You are on page 1of 164



   
   

        


     


 

  
   
      



‹)UDQFLVFR-DYLHU-RYHU0DHVWUH
-XDQ$QWRQLR/ySH]3DGLOOD

‹8QLYHUVLGDGGH$OLFDQWH
6HFUHWDULDGRGH3XEOLFDFLRQHV

3RUWDGD*DELQHWHGH'LVHxR
8QLYHUVLGDGGH$OLFDQWH

,PSULPH
$UWHV*Ui¿FDV6ROHU6$

,6%1

'HSyVLWR/HJDO9

,PSUHVRHQ(VSDxD

5HVHUYDGRVWRGRVORVGHUHFKRV1RVHSHUPLWH
UHSURGXFLUDOPDFHQDUHQVLVWHPDVGHUHFXSHUDFLyQ
GHODLQIRUPDFLyQQLWUDQVPLWLUDOJXQDSDUWHGHHVWD
SXEOLFDFLyQFXDOTXLHUDTXHVHDHOPHGLRHPSOHDGR
±HOHFWUyQLFRPHFiQLFRIRWRFRSLDJUDEDFLyQHWF±
VLQHOSHUPLVRSUHYLRGHORVWLWXODUHVGHORVGHUHFKRV
GHODSURSLHGDGLQWHOHFWXDO

(VWRVFUpGLWRVSHUWHQHFHQDODHGLFLyQLPSUHVD
GHODREUD

(GLFLyQHOHFWUyQLFD
)UDQFLVFR-DYLHU-RYHU0DHVWUH
-XDQ$QWRQLR/ySH]3DGLOOD

$UTXHRORJtDGHODPXHUWH

3UiFWLFDVIXQHUDULDV
HQORVOtPLWHVGH(O$UJDU
ËQGLFH

3RUWDGD

&UpGLWRV

 , 3ODQWHDPLHQWRVHKLSyWHVLV  

 ,, /DGLPHQVLyQHVSDFLDO  

,,, /DEDVHHPStULFD  

,9 (YDOXDFLyQGHORVGDWRV  

  3UiFWLFDVIXQHUDULDVIXHUDGHODV]RQDV
  GHKiELWDW  

  3UiFWLFDVIXQHUDULDVGHQWURGHODV]RQDV
  GHKiELWDW  

  3UiFWLFDVIXQHUDULDVFRVWH\YDORUVRFLDO 

 9 (YDOXDFLyQGHODVKLSyWHVLV  

9, ©$UTXHRORJtDGHOD0XHUWHª$OJXQDVUHÀH[LRQHV 

9,,%LEOLRJUDItD 
,3ODQWHDPLHQWRVHKLSyWHVLV

,3ODQWHDPLHQWRVHKLSyWHVLV

&
RQHOWtWXORGHHVWHOLEURDXQTXHFLHUWDPHQWHSUHWHQFLR
VRSUHWHQGHPRVDQDOL]DU\GRWDUGHPD\RUFRQWHQLGR
DWRGDXQDVHULHGHGDWRVGLVSHUVRVVREUHODVSUiF
WLFDV IXQHUDULDV UHDOL]DGDV GXUDQWH HO ,, PLOHQLR %& SRU ODV
VRFLHGDGHVTXHKDELWDURQODVWLHUUDVGHO'RPLQLR%pWLFRYD
OHQFLDQR±%pWLFR6XEEpWLFR\3UHEpWLFR0HULGLRQDO±HYDOXDU
XQDVHULHGHKLSyWHVLVTXHKDQVLGRPRWLYRGHGLVFXVLyQHQ
GLYHUVRVIRURVHLQFRUSRUDUQXHYRVSODQWHDPLHQWRV\UHÀH[LR
QHVDODWUD\HFWRULDGHODLQYHVWLJDFLyQHQHVWDVWLHUUDVFRQODV
TXHDIURQWDUHOIXWXUR
(VWH PDQXVFULWR HV HO UHVXOWDGR GH XQD WDUHD DUGXD \ FRV
WRVD TXH DO LJXDO TXH PXFKRV RWURV HQ OD PD\RUtD GH ODV
RFDVLRQHVQRGLVSRQHQGHODVXHUWHDGHFXDGDSDUDVHUHGLWD
GRV(OORVHGHEHQRVRODPHQWHDODHVFDVH]GHPHGLRVHFR
QyPLFRVSDUDFRQVHJXLUVXSXEOLFDFLyQHVSHFLDOPHQWHVLVH
WUDWD GH WUDEDMRV GH LQYHVWLJDFLyQ UHIHUHQWHV D DVSHFWRV GH
ODV FLHQFLDV KLVWyULFRVRFLDOHV VLQR WDPELpQ D TXH HQ JUDQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

PHGLGDHOHVIXHU]RUHDOL]DGRGHUHFRSLODFLyQGHVFULSFLyQHLQ
WHUSUHWDFLyQGHODGRFXPHQWDFLyQJHQHUDGDGXUDQWHFDVLFLHQ
DxRVVXSRQHXQDDSRUWDFLyQHQRUPHPHQWHYROXPLQRVDTXH
SRFDVYHFHVSHUPLWHH[WUDHUUHVXOWDGRVTXHYD\DQPiVDOOi
GHODSURSLDODERUFUtWLFD

$O PLVPR WLHPSR \ HVWH HUD QXHVWUR FDVR WDPSRFR SHQ


ViEDPRVHQODSRVLELOLGDGGHSXEOLFDUHVWHWLSRGHWUDEDMRVDO
HQFRQWUDUVHLPEULFDGRVHQXQSUR\HFWRGHLQYHVWLJDFLyQPiV
DPSOLR FRPR HV HO DQiOLVLV KLVWyULFR GH ODV VRFLHGDGHV GHO
ÈUHD%pWLFD9DOHQFLDQDGXUDQWHHO,,PLOHQLR%&1RREVWDQWH
FRPRHQWRGRWUDEDMRHOSULPHUSDVRTXHSODQWHDPRVDQWHV
GHLQLFLDUFXDOTXLHUDFWLYLGDGDUTXHROyJLFDGHSURVSHFFLyQR
H[FDYDFLyQIXHODUHFRSLODFLyQ\DQiOLVLVGHWRGDODLQIRUPD
FLyQJHQHUDGDSDUDOD]RQDGHVGHODVPiVDQWLJXDVQRWLFLDV
GRQGHVHFRPHQWDEDODSUHVHQFLDGHUHVWRVFHUiPLFRVRGH
DVHQWDPLHQWRVKDVWDODV~OWLPDVSXEOLFDFLRQHVVREUHODVUH
FLHQWHV FDPSDxDV GH H[FDYDFLyQ VLQ ROYLGDU HO HVWXGLR GH
ORV IRQGRV DQWLJXRV GHSRVLWDGRV HQ ORV GLIHUHQWHV PXVHRV
ORFDOHV\FRPDUFDOHV&RQWRGRHOREMHWLYRHUDODFUHDFLyQGH
XQFXHUSRGHGDWRVORVX¿FLHQWHPHQWHDPSOLR\FRQVLGHUDEOH
TXHD\XGDUDDFHQWUDUODHVWUDWHJLDGHLQYHVWLJDFLyQHQIXQ
FLyQGHODVKLSyWHVLVGHSDUWLGD

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

$ SDUWLU GH DTXt VH HPSUHQGLHURQ SURVSHFFLRQHV DUTXHR


OyJLFDV HQ XQ WHUULWRULR PX\ FRQFUHWR ±&RUUHGRU GH 9LOOHQD
-RYHU/ySH]\/ySH] \HQIXQFLyQGHORVUHVXOWDGRV
VHLQLFLyXQDQXHYDHWDSDGHDFWXDFLRQHVDUTXHROyJLFDVFRQ
VLVWHQWHHQODH[FDYDFLyQHQGRVDVHQWDPLHQWRVXQDGHODV
FXDOHV±%DUUDQFR7XHUWR 9LOOHQD ±\DVHKDOOHYDGRDWpUPLQR
-RYHU\/ySH] 

(VRV SULPHURV SDVRV GH DFHUFDPLHQWR FRQVWLWXtDQ OD EDVH


GHVGHODTXHHVWDEOHFHUODHVWUDWHJLDGHDFWXDFLyQDVHJXLU
HQODREWHQFLyQGHGDWRV~WLOHVSDUDORVREMHWLYRVSURSXHVWRV
\QXQFDHQHO¿QHQVtPLVPR'HDKtTXHQXHVWUDDUJXPHQWD
FLyQLQLFLDOH[SUHVHODVRUSUHVDGHFRPSUREDUFyPRWUDEDMRV
TXH QR HVWiQ SHQVDGRV SDUD VHU SXEOLFDGRV DOFDQ]DQ HVD
FRQGLFLyQ

3HURDOPLVPRWLHPSRVRPRVFRQVFLHQWHVGHODQHFHVLGDG
GH SXEOLFDU HVWD VHULH GH HVWXGLRV HQ ORV TXH XWLOL]DPRV OD
WHRUtDPHGLDGRUDGHOD+LVWRULDGHODLQIRUPDFLyQSURGXFLGD
%DWH SDUDSURFHVDU\GDUVHQWLGRDXQYROXPHQGH
GDWRVPX\GLVSHUVRVJHQHUDGRVDWUDYpVGHSURFHGLPLHQWRV
PX\YDULDGRV(VHYLGHQWHTXHQRVyORSRGHPRVHPSOHDUOD
LQIRUPDFLyQ SURGXFLGD SRU QRVRWURV PLVPRV HQ OD GHVFULS
FLyQLQWHUSUHWDFLyQ\H[SOLFDFLyQGHXQDVRFLHGDGFRQFUHWD
VLQR TXH WDPELpQ GHEHPRV XWLOL]DU OD JHQHUDGD SRU RWURV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

FROHJDV DXQTXH VXV SRVLELOLGDGHV WpFQLFDV SODQWHDPLHQWRV


PHWRGROyJLFRV\SRVLFLyQWHyULFDVHDQGLIHUHQWHV

(QODPD\RUtDGHORVFDVRVQRVHQIUHQWDPRVDODUHFRJLGD\
DQiOLVLVGHXQEXHQQ~PHURGHGDWRVGLVSHUVRVIUXWRGHP~OWL
SOHVSURFHVRVHQORVTXHHQQLQJ~QPRPHQWRKDH[LVWLGRXQD
LQWHQFLRQDOLGDG GH SURGXFLU LQIRUPDFLyQ VLVWHPDWL]DGD /RV
HMHPSORVPiVKDELWXDOHVVRQORVUHODFLRQDGRVFRQVDTXHRV
KDOOD]JRVIRUWXLWRVH[SORWDFLRQHVGHFDQWHUDVRURWXUDFLyQGH
WHUUHQRVFRQODFRQVLJXLHQWHSpUGLGDGHLPSRUWDQWHVGRVLVGH
LQIRUPDFLyQ7DPELpQH[LVWHQSURFHVRVHQORVTXHKDH[LVWLGR
XQD LQWHQFLRQDOLGDG GH REWHQHU GDWRV DUTXHROyJLFRV R PiV
ELHQ REMHWRV HQ XQ DIiQ GH FROHFFLRQLVPR FRQ XQRV SODQ
WHDPLHQWRVPX\GLIHUHQWHVDORVDFWXDOHV\HQRWURVFDVRV
ORVPHQRVSRUGHVJUDFLDSRGHPRVGHFLUTXHODLQIRUPDFLyQ
HVWi EDVWDQWH PiV VLVWHPDWL]DGD SXGLHQGR FRQRFHU GDWRV
UHIHUHQWHVDORVFRQWH[WRVGRQGHVHKDOODURQODVLQKXPDFLR
QHV DVt FRPR VL FRUUHVSRQGHQ D GHSRVLFLRQHV SULPDULDV R
VHFXQGDULDVHQFRQVRQDQFLDFRQODVH[LJHQFLDVDFWXDOHV(Q
FXDOTXLHUFDVRHVWDPRVREOLJDGRVDWUDEDMDUFRQHVWHWULSOH
QLYHO GH DQiOLVLV XWLOL]DQGR ODLQIRUPDFLyQ QRLQWHQFLRQDO OD
LQWHQFLRQDO \ OD LQWHQFLRQDO VLVWHPDWL]DGD GH RWURV FROHJDV
VREUHODTXHHVQHFHVDULRUHDOL]DUXQDODERUFUtWLFD

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

3RU HOOR ODV UHÀH[LRQHV YHUWLGDV HQ HVWDV SiJLQDV VRQ HO
UHVXOWDGRGHOSURFHVDGRGHWRGDHVWDDPDOJDPDGHLQIRUPD
FLyQHQQLQJ~QFDVRJHQHUDGDSRUQRVRWURVVLQRIXQGDPHQ
WDOPHQWH SRU XQD DPSOLD WUDGLFLyQ LQYHVWLJDGRUD (O XVR D
TXH HQ SULPHUD LQVWDQFLD HVWi HQFDPLQDGD OD LQIRUPDFLyQ
HPStULFDSURFHVDGDHVODHYDOXDFLyQGHXQDVHULHGHKLSyWH
VLVTXHGXUDQWHPXFKRWLHPSRKDVLGRPRWLYRGHGLVFXVLyQ
1RVHVWDPRVUH¿ULHQGRDODFXHVWLyQSODQWHDGDSRUODDUTXHR
ORJtD WUDGLFLRQDO GH ORV OtPLWHV WHUULWRULDOHV R IURQWHUD HQWUH
HO iUHD DUJiULFD 6LUHW  7DUUDGHOO   \ HO ©%URQFH
9DOHQFLDQRª 7DUUDGHOOD TXHGHVGHQXHVWUDSR
VLFLyQWHyULFD±$UTXHRORJtD6RFLDO±VHWUDGXFHHQHOHVWDEOH
FLPLHQWR GH ORV OtPLWHV WHUULWRULDOHV HQWUH GRV VRFLHGDGHV
FRQFUHWDVTXHHVWXYLHURQFRQYLYLHQGR\HQWUDURQHQFRQWDFWR
GXUDQWHJUDQSDUWHGHO,,PLOHQLR%&FRPRVRQODVRFLHGDG
DUJiULFD /XOO$UWHDJD \ODTXHDSDUWLUGHHVWH
PRPHQWR\PLHQWUDVQRGLVSRQJDPRVGHRWURVFULWHULRVSDUD
VX GHOLPLWDFLyQ \ FDUDFWHUL]DFLyQ GHQRPLQDUHPRV VRFLHGDG
QRDUJiULFDGHO'RPLQLR%pWLFRYDOHQFLDQR

3HUR QR VH WUDWD GH FUHDU IURQWHUDV DUTXHROyJLFDV FRPR


SUHWHQGHUtDUHDOL]DUHO3DUWLFXODULVPR+LVWyULFRQLGHOtPLWHV
JHRHFROyJLFRVTXHGHWHUPLQHQODVSRVLELOLGDGHVGHXQJUXSR
KXPDQRVLQRGH©LQIHULUODH[LVWHQFLD\HODOFDQFHHVSDFLR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

WHPSRUDOGHFLHUWDVSUiFWLFDVVRFLDOHVHQVXH[SUHVLyQFRPR
LPSRVLFLRQHVSURGXFWLYDV\ULWXDOHVª *RQ]iOH] /D
VRFLHGDG DUJiULFD \ OD QR DUJiULFD HVWDEOHFLHURQ XQD VHULH
GHSUiFWLFDVVRFLDOHVVLQJXODUHVJHQHUDGDVHQHOPDUFRGH
XQDV UHODFLRQHV VRFLDOHV TXH WHQGLHURQ D UHSURGXFLUVH GHO
PLVPRPRGR3HURHVRVSURFHVRVUHFXUUHQWHV\KRPRJpQHRV
TXHQRVRWURVREVHUYDPRVHQVLWXDFLRQHV\OXJDUHVPX\KHWH
URJpQHRVQRVRQODH[SUHVLyQGHXQPRPHQWR~QLFRVLQRHO
UHVXOWDGRGHVLWXDFLRQHVFDPELDQWHVHQHOVHQRGHXQWRGR
VRFLDORUJiQLFR\GLQiPLFR

+DQ VLGR YDULDV ODV KLSyWHVLV TXH VH KDQ IRUPXODGR FRQ
UHVSHFWR D ORV OtPLWHV IURQWHUL]RV HQWUH DPEDV VRFLHGDGHV
±iUHDVFXOWXUDOHVHQODDUTXHRORJtDWUDGLFLRQDO±$LQLFLRVGH
ODGpFDGDGHORVDxRVVHVHQWDHQXQPRPHQWRHQHOTXHVH
HVWDEDDVHQWDQGRODGH¿QLFLyQGHO©%URQFH9DOHQFLDQRª0
7DUUDGHOO D WUD]DEDODGLYLVRULDFRQUHVSHFWRD(O
$UJDUHQODFXHQFDGHO6HJXUDVLHQGR6DQ$QWyQ 2ULKXHOD 
\ ODV /DGHUDV GHO &DVWLOOR &DOORVD GH 6HJXUD  ORV DVHQWD
PLHQWRV PiV VHSWHQWULRQDOHV GHO iPELWR DUJiULFR 6L OD SUH
VHQFLDHQORV\DFLPLHQWRVUHVHxDGRVGHQXPHURVDVWXPEDV
TXHVHDMXVWDEDQDODV©QRUPDVDUJiULFDVª\VXDXVHQFLDHQ
]RQDVPiVVHSWHQWULRQDOHV±GRQGHVHLQKXPDEDDSURYHFKDQ
GRJULHWDV\FRYDFKDVIXHUDGHOD]RQDGHKiELWDW±HUDODEDVH

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

TXH VHUYtD SDUD VXVWHQWDU HVWD KLSyWHVLV OD GRFXPHQWDFLyQ


GHYDULDVWXPEDVHQHOLQWHULRUGHODVXQLGDGHVKDELWDFLRQDOHV
GH &DEH]R 5HGRQGR 9LOOHQD  6ROHU    SHUPLWLy
VXELUGH¿QLWLYDPHQWHODOtQHDGLYLVRULDKDVWDODFXHQFDGHOUtR
9LQDORSy 7DUUDGHOO 

6LQHPEDUJRODFRQIXVLyQSHUVLVWtDDQWHODH[LJLGDGGHORV
GDWRV\ODGRFXPHQWDFLyQGHDVHQWDPLHQWRVFRPR&DEH]RGH
OD(VFRED 7DUUDGHOOE6ROHU HQSOHQRFXUVRGHO
UtR9LQDORSyHQORVTXHQRVHKDEtDGRFXPHQWDGRDUWHIDFWRV
WtSLFDPHQWHDUJiULFRVDGHPiVGHFRQVWDWDUTXHVXVSUiFWLFDV
IXQHUDULDVIXHURQUHDOL]DGDVHQJULHWDVIXHUDGHODV]RQDVGH
KiELWDW(QHVWRVWpUPLQRVVHH[SUHVDED9/XOO  DO
SODQWHDUHODVXQWR©(OSUREOHPDQRSRUPiVUHVWULQJLGRPiV
VHQFLOORHVHOGHHVWDEOHFHUXQDEDVHVyOLGDTXHJHRJUi¿FD
PHQWH FRQVLJD GHOLPLWDU HO$UJDU \ TXH SRU GHVJUDFLD GHEH
SDUWLU GH ORV HVFDVRV HVWXGLRV UHDOL]DGRV HQ OD SHULIHULD GHO
HVSDFLRJHRJUi¿FRDUJiULFRª©1XHVWURREMHWRGHHVWXGLRKD
VLGRGHVGHHOSULQFLSLRGHVFXEULUODGLQiPLFDLQWHUQDGHOHVSD
FLRDUJiULFR\SRUHOORKHPRVGHVHFKDGR\DFLPLHQWRVTXHQR
UHXQtDQFDUDFWHUtVWLFDVHVSHFt¿FDVGHQXHVWUDFXOWXUDª

'HHVWHPRGR9/XOO  FRQVLGHUDEDFRPRVROXFLyQ


OOHYDUODIURQWHUDQDWXUDOHQWUHDPERVDO6HJXUDDXQTXHFRQ
FLHUWDVUHVHUYDVDQWHODSUHVHQFLDGHHYLGHQFLDVGHHQWHUUD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

PLHQWRHQFLVWDHQODV]RQDVGHKiELWDWGHYDULRVDVHQWDPLHQ
WRVGHOD]RQDGH-XPLOOD<HFOD\GH9LOOHQD$KRUDELHQODYL
VLWDDORVPXVHRVGH-XPLOOD\GH9LOOHQDOHSHUPLWLyGHVFDUWDU
DHVWDV]RQDVFRPRDUJiULFDVDQWHODLQH[LVWHQFLDGHORVWLSRV
FHUiPLFRV FDUDFWHUtVWLFRV GH OD PLVPD \ OD FRQVWDWDFLyQ GH
GLIHUHQFLDVHQODVHYLGHQFLDVFRQVWUXFWLYDVGHFDUiFWHUGHIHQ
VLYR /XOO 'HHVWHPRGRODSUHVHQFLDGHDOJXQRV
HOHPHQWRVPDWHULDOHVDUJiULFRVHQHVWDV]RQDVODH[SOLFDED
DOFRQVLGHUDUD(O$UJDUFRPRXQDFXOWXUDPiVSRWHQWHTXH
LPSDFWDUtDVREUHORVJUXSRVYHFLQRVFRQVLGHUDQGRODSRVLELOL
GDGGHTXHH[LVWLHUDLQWHUFDPELRGHELHQHV /XOO 

)UHQWHDHVWDGLFRWRPtD06+HUQiQGH]  
SODQWHDEDTXHPLHQWUDVHQOD9HJD%DMDGHO6HJXUDORV\D
FLPLHQWRVHUDQFODUDPHQWHDUJiULFRVHQHO9LQDORSy\HQHO
&DPS G¶$ODFDQW ~QLFDPHQWH VH SRGtD VHxDODU OD SUHVHQFLD
GH \DFLPLHQWRV FRQ FODUDV LQÀXHQFLDV DUJiULFDV HQ ORV TXH
WDPELpQVHSRGtDQHQFRQWUDUFDUDFWHUtVWLFDVGHO%URQFH9D
OHQFLDQR(OFRQWDFWRHQWUHORVGRVFtUFXORVFXOWXUDOHVOHSHU
PLWLy SODQWHDU OD SRVLELOLGDG GH OD H[LVWHQFLD GH XQD IDFLHV
FRPDUFDOHQODFXHQFDGHO9LQDORSy\WLHUUDVFROLQGDQWHVQR
HQFXDGUDEOHQLHQHO%URQFHDUJiULFRQLHQHO%URQFHYDOHQ
FLDQR +HUQiQGH] WHQLHQGRFRPREDVHDOJXQDV
GLIHUHQFLDVPDWHULDOHV

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

(Q GH¿QLWLYD ODV KLSyWHVLV TXH VH KDQ EDUDMDGR SDUD HV
WDEOHFHU OD GH¿QLFLyQ GH ORV OtPLWHV WHUULWRULDOHV HQWUH OD VR
FLHGDG DUJiULFD \ OD VLWXDGD HQ VX ]RQD VHSWHQWULRQDO VH
SXHGHQUHVXPLUHQ

  (O OtPLWH WHUULWRULDO GH (O$UJDU VH KD GH HVWDEOHFHU HQ OD
9HJDGHO6HJXUD

  'HEH VHU PDQWHQLGR HQ OD FXHQFD GHO UtR 9LQDORSy FRQ
VLGHUDQGR OD SRVLELOLGDG GH TXH SXGLHVHQ FRQYLYLU DVHQ
WDPLHQWRVDUJiULFRVFRQQRDUJiULFRVHQXQDPLVPDXQLGDG
¿VLRJUi¿FD

  (O OtPLWH VH HVWDEOHFHUtD HQ HO 9LQDORSy DXQTXH HQ HVWH
HVSDFLR \ VXV ]RQDV FROLQGDQWHV VH SXGR GDU XQD IDFLHV
FRPDUFDO GRQGH VH IXQGLHURQ HOHPHQWRV FDUDFWHUtVWLFRV GH
DPEDVVRFLHGDGHV

/DHYDOXDFLyQGHODVKLSyWHVLVGHWUDEDMRIRUPXODGDVVXSRQH
HQ SULPHUD LQVWDQFLD OD QHFHVLGDG GH UHIXWDU DTXHOODV TXH
D WUDYpV GH VX FRQWUDVWDFLyQ FRQ ODV SURSRVLFLRQHV REVHU
YDFLRQDOHV TXH VH GHVSUHQGDQ GHO DQiOLVLV GH ORV GDWRV QR
GLVSRQJDQGHUHVSDOGRHPStULFR\HQVHJXQGROXJDUYDOLGDU
DTXHOODTXHSXHGDVHUPDQWHQLGD(QHOFDVRGHTXHQLQJXQD
GHHOODVWHQJDHOVX¿FLHQWHDSR\RVHUiQHFHVDULRUHDOL]DUOD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

IRUPXODFLyQGHXQDQXHYDKLSyWHVLVTXHVHDFHUTXHPiVDOD
UHDOLGDGHQHVWXGLR

3DUD OD UHDOL]DFLyQ GH OD GHELGD FRQWUDVWDFLyQ FRQ OD UHD
OLGDGHPStULFDGLVSRQLEOHVHKDRSWDGRSRUXWLOL]DUFRPRUH
IHUHQWH IXQGDPHQWDO HO PDQHMR GH OD LQIRUPDFLyQ JHQHUDGD
DWUDYpVGHODQiOLVLVGHODVSUiFWLFDVIXQHUDULDVHVGHFLUGH
OD FUHDGD \ GHQRPLQDGD ±HQ HO VHQR GH OD SRVLFLyQ WHyULFD
SURFHVXDOLVWD± FRPR $UTXHRORJtD GHOD0XHUWH 6HWUDWDGH
XQDWHRUtDREVHUYDFLRQDOGHOFRPSRUWDPLHQWRIXQHUDULRFX\D
IXHQWHGHLQIRUPDFLyQKDVLGRFRQVLGHUDGDFRPRSULYLOHJLDGD
SDUDODLGHQWL¿FDFLyQGHODHVWUXFWXUDVRFLDOGHWRGDVRFLHGDG
1R REVWDQWH UHFLHQWHPHQWH KD HPSH]DGR D UHFLELU IXHUWHV
FUtWLFDV GHVGH GLYHUVDV SRVLFLRQHV WHyULFDV ±$UTXHRORJtD
6RFLDO 3RVWSURFHVXDOHV± TXH HPSLH]DQ D SRQHU GH PD
QL¿HVWRODQHFHVLGDGGHGHVDUUROODUPiVSURIXQGDPHQWHWHR
UtDVPHGLDGRUDVTXHGHQFXHQWDGHODVRFLHGDG\GHFyPRVH
SXHGHQLQIHULUHVWRVSURFHVRVGHODPDWHULDOLGDGGHOUHJLVWUR
DUTXHROyJLFR /XOO\3LFD]R9LFHQW 

(QHOFDVRFRQFUHWRTXHQRVRFXSDVRQGRVORVUD]RQHVTXH
SRGHPRVDGXFLUFRPRMXVWL¿FDFLyQDVXHPSOHR/DSULPHUD
UHVLGH HQ TXH GH ORV WUHV DUJXPHQWRV HPSOHDGRV KDELWXDO
PHQWH SDUD OD GH¿QLFLyQ GH OD QRUPD DUJiULFD D VDEHU OD
DVRFLDFLyQSREODGRQHFUySROLVHQORVPLVPRVHVSDFLRVSUH

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

VHQFLD GH GHWHUPLQDGRV SURGXFWRV FHUiPLFRV \ PHWiOLFRV


FDUDFWHUtVWLFRV\DVHQWDPLHQWRVTXHRFXSDQFHUURVHVWUDWpJL
FRVHQOXJDUHVHOHYDGRV 6LUHW\6LUHW&XDGUDGR
7DUUDGHOO%ODQFH/XOO&KDSPDQHW
DOLL   HV QHFHVDULR GHVFDUWDU HVWH ~OWLPR DQWH OD GR
FXPHQWDFLyQFDGDYH]PiVIUHFXHQWHGHDVHQWDPLHQWRVHQHO
OODQR $\DOD 

3RURWURODGRDXQTXHVHKDSRGLGRGHWHUPLQDUODH[LVWHQFLD
GHXQDSURGXFFLyQQRUPDOL]DGDHQORTXHVHUH¿HUHDDUWHIDF
WRVFHUiPLFRV\PHWiOLFRV /XOO FRQODH[LVWHQFLD
GHIRUPDVFHUiPLFDV±YDVRVELFyQLFRVGHERUGHUHHQWUDQWH
±IRUPD±\FRSDV±IRUPD±\DUPDVPHWiOLFDV±DODEDUGDV
WLSR©$UJDUª±FDVLH[FOXVLYDVGHODPLVPDQRSRGHPRVRO
YLGDU TXH PXFKRV GH HVWRV SURGXFWRV SXHGHQ KDEHU VLGR
YDORUHVGHFDPELR6LDHOOROHXQLPRVTXHODLQIRUPDFLyQHQ
OD]RQDSHULIpULFDGH(O$UJDUVLJXHVLHQGRPX\IUDJPHQWDULD
\ SRFR VLVWHPDWL]DGD GLVSRQLHQGR GH HVFDVRV GDWRV VREUH
ODVH[FDYDFLRQHVDUTXHROyJLFDVTXHVHKDQUHDOL]DGRHQORV
~OWLPRV DxRV HO ~QLFR HOHPHQWR QRUPDOL]DGR TXH SRVLELOLWD
UHYHODUSDXWDVUHFXUUHQWHV\KRPRJpQHDVVRQODVSUiFWLFDV
IXQHUDULDV /XOO\(VWpYH]&DVWURHWDOLL 

3HURFXDQGRXWLOL]DPRVFRPRFULWHULRODVSUiFWLFDVIXQHUDULDV
QRHVWDPRVSHQVDQGRH[FOXVLYDPHQWHHQHOKHFKRGHTXHODV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

WXPEDVVHXELTXHQHQHOLQWHULRUGHXQLGDGHVRFXSDFLRQDOHV
GHFDUiFWHUGRPpVWLFRQLDTXHVHWUDWHGHLQGLYLGXRV±DOR
VXPRGRVRWUHV±GHSRVLWDGRVFRQODPLVPDSRVLFLyQ±GHF~
ELWRODWHUDOÀH[LRQDGR±\DTXHHVWDVFDUDFWHUtVWLFDVWDPELpQ
HVWiQ GRFXPHQWDGDV HQ DVHQWDPLHQWRV FRPR HO &HUUR GH
ORV&XFKLOORV $OPDQVD$OEDFHWH  +HUQiQGH]HWDOLL 
FRQWHPSRUiQHR DO GHVDUUROOR GH (O$UJDU \ QR SRU HOOR FRQ
VLGHUDGRFRPRDUJiULFR1RVHVWDPRVUH¿ULHQGRDSUiFWLFDV
IXQHUDULDVQRUPDOL]DGDV\KRPRJpQHDVWDQWRHQORUHIHUHQWH
DO FRQWLQHQWH FRPR DO FRQWHQLGR \ TXH GHEH VHU HQWHQGLGR
FRPRXQDGHODVIRUPDVHQTXHVHH[SUHVDIHQRPpQLFDPHQWH
OD VLQJXODULGDG GH WRGD VRFLHGDG FRQFUHWD HQ VX GLQiPLFD
KLVWyULFDDODFXDOQRVSRGHPRVDFHUFDUDWUDYpVGHODFD
WHJRUtDGH&XOWXUD %DWH $XQTXHHVD
VLQJXODULGDGFXOWXUDOGHWRGDVRFLHGDGFRQFUHWDVHSXHGHUH
FRQRFHUHQODVYLYLHQGDVHQORVDUWHIDFWRVHQORVKiELWRV\
VXSHUVWLFLRQHVHQGH¿QLWLYDHQFXDOTXLHUPDQLIHVWDFLyQHQ
HOFDVRGHODVRFLHGDGDUJiULFDVHKDSRGLGRHVWDEOHFHU¿HO
PHQWHDWUDYpVGHORVFRQWH[WRVIXQHUDULRVFXHVWLyQSRURWUR
ODGREDVWDQWHKDELWXDOHQHOFRQWH[WRGHODVLQYHVWLJDFLRQHV
DUTXHROyJLFDVHXURSHDV *RQ]iOH]HWDOLL 

(V PiV D WUDYpV GH ODV LQYHVWLJDFLRQHV HPSUHQGLGDV SRU


9 /XOO \ - (VWpYH]   VH KD SRGLGR UHFRQRFHU OD QRU

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

PDOL]DFLyQHPSOHDGDHQODVFDUDFWHUtVWLFDVGHORVFRQWLQHQWHV
±ODVWXPEDV±DVtFRPRHQORVDUWHIDFWRVTXHDFRPSDxDQDO
GLIXQWRVXVFDUDFWHUtVWLFDVPRUIROyJLFDV\ODVGLYHUVDVDVR
FLDFLRQHVGHtWHPVTXHLQWHJUDQORVDMXDUHV /XOO\(VWpYH]
 (VGHGHVWDFDUTXHVREUHXQWRWDOGHWXPEDV
FRPSOHWDVDPSOLDPHQWHGLVWULEXLGDVSRUWRGRHOiPELWRDUJi
ULFRVHSXGRDSUHFLDUTXHDMXDUHVVLPLODUHVSRGtDQDSDUHFHU
HQWRGDVODVUHJLRQHV\DVRFLDGRVDFRQWHQHGRUHVGLIHUHQWHV
'HHVWHPRGRVHKDQ¿MDGRODVQRUPDVVLQJXODUHVTXHSHU
PLWHQFDUDFWHUL]DUDXQDVHQWDPLHQWRFRPRDUJiULFR

-XQWRDODVDVRFLDFLRQHVDOWDPHQWHVLJQL¿FDWLYDVVHxDODGDV
SRUHVWRVDXWRUHVWDPELpQVHKDGHUHFRUGDUTXHHQORVFRQ
WH[WRV IXQHUDULRV H[LVWH XQD FLHUWD QRUPDOL]DFLyQ HQ HO XVR
GHGLVWLQWRVUHFLSLHQWHVHQORVDMXDUHVVHLQFRUSRUDQIRUPDV
FHUiPLFDV   \  *RQ]iOH]    (Q RSLQLyQ GH 3
*RQ]iOH]    OD SURGXFFLyQ GH OD IRUPD  FRQ ERUGH
HQWUDQWH\GHODIRUPD±FRSD±VRQORVLQGLFDGRUHVPiVUH
OHYDQWHVGHODUHSURGXFFLyQGHPRGHORVDUJiULFRVWDQWRFRQ
GHVWLQRIXQHUDULRFRPRGRPpVWLFR

3RUHOORHQVHJXQGDLQVWDQFLD\FRPRDSR\RDODVHYLGHQFLDV
IXQHUDULDVYDPRVDFRQVLGHUDUODSUHVHQFLDDXVHQFLDGHORV
DUWHIDFWRVVHxDODGRVFRPRVX¿FLHQWHPHQWHLQGLFDGRUHVGHOD
DGVFULSFLyQDUJiULFDGHXQDVHQWDPLHQWR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

3DUDODVRFLHGDGQRDUJiULFDGHO'RPLQLR%pWLFR9DOHQFLDQR
ORPiVGHVWDFDGRKDVWDHOPRPHQWRHQORTXHVHUH¿HUHDVXV
SUiFWLFDVIXQHUDULDVHVHOHPSOHRGHJULHWDVRFRYDFKDVIXHUD
GH ODV ]RQDV GH KiELWDW FRPR FRQWLQHQWH GH ORV LQKXPDGRV
7DUUDGHOO E +HUQiQGH]   \D TXH WRGDYtD QR VH
KDYDORUDGRHQSURIXQGLGDGORVDMXDUHVTXHVHLQFOX\HQFRPR
FRQWHQLGR7HQLHQGRHQFXHQWDHVWDVHULHGHSUHPLVDVHVWD
PRVHQFRQGLFLRQHVGHHYDOXDUORVGLIHUHQWHVSODQWHDPLHQWRV
H[SXHVWRV

-XQWR D OD HYDOXDFLyQ GH ODV KLSyWHVLV UHVHxDGDV LQFOXLPRV


HQHOWUDEDMRWRGDXQDVHULHGHFRQVLGHUDFLRQHV\UHÀH[LRQHV
VREUHODVSUiFWLFDVIXQHUDULDV\ODVVRFLHGDGHVTXHODVSUDF
WLFDURQ (VWDV YDORUDFLRQHV VH UHDOL]DUiQ VLJXLHQGR OD SUR
SXHVWDWHyULFDIRUPXODGDSRU9/XOO\03LFD]R  (Q
HVWHVHQWLGRVHDIURQWDHOHVWXGLRGHODVSUiFWLFDVIXQHUDULDV
DSRUWDQGRDOJXQDVUHÀH[LRQHVVREUHHOFRVWRGHOWUDEDMRLQ
YHUWLGRHQODFRQIHFFLyQGHODVWXPEDVHQHVSHFLDODWUDYpV
GHORVHOHPHQWRVFRQVWUXFWLYRVQDWXUDOH]D\SURFHGHQFLDGH
ODPDWHULDSULPDHPSOHDGD<HQVHJXQGROXJDUVHUHDOL]DUiQ
GLYHUVDVYDORUDFLRQHVVREUHHOYDORUVRFLDOGHORVSURGXFWRV
GHSRVLWDGRVFRPRDMXDUHQDPEDVVRFLHGDGHV

1RVHKDDIURQWDGRHOHVWXGLRGHODVSUiFWLFDVIXQHUDULDVGHV
GHHOSODQRGHODELRDUTXHRORJtD\DTXHFRPRVHKDSXHVWR

Ì1',&( 
,3ODQWHDPLHQWRVHKLSyWHVLV

GHPDQL¿HVWRGHVGHHOSULQFLSLRQRHUDHVHQXHVWURREMHWLYR
GH SDUWLGD 1R REVWDQWH ODV SRFDV HYLGHQFLDV FRQVHUYDGDV
GHDQWLJXDVDFWXDFLRQHVDUTXHROyJLFDVDGHPiVGHODVSURFH
GHQWHVGHUHFLHQWHVH[FDYDFLRQHVVHHQFXHQWUDQHQSURFHVR
GHHVWXGLRSRUSDUWHGH0DUtD3D]GH0LJXHO,QYHVWLJDFLyQ
TXHQRGXGDPRVDSRUWDUiLPSRUWDQWHVDYDQFHVSDUDPHMRUDU
ODVSRFDVEDVHVFRQODVTXHFRQWDPRVHQODDFWXDOLGDG

(OPDUFRFURQROyJLFRHVWDEOHFLGRSDUDHOSUHVHQWHWUDEDMRHV
HOTXHVLJXLHQGRODFURQRORJtDFRQYHQFLRQDOVHKDHVWDEOHFLGR
WDQWRSDUDHOJUXSRDUTXHROyJLFRDUJiULFRFRPRSDUDORVJUX
SRVVLWXDGRVHQ]RQDVPiVVHSWHQWULRQDOHV6HKDSUHIHULGR
VHJXLU HPSOHDQGR ODV GDWDFLRQHV \ ORV PDUFRV WHPSRUDOHV
WUDGLFLRQDOHVSRUYDULRVPRWLYRV(QSULPHUOXJDUSRUHOD¿DQ
]DPLHQWRHQWUHORVLQYHVWLJDGRUHVGHODVIHFKDVUDGLRPpWULFDV
VREUHODEDVHGHOYDORUHVWDEOHFLGRSRU:)/LEE\IUHQWHDOD
IHFKDV FDOLEUDGDV < HQ VHJXQGR OXJDU D TXH HQ OD FDOLEUD
FLyQGHODVIHFKDVVHKDQHPSOHDGRGLIHUHQWHVYHUVLRQHVGHO
SURJUDPD &$/,% FRQIRUPH D OD FXUYD GH DOWD SUHFLVLyQ GH
3HDUVRQ\6WXLYHU  3HURQRVyORHVWRVLQRTXHDGHPiV
VHKDQHPSOHDGRGLIHUHQWHVLQWHUYDORVGHFRQ¿DQ]DTXHHVWiQ
FUHDQGR HQRUPHV FRQIXVLRQHV (Q OD DFWXDOLGDG VH UHTXLHUH
GHODDFWXDOL]DFLyQGHWRGDVODVIHFKDVFDOLEUDGDVFRQHOSUR
JUDPD &$/,%  YHUVLyQ  GH 6WXLYHU \ 5HLPHU  

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

&RQWRGRPLHQWUDVQRVHQRUPDOLFHODFDOLEUDFLyQGHODVIH
FKDV±TXHHVSHUDPRVTXHVHDSURQWR±SUHIHULPRVPDQWHQHU
QXHVWUDVYDORUDFLRQHVWHPSRUDOHVHQIHFKDV©%&ªR©%3ª
(OWUDEDMRVHKDHVWUXFWXUDGRHQYDULRVDSDUWDGRVFRQHOREMH
WLYRGHPHMRUDUODH[SRVLFLyQ\DQiOLVLVGHOWUDEDMR(QSULPHU
OXJDU SUHVHQWDPRV XQD QHFHVDULD LQWURGXFFLyQ JHRJUi¿FD
VREUH OD ]RQD HQ HVWXGLR LQWHQWDQGR DFHUFDU DO OHFWRU D OD
GLPHQVLyQHVSDFLDOGRQGHVHGHVHQYROYLyHOSREODPLHQWRHQ
HOVLJXLHQWHDSDUWDGRVHH[SRQGUiODEDVHHPStULFDGLVSRQL
EOH FRQ QXHVWUD OHFWXUD FUtWLFD SDUD HQ XQ FXDUWR DSDUWDGR
DQDOL]DUOD \ HVWDEOHFHU ODV SURSRVLFLRQHV TXH VLUYHQ FRPR
LQGLFDGRUSDUDVXHYDOXDFLyQ3RU~OWLPRVHIRUPXODUiQDOJX
QDV FRQVLGHUDFLRQHV JHQHUDOHV VREUH ODV LPSOLFDFLRQHV GHO
WUDEDMR\VREUHODVVRFLHGDGHVHQHVWXGLR
3DUD¿QDOL]DUTXHUHPRVDJUDGHFHUDORV'RFWRUHV0DXUR6
+HUQiQGH]3pUH]-RVp/XLV6LPyQ*DUFtD\6RQLD*XWLpUUH]
/ORUHW ORV YDOLRVRV FRQVHMRV FRUUHFFLRQHV \ PDWL]DFLRQHV
DSRUWDGRVHQODUHGDFFLyQ¿QDOGHHVWHWH[WRDVtFRPRDOD
8QLYHUVLGDGGH$OLFDQWHSRUKDEHUFRQVLGHUDGRLQWHUHVDQWHOD
SXEOLFDFLyQGHOPLVPR

Ì1',&( 
,,/DGLPHQVLyQHVSDFLDO

,,/DGLPHQVLyQHVSDFLDO
(O ÈUHD R 'RPLQLR %pWLFR YDOHQFLDQR DEDUFD WRGD OD DFWXDO
SURYLQFLDGH$OLFDQWH\DOJXQDV]RQDVPHULGLRQDOHVGHODGH
9DOHQFLDVXSRQLHQGRXQDVXSHU¿FLHVXSHULRUDORVNP
'HQWURGHOÈUHD%pWLFDVHSXHGHQGLVWLQJXLUWUHVJUDQGHV]R
QDVOD]RQD3UHEpWLFDOD6XEEpWLFD\OD%pWLFD )LJXUDV\
 

(Q HO GHQRPLQDGR 3UHEpWLFR 0HULGLRQDO TXH HQ WpUPLQRV


DGPLQLVWUDWLYRVDFWXDOHVHQJOREDODVFRPDUFDVGHO9LQDORSy
±$OWR9LQDORSy9DOOVGHO9LQDORSy0HGLR9LQDORSy±JUDQSDU
WHGHO/¶$ODFDQWt/D0DULQD%DL[D/D0DULQD$OWD/¶$OFRLi(O
&RPWDW\/D6DIRUGRPLQDQORVSOLHJXHVGHGLUHFFLyQQRUHV
WHVXURHVWHFRQXQVLVWHPDGHIDOODVSDUDOHODV(VWHHVSDFLR
JHRJUi¿FRRFXSDXQDIUDQMDGHXQRVNPGHDQFKXUDFX\RV
OtPLWHV VHSWHQWULRQDOHV VH ORFDOL]DQ LQPHGLDWDPHQWH DO QRU
WH GH ODV VLHUUDV GH 6DOLQDV 3HxDUUXELD 0DULROD &DQWDODU
$OIDUDGD7HUUD1RYD\O¶$OPLUDQWPLHQWUDVTXHORVPHULGLRQD
OHVYLHQHQGDGRVSRUHOFRPLHQ]RGHOiUHD%pWLFD6XEEpWLFD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

LQPHGLDWDPHQWHDOVXUGHODOtQHDTXHVHSDUDODVDOLQHDFLRQHV
PRQWDxRVDVGHOD3LOD&UHYLOOHQWH$EDQLOOD\%RUEXxRFRQHO
&DPSRGH(OFKH&UHYLOOHQWH3RUHOHVWHHOOtPLWHVHHVWDEOHFH
FRQHOPDU0HGLWHUUiQHR

(O3UHEpWLFR0HULGLRQDOHVWiFRQVWLWXLGRSRUSOLHJXHVVHQFLOORV
\IDOODVQRUPDOHVFRQHYHQWXDOHVFDEDOJDPLHQWRV\SOLHJXHV
YROFDGRVFRQYHUJHQFLDQRUWHFRQVWLWX\HQGRSOLHJXHVIDOODV
/DDFFLyQGHORVPDWHULDOHVWULiVLFRVKDLQÀXLGRHQJUDQSDU
WHGHOiUHDHVSHFLDOPHQWHHQHOFXUVRGHORVUtRV9LQDORSy
\ 0RQWQHJUH \ HQ OD 6LHUUD GHO &DEHoy 3XLJ &DPSDQD \
6LHUUD GH 0DULROD DÀRUDQGR PDWHULDOHV GH OD IDFLHV .HXSHU
LQWHUHVWUDWL¿FDGRV HQ ODV VHULHV FUHWiFLFDV$XQTXH HQ HVWD
]RQD HVWiQ ELHQ UHSUHVHQWDGRV ORV PDWHULDOHV FUHWiFLFRV
IXQGDPHQWDOPHQWH FDOL]RV PDUJRFDOL]RV \ PDUJRVRV ORV
PDWHULDOHVHRFpQLFRV\ROLJRFHQRVDGTXLHUHQXQLPSRUWDQWH
GHVDUUROORUHSUHVHQWDGRVSRUFDOL]DVRUJDQyJHQDV\PDUJDV
\PDUJRFDOL]DVGHWLSRÀ\VFKHQHOSULPHUFDVR\SRUFRQJOR
PHUDGRV\PDUJDVHQHOVHJXQGR

(O SDLVDMH VH HVWUXFWXUD D PRGR GH KR\DV R FXEHWDV JHR


JUi¿FDV GH GLIHUHQWHV WDPDxRV \ PRUIRORJtDV 8QD GH ODV
PiVGHVWDFDGDVHVODGH$OFRL/D+R\DGH$OFRLGHPRUIR
ORJtDLUUHJXODUVHDEUHHQHOFHQWURGHODVHUUDQtDDWUDYHVDGD
GHVXUDQRUWHSRUHOUtR6HUSLVHQXQSDLVDMHPX\RQGXODGR

Ì1',&( 
,,/DGLPHQVLyQHVSDFLDO

)LJXUD0DSDFRQODVHxDOL]DFLyQGHOiUHDJHRJUi¿FDHQHVWXGLR\
ORVGRPLQLRVJHROyJLFRVTXHODFRPSRQHQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

HQORVPiUJHQHV\PiVSODQRHQHOFHQWUR/DHURVLyQFXDWHU
QDULD KD DFWXDGR DO PLVPR QLYHO TXH OD SOLRFpQLFD DSDUH
FLHQGRDOQRUWHXQJODFLVLQIHULRUDPGHDOWXUDUHODWLYD$
HVWDKR\DVHDEUHQXQDVHULHGHYDOOHVTXHOHGDQXQDIRUPD
UDPL¿FDGD (Q HO RHVWH HQFRQWUDPRV OD 9DOOHWD GH$JUHV \
VHSDUDGD SRU OD 6LHUUD GH 0DULROD OD GHO UtR 3RORS 3RU HO
HVWHHO9DOOHGH3HUSXQ[HQWHQWUHODVVLHUUDVGH%HQLFDGHOO\
/RU[DTXHVHXQHQDXQDFRPSOHMD]RQDFRQIUDFWXUDVORQJL
WXGLQDOHVSHUIRUDGDSRUHOFDxyQGHO6HUSLVTXHVHDEUHSDVR
KDFLD*DQGtD

$O VXU GH OD +R\D GH$OFRL SUHGRPLQDQ ODV URFDV FDOFDUtDV
HRFHQDV \ DTXLWDQLDQDV VREUH HO &UHWiFLFR /D WHFWyQLFD
SUHVHQWHHVPiVFRPSOHMDFRUUHVSRQGLHQGRDXQDVHULHGH
SOLHJXHVDUTXHDGRVFRQODFRQFDYLGDGKDFLDHOVXU$ORHVWH
VHVLW~DODLUUHJXODU+R\DGH&DVWDOODFHUUDGDDOQRUWHSRUOD
6LHUUD GH 3HxDUUXELD 2QLO \ &DUUDVFDO GH$OFRL \ DO RHVWH
SRUOD6LHUUDGHOD$OJXHQ\DTXHVHXQHHQVXH[WUHPRVXU
FRQHO0DLJPy\DOHVWHFRQOD6LHUUDGHOD&DUUDVTXHWD/D
KR\DHVWiIRUPDGDSRUXQDFXEHWDVLQFOLQDOGHO7HUFLDULRFRQ
XQtQGLFHGLDStULFRGHO.HXSHUGHVSXpVGHDUFLOODVFRQWLQHQ
WDOHV\HO&XDWHUQDULR(VWDKR\DVHFDUDFWHUL]DDOLJXDOTXH
JUDQSDUWHGHHVWRVWHUULWRULRVSRUODSUHVHQFLDGH]RQDVHQ
GRUUHLFDVHQVXSDUWHVFHQWUDOHVIUXWRGHODHVFRUUHQWtDGHO

Ì1',&( 
,,/DGLPHQVLyQHVSDFLDO

)LJXUD0DSDJHRJUi¿FR(O'RPLQLR%pWLFRYDOHQFLDQR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

DJXDKDFLDHOIRQGRGHODVFXEHWDV/D0DUMDOGH2QLOHVVX
PiVFODURHMHPSOR3RU~OWLPRDRULHQWHHQWUHOD&DUUDVTXHWD
&DEHoyG¶2U\OD6HUUDGHOD*UDQDHQFRQWUDPRVHOLUUHJXODU
9DOOHGH;L[RQDGHWUDQVLFLyQDODFRVWD

(Q XQD DFHSFLyQ HVWULFWD OD 0DULQD HV XQD FRPDUFD OLWRUDO
GHVGH-iYHDKDVWDOD9LOD-RLRVDGRQGHVHDOWHUQDQODVVLH
UUDVTXHOOHJDQDOPDUGHIRUPDiVSHUD\DEUXSWD\HVSDFLRV
EDMRV FRQ UHJXHURV FXDWHUQDULRV DELHUWRV D SOD\DV /ySH]
*yPH] /RVOODQRVGHO0DUTXHVDGRGH'HQLDVRQ
GHFDUDFWHUtVWLFDVDQiORJDV1RREVWDQWHVHSXHGHGLVWLQJXLU
XQVHFWRUVHSWHQWULRQDO\RWURPHULGLRQDOPLHQWUDVTXHHQHO
LQWHULRUVHOHYDQWDXQDVHULHGHDOLQHDFLRQHVPRQWDxRVDVIRU
PDGDSRUFRQWUDIXHUWHVRULHQWDOHV\PHULGLRQDOHVGHODVHUUD
QtDDOFR\DQDGHORVTXHSDUWHQFXUVRVUiSLGRVGHSHTXHxRV
UtRV ±*RUJRV ;DOy *XDGDOHVW $OJDU ULX GH OD 9LOD± (VWD
]RQDHVWiFRPSXHVWDSRUVLHUUDVFDOFDULDVDUTXHDGDVFUHWi
FLFDVDOQRUWH\PXFKRPiVFRPSOLFDGDVDOVXU(QFRQMXQWR
VHWUDWDGHXQDHVWUXFWXUDLPEULFDGDKDFLDHOQRUWHFRQIDOODV
LQYHUVDV\FRQFDEDOJDPLHQWRV/DLQWHQVDHURVLyQGHORVUtRV
FRQSHQGLHQWHVPX\UiSLGDVKDGHWHUPLQDGRODIRUPDFLyQGH
JDUJDQWDV\GHEDUUDQFRV /ySH]*yPH] 

(OFOLPDHVGHYHUDQRVFiOLGRVTXHVXSHUDQORVƒ\GHLQ
YLHUQRV VXDYHV SHUR PXFKR PiV DFXVDGR KDFLD HO LQWHULRU

Ì1',&( 
,,/DGLPHQVLyQHVSDFLDO

/DV SUHFLSLWDFLRQHV VXSHUDQ ORV PPDQXDOHV HQOD


]RQD QRUWH PLHQWUDV TXH DO VXU GHVFLHQGHQ FRQVLGHUDEOH
PHQWH /D YHJHWDFLyQ HV GH WLSR PHGLWHUUiQHR GHJUDGDGR
FRQVHUYiQGRVHEXHQDVPDVDVGHSLQRV\DOJXQRVUHVWRVGH
FDUUDVFDOHV(QHOOLWRUDOGRPLQDQODVIRUPDVGHJUDGDGDVGH
JDUULJD DXQTXH VHJ~Q PXHVWUDQ ORV DQiOLVLV SROtQLFRV UHD
OL]DGRV HQ ODV WXUEDV GH 3HJR HO SLQR IXH PX\ DEXQGDQWH
/ySH] *yPH]   (O DPSOLR GRPLQLR iULGR GHO VXGHVWH
SHQLQVXODUFRPLHQ]DEUXVFDPHQWHDOVXUGHOD6LHUUDGH$OFRL
(OFOLPDHVWHSDULRFRQXQDIXHUWHUHSHUFXVLyQHQODYHJHWD
FLyQ HVWi IRUPDGR SRU OODQRV OLWRUDOHV \ DPSOLRV FRUUHGRUHV
HQWUH SHTXHxDV VLHUUDV GHO LQWHULRU GH DFXVDGD PRUIRORJtD
iULGDFXDWHUQDULD /ySH]*yPH] 

(Q HO H[WUHPR PHULGLRQDO VXURHVWH OD VLHUUD DOFR\DQD HVWi


LQWHUUXPSLGDSRUXQDPSOLRFRUUHGRUWUDQVYHUVDOTXHGLVFXUUH
HQWUHORVP\ORVPVQPHQGLUHFFLyQQRUQRURHVWH
VXUVXUHVWHFRUWDQGRODVDOLQHDFLRQHVSUHEpWLFDV(QpOHQ
FRQWUDPRVDÀRUDPLHQWRVGHO.HXSHUFRQKRUL]RQWHVVDOLQRV
FRPR PXHVWUDQ DOJXQDV IXHQWHV \ GHWHUPLQDGRV VDOHURV VL
WXDGRVDORHVWHGH9LOOHQD(VWHFRUUHGRUHVWiIRUPDGRSRUXQ
GHSyVLWRFRQWLQHQWDOGHO0LRFHQRVXSHULRUSRFRHVSHVRFX
ELHUWRSRUGHSyVLWRVFXDWHUQDULRVFRQIRUPDViULGDVGHJOD
FLVELHQFDUDFWHUL]DGDVGHVDUUROOiQGRVHODHURVLyQDOPLVPR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

QLYHOTXHHQHO3OLRFHQR3HURODVFDUDFWHUtVWLFDVUHVHxDGDV
VRQVLPSOHVDQWHODPXOWLSOLFLGDGGHJODFLVTXHVHREVHUYDQ
PiVDOVXU(OHQFDMRQDPLHQWRGHOUtRHVHVFDVRHQFRQWUiQ
GRVHDPVQPDPHQRVGHNPGHODFRVWDSUHVHQ
WDQGRXQGUHQDMHSUHFDULR3RUHOQRUWHHO&RUUHGRUGH9LOOHQD
OOHJDKDVWDHOOODQRGH&DXGHWH/D(QFLQDHQXQSDLVDMH\D
PDQFKHJRHQIiFLOFRPXQLFDFLyQFRQODFXHQFDHQGRUUHLFD
GH$OPDQVD\HO9DOOHGH0RQWHVD(QHOVXUHVWHODVVLHUUDV
PHULGLRQDOHVGHWHUPLQDQGLYHUVRVHVWUHFKDPLHQWRVRFXEHWDV
±GH(OGDRGH1RYHOGD±TXHHOUtRFUHDVDOLHQGRDWUDYpVGH
SHTXHxDVVLHUUDVPLRFHQDV

(O 6XEEpWLFR ]RQD GH HVFDVR GHVDUUROOR VXSHU¿FLDO VH


XELFD HQ HO H[WUHPR VXURFFLGHQWDO GH OD &RPXQLGDG 9DOHQ
FLDQD \ HVWi LQWHJUDGR SRU ODV VLHUUDV GHO 5HFORW$UJDOOHW \
&UHYLOOHQWH(VWD~OWLPDTXHHVODPiVFDUDFWHUtVWLFDGHWRGR
HOFRQMXQWRWLHQHHVWUXFWXUDDQWLFOLQDOKRUVWDIHFWDGDSRUXQD
VHULHGHIDOODVQRUPDOHV 6DQFKtVHWDOLL $OQRUWH
VHVLW~DHO$OWLSODQRGHO)RQGyFRQVWLWXLGRIXQGDPHQWDOPHQWH
SRUXQDIRVD/RVPDWHULDOHVUHSUHVHQWDGRVHQVXGHVDUUROOR
VRQ GRORPtDV \ FDOL]DV DOJXQDV FRQ QyGXORV GH VtOH[ GHO
-XUiVLFRDVtFRPRDOJXQDVEDQGDVGHFRQJORPHUDGRVFUHWi
FLFRVPHQRVUHSUHVHQWDGRV

Ì1',&( 
,,/DGLPHQVLyQHVSDFLDO

/D =RQD %pWLFD VyOR DSDUHFH HQ ODV VLHUUDV GH 2ULKXHOD \
&DOORVD GHO 6HJXUD \ YLHQH GH¿QLGD SRU PDQWRV GH FRUUL
PLHQWR FRQ PDWHULDOHV SHUWHQHFLHQWHV DO FRPSOHMR %DOODER
QD&XFKDUUyQ 6H WUDWD GH HQRUPHV PDVDV PRQWDxRVDV GH
LPSRUWDQWHGHVDUUROORYHUWLFDOHQPHGLRGH]RQDVOODQDVFRO
PDWDGDV GH DSRUWHV FXDWHUQDULRV /RV PDWHULDOHV GH HVWDV
HOHYDFLRQHVHVWiQFRQVWLWXLGRVSRUXQWUDPRLQIHULRUGHSL]D
UUDVHVSHFLDOPHQWHHQOD6LHUUDGH2ULKXHODDODTXHVHOH
VXSHUSRQHQFDOL]DV\GRORPtDVGHO7ULiVLFR0HGLR6XSHULRU
/D6LHUUDGH2ULKXHODHVOD~QLFDGRQGHVHORFDOL]DQEHWDVGH
VXOIXURVF~SULFRV\HYLGHQFLDVDXUtIHUDV

/D ]RQD OODQD VLWXDGD DO HVWH GH ODV VLHUUDV GH 2ULKXHOD \
&DOORVDGHO6HJXUDFRQVWLWX\HHOGHQRPLQDGR&RUUHGRUGHOD
9HJDGHO6HJXUDOLPLWDGRDOQRUWHSRUHO3UHEpWLFR0HULGLRQDO
FRPR\DKHPRVVHxDODGR\DORHVWHSRUODVHOHYDFLRQHVGHO
6XEEpWLFR%pWLFR (O iUHD HV XQD IRVD WHFWyQLFD TXH FRQV
WLWX\HODFRQWLQXDFLyQGHODGHO*XDGDOHQWtQVLHQGRUHOOHQDGD
SRUPDWHULDOHVQHRJHQRVGHO0LRFHQR3OLRFHQR\&XDWHUQDULR
6DQFKtVHWDOLL (OHOHPHQWRGHVWDFDEOHGHHVWD
FLUFXQVWDQFLDHVTXHSULQFLSDOPHQWHHO3OLRFHQRFRQVWLWXLGR
SRUFDOFDUHQLWDVDUHQLVFDV\DUFLOODVDÀRUDHQODPDUJHQGH
UHFKDGHOUtR6HJXUDMXVWDPHQWHHQHOHYDFLRQHVGHHVFDVR
GHVDUUROOR±6LHUUDGHOD(VFRWHUD/RPDGH+XUFKLOORHWF±

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

6XLPSRUWDQFLDUHVLGHHQTXHVHWUDWDGHOPDWHULDOHPSOHDGR
HQODFRQVWUXFFLyQGHDOJXQDVGHODVWXPEDVHVSHFLDOPHQWH
ODVFLVWDVGHODMDVGHDUHQLVFD
(VWD IRVD WHFWyQLFD FRLQFLGH FRQ OD IDOOD VHSWHQWULRQDO GH
&UHYLOOHQWH(OFKHTXHVHGLULJHKDVWDHO&DERGHODV+XHUWDV
\DHQ$OLFDQWHDGDSWiQGRVHODOtQHDFRVWHUDDODGLUHFFLyQGH
ODPLVPD'HFXDOTXLHUPRGRHOSDLVDMHDFWXDOHQHVWD]RQD
QR VH FRUUHVSRQGH FRQ HO H[LVWHQWH KDVWD KDFH PX\ SRFRV
VLJORV FDUDFWHUL]DGR SRU DPSOLDV ]RQDV HQFKDUFDGDV %UX
  ±$JXD$PDUJD &ORW GH *DOYDQ\ /DJXQD GHO +RQGR
GH(OFKH&UHYLOOHQWH/DJXQD6DODGDGHOD0DWD/DJXQDGH
7RUUHYLHMD± TXH GHMDUtDQ YDULDV HOHYDFLRQHV SUiFWLFDPHQWH
LQFRPXQLFDGDV D PRGR GH SHTXHxRV LVORWHV TXH QR IXHURQ
RFXSDGRVKDVWDpSRFDLEpULFD5HFLHQWHVWUDEDMRVGHLQYHV
WLJDFLyQ KDQ SXHVWR GH PDQL¿HVWR OD IRUPD HQ TXH VH RFX
SDURQ \ H[SORWDURQ HVWRV QLFKRV HFROyJLFRV FDUDFWHUL]DGRV
SRUODSUHVHQFLDGHDPSOLDV]RQDVHQFKDUFDGDV\VDODGDUHV
*XWLpUUH] 

Ì1',&( 
,,,/DEDVHHPStULFD

,,,/DEDVHHPStULFD

6
LQWHWL]DPRVDTXtWRGDVODVQRWLFLDVSXEOLFDGDVUHIHUL
GDVDHQWHUUDPLHQWRVDGVFULWRVDO,,PLOHQLR%&GHODV
TXHWHQHPRVFRQRFLPLHQWRFRQLQGHSHQGHQFLDGHVX
DQWLJHGDG SDUTXHGDG HQ GDWRV R DPELJHGDG 6LJXLHQGR
SXHV HVWH FULWHULR QR KHPRV LQFOXLGR HQ HVWH LQYHQWDULR DO
JXQRV \DFLPLHQWRV ±IXQGDPHQWDOPHQWH FXHYDV± HQ ORV TXH
ODSUHVHQFLDGHDOJXQRVPDWHULDOHVKDFHSUHVXPLUVXSRVLEOH
XWLOL]DFLyQ FRPR FRQWLQHQWH IXQHUDULR DXQTXH QXQFD VH KD
\DQSXEOLFDGRFRPRWDOHV(VHSRGUtDVHUHOFDVRGHOD&RYD
GHOD3HGUHUD&RYDGHOV$QHOOV&RYDGHO3DUWLGRU %DxHUHV 
$SDULFLR HW DOLL   &XHYD GHO 0ROLQLFR 9LOOHQD  6ROHU
 R&RYDGHO%DOFRQHW 3DVFXDO HQWUHRWUDV

&XHYDGH%HQL6LG9DOOG¶(ER
(Q XQ HVSROyQ GHVFHQGLHQWH GH OD 6LHUUD GH OD &RPD XQRV
FD]DGRUHVGHVFXEULHURQYDULRVUHVWRVKXPDQRV\IUDJPHQWRV
FHUiPLFRV ,QIRUPDGR ( 3OD %DOOHVWHU SURFHGLy D VX H[FD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

YDFLyQ FRPSUREDQGR TXH VH WUDWDED GH XQ iUHD GH HQWH
UUDPLHQWR HQ SR]R GH IRUPD LUUHJXODU FRQ HQVDQFKDPLHQWR
ODWHUDO HQ HO IRQGR GH XQRV  P GH SURIXQGLGDG (Q HO
SURFHVRGHH[FDYDFLyQGLVWLQJXLyYDULDVFDSDV(QODSULPH
UDUHJLVWUyKXHVRVKXPDQRVMXQWRDIUDJPHQWRVFHUiPLFRV
$PGHSURIXQGLGDGRWURVFUiQHRV\XQIpPXUWDPELpQ
DFRPSDxDGRVGHXQYDVRFHUiPLFR<HQODVVLJXLHQWHVFD
SDV KDVWD  P ORFDOL]y XQRV  FUiQHRV MXQWR D UHVWRV
GHYDVRVPiV¿QRVREMHWRVGHFREUHEURQFH±FLQFRDQLOORV\
XQDSHTXHxDSXOVHUD±XQDFRQFKDGHSHFW~QFXOR\XQSXQ
]yQGHKXHVR 3OD 

&RYD%ROXPLQL%HQLDUEHLJ%HQLPHOL
&DYLGDG VLWXDGD HQ OD ODGHUD PHULGLRQDO GH OD 6LHUUD GH
6HJDUtD(QXQVRQGHRSUDFWLFDGRHQHQHOIRQGRGHOD
VDODVHSXGRGRFXPHQWDUXQDHVWUDWLJUDItDGHFDVLPGHSUR
IXQGLGDGTXHQRORJUyDOFDQ]DUHOVXHORURFRVR7UDVXQSUL
PHUQLYHOFRQPDWHULDOHVUHYXHOWRVVHGRFXPHQWyXQVHJXQGR
QLYHO ±QLYHO ,O± FRQ UHVWRV GH FHUiPLFDV D PDQR ±MXQWR FRQ
DOJ~QIUDJPHQWRGHFHUiPLFDDWRUQR±IUDJPHQWRVGHPROLQR
XQFROJDQWHGHKXHVR\UHVWRVGHIDXQDTXHDFRPSDxDEDQD
YDULRVUHVWRVKXPDQRV6HJ~Q&0DWD  HVWHQLYHO
GHEHDGVFULELUVHDO%URQFH9DOHQFLDQRFRQVLGHUDQGRSRUWDQ
WRXQSRVLEOHXVRIXQHUDULRGHODFXHYDGXUDQWHHO,,PLOHQLR

Ì1',&( 
,,,/DEDVHHPStULFD

)LJXUD  'LVWULEXFLyQ GH ORV \DFLPLHQWRV DUTXHROyJLFRV HVWXGLDGRV


VREUHHOiUHDDGPLQLVWUDWLYDGHOD3URYLQFLDGH$OLFDQWH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

%&(QIHFKDVPiVUHFLHQWHVVHKDFRQFUHWDGRTXHDOPHQRV
KDEUtDFLQFRLQGLYLGXRVLQKXPDGRVDORVTXHVHSRGUtDDVR
FLDU FRPR DMXDU IXQHUDULR YDULRV ERWRQHV GH SHUIRUDFLyQ HQ
©9ª\HOPHQFLRQDGRFROJDQWH *XLOOHPHWDOLL 

&RYD5HMRODU/RU[D
-/O3DVFXDO  FRQVLGHUDTXHSXGRVHUXQDFXHYD
GHHQWHUUDPLHQWRGHOD(GDGGHO%URQFH

(O6HUFDWR&HUFDW*DLDQHV
+D\ QRWLFLDV UHFRJLGDV SRU YDULRV DXWRUHV GHO KDOOD]JR SRU
SDUWHGHOGXHxRGHORVWHUUHQRVGRQGHVHXELFDHO\DFLPLHQWR
GH DO PHQRV  HQWHUUDPLHQWRV ORFDOL]DGRV HQ VX LQWHULRU D
HVFDVDPHQWHPGHSURIXQGLGDG6HLVGHHVWRVHQWHUUD
PLHQWRVVHKDEUtDQUHDOL]DGRHQXUQDVGHFHUiPLFD(OUHVWR
GHORVHVTXHOHWRVVHKDOODUtDQDFXUUXFDGRVXQRV\RWURVFRQ
JUDQGHV©ROODVªEDMRODFDEH]D 3RQVHOO3DVFXDO
 

/HV&RYDWHOOHVR&RYHWDGHO¶2U*DLDQHV
&RQIXVDVQRWLFLDVGHXQDV©SHUODVGHFROODUªGHRURKDOODGDV
D SULQFLSLRV GH VLJOR MXQWR FRQ UHVWRV KXPDQRV \ FHUiPLFD
QRVKDEODQGHXQOXJDUGHVLWXDFLyQLPSUHFLVDFHUFDGHOSR

Ì1',&( 
,,,/DEDVHHPStULFD

EODGR GHO 6HUFDW GHEDMR MXVWR GHO SREODGR 9LFHGR 


  HQ OD EDUUDQTXHUD GH SRQLHQWH 3OD    R HQ
ODV HVWULEDFLRQHV PHULGLRQDOHV GH OD VLHUUD GHO %HQLFDGHOO
3RQVHOO 07DUUDGHOO  KDEODGHOKDOOD]JR
GHXQ©FDQXWLOORª)3RQVHOO  GH©WXELWRVªGHRUR
\-$SDULFLR  GH©GRVFXHQWDVGHFROODUFLOtQGULFDV
GHRURª(QFXDOTXLHUFDVRHVWRVPDWHULDOHVHVWiQSHUGLGRV
\DTXHDOSDUHFHUIXHURQYHQGLGRVDXQSODWHURGH9DOHQFLD

) 5XELR    UHFRJH \ VH XQH D ODV GXGDV SODQWHD


GDVSRUO%DOOHVWHUDFHUFDGHODDXWHQWLFLGDGGHHVWRVHQWH
UUDPLHQWRVGH/HV&RYDWHOOHV\GHO6HUFDW/DVQRWLFLDVKD
EODQGHXQDSHTXHxDFXHYDIRUPDGDSRUSLHGUDVGLVSXHVWDV
LQWHQFLRQDGDPHQWHGHPDQHUDTXHGHMDEDQXQHVSDFLROLEUH
HQWUHHOODV\TXHDOEHUJDEDQDGRVHVTXHOHWRVHQSRVLFLyQ
KRUL]RQWDO&XDQGR,%DOOHVWHUVHDFHUFDDOOXJDUGHWHUPLQD
TXHODFRORFDFLyQGHODVSLHGUDVHVQDWXUDO\TXHHOHVSDFLR
HVGHPDVLDGRUHGXFLGRSDUDTXHSXGLHUDDOEHUJDUDGRVFXHU
SRVH[WHQGLGRV

/DV GXGDV GH HVWH DXWRU DFHUFD GH ODV WXPEDV KDOODGDV HQ
HO©W~PXORªGHO6HUFDWVHMXVWL¿FDUtDQSRUHOLQWHUpVGHOSUR
SLHWDULR \ H[FDYDGRU GHO \DFLPLHQWR HQ GDU SXEOLFLGDG D VX
QHJRFLR GH YHQWD GH DQWLJHGDGHV (Q FXDOTXLHU FDVR )
5XELRFRQFHGHODSRVLELOLGDGGHTXHODFRYDFKDKXELHUDVLGR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

XWLOL]DGDHIHFWLYDPHQWHFRPROXJDUGHHQWHUUDPLHQWRPRYLGR
SRUODVQRWLFLDVGHODH[LVWHQFLDGHRWURVHQWHUUDPLHQWRVHQ
ODVFHUFDQtDVGHODVHQWDPLHQWR 5XELR 

0RODG¶$JUHV$JUHV

& 9LVHGR 0ROWy    VLJXLHQGR ODV LQIRUPDFLRQHV GH


DOJXQRV FDPSHVLQRV VHxDOy FRQ PXFKD SUXGHQFLD TXH HQ
OD0RODG¶$JUHVVHORFDOL]DURQHQWHUUDPLHQWRVFRQDUPDVGH
FREUH R EURQFH 9LVHGR   $xRV PiV WDUGH HQ XQ
VRQGHR SUDFWLFDGR SRU HO &(& HQ OD WHUUD]D LQIHULRU GHO QR
URHVWHVHKDOODURQUHVWRVGHXQFUiQHR\IUDJPHQWRVGHFHUi
PLFDOLVDHQWUHGRVEORTXHVGHSLHGUD$VtPLVPRVHUHFRJHQ
QRWLFLDVGHOKDOOD]JRGHKXHVRVKXPDQRVHQDOJXQDVJULHWDV
GHORVHVFDUSHVTXHOLPLWDQHOSREODGR 3DVFXDO 
(QIHFKDVPiVUHFLHQWHVVHKDQFRQ¿UPDGRHQSDUWHHVWDV
QRWLFLDVDOKDEHUVHORFDOL]DGRXQIUDJPHQWRGHFUiQHRHQXQD
GHODVJULHWDVH[LVWHQWHVHQODVODGHUDVGHOD0ROD 'H3HGUR
 

&RYDGHO0RUR$JUHV

(Q HVWD FDYLGDG IXHURQ ORFDOL]DGRV UHVWRV GH DO PHQRV


FXDWUR LQGLYLGXRV TXH HQ RSLQLyQ GH 0 $VTXHULQR  
FRUUHVSRQGHQDXQQLYHOIXQHUDULRGHO&DOFROtWLFRSHURTXHD

Ì1',&( 
,,,/DEDVHHPStULFD

MXLFLRGH)5XELR  SRGUtDQLJXDOPHQWHSHUWHQHFHU


DPRPHQWRVFURQROyJLFDPHQWHSRVWHULRUHV\DHQOD(GDGGHO
%URQFH SXHVWR TXH OD FXHYD KD OLEUDGR WDPELpQ PDWHULDOHV
HQFXDGUDEOHVHQHO,,PLOHQLR%&

&RYDGHOV&RORPV&RFHQWDLQD
8ELFDGDHQXQHVFDUSHFHUFDQRDO0DVGHOD3HxD)5XELR
   OD FRQVLGHUy XQD FXHYD GH KDELWDFLyQ 1R REV
WDQWH UHFLHQWHPHQWH - /O 3DVFXDO    KD DSXQWDGR
TXHSXGRKDEHUVLGRXWLOL]DGDFRPRFXHYDGHHQWHUUDPLHQWR
VHxDODQGRVXFHUFDQtDDOSREODGRGH(OV)RUDWV

&RYDGHO3LTXHWGHO%DODGUH&RFHQWDLQD
)XHGHVFXELHUWDHQSRU-)DXVTXLHQODH[FDYySRFR
GHVSXpVDOLJXDOTXHHOSREODGRGHOPLVPRQRPEUH'HHOOD
SURFHGHQYDULRVIUDJPHQWRVGHFHUiPLFD\GHPROLQRVODVFDV
\IDXQDYDULDGD1RKDFHQLQJXQDPHQFLyQGHODH[LVWHQFLD
GHUHVWRVKXPDQRV-/O3DVFXDO  FRQVLGHUDTXH
SXHGHKDEHUVLGRXWLOL]DGDFRPRFXHYDGHHQWHUUDPLHQWR

&RYDGHOD3HQ\D%DQ\DGD&RFHQWDLQD
&XHYDVLWXDGDHQODODGHUDQRUWHGHO3LF1HJUH3DUHFHVHU
VHJ~QQRWLFLDVGH(5XELRTXHQRKDVLGRMDPiVH[FDYDGD
6yORVHFRQRFHODH[LVWHQFLDGHXQKDFKDGHFREUH\DOJXQRV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

IUDJPHQWRV FHUiPLFRV - /O 3DVFXDO KD FRQVLGHUDGR TXH


SXHGH KDEHU VLGR XWLOL]DGD FRPR FXHYD GH HQWHUUDPLHQWR
HVWDQGR SUy[LPD DO DVHQWDPLHQWR GHO 3LF 1HJUH 3DVFXDO
 

&RYDGHOD%RLUD$OFRL
(QHOQLYHO9FRUUHVSRQGLHQWHDOD(GDGGHO%URQFH)5XELR
 VHxDODODSUHVHQFLDGHGRVIUDJPHQWRVGHFUiQHR
KXPDQR MXQWR FRQ SXQWDV GH ÀHFKD GH VtOH[ PROLQRV \ KD
FKDVGHSLHGUDXQGLHQWHGHKR]\OiPLQDVGHVtOH[

&RYDGHO&DXGHOHV5DERVHV$OFRL
/DFDYLGDGIXHH[FDYDGDSRU-)DXVHQeVWHORFDOL]y
MXQWRDODSDUHGRULHQWDOGHODFXHYD\DFDVLPGHSURIXQGL
GDGORVUHVWRVGHLQGLYLGXRVHQSRVLFLyQIHWDOHQXQDFDSD
GHWLHUUDJULViFHDGHSRVLWDGDVREUHXQDFDSDGHSLHGUDVTXH
ORV VHSDUDED DO SDUHFHU GHO DMXDU $GHPiV GH ORV UHVWRV
yVHRV VH UHFRJLHURQ PROLQRV GH SLHGUD IUDJPHQWRV GH FH
UiPLFD VtOH[ FDUDFROHV \ FXHQWDV GH FROODU GLVFRLGDOHV GH
SLHGUD 5XELR 

0DVGHO&RUUDO$OFRL
(QODIDOGDVHSWHQWULRQDOGHOFHUURHQHOTXHVHDVLHQWDHO\DFL
PLHQWRVHKDOODURQYDULDVLQKXPDFLRQHVHQXQDJULHWD6HJ~Q

Ì1',&( 
,,,/DEDVHHPStULFD

- 7UHOLV    H[LVWtDQ GRV QLYHOHV GH HQWHUUDPLHQWR


FRUUHVSRQGLHQGRORVUHVWRVDGRVLQGLYLGXRVHQHOQLYHOVXSH
ULRU\DYDULRVSDTXHWHVGHKXHVRVHQHOLQIHULRU(QODFDP
SDxDGHUHDOL]DGDHQGLFKDJULHWDVHORFDOL]DURQUHVWRV
GHDOPHQRVGRVFUiQHRVXQRGHHOORVLQIDQWLODVtFRPRRWURV
KXHVRVFHUiPLFDV\DOJXQRVIUDJPHQWRVGHPROLQRV

(Q ODV UHFLHQWHV H[FDYDFLRQHV HQ HO LQWHULRU GHO SREODGR \


DVRFLDGRVDORVQLYHOHVGHODIDVHGHQRPLQDGD%URQFH7DUGtR
VHKDQKDOODGRWUHVHQWHUUDPLHQWRVXQDLQKXPDFLyQHQFLVWD
GHPDPSRVWHUtDHQGHF~ELWRODWHUDOL]TXLHUGRÀH[LRQDGRFRQ
XQDMXDUFRPSXHVWRSRUXQFXHQFR\XQ©FRQXVªSHUIRUDGR\
GRVHQWHUUDPLHQWRVLQIDQWLOHVHQFXHQFRVXQRGHHOORVFRQOD
ERFDWDSDGDSRURWUDYDVLMD 7UHOLV 

*UXWDGHOHV/ORPHWHV$OFRL

(Q HO QLYHO VXSHULRU GH OD *UXWD GH OHV /ORPHWHV SDUHFH OR
FDOL]DUVH XQD VHULH GH HQWHUUDPLHQWRV ±KDVWD VHLV LQKXPD
FLRQHV±FRQVLGHUDGRVFRPRGHOD(GDGGHO%URQFH7RGRHO
PDWHULDOGHHVWHQLYHOVHKDOODHQSDUDGHURGHVFRQRFLGRFRQ
VHUYiQGRVHWDQVyORXQDSHTXHxDODPLQLOODGHFREUHREURQ
FH$O SDUHFHU ORV FDGiYHUHV HVWDEDQ FRQ ODV H[WUHPLGDGHV
H[WHQGLGDV\ORVFUiQHRVVREUHYDVLMDVGHFHUiPLFD 3DVFXDO
9LFHQV6ROHU'tD] 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

%DUUDQFGHO6LQW$OFRL
(QWHUUDPLHQWRGDGRDFRQRFHUSRU&9LVHGR0ROWyHQ
6HJ~QHVWHDXWRUVHWUDWDEDGHXQDLQKXPDFLyQHQIRVDDELHU
WDHQORPiVDOWRGHXQDGHODVODGHUDVGHO%DUUDQFGHO6LQWD
DSUR[LPDGDPHQWHNPGHODERFDGHHQWUDGDDOEDUUDQFR(O
HVTXHOHWRVHKDOODEDVREUHODURFDHQGHF~ELWRODWHUDOGHUH
FKR\DOSDUHFHUFRPR~QLFRDMXDUFRQWDEDFRQXQDPDQRGH
PROLQRIUDJPHQWDGDVLWXDGDMXQWRDOFUiQHR8QDFDSDGHWLH
UUDQHJUDFRQUHVWRVSUHKLVWyULFRVGHXQRVFPGHHVSHVRU
FXEUtDHVWHHQWHUUDPLHQWRDODTXHVHVXSHUSRQtDVLHPSUH
VHJ~Q&9LVHGR  RWUDGHXQRVFPGHFRORUURML]R
FRQFHUiPLFDVPHGLHYDOHV

0 6 +HUQiQGH]   FRQVLGHUy TXH VH SRGtD WUDWDU GH
XQHQWHUUDPLHQWRHQFXHYDFRQQLYHOHVGHKDELWDFLyQVXSHU
SXHVWRVLGHDHQODTXHLQVLVWLyPiVWDUGH-9LFHQV  
6HJ~QHVWH~OWLPRDXWRUDFWXDOPHQWHVyORVHSXHGHDVRFLDU
FRQHOHQWHUUDPLHQWRHOPROLQRTXHDSDUHFLyMXQWRDOFUiQHR
GHOHVTXHOHWR/RVGHPiVPDWHULDOHVTXHFRPRODVFHUiPL
FDVVHUHODFLRQDURQHQXQSULQFLSLRFRQpOGHEHQGLVRFLDUVH

8OOGHO0RUR$OFRL
/RVHQWHUUDPLHQWRVDSDUHFLHURQHQXQDVJULHWDVVLWXDGDVHQ
ODIDOGDVXUGHOFHUURVREUHHOTXHVHDO]DHOSREODGR)XHURQ

Ì1',&( 
,,,/DEDVHHPStULFD

GHVFXELHUWDV D UDt] GH ORV WUDEDMRV GH EDUUHQDGR GHVDUUR


OODGRV HQ OD FRQVWUXFFLyQ GH XQD FDUUHWHUD SRQLpQGRVH DO
GHVFXELHUWR XQD FLVWD TXH TXHGy GHVWUXLGD $ XQRV FXDWUR
PHWURVGHpVWD93DVFXDOFRQVLJXLyH[FDYDURWUDHQODTXH
DSDUHFLHURQ GRV FDGiYHUHV (VWD ~OWLPD HVWDED FRPSXHVWD
GHGRVODMDVDSURYHFKDQGRODVSDUHGHVURFRVDVGHODJULHWD
SDUDIRUPDUODFDMD(ODMXDUFRQVWDEDDOSDUHFHUGHXQKD
FKDGHSLHGUDSXOLGDXQDOiPLQDGHVtOH[\DOJXQDVFRQFKDV
PDULQDV2WURHQWHUUDPLHQWRGREOHVHORFDOL]yHQXQDWHUFHUD
JULHWDGHPGHSURIXQGLGDG\XQDERFDGHPSRU
P(QVXLQWHULRUVHKDOOyHOHVTXHOHWRGHXQDGXOWR\HOGHXQ
QLxR\FRPR~QLFRDMXDUVHVHxDODXQFROJDQWHHQSLHGUDGH
FRORUYHUGRVR 5XELR 

(O5HEROFDW$OFRL
$PX\SRFDGLVWDQFLDGHO8OOGHO0RURVHORFDOL]DURQHQFLU
FXQVWDQFLDV PX\ VLPLODUHV XQD VHULH GH JULHWDV HQ OD ]RQD
FRQRFLGDFRPR(O5HEROFDWTXHWDPELpQFRQWHQtDQKXHVRV\
PDWHULDODUTXHROyJLFRTXHVLQHPEDUJRUHVXOWDGLItFLODVRFLDU
D ORV HQWHUUDPLHQWRV$O SDUHFHU VH KDOODURQ DO PHQRV VHLV
HVTXHOHWRVHQXQSULPHUJUXSRVHORFDOL]DURQDGXOWRVHQ
SRVLFLyQHVWLUDGDHQHOJUXSRVHHQFRQWUyHOHVTXHOHWRGH
XQQLxR\HQHOJUXSRUHVWRVGHGRVDGXOWRV\XQQLxR(O
DMXDUTXHOHVDFRPSDxDEDVHUHGXFHDXQDHVTXLUODGHFREUH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

MXQWRDOJUXSR\XQIUDJPHQWRGHFXHQFR\XQSXxDOGHOHQ
JHWDHQHOJUXSR 5XELR 

0DVGH)HOLS,EL
(QHO\DFLPLHQWRVHKDOODURQWDPELpQHQWHUUDPLHQWRVHQJULH
WDV QDWXUDOHV )XHURQ ORFDOL]DGDV DO HIHFWXDUVH ODERUHV GH
FDQWHUtDHQXQDGHODVYHUWLHQWHVGHOFHUURGHVFXEULpQGRVH
XQDJULHWDHQODTXHVHKDOODURQKXHVRVHQSpVLPRHVWDGRGH
FRQVHUYDFLyQ±VHJ~Q93DVFXDOGHSRFRVLQGLYLGXRV±MXQWR
DXQSHTXHxRFXHQFRGHFHUiPLFD\XQSXxDO 3DVFXDO
  )LJXUD 

0iV WDUGH $ *RQ]iOH] KDEOD GH GRV JUXSRV GLVWLQWRV GH
HQWHUUDPLHQWRVXQRTXHDJUXSDUtDDSUR[LPDGDPHQWHLQ
GLYLGXRV LQKXPDGRV HQ SRVLFLyQ ÀH[LRQDGD DO TXH HVWDUtDQ
DVRFLDGRVGRVEUD]DOHWHV\XQDHVSLUDOGHFREUH(ORWURFRQ
XQQ~PHURPiVUHGXFLGRGHHQWHUUDPLHQWRVHQSRVLFLyQKR
UL]RQWDODOTXHVHDVRFLDUtDHOSHTXHxRFXHQFR\HOSXxDO\
TXHFRUUHVSRQGHUtD\DDOD(GDGGHO%URQFH(QHVWDVHJXQ
GDIDVHGHHQWHUUDPLHQWRKDEUtDTXHFRQWH[WXDOL]DUXQSXxDO
GHUHPDFKHVGHFPGHORQJLWXGWDPELpQKDOODGRDOSDUH
FHUHQODVJULHWDVGHO0DVGH)HOLS *RQ]iOH] 

3DUD)5XELRODYLVLWDDOOXJDULQYDOLGDODLQIRUPDFLyQSURSRU
FLRQDGDSRU$$QJXL]D$*RQ]iOH]DFHUFDGHHVWRVHQWHUUD

Ì1',&( 
,,,/DEDVHHPStULFD

PLHQWRV\DTXHHQVXRSLQLyQHOWLSRGHJULHWDVTXHVHDEUHQ
HQ HO FHUUR QR SHUPLWHQ GLVSRQHU PiV TXH GRV FDGiYHUHV
FRPRPi[LPR$GHPiVVHxDODTXHHQWUHORVPDWHULDOHVGH
SRVLWDGRVHQHO0XVHR$UTXHROyJLFRGH$OFRLVyORVHFXHQWDQ
WUHVFUiQHRV 5XELR 

&RYDGHOD0RQHGD,EL
7DPELpQ VH OD FRQRFH FRPR &RYD GH OD %XLWUHUD 5XELR
 $OSDUHFHUIXHURQKDOODGRVUHVWRVKXPDQRVGHORV
TXHQRHVSRVLEOHLQGLFDUHOFRQWH[WR\DTXHHQODFDYLGDGVH
KDQKDOODGRUHVWRVGHpSRFDLEpULFD\GHOD(GDGGHO%URQFH
&HUGi 

&RYHWDGHO%DUUDQTXHWGHO6DXUR2QLO
6HUHFRJLHURQUHVWRVVXSHU¿FLDOHVGHDOPHQRVXQLQGLYLGXR
VLQTXHVHDSRVLEOHUHODFLRQDUORVFRQQLQJXQRGHORVPRPHQ
WRV FXOWXUDOHV GRFXPHQWDGRV HQ OD FDYLGDG 6X SUR[LPLGDG
DOSREODGRGHO)UDUH4XLQWRLQYLWDDSHQVDUHQRSLQLyQGH)
&HUGi    TXH VH WUDWH GH XQ HQWHUUDPLHQWR GH OD
(GDGGHO%URQFH

%DUUDQFGHOD&RYDR&RYDGHO0DVGHOD&RYD2QLO
(O \DFLPLHQWR UHFLEH HQ OD ELEOLRJUDItD DPEDV DFHSFLRQHV
YpDVH ) 5XELR   \ ) &HUGi   $PERV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

DXWRUHV VHxDODQ OD SUHVHQFLD GH UHVWRV GH XQ LQGLYLGXR ±DO
SDUHFHUXQQLxR±\DOJXQRVIUDJPHQWRVFHUiPLFRV

)LJXUD$MXDUHVIXQHUDULRVGH&DEH]R5HGRQGR 9LOOHQD 

Ì1',&( 
,,,/DEDVHHPStULFD

&RYDGHO&DQWDO%LDU
6HWUDWDGHXQDFXHYDGHHQWHUUDPLHQWRP~OWLSOHTXHKDSUR
SRUFLRQDGRDOJXQRVPDWHULDOHVFRPRXQSXQ]yQGHEURQFH
XQSLHGHFRSD\XQIUDJPHQWRGHYDVRFDUHQDGRDGVFULWRV
DOD(GDGGHO%URQFH /ySH]HWDOLL /RVH[FD
YDGRUHVRSLQDQTXHQRVHSXHGHFRQRFHUFXiOIXHHOXVRTXH
VHOHGLRDODFXHYDGXUDQWHHO,,PLOHQLR%&\DTXHXQDEXHQD
SDUWHGHORVPDWHULDOHVSURFHGHGHXQDFROHFFLyQSULYDGD\
QRVHSXHGHQUHODFLRQDUFRQQLQJ~QFDGiYHU

&RYDGHOHV%DJDVHV%LDU
(QWUH ORV PDWHULDOHV H[KXPDGRV SRU HO *UXSR$UTXHROyJLFR
/RFDO HQ HVWD FDYLGDG H[LVWH XQ FUiQHR KXPDQR WUHSDQDGR
UHFRJLGR MXQWR D HVFDVRV UHVWRV FHUiPLFRV 6X SUR[LPLGDG
JHRJUi¿FD DO SREODGR GH /D 6HUUHOOD \ OD SDUTXHGDG GH
PDWHULDOHV ORFDOL]DGRV VRQ ODV UD]RQHV DGXFLGDV SDUD VX
LQWHUSUHWDFLyQ FRPR HQWHUUDPLHQWR GH OD (GDG GHO %URQFH
$SDULFLRHWDOLL 

&RYDGHOD0LQD&DQ\DGDGH%LDU
6HWUDWDGHXQDSHTXHxDJULHWDVLWXDGDHQODVSUR[LPLGDGHV
GHO \DFLPLHQWR GH OD (GDG GHO %URQFH GH /D 0LQD *DUFtD
   (Q HOOD 0$ *DUFtD KD SRGLGR GH WHUPLQDU OD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

H[LVWHQFLD GH DO PHQRV WUHV LQGLYLGXRV /D SDUTXHGDG GHO


PDWHULDOLPSLGHSUHFLVDUFRQH[DFWLWXGVXHPSOHRGXUDQWHOD
(GDGGHO%URQFHFRPROXJDUGHHQWHUUDPLHQWRDXQTXHHVWH
DXWRUFRQVLGHUDSUXGHQWHQRGHVFDUWDUHVWDSRVLELOLGDG

&DEH]R5HGRQGR9LOOHQD

(VWH\DFLPLHQWRIXHH[FDYDGRD¿QDOHVGHORV\SULQFLSLRV
GHORVSRU-06ROHU*DUFtDDXQTXHODPHPRULDGHVX
DFWXDFLyQQRKDVLGRSXEOLFDGDKDVWDIHFKDVUHFLHQWHV 6ROHU
 (QHOODVHKDSXHVWRGHPDQL¿HVWRODDEXQGDQWHSUH
VHQFLD GH IRUPDV FHUiPLFDV \ RWURV SURGXFWRV TXH VH KDQ
YHQLGR XWLOL]DQGR WUDGLFLRQDOPHQWH FRPR GH¿QLGRUHV GH OD
IDVHDUTXHROyJLFDGHQRPLQDGD%URQFH7DUGtR/DVUHFLHQWHV
H[FDYDFLRQHV HPSUHQGLGDV SRU 0 6 +HUQiQGH] 3pUH] HQ
FRGLUHFFLyQ FRQ - 0 6ROHU *DUFtD YLHQHQ D FRQ¿UPDU HVWD
DGVFULSFLyQ SDUD HO PLVPR $ FRQWLQXDFLyQ H[SRQGUHPRV
OR PiV VLQWpWLFDPHQWH SRVLEOH OD LQIRUPDFLyQ TXH VREUH ORV
HQWHUUDPLHQWRVGHO&DEH]R5HGRQGRKDSURSRUFLRQDGR-0
6ROHU*DUFtDDWUDYpVGHORVGLIHUHQWHVWUDEDMRVSXEOLFDGRV

5HVWRVGHXQHQWHUUDPLHQWRSUiFWLFDPHQWHGHVWUXLGRHQOD
OODPDGD©&DQWHUDGHO6XURHVWHª6HKDOODQUHVWRVGHKXH
VRVKXPDQRV\XQFUiQHR&HUFDGHHVWH~OWLPRDSDUHFLyXQD
HVSLUDOGHRURGHWUHVYXHOWDV 6ROHU  )LJXUD 

Ì1',&( 
,,,/DEDVHHPStULFD

)RVDGHHQWHUUDPLHQWRHQODYHUWLHQWH1RUWHGHOFHUUR
VREUHHOFRUWHGHXQDFDQWHUD)RVDDSUR[LPDGDPHQWHFLUFX
ODUGHPGHGLiPHWUR\PGHSURIXQGLGDG3UHVHQWD
ODVLJXLHQWHHVWUDWLJUD¿D

D &DSDVXSHU¿FLDOFRQXQFRQMXQWRGHYDULRVFUiQHRVURGHD
GRVGHSLHGUDVPiVRPHQRVUHFWDQJXODUHV-XQWRDXQRGH
HOORVDSDUHFHXQDHVSHFLHGHDQLOORPHWiOLFRIRUPDGRSRUXQD
ODPLQLWDDOSDUHFHUGHSODWDGREODGDDPRGRGHPHGLDFDxD
DOH[WHULRU )LJXUD -XQWRDRWURGHORVFUiQHRVDSDUHFLy
PHGLD YDVLMD VHPLHVIpULFD FRQ SHTXHxRV PDPHORQHV FHUFD
GHOERUGH

E $UFLOODEODQTXHFLQDPX\FRPSDFWDFRQWHQLHQGRRWURVGRV
FUiQHRV

F &DSDGHFHQL]DVDODTXHGHEHDVRFLDUVHRWURFUiQHRFDO
FLQDGR

G  &DSD FRQ WLHUUD RVFXUD \ VXHOWD HQ OD TXH DSDUHFLy XQ
HVTXHOHWRHQSRVLFLyQÀH[LRQDGD 6ROHU
OiP 

 (QWHUUDPLHQWR GHVWUXLGR HQ OD FDQWHUD GHO 6XUHVWH FRQ


QRWLFLDGHOKDOOD]JRGHXQFUiQHR 6ROHU 

(QWHUUDPLHQWRVHQFXHYDHQODYHUWLHQWHRULHQWDO

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

&XHYD

(OSLVRGHODFXHYDVHKDOODEDQLYHODGRPHGLDQWHXQUHOOHQR
GHSLHGUDVORFDOL]iQGRVHXQHQORVDGRGHSLHGUDVSODQDVHQ
OD]RQDFHQWURVHSWHQWULRQDOGHODFXHYD(QHOLQWHULRUGHOD
FDYLGDGVHORFDOL]DURQORVVLJXLHQWHVHQWHUUDPLHQWRV

± 6HSXOWXUD HQ FLVWD XWLOL]DQGR GRV PXUHWHV GH SLHGUDV \


GRVODMDVGHSLHGUDGHJUDQWDPDxR(OFUiQHRDSDUHFHHQHO
ULQFyQ L]TXLHUGR GHO IRQGR /RV KXHVRV VH KDOODURQ PX\ UH
YXHOWRVSHURODSRVLFLyQGHODFROXPQDYHUWHEUDOLQGLFDTXHHO
HVTXHOHWRHVWDEDHQSRVLFLyQHQFRJLGD(ODMXDUVHFRPSRQH
GH XQ FRQR GH RUR DQiORJR D ORV GHO ©7HVRULOOR GHO &DEH]R
5HGRQGRª 6ROHU¿JOiP%\$  )LJXUD
 

± (QWHUUDPLHQWR EDMR W~PXOR MXQWR D OD FLVWD DQWHULRU 6H


ORFDOL]DDSUR[LPDGDPHQWHHQHOFHQWURGHODFXHYD\VREUH
HOHQORVDGRTXHUHFXEUHHOSLVRGHODPLVPD(VTXHOHWRHQ
GHF~ELWR ODWHUDO L]TXLHUGR FRQ HO FUiQHR RULHQWDGR DO RHVWH
3RVLFLyQÀH[LRQDGDGHODVSLHUQDV$ODDOWXUDGHODQWHEUD]R
VHKDOOySDUWHGHXQYDVRJHPLQDGRURWRSRUOD]RQDGHXQLyQ
TXH DO SDUHFHU IXH GHSRVLWDGR RULJLQDOPHQWH \D HQ HVH HV
WDGR$ORVSLHVGHOHVTXHOHWRDSDUHFLyRWURYDVRJHPLQDGR
SHURHVWDYH]FRPSOHWR )LJXUD $OSDUHFHURWURFDGiYHU

Ì1',&( 
,,,/DEDVHHPStULFD

SXGR HVWDU DVRFLDGR D HVWH HQWHUUDPLHQWR 6ROHU  


OiPELV\%\& 

±&DVLHQHOFHQWURGHO©W~PXORªVHKDOOyXQSDTXHWHGHKXH
VRVGLVSHUVRSHURSHUWHQHFLHQWHDXQVRORLQGLYLGXRDOSDUH
FHUWUDVODGDGRGHVGHRWUROXJDU(OFUiQHRVHHQFRQWUDEDHQ
XQDSVHXGRFLVWDMXQWRFRQXQRPySODWR\HOPD[LODULQIHULRU
$ ORV ODGRV KXHVRV HQ DSDULHQFLD DPRQWRQDGRV 6LQ DMXDU
6ROHUOiP$ 

&XHYD
0X\ DIHFWDGD SRU ODV UHEXVFDV FODQGHVWLQDV (O UHOOHQR HV
WDED WRWDOPHQWH UHPRYLGR 6yOR VH KDOODURQ FXDWUR FUiQHRV
MXQWRFRQQXPHURVRVKXHVRVKXPDQRVGHVSOD]DGRV\UHPR
YLGRV6LQDMXDU 6ROHU 

(QWHUUDPLHQWRVGHQWURGHORVGHSDUWDPHQWRV
±'HSDUWDPHQWR,,3HTXHxDRTXHGDGDELHUWDHQODURFDGH
PGHDQFKXUDHQODERFD\PGHSURIXQGLGDGTXHVH
WUDQVIRUPDHQXQDHVSHFLHGHFiPDUDGHXQRVPGHORQ
JLWXG(QHOH[WUHPRVHSWHQWULRQDOVHORFDOL]yXQHQWHUUDPLHQ
WRLQIDQWLOVLQDMXDU\HQHORSXHVWRXQHVTXHOHWRLQFRPSOHWR
GHDGXOWRDOTXHIDOWDEDHOFUiQHR\RWURVKXHVRVWDPELpQVLQ
DMXDU 6ROHU¿JOiP 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

± 'HSDUWDPHQWR ,9 )RVD UHFWDQJXODU VLWXDGD HQ HO iQJXOR


QRURHVWHGHOGHSDUWDPHQWRGHDSUR[LPDGDPHQWHPGH
ODUJR SRU  P GH DQFKR (O HVTXHOHWR HVWDED FRPSOHWR
H[FHSWRORVKXHVRVGHXQSLH\SDUWHGHODWLELDGHUHFKD6H
HQFRQWUDED HQ SRVLFLyQ ÀH[LRQDGD DSR\DGR VREUH HO FRVWD
GR GHUHFKR 3RGUtD UHODFLRQDUVH FRQ HVWH HQWHUUDPLHQWR
XQ FXHQFR IUDJPHQWDGR GH IRUPD KHPLHVIpULFD DXQTXH QR
SXHGHGHVFDUWDUVHTXHSHUWHQHFLHUDDOQLYHOVXSHULRU 6ROHU
¿JOiP 

±'HSDUWDPHQWR9,,,8UQDTXHFRQWHQtDHOHVTXHOHWRGHXQ
LQGLYLGXRMRYHQ)XHUHFRJLGRSRUORVFDQWHURVHQ6LQ
DMXDU 6ROHUOiP 

± 'HSDUWDPHQWR ; 3HTXHxD FXHYD ORFDOL]DGD HQ OD ]RQD


QRUHVWHGHOGHSDUWDPHQWRDELHUWDHQWUHORVHVWUDWRVGH\HVR
TXHFRQIRUPDQODURFDGHOFHUUR/DERFDVHKDOODEDFHUUDGD
SRUSLHGUDVGHJUDQWDPDxR\XQDFROXPQDHVWDODJPtWLFDGL
YLGtDODFDYLGDGHQGRVFiPDUDV

(QODSULPHUDGHHOODVDSDUHFLyXQHVTXHOHWRFRQORVKXHVRV
UHPRYLGRVSHURFODUDPHQWHHQSRVLFLyQÀH[LRQDGDHQHOLQ
WHULRU GH XQD HVSHFLH GH FLVWD IRUPDGD SRU ODV SDUHGHV GH
ODFXHYD\GRVOtQHDVGHSLHGUD$ODDOWXUDGHODVPDQRVVH
HQFRQWUyXQDYDVLMDFDUHQDGD )LJXUD \HQHOULQFyQVXUR
ULHQWDOGHODFDYLGDGXQSHTXHxRIUDJPHQWRPHWiOLFR

Ì1',&( 
,,,/DEDVHHPStULFD

$O VXU GH OD FROXPQD DSDUHFLy RWUR HVTXHOHWR LQFRPSOHWR \


PX\ UHPRYLGR &RPR ~QLFR DMXDU VH KDOOy XQ FROJDQWH GH
SHFW~QFXOR

±'HSDUWDPHQWR;,,,6HWUDWDGHGRVHQWHUUDPLHQWRVLQIDQWLOHV
HQXUQDVGHSRVLWDGDVHQHOULQFyQQRUHVWHGHOGHSDUWDPHQWR
HQWUHODVSLHGUDVTXHIRUPDEDQXQEDQFRDGRVDGR

(OSULPHURFRUUHVSRQGHDXQLQGLYLGXRLQIDQWLOGHHQWUH\
PHVHVGHHGDGGHSRVLWDGRHQHOLQWHULRUGHXQDXUQDFRORFD
GDHQSRVLFLyQYHUWLFDO\FX\DERFDWDSDEDXQDODMDGHSLHGUD
(OHVTXHOHWRHVWDEDHQSRVLFLyQÀH[LRQDGD6LQDMXDUH[FHS
WRXQSHTXHxRKXHVRFRQXQDUDQXUDWUDQVYHUVDO

(OVHJXQGRHVWDEDSHRUFRQVHUYDGR/DXUQDVHHQFRQWUDED
HQSRVLFLyQVLPLODUDODDQWHULRU 6ROHUOiP
¿J\ 

±'HSDUWDPHQWR;9,,,(QWHUUDPLHQWRHQXUQDGHXQLQGLYL
GXRLQIDQWLOFRORFDGDHQSRVLFLyQKRUL]RQWDOVREUHXQDHVSH
FLHGHOHFKRGHJXLMDUURV\FRQODERFDRULHQWDGDDOQRURHVWH
1RFRQWHQtDDMXDU 6ROHUOiP 

&DEH]RGHOD(VFRED9LOOHQD
(QWHUUDPLHQWRHQFRYDFKDHQODODGHUDVHSWHQWULRQDO/DFD
YLGDGHVWDEDFHUUDGDFRQORVDVYHUWLFDOHV\VHDFFHGtDDHOOD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

SRUXQDHVSHFLHGHHVFDOHUDTXHFRQGXFtDKDVWDODHQWUDGD
(Q VX LQWHULRU VH KDOOy XQ HVTXHOHWR HQ SRVLFLyQ HQFRJLGD
DSR\DGRVREUHHOODGRGHUHFKRGHQWURGHXQFtUFXORGHSLH
GUDVQRPX\JUDQGHV&RPRDMXDUWHQtDXQDUHWHGHSODWDFRQ
ORVH[WUHPRVVXHOWRVGHOTXHFROJDEDXQDHVSHFLHGHFDUUHWH
GHRUR 6ROHU/iPLQD;/9,  )LJXUD (QHOULQFyQ
RULHQWDOGHODFDYLGDGKDEtDRWURSDTXHWHGHKXHVRVVLQDMXDU
6ROHU 

/DV3HxLFDV9LOOHQD
(O \DFLPLHQWR VH XELFD HQ XQ HVSROyQ URFRVR VLWXDGR HQ OD
YHUWLHQWHQRURFFLGHQWDOGHOD6LHUUDGHOD9LOOD6XVPDWHULDOHV
KDQVLGRSXEOLFDGRV 6ROHU LQFOX\HQGRHQWUHORV
PiVQRWDEOHVXQEUD]DOHWHGHRURIXQGLGRHQDOSDUH
FHUSURFHGHQWHGHXQHQWHUUDPLHQWRGHVWUXLGRGHOTXHQRVH
SRVHHDSHQDVLQIRUPDFLyQ6LQHPEDUJR-06ROHUWRGDYtD
OOHJyDLGHQWL¿FDUDOJXQRVUHVWRVKXPDQRVHQHOOXJDUGHOKD
OOD]JR 6ROHU 

7HUOLQTXHV9LOOHQD
-06ROHU*DUFtDGLRQRWLFLDVHQYDULDVRFDVLRQHVGHOKDOOD]
JRGHUHVWRVKXPDQRVHQODODGHUDRFFLGHQWDOGHOFHUURGRQ
GHVHKDOODXELFDGRHODVHQWDPLHQWR$OSDUHFHUHVWRVUHVWRV
VHORFDOL]DURQHQVXSHU¿FLHDOSLHGHXQRVHVFDUSHV 6ROHU

Ì1',&( 
,,,/DEDVHHPStULFD

6ROHU\)HUQiQGH] /DSLH]DGHQWDULD
ORFDOL]DGDHQODVH[FDYDFLRQHVUHDOL]DGDV\TXHUH¿HUHQORV
DXWRUHVQRSXHGHSRQHUVHHQUHODFLyQFRQQLQJXQDHYLGHQFLD
GHSUiFWLFDVIXQHUDULDVHQQLQJXQRGHORVGRVHVSDFLRVGR
PpVWLFRVLGHQWL¿FDGRVHQODVPLVPDV

&XHYDGHOD&DVD&RORUi(OGD
6H WUDWD GH XQD VHULH GH JULHWDV XWLOL]DGDV FRPR FRQWLQHQWH
IXQHUDULR\XELFDGDVHQODODGHUDPHULGLRQDOGHOD6LHUUDGH
OD7RUUHWDPX\SUy[LPRDODVHQWDPLHQWRGH(O0RQDVWLO'H
HOODVVHUHFRJLHURQDOPHQRVUHVWRVGHLQGLYLGXRV\XQDMXDU
FRPSXHVWRSRUYDULDVSXQWDVGHÀHFKDKDFKDVIUDJPHQWRV
GHERUGHVGHYDVRVFHUiPLFRVXQDOiPLQDUHWRFDGDSXQ
]yQGHKXHVR\SXQ]RQHVGHPHWDO +HUQiQGH] 
,QFOXLPRVHVWH\DFLPLHQWRHQQXHVWURFDWiORJRDOFRQRFHUSRU
ORVDQiOLVLVPHWDORJUi¿FRVTXHODFRPSRVLFLyQGHXQRGHORV
SXQ]RQHVHVEURQFH(VWRQRVKDFHVXSRQHUTXHDOPHQRVXQR
GHORVLQGLYLGXRVIXHHQWHUUDGRHQPRPHQWRVDYDQ]DGRVGHO,,
PLOHQLR%&WHQLHQGRFRPRDMXDUHOSXQ]yQ 6HJXUD 

&DWt)RUDGj3HWUHU
'-LPpQH]GH&LVQHURV  HQXQDGHVXV
H[FXUVLRQHV SRU OD SURYLQFLD HQ FRQFUHWR SRU HO 9LQDORSy
GHWDOODODH[LVWHQFLDGHUHVWRVSUHKLVWyULFRVHQ&DWt)RUDGj

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

DGHPiV GH UHFRJHU ODV QRWLFLDV GH FDPSHVLQRV GH OD ]RQD
TXHOHLQIRUPDURQGHODSUHVHQFLDGHUHVWRVKXPDQRVHQODV
JULHWDVGHODSHxDGRQGHVHXELFDHO\DFLPLHQWR

3HxyQGHO7ULQLWDULR(OGD
$VHQWDPLHQWRGHOPLVPRQRPEUHTXHVHHQFXHQWUDEDMRXQ
IDUDOOyQ URFRVR GH OD YHUWLHQWH VXUHVWH GHO PRQWH %ROyQ VL
WXDGRDOVXURHVWHGHODSREODFLyQGH(OGD&RQRFLGRGHVGH
SULQFLSLRVGHVLJORIXHSXEOLFDGRSRUHO&HQWUR([FXUVLRQLVWD
(OGHQVH    GHVWDFDQGR OD H[LVWHQFLD HQ VXV DOUH
GHGRUHV GH JULHWDV XWLOL]DGDV FRPR OXJDU GH HQWHUUDPLHQWR
$XQTXH VH FLWD OD LQKXPDFLyQ GH XQ QLxR HQ XQD GH HOODV
HQ HO 0XVHR$UTXHROyJLFR 0XQLFLSDO GH (OGD VH FRQVHUYDQ
DGRUQRV PHWiOLFRV ±SXOVHUD GH FREUH R EURQFH± WDPELpQ
SURFHGHQWHV GH RWUDV JULHWDV GH ODV TXH QR VDEHPRV QL VX
XELFDFLyQ QL HO Q~PHUR GH LQKXPDGRV -RYHU HW DOLL  
)LJXUD 

0RQWDJXW1RYHOGD
(Q ODV ODGHUDV GHO FHUUR VH KDQ ORFDOL]DGR GRV FXHYDV FRQ
UHVWRV DUTXHROyJLFRV /D &XHYD , SURSRUFLRQy DGHPiV GH
PDWHULDOHV FHUiPLFRV IUDJPHQWRV GH PROLQRV \ VtOH[ XQ
IpPXUKXPDQR\GRVFRVWLOODV/DUHODFLyQGHHVWDVGRVFDYL
GDGHVFRQHODVHQWDPLHQWRTXHVHHQFXHQWUDHQODVODGHUDV

Ì1',&( 
,,,/DEDVHHPStULFD

)LJXUD  $MXDUHV IXQHUDULRV  0DV GH )HOLS ,EL   &R\D GH /D
%DUVHOOD 7RUUHPDQ]DQDV 3HxyQGHO7ULQLWDULR (OGD &DEH]R
GHOD(VFRED 9LOOHQD /D+RUQD $VSH (O3LQFKLOOHW $JRVW 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

GHOFHUURSDUHFHHYLGHQWHDMX]JDUSRUORVPDWHULDOHVDUTXHR
OyJLFRV TXH VH HQFXHQWUDQ HQ XQR \ RWUR OXJDU 1DYDUUR
 

/D+RUQD$VSH

(Q ODV UHFLHQWHV H[FDYDFLRQHV DUTXHROyJLFDV GLULJLGDV SRU


0 6 +HUQiQGH]   VH ORFDOL]DURQ GRV ]RQDV GH HQ
WHUUDPLHQWR8QDVLWXDGDHQXQDHVWUHFKDJULHWDURFRVDORFD
OL]DGDHQODODGHUDRFFLGHQWDOH[FDYDGDHQTXHGHSDUy
ODGRFXPHQWDFLyQGHXQDFLVWDGHPGHDQFKRP
GHSURIXQGLGDG\PGHDOWXUDDSURYHFKDQGRODVSDUHGHV
GHODJULHWD(QVXLQWHULRUVHUHJLVWUDURQUHVWRVKXPDQRVLQ
IDQWLOHVHQPX\PDOHVWDGRUHVWRVGHXQFUiQHRGHXQQLxR\
YDULRVIUDJPHQWRVGHPDQGtEXODVFRUUHVSRQGLHQWHVDLQGLYL
GXRVGHDxRV\RWURGHDxRVDGHPiVGHGLHQWHVGHDO
PHQRVLQGLYLGXRVLQIDQWLOHV +HUQiQGH] -XQWR
DHVWDVHULHGHUHVWRVVHORFDOL]yXQSHQGLHQWHGHSODWDIRU
PDGRSRUXQDODPEUHGHOJDGRGHHVFDVRHVSHVRU\WDPDxR
)LJXUD 

/DVHJXQGD]RQDGHHQWHUUDPLHQWRVHVLW~DHQODODGHUDQR
UHVWHGHOFHUURH[FDYiQGRVHHQXQDFRYDFKDIRUPDGD
SRUXQJUDQEORTXHDSR\DGRVREUHODURFDGHOFHUUR6XERFD
WHQtD XQD ORQJLWXG GH  P \  P GH DOWXUD 6H SXGR

Ì1',&( 
,,,/DEDVHHPStULFD

GRFXPHQWDUODSUHVHQFLDGHSLHGUDVGHPHGLDQRWDPDxRTXH
SDUHFtDQIRUPDUXQDLUUHJXODUFLVWDTXHFRQWHQtDUHVWRVKXPD
QRVGHXQDGXOWR'DGDODDOWHUDFLyQGHWRGRHOFRQMXQWR\HO
ULHVJRGHGHVSUHQGLPLHQWRGHODURFD±TXHDFRQVHMyDEDQGR
QDUODH[FDYDFLyQ±QRIXHSRVLEOHSUHFLVDUHOQ~PHUR\ODSRVL
FLyQGHORVUHVWRVKXPDQRVQLVLSRVHtDQRQRDMXDUIXQHUDULR
+HUQiQGH]    /D FURQRORJtD SURSXHVWD SDUD HVWH
DVHQWDPLHQWRUHDOL]DGDDSDUWLUGHOHVWXGLRGHVXVPDWHULDOHV
VHVLW~DHQHO%URQFH7DUGtR +HUQiQGH] 

/ORPD5HGRQD0RQIRUWHGHO&LG
<DFLPLHQWR VLWXDGR VREUH XQ FHUUR GH DEUXSWDV SHQGLHQWHV
\ IRUPD FyQLFD FRQRFLGR GHVGH OD GpFDGD GH  \ HQ HO
TXHVHKDQUHDOL]DGRH[FDYDFLRQHVVLVWHPiWLFDVHQWUH
\  $O SDUHFHU H[LVWHQ QRWLFLDV RUDOHV GHO KDOOD]JR HQ
OD/ORPDRHQVXVDOUHGHGRUHVGHHQWHUUDPLHQWRV 1DYDUUR
 DXQTXHORVWUDEDMRVDUTXHROyJLFRVUHDOL]DGRVQR
SDUHFHQ KDEHU FRQ¿UPDGR SRU HO PRPHQWR OD SUHVHQFLD GH
WXPEDVRiUHDVGHHQWHUUDPLHQWRQLHQHOSREODGRQLHQVXV
DOUHGHGRUHVPiVFHUFDQRV 1DYDUUR 

(O&RPDQDRU7RUUHPDQ]DQDV
0 7DUUDGHOO    UHFRJH ODV QRWLFLDV SURSRUFLRQDGDV
SRUHO3%HOGDDFHUFDGHODH[LVWHQFLDGHSHTXHxDVFXHYDV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

HQODVYHUWLHQWHVGHOFHUURHQDOJXQDVGHODVFXDOHVGHVFXEULy
UHVWRVKXPDQRV

&RYDGHOD%DUFHOOD7RUUHPDQ]DQDV

(QXQDUHFLHQWHFDWDORJDFLyQGHORVPDWHULDOHVVHFRQVLGHUD
TXHH[LVWHQGRVQLYHOHVRPRPHQWRVGHRFXSDFLyQHQODFXH
YD(O~OWLPRFRUUHVSRQGHUtDDO+RUL]RQWH&DPSDQLIRUPHGH
7UDQVLFLyQRDO%URQFH$QWLJXRDXQTXHDSXQWDQGRPiVKDFLD
HVWD VHJXQGD SRVLELOLGDG EDViQGRVH HQ OD SUHVHQFLD GH XQ
SXxDOGHUHPDFKHV )LJXUD SXQ]RQHVGHFREUHDUHWHV
\ ERWRQHV GH SHUIRUDFLyQ HQ ©9ª WDQWR FyQLFRV FRPR WULDQ
JXODUHV %RUUHJRHWDOLL 3DUDHVWHVHJXQGRPRPHQWR
%HOGDVHxDOyTXHORVFDGiYHUHVHQQ~PHURGHRVH
GLVSRQtDQHQSRVLFLyQIHWDORGHF~ELWRODWHUDOL]TXLHUGRFRQOD
FDUDRULHQWDGDDO6R6( %HOGD $GHPiVGHHVWH
QLYHO GHEHPRV FRQVLGHUDU ODV GLIHUHQWHV SODFDV GH SL]DUUD
KDFKDV GH SLHGUD \ XQD WRWDO DXVHQFLD GH SXQWDV GH ÀHFKD
%HOGD 

(O3LQFKLOOHW$JRVW

$VHQWDPLHQWR GH SHTXHxR WDPDxR VLWXDGR HQ HO H[WUHPR


VXURHVWHGH$JRVWMXVWDPHQWHHQHOFHQWURGHOFRUUHGRUTXH
FRPXQLFDODFRVWDFRQHO9DOOH0HGLRGHO9LQDORSy6HWUDWD

Ì1',&( 
,,,/DEDVHHPStULFD

GHXQFHUURGHPRUIRORJtDFyQLFDFRQXQDVXSHU¿FLHDPHVH
WDGDHQVXSDUWHVXSHULRU(OVLWLRDUTXHROyJLFRVHXELFDWDQWR
HQODFLPDFRPRHQODODGHUDVXUVXUHVWH

6HJ~Q(/ySH]6HJXt  HO\DFLPLHQWRVHKD


YLVWRDOWHUDGRSRUODDFFLyQGHH[SROLDGRUHVDIHFWDQGRWDQWR
DOD]RQDGHKiELWDWFRPRDXQDSHTXHxDFXHYDVLWXDGDHQOD
ODGHUDQRUWHHPSOHDGDFRPRFRQWLQHQWHIXQHUDULR

/DFXHYDFRQVXERFDRULHQWDGDWDPELpQDOQRUWHSUHVHQWD
XQD SODQWD GH WHQGHQFLD FXDGUDGD FRQ XQD DOWXUD GH 
P\XQDVXSHU¿FLHWRWDOGHP/DLQIRUPDFLyQUHFRJLGD
SRU(/ySH]  SHUPLWHFRQRFHUTXHHQODFXHYDVH
LQKXPDURQGRVLQGLYLGXRVDGXOWRVXQRGHORVFXDOHVWRGDYtD
IXHGRFXPHQWDGR©LQVLWXªSRUHODUTXHyORJR(ODMXDUTXHOHV
DFRPSDxDED\TXHDFWXDOPHQWHVRQSDUWHGHXQDFROHFFLyQ
SULYDGD HVWDED FRPSXHVWR SRU  EUD]DOHWHV \  DQLOORV GH
FREUHREURQFH )LJXUD 

,OOHWDGHOV%DQ\HWV(O&DPSHOOR
'HVGHODVDQWLJXDVH[FDYDFLRQHVGH))LJXHUDVVHKDQYHQL
GRORFDOL]DQGRXQJUDQQ~PHURGHWXPEDVHQHO\DFLPLHQWR
(Q  VH ORFDOL]y XQD FLVWD UHDOL]DGD FRQ ODMDV \ FRQ WD
SDGHUDGHDUHQLVFD )LJXHUDV DOSDUHFHUFRQXQ
VRORLQGLYLGXR\VLQTXHVHPHQFLRQHODH[LVWHQFLDGHDMXDU

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

)LJXUD$MXDUHVIXQHUDULRVGHOD,OOHWDGHOV%DQ\HWV (O&DPSHOOR 

Ì1',&( 
,,,/DEDVHHPStULFD

7DPELpQVHLQGLFDXQHQWHUUDPLHQWR©EDMRW~PXORª )LJXHUDV
   (Q  VH ORFDOL]DURQ RWUDV QXHYH WXPEDV 'H
VHLVGHHOODVVHFDUHFHGHLQIRUPDFLyQHOUHVWRHUDQWXPEDV
HQFLVWDGHODMDVFRQVWUXLGDVGLUHFWDPHQWHVREUHODURFD GRV
GHHOODVFRQLQKXPDFLRQHVGREOHV HQFX\RDMXDUDSDUHFLHURQ
SHTXHxRVSXxDOHV\DOSDUHFHURWURVDUWHIDFWRVQRGHWDOOD
GRV (Q  \D GXUDQWH ODV H[FDYDFLRQHV GLULJLGDV SRU (
/OREUHJDWVHKDOODURQWUHVWXPEDVPiVGRVGHHOODVHQFLVWD
\XQDHQIRVD6XDMXDUVHFRPSRQtDWDPELpQGHSXxDOHVXQR
GHORVFXDOHVLEDDGRUQDGRHQHOPDQJRSRUXQDFRQWHUDGH
PDU¿OGHIRUPDGHQWDGD )LJXUD /DV~OWLPDVWXPEDVVH
ORFDOL]DURQHQVHWUDWDGHRWUDVVHLVVHSXOWXUDVFLQFR
FLVWDV XQDGHHOODVFRQGREOHLQKXPDFLyQ \XQDIRVDSDUD
XQ HQWHUUDPLHQWR LQIDQWLO 'H ORV DMXDUHV VH GHVWDFDQ GRV
FRQMXQWRVXQHQWHUUDPLHQWRFRQXQFXHQFRFDUHQDGR\RWUR
SHTXHxRYDVRGHIRUPDHOLSVRLGHYHUWLFDOTXHDFRPSDxDEDQ
DXQSXQ]yQPHWiOLFR )LJXUD \RWURFRQXQSXxDOGH
FPGHORQJLWXG\ERWRQHVGHSHUIRUDFLyQHQ©9ª )LJXUD
 (OUHVWRGHODVWXPEDVWDPELpQSRVHtDREMHWRVPHWiOLFRV
FRPR DMXDU GHVWDFDQGR XQ SXxDO FRQ VHLV UHPDFKHV HQ OD
SODFDGHHQPDQJXH

6HWUDWDSRUWDQWRGHXQFRQMXQWRGHDOPHQRVWXPEDV±HQ
FLVWDODPD\RUtD±VLWXDGDVHQHOLQWHULRUGHODVHQWDPLHQWR/RV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

FDGiYHUHVVHKDOODURQFDVLVLHPSUHHQSRVLFLyQGHGHF~ELWR
ODWHUDOÀH[LRQDGR 6LPyQ 

7DEDLj$VSH
$XQTXH \D VH KDEtD GDGR QRWLFLD GH OD H[LVWHQFLD GH HQ
WHUUDPLHQWRVHQHOSREODGR +HUQiQGH] VXSUH
VHQFLDTXHGyFRPSOHWDPHQWHFRQ¿UPDGDFRQODGRFXPHQWD
FLyQHQODFDPSDxDGHH[FDYDFLRQHVUHDOL]DGDVHQGH
XQD FLVWD VLWXDGD EDMR HO SDYLPHQWR GH XQR GH ORV GHSDUWD
PHQWRV6HWUDWDGHXQDFLVWDGHPDPSRVWHUtDGHPGH
ODUJR\PGHDQFKRUHDOL]DGDDEDVHGHSLHGUDVFDOL]DV
GHPHGLDQRWDPDxRGHSURFHGHQFLDORFDOWUDEDGDFRQDUFLOODV
YHUGRVDV(OFDGiYHUXQDGXOWRPDVFXOLQRVHHQFRQWUDEDHQ
SRVLFLyQGHGHF~ELWRVXSLQRFRQODVSLHUQDVÀH[LRQDGDVKDFLD
ODL]TXLHUGD\ORVEUD]RVGREODGRVSDUDFRORFDUVXVPDQRVHQ
HOEDMRYLHQWUH(VWDEDRULHQWDGRDOHVWHFRQODFDUDPLUDQGR
KDFLDHOQRUWH +HUQiQGH] &RPRDMXDUIXHGHSR
VLWDGRXQKXHVRODUJRGHRYLFiSULGRMXQWRDOK~PHURGHUHFKR
XQD DODEDUGD GH WLSR ©$UJDUª GH ERUGHV DVLPpWULFRV VHLV
UHPDFKHV \ QHUYDGXUD FHQWUDO PDUFDGD FRORFDGD VREUH HO
KRPEUR GHUHFKR FRQ OD SXQWD KDFLD HO SHFKR FRQVHUYDQGR
UHVWRV GH PDGHUD GH VDXFH FRPR HQPDQJXH %DGDO 
 \XQSHTXHxRYDVRGHODIRUPDGHFPGHDOWXUD
\FPGHERFD )LJXUD (QODVH[FDYDFLRQHVUHDOL]D

Ì1',&( 
,,,/DEDVHHPStULFD

)LJXUD$MXDUHVIXQHUDULRVGH7DEDLj $VSH 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

GDVHQHVWH\DFLPLHQWRHQWUH\EDMRODGLUHFFLyQGH
06+HUQiQGH]VHORFDOL]DURQYDULDVVHSXOWXUDVGHGLIHUHQ
WHVWLSRV±IRVDVFLVWDVGHPDPSRVWHUtD\XUQDV±TXHYLHQHQ
DVXPDUVHDODVDQWHULRUPHQWHUHIHULGDV

)UXWRGHODVH[SROLDFLRQHVUHDOL]DGDVHQHVWH\DFLPLHQWRHQ
OD&ROHFFLyQ0XVHRJUi¿FDGH1RYHOGDVHFRQVHUYDXQDJUDQ
YDVLMD±IRUPD±TXHDOSDUHFHUFRQWHQtDHOFDGiYHUGHXQD
PXMHUDFRPSDxDGDGHXQDMXDUFRPSXHVWRGHXQDQLOORDUHWH
GHFREUHXQDIRUPDFRQODOtQHDGHFDUHQDHQHOWHUFLRLQIH
ULRUGHFPGHERFD\FPGHDOWXUD\GRVSXQ]RQHVGH
KXHVR -RYHUHWDOLL  )LJXUD $pVWRVSRGUtDQVX
PDUVHRWURVPDWHULDOHVDLVODGRV\GHVFRQWH[WXDOL]DGRVFRPR
XQDDODEDUGDGHFREUH\XQDGLDGHPDGHSODWDGHODTXHWDQ
VyORKDQTXHGDGRUHIHUHQFLDVRUDOHV +HUQiQGH] 

(O&DVWHOODU(OFKH

'DQLHO-LPpQH]GH&LVQHURV  PHQFLRQDHOKDOOD]JRGH


HQWHUUDPLHQWRV ©DO QRUWH HQ XQD EDMDGD GHO 'HVSHxDGHUR
GHGRQGHIXHURQH[WUDtGRVFDGiYHUHVFRQYDVLMDVGHIRUPDV
H[WUDxDVª 0iV WDUGH HVH PLVPR DxR VH KDUtD HFR GH ODV
QRWLFLDVTXHKDEODEDQGHRWURVGRVHVTXHOHWRVXQRGHHOORV
DGRUQDGRDOSDUHFHUFRQYDULRVEUD]DOHWHV\VRUWLMDVGHEURQ
FH \ FX\RV UHVWRV ORFDOL]DUtD HO SURSLR ' -LPpQH] E

Ì1',&( 
,,,/DEDVHHPStULFD

  UHFRJLHQGR SDUWHV GH ORV FUiQHRV PX\ GHVWUR]DGRV


/RVWUDEDMDGRUHVGHODFDQWHUDOHFRPXQLFDURQDGHPiVTXH
WDPELpQVHKDEtDQH[WUDtGRGHOOXJDUGRVKDFKDVGHSLHGUD
SXOLGD\WUR]RVGHYDVLMDVGHFHUiPLFDGHFRORURVFXUR

3XQWDOGHO%~KR(OFKH

<DFLPLHQWRORFDOL]DGRHQOD6LHUUDGHO%~KRHQODTXHDGHPiV
GHpVWHVHHQFXHQWUDQRWURVWUHVHQFODYHVGHVLPLODUHVFDUDF
WHUtVWLFDV /D SUHVHQFLD GH SURGXFFLRQHV FHUiPLFDV GH ¿OLD
FLyQFODUDPHQWHDUJiULFDFRPRODIRUPDGH/6LUHW 5RPiQ
  VH DFRPSDxD GH OD H[LVWHQFLD GH HQWHUUDPLHQWRV HQ
HO LQWHULRU GHO DVHQWDPLHQWR FRPR OD FLVWD GHVFXELHUWD SRU
PLHPEURV GH OD 8QLyQ ([FXUVLRQLVWD GH (OFKH 3RU ODV IRWRV
SXEOLFDGDVSXHGHGHGXFLUVHTXHVHWUDWDFODUDPHQWHGHXQD
FLVWDIDEULFDGDFRQEORTXHV\SHTXHxDVODMDVGHSLHGUD\TXH
HOFDGiYHUSRVHtDDOPHQRVXQFXHQFRFRPRDMXDU 5RPiQ
  5DPRV   OiP /;,,/,9  3RVWHULRUPHQWH
ORVUHVWRVIXHURQHQWUHJDGRVD$5DPRV)ROTXpVTXLHQORV
GHSRVLWyHQHO0XVHRGH/D$OFXGLD (OFKH 

&DUDPRUR,(OFKH

$VHQWDPLHQWRGHPX\SHTXHxRWDPDxR±P±XELFDGRD
XQRVNPDOQRUWHGHODFLXGDGGH(OFKHMXVWRHQODPDUJHQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

L]TXLHUGDGHOUtR9LQDORSy(OVLWLRRFXSDXQHVSROyQOLJHUDPHQ
WHDLVODGR\HOHYDGRXQRVPVREUHHOFDXFHGHOUtR$XQTXH
IXHH[FDYDGRHQSRU55DPRV)HUQiQGH]  GLV
WLQJXLHQGR GRV PRPHQRV GH RFXSDFLyQ ODV UHFLHQWHV LQWHU
YHQFLRQHVOOHYDGDVDFDERSRU$*RQ]iOH]3UDWV\(5XL]
6HJXUD  KDQHYLGHQFLDGRXQDPD\RUFRPSOHMLGDG
HVWUDWLJUi¿FD TXH OD VHxDODGD FRQ DQWHULRULGDG 6H WUDWD GH
YDULDVHVWDQFLDVRXQLGDGHVGRPpVWLFDVFRQDFFHVRV\XQD
JUDQ FRQVWUXFFLyQ TXH FRQIRUPD XQD OtQHD GH IRUWL¿FDFLyQ
(QODXQLGDGRKDELWDFLyQ(FRQXQDVRODIDVHGHKDELWDFLyQ
DVRODGD SRU XQ LQFHQGLR \ HQ VX iQJXOR VHSWUHQWULRQDO VH
GRFXPHQWyEDMRHOVXHORGHODYLYLHQGDXQDIRVDTXHDSURYH
FKDEDXQDLQÀH[LyQGHODURFDGRQGHVHGHSRVLWyHOFDGiYHU
GH XQ QLxR GH FRUWD HGDG DO SDUHFHU VLQ DMXDU *RQ]iOH] \
5XL] /RVUHVWRV±IUDJPHQWRVGHOFUiQHRFRVWLOODV
PDQGtEXOD\SRUFLRQHVGHODVH[WUHPLGDGHV±SHUWHQHFHQDO
SDUHFHUDXQLQGLYLGXRGHDxR\PHGLRGHHGDGHQHOTXH
VHKDQSRGLGRDSUHFLDUODVVHxDOHVGHXQDPSOLRFRUWHHQOD
SDUWHIURQWDOGHOFUiQHRSURGXFLGR±HQRSLQLyQGH%&ORTXHOO
\0$JXLODU  ±SRUXQDKRMDPHWiOLFDGHJUDQWDPDxR
SRVLEOHPHQWHXQDHVSDGD(QODPLVPDXQLGDGGHKDELWDFLyQ
GRQGHVHKDOOyODVHSXOWXUDVHGRFXPHQWDURQXQDSXQWDGH
3DOPHODDEXQGDQWHFHUiPLFD\VHPLOODVGHDUYHMD

Ì1',&( 
,,,/DEDVHHPStULFD

6RQYDULDVDGHPiVODVHYLGHQFLDVGHSURGXFWRVDUJiULFRV
'HVWDFD OD SUHVHQFLD GH WUHV IUDJPHQWRV GH FRSDV ±IRUPD
±VREUHODVTXHVHVHxDODODSUHVHQFLDGHDEXQGDQWHGHV
JUDVDQWH PLFiFHR PHWDPyU¿FR H tJQHR HYLGHQFLD GH XQD
HVSHFt¿FD SURFHGHQFLD PHULGLRQDO *RQ]iOH] \ 5XL] 
  ERWRQHV SULVPiWLFRV DODUJDGRV GH SHUIRUDFLyQ HQ ©9ª
FROJDQWHV\EUD]DOHWHVGHPDU¿OFRQH[WUHPRVSHUIRUDGRV

/DGHUDVGHO&DVWLOOR&DOORVDGH6HJXUD
$VHQWDPLHQWR FRQRFLGR GHVGH DQWLJXR \ H[FDYDGR D SULQFL
SLRVGHVLJORSRU-)XUJ~V  ODPD\RUSDUWHGHODLQIRU
PDFLyQTXHQRVTXHGDDFHUFDGHODVSUiFWLFDVIXQHUDULDVGH
pVWHVHGHEHDOLJXDOTXHHQHOFDVRDQWHULRUDORVWUDEDMRV
GHOMHVXLWD/DSRVWHULRUDSRUWDFLyQGH-&RORPLQDVDSHQDV
VXSXVR YDULDFLRQHV UHVSHFWR D ODV LGHDV H LQWHUSUHWDFLRQHV
SURSXHVWDVSRUDTXpO
&RPRHQ6DQ$QWyQ-)XUJ~VGLVWLQJXLyYDULRVWLSRVGHHQ
WHUUDPLHQWR
±7~PXORV
±8UQDVGHFHUiPLFD
±6HSXOFURVIRUPDGRVSRUVHLVORVDVXQLGDVHQVHFR
6LJXLHQGRODVGHVFULSFLRQHVGHOMHVXLWDORVW~PXORVFRQVWD
EDQGHXQQLFKRIRUPDGRSRUJUDQGHVSLHGUDVHQHOTXHVH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

KDOODEDHOFDGiYHUHQSRVLFLyQHQFRJLGDDSDUHFLHQGRHQFL
PDXQDJUDQFDQWLGDGGHSLHGUDV(ODMXDUGHHVWDVWXPEDV
HUD SRU OR JHQHUDO PiV SREUH TXH HQ 6DQ$QWyQ \D TXH OD
PD\RUtDQRVROtDFRQWHQHUPiVTXHDOJ~QREMHWRGHFHUiPLFD
\YDULDVFRQFKDVSHUIRUDGDV6LQHPEDUJRDOJXQDVGHHOODV
±XQDSDUWHVLQSUHFLVDUVXQ~PHUR±GLHURQDOJXQDVHVSLUDOHV
\DQLOORVGHSODWDDODEDUGDVFXFKLOORV\SXxDOHVGHFREUH\
XQ EXHQ Q~PHUR GH EUD]DOHWHV ERWRQHV \ RWURV REMHWRV GH
PDU¿O

3RUVXDMXDU-)XUJ~VGHVWDFyXQDGHHVWDVWXPEDVGHW~
PXOR TXH FRQWHQtD XQD SHTXHxD YDVLMD FRORFDGD MXQWR DO
FUiQHRGRVJUDQGHVHVSLUDOHV\GRVDQLOORVGHSODWDXQEUD
]DOHWH PDFL]R GH SODWD GRV DQLOORV GH RUR )LJXUD   XQ
FXFKLOOR GH  FP GH ORQJLWXG \ XQ KDFKD GH FREUH TXH VH
KDOODURQXQRFUX]DGRVREUHHORWUR

5HVSHFWRGHORVHQWHUUDPLHQWRVHQXUQDVHQODPD\RUtDGH
ODVRFDVLRQHVQRFRQWHQtDQPiVTXHHOHVTXHOHWRGHXQLQ
GLYLGXRLQIDQWLO\VXDMXDUHUDPX\SREUHFRQFKDVSHUIRUDGDV
RFXHQWDVGLVFRLGDOHVGHKXHVR(VWDSREUH]DOODPyWDQWROD
DWHQFLyQGH-)XUJ~VTXHOOHJyDSHQVDUTXHSUREDEOHPHQWH
HOUHVWRGHODMXDUVHKDEtDSHUGLGRDODSDUHFHUURWDVODPD\R
UtDGHODVXUQDV

(OWHUFHUWLSRGHWXPEDVHVHOGHORVVHSXOFURVGHORVDVGH

Ì1',&( 
,,,/DEDVHHPStULFD

)LJXUD$MXDUHVIXQHUDULRV\6DQ$QWyQ 2ULKXHOD /DGHUDV


GHO&DVWLOOR &DOORVDGH6HJXUD 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

ORV TXH VH GHVFXEULHURQ VyOR FXDWUR 6ROtDQ FRQWHQHU XQ


YDVR ±TXH - )XUJ~V GHVFULEH OLWHUDOPHQWH FRPR ©GH IRUPD
EDVWDQWHFDUDFWHUtVWLFDª±\XQFXFKLOORRDODEDUGDGHFREUH
'HVWDFDXQDGHHOODVTXHFRQWHQtDFRPRDMXDUXQYDVR©GH
IRUPD GHVXVDGDª XQ KDFKD GH FREUH XQ KDFKD GH GLRULWD
WUHV HVSLUDOHV \ XQ DQLOOR GH SODWD \ FHUFD GH VHLV GRFHQDV
GHERWRQHVGHPDU¿OSLQWDGRVGHURMRGHIRUPDFyQLFDRGH
SHTXHxDSLUiPLGH

$xRV PiV WDUGH - &RORPLQDV 5RFD LQVLVWtD HQ FRQVLGH


UDU FXDWUR WLSRV GH HQWHUUDPLHQWRV HQ HO \DFLPLHQWR GH ODV
/DGHUDVGHO&DVWLOORDxDGLHQGRHOWLSRIRVDDORV\DHVWDEOH
FLGRVSRU-)XUJ~V

(VWDV IRVDV DSDUHFtDQ FXELHUWDV FRQ SLHGUDV VLQ WUDEDMDU \


FRPRDMXDUSUHVHQWDEDQHQVXPD\RUtDVyORSHTXHxRVYDVRV
GHFHUiPLFDDXQTXHVHVHxDODQRWURVHOHPHQWRVFRPRKDFKDV
GHSLHGUDVLHUUHFLOODVGHVtOH[RD¿ODGRUHVGHDUHQLVFD±TXH
VLQGXGDSHUWHQHFtDQDORVQLYHOHVGHKDELWDFLyQVXSHUSXHVWRV
TXHDOLJXDOTXH)XUJ~VQXQFDOOHJyDLGHQWL¿FDU±

/DV JUDQGHV XUQDV GH XQRV  FP GH DOWXUD HVWDEDQ UR
GHDGDVGHSLHGUDV\SRGtDQDSDUHFHUFRQDOJ~QYDVLWRGHFH
UiPLFDFRPR©RIUHQGDª6HVHxDODTXHHODMXDUGHODVXUQDV
HUDVHPHMDQWHDOGHODVIRVDV

Ì1',&( 
,,,/DEDVHHPStULFD

(VWRV GRV WLSRV GH HQWHUUDPLHQWR HUDQ ORV PiV FRPXQHV


HQ HO \DFLPLHQWR PLHQWUDV TXH ORV PiV HVFDVRV HUDQ ODV
VHSXOWXUDV GH ORVDV \ ORV W~PXORV /DV SULPHUDV HVWDEDQ
FRQVWLWXLGDVSRUGHOJDGDVODMDVGHSLHGUDGHPGHORQJL
WXGSRUPGHDOWXUD(OHVTXHOHWRHVWDEDHQFRJLGR\FHU
FDGHOFUiQHRVROtDDSDUHFHUXQYDVLWRGHFHUiPLFDDPDQR
GHIDFWXUDFXLGDGD$OFRVWDGRGHOFDGiYHUDSDUHFtDXQSXxDO
RDODEDUGDGHEURQFH6yORVHORFDOL]DURQWUHVHQWHUUDPLHQWRV
HQFLVWD±GRVGHHOORVLQWDFWRV\HOWHUFHURGHVPRQWDGRSRUOD
HURVLyQGHODSHQGLHQWH

± (Q XQD GH ODV KDOODGDV LQWDFWDV VH HQFRQWUy XQ SHTXHxR
YDVRGHFHUiPLFD\XQSXxDOGHEURQFH

±(QODRWUDGRVYDVRVSHTXHxRVXQDDODEDUGDGHEURQFH\
XQSXQ]yQHQPDQJDGRHQKXHVR

)LQDOPHQWH GH ORV OODPDGRV W~PXORV - &RORPLQDV VyOR


KDOOyXQRTXHFRQWHQtDXQHVTXHOHWRHQFRJLGRFRQXQYDVR
SHTXHxR\XQSXxDOGHEURQFHFRPR~QLFRDMXDU

(QUHVXPHQVLHWHFLVWDVGHODMDVGHSLHGUD\XQQ~PHURLQGH
WHUPLQDGR±SHURHQFXDOTXLHUFDVREDVWDQWHDEXQGDQWH±GH
LQKXPDFLRQHVHQXUQDIRVD\W~PXOR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

6DQ$QWyQ2ULKXHOD
/DLQIRUPDFLyQTXHGHpOKDOOHJDGRKDVWDQRVRWURVSURFHGH
FDVL H[FOXVLYDPHQWH GH ORV WUDEDMRV OOHYDGRV D FDER SRU HO
MHVXLWD-)XUJ~VDFRPLHQ]RVGHVLJOR&RPRpOPLVPRLQGLFD
HQODVSiJLQDVGHVXVSXEOLFDFLRQHVOOHJyDORFDOL]DUPiVGH
VHSXOWXUDV

'HMDQGR DO PDUJHQ ORV OODPDGRV FURPOHFKV TXH GHEHQ FR


UUHVSRQGHUDUHVWRVGHHVWUXFWXUDVPXUDULDVQRLGHQWL¿FDGRV
SRUpO-)XUJ~VGLVWLQJXHFXDWURWLSRVGHHQWHUUDPLHQWRV

±7~PXORV
±)RVDV
±8UQDV
±6HSXOWXUDVGHORVDV

'HDFXHUGRFRQVXVQRWDVORVW~PXORVDSDUHFLHURQHQQ~
PHUREDVWDQWHFRQVLGHUDEOHDXQTXHSRFRVGHHOORVHQWHURV
/DFiPDUDIXQHUDULDQRREVWDQWHVROtDFRQVHUYDUVHFRPSOH
WD/RVHVTXHOHWRVDSDUHFtDQHQSRVLFLyQHQFRJLGD±GHPRGR
TXH OD FiPDUD QR SDVDED GH  P GH ODUJR± 1RUPDOPHQWH
DSDUHFtDXQYDVRMXQWRDOFUiQHR\HOUHVWRGHODMXDU±FXFKLOOR
KDFKDSXQ]yQHWF±DODDOWXUDGHODFLQWXUD/DFiPDUDHV
WDEDIRUPDGDSRUGRVRWUHVSLHGUDVSODQDVDSR\DGDVSRUVXV
H[WUHPLGDGHV(QFLPDKDEtDXQDJUDQFDQWLGDGGHSLHGUDV

Ì1',&( 
,,,/DEDVHHPStULFD

8Q W~PXOR HVSHFLDOPHQWH GHVWDFDEOH SRU VX DMXDU FRQWHQtD


XQ HVTXHOHWR IHPHQLQR /D FiPDUD HVWDED H[FDYDGD HQ HO
VXHOR URMR GH OD YHUWLHQWH \ WHQtD IRUPD HOtSWLFD URGHDGD GH
JUDQGHVSLHGUDV(OFDGiYHU\DFtDGHFRVWDGRVREUHHOODGR
GHUHFKRHQSRVLFLyQHQFRJLGD/DWDSDHVWDEDFRPSXHVWDGH
GRVRWUHVORVDVDSR\DGDVVREUHODVSLHGUDVTXHFRQVWLWXtDQ
ORVPXURVGHODWXPED(ODMXDUFRQVWDEDGH

± 'RV JUDQGHV HVSLUDOHV GH SODWD XQD D FDGD FRVWDGR GHO


FUiQHR )LJXUD 

±$OODGRXQJUDQYDVRGHFHUiPLFDIUDJPHQWDGR

±(QHOFXHOORXQFROODUGHSHTXHxRVFRQRVGHRURSHUIRUDGRV
GH ORV TXH VH UHFXSHUDURQ  )LJXUD   MXQWR FRQ WUHV
FRQFKDVSHUIRUDGDV\GRVGLVFRVGHPDU¿OSHUIRUDGRVHQHO
FHQWUR

±(QODFLQWXUDXQFXFKLOORGHPHWDOGHFPGHORQJLWXGHQ
YXHOWRHQXQDWHODVREUHHOTXHUHSRVDEDXQDGHODVPDQRV
GHOFDGiYHU )LJXUD 

±8QSXQ]yQGHPHWDOFRQPDQJRGHKXHVR

±$ORVSLHVGRFHQD\PHGLDGHSLHGUDVUHGRQGDVGHOWDPDxR
GHXQDQXH]

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

6HJ~QUHODWD-)XUJ~V  ORVKXHVRVGHOEUD]R\DQ


WHEUD]RGHOHVTXHOHWRHVWDEDQSLQWDGRVGHURMR\QHJUR\HO
FUiQHRWRWDOPHQWHHPEDGXUQDGRGHFRORUQHJUR

8QDFRSD )LJXUD \XQDIRUPDGHFDUHQDEDMDIXHURQ


KDOODGRV IRUPDQGR SDUWH GHO DMXDU GH RWUR SHTXHxR W~PXOR
VLHQGR pVWH HO ~QLFR DMXDU FHUiPLFR TXH FRQ FHUWH]D SRGH
PRVDWULEXLUDXQHQWHUUDPLHQWRGHHVWHWLSRHQ6DQ$QWyQ

/DV IRVDV HUDQ WDPELpQ PX\ QXPHURVDV ±QR PHQRV TXH


HO WLSR DQWHULRU VHJ~Q VHxDOD - )XUJ~V± *HQHUDOPHQWH
RVFLODEDQHQWUHORV\ORVFPGHSURIXQGLGDG\PGH
GLiPHWUR/RVHVTXHOHWRVVHKDOODEDQHQSRVLFLyQHQFRJLGD
DSDUHFLHQGR HQ DOJXQD RFDVLyQ GRV GH GLIHUHQWH VH[R$ OD
ERFDGHODJXMHURVHKDOOyDOJ~QFUiQHRVXHOWR(ODMXDUIXQH
UDULRHUDFDVLLGpQWLFRDOGHORVW~PXORVSHURHQJHQHUDOPiV
ULFR

±&LFOLQGURVGHSODWDTXHVHUYLUtDQGHFXHQWDVGHFROODU
±$QLOORV\DUUDFDGDVGHEURQFH
±%UD]DOHWHV\DUUDFDGDVGHSODWD
±%UD]DOHWHV\HVSLUDOHVGHRUR )LJXUD 
±%RWRQHV\EUD]DOHWHVGHPDU¿O
±&ROPLOORVGHMDEDOt\FXHQWDVGHKXHVRGLVFRLGDOHV
±9DVLMDVGHFHUiPLFDGHIRUPDVPX\GLYHUVDV

Ì1',&( 
,,,/DEDVHHPStULFD

)LJXUD$MXDUHVIXQHUDULRVGH6DQ$QWyQ 2ULKXHOD 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

(QRSLQLyQGH-)XUJ~VSUREDEOHPHQWHHUDXQWLSRGHHQWH
UUDPLHQWRUHVHUYDGRSDUDSHUVRQDVGHHOHYDGDFDWHJRUtDD
WHQRUGHODDEXQGDQFLD\ULTXH]DGHODMXDU\GHOKHFKRGHVHU
ODV~QLFDVTXHKDQOLEUDGRREMHWRVGHRUR(OKHFKRGHHQFRQ
WUDUFRQIUHFXHQFLDXQFUiQHRVXHOWRFDVLWRFDQGRHODJXMHUR
WDPELpQLQGXFtDDOMHVXLWDDSHQVDUHQODLPSRUWDQFLDVRFLDO
GHORVLQKXPDGRV'HDFXHUGRFRQODD¿UPDFLyQGH-)XUJ~V
GH TXH pVWDV IXHURQ ODV ~QLFDV WXPEDV TXH SURSRUFLRQDURQ
REMHWRVGHRURWHQGUHPRVTXHUHODFLRQDUFRQDOJXQDGHHOODV
XQYDVRFRQDVDTXHIXHKDOODGRMXQWRFRQGRVSHTXHxRVDQL
OORVGHRUR )XUJ~V  )LJXUD 

5HVSHFWR GH ORV HQWHUUDPLHQWRV HQ SLWKRV R XUQD IXH XQ


WLSR GH HQWHUUDPLHQWR EDVWDQWH JHQHUDO HQ HO \DFLPLHQWR GH
6DQ $QWyQ /DV GH WDPDxR PHGLDQR HVWDEDQ GHVWLQDGDV D
HQWHUUDPLHQWRV LQIDQWLOHV PLHQWUDV TXH ODV PD\RUHV FRQWH
QtDQHVTXHOHWRVGHLQGLYLGXRVGHPD\RUHGDG(QEDVWDQWHV
RFDVLRQHV OD ERFD VH KDOODED WDSDGD SRU RWUD YDVLMD ±GREOH
XUQD± \ WRGDV FDUHFtDQ GH DMXDU H[FHSWR WUHV XQD FRQ XQD
DUUDFDGDGHSODWDRWUDFRQFLOLQGURVGHKXHVRTXHIRUPD
EDQXQFROODU\OD~OWLPDFRQXQDYDVLMDGHFPGHDOWXUD

)LQDOPHQWH DSDUHFLHURQ SRFR PiV GH  VHSXOWXUDV GH


ORVDV ±FLVWDV GH ODMDV± /D PiV JUDQGH PHGtD  P GH
ODUJRSRUPGHDQFKR\PGHSURIXQGLGDG/DPiV

Ì1',&( 
,,,/DEDVHHPStULFD

SHTXHxDPGHODUJRSRUPGHDQFKR\PGH
SURIXQGLGDG(ODMXDUGHHVWDVWXPEDVIXHHVFDVRVyORXQD
DODEDUGD GH EURQFH XQ SHQGLHQWH GH EURQFH \ GRV YDVLMDV
8QDGHHOODVGHVWDFyHVSHFLDOPHQWH\DTXHDGHPiVGHXQ
HVTXHOHWRSUiFWLFDPHQWHFRPSOHWRDSDUHFLHURQGRVFUiQHRV
DORVSLHVGHOGLIXQWRVHSDUDGRVSRUXQDYDVLMD(QRWURFDVR
EDMRODORVDGHXQDGHODVWXPEDVVHKDOOyRWURFUiQHR6HJ~Q
- )XUJ~V GHEtDQ SHUWHQHFHU D SHUVRQDMHV LPSRUWDQWHV \D
TXHODSLHGUDSDUDODVORVDVVyORSRGtDSURFHGHUGHO&HUURR
/RPDGH+XUFKLOOREDVWDQWHDOHMDGRGHO\DFLPLHQWR(QXQD
GHHVWDVVHSXOWXUDVVHORFDOL]yXQYDVRGHODIRUPDGH6LUHW
)LJXUD 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

,9(YDOXDFLyQGHORVGDWRV

6
HKDFHQHFHVDULRDKRUDFLHUWDUHÀH[LyQHQWRUQRDOD
FDQWLGDG\FDOLGDGGHODLQIRUPDFLyQUHFRSLODGDTXH
SRU XQDV X RWUDV FDXVDV QR UHVXOWD HQ OD LQPHQVD
PD\RUtDGHORVFDVRVH[FHVLYDPHQWHFODUL¿FDGRUD(QXQDV
RFDVLRQHV VH WUDWD GH SXEOLFDFLRQHV DQWLJXDV ±%DUUDQF GHO
6LQW 0DV GH )HOLS &HUFDW GH *DLDQHV 6DQ$QWyQ HWF± R
GH DQWLJXDV H[FDYDFLRQHV TXH KDQ VLGR SXEOLFDGDV HQ IH
FKDV UHODWLYDPHQWH UHFLHQWHV ±&DEH]R 5HGRQGR HQ RWUDV
GH QRWLFLDV FRPSOHWDPHQWH QXHYDV ±0DV GHO &RUUDO 0ROD
G¶$JUHV±RGHLQIRUPDFLRQHVSDUFLDOPHQWHDQWLFLSDGDVDXQD
SXEOLFDFLyQGH¿QLWLYD±,OOHWDGHOV%DQ\HWV±6LQGXGDXQSD
QRUDPDGHPDVLDGRKHWHURJpQHRTXHUHTXLHUHXQDFLHUWDGR
VLVGHDQiOLVLVFUtWLFR$ODQDOL]DUHOHVWDGRGHODFXHVWLyQHQOR
TXHVHUHIHUtDDOD©(GDGGHO%URQFHHQHO3DtV9DOHQFLDQRª
06+HUQiQGH]  SODQWHDEDHODQiOLVLVGHORV
ULWRV IXQHUDULRV GH DFXHUGR FRQ XQ HVTXHPD HQ HO TXH VH
GLIHUHQFLDEDQFODUDPHQWHGRVVLVWHPDVGHHQWHUUDPLHQWROD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

LQKXPDFLyQEDMR\HQWUHODVFDVDV\ODLQKXPDFLyQIXHUDGH
SREODGR

6LJXLHQGR ODV GLUHFWULFHV PDUFDGDV HQ HO SODQWHDPLHQWR LQL


FLDOODSULPHUDGLVFULPLQDFLyQQHFHVDULDHQODHYDOXDFLyQGH
ORVGDWRVHVODTXHVHUH¿HUHDODVSUiFWLFDVIXQHUDULDVUHD
OL]DGDVHQHOLQWHULRUGHODV]RQDVGHKiELWDWHVSHFLDOPHQWH
EDMRORVSDYLPHQWRVGHODVXQLGDGHVGRPpVWLFDV\FX\DVLQ
JXODULGDGDQLYHOGHFRQWLQHQWH\FRQWHQLGRHVHOUDVJRIXQ
GDPHQWDOHPSOHDGRSDUDODDGVFULSFLyQDOJUXSRDUJiULFRGHO
DVHQWDPLHQWRGRQGHVHOOHYDURQDFDER\SRURWUDDTXHOODV
LQKXPDFLRQHVUHDOL]DGDVIXHUDGHOD]RQDGHKiELWDWDSURYH
FKDQGR FRPR FRQWLQHQWH JULHWDV FRYDFKDV R FXHYDV SUy[L
PDVDORVOXJDUHVGHUHVLGHQFLD(VWHUDVJRHVHO~QLFRTXH
SRUHOPRPHQWR\DSHVDUGHORVDxRVWUDVFXUULGRVGHVGHTXH
07DUUDGHOO E ORXWLOL]DUDSDUDFDUDFWHUL]DUDO©%URQFH
YDOHQFLDQRªSRGHPRVVHJXLUFRQVLGHUDQGRFRPRH[SUHVLyQ
GH OD VLQJXODULGDG FXOWXUDO GH OD VRFLHGDG FROLQGDQWH FRQ (O
$UJDU\VLWXDGDHQHO'RPLQLR%pWLFRYDOHQFLDQR

3UiFWLFDVIXQHUDULDVIXHUDGHODV]RQDVGHKiELWDW

6RQ QXPHURVDV ODV UHIHUHQFLDV DFHUFD GH HQWHUUDPLHQWRV


HQFXHYDVGHORVTXHGLItFLOPHQWHVHSXHGHSUHFLVDUFRQVX¿
FLHQWHV JDUDQWtDV VX DGVFULSFLyQ D OD (GDG GHO %URQFH 'H

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

KHFKR HQ RFDVLRQHV QL WDQ VLTXLHUD VH SXHGH WHQHU VHJXUL
GDGGHTXHVHHVWpKDEODQGRGHXQDFXHYDRGHXQDJULHWDR
FRYDFKDWpUPLQRVWRGRVHOORVHPSOHDGRVFRQSURIXVLyQHQOD
ELEOLRJUDItD\TXHQLSXHGHQQLGHEHQXWLOL]DUVHFRPRVLQyQL
PRV7UDGLFLRQDOPHQWHVHKDLQVLVWLGRHQTXHODGLYHUVLGDGGH
ORVOXJDUHVHPSOHDGRVFRPRHVSDFLRVIXQHUDULRVVXSRQHDOD
YH]XQDPDWL]DFLyQGHWLSRFXOWXUDO\WDPELpQFURQROyJLFR(Q
UHDOLGDGUHVXOWDPX\DPELJXDXQDGLVFULPLQDFLyQGHFXHYDV
\ FRYDFKDV DWHQGLHQGR DO WDPDxR Q~PHUR GH LQKXPDGRV
GHQRPLQDFLyQWRSRQtPLFDRUHIHUHQFLDVELEOLRJUi¿FDV\DTXH
FRQ IUHFXHQFLD HVWRV FULWHULRV HQWUDQ HQ FRQWUDGLFFLyQ XQRV
FRQRWURV&RQVFLHQWHVGHTXHVXSHUDUHVWDSUREOHPiWLFD±\
ODFRQIXVLyQ\SROpPLFDTXHSXHGHJHQHUDUVH±UHVXOWDXQHV
FROORLPSRUWDQWHVREUHODEDVHGHORVGDWRVGLVSRQLEOHVKDVWD
HOPRPHQWRKHPRVGHFLGLGRPDQWHQHUODGLIHUHQFLDFLyQUHD
OL]DGDKDVWDODIHFKDHQWUHFXHYDV\FRYDFKDV

(QWHUUDPLHQWRVHQFXHYD
4XH VH VLJXH XWLOL]DQGR OD FXHYD FRPR OXJDU GH HQWHUUD
PLHQWR GXUDQWH WRGD R DO PHQRV XQD SDUWH GHO ,, PLOHQLR
%&HQHOiUHDEpWLFDYDOHQFLDQDYLHQHFRQ¿UPDGRSRUXQRV
SRFRV SHUR HQ QXHVWUD RSLQLyQ VX¿FLHQWHPHQWH FRQWUDVWD
GRV KDOOD]JRV GRFXPHQWDGRV HQ YDULRV \DFLPLHQWRV &RYD
GHOD%DUVHOOD 7RUUHPDQ]DQDV  %RUUHJRHWDOLL &RYD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

%ROXPLQL %HQLPHOL%HQLDUEHLJ  0DWD  *XLOOHP HW DOLL


 &RYDGHOD&DVD&RORUi (OGD  6HJXUD &RYD
GHO &DQWDO %LDU  /ySH] 6HJXt HW DOLL   &RYD GHO &DX
GHOHV5DERVHV $OFRL  5XELR \&XHYDGHO3LQFKLOOHW
$JRVW  /ySH]6HJXt 

6LQHPEDUJRGHXQEXHQQ~PHURGH\DFLPLHQWRVORVGDWRV
GLVSRQLEOHV QR SHUPLWHQ FRQWUDVWDU FRQ URWXQGLGDG VX DGV
FULSFLyQDOD(GDGGHO%URQFH\DTXHODLQIRUPDFLyQTXHSUR
SRUFLRQDHOPDWHULDODUTXHROyJLFRDVRFLDGRDHVWDVSUiFWLFDV
IXQHUDULDVHVEDVWDQWHYDJD\OOHQDGHDPELJHGDGHV8QEXHQ
HMHPSOR GH HOOR VHUtDQ ORV HQWHUUDPLHQWRV GH /HV /ORPHWHV
$OFRL  3DVFXDO   GH ORV TXH QR VH KD FRQVHUYDGR HO
DMXDU TXH OHV DFRPSDxDED D H[FHSFLyQ GH XQD OiPLQD GH
PHWDO 9LFHQV PLHQWUDVTXHODLQIRUPDFLyQVREUH
ODGLVSRVLFLyQGHORVFDGiYHUHV\DMXDUHVIXHSURSRUFLRQDGDD
(9LODSODQDSRUORVODEUDGRUHVTXHGHVFXEULHURQODFXHYDGH
PRGRTXHQRSURFHGHQGHVXREVHUYDFLyQGLUHFWD 3DVFXDO
   (Q FRQGLFLRQHV VLPLODUHV VHHQFRQWUDUtD OD &RYD
GH%HQL6LG 9DOOG¶(ER 6XH[FDYDFLyQVHUHPRQWDDPHGLD
GRVGHVLJOR\ODLQIRUPDFLyQGHTXHVHGLVSRQHHVEDVWDQWH
SDUFLDO\SRFRSUHFLVD$ORODUJRGHXQRVPGHHVWUDWL
JUDItD(3OD  KDOOyUHVWRVGHHVTXHOHWRV\FUiQHRV
MXQWR FRQ IUDJPHQWRV FHUiPLFRV SHUR VyOR HQ HO QLYHO PiV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

SURIXQGRORFDOL]yREMHWRVPHWiOLFRV±FLQFRDQLOORV\XQDSXO
VHUDWRGRVDOSDUHFHUGHEURQFH +HUQiQGH] ±HQ
FRPSDxtDGHDOPHQRVLQGLYLGXRV/ODPDODDWHQFLyQVLQ
GXGDODDVRFLDFLyQGHORVDGRUQRVGHPHWDOFRQXQQ~PHUR
WDQHOHYDGRGHLQKXPDGRVVLQTXHSRGDPRVSRURWUDSDUWH
UHODFLRQDU QLQJ~Q HOHPHQWR GHO DMXDU FRQ DOJ~Q FDGiYHU HQ
SDUWLFXODUQLSUHFLVDUODGLVSRVLFLyQGHORVPLVPRV

'HWHUPLQDGDVFXHYDVHQODVTXHVHKDQKDOODGRREMHWRVDGV
FULELEOHV D OD (GDG GHO %URQFH KDQ SURSRUFLRQDGR WDPELpQ
DOJXQRVUHVWRVKXPDQRVPRWLYRSRUHOTXHHQRFDVLRQHVVH
ODVKDFLWDGRFRPRSRVLEOHVFRQWLQHQWHVIXQHUDULRV-9LFHQV
   SRU HMHPSOR KDEOD HQ HVWH VHQWLGR GH OD &RYD
%RLUD\OD&RYDGHO&RQLOODPEDVHQ$OFRLSHURODOLVWDSR
GUtDVHUPXFKRPiVH[WHQVD $SDULFLRHWDOLL3DVFXDO
 

&RQIUHFXHQFLDODXWLOL]DFLyQGXUDQWHOD(GDGGHO%URQFHGH
FXHYDV\DHPSOHDGDVGXUDQWHHO,,,PLOHQLR%&FRPRiUHDV
GH LQKXPDFLyQ QR SXHGH PiV TXH VXSRQHUVH D SDUWLU GH OD
SUHVHQFLD GH DOJXQRV REMHWRV TXH VyOR H[FHSFLRQDOPHQWH
SXHGHQDVRFLDUVHDDOJ~QFDGiYHUHQFRQFUHWR(VHSRGUtD
VHUHOFDVRGHOD&RYDGHOD%DUVHOODHQODTXHDOJXQRVGH
ORVLQKXPDGRV GHVFXELHUWRVSRU-%HOGDDFRPSDxDGRVGH
DMXDUHV PHWiOLFRV ±SXxDOHV GHUHPDFKHV \DUHWHVGHSODWD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

HQWUHRWURVSURGXFWRV±GHEHQVLWXDUVHFRPR\DVHKDLQGL
FDGRHQHO,,PLOHQLR%&(QRWURVFDVRVKDVLGRHODQiOLVLV
PHWDORJUi¿FRGHDOJXQDVSLH]DVHOTXHKDGDGRODSLVWDGRV
SXQ]RQHVGHEURQFHORFDOL]DGRVHQOD&RYDGHO&DQWDO /y
SH]6HJXtHWDOLL \HQOD&XHYDGHOD&DVD&RORUi
6HJXUD UHVSHFWLYDPHQWHLQYLWDQDSHQVDUHQXQXVR
IXQHUDULRGHHVWDVFDYLGDGHVGXUDQWHHO,,PLOHQLR%&

(Q UHVXPHQ ODV FDUDFWHUtVWLFDV WDIRQyPLFDV GH ORV \DFL


PLHQWRVHQFXHYDXQLGDVDODVODPHQWDEOHVFRQGLFLRQHVHQ
TXH ODV UHEXVFDV FODQGHVWLQDV VXHOHQ GHMDU ORV GHSyVLWRV
DUTXHROyJLFRVHQHOODVFRQWHQLGRVKDFHQTXHDPHQXGRVHD
VXPDPHQWHGL¿FLOVHSDUDUFRQJDUDQWtDVORVSRVLEOHVHQWHUUD
PLHQWRVGHOD(GDGGHO%URQFHGHORVSHUWHQHFLHQWHVDPR
PHQWRV DQWHULRUHV (VWH SUREOHPD VH DJXGL]D FRQ UHVSHFWR
DODVLQKXPDFLRQHVFRUUHVSRQGLHQWHVDORVPRPHQWRV¿QDOHV
GHO &DOFROtWLFR HQ ORV TXH IDOWHQ ORV DUWHIDFWRV FDUDFWHUtVWL
FRVGHOGHQRPLQDGR+RUL]RQWH&DPSDQLIRUPHGH7UDQVLFLyQ
%HUQDEHX 

(QWHUUDPLHQWRVHQJULHWDRFRYDFKD

$XQTXHQRH[HQWDVGHYDJXHGDGHV\GHODJXQDVLPSRUWDQWHV
ODVUHIHUHQFLDVDFHUFDGHSUiFWLFDVIXQHUDULDVHQSHTXHxDV
RTXHGDGHV QDWXUDOHV GH OD URFD VRQ PiV QXPHURVDV \ HQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

JHQHUDO EDVWDQWH PiVSUHFLVDV 1R IDOWDQFRPR HVQDWXUDO


QRWLFLDV TXH QXQFD KDQ OOHJDGR D FRQ¿UPDUVH R TXH HVWiQ
VXPLGDV HQ XQD JUDQ FRQIXVLyQ (QWUH ODV SULPHUDV SRGH
PRVFLWDUDOJXQDVUHIHUHQFLDVRUDOHVTXHKDQVLGRUHFRJLGDV
HQ OD ELEOLRJUD¿D SRU YDULRV LQYHVWLJDGRUHV /ORPD 5HGRQD
0RQIRUWHGHO&LG \0RQWDJXW 1RYHOGD  1DYDUUR0HGHURV
   &DWt)RUDGj 3HWUHU  -LPpQH] GH &LVQHURV
   R (O &RPDQDRU 7RUUHPDQ]DQDV  7DUUDGHOO 
 6yORHQDOJXQDVRFDVLRQHVHVWDVUHIHUHQFLDVRUDOHVVH
KDQYLVWRUHVSDOGDGDVSRVWHULRUPHQWHFRPRHQHOFDVRGHOD
0RODG¶$JUHV $JUHV GRQGHODVUHFLHQWHVH[FDYDFLRQHVKDQ
ORFDOL]DGR UHVWRV KXPDQRV HQ DOJXQDV JULHWDV GH OD ODGHUD
'H3HGUR TXHKDQGHSRQHUVHHQUHODFLyQFRQRWURV
GHVFXELHUWRV HQ JULHWDV VLPLODUHV SRU PLHPEURV GHO &HQWUH
G¶(VWXGLV&RQWHVWDQV 3DVFXDO 

+D\WDPELpQYDULRVHMHPSORVTXHQRSRUVHUDPSOLDPHQWHFL
WDGRVHQODELEOLRJUDItDGHMDQGHSUHVHQWDUVHULRVSUREOHPDV
GHLQWHUSUHWDFLyQ4XL]iHOPiVFRQWURYHUWLGRVHDHOIDPRVR
HQWHUUDPLHQWRH[FDYDGRSRU&9LVHGRHQHO%DUUDQFGHO6LQW
$OFRL  3OD   UHSHWLGDPHQWH FLWDGR FRPR SDUDGLJPD
WDQWRGHHQWHUUDPLHQWRHQIRVD 7DUUDGHOO$SDULFLR
  0DUWt    FRPR GH LQKXPDFLyQ HQ FXHYD
R FRYDFKD +HUQiQGH]    1R REVWDQWH OD OHFWXUD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

DWHQWDGHODVGHVFULSFLRQHVGDGDVSRU&9LVHGRREOLJDDUH
SODQWHDUVHHQQXHVWUDRSLQLyQDOJXQRVH[WUHPRV(QSULPHU
OXJDU HVWH DXWRU QR KDFH UHIHUHQFLD HQ QLQJ~Q PRPHQWR D
XQD FRYDFKD R FXHYD FRPR UHFHSWiFXOR GHO HQWHUUDPLHQWR
VLQRTXHWDQVyORVHxDODTXHVHORFDOL]yHQOD]RQDPiVDOWD
GHODODGHUDMXVWRGRQGHVHLQLFLDEDHOHVFDUSHURFRVRTXH
ERUGHDODVFLPDVGHOEDUUDQFR3RURWUDSDUWHVHLQGLFDFRQ
SUHFLVLyQTXHHOLQKXPDGRVHKDOODEDFRQODVH[WUHPLGDGHV
H[WHQGLGDV HQ GHF~ELWR ODWHUDO GHUHFKR VHxDOiQGRVH FRQ
H[DFWLWXGVXRULHQWDFLyQHQXQJUi¿FRSXEOLFDGRSRUHODXWRU
\TXHUHÀHMDFODUDPHQWHXQHMHVXUQRUWH 9LVHGR 3RU
¿Q & 9LVHGR SXGR GHWHFWDU OD SUHVHQFLD GH XQ HVWUDWR GH
XQRVFPGHHVSHVRUTXHFRQWHQtDFHUiPLFDVPHGLHYDOHV
\ TXH VH VXSHUSRQtD D RWUR FRQ PDWHULDOHV GH OD (GDG GHO
%URQFH GH DSUR[LPDGDPHQWH  FP GH JURVRU TXH FXEUtD
HO FRQWH[WR IXQHUDULR 'HVFDUWDGDV ODV FHUiPLFDV UHFRJLGDV
SRU&9LVHGRFRPRSDUWHGHOFRQWHQLGR 9LFHQV 
GHOSRVLEOHDMXDUWDQVyORTXHGDUtDXQIUDJPHQWRGHPROLQR
FRORFDGRMXQWRDODFDEH]D

'XGDPRVGHTXHVHGHEDFRQVLGHUDUFRPRSUHKLVWyULFRHVWH
HQWHUUDPLHQWR(VWDFRQFOXVLyQVHH[WUDHWUDVWHQHUHQFXHQWD
GLYHUVRVGDWRVSULPHURODSRVLFLyQ\RULHQWDFLyQGHOFDGiYHU
XQLQKXPDGRHQXQDIRVDFRQODVH[WUHPLGDGHVH[WHQGLGDV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

)LJXUD'LVWULEXFLyQGH\DFLPLHQWRVFRQHQWHUUDPLHQWRVHQJULHWDR
FRYDFKD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

DSR\DGRHQVXODGRGHUHFKR\FRQHOFUiQHRRULHQWDGRKDFLD
HO VXU VHJXQGR OD VLPLOLWXG HYLGHQWH HQWUH pVWH \ DOJXQRV
SRFRV SHUR VLJQL¿FDWLYRV HQWHUUDPLHQWRV LVOiPLFRV TXH VH
KDQORFDOL]DGRHQDOJXQRVSXQWRVGHOiUHDHQHVWXGLRHQHO
\DFLPLHQWRGH3XoD 3HWUHU  1DYDUUR3RYHGD 
\HQORVFDVFRVXUEDQRVGH1RYHOGD 1DYDUUR3RYHGD 
\GH6DQ-XDQGH$OLFDQWH 2UWHJD WRGRVHOORVIRVDV
VLQWDSDGHUDFRQWHQLHQGRLQGLYLGXRVVLQDMXDUDSR\DGRVHQ
HOFRVWDGRGHUHFKR\ODFDEH]DRULHQWDGDKDFLDHOVXU(VWH
WLSRGHHQWHUUDPLHQWRVVLQHPEDUJRVHKDOODELHQGRFXPHQ
WDGRHQRWUDV]RQDVGHO6XGHVWH8QHMHPSORVLJQL¿FDWLYRHV
ODPDTEDUDGH6DQ1LFROiVGH0XUFLD 1DYDUUR HQOD
TXHODPD\RUSDUWHGHODVLQKXPDFLRQHVH[FDYDGDVVH
YHUL¿FDURQHQIRVDVHVWUHFKDVH[FDYDGDVGLUHFWDPHQWHHQOD
WLHUUD\VLQREUDGHQLQJ~QWLSR7RGRVORVHVTXHOHWRVGHHVWD
QHFUySROLV LVOiPLFD JXDUGDEDQ XQD GLVSRVLFLyQ HQ GHF~ELWR
ODWHUDOGHUHFKRRULHQWDGRVORVSLHVDO1(ODFDEH]DDO6:\
HOURVWURDO6(SDUDORTXHHQDOJXQRVFDVRVHOFUiQHRDSD
UHFtD DSR\DGR VREUH XQD SLHGUD R ODGULOOR FRQ HO ¿Q GH TXH
OD FDEH]D TXHGDUD SHUIHFWDPHQWH RULHQWDGD ±FRPR SRGUtD
VHU WDPELpQ HO FDVR GHO IUDJPHQWR GH PROLQR KDOODGR HQ OD
LQKXPDFLyQGHO%DUUDQFGHO6LQW±)LQDOPHQWHVLDWRGRHOOR
DxDGLPRVODSUHVHQFLDGHFHUiPLFDVPHGLHYDOHVHQHOOXJDU
GHOKDOOD]JRFRPRUH¿HUH&9LVHGRGHEHUHPRVFRQVLGHUDU

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

VHULDPHQWHODSRVLELOLGDGGHTXHHOHQWHUUDPLHQWRGHO%DUUDQF
GHO6LQWVHDHQUHDOLGDGXQDLQKXPDFLyQDVRFLDGDDOQLYHOPH
GLHYDODIHFWDQGRODIRVDH[FDYDGDDORVHVWUDWRVGHODIDVH
GH OD (GDG GHO %URQFH VXE\DFHQWHV 6H H[SOLFDUtDQ DVt ODV
H[WUDxDVFDUDFWHUtVWLFDVTXHSDUDHO,,PLOHQLR%&KDSUHVHQ
WDGRGHVGHHOSULQFLSLRHVWHHQWHUUDPLHQWR\TXHKDQKHFKR
GL¿FLOVXLQWHUSUHWDFLyQ

2WURKDOOD]JRWDPELpQPX\FRQRFLGRSHURGHOTXHVHGLVSRQH
GHPXFKDPHQRVLQIRUPDFLyQD~QHVHOGH/HV&RYDWHOOHVR
&RYHWDGHO¶2U *DLDQHV FLWDGRHQODELEOLRJUDItDSRUHOGHV
FXEULPLHQWR DVRFLDGR D UHVWRV KXPDQRV GH GRV SLH]DV GH
RURTXHVHKDQGHVFULWRFRPR©FXHQWDVGHFROODUFLOtQGULFDVª
©FDQXWLOORVªR©WXELWRVª(VWRVREMHWRVDOSDUHFHUIXHURQIXQ
GLGRV\SRUWDQWRKDQGHVDSDUHFLGR\WDPSRFRVHFRQRFHFRQ
FHUWH]DODXELFDFLyQGHO\DFLPLHQWR$OJXQRVDXWRUHVFRPR,
%DOOHVWHUGXGDURQDELHUWDPHQWHGHODYHUDFLGDGGHOKDOOD]JR
PLHQWUDVTXHRWURVVHLQFOLQDQDDFHSWDUHQSDUWHODVQRWLFLDV
UHFRJLGDV HQ OD ELEOLRJUDItD 5XELR    /R FLHUWR HV
TXHODVVLPLOLWXGHVGHHVWHHQWHUUDPLHQWRFRQRWURVHMHPSORV
GRFXPHQWDGRV HQ OD ]RQD LQYLWDQ HQ SULQFLSLR D WRPDU HQ
FLHUWD FRQVLGHUDFLyQ OD LQIRUPDFLyQ SXEOLFDGD VREUH pO GRV
LQGLYLGXRVLQKXPDGRVHQXQDSHTXHxDFRYDFKDFRQDOJXQDV
SLHGUDVDOSDUHFHUFRORFDGDVHQODERFDGHHQWUDGD\FRQXQ

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

DMXDU DVRFLDGRDXQRGHORVFUiQHRV FRPSXHVWRSRUXQDUH


WHGHOTXHSHQGtDXQSHTXHxR©WXERªGHRURHVH[DFWDPHQWH
ORTXHHQFRQWUDPRVHQHOHQWHUUDPLHQWRH[FDYDGRSRU-0
6ROHU  HQHO&DEH]RGHOD(VFRED 9LOOHQD 6HQRV
DQWRMDVHQVDWRSRUFRQVLJXLHQWHWHQHUSUHVHQWHHVWHKHFKR
DXQ PDQWHQLHQGR ODV UHVHUYDV OyJLFDV GDGDV OD GH¿FLHQWH
LQIRUPDFLyQ\ODLPSRVLELOLGDGGHFRQ¿UPDUODHQODDFWXDOLGDG

(QFXDOTXLHUFDVRDXQTXHKD\DOJXQRVRWURVHMHPSORVWDP
ELpQPX\FRQIXVRV±ORVHQWHUUDPLHQWRVGH0DVGH)HOLS ,EL 
3DVFXDO ±ORFLHUWRHVTXHODVSUiFWLFDVIXQH
UDULDVHQJULHWDDVRFLDGDVDSREODGRVGHOD(GDGGHO%URQFH
±\D VHDQ LQKXPDFLRQHV GREOHV WULSOHV R P~OWLSOHV± HVWi
ELHQGRFXPHQWDGR$VtHQHO$OWR9LQDORSyDGHPiVGHOHQ
WHUUDPLHQWR GHO &DEH]R GH OD (VFRED \DUHIHULGR WHQHPRV
ODV FRYDFKDV GH OD ODGHUD RULHQWDO GHO &DEH]R 5HGRQGR
9LOOHQD  6ROHU   \ OD &XHYD GH OD 0LQD &DQ\DGD 
*DUFtD HQHO9LQDORSy0HGLRODJULHWDGH/D+RUQD
$VSH  +HUQiQGH]D HQHO$OFRLiORVHQ
WHUUDPLHQWRV GHO 0DV GHO &RUUDO $OFRL  7UHOLV   
0ROD G¶$JUHV $JUHV  3DVFXDO    \ 8OO GHO 0RUR
$OFRL  5XELR 

&RPRSXHGHDSUHFLDUVHODVSUiFWLFDVIXQHUDULDVUHDOL]DGDV
HQ FXHYDV FRYDFKDV R JULHWDV IXHUD GH ODV ]RQDV GH KiEL

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

WDW ±DXQTXH SUy[LPDV D ODV PLVPDV± VH FLUFXQVFULEHQ D OD


]RQD GHO 3UHEpWLFR 0HULGLRQDO QR GRFXPHQWiQGRVH SRU HO
PRPHQWR HYLGHQFLD DOJXQD HQ HO FRUUHGRU GH OD 9HJD %DMD
GHO6HJXUD\&DPSG¶(O[ )LJXUD 3DUDODIDVHDUTXHROy
JLFD GHQRPLQDGD %URQFH 7DUGtR HVWD PLVPD GLVWULEXFLyQ
SDUHFHPDQWHQHUVHWHQLHQGRHQFXHQWDODVHYLGHQFLDVGRFX
PHQWDGDVHQ\DFLPLHQWRVFRPR&DEH]R5HGRQGR\/D+RU
QD$OLQGLYLGXRLQKXPDGRHQFLVWDHQOD&XHYDGH&DEH]R
5HGRQGR OH DFRPSDxDED XQ FRQR GH RUR 6ROHU  
)LJ DQiORJRDORVGHO©7HVRULOORGHO&DEH]R5HGRQGRª\
DOGHORVQLYHOHVWDUGtRVGHOD&XHVWDGHO1HJUR 3XUXOOHQD
*UDQDGD  0ROLQD\3DUHMD 7DPELpQHQODPLVPD
FXHYD HQFRQWUDPRV XQ HQWHUUDPLHQWR TXH SUHVHQWD FRPR
DMXDU GRV YDVRV JHPLQDGRV FODUDPHQWH DGVFULELEOHV D HVWH
PRPHQWRDYDQ]DGRGHO,,PLOHQLR%&

3UiFWLFDVIXQHUDULDVGHQWURGHODV]RQDVGHKiELWDW
/D LQIRUPDFLyQ GLVSRQLEOH DFHUFD GH HVWH WLSR GH HQWH
UUDPLHQWRVHQOD]RQDHQHVWXGLRHVUHODWLYDPHQWHDEXQGDQWH
\FRPSDUDWLYDPHQWHGHPXFKDPiVHQWLGDGTXHHQORVFDVRV
DQWHULRUHV7UHVVRQORVWLSRVGHFRQWLQHQWHVIXQHUDULRVDORV
TXHODELEOLRJUDItDVHUH¿HUHFRQPiVIUHFXHQFLDFLVWDV±GH
PDPSRVWHUtDRGHODMDVGHSLHGUD±IRVDV\XUQDVGHFHUiPL
FDRSLWKRL6LQHPEDUJRHQDOJXQDVRFDVLRQHVVHKDPHQ

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

)LJXUD  'LVWULEXFLyQ GH \DFLPLHQWRV FRQ HQWHUUDPLHQWRV HQ HO


LQWHULRUGHSREODGR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

FLRQDGR OD H[LVWHQFLD GH RWURV WLSRV GH WXPEDV (V HO FDVR
GH ORV W~PXORV \ FURPOHFKV GH - )XUJ~V    SDUD
ORVTXHQRUHVXOWDIiFLOGHWHUPLQDUVXFRUUHFWDLQWHUSUHWDFLyQ
1RIDOWDQWDPSRFRODVQRWLFLDVSROpPLFDVSXHVVLQGXGDGH
EHPRV FDOL¿FDU GH WDOHV ODV UHIHUHQWHV D ORV HQWHUUDPLHQWRV
ORFDOL]DGRVHQHO6HUFDW *DLDQHV  3OD VHLVGHHOORV
DOSDUHFHUHQXUQDTXHIXHURQH[FDYDGRVDSULQFLSLRVGHVL
JOR/DVUHIHUHQFLDVHQWRUQRDFDVLXQDYHLQWHQDGHLQKXPD
FLRQHVFRQORVHVTXHOHWRVDFXUUXFDGRV\FRQ©ROODVªGHEDMR
GHODFDEH]DQRVUHVXOWDDWRGDVOXFHVH[DJHUDGD6LQGXGD
JUDQSDUWHGHORVUHFHORVFRQORVTXHHVWDVQRWLFLDVVHUHÀH
MDURQHQODELEOLRJUDItDKDVWDIHFKDVEDVWDQWHUHFLHQWHVHVWiQ
MXVWL¿FDGRV +HUQiQGH]5XELR
 6LQHPEDUJRODORFDOL]DFLyQGHQXHYRVHQWHUUDPLHQWRV
HQ XUQD ±FURQROyJLFDPHQWH DGVFULWRV D OD IDVH GHO %URQFH
7DUGtR±GHOSREODGRGHO0DVGHO&RUUDO $OFRL  7UHOLV
  REOLJD D SODQWHDUVH DKRUD VL HVWDV DQWLJXDV QRWLFLDV GHO
6HUFDWQRHVFRQGHQXQDSDUWHGHYHUGDGSRVLEOHPHQWHH[D
JHUDGD SRVWHULRUPHQWH SRU VXV H[FDYDGRUHV SDUD ORV TXH
FRQWDEDQWDPELpQRWURVLQWHUHVHVDGHPiVGHORVSXUDPHQWH
DUTXHROyJLFRV

/DV FLVWDV GH ODMDV HVWiQ GRFXPHQWDGDV HQ OD ,OOHWD GHOV
%DQ\HWV (O &DPSHOOR  6DQ$QWyQ 2ULKXHOD  \/DGHUDV GHO

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

&DVWLOOR &DOORVDGHO6HJXUD GRQGHODVDQWLJXDVQRWLFLDVGH


))LJXHUDV3DFKHFR  \-)XUJ~V  QRGHMDQGX
GDVDFHUFDGHODIRUPDGLPHQVLRQHV\Q~PHURGHODVKDOOD
GDVHQHVWRVWUHVSREODGRV/DVFLVWDVGHPDPSRVWHUtDSRU
RWUD SDUWH HVWiQ GRFXPHQWDGDV WDPELpQ HQ 7DEDLj $VSH 
+HUQiQGH] \HQHO3XQWDOGHO%~KR (OFKH  5RPiQ
 5DPRV   1XPHURVDV VRQ ODV UHIHUHQFLDV GH -
)XUJ~V   DFHUFD GH IRVDV ±D YHFHV FRQWHQLHQGR PiV
GH XQ LQGLYLGXR± HQ HO SREODGR GH 6DQ$QWyQ FRQ DMXDUHV
TXH HQ RFDVLRQHV SURSRUFLRQDURQ REMHWRV GH RUR 7DPELpQ
VHPHQFLRQDQDOJXQDVIRVDVHQOD,OOHWDGHOV%DQ\HWV\&DUD
PRUR,-&RORPLQDV  VHxDODWDPELpQHQODV/DGHUDV
GHO &DVWLOOR YDULDV IRVDV FXELHUWDV FRQ SLHGUDV )LQDOPHQWH
ODV XUQDV ±PD\RULWDULDPHQWH FRQWHQLHQGR HVTXHOHWRV GH QL
xRVRDGROHVFHQWHV±VHKDQGHVFXELHUWRHQ6DQ$QWyQ\HQ
ODV/DGHUDVGHO&DVWLOOR )XUJ~V DVtFRPRHQ7DEDLj
-RYHUHWDOLL \HQORVQLYHOHVWDUGtRVGH&DEH]R5H
GRQGR 6ROHU \0DVGHO&RUUDO 7UHOLV DXQTXH
HQHVWRVFDVRVHQPXFKRPHQRUQ~PHUR

7~PXORV
&RPR \D KHPRV FRPHQWDGR GH ORV YDULRV WLSRV GH WXPEDV
TXH - )XUJ~V LQGLYLGXDOL]y HQ 6DQ $QWyQ \ /DGHUDV GHO
&DVWLOORORVPiVFRQWURYHUWLGRVKDQVLGRORVOODPDGRVFURP

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

OHFKV\W~PXORVSDUDORVTXHVHKDQSURSXHVWRGLYHUVDVH[
SOLFDFLRQHV VHJ~Q ORV DXWRUHV 3DUD 9 /XOO    ORV
W~PXORVHVWDUtDQIRUPDGRVSRUUHVWRVGHFRQVWUXFFLRQHVRGH
GHUUXPEHVVLWXDGRVVREUHODVVHSXOWXUDVTXHQRKDEUtDQVLGR
LGHQWL¿FDGRVSRU-)XUJ~VDXQTXHWDPELpQFRQVLGHUDODSR
VLELOLGDGSRFRSUREDEOHGHTXHIXHUDXQWLSRGHFRQWLQHQWH
IXQHUDULRFDUDFWHUtVWLFRGHHVWRVGRV\DFLPLHQWRVTXHGHHVWH
PRGRHYLGHQFLDUtDQXQDFODUD©D¿QLGDGLGHROyJLFDªIRU]DGD
SRU VX JUDQ SUR[LPLGDG JHRJUi¿FD /XOO    0 6
+HUQiQGH]  SRUVXSDUWHORVFRQVLGHUDGHO%URQFH
7DUGtRDOFRPSDUDUHODMXDUGHXQRGHHOORVFRQORVFpOHEUHV
©FRQRVª GH RUR GHO 7HVRULOOR GH &DEH]R 5HGRQGR )LJXUD
 )LQDOPHQWH56RULDQR  LQVLVWLyHQODLGHDGH
TXHVHWUDWDGHXQWLSRGHHQWHUUDPLHQWRFDUDFWHUtVWLFRGHORV
SREODGRV GH OD 9HJD %DMD GHO 6HJXUD VHxDODQGR SDUDOHORV
±\DUHFRJLGRVFRQDQWHULRULGDGSRU00$\DOD  ±HQOD
QHFUySROLVPXUFLDQDGH&DxDGD$OED1RREVWDQWHXQOLJHUR
UHSDVRDODQRWLFLDSXEOLFDGDSRU(-LPpQH]  VR
EUHODH[FDYDFLyQUHDOL]DGDHQHVWD©QHFUySROLVªHQQRV
SODQWHDVHULDVGXGDVDODKRUDGHDGPLWLUHVWDLGHQWL¿FDFLyQ
FRQORVW~PXORVGH6DQ$QWyQDXQTXHSRFRFODUL¿FDGRUDVHQ
DPERVFDVRVQRVyORGL¿HUHQODVGHVFULSFLRQHVGH-)XUJ~V
GHODVGH(-LPpQH]VLQRTXHDGHPiVVRUSUHQGHHOKHFKR
GH TXH QL HQ VXV H[FDYDFLRQHV QL HQ ODV UHDOL]DGDV SRU /

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

6LUHWHQQLHQQLQJXQRGHORVWUHLQWD©W~PXORVªH[SOR
UDGRVSRUHO&RQGHGHOD9HJDGHO6HOODHQHVWDQHFUySROLV
GH&DxDGD$OEDIXHUDQHQFRQWUDGRVMDPiVUHVWRVyVHRVTXH
MXVWL¿FDUDQ OD SUHVHQFLD GH XQ FDGiYHU HQ DOJXQD GH HVWDV
VXSXHVWDVWXPEDV -LPpQH] 

9/XOO  DSXQWyODSRVLELOLGDGGHTXHHVWRVW~PXORV


SXGLHUDQVHUHQUHDOLGDGFLVWDVGHPDPSRVWHUtDVHPHMDQWHVD
ODVGRFXPHQWDGDVHQ/D%DVWLGD 7RWDQD0XUFLD \&HUURGH
OD9LUJHQ 2UFH*UDQDGD (VSUREDEOHTXHWXPEDVGHHVWH
PLVPRWLSRIXHUDQGRFXPHQWDGDVWDPELpQSRUORVKHUPDQRV
6LUHW    HQ (O 2¿FLR \ HO SURSLR \DFLPLHQWR GH (O
$UJDUDXQTXHQRHUDQODVPiVHPSOHDGDV6LQGXGDKHPRV
GH LQWHUSUHWDU FRPR WDOHV OD PD\RUtD GH ORV HQWHUUDPLHQWRV
TXH HQ VX iOEXP VH GHVFULEHQ FRQ XQ ODFyQLFR ©VHSXOFUR
KHFKRGHSLHGUDVª\TXHGLIHUHQFLDURQH[SUHVDPHQWHGHODV
FLVWDV FRPSXHVWDV SRU VHLV ORVDV PXFKR PiV DEXQGDQWHV
(O FDVR GH OD WXPED  GH (O $UJDU GHVFULWR FRPR ©VH
SXOFUR GHIRUPD UHGRQGHDGD IRUPDGR SRU SLHGUDV WUDEDGDV
FRQ WLHUUDª HV VLQ GXGD HO PiV FODUR /D WXPED  GH /D
%DVWLGD±XQDFLVWDGHPDPSRVWHUtD±QRWHQtDDMXDUSHURVt
ODWXPEDQ~PHURGHODVSXEOLFDGDVSRU95XL]\&3RVDF
  GHVFULWD FRPR XQD IRVD SURWHJLGD FRQ SLHGUDV \ HQ
ODTXHDSDUHFHXQSHTXHxRYDVLWRFDUHQDGR\XQFXFKLOORGH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

UHPDFKHV MXQWR DO FDGiYHU )LJXUD   1R FRQRFHPRV


HQGHWDOOHHODMXDUGHODVVHSXOWXUDVHQFLVWDGHPDPSRVWHUtD
GHO&HUURGHOD9LUJHQDH[FHSFLyQGHODVGRVTXHFHJDEDQOD
DFHTXLDXQDDGHPiVGHYDULRVDGRUQRVPHWiOLFRVGHSODWD
\EURQFHFRQWHQtDXQFXFKLOORGHUHPDFKHVODSDUWHVXSHULRU
GHXQDFRSD\XQDYDVLMDGHIRUPDRYRLGHODRWUDXQDWXOLSD\
XQEUD]DOHWHGHSODWD 6FKOH (QODWXPEDGH(O
$UJDUDODTXHQRVKHPRVUHIHULGRFRQDQWHULRULGDGVHKDOOy
XQSHTXHxRFXFKLOORGHUHPDFKHV\XQSXQ]yQGHPHWDO/RV
RWURV FXDWUR ©VHSXOFURV KHFKRV GH SLHGUDVª HQ ORV TXH VH
GRFXPHQWy DMXDU SURSRUFLRQDURQ UHVSHFWLYDPHQWH ERWRQHV
GHPDU¿OGHSHUIRUDFLyQHQ9XQDYDVLMDGHODIRUPD\XQ
SXQ]yQGHPHWDOHQODFLVWDXQIUDJPHQWRGHFROPLOORGH
MDEDOtHQODXQKDFKDGHPHWDOHQOD\XQSHQGLHQWH
GHSODWDHQOD 6LUHW\6LUHWOiP 
3RUWDQWRHQWRGRVORVFDVRVHQORVTXHVHKDLGHQWL¿FDGRHO
DMXDUGHHVWDVFLVWDVGHPDPSRVWHUtDVHREVHUYDXQDFODUD
SUHVHQFLDGHORVSURGXFWRVDUJiULFRVPiVUHFXUUHQWHVFRSDV
\WXOLSDVFHUiPLFDVDODEDUGDVKDFKDV\FXFKLOORVGHPHWDO
DGRUQRV GH SODWD RUR \ FREUH \ HQ DOJ~Q FDVR ERWRQHV GH
PDU¿O&RPRUHVXOWDIiFLOFRPSUREDUORVFRQWHQLGRVGHHVWDV
WXPEDVQRGL¿HUHQHQJHQHUDOGHORVGDWRVTXHFRQRFHPRV
DFHUFDGHORVDMXDUHVGHORVW~PXORVGH6DQ$QWyQ\GHODV
/DGHUDVGHO&DVWLOOR

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

)LJXUD  5HFRQVWUXFFLyQ KLSRWpWLFD GH XQR GH ORV HQWHUUDPLHQWRV


©HQ W~PXORª GH 6DQ $QWyQ FRQ VX DMXDU FRUUHVSRQGLHQWH HO DMXDU
PHWiOLFR±H[FHSWRHOSXQ]yQ±GH93LQJHO ¿J HOSXQ]yQ
\HOYDVRFHUiPLFRVHJ~Q-)XUJ~V  

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

$XQTXHODLQIRUPDFLyQHVPXFKRPiVFRQIXVDFUHHPRVTXH
DpVWHVHSRGUtDDxDGLUXQRGHORVHQWHUUDPLHQWRVKDOODGRV
SRU))LJXHUDV  HQOD,OOHWDGHOV%DQ\HWVWDPELpQ
GHVFULWRFRPR©W~PXORª$OPDUJHQGH6DQ$QWyQ\/DGHUDV
GHO&DVWLOORODSUHVHQFLDGHSLHGUDVFXEULHQGRDOFDGiYHUVH
PHQFLRQDH[SUHVDPHQWHHQHOFDVRGHOD,OOHWDGHOV%DQ\HWV
\7DEDLj SRU OR TXH VH KD GH VXSRQHU TXH HVWDV FLVWDV WH
QtDQ WDPELpQ XQD WDSDGHUD GH SLHGUDV$O UHVSHFWR SXHGHQ
VHULOXVWUDWLYDVODVQRWLFLDVSXEOLFDGDVSRU*6FKOH 
 DFHUFDGHDOJXQDVGHODVWXPEDVGHO&HUURGHOD9LUJHQ
2UFH*UDQDGD $XQTXHHVWHDXWRUODVFRQVLGHUD©IRVDVFRQ
SDUHGHVGHSLHGUDªLQGLFDTXHODVHSXOWXUDXQDGHODVGH
PD\RUHVGLPHQVLRQHVFRQWDEDFRQSRVWHVGHPDGHUDHPSR
WUDGRVHQORVPXUHWHV\TXHHQVXLQWHULRUVHKDOODURQJUDQGHV
FDQWLGDGHVGHPDGHUDSRGULGDORTXHHUDQRUPDJHQHUDOHQ
FRQWUDUHQWRGDVODVVHSXOWXUDVELHQFRQVWUXLGDV

&UHHPRV YHURVtPLO TXH HO KXQGLPLHQWR GH OD WDSD GH HVWDV
FLVWDVFRQVWUXLGDVFRQPDGHUDV\SLHGUDVMXQWRFRQORVUHV
WRVGHHVWUXFWXUDVPXUDULDVTXHQLHOH[FDYDGRUMHVXLWDQL-
&RORPLQDVVXSLHURQLGHQWL¿FDUOHVKLFLHUDVXJHULUDHVWRVGRV
LQYHVWLJDGRUHVODIRUPDWXPXODUFRQODTXHKDQSDVDGRDODEL
EOLRJUDItD$VtVHH[SOLFDUtDVLQGXGDHOJUDQQ~PHURGHHVWDV
WXPEDVHQ6DQ$QWyQ\/DGHUDVGHO&DVWLOORHQFRPSDUDFLyQ

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

FRQODVFLVWDVGHVHLVORVDVSDUDFX\DFRQVWUXFFLyQHUDQHFH
VDULRFRPRHOSURSLR-)XUJ~VVHxDODXWLOL]DUODMDVGHSLHGUD
TXHH[LJtDQGHVSOD]DUVHDXQDFRQVLGHUDEOHGLVWDQFLD

&URPOHFK

'HORVOODPDGRVHQWHUUDPLHQWRVHQFURPOHFKSRFRHVORTXH
VHSXHGHGHFLUVDOYRTXHPX\SUREDEOHPHQWHFRUUHVSRQGtDQ
D LQKXPDFLRQHV SUDFWLFDGDV HQ OD SDUWH PiV DOWD GHO FHUUR
DVRFLDGDV GLUHFWD R LQGLUHFWDPHQWH SRU )XUJ~V D UHVWRV GH
HVWUXFWXUDV TXH HYLGHQWHPHQWH QR VXSR LGHQWL¿FDU (O H[
FDYDGRU MHVXLWD VLQ HPEDUJR PHQFLRQD TXH HVWRV LQKXPD
GRVDSDUWHGHFDUHFHUSUiFWLFDPHQWHGHDMXDUHVWDEDQ©RU
GLQDULDPHQWH DGRVDGRV D DOJ~Q VDOLHQWH GH OD VLHUUD \   
GHVFDQVDEDQVREUHODGXUDSHxDª )XUJ~V eVWD
SRGUtDVHUXQDUHIHUHQFLDDHQWHUUDPLHQWRVHQJULHWDVQDWXUD
OHV R FRYDFKDV WDPELpQ VHxDODGDV SDUD RWURV \DFLPLHQWRV
DUJiULFRVGH0XUFLD\$OPHUtDDXQTXHHQDOJXQDRFDVLyQVH
ODVKDLQWHUSUHWDGRFRPRIRVDV 6RULDQR 

&LVWDVGHPDPSRVWHUtD

'H DFXHUGR FRQ WRGR OR H[SXHVWR DQWHULRUPHQWH FUHHPRV


SRVLEOHD¿UPDUTXHODPD\RUSDUWHGHORVHQWHUUDPLHQWRVGH
¿QLGRVSRU-)XUJ~VFRPRW~PXORVFRUUHVSRQGHQHQUHDOLGDG

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

DFLVWDVGHPDPSRVWHUtDVHPHMDQWHVDODVTXHVHKDQGRFX
PHQWDGRHQRWURViPELWRVGHOJUXSRDUJiULFR\TXHRFXSDUtDQ
XQKRUL]RQWHFURQROyJLFRVLPLODUDOGHDTXpOODV\QRVRODPHQ
WHDO%URQFH7DUGtRFRPRHQDOJXQDRFDVLyQVHKDSURSXHVWR
+HUQiQGH] (VWDLGHDHVWLPXODGDIXQGDPHQWDOPHQWH
SRUHODMXDUGHXQRGHORVW~PXORVGH6DQ$QWyQGHEHUtDHQ
QXHVWUDRSLQLyQPDWL]DUVH'HKHFKRHOSDUDOHOLVPRIRUPDO
GHORVIDPRVRV©FRQRVªGHRURGHHVWHHQWHUUDPLHQWRFRQORV
D~QPiVFpOHEUHV©FRQRVªGHO7HVRULOORGH&DEH]R5HGRQGR
UHVXOWD WDQWR PiV OHMDQR FXDQWR PiV VH LQVLVWH HQ OD YLVLyQ
GHFRQMXQWRGHODVHSXOWXUDFX\DVVLPLOLWXGHVFRQODQRUPD
JHQHUDO GHO HQWHUUDPLHQWR DUJiULFR SDUHFHQ HYLGHQWHV (Q
FXDOTXLHUFDVRHVWDVSLH]DVGH6DQ$QWyQFRQWLQ~DQVLHQGR
H[FHSFLRQDOHV \ QR FUHHPRV IiFLO SUHFLVDU XQD FURQRORJtD
SDUDHOODVSHVHDTXHUHFLHQWHPHQWHVHKD\DQVHxDODGROHMD
QRVSDUDOHORVSDUDODVPLVPDV %UDQGKHUP 

)UHQWH DO HVFDVR Q~PHUR GH FLVWDV GH PDPSRVWHUtD FRQV


WDWDGDVHQORV\DFLPLHQWRVFOiVLFRVGHO$UJDUHQHOiUHDHQ
HVWXGLRSDUHFHVHUHOWLSRPiVJHQHUDOL]DGR1RREVWDQWHGH
HOODVVyORFRQRFHPRVGHWDOOHVGHDTXHOODVTXHVRUSUHQGLHURQ
SRUVXVDMXDUHV&RPRRFXUUHHQ\DFLPLHQWRVGHO6XUHVWHH
LQFOXVRFRPRWDPELpQVHxDOy)XUJ~VRWUDVWXPEDVGHPDP
SRVWHUtDGHELHURQGHLUDFRPSDxDGDVGHHVFDVRDMXDU±DOR

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

VXPRDOJ~QYDVRFHUiPLFR\FRQFKDVSHUIRUDGDV±\DOJXQDV
FDUHFHUtDQ SRU FRPSOHWR GH pVWH FRPR VXFHGH WDPELpQ HQ
DOJXQRV\DFLPLHQWRVDUJiULFRVGH/RUFD 0DUWtQH]5RGUtJXH]
HW DOLL    R HQ HO SREODGR GH *DWDV &DVWUR HW DOLL
 4XL]iHVWHWLSRGHWXPEDVVHDHOPiVH[WHQGLGR\JH
QHUDOL]DGRHQHVWD]RQDDQWHHOFRVWHVRFLDOTXHVXSRQGUtD
FRQVHJXLUJUDQGHVODMDVTXHSHUPLWLHVHQFRQVWUXLUFLVWDVGH
ORVDV6RQPX\SRFRVORVFDVRVHQTXHHVSRVLEOHGHWDOODU
HOFRQWHQLGRGHHVWDVVHSXOWXUDV'H6DQ$QWyQSRUHMHPSOR
\ H[FOX\HQGR HO HQWHUUDPLHQWR FRQ ORV SHTXHxRV FRQRV GH
RUR\DPHQFLRQDGRVyORFRQRFHPRVHODMXDUGHXQDGHHV
WDVWXPEDVFRPSXHVWRSRUXQDWXOLSDGHFDUHQDEDMD\XQD
SHTXHxDFRSD )XUJ~V 'HOUHVWRQRFRQVHUYDPRV
PiV TXH UHIHUHQFLDV JHQHUDOHV VREUH ORV DMXDUHV SHUR QR
DVRFLDFLRQHV VLJQL¿FDWLYDV 'H ODV /DGHUDV GHO &DVWLOOR QR
WHQHPRV PXFKD PiV LQIRUPDFLyQ 6HJ~Q - )XUJ~V XQD GH
ODVWXPEDVFRQWHQtDDGHPiVGHXQDYDVLMD±VLQTXHSXHGD
HVSHFL¿FDUVHVXIRUPD±\YDULRVDGRUQRVPHWiOLFRV±HVSLUD
OHVDQLOORV\EUD]DOHWHGHSODWDMXQWRFRQGRVDQLOORVGHRUR±
XQFXFKLOOR\XQKDFKDGHPHWDOFUX]DGRVXQRVREUHHORWUR
3RUVXSDUWH-&RORPLQDV  VyORSXEOLFyHODMXDUGHXQ
W~PXORHQHOTXHDSDUHFLHURQXQYDVRGHFHUiPLFDFDUHQDGR
\XQSHTXHxRSXxDOGHUHPDFKHV3RFRVDEHPRVDOUHVSHFWR
GHODVFLVWDVGHPDPSRVWHUtDGH3XQWDOGHO%~KR\GHOD,OOHWD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

GHOV%DQ\HWVGHOSULPHURGHVFRQRFHPRVODSRVLFLyQGHOFD
GiYHUDXQTXHVHVHxDODODSUHVHQFLDGHXQFXHQFRGHIRUPD
HVIpULFD FRPR DMXDU PLHQWUDV TXH SDUD HO VHJXQGR DSHQDV
FRQWDPRVPiVTXHFRQODVYDJDVUHIHUHQFLDVGH))LJXHUDV
TXLHQ WDPELpQ OD GHVFULELy FRPR ©W~PXORª (Q FDPELR Vt
HVWDPRV ELHQ LQIRUPDGRV GHO DMXDU KDOODGR HQ OD FLVWD GH
7DEDLjFRPSXHVWRGHXQSHTXHxRYDVRGHODIRUPD\XQD
DODEDUGDFRQUHPDFKHVHQVXSODFDGHHQPDQJXH )LJXUD
 /DDSDULFLyQGHDOJXQDVDODEDUGDVFXFKLOORV\SXxDOHV
HQ©W~PXORVªGHODV/DGHUDVGHO&DVWLOORHVWiFRQ¿UPDGDSRU
HOSURSLR-)XUJ~V  

$WRGDVpVWDVORFDOL]DGDVHQ\DFLPLHQWRVGHFODUDDGVFULSFLyQ
DUJiULFDKHPRVGHVXPDURWUDVGRVORFDOL]DGDVHQ&DEH]R
5HGRQGR\0DVGHO&RUUDOHQDPERVFDVRVDVRFLDGRVDQL
YHOHVGHOOODPDGR%URQFH7DUGtR(QHOSULPHUFDVRODWXPED
VHORFDOL]yHQHOiQJXORQRURFFLGHQWDOGHO'HSDUWDPHQWR,9
FRQWHQLHQGRORVUHVWRVGHXQLQGLYLGXRDGXOWRHQSRVLFLyQGH
GHF~ELWR ODWHUDO ÀH[LRQDGR VLQ TXH VH KD\D SRGLGR UHODFLR
QDU FODUDPHQWH QLQJ~Q REMHWR GH DMXDU FRQ HO PLVPR 6ROHU
*DUFtD  )LJXUD /DVPLVPDVFDUDFWHUtVWLFDVSDUH
FHQVHxDODUVHHQHO\DFLPLHQWRGHO0DVGHO&RUUDODXQTXHHQ
HVWHFDVRFRPRDMXDUDSDUHFLyXQSHTXHxRYDVRFHUiPLFR\
XQDFRQFKDSHUIRUDGD 7UHOLV 

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

&LVWDVGHODMDV
/DVFLVWDVGHODMDVVHKDQUHJLVWUDGRWDPELpQHQ6DQ$QWyQ
/DGHUDV GHO &DVWLOOR H ,OOHWD GHOV %DQ\HWV (Q SULQFLSLR VRQ
HOWLSRGHWXPEDVPHQRVQXPHURVR±HQ6DQ$QWyQHQ
/DGHUDVGHO&DVWLOOR\DOPHQRVHQOD,OOHWDGHOV%DQ\HWV±

)LJXUD(QWHUUDPLHQWRHQFLVWDGHPDPSRVWHUtDGHO7DEDLj $VSH 
+HPiQGH]¿JV 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

5HVSHFWR D VXV DMXDUHV HV HO ~QLFR WLSR GH WXPED DO TXH
VH DVRFLD OD IRUPD  GH 6LUHW /XOO    LJQRUDQGR VL
WDPELpQ FRUUHVSRQGH D HVWH WLSR GH YDVR HO TXH - )XUJ~V
FDOL¿FD FRPR GH ©IRUPD GHVXVDGDª \ KDOODGR HQ XQD FLVWD
HQODV/DGHUDVGHO&DVWLOORMXQWRFRQXQKDFKDGHFREUHWUHV
HVSLUDOHVXQDQLOORGHSODWD\FHUFDGHGRFHQDVGHERWRQHV
GHPDU¿O(VWDFLVWDQRHVOD~QLFDGRQGHDSDUHFHQJUDQFDQ
WLGDG GH ERWRQHV GH SHUIRUDFLyQ HQ ©9ª \D TXH HQ XQD GH
ODVGHOD,OOHWDGHOV%DQ\HWVDSDUHFLHURQRWURVMXQWRFRQXQ
SXxDOGHUHPDFKHV 6LPyQ 

8UQDV
'HWRGRVORVWLSRVGHFRQWLQHQWHVIXQHUDULRVKDELWXDOHVGHQWUR
GHODVSUiFWLFDVIXQHUDULDVDUJiULFDVODIRUPDPiVHPSOHDGD
SDUDODLQKXPDFLyQHQ6DQ$QWyQ\/DGHUDVGHO&DVWLOORSD
UHFHVHUODXUQD(QPHQRUPHGLGDVHKDQGRFXPHQWDGRHQ
7DEDLjQRUHJLVWUiQGRVHHQOD,OOHWDGHOV%DQ\HWV&DUDPRUR
,QL3XQWDOGHO%~KR6XDXVHQFLDHQHOFDVRGHOD,OOHWDGHOV
%DQ\HWV SRGUtD H[SOLFDUVH VL WHQHPRV HQ FXHQWD TXH HVWH
WLSRGHWXPEDVHKDFRQVLGHUDGRWUDGLFLRQDOPHQWHFRPRFD
UDFWHUtVWLFR GH OD IDVH % GHO$UJDU %ODQFH  6FKXEDUW
 PLHQWUDVTXHODFURQRORJtDSURSXHVWDSDUDHOQLYHOTXH
FRQWLHQH ORV HQWHUUDPLHQWRV GH HVWH SREODGR VH UHPRQWD D
ORVPRPHQWRVLQLFLDOHVGHO,,PLOHQLR%& 6LPyQ (QHO

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

3XQWDOGHO%~KRVXLQH[LVWHQFLDQRUHVXOWDVLJQL¿FDWLYDGDGR
HOFDUiFWHUVXSHU¿FLDOGHORVGDWRVGHTXHGLVSRQHPRV

$VSHFWRV GHVWDFDGRV GH ORV HQWHUUDPLHQWRV HQ XUQD VRQ OD


DEXQGDQFLDGHODVLQKXPDFLRQHVLQIDQWLOHV\HOHVFDVRDMXDU
TXHVXHOHDFRPSDxDUODVORTXHODVGLIHUHQFLDHQSRFRGHOR
REVHUYDGRHQORV\DFLPLHQWRVPiVHPEOHPiWLFRVGHODFXOWX
UDDUJiULFD'HORVFRQRFLGRVHQQXHVWUD]RQDGHHVWXGLRWDQ
VyORHQXQFDVR±XQDXUQDGH7DEDLj±VHKDFRQVWDWDGROD
SUHVHQFLDGHDMXDUFRQVLVWHQWHHQXQSHTXHxRYDVLWRFDUHQD
GRXQDUHWH\SXQ]RQHVGHKXHVR3RUORVFRPHQWDULRVGH-
)XUJ~V  VDEHPRVTXHODGLVSRVLFLyQGHODVXUQDV\VXV
FDUDFWHUtVWLFDVVRQVLPLODUHVDRWURV\DFLPLHQWRVGHO6XGHVWH
6RQGHGLIHUHQWHWDPDxRVHJ~QVHWUDWHGHDGXOWRVRQLxRV
ODERFDGHODVYDVLMDVVHWDSDEDKDELWXDOPHQWHFRQXQDORVD
DXQTXHHQDOJXQDRFDVLyQVHXWLOL]DEDRWUDYDVLMDWDOFRPR
RFXUUHSRUHMHPSORHQOD%DVWLGDGH7RWDQD 0DUWtQH]HWDOLL
 (O$UJDU 6LUHW RDOJXQRV\DFLPLHQWRVGH/RUFD
0DUWtQH]HWDOLL 

$O LJXDO TXH VHxDODPRV DO UHVSHFWR GH ODV FLVWDV GH PDP
SRVWHUtDWDPELpQVHKDQORFDOL]DGRHQWHUUDPLHQWRVHQXUQDV
HQ&DEH]R5HGRQGR\HQ0DVGHO&RUUDODXQTXHHQDPERV
FDVRVVHWUDWDLQYDULDEOHPHQWHGHLQKXPDFLRQHVGHDGROHV
FHQWHVRLQIDQWHV(Q&DEH]R5HGRQGRVHORFDOL]DURQFXDWUR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

LQKXPDFLRQHVGHHVWHWLSRUHSDUWLGDVHQORV'HSDUWDPHQWRV
9,,,;,,, GRV \;9,,, )LJXUD PLHQWUDVTXHHQ0DVGHO
&RUUDOVHGRFXPHQWDURQWDPELpQGRVSHTXHxRVFXHQFRVXQR
GHHOORVFHUUDGRSRUPHGLRGHRWUDYDVLMDTXHFRQWHQtDQFDGD
XQRFRPRODVDQWHVPHQFLRQDGDVORVUHVWRVGHGRVLQIDQWHV
6HJ~QVXH[FDYDGRUHVWDVWUHVLQKXPDFLRQHVVHDVRFLDQD
XQ QLYHO FRQ FHUiPLFDV GHFRUDGDV ±LQFLVDV FRQ PRWLYRV HQ
]LJ]DJFXDGUDGRV\UHWLFXODGRV±\YDVRVFRQFDUHQDVWtSL
FDVGHO%URQFH7DUGtR 7UHOLV $OSDUHFHUVyORXQD
XUQDGHODVORFDOL]DGDVHQHO'HSDUWDPHQWR;,,,GH&DEH]R
5HGRQGR RIUHFLy DMXDU FRQVLVWHQWH HQ XQ IUDJPHQWR ORQJL
WXGLQDOGHKXHVRFRQXQDHQWDOODGXUDODWHUDOHQXQRGHVXV
H[WUHPRV

)RVDV
-XQWRDODVXUQDVHQFRQWUDPRVIRVDV6XUHSUHVHQWDFLyQHV
DPSOLD DO PHQRV HQ 6DQ$QWyQ \ HQ PHQRU PHGLGD HQ ODV
/DGHUDV GHO &DVWLOOR ,OOHWD GHOV %DQ\HWV \ &DUDPRUR , /D
DEXQGDQFLDHQ6DQ$QWyQFRQWUDVWDFODUDPHQWHFRQVXHVFD
VH]HQHOUHVWRGH\DFLPLHQWRVDUJiULFRVDOLFDQWLQRVPXUFLD
QRV \ DOPHULHQVHV /XOO    (V FXULRVR REVHUYDU
FyPR-)XUJ~VQRFRQVLGHUyOD©IRVDªGHQWURGHORVWLSRVGH
HQWHUUDPLHQWRUHJLVWUDGRVHQVXVWUDEDMRVDUTXHROyJLFRVHQ
/DGHUDVGHO&DVWLOOR )XUJ~V 3RUHOFRQWUDULRHVWHWLSR

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

VtORFRQVWDWy-&RORPLQDV  HQODVH[FDYDFLRQHVHP


SUHQGLGDVDxRVPiVWDUGH(Q6DQ$QWyQODVLQKXPDFLRQHV
FRQREMHWRVGHRURFRPRDMXDUVHDVRFLDQHQEXHQDPHGLGD
D IRVDV 6H SXHGH HQWUHYHU TXH HQ HVWH SREODGR ODV IRVDV
HUDQ HQ VX PD\RU SDUWH LQGLYLGXDOHV ±HQ DOJ~Q FDVR VH GD
ODGREOHLQKXPDFLyQ±FRQDMXDUHVPX\ULFRVFRQVLVWHQWHVHQ
DGRUQRVGHSODWD\RUR(QDOJXQDVRFDVLRQHVHVWDVIRVDVHV
WDEDQDVRFLDGDVDFUiQHRVVXHOWRVVLWXDGRVHQVXVERUGHV
ORTXHLQGXMRDSHQVDUDOMHVXLWDHQODLPSRUWDQFLDVRFLDOGH
HVWRVLQKXPDGRVIUHQWHDOUHVWR(VWDQRWLFLDWLHQHGL¿FLOH[SOL
FDFLyQ\DTXHQRFRQRFHPRVHMHPSORVGHWXPEDVGHRWURV
\DFLPLHQWRVGHO6XUHVWHGHFURQRORJtDFRQWHPSRUiQHDGRQGH
VHUHSLWDHVWDFLUFXVWDQFLD(VSRVLEOHTXHVHWUDWHGHHQWHUUD
PLHQWRV TXH DIHFWDUDQ D LQKXPDFLRQHV DQWHULRUHV R LQFOXVR
TXHVHXWLOL]DUDODPLVPDIRVDSDUDPiVGHXQLQGLYLGXR

&RYDFKDV
/DH[LVWHQFLDGHHQWHUUDPLHQWRV©HQFRYDFKDªHQHOLQWHULRU
GHORVDVHQWDPLHQWRVDUJiULFRVQRIXHJHQHUDOPHQWHDGPLWLGD
KDVWDODSXEOLFDFLyQSDUFLDOGHORVWUDEDMRVGHVDUUROODGRVSRUHO
,QVWLWXWR$UTXHROyJLFR$OHPiQHQHO\DFLPLHQWRDOPHULHQVHGH
)XHQWHÈODPR6LQHPEDUJRQRSDUHFHTXHHOQ~PHURGHODV
LGHQWL¿FDGDVKDVWDDKRUDSHUPLWDVXSRQHUXQXVRJHQHUDOL]D
GRGHODVPLVPDVDXQTXHHVWHWLSRKDVLGRGRFXPHQWDGRHQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

\DFLPLHQWRVGHODFXHQFDGHOUtR9HUDFRPR(O$UJDU*DWDV\
HO\DVHxDODGRGH)XHQWHÈODPR 6FKXEDUW\$UWHDJD 
(QFDPELRHQQXHVWUD]RQDGHHVWXGLRQRVHKDQORFDOL]DGR
VHSXOWXUDVVLPLODUHVHQQLQJXQRGHORV\DFLPLHQWRVDUJiULFRV
FRQRFLGRV7DO YH] DOJXQDV GH ODV UHIHUHQFLDV GH - )XUJ~V
DFHUFDGHODVWXPEDVGHQRPLQDGDVSRUpOFRPRFURPOHFK\
TXHVHHQFRQWUDEDQHQODSDUWHPiVDOWDGHODODGHUDGH6DQ
$QWyQ SRGUtDQ FRPR \D KHPRV LQGLFDGR UHODFLRQDUVH FRQ
HVWHWLSRGHLQKXPDFLRQHVFRPRWDPELpQSRGUtDRFXUULUHQHO
FDVRGHDOJXQRVGHORVHQWHUUDPLHQWRVHQIRVDV

(Q&DEH]R5HGRQGRVLQHPEDUJRUHVXOWDQVHUXQWLSRGHLQ
KXPDFLyQEDVWDQWHFRUULHQWHDMX]JDUSRUORVGDWRVGHODVDQ
WLJXDVH[FDYDFLRQHVGH-06ROHU(VWHLQYHVWLJDGRUFRQVWDWy
ODXWLOL]DFLyQGHJULHWDVQDWXUDOHVVLWXDGDVEDMRHOSLVRGHODV
XQLGDGHVGRPpVWLFDV±'HSDUWDPHQWR;±\WXPEDVDUWL¿FLDOHV
©HQSR]RªH[FDYDGDVHQODURFD\HVRVD±'HSDUWDPHQWR±
HQDPERVFDVRVFRQLQKXPDFLRQHVGREOHV )LJXUD /RV
FDGiYHUHVVHHQFRQWUDEDQHQSRVLFLyQÀH[LRQDGDFRQHVFD
VRDMXDUFRQVWDWiQGRVHWDQVyORXQSHTXHxRYDVRFHUiPLFR
FDUHQDGRHQHO'HSDUWDPHQWR; )LJXUD 

'HDFXHUGRFRQODVHVWUDWLJUDItDVSXEOLFDGDVSRU-06ROHU
  WRGRV HVWRV HQWHUUDPLHQWRV GHEHUtDQ SRQHUVH HQ
UHODFLyQ FRQ QLYHOHV GHO %URQFH7DUGtR 5HVXOWD FXULRVR RE

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

VHUYDUODVHYLGHQWHVVLPLOLWXGHVTXHRIUHFHHQGHWHUPLQDGRV
DVSHFWRVHOVLVWHPDGHHQWHUUDPLHQWRGRFXPHQWDGRHQDOJX
QRVSREODGRVJUDQDGLQRV±DOPHQRVHQXQFDVRUHODFLRQDGRV
WDPELpQFRQFHUiPLFDVWtSLFDVGHO%URQFH7DUGtRGHO6XUHVWH
0ROLQD HW DOLL   ± FRQ ORV UHJLVWUDGRV HQ &DEH]R
5HGRQGR (Q OR TXH FRQFLHUQH DO HQWHUUDPLHQWR GHQWUR GH
ORVUHFLQWRVGHKDELWDFLyQ\DOPDUJHQGHH[FHSFLRQHVSDUWL
FXODUHV ±TXH VH GDQ SRU DPEDV SDUWHV± VH DSUHFLD XQD
SUHIHUHQFLD SRU HO HQWHUUDPLHQWR HQ JULHWD R IRVD H[FDYDGD
HQODURFDHQ\DFLPLHQWRVFRPR&XHVWDGHO1HJUR/RPDGH
OD%DOXQFDR&DVWHOOyQ$OWR /XOO0ROLQDHWDOLL
 (VWHWLSRGHLQKXPDFLyQDSDUHFHGRFXPHQWDGDFRPR
DFDEDPRV GH YHU HQ ORV GHSDUWDPHQWRV ,, \ ; GH &DEH]R
5HGRQGRFRELMDQGRHQDPERVFDVRVORVFXHUSRVGHGRVLQ
KXPDGRV(VWHKHFKRHVPiVVLJQL¿FDWLYRD~QVLFRQVLGHUD
PRVHOQ~PHURWDQHOHYDGRGHLQKXPDFLRQHVGREOHVUHDOL]D
GR HQ HVDV FRYDFKDV DUWL¿FLDOHV JUDQDGLQDV ±HQ RFDVLRQHV
FRQ XQD HVSHFLH GH QLFKR ODWHUDO TXH FRPR YLPRV WDPELpQ
DSDUHFHHQ&DEH]R5HGRQGR 'HSDUWDPHQWR,, ±HQODVTXH
DOLJXDOTXHHQ9LOOHQDVHDSUHFLDXQDUHPRFLyQGHOFDGiYHU
LQKXPDGRHQSULPHUOXJDU1RPHQRVLQWHUHVDQWHHVGHVWDFDU
TXHHQWRGRVHVWRVSREODGRVSDUHFHQVHUORVQLxRV\DGROHV
FHQWHV ORV ~QLFRV LQKXPDGRV HQ XUQDV DGHPiV GH KDFHUOR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

HQDOJ~QFDVRDFRPSDxDQGRDLQGLYLGXRVDGXOWRVHQRTXHGD
GHVDELHUWDVHQODURFD

(Q GH¿QLWLYD SRGHPRV DVHJXUDU TXH WRGRV ORV WLSRV GH


WXPEDVFDUDFWHUtVWLFRVGHOiPELWRDUJiULFRVHFRQVWDWDQSOH
QDPHQWH HQ ORV \DFLPLHQWRV DQWHV PHQFLRQDGRV SXGLHQGR
GHVWDFDU OD DXVHQFLD GH XUQDV HQ DOJXQR GH ORV SREODGRV
±,OOHWDGHOV%DQ\HWV&DUDPRUR,±\ODDEXQGDQFLDGHIRVDV
HQHO\DFLPLHQWRGH6DQ$QWyQVLQTXHSRGDPRVFRPSDUDUD
QLYHOHVWDGtVWLFRQLORVWLSRVGHWXPEDVQLODSRVLFLyQVH[R\
HGDGGHORVFDGiYHUHVQLWDPSRFRORVDMXDUHV/D]RQDHQOD
TXHVHGHWHUPLQDQSUiFWLFDVIXQHUDULDVTXHUHVSRQGHQDODV
QRUPDVGHOJUXSRDUJiULFRVHUHVWULQJLUtDSRUWDQWRDOD9HJD
%DMD&DPSG¶(O[\&DPSG¶$ODFDQWHVGHFLUHOFRUUHGRUGH
OD9HJDGHOUtR6HJXUDWHQLHQGRFRPROtPLWHODVHVWULEDFLRQHV
PRQWDxRVDVPiVPHULGLRQDOHVGHODVXQLGDGHVJHROyJLFDVGH
OD=RQD6XEEpWLFD\3UHEpWLFR0HULGLRQDO

6LQHPEDUJRHQODIDVHDUTXHROyJLFDFRQRFLGDFRPR%URQFH
7DUGtRHVWDGHOLPLWDFLyQHVSDFLDOYDULDUiVXVWDQFLDOPHQWHDO
FRQVWDWDUVHODSUHVHQFLDGHHQWHUUDPLHQWRVHQHOLQWHULRUGH
ODVXQLGDGHVGHKDELWDFLyQWDPELpQHQOD=RQDGHO3UHEpWLFR
0HULGLRQDODOJXQRVGHORVFXDOHVIXHURQODEDVHSDUDODFRQ
VLGHUDFLyQDUJiULFDGHO$OWR9LQDORSy 7DUUDGHOO 

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

3UiFWLFDVIXQHUDULDVFRVWH\YDORUVRFLDO

%DViQGRQRVHQODLQIRUPDFLyQPDQHMDGDVRQPX\HVFDVDV
ODVYDORUDFLRQHVTXHVHSRGUtDQUHDOL]DUHQFXDQWRDOFRVWH
VRFLDOGHORVFRQWLQHQWHV\HOYDORUVRFLDOGHORVFRQWHQLGRV
IXQHUDULRV 3DUD OD ]RQD DUJiULFD ODV GHVFULSFLRQHV GH -
)XUJ~V - &RORPLQDV R ) )LJXHUDV QXQFD OOHJDURQ DO H[
WUHPRGHGHWDOODUSRUPHQRUL]DGDPHQWHVXVKDOOD]JRVHQODV
VHSXOWXUDVGHPRGRTXHQRHVSRVLEOHUHDOL]DUDVRFLDFLRQHV
FRQFUHWDV HQWUH VH[R \ FDQWLGDG GH ORV LQKXPDGRV FRQ ORV
GLVWLQWRVWLSRVGHFRQWHQLGRV\FRQWLQHQWHVIXQHUDULRV0XFKR
PiVLQFRPSOHWDHVODLQIRUPDFLyQSURFHGHQWHGHOD]RQDQR
DUJiULFD H[FHSWXDQGRTXL]iORVWUDEDMRVGH-06ROHU HQ
ODTXHHOiUHDGHLQKXPDFLyQDSDUHFHGLVRFLDGDGHODV]RQDV
GH KiELWDW \ TXH FRQ IUHFXHQFLD KDQ VLGR VLVWHPiWLFDPHQWH
H[SROLDGDV$ORVXPRVHGLVSRQHGHLQIRUPDFLRQHVPX\VX
FLQWDVDFHUFDGHXQSXxDGRGHHQWHUUDPLHQWRVFX\RH[LJXR
Q~PHURLPSLGHSODQWHDUDQDOtWLFDDOJXQDTXHRIUH]FDXQPtQL
PRGHUHSUHVHQWDWLYLGDG

(OHPSOHRGHFXHYDV\FRYDFKDVFRPRFRQWLQHQWHIXQHUDULR
VXSRQHXQHVFDVRFRVWHVRFLDOSDUDODVFRPXQLGDGHVTXHORV
XWLOL]DURQIXQGDPHQWDOPHQWHSRUTXHQRUHTXLHUHQGHQLQJXQD
LQYHUVLyQWHPSRUDOHQVXFRQVWUXFFLyQ\VXSUR[LPLGDGDORV
OXJDUHV GH UHVLGHQFLD VX¿FLHQWHPHQWH FRQWUDVWDGD PLQLPL

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

)LJXUD  'LVWULEXFLyQ GH ORV HQWHUUDPLHQWRV HQ HO LQWHULRU GH ORV
GHSDUWDPHQWRVGH&DEH]R5HGRQGR 9LOOHQD 

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

]DORVGHVSOD]DPLHQWRVÒQLFDPHQWHKDEUtDTXHFRQWHPSODU
FRPRLQYHUVLyQGHWUDEDMRODTXHVXSRQHHODFRQGLFLRQDPLHQ
WR GH ORV FRQWLQHQWHV HVSHFLDOPHQWH OD OLPSLH]D YDFLDGR
FHUUDPLHQWRGHODERFDGHODFXHYDRFRYDFKD\HQDOJXQRV
FDVRVOLJHUDVREUDVGHLQIUDHVWUXFWXUDTXHGHOLPLWDVHQHOHV
SDFLRIXQHUDULRFRPRODMDVREORTXHVGHSLHGUDKLQFDGRV

5HVSHFWRDORVGLVWLQWRVWLSRVGHLQKXPDFLRQHVHQHOLQWHULRU
GHODVXQLGDGHVGHKDELWDFLyQ±IRVDXUQDFLVWDGHPDPSRV
WHUtD\FLVWDGHODMDV±HVHYLGHQWHTXHODLQYHUVLyQGHWUDEDMR
\HOFRVWHVRFLDOTXHVXSRQHVXFRQVWUXFFLyQHVHQWRGRVORV
FDVRVVXSHULRUDOTXHVXSRQHUHDOL]DUODVSUiFWLFDVIXQHUD
ULDVDSURYHFKDQGRJULHWDVRFRYDFKDVFHUFDQDVDORVOXJDUHV
GHUHVLGHQFLD6LQHPEDUJRQRKHPRVGHVREUHYDORUDUHVWH
KHFKR\DTXHODPDWHULDSULPDHPSOHDGDHQODFRQVWUXFFLyQ
GH ODV WXPEDV SDUHFH SURFHGHU GHO HQWRUQR LQPHGLDWR QR
SUHVHQWDQGRJUDQGHVSUREOHPDVHQVXREWHQFLyQ\VLQQHFH
VLGDGGHQLQJXQDHVSHFLDOL]DFLyQODERUDOQLGHXQDLQYHUVLyQ
WHPSRUDOFRQVLGHUDEOH

(OWUDEDMRLQYHUWLGRHQODUHDOL]DFLyQGHORVGLIHUHQWHVWLSRVGH
FRQWLQHQWHV XWLOL]DGRV HQ HO iPELWR DUJiULFR SXHGH SDUHFHU
HQ SULPHUD LQVWDQFLD FRQVLGHUDEOHPHQWH GLIHUHQWH 6LQ HP
EDUJRHQQXHVWUDRSLQLyQGLVSRQHPRVGHYDULRVHOHPHQWRV
TXH SHUPLWHQ MXVWL¿FDU PiV ELHQ OR FRQWUDULR HV GHFLU TXH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

HOFRVWHVRFLDO\ODLQYHUVLyQGHWUDEDMRTXHVXSRQHODFRQV
WUXFFLyQGHORVGLIHUHQWHVWLSRVGHFRQWLQHQWHVIXHPiVELHQ
HVFDVR\EDVWDQWHHTXLSDUDEOHV

3RVLEOHPHQWHHOTXHPHQRVWUDEDMRVXSRQHVRQODVIRVDV\D
TXHFRQVLVWHHQODUHDOL]DFLyQGHXQKR\REDMRHOSDYLPHQWR
HPSOHDQGRDOJ~QWLSRGHDUFLOOD±DXQTXHQRQHFHVDULDPHQ
WH±SDUDUHJXODUL]DUVXVXSHU¿FLH\DOJXQDVWDEODVGHPDWHULD
RUJiQLFD\SLHGUDVHQODFXEULFLyQGHOFDGiYHU0D\RULQYHU
VLyQVXSRQHHOHPSOHRGHXUQDVDOWHQHUTXHVXPDUDORVPLV
PRVHOHPHQWRVHPSOHDGRVHQODFRQVWUXFFLyQGHXQDIRVDHO
YDORUVRFLDOGHOYDVRFHUiPLFRDPRUWL]DGR1RREVWDQWHHQ
OD PD\RUtD GH ORV FDVRV SDUHFH WUDWDUVH GH UHFLSLHQWHV TXH
SUHYLDPHQWH KDQ WHQLGR XQ XVR SURORQJDGR FRPR FRQWHQH
GRUHV \ TXH QR KDQ VLGR IDEULFDGRV H[SUHVDPHQWH SDUD WDO
PHQHVWHUDSHVDUGHVXDSDUHQWHQRUPDOL]DFLyQPRUIROyJLFD
/XOO 

(QHOPLVPRVHQWLGRWHQHPRVTXHFRQVLGHUDUODFRQVWUXFFLyQ
GHODVFLVWDVGHPDPSRVWHUtD$ODUHDOL]DFLyQGHODIRVDVH
GHEHDxDGLUHOOHYDQWDPLHQWRGHSHTXHxRVPXUHWHVWUDEDGRV
FRQDUFLOODREDUURSDUDORVTXHQRUPDOPHQWHVHHPSOHDUtDQ
PDWHULDV SULPDV ORFDOHV (MHPSORV VLJQL¿FDWLYRV VRQ OD FLV
WD GH PDPSRVWHUtD GRFXPHQWDGD HQ 7DEDLj $VSH  R HQ HO
3XQWDO GHO %~KR (OFKH  GRQGH OD PDWHULD SULPD HPSOHDGD

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

VRQ EORTXHV GH DUHQLVFDV FDOFiUHDV \ PDUJDV GH ODV TXH


H[LVWHQ HQ DEXGDQFLD HQ OD PLVPD EDQGD GHO 0LRFHQR VR
EUHODTXHVHXELFDQORVDVHQWDPLHQWRV/RPLVPRSRGHPRV
VHxDODUSDUDOD,OOHWDGHOV%DQ\HWV6DQ$QWyQGH2ULKXHOD\
/DGHUDVGHO&DVWLOOR &DOORVDGHO6HJXUD 

(Q FXDOTXLHU FDVR OD FRQVWUXFFLyQ GH XQD FLVWD GH PDP
SRVWHUtDWDPSRFRVXSRQHXQDLQYHUVLyQGHWUDEDMRFRQVLGHUD
EOH QL XQD HVSHFLDOL]DFLyQ ODERUDO &RPR HMHPSOR SRGHPRV
LQGLFDUTXHORV¿UPDQWHVGHHVWHWUDEDMRWXYLHURQDGHPiVGH
ODRSRUWXQLGDGGHH[FDYDUYDULDVFLVWDVGHPDPSRVWHUtDHQHO
\DFLPLHQWRGH7DEDLj $VSH EDMRODGLUHFFLyQGHO'U06
+HUQiQGH]3pUH]ODRFDVLyQGHFRQVWUXLUXQDGHHOODVSDUDOD
H[SRVLFLyQSHUPDQHQWHGH3UHKLVWRULDTXHH[LVWHDFWXDOPHQWH
HQHO0XVHR$UTXHROyJLFR3URYLQFLDOGH$OLFDQWH(QVXPRQ
WDMHVHHPSOHyPDWHULDSULPDGHOD6LHUUDGH7DEDLj $VSH \
HOWLHPSRLQYHUWLGRSRUWUHVSHUVRQDVHQVXFRQVWUXFFLyQQR
VXSHUyODVGRVKRUDV

0D\RULQYHUVLyQSDUHFHFRUUHVSRQGHUDODVFLVWDVGHODMDV\D
TXHHQPXFKRVFDVRVHVQHFHVDULRGHVEDVWDU\HVFXDGUDUDO
JXQDVGHODVORVDVTXHDGHPiVKDQGHREWHQHUVHGHOXJDUHV
PX\ HVSHFt¿FRV TXH HQ SULQFLSLR SXHGHQ KDFHU SHQVDU HQ
XQFRVWH\XQDLQYHUVLyQFRQVLGHUDEOHHQVXWUDQVSRUWH6LQ
HPEDUJRGHVGHQXHVWUDSHUVSHFWLYDHVWHDVSHFWRGHEHVHU

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

PDWL]DGRDOPHQRVSDUDOD]RQDHQHVWXGLR(QHOFDVRGHOD
,OOHWDGHOV%DQ\HWV (O&DPSHOOR ODPLVPDLVOD\XQDDPSOLD
]RQDFRVWHUDVLWXDGDHQHOHQWRUQRLQPHGLDWRGHO\DFLPLHQWR
HVWiFRQVWLWXLGDSRUHVWUDWRVGHDUHQLVFDV±FDOFDUHQLWDV±GH
GLIHUHQWHVHVSHVRUHVDPRGRGHEDQGDVVXSHUSXHVWDVIiFLO
PHQWHH[WUDtEOHV\DSURYHFKDEOHVFRPRODMDV&RPRUHIHUHQ
FLDVLJQL¿FDWLYDVHKDGHVHxDODUTXHODPLVPDWRUUHFRVWHUD
GHGHIHQVDOHYDQWDGDHQOD,OOHWDHVWiIRUUDGDGHODMDVREWHQL
GDVGHOPLVPROXJDU

0D\RU FRVWH GHELy VXSRQHU SDUD ODV SREODFLRQHV GH 6DQ


$QWyQ 2ULKXHOD \/DGHUDVGHO&DVWLOOR &DOORVDGH6HJXUD 
\DTXHWDOFRPRVHxDOD-)XUJ~V  ODVODMDVGHDUHQLV
FDHPSOHDGDVHQVXFRQVWUXFFLyQQRH[LVWHQQLHQODVVLHUUDV
GH2ULKXHODQLGH&DOORVDGHO6HJXUD(OOXJDUPiVSUy[LPR
SDUHFHVHUOD/RPDGH+XUFKLOORVLWXDGDHQODPDUJHQGHUH
FKDGHOUtR6HJXUD\DXQRVNPGHGLVWDQFLDGH6DQ$QWyQ\
DDOJRPiVGHNPGHODV/DGHUDVGHO&DVWLOOR6LQHPEDUJR
HOPLVPRFRVWHVRFLDOHLQYHUVLyQODERUDOTXHVXSRQHREWHQHU
ODVODMDVSDUDODFRQVWUXFFLyQGHODVWXPEDVKXERGHLQYHUWLU
VHSRUHMHPSORHQODDGTXLVLFLyQGHEORTXHVURFRVRVSDUDOD
IDEULFDFLyQGHPROLQRV\PROHGHUDV

&UHHPRVTXHQRVHGHEHVREUHYDORUDUODLQYHUVLyQUHDOL]DGD
HQODFRQVWUXFFLyQGHORVGLIHUHQWHVWLSRVGHFRQWLQHQWHVIXQH

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

UDULRVQLTXHVXFRVWHVRFLDOGHEDVHUFRQWHPSODGRFRPRXQ
EDODQFHGLIHUHQFLDOVLJQL¿FDWLYR(QQXHVWUDRSLQLyQDOJXQRV
GDWRVYLHQHQDDSR\DUHVWDHVFDVDLQYHUVLyQHQORVFRQWLQHQ
WHVIXQHUDULRV(VFXULRVRREVHUYDUFyPRHQORVDVHQWDPLHQ
WRVVLWXDGRVHQHOFXUVREDMRGHOUtR9LQDORSyHVSHFLDOPHQWH
HQORVH[FDYDGRVDPSOLDPHQWH±7DEDLj +HUQiQGH] 
&DUDPRUR, 5DPRV*RQ]iOH]\5XL] ±QRVHKD
GRFXPHQWDGR QLQJXQD FLVWDGHODMDVKHFKRTXHVHMXVWL¿FD
SRUODLQH[LVWHQFLDHQORVHQWRUQRVLQPHGLDWRVGHSODFDVGH
DUHQLVFDGHWDPDxRFRQVLGHUDEOHIiFLOPHQWHDSURYHFKDEOHV
6X REWHQFLyQ \ WUDQVSRUWH GHVGH OXJDUHV EDVWDQWH DOHMDGRV
VXSRQGUtDXQDFRQVLGHUDEOHLQYHUVLyQ\XQDHVSHFLDOL]DFLyQ
ODERUDOGHWUDEDMRGHFDQWHUtDTXHQRSDUHFLyH[LVWLU

(Q HO PLVPR VHQWLGR HO PD\RU Q~PHUR GH FLVWDV GH ODMDV
GRFXPHQWDGDV HQ 6DQ $QWyQ 2ULKXHOD  ±± QR GHEH VHU
H[SOLFDGR VRODPHQWH SRU HO PD\RU Q~PHUR GH WXPEDV H[
FDYDGDVVLQRSRUVXSUR[LPLGDGDODIXHQWHGHDSURYLVLRQD
PLHQWR&RQWRGRHOQ~PHURGHFLVWDVGHODMDVHQ6DQ$QWyQ
~QLFDPHQWHVXSRQHHOGHOWRWDOGHWXPEDVH[FDYDGDV
SRU - )XUJ~V SRUFHQWDMH QDGD VLJQL¿FDWLYR VL WHQHPRV HQ
FXHQWDODVQRWLFLDVSURFHGHQWHVGHO\DFLPLHQWRGH&REDWLOODV
OD9LHMD 0XUFLD VLWXDGRDHVFDVDPHQWHNPGHGLVWDQFLD
HQODPLVPDFXHQFDGHO6HJXUD\GRQGHODREWHQFLyQGHOD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

MDVVHSXHGHHIHFWXDUHQHOPLVPRHPSOD]DPLHQWR(QXQUH
FLHQWHLQIRUPHVREUHHVWH\DFLPLHQWRVLWXDGRHQXQRGHORV
FHUURVTXHFRPSRQHQHO0RQWHGHOD)OHFKDVVHLQGLFDTXH
ODH[FDYDFLyQUHDOL]DGDHQORVDxRV\SRUXQHTXL
SRGHOD8QLYHUVLGDGGH0XUFLDEDMRODGLUHFFLyQGHOD'UD
0XxR]$PLOLELD VH GRFXPHQWDURQ YDULRV HQWHUUDPLHQWRV HQ
FLVWDGHODMDV\TXHODVH[SROLDFLRQHVUHDOL]DGDVHQORV~OWL
PRVDxRVDIHFWDURQDHQWHUUDPLHQWRVHQFLVWDV 0HGLQDHW
DOLL 3RUORWDQWRODPD\RURPHQRUSUHVHQFLDGHXQ
WLSRXRWURGHFRQWLQHQWHIXQHUDULRSDUHFHHVWDUFRQGLFLRQDGD
SRUODGLVSRQLELOLGDG\IDFLOLGDGGHREWHQFLyQGHORVPDWHULDOHV
FRQVWUXFWLYRV

'HOPLVPRPRGRWDPSRFRVHSXHGHHVWDEOHFHUXQDUHODFLyQ
GLUHFWDHQWUHWLSRGHFRQWLQHQWHIXQHUDULR\HOYDORUVRFLDOGHO
DMXDU TXH DFRPSDxD D ORV FDGiYHUHV $ XQ VXSXHVWR PD
\RU FRVWH VRFLDO GH OD WXPED QR VH FRUUHVSRQGH XQ PD\RU
YDORU VRFLDO GH ORV DMXDUHV (V SUHFLVDPHQWH HQ ODV IRVDV \
HQ DOJXQDV FLVWDV GH PDPSRVWHUtD GH 6DQ $QWyQ /DGHUDV
GHO&DVWLOOR,OOHWDGHOV%DQ\HWV\7DEDLjGRQGHVHKDGRFX
PHQWDGR OD GHSRVLFLyQ GH DMXDUHV D ORV TXH HQ SULQFLSLR
GHEHPRVFRQVLGHUDUFRPRGHPD\RUYDORUVRFLDODQWHODSUH
VHQFLDGHDODEDUGDV\DGRUQRVSHUVRQDOHVGHRUR\SODWDSRU
RWURODGRVLH[LVWHXQWLSRGHFRQWLQHQWHIXQHUDULRGRQGHORV

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

FRQWHQLGRV SDUHFHQ WHQHU XQ PHQRU YDORU VRFLDO HV HQ ODV
XUQDV KDELpQGRVH GRFXPHQWDGR XQ JUDQ Q~PHUR GH HOODV
VLQQLQJ~QWLSRGHDMXDU(OORFRLQFLGHHQEXHQDPHGLGDFRQ
HOKHFKRGHTXHODLQPHQVDPD\RUtDGHHVWHWLSRGHWXPEDV
DOEHUJDURQ FDGiYHUHV LQIDQWLOHV R D OR VXPR DGROHVFHQWHV
FLUFXQVWDQFLD TXH WDPELpQ DFRQWHFH HQ RWURV \DFLPLHQWRV
DUJiULFRVGHO6XGHVWH 6FKXEDUW\$UWHDJD&DVWURHW
DOLL0DUWtQH]HWDOLL 

$VtSXHVVLSDUDHOiPELWRDUJiULFRHOYDORUVRFLDOGHOFRQWH
QLGRGHODVVHSXOWXUDVPXHVWUDXQDDPSOLDGLVLPHWUtD±TXHKD
VHUYLGRFRPREDVHSDUDHODERUDUXQDSURSXHVWDGHHVWUXFWX
UDFLyQVRFLDO /XOO\(VWpYH] ±HQOD=RQDGHO3UHEpWLFR
0HULGLRQDOHQGRQGHVHXWLOL]DQH[FOXVLYDPHQWHODVFXHYDV\
FRYDFKDV FRPR FRQWHQHGRUHV IXQHUDULRV HVWH GHVHTXLOLEULR
QRVHPDQL¿HVWDGHPRGRWDQDFXVDGR1RHVUDURFRPRVH
KDYLVWRODSUHVHQFLDGHSURGXFWRVPHWiOLFRVHVSHFLDOPHQWH
DGRUQRVHQIRUPDGHFROJDQWHVDUHWHVHVSLUDOHV\EUD]DOHWHV
\HQDOPHQRVGRVFDVRVSHTXHxRVFXFKLOORVGHUHPDFKHV
±0DVGH)HOLS ,EL \&RYDGHOD%DUVHOOD 7RUUHPDQ]DQDV ±
(Q FXDOTXLHU FDVR SDUD SRGHU FRQVHJXLU HVWD VHULH GH SUR
GXFWRV GHMDGRV SDUD VLHPSUH FRQ ODV LQKXPDFLRQHV VHUtD
QHFHVDULR JHQHUDU XQ H[FHGHQWH TXH DXQTXH GLItFLOPHQWH
FXDQWL¿FDEOH SHUPLWLHVH OD REWHQFLyQ GH OD PDWHULD SULPD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

SDUDVXHODERUDFLyQRELHQODFRQVHFXFLyQGHORVSURGXFWRV
\DPDQXIDFWXUDGRVSRUPHGLRGHOLQWHUFDPELR\GHOPDQWHQL
PLHQWRGHXQDVUHODFLRQHVVRFLDOHVFRQORVJUXSRVDUJiULFRV
8QRGHORVDVSHFWRVPHQRVYDORUDGRVHQUHODFLyQDOULWRGH
LQKXPDFLyQ HQ ODV FRPXQLGDGHV GHO $UJDU KD VLGR OD SUH
VHQFLDFRPRSDUWHGHODMXDUIXQHUDULRGHSRUFLRQHVVHOHFWLYDV
GHFDUQH/DDSDULFLyQGHUHVWRVyVHRVGHDQLPDOHQHOLQWH
ULRUGHODVWXPEDVGHOD&XOWXUDGH(O$UJDUIXHFRQVWDWDGD
GHVGHHOSULPHUPRPHQWRSRU/6LUHW  TXLHQVLELHQQR

)LJXUD  <DFLPLHQWRV FRQ LQKXPDFLRQHV HQ XUQD HQ HO 6XGHVWH
VHJ~Q9/XOO\-(VWpYH] 

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

SXEOLFyXQDGRFXPHQWDFLyQH[KDXVWLYDGHHVWHWLSRGHUHVWRV
Vt KL]R PHQFLyQ GH VX KDOOD]JR HQ DOJXQDV WXPEDV VLJQL¿
FDWLYDV$VtSRUHMHPSORVHxDODODSUHVHQFLDGHXQK~PHUR
L]TXLHUGR\XQDVWUiJDORGHEXH\MXQWRFRQXQPHWDSRGLRGH
DOJ~QWLSRGHXQJXODGRHQODVHSXOWXUDQ~PHURGH,IUHXQ
IpPXUWDPELpQGHEXH\HQODWXPEDQ~PHURGH*DWDVOD
WLELDGHUHFKDFDOFiQHR\DVWUiJDORGHXQEXH\HQODWXPED
GH)XHQWHÈODPR\RWUDWLELDGHUHFKDGHEXH\HQODWXPED
¿QDOPHQWHGH(O$UJDUVHxDOyODDEXQGDQFLDGHKXHVRVGH
WLELDVDVWUiJDORV\FDOFiQHRVGHEXH\DVtFRPRWLELDV\UDUD
YH]K~PHURVGHRYLFDSULQRVVyORHQODWXPEDVHPHQFLR
QDODSUHVHQFLDGHXQK~PHURGHFRQHMR

([FDYDFLRQHVPiVUHFLHQWHVKDQYHQLGRDFRQ¿UPDUODGHSR
VLFLyQGHWUR]RVGHFDUQHHQODVWXPEDVDUJiULFDVFRPRXQ
UDVJR FDUDFWHUtVWLFR GHO ULWR IXQHUDULR (Q /RUFD ODV ~OWLPDV
H[FDYDFLRQHVSXEOLFDGDVLQIRUPDQGHODSUHVHQFLDGHKXHVRV
GH ODV H[WUHPLGDGHV GH RYLFDSULQRV HQ ORV HQWHUUDPLHQWRV
ORFDOL]DGRV HQ YDULRV \DFLPLHQWRV$Vt RFXUUH SRU HMHPSOR
HQ /RV &LSUHVHV &RQYHQWR GH ODV 0DGUHV 0HUFHGDULDV &
=DSDWHUtD\&HUUR1HJURGH-RIUp 0DUWtQH]HWDOLL 'H
ORV GDWRV FRQRFLGRV VH GHVSUHQGH TXH HQ ORV \DFLPLHQWRV
DUJiULFRVGH/RUFDODLQWURGXFFLyQGHSRUFLRQHVGHFDUQHGH
DQLPDO±VLHPSUHGHODVH[WUHPLGDGHV±QRVHKDOODUHODFLRQD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

GRHQSULQFLSLRFRQQLQJ~QWLSRGHVHSXOWXUDHQFRQFUHWR\D
TXHVXDSDULFLyQVHSURGXFHWDQWRHQHOLQWHULRUGHFRYDFKDV
FRPRGHFLVWDVGHODMDVRXUQDV

(Q ORV \DFLPLHQWRV GH *UDQDGD WDPELpQ IXH FRQVWDWDGD OD


SUHVHQFLD GH UHVWRV yVHRV DQLPDOHV HQ OD PD\RUtD GH ODV
WXPEDVDUJiULFDVGH&DVWHOOyQ$OWR *DOHUD \HQWRGDV\
FDGDXQDGHODVVHSXOWXUDVGH7HUUHUDGHO5HORM 'HKHVD
GH*XDGL[ (QHOSULPHURGHHVWRV\DFLPLHQWRVDFRVWXPEUD
EDDDSDUHFHUXQIpPXUGHRYLFDSULQRFHUFDGHODFDEH]DGH
ORV LQKXPDGRV PLHQWUDV TXH HQ 7HUUHUD GHO 5HORM WDPELpQ
DSDUHFtDQSDWDVGHEyYLGRHQDOJXQDVVHSXOWXUDV 0ROLQDHW
DOLL 

(O KDOOD]JR HQ 7DEDLj GHO FDGiYHU GH XQ LQGLYLGXR DFRP
SDxDGRGHXQDDODEDUGDXQSHTXHxRYDVRFDUHQDGR\MXQWR
DOEUD]RGHUHFKRHOUDGLR\ODXOQDGHXQRYLFDSULQRDGXOWR
+HUQiQGH] FRQ¿UPDODSUHVHQFLDGHXQHOHPHQWR
PiVGHOULWRIXQHUDULRDUJiULFRHQVXPiVSXUDPDQLIHVWDFLyQ
'HVJUDFLDGDPHQWH FDUHFHPRV GH GDWRV DO UHVSHFWR TXH
FRQ¿UPHQ HVWH PLVPR H[WUHPR HQ RWURV \DFLPLHQWRV FRP
SOHWDPHQWHH[FDYDGRVFRPR6DQ$QWyQR/DGHUDVGHO&DVWL
OOR\DTXHQL-)XUJ~VQL-&RURPLQDVPHQFLRQDURQQXQFD
HVWHGHWDOOHVLHVTXHOOHJDURQDUHSDUDUHQpO'HOD,OOHWDGHOV

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

%DQ\HWV SRU RWUD SDUWH QR VH KD SXEOLFDGR KDVWD OD IHFKD
LQIRUPDFLyQDOJXQDDOUHVSHFWR

3RU ~OWLPR VH KD GH VHxDODU OD WRWDO DXVHQFLD GH HVWXGLRV
SDOHRDQWURSROyJLFRVHQUHODFLyQDORVUHVWRVKXPDQRVORFDOL
]DGRVHQORVHQWHUUDPLHQWRVUHIHULGRV$ODHVSHUDGHODSXEOL
FDFLyQGHDOJXQRVUHFLHQWtVLPRVWUDEDMRV &ORTXHOO\$JXLODU
DE HQORTXHVHUH¿HUHDORVHQWHUUDPLHQWRVGHOD
(GDGGHO%URQFHVyORFRQWDPRVFRQHODQiOLVLVUHDOL]DGRDXQ
LQKXPDGRLQIDQWLOSURFHGHQWHGH&DUDPRUR, (OFKH  &ORTXHOO
\$JXLODUF IDOWDQGRSRUFRPSOHWRLQIRUPDFLyQSXEOLFDGD
HQORTXHFRQFLHUQHDHGDGVH[RRSDOHRSDWRORJtDVHQODWRWD
OLGDGGHODPXHVWUDDH[FHSFLyQGHOFDVR\DPHQFLRQDGR

/D DXVHQFLD GH GDWRV UHIHUHQWHV DO VH[R GH ORV LQGLYLGXRV
LQKXPDGRVQRVLPSLGHFRQRFHULQIRUPDFLyQYLWDOUHIHUHQWHD
SRVLEOHV QRUPDV ULWXDOHV GH HQWHUUDPLHQWR VX DVRFLDFLyQ D
WLSRVGHVHSXOWXUDVGLIHUHQWHVRDWLSRVGHDMXDUHVFRQFUHWRV
/DUHODFLyQDUPDV KRPEUHDGRUQRV PXMHUXWLOL]DGDHQ
DOJXQDV RFDVLRQHV SDUD OD ]RQD DUJiULFD FUHHPRV TXH QR
SXHGHUHVXOWDU~OWLOSDUDEXHQDSDUWHGHOiUHDHQHVWXGLRSRU
FXDQWRTXHSDUHFHUHJLVWUDUVHXQDSUHIHUHQFLDSRUORVDGRU
QRVFRPRDMXDUIXQHUDULRH[FOXVLYRIUHQWHDODVDUPDVSUiFWL
FDPHQWHDXVHQWHVGHORVDMXDUHVHQOD]RQDQRDUJiULFD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

)LJXUD  $MXDUHV IXQHUDULRV  \  /D %DVWLGD 7RWDQD


0XUFLD  95XL]$UJLOpV\&3RVDF0RQ (O$UJDU
$QWDV $OPHUtD  9 3LQJHO    (O $UJDU $QWDV
$OPHUtD  (\/6LUHW /D%DVWLGD 7RWDQD0XUFLD 
-0DUWtQH]6DQWD2ODOODHWDOLL &XHVWDGHO1HJUR
3XUXOOHQD*UDQDGD  )0ROLQD\(3DUHMD 

$IDOWDGHXQDGLVFULPLQDFLyQVH[XDOGHEHPRVFRQIRUPDUQRV
FRQXQDGLVFULPLQDFLyQHQEDVHDODHGDGDVSHFWRpVWHWUD
WDGRWDPELpQGHPRGRPX\JHQHUDOSXHVVLUHVXOWDFRUULHQWH
ODGHWHUPLQDFLyQGHORVLQKXPDGRVLQIDQWLOHVQRKD\LQIRUPD
FLyQVX¿FLHQWHTXHQRVSHUPLWDGLIHUHQFLDUDORVDGXOWRVGHORV
VXEDGXOWRV\DQFLDQRVKHFKRpVWHTXHVXSRQHRWUDPHUPD
LPSRUWDQWHGHOUHJLVWUR'HKHFKRODVPHQFLRQHVGHFDGiYH
UHVGHHGDGLQIDQWLOSXEOLFDGDVVHGHEHQHQODPD\RUtDGHORV
FDVRVDREVHUYDFLRQHVQRUHDOL]DGDVSRUHVSHFLDOLVWDV

/RVHQWHUUDPLHQWRVLQIDQWLOHVVHORFDOL]DQHQXQDDPSOLD]RQD
\XWLOL]DQFRQWLQHQWHVPX\GLIHUHQWHVGHWHUPLQiQGRVHLQKX
PDFLRQHVHQFRYDFKDFLVWDIRVD\XUQD'HORV\DFLPLHQWRV
LQYHQWDULDGRVSRUQRVRWURVVHKDQORFDOL]DGRGRVLQKXPDFLR
QHV HQ FXHQFRV HQ 0DV GHO &RUUDO $OFRL  XQD LQKXPDFLyQ
HQJULHWDHQ8OOGHO0RUR $OFRL DFRPSDxDQGRDXQLQGLYL
GXRDGXOWRHQ&DEH]R5HGRQGRVHORFDOL]DQVHLVHQFLVWD
GHQWUR GH OD &XHYD  HQ FRYDFKD HQ HO 'HSDUWDPHQWR ,,

Ì1',&( 
,9(YDOXDFLyQGHORVGDWRV

DFRPSDxDQGRDXQDGXOWR\HQXUQDVHQORVGHSDUWDPHQWRV
9,,, ;,,, GRV  \ ;9,,, HQ XQ HQWHUUDPLHQWR HQ JULHWD HQ HO
3HxyQGHO7ULQLWDULRDOPHQRVWUHVLQGLYLGXRVLQIDQWLOHVGHQWUR
GHXQDJULHWDHQ/D+RUQD $VSH XQDLQKXPDFLyQHQIRVD
HQ OD ,OOHWD GHOV %DQ\HWV (O &DPSHOOR  RWUD LQKXPDFLyQ HQ
IRVD HQ &DUDPRUR , (OFKH  \ XQ Q~PHUR LQGHWHUPLQDGR GH
HQWHUUDPLHQWRVLQIDQWLOHV DOSDUHFHUSUHGRPLQDQWHPHQWHHQ
XUQDV HQODV/DGHUDVGHO&DVWLOOR &DOORVDGHO6HJXUD \6DQ
$QWyQ 2ULKXHOD 
(Q FDPELR DGXOWRV LQKXPDGRV HQ XUQDV VyOR VH KDQ OR
FDOL]DGR HQ ORV \DFLPLHQWRV GH 6DQ $QWyQ \ /DGHUDV GHO
&DVWLOOR DXQTXH GH ODV GHVFULSFLRQHV GH - )XUJ~V VH GHV
SUHQGH TXH IXHURQ PLQRULWDULRV HQ FRPSDUDFLyQ FRQ ODV LQ
KXPDFLRQHV LQIDQWLOHV +D\ LQGLFLRV LJXDOPHQWH GH DGXOWRV
HQXUQDVHQHO\DFLPLHQWRGHO7DEDLj $VSH DXQTXHSURFH
GHQWHVGHH[FDYDFLRQHVFODQGHVWLQDV
3DUWLHQGR GH OD EDVH GH TXH ODV SUiFWLFDV IXQHUDULDV GR
FXPHQWDGDVHQHOLQWHULRUGHODV]RQDVGHKiELWDWHQORV\DFL
PLHQWRVVHxDODGRVVHFRUUHVSRQGHQFRQORVUDVJRVTXHGH
¿QHQODQRUPDDUJiULFD *RQ]iOH] FUHHPRVHVWDUHQ
FRQGLFLRQHVGHHYDOXDUODVKLSyWHVLVTXHVREUHODGHOLPLWDFLyQ
GHODVRFLHGDGDUJiULFDVHKDQPDQHMDGRKDVWDODIHFKD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

9(YDOXDFLyQGHODVKLSyWHVLV
$ODOX]GHORDQWHULRUPHQWHH[SXHVWRSDUHFHFODURTXHKD\
LQGLFLRVVX¿FLHQWHVSDUDFRQVLGHUDUODH[LVWHQFLDHQOD]RQD
HQ HVWXGLR GH DO PHQRV VHLV DVHQWDPLHQWRV HQ ORV TXH VH
SUDFWLFyHOHQWHUUDPLHQWRGHQWURGHORVPiVSXURV©FiQRQHVª
DUJiULFRV pVWRV VRQ 6DQ$QWyQ /DGHUDV GHO &DVWLOOR ,OOHWD
GHOV%DQ\HWV7DEDLj&DUDPRUR,\3XQWDOGHO%~KR'HWR
GRVHOORVORVGRVSULPHURVJR]DURQGHVGHPX\DQWLJXRGHOD
SOHQDFRQVLGHUDFLyQGH©DUJiULFRVª/DVSXEOLFDFLRQHVGH-
)XUJ~VGHMDEDQSRFDVGXGDVDOUHVSHFWR\DTXHODFDQWLGDG
GHWXPEDVH[FDYDGDV±HQWUH\HQ6DQ$QWyQ±VX
PRUIRORJtD\HODMXDUTXHFRQWHQtDQHYLGHQFLDEDQVXVUHODFLR
QHVFXOWXUDOHVFRQORV\DFLPLHQWRVDOPHULHQVHV 6LUHW
  6REUH HO UHVWR VLQ HPEDUJR HO GHEDWH VH KD FHUUDGR
HQIHFKDVEDVWDQWHPiVUHFLHQWHV 6LPyQ+HUQiQGH]
*RQ]iOH]\5XL] 

(Q FDPELR OD SROpPLFD DFHUFD GH OD GHWHUPLQDFLyQ GH ORV
OtPLWHVR]RQDVGHFRQWDFWRHQWUHODVRFLHGDGDUJiULFD\ODV

Ì1',&( 
9(YDOXDFLyQGHODVKLSyWHVLV

VRFLHGDGHVDG\DFHQWHVQRKDVLGRWRGDYtDUHVXHOWDGHPRGR
XQiQLPH&RPRUHVXOWDGRGHODHYDOXDFLyQGHORVGDWRVODV
SURSRVLFLRQHV REVHUYDEOHV TXH VH SXHGHQ UHVHxDU HQ UHOD
FLyQFRQODVKLSyWHVLVDHYDOXDUVRQODVVLJXLHQWHV

 (O&RUUHGRUSRUGRQGHGLVFXUUHHOUtR6HJXUDHO&DPSG¶(O[
\ODV]RQDVOLWRUDOHVGHO&DPSG¶$ODFDQWHVGHFLUODIRVDWHF
WyQLFDTXHHVFRQWLQXDFLyQGHODGHOUtR*XDGDOHQWtQ\TXHVH
GLULJH KDVWD HO &DER GH ODV +XHUWDV GH$OLFDQWH GHOLPLWDGD
HQHORHVWH\QRURHVWHSRUODVHVWULEDFLRQHVPRQWDxRVDVGHO
6XEEpWLFR\3UHEpWLFR0HULGLRQDO±6LHUUDGH$EDQLOOD6LHUUD
GH&UHYLOOHQWH6LHUUDGHOD0DGHUD6LHUUDGH7DEDLj6LHUUD
GH 6DQFKR 6LHUUD GH )RQWFDOHQW± FRQVWLWX\H HO HVSDFLR
JHRJUi¿FR TXH IXH RFXSDGR SRU SREODFLRQHV TXH SRGHPRV
FRQVLGHUDU FRPR DUJiULFDV DO FRQVWDWDUVH OD UHDOL]DFLyQ GH
SUiFWLFDV IXQHUDULDV QRUPDOL]DGDV \ KRPRJpQHDV FRQIRUPH
D ODV QRUPDV HVWDEOHFLGDV HQ HO VHQR GH HVWD VRFLHGDG$O
PLVPRWLHPSRODSUHVHQFLDGHGHWHUPLQDGRVSURGXFWRV±HV
SHFLDOPHQWH FRSDV± HQ iPELWRV GRPpVWLFRV HV HO VHJXQGR
LQGLFDGRUTXHYLHQHDDSR\DUHVWDSURSRVLFLyQ

 (QHOUHVWRGHOWHUULWRULRHQHVWXGLRHO3UHEpWLFR0HULGLRQDO
YDOHQFLDQR VH GHVDUUROOD FRQWHPSRUiQHDPHQWH D (O $UJDU
RWUR JUXSR DUTXHROyJLFR FRQ UDVJRV FXOWXUDOHV VLQJXODUHV
FX\R SULQFLSDO H[SRQHQWH HV OD UHDOL]DFLyQ GH SUiFWLFDV IX

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

QHUDULDVIXHUDGHODV]RQDVGHKiELWDWDSURYHFKDQGRFRPR
FRQWLQHQWHFXHYDVJULHWDVRFRYDFKDVSUy[LPDVDORVDVHQWD
PLHQWRV(OQ~PHURGHLQKXPDGRVQXQFDSDUHFHVHULQIHULRU
DGRV\ORVDMXDUHVTXHOHVDFRPSDxDQPXHVWUDQXQDSUHIH
UHQFLDSRUSURGXFWRVPHWiOLFRVGHDGRUQRSHUVRQDO

/RVOtPLWHVPHULGLRQDOHVGHHVWHJUXSRDUTXHROyJLFRYLHQHQ
GDGRVSRUODDOLQHDFLyQGHVLHUUDV\DVHxDODGDVFRQDQWHULRUL
GDG\TXHFRQVHQWLGR621(OHVHSDUDQGHOiPELWRDUJiULFR
6XVOtPLWHVVHSWHQWULRQDOHV\RULHQWDOHVVRQXQDFXHVWLyQWR
GDYtDSHQGLHQWHDXQTXHORVUHFLHQWHVWUDEDMRVHQOD]RQDGH
$OPDQVD $OEDFHWH  6LPyQ  +HUQiQGH] HW DOLL  
PXHVWUDQ UDVJRV FXOWXUDOHV PX\ GLIHUHQWHV TXH SRGUtDQ VHU
LQWHUSUHWDGRVHQHVWHVHQWLGR

 $SDUWLUGHO%URQFH7DUGtRVHREVHUYDQFDPELRVHQODIHQR
PHQRORJtDDUTXHROyJLFDLQGLFDGRUHVGHXQQXHYRSDQRUDPD
VRFLDO7RGDHOiUHDHQHVWXGLR±%pWLFR6XEEpWLFR3UHEpWLFR±
SDVyDHVWDULQWHJUDGDHQXQDUHDOLGDGVRFLDOGLIHUHQWHDODV
DQWHULRUHV\SDUDODTXHWRGDYtDQRVHFXHQWDFRQODVVX¿FLHQ
WHVEDVHVFRPRSDUDUHDOL]DUVXFDUDFWHUL]DFLyQHVSDFLDO/R
TXHVtVHSXHGHVHxDODUHQORTXHUHVSHFWDDODVSUiFWLFDV
IXQHUDULDVWHQLHQGRFRPREDVHHPStULFDSULQFLSDOODVHYLGHQ
FLDVGHODVHQWDPLHQWRGH&DEH]R5HGRQGR 9LOOHQD HVODXWL
OL]DFLyQFRPRFRQWLQHQWHWDQWRGHFRYDFKDVVLWXDGDVIXHUDGH

Ì1',&( 
9(YDOXDFLyQGHODVKLSyWHVLV

OD]RQDGHKiELWDWFRPRGHFLVWDVIRVDVXUQDV\FRYDFKDVDU
WL¿FLDOHVXELFDGDVHQHOLQWHULRUGHORVHVSDFLRVGRPpVWLFRV\
FX\RVDMXDUHV±HQFDVRGHDFRPSDxDUDOGLIXQWR±UHVSRQGHQ
DHVDQXHYDIHQRPHQRORJtDPDWHULDOTXHYLHQHDFDUDFWHUL]DU
DHVWDIDVHDUTXHROyJLFDYDVRVJHPLQDGRVFRQFDUHQDVPX\
DQJXORVDV\DPSOLDERFDWURPSHWLOODVGHRURHWF

7HQLHQGRHQFXHQWDHVWDVHULHGHSURSRVLFLRQHVREVHUYDEOHV
HVWDPRV HQ FRQGLFLRQHV GH HYDOXDU ODV GLIHUHQWHV KLSyWHVLV
SODQWHDGDVDOLQLFLRGHOWUDEDMR

/D SULPHUD GH HOODV DTXHOOD TXH SURSRQtD TXH HO OtPLWH GH
(O $UJDU GHEtD HVWDEOHFHUVH HQ OD FXHQFD GHO UtR 6HJXUD
HV UHIXWDGD SRU OD SULPHUD GH ODV SURSRVLFLRQHV DSXQWDGDV
\DTXHVHUHJLVWUDQ\DFLPLHQWRVHQOXJDUHVPXFKRPiVVHS
WHQWULRQDOHVHQORVTXHVHUHDOL]DURQSUiFWLFDVVRFLDOHVDUJi
ULFDV

/DVHJXQGDGHODVKLSyWHVLVTXHLQGLFDEDTXHORVOtPLWHVGH
EtDQVLWXDUVHHQODFXHQFDGHO9LQDORSyFRQVLGHUDQGRODSR
VLELOLGDGGHTXHHQHVWDPLVPDXQLGDG¿VLRJUi¿FDSXGLHVHQ
FRQYLYLUDVHQWDPLHQWRVDUJiULFRVFRQQRDUJiULFRVWDPELpQ
SXHGH VHU UHIXWDGD VL OD FRQVLGHUDPRV HQ VHQWLGR HVWULFWR
$XQTXHODHYDOXDFLyQUHDOL]DGDQRVKDSHUPLWLGRFRQWUDVWDU
OD SUHVHQFLD GH DVHQWDPLHQWRV DUJiULFRV HQ HO FDXFH %DMR
GHOUtR9LQDORSyODVSUiFWLFDVDUJiULFDVHVWiQGRFXPHQWDGDV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

HQ WHUULWRULRV PiV VHSWHQWULRQDOHV ±&DPS G¶$ODFDQW± \ HQ


VHQWLGR ULJXURVR OD FRQYLYHQFLD HQWUH JUXSRV KXPDQRV FRQ
SUiFWLFDV IXQHUDULDV \ VRFLDOHV GLIHUHQWHV QR VH GLR HQ XQ
PLVPR HVSDFLR VLQR HQ WHUULWRULRV GLIHUHQFLDGRV GHQWUR GH
XQDPLVPDFXHQFD

'HOPLVPRPRGRWDPSRFRSRGHPRVYDOLGDUODWHUFHUDGHODV
KLSyWHVLVSODQWHDGDVTXHHVWDEOHFtDHOOtPLWHHQWUHDPEDVVR
FLHGDGHVHQODFXHQFDGHO9LQDORSyDXQTXHHQHVWHHVSDFLR
\ VXV ]RQDV FROLQGDQWHV VH SRGUtD KDEHU GDGR XQD IDFLHV
FRPDUFDO GRQGH VH IXQGLHURQ HOHPHQWRV FDUDFWHUtVWLFRV GH
DPEDV VRFLHGDGHV (VWD VXSXHVWD IDFLHV FRPDUFDO HVWDUtD
FDUDFWHUL]DGD HQ HO SODQR PDWHULDO \ HQ SULQFLSLR SRU XQD
PD\RUSUHVHQFLDGHSURGXFWRVPHWiOLFRV\YDVRVFHUiPLFRV
FRQPHMRUWUDWDPLHQWRVXSHU¿FLDOTXHORVYDVRVGHO©%URQFH
9DOHQFLDQRª +HUQiQGH] 

1RSRGHPRVYDOLGDUHVWDKLSyWHVLVSRUYDULRVPRWLYRVTXHVH
UHVXPHQHQ

D 6LODIDFLHVFRPDUFDOHVWiFRQVWLWXLGDSRUODVLPELRVLVGH
UDVJRV FXOWXUDOHV GH DPEDV VRFLHGDGHV WDPELpQ GHEHUtD
DIHFWDUDODVSUiFWLFDVIXQHUDULDV\FRPRKHPRVFRQWUDVWDGR
HVWHIHQyPHQRQRVHSURGXFH

Ì1',&( 
9(YDOXDFLyQGHODVKLSyWHVLV

E  (Q OR TXH VH UH¿HUH D OD PD\RU SUHVHQFLD GH SURGXFWRV
PHWiOLFRVVHH[SOLFDSRUYDULRVIDFWRUHVFRPRVRQHOPD\RU
JUDGRGHSURIXQGL]DFLyQHQODLQYHVWLJDFLyQPD\RUQ~PHUR
GHH[FDYDFLRQHV\VREUHWRGRXQDPD\RUSUR[LPLGDGDODV
YHWDVGHPLQHUDOHVWUDQVIRUPDEOHVHQFREUH

F  (Q WHUFHU OXJDU HO WUDWDPLHQWR GH ODV VXSHU¿FLHV GH ORV
YDVRV FHUiPLFRV QR HV GLIHUHQWH DO GH RWURV \DFLPLHQWRV
PiVVHSWHQWULRQDOHVFRPRSXHGHVHUOD0XQWDQ\D$VVRODGD
0DUWt   /ORPD GH %HW[t 'H 3HGUR   R LQFOXVR
HO PLVPR &HUUR GH ORV &XFKLOORV +HUQiQGH] HW DOLL  
$GHPiVHQQLQJXQRGHORVDVHQWDPLHQWRVGHO0HGLR\$OWR
9LQDORSyVHKDQGRFXPHQWDGRIRUPDVFHUiPLFDVFRQVLGHUD
GDVFRPRDUJiULFDV -RYHUHWDOLL 

/D UHIXWDFLyQ GH ODV WUHV KLSyWHVLV SURSXHVWDV KDVWD OD DF
WXDOLGDG QRV OOHYD D SURSRQHU XQD QXHYD KLSyWHVLV TXH VH
DSUR[LPHPiVDODUHDOLGDGKLVWyULFDHQHVWXGLR

/DKLSyWHVLVTXHGHEHVHUYDOLGDGDHVDTXHOODFRQVLGHUDGDHQ
ODVSURSRVLFLRQHVREVHUYDEOHVH[WUDtGDVGHODHYDOXDFLyQGH
ODEDVHHPStULFDGLVSRQLEOH/DVRFLHGDGDUJiULFDUHDOL]yVX
H[SDQVLyQKDFLD]RQDVVHSWHQWULRQDOHVVLJXLHQGRODIRVDWHF
WyQLFDSRUGRQGHGLVFXUUHQORVUtRV*XDGDOHQWtQ\6HJXUD\
TXHVHGLULJHKDFLDHO&DERGHODV+XHUWDV $OLFDQWH WHQLHQ
GR FRPR OtPLWH HVSDFLDO HO DUFR PRQWDxRVR FRQVWLWXLGR SRU

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

ODV VLHUUDV GH$EDQLOOD &UHYLOOHQWH 0DGHUD 1HJUD 7DEDLj


6DQFKR )RQWFDOHQW \ TXH FRQ GLUHFFLyQ 621( GHOLPLWD HO
&RUUHGRUGHOD9HJD%DMD±&DPS¶(O[±&DPSG¶$ODFDQW

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

9,©$UTXHRORJtDGHODPXHUWHª$OJXQDV
UHÀH[LRQHV

(
V HYLGHQWH TXH GH ODV GLYHUVDV IRUPDV R WLSRV GH
HQWHUUDPLHQWRFRQVWDWDGRVHQODVGRViUHDV±XQDDU
JiULFD\RWUDQRDUJiULFD±TXHHOUHJLVWURQRVKDSHU
PLWLGRGLVWLQJXLUSDUDODVIDVHVSUHYLDVDO%URQFH7DUGtRXQDV
±SUiFWLFDV IXQHUDULDV HQ JULHWD R FXHYD ELHQ VHD P~OWLSOH
GREOHRLQGLYLGXDO±\DHVWiQSUHVHQWHVHQPRPHQWRVSUHYLRV
±&DPSDQLIRUPH 5XL] X+RUL]RQWH&DPSDQLIRUPHGH
7UDQVLFLyQ %HUQDEHX ±PLHQWUDVTXHRWUDV±HQWHUUD
PLHQWR LQGLYLGXDO HQ HO LQWHULRU GH SREODGRV± SDUHFHQ JHV
WDUVHDLQLFLRVGHO,,PLOHQLR%&HQGHWHUPLQDGDViUHDVGHOD
3HQtQVXOD,EpULFDDOPRGL¿FDUVHODVHVWUXFWXUDVVRFLDOHVHQ
XQSURFHVRWHQGHQWHKDFLDXQDFODUDHVWUDWL¿FDFLyQVRFLDO
(Q HO 'RPLQLR %pWLFR YDOHQFLDQR ±%pWLFR 6XEEpWLFR
3UHEpWLFR 0HULGLRQDO± DVRFLDGR DO &DPSDQLIRUPH GRFX
PHQWDPRV FDPELRV HQ HO SDWUyQ GH DVHQWDPLHQWR tQWLPD
PHQWHXQLGRVDOSURFHVRKLVWyULFRGHVDUUROODGRHQ]RQDVPiV

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

PHULGLRQDOHV GHO 6XUHVWH $ HVWH UHVSHFWR OD LQYHVWLJDFLyQ


GHVDUUROODGDHQORV~OWLPRVDxRVKDSHUPLWLGRGLVWLQJXLUGRV
]RQDV 5XL]    3RU XQD SDUWH XQ iUHD PHULGLRQDO
HQWUHHOUtR6HJXUD\ODFXHQFDGHO9LQDORSyGRQGHHQFRQ
WUDPRVXQKiELWDWEDVWDQWHGLYHUVL¿FDGR±WDQWRHQOODQRFRPR
HQ DOWXUD± FRQ OD FRQVWDWDFLyQ GH ODV SULPHUDV HVWUXFWXUDV
HVWDEOHV HQ DOWXUD ±/DV (VSHxHWDV 2ULKXHOD  /HV 0RUHUHV
&UHYLOOHQWH 3XQWDOGHORV&DUQLFHURV 9LOOHQD 3HxyQGHOD
=RUUD 9LOOHQD ± VLWXDGRV WDQWR HQ OXJDUHV FRQ XQD ULTXH]D
SRWHQFLDO HOHYDGD SRU OD H[LVWHQFLD GH UHFXUVRV PLQHURV R
DJUtFRODVFRPRHQSXQWRVHVWUDWpJLFRVSDUDHOFRQWUROGHOWH
UULWRULR3RURWUDSDUWHXQD]RQDVHSWHQWULRQDOFRUUHVSRQGLHQ
WHHQWpUPLQRVJHQHUDOHVDODPRQWDxDDOLFDQWLQD\VXiUHD
GHFRVWDHQGRQGHSRUHOPRPHQWR\VHJ~QORVGDWRVGLVSR
QLEOHVSDUHFHPDQWHQHUVHXQKiELWDWHQOODQRRFXSDQGRORV
IRQGRVGHORVYDOOHVHLQFOXVRFXHYDV±&RYDGHOHV&HQGUHV
7HXODGD  9HQWR ±SXGLHQGRVHUH[WHQVLEOHDODV
FRPDUFDVYDOHQFLDQDVHQFRQWDFWRFRPRDVtORGHPXHVWUDQ
ODVH[FDYDFLRQHVUHFLHQWHPHQWHSXEOLFDGDVGHO¶$UHQDOGHOD
&RVWD 2QWLQ\HQW  %HUQDEHXHWDOLL 

(O\DFLPLHQWRGHODV(VSHxHWDV 2ULKXHOD VLWXDGRHQDOWXUD


HV XQR GH ORV SRFRV GRQGH SRGHPRV KDEODU GH XQD RFX
SDFLyQFDPSDQLIRUPHWHPSUDQDEDViQGRQRVHQXQUHJLVWUR

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

EDVWDQWH LPSRUWDQWH GH FHUiPLFDV GH HVWLOR PDUtWLPR 5XL]


   SDUWLFLSDQGR SOHQDPHQWH GH OD GLQiPLFD JHQHUDO
GHO6XUHVWH $UULEDV\0ROLQD <DGHQWURGHO,,PLOHQLR
%&VHSURGXFLUtDXQDJHQHUDOL]DFLyQGHOKiELWDWHQDOWXUDHQ
WRGRHOFRUUHGRUGHOD9HJD%DMDGHO6HJXUD&DPSG¶(O[\
FXHQFD 0HGLD \$OWD GHO UtR 9LQDORSy HPSOD]iQGRVH HQ OX
JDUHVHVWUDWpJLFRVSUHGRPLQDQWHPHQWHUHOLHYHVPRQWDxRVRV
HQWUHFXEHWDVJHRJUi¿FDVFRQHOREMHWRGHFRQWURODUORVSD
VRVKDFLDODPRQWDxDDOLFDQWLQD9DOHQFLD\/D0HVHWD

$KRUDELHQFRQLQGHSHQGHQFLDGHTXHODJHQHUDOL]DFLyQGHO
KiELWDW HQ DOWXUD VH SURGX]FD ~QLFDPHQWH HQ OD SDUWH PiV
PHULGLRQDO GHO 'RPLQLR %pWLFR SDUHFH FODUR TXH HO WLSR GH
HQWHUUDPLHQWRPiVKDELWXDOHQDPEDV]RQDVHVHOP~OWLSOHHQ
FXHYDRJULHWDDVRFLDGRWDQWRDSREODGRVHQDOWXUDFRPRHQ
OODQR(MHPSORVVLJQL¿FDWLYRVVRQODVDVRFLDFLRQHVGHOSREOD
GRGHO3XQWDOGHORV&DUQLFHURVDOD&XHYDGHOPLVPRQRPEUH
TXHFRQWHQtDDOPHQRVFLQFRLQKXPDGRV 6ROHU 
&DVD GH /DUD FRQ OD &XHYD GHO $OWR 1ž  FRQ QR PHQRV
GHFDWRUFH 6ROHU RODV7HUUD]DVGHO3DQWDQRFRQOD
&XHYDGHO+DFKD±FXDWURLQGLYLGXRV± -RYHU\6HJXUD 
1RREVWDQWHDOLJXDOTXHRFXUUHFRQPXFKDVGHODVFXHYDV
XWLOL]DGDVGXUDQWHOD(GDGGHO%URQFHFRPRFRQWLQHQWHIXQH
UDULRODVHPSOHDGDVHQHO&DPSDQLIRUPHWDPELpQSUHVHQWDQ

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

GH¿FLHQFLDVHQVXUHJLVWURHLQWHUSUHWDFLyQDOKDEHUVLGRH[
FDYDGDVKDFHEDVWDQWHVGpFDGDVVHU\DFLPLHQWRVFRQYDULRV
QLYHOHV IXQHUDULRV GL¿FLOPHQWH GLVWLQJXLEOHV SRU DOWHUDFLRQHV
SRVWGHSRVLFLRQDOHV R FRQRFHU VX H[LVWHQFLD D FDXVD GH VX
GHVWUXFFLyQ

-XQWR D ODV FXHYDV GH HQWHUUDPLHQWR P~OWLSOH HVUHVHxDEOH


SRUVXXQLFLGDGODGRFXPHQWDFLyQGHXQHQWHUUDPLHQWRLQGL
YLGXDOHQJULHWDHQOD&XHYD2ULHQWDOGHO3HxyQGHOD=RUUD
DGVFULWRDOSREODGRVLWXDGRHQVXFLPD\FX\RDMXDUHVWDED
FRPSXHVWRSRUXQSXxDOGHOHQJHWDGRVSXQWDVGH3DOPHOD
XQ DUHWH GH SODWD FDWRUFH YpUWHEUDV GH SH] SHUIRUDGDV \
DOJXQRV IUDJPHQWRV GH FHUiPLFD 6ROHU    3RU
WDQWRHVLPSRUWDQWHLQVLVWLUHQHOKHFKRGHTXHDOPHQRVHQ
OD FXHQFD GHO 9LQDORSy SUHYLDPHQWH D OD IRUPDFLyQ GH ODV
VRFLHGDGHVTXHYDQDFDUDFWHUL]DUOD(GDGGHO%URQFHHQHV
WDVWLHUUDV\DVHUHJLVWUDWDQWRHOKiELWDWHQDOWXUDFRPRXQDV
SUiFWLFDVIXQHUDULDVFRQHQWHUUDPLHQWRVP~OWLSOHVRLQGLYLGXD
OHV HQ JULHWD R FXHYD (Q HVWH VHQWLGR FRQYLHQH QR ROYLGDU
TXHHVWDVFDUDFWHUtVWLFDVDGHPiVGHDOJXQDVRWUDVTXHHUDQ
ODQHJDFLyQGHODVDUJiULFDVIXHURQODEDVHXWLOL]DGDSRU0
7DUUDGHOO DE SDUDODGH¿QLFLyQGHO%URQFH
9DOHQFLDQR

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

7HQLHQGR HQ FXHQWD HVWD VHULH GH LGHDV FDEUtD SUHJXQWDUVH


SRUODJHVWDFLyQGHODVHQWLGDGHVVRFLDOHVTXHDLQLFLRVGHO
,, PLOHQLR %& FRH[LVWLHURQ FRQ OD VRFLHGDG DUJiULFD HQ HO
'RPLQLR %pWLFR 9DOHQFLDQR - %HUQDEHX   EDUDMy GRV
KLSyWHVLVFRQUHVSHFWRDORULJHQGHOOODPDGR©%URQFH9DOHQ
FLDQRª &RQVLGHUy HQ SULPHU OXJDU TXH VH SRGtD IRUPDU D
SDUWLUGHXQDHYROXFLyQORFDOSDUDOHODDOD©&XOWXUD$UJiULFDª
LQFLGLHQGRODVLQÀXHQFLDVGHHVWD~OWLPDVREUHODSULPHUD\D
IRUPDGD/DVHJXQGDSRVLELOLGDGFRQVLGHUDEDTXHODVLQÀXHQ
FLDVDUJiULFDVFRPHQ]DURQDDFWXDUHQXQPRPHQWRHQHOTXH
HO +RUL]RQWH &DPSDQLIRUPH GH 7UDQVLFLyQ HVWDED SUHVHQWH
FRQWULEX\HQGRDVXIRUPDFLyQMXQWRDODVWHQGHQFLDVORFDOHV
$OLJXDOTXHRWURVDXWRUHV-%HUQDEHXHVWXYRDIDYRUGHHVWD
VHJXQGDSRVLELOLGDGDXQTXHORVLQGLFLRVHUDQHVFDVRVeVWRV
VH FRQFUHWDEDQ HQODSRVLELOLGDG GHTXH H[LVWLHUDQGHWHUPL
QDGRVLQWHUFDPELRVGHSURGXFWRVHQWUHXQRVJUXSRV\RWURV
±FHUiPLFDVFDPSDQLIRUPHVHQ6DQ$QWyQ 2ULKXHOD \GHWHU
PLQDGDV IRUPDV DUJiULFDV HQ DVHQWDPLHQWRV GHO +RUL]RQWH
&DPSDQLIRUPHGH7UDQVLFLyQ±\VREUHWRGRODSUHVHQFLDGH
DGRUQRVPHWiOLFRV±FRPRHODUHWHGHSODWD±FDUDFWHUtVWLFRV
GHOJUXSRDUJiULFRDFRPSDxDQGRDODLQKXPDFLyQLQGLYLGXDO
GH OD &XHYD 2ULHQWDO GHO 3HxyQ GH OD =RUUD 9LOOHQD  FRQ
DMXDUFODUDPHQWHFDPSDQLIRUPH 6ROHU 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

$XQTXHKDQSDVDGRGLH]DxRVWRGDYtDQRWHQHPRVFRQVWDFLD
GHHOHPHQWRVTXHSHUPLWDQHYDOXDUODIRUPDFLyQGHODVRFLH
GDGGRFXPHQWDGDHQHO3UHEpWLFRPHULGLRQDOYDOHQFLDQRFRQ
LQGHSHQGHQFLDGH(O$UJDUDSHVDUGHGLVSRQHUDFWXDOPHQWH
GH QXHYDV GDWDFLRQHV DEVROXWDV EDVWDQWH HOHYDGDV /RV
DYDQFHV HQ OD LQYHVWLJDFLyQ UHDOL]DGRV HQ ORV ~OWLPRV DxRV
QRSHUPLWHQD~QSURQXQFLDUVHHQXQRXRWURVHQWLGRDXQTXH
VLJXH VLHQGR OD KLSyWHVLV YDORUDGD SRU - %HUQDEHX OD PiV
DFHSWDGDHQODDFWXDOLGDG6HKDSRGLGRGRFXPHQWDUTXHGX
UDQWHODIDVH&DPSDQLIRUPHJUDQSDUWHGHHVWHWHUULWRULRHVWi
tQWLPDPHQWH OLJDGR DO VXUHVWH SDUWLFLSDQGR GH VX GLQiPLFD
VRFLDO FRQ XQD LQWHQVL¿FDFLyQ GH ORV FRQWDFWRV H LQWHUFDP
ELRV$GHPiV HO ~QLFR OXJDU GHO VXUHVWH HQ GRQGH SDUHFHQ
JHVWDUVH FDPELRV KDFLD XQD VRFLHGDG GH FODVHV GXUDQWH HO
WUiQVLWRGHO,,,DO,,PLOHQLR%&HVODFXHQFDGHO9HUD $OPHUtD 
HQWRUQRDOQ~FOHRGH(O$UJDU/DFRQVWDWDFLyQGHGHSHQGHQ
FLDHQWUHSREODGRV\ODH[LVWHQFLDGHVHJUHJDFLRQHVFODVLVWDV
DQLYHOORFDO\WHUULWRULDOVRQODVEDVHVTXHKDFHQSHQVDUTXH
©HOGHVDUUROORGHODVIXHU]DVSURGXFWLYDVDUJiULFDVIXHFHQ
WUDOL]DGRSRUXQDSDUDWRGH(VWDGRTXHGRWDGRGHVREHUDQtD
SRGHU\IXHU]DFRHUFLWLYDORJUDUtDVXPLQLVWUDUODVUHODFLRQHV
SURGXFWLYDVTXHGHVGHFRPLHQ]RVGHO,,PLOHQLRD&VHGH
VDUUROODURQ GH IRUPD FRPSOHPHQWDULD HQWUH ORV DVHQWDPLHQ
WRVFRPSUHQGLGRVDOUHGHGRUGHODFXHQFD7HUFLDULDGH9HUD©

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

$UWHDJD 'HVSXpVGHXQSURFHVRGHFRQVROLGD
FLyQGHOJUXSRDUJiULFRVREUHHOWHUULWRULRGHJHVWDFLyQGLVSR
QLHQGRGHXQDSDUDWRFHQWUDOL]DGR\FRQSRGHUFRHUFLWLYRORV
GLVWLQWRV FHQWURV DUJiULFRV LQLFLDUtDQ XQD SROtWLFD H[SDQVLYD
GHDPSOLDFLyQWHUULWRULDOSUHVLRQDQGRVREUHDOJXQDVFXHQFDV
\ SHQHWUDQGR HQ RWUDV HQ GRQGH VH VHJXtD PDQWHQLHQGR
XQ VLVWHPD VRFLDO GH HVWDPHQWRV SDUHQWDOHV LQFOXLGD OD GHO
$QGDUD[9HJDGH*UDQDGDHLQFOXVROD9HJDGHO6HJXUD

(O SURFHVR H[SDQVLYR KDFLD OD ]RQD EpWLFD YDOHQFLDQD GH


ELy GH SURGXFLUVH HQ ORV SULPHURV VLJORV GHO ,, PLOHQLR %&
+HUQiQGH]   D WHQRU GH ODV HYLGHQFLDV DUTXHROyJL
FDV 6RULDQR   *RQ]iOH]  6LPyQ 
+HUQiQGH]  *RQ]iOH] \ 5XL]   /D SUR\HFFLyQ
DUJiULFD VREUH HO WHUULWRULR VH FRQFUHWy VLJXLHQGR OD IRVD
LQWUDEpWLFD FRQ GLUHFFLyQ VXURHVWHQRUHVWH ±FRUUHGRU /RUFD
7RWDQD0XUFLD 9HJD %DMD GHO 6HJXUD &DPS G¶(O[ \ &DPS
G¶$ODFDQW±/RVDVHQWDPLHQWRVVHHPSOD]DURQHQODVVLHUUDV
GH2ULKXHOD\&DOORVD FRQYHWDVGHPLQHUDOHV \HQODVWLHUUDV
FXDWHUQDULDVGHPHMRUFDOLGDG$OPLVPRWLHPSRVHHVWDEOH
FLHURQHQFODYHVHQSXQWRVHVWUDWpJLFRV±3LFGHOHV0RUHUHV
&UHYLOOHQWH 3XQWDOGHO%~KR (OFKH 7DEDLj $VSH ±VLWXD
GRVHQODVHVWULEDFLRQHVPHULGLRQDOHVGHODVVLHUUDVVXEEpWL
FDV\SUHEpWLFDVPHULGLRQDOHVTXHGHOLPLWDQHO&RUUHGRUGHOD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

9HJD%DMD(OFKH/D,OOHWDGHOV%DQ\HWV±SURPRQWRULRURFRVR
HQODPLVPDOtQHDGHFRVWD±VHUtDHOSXQWRPiVVHSWHQWULRQDO
GHODH[SDQVLyQPX\SUREDEOHPHQWHUHODFLRQDGRFRQODGLV
WULEXFLyQHLQWHUFDPELRGHGHWHUPLQDGRVSURGXFWRV

/DSUHVHQFLDGHDOJ~QIUDJPHQWRGHFHUiPLFDLQFLVDFDPSD
QLIRUPHHQSREODGRVQHWDPHQWHDUJiULFRVFRPR6DQ$QWyQ
/DGHUDVGHO&DVWLOORR3LFGH/HV0RUHUHVSRGUtDVHULQGLFD
WLYRGHXQPRPHQWRGHFRQYLYHQFLDFRQSREODFLRQHVFDPSD
QLIRUPHV%DMRHVWHSULVPDQRFDEHODPHQRUGXGDGHTXHOD
H[SDQVLyQDUJiULFDWXYRTXHLQÀXLUHQODJHVWDFLyQGHODVR
FLHGDGOLPtWURIHVLWXDGDHQOD]RQDGHO3UHEpWLFR0HULGLRQDO

)UHQWH D XQD VRFLHGDG GH FODVHV \ H[SDQVLYD FRPR OD DU


JiULFD FRQ SUiFWLFDV IXQHUDULDV FDUDFWHUL]DGDV SRU OD LQKX
PDFLyQ LQGLYLGXDO GHQWUR GHO iUHD GH SREODGR FRQ GLIHUHQ
FLDV HQ ORV DMXDUHV TXH KDQ SHUPLWLGR UHDOL]DU XQD SULPHUD
SURSXHVWDGHHVWUXFWXUDFLyQVRFLDO /XOO\(VWpYH] ODV
FRPXQLGDGHVQRDUJiULFDVYDQDFRQVHUYDUVXVFyGLJRVLGHR
OyJLFRV HYLGHQFLDGRV HQ HO PDQWHQLPLHQWR GH ODV SUiFWLFDV
IXQHUDULDV HQ FXHYD R JULHWD ±SUHIHUHQWHPHQWH GREOHV R WUL
SOHV\HQRFDVLRQHVP~OWLSOHV±FHUFDQDVDODVHQWDPLHQWR(Q
DOJXQRVFDVRVHVWRV~OWLPRVDGRSWDURQFRPRDMXDUIXQHUDULR
GHWHUPLQDGRVREMHWRVGHDGRUQRGHFREUHSODWD\RURLQYR
OXFUDGRVHQHODSDUDWRGHUHSURGXFFLyQVRFLDOFRPRVtPERORV

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

)LJXUD<DFLPLHQWRVIXQHUDULRVDUJiULFRVGHO6XGHVWH&RUUHVSRQGHQ
DORVJUXSRV\HVWDEOHFLGRVSRU9/XOO\-(VWpYH]  

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

LGHQWL¿FDGRUHVGHODVpOLWHVWHQLHQGRQHFHVDULDPHQWHVXRUL
JHQHQORVSURWRWLSRVDUJiULFRVFRQLQGHSHQGHQFLDGHTXHVH
WUDWHGHPDQXIDFWXUDVSURSLDVRDGTXLULGDV3RUHOFRQWUDULR
ODVDUPDVDXWpQWLFRVtPERORGHODVpOLWHVGHOPXQGRDUJiULFR
QRIXHURQDOSDUHFHUDGRSWDGDV

$OPLVPRWLHPSRHVHYLGHQWHTXHODH[SDQVLyQDUJiULFDKDFLD
HVWDVWLHUUDVVXSXVRODFRH[LVWHQFLDGHGRVVRFLHGDGHVFRQ
EDVHVHFRQyPLFDVHLGHRORJtDVGLIHUHQWHV/RVOtPLWHVHQWUH
DPEDV VH HVWDEOHFHUtDQ HQ XQ SULPHU PRPHQWR HQ HO DUFR
PRQWDxRVR TXH GHOLPLWD HO FRUUHGRU GH OD 9HJD %DMD&DPS
G¶$ODFDQW 1R REVWDQWH HO UHJLVWUR SDUHFH PRVWUDU HO DEDQ
GRQRGHGHWHUPLQDGRVSREODGRVDUJiULFRVDLQLFLRVRGXUDQWH
ODOODPDGD©IDVH%ªGHO$UJDUDOPHQRVDOJXQRVGHORVPiV
VHSWHQWULRQDOHV±,OOHWDGHOV%DQ\HWV 6LPyQ 3LFGHOHV
0RUHUHV *RQ]iOH] ±PDQWHQLpQGRVHORVDVHQWDPLHQ
WRV GH OD 9HJD %DMD GHO 6HJXUD \ FDXFH EDMR GHO 9LQDORSy
±&DUDPRUR,7DEDLj±(OORSRGUtDLQWHUSUHWDUVHFRPRXQLQ
GLFLRGHFLHUWDUHRUJDQL]DFLyQGHOWHUULWRULR1HFHVDULDPHQWH
OD DXVHQFLD GH UHFXUVRV PLQHURV DO QRUWH GH ODV &RUGLOOHUDV
%pWLFDVWXYRTXHVXSRQHUHOPDQWHQLPLHQWRGHXQRVVLVWHPDV
GH LQWHUFDPELR TXH FXEULHVHQ OD GHPDQGD ELHQ HQ IRUPD
GHPDWHULDSULPDELHQFRPRREMHWRVPDQXIDFWXUDGRVHVWD
EOHFLpQGRVHXQSURFHVRGHLQWHUDFFLyQVRFLDOTXHJHQHUDUtD

Ì1',&( 
9,©$UTXHRORJtDGHODPXHUWHª$OJXQDVUHÀH[LRQHV

XQD GHSHQGHQFLD GH OD VRFLHGDG GHO 3UHEpWLFR 0HULGLRQDO


YDOHQFLDQRUHVSHFWRGHORVFHQWURVDUJiULFRV/DDGRSFLyQGH
IRUPDVDMHQDVDOPRGRGHHQWHUUDPLHQWRWUDGLFLRQDOSRUSDUWH
GH ORV JUXSRV QR DUJiULFRV ±LQWURGXFFLyQ GH OD FLVWD HQ ODV
JULHWDVHWF±HVODHYLGHQFLDPiVFRQWUDVWDEOHGHHVDLQWHUDF
FLyQSURGXFLGDDORODUJRGHXQLQWHUYDORWHPSRUDOWRGDYtDSRU
GH¿QLU (O KHFKR GH TXH ORV HQWHUUDPLHQWRV HQ JULHWD HVWpQ
GHVYLQFXODGRVGHODVHVWUDWLJUDItDVGHORVSREODGRVDPpQGH
RWUDVFLUFXQVWDQFLDVUHODWLYDVDGH¿FLHQFLDVHQORVUHJLVWURV
REOLJD D QR SURQXQFLDUVH HQ HVWH VHQWLGR ÒQLFDPHQWH XQ
SHTXHxR WXER GH RUR SURFHGHQWH GH XQD JULHWD GHO &DEH]R
GH OD (VFRED 9LOOHQD  WLHQH VXV SDUDOHORV PiV GLUHFWRV HQ
WXPEDVHQXUQDGHORVDVHQWDPLHQWRVGH/D%DVWLGD 7RWDQD
0XUFLD  0DUWtQH]6DQWD2ODOODHWDOLL \(O$UJDU $QWDV
$OPHUtD  6LUHW \ 6LUHW   FRQVLGHUDGRV GH PRPHQWRV
DYDQ]DGRVGHO$UJDU 3LQJHO  )LJXUD 

7RGRV ORV GDWRV SDUHFHQ VHxDODU TXH OD VRFLHGDG GHO 3UH
EpWLFR0HULGLRQDOYDOHQFLDQRGHSHQGLyHQVXDSDUDWRUHSUR
GXFWLYR ±\ KDVWD FLHUWR SXQWR SURGXFWLYR± GH OD DUJiULFD
KDVWD¿QDOHVGHOVLJOR;,9%&DSUR[LPDGDPHQWHGHVSXpVGH
XQODUJRSURFHVRGHLQWHUDFFLyQFUHFLPLHQWR\FRQVROLGDFLyQ
VRFLRHFRQyPLFD&RQODGLVJUHJDFLyQGHO$UJDUFRLQFLGHQWH
FRQ HO GHVDUUROOR GH OD IDVH DUTXHROyJLFD FRQRFLGD FRPR

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

%URQFH7DUGtRVHUiQSUHFLVDPHQWHHVWDVpOLWHVODVTXHFRQV
WLWX\DQXQDQXHYDHQWLGDGSROtWLFDHQWRUQRDODVHQWDPLHQWR
GHO&DEH]R5HGRQGR 9LOOHQD GHODTXHWRGDYtDQRHVWiQGH
¿QLGRVORVOtPLWHVWHUULWRULDOHV/RVFDPELRVUHJLVWUDGRVHQOD
RFXSDFLyQGHODFXHQFDGHO9LQDORSyFRQSREODGRVH[QRYR
HO FUHFLPLHQWR HQ WDPDxR GH ORV PLVPRV -RYHU \ 6HJXUD
 \ODDGRSFLyQSRUSDUWHGHODVpOLWHVVRFLDOHVH[LV
WHQWHVHQHO$OWR9LQDORSyGHDOJXQDVQRUPDVIXQHUDULDVDU
JiULFDVDXQTXHUHLQWHUSUHWDGDV±HQWHUUDPLHQWRVLQGLYLGXDOHV
GHQWURGHODVFDVDVHQXUQDIRVDFLVWDRFRYDFKDMXQWRDO
PDQWHQLPLHQWRGHODVLQKXPDFLRQHVHQFLVWDGHQWURGHJULHWD
FRQRVLQDMXDU±VRQORVLQGLFDGRUHVDUTXHROyJLFRVTXHYDQD
FDUDFWHUL]DUDXQDQXHYDHQWLGDGVRFLDOFX\DVpOLWHVVHJXLUiQ
PDQWHQLHQGRORVDGRUQRVFRPRVtPERORVLGHQWL¿FDGRUHVKDV
WDHOWUiQVLWRGHO,,DO,PLOHQLR%&
$OLFDQWHHQHURGH

Ì1',&( 
9,,%LEOLRJUDItD

9,,%LEOLRJUDItD
$SDULFLR-0DUWtQH]-99LYHV'\&DPSLOOR'  
/DV 5DtFHV GH %DxHUHV 'HSDUWDPHQWR GH +LVWRULD
$QWLJXD6HULH$UTXHROyJLFD8QLYHUVLGDGGH9DOHQFLD
9DOHQFLD
$SDULFLR 3pUH] -   (VWXGLR HFRQyPLFR \ VRFLDO
GH OD (GDG GHO %URQFH 9DOHQFLDQR 3XEOLFDFLRQHV GHO
$UFKLYR0XQLFLSDOGH9DOHQFLD(VWXGLRVPRQRJUi¿FRV
9DOHQFLD
$UULEDV$\0ROLQD)  1HZ%HOO%HDNHUGLVFRYHULHV
LQ WKH 6RXWKHDVW ,EHULDQ 3HQtQVXOD %$5 ,QWHUQDWLRQDO
6HULHV2[IRUG
$UWHDJD2  ©7ULEDOL]DFLyQMHUDUTXL]DFLyQ\(VWDGRHQ
HOWHUULWRULRGH(O$UJDUª63$/6HYLOOD
$\DOD-XDQ00  ©/DSOHQLWXGGHODPHWDOXUJLDGHO
%URQFH /D &XOWXUD $UJiULFDª +LVWRULD GH OD 5HJLyQ GH
0XUFLD,(G0HGLWHUUiQHR0XUFLD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

±    ©(O SREODGR DUJiULFR GH (O 5LQFyQ$OPHQGULFRV


/RUFD0XUFLD ª;9,,&RQJUHVR1DFLRQDOGH$UTXHRORJtD
/RJURxR =DUDJR]D

±  ©(OSREODPLHQWRDUJiULFRª+LVWRULDGH&DUWDJHQD


,,0XUFLD

±  /D&XOWXUDGHO$UJDUHQODFRPDUFDGH/RUFD(VWDGR
GHODFXHVWLyQ0XUFLD

%DGDO*DUFtD(  ©$QiOLVLVDQDWyPLFRGHXQIUDJPHQ


WRGHPDGHUDGHO\DFLPLHQWRGH7DED\i $VSH$OLFDQWH ª
+RPHQDMHD-HUyQLPR0ROLQD0XUFLD

%DWH / )   6RFLHGDG IRUPDFLyQ HFRQyPLFR VRFLDO \


FXOWXUD)RQGRGH&XOWXUD(FRQyPLFD0p[LFR

 ©1RWDVVREUHHOPDWHULDOLVPRKLVWyULFRHQHOSURFHVR
GH LQYHVWLJDFLyQ DUTXHROyJLFDª %ROHWtQ GH $QWURSRORJtD
$PHULFDQD0p[LFR

%DWH/)  ©C'HOUHJLVWURHVWiWLFRDOSDVDGRGLQiPLFR¶


HQWUHXQVDOWRPRUWDO\XQPLODJURGLDOpFWLFRª%ROHWtQGH
$QWURSRORJtD$PHULFDQD0p[LFR

±    ©7HRUtD GH OD &XOWXUD \ DUTXHRORJtDª %ROHWtQ GH


$QWURSRORJtD$PHULFDQD0p[LFR

Ì1',&( 
9,,%LEOLRJUDItD

%HOGD'RPtQJXH]-  ([FDYDFLRQHVHQHO©0RQWHGH


OD%DUVHOODª7pUPLQRGH7RUUHPDQ]DQDV $OLFDQWH -XQWD
6XSHULRUGH([FDYDFLRQHV\$QWLJHGDGHV0DGULG

±    ([FDYDFLRQHV HQ HO ©0RQWH GH OD %DUVHOODª


7pUPLQRGH7RUUHPDQ]DQDV $OLFDQWH -XQWD6XSHULRUGH
([FDYDFLRQHV\$QWLJHGDGHV0DGULG

%HPDEHX$XEDQ-  (OYDVRFDPSDQLIRUPHHQHO3DtV


9DOHQFLDQR7UDEDMRV9DULRVGHO6,39DOHQFLD

±    ©(O ,,, PLOHQLR D& HQ HO 3DtV 9DOHQFLDQR /RV
SREODGRV GH -RYDGHV &RFHQWDLQD  \$UHQDO GH OD &RVWD
2QWLQ\HQW ª6DJXQWXP9DOHQFLD

%ODQFH %   'LH $QIDQJH GHU PHWDOOXUJLH DXI GHU


,EHULFKHQ+DOELQVHO%HUOtQ

%RUUHJR 0 6DOD ) \ 7UHOLV -   /D &RYD GH OD
%DUFHOOD 7RUUHPDQ]DQDV $OLFDQWH  )RQGRV GHO 0XVHR
$UTXHROyJLFR 3URYLQFLDO GH $OLFDQWH ,9  'LSXWDFLyQ
3URYLQFLDOGH$OLFDQWH$OLFDQWH

%UDQGKHUP'  ©=XUQRUGSURYLQ]GHU(O$UJDU.XOWXUª


0DGULGHU0LWWHLOXQJHQ0DGULG

%UX&  +XPHGDOHV\iUHDVODFXVWUHVGHODSURYLQFLD


GH$OLFDQWH,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

&DVWUR 3 /XOO 9 0LFy 5 \ 5LKXHWH &   ©/D
3UHKLVWRULD 5HFLHQWH HQ HO 6XGHVWH GH OD 3HQtQVXOD
,EpULFD'LPHQVLyQVRFLRHFRQyPLFDGHODVSUiFWLFDVIXQH
UDULDVª $UTXHRORJtD GD PRUWH$UTXHRORJtD GD PRUWH QD
3HQtQVXOD ,EpULFD GHVGH DV 2UL[HV DWD R 0HGLHYR 
;LQ]RGH/LPLD

&HQWUR ([FXUVLRQLVWD (OGHQVH   ©&DUWD DUTXHROyJLFD


GHO9DOOHGH(OGDª$UFKLYRGH3UHKLVWRULD/HYDQWLQD;,,,
9DOHQFLD

&HUGi%RUGHUD)  ©&RQWULEXFLyQDOHVWXGLRDUTXHROy


JLFRGHOD)RLDGH&DVWDOOD $OLFDQWH ª/XFHQWXP,,
$OLFDQWH

±  ©(O,,PLOÂOHQQLDOD)RLDGH&DVWDOOD $ODFDQW ([FD


YDFLRQVDUTXHROzJLTXHVDOD)RLDGHOD3HUHUD &DVWDOOD ª
5HFHUTXHVGHO0XVHXG¶$OFRL$OFR\

&KDSPDQ 5 /XOO 9 3LFD]R 0 \ 6DQDKXMD (  


3UR\HFWR*DWDV6RFLHGDG\HFRQRPtDHQHO6XGHVWHGH
(VSDxDFDQH%$5,QWHUQDWLRQDO6HULHV
2[IRUG

&ORTXHOO % \ $JXLODU 0 D  ©3DOHRSDWRORJtD RUDO HQ


HO 9DOOH GHO 9LQDORSy $OLFDQWH ª 6DOXG HQIHUPHGDG \

Ì1',&( 
9,,%LEOLRJUDItD

PXHUWHHQHOSDVDGR$FWDVGHO,,,&RQJUHVR1DFLRQDOGH
3DOHRSDWRORJtD%DUFHORQD
± E ©0RUWDOLGDGHQSREODFLRQHVSUHKLVWyULFDVGHO9LQD
ORSy $OLFDQWH ª 6DOXG HQIHUPHGDG \ PXHUWH HQ HO SD
VDGR$FWDVGHO,,,&RQJUHVR1DFLRQDOGH3DOHRSDWRORJtD
%DUFHORQD
± F ©+HULGDSRUHVSDGDDXQQLxRDUJiULFRª5HYLVWD
GH$UTXHRORJtD0DGULG
&RORPLQDV 5RFD -   ©/D QHFUySROLV GH /DV /DGHUDV
GHO &DVWLOOR &DOORVD GHO 6HJXUD ª $QXDUL GH O¶,QVWLWXW
G¶(VWXGLV&DWDODQV%DUFHORQD
'H 3HGUR 0 -   ©/D (GDG GHO %URQFH HQ HO 3DtV
9DOHQFLDQR HVWDGR GH OD FXHVWLyQª 3UHDFWHV GH OHV ,,
-RUQDGHV G¶$UTXHRORJtD DO 3DtV 9DOHQFLj $OID] GHO 3L
 9DOHQFLD
)LJXHUDV 3DFKHFR )   ([FDYDFLRQHV HQ OD ,VOHWD
GHO &DPSHOOR $OLFDQWH  -XQWD 6XSHULRU GH
([FDYDFLRQHV$UTXHROyJLFDV0DGULG
±    ©/D ,VOHWD GH &DPSHOOR GHO OLWRUDO GH $OLFDQWH
8Q \DFLPLHQWR VtQWHVLV GH ODV DQWLJXDV FXOWXUDV GHO
0HGLWHUUiQHRª $UFKLYR (VSDxRO GH $UTXHRORJtD ;;,,,
0DGULG

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

)XUJ~V -   ©/D HGDG SUHKLVWyULFD HQ 2ULKXHODª


$SpQGLFH,,,GH+LVWRULDGH2ULKXHOD,,2ULKXHOD
±    ©7RPEHV SUpKLVWRULTXHV GHV HQYLURQV G¶2ULKXHOD
3URYLQFH G¶$OLFDQWH (VSDJQH ª $QQDOHV GH OD 6RFLpWp
G¶$UFKpRORJLHGH%UX[HOOHV;,;%UXVHODV
±  &ROÂOHFFLyGHWUHEDOOVGHO3)XUJ~VVREUH3UHKLVWyULD
9DOHQFLDQD7UDEDMRV9DULRVGHO6,39DOHQFLD
*DUFtD%HELD0$  ©(VWXGLRDUTXHROyJLFRGH%LDU\
GHOD&DxDGDGH%LDU$OLFDQWHª,&RQJUHVRGH-yYHQHV
KLVWRULDGRUHV \ JHyJUDIRV 0DGULG   
0DGULG
±    (O SREODPLHQWR SUHKLVWyULFR HQ HO $OWR 9LQDORSy
7pUPLQRV PXQLFLSDOHV GH %DQ\HUHV &DPS GH 0LUUD
&DQ\DGDGH%LDU\%LDU$OLFDQWH0HPRULDGHOLFHQFLDWXUD
8QLYHUVLGDGGH$OLFDQWH
*yQ]DOH]$\5XL](  ©8UEDQLVPRGHIHQVLYRGHOD
(GDGGHO%URQFHHQHO%DMR9LQDORSy/DIRUWL¿FDFLyQDU
JiULFDGH&DUDPRUR, (OFKH$OLFDQWH ª(VWXGLRVGHYLGD
XUEDQD&XDGHUQRVGHOJUXSRGHLQYHVWLJDFLyQ*HRJUDItD
H+LVWRULDGHOXUEDQLVPR0XUFLD
*yQ]DOH] 3 /XOO 9 \ 5LVFK 5   $UTXHRORJtD GH
(XURSD  $ & 8QD LQWURGXFFLyQ D OD ©(GDG

Ì1',&( 
9,,%LEOLRJUDItD

GHO %URQFHª +LVWRULD 8QLYHUVDO 3UHKLVWRULD  (GLWRULDO


6tQWHVLV0DGULG
*yQ]DOH] 0DUFpQ 3   ©&URQRORJtD GHO JUXSR DUJiUL
FRª5HYLVWDG¶$UTXHRORJLDGH3RQHQW*LURQD
*RQ]iOH] 3UDWV$   ©/RV HQWHUUDPLHQWRV FDOFROtWLFRV
\GHO%URQFHGHO0DVGH)HOLSOEL$OLFDQWHª5HYLVWDGHO
,QVWLWXWRGH(VWXGLRV$OLFDQWLQRV$OLFDQWH
±    ©/D 3HxD 1HJUD 9 ([FDYDFLRQHV HQ HO SREOD
GR GHO %URQFH$QWLJXR \ HQ HO UHFLQWR IRUWL¿FDGR LEpULFR
&DPSDxDGH ª1RWLFLDULR$UTXHROyJLFR+LVSiQLFR
0DGULG
*XLOOHP3*XLWDUW/0DUWtQH]50DWD&\3DVFXDO-/O
  ©/¶RFXSDFLy SUHKLVWyULFD GH OD &RYD GH %ROXPLQL
%HQLDUEHLJ%HQLPHOL0DULQD$OWD ª,,,&RQJUpVG¶(VWXGLV
GHOD0DULQD$OWD 'HQLD ,QVWLWXWG¶(VWXGLV
&RPDUFDOVGHOD0DULQD$OWD'HQLD
*XWLpUUH]/ORUHW6  ©(ORULJHQGHOD+XHUWDGH2ULKXHOD
HQWUHORVVLJORVYLL\,;XQDSURSXHVWDDUTXHROyJLFDVREUH
OD H[SORWDFLyQ GH ODV ]RQDV K~PHGDV GHO %DMR 6HJXUDª
$UERU&/,
+HUQiQGH]066LPyQ-/\/ySH]-$  $JXD
\ SRGHU (O &HUUR GH (O &XFKLOOR $OPDQVD $OEDFHWH 

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

3DWULPRQLR+LVWyULFR$UTXHRORJtD-XQWDGH&RPXQLGDGHV
GH&DVWLOOD/D0DQFKD7ROHGR

+HUQiQGH]3pUH]06  ©/DFXHYDGHOD&DVD&RORUi


(OGD$OLFDQWH ª/XFHQWXP,$OLFDQWH

±  ©/DPHWDOXUJLDSUHKLVWyULFDHQHO9DOOH0HGLRGHO


UtR9LQDORSy $OLFDQWH ª/XFHQWXP,,$OLFDQWH

±    ©/D (GDG GHO %URQFH HQ HO 3DtV 9DOHQFLDQR


3DQRUDPD \ 3HUVSHFWLYDVª $UTXHRORJtD GHO 3DtV
9DOHQFLDQR3DQRUDPD\SHUVSHFWLYDV (OFKH 
8QLYHUVLGDGGH$OLFDQWH$OLFDQWH

± D ©/D+RUQDª$UTXHRORJtDHQ$OLFDQWH


,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

± E ©/D&XOWXUDGH(O$UJDUHQ$OLFDQWH5HODFLRQHV


WHPSRUDOHV \ HVSDFLDOHV FRQ HO PXQGR GHO %URQFH
9DOHQFLDQRª+RPHQDMHD/XLV6LUHW   &XHYDV
GH$OPDQ]RUD &RQVHMHUtDGH&XOWXUDGH
OD-XQWDGH$QGDOXFtD'LUHFFLyQ*HQHUDOGH%HOODV$UWHV
6HYLOOD

±  ©8QHQWHUUDPLHQWRDUJiULFRHQ$OLFDQWHª+RPHQDMH


D-HUyQLPR0ROLQD$FDGHPLD$OIRQVR;GHO6DELR
0XUFLD

Ì1',&( 
9,,%LEOLRJUDItD

+HUQiQGH]3pUH]06  ©/D+RUQD $VSH$OLFDQWH 


8Q \DFLPLHQWR GH OD (GDG GHO %URQFH HQ HO 0HGLR
9LQDORSyª$UFKLYRGH3UHKLVWRULD/HYDQWLQD;;,
9DOHQFLD

,EDUUD \ 5XL] 3   (OFKH 0DWHULDOHV SDUD VX +LVWRULD


(OFKH-LPpQH]GH&LVQHURV'  ©([FXUVLRQHVSRU
ORV DOUHGHGRUHV GH (OFKHª %ROHWtQ GH OD 5HDO 6RFLHGDG
(VSDxRODGH+LVWRULD1DWXUDO,;0DGULG

±  ©,QGLFDFLyQGHDOJXQRV\DFLPLHQWRVSUHKLVWyULFRV


\QRWLFLDVDFHUFDGHRWURVª%ROHWtQGHOD5HDO6RFLHGDG
(VSDxRODGH+LVWRULD1DWXUDO;;90DGULG

-LPpQH] 1DYDUUR (   ©1HFUySROLV GH OD (GDG GHO


%URQFHª$UFKLYR(VSDxROGH$UTXHRORJtD;;,,,
0DGULG

-RYHU)-/ySH]-$\6HJXUD*  ©(VWXGLRGHORV


PDWHULDOHVGHOD(GDGGHO%URQFHHQHO9DOOH0HGLRGHOUtR
9LQDORSyª$\XGDVDODLQYHVWLJDFLyQ,QVWLWXWRGH
(VWXGLRV-XDQ*LO$OEHUW$OLFDQWH

-RYHU)-\6HJXUD*  ©(ODVHQWDPLHQWRGHO3RUWLW[RO


0RQIRUWH GHO &LG $OLFDQWH  &RQWULEXFLyQ DO HVWXGLR GHO
%URQFH7DUGtR HQ OD FXHQFD GHO UtR 9LQDORSyª $/(%86
(OGD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

±  (OSREODPLHQWRDQWLJXRHQ3HWUHU'HOD3UHKLVWRULD


DOD5RPDQLGDG7DUGtD$\XQWDPLHQWRGH3HWUHU3HWUHU

-RYHU 0DHVWUH ) - /ySH] 0LUD - $ \ /ySH] 3DGLOOD -
$   (O SREODPLHQWR GXUDQWH HO ,, PLOHQLR D & HQ
9LOOHQD $OLFDQWH )XQGDFLyQ0XQLFLSDO-RVp0DUtD6ROHU
9LOOHQD

-RYHU0DHVWUH)-\/ySH]3DGLOOD-$  3URVSHFFLRQHV


DUTXHROyJLFDVHQ9LOOHQD $OLFDQWH (ODVHQWDPLHQWRGHOD
(GDG GHO %URQFH GHO %DUUDQFR 7XHUWR 0HPRULDV GH H[
FDYDFLRQHV DUTXHROyJLFDV HQ OD &RPXQLGDG 9DOHQFLDQD
'LUHFFLyQ*HQHUDOGH3DWULPRQLR&RQVHOOHUtDGH&XOWXUD
(GXFDFLyQ\&LHQFLD9DOHQFLD ,QpGLWD 

/ySH] *yPH]$   *HRJUD¿D GH OHV WHUUHV YDOHQFLD


QHV3DSHUVEjVLFVLHGLFLyQ9DOHQFLD

/ySH]3DGLOOD-  ©(FRVPHGLWHUUiQHRVHQHO$WOiQWLFR


HQOD(GDGGHO%URQFH8QDVLQJXODUSLH]DGHPDU¿OGHOD
,OOHWDGHOV%DQ\HWV (O&DPSHOOR$OLFDQWH ª$FWDVGHO;;,,
&RQJUHVR1DFLRQDOGH$UTXHRORJtD 9LJR 
=DUDJR]D

/ySH]6HJXt(  ©&RQWULEXFLyQDOHVWXGLRDUTXHROyJLFR


GH$JRVW $OLFDQWH ª,&RQJUHVRGH-yYHQHV+LVWRULDGRUHV
\*HyJUDIRV 0DGULG 0DGULG

Ì1',&( 
9,,%LEOLRJUDItD

±  $UTXHRORJtDHQ$JRVW$OLFDQWH,QVWLWXWRGH&XOWXUD


-XDQ*LO$OEHUW$OLFDQWH
/ySH] 6HJXt ( *DUFtD 0$ \ 2UWHJD -   ©/D
&RYDGHO&DQWDO %LDU$OLFDQWH ª/XFHQWXP,;;
$OLFDQWH
/XOO9  ©'LVFXVLyQFURQROyJLFDGHODFHUiPLFDVHSXO
FUDO$UJiULFDª&\SVHOD,9*LURQD
±  /D©&XOWXUDGH(O$UJDUª8QPRGHORSDUDHOHVWX
GLRGHODVIRUPDFLRQHVHFRQyPLFRVRFLDOHVSUHKLVWyULFDV
(G$NDO0DGULG
/XOO9\(VWpYH]-  ©3URSXHVWDPHWRGROyJLFDSDUD
HOHVWXGLRGHODVQHFUySROLVDUJiULFDVª+RPHQDMHD/XLV
6LUHW   &XHYDVGH$OPDQ]RUD 
&RQVHMHUtDGH&XOWXUDGHOD-XQWDGH$QGDOXFtD'LUHFFLyQ
*HQHUDOGH%HOODV$UWHV6HYLOOD
/XOO 9 \ 3LFD]R 0   ©$UTXHRORJtD GH OD PXHUWH \
HVWUXFWXUD VRFLDOª $UFKLYR (VSDxRO GH $UTXHRORJtD 
0DGULG
/OREUHJDW &RQHVD ( $   ©(O SREODGR GH OD &XOWXUD
GHO %URQFH 9DOHQFLDQR GH OD 6HUUD *URVVD $OLFDQWH ª
3DSHOHV GHO /DERUDWRULR GH $UTXHRORJtD 9DOHQFLDQD 
9DOHQFLD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

±  ,QWURGXFFLyQDODDUTXHRORJtDDOLFDQWLQD$OLFDQWH


 ©/D,OOHWDGHOV%DQ\HWVª$UTXHRORJtDHQ$OLFDQWH
  ,QVWLWXWR GH &XOWXUD -XDQ *LO$OEHUW
$OLFDQWH0DUWt2OLYHU%  ©/D0XQWDQ\D$VVRODGD
$O]LUD9DOHQFLD ª/XFHQWXP,,$OLFDQWH

0DUWt2OLYHU%\%HUQDEHX$XEDQ-  ©/D(GDGGHO


%URQFHHQHO3DtV9DOHQFLDQRª+RPHQDMHD0DOXTXHUGH
0RWHV =DUDJR]D =DUDJR]D

0DUWtQH]$3RQFH-\$\DOD00  /DVSUiFWLFDV


IXQHUDULDVGHODFXOWXUDDUJiULFDHQ/RUFD 0XUFLD /RUFD

0DUWtQH] 6DQWD2ODOOD - 6iH] % 3RVDF & 6RSUDQLV -


$ \ GHO 9DO (   ([FDYDFLRQHV HQ OD FLXGDG GHO
%URQFH0HGLWHUUiQHR,,GHOD%DVWLGDGH7RWDQD 0XUFLD 
,QIRUPHV \ 0HPRULDV GH OD &RPLVDUtD *HQHUDO GH
([FDYDFLRQHV$UTXHROyJLFDV0DGULG0DWD&  
©&RYD %ROXPLQLª $UTXHRORJtD HQ $OLFDQWH 
 ,QVWLWXWR GH &XOWXUD -XDQ *LO$OEHUW $OLFDQWH
0ROLQD )DMDUGR )   ©'H¿QLFLyQ \ VLVWHPDWL]DFLyQ
GHO %URQFH7DUGtR \ )LQDO HQ HO 6XUHVWH GH OD 3HQtQVXOD
,EpULFDª &XDGHUQRV GH 3UHKLVWRULD \ $UTXHRORJtD GH OD
8QLYHUVLGDGGH*UDQDGD*UDQDGD

Ì1',&( 
9,,%LEOLRJUDItD

0ROLQD)DMDUGR)\(VWpYH]-  ©3URSXHVWDPHWRGROy


JLFDSDUDHOHVWXGLRGHODVQHFUySROLVDUJiULFDVª+RPHQDMH
D /XLV 6LUHW   &XHYDV GH $OPDQ]RUD  
 &RQVHMHUtD GH &XOWXUD GH$QGDOXFtD 'LUHFFLyQ
*HQHUDOGH%HOODV$UWHV6HYLOOD
0ROLQD )DMDUGR ) \ 3DUHMD (   (O \DFLPLHQWR GH
OD (GDG GHO %URQFH GH OD &XHVWD GHO 1HJUR 3XUXOOHQD
*UDQDGD  ([FDYDFLRQHV $UTXHROyJLFDV HQ (VSDxD 
0DGULG
1DYDUUR 0HGHURV - )   ©0DWHULDOHV SDUD HO HVWXGLR
GH OD (GDG GHO %URQFH HQ HO 9DOOH 0HGLR GHO 9LQDORSy
$OLFDQWH ª/XFHQWXP,,$OLFDQWH
±  ©/ORPD5HGRQDª$UTXHRORJtDHQ$OLFDQWH
$OLFDQWH
±  ©/ORPD5HGRQD 0RQIRUWHGHO&LG9LQDORSy0LWMi ª
0$&99DOHQFLD
1DYDUUR 3DOD]yQ -   ©(O FHPHQWHULR LVOiPLFR GH
6DQ 1LFROiV GH 0XUFLD 0HPRULD SUHOLPLQDUª $FWDV GHO
, &RQJUHVR GH$UTXHRORJtD 0HGLHYDO (VSDxROD ,9 
=DUDJR]D
1DYDUUR 3RYHGD &   3HWUHU ,VOiPLFR ,QVWLWXWR GH
&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

±    ©/RFDOL]DFLyQ GH XQD QHFUySROLV LVOiPLFD HQ HO


DFWXDOFDVFRXUEDQRGHODFLXGDGGH1RYHOGDª0RURV\
&ULVWLDQRV$\XQWDPLHQWRGH1RYHOGD1RYHOGD
2UWHJD 3pUH] - 5 HS  ©&RQVWDWDFLyQ DUTXHROyJLFD GH
XQD QHFUySROLV LVOiPLFD HQ 6DQ -XDQ $OLFDQWH ª /417
$OLFDQWH
3DVFXDO %HQLWR - /O   ©/¶(GDW GHO %URQ]H HQ OD FR
PDUFD GHO &RPWDWª $\XGDV D OD LQYHVWLJDFLyQ 
,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH
3DVFXDO%HQLWR-\5LEHUD$  ©([FDYDFLRQVDUTXHR
OzJLTXHV HQ O¶$UHQDO GH OD &RVWD 2QWLQ\HQW  $YDQo GH
UHVXOWDWV GH O¶~OWLPD FDPSDQ\D  ª $OED  
2QWLQ\HQW
3DVFXDO 3pUH] 9   ©+DOOD]JRV SUHKLVWyULFRV HQ /HV
/ORPHWHV $OFR\ ª $UFKLYR GH 3UHKLVWRULD /HYDQWLQD ;
9DOHQFLD
±    ©8Q QXHYR HQWHUUDPLHQWR GHO %URQFH 9DOHQFLDQR
HQHO0DV)HOLSª3DSHOHVGHO/DERUDWRULRGH$UTXHRORJtD
GH9DOHQFLD9DOHQFLD
3HDUVRQ * : \ 6WXLYHU 0   ©+LJKSUHFLVLRQ FDOL
EUDWLRQ RI WKH 5DGLRFDUERQ 7LPH 6FDOH  %&ª
5DGLRFDUERQ

Ì1',&( 
9,,%LEOLRJUDItD

3LQJHO9  ©'LH*ROGIXQGHGHU$UJDU.XOWXUª0DGULGHU


0LWWHLOXQJHQ0DGULG

3OD %DOOHVWHU (   (O 6HUFDW GH *D\DQHV $OLFDQWH 


7UDEDMRV9DULRVGHO6,39DOHQFLD

 ©$FWLYLGDGHVGHO6,3  ª$UFKLYRGH3UH


KLVWRULD/HYDQWLQD9,9DOHQFLD

5DPRV)ROTXpV$  (O(QHROtWLFR\OD(GDGGHO%URQFH


HQODFRPDUFDGH(OFKH6HULH$UTXHROyJLFD,,(OFKH

5RPiQ /DMDUtQ - /   ©0DWHULDOHV DUTXHROyJLFRV GHO


©3XQWDOGHO%~KRª (OFKH$OLFDQWH ª5HYLVWDGHO,QVWLWXWR
GH(VWXGLRV$OLFDQWLQRV$OLFDQWH

5RPiQ /DMDUtQ - /   ©/RV \DFLPLHQWRV GH OD (GDG
GHO %URQFH GH OD C6HUUD GHO %~KRª¶ )HVWD G¶(OLJ 
(OFKH

5XELR*RPLV)  &DWiORJRGHPDWHULDOHV\\DFLPLHQ


WRV GH OD FXOWXUD GHO %URQFH 9DOHQFLDQR &ROHFFLyQ /¶8OO
GHO0RUR$OFR\

5XL]$UJLOpV 9 \ 3RVDF 0RQ &   ©(O &DEH]R GH OD
%DVWLGD 7RWDQD 0XUFLD  &DPSDxD GH H[FDYDFLRQHV
GH ª 1RWLFLDULR $UTXHROyJLFR +LVSiQLFR ,,, \ ,9
&XDGHUQRV0DGULG

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

5XL]6HJXUD(  ©(OIHQyPHQR&DPSDQLIRUPHHQOD


SURYLQFLDGH$OLFDQWHª$\XGDVDODLQYHVWLJDFLyQ
,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

6DQFKtV ( - 5RGUtJXH] 7 \ 0RUHOO ,   ©(O PHGLR
ItVLFR*HRORJtDª*XtDGHODQDWXUDOH]DGHOD&RPXQLGDG
9DOHQFLDQD7RPR,,$OLFDQWH

6FKXEDUW +   ©&URQRORJtD UHODWLYD D OD FHUiPLFD VH


SXOWXUDOHQOD&XOWXUDGHO$UJDUª7UDEDMRVGH3UHKLVWRULD
0DGULG

6FKXEDUW+\$UWHDJD2  ©)XQGDPHQWRVDUTXHROy


JLFRVSDUDHOHVWXGLRVRFLRHFRQyPLFR\FXOWXUDOGHOiUHD
GH(OÈUJDUª+RPHQDMHD/6LUHW &XHYDVGH$OPDQ]RUD
 6HYLOOD

6FKOH *   ©(O SREODGR GHO %URQFH $QWLJXR HQ HO
&HUURGHOD9LUJHQGH2UFH *UDQDGD \VXDFHTXLDGHUH
JDGtRª&RQJUHVR1DFLRQDOGH$UTXHRORJtD,;
=DUDJR]D

6HJXUD+HUUHUR* HS (OSREODPLHQWRSUHKLVWyULFRHQHO


9DOOHGH(OGD(OGD

6LPyQ*DUFtD-/  /D(GDGGHO%URQFHHQ$OPDQVD


$OEDFHWH

Ì1',&( 
9,,%LEOLRJUDItD

±  ©&ROHFFLRQHVGHOD(GDGGHO%URQFHHQHO0XVHR


$UTXHROyJLFR 3URYLQFLDO GH$OLFDQWH ,QJUHVRV GH  D
H,OOHWDGHOV%DQ\HWVGH(O&DPSHOORª$\XGDVDOD
LQYHVWLJDFLyQ,QVWLWXWRGH&XOWXUD-XDQ
*LO$OEHUW$OLFDQWH

6LUHW+  ©1RWHVXUODFRPPXQLFDWLRQGX53)XUJXV


UHODWLYHiGHV7RPEHV3UpKLVWRULTXHVi2ULKXHODª$QQDOHV
GH OD 6RFLpWp G¶$UFKpRORJLH GH %UX[HOOHV ;,; 
%UXVHODV

6LUHW + \ /   /DV 3ULPHUDV (GDGHV GHO 0HWDO HQ HO
6XUHVWHGH(VSDxD%DUFHORQD

6ROHU - \ )HUQiQGH] (   ©7HUOLQTXHV 3REODGR


GH OD (GDG GHO %URQFH HQ 9LOOHQD $OLFDQWH ª 3DSHOHV
GHO /DERUDWRULR GH $UTXHRORJtD 9DOHQFLDQD  
9DOHQFLD

6ROHU*DUFtD-0  ©8QHQWHUUDPLHQWRHQXUQDHQHO


&DEH]R5HGRQGRª5HYLVWD9LOOHQD9LOOHQD

±  ©3ULPHUDFDPSDxDGHH[FDYDFLRQHVGHO6HUYLFLR


1DFLRQDOHQHO&DEH]R5HGRQGRª9LOOHQD9LOOHQD

±  ©(O7HVRURGH9LOOHQD\HO7HVRULOORGHO&DEH]R5H


GRQGRª5HYLVWDDQXDO9LOOHQHQVH9LOOHQD

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

6ROHU*DUFtD-0  (O7HVRURGH9LOOHQD([FDYDFLRQHV


DUTXHROyJLFDVHQ(VSDxD0DGULG

±  (ORURGHORVWHVRURVGH9LOOHQD7UDEDMRVYDULRVGHO


6,39DOHQFLD

±  (O(QHROtWLFRHQ9LOOHQD'HSDUWDPHQWRGH+LVWRULD


$QWLJXD6HULHDUTXHROyJLFD8QLYHUVLGDGGH9DOHQFLD
9DOHQFLD

±  ©/D(GDGGHO%URQFHHQODFRPDUFDGH9LOOHQDª+R


PHQDMHD/XLV6LUHW   &XHYDVGH$OPDQ]RUD
   &RQVHMHUtD GH &XOWXUD GH OD -XQWD GH
$QGDOXFtD'LUHFFLyQ*HQHUDOGH%HOODV$UWHV6HYLOOD

±    ([FDYDFLRQHV DUTXHROyJLFDV HQ HO &DEH]R


5HGRQGR,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

6RULDQR6iQFKH]5  ©/DFXOWXUDGHO$UJDUHQOD9HJD


%DMDGHO6HJXUDª6DJXQWXP9DOHQFLD

±  &RQWULEXFLyQDOD3UHKLVWRULDH+LVWRULD$QWLJXDGH


&DOORVDGH6HJXUD0RQRJUD¿DV&DOORVLQDV&DOORVDGHO
6HJXUD

7DUUDGHOO0  ©/D3HQtQVXOD,EpULFDHQODpSRFDGH(O


$UJDUª9&RQJUHVRGH$UTXHRORJtDGHO6XGHVWH(VSDxRO
&DUWDJHQD

Ì1',&( 
9,,%LEOLRJUDItD

± D (O3DtV9DOHQFLDQRGHO1HROtWLFRDOD,EHUL]DFLyQ


(QVD\RGHVtQWHVLV8QLYHUVLGDGGH9DOHQFLD9DOHQFLD

±  E  ©(QVD\R GH LGHQWL¿FDFLyQ GH ODV QHFUySROLV GH,


%URQFH9DOHQFLDQRª$UFKLYRGH3UHKLVWRULD/HYDQWLQD;
9DOHQFLD

±    ©(O SUREOHPD GH ODV GLYHUVDV iUHDV FXOWXUDOHV


GH OD 3HQtQVXOD HQ OD (GDG GHO %URQFHª 0LVFHOiQHD HQ
+RPHQDMHDO$EDWH%UHXLO0DGULG

±  ©/D&XOWXUDGHO%URQFH9DOHQFLDQR1XHYRHQVD\R


GHDSUR[LPDFLyQª3DSHOHVGHO/DERUDWRULRGH$UTXHRORJtD
GH9DOHQFLD9DOHQFLD

7UHOLV 0DUWt -   ©([FDYDFLRQHV HQ HO \DFLPLHQWR GH


OD(GDGGHO%URQFHGH0DVGHO&RUUDO $OFR\$OLFDQWH ª
5HFHUTXHVGHO0XVHXG¶$OFRL$OFR\

9HQWR0LU(  ©&DPSDQLIRUPHLQFLVR\FDPSDQLIRUPH


LPSUHVRHQOD&RYDGHOHV&HQGUHV 7HXODGD$ODFDQW ª(O
(QHROtWLFRHQHO3DtV9DOHQFLDQR $OFR\ 
,QVWLWXWRGH&XOWXUD-XDQ*LO$OEHUW$OLFDQWH

9LFHQV3HWLW-  ©(VWXGLRDUTXHROyJLFRGHO%DUUDQF


GHO6LQW $OFR\ ª/XFHQWXP9,,9,,,$OLFDQWH

Ì1',&( 
)UDQFLVFR-DYLHU-RYHU0DHVWUH±-XDQ$QWRQLR/ySH]3DGLOOD
$UTXHRORJtDGHODPXHUWH

9LFHQW *DUFtD - 0   ©3UREOHPDV WHyULFRV GH OD


$UTXHRORJtDGHOD0XHUWHXQDLQWURGXFFLyQª$UTXHRORJtD
GDPRUWH$UTXHRORJtDGDPRUWHQD3HQtQVXOD,EpULFDGHV
GHDV2UL[HVDWDR0HGLHYR;LQ]RGH/LPLD
9LVHGR0ROWy&  8QHQWHUUDPHQWSUHKLVWyULFDO%DUUDQF
GHO 6LQF 7UDEDMRV 9DULRV GHO 6HUYLFLR GH ,QYHVWLJDFLyQ
3UHKLVWyULFD9DOHQFLD
:DONHU - 0   ©$YDQFH DO HVWXGLR GH OD FUDQHR
ORJtD GH (O $UJDU \ RWURV \DFLPLHQWRV HQ HO 6XUHVWH
(VSDxROª+RPHQDMHD/XLV6LUHW   &XHYDVGH
$OPDQ]RUD &RQVHMHUtDGH&XOWXUDGHOD
-XQWDGH$QGDOXFtD6HYLOOD

Ì1',&( 

You might also like