You are on page 1of 14

873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR

(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

)/(;,1

'(7(50,1$&,1'(/$63523,('$'(60(&1,&$6'(/26
0$7(5,$/(6620(7,'26$)/(;,1
2%-(7,92 '(/ (16$<2 'HWHUPLQDU H[SHULPHQWDOPHQWH DOJXQDV SURSLHGDGHV
PHFiQLFDV HVIXHU]R GH URWXUD PyGXOR GH HODVWLFLGDG  GH ORV PDWHULDOHV SDUD HO FDVR GH
VROLFLWDFLyQDIOH[LyQ2EVHUYDUODIDOODDIOH[LyQHQXQDSUREHWDGHPDGHUD
&216,'(5$&,21(67(5,&$6*(1(5$/(6

6HUHDOL]DQSUXHEDVGHIOH[LyQGHELGRDODDPSOLDGLIXVLyQGHHVWHHVTXHPDGHFDUJDHQODV
FRQGLFLRQHV UHDOHV GH H[SORWDFLyQ ODV SUREHWDV TXH VH HQVD\DQ VRQ PiV VLPSOHV VLQ
HPEDUJRHOFDVRGHVROLFLWDFLyQHVPiVFRPSOHMR9HDPRV
(Q ODV SUXHEDV GH IOH[LyQ VH HPSOHDQ GRV HVTXHPDV GH FDUJD GH OD PXHVWUD HQWUH DSR\RV
ILMRV
/DFDUJDVHDSOLFDFRPRXQDIXHU]DFRQFHQWUDGDHQHOPHGLRGHODGLVWDQFLDHQWUHORVSXQWRV
GHDSR\R )LJD
/DFDUJDVHDSOLFDHQGRVSXQWRVTXHVHHQFXHQWUDQDXQDPLVPDGLVWDQFLDGHORVSXQWRVGH
DSR\R )LJE

D
E
)LJ(VTXHPDGHFDUJDSDUDODIOH[LyQ

$XQFXDQGRHOVHJXQGRHVTXHPDGHFDUJDSURSRUFLRQDUHVXOWDGRVPiVH[DFWRVDOREWHQHUVH
XQDIOH[LyQSXUDHOSULPHUHVTXHPDHVPiVVHQFLOOR\SRUHVWRORJUyPD\RUSURSDJDFLyQ

(Q OD SUREHWD VRPHWLGD D IOH[LyQ VH FUHD XQ HVWDGR GH HVIXHU]RV KHWHURJpQHR /D SDUWH
LQIHULRU VHHQFXHQWUDWUDFFLRQDGD\ODVXSHULRU FRPSULPLGD$GHPiVGHELGRDODYDULDFLyQ
GHOPRPHQWRDORODUJRGHODPXHVWUDORVHVIXHU]RVUHODFLRQDGRVFRQHOPRPHQWRWDPELpQ
YDUtDQ


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

/RV HVIXHU]RV HQ OD HWDSD GH GHIRUPDFLyQ HOiVWLFD VRQ FDOFXODGRV SRU ODV IyUPXODV
FRUULHQWHVGH5HVLVWHQFLDGH0DWHULDOHVSDUDODGHWHUPLQDFLyQGHORVHVIXHU]RVQRUPDOHVHQ
IOH[LyQ YHUDOILQDOGHHVWHGRFXPHQWR
(OHVIXHU]RFRQYHQFLRQDOQRUPDOGHXQDILEUDH[WUHPDWUDFFLRQDGDHVLJXDOD
0 IOHF
V
:[
'RQGH0IOHF HV HO PRPHQWR IOHFWRU (Q HO FDVR HQ TXH OD FDUJD HV XQD IXHU]D FRQFHQWUDGD
)LJD
0IOHF 3O

:[ HVHOPRPHQWRGHUHVLVWHQFLDGHODVHFFLyQ

,[
K
-[ HVHOPRPHQWRGHLQHUFLDGHODVHFFLyQFRQUHVSHFWRDOHMHQHXWUR[
:[

K HVODDOWXUDGHODVHFFLyQ(QODOLWHUDWXUDFRP~QVHGHQRPLQDK FFRPRODGLVWDQFLD
GHVGHHOHMHQHXWURDODILEUDPiVWUDFFLRQDGDRPiVFRPSULPLGD
/DFRQGLFLyQGHUHVLVWHQFLDVHHVFULEHHQWRQFHV
0 IOHF
V
d >V @
:[
'RQGH>V @HVHOHVIXHU]RSHUPLVLEOH

(OPRPHQWRGHUHVLVWHQFLDSDUDXQDPXHVWUDGH VHFFLyQUHFWDQJXODUHV
EK 
:[


\SDUDXQDFLOtQGULFD
S G 
:[

3RUFRQVLJXLHQWHODIyUPXODGHWUDEDMRSDUDHOFiOFXORGHORVHVIXHU]RVHOiVWLFRVGXUDQWHOD
IOH[LyQGHSUREHWDVGHVHFFLRQHVUHFWDQJXODUHV FDUJDGDVSRUHOHVTXHPD)LJD HVLJXDOD
\SDUDODVSUREHWDVFLOtQGULFDV

3 O

EK 

 3O

S G 

3DUDODGHWHUPLQDFLyQGHOPyGXORGHHODVWLFLGDGHFKDUHPRVPDQRDODIyUPXODGHGHIOH[LyQ
GH XQD YLJD VLPSOHPHQWH DSR\DGD FRQ OD IXHU]D DSOLFDGD HQ HO FHQWUR GH OD OX] )LJ D 


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

(VWD IyUPXOD VH GHWHUPLQD D SDUWLU GH ODV OODPDGDV HFXDFLRQHV XQLYHUVDOHV GH OD OtQHD
HOiVWLFDGHODYLJD(VWDGHPRVWUDFLyQSXHGHYHUVHDOILQDOGHHVWHGRFXPHQWR
3O 
G
(,
2EVpUYHVH TXH VL VH FRQVWUX\H XQ JUiILFR FRQ ORV YDORUHV GH ODV GHIOH[LRQHV G  HQ ODV
O
DEVFLVDV\ORVYDORUHVGHODVH[SUHVLyQ 3
HQODVRUGHQDGDV YHU)LJ (OYDORUGHOD
,
SHQGLHQWHGHGLFKRJUiILFRVHUiHOPyGXORGHHODVWLFLGDGGHOPDWHULDOVRPHWLGRDHQVD\R
FRPRORPXHVWUDODILJXUD
\ ([



3/ , .JIFP









352&(',0,(172







G FP







)LJ

3DUD REWHQHU ODV SURSLHGDGHV PHFiQLFDV GH ORV PDWHULDOHV GH ODV SUREHWDV VRPHWLGDV D
IOH[LyQVHGHEHVRPHWHUpVWDVDIOH[LyQWUDQVYHUVDO )LJD PHGLUODVYDULDEOHVIXHU]D3\
GHIOH[LyQ I y G  D LQFUHPHQWRV FRQRFLGRV GH IXHU]D R GHIRUPDFLyQ &RQ ORV GDWRV
O
REWHQLGRV FRQVWUXLU ODV JUiILFD  3  G  \ 3
 G \ UHDOL]DU XQ WUDWDPLHQWR JUiILFR R
,
FRPSXWDFLRQDOGHpVWHSDUDREWHQHUODVPDJQLWXGHVEXVFDGDV
0$48,1$5,$0$7(5,$/(6(,167580(1726'(0(','$

3UREHWDV  6H XVDUiQ GRV SUREHWDV XQD GH PDGHUD OD FXDO VHUi GHVWUXLGDFRQHOREMHWRGH
FRQRFHU VX HVIXHU]R GH URWXUD \ RWUD GH DFHUR SDUD OD GHWHUPLQDFLyQ GHO PyGXOR GH
HODVWLFLGDG&RQHVWD~OWLPDGHEHWRPDUVHHVSHFLDODWHQFLyQGHQRFDUJDUODGHPDQHUDTXH
DSDUH]FDQHQHOODHVIXHU]RVPD\RUHVDORVGHIOXHQFLD
(OHVWiQGDU$670'UHFRPLHQGDXVDUSLH]DVSHTXHxDV\OLPSLDVGHPDGHUDGHu u
SXOJ6REUHXQFODUR YXHORYDQR GHSXOJ6HREVHUYDQGLFKDVUHFRPHQGDFLRQHVHQ
QXHVWUR/DERUDWRULR"


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

$SDUDWRVSDUDHQVD\RVGHIOH[LyQ
/RVSULQFLSDOHVUHTXHULPLHQWRVGHORVEORTXHVGHDSR\R\FDUJDSDUDHQVD\RVGHYLJDVVRQ
ORVVLJXLHQWHV
 'HEHQ WHQHU XQD IRUPD WDO TXH SHUPLWD HO XVR GH XQ FODUR GH ODUJR GHILQLGR \
FRQRFLGR
 /DV iUHDV GH FRQWDFWR FRQ HO PDWHULDO EDMR HQVD\R GHEHQ VHU WDOHV TXH ODV
FRQFHQWUDFLRQHV GH HVIXHU]R LQGHELGDPHQWH DOWDV ODV FXDOHV SXHGHQ FDXVDU
DSODVWDPLHQWRORFDOL]DGRDOUHGHGRUGHODViUHDVGHDSR\R QRRFXUUDQ
 'HEHKDEHUPDUJHQSDUDHODMXVWHORQJLWXGLQDOGHODSRVLFLyQGHORVDSR\RVGHPRGR
TXH OD UHVWULFFLyQ ORQJLWXGLQDO QR SXHGD GHVDUUROODUVH D PHGLGD TXH OD FDUJD
SURJUHVH
 'HEH KDEHU PDUJHQ SDUD DOJ~Q DMXVWH ODWHUDO URWDWLYR SDUD DFRPRGDU ODV YLJDV TXH
HVWpQ OLJHUDPHQWH WRUFLGDV GH XQR DO RWUR H[WUHPR GH PRGR TXH QR VH LQGXFLUiQ
HVIXHU]RV FDUJDV WRUVLRQDQWHV
 (ODUUHJORGHODVSDUWHVGHEHVHUHVWDEOHEDMRFDUJD
(OHVWiQGDUUHFRPLHQGDSDUDORVHQVD\RVGHPDGHUDHOVLJXLHQWHDUUHJOR )LJ

)LJ'LVSRVLWLYRGHDSR\R\FDUJDSDUDHOHQVD\RGHPDGHUDVHJ~Q$670'

3DUDODUHDOL]DFLyQGHHVWHHQVD\RHQQXHVWURODERUDWRULRVHPRQWDHQODPiTXLQDXQLYHUVDO
XQ DGLWDPHQWR TXH FXPSOH HVWDV UHFRPHQGDFLRQHV (O GLVSRVLWLYR HVTXHPD GH FDUJD \ GH
PHGLFLyQVHPXHVWUDQHQODILJXUD

)LJ'LVSRVLWLYRGHDSR\R\FDUJDSDUDHOHQVD\RDIOH[LyQHQODPiTXLQDXQLYHUVDO:30
6HPXHVWUDWDPELpQHOHVTXHPDGHPHGLFLyQXVDGR

873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

3DUD OD PHGLFLyQ GH ODV GLPHQVLRQHV LQGLFDGDV HQ OD ILJXUD VH XVDQ LQVWUXPHQWRV
FRQYHQFLRQDOHVGHPHGLFLyQ (OFDOLEUDGRU9HUQLHU\HOPLFUyPHWUR
(O FRPSDUDGRU GH FDUiWXOD VH ILMD GH WDO PDQHUD TXHPLGDGLUHFWDPHQWHODGHIOH[LyQGHOD
YLJD &RPR VH YH HQ OD ILJXUD  HVWR VH ORJUD DSR\DQGR HO PDJQHWR HQ OD SODFD LQIHULRU
LQYLUWLHQGR HO FRPSDUDGRU \ KDFLHQGR TXH VX SXQWD SDOSDGRUD WRTXH OD FDUD LQIHULRU GH OD
SUREHWDHOLQVWUXPHQWRGHEHTXHGDUELHQDOLQHDGRFRQODOtQHDGHVLPHWUtDHVGHFLUEDMRHO
FXFKLOOR TXH DSOLFD OD FDUJD 6H GHEH JXDUGDU SUHFDXFLyQ GH UHWLUDU WRGR HO VLVWHPD GH
PHGLFLyQ FRQ SUHPXUD FXDQGR ODV GHIOH[LRQHV VHDQ JUDQGHV $O XVDU HVWH HVTXHPD GH
PHGLFLyQ HO LQVWUXPHQWR GH PHGLGD WUDEDMDUi D FRPSUHVLyQ \ODOHFWXUD VHUHDOL]DUiSRUOD
HVFDODKDELWXDOGHOPLVPR
5($/,=$&,1'(/(16$<2

 &RPRHOHQVD\RVHUHDOL]DEDMRODHVWULFWDVXSHUYLVLyQ\GLUHFFLyQGHOSURIHVRU\
PRQLWRUVyORVHGDUiQDTXtDOJXQDVUHFRPHQGDFLRQHVDGLFLRQDOHV
 &RPRVHSXHGHYHUHQOD)LJXUDHOSHVRGHOLQYHUVRUHVVRSRUWDGRSRUHOFLOLQGUR
GHWUDEDMR(VWDIXHU]DGHEHVHUH[FOXLGDGHODPHGLFLyQUHDOL]DGDSRUHO
GLQDPyPHWUR3RUHVWRHVLPSRUWDQWHUHDOL]DUFRQVXPRFXLGDGRHODMXVWHGHFHUR
GHOGLQDPyPHWURDQWHVGHHMHFXWDUODSUiFWLFD
 (OFRPSDUDGRUGHEHVHUUHWLUDGRSUHVWDPHQWHFXDQGRODVGHIRUPDFLRQHVGHODV
SUREHWDVVHDQH[DJHUDGDV6HGHEHWHQHUFXLGDGRGHQR GHVSOD]DUHOSXHQWHGHDOWXUD
DMXVWDEOHFXDQGRHOFRPSDUDGRUHVWpLQVWDODGR
 (VFRJHQFLDGHOUDQJRGHFDUJD SRVLFLyQGHODSDODQFD)LJGRFXHPHQWR
7UDFFLRQ 

3DUDODPDGHUDXWLOL]DUHPRVHOUDQJRGHFDUJDGHWRQHODGDV(VWDGHFLVLyQVHEDVDHQOR
VLJXLHQWH HO HVWiQGDU $670 ' GHILQH XQD PDJQLWXG FRQYHQFLRQDO GH HVIXHU]R GH
URWXUD LJXDO D OD IyUPXOD GH WUDEDMR SDUD HO FiOFXOR GH ORV HVIXHU]RV HOiVWLFRV GXUDQWH OD
IOH[LyQGHSUREHWDVGHVHFFLRQHVUHFWDQJXODUHV FDUJDGDVSRUHOHVTXHPD)LJD  HLJXDOD
V

3 O
EK 

/RV GDWRV GH HVWRV HVIXHU]RV GHQRPLQDGRV HQ GLFKR HVWiQGDU FRPR PyGXOR GHURWXUD  VH
SXHGHQ HQFRQWUDU HQ ORV PDQXDOHV R SXHGHQ VHU GHWHUPLQDGRV H[SHULPHQWDOPHQWH 3DUD OD
PDGHUD XVDGD HQ QXHVWUR ODERUDWRULR PDGHUD DEDUFR  GLFKR PyGXOR HV GH  NIJFP
 SVL  $ SDUWLU GH HVWH HVIXHU]R SXHGH GHWHUPLQDUVH OD FDUJD GH URWXUD QHFHVDULD
WHQLHQGRHQFXHQWDODVFRQGLFLRQHVGHHQVD\RGHWHUPLQDGDVSRUHOHVWiQGDUHVGHFLU

V EK 
O

    


  

NJI

/R TXH GHPXHVWUD TXH HO UDQJR GH FDUJD HVWi FRUUHFWDPHQWH HVFRJLGR &DUJDUHPRV D OD
SUREHWD KDVWD DOFDQ]DU VX URWXUD DSOLFDQGR LQWHUYDORV GH FDUJD GH  NJI /RV GDWRV VH
FRQVLJQDUiQHQXQDWDEOD


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

0DWHULDOGHODSUREHWDBBBBPDGHUD
'LPHQVLRQHVGHODVHFFLyQBBB[FP
'LVWDQFLDHQWUHDSR\RVBBBSXOJ
'HIRUPDFLyQ
&DUJD ) 7UDQVYHUVDO
>NJI@
'HIOH[LyQ
G
>PLOpVLPDVGH
PP@







)XHU]DGHURWXUDBBBBBBBNJI

3DUD GHWHUPLQDU OD FDUJD D DSOLFDU D OD SUREHWD GH DFHUR GHEHPRV WHQHU HQ FXHQWD TXH HQ
pVWD QR GHEHQ VXUJLU HVIXHU]RV PiV DOOi GHO OtPLWH GH IOXHQFLD SULPHUR SRUTXH VyOR
QHFHVLWDPRVGDWRVGHOD]RQDHOiVWLFD\VHJXQGRSRUTXHGDxDUtDPRVODSUREHWDDOFDXVDUHQ
HOODGHIRUPDFLRQHVUHVLGXDOHV

(O OtPLWH HOiVWLFR GHO DFHUR  HV >VI@   NJIFP /D FDUJD HOiVWLFD SXHGH VHU
GHWHUPLQDGDSXHVSRUODVLJXLHQWHIyUPXOD
>V I @EK 
3
O
&iOFXOR TXH VHU UHDOL]DUi HQ HO PRPHQWR GH OD SUiFWLFD GH DFXHUGR D ODV FRQGLFLRQHV
HVSHFtILFDGHOHQVD\R/DWDEODGHGDWRVHVVLPLODUDODDQWHULRU
75$7$0,(172(,17(535(7$&,1'(/26'$726

/RVGDWRVFRQVLJQDGRVHQODVWDEODVVHWUDVODGDQDXQDKRMDHOHFWUyQLFDGHFiOFXOR ([FHO
SRUHMHPSOR SDUDUHDOL]DUODVJUiILFDVGH)XHU]DFRQWUDGHIOH[LyQ SDUDDPEDVSUREHWDV 

$SOLFDQGR OD IyUPXOD GH WUDEDMR VH GHEH KDOODU HO PyGXOR GH UXSWXUD SDUD OD PDGHUD
3O
V

EK 

3DUDORVGDWRVGHODEDUUDGHDFHURVHFRQVWUX\H DGLFLRQDOPHQWH XQJUiILFRFRQORVYDORUHV


O
GH ODV GHIOH[LRQHV G  HQ ODV DEVFLVDV \ ORV YDORUHV GH ODV H[SUHVLyQ 3
HQ ODV
,


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

RUGHQDGDV YHU )LJ   (O YDORU GH OD SHQGLHQWH GH GLFKR JUiILFR VHUi HO PyGXOR GH
HODVWLFLGDGGHOPDWHULDOVRPHWLGRDHQVD\RFRPRORPXHVWUDODILJXUD

2EVpUYHVH FRQ GHWHQLPLHQWR OD VHFFLyQ SRU GRQGH RFXUULy OD URWXUD QyWHVH TXH VH
HYLGHQFLDQ GRV ]RQDV GRQGH OD URWXUD IXH RFXUULGD \D SRU WUDFFLyQ GH ODV ILEUDV R SRU
FRPSUHVLyQ 3yQJDVH DWHQFLyQ TXH HO OtPLWH TXH VHSDUD HVWDV GRV ]RQDV JHQHUDOPHQWH QR
HVWiDODPLWDGGHODDOWXUDGHODVHFFLyQ&XiOHVODFDXVD GHHVWHIHQyPHQR"&XDQWLItTXHVH
HOSRUFHQWDMH  GHILEUDVDWUDFFLyQ\DFRPSUHVLyQ
,1)250(

'H PDQHUD SDUWLFXODU HO LQIRUPH VREUH HO HQVD\R '(7(50,1$&,1 '( /$6
3523,('$'(6 0(&1,&$6 '( /26 0$7(5,$/(6 620(7,'26 $ )/(;,1
GHEHFRQWHQHU
 2EMHWLYR
 &RQVLGHUDFLRQHVWHyULFDVJHQHUDOHV'HILQLFLyQHWF
 0DTXLQDULD HQXQFLDU\DTXHHQLQIRUPHVDQWHULRUHV\DVHWUDWyHVWHWHPD 
$GLWDPHQWRV
 3UREHWDV&RPSDUDFLyQFRQODSUREHWDV$670 YHUHVWiQGDU$670' 
 ,QVWUXPHQWRVGH0HGLGD(VTXHPDGHPHGLFLyQGHODVGHIRUPDFLRQHV1RPEUDU \
VDEHUUHFRQRFHU ORVRWURVLQVWUXPHQWRVGHPHGLGDXVDGRV
 *UiILFD )G SDUDWRGDVODVSUREHWDV
O
 *UiILFD 3
G SDUDODSUREHWDGHDFHURGHWHUPLQDFLyQGHOPyGXORGHHODVWLFLGDG
,
 &XDQWLILFDFLyQGHODV]RQDVGHWUDFFLyQ\FRPSUHVLyQ  HQODVHFFLyQGHURWXUD

'(7(50,1$&,1'(/26(6)8(5=261250$/(6(1/$
)/(;,1
7RPDGRGHOOLEUR5HVLVWHQFLDGH0DWHULDOHVGH3$6WLRSLQ

1RWD7pQJDVHHQFXHQWDTXHHOWUDGXFWRUGHHVWHOLEURQRPEUDDORVHVIXHU]RVFRPR
WHQVLRQHV(VSHUWLQHQWHDQRWDUTXHGLFKRWpUPLQRHVPiVFRUUHFWRTXHODH[SUHVLyQ
HVIXHU]R\UHVSRQGHPiVDODItVLFDGHOIHQyPHQR *&7 
7DPELpQGHEHSRQHUVHHVSHFLDODWHQFLyQHODXWRUGHQRWDODViUHDVFRQODOHWUD)\ORV
PRPHQWRVGHLQHUFLDFRQODOHWUD-

(QODIOH[LyQSODQDSXUDHQODVVHFFLRQHVWUDQVYHUVDOHVGHODYLJDVXUJHQVRODPHQWH
PRPHQWRVIOHFWRUHVTXHDFW~DQHQHOSODQRTXHSDVDSRUXQRGHORVHMHVFHQWUDOHV
SULQFLSDOHVGHLQHUFLDGHODVHFFLyQWUDQVYHUVDOGHODYLJD

(OPRPHQWRIOHFWRUHVHOPRPHQWRUHVXOWDQWHGHODVIXHU]DVQRUPDOHVLQWHULRUHVGLVWULEXLGDV
HQODVHFFLyQ

3DUDHVWDEOHFHUODOH\GHGLVWULEXFLyQ\ODPDJQLWXGGHODVIXHU]DVLQWHULRUHVTXHVXUJHQHQ


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

ODVHFFLyQWUDQVYHUVDOGHODYLJDVRQLQVXILFLHQWHVODV HFXDFLRQHVGHODHVWiWLFD+DFHIDOWD
UHFXUULUWDPELpQDODVFRQGLFLRQHVGHGHIRUPDFLyQGHODYLJD
6L XQD YLJD SUREHWD  VREUH FX\D VXSHUILFLH VH KD PDUFDGR XQD UHG VH VRPHWH D IOH[LyQ
SODQDSXUDSRGUHPRVREVHUYDUORVLJXLHQWH ILJ 

)LJ  6HJ~Q6WLRSLQ

)LJ 6HJ~Q6WLRSLQ

 ODVOtQHDV\GHODVXSHUILFLHGHODYLJDJLUDQFLHUWRiQJXORGTGHVSXpVGHOD
GHIRUPDFLyQ SHUPDQHFLHQGR UHFWDV (V GH VXSRQHU TXH ODV VHFFLRQHV WUDQVYHUVDOHV GH OD
YLJD TXH HUDQ SODQDV DQWHV GH RFXUULU OD GHIRUPDFLyQ SHUPDQHFHUiQ SODQDV WDPELpQ
GHVSXpVGHODGHIRUPDFLyQ KLSyWHVLVGHODVVHFFLRQHVSODQDV /RVFiOFXORVTXHVHEDVDQHQ
WDOVXSRVLFLyQFRQFXHUGDQELHQFRQORVUHVXOWDGRVGHORVHQVD\RV
 ODILEUDDEVLWXDGDHQODSDUWHFRQYH[DGHODYLJDVHDODUJDORTXHFHUWLILFDTXHHVWD
ILEUD VH WUDFFLRQD PLHQWUDV TXH OD ILEUD HI VH DFRUWD OR TXH GHPXHVWUD VXFRPSUHVLyQ/D
ORQJLWXG GH OD ILEUD FG QR VH DOWHUD \ SRU OR WDQWR HVWD ILEUD QR VXIUH QL WUDFFLyQ QL
FRPSUHVLyQ
/DFDSDGHODYLJD DOQLYHOGHODILEUDFG TXHQRVXIUHHQODIOH[LyQWUDFFLyQQLFRPSUHVLyQ
VHGHQRPLQDFDSDQHXWUD/DOtQHDSRUODTXHVHFRUWDHVWDFDSDFRQHOSODQRGHODVHFFLyQ
WUDQVYHUVDOGHODYLJD )LJ VHGHQRPLQDHMH OtQHD QHXWUR/DLQWHUVHFFLyQGHOSODQR
GHVROLFLWDFLyQFRQHOGHODVHFFLyQWUDQVYHUVDOVHGHQRPLQDOtQHDGHVROLFLWDFLyQ

'H ORV UHVXOWDGRV GH ORV HQVD\RV DQDOL]DGRV VH GHGXFH TXH ODV ILEUDV GH OD YLJD VH
GHIRUPDQGHPDQHUDGLVWLQWDODVGHIRUPDFLRQHVPD\RUHVODVVXIUHQODVILEUDVTXHVH
HQFXHQWUDQ PiV OHMRV GH OD FDSD QHXWUD 'HPRVWUHPRV TXH ODV GHIRUPDFLRQHV YDUtDQ
OLQHDOPHQWHVHJ~QODDOWXUDGHODVHFFLyQGHODYLJD


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

(QHIHFWRHOVHJPHQWREEUHSUHVHQWDHODODUJDPLHQWRWRWDOGHODILEUDDEFX\DORQJLWXG
DQWHV GH OD GHIRUPDFLyQ HUD LJXDO D OD GH OD ILEUD FG VLWXDGD HQ OD FDSD QHXWUD (O
DODUJDPLHQWRXQLWDULRGHHVWDILEUDHV
H

EcEcc
DE

EcEcc
FG

\ GT
U GT

\

U



VLHQGR U HO UDGLR GH FXUYDWXUD GH OD FDSD QHXWUD GH OD YLJD OD PDJQLWXG GH U HV SRU
DKRUDGHVFRQRFLGD
\ ODGLVWDQFLDGHODILEUDHQFXHVWLyQDODOtQHDQHXWUD

$QWHV GH SDVDU DO FiOFXOR GH ODV WHQVLRQHV HVIXHU]RV  LQWURGXFLPRV XQD KLSyWHVLV PiV
VXSRQHPRV TXH ODV ILEUDV GH OD YLJD QR SUHVLRQDQ XQDV VREUH RWUDV HV GHFLU TXH ODV
WHQVLRQHV HQ GLUHFFLyQ SHUSHQGLFXODU DO HMH GH OD YLJD VRQLJXDOHVDFHUR$VtSXHVFDGD
ILEUD UHVXOWD VRPHWLGD D WUDFFLyQ R FRPSUHVLyQ PRQRD[LDO /D IyUPXOD TXH VH REWLHQH
EDViQGRVH HQ HVWD KLSyWHVLV GD UHVXOWDGRVTXHHVWiQELHQGHDFXHUGRFRQORVGDWRVGHORV
HQVD\RV(QWRQFHVVHJ~QODOH\GH+RRNHSDUDHOFDVRGHOHVWDGRWHQVLRQDOPRQRD[LDO
V

H(

\

U



HV GHFLU TXH ODV WHQVLRQHV QRUPDOHV YDUtDQ VHJ~Q OD DOWXUD GH OD VHFFLyQ WUDQVYHUVDO
SURSRUFLRQDOPHQWH D OD GLVWDQFLD GHO HMH QHXWUR/DVWHQVLRQHVPi[LPDVWHQGUiQOXJDUHQ
ORVERUGHVVXSHULRUHLQIHULRUGHODVHFFLyQ
(O JUiILFR GH V HVWi UHSUHVHQWDGR HQ OD ILJXUD  &RQVLGHUDPRV TXH ODV WHQVLRQHV GH
WUDFFLyQ VRQ SRVLWLYDV 6H GHEH VXEUD\DU TXH ORV YHFWRUHV GH ODV WHQVLRQHV QRUPDOHV VRQ
FODURHVWiSHUSHQGLFXODUHVDOSODQRGHODVHFFLyQWUDQVYHUVDOGHODYLJD\ORVVHJPHQWRVTXH
UHSUHVHQWDQ HVWDV WHQVLRQHV HQ HO JUiILFR FRQYHQFLRQDOPHQWH VH KDFHQ FRLQFLGLU FRQ HO
SODQRGHODVHFFLyQ
8QDYH]GHWHUPLQDGDODOH\GHGLVWULEXFLyQGHODVWHQVLRQHVVHSXHGHFDOFXODUVXPDJQLWXG
GHODVHFXDFLRQHVGHHTXLOLEULR

([DPLQHPRVHOHTXLOLEULRGHODSDUWHGHODYLJDTXHVHHQFXHQWUDVRPHWLGDDODDFFLyQGHO
PRPHQWRH[WHULRUP \GHODVIXHU]DVLQWHULRUHVTXHVXUJHQHQODVHFFLyQWUDQVYHUVDOWUD]DGD
)LJ 
3DUD TXH HVWD SDUWH VH HQFXHQWUH HQ HTXLOLEULR VH GHEHQ VDWLVIDFHU VHLV HFXDFLRQHV GH
HTXLOLEULR ODV VXPDV GH ODV SUR\HFFLRQHV GH ODV IXHU]DV TXH DFW~DQ VREUH ORV WUHV HMHV GH
FRRUGHQDGDVDVtFRPRODVWUHVVXPDVGHORVPRPHQWRVUHVSHFWRDORVHMHV[\ \]GHEHUiQ
VHULJXDOHVDFHUR



,JXDODPRVDFHURODVXPDGHODVSUR\HFFLRQHVVREUHHOHMH\6 < 


/RPLVPRUHVSHFWRDOHMH[6 ; 

873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

)LJ 6HJ~Q6WLRSLQ 
1yWHVHTXHDTXtVHXVDODOHWUD) SDUDGHVLJQDUHOiUHD

/DV HFXDFLRQHV 6 <   \ 6 ;   VH FRQYLHUWHQ HQ LGHQWLGDGHV SXHVWR TXH ODV IXHU]DV
LQWHULRUHVVG) VRQSHUSHQGLFXODUHVDHVWRVHMHV
 ,JXDODPRVDFHURODVXPDGHODVSUR\HFFLRQHVVREUHHOHMH]6 = 
RVHD
V G) 
)

7HQLHQGRHQFXHQWD  KDOODPRV


3HUR

(
z  \DTXHU z fSXHVVHDQDOL]DHOFDVRFXDQGRODYLJD HVWiHQFRUYDGD/XHJR
U

\ G)
)

(
\ G)
U )



(VWD LQWHJUDO UHSUHVHQWD HO PRPHQWR HVWiWLFR GHO iUHD GH OD VHFFLyQ WUDQVYHUVDO GH OD YLJD
UHVSHFWRDOHMHQHXWUR3XHVWRTXHODLQWHJUDOHVLJXDODFHURODOtQHDQHXWUDHQODIOH[LyQ
SDVDUiSRUHOFHQWURGHJUDYHGDGGHODVHFFLyQ
 /D HFXDFLyQ 6 0]   VH FRQYLHUWH HQ LGHQWLGDG DO VHU ORV HVIXHU]RV LQWHULRUHV
IXHU]DV VG)SDUDOHORVDOHMH]
 /DHFXDFLyQ6 0\  QRVGD V G)[
)

3HUR

(
z  
U

 7HQLHQGRHQFXHQWD  REWHQHPRV

(
[\ G)
U )

OXHJR [\ G)
)




/DLQWHJUDO - [\
[ H\

873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

[\ G) UHSUHVHQWDHOSURGXFWRGHLQHUFLDGHODVHFFLyQUHVSHFWRDORVHMHV
)

3XHVWR TXH HVWH SURGXFWR HV LJXDO D FHUR ORV HMHV [ H \ GHEHUiQ VHU HMHV SULQFLSDOHVGHOD
VHFFLyQ \ HO PRPHQWR P GHEHUi HQFRQWUDUVH HQ HO SODQR TXH SDVD SRU XQR GH ORV HMHV
SULQFLSDOHV FRQGLFLyQ TXH VH FXPSOH HQ HO FDVR GH OD IOH[LyQ SODQD 'H DTXt VH GHGXFH
WDPELpQ TXH OD OtQHD GH VROLFLWDFLyQ \ OD OtQHD QHXWUD HMH QHXWUR  VRQ SHUSHQGLFXODUHV
HQWUHVL
,JXDODPRVDFHURODVXPDGHORVPRPHQWRVGHODVIXHU]DVUHVSHFWRDOHMH[
 P  \V G)

6 0[ 

7HQLHQGRHQFXHQWD  KDOODPRV


/D LQWHJUDO QHXWUR[

( 
\ G)
U )

( 
\ G) UHSUHVHQWD HO PRPHQWR GH LQHUFLD GHOD VHFFLyQUHVSHFWR DOHMH
U )

6REUHODSDUWHVHSDUDGDGHODYLJDSXHGHQDFWXDUYDULRVSDUHVH[WHULRUHVHQOXJDUGHXQRDVt
FRPRFXDOTXLHURWUDFDUJD(QHVWHFDVRHQODHFXDFLyQGHHTXLOLEULR6 0[ ILJXUDUiOD
VXPD DOJHEUDLFD GH ORV PRPHQWRV GH WRGDV HVWDV IXHU]DV TXH HV QXPpULFDPHQWH LJXDO DO
PRPHQWRIOHFWRUHQODVHFFLyQWUDQVYHUVDO
7HQLHQGRHVWRHQFXHQWDSRGHPRVHVFULELUODFRUUHODFLyQDQWHULRUHQODIRUPDVLJXLHQWH
0
GHGRQGHVHGHGXFH

/DPDJQLWXG .

(
- 
U [

IOHF

U

IOHF
([






HVODFXUYDWXUDGHODFDSDQHXWUDGHODYLJD
U

$QWHULRUPHQWH VH GHPRVWUy TXH OD OtQHD QHXWUD GH OD VHFFLyQ WUDQVYHUVDO SDVD SRU HO
FHQWUR GH JUDYHGDG 3RU OR WDQWR HO HMH HMH ORQJLWXGLQDO  GH OD YLJD TXH HV HO OXJDU
JHRPpWULFRGHORVFHQWURVGHJUDYHGDGGHVXVVHFFLRQHVWUDQVYHUVDOHVVHHQFXHQWUDHQ
ODFDSDQHXWUD$VtSXHVREWHQHPRVTXHODH[SUHVLyQ  GHWHUPLQDODFXUYDWXUDGHO
HMHGHODYLJD



873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

(VGHFLUODFXUYDWXUDGHOHMHGHODYLJDHQODIOH[LyQHVSURSRUFLRQDODOPRPHQWRIOHFWRUH
LQYHUVDPHQWH SURSRUFLRQDO D (-[ TXH VH GHQRPLQD ULJLGH] GH OD VHFFLyQ D OD IOH[LyQ

,QWURGXFLHQGRHOYDORUGH HQ  OOHJDPRVDODLPSRUWDQWHIyUPXOD
U
0
IOHF

\
V
[
TXH SHUPLWH FDOFXODU OD WHQVLyQ QRUPDO HQ FXDOTXLHU SXQWR GH OD VHFFLyQ WUDQVYHUVDO GH OD
YLJDVLVHFRQRFHHOPRPHQWRIOHFWRU0IOHF\HOPRPHQWRGHLQHUFLDGHODVHFFLyQ
/DIyUPXOD  IXHREWHQLGDSDUDODIOH[LyQSXUD

(QODIOH[LyQWUDQVYHUVDOHQODVVHFFLRQHVWUDQVYHUVDOHVGHODEDUUDDSDUHFHQWDQWRWHQVLRQHV
QRUPDOHVFRPRWDQJHQFLDOHV
(OVXUJLPLHQWRGH WHQVLRQHVWDQJHQFLDOHVYDDFRPSDxDGRGHODDSDULFLyQGHGHVOL]DPLHQWRV
\FRPRUHVXOWDGRGHpVWRVODVVHFFLRQHVWUDQVYHUVDOHVGHODYLJDGHMDQGHVHUSODQDV GHMD
GH VHU YiOLGD OD KLSyWHVLV GH %HUQRXOOL  'XUDQWH OD IOH[LyQ WUDQVYHUVDO VXUJHQ WDPELpQ
WHQVLRQHV HQ ODV VHFFLRQHV ORQJLWXGLQDOHV GH OD EDUUD HV GHFLU TXHODVILEUDVSUHVLRQDQODV
XQDVVREUHODVRWUDV
(VWXGLRV PiV PLQXFLRVRV GHPXHVWUDQ TXH D SHVDU GH HVWR OD IyUPXOD   GD UHVXOWDGRV
VXILFLHQWHPHQWHVHJXURVHQODIOH[LyQWUDQVYHUVDOWDPELpQ

'(7(50,1$&,1'(/$'()/(;,1(181$9,*$
6,03/(0(17($32<$'$
7RPDGRGHOOLEUR5HVLVWHQFLDGH0DWHULDOHVGH3$6WLRSLQ

5HFXpUGHVHTXHHVWDDXWRUGHQRWDORVPRPHQWRVGHLQHUFLDFRQODOHWUD-

3DUD XQD YLJD JHQHUDO )LJ   GRQGH DFW~DQ YDULDV IXHU]DV SXHGHQ SODQWHDUVH ODV
OODPDGDVHFXDFLRQHVXQLYHUVDOHVGHODOtQHDHOiVWLFDGHODYLJD *&7

)LJ VHJ~Q6WLRSLQ


873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

T
\

HVHOiQJXORGHODVHFFLyQGHODYLJDFXDQGR] 

HVODIOHFKD GHIOH[LyQ HQHORULJHQGHFRRUGHQDGDV

ODVHFXDFLRQHVSDUDODGHWHUPLQDFLyQGHORViQJXORVGHJLUR\ODVIOHFKDVVHUiQ
(-\ c
(-\

(-T
(-\ 

(-T   P ]  D 

3 ]  E 
T ]  F 





P ]  D  3 ]  E  T ]  F 
(-T  ] 




(VWDVHFXDFLRQHVVHGHQRPLQDQHFXDFLRQHVXQLYHUVDOHVGHODOtQHDHOiVWLFDGHODYLJD(Q
HOODVVHLQWURGXFHQFRQHOVLJQRFRUUHVSRQGLHQWHWRGDVODVIXHU]DVH[WHULRUHV LQFOX\HQGR
ODV UHDFFLRQHV  VLWXDGDV HQWUH HO RULJHQ GH FRRUGHQDGDV \ OD VHFFLyQ GH OD DEVFLVD] HQ
GRQGHVHFDOFXOD HO GHVSOD]DPLHQWR/DVIXHU]DVH[WHULRUHVUHSUHVHQWDGDVHQODILJXUD
VHLQWURGXFHQHQODHFXDFLyQFRQHOVLJQRSRVLWLYRODVIXHU]DVH[WHULRUHVRSXHVWDVDHOODV
FRQHOVLJQRQHJDWLYR


(MHPSOR  &DOFXODU OD IOHFKD Pi[LPD \ HO iQJXOR GH JLURHQORVDDSR\RVGHODYLJD
VROLFLWDGDSRUXQDIXHU]DFRQFHQWUDGDHQHOPHGLRGHOYDQR )LJ 

)LJ VHJ~Q6WLRSLQ

5HVROXFLyQ/DVUHDFFLRQHVVRQLJXDOHVD3 FDGDXQD\HVWiQGLVSXHVWDVKDFLDDUULED

6LWXDPRVHORULJHQGHFRRUGHQDGDVHQHOH[WUHPRL]TXLHUGRSRUWDQWR\ 
3DUDKDOODUT HPSOHDPRVODFRQGLFLyQVHJ~QODFXDOFXDQGR] O ODIOHFKDHVQXOD\ 
(-\ ]

3 O 

3 O  

(-T O 








GHDTXt

873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR

(-T 

3RUORWDQWR

3O 



3O 

T  T $ T Pi[ 
 ((QYLUWXGGHODVLPHWUtDHOiQJXORGHJLURHQHODSR\RGHUHFKRVHUi
T%

<ODIOHFKDPi[LPDHVWDUiHQODPLWDGGHOYXHOR
\Pi[

OXHJR

\SRUILQ

(- \ Pi[

3O 

 (-

T $




O


3O O 3 


   
\ Pi[

3O 


3O 

 (-



You might also like