Professional Documents
Culture Documents
Arquitetura Chicha PDF
Arquitetura Chicha PDF
9LFH HUVD
"R>ABOKLPAB3O>?>GLPL?OB(KQBO@RIQRO>IFA>A 9ROXPHQ-XQLR
#BPABQRPLGLP
$+5 +.1#$+ /1(,$1 @LKQRSLW
2$-3$-"( $- 8, 1 (O SUR\HFWR 9LGHRWHFD GH ODV
&XOWXUDV9'&LQLFLDWLYDGHO
9LFHPLQLVWHULR GH ,QWHUFXOWX
+>SLWABI UDOLGDG EXVFD SURPRYHU HO
>OQFPQ>>J>WqKF@L HMHUFLFLR GH OD FLXGDGDQªD
LQWHUFXOWXUDO D WUDY¦V GH OD
(QHOPDUFRGHODH[SRVLFL°Q VHGHVDUUROO°HO MXHYHVGH SURGXFFL°Q GH REUDV DXGLRYL
Ò'HVXODUJROODQWRVHIRUP° RFWXEUH GH HO FRQYHUVD VXDOHV SDUWLFLSDWLYDV FRQ
HO $PD]RQDV 1DUUDWLYDV WRULR Ò/D YR] GHO DUWLVWD QL®RVQL®DV\DGROHVFHQWHVGH
DPD]°QLFDV QR UHSUHVHQWDGDV DPD]°QLFR &RQVWUX\HQGR FRPXQLGDGHVLQGªJHQDV\DIUR
HQ OD KLVWRULD SHUXDQDÓ KLVWRULDGHVGHODVLPJHQHVÓ GHVFHQGLHQWHV \ GH OD GLIX
UHDOL]DGD EDMR OD FXUDGXUªD (VWH GLORJR FRQW° FRQ OD VL°QSDUDWRGDODFRPXQLGDG
GH &KULVWLDQ %HQGD\Q \ SDUWLFLSDFL°Q GH XQR GH ORV HGXFDWLYD GH REUDV GRFXPHQ
*LXOLDQD9LGDUWHHQHO&HQWUR FXUDGRUHV GH OD PXHVWUD WDOHV \ YLGHRV SDUWLFLSDWLYRV
&XOWXUDO5LFDUGR3DOPDGHOD &KULVWLDQ%HQGD\QODLQYHV GH UHSUHVHQWDFL°Q FXOWXUDO
0XQLFLSDOLGDG GH 0LUDIORUHV WLJDGRUD SURGXFLGRVSRURUJDQL]DFLRQHV
\SURGXFWRUHVLQGHSHQGLHQWHV
DXQTXH VXHQH LU°QLFR KD GHVG¦Q\ODHVFDVDSUHRFXSD >JBAF>ALPABI RWURV FRPR ¦O XVDQGR VXV
VLGR VLHPSUH XQ WHPD SRFR FL°QSRUSDUWHGHORVDUTXL PFDIL7(7 OHQJXDMHV VXV UHFXUVRV VXV
UHFXHUGRV\DIHFWRV
SRSXODUHQHOPXQGRDFDG¦ WHFWRVSDUDFRQODDUTXLWHF
(OSUR\HFWRIRPHQWDODVFRPSH
PLFR &RQ WDQ VROR GDU XQ WXUD SRSXODU UHIOHMD OD
WHQFLDV DXGLRYLVXDOHV HQ OD
YLVWD]RDODOLVWDGHSXEOL DFWLWXGJHQHUDOTXHWXYRHO
QXHYD JHQHUDFL°Q VREUH WRGR
FDFLRQHV DFHUFD GH WHPDV OLPH®RSDUDFRQHOPLJUDQWH
HQ FRPXQLGDGHV LQGªJHQDV \
DILQHVFRPRSRUHMHPSOROD (O SURSLR FRQFHSWR GH OR
DIURGHVFHQGLHQWHV
DUTXLWHFWXUD YHUQDFXODU SRSXODUVHKL]RGLIªFLOGH
SRGUHPRV QRWDU TXH EDVWDQ PDQHMDU /D LUUXSFL°Q GHO
ORVGHGRVGHODVPDQRVSDUD SXHEORHQODFLXGDGGHOR
-XDQ \ &HOLQD SRQHQ HQ UXUDOHQORXUEDQRKL]RTXH
HYLGHQFLDORTXHPXFKDVYHFHV ORV FRQFHSWRV DOJXQD YH]
FXHVWDWHQHUHQFXHQWDFXDQGR WDQ FODUDPHQWH GHILQLGRV
VHSLHQVDHQODWUDQVPLVL°QGH SHUGLHUDQSUHFLVL°Q(VDVª
ODVH[SHULHQFLDVSDVDGDVDODV TXH/LPDVHHVFLQGHHQGRV
QXHYDV JHQHUDFLRQHV PV TXH ODSULPHUDRILFLDORFFLGHQ
UHFHSWRUHV SDVLYRV GH XQD WDOFULROOD\
KLVWRULDSDUDHOORV
¶OEJDF
',9(56,'$'
3UHVHQWDFLyQ
'HVGHWXVRMRVFRQWXYR]
%HUQDUGR&iFHUHV (Q HVWD VHJXQGD HQWUHJD GH 9LFHYHUVD HO
0LQLVWHULRGH&XOWXUDPDQWLHQHVXFRPSUR
$UTXLWHFWXUD&KLFKD PLVR HQ FRORFDU FRPR SDUWH GHO GHEDWH
ORFKRORHQODDUTXLWHFWXUD S~EOLFRORVWHPDVTXHGDQIRUPDDODGLYHU
'DYLG3H]R VLGDG FXOWXUDO /HMRV GH XQD FHOHEUDFLyQ
OLJHUD GH ODV SOXUDOLGDGHV LQYLWDPRV D XQD
UHÀH[LyQ FUtWLFD DFHUFD GH ODV GLIHUHQFLDV
/RVFDPLQRVGHODLQWHJUDFLyQ FXOWXUDOHV\ORVFDPELRVTXHHMHUFHQHQORV
\ODH[FOXVLyQ$IURSHUXDQRV
DPHGLDGRVGHOVLJOR;,;
-HV~V&RVDPDOyQ\0DULEHO$UUHOXFHD DVXQWRVS~EOLFRV
(VWHQ~PHURFRPSDUWHH[SHULHQFLDVGRQGHOD
GLYHUVLGDGHQWUDHQMXHJRVHSRQHHQPRYL
PLHQWR\QRVSHUPLWHVDOLUGHORVGLVFXUVRV
/DYR]GHODUWLVWD JHQHUDOHV SDUD FRQRFHUOD GHVGH SURFHVRV R
DPD]yQLFR
)LRUHOOD/ySH]
KHFKRVHVSHFt¿FRV(QXQDSULPHUDSDUWHQRV
SUHJXQWDPRVVREUHODFRQVWUXFFLyQGHQXHV
WUDV UHSUHVHQWDFLRQHV \ HO PRGR HQ TXH
(175(9,67$6 HODERUDPRV \ FRPSDUWLPRV QXHVWUDV
LPiJHQHV VREUH ORV RWURV VXV KLVWRULDV \
/DYLJHQFLDGHOHQVD\RORLQWHOHFWXDO
WDPELpQVREUHQXHVWURSURSLRHVSDFLRItVLFR
\ODPHPRULD
(QWUHYLVWDD*XVWDYR)DYHUyQ
-RVp&DUORV$JHUR
&DUORV*DVWHOXPHQGL
$UWtFXORVFRPRORVGH3H]RVREUHODDUTXLWHF
WXUD FKROD GH %HUQDUGR &iFHUHV VREUH ODV
YLGHRWHFDV )LRUHOOD /ySH] VREUH XQD
PXHVWUDGHDUWHLQGtJHQD\$UUHOXFHD\&RVD
(OLQGLR\HOSRGHUHQHO3HU~ PDOyQVREUHKLVWRULDFXOWXUD\HVWHUHRWLSRHQ
(QWUHYLVWDD(QULTXH0D\HU
3DEOR6DQGRYDO
9LFHYHUVD
&XDGHUQRVGHWUDEDMRVREUH,QWHUFXOWXUDOLGDG
ORVDIURSHUXDQRVQRVOOHYDQKDFLDHVDUHÀH
[LyQ
8QVHJXQGREORTXHFRQWUHVHQWUHYLVWDVQRV
SODQWHD FXHVWLRQHV FHQWUDOHV FRPR OD ODUJD
(OYDORUGHODSULPHUDVHQWHQFLDHQD\PDUD GXUDFLyQGHORVFDPELRVVRFLDOHVHQHOFDPSR
(QWUHYLVWDD9LFHQWH$ODQRFDHOWUDGXFWRU
(GXDUGR%XUJD 'LDQD$OYDUH]&DOGHUyQ*DOOR
0LQLVWUDGH&XOWXUD
DSDUWLUGHXQDFRQYHUVDFLyQFRQHOLQYHVWL
JDGRU (QULTXH 0D\HU XQD FUtWLFD DJXGD DO
PXQGROHWUDGRGHVYLQFXODGRGHORVSURFHVRV
3DWULFLD%DOEXHQD3DODFLRV VRFLDOHVSODQWHDGRSRUHOFUtWLFROLWHUDULR\
'(%$7(1281$6,1208&+$60(025,$6 9LFHPLQLVWUDGH,QWHUFXOWXUDOLGDG
HVFULWRU *XVWDYR )DYHUyQ \ OD RSLQLyQ GHO
8FKXUDFFD\ FDWHGUiWLFR9LFHQWH$ODQRFDVREUHODLPSRU
5RFtR0XxR])ORUHV
/DWUDVWHPSRUDOLGDGGHO
GRORUDWUDYpVGHODPHPRULD
)UDQ].UDMQLN
'LUHFWRUDGHOD'LUHFFLyQ*HQHUDOGH
&LXGDGDQtD,QWHUFXOWXUDO
WDQFLD GHO WUDGXFWRU \ OD SULPHUD VHQWHQFLD
HPLWLGDHQD\PDUDHQQXHVWURSDtV
3DUDWHUPLQDUHQHOWHUFHUEORTXHVHSURIXQ
(GLWRUHVJHQHUDOHV GL]DXQRGHORVWHPDVIXQGDPHQWDOHVSDUDHO
-RVp&DUORV$JHUR
$UJHQWLQD DUUDLJRGHQXHYDVVXEMHWLYLGDGHV\FLXGDGD
ORVMyYHQHV\ODVPHPRULDV
6DQGUD5DJJLR 3DEOR6DQGRYDO
$VLVWHQFLDGHHGLFLyQ
.DULQD&KDSSHOO
QtDDTXHOORTXHHQWHQGHPRVFRPRPHPRULD
GHORVSXHEORV
(O0LQLVWHULRGH&XOWXUDFRPSUHQGHTXHOD
1HNVRQ3LPHQWHO YDORUDFLyQGHLGHQWLGDGHVQDUUDWLYDVSURSLDV
&DGDXQRVRPRVXQDKLVWRULD
\HOHPHQWRVFRQVHUYDGRV FRPRUHOHYDQWHV
YLYLHQWHFRPRXQPXVHR &RUUHFFLyQGHWH[WRV
SRUSHUVRQDVFRPXQLGDGHVSXHEORV\FROHF
YLYLHQWH
/DDUWLFXODFLyQGHXQD
PHPRULDS~EOLFDHQHO3HU~
3RQFLDQR'HO3LQR
*LXOOLDQD(OL]DEHWK5DPtUH]/LxDQ
'LVHxR\GLDJUDPDFLyQ
WLYRVVRQFODYHDOPRPHQWRGHWHQGHUSXHQWHV
GH UHFRQRFLPLHQWR TXH QRV RULHQWDQ KDFLD
5HQ]R(VSLQHO\/XLVGHOD/DPD XQDFRQVLGHUDFLyQSRVLWLYD\HOUHVSHWRSRU
TXLHQHVFRQYLYHQFRQQRVRWURV
9LFHYHUVD1 1RV SDUHFH RSRUWXQR DSUR[LPDUQRV D ODV
0HPRULDGHVDUUROOR\SRVWFRQÀLFWR -XQLRGH/LPD±3HU~
PHPRULDVHQSOXUDOSRUTXHVRQPXFKRVORV
&KXVFKL$\DFXFKR
(GXDUGR7RFKH 9LFHYHUVDHVXQDSXEOLFDFLyQGHO0LQLVWHULRGH
&XOWXUD TXH UHFXHUGDQ TXLHQHV FDOODQ VLJQL¿FDQ R
GDQ YDORU D HVWRV UHFXHUGRV \ WDPELpQ VRQ
PXFKRVORVWLHPSRV\OXJDUHVTXHRULJLQDQ
DTXHOOR TXH OODPDPRV GH IRUPD DEVWUDFWD
£-XVWLFLDSDUD$FFRPDUFD PHPRULDKLVWyULFD
0HPRULD\SURWHVWDHQHO
FDUQDYDOD\DFXFKDQR
5HQ]R$URQL
0LQLVWHULRGH&XOWXUD
$Y-DYLHU3UDGR6DQ%RUMD
/LPD±3HU~
(VWDVQRVRQFXHVWLRQHVVHQFLOODVSHURQRV
LPSXOVDQDSHQVDUVHULDPHQWHVREUHHOVLJQL
¿FDGRGHODGLYHUVLGDGFXOWXUDOFXDQGRHVWR
7HOpIRQR
ZZZFXOWXUDJRESH WDPELpQ LPSOLFD HQFDUQDU H[SHULHQFLDV
'HWUiVGHODVPRQWDxDV
FRPSOHMDV (VSHUDPRV TXH HVWH Q~PHUR
,PDJHQGHODVKiQLQND$OHMDQGUR&DOGHUyQ
HQWUHORV<iQHVKDGHODVHOYDFHQWUDO
1DWDOt'XUDQG
3XHGHQHVFULELUQRVD
WRGDVODVVDQJUHV#FXOWXUDJRESH
ZZZWRGDVODVVDQJUHVSHUXODPXODSH
JHQHUHXQDPSOLRGLiORJR\GHEDWH
',9(56,'$' 6
%FTEFUVTPKPT
DPOUVWP[
%HUQDUGR&iFHUHV9HJDV
&RRUGLQDGRUGH9LGHRWHFDGHODV&XOWXUDV'LUHFFLyQGH'LYHUVLGDG&XOWXUDO\(OLPLQDFLyQGHOD'LVFULPLQDFLyQ5DFLDO
3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
(OOHPD³GHVGHWXVRMRVFRQWXYR]´VLQWH SUR\HFWR<VHFRQWULEXLUiTXL]iDIRUWD
WL]DQXHVWURPHQVDMHTXHHOSURWDJRQLVWD OHFHUHOGHVDUUROORFRQLGHQWLGDG
HV HO QLxR TXLHQ KDEOD D RWURV FRPR pO (Q OD FRPXQLGDG DVKiQLQND GH 3XHUWR
XVDQGRVXOHQJXDMHUHFXUVRVUHFXHUGRV\ 2FRSD6DWLSR-XQtQXQJUXSRGHHVWX
DIHFWRV GLDQWHV GH VHFXQGDULD TXH SDUWLFLSD GHO
(O SUR\HFWR IRPHQWD ODV FRPSHWHQFLDV WDOOHU9'&GHFLGHLQYHVWLJDUTXpSDVyHQ
DXGLRYLVXDOHV HQ OD QXHYD JHQHUDFLyQ ORVDxRVGHYLROHQFLDSROtWLFDHQVXVFRPX
VREUH WRGR HQ FRPXQLGDGHV LQGtJHQDV \ QLGDGHV&RQIURQWDQDORVDGXOWRVDFHUFD
DIURGHVFHQGLHQWHV GHVDUUROODQGR WDOOHUHV GHXQWHPDGLItFLOGHWUDWDUSDUDODVIDPLOLDV
GHH[SUHVLyQDXGLRYLVXDOFX\RVSURGXFWRV LQGtJHQDVTXHVHFRQYLUWLHURQHQHOGH
DFWXDOPHQWH VH GLIXQGHQ D WUDYpV GH ODVYtFWLPDV\GHORVVXIULPLHQWRVGHHVH
<RX7XEH UHGHV VRFLDOHV SUR\HFFLRQHV SHULRGR LQWHUFDPELDQ ORV UHWD]RV GH
S~EOLFDV \ TXH SURQWR WHQGUiQ PD\RU PHPRULDTXHVHKDQ¿OWUDGRKDVWDHOORV
DOFDQFHPHGLDQWHQXHVWUDSiJLQDZHE\ODV 0L PDPi PH KDEtD FRQWDGR TXH OH
LQVWLWXFLRQHV HGXFDWLYDV DOLDGDV HQ WRGDV KDEtDQ PDWDGR D VX PDPi TXH OH
ODVUHJLRQHVGHOSDtV KDEtDQ GLVSDUDGR HQ OD FDEH]D 6H
(VFDUDFWHUtVWLFDGHOHVFHQDULRFRQWHPSR HVWDEDEDxDQGRPLPDPi\HVFXFKyXQ
UiQHRTXHDTXHOORTXHORVPHGLRVDXGLRYL GLVSDUR\DPLVKHUPDQRVOHVGLMRHVFi
VXDOHVPXHVWUDQWLHQHPiVRSRUWXQLGDGHV SDWH \ VH HVFDSDURQ \ QR VDEtDQ TXp
GHFRQVWLWXLUVHHQSDUWHGHOGHEDWHS~EOLFR FRVD KDEtD SDVDGR 'H DOOt FXDQGR
(QHVWHVHQWLGRODWHOHYLVLyQGHVHxDODpUHD 7DOHVHOFDVRGHOWDOOHUGH3HUFFDSDPSD QDV/RVYLGHRVHQVXVYHUVLRQHV¿QDOHVVH YROYLHURQYLHURQDVXPDPiPXHUWD´
VLJXH VLHQGR HO PHGLR PiV LQÀX\HQWH \ GRQGHORVQLxRVVHWXUQDQODFiPDUDSDUD SUR\HFWDQDQWHVXVIDPLOLDUHV\RWURVPLHP 6XYLGHRHVDKRUDSDUWHGHOD9LGHRWHFDGH
GHVGHKDFHXQRDxRVORVFRQWHQLGRVDXGLR JUDEDUVH UHVSRQGLHQGR D SUHJXQWDV HQ EURVGHODFRPXQLGDG3UHVWLJLDGDGHVGHOD ODV&XOWXUDVFRQLQGLFDFLRQHVHQHO'9'\
YLVXDOHVVRQORVPD\RULWDULRVHQHOLQWHU ¿FKDV TXH VH KDQ VRUWHDGR HQWUH HOORV SDQWDOODODGHFODUDFLyQYDOLGDVDQDPHQWH ¿FKDV SHGDJyJLFDV HQ ODV TXH VH UHFR
FDPELRGLDULRGHOD,QWHUQHW$WUDYpVGHORV +HUQiQGHDxRVUHVSRQGH HODXWRHVWLPD\UHQXHYDWUDGLFLRQHVGHPR PLHQGD VX XVR SDUD HO 9,, FLFOR GH OD
WDOOHUHVGHH[SUHVLyQDXGLRYLVXDOGH9'& ³¢&XiOHVHOOXJDUPiVLPSRUWDQWHGHWX FUiWLFDV 6H SXHGHQ YHU GHFODUDFLRQHV GH HGXFDFLyQEiVLFDUHJXODU\GHVHFXQ
TXHUHPRV TXH ORV QLxRV QLxDV \ DGROHV FRPXQLGDG" 0L UHVSXHVWD VHUtD HV HO RUJXOORSRUVX3HUFFDSDPSDSRUHOSRGHU GDULD
FHQWHVGHFRPXQLGDGHVLQGtJHQDV\DIUR OXJDU PiV LPSRUWDQWH FDVD FRPXQDO GHOFDPSRSDUDDOLPHQWDUDVXVIDPLOLDV\D &RQ HVWH FXLGDGR VH LPSOHPHQWDQ ORV
GHVFHQGLHQWHVPHMRUHQVXFRQVXPR\XVR SRUTXHWRGDODJHQWHVHUH~QHDOOtSDUD ODV FLXGDGHV 0HVHV GHVSXpV ORV YLGHRV PDOHWLQHV SDUD ODV HVFXHODV 9'& TXH
FUtWLFR\FUHDWLYRGHHVWHHVSDFLRFRPXQL TXHGLDORJXHQ´ UHDOL]DGRVHQ3HUFFDSDPSDOOHJDUDQDODV FRQWLHQHQ '9' FRQ SURGXFWRV DXGLRYL
FDFLRQDO\DVtVXFDSDFLGDGGHSDUWLFLSDU (VWD GHFODUDFLyQ HV SDUWH GH XQR GH ORV HVFXHODVGHWRGRHOSDtV\VHUiQYLVWRVSRU VXDOHVGHUHSUHVHQWDFLyQFXOWXUDOWDQWRORV
GH ORV QXHYRV HVSDFLRV GH IRUPDFLyQ GH YLGHRVHGLWDGRVSRUHOJUXSRGHDGROHV GLYHUVRV S~EOLFRV D WUDYpV GH FDQDOHV \ FUHDGRV HQ QXHVWURV WDOOHUHV FRPR ORV
RSLQLRQHV FHQWHVSDUWLFLSDQWHVGHO WDOOHUGHVHPD HYHQWRV GH GLIXVLyQ SUHYLVWRV SRU HO SURFHGHQWHVGHODULFDSURGXFFLyQDXGLRYL
9ROYHUDOtQGLFH
3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
6 ',9(56,'$'
JHQHUDFLRQHVDHVRDVSLUDPRVFRQWULEXLU
9LGHRWHFDGHODV&XOWXUDVSODWDIRUPDGH
FUHDFLyQ \ GLIXVLyQ DXGLRYLVXDO EXVFD
D\XGDU D TXH OD FRPXQLGDG HGXFDWLYD
JDUDQWLFH HO GHUHFKR D OD UHSUHVHQWDFLyQ
DXGLRYLVXDOSURSLDIXQGDPHQWDOSDUDTXH
FXDOTXLHU FRPXQLGDG FXOWXUDO HQIUHQWH
PHMRUORVSURFHVRVGHJOREDOL]DFLyQVRFLDO
HFRQyPLFDFXOWXUDOSROtWLFD
³1RVRWURV WDPELpQ DTXt VDEHPRV
PXFKDV FRVDV \ WDPELpQ HV ERQLWD
QXHVWUD LPDJHQ \ QXHVWUD FXOWXUD HV
OLQGD\WDPELpQORTXHKDEODPRVQRVR
WURVKDEODPRVHQTXHFKXD´(VWXGLDQWH
GHVHFXQGDULDHQHOFHQWURSREODGRGH
3HUFFDSDPSD&&GH6DQ-XDQGH'LRV
/LUFD\+XDQFDYHOLFD
(OSUHMXLFLR\ODFRQVWDQWHGLVFULPLQDFLyQ
VH VRVWLHQHQ VREUH OD LQFHUWLGXPEUH TXH
JHQHUDHOGHVFRQRFHUDOJRRDDOJXLHQ(O
SUHMXLFLR HV XQD GHIHQVD SULPDULD FRQWUD
HVWH WLSR GH LJQRUDQFLD TXH QR HV XQ
GHIHFWR HV XQD FRQGLFLyQ (O (VWDGR
SHUXDQR FRPR PXFKRV HQ HO PXQGR
DVXPHHQODHGXFDFLyQHOFRPEDWHFRQWUD
HVD FRQGLFLyQ TXH VH GHEH HUUDGLFDU
&XDQGRGHSUHMXLFLRVpWQLFRVRUDFLDOHVVH
WUDWD HV GHEHU GHO 0LQLVWHULR GH &XOWXUD
SURPRYHUHOFRQRFLPLHQWR\HODXWRUHFR
QRFLPLHQWRFXOWXUDO DWUDYpVGHODHGXFD
VXDOQDFLRQDOSDUWLFLSDWLYD\GRFXPHQWDO 6LELHQHO(VWDGRSHUXDQRVHIXQGDVREUHOD FLRQDOHV H¿FLHQWHV LPDJLQDUVH QXHYDV FLyQ FRPR HVWUDWHJLD SDUD HOLPLQDU HVDV
FRQVXV¿FKDVSHGDJyJLFDVHQODVTXHVH LJXDOGDGGHGHEHUHV\GHUHFKRVSDUDWRGRV PDQHUDV GH KDELWDU UHODFLRQDUVH \ IRUPDVGHGLVFULPLQDFLyQ9'&HVXQRGH
SURSRQHQDFWLYLGDGHVSUHYLDV\SRVWHULRUHV VXV FLXGDGDQRV VLQ GLVWLQFLyQ GLYHUVRV SURGXFLUHQODVFLXGDGHVHYLWDUVREUHWRGR ORV SUR\HFWRV FRQ TXH HO 0LQLVWHULR GH
DODYLVXDOL]DFLyQ/RVPDOHWLQHVOOHJDUiQD SULYLOHJLRVWRGDYtDEHQH¿FLDQLQWHUHVHVGH TXH OR TXH WRPy D ODV FXOWXUDV PLOHQLRV &XOWXUD SURPXHYH TXH HVH FDPELR Vt
ODV HVFXHODV TXH DGRSWDQ HVWH DxR OD FLHUWRVJUXSRV\pOLWHVXUEDQDV\SDWULDUFD DSUHQGHU\DGRSWDUVHSLHUGDHQXQDRGRV RFXUUDHQXQDJHQHUDFLyQ
DPSOLDFLyQKRUDULDï OHVHQWUHHOORVHODFFHVRDOSRGLRGHORV
*UDFLDV D XQ FRQYHQLR ¿UPDGR FRQ HO GLVFXUVRV\ODHVIHUDS~EOLFDSHURHQORV
3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
0LQLVWHULRGH(GXFDFLyQHVWRVPDOHWLQHV QXHYRVHVFHQDULRVGHODVWHFQRORJtDVGHOD
VHFRQYLHUWHQHQXQDKHUUDPLHQWDSDUDOD FRPXQLFDFLyQ \ SDQWDOODV P~OWLSOHV GHO
MRUQDGDHVFRODUFRPSOHWDTXHSURSRQHDO VLJOR ;;, HVWD VLWXDFLyQ HPSLH]D D
FLQHIyUXPFRPRKHUUDPLHQWDSHGDJyJLFD UHVTXHEUDMDUVH(QORVHQWRUQRVYLUWXDOHVR
GRQGH PDHVWURV \ HVWXGLDQWHV WUDEDMHQ GLJLWDOHV OD UHSUHVHQWDFLyQ FDQDOL]D
VREUHODEDVHGHDFWLYLGDGHVSURSXHVWDVHQ FUHFLHQWHPHQWH GHPDQGDV LQGLYLGXDOHV \
ODV ¿FKDV SHGDJyJLFDV SRU HMHPSOR FRQ GH FROHFWLYRV SRU GHUHFKRV KXPDQRV
KLVWRULDV IDPLOLDUHV LQYHVWLJDFLyQ HQ OD FXOWXUDOHV GH JpQHUR \ DPELHQWDOHV
PHPRULD ORFDO UHVFDWH GH WHFQRORJtDV R 6LPXOWiQHDPHQWH OD H[WHQVLyQ GH HVWH
SUiFWLFDV SURGXFWLYDV HQWUHYLVWDV HQ QXHYR DPELHQWH PHGLiWLFR ±TXH SHUPLWH
SURIXQGLGDGDVDELRV\DXWRULGDGHVWUDGL FRQYRFDU GLYHUVRV JUXSRV GH OD HVIHUD
FLRQDOHVUHFUHDFLyQJUi¿FD\PXVLFDOGH S~EOLFD±HVDODYH]XQDRSRUWXQLGDGGHVGH
WUDGLFLRQHVPLOHQDULDVRHOYtQFXORFRQODV HO(VWDGRSDUDLQFRUSRUDUODVQDUUDWLYDV\
IXHQWHVFOiVLFDVHQWUHRWUDV UHSHUWRULRV GH QXHVWUD GLYHUVLGDG D OD
(Q3HU~XQKRPEUHJDQDHQSURPHGLR HGXFDFLyQ \ DO LPDJLQDULR GH ODV FLXGD
PiVTXHODVPXMHUHVORVLQGtJHQDV GDQDV\FLXGDGDQRV
JDQDQPHQRV0DJULWK0HQD 3RQHUHQGHEDWHLQWHUFXOWXUDOHOGHUURWHUR
5 H 7Z L W W H D G R G H V G H O D F X H Q W D GHOGHVDUUROORLPDJLQDUQXHYDVIRUPDVGH
#*5$'(3HU~GHPDU]R UXUDOLGDG GHQWUR GH ORV SDUiPHWURV WUDGL
9ROYHUDOtQGLFH
',9(56,'$' 6
"SRVJUFDUVSB$IJDIB
-PDIPMPFOMBBSRVJUFDUVSBï
'DYLG3H]R
1DFLyHQ/LPDHQ5HDOL]yHVWXGLRVXQLYHUVLWDULRVHQOD)DFXOWDGGH$UTXLWHFWXUD8UEDQLVPR\$UWHVGHOD8QLYHUVLGDG1DFLRQDOGH,QJHQLHUtD+DSUHVHQWDGROD
WHVLVGHLQYHVWLJDFLyQ,GHQWLGDG\FKLFKD8QHVWXGLRVREUHODDUTXLWHFWXUDSRSXODU&RODERUDHQODUHYLVWDHOHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG
KWWSZZZLQWHUFXOWXUDOLGDGRUJFRQDUWtFXORVVREUHDUTXLWHFWXUDFKLFKDHLGHQWLGDG$FWXDOPHQWHODERUDHQODR¿FLQDGHODUTXLWHFWR2VFDU%RUDVLQR3HVFKLHUD
7RPDGRGHKWWSZZZLQWHUFXOWXUDOLGDGRUJ
/D DUTXLWHFWXUD FKLFKD DXQTXH VXHQH GHKDFHUGHODLQIRUPDOLGDG\HOGHVRUGHQ
LUyQLFR KD VLGR VLHPSUH XQ WHPD SRFR OD HVHQFLD GH HVWD FXOWXUD DGHPiV GH
SRSXODUHQHOPXQGRDFDGpPLFR&RQWDQ YLQFXODUOD FRQ HO HOHPHQWR OXPSpQ (O
VRORGDUXQYLVWD]RDODOLVWDGHSXEOLFD GLVFXUVR FULROOR IRPHQWy HVWD LPDJHQ
FLRQHV DFHUFD GH WHPDV D¿QHV FRPR SRU FRPR UHDFFLyQ DQWH OD PDVLYD SUHVHQFLD
HMHPSOR OD DUTXLWHFWXUD YHUQDFXODU GHOFKRORHQODFLXGDG
SRGUHPRVQRWDUTXHEDVWDQORVGHGRVGHODV 0DV OD SDODEUD FKLFKD FDOy 'XUDQWH HO
PDQRVSDUDSRGHUHQXPHUDUODV(OGHVGpQ SURFHVR GH DGDSWDFLyQ GHO PLJUDQWH HO
\ODHVFDVDSUHRFXSDFLyQSRUSDUWHGHORV WpUPLQR IXH JUDGXDOPHQWH VLHQGR DVLPL
DUTXLWHFWRV SDUD FRQ OD DUTXLWHFWXUD ODGRDHVWDFXOWXUD\KR\\DQRSXHGHHVWDU
SRSXODUUHÀHMDODDFWLWXGJHQHUDOTXHWXYR GLVRFLDGR GH HVWD 6HJ~Q $UWXUR 4XLVSH
HOOLPHxRSDUDFRQHOPLJUDQWH ORFKLFKDDIDOWDGHXQQRPEUH
(OSURSLRFRQFHSWRGHORSRSXODUVHKL]R DGHFXDGRHQFDUQDHOVLQFUHWLVPRFXOWXUDO
GLItFLOGHPDQHMDU/DLUUXSFLyQGHOSXHEOR GHORV~OWLPRVFLQFXHQWDDxRVODPL[WXUD
HQODFLXGDGGHORUXUDOHQORXUEDQRKL]R GHWRGDVODVFXOWXUDVGHOSDtVDQLGDGDVHQ
TXH ORV FRQFHSWRV DOJXQD YH] WDQ FODUD QXHVWUD FDSLWDO $VLPLVPR FRQFOX\H
PHQWH GH¿QLGRV SHUGLHUDQ SUHFLVLyQ (V GLFLHQGR ³/D FXOWXUD FKLFKD GHEH VHU
DVtTXH/LPDVHHVFLQGHHQGRVODSULPHUD FRQVLGHUDGD FRPR XQD PDQLIHVWDFLyQ GH
R¿FLDO RFFLGHQWDOFULROOD \ OD ³RWUD´ XQ FRQMXQWR GH VLWXDFLRQHV TXH FRUUHV
PDUJLQDOVHUUDQDDQGLQD SRQGHQDXQDVRFLHGDGHQWUDQVIRUPDFLyQ
'HHVWDPDQHUDDOKDEODUGHDUTXLWHFWXUD XQWUiQVLWRGHXQDVRFLHGDGDULVWRFUiWLFD
SRSXODUQRVHVDEtDFRQFHUWH]DVLVHHVWDED FULROOD D XQD TXH UHVXPH HQ Vt PLVPD OD
KDFLHQGR UHIHUHQFLD D OD DUTXLWHFWXUD UHDOLGDGSOXULFXOWXUDO´
YHUQDFXODURDODTXHVHHVWDEDPDVL¿FDQGR &RPR PHQFLRQDED DO LQLFLR HO PXQGR
HQ ODV FLXGDGHV \ D OD TXH HQ DOJ~Q DFDGpPLFR \ SURIHVLRQDO QR KD VDELGR
PRPHQWRVHOHDVLJQyHOWpUPLQRGHDUTXL FyPR HQIRFDU HO WHPD GH OD DUTXLWHFWXUD
WHFWXUD FKLFKD (V DTXt HQWRQFHV TXH VH FKLFKD VDOYR WDO YH] FRQVLGHUiQGROD XQD
LPSRQHODQHFHVLGDGGHGH¿QLUVLQQLQJ~Q GHOLQFXHQFLDO HWFpWHUD HV GHFLU FRQWLHQH FRPR OD JXDUDFKD OD FXPELD R HO URFN FXULRVLGDG DQHFGyWLFD PiV TXH QDGD XQ
WLSRGHDPELJHGDGTXpHVORFKLFKDHQOD XQVLJQL¿FDGRQHJDWLYR(VDVtTXHDGHPiV SVLFRGpOLFR FRQ ULWPRV GH SURFHGHQFLD JUDFLRVR \ SRFR IHOL] FRQMXQWR GH
DUTXLWHFWXUD GH XQD DUTXLWHFWXUD FKLFKD VH KDEOD DQGLQD /R TXH FDUDFWHUL]y D OD P~VLFD HOHPHQWRV GHFRUDWLYRV QR KDELpQGRVH
3HUR ¢D TXp OODPDPRV DUTXLWHFWXUD WDPELpQ GH XQD SUHQVD FKLFKD XQD FKLFKDIXHODFDSDFLGDGGHVtQWHVLV3HUR UHDOL]DGRPD\RUHVLQWHQWRVSRUHVWXGLDUOD
FKLFKD" (V PiV ¢SRU TXp OD OODPDPRV HFRQRPtDFKLFKDFUpGLWRFKLFKDPRGHU KD\ TXH UHPDUFDU TXH HVWH WpUPLQR QR VDOYRFDVRVPX\DLVODGRV
FKLFKD"(OWpUPLQRFKLFKDHVWiPX\OLJDGR QLGDGFKLFKDHWFpWHUD QDFLyGHQWURVLQRTXHIXHDFXxDGRSH\RUD 6HGHEHFRPHQ]DUGLFLHQGRTXHODDUTXL
DHVWDRWUD/LPDDORPLJUDQWHDORFKROR\ (Q XQ SULQFLSLR HO WpUPLQR FKLFKD VH WLYDPHQWH GHVGH IXHUD GH OD FXOWXUD GHO WHFWXUD FKLFKD HV XQ IHQyPHQR HVHQFLDO
DORSRSXODU3HURSRURWURODGRWDPELpQ YLQFXOyDODP~VLFDTXHKDFtDHOPLJUDQWH PLJUDQWHSRUHOVHFWRUFULROORFRPRSDUWH PHQWH XUEDQR \ SURGXFWR GH ORV PRYL
VH OH VXHOH DVRFLDU D OR KXDFKDIR LQDFD TXHHUDXQDPL[WXUDGHGLIHUHQWHVULWPRV GHXQGLVFXUVRTXHEXVFDEDH[DJHUDUORV PLHQWRVPLJUDWRULRVGHOFDPSRDODFLXGDG
EDGRGHVRUGHQDGRPDOKHFKRLQIRUPDO TXHVROtDQHVFXFKDUVHHQODFLXGDGWDOHV DVSHFWRVQHJDWLYRVGHOPLJUDQWH6HWUDWy HV GHFLU HV DTXHOOD TXH HO PLJUDQWH HO
5HFXSHUDGRGHODUHYLVWDFXOWXUDOHOHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG$QR11RYLHPEUH/LPD3HU~
9ROYHUDOtQGLFH
7RPDGRGHKWWSZZZLQWHUFXOWXUDOLGDGRUJ
6 ',9(56,'$'
3DEOR %RQWD OD ¿JXUD HVFDUFKDGD VH GH -XDQ 3DEOR %RQWD VRQ
FRQVWLWX\HHQXQLQGLFLRLQWHQFLRQDO EDVWDQWHH[SOLFDWLYDVDOUHVSHFWR³(OXVR
3HUR HO DGRUQR HVFDUFKDGR HPSLH]D D UHSHWLGR GH XQD VHxDO SXHGH FRQGXFLU
HYROXFLRQDU (VWRV FDPELRV FXOPLQDUiQ ¿QDOPHQWH D VX REVROHVFHQFLD &XDQGR
SRU LQWHJUDU OD HVWpWLFD GH OD ¿JXUD D OD XQDIRUPDVHWRUQDREVROHWDSXHGHGHVH
IXQFLyQ 6H LQWHQWD RWRUJDU D OD ¿JXUD PDQWL]DUVHHVGHFLUSHUGHUVXVLJQL¿FDGR
VLPEyOLFD XQ XVR $O SULQFLSLR OD ¿JXUD \DEDQGRQDUVHVXXVR´
FUHFH HQ GLPHQVLRQHV OOHJDQGR D FXEULU 8QGHWDOOHLQWHUHVDQWHVHHQFXHQWUDHQTXH
PXURVHQWHURV8QHVWDGLRLQWHUPHGLRQRV WDPELpQ HV SRVLEOH LGHQWL¿FDU HO URPER
PXHVWUDFyPRDSDUHFHHOYDQRHQHOLQWH FRQDOJXQDV¿JXUDVJHRPpWULFDVGHFRUWH
ULRUGHOD¿JXUDHQPDUFDQGRHVWDDDTXHO SUHKLVSiQLFR (O LQWHUpV UDGLFD HQ TXH HO
)LQDOPHQWH YHUHPRV FyPR HPSLH]DQ D URPER KDEUtD SRGLGR WHQHU XQD GREOH
DSDUHFHU SXHUWDV \ YHQWDQDV TXH LPLWDQ OHFWXUDKLVSDQLVWDHLQGtJHQDTXHSRWHQ
HVWDV IRUPDV H LQFOXVR RWUDV GH PD\RU FLDUDVXYDORUVLPEyOLFR\TXHQRVSHUPLWH
FRPSOHMLGDG SODQWHDU HO SUREOHPD GHVGH HO SXQWR GH
,QFRQVFLHQWHPHQWH HO SURSLHWDULR GH OD YLVWDVLQFUpWLFR(VFXULRVRTXHMXVWDPHQWH
YLYLHQGD HMHFXWD DTXHO SRVWXODGR TXH HOURPERVHDXQLFRQRPX\SRGHURVRTXH
D¿UPDTXHHOIXQFLRQDOLVPRSXHGHDFWXDU WUDVFLHQGH OD DUTXLWHFWXUD \ TXH KD\D
FKROR HULJH HQ OD FLXGDG 6HJ~Q -RUJH DUTXLWHFWyQLFDVH[WHUQDVVLQRHQODRUJDQL FRPR DQWLNLWVFK /D IXQFLyQ OHJLWLPD GH FRQVHJXLGR VREUHYLYLU HQ OD RUQDPHQWD
%XUJDHQODDUTXLWHFWXUDFKLFKDDFW~DHO ]DFLyQLQWHUQDGHODYLYLHQGDSURGXFWRGH DOJXQDPDQHUDHOFDSULFKRIRUPDO FLyQ SRSXODU D SHVDU GH TXH HO DGRUQR
GREOHFyGLJRXQDGREOHOHFWXUDTXH\X[WD XQ HVWLOR GH YLGD TXH FRQVHUYD PXFKRV 6LELHQHVFLHUWRTXHVXXVRHQODGHFRUD HVFDUFKDGRHQVt³\DSDVyGHPRGD´
SRQHORUXUDO\ORXUEDQRORYHUQiFXOR\OR DVSHFWRVSURSLRVGHO$QGH FLyQ GH ODV IDFKDGDV IXH DEXQGDQWH \ 8QD YH] TXH HO FKROR VH DSURSLD GH OD
PRGHUQRORRUQDPHQWDO\ORSUiFWLFROR 'HDTXtVHGHVSUHQGHTXHHOGXDOLVPRHQOD H[XEHUDQWHWDPELpQUHVXOWDFLHUWRTXHIXH FLXGDG HVWD RUQDPHQWDFLyQ HV GHMDGD GH
KLVWRULFLVWD\ORIXWXULVWDORSURYLQFLDQR\ DUTXLWHFWXUDFKLFKDQRORHVWDQWRGHELGRD HVHHOPRWLYRSRUHOTXHFDHUtDHQGHVXVR ODGR 1R WLHQH REMHWR VHJXLU HPSOHDQGR
ORPHWURSROLWDQRORWUDGLFLRQDO\ORDFWXDO TXH HQ UHDOLGDG EHEH GH WUHV IXHQWHV OD 8QGHWDOOHLPSRUWDQWHDPHQFLRQDUHVTXH VtPERORV TXH HQ XQ FRPLHQ]R VLUYLHURQ
ORDUWHVDQDO\ORLQGXVWULDO PRGHUQD OD WUDGLFLRQDO \ OD DQGLQD /DV WDO DEXQGDQFLD VH FRQVWDWD VROR HQ ODV SDUDODDGDSWDFLyQSXHVWRTXHHOPLJUDQWH
/DDUTXLWHFWXUDFKLFKDGHEHVHUHQWHQGLGD GRVSULPHUDVVRQGHSURFHGHQFLDXUEDQD\ ]RQDVSRSXODUHVGHODFLXGDG(ODGRUQRVH \DHVWiSOHQDPHQWHLQVWDODGRGHQWURGHOD
FRPRSDUWHGHOSURFHVRGHFKROL¿FDFLyQ VHUHYHODQHQODIDFKDGDPLHQWUDVTXHOD GHVDUUROOy\GLYHUVL¿FyGHPDQHUDQRWDEOH FLXGDG 8QD QXHYD HVWpWLFD DSDUHFH /D
TXH$QtEDO4XLMDQRGH¿QLyFRPRDTXHOHQ ~OWLPDWLHQHXQRULJHQUXUDO\VHPDQL¿HVWD HQODVYLYLHQGDVSHUWHQHFLHQWHVDGLVWULWRV UHFDUJDGDLFRQRJUDItDGHODIDFKDGDVHYLR
HOTXHGHWHUPLQDGDVFDSDVGHODSREODFLyQ HQHOLQWHULRUGHODYLYLHQGD(VDTXtTXH WUDGLFLRQDOPHQWHSRSXODUHV UHHPSOD]DGD SRU XQD GH WHQGHQFLD PiV
LQGtJHQD FDPSHVLQD YDQ DEDQGRQDQGR VXUJH XQD SUHJXQWD ¢FXiQGR HV TXH OD (O LFRQR HQWRQFHV HPSLH]D D SHUGHU VX SUDJPiWLFD VLPSOH SUiFWLFD (V DVt TXH
DOJXQRV GH ORV HOHPHQWRV GH OD FXOWXUD DUTXLWHFWXUD FKLFKD FRPLHQ]D D PDQLIHV VLJQL¿FDGR0iVH[DFWRVHUtDGHFLUTXHHO DSDUHFHQIDFKDGDVTXHVHFDUDFWHUL]DQSRU
LQGtJHQD \ VLPXOWiQHDPHQWH DGRSWDQGR WDUVHHQODFLXGDG"/DKLVWRULDGHODDUTXL LFRQRYDFDPELDQGRGHVLJQL¿FDGR<HV HOXVRGHFRORUHVEULOODQWHVIXHUWHVSULPD
DOJXQRV GH ORV TXH WLSL¿FDQ OD FXOWXUD WHFWXUD FKLFKD HV OD VXPD GH SHTXHxRV TXH\DQRHQFDUQDPiVHOHVStULWXVHxRULDO ULRV 7RQRV FRPR HO D]XO HOpFWULFR HO
RFFLGHQWDO FULROOD &RQ HVWRV HOHPHQWRV DFRQWHFLPLHQWRV DQyQLPRV FRPSOHWD GHOD&RORQLDVLQRTXHHPSLH]DDLGHQWL¿ PDJHQWDHOYHUGHHVPHUDOGDHODPDULOOR
YDQ HODERUDQGR XQ HVWLOR GH YLGD TXH VH PHQWHLQWXLWLYRV\H[HQWRVGHXQSURSyVLWR FDUVHFRQHOQXHYROLPHxR\FRQORSRSXODU HWFpWHUDIXHURQORVPiVHVFRJLGRVSRUORV
GLIHUHQFLD DO PLVPR WLHPSR GH ODV GRV GHGHOLQHDUSDUiPHWURVSRUORTXHQRHV /D¿JXUDHVFDUFKDGDVHFRQYLHUWHHQXQD SURSLHWDULRV SDUD SLQWDU VXV IDFKDGDV
FXOWXUDV IXQGDPHQWDOHV GH QXHVWUD VRFLH SRVLEOH IHFKDU R GHFLU FRQ H[DFWLWXG VHxDOSHURFRQXQVLJQL¿FDGRGLVWLQWRGHO (VWRVWLHQHQXQDIXHUWHVLPLOLWXGFRQORV
GDG VLQ SHUGHU SRU HVR VX YLQFXODFLyQ FXiQGR FRPHQ]y WRGR PDV HV SRVLEOH TXH HQ XQ FRPLHQ]R VH OH TXLVR GDU (Q FRORUHVXWLOL]DGRVHQORVGLIHUHQWHVORFDOHV
RULJLQDOFRQHOODV'XUDQWHHOSURFHVRHO DVHJXUDUTXHHQODGpFDGDGHORVRFKHQWD\D UHDOLGDG GHQWUR GHO PLVPR HVTXHPD GH FRPHUFLDOHVKRVWDOHVGLVFRWHFDVGH]RQDV
LQGtJHQDVXPLVRVHUYLODE~OLFRSDVLYR HUDRVWHQVLEOHVXPDGXUDSUHVHQFLDHQHO %RQWDHODGRUQRDGTXLHUHODFDWHJRUtDGH SRSXODUHV \ QL TXp GHFLU FRQ ORV FRORUHV
GHFDQWDUiHQHOFKRORDFKRUDGRDJUHVLYR SDLVDMHXUEDQR SVHXGRVHxDO1RH[LVWHODLQWHQFLyQGHWDO TXHVHHPSOHDQHQORVD¿FKHVFKLFKDTXH
DFULROODGR 4XLHQHV HVWpQ OLJDGRV DO FDPSR GH OD VLJQL¿FDGRSHURHOS~EOLFRHQJHQHUDODVt SURPRFLRQDQWRGRWLSRGHHYHQWRV
6LHQGR HQWRQFHV OD DUTXLWHFWXUD FKLFKD DUTXLWHFWXUD R GHO DUWH UHFRUGDUiQ ODV ORDVXPH
$UTXLWHFWXUDYHUQiFXODSHUXDQD8QDQiOLVLVWLSROyJLFR/LPD&ROHJLR
7RPDGRGHOEORJ$UTXLWHFWXUDFKLFKDTXHWRPDODLPDJHQGH%XUJD-RUJH
REUD GHO PLJUDQWH GHO FKROR HVWH LQWHU SXJQDVSUHYLDVDOPDQL¿HVWRGHOD$JUXSD 3RURWURODGRODPDVL¿FDFLyQGHOXVRGHO
GH$UTXLWHFWRVGHO3HU~KWWSDUTXLWHFWXUDFKLFKDEORJVSRWFRP
SUHWDODDUTXLWHFWXUDOLPHxDTXHHQFXHQWUD FLyQ(VSDFLRHQODVTXHVHFRQIURQWDEDQ DGRUQROROOHYyDVXGHVXVR/DVSDODEUDV
D VX OOHJDGD \ WDPL]D ORV HOHPHQWRV TXH ORVFRQFHSWRVGHOLQLFLDOPHQWHLPLWDGRHV
FRQVLGHUD HQFLHUUDQ HO VLJQL¿FDGR GH SRVWHULRUPHQWHFRSLDGR(VWRVHOHPHQWRV
PRGHUQLGDG\WUDGLFLyQ/DVXPDGHHVWRV VHFRQVWLWX\HURQFRPRVXFHGiQHRVGHORV
YDORUHV DUURMD FRPR UHVXOWDGR OR TXH pO EDOFRQHVFRORQLDOHV\GHODWUDGLFLyQTXH
FRQVLGHUDUHSUHVHQWDD/LPD(VXQDDUTXL LQVSLUDQHVWRV'HDFXHUGRDOHVTXHPDGH
WHFWXUD KtEULGD HQ OD TXH VH SURGXFH XQD
DUTXLWHFWXUDFKLFKD\DUTXLWHFWXUDKWPO
9ROYHUDOtQGLFH
',9(56,'$' 6
3RU RWUR ODGR DSDUHFHQ IDFKDGDV UHYHV PLOLDU GHYLHQH HQ PXOWLIDPLOLDU 3DUD OD FyPRORVSDWURQHVFXOWXUDOHVGHOPLJUDQWH
WLGDVHQWHUDPHQWHFRQFHUiPLFR/DIiFLO FRQVHFXFLyQGHHVWDODFRQ¿JXUDFLyQGHOD GDQIRUPDDODYLYLHQGD/DVUHODFLRQHVGH
OLPSLH]DGHOPDWHULDO/LPDHVXQDFLXGDG YLYLHQGD LQFOX\H XQD HVFDOHUD H[WHULRU SDUHQWHVFRFRPSDGUD]JRSDUHQWHVFRVRQ
GRQGH ODV OOXYLDV VRQ PX\ HVFDVDV \ HO (VWRVFDPELRVDSDUHFHQHQWUDGDODGpFDGD PX\PDUFDGDVHQHO$QGH(OKHFKRGHTXH
SROYR\HOHVPRJGDQHVHDVSHFWRVXFLRD GHORVQRYHQWD ODIDPLOLDYLYDFHUFDFUHDXQDVHQVDFLyQGH
ODV HGL¿FDFLRQHV (VR DFDUUHD WHQHU TXH /DHVFDOHUDH[WHULRUVHKDFRQYHUWLGRHQXQ VHJXULGDG$OPLVPRWLHPSRVHDVHJXUDHO
KDFHUXQFRQWLQXRPDQWHQLPLHQWRTXHOD HOHPHQWRUHFXUUHQWHHQODVIDFKDGDVGHODV SRUYHQLU GH ORV KLMRV VLQ FRQWDU TXH
PD\RUtD GH JHQWH QR UHDOL]D (Q YH] GH YLYLHQGDVGH/LPD\HQHOPHGLRPiVH¿FD] WDPELpQSXHGHSUHVWDUVHSDUDHODOTXLOHUR
HVWR SUH¿HUH HQFKDSDU VX IDFKDGD SDUD SDUDODREWHQFLyQGHXQPD\RUQ~PHURGH ODYHQWDGHODVGLIHUHQWHVXQLGDGHVLQPREL
HYLWDUHVWDUOLPSLDQGRRSLQWDQGRHQUHSH XQLGDGHVGHYLYLHQGD6HDODLPSURYLVDGD OLDULDV HV GHFLU VH FRQFLEH OD YLYLHQGD
WLGDVRFDVLRQHV HVFDOHUDPHWiOLFDGHFDUDFROROD\DSODQL¿ FRPRPHGLRGHLQJUHVRHFRQyPLFR
/DJUDQYDULHGDGGHVHULHVTXHORVIDEUL FDGDGHVGHHOLQLFLRGHODFRQVWUXFFLyQVH &RQFOX\HQGR OD DUTXLWHFWXUD FKLFKD VH
FDQWHVODQ]DQDOPHUFDGRDQLPDD~QPiVD HULJHGHODQWHGHODYLYLHQGDFRQYLUWLpQGRVH WUDQVIRUPD \ UHLQYHQWD D Vt PLVPD GH
ODJHQWH(VDVtTXHSRGHPRVYHUIDFKDGDV HQSDUWHLQVHSDUDEOHGHHOOD PDQHUDFRQVWDQWH¢4XpHVORTXHGDGHOD
HQFKDSDGDV FRQ FHUiPLFRV FRQ DFDEDGRV /D HVFDOHUD H[WHULRU KD JHQHUDGR XQD FOiVLFDIDFKDGDFKLFKD"(QUHDOLGDGXQR
GHPiUPROSLHGUDHWFpWHUD\RUODGDVFRQ QXHYD WLSRORJtD GH IDFKDGD SDUD OD SXHGHHQFRQWUDUIDFKDGDVFRQHVWDVFDUDF
OLVWHOORVVLWXDGRVHQXELFDFLRQHVHVWUDWpJL YLYLHQGD OLPHxD /D YHUWLFDOLGDG GRPLQD WHUtVWLFDVDOUHFRUUHUODVFDOOHVGHORVGLIH
FDV3RUVXSUDFWLFLGDGIiFLOOLPSLH]D\VX HQHOODDORTXHVHVXPDXQDRUQDPHQWD UHQWHV GLVWULWRV OLPHxRV SHUR HVWDV KDQ
DSDULHQFLD EULOOR WH[WXUD HWFpWHUD OD FLyQEDVWDQWHHVFXHWDTXHOHGDXQDPD\RU VLGRUHDOL]DGDV\DKDFHXQEXHQSXxDGRGH
ORVHWDHPSLH]DDVLPEROL]DUORPRGHUQR HVFDODDVHPHMiQGRVHDXQHGL¿FLR DxRV /DV FRQVWUXFFLRQHV GH ORV ~OWLPRV
/DRUQDPHQWDFLyQYXHOYHDDSDUHFHUHQOD 'HO FDUiFWHU SUDJPiWLFR TXH WXYR DO DxRVHVSHFt¿FDPHQWHGHOD~OWLPDGpFDGD
IDFKDGDHVWDYH]SDUDPHWUDGDDOPDQHMR FRPLHQ]R YD DGTXLULHQGR RWUR GH WLSR \DFDVLQRXWLOL]DQODRUQDPHQWDFLyQ\DQR
GH ODV ORVHWDV FHUiPLFDV 1XHYDPHQWH LFyQLFR < HV TXH DO LJXDO TXH HO RUQD VH HVWLOD /RV FDPELRV REHGHFHQ D XQ
SRGHPRVDSUHFLDUOD¿JXUDGHOURPERSHUR PHQWRHVFDUFKDGRGHODVIDFKDGDVODUHFX SURFHVRTXHVHKDGHVFULWR\TXHPXHVWUDHO
\D QR HVFDUFKDGR VLQR KHFKR FHUiPLFR UUHQFLDFRQTXHVHOHXWLOL]DGHWHUPLQDTXH FDPLQR VHJXLGR SRU HO PLJUDQWH HQ VX
(VWRQRVGLFHPXFKRGHODIXHU]DGHHVWH DGTXLHUDXQVLJQL¿FDGR/DSRVLELOLGDGGH DGDSWDFLyQDODFLXGDG
VtPERORSHURHVH\DHVXQWHPDDSDUWH SRGHUGHVWLQDUXQDYLYLHQGDHQFDGDSLVR 'H OD PLVPD PDQHUD OD RUJDQL]DFLyQ /DDUTXLWHFWXUDFKLFKDVHKDGHVDUUROODGR
$ OD SDU GH HVWD QXHYD HVWpWLFD DSDUHFHQ GHWHUPLQD TXH HVWD SXHGD WHQHU PD\RU IXQFLRQDO GH OD YLYLHQGD FKLFKD KD LGR VLQDUTXLWHFWRV(OGLYRUFLRHQWUHHODUTXL
WDPELpQQXHYDVWLSRORJtDVIXQFLRQDOHV(O Q~PHUR GH KDELWDFLRQHV PHMRUHV FRQGL HYROXFLRQDQGR GHVDUUROODQGR HVTXHPDV WHFWR \ HO SURSLHWDULR GH OD YLYLHQGD
SURFHVRGHDVHQWDPLHQWRTXHFRPHQ]yFRQ FLRQHV GH LOXPLQDFLyQ \ YHQWLODFLyQ TXHQRVHKDQYLVWRDQWHVHQODFLXGDG\TXH SRSXODU HV RVWHQVLEOH /D DUTXLWHFWXUD
ODEDUULDGDHOXVRGHOPRGHORFKDOHWOOHYy DPELHQWHVPiVDPSOLRVHWFpWHUD/DHVFD VRQ SHUIHFWDPHQWH FRQVHFXHQWHV FRQ OD FKLFKDWLHQHVXVYLUWXGHV\SHFDGRV1RVR
¿QDOPHQWH D EXVFDU FRQVHJXLU HO PD\RU OHUD H[WHULRU GD D HQWHQGHU TXH HQ HO DFWXDOUHDOLGDGLQPRELOLDULDGH/LPD\GH WURVFRPRDUTXLWHFWRVHVWDPRVHQODREOL
Q~PHUR GH YLYLHQGDV HQ XQ VROR ORWH LQPXHEOH VH GDQ HVWDV FRQGLFLRQHV GH FXDOTXLHUFLXGDGHQHO3HU~ JDFLyQ GH DEDQGRQDU QXHVWUD SRVWXUD
PHGLDQWH LQVWUXPHQWRV WDOHV FRPR OD FRQIRUWSRUORTXHFRQHOWLHPSRODPLVPD (OFKRORKDFRQVHUYDGRORHVHQFLDOGHODV HOLWLVWD YDORUDU HQ OD PHGLGD H[DFWD ODV
VXEGLYLVLyQGHORWHVSHURVREUHWRGRFRQOD HVFDOHUDH[WHULRUVHDGXHxDGHWDODFHSFLyQ UHODFLRQHVPHGXODUHVTXHIXHURQSDUWHGH YLUWXGHVFRUUHJLUORVHUURUHV\FRQWULEXLU
FRQVWUXFFLyQHQDOWXUD/DYLYLHQGDXQLID (QHVWRVFDPELRVWDPELpQSRGHPRVYHU ODYLGDGHOLQGtJHQDHQHO$QGH\HVWDVKDQ FRQ QXHVWUD IRUPDFLyQ D FRQVROLGDU XQD
PROGHDGR VXV PDQHUDV GH KDFHU FLXGDG DUTXLWHFWXUDH¿FLHQWH\VDWLVIDFWRULD
GHVGHODEDUULDGDKDVWDODYLYLHQGDSDUWL 3RUVXSDUWHHOFKROR\VXFXOWXUDVHKDQ
FXODU FLPHQWDGR VREUH OD PDUJLQDOLGDG \ OD
7UDVWUHLQWDDxRVGHVHUSURWDJRQLVWDGHOD LQIRUPDOLGDGPDVHVWDVLWXDFLyQWLHQHXQ
HVFHQD XUEDQD OLPHxD OD DUTXLWHFWXUD OtPLWH WUDV HO FXDO QR SXHGH KDEHU PiV
FKLFKDVHGLIHUHQFLDGHPDQHUDQRWRULDGH GHVDUUROOR /D FLXGDG FRQ HO WLHPSR KD
ODTXHIXHHQXQFRPLHQ]R(VWRQRVGLFH WHQLGR TXH FRPHQ]DU D DGDSWDUVH D OD
DOJRODPiVFDUDWUDGLFLRQDOPRGHUQDGH QXHYDUHDOLGDG\DFRPRGDUODVQRUPDVGH
TXH VH UHYHVWtD KD FDtGR UHYHODQGR XQD DFXHUGRDDTXHOOD(OFKRORGHEHWDPELpQ
DUTXLWHFWXUD FRKHUHQWH FRQ HO QXHYR FRPHQ]DU D IRUPDOL]DUVH FRQ SURWDJR
FRQWH[WRXQRHQHOTXHHOFKRORQRHVPiV QLVPR HQ OD YLGD VRFLDO SROtWLFD HFRQy
HOVHUPDUJLQDOTXHQHFHVLWDGHPiVFDUDV PLFD \ FXOWXUDO 'HEH GHMDU DWUiV ORV
SDUDSURWHJHUVH\VtHOSURWDJRQLVWDVRFLDO FRPSOHMRV DVXPLU FRQ VHJXULGDG HVWH
HFRQyPLFR \ SROtWLFR GH OD VRFLHGDG QXHYR URO \ FRQ¿DU HQ VX DSRUWH SDUD
SHUXDQD QXHVWURGHVDUUROORFRPRVRFLHGDG
%LEOLRJUDItDFLWDGD
%217$-XDQ3DEOR
6LVWHPDVGHVLJQL¿FDFLyQHQDUTXLWHFWXUD8QHVWXGLRGHODDUTXLWHFWXUD\VXLQWHUSUHWDFLyQ%DUFHORQD
(GLWRULDO*XVWDYR*LOL6$3S
48,63(/È=$52$UWXUR
³/DFXOWXUDFKLFKDHQHO3HU~´5HYLVWD(OHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG1R9RO
'LVSRQLEOH HQ KWWSZZZLQWHUFXOWXUDOLGDGRUJQXPHURFDUWLFBFKLBB4XLVSHB/D]DUR
$UWXURSGI
9ROYHUDOtQGLFH
6 ',9(56,'$'
-PTDBNJOPTEFMBJOUFHSBDJØO
ZMBFYDMVTJØO
"GSPQFSVBOPTBNFEJBEPTEFMTJHMP9*9
-HV~V&RVDPDOyQ\0DULEHO$UUHOXFHD
)UDJPHQWRGHOOLEUR/DSUHVHQFLDDIURGHVFHQGLHQWHHQHO3HU~VLJORV;9,;;GH-HV~V&RVDPDOyQ\
0DULEHO$UUHOXFHDVHUiSXEOLFDGRSRUHO0LQLVWHULRGH&XOWXUDHVWHDxR
7RPDGRGHZZZVHUYLQGLRUJ
(QHVWHWUDEDMRVRORYDPRVDWHQHUHQFXHQWDDDTXHOODV¿JXUDVTXHGHVDUUROODURQVXDFWLYLGDGDUWtVWLFDGHSRUWLYDRFXOWXUDODQWHVGH
9ROYHUDOtQGLFH
',9(56,'$' 6
YDPHQWH D TXLHQHV HQ RWURV HVSDFLRV QR SUREOHPDV GH VDOXG VH UHWLUy HQ \ GHOWRUQHRVHOHFWLYRSDUDODV2OLPSLDGDVGH JUDYHGHWHULRURGHVXVDOXG$~QDVtLQWHQWy
HVWDUtDQHQSULPHUOXJDU PXULyXQDxRGHVSXpVGHWXEHUFXORVLV %HUOtQ /DPHQWDEOHPHQWH SRU VX FRQWLQXDU VX FDUUHUD HQ /LPD \ HQ HO
(QWUH ODV ¿JXUDV KLVWyULFDV GH OD P~VLFD 8QSDUGHFDVRVGHSRUWLYRVSXHGHQD\XGDU FRUWDHGDGQRSXGRDVLVWLUDODFRPSHWHQ H[WUDQMHUR&XOPLQyVXWUD\HFWRULDHQIUHQ
DIURSHUXDQD VH HQFXHQWUD VLQ GXGD DFRPSUHQGHUODUHODFLyQHQWUHH[FOXVLyQ\ FLDUHVXUJLHQGRVXIDPDDOORJUDUHOWtWXOR WDQGR D $UPDQGR <ixH] ³.LG &RORP
3RU¿ULR9iVTXH]1DFLGRHQ p[LWRHQORVGHSRUWHV3RUHMHPSORXQDGH GH FDPSHyQ ODWLQRDPHULFDQR LQYLFWR GH ELD´HQ1LFDUDJXD\&RORPELDHQ
$XFDOODPDVHPXGyD/LPDHQODGpFDGD ODVSULPHUDV¿JXUDVGHOER[QDFLRQDOIXH SHVRSOXPDHQFRQWDQVRORDxRV 'HUHJUHVRQXHYDPHQWHDO3HU~ODVHQIHU
GH \ WUDEDMy FRPR FRQVHUMH HQ HO -RVp³%RP%RP´&RURQDGR GH HGDG GHUURWDQGR VLQ DWHQXDQWHV DO PHGDGHV OR DJRELDURQ 6LQ PiV SHOHDV \
FDQyGURPR GHO .HQQHO 3DUN )HOGPDQ eOQDFLyHOGHHQHURGHHQODORFD DUJHQWLQR (PLOLR 7URWWD HQ OD FLXGDG GH FRQVXVUHFXUVRVGLODSLGDGRVFD\yUiSLGD
DOSHUGHUVXWUDEDMRSRUHOFLHUUHGHO OLGDGGH&KLQFKD,FD3HU~]RQDGHJUDQ /LPD3HU~&RQHVWRVp[LWRVVHFRQYLUWLy PHQWHHQHOROYLGR\ODPLVHULD)DOOHFLyHO
SDUTXH IXH FRQWUDWDGR FRPR SURIHVRU GH SUHVHQFLD DIURGHVFHQGLHQWH (Q VX HQHOSULPHUtGRORDIURGHVFHQGLHQWHGHORV GHPD\RGHFRQHVFDVRVDxRV
EDLOHV QHJURV SHUXDQRV HQ OD SULPHUD IDPLOLD GHFLGLy WUDVODGDUVH DO EDUULR GH D¿FLRQDGRVDOER[ FXPSOLGRVOXHJRGHXQDGRORURVDDJRQtD
DFDGHPLDGHIRONORUHGH/LPDFUHDGDSRU REUHURVGH/D9LFWRULD/LPDXQRGHORV $O SRFR WLHPSR LQFXUVLRQy HQ HO ER[HR YtFWLPDGHIDOODVHQHOKtJDGRULxRQHV\
HO JRELHUQR HQ $ SDUWLU GH HVH HVSDFLRV XUEDQRV TXH DOEHUJDEDQ D ODV SURIHVLRQDOFRQXQUHJLVWURGHFRPED FRUD]yQ 6X KXPLOGH HQWLHUUR SDVy GHVD
PRPHQWRGRQ3RU¿ULRVHFRQYLUWLyHQXQ QXHYDVPDVDVGHWUDEDMDGRUHVPXFKRVGH WHVYLFWRULDVSRU.2GHUURWDV SHUFLELGRSDUDODJUDQPD\RUtDGHSHUXD
UHIHUHQWH GH OD FXOWXUD DIURSHUXDQD HOORV LQPLJUDQWHV TXH ODERUDEDQ HQ OD SRU.2\HPSDWHV &RQVLGHUDGRXQ QRV SHUR SURQWR HO FRPSRVLWRU 3HGUR
VLUYLHQGR GH LQIRUPDQWH FODYH SDUD ODV FDSLWDO (O ER[HR KDEtD OOHJDGR D SULQFL ER[HDGRUWpFQLFRGHPRYLPLHQWRVUiSLGRV (VSLQHOOHGHGLFyXQDFDQFLyQHQULWPRGH
UHFUHDFLRQHV KLVWyULFDV SRVWHULRUHV WDOHV SLRVGHOVLJOR;;DODFDSLWDOSHUXDQD\OD \ SRVHHGRU GH XQ MDE GH L]TXLHUGD PX\ SROND³%RP%RP&RURQDGR´TXHSHUHQ
FRPROD3HxD³3DQFKR)LHUUR´FUHDGDSRU D¿FLyQ SRU HO QXHYR GHSRUWH VH H[WHQGLy H¿FD] REWXYR HO WtWXOR QDFLRQDO HQ OD QL]yODPHPRULDGHHVWHQRWDEOHER[HDGRU
-RVp'XUDQG6XKDELOLGDGFRQODJXLWDUUD UiSLGDPHQWH HQWUH ORV WUDEDMDGRUHV \ FDWHJRUtD SHVR OLJHUR HO GH MXQLR GH 2WUD¿JXUDLPSRUWDQWHIXH$QWRQLR)URQ
HOFDMyQHOFDQWR\ODVGpFLPDVFRQWULEX VHFWRUHV SRSXODUHV 3UHFLVDPHQWH HQ /D /XHJRFRQWLQXyVXFDUUHUDSRUHOVXU WDGRER[HDGRUSHUXDQRQDFLGRHQ
\HURQ HQRUPHPHQWH SDUD OD FUHDFLyQ GHO 9LFWRULDFHUFDGHODSOD]D0DQFR&iSDF GHOFRQWLQHQWHFRPEDWLHQGRFRQWUDGHVWD OD KDFLHQGD &KLFOtQ HQ ODV DIXHUDV GH OD
DFHUYRFXOWXUDODIURSHUXDQR VH LQVWDOy GHVGH OD GpFDGD GH XQD FDGRVER[HDGRUHVFRPRHODUJHQWLQR7LWR FLXGDGGH7UXMLOOR/D/LEHUWDGHOGH
/RVGHSRUWHVOOHJDURQHQHVWHWLHPSRFRQ FDUSD TXH RIUHFtD FRPEDWHV GH ER[ 6RULDDTXLHQGHUURWySRUSXQWRVHOGH RFWXEUHGH&RPHQ]ySUDFWLFDQGRHO
HOREMHWLYRGHGLVFLSOLQDU\FLYLOL]DUDORV GHSRUWH TXH -RVp DGPLUy GHVGH QLxR \ IHEUHURGHHQHO/XQD3DUN%XHQRV I~WERO HQ VX LQIDQFLD SHUR OXHJR GH XQD
VHFWRUHV SRSXODUHV SHUR UiSLGDPHQWH FRPHQ]yDSUDFWLFDUGHVGHORVDxRV/R $LUHV \ FRQWUD HO FKLOHQR +XPEHUWR SHOHD FDOOHMHUD IXH FRQYRFDGR FRQ RWURV
IXHURQ UHLQWHUSUHWDGRV GHVGH GHEDMR GH HQWUHQy *XLOOHUPR 3HxDOR]D XQR GH ORV ³3HORGXUR´ %XFFLRQH HQ 6DQWLDJR GH MyYHQHVDODVFODVHVGHER[TXHLPSDUWtDHQ
DFXHUGRDORVLQWHUHVHVSRSXODUHV5iSLGD SUHSDUDGRUHV PiV LPSRUWDQWHV GH OD &KLOHFRQTXLHQHPSDWyHQXQDSHOHDD OD KDFLHQGD $UPDQGR )RJOLD XQ LQPL
PHQWHXQRGHORVFOXEHVIXQGDGRHQ KLVWRULD GHO ER[ SHUXDQR 6LHQGR D~Q URXQGV (Q$UJHQWLQD VH FDVy FRQ (OED JUDQWH LWDOLDQR FRQWUDWDGR SRU OD IDPLOLD
SRU DGROHVFHQWHV GH GLIHUHQWHV RUtJHQHV DGROHVFHQWHFRQVLJXLyVHQGRVWULXQIRVHQ 6RWHOR SHUR VX YLGD GHVRUGHQDGD \ /DUFRSURSLHWDULDGHOIXQGRSDUDHQVHxDU
pWQLFRV$OLDQ]D/LPDVHFRQYLUWLyHQXQR 6DQWLDJRGH&KLOH\IXHFDPSHyQ ERKHPLD WXYR FRPR FRQVHFXHQFLD XQ ER[ HQ OD KDFLHQGD GHSRUWH TXH SURQWR
GH ORV VtPERORV GH OD SUHVHQFLD DIURSH
UXDQDHQHOiPELWRGHSRUWLYR/DVUD]RQHV
SRUODVFXDOHVVHLGHQWL¿FyDOFOXEFRQHVWH
RULJHQIXHURQORVIXHUWHVYtQFXORVHQWUHORV
GHSRUWLVWDV\D¿FLRQDGRVFRQORVREUHURV\
WUDEDMDGRUHV FRPR WDPELpQ OD PXGDQ]D
GHOFOXEGHODFDOOHGH&RWDEDPEDVD/D
9LFWRULDHVSDFLRGHJUDQSUHVHQFLDDIURSH
UXDQD 3DQ¿FKL 6HUtD GH D
TXHHVWDUHODFLyQFRQORVDIURGHVFHQ
GLHQWHV VH KDUtD PiV LQWHQVD HVSHFLDO
PHQWHDSDUWLUGHODDSDULFLyQGHVXJUDQ
¿JXUD KLVWyULFD $OHMDQGUR ³0DQJXHUD´
9LOODQXHYD(OI~WERODOLJXDO
TXHODP~VLFDSHUPLWLyDPXFKRVDIURSH
UXDQRV PRYLOL]DUVH VRFLDOPHQWH QR HUD
QHFHVDULR WHQHU HGXFDFLyQ R IRUPDFLyQ
EDVWDED WHQHU OD KDELOLGDG QHFHVDULD SDUD
VHUSDUWHGHORVHTXLSRVGHI~WERO9LOOD
QXHYDQDFLyHQHO5tPDFOXHJRVHPXGyD
%DUULRV $OWRV \ VH LQFRUSRUy D $OLDQ]D
/LPDGHVWDFDQGRGHVGHKDVWD
)XHSDUWHGHOHTXLSRTXHFRPSLWLyHQODV
2OLPSLDGDVGH%HUOtQ\GHOIDPRVR
&DUORV*DVWHOXPHQGL
9ROYHUDOtQGLFH
6 ',9(56,'$'
DGTXLULyJUDQSRSXODULGDGHQWUHORVWUDED VH UHWLUy OXHJR GH XQD YLFWRULD DQWH HO FDVRVHUDHO~QLFRGHOTXHGLVSRQtDQVX
MDGRUHV \ VHFWRUHV SRSXODUHV 'HVGH SHUXDQR )ULGROLQR 9LOFD HQ OD FLXGDG GH IRUWDOH]DItVLFDVXVKDELOLGDGHVDUWtVWLFDV
WLHPSRVFRORQLDOHVOD]RQDQRUWHGHO3HU~ 7UXMLOORHOGHHQHURGH&RPRKRPH \ PXVLFDOHV TXH OHV SHUPLWtDQ DFFHGHU D
VH KDEtD HVSHFLDOL]DGR HQ HVWD DFWLYLGDG QDMHDVXFDUUHUDHOULQJGHER[GHO(VWDGLR SUHVWLJLR VRFLDO +LVWyULFDPHQWH ORV
&DUORV*DVWHOXPHQGL
HPSOHDQGRPDQRGHREUDHVFODYDSULPHUR 0DQVLFKH GH7UXMLOOR OOHYD HO QRPEUH GH VHFWRUHV SRSXODUHV DIURSHUXDQRV KDQ
\ OXHJR WUDEDMDGRUHV FKLQRV FRQWUDWDGRV ³$QWXFR)URQWDGR´ GHIHQGLGRHVWRVYDORUHVSRUVXXVRSUiF
/DSUiFWLFDGHOGHSRUWHHUDXQDGHODVHVWUD &RPRVHSXHGHREVHUYDUHQODKLVWRULDGH WLFRDXQTXHVLQGXGDUHSURGXFHQPXFKRV
WHJLDV TXH OD IDPLOLD GHVDUUROOy FRQ HO HVWRVGHSRUWLVWDVKD\UDVJRVFRPXQHV1R GHORVYDORUHVGRPLQDQWHV'HVGHDEDMR
REMHWLYR GH DWUDHU PDQR GH REUD SDUD OD WHQtDQ JUDQGHV SRVLELOLGDGHV GH DVFHQGHU ODV SREODFLRQHV DIURSHUXDQDV DSURYH
SURGXFFLyQ GH D]~FDU \ D SULQFLSLRV GHO VRFLDOPHQWHSRUPHGLRGHODHGXFDFLyQX FKDURQHOODGRSRVLWLYRGHORVHVWHUHRWLSRV
VLJOR ;; HO VDODULR \ ODV FRQGLFLRQHV GH R¿FLRVPHMRUSDJDGRV6XFDSLWDOVLPEy UDFLDOHV GH KRPEUHV \ PXMHUHV /DV
YLGD TXH RIUHFtD OD KDFLHQGD HUDQ ORV OLFRIXHHOXVRGHVXFXHUSRVXKDELOLGDG\ ~OWLPDVXWLOL]DURQQRVRORORVYDORUHVGHO
PHMRUHV DWUDFWLYRV SDUD ¿MDU OD PDQR GH IRUWDOH]DItVLFDQRWDEOHSDUDORJUDUp[LWRV WUDEDMR\OHDOWDGTXHWHQtDQVXRULJHQHQOD
REUDHQODKDFLHQGD GHSRUWLYRV 6LQ HPEDUJR HVWH p[LWR WXYR UHODFLyQ HVFODYLVWD FRORQLDO WDPELpQ
$QWRQLR)URQWDGROODPDGRIDPLOLDUPHQWH XQ LPSDFWR SDUDGyMLFR WDPELpQ HVWHUHR DSURYHFKDURQ DTXHOORV TXH OHV DWULEXtDQ
³$QWXFR´UHYHOySURQWRVXVGRWHVSDUDHO WLSy D ORV DIURSHUXDQRV FRPR SRUWDGRUHV FRTXHWHUtD JUDFLD \ VHQVXDOLGDG FRQ HO
ER[HR (Q VH FRURQy &DPSHyQ GH FLHUWDV KDELOLGDGHV LQQDWDV TXH ORV REMHWR GH SRVLFLRQDUVH HQ DFWLYLGDGHV
1DFLRQDO$PDWHXUHQODFDWHJRUtDSOXPD ³UDFLDOL]DEDQ´ \ FRQGHQDEDQ D FLHUWRV FRPRODGDQ]D\HOFDQWR3RUHOODGRGHORV
&RQXQDDOWXUDGHPXQSHVRDSUR[L OXJDUHVVRFLDOHVTXHQRSRGtDQWUDVSDVDU KRPEUHVVHDSURYHFKyOD³UDFLDOL]DFLyQ´
PDGRGHNJ\XQDHQYHUJDGXUDGH GHODP~VLFDFRQVLGHUDGDPiVDXWpQWLFD
FPIXHFDPSHyQ6XGDPHULFDQR$PDWHXU /DFRQVROLGDFLyQGHORV HQIXQFLyQGHORVRUtJHQHVGHORVLQWpUSUH
HQ OD FDWHJRUtD GH SHVR OLJHUR HQ HVWHUHRWLSRVUDFLDOHV WHVORFXDOOHVSHUPLWLyDFFHGHUDGLYHUVRV
/LPD3HU~\HQODGHSHVRPHGLRHQ \PHMRUHVHVFHQDULRV7DPELpQVHEHQH¿
0RQWHYLGHR 8UXJXD\ &RQVLGHUDGR /RVFDPLQRVGHVDUUROODGRVSRUORVDIURSH FLDURQ GH ORV HVWHUHRWLSRV UHODFLRQDGRV
FRPRXQER[HDGRUWpFQLFRDQWHVTXHXQR UXDQRV D OR ODUJR GH OD KLVWRULD FRQ HO FRQVXIRUWDOH]DItVLFDSURYHQLHQWHVGHOD
GHJUDQSHJDGDIXHXQRGHORVSULPHURV REMHWRGHDVFHQGHUVRFLDOPHQWH\VREUH HVFODYLWXG FRQVLJXLHQGR LQJUHVDU DO
JUDQGHV tGRORV GHO GHSRUWH SHUXDQR HQ SDVDU ODV EDUUHUDV GH OD GLVFULPLQDFLyQ PHUFDGR ODERUDO \ RWUDV DFWLYLGDGHV
JHQHUDO\GHOER[HQSDUWLFXODU(Q UDFLDO\GHFODVHJHQHUDURQXQDUHDOLGDG JUDFLDVDHVWDLPDJHQ
FRPHQ]yVXFDUUHUDFRPRER[HDGRUSURIH GREOH 6LUYLHURQ SDUD ORJUDU TXH VXV /DPHQWDEOHPHQWH ORV HVWHUHRWLSRV GH
VLRQDO HQ OD TXH QR WXYR WDQWRV p[LWRV GHVFHQGLHQWHVFRQVLJDQXQDPHMRUFDOLGDG RULJHQ HVFODYLVWD QR VROR SRUWDEDQ
FRPRHQODpSRFDGHDPDWHXU3DUWLFLSyHQ GH YLGD 3RU HMHPSOR ODV PXMHUHV GHGL HOHPHQWRV SRWHQFLDOPHQWH SRVLWLYRV
SHOHDV GH ODV FXDOHV JDQy SRU FDGDVDODFRFLQDUHLYLQGLFDURQVXVSUiF WDPELpQLQFOXtDQIDFWRUHVQHJDWLYRVFRPR
.2 SHUGLy FXDWUR WUHV SRU .2 \ WLFDV FXOLQDULDV GH RULJHQ WUDGLFLRQDO ODRFLRVLGDGWRUSH]DHPEULDJXH]SHOLJUR
HPSDWyODVGRVUHVWDQWHV)XHSURWDJRQLVWD WUDVPLWLGDVJHQHUDFLRQDOPHQWH\TXHOHV VLGDG \ VH[XDOLGDG DQLPDOL]DGD (Q
GHXQRGHORVLQFLGHQWHVPiVUHFRUGDGRV SHUPLWtDQ REWHQHU HPSOHRV GRPpVWLFRV DOJXQRV FDVRV HVWRV HOHPHQWRV VLUYLHURQ
FXDQGR HO ER[HDGRU GRPLQLFDQR &DUORV FXDQGRQRFRQWDEDQFRQPD\RUHGXFDFLyQ SDUDFRQVHJXLUSHTXHxDVYHQWDMDVFRWLGLD
3pUH] FRQRFLGR FRPR HO ³=XUGR GHO H LQFOXVR WHQtDQ TXH HQFDUJDUVH GH ODV QDVWDOHVFRPRPRPHQWRVGHGHVFDQVR\
+LJXDPR´ORGHUULEyGHXQWHUULEOHJROSH WDUHDV GRPpVWLFDV GH VX SURSLR KRJDU ORJUDUKXLUGHOWUDEDMRItVLFRGHVJDVWDQWH
HQHOKtJDGRHQOD3OD]DGH$FKR/LPDHO 7DPELpQHOWUDEDMRFRPRYHQGHGRUDVOHV HWF&XDQGROOHJDPRVDOVLJOR;;DOJXQDV
GHMXQLRGHHQHOWHUFHUDVDOWRGHORV SHUPLWtD FRQVHJXLU HO VXVWHQWR HQ XQ GH HVDV SUiFWLFDV IXHURQ LQWHUSUHWDGDV GH
GLH] SDFWDGRV /D FDUUHUD ER[tVWLFD GH PHGLR HQ HO TXH WHQtDQ TXH DSUHQGHU D PRGRGLIHUHQWHHQPHGLRGHXQDVRFLHGDG
)URQWDGR SDUHFtD WHUPLQDGD SHUR VX GHIHQGHUVH GH ODV DJUHVLRQHV GH RWUDV TXH³UDFLDOL]y´ODVSUiFWLFDVGHODVSHUVR
SURPRWRU 0D[ $JXLUUH SDFWy XQD YHQGHGRUDV DXWRULGDGHV \ WUDQVH~QWHV QDVFRQVROLGDQGRHODVSHFWRQHJDWLYRGH
UHYDQFKD HQ OD TXH VDOLy YLFWRULRVR SRU $VtFRPRORVYLDMHURVORKLFLHURQQRWDU ORVDIURSHUXDQRV
SXQWRVHQODPLVPDSOD]DHOGHDJRVWR HOHYDURQ VXV YRFHV \ DGTXLULHURQ XQ $FWXDOPHQWH QRV SDUHFH PX\ LPSRUWDQWH
GH/XHJRGHHVHWULXQIRVHHQIUHQWyD OHQJXDMH TXH OHV SHUPLWtD UHSOLFDU FXDO UHFRQRFHU HO HVIXHU]R KLVWyULFR GH ORV
YDULDV¿JXUDVGHOER[LQWHUQDFLRQDOFRPR TXLHU WLSR GH LQVXOWR 3RU ~OWLPR ODV DIURSHUXDQRV SDUD DVFHQGHU VRFLDOPHQWH
HO XUXJXD\R 3LODU %DVWLGDV HO DUJHQWLQR PXMHUHVDSUHQGLHURQDOXFLUGHFHQWHVSRU HQPHGLRGHXQDUHDOLGDGTXHQRRIUHFtD
)UDQFLVFR$QWRQLR/XFHUR³.LGFDFKHWD PHGLR GHO FRQWURO GH VXV FXHUSRV VRPH PD\RUHV SRVLELOLGDGHV 3RU PHGLR GH
GD´\HVSHFLDOPHQWHHOSHVRPHGLRHVWD WLGRV D XQD PLUDGD TXH H[DFHUEDED VX GLYHUVDVHVWUDWHJLDV\GHXQDIRUPDFRQV
GRXQLGHQVH-DPHV7XIWV³$UWLH7RZQH´ VH[XDOLGDG WDQWH FRQWULEX\HURQ VLOHQFLRVDPHQWH FRQ
DQWHTXLHQSHUGLyHOGHQRYLHPEUHGHO 3RURWURODGRORVKRPEUHVDIURSHUXDQRV HOSURJUHVRGHVXVIDPLOLDV\ODFRQVWUXF
1XHYH DxRV GHVSXpV 7XIWV VHUtD DSURYHFKDURQ HO FDSLWDO TXH HQ PXFKRV FLyQGHODQDFLyQ
GHUURWDGR SRU HO JUDQ ER[HDGRU SHUXDQR
0DXUR 0LQD )URQWDGR LQWHQWy VHU
FDPSHyQVXGDPHULFDQRSURIHVLRQDOSHUR %LEOLRJUDItDFLWDGD
SHUGLyHQODFLXGDGGH%XHQRV$LUHVHQHO )(/'0$1+HLGL&DURO\Q
5LWPRV ³QHJURV´ GHO 3HU~ 5HFRQVWUX\HQGR OD KHUHQFLD PXVLFDO GHO 3HU~ /LPD ,QVWLWXWR GH (VWXGLRV
FROLVHR /XQD 3DUN IUHQWH D XQR GH ORV 3HUXDQRV,QVWLWXWRGH(WQRPXVLFRORJtD
3$1),&+,$OGR
PHMRUHV ER[HDGRUHV DUJHQWLQRV (GXDUGR ³$IULFDQtDEDUULRVSRSXODUHV\FXOWXUDFULROODDLQLFLRVGHOVLJOR;;´/RDIULFDQRHQODFXOWXUDFULROOD/LPD
/DXVVHHOGHPD\RGH)LQDOPHQWH )RQGR(GLWRULDOGHO&RQJUHVRGHO3HU~SS
9ROYHUDOtQGLFH
',9(56,'$' 6
-BWP[EFMBSUJTUBBNB[ØOJDP
)LRUHOOD/ySH]
(QHOPDUFRGHODH[SRVLFLyQ³'HVXODUJR PXQGRVLHPSUHIXH³¢SRUTXpQRKDFHUXQR
OODQWR VH IRUPy HO$PD]RQDV 1DUUDWLYDV PLVPRVXVSURSLDVKLVWRULDV"´<DVtORKD
DPD]yQLFDVQRUHSUHVHQWDGDVHQODKLVWRULD KHFKR VLHPSUH FRQWDUQRV D WUDYpV GH VX
SHUXDQD´UHDOL]DGDHOMXHYHVGHRFWXEUH REUDODKLVWRULDGHVXSXHEORJUD¿FDUWRGR
GH EDMR OD FXUDGXUtD GH &KULVWLDQ HOOR FRPR SURGXFWR GH OD QHFHVLGDG GH
%HQGD\iQ\*LXOLDQD9LGDUWHHQHO&HQWUR H[SORUDU XQD IRUPD DUWtVWLFD ³FRQRFHU D
&XOWXUDO 5LFDUGR 3DOPD GH OD 0XQLFLSD WUDYpV GHO DUWH LQQRYDGRU \ FUtWLFR´ ODV
OLGDG GH 0LUDÀRUHV VH GHVDUUROOy HO KLVWRULDVtQWLPDV\GHLQWHUFDPELRFROHF
FRQYHUVDWRULR³/DYR]GHODUWLVWDDPD]y WLYR3RUHOORSURIXQGL]yHQORTXHGHQR
QLFR &RQVWUX\HQGR KLVWRULD GHVGH ODV PLQD HO ³FXHUSR DUWtVWLFR LQWHUFXOWXUDO´
LPiJHQHV´(OGLiORJRFRQWyFRQODSDUWL HQWHQGLGR FRPR DTXHOOD SODWDIRUPD TXH
FLSDFLyQ GH XQR GH ORV FXUDGRUHV GH OD SHUPLWH D OD REUD FRPXQLFDU \ JHQHUDU
PXHVWUD&KULVWLDQ%HQGD\iQODLQYHVWLJD UHÀH[LRQHV IXVLRQHV HTXLOLEULRV HQWUH
GRUD 0DUtD (XJHQLD <OOLD \ ORV MyYHQHV GLVWLQWDVFRVPRYLVLRQHVRLQWHUSUHWDFLRQHV
DUWLVWDV%UXV5XELR\5HPEHU<DKXDUFDQL GHODUHDOLGDG
GRVGHODV¿JXUDVPiVUHSUHVHQWDWLYDVGHO
DUWHDPD]yQLFRSHUXDQR(QODVVLJXLHQWHV ¢([LVWHHODUWHFRQWHPSRUiQHR
OtQHDV XQ LQIRUPH FRPSOHWR GH DTXHOOD LQGtJHQD DPD]yQLFR" ¢&yPR
LPSRUWDQWHFRQYHUVDFLyQ SXHGHH[LVWLU\SUHYDOHFHU"
'HL]TDGHU&KULVWLDQ%HQGD\iQ%UXV5XELR0DUtD(XJHQLD<OOLD\5HPEHU<DKXDUFDQL
/D KLVWRULD D WUDYpV GH ORV 5XELRVHSODQWHDHVWDVSUHJXQWDV\FRQVL
LPDJLQDULRV SURSLFLDGRV SRU GHUHFXSHUDFLyQGHODPHPRULDKLVWyULFDGH %UXV 5XELR &KXUD\ SLQWRU DXWRGLGDFWD GHUDLPSRUWDQWHTXHQRTXHGHQVRORHQHO
ODVDUWHVYLVXDOHV OD FXOWXUD DPD]yQLFD SULQFLSDOPHQWH D GHVFHQGLHQWHGHODVHWQLDV+XLWRWR0XUXL iPELWRDFDGpPLFR3DUD5HPEHU<DKXDU
WUDYpVGHODWUDGLFLyQRUDO8QDODERUHQOD \ %RUD IXH XQR GH HVWRV DUWLVWDV TXH FDQLMRYHQGHRULJHQKXLWRWRUHFRQRFLGR
(OWHPDFHQWUDOIXHHOSDSHOGHODUWLVWDHQOD TXH KDQ FRQWULEXLGR QXPHURVRV DUWLVWDV WDPELpQSDUWLFLSyHQODFRQYHUVDFLyQ(Q DUWLVWD \ HVFULWRU DPD]yQLFR HVWDV
FRQVWUXFFLyQ GH OD KLVWRULD \ OD FXOWXUD UHQRYDQGRHODUWHDPD]yQLFR\FRPSOHML XQDHPRWLYDLQWHQFLyQGHWUDQVPLWLUQRVVX SUHJXQWDVOROOHYDURQDSODQWHDUHOUROTXH
DPD]yQLFD (O PRGHUDGRU IXH &KULVWLDQ ]DQGRDVXYH]ORVGLVFXUVRVTXHFLUFXODQ YLVLyQ VREUH HO WHPD HO DUWLVWD D¿UPy MXHJDQ ORV DUWLVWDV DO UHLYLQGLFDU XQ DUWH
%HQGD\iQDUWLVWDFXUDGRU\JHVWRUFXOWX VREUHODKLVWRULDGHOD$PD]RQtDSHUXDQD FRQWXQGHQWH ³OD KLVWRULD GHO FDXFKR QRV FUtWLFR\WUDQVIRUPDGRU<DKXDUFDQLTXLHQ
UDOTXLHQHQORV~OWLPRVDxRVKDUHDOL]DGR $GHPiV UHFDOFy TXH HV LPSRUWDQWH TXH GHMyPDUFDGRV´ KDSUHVHQWDGRKDVWDHOPRPHQWRH[SR
XQ LPSRUWDQWH WUDEDMR GH UHFXSHUDFLyQ \ WRGDE~VTXHGDVREUHODKLVWRULDLQFRUSRUH /D SUHJXQWD FUXFLDO TXH OOHYy D 5XELR D VLFLRQHV LQGLYLGXDOHV UHFRUGy VX YLVLWD D
UHYDORUL]DFLyQ GHO DUWH DPD]yQLFR HOLPDJLQDULR FUHDU\WUDQVPLWLUVXSDUWLFXODUYLVLyQGHO /D&KRUUHUDSREODGRORFDOL]DGRDRULOODV
SHUXDQR%HQGD\iQPDQLIHVWyVXSUHRFX GHO UtR ,JDUDSDUDQi HQ &RORPELD UHVDO
SDFLyQSRUHOJUDQGHVFRQRFLPLHQWRGHOD WDQGRTXHVXHQFXHQWURFRQODVIDPLOLDVGH
KLVWRULDGHOD$PD]RQtD\ORVVXFHVRVPiV ORV SXHEORV DIHFWDGRV SRU OD EDUEDULH
LPSRUWDQWHVDFDHFLGRVHQORV~OWLPRVDxRV ͙ĞdžŝƐƚĞŶĞdžƉĞƌŝĞŶĐŝĂƐĚĞƌĞĐƵƉĞƌĂĐŝſŶ FDXFKHUDIXHXQKLWRTXHDVHQWyHQVXYLGD
HQDTXHOODLPSRUWDQWHUHJLyQGHOSDtV ĚĞůĂŵĞŵŽƌŝĂŚŝƐƚſƌŝĐĂĚĞůĂĐƵůƚƵƌĂ HOFRPSURPLVR³QRGHEHPRVROYLGDUODV
(QWRUQRDODpSRFDGHOFDXFKR%HQGD\iQ EUXWDOHV KLVWRULDV GH ORV FDXFKHURV TXH
D¿UPy TXH H[LVWH XQ GHVFRQRFLPLHQWR ĂŵĂnjſŶŝĐĂ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĂƚƌĂǀĠƐĚĞůĂ PDVDFUDURQDIDPLOLDVLQGtJHQDVGXUDQWHHO
VREUH HO H[WHUPLQLR TXH WUDMR OD ¿HEUH ƚƌĂĚŝĐŝſŶŽƌĂů͕ƵŶĂůĂďŽƌĞŶůĂƋƵĞŚĂŶ DXJH GH OD H[SORWDFLyQ HQ ODV ~OWLPDV
H[WUDFWLYDGHOFDXFKRD¿QHVGHOVLJOR;,; GpFDGDVGHOVLJOR;,;\SULPHUDGHO;;´
HLQLFLRVGHO;;ORTXHJHQHUDXQDSHUFHS
ĐŽŶƚƌŝďƵŝĚŽŶƵŵĞƌŽƐŽƐĂƌƟƐƚĂƐ͕ƌĞŶŽǀĂŶĚŽ (OMRYHQDUWLVWDWDPELpQFRQWyGHWDOOHVGH
FLyQHTXLYRFDGDTXHLPSLGHDFHUFDUQRVD ĂƐşĞůĂƌƚĞĂŵĂnjſŶŝĐŽLJĐŽŵƉůĞũŝnjĂŶĚŽĂƐƵ FyPRMXQWRDVXSDGUH6DQWLDJR<DKXDU
OD UHDOLGDG GH ORV SXHEORV DPD]yQLFRV \ FDQLWUDEDMyGXUDQWHVHPDQDVHQXQJUDQ
FRQVWUXLU XQD KLVWRULD PiV DXWpQWLFD 6LQ
ǀĞnjůŽƐĚŝƐĐƵƌƐŽƐƋƵĞĐŝƌĐƵůĂŶƐŽďƌĞůĂŚŝƐƚŽƌŝĂ PXUDOGHDSUR[LPDGDPHQWH[PHWURV
HPEDUJRUHFDOFyTXHH[LVWHQH[SHULHQFLDV ĚĞůĂŵĂnjŽŶşĂƉĞƌƵĂŶĂ͘͟ HQ/D&KRUUHUDHOFXDOIXHWLWXODGR(OJULWR
9ROYHUDOtQGLFH
+DUU\3LQHGR
6 ',9(56,'$'
9ROYHUDOtQGLFH
(175(9,67$ 6
-BWJHFODJBEFMFOTBZP
MPJOUFMFDUVBMZMBNFNPSJB
&OUSFWJTUBB(VTUBWP'BWFSØO
3RU-RVp&DUORV$JHUR
-RVp&DUORV$JHUR3DUHFHKDEHUFLHUWD PHQWHQRKD\GHEDFOHSXHGHTXHHVWHPRV
SpUGLGD GH SHVR GHO HQVD\R HQ OD YLGD PHMRU VDOYR ORV KLVWRULDGRUHV TXH WHUPL
LQWHOHFWXDOGHOSDtV7HQHPRVHQODPHQWH QDEDQVXFDUUHUDHQHVDpSRFD
ORV WUDEDMRV GH /XLV /RD\]D )ORUHV
*DOLQGR 6HEDVWLiQ 6DOD]DU %RQG\ \ -&$ +D\ XQD IXHUWH WHQGHQFLD DQWL
SDUHFHTXHHOLQWHUFDPELRVHULRGHLGHDV LQWHOHFWXDO 8Q VHQWLGR FRP~Q TXH QRV
KDGLVPLQXLGRTXHWRGRVHKDEDQDOL]DGR GLFHGHVGHODVDXWRULGDGHVKDVWDODJHQWH
SURIXQGDPHQWH 4XL]i HVWDPRV DQWH XQ GH D SLH TXH QR HV PRPHQWR GH DQGDU
FLHUWR FDPELR GH VHQVLELOLGDG GRQGH OD GiQGROHYXHOWDVDODVFRVDVQRHVWLHPSR
QHFHVLGDGGHUHÀH[LRQDUGHPDQHUDPiV GHSHQVDU4XHHVWR\DORKL]RODL]TXLHUGD
RPHQRVKROtVWLFDFRPRORKLFLHUD0DULi GXUDQWHPiVGHWUHLQWDDxRV\QRVLUYLy
WHJXL\RWURVKDSHUGLGRFHQWUDOLGDG SDUD QDGD (V XQ MXLFLR VREUH OD ODERU
LQWHOHFWXDO\DSHQVDURQ\\DIUDFDVDURQ
*XVWDYR )DYHUyQ &UHR TXH QRV SDVD HO 3HU~ QR PHMRUy HPSHRUy HQWRQFHV
FRPR FRQ HO I~WERO IXLPRV D YDULRV KWWSSHUXSHHVSHFWDFXORVDQWLFXDULRJXVWDYRIDYHURQHORJLDGRWKHQHZ\RUNWLPHV DKRUDOHWRFDHOWXUQRDORVTXHKDFHQ\QR
PXQGLDOHVHQORVDxRVVHWHQWD\GHFLPRVHO KDEODQHVHOPRPHQWRGHORVHFRQRPLV
3HU~KDVLGRXQSDtVIXWEROtVWLFR\HQORV L]TXLHUGD\ODGHUHFKD\DOPLVPRWLHPSR HQVD\LVWDV8QJpQHURQRSXHGHVHUJUDQGH WDVGHORVJHUHQWHV
~OWLPRVDxRVQRWDQWR/HHPRVDORVHQVD TXH PHQFLRQDV D 0DULiWHJXL GHVGH OD GHQWURGHODKLVWRULDGHXQSDtVVLHVWiGH¿
\LVWDV GH XQD SULPHUD ROD GH ORV DxRV GHUHFKD DOJXLHQ SXHGH PHQFLRQDU D QLGRSRUODSUHVHQFLDGHXQSDUGHSHUVR *)8QDSULPHUDGLIHUHQFLDHQWUHORTXH
WUHLQWD \ D XQD VLJXLHQWH ROD HQWUH ORV %HODXQGH5LYD$JHUR*DUFtD&DOGHUyQ QDV /R TXH SDVD HV TXH ORV HQVD\LVWDV SDVDHQJUDQSDUWHGHOPXQGR\ORTXHSDVD
VHWHQWD\RFKHQWD\SHQVDPRVTXHHO3HU~ HWFpWHUD \ WDPELpQ D ORV DSULVWDV /D KLFLHURQOLEURVTXHVRQFODYHV(QWRQFHV HQHO3HU~HVTXHDIXHUDODLQWHOHFWXDOLGDG
KDHVWDGRGH¿QLGRSRUORVHQVD\LVWDV0H SULPHUDUHWLUDGDGHOFDPSRGHOHQVD\RHVOD SUHVHQFLDVFRPRODGH0DULiWHJXLR)ORUHV GHGHUHFKDVLJXHH[LVWLHQGR$FiHOIHQy
GDODLPSUHVLyQGHTXHQRHVDVt/RTXH GH OD GHUHFKD (O HQVD\R VH FRQYLUWLy *DOLQGR QRV GHMDQ OD LPSUHVLyQ GH XQ PHQRDQWLLQWHOHFWXDOHVWDQDFHQWXDGRHQ
SDVDHVTXHWHUPLQDPRVKDEODQGRFRPRVL GHVSXpVHQXQPHGLRPX\DSUHFLDEOHSHUR JpQHURGHJUDQÀRUHFLPLHQWR ODGHUHFKDTXHHVFRPRXQDUWtFXORGHIH
GHVGH HO ,QFD *DUFLODVR KDVWD TXH PXULy VRORSDUDORVLQWHOHFWXDOHVGHL]TXLHUGD 3RURWURODGRFUHRTXHKD\FLHUWRJUDGRGH (QODGHUHFKDHVGHPDVLDGRVRVSHFKRVRVHU
)ORUHV *DOLQGR WRGR KXELHUD VLGR XQD LQMXVWLFLD FRQ RWURV HQVD\LVWDV SHUXDQRV LQWHOHFWXDOXQRSXHGHFRQWDUFRQORVGHGRV
FUHVWD GH ROD GHO HQVD\R SHUXDQR \ OD -&$¢3RUTXpHVWRVFLFORV" LPSRUWDQWHVHQODDFWXDOLGDGJHQWHFRPR GHODPDQRODJHQWHTXHWLHQHXQD¿JXUD
YHUGDG HV TXH HO HQVD\R QXQFD IXH XQD (IUDtQ.ULVWDOHQHOFDPSRGHODOLWHUDWXUD S~EOLFD\TXHDOPLVPRWLHPSRVHDLQWHOHF
IRUPDGHPDVLDGRSHUXDQDHQHOVHQWLGRGH *) (V GLItFLO VDFDU FRQFOXVLRQHV DFHUFD 0DULR9DUJDV/ORVDTXHVLJXHHVFULELHQGR WXDOKDVWDHOSXQWRGHTXHFXDQGRXQRVH
TXHKDWHQLGRDOWLEDMRV\KDWHQLGRVRORXQ GHSRUTXpSDVDHVR(QWUHRWUDVFRVDVFUHR \SXEOLFDQGRJHQWHFRPR1HOVRQ0DQUL HVIXHU]DSRUSHQVDUHQLQWHOHFWXDOHVGHOD
SDUGHPRPHQWRVIXHUWHV TXH HV FDVL XQ UHJUHVR D OR QDWXUDO D OR TXH \ KDVWD KDFH PX\ SRFR &DUORV ,YiQ GHUHFKD SHUXDQD XQR WHUPLQD DUPDQGR
<HVWRVPRPHQWRVHVWHODUHVFUHRTXHHVWX QRUPDO OD UHJOD HV TXH QR H[LVWDQ HVWRV 'HJUHJRUL (VRV VRQ HQVD\LVWDV GH HVWD OLVWDVGHJHQWHTXHHQFLUFXQVWDQFLDVQDWX
YLHURQ UHODFLRQDGRV FRQ YDULDV FRVDV HO JUDQGHV HQVD\LVWDV < VL XQR DVRFLD XQD pSRFDGHQXHVWUDpSRFDTXHHVWiQDKt6L UDOHV QR SHQVDUtD TXH OR VRQ /R TXH
HQVD\R IXH HO LGLRPD GH GHEDWH SROtWLFR pSRFD FRQ XQR R GRV HQVD\LVWDV TXLHUH XQR FRPSDUD HVR FRQ ORV HQVD\LVWDV WHQHPRVVRQSHUVRQDMHVFRQDFWLWXGDULVWR
HQWUH ORV DxRV YHLQWH \ WUHLQWD SDUD OD GHFLU TXH HVH QR HV XQ SDtV GH JUDQGHV SHUXDQRVGHORVDxRVFLQFXHQWDSUREDEOH FUiWLFD SRVH LQWHOHFWXDO SHUR TXH QR OR
9ROYHUDOtQGLFH
6 (175(9,67$
VRQQDGLHSXHGHDVRFLDUORVFRQODJHQHUD JHQWH YLQFXODGD D &DUORV ,YiQ 'HJUHJRUL HO3HU~GHORVDxRVRFKHQWD\QRYHQWD\HV TXH WXYLHURQ DOJR TXH YHU FRQ OD H[SH
FLyQGHDOJXQDLGHDORVSXHGHQDVRFLDUFRQ FRPR)pOL[5HiWHJXL\(GXDUGR*RQ]DOHV SURGXFLGR SRU HQVD\LVWDV TXH SRU RWUR ULHQFLDGHORVDxRVGHYLROHQFLD
PRPHQWRVWXUELRVGHDOJ~QJRELHUQRSHUR TXLHQHVOXHJRWUDEDMDUtDQHQHO,QVWLWXWRGH ODGRKDQSURGXFLGRPXFKRVHQVD\RVFDGD
QRFRQXQDLGHD 'HUHFKRV +XPDQRV GH OD 8QLYHUVLGDG XQRSRUVXFXHQWD0HGDODLPSUHVLyQTXH *) (Q ODV FRPLVLRQHV GH OD YHUGDG D
(V SHQRVR SHUR XQR WRGDYtD YH LQWHOHF &DWyOLFD JHQWH TXH WUDEDMD DKRUD HQ HO KD\FRPRXQDUFRVLW~TXLHUHVWUD]DUHO QDGLHVHOHRFXUUH\DDKRUDKD\TXHSRQHU
WXDOHVGHGHUHFKDHQHOUHVWRGHOPXQGR &HQWUR,QWHUQDFLRQDOSDUDOD-XVWLFLD7UDQ FDPLQRGHODSURVDGHHQVD\RVRFLDOHQHO DOUHSUHVHQWDQWHGHORVQD]LV(VRHVORTXH
TXHWUDWDQGHDUWLFXODUGLVFXUVRVGHGHUH VLFLRQDO GH 1XHYD <RUN \ TXH OLGLD FRQ 3HU~ SXHGHV VHU SHVLPLVWD \ WUD]DUOR GH ODV FRPLVLRQHV GH OD YHUGDG QR TXLHUHQ
FKD GHVGH OD PiV H[WUHPD KDVWD OD PiV FDVRV GH UHSDUDFLRQHV JXHUUDV FLYLOHV \ 0DULiWHJXL KDVWD HO DELVPR R SXHGHV WHQHU YLQFXODFLRQHV SDUWLGDULDV R VHU
FRP~Q < HQ (XURSD VREUH WRGR XQD FRPLVLRQHVGHODYHUGDGHQWRGRHOSODQHWD KDFHUOR GH 0DULiWHJXL KDVWD XQD VHULH GH YLVWDV FRPR XQ LQIRUPH KHFKR GHVGH HO
HVSHFLH GH FHQWUR GHUHFKD FLHUWRV 6RQH[SHUWRVUHOHYDQWHVGHQWURGHOFDPSR GLVFtSXORVGH0DULiWHJXLTXHSURGXMHURQHO JUXSRTXHIXHDWDFDGRPXFKRPHQRVXQ
GLVFXUVRV TXH EXVFDQ FRQFLOLDUVH FRQ OD GHOGLVFXUVRGHGHUHFKRVKXPDQRVLQWHUQD LQIRUPH¿QDOGHOD&RPLVLyQ\ODYLJHQFLD LQIRUPHKHFKRGHVGHHOJUXSRTXHDWDFy
FHQWURL]TXLHUGD1XHVWUDVLWXDFLyQHVWDQ FLRQDOPHQWH GHHVHLQIRUPHHVXQDOXFKDSRUHOWUDEDMR (VRHVORTXHOHJLWLPDDOD&RPLVLyQGHOD
JUDYHTXHXQRWHUPLQDYLHQGRDFXDOTXLHU (O ,QIRUPH )LQDO GH OD &RPLVLyQ GH OD LQWHOHFWXDOHQHO3HU~+D\PXFKDVFRVDV 9HUGDG\DVXWUDEDMR(OGLVFXUVRGHORV
SHUVRQD LQWHOLJHQWH FRPR XQ LQWHOHFWXDO 9HUGDGSRURWURODGRWLHQHHOPpULWRGHVHU TXHGHVDSDUHFHUtDQVLHVHLQIRUPHHVWLUDGR SDUWLGRVSROtWLFRVTXHVHYHQLQWHUSHODGRV
SRUTXH HQ HO 3HU~ EDVWD TXH VH VHD XQ XQ SURGXFWR GH ORV HQVD\LVWDV H LQWHOHF D OD EDVXUD SHUPDQHQWHPHQWH XQD HV SRU HO ,QIRUPH )LQDO GH OD &95 HV TXH
SHULRGLVWDDUWLFXODGRSDUDVHULGHQWL¿FDGR WXDOHV TXH SRU SULPHUD YH] HQ HO 3HU~ QXHVWUD ¿GHOLGDG \ FRPSURPLVR FRQ ORV MXVWDPHQWHHVDIDOWDGH³UHSUHVHQWDFLyQ´
FRPRXQLQWHOHFWXDO6tFUHRTXHSDUWHGH FRQYLHUWHQ HO GLVFXUVR GH ORV GHUHFKRV GHUHFKRV KXPDQRV SHUR RWUD FXULRVD HVODTXHOHTXLWDOHJLWLPLGDGDOLQIRUPH
ODLGHDHV\DKXERWLHPSRSDUDSHQVDU\ KXPDQRV HQ HO FHQWUR GH XQ GLVFXUVR GH PHQWHHVQXHVWUDFRQ¿DQ]DHQHOWUDEDMR SRUTXHFXDQGRHOORVSLHQVDQHQHOLQIRUPH
DKRUDKD\TXHKDFHUFRVDV/DPHQWDEOH L]TXLHUGD HVR HV LPSRUWDQWH < SRU LQWHOHFWXDO GHOD&RPLVLyQGHOD9HUGDGORYHQFRPR
PHQWHHVHHVXQGLVFXUVRTXHKDHQWUDGR SULPHUD YH] DGHPiV FDXVDQ OD DELHUWD <HQWpUPLQRVSUiFWLFRVHO,QIRUPH)LQDO HVWiQ DFRVWXPEUDGRV D YHU D ODV FRPL
WDPELpQHQODL]TXLHUGD UHDFFLyQGHWRGDODGHUHFKD\GHWRGRHO WLHQHXQYDORU³SRWHQFLDO´SRUTXHVHUtDXQ VLRQHV GHO &RQJUHVR HVWD FRPLVLyQ QR
HVSHFWURSROtWLFRGHVGHHOFHQWURKDVWDOD OLEURUDURHQODKLVWRULDSHUXDQDVLOOHJDUDD SXVR FLQFR PLHPEURV GH PL SDUWLGR
-&$ 6LQ HPEDUJR HV XQ OLEUR HO H[WUHPD GHUHFKD FRQWUD HO ,QIRUPH )LQDO LPSRQHUVHVL¿QDOPHQWHVXVLGHDVIXHUDQ HQWRQFHVQRHVOHJtWLPD$EVXUGR6REUH
,QIRUPH )LQDO GH OD &RPLVLyQ GH OD GHOD&RPLVLyQ UHVSHWDGDV6HUtDXQFDVRLQVyOLWRTXHXQ WRGRFXDQGRXQROHHHOLQIRUPH\SXHGHV
9HUGDG \ 5HFRQFLOLDFLyQ XQR GH ORV 0L LPSUHVLyQ HV TXH HO LQIRUPH QR HV OLEURFRPRHVWHOOHJDUDDWHQHUXQDFRQVH FRQVWDWDU FyPR KD VLGR SURGXFLGR FRQ
WHPDVTXHPiVWHQVLyQKDQJHQHUDGRHQ DWDFDGRVRODPHQWHSRUODVFRVDVTXHREMHWL FXHQFLD ¿UPH VyOLGD \ FRQFUHWD HQ OD FRQYRFDWRULDVDELHUWDVHQWUHYLVWDVGLUHF
HOHVSDFLRS~EOLFR3RUORPHQRVORKDQ YDPHQWH GLFH <R FUHR TXH OD UHDFFLyQ KLVWRULDGHO3HU~ WDVPXFKDJHQWHKDFLHQGRWUDEDMRVHULR\
KHFKRFDGDFLHUWRWLHPSR FRQWUDHOLQIRUPH¿QDOWDPELpQHVSDUWHGH WpFQLFRTXHGLItFLOPHQWHSXHGHVHUFRQVL
ODUHDFFLyQDQWLLQWHOHFWXDOHVSDUWHGHOD -&$3HVHDVXLPSRUWDQFLDHOLQIRUPH GHUDGRXQWUDEDMRGHL]TXLHUGDGHGHUHFKD
*)<RVLHPSUHGLJRHOOLEURIXQGDPHQWDO LGHDGHDKHVWDVVRQWRQWHDUtDVTXHVHOHV GHOD&95QRWLHQHHOSHVRTXHGHEHUtD R GH FHQWUR EDVDGR HQ HQWUHYLVWDV FRQ
SHUXDQR GH ORV ~OWLPRV YHLQWH DxRV HV KDQ RFXUULGR D FLQFR LQWHOHFWXDOHV GH 6XV HIHFWRV VLJXHQ VLHQGR SXHVWRV HQ SHUVRQDV UHDOHV TXH VH SDUDURQ IUHQWH D
SUREDEOHPHQWH HO ,QIRUPH )LQDO GH OD L]TXLHUGD \ QRVRWURV QR WHQHPRV QLQJ~Q FXHVWLyQ (Q HO FDVR GHO /XJDU GH OD JHQWHUHDO\KDEODURQTXHHVWiQJUDEDGDV
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ EXHQPRWLYRSDUDHVFXFKDUORV\SDUDSUHV 0HPRULDVHGLVFXWHVLYDOHGHDOJRUHFRU \TXHFXDOTXLHUDSXHGHYHU
(VH HV XQ OLEUR TXH IXH FRQVWUXLGR SRU WDUOHVDWHQFLyQ GDU \ PiV HVSHFt¿FDPHQWH VL QR VHUtD (OKHFKRHVTXpFXDQGRVHGLFHTXHHVWRV
JHQWHTXHYLHQHGHXQRGHORVVHFWRUHVGH 3HUR LJXDO PH JXVWD UHFRUGDU HVH OLEUR FRQYHQLHQWHDFRJHURWUDVIXHQWHVRLQFRU TXLQFHPLOWHVWLPRQLRVQRVRQHQYHUGDG
HQVD\LVWDV GHO FXDO HVWDPRV KDEODQGR SRUTXHHQHOIRQGRHVXQJUDQHQVD\RVREUH SRUDUHOSXQWRGHYLVWDGHWRGRVORVDFWRUHV DOJR D OR TXH GHEHPRV SUHVWDU DWHQFLyQ
SRUTXH QR KXER XQ UHSUHVHQWDQWH GH PL
SDUWLGR HQ OD FRPLVLyQ OR TXH VH HVWi
KDFLHQGRHVGHVSUHFLDUDODVYtFWLPDV
&DUORV*DVWHOXPHQGL
-&$+D\XQHVIXHU]RGHVGHORVKLVWR
ULDGRUHV GHO HMpUFLWR TXH KD DELHUWR OD
SRVLELOLGDGGHFRODERUDUFRQHO/XJDUGH
OD 0HPRULD (OORV HVWiQ UHFRJLHQGR ODV
H[SHULHQFLDVGHORVVROGDGRVGHORVUHFOX
WDVGHORVR¿FLDOHVTXHVRQPX\GLYHUVDV
SRQLHQGR pQIDVLV HQ LQFOXLU HQ HVWD
KLVWRULDGHODYLROHQFLDSROtWLFDHOSDGHFHU
GHHOORVXQSDGHFHUTXHQDGLHKDDWHQ
GLGR0HSDUHFHTXHHVXQDYDQFHSRUTXH
GLFHQ OD &RPLVLyQ GH OD 9HUGDG HV XQ
SXQWRGHDSR\RIXQGDPHQWDOSHURIDOWy
HVWDSDUWH¢FyPRORVLHQWHV"
9ROYHUDOtQGLFH
(175(9,67$ 6
FUtPHQHVGHQDGLHVLQRTXHVHUHFRQR]FD FLHUWDUDFLRQDOLGDGFRPRGLFHQORVSROLWy
DOJRGHORTXHYLYLHURQ ORJRVSHURDYHFHVHVDUDFLRQDOLGDGHVOD
GHDOJXLHQTXHGLFHSUH¿HURXQODGUyQTXH
*)'HDFXHUGR3HUREXHQDSDUWHGHOD FRQVWUX\DSXHQWHVHQYH]GHXQDSHUVRQD
IDOWD GH UHFRQRFLPLHQWR GH ODV YtFWLPDV KRQUDGDTXHQRFRQVWUX\HQDGD'HFLUTXH
PLOLWDUHV YLHQH GHO UHFKD]R GH ORV KD\ XQD UDFLRQDOLGDG GHWUiV GH HVWR QR
JRELHUQRVSHUXDQRVDUHFRQRFHUODVUHFR H[SOLFD QDGD QR H[SOLFD DEVROXWDPHQWH
PHQGDFLRQHVGHOD&RPLVLyQGHOD9HUGDG QDGD
3RUTXH HVWD QR GLFH TXH KD\ TXH GDUOH *UDQSDUWHGHODSROLWRORJtDHVFRPRXQD
UHSDUDFLyQVRORDORVFLYLOHVVLQRTXHKDEOD VRFLRORJtD VLPSOL¿FDGD XQD HVSHFLH GH
GHODVUHSDUDFLRQHVDODVYtFWLPDVHQJHQH VRFLRORJtDULWXDO&RPRXQQDUUDGRUFLHJR
UDO<HVRHVDOJRTXHGLIHUHQWHVJUXSRVGH R FRPR XQ QDUUDGRU ]RPEL %URPHR
SRGHU KDQ PDQLSXODGR PLQXFLRVDPHQWH PXFKRGHHVWRFRQDPLJRV,PDJtQDWHDXQ
SDUDWHUPLQDUFRQVWUX\HQGRXQD&RPLVLyQ QDUUDGRU]RPELXQORFXWRUGHSRUWLYRTXH
GHOD9HUGDGTXHVHJ~QHOORVGLFHTXHKD\ HVWiQDUUDQGRXQDSHOHDGH0XKDPPDG$OL
TXHSDJDUOHVDWRGRVORVVHQGHULVWDVDOJ~Q GHVGHODSDQWDOODGHXQWHOHYLVRU\ODHVWi
WLSR GH UHSDUDFLyQ &RVD PX\ GLVWLQWD GHVFULELHQGR \ HQ DOJ~Q PRPHQWR VLQ
KXELHUDRFXUULGRVLORVJRELHUQRVKXELHUDQ GDUVHFXHQWDDSODVWDHOFRQWUROUHPRWR\
DVXPLGRODVUHFRPHQGDFLRQHVGHO,QIRUPH SDVDGHODSHOHDGH0XKDPPDG$OLDXQD
)LQDOSXHVDVtODSDUWLFLSDFLyQGHODJHQWH SHOHDGH&DFKDVFiQ\pOQRVHGDFXHQWD\OD
GHODVIXHU]DVDUPDGDV\DHVWDUtDUHFRQR VLJXHQDUUDQGRH[DFWDPHQWHLJXDO
FLGDSDUDELHQ\SDUDPDO 0HGDODLPSUHVLyQGHTXHDOJRDVtOHKD
SDVDGR D ORV SROLWyORJRV (VWXGLDQ SDUD
-&$3HQVDQGRHQRWUDFRVDHVWDFULVLV GHFLUDOJRGHFLHUWDVFRVDVHQODVTXHXQURO
SROtWLFD\pWLFDSHUPDQHQWHHVWDQRUPD LPSRUWDQWH HV OD DJHQFLD GH OD VRFLHGDG
OLGDGTXHSDUHFHFtQLFDFDGDYH]PiV\DO FLYLO \ ORV GLVFXUVRV LGHROyJLFRV TXH VH
PLVPRWLHPSRHVWHDXJHGHDQiOLVLVGHVGH LQWHUFDPELDQGHQWURGHHVDVRFLHGDG\GH
ODFLHQFLDSROtWLFD¢QRWHSDUHFHXQSRFR UHSHQWH VH HQFXHQWUDQ FRQ XQD VRFLHGDG
SDUDGyMLFR" /D UDFLRQDOLGDG GH ORV GRQGH ORV GLVFXUVRV LGHROyJLFRV HVWiQ
YRWDQWHVSDUHFLHUDVHUODIyUPXODPiJLFD HVWUDQJXODGRVQRH[LVWHQRKDQVLGRH[SXO
SDUDFRPSUHQGHUGHXQWLUyQODFRPSOH VDGRV < HQWRQFHV HOORV TXLHUHQ VHJXLU
MLGDG SROtWLFD DOHMiQGROD GH XQD GLVFX KDEODQGRDFHUFDGHORVSDUWLGRVSROtWLFRV
VLyQVREUHODPRUDOGHHVWDVSUiFWLFDV FRPRVLIXHUDQSDUWLGRVSROtWLFRV8QRYHD
JHQWH QRUPDOPHQWH O~FLGD FRPR 6WHYHQ
*)&UHRTXHWRGRHVRWLHQHXQODGRSRVL /HYLWVN\ SRU HMHPSOR R 0DUWtQ 7DQDND
WLYR<HVTXHSRUORPHQRVWHQHPRVDVFR TXHFDVLFDVLSLGHQTXHHOIXMLPRULVPRR
KWWSODIRUWDOH]DGHODVROHGDGEORJVSRWFRPQRYHODGHJXVWDYRIDYHURQHODQWLFXDULRKWPO $~Q &XDQGR KDFH GpFDGDV HO SUHVLGHQWH WDQWRV RWURV JUXSRV YLQFXODGRV FRQ OD
GH OD UHS~EOLFD HUD HO FDXGLOOR TXH PiV FRUUXSFLyQVHOHJLWLPHQGHDOJXQDPDQHUD
KDFH PXFKR EXHQR WLHQHQ TXH HQWHQGHU HVXQDLGHDIUXFWtIHUD FDEH]DVKDEtDFRUWDGR\QDGLHVRxDEDTXH \XQRVHSUHJXQWD¢SDUDTXpQHFHVLWDPRV
TXHHVWDJHQWHTXHPDWyDORVVHWHQWDKDEL (VGHFLUXQRSXHGHVHUPX\HPSiWLFRFRQ KDEUtD TXH YRWDU SDUD HOHJLU D XQ SUHVL HVR"6LW~ORVLQFRUSRUDVOHJLWLPiQGRORVDO
WDQWHV GH HVWH SXHEOR OR KL]R SRU XQD ³HORWURODGR´VLTXLHUH3HUR¿QDOPHQWH GHQWHODUHDFFLyQQRHUDFRPRODGHKR\ VLVWHPDSDUWLGDULRSHUXDQRVLHVTXHHVWH
WHUULEOHSUHVLyQHPRFLRQDO1RVp\RFUHR OR TXH WXYLPRV IXH XQ FRQÀLFWR GRQGH HUDPiVFRPR\RQRYRWpSRUpOGLRXQ FRPRWDOH[LVWHORTXHHVWiVKDFLHQGRHV
TXHHODOHJDWRGHLQRFHQFLDSRUHVWUpVQRHV KXERDVHVLQRVHQWRGDVSDUWHV\ODVMXVWL¿ JROSHGH(VWDGR\RVLHPSUHVXSHTXHLEDD FUHDUXQPRQVWUXRELHQH[WUDxR\ORTXH
XQ DSRUWH PD\RU /D &RPLVLyQ GH OD FDFLRQHVHPRFLRQDOHVGHXQJUXSRQRPH VHU DVt SHUR DKRUD KD\ FLHUWR QLYHO GH HVWiQOODPDQGROHJLWLPDFLyQHQYHUGDGQR
9HUGDG WDPSRFR KDEOD DFHUFD GHO HVWUpV SDUHFHQ TXH WHQJDQ PD\RU FDELGD /D FRPSURPLVRMXVWDPHQWHSRUTXHQRVRWURV HV OHJLWLPDFLyQ HV XQD H[FXVD HV XQD
EDMRHOFXDOYLYtDQORVVHQGHULVWDV\REYLD &RPLVLyQQRKDKHFKRDOJRHTXLYDOHQWHD FRORFDPRVDOSUHVLGHQWHDKt PiVFDUD
PHQWHQRPHLQWHUHVDTXHHVRVHYXHOYDXQ OR TXH HO HMpUFLWR R ODV IXHU]DV DUPDGDV /RTXHHVFRPSOHWDPHQWHQHJDWLYRHVTXH 8Q DPLJR VRFLyORJR PH GLMR TXH OR TXH
WySLFRGHFRQYHUVDFLyQQRPHLQWHUHVDTXH TXLHUHQ TXH VH KDJD FRQ HOORV KDFLD HO HOFtUFXORQRVHURPSDQXQFD\ORRWURHV IDOWDHQHVHWLSRGHDQiOLVLVHVXQDFRVDTXH
DOJXLHQ DSDUH]FD SRU DKt GLFLHQGR ³RWURODGR´/RTXHVHHVWiGLFLHQGRHVXQD TXHHVWiHQFDOOHFLHQGRDORVYRWDQWHVFDGD XQJUXSRGHVRFLyORJRVDIULFDQRV\IUDQ
*XVWDYR)DYHUyQGLFHTXHHOHVWUpVEDMRHO FRVDELHQIDOVDHVGHFLUTXHOD&RPLVLyQ YH]KD\XQPD\RUQ~PHURGHHOHFWRUHVTXH FHVHVYLHQHQWUDEDMDQGRSDUDHOWHPDDIUL
FXDOYLYtDQORVVHQGHULVWDVGHEHWRPDUVHHQ VRODPHQWHVHKDEUtD¿MDGRHQXQODGRGHOD HVWiQGLVSXHVWRVDYRWDUSRUODFRUUXSFLyQ FDQRGHVGHKDFHPiVGHYHLQWHDxRV<TXH
FXHQWD3HURVLODLGHDHVTXHVHWRPHHQ KLVWRULD\QRKDEXVFDGRHORWURODGRGHOD SRUTXH\DQRWLHQHQQLQJ~QDVFRSRUTXH HVLQFRUSRUDUGHQWURGHVXDQiOLVLVODWUDQV
FXHQWDHOHVWUpVWHUULEOHODSUHVLyQWHUULEOH KLVWRULD 1R HV YHUGDG ¢4Xp FRVD HVWi HVWiQ JHQHUDQGR ORV DQWLFXHUSRV DO DVFR IRUPDFLyQ GH ORV HVWDGRV QDFLRQDOHV HQ
TXH VRSRUWDED OD JHQWH GHO HMpUFLWR LPSOLFDQGR" ¢TXp OD &RPLVLyQ OR TXH TXHVLQWLHURQDOJXQDYH]PXFKDJHQWHTXH ERWLQHV (VWR HV UHOHYDQWH HQ FXDQWR ORV
HQWRQFHV ¢TXp LPSLGH TXH DOJXQRV RWURV KL]R IXH LU GRQGH $ELPDHO *X]PiQ \ KDFH YHLQWH DxRV KDEUtD SHQVDGR MDPiV JUXSRV TXH OXFKDQ SRU HO SRGHU QR HVWiQ
HPSLHFHQDVHPLMXVWL¿FDUODVDFFLRQHVGH SHGLUOHFXiOIXHVXRSLQLyQ" YR\ D YRWDU SRU DOJXLHQ TXH HV ODGUyQ R OXFKDQGRPiVSRUHOFRQWUROSROtWLFRGHXQD
FLHUWRVVHFWRUHVGH6HQGHUR/XPLQRVREDMR DVHVLQR\DKRUDYRWDSRUXQGHOLQFXHQWHR VRFLHGDGVLQRTXHHVWiQOXFKDQGRGLUHFWD
ODLGHDGHTXHIXHURQIRU]DGRVDFRPEDWLU -&$(OSXQWRQRHVODMXVWL¿FDFLyQ/R SRURWUR PHQWHSRUHOGLQHUR$SDUWLUGHHVWDFRQVWD
IXHURQUHFOXWDGRVDODIXHU]DHVWDEDQHQWUH TXHQRVLQWHQWDQGHFLUHVWRVKLVWRULDGRUHV 7DPELpQ HQWLHQGR TXH KD\ PXFKD JHQWH WDFLyQLQFRUSRUDQGHQWURGHVXDQiOLVLVOD
ODHVSDGD\ODSDUHGHWF"&UHRTXHHVDQR GHO HMpUFLWR HV TXH QR EXVFDQ MXVWL¿FDU TXHYRWDSRUSROtWLFRVFRUUXSWRVVLJXLHQGR FRUUXSFLyQ \ KDFHQ DGHPiV XQ DQiOLVLV
9ROYHUDOtQGLFH
6 (175(9,67$
VR¿VWLFDGRGHHOOD OD UHJLyQ \ OD GLIHUHQFLD HV GHPDVLDGR OLWHUDULD SRUTXH QR HVWDED IDPLOLDUL]DGR 8QLGRV WDPELpQ SXEOLTXH DFi TXH VH
1RVHWUDWDGHGHFLUTXHFDGDYH]WHQHPRV JUDQGH¢2HOWHPDQRWLHQHWDQWDLPSRU FRQODWHRUtDOLWHUDULD WUDGX]FDVXREUD\VHKDJDQODVJHVWLRQHV
PiV SROtWLFRV FRUUXSWRV +D\ PRPHQWRV WDQFLDHQHVWHFRWLGLDQRDQWLLQWHOHFWXDO" 3HURDOPLVPRWLHPSRTXHQXHVWURHQVD\R QHFHVDULDVSDUDTXHHVHOLEUROOHJXHD/LPD
³QRUPDOHV´HQTXHWLHQHVXQVLVWHPDSROt EULOODED FRQ DOJXQDV SHUVRQDV HQ ODV )LQDOPHQWHJUDQSDUWHGHODLQWHOHFWXDOLGDG
WLFR\GHQWURXQDJUDQFDQWLGDGGHFRUUXS *)6tWLHQHPXFKDLPSRUWDQFLD/DLGHD GpFDGDVGHORV\OXHJRHQORVKDEtD SHUXDQDVHHVWiFRQYLUWLHQGRHQXQDLQWH
WRV 3HUR KD\ XQ SXQWR HQ TXH WLHQHV XQ GH TXH ODV ~QLFDV LQGXVWULDV TXH WLHQHQ XQDPDVDFUtWLFDGHJHQWHTXHSDUWLFLSDED OHFWXDOLGDGSDULDTXHSXEOLFDHQXQDUHS~
VLVWHPDSROtWLFR\XQDFRUUXSFLyQJHQHUDOL VHQWLGR VRQ ODV TXH SURGXFHQ PXFKR GH ORV GHEDWHV HVFULELHQGR HQ XQ EXHQ EOLFDGHODVOHWUDV\QRWLHQHIURQWHUDVFRQHO
]DGD \ OXHJR KD\ XQ SXQWR HQ TXH HO GLQHURVHYXHOYHFDGDYH]PiVJHQHUDO\ QLYHO$KRUD QR SDVD HVR KD\ JHQWH TXH 3HU~RSRUORPHQRVDGXDQDV$GHPiVWH
VLVWHPDSROtWLFRGHMDGHHVWDU\HVDPDVD QRHVVRORXQDLGHDGHODGHUHFKDVLQRHV KDFHFRVDVHQXQQLYHOVXPDPHQWHLQWHUH GDV FXHQWD TXH HO SUREOHPD QR HV TXH OD
TXHRUJDQL]DODFRUUXSFLyQORUHHPSOD]DHV XQDLGHDTXHPXFKDJHQWHGHODL]TXLHUGD VDQWHSHURMDPiVYHUiVXQDGHHVDVSXEOL SHUVRQDHVWpIXHUDGHOSDtVSRUTXHFXDQGR
ORTXHRFXUULySUREDEOHPHQWHHQ0p[LFR WDPELpQWLHQH FDFLRQHVHQXQDOLEUHUtDSHUXDQD XQFRORPELDQRSXEOLFDXQOLEURHQ0DGULG
SRUHMHPSORSHURHVXQIHQyPHQRTXHKD &RVDV FRPR OD LQGXVWULD HGLWRULDO R OD (QWRQFHVIDOWDQHVDVFRVDVDOJXQDVSROt R :DVKLQJWRQ HVH OLEUR HV UHVHxDGR HQ
RFXUULGRHQGHFHQDVGHHVWDGRDIULFDQRV FDOLGDGGHOVLVWHPDHGXFDWLYRGHODHGXFD WLFDV GH SHVR \ VROXFLRQHV EXURFUiWLFDV UHYLVWDV\SHULyGLFRVFRORPELDQRVDFiQR
(VXQDFRVDTXHORVVRFLyORJRV\SROLWy FLyQ GH OD SURGXFFLyQ HGLWRULDO GH OD FRPR LPSRUWDU XQD SHTXHxD FDQWLGDG GH SDVDHVR(OSUREOHPDQRHVGyQGHHVWiHO
ORJRV SHUXDQRV VH QLHJDQ D KDFHU $Fi SURGXFFLyQLQWHOHFWXDOHWFQRVRQFRVDV OLEURV SUHRFXSDUVH GH TXH VL KD\ DOJ~Q LQWHOHFWXDOHOSUREOHPDHVTXHORLQWHOHF
LQFOXVR FXDQGR W~ YHV TXH KD\ SROtWLFRV TXH ULQGHQ HQ PHWiOLFR \ VREUH WRGR QR SHUXDQR TXH KD SXEOLFDGR HQ (VWDGRV WXDO\ORVOLEURVQRLQWHUHVDQDTXtDGHQWUR
FX\D WUD\HFWRULD HV GHVGH HO SULQFLSLR LQPHGLDWDPHQWH HQWRQFHV VRQ PDUJLQD
KDVWD HO ¿QDO VRODPHQWH XQ SURQWXDULR GDVGHMDGDVGHODGR0LHQWUDVHOFDPLQR
SROLFLDO ORV DQDOLVWDV ORV WUDWDQ FRPR VL VHD HVWH GLVFXUVR FUHR TXH OR TXH HVWi
5(6(f$
HVRVIXHUDQGHVYLDFLRQHVGHODQRUPDHV SDVDQGRVHJXLUiLJXDO
0(025,$6'(/
FXULRVR6LW~SLHQVDVHQDOJXQRVGHQXHV $KRUDDOJRTXHHVLQWHUHVDQWHHVTXHKR\ &$623(58$12'(
WURV³OtGHUHV´\TXLWDVGHVXELRJUDItDODV
FRVDVTXHWHQJDQTXHYHUFRQDOJXQDIRUPD
ORVSHUXDQRVQRSURGXFHQPHQRVGHORTXH
SURGXFtDQHQGpFDGDVSDVDGDVVREUHWRGR
(67(5,/,=$&,Ï1
GHFRUUXSFLyQORVFUtPHQHVFLHUWRWLSRGH \RWHKDEORGHPLFDPSRGHODOLWHUDWXUD\ )25=$'$
OH\HVSDUDIDFLOLWDUODYLGDDFLHUWRVJUXSRV VREUHWRGRDQLYHODFDGpPLFR1RFUHRTXH 'DQGRLQLFLRDODVHULH
GHSRGHURORVURERVORVHVFiQGDORVORV HO3HU~DQWHVKD\DSURGXFLGRWDQWRFRPR ³/DSDODEUDGHOPXGR´GHOD
DEXVRVGHSRGHUODYLROHQFLDHWF VLW~ DKRUD OR TXH SDVD HV TXH FDVL WRGR VH
%LEOLRWHFD1DFLRQDOGHO3HU~
TXLWDVHVRQRWHTXHGDSUiFWLFDPHQWHQDGD SURGXFHDIXHUDODPD\RUSDUWHGHORVLQWH
OHFWXDOHVSHUXDQRVSXEOLFDQDIXHUD 9LROHWD%DUULHQWRV6LOYD
-&$ 'HEH VHU FRPSOLFDGR SDUD ORV (Q HO 3HU~ FRPR ELHQ GLFHV HVWi HO ,(3
SROLWyORJRVDFHSWDUTXHVXGLVFLSOLQDWLHQH SXHGHVSXEOLFDUFRQOD8QLYHUVLGDG&DWy 0HPRULDVGHOFDVRSHUXDQRGHHVWHULOL SXVR VREUH VX FDSDFLGDG UHSURGXFWLYD
TXH UHRUJDQL]DUVH HQ WRUQR GH RIUHFHU OLFDFRQOD8QLYHUVLGDG6DQ0DUFRVRFRQ ]DFLyQIRU]DGDHVXQDFRPSLODFLyQGH VLQWHQHUHQFXHQWDHOYDORUVLPEyOLFRGH
XQDH[SOLFDFLyQVLVWHPiWLFDGHOFULPHQR YDULDV RWUDV SHTXHxDV XQLYHUVLGDGHV SHUR DUWtFXORV \ WHVWLPRQLRV GH PXMHUHV ODPLVPDSDUDHOHQWRUQRVRFLRFXOWXUDO
DIHFWDGDV\SHUVRQDOPpGLFRHQ/LPD GHHOODV\VLQFRQWDUFRQODDXWRUL]DFLyQ
GHODUHGLVWULEXFLyQGHOFULPHQ VDELHQGRTXHWXOLEURYDDVHUUHJDODGRSRU $\DFXFKR\3LXUDUHFRJLGRVSRU$OH GHFDGDXQD/DFLHQFLD\ODYROXQWDGGHO
ODVDXWRULGDGHVDFLHUWDVSHUVRQDVTXHQROR MDQGUD%DOOyQ(OOLEURVHXQHDODFDGH (VWDGRSRGUtDQWXWHODUPHMRUVXELHQHV
*),PDJtQDWHODKLVWRULDGH&RORPELD\ YDQDOHHUQXQFD1RWHQHPRVELEOLRWHFDVR QD GH LQYHVWLJDFLRQHV KHFKDV GHQXQ WDU
SUR\pFWDOD FRPR ¿FFLyQ KDFLD HO IXWXUR ORVOLEURVTXHOOHJDQDHOODVQRVRQOHtGRV FLDQGR OD HVWHULOL]DFLyQ IRU]DGD GH (O (VWDGR GHVFRQRFLy ORV GHUHFKRV
PXMHUHVHQWUH\DUHVXOWDVGH UHSURGXFWLYRV GH VXV FLXGDGDQDV HV
LPDJLQD TXH HQ OXJDU GH LQ¿OWUDU FDGD (Q (VWDGRV 8QLGRV XQD ELEOLRWHFD HV ODDSOLFDFLyQGHO3URJUDPD1DFLRQDOGH GHFLUHOGHUHFKRDGHFLGLUVLWHQHURQR
SDUWLGR FRQ QDUFRWUD¿FDQWHV FRPR HV HO JDUDQWtDGHTXHDOJXLHQLUi\VDFDUiHOOLEUR 6DOXG 5HSURGXFWLYD \ 3ODQL¿FDFLyQ GHVFHQGHQFLD 8Q YDFtR HQ HO GHUHFKR
FDVRGH0p[LFRHQDOJ~QPRPHQWRHOORV SDUDOHHUORSHURXQOLEURHQODELEOLRWHFD )DPLOLDUGHOJRELHUQRGH$OEHUWR)XML SHQDOOLPLWDODHVWHULOL]DFLyQDVHUFDVWL
PRUL JDGDSRUHOGHOLWRGH³OHVLRQHV´FXDQGR
GLMHUDQ ³QR QHFHVLWDPRV SDUWLGRV SHUXDQDHVJDUDQWtDGHTXHQDGLHOROHHUi /RVDUWtFXORVGH&KULVWLQD(ZLJ*RQ ORTXHVHDIHFWDLUUHSDUDEOHPHQWHHVXQD
SRGHPRV LU VRORV´ HVR HV OR TXH HVWi 6LWHSRQHVDEXVFDUJHQWHLQWHUHVDQWHTXH ]DOR*LDQHOOD*DEULHOOD&LWURQL\*LX FDSDFLGDG GH OD SHUVRQD KXPDQD OD
SDVDQGR HQ QXHVWUR SDtV 6L GH SURQWR HVFULEH VREUH OLWHUDWXUD GHVGH HO WHUUHQR OLD7DPD\RVRQUHYHODGRUHVGHYLROHQ FDSDFLGDGGHUHSURGXFLUVH
PDxDQD JDQDUD ODV HOHFFLRQHV HO SDUWLGR DFDGpPLFR\RQRWHQJRQLQJXQDGXGDGH FLDVGHO(VWDGRFRQWUDFLXGDGDQDV\GH (O(VWDGRWUDWyGHXQDPDQHUDDEXVLYD
FDUHQFLDV GHO VLVWHPD MXUtGLFR \ GHO DODVPXMHUHV³FRPRVLIXHUDQFX\HV´
QDUFR GHO 3HU~ ¢VHJXLUtDV WUDWDQGR GH TXH HV PXFKD PiV GH OD TXH KD KDELGR VLVWHPD GH GHUHFKRV KXPDQRV TXH QRVRORHQHOPRPHQWRGHVXDWHQFLyQ
EXVFDUFXiOHVVXGLVFXUVRSROtWLFR"¢WUDWD MDPiVHQHO3HU~\WUDEDMDQGRHQXQQLYHO SHUPLWHQKDVWDKR\TXHODVYtFWLPDVQR PpGLFDVLQRTXHDWDFyVXPDWHULDOLGDG
UtDVGHDQDOL]DUVXLGHRORJtD\OXHJRSHGLU VXPDPHQWH LQWHUHVDQWH 3RU RWUR ODGR WHQJDQMXVWLFLDQLUHSDUDFLyQ LQWHUHVDEDQVRORVXVFXHUSRV
/RVWH[WRV\ODLQYHVWLJDFLyQGHQXQFLDQ /RV WHVWLPRQLRVUHFRJLGRVSRU %DOOyQ
TXH VH OHJLWLPH" (V FRPSOHWDPHQWH FXDQGRW~PHKDEODVGHORVJUDQGHVHQVD XQDUHDOLGDGGHHQRUPHVFRQVHFXHQFLDV UHYHODQ OD VLWXDFLyQ TXH DWUDYLHVDQ ODV
DEVXUGRQRWLHQHQLSLHVQLFDEH]D \LVWDV SHUXDQRV GH ORV DxRV WUHLQWD R SDUDODVUHODFLRQHV(VWDGRLQGLYLGXRGH HVWHULOL]DGDVPXFKDVYHFHVLQFDSDFLWD
FXDUHQWD SRU HMHPSOR YHPRV TXH HVWHSDtV GDVSDUDXQWUDEDMRItVLFRDOTXHVHGHGL
-&$ 5HJUHVDQGR D ORV OLEURV 6H HQWRQFHV QR H[LVWtD OD FUtWLFD OLWHUDULD (O(VWDGRDSOLFySROtWLFDVFRHUFLWLYDV FDEDQ FRPR FDPSHVLQDV R DUWHVDQDV
VREUHXQDSREODFLyQGHPXMHUHVGHXQD 4XHGDURQ WDPELpQ LQFDSDFLWDGDV SDUD
SURGXFH EDVWDQWH HQ SURYLQFLD SHUR HQ SHUXDQD QR KDEtD QDGLH TXH SXGLHUD GHWHUPLQDGDFRQGLFLyQVRFLDODQGLQDV JR]DU GH XQD YLGD VH[XDO DVt FRPR
JHQHUDOODLQGXVWULDHGLWRULDOQDFLRQDOHV HVFULELU XQ DUWtFXOR GH FUtWLFD OLWHUDULD SREUHV \ GH XQ VHFWRU PiV UXUDO TXH HQYHMHFLGDVSUHPDWXUDPHQWH+LVWRULDV
PX\ SREUH ODV XQLYHUVLGDGHV TXH DFDGpPLFD TXH QR IXHUD OHtGR FRPR XQ XUEDQR GH YLGD DQyQLPDV TXH GH¿QLWLYDPHQWH
(VWDV SROtWLFDV IXHURQ GLVHxDGDV DO WHQGUiQTXHFDPELDUODKLVWRULDGHHVWH
GHELHUDQ VHU DPSDUR GH ORV PRPHQWRV WRQWRHQHOUHVWRGHOPXQGRRSRUORPHQRV LQWHULRU GHO (VWDGR \ SULRUL]DURQ D OD SDtV
FUtWLFRVRGHQVRVSDUDGLVFXWLUQRIXQFLR FRPR LQWXLWLYR KDVWD WDO SXQWR TXH ORV HVWHULOL]DFLyQ FRPR PpWRGR DQWLFRQ
QDQDOFRQWUDULRHVWiQHQFRODSVRWRWDO\ HQVD\RVOLWHUDULRVPiVLQWHUHVDQWHVVRQGH FHSWLYR 0HPRULDVGHO&DVR3HUXDQRGH(VWHUL
QRKD\PiVHVSDFLRVHO,(3KDFHORTXH JHQWHFRPR0DULiWHJXLSRUTXHFXDOTXLHU 6XEURJDQGRODYROXQWDGGHODVPXMH OL]DFLyQ)RU]DGD$OHMDQGUD%$//21
UHV HO (VWDGR GHFLGLy SRU HOODV /DV FRPS%LEOLRWHFD1DFLRQDOGHO3HU~
SXHGH SHUR WDPSRFR HV TXH SURGX]FD FRVDTXHpOKDFtDORKDFtDELHQSHURQRHUD PXMHUHVQRIXHURQLQIRUPDGDVVHGLV SS
PLOHVGHOLEURV3LHQVRHQRWURVSDtVHVGH DOJXLHQ SUHSDUDGR SDUD HVFULELU FUtWLFD
9ROYHUDOtQGLFH
(175(9,67$ 6
&MJOEJPZFMQPEFS
FOFM1FSÞ
&OUSFWJTUBB&OSJRVF.BZFS
3RU3DEOR6DQGRYDO
'LUHFFLyQ*HQHUDOGH&LXGDGDQtD,QWHUFXOWXUDO
(QULTXH0D\HUHVSURIHVRUHPpULWRGHDQWURSRORJtDGHOD8QLYHUVLGDGGH<DOH\XQDUHIHUHQFLDLQWHOHFWXDOHQORVHVWXGLRVGHDQWURSRORJtDDQGLQD3RUPXFKRVDxRVWUDEDMy
HQHO,QVWLWXWR,QGLJHQLVWD,QWHUDPHULFDQRHQ0p[LFR(QHO3HU~VHGHVHPSHxyFRPRSURIHVRUHQOD3RQWL¿FLD8QLYHUVLGDG&DWyOLFD\FRPRLQYHVWLJDGRUGHO,QVWLWXWRGH
(VWXGLRV3HUXDQRV,(3(QWUHVXVSXEOLFDFLRQHVFRQWDPRVFRQDOJXQRVWH[WRVHPEOHPiWLFRV&XHQWRVIHRVGHODUHIRUPDDJUDULD&DVDFKDFUD\GLQHURHFRQRPtDV
GRPpVWLFDV\HFRORJtDGHORV$QGHV\FRPRFRPSLODGRU5HFLSURFLGDGHLQWHUFDPELRHQORVDQGHV\(O,QGLR\HOSRGHUHQHO3HU~
(OLQGLR\HOSRGHUHQHO3HU~,QVWLWXWRGH(VWXGLRV3HUXDQRV/LPD(VFULEHQHQHVWHOLEUR(QULTXH0D\HU)HUQDQGR)XHQ]DOLGD)UDQoRLV%RXUULFDXG*DEULHO(VFREDU\-RVp0DWRV0DU
6HUH¿HUHDODUWtFXOR³3RGHU5D]D\(WQLDHQHO3HU~&RQWHPSRUiQHR´
9ROYHUDOtQGLFH
6 (175(9,67$
9ROYHUDOtQGLFH
(175(9,67$ 6
DIURDPHULFDQRV
SXHV ORV WpUPLQRV VH UDFLRQHVGHLQGtJHQDVQDFLRQDOHVGHSDUWD UDFLRQHVFDPSHVLQDVSHUXDQDVVHGHVPRUR
GHVJDVWDQ \ KD\ TXH LQYHQWDUVH QXHYRV PHQWDOHV SURYLQFLDOHV \ ORFDOHV GH ORV QDURQ SHUR ORV PRYLPLHQWRV LQGtJHQDV
+D\ DOJXQRV TXH VRQ LQWHJUDFLRQLVWDV \ LQGLRV
QDWLYRV
D ORV FXDOHV SHUWHQHFHQ FUHFLHURQ +R\ ORV VHUUDQRV SHUXDQRV
WUDWDQGHPHWHUDWRGRVHQHOPHVWL]DMHGH 'LVFXOSD XQD LUUHYHUHQFLD SHUR \R DOLDGRV DOPRYLPLHQWR LQGLR QR WLHQHQ OD
WRGDV ODV VDQJUHV KD\ RWURV TXH WDPELpQVR\³QDWLYR´GH+XDQFD\RDSHVDU EDWXWDGLULJHQFLDO
SURPXHYHQ OD UHVLVWHQFLD FXOWXUDO DQGLQD GHO FRORU GH PL SLHO \ PL DVFHQGHQFLD (QWRQFHV KD\ TXH UHFRQRFHU TXH HVDV
DQWH XQ RFFLGHQWH WRWDOL]DQWH /R TXH MXGtRHXURSHD FRUULHQWHV WLHQHQ XQ YtQFXOR TXH YLHQH
SURPXHYH9HODVFRHVTXHPXFKDJHQWHVH (ORWURFRQWH[WRVRQ%ROLYLD\(FXDGRUHQ GHVGHIXHUD'XUDQWHPLWUDEDMRHQ0p[LFR
GHVKDJD GHO HVWLJPD GH VHU QRPEUDGRV ORVPLVPRVDxRVGHODHIHUYHVFHQFLDYHODV HQHO,QVWLWXWR,QGLJHQLVWD,QWHUDPHULFDQR
FRPR LQGLRV \ DVXPLU TXH OD PDQHUD TXLVWD SHUXDQD (Q %ROLYLD HPSLH]DQ ORV FRQRFtD*XLOOHUPR%RQ¿O%DWDOODTXLHQ
FRUUHFWDGHQRPEUDUORVHVFRPRFDPSHVL PRYLPLHQWRVLQGtJHQDVFRQWHVWDWDULRV\HQ SXEOLFy OLEURV FRPR ³8WRStD \ 5HYROX
QRV(UDVLPSOHPHQWHXQDQXHYDHWLTXHWD (FXDGRU VH IRUPD XQD DOLDQ]D HQWUH ORV FLyQ(O3HQVDPLHQWR3ROtWLFR&RQWHPSR
$KRUDKD\TXHGHFLUWDPELpQRWUDFRVDTXH LQGLRVVHOYiWLFRVTXHHVWDEDQPiVDYDQ]D UiQHRGH/RV,QGLRVHQ$PpULFD/DWLQD´
SDVyHQODHUDGH9HODVFR(PSLH]DODDSUR GRV JUDFLDV DO DSR\R GH ORV VDFHUGRWHV +XERPXFKRVTXHHPSXMDURQHVWDDJHQGD
SLDFLyQRUHLQYHQFLyQGHODFXOWXUDDQGLQD FDWyOLFRV TXH D\XGDURQ D ORV 6KXDU \ VX SRVWLQGLJHQLVWD\ODOOHYDURQDOQLYHOGHODV
SRUSDUWHGHO(VWDGRPiVRPHQRVDOHVWLOR IHGHUDFLyQ/D)HGHUDFLyQ6KXDUVHYXHOYH 1DFLRQHV8QLGDVSRUXQODGR\DOD2,7
SURSXHVWR SRU 0XUUD \ $UJXHGDV /DV LQWHUQDFLRQDOPHQWH UHFRQRFLGD LQWHUH SRUHORWUR4XL]iYDOJDODSHQDUHVDOWDUXQ
IHULDVGHDUWHVDQtDVHOODPDEDQ,QNDUUL\VH VDQWH\OLGHUDXQDDOLDQ]DFRQORVFDPSH DQWHFHGHQWH\HVHOFDVRGHORVSDOHVWLQRV
RWRUJy HO 3UHPLR 1DFLRQDO GH $UWH D VLQRV VHUUDQRV \ IRUPD HVH PRYLPLHQWR TXLHQHVORJUDURQHQODV1DFLRQHV8QLGDV
-RDTXtQ /ySH]$QWD\ TXH JHQHUy FLHUWRV LQGtJHQDTXHDTXtHQHO3HU~QRH[LVWHQLHQ XQ UHFRQRFLPLHQWR FRPR 1DFLyQ VLQ
SUREOHPDV+D\XQJUXSRGHLQWHOHFWXDOHV %ROLYLDWDPSRFR)UHQWHDHVWRODUHDFFLyQ (VWDGRPXFKRDQWHVGHOSDUFLDOUHFRQRFL
OLPHxRVTXHVHVXEHQDOFRFKHGH9HODVFR LQWHOHFWXDO\SROtWLFDHQJHQHUDOHQHO3HU~ PLHQWR GHO HVWDGR 3DOHVWLQR GH KR\
FRPR 0DULR 5D]]HWR \ DOJXQRV DUWLVWDV IXH ³QR TXLHUR YHU QR TXLHUR PH GD $OJXQRV OtGHUHV HQ $PpULFD /DWLQD
SOiVWLFRVFRPR9tFWRU'HOItQ(O6LVWHPD PLHGR´ \ VXV LQWHOHFWXDOHV GHVGH ODV SHQVDURQTXHHVDHUDODUXWDSRVLEOHSDUD
1DFLRQDO GH $SR\R D OD 0RYLOL]DFLyQ 21*
V VRQ WLOGDGRV GH VHU ³SHUURV GH ORVLQGtJHQDVHQHVWDSDUWHGHOPXQGR(Q
&DUORV*DVWHOXPHQGL
9ROYHUDOtQGLFH
6 (175(9,67$
0DULVROGHOD&DGHQD,QGtJHQDVPHVWL]RVUD]D\FXOWXUDHQHO&XVFR,(3/LPD
(QULTXH0D\HU&XHQWRVIHRVGHODUHIRUPDDJUDULDSHUXDQD,(3&(3(6/LPD
9ROYHUDOtQGLFH
(175(9,67$ 6
&MWBMPSEFMBQSJNFSB
TFOUFODJBFO"ZNBSB
&OUSFWJTUBB7JDFOUFBMBOPDB
FMUSBEVDUPS
3RU(GXDUGR%XUJD%DUUDQWHV
/LFHQFLDGRHQ&LHQFLDVGHOD&RPXQLFDFLyQ9LFHPLQLVWHULRGH,QWHUFXOWXUDOLGDG
9LFHQWH$ODQRFD$URFXWLSDIRUPDSDUWHGHOJUXSRGHWUDGXFWRUHVHLQWpUSUHWHVGHO0LQLVWHULRGH&XOWXUD1DFLyKDFHDxRVHQOD(VWDQFLD$OSDFR\RGLVWULWRGH,ODYH
SURYLQFLDGHO&ROODRUHJLyQ3XQR(VGRFHQWHHQOD8QLYHUVLGDG1DFLRQDOGHO$OWLSODQR'RFWRUHQ'HUHFKRV+XPDQRV\'HVDUUROORSRUOD8QLYHUVLGDG3DEORGH2ODYLGHGH
6HYLOOD(VSDxD\0DJtVWHUHQ/LQJtVWLFD$QGLQD\(GXFDFLyQSRUOD8QLYHUVLGDG1DFLRQDOGHO$OWLSODQR
¢&yPRKDVLGRHOSURFHVRGHWUDGXFFLyQ\ UDOLGDGSDUDVHUWUDGXFWRUHVHLQWpUSUHWHV
7RPDGRGHZZZVHUYLQGLRUJ
VXH[SHULHQFLDGHQWURGHpO" HQHOSRGHUMXGLFLDO
6RQ HVDV GRV FDSDFLWDFLRQHV TXH KHPRV
3HUWHQH]FR JUDFLDV DO 0LQLVWHULR GH WHQLGRVLQHPEDUJR\RVR\GRFHQWHHQOD
&XOWXUD DO JUXSR GH WUDGXFWRUHV H LQWpU 8QLYHUVLGDG 1DFLRQDO GHO $OWLSODQR
SUHWHVGHOD/H\GH&RQVXOWD3UHYLD5HFL 0DJtVWHUHQ/LQJtVWLFD$QGLQD\(GXFD
ELPRVXQDFDSDFLWDFLyQHQOD$FDGHPLDGH FLyQ3RUORWDQWRKD\FLHUWRFRQRFLPLHQWR
OD 0DJLVWUDWXUD SDUD VHU WUDGXFWRUHV H $GHPiVWHQJRXQGRFWRUDGRHQ'HUHFKRV
LQWpUSUHWHVHQHO3RGHU-XGLFLDO*UDFLDVD +XPDQRV\'HVDUUROOR
HOOR IXLPRV LQYLWDGRV SRU HO MXH] -XOLR
&KXFX\D HQ ,ODYH SDUD OD WUDGXFFLyQ H ¢4Xp SLHQVD UHVSHFWR DO WUDEDMR GHO
LQWHUSUHWDFLyQGHXQDVHQWHQFLDTXHHVWDED 0LQLVWHULRGH&XOWXUDHQODIRUPDFLyQGH
\DFDVLHQVXHWDSD¿QDO3DUWLFLSDPRVGH WUDGXFWRUHVHLQWpUSUHWHV"
HVD DFWLYLGDG GRV WUDGXFWRUHV TXLHQHV
HVWDPRVDFUHGLWDGRVDSDUWLUGHHVWRVGRV (OWHPDGHOHQJXDVHVLPSRUWDQWHDOLJXDO
HVSDFLRVGHFDSDFLWDFLyQTXHRUJDQL]yHO TXH HO WHPD GH OD FXOWXUD 6H WLHQH TXH
0LQLVWHULRGH&XOWXUDSRUPHGLRGHO9LFH VHJXLU LQFLGLHQGR HQ OD IRUPDFLyQ GH
PLQLVWHULRGH,QWHUFXOWXUDOLGDG SURIHVLRQDOHVTXHVHGHGLFDQDODWUDGXF
FLyQ +D\ TXH LQFRUSRUDU D JHQWH GH OD
¢4Xp FDSDFLWDFLRQHV KD WHQLGR FRQ HO $PD]RQtD TXH WLHQH OHQJXDV QDWLYDV \
0LQLVWHULRGH&XOWXUD" RULJLQDULDV )DOWD XQD JUDQ ODERU HQ HVH (QHOWHPDGHMXVWLFLDHQHOSDtVKD\GRV IRUPDFLyQHQGHUHFKR\HQMXULVSUXGHQFLD
VHQWLGR 3LHQVR TXH HO 0LQLVWHULR GH FRVDVIXQGDPHQWDOHV8QDSULPHUDHVTXH WLHQHHVHFRQFHSWRFUHRTXHHVQHFHVDULR
+HWHQLGRGRVFDSDFLWDFLRQHVXQDSULPHUD &XOWXUDKDKHFKRVXSDUWH\ORUHFRQR]FR HO VLVWHPD GH GHUHFKR IRUPDO WHUPLQD UHQRYDUODVHVWUXFWXUDVFXUULFXODUHVGHQWUR
HWDSDKDVLGRSDUDHOWHPDGHODWUDGXFFLyQ GHVGHWRGRSXQWRGHYLVWD WHQLHQGR VLHPSUH XQ SURFHGLPLHQWR GHO VLVWHPD XQLYHUVLWDULR HQ HO SDtV /RV
H LQWHUSUHWDFLyQ GH OD /H\ GH &RQVXOWD EDVWDQWH OHQWR 6LQ HPEDUJR \R KH VLGR FXUUtFXORV TXH WLHQHQ ODV XQLYHUVLGDGHV
3UHYLD FRQ SURIHVRUHV GH OD 8QLYHUVLGDG (V OD SULPHUD UHVROXFLyQ UHGDFWDGD HQ DXWRULGDG GH PL FRPXQLGDG KH VLGR HVWiQ HQ UHWURFHVR SRUTXH HVWiQ HQFDVL
1 D F L R Q D O 0 D \ R U G H 6 D Q 0 D U F R V XQDOHQJXDLQGtJHQDDxRVGHVSXpVGH 7HQLHQWH*REHUQDGRU (VWHWLSRGHFDVRV OODGRVHQYHUDOGHUHFKR\DODQRUPDFRPR
81060 3RQWL¿FLD 8QLYHUVLGDG &DWy VHU GHFODUDGRV HO TXHFKXD \ HO DLPDUD HQ OD SUiFWLFD DQFHVWUDO HV UiSLGR VH HVWULFWDPHQWH LQVWUXPHQWDOHV 7RGR HVH
OLFDGHO3HU~38&3\GHRWUDVXQLYHUVLGD FRPR OHQJXDV R¿FLDOHV GHO 3HU~ ¢3RU UHVXHOYHHQHODFWRPLVPR HQIRTXH ¿ORVy¿FR MXUtGLFR LGHROyJLFR
GHV 7DPELpQ SDUWLFLSDPRV HQ PXFKDV TXpFUHHTXHGHPRUyWDQWRHQGDUVHHVWD (OWHPDGHODMXVWLFLDHQHOSDtVQRHVVROR SROtWLFR HVWi GHVIDVDGR HVWi HQ ORV DxRV
WUDGXFFLRQHV VREUH WRGR SDUD LQVWLWXFLR VHQWHQFLD" XQDFXHVWLyQGHOHQJXDVVLQRWDPELpQHV \6LQHPEDUJRODSUiF
QHV$OJXQDVYHFHVHOSURFHVRKDVLGRXQ XQDVXQWRSROtWLFRTXHVHWLHQHTXHDYDQ]DU WLFDDQFHVWUDOGHDGPLQLVWUDFLyQGHMXVWLFLD
SRFRFRPSOHMR\RWUDVYHFHVPiVVHQFLOOR /DVHQWHQFLDIXHHPLWLGDHOGHPDU]RGH &UHR TXH WDPELpQ KD\ TXH UHFRQRFHU \ SXHVHVPiVGLUHFWD\VHFRQWH[WXDOL]DHQ
/D VHJXQGD FDSDFLWDFLyQ IXH RUJDQL]DGD SRUHOMXH]-XOLR&pVDU&KXFX\DeO IHOLFLWDU DO MXH] SRU DWUHYHUVH D HPLWLU OD ORVSXHEORV\HQODVFRPXQLGDGHV,QGXGD
SRUOD2¿FLQD1DFLRQDOGH-XVWLFLDGH3D]\ VHxDOyTXHDOJXLHQWHQtDTXHGDUHOSULPHU VHQWHQFLD <R KH HVFXFKDGR D DOJXQRV EOHPHQWHHOWHPDHVFXOWXUDO¿ORVy¿FR\
-XVWLFLD ,QGtJHQD 21$-83 FRQMXQWD SDVR GH HVFULELU XQD VHQWHQFLD HQ XQD DERJDGRVRMXULVWDVHQPLSXHEORTXHGLFHQ DQWURSROyJLFR TXHQRVHWRPDHQFXHQWD
PHQWHFRQHO9LFHPLQLVWHULRGH,QWHUFXOWX OHQJXDLQGtJHQD TXH HV XQ UHWURFHVR 6L JHQWH TXH WLHQH SDUDQDGDHQODVXQLYHUVLGDGHV
9ROYHUDOtQGLFH
6 (175(9,67$
¢4XpFUHHTXHSDVyDKRUDSDUDTXHHVWH TXH HO LPSXWDGR R WDPELpQ HO TXH TXH GHEHPRV LU PHMRUDQGR \ KDFLHQGR HGXFDFLyQGHYDORUHVTXHHVODHVSHUDQ]D
MXH]VHDWUHYLHUDDHPLWLUODVHQWHQFLD" GHQXQFLD WLHQH TXH SDUWLU GH FHUR 6RQ LQFLGHQFLDHQORVMXHFHV\¿VFDOHV SDUDHOSDtV
FRVDVTXHVHJXUDPHQWHDWHQWDQFRQWUDOD (V XQD FXHVWLyQ GH WUDGXFFLyQ VHJXUD
&UHRTXHWRGRHVXQSURFHVR\WLHQHTXH GLJQLGDGHQHVWHFDVRGHODTXHKDVLGR ¢4Xp FRQVLGHUD TXH VLJQL¿FD SDUD OD PHQWH KD\ DOJXQDV FDWHJRUtDV TXH VRQ
YHU PXFKR HO SUHVLGHQWH GH OD FRUWH HQ DEXVDGD VLQ HPEDUJR YHR TXH KD\ JHQWHGH3XQRSDUDORVDLPDUDV" WDE~HV SDUD HO PXQGR DLPDUD VLQ
3XQR HO 'U +HUQiQ /D\PH <HSHV FRQ DOJXQDVFRVDVHOHPHQWRVGHWUDPSDMXUt HPEDUJR YDPRV DYDQ]DQGR HQ HVR
TXLHQ PXFKDV YHFHV FRQYHUVDPRV GHED GLFDHQTXHORVGRVFRUUHQHOULHVJR 1R <RGLUtDTXHQRWLHQHXQJUDQVLJQL¿FDGR WDPELpQ 7HQHPRV TXH VDOLU HQ DOJ~Q
WLPRV\VHYDHQWHQGLHQGRTXHODVXQLYHUVL WRGDWUDGXFFLyQHVH[DFWD\HQHVHSURFHVR SHURKD\TXHVHJXLUWUDEDMDQGR6HJXUD PRPHQWR HV SRVLEOH HVWDU VHQWDGR SDUD
GDGHV GH GRQGH HJUHVDURQ HVWRV PDJLV KD\FDWHJRUtDVTXHVRQQXHYDV8QDFRVD PHQWHHVWDVSUiFWLFDVVHGDQHQODVFRPX DGPLQLVWUDUMXVWLFLDQXHVWURVMXHFHVHVWiQ
WUDGRVQREULQGDQXQDIRUPDFLyQVyOLGDHQ HV WUDWDU HO KHFKR GHVGH XQD SHUVSHFWLYD QLGDGHVFRQORVMXHFHVGHSD]HOSUREOHPD FDSDFLWDGRV &UHR TXH GHEH KDEHU PiV
HOWHPDGHOGHUHFKR\HQHOSURFHVRVHYDQ HVWULFWDPHQWHOLQJLVWDSHURFUHRTXHHQ HVTXHQRVHGLIXQGHPXFKR'HEHUtDPRV -XOLR &pVDU &KXFX\D \ PiV +HUQiQ
GDQGR FXHQWD \ DVXPLHQGR DFWLWXGHV GH ODSUiFWLFDHVGLVWLQWD DSUHQGHUGHVGHODVFRPXQLGDGHVQRVROD /D\PH<HSHVHQHOSDtVSDUDHQWHQGHUHO
XQDUHDOMXVWLFLDXQDMXVWLFLDHQGRQGHHO (V XQ SURFHVR HQ TXH \R PH VLHQWR PHQWH HO WHPD GH OD DGPLQLVWUDFLyQ GH WHPDGHODLQMXVWLFLDTXHH[LVWHHQHO3HU~
WHPDGHODOHQJXDHVLPSRUWDQWH6HJXUD FRQWHQWRVLQHPEDUJRKD\FLHUWDVFRVDV MXVWLFLDVLQRWDPELpQHOWHPDGHOHQJXDV
PHQWHHQXQIXWXURKDEUtDTXHSHQVDUHQXQ
WULEXQDO TXH OHJLWLPH ODV SUiFWLFDV GH
5(6(f$
MXVWLFLDHQODVFRPXQLGDGHVGHXQDPDQHUD
PiVH¿FD]\UHDO 9(5&,1(3(58$12&21
6XVDQD3DVWRU
¢4Xp GL¿FXOWDGHV VH KDQ SUHVHQWDGR HQ
/262-269(1'$'26
VX H[SHULHQFLD FRPR WUDGXFWRU H LQWpU $SXQWHVVREUHODYHUVLyQDFFHVLEOHGH-XOLDQD
SUHWH" 1DWDOLD$PHV
'LUHFFLyQGHO$XGLRYLVXDOOD)RQRJUDItD\ORV1XHYRV0HGLRV
$QRVRWURVQRVFRQYRFDQSDUDVHUWUDGXF 0LQLVWHULRGH&XOWXUD
WRUHV SRU OD DPLVWDG \ WDPELpQ SRU OD
FRQ¿DQ]D TXH QRV WLHQH HO 'U /D\PH -XOLDQDFOiVLFRGHOFLQHSHUXD UD SXGH ³YHU´ OD SHOtFXOD D WUDYpV GH OD
<HSHVSUHVLGHQWHGHOD&RUWH6XSHULRUGH QRHVXQDGHODVFUHDFLRQHVHPEOHPiWL DXGLR GHVFULSFLyQ OD FXDO H[SOLFDED ORV
-XVWLFLDGH3XQR+DQVLGRPX\FRUWRVORV FDV GHO *UXSR &KDVNL GLULJLGD SRU GHWDOOHVGHORTXHRFXUUtDHQODSDQWDOODVLQ
GtDV TXH QRV KDQ GDGR SDUD WUDGXFLU (O )HUQDQGR(VSLQR]D\$OHMDQGUR/HJDV LQWHUUXPSLU ORV GLiORJRV (O H[FHOHQWH
SL OD FLQWD SURWDJRQL]DGD SRU 5RVD WUDEDMRWpFQLFRPHSHUPLWLyVHJXLUODQDUUD
DLPDUD WLHQH YDULDQWHV \ HO WHPD GH OD ,VDEHO0RU¿QRQDUUDHQFODYHUHDOLVWDOD FLyQ SHUR OD YHQGD HQ ORV RMRV PH KL]R
WUDGXFFLyQ\ODOHFWXUDVRQFRPSOLFDGRV KLVWRULD GH XQD QLxD TXH DEDQGRQD VX UHÀH[LRQDUGHPDQHUDPiVSURIXQGDVREUH
6LQ HPEDUJR HV QXHVWUD SULPHUD H[SH KRJDUSDUDGLVIUD]DUVHGHKRPEUH\GH OD SHOtFXOD \ VREUH OD H[SHULHQFLD GH HVWD
HVWDPDQHUDSRGHUFDQWDUHQORVEXVHV IXQFLyQ
ULHQFLD HQ HVWH SURFHVR \ HQ HO IXWXUR MXQWR D VX KHUPDQR HQ HO JUXSR TXH (VFRJHU XQD SHOtFXOD FRPR -XOLDQD SDUD
LUHPRV VXSHUDQGR PXFKDV OLPLWDFLRQHV PDQHMD HO DEXVLYR 'RQ 3HGUR 9HLQWL DGDSWDUODD XQD YHUVLyQ DFFHVLEOHHV UHDO
TXHVHJXUDPHQWHYDQDVHUREVHUYDGDV FLQFRDxRVGHVSXpVWUDVVHUSUHPLDGDHQ PHQWHVLJQL¿FDWLYDODFLQWDWUDWDMXVWDPHQ
GLYHUVRVIHVWLYDOHVUHFRUUHUORVFLQHV\ WHVREUHHOWHPDGHODLQFOXVLyQ\DTXHOD
VHUWUDQVPLWLGDDWUDYpVGHORVFDQDOHVGH SURWDJRQLVWDVXIUHP~OWLSOHVWLSRVGHPDUJL
¢4XpDVSHFWRVFRQVLGHUDTXHD~QGHEHQ VHxDODELHUWD-XOLDQDHVXQRGHORV¿O QDFLyQDQWHORVFXDOHVUHDFFLRQDGHPDQHUD SHOtFXODHQWRWDOGRPLQLRGHPLVVHQWL
VHUPHMRUDGRV" PHVQDFLRQDOHVPiVUHFRUGDGRV\TXHUL GHVD¿DQWH/DSHOtFXODH[SORUDWHPDVFRPR GRV<QRVRORDJUDGHFtHVWHKHFKRVLQR
GRVSRUHOS~EOLFRSHUXDQR HO DEDQGRQR LQIDQWLO OD SREUH]D \ HO TXHWDPELpQUHFRQRFtTXHKD\PXFKDV
3HUR -XOLDQD HV WDPELpQ OD SULPHUD PDFKLVPRGLYHUVDVIRUPDVGHH[FOXVLyQH SHUVRQDV FRQ GLVFDSDFLGDG TXH OXFKDQ
+D\TXHGDUOHOHJLWLPLGDGDORVWULEXQDOHV SHOtFXOD SHUXDQD TXH VH DGDSWD D XQD LQYLVLELOL]DFLyQGHJUXSRVVRFLDOHVTXHKR\ SRUYLYLUXQDYLGDGLJQDORFXDOLQFOX\H
GHMXVWLFLDTXHHVWiQHQODVFRPXQLGDGHV YHUVLyQDFFHVLEOHSDUDSHUVRQDVFLHJDV\ HQGtDFRQVWLWX\HQSUREOHPiWLFDVSHQGLHQ GLPHQVLRQHV GH WUDEDMR GH RFLR GH
GDUOHXQVHQWLGRMXUtGLFR\TXHWRGRVORV VRUGDVDWUDYpVGHODLQFOXVLyQGHDXGLR WHVSDUDHOSDtV/RPLVPRRFXUUH FRQOD DFFHVR\GHRSRUWXQLGDGHVGHPDQHUD
RSHUDGRUHVGHMXVWLFLDFRQR]FDQHVR3RU GHVFULSFLyQ \ VXEWLWXODGR HQULTXHFLGR LQFOXVLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG LQWHJUDO
&RLQFLGLHQGR FRQ HO YLJpVLPR TXLQWR DTXLHQHVHVWDEDGHGLFDGDHVWDSUR\HFFLyQ )LQDOPHQWHWDPELpQSHQVpTXHPXFKRV
HMHPSOR KD\ XQ GHVFRQRFLPLHQWR GH OD DQLYHUVDULRGHVXHVWUHQR\FRQORVGLH] DO YHQGDUPH ORV RMRV SXGH FRPSDUWLU OD VLJXHQ YLHQGR HO FLQH SHUXDQR ± \ SRU
OH\GHOHQJXDVLQFOXVRGHODPLVPDFRQV DxRVGHOD5HGGH0LFURFLQHVHO*UXSR H[SHULHQFLD FLQHPDWRJUi¿FD FRQ HOORV TXpQRODUHDOLGDGSHUXDQDTXHVHPXHV
WLWXFLyQGHOGHUHFKRHQHOXVRGHODOHQJXD &KDVNL LPSXOVy OD SURGXFFLyQ GH HVWD SRQLpQGRPH EUHYHPHQWH HQ VX OXJDU (V WUD HQ -XOLDQD ± FRQ ORV RMRV VHPL
YHUVLyQFRQWDQGRFRQODODERUGHHVSH HVWDDFFLyQGHSRQHUVHHQHOOXJDUGHORWUROD YHQGDGRVFRQSUHMXLFLRVRDPHGLDVVLQ
HQORVSURFHVRVMXGLFLDOHV\GHOGHUHFKRD FLDOLVWDVGHOD8QLYHUVLGDG1DFLRQDOGH TXHQRVSHUPLWHFRQVWUXLUGLiORJRVFLXGDGD UHFRQRFHU OD JUDQ GLYHUVLGDG \ ULTXH]D
OD DXWRLGHQWL¿FDFLyQ (Q WDQWR KD\ XQD ,QJHQLHUtD\OD5HG0HOLVD QRV SDUD UHFRQRFHU QXHVWURV GHUHFKRV \ TXHH[LVWHHQODH[SUHVLyQGHORVFUHDGR
WDUHDXUJHQWHGHLQFRUSRUDUHVWRVWHPDVHQ (OHVWUHQRGHODYHUVLyQDFFHVLEOHSDUD QHFHVLGDGHVGHPDQHUDKRUL]RQWDO\JHQHUDU UHVQDFLRQDOHV5HGXFLUHOUDQJRFUHDWLYR
ORV FXUUtFXORV GH ORV VLVWHPDV GH IRUPD SHUVRQDVFLHJDV\VRUGDVGH-XOLDQDVH VROXFLRQHVDORVSUREOHPDVTXHQRVDIHFWDQ GH OD SURGXFFLyQ DUWtVWLFD ORFDO D ODV
GLR HQ HO PDUFR GH OD ,9 0XHVWUD GH $OOOHJDUDO~OWLPRWHUFLRGHODSHOtFXODPH REUDVTXH³VXHQDQ´PiVQRQRVSHUPLWH
FLyQ DFDGpPLFD 6L QR UHVROYHPRV HVR &LQH\'HUHFKRV+XPDQRVGHOD5HGGH TXLWpODYHQGD3RUXQODGRTXHUtDREVHUYDU DSUHFLDUODYDULHGDGGHSURSXHVWDVWHPi
FUHR TXH YDPRV D VHJXLU FRQ HVH 0LFURFLQHVGHO*UXSR&KDVNLODFXDOVH HOVXEWLWXODGRHQULTXHFLGR\VXVFDUDFWHUtV WLFDVJpQHURV\HVWLORVTXHH[LVWHQHQHO
SUREOHPD OOHYyDFDERHQPLFURFLQHVGHQXHYH WLFDV ODV FXDOHV UHSURGXFHQ QR VROR ORV 3HU~3DUDKDEODUGHXQYHUGDGHURp[LWR
FLXGDGHVGHOSDtV7XYHODRSRUWXQLGDG GLiORJRVVLQRWDPELpQORVUXLGRVODP~VLFD GHOFLQHSHUXDQRHVQHFHVDULRIRPHQWDU
GH LU D OD IXQFLyQ TXH VH UHDOL]y HQ HO GHIRQGR\KDVWDODWRQDOLGDGGHODYR]GH ODGLYHUVLGDGGHODFFHVRDODVREUDVSDUD
¢4Xp VLHQWH SHUVRQDOPHQWH DQWH HVWD &HQWUR &XOWXUDO 5LFDUGR 3DOPD D OD ORV SHUVRQDMHV GH PDQHUD PX\ FRQFLVD TXHORVHVSHFWDGRUHVWDPELpQFRQR]FDQ
VHQWHQFLD" FXDOVHLQYLWyDGLYHUVDVRUJDQL]DFLRQHV TXH YHtD SRU SULPHUD YH] HQ XQD SHOtFXOD P~OWLSOHV PDQHUDV GH UHWUDWDU QXHVWUD
TXH WUDEDMDQ SRU ORV GHUHFKRV GH ODV SHUXDQD UHDOLGDG 6L -XOLDQD YHLQWLFLQFR DxRV
SHUVRQDVFRQGLVFDSDFLGDG 3HURSRURWURODGRIXLFRQVFLHQWHGHTXHPH GHVSXpV VLJXH KDEOiQGRQRV WDQ DOWR \
/DWUDGXFFLyQQRHVXQSURFHVRTXHVROD 0HLQYLWDURQDYHUODSHOtFXODFRQXQD VDTXp OD YHQGD SRUTXH SRGtD KDFHUOR FODURHVSRUTXHHOFLQHSHUXDQRKDWHQL
PHQWHHVWiHQODSDUWH¿QDOSRUHOFRQWUD YHQGDHQORVRMRV$FHSWpGHHVWDPDQH 3XHGRYHUSXHGRRtUSXHGRDSUHFLDUXQD GR\WLHQHD~QPXFKRSRUFRQWDU
ULR GHEH VHJXLU XQ SURFHVR GH LQLFLR HQ
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
6DIVSBDDBZ
-BUSBTUFNQPSBMJEBEEFMEPMPSBUSBWÏTEFMBNFNPSJB
)UDQ].UDMQLN
+DEODU GH PHPRULD HQ 8FKXUDFFD\ HV (VWH HV D~Q XQ FDStWXOR RVFXUR HQ OD YLROHQFLD SROtWLFD SDVDGRV FREUDQ YLGD D WUDVWHPSRUDO GHO GRORU SURGXFLGR SRU OD
KDEODU GHO SUHVHQWH &RPR SHULRGLVWD KLVWRULDGHOSDtVVLQHPEDUJRHQOXJDUGH WUDYpVGHODPHPRULD\DWUDYLHVDQODYLGD YLROHQFLDSROtWLFDHQ8FKXUDFFD\WRPDQGR
VLHPSUH PH LQWULJy VDEHU TXp RFXUULy VLTXLHUDLQWHQWDUGHVHQWUDxDUHVWHDQWLJXR FRWLGLDQDGHWRGDXQDJHQHUDFLyQGHSREOD FRPRSXQWRGHSDUWLGDHOGREOHUROGHVXV
DTXHOODWDUGHGHOGHHQHURGHORV PLVWHULR \ VRxDU DEVXUGDPHQWH FRQ XQ GRUHV TXH GHFLGLHURQ UHWRUQDU D 8FKX SURWDJRQLVWDV HQ OD KLVWRULD UHFLHQWH GHO
GHWDOOHVGHODEUXWDOPDWDQ]DGHRFKRSHULR 3XOLW]HUIXLFRQXQWHUULEOHYDFtRH[LVWHQ UDFFD\DSDUWLUGHOXHJRGHGLH]DxRV 3HU~ODFRQGLFLyQVLPXOWiQHDGHYtFWLPD\
GLVWDVHQXQDFRPXQLGDGGHKDELWDQWHV FLDOSURGXFWRGHXQDH[SHULHQFLDSHUVRQDO GHH[LOR\DODYH]SUHJXQWDUPH¢FyPRVH YLFWLPDULR 3RU XQ ODGR KDEODPRV GH
HQODVDOWXUDVGH+XDQWDVXPDGRDOSRVWH GH SpUGLGD \ GRORU )XH MXVWDPHQWH HVH FRQYLYHKR\FRQHVHGRORU" VDEHUVH KHUHGHURV GH XQ HVWLJPD JHQHUD
ULRUDVHVLQDWRVLVWHPiWLFRGHXFKXUDF VHQWLPLHQWR YLVFHUDO OR TXH PH RULHQWy D (O SUHVHQWH HQVD\R IRWRJUi¿FR UHDOL]DGR FLRQDOTXHSURYRFyODGHVWUXFFLyQGHOYDORU
FDtQRVHQDxRVSRVWHULRUHV REVHUYDU FyPR DTXHOORV VXFHVRV GH HQWUH \ H[SORUD HO FDUiFWHU GH LGHQWLGDG \ SRU RWUR KDEODPRV GHO
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
tQWLPR YDFtR TXH JHQHUD OD PXHUWH HQ HOHPHQWRV ³KLULHQWHV´ TXH SURSRQHQ
PDQRV GH OD YLROHQFLD SROtWLFD $PEDV ³PLUDU KDFLD DWUiV´ DVt PLVPR KDFLD HO
LQWHUDFWXDQGR\UHGH¿QLHQGRODFRQVWUXF ¿QDOGHOHQVD\RVHSURSRQHODYLVXDOL]D
FLyQ GH PHPRULD HQ 8FKXUDFFD\ \ VX FLyQ GH XQ ³QXHYR 8FKXUDFFD\´ FRPEL
SURFHVR WDQWR LQWHUQR FRPR H[WHUQR GH QDQGR GLFKD DWDGXUD H[LVWHQFLDO FRQ HO
UHFRQFLOLDFLyQ GLVFXUVRGH³UHQRYDFLyQGHODYLGD´H[SUH
(V LPSRUWDQWH GHVWDFDU TXH HVWH WUDEDMR VDGRSRUORVSREODGRUHV
PDQL¿HVWDXQDPLUDGDVXEMHWLYD\SHUVRQDO 8FKXUDFFD\HVWDQVRORXQHMHPSORGHOR
VREUH ODV FRQVHFXHQFLDV GHO FRQÀLFWR PXFKRTXHQRVIDOWDDXQSRULQYHVWLJDUHQ
DUPDGRGHLJXDOPRGRODVP~OWLSOHVLQWHU WHPDVGHYLROHQFLDSROtWLFDHQHO3HU~VL
SUHWDFLRQHV GH VX VLJQL¿FDGR HVWDUiQ HQ ELHQ OD H[SRVLFLyQ <X\DQDSDT &95
IXQFLyQDODH[SHULHQFLDGHFDGDHVSHFWD UHSUHVHQWD XQ JUDQ HMHUFLFLR GH OD
GRU YLVXDOL]DFLyQGHKRUURUDWUDYpVGHODIRWR
/XHJR GH XQD H[SRVLFLyQ IRWRJUi¿FD JUDItDQRGHEHPRVROYLGDUTXHDTXHOORHV
UHDOL]DGDHQOD3OD]DGHOD3D]HQODFRPX HOSXQWRGHSDUWLGDGHWUDEDMRVTXHGHVDUUR
QLGDG GH 8FKXUDFFD\ PXFKRV GH ORV OOHQDSURIXQGLGDGHOYtQFXORWHVWLPRQLDO
SREODGRUHVLGHQWL¿FDURQODXWLOL]DFLyQGHO GHWHUULEOHVHUURUHVSDVDGRVFRQHOGHYHQLU
EODQFR\QHJURDOLJXDOTXHODVSULPHUDV DFWXDO GH QXHVWUD FRPXQLGDG SDUD HYLWDU
LPiJHQHV GH OD VHULH IRWRJUi¿FD FRPR UHSHWLUODKLVWRULD
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
"SHFOUJOB
-PTKØWFOFTZMBTNFNPSJBT
6DQGUD5DJJLR
+LVWRULDGRUD'RFHQWHHLQYHVWLJDGRUDGHODIDFXOWDGGH+XPDQLGDGHV
\&LHQFLDVGHOD(GXFDFLyQGHOD8QLYHUVLGDG1DFLRQDOGH/D3ODWD\GHOD8QLYHUVLGDG
1DFLRQDO$UWXUR-DXUHWFKH'LUHFWRUD*HQHUDOGHOD&RPLVLyQ3URYLQFLDOSRUOD0HPRULD
³6tPHSDUHFHLPSRUWDQWHSDUDVDEHUXQSRFRGHODGLFWDGXUDRVHDSDUDWHQHUFXOWXUDGHWXSURSLRSDtVSHURKD\YHFHVTXH
KDEODQWDQWRTXHQRWHTXHGDQDGDSRUTXHWHFDQVDQ«´&HOLQDDxRV%UDJDGRSURYLQFLDGH%XHQRV$LUHV$UJHQWLQD
³>XQDPDHVWUDGH&RQVWUXFFLyQGH&LXGDGDQtD@PHGHFtDTXHHQODpSRFDPLOLWDUKXERXQDpSRFDEXHQDSHURPLVDPLJRVQRVH
TXHGDQFRQHVRSRUTXH\RGHVGHHOSULPHUJUDGRTXHYHQJRMRGLHQGRDVtHQWRQFHVDKRUDPHEXVFDQDPtSDUDKDEODU«<PH
FUHHQDPt´-XDQDxRVGH0D\RSURYLQFLDGH%XHQRV$LUHV$UJHQWLQD
(O3URJUDPDVHKDLGRH[WHQGLHQGRWDPELpQDRWUDVSURYLQFLDV&KDFR6DQWLDJRGHO(VWHUR&KXEXW(QWUH5tRV&yUGRED\FLXGDGGH%XHQRV$LUHV
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
VXSXHVWR GH WRGD SHGDJRJtD FUtWLFD ORV HQFRQWUDQGRORVHVODERQHVSHUGLGRVGHXQD (Q OD PD\RUtD GH ODV LQYHVWLJDFLRQHV ORV HVFXHODHQODFDOOHHQVXIDPLOLD
DOXPQRV VRQ VXMHWRV DFWLYRV GHO DFWR KLVWRULDTXHQROHVIXHFRQWDGDRTXHQHFH ³YHFLQRV´ HV GHFLU HO GH ³DO ODGR´ HV 'HHVWHPRGRORVMyYHQHVQRVyORUHFLEHQ
HGXFDWLYRQRGHVWLQDWDULRVSDVLYRV<DVt VLWDQUHSRQHUGHRWUDIRUPD FRQYRFDGRDKDEODU(QRFDVLRQHVFXHQWDQ ORSUHYLVWR"VLQRTXHH[KXPDQHVFDUEDQ
IXHHO3URJUDPDKDVLGRDSURSLDGR\UHVLJ $SDUWLUGHODVSDODEUDVGHODVYLHMDVJHQH ORTXHYLHURQXQRSHUDWLYRGHVHFXHVWUR EXVFDQORRFXOWRORVLOHQFLDGRGHVFXEUHQ
QL¿FDGRSRUORVMyYHQHV+D\PDUFDVTXH UDFLRQHVHOORVYDQWHMLHQGRODXUGLPEUHGH XQIDOVRHQIUHQWDPLHQWR(QRWUDVFXHQWDQ (VRVKRPEUHV\PXMHUHVFRUULHQWHVTXHORV
ORUHYHODQ8QDGHHOODVHVODLQQRYDFLyQHQ ODKLVWRULD3HURODVYRFHVTXHFXHQWDQQR OR TXH YLYLHURQ H[SHULHQFLDV RUJDQL]D MyYHQHVYDQFRQRFLHQGRWRPDQXQOXJDUHQ
ODVWHPiWLFDVSURSXHVWDV/RVHVWXGLDQWHV VRQVyORDTXHOODVTXHKDQRFXSDGRHOOXJDU WLYDVHQODIiEULFDRHOEDUULRODUHSUHVLyQ OD KLVWRULD VXSRQHQ RSFLRQHV PRGRV
HQOD]DQHOSDVDGR\HOSUHVHQWHGHPRGRV FHQWUDOHQHOUHODWRGHOSDVDGRUHFLHQWHORV OD GHVRFXSDFLyQ HO PLHGR 7DPELpQ VXV GLIHUHQWHV GH DFWXDU \ FRQVHFXHQFLDV \
GLYHUVRV HQFRQWUDQGR SXHQWHV LQHVSHUD IDPLOLDUHV\DIHFWDGRVGLUHFWRVGHODUHSUH UHODWRV UHSRQHQ HQ SDODEUDV OR TXH SDVD UHVSRQVDELOLGDGHVSRUHVRVDFWRV
GRV6LVXSXQWRGHSDUWLGDHVODGLVFULPL VLyQHVSHFLDOPHQWHGHORVGHVDSDUHFLGRV\ KR\ OD SREUH]D ORV SUREOHPDV HQ HO <HQHVWHLU\YHQLUGHOSUHVHQWHDOSDVDGR
QDFLyQTXHSHVDVREUHHOORVSRUKDELWDUXQ ORVVREUHYLYLHQWHV3RUHOFRQWUDULRHQOD WUDEDMRHQHOEDUULRHQODHVFXHOD VHYDTXHEUDQGRODSHUFHSFLyQGHOWLHPSR
EDUULRHVWLJPDWL]DGRSRUODYLROHQFLD\OD HVFHQDYDQHPHUJLHQGRRWURVSURWDJRQLV (QHVWDSUROLIHUDFLyQGHYRFHVODGLDWULED FRPR SUHVHQWH FRQWLQXR \ SRU WDQWR OD
SREUH]D ORJUDQ UHHODERUDU VX LGHQWLGDG WDV SXHV ODV QXHYDV JHQHUDFLRQHV QHFH GHOSDVDGRQDUUDGDHQWpUPLQRVELQDULRVGH QDWXUDOL]DFLyQ GH OR TXH VXFHGH DTXt \
GHVFXEULHQGRVXKLVWRULDGHRUJDQL]DFLyQ\ VLWDQ WUDPLWDU HVD H[SHULHQFLD GDQGR YtFWLPDVYVYLFWLPDULRVVHKDFHFRPSOHMD DKRUD < DO PLVPR WLHPSR HPHUJH OD
VROLGDULGDGVLOHQFLDGDSRUPXFKRWLHPSR FXHQWDGHODVP~OWLSOHVSHUVSHFWLYDV HPHUJLHQGRXQDWUDPDVRFLDORSDFDGDTXH SUHJXQWD VREUH OD SURSLD UHVSRQVDELOLGDG
8QDUUR\RGHDJXDVVHUYLGDVDOTXHFDVL\D IXHODTXHFRQ¿JXUyHOSDVDGRYLROHQWRGH HQORTXHSDVD
VHDFRVWXPEUDURQSXHVDVtIXHGHVGHTXH ³YHUODVGLVWLQWDVRSLQLRQHVWUDWDUGH QXHVWURSDtV(OUHODWRFDQyQLFRIRUPXODGR 'LFH/DXUDXQDDGROHVFHQWHGHDxRV
QDFLHURQHVUHGHVFXELHUWRFRPRXQFXUVR HQWHQGHU WDPELpQ D OD RWUD SHUVRQD HQ HO ,QIRUPH 1XQFD 0iV GHVFULEtD HVD ³\RFUHRTXHSDUDHVRVLUYHWHQHUPHPRULD
GH DJXD FDVL FULVWDOLQD TXH H[LVWtD GHVGH TXHFDSD]TXHORYHGHVGHRWURSXQWR WUDPD XELFDQGR D OD VRFLHGDG FRPR \ FRQRFHU HO SDVDGR SDUD SRGHU GHFLGLU
KDFHDxRV'HVSXpVYLQRODDXVHQFLDGHO GH YLVWD HQWRQFHV DFHSWDU WDPELpQ YtFWLPDOLVD\OODQDGHO(VWDGRWHUURULVWD FRVDVHQHOSUHVHQWH¢QR"<SRGHUWRPDU
(VWDGRODDFFLyQGHSUHGDGRUDGHOPHGLR RWUDV«RWUDVLQWHUSUHWDFLRQHVGHOR 6LQHPEDUJRKXERVHFWRUHVHLQGLYLGXRV GHFLVLRQHVVDELDV´
DPELHQWH GH ODV HPSUHVDV SULYDGDV HO TXH SDVy >«@ SRUTXH PH LQWHUHVD TXHGLHURQVXFRQVHQWLPLHQWRTXHFRODER (OSDVDGRQRHQVHxDQLGHMDOHJDGRVTXH
HPSREUHFLPLHQWRGHORVVHFWRUHVSRSXOD VDEHUSRUDKtSRUTXpORVGHVDSDUH UDURQFRQHODFFLRQDUGHO(VWDGRHLQFOXVR KD\TXHGHVFXEULUQLVHxDODHOFDPLQR/D
UHV/DVSODFDVUHFRUGDWRULDVDPXUDGDVHQ FtDQSRUTXpPXFKDJHQWHVHWXYR TXH VH EHQH¿FLDURQ FRQ VX DFFLRQDU DFFLyQ FRQPHPRUDWLYD QR VDOYD GH OD
ODV SDUHGHV GH OD HVFXHOD OHV SURYRFDQ TXHLUGHOSDtV\YHUQRVpDQDOL]DU 0XFKRVGHHOORVD~QKR\VLJXHQSHQVDQGR UHSHWLFLyQQLDXJXUDXQIXWXURPHMRU(O
FLHUWDVSUHJXQWDVTXHLQWHUSHODQODVPDUFDV SRUDKtTXpSRVWXUDWDPELpQWHQtDQ TXH OD UHSUHVLyQ HMHUFLGD HVWXYR ELHQ SDVDGRHVXQSDWULPRQLRGHH[SHULHQFLDV
GH OD PHPRULD GHMDGDV SRU ODV JHQHUD ORVPLOLWDUHVSDUDOOHJDUDWRGRHVR 0XFKRV GH HOORV KRPEUHV \ PXMHUHV FRQHOTXHXQDVRFLHGDGFXHQWD/DPHPR
FLRQHVDQWHULRUHVTXLpQHVVRQORVUHFRUGD TXHKLFLHURQ´ FRUULHQWHV QL IDQiWLFRV QL PLOLWDQWHV QL ULD HQWHQGLGD FRPR FRQVWUXFFLyQ FRPR
GRVTXLpQIDOWDTXLpQQRGHEHUtDHVWDUð(Q 3DXOD-XQtQSURYLQFLD FXDGURV HPSUHVDULDOHV QL HFOHVLDOHV /RV DFWR FRPR WUDEDMR QR FRPR FRQWHQLGR
ORVP~OWLSOHVUHODWRVXQD\RWUDYH]YDQ GH%XHQRV$LUHV MyYHQHVORVHQFXHQWUDQHQHOEDUULRHQOD SXHGHVHUJHQHUDGRUDGHQXHYDVH[SHULHQ
FLDVRDPSOLDFLyQGHORVKRUL]RQWHVGHODV
PLVPDV
(QVRFLHGDGHVFRPRODVQXHVWUDVDWUDYH
&DUORV*DVWHOXPHQGL
VDGDVSRUSDVDGRVYLROHQWRV\FRQÀLFWLYRV
HO VDOGDU ODV FXHQWDV FRQ HVH SDVDGR \
UHFRQ¿JXUDU OD FRPXQLGDG SROtWLFD
TXHEUDGDQRGHEHHPSXMDUQRVDOFLHUUHGH
ODKLVWRULDDWUDYpVGHODE~VTXHGDGHXQ
UHODWRVXSXHVWDPHQWHFRQVHQVXDGR\WUDQ
TXLOL]DGRU7RGRORFRQWUDULRODVSROtWLFDV
GHODPHPRULDGHEHQVHUSXHUWDVDELHUWDV
RSRUWXQLGDGHVGHQXHYDVH[SHULHQFLDV\OD
WUDQVPLVLyQ GHEH HQWHQGHUVH FRPR HVH
GHUHFKR TXH WLHQHQ ODV QXHYDV JHQHUD
FLRQHV D OD PHPRULD FRPR SURFHVR GH
DSURSLDFLyQ GH VX SDVDGR FRQ VXV
UHFKD]RV\YDOLGDFLRQHV
(O3URJUDPD³-yYHQHV\PHPRULD´ HVXQ
FDVRTXHSRQHHQHYLGHQFLDTXHHVSRVLEOH
VHJXLUHVHFDPLQR
(QHOH[&ROHJLR1DFLRQDOGH0RUyQXQDORFDOLGDGGHODSURYLQFLDGH%XHQRV$LUHVSRULQLFLDWLYDGHXQJUXSRGHDOXPQRVVHTXLWyODSODFDTXHUHFRUGDEDDXQDQWLJXRGLUHFWRUTXHKR\HVLQGLFDGRFRPRFRODERUDGRUGHOD
GLFWDGXUD(QOD0HGLDGH6DQ0DUWtQRWUDORFDOLGDGERQDHUHQVHOXHJRGHYDULRVDxRVGHLQYHVWLJDFLyQDFHUFDGHTXLpQHVHUDQORVTXH¿JXUDEDQHQODSODFDHQFRQPHPRUDFLyQGHORVGHVDSDUHFLGRVGHODHVFXHOD
GHVFXEULHURQTXHIDOWDEDQQRPEUHVHQWUHHOORVHOGH1RUPD$UURVWLWRXQDPLOLWDQWHPRQWRQHUDPX\FRQRFLGDTXHIXHSDUWHGHODFRQGXFFLyQQDFLRQDOGHHVDRUJDQL]DFLyQJXHUULOOHUDH[DOXPQDGHODHVFXHODGHVDSDUHFLGD
GHOD(VFXHODGH0HFiQLFDGHOD$UPDGD(60$&RQHVWDRPLVLyQGHVFXEULHURQWDPELpQORVVLOHQFLRVTXHVRQSDUWHFRQVWLWXWLYDGHODVPHPRULDVGHODGLFWDGXUD
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
$BEBVOPTPNPTVOBIJTUPSJB
WJWJFOUF
DPNPVONVTFPWJWJFOUF
-BBSUJDVMBDJØOEFVOBNFNPSJBQÞCMJDBFOFM1FSÞ
3RQFLDQR'HO3LQR+
(VWDVUHÀH[LRQHVFRUUHVSRQGHQDDOJXQRVSXQWRVWUDWDGRVHQHOOLEUR&DGDXQRXQOXJDUGHPHPRULD)XQGDPHQWRVFRQFHSWXDOHVGHO/XJDUGHOD0HPRULDOD7ROHUDQFLD\OD,QFOXVLyQ6RFLDO/80
/RVJUXSRVGHLQWHUpVTXHSDUWLFLSDURQGHOSURFHVRGHFRQVXOWDIXHURQ2UJDQL]DFLRQHVGHYtFWLPDVFLYLOHV\GHODV))$$\313PRYLPLHQWRGH''++DXWRULGDGHVPLHPEURVGHODV))$$\313SHULRGLVWDVDUWLVWDV\
HPSUHVDULRV
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
GHVSXpVGHKDEHUWHQLGRKDFHPiVGHXQD GLVSXWDVHQWUHODVPHPRULDVSRUTXHFRPR
GpFDGDXQD&RPLVLyQGHOD9HUGDG3HURHV SURSRQH'D6LOYDHVODGLVUXSFLyQ
LQVX¿FLHQWH WDPELpQ SRUTXH MXVWDPHQWH \HOFRQÀLFWRORTXHSURGXFHODUHÀH[LyQ\
SDUD ODV GLIHUHQWHV RUJDQL]DFLRQHV GH H[LJH XQD PD\RU VR¿VWLFDFLyQ HQ ORV
YtFWLPDV FRQ TXLHQHV QRV UHXQLPRV VXV PRGRVGHDYDQ]DUKDFLDXQDFRPSUHQVLyQ
GHPDQGDV QR VH UHVWULQJHQ VROR D OD GH HVH SDVDGR \ GH HVDV PHPRULDV 1R
YLROHQFLDVXIULGD(VORTXHQRVKLFLHURQ REVWDQWH WDPELpQ HV GHVGH HVDV GLVSXWDV
VDEHU WDQWR HQ HO SURFHVR GH FRQVXOWD TXHSXHGHSHQVDUVHHVWHOXJDUFRPRXQRGH
FRPRPX\UHFLHQWHPHQWHHQHOSURFHVRGH HQFXHQWURV\DSUHQGL]DMHVGHHVIXHU]RV\
GHYROXFLyQGHORVUHVXOWDGRV\ODSUHVHQWD FRPSURPLVRV TXH GHEHQ VHU UHQRYDGRV
FLyQGHOQXHYRJXLyQPXVHRJUi¿FRñ VLHPSUH
3DUD ODV RUJDQL]DFLRQHV GH YtFWLPDV OD (VDVtFRPRHO/80EXVFDFRQWULEXLUDOD
YLROHQFLD FRQVWLWX\H XQD H[SHULHQFLD TXH VRFLHGDG D¿UPDQGR HO GLVFXUVR GH ORV
KDPDUFDGRVXVYLGDV3HURHVXQDH[SH GHUHFKRVKXPDQRVGHVGHODGHPRVWUDFLyQ
ULHQFLD TXH VH VXPD D RWUDV GH LQMXVWLFLD YLVLELOL]DFLyQUHFRQRFLPLHQWRFLXGDGDQR
TXH YLHQHQ GH PiV DWUiV \ RWUDV TXH VH HQVXPDFRQWULEXLUDDPSOLDUORVVHQWLGRV
UHSURGXFHQHQHOSUHVHQWH(QSDODEUDVGH GHODGHPRFUDFLD
ORV GLULJHQWHV GH 2UHMD GH 3HUUR 8QDSUHJXQWDDELHUWDFRQODFXDOWHUPLQDU
$\DKXDQFR \ RWURV SXHEORV DOHMDGRV GH /DIXQGDPHQWDFLyQFRQFHSWXDO\HOQXHYR
$\DFXFKR GXUDPHQWH DIHFWDGRV SRU OD LGHQWLGDGXQDWRPDGHSRVLFLyQIUHQWHDOD PLHQWRFLXGDGDQR JXLRQ GH OD PXVHRJUDItD GHO /80 VRQ
YLROHQFLDDOLJXDOTXHGHORVDVKiQLQNDVOD QHJDFLyQ\ODLQGLIHUHQFLD8QVHQWLGRGH /D PXHVWUD EXVFD WDPELpQ RIUHFHU XQD SURGXFWRVTXHVHKDQHODERUDGRHQGLiORJR
DXVHQFLD GH HVFXFKD \ ROYLGR GH HVWDV WUDVFHQGHQFLDGHODVOXFKDVSRUODD¿UPD GLYHUVLGDGGHKLVWRULDVSHUVRQDOHVTXHQRV SHUPDQHQWH UHÀH[LYR \ FUtWLFR FRQ ORV
SREODFLRQHV SRU SDUWH GHO (VWDGR HV XQD FLyQFLXGDGDQD3RUORPLVPRHOSUREDUHV UHPLWHQ D OD FRPSOHMD YLGD GH VHFWRUHV DFWRUHVPiVIXHUWHPHQWHLQWHUHVDGRVHQXQ
SUiFWLFDODUJD\TXHQRFDPELDVXVWDQFLDO XQDDJHQGDTXHVHLQVFULEHHQRWUDPXFKR VRFLDOHV\SROtWLFRVFRPRORVJUHPLRVORV SUR\HFWRFRPRHVWHGRQGHVHSUHVHQWD\
PHQWH HQ HO SUHVHQWH 8QD SUiFWLFD TXH PiVDPSOLD\DQWLJXDGHXQDE~VTXHGDGH HPSUHVDULRVORVPDHVWURVODVDXWRULGDGHV FRQPHPRUD OR VXIULGR HQ HO SHULRGR GH
ODFHUDORVUHFXHUGRV\DFWLYDODDJHQGDGH UHFRQRFLPLHQWR LQFOXVLyQ \ FLXGDGDQtD ORFDOHV ORV FDPSHVLQRV R ODV SDUWLFXODUL YLROHQFLD0iVDOOiGHORVFRQWHQLGRVTXH
VXVOXFKDV3DVDORPLVPRFRQODDXVHQFLD 3RUWXJDO GH DOFDQ]DU XQ OXJDU GDGHVGHODVUHJLRQHVGRQGHHVWDVSHUVRQDV VHEXVFDRIUHFHUTXHVLHPSUHVHUiQGHEDWL
GHMXVWLFLDTXHVHDJUDYDHQODLPSXQLGDG YDORUDGRHQHO(VWDGRQDFLyQ YLYtDQGXUDQWHHOSHULRGRGHYLROHQFLD(O EOHVHVGHJUDQYDORUHOHVIXHU]RSXHVWRHQ
GH ORV MXLFLRV SRU ORV FUtPHQHV \ YLROD /DPHPRULDHQWHQGLGDDVtQRVHUHVWULQJH REMHWLYR HV SRGHU LQWHUSHODU HVH VHQWLGR HO SURFHVR PLVPR HQ HVWH HMHUFLFLR SRU
FLRQHVDORVGHUHFKRVKXPDQRV DO DFWR GH UHFRUGDU \ FRQPHPRUDU HO FRP~QLQVWDODGRGHYHUODYLROHQFLDFRPR KDFHUGHO/80XQDH[SHULHQFLDDELHUWDDO
SDVDGR \ D ODV YtFWLPDV 1RV UHPLWH XQD H[SHULHQFLD TXH SDVy ³DOOi´ DMHQD D GLiORJR \ DO DSUHQGL]DMH $KRUD TXHGD
([SHULHQFLDV\SDUWLFLSDFLyQ WDPELpQ D HVDV OXFKDV PiV DPSOLDV \ XQROHMDQDDQXHVWURLPDJLQDULRGHFRPX HVSHUDUSDUDVDEHUORTXHVLJQL¿FDUiHVWH
SUREDUHOVXIULPLHQWRSHUR SURIXQGDVTXHIRUPDQSDUWHGHXQUHFODPR QLGDGDOJRTXHSDUHFHPX\IXHUWH\H[WHQ HVSDFLR XQD YH] FRQFOXLGR \ DELHUWR DO
WDPELpQODYLGD SRUORJUDUFLXGDGDQtD<HVHHVXQRGHORV GLGRHVSHFLDOPHQWHGHVGHFLHUWRVVHFWRUHV S~EOLFR 0LHQWUDV WDQWR SHUPDQHFH OD
YDORUHVFHQWUDOHVGHHVWHUHFRUGDUDFWLYR GH SRGHU HQ /LPD 3RU HOOR EXVFD UHFR UHVSRQVDELOLGDG GH LU WHMLHQGR PiV HVRV
/D YROXQWDG GH ROYLGR R GH VLOHQFLDU HO TXHDOFRQHFWDUHOSDVDGRFRQHOSUHVHQWH QRFHU D ODV UHJLRQHV \ SREODFLRQHV PiV YtQFXORVHQWUHORVGLYHUVRVDFWRUHV\TXH
SDVDGR LQFyPRGR QR HV DOJR QXHYR HQ QRV SHUPLWH YLVOXPEUDU HO VHQWLGR pWLFR DIHFWDGDVSHURQRTXHGDUVHHQHOODVEXVFD HVWDV RUJDQL]DFLRQHV VH DUWLFXOHQ H LQWHU
QXHVWUD KLVWRULD (V XQD SUiFWLFD TXH VH TXHSXHGHFXPSOLUODPHPRULD UHFRQRFHUDODVYtFWLPDVSHURVLQSUHWHQGHU YHQJDQ VH DSURSLHQ H LQVFULEDQ GH
HQWLHQGHGHQWURGHPDUFRVLQWHUSUHWDWLYRV 3RU HOOR OD SURSXHVWD GHO /80 SDVD SRU FRQYHUWLUVXVYRFHVHQYHUGDGHVXQtYRFDV VHQWLGRV HVWH /80 HQ HVH SURFHVR TXH
DQWLJXRVGHXQDFRPXQLGDGQDFLRQDOTXH FRQYHUWLUVHHQXQOXJDUYLYRGHPHPRULD\ /D PXHVWUD SHUPDQHQWH TXH VH TXLHUH OOHYDDTXHXQ³HVSDFLR´VHFRQYLHUWDHQXQ
H[FOX\HRGLVFULPLQD(VSDUWHGHXQDODUJD GH UHFRQRFLPLHQWR FLXGDGDQR HQ XQ SDtV SUHVHQWDUHQHO/80 WDPSRFRSUHWHQGH ³OXJDU´ \ TXH SURGX]FD R IUDFDVH HQ
WUDGLFLyQ GH ROYLGR R ³PiV ELHQ XQD PDUFDGR SRU OD H[FOXVLyQ \ HO ROYLGR< FHUUDU HO GHEDWH VREUH HO SDVDGR GH OD SURGXFLUORTXH-HOtQ\/DQJODQGOODPDQOD
FRVWXPEUHGHUHSULPLUPHPRULDVVXEDOWHU HVWRUHTXLHUHWRPDUFRPRSXQWRGHDSR\R YLROHQFLD 3RU HO FRQWUDULR SDUWH SRU ³VHPDQWL]DFLyQ GH ORV HVSDFLRV PDWHULD
QDV´FRPRGHFtD&DUORV,YiQ'HJUHJRUL OD H[SHULHQFLD FRQFUHWD GH ODV SHUVRQDV DVXPLU HVD GLYHUVLGDG SRU UHFRQRFHU ODV OHV´-HOLQ\/DQJODQG
(QHVHFRQWH[WRVHHQWLHQGHQODVH[LJHQ HQFDUQDUORVGLVFXUVRV\FXHVWLRQDUQXHV
FLDV GH HVWDV SREODFLRQHV GH KDFHU GHO WURVVHQWLGRVFRPXQHVDSDUWLUGHODVYLGDV %LEOLRJUDItDFLWDGD
/80XQOXJDUTXHFRQWULEX\DDGHPRVWUDU '(/3,123RQFLDQR\-RVp&DUORV$*h(52
GH KRPEUHV PXMHUHV FRPXQLGDGHV R &DGDXQRXQOXJDUGHPHPRULD)XQGDPHQWRVFRQFHSWXDOHVGHO/XJDUGHOD0HPRULDOD7ROHUDQFLD\OD
OD YLROHQFLD TXH HVWD HV XQD H[SHULHQFLD ORFDOLGDGHVGLYHUVDV ,QFOXVLyQ6RFLDO/LPD/80
'$6,/9$/XGPLOD
TXHYLYLHURQ\VXIULHURQHQFDUQHSURSLD (VSRUHVWRTXHHOJXLyQTXHVHYLHQHWUDED ³(VDVPHPRULDV«¢QRVSHUWHQHFHQ"5LHVJRVGHEDWHV\FRQÀLFWRVHQORVVLWLRVGHPHPRULDHQWRUQRDORV
SRUHVRHOVHQWLGRGHVHUFDGDXQRXQOXJDU MDQGRSDUDVXPXHVWUDSHUPDQHQWHDSHOD S U R \ H F W R V S ~ E O L F R V V R E U H O R V X V R V G H O S D V D G R U H F L H Q W H H Q $ UJ H Q W L Q D ´ 5 H Y L V D G R H Q
KWWSPHPRULDLGHVRUJDU¿OHV7(;72/8'0,/$)252SGI
GHPHPRULD3HURHOSUREDUWLHQHPiVGHXQ HQ XQD GH VXV VHFFLRQHV D FRPSDUWLU OD -(/,1(OL]DEHWK\9LFWRULD/$1*/$1'
VHQWLGR QR VROR QRV UHPLWH D OD LGHD GH KLVWRULD GH WUHV FRPXQLGDGHV WDQWR ³,QWURGXFFLyQ/DVPDUFDVWHUULWRULDOHVFRPRQH[RHQWUHSDVDGR\SUHVHQWH´HQ(OL]DEHWK-HOLQ\9LFWRULD
/DQJODQGFRPSV0RQXPHQWRVPHPRULDOHV\PDUFDVWHUULWRULDOHV(VSDxD6LJOR;;,(GLWRUHV665&
HYLGHQFLDU ORV KHFKRV IUHQWH D XQD DQGLQDV FRPR DPD]yQLFDV TXH KDUiQ 3$<1(/HLJK
VRFLHGDG LQFUpGXOD TXH QR DFHSWD OR YLVLEOHV HO KRUURU TXH YLYLHURQ SHUR 8QVHWWOLQJ$FFRXQWV1HLWKHU7UXWKQRU5HFRQFLOLDWLRQLQ&RQIHVVLRQVRI6WDWH9LROHQFH'XUKDP'XNH
8QLYHVLW\3UHVV
SDVDGR(OSUREDUHVVREUHWRGRXQDFWRGH WDPELpQD¿UPDUiQVXVGLIHUHQWHVWUD\HFWR 32578*$/7DPLD
³/XJDUHVGHPHPRULDHQHO3HU~%DWDOODVSRUHOUHFRQRFLPLHQWR´HQ1RKD\PDxDQDVLQD\HU%DWDOODV
D¿UPDFLyQ GH XQD H[SHULHQFLD \ XQD ULDVGHYLGD\GHOXFKDVSRUHOUHFRQRFL SRUODPHPRULD\FRQVROLGDFLyQGHPRFUiWLFDHQ3HU~/LPD,(3
3RUHMHPSORHQODYLVLWDTXHKLFLHURQDO/80ORVOtGHUHVGHODFRPXQLGDGGH3XWLVOXHJRGHTXHOHVH[SOLFDUDQODPDQHUDHQTXHHOFDVRGH3XWLVSRGUtDLUSUHVHQWDGRHQODPXHVWUDSHUPDQHQWHGHO/80HOORVSODQWHDURQTXHVX
KLVWRULDQRGHELHUDUHVWULQJLUVHVRORDOKRUURUGHODPDVDFUHTXHVXIULHUDQHOGHGLFLHPEUHGHXQDGHODVSHRUHVSHUSHWUDGDVSRUODV))$$VLQRTXHVHPRVWUDUDWDPELpQODKLVWRULDTXHSUHFHGH\ODVGLIHUHQWHVLQLFLDWLYDV
\UHVSXHVWDVSRVWHULRUHVFRPRODUHIXQGDFLyQ\HOUHSREODPLHQWRGHOSXHEORODVOXFKDVSRUODGLVWULWDOL]DFLyQHQVXPDHVIXHU]RVTXHEXVFDQOOHQDUGHYLGDHVDKLVWRULDGHPXHUWH
1DWDOLD,JXLxH]-RUJH9LOODFRUWD9tFWRU9LFK\3RQFLDQR'HO3LQRVRQHOHTXLSRGHFXUDGRUHVGHODPXHVWUDSHUPDQHQWHGHO/80
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
.FNPSJB
EFTBSSPMMP
ZQPTUDPOnJDUP
$IVTDIJ "ZBDVDIP
(GXDUGR7RFKH
+LVWRULDGRU&HQWURGH(VWXGLRV\3URPRFLyQGHO'HVDUUROOR'(6&2
&DUORV*DVWHOXPHQGL
&RPLVLyQ(VSHFLDOGHO6HQDGRVREUHODVFDXVDVGHODYLROHQFLD\DOWHUQDWLYDVGHSDFL¿FDFLyQHQHO3HU~9LROHQFLD\3DFL¿FDFLyQ6HQDGRGHOD5HS~EOLFD&$-'(6&2/LPD
'(6&2&HQWURGH(VWXGLRV\3URPRFLyQGHO'HVDUUROOR9LROHQFLDSROtWLFDHQHO3HU~7RPR,\,,/LPD
-DLPH&DUEDMDO3pUH]\3HUF\8ULDUWH2WR\D(FRQRPtD\YLROHQFLD,QVWLWXWR&RQVWLWXFLyQ\6RFLHGDG/LPD
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
(OL]DEHWK-HOLQ/RVWUDEDMRVGHODPHPRULD6LJOR;;,0DGULG
%LOOLH-HDQ,VEHOO³3DUHQWHVFRDQGLQR\UHFLSURFLGDG.XNDTORVTXHQRVDPDQ´(Q*LRUJLR$OEHUWL\(QULTXH0D\HUFRPSLODGRUHV5HFLSURFLGDGHLQWHUFDPELRHQORV$QGHV3HU~3UREOHPD,(3/LPD
%LOOLH-HDQ,VEHOO7R'HIHQG2XUVHOYHV(FRORJ\DQGULWXDOLQDQ$QGHDQYLOODJH:DYHODQG3UHVV,QF3URVSHFW+HLJKWV,OUHHGLWDGRHQ
%LOOLH-HDQ,VEHOO3DUDGHIHQGHUQRV(FRORJtD\ULWXDOHQXQSXHEORDQGLQR&HQWUR%DUWRORPpGHODV&DVDV&XVFR
3DEOR)6HQGyQ³(FRORJtDULWXDO\SDUHQWHVFRHQORV$QGHV1RWDVDXQGHEDWHQRSHULPLGR´(Q'HEDWH$JUDULR$QiOLVLV\$OWHUQDWLYDV&HQWUR3HUXDQRGH(VWXGLRV6RFLDOHV&(3(6/LPDSS
,GHPS
,VEHOO1RWHSS;,,;,,,³7KHWZRYLOODJHVKDYHDORQJKLVWRU\RIYLROHQWLQWHUDFWLRQVWKH¿UVWFRQÀLFWWKDW,ZDVDEOHWRGRFXPHQWZDVLQVHHSDJHV,WKLQNWKDWLWLVYHU\SRVVLEOHWKDWWKHPDVVLYHDUUHVWVRI
4XLVSLOODTWHQRVRQ0D\ZDVPRWLYDWHGE\DFFXVDWLRQVORGJHGE\&KXVFKLQRVDVDPHDQVRIDWWDFNLQJWKHLUROGHQHPLHV´
9HUKWWSVJUXSRSHUXFRSODPXODSHUHFRQRFHQSUDFWLFDGHVLHPEUD\FRVHFKDGHDJXDHQD\DFXFKRJUXSRSHUXFRS
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
5(6(f$
$&$%$//2
$QRWDFLRQHVVREUHVHUSRHWDHLQWHOHFWXDO
\ORVPHGLRVGHGLIXVLyQPDVLYDHQ(O&DEDOOR5RMR
'LDQD$PD\D
&DVDGHOD/LWHUDWXUD3HUXDQD0LQLVWHULRGH(GXFDFLyQ
/DV UHYLVWDV OLWHUDULDV VRQ XQD IXHQWH TXHFRQFLHUQHQDOFDPSRLQWHOHFWXDO OD D\XGD TXH SXHGH SUHVWDU DO KRPEUH
LPSRUWDQWHSDUDHOUDVWUHRGHODVGLQiPL /D¿JXUDGHOLQWHOHFWXDOIXHPX\LPSRUWDQ SDUDTXHSHUGXUHHOHYDQGRVXFRUD]yQ\
FDVVRFLDOHV\FXOWXUDOHVGHXQGHWHUPL WHGXUDQWHODVGpFDGDVGHODOVREUH UHFRUGiQGROHTXpVRQHOYDORUHOKRQRU
QDGRHVSDFLR\PRPHQWRSXHVDOVHUXQ WRGRHQORVGLVFXUVRVGHORVPRYLPLHQWRVGH ODHVSHUDQ]DODGLJQLGDGODFRPSDVLyQ
SURGXFWRFROHFWLYRUHFUHDQODVUHODFLR L]TXLHUGD (VWRVHQHOFRQWH[WRGHODSRSX ODSLHGDG´S
QHVTXHVHYDQFRQVWUX\HQGRHQHOiPEL ODUL]DFLyQ GH ORV PHGLRV GH SURGXFFLyQ 6HWUDWDHQWRQFHVGHHGXFDUDWUDYpVGH
WRFXOWXUDO\TXHYDQDUHÀHMDUVHHQHO HGLWRULDO UHWRPDURQ OD LGHD GH OD FXOWXUD ORVPHGLRVGHFRPXQLFDFLyQPDVLYDVLQ
FRQWHQLGR\QRPEUHVLPSOLFDGRVHQOD LPSUHVDFRPRPHGLRSDUDODWRPDGHFRQ TXHHVWRVXSRQJDFRPRYHQtDVXFHGLHQ
UHYLVWDHGLWRUHVFRODERUDGRUHVHQWUH FLHQFLD \ IRUPDFLyQ GH RSLQLyQ &DUORV GRGHVGHODGpFDGDGHOH[FOXLUWHPDV
KWWSZZZUHYLVWDLGHHOHFRPLGHHOHFRQWHQW
YLVWDGRVHWF$VLPLVPR\DSHVDUGH $JXLUUHVHxDOD³(VWDFXOWXUDSROtWL SRU FRQVLGHUiUVHORV LOHJLEOHV SDUD HO
FDEDOORLOXVWUH
ODFHQWUDOLGDGGH/LPDHQODSURGXFFLyQ FDGHL]TXLHUGD\VXFRQH[LyQFRQHOPXQGR OHFWRUQRHVSHFLDOL]DGR$VtSXHVHQODV
HGLWRULDOHQJHQHUDOHODQiOLVLVGHHVWDV GHODLPSUHQWDWXYLHURQXQLPSDFWRQRWDEOH SiJLQDVGHOVXSOHPHQWRVHFRQ¿JXUDDO
RIUHFHWDPELpQXQDPLUDGDLQWHJUDOGHO QRVRORHQODLGHQWL¿FDFLyQTXHVHSURGXMR (Q HO Q~PHUR HQ XQD HQWUHYLVWD D VXMHWROHWUDGRSRUVXFDUiFWHUSHGDJyJL
SDtVFRPRFDQWHUDGHSUR\HFWRVGHFRQV HQODSHUFHSFLyQJHQHUDOHQWUHVHULQWHOHF $OEHUWR(VFREDU³/DFUtWLFDOLWHUDULDFRPR FR SHUR HQWHQGLGR FRPR DOJXLHQ TXH
WUXFFLyQ \ UHSUHVHQWDFLyQ GH LGHQWL WXDO\VHUGHL]TXLHUGDVLQRWDPELpQHQOD QHFHVLGDG´0LWR7XPL±UHGDFWRUSULQFLSDO PRWLYD OHFWXUDV IRUPDV GH HQWHQGHU OD
GDGHV UHODWLYD YLJRUL]DFLyQ GH OD SUHVHQFLD GHO GHO VXSOHPHQWR± LQGDJD VREUH HO URO GHO VRFLHGDG \ EXVFD SUREOHPDWL]DUODV (V
/DVUHYLVWDVVRQHQWDQWRKDFHQ0iVDOOi LQWHOHFWXDOS~EOLFR´ FUtWLFROLWHUDULRHQUHODFLyQFRQODVRFLHGDG ORTXHHOPLVPR&LVQHURVOODPDXVDQGR
GH VX IRUPDWR XQD UHYLVWD VXSRQH XQ (OGLVFXUVRGH0DUNDODUHYLVWDHOGLDULR\ (VFREDUSURSRQHDTXtXQDLGHDWUDVYHUVDODO XQD FDWHJRUtD GH$QWRQLR *UDPVFL XQ
PRGRGHLQWHUYHQFLyQVRFLDOXQDUHYLVWD HOVXSOHPHQWRVRQXQHMHPSORGHHVWDPLUD GLVFXUVRGH(O&DEDOOR5RMRHOOXJDUGHVGH LQWHOHFWXDORUJiQLFR
HV SRU HOOR XQ GLVFXUVR FROHFWLYR GH GD(QHVWDOtQHDHVVLJQL¿FDWLYRHOFRQWHQL HO FXDO VH SLHQVD OD UHÀH[LyQ FUtWLFD HQ 7RGRORDQWHULRUVLQHPEDUJRQRGHMDGH
PHGLDFLyQ FRQVFLHQWH HQWUH HO VLVWHPD GRGHOSULPHUQ~PHURGH(O&DEDOOR5RMR UHODFLyQFRQORVOHFWRUHVQRHVSHFLDOL]DGRV ODGRHOGHEDWH\ODVSHUVSHFWLYDVSDUWLFX
OLWHUDULRFXOWXUDO\HOVLVWHPDVRFLDO'H DSDUHFLGRHOGHPD\RGH/DSRUWD ³±¢1RFUHHTXHORVOLEURVGHFUtWLFDOLWHUD ODUHV TXH HVWH LPSOLFD /D ¿JXUD GHO
DFXHUGRDHOORXQDUHYLVWDSXHGHVHUHQ GDTXHOXFHHOGLEXMRGH&ULVWLQD*iOYH]GH ULD VRODPHQWH ORV OHHQ ORV HVWXGLDQWHV GH LQWHOHFWXDO FRPR IRUPDGRU GH RSLQLyQ
ODSUiFWLFDXQDVHULHGHOLEURVFROHFWLYRV XQJDORSDQWHFDEDOORURMRDQXQFLDHOWHPD OLWHUDWXUD\ORVTXHSHUWHQHFHQDHVHFtUFXOR LPSOLFD GDU HVSDFLR D PLUDGDV GLVWLQWDV
XQVXSOHPHQWRFXOWXUDORXQSHULyGLFR S U L Q F L S D O G H O Q ~ P H U R ³ - D Y L H U PX\ UHVWULQJLGR GH ORV TXH SURGXFHQ OD $FDVRUHWRPDQGRODHVWpWLFDGHODGpFDGD
3RURWURODGRXQDUHYLVWDQRVRORFRQV +HUDXG´ 1R VH WUDWD GH XQD OLWHUDWXUD\TXHORVOHFWRUHVGH$UJXHGDV GHOFXDQGRVHSURSRQtDODSROpPLFD
WUX\H R SUR\HFWD LGHQWLGDGHV HQ VXV HGLFLyQ PRQRJUi¿FD VLQ HPEDUJR ODV HOJUDQS~EOLFRTXHH[FHGHHVWHFtUFXORQR FRPRFRQRFLPLHQWR\FRPRPHGLRSDUD
OHFWRUHVVLQRTXHDSHVDUGHVXFDUiFWHU HQWUHYLVWDVDOPDHVWURGHOSRHWD:DVKLQJ OHHOLEURVGHFUtWLFD" ODIRUPDFLyQGHXQGLVFXUVRQDFLRQDOHO
FROHFWLYRLQFOX\HWDPELpQODDXWRUUHSUH WRQ'HOJDGRDVtFRPRHOHQVD\RGH0DUFR ±&ODURSHURORTXHHVWiLPSOLFDGRHQVX VXSOHPHQWR(O&DEDOOR5RMRLQFRUSRUDHQ
VHQWDFLyQ GH OD LGHQWLGDG GHO VXMHWR 0DUWRVVREUHVXSRHVtDLQFLGHQHQODFHQ SUHJXQWD HV VL OD FUtWLFD VH GHEH KDFHU D VXGLVFXUVRODQHFHVLGDGGHODFRQIURQWD
OHWUDGR(VQHFHVDULRHQWRQFHVUHÀH[LR WUDOLGDG GHO DXWRU FRPR LQWHOHFWXDO FRPR WUDYpVGHOLEURVRDWUDYpVGHORVPHGLRVGH FLyQGHLGHDV\GHOGLiORJR'HDKtHQWRQ
QDUVREUHHOSDSHOTXHHVWHVXMHWRFROHF DOJXLHQTXHH[SOLFDpWLFDPHQWHVXSURGXF FRPXQLFDFLyQPDVLYD/DFUtWLFDOLWHUDULD FHV OD SXEOLFDFLyQ GH FRQYHUVDFLRQHV
WLYR VH DVLJQD HQ VX TXHKDFHU FRPR FLyQ HVWpWLFD \ OD UHODFLRQD D ORV GHEDWHV WLHQHODPLVPDPLVLyQGHFXDOTXLHUHIHFWR FUyQLFDVGHGHEDWHVHQWUHRWURV1DWXUDO
HGLWRUFRODERUDGRUHQWUHYLVWDGRUUHSRU S~EOLFRV\DOHMHUFLFLRSROtWLFR HGXFDWLYRSDUDVtPLVPR\SDUDRWURV(O PHQWHHVWHQRHVXQIRUPDWRH[FOXVLYRGH
WHURSDUDFRPSUHQGHUODVGHPiVLGHQWL 8QRVIUDJPHQWRVGHGLFDGRVDFRPHQWDUOD HVWXGLRGHODOLWHUDWXUDHVXQDD¿FLyQTXH 0DUND VLQR XQD HVWpWLFDpWLFD FRP~Q D
GDGHVFRQVWUXLGDVHQXQDSXEOLFDFLyQ FR\XQWXUDSROtWLFDHQODVHFFLyQ³(VWHSDtV´ SXHGHVHU~WLOQRVRODPHQWHSDUDHOJRFHHQ ODVSXEOLFDFLRQHVSHULyGLFDVGHODGpFDGD
$VtSXHVHQORV~OWLPRVFLQFXHQWDDxRV GHOPLVPRQ~PHURLQFLGHHQHVWDUHODFLyQ HO VHQWLGR HVWpWLFR VLQR WDPELpQ SDUD $VtVXFHGHSRUHMHPSORHQ+XHVR+~PH
ORV VXSOHPHQWRV FXOWXUDOHV KDQ VLGR ³(OLGHQWL¿FDUODSRHVtDFRQORVKXHYRVGHO FRUUHJLU\SHQHWUDUHQODUHDOLGDG´S UR5HYLVWDGH&UtWLFD/LWHUDULD/DWLQRD
~WLOHVSDUDSHQVDUODFRQVWUXFFLyQGHOD JDOORHVXQKiELWRRVFXURGHODVGHUHFKDV (QHOQ~PHUR$QWRQLR&LVQHURVUHVDOWD PHULFDQD $PDXWD (O ]RUUR GH DEDMR
LGHQWLGDGGHOLQWHOHFWXDO8QRGHHOORV 1DGDPiVIDOVR<DYHFHVSRFDVYHFHVKD\ HVWDUHODFLyQHQWUHHOHVFULWRUHOLQWHOHFWXDO HQWUHRWUDV(VWRQRVSHUPLWHREVHUYDUGH
IXH (O &DEDOOR 5RMR L]TXLHUGDVTXHDFHSWDQHVDYR]QDFLGDHQ \HOOHFWRUDOQDUUDUODLQWHUYHQFLyQGHXQ PDQHUDJOREDOFyPRGXUDQWHORVDxRV
VXSOHPHQWR GH (O 'LDULR GH 0DUND ODVFDYHUQDVFRQWUDODFUHDFLyQ\ODYHU DJULFXOWRUGH&D\DOWtHQXQDFKDUODDODTXH VHHPLWLyXQGLVFXUVRTXHPXOWLSOLFDEDODV
GLULJLGRGXUDQWHWUHVDxRVSRUHOSRHWD GDG1RQRVGHMHPRVHQWUDPSDU´S DTXHOIXHUDLQYLWDGRHQ&KLFOD\R YRFHV\H[SOLFLWDEDVXFDUiFWHUFROHFWLYR
$QWRQLR &LVQHURV /D LPSRUWDQFLD GHO (OGHEDWHSRUHOOXJDUGHORVSRHWDVHQOD ³&RPSDxHUR&LVQHURV\RTXLHURDJUDGH 'HVGH HVWD LGHQWLGDG P~OWLSOH \ QDGD
VXSOHPHQWRUDGLFDHQODVLVWHPiWLFD HVIHUDS~EOLFDKDRFXUULGRGHVGHORVFOiVL FHUOHSRUHVHPDUDYLOORVRUHJDORGHWRGRV GRJPiWLFDVHGDSDVRDODUHÀH[LyQVREUH
E~VTXHGDGHLGHQWLGDGVHJ~QVHREVHUYD FRV 3DUD QR LU GHPDVLDGR OHMRV GLUHPRV ORVGRPLQJRV6XVXSOHPHQWRHVODELEOLRWH SURGXFWRVGHFRQVXPRPDVLYRFRPRHO
HQVXVFRQWHQLGRV\HQHODOFDQFHTXH TXHHQHO3HU~HOWHPDFREUyDXJHHQOD FDGHPLVKLMRV\VHUiODGHPLVQLHWRVSRU FLQHODVDOVDHOURFNHODMHGUH]ODFKL
WXYR PLO HMHPSODUHV GLVWULEXLGRV GpFDGDGHOHQODVGLVFXVLRQHVHQWRUQRD TXHORFROHFFLRQR*UDFLDVSRUHVDELEOLR FKD HO WHDWUR FDOOHMHUR HQWUH RWURV (Q
FDGDGRPLQJRHQHOFRQWH[WRSROtWL ODVHWLTXHWDVGHSRHVtDSXUD\SRHVtDVRFLDO WHFDGHORVTXHQRWHQHPRVSODWDSDUDFRP VXPDWRGRHOORWLHQHTXHYHUFRQODQHFH
FRHQHOTXHDSDUHFLy~OWLPRVPHVHVGHO \WXYRVXSXQWRGHTXLHEUHFRQHODVHVLQDWR SUDU OLEURV SRU HVD ELEOLRWHFD SDUD ORV VLGDGGHSHQVDUODVLGHQWLGDGHVHQFRQ
*RELHUQR 5HYROXFLRQDULR GH ODV )XHU GH-DYLHU+HUDXGHQ(VWHHVXQGHEDWH SREUHV´S MXQWRVLHPSUHHQSXJQD\GHEDWH
]DV$UPDGDVORTXHH[SOLFDHOGHEDWH TXHVHUHWRPD\DFWXDOL]DHQYDULRVQ~PH 0iVD~QODSiJLQDFHQWUDOGHOPLVPRQ~PH &DEUtDSRU~OWLPRVHxDODUODVVXJHUHQ
VREUH HO SDSHO GHO VXMHWR OHWUDGR HQ OD URV GH (O &DEDOOR 5RMR 6H WUDWD GH XQD URUHSURGXFHHQJUDQIRUPDWRDFDVRSHQVD WHVVLPLOLWXGHV\GLIHUHQFLDVTXHSRGUtDQ
UHFXSHUDFLyQ GH OD GHPRFUDFLD $Vt SUHRFXSDFLyQFRQVWDQWHVREUHUROTXHFRP GRSDUDVXXVRFRPRPXUDOXQIUDJPHQWR KDOODUVH HQWUH HVWH VXSOHPHQWR \ RWUR
SXHV (O &DEDOOR 5RMR FRQVWLWX\H XQD SHWH D SRHWDV \ D VXMHWRV OHWUDGRV HQ OD GHO GLVFXUVR 6REUH OD GHVREHGLHQFLD GH PXFKRPiVWDUGtR\QDFLGRHQRWURHVSD
PXHVWUD GH OR TXH :DOWHU %HQMDPLQ VRFLHGDG(VXQDSUHRFXSDFLyQSRUVXLGHQ :LOOLDP)DXONQHUDOUHFLELUHO3UHPLR1REHO FLRHOGHO(VWDGRDXQTXHWDPELpQHQHO
GHQRPLQDGRFXPHQWRVGHFXOWXUDSXHV WLGDG6HH[SOLFDDVtODVHQWUHYLVWDVDGLYHU GH/LWHUDWXUDHQ)DXONQHUHVFULWRUGH FRQWH[WRGHUHFXSHUDFLyQGHODGHPRFUD
QRVSHUPLWHQDQDOL]DUODVFDUDFWHUtVWLFDV VDV ¿JXUDV GHO iPELWR DFDGpPLFR SHUR ¿FFLyQSRHWD\SHULRGLVWDSDUHFHVLQWHWL]DU FLD (VWH VXSOHPHQWR IXH ,GHQWLGDGHV
\SULQFLSDOHVWHQVLRQHVHQODFRQVWUXF VREUHWRGRVXSDUWLFLSDFLyQFRPRFRODERUD HOGLVFXUVRGHOVXSOHPHQWR GHHOGLDULR(O3HUXDQR\
FLyQGHLGHQWLGDGHVSDUWLFXODUPHQWHODV GRUHVGHOVXSOHPHQWR ³6XSULYLOHJLR>HOGHOHVFULWRU@FRQVLVWHHQ GLULJLGRSRU(QULTXH&RUWH]
(OSUHVHQWHWH[WRUHWRPDDOJXQDVGHODVLGHDVWUDEDMDGDVFRQ-DLPH9DUJDV/XQDHQHOFRQWH[WRGHODH[SRVLFLyQ6RxDUKDFHUOHHU&LHQDxRVGHUHYLVWDVOLWHUDULDVSUHVHQWDGDHQOD&DVDGHOD/LWHUDWXUD3HUXDQDHQ
MXOLRRFWXEUHGH
6HUGHL]TXLHUGDHQHO3HU~GHORVRFKHQWDWLHQHVLJQL¿FDGRV\PDWLFHVGLVWLQWRVDORVDFWXDOHVTXHSRUFXHVWLRQHVGHHVSDFLRQRDERUGDUHPRV
(OVXSOHPHQWRDSDUHFLyVHPDQDVDQWHVGHODVHOHFFLRQHVTXHWHQGUtDQFRPRJDQDGRUD)HUQDQGR%HODXQGH(QWUHORVWHPDVPiVFHUFDQRVDOQXHVWURFDEHGHVWDFDUODH[SHFWDWLYDJHQHUDGDSRUODGHYROXFLyQGHORV
PHGLRVGHLQIRUPDFLyQDVXVGXHxRV
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
`+VTUJDJBQBSB"DDPNBSDB
.FNPSJBZQSPUFTUBFOFMDBSOBWBMBZBDVDIBOP
5HQ]R$URQL
+LVWRULDGRU(VWXGLDQWHGHGRFWRUDGRHQ+LVWRULD8QLYHUVLW\RI&DOLIRUQLD'DYLV
(OGHPDU]RGHODFRPSDUVDGHOD D ODV VLJXLHQWHV SUHJXQWDV EiVLFDV ¢3RU ODGRHODQWURSyORJRD\DFXFKDQR0DULDQR TXH GLFKR DFRQWHFLPLHQWR TXHGDVH
SURYLQFLD GH 9LOFDVKXDPiQ VH FRURQy TXp ORV DFFRPDUTXLQRV HVFHQL¿FDQ XQD $URQpV VH UHFXHUGD HVWH DFRQWHFLPLHQWR JUDEDGRHQODPHPRULDGHORVDFFRPDUTXL
FDPSHRQD GHO ;;9,, &RQFXUVR GH H[SHULHQFLDWUDXPiWLFDHQXQFRQFXUVRGH ³FRQ WDQWD FODULGDG´ ±³FRPR VL IXHVH QRV´$URQpV$JUHJDUtDDOR
FRPSDUVDV GHO FDUQDYDO ³9HQFHGRUHV GH FRPSDUVDVGHFDUQDYDOHQ/LPD"¢&yPRD D\HU´±³SRUODFDQWLGDGGHYtFWLPDV\OD VHxDODGR SRU $URQpV OD E~VTXHGD GH
$\DFXFKR´ HQ OD PRQXPHQWDO 3OD]D GH WUDYpV GH ORV FRPSRQHQWHV DUWtVWLFRV GH SUHVHQFLDGHQLxRV\DQFLDQRV´$VLPLVPR MXVWLFLD\UHSDUDFLyQSRUSDUWHGHORVIDPL
$FKR'XUDQWHPLQXWRVGHDFWXDFLyQ HVWH FRQFXUVR ORV DFFRPDUTXLQRV \ VXV SRU ³OD PDVLYD FDPSDxD GH LQIRUPDFLyQ OLDUHVGHODVYtFWLPDV\GHORVVREUHYLYLHQ
HVFHQL¿Fy SULQFLSDOPHQWH OD PDVDFUH GH KLMRVTXHQDFLHURQHQ/LPDUHPHPRUDQ\ GHVDUUROODGDSRUODSUHQVDGHDTXHOHQWRQ WHVTXHPiVUHFLHQWHPHQWHORVFRQGXMRD
FDPSHVLQRVGHOGLVWULWRGH$FFRPDUFD UHSUHVHQWDQHOHYHQWR"&RPR\DKDVHxD FHV>TXH@LQÀX\yFRQVLGHUDEOHPHQWHSDUD RUJDQL]DU RWUDV IRUPDV GH UHFRUGDU \
HMHFXWDGDSRUXQDSDWUXOODGHO(MpUFLWRHO
GHDJRVWRGH/DLGHDGHHVFHQL 5HQ]R$URQL
¿FDUHVWHHYHQWRVXUJLyHQODFRPSDUVDGH
OD$VRFLDFLyQ+LMRVGHO'LVWULWRGH$FFR
PDUFD $+,'$ XQD LQVWLWXFLyQ PDWUL]
FRQ VHGH HQ /LPD TXH DJORPHUD D
SHTXHxDV RUJDQL]DFLRQHV GH PLJUDQWHV
DFFRPDUTXLQRVDVtFRPRDOD$VRFLDFLyQ
GH)DPLOLDUHV$IHFWDGRVSRUOD9LROHQFLD
3ROtWLFD GHO 'LVWULWR GH $FFRPDUFD
$)$39'$ IXQGDGD D PHGLDGRV GH OD
GpFDGDGH/DHVFHQL¿FDFLyQVHYLHQH
UHDOL]DQGRGHVGHHODxRFXDQGRORV
DFFRPDUTXLQRV H[LJtDQ OD H[WUDGLFLyQ
GHVGH ORV ((88 GHO 0D\RU U 7HOPR
+XUWDGRSULQFLSDOUHVSRQVDEOHGHODPDVD
FUH/DDFWXDFLyQWXYRXQDEXHQDDFRJLGD
SRUODDXGLHQFLDFRQPDVLYDSDUWLFLSDFLyQ
GH ORV PLJUDQWHV VREUHYLYLHQWHV \ VXV
KLMRV TXH QDFLHURQ HQ /LPD GXUDQWH \
GHVSXpVGHOSHULRGRGHODYLROHQFLDSROtWLFD
&RQHVWHDFWRFDUQDYDOHVFR
ORV D\DFXFKDQRV UHFODPDQ DO (VWDGR
MXVWLFLD\UHSDUDFLyQSRUODYLRODFLyQDORV
GHUHFKRVKXPDQRV
(VWHEUHYHDUWtFXORH[SORUDODPHPRULD\
UHSUHVHQWDFLyQGHHVWDPDVDFUH\UHVSRQGH
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
SURWHVWDUFRPRVRQODVSUiFWLFDVDUWtVWLFDV (OVD %DOGHyQ DxRV YRFDOLVWD GHO &LHUWRODVFDQFLRQHVWHVWLPRQLDOHV\VX GH WUDGLFLyQ FXOWXUDO DQGLQD HV GHQRPL
\FXOWXUDOHVGHODPHPRULD FRQMXQWRPXVLFDOGHODFRPSDUVDGH$FFR FRQWHQLGRFRQPHPRUDQQRVyORODH[SH QDGRHVFHQL¿FDFLyQ6LELHQODUHSUHVHQWD
$QWHV GH DQDOL]DU OD HVFHQL¿FDFLyQ \ VX PDUFDIXHXQDGHODVVREUHYLYLHQWHVGHOD ULHQFLDELRJUi¿FDGHORVFDQWDXWRUHVVLQR FLyQGHODPDVDFUHHVXQHOHPHQWRFHQWUDO
FRQWHQLGR HV QHFHVDULR H[SOLFDU OD GLQi PDVDFUH7HQtDDxRVGXUDQWHORVKHFKRV WDPELpQODH[SHULHQFLDFROHFWLYDGXUDQWHHO HQ OD HVFHQL¿FDFLyQ WDPELpQ UHSUHVHQ
PLFDGHODRUJDQL]DFLyQGHODFRPSDUVDGHO 'HVGH VX HVFRQGLWH YLR FyPR PDWDURQ D FRQWH[WRGHODYLROHQFLD\SRVWYLROHQFLD WDURQ\UHFUHDURQODIRUPDGHYLGDFRPXQDO
FDUQDYDOD\DFXFKDQR/RVDXWRUHVGHOOLEUR VXVDEXHORV\DVXWtR$OHMDQGUR%DOGHyQ $VLPLVPR ODV FDQFLRQHV SXHGHQ VHU XQ TXH D~Q VH SUDFWLFD HQ$FFRPDUFD WDOHV
£&KD\UDT (O &DUQDYDO $\DFXFKDQR ³0X\IHRORKDQPDWDGROHKDEtDFRUWDGR YHKtFXOR GH SURWHVWD VRFLDO ³&RPR QR FRPRHODUDGRGHODWLHUUDODVLHPEUD\OD
$ELOLR 9HUJDUD \ &KDOHQD 9iVTXH] OD PDQR ORV GRV EUD]RV ODV URGLOODV ORV HQFRQWUDPRV OD MXVWLFLD SHQVDPRV TXH FRVHFKD(QHVWHDPELHQWHLPDJLQDULRORV
GH¿QHQ ODV FRPSDUVDV FRPR XQ ³DUWH SLHVHOFXHOORORKDQFHUFHQDGR´GLMRHVWR QRVRWURVWHQHPRVTXHKDFHUXQDSURWHVWDD MyYHQHVGDQ]DQIRUPDQGR¿JXUDVJHRPp
LQWHJUDO´TXH³FRQVWLWX\HQHOPHGLRVRFLR FXDQGR OH SUHJXQWp SRU OD OHWUD GH OD WUDYpVGHQXHVWUDVFDQFLRQHV´GLMR)ORULiQ WULFDVPLHQWUDVORVDGXOWRV\QLxRVUHFUHDQ
DUWtVWLFR SURSLFLR SDUD OD UHDOL]DFLyQ GH FDQFLyQ ³0DWDQ]D HQ $FFRPDUFD´ 3DODFLRVDxRVKLMRGHXQDODVYtFWLPDV HO WUDEDMR GRPpVWLFR \ DJUtFROD 3HUR HO
DUWH WRWDO P~VLFD GDQ]D SRHVtD WHDWUR $xDGLy ³FXDQGR FDQWDPRV HVWD FDQFLyQ GH OD PDVDFUH (QWUHYLVWD HQ /LPD GHVDUUROORQRUPDOGHHVWDFHOHEUDFLyQIXH
&DGD iUHD VH SUHVHQWD GHVDUUROODQGR UHFRUGDPRV D QXHVWURV IDPLOLDUHV TXH LQWHUUXPSLGR SRU HO VRQLGR GHO WHUURU D
OHQJXDMHV HVSHFt¿FRV HQ LQWHUUHODFLyQ \ SHUGLHURQ VX YLGD HQ HVH DxR PXMHUHV PRGRGHGLVSDURVGHEDODTXHVHSURSDJy
GHSHQGHQFLD HO XQR GHO RWUR´ (V GHFLU QLxRVDQFLDQRVHVXQGRORUSDUDQRVR &RUHRJUDItD GHVGH HO HVWUDGR D WUDYpV GH UHSHWLGRV
³FDGD iUHD DUWtVWLFD QR VH H[SOLFD HQ Vt WURV+DVWDDKRUDHVWDPRVEXVFDQGRMXVWL JROSHV DO PLFUyIRQR FRQ OD SDOPD GH OD
PLVPDXQDH[SOLFDDODRWUD\YLFHYHUVD FLDHVWDPRVHQMXLFLRSHURQRKD\QDGD« /DFRUHRJUDItDHQHOFDVRGHODFRPSDUVD PDQR8QDSDWUXOODGHPLOLWDUHVLQJUHVyDO
3RU HVWR HO FRQFHSWR GH
DUWH WRWDO
GHEH DVtVHJXLUHPRVOXFKDQGR´(QPHPRULDGH GH $FFRPDUFD GHVDUUROODGD SULQFLSDO HVFHQDULRGHOFDUQDYDOUHXQLyDODJHQWH
HQWHQGHUVHFRPR
DUWHLQWHJUDO
SRUHOTXH HVWH DFRQWHFLPLHQWR FRQFOX\y ³FRPSR PHQWHSRUORVDGROHVFHQWHV\MyYHQHVKLMRV DSXQWDQGR VX DUPD D TXLHQHV LQWHQWDURQ
ODSUHVHQFLDVLPXOWiQHDGHODViUHDVDUWtV QHPRV ODV FDQFLRQHV UHFRUGDQGR OR TXH GH ORV PLJUDQWHV \ VREUHYLYLHQWHV GH OD HVFDSDU /R TXH VLJXLy HV XQ GUDPD GHO
WLFDV DGTXLHUH XQD VLJQL¿FDFLyQ HVWpWLFD YLPRV HQ OD PDWDQ]D SUHJXQWDQGR D JXHUUD6HJ~Q)ORULiQ3DODFLRVODPD\RUtD DFRQWHFLPLHQWRYLYLGR &RPHQ]yFRQXQ
PiVFRPSOHMD\SURIXQGD´(Q TXLHQHV KDQ VLGR WHVWLJRV ¢FyPR IXH" GHORVGDQ]DULQHVVRQKLMRVTXHKDQQDFLGR GLiORJR HQ TXHFKXD HQWUH GRV PXMHUHV
HVHVHQWLGRYHPRVHQXQDFRPSDUVDHVSH ¢&yPR KD VLGR"´ (QWUHYLVWD HQ /LPD HQ/LPD\XQDPLQRUtDTXHKDQDFLGRHQHO LQWHUSUHWDGRSRUODVYRFDOLVWDV
Ft¿FDPHQWHHQHOFDUQDYDOD\DFXFKDQROD /D FLWDGD FDQFLyQ WLHQH XQ PLVPRSXHEORGHVSXpVGHODPDVDFUH3DUD
SUHVHQWDFLyQ GH XQ PDUFR PXVLFDO OD IRQGRPXVLFDOOORURVR\WULVWH(QORV pOODVHQVLELOLGDGTXHORVXQHDHVWRVMyYH
FRUHRJUDItD \ OD GUDPDWL]DFLyQ GH XQ PLQXWRVGHDFWXDFLyQKD\YDULDVFDQFLRQHV QHVHVHOGRORUGHVXVSDGUHVSRUODSpUGLGD 6RItD0DPD0DUJDULWDDQRFKHKH
HYHQWR&DGDXQDGHHVWDVSDUWHVDUWtVWLFDV GH GLIHUHQWHV HVWLORV FDUQDYDOHVFRV \ GHVXVVHUHVTXHULGRV³+D\PXFKRVKLMRV VRxDGRPX\IHR$KRUDHVWiQYLQLHQGRORV
FRQMXJD XQD SHUIRUPDQFH FRPSOHMD SDUD SURSyVLWRV WHPiWLFRV SHUR FDVL WRGDV QDFLGRV DFi HQ /LPD VRQ SDUWH GH HVWD PLOLWDUHVSRUODSDPSDGH3LWHFF£9DPRV
XQS~EOLFRPDVLYRTXHERUGHDQORV WLHQHQ XQ FRQWHQLGR WHVWLPRQLDO HQ FRUHRJUDItDWDPELpQVRQSDUWHGHODMXQWD DHVFRQGHUQRV£1RVSXHGHQPDWDU
HVSHFWDGRUHV 5HVSRQGLHQGR D HVWH TXHFKXD GLUHFWD \ D OD YH] VRQ UHVSRQVDEOHV GH
S~EOLFR ODV FRPSDUVDV SDUWLFLSDQWHV VH RUJDQL]DUHOFDUQDYDO´LQGLFy(QWUHYLVWD 0DUJDULWD¢3RUTXpQRVYDQDPDWDUD
HVIXHU]DQHQOOHYDUSRUORPHQRVEDLOD HQ/LPD QRVRWURVVLQFDXVDDOJXQD"6LTXLHUHV
ULQHV 7D\WDPDPDOOD\ZDxXNXQNLPi /RVDFFRPDUTXLQRVFRQFXHUGDQHQLQFRU HVFyQGHWHW~WRQWDPHQWHSHUR\RPHYR\
/ODTWDPDVLQOOD\FKLQNDUTXQNLPi SRUDU OD GLQiPLFD GH OD PDVDFUH HQ OD DTXHGDUHQPLFDVD
0~VLFD ¢,PDWDTTXFKD\NLTDPSDTDNDUTD" FRUHRJUDItD GH OD FRPSDUVD SRUTXH
%DODSXQWDPSLZDxXOODQD\NLSDT ³HVWDPRV LQGLJQDGRV DO QR HQFRQWUDU
(OPDUFRPXVLFDOGHODFRPSDUVDGH$FFR MXVWLFLD GHVSXpV GH DxRV´ UHVDOWy 3URVLJXLy OD RUGHQ GH OD WURSD SRU HO
3DGUHPDGUHPtDKDEtDVPXHUWR
PDUFD HVWDED FRPSXHVWR SRU WUHV R PiV )ORULiQ3DODFLRV(VHOPHQRUGHKHUPD HQWRQFHVVXEWHQLHQWH7HOPR+XUWDGR
&RPSXHEODQRPtRKDEtDVGHVDSDUHFLGR
P~VLFRVTXHWRFDEDQODJXLWDUUDODPDQGR QRV6XPDGUHIDOOHFLyPX\MRYHQSRUXQD
¢4XpFXOSDDOJXQDKDVWHQLGRW~"
OLQDODTXHQD\HOWDPERU$FRPSDxDQDORV HQIHUPHGDG PLHQWUDV VX SDGUH $OELQR
3DUDTXHPXHUDVHQODSXQWDGHODEDOD
P~VLFRVGRVRWUHVPXMHUHVFDQWDQWHV/RV 3DODFLRV4XLVSHIXHDVHVLQDGRMXQWRFRQ 7HOPR+XUWDGR£$WHQFLyQWURSD6ROGD
LQVWUXPHQWRV VRQ WUDGLFLRQDOHV JHQHUDO ,QRFHQWHNXQDPZDxXUTXQNLFKLN VX PDGUDVWUD HQ OD PDVDFUH (Q OD HQWUH GRVMXQWDUDWRGDVODVSHUVRQDVTXH
PHQWH XVDGRV HQ ODV ¿HVWDV DQGLQDV (Q 0DQDTXFKD\XTPLFKLQNDUTXQNLFKLN YLVWDSUHYLDDOFRQFXUVRPHKDEOyGHXQD HQFXHQWUHQSDUDXQDUHXQLyQ7RGDVODV
HVWRVFRQFXUVRVQRHVWiSHUPLWLGRHOXVRGH ¢,PDWDTTXFKD\NLTDPSDTDNDUTD" ³FRUHRJUDItDGHODPDWDQ]D´HQHOVHQWLGR SHUVRQDVGHEHQVHUFRQGXFLGDVDODFDVD
ORV LQVWUXPHQWRV HOHFWUyQLFRV 6HJ~Q HO 5DXUDTQLQDSLUXSDOODQD\NLSDT GHXQDGUDPDWL]DFLyQGHXQDWUDJHGLDHQ GHWHMDVTXHHVWiXELFDGRHQHOOXJDU
UHJODPHQWR GHO FRQFXUVR WDQWR ORV P~VL VLQWRQtD FRQ XQD GDQ]D FDUQDYDOHVFD GHQRPLQDGR/ORFFOODSDPSDeVHHO
FRV ODV FDQWDQWHV FRPR ORV EDLODULQHV *HQWHLQRFHQWHPXULHURQ HMHFXWDGRSULQFLSDOPHQWHSRUORVMyYHQHV RUGHQ¢(QWHQGLGR"
GHEHQ HVWDU YHVWLGRV FRQ HO WUDMH WtSLFD 6LQFXOSDDOJXQDKDQGHVDSDUHFLGR (QIDWL]y³HOFDUQDYDOHVMXHJR\SURWHVWD
PHQWH XVDGR HQ OD FRPXQLGDG GH RULJHQ ¢4XpFXOSDKDQWHQLGRXVWHGHV" SDUDQRVRWURV\ORKDFHPRVFRQQXHVWUD 7URSD6tWHQLHQWH7HOPR+XUWDGR
/RV P~VLFRV \ ODV FDQWDQWHV KDFHQ HO 3DUDTXHPXHUDVHQPHGLRGHOIXHJR P~VLFD FDQWR \ FRUHRJUDItD GH OD
DUUHJOR H LQWHUSUHWDFLyQ PXVLFDO F R P S D U V D ´ ( Q W U H Y L V W D H Q / L P D
$VLPLVPR FRPSRQHQ FDQFLRQHV SDUD /RVPLOLWDUHVJROSHDURQDORVSREODGRUHV\
SUHVHQWDU HQ HO FRQFXUVR \ HQWRQDQ ODV $ODQDOL]DUHOFRQWHQLGRGHRWUDFDQFLyQHO ORVFRQGXMHURQDODVXSXHVWDFKR]DGHWHMDV
OHWUDVDOULWPRGHOHVWLORGHOFDUQDYDODFFR HWQRPXVLFyORJR-RQDWKDQ5LWWHUGHQRPLQD (VFHQL¿FDFLyQ 0LHQWUDV WDQWR 7HOPR +XUWDGR MXQWR FRQ
PDUTXLQR3UHYLRDOFRQFXUVRORVP~VLFRV\ DHVWDVFDQFLRQHVTXHQDUUDQ³H[SHULHQFLDV XQ VXEDOWHUQR VH WRSy FRQ XQD SDUHMD GH
ODVFDQWDQWHVHQVD\DQMXQWRFRQORVEDLODUL ORFDOHV \ ODV DFWLWXGHV KDFLD OD JXHUUD´ 3DUDORVDFFRPDUTXLQRVHODFWRGHGUDPD DQFLDQRV \ OH SLGLy DFRPSDxDUOR D OD
QHV FRPR³FDQFLRQHVWHVWLPRQLDOHV´ WL]DUWHDWUDOL]DU XQ HYHQWR R ODV SUiFWLFDV UHXQLyQ (O DQFLDQR UHVSRQGLy HQ VX
6REUHYDULDVIRUPDVGHSURGXFFLyQDUWtVWLFDGHODYLROHQFLDSROtWLFDHQHO3HU~YpDVHHOUHFLHQWHOLEURHGLWDGRSRU&\QWKLD(0LOWRQ$UWIURPD)UDFWXUHG3DVW
9pDVHORVVLJXLHQWHVYLGHRVHQ<RX7XEHKWWSVZZZ\RXWXEHFRPZDWFK"Y J+IYQ4<HF!PLQXWRVDKWWSVZZZ\RXWXEHFRPZDWFK"Y ]HGG&:F,!PLQXWRVD
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
LGLRPDQDWDOSHURSDUDHOPLOLWDUTXHQR FDFLyQ DO MHIH GH OD SDWUXOOD VXEWHQLHQWH HQORVHQVD\RV\HQORVFRQFXUVRV´(QWUH YLHQHQQRVyORORDF~VWLFRRODOHWUDGHOD
HQWLHQGH HO TXHFKXD VX UHVSXHVWD IXH XQ 7HOPR +XUWDGR (VWDED YHVWLGR FRQ HO YLVWDHQ/LPD FDQFLyQWHVWLPRQLDOYLQFXODGDDXQDFRQV
LQVXOWR XQLIRUPH YHUGH ERWDV \ SDVDPRQWDxD WUXFFLyQ VRQRUD VLQR WDPELpQ HO FXHUSR
QHJUD FRQ OHQWH SRODUL]DGR (O URVWUR &RQFOXVLyQ PLVPRFRPRPDWHULDSULPDGHODPHPR
SLQFHODGR GH FRORU QHJUR \ YHUGH /H ULD 6L ELHQ HO WH[WRFDQFLyQ FRQGHQVD OD
7HOPR+XUWDGR£2\HDQFLDQRDFRPSi
SUHJXQWp¢FyPRHUDSRVLEOHUHPHPRUDUDO (O3HU~HVXQDVRFLHGDGTXHD~QVHUHFX QDUUDWLYD GHO DFRQWHFLPLHQWR YLYLGR \
xDPHDODUHXQLyQHQ/ORFFOODSDPSD
MHIH GH OD SDWUXOOD PLOLWDU TXH PDQGy D SHUDGHODVFRQVHFXHQFLDVGHODYLROHQFLD UHFRUGDGR VLQ HPEDUJR OR TXH OH GD
PDWDUQRVyORDVXSDGUHVLQRWDPELpQDOD SROtWLFDGRQGHODSURGXFFLyQFXOWXUDOGHOD FRQVLVWHQFLD \ GHQVLGDG HV OD GLPHQVLyQ
$QFLDQR(VSpUHPHSRUIDYRU9R\D
JHQWHGHVXSXHEOR"&RQVXPDFDXWHODPH PHPRULDGHDTXHOODH[SHULHQFLDYDPXFKR GDQFtVWLFD\GUDPiWLFDGHODHVFHQL¿FDFLyQ
OOHJDUDPLFDVDDGHMDUPLEXUULWR\OD
GLMR ³3DUD Pt UHDOPHQWH KDFHU HVWR HV PiVDOOiGHORVWHVWLPRQLRVRUDOHV\FRQV HQ HO TXH UHQXHYDQUHFUHDQ XQD KLVWRULD
FDUJD/XHJRLUpDODDVDPEOHD
DOJR« /ODQWR UHFRUGDU HVH PRPHQWR WUXFFLRQHV GH PHPRULDOHV &RPR HQ OD WUiJLFD /R TXH SHUPLWH OD P~VLFD \ OD
SHUGHUDPLVVHUHVTXHULGRVHVDOJRGHPD H[SHULHQFLD FROHFWLYD GH ORV DFFRPDU GDQ]DHVODHYRFDFLyQGHODPHPRULDFRPR
7HOPR+XUWDGR¢4XpPHKDVGLFKR"
VLDGRFKRFDQWHSDUDPt<RKDJRHOSDSHO TXLQRV \ ORV D\DFXFKDQRV OD UHPHPRUD QDUUDWLYD WHVWLPRQLDO SDUD GLJQL¿FDU OD
0HKDVLQVXOWDGR0XHUHYLHMRWHUUXFR
GHO PLOLWDU SDUD KDFHU YHU D OD RSLQLyQ FLyQGHOSDVDGRUHFLHQWHÀX\HDWUDYpVGHO YLGDGHORVPXHUWRV\ORVYLYRVSDUDUHPH
SXP«
S~EOLFD FyPR IXH PDVDFUDGR QXHVWUR FDQWRODP~VLFD\ODGDQ]DHQHOTXHLQWHU PRUDU\H[LJLUMXVWLFLD
SXHEOR´(QWUHYLVWDHQ/LPD
$QFLDQD¢3RUTXpKDVPDWDGRDPL
PDULGRGHVJUDFLDGRVROGDGR"
7UDQVPLVLyQ
&DUORV*DVWHOXPHQGL
LQWHUJHQHUDFLRQDO
7HOPR+XUWDGR7~WDPELpQPXHUHYLHMD
WHUUXFDSXP«
/DSDUWLFLSDFLyQGHORVMyYHQHVIXHIXQGD
PHQWDO SDUD ORV DFFRPDUTXLQRV SRUTXH
'HDFXHUGRFRQHOKLVWRULDGRU&DUORV$JXL FUHHQTXHODVJHQHUDFLRQHVVXEVLJXLHQWHV
UUHHOWpUPLQR³WHUUXFR´HVXQVXVWLWXWRGH SXHGHQFRQWLQXDUUHFODPDQGRODDQVLDGD
WHUURULVWDTXHLQLFLDOPHQWHHUDUHIHULGRD MXVWLFLDTXHWDOYH]QROOHJXHQDSDOSDU
ORV VLPSDWL]DQWHV R SDUWLGDULRV GH 6/ GDGRTXHORVVREUHYLYLHQWHVHQSRFRDxRV
GXUDQWH HO SHULRGR OD YLROHQFLD SROtWLFD PiVGHMDUiQGHH[LVWLU3RUHVRVLHQWHQTXH
OXHJR VH DPSOLy D RWURV VHFWRUHV GH OD HVVXGHEHUWUDVPLWLU\VHQVLELOL]DUDVXV
SREODFLyQFRPRXQHVWLJPDLQFOX\HQGRD KLMRVPHGLDQWHODVSUiFWLFDVFXOWXUDOHVGHO
ORV GHIHQVRUHV GH GHUHFKRV KXPDQRV FDUQDYDO (Q HVH VHQWLGR H[LVWHQ FLHUWRV
HVSHFLDOPHQWH GXUDQWH OD GLFWDGXUD GH HVSDFLRVPXWXRV\ÀXLGRVTXHSHUPLWHQOD
$OEHUWR )XMLPRUL HQ OD GpFDGD GH LQWHUDFFLyQ HQWUH JHQHUDFLRQHV D HO
$JXLUUH HVSDFLRIDPLOLDUGRQGHÀX\HODFRPXQL
'HVSXpVGHODVHVLQDWRGHORVDQFLDQRVHQ FDFLyQPiVLQWLPDHQWUHSDGUHVHKLMRVE
ODVLJXLHQWHHVFHQD7HOPR+XUWDGRRUGHQy HO HVSDFLR LQVWLWXFLRQDO PH UH¿HUR D OD
DVXWURSDPDWDU\TXHPDUHOFXHUSRGHODV $VRFLDFLyQ +LMRV GH $FFRPDUFD HVSH
YtFWLPDV³6ROGDGRVDSXQWHQVXVDUPDV FLDOPHQWHDVXORFDOLQVWLWXFLRQDOGRQGH
GLVSDUHQSXP«SXP«SXP«4XHPHQOD VHGLVFXWH\VHSURPXHYHODRUJDQL]DFLyQ
FDVDSDUDTXHQRTXHGHQLQJ~QUDVWURQL GHGLIHUHQWHVDFWLYLGDGHVVRFLDOHV\FXOWX
KXHOOD´ 'HVSXpV GH HVWH DFWR HO PLOLWDU UDOHV HQWUH ORV DFFRPDUTXLQRV \ F HO
RUGHQy OD UHWLUDGD ³£$WHQFLyQ WURSD HVSDFLR GHO FDUQDYDO FRPR HVSDFLR
£5HWLUDGD£0DUFKHQ´/RTXHVLJXLyIXH S~EOLFRGRQGHKD\³MXHJR\SURWHVWD´(Q
HOIXQHUDO\HQWLHUURGHORVPXHUWRVDFRP HVWRVHVSDFLRVORVMyYHQHVKDQFUHFLGRVH
SDxDGRFRQHOFDQWRUHOLJLRVR³6DQ*UHJR KDQ FRQRFLGR H LQFOXVR KDQ LQLFLDGR
ULR´)LQDOPHQWH$EHO*RPH]DxRV QRYLD]JRV \ PDWULPRQLRV 8QR GH HVWRV
GHOHJDGR GH OD FRPSDUVD FODPy SRU OD MyYHQHVHV$EHO*yPH]HORJLDGRSRUVX
MXVWLFLD HQ PHPRULD GH ODV YtFWLPDV GH H[FHOHQWH OLGHUD]JR FRPR OtGHU GH OD
$FFRPDUFD³'HHVWDPDQHUDKDQPXHUWR FRPSDUVDGH$FFRPDUFDHQORV~OWLPRV
QXHVWURVSDGUHV\PDGUHVQXHVWURVSDLVD DxRV$XQTXHQDFLyHQ$FFRPDUFDFRPR %LEOLRJUDItDFLWDGD
$*8,55(&DUORV
QRVLQRFHQWHV3RUHVRKDVWDHOPRPHQWR PXFKRVMyYHQHVDQGLQRVWDQSURQWRFRPR ³7HUUXFRGHP«,QVXOWR\HVWLJPDHQODJXHUUDVXFLDSHUXDQD´HQ+LVWyULFD;;;9
$521e60DULDQR
ORV DFFRPDUTXLQRV HVWDPRV SLGLHQGR WHUPLQyVXHGXFDFLyQVHFXQGDULDPLJUyD ³(OSURFHVRGHGHVPLOLWDUL]DFLyQHQ$\DFXFKR´HQ/XGZLJ+XEHUHGLWRU&HQWUDOLVPR\
MXVWLFLD 7RGRV SXHV H[LMDPRV MXVWLFLD HQ /LPD&XDQGRRUJDQL]yDORVMyYHQHVSDUD GHVFHQWUDOL]DFLyQHQ$\DFXFKR/LPD,(3
$521,5HQ]R
PHPRULDGHWRGRVORVPXHUWRV\GHVDSDUH SDUWLFLSDUHQHOFRQFXUVRGHOFDUQDYDOGHO 6HQWLPLHQWRGHSXPSLQ0~VLFDPLJUDFLyQ\PHPRULDHQ/LPD3HU~7HVLVSDUDRSWDUHOJUDGRGH
FLGRV GH $FFRPDUFD 3DUD WRGRV HOORV DxRPXFKRVGHHOORVQLVHFRQRFtDQ 0DHVWURHQ$QWURSRORJtD0p[LFR81$0
0,/721&\QWKLD
£-XVWLFLD SDUD $FFRPDUFD £$FFRPDUFD ³0XFKRVMyYHQHVTXHQLVLTXLHUDFRQRFHQ $UWIURPD)UDFWXUHG3DVW0HPRU\DQG7UXWK7HOOLQJLQ3RVW6KLQLQJ3DWK3HUX'XUKDP\/RQGRQ
YLYH £$FFRPDUFD QR VH ULQGH´ (QWUH $FFRPDUFD SHUR VRQ KLMRV GH DFFRPDU 'XNH8QLYHUVLW\3UHVV
9È648(=&KDOHQD\$ELOLR9(5*$5$
YLVWDHQ/LPD TXLQRV FRPHQ]DURQ D DFRSODUVH H &KD\UDT(OFDUQDYDOD\DFXFKDQR$\DFXFKR&('$37$5($
'HVSXpV GHO FRQFXUVR KDEOp FRQ )ORULiQ LQFOXVR KXER XQD VRUSUHVD TXH PXFKRV 5,77(5-RQDWKDQ
³&DUQLYDORI0HPRU\6RQJVRI3URWHVWDQG5HPHPEUDQFHLQWKH$QGHV´HQ6PLWKVRQLDQ:RONZD\V
3DODFLRVTXLHQSHUVRQL¿FyHQODHVFHQL¿ MyYHQHVKDVWDVHOOHJDURQDFRQRFHUDOOt 0DJD]LQH(QOtQHDKWWSZZZIRONZD\VVLHGXPDJD]LQHBVSULQJBVXPPHUIURPBWKHB¿HOGDVS[
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
%FUSÈTEFMBTNPOUB×BT
*NBHFOEFMBTIÈOJOLB"MFKBOESP$BMEFSØO
FOUSFMPT:ÈOFTIBEFMBTFMWBDFOUSBM
1DWDOt'XUDQG*XHYDUD
$QWURSyORJDLQYHVWLJDGRUDGHO,)($
$ OR ODUJR GHO WLHPSR ODV FXOWXUDV ORV KLVWRULDV RUDOHV TXH QDUUDQ GLYHUVRV
GLYHUVRVSXHEORVKDQWUDVPLWLGRVXKLVWRULD KHFKRVGHVGHODFUHDFLyQGHOPXQGRD ³(QFQDFLyHQORVWLHPSRVTXHODVPXMHUHVQRGDEDQDODOX]QLxRVVLQRD
GH PDQHUD RUDO SXHV OD UHSUHVHQWDFLyQ PDQRV GH <DWR <RV KDVWD KLVWRULDV GH GHPRQLRVMR
FXOHEUDV\SHUURV'HELGRDTXHQRGDEDQDOX]QLxRVWHQtDQ
QDUUDWLYDDQWHVGHHVFULELUVHVHFXHQWD\VH HQYLDGRV GLYLQRV FRPR OD GH <RPSRU PLHGRDTXHGDUVHHPEDUD]DGDV+DEtDXQVDFHUGRWHTXHWHQtDXQDKLMDOD
R\HVHGLFH\VHHVFXFKDVHUHFLWDYHUEDO 6DQWRPiVFRQRFLGRHQODKLVWRULDR¿FLDO HQFHUUyHQHOSLVRPiVDOWRGHVXFDVD\ODYLJLOySDUDTXHQRVHHQFRQWUDVH
PHQWHDORWURRDORVRWURVHQWDOVHQWLGROD FRPR-XDQ6DQWRV$WDKXDOSD6RQKLVWR FRQKRPEUHDOJXQRTXHGDVHHPEDUD]DGD\GLHVHDOX]DQLPDOHV\GHPR
RUDOLGDG KD XWLOL]DGR GLYHUVRV FyGLJRV ULDVTXHPDUFDQGHDOJXQDPDQHUDODYLGD QLRV
FRPRORVPLWRVODVOH\HQGDVORVFXHQWRV FRWLGLDQD GH VXV KDELWDQWHV (Q ORV 6LQHPEDUJRXQDQRFKHGHFDPLQRDXQDUEXVWRFRQHO¿QGHRULQDUODKLMD
KLVWyULFRV KHFKRV YHUtGLFRV HQWUHPH] ~OWLPRV WLHPSRV YLHQHQ HODERUDQGR GHOVDFHUGRWHKDOOyDXQKRPEUHUHFRVWDGRVREUHODHVFDOHUD'HVSXpVGHXQD
FODGRVFRQVXFHVRVIDQWiVWLFRV QXHYDV VHUUSDUxDWV XQD HQ SDUWLFXODU ODUJDGLVFXVLyQODPXMHUEDMy\SDVyVREUHpO)XHDVtTXHODPXMHUTXHGy
/D RUDOLGDG FREUD VHQWLGR HQ HO DFWR GH OODPDODDWHQFLyQ\HVODTXHVHKDWHMLGR HPEDUD]DGD6HORFRQWyDVXVSDGUHVTXLHQHVTXHGDURQPX\VRUSUHQGLGRV
FRQWDUSXHVHVSDODEUDYLYDODTXHWLHQHTXH DOUHGHGRU GH OD ¿JXUD GH $OHMDQGUR SRUTXHQRKDEtDQYLVWRDQDGLHVXELHQGRDOSLVRGHDUULED6XVSDGUHVVHGHGL
VHUSURQXQFLDGD\UHJLVWUDGDHQODPHPRULD &DOGHUyQ FDURQDFXLGDUOD
GHVXVQDUUDGRUHV/DHVFULWXUDHVXQDSRVL &XDQGRODPXFKDFKDTXHHVWDEDDSXQWRGHGDUDOX]VDOLyGHODFDVDDPHGLD
ELOLGDGGHFRQVWDWDFLyQSXHV WUDGXFLHQGR 'RVKLVWRULDVRUDOHV\OD QRFKHVLQFRQWiUVHORDVXVSDGUHV+DOOyXQDJUDQSHxD\GHEDMRGHHOODGLRD
OR DXGLEOH VH SRVLELOLWD VX FRQVHUYDFLyQ FRQVWUXFFLyQGHVHUUSDUxDWV OX] &XDQGR DPDQHFLy VXV SDGUHV VH GLHURQ FXHQWD GH VX DXVHQFLD \ VH
VLHQGR XQD GH ODV IRUPDV SRU ODV TXH OD SXVLHURQDEXVFDUOD/DHQFRQWUDURQ\YLHURQTXHKDEtDGDGRDOX]DXQQLxR
PHPRULD FROHFWLYD GH XQD FRPXQLGDG 'RV PLWRV \iQHVKDV DQWLJXRV H LPSRU HUD(QF'HVGHHQWRQFHVODVPXMHUHVFRPHQ]DURQDGDUDOX]QLxRV
KDEODQWHSXHGHGLIXQGLUVH\OOHJDUDRWUDV WDQWHVVRQORVGH(QFR,QFD\VXVKLMRV (OQLxROORUDEDVLQSDUDU\ODJHQWHQRVDEtDTXpKDFHUSDUDGHMDVHGHOORUDU
FXOWXUDV D RWURV SXHEORV TXH SRGUiQ 7~SDF<XSDQF\+XDVFDU\ODKLVWRULDGH 8QDDQFLDQDTXHWHQtDXQPDQRMRGHSOXPDVGHRFOODUUHPODWDQDJUDGHVLHWH
FRPSUHQGHUOD\UHLQWHUSUHWDUOD <RPSRU6DQWRR-XDQ6DQWRV$WDKXDOSD FRORUHVHQYROYLyD(QFHQHOODVHLQPHGLDWDPHQWHHOQLxRVHFDOOy(QWRQFHV
(QHOVLJXLHQWHWH[WRQRVFRQFHQWUDUHPRV &RQRFHUORVQRVSHUPLWLUiSURIXQGL]DUHQ ODVSHUVRQDVHPSH]DURQDUHFROHFWDUPiVSOXPDVGHSiMDURVGHFRORUHVSDUD
HQOD¿JXUDGH$OHMDQGUR&DOGHUyQ\FRPR ODFRQVWUXFFLyQDFWXDOGHODPHPRULDD WHMHUOHD(QFXQDW~QLFDFRQHOODV&XDQGRODW~QLFDHVWXYROLVWDOOHYDURQD
D WUDYpV GH VX ¿JXUD HO SXHEOR \iQHVKD WUDYpVGHODKLVWRULDGH$OHMDQGUR&DOGH (QFDODFDVDGHVXVDEXHORV7RGRVEDLODEDQ\FDQWDEDQDOULWPRGHODP~VLFD
UHFXHUGD HO SURFHVR GH YLROHQFLD SROtWLFD UyQFRPSDUDQGR\DQDOL]DQGRODVGLIH VDJUDGDFRVKDPxDWVFHOHEUDQGRHOQDFLPLHQWRGH(QF
RFXUULGRHQODVHOYDFHQWUDO UHQFLDV\VLPLOLWXGHVHQWUHODVKLVWRULDV &XDQGROHSXVLHURQODW~QLFDDOQLxR(QFHPSH]yDFUHFHUUiSLGDPHQWH3DVy
DQWLJXDV\ODVFRQWHPSRUiQHDV XQDxR\(QF\DHUDXQDGXOWRHUDXQKRPEUHSRGHURVR\ODJHQWHORUHVSH
/DPHPRULDSDUDORV\iQHVKDV WDED/XHJR(QFVHFDVyFRQ<DFKRU3DOODODKLMDGH<DWR
<RVXQGtD<DWR<RV
(QF,QFD<XSDF<XSDQF\ OODPyDVXKLMDGHYXHOWDDOFLHOR(QFODVLJXLy\DOKDFHUORLQDGYHUWLGDPHQWH
/RV\iQHVKDVFRPRPXFKRVRWURVSXHEORV +XDVFDU DEULyODSXHUWDTXHPDQWHQtDOHMRVDORVKRPEUHVEODQFRV
GHODDPD]RQLDWLHQHQXQDIRUPDSDUWLFXODU (QFFRQWLQXyEXVFDQGRD3DOODGHMDQGRWUDVGHVtDVXVGRVKLMRV+XiVFDU\
GH UHFRUGDU HO SDVDGR D WUDYpV GH /DKLVWRULDGH(QFR,QFDHVSDUDDOJXQRV <XSD<XSDQFSDUDTXHGHWXYLHVHQDORVKRPEUHVEODQFRV+XiVFDUSLGLy
FDQFLRQHV VRVPxDWV ODV FXDOHV FXHQWDQ LQYHVWLJDGRUHVODPXHVWUDPiVFODUDGHOD D\XGD D VX KHUPDQR PD\RU SDUD FHUUDU OD HQWUDGD SRU OD TXH VDOtDQ ORV
KLVWRULDVVREUHORVYDORUHVPRUDOHV\D SUHVHQFLD,QFDLFDHQODVHOYDFHQWUDOHQ KRPEUHVEODQFRVSHUR<XSD<XSDQFVHUHKXVyD D\XGDUOR/RVKRPEUHV
WUDYpV GH ODV VHUUSDUxDWV R QDUUDFLyQ GH JHQHUDO \ HQ SDUWLFXODU GH OD UHODFLyQ EODQFRVFDSWXUDURQDORVGRVKHUPDQRV(FKDURQDOIXHJRD<XSD<XSDQF\
KLVWRULDVRUDOHV FRQORV\iQHVKDVTXHSDUHFHKDEHUVLGR DOOtVHFRQYLUWLyHQRUFRFHOPRFKXHOR7DPELpQDUURMDURQDOIXHJRD+XiV
6HUUSDUxDWVSURYLHQHGHOYHUERVHUUSDUHWH XQD UHODFLyQ DVLPpWULFD GH VXERUGLQD FDUSHURpVWHORJUyHYLWDUFDHUHQHOIXHJR\VHFRQYLUWLyHQDUFRLULV´(QWUH
xHWV HO FXDO VLJQL¿FD ³KDEODU UHODWDU R FLyQ\FDUJDGDGHWHQVLRQHV\FRQÀLFWRV YLVWDD7$
SUHGLFDU´ 6DQWRV *UDQHUR 6RQ VRFLDOHV
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
1DWDOt'XUDQG
<RPSRU6DQWR±(OHPLVDULR +LVWRULD GHO 3HU~ FX\R SULQFLSDO
GLYLQR ORJURIXHQRKDEHUSHUPLWLGRTXHORVHVSD
xROHV HQWUDUDQ D WHUULWRULR DPD]yQLFR
/DKLVWRULDGH<RPSRU6DQWRHVODKLVWRULD DVKiQLQND\iQHVKD\VKLSLER1XQFDVH
GHXQSHUVRQDMHVXPDPHQWHFRQRFLGRHQ VXSR TXH SDVy FRQ pO VH SUHVXPH TXH
OD KLVWRULD SHUXDQD OD GH -XDQ 6DQWRV PXULyHQDOJXQDEDWDOOD(OSHUVRQDMHGH
$WDKXDOSD/DKLVWRULDR¿FLDOQRVGLFHTXH -XDQ6DQWRVVHDGHFXySHUIHFWDPHQWHDODV
IXH XQ FDXGLOOR PHVWL]R QDFLGR HQ HO FRQFHSFLRQHVPHVLiQLFDVGHODVHWQLDVGH
&X]FRSUREDEOHPHQWHHODxRHOFXiO ODVHOYDFHQWUDO3DUDORV\iQHVKDVHUDXQ
GLULJLyXQDLPSRUWDQWHUHEHOLyQLQGtJHQD HQYLDGRGH<RPSRU5RUQXHVWUR3DGUHHO
HQHO9LUUHLQDWRGHO3HU~(QFLFORSHGLDGH 6RO
6HJ~QODFRQFHSFLyQ\iQHVKDFXDQGR<XSDF<XSDQF\ +XDQVFDUQRSXGLHURQ
FHUUDUHOFHUURYLQLHURQORVHVSDxROHVDPDWDUQRV\HPSH]DURQDDEXVDUQRVYLRODU
QRVPDWDUQRVHPSH]DURQDSROLWL]DUORVFDGDXQRDVKiQLQNDV\iQHVKDVDFDxH
SRFDxRVFDVKLERVFDGDXQRWHQtDVXOtPLWH\VLXQRSDVDEDSRUHOODGRGHORWUROR
PDWDEDQDSDUWHTXHHVWDPRVSHOHDGRVHQWUHLQGtJHQDVYLQLHURQORVHVSDxROHV\
IXHSXUDYLROHQFLD
<RPSRU6DQWRHVKXPDQRFRPRQRVRWURVVRODPHQWHSRUTXHHOYLQRDGHIHQGHUQRV
VHOHGLRHOWtWXORGH<RPSRUSRUTXHQRVRWURVHVWDPRVSHOHDGRVHQWUHDVKiQLQNDV
FRQLERSHURVLQHPEDUJRHVWH<RPSRU6DQWROOHJyHQWRQFHVHPSH]yDHQWUHWHQHU
QRVpOVDEtDORVLGLRPDV\iQHVKDDVKiQLQNDHQWRQFHVHPSH]yDKDFHUQRVMXJDU
FDQWDUHPSH]yKDFHUQRVMXHJRVFRQSDQFDSDQFDFRQRQGDDVtQRVHQWUHWHQtD
HQWRQFHVOODPyDDVKiQLQNDVD\iQHVKDVDDJXDM~QQRVKDKHUPDQDGRQRVKD
XQLGRQRVKDKHFKRSXHEOR\\DKDKDELGRXQDDPLVWDG\DQRKDEtDXQUHQFRU
HQWUHWRGRVQRVDEHPRVFXiQWRVKDQSDVDGRGHHVRSRUTXHODKLVWRULDHVRUDOOD
FRVDHVTXH\DQRVKHPRVIDPLOLDUL]DGRWRGRVORVLQGtJHQDVDFiHQODVHOYDFHQWUDO
6XPDGUH<DFKRU3DOODUORPDQGyDOOtDOPHGLRGHODWLHUUDHQ³0HWUDUR´DKtLEDD
HVWDUDKtKDHVWDGRDKtQRVKDUHXQLGRDWRGRVKDKHFKRVXWHPSORQRVKDFtD
/DVGRVKLVWRULDVWLHQHQHQFRP~QTXHQRV VHUUSDUxDWVDOJXQRVFRUQHVKDVKDQDFFH
FDQWDUMXJDUHQWUHWHQHUQRVFRQOD¿QDOLGDGTXHQRVKDJDDPLVWDUXQDYH]DPLV
KDEODQGH SHUVRQDMHVTXHKDQH[LVWLGR\ GLGR D UHVSRQGHU PLV SUHJXQWDV D
WDGRVKDSODQL¿FDGRKDEtDXQJUXSRGHFHQWLQHODVTXHHVWDEDKDFLHQGRKLHUURXQD
TXHVDEHPRVSRUGRFXPHQWRVKLVWyULFRV FRQWDUPHQXHYDVKLVWRULDVODKLVWRULDGHO
YH]\DQRVKHPRVKHUPDQDGRWRGRXQGtDQRVGLMRDVtFRPRKHPRVMXJDGRKHPRV
FRPR FDUWDV HVFULWDV SRU H[SORUDGRUHV DVKiQLQND
FDQWDGRDVtYDPRVDGHIHQGHUSHURFRPRKDQGHVREHGHFLGRpOWDPELpQQRVDEtD
TXH HVWXYLHURQ HQ OD ]RQD \iQHVKD /DPXHUWHGH&DOGHUyQHVFODYHHQODFRQV
TXHDOTXHKDHOHJLGRFRPRVXEUD]RGHUHFKRHVXQEUXMR³SVL\H´TXHHVXQEUXMR\
WDPELpQQRVPXHVWUDQTXHDSDUWLUGHXQ WUXFFLyQ GH VHUUSDUxDWV SXHV VX PXHUWH
pOQRVDEtDTXHHUDVXDPLJRLQWLPRTXHpOKDHOHJLGR)LQDOPHQWH\DQRVKDQ
KHFKR UHDO ODV KLVWRULDV YDQ FREUDQGR IXH HO FRPLHQ]R GH OD JXHUUD HQWUH HO
OOHYDGRDWRGRVDGHIHQGHUQXHVWURVGHUHFKRVFRPRLQGtJHQDVIUHQWHDORVHVSDxR
PDWLFHVPiJLFRVPHFDQLVPRTXHD\XGDD 057$HOHMpUFLWRDVKiQLQND\HOHMpUFLWR
OHVFRPRHO\DKDEtDHVWDGRDKt\VDEtDORVVHFUHWRVGHODJXHUUDHPSH]DURQD
UHIRU]DU VX UHFXHUGR )LQDOPHQWH YHPRV SHUXDQRYLpQGRVHORV\iQHVKDVHQPHGLR
DJDUUDUJHQWHTXHVRQIXHUWHVFRPR\iQHVKDVDVKiQLQNDVFRQFHQWUDGRVFXUDGRV
FRPR HQ ODV KLVWRULDV OHV RWRUJDQ XQ GHHVWDOXFKD$HVWRVHDJUHJDDOJRVXPD
SDUDODJXHUUDRUJDQL]yELHQSRUKDFHUHVROHGHFLPRV<RPSRUSRUTXHTXLpQKD
FDUiFWHUGLYLQRDHVWRVSHUVRQDMHV PHQWHLPSRUWDQWHQXQFDVHHQFRQWUyVX
WHQLGRHOSRGHUGHKDFHUHVRVLHVWDPRVSHOHDGRVPDWiQGRQRVHQWUHLQGtJHQDV
FXHUSRVLWXDFLyQLQTXLHWDQWHTXHJHQHUD
)LQDOPHQWHORVH[SXOVDPRVHOORVFRPRQRVGRPLQDQSRUDUPDVDGHPiVXQGtDHQ
HO~OWLPRMXHJRSDUWLFLSDVXDPLJREUXMRDpOQDGLHORSHVFDED\HOEUXMRGH
$OHMDQGUR&DOGHUyQVX OD FUHDFLyQ GH ODV VHUUSDUxDWV SXHV ORV
UHSHQWHOHGLFH\RVLWHSHVFRFRPRQDGLHOHSHVFDD<RPSRU6DQWRHOEUXMRVDFyGH
LPSRUWDQFLD\ODFRQVWUXFFLyQ \iQHVKDVQHFHVLWDQXQFXHUSRItVLFRSDUD
VXPRUUDOSDUHFHDFKRWHHPSH]yDXQWDUKDEtDVLGRXQKXHVR\YHUGDGOHGLRD
GHQXHYDVVHUUSDUxDWV VDEHU TXp VXFHGLy FRQ XQD SHUVRQD
DGHPiVGHTXHVLJXLHQGRD-HOLQVLHPSUH
<RPSRU6DQWRORGLRIXHUWHGHDKtHVORTXHORKDKHULGRFRPRORKDKHULGRpOVH
(QODGpFDGDGHHOIUHQWHGHOD6HOYD VHQHFHVLWDXQFXHUSRSDUDORJUDUDFHSWDU
HVFDSyHOEUXMRHQWRQFHV<RPSRU6DQWR\DHVWDEDSRUPRULUVHEXVFDDPLDPLJR
&HQWUDOGHO057$ KL]R VXLQJUHVRD OD XQD PXHUWH SDUD YHODU \ KDFHU HO GXHOR
OHVGLMRSHURQROHGLJDQQDGDTXHHVWR\HQIHUPRTXHVLJRDWHQGLHQGRDODJHQWH
]RQDGHO3DOFD]~GDQGRLQLFLRDXQDpSRFD -HOLQ
PDQGyDD¿ODUXQPDFKHWHGHGRV¿ORVHQWRQFHVVHIXHURQDEXVFDUOR\ORWUDMHURQ
TXH URPSLy HO RUGHQ VRFLDO GHO SXHEOR /DVHQWUHYLVWDVQRVSHUPLWLHURQLGHQWL¿FDU
YLQRGRQGHHVWDPLKHUPDQRGLMRHOEUXMRHVWiVXELHQGRODHVFDOHUDORHVWDEDQ
\iQHVKD'RVVRQORVKHFKRVTXHSULQFL GLYHUVDV YHUVLRQHV VREUH HO VHFXHVWUR GH
HVSHUDQGRFRQHOPDFKHWHD¿ODGRQLELHQVHDSDUHFLyORFRUWyVXFDEH]D\VHYROy
SDOPHQWH VH UHFXHUGDQ OD PXHUWH GH $OHMDQGUR &DOGHUyQ SRU SDUWH GH XQD
FRPRSLFDÀRUVHKDKHFKRVHYROYLyXQSLFDÀRUPDODJHURTXHOODPDPRVHQOD
$OHMDQGUR&DOGHUyQ\ODFRQIRUPDFLyQGHO FROXPQDGHO 057$$QDOL]DPRVGRV GH
VHOYDHQWRQFHVHUDXQEUXMR3DUDORV\iQHVKDVHO<RPSRU6DQWRVHGHVDSDUHFLyHQ
HMHUFLWRDVKiQLQNDDPERVKHFKRVUHODFLR HOODVTXHWLHQHQHOPLVPRFRPLHQ]RSHUR
VXWDULPDTXHHVWDEDHQIHUPRPiVVLVDEHPRVTXHpOUHJUHVRDVXPDGUHSDUDORV
QDGRV+DQSDVDGRPiVGHDxRVGHOD TXH FDPELDQ D SDUWLU GH OD KXLGD GH
\iQHVKDVQRKD\XQVLWLRGRQGHHQWHUUDURQD<RPSRU6DQWRVLQRGLFHTXHSDUDORV
PXHUWH GH &DOGHUyQ \ VXV SDVRV VLJXHQ &DOGHUyQGHOFDPSDPHQWRGH(O&KDSD
\iQHVKDVTXHVHUHJUHVyDVXPDGUHDKtVHGHVDSDUHFLyVRODPHQWHORTXHGHMyHVVX
SUHVHQWHV+HUHFRJLGRKLVWRULDVGLYHUVDV UUDO
FXVKPD\ORWHQtDPRVFDQWDQGRPXFKRWLHPSRSHURHVDFXVKPDQRVODUREDURQORV
KHUPDQRV QRPDWVLJXHQJD QRV OD UREDURQ DKt WHUPLQD OD KLVWRULD GH <RPSRU
6DQWR´(QWUHYLVWDD(%
&RUQHVKDOtGHUUHOLJLRVR\SROtWLFR\iQHVKD
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
SHUVRQDMHTXHVHVXPDDODODUJDWUDGLFLyQ
GHKLVWRULDV\iQHVKDV6HWUDWDGHXQOtGHU
DVKiQLQNDGHQRPEUH$OHMDQGUR&DOGHUyQ
UHVSRQVDEOHGHJHQHUDUXQQXHYRGHVRUGHQ
VRFLDO GHELGR DO LQWHQWR GH UHVFDWDUOR \
UHFXSHUDUVXFXHUSR'HVSXpVGHODLQWH
JUDFLyQHQWUHORVGLYHUVRVSXHEORVDPD]y
QLFRVTXHVHGLRFRQ<RPSRU6DQWRYLQR
XQD pSRFD GH VHSDUDFLyQ \ OXFKD HQWUH
\iQHVKDV \ DVKiQLQNDV OD TXH FRQFOX\y
FRQ OD IRUPDFLyQ GHO HMpUFLWR DVKiQLQND
SDUDH[SXOVDUDORVPLHPEURVGHO057$
GH VX WHUULWRULR TXH SURGXMR XQD QXHYD
DOLDQ]DHQWUHHVWRVGRVSXHEORV
)XHURQWUHVOtGHUHVGH$1$3VHFXHVWUDGRVSRUHO057$$OHMDQGUR&DOGHUyQ&KDXFD\&DYHUR'HORVWUHVHO~QLFRTXHORJUyHVFDSDUIXH&DYHURTXLpQIDOOHFLyGHFDXVDVQDWXUDOHVHODxR
/RV\iQHVKDVGHQRPLQDEDQDORVPLHPEURVGHO057$FRPRORVQHJURVRWXSDFKRVSXHVHQHO3DOFD]XVHHQFRQWUDEDODGHQRPLQDGDFROXPQD³$PpULFD´FDUDFWHUtVWLFDSRUVXURSDFRPSOHWDPHQWHQHJUD\XVDUSDVDPRQWDxDV
/DFROXPQD$PpULFDHVWDEDFRPSXHVWDSRUPLHPEURVGHO057$\DOLDGRVGH$PpULFD/DWLQD
9ROYHUDOtQGLFH
6 '(%$7(61RXQDVLQRPXFKDVPHPRULDV
(V GLItFLO TXH XQD SHUVRQD \iQHVKD IXWXUR KD\ TXH ROYLGDU HO SDVDGR HQ XQ GLYLQRGRQGH HO KRPEUHYD PiV DOOi GH TXHQXQFDUHFXSHUDQHOFXHUSRGH&DOGH
UHVSRQGDFRQIDFLOLGDGUHVSHFWRGHTXpIXH JHVWR GH LQDXJXUDFLyQ GH FRPLHQ]R GH HVWH PXQGR YD FRQ WRGR \ FXHUSR DO UyQODKLVWRULDVHJXLUiWUDQVIRUPiQGRVH\
ORTXHVXFHGLyHQDTXHOORVDxRVSRUPiV UHFRPLHQ]R´ 5LFRHXU ORV PXQGRGRQGHPRUDQORVHVStULWXV\VLHV FDPELDQGRFRQHOWLHPSR
TXH IXHUDQ SDUWLFLSDQWHV GLUHFWRV GHO PD\RUHV QR KDQ TXHULGR FRQWDU HVWD
FRQÀLFWR DUPDGR LQWHUQR 3HUR VL VH KLVWRULD D ORV MyYHQHV SXHV HOORV VRQ HO
FDPELD OD SUHJXQWD SRU ¢TXLpQ HV IXWXUR\ORVFRQVLGHUDQORV³LQRFHQWHV´
$OHMDQGUR &DOGHUyQ" WRGRV WHQGUiQ XQD ORVTXHWLHQHQTXHUHFRPHQ]DUODKLVWRULD
&DUORV*DVWHOXPHQGL
UHVSXHVWDTXHGDUXQDKLVWRULDTXHFRQWDU GHOSXHEOR
VREUHTXLpQHVVREUHORTXHVXFHGtDHQHVD /DULYDOLGDGDQFHVWUDOHQWUHDVKiQLQNDV\
pSRFD\WDPELpQVREUHVXSDUDGHURDFWXDO \iQHVKDV VH UHSURGXMR HQ HO FRQÀLFWR
/RVUHFXHUGRVGHORV\iQHVKDVQRVHYDQ DUPDGRLQWHUQRSXHVDOOOHJDUHOHMpUFLWR
HVWUXFWXUDQGR FRPR HQ ODV VRFLHGDGHV DVKiQLQND D UHFXSHUDU HO FXHUSR GH
RFFLGHQWDOL]DGDVTXHWUDWDQGHFRQVHUYDU $OHMDQGUR&DOGHUyQOD YLROHQFLDTXH \D
OD KLVWRULD UHFXUULHQGRD IHFKDV DFWRUHV GHSRUVLHVWDEDGHVDWDSRUODSUHVHQFLDGHO
KLWRV PXVHRV R GLYHUVRPDWHULDOJUi¿FR 057$ FREUy VX Pi[LPD H[SUHVLyQ
TXH SHUPLWH XQD UHFRQVWUXFFLyQ EDMR HO SURYRFDQGRKHFKRVWHUULEOHVFRPRIXHHO
VXSXHVWRGHVHUFHUFDQDDODUHDOLGDG/RV REOLJDUDFRPXQLGDGHVHQWHUDVDVDOLUGHVX
\iQHVKDVUHFXHUGDQD WUDYpVGH KLVWRULDV FRPXQLGDGSDUDFRPSUREDUTXHQRH[LV
TXHDFWLYDQODPHPRULDFDGDYH]GRQGHHO WtDQ PLOLWDQWHV GHO 057$ HQ HOODV
UHDOLVPRQRHVIXQGDPHQWDOVLQRODVLPER WHQHUORV HQ XQD HVSHFLH GH FDPSR GH
ORJtDUHFUHDGDHQFDGDRSRUWXQLGDGGRQGH FRQFHQWUDFLyQHQ+DVZDOGGRQGHKL]RVX
FDGDKLVWRULDRFXSDXQOXJDUItVLFRGHWHU EDVHHOHMpUFLWRDVKiQLQNDRLQWHUURJDUORV
PLQDGRTXHOHGDVHQWLGRFRPRVXJLHUH HQ HO LGLRPD DVKiQLQND FXDQGR HOORV
3LHUUH 1RUD UHVSHFWR GH ORV OXJDUHV GH KDEODEDQ HQ \iQHVKD OR TXH KL]R FDVL
PHPRULD HQ HO FDVR GH <RPSRU 6DQWR LPSRVLEOH HO HQWHQGLPLHQWRHQWUH DPERV
0HWUHDUR HQ HO FDVR GH &DOGHUyQ (O JUXSRV
&KDSDUUDO (Q OD KLVWRULD GH $OHMDQGUR 6LQGXGDHVWHHYHQWRDFUHFHQWyODVULYDOL
&DOGHUyQORVHQWUHYLVWDGRVWHQtDQFRQRFL GDGHVDQFHVWUDOHVSHURWDPELpQKL]RTXH
PLHQWRGH OD XELFDFLyQGH (O &KDSDUUDO OD¿JXUDGH$OHMDQGUR&DOGHUyQVHWRUQDUD
FRQWDEDQ OD KLVWRULD SOHQD GH GHWDOOHV HPEOHPiWLFD \ SRU PiV TXH HO 057$
VREUH HO VLWLR DXQTXH KR\ VHD XQD ]RQD DVXPLyODUHVSRQVDELOLGDGSRUVXPXHUWH\
GRQGHQLQJ~Q\iQHVKDVHDWUHYHDYLYLU\ TXHOD&RPLVLyQGHOD9HUGDG\5HFRQFL
HVWpLQKDELWDGD OLDFLyQHQVX,QIRUPH¿QDOWDPELpQFRUUR
&DGD SREODGRU FRQRFH OD KLVWRULD GH ERUyHVWDYHUVLyQORV\iQHVKDVVHQLHJDQD
$OHMDQGUR&DOGHUyQ\TXpHVORTXHKL]R FUHHUHQVXPXHUWH(VHQHVWHSXQWRGRQGH
SXHV HQ YLGD JDQy SUHVWLJLR VRFLDO SRU OD KLVWRULD GH &DOGHUyQ GHMD GH VHU XQ
KDEHU VLGR XQR GH ORV IXQGDGRUHV GH OD UHODWRUHDOLVWD\SDVDDFRQYHUWLUVHHQXQ
$VRFLDFLyQ GH 1DFLRQDOLGDGHV $VKi SHUVRQDMH GLJQR GH VHU FRQWDGR HQ XQD
QLQNDVGHO3HU~$1$3(UDXQDSHUVRQD VHUUSDUxDWVSXHVpOSDUDORV\DQHVKDVTXH
XQL¿FDGRUD R FRQFHUWDGRUD FXDOLGDGHV OR UHFXHUGDQ KDEUtD ORJUDGR KXLU GH XQ
TXH SDUD ORV \iQHVKDV VRQ YDOLRVDV 6X ERPEDUGHR GRQGH QR TXHGy YLYR FDVL
GHVDSDULFLyQHQ PDQRVGH ORV PLHPEURV QLQJ~QPLHPEURGHO057$
GHO057$KDWHQLGRXQJUDQVLJQL¿FDGR 2WURSXQWRLQWHUHVDQWHHQHODQiOLVLVGHOD
SRUTXHIXHXQRGHORVSULQFLSDOHVPRWLYRV KLVWRULDGH&DOGHUyQHVODLPSRUWDQFLDGHO
GHO OHYDQWDPLHQWR DVKiQLQND \ GH OD FXHUSRWDQWRSDUDORV\iQHVKDVFRPRSDUD
PXHUWHGHPXFKRVGHHOORV/DQHFHVLGDG ORV DVKiQLQNDV (Q HO FDVR GH ORV DVKi
GHO SXHEOR GH UHFRUGDU HVWH DFRQWHFL QLQNDV VX OHYDQWDPLHQWR HPSLH]D SRU OD
PLHQWRJHQHUyXQDQXHYDVHUUSDUxDWVOD UHFXSHUDFLyQ GH HVWH FXHUSR SDUD SRGHU
TXH VHJXLUi SDVDQGR GH JHQHUDFLyQ HQ HQWHUUDUOR \ TXH GHVFDQVH HQ SD] (Q HO
%LEOLRJUDItDFLWDGD
JHQHUDFLyQ FDVR GH ORV \iQHVKDV DO QR HQFRQWUDUVH (QFLFORSHGLDGH+LVWRULDGHO3HU~/LPD(GLWRULDO%UXxR
HVWH FXHUSR FRPLHQ]DQ D WHMHU UHODWRV -(/,1(OL]DEHWK
&ODVHV\0RYLPLHQWRV6RFLDOHVHQ$PpULFD/DWLQDSHUVSHFWLYDV\UHDOLGDGHV%XHQRV$LUHV&HQWURGH
&RQFOXVLRQHV VREUH VX SRVLEOH SDUDGHUR WRGRV HOORV (VWXGLRVGH(VWDGR\6RFLHGDG&HGHV
OHMRVGHO WHUULWRULR\iQHVKD/R FLHUWRHV /RVWUDEDMRVGHODPHPRULD%XHQRV$LUHV6LJOR9HLQWLXQRGH(VSDxD\GHDUJHQWLQDHGLWRUHV
125$3LHUUH
/RVROYLGRVHQODVFRPXQLGDGHV\iQHVKDV TXH WDQWR \iQHVKDV FRPR DVKiQLQNDV /HV/LHX[GHVPpPRLUH0RQWHYLGHR(GLFLRQHV7ULOFH
KDQDGTXLULGRPD\RUSUHVHQFLDORTXHVH HVSHUDQTXHXQGtD&DOGHUyQUHWRUQHDOD 5,&2(853DXO
+LVWRULD0HPRULD\2OYLGR0DGULG(GLWRULDO7URWWD
DSUHFLD HQ HO GHVFRQRFLPLHQWR GH ODV FRPXQLGDG\FXHQWHVXSURSLDKLVWRULD(O 6$1726*5$1(52)HUQDQGR
(OSRGHUGHODPRUSRGHUFRQRFLPLHQWR\PRUDOLGDGHQWUHORV$PXHVKDGHOD6HOYD&HQWUDOGHO3HU~
QXHYDVJHQHUDFLRQHVGH\iQHVKDVVREUHOD KDEHUGHVDSDUHFLGROHSXHGHGDUD&DOGH 4XLWR%LEOLRWHFD$E\D<DOD
DQWLJXDSUHVHQFLDGHO057$HQOD]RQD UyQFRPROHGLRD(QF\D<RPSRU6DQWR 9$5(6(6WHIDQR
/D 6DO GH ORV &HUURV 5HVLVWHQFLDV \ XWRStDV HQ OD$PD]RQtD 3HUXDQD /LPD )RQGR (GLWRULDO GHO
6LJXLHQGR D 5LFRHXU ³SDUD DEUD]DU HO HQ VX pSRFD XQ FDUiFWHU GLYLQR R VHPL &RQJUHVRGHO3HU~
9ROYHUDOtQGLFH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV 6
5(6(f$
(1680$12326(23$5$
(;35(6$50,08(57(
6,120,9,'$
5RVD9HUD
,QVWLWXWRGH(VWXGLRV3HUXDQRV
3DUDIUDVHRDTXpOSRHPDGHOLQPRUWDO9DOOHMRWLWXODGR(QVXPDQRSRVHRSDUDH[SUHVDUPLYLGDVLQRPLPXHUWH,QYHUWtGRVFRQFHSWRVYLGD\PXHUWHSXHVVLHQWRTXH&DUORV,YiQH[SUHVyVXYLGDDORODUJRGHWRGDVXREUD
(OWtWXORFRPSOHWRGHHVWHYROXPHQHV4XpGLItFLOHVVHU'LRV(O3DUWLGR&RPXQLVWDGHO3HU~±6HQGHUR/XPLQRVR\HOFRQÀLFWRDUPDGRLQWHUQRHQHO3HU~±,(3UD(G6HWUDWHGHOSULPHU
YROXPHQGHODVREUDVHVFRJLGDVHQVHUSXEOLFDGR5HFXHUGRPX\ELHQHOURVWURGH&DUORV,YiQFXDQGROHOOHYDURQHVHWH[WRKDEtDQRVyORIHOLFLGDGSHURXQDH[WUDxDFHUWH]DGHTXHKDEtDYDOLGRODSHQD
3ULPHULDVHFXQGDULD\XQLYHUVLWDULD
³'HO0LWRGH,QNDUUtDO0LWRGHO3URJUHVRSREODFLRQHVDQGLQDVFXOWXUDHLGHQWLGDGQDFLRQDO´HQ'HOPLWRGH,QNDUUtDOPLWRGHOSURJUHVR0LJUDFLyQ\FDPELRVFXOWXUDOHV&DUORV,YiQ'HJUHJRUL2EUDVHVFRJLGDV
,,,,(33J
'XUDQWHPLHVWDQFLDVyORORVYLRIUHFHUJDOOHWDVGHVRGDHQHOGHVD\XQR
(QHOWRPR9,,GHODV2EUDVHVFRJLGDVWLWXODGR(OVXUJLPLHQWRGH6HQGHUR/XPLQRVR$\DFXFKR±,(3&DUORV,YiQHVFULEHXQFDStWXORWLWXODGR³¢4XLpQVHDFXHUGDGH$\DFXFKR"´GyQGHQRVGLFH
TXHSRUPRPHQWRV$\DFXFKRSDUHFHHVWDUXELFDGRHQXQSODQRDSDUWHHQGRQGHSDUHFHQRLQWHUFHSWDUVHFRQHOUHVWRGHOSDtV&UHRTXHKD\DOJRGHFLHUWRHQHVWR$\DFXFKR\RWUDVUHJLRQHVQRVyORHVWiQGLVWDQWHVHQHO
LPDJLQDULRGHODVFLHQFLDVVRFLDOHVVLQRTXHWDPELpQHQHOGHODSROtWLFD
9ROYHUDOtQGLFH