You are on page 1of 16

/XFKD

,QGtJHQD
3UHFLR
6

1RYD\DVGHWUiVGHPL
WDOYH]\RQRVHSDOLGHUDU
1RYD\DVGHODQWHWDOYH]
\RQRTXLHUDVHJXLUWH
9HQDPLODGRSDUDSRGHU
FDPLQDUMXQWRV

//$3$581$4+$7$5,<1,1

3URYHUELR8WH

WULEXLQGLDQRUWHDPHULFDQD

 (OOHYDQWDPLHQWRGHWRGDODJHQWH

1

'LUHFWRU+8*2%/$1&2$f2
GLFLHPEUH
'LUHFFLyQ0LJXHO$OMRYtQ/LPD&HUFDGRHPDLOFHIFK#KRWPDLOFRP

/XFKDQ\PXHUHQ
GHIHQGLHQGRHOSODQHWD

)pOL['tD]4RP$UJHQWLQD

0DSXFKH&KLOH

$\RUHRSDUDJXD\

$PEDOy&RORPELD

1DFLRQDOHV
3HU~XQRGHORVSDtVHVGRQGHVRQDVHVLQDGRVPiV
GHIHQVRUHVGHODPELHQWH
/DLQFRKHUHQFLDGHOJRELHUQR
,QWHUQDFLRQDOHV
,QGtJHQDVOXFKDGRUHDVGHYDULRVSDtVHVGH$E\D<DOD
$PpULFD

/XFKD,QGtJHQD1GLFLHPEUH3DJ

/XFKD,QGtJHQDQ~PHUR
/DDXVHQFLDGHXQSHULyGLFRTXHPRVWUDUDODOXFKDGHOPRYLPLHQWRLQGtJHQDHV
ODTXHGLRQDFLPLHQWRD/XFKD,QGtJHQDHQ
(OHMHFHQWUDOORFRQIRUPDPRV+XJR%ODQFR(QULTXH)HUQiQGH]5REHUWR2MHGD
\&ODXGLD3DORPLQR
(Q HO FDPLQR KHPRV WHQLGR \ WHQHPRV YDOLRVRV FRODERUDGRUHV %HQMDPtQ
&DPDFKR3HSH0HMtD5RGULJR0RQWR\D(OVD9DOHU0DULR7DEUD\RWU#V
/RVSXHEORVLQGtJHQDVGHOPXQGRVRPRVORVUHVDELRVGHODFRPXQLGDGSULPLWLYD
FRQVHUYDPRVPXFKDVGHVXVGHILFLHQFLDV\GHVXVFDUDFWHUtVWLFDVSRVLWLYDV'H
HVWDV~OWLPDVVHxDODPRVODVSULQFLSDOHV

/DFROHFWLYLGDGHVODTXHPDQGDQRHOLQGLYLGXR

*UDQDPRU\UHVSHWRSRUODQDWXUDOH]DTXHHVQXHVWUDPDGUH

6ROLGDULGDG7~HUHVPLRWUR\R

/DIHOLFLGDGQRODGDHOGLQHURVLQRHOVHQWLUVHELHQ
(ODYDQFHGHODFLYLOL]DFLyQOOHYyDODPD\RUtDGHODKXPDQLGDGDFUHDUHOHVWDGR
VXVWLWX\y OD KRUL]RQWDOLGDG SRU HO YHUWLFDOLVPR VH LQVWLWX\HURQ FDVWDV
JREHUQDQWHV\OXHJRFODVHV
(OFDSLWDOLVPRHXURSHRVHGHVDUUROOyDWUDYpVGHOVRPHWLPLHQWRGHORVSXHEORV
GH$PpULFDIULFD$VLD\2FHDQtD
(OFRORQLDOLVPRFRQWLQ~DFRQODVLPXODFLyQGHLQGHSHQGHQFLDSROtWLFD
(O FDSLWDOLVPR GHYLQR HQ LPSHULDOLVPR TXH DKRUD VH PDQLILHVWD HQ VX HWDSD
QHROLEHUDO
/DVHPSUHVDVWUDQVQDFLRQDOHVJRELHUQDQDFWXDOPHQWHHOPXQGR
(OREMHWLYRIXQGDPHQWDOGHHOODVHVJDQDUFDGDYH]PiVGLQHURHQHOWLHPSRPiV
FRUWRSRVLEOH
(OGHVDUUROORGHODWpFQLFD\GHODFLHQFLDTXHKR\HVWiQDVXVHUYLFLRKDFHQTXH
SDUDREWHQHUPiVJDQDQFLDVDWDTXHQIXHUWHPHQWHDODQDWXUDOH]DPDWiQGROD
SDXODWLQDPHQWHDWUDYpVGH
(O FDOHQWDPLHQWR JOREDO GH OD DWPyVIHUD SRU OD HPLVLyQ GH JDVHV GH HIHFWR
LQYHUQDGHUR OD PLQHUtD D FLHOR DELHUWR OD H[WUDFFLyQ GH KLGURFDUEXURV OD
FRQVWUXFFLyQGHUHSUHVDVSDUDKLGURHOpFWULFDVODDJURLQGXVWULD\PXFKDVRWUDV
IRUPDV
'H FRQWLQXDU HVWH DWDTXH D OD OLVWD GH HVSHFLHV YLYDV TXH HVWiQ
GHVDSDUHFLHQGRVHDJUHJDUiODHVSHFLHKXPDQD
/RV VHFWRUHV PiV VHQVLEOHV D GLFKR DWDTXH \ TXH PHQRV GLVIUXWDQ GH ODV
YHQWDMDVGHODFLYLOL]DFLyQVRQODVSREODFLRQHVLQGtJHQDV
$HVRVHGHEHODHPHUJHQFLDGHHVWRVSXHEORVHQODOXFKDGHGHIHQVDGHOD
QDWXUDOH]D\TXHFDGDGtDLQVSLUHQPiVUHVSHWR\VROLGDULGDGSRURWURVVHFWRUHV
GHODKXPDQLGDGTXHWDPELpQVHRSRQHQDODGHVWUXFFLyQGHHOOD
(VLQGXGDEOHTXHODFLYLOL]DFLyQKDWUDtGRPXFKDVYHQWDMDVDODKXPDQLGDGODV
TXHGHEHPRVFRQVHUYDU
1XHVWURVPDHVWURVQRVHQVHxDURQTXHXQDGHODVOH\HVGHODGLDOpFWLFDHVODGH
7HVLV$QWtWHVLV6tQWHVLV
/DWHVLVHVODDILUPDFLyQ/DDQWtWHVLVQLHJDDODWHVLV/DVtQWHVLVUHVXFLWDDOD
WHVLVLQFRUSRUiQGROHSDUWHGHODDQWtWHVLV
/DWHVLVHVODVRFLHGDGFRQODpWLFDSULPLWLYDPRVWUDGDDUULED
/DDQWtWHVLVHVHODYDQFHGHODFLYLOL]DFLyQTXHOOHYyDODRSUHVLyQGHODPD\RUtD
SRUXQDPLQRUtDTXHGHVWUX\HODQDWXUDOH]D
/DVtQWHVLVVHUiODYXHOWDDXQDVRFLHGDGFROHFWLYDVROLGDULD\DOUHVSHWRDOD
QDWXUDOH]D DJUHJiQGROH ODV YHQWDMDV GH OD FLYLOL]DFLyQ TXH QR GHWHULRUHQ HO
PHGLRDPELHQWHSRQLHQGRHQSHOLJURODVXSHUYLYHQFLDGHODHVSHFLH
3RUFRQVWUXLUHVHPXQGRQXHYRHVTXHOXFKDPRVORVLQGtJHQDV\WRGRVTXLHQHV
GHIHQGHPRVODQDWXUDOH]D\ODYLGD
&RPR HO DWDTXH D OD QDWXUDOH]D \ OD KXPDQLGDG HV PXQGLDO WHQHPRV TXH
FRRUGLQDUQXHVWUDVDFFLRQHVDHVFDODLQWHUQDFLRQDO
/RV LQGtJHQDV ]DSDWLVWDV QRV PXHVWUDQ TXH HVWiQ FRQVWUX\HQGR XQ PXQGR
QXHYR(OORVQRVGLFHQTXHQROHVFRSLHPRVTXHFDGDJUXSRHQVXJHRJUDItD\
HQVXWLHPSRYHUiTXpHVORTXHOHFRUUHVSRQGHKDFHU
(V LPSUHVFLQGLEOH HQOD]DUQRV DSR\DUQRV FRPR QRV PXHVWUDQ ODV DFFLRQHV
VROLGDULDVHQ0p[LFR\HQHOPXQGRFRQWUDORVDVHVLQDWRV\GHVDSDULFLRQHVHQ
$\RW]LQDSDQ
/XFKD ,QGtJHQD HVWi HQOD]DGD SRU 6N\SH \ D YHFHV SHUVRQDOPHQWH FRQ
FRPSDxHU#VGHRWURVSDtVHV
1XHVWURREMHWLYRFRP~QHVODOXFKDSRUXQPXQGRQXHYR
1XHVWURWUDEDMRSRUHVWDSXEOLFDFLyQWLHQHOLPLWDFLRQHVKXPDQDV\HFRQyPLFDV
+HPRVUHFLELGRHODSR\RGHFRPSDxHU#VGHOH[WHULRUTXLHQHVDWUDYpVGHXQD
PLQJD VROLGDULD KDQ KHFKR SRVLEOH TXH WHQJDPRV ORFDO /HV DJUDGHFHPRV
LQILQLWDPHQWH
(QHVWHQ~PHURLQFRUSRUDPRVSiJLQDVDGLFLRQDOHVSDUDGDUFDELGDDORTXH
HVFULEHQFRPSDxHU#VGHRWURVSDtVHVGHOFRQWLQHQWH
/D FDQWLGDG \ FDOLGDG GH HVDV FRODERUDFLRQHV VXSHUDURQ GH OHMRV QXHVWUDV
H[SHFWDWLYDV
$GHPiVHVSUREDEOHTXHDOJXQ#VGHHOO#VUHLPSULPDQHVWHQ~PHURHQVXV
SDtVHV
$JUDGHFHPRV FDOXURVDPHQWH VX FRODERUDFLyQ \ HVSHUDPRV TXH D SDUWLU GH
DKRUDHOODVHDSHUPDQHQWH
/8&+$,1'*(1$
(GLWRUD/XFKD,QGtJHQD58&
'LUHFWRU+8*2%/$1&2*$/'26
(GLWRU(QULTXH)HUQiQGH]&KDFyQ&RFKHUR
(PDLOFHIFK#KRWPDLOFRP
-U$OMRYtQ/LPD&HUFDGR
7HOIFHO
&RPLWpGH5HGDFFLyQ
3HU~5REHUWR2MHGD\&ODXGLD3DORPLQR
&RUUHVSRQVDOHQ(XURSD3HSH0HMtD
&XOWXUDO3LXUD0DULR7DEUD
+HFKRHOGHSRVLWROHJDOHQOD%LEOLRWHFD1DFLRQDO
GHO3HU~

OXFKDLQGLJHQD#JPDLOFRP

'DQGRFXHQWD+XJR%ODQFR

/D )HGHUDFLyQ GH &DPSHVLQRV \


7UDEDMDGRUHV GH 0DUDQXUD /D
&RQYHQFLyQ&XVFRPHLQYLWySDUD
DFRPSDxDUORVHOGtDTXHFXPSOt
DxRV
&RQVLGHUpTXHRWURVFRPSDxHURV\
FRPSDxHUDV TXH OXFKDURQ HQ HO
GHVDUUROOR GH OD SULPHUD \ PiV
FRPSOHWDUHIRUPDDJUDULDGLH]DxRV
DQWHVTXHODGH9HODVFRPHUHFtDQ
TXHVXOXFKDIXHVHUHFRQRFLGD)XL
DYLVLWDUOHV\DSHGLUOHVTXHPHDFRPSDxDUDQ
$IRUWXQDGDPHQWHODPD\RUtDGHHOORVIXHD0DUDQXUD
/XHJRGHKDEHUH[SXHVWRHOLQIRUPHGHVXSDUWLFLSDFLyQ\GHKDEHU
UHFLELGR HO KRPHQDMH SRU ODV FDUFHOHUtDV \ RWURV VDFULILFLRV TXH
VXIULHURQIXHURQFRQYRFDGRVSRUXQFRPSDxHURYLVLWDQWHGHOH[WHULRU
GHO SDtV SDUD TXH SRU LQWHUPHGLR GH 6N\SH H[SOLFDUDQ VX OXFKD D
FRPSDxHURVGHYDULRVSDtVHVGHOFRQWLQHQWHTXLHQHVPDQLIHVWDURQVX
FRPSODFHQFLD SRU ORV WHVWLPRQLRV H KLFLHURQ SUHJXQWDV TXH IXHURQ
UHVSRQGLGDVSRUORVH[SRVLWRUHV
5HJUHVDURQ D VXV UHVSHFWLYDV ]RQDV VDWLVIHFKRV GH TXH HQ RWURV
SDtVHVVHFRQRFLHUDVXOXFKD\VHOHVUHVSHWDUD

/HRQLGDV&DUSLR$QGUpV*RQ]iOHV$QWRQLR+XDFDF
+XJR%ODQFR\+XPEHUWR&DUD]DVOtGHUHVGHOD
SULPHUDUHIRUPDDJUDULDTXHUHDOL]DURQORVSURSLRV
FDPSHVLQRVHQHOYDOOHGH/D&RQYHQFLyQ&XVFR

(OGHUUDPHTXH3HWURSHU~
GLFHKDEHUOLPSLDGR

      
    
    
   <    
     
      
h^
        
      
d




>
W      
>      


W


    

      

     
/z
        


      


E^Z^
& h  E 
E   

h


  :  Z D  
/>
^     :  W 
s/

/XFKD,QGtJHQD1GLFLHPEUH3DJ

3HU~XQRGHORVSDtVHVGRQGHVRQ
DVHVLQDGRVPiVGHIHQVRUHVGHODPELHQWH

      
     
  '
t
    
   
W       
   
    
    


    
     
       

WW

>    
  W  
    
     
    


  E z 
  ^ 


  
   
D   
    


   

   
     
     
    
   
  E  
     


$OHUWDVDQWHDPHQD]DGH
WUDQVJpQLFRVHQ3HU~

>

'
   D
   D/ED


   
    
 ^  
 E  
WKEs'ZK
D/ED



    
>D




K,
     
    D/ED 


D
D    
d


     
W>d
    
>
D

>Y
 KEs'ZK   


    
D
D
> E   
D/W &
KsD
dE
>


     
 ,  & D 




    >

     
    
    
  
   


6XEWHQLHQWHDVHVLQD
DWUHVVXEDOWHUQRV
DZDM~Q



    E 
   ^ E 
 s     
    
^





      
'
>
    :
Z Z < d  >
 d    
 ^     


>
     


/DLQFRKHUHQFLDGHOJRELHUQR

>

KW
     
    


     
     
KWW^
      
     

'     

KW
D
KW
'W

 W  
/ 
     


    
     

W
      
     
     

    
D
D
      


 W    




     
W
   


5HFKD]DQD2OODQWDHQ&XVFR
WK,
            


    D           

>
K
>
&:
&K


/XFKD,QGtJHQD1GLFLHPEUH3DJ

,6,6.REDQH\ODUHYROXFLyQNXUGD

   
    
   
   < D
      


     
W



W
s><W:</
WhWz
^ d    

     

/
/


>
     
d//^
d
W   d  <
W<<   

       &

      
      

W<<


W<<
     

D

DW<<
    d  

dK

  

      
    

     

   W 
      

K
      


/^/^
     
/
     

D
/^/^
>Z
     
   
>Z

  zW: h    
^ D   zW' h  
 W    
<

      
    
  ^     zW:
E/^/^ 
          
  h         
      
          
 
W
    


     
Y     /
    
    /^/^
      
    
/
  ^   

/^/^      
  
    

     
<
    
     ^
    

>

      

    /^/^ 
     
d

   ^  
Z
  Wz   
d

  / 
Z

    <  
  d    
       
/

W<<

     Z


    
 W    
     
     
D
        
Z



   >
    
Z


(OFRQIOLFWRGH8FKXFFDUFR &KXPELYLOFDV


   
    
s>

   
   
h W   
 ,   

      
   
  

^    h
,
    
      >

    
^ ^   

 >   
     
E^

    
       
   , 

     

    
  
    
    
   
  
 
  
 


   


KE
^   WD 

   
   

      
     
   

     
   
^

d

    W
D


     
    
>K
  ^    WD
    

    

    
 W   

>   h


  , 
    

      
 D  
D

     s



/XFKD,QGtJHQD1GLFLHPEUH3DJ

>

3RU&DUPHQ%ODQFR9DOHU

DYR(QFXHQWUR)HPLQLVWDGH/DWLQRDPpULFD\HO&DULEH

     W   
&
  >    
        
E    >  
    
    

hh


     
  



    E  



    W
    



    
   

    
     
     
    






   
    

      
    
     

      



      
     


      



     
   




W     
     
      
      
     
     
   
     

  
  
  

   


  
   

  
  
 

  W




K
      

W

   
    

h    


W
      
   
     
  
      
    D
d




z
     



'H&DMDPDUFDD$\RW]LQDSD
>
       W       




D
E  '  '   >   
h
d
,

W


    
      



     

      

^
W

>K
sz
  &  
    


>/
  &   
     E 
/     
 &      

 > D  , D

Z
     
&
Z
   E h  

 s      
>     
      
    


      


/RVGRVIUHQWHVGHO9DOOHGHO7DPER

     

    

/    
dD


      
     
^W


 /    
    

/^
     d D


        

K

     Kd  



> :    s  d
E
      

      
      
 /
             
              
   d D Z  
      
             
      
 W   

/XFKD,QGtJHQD1GLFLHPEUH3DJ

1XHVWURV6DEHUHV
1XHVWURV6DEHUHV


    

        

      
     
Y>
       

      W
h

W

s
zW
          


          
s
   >        


^DW
W
>

'HQXQFLDQDIXQFLRQDULRPLQHUR
SRULQWHQWRGHJHQRFLGLR


    


 ^   
d>

>
    
     
  
>
      
    E   


  D   
    
     
>
^ & ^ W
E   
  
dW
W^Z>>:W
W
   
    
   
    
   
  D
,  , 
   > z

     
     



d
W    W   
   
    
    
    
:W
>&W&


    
Wd
    
   

     
   &  
^D&

(OPLWRGHOGLOXYLRHQORVDQGHV

>


     
    


h>
        
t
tD


  >   


     
,


    
Y
t
    Z 
t
<t
    W  ^  
     
W   >   


      Y 
   ^   
>^





D
       
   /   
t

/DDFWXDOVHTXtDHQ
HOVXUDOWRDQGLQR

    
    







     
      

     
    
     
      

       

D

     

     
       
     
W

     




  >   
    





>


 E     

      
     
      

>      
      
>
     

      

      



/XFKD,QGtJHQD1GLFLHPEUH3DJ

$UJHQWLQD

+HPRV YHQLGRHVFXFKDQGR\DKHPRVYHQLGRSDUWLFLSDQGR
HQ DOJXQRV HYHQWRV PiV \ EXHQR ODPHQWDEOHPHQWH ODV
FRPXQLGDGHVLQGtJHQDVVRPRVODVTXHKR\HVWDPRVVLHQGR
DWURSHOODGRVVREUHHOSRGHU
%XHQRFRPHQWDUXQSRFRHQPLFRPXQLGDGORTXHKHPRV
YLYLGRDOOtHQODFRPXQLGDGGH*HOD\.RDOUHGHGRUGH
IDPLOLDVVRPRVODVTXHHVWDPRVOXFKDQGRHQFRQWUDGHXQD
SHWUROHUD TXH KR\ VH OODPD $3$&+( +DFH UDWR TXH OD
HPSUHVDHVWiDOOtHQHOOXJDU
&RPRFRPHQWDUXQSRFRSULPHURFRPRHPSH]DURQDYLYLU
QXHVWURVDEXHORVQXHVWURVSDGUHVQRQXHVWURVDEXHORVVLQR
QXHVWURVSDGUHVFXDQGROOHJyHVWDHPSUHVDTXHSULPHURIXH
<3)
$OOt FXDQGR HQ OD &RQTXLVWD GHO 'HVLHUWR D QXHVWURV
DQFHVWURVORVFRUULHURQORVDPHQD]DURQ\WRGDHVDFRVDIXH
TXHGDQGRHQQXHVWURVSDGUHVGHTXHHOORVQRLEDQDSRGHU
HQIUHQWDUDODSHWUROHUDRHQIUHQWDUDTXLHQVHDTXHYHQJD
SRUTXH VDEtDQ TXH OR LEDQ D HFKDU FRQ OD JHQGDUPHUtD
SRUTXHVDEtDQTXHORLEDQDUHSULPLUVDEtDQTXHORVLEDQD
HFKDU GHO OXJDU QXHYDPHQWH 3RU HVR WDPELpQ IXHURQ
GHMDQGR TXH ODV SHWUROHUDV YD\DQ DVHQWiQGRVH DOOt HQ HO
OXJDU
<EXHQRKDVWDKR\TXHQRVRWURVYHQLPRVKDFHPiVRPHQRV
GLH]DxRVOXFKDQGRFRQHVWDHPSUHVDTXHTXL]iQRVKDLGR
URPSLHQGR/D HPSUHVD\ODSURYLQFLDVHKDQGHGLFDGRD
URPSHU DODVFRPXQLGDGHVLQGtJHQDVDHPSH]DUDGDUOHV
GLQHURDQXHVWURVPLVPRVKHUPDQRVSDUDTXHQRVYD\DPRV
GHELOLWDQGR 3HUR  EXHQR HVWDPRV DOOt ORV TXH KR\  HQ
UHDOLGDGTXHUHPRVQXHVWUR:$//0$38KR\UHVSHWDPRV
QXHVWUR :$//0$38 VRPRV ORV TXH KR\ HVWDPRV
TXHGDQGR
$VtTXHODFRPXQLGDGDOOtKDVXIULGRPXFKtVLPDURWXUDKR\
QXHVWUDVIDPLOLDVHVWiQVXIULHQGRHQIHUPHGDGHV(OWHPDGHO
DJXD KR\ HVWi FRQWDPLQDGD DOOt HQ HO OXJDU 1RVRWURV
WHQHPRVXQDJUDQFRQWDPLQDFLyQGHODJXD<DQRWHQHPRV
DJXD(ODJXDGLFHTXHVDOHFRQDUVpQLFRFRQSHWUyOHR1R
VDEHPRVELHQFXiOHVODVLWXDFLyQGHODJXDSHURVDEHPRV
TXHQRODSRGHPRVWRPDU
+R\ODV IDPLOLDV HVWiQVXIULHQGRGLVWLQWDVHQIHUPHGDGHV
DOOtHQHOOXJDU<EXHQR QRVRWURVDOOtILUPHVKDFHXQ DxR
TXHODHPSUHVDQRKDSRGLGRLQJUHVDUDKDFHUQXHYRVSR]RV
QXHYDVORFDFLRQHVSRUTXHWDPELpQQRVKHPRVRSXHVWRQRV
KDQ UHSULPLGR KHPRV VXIULGR UHSUHVLyQ DOOt FRQ QXHVWURV
DQFLDQRV QXHVWURV QLxRV < OR TXH KD VDOLGR D GHFLU HO
JRELHUQRGHODSURYLQFLD \DOOtHQ=DSDODWDPELpQHOMXH]
'RPtQJXH]TXHKDGLFWDGRODRUGHQGHGHVDORMRODRUGHQ
GH UHSUHVLyQ GH TXH QRVRWURV XVDPRV D QXHVWURV KLMRV
/DPHQWDEOHPHQWHHVPX\IHRORTXHDOOtHQHOOXJDUYLYLPRV
HQODFRPXQLGDG
1RVRWURVOD~QLFDPDQHUDGHSDUDUDHVWDHPSUHVDORYHPRV
FRQFRUWDUOHODSDVDGDFRQFRUWDUOHHOSDVR3RUTXHVLOR
KDFHPRV GH RWUD PDQHUD QR SRGHPRV SRUTXH KR\ HO
JRELHUQR\ODSURYLQFLDHVWiQDKtLQVLVWLHQGRGHTXHYXHOYDQ
D HQWUDU GH TXH  YDQ D OOHJDU FRQ HVWRV SR]RV QR

FRQYHQFLRQDOHV TXH GLFHQ VHU PXFKtVLPR PiV


FRQWDPLQDQWHV
7DPELpQ KD\ RUJDQL]DFLRQHV TXH QRV HVWiQ DFRPSDxDQGR
DOOtHQHOOXJDURUJDQL]DFLRQHVGHGLVWLQWRVODGRVTXHQRV
HVWiQDFRPSDxDQGRGH=DSDODGH&XWUDO&RGH1HXTXpQ
$OOtVHJXLPRVQRVRWURVHQODOXFKD
&RPHQWDUXQSRFRTXHHQHVWRVGtDVHQ=DSDODHVWXYLPRV 
KDFLHQGRXQIHVWLYDOHQFRQWUDGHO)5$&.,1*TXHOHOODPDQ
KR\DOQXHYRPpWRGRHVWHQRFRQYHQFLRQDO4XL]iSRUDFi
WDPELpQDQGDQDOJXQRVFRPSDxHURVTXHFDSD]\DORKDQ
H[SOLFDGRRPiVDGHODQWHORYDQDH[SOLFDU
<EXHQRVHJXLPRVOXFKDQGRVHJXLPRVHVWDQGRIXHUWHVDOOt
HQHOOXJDU(OSXHEORLQGtJHQD\RFUHRTXHQXQFDVHYDD
GHMDUEDVXUHDU4XL]iQRVKDQKHFKRPXFKDVFRVDVSHURKR\
VHJXLPRV GH SLH FRPR VLHPSUH GHFLPRV 0$5&+*8(:
',(= 9(&(6 (67$026 9,926 ',(= 9(&(6
9(1&(5(026',(=9(&(6(67$026'(3,(
DSDFKH  (V XQD HPSUHVD TXH KD ORJUDGR TXHEUDU D OD
FRPXQLGDG PXFKDV YHFHV FRQ QXHVWUD IDPLOLD PLVPD HQ
QXHVWUDFRPXQLGDGGiQGROHVSHVRVRSHVRVSDUD
TXH126,*$1HQODOXFKD\DYHFHVKR\FRPRHVWDMRGLGRHO
WHPD GH OD VLWXDFLyQ HFRQyPLFD \ ODV IDPLOLDV D YHFHV OR
UHFLEHQ SDUD GDUOH DOJR GH FRPHU D VXV KLMRV +DEHPRV
IDPLOLDVTXHKR\HVWDPRVVLHQGRDIHFWDGDVGLUHFWDPHQWH\
QRVYDPRVDSHUPLWLUTXHSRURSHVRVQRVFDOOHQ
ODERFDVLQRTXHWHQHPRVTXHVHJXLUOXFKDQGRSRUHOIXWXUR
GH QXHVWURV KLMRV SRU HO IXWXUR GH QXHVWURV QLHWRV 3RGHU
VHJXLUYDORUDQGRORTXHHVHODJXDSRUTXHKR\HODJXDHVOR
SULQFLSDOTXHWHQHPRVVLFRQWDPLQDQHODJXDQRVRWURV
QDGLHYDDVHUOLEUHQRVRORODVFRPXQLGDGHVLQGtJHQDVVLQR
WRGDODVRFLHGDG
3RUHVRWDPELpQDJUDGHFHUOHVDWRGDVODVRUJDQL]DFLRQHV
TXHKR\HVWiQDFRPSDxiQGRQRV\OXFKDQGRWDPELpQDOD
SDU GH ODV FRPXQLGDGHV OXFKDQGR D OD SDU GH WRGDV ODV
RUJDQL]DFLRQHV $JUDGHFHUOHV SRUTXH HVWiQ HQ EXHQ
FDPLQRTXHWHQJDPRVPXFKRQHZHQPXFKDIXHU]D\TXH
SRGDPRVYHQFHUDHVWHJUDQPRQVWUXRTXHKR\HVWiTXHQRV
YLHQHSLVRWHDQGR
&ULVWLQD/LQNRSDQ

6LQRVFRQWDPLQDQHO
&DPLQRDOD&XPEUHGHORV3XHEORV
DJXDQDGLHYDDVHUOLEUH
5HFRUGiQGRODD7LQD &ULVWLQD/LQNRSDQ HQVXOXFKD
1RDOFDPELRGHOFOLPD6tDOFDPELRGHOVLVWHPD
GHPXMHULQGtJHQDHQFRQWUDGHOIUDFNLQJ

0DUL0DUL.RP3X&KH,xFKH3LHP&ULVWLQD/LQNRSDQ 0L
QRPEUHHV&ULVWLQD/LQNRSDQ VR\ORJNRGHOD&RPXQLGDG
*HOD\ .R GH  OD SURYLQFLD GH 1HXTXpQ DOOt HQ 1HXTXpQ
HVWDPRV HQWUH  =DSDOD \ &XWUDO &R HVWi XELFDGD OD
FRPXQLGDGGH*HOD\.R
3ULPHUDPHQWHDJUDGHFHUODLQYLWDFLyQTXHPHKLFLHUDQ\R
YLQH GH PL FRPXQLGDG FRPR ORJNR GH OD FRPXQLGDG
'HVSXpVYLQLHURQKHUPDQRVFRPSDxHURVHQHOYLDMHDVtTXH
YLQLPRV FRPXQLGDGHV GH DOOi GH 1HXTXpQ 0XFKtVLPDV
JUDFLDVSRUODLQYLWDFLyQ/DYHUGDGXQDDOHJUtDGHSRGHU
HVWDUDTXtHQ%XHQRV$LUHVFRPSDUWLHQGRFRQXVWHGHV
4XL]iDOOtHQHOOXJDUKHPRVYLYLGRPXFKDLQGLJQDFLyQQR
Vp FyPR OODPDUOH DOOt HQ OD FRPXQLGDG 1RV VROR HQ OD
FRPXQLGDGGH*HOD\.RVLQRHQPXFKDVFRPXQLGDGHVKD\
HPSUHVDVSHWUROHUDVTXHKR\XVXUSDQQXHVWURWHUULWRULRVLQ
FRQVXOWDDODVFRPXQLGDGHVLQGtJHQDV
7DPELpQ FRPHQWDU FXDO HV OD VLWXDFLyQ TXH KR\ YHQLPRV
YLYLHQGR ODV FRPXQLGDGHV LQGtJHQDV GH DOOt GHO 1HXTXpQ
FXDQGRHOJRELHUQRODSURYLQFLDVDOHQDGHFLUTXHHVWiWRGR
PX\ EXHQR OR TXH KR\ VH HVWi SURPRYLHQGR DOOt SDUD
1HXTXpQ SDUD WRGRV ORV OXJDUHV HQ TXH GLVWLQWDV
FRPXQLGDGHVLQGtJHQDVKR\HVWDPRVVLHQGRXVXUSDGDVSRU
HPSUHVDVSHWUROHUDVSRUPLQHUDVSRUIRUHVWDOHVSRUVRMD

&ULVWLQD/LQNRSDQIXHXQD08-(5
0$38&(TXHVHSDUyIUHQWHDOD
UHDOLGDGFRQYLUWLpQGRVHHQHMHPSOR
GHXQDOXFKDTXHWXYRHQWUHVXVHMHV
IXQGDPHQWDOHVODGHIHQVDGHODJXD
(ODJXDFRPRIXHQWHGHYLGDHODJXD
FRPRQHZHQHO$*8$3$5$6(5
/,%5(6
6HJ~QODFRVPRYLVLyQPDSXFH(ODJXD
QRVHSXHGHSHQVDUSRUVHSDUDGRFRPR
VLQRIXpUDPRVSDUWHGHODQDWXUDOH]D
SRUTXH HQ UHDOLGDG QRVRWURV VRPRV
SDUWHFRPRXQHOHPHQWRPiVFRPRXQ
QHZHQPiVFRPRXQDIXHU]D(ODJXD
WLHQH VX QHZHQ \ HVR KDFH TXH HQ
UHDOLGDG QXHVWUD IRUPD GH
UHODFLRQDUQRVFRQHOODVHDGLVWLQWD\YD
PiV DOOi GH TXH WHQJDPRV DJXD HQ HO
FXHUSR 7LHQH TXH YHU FRQ TXH HQ
UHDOLGDGHODJXDWLHQHVXSURSLRHVStULWX
\WHQHPRVTXHVHUUHVSHWXRVRVGHHVR\
WHQHPRVTXHSRGHUYDORUDUORGHVGHHVH
OXJDU

/D SUHVHQFLD GH &ULVWLQD /LQNRSDQ IXH OD


JDUDQWtDGHXQDUHVLVWHQFLDSRGHURVDHQFRQWUD
GHODFRQWDPLQDFLyQDORODUJRGHOORVDxRV
IUHQWHDODSUHVLyQGHODSHWUROHUD$3$&+(\D
ODUHSUHVLyQGHOHVWDGRSURYLQFLDOQHXTXLQR
6XPXHUWHGHELGDDODKLSHUWHQVLyQSXOPRQDU
IXHVLOHQFLDGDSRUORVPHGLRVRILFLDOHV\SRU
ODVLQVWLWXFLRQHV
(QHOWHUULWRULRGHODFRPXQLGDGGH*HOD\.R
VLQDJXDHQPDSXGXQJXQ VHKDSHUIRUDGRHO
SULPHU SR]R GH /DWLQRDPpULFD SDUD OD
H[WUDFFLyQ GH KLGURFDUEXURV QR
FRQYHQFLRQDOHV D WUDYpV GH OD IUDFWXUD
KLGUiXOLFD(VWRVHKL]RPHGLDQWHODJURVHUD
YLROHQFLDHMHUFLGDSRUORVVXFHVLYRVJRELHUQRV
QHXTXLQRVTXHHQWUHJDQGRHOWHUULWRULRDODV
SHWUROHUDV WUDQVQDFLRQDOHV SLVRWHDURQ ORV
GHUHFKRV GH ORV SXHEORV RULJLQDULRV ORV
UHSULPLHURQSRUPDQRGHODSROLFtDDVHVLQD\
ORV FULPLQDOL]DURQ SRU PHGLR GHO FRUUXSWR
SRGHU MXGLFLDO 6REUH HVWR DGHPiV OD
VLVWHPiWLFDFRPSUDGHYROXQWDGHVDWUDYpVGH
OD UHVSRQVDELOLGDG VRFLDO HPSUHVDULD \ ODV
HVWUDWHJLDVSDUDGLYLGLUDODVFRPXQLGDGHV
/[VPiVDIHFWDG[VIXHURQO[VPiVLQGHIHQV[V

O[VQLx[V O[VDQFLDQ[V\ODVPXMHUHVHQWUH
HOODV 7LQD  TXLHQ OR VXIULy HQ VX YLGD HQ
FXDQWR 08-(5 HQ FXDQWR 0$38&( \ HQ
FXDQWR/8&+$'25$62&,$/
7UDV  PHVHV GH VXFHGLGD OD
DQ
PXHUWHGHHVWDORJNRODDYDQ]DGD
ULVWLQD/LQFRS
3OHJDULDSRU&
GH ODV SHWUROHUDV HQ HVWRV
OD
WHUULWRULRV KD VLGR FDGD YH] PiV
iVHVFXFKDQGR
YLROHQWDJHQHUDQGRVLWXDFLRQHVGH $KRUDKHUPDQDHVWDU
ORV
VODVFDVFDGDV
H[WUHPD FRQWDPLQDFLyQ \ GH
P~VLFDGHWRGD ORVUtRV
RSUHVLyQLQVWLWXFLRQDOTXHDIHFWDQD
DUUR\RV
DU
FHOHEUDQGRDOP
WRGRVORVKDELWDQWHV
$KRUDHVWDUiV LQVRQGDEOHGHQWUR
+R\DVLVWLPRVDXQDIHUR]RIHQVLYD
UXLGR
UHFLELHQGRVX DQDGHQWUR
HQFRQWUDGHDTXHOORVPLHPEURVGHO
GHWLW
QRV
SXHEORPDSXFHDDPERVODGRVGHOD
DQGRSDUWLPRV
'LFHQTXHFX XQRGHORVVRQLGRV
FRUGLOOHUD TXH KDQ KHFKR GH OD
FDGD
OOHQDPRVFRQ
UHVLVWHQFLD WHUULWRULDO VX UD]yQ GH
GHODJXD
LILQ
YLGD (Q PXFKRV OXJDUHV WDQWR
RUQLGRORUQ D
P
WH
D\
K
R
Q
H
<TX
ODJX
XUEDQRVFRPRUXUDOHV\FRPXQLWDULRV
RVDOLQLFLRD
SRUTXHYROYHP RUGLDO
OD IDOWD \ OD FRQWDPLQDFLyQ GHO DJXD
SULP
RVWHUPLQD
VRQODWULVWHUHDOLGDGFRWLGLDQD
UHFRQRFH\Q RVGHVGH
RV
Q
D
P
DH
7RGDODVRFLHGDGFRPRGLMR7LQD <HODJX
KHULGDVTXHWU
GHEHUtDPRV HMHUFHU HVWD PDQHUD GH GHVDQDUODV
DFi
LPSRUWD
OXFKDUOD~QLFDYiOLGDSDUDHQIUHQWDUXQ
ODUJDHVRQR UD
R
WD
RU
FX
HMpUFLWR GH IXQFLRQDULRV REVHFXHQWHV 'HODYLGDF
H
GRHVDJXDTX TXHHV
TXHGLDULDPHQWHDFWLYDQHQIDYRUGHOD
DOOtSRUTXHWR
RU
S
GDGGHOPXQGR XDV
HQWUHJDGHOWHUULWRULR\GHOSXHEOR
<ODYDODPDO
HWRGDVODVDJ ORV
/DPXHUWHGH &ULVWLQD /LQNRSDQHVXQ
ODPHPRULDG
WRGRV
JUHVMXQWDV\ GRDQWHV
OODPDPLHQWR D XQD UHVLVWHQFLD
7RGDVODVVDQ
DUWL
VTXH\DKDQS
LPSUHVFLQGLEOHDFi\HQWRGRVODGRV
HVStULWXVGHOR
RPSDxHUDV\
$VDPEOHD3HUPDQHQWHGHO&RPDKXHSRU
HO$JXD

,QWHUYHQFLyQGH&ULVWQD/LQNRSDQHQHOPDUFR

GHODV-251$'$6'(5(6,67(1&,$$/$
,1'8675,$3(752/(5$RUJDQL]DGDVSRU
2EVHUYDWRULR3HWUROHUR6XU+RWHO%DXHQ
UHFXSHUDGR&LXGDG$XWyQRPDGH%XHQRV$LUHV
GLFLHPEUHGH

(QWUHYLVWDD&ULVWLQD9DOGH]/DWLHUUDTXH
KDELWDEDQORVSXPDV

HUPDQRVF
+HUPDQDV\K JHQWHKXPLOGH\WRGRV
D
FRPSDxHURVO ODVFDULFLDVGHODJXD
U
SR
V
VLHPSUH
%HQGHFLGR
\EULOODFRPR
UD
X
S
OD
TXHHVEHO
EULOODUi
ODTXH
VYHUWLHQWHVHQ DOPDV
OD
GH
D
JX
OD
(
ODV
ODWX\DWRGDV
YXHOYHQFRPR TXHOXFKDQ
GHORV
QL
3DEOR&LQJROD


H
GHPDU]RG
5tR$EDMR

/XFKD,QGtJHQD1GLFLHPEUH3DJ

&RORPELD

$OLFLD=DPRUD\
0DXULFLR'RUDGR

<RVR\(WHOYLQD=DSDWD
2EXVFDQGRMXVWLFLDQRGDKDPEUH

<

RVR\(WHOYLQD=DSDWD\VR\QDFLGDHQ-DPEDOyHQOD
YHUHGD9LWR\y/HVYR\DFRQWDUXQDKLVWRULDXQDSDUWH
GH PL YLGD HQ OD TXH KH EXVFDGR MXVWLFLD SRU HO
DVHVLQDWRGHPLKLMR*HUPiQ(VFXp=DSDWD(VODKLVWRULDGH
PLKLMR\ODPtD/DKLVWRULDGHPLIDPLOLDTXHPHD\XGyWRGR
HO WLHPSR < OD KLVWRULD GH PL FRPXQLGDG SRUTXH PL KLMR
OXFKDED SDUD UHFXSHUDU OD WLHUUD SDUD WRGRV < \R EXVTXp
MXVWLFLDSDUDWRGRV
7RGRHOWLHPSRUHFXHUGRD*HUPiQ/DJHQWHPHGLFHpOHUD
HOTXHPiVHQFDEH]DEDHQODFRPXQLGDG0LKLMR*HUPiQ
HPSH]yDWUDEDMDUHQODOXFKDPX\MRYHQFLWRFRPRGH
DxRV$FRPSDxyPXFKRDOSDSiSDUDODHGDGTXHOOHYDED
'HVGH TXH pUDPRV PX\ SHTXHxRV ORV WHUUDWHQLHQWHV QRV
WHQtDQDUULQFRQDGRVFRPRPDUUDQLWRV\DQRWHQtDPRVSDUD
GyQGHVDOLU'HEtDPRVWUDEDMDUSDUDHOWHUUDWHQLHQWHSDJDU
WHUUDMH<HVRTXHHVWiEDPRVHQQXHVWUDSURSLDWLHUUD(OORV
QRVPDOWUDWDEDQQRVKXPLOODEDQ1RVFRQVLGHUDEDQPHQRV
&XDQGRWXYHHOSULPHUKLMR\RSHQVDEDGyQGHLEDDWHQHUPLV
KLMRV<OHSUHJXQWpDPLDEXHOD\HOODPHGLMRTXHHVWDWLHUUD
HUDGHQRVRWURVSHURTXHQRVODKDEtDQTXLWDGR<GLMHTXHVL
HUDQGHQRVRWURVSRUTXpHUDTXHWUDEDMiEDPRVWDQWR \QR
WHQtDPRVQDGD

&RORPELD

9LOPD5RFtR$OPHQGUD4XLJXDQiV

OYDUR8OFXp&KRFXp
DOXPEUDQGRVHJXLUi
>@6XVHPLOODQXQFDPXHUH
PiVOYDURVQDFHUiQ
HOFDPLQRGHODOXFKD
DOXPEUDQGRVHJXLUi
+LPQRGHOSXHEOR1DVD

$OJXQD JHQWH VH GLR FXHQWD GH HVWR \ HPSH]y OD OXFKD OOHYDED PH GLMHURQ ORV DERJDGRV DTXt HO JRELHUQR
(PSH]DPRVDUHFXSHUDUQXHVWUDVWLHUUDV'HVSXpVFRQHO FRORPELDQR\DQRODYDD\XGDUDXVWHGODYDQDSUHVLRQDU
QDFLPLHQWR GHO &5,& DXPHQWy OD OXFKD \ OD JHQWH VH 3HUR\ROHVGLMHTXHQRPHLEDDTXHGDUFDOODGD\PHGLMHURQ
RUJDQL]y PiV (O JRELHUQR VH GLR FXHQWD \ HPSH]y OD TXHVLHUDFDSD]GHLUDORV(VWDGRV8QLGRV
UHSUHVLyQ<\DORVWHUUDWHQLHQWHVQRWXYLHURQPiVTXpKDFHU <DOOiIXLDGDU<HVWXYHXQDVHPDQDHQORV(VWDGRV8QLGRV
TXH UHIXQGLUVH FRQ HO HMpUFLWR \ PDQGDUOR D  HQHOHVWDGRGH:DVKLQJWRQ/RVGHO(VWDGRFRORPELDQRPH
GLMHURQFRQHVWDILUPDWDQIHtWDQRVDEUiQLOHHU6LXVWHGHV
DFDPSDPHQWDUVHHQORVDOUHGHGRUHVGH9LWR\y
6L XQR VDOtD HVWDED HO HMpUFLWR VL XQR LED D  FRPSUDU OD VRQIXQFLRQDULRVGHO(VWDGRFyPRPHYDQDGHFLUHVWROHV
UHPHVLWD OH TXLWDEDQ HO PHUFDGR +DVWD TXH OD ~OWLPD YH] GLMHVLXQRWLHQHRMRV\ERFDFyPRQRORYDQDHVFXFKDU
OOHJDURQ D OD FDVD (QWHQGLHURQ TXH *HUPiQ KDFtD ODV $ ORV DERJDGRV QR ORV GHMDURQ HQWUDU \ PH OOHYDURQ D Pt
UHXQLRQHV'LMHURQTXHpOHVWDEDXQLGRFRQODJXHUULOOD\TXH VROLWD'LORVWHVWLPRQLRV\VDOt\PHYLQH(VSHUpGRVPHVHV
HUD FRPDQGDQWH \ TXH pO \ ORV GRV KHUPDQRV PD\RUHV \ QDGD SDVy 6DOt D 3RSD\iQ \ DOOi PH GLMHURQ TXH DKRUD
HVWDEDQSHUVLJXLHQGRDOHMpUFLWR(QHVRVWLHPSRV\RQRPH WHQtDTXHLUDOD&RUWHSRUTXH\DOOHYDEDPXFKRWLHPSRTXH
TXHGDED SHUR FXDQGR PH GDED FXHQWD GH ODV UHXQLRQHV HOORV DWHQGtDQ FDVRV IUHVFRV \ HVWR \D OOHYDED   DxRV
LPSRUWDQWHV \R HVWDED 1R HVWiEDPRV KDFLHQGR GDxR 7HQtD TXH LU D OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV
HVWiEDPRV UHFODPDQGR OR TXH HV SURSLR GH QRVRWURV 3RU +XPDQRVHQ&RVWD5LFD
HVDV UHXQLRQHV D pO OR FRJLHURQ 3RU HVD UD]yQ IXH TXH &XDQGRIDOWDEDQRFKRGtDVSDUDVDOLUVHGLRFXHQWDODILVFDOtD
*HUPiQ SHUGLy ODYLGD'HIHQGtDQRVRORODVWLHUUDVGHOD GH3RSD\iQ6XELHURQD-DPEDOy\PHPDQGDURQDOODPDU
'LMHURQTXHHUDQGH'HUHFKRV+XPDQRV3HURTXpFXHQWR
YHUHGDVLQRODVGHWRGRHOUHVJXDUGR
(OGtDTXHORPDWDURQHOSDSiQRHVWDEDDOOtHQODFDVD6L HOORVQRHUDQGH'HUHFKRV+XPDQRV&XDQGRVDOtDPRVGHOD
KXELHUDHVWDGRKDEUtDVLGRDVHVLQDGRWDPELpQ*HUPiQQR FDVDQRVTXHUtDQOOHYDUDGHFODUDUPHTXLVLHURQDVXVWDU\
VHIXHVHTXHGyDKt/OHJDURQFRPRDODVGHODQRFKHOR FDOODUSHURQRSXGLHURQ(Q-DPEDOyPHVHQWDURQHQODFDVD
VDFDURQORSLVRWHDURQSHODGRSRUTXHHVWDEDGXUPLHQGR GHO&DELOGR\PHURGHDURQ(VWRQRWHHVWiVLUYLHQGRSDUD
<  VDFDURQ DO KHUPDQR PD\RU TXH HUD HQIHUPR \ OR QDGDPHGLMHURQ
SLVRWHDURQ $PDUUDURQ D *HUPiQ \ VH OR OOHYDURQ (UD HO 3HURPHIXLD&RVWD5LFD7RGRHO(VWDGRFRORPELDQRVHIXH
DOOiSHURHOJRELHUQRQRVHSUHVHQWyGHMyVRORVDORVMXHFHV\
HMpUFLWR
/D JHQWH WHQtD PLHGR 3HUR  FRPR \R HVWDED HQ OD OXFKD ILVFDOHV3DUDPtIXHXQDDOHJUtDTXHVLTXLHUDHVWXYLHURQDOOi
GHVGH MRYHQ FRPR HQ ODV UHFXSHUDFLRQHV GH WLHUUDV QRV HOORV D HVWH ODGR \ \R DO RWUR $O RWUR GtD  HPSH]DURQ D
GLVSDUDEDQHQORVSLHV\R\DQRVHQWtDQDGD<DQRPHGDED FDUHDUQRVSHQVDEDQTXH\RPHLEDDFDOODU\GHODQWHGH
PLHGR/HKLFHGDUiQLPRDODFRPXQLGDG\QRVUHXQLPRV HOORVOHVGLMHWRGRORTXHPHGLMHURQ
1RVIXLPRVFRQPXFKRFXLGDGR\FXDQGROOHJDPRVDGRQGH "+DFH RFKRGtDVHVWXYLHURQHQ-DPEDOy\PHFRJLHURQVLQ 
ORKDEtDQGHMDGR DOOiODWtDQ ORVSHUURV$ODVFXDWURGHOD WLQWR<PHGLMHURQSRUTXpGHPDQGiVVyORDXQR"
PDxDQD TXH OR HQFRQWUDPRV \D HVWDED PXHUWR OR KDEtDQ <HOORVPLVPRVTXHGDURQPDOSRUTXHOHVGLMHWRGRORTXHPH
KDEtDQGLFKRWRGRORTXHKDEtDSDVDGR8QDVHxRUD<RODQGD
GHVWUR]DGR(VRIXHHOGHIHEUHURGH
$TXtKDQDVHVLQDGRDPXFKRVSRUWLHUUDVSHUR\DFRQPLJR VHSXVRODFDUDURMD(O MXH]PHSUHJXQWyVLWHQtDDOJRPiV
QR LEDQ D HQFRQWUDU VLOHQFLR <R OH GLMH D PL HVSRVR TXH GHFLU \ OH GLMH TXH QR TXH VL DJUHJDED DOJR HVWDUtD
VHSXOWpPRVOR\YiPRQRV3RUTXHPHDWUHYtDVDOLUDEXVFDU PLQWLHQGR
MXVWLFLDDORWURGtDHQODWDUGHGLMHURQTXHYHQtDQDEXVFDUQRV 'HSXpV\DHVWDEDQGLFLHQGRTXHHVHQRHUDHOKLMR6DFDURQ
DQRVRWURV<RFRJtORVKLMRV\QRVIXLPRVDGRUPLUDOPRQWH ORVKXHVLWRVGHOKLMRTXHSDUDUHFRQRFHUORV\WDPELpQVHLEDQ
D TXHGDU FRQ HVR 1RV OOHYDURQ \ QRV WXYLHURQ GRV GtDV
6HVHQWtDJHQWHHQODFDVD
<RGLMHQRPiVQRVHVWiQPDWDQGRSRUUHFODPDUORSURSLR VDFiQGRQRV ORV H[iPHQHV GH VDQJUH \ UDVSDQGR ORV
QRPHYR\DFDOODU\RVpDGyQGHKD\MXVWLFLD0HIXL1R KXHVLWRV<WDPELpQJDQpSRUTXHDKtVDOLHURQORVUHVXOWDGRV
VDEtD OHHU QR Vp OHHU 0H GHFtDQ FyPR YD D SRQHU XQD (OJRELHUQRWDPELpQWXYRTXHUHVSRQGHU
GHPDQGDVLXVWHGQRVDEHOHHUQRSXHGHQLILUPDU"<ROH <GLMHWLHQHQ TXHKDFHUXQD$XGLHQFLDPiVJUDQGHTXH
HQVHxRDILUPDUHVWDWDUGHPHGLMRXQYLHMLWR0HGLRXQD pVWD(QWRQFHV\RVR\ODSHUGHGRUD"1RVHxRU\RQHFHVLWR
WDUHD\PHHQVHxy<PHGLMRVLXVWHGWLHQHORVSDSHOHVGHVX XQDDXGLHQFLDHQPLYHUHGDSHURFRQWRGRHOSDtV<VHKL]R
KLMR TXH OR PDWDURQ SUHVHQWH VXV SDSHOHV \ FRQ VX ILUPD $TXt WXYR TXH YHQLU HO JRELHUQR D SHGLU SHUGyQ SRU KDEHU
XVWHG SXHGH EXVFDU VX MXVWLFLD 6DTXp ORV SDSHOHV FRPR PDWDGRDPLKLMR(VRIXHHOGHDJRVWRGH
GHEHVHU(OKLMRPHHQVHxyODILUPDGHQRFKHPHGLRWDUHD\ $KRUDGLFHQTXHHO*RELHUQRQRVKDGDGRSODWDXQRQRKDFH
ODOXFKDSRUSODWDXQRORKDFHSRUGDUVHFXHQWDTXLpQHVTXH
SUDFWLFDEDSRUODQRFKH
8QR FRPR LQGtJHQD WDPELpQ WLHQH GHUHFKR D VXV OH\HV DVHVLQD\XQRORKDFHSRUGDUVHFXHQWDSDUDXQR\SDUDWRGD
&yPRYDDWHQHUXQRWDQWRVFRPSDxHURVPXULHQGRVRORSRU ODFRPXQLGDG(OHVWDGRWXYRTXHUHSDUDUDODFRPXQLGDGGH
GHIHQGHUORSURSLR",EDD&DOLLEDD%RJRWiLEDD3RSD\iQ -DPEDOy\DPLIDPLOLD<RQRSHOHDEDSRUSODWDORTXHVt
FDGDGRVRWUHVPHVHV(QODILVFDOtDPHGLMHURQXVWHGHVWi UHFODPpHVSRUWRGRVORVJDVWRVGHWRGRVORVDxRVTXHKDEtD
SHUGLGDHQORTXHHVWiKDFLHQGRXVWHGYDDVHUHQFDUFHODGD SHUGLGR
XVWHG WLHQH TXH WHQHU XQ FDUHR FRQ  HO HMpUFLWR 4XHUtDQ (VHHVHOFDPLQRTXHKD\TXHGHMDUOHVDORVQLHWRVDORV
GDUPHPLHGR/HVGLMHQRVHxRUDKRUDQRYR\DFDUHDU+R\ KLMRV HVD HV OD WURFKD 6L WRGRV SHQViUDPRV FRPR
PLVPRPHYR\\QROHVYR\DSDUDUERODVXVWHGHVHVWiQD RUJDQL]DFLyQVLWRGRVSHQViUDPRVGHHVDPDQHUD(QWUH
PiVGXURQRVGHQGpPRVOHPiVGXURHQODVPLQJDVSHUR
IDYRUGHOHMpUFLWR\QRGHORVLQGtJHQDV
3DVDURQDxRVQRVpGHIHFKDVSHUROOHYDEDORVPHVHV FRQODVKDFKDVFRQODVSDODVD]DGRQHV
PHGHFtDQTXHHOFDVRHVWDEDYHQFLGR(QHVHPRPHQWR\D (OGtDTXHPHPRVWUDURQDORVDVHVLQRVGHWUiVGHXQYLGULR
QRSHGtD\XGDDQDGLHFRQODD\XGDGHOPDULGR\ORVKLMRVTXH VHQWtFRPRXQDWUDQTXLOLGDGHQHOFRUD]yQ(UDQWUHV(OORV
MRUQDOHDEDQPHGDEDQSDUDHOSDVDMH\SDUDXQWLQWR$XQR HVWDEDQDJDFKDGRV\\RORVPLUDEDGHIUHQWH
EXVFDQGRMXVWLFLDQROHGDKDPEUH$ORVTXLQFHDxRVTXH
0DWDURQDOYDUR8OFXp0DWDURQDOYDUR8OFXpIXHURQ
ODV YRFHV VROOR]DQWHV GH PL PDPi \ GH PL DEXHOD DO
HVFXFKDUODWHUULEOHQRWLFLDSRUODUDGLRPLHQWUDVGLDORJDEDQ
\ SUHSDUDEDQ ORV DOLPHQWRV DO FDORU GHO IRJyQ HVD IUtD
PDxDQD GHO  GH QRYLHPEUH  HQ ODV PRQWDxDV GH
-DPEDOy&DXFD(QHVHPRPHQWRFRQHVFDVRVFLQFRDxRV
GHHGDGQRHQWHQGtDORTXHVLJQLILFDEDHVHDVHVLQDWRSDUD
PLSXHEORSHURVLDOFDQ]DEDDVHQWLUHOGRORUWDQJUDQGH\OD
GHVRODFLyQTXHKDEtDGHMDGRHQPLIDPLOLD
1XHVWUR1DVD3DO VDFHUGRWH OYDUR8OFXp&KRFXp 
  VH KDEtD FRQYHUWLGR HQ OD OX] GH QXHVWUDV
FRPXQLGDGHV SUHFLVDPHQWH SRUTXH VH DSURSLy GH OD
SDODEUD GH GLRV \ OD FDPLQy FDVD SRU FDVD YHUHGD SRU
YHUHGD FRPXQLGDG SRU FRPXQLGDG MXVWDPHQWH SDUD
SURFXUDU OD OLEHUDFLyQ GHO SXHEOR RSULPLGR \ QR SDUD
LQFXOFDUUHVLJQDFLyQDQWHHOGHVSRMRODPXHUWH\ODLQMXVWLFLD
GHORVSRGHURVRV)XHHOSULPHUVDFHUGRWHLQGtJHQDTXHQR
VyOR HPSH]y D UHDOL]DU PLVDV HQ 1DVD\XZH QXHVWUR
LGLRPD VLQR TXH VH GHGLFy D DOLPHQWDU QXHVWUDV
FRQVFLHQFLDV SDUD OXFKDU SRU QXHVWURV GHUHFKRV \ SDUD
FRQVWUXLUXQDFRPXQLGDGQXHYDHQODTXHQRVLQWLpUDPRV
YHUJHQ]D GH VHU LQGtJHQDV \ QRV RUJDQL]iUDPRV SXHV
FRPRELHQGHFtD(OJRELHUQRVLHPSUHVHSRQHGHSDUWHGH
ORV SRGHURVRV GHIHQGLHQGR VXV LQWHUHVHV SHUR ORV
LQWHUHVHV GH ORV SREUHV ORV WLHQH TXH GHIHQGHU OD SURSLD
FRPXQLGDGRUJDQL]DGD
'LFHQTXLHQHVORFRQRFLHURQTXHDQWHVGHVHUDVHVLQDGRVH
VRxDEDFRQXQSHUURQHJURTXHORSHUVHJXtDDWRGDVSDUWHV
\HVHSHUURQHJURGHODFRGLFLDGHORVWHUUDWHQLHQWHVIXHHO
TXH OH DUUDQFy OD YLGD KDFH  DxRV HQ 6DQWDQGHU GH
4XLOLFKDR &DXFD 3RUTXp" SXHV SRUTXH OYDUR 8OFXp
HVWDEDORJUDQGRTXHQXHVWURSXHEOROHYDQWDUDODFDEH]D
DQWHHOGHVSRMDGRU\DGHPiVGHUHYLWDOL]DUQXHVWUDFXOWXUD
HQWRGRVVXViPELWRVQRQRVGHMiUDPRVHQJDxDUSRUORV
EODQFRVTXHDFDPELRGHVHUSDGULQRVGHQXHVWURVKLMRV
QRV DUUHEDWDEDQ WLHUUD eO FRQ VXV SURSLDV SUiFWLFDV QRV
DEULy HO SHQVDPLHQWR SDUD TXH QRV UHFRQRFLpUDPRV HQ
QXHVWUR DUUDLJR D 8PD .LZH PDGUH WLHUUD  \ OD
GHIHQGLpUDPRVHQSDODEUD\DFFLyQ
(QORVFXDQGRODVUHFXSHUDFLRQHVGHWLHUUDFRQWLQXDEDQ

HQHO&DXFD\ODUHVSXHVWDGHOXVXUSDGRUVyORHUDODPXHUWH
pO FHOHEUy PLVDV HQ QXHVWUR LGLRPD \ UHVSDOGy D ODV
FRPXQLGDGHVHQHVDVWLHUUDVOLEHUDGDV3RUWRGRHVRVH
FRQYLUWLy HQ XQD SLHGUD HQ HO ]DSDWR QR VyOR SDUD ORV
WHUUDWHQLHQWHV VLQR WDPELpQ SDUD ODV GLYHUVDV OtQHDV
LGHROyJLFDVTXHGRPLQDEDQDQXHVWURVSXHEORVHQWRQFHV
ODVDPHQD]DVYHQtDQGHWRGDVSDUWHVMXVWDPHQWHSRUTXH
OYDURQRVLQFXOFyTXHSULPHURpUDPRVLQGtJHQDVDQWHV
TXHVHUOLEHUDOHVFRQVHUYDGRUHVRFRPXQLVWDV
OYDUR Vt HUD XQ OtGHU DUUDLJDGR DO WHUULWRULR SXHV QR VH
DFRPRGDED VLQR TXH VH DSURSLDED GH ORV HVSDFLRV
QHFHVDULRVFRPR1DVDSDUDOXFKDUGHVGHDOOtHQFDPLQRD
ODOLEHUDFLyQ1RFRPRPXFKRVGHQRVRWURVTXHWRGDYtDQRV
GHMDPRVHQJDxDUSRUORVPDORVJRELHUQRVSRUORVSDUWLGRV
SROtWLFRVSRUODVDJHQFLDVSRUODLQVWLWXFLRQDOLGDG\DYHFHV
SRU QXHVWUR LQWHUpV LQGLYLGXDO ROYLGDQGR HO FDPLQR GH OD
SDODEUDTXHpOQRVPDUFyLQVLVWLHQGRTXHGHVGHHOPiV
SHTXHxR WXYLHUD OD FDSDFLGDG GH DQDOL]DU \ GH QR WUDJDU
HQWHURHQWRQFHVVLHPSUHUHSHWtD(QVpxHOHVDOHHU\QRD
ILUPDUVXSURSLDVXHUWH$SUHQGHUDOHHUDWUHYHUVHDSHQVDU
HVHPSH]DUDOXFKDU6yORHVOLEUHHOTXHVDEHDGyQGHYD
(QHOFRQWH[WRDFWXDOHQHOTXHHOHQHPLJRHVPiVJUDQGH
SRU VX SRGHU WUDQVQDFLRQDO  TXH VH KD LQVWDODGR XQD
SROtWLFDGHGHVSRMR\H[WHUPLQRJOREDOFRQWUDORVSXHEORV
TXHDGHPiVSHQHWUDHOWHUULWRULRGHQXHVWURVLPDJLQDULRV
FRQIXQGLpQGRQRVFRQFRGLFLD\SUDJPDWLVPRVSROLWLTXHURV
\TXHQXHVWUR&[DE:DOD.LZH WHUULWRULRGHOJUDQSXHEOR 
VLJXH VLHQGR YtFWLPD GH OD JXHUUD SUHFLVDPHQWH SRU VX
GLJQDOXFKD\UHVLVWHQFLDDODPHUFDQWLOL]DFLyQGHODYLGD
WRGDSDUDTXHVXVHPLOODQXQFDPXHUD\VXDVHVLQDWRQR
QRV FRQGHQH GH QXHYR D OD REHGLHQFLD DO GHVSRMDGRU
WHQHPRV TXH QDFHU PXFKRV PiV OYDURV KRPEUHV \
PXMHUHVTXHYHPRVSHQVDPRV\DFWXDPRVHQODOLEHUWDG
GHO WHUULWRULR 5HVSHWDU HO PDQGDWR GH QXHVWUR
SHQVDPLHQWR
/DSDODEUDVLQDFFLyQHVYDFtD
ODDFFLyQVLQSDODEUDHVFLHJD
ODSDODEUD\ODDFFLyQSRUIXHUD
GHOHVStULWXGHODFRPXQLGDG

/XFKD,QGtJHQD1GLFLHPEUH3DJ

&XDOTXLHUGtD %HQQR*ODXVHU
HQHO1RUWHGHO*UDQ&KDFR
3DUDJXD\

LYLU QR GHEH SRU TXH VHU XQD OXFKD


FRQWUDSRGHUHVDVHVLQRV/DYLGDGH
ODVPXMHUHV\ORVKRPEUHV$\RUHRGH
ORV JUXSRV DLVODGRV VLQ FRQWDFWR FRQ
QXHVWUD FLYLOL]DFLyQ  QR HUD XQD OXFKD HUD
YLGDHQ\FRQORVWHUULWRULRVFRPRGXUDQWH
VLJORV+R\VLQHPEDUJR\DSHVDUVX\RVX
YLGDVHYXHOYHXQUHVLVWLUXQDJXDQWDU\XQ
WHQHU TXH OXFKDU  GHVGH TXH RWUR PXQGR
YLQRDLQYDGLU\DVREUHSRQHUVHDOVX\R
1R HV HVD WDPELpQ QXHVWUD KLVWRULD
HVWHPRV GRQGH HVWHPRV" 'H YHUQRV
SUHVRV HQUHGDGRV \ DWDVFDGRV HQ
VLWXDFLRQHV GH UHVLVWHQFLD \ GH DJXDQWH
FXDQGRQXHVWURLQWHUpVVLPSOHPHQWHHUDHO
GH HVWDU WUDQTXLORV GH VHQWLU IHOLFLGDG GH
YLYLU"
/DV PXMHUHV \ ORV KRPEUHV LQGtJHQDV
$\RUHRGHORVRFKRRGLH]JUXSRVTXHYLYHQ

HQDLVODPLHQWRYROXQWDULR
XQDFRQGLFLyQ\
GHQRPLQDFLyQTXHQRKDQEXVFDGRVLQRTXH
HVHOUHVXOWDGRGHXQSURFHVRGHH[WHUPLQLR
\DUULQFRQDPLHQWRKR\VRQXQDtQILPDSHUR
VLJQLILFDWLYD PLQRUtD KXPDQD $QWHV ORV
SXHEORV LQGtJHQDV TXH SREODEDQ WRGD
QXHVWUD$PpULFD FDGD XQR FRQ VX PXQGR
GLYHUVR HUDQ PD\RUtD \ ORV PLQRULWDULRV \

DLVODGRV
HUDQORVSULPHURVFRORQL]DGRUHVH
LQYDVRUHV
+R\ORVJUXSRVDLVODGRV$\RUHRFRQWLQ~DQ
VXYLYLUHQORVERVTXHVGHOQRUWHGHO*UDQ
&KDFR FDPLQDQGR \ UHFRUULHQGR VXV
WHUULWRULRVJUXSDOHVGHOXJDUHQOXJDU\DO
KDFHUOR HQFXHQWUDQ OD YLGD \ GDQ YLGD D
FDGDULQFyQGHVXULFD\YDULDGDJHRJUDItDOD
TXHQRVRWURVFRQRMRVGHH[WHUQRVDODYLGD
GHOPRQWHPXFKDVYHFHVSHUFLELPRVFRPR

XQD PHUD H[WHQVLyQ ERVFRVD XQLIRUPH H


LQYDULDEOHHQODSODQLFLHFKDTXHxD1XHVWUR
OHQJXDMH YXHOWR HFRQRPLFLVWD WLHQGH D
GHVFULELU HVH VX DQGDU QyPDGD FRPR XQ
DVHJXUDU
UHFXUVRV
 SDUD YLYLU HO DJXD WDQ
SUHFLDGD HQ HO &KDFR EDVWDQWH VHFR ORV
DQLPDOHVTXHFD]DQ\FRPHQODVIUXWDVTXH
FUHFHQ HQ HO PRQWH 3HUR HOODV \ HOORV QR
WLHQHQ HVD PLUDGD TXH VROR YH OR ~WLO \ OR
GHILQHWRGRGHVGHODHVFDVH]ORVERVTXHV
FKDTXHxRVQRVRQSREUHVVLQRULFRVHOYLYLU
GHORVTXH
D~Q
YLYHQHQHVWRVERVTXHVQR
HVXQVREUHYLYLU\OXFKDU1RORHUD0LHQWUDV
SDUD QRVRWURV RFFLGHQWDOHV GH ODV
VRFLHGDGHV
PRGHUQDV
 \D QRV UHVXOWD
LPSHQVDEOHXQDYLGDTXHQRHVWHVRPHWLGDD
OD SUHVLyQ GH OR HFRQyPLFR DO WHQHU TXH

JDQDUVHODYLGD
OXFKDQGR3DUDPXFKDV\
PXFKRVGHQRVRWURVHVOD~QLFDPDQHUDGH
YLYLUTXHQRVTXHGD\HVODTXHFRQVXPH
WRGDVQXHVWUDVHQHUJtDV
6LQ HPEDUJR OD JHQWH GHO PRQWH TXH
OODPDPRVDLVODGRVQRQHFHVLWDQ
JDQDUVHOD
YLGD
 /D WLHQHQ JDQDGD FXDQGR QDFHQ \
YXHOYHQ D HQFRQWUDUOD \ D OD YH] UHFUHDUOD
FRQFDGDSDVR\FDGDGtD6XPXQGRHQHO
TXHYLYHQQRHVVXHQHPLJRFRPRORHVHO
QXHVWURSDUDQRVRWURV6XPXQGROROODPDQ

HDPL
 TXH VLJQLILFD PRQWH ERVTXH  \
WDPELpQVLJQLILFDPXQGRORVFRQWLHQHORV
DOEHUJD\ ORVFRELMD(VXQPXQGRFRQHO
TXHYLYHQHQFRPXQLFDFLyQHVHHVVXYLYLU\
TXHDODYH]YLYHFRQHVDFRPXQLFDFLyQOR
VLHQWHQORPLUDQORUHFRQRFHQSURQXQFLDQ
VXV QRPEUHV /R UHVSHWDQ WHPHQ VXV
IXHU]DVLQPHQVDV\VDEHQFXLGDUVHGHODV
PLVPDV 6DEHQ TXH KD\ XQD PDQHUD GH
FRQYLYLUFRQHOPXQGRTXHHVHO
FyPRKD\
TXHYLYLU
HO
EXHQYLYLU
\VLVHORJUDYLYLUDVt
VLQ PROHVWDU DO PXQGR DSHQDV
FRPXQLFiQGRVHFRQHOPLVPR\FRQORTXHD
XQR OH WRFD VH PDQWLHQH XQ HTXLOLEULR
VDJUDGR TXH HV OR TXH VRVWXYR D HVWH
SODQHWD GXUDQWH XQ WLHPSR ODUJR DQWHV GH
QXHVWUD HUD FRPR IUXWR GH PXFKRV
HTXLOLEULRV JXDUGDGRV FXLGDGRVDPHQWH SRU
PXMHUHV\KRPEUHVGHPXFKRVPXQGRV(O
PXQGR$\RUHRHVVRORXQRGHHOORV
/DYHUGDGTXHQRVDEHPRVELHQFyPRHVWiQ
GHYHUDVDKRUDPLVPR'HVXYLGDGHDQWHV
\ GH VLHPSUH VDEHPRV D WUDYpV GH ORV
WHVWLPRQLRV UHFRJLGRV GH DTXHOORV TXH
IXHURQDUUDQFDGRVDVXPXQGRDODIXHU]D

SRUPLVLRQHURV\TXHOOHJDURQDFRQWDUQRV
VXVYLGDV3HURFRQORVJUXSRVD~QDKRUD
DLVODGRV QDGLH WLHQH FRQWDFWR 6ROR
SRGHPRVGLVFHUQLU\UHFRJHUFRPRIUXWRV
GHO PRQWH   ODV VHxDOHV GH VX YLGD \ VX
DQGDU H LQWHUSUHWDUODV D OD OX] GH QXHVWUR
FRQRFLPLHQWR \ QXHVWUD LQWXLFLyQ 0iV DO
H[WUHPR QRUWH \ QRURHVWH GHO &KDFR YLYHQ
JUXSRVDLVODGRVPiVFRELMDGRVSRUPRQWHV
D~QFRQWLQXRV\H[WHQVRVWDPELpQFRQPiV
\PiVGHVPRQWHVHQODFHUFDQtDSHURD~Q
KD\FLHUWDWUDQTXLOLGDG1RDVtHQHOVXUPiV
FHUFD GH ORV SXHEORV \ ODV FLXGDGHV GHO
&KDFR&HQWUDO$OOtKD\PXMHUHV\KRPEUHV
DLVODGRV TXH HVFXFKDQ \ UHFLEHQ \D FDGD
GtD HO PHQVDMH GH OD GHVWUXFFLyQ GH ORV
ERVTXHV\GHVXOLVD\OODQDGHVDSDULFLyQ<
VXDQGDUGHFDGDGtD\DHVWiPDUFDGRSRUOD
PLVPD 0XFKRV GH VXV OXJDUHV \D VH
YROYLHURQ
QR OXJDUHV
 3XQWRV GHO SODQHWD
TXH SHUGLHURQ VX FDUD \ VX QRPEUH
GHVDSDUHFLGRVTXHQRYROYHUiQ\TXHHQHO
PXQGR$\RUHR
GHMDURQGHVHU
(QFDPELR
GHVGHHOQXHVWURUHFLEHQQXHYRVQRPEUHV
ORV OXJDUHV D\RUHR PXHUWRV VH YXHOYHQ
OXJDUHVGHQXHVWURPDSD XQPDSDGHOD
PXHUWH"  FRQHFWDGRV SRU QXHVWURV
FDPLQRVGHWHUPLQDGRVSRUQXHVWUDVREUDV
SURGXFWLYRV VHJ~Q QXHVWUD GHILQLFLyQ
FODVLILFDGRVVHJ~QVXJUDGRGHXWLOLGDGSDUD
QRVRWURV DOJXQRV VH YXHOYHQ HVWDQFLDV
JDQDGHUDV RWURV IXWXUDV SODQWDFLRQHV
WDPELpQGHVRMD
(O1RUWHGHO&KDFR\DWLHQHIHFKD
0LHQWUDVHVRVJUXSRV$\RUHRDLVODGRVPiV
H[SXHVWRVYLYHQ\FDPLQDQHQWUHHVWDQFLDV
\HPSUHVDVJDQDGHUDVVLHPSUHLQYLVLEOHV
SHUR \D QR WLHQHQ D GyQGH LU SDUD QR
HVFXFKDU HO UXLGR GtD \ QRFKH GH ODV
WRSDGRUDVTXHHFKDQPiVPRQWHFHUFDQRR
HO GH ORV FDPLRQHV HQ FXDOTXLHUD GH ORV
PXFKRVFDPLQRVTXHLPSXVLHURQHODUWLILFLR
GHODFXDGUtFXODDVXPDSD
6DEHQODVPXMHUHV$\RUHRDLVODGDV\ORV
KRPEUHVFRQWUDTXpHVWiQOXFKDQGR"+DFH
XQ WLHPSR GHMDURQ HQ ORV ERUGHV GH VX
PXQGRSOXPDV\VHxDOHVFKDPiQLFDVFRQHO
ILQ GH GHWHQHU OD GHVDSDULFLyQ GHO PXQGR
SHUR HQ YDQR 'HEHQ SHUFLELU TXH OR TXH
WLHQHQ HQ IUHQWH VRQ SRGHUHV PiV IXHUWHV
TXH ORV GH VX PXQGR IXHU]DV TXH KDEODQ
RWURVLGLRPDV<GHEHQHPSH]DUDGXGDUGH
VXVSURSLDVIXHU]DVDVHQWLUVHDPHQD]DGRV
\GHELOLWDGRV
(Q OD pSRFD GHO DMt GHO PRQWH VRQ ODV
PXMHUHV $\RUHR TXH UHFRUUHQ SDUD
UHFRJHUOR(VWHDxRHVWDVPXMHUHVWXYLHURQ
TXH KDFHUOR FRQ PiV WHPRU FRQ PXFKDV

PiVSUHFDXFLRQHVFRQHOFUXMLULQFHVDQWHGH
ODV PDTXLQDV SUHVHQWH +DEUtD PHQRV DMt
1RKDEUtDHODMtGHDOJXQRVGHORVOXJDUHV
SRUTXH \D QR H[LVWHQ $O LJXDO TXH HO DMt
WDPELpQ HO FDUDJXDWi SHUWHQHFH DO PXQGR
GHODPXMHUHVVRQHOODVODVTXHORUHFROHFWDQ
SDUDFRQYHUWLUVXVILEUDVHQHOKLORSDUDORV
EROVRV\WHMLGRVVXVHVFULWRVFRWLGLDQRVHQ
ORV TXH HQWUHWHMHQ YLYHQFLDV FUHHQFLDV
HVSHUDQ]DV\VXHxRV
/DV PXMHUHV UHFROHFWRUDV HVWiQ
DPHQD]DGDV DO LJXDO TXH ORV IUXWRV TXH
EXVFDQDOLJXDOTXHORVKRPEUHVFD]DGRUHV
TXHHVWiQDPHQD]DGRVFRPRORVDQLPDOHV
TXH FD]DQ &RQ HOOR OD IXHU]D LQGHSHQ
GLHQWHGLYHUVD\~QLFDGHVXPXQGRHVWiHQ
SHOLJUR
/DGHIRUHVWDFLyQSDODEUDTXHHQORHVFULWR
DTXt HQ HVWH WH[WR VXHQD WDQ DEVWUDFWD \
TXHVLQHPEDUJRHQHO1RUWHGHO&KDFRHV
WDQ LPSODFDEOHPHQWH FRQFUHWD OD

GHIRUHVWDFLyQGHVWUX\HGHDSRFRODYLGD\
HTXLOLEULR GHO PXQGR D\RUHR WDPELpQ
'HVWUX\HOLEHUWDG\DXWRQRPtDYLGDTXHQR
GHSHQGHGHGLQHURQLGHVXSHUPHUFDGR
9LGDDXWRVRVWHQLGD\VXVWHQWDEOH
/XFKDUQRVLHPSUHHVJXHUUHDU\DWDFDU$
YHFHV HV XQ IORUHFHU VLOHQFLRVR LQYLVLEOH \
SDFtILFR/DVPXMHUHV\ORVKRPEUHVGHORV
JUXSRV DLVODGRV OXFKDQ FRQWUD OD
GHVWUXFFLyQGHVXPXQGR/RKDFHQFRQVX
HVWDUDOOt\DIHUUDUVHDVXYLGDLQVHSDUDEOH
GH OD GH VXV WHUULWRULRV$ YHFHV OXFKDU HV
VLPSOHPHQWHHVWDU\SHUVLVWLUHVYDORUDUVH\
KDFHUVH IXHUWH \ UHFRQRFHU \ HVWDU
FRQVFLHQWHGHODSURSLDULTXH]D

&RORPELD

&KXFKR<DODQGDH[JREHUQDGRUFRPXQLGDGGH$PEDOy&DXFD

OHJDUKDVWDHOUHVJXDUGRDPEDOXHxRGHKHFWiUHDV
HQ HO TXH FRQYLYHQ PiV GH WUHV PLO IDPLOLDV HQ
FRPXQLGDG HV FRPR WUDQVLWDU SRU DOJXQD VXFXUVDO
LQHVSHUDGD GHO SDUDtVR (O YHUGH GHO ERVTXH DQGLQR \ OD
LQPHQVLGDGGHODVPRQWDxDVTXHFXVWRGLDQORVFDPLQRVTXH
DWUDYLHVDQ ILQFDV \ FDVDV GH SUROLMR DGREH VRQ VHxDOHV
DQFHVWUDOHVTXHSRQGUtDQHQULGtFXORODVFRQWLQJHQFLDVGHOD
KLVWRULDVLXQRVHGHMDUDDUUDVWUDUSRUHODQLPLVPR/H\GHU
<DODQGDXQMRYHQP~VLFRDPEDOXHxRQRVJXtDKDVWDODFDVD
TXHFRPSDUWHFRQVXIDPLOLDVXVSDGUHVVXPXMHU(OL]DEHW
VXKLMR\VXVQXHYHKHUPDQRV1RVHVSHUDQFRQDJXDSDQHOD
\ VDQFRFKR &KXFKR HO SDGUH GH /H\GHU HV XQR GH ORV 
OtGHUHV GH ORV DPEDOXHxRV XQD GH OD P~OWLSOHV HWQLDV GHO
&DXFD FRORPELDQR (PSH]DPRV HQ HO  FRQ XQDV 
IDPLOLDV<RWHQtDDxRV\QRHQWHQGtDELHQORTXHSDVDED
UHFXHUGD /R ~QLFR TXH WHQtDPRV HUD HO UDQFKR XQD
SDUFHOLWD\QLVLTXLHUDQRVGHMDEDQWHQHUPDUUDQRVRJDOOLQDV
< XQ GtD DUUDQFDPRV FLWDPRV D OD JHQWH \ WHPSUDQR QRV
IXLPRV KDFLD DUULED D ODV WLHUUDV TXH QR VH WUDEDMDEDQ
eUDPRVGHSHQGLHQWHVGHXQVXHOGRTXHFREUiEDPRVFDGD
GtDVGHSHVRV QLVLTXLHUDSDXQDOPXHU]RHQOD
FLXGDG SHURFXDQGRVHGLHURQFXHQWDGHTXHHVWiEDPRV
LQYDGLHQGR VXV WLHUUDV QRV HFKDURQ &RQ RWUDV WUHLQWD
SHUVRQDVHPSH]DPRVDSLFDUODWLHUUDHQODSDUWHPiVDOWD\
OXHJRIXLPRVEDMDQGR\EDMDQGR1RVPHWLHURQUHSUHVLyQFRQ
HOHMpUFLWRSHURQRQRVGHMDPRVDSUHWDU/DQHFHVLGDGGH
UHFRQVWUXLU VX SURSLD LGHQWLGDG GLR UHVXOWDGR \ FRQ HO
UHVSDOGRGHO&RQVHMR5HJLRQDO,QGtJHQDGHO&DXFD &5,& 
ORV DPEDOXHxRV ORJUDURQ H[SDQGLU ODV WLHUUDV UHFXSHUDGDV
SRU HO FDELOGR TXH KDEtDQ IXQGDGR HQ  7HQtDPRV
HVWUDWHJLDV UHODWD &KXFKR &XDQGR HO HMpUFLWR VH
HVWDEOHFLy DFi QRVRWURV QRV TXHGDPRV TXLHWRV SHUR OH
SHGLPRVDORVDPLJRVTXHWUDEDMDEDQSDUDORVWHUUDWHQLHQWHV
TXH DWHQGLHUDQ ELHQ D ORV VROGDGRV < HQ GRV GtDV VH
WRPDEDQ  OLWURV GH OHFKH \ VH FRPtDQ ODV YDFDV HO
WHUUDWHQLHQWHWHUPLQDEDSHUGLHQGRGLQHUR\DORVVROGDGRVQR
OHGDEDQPXFKDVJDQDVGHWUDEDMDU$VtHQXQDxRORJUDPRV
UHFXSHUDUFHUFDGHKHFWiUHDV)XHDOJRKLVWyULFR
/RVPD\RUHVQRVKDQHQVHxDGRTXHHOWHUULWRULRHVODFDVD
JUDQGH(VGRQGHHVWiQWRGRVORVVHUHVHVORTXHFRQWLHQH
QXHVWURVUHFXUVRVORTXHWLHQHTXHYHUFRQQXHVWUDPDGUH

WLHUUDH[SOLFD/H\GHUFRQDQFHVWUDOUHVSHWR(QHVHVHQWLGR
HOFDELOGRRUJDQL]yHQFRODERUDFLyQFRQHO&5,&XQSUR\HFWR
GHFRUUHGRUELROyJLFRTXHHQORV~OWLPRVDxRVVHGHGLFyD
UHFRQVWUXLUODKLVWRULDGHODUHJLyQDSDUWLUGHODLGHQWLILFDFLyQ\
HOHVWXGLRGHODVHVSHFLHVQDWXUDOHVDGHPiVGHGHFODUDUD
$PEDOyWLHUUDOLEUHGHWUDQVJpQLFRV(OREMHWLYRHVFRQYLYLUHQ
DUPRQtDFRQODQDWXUDOH]DDSUHQGHUDH[SORWDUORVUHFXUVRV
FRQVDELGXUtD\RULHQWDUDORVPiVFKLFRVHQODFRPSUHQVLyQ
GHODLGHQWLGDGWHUULWRULDO7UDWDPRVGHKDFHUXQWUDEDMRGH
LQYHVWLJDFLyQFRQORVFKLFRVTXHIXHUDQDSUHJXQWDUOHDORV
PD\RUHVORVWLHPSRVGHVLHPEUDORVULWRVODVHVSHFLHVTXH
DQWHV KDEtD \ DKRUD QR FRPHQWD &KXFKR /RV PD\RUHV
WDPELpQ LQGLFDURQ ORV OXJDUHV GRQGH VH HQFRQWUDEDQ ODV
SLHGUDV VDJUDGDV GH OD FRPXQLGDG \ GRQGH VROtDQ FUHFHU
FDVLWRGDVODVSODQWDVPHGLFLQDOHVTXHVHXVDEDQDQWHVGHOD
OOHJDGD GH ORV WHUUDWHQLHQWHV$KRUD WUDV OD SURWHFFLyQ GH
HVRV VLWLRV GHO JDQDGR ODV SODQWDV YROYLHURQ D FUHFHU /D
HVFXHODWDPELpQKDFUHDGRXQEDQFRGHRYHMDV\VHPLOODV\
HQXQJDOSyQVHSUHSDUDQORVDERQRVRUJiQLFRV 'HWRGDV
PDQHUDV HO SUR\HFWR GH HGXFDFLyQ SURSLD KD WHQLGR VXV
GLILFXOWDGHV /RV FROHJLRV GH 6LOYLD RIUHFHQ ~WLOHV
WUDQVSRUWH FRPLGD \ DGHPiV PXFKDV SHUVRQDV QR FUHHQ
TXHVHLPSRUWDQWHDSUHQGHUQXHVWURLGLRPDRSLHQVDQTXH
DFiVHDSUHQGHQFRVDVTXHQRVLUYHQ(OHVWDGRDYHFHVGD
DSRUWHVSHURWUDHPiVSUREOHPDVTXHGLQHURORPLVPRODV
RQJV FRPHQWD &KXFKR +DFH SRFR ORV DPEDOXHxRV
WXYLHURQHFKDURQDORVPDHVWURVGHOHVWDGRSRUSUREOHPDV
FRQ HO JRELHUQR DKRUD ODV FODVHV ODV GDQ PLHPEURV GH OD
FRPXQLGDG(Q$\DQN8NTXHHQOHQJXDDPEDOXHxDTXLHUH
GHFLU KRQGDQDGD GH KRUPLJDV \ TXH HV HO QRPEUH TXH
WUDGLFLRQDOPHQWHWHQtDQHVDVWLHUUDVDQWHVGHODYHQLGDGHORV
WHUUDWHQLHQWHVORVSDGUHVGHODHVFXHODVHMXQWDQGXUDQWH
WRGD XQD WDUGH D UHVROYHU HVWH \ RWUD VHULH GH SUREOHPDV
PLHQWUDV WHMHQ FDQDVWRV \ PRFKLODV R KDFHQ OD FRPLGD
FRPXQLWDULD &KXFKR LQWHQWD UHQXQFLDU D VX SXHVWR GH
GLULJHQWHHVFRODUGLFHTXHQROHGDWLHPSRSDVHPEUDUVX
SDUFHOD/RVSDGUHVGHODHVFXHODHQVHJXLGLWDRUJDQL]DQXQD
PLQJDTXHGHMDVLQHIHFWRHOUHFODPR
&KXFKR YXHOYH D VX FDVD ELHQ HQWUDGD OD QRFKH FXDQGR
HPSLH]DQDSUHQGHUVHODVYHODVHQWRUQRDOIRJyQGHOHxD/RV
FDEOHVGHOX]QRSDVDQDPXFKDGLVWDQFLDGHODFDVDSHURHO

7RPiV$VWHODUUD

OtGHU LQGtJHQD DVHJXUD TXH SUHILHUH HVSHUDU $ PL OD


WHFQRORJtDQRPHKDFHIDOWD<R\DIXLHVFODYR(OUHWRHVXVDU
OD WHFQRORJtD \ TXH HOODQR QRV XVH D QRVRWURV 'LFHTXH
TXL]iVDYHFHVKD\WLHPSRVGLItFLOHV\DORPHMRUODVLWXDFLyQ
HFRQyPLFD TXH DWUDYLHVD QR HV PXFKR PHMRU TXH HQ ORV
WLHPSRV TXH HUD HPSOHDGR SHUR TXH QR FDPELD QDGD VX
OLEHUWDG6HTXHMDGHODUHOLJLyQTXHKDKHFKRPXFKRPDODOD
FRPXQLGDGGHORVMyYHQHVTXHYDQDHVWXGLDUFRQODLQWHQFLyQ
GH D\XGDU D OD FRPXQLGDG \ YXHOYHQ UHIRUPDGRV 'H OD
JXHUULOOD$YHFHVODJXHUULOODVHPHWHHQQXHVWURVWHUULWRULRV
FRQODH[FXVDTXHKD\URERV(QWRQFHVKD\TXHLUDKDEODUDO
PRQWH FRQ ORV MHIHV D DYLVDUOHVTXH QRVRWURV UHVROYHPRV
QXHVWURV SURSLRV SUREOHPDV +D KDELGR JHQWH H[WUDxD
FRPEDWHVFUX]DGRVHQWUHJXHUULOODV\HOHMpUFLWRKDVWDTXH
GHFLGLPRVFRUWDUSRUORVDQR\SHGLUOHVTXHQRSDVDUDQPiV
SRUQXHVWURWHUULWRULRH[SOLFD7DPELpQKD\TXHOXFKDUFRQWUD
ORV FD]DGRUHV \D TXH ORV DPEDOXHxRV QR GHMDQ PDWDU
DQLPDOHVHQVXWHUULWRULR6HR\HXQFXL\&KXFKRHQXPHUD
ODV HVSHFLHV
DQLPDOHV TXH KDQ
YXHOWR D OD UHJLyQ
GHVGH TXH HOORV OD
FRQWURODQ (Q ORV
LQGtJHQDVGHO&DXFD
FDGD QXHYR KLMR HV
WRPDGR FRPR XQD
UHLYLQGLFDFLyQ GH VX
OXFKD FRPR XQ
QXHYR VHU TXH YD D
OHYDQWDUVH FRQWUD OD
RSUHVLyQ GH
JRELHUQRVTXH GtD D
GtDPDWDQGLULJHQWHV
LQGtJHQDV(QHOFDVR
GH ORV DPEDOXHxRV
OD UHLYLQGLFDFLyQ HV
GREOH\DTXHVRQXQ
SXHEOR PLQRULWDULR
TXHTXLHUHUHFXSHUDU
VXLGHQWLGDG

/XFKD,QGtJHQD1GLFLHPEUH3DJ

%UDVLO

&DUWDDELHUWDGH$W\*XDVXDODSUHVLGHQWD'LOPD5RXVVHII
$SHGLGRGDSURIHVVRUD0DULD(XJHQLD%RUVDQLTXHVHHQFRQWUDQR%UDVLOVROLFLWRDSXEOLFDomRGD
FDUWDGRV*XDUDQL.DLRZDDGH0DWR*URVVRGR6XO%UDVLOQREROHWLP/XFKD,QGtJHQDQ
SHGLQGRILPDRJHQRFtGLR1RFRQIOLWRFRPRVID]HQGHLURVORFDLVPXLWDVSHVVRDVMiIRUDP
DVVDVVLQDGDVHHVWmRHPULVFRGHVHUHPGHVSHMDGDVGRVHXWHUULWyULRHGHFODUDPTXHLUmRUHVLVWLU
DWpDPRUWH6HJXHFDUWDHOLQNSDUDDFHVVDUDVQRWtFLDV
2EULJDGD
,VDEHO7DXNDQHH/DULVVD0HQHQGH]
$W\*XDVXUHHQYtDODFDUWDDELHUWDHQODTXH (OGtDGHQRYLHPEUHGHVHFXPSOHQ
FRQVWD ODV GHFLVLRQHV \ UHLYLQGLFDFLRQHV  DxRV GHO $6(6,1$72 '(/ &$&,48(
IUHQWHDOD3UHVLGHQWDGHOD5HS~EOLFD%UDVLO 1,6,2 *20(6 (/ &$'9(5 '(/
(O HQ OD $VDPEOHD *HQHUDO  HQ &$&,48( )8( 2&8/7$'2 325 /26
WHNRKD *XDLYLU\ GRQGH IXH DVHVLQDGR HO +$&(1'$'26 < /$ '(0$5&$&,1
FDFLTXH 1LVLR *RPHV 'XUDQWH  DxRV VX '( 18(67526 7(55,725,26 (67
FDGiYHUIXHRFXOWDGR)UHQWHDHVWHKHFKRPDV 3$5$/,=$'$325(/*2%,(512</$
GH  OtGHUHV HQ UHSUHVHQWDFLyQ GH  -867,&,$)('(5$/(QWUHORVGtDV\
*XDUDQt \ .DLRZD UHFRUGDURQ OD OXFKD GHO GHQRYLHPEUHQRVUHXQLPRVWUHVFLHQWRVOtGHUHV
&DFLTXH 1LVLR D OD YH] TXH UHFXHUGDQ VX GHO UHSUHVHQWDQGR PDV GH  PLO
OXFKDGHFODUDQGR\DPSOLDQGRVXDSR\RDOD LQGtJHQDVGHOSXHEOR*XDUDQLH.DLRZD1RV
UHVLVWHQFLD*XDUDQt\.DLRZD&XHVWHORTXH UHXQLPRV HQ HO WHNRKD *XDLYLU\ SDUD XQD
FXHVWH YDPRV D UHFXSHUDU QXHVWUDV WLHUUDV FRQIUDWHUQL]DFLyQ KLVWyULFD 5HFRUGDPRV OD
DQFHVWUDOHV DVt VHD QHFHVDULD OD PXHUWH GH OXFKD GH YDULRV OtGHUHV DVHVLQDGRV SRU ORV
WRGRVSDUDUHFXSHUDUODV9DPRVDUHVLVWLUKDVWD KDFHQGDGRVHQORV~OWLPRVDxRVGHOXFKD
ODPXHUWHGHFODUDURQ\VROLFLWDURQXQGLiORJR SRU OD UHFXSHUDFLyQ GH WLHUUDV DQFHVWUDOHV
FRQOD3UHVLGHQWDGHOD5HS~EOLFD/RVOtGHUHV GHVWDFDQGRDOFDFLTXH1LVLR*RPHVDOOtGHU
GHO$W\*XDVXVROLFLWDQHODSR\RVROLGDULRGH 0DUFR 9HURQ 5ROLQGR 9HUD DO SURIHVRU
WRGRV \ WRGDV ODV SHUVRQDV$SR\HQ QXHVWUD *HQLYDOGR 9HUD 'RULYDO %HQLWHV 'RUYDOLQR
OXFKD\UHVLVWHQFLDWRGRSDUDTXHODYLGDGHODV 5RFKD (GXDUGR 3LUHV 5RVDOLQR 6RODQR
QXHYDVJHQHUDFLRQHVGH*XDUDQt.DLRZDVHD /RSHVHQWUHRWURV&RQFOXLPRVTXHWRGRVORV
PiVGLJQD$FRQWLQXDFLyQHOUHVXPHQGHOD DVHVLQRVKDFHQGDGRV FRQWLQ~DQ LPSXQHV
GHFLVLyQ\UHLYLQGLFDFLRQHVHQODFDUWDGHO$W\ IUHQWHDODMXVWLFLDGHO%UDVLO$GHPiVGHHVR
$OpP GLVVR FRQVWDWDPRV TXH WRGRV ORV
*XDVX
SURFHVRV GH GHPDUFDFLyQ GH ODV WLHUUDV
7HNRKD *XDLYLU\$UDO 0RUHLUD06  GH LQGtJHQDV *XDUDQL \ .DLRZD VH HQFXHQWUDQ
WRWDOPHQWH SDUDOL]DGRV SRU HO *RELHUQR \ OD
QRYLHPEUHGH
'H/tGHUHVGHO$W\*XDVX*UDQ$VVHPEOHD -XVWLFLD )HGHUDO 7DQWR ORV OtGHUHV FRPR ORV
LQWHJUDQWHV GH ODV FRPXQLGDGHV HVWiQ
GHOSXHEOR.DLRZD\*XDUDQL
3DUD 3UHVLGHQWD GH OD 5HS~EOLFD GH %UDVLO DPHQD]DGRV GH PXHUWH \ VRQ VRPHWLGRV D
([FHOHQWtVLPD 'LOPD 5RXVVHII 0LQLVWUR GH DWDTXHVGLDULRV9HULILFDPRVTXHH[LVWHQPiV
-XVWLoD 3URFXUDGRU *HQHUDO GHO 0LQLVWHULR GHFXDWUR  RUGHQHVGHGHVSRMRHQFXUVRD
3~EOLFR)HGHUDO03)3UHVLGHQWHGHO6XSUHPR ODYH]TXHWRGRWLSRGHYLROHQFLDFRQWUD ORV 
*XDUDQLH.DLRZDHVSHUPLWLGDSRURUGHQHV
7ULEXQDO)HGHUDO67)
$VXQWR'HFLVLyQGHO$W\*XDVX\VROLFLWXGGH H[SHGLGDV SRU OD -XVWLFLD )HGHUDO 7RGDV ODV
DXGLHQFLDFRQOD3UHVLGHQWDGHOD5HS~EOLFDGH VHPDQDVRSHRUFDVLDGLDULR XQ*XDUDQt\
.DLRZDVXIUHYLROHQFLD\DWDTXHVSRUSDUWHGH
%UDVLO'LOPD5RXVVHII
SLVWROHURVGHODVKDFLHQGDV(OGtD
GXUDQWH QXHVWUD UHXQLyQ
UHFLELPRV XQD QRWLFLD PiV GH
XQ DWDTXH D OD FRPXQLGDG GH
.XUXVX $PED  XQD
PXFKDFKDHVWXGLDQWH GH 
DxRV GH HGDG HQ OD WHNRKD
.XUXVX $PED IXH DVDOWDGD
WRUWXUDGD\WLUDGDHQODYtDSRU
ORV SLVWROHURV \ QR UHFLELy
QLQJ~QWLSRGHVRFRUURSRUPDV
GHKRUDV$OPLVPRWLHPSR
GXUDQWHWUHVGtDVFRQVHFXWLYRV
HVFXFKDPRV \ YLPRV ORV

$UJHQWLQD

-XVWLFLDSDUD-DYLHU
&KRFREDU

O  GH RFWXEUH GH PLHQWUDV OD EODQFD


FDVWD JREHUQDQWH FHOHEUDED HO KHFKR FRORQLDO
PiVFUXHOHOGtDGHODUD]DGHFRQVHFXHQFLDV
QHIDVWDV SDUD XQD JUDQ SDUWH GH OD KXPDQLGDG IXp
DVHVLQDGR HQ 7XFXPiQ -DYLHU &KRFREDUXQ
FRPXQHUR LQGtJHQD TXH MXQWR D VX SXHEOR GLDJXLWD
WUDWDED GH GHIHQGHU VX WHUULWRULR DPHQD]DGR SRU ORV
QXHYRV LQYHUVRUHV OOHJDGRV GH OD PDQR GHO
GHVDUUROOLVPR SURGXFWLYRQRPEUH  FRQ TXH VH
GLVIUD]DODYHUGDGHUDVLWXDFLyQGHVDTXHR\GHVSRMRD
TXHHVWDPRVVRPHWLGRVGHVGHKDFHWLHPSR
-DYLHU&KRFREDUHUDXQGLDJXLWDGH/RV&KXVFKDJDVWD
HQHO1RUWHWXFXPDQR
6XPXHUWHJROSHyPXFKRDODFRPXQLGDG
-DYLHU  HUD HO TXH HQVHxDED D ORV QLxRVHO TXH
SDUWLFLSDEDGHODVDVDPEOHDVHOTXHVLHQGR\DPD\RU
WHQtDPX\EXHQDVDOXGSDUDSDUWLFLSDUDFWLYDPHQWHGH
OD FRPXQLGDG< HVH GtD KDEtD VDOLGR D GHIHQGHU VX
WLHUUD
/DWLHUUD\ORVWHUULWRULRVLQGtJHQDVQRVHHQWLHQGHQQR
VHUD]RQDQ\QRVHH[SOLFDQVLQRORVPLUDPRVGHVGH
ORV 3XHEORV RULJLQDULRVGHVGH VX FXOWXUDVX

GLVSDURVGHDUPDVGHIXHJRDODHQWUDGD\DORV
DOUHGHGRUHVGHODWHNRKD*XDLYLU\SRUSDUWHGH
SHUVRQDV TXH GLVSDUDEDQ FRQWUD QXHVWUD
$VDPEOHD *XDUDQt \ .DLRZD &RQFOXLPRV
TXH ORV SLVWROHURV GH ODV KDFLHQGDV VLJXHQ
DWDFDQGR \ KXPLOODQGR DO SXHEOR *XDUDQt \
.DLRZD SRUTXH QXQFD IXHURQ MX]JDGRV QL
FDVWLJDGRVSRUODMXVWLFLDGHO%UDVLO'HMDPRV
FRQVWDQFLDGHOKHFKRGHTXHQRKD\SURWHFFLyQ
DOJXQDSDUDQLxRVDQFLDQRV\PXMHUHV$QWH
HVWRV KHFKRV UHODWDGRV QRVRWURV OtGHUHV
GLVFXWLPRV\WRPDPRVODGHFLVLyQGHSURWHJHU
QXHVWUDVFRPXQLGDGHVDPHQD]DGDVGHPXHUWH
FROHFWLYD (V GHFLU TXH ORV LQGtJHQDV QRV
SURWHJHUHPRVGLUHFWDPHQWHGHORVSLVWROHURV
'XUDQWH OD UHXQLyQ ORV OtGHUHV GH OD WHNRKD
.XUXVX$PEDQDUUDURQTXHDILQGHPHVODV
FRPXQLGDGHVVXIULHURQYLROHQFLDVPDVDFUH\
GHVSRMRSURPRYLGRVSRUODMXVWLFLD)HGHUDOGH
3RUm06 8Q PHJD RSHUDWLYR GH OD 3ROLFtD
)HGHUDOHVWiVLHQGRPRQWDGRSDUDDWDFDUDORV
LQGtJHQDV GH .XUXVX$PED D FRPLHQ]RV GH
GLFLHPEUH GH  $QWH HVWH KHFKR
GHFODUDPRV QXHVWUR DSR\R VROLGDULR D OD
UHVLVWHQFLDGHODFRPXQLGDGGH.XUXVX$PED
EDMRLQPLQHQWHDPHQD]DGHPXHUWH\GHVSRMR
WDQWR SRU OR SLVWROHURV FRPR SRU OD -XVWLFLD
)HGHUDO (Q OD $VDPEOHD *HQHUDO WDPELpQ
HYDOXDPRVODVSRVLFLRQHVGHOJRLHUQR\GHOD
-XVWLFLD )HGHUDO DQWH ODV GHPDQGDV \ OD
VLWXDFLyQJHQHUDOGHQXHVWURSXHEORV*XDUDQt
\.DLRZDTXHGHKHFKRQXHVWURVGHUHFKRV
FRQVWLWXFLRQDOHV VRQ VLVWHPiWLFDPHQWH
LJQRUDGRVSRUHO*RELHUQR\SRUOD-XVWLFLDGH
%UDVLO(QHO~OWLPRDxRHOJRELHUQREUDVLOHxR
DXWRUL]D ~QLFDPHQWH YLROHQFLDV FRQWUD ORV
SXHEORVLQGtJHQDVSHUPLWLHQGRHOH[WHUPLQLR
GHOSXHEOR*XDUDQt\.DLRZD$QWHVGHXQD
GHFODUDFLyQ GHILQLWLYD GH FRQIURQWDFLyQ \
UHDFFLyQGHDXWRGHIHQVDGHOSXHEOR*XDUDQt\
.DLRZDFRQWUDODYLROHQFLDGHORVSLVWROHURVGH
ODVKDFLHQGDVDQWHVGHWRGRVROLFLWDPRVXQD
DXGLHQFLDFRQ OD3UHVLGHQWDGHOD5HS~EOLFD
GH %UDVLO 'LOPD 5RXVVHII ,QLFLDOPHQWH
TXHUHPRVHVFXFKDU\HQWHQGHUODSRVLFLyQGH
OD3UHVLGHQWDGHOD5HS~EOLFDGH%UDVLOVREUHOD
GHPDUFDFLyQQ GH ODV WLHUUDV *XDUDQt \
.DLRZD $QWHV GH WRGR TXHUHPRV \
HVSHUDPRVUHVSXHVWDGHO*RELHUQR)HGHUDO(Q
VtQWHVLVHVWDVVRQQXHVWUDVGHPDQGDVXUJHQWHV
1RVRWURVWRGRVORVOtGHUHV*XDUDQt\.DLRZD

SHQVDPLHQWR VX VHQWLU \ VX FRVPRYLVLyQ VREUH OD


PDGUHWLHUUD
(Q$UJHQWLQDORVLQGtJHQDVFRUUHQULHVJRV WRGRVORV
GtDVSRUGHIHQGHUORVELHQHVQDWXUDOHVFRPXQHVGHOD
FRGLFLD GHO QHROLEHUDOLVPR GLVIUD]DGR GH
GHVDUUROOLVPRSURGXFWLYR
/DV DFWLYLGDGHV H[WUDFWLYDVGHVGH HO DJURQHJRFLROD
PLQHUtD D FLHOR DELHUWRHO IUDFNLQJORV QHJRFLDGRV
LQPRELOLDULRV DUULQFRQDQ GtD D GtD D ODV SREODFLRQHV
SUHH[LVWHQWHV ~QLFDPHQWH DUPDGDV GH OHJLVODFLyQ
YLJHQWHTXHHQODPD\RUtDGHORVFDVRVVLQRHQWRGRV
QRVHFXPSOH
<DKDQSDVDGRDxRVGHVGHHQWRQFHVRWURVFXHUSRV
KDQ VXPDGR VX PXHUWH D OD GH -DYLHU &KRFREDUORV
DWDTXHV SRU SDUWH GH ORV WHUUDWHQLHQWHV D ODV
FRPXQLGDGHV VH KDQ LGR SURIXQGL]DQGR HO VLVWHPD
MXGLFLDO FRUUXSWR \ SDUFLDO VyOR SRVWHUJD HO MXLFLR
LQGHILQLGDPHQWH HQ IDYRU GH ORV KRPEUHV GHO SRGHU
HFRQyPLFR
(VSRUHVRTXHOD8QLyQ'LDJXLWDSURGXMRHQXQD
LPSRUWDQWH PRYLOL]DFLyQ GH XQD IXHU]D SRFR
DFRVWXPEUDGDHQ7XFXPiQEDMDURQGHORVFHUURVPiV
GHPLOTXLQLHQWDVSHUVRQDVH[LJLHQGRODIHFKDGHOMXLFLR
)XH XQD PDUFKD TXH WXYR HO DFRPSDxDPLHQWR GH
RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO \ TXH REOLJy DO
VLVWHPDMXGLFLDODSRQHUXQDIHFKDWHQWDWLYDSDUD

(QHODxRVHSURPXOJyODOH\GHSRVHVLyQ
\ SURSLHGDG GH ODV WLHUUDV LQGtJHQDVHQWRQFHV FRUULy

SUHVHQWHV \D GHFLGLPRV DSR\DU OD


UHFXSHUDFLyQGHQXHVWUDVWLHUUDVHQSURFHVRGH
GHPDUFDFLyQ$SR\DPRV OD UHVLVWHQFLD GH OD
WHNRKD.XUXVX$PED\GHRWUDVFRPXQLGDGHV
\SXHEORVLQGtJHQDVGH0DWR*URVVRGR6XO
(YDOXDPRVTXHQRWHQHPRVPiVDOWHUQDWLYDQL
SRGHPRV HVSHUDU QDGD GH ODV SURPHVDV GHO
*RELHUQR)HGHUDO)LQDOPHQWHPHQFLRQDPRV
DOJXQRV  KHFKRV  TXH  MXVWLILFDQ  OD 
5(6,67(1&,$*8$5$1<.$,2:$(O
GtD  VH FXPSOHQ WUHV DxRV GHO
DVHVLQDWR GHO FDFLTXH 1,6,2 *20(6 \ GHO
DWDTXHDODFRPXQLGDG*XDUDQt\.DLRZDGH
ODWHNRKD*XDLYLU\SRUSDUWHGHSLVWROHURVGH
ODVKDFLHQGDV(OFDGiYHUGHOOtGHU1LVLRIXH
RFXOWDGR SRU ORV KDFHQGDGRV KDVWD KR\ \ OD
MXVWLFLD GH %UDVLO QL MX]JD QL FRQGHQD D ORV
DVHVLQRV(OGtDGHQRYLHPEUHVHFXPSOHQ
DxRV GH ORV DVHVLQDWRV GH *HQLYDOGR9HUD \
5ROLQGR 9HUD $VHVLQDWRV TXH SHUPDQHFHQ
LPSXQHV (O FDGiYHU GHO SURIHVRU 5ROLQGR
9HUDIXHRFXOWDGRWDPELpQSRUORKDFHQGDGRV
/D WLHUUD ,QGtJHQD <32
, QR KD VLGR
GHPDUFDGD (O SURFHVR GH GHPDUFDFLyQ VH
HQFXHQWUD SDUDOL]DGR (Q WRGDV ODV
FRPXQLGDGHVGH7LHUUDV,QGtJHQDVHQOLWLJLR
ORVQLxRVODVPXMHUHVORVDQFLDQRVVXIUHQOD
PLVHULD \ HO KDPEUH VXIUHQ HO FHUFR GH
SLVWROHURV DUPDGRV VRQ DPHQD]DGRV GH
PXHUWHV \ GH GHVSRMR WRGRV ORV GtDV 1RV
FDQVDPRV GH UHFODPDU (QWHQGHPRV TXH HO
*RELHUQR\OD-XVWLFLDGH%UDVLOKDQGHFLGLGR
QR WRPDU PHGLGDV FRQFUHWDV SDUD GHPDUFDU
QXHVWUDV WLHUUDV LQGtJHQDV(VSHUDPRV OD
UHVSXHVWD GH OD 3UHVLGHQWD GH %UDVLO 'LOPD
5RXVVHII
$WHQWDPHQWH
7HNRKD*XDLYLU\$UDO0RUHLUDGH
QRYLHPEUHGH
/tGHUHVGHO$W\*XDVX*XDUDQt\.DLRZD
\FRPXQLGDGHVGHODWHNRKD*XDLYLU\

SRUWRGDVSDUWHVXQDYR]GHDOLHQWRXQDHVSHUDQ]D\
TXH SRU ILQ \D QR VHUtDQ PiV GHVDORMDGRVQL
GHVSRMDGRVGHVXVWLHUUDVQLPDOWUDWDGRV\TXHSRGUtDQ
DYDQ]DUHQVXVWHUULWRULRVDQFHVWUDOHV
6LQ HPEDUJR SRFR KDQ PHMRUDGR ODV FRVDV GHVGH
HQWRQFHVVL HV TXH QR KDQ HPSHRUDGR(V HO URVWUR
KXPDQR GHO LQFXPSOLPLHQWR HVWDWDO UHIOHMDGR HQ ODV
GHVYHQWXUDVGHODVYtFWLPDV1LPDVQLPHQRV

(QYLDGRSRU%HDWUt]$PRU

/XFKD,QGtJHQD1GLFLHPEUH3DJ

3$1$0

-HV~V$OHPDQFLD

5RJHOLR0RQWH]XPD

LHPSUHKD\PXFKRVLOHQFLRODVKRMDVGHORViUEROHVQL
VHPXHYHQQDGDVHHVFXFKD1RVRSODHOYLHQWRODV
QXEHV GXHUPHQ WUDQTXLODV HQ HO FLHOR HO VRO EULOOD
PXFKR'HODQDGDEDLODQPLVSLHUQDVVHPXHYHQVDOWDQ
VROR HVFXFKR XQ UXJLGR IXHUWH FRPR VL ODV PRQWDxDV QRV
KDEODUD GH VX GRORU HV XQ WHPEORU 'HVSLHUWR LQTXLHWR \
VLHQWR TXH ODV KRUPLJDV UHFRUUHQ PL SLHO (V XQ VXHxR
VLHPSUH SUHVHQWH FRPR VL KXELHUD VLGR HVFXOSLGR HQ OD
PHPRULD
+DFHOXQDV SDUDHOPXQGRODWLQRHVHODxR TXH
QDFLy 5RJHOLR HQ XQ SXHEOR GH PRQWDxD +DWR &KDPL
&RPDUFD1JlEH%XJOpHQ3DQDPi+LMRGHWUDEDMDGRUHVGHO
FDPSR KLMR GHO SXHEOR QJlEH (Q VX PHPRULD GH QLxR
UHSRVDQ UHFXHUGRV SROYRULHQWRV JHQWH H[WUDxD EDMDQGR \
VXELHQGRODVPRQWDxDVFRQSDSHOHVHQODVPDQRVUHFXHUGD
ORV VRQLGRV GH DXWRV \ PDTXLQDULDV JUDQGHV (UDQ ORV
WLHPSRVHQTXHODPRQWDxDFRGLFLDGD&HUUR&RORUDGR HUD
DJUHGLGDSRUODVFRUSRUDFLRQHVPLQHUDVTXHUtDQFRQRFHUODV
HQWUDxDVGHHOODGLFHQTXHODHVWXGLDEDQ
8QJUDQVXHxRWLHQHQODVIDPLOLDVLQGtJHQDVHGXFDUDVXV

$5*(17,1$5HVHxDGH

)pOL['tD]4XHUDVKH 
3XHEOR4RP

'

HVGHDTXHOODHVWDPSDGHORVFDEHFLWDVQHJUDV
EDxiQGRVH HQ OD IXHQWH GH SOD]D GH PD\R R
DTXHO 0DOyQ GH OD 3D] TXH WUDMR HQ OHQWD
SHUHJULQDFLyQDORVLQGLRVMXMHxRVSDUDUHFODPDUSRUVXV
WLHUUDVHQ%XHQRV$LUHVFDVLQRKDEtDYXHOWRD
SUHVHQFLDUVHPHMDQWHGHPRVWUDFLyQGHUXUDOLGDGHQVXV
PLVPDV HQWUDxDV &XDQGR HQ GLFLHPEUH GH 
DOJXQRV UHSUHVHQWDQWHV GHO SXHEOR TRP DFDPSDURQ
VREUHODGHMXOLR GL]TXHODDYHQLGDPiVDQFKDGHO
PXQGR  HO KHFKR JHQHUy XQD LQWHUPLQDEOH VHULH GH
UHSHUFXVLRQHV GHVGH FRQFLHUWRV GH URFN \ IHULDV GH
OLEURV DOWHUQDWLYRV R OD YLVLWD GH UHIHUHQWHV FRPR
(GXDUGR*DOHDQR$GROIR3pUH](VTXLYHORODV0DGUHV
GH 3OD]D GH 0D\R D XQD H[WHQVD FREHUWXUD GH ORV
PHGLRVGHLQIRUPDFLyQPDVLYRVTXHSXVLHURQHQODPLUD
R SDQWDOOD PiV FRQ iQLPRV GH D]X]DU ODV FUtWLFDV DO
JRELHUQRNLUFKQHULVWDTXHFRQODLQWHQFLyQGHJHQHUDU
FRQFLHQFLD ODVLWXDFLyQGHORVSXHEORVRULJLQDULRVGHO
SDtV DOJXQRVTXL]iVFRQRUJDQL]DFLRQHVPiVIXHUWHV
FRPRHO0RYLPLHQWR&DPSHVLQRGH6DQWLDJRGHO(VWHUR
02&$6( RHO&RQVHMR$VHVRU,QGtJHQD &$, GH5tR
1HJURTXHVLQHPEDUJRQRKDEtDQSRGLGRTXHEUDUHO
FHUFR PHGLiWLFR  /D KLVWRULD GH DTXHOORV LQGLRV GHO
~OWLPRULQFyQGHOSDtV )RUPRVD TXHYHQtDQDFRQWDUVX
UHDOLGDGGHUHSUHVLRQHV\PXHUWHVGHDYDVDOODPLHQWR
VREUHVXVWHUULWRULRVGHFRQWUDGLFFLRQHVGHXQJRELHUQR
TXHVHUHFODPDEDDIDYRUGHORVSXHEORVSHJyIXHUWH\
JHQHUyXQDVROLGDULGDGTXHFRPRWRGDEXHQDLQWHQFLyQ
GHO FLXGDGDQR XUEDQR PRGHUQR GXUy OR TXH GXUD XQ
FRPHUFLDO SXEOLFLWDULR (UD XQD KLVWRULD YLHMD TXH
LQFOX\H HO ODGR PHQRV FRQRFLGR GH OD FDPSDxD DO
GHVLHUWR OD FUHDFLyQ GH OD JHQGDUPHUtD QDFLRQDO \OD
SLFDQDFRQODTXHORVPLOLWDUHVWRUWXUDUtDQDORVMyYHQHV
LGHDOLVWDV GH ORV VHWHQWDV PDVDFUHV HPEOHPiWLFDV

KLMRV SDUD HVWDU PHMRU GLFHQ 7UDV HVWH VXHxR FROHFWLYR /D FDUUHWHUD 3DQDPHULFDQD HQ HO RFFLGHQWH GHO SDtV VH
5RJHOLR FDPLQR SRU ORV SDVLOORV GH ODV HVFXHODV UXUDOHV WUDQVIRUPDHQHOHVFHQDULRGHOXFKD/DSROLFtDSURYRFDGRV
(VWXYRHQORVVDORQHVGHFODVH\VRxDEDGRPLQDUFRQVXV PXHUWRV FHQWHQDUHV GH KHULGRV XQ SDtV FRUWDGR HQ GRV
PDQRVODHOHFWULFLGDGDPDUUDUORVFDEOHVFRQHFWDUORVSDUD SHGD]RV /D QHJRFLDFLyQ VH DEUH \ XQR GH ORV VXHxRV VH
TXH IXHUD ~WLO D OD JHQWH )XH HQ HVWRV WLHPSRV TXH pO KDFHUHDOLGDGQRKDEUiPiVPLQHUtDHQOD&RPDUFD3HURHO
HVFXFKDED D ORV PD\RUHV KDEODU HQ ODV DVDPEOHDV FDPLQRVLJXHVLHQGRVLQXRVR\HVFDEURVRQRHVODOH\TXHVH
FRPXQDOHVWHQGUHPRVTXHHFKDUYDULRVSDVRVSDUDDWUiVHQ GHVHy HV OD TXH VH ORJUy KD\ KHUPDQRV LQGtJHQDV TXH
HO FDPLQR SDUD JDUDQWL]DU QXHVWUDV WLHUUDV JDUDQWL]DU OD SUHILHUHQSURPRYHUHOGHVDUUROORDMHQR\HPSREUHFHGRUGH
&RPDUFDWHQGUHPRVTXHWRPDUQRVHOYDVRGHFDIpDPDUJR ODVPLQHUDVDJUHGLUDOD0DGUH7LHUUD\ORVGXHxRVGHOSDtV
DFHSWDUOD/H\FRPDUFDOFRQWRGDVODVKHULGDV\GRORUHVTXH VLJXHQ SHQVDQGR TXH OOHJDUi HO WLHPSR HO PRPHQWR SDUD
SURYRFDUi VREUH QXHVWUDV PRQWDxDV /RV GXHxRV GHO SDtV H[SORWDU&HUUR&RORUDGR
TXLHUHQ WHQHU HO FDPLQR DELHUWR SDUD H[SORWDU &HUUR (QODFLPDGHODVPRQWDxDVQJlEHVORViUEROHVVHHQUHGDQ
FRQ ODV QXEHV HO YLHQWR VLJXH VRSODQGR 5RJHOLR VLJXH
&RORUDGR
5RJHOLR GHFLGLy DFRPSDxDU GHVGH HO DXOD HVFRODU D VX VRxDQGR FRQ ORV WHPEORUHV UHFRUUH ORV FDPLQRV GH +DWR
SXHEOR HO SXHEOR GH FDPLQDQWHV GHFLGLy PRYLOL]DUVH \ &KDPLKDEODFRQVXSXHEORVREUHODVIRUPDVGHSURWHJHUOD
OXFKDU SDUD TXH ODV WLHUUDV QJlEHV \ EXJOp HVWXYLHUDQ QDWXUDOH]D GH SURWHJHU OD WLHUUD QJlEH GH ORV
SURWHJLGDVOHJDOPHQWH&HQWHQDUHVGHMyYHQHV\HVWXGLDQWHV PHJDSUR\HFWRVGHQRFRPSURPHWHUDORVQLxRV\QLxDVGHVX
LQGtJHQDV PDUFKDURQ SRU OD FDUUHWHUD 3DQDPHULFDQD SXHEORFRQHOPDOGHVDUUROOR
5RJHOLRIXHXQRGHHOORV(QQDFLyOD/H\ODOH\GHOD (Q XQD FDVD HO IXHJR VLJXH SUHQGLGR XQD VXDYH EULVD OR
DFDULFLDGHXQPRPHQWRDRWURVHDYLYD\ODVOODPDVVHDO]DQ
&RPDUFD1JlEH%XJOp
'H QRFKH HO IULR DEUD]D ODV PRQWDxDV YLHQWR \ OORYL]QD 7RGRGHSHQGHGHODIXHU]DGHORVYLHQWRVGHODPRQWDxD
SHUHQQHFXEUHQORVVXHxRV&XHUQDYDFDHVHOOXJDUGRQGHOD
OODPD YROYLy D SUHQGHUVH 9LHMRV \ MyYHQHV OXFKDGRUHV
LQGtJHQDVYXHOYHQDMXQWDUVXVURVWURVDOUHGHGRUGHOIXHJR
XQDQXHYDJHQHUDFLyQGHQLxRV\QLxDVQJlEHVUHYRORWHDEDQ
DOUHGHGRU GH ORV PD\RUHV MXJDQGR \ DOJXQRV VRxDQGR 
&LHQWRFLQFXHQWD\VHLVOXQDVGHVSXpV DxRVGLFHQORV
ODWLQRV  GHO QDFLPLHQWR GH OD /H\  ODV FRPXQLGDGHV
GHEDWHQHOIXWXURGH&HUUR&RORUDGR\ODDJUHVLyQTXHYDD
VXIULU OD 0DGUH 7LHUUD XQD UHIRUPD DO FyGLJR PLQHUR VH
OHYDQWDFRPRVRPEUDDPHQD]DQWHVREUHOD&RPDUFD
5RJHOLRYXHOYHDVRxDUHOPLVPRVXHxRGHVLHPSUHTXHWLHQH
GHVGHQLxRODPRQWDxDGHODVDJXDVFRORUDGDVUXJHGHGRORU
QXHYDVDPHQD]DVYXHODQKDFLDHOOD8QRVVHxRUHVGH&RUHD
GHO6XUTXLHUHQDGXHxDUVHGHHOOD$VDPEOHD&RPXQDOWUDV
$VDPEOHD&RPXQDOHOSXHEORGHOLEHUD\QDFHHO&RPLWpSRU
OD9LGD\HO0HGLR$PELHQWH&29,0$5RJHOLRHVHOHJLGR
3UHVLGHQWH GHO &RPLWp  'XUDQWH ORV ~OWLPRV GtDV GHO DxR
VHYRWDPDVLYDPHQWHHOLQLFLRGHODVPRYLOL]DFLRQHV(O
3UHVLGHQWHGHO&RPLWpSRUOD9LGD\HO0HGLR$PELHQWHXQRGH
QXHYRDxRVHUiGHOXFKD\WLHPSRGHMXQWDUODVPDQRVHV
ORVRUJDQLVPRVEDVHGHOD&RRUGLQDGRUDSDUDOD'HIHQVDGHORV
GXUDQWH HVWDV PRYLOL]DFLRQHV TXH QDFH OD &RRUGLQDGRUD
5HFXUVRV1DWXUDOHV\HO'HUHFKRGHO3XHEOR1JlEH%XJOp\
1JlEH%XJOp\&DPSHVLQD
&DPSHVLQRGHOFXDO5RJHOLRHVWDPELpQ3UHVLGHQWH

FRPR 1DSDOSL R 3LODJD JRELHUQRV FRUUXSWRV H


LQGXVWULDVTXHYDQGHODPDGHUDRHODOJRGyQDODVRMD
(VWR\DTXtSRUTXH\RVtFUHRTXHORVLQGtJHQDVQRVRQ
HOSUREOHPDVLQRODVROXFLyQGLMR*DOHDQR<DJUHJy
/DVROXFLyQHVWiHQHVDVYRFHVTXHVXHQDQGHVGHHO
SDVDGRPiVUHPRWRSHURTXHKDEODQDOIXWXURSRUTXH
QRVKDEODQGHODFRPXQLGDGHQWUHODQDWXUDOH]D\ODV
SHUVRQDVGHODQDWXUDOH]DGHODTXHIRUPDPRVSDUWH
SRUTXH KHPRV VLGR GLYRUFLDGRV KDFH PiV GH FLQFR
VLJORV$OIUHQWHGHHVDH[SORVLyQGHLGHQWLGDGHVTXHVH
DJOXWLQyHQHODFDPSHTRPHVWDEDDTXHOSDSDFKRGH
FDUDDODUJDGD\ODUJDFDEHOOHUDFDQRVDFX\DIUDJLOLGDG
HYLGHQFLDED TXH DTXHOOD SDUDIHUQDOLD HUD
HYLGHQWHPHQWH XQ WUDEDMR FROHFWLYR GHO TXH pO HUD
YRFHUR7HQtDHOQRPEUHGHXQPLOLWDUGHODUHYROXFLyQ
PH[LFDQD\XQER[HDGRUGRPLQLFDQR)HOL['tD]OtGHU
GH OD FRPXQLGDG 3RWDH 1DSRFQD 1DYRJRK /D
3ULPDYHUD 0HVHVDWUiVQRYLHPEUHGHHQPHGLR
GH ORV FRQIOLFWRV SRU OD XVXUSDFLyQ GH VX WHUULWRULR OD
SROLFtDIRUPRVHxDKDEtDGDGRODRUGHQTXHQRVDOJD
FRQ YLGD 3HUR ORV MyYHQHV TRP OR URGHDURQ FRPR
HVFXGR \ OR OOHYDURQ DO PRQWH SDUD VDOYDUOR &XHQWD
)HOL[ $FULELOODURQ  KHUPDQRV KHULGRV GH EDOD
$WURSHOODURQ FRQ FDEDOOR D ODV PXMHUHV OHV URPStDQ
EUD]RV \ SLHUQDV 'HWXYLHURQ  PD\RUHV SRU HO
DJRWDPLHQWR\SRUQRFRQIURQWDUSRUSHUPLWLUTXHORV
JROSHDUDQ(VWiQDFRVWXPEUDGRVDTXHORVJROSHHQVX
YLGD KD VLGR HVD OD GH UHFLELU JROSHV /RV MyYHQHV
DOFDQ]DURQDKXLU/RVDQFLDQRV\DQFLDQDVVXIULHURQHO
DWDTXHEUXWDO1RVTXHPDURQFDVDV8QDGHHOODVOD
PtD <R KH VLGR VHxDODGR FRPR SRWHQFLDO WHUURULVWD 
7DPELpQVHOOHYDURQODYLGDGHODQFLDQR5REHUWR/ySH]
FRPRVHOOHYDUtDQODYLGDGHPXFKRVPiVLQFOX\HQGR
HQDOVREULQRGHDxRVGH)HOL[-XDQ'DQLHO
'tD]$VLMDN(UDODWHUFHUDGHHVHPHV1LDQFLDQRVQL
QLxRV QR KD\ YLGD TXH VH UHVSHWH HQ QXHVWURV
WHUULWRULRV'HQDGDVLUYLyHODFDPSHODVUHXQLRQHVFRQ
HO3DSD)UDQFLVFRODVSURPHVDVGHOJRELHUQR\WDQWRV
RWURV LQWHQWRV 'LFH HO SHULRGLVWD 'DUtR$UDQGD HQ OD
UHYLVWD 6XGHVWDGD (Q  HQ )RUPRVD VH
FRQWDELOL]yXQSLVRGHFRQIOLFWRVTXHDIHFWDQD
PLOSHUVRQDV\PLOORQHVGHKHFWiUHDV'XUDQWHOD
DXGLHQFLD UHDOL]DGD HQ PDU]R GH  HQ OD &RUWH
6XSUHPDHOUHVSRQVDEOHGHO,QVWLWXWRGH&RORQL]DFLyQ\
7LHUUDVGH)RUPRVD&DUORV)ORUHQWtQVLQFHUyORTXHHO
JRELHUQRSURYLQFLDOVLOHQFLDED7RGDOD]RQDQRUHVWHGH
ODSURYLQFLDGH)RUPRVDWLHQHXQSRWHQFLDOSURGXFWLYR
PX\JUDQGH(VWDVFLQFRPLOKHFWiUHDVGHODFRPXQLGDG
/D 3ULPDYHUD GH ODV TXH HVWDPRV KDEODQGR
SUREDEOHPHQWH VHDQ ODV PHMRUHV WLHUUDV TXH WLHQH OD
SURYLQFLDGH)RUPRVD9XHOYHDKDEODU'RQ)HOL[(O 
SURFHVRTXHOOHYDPRVDGHODQWHHVPX\GXUR\GHVLJXDO
1RVKHPRVUHRUJDQL]DGR3RUPLSDUWHGHERFRQIHVDU
TXHHVWDOXFKDKDVLJQLILFDGR\H[LJLGRGHVFXEULUPHD
PtPLVPRTXLpQVR\GHGyQGHYHQJRTXLpQHVVRQPLV
DQFHVWURV \ DGRQGH TXLHUR OOHJDU /DV FRVDV H[LVWHQ

SDUD TXH ORV KXPDQRV SRGDPRV FRH[LVWLU FRQ OD


GLYHUVLGDG GH ORV VHUHV TXH FRKDELWDQ ORV WHUULWRULRV
&XDQGRQRVFUHHPRVGXHxRVGHOWHUULWRULRVDOLPRVGH
HVH GHUHFKR DQFHVWUDO TXH KD SHUPLWLGR D QXHVWURV
SDGUHV\DEXHORVFRQYLYLUFRQSHFHVDYHVVHUSLHQWHV
VLQSUREOHPD+HPRVSRGLGRFRH[LVWLU4XHUHPRVGHFLU
EDVWD3HURFyPRKDFpVFXDQGRQRWHQpVQDGDTXH
FRPHU1RWHQpVDJXD7HKXPLOODQHQORVKRVSLWDOHV\
HQ HVSDFLRV S~EOLFRV" 3RU HVR TXHUHPRV YLYLU
GLJQDPHQWH\UHFXSHUDUQXHVWURVYDORUHV5HVXUJLPRV
FRPRFD]DGRUHVSHVFDGRUHVFKDPDQHV(QHVHQFLD
OXFKDPRVSRUUHFXSHUDUQXHVWUDDXWRQRPtD1RSXHGHQ
KDEHUGRVHVSDFLRV'HEHPRVGHILQLUQRV\VHUFODURV
GHIHQVRUHV GHO JRELHUQR R GH ORV SXHEORV 6RPRV
GHIHQVRUHVGHQXHVWURVSXHEORV6RPRVSREUHVSHUR
QR QRV YHPRV FRPR SREUHV 6RPRV ULFRV SRUTXH
HQWHQGHPRV\VDEHPRVORTXHHVHOYDORUKXPDQR/D
PD\RUtDGHORVOtGHUHVWLHQHQTXHHQFRQWUDUVHFRQVLJR
PLVPRV 6DEHU TXp SDVDUtD FRQ ODV JHQHUDFLRQHV
IXWXUDV6LYLYHQWUDQTXLODPHQWHRVHUiQH[SXOVDGRV6L
HVWR\FRQVLJXLHQGRTXHVHUHVSHWHQODVJHQHUDFLRQHV
IXWXUDV(VWRQRTXLHUHGHFLUTXHQRDGRSWHPRVORTXH
QHFHVLWHPRVRQRVHQFHUUHPRVHQHOSDVDGR<RFUHR
SRUHMHPSORTXHODPD\RUtDGHQXHVWURVKHUPDQRVTXH
SXHGHQ LQFRUSRUDU OD WHFQRORJtD D OD OXFKD GHEHQ
KDFHUOR<RVR\GHOPRQWH1RWHQJRHQHUJtDQLDJXD
SRWDEOHQLLQWHUQHW1RPHTXHMR/RTXHWHQJRPHVLUYH
\HVVXILFLHQWH/HVDOLHQWRDTXHDQDOLFHQFDGDXQRHQ
VXVLWXDFLyQ&RQILHPRVHQFDGDXQRSDUDFRQILDUHQHO
RWUR SDUD KDFHU JUDQGHV FRVDV D IDYRU GH OD YLGD
7HQHPRVTXHVHUWUDQVSDUHQWHV\GHFLGLGRVGHFDPELDU
HVWDYLGD\FUHRTXHVHHVWiGDQGRHQHVWRVWLHPSRV
7HQHPRVHOGHEHUGHSURORQJDUODYLGD(VRHVORTXH
QRVDFHUFD (VSRVLEOHSRUTXHFDGDFXDOKDFHORTXH
SXHGHHQVXWHUULWRULR(VWDPRVUHHQFRQWUiQGRQRVFRQ
QRVRWURV PLVPRV 7HQHPRV TXH LQYHVWLJDU SDUD
UHHQFRQWUDPRV +HPRV VLGR PDQLSXODGRV (VWDPRV
KDFLHQGRXQDKLVWRULDSDUDUHYDORUL]DUODYLGD/D0DGUH
7LHUUD TXLHUH TXH VXV KLMRV YLYDQ ELHQ7HQHPRV TXH
HQWHQGHUHVWHGHVHRGHQXHVWUDPDGUH

(QFXHQWURGH3XHEORVHQ&DPLQR5HGDFFLyQ7RPiV$VWHODUUH

/XFKD,QGtJHQD1GLFLHPEUH3DJ

&KLOH
3XHEORPDSXFKH

5D~O=LEHFKL

/DGHPRFUDFLDORVKL]RUHEHOGHV

(OZHUNpQGHODFRPXQLGDGGH7HPXFXLFXL
0LMDHO &DUERQH WLHQH  DxRV \
UHSUHVHQWD D XQD JHQHUDFLyQ MRYHQ GH
OXFKDGRUHV PDSXFKH 0XFKRV VRQ
ZDLFKDIHV JXHUUHURV  TXH MXQWR D ODV
FRPXQLGDGHV OXFKDQSRUODUHFXSHUDFLyQ
GHWLHUUDVHQ/D$UDXFDQtD3HUWHQHFHQD
OD$OLDQ]D7HUULWRULDO0DSXFKHQDFLGDHQ
 XQD GH ODV PiV DFWLYDV
RUJDQL]DFLRQHVPDSXFKH
0LMDHO FRPHQ]y VX OXFKD D ORV  DxRV
FXDQGR VyOR FRQ XQ SDOR HQ OD PDQR
SURWHJLy D XQ JUXSR GH DQFLDQDV
PDSXFKHVGHXQSLTXHWHGH&DUDELQHURV
&XDQGR OOHJDEDQ ORV KHOLFySWHURV
FXDQGR OOHJDEDQ ORV DYLRQHV HQ HVH
WLHPSRQRVRWURV\DGHMiEDPRVGHMXJDU\
QRV tEDPRV D OR DOWR GH XQD PRQWDxD \
REVHUYiEDPRVREVHUYiEDPRVFyPRHUDQ
ORV HQIUHQWDPLHQWR DEDMR FyPR OD JHQWH
FRQXQSDORFRQXQDSLHGUDVHGHIHQGtDGH
EDOD]R \ HVR QRV HQVHxy D HMHUFHU XQD
SROtWLFD XQD SROtWLFD GH OLEHUDFLyQ
UHFXHUGDHQXQDFRQRFLGDHQWUHYLVWD
(VD JHQHUDFLyQ QDFLGD HQ GHPRFUDFLD
TXH VXIULy UHSUHVLyQ \ PDUJLQDFLyQ TXH
DSUHQGLy GH ORV DFLHUWRV \ HUURUHV GH OD
&RRUGLQDGRUD$UDXFR0DOOHNR &$0 HVWi
DOIUHQWHGHODOXFKDGHVXSXHEOR0LMDHOHV
ZHUNpQ PHQVDMHUR FRPRPXFKRVGHVXV
FRPSDxHURV GH MXHJRV LQIDQWLOHV KDFH
DSHQDVXQDGpFDGD
(Q &RFKDEDPED HQ HO ,9 6HPLQDULR GH
,QWHJUDFLyQ 'HVGH $EDMR UHDOL]DGR D
SULQFLSLRV GH QRYLHPEUH H[SOLFy TXH VX
FRPXQLGDGWHQtDHQIDPLOLDV\
KHFWiUHDV +R\ KDQ UHFXSHUDGR 
KHFWiUHDV JUDFLDV D OD SRWHQWH
PRYLOL]DFLyQGHWRGRXQSXHEOR/D$OLDQ]D
WLHQH DOUHGHGRU GH  FRPXQLGDGHV

/26,1',2

RUJDQL]DGDV TXH HQ GRV GpFDGDV KDQ


UHFXSHUDGRPLOKHFWiUHDVHQOD\
5HJLyQDOVXUGHOUtR%LR%LR
&RPR RUJDQL]DFLyQ QR FUHHQ HQ
SURPHVDV HVWDWDOHV QL VLTXLHUD HQ HO
FpOHEUH DUWtFXOR  GH D 2,7 SRUTXH
DXQTXH SXHGH VHU FRQVLGHUDGR XQ SDVR
DGHODQWH TXLHQHV VH HQFDUJDQ GH
LPSOHPHQWDUOR VRQ VLHPSUH ORV HVWDGRV
(O PXQGR LQGtJHQD QR WLHQH TXH SHGLU
GLMR0LMDHOVLQRKDFHUUHFXSHUDUWLHUUDV\
WUDEDMDUSDUDFRQFUHWDUHOFRQWUROWHUULWRULDO
3RUTXHVLQWHUULWRULRVQRVRPRVSXHEORV
3HUR WHUULWRULRV LQGHSHQGLHQWHV
DXWRJREHUQDGRVSRUORVSXHEORV
([SOLFy TXH FXHQWDQ FRQ JUXSRV GH
GHIHQVD TXH HVWiQ VXERUGLQDGRV D ODV
FRPXQLGDGHV (VRV JUXSRV VRQ HO
EOLQGDMH GH OD FRPXQLGDG SHUR UHDOL]DQ
XQ WLSR GH DFFLRQHV GRQGH QR VH YHD
DIHFWDGD OD YLGD KXPDQD GRQGH QR VH
YLROHQ GHUHFKRV KXPDQRV TXH SXHGHQ
FRQVLVWLU HQ HO DFRPSDxDPLHQWR \
SURWHFFLyQ GH ODV FRPXQLGDGHV KDVWD
PHGLGDVGHVDERWDMH(QVXPDIRUPDVGH
DFFLyQ GHIHQVLYDV TXH QR GDxDQ
SHUVRQDV
/DVSULQFLSDOHVDFFLRQHVTXHGHVDUUROODOD
$OLDQ]DJLUDQHQWRUQRDODRFXSDFLyQGH
WLHUUDVSDUDVXUHFXSHUDFLyQGHILQLWLYD/D
PD\RU SDUWH GH ODV RFDVLRQHV VRQ
GHVDORMDGRV YLROHQWDPHQWH SRU
&DUDELQHURV XVDQGR XQD YLROHQFLD
GHVPHGLGD TXH VXHOH GHVFDHUJDUVH
LQGLVFULPLQDGDPHQWH FRQWUD ODV
FRPXQLGDGHV)XHDVtFRPR0LMDHO\VXV
DPLJRV VH KLFLHURQ ZDLFKDIHV SRU
QHFHVLGDGSDUDGHIHQGHUDVXVIDPLOLDVGH
ODYLROHQFLDGHO(VWDGR

LRV
RGHORVLQG
OODUJRFDPLQ TXHOYDOOH
H
V
H
D
ULF
p
\D
$P
QLHEOD
DVFXPEUHV
(OORVVRQHVW FDOODGRVSHUGLGRVHQOD
V
WH
<HVRVPRQ OGRUDGR

L]D
GUDGHVLHUWD
<DTXHOPD
GUDV\ODSLH PSODQGRORVLQGLRV
LH
S
V
OD
H
WU
Q
WH
<HOKXHFRH VVLWLRVQRVHVWiQFRQ
VOR
VYLJLODQ
R
Q
V
UH
E
'HVGHWRGR
P
HOLQGLR
VODVDOWDVFX
'HVGHWRGD ODWLHUUDFRQODFDUQHG $PpULFD
R
H
G
G
D
H
UG
HODQRFK
+DHQJR
VFHQWLQHODG LOHQFLRGHOLQGLR
H
UD
E
P
R
V
6X
OV
VDELVPRV
VFRQRFHQH
/RVFyQGRUH EUDGRGXHUPHDOOiHQOR HOLQGLR
H
WH
X
HVWiSUHVHQ RVXVFRPDUFDV
<VXJULWRT
TXHYDPRV
QG
'RQGHTXLHUD /RSUHVHQWLPRVDQGD PRFRYt
R
RV
/RUHVSLUDP DUDWHKXHOFKHJXDUiQ
D
\P
D
WDFRRSDPS

D
D
P

D
FK
4XHFKX
LE

FK
t

X
D
T
~
D
UU
K
D
OF
K
D
F
F
&KLULJXDQRR FRSDWDFyQGLDJXLWDR 
X
ED
LQGLRV
5DQTXHODUD FDPDWRQRFRWpVRWR
WD
PSODQGRORV GVDJUDGD
D
WH

Q
R
FD
D
F
X
Q
K
i
D
VW
2P
QLGD
RVH
VORVVLWLRVQ QODUJRFDPLQRGHLQGLD
'HVGHWRGR
X

VR
H

V
OWD
H
D
D
UD
ULF
G
3RUTXH$Pp DQXUDODVHOYD\ODSLH V
QH
QOO
(QWUHODJUD LGDGGHODVFRQVWHODFLR GLRV
LQ
UQ
V
WH
H
OR
H
OD
G
MR
R
D
<E
DUJRFDPLQ
OO
H
V
WHPSODQGR
Q
H
R
D
F
ULF
Q
6t$Pp
QRVHVWi
V
WLR
VL
V
OR
V
R
<GHVGHWRG
XSDQTXL
$WDKXDOSD<

%ROLYLD

0DOHO\/LQDUHV6iQFKH]

686$1$3$&$5$

(VWDOXFKDGRUDVRFLDOLQGtJHQDTXHFKXDHVDGHPiVXQDGHODV
IXQGDGRUDVGH5DGLR/DFKLZXDQDHQ&RFKDEDPED%ROLYLDGHVGH
3DUD GHIHQGHU OD WLHUUD \ HO
WHUULWRULR KD\ TXH KDEODU
GHVGH DGHQWUR GHVGH HO
FRUD]yQ
6XVDQD3DFDUD
'LJQD UHSUHVHQWDQWH GH VX
FRPXQLGDGHQODSURYLQFLDGH
&KD\DQWDGHOGHSDUWDPHQWR
GH 3RWRVt HQ %ROLYLD HVWD
PXMHUGHDxRVGHVERUGD
GHYLWDOLGDGORVHVSDFLRVSRU
ORVTXHWUDQVFXUUH9HQFHUHO
PLHGR\DVXPLUORVUHWRVVRQ
DOJXQDV GH ODV FDUDFWHUtV
WLFDVHQFDUQDGDVSRU6XVDQD
3DFDUD TXLHQ GHVGH KDFH
PiV GH  DxRV SURGXFH
UDGLRSDUDOLEHUDUODSDODEUD
OR KDFH FRQYHQFLGD GH OD
SRWHQFLDOLGDGH[LVWHQWHHQOD
FRPXQLFDFLyQ \ OD
LPSRUWDQFLD GH OD PLVPD
GHQWUR GH ORV SURFHVRV
SROtWLFRVRUJDQL]DWLYRVGHORV
GLYHUVRV PRYLPLHQWRV
VRFLDOHV
6H GHVHPSHxy FRPR
HPSOHDGD GRPpVWLFD VRPHWLGD D
SpVLPDV FRQGLFLRQHV ODERUDOHV
ODV PLVPDV TXH OD LPSXOVDURQ D
H[LJLU MXVWLFLD SDUD ORV D\PDUDV \
TXHFKXDVSXHEORVPDUJLQDGRVGH
VX QDFLyQ \ HPSH]y D KDFHUOR D
WUDYpV GH OD P~VLFD HQWRQDQGR
PHORGtDVHQGLIHUHQWHVHPLVRUDV
OXHJRGHVGHODORFXFLyQ
&XDQGR GHFLGLy HPSXxDU XQ
PLFUyIRQR\XQDJUDEDGRUDVDEtD
TXHQRGDUtDPDUFKDDWUiVpVWDV
VHUtDQ ODV DUPDV TXH OD
DFRPSDxDUtDQHQORVEORTXHRVGH
FDPLQRODVKXHOJDVGHKDPEUHR
ODVWDQWDVDFFLRQHVDGHODQWDVSRU
RUJDQL]DFLRQHV LQGtJHQDV HQ
FRQWUDSRVLFLyQ D ORV JRELHUQRV
QHROLEHUDOHVGHGLFDGRVDUHSULPLU
\DH[SORWDUFRPRORKLFLHURQFRQ
DOJXQRV GH ORV KHFKRV TXH PiV
UHFXHUGD OD PDVDFUH GH ORV
FRFDOHURV\ODJXHUUDGHODJXDHQ
HODxR
'XUDQWH YDULRV PRPHQWRV HQ VX
YLGD KD WHQLGR TXH DIURQWDU ORV
REVWiFXORV SURSLRV GH ODV
DFFLRQHV UHDOL]DGDV 2OYLGDU HO
KDPEUH ODV LQFOHPHQFLDV GHO
FOLPD VXSOLU OD VHG EHELHQGR VX
SURSLDRULQDSHURQDGDGHHOORKD
VLGR XQ LPSHGLPHQWR SDUD ORJUDU
XQRGHVXVSULQFLSDOHVSURSyVLWRV
OD GLJQLGDG GH ODV FRPXQLGDGHV
LQGtJHQDV\FDPSHVLQDV
(OODVHHQFDUJDUtDGHGHQXQFLDU\
GDUOH OD SDODEUD GHVGH VX SURSLD
OHQJXDDORVGHDEDMRSDUDUHVLVWLU
\WUDQVIRUPDU$ILUPDTXHHOSDSHO
GH OD UDGLR QR HV VRODPHQWH

LQIRUPDWLYR VLQR DGHPiV

IRUPDWLYR \ TXH GHEH DVXPLUVH


FRQSDVLyQ
$VHJXUD TXH XQD GH ODV JUDQGHV
EDWDOODV OLEUDGDV SRU ORV SXHEORV
LQGtJHQDVHQWRGRHOFRQWLQHQWHKD
VLGRSRUODGHIHQVDGHODWLHUUD\HO
WHUULWRULR \ SRU HOOR D WUDYpV GH OD
FRPXQLFDFLyQ GHEH GiUVHOH XQ
SDSHOSULPRUGLDODHVDOXFKDSDUD
DXQDUHVIXHU]RV\HQHVDPHGLGD
WHMHU UHVLVWHQFLDV D HVFDOD
SODQHWDULD
(OQRPEUHGH5DGLR/DFKLZXDQD
GHODFXDO3DFDUDHVIXQGDGRUDQR
KDVLGRGDGRDOD]DUHQTXHFKXD
UHILHUHDXQDDYLVSDTXHSURGXFH
PLHO FRQ SURSLHGDGHV FXUDWLYDV
KDFH VXV FROPHQDV HQ ]RQDV
DOHGDxDV DO DJXD FULVWDOLQD \ HV
SDFtILFD SHUR FXDQGR VH VLHQWH
DPHQD]DGD HO DWDTXH VH GD GH
IRUPDFROHFWLYD
/DIDFLOLGDGGHWUDQVPLVLyQYHUEDO
DFHUFD GH OR TXH RFXUUH \ HO
KHUPDQDUVH FRQ ODV UHVLVWHQFLDV
HQGLIHUHQWHVOXJDUHVKDSHUPLWLGR
TXH FDGD YH] VHDQ PXFKRV PiV
ORV R\HQWHV TXLHQHV VH VXPHQ D
/DFKLZXDQD DSR\DGRV DGHPiV
HQODDPSOLWXGGDGDDWUDYpVGHODV
QXHYDV WHFQRORJtDV OR TXH OHV
SHUPLWH VHU HVFXFKDGRV HQ
GLVWLQWDVJHRJUDItDV
&RPR PXMHU PDGUH DEXHOD \
OLGHUH]DVDEHTXHODOXFKDHVHQ
FRQWUD GHO DFWXDO VLVWHPD GH
H[SORWDFLyQ GHVSRMR \ PXHUWH
SHUR TXH SDUD FRQIURQWDUOR HV
QHFHVDULR VXPDU OD IXHU]D WDQWR
GH KRPEUHV FRPR PXMHUHV
TXLHQHV VDEHQ
TXH HV SRVLEOH
FRPR GLFHQ ORV
LQGtJHQDV
]DSDWLVWDV HQ
0p[LFR 8Q
PXQGR GRQGH
TXHSDQ PXFKRV
PXQGRV

/XFKD,QGtJHQD1GLFLHPEUH3DJ

&DQDGi3RU0DQXHO5R]HQWDO9LOPD$OPHQGUD

50(16(62%5(72'2'(3(16$0,(1726<
&212&,0,(1726&21&21&,(1&,$
+HOOHJDGRDODFRQYLFFLyQSRUVHUSDUWHGHOFODQGH
JXHUUHURV 0RKDZN 5R\LVFRUEHJXHFWH \ GHVSXpV GH
SDUWLFLSDUHQODOXFKDDUPDGDGHTXHODFRQFLHQFLDGH
ORVSXHEORVHVHOFDPLQRGHODOXFKD\HVHOTXHHVWR\
UHFRUULHQGR
$WXZDWFKDGXJQiGHO&ODQGHORV/RERVTXHVLJQLILFD
*XDUGLiQGHO7HUULWRULRHVPLQRPEUH0RKDZNHVDOD
YH] 'DEXNWHVK HQ 0LJPDT HO TXH 9LHQH GH GRV
)XHJRV\'RQ3DWULFN0DUWLQPLQRPEUHHQLQJOpV
,QGtJHQDGHSDGUH0L
JPDT\PDGUH0RKDZNSDUWLFLSy
FRPRPLHPEURDFWLYRGHOD6RFLHGDGGH*XHUUHURV
0RKDZNHQ.DKQDZDNHHQODGHIHQVDDUPDGDGHVX
WHUULWRULRDQFHVWUDOFRQWUDODDJUHVLyQGHOJRELHUQRGH
&DQDGi $KRUD FRPR LQGtJHQD SHULRGLVWD \ DUWLVWD
SROtWLFRFRPSDUWHXQDUHIOH[LyQVREUHODVOXFKDVGHVX
SXHEOR\HQYtDXQPHQVDMHDORVSXHEORVLQGtJHQDVGH
&RORPELD(VFXFKHPRVODYR]GHXQ5R\LVFRUEHJXHFWH
GHXQKRPEUHGHXQJXHUUHURGHXQKHUPDQRGHXQ
LQGtJHQD0RKDZN
1R FRQR]FR OD UHDOLGDG GH &RORPELD 1R HVWR\ HQ
FRQGLFLRQHVGHGDUXQDRSLQLyQRVXJHULUXQDHVWUDWHJLD
DVHJXLUSDUDODOXFKDDOOi(OFRQWH[WRHVWDQGLIHUHQWH
TXH\RWHQGUtDSRUUHVSHWRTXHHVWDUDOOiDOPHQRV
XQRVDxRVSDUDFRPHQ]DUDVHQWLUDODJHQWHODV
UHODFLRQHV\FRQHFFLRQHVFRPHQ]DUDVHQWLUHVHGRORU
ODVOXFKDVGHODVIDPLOLDVGHODJHQWH\GHORVSXHEORV
/RTXHTXLHURRIUHFHUHVXQSXQWRGHYLVWDSHUVRQDO\
WDPELpQ JHQHUDO GH OD 6RFLHGDG GH *XHUUHURV
0RKDZNGHODTXHKHVLGRPLHPEURDXQTXH\DQRHVWp
DFWLYRHQHVWD1XHVWURFRQWH[WRHVGLIHUHQWH(VWHHV
HQWRQFHVPLSXQWRGHYLVWDGHVGHQXHVWURFRQWH[WR\
UHDOLGDG0RKDZN
(VGHFLUTXHSDUWRGHDVXPLUPHFRPRKRPEUHGHOR
TXHVLJQLILFDVHUXQKRPEUHGHQWURGHQXHVWUDKLVWRULD
FRVPRORJtDILORVRItD\HQVHxDQ]D0RKDZNWHQJRXQ
SURSyVLWRXQDUHVSRQVDELOLGDG\DVXPRXQDREOLJDFLyQ
FRPRKRPEUH0RKDZNTXHVHHQFXHQWUDFRQWHQLGDHQ
QXHVWUR OHQJXDMH HQ PL OHQJXD /D SDODEUD HV
5R\LVFRUEHJXHFWH 7UDGXFH DO LQJOpV TXLHQHV
DVXPLPRV HO SHVR GH VHU SRUWDGRUHV GH OD SD]
(QWRQFHVFRPRKRPEUH0RKDZNPLSULPHUD\PD\RU
UHVSRQVDELOLGDGHVODSD]\ODWUDQTXLOLGDG'HERDVXPLU
HVWDUHVSRQVDELOLGDGSRUHQFLPDGHPLVHPRFLRQHVGH
ORTXHPHGLJDPLPHQWHRGHORTXHODVFLUFXQVWDQFLDV
PH H[LMDQ 'HER VHU XQ KRPEUH SDUD OD SD] \ OD
WUDQTXLOLGDG (VWR HV OR TXH VXE\DFH HQ HO
VXEFRQVFLHQWHSURIXQGRGHOVHUHPRFLRQDOGHORTXH
VLJQLILFDVHUKRPEUHGHVGHODSHUVSHFWLYDGHODFXOWXUD
0RKDZN

6LQHPEDUJRKD\RFDVLRQHVHQODVTXHKD\TXHOXFKDU
SDUDDOFDQ]DUHVWDWUDQTXLOLGDG\SD]$WUDYpVGHORV
WLHPSRVKHPRVSHOHDGRFRQWUDORVLQJOHVHVFRQWUDORV
IUDQFHVHV \ FRQWUD ORV KRODQGHVHV SDUD SURWHJHU
QXHVWUR WHUULWRULR \ WDPELpQ SDUD SURWHJHU QXHVWUD
FXOWXUD
'RQGH QRV TXHGDPRV FRUWRV IXH HQ FRPSUHQGHU HO
FDUiFWHU HQJDxRVR GH OD WHFQRORJtD \ GHO GLQHUR
&DUiFWHU HQJDxRVR TXH QR IXH FRPSDUWLGR FRQ
QRVRWURVSRUORVHXURSHRV 1RVHQRVGLHURQLJXDOHV
RSRUWXQLGDGHVIUHQWHDODWHFQRORJtD\IUHQWHDOGLQHURD
OD TXH WXYLHURQ ORV HXURSHRV TXH YLQLHURQ D
GRPLQDUQRV(QFRQVHFXHQFLDQXHVWUDVRFLHGDGVHYLy
REOLJDGD D KLEHUQDU D GRUPLU GXUDQWH  DxRV HQ
WDQWRFXOWXUD&RPRGHFtD0DQXHO5R]HQWDOVRxDUHO
VXHxRLQGtJHQDHVWXYRDXVHQWHSHURORVSULQFLSLRVOD
ILORVRItD\ODLGHRORJtDVHJXtDQDOOt
(QWRQFHV HQ ORV DxRV  FXDQGR HO 0RYLPLHQWR
,QGtJHQD HPSH]y GH QXHYR D GHVSHUWDUVH D
OHYDQWDUVH FXDQGR HPSH]DPRV D VRxDU QXHVWURV
SURSLRV VXHxRV DTXHOORV GH DXWRGHWHUPLQDFLyQ GH
VREHUDQtDGHLQGHSHQGHQFLDQXHVWURLGLRPDQXHVWUD
FXOWXUDUHJUHVDURQHQPHQRVGHDxRV$VtGHUiSLGR
/R~QLFRTXHVDEtDPRVKDFHUHQHVDVFLUFXQVWDQFLDV
HUD SHOHDU 1R VDEtDPRV GH SROtWLFD WDPSRFR GH
GHPRFUDFLDGHRUJDQL]DFLyQLQYHUVLRQHVGHODEDQFD
RGHHVWUDWHJLDV
(QWRQFHVLQLFLDOPHQWHQXHVWUD~QLFDSDVLyQHUDSHOHDU
/RSULPHURTXHKLFLPRVIXHWRPDUODVDUPDV\WXYLPRV
p[LWR HQ HOOR (Q  UHFXSHUDPRV XQ WHUULWRULR
QXHVWURHQ.DQLDQNH\WDPELpQHQQRVDUPDPRV
SDUDGHIHQGHUQXHVWUDHFRQRPtDHQ2ND
3HUR HO IUDFDVR GH HVWD HVWUDWHJLD HV TXH LPSLGH
FRQHFWDUVHHQDUPRQtDFRQHOSXHEORFRQODHGXFDFLyQ
GH QXHVWUD JHQWH ,PSLGHHVWDEOHFHU OD FRQH[LyQ GHO
DPRUSRUQXHVWUDSURSLDJHQWH7DPSRFRFRQRFtDPRVQL
FRQWiEDPRV FRQ ODV HVWUDWHJLDV HFRQyPLFDV ODV GH
FUHDU QXHVWUR SURSLR JRELHUQR HQ FRQVHFXHQFLD OD
HVWUDWHJLD GH OD DXWRGHWHUPLQDFLyQ WDPSRFR WXYR
EXHQRV UHVXOWDGRV 6RODPHQWH DKRUD HPSH]DPRV D
DSUHQGHU\DDYDQ]DUXQSRFRHQHVHVHQWLGR$GHPiV
QR FRQWiEDPRV FRQ XQD HVFXHOD SDUD HQVHxDUQRV QL
FRQHMHPSORVDVHJXLU6RODPHQWHWHQtDPRVODSDVLyQ
SDUDOOHYDUDFDERORTXHHUDMXVWR$Fi HQORTXHKR\VH
FRQRFHFRPR&DQDGi GHVGHPLFRQWH[WR\GHVGHOD
YLVLyQ GH PL SXHEOR KDVWD KR\ \R DSR\R OD OXFKD
DUPDGD DXQTXH FRQVLGHUR TXH KD\ RWUDV FRVDV TXH
GHEHQ WHQHU SUHFHGHQWH VREUH HVWD IRUPD GH OXFKD
FRPRVRQFRQFHELUXQDHVWUDWHJLDHFRQyPLFDSROtWLFD

(O &RQVHMR &DUDVKH DQXQFLD OD


FRQVWUXFFLyQGHORV4DUXERVKHT

7UDVPHVHVGHQRHPLWLUFRPXQLFDGRVHOFRQVHMR&DUDVKHTXHQXFOHDD
RUJDQL]DFLRQHV LQGtJHQDV TRP \ ZLFKL UHDSDUHFH DQXQFLDQGR OD
FRQVWUXFFLyQGHORV4DUXERVKHTRFRQVHMRVDXWyQRPRVGHJRELHUQR
(O &DUDVKH 0DUFRV DQXQFLR DO JRELHUQR SURYLQFLDO OD FUHDFLyQ GH ORV
4DUXERVKHT XQD IRUPD GH RUJDQL]DFLyQ TXH EXVFD HOLPLQDU OD ILJXUD GHO
FDFLTXHFRPR~QLFRUHSUHVHQWDQWHGHORVSXHEORVTRP\ZLFKL
$HVWHDQXQFLRHOFDUDVKHPDUFRVUHGDFWRHOVLJXLHQWHFRPXQLFDGR
(QYLDGRSRU%HDWUt]$PRU

&RQVHMR&DUDVKH

$ODVRUJDQL]DFLRQHVVRFLDOHVDODSREODFLyQFLYLODWRGRV\WRGDV

$OOiOHMRVODSROLVTXHGH*UHFLDOOHJRDOD$PpULFD$FiPDVFHUFDHOUpJLPHQ
GHLQWHQGHQFLDVTXHKDVWDKR\SHUVLVWH/RVGtDVVHSDVDQ\ODDJHQGDSROtWLFD
PDUFDODVDFFLRQHVGHORVGHDUULEDORVGHDEDMRORVGHOPHGLR\ORVPHGLRV
ORVTXHVHWUHSDQKDPDFDQVDOWDQRFDPLQDQ
&XDQGRQXHVWURVKHUPDQRV\KHUPDQDVUHFLEtDQODDJHQGDGHORVGHDUULED\
SRQtDQVXSHQVDPLHQWRDQGDUSDUDGHFLGLUDTXLpQYRWDUFRPRSUHVLGHQWHGHO
LQVWLWXWRGHODERULJHQFKDTXHxRQRVRWURVVDOLPRVDGHFLUQRYRWHVRUJDQt]DWH
&XDQGRODSREODFLyQFLYLOQRVGHVFXEULyVDEtDPRVTXHFXDQGRHOSDLVDMHGH
GRORU\PXHUWHGHMDUDGHVHUQRWLFLDHOROYLGRUHJUHVDUtDVREUHQRVRWURV
3RUHVRGHVGHKDFHEXHQWLHPSRQXHVWURVSDVRVORVPDUFDQQXHVWURVSLHV<
\D WLHQH EXHQ WLHPSR GH TXH PXFKDV FRVDV VH VXFHGHQ VLQ VHU QRWLFLD R
SULPHUDSODQD
(QHVWHWLHPSRHOQXHVWURKHPRVGLFKRDOJRELHUQRSURYLQFLDOGHFKDFRTXH
UHQXQFLiEDPRV D ORV EROVLQHV GH DOLPHQWR TXH SRU DxRV QRV DOLPHQWDEDQ

GHJRELHUQRHGXFDUQXHVWUDJHQWHSHURWDPELpQXQD
HVWUDWHJLD GHO DPRU SRU QXHVWUR SXHEOR 6LHQWR TXH
GHVSXpV GH WRGD HVD JXHUUD FRQ ORV HXURSHRV
TXHGDPRVDWURILDGRVSRUKDEHUGRUPLGRWDQWRVDxRV
1RV ROYLGDPRV GH TXHUHUQRV D QRVRWURV PLVPRV \
FXDQGR QRV GHVSHUWDPRV GH WRGR HVH WLHPSR OR
KLFLPRVGHVGHODLUD\HVRQRHVEXHQR
6LKD\XQPHQVDMHTXHSXHGRFRPSDUWLUFRQODJHQWH
GHO&DXFDHVGHFLUOHVTXHVHTXLHUDQXQDV\XQRVD
RWUDV\RWURVTXHDSUHQGDQXQDV\XQRVGHORVRWURV\
RWUDV D UHVSHWDUVH SDUD TXH D SDUWLU GH DOOt VXUMD OD
UHVLVWHQFLD\ORTXHEXVFDPRV/DWDUDTXHQRVGHMyOD
ODUJD RSUHVLyQ GHVGH OD FRQTXLVWD HV TXH HO ~QLFR
PHGLRLQPHGLDWRDQXHVWURDOFDQFHSDUDUHVLVWLUHUDQ
ODVDUPDVSRUTXHODFRQTXLVWDQRVKDEtDLPSXHVWROD
LQFDSDFLGDGGHTXHUHUQRV\GHFRQRFHUQRVXQRVDRWURV
SDUD FRQVWUXLU XQD VRFLHGDG D QXHVWUD PDQHUD
$FXGLPRVDODVDUPDV\DSUHQGLPRVWULXQIDQGRHQOD
OXFKDDUPDGDTXHHVWDVQRVRQHOFDPLQRVLQRTXHHO
FDPLQR GHSHQGH GH FRQWDU FRQ QXHVWUD VDELGXUtD
FRQYHUWLGDHQHVWUDWHJLDSDUDHVWDEOHFHUQXHVWUDDXWR
GHWHUPLQDFLyQ (Q QXHVWUR LGLRPD OD PLVPD SDODEUD
TXHXWLOL]DPRVSDUDGHFLU6ROVLJQLILFDVRFLHGDGGH
JXHUUHURV6HUJXHUUHURVHVSRUHOORPXFKRPiVTXH
SHOHDUFRQDUPDV3RUTXHVREUHORVJXHUUHURVFDHOD
UHVSRQVDELOLGDG HQ XQD PLVPD SDODEUD GH OR TXH
UHSUHVHQWDHOSHVRGHODSD]TXHGHEHPRVDVXPLUFRPR
FDPLQRFRPRQXHVWURPDQGDWRUPHQVHSULPHURGH
LQIRUPDFLyQ SDUD DOFDQ]DU FRQFLHQFLD \ VDELGXUtD \
XWLOLFHQ OD OXFKD DUPDGD FRPR ~OWLPD LQVWDQFLD \
~QLFDPHQWHFRPRXQDHVWUDWHJLDHQWUHPXFKDVRWUDV
/DPHQRUGHWRGDVODVHVWUDWHJLDV
(ODQWHULRUUHODWRHVSDUWHGHXQDFRQYHUVDFLyQFRQ9LOPD
$OPHQGUD \ 0DQXHO 5R]HQWDO HQ /LVWXJXM ,VOD GH OD

KHPRVSDVDGRGHUHFLELUXQDYLYLHQGDVRFLDODLPSRQHUQXHVWURVPRGHORV\
HVWHUHRWLSRVGHYLYLHQGD\FRPHQ]DGRFRQH[LVWRDTXHHOEDUURUHJUHVHD
JDQDUOHEDWDOODVDOFHPHQWR
'DPRVDQXQFLR\OX]DQXHVWUDVQXHYDVFRRSHUDWLYDVGHPXMHUHVFHVWHUDVTXH
VHKDQFUHDGR\TXHSURQWRWHQGUiQVXOXJDU\VXWLHPSRHQODYLUWXDOLGDGTXHVL
VHHV~WLO\OOHJDDTXLHQHQWLHQGHFRPSDUWHDSR\DHQVHxD\DSUHQGH
+HPRVOOHYDGRDGHODQWHSRUSULPHUDYH]ODLQLFLDWLYDGHDQWHSRQHUDO9RWRHO
RUJDQL]DUVH\KHPRVGHPRVWUDGRTXHTXLHQHVWDDUULEDGHEHREHGHFHUDORV
TXHGHDEDMRPDQGDQREHGHFLHQGR<ODVHPDQDSDVDGD$QGUHD&KDUROH
SUHVLGHQWDHOHFWDGHO,QVWLWXWRGHO$ERULJHQ&KDTXHxRWXYRTXHVHQWDUVHD
GLDORJDU FRQ XQ FHQWHQDU GH LQGtJHQDV TXH QR OD YRWDURQ \ OODPDURQ D
RUJDQL]DUVHSRUVREUHORVFDUJRVHLQVWLWXFLRQHVS~EOLFDV
< DKRUD GDPRV FRQRFLPLHQWR GH OD FUHDFLyQ GH QXHVWURV 4DUXERVKH R
FRQVHMRVDXWyQRPRVGHJRELHUQR'HFLPRV\DQRPDVDOFDFLTXHTXHSRUHO
SXHEORGHFLGHVLQRTXHDKRUDVHUiQORV4DUXERVKHORVTXHGHFLGDQTXp\
FyPROOHYDUDGHODQWHODGLUHFFLyQGHQXHVWURVSXHEORV
+HPRVVLGRFULWLFDGRVSRUQRGDUDFRQRFHUQXHVWURSHQVDUDRWURV\RWUDV3RU
QRDXQDUQRVHQODVOXFKDVTXHRWURV\RWUDVOOHYDQDGHODQWH6HQRVGLFH\VH
GLFHTXHTXLHQPDQGDHVHVHOLEURGHPXFKDVSiJLQDVOODPDGRFRQVWLWXFLyQ
QDFLRQDO\TXHQRVRWURV&RQVHMRFDUDVKHGHEHPRVDSHJDUQRVDODVOH\HVGH
HVWDGR \ YROYHUQRV SHUVRQDV MXUtGLFDV \ OXFKDU D WUDYpV GHO GHUHFKR GHO
GHFUHWRGHODDSHODFLyQFRQDERJDGRV\MXHFHV
8QD YH] PiV FRPR GLMHUD QXHVWUR KHUPDQR GH RWUDV WLHUUDV DQWHV GH VHU
DVHVLQDGRVXOLEURVXFRQVWLWXFLyQQRQRVKDEODQRTXLHUHKDEODU4XLHQHVVL
QRVHQVHxDQ\PXFKRVRQQXHVWURVOCWR[R\HTDQFLDQRV\DQFLDQDVTXHKDFHQ
GHVXSDODEUDXQFDPLQRTXHSDUDQRVRWURVHVGHFUHWR\OH\
+R\ PiV TXH QXQFD UHDILUPDPRV QXHVWUD SULPHUD GHFODUDFLyQ GHO QR
UHFRQRFLPLHQWR D QLQJXQD LQVWLWXFLyQ S~EOLFD PiV TXH D QXHVWUR FRQVHMR
FDUDVKH
'HVGH,PSHQHWUDEOH&KDFR&RQVHMR&DUDVKH
&DUDVKH0DUFRV
&RQWDFWRV
'HODWRPDGHOSRGHUGHDUULED

/XFKD,QGtJHQD1GLFLHPEUH3DJ

9HQH]XHOD

&RPEDWLHQWHV,QGtJHQDV
-RVpQJHO4XLQWHUR:HLU

1LJDOHOtGHU$xXXHQODJXHUUDGHUHVLVWHQFLD
FRQWUDHOFRORQLDOLVPRHQHO/DJRGH0DUDFDLER
'XUDQWHHOSURFHVRFRORQLDOHQODFXHQFD
GHO/DJRGH0DUDFDLER 9HQH]XHOD ORV
$xXXKDELWDQWHVGHOODJRHQVXVFDVDV
SDODItWLFDVHQWHQGLHURQVLHPSUHTXHORV
D\RXQD (OORVORVDOOHJDGRV HUDQXQRV
RWURVLJXDOHVHQODGLIHUHQFLDSRUORTXH
VLHPSUH EXVFDURQ FRUWDUFRPSDUWLU HO
HVSDFLRGHODVDJXDV\SDUDUHIUHQGDUWDO
GLVSRVLFLyQ 3DUDRXWH OtGHU GH OD
FRPXQLGDGDxXX HQYLyDVXKLMR1LJDOH
D YLYLU HQWUH ORV D\RXQD $Vt 1LJDOH
YLYLyFRPRSDMHGH$ORQVR3DFKHFRMHIH
HVSDxRO HQ OD UHJLyQ FRPSDUWLHQGR
LQFOXVRFRQ3HGUR3DFKHFRHOKLMRGHO
FRQTXLVWDGRU
$Vt WRGR SDUHFtD DQGDU ELHQ VLQ
HPEDUJRVLSDUDORVDxXXODVDJXDVQR
SXHGHQFHUFDUVHVLQRFRPSDUWLUVHSDUD
ORV EODQFRV HXURSHRV WRGR SXHGH VHU
FRQWURODGRFRPRSURSLHGDGSRUORTXH
HQYLVWDGHTXHHQHVWDSDUWHGHOPXQGR
QRSXGLHURQHQFRQWUDUQLRURQLSODWDQL
SHUODV FRQ OR ~QLFR TXH VH
DO]DURQORVHVSDxROHVIXHFRQHO
DUUHEDWRGHODVDOTXHORVDxXX
SURGXFtDQ  \ TXH UHSUHVHQWDED
HO HOHPHQWR FRQ HO TXH
L Q W H U F D P E L D E D Q 
WUDGLFLRQDOPHQWHFRQORVGHPiV
SXHEORVLQGtJHQDVGHODFXHQFD
7DO IXH OD FDXVD TXH OOHYy D
1LJDOH DKRUD MHIH GH VX
FRPXQLGDG D IRUPDU XQD
DUPDGD TXH XWLOL]DQGR VXV
SHTXHxDV\UiSLGDVEDUFD]DVOH
KL]R OD JXHUUD D ORV JUDQGHV EDUFRV
HVSDxROHVTXHGDGDVODVFRQGLFLRQHVGH
QDYHJDFLyQGHQXHVWURODJRUHVXOWDEDQ
LQVHUYLEOHVDORVDWDTXHVGH1LJDOH\VX
JHQWH

(QYLVWDGHODLPSRVLELOLGDGGHGHUURWDU
D 1LJDOH ODV DXWRULGDGHV FRORQLDOHV
WUDHQGHODUHJLyQGHORV$QGHVD3HGUR
3DFKHFRTXLHQFRQRFtDD1LJDOHGHVGH
ODLQIDQFLD$SURYHFKDQGRHVWDUHODFLyQ
3HGUR 3DFKHFR SLGLy D 1LJDOH XQ
DUPLVWLFLR\OHFRQYRFyDpO\DWRGDVX
JHQWHDXQDUHXQLyQHQODLVOD$VDDSDUD
=DSDUD SDUDDFRUGDUODSD]HVRVtGLMR
3DFKHFR ORV LQGLRV GHEtDQ LU
GHVDUPDGRVSXHVHOORVDVtORKDUtDQ
1LJDOHTXHUtDODSD]\SRUHOORDFHSWy\
pO\WRGRVVXVKRPEUHVIXHURQDODFLWD
GHVDUPDGRV QR DVt ORV HVSDxROHV
TXLHQHVEDMRODVPDQJDVGHVXVFDPLVDV
HVFRQGLHURQVXVGDJDVFRQODVTXHHQVX
PRPHQWR DWDFDURQ D ORV KRPEUHV
GREOHJDQGRD1LJDOHDTXLHQOOHYDURQD
0DUDFDLERSDUDVHUFROJDGRHQOD3OD]D
FHQWUDO\SRVWHULRUPHQWHHVFODYL]DQGR
DVXVPXMHUHV\HOUHVWRGHORVDxXXTXH
WXYLHURQ TXH KXLU LQWHUQiQGRVH HQ ODV

FDEHFHUDVGHOKR\UtR/LPyQHQGRQGH
D~QKR\KDELWDQVLQROYLGDUQXQFDTXH
IXH1LJDOHHOMHIHDxXXTXHSRUPXFKR
WLHPSR GREOHJy D OD JUDQ DUPDGD
HVSDxROD


-RVpQJHO4XLQWHUR:HLU

      
     


    
      
     
     
   

   
   
    




       



       
    

    



   
     

    
     
    


        

   







      






-RVpQJHO4XLQWHUR:HLU



    

      
     
     
      

      

       
       
       
    


      

      
      

     
     




-RVpQJHO4XLQWHUR:HLU


     
     

    
    
   

    

   
    
   


   


   




     

      

     




&DQDGD

$FWXDOL]DFLyQHQ%XUQDE\0RXQWDLQ
DUHDGHFRQVHUYDFLyQ$QGUHD9DVTXH]
'HVSXpV GH VHPDQDV GH UHVLVWHQFLD OD SROLFtD OOHJD D OD 0RQWDxD GH %XUQDE\ SDUD
GHVPDQWHODUHOFDPSDPHQWRHVWDEOHFLGRSRUPLHPEURVGHODFRPXQLGDGLQGtJHQDV\QR
LQGtJHQDV/DSROLFtDVHKDFHSUHVHQWHSDUDUHSUHVHQWDU\GHIHQGHUORVGHUHFKRVGHOD
HPSUHVDSULYDGDGHHQHUJtD.LQGHU0RUJDQ
/DJHQWHJULWDQRROHRGXFWRVHQWHUULWRULRVLQGtJHQDVUREDGRV
0L HVSRVR IXH DUUHVWDGR FRQ XQ JUXSR GH SHUVRQDV HQ HO iUHD \ IXHURQ SXHVWRV HQ
FDPLRQHWDV GH OD SROLFLD YHU DEDMR $~Q QR VDEHPRV GyQGH HVWiQ HVDV SHUVRQDV
DUUHVWDGDV
8QMRYHQGHOJUXSRGHSHUVRQDVTXHIXHURQOODPDGRV FXLGDGRUHVGHODPRQWDxDGH
%XUQDE\ iUHDGHFRQVHUYDFLyQSRUOH\ GLMRDORVUHSRUWHURV\ODSROLFtDGHVGHOD
SDUWHVXSHULRUGHXQRGHORViUEROHVTXHYDDVHUWDODGRFRQHOILQGHSHUIRUDUODPDGUH
WLHUUDSDUDODLQVWDODFLyQGHXQJDVRGXFWRFDGDJRELHUQRORFDOGLMRTXHQRTXLHUHTXH
HOROHRGXFWRH[FHSWRORVFRUUXSWRVTXHORHVWiQSHUPLWLHQGR
+HOLFySWHURVHVWiVREUHYRODQGRHOiUHD\VHGLFHTXHODHPSUHVDHPSH]DUiORVWUDEDMRV
DODVGHOPHGLRGtD RVHDHQHVWHPRPHQWR 
2WUDPXMHUTXHHVDUUHVWDGDHVJUDEDGDPLHQWDVHVDUUHVWDGD(VWDPRVGHSLHMXQWRVHQ
HVWDOXFKD\RQRVR\XQDSHUVRQDYLROHQWDRSRFRFRRSHUDWLYD<RQRVR\XQDUDGLFDO
VR\ XQD PDGUH TXH WLHQH GRV KLMRV 1XHVWUD FRPXQLGDG QR TXLHUH HVWH ROHRGXFWR
QXHVWURV JRELHUQRV ORFDOHV QR TXLHUHQ HVWH
ROHRGXFWR $Vt TXH HVWR\ DTXt KR\ SDUD
UHJLVWUDUPLRSRVLFLyQDORVROHRGXFWRV\ORV
FRPEXVWLEOHVIyVLOHV
1RWDGHODUHGDFFLyQ5HFLELPRVHVWH
PHQVDMHHOGHQRYLHPEUH'HVGH
HQWRQFHVQRKHPRVUHFLELGRQRWLFLDV

/XFKD,QGtJHQD1GLFLHPEUH3DJ
D      
      
      
  W      
     


    d '   
>



D z    
  >    
 E  
    D 

W
     
       
     


       
 ,   W 
    
>W>>
   >    
      


      
 
         


          




z
       

      
     


D
       z

      

/EK^E

KWE
W
D

'
W
      

>

     


     /EK^  
0LOWRQ6iQFKH]

  z  
^
     
      
  D z 
    
     
   '  

      
    
W


      
W     
^   d  W
    > ^ 
     


      

  

>   z 


K

     

    / 
^
^
    
       
z      
       


          
      
 dWD
D:
z


z>
   D s   KE'
'       

^
>
         

   z   
     




       
     

D
z

       
E
       
^
 D
'>
>W


     
 z     
     
     
       
     
     
     




>
     
  W  

     

     

D     
    
z
  /EK^   
     
 ,   
    
     
   

       



z

 W E  W   
  ^



(VWDGRV8QLGRV

7HFXPVHK'HVWHOORHQODFRQVWHODFLyQGHQXHVWUDVOXFKDV
8QD SDQWHUD DWUDYHVy HO ILUPDPHQWR GiQGROH
QRPEUH D 7HFXPVHK HQ 6KDZQHH FRPHWD
HVWUHOOD IXJD] R SDQWHUD TXH SDVD +R\ HVH
WHUULWRULRUHFLEHHOQRPEUHGH2KLRXQRGHORV
(VWDGRV GH OD &RQIHGHUDFLyQ GH ORV ((88
HVWDEOHFLGD D VDQJUH \ IXHJR VREUH WLHUUDV
LQGtJHQDV 6KDZQHH HO  GH RFWXEUH GH 
$XQTXH OD YHUGDGHUD IHFKD GH QDFLPLHQWR GH
7HFXPVHK VH GHVFRQR]FD SRUTXH FRQ OD
FRQTXLVWD OOHJy XQ WLHPSR GH FDOHQGDULRV DO
VHUYLFLRGHOWUDEDMRH[SORWDGR\GHOGHVSRMRTXH
QLHJDORVULWPRVGHORVSXHEORVHQORVWHUULWRULRV
TXHGLHURQYLGDD7HFXPVHKDRULOODVGHXQUtRHO
DOPDQDTXH GHO LQYDVRU ILMD OD IHFKD GH VX
QDFLPLHQWRHQPDU]RGH8QRGHORVVDELRV
JXHUUHURVRUDGRUHVOXFKDGRUHVPiVLPSRUWDQWHV
HQODKLVWRULDGHHVWHFRQWLQHQWH7HFXPVHKFUHFLy
HQPHGLRGHODJXHUUDGHOGHVSOD]DPLHQWR\GHO
GHVSRMR (XURSD VH UHSDUWtD ORV WHUULWRULRV
DQFHVWUDOHV SDUD OD FRGLFLD \ HO QXHYR LPSHULR
(VWDGRV 8QLGRV OLEUDED \ JDQDED VX JXHUUD GH
LQGHSHQGHQFLD FRQWUD HO ,PSHULR %ULWiQLFR
SUHFLVDPHQWHSDUDVRPHWHUDVXFRGLFLDLQVDFLDEOH
WLHUUDV \ SXHEORV GH HVH YDVWR WHUULWRULR VLQ
LPSHGLPHQWRV QL OLPLWDFLRQHV 8QD FDOOH GH
7RURQWR 2QWDULR OOHYD VX QRPEUH 8QD FDOOH
SHTXHxD8QQRPEUHLJQRUDGR8QDYLGDDKRJDGD
HQ UHODWRV IUDJPHQWDGRV GH JXHUUDV \
DFRQWHFLPLHQWRVHQORVTXHQRFDEHXQKRPEUH
SXHEORVFRQIHGHUDFLyQFX\DKHUPRVDVDELGXUtD\
FRKHUHQFLDVRODPHQWHVHQRPEUDQHQODEHOOH]DGH
HVWRVWHUULWRULRV\HQVXVSXHEORVGLYHUVRV\DKRUD
VRPHWLGRV$FDEDOORUHFRUULySULPHURODUHJLyQ
GHORVJUDQGHVODJRV\ORTXHVHFRQRFHFRPRHO
2HVWH 0HGLR /XHJR OOHJy DO VXUHVWH GHO
FRQWLQHQWH GHO QRUWH 6X SDODEUD OD OHFFLyQ
DSUHQGLGD GH OD WLHUUD \ GH VXV PD\RUHV WHMLy
FRQWDJLyFRQVROLGyXQDHQRUPH&RQIHGHUDFLyQ
GHWRGRVORVSXHEORV,QGtJHQDVEDMRXQDGHFLVLyQ

HVWDEOHFHU WRGR HVH YDVWR WHUULWRULR TXH KR\


RFXSDQ (VWDGRV 8QLGRV \ &DQDGi FRPR XQD
QDFLyQ FRQIHGHUDGD GH ORV SXHEORV LQGtJHQDV
GLYHUVRVYLYLHQGREDMRQXHVWUDVSURSLDVOH\HV\
FRVWXPEUHV/DXQLGDGUHVSRQGtDDXQPDQGDWR
OD GHIHQVD GH OD 0DGUH7LHUUD 'HVSOD]DGR D~Q
DQWHV GH QDFHU \ GHVGH VX LQIDQFLD GH YDULRV
WHUULWRULRVHVWDHUDODSDODEUDTXHQRPEUDEDVX
HVStULWX\RULHQWDEDVXOXFKDFRPRSXHEOR
1LQJXQD WULEX WLHQH HO GHUHFKR GH YHQGHU
>WLHUUD@ QL VLTXLHUD D RWUD PXFKR PHQRV D
H[WUDQMHURV 9HQGHU XQ SDtV" 3RU TXp QR
YHQGHUWDPELpQHODLUHODVQXEHV\HOJUDQPDU
FRQODWLHUUD"1RORVKL]RHO*UDQ(VStULWXSDUD
XVRGHWRGRVVXVKLMRV\OD~QLFDPDQHUDGH
GHWHQHU HVWD LQLTXLGDG >SpUGLGD GH WLHUUD@ HV
SDUD ORV KRPEUHV URMRV XQLUVH \ UHFODPDU XQ
FRP~QHLJXDOGHUHFKRVREUHODWLHUUDFRPRHUD
HQXQSULQFLSLR\GHEHUtDVHUDKRUDSDUDTXH
QXQFDVHDGLYLGLGD
/D&RQIHGHUDFLyQVHKL]RUHDOLGDG(QODEDWDOOD\
HQ ORV GHEDWHV 7HFXPVHK \ OD FRQIHGHUDFLyQ
GHUURWDURQDOLQYDVRU(QOD,VODGHOD7RUWXJDD
WUDYpVGHOOLGHUD]JRKHFKRYLGDHQHVWHOtGHUWHMLGR
GH YRFHV P~OWLSOHV KLVWRULDV DQFHVWUDOHV \
WHUULWRULRVGLYHUVRVVHFRQVROLGDEDXQDQDFLyQGH
QDFLRQHV XQD QDFLyQ LQGtJHQD 3HUR HQ 
FHGLHQGRDOVRERUQRVHILUPDHO7UDWDGRGH)RUW
:D\QH$OJXQRVLQGtJHQDVHQWUHJDQNPWV
GH WLHUUD SRU GLQHUR 7HFXPVHK UHFKD]D HVWD
WUDLFLyQ\OXFKDDKRUDWDPELpQFRQWUDLQGtJHQDV
YHQGLGRV \ GLYLGLGRV SRU OD FRGLFLD (O  GH
RFWXEUH GH  PXHUH HQ OD EDWDOOD HQ
0RUDYLDQYLOOH KR\ 2QWDULR &DQDGi SHOHDQGR
FRQWUDWURSDVGHOIXWXUR3UHVLGHQWH+DUULVRQGH
ORV((881DGLHVDEHH[DFWDPHQWHFyPRPXULy
QL GRQGH TXHGy VX FXHUSR SHUR VL TXH KDEtD
PDQLIHVWDGRXQDGHFLVLyQ1XHVWUDVYLGDVHVWiQ
HQ ODV PDQRV GHO *UDQ (VStULWX (VWDPRV

GHFLGLGRV D GHIHQGHU QXHVWUDV


WLHUUDV\VLVXYROXQWDGDVtOR
GHWHUPLQD GHVHDPRV GHMDU
QXHVWURVKXHVRVHQHOODV
7HFXPVHK /D SDODEUD \ HO
FDPLQR GH XQD YHUGDG GLJQD
TXHOHYDQWDHOSXxRODYR]\HO
FDPLQRHQWRGDVSDUWHVSRUTXH
VLJXHVLHQGRYHUGDG\YLGD$OQDUUDUOD0DVDFUH
GHO )XHUWH 'HDUERUQ HQ &KLFDJR HO *UDQ -HIH
6LPyQ 3RNDJRQ GH OD 1DFLyQ 3RWWDZDWRPLH
UHFXHUGD OD YR] GH 7HNXPVHK HQ HO DxR 
DGYLUWLpQGROHVVREUHODLQPLQHQFLDGHODPDVDFUH
DVt
'HODQWHGHPLVHSDUDQORVYHUGDGHURVGXHxRV
GHHVWDKHUPRVDWLHUUD(O*UDQ(VStULWXHQVX
VDELGXUtDOHVGLRHVWDVWLHUUDVDXVWHGHV\DVXV
KLMRVSDUDTXHODVGHILHQGDQ3DUDHVROHVSXVR
DTXt3HURODUD]DGHOLQYDVRUFRPRXQDLQPHQVD
VHUSLHQWHVHHQURVFDFDGDYH]PiVFHUFDHQWRUQR
GHXVWHGHV1ROHEDVWDFRQURGHDUORVVLQVDOLGD
+DQFRQVWUXLGRHQ&KLFDJRHQHOFRUD]yQPLVPR
GH VX WHUULWRULR XQ IXHUWH PLOLWDU FRQ WURSDV
SUHSDUDGR\HTXLSDGRSDUDODJXHUUD
7DQ FLHUWR FRPR TXH ORV FLHORV HVWiQ VREUH
XVWHGHVKDQGHFLGLGRGHVWUXLUORVDXVWHGHV\D
VXVKLMRV\RFXSDUSDUDHOORVHVWDVEXHQDVWLHUUDV
/XHJR GHVWUXLUiQ HVWRV ERVTXHV FX\DV UDPDV
VLOEDQ FRQ ORV YLHQWRV VREUH ODV WXPEDV GH VXV
SDGUHVFDQWDQGRPHORGtDVHQVXKRQRU6LGXGDQ
GHORTXHOHVGLJRYHQJDQDFRPSixHQPHDOHVWHR
DO VXU $ SRFDV MRUQDGDV HQ VXV FDPLQRV
DQFHVWUDOHV OHV PRVWUDUp WLHUUDV TXH XVWHGHV
DOJXQDYH]KDELWDURQWRWDOPHQWHGHVRODGDV$OOt
ERVTXHV GH HGDGHV LQFDOFXODEOHV KDQ VLGR
GHUULEDGRV\FRQYHUWLGRVSRUHOIXHJRHQFHQL]DV
$OOtHOE~IDOR\HOYHQDGRORVSiMDURV\ORVSHFHV
KDQGHVDSDUHFLGR$OOtODVDYHVGHORVERVTXHV
FX\RV GXOFHV FDQWRV DOJXQD YH] DOHJUDURQ VXV

RtGRV KDQ DEDQGRQDGR HVDV WLHUUDV SDUD QR


UHJUHVDUMDPiV<ODVIORUHVVLOYHVWUHVFRQODVTXH
VXVPXMHUHVJXVWDEDQGHDGRUQDUVHVHSXGULHURQ
\ KDQ PXHUWR 'HEHQ WHQHU SUHVHQWH TXH HVWRV
IRUDVWHURVQRVRQFRPRXVWHGHVHVWiQSULYDGRV
GH DIHFWR QDWXUDO SRUTXH DPDQ HO RUR \ OD
JDQDQFLDPiVTXHXQRVDRWURV$OJXQRVGHHOORV
OHVVHJXLUiQHQVXVKXHOODVHQVLOHQFLR\FRQVLJLOR
FRPRHOORERSHUVLJXHDOYHQDGRSDUDPDWDUORV
FRPRXVWHGHVFD]DQ\PDWDQODSDQWHUD
(VWD HVWUHOOD IXJD] QR KD GHVDSDUHFLGR GHO
ILUPDPHQWR GH ODV OXFKDV GH WRGRV ORV SXHEORV
LQGtJHQDV WHMLGRV D ORV WHUULWRULRV GH QXHVWUD
0DGUH 7LHUUD 7HFXPVHK SHUWHQHFH D XQD
FRQVWHODFLyQ FX\D YLGD \ OXFKD HV HO GHVWHOOR
PRPHQWiQHRGHXQFDPLQRGLJQR\QHFHVDULRTXH
QRFDEHHQHOGHVSRMRGHOLPSHULRTXHOOHJDKDVWD
QXHVWURV GtDV 1R FXSR HQ IHFKDV QL HYHQWRV
DXQTXH IXHUD REOLJDGR D VHU VX SURWDJRQLVWD
7HFXPVHKOD3DQWHUDTXH3DVDODHVWUHOODIXJD]
HVYR]GHODWLHUUD\ODGHORVSXHEORV\SRUHOORHV
XQD HQWUH PXFKDV YRFHV \ YLGDV GH OD 0DGUH
7LHUUD\GHVXVSXHEORV&DGDHVWUHOODIXJD]HQHO
ILUPDPHQWR GH ORV SXHEORV QRV UHFXHUGD OD
3DQWHUD TXH 3DVD QRPEUDQGR \ OXFKDQGR SRU
DPRUDODWLHUUDGHHVWH7HFXPVHK
(PPDQXHO5R]HQWDO
,VODGHOD7RUWXJD


(OH[SROLRHQ$PpULFDIXHHORULJHQ
GHOFDSLWDOLVPRHQ(XURSD
(OGHVFXEULPLHQWRGH$PpULFD\HOSDVR
GHO&DERGH%XHQD(VSHUDQ]DDEULHURQ
XQ DPSOLR FDPSR D OD IORUHFLHQWH
EXUJXHVtD/RVPHUFDGRVGHOD,QGLD\
GHOD&KLQDODFRORQL]DFLyQGH$PpULFD
HO FRPHUFLR FRQ ODV FRORQLDV \ HO
DXPHQWRGHORVPHGLRVGHLQWHUFDPELR\
GH SURGXFWRV GLHURQ HQ JHQHUDO XQ
LPSXOVRDOFRPHUFLRDODQDYHJDFLyQ\D
ODLQGXVWULDFRPRQRVHKDEtDFRQRFLGR
KDVWDHVHHQWRQFHV\SRUWDQWRGLHURQ
XQ JUDQ LPSXOVR DO HOHPHQWR
UHYROXFLRQDULRHQVXOXFKDSRUGHUULEDU
OD VRFLHGDG IHXGDO &DUORV 0DU[ \
)HGHULFR(QJHOV 

D LQYDVLyQ GH $PpULFD SRU


HXURSHRV \ FRQFUHWDPHQWH SRU
HVSDxROHV WXYR FRQVHFXHQFLDV
HFRQyPLFDVSDUDODSREODFLyQHXURSHD
(O URER GH RUR SODWD \ RWURV PHWDOHV
SUHFLRVRV HQ WLHUUDV DPHULFDQDV
LPSXOVy HO XVR GH PHGLRV GH SDJR \
FUpGLWR$SDUHFLHURQORVXVXUHURV\ORV
SULPHURV EDQTXHURV ORV QXHYRV
JHVWRUHVGHODUDSLxD\HOURER
(OFRPHUFLRVHUHODQ]D\DXPHQWDQORV
SUHFLRVHQODSHQtQVXOD\DSDUHFHORTXH
KR\ GHQRPLQDPRV LQIODFLyQ 8Q
DXPHQWRUiSLGRGHPDVDPRQHWDULD SRU

WDQWRGHODGHPDQGD \XQDXPHQWRPiV
OHQWR GH OD SURGXFFLyQ RIHUWD 
GHWHUPLQy OR TXH ORV DXWRUHV KDQ
GHQRPLQDGRUHYROXFLyQGHORVSUHFLRV
/D PRQDUTXtD HVSDxROD PDQWXYR XQ
,PSHULR FRQXQFRQVLGHUDEOH HVIXHU]R
EpOLFR DxRV GH JXHUUDV FRQWLQXDV
FRQWUD ORV SURWHVWDQWHV HO WXUFR
,QJODWHUUDR)UDQFLDDFXHQWDGHORTXH
OOHJDED GH $PpULFD GH IRUPD TXH
FXDQGR OOHJDED LEDGLUHFWDPHQWH DODV
PDQRV GH ORV EDQTXHURV DOHPDQHV
LWDOLDQRV R VXL]RV TXH OR KDEtDQ
DGHODQWDGR
'HOH[SROLRGHWLHUUDVDPHULFDQDVQDFH
XQD LQFLSLHQWH EXUJXHVtD FRPHUFLDO
HXURSHD TXH D WUDYpV GHO FRPHUFLR
XOWUDPDULQR ORJUD VX DVFHQVR VRFLDO
3HUR D OD YH] DXPHQWDQ ORV SDULDV
PHQGLJRV\YDJDEXQGRV\DSDUHFHQODV
SULPHUDVVXEOHYDFLRQHVFDPSHVLQDV
$GPLQLVWUDU XQ H[WHQVR LPSHULR \
DVHQWDUXQHQRUPHDSDUDWREXURFUiWLFR
KL]R QHFHVDULR HO HVWDEOHFLPLHQWR GH
XQDFDSLWDOFHQWUDOLVWD0DGULGIUHQWHD
OD WyQLFD DQWHULRU GH WHQHU XQD
FDSLWDOLGDG LWLQHUDQWH SRU &DVWLOOD (O
H[SROLR HQ $PpULFD KDFH VXUJLU
HQIUHQWDPLHQWRVFRQ,QJODWHUUD)UDQFLD
\ 3RUWXJDO (VSDxD 3RUWXJDO
,QJODWHUUD )UDQFLD \ +RODQGD VH
DSURSLDURQGHODYLGD\ULTXH]DVGHODV
FXOWXUDVGHRWURVFRQWLQHQWHV
&RPR FRQVHFXHQFLD GHO VDTXHR HQ
$PpULFD ODV UXWDV FRPHUFLDOHV
PHGLWHUUiQHDV SHUGLHURQ LPSRUWDQFLD
HO FRPHUFLR YHQHFLDQR HQWUy HQ
GHFDGHQFLD\HQFDPELRODVUXWDVGHO
$WOiQWLFR FDGD YH] VH KLFLHURQ PiV
IUHFXHQWDGDV\REWXYLHURQXQDSULPDFtD
TXHSHUGXUDKDVWDKR\
/D HQRUPH ULTXH]D DSURSLDGD SRU
(VSDxD \ 3RUWXJDO JHQHUy HO FDSLWDO
QHFHVDULRSDUDGDURULJHQDOFDSLWDOLVPR
HQ,QJODWHUUDDILQHVGHOVLJOR;9,,,6H
PRGLILFDURQODVHFRQRPtDVFHUUDGDVGH
HVRVSDtVHVSDUDFRQVWLWXLUXQPHUFDGR

PXQGLDO
( /  & $ 3 , 7$ / , 6 0 2  $ 3$ 5 ( & ( 
68'$1'26$1*5(
/RVGHVFXEULPLHQWRVGHORV\DFLPLHQWRV
GHRUR\SODWDHQ$PpULFDODFUX]DGDGH
H[WHUPLQLR OD HVFODYL]DFLyQ GH ODV
SREODFLRQHV LQGtJHQDV IRU]DGDV D
WUDEDMDUHQHOLQWHULRU GHODVPLQDVHO
FRPLHQ]RGHODFRQTXLVWD\GHOVDTXHR
GH ODV LQGLDV OD FRQYHUVLyQ GHO
FRQWLQHQWH DIULFDQR HQ FD]DGHUR GH
HVFODYRVQHJURVVRQWRGRVKHFKRVTXH
VHxDODQ ORV DOERUHV GH OD HUD GH
SURGXFFLyQ FDSLWDOLVWD /DV ULTXH]DV
DSUHVDGDV IXHUD GH (XURSD SRU HO
SLOODMH OD HVFODYL]DFLyQ \ OD PDVDFUH
UHIOXtDQ KDFLD OD PHWUySROLV GRQGH VH
WUDQVIRUPDEDQ HQ FDSLWDO (O
FDSLWDOLVPRDSDUHFHVXGDQGRVDQJUH\
ORGRSRUWRGRVVXVSRURV
(O FDSLWDOLVPR GHVGH VXV SULPHURV
SDVRV GHQRWDED FDUDFWHUtVWLFDV
FRUUXSWDV H  LQKXPDQDV TXH KR\ VH
H[SOD\DQ HQ VX WRWDO SOHQLWXG -DPiV
KXERXQDRSRUWXQLGDGWDQSURORQJDGD\
WDQULFDSDUDHOKRPEUHGHQHJRFLRVHO
HVSHFXODGRU\HODSURYHFKDGRU(QHVRV
DxRV GH RUR QDFLy HO FDSLWDOLVPR
PRGHUQR 6H JHQHUD DVt XQD GLYLVLyQ
LQWHUQDFLRQDO GHO WUDEDMR TXH DGRSWy
IRUPDVGHWULDQJXODFLyQ$PpULFDDSRUWy
RURSODWDPDWHULDVSULPDV\ODPDQRGH
REUD DERULJHQ IULFD VXPLQLVWUy OD
PDQRGHREUDHVFODYDTXHVXVWLWX\yD
ORVH[WHUPLQDGRVQDWLYRVDPHULFDQRV\
(XURSDVHOOHYyODSDUWHGHOOHyQ\DTXH
SURGXMR \ FRPHUFLDOL]y ORV SURGXFWRV
PDQXIDFWXUDGRVDODYH]TXHFDSLWDOL]y
ODVWUDQVDFFLRQHVGHORVGHPiVYpUWLFHV
GHODWULDQJXODFLyQ
8QHMHPSORGHODPLVPDKLVWRULDLOXVWUD
ORTXHHVWDPRVKDEODQGR/XHJRGHOD
PXHUWHGH,VDEHO,GH,QJODWHUUDVXELyDO
WURQR -DFRER , (VWH UH\ DXWRUL]y OD
FUHDFLyQ GH FRPSDxtDV FRPHUFLDOHV
SULYDGDV FRQ HO SURSyVLWR GH H[SORWDU

HFRQyPLFDPHQW
H ORV WHUULWRULRV
DPHULFDQRV TXH
KDEtD UHFODPDGR
,QJODWHUUD$VtVH
IXQGDURQ ODV HPSUHVDV 9LUJLQLD
&RPSDQ\ RI /RQGRQ \ 9LUJLQLD
&RPSDQ\ RI 3O\PRXWK (O 5H\ OHV
RWRUJySHUPLVRVUHDOHVRFDSLWXODFLRQHV
SDUD FRORQL]DU HQ $PpULFD (VWDV
 FRPSDxtDV UHFOXWDEDQ SHUVRQDV HQ
,QJODWHUUD \ OHV RIUHFtDQ WLHUUDV HQ
$PpULFD $ FDPELR HOORV FXOWLYDEDQ
DOJXQRV SURGXFWRV FRPR DOJRGyQ \
WDEDFRORVFXDOHVVHFRPHUFLDEDQPX\
ELHQHQ(XURSD
3HUR QR VRODPHQWH ODV PRQDUTXtDV
SDUWLFLSDURQ HQ HO H[SROLR 7DPELpQ OR
KL]RODPLVPD,JOHVLDFDWyOLFDGH5RPD
/DVGHXGDVSDSDOHVFRQORVEDQTXHURV
DOHPDQHV SRU OD FRQVWUXFFLyQ GH OD
FDWHGUDO GH 6DQ 3HGUR WHQtDQ TXH VHU
SDJDGDV \ IXHURQ FDQFHODGDV FRQ OD
SODWDDPHULFDQD
/DHFRQRPtDFRORQLDOHVWDEDUHJLGDSRU
ORV PHUFDGHUHV ORV GXHxRV GH ODV
PLQDV \ ORV JUDQGHV WHUUDWHQLHQWHV (O
SRGHU HFRQyPLFR HVWDED FRQFHQWUDGR
HQ SRFDV PDQRV /D UHQWD \ HO SRGHU
HVWDEDQ HQ HVDV SRFDV PDQRV +DEtD
GLQHURSDUDFRPSUDUVLQQHFHVLGDGGH
SURGXFLU

(OFDPELRFOLPiWLFR\HODJXD

OFOLPDVHVRVWLHQHHQXQHTXLOLEULRTXHHVWi
FRPSOHWDPHQWH IXHUD GHO FRQWURO KXPDQR
&RQ OD FLHQFLD SRGHPRV VHJXLU XQ WLIyQ
GHVGH VX QDFLPLHQWR QXEODU XQ GtD
H[FHVLYDPHQWH FDOXURVR H LQFOXVR LQWHUYHQLU HQ
XQDPDVDGHQXEHVSDUDFRQWURODUFXiQGR\GyQGH
VH GHMDUi OORYHU 3HUR QR VH SXHGH FUHDU XQD
WHPSRUDGDGHOOXYLDVVLQERVTXHVDPD]yQLFRVQL
DIOXHQWHVGHUtRVVLQQHYDGRVRSDVWL]DOHV&RPR
ORVDEHQELHQORVFRPSDxHURVTXHGHILHQGHQVXV
ODJXQDVHQ&DMDPDUFDODFLHQFLDQRSXHGHFUHDU
XQ VLVWHPD KtGULFR DXWRVXILFLHQWH OD FLHQFLD QR
SXHGH HFKDU DQGDU QLQJXQD PiTXLQD TXH OXHJR
IXQFLRQH D OD SHUIHFFLyQ \ VLQ D\XGD /RV
LQGtJHQDV FRPSUHQGHPRV ELHQ HO UHVSHWR \ HO
FXLGDGR TXH H[LJH OD PDGUH WLHUUD SDUD VHJXLU
UHFLELHQGRGHHOODODYLGDVROWLHUUD\DJXD
/DV VHTXtDV SHUVLVWHQWHV \ FRQWLQXDGDV TXH
YLYLPRVVRQXQDGHODVH[SUHVLRQHVPiVFODUDVGHO

FDPELRFOLPiWLFR\TXHDGHPiVQRVDIHFWDQPiV
GLUHFWDPHQWH SRUTXH QRV HQIUHQWDQ D OD IDOWD GH
FRPLGD\GHDJXD-DPDLFDSRUHMHPSORHVXQD
SHTXHxDLVODTXHHQIUHQWDXQDVHTXtDGHPHVHV
$OJXQDV ]RQDV UHFLELHURQ DSHQDV XQ  GH ODV
OOXYLDV TXH VROtDQ WHQHU 1R VyOR QR OOXHYH VLQR
DGHPDVODLQWHQVDWHPSHUDWXUDJOREDOHYDSRUDHO
DJXDGHORVUHVHUYRULRV\GHODPLVPDWLHUUD/D
FRQVHFXHQFLD GLUHFWD HV OD GHVWUXFFLyQ GH ORV
FXOWLYRV\ODHVFDVH]GHFRPLGD
(VLPSRUWDQWHWRPDUHQFXHQWDODGHVWUXFFLyQGHOD
QDWXUDOH]D RULJLQD DGHPiV GH IHQyPHQRV
LQFRQWURODEOHVFRPRODVVHTXtDVRODVWRUPHQWDV
GHJUDQPDJQLWXGXQDJUDQYXOQHUDELOLGDGHQOD
JHQWHGHOFDPSR\GHODVFLXGDGHV$VtODJUDYH
IDOWDGHOOXYLDVTXHHQIUHQWDUiQDOJXQDV]RQDVGH
ODWLQRDPpULFD HQ ORV SUy[LPRV PHVHV VH YH
HPSHRUDGD SRU OD VREUHH[SORWDFLyQ GH ODV
FXHQFDV KtGULFDV OD FRQWDPLQDFLyQ GH UtRV \
DJXDV VXEWHUUiQHDV SRU DFWLYLGDGHV
PLQHUDV \ DJURLQGXVWULDOHV OD
GHVWUXFFLyQGHFDEHFHUDVGHFXHQFD
HWF
(Q VXV DFRVWXPEUDGRV LQIRUPHV
FLHQWtILFRV TXH QXQFD JXDUGDQ
FRKHUHQFLD FRQ VXV DFWLYLGDGHV
HFRQyPLFDV HO %DQFR 0XQGLDO
DGYLHUWHTXHODVRODVGHFDORU\RWURV
IHQyPHQRV H[WUHPRV TXH VROtDQ
SUHVHQWDUVHFDGDDxRVRPiV\
TXH HQ OD DFWXDOLGDG VH FRQVLGHUDQ
LQXVXDOHVVHFRQYHUWLUiQHQODQXHYD
UHDOLGDG FOLPiWLFD 3DUD $PpULFD

%HQMDPtQ&DPDFKR9DUJDV

/DWLQD \ HO &DULEH VH SUHYp OD DOWHUDFLyQ GH ORV


FLFORVGHSUHFLSLWDFLyQFRQOOXYLDVPiVLQWHQVDV\
VHTXtDVPiVSURORQJDGDVMXQWRFRQODSpUGLGDGH
JODFLDUHV
8QFODURHMHPSORHVODVHTXLDTXHVXIUHHO(VWDGR
GH6DQ3DEORHQ%UDVLO-XQWRDODIDOWDGHOOXYLDVOD
GHIRUHVWDFLyQ\ODH[SDQVLyQGHFHQWURVXUEDQRV
SRQHQ D PHGLR PLOORQ GH SHUVRQDV IUHQWH D XQD
JUDYH FULVLV DOLPHQWDULD /DV LQVWLWXFLRQHV
EUDVLOHxDVVHxDODQFRPRFDXVDGHHVWDVHTXtDD
OD GHIRUHVWDFLyQ GH OD $PD]RQtD TXH WLHQH D
IXQFLyQGHFUHDUKXPHGDGTXHDVXYH]IRUPDODV
QXEHV TXH OORYHUiQ HQ WRGR %UDVLO \ HQ %ROLYLD
3DUDJXD\$UJHQWLQDHWF(OHIHFWRGHODWDODGH
ERVTXHVDPD]yQLFRVVHH[WLHQGHKDVWDODVIXHUWHV
OOXYLDVHQ$VtD3DFtILFR\ODVHTXtDHQ&DOLIRUQLD
0LHQWUDV ORV JRELHUQRV \ ODV WUDQVQDFLRQDOHV
EXVFDQ ODV RSRUWXQLGDGHV GH QHJRFLR HQ HVWDV
FULVLV ODV RUJDQL]DFLRQHV VRFLDOHV \ ORV SXHEORV
TXH FXLGDQ \ OXFKDQ SRU OD KXPDQLGDG
FRPSUHQGHPRVFDGDYH]PHMRUHOLPSRUWDQWtVLPR
SDSHOGHODUHFRQVWUXFFLyQGHODYLGDFROHFWLYD\HO
UHJUHVR D OD WLHUUD SDUD HQIUHQWDU HO PHGLR
DPELHQWHWUDQVIRUPDGRTXHQRVHVWDKHUHGDQGR
HVWHVLVWHPDFDSLWDOLVWD1XHVWUDHVSHUDQ]DHVWi
SXHV HQ QXHVWURV UtRV QXHVWUDV ODJXQDV
QXHVWURV FHUURV \ QXHVWURV ERVTXHV 2
GHIHQGHPRV QXHVWUD 3DFKDPDPD GH ODV
WUDQVQDFLRQDOHVRPRULPRV2QRVWUDQVIRUPDPRV
FRPRVRFLHGDGRPRULPRV
&$0%,(026(/6,67(0$12(/&/,0$

You might also like