRV IHQyPHQRV GH
VXSUHVLyQ FRQVHUYDFLyQ HODERUDFLyQ LPSRVLFLyQ \ SULYDFLyQ FXOWXUDO
RFXUULHURQWRGRVHOORVHQIXQFLyQGHRWURIHQyPHQRPiVSURIXQGRQRFXOWXUDO
TXH OHV IXH GHWHUPLQDQWH \ TXH SRU HVR ORV H[SOLFD OD H[SORWDFLyQ FRORQLDO
0DO TXH OHV JXVWH D ORV FXOWXUDOLVWDV ²\ D WRGRV ORV TXH EDMR SUHWH[WR GH
³KLVWRULD FXOWXUDO´ HVFRQGHQ ODV PRWLYDFLRQHV YHUGDGHUDV GH QXHVWUR SURFHVR
²ODH[SORWDFLyQFRORQLDOIXHODPRGHODGRUDGHODFXOWXUDFRORQLDOWDQWROD
GH ORV H[SORWDGRUHV FRPR OD GH ORV H[SORWDGRV SHUR PiV GH OD GH pVWRV
~OWLPRV SRU KDOODUVH PHGLDWL]DGRV \ DLVODGRV GH FXDOTXLHU LQIOXHQFLD TXH
SXGLHUDWHQHUXQHIHFWROLEHUDGRU
$VtYLVWDVODVFRVDVFDUHFHGHVHQWLGRFODVLILFDUORVHOHPHQWRVFXOWXUDOHV
GHOLQGLRVHJ~QVXSURFHGHQFLDSRUTXHODGHVDSDULFLyQRODVXSHUYLYHQFLDGH
XQHOHPHQWRGHFXOWXUDDXWyFWRQDODWUDQVPLVLyQRHOUHJDWHRGHXQHOHPHQWRGH

FXOWXUDHXURSHDODIRUPDFLyQHYHQWXDOGHXQHOHPHQWRPL[WRUHVSRQGLyWRGRD
OD GLQiPLFD GH OD FRORQLD \ YLQR D LQWHJUDU SRU FRQVLJXLHQWH XQ FRPSOHMR
FXOWXUDOHVHQFLDOPHQWHQXHYR'RVRWUHVHMHPSORVEDVWDUiQSDUDLOXVWUDUOR
6XHOHRSLQDUVHTXHODSHUGXUDFLyQGHORVLGLRPDVLQGtJHQDVKDVWDQXHVWURV
GtDVVXXVRFRWLGLDQRFRPRYHUGDGHUDVOHQJXDVPDWHUQDVSRUXQDJUDQPD\RUtD
GHLQGLRVSRQHHQHYLGHQFLDODFRQVHUYDFLyQGHXQSULQFLSDOtVLPRHOHPHQWRGH
FXOWXUD DXWyFWRQD D OR ODUJR \ D SHVDU GH WUHV VLJORV GH FRORQLD /DV OHQJXDV
LQGtJHQDVVRQVHGLFHXQHOHPHQWRDXWyFWRQRGHODFXOWXUDGHOLQGLR
3HURRFXUUHTXHDOHVWXGLDUHOIHQyPHQRGHSHUGXUDFLyQGHODVOHQJXDVQR
FRPRXQKHFKRDLVODGR\HVWiWLFRVLQRGHQWURGHOSURFHVRFRORQLDOGHOLQGLR
VH YLHQH D HQWHQGHU TXH OD FRQVHUYDFLyQ GH ODV PLVPDV UHVSRQGLy D ODV
H[LJHQFLDV GH OD FRQIRUPDFLyQ GHO VLHUYR FRORQLDO \ GH VX H[SORWDFLyQ (Q
HIHFWRODPRQDUTXtDGHVSDFKyFpGXODVRUGHQDQGRTXHVHFDVWHOODQL]DUDDORV
LQGtJHQDV>@/HHQFDUJyHVDODERUHVSHFLDOPHQWHDORVIUDLOHVGRFWULQHURV>@
QR VyOR SRU KDOODUVH PiV FHUFD GH ORV LQGLRV VLQR SRUTXH ²FRQYLHQH
LQGLFDUOR² OD LPSRUWDQFLD TXH OD FRURQD OH FRQFHGtD D OD FDVWHOODQL]DFLyQ
UDGLFDED HQ OD QHFHVLGDG GH FRQYHUWLU D ORV QDWLYRV DO FULVWLDQLVPR GH
LQGRFWULQDUORV >@ /RV IUDLOHV HPSHUR QR FDVWHOODQL]DURQ D ORV LQGLRV $O
UHYpVVHGLHURQDOHVWXGLRGLOLJHQWHGHODVOHQJXDVVHFRQYLUWLHURQHQJUDQGHV
FRQRFHGRUHVGHHOODV\HYDQJHOL]DURQDORVLQGtJHQDVHQXQDJUDQYDULHGDGGH
LGLRPDV(QPXFKRVFDVRVSDUDLQGRFWULQDUXQVROROXJDUDSUHQGLHURQXQVyOR
\ GLILFLOtVLPR LGLRPD $Vt OR DQRWD HO &RUUHJLGRU \ FURQLVWD TXH KD VLGR
QXHVWUR SULQFLSDO LQIRUPDQWH >@ TXLHQ D OD SDU GH RWURV WHVWLJRV GLJQRV GH
FUpGLWR UHYHOD ORV PRWLYRV GH DTXHO KHFKR (O GRPLQLR GH ODV OHQJXDV
LPSOLFDEDFLHUWRGRPLQLRVREUHORVLQGLRVTXHODVKDEODEDQ(VDFLUFXQVWDQFLD
GHWHUPLQy TXH OD yUGHQHV UHOLJLRVDV GLVSXWiQGRVH HO FRQWURO GH ODV GLVWLQWDV
UHJLRQHV SREODGDV SRU LQGLRV >@ GLVSXWiQGROH GHVSXpV HVH FRQWURO D ORV
UHOLJLRVRV VHFXODUHV >@ \ WUDWDQGR HQ JHQHUDO GH PDQWHQHUVH FRPR
LQGLVSHQVDEOHV PHGLDGRUHV HQWUH ORV LQGLRV \ FXDOTXLHUD RWUD HQWLGDG >@
GHVR\HUDQ OD UHFRPHQGDFLyQ GH FDVWHOODQL]DUORV \ SUHILULHUDQ FRPR OR
KLFLHURQWRPDUVHSROtJORWDV\GHMDUORVKDEODQGRVXVOHQJXDVQDWLYDV
(O PRQROLQJLVPR HO XVR H[FOXVLYR GH OD OHQJXD DXWyFWRQD FRQ
GHVFRQRFLPLHQWR GH OD OHQJXD RILFLDO GHO UpJLPHQ HUD XQ JUDYH IDFWRU GH
GHELOLGDGSDUDHOLQGLRTXHIDYRUHFtDHQPX\GLYHUVDVIRUPDVDVXVRSUHVRUHV

1R\DVyORSRUTXH&/XVRGHLGLRPDVPHQRVGHVDUUROODGRV>@GHWHUPLQDEDXQD
GHFLVLYD LQIHULRULGDG GH UHFXUVRV FRQFHSWXDOHV QL SRUTXH OD EDUUHUD
LGLRPiWLFD DFHQWXDUD OD GLVWDQFLD HQWUH ODV FODVHV DQWDJyQLFDV FRQ SURYHFKR
SDUDHOJUXSRGRPLQDQWHQLSRUTXHODMXVWLFLDFRQFHELGDSRUHOGRPLQDGRU\
HVFULWD HQ VX LGLRPD VH HVIXPDUD DXQ PiV HQWUH HVFULEDQHMRV H LQWpUSUHWHV
FRQIDEXODGRV FRQWUD HO LQGLR >@ WDPSRFR PHUDPHQWH SRUTXH OD GLILFXOWDG
LGLRPiWLFDGLHUDSLHDWRGDFODVHGHDEXVRVHQORVDUUHJORVGHWUDEDMRHQODV
WDVDFLRQHVHQODV WUDQVDFFLRQHV FRPHUFLDOHVHWF >@VLQR SRUTXH VLQUHVWDU
WRGRORGLFKRODGLYHUVLGDGGHOHQJXDVPDQWHQtDGLYLGLGRVDORVLQGLRVHQWUH
Vt IRPHQWDED ORFDOLVPRV HQWRUSHFtD OD FRPSDFWDFLyQ GH VX FRQFLHQFLD GH
FODVH \ IDYRUHFtD SRU DxDGLGXUD HO SURSyVLWR FRORQLDO GH HYLWDU VX OLEUH
GHVSOD]DPLHQWRGHXQRVSXHEORVDRWURV
%DMR HO SHVR GH WDOHV UHDOLGDGHV HO SURSyVLWR RULJLQDO GH OD FRURQD
FDVWHOODQL]DUORVSDUDSRGHUFULVWLDQL]DUORV²SURSyVLWRGHFRQTXLVWDHVSLULWXDO
² ORJUy FRQFLOLDUVH SHUIHFWDPHQWH FRQ HO SURSyVLWR GH ORV GRPLQDGRUHV
ORFDOHV GH ORV LQGLRV IXHURQ LQGRFWULQDGRV HQ VXV OHQJXDV \ QR VH OHV
SURSRUFLRQy OD HQRUPH YHQWDMD TXH KXELHUD VLJQLILFDGR SDUD HOORV HO PDQHMR
GHOLGLRPDRILFLDO
(VREYLRTXHORVLQGtJHQDVHODERUDURQSURIXQGDVUHVLVWHQFLDVSVLFROyJLFDV
DQWHHODSUHQGL]DMHGHODOHQJXDGHVXVRSUHVRUHV >@(VKDUWRFRPSUHQVLEOH
WDPELpQ TXH HO XVR GH ODV OHQJXDV PDWHUQDV OHV RWRUJDUD XQD VHQVDFLyQ GH
VROLGDULGDG FRQ VX SDVDGR \ GH VXVWUDFFLyQ D OD FRQTXLVWD WRWDO 3HUR HVDV
DFWLWXGHVTXH\DVRQHQVtPLVPDVXQDFRQVHFXHQFLDLQHYLWDEOHGHODVLWXDFLyQ
FRORQLDOSDUDGyMLFDPHQWHFRLQFLGtDQFRQHOSURSyVLWRFRORQLDOGHPDQWHQHUD
ORVVLHUYRVDLVODGRV\FXOWXUDOPHQWHHVWDQFDGRVGHVXQLGRVHQHOSDUFHODPLHQWR
OLQJtVWLFR PHGLDWL]DGRV \ GHVDUPDGRV SRU GHVFRQRFLPLHQWR GHO LGLRPD
SRUWDGRUGHODOH\²DXQTXHIXHUDXQDOH\DGYHUVD²\GHODFXOWXUDVXSHULRU
HQDTXHOODVRFLHGDG\H[SXHVWRVDWRGDFODVHGHIUDXGHVTXHSRGtDQDFKDFDUVH
D PDOHQWHQGLGRV GH SDODEUD 6H KDFH SUHFLVR FRPSUHQGHU SXHV TXH HQ HO
PDUFR GH UHDOLGDGHV TXH PRGHODURQ DO LQGLR FRPR VLHUYR FRORQLDO HQ HO
SURFHVRGHWUDQVIRUPDFLyQGHOQDWLYRHQLQGLRODSHUGXUDFLyQGHODVOHQJXDV
DXWyFWRQDV QR IXH HQ YHUGDG QL HVWULFWDPHQWH XQD SHUGXUDFLyQ VLQR VX
LQFRUSRUDFLyQ DOQXHYRFRPSOHMRLQWHJUDGR GH OD FXOWXUDGHO VLHUYRFRORQLDO
<D GHQWUR GH HVH QXHYR FRPSOHMR TXH FRUUHVSRQGtD D XQD VLWXDFLyQ WDPELpQ

QXHYDODIXQFLyQGHODVOHQJXDVQRIXHODPLVPDTXHDQWHV(QODPHGLGDTXHHO
LQGLRVHYDOLyGHHOODVSDUDGHIHQGHUVH\DILUPDUVXVHUUHSOHJiQGRVHVREUHOR
TXH OH HUD SURSLR DQWHV GHO VRMX]JDPLHQWR HQ HVD PHGLGD \D FXPSOLHURQ XQD
IXQFLyQTXHQRKDEtDQFXPSOLGRQXQFDDQWHVXQDIXQFLyQGHUHVLVWHQFLDHQXQ
KRPEUH FRQTXLVWDGR (Q OD PHGLGD TXH HO UpJLPHQ FRORQLDO EHQHILFLy D ORV
JUXSRVGRPLQDQWHVFRQODSHUGXUDFLyQGHODVOHQJXDVHQTXHVDFySURYHFKRGH
TXH ORV LQGLRV ODV KDEODUDQ \ ORV GHMy SRU HVR KDEOiQGRODV FXPSOLHURQ
WDPELpQ XQD IXQFLyQ QXHYD \ FRORQLDO FX\R VLJQLILFDGR KHPRV LQGLFDGR $Vt
DXQTXH ODV OHQJXDV WRPDGDV HQ DEVWUDFWR VHDQ HOHPHQWRV GH FXOWXUD
SUHKLVSiQLFD HO IHQyPHQR GH VX SHUGXUDFLyQ \ HO VLJQLILFDGR HIHFWLYR GH OD
PLVPD HV FRORQLDO GHVGH WRGRV ORV SXQWRV GH YLVWD /DV OHQJXDV SHUGXUDURQ
SRUTXH HO LQGLR KDOOy HQ HOODV XQ HOHPHQWR GH GHIHQVD HQ OD OXFKD FRQ HO
QXHYDUHDOLGDG\RSHUDQGRHQIRUPDYLYDGHQWURGHHOODVHWUDQVIRUPDURQHQ
DOJR FRPSOHWDPHQWH QXHYR QR LJXDO D OD VXPD GH VXV IDFWRUHV LUUHGXFWLEOH
LUUHYHUVLEOHFRPRWRGRORKLVWyULFRODFXOWXUDGHOVLHUYRFRORQLDO
3RUORGHPiVIXHURQWDPELpQODVH[LJHQFLDVGHOSURFHVRFRORQLDOODVTXH
GHWHUPLQDURQ ODV FDUDFWHUtVWLFDV FXOWXUDOHV GH WRGDV ODV FODVHV \ FDSDV TXH
VXUJLHURQ HQ GLFKR SURFHVR 6L VyOR HO LQGLR KD VLGR PRWLYR GHO IHWLFKLVPR
FXOWXUDOTXHFRPHQWDPRVHOORGHEHDWULEXLUVHHQSULPHUOXJDUDTXHHOLQGLR
VLJXH VLHQGR KR\ FRPR D\HU HO SULQFLSDO PRWLYR GH SUHRFXSDFLyQ SDUD
TXLHQHVQHFHVLWDQTXHVLJDVLHQGRLQGLR\HQVHJXQGROXJDUDTXHVHPDQWLHQH
YLYRXQSURIXQGRLQWHUpVHQIUXVWUDUSRUDQWLFLSDGRVXH[SOLFDFLyQ'HKHFKR
HO FXOWXUDOLVPR OH RWRUJD VXEUHSWLFLDPHQWH QXHYD YLGD DO UDFLVPR FRORQLDO \
KDVWD SXHGH SHQVDUVH TXH VHD VX YHUVLyQ UHILQDGD \ FRQWHPSRUiQHD
H[SORWDGRU\SRUTXHHOH[SORWDGRUKDOOyHQHOODVXQHOHPHQWRGHGHELOLGDGTXH
FRQYHQtD GH PDQHUD LQPHMRUDEOH DO VLHUYR 'HVGH HO PRPHQWR HQ TXH HVR
RFXUULy \ D OR ODUJR GH WRGR HO WLHPSR HQ TXH KD VHJXLGR RFXUULHQGR ODV
OHQJXDVKDQVLGRXQDVSHFWRGHOVHUFRORQLDOGHOLQGLR
(VWDPRVWUDWDQGRVRODPHQWHGHLOXVWUDUFyPRHOVHxDODPLHQWRGHVFULSWLYR\
FODVLILFDGRUGHODFXOWXUDGHOLQGLRVHTXHGDHQODVXSHUILFLH&yPRSRURWUD
SDUWH HO DQiOLVLV KLVWyULFR GH ORV IDFWRUHV HVWUXFWXUDOHV TXH FRQILJXUDURQ HVD
FXOWXUD SRQH GH PDQLILHVWR HQ SULPHU OXJDU OD DFFLyQ ELVHFXODU GHO UpJLPHQ
FRORQLDOPRGHODQGRDOVLHUYRLQFOXVRDOPRWLYDU\FRQGLFLRQDUVXVUHVLVWHQFLDV
GH FODVH RSRUWXQDPHQWH YLPRV WDPELpQ FyPR OD SHUVSHFWLYD GH H[SORWDU
QHRFRORQLDOLVWD 3RUTXH DO SUHVHQWDU HO SUREOHPD GHO LQGLR FRPR XQ
SUREOHPD GH FXOWXUD \ DO GHMDU HQ HO PLVWHULR OD H[SOLFDFLyQ GH HVD FXOWXUD
RFXOWD ODV UDtFHV HFRQyPLFDV \ HVWUXFWXUDOHV GHO SUREOHPD \ HPSXMD HO
SHQVDPLHQWRKDFLDHODQFKRFDPSRGHODVFRQMHWXUDVUDFLVWDV
(OFRPSURPLVRGHGHPRVWUDUTXHHOFXOWXUDOLVPRUHSUHVHQWDXQDSRVLFLyQ
PHWRGROyJLFD VXSHUILFLDO QR QRV REOLJD D H[WHQGHPRV HQ GHPDVLDGDV
HMHPSOLILFDFLRQHVFRPRODTXHKHPRVKHFKRDSURSyVLWRGHODVOHQJXDV6LVH
DGRSWDHOHQIRTXHH[SOLFDWLYRFRUUHFWR²HVGHFLUVLVHGLULJHODLQYHVWLJDFLyQ
KDFLD ODV IXQFLRQHV HFRQyPLFDV GHO LQGLR HQ XQD HVWUXFWXUD GH FODVHV HQ XQ
SURFHVRKLVWyULFR²ODH[SOLFDFLyQGHVXFXOWXUDVHWRPDSHUIHFWDPHQWHSRVLEOH
VLHUYRVOHLPSULPLyVXVSULQFLSDOHVFDUDFWHUtVWLFDVDOUpJLPHQ\HQVHJXQGR
OXJDU²FRURODULRGHORDQWHULRU²FyPRVHLQFXUUHHQHUURUHVPHFDQLFLVWDVDO
VXSRQHU TXH OR SUHKLVSiQLFR \ OR KLVSiQLFR GHO LQGLR VH FRQVHUYDURQ FRPR
WDOHV HOHPHQWRV DO LQFRUSRUDUVH \ DO RSHUDU HQ HO QXHYR FRPSOHMR FXOWXUDO
FUHDGRSRUODVLWXDFLyQFRORQLDO7DQWRORVKLVSDQyILORVTXHJXVWDQDPRQWRQDU
HQ OD EDODQ]D OR TXH D HOORV OHV SDUHFH ³OR KLVSiQLFR´ GHO LQGLR FRPR ORV
GHIHQVRUHV URPiQWLFRV GH ³OD UD]D YHQFLGD´ TXH FUHHQ YHU OR DXWpQWLFR GHO
LQGLRHQORTXHDHOORVVHOHVDQWRMD³DXWyFWRQR´XQRV\RWURV\HUUDQSRUIDOWD
GH FDSWDFLyQ KLVWyULFD FRQFUHWD GHO SURFHVR FRORQLDO /R DXWyFWRQR \ OR
KLVSiQLFR GH OD FXOWXUD GHO LQGLR QR GHEHQ VHU FRQVLGHUDGRV HQ XQD
VREUHSRVLFLyQPHFiQLFDTXHVHGHVOL]yDORODUJRGHWUHVVLJORVDEVWUDFWRV1R
IXHDVt7RGDVDTXHOODVDSRUWDFLRQHVVHOHFFLRQDGDVSRUODVH[LJHQFLDVGHXQD

FRPR XQ GHULYDGR GH OD H[SOLFDFLyQ GHO LQGLR PLVPR FRPR FODVH (V ODERU
LQWHUHVDQWHTXHSXHGHDWUDHUODDWHQFLyQGHLQYHVWLJDGRUHVFRQDSWLWXGSDUDHVH
WLSR GH WUDEDMR FLHQWtILFR /D FXOWXUD GHO LQGLR UHYHODUi DVt QHFHVDULDPHQWH
VXVVLJQLILFDGRVPiVSURIXQGRVTXHKDQWHQLGRTXHSDVDULQDGYHUWLGRVEDMR&/
HQIRTXH FXOWXUDOLVWD 3RUTXH VL OD RSUHVLyQ FRORQLDO KL]R DO LQGLR ²FRPR OR
GHPXHVWUD HO DQiOLVLV KLVWyULFR² HQWRQFHV ODV FODYHV VLJQLILFDWLYDV GH VX
FXOWXUD WLHQHQ TXH KDOODUVH HQ WRGRV DTXHOORV SXQWRV HQ TXH OD RSUHVLyQ \ OD
UHVLVWHQFLD ²FRQWUDGLFFLyQ HVHQFLDO GHO KRPEUH RSULPLGR² H[KLEHQ VX
FKRTXH \ SRQHQ GH PDQLILHVWR OD HILFDFLD TXH UHVSHFWLYDPHQWH WXYLHURQ HQ OD
FRQIRUPDFLyQGHOVLHUYRFRORQLDO&RQHVHFULWHULRKHPRVGDGRXQYLVWD]RDO
SUREOHPD GH ODV OHQJXDV \ KHPRV YLVWR HQ VHJXLGD TXH VX PDO OODPDGD
³SHUGXUDFLyQ´ UHYHOD VLJQLILFDGRV QXHYRV KLVWyULFDPHQWH LUUHIXWDEOHV

UDGLFDGRVHQHOSXQWRHQTXHGLFKDVOHQJXDVMXJDURQXQSDSHOFRPRIDFWRUHVGH
UHVLVWHQFLD \ GH RSUHVLyQ DO PLVPR WLHPSR &RQ HVH FULWHULR SRGUtDQ KDFHUVH
PXFKDVLPSRUWDQWHVDFODUDFLRQHVGHGLYHUVRVDVSHFWRVGHODFXOWXUDGHOLQGLR
JXDWHPDOWHFR
6X LQGXPHQWDULD SRU HMHPSOR (VD YHVWLPHQWD GH JUDQ YDULHGDG GLVWLQWD
SDUDFDGDSXHEORFX\RVGLVHxR\FRORULGRLPSUHVLRQDQSRUVXYLYH]DFXDQGR
ODURSDHVQXHYD\PiVWRGDYtDSRUHOIUDFDVRTXHH[KLEHQFXDQGRHVWiKHFKD
KDUDSRVFRPRHVORFRUULHQWH(VDURSDTXHWDQWRHQWXVLDVPDDORVWXULVWDVTXH
VHLQFOX\HHQWUHORVHOHPHQWRVGHODGHILQLFLyQFXOWXUDOLVWDGHOLQGLR\TXHKD
VLGRWHPDGHLPSRUWDQFLDHVWXGLRVGHFDUiFWHUGHVFULSWLYR >@+D\TXHSDUWLU
GHO KHFKR GH TXH HVD LQGXPHQWDULD QR IXH QL SXGR VHU SUHKLVSiQLFD 1R VyOR
SRUTXHORVGRFXPHQWRVFRORQLDOHVDVtORSUXHEDQ >@VLQRSRUTXHPXFKDVGH
VXV SUHQGDV VRQ GH RULJHQ HXURSHR ²FKDTXHWDV FKXPSDV VD\DOHV FDPLVDV
VRPEUHURV HWF ² >@ \ SRUTXH WDPELpQ OR VRQ PXFKRV GH VXV UHFXUVRV
RUQDPHQWDOHV ²ERWRQDGXUDV DFRUGRQDGRV KHELOODV HWF ² \ PXFKRV GH VXV
PRWLYRVRUQDPHQWDOHV²FDVWLOORVOHRQHViJXLODVELFpIDODVFDEDOORVHWF²
\SRUTXHDOJXQRVGHVXVPDWHULDOHVIXHURQHODERUDGRVRLPSRUWDGRVGHVSXpVGH
ODFRQTXLVWD²ODODQDODVHGDHWF²7DPSRFRVHSXHGHDILUPDUTXHGLFKD
LQGXPHQWDULD VHD KLVSiQLFD (Q SULPHU OXJDU SRUTXH PXFKDV GH VXV WHODV
IXHURQ FRQIHFFLRQDGDV \ SDUFLDOPHQWH OR VRQ WRGDYtD FRQ LQVWUXPHQWRV \
WpFQLFDVDXWyFWRQRV²ORVLQGtJHQDVIXHURQGHVGHDQWLJXRPX\EXHQRVWHMHGRUHV
²>@HQVHJXQGROXJDUSRUTXHHQHOYHVWXDULRGHOLQGLRDSDUHFHQSUHQGDVTXH
SHUWHQHFtDQ DO YHVWXDULR SUHKLVSiQLFR DVt HO ³PD[WDWH´ GH XQD SLH]D FRUULGD
SRUODHQWUHSLHUQDDYHFHVVREUHSXHVWRDOSDQWDOyQRWUDVYHFHVFXELHUWRSRU
JXDWHPDOWHFRVLQYHVWLJDUHQODGLUHFFLyQTXHDSXQWDQODVVLJXLHQWHVFXHVWLRQHV
¢HQTXpPHGLGDORVLQLFLRVGHHVDLQGXPHQWDULDVLWXDGRVFURQROyJLFDPHQWHHQ
HOSHUtRGRGHHVWUXFWXUDFLyQGHODQXHYDVRFLHGDGGHFODVHVFRORQLDOH[SUHVDQ
OD LQFRUSRUDFLyQ GH OD QREOH]D LQGtJHQD DO DSDUDWR GH DXWRULGDG \ GH
H[SORWDFLyQFRORQLDO">@¢HQTXpPHGLGDREHGHFHODSHUGXUDFLyQGHVtPERORV
SUHKLVSiQLFRV HQ HVD LQGXPHQWDULD D OD QHFHVLGDG FRORQLDO GH DSURYHFKDU HO
SUHVWLJLRGHODQREOH]DLQGtJHQDHQIXQFLyQGHOQXHYRVLVWHPD" >@¢KDVWDTXp
SXQWR SXHGH VXSRQHUVH TXH OD DGRSFLyQ GH FDUDFWHUtVWLFDV GLVWLQWLYDV HQ OD
LQGXPHQWDULD GH ORV PDVHJXDOHV VL DFDVR ODV KXER HQ OD pSRFD FRORQLDO >@
UHVSRQGLyDODQHFHVLGDGGHFRQWURODUDORVLQGLRVDOHMDGRVGHVXYHFLQGDULR
REOLJDWRULR" (O HVWXGLR TXH KHPRV KHFKR GHO UpJLPHQ GH SXHEORV ²UpJLPHQ
FHUUDGR\FRHUFLWLYR²DVRFLDGRDODFRPSUREDFLyQGHODGLYHUVLGDGGHWUDMHV
DXQHQWUHSXHEORVPX\FHUFDQRVFRQGXFHDHVDVRVSHFKDLQHYLWDEOHPHQWH>@
&ODUR HVWi TXH OD FRQVLGHUDFLyQ GH OD FXOWXUD GHO LQGLR FRQ ORV FULWHULRV
TXH DTXt SURSRQHPRV LPSOLFD XQD WRWDO UHYDORUDFLyQ GH GLFKD FXOWXUD (O
HQWXVLDVPR TXH VXHOHQ GHVSHUWDU FLHUWDV PRGDOLGDGHV GH OD PLVPD ²VX
DQWLJHGDG VX ³DXWHQWLFLGDG´ VX VHQFLOOH] HQ XQRV DVSHFWRV HQ RWURV VX
³SURIXQGLGDG HVRWpULFD´ VX ³FRORULGR´² WLHQH TXH VXIULU XQ UXGR JROSH
FXDQGRVHGHQXQFLDTXHWRGDVHVDVPRGDOLGDGHVVXVFLWDGDVHLQWHJUDGDVSRUHO
SURFHVR FRQFUHWR GH YDULRV VLJORV GH RSUHVLyQ FRORQLDO UHYHODQ OD RSUHVLyQ
PLVPD (VH JROSH HV HPSHUR XQ UHTXLVLWR LQGLVSHQVDEOH SDUD GDU HO SDVR
KDFLD XQD FRQFHSFLyQ FLHQWtILFD \ UHYROXFLRQDULD GHO LQGLR 7DO FRQFHSFLyQ
SHUFLEH &/SHVRGHODFRORQLDHQHOFRPSOHMRFXOWXUDOGHOLQGLR\QRKDFHGH
pO XQ IHWLFKH 1R DILUPD DO LQGLR HQ WDQWR TXH HV SRUWDGRU GH XQ SDVDGR
HO FKDPDUUyQ GH ILHOWUR RWUDV VROR \ D OD YLVWD DVt HO XVR GH VDQGDOLDV R
³FDLWHV´\PX\SULQFLSDOPHQWHHO³KXLSLO´\ODHQDJXDHQUROODGDHQORVWUDMHV
IHPHQLQRV HQ WHUFHU OXJDU SRUTXH OD GRFXPHQWDFLyQ FRORQLDO UHYHOD TXH OD
WUDQVIRUPDFLyQ GHO WUDMH GHO LQGLR IXH PX\ OHQWD >@ TXH HO YHVWLU ³D OD
HVSDxROD´ ²HV GHFLU FRQ LQWURGXFFLyQ GH SUHQGDV GH GLVHxR HXURSHR² VH
LQLFLySURQWRHQWUHODJHQWHGHODVFDPDULOODVQREOHVGHORVSXHEORV´SHURTXH
OD PDVD GH ORV VLHUYRV ORV PDVHJXDOHV VLJXLHURQ YLVWLHQGR KDVWD ODV
SRVWULPHUtDV GH OD FRORQLD HQ IRUPD PX\ SDUHFLGD DXQTXH QR LGpQWLFD D OD
XVDGDDQWHVGHODFRQTXLVWD >@(VSUHFLVRLUPiVDOOiGHWDOHVREVHUYDFLRQHV
SDUD LQGDJDU SRU HO VLJQLILFDGR SURIXQGR GHO YHVWXDULR GH ORV LQGLRV
 
FRORQLDO VLQR HQ WDQWR TXH HV FDSD] GH VDFXGLUVH HVH SDVDGR \ GHVDUUROODU
SRWHQFLDOLGDGHVKXPDQDVLOLPLWDGDV1RVHLQWHUHVDHQDEVWUDFWRSRU³ODFXOWXUD
GHOLQGLR´VLQRSRUHOKRPEUHUHDOTXHHVHOLQGLRFDSD]GHFUHDFLRQHVPX\
VXSHULRUHV D ODV LPSOLFDGDV HQ HVD FXOWXUD 'LFKD FRQFHSFLyQ YH DWUDVR \
DUFDtVPRGRQGHRWURVYHQDQWLJHGDGYHQHUDEOH\DXWHQWLFLGDGPDOHQWHQGLGD
YH LQIDQWLOLVPR \ SREUH]D GH UHFXUVRV GRQGH RWURV TXLHUHQ YHU VHQFLOOH] YH
VXSHUVWLFLRQHV \ PHQWDOLGDG PiJLFD GHULYDGDV GH OD LJQRUDQFLD GRQGH RWURV
YHQHVRWHULVPR\IDOVDHVSLULWXDOLGDG'LFKDFRQFHSFLyQWDPSRFRFUHHTXHOR
DXWpQWLFRGHOLQGLRGHEDEXVFDUVHHQHOUHPRWRSDVDGRDQWHULRUDVXFRQTXLVWD
HQ SULPHU OXJDU SRUTXH OD PiV HOHPHQWDO FDSWDFLyQ GH OD UHDOLGDG KLVWyULFD
GHPXHVWUD TXH HO GHVDUUROOR KXPDQR HV LUUHYHUVLEOH TXH ODV FRVWXPEUHV \ OD
PHQWDOLGDGTXHWXYLHURQYLJHQFLDHQXQDVRFLHGDGFXDQGRHVWDEDSDVDQGRGHO
FROHFWLYLVPR DO HVFODYLVPR QR SXHGHQ UHYLYLUVH FXDQGR FXDWUR VLJORV GH
UpJLPHQFRORQLDOKDQWUDQVIRUPDGRSURIXQGD\GHILQLWLYDPHQWHDHVDVRFLHGDG SURJUHVLYDOLEHUDFLyQHFRQyPLFDGHOSUROHWDULDGRDJUtFRODJXDWHPDOWHFRWUDHUi
HQ VHJXQGR OXJDU SRUTXH OD DXWHQWLFLGDG PLVPD EXHQD SDUD YDORUDU XQD
PRQHGD R XQ GRFXPHQWR QR HV FULWHULR TXH VLUYD SDUD YDORUDU VLWXDFLRQHV
KLVWyULFDVHQWRGRFDVRVLVHODHQWLHQGHFRPRSXUH]DGHXVRV\FRVWXPEUHVQR
FRQWDJLDGRVSRULQIOXHQFLDH[WUDxDQRVOOHYDUtDDDILUPDUTXHHOKRPEUHPiV
SULPLWLYRDLVODGRHQODVHOYDHVHOKRPEUHPiVDXWpQWLFR²SXHVHVHO~QLFR
TXHSXHGHSUHVHQWDUVHVLQLQIOXHQFLDV²\VLVHODHQWLHQGHFRPRSRVLELOLGDG
GHGHVDUUROORRULHQWDGRSRUODVQHFHVLGDGHV\WHQGHQFLDVSURSLDVGHXQJUXSR
VRFLDO VLQ SUHVLyQ H[WUDxD VLQ FRORQLDOLVPR HQWRQFHV QR KD\ QLQJ~Q PRWLYR
UDFLRQDO SDUD PLUDU KDFLD DWUiV KDFLD HO PLWR \ OD SLHGUD SXOLPHQWDGD VLQR
PiV ELHQ KDFLD GHODQWH KDFLD HO IXWXUR TXH HV GRQGH UHDOPHQWH VH HQFXHQWUD
HVD SRVLELOLGDG KLVWyULFD (Q WHUFHU OXJDU XQD FRQFHSFLyQ UHYROXFLRQDULD GHO
LQGLRQRSXHGHFDHUHQHOIHWLFKLVPRGHVXFXOWXUD\PHQRVTXHGDUVHPLUDQGR
KDFLD DWUiV SRU OD VLJXLHQWH UD]yQ HO GHVDUUROOR GH ODV VRFLHGDGHV DFXVD HQ
QXHVWUR WLHPSR XQD WHQGHQFLD D OD XQLYHUVDOL]DFLyQ D OD XQLILFDFLyQ GH ODV
JUDQGHV FRUULHQWHV SURJUHVLYDV GH OD FLHQFLD OD WpFQLFD \ OD SROtWLFD GH
PDQHUD TXH ODV UHDOL]DFLRQHV GH OD +XPDQLGDG HQ HVRV FDPSRV WLHQGHQ D
FRQYHUWLUVH ²SRU QHFHVLGDG LPSHUDWLYD GH ORV KRPEUHV \ SRU REUD GHO
LQWHUFDPELRFUHFLHQWH²HQIDFWRUHVGHELHQHVWDUFDGDYH]PiVJHQHUDOL]DGRV
HQ SDWULPRQLR GH WRGD OD +XPDQLGDG (VD WHQGHQFLD QR HV VyOR YLVLEOH VLQR
TXHHVGHVHDEOHHOLPSXOVR UHYROXFLRQDULR OD IDYRUHFH(OGHVDUUROORGHORV
LQGLRVGH*XDWHPDODFRQFHELGRQHFHVDULDPHQWHGHQWURGHODGLQiPLFDGHODV
FODVHVHQTXHVHKDOODQGLVWULEXLGRV²SXHVQXQFDKDQSHUWHQHFLGRDXQDVROD
FODVH²>@ \ GHQWUR GHO GHVDUUROOR JHQHUDO GH OD VRFLHGDG GH OD TXH IRUPDQ
SDUWHLPSOLFDVXFRQWDFWRFUHFLHQWHFRQHOGHVDUUROORPXQGLDOHVSHFLDOPHQWH
OD WpFQLFD FRQWHPSRUiQHDV HQ IDYRU GH ORV VHFWRUHV VRFLDOHV TXH DFWXDOPHQWH
QRDOFDQ]DQWDOHVEHQHILFLRV
<D VHD D ULWPR OHQWR R DO SDVR GH FDPELRV HVWUXFWXUDOHV DFHOHUDGRV OD
FRQVLJR QHFHVDULDPHQWH GHFLVLYDV WUDQVIRUPDFLRQHV HQ HO FRPSOHMR FXOWXUDO
GHO VHFWRU LQGLR GH GLFKR SUROHWDULDGR (VSRQWiQHDPHQWH VHUiQ DEDQGRQDGDV
ODV OHQJXDV FRORQLDOHV FXDQGR ORV LQGLRV SXHVWRV HQ WUDQFH GH FRQTXLVWDU R
FRQVROLGDU XQD SRVLFLyQ HFRQyPLFD \ VRFLDO PiV YHQWDMRVD H[SHULPHQWDQ OD
XUJHQWH QHFHVLGDG GH HTXLSDU VX LQWHOHFWR FRQ ORV HOHPHQWRV GHO VDEHU
LQGLVSHQVDEOHVSDUDKDFHUVX\DHVDVLWXDFLyQ\FRPSUXHEHQVREUHODPDUFKD
TXHHVDEVXUGRHVSHUDUDTXHGLFKRVDEHUOHVVHDWUDGXFLGRDYHLQWHLGLRPDV
HVWUHFKRV\GHHVFDVDGLIXVLyQ(OWUDFWRUODPiTXLQDHQJHQHUDOHOPDQXDOGH
PHFiQLFDHOWH[WRSUiFWLFRGHDJURQRPtDSRSXODUORVIROOHWRVLQVWUXFWLYRVGH
ORVLQVHFWLFLGDV\GHORVDERQRVTXtPLFRVHOFXUVLOORLQWHQVLYRGH]RRWHFQLD
ODSUHQVDHVFULWD\ODUDGLRDWUDQVLVWRUHVHOHVWDWXWRGHODFRRSHUDWLYDWRGRV
ORVHOHPHQWRVGHOGHVDUUROORPRGHUQR²LQFOXLGRVORVTXHQRSRGHPRVSUHYHU
² OH H[LJLUiQ OD XQLILFDFLyQ LGLRPiWLFD DO LQGLR \ DXQ OD GLYHUVLILFDFLyQ
PLUDQGRKDFLDORVLGLRPDVHQTXHVHHQFXHQWUDYHUWLGRHOVDEHUSURJUHVLVWD\
~WLO GH QXHVWUR WLHPSR (O ULWPR GH OD WUDQVIRUPDFLyQ LGLRPiWLFD GHSHQGHUi
HVWULFWDPHQWH FODUR HVWi GHO ULWPR GH OLEHUDFLyQ HFRQyPLFD \ JHQHUDO GHO
LQGLR \ PLHQWUDV QR KD\D FDPELRV FROHFWLYRV DFHOHUDGRV HQ HVWH ~OWLPR
SURFHVR VHJXLUi DTXHOOD WUDQVIRUPDFLyQ FRQ OD OHQWLWXG TXH HV SURSLD GH OD
GHVLQGLJHQL]DFLyQ WDO FRPR YLHQH RFXUULHQGR GHVGH KDFH PXFKR WLHPSR XQD
GHVLQGLJHQL]DFLyQIUHQDGDSRUODHVWUXFWXUDFRORQLDO
7DPELpQ UHVXOWDUiQ LQFRPSDWLEOHV FRQ ODV PiTXLQDV ORV FRPSOLFDGRV \
OODPDWLYRVWUDMHVFRORQLDOHVGHORVLQGLRVHVPDWHULDOPHQWHLPSRVLEOHRSHUDU
FXDOTXLHUYHKtFXORGHPRWRUGHVGHODPRWRFLFOHWDKDVWDHOFDPLyQRPLWDPRV
GH PRPHQWR OD DYLRQHWD \ HO KHOLFySWHUR FRPR PiTXLQDV GH WUDEDMR \ ORV
HOWHFQROyJLFR'LFKRFRQWDFWRSXHGHSDUHFHUOHLQGHVHDEOHDTXLHQHVQHFHVLWDQ YHKtFXORV PiV SHUIHFFLRQDGRV GHO IXWXUR YLVWLHQGR VDQGDOLDV \ SHVDGRV
SDUDVXSURYHFKRODSHUGXUDFLyQGHOLQGLR²\FRQHOORVDTXLHQHVGHVHDUtDQOD ³FDSL[D\´FDSD\VD\R >@DWXHQGRGHODQDJUXHVR\ODUJRJHQHUDOPHQWHGH
FRQVHUYDFLyQ GH VX FXOWXUD FRQ OD Pi[LPD ³SXUH]D´² SHUR QR SXHGH VHU FRORU PDUUyQ FDVL QHJUR /DV PiV HOHPHQWDOHV SUHVFULSFLRQHV GH VHJXULGDG
PRWLYR GH DIOLFFLyQ SDUD TXLHQ OR REVHUYH GHVGH SRVLFLRQHV LGHROyJLFDV ODERUDO DFRQVHMDQ QR DFHUFDUVH D XQD SROHD PHFiQLFD D XQ HQJUDQDMH HQ
UHYROXFLRQDULDV /D UHYROXFLyQ VXSRQH WHyULFDPHQWH HQWUH VXV SHUVSHFWLYDV DFFLyQ OOHYDQGR DUUHRV WDOHV FRPR IDMDV FRQ IOHFDGXUDV SDQWDORQHV
PRWLYDGRUDVXQDDFHOHUDGDLQFRUSRUDFLyQGHORVEHQHILFLRVGHODFLHQFLD\GH DFDPSDQDGRVGHFRUWHDQGDOX]FDSXFKDV\FRUGRQHVIUDQFLVFDQRVHWF

 
 %LHQVHHQWLHQGHTXHXQLQGLRTXHYLVWHGHORQD\FDO]DERWDV\DQRHVXQ
LQGLR<ORHVPHQRVVLMXQWRDOFDVWHOODQRPDQHMDRWURVLGLRPDVPRGHUQRV<
WRGDYtDPHQRVVLFDPELDODFRIUDGtDSRUHOVLQGLFDWR\HO³WHPDVFDO´>@ SRU
ORV DQWLELyWLFRV\VLDUURMD GH Vt ODTXHMRVDFKLULPtD\ GHVDQXGD VXJDUJDQWD
SDUD HQWRQDU FDQWRV GH DOWLYD FRQILDQ]D HQ Vt PLVPR /D SHUVSHFWLYD GH OD
GHVDSDULFLyQ GHO LQGLR VH SUHVHQWD FRPR XQ DQJXVWLRVR YDFtR SDUD TXLHQHV
FRJLGRVHQODUHGLGHROyJLFDGHOFULROOLVPRKDQSDUWLGRVLHPSUHGHOVXSXHVWR
GHTXHHOLQGLRHVXQVHUVLQIXWXUR$OPDUJHQGHOFULROOLVPRHPSHURYLHQGR
DOLQGLRFRPRUHVXOWDGRGHODRSUHVLyQFRORQLDO\VLWXiQGRORHVWUXFWXUDOPHQWH
MXQWR DO UHVWR GHO SUROHWDULDGR DJUtFROD GHO SUHVHQWH OD SHUVSHFWLYD GH VX
WUDQVIRUPDFLyQ SXHGH \ GHEH FRQWHPSODUVH EDMR HO VLJQR SRVLWLYR GHO
GHVDUUROOR JHQHUDO GHO SUROHWDULDGR JXDWHPDOWHFR \ GH OD DSDULFLyQ GH XQ
KRPEUH PiV OLEUH $XQ OD OHQWD GHVLQGLJHQL]DFLyQ SUROHWDUL]DQWH WDO FRPR
RFXUUHHQODVFRQGLFLRQHVDFWXDOHVQRGHEHVHUYLVWDFRPRXQVLPSOHSDVRGH
ODPLVHULD³FRQFXOWXUDSURSLD´DRWUDPLVHULD³VLQFXOWXUD´²YLVLyQHQODTXH
DSDUHFH GH QXHYR OD FXOWXUD FRPR XQ IHWLFKH² SRUTXH HO PHQRVFDER TXH
VXIUHQODVFRVWXPEUHV\ODPHQWDOLGDGFRORQLDOGHOLQGLRDOUHDOL]DUVHHOSDVRD
OD PLVHULD GHO SUROHWDULDGR ODGLQR FRQOOHYD FLHUWRV FDPELRV SRVLWLYRV ORV
SUROHWDULRV ODGLQRV TXH VRQ HQ FUHFLGR SRUFHQWDMH WUDEDMDGRUHV
GHQXQFLDU OD RSUHVLyQ SHUR VH GHOHLWDQ FRQ HO HVSHFWiFXOR GH OD FXOWXUD
RSULPLGD 7UXHQDQ FRQWUD WRGR DTXHOOR TXH KD PDQWHQLGR DO LQGLR KXPLOODGR
SHUR H[SHULPHQWDQ VDWLVIDFFLyQ HVFXFKDQGR OD FKLULPtD \ FRQWHPSODQGR HO
EDLOH GH OD FRQTXLVWD $KRUD ELHQ OD FKLULPtD XVDGD SRU ORV LQGLRV HV XQ
LQVWUXPHQWR GHIHFWXRVR XQ GHULYDGR LPSHUIHFWR GH OD TXH WUDtDQ FRQVLJR ORV
FRQTXLVWDGRUHV >@ OD FXDO GHEH KDEHUOH VLGR LPSXHVWD D ORV QDWLYRV HQ
VXEVWLWXFLyQGHVXVLQVWUXPHQWRVGHDOLHQWRDVRFLDGRVDOULWRSUHKLVSiQLFR >@
(QODLPSRVLELOLGDGGHUHVROYHUORVLQGLRVORVSUREOHPDVWpFQLFRVTXHSODQWHD
OD FRQVWUXFFLyQ GH XQ LQVWUXPHQWR DILQDGR SRU HO GLVHxR GH VXV DJXMHURV ²
GLiPHWUR GLVWDQFLDV H LQFOLQDFLyQ GH ORV PLVPRV² HQWRQDQ VXV PHORGtDV
DFHUWDQGRDFXEULUSDUFLDOPHQWHFRQORVGHGRVXQDVHULHGHDJXMHURVLJXDOHV\
HTXLGLVWDQWHV²DILQDQDOWDFWR²>@\HVHVRORTXHOHFRQILHUHDODP~VLFDGH
FKLULPtDHODLUHLQVHJXUR\TXHMXPEURVRTXHVXHOHHQWHQGHUVHFRPRH[SUHVLyQ
GH³ODWULVWH]DGHODUD]DYHQFLGD´6HWUDWDHQUHDOLGDGGHRWUDFRVDWRQDGDV
GH LQFRQIXQGLEOH RULJHQ FDVWHOODQR >@ HMHFXWDGDV GH UXWLQD HQ LQVWUXPHQWRV
PX\ GHIHFWXRVRV 3HUR VL DGHPiV KXELHUD DOOt UHDOPHQWH XQD H[SUHVLyQ GH
PHODQFROtD ²TXH VREUDGRV \ YLHMRV PRWLYRV WLHQH HO LQGLR FRUULHQWH SDUD
SDGHFHUOD²GHEHUtDHQWRQFHVVDFXGLPRVXQDUHVSHWXRVDLUDFXQGLDDOHVFXFKDU
HVDP~VLFDWHVWLPRQLRGHFDODPLGDGHV\QRODSODFHQWHUDFXULRVLGDGFRQTXH
GHVLQGLJHQL]DGRV QR DFHSWDQ SDUD Vt OD GLVFULPLQDFLyQ TXH YD LPSOtFLWD \
DFHSWDGD HQ OD H[LVWHQFLD GHO LQGLR FRPR XQ VHU GLIHUHQWH VREUH HVD EDVH
WLHQHQ XQD YLVLyQ PiV FODUD GH VXV GHUHFKRV \ SRVLELOLGDGHV (V ELHQ VDELGR
HQWUHODROLJDUTXtDWUDGLFLRQDOTXHHOWUDEDMDGRUODGLQRHVPiV³DEXVLYR´\PiV
³LJXDODGR´ TXH HO LQGLR OR FXDO QR UHIOHMD RWUD FRVD VLQR TXH HO SUROHWDULR
ODGLQR WLHQH XQD YLVLyQ PiV FODUD GH ODV FDXVDV GH VX PLVHULD \ GH ODV
SRVLELOLGDGHV GH UHPHGLDUOD /D GHVLQGLJHQL]DFLyQ FRQOOHYD VLHPSUH HO
DEDQGRQR GH DFWLWXGHV \ WHPRUHV GH VLHUYR URPSH HO H[DVSHUDQWH FtUFXOR
YLFLRVRGHOLQGLRHQFHUUDGRGHIHQVLYDPHQWHHQODSULVLyQGHVXVHUFRORQLDO
3RUORGHPiVODFXOWXUDGHOLQGLRHVFDVLWRGDHOODXQDFXOWXUDSREUH >@
(V VRUSUHQGHQWH HQFRQWUDUVH FRQ SHUVRQDV TXH LQVLVWHQ HQ GHFODPDU TXH HO
LQGLR HV XQ VHU RSULPLGR GHVGH VLJORV \ TXH DO PLVPR WLHPSR SUHWHQGHQ
H[DOWDUORKDFLHQGRHOHORJLRGHODFXOWXUDTXHSRQHGHPDQLILHVWRODRSUHVLyQ
VXHOHQ HVFXFKDUOD ORV VLPSDWL]DQWHV D XOWUDQ]D GH OD FXOWXUD GHO LQGLR +D\
HYLGHQWHPHQWHXQDUWHTXHHVUHIOHMRGHODRSUHVLyQ>@TXHQRH[SUHVDQLQJXQD
UHVSXHVWDQLUHEHOGtDIUHQWHDHOODVLQRVLPSOH\OODQDPHQWHVXWULXQIRVREUHHO
KRPEUH RSULPLGR 0XFKR GHO DUWH \ GH OD FXOWXUD JHQHUDO GH ORV LQGLRV WLHQH
HVH FDUiFWHU \ REYLDPHQWH QR VHUtD PRWLYR GH HQWXVLDVPR VL HVWXYLHUDQ ELHQ
UHFRQRFLGDV ODV SRVLELOLGDGHV GH VXSHUDFLyQ ODWHQWHV HQ HO LQGLR \ VL IXHUD
KRQGDPHQWH VHQWLGR HO GHVHR GH YHUODV GHVDUUROODUVH EDMR FRQGLFLRQHV
IDYRUDEOHV
¢+D\DOJRPiVGHSULPHQWHTXHHOEDLOHPLVPRGHODFRQTXLVWDSDUDFX\DV
HQWUDGDVHLQWHUOXGLRVVXHOHXVDUVHHOLQVWUXPHQWRTXHDUULEDFRPHQWDPRV\HO
WDPERU GH JXHUUD HVSDxRO" 'HVGH HO SXQWR GH YLVWD GH OD GDQ]D HV XQ
PRQyWRQR VDOWDU DOWHUQDQGR ORV SLHV \ GHVSOD]iQGRVH GH XQRV OXJDUHV D RWURV
HV HYLGHQWH TXH OD LQWHQFLyQ YHUGDGHUD GH OD HVFHQLILFDFLyQ QR UDGLFD HQ HO
UHFRQRFLGD SRU HOODV HV XQD DFWLWXG FRQWUDGLFWRULD PX\ IUHFXHQWH HQ EDLOH VLQR HQ VX PHQVDMH YHUEDO 6XV SDUODPHQWRV PX\ DOWHUDGRV SRU
LQWHOHFWXDOHV L]TXLHUGL]DQWHV VHXGRUUHYROXFLRQDULRV )LQJHQ GHVDSUREDU \ LQWHUSRODFLRQHVGHpSRFDVUHFLHQWHV>@FRQVHUYDQDPSOLRVWUR]RVTXHUHYHODQ

 
XQQDFLPLHQWRFHUFDQRDOPRPHQWRGHODFRQTXLVWD >@\VRQHQFRQMXQWRXQ FRUULHQWHPHQWH ³QDWXUDOHV QR HUD WRGDYtD OD UHDOLGDG KXPDQD \ VRFLDO TXH
GUDPDGHLQWHQFLyQGLGiFWLFD²VDOLGRGHSOXPDHVSDxRODSRUVXSXHVWR²>@ GHVSXpV LED D VHU PROGHDGD SRU OD FRORQLD \ OODPDGD FRQ HVRV PLVPRV
HQGHUH]DGRDPDQWHQHUHQORVLQGtJHQDVODFRQYLFFLyQGHTXHVXVRPHWLPLHQWR QRPEUHV \ PXFKR PiV OHMRV VH KDOODED QDWXUDOPHQWH GH OD UHDOLGDG TXH
IXHGHFLGLGRSRUTXHHOYHUGDGHUR'LRVHVWDEDGHSDUWHGHORVFRQTXLVWDGRUHV QRVRWURVOODPDPRV³HOLQGLR´³&/LQGtJHQDHQORVGRFXPHQWRVFRORQLDOHVQR
>@ /RV HIHFWRV SVLFROyJLFRV GH VHPHMDQWH YLVLyQ PiJLFD \ IDWDOLVWD GH OD
FRQTXLVWD WLHQHQ TXH KDEHU VLGR GHVHDEOHV SDUD ORV JUXSRV GRPLQDQWHV GH OD
FRORQLDFRPRIiFLOPHQWHVHGHMDHQWHQGHU<QRIXHRWUDODLQWHQFLyQGHO³EDLOH
GH ORV PRURV´ ²OD OHFFLyQ GH OD VXSHULRULGDG VREUHQDWXUDO \ HO WULXQIR IDWDO
GHOFULVWLDQLVPR²>@QLODGHO³EDLOHGHODVLHUSH´²HOWULXQIRGH6DQ-RUJH
VREUH HO GUDJyQ >@ HQWHQGLGR TXH HO VDQWR VH DVRFLD SOiVWLFDPHQWH DO
FRQTXLVWDGRU\HOGUDJyQDODVGLYLQLGDGHVQDWLYDVYLQFXODGDVDODVHUSLHQWH²
1R QRV H[WHQGDPRV HQ PiV GHWDOOHV VREUH HVWH DVXQWR (O OHFWRU \D KD
FDSWDGR HO WHPD GH UHIOH[LyQ TXH VH GHVHD SURSRQHU HQ HVWH DSDUWDGR 6L HO
LQGLR HV XQ UHVXOWDGR FRORQLDO ²FRPR OR GHPXHVWUD HO DQiOLVLV KLVWyULFR²
HQWRQFHVVXFXOWXUDHVWDPELpQFRORQLDO\ODH[SOLFDFLyQGHGLFKDFXOWXUDVyOR
SXHGHKDOODUVHHQHOHVWXGLRGHODVLWXDFLyQ\ODVIXQFLRQHVGHVHPSHxDGDVSRU
HO LQGLR HQ HO UpJLPHQ FRORQLDO 6L WRGR HOOR HV FLHUWR ²\ KDEUi TXH WHQHUOR
SRU FLHUWR PLHQWUDV QR VHD UHIXWDGR FRQ DSRUWDFLRQHV KLVWyULFDV FRQFUHWDV²
HQWRQFHVOD FXOWXUDGHO LQGLR H[SUHVD ODSHUGXUDFLyQ GH OD VHUYLGXPEUHKDVWD
PRPHQWRVPX\UHFLHQWHV\HVHQJHQHUDOWHVWLPRQLRGHODSHUGXUDFLyQGHOD
RSUHVLyQ /D GLVPLQXFLyQ R OD WRWDO GHVDSDULFLyQ GH OD RSUHVLyQ WUDHUiQ
FRQVLJR QHFHVDULDPHQWH HO DEDQGRQR GHO FRPSOHMR FXOWXUDO FRORQLDO 6yOR
DOJXQRV HOHPHQWRV GH GLFKR FRPSOHMR SHUGXUDUiQ SUREDEOHPHQWH FRQ XQ
VHQWLGRGLIHUHQWHSRUKDOODUVHLQFRUSRUDGRVDODYLGD\DODFXOWXUDGHXQVHFWRU
VRFLDOTXH\DQRVHUiHOLQGLR3HQVDUTXHSXHGHFRQVHJXLUVHODWUDQVIRUPDFLyQ
HFRQyPLFDGHOLQGLR\DOPLVPRWLHPSRSXHGDSHUPDQHFHU³HOLQGLRHQVt´HV
SHQVDUIDQWDVtDV
1R KD\ LQGLR HQ Vt HVD HV XQD DEVWUDFFLyQ DQWLKLVWyULFD 3HGUR GH
$OYDUDGRQRYLRQXQFDXQLQGLRPXULyFXDQGRWRGDYtDQRKDEtDLQGLRV9LRHQ
WRGDV SDUWHV QDWLYRV LQFOXVR QDWLYRV VRPHWLGRV D HVFODYLWXG 1R YLR QXQFD
WUDEDMDGRUHV GH UHSDUWLPLHQWR VHPDQDO QL SXHEORV GH LQGLRV QL WLHUUDV
FRPXQDOHV QL LQGLRV FRQ VRPEUHUR \ FKDTXHWD QL FRIUDGtDV QL DOFDOGHV
SRUTXH WRGR HVR QR KDEtD VLGR FRQILJXUDGR SRU HO UpJLPHQ FRORQLDO FXDQGR
SHUGLyODYLGDHQHODFFLGHQWHGH1RFKLVWOiQ/RTXHpOOODPy³LQGLRV´\PiV

VH XVD OD SDODEUD ³LQGtJHQD´ TXH HV UHODWLYDPHQWH PRGHUQD +D\ LQGLRV
SRUTXHKXERFRORQLDMH\SRUTXHODHVWUXFWXUDFRORQLDOVHKDLGRWUDQVIRUPDQGR
FRQ JUDQ OHQWLWXG < DVt FRPR QR KXER LQGLRV DQWHV GH TXH OD FRORQLD ORV
IRUPDUD GHEH VXSRQHUVH TXH GHMDUi GH KDEHUORV FXDQGR HO GHVDUUROOR GH OD
VRFLHGDGJXDWHPDOWHFDKD\DERUUDGRWRGDVODVVXSHUYLYHQFLDVHVWUXFWXUDOHVGH
ODFRORQLD
¢6LJQLILFDWRGRHVWRTXHHVWHPRVWDPELpQQRVRWURVQHJDQGRDOLQGLR"
6L\QR6HKDFHSUHFLVRDTXtVDEHUGLVFHUQLU8QDFRVDHVODQHJDFLyQGHO
LQGLR GHVGH HO iQJXOR GH VX H[SORWDGRU OD QHJDFLyQ GH VXV IDFXOWDGHV SDUD
MXVWLILFDU OD RSUHVLyQ \ SDUD TXH VLJD VLHQGR LQGLR ²WDO FRPR OR KHPRV
H[SOLFDGRHQXQFDStWXORHVSHFLDO²>@\RWUDFRVDGLDPHWUDOPHQWHRSXHVWDHV
DILUPDU TXH HO LQGLR HV FRORQLDO TXH OD RSUHVLyQ IXH VX PRGHODGRUD TXH HO
LQGLRHVHOVLHUYR\TXHODGHVDSDULFLyQGHOVLHUYR\GHODRSUHVLyQWLHQHTXH
FDXVDUODWUDQVIRUPDFLyQGHOLQGLRHQDOJRGLIHUHQWH(VWDVHJXQGDSRVLFLyQ²
TXHKHPRVOODPDGRSRVLFLyQUHYROXFLRQDULD\TXHHVDOPHQRVXQHOHPHQWRGH
OD PLVPD² VH DSR\D HQ HO VXSXHVWR GH TXH ODV IDFXOWDGHV KXPDQDV TXH KDQ
SHUPDQHFLGR IUXVWUDGDV HQ HO LQGLR WHQGUiQ XQ GHVDUUROOR SRVLWLYR FRQIRUPH
FRQGLFLRQHV HFRQyPLFDV PiV IDYRUDEOHV GHQ OXJDU D HOOR ²ODV FXDOHV
FRQGLFLRQHVGHEHQVHUSURPRYLGDVFODURHVWi\QRVLPSOHPHQWHHVSHUDGDV\
GHSUHIHUHQFLDSURPRYLGDVFRQODSDUWLFLSDFLyQGLUHFWDGHOLQGLR²6RVWLHQH
TXH HO GHVDUUROOR SURJUHVLYR GH DTXHOODV SRWHQFLDOLGDGHV KXPDQDV HV
LQFRPSDWLEOHFRQODFRQVHUYDFLyQGHORTXHKR\OODPDPRVFXOWXUDLQGtJHQD\D
TXH pVWD HV HQ JUDQ PHGLGD H[SUHVLyQ FODUD GH OD IUXVWUDFLyQ GH DTXpOODV
$ILUPD ILQDOPHQWH TXH HO IHWLFKLVPR GH GLFKD FXOWXUD HV QRFLYR QR VyOR
SRUTXH GLILFXOWD OD FRQFHSFLyQ FRUUHFWD GH ODV SRVLELOLGDGHV ODWHQWHV HQ HVH
JUDQ VHFWRU GH OD VRFLHGDG JXDWHPDOWHFD VLQR WDPELpQ SRUTXH WLHQGH D
GHVYLQFXODUORGHOGHVDUUROORJHQHUDOGHOSUROHWDULDGRDJUtFRODFRPRFODVH/D
OXFKD SRU OD VXSHUDFLyQ GH ORV LQGLRV ²WHQJD pVWD HO FDUiFWHU TXH WXYLHUH
VLHPSUHTXHQRVHDXQDOXFKDIDOVD²WLHQHTXHOLEUDUVHQRHQWDQWR TXH VRQ
LQGLRVVLQRHQWDQWRTXHVRQH[SORWDGRV(VWDFLUFXQVWDQFLDREOLJDDFRQFHELU

XQLILFDGDPHQWHODOXFKDGHWRGRVORVSUROHWDULRVDJUtFRODVLQGLRV\QRLQGLRV
UHVROYLHQGRHQODWHRUtD\HQODSUiFWLFDODVGLIHUHQFLDVGHtQGROHFRORQLDOTXH
GLILFXOWDQ VX XQLyQ \ QR DFHQWXDQGR OD GHVXQLyQ D WtWXOR GH TXH ³VRQ GRV
FXOWXUDVGLIHUHQWHV´
1HJDPRVSXHVQRDOKRPEUHTXHHVVLHUYRVLQRDODVHUYLGXPEUH\HVWR
HQ QRPEUH GHO KRPEUH TXH VH HQFXHQWUD HQ SRWHQFLD EDMR ODV DWDGXUDV
FRORQLDOHV GHO LQGLR &UHHPRV TXH VH OH KDFH PiV KRQRU \ PiV MXVWLFLD DO
SUROHWDULDGRLQGLRFXDQGRVHORH[DOWDHQUD]yQGHORTXHSXHGH\GHEHOOHJDUD
VHU TXH FXDQGR VH SUHWHQGH H[DOWDUOR SRU OR TXH KD YHQLGR D VHU D QR VHU
FRPRFRQVHFXHQFLDGHODRSUHVLyQ<HVPX\SUREDEOHTXHHOLQGLRPLVPRVH
VLQWLHUD PHMRU FRPSUHQGLGR SRU TXLHQHV VH DFHUFDUDQ D pO FRQ OD SULPHUD GH
HVDV GRV DFWLWXGHV ²OD UHYROXFLRQDULD \ IXWXULVWD² DXQTXH SUXGHQWHPHQWH
GHED FRQGHVFHQGHU FRQ OD VHJXQGD ²OD UHWyULFD \ WUDGLFLRQDOLVWD² SXHV VH
WUDWDDOILQ\DOFDERGHXQDYLHMDDFWLWXGRILFLDO
+D\ TXLHQHV TXHUUtDQ LQFUHSDU DO LQGLR ³« W~ WLHQHV XQD FXOWXUD SURSLD
XQD FXOWXUD DXWpQWLFD DItUPDWH HQ HOOD«´ ²HVSHUDQGR TXH TXL]i HO LQGLR
PRYLGRWRGDYtDSRUVXRGLRFRORQLDOLQGLVFULPLQDGR\SRUVXFRORQLDOIDOWDGH
FRQFLHQFLDGHVtPLVPRVHUHSOHJDUiPiVVREUHVXVHUGHLQGLRFRQVHFUHWR
EHQHSOiFLWR GH ORV FULROORV² < KD\ TXLHQ TXHUUtD UHFLWDUOH ³« PLUD WX
JORULRVDDQWLJHGDGWXVGLRVHVWHO~ULFRVWXVDELGXUtDHVRWpULFDWXVKpURHVFRQ
SOXPDVGHTXHW]DOW~HUHVHOGHVFHQGLHQWHGLUHFWR\HOGHSRVLWDULRGHDTXHOOD
JUDQGH]D¢SRUTXpKDEUtDVGHHQYLGLDUODPH]TXLQDFXOWXUDGHWXVHQHPLJRV"
«´ ²HQ OD HVSHUDQ]D GH TXH HO LQGLR HQUHGDGR WRGDYtD HQ VX FODQGHVWLQD
UHVLVWHQFLDFRORQLDOVHKDJDPiVFLHJRUHVSHFWRGHVXIXWXUR\QRDPELFLRQH
DXWRPyYLOHVYLWDPLQDVFyPRGDVYLYLHQGDV\WRGDVHVDVFRVDV³LQDXWpQWLFDV´
TXH WDQWR LQTXLHWDQ D TXLHQHV WLHQHQ HO JXVWR GHSUDYDGR SRU LQIOXHQFLDV
H[WUDQMHUDVLQFOXLGRHOUHFLWDGRUPLVPRFRQKLODUDQWH\WUHSLGDQWHUHJRFLMRGH
WRGRVORVFULROORV²5HIOH[LRQHPRVQRVRWURVHQWUHWDQWRVREUHHOKHFKRQR
FDVXDO GH TXH ORV PRQXPHQWRV D 7HF~Q 8PiQ KD\DQ VLGR LQLFLDWLYD GHO
JRELHUQR GH 8ELFR D TXLHQ LJXDOPHQWH VH OH GHEH OD /H\ GH 9DJDQFLD TXH
KHPRV PHQFLRQDGR SiJLQDV DWUiV FDXVDQWH GH WDQWDV PXHUWHV \ FDODER]RV \
SDWDGDVDORVLQGLRVGHYHUGDG

 
 ²,,,²
&DUiFWHUIHXGDOGHOUpJLPHQFRORQLDO
6H KD GLVFXWLGR PXFKR DFHUFD GH VL HO UpJLPHQ FRORQLDO HVSDxRO IXH XQ
UpJLPHQIHXGDORVLIXHPiVELHQHVFODYLVWDRTXL]iFDSLWDOLVWD/DGLVFXVLyQ
GLR XQ SDVR HQ ILUPH FXDQGR DOJXLHQ VHxDOy TXH HO UpJLPHQ FRORQLDO IXH
FRORQLDOLQGLFDQGRFRQHOORTXHVHWUDWDGHXQDIRUPDFLyQHFRQyPLFD\VRFLDO
PX\ SHFXOLDU \ TXH UHSUHVHQWD HQ UHDOLGDG XQD SUR\HFFLyQ GHO FDSLWDOLVPR
QDFLHQWH VREUH UHJLRQHV PHQRV GHVDUUROODGDV >@ $O PLVPR WLHPSR VH KD
VHxDODGR TXH HO UpJLPHQ FRORQLDO LQFOX\y WRGRV ORV WLSRV GH H[SORWDFLyQ
FRQRFLGRV²HVFODYLVWDIHXGDO\FDSLWDOLVWD²\TXHVXHVWUXFWXUDQRVHDJRWD
HQ OD SURYLQFLD VLQR TXH DEDUFD D OD PHWUySROL \ D ODV FRORQLDV HQ XQ VyOR
VLVWHPD>@
6LQ GXGD VH KD JDQDGR PXFKR DO DEDQGRQDU HO HPSHxR TXL]i LQJHQXR \
GRJPiWLFR GH DVLPLODU OD pSRFD FRORQLDO D XQD HVSHFLH GH ³HGDG PHGLD
DPHULFDQD´ 3HUR KD\ TXH HYLWDU OD FDtGD HQ XQ QXHYR GRJPDWLVPR SXHULO KDFHUHVDWLSLILFDFLyQ
DTXHOTXHSURVFULEHKDVWDHOXVRGHOFRQFHSWRGHIHXGDOLVPRHQHOHVWXGLRGH
OD FRORQLDO FHUUiQGRVH DVt ORV RMRV DQWH OD HYLGHQFLD GH TXH DTXHO UpJLPHQ
WXYR XQ FDUiFWHU IHXGDO LQGLVFXWLEOH DXQ FXDQGR QR H[KLELHUD VHPHMDQ]DV
H[WHUQDV FRQ HO IHXGDOLVPR ³WtSLFR´ HXURSHR +HPRV YLVWR FyPR HQ OD
IRUPDFLyQ FRORQLDO SUHGRPLQDEDQ ODV UHODFLRQHV GH SURGXFFLyQ GH FDUiFWHU
IHXGDO \ FyPR HVDV UHODFLRQHV OH LPSULPtDQ XQ FDUiFWHU IHXGDO D WRGD OD
VRFLHGDG DXQ FXDQGR KD\D KDELGR WDPELpQ VHFXQGDULDPHQWH UHODFLRQHV
HVFODYLVWDV\FDSLWDOLVWDV
(V WDPELpQ XQD H[DJHUDFLyQ DEHUUDQWH FRQVLGHUDU OD FRORQLD FRPR XQ
³DSpQGLFH´ GHO FDSLWDOLVPR /D YHUGDG HV TXH WXYR XQD UHDOLGDG SURSLD \ XQ
JUDGR GH XQLGDG RUJiQLFD PX\ FRQVLGHUDEOH /R SUXHED HO KHFKR GH TXH VLQ
GDUVHVLTXLHUDXQDOXFKDYLROHQWDHQ*XDWHPDODKD\DSRGLGRGHVJDMDUVHGHOD
PHWUySROL GHVSUHQGHUVH VDFXGtUVHOD FRPR DOJR TXH OH HUD FRPSOHWDPHQWH
SRVWL]R VLQ DOWHUDU VX HVWUXFWXUD LQWHUQD (UD UHDOPHQWH OD HFRQRPtD GH OD
PHWUySROLFDSLWDOLVWDODTXHVHHQIUHQWDEDDXQDSURIXQGDFULVLVDOSHUGHUVXV
 
FRORQLDV
(VWDPRV GH DFXHUGR HQ TXH HO UpJLPHQ FRORQLDO IXH XQD SUR\HFFLyQ GHO
FDSLWDOLVPRSHURGHVSXpVGHDILUPDUWDOFRVDKD\TXHKDFHUHODQiOLVLVGHOD
UHDOLGDGFRORQLDOFRQFUHWDSDUDH[SOLFDUODSRUTXHFRQDTXHOODDILUPDFLyQQR
ODKHPRVH[SOLFDGRHQDEVROXWR5HVXOWDUtDDEVXUGRGHFLUSRUHMHPSORTXHHO
LQGLR IXH XQ UHVXOWDGR KLVWyULFR GHO FDSLWDOLVPR HQ *XDWHPDOD (V
LQGLVSHQVDEOHH[SOLFDUTXHIXHUHVXOWDGRGHODH[SORWDFLyQIHXGDOLPSXHVWRSRU
HO UpJLPHQ FRORQLDO HO FXDO IXH D VX YH] XQD SUR\HFFLyQ GHO FDSLWDOLVPR
HVSDxRO
/DV VLPSOLILFDFLRQHV WHyULFDV WUDLFLRQDQ VX ILQDOLGDG HVFODUHFHGRUD VL VH
DEXVDGHHOODV
$ OR ODUJR GHO OLEUR QRV KHPRV DEVWHQLGR GH GHILQLU DO UpJLPHQ FRORQLDO
FyPR UpJLPHQ IHXGDO WDPSRFR KHPRV OODPDGR pSRFD IHXGDO D QXHVWUD pSRFD
FRORQLDO /RV KHFKRV KLVWyULFRV QR QRV SHUPLWLHURQ H[SUHVDPRV HQ HVD IRUPD
WDQ FDWHJyULFD 3HUR D OR ODUJR GH WRGR HO OLEUR KHPRV OODPDGR H[SORWDFLyQ
IHXGDO D OD LQYROXFUDGD HQ HO UHSDUWLPLHQWR GH LQGLRV KHPRV FDOLILFDGR GH
IHXGDODHVHUpJLPHQGHWUDEDMR\KHPRVOODPDGRVLQDPEDJHVVLHUYRDOLQGLR
VRPHWLGRDGLFKRUpJLPHQ/RVKHFKRVDQDOL]DGRVQRVGLHURQVREUDGDEDVHSDU
1R HV QHFHVDULR TXH KD\D IHXGRV FRQ FDVWLOORV IHXGDOHV SDUD TXH KD\D
IHXGDOLVPR < SXHGH GDUVH XQ UpJLPHQ TXH QR VHD WtSLFDPHQWH IHXGDO \ TXH
RIUH]FD VLQ HPEDUJR XQ PDUFDGR FDUiFWHU IHXGDO FRPR IXH HO FDVR GH
*XDWHPDODGXUDQWHODFRORQLD/RTXHOHFRQILHUHVXFDUiFWHUDXQDIRUPDFLyQ
HFRQyPLFRVRFLDOHVHOWLSRGHWUDEDMDGRUTXHUHDOL]DODSDUWHIXQGDPHQWDOHQ
ODSURGXFFLyQHOWLSRGHUHODFLRQHVTXHVHHVWDEOHFHQHQWUHHVHWUDEDMDGRU\HO
GXHxR GH ORV PHGLRV GH SURGXFFLyQ \ HO WLSR GH SURSLHGDG SUHGRPLQDQWH
VREUH HO PHGLR GH SURGXFFLyQ WDPELpQ SUHGRPLQDQWH (V FDUDFWHUtVWLFR GHO
IHXGDOLVPRTXHODWLHUUD VHDHOPHGLRGHSURGXFFLyQ SULQFLSDO \ TXHpVWD VH
KDOOH DFDSDUDGD HQ IRUPD GH JUDQGHV ODWLIXQGLRV SRU XQD FODVH UHGXFLGD GH
ODWLIXQGLVWDV(VFDUDFWHUtVWLFRGHOIHXGDOLVPRTXHODWLHUUDVHDSULQFLSDOPHQWH
WUDEDMDGD SRU VLHUYRV (O VLHUYR HV XQ WUDEDMDGRU DGVFULWR D OD WLHUUD TXH
FDUHFH GH OLEHUWDG GH GHVSOD]DPLHQWR \ GH FRQWUDWDFLyQ SHUR TXH QR HV
MXUtGLFDPHQWH SURSLHGDG GH VX DPR ²FRPR OR KDEtD VLGR HVFODYR² QR
WUDEDMDSRUXQVDODULRVLQRSRUHOXVXIUXFWRGHWUR]RVGHWLHUUDTXHOHFHGHHO
VHxRU IHXGDO D FDPELR GH TXH WUDEDMH WDPELpQ RWURV WUR]RV GH WLHUUD SDUD HO FRPXQDOHV GH ORV SXHEORV GH LQGLRV HUDQ HQ UHDOLGDG WLHUUDV GHO UH\
SURSLRVHxRU$VtVHHVWDEOHFHODUHQWDIHXGDOGHOVXHORFRQVLVWHQWHHQSDJRV
GHWULEXWRVHQHVSHFLH\HQSUHVWDFLRQHVSHUVRQDOHVTXHHOFDPSHVLQROHKDFH
DO VHxRU (O VLHUYR HV XQ WUDEDMDGRU LQWHUPHGLR HQWUH &/ HVFODYR \ &/
DVDODULDGR $GHPiV GHO XVXIUXFWR GH SDUFHODV VH OH UHWULEX\H D YHFHV HQ
HVSHFLH\WDPELpQSDUFLDOPHQWHHQPRQHGDPHWiOLFDSHURDXQHQpVWH~OWLPR
FDVR QR VH WUDWD GH XQ VDODULR SRUTXH QR HV XQD UHPXQHUDFLyQ OLEUHPHQWH
FRQWUDWDGD\SRUORWDQWRQRH[SUHVDHOSUHFLRGHODIXHU]DGHWUDEDMR>@
RULJLQDOPHQWHUHDOHQJDVSRUVHxRUtRUHFXpUGHVHFHGLGDVSRU&/UH\SDUDTXH
HQ HOODV WUDEDMDUDQ ORV LQGLRV SDUD Vt PLVPRV \ SDUD HO UH\ SXHV GH HOODV
VDOtDQORVWULEXWRV/RVWULEXWRVYHQtDQDVHUDVtODUHQWDGHOVXHORSHUFLELGD
HQHVSHFLHSRUHOJUDQVHxRUIHXGDOTXHHUDHOUH\PLVPR5HFRUGHPRVWDPELpQ
TXH DTXHOODV WLHUUDV FRPXQDOHV ²GH WRGRV \ QDGLH² HUDQ DGPLQLVWUDGDV SRU
ORV$OFDOGHVLQGLRVTXLHQHVHQHVWRQRHUDQRWUDFRVDTXHIXQFLRQDULRVGHOUH\
YHODGRUHVGHOFXPSOLPLHQWRGHODWULEXWDFLyQ(OLQGLRFRUULHQWHVHKDOODEDHQ
(QGRQGHTXLHUDTXHSUHGRPLQHHVHWLSRGHWUDEDMDGRUQRVKDOODPRVIUHQWH
D XQ UpJLPHQ GH FDUiFWHU IHXGDO DXQTXH QR VHD XQ UpJLPHQ IHXGDO FOiVLFR
FRPRHOTXHVHFRQILJXUyHQ&/FHQWURGH(XURSDHQWUHORVVLJORV;\;9
/DV FDUDFWHUtVWLFDV GHILQLWRULDV GHO VLHUYR VH GDEDQ WRGDV HQ OD VLWXDFLyQ
GHO LQGLR EDMR HO UpJLPHQ FRORQLDO SHUR DSDUHFtDQ RUJDQL]DGDV GH PDQHUD
SHFXOLDU\SRUHVRQRVRQHYLGHQWHVPLHQWUDVQRVHKDFHHODQiOLVLVGHDTXHOOD
VLWXDFLyQ3DUDGHPRVWUDUOREDVWDLQYRFDUUiSLGDPHQWHDOJXQRVKHFKRVTXHHO
OHFWRU\DFRQRFH
/D FDUHQFLD GH OLEHUWDG GH PRYLPLHQWR HUD FRQVXEVWDQFLDO DO UpJLPHQ GH
SXHEORV QLQJ~Q LQGLR SRGtD DXVHQWDUVH QL FDPELDU VX YHFLQGDULR OLEUHPHQWH
/D SULYDFLyQ GH OD OLEHUWDG GH FRQWUDWDFLyQ HUD OD HVHQFLD GHO UpJLPHQ GH
UHSDUWLPLHQWRV (O LQGLR QR HUD HPSHUR SURSLHGDG GHO UH\ QL GH ORV
DTXHOOD WLHUUD HQ VLWXDFLyQ ³SUHFDULD´ UH]DQ ORV GRFXPHQWRV QR HUD WLHUUD
UHDOPHQWH VX\D SHUR WHQtD TXH WUDEDMDUOD SDUD VREUHYLYLU \ SDUD WULEXWDUOH D
TXLHQ VH OD KDEtD GRQDGR /DV WLHUUDV FRPXQDOHV RSHUDEDQ SRU FRQVLJXLHQWH
FRPRODVGHXQIHXGRFHGLGDVSDUDTXHORVVLHUYRVODVXVXIUXFWXDUDQHQSDUWH\
OH HQWUHJDUDQ DO VHxRU OD RWUD SDUWH GH ORV IUXWRV $XQTXH HO UH\ QR HUD
SURSLHWDULR GH QLQJXQD WLHUUD HFRQyPLFDPHQWH DFWLYD VLQR VRODPHQWH GH ODV
UHDOHQJDVREDOGtDVGHKHFKRODVXPDGHWRGDVODVWLHUUDVFRPXQDOHVFRQVWLWXtD
SDUD pO XQ LQPHQVR ODWLIXQGLR IHXGDO TXH OH UHQWDED XQD LQPHQVD PDVD GH
WULEXWRV
(OUH\GH(VSDxDHUDHQ(VSDxDFOUHSUHVHQWDQWHGHODVFODVHVGRPLQDQWHV
GH XQD QDFLyQ PRGHUQD FDSLWDOLVWD 3HUR HUD DO PLVPR WLHPSR HO JUDQ VHxRU
IHXGDO GH ORV LQGLRV $XQTXH HO UH\ HVWDED OHMRV DO RWUR ODGR GHO RFpDQR
KDFHQGDGRV VLQR VRODPHQWH XQ ³YDVDOOR OLEUH´ FRQ FLHUWDV REOLJDFLRQHV ²
REOLJDFLRQHVIHXGDOHVWRGDVHOODV²1RHVWDEDDGVFULWRDODWLHUUDGHXQIHXGR
PHGLHYDO SHUR HVWDED DGVFULWR DO SXHEOR TXH YHQtD D VHU ELHQ YLVWDV ODV
FRVDV XQ WUR]R GHO GRPLQLR IHXGDO GHO UH\ 3RU RWUD SDUWH HO YDORU GH ODV
KDFLHQGDV LQFOXtD MXQWR DO GH ODV WLHUUDV H LQVWDODFLRQHV \ RWURV ELHQHV TXH
SRVHtDQ HO YDORU GHO GHUHFKR D LQGLRV GH UHSDUWLPLHQWR TXH OHV HVWDEDQ
DGMXGLFDGRV>@/RFXDOUHYHODTXHHOLQGLRHVWDEDHIHFWLYDPHQWHDGVFULWRDXQ
SXHEORGHOUH\²³SXHEORVGHODFRURQD´²\TXHSDUWHGHVXIXHU]DGHWUDEDMR
HVWDEDDGVFULWDDXQDKDFLHQGDKHFKRVWRGRVTXHKHPRVHVWXGLDGRHQGHWDOOH\
TXHVRQSURSLRVGHODVHUYLGXPEUHIHXGDO
3RGUtD GHFtUVHQRV TXH HO VLHUYR FOiVLFR FDUHFtD DEVROXWDPHQWH GH WLHUUD
SURSLDTXHSRUHVDFDXVDGHSHQGtDGLUHFWDPHQWHGHOVHxRUTXHVHODFHGtDHQ
XVXIUXFWR D FDPELR GH WUDEDMR PLHQWUDV TXH HO LQGLR GLVSRQtD GH WLHUUDV
FRPXQDOHV $ HVR VH UHVSRQGH UHFRUGDQGR ORV VLJXLHQWHV KHFKRV /DV WLHUUDV

HQWLGDG PLVWHULRVD SDUD OD PD\RUtD GH ORV LQGLRV OR FLHUWR HV TXH HQ ORV
SXHEORV VH YLYtD FRQ HO UH\ HQ OD FRURQLOOD VX SUHVHQFLD HUD XQD UHDOLGDG
SURIXQGD\DSUHPLDQWHFRPRSXGRVHUORODGHOVHxRUIHXGDOFOiVLFRTXHWHQtDD
VXVVLUYLHQWHV\HVELUURVYLJLODQGRGLUHFWDPHQWHDORVVLHUYRV
'LMLPRV HQ DOJ~Q OXJDU GHO OLEUR TXH ³HO LQGLR HUD XQ VLHUYR FRQ GRV
VHxRUHV´ >@(QHIHFWRODFRQFHVLyQEiVLFDTXHODFRURQDWXYRTXHKDFHUOHD
ORV FRORQRV SDUD DUUDLJDUORV HQ OD SURYLQFLD ²HVWXGLDGD GHWHQLGDPHQWH HQ
YDULRV SXQWRV GHO HQVD\R² WHQtD HO FDUiFWHU GH XQD FRQFHVLyQ IHXGDO (O
UHSDUWLPLHQWRGHLQGLRVYHQtDDVHUHQHOIRQGRODUHQWDGHODWLHUUDSHUFLELGD
HQSUHVWDFLRQHVSURSLDGHOIHXGDOLVPR(VDVSUHVWDFLRQHVSHUVRQDOHVQRVHODV
GDEDQORVLQGLRVGLUHFWDPHQWHDOUH\SHURVHODVGDEDQDORVKDFHQGDGRVSRU
RUGHQ GHO UH\ \ EDMR VX FRQWURO /D FRURQD QHFHVLWDED TXH ORV LQGLRV
WUDEDMDUDQHQIRUPDVHPLJUDWXLWDSDUDORVKDFHQGDGRV\DTXHHVDWUDQVIHUHQFLD
GH SUHVWDFLRQHV HUD OD FRQGLFLyQ LQGLVSHQVDEOH SDUD TXH VH FRQVROLGDUD \

FRQVHUYDUDXQQ~FOHRGHHVSDxROHVUHVLGHQWHVHQODSURYLQFLD$OUHDOL]DUVHOD
WUDQVIHUHQFLDFLWDGDORVLQGLRVVLQGHMDUGHHVWDUEDMRHOVHxRUtRGHVXSULPHU
VHxRU HQWUDEDQ HQ FLHUWR PRGR EDMR HO VHxRUtR GH XQ VHJXQGR VHxRU PHQRV
SRGHURVR²XQYDVDOORGHOSULPHURHQHVWULFWRVHQWLGRIHXGDO²6XIXHU]DGH
WUDEDMR OH SHUWHQHFtD D pO GXUDQWH XQ WLHPSR GHWHUPLQDGR VHPDQD R
5HFRUGHPRV SDUD DEXQGDU TXH HQ OD HVWUXFWXUD FRORQLDO QR DSDUHFHQ
VRODPHQWH ORV LQGLRV VLHUYRV FRPR FODVH H[SORWDGD /H KHPRV FRQFHGLGR HO
VHJXQGROXJDUHQLPSRUWDQFLDDORVODGLQRVUXUDOHVPHQHVWHURVRVGLVSHUVRVHQ
ODVUDQFKHUtDVGHODVKDFLHQGDV\UHDOL]DGRUHVGHXQDIXQFLyQSURGXFWLYDVyOR
LQIHULRUDODGHORVLQGLRV/DVLWXDFLyQGHORVODGLQRVUXUDOHVSREUHVHUDFDVL
WHPSRUDGD\HQHVHODSVRSRGtDHOKDFHQGDGRLPSRQHUWDUHDVDUELWUDULDVTXH IHXGDO >@ DFRUUDODGRV SRU OD FDUHQFLD WRWDO GH WLHUUDV VH LQWURGXFtDQ HQ ODV
UHGXFtDQODSDJDIRU]DGDFRPRYLPRV(OLQGLRQRSRGtDUHWLUDUVHOLEUHPHQWH KDFLHQGDV\WUDEDMDEDQDFDPELRGHOXVXIUXFWRGHSDUFHODVTXHOHVHUDQHQHVD
GHODKDFLHQGDGXUDQWHVXWXUQRGHUHSDUWLPLHQWR$OVHUYHQGLGDRKHUHGDGDOD IRUPDDUUHQGDGDV1RHVWDEDQOHJDOPHQWHDGVFULWRVDOODWLIXQGLRHQTXHYLYtDQ
KDFLHQGDVHLQFOXtDHQVXYDORUHVHGHUHFKRVREUHORVLQGLRVFHGLGRSRUHOUH\ VHJ~QYLPRVSHURODUHDOLGDGHFRQyPLFDGHODFRORQLD²HOEORTXHRDJUDULR²
>@ ORVDWDEDDODKDFLHQGDFRQWDQWDIXHU]DFRPRODOH\DWDEDDORVLQGLRVDVXV
+H DKt SXHV XQ WUDEDMDGRU QR OLEUH DGVFULWR D OD WLHUUD HQ GRV IRUPDV SXHEORV/DUDQFKHUtDIXHWDPELpQXQIHQyPHQRGHFDUiFWHUIHXGDOHQ/DEDVH
GLIHUHQWHV TXH WUDEDMDED WLHUUD TXH QR OH SHUWHQHFtDQ \ HQWUHJDED WULEXWRV HQ GHODHVWUXFWXUDFRORQLDO
HVSHFLH D XQ VHxRU \ SUHVWDFLRQHV SHUVRQDOHV D RWUR JHQHUDQGR DVt OD UHQWD $Vt SXHV OD DILUPDFLyQ GH TXH ³HQ *XDWHPDOD QXQFD KXER IHXGDOLVPR´
IHXGDO GHO VXHOR SDUD DPERV $GHPiV GH HVRV GRV WUDEDMRV IRU]DGRV XQR H[SUHVDXQDGHHVDVYHUGDGHVTXHQRGLFHQQLDFODUDQQDGD\TXHSRUQRGHFLU
JUDWXLWR \ RWUR VHPLJUDWXLWR HVWDED REOLJDGR D FRQVWUXLU \ PDQWHQHU ORV QDGD UHVXOWDQ VRVSHFKRVDV ²SUREDEOHPHQWH QR OOHYD RLUi LQWHQFLyQ TXH
FDPLQRV VLQ SDJD DOJXQD D FRQVWUXLU HGLILFLRV \ SUHVWDU RWURV VHUYLFLRV QR REVFXUHFHU OD YLVLyQ GH QXHVWUR SURFHVR GH OXFKD GH FODVHV GHVSLVWDU
UHPXQHUDGRV HQ ODV FLXGDGHV \ D UHDOL]DU WUDEDMRV VLQ SDJD SDUD OD ,JOHVLD \ FRQIXQGLU²6LVHLQYHVWLJDTXpIXHORTXHVtKXERHQODFRORQLDHQFXDQWRD
SDUD ODV DXWRULGDGHV ORFDOHV GHO SXHEOR 6H WUDWD FRQ WRGD HYLGHQFLD GH XQ UpJLPHQ GH WUDEDMR \ UHODFLRQHV GH SURGXFFLyQ VH OOHJD D OD FRQFOXVLyQ TXH
VLHUYR < FRPR QXPpULFDPHQWH HVH WUDEDMDGRU LQWHJUDED OD JUDQ PDVD GH OD KHPRVVXEUD\DGRXQRVUHQJORQHVPiVDUULED
SREODFLyQFRORQLDOHVWDPRVIUHQWHDXQUpJLPHQTXHVHDSR\DEDHQHOWUDEDMR
VHUYLO \ HQ HO TXH SULYDEDQ LQWHUQDPHQWH XQDV UHODFLRQHV GH SURGXFFLyQ GH
FDUiFWHUIHXGDO
(OKHFKRGHTXHHOLQGLRKD\DWHQLGRFLHUWDSRVLELOLGDGGHYHQGHUIXHU]DGH
WUDEDMRSRUXQVDODULRGHVSXpVGHKDEHUFXPSOLGRVXVREOLJDFLRQHVIHXGDOHV²
ORV³SHVHURV´ \ ³UHDOHURV´HVWXGLDGRVHQVX OXJDU² \ GH TXH D ORODUJRGHO
FRORQLDMHKD\DKDELGRQ~FOHRVGHHVFODYRVDIULFDQRVHQDOJXQDVKDFLHQGDV²
HVFODYRVPX\HVSHFLDOHVVHJ~QH[SOLFDPRV²FRQILUPDODDVHYHUDFLyQGHTXH
HQ HO UpJLPHQ FRORQLDO VH GDEDQ WRGRV ORV WLSRV GH H[SORWDFLyQ SHUR QR
LQWURGXFHVRPEUDGHGXGDHQHVWDRWUDDVHYHUDFLyQPXFKRPiVLPSRUWDQWHSDUD
FRPSUHQGHU QXHVWUD UHDOLGDG TXH HO WLSR GH WUDEDMR SUHGRPLQDQWH \
IXQGDPHQWDO HQ HO DJUR JXDWHPDOWHFR GXUDQWH OD FRORQLD IXH HO WUDEDMR
VHUYLO \ TXH HVD FLUFXQVWDQFLD GHWHUPLQy ODV FDUDFWHUtVWLFDV GHO VLHUYR
PLVPR \ WRGDV ODV FDUDFWHUtVWLFDV LPSRUWDQWHV GH OD VRFLHGDG TXH VH
DVHQWDEDVREUHDTXHOODEDVH

 
 ²,9²
¢&RQWUD(VSDxDKR\"
6HFRPSUXHEDFRQSHQDTXHPXFKDVSHUVRQDVDOHVWXGLDUODpSRFDFRORQLDO
RDOUHIOH[LRQDUVREUHHOODGHVGHODSHUVSHFWLYDGHQXHVWURWLHPSRUHDFFLRQDQ
WRGDYtD FRQ DQLPDGYHUVLyQ KDFLD (VSDxD &RPR QR HV LPSRVLEOH TXH WDO
UHDFFLyQDSDUH]FDHQHOiQLPRGHDOJXQRGHORVOHFWRUHVGHHVWHOLEUR\FRPR
HVRVLJQLILFDUtDHQFLHUWRPRGRHOIUDFDVRGHOOLEURPLVPR²TXHGHVGHOXHJR
VH SURSRQH UHVXOWDGRV PX\ GLIHUHQWHV² QR HVWDUiQ GH PiV XQRV UHQJORQHV DO
UHVSHFWRDQWHVGHFRQFOXLU
&XDQGR VH KDEOD GH OD GRPLQDFLyQ HVSDxROD GH QXHVWUD GHSHQGHQFLD
FRORQLDO GH (VSDxD VH HPSOHDQ IRUPDV GH H[SUHVLyQ FRQYHQLHQWHV SRU VX
FRPRGLGDGSHURLQH[DFWDV1RGHEHPRVROYLGDUOR1XQFDHVWXYRODVRFLHGDG
JXDWHPDOWHFD ²QL OD GH QLQJXQD RWUD FRORQLD HVSDxROD²GRPLQDGD SRU OD
VRFLHGDG HVSDxROD HQ FRQMXQWR (O SXHEOR HVSDxRO ODV FDSDV PHGLDV \ ODV
FODVHV WUDEDMDGRUDV SHQLQVXODUHV GH ORV VLJORV FRORQLDOHV QR REWXYLHURQ
QLQJ~QSURYHFKRGHOLPSHULR)XHDOUHYpVHVWiFRPSUREDGRTXHODDIOXHQFLD
GHPHWDOHVDPHULFDQRVRFDVLRQyXQDSURIXQGDUHYROXFLyQGHORVSUHFLRVHQOD
SHQtQVXOD\TXHODFRQVLJXLHQWHGLVPLQXFLyQGHOSRGHUDGTXLVLWLYRGHOGLQHUR
HPSREUHFLyDXQPiVDODVFODVHVHFRQyPLFDPHQWHGpELOHV >@6LSHVHDHOOR
ORVHVSDxROHVSREUHV²ORVTXHDFDVRWXYLHURQQRWLFLD\QRFLyQGHOLPSHULR²
DVXPLHURQ DOJXQD YH] DFWLWXGHV DOWDQHUDV GH VXSHULRULGDG \ GRPLQLR IUHQWH D
³XOWUDPDU´IXHURQLQRFHQWHSUHVDGHODSURSDJDQGDGHVXVPRQDUFDVTXLHQHV
ORJUDURQ FRQYHQFHUORV GH TXH DTXHO LPSHULR HUD WDPELpQ VX\R 'H PDQHUD
JHQHUDO ORV (VWDGRV FRORQLDOLVWDV ORJUDQ FRQYHQFHU D VXV SXHEORV GH TXH OD
FRORQLDHVGHWRGRVQRFRQRWURILQTXHFRQWDUFRQVXD\XGDSDUDSURVHJXLUHO
VDTXHR FRORQLDO (Q XQD HWDSD PX\ DYDQ]DGD ²OD GHO LPSHULDOLVPR
FRQWHPSRUiQHR²ORV(VWDGRVFRORQLDOLVWDVUHVXHOYHQSDUFLDOPHQWHODPLVHULD
GHVXVSXHEORV\DSODFDQVXOXFKDDH[SHQVDVGHORTXHHOVLVWHPDVXVWUDHGH
ODV FRORQLDV 3HUR QR IXH HVH HO FDVR GH (VSDxD (O LPSHULR KLVSiQLFR
EHQHILFLy D ODV FODVHV GRPLQDQWHV HVSDxRODV \ IXHURQ HOODV QR HO SXHEOR

HVSDxROQL(VSDxDHQDEVWUDFWRTXLHQHVGLULJLHURQORVGHVWLQRVGHODVFRORQLDV
H[WHQGLHQGRDHOODVVXGLFWDGXUDPRQiUTXLFDDEVROXWLVWD
6H QRV SRGUtD REMHWDU TXH ORV FRQTXLVWDGRUHV \ SULPHURV SREODGRUHV
IXHURQHVSDxROHVGHOSXHEOR\TXHWDPELpQORHUDQPXFKRVGHORVLQPLJUDQWHV
TXHHQORVVLJORV;9,,\;9,,,FRQWLQXDURQOOHJDQGRDOUHLQRDEXVFDUIRUWXQDHQ
SXJQDFRQORVFULROORV(VFLHUWRSHURHVRVHVSDxROHVTXHDOLQFRUSRUDUVHDOD
FODVHFULROODRDOKDFHUVHWHQGHURVVHFRQYHUWtDQHQH[SORWDGRUHVORFDOHVHUDQ
DSHQDV XQD IUDFFLyQ PX\ SHTXHxD GHO SXHEOR HVSDxRO 3RU FDGD HVSDxRO TXH
FRQVLJXLy WUDVODGDUVH D OD SURYLQFLD \ FRQYHQLUVH HQ VHxRU FRORQLD@ PXFKDV
GHFHQDV GH PLOHV GH TXHGDURQ WUDEDMDQGR FRQ VXV PDQRV EDMR OD H[SORWDFLyQ
GH OD QREOH]D WHUUDWHQLHQWH \ OD EXUJXHVtD HVSDxRODV >@ 'HEH WHQHUVH PX\
SUHVHQWHTXHHOGHVSOD]DPLHQWRD$PpULFDODDYHQWXUDGHODHPLJUDFLyQIXHXQ
IHQyPHQR PRWLYDGR SRU OD SREUH]D GH OD SHQtQVXOD \ SRU OD IDOWD GH
RSRUWXQLGDGHVFRQTXHWURSH]DEDODJHQWHSREUHGHDTXHOSDtV>@/DDPELFLyQ
FDQLQDGHORVFRQTXLVWDGRUHV\SULPHURVFRORQRV HVXQUHIOHMR GH ODSREUH]D
GHOSXHEORHVSDxROXQWHVWLPRQLRGHOFLHJRIUHQHVtTXHVREUHFRJHDOKRPEUH
DSRUUHDGR\VLQSHUVSHFWLYDVGHPHMRUDPLHQWRFXDQGRVHHQFXHQWUDGHSURQWR
DQWH OD SRVLELOLGDG GH WURFDU VXV KDPEUHV HQ RSXOHQFLD GH JUDQ VHxRU 4XH
FRQTXLVWDGRUHV \ FRORQRV YHQtDQ D ,QGLDV HVFDSDQGR GH OD SREUH]D \ GH OD
PHGLRFULGDG HFRQyPLFD D TXH ORV FRQGHQDED OD HVWUXFWXUD GH FODVHV GH VX
VRFLHGDGWDPELpQHVWiSUREDGRSRUODFLUFXQVWDQFLDGHTXHQRYLQLHUDQQREOHV
QLEXUJXHVHVDFRQTXLVWDUQLDSREODU>@
6yOR YLHQGR ODV FRVDV GHVGH HVH iQJXOR SXHGH FDSWDUVH HO YHUGDGHUR
FDUiFWHUSRSXODUGHODFRQTXLVWD/DUHVLVWHQFLDGHORVFRQTXLVWDGRUHVIUHQWHD
ODV/H\HV1XHYDVVXH[LJHQFLDGHVHUUHWULEXLGRVSRUHOVHUYLFLRFRORQL]DGRU
WLHQHHOVHQWLGRSUHFLVRGHXQDGHPDQGDSRSXODU²FDPELRGHSHUVSHFWLYDTXH
QRSRGtDPRVKDEHUVXJHULGRDQWHVVLQULHVJRGHFRQIXQGLUDOOHFWRU²1RVH
SHUFLEH D SULPHUD YLVWD HVH DVSHFWR GH DTXHOOD SXJQD SRU SXURV PRWLYRV GH
SHUVSHFWLYDORVKRPEUHVTXHHQVHGLULJtDQDOUH\FRPRHOHPHQWRVGHO
SXHEORHQIUHQWDGRVDOUHSUHVpQWDPHGHODVFODVHVGRPLQDQWHVGH/DSHQtQVXOD
²³«SiJXHQRV9XHVD0DJHVWDGOR TXHQRVGHEH«´ ²>@ HVWDEDQ HQ HVH
SUHFLVRPRPHQWRDFWXDQGR\DFRPRXQJUXSRHVFODYLVWDGRPLQDQWHHQIUHQWDGRV
DORVLQGLRV(UDHOPRPHQWRGHVXPHWDPRUIRVLVKLVWyULFDHQTXHQRKDEtDQ
GHMDGRGHVHUJHQWHGHOSXHEORYLVWRVGHVGHODSHUVSHFWLYDGHVXSDVDGR²TXH

HUDGHVGHGRQGHORVPLUDEDHOUH\\SRUHVRTXHUtDGHIUDXGDUORV²\\DHUDQ
DPRVGHVSyWLFRV\WLUDQRVGHORVLQGLRVVLVHORVPLUDGHVGHODSHUVSHFWLYDGH
VXIXWXUR²TXHHVODTXHDQRVRWURVQRVVLW~DOD+LVWRULD²
(QWHQGDPRV SXHV TXH OD GRPLQDFLyQ FRORQLDO LQLFLDGD SRU DYHQWXUHURV
TXHVHFRQYLUWLHURQHQVHxRUHVKX\HQGRGHODVOLPLWDFLRQHVGHVXSDtVYLJLODGD
SRUIXQFLRQDULRVTXHFXPSOtDQVXVGHEHUHVFRQODPLUDSXHVWDHQXQVXHOGR\
HQ XQ DVFHQVR EXURFUiWLFR FRQWURODGD HQ WRGR PRPHQWR SRU ODV FODVHV
GRPLQDQWHV PHWURSROLWDQDVHQVX &RQVHMR GH ,QGLDV IXH OD GLFWDGXUD GH HVDV
FODVHV VREUH ODV FODVHV \ FDSDV VRFLDOHV GH OD FRORQLD 1XQFD HVWXYR OD
VRFLHGDG FRORQLDO EDMR OD GRPLQDFLyQ GHO SXHEOR HVSDxRO QL EDMR OD
GRPLQDFLyQGH(VSDxDFRPRXQWRGR0DOSRGUtDQLPSXWiUVHOHDHVHSXHEOR
ODVFRQVHFXHQFLDVGHXQDGLFWDGXUDTXHHQIRUPDGLVWLQWDSHVDEDWDPELpQVREUH
VXVKRPEURV
(QWHQGLGRORDQWHULRUFRQYLHQHLQVLVWLUVREUHORVLJXLHQWH/DLPSRUWDQFLD
FDSLWDOTXHOHFRQFHGHPRVDOHVWXGLRGHDTXHOODGRPLQDFLyQUDGLFDHQTXHHOOD
HVWUXFWXUy OD VRFLHGDG GH OD TXH SURYLHQH OD QXHVWUD VLQ WUDQVIRUPDFLyQ
UHYROXFLRQDULD²OR KHPRV DVHQWDGR HQ XQD VHFFLyQ DQWHULRU² \ VX
FRPSUHQVLyQ HV SRU HOOR UHTXLVLWR LQGLVSHQVDEOH SDUD OD FRPSUHQVLyQ GHO
SUHVHQWH TXH YLYLPRV 1RV LPSRUWD OD +LVWRULD FRORQLDO SXHV HQ OD PHGLGD
TXH FRQWULEX\H DO FRUUHFWR SODQWHDPLHQWR GH OD SUREOHPiWLFD DFWXDO $KRUD
ELHQDXQTXHODGRPLQDFLyQHVSDxRODKD\DFRQILJXUDGRDORODUJRGHWUHVVLJORV
QXHVWUDEiVLFDUHDOLGDGFRORQLDODXQTXHHVWHPRVREOLJDGRVDSXJQDUWRGRVORV
GtDV FRQWUD OD UHDOLGDG FRORQLDO SDUD PDUFKDU KDFLD GHODQWH HV XQ KHFKR
SDOPDULRTXHODGRPLQDFLyQGHMyGHVHUSUREOHPDKDFHFLHQWRFLQFXHQWDDxRV
1R GLVWLQJXLU FRQ FODULGDG XQD FRVD GH OD RWUD UHVXOWD QHFLR \ DGHPiV
SHOLJURVR 3RUTXH HO PXFKR GHFODPDU FRQWUD XQD GRPLQDFLyQ TXH \D FHVy
SXHGHLPSOLFDUGHVFXLGRIUHQWHDODQXHYDGRPLQDFLyQSDUDODFXDODTXpOODQRV
GHMyKDUWRGLVSXHVWRV
0RUDOHMDTXHQRQRVSLOOHXQVHJXQGRFRORQLDMHKDFLHQGRGLVFXUVRVFRQWUD
HOSULPHUR
4XH WDPSRFR YD\D D SLOODPRV ²KH DTXt RWUR WHPD GH GLVWUDFFLyQ²
KDFLHQGR VHUPRQHV VREUH ³QXHVWUD GHXGD FXOWXUDO FRQ (VSDxD´ 1R FDEHQ
FXOSDV QL JUDWLWXGHV HQ OD FRPSUHQVLyQ FLHQWtILFD GH OD UHDOLGDG FRORQLDO 6H
WUDWD H[FOXVLYDPHQWH GH HQWHQGHU GH VHxDODU HQODFHV GH FDXVDV \ HIHFWRV

GHFLVLYRVSRUTXHHVHVRORTXHSXHGHWHQHUDOJ~QYDORUH[SOLFDWLYR\SUiFWLFR
HQHOSUHVHQWH
/RV FRPSOHMRV FXOWXUDOHV GH ODV GLVWLQWDV FODVHV \ FDSDV GH OD VRFLHGDG
JXDWHPDOWHFD SUHVHQWDQ SRU VXSXHVWR HOHPHQWRV IXQGDPHQWDOHV \
SUHGRPLQDQWHV GH FXOWXUD HVSDxROD ²GH FXOWXUD HXURSHD HQ VXV PRGDOLGDGHV
HVSDxRODV²
(VQDWXUDOVRQFODVHV\FDSDVTXHVHIRUPDURQRFRPHQ]DURQDIRUPDUVHHQ
ODFRORQLD(QXQDSDUWDGRDQWHULRUKHPRVLQGLFDGRTXHQRVyORODFXOWXUDGHO
LQGLRHVFRORQLDO/DGHOLQGLRHVVRODPHQWHODPiVFRORQLDOSRUTXHVHWUDWDGHO
VHFWRUPHQRVIDYRUHFLGRSRUHOGHVDUUROORHFRQyPLFR\JHQHUDOGHVSXpVGHOD
FRORQLD1ROHYDQOHMRVORVSUROHWDULRVUXUDOHVODGLQRVKHUHGHURVGLUHFWRVGH
ODFDSDPHGLDUXUDOEDMDVXUJLGDGXUDQWHODFRORQLD
+D\ PiV HOHPHQWRV XQLYHUVDOHV GH FXOWXUD HQ ORV JUXSRV DFWXDOHV PHMRU
XELFDGRV HFRQyPLFDPHQWH SRUTXH VRQ ORV TXH GLVSRQHQ GH PHGLRV SDUD
SRQHUVHHQFRQWDFWRFRQHOGHVDUUROORGHOPXQGR\SDUDDGTXLULUORVELHQHVTXH
GLFKRGHVDUUROORSURSRUFLRQD/DJDPDGHFXOWXUDTXHYDGHORPiVFRORQLDOD
OR PiV XQLYHUVDO FRLQFLGH FRQ OD HVFDOD VRFLDO TXH YD GH OD PiV RSULPLGR \
H[SORWDGRDORPiVDFRPRGDGR\H[SORWDGRU1RSRGtDVHUGHRWURPRGR
3HURGpPRVOHXQYLVWD]RDODVXQWRGHOD³GHXGDFXOWXUDOVLQHQUHGDPRVHQ
ODHVFROiVWLFDGHOD³DFXOWXUDFLyQ´
/RVFRQTXLVWDGRUHV\SULPHURVSREODGRUHVDVtFRPRORVLQPLJUDQWHV\ORV
IXQFLRQDULRVGHWRGRWLSR²LQFOXLGRVHQOXJDUPX\LPSRUWDQWHORVUHOLJLRVRV²
WUDMHURQ FRQVLJR \ SDUD Vt HO FRPSOHMR FXOWXUDO TXH HUD SURSLR GH VXV
UHVSHFWLYDVFODVHVHQ(VSDxDHQODVpSRFDVVXFHVLYDVGHVXWUDVODGRD,QGLDV
9LQLHURQ FRQ VX FXOWXUD SRU OD VHQFLOOD UD]yQ GH TXH OD FXOWXUD HV
FRQVXEVWDQFLDODOKRPEUHTXHODOOHYD²QRHUDSRVLEOHTXHODGHMDUDQHQFDVD
² $KRUD ELHQ FRPR OD FXOWXUD HV HO FRQMXQWR GH UHFXUVRV PDWHULDOHV H
LQWHOHFWXDOHV TXH PDQHMD XQ FRQJORPHUDGR SDUD GRPLQDU OD UHDOLGDG
FLUFXQGDQWH \ VHUYLUVH GH HOOD RFXUUH TXH OD FXOWXUD GH ORV FRORQL]DGRUHV
RSHUD FRPR FRQMXQWR GH UHFXUVRV TXH VLUYHQ WDPELpQ SDUD GRPLQDU ORV
KRPEUHV GHO SDtV FRORQL]DGR 3RU VHU HOOR DVt OD FXOWXUD VH WUDQVPLWH R VH
QLHJD²VHUHVHUYDFRPRIDFWRUGHGRPLQLR²GHDFXHUGRFRQODVQHFHVLGDGHV
GHODGRPLQDFLyQ/DDFFLyQGHHVDOH\KLVWyULFDVHREVHUYDFRQWRGDFODULGDG
HQHOSURFHVRFRORQLDOJXDWHPDOWHFR\EDUUHFRQDTXHOODJHQHURVDLOXVLyQGH

TXH³(VSDxDQRVGLRVXFXOWXUD´/DFXOWXUDHVSDxRODVHSUR\HFWyDWUDYpVGH
PHFDQLVPRV PX\ GLIHUHQWHV HQ SURSRUFLRQHV PX\ GHVLJXDOHV VREUH ODV
GLVWLQWDVFODVHV\FDSDVJHQHUDGDVSRUODGRPLQDFLyQ²\HVREYLRTXHMDPiV
IXHXQUHJDOR²
$O IXQGDU FLXGDGHV HVSDxRODV SDUD YLYLU HQ HOODV ORV FRORQL]DGRUHV
FUHDURQFHQWURVGHFXOWXUDHVSDxROD&RQHOORQROHREVHTXLDURQQDGDDQDGLH
(QVXOXJDUKHPRVHVWXGLDGRODHVHQFLDGHODFLXGDG FRORQLDO\ KHPRV YLVWR
TXHHUDXQFHQWURGHGRPLQLR\GHGLVIUXWHSDUDORVGRPLQDGRUHV >@6HGDED
HQ HOOD XQD FRQFHQWUDFLyQ GH FXOWXUD HVSDxROD WUDVSODQWDGD DVRFLDGD DO
ELHQHVWDUJHQHUDOTXHJR]DEDQORVGRVJUXSRVGRPLQDQWHVORFDOHVORVFULROORV
\ORVUHSUHVHQWDQWHVGHODPRQDUTXtD
(O KHFKR GH TXH ORV FULROORV KD\DQ VLGR QXPpULFDPHQWH ORV SULQFLSDOHV
GHSRVLWDULRVGHHVDFXOWXUDHVSDxRODVXSHULRUQRVLJQLILFDHQPRGRDOJXQRXQ
³OHJDGR´ (O HVWXGLR GHO QDFLPLHQWR GH OD FODVH FULROOD D SDUWLU GHO Q~FOHR
FRQTXLVWDGRU \ GH VX FRQVROLGDFLyQ FRPR IXHU]D FRORQL]DGRUD LQGLVSHQVDEOH
SDUDFRQVROLGDUHOLPSHULRQRVUHYHOyFRQWRGDFODULGDGTXHVHWUDWDEDGHXQ
VHFWRU HVSDxRO TXH GHVDUUROOy FRQWUDGLFFLRQHV FRQ OD PRQDUTXtD \ TXH VH
GHILQLyFRPRFODVH(VSDxDQROHGLRVXFXOWXUDDORVFULROORVHOORVSRVH\HURQ
OD FXOWXUD HVSDxROD HQ WRGR PRPHQWR SRUTXH OD UHFLELHURQ Gp ORV
FRQTXLVWDGRUHV\ODFRQVHUYDURQFRQEDVHHQHOSRGHUHFRQyPLFRTXHWDPELpQ
KHUHGDURQGHDTXHOORVSULPHURVHVSDxROHVOOHJDGRVDODFRORQLD/RVSULPHURV
FULROORV HUDQ HVSDxROHV SRU UD]D \ SRU FXOWXUD \ VX FRQGXFWD GH FODVH HV XQ
RFXSDFLRQDOHV\WDUHDVHVSHFtILFDVDVtFRPRVLWXDFLRQHVMXUtGLFDVGLIHUHQWHV
WRGR HOOR HQ IXQFLyQ GH ODV UHQWDV GH OD FRURQD GH OD SURVSHULGDG GH ORV
FULROORV \ GHO PDQWHQLPLHQWR GHO LPSHULR +XER SXHV FDSDV XUEDQDV GH
DUWHVDQRV \ SURYHHGRUHV GH SURIHVLRQDOHV \ HPSOHDGRV GH JHQWH SREUH
GHVRFXSDGD R HPSOHDGD HQ RILFLRV PX\ PDO UHPXQHUDGRV FDSDV UXUDOHV GH
ODGLQRVPHQHVWHURVRVHQODVKDFLHQGDVGHLQGLRVULFRVFRQDXWRULGDG\ODJUDQ
FODVH GH LQGLRV VLHUYRV &DGD XQR GH HVRV VHFWRUHV UHFLELy ORV HOHPHQWRV GH
FXOWXUDHVSDxRODTXHFRQYHQtDQDVXGRPLQDFLyQ\DOWLSRGHSURGXFWLYLGDGTXH
GHHOORVVHHVSHUDEDSDUDSURYHFKRGHODFRURQD\GHORVFULROORV1XQFDPiV
TXHHVR/RVDUWHVDQRVUHFLELHURQODVWpFQLFDV DUWHVDQDOHV QHFHVDULDVSDUDOD
FRPRGLGDGGHODYLGDXUEDQD\DTXHHVSDxROHV\FULROORVQRHVWDEDQHQSODQ
GH WUDEDMDU HQ DUWHVDQtDV QL HQ QDGD TXH QR IXHUD DGPLQLVWUDU \ JREHUQDU
5HFLELHURQWDPELpQORVDUWHVDQRVVXUHJODPHQWRHVSDxROIRUPDURQVXVJUHPLRV
HVSDxROHV\WXYLHURQVXV6DQWRV3DWURQRVHVSDxROHV7RGRORFRQYHQLHQWHDVX
IXQFLyQGHVHUYLGRUHVGHHVSDxROHV\FULROORVTXHQRHUDQDUWHVDQRV
7DPELpQKDFLDODPDVDGHORVLQGLRVVHILOWUDURQORVHOHPHQWRVGHFXOWXUD
HVSDxRODFRQYHQLHQWHV$OJXQRVLQVWUXPHQWRVGHPHWDOSDUDSURGXFLUPiVSHUR
QR GHPDVLDGR PHWDO TXH UHVXOWDED SHOLJURVR 6XV SXHEORV \ PXQLFLSLRV
HVSDxROHV VXV DOFDOGHV LQGLRV YHVWLGRV ³D OD HVSDxROD´ SDUD UHIRU]DU VX
DXWRULGDG VXV FRIUDGtDV HVSDxRODV VXV GDQ]DV HVSDxRODV \ VX UHOLJLyQ
HVSDxROD HWF SHUR QR OOHJy DOOt &/ LGLRPD HVSDxRO QL HO FROHJLR QL OD
8QLYHUVLGDG HVSDxROD D HVWDV LQVWLWXFLRQHV WXYLHURQ DFFHVR DOJXQRV LQGLRV
HMHPSOR QRWDEOH GH FyPR HVRV GRV IDFWRUHV DXQ KDOOiQGRVH MXQWRV QR
FRPSDFWDQ D ORV KRPEUHV VL ORV LQWHUHVHV HFRQyPLFRV QR OHV VRQ WDPELpQ
FRPXQHV
(OKHFKRGHTXHORVFULROORVKD\DQVLGRGHVGHODFRORQLDXQJUXSRVRFLDO
FRQ JUDYLWDFLyQ ORFDO HQIUHQWDGR D OD PRQDUTXtD HQ PXFKRV DVSHFWRV \
OODPDGRDVDFXGtUVHODQRVLJPILFDGHQLQJXQDPDQHUDTXHVXFXOWXUDHVSDxROD
KD\DVLGRSRUHVRSDWULPRQLRGHODVRFLHGDGJXDWHPDOWHFDFRORQLDO£7RGROR
FRQWUDULRHUDDTXpOODXQDFODVHFHUUDGDFRPRYLPRVFHORVDGHVXSDWULPRQLR
PDWHULDOHLQWHOHFWXDOXQDFODVHTXHOHMRVGHGLIXQGLUODFXOWXUDHVSDxRODWXYR
SURIXQGRVPRWLYRVSDUDPDQWHQHUODHQWUHVXVYHQWDMDVH[FOXVLYDV
(QORTXHUHVSHFWDDODVGHPiVFODVHV\FDSDVFRORQLDOHVHOHVWXGLRTXHGH
HOODV KHPRV KHFKR QRV GHPRVWUy FyPR HO UpJLPHQ OHV DVLJQy FDPSRV
 
QREOHVQLODHTXLWDFLyQHVSDxRODQLORVDOHJUHVFDQWRVHVSDxROHVSRUTXHORV
LQGLRV ³HVWiQ PHMRU FRQ VX LJQRUDQFLD TXH QR DGYHUWLGRV \ DYLVDGRV´ FRPR
GHFtDFRQIUDQTXH]DHOFXOWRFURQLVWDDTXLHQWDQWDVUHYHODFLRQHVOHGHEHPRV
>@
(Q FXDQWR D ORV ODGLQRV PHQHVWHURVRV UXUDOHV KXER SDUD HOORV PX\ SRFD
FXOWXUD SRUTXH VX PiV H[LWRVD H[SORWDFLyQ VH ORJUDED FRQ QR GDUOHV QDGD \
DUULQFRQDUORVHQODVKDFLHQGDV(QFRQWUDURQVLQHPEDUJRHQHOPXQGRDMHQR
HQ TXH QDFLHURQ XQ LGLRPD TXH KLFLHURQ VX\R XQRV SRFRV LQVWUXPHQWRV \
FRQRFLPLHQWRV GH WUDEDMR FDPSHVWUH SDUD VREUHYLYLU \ HQULTXHFHU D ORV
KDFHQGDGRVDOJXQDEHELGDHPEULDJDQWHSDUDKXLUGHODUHDOLGDG\SRFDVFRVDV
PiV6XHQRUPHGHVQXGH]FXOWXUDODVtFRPRWRGDODLQFXOWXUDTXHPDUFKDEDDO
ODGRGHODFXOWXUDFRORQLDOGHORVVHFWRUHVSREUHVHVDOJRTXHWDPELpQKDEUtD
TXH HFKDU HQ OD FXHQWD GH ³QXHVWUD GHXGD FXOWXUDO FRQ (VSDxD´ VL WDO FXHQWD ²9²
IXHUDOyJLFD\SRVLEOH3HURQRHVSRVLEOHQLOyJLFDQLQJ~QLPSHULRKDH[LVWLGR
QXQFD SDUD HOHYDU HO QLYHO GH YLGD GH DTXHOORV VREUH TXLHQHV VH H[WLHQGH
DXQTXHHYHQWXDOPHQWHKD\DRFXUULGRWDOFRVDHQODPHGLGDTXHFRQYHQtDDOD (StORJRSDUDHOFURQLVWDFULROOR
H[SORWDFLyQ ²ILQ YHUGDGHUR \ ~QLFR GH WRGRV ORV LPSHULDOLVPRV² R FRPR
UHVXOWDGR QR GHVHDGR GH ODV FRQWUDGLFFLRQHV SURSLDV GH WRGR VLVWHPD GH
/DV~OWLPDVSDODEUDVGHHVWHOLEURKDQGHDOXGLUDOSHUVRQDMHTXHQRVVDOLy
FODVHV
DO HQFXHQWUR HQ ODV SULPHUDV SiJLQDV \ QRV DFRPSDxy SRU ORV FDPLQRV GHO
$IXHU]DGHVHUKLMRVGHODGRPLQDFLyQHVSDxRODKHPRVOOHQDGRODSDODEUD
5HLQRGH*XDWHPDODHQHOVLJOR ;9,,HOFURQLVWDFULROORFX\DREUDHVWXSHQGD
(VSDxDGHFRQWHQLGRVPiJLFRV²OD³PDGUH´SDWULD²\OHDWULEXLPRVGLFKDV\
OOHQDGHSDVLyQ\HVFULWDSDUDGHIHQGHU\DILUPDUORVGHUHFKRVGHVXFODVHHQ
GHVGLFKDVTXHSURYLHQHQGHIHQyPHQRVREMHWLYRVSHUIHFWDPHQWHGHILQLGRVSRU
XQD WUDPD GH FRQWUDGLFFLRQHV VRFLDOHV QRV SHUPLWLy SHQHWUDU HQ HVD WUDPD \
ODFLHQFLD DFDSDUDPLHQWRGHODVIXHQWHVGHULTXH]DGHSHQGHQFLD HFRQyPLFD
HQFRQWUDU FODYHV GHFLVLYDV SDUD OD FRPSUHQVLyQ GH QXHVWUR SDVDGR 2WURV
FODVHVVRFLDOHVH[SORWDFLyQFDSLWDOLVPRFRORQLDOLVPRHWF
JUDQGHV GRFXPHQWRV QRV KDQ VHUYLGR PXFKR WDPELpQ SHUR QLQJXQR FRPR OD
5HFRUGDFLyQ)ORULGDODEHULQWRGHULTXH]DKLVWyULFDLQDJRWDEOH
¢4XH QR HVWXYR HQ OD LQWHQFLyQ GHO FURQLVWD MDPiV DFODUDPRV WRGR OR TXH
QRV DFODUy" (V LJXDO QR OH HVWDPRV GDQGR ODV JUDFLDV VLQR VHxDODQGR OD
LPSRUWDQFLD LQVXSHUDEOH GH VX GRFXPHQWR $GHPiV UHFRUGHPRV TXH ORV
KRPEUHV TXH UHIOHMDQ VX PHGLR \ VX pSRFD ORV KRPEUHV UHSUHVHQWDWLYRV QR
VXHOHQWHQHUFRQFLHQFLDGHWRGRORTXHUHIOHMDQ
¢4XH IXH XQ KDFHQGDGR H[SORWDGRU D]RWDGRU GH LQGLRV IDQiWLFR
SURSDJDQGLVWD GH ORV SUHMXLFLRV GH VX FODVH" 1R LPSRUWD SUR\HFWy VX
SHUVRQDOLGDGHQXQPDQXVFULWRGHFDVLGRVPLOSiJLQDVGHGLFDGDVDVXSDtV²
ORFXDOQRHVFRUULHQWHHQKDFHQGDGRV²\QRKD\PHMRUIXHQWHKLVWyULFDSDUD
DYHULJXDUTXpHUDXQKDFHQGDGRFRORQLDOFXiOHVHUDQVXVSUHMXLFLRVGHFODVH\
TXpFRQGLFLRQHVHFRQyPLFDV\VRFLDOHVFRQFUHWDVORVPRWLYDEDQ
¢4XH OD SDWULD TXH pO GHIHQGtD QR HV OD TXH QRVRWURV TXHUUtDPRV SDUD
QXHVWURVKLMRV²VLQYHUGXJRVTXHODSURIDQHQVLQHVFODYRV\VLQWLUDQRVFRPR
VHH[SUHVDHQQXHVWUR+LPQR²"(VFLHUWRSHURODFRQIURQWDFLyQGHXQD\RWUD
QRV SHUPLWH FRPSUREDU TXH OD LGHD GH SDWULD WDPELpQ WLHQH XQ GHVDUUROOR
KLVWyULFR\TXHVXWUD\HFWRULDYDGHVGHXQDSDWULDGHSRFRVKDFLDXQDSDWULDGH
WRGRV
'RQ)UDQFLVFR$QWRQLRGH)XHQWHV\*X]PiQPXULyHQDJRVWRGH>@
(Q GLFLHPEUH GH  VH SUHVHQWy VX KLMR DO $\XQWDPLHQWR GH *XDWHPDOD
SDUD KDFHU GHYROXFLyQ GH XQRV GRFXPHQWRV GHO DUFKLYR GH GLFKD LQVWLWXFLyQ

 
TXHSHUPDQHFtDQHQVXFDVD>@
$O DxR VLJXLHQWH DSDUHFH OD ILUPD GHO KLMR ²FRQ ORV PLVPRV QRPEUHV \
DSHOOLGRV GHO FURQLVWD² FRPR KHUHGHUR GH HQFRPLHQGDV \ UHFODPDQGR XQRV
WULEXWRVTXHVHOHDGHXGDEDQDVXSDGUH>@
(QSLGHTXHVHOHHQYtHQFRQUHJXODULGDGORVLQGLRVGHXQRVSXHEORV
TXHOHHVWDEDQ³VHxDODGRV\UHSDUWLGRV´>@