Está en la página 1de 16

&DStWXOR

&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR
&DQWDUGHORVFDQWDUHV
,QWURGXFFLyQ

(OQRYLRDVXQRYLDYLUJHQ

£&XiQKHUPRVRVVRQWXVDPRUHVHVSRVDPtD
£&XiQWRPHMRUHVTXHHOYLQRWXVDPRUHV\HORORUGHWXVXQJHQWRVTXHWRGDVODVHVSHFLDVDURPiWLFDV

&RPRSDQDOGHPLHOGHVWLODQWXVODELRVRKHVSRVDPLHO\OHFKHKD\GHEDMRGHWXOHQJXD

+XHUWRFHUUDGRHUHV«HVSRVDPtDIXHQWHFHUUDGDIXHQWHVHOODGD

7XVUHQXHYRVVRQSDUDtVRGHJUDQDGRVFRQIUXWRVVXDYHV««FRQWRGDVODVSULQFLSDOHVHVSHFLDVDURPiWLFDV

)XHQWHGHKXHUWRVSR]RGHDJXDVYLYDVTXHFRUUHQGHO/tEDQR
/DQRYLDYLUJHQ

/HYiQWDWH$TXLOyQ\YHQ$XVWUR
6RSODGHQPLKXHUWRGHVSUpQGDQVHVXVDURPDV
9HQJDPLDPDGRDVXKXHUWR\FRPDGHVXGXOFHIUXWD
(OQRYLR
<RYLQHDPLKXHUWRHVSRVDPtD+HUHFRJLGRPLPLUUD\PLVDURPDV


KHFRPLGRPLSDQDO\PLPLHOPLYLQR\PLOHFKHKHEHELGR
&RUR
&RPHGDPLJRVEHEHGHQDEXQGDQFLDRKDPDGRV &DQWDUHV² 

(O&DQWDUGHORV&DQWDUHVWLHQHYDULDVLQWHUSUHWDFLRQHV3HURPXFKRVSDVDQSRUDOWRHOVLJQL¿FDGREiVLFR
SULQFLSDO(QHVWHHOPiVJUDQGHFDQWRYHPRVHOSODFHUGHOHVSRVR\ODHVSRVDDOFRPSDUWLUVXDPRUGHIRUPD
ItVLFD$WUDYpVGHODFDQFLyQVHEXVFDQPXWXDPHQWHFRQSDVLyQ/OHJDQDIRUPDU³XQDVRODFDUQH´/D%LEOLD
PXHVWUDFODUDPHQWHTXHODVUHODFLRQHVVH[XDOHVHQHOPDWULPRQLRWLHQHQHOSURSyVLWRGHGDUSODFHUDODSDUHMD
(QHVWHFDStWXORLQYHVWLJDUHPRVFyPRHOHVSRVR\ODHVSRVDSXHGHQGLVIUXWDUGHVXH[SHULHQFLDVH[XDOSRUWRGD
ODYLGDPDWULPRQLDO

/HFFLRQHV
(OLQLFLRGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
2EMHWLYR$ 5HVXPLUUD]RQHVSDUDHOVH[RHQHOPDWULPRQLR
2EMHWLYR%,QGLFDUGLIHUHQFLDVHQORVGHVHRVVH[XDOHVGHORVKRPEUHV\GHODVPXMHUHV
 2EMHWLYR&&RPHQWDUVREUHODVH[SHFWDWLYDVODDFHSWDFLyQ\HOSDVDGRFRQUHODFLyQDOVH[RHQHO
PDWULPRQLR
2EMHWLYR'([SOLFDUFyPRHOHVSRVRSXHGHHYLWDUHOHUURUVH[XDOPiVFRP~QHQHOPDWULPRQLR
/DFRQWLQXDFLyQGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
2EMHWLYR$ 5HVXPLUODQHFHVLGDGGH¿GHOLGDG\VDWLVIDFFLyQVH[XDOHQHOPDWULPRQLR
 2EMHWLYR%([SOLFDUFRVDVTXHODHVSRVDGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVR
2EMHWLYR&([SOLFDUFRVDVTXHHOHVSRVRGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVD
2EMHWLYR''HVFULELUFyPRSURWHJHUHOWLHPSRGHHVWDUMXQWRV\DMXVWDUVHDOFDPELRHQHOPDWULPRQLR
(OPDQHMRGHORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
 2EMHWLYR$ ,GHQWL¿FDUUD]RQHVSDUDORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
2EMHWLYR%([DPLQDUVROXFLRQHVSDUDORVSUREOHPDVVH[XDOHVHQHOPDWULPRQLR


(OLQLFLRGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
/HFFLyQ 2EMHWLYR$ 5HVXPLUUD]RQHVGHOVH[RHQHOPDWULPRQLR
2EMHWLYR%,QGLFDUGLIHUHQFLDVHQORVGHVHRVVH[XDOHVGHORVKRPEUHV\GHODVPXMHUHV
 2EMHWLYR&&RPHQWDUVREUHODVH[SHFWDWLYDVODDFHSWDFLyQ\HOSDVDGRFRQUHODFLyQDOVH[RHQHO
PDWULPRQLR
2EMHWLYR'([SOLFDUFyPRHOHVSRVRSXHGHHYLWDUHOHUURUVH[XDOPiVFRP~QHQHOPDWULPRQLR

$ ,QLFLHQVXYLGDVH[XDOHQWHQGLHQGRODVFXDWURUD]RQHVSDUDHOVH[R
HQHOPDWULPRQLR
/D%LEOLDHVWDEOHFHFXDWURUD]RQHVSRUODVTXH'LRVGLRODH[SHULHQFLDVH[XDODORV 3  ¢&XiOHVVRQODV
HVSRVRV\DODVHVSRVDV UD]RQHVGHOVH[RHQHO
PDWULPRQLR"
3ULPHUR OD UHODFLyQ VH[XDO²VH[R HQWUH HO HVSRVR \ OD HVSRVD²HV OD PDQHUD
GH FUHDU QXHYD YLGD 'LRV FUHy DO KRPEUH \ D OD PXMHU ORV EHQGLMR \ OHV GLMR TXH
IUXFWL¿FDUDQ\VHPXOWLSOLFDUDQ *Q 
6HJXQGRHOVH[RHQWUHHOHVSRVR\ODHVSRVDHYLWDODLQPRUDOLGDGVH[XDO 0LHQWUDV
TXHODFDPDPDWULPRQLDOHVVDQWDHOVH[RIXHUDGHOPDWULPRQLRHVSHFDGR +H $Vt
SXHV&RULQWLRVQRVGLFHTXHODJHQWHGHEHEXVFDUHOPDWULPRQLRFRPRXQDPDQHUD
VDQWDGHVDWLVIDFHUVXVGHVHRVVH[XDOHV
7HUFHURHOVH[ROOHYDDOHVSRVR\DODHVSRVDDOD³XQLGDG´ /OHJDQDVHU³XQDVROD
FDUQH´³3RUWDQWRGHMDUiHOKRPEUHDVXSDGUH\DVXPDGUH\VHXQLUiDVXPXMHU\
VHUiQXQDVRODFDUQH´ *Q (QODUHODFLyQVH[XDOHOHVSRVR\ODHVSRVDDSDUWDQ
VXDWHQFLyQGHVtPLVPRV\VHSUHRFXSDQSRUVXSDUHMD6HLQWHUHVDQWDQWRHOXQRSRUHO
RWURFRPRGHVXVSURSLDVQHFHVLGDGHVVH[XDOHV\HPRFLRQDOHV(OVH[RHQHOPDWULPRQLR
XQHHOFXHUSRHODOPD\HOHVStULWX³¢1RKL]RpOXQRKDELHQGRHQpODEXQGDQFLDGH
HVStULWX" ¢< SRU TXp XQR" 3RUTXH EXVFDED XQD GHVFHQGHQFLD SDUD 'LRV *XDUGDRV
SXHVHQYXHVWURHVStULWX\QRVHiLVGHVOHDOHVSDUDFRQODPXMHUGHYXHVWUDMXYHQWXG´
0DO (OVH[RHQHOPDWULPRQLRUHQXHYD\UHVWDXUDHODPRUHQWUHHOHVSRVR\OD
HVSRVD
&XDUWRHOVH[RHVSDUDHOGHOHLWH\HOSODFHUHQWUHHOHVSRVR\ODHVSRVD (VWH
SODFHUORVDQLPDDGHOHLWDUVHHOXQRFRQHORWUR(OSODFHUGHQWURGHOFRPSURPLVRGHO
PDWULPRQLRHVFRPRXQLPiQTXHPDQWLHQHVXDWUDFFLyQPXWXD/DUHODFLyQVH[XDOGHQWUR
GHOPDWULPRQLRHVXQDIRUPDGLYHUWLGD\VDWLVIDFWRULDGHFRPSDUWLUHODPRU(OFUH\HQWH
TXHVHVLHQWHFXOSDEOHSRUGLYHUWLUVHHQODFDPDFRQVXFyQ\XJHQHFHVLWDGLVFHUQLUTXH
HVHVHQWLGRGHFXOSDELOLGDGQRYLHQHGH'LRV&DQWDUGHORV&DQWDUHVQRVHQVHxDTXH
'LRVTXLHUHTXHORVHVSRVRV\ODVHVSRVDVVHGLYLHUWDQMXQWRVVH[XDOPHQWH(OSODQGH
'LRVHVTXHODSDUHMDGLVIUXWHGHOVH[RPXWXDPHQWH
(VWDV FXDWUR UD]RQHV PXHVWUDQ SRU TXp OD UHODFLyQ VH[XDO HV XQD SDUWH ~QLFD \
SRGHURVDGHOPDWULPRQLR(OPDWULPRQLRSHUPLWHWHQHUWLHPSRSDUDTXHFUH]FDXQDYLGD
VH[XDODEXQGDQWH3HURHVEXHQRFRPHQ]DUELHQ3RUORWDQWRYHDPRVFyPRWHQHUXQ
EXHQFRPLHQ]RVH[XDOFRPRSDUHMDUHFLpQFDVDGD
% ,QLFLHQVXYLGDVH[XDOSRQLpQGRVHGHDFXHUGRVREUHORVKLMRV\HO
FRQWUROGHODQDWDOLGDG
/DUHODFLyQVH[XDOSXHGHFUHDUKLMRV3HURHVHQRHVVX~QLFRSURSyVLWR6LIXHUDVyOR 3
SRUHVDUD]yQODVSDUHMDVVyORQHFHVHWDUtDQWHQHUUHODFLRQHVXQRVSRFRVGtDVFDGDPHV
/DPD\RUtDGHODVKHPEUDVHQHOPXQGRDQLPDOGHVHDQHOVH[RFRQXQPDFKRSRUXQRV
SRFRVGtDVFDGDDxR²SDUDTXHGDUSUHxDGDV3HURODPXMHUGHVHDUHODFLRQHVVH[XDOHVFRQ
VXHVSRVRGXUDQWHWRGRHODxR1RREVWDQWHHOWHPRUDORVHPEDUD]RVSXHGHREVWDFXOL]DU
HODPRUVH[XDO8QHPEDUD]RSUHPDWXURSXHGHWUDHUGL¿FXOWDGHVHQHOPDWULPRQLR/D

 &DStWXOR 0DWULPRQLR\IDPLOLD

SDUHMDGHEHKDEODUFRQYHQLU\HOHJLUXQSODQSDUDORVKLMRVDQWHVGHLQLFLDUVXVUHODFLRQHV
VH[XDOHV+D\PXFKDVSDUHMDVTXHGHVHDQHVSHUDUXQRVPHVHV\RWUDVXQRVDxRVSDUD
WHQHUKLMRV(VWROHVGDWLHPSRSDUDGLVIUXWDUVHPXWXDPHQWHIRUWDOHFHUVXV¿QDQ]DV\
DMXVWDUVHDVXYLGDGHFDVDGRV
&,QLFLHQVXYLGDVH[XDOFRQRFLHQGRODVGLIHUHQFLDVHQWUHORVKRPEUHV\
ODVPXMHUHV
7RPiV QXQFD KDEtD FRQGXFLGR XQ FRFKH 1R WHQtD QLQJ~Q HQWUHQDPLHQWR SHUR Vt
PXFKRGHVHR1RVDEtDFyPRSRQHUOHJDVROLQDDXQFRFKHQLFyPRPHGLUOHHODFHLWH1R
HVWDEDVHJXURGHFXiOHUDHOSHGDOTXHFRQWURODEDORVIUHQRVRODYHORFLGDG6RODPHQWH
3 FRQRFtDHOVLJQL¿FDGRGHDOJXQDVVHxDOHVGHWUiQVLWR6LQHPEDUJRVHLPDJLQDEDFyPR
VHUtDGHGLYHUWLGRSRGHUFRQGXFLU3RGtDYHUVHFRUULHQGRDOWRPDUODVFXUYDV\VXELHQGR
KDFLDODFLPDGHODFROLQD¢$TXLpQOHJXVWDUtDLUDOODGRGH7RPiVHQHOFRFKHTXHpO
PDQHMD"6HJXUDPHQWHWRGRVSUHIHULUtDQTXHpODSUHQGLHUDSULPHURDFRQGXFLUELHQ
 ¢4XpHVSRUQRJUDItD ([LVWHXQDPDQHUDFRUUHFWD\XQDLQFRUUHFWDGHDSUHQGHUVREUHHOVH[R3RUHMHPSORXQD
\SRUTXpHVPDOD" IRUPDLQFRUUHFWDHVDSUHQGHUORSRUPHGLRGHOD SRUQRJUDItD(VWHXQSHFDGRTXH6DWDQiV
DSURYHFKD/DVUHYLVWDVODVIRWRVODVSHOtFXODVORVYLGHRV\ORVEDLOHVSRUQRJUi¿FRVVRQ
XQDIXHQWHGHGLQHURSDUDTXLHQORVSURGXFH\GHSODFHUVH[XDOSDUDORVHVSHFWDGRUHV/DV
SHUVRQDVTXHVRQXWLOL]DGDVSDUDODVIRWRVHWFSXHGHQVHUDYHUJRQ]DGDVGHVKRQUDGDV\
KHULGDV$ORVTXHYHQGHQODSRUQRJUDItDQROHVLPSRUWDFyPRRWURVVHDQXVDGRVFRQWDO
TXHHOHVSHFWDGRUFRQVLJDQH[FLWDUVHVH[XDOPHQWH/DSRUQRJUDItDGHVWUX\HORVGHVHRV
VH[XDOHVQDWXUDOHV<ORVTXHODSUDFWLFDQSXHGHQOOHJDUDVHUFRPSOHWDPHQWHHJRFpQWULFRV
UHVSHFWRDOVH[RSHQVDQGRHQRWURVFRPRREMHWRVTXHXWLOL]DQSDUDVXSODFHU1RYHQDODV
RWUDVSHUVRQDVFRPRLQGLYLGXRVFUHDGRVDODLPDJHQGH'LRV(VDDFWLWXGFRQOOHYDGRORU
HQ OD UHODFLyQ PDWULPRQLDO 5HFKDFH HO PiV PtQLPR SDVR KDFLD OD SRUQRJUDItD (YLWH
LQFOXVRPLUDUODFRPLGDHQODPHVDGHOGLDEORSRUTXHHVYHQHQR
3 $OJXQRV GLFHQ TXH OD JHQWH GHEH WHQHU H[SHULHQFLD VH[XDO DQWHV GHO PDWULPRQLR
+HPRV HVWXGLDGR \D OD LQVHQVDWH] GH HVWR$SUHQGHU VREUH HO VH[R DO SUDFWLFDUOR HVWi
OLPLWDGR VRODPHQWH DO PDWULPRQLR 6LQ HPEDUJR DQWHV GH OD ERGD KD\ PXFKR TXH
DSUHQGHU KDEODQGR \ HVWXGLDQGR (Q XQ FDStWXOR DQWHULRU PHQFLRQDPRV ORV OLEURV
VREUH HO WHPD SRU /D+D\H \ :KHDW (VWRV OLEURV WLHQHQ HQVHxDQ]DV DFHUFD GHO VH[R
HQ HO PDWULPRQLR (Q DOJXQRV SDtVHV TXL]iV SLHQVHQ TXH HVWRV OLEURV VRQ GHPDVLDGR
H[SOtFLWRV3DGUHVDQWHVGHTXHVXVKLMRVVHFDVHQXVWHGHVGHEHQHQVHxDUOHVVREUHORV
DVXQWRVVH[XDOHV6LQRHVDVtDSUHQGHUiQGHRWURV(OSDGUHGHEHHQVHxDUDVXKLMR\
ODPDGUHDVXKLMD7DPELpQXQDQFLDQRFRQVHMHURHQODLJOHVLDSRGUtDKDEODUGHHVWRV
DVXQWRVFRQDOJXLHQTXHHVWpSODQHDQGRFDVDUVH1RLPSRUWDODIXHQWHGHODHGXFDFLyQ
VH[XDOXQDSHUVRQDTXHHVWiSUy[LPDDFDVDUVHGHEHDSUHQGHUVREUHHOFXHUSRPDVFXOLQR
\HOIHPHQLQR(OFXDGURGHOD)LJXUDKDFHXQDFRPSDUDFLyQHQWUHORVKRPEUHV\ODV
PXMHUHVVREUHYDULRVWHPDVVH[XDOHV
'LIHUHQFLDVVH[XDOHVEiVLFDVHQWUHORVKRPEUHV\ODVPXMHUHV
/DPD\RUtDGHORVKRPEUHV /DPD\RUtDGHODVPXMHUHV
3XHGH HVWDU FRQWHQWD FRQ PHQRV VH[R QR GHVHD WHQHU
'HVHDWHQHUUHODFLRQHVVH[XDOHVDPHQXGRSRUHMHPSORGRVR
UHODFLRQHV GXUDQWH VX FLFOR PHQVWUXDO²VX ÀXMR GH VDQJUH
PiVYHFHVFDGDVHPDQD
PHQVXDO
$OYHUHOFXHUSRIHPHQLQRVLHQWHHOGHVHRGHWHQHUUHODFLRQHV
'HVHDVH[RSRUUHODFLyQWRFDUKDEODU\URPDQFH
VH[XDOHV
3XHGHGLVIUXWDUGHOVH[RHQFDVLWRGRPRPHQWR 'HEHVHQWLULQWLPLGDGSDUDGLVIUXWDUOR
6XGHVHRVH[XDOVHGLVSDUDUiSLGDPHQWHFRPRVHSUHQGHXQ 6XGHVHRDXPHQWDOHQWDPHQWHFRPRHODJXDTXHWRPDWLHPSR
IyVIRUR SDUDKHUYLU
3XHGHDOFDQ]DUHO FOtPD[UiSLGDPHQWH 1HFHVLWDPiVWLHPSRSDUDDOFDQ]DUHOFOtPD[
&RQWLQ~DHQODVLJXHQWHSiJLQD
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

3XHGHFHQWUDUVHHQHOVH[RIiFLOPHQWHVLQLPSRUWDUORTXHHVWp 6HGLVWUDHIiFLOPHQWHSRUHODPELHQWHORVRORUHVODVXFLHGDG
VXFHGLHQGR ORVUXLGRVRODFDUHQFLDGHODDLVODPLHQWR
1HFHVLWDHOFOtPD[SDUDJR]DUGHOVH[R 3XHGHHQFRQWUDUDJUDGDEOHHOVH[RVLQHOFOtPD[
*HQHUDOPHQWHSXHGHQFRQVHJXLUHQHUJtDDGLFLRQDOSDUDHOVH[R 'LVPLQX\HVXGHVHRVLVHVLHQWHFDQVDGD
)LJXUD 'LIHUHQFLDVVH[XDOHVJHQHUDOHVHQWUHORVKRPEUHV\ODVPXMHUHV

(VSRVR VL XVWHG GHVHD WHQHU UHODFLRQHV VH[XDOHV FRQ VX HVSRVD HQ OD QRFKH 3  6LHOHVSRVRGHVHD
SODQLILTXHGHDQWHPDQR&RPLHQFHDVHPEUDUVHPLOODVGHDPDELOLGDGSRUODPDxDQD WHQHUVH[RFRQVXHVSRVD
\ GHPXpVWUHOH VX DPRU D WUDYpV GHO GtD 1R SLHQVH HQ HO VH[R VyOR FRPR XQ HQODQRFKH¢FyPRSXHGH
SODQHDUORGHDQWHPDQR"
DFRQWHFLPLHQWRVLQRFRPRHOIUXWRGHVXDPLVWDG\UHODFLyQFRQVXHVSRVD7RPH
WLHPSRSDUDKDEODUFRQHOODKiJDOHSUHJXQWDVDFHUFDGHVXGtDVRQUtDOH\HVF~FKHOD
FXLGDGRVDPHQWHFXDQGRKDEOH$\~GHOHHQVXVTXHKDFHUHVFRPDFRQHOOD\YD\DQ
WHPSUDQRDODFDPDDQWHVGHTXHHOODVHFDQVHGHPDVLDGR£(QHOGRUPLWRULRQRVH
SRUWH FRPR XQ VDOYDMH 0iV ELHQ VHD DSDFLEOH DEUiFHOD \ KiEOHOH VXDYHPHQWH
$FDUtFLHOD GH XQD IRUPD TXH OH EULQGH SODFHU 'HOH PDVDMHV HQ HO FXHOOR OD
HVSDOGDORVSLHV\SUHJ~QWHOHTXpOHJXVWDPiV%pVHODVXDYHPHQWHFRPRDHOOD
OH JXVWH \ DJUDGp]FDOH SUR VHU XQD HVSRVD WDQ EXHQD SDUD XVWHG (OyJLHOD FRQ
VLQFHULGDG SRU VX EHOOH]D GH FDUiFWHU SRU VX HVStULWX \ SRU VX FXHUSR 'tJDOH
FXiQWRODDPD¢$FXiQWRVGHQRVRWURVQRVJXVWDQORVHORJLRV\QXQFDQRVFDQVDQ"
6XHVSRVDQXQFDVHFDQVDUiGHRtUODVFRVDVEXHQDV DV
TXHXVWHGSXHGHGHFLUOH3RFRDSRFRFRPHQ]DUiQ iQ
VXV GHVHRV VH[XDOHV FRPR XQ FDUEyQ HQFHQGLGR LGR
FDPELD HO KXPR SRU HO IXHJR LQWHQVR £6X HVSRVDRVD
SXHGH YRODU SHUR HOOD QHFHVLWD XQD SLVWD ODUJD
+DJDGHOVH[RDOJRTXHVXHVSRVDGLVIUXWH²XQD
H[SUHVLyQGHVXUHODFLyQFDULxRVDÈPHODFRPR
XVWHGVHDPDDVtPLVPR8QFRQVHMHURVDELRGLMR MR
TXHHVEXHQRSDUDODSDUHMDSDVDUXQDKRUDHQVX VX
UHODFLyQVH[XDO(VXQWLHPSRHVSHFLDO\VDQWRSDUD DUD
)LJXUD (VSRVRSDUDFRPHQ]DUXQDQRFKHURPiQWLFD
GLVIUXWDUMXQWRV DOJXQDVYHFHVD\~GHOHDVXHVSRVDFRQODVWDUHDVGHOKRJDU

',QLFLHQVXYLGDVH[XDOFRQH[SHFWDWLYDVUHDOLVWDVVHQVDWDV
/DVH[SHFWDWLYDVVH[XDOHVVRQHVSHUDQ]DVHLGHDVTXHODJHQWHWLHQHVREUHHOVH[R/DV 3  ¢&XiOHVVRQDOJXQRV
H[SHFWDWLYDVVRQFUHDGDVHQPXFKDVIRUPDV²\DVHDEXHQDVRPDODV/DVH[SHFWDWLYDVGH RUtJHQHVGHODVH[SHFWDWLYDV
ODSHUVRQDSXHGHQIRUPDUVHSRUPHGLRGHKLVWRULDVGHXQDFXOWXUDSRUQRJUDItDSHOtFXODV VH[XDOHV"
VXHxRVFRQYHUVDFLRQHVLPDJLQDFLyQRH[SHULHQFLDVSUHYLDV/DVSULPHUDVH[SHULHQFLDV
VH[XDOHVHQHOPDWULPRQLRTXL]iVQRVHDQORTXHODVSHUVRQDVHVSHUDEDQRVHLPDJLQDEDQ
(VWRSXHGHWUDHUGHViQLPR(VPHMRUOOHJDUDOPDWULPRQLRFRQSHQVDPLHQWRVFODURV$
FRQWLQXDFLyQYHUHPRVFXDWURYHUGDGHVVREUHODH[SHULHQFLDVH[XDOHQHOPDWULPRQLR
 6H WRPD WLHPSR SDUD TXH OD SDUHMD GHVDUUROOH UHODFLRQHV VH[XDOHV TXH OH 3
DJUDGDQ (OSODQEtEOLFRHVTXHHOSODFHUVH[XDOVHDSDUDHOHVSRVR\SDUDODHVSRVD
&DGD SHUVRQD²\ FDGD SDUHMD²HV ~QLFD /DV GLIHUHQFLDV EiVLFDV HQWUH ORV KRPEUHV \
ODVPXMHUHVQRORGHVFULEHQWRGR3RUHMHPSORXQDHVSRVDSRGUtDGHVHDUPiVVH[RTXH
VXHVSRVR(VWRQRHVORTXHVXFHGHFRQPiVIUHFXHQFLDSHURHVSRVLEOH2FLHUWRHVSRV
SRGUtDVHQWLUSRFRSODFHUVLODHVSRVDQRGLVIUXWDVH[XDOPHQWHGHpO+D\XQDDPSOLD
JDPDGHFRPSRUWDPLHQWRVH[XDOVDQRHQORVKRPEUHV\ODVPXMHUHV&DGDSDUHMDVHUi
~QLFDHQVXH[SHULHQFLD
/DSDUHMDGHFDVDGRVQHFHVLWDWLHPSRSDUDDSUHQGHUORTXHOHVVDWLVIDFHPXWXDPHQWH
/DVFRVDVTXHGDQSODFHUSXHGHQVHUGLIHUHQWHVGHXQDSHUVRQDDRWUD/DVFRVDVTXH
GDQSODFHUSXHGHQFDPELDUHQODSHUVRQDGHYH]HQFXDQGR(VWRTXLHUHGHFLUTXHXQD
SULPHUDQRFKHSHUIHFWD\DSDVLRQDGDHQWUHGRVSHUVRQDVTXHVRQYtUJHQHVHVUDUD/D
 &DStWXOR 0DWULPRQLR\IDPLOLD

SDUHMDQRGHEHVHQWLUVHDYHUJRQ]DGDQLGHVDQLPDGDSRUODVSULPHUDVH[SHULHQFLDV/D
UHODFLyQVH[XDOHQHOPDWULPRQLRVHPHMRUDFDGDYH]PiVDPHGLGDTXHSDVDQORVDxRV
(OHVSRVR\ODHVSRVDDSUHQGHQDFRPSODFHUVHPXWXDPHQWHFXDQGRKDEODQ\SUDFWLFDQ
FRVDVQXHYDVMXQWRV
3
'HXWHURQRPLRGLFH³&XDQGRDOJXQRIXHUHUHFLpQFDVDGRQRVDOGUiDODJXHUUD
QLHQQLQJXQDFRVDVHOHRFXSDUiOLEUHHVWDUiHQVXFDVDSRUXQDxRSDUDDOHJUDUDOD
PXMHUTXHWRPy´
 ¢(OHVSRVRGHEH  7RGDYtD KD\ QHFHVLGDG GH FRQWURO VH[XDO HQ HO PDWULPRQLR 0DWULPRQLR QR
H[LJLUVH[RFXDQGRORGHVHD" TXLHUH GHFLU TXH HO VH[R HVWi GLVSRQLEOH HQ WRGR PRPHQWR /DV SDUHMDV DPRURVDV D
([SOLTXH YHFHVHVSHUDQSDUDVDWLVIDFHUVXV QHFHVLGDGHVVH[XDOHV/DHQIHUPHGDGODWULVWH]DHO
HPEDUD]RODFDUHQFLDGHSULYDFLGDGHOFDQVDQFLRORVYLDMHVRORVWLHPSRVGHRUDFLyQ
\D\XQRSXHGHQOLPLWDUHOVH[R'XUDQWHHVRVWLHPSRVODSDUHMDGHEHSUDFWLFDUFRQWURO
VH[XDO£5HFXHUGH-HV~VQRVHQVHxyDDPDUQRVXQRVDRWURVQRVyORDQRVRWURVPLVPRV
-Q 
3  ¢3RUTXpODHVSRVD  /DUHODFLyQHQWHUDGHXQDSDUHMDDIHFWDVXYLGDVH[XDO $VtFRPRXQDSDSDR
QRGLVIUXWDGHOVH[RGHVSXpV XQD PDQ]DQD GDxDGD DIHFWD WRGD OD EROVD FRPR OD OHYDGXUD DIHFWD WRGR HO SDQ XQ
GHKDEHUWHQLGRXQFRQÀLFWR SUREOHPD HQ FXDOTXLHU SDUWH GH OD UHODFLyQ PDWULPRQLDO DIHFWD WRGD OD UHODFLyQ /RV
FRQVXHVSRVR"
SOHLWRV HQWUH HO HVSRVR \ OD HVSRVD FDXVDUiQ IULDOGDG HQ VX YLGD VH[XDO (VWR HV
HVSHFLDOPHQWHFLHUWRSDUDODHVSRVDSRUTXHHOODGHEHVHQWLULQWLPLGDGHPRFLRQDOSDUD
GLVIUXWDU GHO VH[R /RV SOHLWRV ODV SDODEUDV KLULHQWHV \ ODV SUHVLRQHV HFRQyPLFDV
DIHFWDUiQODYLGDVH[XDOGHODSDUHMD'HVSXpVGHXQSOHLWRHOHVSRVRSRGUtDTXHUHU
KDFHU ODV SDFHV \ WHQHU UHODFLRQHV VH[XDOHV²SHUR OD HVSRVD SRGUtD QHFHVLWDU YDULDV
KRUDVSDUDTXHVDQHQVXVHPRFLRQHV(VSRVRQRSHOHHFRQVXHVSRVD6LXVWHGGHVHD
UHFRJHUODPLHOQRSDWHHODFROPHQD
&DQWDUGHORV&DQWDUHVFXHQWDGHXQDYH]FXDQGRODHVSRVDUHFKD]yDVXHVSRVR
(Q HVRV GtDV HO UH\ \ VX HVSRVD FRQ IUHFXHQFLD GRUPtDQ HQ FXDUWRV VHSDUDGRV (OOD
HVWDED GRUPLGD FXDQGR pO OOHJy D FDVD WDUGH 6H VLQWLy DOWHUDGD SRUTXH OD GHVSHUWy D
PHGLDQRFKH²DVt TXH VH QHJy D DEULUOH OD SXHUWD 'HVSXpV GH XQRV PLQXWRV HOOD VH
GHVSHUWyFRPSOHWDPHQWHGHVXVXHxR\GHFLGLyGDUOHODELHQYHQLGD3HURHUDGHPDVLDGR
WDUGH eO VH KDEtD LGR 6X RUJXOOR PDVFXOLQR
IXH ODVWLPDGR SRU VX UHFKD]R (OOD OR EXVFy £-(6Ò6126(16(fÏ$
SDUDKDFHUODVSDFHVSHURQRSXGRHQFRQWUDUOR $0$5126/268126$/26
SRU XQ WLHPSR $Vt TXH DPERV VH VLQWLHURQ
27526126Ï/2$12627526
PDOSRUXQWLHPSRKDVWDTXHVROXFLRQDURQHO
DUJXPHQWR(VWHHMHPSORQRVHQVHxDTXHORV 0,6026 -8$1 
SOHLWRVDIHFWDQHOVH[RGHQWURGHOPDWULPRQLR
3  $\XGD FRPXQLFDUVH HQWUH Vt GXUDQWH OD UHODFLyQ VH[XDO 0XFKDV SHUVRQDV
HQFXHQWUDQGLItFLOKDEODUFRQVXSDUHMDGHORVVHQWLPLHQWRVVH[XDOHV(VWRSXHGHYHQLUGH
XQDLGHDFXOWXUDOVREUHODPRGHVWLD7DPELpQDOJXQRVHUUDQDOSHQVDUTXHSXHVWRTXHHO
VH[RHVQDWXUDOHOFyQ\XJHGHEHVDEHUORTXHHVDJUDGDEOH$YHFHVQRKDEODUGHOVH[R
UHVXOWDGHOWHPRUGHVHUVLQFHUR3RUHMHPSORHOHVSRVRTXL]iVQRVHSDFyPRUHVSRQGHUi
ODHVSRVDDORTXHDpOOHJXVWD4XL]iVHOODHVWpKDFLHQGRDOJRTXHDpOQROHJXVWD$Vt
TXH pO WHPH KHULU VXV VHQWLPLHQWRV VL VH OR GLFH 8Q HVSRVR VROXFLRQy HVWH SUREOHPD
JXDUGDQGRVLOHQFLRVREUHODVFRVDVTXHQROHJXVWDEDQSHURGHFLUOHDVXHVSRVDFXDQGR
HOODKDFtDDOJRTXHOHJXVWDED&XDOTXLHUIRUPDGHFRPXQLFDFLyQD\XGD/DVSDUHMDVTXH
JR]DQPiVGHOVH[RVRQODVTXHHQFXHQWUDQODIRUPDGHFRPXQLFDUORTXHOHVDJUDGD
&DGDFyQ\XJHGHEHEXVDFDUDPDUGHODPDQHUDTXHPiVDJUDGDDORWUR
 ¢3RUTXpOD ( ,QLFLHQVXYLGDVH[XDOFRQDFHSWDFLyQ
DFHSWDFLyQHVLPSRUWDQWH
SDUDHOVH[RHQHO &XDQGR'LRVFUHyD$GiQ\D(YDHVWDEDQGHVQXGRV *Q 3HURQLQJXQRGHORV
PDWULPRQLR" GRVVHDYHUJRQ]yGHVXDSDULHQFLD\VHDFHSWDURQPXWXDPHQWH(VWHQLYHOGHDFHSWDFLyQ
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

HQHOPDWULPRQLRHVEXHQR'LRVHVHO&UHDGRUGHFDGDSHUVRQD$VtTXHWRGRVORVHVSRVRV
\WRGDVODVHVSRVDVGHEHQVHQWLUVHELHQSRUODPDQHUDHQTXH'LRVORVKDFUHDGR
+D\SRFRVFXHUSRVSHUIHFWRV/DSRUQRJUDItD\ODVUHYLVWDVGHPRGDVXVDQIRWRV
GH FXHUSRV FDVL SHUIHFWRV 0XFKRV GH ORV TXH DSDUHFHQ HQ UHYLVWDV \ HQ WHOHYLVLyQ
VH KDQ VRPHWLGR D FLUXJtDV²HVRV FDPELRV ORV SXHGHQ KDFHU SDUHFHU PiV DWUDFWLYRV
VH[XDOPHQWH3HURODDFHSWDFLyQHVHOUHVXOWDGRGHDPDUVHDVtPLVPR\DVXFyQ\XJH
VDELHQGR TXH 'LRV HV HO &UHDGRU$Vt TXH QR GHVHH VHU PiV DOWR QL PiV EDMR PiV
GHOJDGRQLPiVJRUGRPiVPRUHQRQLPiVEODQFR(VSRVRQXQFDFRPSDUHHOFXHUSR
GHVXHVSRVDFRQHOGHRWUDPXMHUGHXQDIRUPDPDOD$FpSWHODWDOFRPRHV(VSRVDQR
FULWLTXHHOFXHUSRGHVXHVSRVRQLGHVHHTXHpOVHDFRPRRWURKRPEUH$FpSWHORFRPR
HOUHJDORTXH'LRVOHKDGDGRDXVWHG/DDFHSWDFLyQHQIDWL]DODVFRVDVGHOFyQ\XJH
TXHGHOHLWDQ
(OPDWULPRQLRQRHVXQOXJDUSDUDTXHORVHVSRVRVVHMX]JXHQ(OSURSyVLWRGHODV
UHODFLRQHVVH[XDOHVQRHVHYDOXDUQLFUtWLFDU'XUDQWHHOVH[RHOHVSRVR\ODHVSRVDHVWiQ
GHVQXGRVHOXQRDQWHHORWUR²ItVLFD\HPRFLRQDOPHQWH(OVH[RSURIXQGR\PDUDYLOORVR
QR H[LJH GH H[SHULHQFLD SDVDGD ([LJH GH IUDQTXH]D \ DFHSWDFLyQ SRU HO HVSRVR \ OD
HVSRVD/DIDOWDGHDFHSWDFLyQVHSDUDDODSDUHMD3RUHMHPSORVLHOHVSRVROHGLFHD
VXHVSRVDTXHQROHJXVWDFyPRVHYHOHKHULUiVXVVHQWLPLHQWRV/XHJRHOODQRVHQWLUi
SODFHUDOWHQHUVH[RFRQpO3HURVLpOODDFHSWD\HORJLDVXDSDULHQFLDHVWROHSHUPLWHD
HOODVHQWLUSODFHUDOHVWDUGHVQXGDGHODQWHGHpO
&DQWDUGHORV&DQWDUHVPXHVWUDFyPRHOKRPEUH\ODPXMHUDFHSWDURQVXVFXHUSRV
PXWXDPHQWH (O DPDGR OH KDEOD D VX DPDGD GH OD EHOOH]D TXH YH HQ HOOD &QW 
  < OD DPDGD OH PXHVWUD HO SODFHU TXH HOOD HQFXHQWUD HQ VX FXHUSR &QW 
 (VWRVVHQWLPLHQWRVGHDFHSWDFLyQH[SUHVDGRVFRQSDODEUDVSURGXFHQVHJXULGDGHQ
HO GRUPLWRULR /D DFHSWDFLyQ HQ HO PDWULPRQLR GD ULHQGD VXHOWD D OD SDUHMD SDUD
FRPSDUWLUWRGRVXVHUHOXQRFRQHORWUR
/DDPDGDGH&DQWDUHVVDEtDTXHVXSLHOHUDGLIHUHQWH+DEtDOOHJDGRDVHUPiVRVFXUD
SRUTXHWUDEDMDEDDIXHUD6HQWtDFRPRVLODVPXFKDFKDVGHODFLXGDGODPLUDEDQ¿MDPHQWH
GHELGR D VX SLHO RVFXUD &QW   &RQ WRGR HOOD \ VX DPDGR HQFRQWUDURQ EHOOH]D
HQ OR TXH RWURV SXGLHURQ KDEHU UHFKD]DGR 6XV SDODEUDV GH HORJLR KLFLHURQ DXPHQWDU 3
VXFRQ¿DQ]D/DDFHSWDFLyQGHVXHVSRVRERUUyWRGRVXPLHGRHLQVHJXULGDGVREUHVt
PLVPD
(VSRVR DFHSWH D VX HVSRVD \ KiEOHOH FRQ SDODEUDV VLQFHUDV GH HORJLR VREUH VX
DSDULHQFLD£&XDQGRXQDPXMHUVDEHTXHVXFXHUSROHDJUDGDDVXHVSRVRVHVLHQWHD
JXVWRDOFRPSDUWLUORFRQpO(VSRVDDFHSWHDVXHVSRVRWDOFRPRpOHV(OyJLHORSRUVX
DSDULHQFLD(VWRORDQLPDUiDVHUXQHVSRVR¿HOXQEXHQDPDQWH\XQEXHQSDGUH
) ,QLFLHQVXYLGDVH[XDOFRQVLQFHULGDGDFHUFDGHVXSDVDGR
+D\SHUVRQDVTXHQRVRQYtUJHQHVFXDQGRVHFDVDQ3HURODFDPDFRQ\XJDOHVVyOR  ¢/DSHUVRQDSXHGH
SDUDGRV(OWLHPSRSDUDKDEODUHOSDVDGRHVDQWHVGHFDVDUVH/XHJRODVH[SHULHQFLDV VHUVLQFHUDVLQQHFHVLGDGGH
DQWHULRUHV\ORVUHFXHUGRVGHEHQHFKDUVHDOROYLGR1XQFDFRPSDUHDVXFyQ\XJHFRQ FRQWDUWRGRVORVGHWDOOHVGH
VXSDVDGR"([SOLTXH
RWURDPDQWH3DUDWHQHUXQEXHQFRPLHQ]RGHEHKDEHUVLQFHULGDGVREUHHOSDVDGR
6LXVWHGQRKDVLGRSXURHVWDVFXDWURDFFLRQHVSXHGHQD\XGDUOH 3  ¢4XHGHEHKDFHU
% $UUHSLpQWDVHVLWRGDYtDQRORKDKHFKR$SiUWHVHGHORVSHFDGRVSDVDGRV\YXpOYDVH XQDSHUVRQDTXHVHYDD
DODJUDFLDGH'LRV FDVDUQRVLHQGRYLUJHQ"
% 5HFLEDHOSHUGyQGHODSHUVRQDFRQODTXHXVWHGVHFDVDUi
% /LEpUHVHGHORVVHQWLPLHQWRV\ORVUHFXHUGRV(VWDHVXQDGHFLVLyQYROXQWDULD&XDQGR
DSDUH]FDQORVSHQVDPLHQWRV\VHQWLPLHQWRVPDORVQRSLHQVHHQHOORV&DGDYH]TXHOH
OOHJXHQVHQWLPLHQWRV\UHFXHUGRVPDORVUHFKiFHORV6XVWLW~\DORVFRQSHQVDPLHQWRV
GHVXFyQ\XJH
 &DStWXOR 0DWULPRQLR\IDPLOLD

% 5HFKDFHODFXOSDELOLGDGVLHVTXHOOHJD5HStWDVHODYHUGDGGHOSHUGyQ³6LFRQIHVDPRV
QXHVWURVSHFDGRVpOHV¿HO\MXVWRSDUDSHUGRQDUQXHVWURVSHFDGRV\OLPSLDUQRVGH
WRGDPDOGDG´ -Q 
8QDKLVWRULDDQWLJXDFXHQWDGHXQDYLXGDTXHVHFDVyVLHWHYHFHV6XVSULPHURVVHLV
HVSRVRVPXULHURQ\HOVpSWLPRVHVHSDUyGHHOOD&XDQGRHOMXH]OHSUHJXQWyDOKRPEUH
SRUTXpODGHMDEDpOGLMR³<RQRTXHUtDVHSDUDUPHGHHOOD3HURQRKD\OXJDUSDUDPtHQ
HOGRUPLWRULR0HVDFDURQGHODFDPDORVDQWLJXRVHVSRVRVTXHHOODVHJXtDWUD\HQGRDOD
FDPD´
*,QLFLHQVXYLGDVH[XDOHYLWDQGRHOHUURUPiVFRP~Q
3  ¢&XiOHVHOHUURU (OHUURUPiVFRP~QGHXQDQXHYDSDUHMDHVTXHHOHVSRVRWHQJDSULVD(OUHFLpQFDVDGR
PiVFRP~QGHXQHVSRVR HVWiJHQHUDOPHQWHLPSDFLHQWHDSXUDGR\OLVWRSDUDWHQHUVH[R3HURODPD\RUtDGHODV
MRYHQ" UHFLpQFDVDGDVQHFHVLWDQWLHPSRGXO]XUD\SULYDFLGDG(VFRP~QHVWDUFDQVDGRGHVSXpV
GHODFHOHEUDFLyQGHODERGD3XHGHVHUTXHODHVSRVDQHFHVLWHWLHPSRSDUDGHVFDQVDU
DQWHVGHFRPHQ]DUVXUHODFLyQVH[XDO(OHVSRVRGHEHVHUSDFLHQWHFRQHOOD(ODFWRGH
DPRUGHEHYHQLUGHVSXpVGHODHVWLPXODFLyQ²WRPDQGRWLHPSRSDUDKDEODUDFDULFLDUVH
EHVDUVH\DEUD]DUVH(OHVSRVH[SUHVDUSDODEUDVGHDPRUDVXHVSRVD(OODGHEHVDEHUTXH
VXGHVHRHVSRUHOOD²QRVyORSRUHOVH[R(OODQRHVVyORXQREMHWRSDUDVXVDWLVIDFFLyQeO
ODGHVHDFRPRSHUVRQD²\DHOODVRODPHQWH7DPELpQGHEHGHPRVWUDUOHVXSUHRFXSDFLyQ
SRUFXDOTXLHUGRORUTXHHOODSXGLHUDVHQWLUFXDQGRHVWiDSXQWRGHURPSHUVX KLPHQ²HO
VHOORGHVXYLUJLQLGDG&RQWRGRGHEHLQWHQWDUGHVSHUWDUHQHOODVXGHVHRVH[XDOSRU
HQFLPDGHFXDOTXLHUWHPRU
/RVFRPLHQ]RVVRQHPRFLRQDQWHV\XQSRFRDWHUUDGRUHV7RGDSDUHMDUHFLpQFDVDGD
TXLHUHTXHVXYLGDVH[XDOFRPLHQFHELHQ6XSDVLyQFRPSDUWLGDORVXQLUiGHXQDPDQHUD
3 SRGHURVD²HVR HV HPRFLRQDQWH 3HUR HVWDUiQ GHVQXGRV WDQWR ItVLFD FRPR
HPRFLRQDOPHQWH²\ HVWR SRGUtD DVXVWDU R DYHUJRQ]DU D XQR R D ORV GRV /RV YRWRV
PDWULPRQLDOHV GDQ VHJXULGDG SDUD HVWH QXHYR FRPLHQ]R 6X FyQ\XJH SURPHWLy QR
UHFKD]DUOR$VtSXHVUHOiMHVH\GLVIUXWHGHOFRPLHQ]R
8QQLxRSHTXHxRHVWDEDDQWHVXSULPHUGtDGHHVFXHOD
+DEtD SDVDGR WRGRV ORV GtDV GH VX YLGD KDVWD KR\ DO
ODGRGHVXVSDGUHVeOKDEtDRtGRDOJXQRVFRPHQWDULRV
DFHUFDGHODHVFXHOD\HVWDEDPX\HPRFLRQDGR3HURD
PHGLGDTXHVHDFHUFDEDDODHVFXHODDFRPSDxDGRGHVX
SDGUHFRPHQ]yDVHQWLUVHDVXVWDGR¢4XpVLQRFRQRFtDD
QDGLH"¢4XpVLWRGRVPHQRVpOVDEtDQTXpKDFHU"¢4Xp
VL HO PDHVWUR SHQVDED TXH pO \D SRGtD OHHU" 6X SDGUH
ORWRPyGHODPDQRFXDQGRVHDFHUFDEDQDODHVFXHOD
¢³9HV HVH iUERO HQ OD HVTXLQD GHO HGL¿FLR" &XDQGR )L )LJX
JXUD
JX 
 8Q8QQQLx
LxR
Lx RSX
R SXHG
HGH
HG H
WHUPLQHQODVFODVHVHVWDUpDOOtPLVPRHVSHUiQGRWH´(O KD KDFH
FHUO
FHUOHIUHQWH
UO WHD
WH DV
VLW
LWXD
XDFL
XD FLRQ
FLRQHV
RQ HV
HV
QLxRVHVLQWLyPHMRU6HJXURGHODSURPHVDGHVXSDGUH QX QXHY
HYDV
HY DVVLHV
DV HVWi
HV WiV
VHJ
HJXUXUR
XU RGH
R GHO
GH O
FDPLQyDODXODOLVWRSDUDGHVFXEULUXQPXQGRQXHYR DPRUGH
DP HVX
H VXSSDG
DGUH
UH
UH 

/DFRQWLQXDFLyQGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
/HFFLyQ 2EMHWLYR$ 5HVXPLUODQHFHVLGDGGH¿GHOLGDG\VDWLVIDFFLyQVH[XDOHQHOPDWULPRQLR
 2EMHWLYR%([SOLFDUFRVDVTXHODHVSRVDGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVR
2EMHWLYR&([SOLFDUFRVDVTXHHOHVSRVRGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVD
2EMHWLYR''HVFULELUFyPRSURWHJHUHOWLHPSRGHHVWDUMXQWRV\DMXVWDUVHDOFDPELRHQHOPDWULPRQLR

&RQWH[WR
(VEXHQRFRPHQ]DUELHQXQDFDUUHUD3HURHVD~QPiVLPSRUWDQWHWHUPLQDUODELHQ
$KRUDYHDPRVFyPRFRQWLQXDUFRQXQDYLGDVH[XDOTXHVDWLVIDFHDOHVSRVR\DODHVSRVD
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

$0DQWpQJDVH¿HODVXFRPSDxHUR
(O SHRU GDxR SDUD XQ PDWULPRQLR HV OD LQ¿GHOLGDG (VWH HV XQ SHFDGR WDQ JUDYH
FRQWUDHOPDQGDPLHQWRGHVHUXQDVRODFDUQHTXHHO6HxRU-HV~VSHUPLWLyHOGLYRUFLR
HQHVWHFDVR 0W $WUDYpVGHO$QWLJXR7HVWDPHQWR'LRVGLMRTXH,VUDHOFRPHWtD
DGXOWHULRHVSLULWXDODOEXVFDURWURVGLRVHV/RVLVUDHOLWDVQRVHSULYDURQGH-HKRYiVLQR
TXHDJUHJDURQRWURVGLRVHVDVXDGRUDFLyQ3HURHODPRUDOSDFWRH[LJHOHDOWDGDXQR 3  &RPSDUHOD
VRODPHQWHDXQR/RVLVUDHOLWDVQRSRGtDQDPDURWURVGLRVHV\WDPELpQD-HKRYi$Vt LGRODWUtDFRQHODGXOWHULR
TXH'LRVORVHQYLyDOFDXWLYHULRSRUTXHURPSLHURQHOSDFWR$VLPLVPR'LRVH[LJHDODV
SHUVRQDV¿GHOLGDGVH[XDOHQHOPDWULPRQLR³1RDGXOWHUDUiV´HVXQPDQGDPLHQWRGH
'LRV e[ ³/RTXH'LRVMXQWyQRORVHSDUHHOKRPEUH´ 0W 
%1RVHQLHJXHDGDUOHDVXFyQ\XJHVDWLVIDFFLyQVH[XDO
(OHVSRVR\ODHVSRVDGHEHQGHFLGLUUHVSRQGHUDODVQHFHVLGDGHVGHFDGDXQR3DEOR 3
HVFULELy HVWDV LQVWUXFFLRQHV D OD LJOHVLD HQ &RULQWR ³(O PDULGR FXPSOD FRQ OD PXMHU
HO GHEHU FRQ\XJDO \ DVLPLVPR OD PXMHU FRQ HO PDULGR´  &R   /RV FyQ\XJHV
GHSHQGHQHOXQRGHORWURSDUDODVDWLVIDFFLyQVH[XDOHQHOPDWULPRQLR1LHOHVSRVRQL
ODHVSRVDWLHQHHOGHUHFKRGHGHFLU³QR´DODVQHFHVLGDGHVVH[XDOHVGHOFyQ\XJH&DGD
XQRGHEHVHUVHQVLEOH\UHVSRQGHUDORWUR3HURWDPELpQGHEHQWHQHUODVHQVLELOLGDGGH
UHVSHWDUODFRQGLFLyQItVLFDGHVXSDUHMD(OTXHDPDYHUGDGHUDPHQWHQRLQVLVWHHQWHQHU
UHODFLRQHVVH[XDOHVFXDQGRVXFyQ\XJHVHVLHQWHPDO
(OVH[RQXQFDVHGHEHFRQYHUWLUHQXQULWRQLHQXQKiELWRTXHVXFHGHVyORSRUTXHOD
SDUHMDHVWiVRODRWUDYH]HQODFDPD0iVELHQVHGHEHLQLFLDUSRUDPRU\GHVHR&XDQGR
HVWRVXFHGHQLQJXQRGHORVGRVGHEHUHFKD]DUDORWURSRUQLQJ~QPRWLYRSHTXHxR/D
UHODFLyQVH[XDOQXQFDVHGHEHYLQFXODUFRQUHFRPSHQVDVQLFDVWLJRV/DHVSRVDQXQFD
GHEHQHJDUVHDODUHODFLyQVH[XDOSDUDFDVWLJDURGLULJLUDVXHVSRVR
$QDEHOD HVWDED HQRMDGD FRQ VX HVSRVR eO HVSHUDED TXH WUDEDMDUD GHPDVLDGR /D
WUDWDEDFRPRDXQDFULDGDHQYH]GHHVSRVD0X\SRFDVYHFHVVDFDEDWLHPSRSDUDKDEODU
FRQHOOD3DUHFtDFRPRVLVyORGHVHDEDYHUODSDUDTXHOHGLHUDODFRPLGDRSDUDWHQHU
VH[R(OODVDEtDTXHVLVHTXHMDEDpOVHHQRMDUtD$VtTXHGHFLGLyKDEODUOHSRUPHGLRGH  ¢4XpFRQVHMROH
XQDSDUiERODGHDFFLRQHV&DGDYH]TXHpOTXHUtDWHQHUVH[RHOODOHGHFtDTXHOHGROtDOD GDUtDXVWHGD$QDEHOD"
FDEH]DRODHVSDOGD3DVDURQVHPDQDVSHURpOQRHQWHQGtDHOYHUGDGHURPHQVDMHTXHHOOD
OHHVWDEDFRPXQLFDQGR¢4XpGHEtDKDFHU$QDEHOD"
*ORULDXQDHVSRVDMRYHQHLQVHQVDWDYLRXQYHVWLGREHOORHQHOPHUFDGR(OODOHGLMRD
VXHVSRVRTXHOHJXVWDEDPXFKRHOYHVWLGR3DVDURQVHPDQDV(OHVSRVRIXHYDULDVYHFHV
DOPHUFDGRSHURQXQFDOHWUDtDHOYHVWLGR1RREVWDQWHODHVSRVDHVWDEDUHVXHOWD8QD
QRFKHFXDQGRVXHVSRVRVHOHDFHUFySDUDWHQHUVH[RHOODOHGLRODHVSDOGD+DFLHQGR
PDODFDUDOHGLMR³7~QRPHDPDVORVX¿FLHQWHFRPRSDUDUHJDODUPHXQYHVWLGR¢&RPR
SXHGR\RGDUOHPLFXHUSRDXQKRPEUHDVt"´$ODQRFKHVLJXLHQWHpOVHOHDFHUFyGH 3
QXHYR(OODVHOHHQWUHJySHURFRQPX\SRFDUHVSXHVWDFRPRVLHOVH[RIXHUDXQGHEHU
SDUDHOOD$OGtDVLJXLHQWHHOHVSRVRIXHDOPHUFDGR\OHFRPSUyHOYHVWLGR/DHVSRVD
VRQULyORWRPyGHODPDQR\ORFRQGXMRDODFDPD3HURGHVSXpVGHOSODFHUVH[XDOpO
VLQWLyXQDUDt]GHDPDUJXUDTXHFUHFtDHQVXLQWHULRU(VSRVLEOHJDQDUODEDWDOODSHUR
SHUGHUODJXHUUD
&(VSRVDDSUHQGDPiVDFHUFDGHVXHVSRVR
 (O HVSRVR GHVHD HO VH[R PiV D PHQXGR TXH VX HVSRVD (O GHVHR VH[XDO GHO  ¢&yPRSXHGH
KRPEUHHVJHQHUDOPHQWHPiVIXHUWHTXHHOGHODPXMHU(OODSXHGHDXPHQWDUVXGLVSRVLFLyQ ODHVSRVDSUHSDUDUVHSDUD
SDUDODUHODFLyQVH[XDOSHQVDQGRHQVXHVSRVR\HQHOSODFHUTXHpOOHGD*UDQSDUWHGHO GLVIUXWDUGHOVH[R"
GHVHRIHPHQLQRFRPLHQ]DHQODPHQWH/DDPDGDHQ&DQWDUHVSHQVDEDHQVXHVSRVR\
DQKHODEDXQLUVHFRQpO³£2KVLpOPHEHVDUDFRQEHVRVGHVXERFD«$WUiHPHHQSRV
GHWLFRUUHUHPRV(OUH\PHKDPHWLGRHQVXVFiPDUDV´ &QW 
 &DStWXOR 0DWULPRQLR\IDPLOLD

3  (OHVSRVRGLVIUXWDGHYHUHOFXHUSRGHVXHVSRVD (VWDHVXQDIXHQWHLPSRUWDQWH


GHSODFHUSDUDORVKRPEUHV'LRVFUHyDOKRPEUHFRQHOGHVHRGHYHUDVXHVSRVDGHVQXGD
$OJXQDVPXMHUHVVHDYHUJHQ]DQ\SUH¿HUHQQRGHVQXGDUVHQLXVDUURSDVHGXFWRUDHQHO
GRUPLWRULR 4XLHUHQ WHQHU OD UHODFLyQ VH[XDO HQ OD RVFXULGDG (VWR OH TXLWD DO KRPEUH
HOJR]RGHYHUHOFXHUSRGHVXHVSRVD(OFXHUSRQRWLHQHTXHVHUSHUIHFWRSDUDTXHVHD
IXHQWHGHSODFHU3HURODHVSRVDGHEHFXLGDUVXFXHUSRSDUDPDQWHQHUOREHOOR(OKRPEUH
SXHGHKDFHUTXHVXHVSRVDVHVLHQWDELHQDOHVWDUGHVQXGDKDFLpQGROHVLHPSUHHORJLRV
VREUHVXFXHUSR²\QXQFDGHFLUQDGDQHJDWLYRDFHUFDGHHOOD/DVSDODEUDVVXDYHV\OD
OX]WHQXH²FRPRODOX]GHXQDYHOD²SXHGHQFRPSODFHUDODSDUHMD
 ¢&XiOHVVRQ  (OHVSRVRTXLHUHTXHVXHVSRVDVHVLHQWDOLEUH /DWLPLGH]\ODPRGHVWLDWLHQHQ
PDQHUDVHQTXHHOHVSRVR VXYDORU3HURSLHUGHQPXFKRGHVXYDORUHQODFDPDPDWULPRQLDO(OHVSRVRUHFLEHSODFHU
SXHGHD\XGDUDVXHVSRVDD FXDQGRVXHVSRVDH[SORUD\DPDVXFXHUSR$OHVSRVROHDJUDGDFXDQGRHOODGLVIUXWDGH
VHQWLUPiVOLEHUWDGGXUDQWHOD
UHODFLyQVH[XDO"
pO/DHVSRVD HQ&DQWDUHVLQFOXVRWRPDODLQLFLDWLYDHQODVHGXFFLyQ(Q±OD
YHPRV EDLODU DQWH VX HVSRVR eO DGPLUD VX FXHUSR PLHQWUDV HOOD OR DWUDH DO DPRU /D
HVSRVDVHQWLUiPiVOLEHUWDGVLVXHVSRVROHSURYHHXQOXJDUGRQGHHOODVHVLHQWDVHJXUD
GHWHQHUSULYDFLGDG²GHWUiVGHXQDSXHUWDFRQOODYH1LQJXQDHVSRVDVHVLHQWHDJXVWR
HQODUHODFLyQVH[XDOVLORVKLMRVXRWUDVSHUVRQDVSRGUtDQRtURHQWUDUDOGRUPLWRULR3RU
ORWDQWRHOHVSRVRVDELR\DPRURVRSURSRUFLRQDXQOXJDUSULYDGR\VHJXURSDUDHODPRU
FRQ\XJDO
3  ¢&XiOHVVRQ ¢&yPRGHFLGHODSDUHMDFXiOHVVRQORVOtPLWHVSDUDODH[SHULHQFLDVH[XDO"3ULPHUR
ODVSDXWDVDVHJXLUSDUD QRKDJDQQDGDTXHDYHUJHQFHRKLHUDDQLQJXQRGHORVGRV6HJXQGRFXDOTXLHUFRVD
ORVOtPLWHVVH[XDOHVHQHO TXH URPSD ORV YRWRV PDWULPRQLDOHV HV LQFRUUHFWD 7HUFHUR QR KDJD QDGD TXH GDxH OD
PDWULPRQLR"
FRQFLHQFLD GH OD SHUVRQD 'HQWUR GH HVWDV SDXWDV OD SDUHMD SXHGH H[SHULPHQWDU FRQ
PXFKRVSODFHUHVVH[XDOHV
3  ¢4XpDXPHQWD  $OHVSRVROHJXVWDUHFLELUHORJLRVFXDQGRVDWLVIDFHDVXHVSRVD 0XFKDGH
FXDQGRODPXMHUHORJLDDVX ODFRQ¿DQ]DGHXQKRPEUHHVWiHQVXFDSDFLGDGVH[XDO6HVLHQWHPiVIXHUWH\FRQ¿DGR
HVSRVR" FXDQGR VDEH TXH HVWi FRPSODFLHQGR D VX HVSRVD /D HVSRVD QXQFD GHEH FULWLFDU OD
FDSDFLGDG VH[XDO GH VX HVSRVR 1R DXPHQWH VX DQVLHGDG VL GHELGR D OD WHQVLyQ ItVLFD
RHPRFLRQDOpOQRSXHGHFRPSODFHUOD'pMHOHVDEHUFyPRSXHGHVDWLVIDFHUOD(OyJLHOR
FXDQGRpOODFRPSOD]FDHPRFLRQDO\ItVLFDPHQWHeOVHHVIRU]DUiSDUDKDFHUORRWUDYH]
' (VSRVRDSUHQGDPiVVREUHVXHVSRVD
3  ¢&yPRSXHGHHO  $ OD HVSRVD OH JXVWD OD DWHQFLyQ GH VX HVSRVR
HVSRVRGHPRVWUDUTXHYDORUD GXUDQWHWRGRHOGtDQRVyORHQHOPRPHQWRHQTXH
DVXHVSRVDSDUDDOJRPiV pO GHVHD WHQHU VH[R /D PXMHU TXLHUH VHU YDORUDGD
TXHVH[R" FRPR XQD SHUVRQD VLQJXODU 3DUD HOOD HO VH[R HV XQD
SDUWH GH OD UHODFLyQ FRPSOHWD FRQ VX HVSRVR 6L HO
HVSRVR QR GHPXHVWUD LQWHUpV HQ VXV SHQVDPLHQWRV \
VHQWLPLHQWRVHOODVHVHQWLUi³XWLOL]DGD´GXUDQWHHOVH[R
/DEXHQDGLVSRVLFLyQGHOHVSRVRSDUDKDEODUHVFXFKDU
\ SUHVWDU DWHQFLyQ HQ WRGR VHQWLGR SURSRUFLRQD JR]R
DO DPRU VH[XDO GH OD HVSRVD (VSRVR GHPXHVWUH DPRU
ItVLFRDYHFHVVLQEXVFDUVH[R+DJDFRVDVDPDEOHVSDUD )LJXUD
UD
UD 

VXHVSRVDFXDQGRQRHVWpHVSHUDQGRPHWHUODHQODFDPD $ODPXMHUOHJX JXVW
JX VWD
DVH
VHQWLU
VH LUT
TXH
T XH
XH
(VWRODKDUiVHQWLUVHDPDGD\VXYLGDVH[XDOVHUiPHMRU VXHVSRVRVHS
SUH
UHRF
RFXS
RF XSDSR
XS SRU
SR U
HOODQRVyOR
RSR
R SRU
SRUHO
U HOV
HO VH[
V H[R
H[ R
3  ¢&yPRSXHGH  $ODHVSRVDOHJXVWDWHQHUD\XGDFRQHOWUDEDMR
D\XGDUHOHVSRVRDVXHVSRVD GHODFDVD (OHVSRVRRGLDRtUODVSDODEUDV³HVWR\GHPDVLDGRFDQVDGD´3HURODPD\RUtD
SDUDTXHWHQJDPiVHQHUJtD GHODVYHFHVHVWRQRHVXQDH[FXVD²HVODYHUGDG(QWRGRHOPXQGRODVPXMHUHVSRUOR
SDUDODVUHODFLRQHVVH[XDOHV"
JHQHUDOWUDEDMDQPiVTXHORVKRPEUHV(OKRPEUHSRUORJHQHUDOWLHQHXQPRPHQWRGHO
GtDHQTXHVXWUDEDMRWHUPLQD3HURODPXMHUFRQIUHFXHQFLDWUDEDMDWRGRHOGtD6LXVWHG
GHVHDYHUDVXHVSRVDFRQPiVHQHUJtDSDUDVXVUHODFLRQHVVH[XDOHVD\~GHOHPiVFRQHO
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

WUDEDMR$VtHOODQRHVWDUiWDQFDQVDGD7DPELpQHQVpxHOHVDORVKLMRVDD\XGDUFRQHO
WUDEDMRGHODFDVD
/D 'UD /DXUD HV XQD SUHVHQWDGRUD PX\ FRQRFLGD GH XQ SURJUDPD UDGLDO VREUH OD
IDPLOLD(OODGLFHTXHFXDQGRVXHVSRVROHD\XGDFRQORVTXHKDFHUHVGRPpVWLFRVHOODVH
VLHQWHH[FLWDGDVH[XDOPHQWH£3DUDHOODHOVRQLGRGHODHVFREDFXDQGRpOEDUUHHOVXHOR
HVHVWLPXODFLyQ
 $ OD HVSRVD OH JXVWD WHQHU PiV URPDQFH HQ VX YLGD &DQWDUHV GD EXHQDV 3  'HVFULEDDXQ
LOXVWUDFLRQHVGHFyPRLQLFLDUHOURPDQFH(QXQDPELHQWHURPiQWLFRWRGRVORVVHQWLGRV HVSRVRURPiQWLFR
FREUDQYLGD/DPHQWHVHGHVSLHUWD6HSUHSDUDXQDPELHQWHKHUPRVRSDUDODUHODFLyQ
VH[XDO/DIUDJDQFLDGHORVFXHUSRVOLPSLRV\SHUIXPDGRVHVWiSUHVHQWH(OVDERUGHOD
ERFDHVUHIUHVFDQWH\HOURFHGHODSLHOHVOHQWRWLHUQR\H[FLWDQWH+DFHQTXHODPXMHUVH
VLHQWDKHUPRVDYDOLRVD\DPDGD(OHVSRVRKDVWDSRGUtDGDUOHXQUHJDOR(OSODFHUGHHOOD
HVYDOLRVRSDUDpO(OHVSRVRTXHVHDFHUFDSDUDWHQHUUHODFLRQHVVH[XDOHVFRPRXQREUHUR
TXH KD HVWDGR WUDEDMDQGR HQ XQD WHUUD]D FDOLHQWH²VXFLR VXGRURVR H LPSDFLHQWH SRU
FRPSOHWDUHOWUDEDMR²QRHVXQHVSRVRURPiQWLFR&XDOTXLHUHVSRVRSXHGHDSUHQGHUD
DFHUFDUVHDVXHVSRVDGHXQPRGRURPiQWLFR²VHUiDPDEOHOLPSLRDUUHJODGRSDFLHQWH
DJUDGHFLGRMRYLDODPLVWRVRWLHUQRGHWDOOLVWDJHQHURVRLQWHUHVDQWHDPRURVR
 $ODHVSRVDOHJXVWDVHQWLUVHOLEUHGHUHVSRQGHUFRPRHOODGHVHD $PHQXGR 3  ¢&yPRSXHGH
ODHVSRVDGHVHDOOHJDUDXQFOtPD[VH[XDOFRQVXHVSRVR$OJXQRVKRPEUHVGHVSLHUWDQ VDEHUHOHVSRVRODIRUPDHQ
HO GHVHR GH XQD HVSRVD EHViQGROD \ WRFiQGROD SHUR GHVSXpV VH GXHUPHQ \ OD GHMDQ TXHDVXHVSRVDOHJXVWDVHU
WUDWDGDVH[XDOPHQWH"
IUXVWUDGD6LODHVSRVDGHVHDOOHJDUDOFOtPD[HOHVSRVRQRGHEHTXHGDUFRQWHQWRFRQOR
TXHDpOOHVDWLVIDFH$YHFHVODPXMHUSXHGHGLVIUXWDUODXQLyQFRQVXHVSRVRVLQFOtPD[
(OHVSRVRGHEHVHJXLUODGLUHFFLyQGHVXHVSRVDHQHVWR$YHFHVHOHVSRVRSUHVLRQDD
VXHVSRVDSDUDTXHH[SHULPHQWHFOtPD[SXHVTXL]iVpOVHVLHQWHLQ~WLOVLVXHVSRVDQR
DOFDQ]DVXQLYHOVH[XDOPiVDOWR3HURKD\PXFKDVPDQHUDVGHJR]DUGHODPRUVH[XDO
$ YHFHV OD HVSRVD SRGUtD VHQWLU TXH XQ FOtPD[ QR HV QHFHVDULR SDUD HVWDU VDWLVIHFKD
$OJXQDVPXMHUHVQXQFDH[SHULPHQWDQFOtPD[SHURWLHQHQUHODFLRQHVVH[XDOHVTXHODV
VDWLVIDFHQ3HUPLWDTXHODPXMHUGHWHUPLQHODLPSRUWDQFLDGHHVWRHQVXYLGDFDGDYH]
( 3ODQHH\SURWHMDHOWLHPSRGHHVWDUMXQWRV
3URWHMDVXUHODFLyQVH[XDO²HVYDOLRVD1RSHUPLWDTXHHOVH[ROOHJXHDVHUVRODPHQWH 3  ,QGLFDUIRUPDVHQ
SDUWHGHXQDUXWLQD0iVELHQPDQWpQJDODHVSHFLDO/DSDUHMDGHEHSODQHDUHVWDUVRORV TXHODSDUHMDSXHGHDSDUWDU
MXQWRV FDGD VHPDQD 0XFKDV SDUHMDV HOLJHQ XQD QRFKH FDGD VHPDQD SDUD KDFHU DOJR WLHPSRSDUDHVWDUVRORVIXHUD
GHODUXWLQD
HVSHFLDOMXQWRV7DOYH]FRPHQHQXQUHVWDXUDQWHRLUDDOJ~QOXJDU(VWRIRUWDOHFHVX
DPLVWDGHLQWLPLGDG²\PHMRUDVXH[SHULHQFLDVH[XDO/DVVRUSUHVDVWDPELpQPDQWLHQHQ
YLYRHOURPDQFHHQHOPDWULPRQLR4XL]iVHOHVSRVROOHJXHDFDVD\HQFXHQWUDTXHORV
QLxRV HVWiQ DXVHQWHV /D HVSRVD VH KD SUHSDUDGR SDUD HVWDU VROD FRQ pO SRU XQD WDUGH
FRPSOHWD(OHVSRVRSRGUtDVRUSUHQGHUODFRQXQUHJDORRFRQXQGtDSDUDGHVFDQVDUGH
VXWUDEDMR²XQGtDHQTXHHOODVHUiVHUYLGD\WUDWDGDFRPRXQDUHLQD/RVYLDMHVMXQWRV
OHMRVGHOWUDEDMRGLDULRDJUHJDUiQYLGDDODXQLyQ\DXPHQWDUiQVXSODFHUVH[XDOMXQWRV
) (VSHUHFDPELRVDWUDYpVGHVXPDWULPRQLR
/DVHWDSDVHQODYLGDFDPELDUiQVXH[SHULHQFLDVH[XDO(QHOFRPLHQ]RGHODYLGD 3  ¢&XiOHVVRQODV
GHFDVDGRVKD\SRFDVUHVSRQVDELOLGDGHV/DSDUHMDWLHQHPiVWLHPSRHOXQRSDUDHORWUR HWDSDVTXHDIHFWDQHOVH[R"
7LHQHPiVWLHPSR\RFDVLRQHVSDUDKDFHUHODPRU&RQIUHFXHQFLDKD\JUDQSDVLyQHQHO ,QGLFDUORVGHVDItRVGHFDGD
HWDSD
GHVFXEULPLHQWRGHODYLGDVH[XDOMXQWRV
&XDQGROOHJDQORVKLMRV\RWUDVUHVSRQVDELOLGDGHVSXHGHKDEHUPHQRVWLHPSRSDUD
HO VH[R &RQ ORV KLMRV HQ HO KRJDU HO HVSRVR \ OD HVSRVD GHEHQ SODQHDU WHQHU WLHPSR
GHSULYDFLGDGSDUDWHQHUVH[R/DSDUHMDGHEHWHQHUJUDQFXLGDGRHQSURWHJHUVXYLGD
VH[XDOFXDQGRODIDPLOLDFUHFH+D\WUHVFRVDVEXHQDVTXHSXHGHKDFHU3ULPHURPDQHMH
OD WHQVLyQ \ ORV QLYHOHV GH HQHUJtD (VWR TXLHUH GHFLU TXH XVWHG UHQXQFLD D DOJXQDV
 &DStWXOR 0DWULPRQLR\IDPLOLD

DFWLYLGDGHVSDUDQRVHQWLUVHGHPDVLDGRFDQVDGR6HJXQGRSODQHHPRPHQWRVIUHFXHQWHV
SDUDHVWDUVRORVFRPRSDUHMD7HUFHURPDQWHQJDVXDVHRSHUVRQDO3HUPDQH]FDOLPSLR
DUUHJODGR\VHDSUXGHQWHHQORTXHFRPH3XHVWRTXHODSDUHMDFDVDGDVHFRQRFHELHQ
HV PiV IiFLO FRPSODFHUVH HO XQR DO RWUR$~Q DVt GHEHQ WHQHU FXLGDGR GH SHUPDQHFHU
tQWLPRV
&XDQGR OD SDUHMD VH HQYHMHFH WRGDYtD SXHGH GLVIUXWDU HO VH[R £$OJXQRV KRPEUHV
VLJXHQ GLVIUXWiQGROR D~Q GHVSXpV GH ORV  DxRV £$EUDKDP \ 6DUD JR]DURQ PiV GH
VXUHODFLyQVH[XDOFXDQGRpOWHQtDDxRV *Q 5HFXHUGHTXHODPHQWHHVOD
FODYHGHODVUHODFLRQHVVH[XDOHV(OGHVHRVH[XDOSXHGHSURORQJDUVHFRQODHGDGVLOD
SDUHMDFRQFXHUGDPHQWDOPHQWH/DEXHQDVDOXGHVXQDSDUWHGHOEXHQVH[R<HODPRU
ItVLFRSXHGHFRQWLQXDUDXQTXHHOVH[R\DQRVHDSRVLEOH ³6HDEHQGLWRWXPDQDQWLDO
\ DOpJUDWH FRQ OD PXMHU GH WX MXYHQWXG FRPR FLHUYD DPDGD \ JUDFLRVD JDFHOD 6XV
FDULFLDVWHVDWLVIDJDQHQWRGRWLHPSR\HQVXDPRUUHFUpDWHVLHPSUH´ 3URY 
/D YLGD WLHQH GLIHUHQWHV HWDSDV SHUR KD\ JR]R HQ FDGD DxR $WHVRUH ORV EXHQRV
UHFXHUGRVSHURQXQFDGHMHTXHHOFDPELROHLPSLGDHQFRQWUDUJR]RHQHOSUHVHQWH

/HFFLyQ (OPDQHMRGHORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
 2EMHWLYR$ ,GHQWL¿FDUUD]RQHVGHORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
2EMHWLYR%([DPLQDUVROXFLRQHVSDUDORVSUREOHPDVVH[XDOHVHQHOPDWULPRQLR

&RQWH[WR
3  ¢3RUTXpDOJXQDV /RVSUREOHPDVVH[XDOHVJUDYHVSXHGHQRFDVLRQDUGRORU\FRQIXVLyQ3XHGHVHUXQ
YHFHVHVGLItFLOLGHQWL¿FDUORV GHVDItRVDEHUODVFDXVDVGHXQSUREOHPD7DOYH]ODSHUVRQDQHFHVLWHDQDOL]DUPXFKRV
SUREOHPDV\VXVVROXFLRQHV" SXQWRVGLIHUHQWHVSDUDGHVFXEULUODVUDtFHV\ODVVROXFLRQHV
/RVSUREOHPDVVH[XDOHVSXHGHQKDFHUTXHODSHUVRQDWHQJDGXGDVFRPR
% ³¢6R\XQKRPEUHGHYHUGDGVLQRSXHGRWHQHUXQDEXHQDH[SHULHQFLDVH[XDOFRQPL
HVSRVD"´
% ³¢4XpSHUVRQDVR\VLQRSXHGRVDWLVIDFHUDPLFyQ\XJH"´
% ³¢4XpKD\GHPDORHQPtFRPRKRPEUHPXMHUVLQRPHJXVWDHOVH[R²RVLQXQFD
SXHGRTXHGDUVDWLVIHFKR"´
(VWDV VRQ SUHJXQWDV GLItFLOHV GH KDFHUQRV (V PiV IiFLO FXOSDU D QXHVWUR FyQ\XJH
3HURXQSUREOHPDVH[XDOGLItFLOSHUWHQHFHDORVGRV(OHVSRVR\ODHVSRVDVRQDKRUDXQD
VROD FDUQH 'HEHQ WUDEDMDU MXQWRV SDUD VROXFLRQDU FXDOTXLHU SUREOHPD VH[XDO TXH VHD
SDUWHGHVXXQLyQ$VtTXHYHUHPRVDOJXQDVUD]RQHVGHORVSUREOHPDVVH[XDOHVGLItFLOHV
\ODVIRUPDVSRVLEOHVGHVROXFLRQDUORV
$ 5D]RQHVGHORVSUREOHPDVVH[XDOHVGLItFLOHV
3  ,GHQWL¿TXH +D\WUHVUD]RQHVJHQHUDOHVGHORVSUREOHPDVVH[XDOHVGLItFLOHV
GLItFLOHV
UD]RQHVGHORVSUREOHPDV   +D\XQSUREOHPDUHODFLRQDOHQWUHHOHVSRVR\ODHVSRVD
VH[XDOHV   +D\ XQ SUREOHPD FRQ HO FRQRFLPLHQWR VH[XDO \ ODD
WpFQLFD
  +D\XQSUREOHPDGHQWURGHXQRRGHDPERVFyQ\XJHV
9HDPRVFDGDXQRGHpVWRVPiVGHWHQLGDPHQWH
 /RV SUREOHPDV UHODFLRQDOHV HQWUH HO HVSRVR
\ OD HVSRVD FRQ IUHFXHQFLD FDXVDUiQ SUREOHPDV
VH[XDOHV +HPRVHVWXGLDGR\DVREUHODFRQH[LyQHQWUHHO
VH[R\ODYLGDGLDULDGHOHVSRVR\ODHVSRVD
3RU HMHPSOR 1LPR FULWLFDED FRQ IUHFXHQFLD D VX )L
)LJX
JXUD
JX
VH[X
VH
UD
UD
[XDO
[X
 /R
DOHVS
DO
/RV
SXH
S
VSU
V
XHGH
XH
SURE
SU REOHPD
RE
GHQVX
GH VXUJ
VX
PDV
UJLU
UJ
V

HVSRVRSRUODSHTXHxDFDQWLGDGGHGLQHURTXHpOJDQDED SR SRU
UOD
UODV
OD VGL
GL¿F
GL ¿FXO
¿FXOWDGH
XO GHVHQ
GH HQ
/RFRPSDUDEDFRQRWURVKRPEUHVTXHJDQDEDQPiVTXH ODUHODFLyQGHODSDUHMD
ODU
UHO
U HODF
HODFLy
DF LyQ
Ly QGH
QGHODSD
GH SDUHMDMD
MD
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

pO/XHJRXQGtDpOQRSXGRFXOPLQDUHODFWRVH[XDO(OODORULGLFXOL]y\VHULyGHpOSRU
HVR WDPELpQ 1R SDVy PXFKR WLHPSR DQWHV TXH HO HVSRVR OOHJDUD D VHU LPSRWHQWH² 3
LQFDSD]GHWHQHUVH[RFRQVXHVSRVD&XDQGRHOODHVWDEDFHUFDpOQRSRGtDDUUDQFDUVX
³PRWRU´VH[XDO6RODPHQWHSRGtDORJUDUVDWLVIDFFLyQVH[XDOSRUVtPLVPRRFRQRWUDV
PXMHUHV +D\ PXFKDV UD]RQHV SRU ODV TXH XQ KRPEUH SXHGH OOHJDU D VHU LPSRWHQWH
4XL]iVWUDEDMDGHPDVLDGRRQRKDFHVX¿FLHQWHHMHUFLFLR
$RWURHVSRVR$QWRQLROHJXVWDEDODSRUQRJUDItD6HH[FLWDEDVH[XDOPHQWH\HQWRQFHV  ¢3RUTXpOD
VHDFHUFDEDDVXHVSRVD\OHSHGtDTXHKLFLHUDODVFRVDVTXHpOKDEtDYLVWR(OODFRPHQ]y SRUQRJUDItDGHVWUX\HDO
DVHQWLUVHFRPRXQREMHWRVH[XDO1RFUHtDTXHHOGHVHRGHVXHVSRVRIXHUDSRUHOODeO PDWULPRQLR"
HUDLQ¿HOHQVXVSHQVDPLHQWRV\OXHJRODXWLOL]DEDPLHQWUDVSHQVDEDHQODVRWUDVPXMHUHV
SRUODVTXHVHQWtDOXMXULD(OODFRPHQ]yDUHVLVWLUVXVLGHDV\DSRQHUH[FXVDVSDUDQR
WHQHUUHODFLRQHVVH[XDOHV'HFtDTXHOHGROtDODHVSDOGDODFDEH]DTXHQRVHVHQWtDELHQ
TXHORVQLxRVSRGtDQRtU&RQHOWLHPSRpOFRPHQ]yDDFXVDUODGHVHUDEXUULGD\IUtD
 8QD IDOWD GH FRPSUHQVLyQ SXHGH FRQGXFLU D ORV SUREOHPDV VH[XDOHV HQ HO
PDWULPRQLR <D KHPRV YLVWR \D OD LPSRUWDQFLD GH HQWHQGHU OD UHODFLyQ VH[XDO /D
LJQRUDQFLDGDPDORVIUXWRV/DSDUHMDSXHGHDSUHQGHUXQEXHQPpWRGRSDUDVXYLGDVH[XDO
SRUPHGLRGHODPRU\ODEXHQDFRPXQLFDFLyQ3XHGHQDSUHQGHUDWUDYpVGHFRQVHMHURV
VDELRVRGHEXHQRVOLEURV3HURVLQRDSUHQGHQVREUHODVQHFHVLGDGHVPXWXDVXQRGH
HOORVRDPERVHQFRQWUDUiQHODFWRVH[XDOGRORURVRRLQIHOL]0XFKDVHVSRVDVHYLWDQHO
VH[RFXDQGRSXHGHQSRUTXHODSDUHMDQRKDDSUHQGLGRDKDFHUTXHHOVH[RVHDGLYHUWLGR
SDUDHOOD0XFKRVHVSRVRVVRQWHQWDGRVDEXVFDURWUDVPDQHUDVGHVDWLVIDFFLyQVH[XDO
SRUTXHODVHVSRVDVQRVDEHQFyPRFRPSODFHUORV$OJRGHOFRQRFLPLHQWRVH[XDOOOHJD
SRUQDWXUDOH]D3HURPXFKRVHGHEHDSUHQGHU)HOL]HVHOHVSRVRTXHDSUHQGHDVDWLVIDFHU
DVXHVSRVDHQODFDPD(OHVSRVR\ODHVSRVDGHEHQSUHJXQWDUVHTXpHVORTXHPiVOHV
FRPSODFH
 8QSUREOHPDGHQWURGHXQRRGHDPERVFyQ\XJHVSXHGHFDXVDUSUREOHPDV
VH[XDOHV HQ HO PDWULPRQLR $OJXQRV SUREOHPDV VH[XDOHV WLHQHQ UDtFHV ItVLFDV
$OJXQDV HQIHUPHGDGHV \ PHGLFLQDV SXHGHQ FDXVDU LPSRWHQFLD R SRFR GHVHR VH[XDO
'RORUGXUDQWHODUHODFLyQVH[XDOSRGUtDLQGLFDUSUREOHPDVItVLFRV(QHVWHFDVREXVTXH
D\XGD PpGLFD &XDQGR KD\ DOJ~Q SUREOHPD VH[XDO FRPLHQFH FRQ YHU VL OD FDXVD HV
DOJXQDHQIHUPHGDGRDOJXQDGURJD
/DFLUFXQFLVLyQIHPHQLQDHVRWUDFDXVDGHODIULDOGDGVH[XDO(VWDSUiFWLFDLPSUXGHQWH 3
DQWLEtEOLFDGHFLUFXQFLGDUDODVPXMHUHVYDUtD/RVTXHQRHQWLHQGHQFyPRFUHy'LRVD
ODV PXMHUHV OHV FRUWDQ XQD SDUWH R WRGRV ORV yUJDQRV VH[XDOHV (QWUH PiV FLFDWULFHV
KD\D PHQRV SODFHU VH[XDO H[SHULPHQWDUi OD PXMHU HQ HVD SDUWH GH VX FXHUSR 3XHGH
VHUTXHODPXMHUQXQFDH[SHULPHQWHFOtPD[VLHO FOtWRULV FHQWURSULQFLSDOGHOSODFHU
IHPHQLQR  KD VLGR FRUWDGR WRWDOPHQWH (OOD SXHGH DSUHQGHU D GLVIUXWDU ODV UHODFLRQHV
FRQVXHVSRVRSHURPXFKDVPXMHUHVFLUFXQFLGDGDVQXQFDH[SHULPHQWDUiQWRGRHOSODFHU
TXH'LRVSODQHySDUDHOODV£&LUFXQFLGDUDXQDPXMHUHVFRPRFRUWDUXQDSDUWHRWRGDOD
FDEH]DGHOyUJDQRVH[XDOGHOKRPEUH
(OGRORUHPRFLRQDOHVRWUDFDXVDGHORVSUREOHPDVVH[XDOHV(VWHGRORUSXHGHVXUJLU  ¢&XiOHVVRQ
GH XQD R GRV FLUFXQVWDQFLDV 3ULPHUR VL ORV SDGUHV QR GHPXHVWUDQ DPRU \ FXLGDGR FRVDVTXHSXHGHQGDxDUODV
SXHGHQKHULUODVHPRFLRQHVGHOQLxR(OQLxRSRGUtDFUHFHUVLQDSUHQGHUFyPRDFHSWDU HPRFLRQHV\FDXVDUXQGRORU
DPRU3RUHMHPSORVLHOSDGUHQRGHPXHVWUDHODIHFWRDSURSLDGRDVXKLMDHVSUREDEOH HPRFLRQDOGXUDGHUR"
TXHSDUDHOODVHDGLItFLODFHSWDUHODPRUGHVXHVSRVR$OJXQRVKDQWRUFLGRHVWDYHUGDG
FRQODHQVHxDQ]DSHFDPLQRVDGHTXHXQSDGUHGHEHGHPRVWUDUDPRUVH[XDOKDFLDVXKLMD
(VWRHVLQFRUUHFWR3HURVtHVFRUUHFWRTXHXQSDGUHOOHYHHQVXVEUD]RVRDEUDFHDVXV
KLMRV 3

$VLPLVPRODVSHOHDVHQWUHHOSDGUH\ODPDGUHSXHGHQGDxDUODVHPRFLRQHVGHORV
QLxRVHQHOKRJDU8QQLxRSHTXHxRSXHGHFUHHUTXHHOVH[RHVPDORGHVSXpVGHRtUR
 &DStWXOR 0DWULPRQLR\IDPLOLD

YHUHOVH[RHQHOPDWULPRQLR/RVQLxRVTXHYHQPDORVHMHPSORVRWLHQHQH[SHULHQFLDV
QRFLYDVOOHYDUiQXQDFDUJDHPRFLRQDOHQVXIXWXURPDWULPRQLR
3 6HJXQGRODJHQWHSXHGHWHQHUSUREOHPDVVH[XDOHVGHELGRDH[SHULHQFLDVGHDEXVR
VH[XDO eVWD HV RWUD FODVH GH FDUJD HPRFLRQDO TXH DOJXQRV OOHYDQ DO PDWULPRQLR /DV
KHULGDVVH[XDOHVGHXQQLxRRGHXQMRYHQVRQPX\SURIXQGDV/DVSHUVRQDVTXHKDQ
VLGRXVDGDVSRGUtDQHYLWDUHOVH[R3RGUtDQH[SHULPHQWDUGRORUItVLFRGXUDQWHHOVH[RHQ
HOPDWULPRQLR2SRGUtDQFUHHUTXHVXYDORUHVVRODPHQWHFRPRXQREMHWRVH[XDO(VWR
SRGUtD OOHYDUORV D WHQHU PXFKRV FRPSDxHURV VH[XDOHV 3RGUtDQ GHMDUVH VHU XVDGRV GH
PDQHUDVVH[XDOHV\VHQWLUVHLPSRWHQWHVSDUDGHFLU³QR´/OHJDQDVHUFRPRXQDFDVDVLQ
SXHUWDVSDUDFHUUDU
0LOORQHVGHSHUVRQDVWLHQHQKHULGDVItVLFDV\HPRFLRQDOHVTXHDIHFWDQVXYLGDVH[XDO
/DPD\RUtDGHHOODVVHFDVDUi3RUORJHQHUDOODVSHUVRQDVKHULGDVVHFDVDUiQFRQRWUDV
SHUVRQDVKHULGDV$VtSXHV¢TXpSXHGHQKDFHUODVSDUHMDVFDVDGDVFXDQGRGHVFXEUHQTXH
VXSURSLRPDWULPRQLRWLHQHKHULGDVVH[XDOHV\SUREOHPDV"
%6ROXFLRQHVSDUDORVSUREOHPDVVH[XDOHVGLItFLOHV
+HPRV YLVWR YDULDV FDXVDV GH SUREOHPDV VH[XDOHV
GLItFLOHV $ OR ODUJR GH HVWH FXUVR H[DPLQDPRV FyPR
WHQHUXQDEXHQDUHODFLyQHQWUHHOHVSRVR\ODHVSRVD(VWR
SXHGHWUDHUVDQLGDGDPXFKDVKHULGDV$GHPiVGHHVWR
PLUHPRVDOJXQDVRWUDVPDQHUDVGHWUDHUVDQLGDGVH[XDO
GHQWURGHOPDWULPRQLR
 (O HVSRVR \ OD HVSRVD GHEHQ WUDWDU GH WHQHU OD DFWLWXG GH &ULVWR (VFRP~Q
GHVHDU XQD VROXFLyQ UiSLGD D ORV SUREOHPDV 3HUR ORV SUREOHPDV PiV FRPSOLFDGRV
SXHGHQUHTXHULUGHWLHPSRSDUDVROXFLRQDUVH3XHGHVHUTXHOOHJXHQpSRFDVGHWULVWH]D
GHVDOLHQWR\HQRMR(VWRVVRQSUREOHPDVTXHSUXHEDQDOPDWULPRQLRSHUR'LRVOODPDD
ODVSDUHMDVDDPDUVH\DVHUYLUVH

3RUWDQWRVLKD\DOJXQDFRQVRODFLyQHQ&ULVWRVLDOJ~QFRQVXHORGHDPRUVL
DOJXQDFRPXQLyQGHO(VStULWXVLDOJ~QDIHFWRHQWUDxDEOHVLDOJXQDPLVHULFRUGLD

FRPSOHWDGPLJR]RVLQWLHQGRORPLVPRWHQLHQGRHOPLVPRDPRUXQiQLPHV
VLQWLHQGRXQDPLVPDFRVD1DGDKDJiLVSRUFRQWLHQGDRSRUYDQDJORULDDQWHV
ELHQ FRQ KXPLOGDG HVWLPDQGR FDGD XQR D ORV GHPiV FRPR VXSHULRUHV D pO
PLVPRQRPLUDQGRFDGDXQRSRUORVX\RSURSLRVLQRFDGDFXDOWDPELpQSRU
ORGHORVRWURV+D\DSXHVHQYRVRWURVHVWHVHQWLUTXHKXERWDPELpQHQ&ULVWR
-HV~V )LO 
 ¢&yPRSXHGH )LOLSHQVHV  SXHGH D\XGDU D ODV SDUHMDV FRQ SUREOHPDV VH[XDOHV 3ULPHUR
D\XGDUDODSDUHMDHQVXV QRVUHFXHUGDTXH'LRVHVQXHVWUDIXHQWHGHD\XGD6XDPRUQRVGDDOLHQWRFRQVXHOR
SUREOHPDVVH[XDOHVWHQHUOD
DFWLWXGGH&ULVWR"
FRPXQLyQWHUQXUD\FRPSDVLyQ1RVRWURVQRVRPRVODIXHQWHGHWRGRORDQWHULRUHQHO
PDWULPRQLR7RGDV ODV FRVDV EXHQDV YLHQHQ GH 'LRV (Q ORV GtDV GH GHViQLPR GRORU
KHULGDV\QHFHVLGDGSRGHPRVDFXGLUD'LRVSDUDUHFLELUD\XGD
6HJXQGRHVWRVYHUVtFXORVHQVHxDQTXHQXHVWUDFRPXQLyQFRQ'LRVLQÀX\HHQQXHVWUD
UHODFLyQ FRQ RWURV 3RU HMHPSOR HQ HO PDWULPRQLR HO HVSRVR \ OD HVSRVD VRQ XQR HQ
HVStULWX\SURSyVLWR8QSUREOHPDVH[XDOHQHOPDWULPRQLR\DQRSHUWHQHFHDVRORXQR
GHORVFyQ\XJHV²ORFRPSDUWHQWRGR8QRQRGHEHWUDWDUGHEXVFDUODVROXFLyQPLHQWUDV
HORWURVHxDODFRQHOGHGRGHFXOSDELOLGDG'HEHQXQLUVHSDUDVROXFLRQDUHOSUREOHPDTXH
SHUWHQHFHDORVGRV
7HUFHUR QLQJXQR GH ORV GRV FyQ\XJHV GHEH SUHRFXSDUVH VRODPHQWH SRU Vt PLVPR
&DGDXQRGHEHWRPDUHQFRQVLGHUDFLyQTXpHVORPHMRUSDUDHORWUR(VWiELHQDQDOL]DU
VXVSURSLRVLQWHUHVHV3HURWDPELpQSUHRFXSDUVHSRUORVGHVXFyQ\XJH3RUHMHPSORVL
XQRGHORVGRVHVWiODVWLPDGRHOHVSRVR\ODHVSRVDGHEHQWUDWDUGHVDQDUHVDKHULGD3HUR
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

HOTXHHVWiKHULGRQRGHEHLJQRUDUODVQHFHVLGDGHVGHORWUR<HOTXHHVWiELHQGHEHVHU
SDFLHQWHFRQHOFyQ\XJHKHULGR&DGDXQRGHEHSUHRFXSDUVHGHODVQHFHVLGDGHVGHORWUR
eVWDHUDODDFWLWXGGH-HV~VeOGHMyHOFLHORSDUDWUDHUQRVYLGDHVSLULWXDO\VDQLGDG7HQHU
ODDFWLWXGGH&ULVWRD\XGDUiDOHVSRVR\DODHVSRVDDVROXFLRQDUVXSUREOHPDFRQXQLGDG
\DPRU'HEHQEXVFDUGLDULDPHQWHWHQHUHVWDDFWLWXG
 /RVSUREOHPDVItVLFRVQRVLJQL¿FDQHO¿QDOGHODIHFWRItVLFR /RVSUREOHPDV 3
TXHFDXVDQGL¿FXOWDGHVVH[XDOHVSXHGHQVHUGHFRUWDGXUDFLyQRSDUDWRGDODYLGD3HUR
DOJRGHDPRUHVPHMRUTXHQDGD&XDQGRHOURPDQFHHVWLHUQR\JHQHURVRHQHOMXHJRGHO
DPRUSXHGHD\XGDUDVDWLVIDFHUODVQHFHVLGDGHVHPRFLRQDOHVDXQVLQFOtPD[&XDQGROD
SDUHMDVHEHVD\VHDEUD]DVHGDQVHJXULGDGGHDWUDFFLyQ\DPRU3XHGHVHUTXHDOJXQR
GHORVGRVSXHGDOOHJDUDOFOtPD[&DGDFyQ\XJHGHEHHQFRQWUDUPDQHUDVGHVDWLVIDFHU
VXVQHFHVLGDGHVVH[XDOHVGHORWUR(VQHFHVDULRGLVIUXWDUODXQLyQItVLFDPHQWH/DSDUHMD
TXHQRSXHGHVXELUODPRQWDxDPiVDOWDGHOSODFHUVH[XDOGHWRGRVPRGRVGHEHVXELUODV
FROLQDVTXHFRQGXFHQDpO8QGtDTXL]iVDOFDQFHODFXPEUH
 /DVKHULGDVHPRFLRQDOHVVHSXHGHQVDQDU 0XFKDVSHUVRQDVWUDWDQGHLJQRUDU  ¢3RUTXpHV
VXV KHULGDV HPRFLRQDOHV /RV QLxRV TXH KDQ VXIULGR DEXVR VH[XDO SXHGHQ UHSULPLU LPSUXGHQWHLJQRUDUODV
KHULGDVHPRFLRQDOHV"
LJQRUDURFXOWDU\FXEULU VXVUHFXHUGRV3HURQXHVWUDVHPRFLRQHVDXQTXHHVWpQRFXOWDV
DIHFWDQQXHVWURFXHUSR/D~QLFDPDQHUDGHVROXFLRQDUORVSUREOHPDVVH[XDOHVFDXVDGRV
SRUODVKHULGDVHPRFLRQDOHVHVFRQODVDQLGDGLQWHULRU&RQVLGHUHPRVDOJXQRVSDVRVSDUD
VDQDUORVUHFXHUGRVGRORURVRV
% ,QYLWHD-HV~V\DXQDPLJRGHFRQ¿DQ]DRDXQFRQVHMHURDDFRPSDxDUORDUHFRUUHU
VXVUHFXHUGRVGHOSDVDGR
% 9LVLWHORVUHFXHUGRVDQWLJXRV\GRORURVRV'HEHWHQHUHOYDORUSDUDUHFRUGDUORTXH
VXFHGLy\FXiOIXHVXUHDFFLyQ3tGDOHDO6HxRU-HV~VTXHOHD\XGHDYHUODVFRVDV
GH OD IRUPD FRUUHFWD 3UREDEOHPHQWH WHQGUi VHQWLPLHQWRV IXHUWHV D PHGLGD TXH
UHFXHUGD'tJDOHDO6HxRU-HVXFULVWRH[DFWDPHQWHORTXHXVWHGVLHQWH
% ,GHQWL¿TXHDODSHUVRQDTXHOHKL]RGDxR0XFKDVSHUVRQDVVHVLHQWHQDYHUJRQ]DGDV 3
SRU VXV UHFXHUGRV GRORURVRV 3RU HMHPSOR XQD PXMHU MRYHQ VHQWtD YHUJHQ]D
SRUTXHVXWtRDEXVyVH[XDOPHQWHGHHOODFXDQGRHUDSHTXHxD5HFRUGyTXHpOOH
GDEDUHJDORVSDUDPDQWHQHUODFDOODGD(OODVHVHQWtDFXOSDEOHSRUKDEHUDFHSWDGR
ORVUHJDORV\QRGHFLUQDGD3HURFXDQGRUHJUHVyDHVRVUHFXHUGRVVLHQGRDGXOWD
VHGLRFXHQWDGHFXDQSHTXHxDHLQRFHQWHHVXQDQLxDDODHGDGGHDxRV3XGR
YHUTXHHOFXOSDEOHHUDVXWtR\VXVSDGUHVDOQRSURWHJHUOD
$ YHFHV OD SHUVRQD KD SDUWLFLSDGR HQ HO SHFDGR \ HQ OD FXOSDELOLGDG GH XQD
H[SHULHQFLDGRORURVD6LHVDVtHQIUpQWHVHDODYHUGDGSLGDSHUGyQ\UHFtEDOR -Q
 
% ([DPLQH OR TXH XVWHG VH GLMR D Vt PLVPR VREUH OD H[SHULHQFLD /D H[SHULHQFLD  ([SOLTXH³/RTXH
WLHQHSRGHU3HURORTXHODSHUVRQDVHGLFHDVtPLVPDVREUHODH[SHULHQFLDWLHQH ODSHUVRQDVHGLFHDVtPLVPD
HVWDQSRGHURVRFRPROD
LJXDO SRGHU 3RU HMHPSOR XQ MRYHQ VH HQDPRUy SURIXQGDPHQWH SRU SULPHUD H[SHULHQFLDGRORURVD´
YH] eO KRQUy D OD MRYHQ$XQTXH VX GHVHR SRU HOOD HUD IXHUWH pO HVSHUy KDVWD
HOFDVDPLHQWRSDUDWHQHUUHODFLRQHVVH[XDOHVFRQHOOD&XDQGRpOVHDXVHQWySRU
XQ YHUDQR OD MRYHQ TXHGy HPEDUD]DGD GH RWUR KRPEUH 6X LQ¿GHOLGDG ODVWLPy
SURIXQGDPHQWHDOMRYHQeOVHGLMRDVtPLVPR³1RSXHGRFRQ¿DUHQQLQJXQD
PXMHU(OODVOHHQWUHJDUiQVXFXHUSRDFXDOTXLHUD0HMRUVHUiTXHPHORHQWUHJXHQ
D Pt´(QWRQFHV SRU PXFKRV DxRV HVWH MRYHQ XVy D ODV PXMHUHV FRPR REMHWRV
VH[XDOHV /HV GHFtD FXDOTXLHU FRVD TXH HOODV TXHUtDQ RtU SDUD FRQYHQFHUODV GH
HQWUHJDUVHDpO/RTXHpOVHGLMRDVtPLVPRVREUHVXGRORURVRSULPHUDPRUWRUFLy
VXYLGD
/DPXMHUTXHKDVLGRYLRODGDGHEHUHFKD]DUVXVSHQVDPLHQWRVGHTXHHOVH[RHV
IHR$OPLVPRWLHPSRGHEHDFHSWDUODYHUGDGGHTXHHVXQUHJDORGH'LRV(OGLQHUR
QRHVPDORSRUTXHORVODGURQHVVHORUREDQ'HOPLVPRPRGRHOVH[RQRHVPDOR
 &DStWXOR 0DWULPRQLR\IDPLOLD

SRUTXHODJHQWHDEXVDGHpO'LRVFUHyDOKRPEUH\DODPXMHUSDUDTXHIXHUDQHOXQR
SDUDHORWURHQHO(GpQ(OVH[RHVSDUWHGHOEXHQSODQGH'LRV
/D PXMHU TXH FUHH TXH VX YDORU HV VRODPHQWH GDU VH[R GHEH UHFKD]DU HVH
SHQVDPLHQWR'HEHGHFLUVHDVtPLVPDODYHUGDG²TXHHVWDQYDOLRVDTXH-HV~VPXULy
SRUHOOD(OYDORUGHDOJRHVWiVLHPSUHFDOFXODGRSRUHOSUHFLRTXHDOJXLHQSDJD£(O
SUHFLRTXH-HV~VSDJySRUQRVRWURVQRVGHPXHVWUDTXHWHQHPRVJUDQYDORU
3 % 7UDWHFRQODSHUVRQDTXHOHKL]RGDxR'HEHEXVFDUHOEXHQFRQVHMR\ODVDELGXUtD
GH 'LRV SDUD VDEHU OD PHMRU PDQHUD GH WUDWDU FRQ HVWD SHUVRQD$ YHFHV XVWHG
\ VX FyQ\XJH GHEHQ KDFHUOH IUHQWH D OD SHUVRQD TXH OH KL]R GDxR (VWR HV D~Q
PiVQHFHVDULRVLODSHUVRQDSRGUtDHVWDUDEXVDQGRGHRWURVQLxRV2WUDVYHFHV
SRGUtDVHUTXHXVWHGQHFHVLWHURPSHUHOFRQWDFWRFRQHVDSHUVRQD6LHPSUHGHEH
SHUGRQDU -HV~V \ (VWHEDQ VRQ HMHPSORV GH ORV TXH SHUGRQDURQ DXQTXH QDGLH
SHGtD SHUGyQ 5HFXHUGH TXH 'LRV MX]JDUi D ORV TXH QR VH DUUHSLHQWHQ DXQTXH
QRVRWURVORVSHUGRQHPRV
% %XVTXHHOSODFHU\ODVDWLVIDFFLyQVH[XDOFRQVXFRPSDxHURGHPDWULPRQLR1R
FDVWLJXHDVXFyQ\XJHSRUORTXHRWUROHKDKHFKRDXVWHG$PHDVXFyQ\XJHFRQ
HODPRUTXH'LRVOHGD
(VWRVSDVRVSXHGHQWRPDUWLHPSR/DSURIXQGLGDG\HOQ~PHURGHKHULGDVGHWHUPLQDUiQ
3
FXiQWRWLHPSRVHWRPDUiQ/DSDUHMDFRQODDFWLWXGGH&ULVWRKDUiHVWHUHFRUULGRMXQWRV
3HUR ¢FyPR SXHGH HO FRPSDxHUR GDU OD PHMRU D\XGD PLHQWUDV HVWi VXFHGLHQGR HVWH
SURFHVR"
0DQHUDVGHD\XGDUDVXFRPSDxHURKHULGR
% 2UHSRUVDQLGDG
% $\XGH D VX FyQ\XJH SHUR QR LQWHQWH
UHSDUDUHOSUREOHPDeORHOODGHEHWRPDUOD
UHVSRQVDELOLGDGGHHVWR
% (VFXFKHPiVGHORTXHKDEOD
% $FHSWH D VX FyQ\XJH WRWDOPHQWH /RV
SUREOHPDV\ODVVROXFLRQHVVH[XDOHVSXHGHQ
VHU GLItFLOHV GH LGHQWL¿FDU 3HUR SDUWH GH
³OOHJDU D VHU XQR´ VLJQL¿FD TXH HO HVSRVR
\ODHVSRVDWUDEDMDUiQ¿HOPHQWHMXQWRVSDUD
EXVFDUVXVDQLGDG
% 6LHPSUHGLJDODYHUGDGFRQDPRU
% $\XGH D VX FyQ\XJH D HQIUHQWDUVH FRQVLJR
PLVPR \ FRQ 'LRV TXLHQ HV OD IXHQWH
SULPRUGLDOSDUDVXVDQLGDG
% 1R UHDFFLRQH FRQ YLROHQFLD FXDQGR XVWHG
GHVFXEUD TXLpQ OH KD KHFKR GDxR D VX
FyQ\XJH
% 6HDSDFLHQWH1RDSXUHDVXFyQ\XJH3XHGH
VHUTXHXVWHGQHFHVLWHGHMDUTXHVXFyQ\XJH
GHFLGDODGLUHFFLyQ\HOSDVR

)LJXUD 5HFRUUDQHOVHQGHURGHODXQLGDGMXQWRV
&yPRHQIRFDUODYLGDVH[XDOHQHOPDWULPRQLR 

 ([DPtQHVH 0DUTXHODOHWUDTXHPHMRUFRPSOHWHFDGDSUHJXQWDRGHFODUDFLyQ
 8QDUD]yQGHOVH[RHQHOPDWULPRQLRHV  (QODFDPDHOHVSRVRTXLHUHTXHVXHVSRVDVHD
D  FRPXQLFDFLyQ D  WtPLGDFRPRXQDSDORPD
E  SODFHU E  OLEUHFRPRXQOHRSDUGR
F  UHVROYHUGLVSXWDV F  IXHUWHFRPRXQEXH\
G  SHFDGR G  VXPLVDFRPRXQFRUGHUR
 (OHVSRVRSXHGHD\XGDUDVXHVSRVDDGLVIUXWDUHOVH[RDO
 (QHOPDWULPRQLRDODVPXMHUHVOHVJXVWD D  EDLODUGHVQXGRSDUDHOOD
D  HOVH[RUiSLGR E  VHUFRPRXQWRURHQHOFDPSR
E  HOVH[RHQFDVLFXDOTXLHUPRPHQWR F  WRPDUWLHPSRSDUDKDEODUFRQHOOD
F  H[FLWDUVHDOYHU G  GHPRVWUDUOHJUDQFRQILDQ]D
G  ODSULYDFLGDG\ODVHJXULGDG  'HODVVLJXLHQWHVD¿UPDFLRQHV¢FXiOHV9(5'$'(5$"
D  (QWUHPiVQLxRVKD\DKD\PiVWLHPSRSDUDHOVH[R
 ¢4XpLQIOX\HPiVHQHOVH[RHQHOPDWULPRQLR" E  /DDSDULHQFLDHVPHQRVLPSRUWDQWHGHVSXpVGHO
D  /DOLPSLH]D PDWULPRQLR
F  (OVH[RHVPiVDJUDGDEOHHQORVSULPHURVDxRVGHO
E  /DFRPXQLFDFLyQ
PDWULPRQLR
F  /DUHODFLyQ
G  /DSDUHMDSXHGHGLVIUXWDUHOVH[RPiVFRQHOSDVRGH
G  /DVILQDQ]DV
ORVDxRV

 8QHUURUVH[XDOFRP~QGHXQQXHYRHVSRVRHV  8QDFDXVDLPSRUWDQWHGHORVSUREOHPDVVH[XDOHV


GLItFLOHV
D  HVWDUGHSULVDHQHOGRUPLWRULR
D  VRQODVKHULGDVHPRFLRQDOHVGHODQLxH]
E  SHQVDUTXHVXFXHUSRH[FLWDDVXHVSRVD
E  HVODLQPDGXUH]HVSLULWXDO
F  KDEODUGHPDVLDGRHQHOGRUPLWRULR F  VRQODVGLIHUHQFLDVHQORVKRPEUHV\ODVPXMHUHV
G  FULWLFDUODPDQHUDHQTXHVHYHVXHVSRVD G  HVODIDOWDGHLQWHUpVHQHOVH[R
/RSHRUTXHVHSXHGHKDFHUFRQXQSUREOHPDVH[XDO
 8QDUD]yQEtEOLFDSDUDWHUPLQDUXQPDWULPRQLRHV
GLItFLOHV
D  ODWHQVLyQILQDQFLHUD D  FRPSDUWLUORSDUDTXHRWURVSXHGDQD\XGDU
E  ODLQILGHOLGDG E  KDEODUGHpOSDUDEXVFDUXQDVROXFLyQ
F  ORVSDULHQWHV F  HQWHUUDUORSDUDTXHQDGLHORUHFXHUGH
G  GHPDVLDGRVQLxRV G  KDFHUOHIUHQWHSDUDFRQVHJXLUXQDUiSLGDVROXFLyQ

 7HPDVSDUDORVH[DPHQHVGHHQVD\R (VFULEDSDODEUDVVREUHFDGDXQRGHHVWRV
REMHWLYRVTXHHVWXGLyHQHVWHFDStWXOR
(OLQLFLRGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
2EMHWLYR5HVXPLUUD]RQHVSDUDHOVH[RHQHOPDWULPRQLR
2EMHWLYR,QGLFDUGLIHUHQFLDVHQORVGHVHRVVH[XDOHVGHORVKRPEUHV\GHODVPXMHUHV
2EMHWLYR&RPHQWDUVREUHODVH[SHFWDWLYDVODDFHSWDFLyQ\HOSDVDGRFRQUHODFLyQDOVH[RHQHOPDWULPRQLR
2EMHWLYR([SOLFDUFyPRHOHVSRVRSXHGHHYLWDUHOHUURUVH[XDOPiVFRP~QHQHOPDWULPRQLR
/DFRQWLQXDFLyQGHODYLGDVH[XDOMXQWRVHQHOPDWULPRQLR
2EMHWLYR5HVXPLUODQHFHVLGDGGH¿GHOLGDG\VDWLVIDFFLyQVH[XDOHQHOPDWULPRQLR
2EMHWLYR([SOLFDUFRVDVTXHODHVSRVDGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVR
2EMHWLYR([SOLFDUFRVDVTXHHOHVSRVRGHEHVDEHUVREUHORVGHVHRVVH[XDOHVGHVXHVSRVD
2EMHWLYR'HVFULELUFyPRSURWHJHUHOWLHPSRGHHVWDUMXQWRV\DMXVWDUVHDOFDPELRHQHOPDWULPRQLR
(OPDQHMRGHORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
2EMHWLYR,GHQWL¿FDUUD]RQHVSDUDORVSUREOHPDVVH[XDOHVGLItFLOHVHQHOPDWULPRQLR
2EMHWLYR([DPLQDUVROXFLRQHVSDUDORVSUREOHPDVVH[XDOHVHQHOPDWULPRQLR

También podría gustarte