You are on page 1of 5



4XpHVXQPLQLVWHULRGHFLHQFLD"_7HQGHQFLDV_/$7(5&(5$

Quesunministeriodeciencia?
/DSUHVLGHQWDDQXQFLyHQHQHURXQSUR\HFWRSDUDFUHDUXQRUJDQLVPRTXHSURSLFLHXQVDOWRDOIXWXURSDUDWRGD
ODVRFLHGDG$XQTXHODLGHDHVHQFRQWUDUXQPRGHORDGHFXDGRDODUHDOLGDGORFDOODH[SHULHQFLDGHRWURV
SDtVHVFRQHVWHWLSRGHRUJDQLVPRVPXHVWUDTXHKD\PXFKRTXHPLUDUSDUDHOODGR
JosMiguelJaque
13defebrerodel2016/00:15Hrs

161





$  $

(OGHHQHUROD3UHVLGHQWD%DFKHOHWDQXQFLyTXHGXUDQWHHOSULPHUVHPHVWUHGHHVWHDxRHQYLDUiXQSUR\HFWRSDUD
TXH&KLOHWHQJDXQ0LQLVWHULRGH&LHQFLD\7HFQRORJtDDQWHVGHTXHWHUPLQHHVWHJRELHUQRFXPSOLHQGRDVtXQD
DVSLUDFLyQGHPXFKRVLQYHVWLJDGRUHV\XQDGHODVUHFRPHQGDFLRQHVTXHKL]ROD&RPLVLyQ3UHVLGHQFLDO&LHQFLDSDUD
HO'HVDUUROORGH&KLOHHODxRSDVDGR
3HURTXpVLJQLILFDH[DFWDPHQWHXQPLQLVWHULRGHHVHWLSR"$~QQRVHVDEHTXpYDDGHFLUQLTXpPRGHORYDDVHJXLU
HOSUR\HFWRSHURGHVGHKDFHWLHPSRTXHVHFUX]DQGLVWLQWDVSURSXHVWDVSDUDJHQHUDUXQDLQVWLWXFLRQDOLGDG(QWUHHOODV
VHGHVWDFDODTXHVRVWLHQHTXHDGHPiVGHFLHQFLD\WHFQRORJtDXQRUJDQLVPRGHHVWHWLSRGHEHUtDDOEHUJDUOD
LQQRYDFLyQTXHKR\HVWiSULQFLSDOPHQWHOLJDGDD&RUIR\DO0LQLVWHULRGH(FRQRPtDWDOFRPRRFXUUHHQSDtVHV
FRPR$UJHQWLQDR%UDVLO
<DDQWHVHQPD\RGHRWUDFRPLVLyQSUHVLGHQFLDOOLGHUDGDSRU%UXQR3KLOLSSLKDEtDSURSXHVWRXQPLQLVWHULR
TXHDEDUFDUDHVDVWUHViUHDV\DGHPiVDEVRUELHUDHOGHODHGXFDFLyQVXSHULRUWDOFRPRRFXUUHSRUHMHPSORHQ
'LQDPDUFD$KRUDRWUDVYRFHVSODQWHDQTXHGHEHVHUDOJRPiVDPSOLRQRVyORFHQWUDGRHQODVFLHQFLDVGXUDVOD
LQJHQLHUtD\ODWHFQRORJtDVLQRTXHXQPLQLVWHULRGHOFRQRFLPLHQWR7RGRHVRVLQFRQWDUDORVHVFpSWLFRVTXH
FXHVWLRQDQODH[LVWHQFLDPLVPDGHXQRUJDQLVPRGHHVWHWLSR
KWWSZZZODWHUFHUDFRPQRWLFLDWHQGHQFLDVTXHHVXQPLQLVWHULRGHFLHQFLDVKWPO



$KRUDTXH\DKD\XQSUR\HFWRHQPDUFKDODGLVFXVLyQFRPHQ]DUiHQVHULR\SRUHVRHVEXHQPRPHQWRSDUDDQDOL]DU



4XpHVXQPLQLVWHULRGHFLHQFLD"_7HQGHQFLDV_/$7(5&(5$

DVSHFWRVGHORTXHVHHVWiKDFLHQGRHQRWURVSDtVHV3DEOR$VWXGLOORLQYHVWLJDGRUSRVWGRFWRUDOHQOD8QLYHUVLGDGGH
0DQFKHVWHU\SDUWHGH)XQGDFLyQ0iV&LHQFLDHVXQRGHORVDXWRUHVGHXQGRFXPHQWRTXHDQDOL]DFyPRIXQFLRQDOD
FLHQFLD\FXiQWRVHLQYLHUWHHQHOODHQSDtVHVLQFOXLGR&KLOH YHULQIRJUDItD (OUHSRUWHUHYHODTXHODPD\RUtDGH
HVDVQDFLRQHVWLHQHXQDHVWUXFWXUDFRQGRVSLODUHVEiVLFRVXQFRQVHMRQDFLRQDOHQHOTXHSDUWLFLSDODFRPXQLGDG
FLHQWtILFD\TXHDVHVRUDDOJRELHUQRHQODHODERUDFLyQGHSODQHVHVWUDWpJLFDVSDUDODLQYHVWLJDFLyQ\ODLQQRYDFLyQ\
XQDLQVWLWXFLRQDOLGDGGHUDQJRPLQLVWHULDODFDUJRGHFRRUGLQDUHLPSOHPHQWDUHVDVSROtWLFDV/DH[SHULHQFLDPXHVWUD
TXHHVWHPRGHORVtIXQFLRQD\TXHVyORXQRVSRFRVSDtVHVGHVDUUROODGRVKDQSUHVFLQGLGRGHHVWHPLQLVWHULRFRQ
UHVXOWDGRVFXHVWLRQDEOHV3RUHMHPSOR$XVWUDOLD\&DQDGiKDEtDQGHFLGLGRSDVDUSRUDOWRODILJXUDGHOPLQLVWURGH
FLHQFLDSHURDILQHVGHODxRSDVDGRGHFLGLHURQUHVWDXUDUODGLFH$VWXGLOOR
Paranoirtanlejos
8QQRPEUHTXHVHUHSLWHHQHO~OWLPRWLHPSRDOPRPHQWRGHKDEODUGHPLQLVWHULRVGHFLHQFLDHVHOGH$UJHQWLQD
3URJUDPDVFRPR5DtFHVTXHKDUHSDWULDGRPiVGHFLHQWtILFRVPHGLDQWHHOILQDQFLDPLHQWRGHSUR\HFWRVORFDOHV
GHLQYHVWLJDFLyQIXHURQWDQELHQHYDOXDGRVSRUHOUHFLpQDVXPLGRSUHVLGHQWH0DXULFLR0DFULTXHPDQWXYRDOWLWXODU
GHODFDUWHUDGHFLHQFLDHOGRFWRUHQTXtPLFD/LQR%DUDxDRFRQYLUWLpQGRORHQHO~QLFRPLQLVWURNLUFKQHULVWDTXH
VLJXHHQVXFDUJR
$UJHQWLQDVHWRPyHQVHULRODFLHQFLDHQFXDQGRFUHyHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtILFDV\
7pFQLFDV &RQLFHW SDUDIRPHQWDU\ILQDQFLDULQYHVWLJDFLRQHVHQiUHDVWDQGLYHUVDVFRPRDVWURQRPtD\VLFRORJtD6X
SUHVXSXHVWRSDUDIXHGHPLOORQHVGHGyODUHVFLIUDTXHVROYHQWyHOWUDEDMRGHQXHYHPLOLQYHVWLJDGRUHV\
PLOEHFDULRV+DVWD&RQLFHWGHSHQGtDGHO0LQLVWHULRGH(GXFDFLyQSHURHVHDxRODH[SUHVLGHQWD&ULVWLQD
.LUFKQHUFUHyHO0LQLVWHULRGH&LHQFLD7HFQRORJtDH,QQRYDFLyQ3URGXFWLYD\&RQLFHWSDVyDHVWDUEDMRVX
VXSHUYLVLyQ
/DQXHYDLQVWLWXFLyQDXPHQWySDXODWLQDPHQWHORVIRQGRVSDUDFLHQFLDHQVXPDEDQVyORPLOORQHVGHGyODUHV
HLPSXOVyODFUHDFLyQGHOSODQ$UJHQWLQD,QQRYDGRUDSUHVHQWDGRKDFHWUHVDxRV\TXHHQWUHRWUDVFRVDVOH
HQWUHJDDSR\RILQDQFLHURDODVXQLYHUVLGDGHVIXHUDGH%XHQRV$LUHVTXHUHFLEHQLQYHVWLJDGRUHVTXHD\XGHQDFXEULU
QHFHVLGDGHVUHJLRQDOHV8QHMHPSORHVHOFHQWUR&RQLFHWGHOD8QLYHUVLGDGGH9LOOD0DUtDHQ&yUGREDGRQGHORV
FLHQWtILFRVHVWXGLDQODSURGXFFLyQGHHQHUJtDVUHQRYDEOHV\ELRFRPEXVWLEOHVSDUDHVD]RQD
(VWDHVWUXFWXUDKDIDFLOLWDGRODFRRSHUDFLyQLQWHUQDFLRQDOFRPRHO,QVWLWXWR3DUWQHU0D[3ODQFNLQDXJXUDGRHQ
HQ%XHQRV$LUHV(QHVWHFHQWURJHVWLRQDGRSRU&RQDFHW\ODSUHVWLJLRVDRUJDQL]DFLyQDOHPDQDVHHVWXGLDSRU
HMHPSORFyPRIXQFLRQDQODVQHXURQDVHQHO$O]KHLPHU0LURFRQHQYLGLDORTXHRFXUUHDOOiGLFH&HFLOLD+LGDOJR
ELRTXtPLFDGHOD8QLYHUVLGDGGH&KLOH\3UHPLR1DFLRQDOGH&LHQFLDV1DWXUDOHV/DLQYHVWLJDGRUDDJUHJDTXH
VXVFROHJDVDUJHQWLQRVGHVWDFDQODPHMRUSHUFHSFLyQTXHWLHQHQORVFLXGDGDQRVGHODFLHQFLD\HOFDPELRGHPRGHOR
TXHSDVyGHVHUH[SRUWDGRUDLPSRUWDGRUGHWDOHQWRV/RVFLHQWtILFRVKR\WLHQHQPHMRUHVFRQGLFLRQHVSDUDKDFHU
LQYHVWLJDFLyQHQVXSURSLRSDtV
Unplan
KWWSZZZODWHUFHUDFRPQRWLFLDWHQGHQFLDVTXHHVXQPLQLVWHULRGHFLHQFLDVKWPO





4XpHVXQPLQLVWHULRGHFLHQFLD"_7HQGHQFLDV_/$7(5&(5$

-XDQ0DQXHO6DQWD&UX]H[MHIHGHOD'LYLVLyQGH,QQRYDFLyQGHO0LQLVWHULRGH(FRQRPtD\PLHPEURGHODFRPLVLyQ
3KLOLSSLTXHDQDOL]yHOIXQFLRQDPLHQWRGHODFLHQFLDGXUDQWHHOJRELHUQRGH6HEDVWLiQ3LxHUDH[SOLFDTXHHVWDEOHFHU
RULHQWDFLRQHVHVWUDWpJLFDVGHODUJRSOD]RHVHVHQFLDO)RUPDULQYHVWLJDGRUHVWRPDDOPHQRVFXDWURRFLQFRDxRVGH
SUHSDUDFLyQSDUDTXHUHFLpQFRPLHQFHQDJHQHUDUQXHYRFRQRFLPLHQWR$GHPiVUHTXLHUHVGHXQDPDVDFUtWLFD
PtQLPDSDUDTXHKD\DFRODERUDFLyQ\GLVFXVLyQGHLGHDVTXHHPSXMHQODEDUUHUDGHOFRQRFLPLHQWRGLFH(O
LQJHQLHURFRPHUFLDODJUHJDTXHGHEHKDEHUOLQHDPLHQWRVJHQHUDOHVTXHJXtHQHOGLVHxRGHODVSROtWLFDVGHORV
JRELHUQRVHLQVWLWXFLRQHVFRPRHO&RQVHMR1DFLRQDOGH,QQRYDFLyQSDUDHO'HVDUUROOR &1,' TXHYHOHQSRUHOODV
8QHMHPSORGHSURJUDPDDODUJRSOD]R"1XHYD=HODQGLD(QORV~OWLPRVDxRVHVHSDtVKDUHDOL]DGRYDULDVUHIRUPDV
SDUDSRWHQFLDUVXGHVDUUROORHQHOiUHD\KR\FXHQWDFRQHOFDUJRGHFLHQWtILFRHQMHIHTXHRFXSDHOSHGLDWUD3HWHU
*OXFNPDQTXLHQSUHVLGHHO&RPLWp&LHQWtILFR$VHVRUGHO3ULPHU0LQLVWUR 30&$ $GHPiVH[LVWHHO0LQLVWHULRGH
1HJRFLRV,QQRYDFLyQ\(PSOHR 0%(, HOFXDOQDFLyHQ\GRQGHRSHUDHO*UXSR&LHQFLD,QQRYDFLyQFX\R
REMHWLYRHVSHFtILFRHVSURPRYHUODLQYHVWLJDFLyQ
%URQZ\Q%DQQLVWHUDVHVRUDGHFRPXQLFDFLRQHVGH0%(,H[SOLFDTXHWRGRVHVRVRUJDQLVPRVIXQFLRQDQGHDFXHUGR
DXQSODQGHFLQFRDDxRVTXHJXtDWRGRVORVHVWXGLRV\HVIXHU]RVFLHQWtILFRV/D'HFODUDFLyQ1DFLRQDOGH
,QYHUVLyQ&LHQWtILFDLGHQWLILFDVHFWRUHVGRQGHHOSDtVTXLHUHDFHQWXDUVXVHVIXHU]RVHQWUHORVTXHGHVWDFDQ
YDULRVSUR\HFWRVSDUDPLWLJDUHOLPSDFWRDPELHQWDOGHODDFWLYLGDGKXPDQD
Conplataesotracosa
%UDVLOHVODPHMRULQVSLUDFLyQGLFHHOSUHVLGHQWHGHOD$FDGHPLD&KLOHQDGH&LHQFLDV-XDQ$VHQMR\DJUHJDTXH
ODDFDGHPLDHODERUyHQXQGRFXPHQWRGRQGHSURSRQHHQWUHRWUDVFRVDVGXSOLFDUODLQYHUVLyQHQ&\7KDVWDXQ
GHO3,%\SXVRFRPRHMHPSORD%UDVLO'HVGHHVDQDFLyQWLHQHXQ0LQLVWHULRGH&LHQFLD7HFQRORJtDH
,QQRYDFLyQHOFXDOKDILQDQFLDGRLQLFLDWLYDVFRPRHO3UR\HFWR$QGDUGH1XHYRHQHOTXHFLHQWtILFRVGLVHxDQ
H[RHVTXHOHWRVSDUDTXHSHUVRQDVFRQSUREOHPDVPRWRUHVYXHOYDQDFDPLQDU(QXQRGHORVSDFLHQWHVGLRHO
SXQWDSLpLQLFLDODO0XQGLDOGH%UDVLO
7RPiV1RUDPEXHQDFRIXQGDGRU\SUHVLGHQWHGH)XQGDFLyQ0iV&LHQFLDKDHVWXGLDGRFyPRRSHUDHOVLVWHPDHQHVH
SDtV\GHVWDFDTXHORJUyDUPDUXQDHVWUXFWXUDWULEXWDULDTXHSHUPLWHTXHJUDQSDUWHGHODLQYHUVLyQSURYHQJDGHORV
UR\DOWLHVDSOLFDGRVDODH[SORWDFLyQGHUHFXUVRVQDWXUDOHVDOSXQWRTXHFDVLHOSRUFLHQWRGHODLQYHVWLJDFLyQ
EiVLFDVHILQDQFLDFRQIRQGRVHVWDWDOHV(VRWDPELpQKDFRQWULEXLGRDTXHPXFKDVXQLYHUVLGDGHVEUDVLOHxDVHVWpQ
PX\DUULEDHQORVUDQNLQJVDQLYHOPXQGLDOSRUVXFDSDFLGDGGHKDFHULQYHVWLJDFLyQ\TXHSRUORPLVPREXHQDSDUWH
GHORVFLHQWtILFRVVHIRUPHQ\HVWDEOH]FDQHQHOSDtV/DLQYHVWLJDFLyQGHVXVHVWXGLDQWHVGHGRFWRUDGR\
SRVWGRFWRUDGRVHTXHGD\VHDSOLFDHQ%UDVLO(OORVWLHQHQEHFDVGHHVWDGtDVFRUWDVHQHOH[WUDQMHURSDUDDSUHQGHU
DOJXQDWpFQLFDHVSHFtILFDSHURVXVWHVLVODVUHDOL]DQHQXQLYHUVLGDGHVEUDVLOHxDVDILUPD
Cienciasinministerio
3HVHDTXH(VWDGRV8QLGRVHVOtGHUHQFLHQFLDQRWLHQHXQPLQLVWHULRHQHVDiUHDVLQRTXHYDULDVLQVWLWXFLRQHVTXH
WUDEDMDQGHIRUPDPX\FHUFDQDFRQOD&DVD%ODQFD\TXHVXUJLHURQSRFRGHVSXpVGHOD,,*XHUUD0XQGLDOFXDQGR
KWWSZZZODWHUFHUDFRPQRWLFLDWHQGHQFLDVTXHHVXQPLQLVWHULRGHFLHQFLDVKWPO




4XpHVXQPLQLVWHULRGHFLHQFLD"_7HQGHQFLDV_/$7(5&(5$

:DVKLQJWRQVHGLRFXHQWDGHOUROHVWUDWpJLFRGHORVFLHQWtILFRVHQODYLFWRULDDOLDGD
/DVRUJDQL]DFLRQHVPiVLPSRUWDQWHVVRQOD-XQWD1DFLRQDOGH&LHQFLDV 16% \OD)XQGDFLyQ1DFLRQDOGH&LHQFLDV
16) DPEDVFUHDGDVHQ/DSULPHUDWLHQHPLHPEURVQRPEUDGRVSRUHOSUHVLGHQWHHQWUHORVFXDOHVKR\
ILJXUDQLQYHVWLJDGRUHVFRPR9LQWRQ&HUIXQRGHORVSDGUHVGHLQWHUQHW\VXODERUHVHVWDEOHFHUODVSROtWLFDVGH
LQYHVWLJDFLyQTXHOXHJRILQDQFLDOD16)TXHWLHQHXQSUHVXSXHVWRDQXDOGHFDVLVLHWHPLOPLOORQHVGHGyODUHV\FDGD
DxRVROYHQWDXQRVPLOSUR\HFWRV
$XQTXHOD16)QRWLHQHFDWHJRUtDGHPLQLVWHULR-HVVLFD$UULHQVYRFHUDGHODLQVWLWXFLyQGLFHTXHHVHVHQFLDOTXH
H[LVWDDOJXQDLQVWLWXFLyQTXHJXtHHOGHVDUUROORFLHQWtILFR/D16)KDVLGRFUXFLDOSDUDDXPHQWDUODFRPSHWLWLYLGDG\
ODFDOLGDGGHYLGDGH(VWDGRV8QLGRV/DFLHQFLDEiVLFDTXHVHILQDQFLDQRVyORH[SDQGHHOFRQRFLPLHQWRKXPDQR
VLQRTXHOOHYDDLQQRYDFLRQHV\WHFQRORJtDVTXHVRQPRWRUHVGHODSURVSHULGDGHFRQyPLFD+R\VHFDOFXODTXHFDVL
HOSRUFLHQWRGHOFUHFLPLHQWRHFRQyPLFRGH(VWDGRV8QLGRVHQODVHJXQGDPLWDGGHOVLJOR;;SURYLQRGH
LQYHVWLJDFLRQHVFRQILQDQFLDPLHQWRS~EOLFRTXHOOHYDURQDDYDQFHVFRPRORVFRPSXWDGRUHVLQWHUQHWORVFyGLJRVGH
EDUUD\HO*36
3DUD)UDQFH$&yUGRYDGLUHFWRUDGHOD16)\ODSULPHUDPXMHUTXHIXHQRPEUDGDFLHQWtILFDHQMHIHGHOD1$6$
D~QHQXQSDtVFRPR(VWDGRV8QLGRVVLJXHVLHQGRFUXFLDOFRQYHQFHUDOS~EOLFRGHODLPSRUWDQFLDGHLQYHUWLUHQ
FLHQFLD/RVL3DGORVFHOXODUHVORVDXWRVTXHPDQHMDPRV\ORVDOLPHQWRVTXHFRPHPRV7RGRVWLHQHQDOJXQD
FRQWULEXFLyQGHFLHQFLDEiVLFD$VtTXHWHQHPRVTXHSHQVDUFXLGDGRVDPHQWHVREUHFyPROOHYDUHVDKLVWRULDDOD
JHQWH'HVSXpVGHWRGRHOORVILQDQFLDQWRGRHVWRGLMR&yUGRYDDOSRUWDO3ROLWLFRFRP
Unmodeloalachilena
(Q&KLOHOD&RPLVLyQ3UHVLGHQFLDO&LHQFLDSDUDHO'HVDUUROORGH&KLOHTXHHQWUHJyHQMXQLRSDVDGRVXLQIRUPHD
%DFKHOHWGLVFXWLyDJUDQGHVUDVJRVGRVPRGHORVXQRTXHPDQWHQtDODHVWUXFWXUDKLVWyULFDFRQODLQQRYDFLyQSRUXQ
FDUULOGLVWLQWRGHODLQYHVWLJDFLyQ WDOFRPRRFXUUHKR\FRQ&RUIRSRUXQODGR\&RQLF\WSRURWUR \XQPRGHORTXH
DVSLUDDXQLUHVWRVGRVPXQGRV
<QRVyORVHGLVFXWLHURQVLQRTXHVHOOHYDURQDYRWDFLyQ/DPD\RUtDFUHHTXHOOHJyODKRUDGHFDPELDUHOVLVWHPD\
JHQHUDUXQDLQVWDQFLDSDUDTXHODJHQWHTXHLQYHVWLJDFRQR]FDHLQWHUDFW~HFRQODJHQWHTXHKDFHLQQRYDFLyQSDUD
TXHVHURPSDHVWHPXQGRGHYLGDVSDUDOHODV\TXHHOGHVDUUROORGHFRQRFLPLHQWRVHDPiVHIHFWLYRH[SOLFD&HFLOLD
+LGDOJRSDUWHGHHVDFRPLVLyQ\TXLHQYRWySRUODVHJXQGDSRVWXUDTXHJDQyFRQYRWRVDIDYRU\RFKRHQ
FRQWUD
/DIHUWLOL]DFLyQFUX]DGDQRUHVSRQGHVyORDXQDQHFHVLGDGVLQRDXQDDVSLUDFLyQ\DTXHHQODFRPLVLyQGLFH
+LGDOJRVHGHWHFWyTXHKD\PXFKRVLQYHVWLJDGRUHVTXHEXVFDQXQSXHQWHKDFLDHOPXQGRGHODLQQRYDFLyQ3DUD
6DQWD&UX]KD\TXHKDFHUXQWUDEDMRGHKRUPLJDHLQYLWDUDORVFLHQWtILFRVDTXHVHWRPHQXQFDIpFRQFXDQWR
HPSUHVDULRH[LVWD<RVXEVLGLDUtDPXFKRVFDIpVHQWUHHOPXQGRGHODDFDGHPLD\GHODHPSUHVDDOJRGHHVWRKD
KHFKROD,QLFLDWLYD&LHQWtILFD0LOHQLRQRJUDQGHVVHPLQDULRVVLQRTXHSHTXHxRVHQFXHQWURVGRQGHODJHQWHVH
FRQR]FD&RQHOWLHPSRVHYDQDJHQHUDUUHODFLRQHVLQWHUHVDQWHV
KWWSZZZODWHUFHUDFRPQRWLFLDWHQGHQFLDVTXHHVXQPLQLVWHULRGHFLHQFLDVKWPO




4XpHVXQPLQLVWHULRGHFLHQFLD"_7HQGHQFLDV_/$7(5&(5$

KWWSZZZODWHUFHUDFRPQRWLFLDWHQGHQFLDVTXHHVXQPLQLVWHULRGHFLHQFLDVKWPO