Está en la página 1de 33

Publicación trimestral de la Secretaría de Educación del Estado de Nuevo León Núm.

7 • mayo 2006
0HQVDMH

/RV GRFHQWHV VRQ  SHUVRQDMHV GH QXHVWUD YLGD LQIDQFLD \ DGROHVFHQFLD QRV
HQVHxDURQ D DSUHQGHU QRV WUDQVPLWLHURQ VXV FRQRFLPLHQWRV QRV SHUPLWLHURQ
GHVFXEULUORVVHFUHWRVGHOXQLYHUVRGHODFLHQFLDHKLVWRULDQRVPRVWUDURQHO
YDORUGHORVVtPERORVSDWULRV\GHODQDFLRQDOLGDGQRVHQVHxDURQORVYDORUHVD
VHUGLVFLSOLQDGRVRUGHQDGRV\WDPELpQQRVHQVHxDURQDFRQRFHUQRVDQRVRWURV
PLVPRV

(QHOPHVGHPD\RHO*RELHUQR\ODVRFLHGDGUHFRQRFHPRVDWRGRVORVGRFHQWHV
GH1XHYR/HyQSRUVXJUDQYRFDFLyQGHVHUYLFLR\VHQVLELOLGDGDODVFRQGXFWDV
GHORVDOXPQRV

/HWUD9LYDULQGHXQKRPHQDMHDORVGRFHQWHVGH1XHYR/HyQUHXQLHQGR
DUWtFXORVFRQLQIRUPDFLyQGHPDHVWURVGHVWDFDGRVGHD\HU\KR\TXHVRQXQ
HMHPSORGHORTXHUHSUHVHQWDHVWDQREOH\H[WUDRUGLQDULDPLVLyQODGHHQVHxDU
ODGHHGXFDUTXHHVTXL]iHOSDWULPRQLRPiVLPSRUWDQWHTXHODVIDPLOLDVGHORV
PH[LFDQRVSRGHPRVWHQHU

(GXFDFLyQHVVLQyQLPRGHp[LWRHQODYLGDDODVPDHVWUDV\ORVPDHVWURVGH
1XHYR/HyQ\GH0p[LFRPXFKDVIHOLFLGDGHVHQVXGtD

-RVp1DWLYLGDG*RQ]iOH]3DUiV
*REHUQDGRU&RQVWLWXFLRQDOGHO(VWDGRGH1XHYR/HyQ


ȨɕɜɄɑȨǸ
\]d<±Y\]dEY]kljg

&RQVHMR(GLWRULDO
6HPEODQ]DV
0DUtD<RODQGD%ODQFR*DUFtD
5RJHOLR9HOi]TXH]GH/HyQ
GHPDHVWURV
-HV~V+XPEHUWR*RQ]iOH]*RQ]iOH]  GHDxRV 
$UWXUR'HOJDGR0R\D

@ɑȐȹȨɄ ɄȹȐȽǸȬȐǸȇɄɕ
-RUJH&XpOODU0RQWR\D
5RODQGR*X]PiQ)ORUHV

Ǹȵ@ɑȐȹȨɄ
-HV~V&DUGRQD0RQUHDO
(GPXQGR*XDMDUGR*DU]D
-XDQ)UDQFLVFR*RQ]iOH]5RGUtJXH]

EY]kljg
A_fY[agEYfm]d
(GLWRUD
5RVD&DUPHQ5RPHUR7HUUD]DV
9dlYeajYfg
EY]kljg9dlYeajYfg
 ihk-)hf§lZ¶hl]^l^kob\bh 

LȐȹǾȵǸȽɺǸ
'LVHxR
0DXUR0DFKXFD

EY]kljgkȨɕɜȨȽȝɤȨȇɄɕ
)RWRJUDItD
+pFWRU&XpOODU$UUHGRQGR
A_fY[ag
1RGH&HUWLÀFDGRGH5HVHUYDGHO,QVWLWXWR
1DFLRQDOGH'HUHFKRVGH$XWRU
EYfm]d
 9dlYeajYfg
/LFLWXGGH7tWXOR1R


HȐȃɄȽɄȃȨȹȨȐȽɜɄ
/LFLWXGGH&RQWHQLGR1R
1~PHUR,611
3XEOLFDFLyQGHOD6HFUHWDUtDGH(GXFDFLyQ
GHO(VWDGRGH1XHYR/HyQ
/HWUD9LYD 'HL]TDGHU 3URIUD5HPLJLD3HGUD]D&iUGHQDV3URIU7LPRWHR/+HUQiQGH]
5HYLVWDWULPHVWUDOQ~PHURPD\R 3URIUD(YD0ROLQD7RVFDQR\3URIU-RQiV*DUFtD 
(GLWRUDUHVSRQVDEOH5RVD&DUPHQ5RPHUR7HUUD]DV
1RGH&HUWLÀFDGRGH5HVHUYDGHO,QVWLWXWR
1DFLRQDOGH'HUHFKRVGH$XWRU

Hjaf[ahagkh]\Y_¶_a[gk
\]dHjg_jYeY=klYlYd
'RPLFLOLRGHODSXEOLFDFLyQ1XHYD-HUVH\
)UDFF,QGXVWULDO/LQFROQ7HO \]=\m[Y[a¶f*((+%*((1
UHYLVWDOHWUDYLYD#PDLOQOJREP[
-XDQ)UDQFLVFR3pUH]2QWLYHURV
,PSUHVRHQ
,OOXVLRQGH0D\RRWH0RQWHUUH\1/

‡(OFRQWHQLGRGHORVDUWtFXORVUHÁHMDODRSLQLyQ
GHORVDXWRUHV\QRQHFHVDULDPHQWHODRSLQLyQ

EY]kljgA_fY[agEYfm]d
GHOD6HFUHWDUtDGH(GXFDFLyQHQ1XHYR/HyQ
9dlYeajYfg

Yd<]k]eh]µg
]f;Yjj]jYEY_akl]jaYd




 HYljgfYlgHjg%eYfl]faea]flg\]
]\aÚ[agk]k[gdYj]k2MfYgh[a¶fnaYZd]
 -XDQ)UDQFLVFR*RQ]iOH]5RGUtJXH]
;geaka¶f;am\Y\YfY
\]<]j][`gk 9mlgja\Y\hYl]jfY
@meYfgk\]d=klY\g \]`][`gq\]\]j][`g
\]Fm]ngD]¶f$9&;&$ $QDVWDFLD5LYDV2OLYR


-HQQ\$OFDOi


AehgjlYf[aY\]dY]fk]µYfrYemka[Yd
]fhj]]k[gdYj
5D~O7DPH]7REtDV 

FGLA;A9K 

Egfl]jj]q;am\Y\Afl]jfY[agfYd &RQPHPRUD*RELHUQR
\]d;gfg[aea]flg (VWDWDO%LFHQWHQDULR
GHOQDWDOLFLRGH
/DVFDUUHUDVGHODQXHYDHFRQRPtD 'RQ%HQLWR-XiUH]
$QWRQLR=iUDWH1HJUyQ 
;gfe]egjYffYlYda[ag
\]<gf:]falgBm¦j]r ,QLFLDODFROHFWD
0DUtD(OHQD&KDSD+HUQiQGH]  HVFRODUSDUDDSR\DU
DOD&UX]5RMD
0H[LFDQD

DYkgjhj]kY\]`gq
(G\$PLQWD$ODQtV*DUFtD 
5HFRQRFHQVXODERUHQODGRFHQFLD

7HDFXHUGDV  (QWUHJD*RELHQR(VWDWDO
PiVGHPLOORQHVGHSHVRV
SDUDHVFXHODVLQVFULWDV
HQSURJUDPDGHFDOLGDG

$VLVWHQPiVGHPLOYLVLWDQWHV
DOD)HULDGH2SFLRQHV(GXFDWLYDV

5HFLEH6HFUHWDUtDGH(GXFDFLyQ $VLVWHQPLOSHUVRQDVDOD*UDQ.HUPpV
>mf\Y[a¶f\]?Yj[±Y 
HVWDQGDUWH%DQGHUD%ODQFD GHORV1LxRVGH1XHYR/HyQ
$QWRQLR)ORUHV7UHYLxR 
ȨɕɜɄɑȨǸ
\]d<±Y\]dEY]kljg
( Q0p[LFRHOGHGLFDUXQGtDHVSHFtÀFR
DOUHFRQRFLPLHQWRGHTXLHQHVFRQ
VDJUDQVXYLGDDODIDVFLQDQWHODERUGH
$QWH GLFKD SURSXHVWD VH FHOHEUy
SRU SULPHUD YH] HO ´'tD GHO
0DHVWURµHOGHPD\RGHGXUDQWH
LQVWUXLUIXHSURSXHVWRHQSRUHO ODSUHVLGHQFLDGH9HQXVWLDQR&DUUDQ]D$
GLSXWDGR%HQLWR5DPtUH]*DUFtD\HO SDUWLUGHHOORDIRUWXQDGDPHQWHVHJXLPRV
'U(QULTXH9LHVFD/REDWyQDVtFRPR GHVWLQDQGR XQ GtD SDUD KRPHQDMHDU D ORV
SRUHOSURIHVRU-RQiV*DUFtDRULJLQDULR GRFHQWHV
GH6DQWD5RVD$SRGDFD1XHYR/HyQ

6HPEODQ]DVGHPDHVWURVGHDxRV
3UHPLRHVWDWDO 3URIUD/DXUHQWLQD 6H KD GHVHPSHxDGR FRPR
SRUDxRVGH (OL]HQGD%DUERVD6LOYD PDHVWUD GH SULPDULD \

ODERUGRFHQWH 1
VHFXQGDULD \ GHVGH KDFH

(
DFLyHOGHQRYLHPEUH  DxRV HV 'LUHFWRUD GH OD
GH  HQ 6DQWLDJR (VFXHOD 6HFXQGDULD ´3URIU
(VWH UHFRQRFLPLHQWR TXH RWRUJD HO 1XHYR/HyQ(JUHVyGHO,QVWL 3HGUR 2UWHJD %DOWD]DUµ HQ
*RELHUQRGHO(VWDGRGH1XHYR/HyQD WXWR)HGHUDOGH&DSDFLWDFLyQ 6DQ 3HGUR HQ HO PXQLFLSLR
ORVGRFHQWHVDÀOLDGRVDODV6HFFLRQHV GHO0DJLVWHULRGH0RQWHUUH\ GH6DQWLDJR
 \  GHO 6LQGLFDWR 1DFLRQDO GH HQ  FRPR PDHVWUD GH SULPDULD
(O*RELHUQRGH1XHYR/HyQOHRWRUJy
7UDEDMDGRUHVGHOD(GXFDFLyQDFWLYRV \ GH OD (VFXHOD 1RUPDO 6XSHULRU GHO
ODPHGDOOD5DIDHO5DPtUH]SRUDxRV
(VWDGR´3URIU0RLVpV6iHQ]*DU]DµHQ
RMXELODGRVFRQVWLWX\HXQKRPHQDMHD GH VHUYLFLR GRFHQWH \ HO *RELHUQR
HQODHVSHFLDOLGDGGH´&LHQFLDV
TXLHQHV\DUHFLELHURQFRQDQWHULRULGDG )HGHUDO HO 3UHPLR ,JQDFLR 0DQXHO
6RFLDOHVµ
HO3UHPLR1DFLRQDO´0DHVWUR,JQDFLR $OWDPLUDQRSRUDxRV
0DQXHO $OWDPLUDQRµ \ TXH KDQ
FRQWLQXDGR WUDEDMDQGR HQ HVFXHODV
S~EOLFDVSDUWLFXODUHVLQFRUSRUDGDVR
GH QLYHO VXSHULRU \ TXH IRUPDQ SDUWH
GHO VLVWHPD HGXFDWLYR GH OD HQWLGDG
DFUHGLWDQGR  DxRV GH VHUYLFLRV
HIHFWLYRV

(VWH SUHPLR IRUPD SDUWH GH ORV


FRQYHQLRVFRQWUDFWXDOHVVLJQDGRVSRUHO
JRELHUQRHVWDWDO\ODVUHSUHVHQWDFLRQHV
VLQGLFDOHVUHVSHFWLYDV
$OXPQRVGHOD(VFXHOD3ULPDULD)HGHUDO´$QWRQLR0RUHQRµ


3URIUD *ORULD $PSDUR *RQ]iOH]
*RQ]iOH]

1DFLyHOGHGLFLHPEUHGH
HQ /LQDUHV 1XHYR /HyQ (JUHVy
GH OD (VFXHOD 1RUPDO ´0LJXHO )
0DUWtQH]µ 1RUPDO 6XSHULRU GH OD
&LXGDGGH0p[LFR)DFXOWDGGH'HUHFKR
\ &LHQFLDV 6RFLDOHV GH OD 8QLYHUVLGDG
$XWyQRPDGH1XHYR/HyQ
+DGHVHPSHxDGRGLYHUVRVSXHVWRVHQHVFXHODVS~EOLFDV\
IXH3UHVLGHQWDGHOD$FDGHPLDGH(VSDxRO
+D UHFLELGR UHFRQRFLPLHQWRV HQ FRQFXUVRV GH RUDWRULD
UHGDFFLyQ \ RUWRJUDItD (O *RELHUQR GH 1XHYR /HyQ OH $OXPQRVGHOD(VFXHOD3ULPDULD´)UDQFLVFR,0DGHURµ
RWRUJyODPHGDOOD5DIDHO5DPtUH]SRUDxRVGHVHUYLFLR
GRFHQWH\HO*RELHUQR)HGHUDOHO3UHPLR,JQDFLR0DQXHO
$OWDPLUDQRSRUDxRV

3URIUD*DEULHOD&DEDOOHUR0RUDOHV

1 DFLy HO  GH HQHUR GH  HQ


0RQWHUUH\1XHYR/HyQ(JUHVyGH
OD(VFXHOD1RUPDO´0LJXHO)0DUWtQH]µ
HQ\GHO&HQWURGH,GLRPDVGHOD
(VFXHOD1RUPDO´0RLVpV6iHQ]*DU]Dµ
HQ
+D GHVHPSHxDGR GLYHUVRV FDUJRV HQ
HVFXHODVSULPDULDV\VHFXQGDULDVS~EOLFDVDVtFRPRDQLYHO
EDFKLOOHUDWRHQHO&HQWURGH(GXFDFLyQ$UWtVWLFD´$OIRQVR
5H\HVµ
(O*RELHUQRGH1XHYR/HyQOHRWRUJyODPHGDOOD5DIDHO
5DPtUH] SRU  DxRV GH VHUYLFLR GRFHQWH \ HO *RELHUQR $OXPQRVGHOD(VFXHOD3ULPDULD´0LJXHO+LGDOJRµ
)HGHUDOHO3UHPLR,JQDFLR0DQXHO$OWDPLUDQRSRUDxRV

3URIU%DVLOLR3DQWRMD$UUHROD

1 DFLyHOGHDJRVWRGHHQ6DQ
3HGUR 'XUDQJR 0p[LFR (JUHVy
GH OD (VFXHOD 1RUPDO 1DFLRQDO GHO
0DJLVWHULRHQ0DHVWUtDHQ/HWUDV
HQOD(VFXHOD1RUPDO6XSHULRU´0RLVpV
6iHQ]*DU]DµHQ
+DGHVHPSHxDGRGLYHUVRVFDUJRVHQHVFXHODVSULPDULDV\
VHFXQGDULDV S~EOLFDV DVt FRPR D QLYHO EDFKLOOHUDWR )XH
IXQGDGRU GH OD SULPHUD UHYLVWD TXH SXEOLFy OD 1RUPDO
6XSHULRU
(O*RELHUQRGH1XHYR/HyQOHRWRUJyODPHGDOOD5DIDHO
5DPtUH] SRU  DxRV GH VHUYLFLR GRFHQWH \ HO *RELHUQR
)HGHUDOHO3UHPLR,JQDFLR0DQXHO$OWDPLUDQRSRUDxRV &RPSDxHURVPDHVWURVGHOD(VFXHOD1RUPDO6XSHULRUGHO(VWDGR


@ɑȐȹȨɄ

EY]kljgA_fY[agEYfm]d
9dlYeajYfg
S~EOLFDVRHQLQVWLWXFLRQHVSDUWLFXODUHV 'HDFXHUGRDHVWHGHFUHWRFRUUHVSRQGH
LQFRUSRUDGDV (VWH HVWtPXOR TXH VH D OD 6HFUHWDUtD GH (GXFDFLyQ 3~EOLFD
DVLJQD SRU ~QLFD YH] HQ OD YLGD GHO 6(3  OD DGPLQLVWUDFLyQ GH GLFKR
UHFLSLHQGDULRIXHLPSODQWDGRDWUDYpV SUHPLRPHGLDQWHFRQYRFDWRULDH[SH
GHO 'HFUHWR GHO + &RQJUHVR GH OD GLGDDQXDOPHQWHSRUOD2ÀFLDOtD0D\RU
8QLyQ GDGR D FRQRFHU HQ HO 'LDULR HQ OD FXDO VH LQGLFD TXH OD UHFHSFLyQ

(
2ÀFLDO GH OD )HGHUDFLyQ GHO  GH GHVROLFLWXGHV\H[SHGLHQWHVODERUDOHV
PDU]RGH GH ORV FDQGLGDWRV SURSXHVWRV GHEHUi
(O 3UHPLR ´0DHVWUR ,JQDFLR 0DQXHO (O 3UHPLR ´0DHVWUR ,JQDFLR 0DQXHO FDQDOL]DUVH D OD 'LUHFFLyQ *HQHUDO
$OWDPLUDQRµ FRQVWLWX\H HO Pi[LPR $OWDPLUDQRµFRQVLVWHHQSUHVHDGHRUR GH3HUVRQDOLQVWDQFLDTXHYHULÀFDVH
UHFRQRFLPLHQWRTXHRWRUJDHO*RELHUQR DFXxDGDSRUOD&DVDGHOD0RQHGDFRQ FXEUDQORVUHTXLVLWRVUHVSHFWLYRV\TXH
GH0p[LFRDTXLHQHVVHGLVWLQJXHQSRU ODHÀJLHGHOLOXVWUHJXHUUHUHQVH,JQDFLR H[SLGH HQ VX PRPHQWR HO GLFWDPHQ
VXDUUDLJR\SHUPDQHQFLDHQHOVHUYLFLR 0DQXHO$OWDPLUDQRUHFRPSHQVDHFR GHRWRUJDPLHQWRGHO3UHPLR´0DHVWUR
GRFHQWH GXUDQWH  y PiV DxRV GH QyPLFD\GLSORPDVXVFULWRSRUHO ,JQDFLR 0DQXHO $OWDPLUDQRµ HQ ORV

ɄȹȐȽǸȬȐǸȇɄɕǸȵ@ɑȐȹȨɄ
VHUYLFLRVHIHFWLYRV\DVHDHQHVFXHODV &3UHVLGHQWHGHOD5HS~EOLFD FDVRVTXHVtORVFXEUHQ


EY]kljg9dlYeajYfg hgj,(ge¦kYµgk\]k]jna[ag
$OYDUDGR*DUFtD(QULTXH &DYD]RV&DYD]RV-RVp$OHMDQGUR 'tD]%DUULHQWRV0DUtDGHO6RFRUUR
$OPDJXHU*DUFtD0DUtD*XDGDOXSH &DVWLOOR)ORUHV0DULR 'XTXH5RGUtJXH]0DUtDGHOD/X]
$OFi]DU/ySH]0DUtD<RODQGD1RKHPt &DYD]RV'HOD*DU]D*XDGDOXSH 'XUDQG7RUUHV)UDQFLVFR
$ODQtV0DUWtQH]&ULVWyEDO &DQW~*DUFtD-RVp/XLV (VSLQR]D*RQ]iOH]-XDQLWD
$OYDUDGR0RUDQWHV-RVHID &DVWLOOR0RQFDGD)UDQFLVFR (VSLQRVD0RUD9tFWRU0DQXHO
$OYDUDGR2VXQD<RODQGD6HUYDQGD &DQW~5tRV%DOWD]DU )HUQiQGH]9LOODQXHYD(YHUDUGR
$UHQDV$OIDUR*XLOOHUPR0LJXHO &i]DUHV5RGUtJXH]3HGUR&DUORV )ORUHVÉOYDUH]0LJXHO
$ULDV&RUSXV-RVHÀQD &DVWLOOR9HUiVWHJXL$GROIR )ORUHV&DQHOD1HOVRQ)HGHULFR
$YLxD0RUDOED(QULTXH6DOYDGRU &iUGHQDV9LOODUUHDO$QD/HWLFLD *DU]D&KDSD(PLOLD
$JXLODU-XiUH])UDQFLVFR &i]DUHV9i]TXH]0LJXHO$UWXUR *DU]D&DUULOOR0DUtD*XDGDOXSH
$JXLODU'H/HyQ%ODQFD-RVHÀQD &HSHGD0DUWtQH]6HUJLR5LFDUGR *DU]D(OL]RQGR0DULR
%D]DOG~D%D]DOG~D0DUtDGHO&DUPHQ &HSHGD2EUHJyQ0DUWtQ *DUFtD*DUFtD-HV~V%DFLOLR
%ODQFR)ORUHV-RVpGH-HV~V &RUWH]%XJDUtQ+HUPLQLR *DUFtD+HUQiQGH]'RPLQJR
%ODQFR0DUWtQH]0DUtD7HUHVD &RQWUHUDV5DPRV(PHWHULR *DU]D/HDO*UHJRULR
%D]DOG~D3pUH]-XDQ0DQXHO &XpOODU*RQ]iOH])UDQFLVFR-DYLHU *DU]D0HUOD-RUJH5DPLUR
%D]DOG~D3pUH]5REHUWR &XHYD*DUFtD+XPEHUWR *DOYiQ0XxL]0DUtDGHO5REOH
%ULFHxR0DJDxD$XJXVWR &XpOODU6DOD]DU*XDGDOXSH*LOEHUWR *DRQD3DGLOOD0DUtD-XOLHWD
%ULRQHV0DWD0DUtD*RGROHYHD &XpOODU6DOD]DU0DUtD*UDFLHOD *DOOHJRV5DQJHO*LOEHUWR
&KiYH]&DVWLOOR-RHO)UDQFLVFR 'HOJDGR'tD]-RVp-DLPH *DUFtD6DOLQDV2YLGLR


*DU]D7LMHULQD,UPD*UDFLHOD 0DUWtQH]0ROLQD-RVp 5RGUtJXH]*DUFtD-RVp-XDQ
*DU]D9HOD-XDQ-HV~V 0DUWtQH]7RUUHV-XDQD'HOLD 5RGUtJXH]0RUDOHV-XYHQWLQR
*DU]D9HOD5RVDOLQGD 0DUWtQH]=DSDWD*ORULD0DUtDGHO5RVDULR 5RGUtJXH]5DPtUH]0DUWKD
*RQ]iOH]&iUGHQDV5DPLUR 0RQWHV0HGLQD$QWRQLR 5RGUtJXH]6iHQ]5XEpQ
*RQ]iOH](OL]RQGR(QHGHOLD 0RQWHPD\RU0DUWtQH]%HUWKD$OLFLD 5XL]*yPH])UDQFLVFR
*RQ]iOH]0DFLHO5REHUWR 0RUHQR0pQGH]-RVp/XLV 6DOJDGR(QUtTXH]*DEULHO
*RQ]iOH]5XL]+pFWRU 0RUDOHV6DOLQDV7RPiV 6DOLQDV*DU]D$OEHUWR-XDQ
*RQ]iOH]5RGUtJXH]2VFDU$EXQGLR 1RULHJD&ROXQJD5H\QD 6DOD]DU*DXQD<RODQGD
*X]PiQ$OHPiQ0DQXHO 2UWHJD*DUFtD-RVp'RORUHV 6iQFKH]0XULOOR(UQHVWR
*XDMDUGR,EDUUD-RUJH 2VRULR0DUWtQH]-XDQ 6iQFKH]5RGUtJXH]-XDQ
*XDMDUGR,EDUUD-RVp/XLV 3DUHGHV&KiYH]0DUtDGHO3LODU 6DOD]DU5LQFyQ5DTXHO
*XDMDUGR6HUUDQR&DUPHQ,VDEHO 3DUGR0HOpQGH]-RVp-XDQ 6LHUUD9HOi]TXH]/HDQGUR
+HUQiQGH]*DU]D$UWXUR$ULHO 3pUH]'HOJDGR-XDQ0DQXHO 6RWR/HGHVPD-RVp*XDGDOXSH
+HUQiQGH]3pUH],VDtDV 3HGUD]D*DU]D-RHOÉOYDUR 6XiUH]6DOGDxD<RODQGD/HWLFLD
+HUQiQGH]5XL]-XDQ-RVp 3pUH]*DUFtD6DQWLDJR/HRQHO 7UHYLxR$UDQGD0DUtDGHOD/X]
+HUQiQGH]9DOGLYLD-XDQ5XSHUWR 3pUH]0DGULJDO-XDQ-RVp 7UHYLxR%RODGR-HUyQLPR
+HUQiQGH]9i]TXH]-DLPH 3HxD2UWHJD5RVDOLQGD 7UHYLxR+HUQiQGH]0DQXHO*XLOOHUPR
,UDFKHWD2UR]FR+HULEHUWR 4XLQWDQLOOD*DU]D-XDQ0LJXHO 7LMHULQDÉOYDUH](VWHEDQ
,EDUUD5DPtUH]0DUtDGHO6RFRUUR 5DPtUH]$UUHROD3HGUR 7ULDQD&RQWUHUDV0\UQD
,PSHULDO)HUQiQGH]/LGLD 5D\JR]D(VSDU]D(OtDV 7RUUHV)ORUHV$OIRQVR-DYLHU
/HDO0HGLQD0RGHVWR 5DPtUH]1RULHJD-RVp)DXVWR 9i]TXH]%HFHUUD)LGHQFLD
/LxiQ1LxR1DWLYLGDG5LFDUGR 5DPtUH]1RULHJD-RUJH$UWXUR 9DOGH]&DVDV$QJpOLFD
/R]R\D$OYDUDGR$OLFLD 5DPtUH]5XL]-RVHÀQD 9DOGH]5H\QD(YHUDUGR
/R]R\D$OYDUDGR6DUD 5DPRV5XL]7DQLD)HOLFLGDG 9i]TXH]6DQWRV-RVp3HUIHFWR
/ySH]0RUDOHV$PDGD 5DPRV6DOGLYDU*XVWDYR 9DOOH9LOODUUHDO-XDQLWD$QWRQLD
/XQD5XELR)UDQFLVFR&LULDQR 5H\QD$JXLODU*UDFLHOD%HDWUL] 9HUiVWHJXL+HUUHUD0DUtDGHO5HIXJLR
0DUWtQH]%HUQDO5LFDUGR 5H\QD5RGUtJXH]-RVpÉQJHO 9LOOHJDV0HGHOOtQ0DUtD$UPDGLQD
0DUWtQ*yPH](OtDV 5tRV0HQGR]D5RGROIR 9LOODOyQ6ROtV'LDQD
0DOGRQDGR*DUFtD-RVp/XLV 5LYHUD3ODWD)DXVWLQR 9LOODIXHUWH6iQFKH]6LOYLD
0DQ]DQR+HUQiQGH]0DUtDGHORVÉQJHOHV 5RGUtJXH]$ODQtV0DQXHO0DUtD =HSHGD(VFDPLOOD6DUD)UDQFLVFD
0DUWtQH]/DUD0DQXHO 5RGUtJXH]%D]DOG~D-HV~V-DYLHU


LȐȹǾȵǸȽɺǸ
A_fY[agEYfm]d9dlYeajYfg

,
,JQDFLR 0DQXHO $OWDPLUDQR QDFLy
HQ  HQ HO SREODGR GH 7L[WOD
*XHUUHUR +DVWD VX DGROHVFHQFLD IXH
TXHFRQRFLyHOLGLRPDFDVWHOODQR
(Q DWHQFLyQ D VX QRWDEOH FDSDFLGDG
DFDGpPLFDUHFLELyDSR\RSDUDLQJUHVDU
DO,QVWLWXWR/LWHUDULRGH7ROXFDGRQGH
,JQDFLR5DPtUH]IXHXQRGHVXVPHQ
WRUHV /XHJR SDVy D OD FLXGDG GH
0p[LFRGRQGHFRQWLQXyVXVHVWXGLRV
6LHQGRPX\MRYHQWRGDYtDVHFRQFHQ
WUyHQHOFRQRFLPLHQWRGHODÀORVRItDHO
ODWtQ\HOIUDQFpV6XWHPSUDQD\VyOLGD
DÀFLyQDODOHFWXUDORSXVRHQFRQWDFWR
FRQ HVFULWRUHV FOiVLFRV \ PRGHUQRV
HQFLFORSHGLVWDV \ HPLQHQWHV MXULVWDV
OLEHUDOHV
)XH XQ SUROtÀFR \ YHUViWLO DXWRU GH
DUWtFXORV \ HGLWRULDOHV TXH VH GLYXO
JDURQ HQ GLYHUVRV SHULyGLFRV GH PH
GLDGRVGHO6LJOR;,;
3DUWLFLSy FRPR VROGDGR GHO EDQGR
OLEHUDO HQ HO VXU GHO SDtV GXUDQWH OD
*XHUUDGH5HIRUPD
)XHHOHFWR'LSXWDGRDQWHHO+&RQJUH ´5HQDFLPLHQWRµDGHPiVUHDQXGDVX )DOOHFLyHOGHIHEUHURGHHQ
VRGHOD8QLyQGRQGHGHVWDFySRUVX ODERUSHULRGtVWLFDLPSDUWHFODVHVFRPR 6DQ5HPR,WDOLD
RUDWRULDDSDVLRQDGD\FRQYLQFHQWH GRFHQWH\GHVDUUROODDFWLYLGDGHVFRPR (QVXVUHVWRVIXHURQWUDVODGDGRV
6H FDVy FRQ 'RxD 0DUJDULWD 3pUH] IXQFLRQDULRGHJRELHUQR DOD5RWRQGDGHORV+RPEUHV,OXVWUHV
*DYLOiQ HQ  VLQ SURFUHDU KLMRV 'HFLGLGR SURPRWRU GH OD HGXFDFLyQ HQODFLXGDGGH0p[LFR
SRU OR TXH GHFLGLHURQ OXHJR DGRSWDU S~EOLFD ODLFD \ REOLJDWRULD IXH XQR
D ORV SHTXHxRV 3DOPD \ $XUHOLR GH ORV SULQFLSDOHV JHVWRUHV DQWH HO 6X REUD HVFULWD DEDUFD  WRPRV \
*XLOOpQ FRPSUHQGH GLVWLQWRV JpQHURV SRHVtD
*RELHUQR)HGHUDOSDUDTXHIXHUDFUHD QRYHOD FXHQWRV FUtWLFD DUWtFXORV SH
$QWH HO DFRVR GHO HMpUFLWR IUDQFpV GD OD (VFXHOD 1DFLRQDO GH 0DHVWURV ULRGtVWLFRV\HQVD\R
HPSXxy GH QXHYR HO IXVLO \ UHJUHVy (Q HOOD LPSDUWLy FXUVRV GH +LVWRULD
DOFDPSRGHEDWDOODGRQGHDOFDQ]yHO 3DWULD*UDPiWLFD(VSDxROD\/HFWXUD
JUDGRGH&RURQHO 6XSHULRU
7H[WR WRPDGR GHO OLEUR %RVTXHMRV GH (GXFDFLyQ SDUD HO
7UDV OD GHUURWD GH ODV IXHU]DV LQYD 6HGHVHPSHxyFRPR&yQVXO*HQHUDO 3XHEOR ,JQDFLR 5DPtUH] H ,JQDFLR 0DQXHO $OWDPLUDQR
VRUDV SXGR GHVSOHJDU VX YRFDFLyQ GH0p[LFRHQ%DUFHORQD(VSDxD\HQ $QWRORJtD SUHSDUDGD SRU 0DUtD 7HUHVD %HUP~GH] GH
%UDXQV(GLFLRQHV(O&DEDOOLWR6(3&XOWXUD0p[LFR
GHHVFULWRU(QIXQGDOD5HYLVWD 3DUtV)UDQFLD SS


HȐȃɄȽɄȃȨȹȨȐȽɜɄ

EY]kljgA_fY[agEYfm]d9dlYeajYfg
Yd<]k]eh]µg
]f;Yjj]jYEY_akl]jaYd

3
3RU RWUD SDUWH \ SDUD HYLWDU
FRQIXVLRQHV FRQYLHQH VHxDODU TXH
GHQWUR GHO 3URJUDPD 1DFLRQDO GH
&DUUHUD 0DJLVWHULDO GHVGH HO DxR GH
 VH LPSODQWy HO 5HFRQRFLPLHQWR
´0DHVWUR,JQDFLR0DQXHO$OWDPLUDQRµ
DO'HVHPSHxRHQ&DUUHUD0DJLVWHULDO
HO FXDO IXH FUHDGR H[FOXVLYDPHQWH
SDUD GRFHQWHV IUHQWH D JUXSR GH ORV
QLYHOHV GH SUHHVFRODU SULPDULD \
VHFXQGDULD \ HQ OD TXH VH FRQVLGHUDQ
ORVUHVXOWDGRVGHXQH[DPHQDQXDOGH
FRQRFLPLHQWRV

(Q HVWD HGLFLyQ  ODV SURIHVRUDV


JDQDGRUDV TXH UHFLELHURQ HO UHFR
QRFLPLHQWR VRQ 0DJGDOHQD &XpOODU
3HGUD]D SRU HO QLYHO GH 3UHHVFRODU
0DUtD GHO 5RVDULR &DPSRV 2URSH]D
GHO QLYHO GH 3ULPDULD \ OD SURIHVRUD
1DQF\ &RULQD 9i]TXH] &DQW~ GHO
QLYHOGH6HFXQGDULD

(O MXUDGR SDUD VHOHFFLRQDU HVWRV WUHV


SULPHURVOXJDUHVHVWXYRLQWHJUDGRSRU
DXWRULGDGHV HGXFDWLYDV \ VLQGLFDOHV
DGHPiV GH OD UHSUHVHQWDQWH GH OD
$VRFLDFLyQGH3DGUHVGH)DPLOLD

/RVDVSHFWRVTXHVHHYDOXDURQIXHURQ
ODSUHSDUDFLyQDFDGpPLFDSUHSDUDFLyQ
SURIHVLRQDODQWLJHGDGFXUVRVGH
DFWXDOL]DFLyQ HVWDWDOHV \ QDFLRQDOHV
UHDOL]DGRVGXUDQWHHODxRHQWUHRWURV


=k[m]dYk\]Yq]j

'HL]TXLHUGDDGHUHFKDOD3URIUD6ROHGDG0RUDOHVGH*DU]D3URIUD0DUtD<RODQGD%ODQFR*DUFtDODMRYHQ,YRQQH*DU]D7UHYLxR
3URIU5D~O0*DU]D9DOOH3URIUD&DUROLQD0RQWHPD\RU\OD3URIUD0DUtD(OHQD0DUWtQH]\0DUWtQH]VHWRPDURQODIRWRGHO
UHFXHUGRSDUDUHFRUGDUODJUDGXDFLyQHQOD6HFXQGDULD3OLQLR'2UGyxH]

(Q  DOXPQRV GH SULPDULD GH OD (VFXHOD 0RQXPHQWDO ´5HYROXFLyQµ XELFDGD HQ OD
FRORQLD,QGXVWULDOHQ0RQWHUUH\VHWRPDURQODIRWRGHOUHFXHUGRFRQVXSURIHVRU*XDGDOXSH
*LOEHUWR&XpOODU6DOD]DUTXLHQUHFXHUGDJUDWDPHQWHHVDJHQHUDFLyQGHHVWXGLDQWHVLQTXLHWRV
FRQJDQDVGHDSUHQGHU\GHVDUUROODUVH


ȨɕɜȨȽȝɤȨȇɄɕ
EY]kljgk

3URIUD5HPLJLD3HGUD]D&iUGHQDV 3URIU7LPRWHR/+HUQiQGH]

1DFLy HQ +XODODKXLVHV 1XHYR 1DFLy HQ 9LOODOGDPD 1XHYR


/HyQ HO  GH DEULO GH  /HyQ HO  GH MXQLR GH 
6XV SDGUHV IXHURQ GRQ 7RULELR 2EWXYRHOWtWXORGHSURIHVRUSRUOD
3HGUD]D*RQ]iOH]\GRxD5DIDHOD 1RUPDOGH1XHYR/HyQHQ
&iUGHQDV *DU]D GH 3HGUD]D 'LUHFWRU SURIHVRU H LQVSHFWRU
(Q  LQJUHVy D OD (VFXHOD GH GLYHUVDV HVFXHODV 6HFUHWDULR
1RUPDO SDUD 0DHVWURV ´0LJXHO GHO $\XQWDPLHQWR HQ 0RQWHUUH\
) 0DUWtQH]µ XELFDGD HQ 0RQWHUUH\ 6H GHVHPSHxy HQ HQD)XQGDGRUGHOD6RFLHGDG1XHYROHRQHVD
ORVGLYHUVRVQLYHOHVGHHGXFDFLyQ\IXHODSULPHUDPXMHU GH +LVWRULD *HRJUDItD \ (VWDGtVWLFD 'LUHFWRU JHQHUDO GH
HQ RFXSDU XQ SXHVWR GH HOHFFLyQ SRSXODU FRPR SULPHUD (GXFDFLyQ3~EOLFDHQGLYHUVDVRFDVLRQHV$XWRUGHREUDV
UHJLGRUDGHO+RQRUDEOH$\XQWDPLHQWRGH+XDODKXLVHVHQHO UHODFLRQDGDVFRQOD*HRJUDItDH+LVWRULDGH1XHYR/HyQ
SHUtRGR5HFLELyGLIHUHQWHVGLVWLQFLRQHVFRPR VLHQGRXQDGHHOODV%UHYH+LVWRULDGH1XHYR/HyQ
ODPHGDOOD´,JQDFLR0DQXHO$OWDPLUDQRµ

3URIU-RQiV*DUFtD 3URIUD(YD0ROLQD7RVFDQR

1DFLy HQ OD KDFLHQGD GH 6DQWD 1DFLy HQ &HUUDOYR 1XHYR /HyQ
5RVDHQ$SRGDFD1XHYR/HyQHO HQ  0DHVWUD GH LQVWUXFFLyQ
GHVHSWLHPEUHGH'HVGH SULPDULD 5HDOL]y VXV HVWXGLRV
 WUDEDMy FRPR D\XGDQWH HQ GH HVSHFLDOL]DFLyQ HQ OHQJXD \
OD HVFXHOD GH 0DUWtQ (OL]RQGR OLWHUDWXUD VX ODERU GRFHQWH OD
2EWXYRHOWtWXORGHSURIHVRUSRUOD UHDOL]y HQ 0RQWHUUH\ /DPSD]RV
1RUPDOGH1XHYR/HyQHQ $JXDOHJXDV 6DQ 1LFROiV GH ORV
'LULJLy \ IXQGy HVFXHODV GH GLYHUVRV QLYHOHV HGXFDWLYRV *DU]D\&HUUDOYR$SDUWLUGHKDVWDRFXSyOD
FRPR HO ,QVWLWXWR 0DGHUR 2FXSy FDUJRV GH HOHFFLyQ GLUHFFLyQGHODHVFXHOD6HFXQGDULD1R´3URIU0RLVpV
SRSXODU \ HQ OD 'LUHFFLyQ *HQHUDO GH (GXFDFLyQ D QLYHO 6iHQ]*DU]Dµ'XUDQWHDxRVUHDOL]yODERUGRFHQWHHQOD
QDFLRQDO)XHXQRGHORVLPSXOVRUHVGHOIHVWHMRGHO'tDGHO 8QLYHUVLGDG$XWyQRPDGH1XHYR/HyQ
0DHVWUR

 1HYiUH]3HTXHxR1DSROHyQ3HUÀOGHXQSXHEOR9LOODGH6DQ&ULVWyEDO*XDODKXLVHV)DFXOWDGGH&LHQFLDVGHOD&RPXQLFDFLyQGHOD8$1/0RQWHUUH\1XHYR/HyQ0p[LFR
 &DYD]RV*DU]D,VUDHO'LFFLRQDULR%LRJUiÀFRGH1XHYR/HyQ7DOOHUHVGH,PSUHVRV\7HVLV0RQWHUUH\1XHYR/HyQ0p[LFR


Hjaf[ahagkh]\Y_¶_a[gk
\]dHjg_jYeY=klYlYd
\]=\m[Y[a¶f*((+%*((1

(
-XDQ)UDQFLVFR3pUH]2QWLYHURV
(VWDPRV FLHUWRV TXH ODV DFWLYLGDGHV
HPSUHQGLGDV SRU ORV PDHVWURV \
DOXPQRV HQ HO DXOD FRQVWLWX\HQ HO
FDPLQRFRP~QTXHFRQGXFHDOp[LWRR
IUDFDVRHQODHGXFDFLyQ3HURWDPELpQ
VRPRV FRQVFLHQWHV TXH GLFKR WUDEDMR
QRVHOLPLWDVyORDOHVSDFLRItVLFRGHO
DXOD VLQR TXH VH UHÀHUH DO DXOD HQ
HO VHQWLGR GH DFWLYLGDGHV HGXFDWLYDV
RUJDQL]DGDV TXH VH SXHGHQ H[WHQGHU
PiVDOOiGHOHGLÀFLRHVFRODUDEDUFDQGR
ODFRPXQLGDG

(OREMHWLYRIXQGDPHQWDOGHOSUR\HFWR
HGXFDWLYR GHO JRELHUQR GHO /LF
-RVp 1DWLYLGDG *RQ]iOH] 3DUiV HV
GHVDUUROODUXQVLVWHPDTXHVHULMDHQWUH
RWURVSRUORVSULQFLSLRVIXQGDPHQWDOHV
GH XQD HGXFDFLyQ  SRVPRGHUQD OD
HTXLGDGODH[FHOHQFLDODLQFOXVLyQ\
ODDUPRQtDDFDGpPLFD

(Q SDUWLFXODU KLVWyULFDPHQWH OD


HTXLGDG HQ OD HGXFDFLyQ FRQVWLWX\y FDPELRVHQHGXFDFLyQVHGHEHQGHGDU 3RFRV HVWXGLDQWHV GHVDUUROODQ WRGR
XQ SULPHU LQWHQWR  SRU UHIRUPDU OD SDUDTXHWRGRVORVHVWXGLDQWHVSXHGDQ VX SRWHQFLDO HQ ODV DXODV TXH IRUPDQ
HVFXHODFRQHOSURSyVLWRGHKDFHUTXH DSUHQGHU SDUWHGHODHVFXHODDFWXDO/RVFDPELRV
ODV HVFXHODV IXHUDQ LJXDOLWDULDV HV HGXFDWLYRV HQ SUR GH OD H[FHOHQFLD
GHFLUKDFHUTXHIXHUDQORPLVPRSDUD &RQ UHVSHFWR D OD H[FHOHQFLD HGXFD GHEHQ SURSRQHU DFWLYLGDGHV TXH ID
WRGRV/DH[SHULHQFLDGHPRVWUyTXH WLYD ODV FRPSHWLFLRQHV GHULYDGDV GH FLOLWHQ HO p[LWR HVFRODU D WRGRV VHDQ
OD LJXDOGDG HQ HO VHQWLGR GH DWHQGHU ODV JXHUUDV PXQGLDOHV HO PHUFDGR GRWDGRVQRUPDOHVRDWtSLFRV
~QLFDPHQWH D OD PD\RUtD  QR HUD JOREDO \ OD H[SORVLyQ GH ORV DYDQFHV
MXVWD QR IRPHQWDED DGHFXDGDPHQWH WHFQROyJLFRVKDQOOHYDGRDORVJRELHU /DV~OWLPDVUHIRUPDVHGXFDWLYDVKDQ
HO YDORU GH OD H[FHOHQFLD HQ HO QRV GH ORV SDtVHV D GLVHxDU VLVWHPDV FRPSUHQGLGRHOSULQFLSLRGHODLQFOX
DSUHQGL]DMHDFDGpPLFRGHOHVWXGLDQWH HGXFDWLYRV TXH IRUPHQ FLXGDGDQRV VLyQ DFFHGHU D ODV RSRUWXQLGDGHV
\ QR SURGXFtD LQFOXVLyQ QL DUPRQtD FDGD YH] PiV FDSDFHV 3DUD HOOR GH HGXFDWLYDVSRULJXDOODLQWHJUDFLyQGH
'HVGH HQWRQFHV OD HTXLGDG VH KD EHPRVFRQFHELUDODH[FHOHQFLDHQOD ORV DOXPQRV FRQ QHFHVLGDGHV HGXFD
EXVFDGR PHGLDQWH OD LPSDUFLDOLGDG HGXFDFLyQ FRPR OD UHDOL]DFLyQ GHO WLYDV HVSHFLDOHV HQ DXODV FRQYHQ
\ODGLYHUVLGDGTXHVLJQLÀFDTXHORV SOHQR SRWHQFLDO GH FDGD HGXFDQGR FLRQDOHV\ODHQVHxDQ]DELOLQJH/D


(VWRHVSRUPHGLRGHHVWDRULHQWDFLyQ
ORVDOXPQRVSRGUiQFDSWDUHOSURIXQ
GR FLFOR GH DSUHQGL]DMH TXH OH
SURSRUFLRQD OD PDQHUD GH SHQVDU HQ
IRUPD FUtWLFD VREUH HO PXQGR DVt
FRPRFRPSUHQGHUTXHHODSUHQGHUHV
XQ SURFHVR GH WUDQVIRUPDFLyQ WDQWR
GHVtPLVPRFRPRVRFLDO,JXDOPHQWH
PHGLDQWH HVWD PHWRGRORJtD TXH DO
JXQRVOODPDQWUDQVIRUPDWLYDVHORJUD
UiQ PRGLÀFDFLRQHV LPSRUWDQWHV \
GXUDGHUDVHQODVHVFXHODVDOIRPHQWDU
FDPELRVGHDFWLWXG\FRQFHSFLyQVREUH
OD QDWXUDOH]D GH OD HVFRODULGDG HO
FRQFHSWR VRFLDO GH DSUHQGHU \ FyPR
HO FRQRFLPLHQWR IRUPD VLHPSUH OD
LQFOXVLyQSDUHFHXQDOLDGRQDWXUDOGHOD VXV FRQRFLPLHQWRV \ FRPSHWHQFLDV D EDVHGHODDFFLyQVRFLDOHQFXDOTXLHU
HTXLGDG /D LQFOXVLyQ FRPR VXVWHQWR ÀQGHHQIUHQWDUORVUHWRVTXHSUHVHQWD RUJDQL]DFLyQFRPXQLGDGRHVFXHOD
GHPRFUiWLFRGHXQDUHIRUPDWUDVSDVDHO XQD VRFLHGDG GHO FRQRFLPLHQWR PiV
UHFLQWRHVFRODUHVGHFLUDODVIDPLOLDV TXHVREUHHOJUDGRDOFXDOKDQORJUDGR 'LFKDVQRUPDVRFULWHULRVVRQVLPSOH
DODVRUJDQL]DFLRQHVGHODFRPXQLGDG\ GRPLQDUXQSODQGHHVWXGLRVHVSHFtÀFR PHQWH SULQFLSLRV TXH VRQ DFHSWDGRV
DODVHPSUHVDVHQORVSURJUDPDV\HQ 6XHQIRTXHSHGDJyJLFRQRVHUHGXFHD SRU ORV GLVHxDGRUHV GH SURJUDPDV
ODVSROtWLFDVHGXFDWLYDVHVXQDDPSOLD VHUVyORXQDHOHFFLyQHQWUHWUDQVPLWLU H LQYHVWLJDGRUHV  HQ HO FDPSR GH OD
PDQLIHVWDFLyQGHHVWHYDORUJHQHUDOOD R JHQHUDU FRQRFLPLHQWRV HV GHFLU HGXFDFLyQFRQHOÀQGHPD[LPL]DUOD
HVFXHODQRVLQFXPEHDWRGRV\WRGRV TXHHOPDHVWUROHVGLJDDORVDOXPQRV HQVHxDQ]D\HODSUHQGL]DMHSDUDWRGRV
GHEHPRVWHQHUDFFHVR\YR] TXp  HV OR TXH QHFHVLWDQ DSUHQGHU R 6RQ IRUPXODFLRQHV GH LGHDOHV TXH
DGRSWDU HO PpWRGR TXH VH JHQHUD D ORV HGXFDGRUHV SXHGHQ HVIRU]DUVH
3RU RWUR ODGR OD DUPRQtD DFDGpPLFD WUDYpV GH XQ SURFHVR GH LQGDJDFLyQ HQ DOFDQ]DU PHGLDQWH OD UHÁH[LyQ
HV HO QRPEUH TXH VH OH DVLJQD D H[SORUDFLyQ \ GHVFXEULPLHQWR GHO OD SUiFWLFD OD LQWHUDFFLyQ OD UHWURD
XQ FRQMXQWR GH YDORUHV FRPXQHV FRQRFLPLHQWRVXVWHQWDGRHQODVWHRUtDV OLPHQWDFLyQ FRQVWUXFWLYD \ XQ DSUHQ
DFRUGDGRV\QHFHVDULRVHQHOQLYHOGHO GHO FRQVWUXFWLYLVPR GHO DSUHQGL]DMH GL]DMH FRQWLQXR 6L VH DSOLFDQ FRQ
DXOD \ HQ FRQVHFXHQFLD HQ HO QLYHO HQ FRODERUDFLyQ \ HQ FRRSHUDFLyQ FLHQ]XGDPHQWHVRQVXILFLHQWHVSDUD
HVFRODU \ OXHJR HVWDV H[SHULHQFLDV FRQ RWUDV SHUVRQDV TXH FRQÀHUH HO SURGXFLU GHVDUUROOR FRJQLWLYR UHQGL
JHQHUDUiQ XQ FDPELR HQ HO  QLYHO SRGHU GH HQWUDU HQ FRQWDFWR FRQ OD PLHQWRHVFRODU\DXODVFDUDFWHUL]DGDV
GH ODV SUy[LPDV JHQHUDFLRQHV GH PDWHULDGHHVWXGLR\GHFRQVWUXLUXQR SRU OD H[FHOHQFLD OD HTXLGDG OD
FLXGDGDQRV3DUDTXHODVHVFXHODVVHDQ VX SURSLR FRQRFLPLHQWR VLQR TXH LQFOXVLyQ\ODDUPRQtDDFDGpPLFD
HTXLWDWLYDV FRQ WRGRV ORV DOXPQRV DGHPiV GH EDVDUVH HQ ORV SULQFLSLRV
ORV HGXTXHQ DGHFXDGDPHQWH \ ORV GH XQD SHGDJRJtD JHQHUDWLYD GHEHUi 6LQ GXGD HQ HVWH QXHYR PLOHQLR
LQFOX\DQ HQ ODV RSRUWXQLGDGHV \ ORV IXQGDPHQWDUVH HQ XQD SHGDJRJtD OD FRPXQLFDFLyQ ODV KXPDQLGDGHV
GHEDWHVHGXFDWLYRVODFRQVHFXFLyQGH FUtWLFD VHJ~Q OD FXDO HO DSUHQGL]DMH \ HO FRQVHQVR D QLYHO QDFLRQDO H
DOJXQD IRUPD FRPSDUWLGD GH YDORUHV GHEH VHU DFWLYR SRU SDUWH GH ORV LQWHUQDFLRQDO H[LJHQ VyOLGDV DOIDEHWL
\ UHJODV GH UHODFLRQHV \ SURFHVRV HV HGXFDQGRV SHUR UHODFLRQDGR FRQ VX ]DFLRQHVÁH[LELOLGDGFRJQLWLYDFDSD
LQGLVSHQVDEOH PiV DPSOLR FRQWH[WR PiV DOOi GHO FLGDGSDUDODUHVROXFLyQGHSUREOHPDV
VDOyQGHFODVHTXHGRWHDOPDHVWUR\D \VREUHWRGRDSWLWXGHVLQWHUSHUVRQDOHV
(Q HVWH WHQRU HQ HO PDUFR GH XQ ORVHVWXGLDQWHVGHXQDOIDEHWLVPRQR SDUD DERUGDU SUR\HFWRV FRPSDUWLGRV
JRELHUQR KXPDQLVWD HO 3URJUDPD VyORIXQFLRQDOVLQRWDPELpQVRFLDOTXH TXH OHV H[LJHQ WDQWR D ORV PDHVWURV
(VWDWDO GH (GXFDFLyQ  OHV SHUPLWD FUHDU HO IXWXUR R  PXQGR FRPRDORVDOXPQRVD\XGDUVHPXWXD
WLHQH HQWUH VXV REMHWLYRV  HVHQFLDOHV TXHGHVHDQ PHQWH\DSUHQGHUXQRVGHRWURV
FDSDFLWDUDORVHGXFDQGRVSDUDHPSOHDU


HYljgfYlg
Hjg%eYfl]faea]flg
\]]\aÚ[agk]k[gdYj]k2
MfYgh[a¶fnaYZd]
-XDQ)UDQFLVFR*RQ]iOH]5RGUtJXH]

3
3RU DxRV OD HGXFDFLyQ S~EOLFD \ (Q QXHVWUR SDtV OD LQYHUVLyQ S~EOLFD QHFHVLGDGHV TXH VH RULJLQDQ HQ ODV
OD TXH RIUHFHQ ORV SDUWLFXODUHV KD HQ HGXFDFLyQ HV FXDQWLRVD GDGR HO HVFXHODVGDGRTXHGHOSUHVXSXHVWRTXH
UHSUHVHQWDGR OD YtD PiV FRQÀDEOH \ FUHFLPLHQWRSREODFLRQDOTXHGHPDQGD VHDVLJQDHOVHGHVWLQDDOSDJRGH
VyOLGD SDUD JDUDQWL]DU HO GHVDUUROOR PiV\PHMRUHVVHUYLFLRVHQWpUPLQRV VDODULRV \ SUHVWDFLRQHV GHO SHUVRQDO
GHO LQGLYLGXR \ HO SURJUHVR VRFLDO QXPpULFRVVHGHVWLQDHOGHO3,% SRUORTXHHOUHVWRUHVXOWDLQVXÀFLHQWH
ÀQHVIXQGDPHQWDOHVGHORVJRELHUQRV QDFLRQDO\HO(VWDGRDSOLFDDOUHGHGRU SDUD DWHQGHU ORV UHTXHULPLHQWRV GH
GHPRFUiWLFRV SRU GLVSRVLFLyQ FRQVWL GHOGHVXVLQJUHVRVHFRQyPLFRV PDQWHQLPLHQWRH[SDQVLyQ\VROXFLyQ
WXFLRQDO 0p[LFR QR HVFDSD GH HVWD VLQHPEDUJRHVWRVUHFXUVRVQRORJUDQ D QHFHVLGDGHV GH OD LQIUDHVWUXFWXUD
UHDOLGDG VDWLVIDFHU GH PDQHUD LQWHJUDO ODV HGXFDWLYD


$QWHHVWHSDQRUDPDFRPSOHMRHPHUJH FLYLOHVGHOVHFWRUSURGXFWLYREDQFDULR TXH pVWH JHQHUH SHUPLWLUi FUHDU
FRPRXQDRSFLyQYLDEOHODSDUWLFLSDFLyQ \GHODVRFLHGDGHQJHQHUDO ySWLPDV FRQGLFLRQHV DPELHQWDOHV HQ
VRFLDO TXH HQ WpUPLQRV VLPSOHV HO HMHUFLFLR GH OD IXQFLyQ GRFHQWH
3DUD HIHFWRV MXUtGLFRV \ GH RUGHQ
VLJQLÀFDODFRQWULEXFLyQÀQDQFLHUDGH FX\D YLVLyQ VH RULHQWD HQ PHMRUDU OD
DGPLQLVWUDWLYR VH UHFRPLHQGD TXH
ODSREODFLyQFLYLOODVRUJDQL]DFLRQHV FDOLGDGGHODHGXFDFLyQGHODVQXHYDV
FRQVWLWXtGRHO3DWURQDWRVHFRQÀJXUH
SURGXFWLYDV ORV FOXEHV GH VHUYLFLR JHQHUDFLRQHV
XQÀGHLFRPLVRTXHUHJXOHYLJLOH\Gp
\ ODV GLIHUHQWHV RUJDQL]DFLRQHV D OD
YLDELOLGDGDORVSUR\HFWRVGHLQYHUVLyQ
HGXFDFLyQSOHQDPHQWHIXQGDPHQWDGD 1R WHQJR OD PHQRU GXGD GH OD
HQ PDWHULD GH PDQWHQLPLHQWR \
FRQ HO FRQWH[WR MXUtGLFR FLWDGR HQ GLVSRVLFLyQTXHUHJLVWUDUiODVRFLHGDG
HTXLSDPLHQWRHVFRODU
OD 6HFFLyQ  DUWtFXOR  GH OD /H\ SDUDKDFHUVX\DODSUHVHQWHSURSXHVWD
*HQHUDOGH(GXFDFLyQ (Q HVWD QREOH \ JHQHURVD WDUHD ORV PDHVWURV KLVWyULFDPHQWH KHPRV
OD SDUWLFLSDFLyQ \ HO DSR\R GH ORV GHPRVWUDGR HO GHVHR GH FRQYHUWLU
GLUHFWRUHVPDHVWURV\ODVDVRFLDFLRQHV QXHVWUD SUiFWLFD GRFHQWH HQ XQ
(QHVWDGLQiPLFD GHSDGUHVGHIDPLOLDHVIXQGDPHQWDO HMHUFLFLR IRUPDWLYR TXH SHUPLWD HO
GHUD]RQDPLHQWRV\ FRDG\XYDQGR FRQ HQWXVLDVPR FRQ IRUWDOHFLPLHQWR LQWHOHFWXDO \ VRFLDO
HQWHUH]D \ GHFLVLyQ HQ ODV DFFLRQHV GHO LQGLYLGXR \ OD FRQVROLGDFLyQ GH
FRPRXQHMHUFLFLRGH TXH LQVWUXPHQWH GHVDUUROOH \ HYDO~H XQ 1XHYR /HyQ FRPR XQ (VWDGR GH
E~VTXHGDGHVROXFLRQHVD HO ÀGHLFRPLVR \D TXH HO EHQHÀFLR 3URJUHVR

ODSUREOHPiWLFDVXUJHOD
LGHDGHFUHDUHO3DWURQDWR
3URPDQWHQLPLHQWR
GHHGLÀFLRVHVFRODUHV
S~EOLFRVFX\RREMHWLYR
VHUtDHOFRQVWLWXLUVHHQ
XQyUJDQRVRFLDOTXH
SURPXHYDDFFLRQHV
SDUDREWHQHUUHFXUVRV
DWUDYpVGHGLYHUVDV
HVWUDWHJLDVGHVWLQDGDV
DOPDQWHQLPLHQWR\
HTXLSDPLHQWRGHODV
HVFXHODVGH1XHYR/HyQ
/D RUJDQL]DFLyQ \ HO GHVDUUROOR GH
ODVDFWLYLGDGHVGHO3DWURQDWRHVWDUtDQ
D FDUJR GH XQ &RPLWp 7pFQLFR
LQWHJUDGR RUJiQLFDPHQWH SRU XQ
SUHVLGHQWHXQVHFUHWDULRXQGLUHFWRU
HMHFXWLYR XQ WHVRUHUR \  YRFDOHV
GRQGH SDUWLFLSDUtDQ IXQFLRQDULRV GHO
*RELHUQR GHO (VWDGR RUJDQL]DFLRQHV


;geaka¶f;am\Y\YfY
\]<]j][`gk@meYfgk\]d
=klY\g\]Fm]ngD]¶f$9&;&

6
-HQQ\$OFDOi

6H HVWDEOHFLy FRPR XQ RUJDQLVPR


LQGHSHQGLHQWHSDUDLQYHVWLJDU\H[SR
QHU ODV YLRODFLRQHV GH ORV GHUHFKRV
KXPDQRVHQHOiUHDGHODVDOXGPHQWDO
(Q HVWD &RPLVLyQ HVWiQ LQFOXLGRV
PpGLFRV \ RWURV HVSHFLDOLVWDV GH OD
VDOXG DUWLVWDV DERJDGRV HGXFDGRUHV
\ UHSUHVHQWDQWHV GH GHUHFKRV KXPD
QRV TXH DFW~DQ FRPR DVHVRUHV \
FRODERUDGRUHV GHVGH VX FRPSHWHQFLD
SURIHVLRQDO

'HQWURGHODVDFWLYLGDGHVGHORV~OWLPRV
DxRVKHPRVLQIRUPDGRDODVRFLHGDG
HQ JHQHUDO D OHJLVODGRUHV PpGLFRV
HGXFDGRUHV\SDGUHVGHIDPLOLDVREUH
HOSUREOHPDGHODIDUPDFRGHSHQGHQFLD
HQ JHQHUDO SHUR PiV FUHFLHQWH HQ
QLxRV\DGROHVFHQWHV

1XHVWUD LQYHVWLJDFLyQ DUURMD GDWRV


UHDOPHQWHVRUSUHQGHQWHVODIDUPDFR
GHSHQGHQFLD SRU PHGLFDPHQWRV HV
PiVDOWDTXHSRUHOFRQVXPRGHGURJDV
LOtFLWDV 

(Q 0p[LFR KD DXPHQWDGR OD SUHV


FULSFLyQGHHVWLPXODQWHV\RWURVSVLFR
WUySLFRV D QLxRV PHQRUHV GH  DxRV
KDVWDDGROHVFHQWHV

  01
  01

  01

'LUHFWRUD&&'+0RQWHUUH\
'DWRVSURSRUFLRQDGRVSRUHO'U5REHUWR.UHVKPHUGH(SLGHPLRORJtD,066&HQWUR0pGLFR1DFLRQDO
,QIRUPDFLyQSURSRUFLRQDGDSRUHO'U0RJXHO'LUHFWRU0pGLFRGH129$57,6DSDUWLUGHO3URJUDPDGH$FFLyQGH6DOXG0HQWDOHQGRQGHVHLQFOX\RHO'LDJQyVWLFRGHO'pÀFLWGH
$WHQFLyQH+LSHUDFWLYLGDGGHVGHHO&RQVHMR1DFLRQDO&RQWUDODV$GLFFLRQHV


9DULRV PLOHV GH QLxRV HVWiQ VLHQGR ULDOHV GHVQXWULFLyQ OHVLRQHV HQ OD &,%$ JDVWD PLOORQHV GH GyODUHV SDUD
WUDWDGRV FRQ 5LWDOtQ \ RWURV HVWLPX FDEH]DWUDVWRUQRVJHQpWLFRVDOHUJLDV YHQGHUOHDJUXSRVGHSDGUHV\PpGLFRV
ODQWHV VREUH OD EDVH GH TXH WLHQHQ H[SRVLFLyQ D PHUFXULR R PDJQHVLR ODLGHDGHXVDU5LWDOtQ&LEDWDPELpQ
HO ´WUDVWRUQR GH KLSHUDFWLYLGDG \ OHYHV DWDTXHV GH HSLOHSVLD \ FLHQWRV DSR\DDOJUXSRGHSDGUHVGH&KDG\D
GpÀFLWGHDWHQFLyQµ $'+'$WWHQWLRQ Vt FLHQWRV GH SUREOHPDV PpGLFRV OD$VRFLDFLyQ3VLTXLiWULFD$PHULFDQD
'HÀFLW+\SHUDFWLYLW\ DQG 'LVRUGHU  JUDYHV OHYHV R LQFOXVR SUREOHPDV
FX\RVVtQWRPDVVRQIDOWDGHDWHQFLyQ TXHSRQHQHQSHOLJURVXYLGD3HURD (/,QVWLWXWR1DFLRQDOGH6DOXG0HQWDO
KLSHUDFWLYLGDGRLPSXOVLYLGDG WRGRVHVWRVQLxRVVHOHVFODVLÀFDFRPR 1,0+ SURPXHYHWDQYLJRURVDPHQWH
KLSHUDFWLYRVRFRQWUDVWRUQRGHGpÀFLW HO5LWDOtQFRPRORVIDEULFDQWHVTXHOR
1R H[LVWH HYLGHQFLD VyOLGD GH TXH HO GH DWHQFLyQ /RV SVLTXLDWUDV PX\ SURGXFHQ LQFOXVR HQ WpUPLQRV PiV
´GpÀFLWGHDWHQFLyQµVHDXQWUDVWRUQR UDUD YH] YHULÀFDQ \ HOLPLQDQ HVWDV YLYDFHV TXH OD PLVPD FRPSDxtD GH
DXWpQWLFR R HQIHUPHGDG GH QLQJ~Q SRVLELOLGDGHV \ GH HVWD PDQHUD HO GURJDVSRGUtDKDFHUORHQHOPDUFRGH
WLSR QLxRHVHVWLJPDWL]DGRHQXQSULQFLSLR ODOHJDOLGDG
GLFLHQGR TXH SDGHFH  HO WUDVWRUQR GH
([LVWH XQD JUDQ FDQWLGDG GH LQYHV GpÀFLWGHDWHQFLyQHKLSHUDFWLYLGDG\
WLJDFLyQ TXH HVWDEOHFH ODV FDXVDV GH OHVSUHVFULEHQGURJDVSVLTXLDWULFDVµ
ORVVtQWRPDVGH´GpÀFLWGHDWHQFLyQµ 
(OGpÀFLWGHDWHQFLyQHVXQ´GLDJQyV
(QSDODEUDVGHO'U6\GQH\:DONHU,,, WLFRµGHFRQWURYHUVLDTXHWLHQHSRFRR
SVLTXLDWUD\QHXUyORJRDXWRUGHOOLEUR QDGDGHIXQGDPHQWRPpGLFR
(O)UDXGHGHOD+LSHUDFWLYLGDG´/RV
QLxRV TXH WLHQHQ WXPRUHV FHUHEUDOHV 9DULRV DXWRUHV KDQ GHPRVWUDGR TXH
HQ HWDSD LQLFLDO SXHGHQ GHVDUUROODU HVWRV WUDVWRUQRV GHO FRPSRUWDPLHQWR
VtQWRPDVGHKLSHUDFWLYLGDGRDWHQFLyQ LQIDQWLOQRWLHQHQYDOLGH]FLHQWtÀFD
GHÀFLHQWH /R PLVPR RFXUUH FRQ QL
xRV FRQ HQYHQHQDPLHQWR SRU SORPR +D\PLOORQHVGHHVFRODUHVHQWRGRHO
3DUDPiVLQIRUPDFLyQ
R SHVWLFLGDV $O LJXDO TXH ORV QLxRV PXQGR D TXLHQHV VH OHV HVWiQ DGPL ZZZFFKURUJLQGH[FIP
TXH SDGHFHQ GLDEHWHV WHPSUDQD HQ QLVWUDQGR ´PHGLFDPHQWRVµ £GURJDV &RPLVLyQ&LXGDGDQDGH'HUHFKRV+XPDQRV$&0RQWHUUH\
IHUPHGDGHVFDUGLDFDVSDUiVLWRVLQWHV SHOLJURVDV SDUD VX VDOXG ItVLFD \ (GLÀFLR 6DQWRV 3LVRž 'HVSDFKR  $Y 0DGHUR 
3WH =RQD &HQWUR 0RQWHUUH\ 1/ &3   7HO  
WLQDOHV LQIHFFLRQHV YLUDOHV R EDFWH PHQWDO )D[  (PDLOFFGK#D[WHOQHW


9mlgja\Y\hYl]jfY
\]`][`gq\]\]j][`g
$QDVWDFLD5LYDV2OLYR

&
&XDQGR REVHUYR D WDQWRV QLxRV \ DGR
OHVFHQWHV XQLIRUPDGRV VDOLU DSUHVXUD
GDPHQWH GH ODV DXODV SRUTXH KDQ WHUPL
QDGR ODV ODERUHV HVFRODUHV GHO GtD PH
KH LPDJLQDGR FRQ IUHFXHQFLD TXH VX
DSUHVXUDPLHQWRVHGHEHDOGHVHRGHOOHJDU
DVXKRJDUDFRPHQWDUFRQVXIDPLOLDODV
DFWLYLGDGHVTXHUHDOL]DURQHQODHVFXHOD\
\ ODV H[SHULHQFLDV YLYLGDV SHUR DGHPiV
D FRODERUDU HQ OD SUHSDUDFLyQ GH ORV
DOLPHQWRVTXHVHJXUDPHQWH\FRQDOHJUtD
FRQVXPLUiQDOUHGHGRUGHODPHVD\SDUD
FRPHQWDUODVDFWLYLGDGHVTXHVHUHDOL]DUiQ
GHVSXpVHVGHFLUODHODERUDFLyQGHODWDUHD
HODFRPRGRGHVXURSDHQÀQFRODERUDU
HQ ORV TXHKDFHUHV SURSLRV GHO KRJDU \
SUHSDUDUVHSDUDFRQYLYLUHQIDPLOLDSHUR
HVR HV OR TXH LPDJLQR VLQ HPEDUJR OD
UHDOLGDG HV RWUD OD JUDQ PD\RUtD GH ORV
QLxRV\DGROHVFHQWHVGHVSXpVGHVXVFODVHV
(VDKRUDTXHYLHQHDPLPHQWHHVHFRPHU HVGHFLUODSDUWHTXHDOEHUJDVXVEXHQRV
OOHJDQDODFDVD\¢TXpHQFXHQWUDQ"HVOD
FLDO HQ GRQGH HO SDGUH DSUHVXUDGDPHQWH VHQWLPLHQWRV \ FRQ HOORV ORV YDORUHV \
SUHJXQWDTXHWRGRVORVSDGUHVGHIDPLOLD
OOHJDDVXKRJDUSDUD´VDERUHDUHVHGHOLFLRVR SULQFLSLRVTXHUHJLUiQHQVXVYLGDV
GHEHPRV KDFHUQRV SRUTXH DXQTXH OR
DOLPHQWRµSHURQRHVHODOLPHQWRHQVtHV
GXGHPRV FXDQGR ORV KLMRV VLHQWHQ OD
ODSUHVHQFLDLQVXVWLWXLEOHGHOVHQWLPLHQWR /D IUXVWUDFLyQ TXH VHQWLPRV FRPR
SUHVHQFLD GH VXV SDGUHV HQ HO KRJDU D
ÀOLDO \ DPRURVR GH VX IDPLOLD 3HUR HVH SDGUHV DO YHU D QXHVWURV KLMRV HQ PDORV
WUDYpVGHODSDODEUDFiOLGD\DFRJHGRUDGH
HV XQ FRPHUFLDO TXH WRGRV ORV SDGUHV SDVRV SRGUtD SDUHFHU H[SOLFDEOH \D TXH
TXLHQ ORV TXLHUH \ VH SUHRFXSD SRU HOORV
GHEHPRV KDFHUOR UHDOLGDG SRUTXH VL DSHQDVVLQRVRFXSDPRVHQFRQYLYLUXQRV
QXWULpQGROHV VX DXWRHVWLPD KDFLpQGROHV
QXWULPRVHOFXHUSRFRQDOLPHQWRWDPELpQ LQVWDQWHV FRQ HOORV VXV SUHJXQWDV VXV
VHQWLU OD LPSRUWDQFLD GH VX UHJUHVR DO
GHEHPRVQXWULU\FRQPD\RUDVLGXLGDGHO SDODEUDV VXV ´QHFHGDGHVµ \D QRV HVWiQ
KRJDU IRUWDOHFH VXV VHQWLPLHQWRV KDFLD
HVStULWXGHQXHVWURVKLMRV FDQVDQGR \ GH LQPHGLDWR EXVFDPRV
OREXHQR\QREOH
SUHWH[WRV SDUD GHVYLDU  OD DWHQFLyQ KDFLD
3HUR¢TXpSDVDFXDQGRHQFXHQWUDQYDFtR 1XHVWUDSUHVHQFLDQXHVWUDSDODEUDFiOLGD DVSHFWRV WULYLDOHV VLQ PHGLWDU TXH HQWUH
IULDOGDG DXVHQFLD  \ VXV H[SHULHQFLDV QXQFD VHUi VXVWLWXLGD VL YHUGDGHUDPHQWH PiV FHUFDQtD WHQJDPRV FRQ QXHVWURV
VHDQ SRVLWLYDV R QHJDWLYDV VH TXHGDQ HQ H[LVWH HQ HO KRJDU HVD PDJLD VXWLO \ KLMRVDOODQDUHPRVHOFDPLQRHQVXVYLGDV
HOORVVLQFRPSDUWLUODVQLFRPHQWDUODV"6H EHQpYROD GH OD FRPXQLFDFLyQ DIHFWLYD \ OHV SURYHHUHPRV GH HVD VHJXULGDG WDQ
OHV YDQ IRUPDQGR GLYHUVDV LQFOLQDFLRQHV \ HPSiWLFD TXH GHEHUtD H[LVWLU HQ FDGD QHFHVDULDHQVXHGDGWHPSUDQD
KDFLD HO RFLR KDFLD OD DSDWtD KDFLD KRJDU DGHPiV VLQ GXGDV DFHSWDU TXH
OR QHJDWLYR KDFLD OD PDOGDG KDFLD OD pVWD HV OD ~QLFD PDQHUD GH  VXVWUDHUORV 1HFHVLWDPRVFRQVLGHUDUTXHFRQQXHVWUDV
LQGROHQFLDLQFOLQDFLRQHVTXHSRFRDSRFR GHO DPELHQWH GDxLQR TXH SUHYDOHFH SUHJXQWDV GHVSHUWDUHPRV VX FDSDFLGDG
VHYDQLQFUXVWDQGRHQVXVSHQVDPLHQWRV\ HQ OD VRFLHGDG SXHVWR TXH HVWDPRV GH DVRPEUR HO VHQWLGR GH DQiOLVLV \ GH
VHQWLPLHQWRV IRUWDOHFLHQGR OR PiV YDOLRVR TXH WLHQHQ UHÁH[LyQ SDUD TXH ORJUHQ GHFLGLU SRU


OR EXHQR \ DFHSWDU TXH OD DXWRULGDG TXH QL IUXVWUDUVH HV QHFHVDULR TXH OR VXSUHPD TXH WLHQHQ ORV SDGUHV VREUH ORV
WHQHPRVFRPRSDGUHVGHIDPLOLDDXQTXH SHUFLEDQ KXPDQR \ FRQ XQ  HVStULWX KLMRVDXWRULGDGTXHHVGHWHULRUDGD\PDO
HV XQ GHUHFKR QDWXUDO WDPELpQ GHEHPRV WHPSODGRHVGHFLUTXHXVWHGWDPELpQ LQWHUSUHWDGDSRUTXLHQHVDFRPSDVDGDPHQ
JDQDUOR FRQ HO HMHPSOR FRQ OD YLYHQFLD VLHQWH \ QHFHVLWD GH WRGD VX IDPLOLD WHVLJXHQODFRUULHQWHHVWUHSLWRVDGHGHUH
PLVPDGHYDORUHVHQIDPLOLD SDUD ORJUDU p[LWR QR SDUD GHSHQGHU FKRV GHIHQGLEOHV SHUR TXH HQ ~OWLPD
GH HOORV VLQR SDUD H[SUHVDUOHV TXH VL LQVWDQFLDKDQSURYRFDGRXQGHVHTXLOLEULR
1R RPLWDPRV TXH OD OHMDQtD HO YDFtR GH VHUHVSHWDQXQRVDRWURVVXVHVSDFLRV SRU GHPiV GDxLQR HQ OD FRQFLHQFLD GH
QXHVWUDSUHVHQFLD\GHQXHVWUDSDODEUDVRQ VXV UHVSRQVDELOLGDGHV VXV WDUHDV HQ QLxRV GH MyYHQHV \ GH OD VRFLHGDG HQ
LQGLFDGRUHVGHWRGRPHQRVGHDXWRULGDG XQLyQWRGRVVDOGUiQJDQDQGR JHQHUDO SXHVWR TXH OD LQYLRODELOLGDG GH
UHÁH[LRQHPRV \ QXQFD SHUGDPRV GH ORV GHUHFKRV KXPDQRV WDQ DFHSWDEOH \
YLVWDTXHFDGDKHFKRHQODYLGDHVSDXWD  +DJD VHQWLU LPSRUWDQWHV D FDGD XQR GHIHQGLEOHVHKDWRPDGRFRPRXQSUHWH[WR
GHHQVHxDQ]D\FUHFLPLHQWRWRGRORTXH GHVXVKLMRVQRORVFRPSDUHVLHPSUH MXVWLÀFDWRULRSDUDTXLHQHVQRTXLHUHQQL
KDJDPRVHQIDPLOLDVLHPSUHSHUPLWLUiXQ UHVDOWH ODV DFWLWXGHV SRVLWLYDV VLQ GHVHDQ YLYLU HQ HO RUGHQ HQ HO UHVSHWR \
FUHFLPLHQWR SRVLWLYR HVSHFLDOPHQWH VL KDFHU VHxDODPLHQWRV S~EOLFRV D HQODPRUDO
HVRVKHFKRVOOHYDQUHDOPHQWHHODQWtGRWR TXLHQHV D~Q QR  ODV SRVHHQ SHUR HQ
~QLFR TXH GHVWUX\H WRGR DTXHOOR TXH HV SULYDGRH[SOtTXHOHV\PRWtYHORVSDUD /D DUELWUDULHGDG HQ OD H[LJHQFLD GH ORV
GDxLQRSDUDHOFUHFLPLHQWRLQWHJUDOGHOVHU TXH VH FRPSURPHWDQ FRPR HTXLSR KLMRV DO UHFODPDU OLEHUWLQDMH PiV TXH
KXPDQRHVGHFLUHODQWtGRWRGHODPRU\ WULXQIDGRU OLEHUWDG HV \D LUUHIUHQDEOH \ SDUD HYLWDU
VLHPSUH UHFXHUGH TXH OD DXWRULGDG GHEH ORV GHVDJUDGDEOHV GHVSODQWHV LQIDQWLOHV \
VHU GH KHFKR HV GHFLU SRUTXH DVt HVWi  'HPXpVWUHOHVVXDPRU\UHFXHUGHTXH MXYHQLOHV TXH SURYRFDQ ´LQFRPRGLGDG \
HVWDEOHFLGDDQWHODVRFLHGDGSHURWDPELpQ OR~QLFRTXHVDOYDDORVKLMRVGHORV YHUJHQ]Dµ VH DFHSWDQ \ FXEUHQ LUUHPH
GHEHVHUGHGHUHFKR\SDUDHVWRGHEHPRV SHOLJURVLQPLQHQWHVHVODSDODEUD\HO GLDEOHPHQWHWRGRWLSRGHSHWLFLRQHV\FRQ
JDQDUODDWUDYpVGHQXHVWURHMHPSOR FRQVHMRTXHDWLHPSR\FRQDPRUOHV HOORVHSLHUGHLQHOXGLEOHPHQWHHVDYDOLRVD
DXWRULGDG RULJLQDQGR LQGLVFLSOLQDV FRQ
 GHPRV
3RUHVRPHDWUHYRDFRPSDUWLUFLQFRLGHDV GXFWXDOHV TXH HQ WLHPSR IXWXUR SXHGHQ
ULYDVROD
VHQFLOODVTXHWLHQGHQDIRUWDOHFHUHVHOD]R SURYRFDU YLROHQFLD \ SpUGLGD GH WDOHQWRV
GHXQLyQ\DXWRULGDGHQIDPLOLD \GHYLGDV

 /HYiQWHVHFRQRSWLPLVPRYHDHQFDGD 9XHOYR D UHIUHQGDU OR TXH UHFLHQWHPHQWH


 QXHYRGtDXQDRSRUWXQLGDGSDUDGHPRV PHQFLRQDED HQ XQR GH ORV DUWtFXORV
 WUDUVH\SDUDGHPRVWUDUDORVGHPiV SDVDGRVUHVSHFWRDTXHQRSXHGHH[LVWLU
 TXHFRQHOVRORKHFKRGHUHVSLUDUHO GLVFLSOLQD VL QR YD DFRPSDxDGD SRU OD
 R[tJHQRGHPLUDUODOX]GHHVFXFKDU DXWRULGDG \ OD H[SHULHQFLD GH YLGD TXH
 ORVVRQLGRVHV\DJDUDQWtDGHTXHHVWi /RPHQRVTXHSRGUtDPRVLPDJLQDUFRPR VLQGXGDWLHQHQSRUGHUHFKRORVSDGUHVGH
 FRPSOHWR\SXHGHJR]DU\GLVIUXWDU SDGUHVHVTXHQXHVWURVKLMRVQRGHVHDUDQ IDPLOLD
 GHWRGROREXHQRTXHWLHQHODYLGD OOHJDUDVXKRJDUSRUTXHHQFXHQWUDQYDFtR (Q HVWRV WLHPSRV HQ GRQGH SUHYDOHFH OD
QRGHFRVDVVLQRGHDIHFWRGHDFHSWDFLyQ GHIHQVD GH WRGRV ORV GHUHFKRV KXPDQRV
 6DOXGHDPRURVDPHQWHDWRGRVORVTXH GHWROHUDQFLD ELHQ YDOGUtD OD SHQD HVWDEOHFHU WDPELpQ
 HVWiQHQFDVDQRLPSRUWDTXHQRUHV XQD GHIHQVD KDFLD HVH GHUHFKR WDPELpQ
 SRQGDQHOVRORKHFKRGHHPLWLUXQ /RTXHGHVFULERUHVSRQGHDXQKHFKRGHO LQDOLHQDEOHGHORVSDGUHVGHIDPLOLDSDUD
 VRQLGRDJUDGDEOH\HQWXVLDVWDDORV FXDO IXL SDUWtFLSH FDVXDOPHQWH HVFXFKp IRUPDU D VXV KLMRV GHUHFKR TXH SRFR D
 GHPiVSHUPLWLUiTXHHOiQLPRVHOHYDQ PLHQWUDVUHDOL]DEDDOJXQDVFRPSUDVHQXQD SRFR KD VLGR HOLPLQDGR SRU PRGD SRU
 WHTXHVHHVWDEOH]FDXQFOLPDGHDFHS GHODVWLHQGDVFRPXQHVGHODORFDOLGDGXQD FRVWXPEUH SRUTXH DVt VRQ ORV WLHPSRV
 WDFLyQ\WUDQTXLOLGDGHQHOKRJDUHV SOiWLFDHQWUHPDGUHHKLMD\QXHYDPHQWH SHUR HQ UHDOLGDG \ GH DFXHUGR D OR TXH
 PHMRUXQDSDODEUDVHQFLOOD\UXWLQDULD FRQVWDWp HO JUDQ YDFtR TXH H[LVWH VREUH YLYR GLDULDPHQWH HQ PL DFWXDU GRFHQWH
 GH´EXHQRVGtDV¢FyPRDPDQHFLVWH"µ OD DXWRULGDG SDWHUQD UHÀULpQGRPH QR SXHGR H[SUHVDU TXH HO GHUHFKR GH
 TXHXQVLOHQFLRODVWLPRVRTXHDQLTXLOD H[FOXVLYDPHQWH DO SDGUH R D OD PDGUH DXWRULGDG SDWHUQD OR HVWDPRV SHUGLHQGR
VLQRDWRGRVORVTXHGHDOJXQDPDQHUDVRQ SRUTXHDFHSWDPRVWRGRORTXHGLFWDQORV
 &RPSDUWD VXV LGHDOHV QR GXGH HQ UHVSRQVDEOHVGHPDUFDUHOUXPERDVHJXLU PHGLRVGHFRPXQLFDFLyQODVFRVWXPEUHV
FRPXQLFDUVXVGHVHRV\DVSLUDFLRQHV DODQXHYDJHQHUDFLRQHV FRQWDPLQDQWHVTXHGLDULDPHQWHUHFLELPRV
D VX IDPLOLD KiJDORV SDUWtFLSHV GH HQQXHVWURVKRJDUHV\TXHODSXEOLFLGDG\
VXV SHTXHxRV WULXQIRV \ WDPELpQ )XH UHDOPHQWH ODPHQWDEOH REVHUYDU XQD HOFRQVXPLVPRYDDGHQWUDQGRSRFRDSRFR
GH VXV IUDFDVRV SHUR VLQ TXHMDUVH YH] PiV HVD DXVHQFLD GH OD DXWRULGDG HQHOVHQRGHQXHVWUDVYLGDV


AehgjlYf[aY
\]dY]fk]µYfrYemka[Yd
]fhj]]k[gdYj

&
5D~O7DPH]7REtDV
&RPSDUWLPRVFRQXVWHGHVODLPSRUWDQ
FLDGHODHQVHxDQ]DPXVLFDOHQSUHHV
FRODUFRQVLGHUDQGRDODP~VLFDFRPR
XQ HOHPHQWR LQGLVSHQVDEOH GH OD FXO
WXUD \ VXV LPSOLFDFLRQHV GHQWUR GH
QXHVWURVLVWHPDHGXFDWLYR
$~QHQODDFWXDOLGDGGHQWURGHQXHVWUR
VLVWHPD LQVWLWXFLRQDO GH HGXFDFLyQ
)RWRSHQGLHQWH
SUHHVFRODUH[LVWHXQDFODUDFRQFLHQFLD
GH OD UHOHYDQFLD GH OD HQVHxDQ]D
PXVLFDO\VXVLPSOLFDFLRQHV
< DVt QRV HQFRQWUDPRV FRQ HO
SUREOHPDHQODVHVFXHODVGHHGXFDFLyQ
SUHHVFRODU GH TXH QR KD\ VXÀFLHQWH
SHUVRQDO TXH FXEUD HVWD iUHD HQ ORV
GLYHUVRVSODQWHOHVVLHQGRDIRUWXQDGRV
ORV TXH FXHQWDQ FRQ PDHVWUR GH HVWD
GLVFLSOLQD SRUFLRQHVL]TXLHUGDGHUHFKDDQWHULRU
]DQGR SRU ORV PiV DJXGRV HO ODWLGR
'HHVWDIRUPDVHKDROYLGDGRTXHOD \SRVWHULRUGHOFHUHEURORFXDOH[SOLFD GHO FRUD]yQ GHO SHFKR GH VX PDGUH
LPSRUWDQFLD GH OD HQVHxDQ]D PXVL SRU TXp OD JHQWH DSUHQGH \ UHWLHQH OD YR] GH TXLHQ OH KDEOD HV GHFLU
FDO HV LQYDOXDEOH \D TXH D~Q VH KD LQIRUPDFLyQ FRQ PD\RU SURQWLWXG XQ PXQGR GRQGH VH DGYLHUWH P~VLFD
FRQVLGHUDGRFRPRXQDDFWLYLGDGRSFLR FXDQGR OR PDUFD FRQ P~VLFD (VWH ODWHQWHDODHVSHUDGHVHUWUDQVIRUPDGD
QDO HQ HO HGXFDQGR WLHQH LPSOLFD GHVFXEULPLHQWRFLHQWtÀFRVHFRQÀUPD SRUHOSURSLRQLxR
FLRQHVPX\SUHFLVDVVREUHDVSHFWRVGHO FXDQGR ORV SDGUHV REVHUYDQ TXH VXV
GHVDUUROOR LQWHJUDO GHO QLxR FRQVLGH KLMRVGHFXDWURDxRVDSUHQGHQUiSLGR (O EHEp SURJUHVDUi GH OD FRQIXVLyQ
UDQGR HO SURFHVR GH VRFLDOL]DFLyQ FDQFLRQHVULPDV\OLEURVFRQFDGHQFLD D OD RUJDQL]DFLyQ HQ HVWUHFKD FROD
TXH VH YH DSR\DGR D WUDYpV GH OD UtWPLFD(OQLxRHVXQPXQGRDELHUWRD ERUDFLyQFRQORVSURFHVRVPDGXUDWLYRV
HMHFXFLyQ GH OD DFWLYLGDG GH FDQWRV ODOX]DODVLPiJHQHVDOPRYLPLHQWR QHXUROyJLFRV(QWUHORV\PHVHVGH
\ MXHJRV IDYRUHFLHQGR OD UHODFLyQ \ DO VRQLGR DXQTXH QR VHD FDSD] GH QDFLGRHOQLxRFRPLHQ]DDGDUVHFXHQWD
LQWHULQGLYLGXDO GHO QLxR $VLPLVPR GLVWLQJXLUFRPSOHMLGDGHVFRPRHOFRORU GHODGLUHFFLyQGHGRQGHSURFHGHHOVR
HVWLPXOD OD FRRUGLQDFLyQ SVLFRPRWUL] ODIRUPDHOWRQRRHOWLPEUH QLGRTXHpOHVFXFKD%DVWDQWHGHVSXpV
JUXHVD D\XGD DO GHVDUUROOR \ DO 'XUDQWHORVSULPHURVDxRVGHYLGDOD DXQDHGDGYDULDEOHGLVIUXWDPRYLHQGR
PDQWHQLPLHQWRGHOOHQJXDMH\GHVDUUR DJXGH]DYLVXDO\DXGLWLYDVHUiODGpFL ORVSLHVUtWPLFDPHQWH\HPSLH]DDHV
OORGHODPHPRULD FXFKDUORVSULPHURVVRQLGRV6HLQWHUH
PDSDUWHTXHVHWHQGUiSRVWHULRUPHQWH
VDSULQFLSDOPHQWHHQDTXHOORVVRQLGRV
$OUHVSHFWRORVFLHQWtÀFRVGHVFXEULH (QWUHORVGtDV\HOPHVFRPLHQ]DD TXH VH SXHGHQ SURGXFLU FRQ OD YR]
URQ TXH OD P~VLFD LQYROXFUD ODV HVFXFKDUORVSULPHURVVRQLGRVHPSH FDSWDQGRVXVFRQWHQLGRVH[SUHVLYRV
0DHVWURGHHQVHxD]DPXVLFDO
0LHPEURGHO&RQVHMR7pFQLFRGH(QVHxDQ]D0XVLFDO


(OULWPR\ODDOWXUDGHORVVRQLGRV GLYLGXRDWUDYpVGHGLVWLQWRVSHUtR
DIHFWDQVXVHQVLELOLGDGDSHVDUGH GRV GH HVFRODULGDG IXQGDPHQWDO
TXH WRGDYtD VH GHED SDVDU PXFKR PHQWHHQODSULPHUDHWDSDFXDQGR
WLHPSR SDUD OOHJDU D HQWHQGHU HO VHYHUHIRU]DGRHVWRSRUHODPELHQ
VHQWLGR GH ODV SDODEUDV (O FDQWR WHIDPLOLDUVLHQGRGREOHPHQWHSRVL
H[SUHVLyQ GH GLQDPLVPR VRQRUR WLYR
OLEUH \ FRPR UHÁHMR GH HOHPHQWRV $ SDUWLU GH  OD HGXFDFLyQ HV
DIHFWLYRV HV DKRUD SDUD HO QLxR WpWLFD OOHJy D RFXSDU HO SULPHU
DQWHVTXHODSDODEUD SODQRGHODVSUHRFXSDFLRQHVSHGD
/D PHPRULD UtWPLFD GH QDWXUDOH]D JyJLFDV GH ORV SDtVHV GHO FHQWUR \
PRWUL]\ODGHOVRQLGRGHQDWXUDOH]D QRUWHGH(XURSD(VWHPRGHORQDFH
VHQVRULDO SUHFHGH QRUPDOPHQWH D HQ $OHPDQLD FRQRFLpQGRVH FRPR
OD PHPRULDVHPiQWLFDGHODVSDOD SHGDJRJtDDUWtVWLFD
EUDVTXHHVODQDWXUDOH]DFRJQLWLYD (QWXYROXJDUHO,,&RQJUHVR
$OUHGHGRUGHODxRVHLQLFLDODIDVH GH OD 81(6&2 VREUH SHGDJRJtD
OLQJtVWLFD GRQGH WLHQH OXJDU OD PXVLFDOWHQLHQGRFRPRSUHRFXSD
SURQXQFLDFLyQ GH ODV SULPHUDV SD HGXFDFLyQ PXVLFDO pVWD VLJXH VLHQGR FLyQ IXQGDPHQWDO UHYDORUL]DU OD
ODEUDV(OGHVDUUROORGHHVWDDFWLYLGDG LQDGHFXDGDHQQXHVWUDVDXODV(QVHxDU HGXFDFLyQPXVLFDOHQODHVFXHODFRQ
REOLJD DO VLVWHPD QHUYLRVR D PXOWL DFDQWDUyFDQFLRQHVRDSUHQGHU ORVDUJXPHQWRVVLJXLHQWHV
SOLFDU VXV FRQH[LRQHV \ HQ GHÀQLWLYD D WRFDU DOJXQDV SLH]DV GHVFRQHFWDGDV
DFRQVWUXLUXQDLQWHOLJHQFLDOLJDGDDOD GHXQSURJUDPDLQWHJUDOGHHGXFDFLyQ D /DSUiFWLFDPXVLFDOFUHDXQDVHULH
GLPHQVLyQDIHFWLYD PXVLFDO\DOHMDGDVGHORVLQWHUHVHVLQ GHOD]RVDIHFWLYRV\GHFRRSHUDFLyQ
'HQWUR GH XQD FRQFHSFLyQ LQWHOHF PHGLDWRV GH ORV QLxRV XWLOL]DQGR XQ LPSRUWDQWHVSDUDORJUDUODLQWHJUD
WXDOLVWD \ GH VLJQR SUDJPiWLFR GH OD PpWRGR UHSHWLWLYR \ PHPRUtVWLFR QR FLyQGHJUXSR
HGXFDFLyQ SXHGHQ DSRUWDU ODV GLVFL HV XQ DEVROXWR REMHWLYR GH XQD YHU
E (O FDQWR HV XQ PHGLR H[FHOHQWH
SOLQDVDUWtVWLFDV\SRUHQGHODP~VLFD GDGHUDHGXFDFLyQPXVLFDO
SDUD HO GHVDUUROOR GH OD FDSDFLGDG
DODHGXFDFLyQJHQHUDOSXHVWRTXHVRQ /D HGXFDFLyQ PXVLFDO DOFDQ]DSOHQD OLQJtVWLFDGHOQLxR
FRQVLGHUDGDV FRPR GH GLVWUDFFLyQ \ PHQWHVXLQWHQFLyQIRUPDWLYD\HVWpWL
GHQDWXUDOH]DSXUDPHQWHRUQDPHQWDO F  /D DFWLYLGDG UtWPLFD GHO QLxR \ OD
FDFXDQGRODVFDQFLRQHV\SLH]DVVRQ
QLxD YLYLGD D WUDYpV GH HVWtPXORV
3RU VXHUWH HQ ORV ~OWLPRV DxRV HVWD VHOHFFLRQDGDVGHDFXHUGRDORVLQWHUH
VRQRURV DGHFXDGRV IDYRUHFH HO
FRQFHSFLyQ HPSLH]D D VXSHUDUVH \ VHV \ ODV DSWLWXGHV LQWHUSUHWDWLYDV GH
GHVDUUROORÀVLROyJLFR\PRWUL]DVt
ORVFRQWHQLGRVFXUULFXODUHVVHYDORUDQ ORVQLxRVGHQXHVWUDDXOD
FRPRODPHPRULDPXVLFDO
VHJ~Q OD YLUWXDOLGDG \ VX FDSDFLGDG /DDXVHQFLDGHXQPpWRGRFRKHUHQWH
SDUDHOGHVDUUROORGHODSHUVRQDOLGDG G (QHOiUHDDIHFWLYRVRFLDOFRQGXFH
DWUDFWLYR\UHDOLVWDKDGLÀFXOWDGRTXH
\QRVyORSDUDODPHUDFRPXQLFDFLyQ DO DOXPQR D OD DXWRH[SUHVLyQ \ D
GXUDQWHDxRVODHGXFDFLyQPXVLFDOHQ
GHFRQRFLPLHQWRVWLOGDGRVGHQHFHVL OD HVSRQWDQHLGDG YHKHPHQFLD \
FXHQWUHHOHVSDFLRTXHOHFRUUHVSRQGH
GDGSDUDHOIXWXURGHOLQGLYLGXR GHOHLWH SURSLR GH ORV QLxRV DO LQ
GHQWURGHODIRUPDFLyQLQWHJUDOGHOD
YROXFUDUVHHQODDFWLYLGDGPXVLFDO
&RPRFRQVHFXHQFLDLQPHGLDWDGHHVWH SHUVRQD&HQWUiQGRVHHQODQDWXUDOH]D
FDPELRGHFULWHULRORTXHGHEHVHUHO SVLFROyJLFD GHO HGXFDQGR WLHQGH D H  3URSLFLD OD DGDSWDFLyQ VRFLDO \ HO
SURFHVRHGXFDWLYRODVPDWHULDVDUWtVWL SUHYHUODVSRVLELOLGDGHVGHDSUHFLDFLyQ VHQWLGR GH UHVSRQVDELOLGDG GHQWUR
FDVGHMDQGHWHQHUHVHFDUiFWHUFLUFXQV PXVLFDO GHXQJUXSRWRGRHQDFWLYLGDGHVGH
WDQFLDORFRPSOHPHQWDULRSDUDSDVDU FRQMXQWRFRPRFDQWRFRUDORUTXHV
(GXFDUDXQQLxRPXVLFDOPHQWHVLJQL
DRFXSDUHOOXJDUTXHOHVFRUUHVSRQGH WDLQIDQWLOHWF
ÀFD WUDQVPLWLUOH HO OHQJXDMH PXVLFDO
\ TXH GXUDQWH PXFKR WLHPSR VH OHV HVFXFKDQGR P~VLFD \ SURGXFLpQGROD I  2IUHFH DO QLxR OD RSRUWXQLGDG GH
KDEtDQHJDGR (O p[LWR GH OD HGXFDFLyQ PXVLFDO HQ GHVFXEULUVHFRPRSURGXFWRUGHVR
6LQHPEDUJR\DSHVDUGHORVYDORUHV SDtVHV HXURSHRV UHVLGH HQ TXH HV FR QLGR\GLVIUXWDUDOH[SUHVDUVHSRU
IRUPDWLYRVTXHVHOHUHFRQRFHQDOD KHUHQWHDODHGXFDFLyQJHQHUDOGHOLQ PHGLRGHOVRQLGR


Egfl]jj]q
;am\Y\Afl]jfY[agfYd
\]d;gfg[aea]flg
/DVFDUUHUDVGHODQXHYDHFRQRPtD

(
$QWRQLR=iUDWH1HJUyQ

(Q WRGD OD KLVWRULD GH OD KXPDQLGDG HO


KRPEUHKDSURFXUDGRJDUDQWL]DU\PHMR
UDU VX QLYHO GH YLGD PHGLDQWH XQ PHMRU
FRQRFLPLHQWRGHOPXQGRTXHOHURGHD\XQ
GRPLQLR PiV HÀFD] GHO PLVPR HV GHFLU
PHGLDQWH XQ GHVDUUROOR FRQVWDQWH GH OD
FLHQFLD
+R\HQGtDHVWDPRVFRQYHQFLGRVGHTXH
XQD GH ODV FDUDFWHUtVWLFDV GHO PRPHQWR
DFWXDOHVODFRQH[LyQLQGLVROXEOHODPX\
HVWUHFKDLQWHUDFFLyQ\HODFRQGLFLRQDPLHQ
WRPXWXRGHODVRFLHGDGFRQODFLHQFLD/D
FLHQFLD HV XQR GH ORV IDFWRUHV HVHQFLDOHV
GHOGHVDUUROORVRFLDO\HVWiDGTXLULHQGRXQ
FDUiFWHUPDVLYR
$O HVWXGLDU ORV HIHFWRV GH OD FLHQFLD HQ
ODVRFLHGDGQRVHWUDWDVRODPHQWHGHORV
HIHFWRVHQODVRFLHGDGDFWXDOVLQRWDPELpQ 2IUHFHQDVXVHJUHVDGRV
GHORVHIHFWRVVREUHODVRFLHGDGIXWXUD
&XLGDG ,QWHUQDFLRQDO GHO &RQRFLPLHQWR ‡ (PSOHRVPHMRUUHPXQHUDGRVHQHOPHU
&RPRODFLHQFLDKDSDVDGRDIRUPDUSDUWH KDGLVHxDGRHVWUDWHJLDVSDUDLPSXOVDUODV FDGRODERUDO
GH ODV IXHU]DV SURGXFWLYDV HQ PXFKR iUHDVGHOFRQRFLPLHQWRHOHJLGDVFRPR
PD\RUPHGLGDTXHQXQFDVHFRQVLGHUD\D 1DQRWHFQRORJtD %LRWHFQRORJtD 0HFDWUyQL ‡ (OWLHPSRGHFRQWUDWDFLyQHVFDVLLQPH
TXHKR\VHWUDWDGHXQDJHQWHHVWUDWpJLFR FD 7HFQRORJtDV GH OD ,QIRUPDFLyQ \ GLDWR \D TXH OD GHPDQGD ODERUDO HV
GHO FDPELR HQ ORV SODQHV GH GHVDUUROOR &RPXQLFDFLRQHV\&LHQFLDVGHOD6DOXG PD\RU
HFRQyPLFR\VRFLDO ‡ 6HSUHYpTXHSDUDHODxRH[LVWD
/DHVFXHODFRPRJHQHUDGRUDGHODIXHU]D
/D FLHQFLDKD OOHJDGRDO SXQWR GH LQÁXLU GHWUDEDMRGHOIXWXURWLHQHTXHPDQWHQHUVH  XQDRIHUWDGHHPSOHRVHQHO
VREUHODPHQWDOLGDGGHODKXPDQLGDG/D DODSDUGHHVWRVFDPELRV\SUHSDUDUDVXV  FDPSRGH7HFQRORJtDVGHOD,QIRUPDFLyQ
VRFLHGDG GH KR\ QR HVWi FDXWLYD HQ ODV DOXPQRVSDUDGHVHPSHxDUVHHQHOPXQGR
‡ /D LQGXVWULD GHO VRIWZDUH UHTXLHUH GH
FRQGLFLRQHV SDVDGDV R HQ ODV SUHVHQWHV JOREDOL]DGRHQHOTXHOHVYDDWRFDUYLYLU
JHQWHFDSDFLWDGD\FRQYLVLyQLQWHUQD
VLQR TXH VH RULHQWD KDFLD HO IXWXUR /D
7HFQRORJtDVGHOD,QIRUPDFLyQ\&RPXQL FLRQDO
FLHQFLD QR HV VLPSOHPHQWH XQR GH ORV
FDFLRQHVHQJOREDQFDUUHUDVFRPR,QJH
YDULRV HOHPHQWRV TXH FRPSRQHQ ODV
QLHUtD HQ 6LVWHPDV ,QJHQLHUtD HQ 7HF 1XHYR /HyQ VH HVWi WUDQVIRUPDQGR HQ
IXHU]DV SURGXFWLYDV VLQR TXH KD SDVDGR
QRORJtDV (OHFWUyQLFDV /LFHQFLDWXUD HQ HO OtGHU ODWLQRDPHULFDQR GHO 6RIWZDUH
D VHU XQ IDFWRU FODYH SDUD HO GHVDUUROOR
$GPLQLVWUDFLyQGH7HFQRORJtDVGH,QIRU SDUDSURYHHUGHPDWHULDOHV\VHUYLFLRVDO
VRFLDOTXHSHQHWUDFDGDYH]PiVDIRQGR
PDFLyQ,QJHQLHUtDHQ7HFQRORJtDV&RP PXQGR3RUHVWDUD]yQHOFDSLWDOKXPDQR
HQORVGLYHUVRVVHFWRUHVGHODYLGD
SXWDFLRQDOHV,QJHQLHUtDHQ'HVDUUROORGH FDSDFLWDGR HV SULPRUGLDO SDUD FXPSOLU
3DUD LQFRUSRUDUQRV D HVWD HFRQRPtD GHO $SOLFDFLRQHV&RPSXWDFLRQDOHV,QJHQLHUtD ORV REMHWLYRV GH 0RQWHUUH\ &LXGDG
FRQRFLPLHQWR HO 3URJUDPD 0RQWHUUH\ HQ6LVWHPDVGH,QIRUPDFLyQHQWUHRWUDV ,QWHUQDFLRQDOGHO&RQRFLPLHQWR


;gfe]egjYffYlYda[ag
\]<gf:]falgBm¦j]r 0DUtD(OHQD&KDSD+HUQiQGH]
< HO  GH 0D\R GH  HQ 4XHUpWDUR \ SURWHJLGR SRU ORV YDOLHQWHV HVSDGDV
HQWHUUDPRV SDUD VLHPSUH OD DPELFLyQ PH[LFDQRVFRQVWUX\y\ORJUyHOWULXQIRTXH
LPSHULDOLVWDGHOKHUHGHURGH1DSROHyQ DKRUDGLVIUXWDPRV
(Q HO &HUUR GH ODV &DPSDQDV IXHURQ 6DEHPRV TXH HQ HVWH SDtV QR WRGRV VRPRV
IXVLODGRV0D[LPLOLDQR0LUDPyQ\0HMLD\ MXDULVWDV SHUR ORV TXH Vt VRPRV OXFKDPRV

&
DVt-XiUH]GHYROYLyDOLPSHULRIUDQFpVHQOD IUHQWH D ORV KHUHGHURV LGHROyJLFRV \ ORV
PLVPD IUDJDWD HQ TXH OOHJDURQ HO FDGiYHU VHJXLGRUHV WRWDOLWDULRV GH DQWDxR TXH
&HOHEUDPRV KR\ QR ORV  DxRV GH OD GHXQVRxDGRU\HPSHUDGRU\GHXQDPXMHU WRGDYtDYLYHQHQFLHUWDVURPiQWLFDVFDEH]DV
SUHVHQFLD GH XQ VHU \ TXHKDFHU SROtWLFR GH HQHVWDGRGHGHPHQFLD FX\DVYRFHVHVFXFKDPRVSRUHVRLQVSLUDGRV
0p[LFRVLQRGHODH[LVWHQFLDUHDO\SRVLWLYD -XVWR HV DTXLODWDU HO KHFKR GH TXH -XiUH] HQ OD MXVWLFLD HQ OD UD]yQ \ HQ HO GHUHFKR
GHXQDIRUPDGHVHU\GHSHQVDUGHQRVRWURV MDPiV HVWXYR VyOR HQ HVWD OXFKD D VX ODGR GHIHQGHPRV DO (VWDGR OLEHUDO PH[LFDQR
ORVPH[LFDQRV HVD JUDQ PH[LFDQD HVD PXMHU LGHDO \ \ VHJXLPRV HPSHxDGRV HQ ORJUDU XQ
+DEODUGH%HQLWR-XiUH]HVPX\IiFLOFXDQGR FRPSDxHUDGHVXYLGDHQORVWULXQIRV\HQ 0p[LFR FRQ LJXDOGDG \ FRQ HTXLGDG SDUD
VHWLHQHSDVLyQDPRUHQWUHJD\FRUD]yQSDUD ODVGHUURWDV0DUJDULWD0D]DGH-XiUH]VLQ WRGRV XQD YLVLyQ GH JpQHUR OD GHIHQVD
GiUVHORD0p[LFR HOOD-XiUH]KXELHUDOXFKDGRFRQVLJRPLVPR GH ODV LQVWLWXFLRQHV \ WRGR DTXHOOR TXH OD
1RHVHVDHVWDWXDGHEURQFHTXHYHPRVHVWD FRQ PXFKD GLÀFXOWDG SRUTXH IXH GLItFLO OD 5HYROXFLyQKDSXHVWRHQSUiFWLFD
PDxDQD D OD TXH HVWDPRV KRQUDQGR VLQR YLFWRULD DKRUD OD FRQWDPRV FRPR ÀHVWD %HQLWR-XiUH]HVXQSDUDGLJPDXQDWHVLV\
DOFRQWHQLGRTXHQRVGDVXLQÁXHQFLDHQHO D\HUIXHXQDWUDJHGLD XQGHVWLQRODIHFKDGHKR\ULQGHKRPHQDMH
SHQVDPLHQWRPH[LFDQR $QWHXQDQDFLyQGLYLGLGD-XiUH]UHVWDXUDOD DXQLOXVWUHRD[DTXHxRTXHIXHWRGR\TXHHV
6HJXLPRVHQGHXGDFRQ-XiUH]ODSDWULDVLJXH 5HS~EOLFDVREHUDQD\OLEHUDOVRQORVWLHPSRV HOVtPERORGHWRGRGHOQDFLRQDOLVPRGHOD
SHQGLHQWHHQODH[SUHVLyQ\YLJHQFLDGHVXV GHOFDUiFWHU\GHODOXFKDFRQWUDORVSULYLOHJLRV 5HS~EOLFD\GHODSDWULD
LGHDVOLEHUDOHVUHSXEOLFDQDVDpOOHGHEHPRV VRQORVWLHPSRVGHODDXWRGHWHUPLQDFLyQGH 6HxRUHV LQWHJUDQWHV GHO 3RGHU /HJLVODWLYR
HOKDEHUFRQHFWDGRORVWUHVJUDQGHVMDORQHV ORV SXHEORV \ OD GHIHQVD GH ODV OLEHUWDGHV \GHO3RGHU-XGLFLDO+DFHDxRVHOKR\
GHODKLVWRULDPH[LFDQDOD,QGHSHQGHQFLDOD WHQHPRV SULQFLSLRV WHQHPRV SURJUDPDV *REHUQDGRUGHO(VWDGRVLHQGR6HFUHWDULRGH
5HIRUPD\OD5HYROXFLyQ \ WHQHPRV UXPER OD KHUHQFLD KLVWyULFD VH *RELHUQRHQHVWHPLVPROXJDUVHxDODEDTXH
6LQOD5HIRUPDQRHVSRVLEOHTXHVHVXVFLWH SXHGH UHVXPLU HQ SULQFLSLRV UHFWRUHV OD -XiUH]HVHOWHPSORGHYROXQWDGTXHGRPLQD
HO SHQVDPLHQWR GH +LGDOJR \ VLQ -XiUH] OLEHUWDG GH SHQVDPLHQWR OD HVFXHOD ODLFD FLUFXQVWDQFLDV GH VXSHUDFLyQ SHUVRQDO GH
QR H[LVWLUtD HO &RQJUHVR &RQVWLWX\HQWH GH \ JUDWXLWD OD VHSDUDFLyQ GH OD ,JOHVLD \ HO KRQHVWLGDGGHSHUVHYHUDQFLD\GHYRFDFLyQ
QLVHKXELHUDQOHJLVODGRORVDUWtFXORV (VWDGRHOUHVSHWRDO'HUHFKR,QWHUQDFLRQDO DOVHUYLFLRGHODVFDXVDVQREOHV
R\FRPRJDUDQWtDVIXQGDPHQWDOHV \ D OD ,QWHJULGDG 1DFLRQDO OD FUHDFLyQ (O /LFHQFLDGR -RVp 1DWLYLGDG *RQ]iOH]
SDUD OD YLGD GH OD QDFLyQ MXVWR HV GDUOH HO \ HO IXQFLRQDPLHQWR GH ODV LQVWLWXFLRQHV 3DUiV DÀUPy HQWRQFHV TXH OD MXVWLFLD \ OD
PpULWR DO KHURLFR VROGDGR PH[LFDQR TXH UHSXEOLFDQDV SHUPLWLHQGR OD VXEVLVWHQFLD OLEHUWDG VRQ SULQFLSLRV TXH VXVWHQWDQ OD
SXVR OD HVSDGD DO VHUYLFLR GH OD MXVWLFLD \ \ OD FRQYLYHQFLD GH ORV WUHV SRGHUHV HO KLVWRULD\TXH-XiUH]HVXQVtPERORTXHQRV
GHO GHUHFKR TXH VDFULÀFy VX YLGD TXLHQ (MHFXWLYRHO/HJLVODWLYR\HO-XGLFLDO DQLPDDOXFKDUHQODDGYHUVLGDG\DPDUFRQ
DUULHVJyWRGRIUHQWHDOLQYDVRUH[WUDQMHUR (O0p[LFRGHKR\QRVHSDUHFHDOGH-XiUH] GLJQLGDG\FRQSDVLyQD0p[LFR
-XiUH] GLR PXHVWUD GH VHU XQ HVWDGLVWD HVHO0p[LFRFRQHOTXHVRxy-XiUH]HVOD 6HxRUHV \ VHxRUDV VRQ ORV WLHPSRV GH OD
LQWHUQDFLRQDO EDVWD HO HMHPSOR GH ORV QDFLyQ D OD TXH WRGRV SHUWHQHFHPRV \ SRU WROHUDQFLD GH OD QR GLVFULPLQDFLyQ GH OD
7UDWDGRV GH OD 6ROHGDG JUDFLDV D HOORV VH ODTXHOXFKDPRVSRUTXHVLQSULQFLSLRVVLQ MXVWLFLD GH OD SOXUDOLGDG GHO UHVSHWR D OD
UHWLUDURQORVHMpUFLWRVHVSDxROHV\DXVWUtDFRV SURJUDPDV \ VLQ UXPER ORV SXHEORV QR WDQ GLYHUVLGDG GHO UHVFDWH FLXGDGDQR \ GHO
SHUPDQHFLHQGRHQ0p[LFRHOHMpUFLWRIUDQFpV VyOR FRPHWHQ HUURUHV VLQR SXHGHQ TXHGDU FRPSURPLVR VROLGDULR GH UHFXSHUDU D OD
=DUDJR]D HQ 3XHEOD DSR\DGR SRU 0DULDQR HVWDV HVWDWXDV GH VDO YLHQGR DO SDVDGR VLQ 5HS~EOLFD \ GH WUDQVIRUPDU OD UHDOLGDG
(VFREHGR \ 3RUÀULR 'tD] HO  GH 0D\R YLGDHQHOSUHVHQWH\VLQYLVLyQGHOIXWXUR HQ FDXVDV \ HQ SULQFLSLRV FRPR ELHQ ORV
GH  HVFULEH OD SULPHUD JHVWD KHURLFD -XiUH] IXH LQWUDQVLJHQWH SRUTXH WHQtD OD VHxDODED HO %HQHPpULWR GH ODV $PpULFDV
OD OXFKD IXH DUGXD FUXHO \ VDQJULHQWD QR UD]yQ \ WHQHU OD UD]yQ HV OD ~QLFD UD]yQ 'RQ%HQLWR-XiUH]
KDEtDFXDUWHOHUDXQFDPSRGHEDWDOODSRFR SDUD HVWDU HQ SD] FRQVLJR PLVPR \ DVt
DSRFR*RQ]iOH]2UWHJD(VFREHGR6DQWRV YLYLy\DVtOXFKyFRQVXVSULQFLSLRV\HQVX 6HxRUDV\VHxRUHV
'HJROODGR =XD]XD 1DUDQMR \ WRGRV ORV FDUUR]DQHJUDSRUORVSROYRULHQWRVFDPLQRV $QWHVGH-XiUH]QDGD
JUDQGHV HVSDGDV GLHURQ WHVWLPRQLR GH OD GH0p[LFRDEUD]DGRGHOD&RQVWLWXFLyQGH GHVSXpVGH-XiUH]OD3DWULD
GLJQLGDGQDFLRQDO GHIHQGLHQGRODV/H\HV/HUGR,JOHVLDV


DYkgjhj]kY\]`gq
(
(G\$PLQWD$ODQtV*DUFtD
(VWD HVWUDWHJLD HV UHFRPHQGDGD SDUD IDPLOLDU FRQRFLGR \ GH LQWHUpV SHUVRQDO /DVRUSUHVDGHKR\SRGUiVHUDSOLFDGDHQ
PRWLYDU OD DVLVWHQFLD D FODVHV HV XQD IDYRUDEOHSDUDVXGHVDUUROORLQWHJUDO
(VSDxRO
PDQHUD GH HYLWDU HO DXVHQWLVPR R 0DQLSXODU \ FRPSDUWLU REMHWRV R VHUHV
GHVLQWHUpV SRU ORV HVWXGLRV \D TXH ORV 'HVFULSFLyQ UHGDFFLyQ GH WH[WRV ULPDV
FRQYLYLU\WHQHUODUHVSRQVDELOLGDGGHVX
DOXPQRVGHVHDQTXHVHOOHJXHHOGtDSDUD FXHQWD FXHQWRV SDODEUDV HQ OD RUDFLyQ
HGXFDFLyQ HV XQ UHWR TXH ORV QLxRV VRQ
OOHYDUDODHVFXHODDTXHOORTXHSUHÀHUHQ\ VXVWDQWLYRVDGMHWLYRVXVRGHFRPDVXVRGH
FDSDFHVGHOOHYDUDIHOL]WpUPLQRSDUDHO
FRPSDUWLUORFRQORVGHPiV$GHPiVYHQHQ PD\~VFXODVQRPEUHVSURSLRV\FRPXQHV
PDHVWUR QR KD\ PD\RU VDWLVIDFFLyQ TXH
HVWDDFWLYLGDGXQMXHJRRHQWUHWHQLPLHQWR GLYLVLyQVLOiELFDRUGHQDOIDEpWLFRIiEXODV
FXPSOLUFRQVXREMHWLYR
\QRXQDREOLJDFLyQ RUDFLRQHVLQWHUURJDWLYDVRUDFLRQHVLPSHUD
&RPR PDHVWUD GH SULPDULD XUEDQD OR WLYDVDYLVRVYHUERVHWF
027,926(OPRWLYRSULPRUGLDOSDUDOD DSOLTXp GXUDQWH FLQFR DxRV FRQVHFXWLYRV
DSOLFDFLyQGHODHVWUDWHJLDHVTXHHODOXPQR 0DWHPiWLFDV
FRQ H[FHOHQWHV UHVXOWDGRV KR\ FRPR
GHVDUUROOHKDELOLGDGHVFRPXQLFDWLYDVODV PDHVWUD GH HGXFDFLyQ UXUDO HQ HVFXHOD 6XPDVUHVWDVUHSDUWRVSUHGLFFLyQ\D]DU
FXDOHV ORV PDHVWURV HQ ORV ~OWLPRV DxRV ELGRFHQWH HV D~Q GH PD\RU EHQHÀFLR \D SUREOHPDVUD]RQDGRVHVWLPDFLyQGHPHGL
QRVKHPRVGDGRDODWDUHDGHLPSXOVDU\D TXH HVWD HVWUDWHJLD HV HOHPHQWDO HQ PL GDVQ~PHURVRUGLQDOHVJUiÀFDGHEDUUDV
TXHVHKDYLVWRTXHODEDVHGHXQDEXHQD SODQHDFLyQPXOWLJUDGR ORQJLWXGHV \ WUD\HFWRV FRPSDUDFLyQ GH
HGXFDFLyQ HV OD FRPXQLFDFLyQ \ TXH GH SHVRV\PiV
ODOHFWXUDFRPSUHQVLYD\ODUHGDFFLyQGH 7(0$&RQyFHPH
WH[WRV GHSHQGH HO OOHYDU D IHOL] WpUPLQR 3523Ð6,724XHHODOXPQRGHVDUUROOH &RQRFLPLHQWRGHOPHGLR
HO REMHWLYR GH OD HGXFDFLyQ HQ WRGRV ORV 1DWXUDOHV*HRJUDItD&LYLVPR
KDELOLGDGHVFRPXQLFDWLYDVTXHIDYRUH]FDQ
QLYHOHVGHHVWXGLR HODSUHQGL]DMHHQODVGLIHUHQWHViUHDVGHO $QLPDOHVRYtSDURVDQLPDOHVYLYtSDURV
3DUD ORV DOXPQRV HV GH SULPRUGLDO FRQRFLPLHQWR HO SDVR GHO WLHPSR WUDEDMR HQ HTXLSR UH
LPSRUWDQFLD UHFLELU XQD LQIRUPDFLyQ JODPHQWR YDORUHV OD IDPLOLD ODV QH
$&7,9,'$'(6 $O WUDEDMDU FRQ OD
YHUD]FRQÀDEOHGHLQWHUpV\VREUHWRGRGH FHVLGDGHV ORV DOLPHQWRV KLJLHQH SUH
SUHVHQWH HVWUDWHJLD HO GRFHQWH WHQGUi OD
HQWUHWHQLPLHQWRTXHDODVLVWLUDODHVFXHOD RSRUWXQLGDG GH EXVFDU ODV KHUUDPLHQWDV YHQFLyQGHDFFLGHQWHVHOPHGLRDPELHQWH
VHD XQ PRWLYR GH DOHJUtD \ FXULRVLGDG IXQFLRQHVGHORVVHUHVYLYRVVHUHVDFXi
DGHFXDGDV SDUD TXH HO DOXPQR WUDEDMH
SRUVDEHUTXpVRUSUHVDOHHVSHUDHOGtDGH PDQLSXODQGRREMHWRVGHLQWHUpV MXJXHWHV WLFRV \ WHUUHVWUHV FDUDFWHUtVWLFDV GH ORV
KR\ DQLPDOHVHQWUHRWUDV
PDVFRWDVIRWRJUDItDVJRORVLQDVSUHQGDV
(OFRPSDUWLUFRQORVGHPiVSDUWHGHO\R HWF  ODV FXDOHV SRGUiQ VHU DGHFXDGDV HQ (Q OD SODQHDFLyQ GLDULD VH SRGUi LPSOH
PLVPR \ FRQRFHU PiV OR TXH OH URGHD ORVFRQWHQLGRVGRQGHVHUHTXLHUDWUDEDMDU PHQWDUODSUHVHQWHHVWUDWHJLDVLQGLÀFXOWDG
KDFH TXH HO QLxR DSUHQGD HQ XQ PHGLR FRQKDELOLGDGHVFRPXQLFDWLYDV DOJXQD8QHMHPSORSRGUtDVHUHOVLJXLHQWH


0XOWLJUDGRƒƒ\HUJUDGRV 5(&85626
2EMHWLYR 4XH HO DOXPQR GHVDUUROOH ODV (OPDHVWURSRGUiDSR\DUVHHQWRGRDTXHO
DFWLYLGDGHVFRPXQLFDWLYDVWUDEDMDQGRFRQ UHFXUVR TXH FRQVLGHUH GH LQWHUpV SDUD HO
REMHWRV GH LQWHUpV SHUVRQDO TXH DSR\HQ QLxR GH DFXHUGR D ODV QHFHVLGDGHV GHO
HODSUHQGL]DMHHQODVGLIHUHQWHViUHDVGHO JUXSR\PHGLRHVFRODUHMHPSORMXJXHWHV
FRQRFLPLHQWR DQLPDOHVIRWRJUDItDVFDULFDWXUDVSUHQGDV
FRPLGD IUXWDV DVt FRPR VX HQWRUQR OD
9DORU &RPSDUWLU IDPLOLD\ODHVFXHOD
(VWUDWHJLD &RQyFHPH MXJXHWHV
$VLJQDWXUD (VSDxRO $32<26','É&7,&26
&RQWHQLGR /DGHVFULSFLyQ (OGRFHQWHUHDÀUPDUiVXODERUHQPDWHULDO
GLGiFWLFRLQWHUQR\H[WHUQRDOSODQWHOFRPR
$&7,9,'$'(6 HV OLEURV GH WH[WR ELEOLRWHFD GH DXOD
‡ &DGD DOXPQR SUHVHQWDUi RÀFLDOPHQWH ULQFyQ GH OHFWXUD ÀFKHURV SODQHDFLyQ
IUHQWH DO JUXSR VX MXJXHWH IDYRULWR PXOWLJUDGRSHULyGLFRVUHYLVWDVFXHQWRV
FRPHQWDQGR ODV FDUDFWHUtVWLFDV TXH YLGHRVHQWUHRWURV
FRQVLGHUHUHOHYDQWHV (9$/8$&,Ð1
‡ &RPHQWDU HO SRU TXp HV XQ MXJXHWH /D HYDOXDFLyQ HV SHUPDQHQWH FRQIRUPH
HVSHFLDO ODVDFWLYLGDGHVVHSUHVHQWHQHQODFXDOHO
‡ 5HDOL]DUXQGLEXMRHQHOTXHGHVWDTXHQ GRFHQWHHVWLPDUiHOJUDGRGHDSUHQGL]DMH\
ODVFDUDFWHUtVWLFDVHVSHFLDOHV HUJUDGR  SDUWLFLSDFLyQGHORVDOXPQRV$VtPLVPR
$VLJQDWXUD&RQRFLPLHQWRGHOPHGLR
‡ 5HDOL]DUXQDGHVFULSFLyQGHWDOODGDHQOD SXHGH XWLOL]DU XQD HYDOXDFLyQ QXPpULFD
&RQWHQLGR/RVMXHJRV\ORVMXJXHWHV
FXDOPHGLDQWHXQIRUPDWRSUHHVWDEOHFLGR GHVSXpVGHDSOLFDUXQODERUDWRULR
WDPELpQWLHQHQKLVWRULD
GHWHUPLQHQ IRUPD WDPDxR FRORU XVR
‡ 3UHJXQWDUDORVDOXPQRVVLKDQSODWLFDGR '85$&,Ð1
PDWHULDOHWF ƒ\ JUDGRV 
HU
FRQVXVSDGUHVVREUHORVMXHJRV\MXJXH /D HVWUDWHJLD HVWi SODQHDGD SDUD WUDEDMDU
$VLJQDWXUD(VSDxRO WHVTXHXWLOL]DEDQFXDQGRHUDQQLxRV HQXQODSVRGHDGHODPDxDQD
&RQWHQLGR(ODGMHWLYRFDOLÀFDWLYR ‡ 5HDOL]DU XQ OLVWDGR HQ HO SL]DUUyQ GH \DTXHODDSOLFDFLyQGHODPLVPDVHSUHVWD
‡ 5HFRUGDUHOFRQFHSWRGHDGMHWLYR WRGRV ORV MXJXHWHV \ RWUR FRQ MXJXHWHV SDUDLQLFLDUODMRUQDGDODERUDO
‡ 2EVHUYDU OD GLIHUHQFLD HQWUH OR TXH DFWXDOHV
VLJQLÀFD GHVFULELU FRQ OR TXH HV XQ ‡ &RPHQWDUODGLIHUHQFLDGHXQRVFRQRWURV 68*(5(1&,$6<
DGMHWLYR 5(&20(1'$&,21(6
GHVWDFDQGRYHQWDMDV\GHVYHQWDMDV
‡ 'HWHFWDUTXHSRGHPRVHQFRQWUDUYDULRV $O WUDEDMDU FRQ ƒ ƒ \ HU JUDGRV KD\
$VLJQDWXUD0DWHPiWLFDV HO WLHPSR VXÀFLHQWH SDUD FXEULU ORV
DGMHWLYRVHQQXHVWUDGHVFULSFLyQ
&RQWHQLGR/DJUiÀFDGHEDUUDV FRQWHQLGRVELPHVWUDOHV\VHFXHQWDFRQXQD
‡ 6XEUD\DUORVDGMHWLYRVTXHORFDOLFHPRV
‡ 3URSRQHU D ORV DOXPQRV OD UHDOL]DFLyQ VHPDQDDSUR[LPDGDPHQWHSDUDUHSDVDUOR
‡ 3HGLUTXHHQWUHWRGRHOJUXSREXVTXHQ
GH XQD JUDQ JUiÀFD FRQ ORV MXJXHWHV WUDWDGR GXUDQWH HO EORTXH  (VWH WLHPSR
DGMHWLYRV D XQ MXJXHWH SUHVHQWDGR
SURSXHVWRV GXUDQWH OD FODVH \ SHGLU D HVLGHDOSDUDDSOLFDUODHVWUDWHJLDFRQORV
SRU HO PDHVWUR \ UHDOL]DU XQ OLVWDGR
ORV DOXPQRV GH ORV RWURV JUDGRV TXH WHPDV TXH FRQVLGHUH PiV DSURSLDGRV OD
HVFULELpQGRORHQHOSL]DUUyQ
SDORPHHQHOMXJXHWHTXHSUHÀHUDQ FXDO UHDÀUPDUi OR DQWHV YLVWR DSR\DQGR
‡ (O DOXPQR EXVFDUi ORV DGMHWLYRV D VX
‡ &RQ ORV GDWRV REWHQLGRV GDU UHVSXHVWD OD FRPSUHQVLyQ \ HO FRQRFLPLHQWR GHO
SURSLR MXJXHWH HQ IRUPD LQGLYLGXDO \
DODVSUHJXQWDVTXHGLULJLUiHOPDHVWUR DOXPQR
ORVHQOLVWDUi
IRUPDRUDOSDUDSULPHUJUDGR\HVFULWD
‡ ([SRQHUHOWUDEDMRDQWHHOJUXSR /D HVWUDWHJLD HV WDQ ÁH[LEOH TXH SXHGH
SDUDVHJXQGR\WHUFHUJUDGRV 
$VLJQDWXUD0DWHPiWLFDV DSOLFDUVHFXDOTXLHUGtD\HOPDHVWURWLHQH
7DUHD 5HDOL]DU XQ MXJXHWH FRQ PDWHULDO OD OLEHUWDG GH DMXVWDUOD D ODV QHFHVLGDGHV
&RQWHQLGR(VWLPDFLyQGHPHGLGDV
UHFLFODGR ]DQFRVEDOHURVFDUULWRVHWF  GHOJUXSRSDUWLHQGRGHORVFRQRFLPLHQWRV
‡ 3UHJXQWDU D ORV DOXPQRV VL DOJXLHQ
LQFOX\y HQ HO OLVWDGR GH DGMHWLYRV HO /R DQWHULRU HV VyOR XQ HMHPSOR GH SUHYLRV
WDPDxRGHVXMXJXHWH FyPR SRGHPRV XWLOL]DU OD HVWUDWHJLD 6HVXJLHUHTXHDOWUDEDMDUFRQHVWDHVWUDWHJLD
‡ 8WLOL]DU DOJXQRV REMHWRV ERUUDGRU FRQ FXDOTXLHUD GH VXV FRQWHQLGRV \ HO PDHVWUR SODQHH VXV DFWLYLGDGHV FRQ
OiSL]JLV FRPRPHGLGDDUELWUDULDSDUD UHODFLRQDUORVHQODVGLIHUHQWHVDVLJQDWXUDV WLHPSR\DTXHGHVGHXQGtDDQWHVVHSLGH
HVWLPDUHOODUJRGHFDGDMXJXHWH ORFXDOSXHGHIDFLOLWDUODODERUGHOGRFHQWH OD VRUSUHVD GH KR\ SDUD WUDEDMDUOD DO GtD
‡ &RPSUREDU OD HVWLPDFLyQ PLGLHQGR HQHVSHFLDOHQHOPXOWLJUDGRSRUWUDEDMDU VLJXLHQWH
IUHQWH DO JUXSR FRQ HO REMHWR SUHVH FRQGRVWUHVRPiVJUDGRVDODYH]\FRQ
OHFFLRQDGR GLIHUHQWHVLQWHUHVHV


7HDFXHUGDV 3DUDOHHU

/LEUR +LVWRULD GH 1XHYR /HyQ FRQ QRWLFLDV GH


&RDKXLOD 7DPDXOLSDV 7H[DV \ 1XHYR 0p[LFR
HVFULWDVSRU$ORQVRGH/HyQ-XDQ%DXWLVWD&KDSD
/LEUR/D&LXGDG0HWURSROLWDQDGH1XHVWUD6HxRUD /LEUR(O2ELVSDGR0RQXPHQWR+LVWyULFRGH \)HUQDQGR6iQFKH]=DPRUD
GH0RQWHUUH\&&&/$QLYHUVDULRGHVX)XQGDFLyQ 0RQWHUUH\ 3UyORJR,VUDHO&DYD]RV*DU]D
VHSWLHPEUH $XWRU&DUORV3pUH]0DOGRQDGR 'HVFULSFLyQ &RQWLHQH XQ HVWXGLR SUHOLPLQDU \
$XWRU&DUORV3pUH]0DOGRQDGR 'HVFULSFLyQ'HVFULEHHORULJHQGHO2ELVSDGR QRWDVGHODVQRWLFLDVTXHVHGLHURQHQWUHORVHVWDGRV
'HVFULSFLyQ$ERUGD OD KLVWRULD GH OD &LXGDG GH DVtFRPRORVDFRQWHFLPLHQWRVLPSRUWDQWHVTXHVH DQWHVPHQFLRQDGRVFX\RSUyORJRIXHHVFULWRSRU
1XHVWUD6HxRUDGH0RQWHUUH\1XHYR/HyQ0p[LFR GHVDUUROODURQHQVXSURFHVRGHFRQVWUXFFLyQ ,VUDHO &DYD]RV *DU]D /D REUD VH UHLPSULPLy HQ
GHDFRQPRWLYRGHODFHOHEUDFLyQGHOD (GLWRULDO,PSUHVRUDGHO1RUWH6$ HODxR
IXQGDFLyQ )XH HVFULWR HQ  \ SXEOLFDGR SRU HO (GLWRULDO )RQGR (GLWRULDO GH 1XHYR /HyQ \ OD
,QVWLWXWR 7HFQROyJLFR \ GH (VWXGLRV 6XSHULRUHV GH 8QLYHUVLGDG$XWyQRPDGH1XHYR/HyQ
0RQWHUUH\
(GLWRULDO,PSUHVRUD0RQWHUUH\$&

/LEUR+LVWRULDGHO1XHYR5HLQRGH/HyQ 

$XWRU(XJHQLRGHO+R\R
/LEUR'RFXPHQWRV +LVWyULFRV GH 1XHYR /HyQ /LEUR+LVWRULDGH0RQWHUUH\ 'HVFULSFLyQ5HODWDOD+LVWRULDGHO1XHYR5HLQR
$QRWDGRV\&RPHQWDGRV $XWRU$QGUpV0RQWHPD\RU+HUQiQGH] GH /HyQ FRPSUHQGLGR HQWUH ORV DxRV GH  D
$XWRU&DUORV3pUH]0DOGRQDGR 'HVFULSFLyQ$ERUGDODKLVWRULDGH0RQWHUUH\D /DREUDVHUHLPSULPLyHQHODxR
'HVFULSFLyQ$ERUGDODKLVWRULDGHOD&LXGDGGH SDUWLUGHVXIXQGDFLyQ3ULPHUDHGLFLyQ (GLWRULDO )RQGR (GLWRULDO GH 1XHYR /HyQ \ HO
1XHVWUD6HxRUDGH0RQWHUUH\1XHYR/HyQ0p[LFR (GLWRULDO$VRFLDFLyQGH(GLWRUHV\/LEUHURV ,QVWLWXWR7HFQROyJLFR\GH(VWXGLRV6XSHULRUHVGH
GH0RQWHUUH\$& 0RQWHUUH\
(QODpSRFDGHODSXEOLFDFLyQGHHVWRVOLEURVODVPD\~VFXODVQRVHDFHQWXDEDQ

=^]e­ja\]k
 GH0D\R 'tDGHO7UDEDMR
 GH0D\R $QLYHUVDULRGHOD%DWDOODGH3XHEOD
GH0D\R 'tDGHOD0DGUH
GH0D\R 'tDGHO0DHVWUR
GH0D\R $QLYHUVDULRGHOD7RPDGH4XHUpWDUR
GH0D\R $QLYHUVDULRGHOQDWDOLFLRGHOOLWHUDWRSRHWD\HQVD\LVWD$OIRQVR5H\HV
GH0D\R $QLYHUVDULROXFWXRVRGHOPDHVWUR5DIDHO5DPtUH]




>mf\Y[a¶f\]?Yj[±Y

'
$QWRQLR)ORUHV7UHYLxR

'H ORV SXHEORV PiV DQWLJXRV GH QXHVWUR FRQFHGLy WHUUHQRV D OD IDPLOLD GHO $UHOODQRDSDUWHGHORV)HUQiQGH]*DUFtD
(VWDGRHVVLQGXGDDOJXQD*DUFtD1XHYR FDSLWiQ *RQ]DOR )HUQiQGH] GH &DVWUR \ \ORV6HS~OYHGDTXH\DH[LVWtDQ
/HyQ -DFLQWR *DUFtD GH 6HS~OYHGD SDUD TXH 3ULQFLSDOHVSREODGRVTXHVHUHPRQWDQDORV
HVWDEOHFLHUDQ VX KDFLHQGD TXH OODPDUtDQ
&RQRFLGDGHVGHWLHPSRVGH'RQ$OEHUWR VLJORV;9,,\;9,,,VRQ/D5LQFRQDGDH
KDFLHQGD GH 6DQ -XDQ %DXWLVWD GH OD
GHO &DQWR HQ  pVWH SREOy HO OXJDU ,FDPROH
FRPR SXQWR HVWUDWpJLFR H LQWHUPHGLR GH 3HVTXHUtD*UDQGH
(O  GH PDU]R GH  VLHQGR
GHVFDQVR SDUD ORV YLDMHURV TXH UHFRUUtDQ 'RQ 0DUWtQ GH =DYDOD *REHUQDGRU
JREHUQDGRU GHO (VWDGR $JDSLWR *DUFtD
OD 9LOOD GH 6DQWLDJR GH 6DOWLOOR KDVWD HO GHO 1XHYR 5HLQR GH /HyQ SRU PpULWRV \ VHJ~Q GHFUHWR 1R  H[SHGLGR HQ
SXHEORGH6DQWD/XFtD KR\0RQWHUUH\ REWHQLGRV GH FDPSDxD GHO FDSLWiQ HVWD IHFKD SRU HO &RQJUHVR GHO (VWDGR
'XUDQWHODHVWDQFLDGH'RQ/XLV&DUYDMDO )HUQiQGH]GH&DVWURFRQÀUPDORVWtWXORV GH 1XHYR /HyQ VH HOHYy D OD FDWHJRUtD
\GHOD&XHYDHVWDUHJLyQIXHPHUFHGDGD GH OD PHUFHG FRQFHGLGD D OD IDPLOLD GH 9LOOD LPSRQLpQGRVHOH HO QRPEUH GH
D'RQ0DQXHOGH0HGHURVHOGHPDU]R )HUQiQGH]HOGHPDU]RGH *DUFtD HQ KRQRU \ PHPRULD GHO & /LF
GH  FRQ HO QRPEUH GH HVWDQFLD GH 3RFR DQWHV GH  HPSLH]D D WLWXODUVH -RDTXtQ *DUFtD GLVWLQJXLGR SROtWLFR GH
3HVTXHUtD 9DOOH GH 6DQ -XDQ %DXWLVWD GH 3HVTXHUtD OD UHJLyQ \ TXLHQ IXHUD RULXQGR GH HVWD
FRPXQLGDG
(Q  'RQ 'LHJR GH 0RQWHPD\RU *UDQGH
FRQFHGHPHUFHGGHWLHUUDODUHJLyQGHOD
(Q  KDEUtD XQ WRWDO GH  IDPLOLDV
3HVTXHUtD D 'RQ *RQ]DOR )HUQiQGH] GH
ODV SULQFLSDOHV IDPLOLDV TXH YLQLHURQ D
&DVWUR\DVXPXHUWHSDVDURQORVGHUHFKRV
YLYLUHQHOWUDQVFXUVRGHORVVLJORV;9,, &RPSLODFLyQDEUHYLDGD
DVXHVSRVD'RxD0DUtD5RGUtJXH] )XHQWHELEOLRJUiÀFD3iJLQDV+LVWyULFDVGH*DUFtD1XHYR
\;9,,,IXHURQVHLV7UHYLxR5RGUtJXH] /HyQ  +LGHEUDQGR 6 *DU]D 6 9LOOD GH *DUFtD HQ OD
$xRVGHVSXpV'RQ'LHJRGH0RQWHPD\RU *RQ]iOH] (OL]RQGR GH OD *DU]D \ +LVWRULD$QWRQLR*XHUUHUR$JXLODU


FGLA;A9K
&RQPHPRUD*RELHUQR(VWDWDO%LFHQWHQDULR
GHOQDWDOLFLRGH'RQ%HQLWR-XiUH]

&
&RPR SDUWH GH ODV DFWLYLGDGHV SDUD (GXFDFLyQDFXGLHURQDODVHVFXHODVDOHHUD
FRQPHPRUDUHO%LFHQWHQDULRGHOQDWDOLFLR ORVDOXPQRVODYLGD\REUDGHO%HQHPpULWR
GH GRQ %HQLWR -XiUH]HO *REHUQDGRU GH GHODV$PpULFDV
1XHYR /HyQ -RVp 1DWLYLGDG *RQ]iOH]
3DUiV HQFDEH]y OD FHUHPRQLD FtYLFD /RDQWHULRUGHQWURGHODFDPSDxD´1XHYR
FHOHEUDGD HO SDVDGR  GH PDU]R HQ /HyQ(VWDGRGH/HFWRUHVµFX\RSURSyVLWR
OD ([SODQDGD GH ORV +pURHV HQ GRQGH HVIRPHQWDUHQODFRPXQLGDGHGXFDWLYDHO
VH GLHURQ D FRQRFHU GLYHUVDV DFFLRQHV JXVWRSRUODOHFWXUD
OOHYDGDVDFDERHQHOPDUFRGHOIHVWHMR
(O DUUDQTXH RÀFLDO GH GLFKD DFWLYLGDG VH
8QD GH HOODV IXH HO DEDQGHUDPLHQWR GH UHDOL]y HQ OD (VFXHOD 3ULPDULD ´%HQLWR
HVFROWDVGHSODQWHOHVHGXFDWLYRVFX\R -XiUH]µXELFDGDHQHOFHQWURGH(VFREHGR
QRPEUHKDFHDOXVLyQDO%HQHPpULWRGHODV )XH SUHVLGLGR SRU HO 6XEVHFUHWDULR GH
$PpULFDV (GXFDFLyQ %iVLFD -HV~V +XPEHUWR
*RQ]iOH] *RQ]iOH] \ VLPXOWiQHDPHQWH
7DPELpQFURQLVWDVKLVWRULDGRUHV\IXQFLR VHOOHYyDFDERHQODVHVFXHODVGHORV
QDULRVGHSULPHUQLYHOGHOD6HFUHWDUtDGH PXQLFLSLRVGHOHVWDGR

2EWLHQHQDOXPQRVGH1XHYR/HyQSULPHU\VHJXQGR ,QWHUFDPELDQ
OXJDUDQLYHOQDFLRQDO3UHPLRGHOPLOHQLR H[SHULHQFLDVSDUD
SURPRYHUODOHFWXUD

&
&RQ HO REMHWLYR GH LQWHUFDPELDU H[SH
ULHQFLDV \ UHIRU]DU ODV HVWUDWHJLDV GH
OHFWXUD HO *RELHUQR GH 1XHYR /HyQ IXH
VHGHGHOD5HXQLyQ5HJLRQDOGH(TXLSRV
7pFQLFRV(VWDWDOHVGHO3URJUDPD1DFLRQDO
GH /HFWXUD  HQ OD FXDO SDUWLFLSDURQ
QXHYHHVWDGRVGHOD5HS~EOLFD
/D UHXQLyQ WXYR FRPR SURSyVLWR FRQ
IRUPDU XQ SDQRUDPD HVWDWDO UHJLRQDO
\ QDFLRQDO GHO 3URJUDPD 1DFLRQDO GH
/HFWXUD DVt FRPR DFRUGDU \ FRQVHQVXDU
OLQHDPLHQWRV SDUD HO GHVDUUROOR HIHFWLYR

/
GHODVHVWUDWHJLDVSXHVWDVHQPDUFKD
/D 6HFUHWDUtD GH (GXFDFLyQ SUHVHQWy /RVDOXPQRVJDQDGRUHVGHOSULPHUOXJDU
(O 6XEVHFUHWDULR GH (GXFDFLyQ %iVLFD
\ UHFRQRFLy D ORV WUHV DOXPQRV TXH VRQ *ORULD 1D\HOO\ /R]DQR *XWLpUUH]
-HV~V +XPEHUWR *RQ]iOH] *RQ]iOH]
REWXYLHURQHOSULPHU\VHJXQGROXJDUGHO GH OD HVFXHOD UXUDO ´3DEOR /LYDVµ TXLHQ
GLR OD ELHQYHQLGD D ORV UHSUHVHQWDQWHV
FRQFXUVR QDFLRQDO ´3UHPLR GHO 0LOHQLR UHVXOWy JDQDGRUD FRQ HO UHWR ´&DSDFLGDG
GH 4XHUpWDUR 7DPDXOLSDV =DFDWHFDV
/RV5HWRVGHO)XWXURµFRQYRFDGRSRUOD SDUDGHFLGLUµ5DTXHO$OHMDQGUD0DUWtQH]
$JXDVFDOLHQWHV &RDKXLOD 7OD[FDOD 6DQ
$VRFLDFLyQ&LYLO(O1RGR0H[LFDQR 0DQFKD GH OD SULPDULD ´-RVp 0DUtD
/XLV3RWRVt3XHEOD\(VWDGRGH0p[LFR
0RUHORV\3DYyQµFRQHOUHWR´(QHUJtDµ
(OSURSyVLWRGHHVWHFRQFXUVRHVHVWLPXODU HO VHJXQGR OXJDU FRQ HO UHWR ´3D] \
OD FUHDWLYLGDG IRPHQWDU HO KiELWR GH OD &RQÁLFWRµ IXH SDUD 6HUJLR (GXDUGR
OHFWXUD\HVFULWXUDDGHPiVGHUHÁH[LRQDU 5RFKD 0HQGR]D GH OD HVFXHOD ´,VDEHO
VREUHHOIXWXUR\FRQWULEXLUFRQVXVLGHDV &DQW~*DU]DµXELFDGDHQHOPXQLFLSLRGH
D GLVPLQXLU ORV LPSDFWRV QHJDWLYRV TXH 6DQ1LFROiV
HQIUHQWDODVRFLHGDG


,QLFLDODFROHFWDHVFRODUSDUDDSR\DU
DOD&UX]5RMD0H[LFDQD

&
&RQODÀQDOLGDGGHSURPRYHUODFXOWXUD
GH OD FRRSHUDFLyQ HQWUH OD FRPXQLGDG
HGXFDWLYD OD 6HFUHWDUtD GH (GXFDFLyQ
DUUDQFyODFROHFWDHVFRODUSDUDDSR\DUD
5HFRQRFHQVXODERU
HQODGRFHQFLD

&
OD&UX]5RMD0H[LFDQDHQODVHVFXHODVGH
(GXFDFLyQ%iVLFDGH1XHYR/HyQ &RPR UHFRQRFLPLHQWR D VX WUD\HFWRULD
HQWUHODVTXHGHVWDFDKDEHUIRUPDGRDSRU
'H PDQHUD YROXQWDULD SRFR PiV GH  ORPHQRVJHQHUDFLRQHVGHHVWXGLDQWHV
PLO DOXPQRV GH HVFXHODV S~EOLFDV \ OD 6HFUHWDUtD GH (GXFDFLyQ ULQGLy XQ
SDUWLFXODUHV FRPHQ]DURQ D GHVWLQDU XQ KRPHQDMHDODSURIHVRUD'DOLOD*XWLpUUH]
GRQDWLYR SDUD D\XGDU D HVWD EHQHPpULWD /REDWRV
LQVWLWXFLyQ
/D SURIHVRUD 0DUtD <RODQGD %ODQFR
(O LQLFLR GH OD FROHFWD VH UHDOL]y HQ OD *DUFtD6HFUHWDULDGH(GXFDFLyQHQ1XHYR
(VFXHOD3ULPDULD´9DOHQWtQ*yPH])DUtDVµXELFDGDHQHOFHQWURGH6DQ3HGURGRQGHD /HyQ H[KRUWy D ORV GRFHQWHV D VHJXLU HO
FDPELRGHVXDSRUWDFLyQORVDOXPQRVUHFLELHURQXQDFDOFRPDQtDGHOD&UX]5RMD HMHPSOR GH HQWUHJD YRFDFLyQ \ VHUYLFLR
7DPELpQVHFHOHEUyXQDFHUHPRQLDVLPLODUHQHO&ROHJLR$PHULFDQ6FKRRO)RXQGDWLRQ GH OD PDHVWUD 'DOLOD *XWLpUUH] TXLHQ KD
RI0RQWHUUH\ ORJUDGR D OR ODUJR GH ORV DxRV IRUPDU
KRPEUHV\PXMHUHVFRPSHWLWLYRV\FRQXQ
$OXPQRVGH1XHYR/HyQUHSUHVHQWDURQD0p[LFR DOWRVHQWLGRKXPDQLVWD
/D SURIHVRUD KRPHQDMHDGD LQLFLy VX
HQHO)RUR0XQGLDOGHO$JXDSDUDORV1LxRV WUD\HFWRULDHQODGRFHQFLDHQ

3UHVHQWDQWHVWLPRQLRV
´+LVWRULDVGH9LGDµ
SDUDDSR\DUDMyYHQHV

6
6X SUHRFXSDFLyQ SRU PDQWHQHU OLPSLD \
OLEUH GH FRQWDPLQDFLyQ VX FRPXQLGDG
OOHYy D WUHV DOXPQRV GH 1XHYR /HyQ
D UHSUHVHQWDU D 0p[LFR HQ HO ,, )RUR
$JXDTXHVHOOHYyDFDERHQOD&LXGDGGH
0p[LFR

3URPRYHU HO FXLGDGR \ PHMRUDPLHQWR


&
&RQ HO SURSyVLWR GH LQWHUFDPELDU H[SH
ULHQFLDV\ORJUDUTXHORVMyYHQHVVXSHUHQ
ODV SUREOHPiWLFDV VRFLDOHV \ FXOWXUDOHV
TXH HQIUHQWDQ HO *RELHUQR GHO (VWDGR
D WUDYpV GH OD 6HFUHWDUtD GH (GXFDFLyQ
0XQGLDOGHO$JXDSDUDORV1LxRVTXHVH GHO PHGLR DPELHQWH DVt FRPR SURSLFLDU SUHVHQWy ORV WHVWLPRQLRV ´+LVWRULDV GH
UHDOL]yGHODOGHPDU]RGHOSUHVHQWH XQ GHVDUUROOR LQWHJUDO GH OD SHUVRQD 9LGDµ
DxR \ OD QDWXUDOH]D VRQ ORV REMHWLYRV TXH
(Q GLFKR GRFXPHQWR VH UHFRSLODQ
SUHVHQWDURQHQVXSUR\HFWRORVHVWXGLDQWHV
 WHVWLPRQLRV GH MyYHQHV TXH KDQ
-RVHÀQD3HOyQ/XFLR0DUtD3LODU*XHUUHUR GH OD (VFXHOD 6HFXQGDULD 1R  ´0DUtD HQIUHQWDGR VLWXDFLRQHV DGYHUVDV \ TXH
5RGUtJXH]\)HOLSHGH-HV~V,SLxD*XHYDUD 9LOODUUHDO &DYD]RVµ GH OD FRORQLD HVWiQ VXSHUDQGR DO VHU DWHQGLGRV SRU
H[SXVLHURQ HO WHPD ´/LPSLH]D GHO 5tR 3HGUHJDO GHO 7RSR &KLFR HQ (VFREHGR HVSHFLDOLVWDVGHOSURJUDPD´3VLFyORJRHQ
3HVTXHUtDµGXUDQWHODVDFWLYLGDGHVTXHVH TXLHQHVUHFLELHURQXQUHFRQRFLPLHQWRSRU WX(VFXHODµFRQHODSR\RGHPDHVWURV\
GHVDUUROODURQHQHO,9)RUR0XQGLDOGHO SDUWHGHODVDXWRULGDGHVHGXFDWLYDV SDGUHVGHIDPLOLD


(QWUHJD*RELHQR(VWDWDO
PiVGHPLOORQHVGHSHVRV
SDUDHVFXHODVLQVFULWDV
HQSURJUDPDGHFDOLGDG

,QWHUFDPELDQH[SHULHQFLDV
VREUHHOXVRGHSL]DUURQHV
HOHFWUyQLFRVHQODVDXODV

&
&RQ HO REMHWLYR GH DQDOL]DU HO LPSDFWR
GH ORV SL]DUURQHV HOHFWUyQLFRV GHQWUR
GHO SURFHVR HQVHxDQ]DDSUHQGL]DMH

(
HO *RELHUQR GHO (VWDGR D WUDYpV GH OD
(O*REHUQDGRUGHO(VWDGR-RVp1DWLYLGDG LQVWLWXFLRQHV GH (GXFDFLyQ %iVLFD GHO 6HFUHWDUtD GH (GXFDFLyQ IXH VHGH GHO
*RQ]iOH]3DUiVUHDÀUPyHOFRPSURPLVR HVWDGRGHODVFXDOHVVRQGHSUHHVFRODU LQWHUFDPELRLQWHUQDFLRQDOGHH[SHULHQFLDV
GHVXDGPLQLVWUDFLyQSDUDGDUSULRULGDGD  SULPDULDV  VHFXQGDULDV  HQ HO XVR GH HVWD QXHYD WHFQRORJtD HQ
ODHGXFDFLyQ\ORJUDUTXH1XHYR/HyQVHD WHOHVHFXQGDULDV \  GH HGXFDFLyQ GRQGH SDUWLFLSDURQ ORV SDtVHV GH 5HLQR
XQDHQWLGDGIHGHUDWLYDOtGHUHQLQQRYDFLyQ HVSHFLDO \ VH EHQHÀFLDUiQ  PLO  8QLGR6XGiIULFD\&KLQD
FDOLGDG\FREHUWXUDHGXFDWLYDV DOXPQRV
(VWRVSL]DUURQHVHOHFWUyQLFRVLQWHUDFWLYRV
(O-HIHGHO(MHFXWLYRHVWDWDOHQWUHJyHQHO IRUPDQ SDUWH GHO SUR\HFWR 0LUDQGD 1HW
(O REMHWLYR GHO SURJUDPD HV HVWDEOHFHU
$XGLWRULR´%HUQDUGR(ORV~D)DUtDVµGHOD TXHDFWXDOPHQWHVHDSOLFDHQWUHVHVFXHODV
HQ ODV HVFXHODV S~EOLFDV GH (GXFDFLyQ
)DFXOWDG/LEUHGH'HUHFKRGH0RQWHUUH\ GH1XHYR/HyQ
%iVLFDXQQXHYRPRGHORGHDXWRJHVWLyQ
UHFXUVRV ÀQDQFLHURV GHO 3URJUDPD
FRQEDVHHQORVSULQFLSLRVGHOLEHUWDGHQOD ´7UDQVIRUPDQGR OD HQVHxDQ]D HO
´(VFXHODV GH &DOLGDGµ HMHUFLFLR 
WRPDGHGHFLVLRQHVOLGHUD]JRFRPSDUWLGR DSUHQGL]DMH\ODYLGDµIXHHOHMHFHQWUDOGH
SRUXQPRQWRGHPLOORQHV
WUDEDMR HQ HTXLSR SDUWLFLSDFLyQ VRFLDO HVWHVHPLQDULRTXHIXHLQDXJXUDGRSRUOD
PLOSHVRV
UHVSRQVDEOH\UHQGLFLyQGHFXHQWDVDÀQGH 6HFUHWDULD GH (GXFDFLyQ 0DUtD<RODQGD
3DUD HO 3(& 9 VH VHOHFFLRQDURQ  FRQVWLWXLUVHHQXQD(VFXHODGH&DOLGDG %ODQFR*DUFtD

6HFDSDFLWDQSDUDDSR\DU (QVHxDQHGXFDFLyQYLDODDOXPQRV
DQLxRVFRQDXWLVPR GHOHVWDGRGH1XHYR/HyQ

& (
(O *RELHUQR GHO (VWDGR
&RQHOREMHWLYRGHRIUHFHUXQDHGXFDFLyQ
D WUDYpV GH OD 6HFUHWDUtD
GHFDOLGDGEDVDGDHQXQPDUFRGHHTXLGDG
GH (GXFDFLyQ  LQLFLy HO
SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG
3URJUDPD GH (GXFDFLyQ
HO *RELHUQR GHO (VWDGR D WUDYpV GH OD
9LDO HO FXDO WLHQH FRPR
6HFUHWDUtDGH(GXFDFLyQOOHYyDFDERGHO
REMHWLYR FRQFLHQWL]DU D
DOGHPDU]ROD´6HPDQD(VWDWDOGHO
ORV HVFRODUHV VREUH OD
$XWLVPRµ
LPSRUWDQFLD GH UHVFDWDU
$ WUDYpV GH VHPLQDULRV WDOOHUHV \ ODV QRUPDV YLDOHV ORV VHxDODPLHQWRV GH WUiQVLWR DVt FRPR HO
FRQIHUHQFLDV VH HVWDEOHFLHURQ UHGHV DGHFXDGR FRPSRUWDPLHQWR GH ORV SHDWRQHV \ FRQGXFWRUHV
GH FRODERUDFLyQ HQWUH PDHVWURV GH FUHDQGRXQDFXOWXUDGHXUEDQLGDG\VHJXULGDGHQORVQLYHOHVGH
HGXFDFLyQ HVSHFLDO ODV LQVWDQFLDV TXH EULQGDQ DWHQFLyQ SUHHVFRODUSULPDULD\VHFXQGDULD
HGXFDWLYD D QLxRV FRQ GLYHUVDV QHFHVLGDGHV HVSHFLDOHV \ ORV
(ODUUDQTXHRÀFLDOGH´(GXFDFLyQ9LDOµHVWXYRSUHVLGLGRSRUHO
SDGUHV GH IDPLOLD GLMR HO 6XEVHFUHWDULR GH (GXFDFLyQ %iVLFD
6XEVHFUHWDULRGH(GXFDFLyQ%iVLFD-HV~V+XPEHUWR*RQ]iOH]
-HV~V+XPEHUWR*RQ]iOH]*RQ]iOH]
*RQ]iOH]TXLHQHVWXYRDFRPSDxDGRGHO$OFDOGHGH(VFREHGR
*RQ]iOH]*RQ]iOH]PHQFLRQyTXHHOHMHFHQWUDOGHHVWDVHPDQD )HUQDQGR 0DUJiLQ 6DQWRV DVt FRPR GH ORV  UHSUHVHQWDQWHV
IXH FDOLÀFDU HO DXWLVPR FRPR XQD YDULDQWH GH OD FRQGLFLyQ GH OD 6HFUHWDUtD GH 9LDOLGDG \ 7UiQVLWR GH ORV  PXQLFLSLRV
KXPDQDORFXDOUHSUHVHQWDXQUHWRSDUDODFDSDFLGDGFRJQLWLYD SDUWLFLSDQWHVHQHVWHSURJUDPD


$VLVWHQPiVGHPLOYLVLWDQWHVDOD)HULDGH
2SFLRQHV(GXFDWLYDV 5HFLEH6HFUHWDUtDGH

(
(O*REHUQDGRUGHO(VWDGR-RVp1DWLYLGDG PLOLWDUHV HO -HIH GHO (MHFXWLYR (VWDWDO (GXFDFLyQHVWDQGDUWH
*RQ]iOH] 3DUiV LQDXJXUy HQ HO &HQWUR
,QWHUQDFLRQDO GH 1HJRFLRV &LQWHUPH[ 
GHVWDFyODLPSRUWDQFLDGHHVWHHYHQWRDO
VHxDODUTXHODIRUPDFLyQHGXFDWLYDMXHJD
%DQGHUD%ODQFD
GH 0RQWHUUH\ OD ´)HULD GH 2SFLRQHV XQ URO GHWHUPLQDQWH HQ OD SRVLELOLGDG GH

3
(GXFDWLYDVµTXHUHEDVyODH[SHFWDWLYD p[LWRHQODYLGD 3RU ORJUDU XQD PHMRU FDOLGDG GH YLGD \
GHPLOYLVLWDQWHVHVWHDxR DSURYHFKDPLHQWR HVFRODU GH ORV DOXPQRV
(Q OD HGLFLyQ  TXH VH OOHYy D FDER TXH SDGHFHQ DOJXQD GHELOLGDG YLVXDO
(O REMHWLYR IXQGDPHQWDO GH OD )HULD HV HQ &LQWHUPH[ GHO  DO  GH PDU]R HO *RELHUQR GHO (VWDGR D WUDYpV GH
HO SURSLFLDU TXH OD MXYHQWXG FRQR]FD ODV \ HQ GRQGH SDUWLFLSDURQ PiV GH  OD 6HFUHWDUtD GH (GXFDFLyQ UHFLELy HO
GLYHUVDV RSFLRQHV GH (GXFDFLyQ 0HGLD H[SRVLWRUHV ORFDOHV GH RWUDV HQWLGDGHV HVWDQGDUWHGH%DQGHUD%ODQFD
6XSHULRU \ 6XSHULRU TXH VH RIUHFHQ HQ
IHGHUDWLYDVGHOSDtVDVtFRPRODDVLVWHQFLD
1XHYR/HyQ\HQRWUDVSDUWHVGHOPXQGR GHXQLYHUVLGDGHVGH(VWDGRV8QLGRV\GH (VWH UHFRQRFLPLHQWR HV RWRUJDGR SRU OD
SDUDXQDPHMRUWRPDGHGHFLVLRQHVVREUH )UDQFLDVHEXVFDSURSLFLDUHOGHVDUUROOR 6HFUHWDUtD GH (GXFDFLyQ 3~EOLFD OXHJR
VXIRUPDFLyQ
FUHFLPLHQWR \ RULHQWDFLyQ SURPRYLHQGR GH TXH 1XHYR /HyQ VXSHUy OD PHWD GH
$QWH OD SUHVHQFLD GH OD 6HFUHWDULD GH ODRIHUWDHGXFDWLYDSDUDFRDG\XYDUFRQODV HQWUHJDUPiVGHPLOOHQWHVDDOXPQRV
(GXFDFLyQ0DUtD<RODQGD%ODQFR*DUFtD SHUVSHFWLYDVGHGHVDUUROOR GH HVFXHODV SULPDULDV \ VHFXQGDULDV
\ GH DXWRULGDGHV PXQLFLSDOHV FLYLOHV \ RÀFLDOHV

'DQDFRQRFHUHOQRPEUHGHO'LUHFWRUGHO,QVWLWXWRGH(YDOXDFLyQ(GXFDWLYDGH1/

(
(O &RQVHMR &RQVXOWLYR (VWDWDO GH 3DUWLFLSDFLyQ &LXGDGDQD
SDUD OD (GXFDFLyQ HOLJLy D$OIUHGR )HUQiQGH] 'RPtQJXH]
FRPR 'LUHFWRU GHO ,QVWLWXWR GH (YDOXDFLyQ (GXFDWLYD GH
1XHYR/HyQ

(Q UXHGD GH SUHQVD 5D~O 5DQJHO +LQRMRVD 3UHVLGHQWH GHO


&RQVHMR H[SOLFy TXH HQ OD FRQYRFDWRULD SDUD VHOHFFLRQDU DO
GLUHFWRUVHLQVFULELHURQSURIHVLRQLVWDV

3UHPLDQDJDQDGRUHVGHOFRQFXUVR´$SOLFDQGRHOUHFLFODMHµ

3
3RU KDEHU GHPRVWUDGR VX FDSDFLGDG FUHDWLYD SDUD OD VROXFLyQ GH OD
SUREOHPiWLFDDPELHQWDOHODERUDQGRWUDEDMRVFRQGHVHFKRVOD6HFUHWDUtD
GH(GXFDFLyQSUHPLyDDOXPQRVJDQDGRUHVGHOFRQFXUVR´$SOLFDQGR
HO5HFLFODMHµ
(VWH FRQFXUVR WLHQH FRPR ÀQDOLGDG OD SDUWLFLSDFLyQ VRFLDO LQGLYLGXDO
\FROHFWLYDGHORVDOXPQRVGH(GXFDFLyQ%iVLFDGHHVFXHODVRÀFLDOHV\
SDUWLFXODUHV
(O 6XEVHFUHWDULR GH (GXFDFLyQ %iVLFD -HV~V +XPEHUWR *RQ]iOH]
*RQ]iOH] IXH HO HQFDUJDGR GH SUHPLDU D ORV DOXPQRV TXH UHFLELHURQ
ELFLFOHWDV\PRFKLODVFRQ~WLOHVHVFRODUHV
(VWHFRQFXUVRHVRUJDQL]DGRHQFRRUGLQDFLyQFRQOD$JHQFLDGH3URWHFFLyQ
GHO0HGLR$PELHQWH\5HFXUVRV1DWXUDOHVPRWLYDQGRTXHORVDOXPQRV
HODERUHQ LQVWUXPHQWRV MXHJRV R DSDUDWRV GH XWLOLGDG SUiFWLFD SDUD OD
HVFXHODHOKRJDURODFRPXQLGDG


$VLVWHQPLOSHUVRQDVDOD*UDQ.HUPpVGHORV1LxRVGH1XHYR/HyQ

3UHVHQWD6HFUHWDUtDGH(GXFDFLyQ 'LUHFWRUDHVWDWDOGHO',)*DEULHOD&DOOHV ORWHUtDVEULQFROLQHV\HVSHFWiFXORVLQIDQ


DORVSHUVRQDMHVTXHDVLVWLUiQDODV GH*XDMDUGRUHDOL]DURQXQUHFRUULGRSRU WLOHV HQ GRQGH FDGD GHSHQGHQFLD HVWDWDO
HVFXHODVDSURPRYHUORVYDORUHV ODVLQVWDODFLRQHVHQGRQGHGLDORJDURQFRQ PRVWUDED D WUDYpV GH FRQFXUVRV OD ODERU

&
ORVQLxRV\SDGUHVGHIDPLOLDTXLHQHVOHV TXHUHDOL]DQGtDFRQGtDSDUDVHUYLFLRGH
&RQ HO REMHWLYR GH IHVWHMDU D OD QLxH]
DJUDGHFLHURQHOOOHYDUDFDERHVWHWLSRGH ORVQXHYROHRQHVHV
QXHYROHRQHVDHQVXGtDPLOHVGHQLxRV\
HYHQWRVSDUDHOHVSDUFLPLHQWR\XQLyQID (QWUHODVGHSHQGHQFLDVSDUWLFLSDQWHVHVWD
DGXOWRVDVLVWLHURQDOSDUTXH)XQGLGRUDHQ
PLOLDU EDQ$JXD\'UHQDMHGH0RQWHUUH\5DGLR
GRQGHGLVIUXWDURQGHODPDJLD\FRORUGH
1XHYR/HyQ2EUDV3~EOLFDV(GXFDFLyQ
OD *UDQ .HUPpV GH ORV 1LxRV GH 1XHYR 'XUDQWH HO UHFRUULGR OD 6HFUHWDULD GH
3URWHFFLyQ &LYLO 6HJXULGDG 3~EOLFD
/HyQTXHRUJDQL]DHO*RELHUQRGHO(VWDGR (GXFDFLyQ3URIUD0DUtD<RODQGD%ODQFR
6DOXG 2ÀFLDOtD 0D\RU 'HVDUUROOR
DWUDYpVGHO',)HVWDWDO *DUFtDSUHVHQWyDORVSHUVRQDMHVTXHDVLVLWL
7XUtVWLFR 6,0(352'( )RPHUUH\ 'H
UiQDODVHVFXHODVDSURPRYHUORVYDORUHV
(O*REHUQDGRUGHO(VWDGR-RVp1DWLYLGDG VDUUROOR (FRQyPLFR 6HFUHWDUtD *HQHUDO
*RQ]iOH]3DUiV\VXHVSRVDOD3UHVLGHQWD (Q HVWD *UDQ .HUPpV ORV DVLVWHQWHV GH*RELHUQR\7HVRUHUtD*HQHUDOGHO(V
GHO',)1XHYR/HyQDFRPSDxDGRVGHOD SXGLHURQGLVIUXWDUGHMXHJRVPHFiQLFRV WDGRHQWUHRWUDV

,QDXJXUD*REHUQDGRU(VWDWDO&RQVXOWDGH'HVDUUROOR6XVWHQWDEOH
(VFREHGRµ ODV PHVDV GH WUDEDMR SDUD FLyQGHSROtWLFDVS~EOLFDVTXHVHKDEUiQGH
OD &RQVXOWD 3~EOLFD 1DFLRQDO FRQ LQFOXLUHQHO3ODQ1DFLRQDOGH'HVDUUROOR
HO WHPD ´0p[LFR +DFLD XQ 'HVDUUROOR
(O *REHUQDGRU GHO (VWDGR GHVWDFy OD
6XVWHQWDEOHµ LPSRUWDQFLD GH HVWD FRQVXOWD S~EOLFD DO
$SURSXHVWDGHO6HQDGRGHOD5HS~EOLFD VHxDODUTXHVHWUDWDGHXQHQFXHQWURTXH
HQODVPHVDVGHWUDEDMRTXHVHLQVWDODURQ WLHQH TXH YHU FRQ DOJR PX\ LPSRUWDQWH
HQ YDULRV (VWDGRV GHO WHUULWRULR QDFLRQDO SDUDHOGHVDUUROORGHQXHVWURSDtVDOHVWDU

(
(O*REHUQDGRUGHO(VWDGR-RVp1DWLYLGDG VH DQDOL]y \ GLVFXWLy OD SUREOHPiWLFD YLQFXODGR WDPELpQ FRQ HO SDWULPRQLR
*RQ]iOH] 3DUiV SXVR HQ PDUFKD HQ OD GHO PHGLR DPELHQWH HQ 0p[LFR \ FX\DV TXH KDEUHPRV GH OHJDU D ODV VLJXLHQWHV
8QLYHUVLGDG7HFQROyJLFD´*HQHUDO0DULDQR SURSXHVWDV VHUYLUiQ SDUD OD LPSOHPHQWD JHQHUDFLRQHV

/OHYDQDFDER&RQFXUVR5HJLRQDOGH2UDWRULD

(
(O *RELHUQR (VWDWDO D WUDYpV GH OD 6HFUHWDUtD
GH (GXFDFLyQ UHFRQRFLy OD SDUWLFLSDFLyQ GH OD
DOXPQD&\QWLDGHO5tR9HOi]TXH]TXLHQFXUVD
HO WHUFHU JUDGR GH OD (VFXHOD 3ULPDULD )RUG
JUDQGHVDODVTXHVHHQIUHQWDQODVSHUVRQDVTXH
YLYHQ FRQ DOJXQD GLVFDSDFLGDG VLJXH VLHQGR OD
GHVXSHUDUORVSUHMXLFLRV\HVWHUHRWLSRVµ
,QYLWy D TXHUHU D OD QLxH] FRQ QHFHVLGDGHV
 ´$OIUHGR 9 %RQÀOµ TXLHQ SDUWLFLSy HQ HO HGXFDWLYDV HVSHFLDOHV D EULQGDU DSR\R D QR
&RQFXUVR5HJLRQDOGH2UDWRULD PDUFDU GLIHUHQFLDV D LQWHJUDUORV DO PXQGR GH
/DDOXPQDSUHVHQWyHOWHPD´/DHTXLGDGYDORU ORVQLxRVDOPXQGRGHOMXHJRGHODSUHQGL]DMH\
GHODGHPRFUDFLDµ\GXUDQWHVXGLVFXUVRUHVDOWy VREUHWRGRDOPXQGRGHODPRU
TXH DFWXDOPHQWH XQD GH ODV GLÀFXOWDGHV PiV



También podría gustarte