You are on page 1of 86




,PSDFWR


/D HVFDOD \ OD DPSOLWXG GH OD FUHFLHQWH UHYROXFL³Q WHFQRO³JLFD SURGXFLU¡Q
FDPELRV HFRQ³PLFRV VRFLDOHV \ FXOWXUDOHV GH SURSRUFLRQHV WDQ IHQRPHQDOHV
TXH VRQ FDVL LPSRVLEOHV GH SUHYHU 6LQ HPEDUJR HVWH FDS­WXOR GHVFULEH \
DQDOL]DHOLPSDFWRSRWHQFLDOGHODFXDUWDUHYROXFL³QLQGXVWULDOHQODHFRQRP­D
ORVQHJRFLRVORVJRELHUQRV\SD­VHVODVRFLHGDG\ORVLQGLYLGXRV
(Q WRGRV HVWRV ¡PELWRV XQR GH ORV PD\RUHV LPSDFWRV SUREDEOHPHQWH
UHVXOWDU¡ GH XQD VROD IXHU]D HO HPSRGHUDPLHQWR ߚF³PR ORV JRELHUQRV VH
UHODFLRQDU¡QFRQVXVFLXGDGDQRVF³PRODVHPSUHVDVVHUHODFLRQDU¡QFRQVXV
HPSOHDGRVDFFLRQLVWDV\FOLHQWHVRF³PRODVVXSHUSRWHQFLDVVHUHODFLRQDU¡Q
FRQSD­VHVP¡VSHTXH±RVߚ/DGLVUXSFL³QTXHODFXDUWDUHYROXFL³QLQGXVWULDO
VXSRQGU¡ SDUD ORV PRGHORV SRO­WLFRV HFRQ³PLFRV \ VRFLDOHV H[LVWHQWHV
UHTXHULU¡ SRU WDQWR TXH ORV DFWRUHV HPSRGHUDGRV UHFRQR]FDQ TXH VRQ SDUWH
GHXQVLVWHPDGLVWULEXLGRGHSRGHUTXHQHFHVLWDIRUPDVP¡VFRODERUDWLYDVGH
LQWHUDFFL³QSDUDDOFDQ]DUHO©[LWR


(&2120$

/D FXDUWD UHYROXFL³Q LQGXVWULDO WHQGU¡ XQ LPSDFWR PRQXPHQWDO HQ OD
HFRQRP­DPXQGLDOWDQYDVWR\PXOWLIDF©WLFRTXHKDU¡GLI­FLOGLIHUHQFLDUDOJºQ
HIHFWRSDUWLFXODUGHORVGHP¡V'HKHFKRWRGDVODVJUDQGHVPDFURYDULDEOHVHQ
TXH XQR SXHGD SHQVDU ߚ3,% LQYHUVL³Q FRQVXPR HPSOHR FRPHUFLR
LQIODFL³Q\GHP¡VߚUHVXOWDU¡QDIHFWDGDV+HGHFLGLGRFHQWUDUPHVRORHQODV
GRV GLPHQVLRQHV P¡V FU­WLFDV HO FUHFLPLHQWR HQ JUDQ SDUWH D WUDY©V GH OD
OHQWHGHVXGHWHUPLQDQWHDODUJRSOD]RODSURGXFWLYLGDG \HOHPSOHR


&UHFLPLHQWR

(O LPSDFWR TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO WHQGU¡ HQ HO FUHFLPLHQWR
HFRQ³PLFR HV XQ WHPD TXH GLYLGH D ORV HFRQRPLVWDV 3RU XQ ODGR ORV
WHFQRSHVLPLVWDVDUJXPHQWDQTXH\DVHKDQKHFKRODVDSRUWDFLRQHVFU­WLFDVGH
OD UHYROXFL³Q GLJLWDO \ TXH VX LPSDFWR VREUH OD SURGXFWLYLGDG \D FDVL KD
ILQDOL]DGR (Q HO FDPSR RSXHVWR ORV WHFQRRSWLPLVWDV DILUPDQ TXH OD
WHFQRORJ­D \ OD LQQRYDFL³Q VH HQFXHQWUDQ HQ XQ SXQWR GH LQIOH[L³Q \ TXH
SURQWR GHVDWDU¡Q XQ DXPHQWR GH OD SURGXFWLYLGDG \ XQ PD\RU FUHFLPLHQWR
HFRQ³PLFR
$XQTXHDFHSWRDVSHFWRVGHDPERVEDQGRVGHODGLVFXVL³QVLJRVLHQGRXQ
RSWLPLVWDSUDJP¡WLFR6R\PX\FRQVFLHQWHGHOSRVLEOHLPSDFWRGHIODFLRQDULR
GH OD WHFQRORJ­D LQFOXVR FXDQGR HV GHILQLGR FRPR lGHIODFL³Q EXHQD{  \ GH
F³PRDOJXQRVGHVXVHIHFWRVGLVWULEXWLYRVSXHGHQIDYRUHFHUDOFDSLWDOVREUHHO
WUDEDMR\WDPEL©QUHGXFLUORVVDODULRV \SRUORWDQWRHOFRQVXPR 7DPEL©Q
YHR TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO OHV SHUPLWH D PXFKDV SHUVRQDV
FRQVXPLU P¡V D XQ PHQRU SUHFLR \ GH XQD PDQHUD TXH D PHQXGR YXHOYH HO
FRQVXPRP¡VVRVWHQLEOH\SRUORWDQWRUHVSRQVDEOH
(VLPSRUWDQWHFRQWH[WXDOL]DUORVSRVLEOHVLPSDFWRVGHODFXDUWDUHYROXFL³Q
LQGXVWULDO VREUH HO FUHFLPLHQWR FRQ UHVSHFWR D ODV WHQGHQFLDV HFRQ³PLFDV
UHFLHQWHV \ RWURV IDFWRUHV TXH FRQWULEX\HQ DO FUHFLPLHQWR (Q ORV D±RV
DQWHULRUHV D OD FULVLV HFRQ³PLFD \ ILQDQFLHUD TXH FRPHQ]³ HQ  OD
HFRQRP­DPXQGLDOHVWDEDFUHFLHQGRDXQULWPRFHUFDQRDOSRUFLHQWRDQXDO
6L HVWD WDVD KXELHUD VHJXLGR KDEU­D SHUPLWLGR TXH HO 3,% PXQGLDO VH
GXSOLFDUD FDGD FDWRUFH R TXLQFH D±RV VDFDQGR D PLOHV GH PLOORQHV GH
SHUVRQDVGHODSREUH]D
,QPHGLDWDPHQWH GHVSX©V GH OD *UDQ 5HFHVL³Q OD H[SHFWDWLYD GH TXH OD
HFRQRP­D PXQGLDO YROYHU­D D VX DQWHULRU SDXWD GH FUHFLPLHQWR HUD
JHQHUDOL]DGD3HURHVWRQRKDRFXUULGR/DHFRQRP­DPXQGLDOSDUHFHSHJDGDD
XQD WDVD GH FUHFLPLHQWR LQIHULRU DO SURPHGLR GH SRVJXHUUD XQ  R  SRU
FLHQWRDOD±R
$OJXQRV HFRQRPLVWDV KDQ SODQWHDGR OD SRVLELOLGDG GH XQD lGHSUHVL³Q
FHQWHQDULD{ \ KDEODQ GH XQ lHVWDQFDPLHQWR VHFXODU{ XQ W©UPLQR DFX±DGR
GXUDQWHOD*UDQ'HSUHVL³QSRU$OYLQ+DQVHQ\UHFLHQWHPHQWHSXHVWRGHPRGD
SRU ORV HFRQRPLVWDV /DUU\ 6XPPHUV \ 3DXO .UXJPDQ (O lHVWDQFDPLHQWR
VHFXODU{GHVFULEHXQDVLWXDFL³QGHFD­GDVSHUVLVWHQWHVGHODGHPDQGDTXHQR
SXHGHVHUVXSHUDGDLQFOXVRFRQWLSRVGHLQWHU©VFHUFDQRVDFHUR$XQTXHHVWD
LGHD HV REMHWR GH GLVSXWDV HQWUH DFDG©PLFRV WLHQH LPSOLFDFLRQHV
WUDVFHQGHQWDOHV 'H VHU FLHUWD VXJLHUH TXH HO FUHFLPLHQWR GHO 3,% JOREDO
SRGU­DGLVPLQXLUDºQP¡V3RGHPRVLPDJLQDUXQHVFHQDULRH[WUHPRHQHOTXH
HOFUHFLPLHQWRDQXDOGHO3,%JOREDOFDLJDDOSRUFLHQWRORTXHVLJQLILFDU­D
TXHVHU­DQQHFHVDULRVWUHLQWD\VHLVD±RVSDUDTXHHO3,%PXQGLDOVHGXSOLFDUD
+R\ HQ G­D KD\ PXFKDV H[SOLFDFLRQHV SDUD XQ FUHFLPLHQWR JOREDO P¡V
OHQWR TXH YDQ GHVGH XQD PDOD DVLJQDFL³Q GHO FDSLWDO KDVWD HO
VREUHHQGHXGDPLHQWR ORV FDPELRV GHPRJU¡ILFRV \ DV­ VXFHVLYDPHQWH
$ERUGDU© GRV GH HOODV HO HQYHMHFLPLHQWR \ OD SURGXFWLYLGDG \D TXH DPERV
HVW¡QSDUWLFXODUPHQWHHQWUHOD]DGRVFRQHOSURJUHVRWHFQRO³JLFR


(OHQYHMHFLPLHQWR

6HSUHY©TXHODSREODFL³QPXQGLDOFUH]FDGHPLOORQHVHQODDFWXDOLGDG
D  PLOORQHV KDFLD  \ D  PLOORQHV HQ  (VWR GHEHU­D
FRQGXFLU D XQ DXPHQWR GH OD GHPDQGD DJUHJDGD 3HUR KD\ RWUD SRGHURVD
WHQGHQFLD GHPRJU¡ILFD HO HQYHMHFLPLHQWR /D VDELGXU­D SRSXODU GLFH TXH HO
HQYHMHFLPLHQWR DIHFWD SULQFLSDOPHQWH D ORV SD­VHV ULFRV GH 2FFLGHQWH 6LQ
HPEDUJRHVWHQRHVHOFDVR/DVWDVDVGHQDWDOLGDGHVW¡QFD\HQGRSRUGHEDMR
GH ORV QLYHOHV GH VXVWLWXFL³Q HQ PXFKDV UHJLRQHV GHO PXQGR QR VROR HQ
(XURSDGRQGHFRPHQ]³HOGHFOLYHVLQRWDPEL©QHQODPD\RU­DGHORVSD­VHV
GH$P©ULFDGHO6XU\HO&DULEHHQJUDQSDUWHGH$VLDLQFOXLGRV&KLQD\HO
VXUGHOD,QGLD\HQDOJXQRVSD­VHVGH2ULHQWH3U³[LPR\IULFDGHO1RUWH
FRPR/­EDQR0DUUXHFRVH,U¡Q
(O HQYHMHFLPLHQWR HV XQ UHWR HFRQ³PLFR SRUTXH D PHQRV TXH OD HGDG GH
MXELODFL³Q VH LQFUHPHQWH GU¡VWLFDPHQWH GH IRUPD TXH ORV PLHPEURV P¡V
YLHMRV GH OD VRFLHGDG SXHGDQ VHJXLU FRQWULEX\HQGR D OD IXHU]D ODERUDO XQ
LPSHUDWLYR HFRQ³PLFR TXH WLHQH PXFKRV EHQHILFLRV HFRQ³PLFRV  OD
SREODFL³Q HQ HGDG GH WUDEDMDU FDHU¡ DO PLVPR WLHPSR TXH DXPHQWH HO
SRUFHQWDMH GH DQFLDQRV GHSHQGLHQWHV &XDQGR OD SREODFL³Q HQYHMHFH \ KD\
PHQRVDGXOWRVM³YHQHVODVFRPSUDVGHDUW­FXORVFDURVFRPRFDVDVPXHEOHV
YHK­FXORV\DSDUDWRVGLVPLQX\HQ$GLFLRQDOPHQWHPHQRVSHUVRQDVWRPDU¡Q
ULHVJRV HPSUHVDULDOHV SRUTXH ORV WUDEDMDGRUHV TXH HQYHMHFHQ WLHQGHQ D
SUHVHUYDU ORV ELHQHV TXH QHFHVLWDQ SDUD MXELODUVH F³PRGDPHQWH HQ OXJDU GH
FUHDUQXHYDVHPSUHVDV(VWRHVW¡XQWDQWRHTXLOLEUDGRSRUODJHQWHTXHVHHVW¡
MXELODQGR\UHGXFLHQGRVXVDKRUURVDFXPXODGRVVLWXDFL³QTXHHQHODJUHJDGR
GLVPLQX\HHODKRUUR\ODVWDVDVGHLQYHUVL³Q
(VWRV K¡ELWRV \ SDXWDV SXHGHQ FDPELDU GH GLUHFFL³Q D PHGLGD TXH ODV
VRFLHGDGHV TXH HQYHMHFHQ VH DGDSWDQ SHUR OD WHQGHQFLD JHQHUDO HV TXH XQ
PXQGRTXHHQYHMHFHHVW¡GHVWLQDGRDFUHFHUP¡VOHQWDPHQWHDPHQRVTXHOD
UHYROXFL³QWHFQRO³JLFDSURYRTXHXQPD\RUFUHFLPLHQWRGHODSURGXFWLYLGDG
GHILQLGDVLPSOHPHQWHFRPRODFDSDFLGDGSDUDWUDEDMDUP¡VLQWHOLJHQWHPHQWH
HQOXJDUGHP¡VGXUR
/DFXDUWDUHYROXFL³QLQGXVWULDOQRVSURSRUFLRQDODFDSDFLGDGSDUDYLYLUXQD
YLGD P¡V ODUJD P¡V VDOXGDEOH \ P¡V DFWLYD 'DGR TXH YLYLPRV HQ XQD
VRFLHGDGHQTXHVHHVSHUDTXHP¡VGHXQDFXDUWDSDUWHGHORVQL±RVQDFLGRV
KR\HQODVHFRQRP­DVDYDQ]DGDVOOHJXHQDYLYLUFLHQD±RVYDPRVDWHQHUTXH
UHSHQVDUWHPDVFRPRODHGDGSURGXFWLYD\GHMXELODFL³QGHODSREODFL³Q\ORV
SUR\HFWRV GH YLGD SHUVRQDOHV>@ /D GLILFXOWDG TXH PXFKRV SD­VHV HVW¡Q
H[SHULPHQWDQGRDOLQWHQWDUKDEODUGHHVWRVWHPDVHVRWUDPXHVWUDGHF³PRQR
HVWDPRV SUHSDUDGRV SDUD UHFRQRFHU GH PDQHUD DGHFXDGD \ SURDFWLYD ODV
IXHU]DVGHOFDPELR


/DSURGXFWLYLGDG

'XUDQWHODºOWLPDG©FDGDODSURGXFWLYLGDGHQWRGRHOPXQGRWDQWRVLVHPLGH
FRPRSURGXFWLYLGDGODERUDORFRPRSURGXFWLYLGDGWRWDOGHIDFWRUHV 37) VH
KD PDQWHQLGR EDMD D SHVDU GHO FUHFLPLHQWR H[SRQHQFLDO GHO SURJUHVR
WHFQRO³JLFR \ ODV LQYHUVLRQHV HQ LQQRYDFL³Q>@ (VWD HV OD HQFDUQDFL³Q P¡V
UHFLHQWH GH OD SDUDGRMD GH OD SURGXFWLYLGDG ߚHO IUDFDVR DSDUHQWH GH XQD
LQQRYDFL³QWHFQRO³JLFDTXHQRJHQHUDQLYHOHVP¡VDOWRVGHSURGXFWLYLGDGߚ\
XQRGHORVJUDQGHVHQLJPDVHFRQ³PLFRVGHKR\SUHYLRLQFOXVRDOLQLFLRGHOD
*UDQ5HFHVL³Q\SDUDHOFXDOQRH[LVWHXQDH[SOLFDFL³QVDWLVIDFWRULD
&RQVLGHUHPRV (VWDGRV 8QLGRV GRQGH OD SURGXFWLYLGDG ODERUDO FUHFL³ HQ
SURPHGLRXQSRUFLHQWRHQWUH\\XQSRUFLHQWRHQWUH
\HQFRPSDUDFL³QFRQHOSRUFLHQWRUHJLVWUDGRHQWUH\
>@*UDQSDUWHGHHVWDFD­GDVHGHEHDQLYHOHVP¡VEDMRVGH37)ODPHGLGD
P¡VFRPºQPHQWHDVRFLDGDFRQODFRQWULEXFL³QDODHILFLHQFLDTXHVXUJHGHOD
WHFQRORJ­D\ODLQQRYDFL³Q/D2ILFLQDGH(VWDG­VWLFDV/DERUDOHVGH(VWDGRV
8QLGRVLQGLFDTXHHOFUHFLPLHQWRGHOD37)HQWUH\IXHVRORGHO
 SRU FLHQWR XQD FD­GD VLJQLILFDWLYD HQ FRPSDUDFL³Q FRQ HO FUHFLPLHQWR
DQXDOGHOSRUFLHQWRHQHOSHU­RGRGHD>@(VWDGLVPLQXFL³Q
GH OD SURGXFWLYLGDG PHGLGD HV SDUWLFXODUPHQWH SUHRFXSDQWH GDGR TXH KD
RFXUULGR DO PLVPR WLHPSR TXH ODV FLQFXHQWD FRPSD±­DV P¡V JUDQGHV GH
(VWDGRV 8QLGRV DFXPXODEDQ DFWLYRV HQ HIHFWLYR SRU P¡V GH  ELOO³Q GH
G³ODUHVDSHVDUGHXQRVWLSRVGHLQWHU©VUHDOHVTXHKDQURQGDGRHOFHURSRU
FLHQWRGXUDQWHFDVLFLQFRD±RV>@
/DSURGXFWLYLGDGHVHOIDFWRUP¡VLPSRUWDQWHGHOFUHFLPLHQWRDODUJRSOD]R
\GHODXPHQWRGHOQLYHOGHYLGDSRUORTXHVXDXVHQFLDVLVHPDQWLHQHDOR
ODUJR GH OD FXDUWD UHYROXFL³Q LQGXVWULDO VLJQLILFD TXH WHQGUHPRV PHQRV GH
HVWRV EHQHILFLRV 6LQ HPEDUJR F³PR SRGHPRV FRQFLOLDU ORV GDWRV TXH
LQGLFDQ XQD SURGXFWLYLGDG GHFUHFLHQWH FRQ ODV H[SHFWDWLYDV GH XQD PD\RU
SURGXFWLYLGDGTXHWLHQGHQDVHUDVRFLDGDVFRQHOSURJUHVRH[SRQHQFLDOGHOD
WHFQRORJ­D\ODLQQRYDFL³Q"
8Q DUJXPHQWR LQLFLDO VH FHQWUD HQ OR GLI­FLO TXH UHVXOWD FXDQWLILFDU ORV
LQSXWV \ RXWSXWV \ SRU OR WDQWR YDORUDU OD SURGXFWLYLGDG /RV SURGXFWRV \
VHUYLFLRV LQQRYDGRUHV FUHDGRV HQ OD FXDUWD UHYROXFL³Q LQGXVWULDO SRVHHQ
VLJQLILFDWLYDPHQWH XQD PD\RU IXQFLRQDOLGDG \ FDOLGDG SHUR VH HQWUHJDQ HQ
PHUFDGRV TXH VRQ IXQGDPHQWDOPHQWH GLIHUHQWHV GH DTXHOORV TXH HVWDPRV
DFRVWXPEUDGRV D PHGLU 0XFKRV QXHYRV ELHQHV \ VHUYLFLRV QR WLHQHQ ULYDO
WLHQHQ FHUR FRVWRV PDUJLQDOHV \R VH GHVWDFDQ HQ PHUFDGRV EDVWDQWH
FRPSHWLWLYRVDWUDY©VGHSODWDIRUPDVGLJLWDOHVWRGRORFXDOGDOXJDUDSUHFLRV
P¡VEDMRV'DGDVHVWDVFLUFXQVWDQFLDVQXHVWUDVHVWDG­VWLFDVWUDGLFLRQDOHVELHQ
SRGU­DQ VHU LQFDSDFHV GH FDSWDU ORV DXPHQWRV UHDOHV GHO YDORU GDGR TXH HO
H[FHGHQWHGHOFRQVXPLGRUDºQQRVHUHIOHMDHQODVYHQWDVWRWDOHVRPHGLDQWH
JDQDQFLDVVXSHULRUHV
+DO 9DULDQ HFRQRPLVWD MHIH GH *RRJOH VH±DOD YDULRV HMHPSORV FRPR HO
DXPHQWR GH OD HILFLHQFLD DO VROLFLWDU XQ VHUYLFLR GH WD[L D WUDY©V GH XQD
DSOLFDFL³Q P³YLO R HO DOTXLOHU GH XQ YHK­FXOR D WUDY©V GHO SRGHU GH OD
HFRQRP­D EDMR GHPDQGD +D\ PXFKRV RWURV VHUYLFLRV VLPLODUHV FX\R XVR
WLHQGHDDXPHQWDUODHILFLHQFLD\SRUHQGHODSURGXFWLYLGDG3HURGDGRTXH
VRQ JUDWXLWRV SURSRUFLRQDQ XQ YDORU QR FRQWDELOL]DGR SDUD HO KRJDU \ HO
WUDEDMR (VWR FUHD XQD GLVFUHSDQFLD HQWUH HO YDORU HQWUHJDGR D WUDY©V GH XQ
GHWHUPLQDGR VHUYLFLR IUHQWH DO FUHFLPLHQWR PHGLGR VHJºQ ODV HVWDG­VWLFDV
QDFLRQDOHV7DPEL©QVXJLHUHTXHHQW©UPLQRVUHDOHVHVWDPRVSURGXFLHQGR\
FRQVXPLHQGRGHPDQHUDP¡VHILFLHQWHGHORTXHORVLQGLFDGRUHVHFRQ³PLFRV
VXJLHUHQ>@
2WURDUJXPHQWRHVTXHPLHQWUDVTXHORVLQFUHPHQWRVGHSURGXFWLYLGDGGH
ODWHUFHUDUHYROXFL³QLQGXVWULDOELHQSRGU­DQHVWDUDFDE¡QGRVHHOPXQGRDºQ
WLHQH TXH H[SHULPHQWDU HO HVWDOOLGR GH SURGXFWLYLGDG JHQHUDGR SRU OD ROHDGD
GH QXHYDV WHFQRORJ­DV VXUJLGDV HQ HO FRUD]³Q GH OD FXDUWD UHYROXFL³Q
LQGXVWULDO
3RUFLHUWRFRPRXQRSWLPLVWDSUDJP¡WLFRHVWR\SOHQDPHQWHFRQYHQFLGRGH
TXHDSHQDVHVWDPRVHPSH]DQGRDVHQWLUHOLPSDFWRSRVLWLYRHQHOPXQGRTXH
SXHGH WHQHU OD FXDUWD UHYROXFL³Q LQGXVWULDO 0L RSWLPLVPR VH GHULYD GH WUHV
IXHQWHVSULQFLSDOHV
(Q SULPHU OXJDU OD FXDUWD UHYROXFL³Q LQGXVWULDO RIUHFH OD RSRUWXQLGDG GH
LQFRUSRUDU D OD HFRQRP­D PXQGLDO ODV QHFHVLGDGHV LQVDWLVIHFKDV GH GRV PLO
PLOORQHV GH SHUVRQDV OR TXH PRWLYD XQD GHPDQGD DGLFLRQDO GH SURGXFWRV \
VHUYLFLRV H[LVWHQWHV PHGLDQWH HO HPSRGHUDPLHQWR \ OD FRQH[L³Q HQWUH V­ GH
SHUVRQDV\FRPXQLGDGHVHQWRGRHOPXQGR
(Q VHJXQGR OXJDU DXPHQWDU¡ HQ JUDQ PHGLGD QXHVWUD FDSDFLGDG GH
HQIUHQWDUQRV D ODV H[WHUQDOLGDGHV QHJDWLYDV \ HQ HO SURFHVR DXPHQWDU HO
SRWHQFLDOGHFUHFLPLHQWRHFRQ³PLFR7RPHPRVODVHPLVLRQHVGHFDUERQRXQD
LPSRUWDQWH H[WHUQDOLGDG QHJDWLYD FRPR HMHPSOR +DVWD KDFH SRFR OD
LQYHUVL³QYHUGHVRORHUDDWUDFWLYDFXDQGRHVWDEDIXHUWHPHQWHVXEYHQFLRQDGD
SRU ORV JRELHUQRV (VWH HV FDGD YH] PHQRV HO FDVR /RV U¡SLGRV DYDQFHV
WHFQRO³JLFRV HQ HQHUJ­D UHQRYDEOH HILFLHQFLD GH ORV FRPEXVWLEOHV \
DOPDFHQDPLHQWRGHHQHUJ­DQRVRORKDFHQTXHODLQYHUVL³QHQHVWRVFDPSRV
VHD FDGD YH] P¡V UHQWDEOH LPSXOVDQGR HO FUHFLPLHQWR GHO 3,% VLQR TXH
WDPEL©Q FRQWULEX\HQ D OD PLWLJDFL³Q GHO FDPELR FOLP¡WLFR XQR GH ORV
PD\RUHVGHVDI­RVJOREDOHVGHQXHVWURWLHPSR
(Q WHUFHU OXJDU FRPR H[SOLFR HQ HO SU³[LPR DSDUWDGR ODV HPSUHVDV ORV
JRELHUQRV\ORVO­GHUHVGHODVRFLHGDGFLYLOFRQTXLHQHVLQWHUDFWºRPHGLFHQ
TXH HVW¡Q OXFKDQGR SRU WUDQVIRUPDU VXV RUJDQL]DFLRQHV SDUD DOFDQ]DU
WRWDOPHQWHODHILFLHQFLDTXHRIUHFHQODVFDSDFLGDGHVGLJLWDOHV(VWDPRVDºQDO
SULQFLSLRGHODFXDUWDUHYROXFL³QLQGXVWULDO\HVWDUHTXHULU¡SRUFRPSOHWRGH
QXHYDVHVWUXFWXUDVHFRQ³PLFDV\RUJDQL]DWLYDVSDUDFDSWDUWRGRVXYDORU
(Q YHUGDG PL RSLQL³Q HV TXH ODV UHJODV GH OD FRPSHWLWLYLGDG HQ OD
HFRQRP­DGHODFXDUWDUHYROXFL³QLQGXVWULDOVRQGLIHUHQWHVGHODVGHSHU­RGRV
DQWHULRUHV 3DUD VHJXLU VLHQGR FRPSHWLWLYRV WDQWR ODV HPSUHVDV FRPR ORV
SD­VHVGHEHQXELFDUVHHQODIURQWHUDGHODLQQRYDFL³QHQWRGDVVXVIRUPDVOR
TXH VLJQLILFD TXH ODV HVWUDWHJLDV TXH VH FHQWUDQ SULQFLSDOPHQWH HQ OD
UHGXFFL³Q GH FRVWRV VHU¡Q PHQRV HILFDFHV TXH ODV TXH VH EDVHQ HQ RIUHFHU
SURGXFWRV\VHUYLFLRVGHPDQHUDVP¡VLQQRYDGRUDV&RPRYHPRVKR\HQG­D
ODV HPSUHVDV \D HVWDEOHFLGDV HVW¡Q VLHQGR OOHYDGDV D VLWXDFLRQHV GH SUHVL³Q
H[WUHPD SRU GLVUXSWRUHV H LQQRYDGRUHV HPHUJHQWHV GH RWUDV LQGXVWULDV \
SD­VHV/RPLVPRSRGU­DGHFLUVHGHORVSD­VHVTXHQRUHFRQRFHQODQHFHVLGDG
GH FHQWUDUVH HQ OD FRQVWUXFFL³Q GH IRUPD DGHFXDGD GH VXV HFRVLVWHPDV GH
LQQRYDFL³Q
3DUD UHVXPLU FUHR TXH OD FRPELQDFL³Q GH IDFWRUHV HVWUXFWXUDOHV
VREUHHQGHXGDPLHQWR \ VRFLHGDGHV TXH HQYHMHFHQ  \ VLVW©PLFRV OD
LQWURGXFFL³QGHODSODWDIRUPD\ODVHFRQRP­DVEDMRGHPDQGDODLPSRUWDQFLD
FDGD YH] PD\RU GH GLVPLQXLU ORV FRVWRV PDUJLQDOHV HWF  QRV REOLJD D
UHHVFULELU QXHVWURV PDQXDOHV GH HFRQRP­D /D FXDUWD UHYROXFL³Q LQGXVWULDO
WLHQH HO SRWHQFLDO WDQWR GH LQFUHPHQWDU HO FUHFLPLHQWR HFRQ³PLFR FRPR GH
DOLYLDUDOJXQRVGHORVSULQFLSDOHVGHVDI­RVJOREDOHVTXHDIURQWDPRVGHPDQHUD
FROHFWLYD 6LQ HPEDUJR WDPEL©Q QHFHVLWDPRV UHFRQRFHU \ JHVWLRQDU ORV
LPSDFWRV QHJDWLYRV TXH SXHGH WHQHU HQ SDUWLFXODU FRQ UHVSHFWR D OD
GHVLJXDOGDGHOHPSOHR\ORVPHUFDGRVGHWUDEDMR


(PSOHR

$ SHVDU GHO LPSDFWR SRVLWLYR SRWHQFLDO GH OD WHFQRORJ­D HQ HO FUHFLPLHQWR
HFRQ³PLFRHVHVHQFLDODWHQGHUVXSRVLEOHLPSDFWRQHJDWLYRDOPHQRVDFRUWR
SOD]RHQHOPHUFDGRODERUDO/RVWHPRUHVGHOLPSDFWRGHODWHFQRORJ­DHQHO
HPSOHR QR VRQ QXHYRV (Q  HO HFRQRPLVWD -RKQ 0D\QDUG .H\QHV
DGYLUWL³ DFHUFD GHO H[WHQGLGR GHVHPSOHR GHELGR D OD WHFQRORJ­DlD FDXVD GH
QXHVWURGHVFXEULPLHQWRGHPHGLRVSDUDHFRQRPL]DUHOXVRGHOWUDEDMRDPD\RU
ULWPR GHO TXH SRGHPRV HQFRQWUDU QXHYDV DSOLFDFLRQHV SDUD HO WUDEDMR{>@
(VWRGHPRVWU³VHULQFRUUHFWRSHURTX©SDVDVLHVWDYH]V­HVYHUGDG"(QORV
ºOWLPRV D±RV VH KD UHDYLYDGR HO GHEDWH SRU OD HYLGHQFLD GH TXH ORV
RUGHQDGRUHV HVW¡Q VXVWLWX\HQGR FLHUWR QºPHUR GH HPSOHRV SULQFLSDOPHQWH
ELEOLRWHFDULRVFDMHURV\RSHUDGRUHVWHOHI³QLFRV
/DVUD]RQHVSRUODVFXDOHVODQXHYDUHYROXFL³QWHFQRO³JLFDSURYRFDU¡P¡V
UHYXHOR TXH ODV DQWHULRUHV UHYROXFLRQHV LQGXVWULDOHV VRQ ODV \D PHQFLRQDGDV
HQODLQWURGXFFL³QODYHORFLGDG WRGRHVW¡VXFHGLHQGRDXQULWPRPXFKRP¡V
U¡SLGRTXHQXQFD ODDPSOLWXG\SURIXQGLGDG PXFKRVFDPELRVUDGLFDOHVVH
SURGXFHQ VLPXOW¡QHDPHQWH  \ OD FRPSOHWD WUDQVIRUPDFL³Q GH VLVWHPDV
HQWHURV
$ OD OX] GH HVWRV IDFWRUHV LPSXOVRUHV KD\ XQD FHUWH]D ODV QXHYDV
WHFQRORJ­DV FDPELDU¡Q SURIXQGDPHQWH OD QDWXUDOH]D GHO WUDEDMR HQ WRGDV ODV
LQGXVWULDV\RFXSDFLRQHV/DLQFHUWLGXPEUHIXQGDPHQWDOWLHQHTXHYHUFRQOD
PHGLGDHQTXHODDXWRPDWL]DFL³QVXVWLWX\DDODPDQRGHREUD&X¡QWRWLHPSR
WDUGDU¡\KDVWDG³QGHOOHJDU¡"
3DUD FRPSUHQGHU HVWR WHQHPRV TXH HQWHQGHU ORV GRV HIHFWRV HQ
FRPSHWHQFLDTXHODWHFQRORJ­DHMHUFHVREUHHOHPSOHR(QSULPHUOXJDUH[LVWH
XQ HIHFWR GH GHVWUXFFL³Q D PHGLGD TXH OD GLVUXSFL³Q \ OD DXWRPDWL]DFL³Q
JHQHUDGDVSRUODWHFQRORJ­DVXVWLWX\HQHOFDSLWDOSRUHOWUDEDMRIRU]DQGRDORV
WUDEDMDGRUHVDTXHGDUVHHQSDURRDXWLOL]DUVXVDSWLWXGHVHQRWURVOXJDUHV(Q
VHJXQGR OXJDU D HVWH HIHFWR GH GHVWUXFFL³Q OR DFRPSD±D XQ HIHFWR GH
FDSLWDOL]DFL³QHQHOFXDOODGHPDQGDGHQXHYRVELHQHV\VHUYLFLRVDXPHQWD\
FRQGXFHDODFUHDFL³QGHQXHYDVRFXSDFLRQHVHPSUHVDVHLQFOXVRLQGXVWULDV
&RPRVHUHVKXPDQRVWHQHPRVXQDFDSDFLGDGVRUSUHQGHQWHGHDGDSWDFL³Q
HLQJHQLR3HURODFODYHDTX­HVHOPRPHQWR\ODPHGLGDHQTXHHOHIHFWRGH
FDSLWDOL]DFL³Q UHHPSOD]D HO GH GHVWUXFFL³Q \ FX¡Q U¡SLGR VH ORJUDU¡ OD
VXVWLWXFL³Q
+D\E¡VLFDPHQWHGRVJUXSRVRSXHVWRVFXDQGRVHSLHQVDHQHOLPSDFWRGH
ODV WHFQRORJ­DV HPHUJHQWHV HQ HO PHUFDGR ODERUDO DTXHO HQ HO TXH HVW¡Q
TXLHQHVFUHHQHQXQILQDOIHOL]HQHOTXHORVWUDEDMDGRUHVGHVSOD]DGRVSRUOD
WHFQRORJ­DHQFXHQWUDQQXHYRVSXHVWRVGHWUDEDMR\HQTXHODWHFQRORJ­DGHVDWD
XQDQXHYDHUDGHSURVSHULGDG\HOFDPSRGHTXLHQHVFUHHQTXHODWHFQRORJ­D
ORV OOHYDU¡ D XQ SURJUHVLYR lDUPDJHG³Q{ VRFLDO \ SRO­WLFR TXH FUHDU¡ XQ
GHVHPSOHR WHFQRO³JLFR PDVLYR /D KLVWRULD PXHVWUD TXH HV SUREDEOH TXH HO
UHVXOWDGR VH HQFXHQWUH HQ DOJºQ SXQWR LQWHUPHGLR /D SUHJXQWD HV TX©
GHEHPRV KDFHU SDUD SURPRYHU UHVXOWDGRV P¡V SRVLWLYRV \ D\XGDU D TXLHQHV
HVW¡QDWUDSDGRVHQODWUDQVLFL³Q"
6LHPSUH KD RFXUULGR TXH OD LQQRYDFL³Q WHFQRO³JLFD GHVWUX\H DOJXQRV
SXHVWRV GH WUDEDMR TXH D VX YH] UHHPSOD]D SRU RWURV WUDEDMRV QXHYRV GH
GLIHUHQWH WLSR GH DFWLYLGDG \ SRVLEOHPHQWH HQ RWUR OXJDU 7RPHPRV OD
DJULFXOWXUDFRPRHMHPSOR(Q(VWDGRV8QLGRVODVSHUVRQDVTXHWUDEDMDEDQHQ
HOFDPSRHUDQHOSRUFLHQWRGHODIXHU]DODERUDODSULQFLSLRVGHOVLJOR ;,;
SHUR KR\ HQ G­D UHSUHVHQWDQ PHQRV GHO  SRU FLHQWR (VWD IXHUWH UHGXFFL³Q
WXYROXJDUGHXQDIRUPDUHODWLYDPHQWHVXDYHFRQXQDGLVUXSFL³QVRFLDORXQ
GHVHPSOHRHQG©PLFRP­QLPRV
/DHFRQRP­DGHODVDSSVSURSRUFLRQDXQHMHPSORGHXQQXHYRHFRVLVWHPD
SDUDHOWUDEDMR$SHQDVFRPHQ]³HQFXDQGR6WHYH-REVHOIXQGDGRUGH
$SSOH OHV SHUPLWL³ D GHVDUUROODGRUHV H[WHUQRV FUHDU DSOLFDFLRQHV SDUD HO
L3KRQH $ PHGLDGRV GH  OD HFRQRP­D JOREDO GH ODV DSSV HVSHUDED
JHQHUDU P¡V GH  PLOORQHV GH G³ODUHV HQ LQJUHVRV VXSHUDQGR D OD
LQGXVWULDGHOFLQHTXHKDH[LVWLGRGXUDQWHP¡VGHXQVLJOR
/RV WHFQRRSWLPLVWDV SUHJXQWDQ VL H[WUDSRODPRV D SDUWLU GHO SDVDGR SRU
TX© GHEHU­D VHU GLIHUHQWH HVWD YH]" 5HFRQRFHQ TXH OD WHFQRORJ­D SXHGH VHU
GLVUXSWLYD SHUR DILUPDQ TXH VLHPSUH WHUPLQD PHMRUDQGR OD SURGXFWLYLGDG \
DXPHQWDQGRODULTXH]DJHQHUDQGRDVXYH]XQDPD\RUGHPDQGDGHELHQHV\
VHUYLFLRV\QXHYRVWLSRVGHHPSOHRSDUDVDWLVIDFHUGLFKDGHPDQGD(OQºFOHR
GHO DUJXPHQWR HV HO VLJXLHQWH ORV GHVHRV \ ODV QHFHVLGDGHV KXPDQDV VRQ
LQILQLWRVSRUORTXHHOSURFHVRGHVDWLVIDFHUORVWDPEL©QGHEHU­DVHUOR6DOYR
ODVUHFHVLRQHVQRUPDOHV\ODVGHSUHVLRQHVRFDVLRQDOHVVLHPSUHKDEU­DWUDEDMR
SDUDWRGRV
4X© HYLGHQFLD DSR\D HVWR \ TX© QRV GLFH DFHUFD GH OR TXH GHSDUD HQ HO
IXWXUR"/RVSULPHURVLQGLFLRVDSXQWDQDTXHSUREDEOHPHQWHHQODVSU³[LPDV
G©FDGDVXQDROHDGDGHLQQRYDFL³QVXVWLWXLU¡HOWUDEDMRHQPºOWLSOHVLQGXVWULDV
\FDWHJRU­DVODERUDOHV


6XVWLWXFL³QGHODPDQRGHREUD

0XFKDVFDWHJRU­DVODERUDOHVGLIHUHQWHVHQSDUWLFXODUDTXHOODVTXHLQYROXFUDQ
ODERUHV PHF¡QLFDPHQWH UHSHWLWLYDV \ PDQXDOPHQWH SUHFLVDV \D KDQ VLGR
DXWRPDWL]DGDV 0XFKDV RWUDV ODV VHJXLU¡Q D PHGLGD TXH OD SRWHQFLD GH
F³PSXWRFRQWLQºHFUHFLHQGRGHIRUPDH[SRQHQFLDO$QWHVGHORTXHPXFKRV
SUHY©Q HO WUDEDMR GH SURIHVLRQHV WDQ GLYHUVDV FRPR DERJDGRV DQDOLVWDV
ILQDQFLHURV P©GLFRV SHULRGLVWDV FRQWDEOHV DVHJXUDGRUHV R ELEOLRWHFDULRV
SRGU­DVHUSDUFLDORWRWDOPHQWHDXWRPDWL]DGR
+DVWD DKRUD OD HYLGHQFLD HV HVWD OD FXDUWD UHYROXFL³Q LQGXVWULDO SDUHFH
HVWDU FUHDQGR PHQRV SXHVWRV GH WUDEDMR HQ QXHYDV LQGXVWULDV TXH HQ ODV
UHYROXFLRQHV DQWHULRUHV 6HJºQ XQD HVWLPDFL³Q GHO 3URJUDPD 2[IRUG 0DUWLQ
VREUH 7HFQRORJ­D \ (PSOHR VROR HO  SRU FLHQWR GH OD IXHU]D ODERUDO GH
(VWDGRV8QLGRVWUDEDMDHQLQGXVWULDVTXHQRH[LVW­DQHQHOFDPELRGHVLJORXQ
SRUFHQWDMHPXFKRPHQRUTXHHODSUR[LPDGDPHQWHSRUFLHQWRGHORVQXHYRV
HPSOHRVFUHDGRVHQQXHYDVLQGXVWULDVGXUDQWHODG©FDGDGH\TXHHO
SRUFLHQWRGHQXHYRVSXHVWRVGHWUDEDMRFUHDGRVGXUDQWHODG©FDGDGH
(VWRORFRUURERUDXQUHFLHQWHFHQVRHFRQ³PLFRHVWDGRXQLGHQVHTXHDUURMDXQD
LQWHUHVDQWHOX]VREUHODUHODFL³QHQWUHODWHFQRORJ­D\HOGHVHPSOHRGHPXHVWUD
TXHODVLQQRYDFLRQHVHQLQIRUPDFL³Q\RWUDVWHFQRORJ­DVGLVUXSWLYDVWLHQGHQD
DXPHQWDU OD SURGXFWLYLGDG PHGLDQWH OD VXVWLWXFL³Q GH ORV WUDEDMDGRUHV
H[LVWHQWHV HQ OXJDU GH FUHDU QXHYRV SURGXFWRV TXH QHFHVLWHQ P¡V PDQR GH
REUDSDUDVHUSURGXFLGRV
'RVLQYHVWLJDGRUHVGHOD2[IRUG0DUWLQHOHFRQRPLVWD&DUO%HQHGLNW)UH\
\HOH[SHUWRHQDSUHQGL]DMHGHP¡TXLQD0LFKDHO2VERUQHKDQFXDQWLILFDGRHO
HIHFWR SRWHQFLDO GH OD LQQRYDFL³Q WHFQRO³JLFD HQ HO GHVHPSOHR PHGLDQWH XQ
UDQNLQJ GH  SURIHVLRQHV GLVWLQWDV VHJºQ VX SUREDELOLGDG GH VHU
DXWRPDWL]DGDVGHVGHODVPHQRVVXVFHSWLEOHVDOULHVJRGHDXWRPDWL]DFL³Q l{
FRUUHVSRQGH D QLQJºQ ULHVJR HQ DEVROXWR  D DTXHOODV P¡V VXVFHSWLEOHV DO
ULHVJR l{FRUUHVSRQGHDXQFLHUWRULHVJRGHTXHHOWUDEDMRVHDVXVWLWXLGRSRU
XQ RUGHQDGRU GH DOJºQ WLSR >@ (Q OD WDEOD  D FRQWLQXDFL³Q GHVWDFR
DOJXQDVSURIHVLRQHVTXHVRQP¡VSURSHQVDVDVHUDXWRPDWL]DGDV\RWUDVTXHOR
VRQPHQRV
/DLQYHVWLJDFL³QFRQFOX\HTXHDOUHGHGRUGHOSRUFLHQWRGHORVHPSOHRV
GH(VWDGRV8QLGRVHVW¡QHQULHVJRTXL]¡HQODSU³[LPDG©FDGDRGRVGLFKR
ULHVJR VH FDUDFWHUL]DVH SRU XQ DOFDQFH PXFKR P¡V DPSOLR GH OD GHVWUXFFL³Q
GHO HPSOHR D XQ ULWPR PXFKR P¡V U¡SLGR TXH ORV FDPELRV GHO PHUFDGR
ODERUDO H[SHULPHQWDGRV HQ DQWHULRUHV UHYROXFLRQHV LQGXVWULDOHV $GHP¡V OD
WHQGHQFLDHVKDFLDXQDPD\RUSRODUL]DFL³QHQHOPHUFDGRODERUDO(OHPSOHR
FUHFHU¡ HQ SXHVWRV GH WUDEDMR FRJQLWLYRV \ FUHDWLYRV GH DOWRV LQJUHVRV \ HQ
RFXSDFLRQHVPDQXDOHVGHEDMRVLQJUHVRVSHURGLVPLQXLU¡FRQIXHU]DSDUDORV
HPSOHRVUXWLQDULRV\UHSHWLWLYRVGHLQJUHVRVPHGLRV
(VLQWHUHVDQWHVH±DODUTXHQRHVVRORODFDSDFLGDGFUHFLHQWHSDUDPDQHMDU
DOJRULWPRV URERWV \ RWUDV IRUPDV GH DFWLYRV QR KXPDQRV OR TXH HVW¡
LPSXOVDQGR HVWD VXVWLWXFL³Q 0LFKDHO 2VERUQH REVHUYD TXH XQ IDFWRU FU­WLFR
TXH SHUPLWH OD DXWRPDWL]DFL³Q HV TXH ODV HPSUHVDV KD\DQ WUDEDMDGR
DUGXDPHQWH SDUD GHILQLU PHMRU \ VLPSOLILFDU HO WUDEDMR HQ ORV ºOWLPRV D±RV
FRPR SDUWH GH VXV HVIXHU]RV SRU VXEFRQWUDWDU LQWHUQD \ H[WHUQDPHQWH DOJR
TXH OHV KD SHUPLWLGR FUHDU lHPSOHR GLJLWDO{ SRU HMHPSOR D WUDY©V GH
0HFKDQLFDO 7XUN R 07XUN GH $PD]RQ XQ VHUYLFLR HQ HO PHUFDGR GH
lFURZGVRXUFLQJ{ GH LQWHUQHW  (VWD VLPSOLILFDFL³Q ODERUDO VLJQLILFD TXH ORV
DOJRULWPRVHVW¡QHQPHMRUHVFRQGLFLRQHVGHUHHPSOD]DUDORVVHUHVKXPDQRV
7DUHDVGLVFUHWDV\ELHQGHILQLGDVFRQGXFHQDXQDPHMRUVXSHUYLVL³Q\DGDWRV
GHPD\RUFDOLGDGVREUHODWDUHDORFXDOFUHDXQDPHMRUEDVHDSDUWLUGHODFXDO
ORVDOJRULWPRVVHSXHGHQGLVH±DUSDUDKDFHUHOWUDEDMR


7$%/$(MHPSORVGHODVSURIHVLRQHVP¡V\PHQRVSURSHQVDVDODDXWRPDWL]DFL³Q


0¡VSURSHQVDVDODDXWRPDWL]DFL³Q


3UREDELOLGDG 2FXSDFL³Q

 9HQGHGRUHVY­DWHOHI³QLFD

 3UHSDUDGRUHVGHLPSXHVWRV

 (YDOXDGRUHVGHVHJXURVGHGD±RVHQDXWRP³YLOHV

 UELWURV\RWURVMXHFHVGHSRUWLYRV

 6HFUHWDULRVMXU­GLFRV

 &DPDUHURVGHUHVWDXUDQWHVVDORQHV\FDI©V

 &RPSUDYHQWDGHELHQHVLQPXHEOHV

 &RQWUDWLVWDVGHWUDEDMRDJU­FROD

6HFUHWDULDV\DVLVWHQWHVDGPLQLVWUDWLYRVH[FHSWRORVMXU­GLFRV

P©GLFRV\HMHFXWLYRV

 (QWUHJDV\PHQVDMHU­D


0HQRVSURSHQVDVDODDXWRPDWL]DFL³Q


3UREDELOLGDG 2FXSDFL³Q

 6DOXGPHQWDO\WUDEDMDGRUHVVRFLDOHVGHDEXVRGHVXVWDQFLDV

 &RUH³JUDIRV

 0©GLFRV\FLUXMDQRV

 3VLF³ORJRV

 *HVWRUHVGHUHFXUVRVKXPDQRV

 $QDOLVWDVGHVLVWHPDVGHF³PSXWR

 $QWURS³ORJRV\DUTXH³ORJRV

 ,QJHQLHURVPDULQRV\DUTXLWHFWRVQDYDOHV

 *HUHQWHVGHYHQWDV

 $OWRVHMHFXWLYRV


)XHQWH&DUO%HQHGLNW)UH\\0LFKDHO2VERUQH8QLYHUVLGDGGH2[IRUG


$O SHQVDU HQ OD DXWRPDWL]DFL³Q \ HO IHQ³PHQR GH OD VXVWLWXFL³Q QR
GHEHPRVFDHUHQODWHQWDFL³QGHSDUWLFLSDUHQHOSHQVDPLHQWRSRODUL]DGRVREUH
HO LPSDFWR GH OD WHFQRORJ­D HQ HO HPSOHR \ HO IXWXUR GHO WUDEDMR &RPR
GHPXHVWUD HO WUDEDMR GH )UH\ \ 2VERUQH HV FDVL LQHYLWDEOH TXH OD FXDUWD
UHYROXFL³Q LQGXVWULDO WHQJD XQ JUDQ LPSDFWR HQ ORV PHUFDGRV ODERUDOHV \
FHQWURVGHWUDEDMRGHWRGRHOPXQGRSHURHVWRQRVLJQLILFDTXHQRVHVWHPRV
HQIUHQWDQGRDXQGLOHPDGHOKRPEUHFRQWUDODP¡TXLQD'HKHFKRHQODJUDQ
PD\RU­D GH ORV FDVRV OD IXVL³Q GH WHFQRORJ­DV GLJLWDOHV I­VLFDV \ ELRO³JLFDV
TXHJHQHUDQORVFDPELRVDFWXDOHVVHUYLU¡SDUDPHMRUDUHOWUDEDMRKXPDQR\OD
FRJQLFL³QORTXHVLJQLILFDTXHORVO­GHUHVGHEHQSUHSDUDUVXIXHU]DGHWUDEDMR
\GHVDUUROODUPRGHORVGHHGXFDFL³QSDUDWUDEDMDUFRQP¡TXLQDVFDGDYH]P¡V
FDSDFHVP¡VFRQHFWDGDV\P¡VLQWHOLJHQWHV


,PSDFWRHQODVFDSDFLGDGHV

(Q HO IXWXUR SUHYLVLEOH ORV WUDEDMRV GH EDMR ULHVJR HQ W©UPLQRV GH
DXWRPDWL]DFL³Q VHU¡Q DTXHOORV TXH UHTXLHUDQ GH FDSDFLGDGHV VRFLDOHV \
FUHDWLYDV HQ SDUWLFXODU OD WRPD GH GHFLVLRQHV EDMR VLWXDFLRQHV GH
LQFHUWLGXPEUH\HOGHVDUUROORGHLGHDVQRYHGRVDV
(VWRVLQHPEDUJRSRGU­DQRGXUDU&RQVLGHUHPRVXQDGHODVSURIHVLRQHV
P¡V FUHDWLYDV ߚOD HVFULWXUDߚ \ HO DGYHQLPLHQWR GH OD JHQHUDFL³Q
DXWRPDWL]DGDGHQDUUDWLYD6RILVWLFDGRVDOJRULWPRVSXHGHQFUHDUQDUUDWLYDVHQ
FXDOTXLHU HVWLOR DSURSLDGR SDUD XQ SºEOLFR GHWHUPLQDGR (O FRQWHQLGR VXHQD
WDQ KXPDQR TXH XQ H[DPHQ UHFLHQWH UHDOL]DGR SRU 7KH 1HZ <RUN 7LPHV
PRVWU³ TXH DO OHHU GRV SLH]DV VLPLODUHV HV LPSRVLEOH GHFLU FX¡O KD VLGR
HVFULWD SRU XQ DXWRU KXPDQR \ FX¡O HV SURGXFWR GH XQ URERW /D WHFQRORJ­D
HVW¡DYDQ]DQGRWDQU¡SLGRTXH.ULVWLDQ+DPPRQGFRIXQGDGRUGH1DUUDWLYH
6FLHQFH XQD HPSUHVD HVSHFLDOL]DGD HQ OD DXWRPDWL]DFL³Q GH OD JHQHUDFL³Q
QDUUDWLYD SUHY© TXH D PHGLDGRV GH  HO  SRU FLHQWR GH ODV QRWLFLDV
SRGU­DQ VHU JHQHUDGDV SRU XQ DOJRULWPR OD PD\RU SDUWH GH HOODV VLQ QLQJºQ
WLSRGHLQWHUYHQFL³QKXPDQD DSDUWHGHOGLVH±RGHODOJRULWPRSRUVXSXHVWR 
>@
(Q GLFKR HQWRUQR GH WUDEDMR GH HYROXFL³Q WDQ U¡SLGD OD FDSDFLGDG GH
DXJXUDUODVWHQGHQFLDVODERUDOHVHQHOIXWXUR\ODVQHFHVLGDGHVHQFXDQWRDORV
FRQRFLPLHQWRV\GHVWUH]DVQHFHVDULDVSDUDDGDSWDUVHVHYXHOYHDºQP¡VFU­WLFD
SDUDWRGDVODVSDUWHVLQWHUHVDGDV(VWDVWHQGHQFLDVYDU­DQVHJºQODLQGXVWULD\
ODJHRJUDI­D\SRUORWDQWRHVLPSRUWDQWHHQWHQGHUODLQGXVWULD\ORVUHVXOWDGRV
HVSHF­ILFRVSDUDFDGDSD­VGHODFXDUWDUHYROXFL³QLQGXVWULDO
(QHO,QIRUPHVREUHHOIXWXURGHOHPSOHRGHO)RUROHVSHGLPRVDMHIHVGH
UHFXUVRVKXPDQRVGHORVHPSOHDGRUHVP¡VJUDQGHVGHKR\HQGLH]VHFWRUHV\
TXLQFHHFRQRP­DVLPDJLQDUHOLPSDFWRHQHOHPSOHRORVSXHVWRVGHWUDEDMR\
ODVKDELOLGDGHVKDVWDHOD±R&RPRPXHVWUDODILJXUDORVHQFXHVWDGRV
FUHHQTXHODVFDSDFLGDGHVHQODVROXFL³QGHSUREOHPDVFRPSOHMRVDV­FRPR
ODV VRFLDOHV \ GH VLVWHPDV WHQGU¡Q PXFKD P¡V GHPDQGD HQ  HQ
FRPSDUDFL³Q FRQ ODV I­VLFDV R GH FRQWHQLGR (O LQIRUPH HVWLPD TXH ORV
SU³[LPRVFLQFRD±RVVRQXQSHU­RGRGHWUDQVLFL³QFU­WLFRODVSHUVSHFWLYDVGH
HPSOHR JHQHUDO VRQ SODQDV SHUR KD\ XQD S©UGLGD GH WUDEDMR GHQWUR GH ODV
LQGXVWULDV \ XQD S©UGLGD GH KDELOLGDGHV HQ OD PD\RU­D GH ODV RFXSDFLRQHV
0LHQWUDVTXHVHHVSHUDTXHHOEDODQFHHQWUHORVVDODULRV\HOEDODQFHWUDEDMR
YLGD SHUVRQDO PHMRUHQ OHYHPHQWH SDUD OD PD\RU­D GH ODV RFXSDFLRQHV VH
HVSHUD TXH OD HVWDELOLGDG ODERUDO HPSHRUDU¡ HQ OD PLWDG GH ODV LQGXVWULDV
HQFXHVWDGDV7DPEL©QHVW¡FODURTXHKRPEUHV\PXMHUHVVHYHU¡QDIHFWDGRVGH
IRUPD GLIHUHQWH \ SRWHQFLDOPHQWH VH H[DFHUEDU¡ OD GHVLJXDOGDG GH J©QHUR
Y©DVHHOFXDGUR$%UHFKDVGHJ©QHUR\ODFXDUWDUHYROXFL³QLQGXVWULDO 

),*85$'HPDQGDGHFDSDFLGDGHVHQ



)XHQWH,QIRUPHVREUHHOIXWXURGHOHPSOHR)RUR(FRQ³PLFR0XQGLDO


&XDGUR$%5(&+$6'(*‰1(52</$&8$57$5(92/8&,“1,1'8675,$/

/DkHGLFL³QGHO,QIRUPHPXQGLDOVREUHODEUHFKDGHJ©QHURGHO)RUR(FRQ³PLFR
0XQGLDO UHYHO³ GRV WHQGHQFLDV SUHRFXSDQWHV 3ULPHUR DO ULWPR DFWXDO GH SURJUHVR VH
QHFHVLWDU¡QRWURVD±RVDQWHVGHDOFDQ]DUODSDULGDGHFRQ³PLFDGHJ©QHURHQWRGRHO
PXQGR (Q VHJXQGR OXJDU HO DYDQFH KDFLD OD SDULGDG HV QRWDEOHPHQWH OHQWR \
SRVLEOHPHQWHVHHVWDQTXH
$ODOX]GHHVWRHVIXQGDPHQWDOFRQVLGHUDUHOLPSDFWRGHODFXDUWDUHYROXFL³QLQGXVWULDO
VREUHODEUHFKDGHJ©QHUR(OULWPRDFHOHUDGRGHOFDPELRHQODVWHFQRORJ­DVTXHDEDUFDQ
ORVPXQGRVI­VLFRGLJLWDO\ELRO³JLFRDIHFWDU¡DOSDSHOTXHODVPXMHUHVGHVHPSH±DU¡QHQ
ODHFRQRP­DODSRO­WLFD\ODVRFLHGDG"
8QD SUHJXQWD LPSRUWDQWH TXH VH GHEH FRQVLGHUDU HV VL ODV SURIHVLRQHV
SUHGRPLQDQWHPHQWHGRPLQDGDVSRUORVKRPEUHVRSRUODVPXMHUHVVRQP¡VVXVFHSWLEOHVD
ODDXWRPDWL]DFL³Q(O,QIRUPHVREUHHOIXWXURGHOHPSOHRGHO)RURLQGLFDTXHODVS©UGLGDV
GHHPSOHRVVLJQLILFDWLYDVVXHOHQDEDUFDUDPERVWLSRV0LHQWUDVTXHVHKDWHQGLGRDXQ
PD\RU ­QGLFH GH GHVHPSOHR GHELGR D OD DXWRPDWL]DFL³Q HQ VHFWRUHV GRPLQDGRV SRU ORV
KRPEUHV WDOHV FRPR OD IDEULFDFL³Q OD FRQVWUXFFL³Q \ OD LQVWDODFL³Q OD FDSDFLGDG
FUHFLHQWH GH OD LQWHOLJHQFLD DUWLILFLDO \ OD FDSDFLGDG GH GLJLWDOL]DU ODV WDUHDV HQ ODV
LQGXVWULDV GH VHUYLFLRV LQGLFDQ TXH XQD DPSOLD JDPD GH SXHVWRV GH WUDEDMR HVW¡Q HQ
ULHVJRGHVGHHPSOHRVHQFDOOFHQWHUVHQORVPHUFDGRVHPHUJHQWHV ODIXHQWHGHVXVWHQWR
SDUDXQJUDQQºPHURGHWUDEDMDGRUDVIHPHQLQDVM³YHQHV\FDEH]DVGHIDPLOLD KDVWDODV
YHQWDV DO SRU PHQRU \ ODV IXQFLRQHV DGPLQLVWUDWLYDV HQ HFRQRP­DV GHVDUUROODGDV XQ
HPSOHDGRUFODYHSDUDODVPXMHUHVGHFODVHPHGLDEDMD 
/DS©UGLGDGHXQHPSOHRWLHQHFRQVHFXHQFLDVQHJDWLYDVHQPXFKDVFLUFXQVWDQFLDVSHUR
HO HIHFWR DFXPXODWLYR GH S©UGLGDV VLJQLILFDWLYDV HQ ODV FDWHJRU­DV GH HPSOHRV TXH
WUDGLFLRQDOPHQWHKDQGDGRDFFHVRDODVPXMHUHVDOPHUFDGRODERUDOHVXQDSUHRFXSDFL³Q
FU­WLFD (Q FRQFUHWR SRQGU¡ HQ SHOLJUR HO LQJUHVR GH ORV KRJDUHV FRQ XQD HQWUDGD
HQFDEH]DGRVSRUPXMHUHVFRQEDMRQLYHOGHFXDOLILFDFL³QGHSULPLU¡HOWRWDOGHLQJUHVRV
HQ ODV IDPLOLDV FRQ GRV HQWUDGDV \ DPSOLDU¡ OD \D SUHRFXSDQWH EUHFKD GH J©QHUR HQ HO
PXQGR
3HUR TX© KD\ DFHUFD GH ODV QXHYDV IXQFLRQHV \ FDWHJRU­DV GH HPSOHR" 4X©
RSRUWXQLGDGHV SRGU­DQ H[LVWLU SDUD ODV PXMHUHV HQ XQ PHUFDGR GH WUDEDMR WUDQVIRUPDGR
SRU OD FXDUWD UHYROXFL³Q LQGXVWULDO" $XQTXH HV GLI­FLO YDWLFLQDU ODV FRPSHWHQFLDV \
GHVWUH]DVUHTXHULGDVHQLQGXVWULDVDºQQRFUHDGDVSRGHPRVDVXPLUUD]RQDEOHPHQWHTXH
DXPHQWDU¡ODGHPDQGDGHFDSDFLGDGHVTXHSHUPLWDQDORVWUDEDMDGRUHVGLVH±DUFRQVWUXLU
\WUDEDMDUMXQWRDVLVWHPDVWHFQRO³JLFRVRHQ¡PELWRVTXHOOHQHQORVYDF­RVGHMDGRVSRU
WDOHVLQQRYDFLRQHVWHFQRO³JLFDV
'DGRTXHORVKRPEUHVWRGDY­DWLHQGHQDGRPLQDUODVSURIHVLRQHVDVRFLDGDVDODFLHQFLD
GH OD FRPSXWDFL³Q OD LQJHQLHU­D \ ODV PDWHP¡WLFDV OD FUHFLHQWH GHPDQGD GH
FRQRFLPLHQWRVW©FQLFRVHVSHFLDOL]DGRVSXHGHH[DFHUEDUODVGHVLJXDOGDGHVGHJ©QHUR
6LQHPEDUJRODGHPDQGDSRGU­DFUHFHUHQHOFDVRGHDTXHOORVUROHVTXHODVP¡TXLQDV
QR SXHGHQ FXPSOLU \ TXH VH EDVDQ HQ UDVJRV \ FDSDFLGDGHV LQWU­QVHFDPHQWH KXPDQRV
WDOHV FRPR OD HPSDW­D \ OD FRPSDVL³Q /DV PXMHUHV SUHYDOHFHQ HQ PXFKDV GH HVWDV
SURIHVLRQHVFRPRSVLF³ORJDVWHUDSHXWDVFRDFKHVRUJDQL]DGRUDVGHHYHQWRVHQIHUPHUDV
\RWUDVSURYHHGRUDVGHVHUYLFLRVGHVDOXG
8QDVXQWRFODYHHVHOUHWRUQRUHODWLYRHQFXDQWRDWLHPSR\HVIXHU]RSDUDORVUROHVTXH
UHTXLHUHQ GLIHUHQWHV FDSDFLGDGHV W©FQLFDV \D TXH H[LVWH HO ULHVJR GH TXH ORV VHUYLFLRV
SHUVRQDOHV \ RWUDV FDWHJRU­DV GH WUDEDMRV HQ ORV TXH HQ OD DFWXDOLGDG SUHGRPLQDQ ODV
PXMHUHV VLJDQ VLHQGR LQIUDYDORUDGRV 6L HV DV­ OD FXDUWD UHYROXFL³Q LQGXVWULDO SRGU­D
FRQGXFLU D XQD PD\RU GLYHUJHQFLD HQWUH ORV UROHV GH ORV KRPEUHV \ ODV PXMHUHV (VWR
VHU­DXQUHVXOWDGRQHJDWLYRGHODFXDUWDUHYROXFL³QLQGXVWULDODODXPHQWDUODGHVLJXDOGDG
JOREDO \ OD EUHFKD GH J©QHUR OR TXH KDU­D P¡V GLI­FLO SDUD ODV PXMHUHV DSURYHFKDU VXV
WDOHQWRVHQODIXHU]DODERUDOGHOIXWXUR7DPEL©QSRQGU­DHQULHVJRHOYDORUJHQHUDGRSRU
HO LQFUHPHQWR GH OD GLYHUVLGDG \ ORV EHQHILFLRV TXH VDEHPRV TXH ODV RUJDQL]DFLRQHV
SXHGHQ LQFHQWLYDU D SDUWLU GH OD PD\RU FUHDWLYLGDG \ HILFLHQFLD DO WHQHU HTXLSRV FRQ
HTXLOLEULRGHJ©QHURHQWRGRVORVQLYHOHV0XFKRVGHORVUDVJRV\FDSDFLGDGHVDVRFLDGRV
WUDGLFLRQDOPHQWHDODVPXMHUHV\ODVSURIHVLRQHVIHPHQLQDVVHU¡QPXFKRP¡VQHFHVDULRV
HQODHUDGHODFXDUWDUHYROXFL³QLQGXVWULDO
$XQTXHQRSRGHPRVSUHGHFLUORVGLIHUHQWHVLPSDFWRVVREUHORVKRPEUHV\ODVPXMHUHV
TXHWHQGU¡ODFXDUWDUHYROXFL³QLQGXVWULDOGHEHU­DPRVDSURYHFKDUODRSRUWXQLGDGGHXQD
HFRQRP­D HQ WUDQFH GH WUDQVIRUPDFL³Q SDUD UHGLVH±DU ODV SRO­WLFDV ODERUDOHV \ ODV
SU¡FWLFDVHPSUHVDULDOHVFRQHOILQGHJDUDQWL]DUTXHWDQWRORVKRPEUHVFRPRODVPXMHUHV
WHQJDQODFDSDFLGDGGHHPSRGHUDUVHHQWRGDVXDPSOLWXG


(QHOPXQGRGHOIXWXURHPHUJHU¡QPXFKRVQXHYRVSXHVWRV\SURIHVLRQHV
LPSXOVDGRV QR VROR SRU OD FXDUWD UHYROXFL³Q LQGXVWULDO VLQR WDPEL©Q SRU
IDFWRUHV QR WHFQRO³JLFRV FRPR ODV SUHVLRQHV GHPRJU¡ILFDV ORV FDPELRV
JHRSRO­WLFRV \ ODV QXHYDV QRUPDV VRFLDOHV \ FXOWXUDOHV +R\ HQ G­D QR
SRGHPRV SUHYHU H[DFWDPHQWH FX¡OHV VHU¡Q SHUR HVWR\ FRQYHQFLGR GH TXH HO
WDOHQWRP¡VTXHHOFDSLWDOUHSUHVHQWDU¡HOIDFWRUSURGXFWLYRFU­WLFR3RUHVWH
PRWLYRODHVFDVH]GHPDQRGHREUDFDSDFLWDGDHQYH]GHODGLVSRQLELOLGDGGH
FDSLWDO HV P¡V SUREDEOH TXH OHV SRQJD O­PLWHV D OD LQQRYDFL³Q OD
FRPSHWLWLYLGDG\HOFUHFLPLHQWR
(VWRSXHGHGDUOXJDUDXQPHUFDGRODERUDOFDGDYH]P¡VVHJUHJDGRHQWUH
HPSOHRV GH SRFD FXDOLILFDFL³Q \ EDMR VDODULR \ ORV GH DOWD FXDOLILFDFL³Q \
PD\RUVXHOGRRFRPRSUHGLFHHODXWRU\HPSUHVDULRGHVRIWZDUHGH6LOLFRQ
9DOOH\0DUWLQ)RUG>@XQKXQGLPLHQWRGHWRGDODEDVHGHODSLU¡PLGHGHODV
FDSDFLGDGHV ODERUDOHV OR FXDO OOHYDU­D D XQD FUHFLHQWH GHVLJXDOGDG \ DO
DXPHQWR GH ODV WHQVLRQHV VRFLDOHV D PHQRV TXH QRV SUHSDUHPRV SDUD HVWRV
FDPELRVGHVGHKR\
7DOHVSUHVLRQHVWDPEL©QQRVREOLJDQDUHFRQVLGHUDUORTXHHQWHQGHPRVSRU
lDOWD FDSDFLGDG{ HQ HO FRQWH[WR GH OD FXDUWD UHYROXFL³Q LQGXVWULDO /DV
GHILQLFLRQHV WUDGLFLRQDOHV GH OD PDQR GH REUD FXDOLILFDGD GHSHQGHQ GH OD
SUHVHQFLD GH IRUPDFL³Q DYDQ]DGD R HVSHFLDOL]DGD \ XQ FRQMXQWR GH
FDSDFLGDGHV GHILQLGDV GHQWUR GH XQD SURIHVL³Q R XQ GRPLQLR GH
FRQRFLPLHQWRV'DGDODFUHFLHQWHYHORFLGDGGHOFDPELRWHFQRO³JLFRODFXDUWD
UHYROXFL³QLQGXVWULDOH[LJLU¡\VHFHQWUDU¡HQODFDSDFLGDGGHORVWUDEDMDGRUHV
SDUDDGDSWDUVHFRQWLQXDPHQWH\DSUHQGHUQXHYDVGHVWUH]DV\HQIRTXHVGHQWUR
GHXQDYDULHGDGGHFRQWH[WRV
(O ,QIRUPH VREUH HO IXWXUR GHO HPSOHR GHO )RUR (FRQ³PLFR 0XQGLDO
WDPEL©Q GHPRVWU³ TXH PHQRV GHO  SRU FLHQWR GH ORV MHIHV GH UHFXUVRV
KXPDQRVWLHQHQXQQLYHOGHFRQILDQ]DUD]RQDEOHHQODHVWUDWHJLDGHODIXHU]D
GHWUDEDMRGHVXRUJDQL]DFL³QFRQYLVWDVDSUHSDUDUVHSDUDHVWRVFDPELRV/DV
SULQFLSDOHV EDUUHUDV SDUD XQ HQIRTXH P¡V GHFLVLYR LQFOX\HQ OD IDOWD GH
FRPSUHQVL³Q DFHUFD GH OD QDWXUDOH]D GH ORV FDPELRV GLVUXSWLYRV HO SRFR R
QLQJºQ DOLQHDPLHQWR HQWUH ODV HVWUDWHJLDV GH OD IXHU]D GH WUDEDMR \ ODV
HVWUDWHJLDVGHLQQRYDFL³QGHODVHPSUHVDVODVOLPLWDFLRQHVGHUHFXUVRV\ODV
SUHVLRQHV SDUD REWHQHU XQD UHQWDELOLGDG D FRUWR SOD]R &RPR FRQVHFXHQFLD
H[LVWH XQ GHVDMXVWH HQWUH OD PDJQLWXG GH ORV FDPELRV \ ODV DFFLRQHV
UHODWLYDPHQWH PDUJLQDOHV DGRSWDGDV SRU ODV HPSUHVDV SDUD DERUGDU HVWRV
GHVDI­RV/DVRUJDQL]DFLRQHVUHTXLHUHQXQDQXHYDPHQWDOLGDGSDUDVDWLVIDFHU
VXV SURSLDV QHFHVLGDGHV GH WDOHQWR \ PLWLJDU ORV UHVXOWDGRV VRFLDOHV
LQGHVHDEOHV


,PSDFWRHQODVHFRQRP­DVHQGHVDUUROOR

(VLPSRUWDQWHUHIOH[LRQDUVREUHORTXHHVWRSRGU­DVLJQLILFDUSDUDORVSD­VHV
HQ GHVDUUROOR )DVHV DQWHULRUHV GH OD UHYROXFL³Q LQGXVWULDO WRGDY­D QR KDQ
OOHJDGRDPXFKRVGHORVFLXGDGDQRVGHOPXQGRTXHDºQQRWLHQHQDFFHVRD
HOHFWULFLGDG DJXD SRWDEOH VDQHDPLHQWR \ PXFKRV WLSRV GH ELHQHV GH FDSLWDO
TXH VH GDQ SRU VHQWDGRV HQ ODV HFRQRP­DV DYDQ]DGDV $ SHVDU GH HVWR OD
FXDUWD UHYROXFL³Q LQGXVWULDO DIHFWDU¡ LQHYLWDEOHPHQWH D ODV HFRQRP­DV HQ
GHVDUUROOR
+DVWDDKRUDHOLPSDFWRH[DFWRGHODFXDUWDUHYROXFL³QLQGXVWULDOHVW¡SRU
YHUVH (Q ODV ºOWLPDV G©FDGDV DXQTXH KD KDELGR XQ DXPHQWR GH OD
GHVLJXDOGDG GHQWUR GH ORV SD­VHV OD GLVSDULGDG HQWUH HVWRV KD GLVPLQXLGR
VLJQLILFDWLYDPHQWH &RUUH OD FXDUWD UHYROXFL³Q LQGXVWULDO HO ULHVJR GH
HVWUHFKDU ODV EUHFKDV HQWUH ODV HFRQRP­DV TXH KHPRV YLVWR FHUUDUVH KDVWD OD
IHFKD HQ W©UPLQRV GH LQJUHVRV FRQRFLPLHQWRV LQIUDHVWUXFWXUDV ILQDQ]DV \
RWURV DVSHFWRV" 2 DFDVR ODV WHFQRORJ­DV \ ORV U¡SLGRV FDPELRV VHU¡Q
DSURYHFKDGRVSDUDHOGHVDUUROOR\SDUDDFHOHUDUORVVDOWRVWHFQRO³JLFRV"
$ HVWDV SUHJXQWDV GH GLI­FLO UHVSXHVWD VH OHV GHEH SUHVWDU OD DWHQFL³Q
QHFHVDULD LQFOXVR HQ XQ PRPHQWR HQ HO FXDO ODV HFRQRP­DV P¡V DYDQ]DGDV
HVW¡QSUHRFXSDGDVSRUVXVSURSLRVUHWRV$VHJXUDUVHGHTXH]RQDVHQWHUDVGHO
JORERQRVHTXHGHQDWU¡VQRHVXQLPSHUDWLYRPRUDOVLQRXQDPHWDFU­WLFDTXH
PLWLJDU­DHOULHVJRGHLQHVWDELOLGDGPXQGLDOGHELGRDUHWRVJHRSRO­WLFRV\GH
VHJXULGDGFRPRORVIOXMRVPLJUDWRULRV
8Q HVFHQDULR GHVDILDQWH SDUD ORV SD­VHV GH EDMRV LQJUHVRV HV VL OD FXDUWD
UHYROXFL³Q LQGXVWULDO FRQGXFLU¡ D LPSRUWDQWHV lUHORFDOL]DFLRQHV{ GH OD
IDEULFDFL³Q JOREDO KDFLD ODV HFRQRP­DV DYDQ]DGDV DOJR PX\ YHURV­PLO VL HO
DFFHVR D PDQR GH REUD GH EDMR FRVWR \D QR JX­D OD FRPSHWLWLYLGDG GH ODV
HPSUHVDV /D FDSDFLGDG SDUD GHVDUUROODU VHFWRUHV PDQXIDFWXUHURV IXHUWHV DO
VHUYLFLR GH OD HFRQRP­D JOREDO EDVDGRV HQ YHQWDMDV GH FRVWRV HV XQ FDPLQR
ELHQ FRQRFLGR KDFLD HO GHVDUUROOR TXH SHUPLWH TXH ORV SD­VHV DFXPXOHQ
FDSLWDO VH EHQHILFLHQ GH OD WUDQVIHUHQFLD GH WHFQRORJ­D \ DXPHQWHQ ORV
LQJUHVRV6LHVWHFDPLQRVHFLHUUDPXFKDVQDFLRQHVWHQGU¡QTXHUHSHQVDUVXV
PRGHORV \ HVWUDWHJLDV GH LQGXVWULDOL]DFL³Q 6L \ F³PR ODV HFRQRP­DV HQ
GHVDUUROOR SXHGHQ DSURYHFKDU ODV RSRUWXQLGDGHV GH OD FXDUWD UHYROXFL³Q
LQGXVWULDO HV XQ DVXQWR GH JUDQ LPSRUWDQFLD SDUD HO PXQGR HV HVHQFLDO
LQYHVWLJDUP¡V\FUHDUP¡VSHQVDPLHQWRFU­WLFRSDUDFRPSUHQGHUGHVDUUROODU
\DGDSWDUODVHVWUDWHJLDVQHFHVDULDV
(O SHOLJUR HV TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO VLJQLILTXH TXH XQD
GLQ¡PLFD GH lHO JDQDGRU VH OR OOHYD WRGR{ VH SURGX]FD HQWUH ORV SD­VHV \
GHQWUR GH HOORV (VWR DXPHQWDU­D DºQ P¡V ORV FRQIOLFWRV \ ODV WHQVLRQHV
VRFLDOHV \ FUHDU­D XQ PXQGR PHQRV FRKHVLRQDGR \ P¡V YRO¡WLO VREUH WRGR
SRUTXH ODV SHUVRQDV VRQ KR\ PXFKR P¡V FRQVFLHQWHV \ VHQVLEOHV D ODV
LQMXVWLFLDV VRFLDOHV \ ODV GLVFUHSDQFLDV HQ FXDQWR D ODV FRQGLFLRQHV GH YLGD
HQWUHORVGLIHUHQWHVSD­VHV$PHQRVTXHORVO­GHUHVGHORVVHFWRUHVSºEOLFR\
SULYDGR OHV DVHJXUHQ D ORV FLXGDGDQRV TXH HVW¡Q HMHFXWDQGR HVWUDWHJLDV
FUH­EOHV SDUD PHMRUDU OD YLGD GH WRGRV HO PDOHVWDU VRFLDO ODV PLJUDFLRQHV
PDVLYDV\HOH[WUHPLVPRYLROHQWRVHSRGU­DQLQWHQVLILFDUORFXDOFRQOOHYDU­D
ULHVJRV SDUD ORV SD­VHV HQ WRGDV ODV HWDSDV GH GHVDUUROOR (V FUXFLDO TXH ODV
SHUVRQDVFUHDQTXHSXHGHQFRQWDUFRQXQWUDEDMRVLJQLILFDWLYRTXHOHVSHUPLWD
PDQWHQHUVHDV­PLVPDV\DVXVIDPLOLDVSHURTX©SDVDVLQRKD\VXILFLHQWH
GHPDQGDGHWUDEDMRRVLODVFDSDFLGDGHVGLVSRQLEOHV\DQRFRLQFLGHQFRQOD
GHPDQGD"


/DQDWXUDOH]DGHOWUDEDMR

/DDSDULFL³QGHXQPXQGRGRQGHHOSDUDGLJPDGRPLQDQWHGHOWUDEDMRHVXQD
VHULH GH WUDQVDFFLRQHV HQWUH XQ WUDEDMDGRU \ XQD HPSUHVD P¡V TXH XQD
UHODFL³QGXUDGHUDHQWUHHOORVIXHGHVFULWDSRU'DQLHO3LQNKDFHTXLQFHD±RV
HQ VX OLEUR )UHH $JHQW 1DWLRQ>@ (VWD WHQGHQFLD VH KD DFHOHUDGR HQ JUDQ
PHGLGDSRUODLQQRYDFL³QWHFQRO³JLFD
+R\ODHFRQRP­DEDMRGHPDQGDHVW¡IXQGDPHQWDOPHQWHDOWHUDQGRQXHVWUD
UHODFL³QFRQHOWUDEDMR\HOWHMLGRVRFLDOHQHOTXHHVW¡LQVHUWR&DGDYH]P¡V
HPSOHDGRUHV UHFXUUHQ D OD lQXEH KXPDQD{ SDUD KDFHU ODV FRVDV /DV
DFWLYLGDGHVSURIHVLRQDOHVVHGLYLGHQHQWDUHDVSUHFLVDV\SUR\HFWRVGLVFUHWRV
\ VRQ HQWRQFHV ODQ]DGDV D XQD QXEH YLUWXDO GH DVSLUDQWHV D WUDEDMDGRU
XELFDGRV HQ FXDOTXLHU SDUWH GHO PXQGR 6H WUDWD GH OD QXHYD HFRQRP­D EDMR
GHPDQGDHQODFXDOORVSURYHHGRUHVGHPDQRGHREUD\DQRVRQHPSOHDGRVHQ
HOVHQWLGRWUDGLFLRQDOVLQRP¡VELHQWUDEDMDGRUHVLQGHSHQGLHQWHVTXHUHDOL]DQ
WDUHDV HVSHF­ILFDV &RPR $UXQ 6XQGDUDUDMDQ SURIHVRU GH OD (VFXHOD GH
1HJRFLRV6WHUQGHOD8QLYHUVLGDGGH1XHYD<RUNORH[SUHVDHQXQDFROXPQD
GH7KH1HZ<RUN7LPHVHVFULWDSRUHOSHULRGLVWD)DUKDG0DQMRRl3RGU­DPRV
WHUPLQDUFRQXQIXWXURHQHOTXHXQDSDUWHGHODIXHU]DGHWUDEDMRKDJDXQD
DPSOLD YDULHGDG GH DFWLYLGDGHV SDUD REWHQHU LQJUHVRV XVWHG SRGU­D VHU XQ
FRQGXFWRU GH 8EHU XQ FRPSUDGRU GH ,QVWDFDUW XQ DQILWUL³Q GH $LUEQE \ XQ
7DVNUDEELW{>@
/DV YHQWDMDV HQ OD HFRQRP­D GLJLWDO VRQ FODUDV SDUD ODV HPSUHVDV \ HQ
HVSHFLDOSDUDODVVWDUWXSVGHFUHFLPLHQWRU¡SLGR'DGRTXHODVSODWDIRUPDVGH
ODQXEHKXPDQDFODVLILFDQDORVWUDEDMDGRUHVFRPRLQGHSHQGLHQWHVHVW¡QߚGH
PRPHQWRߚH[HQWDVGHOUHTXHULPLHQWRGHSDJDUVDODULRVP­QLPRVLPSXHVWRV
FRPRHPSOHDGRUHV\SUHVWDFLRQHVVRFLDOHV&RPRH[SOLFD'DQLHO&DOODJKDQ
GLUHFWRUHMHFXWLYRGH0%$ &RPSDQ\HQHO5HLQR8QLGRHQXQDUW­FXORGHO
)LQDQFLDO 7LPHV l$KRUD SXHGH XVWHG WUDHU D TXLHQ TXLHUD FXDQGR TXLHUD
H[DFWDPHQWH FRPR TXLHUD>@ < GDGR TXH QR VRQ HPSOHDGRV QR WLHQH TXH
OLGLDUFRQSUREOHPDVGHHPSOHR\UHJXODFLRQHV{
3DUDODVSHUVRQDVTXHHVW¡QHQODQXEHODVSULQFLSDOHVYHQWDMDVUHVLGHQHQ
ODOLEHUWDG GHWUDEDMDURQR \ODPRYLOLGDGLQFRPSDUDEOHGHODTXHGLVIUXWDQ
SRUSHUWHQHFHUDXQDUHGYLUWXDOJOREDO$OJXQRVWUDEDMDGRUHVLQGHSHQGLHQWHV
YHQ HVWR FRPR XQD FRPELQDFL³Q LGHDO HQWUH XQD JUDQ FDQWLGDG GH OLEHUWDG
PHQRVHVWU©V\PD\RUVDWLVIDFFL³QHQHOWUDEDMR$XQTXHODQXEHKXPDQDHVW¡
HQ SD±DOHV \D KD\ SUXHEDV DQHFG³WLFDV VXVWDQFLDOHV TXH LPSOLFDQ XQD
GHVORFDOL]DFL³Q VLOHQFLRVD VLOHQFLRVD SRUTXH ODV SODWDIRUPDV GH OD QXEH
KXPDQDQRHVW¡QUHJLVWUDGDV\QRWLHQHQTXHUHYHODUVXVGDWRV 
(V HVWH HO FRPLHQ]R GH XQD UHYROXFL³Q GH WUDEDMR QXHYR \ IOH[LEOH TXH
HPSRGHUDU¡ D FXDOTXLHU LQGLYLGXR TXH WHQJD XQD FRQH[L³Q D LQWHUQHW \ TXH
HOLPLQDU¡ OD HVFDVH] GH FDSDFLGDGHV" 2 DFWLYDU¡ HO LQLFLR GH XQD FDUUHUD
LQH[RUDEOHKDFLDDEDMRHQXQPXQGRGHI¡EULFDVYLUWXDOHVFRQXQDH[SORWDFL³Q
H[DJHUDGD" 6L HO UHVXOWDGR HV HVWH ºOWLPR ߚXQ PXQGR GHO SUHFDULDGR XQD
FODVH VRFLDO GH WUDEDMDGRUHV TXH YDQ GH WDUHD HQ WDUHD SDUD VDWLVIDFHU VXV
QHFHVLGDGHV PLHQWUDV VXIUHQ XQD S©UGLGD GH GHUHFKRV ODERUDOHV FDSDFLGDG
SDUD QHJRFLDU VXV GHUHFKRV \ VHJXULGDG ODERUDOߚ SRGU­D FUHDU HVWR XQD
SRWHQWHIXHQWHGHPDOHVWDUVRFLDOHLQHVWDELOLGDGSRO­WLFD"3RUºOWLPRSRGU­D
HOGHVDUUROORGHODQXEHKXPDQDVLPSOHPHQWHDFHOHUDUODDXWRPDWL]DFL³QGHO
WUDEDMRKXPDQR"
(O GHVDI­R DO TXH QRV HQIUHQWDPRV HV LGHDU QXHYDV IRUPDV GH FRQWUDWRV
VRFLDOHV\GHHPSOHRTXHVHDGDSWHQDODIXHU]DGHWUDEDMRFDPELDQWH\DOD
QDWXUDOH]DFDPELDQWHGHOWUDEDMR'HEHPRVOLPLWDUODVGHVYHQWDMDVGHODQXEH
KXPDQD HQ W©UPLQRV GH SRVLEOH H[SORWDFL³Q VLQ UHGXFLU HO FUHFLPLHQWR GHO
PHUFDGRODERUDOQLLPSHGLUTXHODVSHUVRQDVWUDEDMHQFRPRHOLMDQKDFHUOR6L
QRVRPRVFDSDFHVGHFRQVHJXLUORODFXDUWDUHYROXFL³QLQGXVWULDOSRGU­DOOHYDU
DO ODGR RVFXUR GHO IXWXUR GHO WUDEDMR TXH /\QGD *UDWWRQ SURIHVRUD GH
SU¡FWLFDV GH JHVWL³Q HQ OD (VFXHOD GH 1HJRFLRV GH /RQGUHV GHVFULEH HQ VX
OLEUR 3UHS¡UDWH (O IXWXUR GHO WUDEDMR \D HVW¡ DTX­ QLYHOHV FUHFLHQWHV GH
IUDJPHQWDFL³QDLVODPLHQWR\H[FOXVL³QHQWRGDVODVVRFLHGDGHV>@
&RPRH[SRQJRHQHVWHOLEURODHOHFFL³QHVQXHVWUD7RGRGHSHQGHGHODV
SRO­WLFDV \ ODV GHFLVLRQHV LQVWLWXFLRQDOHV TXH WRPHPRV +D\ TXH WHQHU HQ
FXHQWDVLQHPEDUJRTXHSRGU­DSURGXFLUVHXQDUHDFFL³QQHJDWLYDOHJLVODWLYD
GHWDOPRGRTXHUHDILUPHHOSRGHUGHODVDXWRULGDGHVHQHOSURFHVR\DJRWHODV
IXHU]DVGHDGDSWDFL³QGHXQVLVWHPDFRPSOHMR


/DLPSRUWDQFLDGHOSURS³VLWR

7DPEL©Q GHEHPRV WHQHU HQ FXHQWD TXH QR VROR VH WUDWD GH WDOHQWR \
FDSDFLGDGHV /D WHFQRORJ­D SHUPLWH XQD PD\RU HILFLHQFLD TXH HV OR TXH OD
PD\RU­DGHODJHQWHGHVHD6LQHPEDUJRTXLHUHVHQWLUTXHQRHVPHUDPHQWH
SDUWH GH XQ SURFHVR VLQR GH DOJR P¡V JUDQGH TXH HOOD PLVPD .DUO 0DU[
H[SUHV³ODSUHRFXSDFL³QGHTXHHOSURFHVRGHHVSHFLDOL]DFL³QSXGLHUDUHGXFLU
HO VHQWLGR GH SURS³VLWR TXH WRGRV EXVFDPRV HQ HO WUDEDMR PLHQWUDV TXH
%XFNPLQVWHU )XOOHU DGYLUWL³ GH TXH ORV ULHVJRV GH OD KLSHUHVSHFLDOL]DFL³Q
WLHQGHQDlFHUUDUODVEºVTXHGDVGHVLQWRQL]DFL³QGHEDQGDDQFKDHLPSHGLUDV­
HOGHVFXEULPLHQWRGHORVSULQFLSLRVJHQHUDOL]DGRVWRGRSRGHURVRV{>@
$KRUD DQWH XQD FRPELQDFL³Q GH DXPHQWR GH OD FRPSOHMLGDG H
KLSHUHVSHFLDOL]DFL³Q HVWDPRV HQ XQ SXQWR HQ TXH HO GHVHR GH FRPSURPLVR
ºWLOVHHVW¡FRQYLUWLHQGRHQXQSUREOHPDLPSRUWDQWH(VWHHVHQSDUWLFXODUHO
FDVR GH ODV JHQHUDFLRQHV GH M³YHQHV TXH VLHQWHQ D PHQXGR TXH ORV WUDEDMRV
FRUSRUDWLYRVOLPLWDQVXFDSDFLGDGGHHQFRQWUDUVLJQLILFDGR\SURS³VLWRHQOD
YLGD (Q XQ PXQGR GRQGH ORV O­PLWHV GHVDSDUHFHQ \ ODV DVSLUDFLRQHV HVW¡Q
FDPELDQGRODJHQWHTXLHUHQRVRORXQHTXLOLEULRHQWUHWUDEDMR\YLGDSULYDGD
VLQRWDPEL©QXQDLQWHJUDFL³QDUPRQLRVDHQWUHODYLGDSULYDGD\HOHPSOHR0H
SUHRFXSDTXHHOIXWXURGHOWUDEDMRSHUPLWDTXHVRORXQDPLQRU­DGHLQGLYLGXRV
DOFDQFHQGLFKRORJUR


1(*2&,26

0¡V DOO¡ GH ORV FDPELRV HQ ORV SDWURQHV GH FUHFLPLHQWR ORV PHUFDGRV
ODERUDOHV \ HO IXWXUR GHO WUDEDMR TXH LQIOXLU¡Q QDWXUDOPHQWH HQ WRGDV ODV
RUJDQL]DFLRQHV KD\ SUXHEDV GH TXH ODV WHFQRORJ­DV TXH VXVWHQWDQ OD FXDUWD
UHYROXFL³Q LQGXVWULDO HVW¡Q WHQLHQGR XQ JUDQ LPSDFWR HQ F³PR ODV HPSUHVDV
VRQ GLULJLGDV RUJDQL]DGDV \ ILQDQFLDGDV 8Q V­QWRPD SDUWLFXODU GH HVWH
IHQ³PHQRHVTXHODKLVW³ULFDUHGXFFL³QGHODYLGDPHGLDGHXQDFRUSRUDFL³Q
TXHFRWL]DHQHO6 3KDGHVFHQGLGRGHDSUR[LPDGDPHQWHVHVHQWDDXQRV
GLHFLRFKRD±RV>@2WURHVHOFDPELRHQHOWLHPSRTXHOHVOOHYDDORVQXHYRV
DFWRUHVGRPLQDUPHUFDGRV\ORJUDUKLWRVVLJQLILFDWLYRVHQPDWHULDGHLQJUHVRV
)DFHERRNWDUG³VHLVD±RVHQOOHJDUDLQJUHVRVGHPLOORQHVGHG³ODUHVDO
D±R \ *RRJOH VROR FLQFR 1R KD\ GXGD GH TXH ODV WHFQRORJ­DV HPHUJHQWHV
FDVL VLHPSUH SRWHQFLDGDV \ KDELOLWDGDV SRU ODV FDSDFLGDGHV GLJLWDOHV HVW¡Q
DXPHQWDQGRODYHORFLGDG\ODPDJQLWXGGHOFDPELRSDUDODVHPSUHVDV
(VWRUHIXHU]DWDPEL©QXQWHPDVXE\DFHQWHHQPLVFRQYHUVDFLRQHVFRQORV
&(2 MHIHVGHHPSUHVDV \DOWRVHMHFXWLYRVJOREDOHVHVSHF­ILFDPHQWHTXHHO
GLOXYLR GH LQIRUPDFL³Q GLVSRQLEOH KR\ OD YHORFLGDG GH GLVUXSFL³Q \ OD
DFHOHUDFL³Q GH OD LQQRYDFL³Q VRQ GLI­FLOHV GH FRPSUHQGHU R SUHYHU /DV
DQWHULRUHVFRQVWLWX\HQXQDIXHQWHGHFRQVWDQWHVRUSUHVD(QWDOFRQWH[WRHVW¡Q
HQODFDSDFLGDGGHXQO­GHUSDUDDSUHQGHUFRQWLQXDPHQWHDGDSWDUVH\GHVDILDU
VXV SURSLRV PRGHORV FRQFHSWXDOHV \ RSHUDWLYRV GH ©[LWR ODV FDUDFWHU­VWLFDV
TXHGLVWLQJXLU¡QDODSU³[LPDJHQHUDFL³QGHO­GHUHVGHQHJRFLRVH[LWRVRV
3RUORWDQWRHOSULPHULPSHUDWLYRGHULYDGRGHOLPSDFWRHQHOQHJRFLRGHOD
FXDUWDUHYROXFL³QLQGXVWULDOHVODXUJHQWHQHFHVLGDGGHPLUDUVHDXQRPLVPR
FRPR XQ O­GHU GH HPSUHVD \ GHQWUR GH VX SURSLD RUJDQL]DFL³Q ([LVWH
HYLGHQFLD GH OD FDSDFLGDG GH RUJDQL]DFL³Q \ OLGHUD]JR SDUD DSUHQGHU \
FDPELDU"+D\DQWHFHGHQWHVHQFXDQWRDIDEULFDFL³QGHSURWRWLSRV\WRPDGH
GHFLVLRQHVGHLQYHUVL³QDXQULWPRU¡SLGR"/DFXOWXUDDFHSWDODLQQRYDFL³Q\
HOIUDFDVR"7RGRORTXHYHRLQGLFDTXHODWUDYHV­DVRORDFHOHUDU¡VXPDUFKD
TXHORVFDPELRVVHU¡QIXQGDPHQWDOHV\TXHHOYLDMHUHTXHULU¡SRUORWDQWRXQD
PLUDGDGXUD\KRQHVWDDODFDSDFLGDGGHODVRUJDQL]DFLRQHVSDUDRSHUDUFRQ
UDSLGH]\DJLOLGDG


)XHQWHVGHGLVUXSFL³Q

/DV PºOWLSOHV IXHQWHV GH GLVUXSFL³Q GHVHQFDGHQDQ IRUPDV GLVWLQWDV GH
LPSDFWRVREUHORVQHJRFLRV3RUHOODGRGHODRIHUWDPXFKDVLQGXVWULDVHVW¡Q
VLHQGR WHVWLJRV GH OD LQWURGXFFL³Q GH QXHYDV WHFQRORJ­DV TXH FUHDQ QXHYDV
IRUPDVGHVDWLVIDFHUODVQHFHVLGDGHVH[LVWHQWHV\GHDOWHUDUVLJQLILFDWLYDPHQWH
ODV FDGHQDV GH YDORU H[LVWHQWHV DOJR GH OR TXH DEXQGDQ ORV HMHPSORV /DV
QXHYDVWHFQRORJ­DVGHDOPDFHQDPLHQWR\GLVWULEXFL³QGHODHQHUJ­DDFHOHUDU¡Q
HOFDPELRKDFLDIXHQWHVP¡VGHVFHQWUDOL]DGDV/DDGRSFL³QJHQHUDOL]DGDGHOD
LPSUHVL³Q ' KDU¡ TXH OD IDEULFDFL³Q GLVWULEXLGD \ HO PDQWHQLPLHQWR GH
SLH]DV GH UHSXHVWR VHDQ P¡V I¡FLOHV \ EDUDWRV /D LQWHOLJHQFLD \ OD
LQIRUPDFL³Q HQ WLHPSR UHDO SURSRUFLRQDU¡Q SHUVSHFWLYDV ºQLFDV VREUH ORV
FOLHQWHV \ HO UHQGLPLHQWR GH ORV DFWLYRV TXH DPSOLILFDU¡Q RWUDV WHQGHQFLDV
WHFQRO³JLFDV
/DGLVUXSFL³QWDPEL©QSURYLHQHGHORVFRPSHWLGRUHV¡JLOHVHLQQRYDGRUHV
TXH DO DFFHGHU D SODWDIRUPDV GLJLWDOHV JOREDOHV SDUD OD LQYHVWLJDFL³Q HO
GHVDUUROORHOPDUNHWLQJODVYHQWDV\ODGLVWULEXFL³QSXHGHQVREUHSDVDUP¡V
U¡SLGRTXHQXQFDDORVSURWDJRQLVWDVELHQHVWDEOHFLGRVPHGLDQWHODPHMRUDGH
ODFDOLGDGODYHORFLGDGRHOSUHFLRDOFXDOHQWUHJDQYDORU(VWDHVODUD]³QSRU
OD FXDO PXFKRV HPSUHVDULRV FRQVLGHUDQ TXH OD PD\RU DPHQD]D VRQ ORV
FRPSHWLGRUHVTXHDºQQRVRQFRQVLGHUDGRVFRPRWDOHV6LQHPEDUJRVHU­DXQ
HUURUSHQVDUTXHODGLVUXSFL³QFRPSHWLWLYDSURYHQGU¡VRORGHODVVWDUWXSV/D
GLJLWDOL]DFL³QWDPEL©QSHUPLWHDORVJUDQGHVMXJDGRUHVFUX]DUODVIURQWHUDVGH
OD LQGXVWULD DSURYHFKDQGR VX FDUWHUD GH FOLHQWHV VX LQIUDHVWUXFWXUD R VX
WHFQRORJ­D/DWUDQVLFL³QGHHPSUHVDVGHWHOHFRPXQLFDFLRQHVDOFDPSRGHOD
VDQLGDG\ODDXWRPRFL³QHVXQHMHPSORGHHOOR(OWDPD±RWRGDY­DSXHGHVHU
XQDYHQWDMDFRPSHWLWLYDVLVHDSURYHFKDGHPDQHUDLQWHOLJHQWH
/RVJUDQGHVFDPELRVSRUHOODGRGHODGHPDQGDWDPEL©QHVW¡QDIHFWDQGRD
ORVQHJRFLRV/DWUDQVSDUHQFLDFUHFLHQWHODSDUWLFLSDFL³QGHORVFRQVXPLGRUHV
\ORVQXHYRVK¡ELWRVGHFRQVXPR TXHVHEDVDQFDGDYH]P¡VHQHODFFHVRD
UHGHVGHWHOHIRQ­DP³YLO\GDWRV IXHU]DQDODVFRPSD±­DVDDGDSWDUODPDQHUD
GHGLVH±DUFRPHUFLDOL]DU\HQWUHJDUQXHYRVSURGXFWRV\VHUYLFLRV
(QJHQHUDOSHUFLERHOLPSDFWRGHODFXDUWDUHYROXFL³QLQGXVWULDOVREUHORV
QHJRFLRV FRPR XQ LQH[RUDEOH FDPELR GH OD VLPSOH GLJLWDOL]DFL³Q TXH
FDUDFWHUL]³ D OD WHUFHUD UHYROXFL³Q LQGXVWULDO KDFLD XQD IRUPD PXFKR P¡V
FRPSOHMD GH LQQRYDFL³Q EDVDGD HQ OD FRPELQDFL³Q GH PºOWLSOHV WHFQRORJ­DV
GHXQDIRUPDQRYHGRVD(VWRREOLJDDWRGDVODVHPSUHVDVDYROYHUDH[DPLQDU
OD PDQHUD GH KDFHU QHJRFLRV \ HV DOJR TXH DGRSWD GLIHUHQWHV IRUPDV 3DUD
DOJXQDV GH HOODV DOFDQ]DU QXHYDV IURQWHUDV GH YDORU SRGU­D FRQVLVWLU HQ
GHVDUUROODU QXHYRV QHJRFLRV HQ VHJPHQWRV DG\DFHQWHV PLHQWUDV TXH SDUD
RWUDVVHWUDWDGHLGHQWLILFDUHOFDPELRGHYDORUHQORVVHFWRUHVH[LVWHQWHV
/D FXHVWL³Q SULQFLSDO VLQ HPEDUJR VLJXH VLHQGR OD PLVPD /RV O­GHUHV
HPSUHVDULDOHV \ ORV DOWRV HMHFXWLYRV GHEHQ FRPSUHQGHU TXH OD GLVUXSFL³Q
DIHFWDDODGHPDQGD\ODRIHUWDGHVXQHJRFLR(VWRDVXYH]GHEHREOLJDUORV
DGHVDILDUORVVXSXHVWRVGHVXVHTXLSRVRSHUDWLYRV\HQFRQWUDUQXHYDVIRUPDV
GHKDFHUODVFRVDV(QUHVXPHQWLHQHQTXHLQQRYDUFRQWLQXDPHQWH


&XDWURLPSDFWRVLPSRUWDQWHV

/D FXDUWD UHYROXFL³Q LQGXVWULDO WLHQH FXDWUR HIHFWRV LPSRUWDQWHV VREUH ORV
QHJRFLRVGHWRGDVODVLQGXVWULDV

ߧ/DVH[SHFWDWLYDVGHOFOLHQWHHVW¡QFDPELDQGR
ߧORVSURGXFWRVHVW¡QVLHQGRSHUIHFFLRQDGRVSRUORVGDWRVORTXHPHMRUDOD
SURGXFWLYLGDGGHORVDFWLYRV
ߧ VH HVW¡Q IRUPDQGR QXHYDV DOLDQ]DV D PHGLGD TXH ODV FRPSD±­DV
FRPSUHQGHQODLPSRUWDQFLDGHODVQXHYDVIRUPDVGHFRODERUDFL³Q\
ߧ ORV PRGHORV RSHUDWLYRV VH HVW¡Q WUDQVIRUPDQGR HQ QXHYRV PRGHORV
GLJLWDOHV


([SHFWDWLYDVGHOFRQVXPLGRU

/RV FOLHQWHV \D VHDQ SDUWLFXODUHV %&  R HPSUHVDV %%  HVW¡Q FDGD YH]
P¡VHQHOFHQWURGHODHFRQRP­DGLJLWDO\HOORWLHQHTXHYHUFRQODIRUPDHQ
TXHVHOHVDWLHQGH/DVH[SHFWDWLYDVGHOFOLHQWHVHHVW¡QUHGHILQLHQGRKDFLDOD
H[SHULHQFLD/DGH$SSOHSRUHMHPSORQRHVVRORDFHUFDGHF³PRXWLOL]DPRV
HOSURGXFWRVLQRVREUHHOHPEDODMHODPDUFDHODFWRGHFRPSUD\HOVHUYLFLR
DOFOLHQWH$SSOHHVW¡UHGHILQLHQGRDV­ODVH[SHFWDWLYDVLQFOXLGDODH[SHULHQFLD
GHOSURGXFWR
/RVHQIRTXHVWUDGLFLRQDOHVGHVHJPHQWDFL³QGHPRJU¡ILFDHVW¡QGDQGRSDVR
DORVREMHWLYRVDWUDY©VGHFULWHULRVGLJLWDOHVHQYLUWXGGHORFXDOORVFOLHQWHV
SRWHQFLDOHV SXHGDQ VHU LGHQWLILFDGRV VHJºQ VX GLVSRVLFL³Q D FRPSDUWLU
LQIRUPDFL³QHLQWHUDFWXDU$PHGLGDTXHVHDFHOHUDHOFDPELRGHODSURSLHGDG
ºQLFD D OD SURSLHGDG FRPSDUWLGD SDUWLFXODUPHQWH HQ ODV FLXGDGHV  HO XVR
FRPSDUWLGR GH GDWRV VHU¡ XQD SDUWH QHFHVDULD GH OD SURSXHVWD GH YDORU 3RU
HMHPSOR ORV SURJUDPDV SDUD FRPSDUWLU YHK­FXOR UHTXLHUHQ GH OD LQWHJUDFL³Q
GH LQIRUPDFL³Q SHUVRQDO \ ILQDQFLHUD D WUDY©V GH PºOWLSOHV HPSUHVDV HQ ORV
VHFWRUHVDXWRPRWUL]GHVHUYLFLRVSºEOLFRVFRPXQLFDFLRQHV\EDQFDULR
/DPD\RU­DGHODVHPSUHVDVGLFHQHVWDUFHQWUDGDVHQHOFOLHQWHSHURWDOHV
DILUPDFLRQHVVHU¡QSXHVWDVDSUXHEDDPHGLGDTXHORVGDWRVHQWLHPSRUHDO\
OD DQDO­WLFD VH DSOLTXHQ D OD IRUPD GH OOHJD \ DWHQGHU D VXV FOLHQWHV /D HUD
GLJLWDOFRQVLVWHHQHODFFHVR\XVRGHGDWRVUHILQDUSURGXFWRV\H[SHULHQFLDV
\ WUDVODGDUVH D XQ PXQGR GH FRQWLQXR DMXVWH \ UHILQDPLHQWR PLHQWUDV VH
JDUDQWL]DTXHODGLPHQVL³QKXPDQDGHODLQWHUDFFL³QVHPDQWLHQHHQHOFHQWUR
GHOSURFHVR
(V OD FDSDFLGDG GH UHFXUULU D PºOWLSOHV IXHQWHV GH GDWRV ߚGHVGH ORV
SHUVRQDOHV KDVWD ORV LQGXVWULDOHV GHVGH ORV GHO HVWLOR GH YLGD KDVWD ORV
FRQGXFWXDOHVߚ OR TXH RIUHFH SXQWRV GH YLVWD HVSHF­ILFRV VREUH HO UHFRUULGR
TXHVLJXHXQFOLHQWHDOFRPSUDUORFXDOKXELHUDVLGRLQFRQFHELEOHKDVWDKDFH
SRFR+R\HQG­DORVGDWRV\ODP©WULFDRIUHFHQSHUVSHFWLYDVFU­WLFDVFDVLHQ
WLHPSRUHDOVREUHODVQHFHVLGDGHV\ORVK¡ELWRVGHOFOLHQWHTXHLPSXOVDQODV
GHFLVLRQHVGHPDUNHWLQJ\YHQWDV
(QODDFWXDOLGDGHVWDWHQGHQFLDDODGLJLWDOL]DFL³QDSXQWDKDFLDXQDPD\RU
WUDQVSDUHQFLD OR TXH VLJQLILFD P¡V GDWRV HQ OD FDGHQD GH VXPLQLVWUR P¡V
GDWRV DO DOFDQFH GH ORV FRQVXPLGRUHV \ SRU OR WDQWR P¡V FRPSDUDFLRQHV
HQWUHXVXDULRVVREUHODFDOLGDGGHORVSURGXFWRVORFXDOOHVWUDVODGDHOSRGHUD
ORV FRQVXPLGRUHV 3RU HMHPSOR ORV VLWLRV ZHE GH FRPSDUDFL³Q GH SUHFLRV
IDFLOLWDQ FRWHMDU ORV SUHFLRV OD FDOLGDG GHO VHUYLFLR \ HO UHQGLPLHQWR GHO
SURGXFWR $ XQ FOLF R XQ GHVOL]DPLHQWR GHO GHGR VREUH XQD SDQWDOOD ORV
FRQVXPLGRUHVSDVDQLQVWDQW¡QHDPHQWHGHXQDPDUFDVHUYLFLRRWLHQGDGLJLWDO
DO VLJXLHQWH /DV HPSUHVDV \D QR SXHGHQ HOXGLU OD UHVSRQVDELOLGDG SRU XQ
SURGXFWR GHILFLHQWH /D UHSXWDFL³Q GH PDUFD HV XQ SUHPLR GLI­FLO GH JDQDU
SHUR PX\ I¡FLO GH SHUGHU DOJR TXH VROR VH DPSOLILFDU¡ HQ XQ PXQGR P¡V
WUDQVSDUHQWH
(Q JUDQ PHGLGD OD JHQHUDFL³Q GH ORV PLOOHQQLDOV HVW¡ PDUFDQGR ODV
WHQGHQFLDV GH FRQVXPR $KRUD YLYLPRV HQ XQ PXQGR FDUDFWHUL]DGR SRU OD
GHPDQGD GRQGH VH HQY­DQ  PLOORQHV GH PHQVDMHV GLDULRV SRU
:KDWV$SS>@GRQGHHOSRUFLHQWRGHORVM³YHQHVHVWDGRXQLGHQVHVGLFHQ
TXH QXQFD VH VHSDUD GH VX WHO©IRQR LQWHOLJHQWH \ GRQGH HO  SRU FLHQWR
XWLOL]DQODIXQFL³QGHF¡PDUDDGLDULR>@6HWUDWDGHXQPXQGRPXFKRP¡V
YLQFXODGRDOLQWHUFDPELRHQWUHXVXDULRV\HOFRQWHQLGRJHQHUDGRSRUHVWRV(V
XQ PXQGR GHO DKRUD XQ PXQGR HQ WLHPSR UHDO GRQGH VH SURSRUFLRQDQ GH
PDQHUD LQVWDQW¡QHD ODV GLUHFFLRQHV SDUD PRYHUVH HQ HO WU¡ILFR \ GRQGH ODV
YHUGXUDV VH HQWUHJDQ GLUHFWDPHQWH HQ OD SXHUWD GH WX FDVD (VWH lPXQGR GHO
DKRUD{ REOLJD D ODV HPSUHVDV D UHVSRQGHU HQ WLHPSR UHDO GRQGHTXLHUD TXH
HVW©QVXVFOLHQWHV\VHDQHVWRVTXLHQHVVHDQ
6HU­D XQ HUURU SHQVDU TXH HVWR VH OLPLWD D HFRQRP­DV GH DOWRV LQJUHVRV
7RPHPRVFRPRHMHPSORODVFRPSUDVHQO­QHDHQ&KLQD(OGHQRYLHPEUH
GH  EDXWL]DGR FRPR HO lG­D GH ORV VROWHURV{ SRU HO JUXSR $OLEDED HO
VHUYLFLRGHFRPHUFLRHOHFWU³QLFRJHVWLRQ³WUDQVDFFLRQHVHOHFWU³QLFDVSRUP¡V
GH  PLOORQHV GH G³ODUHV GH ORV FXDOHV HO  SRU FLHQWR SURYLQR GH
YHQWDV GHVGH GLVSRVLWLYRV P³YLOHV>@ 2WUR HMHPSOR HV HO GHO IULFD
VXEVDKDULDQD TXH HV OD UHJL³Q GH P¡V U¡SLGR FUHFLPLHQWR HQ FXDQWR D
VXVFULSFLRQHVGHWHOHIRQ­DP³YLOORTXHGHPXHVWUDTXHHOLQWHUQHWP³YLOHVW¡
GHMDQGRDWU¡VHODFFHVRILMR/D*60$VVRFLDWLRQHVSHUDTXHKD\DXQRV
PLOORQHV GH XVXDULRV DGLFLRQDOHV HQ HO IULFD VXEVDKDULDQD HQ ORV SU³[LPRV
FLQFRD±RV>@<PLHQWUDVTXHODVHFRQRP­DVDYDQ]DGDVWLHQHQODVPD\RUHV
WDVDV GH SHQHWUDFL³Q GH ODV UHGHV VRFLDOHV $VLD RULHQWDO $VLD VXGRULHQWDO \
$P©ULFD &HQWUDO HVW¡Q SRU HQFLPD GH OD PHGLD PXQGLDO GHO  SRU FLHQWR \
FDGDYH]FRQXQFUHFLPLHQWRP¡VU¡SLGR:H&KDW :HL[LQ XQVHUYLFLRFKLQR
GHWH[WR\YR]DWUDY©VGHLQWHUQHWREWXYRXQRVPLOORQHVGHXVXDULRVHQ
WDQVRORGRFHPHVHVKDVWDILQDOHVGHXQFUHFLPLHQWRDQXDOGHDOPHQRV
HOSRUFLHQWR>@


3URGXFWRVFRQGDWRVPHMRUDGRV

/DV QXHYDV WHFQRORJ­DV HVW¡Q WUDQVIRUPDQGR OD IRUPD HQ TXH ODV
RUJDQL]DFLRQHVSHUFLEHQ\JHVWLRQDQVXVDFWLYRVDPHGLGDTXHORVSURGXFWRV
\ VHUYLFLRV PHMRUDQ PHGLDQWH FDSDFLGDGHV GLJLWDOHV TXH DXPHQWDQ VX YDORU
7HVOD SRU HMHPSOR PXHVWUD F³PR ODV DFWXDOL]DFLRQHV GH VRIWZDUH
LQDO¡PEULFDV \ OD FRQHFWLYLGDG VH SXHGHQ XWLOL]DU SDUD PHMRUDU XQ SURGXFWR
HQHVWHFDVRXQYHK­FXOR GHVSX©VGHODFRPSUDHQOXJDUGHTXHVHGHSUHFLH
FRQHOWLHPSR
1R VROR ORV PDWHULDOHV QXHYRV SHUPLWHQ DFWLYRV P¡V GXUDGHURV \
UHVLVWHQWHV VLQR TXH ORV GDWRV \ OD DQDO­WLFD WDPEL©Q WUDQVIRUPDQ OD IXQFL³Q
GHO PDQWHQLPLHQWR /RV DQ¡OLVLV SURSRUFLRQDGRV SRU ORV VHQVRUHV FRORFDGRV
HQORVSURGXFWRVSHUPLWHQVXFRQVWDQWHPRQLWRUHR\PDQWHQLPLHQWRSURDFWLYR
\ DO KDFHUOR PD[LPL]DQ VX XWLOL]DFL³Q <D QR VH WUDWD GH HQFRQWUDU IDOORV
HVSHF­ILFRVVLQRP¡VELHQGHXVDUSXQWRVGHUHIHUHQFLDVREUHHOUHQGLPLHQWR
EDVDGRVHQGDWRVVXPLQLVWUDGRVSRUVHQVRUHV\ODPRQLWRUL]DFL³QDWUDY©VGH
DOJRULWPRV  TXH SXHGHQ GHWHFWDU FX¡QGR XQD SLH]D GHO HTXLSR VH VDOH GH VX
SDXWDGHIXQFLRQDPLHQWRQRUPDO(QORVDYLRQHVSRUHMHPSORORVFHQWURVGH
FRQWURO GH OD DHURO­QHD VDEHQ DQWHV TXH ORV SLORWRV VL XQ PRWRU HVW¡
H[SHULPHQWDQGRXQIDOORHQXQDYL³QHQSDUWLFXODU\SXHGHQSRUWDQWRLQVWUXLU
DOSLORWRVREUHORTXHGHEHKDFHU\PRYLOL]DUHOHTXLSRGHPDQWHQLPLHQWRSRU
DGHODQWDGRHQHOGHVWLQRGHOYXHOR
$GHP¡V GHO PDQWHQLPLHQWR OD FDSDFLGDG SDUD SUHGHFLU HO UHQGLPLHQWR GH
XQDFWLYRSHUPLWHHVWDEOHFHUQXHYRVPRGHORVGHQHJRFLR'LFKRUHQGLPLHQWR
VHSXHGHPHGLU\PRQLWRUL]DUDORODUJRGHOWLHPSRSXHVODDQDO­WLFDRIUHFH
LQIRUPDFL³Q VREUH ODV WROHUDQFLDV GH IXQFLRQDPLHQWR \ SURSRUFLRQD OD EDVH
SDUDSURGXFWRVWHUFHUL]DGRVTXHQRVRQIXQGDPHQWDOHVRHVWUDW©JLFRVSDUDODV
QHFHVLGDGHVGHOQHJRFLR6$3HVXQHMHPSORGHXQDHPSUHVDTXHDSURYHFKD
ORV GDWRV GH SURGXFWRV I­VLFRV LQWHJUDGRV HQ OD DJULFXOWXUD SDUD DXPHQWDU HO
WLHPSRGHDFWLYLGDG\ODXWLOL]DFL³Q
/D FDSDFLGDG SDUD SUHGHFLU HO UHQGLPLHQWR GH XQ DFWLYR WDPEL©Q RIUHFH
QXHYDV RSRUWXQLGDGHV D ORV VHUYLFLRV GH SUHFLRV /RV DFWLYRV FRQ XQ DOWR
UHQGLPLHQWRFRPRORVDVFHQVRUHVRODVFLQWDVSDUDFDPLQDUSXHGHQWHQHUXQ
SUHFLR VHJºQ VX UHQGLPLHQWR \ D ORV SURYHHGRUHV GH VHUYLFLRV VH OHV SXHGH
SDJDUVREUHODEDVHGHOUHQGLPLHQWRUHDOGHODFWLYRFRPSDUDGRFRQXQXPEUDO
GHWLHPSRGHDFWLYLGDGGHOSRUFLHQWRGXUDQWHXQSHU­RGRGHWHUPLQDGR
7RPHPRV HO HMHPSOR GH ODV IORWDV GH FDPLRQHV /RV WUDQVSRUWLVWDV GH ODUJD
GLVWDQFLD HVW¡Q LQWHUHVDGRV HQ SURSXHVWDV HQ ODV TXH OHV SDJXHQ D ORV
IDEULFDQWHV GH QHXP¡WLFRV SRU FDGD PLO NLO³PHWURV GH XVR HQ FDUUHWHUD HQ
OXJDU GH FRPSUDU QHXP¡WLFRV QXHYRV SHUL³GLFDPHQWH (VWR HV DV­ SRUTXH OD
FRPELQDFL³QGHVHQVRUHV\DQDO­WLFDOHVSHUPLWHDODVHPSUHVDVGHQHXP¡WLFRV
VXSHUYLVDU HO UHQGLPLHQWR GHO FRQGXFWRU HO FRQVXPR GH FRPEXVWLEOH \ HO
GHVJDVWHGHODVUXHGDVFRQHOILQGHRIUHFHUXQVHUYLFLRFRPSOHWRGHSULQFLSLR
DILQ


,QQRYDFL³QFRODERUDWLYD

8QPXQGRGHH[SHULHQFLDVGHORVFOLHQWHVGHVHUYLFLRVEDVDGRVHQORVGDWRV\
GHHYDOXDFL³QGHORVDFWLYRVPHGLDQWHODDQDO­WLFDUHTXLHUHQXHYDVIRUPDVGH
FRODERUDFL³Q HVSHFLDOPHQWH VL VH WLHQH HQ FXHQWD OD YHORFLGDG D OD TXH OD
LQQRYDFL³Q \ OD GLVUXSFL³Q HVW¡Q RFXUULHQGR (VWR HV Y¡OLGR SDUD ORV
SURWDJRQLVWDV\QHJRFLRVHVWDEOHFLGRV\WDPEL©QSDUDODVHPSUHVDVM³YHQHV\
GLQ¡PLFDV /DV HVWDEOHFLGDV D PHQXGR FDUHFHQ GH FDSDFLGDGHV HVSHF­ILFDV \
WLHQHQ PHQRU VHQVLELOLGDG D OD HYROXFL³Q GH ODV QHFHVLGDGHV GHO FOLHQWH
PLHQWUDV TXH ODV M³YHQHV QR WLHQHQ FDSLWDO \ FDUHFHQ GH OD ULTXH]D GH GDWRV
JHQHUDGRVSRUODVRSHUDFLRQHVPDGXUDV
&RPRGHWDOODHOLQIRUPHGHO)RUR&ROODERUDWLYH,QQRYDWLRQ7UDQVIRUPLQJ
%XVLQHVV'ULYLQJ*URZWKFXDQGRODVHPSUHVDVFRPSDUWHQUHFXUVRVDWUDY©V
GHODLQQRYDFL³QFRODERUDWLYDFUHDQXQYDORUVLJQLILFDWLYRSDUDDPEDVSDUWHV
DV­FRPRSDUDODVHFRQRP­DVHQODVTXHWLHQHQOXJDUWDOHVFRODERUDFLRQHV8Q
HMHPSOR GH HOOR HV OD UHFLHQWH FRODERUDFL³Q HQWUH HO JLJDQWH LQGXVWULDO
6LHPHQV TXH LQYLHUWH DOUHGHGRU GH  PLOORQHV GH G³ODUHV DO D±R HQ
LQYHVWLJDFL³Q \ GHVDUUROOR \ $\DVGL XQD HPSUHVD LQQRYDGRUD GHGLFDGD DO
DSUHQGL]DMH DXWRP¡WLFR \ PLHPEUR GHO )RUXP 7HFKQRORJ\ 3LRQHHU IXQGDGD
HQ OD 8QLYHUVLGDG GH 6WDQIRUG HQ  (VWD DVRFLDFL³Q OH GD D 6LHPHQV
DFFHVRDXQVRFLRTXHSXHGHD\XGDUODDUHVROYHUUHWRVFRPSOHMRVFRPRHOGH
VDFDU FRQFOXVLRQHV GH FDQWLGDGHV HQRUPHV GH GDWRV PLHQWUDV TXH $\DVGL
SXHGH YDOLGDU VX HQIRTXH GH DQ¡OLVLV GH GDWRV WRSRO³JLFRV FRQ GDWRV GHO
PXQGRUHDODOWLHPSRTXHH[SDQGHVXSUHVHQFLDHQHOPHUFDGR
7DOHV FRODERUDFLRQHV VLQ HPEDUJR D PHQXGR HVW¡Q OHMRV GH VHU I¡FLOHV
5HTXLHUHQ XQD LQYHUVL³Q LPSRUWDQWH SRU DPEDV SDUWHV SDUD GHVDUUROODU XQD
HVWUDWHJLD ILUPH EXVFDU ORV VRFLRV DGHFXDGRV HVWDEOHFHU FDQDOHV GH
FRPXQLFDFL³QDOLQHDUSURFHVRV\UHVSRQGHUFRQIOH[LELOLGDGDODVFRQGLFLRQHV
FDPELDQWHV WDQWR GHQWUR FRPR IXHUD GH OD VRFLHGDG $ YHFHV WDOHV
FRODERUDFLRQHV GDQ RULJHQ D PRGHORV GH QHJRFLR FRPSOHWDPHQWH QXHYRV
FRPRORVSURJUDPDVSDUDFRPSDUWLUHODXWRP³YLOHQODFLXGDGORFXDOUHºQHD
HPSUHVDV GH PºOWLSOHV LQGXVWULDV FRQ HO ILQ GH SURSRUFLRQDU DO FOLHQWH XQD
H[SHULHQFLD LQWHJUDGD (VWR HV WDQ EXHQR FRPR HO HVODE³Q P¡V G©ELO GH OD
FDGHQDGHODDVRFLDFL³Q/DVHPSUHVDVGHEHQLUP¡VDOO¡GHORVDFXHUGRVHQ
PDWHULD GH PDUNHWLQJ \ YHQWDV SDUD HQWHQGHU F³PR DGRSWDU HQIRTXHV GH
FRODERUDFL³QLQWHJUDOHV/DFXDUWDUHYROXFL³QLQGXVWULDOREOLJDDODVHPSUHVDV
DSHQVDUHQF³PRORVPXQGRVRIIOLQH\RQOLQHWUDEDMDQMXQWRVHQODSU¡FWLFD


1XHYRVPRGHORVGHRSHUDFL³Q

7RGRVHVWRVLPSDFWRVGLIHUHQWHVUHTXLHUHQTXHODVHPSUHVDVUHFRQVLGHUHQVXV
PRGHORVGHIXQFLRQDPLHQWR(QFRQVHFXHQFLDVHHVW¡UHWDQGRODSODQLILFDFL³Q
HVWUDW©JLFD SRU OD QHFHVLGDG GH ODV HPSUHVDV GH RSHUDU P¡V U¡SLGR \ FRQ
PD\RUDJLOLGDG
&RPR VH PHQFLRQ³ DQWHULRUPHQWH XQ PRGHOR RSHUDWLYR LPSRUWDQWH
KDELOLWDGR SRU ORV HIHFWRV GH UHG GH OD GLJLWDOL]DFL³Q HV OD SODWDIRUPD
0LHQWUDVTXHODWHUFHUDUHYROXFL³QLQGXVWULDOYLRODDSDULFL³QGHSODWDIRUPDV
SXUDPHQWH GLJLWDOHV XQ VHOOR GLVWLQWLYR GH OD FXDUWD HV OD DSDULFL³Q GH
SODWDIRUPDV JOREDOHV ­QWLPDPHQWH FRQHFWDGDV FRQ HO PXQGR I­VLFR /D
HVWUDWHJLDGHODSODWDIRUPDHVDODYH]UHQWDEOH\GLVUXSWLYD/DLQYHVWLJDFL³Q
GH OD (VFXHOD GH *HVWL³Q 6ORDQ GHO 0,7 PXHVWUD TXH FDWRUFH GH ODV WUHLQWD
PDUFDV SULQFLSDOHV VHJºQ VX FDSLWDOL]DFL³Q GH PHUFDGR HQ  HUDQ
HPSUHVDVRULHQWDGDVKDFLDSODWDIRUPDV>@
/DV HVWUDWHJLDV GH SODWDIRUPD FRPELQDGDV FRQ OD QHFHVLGDG GH HVWDU P¡V
FHQWUDGDV HQ HO FOLHQWH \ PHMRUDU ORV SURGXFWRV PHGLDQWH GDWRV HVW¡Q
FDPELDQGR PXFKDV LQGXVWULDV GHVGH XQ HQIRTXH HQ OD YHQWD GH SURGXFWRV
KDFLDORVVHUYLFLRV8QQºPHURFUHFLHQWHGHFRQVXPLGRUHV\DQRFRPSUDQQL
SRVHHQREMHWRVI­VLFRVVLQRTXHP¡VELHQSDJDQSRUODSUHVWDFL³QGHOVHUYLFLR
VXE\DFHQWHDOFXDODFFHGHQDWUDY©VGHXQDSODWDIRUPDGLJLWDO(VSRVLEOHSRU
HMHPSOR WHQHU DFFHVR GLJLWDO D PLOHV GH PLOORQHV GH OLEURV D WUDY©V GH OD
7LHQGD .LQGOH GH $PD]RQ HVFXFKDU FDVL FXDOTXLHU FDQFL³Q HQ HO PXQGR D
WUDY©V GH 6SRWLI\ R XQLUVH D XQD HPSUHVD GH FRFKHV FRPSDUWLGRV TXH
SURSRUFLRQDVHUYLFLRVGHPRYLOLGDGVLQQHFHVLGDGGHSRVHHUHOYHK­FXOR(VWH
FDPELR HV SRGHURVR \ SHUPLWH PRGHORV P¡V WUDQVSDUHQWHV \ VRVWHQLEOHV GH
LQWHUFDPELRGHYDORUHQODHFRQRP­D3HURWDPEL©QFUHDGHVDI­RVHQFXDQWRD
F³PR GHILQLPRV OD SURSLHGDG F³PR VHOHFFLRQDPRV H LQWHUDFWXDPRV FRQ HO
FRQWHQLGRLOLPLWDGR\F³PRQRVUHODFLRQDPRVFRQODVSODWDIRUPDVGHFDGDYH]
PD\RUDOFDQFHTXHSURSRUFLRQDQHVWRVVHUYLFLRVDHVFDOD
(OWUDEDMRGHO)RUR(FRQ³PLFR0XQGLDOHQVXLQLFLDWLYDGH7UDQVIRUPDFL³Q
GH OD ,QGXVWULD 'LJLWDO GHVWDFD XQD VHULH GH RWURV QHJRFLRV \ PRGHORV GH
IXQFLRQDPLHQWRGLVH±DGRVSDUDDSURYHFKDUODFXDUWDUHYROXFL³QLQGXVWULDO(O
lHQIRTXH HQ HO FOLHQWH{ PHQFLRQDGR DQWHULRUPHQWH HV XQR GH HOORV FRQ
DFWRUHV FRPR 1HVSUHVVR TXH FHQWUD VXV HVIXHU]RV HQ SURFHVRV GH SULPHUD
O­QHD\HPSRGHUDDVXVHPSOHDGRVSDUDSRQHUDOFOLHQWHHQSULPHUOXJDU/RV
PRGHORV GH QHJRFLR IUXJDOHV XWLOL]DQ ODV RSRUWXQLGDGHV TXH RIUHFH OD
LQWHUDFFL³QGHORVFDPSRVGLJLWDOI­VLFR\KXPDQRFRQHOILQGHDEULUQXHYDV
IRUPDV GH RSWLPL]DFL³Q FRPR ORV HVIXHU]RV GH 0LFKHOLQ SRU SURSRUFLRQDU
VHUYLFLRVGHDOWDFDOLGDGDEDMRFRVWR
/RVPRGHORVGHQHJRFLRLPSXOVDGRVSRUGDWRVFUHDQIXHQWHVGHLQJUHVRVD
SDUWLU GH VX DFFHVR D LQIRUPDFL³Q YDOLRVD VREUH ORV FOLHQWHV HQ XQ FRQWH[WR
P¡V DPSOLR OR TXH GHSHQGH FDGD YH] P¡V GH OD DQDO­WLFD \ HO VRIWZDUH
LQWHOLJHQWHSDUDDPSOLDUODVSHUVSHFWLYDV/DVHPSUHVDVlDELHUWDV\O­TXLGDV{
VH SRVLFLRQDQ FRPR SDUWH GH XQ HFRVLVWHPD IOXLGR GH FUHDFL³Q GH YDORU
PLHQWUDV TXH ODV ILUPDV GH lVN\QHW{ VH FHQWUDQ HQ OD DXWRPDWL]DFL³Q \ VH
YXHOYHQ P¡V GRPLQDQWHV HQ LQGXVWULDV \ OXJDUHV SHOLJURVRV $VLPLVPR KD\
PXFKRV HMHPSORV GH HPSUHVDV TXH JLUDQ KDFLD PRGHORV GH QHJRFLR TXH VH
FHQWUDQHQHPSOHDUQXHYDVWHFQRORJ­DVSDUDKDFHUXQXVRP¡VHILFLHQWHGHORV
IOXMRVGHHQHUJ­D\PDWHULDOHVORFXDOSUHVHUYDORVUHFXUVRVUHGXFHORVFRVWRV
\ WLHQH XQ LPSDFWR SRVLWLYR VREUH HO PHGLR DPELHQWH Y©DVH HO FXDGUR %
5HQRYDFL³QDPELHQWDO\SUHVHUYDFL³Q 
(VWDV WUDQVIRUPDFLRQHV VLJQLILFDQ TXH ODV HPSUHVDV QHFHVLWDQ LQYHUWLU
IXHUWHPHQWHHQVLVWHPDVGHFLEHUGDWRVGHVHJXULGDGSDUDHYLWDUODGLVUXSFL³Q
GLUHFWD GH GHOLQFXHQWHV R DFWLYLVWDV R ORV IDOORV LQYROXQWDULRV HQ OD
LQIUDHVWUXFWXUDGLJLWDO/DVHVWLPDFLRQHVGHOFRVWRWRWDODQXDOGHODVHPSUHVDV
HQFRQFHSWRGHFLEHUDWDTXHVDVFLHQGHQDDOUHGHGRUGHORVPLOORQHVGH
G³ODUHV /DV H[SHULHQFLDV GH FRPSD±­DV FRPR 6RQ\ 3LFWXUHV 7DON7DON
7DUJHW\%DUFOD\VLQGLFDQTXHSHUGHUHOFRQWUROGHGDWRVFRQILGHQFLDOHVGHOD
HPSUHVD\HOFOLHQWHWLHQHXQHIHFWRPDWHULDOQHJDWLYRVREUHORVSUHFLRVGHODV
DFFLRQHV(VWRH[SOLFDSRUTX©HO%DQNRI$PHULFD0HUULOO/\QFKHVWLPDTXH
HO PHUFDGR GH OD VHJXULGDG FLEHUQ©WLFD FUHFHU¡ P¡V GHO GREOH GH FHUFD GH
PLOORQHVGHG³ODUHVHQDPLOORQHVGHG³ODUHVHQOR
TXHLPSOLFDXQDWDVDGHFUHFLPLHQWRDQXDOGHP¡VGHOSRUFLHQWRSDUDOD
LQGXVWULDHQORVSU³[LPRVFLQFRD±RV>@
/RV PRGHORV RSHUDWLYRV HPHUJHQWHV WDPEL©Q VLJQLILFDQ TXH VH GHEHQ
UHGLVH±DUHOWDOHQWR\ODFXOWXUDDODOX]GHORVQXHYRVUHTXLVLWRVHQFXDQWRD
FDSDFLWDFL³Q \ OD QHFHVLGDG GH DWUDHU \ UHWHQHU DO WLSR DGHFXDGR GH FDSLWDO
KXPDQR$PHGLGDTXHORVGDWRVVHFRQYLHUWHQHQHOHPHQWRVIXQGDPHQWDOHV
SDUDODWRPDGHGHFLVLRQHV\ORVPRGHORVGHIXQFLRQDPLHQWRGHODVLQGXVWULDV
OD IXHU]D GH WUDEDMR UHTXLHUH QXHYDV DSWLWXGHV PLHQWUDV TXH ORV SURFHVRV
QHFHVLWDQ VHU DFWXDOL]DGRV SRU HMHPSOR SDUD VDFDU YHQWDMD GH OD
GLVSRQLELOLGDG GH LQIRUPDFL³Q HQ WLHPSR UHDO  \ ODV FXOWXUDV GHEHQ
HYROXFLRQDU
&RPR \D KH PHQFLRQDGR ODV HPSUHVDV GHEHQ DGDSWDUVH DO FRQFHSWR GH
lWDOHQWLVPR{ XQR GH ORV P¡V LPSRUWDQWHV LPSXOVRUHV HPHUJHQWHV GH OD
FRPSHWLWLYLGDG (Q XQ PXQGR GRQGH HO WDOHQWR HV OD IRUPD GRPLQDQWH GH
YHQWDMD HVWUDW©JLFD OD QDWXUDOH]D GH ODV HVWUXFWXUDV RUJDQL]DWLYDV WHQGU¡ TXH
UHFRQVLGHUDUVH-HUDUTX­DVIOH[LEOHVQXHYDVIRUPDVGHPHGLU\UHFRPSHQVDUHO
UHQGLPLHQWR\QXHYDVHVWUDWHJLDVSDUDDWUDHU\UHWHQHUHOWDOHQWRFXDOLILFDGR
VHU¡QFODYHSDUDHO©[LWRRUJDQL]DWLYR/DFDSDFLGDGGHVHU¡JLOVHU¡FUXFLDOHQ
OD PRWLYDFL³Q GH ORV HPSOHDGRV \ OD FRPXQLFDFL³Q DV­ FRPR HQ ODV
SULRULGDGHVGHOQHJRFLR\ODJHVWL³QGHDFWLYRVI­VLFRV
0L VHQVDFL³Q HV TXH ODV RUJDQL]DFLRQHV H[LWRVDV VH GHVSOD]DU¡Q FDGD YH]
P¡V GH HVWUXFWXUDV MHU¡UTXLFDV D PRGHORV P¡V FRQHFWDGRV HQ UHG \
FRODERUDWLYRV/DPRWLYDFL³QVHU¡FDGDYH]P¡VLQWU­QVHFDLPSXOVDGDSRUHO
GHVHR GH FRODERUDFL³Q GH ORV HPSOHDGRV \ OD JHVWL³Q GH OD GHVWUH]D OD
LQGHSHQGHQFLD \ HO VLJQLILFDGR (VWR VXJLHUH TXH ODV HPSUHVDV HVWDU¡Q FDGD
YH]P¡VRUJDQL]DGDVHQWRUQRDHTXLSRVGLVWULEXLGRVWUDEDMDGRUHVUHPRWRV\
FROHFWLYRVGLQ¡PLFRVFRQXQFRQWLQXRLQWHUFDPELRGHGDWRV\SXQWRVGHYLVWD
VREUHODVFRVDVRWDUHDVHQODVTXHVHWUDEDMD
8Q HVFHQDULR HPHUJHQWH GH WUDEDMR TXH UHIOHMD HVWH FDPELR VH EDVD HQ HO
U¡SLGR DVFHQVR GH OD WHFQRORJ­D lSDUD OOHYDU SXHVWD{ ZHDUDEOHV  FXDQGR VH
FRPELQD FRQ HO LQWHUQHW GH ODV FRVDV TXH SURJUHVLYDPHQWH KDFH TXH ODV
HPSUHVDV FRPELQHQ H[SHULHQFLDV GLJLWDOHV \ I­VLFDV HQ EHQHILFLR GH ORV
WUDEDMDGRUHV \ ORV FRQVXPLGRUHV 3RU HMHPSOR ORV WUDEDMDGRUHV TXH RSHUDQ
FRQ HTXLSRV PX\ FRPSOHMRV R HQ VLWXDFLRQHV GLI­FLOHV SXHGHQ XWLOL]DU
ZHDUDEOHV SDUD D\XGDU D GLVH±DU \ UHSDUDU FRPSRQHQWHV /DV GHVFDUJDV \
DFWXDOL]DFLRQHV GH P¡TXLQDV FRQHFWDGDV JDUDQWL]DQ TXH ORV WUDEDMDGRUHV GH
FDPSR \ HO HTXLSR TXH XWLOL]DQ VH PDQWHQJDQ DO G­D FRQ ODV ºOWLPDV
QRYHGDGHV (Q HO PXQGR GH OD FXDUWD UHYROXFL³Q LQGXVWULDO GRQGH HV XQD
SU¡FWLFDKDELWXDODFWXDOL]DUHOVRIWZDUHHQODQXEH\DFWXDOL]DUORVDFWLYRVGH
GDWRVDWUDY©VGHODQXEHVHU¡DºQP¡VLPSRUWDQWHDVHJXUDUVHGHTXHORVVHUHV
KXPDQRV\VXVFDSDFLGDGHVPDQWHQJDQHOULWPR


/DFRPELQDFL³QGHORVPXQGRVGLJLWDOI­VLFR\ELRO³JLFR

/DVHPSUHVDVFDSDFHVGHFRPELQDUPºOWLSOHVGLPHQVLRQHVߚGLJLWDOI­VLFD\
ELRO³JLFDߚ D PHQXGR VRQ H[LWRVDV HQ JHQHUDU XQD GLVUXSFL³Q GH WRGD XQD
LQGXVWULD\VXVVLVWHPDVGHSURGXFFL³QGLVWULEXFL³Q\FRQVXPR
/DSRSXODULGDGGH8EHUHQPXFKDVFLXGDGHVVHLQLFLDFRQXQDH[SHULHQFLD
GHOFOLHQWHPHMRUDGDHOVHJXLPLHQWRGHODXELFDFL³QGHOYHK­FXORDWUDY©VGH
XQ GLVSRVLWLYR P³YLO XQD GHVFULSFL³Q GH ODV FDUDFWHU­VWLFDV GHO DXWRP³YLO \
XQSURFHVRGHSDJRVLQIDOORVORFXDOHYLWDUHWUDVRV/DH[SHULHQFLDKDVLGR
PHMRUDGD\HPSDTXHWDGDFRQHOSURGXFWRI­VLFR HOWUDQVSRUWHGHXQDSHUVRQD
GHO SXQWR $ DO %  PHGLDQWH OD RSWLPL]DFL³Q GH OD XWLOL]DFL³Q GHO DFWLYR HO
YHK­FXORSURSLHGDGGHOFRQGXFWRU (QWDOHVFDVRVODVRSRUWXQLGDGHVGLJLWDOHV
DPHQXGRQRVHWUDGXFHQHQXQPD\RUSUHFLRRXQFRVWRP¡VEDMRVLQRHQXQ
FDPELRIXQGDPHQWDOGHOPRGHORGHQHJRFLRDOJRTXHLPSXOVDXQHQIRTXHGH
SULQFLSLRDILQGHVGHODDGTXLVLFL³QGHOVHUYLFLRKDVWDODHQWUHJD
(VWRVPRGHORVGHQHJRFLREDVDGRVHQODFRPELQDFL³QLOXVWUDQODPDJQLWXG
GH OD GLVUXSFL³Q TXH VH SURGXFH FXDQGR VH XWLOL]DQ DFWLYRV GLJLWDOHV \
FRPELQDFLRQHV LQWHUHVDQWHV GH SODWDIRUPDV GLJLWDOHV H[LVWHQWHV SDUD
UHRUJDQL]DU ODV UHODFLRQHV FRQ ORV DFWLYRV I­VLFRV OR FXDO PDUFD XQ QRWDEOH
WU¡QVLWR GH OD SURSLHGDG DO DFFHVR  (Q VXV PHUFDGRV QLQJXQD FRPSD±­D HV
SURSLHWDULD GH ORV DFWLYRV XQ FRQGXFWRU SRVHH HO YHK­FXOR \ OR SRQH D
GLVSRVLFL³QGHRWURVXQGXH±RGHFDVDSRQHDGLVSRVLFL³QVXKDELWDFL³Q(Q
DPERV FDVRV OD YHQWDMD FRPSHWLWLYD VH EDVD HQ XQD H[SHULHQFLD VXSHULRU
FRPELQDGDFRQFRVWRVUHGXFLGRVGHWUDQVDFFL³Q\GHIULFFL³Q$GHP¡VHVWDV
HPSUHVDV FRPELQDQ OD RIHUWD \ OD GHPDQGD GH XQD PDQHUD U¡SLGD \
FRQYHQLHQWHTXHDYDQ]DDODSDUGHORVPRGHORVGHQHJRFLRGHODVHPSUHVDV
GRPLQDQWHV
(VWHHQIRTXHGHPHUFDGRHURVLRQDSURJUHVLYDPHQWHODSRVLFL³QGRPLQDQWH
GH ORV DFWRUHV HVWDEOHFLGRV \ GHVPDQWHOD ODV IURQWHUDV HQWUH LQGXVWULDV
0XFKRV DOWRV HMHFXWLYRV HVSHUDQ TXH OD FRQYHUJHQFLD GH OD LQGXVWULD VHD OD
IXHU]DSULPDULDTXHDIHFWHDVXQHJRFLRHQORVSU³[LPRVWUHVDFLQFRD±RV>@
8QDYH]TXHXQFOLHQWHKDHVWDEOHFLGRXQKLVWRULDOGHFRQILDQ]D\VHJXULGDG
HQODSODWDIRUPDDOSURYHHGRUGLJLWDOOHUHVXOWDI¡FLORIUHFHURWURVSURGXFWRV\
VHUYLFLRV
/RV FRPSHWLGRUHV ¡JLOHV SURYRFDQ XQD GHVDJUHJDFL³Q GH ORV VLORV P¡V
WUDGLFLRQDOHVGHODLQGXVWULD\ODVFDGHQDVGHYDORU\WDPEL©QGHVLQWHUPHGLDQ
ODV UHODFLRQHV H[LVWHQWHV HQWUH ODV HPSUHVDV \ VXV FOLHQWHV /RV QXHYRV
GLVUXSWRUHV SXHGHQ H[SDQGLUVH U¡SLGDPHQWH D XQ FRVWR PXFKR P¡V EDMR TXH
ORV DFWRUHV HVWDEOHFLGRV OR FXDO JHQHUD GXUDQWH HO SURFHVR XQ FUHFLPLHQWR
U¡SLGR GH VXV EHQHILFLRV JUDFLDV D ORV HIHFWRV GH OD UHG /D HYROXFL³Q GH
$PD]RQ GH XQD WLHQGD GH OLEURV D XQ FRQJORPHUDGR PLQRULVWD TXH IDFWXUD
 PLOORQHV GH G³ODUHV DO D±R PXHVWUD F³PR OD OHDOWDG GHO FOLHQWH
FRPELQDGD FRQ XQD EXHQD FRPSUHQVL³Q GH ODV SUHIHUHQFLDV \ XQD V³OLGD
HMHFXFL³Q SXHGH FRQGXFLU D OD YHQWD D OR ODUJR GH PºOWLSOHV LQGXVWULDV
7DPEL©QGHPXHVWUDORVEHQHILFLRVGHODHVFDOD
(Q FDVL WRGDV ODV LQGXVWULDV ODV WHFQRORJ­DV GLJLWDOHV KDQ FUHDGR QXHYDV
IRUPDVGLVUXSWLYDVGHFRPELQDUSURGXFWRV\VHUYLFLRV\GXUDQWHHOSURFHVRVH
KDQ GLVXHOWR ODV IURQWHUDV WUDGLFLRQDOHV HQWUH ODV LQGXVWULDV (Q HO ¡PELWR
DXWRPRYLO­VWLFR XQ YHK­FXOR HV DKRUD XQ RUGHQDGRU VREUH UXHGDV FRQ XQD
HOHFWU³QLFD TXH UHSUHVHQWD DSUR[LPDGDPHQWH HO  SRU FLHQWR GHO FRVWR GHO
YHK­FXOR /D GHFLVL³Q GH $SSOH \ *RRJOH GH HQWUDU HQ HO PHUFDGR GHO
DXWRP³YLO PXHVWUD TXH XQD FRPSD±­D GH WHFQRORJ­D SXHGH DKRUD
WUDQVIRUPDUVHHQXQDHPSUHVDGHGLFKRVHFWRU(QHOIXWXURFXDQGRHOYDORU
UHVLGDHQODHOHFWU³QLFDODWHFQRORJ­D\ODFRQFHVL³QGHOLFHQFLDVGHVRIWZDUH
SXHGHQVHUHVWUDW©JLFDPHQWHP¡VEHQHILFLRVDVTXHODIDEULFDFL³QGHOYHK­FXOR
HQV­
(O VHFWRU ILQDQFLHUR HVW¡ SDVDQGR SRU XQ SHU­RGR VLPLODU GH FDPELR
GLVUXSWLYR/DVSODWDIRUPDVGH33 SHHUWRSHHURlXVXDULRDXVXDULR{ HVW¡Q
DKRUD GHVPRQWDQGR ODV EDUUHUDV GH HQWUDGD \ UHGXFLHQGR ORV FRVWRV (Q HO
QHJRFLR GH OD LQYHUVL³Q QXHYRV DOJRULWPRV GH lFRQVXOWD URERWL]DGD{ \ VXV
FRUUHVSRQGLHQWHV DSOLFDFLRQHV SURSRUFLRQDQ VHUYLFLRV GH DVHVRUDPLHQWR \
KHUUDPLHQWDV GH JHVWL³Q GH OD FDUWHUD D XQD IUDFFL³Q GHO FRVWR GH OD DQWLJXD
WUDQVDFFL³Q GHO  SRU FLHQWR HQ OXJDU GHO WUDGLFLRQDO  SRU FLHQWR OR FXDO
DPHQD]D XQ VHJPHQWR HQWHUR GHO QHJRFLR ILQDQFLHUR DFWXDO /D LQGXVWULD
WDPEL©Q HV FRQVFLHQWH GH TXH HO EORFNFKDLQ SURQWR UHYROXFLRQDU¡ OD PDQHUD
HQTXHRSHUDGHELGRDTXHVXVSRVLEOHVDSOLFDFLRQHVHQODVILQDQ]DVWLHQHQOD
RSRUWXQLGDG GH UHGXFLU ORV FRVWRV GH WUDQVDFFL³Q \ OLTXLGDFL³Q HQ KDVWD
 PLOORQHV GH G³ODUHV \ WUDQVIRUPDU HO IXQFLRQDPLHQWR GH OD LQGXVWULD
/D WHFQRORJ­D GH EDVHV GH GDWRV FRPSDUWLGDV SXHGH DJLOL]DU LQILQLGDG GH
DFWLYLGDGHVFRPRHODOPDFHQDPLHQWRGHODVFXHQWDVGHORVFOLHQWHVORVSDJRV
WUDQVIURQWHUL]RV \ HO HVWDEOHFLPLHQWR GH LQWHUFDPELRV FRPHUFLDOHV DV­ FRPR
SURGXFWRV \ VHUYLFLRV TXH QR H[LVWHQ DºQ FRPR ORV FRQWUDWRV GH IXWXURV
LQWHOLJHQWHVTXHVHDXWRHMHFXWDQVLQXQRSHUDGRU SRUHMHPSORXQGHULYDGRGH
FU©GLWR TXH SDJXH DXWRP¡WLFDPHQWH FXDQGR XQ SD­V R HPSUHVD GHFUHWH
LPSDJR 
/D LQGXVWULD GH OD VDQLGDG WDPEL©Q VH HQIUHQWD DO GHVDI­R GH LQFRUSRUDU
VLPXOW¡QHDPHQWH DYDQFHV HQ ODV WHFQRORJ­DV I­VLFDV ELRO³JLFDV \ GLJLWDOHV D
PHGLGDTXHHOGHVDUUROORGHQXHYRVHQIRTXHVGHGLDJQ³VWLFR\QXHYDVWHUDSLDV
FRLQFLGDFRQXQDLQLFLDWLYDSDUDGLJLWDOL]DUORVKLVWRULDOHVGHORVSDFLHQWHV\
FDSLWDOL]DU OD ULTXH]D GH OD LQIRUPDFL³Q TXH VH SXHGH UHFDEDU GHVGH
GLVSRVLWLYRVSRUW¡WLOHV\WHFQRORJ­DVLPSODQWDEOHV
1R WRGDV ODV LQGXVWULDV HVW¡Q HQ HO PLVPR SXQWR GH OD GLVUXSFL³Q SHUR
WRGDVHVW¡QVLHQGRHPSXMDGDVSRUXQDROHDGDGHWUDQVIRUPDFL³QSRUSDUWHGH
ODV IXHU]DV TXH LPSXOVDQ OD FXDUWD UHYROXFL³Q LQGXVWULDO +D\ GLIHUHQFLDV
VHJºQODLQGXVWULD\HOSHUILOGHPRJU¡ILFRGHODFOLHQWHODSHURHQXQPXQGR
FDUDFWHUL]DGR SRU OD LQFHUWLGXPEUH OD FDSDFLGDG SDUD DGDSWDUVH HV
IXQGDPHQWDOVLXQDFRPSD±­DHVLQFDSD]GHVXELUVHDODRODSXHGHTXHGDUVH
IXHUDGHHOOD
/DV HPSUHVDV TXH VREUHYLYDQ R SURVSHUHQ GHEHU¡Q PDQWHQHU \ DILQDU
FRQWLQXDPHQWH VX FDSDFLGDG LQQRYDGRUD /DV HPSUHVDV LQGXVWULDV \
FRUSRUDFLRQHVVHHQIUHQWDQDFRQWLQXDVSUHVLRQHVGDUZLQLDQDV\FRPRWDOOD
ILORVRI­D GH lVLHPSUH HQ EHWD{ VLHPSUH HQ HYROXFL³Q  VHU¡ P¡V IUHFXHQWH
(VWR VXJLHUH TXH HO QºPHUR GH HPSUHQGHGRUHV H LQWUDHPSUHQGHGRUHV
DGPLQLVWUDGRUHV GH OD HPSUHVD HPSUHQGHGRUD  D HVFDOD PXQGLDO DXPHQWDU¡
/DVSHTXH±DV\PHGLDQDVHPSUHVDVWHQGU¡QODVYHQWDMDVGHODYHORFLGDG\OD
DJLOLGDGQHFHVDULDVSDUDKDFHUIUHQWHDODGLVUXSFL³Q\ODLQQRYDFL³Q
/DV JUDQGHV RUJDQL]DFLRQHV SRU HO FRQWUDULR VREUHYLYLU¡Q DSURYHFKDQGR
VXV YHQWDMDV GH HVFDOD H LQYLUWLHQGR HQ VX HFRVLVWHPD GH VWDUWXSV \ S\PHV
PHGLDQWH OD DGTXLVLFL³Q GH HPSUHVDV P¡V SHTXH±DV H LQQRYDGRUDV R ELHQ
DVRFL¡QGRVH FRQ HOODV (VWR OHV SHUPLWLU¡ PDQWHQHU OD DXWRQRP­D HQ VXV
UHVSHFWLYRV QHJRFLRV DV­ FRPR UHDOL]DU RSHUDFLRQHV P¡V ¡JLOHV \ HILFLHQWHV
/D UHFLHQWH GHFLVL³Q GH *RRJOH GH UHRUJDQL]DUVH HQ XQ KROGLQJ OODPDGR
$OSKDEHWHVXQEXHQHMHPSORGHHVWDWHQGHQFLDLPSXOVDGDSRUODQHFHVLGDG
GHPDQWHQHUVXFDU¡FWHULQQRYDGRU\VXDJLOLGDG
)LQDOPHQWH FRPR VH GHWDOOD HQ HO VLJXLHQWH DSDUWDGR ORV HVFHQDULRV
UHJXODWLYRV\OHJLVODWLYRVGHWHUPLQDQHOPRGRHQTXHORVLQYHVWLJDGRUHVODV
HPSUHVDV \ ORV FLXGDGDQRV GHVDUUROODQ LQYLHUWHQ \ DGRSWDQ WDQWR QXHYDV
WHFQRORJ­DV FRPR ORV PRGHORV RSHUDWLYRV TXH OHV SHUPLWDQ FUHDU YDORU SDUD
ORVXVXDULRV0LHQWUDVTXHODVQXHYDVWHFQRORJ­DV\ODVHPSUHVDVLQQRYDGRUDV
RIUHFHQQXHYRVSURGXFWRV\VHUYLFLRVTXHSXHGHQPHMRUDUODYLGDGHPXFKRV
HVDV PLVPDV WHFQRORJ­DV \ ORV VLVWHPDV TXH ODV DSR\DQ WDPEL©Q SRGU­DQ
JHQHUDU LPSDFWRV TXH TXHUHPRV HYLWDU (VWRV YDQ GHVGH HO GHVHPSOHR
JHQHUDOL]DGR \ OD FUHFLHQWH GHVLJXDOGDG FRPHQWDGRV SUHYLDPHQWH KDVWD ORV
SHOLJURVGHORVVLVWHPDVDXWRP¡WLFRVGHDUPDPHQWR\ORVQXHYRVFLEHUULHVJRV
'DGR TXH ORV SXQWRV GH YLVWD VREUH OR TXH FRQVWLWX\H OD FRPELQDFL³Q
DGHFXDGD GH XQD UHJXODFL³Q SXHGHQ YDULDU PLV FRQYHUVDFLRQHV FRQ
JRELHUQRVO­GHUHVHPSUHVDULDOHV\PLHPEURVGHODVRFLHGDGFLYLOLQGLFDQTXH
FRPSDUWHQ HO PLVPR REMHWLYR JHQHUDO FUHDU HFRVLVWHPDV GH UHJXODFL³Q \
OHJLVODFL³Q ¡JLOHV \ UHVSRQVDEOHV TXH SHUPLWDQ TXH OD LQQRYDFL³Q SURVSHUH
PLHQWUDVPLQLPL]DQORVULHVJRVFRQHOREMHWRGHJDUDQWL]DUODHVWDELOLGDG\OD
SURVSHULGDGGHODVRFLHGDG


&XDGUR%5(129$&,“1$0%,(17$/<35(6(59$&,“1

/DFRQYHUJHQFLDGHORVPXQGRVI­VLFRGLJLWDO\ELRO³JLFRTXHVHHQFXHQWUDHQHOFRUD]³Q
GHODFXDUWDUHYROXFL³QLQGXVWULDORIUHFHRSRUWXQLGDGHVVLJQLILFDWLYDVSDUDTXHHOPXQGR
DOFDQFH JUDQGHV ORJURV HQ OD HILFLHQFLD \ HO XVR GH ORV UHFXUVRV &RPR KD PRVWUDGR HO
3URMHFW0DLQ6WUHDPXQDLQLFLDWLYDGHO)RUR(FRQ³PLFR0XQGLDOTXHEXVFDDFHOHUDUOD
WUDQVLFL³Q D OD HFRQRP­D FLUFXODU OD SURPHVD QR HV VROR TXH ORV LQGLYLGXRV ODV
RUJDQL]DFLRQHV\ORVJRELHUQRVWHQJDQPHQRVLPSDFWRHQHOPXQGRQDWXUDOVLQRTXHVH
JHQHUHXQJUDQSRWHQFLDOSDUDUHFXSHUDU\UHJHQHUDUQXHVWURHQWRUQRQDWXUDOPHGLDQWHHO
XVRGHWHFQRORJ­DV\HOGLVH±RGHVLVWHPDVLQWHOLJHQWHV
(Q HO FRUD]³Q GH HVWD SURPHVD \DFH OD RSRUWXQLGDG GH DSDUWDU D ODV HPSUHVDV \ ORV
FRQVXPLGRUHV GHO PRGHOR OLQHDO GH lFRJHUKDFHUGHVHFKDU{ HQ HO XVR GH ORV UHFXUVRV
TXH GHSHQGH GH JUDQGHV FDQWLGDGHV GH UHFXUVRV GH I¡FLO DFFHVR \ RULHQWDUORV KDFLD XQ
QXHYR PRGHOR LQGXVWULDO HQ HO FXDO ORV IOXMRV GH PDWHULDOHV HQHUJ­D WUDEDMR \ DKRUD
LQIRUPDFL³Q LQWHUDFWºHQ HQWUH V­ \ SURPXHYDQ HO GLVH±R GH XQ VLVWHPD HFRQ³PLFR
UHSDUDGRUUHJHQHUDWLYR\SURGXFWLYR
([LVWHQFXDWURFDPLQRVTXHQRVD\XGHQDOOHJDUDOO­(QSULPHUOXJDUJUDFLDVDOLQWHUQHW
GHODVFRVDV ,R7 \ORVDFWLYRVLQWHOLJHQWHVDKRUDHVSRVLEOHUDVWUHDUORVPDWHULDOHV\ORV
IOXMRVGHHQHUJ­DSDUDORJUDUQXHYDV\HQRUPHVHILFLHQFLDVDORODUJRGHODVFDGHQDVGH
YDORU 'H ORV  ELOORQHV GH G³ODUHV HQ EHQHILFLRV HFRQ³PLFRV TXH OD ILUPD &LVFR
HVWLPDTXHVHJHQHUDU¡QDSDUWLUGHO,R7HQODSU³[LPDG©FDGDELOORQHVGHG³ODUHVVH
SXHGHQREWHQHUDSDUWLUGHODHOLPLQDFL³QGHUHVLGXRV\ODPHMRUDGHORVSURFHVRVHQODV
FDGHQDV GH VXPLQLVWUR \ OD ORJ­VWLFD /DV VROXFLRQHV KDELOLWDGDV SRU HO ,R7 SRGU­DQ
UHGXFLUODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURHQPLOORQHVGHWRQHODGDVSDUD
TXHUHSUHVHQWDQHOSRUFLHQWRGHOWRWDOSUHYLVWRSDUDHVHD±R>@
(QVHJXQGROXJDUODGHPRFUDWL]DFL³QGHODLQIRUPDFL³Q\ODWUDQVSDUHQFLDGHULYDGDVGH
ORVELHQHVGLJLWDOL]DGRVOHVGDQDORVFLXGDGDQRVQXHYRVSRGHUHVSDUDUHVSRQVDELOL]DUD
ODV HPSUHVDV \ ORV SD­VHV 7HFQRORJ­DV FRPR EORFNFKDLQ D\XGDU¡Q D KDFHU TXH HVWD
LQIRUPDFL³Q VHD P¡V ILDEOH SRU HMHPSOR PHGLDQWH OD FDSWXUD \ OD FHUWLILFDFL³Q GHO
PRQLWRUHRGHGDWRVY­DVDW©OLWHVREUHGHIRUHVWDFL³QHQXQIRUPDWRVHJXURSDUDFRQVHJXLU
TXHORVSURSLHWDULRVGHWLHUUDVDVXPDQPD\RUHVUHVSRQVDELOLGDGHVDOUHVSHFWR
(Q WHUFHU OXJDU ORV QXHYRV IOXMRV GH LQIRUPDFL³Q \ HO DXPHQWR GH OD WUDQVSDUHQFLD
SXHGHQD\XGDUDXQFDPELRDJUDQHVFDODGHOFRPSRUWDPLHQWRFLXGDGDQRDPHGLGDTXH
VHFRQYLHUWDHQODY­DVXMHWDDPHQRUUHVLVWHQFLDGHQWURGHXQQXHYRFRQMXQWRGHQRUPDV
VRFLDOHV \ HPSUHVDULDOHV SDUD ORJUDU XQ VLVWHPD FLUFXODU VRVWHQLEOH /D IUXFW­IHUD
FRQYHUJHQFLDHQWUHORVFDPSRVGHODHFRQRP­D\ODSVLFRORJ­DKDSHUPLWLGRFRPSUHQGHU
PHMRUF³PRSHUFLELPRVHOPXQGRQRVFRPSRUWDPRV\MXVWLILFDPRVQXHVWUDFRQGXFWDDO
WLHPSR TXH QXPHURVRV HQVD\RV DOHDWRULRV FRQWURODGRV D JUDQ HVFDOD SRU ORV JRELHUQRV
ODV FRUSRUDFLRQHV \ ODV XQLYHUVLGDGHV KDQ GHPRVWUDGR TXH HVWR SXHGH IXQFLRQDU 8Q
HMHPSORHV23RZHUTXHXWLOL]DFRPSDUDFLRQHVHQWUHXVXDULRVSDUDPRWLYDUDODJHQWHD
FRQVXPLUPHQRVHOHFWULFLGDG\SRUWDQWRDSURWHJHUHOPHGLRDPELHQWH\UHGXFLUFRVWRV
(Q FXDUWR OXJDU FRPR HO DSDUWDGR DQWHULRU GHWDOOD QXHYRV QHJRFLRV \ PRGHORV GH
RUJDQL]DFL³Q SURPHWHQ IRUPDV LQQRYDGRUDV GH FUHDU \ FRPSDUWLU YDORU TXH D VX YH]
FRQGXFHQDWRGRXQFDPELRHQHOVLVWHPDGHOFXDOHOPXQGRQDWXUDOSXHGHEHQHILFLDUVH
DFWLYDPHQWHDOLJXDOTXHQXHVWUDVHFRQRP­DV\QXHVWUDVVRFLHGDGHV/RVYHK­FXORVTXH
VH FRQGXFHQ VRORV HO FRQVXPR FRODERUDWLYR \ ORV PRGHORV GH OHDVLQJ GDQ FRPR
UHVXOWDGR WDVDV GH XWLOL]DFL³Q GH ORV DFWLYRV VLJQLILFDWLYDPHQWH P¡V HOHYDGDV 7DPEL©Q
UHVXOWD PXFKR P¡V I¡FLO FDSWXUDU UHXWLOL]DU \ lXSF\FOH{ PDWHULDOHV FXDQGR OOHJXH HO
PRPHQWRDSURSLDGR
/DFXDUWDUHYROXFL³QLQGXVWULDOSHUPLWLU¡DODVHPSUHVDVDPSOLDUHOFLFORGHXVRGHORV
ELHQHV\UHFXUVRVDXPHQWDUVXXWLOL]DFL³Q\FUHDUFDVFDGDVTXHUHFXSHUHQ\UHXWLOLFHQORV
PDWHULDOHV\ODHQHUJ­DSDUDRWURVXVRVGLVPLQX\HQGRODVHPLVLRQHV\ODXWLOL]DFL³QGH
UHFXUVRV HQ HO SURFHVR (Q HVWH QXHYR VLVWHPD LQGXVWULDO UHYROXFLRQDULR HO GL³[LGR GH
FDUERQRSDVDGHVHUXQFRQWDPLQDQWHGHHIHFWRLQYHUQDGHURDXQDFWLYR\ODHFRQRP­DGH
ODFDSWXUD\DOPDFHQDPLHQWRGHFDUERQRSDVDGHVHUXQFRVWR\XQVXPLGHURGHSROXFL³Q
DXQDOXFUDWLYDSODQWDSDUDODFDSWXUDGHFDUERQR\VXXWLOL]DFL³QHQODSURGXFFL³Q$ºQ
P¡V LPSRUWDQWH D\XGDU¡ D ODV HPSUHVDV ORV JRELHUQRV \ ORV FLXGDGDQRV D VHU P¡V
FRQVFLHQWHV\HVWDUP¡VFRPSURPHWLGRVFRQODVHVWUDWHJLDVSDUDUHJHQHUDUDFWLYDPHQWHHO
FDSLWDOQDWXUDO\SHUPLWLU¡XVRVLQWHOLJHQWHV\UHJHQHUDWLYRVGHOFDSLWDOQDWXUDODILQGH
OLGHUDU HO FRQVXPR \ OD SURGXFFL³Q VRVWHQLEOHV \ GDU SLH D TXH OD ELRGLYHUVLGDG VH
UHFXSHUHHQ]RQDVDPHQD]DGDV


1$&,21$/<*/2%$/

/RV FDPELRV GLVUXSWLYRV WUD­GRV SRU OD FXDUWD UHYROXFL³Q LQGXVWULDO HVW¡Q
UHGHILQLHQGR OD IRUPD GH RSHUDU GH ODV LQVWLWXFLRQHV \ RUJDQL]DFLRQHV
SºEOLFDV (Q SDUWLFXODU REOLJDQ D ORV JRELHUQRV HQ ORV SODQRV UHJLRQDO
QDFLRQDO \ ORFDO D DGDSWDUVH UHLQYHQWDUVH \ HQFRQWUDU QXHYDV IRUPDV GH
FRODERUDFL³Q FRQ VXV FLXGDGDQRV \ HO VHFWRU SULYDGR 7DPEL©Q DIHFWDQ DO
PRGRHQTXHORVSD­VHV\ORVJRELHUQRVVHUHODFLRQDQHQWUHV­
(Q HVWH DSDUWDGR DQDOL]R HO SDSHO TXH GHEHQ DGRSWDU ORV JRELHUQRV SDUD
GRPLQDU OD FXDUWD UHYROXFL³Q LQGXVWULDO DO WLHPSR TXH VH UHFRQRFHQ ODV
IXHU]DV SHUGXUDEOHV TXH HVW¡Q FDPELDQGR OD SHUFHSFL³Q WUDGLFLRQDO GH ORV
SRO­WLFRV\VXSDSHOHQODVRFLHGDG&RQODFUHFLHQWHSDUWLFLSDFL³QFLXGDGDQD\
XQD PD\RU IUDJPHQWDFL³Q \ SRODUL]DFL³Q GH OD SREODFL³Q HVWR SRGU­D GDU
OXJDUDVLVWHPDVSRO­WLFRVTXHKDFHQTXHJREHUQDUVHDP¡VGLI­FLODV­FRPRD
JRELHUQRVPHQRVHILFDFHV6HWUDWDGHDOJRSDUWLFXODUPHQWHLPSRUWDQWHGDGR
TXH RFXUUH HQ XQ PRPHQWR HQ HO FXDO ORV JRELHUQRV GHEHQ VHU VRFLRV
HVHQFLDOHV HQ OD FRQILJXUDFL³Q GH OD WUDQVLFL³Q KDFLD QXHYRV PDUFRV
FLHQW­ILFRVWHFQRO³JLFRVHFRQ³PLFRV\VRFLDOHV


*RELHUQRV

$OHYDOXDUHOLPSDFWRGHODFXDUWDUHYROXFL³QLQGXVWULDOVREUHORVJRELHUQRV
HO XVR GH ODV WHFQRORJ­DV GLJLWDOHV SDUD JREHUQDU PHMRU HV HVHQFLDO 8Q XVR
P¡V LQWHQVR H LQQRYDGRU GH ODV WHFQRORJ­DV GH OD 5HG SXHGH D\XGDU D ODV
DGPLQLVWUDFLRQHV SºEOLFDV D PRGHUQL]DU VXV HVWUXFWXUDV \ IXQFLRQHV SDUD
PHMRUDU HO UHQGLPLHQWR JHQHUDO GHVGH IRUWDOHFHU ORV SURFHVRV GHO lH
JRELHUQR{ KDVWD IRPHQWDU XQD PD\RU WUDQVSDUHQFLD UHVSRQVDELOLGDG \
FRPSURPLVR HQWUH HO JRELHUQR \ VXV FLXGDGDQRV /RV JRELHUQRV WDPEL©Q
GHEHQDGDSWDUVHDOKHFKRGHTXHHOSRGHUHVW¡GHVSOD]¡QGRVHGHO(VWDGRDORV
DJHQWHV QR HVWDWDOHV \ GH LQVWLWXFLRQHV HVWDEOHFLGDV D UHGHV LQGHSHQGLHQWHV
/DV QXHYDV WHFQRORJ­DV ODV DJUXSDFLRQHV VRFLDOHV \ ODV LQWHUDFFLRQHV TXH
HVWDV IRPHQWDQ SHUPLWHQ TXH SU¡FWLFDPHQWH FXDOTXLHU SHUVRQD SXHGD HMHUFHU
LQIOXHQFLDGHXQDPDQHUDTXHKDEU­DVLGRLQFRQFHELEOHKDFHXQRVSRFRVD±RV
/RV JRELHUQRV HVW¡Q HQWUH ORV P¡V DIHFWDGRV SRU HVWD QDWXUDOH]D FDGD YH]
P¡VWUDQVLWRULD\HYDQHVFHQWHGHOSRGHU&RPRDILUPD0RLV©V1D­Pl(QHO
VLJOR ;;,HOSRGHUHVP¡VI¡FLOGHFRQVHJXLUP¡VGLI­FLOGHXVDU\P¡VI¡FLO
GHSHUGHU{>@+D\SRFDVGXGDVGHTXHJREHUQDUHVP¡VGLI­FLOKR\TXHHQHO
SDVDGR6DOYRXQDVSRFDVH[FHSFLRQHVODVDXWRULGDGHVOHJLVODWLYDVKDOODQP¡V
GLI­FLO HIHFWXDU XQ FDPELR (VW¡Q OLPLWDGDV SRU ORV FHQWURV GH SRGHU ULYDOHV
LQFOX\HQGRORVWUDQVQDFLRQDOHVUHJLRQDOHVORFDOHVHLQFOXVRHOLQGLYLGXR/RV
PLFURSRGHUHV VRQ DKRUD FDSDFHV GH OLPLWDU ORV PDFURSRGHUHV FRPR ORV
JRELHUQRVQDFLRQDOHV
/D HUD GLJLWDO VRFDY³ PXFKDV GH ODV EDUUHUDV TXH VRO­DQ SURWHJHU D OD
DXWRULGDG SºEOLFD KDFLHQGR TXH ORV JRELHUQRV IXHUDQ PHQRV HILFLHQWHV R
HILFDFHV TXH ORV JREHUQDGRV R HO SºEOLFR TXH VH YROYL³ PHMRU LQIRUPDGR \
FDGDYH]P¡VH[LJHQWHHQVXVH[SHFWDWLYDV/DVDJDGH:LNL/HDNVHQODTXH
XQDSHTXH±DHQWLGDGQRHVWDWDOVHHQIUHQW³DXQ(VWDGRJLJDQWHVFRLOXVWUDOD
DVLPHWU­D GHO QXHYR SDUDGLJPD GH SRGHU \ OD HURVL³Q GH OD FRQILDQ]D TXH D
PHQXGRFRQOOHYD
6HU­DSUHFLVRWRGRXQOLEURGHGLFDGRDOWHPDVRORSDUDHYDOXDUORVPºOWLSOHV
LPSDFWRVGHODFXDUWDUHYROXFL³QLQGXVWULDOVREUHORVJRELHUQRVSHURHOSXQWR
FODYHHVHVWHODWHFQRORJ­DHPSRGHUDU¡FDGDYH]P¡VDORVFLXGDGDQRV\OHV
SURSRUFLRQDU¡ XQD QXHYD IRUPD GH H[SUHVDU VXV RSLQLRQHV FRRUGLQDU VXV
HVIXHU]RV \ SRVLEOHPHQWH HOXGLU OD VXSHUYLVL³Q JXEHUQDPHQWDO 'LJR
lSRVLEOHPHQWH{ SRUTXH OR FRQWUDULR WDPEL©Q SRGU­D VHU FLHUWR GHELGR D
QXHYDV WHFQRORJ­DV GH YLJLODQFLD TXH GHQ RULJHQ D DXWRULGDGHV SºEOLFDV
GHPDVLDGRSRGHURVDV
/DV HVWUXFWXUDV SDUDOHODV VHU¡Q FDSDFHV GH WUDQVPLWLU LGHRORJ­DV UHFOXWDU
DGHSWRV \ FRRUGLQDU DFFLRQHV FRQWUD ߚR D SHVDU GHߚ ORV VLVWHPDV
JXEHUQDPHQWDOHV RILFLDOHV /RV JRELHUQRV HQ VX IRUPD DFWXDO VH YHU¡Q
REOLJDGRV D FDPELDU GDGR TXH VX SDSHO FHQWUDO GH OOHYDU D FDER SRO­WLFDV
GLVPLQXLU¡FDGDYH]P¡VGHELGRDORVQLYHOHVFUHFLHQWHVGHFRPSHWHQFLD\DOD
UHGLVWULEXFL³Q\GHVFHQWUDOL]DFL³QGHOSRGHUTXHODVQXHYDVWHFQRORJ­DVKDFHQ
SRVLEOH &DGD YH] P¡V ORV JRELHUQRV VH YHU¡Q FRPR FHQWURV GH VHUYLFLR
SºEOLFR TXH VRQ HYDOXDGRV SRU VXV FDSDFLGDGHV SDUD RIUHFHU HO VHUYLFLR
H[WHQGLGRGHXQDIRUPDP¡VHILFLHQWHHLQGLYLGXDOL]DGD
(QºOWLPDLQVWDQFLDHVODFDSDFLGDGGHORVJRELHUQRVGHDGDSWDUVHODTXH
GHWHUPLQDU¡ VX VXSHUYLYHQFLD 6L DEDUFDQ XQ PXQGR GH FDPELRV
H[SRQHQFLDOPHQWH GLVUXSWLYRV \ VL VRPHWHQ VXV HVWUXFWXUDV D ORV QLYHOHV GH
WUDQVSDUHQFLD \ HILFLHQFLD TXH SXHGH D\XGDUOHV D PDQWHQHU VX YHQWDMD
FRPSHWLWLYD HQWRQFHV V­ SHUGXUDU¡Q $O KDFHUOR VLQ HPEDUJR TXHGDU¡Q
FRPSOHWDPHQWHWUDQVIRUPDGRVHQF©OXODVGHSRGHUPXFKRP¡VPDJUDV\P¡V
HILFLHQWHV WRGR HOOR GHQWUR GH XQ HQWRUQR GH QXHYDV \ FRPSHWLGRUDV
HVWUXFWXUDVGHSRGHU
&RPR HQ DQWHULRUHV UHYROXFLRQHV LQGXVWULDOHV OD UHJXODFL³Q GHVHPSH±DU¡
XQSDSHOGHFLVLYRHQODDGDSWDFL³Q\GLIXVL³QGHODVQXHYDVWHFQRORJ­DV6LQ
HPEDUJRORVJRELHUQRVVHYHU¡QREOLJDGRVDFDPELDUVXHQIRTXHDODKRUDGH
ODFUHDFL³QUHYLVL³Q\DSOLFDFL³QGHGLFKDUHJXODFL³Q(QHOlYLHMRPXQGR{
TXLHQHVWRPDEDQODVGHFLVLRQHVWHQ­DQWLHPSRVXILFLHQWHGHHVWXGLDUXQWHPD
HVSHF­ILFR \ GHVSX©V FUHDU OD UHVSXHVWD QHFHVDULD R HO PDUFR UHJXODWRULR
DSURSLDGR 7RGR HO SURFHVR WHQG­D D VHU OLQHDO \ PHF¡QLFR VLJXLHQGR XQ
HQIRTXHHVWULFWRGHDUULEDKDFLDDEDMR3RUXQDVHULHGHUD]RQHVHVWR\DQRHV
SRVLEOH
&RQ HO U¡SLGR ULWPR GH FDPELR SURYRFDGR SRU OD FXDUWD UHYROXFL³Q
LQGXVWULDO ORV UHJXODGRUHV HVW¡Q VLHQGR GHVDILDGRV HQ XQ JUDGR VLQ
SUHFHGHQWHV /DV DXWRULGDGHV SRO­WLFDV OHJLVODWLYDV \ UHJXODWRULDV GH KR\ VH
YHQ D PHQXGR VXSHUDGDV SRU ORV DFRQWHFLPLHQWRV \ VRQ LQFDSDFHV GH OLGLDU
FRQ OD YHORFLGDG GHO FDPELR WHFQRO³JLFR \ OD LPSRUWDQFLD GH VXV
LPSOLFDFLRQHV(OFLFORGHQRWLFLDVGHYHLQWLFXDWURKRUDVHMHUFHSUHVL³QVREUH
ORV O­GHUHV SDUD FRPHQWDU R DFWXDU GH IRUPD LQPHGLDWD IUHQWH D ORV
DFRQWHFLPLHQWRVORFXDOUHGXFHHOWLHPSRGLVSRQLEOHSDUDOOHJDUDUHVSXHVWDV
FDOLEUDGDVPHGLGDV\UD]RQDGDV+D\XQSHOLJURUHDOGHS©UGLGDGHOFRQWURO
VREUHORTXHLPSRUWDVREUHWRGRHQXQVLVWHPDPXQGLDOFRQFDVLGRVFLHQWRV
HVWDGRVLQGHSHQGLHQWHV\PLOHVGHFXOWXUDV\OHQJXDVGLIHUHQWHV
(QWDOHVFRQGLFLRQHVF³PRSXHGHQORVSRO­WLFRV\UHJXODGRUHVDSR\DUORV
GHVDUUROORV WHFQRO³JLFRV VLQ VRIRFDU OD LQQRYDFL³Q PLHQWUDV PDQWLHQHQ HO
LQWHU©V GH ORV FRQVXPLGRUHV \ HO SºEOLFR HQ JHQHUDO" 8QD JHVWL³Q ¡JLO HV OD
UHVSXHVWD Y©DVH HO FXDGUR & 3ULQFLSLRV GH JRELHUQR ¡JLO HQ WLHPSRV GH
GLVUXSFL³Q 
0XFKRV GH ORV DYDQFHV WHFQRO³JLFRV TXH DFWXDOPHQWH YHPRV QR VRQ
FRUUHFWDPHQWH WHQLGRV HQ FXHQWD HQ HO DFWXDO PDUFR UHJXODWRULR \ SRGU­DQ
LQFOXVR FDXVDU XQD UXSWXUD GHO FRQWUDWR VRFLDO TXH ORV JRELHUQRV KDQ
HVWDEOHFLGR FRQ VXV FLXGDGDQRV 8Q JRELHUQR ¡JLO VLJQLILFD TXH ORV
UHJXODGRUHVGHEHQHQFRQWUDUIRUPDVGHDGDSWDUVHFRQWLQXDPHQWHDXQQXHYR
HQWRUQRGHU¡SLGRVFDPELRV\UHLQYHQWDUVHSDUDHQWHQGHUPHMRUORTXHHVW¡Q
UHJXODQGR 3DUD HOOR ORV JRELHUQRV \ ORV RUJDQLVPRV UHJXODGRUHV QHFHVLWDQ
FRODERUDU HVWUHFKDPHQWH FRQ ODV HPSUHVDV \ OD VRFLHGDG FLYLO FRQ HO ILQ GH
GLVH±DU ODV WUDQVIRUPDFLRQHV QHFHVDULDV HQ ORV SODQRV JOREDO UHJLRQDO H
LQGXVWULDO
/D JREHUQDQ]D ¡JLO QR LPSOLFD LQFHUWLGXPEUH UHJXODGRUD QL DFWLYLGDG
IUHQ©WLFDHLQFHVDQWHSRUSDUWHGHODVDXWRULGDGHV1RGHEHU­DPRVFRPHWHUHO
HUURU GH SHQVDU TXH HVWDPRV DWUDSDGRV HQWUH GRV PDUFRV OHJLVODWLYRV
LJXDOPHQWH GHVDJUDGDEOHV DQWLFXDGRV SHUR HVWDEOHV SRU XQ ODGR R
DFWXDOL]DGRV SHUR YRO¡WLOHV SRU RWUR (Q OD HUD GH OD FXDUWD UHYROXFL³Q
LQGXVWULDOORTXHVHQHFHVLWDQRHVQHFHVDULDPHQWHP¡VOHJLVODFL³QRTXHHVWD
VHD P¡V U¡SLGD VLQR P¡V ELHQ XQ HFRVLVWHPD UHJXODWRULR \ OHJLVODWLYR TXH
SXHGD SURGXFLU HVWUXFWXUDV P¡V UHVLVWHQWHV (VWH HQIRTXH SRGU­D PHMRUDUVH
PHGLDQWHODFUHDFL³QGHXQHVSDFLRGHPD\RUVRVLHJRTXHSHUPLWDUHIOH[LRQDU
VREUH ODV GHFLVLRQHV LPSRUWDQWHV (O UHWR HV KDFHU GH HVWD GHOLEHUDFL³Q DOJR
PXFKRP¡VSURGXFWLYRGHORTXHORHVKR\HQG­DHLQFOXLUODSUHYLVL³QSDUD
FUHDUHOP¡[LPRHVSDFLRSDUDODLQQRYDFL³Q
(Q UHVXPHQ HQ XQ PXQGR GRQGH ODV IXQFLRQHV SºEOLFDV HVHQFLDOHV OD
FRPXQLFDFL³Q VRFLDO \ OD LQIRUPDFL³Q SHUVRQDO PLJUDQ D SODWDIRUPDV
GLJLWDOHVORVJRELHUQRVHQFRODERUDFL³QFRQODVRFLHGDGFLYLO\ODVHPSUHVDV
QHFHVLWDQ FUHDU ODV UHJODV ORV FRQWUROHV \ ORV HTXLOLEULRV QHFHVDULRV SDUD
PDQWHQHU OD MXVWLFLD OD FRPSHWLWLYLGDG OD HTXLGDG H LQFOXVR OD SURSLHGDG
LQWHOHFWXDOODVHJXULGDG\ODILDELOLGDG
([LVWHQ GRV HQIRTXHV FRQFHSWXDOHV (Q HO SULPHUR WRGR OR TXH QR HVW¡
H[SO­FLWDPHQWHSURKLELGRHVW¡SHUPLWLGR(QHOVHJXQGRWRGRORTXHQRHVW¡
H[SO­FLWDPHQWHSHUPLWLGRHVW¡SURKLELGR
/RV JRELHUQRV GHEHQ FRPELQDU HVWRV HQIRTXHV 7LHQHQ TXH DSUHQGHU D
FRODERUDU \ DGDSWDUVH DO WLHPSR TXH JDUDQWL]DQ TXH HO VHU KXPDQR VH
PDQWHQJD HQ HO FHQWUR GH WRGDV ODV GHFLVLRQHV (VWH HV HO UHWR SDUD ORV
JRELHUQRVORFXDOQXQFDKDVLGRWDQQHFHVDULRFRPRHQHVWDFXDUWDUHYROXFL³Q
LQGXVWULDOGHEHQSHUPLWLUTXHODLQQRYDFL³QSURVSHUHPLHQWUDVVHPLQLPL]DQ
ORVULHVJRV
3DUD ORJUDUOR ORV JRELHUQRV GHEHU¡Q LQYROXFUDU P¡V HILFD]PHQWH D ORV
FLXGDGDQRV\UHDOL]DUH[SHULPHQWRVSRO­WLFRVTXHSHUPLWDQHODSUHQGL]DMH\OD
DGDSWDFL³Q$PEDVWDUHDVVLJQLILFDQTXHORVJRELHUQRV\ORVFLXGDGDQRVSRU
LJXDO GHEHQ UHSHQVDU VXV UHVSHFWLYDV IXQFLRQHV \ F³PR LQWHUDFWºDQ HQWUH V­
HOHYDQGRDOPLVPRWLHPSRODVH[SHFWDWLYDV\UHFRQRFLHQGRH[SO­FLWDPHQWHOD
QHFHVLGDG GH LQFRUSRUDU PºOWLSOHV SHUVSHFWLYDV \ SHUPLWLU TXH VH SURGX]FDQ
IDOORV\HUURUHVHQHOFDPLQR


&XDGUR&35,1&,3,26'(*2%,(512*,/(17,(0326'(',6583&,“1

0HUFDGRODERUDO
/DV WHFQRORJ­DV GLJLWDOHV \ OD LQIUDHVWUXFWXUD GH FRPXQLFDFL³Q JOREDO FDPELDQ
VLJQLILFDWLYDPHQWH ORV FRQFHSWRV WUDGLFLRQDOHV GH lWUDEDMR{ \ lUHPXQHUDFL³Q{ OR TXH
SHUPLWH OD DSDULFL³Q GH QXHYRV WLSRV GH HPSOHRV TXH VRQ H[WUHPDGDPHQWH IOH[LEOHV H
LQKHUHQWHPHQWHWHPSRUDOHV ODOODPDGDlHFRQRP­DEDMRGHPDQGD{ 0LHQWUDVTXHHVWRV
QXHYRVSXHVWRVGHWUDEDMRSHUPLWHQTXHODVSHUVRQDVGLVIUXWHQGHKRUDVGHWUDEDMRP¡V
IOH[LEOHV \ SXHGDQ GHVDWDU XQD QXHYD ROHDGD GH LQQRYDFL³Q HQ HO PHUFDGR ODERUDO
WDPEL©Q JHQHUDQ XQD SUHRFXSDFL³Q LPSRUWDQWH HQ UHODFL³Q FRQ HO PHQRU JUDGR GH
SURWHFFL³Q HQ HO FRQWH[WR GH OD HFRQRP­D EDMR GHPDQGD HQ OD TXH FDGD WUDEDMDGRU VH
FRQYLHUWH HVHQFLDOPHQWH HQ XQ FRQWUDWLVWD TXH QR VH EHQHILFLD GH OD VHJXULGDG HQ HO
HPSOHRQLGHODORQJHYLGDG

'LQHURHLPSXHVWRV
/DHFRQRP­DEDMRGHPDQGDWDPEL©QHVW¡JHQHUDQGRSUREOHPDVJUDYHVFRQUHVSHFWRDOD
UHFDXGDFL³Q GH LPSXHVWRV \D TXH VH YXHOYH PXFKR P¡V I¡FLO \ DWUDFWLYR SDUD ORV
WUDEDMDGRUHVWUDQVLWRULRVRSHUDUHQHOPHUFDGRQHJUR0LHQWUDVTXHORVVLVWHPDVGHSDJR
GLJLWDOHVYXHOYHQP¡VWUDQVSDUHQWHVODVWUDQVDFFLRQHV\ODVPLFURWUDQVDFFLRQHVHPHUJHQ
QXHYRV VLVWHPDV GH SDJR GHVFHQWUDOL]DGRV TXH SRGU­DQ REVWDFXOL]DU VLJQLILFDWLYDPHQWH
ODFDSDFLGDGGHODVDXWRULGDGHVSºEOLFDV\ORVDFWRUHVSULYDGRVSDUDUDVWUHDUHORULJHQ\HO
GHVWLQRGHWDOHVWUDQVDFFLRQHV

5HVSRQVDELOLGDG\SURWHFFL³Q
'XUDQWHPXFKRWLHPSRORVPRQRSROLRVGH­QGROHHVWDWDO SRUHMHPSORHOVHFWRUGHOWD[L
ORVP©GLFRV KDQVLGRMXVWLILFDGRVFRQHODUJXPHQWRGHTXHFLHUWRVWLSRVGHSURIHVL³QGH
DOWRULHVJRUHTXLHUHQXQPD\RUJUDGRGHHVFUXWLQLR\GHEHQOOHYDUODVDFDERºQLFDPHQWH
SURIHVLRQDOHVFRQOLFHQFLDSDUDJDUDQWL]DUXQJUDGRDGHFXDGRGHVHJXULGDG\SURWHFFL³Q
DO FRQVXPLGRU 0XFKRV GH HVWRV PRQRSROLRV VH HVW¡Q DKRUD YLHQGR LQWHUUXPSLGRV SRU
DYDQFHVWHFQRO³JLFRVTXHSHUPLWHQDODVSHUVRQDVLQWHUDFWXDUHQWUHV­GHLJXDODLJXDO\
SRUODDSDULFL³QGHQXHYRVLQWHUPHGLDULRVDFDUJRGHODFRRUGLQDFL³QGHVXVSDUHV\GH
IDFLOLWDUVXVLQWHUDFFLRQHV

3ULYDFLGDG\VHJXULGDGGHORVGDWRV
$SHVDUGHOFDU¡FWHUWUDQVQDFLRQDOGHODUHGGHLQWHUQHW\ODFUHFLHQWHHFRQRP­DJOREDO
ORV GHUHFKRV VREUH ORV GDWRV \ OD QRUPDWLYD GH SURWHFFL³Q GH GDWRV HVW¡Q WRGDY­D PX\
IUDJPHQWDGRV /DV QRUPDV DOUHGHGRU GH OD UHFROHFFL³Q HO SURFHVDPLHQWR \ OD YHQWD GH
GDWRVSHUVRQDOHVHVW¡QELHQGHILQLGDVHQ(XURSDSHURVRQWRGDY­DG©ELOHVRWRWDOPHQWH
LQVXILFLHQWHV HQ PXFKDV RWUDV MXULVGLFFLRQHV /D DJUHJDFL³Q GH JUDQGHV FRQMXQWRV GH
GDWRVKDFHSRVLEOHTXHORVJUDQGHVRSHUDGRUHVHQO­QHDGHGX]FDQP¡VLQIRUPDFL³QTXHOD
TXH IXH HQ YHUGDG SURSRUFLRQDGD LPSO­FLWD R H[SO­FLWDPHQWH  SRU ORV XVXDULRV /RV
SHUILOHV GH XVXDULR D WUDY©V GHO DQ¡OLVLV GH %LJ 'DWD \ ODV W©FQLFDV GH LQIHUHQFLD HVW¡Q
DEULHQGR HO FDPLQR SDUD QXHYRV VHUYLFLRV PXFKR P¡V SHUVRQDOL]DGRV \ KHFKRV D
PHGLGD OR FXDO SXHGH EHQHILFLDU D ORV XVXDULRV \ FRQVXPLGRUHV SHUR TXH SODQWHD
LPSRUWDQWHV SUHRFXSDFLRQHV HQ FXDQWR D OD SULYDFLGDG GHO XVXDULR \ OD DXWRQRP­D
LQGLYLGXDO 'HELGR D OD FUHFLHQWH SUHRFXSDFL³Q HQ WRUQR DO FLEHUFULPHQ \ HO URER GH
LGHQWLGDGHQPXFKDVMXULVGLFFLRQHVHOHTXLOLEULRHQWUHODYLJLODQFLD\ODOLEHUWDGVHHVW¡
YROFDQGRU¡SLGDPHQWH KDFLD XQ PD\RU PRQLWRUHRFRPR PXHVWUDQ ODV UHYHODFLRQHV TXH
KL]R (GZDUG 6QRZGHQ HO DQDOLVWD GH LQWHOLJHQFLD HVWDGRXQLGHQVH TXH ILOWU³ ORV
GRFXPHQWRVUHODWLYRVDODVRSHUDFLRQHVGHVHJXULGDGQDFLRQDOGH(VWDGRV8QLGRV

'LVSRQLELOLGDGHLQFOXVL³Q
&RPRODHFRQRP­DPXQGLDOLQJUHVDFDGDYH]P¡VHQHO¡PELWRGLJLWDOODGLVSRQLELOLGDG
GHXQDLQIUDHVWUXFWXUDGHLQWHUQHWILDEOHVHFRQYLHUWHHQXQUHTXLVLWRSUHYLRIXQGDPHQWDO
SDUD XQD HFRQRP­D IORUHFLHQWH /RV JRELHUQRV GHEHQ FRPSUHQGHU HO SRWHQFLDO GH HVWRV
DYDQFHV WHFQRO³JLFRV 1R VROR QHFHVLWDQ DGRSWDU HVWDV WHFQRORJ­DV SDUD RSWLPL]DU VXV
RSHUDFLRQHVLQWHUQDVVLQRTXHWDPEL©QGHEHQSURPRYHU\DSR\DUVXLPSODQWDFL³Q\XVR
JHQHUDOL]DGRV SDUD DYDQ]DU KDFLD XQD VRFLHGDG GH OD LQIRUPDFL³Q FRQHFWDGD D QLYHO
PXQGLDO /D FXHVWL³Q GH OD H[FOXVL³Q GLJLWDO R EUHFKD GLJLWDO  VH WRUQD FDGD YH] P¡V
XUJHQWH\DTXHHVP¡VGLI­FLOSDUDODJHQWHSDUWLFLSDUHQODHFRQRP­DGLJLWDO\ODVQXHYDV
IRUPDV GH SDUWLFLSDFL³Q F­YLFD VLQ XQ DFFHVR DGHFXDGR D LQWHUQHW R D XQ GLVSRVLWLYR
FRQHFWDGRQLXQFRQRFLPLHQWRVXILFLHQWHSDUDXWLOL]DUGLFKRGLVSRVLWLYR

$VLPHWU­DVGHSRGHU
(QODVRFLHGDGGHODLQIRUPDFL³QGHKR\HQG­DODVDVLPHWU­DVGHLQIRUPDFL³QSRGU­DQ
GDUOXJDUDVLJQLILFDWLYRVGHVHTXLOLEULRVGHSRGHUGDGRTXHTXLHQWLHQHHOFRQRFLPLHQWR
SDUDXWLOL]DUODWHFQRORJ­DWDPEL©QWLHQHHOSRGHUSDUDKDFHUOR8QDHQWLGDGFRQDFFHVR
GHVXSHUXVXDULRHVFDVLRPQLSRWHQWH'DGDODFRPSOHMLGDGGHFDSWDUFRPSOHWDPHQWHORV
WHFQLFLVPRVVXE\DFHQWHV\SRWHQFLDOHVGHODVWHFQRORJ­DVPRGHUQDVVLQHPEDUJRSXHGHQ
VXUJLU GHVLJXDOGDGHV FUHFLHQWHV HQWUH ORV LQGLYLGXRV FRQRFHGRUHV GH OD WHFQRORJ­D TXH
HQWLHQGHQ\FRQWURODQHVWDVWHFQRORJ­DV\DTXHOORVPHQRVLQIRUPDGRVTXHVRQXVXDULRV
SDVLYRVGHXQDWHFQRORJ­DTXHQRHQWLHQGHQ

)XHQWHl$&DOOIRU$JLOH*RYHUQDQFH3ULQFLSOHVLQDQ$JHRI'LVUXSWLRQ{&RQVHMRGHOD$JHQGD
*OREDOVREUHHO6RIWZDUH\OD6RFLHGDG)RUR(FRQ³PLFR0XQGLDOQRYLHPEUHGH


3D­VHVUHJLRQHV\FLXGDGHV

'DGR TXH OD WHFQRORJ­D GLJLWDO QR FRQRFH IURQWHUDV KD\ PXFKDV SUHJXQWDV
TXH YLHQHQ D OD PHQWH FXDQGR VH FRQVLGHUD HO LPSDFWR JHRJU¡ILFR GH OD
WHFQRORJ­D \ HO LPSDFWR GH OD JHRJUDI­D HQ OD WHFQRORJ­D 4X© GHILQLU¡ ORV
UROHVTXHMXHJDQORVSD­VHVODVUHJLRQHV\ODVFLXGDGHVHQODFXDUWDUHYROXFL³Q
LQGXVWULDO"(XURSDRFFLGHQWDO\(VWDGRV8QLGRVOLGHUDU¡QODWUDQVIRUPDFL³Q
FRPR OR KLFLHURQ HQ ODV DQWHULRUHV UHYROXFLRQHV LQGXVWULDOHV" 4X© SD­VHV
VHU¡QFDSDFHVGHGDUHOVDOWR"+DEU¡XQDPD\RU\P¡VHILFD]FRODERUDFL³Q
SDUDODPHMRUDGHODVRFLHGDGRYHUHPRVXQDPD\RUIUDJPHQWDFL³QQRVROR
GHQWUR GH ORV SD­VHV VLQR WDPEL©Q HQWUH HOORV" (Q XQ PXQGR GRQGH ORV
SURGXFWRV \ VHUYLFLRV VH SXHGHQ SURGXFLU FDVL HQ WRGDV SDUWHV \ GRQGH JUDQ
SDUWH GH OD GHPDQGD GH WUDEDMR GH EDMD FXDOLILFDFL³Q \ EDMRV VDODULRV HV
VXSHUDGD SRU OD DXWRPDWL]DFL³Q VHU¡Q DTXHOORV TXH SXHGHQ SHUPLW­UVHOR ORV
TXHVHFRQJUHJDU¡QHQSD­VHVFRQLQVWLWXFLRQHVIXHUWHV\XQDSUREDGDFDOLGDG
GHYLGD"


5HJXODFL³QTXHSHUPLWHODLQQRYDFL³Q

$O WUDWDU GH UHVSRQGHU D HVWDV SUHJXQWDV XQD FRVD HVW¡ FODUD \ HV GH JUDQ
LPSRUWDQFLD ORV SD­VHV \ ODV UHJLRQHV TXH WHQJDQ ©[LWR HQ HVWDEOHFHU ODV
QRUPDVLQWHUQDFLRQDOHVSUHIHULGDVGHOPD±DQDHQODVSULQFLSDOHVFDWHJRU­DV\
FDPSRV GH OD QXHYD HFRQRP­D GLJLWDO ODV FRPXQLFDFLRQHV * HO XVR GH
GURQHV FRPHUFLDOHV HO LQWHUQHW GH ODV FRVDV OD VDOXG GLJLWDO OD PDQXIDFWXUD
DYDQ]DGD \ DV­ VXFHVLYDPHQWH  REWHQGU¡Q FRQVLGHUDEOHV EHQHILFLRV
HFRQ³PLFRV\ILQDQFLHURV(QFDPELRORVSD­VHVTXHSURPXHYHQVXVSURSLDV
QRUPDV\UHJODVSDUDGDUYHQWDMDVDVXVSURGXFWRUHVQDFLRQDOHVDOWLHPSRTXH
EORTXHDQDFRPSHWLGRUHVH[WUDQMHURV\UHGXFHQODVUHJDO­DVTXHODVHPSUHVDV
QDFLRQDOHV SDJDQ SRU ODV WHFQRORJ­DV H[WUDQMHUDV VH DUULHVJDQ D TXHGDU
DLVODGRVGHODVQRUPDVPXQGLDOHVORFXDOGHMDDHVWDVQDFLRQHVHQULHVJRGH
TXHGDUUH]DJDGDVUHVSHFWRGHODQXHYDHFRQRP­DGLJLWDO>@
&RPRVHKDPHQFLRQDGRDQWHULRUPHQWHODDPSOLDFXHVWL³QGHODOHJLVODFL³Q
\ OD FRQIRUPLGDG D QLYHO QDFLRQDO R UHJLRQDO GHVHPSH±DU¡ XQ SDSHO
GHWHUPLQDQWH HQ OD FRQIRUPDFL³Q GHO HFRVLVWHPD HQ HO TXH RSHUDQ ODV
FRPSD±­DVGLVUXSWLYDV(VWRDYHFHVFRQGXFHDORVSD­VHVDPHGLUIXHU]DVFRQ
RWURV8QEXHQHMHPSORGHHOORHVODGHFLVL³QWRPDGDHQRFWXEUHGHSRU
HO7ULEXQDOGH-XVWLFLDGHOD8QL³Q(XURSHD 7-8( SDUDLQYDOLGDUHODFXHUGR
GH SXHUWR VHJXUR TXH JXLDED HO IOXMR GH GDWRV GH FDU¡FWHU SHUVRQDO HQWUH
(VWDGRV 8QLGRV \ OD 8QL³Q (XURSHD (VWR HVW¡ GHVWLQDGR D DXPHQWDU ORV
FRVWRVGHFXPSOLPLHQWRHQORVTXHODVHPSUHVDVLQFXUUHQDOKDFHUQHJRFLRVHQ
(XURSD\VHKDFRQYHUWLGRHQXQFRQWHQFLRVRWUDQVDWO¡QWLFR
(VWH HMHPSOR UHIXHU]D OD FUHFLHQWH LPSRUWDQFLD GH ORV HFRVLVWHPDV GH
LQQRYDFL³QFRPRXQIDFWRUFODYHGHODFRPSHWLWLYLGDG'HFDUDDOIXWXUROD
GLVWLQFL³Q HQWUH SD­VHV GH DOWR \ EDMR FRVWR R HQWUH PHUFDGRV HPHUJHQWHV \
PDGXURV LPSRUWDU¡ PHQRV (Q FDPELR OD SUHJXQWD FODYH VHU¡ VL XQD
HFRQRP­DSXHGHLQQRYDU
+R\ SRU HMHPSOR ODV HPSUHVDV QRUWHDPHULFDQDV VLJXHQ VLHQGR ODV P¡V
LQQRYDGRUDVGHOPXQGRGHVGHFDVLFXDOTXLHUSXQWRGHYLVWD$WUDHQHOPHMRU
WDOHQWR REWLHQHQ HO PD\RU QºPHUR GH SDWHQWHV WLHQHQ HO FRQWURO VREUH OD
PD\RU­DGHOFDSLWDOGHULHVJRGHOPXQGR\FXDQGRFRWL]DQHQEROVDGLVIUXWDQ
GHXQDDOWDYDORUDFL³QFRUSRUDWLYD(VWRVHYHUHIRU]DGRSRUHOKHFKRGHTXH
$P©ULFDGHO1RUWHVHPDQWLHQHDODYDQJXDUGLDGHFXDWURUHYROXFLRQHVHQHO
FDPSR GH OD WHFQRORJ­D VLQ©UJLFD OD LQQRYDFL³Q GH WHFQRORJ­DV GH
FRPEXVWLEOHVHQODSURGXFFL³QGHHQHUJ­DODIDEULFDFL³QGLJLWDO\DYDQ]DGD
ODVFLHQFLDVELRO³JLFDV\ODWHFQRORJ­DGHODLQIRUPDFL³Q
<DXQTXH$P©ULFDGHO1RUWH\OD8QL³Q(XURSHDTXHLQFOX\HQDOJXQDVGH
ODV HFRQRP­DV P¡V LQQRYDGRUDV OLGHUDQ HO FDPLQR RWUDV SDUWHV GHO PXQGR
HVW¡Q SRQL©QGRVH U¡SLGDPHQWH DO G­D /DV HVWLPDFLRQHV DFHUFD GH ORV
UHVXOWDGRVGHODLQQRYDFL³QGH&KLQDSRUHMHPSORKDQDXPHQWDGRKDVWDHO
SRUFLHQWRGHOQLYHOGHOD8QL³Q(XURSHDHQ IUHQWHDOSRUFLHQWRHQ
 DPHGLGDTXHHOSD­VFDPELDEDVXPRGHORHFRQ³PLFRSDUDFHQWUDUVHHQ
ODLQQRYDFL³Q\ORVVHUYLFLRV>@,QFOXVRWHQLHQGRHQFXHQWDTXHHOSURJUHVR
GH &KLQD SURYLHQH GH XQ QLYHO UHODWLYDPHQWH EDMR HO SD­V HVW¡ HQWUDQGR
FRQWLQXDPHQWHHQVHJPHQWRVGHPD\RUYDORUD±DGLGRGHODSURGXFFL³QJOREDO
\ HPSOHD VXV LPSRUWDQWHV HFRQRP­DV GH HVFDOD SDUD FRPSHWLU PHMRU HQ HO
SODQRPXQGLDO>@
(Q JHQHUDO HVWR GHPXHVWUD TXH ODV GHFLVLRQHV SRO­WLFDV GHWHUPLQDQ HQ
ºOWLPD LQVWDQFLD VL XQ SD­V R XQD UHJL³Q SXHGHQ DSURYHFKDU SOHQDPHQWH ODV
RSRUWXQLGDGHVTXHRIUHFHODUHYROXFL³QWHFQRO³JLFD


/DVUHJLRQHV\FLXGDGHVFRPRFHQWURVGHLQQRYDFL³Q

(VWR\SDUWLFXODUPHQWHSUHRFXSDGRSRUHOHIHFWRTXHODDXWRPDWL]DFL³QWHQGU¡
HQ DOJXQRV SD­VHV \ UHJLRQHV VREUH WRGR HQ ORV PHUFDGRV GH U¡SLGR
FUHFLPLHQWR \ ORV SD­VHV HQ GHVDUUROOR GRQGH SRGU­D HURVLRQDU GH PDQHUD
DEUXSWDODYHQWDMDFRPSDUDWLYDGHODTXHGLVIUXWDQHQODSURGXFFL³QGHELHQHV
\ VHUYLFLRV PHGLDQWH XQD PDQR GH REUD LQWHQVLYD 7DO HVFHQDULR SRGU­D
GHYDVWDU ODV HFRQRP­DV GH DOJXQRV SD­VHV \ UHJLRQHV TXH DFWXDOPHQWH HVW¡Q
SURVSHUDQGR
(VW¡FODURTXHQLORVSD­VHVQLODVUHJLRQHVSXHGHQSURVSHUDUVLVXVFLXGDGHV
HFRVLVWHPDVGHLQQRYDFL³Q QRVHQXWUHQFRQWLQXDPHQWH/DVXUEHVKDQVLGR
HOPRWRUGHOFUHFLPLHQWRHFRQ³PLFRODSURVSHULGDG\HOSURJUHVRVRFLDODOR
ODUJR GH OD KLVWRULD \ VHU¡Q HVHQFLDOHV SDUD OD FRPSHWLWLYLGDG IXWXUD GH ODV
QDFLRQHV\UHJLRQHV+R\P¡VGHODPLWDGGHODSREODFL³QPXQGLDOYLYHHQ
]RQDV XUEDQDV TXH YDQ GHVGH ODV PHWU³SROLV GH WDPD±R PHGLDQR KDVWD ODV
PHJDFLXGDGHV \ HO QºPHUR GH KDELWDQWHV XUEDQRV HQ WRGR HO PXQGR VLJXH
DXPHQWDQGR0XFKRVIDFWRUHVTXHDIHFWDQDODFRPSHWLWLYLGDGGHODVQDFLRQHV
\ UHJLRQHV GHVGH OD LQQRYDFL³Q \ OD HGXFDFL³Q KDVWD OD LQIUDHVWUXFWXUD \ OD
DGPLQLVWUDFL³QSºEOLFDHVW¡QGHQWURGHO¡PELWRGHODVFLXGDGHV
/D YHORFLGDG \ OD DPSOLWXG HQ YLUWXG GH ODV FXDOHV HVWDV DEVRUEHQ \
GHVSOLHJDQ OD WHFQRORJ­D DSR\DGD HQ XQ PDUFR GH SRO­WLFDV ¡JLOHV
GHWHUPLQDU¡Q VX FDSDFLGDG SDUD FRPSHWLU HQ F³PR DWUDHU HO WDOHQWR 3RVHHU
XQDEDQGDDQFKDVXSHUU¡SLGDRLPSODQWDUODVWHFQRORJ­DVGLJLWDOHVHQPDWHULD
GH WUDQVSRUWH FRQVXPR GH HQHUJ­D UHFLFODMH HWF D\XGD D FRQVWUXLU XQD
FLXGDGP¡VHILFLHQWHKDELWDEOH\SRUHQGHP¡VDWUDFWLYDTXHRWUDV
3RUORWDQWRHVIXQGDPHQWDOTXHODVXUEHV\ORVSD­VHVFHQWUHQVXDWHQFL³Q
HQ JDUDQWL]DU HO DFFHVR \ HO XVR GH ODV WHFQRORJ­DV GH OD LQIRUPDFL³Q \ OD
FRPXQLFDFL³QGHODVFXDOHVODFXDUWDUHYROXFL³QLQGXVWULDOGHSHQGHHQJUDQ
PHGLGD /DPHQWDEOHPHQWH FRPR VH±DOD HO ,QIRUPH JOREDO  VREUH
WHFQRORJ­DV GH OD LQIRUPDFL³Q GHO )RUR (FRQ³PLFR 0XQGLDO ODV
LQIUDHVWUXFWXUDVGHODV7,&QRVRQWDQIUHFXHQWHVQLVXGLIXVL³QHVWDQU¡SLGD
FRPR PXFKRV FUHHQ l/D PLWDG GH OD SREODFL³Q PXQGLDO QR WLHQH WHO©IRQRV
P³YLOHV\PLOORQHVGHSHUVRQDVDºQYLYHQIXHUDGHODOFDQFHGHXQDVH±DO
P³YLO $OUHGHGRU GHO  SRU FLHQWR GH OD SREODFL³Q GH ORV SD­VHV GH EDMRV
LQJUHVRV \ P¡V GHO  SRU FLHQWR D QLYHO PXQGLDO DºQ QR HVW¡ HQ O­QHD 3RU
ºOWLPRODPD\RU­DGHORVWHO©IRQRVP³YLOHVVRQGHXQDJHQHUDFL³QYLHMD{>@
/RVJRELHUQRVGHEHQSXHVFHQWUDUVHHQUHGXFLUODEUHFKDGLJLWDOHQWRGDV
ODV HWDSDV GH GHVDUUROOR SDUD JDUDQWL]DU TXH GLFKDV PHWU³SROLV \ QDFLRQHV
WHQJDQ OD LQIUDHVWUXFWXUD E¡VLFD QHFHVDULD SDUD FUHDU RSRUWXQLGDGHV
HFRQ³PLFDV\SURVSHULGDGFRPSDUWLGDDOJRTXHHVSRVLEOHPHGLDQWHQXHYRV
PRGHORVGHFRODERUDFL³QHILFLHQFLD\HPSUHQGLPLHQWR
/DODERUGHO)RUR(FRQ³PLFR0XQGLDOVREUHHOGHVDUUROOREDVDGRHQGDWRV
GHVWDFDTXHQRHVWDQVRORHODFFHVRDODLQIUDHVWUXFWXUDGLJLWDOORTXHLPSRUWD
SDUD DSURYHFKDU HVWDV RSRUWXQLGDGHV 7DPEL©Q HV IXQGDPHQWDO DERUGDU HO
lG©ILFLW GH GDWRV{ HQ PXFKRV SD­VHV SDUWLFXODUPHQWH HQ HO VXU GHO SODQHWD
GDGDV ODV OLPLWDFLRQHV VREUH F³PR VH SXHGHQ FUHDU UHFRJHU WUDQVPLWLU \
XWLOL]DUORVGDWRV&HUUDUODVFXDWURlEUHFKDV{TXHFRQWULEX\HQDHVWHG©ILFLW
ߚH[LVWHQFLD DFFHVR JREHUQDQ]D \ XVDELOLGDGߚ OHV EULQGD D ORV SD­VHV ODV
UHJLRQHV\ODVFLXGDGHVPXFKDVFDSDFLGDGHVDGLFLRQDOHVTXHSXHGHQLPSXOVDU
VX GHVDUUROOR FRPR HO VHJXLPLHQWR GH ORV EURWHV GH HQIHUPHGDGHV
LQIHFFLRVDV UHVSRQGHU PHMRU DQWH ORV GHVDVWUHV QDWXUDOHV SURJUHVDU HQ HO
DFFHVRDORVVHUYLFLRVSºEOLFRV\ILQDQFLHURVSDUDORVSREUHV\HQWHQGHUODV
SDXWDVGHPLJUDFL³QGHODVSREODFLRQHVYXOQHUDEOHV>@
/RVSD­VHVODVUHJLRQHV\ODVFLXGDGHVSXHGHQKDFHUP¡VTXHVLPSOHPHQWH
FDPELDUHOHQWRUQRUHJXODWRULRSXHGHQLQYHUWLUDFWLYDPHQWHHQFRQYHUWLUVHHQ
SODWDIRUPDVGHODQ]DPLHQWRSDUDODWUDQVIRUPDFL³QGLJLWDOFRQHOILQGHDWUDHU
\DQLPDUDHPSUHQGHGRUHVHLQYHUVRUHVHQLQLFLDWLYDVLQQRYDGRUDVDOWLHPSR
TXHWDPEL©QVHJDUDQWL]DTXHORVQHJRFLRVHVWDEOHFLGRVVHRULHQWHQKDFLDODV
RSRUWXQLGDGHVTXHEULQGDODFXDUWDUHYROXFL³QLQGXVWULDO
$ PHGLGD TXH ODV ILUPDV M³YHQHV \ GLQ¡PLFDV DV­ FRPR ODV HPSUHVDV
HVWDEOHFLGDV VH FRQHFWDQ HQWUH V­ \ FRQ ORV FLXGDGDQRV \ ODV XQLYHUVLGDGHV
ODV FLXGDGHV VH FRQYLHUWHQ WDQWR HQ VLWLRV GH H[SHULPHQWDFL³Q FRPR HQ
SRGHURVRV FHQWURV SDUD FRQYHUWLU QXHYDV LGHDV HQ YDORU UHDO SDUD ODV
HFRQRP­DVORFDOHV\JOREDOHV
6HJºQ OD IXQGDFL³Q SDUD OD LQQRYDFL³Q 1HVWD GHO 5HLQR 8QLGR ODV FLQFR
FLXGDGHV TXH HQ HO SODQR JOREDO VH XELFDQ PHMRU HQ W©UPLQRV GH WHQHU HO
DPELHQWHP¡VHILFD]SDUDLPSXOVDUODLQQRYDFL³QVRQ1XHYD<RUN/RQGUHV
+HOVLQNL %DUFHORQD \ $PVWHUGDP>@ (O HVWXGLR GH 1HVWD GHPXHVWUD TXH
HVWDV PHWU³SROLV IXHURQ HVSHFLDOPHQWH H[LWRVDV HQ HQFRQWUDU PDQHUDV
FUHDWLYDVGHHIHFWXDUHOFDPELRIXHUDGHODDUHQDIRUPDOGHODVSRO­WLFDVFRQ
XQ HVS­ULWX DELHUWR SRU QDWXUDOH]D \ DFWXDQGR P¡V FRPR HPSUHVDULDV TXH
FRPR EXU³FUDWDV (VWRV WUHV FULWHULRV GDQ OXJDU D HMHPSORV GH lPHMRU HQ VX
FODVH{ TXH YHPRV HQ OD DFWXDOLGDG HQ WRGR HO PXQGR \ TXH VRQ LJXDOPHQWH
DSOLFDEOHVDFLXGDGHVHQPHUFDGRVHPHUJHQWHV\SD­VHVHQY­DVGHGHVDUUROOR
0HGHOO­QHQ&RORPELDIXHKRQUDGDFRPRlFLXGDGGHOD±R{HQSXHVOH
UHFRQRFLHURQ VX HQIRTXH LQQRYDGRU KDFLD OD PRYLOLGDG \ OD VRVWHQLELOLGDG
DPELHQWDOVXSHUDQGRDORVRWURVILQDOLVWDV1XHYD<RUN\7HO$YLY>@
(Q RFWXEUH GH  HO &RQVHMR SDUD OD $JHQGD *OREDO GHO )RUR
(FRQ³PLFR0XQGLDOVREUHHO)XWXURGHODV&LXGDGHVSXEOLF³XQLQIRUPHTXH
GHVWDFDEDORVFDVRVGHXUEHVGHOSODQHWDTXHEXVFDQVROXFLRQHVLQQRYDGRUDV
SDUD XQD VHULH GH SUREOHPDV Y©DVH HO FXDGUR ' ,QQRYDFLRQHV XUEDQDV >@
(VWHWUDEDMRLQGLFDTXHODFXDUWDUHYROXFL³QLQGXVWULDOHVºQLFD\DTXHHVXQD
UHGJOREDOGHPHWU³SROLVLQWHOLJHQWHV EDVDGDVHQODUHG FOºVWHUHVGHSD­VHV\
UHJLRQHVTXHHQWLHQGHQ\DSURYHFKDQODVRSRUWXQLGDGHVGHHVWDUHYROXFL³Qߚ
GHDUULEDDEDMR\GHDEDMRDUULEDߚTXHDFWºDGHVGHXQDSHUVSHFWLYDKRO­VWLFD
HLQWHJUDGD


&XDGUR',1129$&,21(685%$1$6

(VSDFLR GLJLWDOPHQWH UHSURJUDPDEOH /RV HGLILFLRV WHQGU¡Q OD FDSDFLGDG GH
WUDQVIRUPDUVH GH PDQHUD LQVWDQW¡QHD SDUD VHUYLU FRPR WHDWUR JLPQDVLR FHQWUR VRFLDO
GLVFRWHFDRORTXHVHDORFXDOPLQLPL]DU¡ODKXHOODXUEDQDHQJHQHUDO(VWROHVSHUPLWLU­D
DODVFLXGDGHVREWHQHUP¡VDSDUWLUGHPHQRV
l:DWHUQHW{(OLQWHUQHWGHODVWXEHU­DVHPSOHDU¡VHQVRUHVHQHOVLVWHPDGHDJXDSDUD
FRQWURODUORVIOXMRV\DGPLQLVWUDUWRGRHOFLFOR\VXPLQLVWUDU¡FDQWLGDGHVVRVWHQLEOHVGH
DJXDSDUDODVQHFHVLGDGHVKXPDQDV\HFRO³JLFDV
$GRSFL³QGHXQ¡UERODWUDY©VGHODVUHGHVVRFLDOHV/RVHVWXGLRVGHPXHVWUDQTXHFDGD
YH]FRQPD\RUIUHFXHQFLDODV]RQDVYHUGHVGHXQDFLXGDGSRGU­DQFRPSHQVDUHQXQ
SRUFLHQWRHODXPHQWRGHODWHPSHUDWXUDFDXVDGRSRUHOFDPELRFOLP¡WLFRODYHJHWDFL³Q
D\XGDDEORTXHDUODUDGLDFL³QGHRQGDFRUWDPLHQWUDVHYDSRUDHODJXDHQIU­DHODLUHGHO
DPELHQWH\FUHDPLFURFOLPDVP¡VFRQIRUWDEOHV/RVVLVWHPDVGH¡UEROHV\UD­FHVWDPEL©Q
SXHGHQUHGXFLUORVIOXMRVGHDJXDGHWRUPHQWD\HTXLOLEUDUODVFDUJDVGHQXWULHQWHV
/D SU³[LPD JHQHUDFL³Q GH PRYLOLGDG 0HGLDQWH DYDQFHV HQ VHQVRUHV ³SWLFD \
SURFHVDGRUHV LQFRUSRUDGRV XQD PD\RU VHJXULGDG SDUD ORV SHDWRQHV \ HO WUDQVSRUWH QR
PRWRUL]DGRFRQGXFLU¡DXQDPD\RUDGRSFL³QGHOWUDQVSRUWHSºEOLFRPHQRUFRQJHVWL³Q\
FRQWDPLQDFL³QPHMRUVDOXG\WUD\HFWRVP¡VU¡SLGRVP¡VSUHGHFLEOHV\PHQRVFRVWRVRV
&RJHQHUDFL³Q FRFDOHIDFFL³Q \ FRUUHIULJHUDFL³Q /RV VLVWHPDV PHF¡QLFRV GH
FRJHQHUDFL³Q\DFDSWXUDQ\XWLOL]DQHOH[FHVRGHFDORU\PHMRUDQVLJQLILFDWLYDPHQWHOD
HILFLHQFLD HQHUJ©WLFD /RV VLVWHPDV GH WULJHQHUDFL³Q XVDQ HO FDORU SDUD FDOHQWDU ORV
HGLILFLRVRHQIULDUORVPHGLDQWHODWHFQRORJ­DGHUHIULJHUDGRUHVGHDEVRUFL³QSRUHMHPSOR
OD UHIULJHUDFL³Q GH FRPSOHMRV GH RILFLQDV TXH DOEHUJDQ JUDQ QºPHUR GH HTXLSRV
LQIRUP¡WLFRV
0RYLOLGDGEDMRGHPDQGD/DGLJLWDOL]DFL³QHVW¡KDFLHQGRTXHHOWU¡ILFRURGDGRVHDP¡V
HILFLHQWH \ SHUPLWH REWHQHU LQIRUPDFL³Q HQ WLHPSR UHDO \ UHDOL]DU XQ PRQLWRUHR VLQ
SUHFHGHQWHVGHODLQIUDHVWUXFWXUDGHODPRYLOLGDGXUEDQD(VWRDEUHXQQXHYRSRWHQFLDO
SDUD HO DSURYHFKDPLHQWR GH OD FDSDFLGDG QR XWLOL]DGD GH ORV YHK­FXORV PHGLDQWH
DOJRULWPRVGHRSWLPL]DFL³QGLQ¡PLFD
3RVWHV LQWHOLJHQWHV /D QXHYD JHQHUDFL³Q GH DOXPEUDGR WLSR /(' SXHGH DFWXDU FRPR
XQDSODWDIRUPDSDUDXQDPXOWLWXGGHWHFQRORJ­DVGHVHQVRUHVTXHUHFRJHQGDWRVVREUHHO
FOLPD OD FRQWDPLQDFL³Q OD DFWLYLGDG V­VPLFD HO PRYLPLHQWR GHO WU¡ILFR OD JHQWH \ HO
UXLGR\ODFRQWDPLQDFL³QDWPRVI©ULFD6LVHXQHQHVWRVSRVWHVLQWHOLJHQWHVHQXQDUHGHV
SRVLEOHSHUFLELUORTXHHVW¡VXFHGLHQGRHQWRGDXQDFLXGDGHQWLHPSRUHDO\SURSRUFLRQDU
VROXFLRQHV LQQRYDGRUDV HQ ¡PELWRV FRPR OD VHJXULGDG SºEOLFD R LGHQWLILFDU G³QGH KD\
HVSDFLRVGHHVWDFLRQDPLHQWRJUDWXLWR

)XHQWHl7RS7HQ8UEDQ,QQRYDWLRQV{&RQVHMRSDUDOD$JHQGD*OREDOVREUHHO)XWXURGHODV
&LXGDGHV)RUR(FRQ³PLFR0XQGLDORFWXEUHGH


6HJXULGDGLQWHUQDFLRQDO

/DFXDUWDUHYROXFL³QLQGXVWULDOWHQGU¡XQSURIXQGRLPSDFWRHQODQDWXUDOH]D
GH ODV UHODFLRQHV GHO (VWDGR \ OD VHJXULGDG LQWHUQDFLRQDO 'HGLFR HVSHFLDO
DWHQFL³Q D HVWH WHPD HQ HVWH DSDUWDGR \D TXH FRQVLGHUR TXH GH WRGDV ODV
WUDQVIRUPDFLRQHVLPSRUWDQWHVYLQFXODGDVDODFXDUWDUHYROXFL³QLQGXVWULDOOD
VHJXULGDGHVXQDLQVXILFLHQWHPHQWHGLVFXWLGDHQHOGRPLQLRSºEOLFR\HQORV
VHFWRUHVIXHUDGHORVJRELHUQRV\ODLQGXVWULDGHODGHIHQVD
(OSHOLJURFU­WLFRHVTXHXQPXQGRKLSHUFRQHFWDGRFRQXQDGHVLJXDOGDGHQ
DXPHQWR SXHGD OOHYDU D LQFUHPHQWDU OD IUDJPHQWDFL³Q OD VHJUHJDFL³Q \ HO
PDOHVWDU VRFLDO TXH D VX YH] FUHDQ ODV FRQGLFLRQHV SDUD HO H[WUHPLVPR
YLROHQWR /D FXDUWD UHYROXFL³Q LQGXVWULDO YD D FDPELDU HO FDU¡FWHU GH ODV
DPHQD]DVDODVHJXULGDGDOWLHPSRTXHLQIOXLU¡HQORVFDPELRVGHSRGHUTXH
VH SURGXFHQ WDQWR JHRJU¡ILFDPHQWH FRPR GH ORV DJHQWHV GHO (VWDGR D ORV
DJHQWHVQRHVWDWDOHV$QWHHODXJHGHDFWRUHVQRHVWDWDOHVDUPDGRVGHQWURGH
OR TXH \D VH FRQVLGHUD XQ SDLVDMH JHRSRO­WLFR FDGD YH] P¡V FRPSOHMR OD
SHUVSHFWLYD GH HVWDEOHFHU XQD SODWDIRUPD FRPºQ SDUD OD FRODERUDFL³Q
DOUHGHGRU GH ORV UHWRV FODYH GH VHJXULGDG LQWHUQDFLRQDO VH WRUQD FU­WLFD \ D
WRGDVOXFHVH[LJHQWH


&RQHFWLYLGDGIUDJPHQWDFL³Q\PDOHVWDUVRFLDO

9LYLPRVHQXQPXQGRKLSHUFRQHFWDGRGRQGHODLQIRUPDFL³QODVLGHDV\ODV
SHUVRQDV HVW¡Q YLDMDQGR P¡V U¡SLGR TXH QXQFD 7DPEL©Q YLYLPRV HQ XQ
HQWRUQR GH FUHFLHQWH GHVLJXDOGDG XQ IHQ³PHQR DJUDYDGR SRU ORV FDPELRV
PDVLYRV HQ HO PHUFDGR ODERUDO TXH KH GHVFULWR DQWHULRUPHQWH /D FUHFLHQWH
H[FOXVL³Q VRFLDO HO UHWR GH HQFRQWUDU IXHQWHV GH VLJQLILFDGR ILDEOHV HQ HO
PXQGR PRGHUQR \ HO GHVHQFDQWR UHVSHFWR GH ODV ©OLWHV \ ODV HVWUXFWXUDV
HVWDEOHFLGDVSHUFLELGDVRUHDOHVKDQPRWLYDGRPRYLPLHQWRVH[WUHPLVWDV\OHV
KD SHUPLWLGR UHFOXWDU SHUVRQDV SDUD XQD OXFKD YLROHQWD FRQWUD ORV VLVWHPDV
H[LVWHQWHV Y©DVHHOFXDGUR(0RYLOLGDG\ODFXDUWDUHYROXFL³QLQGXVWULDO 
/D KLSHUFRQHFWLYLGDG QR YLHQH QDWXUDOPHQWH MXQWR FRQ XQD PD\RU
WROHUDQFLD R DGDSWDELOLGDG FRPR VH YH HQ ODV UHDFFLRQHV D ORV WU¡JLFRV
GHVSOD]DPLHQWRV KXPDQRV TXH DOFDQ]DURQ XQ P¡[LPR KLVW³ULFR HQ HO D±R
1RREVWDQWHODSURSLDKLSHUFRQHFWLYLGDGWDPEL©QFRQWLHQHHOSRWHQFLDO
SDUD DOFDQ]DU XQ WHUUHQR FRPºQ EDVDGR HQ XQD PD\RU DFHSWDFL³Q \
FRPSUHQVL³QGHODVGLIHUHQFLDVORFXDOD\XGDU­DDXQLUDODVFRPXQLGDGHVHQ
OXJDU GH VHSDUDUODV 6L QR VHJXLPRV DYDQ]DQGR HQ HVWD GLUHFFL³Q VLQ
HPEDUJRODDOWHUQDWLYDHVTXHHOOROOHYHDDXPHQWDUODIUDJPHQWDFL³Q


&XDGUR(029,/,'$'</$&8$57$5(92/8&,“1,1'8675,$/

(O PRYLPLHQWR GH SHUVRQDV HQ WRGR HO PXQGR HV XQ IHQ³PHQR VLJQLILFDWLYR \ XQ JUDQ
LPSXOVDGRU GH OD ULTXH]D &³PR LPSDFWDU¡ OD FXDUWD UHYROXFL³Q LQGXVWULDO HQ OD
PRYLOLGDGKXPDQD"3RGU­DVHUGHPDVLDGRSURQWRSDUDGHFLUORSHURVLH[WUDSRODPRVODV
WHQGHQFLDV DFWXDOHV FDEH GHFLU TXH OD PRYLOLGDG GHVHPSH±DU¡ XQ SDSHO FDGD YH] P¡V
LPSRUWDQWHHQODVRFLHGDG\ODHFRQRP­DGHOIXWXURP¡VTXHKR\HQG­D

/RJUDUODVDVSLUDFLRQHVYLWDOHV&RUUHVSRQGHDXQDXPHQWRGHODFRQFLHQFLDVREUHORV
DFRQWHFLPLHQWRV\ODVRSRUWXQLGDGHVHQRWURVSD­VHVJUDFLDVDODFUHFLHQWHFRQHFWLYLGDG
OD PRYLOLGDG HV YLVWD FDGD YH] P¡V FRPR XQD RSFL³Q GH YLGD SDUD HMHUFHUOD HQ DOJºQ
PRPHQWRHVSHFLDOPHQWHSRUORVM³YHQHV$XQTXHODVPRWLYDFLRQHVLQGLYLGXDOHVYDU­DQ
HQRUPHPHQWH ODEºVTXHGDGHWUDEDMRHOGHVHRGHHVWXGLDUODQHFHVLGDGGHSURWHFFL³Q
HODQKHORGHUHXQLUDODIDPLOLDHWF©WHUD KD\XQDPD\RUGLVSRVLFL³QDEXVFDUVROXFLRQHV
HQHOKRUL]RQWH
5HGHILQLUODVLGHQWLGDGHVLQGLYLGXDOHV/RVLQGLYLGXRVVRO­DQLGHQWLILFDUVXVYLGDVP¡V
GH FHUFD FRQ XQ OXJDU XQD HWQLD XQD FXOWXUD HQ SDUWLFXODU R LQFOXVR XQ LGLRPD (O
DGYHQLPLHQWR GH OD SDUWLFLSDFL³Q HQ O­QHD \ XQD PD\RU H[SRVLFL³Q D ODV LGHDV GH RWUDV
FXOWXUDVVLJQLILFDQTXHODVLGHQWLGDGHVVRQDKRUDP¡VIXQJLEOHVTXHDQWHV/DVSHUVRQDV
VHVLHQWHQDKRUDPXFKRP¡VF³PRGDVPDQWHQLHQGR\JHVWLRQDQGRLGHQWLGDGHVPºOWLSOHV
5HGHILQLUODLGHQWLGDGIDPLOLDU*UDFLDVDODFRPELQDFL³QGHORVSDWURQHVKLVW³ULFRVGH
PLJUDFL³Q \ OD FRQHFWLYLGDG GH EDMR FRVWR ODV HVWUXFWXUDV IDPLOLDUHV VH HVW¡Q
UHGHILQLHQGR 6LQ HVWDU OLPLWDGDV SRU HO HVSDFLR D PHQXGR VH H[WLHQGHQ SRU WRGR HO
PXQGRPHGLDQWHXQFRQVWDQWHGL¡ORJRFHUFDQRUHIRU]DGRSRUPHGLRVGLJLWDOHV&DGDYH]
P¡V OD XQLGDG IDPLOLDU WUDGLFLRQDO HVW¡ VLHQGR UHHPSOD]DGD SRU OD UHG IDPLOLDU
WUDQVQDFLRQDO
5HFRQILJXUDU ORV PHUFDGRV ODERUDOHV /D PRYLOLGDG GH ORV WUDEDMDGRUHV WLHQH HO
SRWHQFLDOGHWUDQVIRUPDUORVPHUFDGRVGHWUDEDMRQDFLRQDOHVSDUDELHQRSDUDPDO3RUXQ
ODGR ORV WUDEDMDGRUHV GH ORV SD­VHV HQ GHVDUUROOR FRQVWLWX\HQ XQ JUXSR GH UHFXUVRV
KXPDQRVFRQPºOWLSOHVQLYHOHVGHFXDOLILFDFL³QTXHSXHGHQDWHQGHUODVQHFHVLGDGHVGHO
PHUFDGRGHWUDEDMRLQVDWLVIHFKDVHQHOPXQGRGHVDUUROODGR/DPRYLOLGDGGHOWDOHQWRHV
XQIDFWRULPSXOVRUGHODFUHDWLYLGDGODLQQRYDFL³QLQGXVWULDO\ODHILFLHQFLDHQHOWUDEDMR
3RURWURODGRODLQ\HFFL³QGHPDQRGHREUDLQPLJUDQWHHQORVPHUFDGRVQDFLRQDOHVVLQR
VHJHVWLRQDHILFD]PHQWHSXHGHSURGXFLUGLVWRUVLRQHVVDODULDOHV\PDOHVWDUVRFLDOHQODV
QDFLRQHVDQILWULRQDVDOSULYDUDORVSD­VHVGHRULJHQGHXQYDOLRVRFDSLWDOKXPDQR

/D UHYROXFL³Q GLJLWDO FUH³ QXHYDV RSRUWXQLGDGHV SDUD OD FRPXQLFDFL³Q \ OD
lPRYLOLGDG{TXHFRPSOHPHQW³\PHMRU³ODPRYLOLGDGI­VLFD(VSUREDEOHTXHODFXDUWD
UHYROXFL³Q LQGXVWULDO WHQJD XQ HIHFWR VLPLODU DO WLHPSR TXH OD IXVL³Q GH ORV PXQGRV
I­VLFRGLJLWDO\ELRO³JLFRWUDVFHQGHU¡DºQP¡VODVOLPLWDFLRQHVGHWLHPSR\HVSDFLRGHWDO
PDQHUD TXH VH IRPHQWDU¡ OD PRYLOLGDG 8QR GH ORV GHVDI­RV GH OD FXDUWD UHYROXFL³Q
LQGXVWULDOVHU¡ODJHVWL³QGHODPRYLOLGDGKXPDQDSDUDJDUDQWL]DUTXHVHREWHQJDQWRGRV
VXV EHQHILFLRV PHGLDQWH OD DOLQHDFL³Q GH ORV GHUHFKRV \ GHEHUHV VREHUDQRV FRQ ORV
GHUHFKRV \ ODV DVSLUDFLRQHV LQGLYLGXDOHV OD FRQFLOLDFL³Q GH OD VHJXULGDG QDFLRQDO \
KXPDQD DV­ FRPR OD EºVTXHGD GH PDQHUDV GH PDQWHQHU OD DUPRQ­D VRFLDO PLHQWUDV
DXPHQWDODGLYHUVLGDG

)XHQWH&RQVHMRSDUDOD$JHQGD*OREDOVREUHOD0LJUDFL³Q)RUR(FRQ³PLFR0XQGLDO


/DQDWXUDOH]DFDPELDQWHGHOFRQIOLFWR

/D FXDUWD UHYROXFL³Q LQGXVWULDO DIHFWDU¡ D OD PDJQLWXG \ OD ­QGROH GH ORV
FRQIOLFWRV /DV GLVWLQFLRQHV HQWUH JXHUUD \ SD] \ HQWUH TXL©Q HV XQ
FRPEDWLHQWH \ QR OR HV VH HVW¡Q GHVGLEXMDQGR GH PDQHUD LQF³PRGD 'HO
PLVPRPRGRHOFDPSRGHEDWDOODHVFDGDYH]P¡VWDQWRORFDOFRPRJOREDO
2UJDQL]DFLRQHV FRPR HO 'DߞHVK R ,6,6 RSHUDQ SULQFLSDOPHQWH HQ ]RQDV
GHILQLGDVGH2ULHQWH3U³[LPRSHURWDPEL©QUHFOXWDQFRPEDWLHQWHVGHP¡VGH
FLHQSD­VHVHQJUDQSDUWHDWUDY©VGHODVUHGHVVRFLDOHVPLHQWUDVTXHDWDTXHV
WHUURULVWDV UHODFLRQDGRV SXHGHQ RFXUULU HQ FXDOTXLHU OXJDU GHO SODQHWD /RV
FRQIOLFWRVPRGHUQRVVRQFDGDYH]P¡VK­EULGRVHQFXDQWRDVXQDWXUDOH]D\
FRPELQDQW©FQLFDVE©OLFDVWUDGLFLRQDOHVFRQHOHPHQWRVSUHYLDPHQWHDVRFLDGRV
P¡V TXH QDGD D DFWRUHV DUPDGRV QR HVWDWDOHV 6LQ HPEDUJR GDGR TXH ODV
WHFQRORJ­DVVHHVW¡QIXVLRQDQGRGHIRUPDVFDGDYH]P¡VLPSUHGHFLEOHV\FRQ
ORVHVWDGRV\ORVDFWRUHVDUPDGRVQRHVWDWDOHVDSUHQGLHQGRXQRVGHRWURVOD
PDJQLWXGSRWHQFLDOGHOFDPELRDºQQRVHDSUHFLDDPSOLDPHQWH
$ PHGLGD TXH HVWH SURFHVR DYDQ]D \ QXHYDV \ PRUWDOHV WHFQRORJ­DV VH
YXHOYHQP¡VI¡FLOHVGHDGTXLULU\GHXVDUHVW¡FODURTXHODFXDUWDUHYROXFL³Q
LQGXVWULDORIUHFHFDGDYH]P¡VDORVLQGLYLGXRVGLYHUVDVPDQHUDVGHGD±DUD
RWURVDJUDQHVFDOD'DUVHFXHQWDGHHVWRFRQGXFHDXQDPD\RUVHQVDFL³QGH
YXOQHUDELOLGDG
3HURQRWRGRHVVRPEU­R(ODFFHVRDODWHFQRORJ­DWDPEL©QWUDHFRQVLJROD
SRVLELOLGDG GH XQD PD\RU SUHFLVL³Q HQ OD JXHUUD URSD GH SURWHFFL³Q GH DOWD
WHFQRORJ­D SDUD HO FRPEDWH OD FDSDFLGDG GH LPSULPLU SLH]DV GH UHSXHVWR
HVHQFLDOHVXRWURVFRPSRQHQWHVHQHOFDPSRGHEDWDOOD\DV­VXFHVLYDPHQWH


*XHUUDFLEHUQ©WLFD

/D JXHUUD FLEHUQ©WLFD SUHVHQWD XQD GH ODV DPHQD]DV P¡V VHULDV GH QXHVWUR
WLHPSR (O FLEHUHVSDFLR VH HVW¡ FRQYLUWLHQGR HQ XQ VLWLR GH HQIUHQWDPLHQWR
WDQWR FRPR OD WLHUUD HO PDU \ HO DLUH OR HUDQ HQ HO SDVDGR &RQ VHJXULGDG
SXHGR SRVWXODU TXH PLHQWUDV TXH FXDOTXLHU IXWXUR FRQIOLFWR HQWUH DFWRUHV
UD]RQDEOHPHQWH DYDQ]DGRV SRGU­D R QR GHVSOHJDUVH HQ HO PXQGR I­VLFR
SUREDEOHPHQWH LQFOXLU¡ XQD FLEHUGLPHQVL³Q VLPSOHPHQWH SRUTXH QLQJºQ
RSRQHQWHPRGHUQRVHUHVLVWLU­DDODWHQWDFL³QGHDOWHUDUFRQIXQGLURGHVWUXLU
ORVVHQVRUHVODVFRPXQLFDFLRQHV\ODFDSDFLGDGGHWRPDGHGHFLVLRQHVGHVX
HQHPLJR
(VWR QR VROR UHGXFLU¡ HO XPEUDO GH OD JXHUUD VLQR TXH GLIXPLQDU¡ OD
GLVWLQFL³Q HQWUH OD JXHUUD \ OD SD] SRUTXH FXDOTXLHU UHG R GLVSRVLWLYR
FRQHFWDGR GHVGH VLVWHPDV PLOLWDUHV KDVWD LQIUDHVWUXFWXUDV FLYLOHV FRPR
IXHQWHV GH HQHUJ­D UHGHV HO©FWULFDV KRVSLWDOHV FRQWUROHV GH WU¡ILFR R
VXPLQLVWURV GH DJXD SXHGH VHU KDFNHDGR \ DWDFDGR &RPR UHVXOWDGR HO
FRQFHSWR GH lDGYHUVDULR{ WDPEL©Q VH YH DIHFWDGR $O FRQWUDULR TXH HQ HO
SDVDGR HV SRVLEOH TXH XVWHG QR HVW© VHJXUR GH TXL©Q OR HVW¡ DWDFDQGR \ QL
VLTXLHUDGHVLXVWHGKDVLGRDWDFDGRSDUDHPSH]DU/RVHVWUDWHJDVGHGHIHQVD
PLOLWDUHV \ GH VHJXULGDG QDFLRQDO VH FHQWUDEDQ HQ XQ QºPHUR OLPLWDGR GH
HVWDGRV WUDGLFLRQDOPHQWH KRVWLOHV DKRUD GHEHQ WHQHU HQ FXHQWD XQ XQLYHUVR
FDVL LQILQLWR H LQGLVWLQWR GH SLUDWDV LQIRUP¡WLFRV WHUURULVWDV DFWLYLVWDV
GHOLQFXHQWHV\RWURVSRVLEOHVHQHPLJRV/DJXHUUDFLEHUQ©WLFDSXHGHDGRSWDU
PXFKDVIRUPDVGHVGHDFWRVGHOLFWLYRV\HVSLRQDMHKDVWDDWDTXHVGHVWUXFWLYRV
FRPR ORV GH 6WX[QHW TXH VLJXH VLHQGR HQ JUDQ SDUWH VXEHVWLPDGR H
LQFRPSUHQGLGRSRUTXHHVGHPDVLDGRQXHYR\GLI­FLOGHFRQWUDUUHVWDU
'HVGH  KD KDELGR PXFKRV FDVRV GH DWDTXHV FLEHUQ©WLFRV GLULJLGRV D
FLHUWRVSD­VHV\HPSUHVDVSHURODVGLVFXVLRQHVDFHUFDGHHVWDQXHYDHUDGHOD
JXHUUDHVW¡QDºQHQVXVDOERUHV\ODEUHFKDHQWUHDTXHOORVTXHHQWLHQGHQODV
FXHVWLRQHV DOWDPHQWH W©FQLFDV GH XQD JXHUUD FLEHUQ©WLFD \ DTXHOORV TXH
GHVDUUROODQ ODV FLEHUSRO­WLFDV HV FDGD G­D P¡V JUDQGH 6L XQ FRQMXQWR GH
QRUPDV FRPSDUWLGDV HYROXFLRQD SDUD OD JXHUUD FLEHUQ©WLFD DQ¡ORJDV D ODV
GHVDUUROODGDV SDUD ODV DUPDV QXFOHDUHV ELRO³JLFDV \ TX­PLFDV VLJXH VLHQGR
XQDLQF³JQLWD,QFOXVRQRVIDOWDXQDWD[RQRP­DSDUDSRQHUQRVGHDFXHUGRHQ
ORTXHHTXLYDOHDXQDWDTXH\VXUHVSXHVWDFRUUHFWD\FRQTX©\SRUSDUWHGH
TXL©Q8QDIUDFFL³QGHODHFXDFL³QSDUDJHVWLRQDUHVWDVLWXDFL³QHVGHILQLUTX©
GDWRVYLDMDQDWUDY©VGHODVIURQWHUDV(VWRHVXQLQGLFLRGHKDVWDTX©SXQWR
KD\TXHFRQWURODUFRQHILFDFLDODVWUDQVDFFLRQHVFLEHUQ©WLFDVVLQGLVPLQXLUORV
UHVXOWDGRVSRVLWLYRVGHXQPXQGRP¡VLQWHUFRQHFWDGR


*XHUUDDXW³QRPD

/DJXHUUDDXW³QRPDLQFOXLGRHOGHVSOLHJXHGHURERWVPLOLWDUHV\DUPDPHQWR
DXWRPDWL]DGRDFFLRQDGRSRULQWHOLJHQFLDDUWLILFLDOFUHDODSRVLELOLGDGGHXQD
lJXHUUD URERWL]DGD{ TXH GHVHPSH±DU¡ XQ SDSHO WUDQVIRUPDGRU HQ IXWXURV
FRQIOLFWRV
(OIRQGRGHOPDU\HOHVSDFLRWDPEL©QVRQSURSHQVRVDPLOLWDUL]DUVHFDGD
YH] P¡V D PHGLGD TXH P¡V \ P¡V DFWRUHV ߚHVWDWDOHV \ FRPHUFLDOHVߚ
REWLHQHQODFDSDFLGDGGHHQYLDUVDW©OLWHV\PRYLOL]DUYHK­FXORVVXEPDULQRVQR
WULSXODGRV FDSDFHV GH DIHFWDU D ORV FDEOHV GH ILEUD ³SWLFD \ HO WU¡ILFR Y­D
VDW©OLWH /DV EDQGDV FULPLQDOHV \D HVW¡Q XWLOL]DQGR GURQHV GH FXDWUR K©OLFHV
SDUDHVSLDU\DWDFDUULYDOHV$UPDVDXW³QRPDVDSWDVSDUDLGHQWLILFDUREMHWLYRV
\GHFLGLUDEULUIXHJRVLQLQWHUYHQFL³QKXPDQDVHU¡QFDGDYH]P¡VIDFWLEOHV
GHVDILDQGRODVOH\HVGHODJXHUUD


&XDGUR)7(&12/2*$6(0(5*(17(648(75$16)250$1/$6(*85,'$',17(51$&,21$/

'URQHV6RQHVHQFLDOPHQWHURERWVYRODGRUHV(QODDFWXDOLGDG(VWDGRV8QLGRVOLGHUD
HVWH FDPSR SHUR OD WHFQRORJ­D VH HVW¡ GLIXQGLHQGR DPSOLDPHQWH \ HV FDGD YH] P¡V
DVHTXLEOH
$UPDVDXW³QRPDV /D FRPELQDFL³Q GH OD WHFQRORJ­D GH ORV GURQHV FRQ OD LQWHOLJHQFLD
DUWLILFLDO WLHQH HO SRWHQFLDO GH VHOHFFLRQDU \ DWDFDU REMHWLYRV VLQ LQWHUYHQFL³Q KXPDQD
VHJºQFULWHULRVSUHYLDPHQWHGHILQLGRV
0LOLWDUL]DFL³Q GHO HVSDFLR $XQTXH P¡V GH OD PLWDG GH WRGRV ORV VDW©OLWHV VRQ
FRPHUFLDOHV HVWRV GLVSRVLWLYRV GH FRPXQLFDFLRQHV RUELWDOHV VRQ FDGD YH] P¡V
LPSRUWDQWHV SDUD SURS³VLWRV PLOLWDUHV 8QD QXHYD JHQHUDFL³Q GH DUPDV SODQHDGRUDV
KLSHUV³QLFDVHVW¡WDPEL©QDSXQWRGHHQWUDUHQHVWHGRPLQLRDXPHQWDQGRODSUREDELOLGDG
GHTXHHOHVSDFLRGHVHPSH±HXQSDSHOLPSRUWDQWHHQIXWXURVFRQIOLFWRVORFXDOVXVFLWDOD
SUHRFXSDFL³QGHTXHORVDFWXDOHVPHFDQLVPRVSDUDUHJXODUODVDFWLYLGDGHVHVSDFLDOHV\D
QRVHDQVXILFLHQWHV
'LVSRVLWLYRV SRUW¡WLOHV ZHDUDEOHV  3XHGHQ RSWLPL]DU OD VDOXG \ HO UHQGLPLHQWR HQ
FRQGLFLRQHVGHHVWU©VH[WUHPRRSURGXFLUH[RHVTXHOHWRVTXHPHMRUHQHOUHQGLPLHQWRGH
ORVVROGDGRVORFXDOSHUPLWHTXHXQVHUKXPDQROOHYHVLQGLILFXOWDGFDUJDVGHDOUHGHGRU
GHQRYHQWDNLORV
0DQXIDFWXUDDGLWLYD5HYROXFLRQDU¡ODVFDGHQDVGHVXPLQLVWURSXHVSHUPLWLU¡IDEULFDU
SLH]DVGHUHFDPELRLQVLWXDSDUWLUGHGLVH±RVWUDQVPLWLGRVGLJLWDOPHQWH\FRQPDWHULDOHV
GLVSRQLEOHV ORFDOPHQWH 7DPEL©Q IDFLOLWDU­D HO GHVDUUROOR GH QXHYRV WLSRV GH RMLYD FRQ
XQPD\RUFRQWUROGHOWDPD±RGHODVSDUW­FXODV\ODGHWRQDFL³Q
(QHUJ­D UHQRYDEOH 3HUPLWH JHQHUDU HQHUJ­D ORFDOPHQWH OR FXDO UHYROXFLRQDU¡ ODV
FDGHQDV GH VXPLQLVWUR \ DXPHQWDU¡ OD FDSDFLGDG GH LPSULPLU SLH]DV EDMR GHPDQGD
LQFOXVRHQOXJDUHVUHPRWRV
1DQRWHFQRORJ­D/RlQDQR{HVW¡OOHYDQGRSURJUHVLYDPHQWHKDFLDORVPHWDPDWHULDOHVHV
GHFLU PDWHULDOHV LQWHOLJHQWHV TXH SRVHHQ SURSLHGDGHV TXH QR WLHQHQ GH IRUPD QDWXUDO
+DU¡ TXH ODV DUPDV VHDQ P¡V OLJHUDV P³YLOHV LQWHOLJHQWHV \ SUHFLVDV \ HQ ºOWLPD
LQVWDQFLDGDU¡SRUUHVXOWDGRVLVWHPDVTXHSXHGHQDXWRUUHSOLFDUVH\HQVDPEODUVH
$UPDVELRO³JLFDV/DKLVWRULDGHODJXHUUDELRO³JLFDHVFDVLWDQDQWLJXDFRPRODGHOD
JXHUUD HQ V­ SHUR ORV U¡SLGRV DYDQFHV HQ ELRWHFQRORJ­D JHQ©WLFD \ JHQ³PLFD VRQ ORV
KHUDOGRVGHQXHYDVDUPDVDOWDPHQWHOHWDOHV(OGLVH±RGHYLUXVTXHYLDMDQSRUHODLUHOD
LQJHQLHU­DGHVXSHUEDFWHULDVODVSODJDVJHQ©WLFDPHQWHPRGLILFDGDVHWFIRUPDQODEDVH
GHSRWHQFLDOHVHVFHQDULRVDSRFDO­SWLFRV
$UPDV ELRTX­PLFDV &RPR HQ HO FDVR GH ODV DUPDV ELRO³JLFDV OD LQQRYDFL³Q
WHFQRO³JLFD KDFH TXH HO HQVDPEODMH GH HVWDV DUPDV VHD FDVL WDQ I¡FLO FRPR KDFHU XQD
WDUHDGHEULFRODMH/RVGURQHVSRGU­DQHPSOHDUVHSDUDHQWUHJDUDUPDV
5HGHVVRFLDOHV$XQTXHORVFDQDOHVGLJLWDOHVSURSRUFLRQDQRSRUWXQLGDGHVSDUDGLIXQGLU
LQIRUPDFL³Q \ RUJDQL]DU DFFLRQHV SDUD EXHQDV FDXVDV WDPEL©Q SXHGHQ XWLOL]DUVH SDUD
GLIXQGLUFRQWHQLGRPDOLFLRVR\SURSDJDQGD\FRPRKDFHHO,6,6VHUHPSOHDGRVSRUORV
JUXSRV H[WUHPLVWDV SDUD UHFOXWDU \ PRYLOL]DU VHJXLGRUHV /RV DGXOWRV M³YHQHV VRQ
HVSHFLDOPHQWHYXOQHUDEOHVVREUHWRGRVLFDUHFHQGHXQDUHGGHDSR\RVRFLDOHVWDEOH


0XFKDV GH ODV WHFQRORJ­DV GHVFULWDV HQ HO FXDGUR ) \D H[LVWHQ 3RU
HMHPSORORVURERWV6*5$GH6DPVXQJHTXLSDGRVFRQGRVDPHWUDOODGRUDV
\ XQD SLVWROD FRQ EDODV GH JRPD IRUPDQ DKRUD SDUWH GH ORV SXHVWRV
IURQWHUL]RVHQOD]RQDGHVPLOLWDUL]DGDHQWUHODVGRV&RUHDV'HPRPHQWRVRQ
FRQWURODGRV SRU RSHUDGRUHV KXPDQRV SHUR SRGU­DQ XQD YH] SURJUDPDGRV
LGHQWLILFDU\DWDFDUSRUVXFXHQWDREMHWLYRVKXPDQRV
(O D±R SDVDGR HO 0LQLVWHULR GH 'HIHQVD EULW¡QLFR \ %$( 6\VWHPV
DQXQFLDURQ TXH VH SURE³ FRQ ©[LWR HO DYL³Q lIDQWDVPD{ 7DUDQLV FRQRFLGR
WDPEL©QFRPR5DSWRUTXHSXHGHGHVSHJDUYRODUDXQGHVWLQRGHWHUPLQDGR\
HQFRQWUDUXQEODQFRSUHYLDPHQWHILMDGRFRQSRFDLQWHUYHQFL³QGHVXRSHUDGRU
D PHQRV TXH HOOR VH UHTXLHUD +D\ PXFKRV HMHPSORV FRPR HVWH>@ 6H
PXOWLSOLFDU¡Q\HQHOSURFHVRSODQWHDU¡QSUHJXQWDVFU­WLFDVHQODLQWHUVHFFL³Q
GHODJHRSRO­WLFDODHVWUDWHJLD\ODW¡FWLFDPLOLWDUHVODQRUPDWLYD\OD©WLFD


1XHYDVIURQWHUDVGHODVHJXULGDGJOREDO

&RPR VH KD GHVWDFDGR YDULDV YHFHV HQ HVWH OLEUR WHQHPRV VROR XQD
FRPSUHQVL³QOLPLWDGDGHOP¡[LPRSRWHQFLDOGHODVQXHYDVWHFQRORJ­DV\GHOR
TXH YHQGU¡ HQ HO IXWXUR (V WDPEL©Q HO FDVR GH OD VHJXULGDG QDFLRQDO H
LQWHUQDFLRQDO 3DUD FDGD LQQRYDFL³Q TXH SRGDPRV LPDJLQDU KDEU¡ XQD
DSOLFDFL³QSRVLWLYD\XQSRVLEOHODGRRVFXUR6LELHQQHXURWHFQRORJ­DVFRPR
OD QHXURSU³WHVLV \D VH XVDQ SDUD UHVROYHU SUREOHPDV P©GLFRV GHVSX©V VH
SRGU­DQDSOLFDUFRQILQHVPLOLWDUHV6LVWHPDVLQIRUP¡WLFRVLPSODQWDGRVHQHO
WHMLGR FHUHEUDO SRGU­DQ SHUPLWLUOH D XQ SDFLHQWH SDUDOL]DGR FRQWURODU XQD
SLHUQDRXQEUD]RURE³WLFR/DPLVPDWHFQRORJ­DVHSRGU­DXWLOL]DUSDUDGLULJLU
XQ SLORWR EL³QLFR R XQ VROGDGR 'LVSRVLWLYRV SDUD HO FHUHEUR GLVH±DGRV SDUD
WUDWDU ORV V­QWRPDV GH OD HQIHUPHGDG GH $O]KHLPHU SRGU­DQ LPSODQWDUVH HQ
VROGDGRVSDUDERUUDUUHFXHUGRVRFUHDURWURVl1RVHWUDWDGHVLORVDFWRUHVQR
HVWDWDOHVXWLOL]DU¡QDOJºQWLSRGHW©FQLFDVRWHFQRORJ­DVQHXURFLHQW­ILFDVVLQR
GHFX¡QGR\FX¡OHVYDQDXWLOL]DUߚUHFRQRFH-DPHV*LRUGDQRQHXUR©WLFRGHO
&HQWUR0©GLFRGHOD8QLYHUVLGDGGH*HRUJHWRZQߚ(OFHUHEURHVHOSU³[LPR
FDPSRGHEDWDOOD{>@
/DGLVSRQLELOLGDG\HQRFDVLRQHVODQDWXUDOH]DQRUHJXODGDGHPXFKDVGH
HVWDV LQQRYDFLRQHV WLHQHQ XQD LPSOLFDFL³Q P¡V LPSRUWDQWH /DV WHQGHQFLDV
DFWXDOHV VXJLHUHQ XQD U¡SLGD \ PDVLYD GHPRFUDWL]DFL³Q GH OD FDSDFLGDG GH
LQIOLJLU GD±R D XQD HVFDOD PX\ JUDQGH DOJR FLUFXQVFULWR SUHYLDPHQWH D ORV
JRELHUQRV \ ODV RUJDQL]DFLRQHV PX\ VRILVWLFDGDV 'HVGH DUPDV LPSUHVDV HQ
' KDVWD LQJHQLHU­D JHQ©WLFD HQ ODERUDWRULRV FDVHURV ODV KHUUDPLHQWDV
GHVWUXFWLYDV HQ WRGD XQD VHULH GH WHFQRORJ­DV HPHUJHQWHV VH FRQVLJXHQ FDGD
YH] FRQ PD\RU IDFLOLGDG < FRQ OD IXVL³Q GH WHFQRORJ­DV XQ WHPD FODYH GH
HVWHOLEURDIORUDQGHPDQHUDLQKHUHQWHGLQ¡PLFDVLPSUHGHFLEOHVTXHGHVDI­DQ
ORVPDUFRVMXU­GLFRV\©WLFRV


+DFLDXQPXQGRP¡VVHJXUR

$QWH HVWRV GHVDI­RV F³PR SHUVXDGLPRV D ODV SHUVRQDV GH TXH VH WRPHQ HQ
VHULR ODV DPHQD]DV D OD VHJXULGDG GH ODV WHFQRORJ­DV HPHUJHQWHV" 0¡V
LPSRUWDQWHDºQSRGHPRVDOHQWDUODFRRSHUDFL³QHQWUHORVVHFWRUHVSºEOLFR\
SULYDGRDXQDHVFDODJOREDOSDUDDWHQXDUHVWDVDPHQD]DV"
'XUDQWHODVHJXQGDPLWDGGHOVLJORSDVDGRHOPLHGRDODJXHUUDQXFOHDUGLR
JUDGXDOPHQWH SDVR D OD HVWDELOLGDG UHODWLYD GH OD lGHVWUXFFL³Q PXWXD
DVHJXUDGD{ 0$'SRUVXVVLJODVHQLQJO©V \SDUHFHKDEHUVXUJLGRXQWDEº
QXFOHDU
6L OD O³JLFD GH OD 0$' KD IXQFLRQDGR KDVWD DKRUD HV SRUTXH VROR XQ
QºPHUR OLPLWDGR GH HQWLGDGHV SRVH­DQ HO SRGHU GH GHVWUXLUVH SRU FRPSOHWR
XQDV D RWUDV \ HQWUH V­ VH HTXLOLEUDEDQ 8QD SUROLIHUDFL³Q GH DFWRUHV
SRWHQFLDOPHQWH OHWDOHV VLQ HPEDUJR SRGU­D VRFDYDU HVWH HTXLOLEULR SRU OR
FXDOORVHVWDGRVQXFOHDUHVDFRUGDURQFRRSHUDUSDUDPDQWHQHUXQFOXEQXFOHDU
FRQXQDVGLPHQVLRQHVUHGXFLGDV\QHJRFLDURQHO7UDWDGRGH1R3UROLIHUDFL³Q
1XFOHDU 713SRUVXVVLJODVHQLQJO©V DILQDOHVGHORVD±RVVHVHQWD
'DGR TXH QR HVWDEDQ GH DFXHUGR FRQ OD PD\RU­D GH ORV GHP¡V WHPDV OD
8QL³Q 6RYL©WLFD \ (VWDGRV 8QLGRV HQWHQGLHURQ TXH VX PHMRU SURWHFFL³Q
FRQVLVW­D HQ SHUPDQHFHU YXOQHUDEOH DQWH HO RWUR (VWR FRQGXMR DO 7UDWDGR
VREUH 0LVLOHV $QWLEDO­VWLFRV $%07  TXH HQ HIHFWR OLPLWDED HO GHUHFKR D
DGRSWDUPHGLGDVGHIHQVLYDVFRQWUDORVPLVLOHVSURYLVWRVGHDUPDVQXFOHDUHV
&XDQGR OD FDSDFLGDG GHVWUXFWLYD \D QR VH UHGXFH D XQ SX±DGR GH HQWLGDGHV
FRQUHFXUVRVW¡FWLFDVHLQWHUHVHVE¡VLFDPHQWHVLPLODUHVGHVWLQDGRVDSUHYHQLU
ODHVFDODGDODVGRFWULQDVFRPROD0$'VHYXHOYHQPHQRVUHOHYDQWHV
0RWLYDGRVSRUORVFDPELRVDQXQFLDGRVSRUODFXDUWDUHYROXFL³QLQGXVWULDO
SRGU­DPRV GHVFXEULU DOJºQ HTXLOLEULR DOWHUQDWLYR TXH FRQYLHUWD GH PDQHUD
DQ¡ORJD OD YXOQHUDELOLGDG HQ HVWDELOLGDG \ VHJXULGDG" /RV DFWRUHV FRQ
LQWHUHVHV\SHUVSHFWLYDVPX\GLIHUHQWHVGHEHQVHUFDSDFHVGHHQFRQWUDUDOJºQ
WLSR GH PRGXV YLYHQGL \ FRRSHUDU FRQ HO ILQ GH HYLWDU OD SUROLIHUDFL³Q
QHJDWLYD
/RVLQWHUHVDGRVGHEHQFRRSHUDUSDUDFUHDUPDUFRVMXU­GLFRVYLQFXODQWHVDV­
FRPR QRUPDV DXWRLPSXHVWDV GH FRPºQ DFXHUGR HVW¡QGDUHV ©WLFRV \
PHFDQLVPRV D ILQ GH FRQWURODU ODV WHFQRORJ­DV HPHUJHQWHV SRWHQFLDOPHQWH
GD±LQDV SUHIHULEOHPHQWH VLQ REVWDFXOL]DU OD FDSDFLGDG GH LQYHVWLJDFL³Q SDUD
JDUDQWL]DUODLQQRYDFL³Q\HOFUHFLPLHQWRHFRQ³PLFR
6HJXUDPHQWHVHQHFHVLWDU¡QWUDWDGRVLQWHUQDFLRQDOHVSHURPHSUHRFXSDTXH
ORV UHJXODGRUHV HQ HVWH FDPSR DFDEHQ UH]DJDGRV UHVSHFWR GH ORV DYDQFHV
WHFQRO³JLFRVGHELGRDVXYHORFLGDGHLPSDFWRPXOWLIDF©WLFR3RUORWDQWRHV
QHFHVDULR TXH ODV FRQYHUVDFLRQHV HQWUH HGXFDGRUHV \ GHVDUUROODGRUHV DFHUFD
GHORVHVW¡QGDUHV©WLFRVVHDSOLTXHQFRQXUJHQFLDDODVWHFQRORJ­DVHPHUJHQWHV
GHODFXDUWDUHYROXFL³QLQGXVWULDOSDUDHVWDEOHFHUGLUHFWULFHV©WLFDVFRPXQHVH
LQFRUSRUDUODVHQODVRFLHGDG\ODFXOWXUD&RQORVJRELHUQRV\ODVHVWUXFWXUDV
GH JRELHUQR TXHG¡QGRVH DWU¡V HQ HO HVSDFLR UHJXODWRULR HO VHFWRU SULYDGR \
ORVDFWRUHVQRHVWDWDOHVSRGU­DQHQYHUGDGWRPDUODLQLFLDWLYD
(O GHVDUUROOR GH ODV QXHYDV WHFQRORJ­DV E©OLFDV WLHQH OXJDU
FRPSUHQVLEOHPHQWH HQ XQD HVIHUD UHODWLYDPHQWH DLVODGD 8QD SUHRFXSDFL³Q
TXHWHQJRVLQHPEDUJRHVHOSRWHQFLDOUHSOLHJXHGHRWURVVHFWRUHVFRPROD
PHGLFLQD\ODLQYHVWLJDFL³QEDVDGDVHQODJHQ©WLFDDF­UFXORVDLVODGRVFRQXQ
DOWR QLYHO GH HVSHFLDOL]DFL³Q TXH GLVPLQXLU­DQ QXHVWUD FDSDFLGDG FROHFWLYD
SDUDDQDOL]DUFRPSUHQGHU\DGPLQLVWUDUORVUHWRV\ODVRSRUWXQLGDGHV


62&,('$'

(O DYDQFH FLHQW­ILFR OD FRPHUFLDOL]DFL³Q \ OD GLIXVL³Q GH OD LQQRYDFL³Q VRQ
SURFHVRVVRFLDOHVTXHVHGHVSOLHJDQDPHGLGDTXHODVSHUVRQDVGHVDUUROODQH
LQWHUFDPELDQ LGHDV YDORUHV LQWHUHVHV \ QRUPDV VRFLDOHV HQ XQD VHULH GH
FRQWH[WRV (VWR KDFH TXH VHD GLI­FLO GLVFHUQLU WRGR HO LPSDFWR VRFLDO GH ORV
QXHYRV VLVWHPDV WHFQRO³JLFRV KD\ PXFKRV FRPSRQHQWHV HQWUHOD]DGRV TXH
FRQIRUPDQQXHVWUDVVRFLHGDGHV\QXPHURVDVLQQRYDFLRQHVTXHVRQGHDOJXQD
PDQHUDFRSURGXFLGDVSRUHOORV
(O JUDQ UHWR SDUD OD PD\RU­D GH ODV VRFLHGDGHV VHU¡ F³PR DEVRUEHU \
DGDSWDUVHDODQXHYDPRGHUQLGDGPLHQWUDVVLJXHQDFRJLHQGRORVDVSHFWRVTXH
QXWUHQ QXHVWURV VLVWHPDV GH YDORUHV WUDGLFLRQDOHV /D FXDUWD UHYROXFL³Q
LQGXVWULDO TXH SRQH D SUXHED PXFKRV GH QXHVWURV VXSXHVWRV IXQGDPHQWDOHV
SRGU­DH[DFHUEDUODVWHQVLRQHVH[LVWHQWHVHQWUHODVVRFLHGDGHVSURIXQGDPHQWH
UHOLJLRVDV TXH GHILHQGHQ VXV YDORUHV HOHPHQWDOHV \ DTXHOODV FX\DV FUHHQFLDV
VRQ PROGHDGDV SRU XQD FRVPRYLVL³Q P¡V VHFXODU (O PD\RU SHOLJUR SDUD OD
FRRSHUDFL³Q \ OD HVWDELOLGDG JOREDO SRGU­D SURYHQLU GH JUXSRV UDGLFDOHV TXH
OXFKHQ FRQWUD HO SURJUHVR FRQ XQD YLROHQFLD H[WUHPD \ PRWLYDGRV SRU VX
LGHRORJ­D
&RPR VH±DOD HO VRFL³ORJR 0DQXHO &DVWHOOV SURIHVRU GH WHFQRORJ­D GH OD
FRPXQLFDFL³Q \ VRFLHGDG GH OD (VFXHOD $QQHQEHUJ GH &RPXQLFDFL³Q \
3HULRGLVPRGHOD8QLYHUVLGDGGHO6XUGH&DOLIRUQLDl(QWRGRVORVPRPHQWRV
GH JUDQGHV FDPELRV WHFQRO³JLFRV ODV SHUVRQDV ODV HPSUHVDV \ ODV
LQVWLWXFLRQHV VLHQWHQ OD SURIXQGLGDG GHO FDPELR SHUR D PHQXGR VH VLHQWHQ
DEUXPDQGDVSRUWDOHVFDPELRVSRUODSXUDLJQRUDQFLDDFHUFDGHVXVHIHFWRV{
>@ (VWDU DEUXPDGRV D FDXVD GH OD LJQRUDQFLD HV SUHFLVDPHQWH OR TXH
GHEHPRVHYLWDUVREUHWRGRFXDQGRVHWUDWDGHF³PRODVQXPHURVDV\GLYHUVDV
FRPXQLGDGHVTXHFRQIRUPDQODVRFLHGDGPRGHUQDVHFUHDQVHGHVDUUROODQ\
VHUHODFLRQDQHQWUHV­
(O DQWHULRU DQ¡OLVLV VREUH ORV GLIHUHQWHV LPSDFWRV GH OD FXDUWD UHYROXFL³Q
LQGXVWULDO HQ OD HFRQRP­D ORV QHJRFLRV OD JHRSRO­WLFD \ OD VHJXULGDG
LQWHUQDFLRQDO ODV UHJLRQHV \ ODV FLXGDGHV KD GHMDGR FODUR TXH OD QXHYD
UHYROXFL³Q WHFQRO³JLFD WHQGU¡ PºOWLSOHV LQIOXHQFLDV HQ OD VRFLHGDG (Q HO
VLJXLHQWH DSDUWDGR H[SORUDU© GRV GH ORV P¡V LPSRUWDQWHV LPSXOVRUHV GHO
FDPELRF³PRHOSRWHQFLDODXPHQWRGHODGHVLJXDOGDGHMHUFHSUHVL³QVREUHOD
FODVHPHGLD\F³PRODLQWHJUDFL³QGHORVPHGLRVGLJLWDOHVHVW¡FDPELDQGROD
PDQHUDHQTXHODVFRPXQLGDGHVVHIRUPDQ\VHUHODFLRQDQHQWUHV­


'HVLJXDOGDG\FODVHPHGLD

(ODQ¡OLVLVVREUHORVLPSDFWRVHFRQ³PLFRV\HPSUHVDULDOHVGHVWDFDXQDVHULH
GH FDPELRV HVWUXFWXUDOHV GLIHUHQWHV TXH KDQ FRQWULEXLGR DO DXPHQWR GH OD
GHVLJXDOGDG KDVWD OD IHFKD \ TXH SXHGHQ H[DFHUEDUVH D PHGLGD TXH VH
GHVSOLHJXH OD FXDUWD UHYROXFL³Q LQGXVWULDO /RV URERWV \ ORV DOJRULWPRV
VXVWLWX\HQ FDGD YH] P¡V FDSLWDO SRU WUDEDMR PLHQWUDV TXH LQYHUWLU R P¡V
SUHFLVDPHQWH FUHDU XQ QHJRFLR HQ OD HFRQRP­D GLJLWDO  UHTXLHUH GH PHQRV
FDSLWDO/RVPHUFDGRVODERUDOHVHQWUHWDQWRVHHVW¡QGHFDQWDQGRSRUXQDVHULH
OLPLWDGD GH FDSDFLGDGHV W©FQLFDV D OD YH] TXH ODV SODWDIRUPDV GLJLWDOHV
FRQHFWDGDV D HVFDOD PXQGLDO \ ORV PHUFDGRV FRQFHGHQ UHFRPSHQVDV
GHVFRPXQDOHV D XQ SHTXH±R QºPHUR GH lHVWUHOODV{ &RQIRUPH VH YHULILTXHQ
WRGDV HVWDV WHQGHQFLDV ORV JDQDGRUHV VHU¡Q DTXHOORV FDSDFHV GH SDUWLFLSDU
SOHQDPHQWH HQ ORV HFRVLVWHPDV EDVDGRV HQ OD LQQRYDFL³Q DO SURSRUFLRQDU
QXHYDVLGHDVPRGHORVGHQHJRFLRSURGXFWRV\VHUYLFLRVHQYH]GHTXLHQHV
RIUH]FDQVRORPDQRGHREUDSRFRFXDOLILFDGDRFDSLWDOFRUULHQWH
(VWDVGLQ¡PLFDVH[SOLFDQSRUTX©DODWHFQRORJ­DVHODFRQVLGHUDXQDGHODV
UD]RQHV SULQFLSDOHV GHO HVWDQFDPLHQWR H LQFOXVR OD GLVPLQXFL³Q GH ORV
LQJUHVRVGHODPD\RU­DGHODSREODFL³QHQSD­VHVGHDOWRVLQJUHVRV+R\G­DHO
PXQGR HV HQ YHUGDG PX\ GHVLJXDO 6HJºQ HO ,QIRUPH VREUH OD 5LTXH]D
0XQGLDO  GH &UHGLW 6XLVVH OD PLWDG GH WRGRV ORV DFWLYRV GH WRGR HO
SODQHWDHVW¡QFRQWURODGRVSRUHOSRUFLHQWRGHULFRVPLHQWUDVTXHlODPLWDG
LQIHULRU GH OD SREODFL³Q SRVHH HQ FRQMXQWR PHQRV GHO  SRU FLHQWR GH OD
ULTXH]DPXQGLDO{>@ /D 2UJDQL]DFL³Q SDUD OD &RRSHUDFL³Q \ HO 'HVDUUROOR
(FRQ³PLFRV 2&'(  LQIRUPD GH TXH OD UHQWD PHGLD GHO  SRU FLHQWR P¡V
ULFR GH OD SREODFL³Q HQ ORV SD­VHV GH OD 2&'( HV DSUR[LPDGDPHQWH QXHYH
YHFHV VXSHULRU TXH OD GHO  SRU FLHQWR P¡V SREUH>@ $GHP¡V OD
GHVLJXDOGDGHQODPD\RU­DGHORVSD­VHVHVW¡DXPHQWDQGRLQFOXVRHQDTXHOORV
TXHKDQH[SHULPHQWDGRXQU¡SLGRFUHFLPLHQWRHQWRGRVORVJUXSRVGHUHQWD\
IXHUWHVFD­GDVHQHOQºPHURGHSHUVRQDVTXHYLYHQHQODSREUH]D(O­QGLFHGH
*LQL GH &KLQD SRU HMHPSOR SDV³ GH DSUR[LPDGDPHQWH  HQ OD G©FDGD GH
DP¡VGHKDFLD>@
(O DXPHQWR GH OD GHVLJXDOGDG HV P¡V TXH XQ IHQ³PHQR HFRQ³PLFR TXH
JHQHUDSUHRFXSDFL³QHVXQJUDQGHVDI­RSDUDODVVRFLHGDGHV(QVXOLEUR7KH
6SLULW /HYHO :K\ *UHDWHU (TXDOLW\ 0DNHV 6RFLHWLHV 6WURQJHU ORV
HSLGHPL³ORJRV EULW¡QLFRV 5LFKDUG :LONLQVRQ \ .DWH 3LFNHWW SUHVHQWDQ GDWRV
TXHLQGLFDQTXHODVVRFLHGDGHVGHVLJXDOHVWLHQGHQDVHUP¡VYLROHQWDVWLHQHQ
XQ QºPHUR PD\RU GH SHUVRQDV HQ SULVL³Q H[SHULPHQWDQ PD\RUHV QLYHOHV GH
HQIHUPHGDGHV PHQWDOHV \ REHVLGDG \ FXHQWDQ FRQ XQD PHQRU HVSHUDQ]D GH
YLGD\FRQEDMRVQLYHOHVGHFRQILDQ]D(OFRURODULRVHJºQORVDXWRUHVHVTXH
GHVSX©V GH FRQWURODU ORV LQJUHVRV PHGLRV ODV VRFLHGDGHV P¡V LJXDOLWDULDV
SUHVHQWDQPD\RUHVQLYHOHVGH ELHQHVWDULQIDQWLOPHQRUHV­QGLFHVGHHVWU©V\
FRQVXPR GH GURJDV \ XQD PRUWDOLGDG LQIDQWLO P¡V EDMD>@ 2WURV
LQYHVWLJDGRUHV KDQ HQFRQWUDGR TXH ORV QLYHOHV P¡V DOWRV GH GHVLJXDOGDG
DFHQWºDQODVHJUHJDFL³Q\UHGXFHQORVUHVXOWDGRVDFDG©PLFRVGHORVQL±RV\
DGXOWRVM³YHQHV>@
$XQTXH ORV GDWRV HPS­ULFRV VRQ PHQRV FRQFOX\HQWHV WDPEL©Q H[LVWHQ
WHPRUHV JHQHUDOL]DGRV VREUH TXH ORV QLYHOHV P¡V DOWRV GH GHVLJXDOGDG
FRQGXFHQDPD\RUHVQLYHOHVGHPDOHVWDUVRFLDO(QWUHORVULHVJRV\ODV
WHQGHQFLDVJOREDOHVLGHQWLILFDGRVHQHO,QIRUPHGHULHVJRVJOREDOHVGHO
IRUR ODV LQWHUFRQH[LRQHV P¡V IXHUWHV VH SURGXFHQ HQWUH OD GLVSDULGDG GH
LQJUHVRVHOGHVHPSOHRRHOVXEHPSOHRFUHFLHQWHV\ODSURIXQGDLQHVWDELOLGDG
VRFLDO&RPRVHWUDWDHQGHWDOOHP¡VDEDMRXQPXQGRGHPD\RUFRQHFWLYLGDG
\H[SHFWDWLYDVSXHGHJHQHUDUULHVJRVVRFLDOHVVLJQLILFDWLYRVVLODVSREODFLRQHV
VLHQWHQ TXH QR WLHQHQ QLQJXQD SRVLELOLGDG GH DOFDQ]DU FLHUWR QLYHO GH
SURVSHULGDGRGHSURS³VLWRHQVXVYLGDV
+R\XQWUDEDMRGHFODVHPHGLD\DQRJDUDQWL]DXQHVWLORGHYLGDGHFODVH
PHGLD \ HQ ORV ºOWLPRV YHLQWH D±RV ORV FXDWUR DWULEXWRV WUDGLFLRQDOHV GHO
HVWDWXVGHODFODVHPHGLD HGXFDFL³QVDOXGSHQVLRQHV\YLYLHQGDSURSLD VH
KDQFRPSRUWDGRSHRUTXHODLQIODFL³Q(Q(VWDGRV8QLGRV\HO5HLQR8QLGR
ODHGXFDFL³QVHFRQVLGHUDKR\XQOXMR8QDHFRQRP­DGHPHUFDGRHQODTXHHO
JDQDGRU VH OR OOHYD WRGR D OD FXDO OD FODVH PHGLD WLHQH XQ DFFHVR FDGD YH]
P¡VOLPLWDGRSRGU­DGHULYDUHQHOPDOHVWDUGHPRFU¡WLFR\ODQHJOLJHQFLDTXH
DJUDYDQORVUHWRVVRFLDOHV


&RPXQLGDG

'HVGHXQDPSOLRSXQWRGHYLVWDVRFLDOXQRGHORVHIHFWRVP¡VUHOHYDQWHV \
P¡V REVHUYDEOHV  GH OD GLJLWDOL]DFL³Q HV HO VXUJLPLHQWR GH OD VRFLHGDG
lFHQWUDGD HQ HO \R{ XQ SURFHVR GH LQGLYLGXDOL]DFL³Q \ DSDULFL³Q GH QXHYDV
IRUPDV GH SHUWHQHQFLD \ FRPXQLGDG $O FRQWUDULR GH OR TXH VXFHG­D HQ HO
SDVDGRODQRFL³QGHlSHUWHQHQFLD{DXQDFRPXQLGDGVHGHILQHKR\P¡VSRU
LQWHUHVHVYDORUHVLQGLYLGXDOHV\SUR\HFWRVSHUVRQDOHVTXHSRUHOHVSDFLR OD
FRPXQLGDG HOWUDEDMR\ODIDPLOLD
/DV QXHYDV IRUPDV GH PHGLRV GLJLWDOHV TXH FRQVWLWX\HQ XQ FRPSRQHQWH
HVHQFLDO GH OD FXDUWD UHYROXFL³Q LQGXVWULDO LPSXOVDQ FDGD YH] P¡V QXHVWUD
HVWUXFWXUD LQGLYLGXDO \ FROHFWLYD GH VRFLHGDG \ FRPXQLGDG &RPR HO )RUR
DQDOL]DHQVXLQIRUPHVREUHPHGLRVGLJLWDOHV\VRFLHGDG 'LJLWDO0HGLD DQG
6RFLHW\  FRQHFWDQ GH XQD PDQHUD FRPSOHWDPHQWH QXHYD D ODV SHUVRQDV D
HVFDOD WDQWR LQGLYLGXDO FRPR FROHFWLYD OR FXDO OHV SHUPLWH D ORV XVXDULRV
PDQWHQHUDPLVWDGHVDORODUJRGHOWLHPSR\DGLVWDQFLDFUHDUQXHYRVJUXSRV
GHLQWHU©V\SHUPLWLUTXHDTXHOORVTXHHVW¡QVRFLDORI­VLFDPHQWHDLVODGRVVH
FRQHFWHQFRQSHUVRQDVGHLGHDVDILQHV/DDOWDGLVSRQLELOLGDGORVEDMRVFRVWRV
\ ORV DVSHFWRV JHRJU¡ILFDPHQWH QHXWUDOHV GH ORV PHGLRV GLJLWDOHV WDPEL©Q
SHUPLWHQ XQD PD\RU LQWHUDFFL³Q D WUDY©V GH ODV IURQWHUDV VRFLDOHV
HFRQ³PLFDVFXOWXUDOHVSRO­WLFDVUHOLJLRVDVHLGHRO³JLFDV
(O DFFHVR D ORV PHGLRV GLJLWDOHV HQ O­QHD JHQHUD LPSRUWDQWHV EHQHILFLRV
SDUDPXFKRV0¡VDOO¡GHVXSDSHODODKRUDGHVXPLQLVWUDULQIRUPDFL³Q SRU
HMHPSORORVUHIXJLDGRVTXHKX\HQGH6LULDXWLOL]DQ*RRJOH0DSV\JUXSRVGH
)DFHERRN QR VROR SDUD SODQLILFDU UXWDV GH YLDMH VLQR SDUD HYLWDU VHU
H[SORWDGRV SRU WUDILFDQWHV GH SHUVRQDV >@ RIUHFHQ RSRUWXQLGDGHV SDUD TXH
ODV SHUVRQDV WHQJDQ YR] \ SDUWLFLSHQ HQ GHEDWHV F­YLFRV \ OD WRPD GH
GHFLVLRQHV
'HVDIRUWXQDGDPHQWH DO WLHPSR TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO
HPSRGHUDDORVFLXGDGDQRVWDPEL©QSXHGHVHUXWLOL]DGDSDUDDFWXDUHQFRQWUD
GHVXVLQWHUHVHV(O,QIRUPHVREUHULHVJRVJOREDOHVGHO)RURGHVFULEHHO
IHQ³PHQRGHOlFLXGDGDQR GHV HPSRGHUDGR{SRUHOTXHORVLQGLYLGXRV\ODV
FRPXQLGDGHV VRQ HPSRGHUDGRV \ H[FOXLGRV DO PLVPR WLHPSR SRU HO XVR GH
WHFQRORJ­DVHPHUJHQWHVSRUSDUWHGHJRELHUQRVHPSUHVDV\JUXSRVGHLQWHU©V
Y©DVHHOFXDGUR*(OFLXGDGDQRGHVHPSRGHUDGR 
(OSRGHUGHPRFU¡WLFRGHORVPHGLRVGLJLWDOHVVLJQLILFDTXHWDPEL©QSXHGH
VHU XWLOL]DGR SRU DFWRUHV QR HVWDWDOHV HQ SDUWLFXODU SRU FRPXQLGDGHV FRQ
LQWHQFLRQHVDYLHVDVSDUDGLIXQGLUSURSDJDQGD\PRYLOL]DUVHJXLGRUHVDIDYRU
GHFDXVDVH[WUHPLVWDVFRPRVHKDYLVWRUHFLHQWHPHQWHFRQHODXJHGHO'DߞHVK
\RWUDVRUJDQL]DFLRQHVWHUURULVWDVH[SHUWDVHQUHGHVVRFLDOHV
([LVWH HO SHOLJUR GH TXH OD GLQ¡PLFD GH LQWHUFDPELR TXH FDUDFWHUL]D D ODV
UHGHV VRFLDOHV SXHGD VHVJDU OD WRPD GH GHFLVLRQHV \ SRQHU HQ ULHVJR D OD
VRFLHGDGFLYLO'HPDQHUDFRQWUDLQWXLWLYDHOKHFKRGHTXHKD\DWDQWRVPHGLRV
GHFRPXQLFDFL³QGLVSRQLEOHVDWUDY©VGHORVFDQDOHVGLJLWDOHVSXHGHVLJQLILFDU
TXHODVIXHQWHVGHQRWLFLDVGHXQDSHUVRQDVHYHDQUHGXFLGDV\SRODUL]DGDVHQ
OR TXH HO SVLF³ORJR FO­QLFR GHO 0,7 6KHUU\ 7XUNOH SURIHVRU GH HVWXGLRV
VRFLDOHVGHODFLHQFLD\ODWHFQRORJ­DOODPDXQDlHVSLUDOGHVLOHQFLR{(VWRHV
LPSRUWDQWHSRUTXHORTXHOHHPRVFRPSDUWLPRV\YHPRVHQHOFRQWH[WRGHODV
UHGHVVRFLDOHVGDIRUPDDQXHVWUDVGHFLVLRQHVSRO­WLFDV\F­YLFDV


&XDGUR*(/&,8'$'$12'(6(032'(5$'2

(OW©UPLQRlFLXGDGDQR GHV HPSRGHUDGR{GHVFULEHODQXHYDGLQ¡PLFDGHODLQWHUDFFL³Q
GH GRV WHQGHQFLDV XQD HO HPSRGHUDPLHQWR OD RWUD HO GHVHPSRGHUDPLHQWR /RV
LQGLYLGXRV VH VLHQWHQ HPSRGHUDGRV SRU ORV FDPELRV HQ OD WHFQRORJ­D TXH OHV IDFLOLWDQ
UHFDEDULQIRUPDFL³QFRPXQLFDUVH\RUJDQL]DUVHDGHP¡VHVW¡QH[SHULPHQWDQGRQXHYDV
IRUPDVGHSDUWLFLSDUHQXQDYLGDF­YLFD$OPLVPRWLHPSRKD\LQGLYLGXRVJUXSRVGHOD
VRFLHGDGFLYLOPRYLPLHQWRVVRFLDOHV\FRPXQLGDGHVORFDOHVTXHVHVLHQWHQFDGDYH]P¡V
H[FOXLGRV GH XQD SDUWLFLSDFL³Q VLJQLILFDWLYD HQ ORV SURFHVRV GH GHFLVL³Q WUDGLFLRQDOHV
LQFOXLGRV HO YRWR \ ODV HOHFFLRQHV \ GHVHPSRGHUDGRV HQ FXDQWR D VX FDSDFLGDG SDUD
LQIOXLU\VHUHVFXFKDGRVSRUSDUWHGHODVLQVWLWXFLRQHVGRPLQDQWHV\ODVIXHQWHVGHSRGHU
HQHOJRELHUQRQDFLRQDO\UHJLRQDO
(QHOFDVRP¡VH[WUHPRKD\XQSHOLJURPX\UHDOGHTXHORVJRELHUQRVSXHGDQHPSOHDU
FRPELQDFLRQHVGHWHFQRORJ­DVSDUDVXSULPLURSHUVHJXLUDFFLRQHVGHODVRUJDQL]DFLRQHV
GHODVRFLHGDGFLYLO \ORVJUXSRV GHLQGLYLGXRVTXH EXVTXHQDXPHQWDUOD WUDQVSDUHQFLD
DOUHGHGRU GH ODV DFWLYLGDGHV GH ORV JRELHUQRV \ ODV HPSUHVDV D ILQ GH SURPRYHU HO
FDPELR(QPXFKRVSD­VHVGHOPXQGRKD\SUXHEDVGHTXHVHHVW¡UHGXFLHQGRHOHVSDFLR
GHODVRFLHGDGFLYLODPHGLGDTXHORVJRELHUQRVSURPXHYHQOHJLVODFL³Q\RWUDVSRO­WLFDV
TXHOLPLWDQODLQGHSHQGHQFLDGHJUXSRVGHODVRFLHGDGFLYLO\UHVWULQJHQVXVDFWLYLGDGHV
/DVKHUUDPLHQWDVGHODFXDUWDUHYROXFL³QLQGXVWULDOSHUPLWHQQXHYDVIRUPDVGHYLJLODQFLD
\RWURVPHGLRVGHFRQWUROTXHYDQHQFRQWUDGHODVVRFLHGDGHVVDOXGDEOHV\DELHUWDV

)XHQWH,QIRUPHVREUHULHVJRVJOREDOHV)RUR(FRQ³PLFR0XQGLDO


3RU HMHPSOR XQ HVWXGLR GHO LPSDFWR GH ORV PHQVDMHV HQ )DFHERRN SDUD
FRQVHJXLU YRWRV UHYHO³ TXH lDXPHQW³ OD SDUWLFLSDFL³Q HQ XQRV 
YRWDQWHV H LQGLUHFWDPHQWH D WUDY©V GHO FRQWDJLR VRFLDO HQ RWURV 
HOHFWRUHV KDVWD DOFDQ]DU XQ WRWDO GH  YRWRV DGLFLRQDOHV{>@ (VWD
LQYHVWLJDFL³Q GHVWDFD HO SRGHU TXH WLHQHQ ODV SODWDIRUPDV GH ORV PHGLRV
GLJLWDOHV SDUD VHOHFFLRQDU \ SURPRFLRQDU ORV PHGLRV TXH FRQVXPLPRV HQ
O­QHD 7DPEL©Q LQGLFD HO SRWHQFLDO GH ODV WHFQRORJ­DV HQ O­QHD SDUD TXH ODV
IRUPDV WUDGLFLRQDOHV GH SDUWLFLSDFL³Q F­YLFD SRU HMHPSOR YRWDU SRU
UHSUHVHQWDQWHV ORFDOHV UHJLRQDOHV R QDFLRQDOHV  VH PH]FOHQ FRQ IRUPDV
LQQRYDGRUDV GH GDU D ORV FLXGDGDQRV XQD PD\RU LQIOXHQFLD GLUHFWD VREUH ODV
GHFLVLRQHVTXHDIHFWDQDVXVFRPXQLGDGHV
&RPR HQ HO FDVR GH FDVL WRGRV ORV LPSDFWRV TXH VH DERUGDQ HQ HVWH
DSDUWDGR UHVXOWD FODUR TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO WUDH FRQVLJR
JUDQGHV RSRUWXQLGDGHV DO WLHPSR TXH SODQWHD ULHVJRV VLJQLILFDWLYRV 8QD GH
ODV WDUHDV FODYH TXH DIURQWD HO PXQGR D PHGLGD TXH HVWD UHYROXFL³Q VH
GHVDUUROOD HV F³PR UHXQLU P¡V \ PHMRUHV GDWRV VREUH ORV EHQHILFLRV \ UHWRV
SDUDORJUDUODFRKHVL³QGHODFRPXQLGDG


(/,1',9,'82

/DFXDUWDUHYROXFL³QLQGXVWULDOQRVRORHVW¡FDPELDQGRORTXHKDFHPRVVLQR
TXL©QHV VRPRV (O LPSDFWR TXH WHQGU¡ HQ QRVRWURV FRPR LQGLYLGXRV VHU¡
PºOWLSOH\DIHFWDU¡DQXHVWUDLGHQWLGDG\VXVPºOWLSOHVIDFHWDVUHODFLRQDGDV
FRPRQXHVWURVHQWLGRGHODSULYDFLGDGQXHVWUDVLGHDVDFHUFDGHODSURSLHGDG
QXHVWURVK¡ELWRVGHFRQVXPRHOWLHPSRTXHGHGLFDPRVDOWUDEDMR\DORFLR\
F³PR GHVDUUROODPRV QXHVWUDV FDUUHUDV \ FXOWLYDPRV QXHVWUDV GHVWUH]DV
,QIOXLU¡ HQ F³PR FRQRFHPRV JHQWH \ DOLPHQWDPRV ODV UHODFLRQHV ODV
MHUDUTX­DVGHODVTXHGHSHQGHPRV\QXHVWUDVDOXG\TXL]¡P¡VSURQWRGHOR
TXH SHQVDPRV SRGU­D GDU OXJDU D IRUPDV GH XQ HQJUDQGHFLPLHQWR KXPDQR
TXH KDJD TXH FXHVWLRQHPRV OD QDWXUDOH]D PLVPD GH OD H[LVWHQFLD KXPDQD
(VWRVFDPELRVSURYRFDQH[FLWDFL³Q\PLHGRDPHGLGDTXHDYDQ]DPRVDXQD
YHORFLGDGVLQSUHFHGHQWHV
+DVWDDKRUDODWHFQRORJ­DQRVKDSHUPLWLGRSULQFLSDOPHQWHKDFHUODVFRVDV
GH PDQHUD P¡V I¡FLO U¡SLGD \ HILFLHQWH 7DPEL©Q QRV KD SURSRUFLRQDGR
RSRUWXQLGDGHVSDUDHOGHVDUUROORSHUVRQDO3HURHVWDPRVHPSH]DQGRDYHUTXH
KD\ PXFKR P¡V HQ MXHJR 3RU ODV UD]RQHV \D PHQFLRQDGDV HVWDPRV HQ HO
XPEUDOGHXQFDPELRVLVW©PLFRUDGLFDOTXHUHTXLHUHTXHORVVHUHVKXPDQRVVH
DGDSWHQFRQWLQXDPHQWH&RPRUHVXOWDGRGHHOORSRGU­DPRVVHUWHVWLJRVGHXQ
FUHFLHQWH JUDGR GH SRODUL]DFL³Q HQ HO PXQGR PDUFDGR SRU DTXHOORV TXH
DFHSWDQHOFDPELRIUHQWHDDTXHOORVTXHVHUHVLVWHQD©O
(VWR GD OXJDU D XQD GHVLJXDOGDG TXH YD P¡V DOO¡ GH OD LQHTXLGDG VRFLDO
GHVFULWD DQWHULRUPHQWH (VWD GHVLJXDOGDG RQWRO³JLFD VHSDUDU¡ D TXLHQHV VH
DGDSWHQ GH DTXHOORV TXH VH UHVLVWDQ HV GHFLU D ORV JDQDGRUHV \ SHUGHGRUHV
PDWHULDOHVHQWRGRHOVHQWLGRGHODSDODEUD/RVSULPHURVSXHGHQEHQHILFLDUVH
LQFOXVR GH DOJºQ WLSR GH PHMRUD KXPDQD UDGLFDO JHQHUDGD SRU FLHUWRV
VHJPHQWRVGHODFXDUWDUHYROXFL³QLQGXVWULDO FRPRODLQJHQLHU­DJHQ©WLFD GH
ODFXDOVHYHU¡QSULYDGRVORVSHUGHGRUHV(OORSXHGHFUHDUFRQIOLFWRVGHFODVH
\ RWURV HQIUHQWDPLHQWRV FRPR QXQFD KHPRV YLVWR DQWHV (VWD GLYLVL³Q
SRWHQFLDO \ ODV WHQVLRQHV TXH SURYRFD VH DJUDYDU¡Q D FDXVD GH XQD EUHFKD
JHQHUDFLRQDOFDXVDGDSRUTXLHQHVVRORKDQFRQRFLGR\FUHFLGRHQXQPXQGR
GLJLWDO IUHQWH D DTXHOORV TXH QR \ GHEDQ DGDSWDUVH (VWR WDPEL©Q VXVFLWD
PXFKDVFXHVWLRQHV©WLFDV
&RPRLQJHQLHURVR\XQJUDQHQWXVLDVWDGHODWHFQRORJ­D\ODDGRSW©GHVGH
XQ EXHQ SULQFLSLR 1R REVWDQWH PH SUHJXQWR FRPR PXFKRV SVLF³ORJRV \
FLHQW­ILFRV VRFLDOHV F³PR OD LQH[RUDEOH LQWHJUDFL³Q GH OD WHFQRORJ­D HQ
QXHVWUDVYLGDVDIHFWDU¡DQXHVWUDQRFL³QGHLGHQWLGDG\VLSRGU­DQGLVPLQXLU
DOJXQDV GH QXHVWUDV FDSDFLGDGHV KXPDQDV SRU H[FHOHQFLD FRPR OD
DXWRUUHIOH[L³QODHPSDW­D\ODFRPSDVL³Q


,GHQWLGDGPRUDO\©WLFD

/DV VRUSUHQGHQWHV LQQRYDFLRQHV SURYRFDGDV SRU OD FXDUWD UHYROXFL³Q
LQGXVWULDO GHVGH OD ELRWHFQRORJ­D KDVWD OD LQWHOLJHQFLD DUWLILFLDO HVW¡Q
UHGHILQLHQGR OR TXH VLJQLILFD VHU KXPDQR (VW¡Q HPSXMDQGR ORV XPEUDOHV
DFWXDOHV GH OD ORQJHYLGDG OD VDOXG OD FRJQLFL³Q \ ODV FDSDFLGDGHV GH XQ
PRGR TXH DQWHV HVWDED UHVHUYDGR D OD FLHQFLD ILFFL³Q $ PHGLGD TXH
SURJUHVDQ HO FRQRFLPLHQWR \ ORV GHVFXEULPLHQWRV HQ HVWRV FDPSRV QXHVWUD
YROXQWDG \ FRPSURPLVR GH PDQWHQHU GHEDWHV ©WLFRV \ PRUDOHV VRQ
IXQGDPHQWDOHV &RPR VHUHV KXPDQRV \ DQLPDOHV VRFLDOHV WHQGUHPRV TXH
SHQVDULQGLYLGXDO\FROHFWLYDPHQWHVREUHF³PRUHVSRQGHUDFXHVWLRQHVFRPR
ODSURORQJDFL³QGHODYLGDORVEHE©VGHGLVH±RODH[WUDFFL³QGHPHPRULD\
PXFKDVP¡V
$O PLVPR WLHPSR GHEHPRV GDUQRV FXHQWD GH TXH HVWRV GHVFXEULPLHQWRV
LQFUH­EOHV WDPEL©Q SRGU­DQ VHU PDQLSXODGRV SDUD VHUYLU D LQWHUHVHV
SDUWLFXODUHV\QRQHFHVDULDPHQWHDORVGHOSºEOLFRHQJHQHUDO&RPRHOI­VLFR
WH³ULFR \ GLYXOJDGRU 6WHSKHQ +DZNLQJ \ VXV FROHJDV 6WXDUW 5XVVHOO 0D[
7HJPDUN \ )UDQN :LOF]HN HVFULELHURQ HQ HO SHUL³GLFR 7KH ,QGHSHQGHQW DO
FRQVLGHUDU ODV LPSOLFDFLRQHV GH OD LQWHOLJHQFLD DUWLILFLDO l0LHQWUDV TXH HO
LPSDFWR GH OD LQWHOLJHQFLD DUWLILFLDO D FRUWR SOD]R GHSHQGH GH TXL©Q OD
FRQWUROH HO HIHFWR D ODUJR SOD]R GHSHQGH GH VL VH SXHGH FRQWURODU GHO WRGR
>ߨ@7RGRVGHEHPRVSUHJXQWDUQRVTX©SRGHPRVKDFHUDKRUDSDUDPHMRUDUODV
SRVLELOLGDGHVGHDSURYHFKDUORVEHQHILFLRV\HYLWDUORVULHVJRV{>@
8Q GHVDUUROOR LQWHUHVDQWH HQ HVWH ¡PELWR HV 2SHQ$, XQD HPSUHVD GH
LQYHVWLJDFL³QGH,$VLQ¡QLPRGHOXFURSUHVHQWDGDHQGLFLHPEUHGHFRQ
HOREMHWLYRGHlDYDQ]DUHQHOFDPSRGHODLQWHOLJHQFLDGLJLWDOGHODIRUPDHQ
TXH VHD P¡V SUREDEOH TXH EHQHILFLH D OD KXPDQLGDG HQ VX FRQMXQWR VLQ
UHVWULFFLRQHV SRU OD QHFHVLGDG GH JHQHUDU EHQHILFLRV HFRQ³PLFRV{>@ /D
LQLFLDWLYDߚSUHVLGLGDSRU6DP$OWPDQSUHVLGHQWHGH<&RPELQDWRU\(ORQ
0XVN FRQVHMHUR GHOHJDGR GH 7HVOD 0RWRUVߚ \D VH KD JDUDQWL]DGR OD
UHFHSFL³Q GH IRQGRV SRU YDORU GH  PLOORQHV GH G³ODUHV (VWD LQLFLDWLYD
VXEUD\D XQ SXQWR FODYH TXH \D VH KDE­D IRUPXODGR D VDEHU TXH XQR GH ORV
PD\RUHV LPSDFWRV GH OD FXDUWD UHYROXFL³Q LQGXVWULDO HV HO SRWHQFLDO GH
HPSRGHUDPLHQWRFDWDOL]DGRSRUXQDIXVL³QGHQXHYDVWHFQRORJ­DV(QUHODFL³Q
FRQ HVWR FRPR GLMR 6DP $OWPDQ lOD PHMRU PDQHUD HQ TXH OD LQWHOLJHQFLD
DUWLILFLDO VH SXHGH GHVDUUROODU HV TXH WHQJD SRU REMHWLYR HPSRGHUDU D ODV
SHUVRQDV \ YROYHUODV PHMRUHV VHUHV KXPDQRV DV­ FRPR SRQHUOD VLQ FRVWR D
GLVSRVLFL³QGHWRGRHOPXQGR{>@
(OLPSDFWRKXPDQRGHDOJXQDVWHFQRORJ­DVSDUWLFXODUHVFRPRLQWHUQHWRORV
WHO©IRQRV LQWHOLJHQWHV VH HQWLHQGH UHODWLYDPHQWH ELHQ \ HV DPSOLDPHQWH
GHEDWLGR HQWUH ORV H[SHUWRV \ DFDG©PLFRV 2WURV LPSDFWRV VRQ PXFKR P¡V
GLI­FLOHV GH FRPSUHQGHU FRPR HV HO FDVR GH OD LQWHOLJHQFLD DUWLILFLDO R OD
ELRORJ­D VLQW©WLFD 3RGU­DPRV YHU EHE©V GLVH±DGRV HQ XQ IXWXUR SU³[LPR
MXQWR FRQ WRGD XQD VHULH GH RWUDV HQPLHQGDV D QXHVWUD FRQGLFL³Q KXPDQD
GHVGH OD HUUDGLFDFL³Q GH HQIHUPHGDGHV JHQ©WLFDV KDVWD HO DXPHQWR GH OD
FRJQLFL³Q KXPDQD (VWDV VXVFLWDU¡Q DOJXQDV GH ODV SUHJXQWDV ©WLFDV \
HVSLULWXDOHV P¡V JUDQGHV D ODV TXH QRV HQIUHQWHPRV FRPR VHUHV KXPDQRV
Y©DVHHOFXDGUR+(QHOO­PLWH©WLFR 


&XDGUR+(1(//0,7(‰7,&2

/RVDYDQFHVWHFQRO³JLFRVQRVHVW¡QHPSXMDQGRDQXHYDVIURQWHUDVGHOD©WLFD'HEHPRV
XVDUORVDVRPEURVRVDYDQFHVHQELRORJ­DVRORSDUDFXUDUODHQIHUPHGDG\WUDWDUOHVLRQHV
R WDPEL©Q GHEHPRV YROYHUQRV PHMRUHV VHUHV KXPDQRV" 6L DFHSWDPRV HVWR ºOWLPR
FRUUHPRV HO ULHVJR GH FRQYHUWLU OD SDWHUQLGDG HQ XQD H[WHQVL³Q GH OD VRFLHGDG GH
FRQVXPR HQ FX\R FDVR SRGU­DQ QXHVWURV KLMRV VHU FRQYHUWLGRV HQ REMHWRV GH QXHVWUR
GHVHR DO VHU IDEULFDGRV SRU HQFDUJR" < TX© VLJQLILFD VHU lPHMRU{" HVWDU OLEUHV GH
HQIHUPHGDGHV"YLYLUP¡VWLHPSR"VHUP¡VLQWHOLJHQWHV"FRUUHUP¡VU¡SLGR"WHQHU
FLHUWRDVSHFWR"
1RV HQIUHQWDPRV D SUHJXQWDV LJXDOPHQWH FRPSOHMDV \ DO O­PLWH HQ HO FDVR GH OD
LQWHOLJHQFLDDUWLILFLDO&RQVLGHUHPRVODSRVLELOLGDGGHP¡TXLQDVTXHYD\DQXQSDVRSRU
GHODQWH GH QRVRWURV D OD KRUD GH UD]RQDU H LQFOXVR TXH SLHQVHQ PHMRU TXH QRVRWURV
$PD]RQ \ 1HWIOL[ \D SRVHHQ DOJRULWPRV TXH SUHGLFHQ ODV SHO­FXODV \ ORV OLEURV TXH
SRGU­DPRV GHVHDU YHU \ OHHU /RV VLWLRV GH FLWDV \ EºVTXHGD GH HPSOHR VXJLHUHQ ODV
SDUHMDV \ ORV SXHVWRV GH WUDEDMR ߚHQ QXHVWUREDUULR R HQ FXDOTXLHU SDUWH GHO PXQGRߚ
TXHVXVVLVWHPDVFUHHQTXHPHMRUVHDMXVWDQDQRVRWURV4X©KDFHPRV"&RQILDUHQHO
DVHVRUDPLHQWR SUHVWDGR SRU XQ DOJRULWPR R HQ HO TXH RIUHFHQ IDPLOLDUHV DPLJRV R
FROHJDV"&RQVXOWDPRVDXQP©GLFRURERWFRQWURODGRSRULQWHOLJHQFLDDUWLILFLDOFRQXQD
WDVDGH©[LWRHQHOGLDJQ³VWLFRFDVLSHUIHFWDRQRVTXHGDPRVFRQQXHVWURP©GLFRKXPDQR
GHWRGDODYLGD\VXVFRQVHMRVGHFRQILDQ]D"
&XDQGRFRQVLGHUDPRVHVWRVHMHPSORV\VXVLPSOLFDFLRQHVSDUDORVVHUHVKXPDQRVQRV
DGHQWUDPRV HQ WHUULWRULR GHVFRQRFLGR HV GHFLU HQ ORV DOERUHV GH XQD WUDQVIRUPDFL³Q
KXPDQDGLIHUHQWHGHFXDOTXLHUFRVDTXHKD\DPRVH[SHULPHQWDGR
2WURWHPDLPSRUWDQWHWLHQHTXHYHUFRQHOSRGHUSUHGLFWLYRGHODLQWHOLJHQFLDDUWLILFLDO\
HODSUHQGL]DMHDXWRP¡WLFR6LQXHVWURFRPSRUWDPLHQWRHQFXDOTXLHUVLWXDFL³QVHYXHOYH
SUHGHFLEOH FX¡QWD OLEHUWDG SHUVRQDO WHQGU­DPRV R VHQWLU­DPRV DO GLIHULU GH OD
SUHGLFFL³Q"SRGU­DHVWHGHVDUUROOROOHYDUWDOYH]DXQDVLWXDFL³QHQODFXDOORVPLVPRV
VHUHVKXPDQRVFRPLHQFHQDDFWXDUFRPRURERWV"(VWRWDPEL©QFRQGXFHDXQDFXHVWL³Q
P¡V ILORV³ILFD F³PR PDQWHQHPRV QXHVWUD LQGLYLGXDOLGDG OD IXHQWH GH QXHVWUD
GLYHUVLGDG\ODGHPRFUDFLDHQODHUDGLJLWDO"


&RQH[L³QKXPDQD

&RPR VXJLHUHQ ODV FXHVWLRQHV ©WLFDV SODQWHDGDV DQWHULRUPHQWH FXDQWR P¡V
GLJLWDO\GHDOWDWHFQRORJ­DVHYXHOYDHOPXQGRPD\RUVHU¡ODQHFHVLGDGGH
VHJXLUVLQWLHQGRHOFRQWDFWRKXPDQRDOLPHQWDGRSRUODVUHODFLRQHVHVWUHFKDV
\ODVFRQH[LRQHVVRFLDOHV([LVWHODFUHFLHQWHSUHRFXSDFL³QGHTXHDPHGLGD
TXHODFXDUWDUHYROXFL³QLQGXVWULDOSURIXQGLFHQXHVWUDVUHODFLRQHVLQGLYLGXDOHV
\ FROHFWLYDV FRQ OD WHFQRORJ­D VH SXHGDQ YHU QHJDWLYDPHQWH DIHFWDGDV
QXHVWUDVKDELOLGDGHVVRFLDOHV\ODFDSDFLGDGGHHPSDWL]DU9HPRVTXHHOOR\D
HVW¡VXFHGLHQGR8QHVWXGLRGHUHDOL]DGRSRUXQHTXLSRGHLQYHVWLJDFL³Q
GH OD 8QLYHUVLGDG GH 0LFKLJDQ KDOO³ XQD FD­GD GHO  SRU FLHQWR HQ OD
HPSDW­DHQWUHHVWXGLDQWHVXQLYHUVLWDULRV HQFRPSDUDFL³QFRQVXVKRP³ORJRV
GHKDFHYHLQWHRWUHLQWDD±RV FRQODPD\RUSDUWHGHGLFKDUHGXFFL³QGHVSX©V
GH>@
6HJºQ6KHUU\7XUNOHGHO0,7HOSRUFLHQWRGHORVDGROHVFHQWHVMDP¡V
VHGHVFRQHFWDQQLVLTXLHUDPLHQWUDVSUDFWLFDQGHSRUWHVRFHQDQFRQODIDPLOLD
RORVDPLJRV'DGRTXHODVFRQYHUVDFLRQHVFDUDDFDUDKDQVLGRGHVSOD]DGDV
SRUODVLQWHUDFFLRQHVHQO­QHDH[LVWHHOWHPRUGHTXHXQDJHQHUDFL³QHQWHUDGH
M³YHQHV FRQVXPLGRV SRU ODV UHGHV VRFLDOHV WHQJD GLILFXOWDGHV DO HVFXFKDU
HVWDEOHFHUFRQWDFWRYLVXDOROHHUHOOHQJXDMHFRUSRUDO>@
1XHVWUD UHODFL³Q FRQ ODV WHFQRORJ­DV P³YLOHV HV XQ HMHPSOR GH HOOR (O
KHFKR GH TXH VLHPSUH HVWHPRV FRQHFWDGRV SRGU­D SULYDUQRV GH XQR GH
QXHVWURVDFWLYRVP¡VLPSRUWDQWHVHOWLHPSRSDUDKDFHUXQDSDXVDUHIOH[LRQDU
\HQWDEODUXQDFRQYHUVDFL³QTXHQRVHDVXSHUILFLDOVLQD\XGDGHODWHFQRORJ­D
QL GH ODV UHGHV VRFLDOHV FRPR LQWHUPHGLDULRV 7XUNOH FLWD HVWXGLRV TXH
PXHVWUDQTXHFXDQGRGRVSHUVRQDVHVW¡QKDEODQGRODPHUDSUHVHQFLDGHXQ
WHO©IRQRVREUHODPHVDRHQVXFDPSRGHYLVL³QSHULI©ULFDFDPELDHOWHPDGH
FRQYHUVDFL³Q \ VX JUDGR GH FRQH[L³Q>@ (VWR QR VLJQLILFD TXH GHEDPRV
UHQXQFLDU D QXHVWURV WHO©IRQRV VLQR TXH ORV SRGHPRV XWLOL]DU lFRQ PD\RU
LQWHQFL³Q{
2WURVH[SHUWRVH[SUHVDQSUHRFXSDFLRQHVVLPLODUHV(OHVFULWRUVREUHWHPDV
GH WHFQRORJ­D \ FXOWXUD 1LFKRODV &DUU DILUPD TXH FXDQWR P¡V WLHPSR
SDVHPRV LQPHUVRV HQ ODV DJXDV GLJLWDOHV P¡V VXSHUILFLDOHV VHU¡Q QXHVWUDV
FDSDFLGDGHV FRJQLWLYDV GHELGR D TXH GHMDPRV GH HMHUFHU XQ FRQWURO VREUH
QXHVWUD DWHQFL³Q l/D 5HG HV SRU GLVH±R XQ VLVWHPD GH LQWHUUXSFL³Q XQD
P¡TXLQD FRQFHELGD SDUD GLYLGLU OD DWHQFL³Q /DV LQWHUUXSFLRQHV IUHFXHQWHV
GLVSHUVDQQXHVWURVSHQVDPLHQWRVGHELOLWDQODPHPRULD\QRVSRQHQWHQVRV\
DQVLRVRV&XDQWRP¡VFRPSOHMDHVODVXFHVL³QGHSHQVDPLHQWRVPD\RUHVHO
GHWHULRURFDXVDGRSRUODVGLVWUDFFLRQHV{>@
(Q  +HUEHUW 6LPRQ TXH REWXYR HO 3UHPLR 1REHO GH (FRQRP­D HQ
 DGYLUWL³ GH TXH lXQD ULTXH]D GH LQIRUPDFL³Q FUHD XQD SREUH]D GH
DWHQFL³Q{ (VWR HV PXFKR SHRU KR\ HQ SDUWLFXODU SDUD TXLHQHV WRPDQ
GHFLVLRQHV \ WLHQGHQ D VREUHFDUJDUVH FRQ GHPDVLDGDV FRVDV VHQWLUVH
DJRELDGRV \ IRU]DU OD P¡TXLQD HQ XQ HVWDGR GH HVWU©V FRQVWDQWH l(Q XQD
©SRFDGHDFHOHUDFL³QQDGDSXHGHVHUP¡VHPRFLRQDQWHTXHLUOHQWRߚHVFULEH
HOHQVD\LVWDGHYLDMHV3LFR,\HUߚ(QXQD©SRFDGHGLVWUDFFL³QQDGDHVWDQ
OXMRVRFRPRSUHVWDUDWHQFL³Q<HQXQD©SRFDGHFRQVWDQWHPRYLPLHQWRQDGD
HVWDQXUJHQWHFRPRVHQWDUVH\TXHGDUVHTXLHWR{>@
1XHVWUR FHUHEUR FRQVDJUDGR D WRGRV ORV LQVWUXPHQWRV GLJLWDOHV TXH QRV
FRQHFWDQODVYHLQWLFXDWURKRUDVGHOG­DHVW¡HQULHVJRGHFRQYHUWLUVHHQXQD
P¡TXLQD GH PRYLPLHQWR SHUSHWXR TXH QRV SRQJD HQ XQ HVWDGR GH FRQWLQXR
IUHQHV­1RHVLQXVXDOSDUDP­KDEODUFRQO­GHUHVTXHGLFHQTXH\DQRWLHQHQ
WLHPSRSDUDKDFHUXQDSDXVD\UHIOH[LRQDU\PXFKRPHQRVSDUDGLVIUXWDUGHO
lOXMR{ GH OD OHFWXUD LQFOXVR GH OHHU XQ DUW­FXOR FRUWR FRPSOHWR /RV
UHVSRQVDEOHVGHWRPDUGHFLVLRQHVGHWRGRVORV¡PELWRVGHODVRFLHGDGJOREDO
SDUHFHQHVWDUHQXQHVWDGRGHFUHFLHQWHDJRWDPLHQWRWDQGHVERUGDGRVSRUODV
PºOWLSOHVH[LJHQFLDVGHODFRPSHWHQFLDTXHDFDEDQVXPLGRVHQODIUXVWUDFL³Q
ODUHVLJQDFL³Q\DYHFHVHQODGHVHVSHUDFL³Q(QQXHVWUDQXHYDHUDGLJLWDOHV
PX\GLI­FLOUHWURFHGHUDXQTXHQRLPSRVLEOH


*HVWL³QGHODLQIRUPDFL³QSºEOLFD\SULYDGD

8QR GH ORV PD\RUHV GHVDI­RV SODQWHDGRV SRU LQWHUQHW \ HQ JHQHUDO SRU HO
FUHFLHQWHJUDGRGHLQWHUFRQH[L³QVHUHILHUHDODSULYDFLGDG(VXQWHPDTXH
HVW¡DGTXLULHQGRFDGDYH]P¡VUHOHYDQFLDSRUTXHFRPRHOILO³VRIRSRO­WLFRGH
OD 8QLYHUVLGDG GH +DUYDUG 0LFKDHO 6DQGHO REVHUYD lSDUHFHPRV FDGD YH]
P¡VGLVSXHVWRVDUHHPSOD]DUODSULYDFLGDGSRUODFRQYHQLHQFLDFRQPXFKRVGH
ORV GLVSRVLWLYRV TXH XWLOL]DPRV KDELWXDOPHQWH{>@ (VWLPXODGR HQ SDUWH SRU
ODVUHYHODFLRQHVGH(GZDUG6QRZGHQHOGHEDWHJOREDOVREUHHOVLJQLILFDGRGH
OD LQWLPLGDG HQ XQ PXQGR GH PD\RU WUDQVSDUHQFLD VROR DFDED GH FRPHQ]DU
GDGR TXH SRGHPRV FRPSUREDU FRPR LQWHUQHW SXHGH VHU XQD KHUUDPLHQWD GH
OLEHUDFL³Q\GHPRFUDWL]DFL³QVLQSUHFHGHQWHV\DOPLVPRWLHPSRXQDFLFDWH
GHODYLJLODQFLDPDVLYDLQGLVFULPLQDGDGHJUDQDOFDQFH\FDVLLQVRQGDEOH
3RU TX© OD SULYDFLGDG LPSRUWD WDQWR" 7RGRV QRVRWURV HQWHQGHPRV
LQVWLQWLYDPHQWH SRU TX© OD SULYDFLGDG HV WDQ HVHQFLDO SDUD QXHVWUDV YLGDV
,QFOXVR SDUD TXLHQHV GLFHQ TXH QR YDORUDQ SDUWLFXODUPHQWH OD SULYDFLGDG \
TXH QR WLHQHQ QDGD TXH RFXOWDU KD\ WRGR WLSR GH FRVDV TXH GHFLPRV \
KDFHPRV TXH QRV SRGU­D LQWHUHVDU TXH QDGLH P¡V VHSD +D\ QXPHURVDV
LQYHVWLJDFLRQHV TXH PXHVWUDQ TXH FXDQGR XQD SHUVRQD VDEH TXH HVW¡ VLHQGR
REVHUYDGDVXFRPSRUWDPLHQWRVHFRQYLHUWHHQP¡VFRQIRUPLVWD\REHGLHQWH
(VWHOLEURQRREVWDQWHQRHVHOOXJDUDSURSLDGRSDUDHQIUDVFDUQRVHQXQD
ODUJD UHIOH[L³Q VREUH HO VLJQLILFDGR GH OD SULYDFLGDG R SDUD UHVSRQGHU D ODV
SUHJXQWDV VREUH OD SURSLHGDG GH ORV GDWRV (VSHUR GH WRGR FRUD]³Q VLQ
HPEDUJR TXH HQ ORV SU³[LPRV D±RV VH LQWHQVLILTXH HO GHEDWH VREUH PXFKDV
FXHVWLRQHVIXQGDPHQWDOHVFRPRHOLPSDFWRVREUHQXHVWUDYLGDLQWHULRUGHOD
S©UGLGDGHFRQWUROVREUHQXHVWURVGDWRV Y©DVHHOFXDGUR,(OELHQHVWDU\ORV
O­PLWHVGHODSULYDFLGDG 
(VWRVWHPDVVRQLQFUH­EOHPHQWHFRPSOHMRV(VWDPRVHPSH]DQGRDKDFHUQRV
XQDLGHDGHVXVSRVLEOHVLPSOLFDFLRQHVSVLFRO³JLFDVPRUDOHV\VRFLDOHV3RU
OR TXH D P­ UHVSHFWD SUHYHR HO VLJXLHQWH SUREOHPD UHODFLRQDGR FRQ OD
SULYDFLGDG FXDQGR OD YLGD SULYDGD VH YXHOYD WRWDOPHQWH WUDQVSDUHQWH \
FXDQGR ODV JUDQGHV \ SHTXH±DV LQGLVFUHFLRQHV HVW©Q D GLVSRVLFL³Q GH WRGRV
TXL©Q WHQGU¡ HO FRUDMH GH DVXPLU ODV UHVSRQVDELOLGDGHV GH OLGHUD]JR P¡V
LPSRUWDQWHV"
/D FXDUWD UHYROXFL³Q LQGXVWULDO FRQYLHUWH OD WHFQRORJ­D HQ XQD SDUWH
RPQLSUHVHQWH\SUHGRPLQDQWHGHQXHVWUDYLGDLQGLYLGXDO\SHVHDHOORDSHQDV
HVWDPRV HPSH]DQGR D HQWHQGHU F³PR DIHFWDU¡ HVWH FDPELR WHFQRO³JLFR D
QXHVWUR \R LQWHULRU (Q ºOWLPD LQVWDQFLD HV UHVSRQVDELOLGDG GH FDGD XQR GH
QRVRWURVJDUDQWL]DUTXHODWHFQRORJ­DQRVVLUYDVLQHVFODYL]DUQRV(QHOSODQR
FROHFWLYR WDPEL©Q GHEHPRV JDUDQWL]DU TXH SRGDPRV HQWHQGHU \ DQDOL]DU
FRUUHFWDPHQWHORVGHVDI­RVTXHODWHFQRORJ­DQRVGHSDUH6RORGHHVWDPDQHUD
SRGHPRV HVWDU VHJXURV GH TXH OD FXDUWD UHYROXFL³Q LQGXVWULDO PHMRUDU¡ HQ
OXJDUGHSHUMXGLFDUQXHVWURELHQHVWDU


&XDGUR,(/%,(1(67$5</26/0,7(6'(/$35,9$&,'$'

/R TXH HQ OD DFWXDOLGDG HVW¡ VXFHGLHQGR FRQ ORV GLVSRVLWLYRV SRUW¡WLOHV SDUD REWHQHU
ELHQHVWDUSURSRUFLRQDXQDWLVERGHODFRPSOHMLGDGTXHUHYLVWHHODVXQWRGHODSULYDFLGDG
8QQºPHURFUHFLHQWHGHFRPSD±­DVGHVHJXURVHVW¡QFRQVLGHUDQGRKDFHUHVWDRIHUWDDVXV
DVHJXUDGRVVLXVWHGXVDXQGLVSRVLWLYRSDUDFRQWURODUVXHVWDGRGHVDOXG ODFDQWLGDGGH
VXH±R\HMHUFLFLRHOQºPHURGHSDVRVTXHGDFDGDG­DHOQºPHUR\WLSRGHFDORU­DVTXH
LQJLHUHHWF \VLHVW¡GHDFXHUGRHQTXHVHSXHGDHQYLDUHVWDLQIRUPDFL³QDVXSURYHHGRU
GHS³OL]DVGHVHJXURVDQLWDULROHRIUHFHUHPRVXQGHVFXHQWRHQVXSULPD
6HWUDWDGHXQGHVDUUROORTXHGHEHU­DPRVDFRJHUFRQVDWLVIDFFL³QSRUTXHQRVPRWLYDD
YLYLUXQDYLGDP¡VVDOXGDEOHRELHQHVXQSUHRFXSDQWHDYDQFHKDFLDXQDIRUPDGHYLGD
HQ TXH OD YLJLODQFLD ߚWDQWR GHO JRELHUQR FRPR GH ODV HPSUHVDVߚ VH YXHOYH FDGD YH]
P¡V LQYDVLYD" 3RU HO PRPHQWR HVWH HMHPSOR VH UHILHUH D XQD HOHFFL³Q SHUVRQDO OD
GHFLVL³QGHDFHSWDUOOHYDUSXHVWRXQGLVSRVLWLYRGHELHQHVWDURQR
3HURVLOOHYDPRVHVWRP¡VDOO¡VXSRQJDPRVTXHDKRUDHVHOHPSOHDGRUHOTXHOHH[LJHD
FDGD XQR GH VXV WUDEDMDGRUHV XVDU XQ GLVSRVLWLYR TXH UHPLWH GDWRV GH VDOXG D OD
DVHJXUDGRUD SRUTXH OD HPSUHVD TXLHUH PHMRUDU OD SURGXFWLYLGDG \ SRVLEOHPHQWH
GLVPLQXLU VXV FRVWRV HQ VHJXURV VDQLWDULRV 4X© SDVD VL OD HPSUHVD REOLJD D ORV
HPSOHDGRVUHQXHQWHVDFXPSOLURGHORFRQWUDULRSDJDUXQDPXOWD"/RTXHDQWHVSDUHF­D
XQD HOHFFL³Q SHUVRQDO FRQVFLHQWH ߚXVDU R QR XQ GLVSRVLWLYRߚ VH FRQYLHUWH HQ XQD
FXHVWL³Q GH DMXVWDUVH D QXHYDV QRUPDV VRFLDOHV TXH XQ LQGLYLGXR SRGU­D FRQVLGHUDU
LQDFHSWDEOHV

You might also like