0HFiQLFD&RPSXWDFLRQDO9RO;;,,,

G.Buscaglia, E.Dari, O.Zamonsky (GLWRUHV

Mecánica Computacional Vol. XXIII, pp. 693-706

%DULORFKH$UJHQWLQD1RYLHPEUH
(Eds.)
Bariloche, Argentina, November 2004

$1È/,6,6'(3/$7($6'()81'$&,Ï1(/$67,&$
&219,*$6,17(50(',$6
0(',$17((/0e72'2'(/$6',)(5(1&,$6),1,7$6
&ODXGLR-2UEDQLFK -XDQ&DUORV3DORWR1pVWRU)2UWHJD

'HSDUWDPHQWRGH,QJHQLHUtD
8QLYHUVLGDG1DFLRQDOGHO6XU
$Y$OHP%DKtD%ODQFD$UJHQWLQD
HPDLOQIRUWHJD#FULEDHGXDU

%HFDULRGHOD&RPLVLyQGH,QYHVWLJDFLyQ&LHQWtILFD&,&GHOD3FLDGH%XHQRV$LUHV

3DODEUDVFODYH+RUPLJyQDUPDGR3ODWHDGHIXQGDFLyQ9LJDVSUHWHQVDGDV

5HVXPHQ (QHVWHWUDEDMRVHDQDOL]DHOFRPSRUWDPLHQWRPHFiQLFRGHSODWHDVUHFWDQJXODUHV
GH IXQGDFLRQHV FRQ YLJDV LQWHUPHGLDV (Q HVWRV DQiOLVLV VH GHILQLHURQ XQD VHULH GH
SDUiPHWURVDGLPHQVLRQDOHVUHODFLRQDGRVFRQODJHRPHWUtDGHORVHOHPHQWRVHVWXGLDGRVFRQ
HOILQGHJHQHUDOL]DUHOSODQWHDPLHQWRGHOSUREOHPDVHFRQVLGHUDURQDVHQWDPLHQWRVLQLFLDOHV
(Q OD UHVROXFLyQ VH GHVDUUROOy XQ SURFHGLPLHQWR QXPpULFR TXH HPSOHD HO 0pWRGR GH ODV
'LIHUHQFLDV )LQLWDV TXH WLHQH HQ FXHQWD OD ULJLGH] GH OD SODFD GHODVYLJDV\HO0RGXORGH
5HDFFLyQGHO7HUUHQR
&DEH DFRWDU TXH VH HPSOHDURQ DOJRULWPRV LWHUDWLYRV TXH SHUPLWLHURQ SDUD FDGD FDVR
HVWXGLDGRKDOODUORVGHVSOD]DPLHQWRV\ORVSRUFHQWDMHVGHUHDFFLRQHVTXHWRPDODSODFD\ODV
TXH VH GHVFDUJDQ GLUHFWDPHQWH HQ OD YLQFXODFLyQ SHULPHWUDO 6H GHVDUUROOy XQ PpWRGR GH
LQWHJUDFLyQ QXPpULFD SDUD HYDOXDU OD UHVXOWDQWH GH OD UHDFFLyQ GHO VXHOR \ ORV
GHVSOD]DPLHQWRVRULJLQDGRVHQGLVWLQWRSXQWRVGHODSODWHD
3RURWUDSDUWHVHHVWXGLyODYDULDFLyQGHODVGHIRUPDFLRQHVGHODVSODWHDVGHIXQGDFLyQFRQ
GLVWLQWDV LQHUFLDV GH ODV YLJDV LQWHUPHGLDV FRPSDUiQGRVH ORV UHVXOWDGRV REWHQLGRV FRQ ORV
KDOODGRVSRUHO0pWRGRGHORV(OHPHQWRV)LQLWRV
&RQ HO ILQ GH PHMRUDU VX FRPSRUWDPLHQWR PHFiQLFR VH SUHWHQVDURQ OD YLJDV LQWHUPHGLDV
FRPSDUDQGR ORV UHVXOWDGRV REWHQLGRV FRQ \ VLQ SUHWHQVDGR (VWH DQiOLVLV VH UHDOL]y
FRQVLGHUDQGR HVWDGRV GH FDUJD FRQVWDQWH DGRSWDQGR XQD UHDFFLyQ GH OD VXEUDVDQWH
FRQVWDQWH
(OPpWRGRDTXtGHVDUUROODGRWDPELpQVHORSRGUtDDSOLFDUDODUHVROXFLyQGHORVDVFRQYLJDV
LQWHUPHGLDVSUHWHQVDGDVRVLQSUHWHQVDUTXHVRSRUWDQJUDQGHVFDUJDV

693
 C. Orbanich, J. Paloto, N. Ortega

,1752'8&&,Ï1

/D HYROXFLyQ GH ORV FRQRFLPLHQWRV YLQFXODGRV FRQ HO DQiOLVLV PHFiQLFR GH ODV SODWHDV GH
IXQGDFLyQ HQ ORV ~OWLPRV YHLQWH DxRV DO LJXDO TXH HQ RWUDV UDPDV GH OD ,QJHQLHUtD HVWiQ
UHODFLRQDGRVFRQHOGHVDUUROORGHPpWRGRVQXPpULFRVDSURSLDGRVTXHSHUPLWHQHYDOXDUODV
3DUD OD GHWHUPLQDFLyQ GH OD FDSDFLGDG GH VRSRUWH GH ODV HVWUXFWXUDV GH IXQGDFLyQ HV
QHFHVDULR FRQRFHUORVDVHQWDPLHQWRSUHYLVLEOHVVHJ~QHOWLSRGHVXHOR(QWUDEDMRVDQWHULRUHV
VREUHSODWHDVGHIXQGDFLRQHVHOiVWLFDV VHSXGRGHWHUPLQDUHODVHQWDPLHQWRILQDO\HYDOXDU
ODGLVWULEXFLyQGHODUHDFFLyQGHOWHUUHQR
(QHVWHWUDEDMRVHDQDOL]DUiQSODWHDVGHIXQGDFLyQHOiVWLFDFRQYLJDVLQWHUPHGLDVFRQ\VLQ
SUHWHQVDU GHWHUPLQiQGRVH ORV DVHQWDPLHQWRV ILQDOHV \ OD GLVWULEXFLyQ GH OD UHDFFLyQ GHO
WHUUHQR HQWUH OR TXH DEVRUEH OD SODFD \ ODV FDUJDV TXH YDQ GLUHFWDPHQWH D ORV HOHPHQWRV GH
ERUGH /D GHWHUPLQDFLyQ GH HVWRV SDUiPHWURV VH UHDOL]D PHGLDQWH XQ GHVDUUROOR EDVDGR HQ HO
0pWRGRGHODV'LIHUHQFLDV)LQLWDV3DUWHGHORVUHVXOWDGRVREWHQLGRVVHYHULILFDUiQPHGLDQWH
XQVRIWZDUHTXHHPSOHDHO0pWRGRGHORV(OHPHQWRV)LQLWRV
3DUDHOFDVRGHSUHVHQWDUVHXQDXPHQWRGHOYDORUGHODVFDUJDVRXQDUHGLVWULEXFLyQGHODV
PLVPDV TXH GHWHUPLQHQ OD QHFHVLGDG GH FRQWDU FRQ XQ GLVSRVLWLYR FRODERUDQWH VXUJH OD
QHFHVLGDG GH UHFXUULU D OD DSOLFDFLyQ GH XQ SUHWHQVDGR 1R REVWDQWH FRPR QR H[LVWHQ
PXFKRV DQWHFHGHQWHV HQ ORV TXH VH DSOLTXHQ PpWRGRV GH FiOFXOR D SODWHDV GH IXQGDFLyQ
SUHWHQVDGDV VH KD GHVDUUROODGR XQ PpWRGR TXH SHUPLWH HYDOXDU ORV HVIXHU]RV GH SUHWHQVDGR
QHFHVDULRV FRQ HO ILQ GH PHMRUDU HO FRPSRUWDPLHQWR PHFiQLFR SHUPLWLHQGR UHDOL]DU XQ
GLPHQVLRQDGRySWLPRGHORVHOHPHQWRVUHVLVWHQWHV

)81'$0(17267(Ï5,&26

5HVROXFLyQGHSODWHDVGHIXQGDFLyQFRQYLJDVLQWHUPHGLDV

(QHVWHFDVRVHDQDOL]DUiQSODWHDVGHIXQGDFLyQDSR\DGDVVREUHXQDVXEUDVDQWHHOiVWLFD
WDOTXHVXVGHIRUPDFLRQHVYDUtDQOLQHDOPHQWHODHFXDFLyQGLIHUHQFLDOTXHSHUPLWHH[SOLFDUVX
FRPSRUWDPLHQWRPHFiQLFRHV

u >TN u ZZ @

’ ’  Z 
'
GRQGH
Z[\IXQFLyQGHDVHQWDPLHQWRVRHOiVWLFD
Z DVHQWDPLHQWRLQLFLDO
T[\FDUJDGLVWULEXLGDDSOLFDGD
N0yGXORGH5HDFFLyQGHO7HUUHQR
'ULJLGH]DODIOH[LyQGHODSODFD

(G 
' 
 u      

694
 C. Orbanich, J. Paloto, N. Ortega

&RQ HO ILQ GH UHVROYHU OD (FXDFLyQ  HQ IRUPD QXPpULFD VH SODQWHD XQ GHVDUUROOR HQ
'LIHUHQFLDV )LQLWDV FRQ XQD PDOOD FXDGUDGD GH ODGR V YHU )LJXUD  REWHQLpQGRVH HQ ORV
QXGRVGHHVWDPDOODORVYDORUHVZLGHODIXQFLyQDVHQWDPLHQWRZ[\

          

TNFPA
          

          

          

          
Z[\
          

E
          

          

          

          

          

TNFPA
Z[\

)LJXUD(VTXHPDGHODSODWHDFRQYLJDVLQWHUPHGLDV

5HVROYLHQGROD(FXDFLyQVHWLHQH

FL u ZL  ¦ F M u Z M u V u >TN u ZLZ @
Q
 

L  '

3DUD OD UHVROXFLyQ GH HVWD H[SUHVLyQ VH KD SURSXHVWR OD GHILQLFLyQ GH GRV IDFWRUHV
DGLPHQVLRQDOHVTXHSHUPLWHQJHQHUDOL]DUORVUHVXOWDGRV
,PSRQLHQGRXQYDORUXQLIRUPHGHODVHQWDPLHQWRILQDOHQORVERUGHVWDOTXHHOYDORUOtPLWH
ZHVWDGDGRSRU
T
Z . u  
N
FRQD IDFWRUGHDVHQWDPLHQWRLQLFLDOHQHOERUGH
7DPELpQ UHVXOWD DGLPHQVLRQDO HO IDFWRU GH UHDFFLyQ UHODWLYD GHO WHUUHQR 1 H[SUHVDGR
FRPR
1 N u V 
695
 C. Orbanich, J. Paloto, N. Ortega

(QEDVHDHVWDVGHILQLFLRQHVOD(FXDFLyQVHFRQYLHUWHHQ

FL u ZL  ¦ F M u Z M T u 
Q
V  1 u Z V . u T
N u u 
L  ' ' ' N

7HQLHQGRHQFXHQWDODULJLGH]GHODVYLJDVVHWLHQH

' u FL u ZL  ' u ¦ F M u Z M T u V   1ZL  1. u

Q
T

L  N
GRQGH
'5LJLGH]GHODVYLJDV
'5LJLGH]GHODSODWHD

0HGLDQWHVXFHVLYDVRSHUDFLRQHVPDWHPiWLFDVVHOOHJDDODVLJXLHQWHHFXDFLyQ

G u >FL  1u ZL  ¦F M u ZM @ u 1 u   .
Q
T

L  N

'H HVWH VLVWHPD HQ 'LIHUHQFLDV )LQLWDV VH YDQ D REWHQHU FRPR UHVXOWDGRV ORV YDORUHV ZL
VLHQGRHVWRVORVGHVSOD]DPLHQWRVHQFDGDSXQWRLpVLPRGHODSODWHD
2WURGHORVSDUiPHWURVEXVFDGRVSDUDHOHVWXGLRGHOSUREOHPDHVHOSRUFHQWDMHGHUHDFFLyQ
GHVRSRUWHTXHWRPDODSODWHD\ODVUHDFFLRQHVGHOWHUUHQRTXHGHVFDUJDQGLUHFWDPHQWHHQORV
HOHPHQWRVGHERUGH
8QDYH]REWHQLGRVORVYDORUHVZL GHODSODWHDVHSURFHGHDHYDOXDUODUHDFFLyQGHVRSRUWH
TXHGHVFDUJDVREUHODSODWHD5SHYDOXiQGRODPHGLDQWHODVLJXLHQWHHFXDFLyQ

5S ³ ³ N u Z  u G[ u G\ 
D E

  L

&DEH DFRWDU TXH HQ HO FDVR GRQGH N VHD FRQVWDQWH OD LQWHJUDO GH OD (FXDFLyQ  LPSOLFD
GHWHUPLQDUHOYROXPHQGHORVDVHQWDPLHQWRV
8QD YH] KDOODGR 5S VH SXHGHQ H[SUHVDU SRUFHQWDMHV FRQ UHVSHFWR DO WRWDO GH OD FDUJD
DSOLFDGD\SRUGLIHUHQFLDREWHQHUHOSRUFHQWDMHGHUHDFFLyQ5YTXHWRPDQODVYLJDVGHERUGH
SDUD HOOR VH GHEHQ UHVROYHU HO VLVWHPD  \ OD (FXDFLyQ  (Q HVWH FDVR OD UHVROXFLyQ GH
HVWRVVLVWHPDVPDWULFLDOHVVHUHDOL]DURQFRQSURJUDPDVHQ$PELHQWH 0$7/$%

5HVROXFLyQGHSODWHDVFRQYLJDVLQWHUPHGLDVSUHWHQVDGDV

6HHVWXGLyXQDSODWHDGHIXQGDFLyQHOiVWLFDFRQODPLVPDJHRPHWUtDTXHODSODWHDPRVWUDGDHQ
OD)LJXUDHQHVWHFDVRFRQODVYLJDVLQWHUPHGLDVSUHWHQVDGDV
(O DQiOLVLV GH HVWDV YLJDV SUHWHQVDGDV VH UHDOL]D PHGLDQWH XQ SURFHGLPLHQWR TXH KHPRV
GHQRPLQDGR 0pWRGR GH ODV 3DUiERODV (O PLVPR SHUPLWH KDOODU GLVWLQWDV IXHU]DV GH
SUHWHQVDGR TXH RULJLQDQ GLYHUVRV GHVSOD]DPLHQWRV GH OD SODWHD LQFOXVLYH ODV IXHU]DV TXH

696
 C. Orbanich, J. Paloto, N. Ortega

FRUUHVSRQGHQ D ORV GHVSOD]DPLHQWRV QXORV HQ ODV SODWHDV FDVR HQ HO TXH OD WRWDOLGDG GH ODV
UHDFFLRQHV GHO WHUUHQR VH GHVFDUJDQ GLUHFWDPHQWH VREUH ORV HOHPHQWRV GH ERUGH (VWD ~OWLPD
VLWXDFLyQHVYHQWDMRVDGHVGHHOSXQWRGHYLVWDGHODGXUDELOLGDGGHODIXQGDFLyQHQSDUWLFXODU
VL VH HQFXHQWUD HQ FRQWDFWR FRQ XQ VXHOR R QDSD IUHiWLFD TXH SRVHDQ SRU HMHPSOR FORUXURV
TXHDWDFDQDODVDUPDGXUDVPHWiOLFDVHPSOHDQGRFRPRYtDVGHLQJUHVRDODVILVXUDV
$OSUHWHQVDUODVYLJDVLQWHUPHGLDVGHODSODWHDGHIXQGDFLyQVHJHQHUDXQGHVSOD]DPLHQWR
GHpVWDFRQWUDULRDOSURGXFLGRSRUODFDUJDT[\FRPSHQVDGRSDUFLDOPHQWHSRUODUHDFFLyQ
GHOWHUUHQR
3DUDGHWHUPLQDUORVGHVSOD]DPLHQWRVHVLPSRUWDQWHUHFRUGDUTXHVRORHQHOSXQWRFHQWUDOGH
ODSODWHDHVSRVLEOHDSOLFDUODVXSHUSRVLFLyQGHELGRDTXHHOGHVSOD]DPLHQWRUHVXOWDQWHHVOD
VXPD GH ORV GHVSOD]DPLHQWRV TXH JHQHUDQ ODV FDUJDV GH SUHWHQVDGR HQ ODV GRV GLUHFFLRQHV
PLHQWUDV TXH IXHUD GHO FHQWUR OD VXSHUSRVLFLyQQRHVYiOLGDSRUHOHIHFWRSURGXFLGRSRUODV
YLJDVGHERUGHDTXtODVXPDGHORVGHVSOD]DPLHQWRVJHQHUDGRVSRUODVIXHU]DVGHSUHWHQVDGR
QRUHSUHVHQWDQHOGHVSOD]DPLHQWRUHDOGHODSODFD
(O0pWRGRGHOD3DUiERODDTXtDSOLFDGRFRQVLVWHHQUHSUHVHQWDUODHOiVWLFDUHDOTXHJHQHUD
HOSUHWHQVDGRPHGLDQWHFDEOHVSDUDEyOLFRVTXHVHKDQGHWHUPLQDQGR
FRQRFLHQGRHOYDORUGHODHOiVWLFDTXHJHQHUDHOSUHWHQVDGRHQHOSXQWRFHQWUDO\HQORVGRV
ERUGHV /XHJR VH WUD]D HQ HVWD GLUHFFLyQ OD SDUiEROD FHQWUDO SRU HVWRV SXQWRV TXH HV ~QLFD
OXHJR VH KDOOD OD HFXDFLyQ GH OD PLVPD PHGLDQWH XQ DQiOLVLV GH UHJUHVLyQ D ORV HIHFWRV GH
FDOFXODUORVGHVSOD]DPLHQWRVZZZZZ\Z
/DSODWHDGHIXQGDFLyQFRQYLJDVLQWHUPHGLDVDQDOL]DGDSRVHHXQDUHODFLyQGHODGRV\HO
WUD]DGR GHO FDEOH SDUD SUHWHQVDGR VLJXH XQD GLUHFWUL] SDUDEyOLFD (Q WDOHV FRQGLFLRQHV SDUD
FDGD HVIXHU]R GH SUHWHQVDGR VH GHEH FDOFXODU OD FDUJD HTXLYDOHQWH TXH HQ HVWH FDVR VH OD
FRQVLGHUDXQLIRUPHPHQWHGLVWULEXLGDPHGLDQWH
 u 9H u H
THT 
D

VLHQGR
HH[FHQWULFLGDGGHOFDEOHSDUDEyOLFRHQHOFHQWURGHODSODFD
9H(VIXHU]RGHSUHWHQVDGR
DODGRGHODSODFD
/XHJRHOGHVSOD]DPLHQWRFHQWUDOEXVFDGRVHORGHWHUPLQDUi

 u THT u D 
/ 
 u ( u ,
GRQGH
(0yGXORGH(ODVWLFLGDGGHO+RUPLJyQ
,,QHUFLDGHODYLJDLQWHUPHGLDFRQVLGHUDQGRHODSRUWHGHODSODFDGHDFXHUGRDORSHUPLWLGR
SRUHO&,562&

'HLJXDOPDQHUDTXHHQHOFDVRDQWHULRUHQODGLUHFFLyQQRUPDOVHWLHQH

697
 C. Orbanich, J. Paloto, N. Ortega

 u THT u E 
/ 
 u ( u ,

$SOLFDQGR HO SULQFLSLR GH VXSHUSRVLFLyQ \ FRQVLGHUDQGR XQD SODFD FXDGUDGD D  E VH
REWLHQHHOGHVSOD]DPLHQWRPi[LPRHQHOFHQWURGHODSODWHDFRPR
 u THT u D 
/Pi[ / /  
 u ( u ,

(VWHGHVSOD]DPLHQWRPi[LPRGPi[HVHOTXHVHSURGXFHHQHOSXQWRFHQWUDOWDOTXHHQODV

GLUHFFLRQHV\HVWRVGHVSOD]DPLHQWRVYDUtDQSDUDEyOLFDPHQWH
&RQHVWRVGHVSOD]DPLHQWRVVHWUD]DQODVSDUiERODVFX\RVYpUWLFHVVRQORV3XQWRV
\HQGLUHFFLyQQRUPDODODSDUiERODFHQWUDOKDOOiQGRVHORVGHVSOD]DPLHQWRVUHVWDQWHV

&$626'(6$552//$'26

$SOLFDFLyQGHOPpWRGRDXQDORVD

6HDSOLFyHO0pWRGRDTXtGHVDUUROODGRDXQDORVDFXDGUDGDDSR\DGDHQVXVFXDWURERUGHVFRQ
XQDDOWXUDGHFP\XQDFDUJDT  1P
/DGHQVLGDGGHODPDOODVHYDULyDORVHIHFWRVGHDQDOL]DUODFRQYHUJHQFLDDQDOL]iQGRVHORV
GHVSOD]DPLHQWRVGHOSXQWRFHQWUDOFRQPDOODVGH[\[

7DEOD'HVSOD]DPLHQWRVGHODORVDHQHOSXQWRFHQWUDOGHDFXHUGRDOWLSR
GHPDOODDGRSWDGR

0DOOD 'HVSOD]DPLHQWRFHQWUDOP
[ 
[ 

5HDOL]DQGRODYHULILFDFLyQFRQHO0pWRGRGHORV(OHPHQWRV)LQLWRHPSOHDQGRXQDPDOODGH
[VHREVHUYyTXH HOGHVSOD]DPLHQWRGHOSXQWRFHQWUDOHVGHP
5HDOL]DQGRODYHULILFDFLyQFRQOD)RUPXODGH7LPRVKHQNRVHREWXYRHOGHVSOD]DPLHQWR
UHDOVLHQGRHVWHLJXDODP
0HGLDQWHHODQiOLVLVGHHVWRVUHVXOWDGRVVHSXGRREVHUYDUXQDEXHQDFRQYHUJHQFLDFRQHO
PpWRGRDTXtSUHVHQWDGRDSOLFDGRDOFDVRGHXQDORVD

$SOLFDFLyQGHOPpWRGRDXQDSODWHDFRQYLJDVLQWHUPHGLDV

3DUD HVWXGLDU OD FRQYHUJHQFLD GHO PpWRGR DSOLFDGR D SODWHDV GH IXQGDFLRQHV HOiVWLFDV FRQ
YLJDV LQWHUPHGLDV VH FRPSDUDURQ PRGHORV UHDOL]DGRV FRQ HO 0pWRGR GH ODV 'LIHUHQFLDV
)LQLWDV FRQ RWURV PRGHORV VLPLODUHV UHVXHOWR FRQ XQ VRIWZDUH FRPHUFLDO TXH HPSOHD HO

698
 C. Orbanich, J. Paloto, N. Ortega

0pWRGR GH ORV (OHPHQWRV )LQLWDV 3URJUDPD $/*25 DUURMDQGR ORV UHVXOWDGRV TXH VH
PXHVWUDQHQORVSXQWRVVLJXLHQWHV

3ODWHDGHIXQGDFLyQUHVXHOWDFRQHO0pWRGRGHODV'LIHUHQFLDV)LQLWDV

(QHVWHFDVRVHHVWXGLRXQDSODWHDGHIXQGDFLyQFRQGRVYLJDVLQWHUPHGLDVFUX]DGDVGHP
 P GRQGH VH YDULy OD GHQVLGDG GH OD PDOOD D ORV HIHFWRV GH HVWDEOHFHU XQD Pi[LPD
GHQVLGDG GH PDOOD D SDUWLU GHO FXDO VH WLHQH XQD EXHQD DSUR[LPDFLyQ D ORV UHVXOWDGRV
REWHQLGRVFRQPRGHORVTXHHUHVROYLHURQFRQHO0pWRGRGHORV(OHPHQWRV)LQLWRV(OPRGHOR
GHVDUUROODGRWLHQHODVVLJXLHQWHVFDUDFWHUtVWLFDV

T  1P
N 1P
G 'Y'S 
D 

$SOLFDQGR HO 0pWRGR GH ODV 'LIHUHQFLDV )LQLWDV SDUD FDGD PDOOD SURSXHVWD VH REWXYR HO
GHVSOD]DPLHQWRFHQWUDOGHODSODWHDTXHVHSXHGHQDSUHFLDUHQ7DEOD

7DEOD'HVSOD]DPLHQWRVGHODSODWHDHQHOSXQWRFHQWUDO

0DOOD 1 'HVSOD]DPLHQWR
&HQWUDOP
[  
[  
[  

3ODWHDGHIXQGDFLyQUHVXHOWDFRQHO0pWRGRGHORV(OHPHQWRV)LQLWRV

0RGHODQGR FRQ HO 0pWRGR GH ORV (OHPHQWRV )LQLWRV XQD SODFD GH IXQGDFLyQ TXH VH OD
PDWHULDOL]y PHGLDQWH HOHPHQWRV 3/$7( FRQ GRV YLJDV LQWHUPHGLDV FUX]DGDV TXH VH
PDWHULDOL]DURQ PHGLDQWH HOHPHQWRV %((1 DSOLFDQGR OD IXQFLyQ 2)66(7 SDUD GHVSOD]DU ORV
HMHVEDULFpQWULFRVGHODSODWHD\GHODYLJD(OWHUUHQRVHPRGHOyPHGLDQWHHOHPHQWRV75866
FRORFDGRV HQ FDGD QRGR FRQ HO ILQ GH VLPXODU OD UHDFFLyQ GHO WHUUHQR VH KL]R OD VLJXLHQWH
DQDORJtD
)
NZ uG V 
6XS
GRQGH
NZ0RGXORGHUHDFFLyQGHOWHUUHQRN
GV'HVSOD]DPLHQWRGHODVXSHUILFLH
))XHU]DHTXLYDOHQWHDFWXDQWHHQHOHOHPHQWR7UXVV
6XS6XSHUILFLHGHLQIOXHQFLDGHOQRGR
699
 C. Orbanich, J. Paloto, N. Ortega
) N Z u G V u 6XS 

GRQGH
NW5LJLGH]GHOHOHPHQWRWUXVV($/
) NW u G Q 
GRQGH
GQ'HVSOD]DPLHQWRGHOQRGR
//RQJLWXGGHOHOHPHQWR7UXVV
&RPRGV GQ\FRQVLGHUDQGRTXHHOGHVSOD]DPLHQWRHQHOQRGRHVLJXDODOGHVSOD]DPLHQWR
GHORVHOHPHQWRV7UXVVVHWLHQH
(u $
N Z u G Q u 6XS NW u G Q uG Q 
/
GRQGH
//RQJLWXGGHOHOHPHQWR7UXVV
'HVSHMDQGR/ VHWLHQH
(u $
/ 
N Z u 6XS

(QHVWDLQYHVWLJDFLyQVHUHDOL]DURQFXDWURPRGHORVFRQODVPLVPDVFDUDFWHUtVWLFDVTXHODV
FLWDGDV HQ HO 3XQWR  YDULDQGR OD GHQVLGDG GH ODV PDOODV FRQ HO ILQ GH SUREDU OD
FRQYHUJHQFLD /RV GHVSOD]DPLHQWRV REWHQLGRV HQ HO FHQWUR GH OD SODFD VH LQFOX\HURQ HQ OD
7DEOD

7DEOD'HVSOD]DPLHQWRVGHODSODWHDHQHOSXQWRFHQWUDO

0DOOD 'HVSOD]DPLHQWR
&HQWUDOP
[ 
[ 
[ 
[ 

&RPSDUDQGR OD FRQYHUJHQFLD GH ORV PRGHORV UHVXHOWRV FRQ HO 0pWRGR GH ODV 'LIHUHQFLD
)LQLWDV 7DEOD  \ HO 0pWRGR GH ORV (OHPHQWRV )LQLWRV 7DEOD  VH REVHUYD TXH FRQ HO
0pWRGRGHORV(OHPHQWRV)LQLWRVVHGHEHUiXVDUXQDPDOODGHDOPHQRV[(QOD7DEOD
VHDSUHFLDTXHFRQHO0pWRGRGHODV'LIHUHQFLD)LQLWDVVHREWLHQHXQDSUHFLVLyQVLPLODUDOD
DQWHULRU FRQ XQD PDOOD GH  [  SRU HQGH VH SXHGH DILUPDU TXH OD FRQYHUJHQFLD HV PiV
UiSLGDFRQHO0pWRGRGHODV'LIHUHQFLD)LQLWDV

700
 C. Orbanich, J. Paloto, N. Ortega

3ODWHDGHIXQGDFLyQFRQGLIHUHQWHVDOWXUDVGHVXVYLJDVLQWHUPHGLDV

(PSOHDQGR XQR GH ORV PRGHORV XVDGRVHQWDOTXHODSODWHDGHIXQGDFLyQFRQYLJDV

LQWHUPHGLDV SRVHH XQD PDOOD GH  [  UHVROYLpQGROD FRQ HO 0pWRGR GH ODV 'LIHUHQFLDV
)LQLWDV YDULDQGR HQ FDGD FDVR OD DOWXUD GH ODV YLJDV LQWHUPHGLDV FRQ HO ILQ GH KDOODU HO
SRUFHQWDMHGHUHDFFLyQGHOWHUUHQRTXHHVDEVRUELGRSRUODSODFD\SRUORVHOHPHQWRVGHERUGH
7DEOD

7DEOD3RUFHQWDMHGHUHDFFLyQWRPDGRSRUODSODFD

$OWXUDGHODYLJD 3RUFHQWDMHTXHWRPDODSODFD
FP FRQODVYLJDVLQWHUPHGLDV
 
 
 
 
 

3ODWHDVGH)XQGDFLyQFRQYLJDVLQWHUPHGLDVSUHWHQVDGDV

(QHVWHFDVRVHHPSOHDURQYLJDVLQWHUPHGLDVSUHWHQVDGDVHQSODWHDGHIXQGDFLyQGH[P
ODVFXDOHVVHIXHURQYDULDQGRODDOWXUDGHODVYLJDVLQWHUPHGLDV\SDUDFDGDDOWXUDHOHJLGDVH
YDULy HO HVIXHU]R GH SUHWHQVDGR KDVWD REWHQHU XQ HVIXHU]R GH SUHWHQVDGR ySWLPR (VWH
HVIXHU]RHVDTXHOTXHFRQWUDUUHVWDODVGHIRUPDFLRQHVSURGXFLGDVSRUODFDUJD
/DVFDUDFWHUtVWLFDVGHOPRGHORDQDOL]DGRVRQODVVLJXLHQWHV
D E PN NFP 1P
T 1P(  1P
GRQGH
D\EODGRVGHODSODWHD
N&RHILFLHQWHGH5HDFFLyQGHO7HUUHQR
T&DUJDDSOLFDGDDODSODWHD
(0yGXORGH(ODVWLFLGDGGHO+RUPLJyQ

(OSULPHUFDVRTXHVHGHVDUUROOyIXHXQDSODWHDFRQYLJDVLQWHUPHGLDGHFPGHDOWXUDOD
FXDOVHODSUHWHQVyFRQFDUJDVTXHYDUtDQHQWUHWKDVWDWFRQXQDH[FHQWULFLGDGPi[LPD
GHP
(Q OD 7DEOD  VH SXHGHQ REVHUYDU ORV GHVSOD]DPLHQWRV GHO SXQWR FHQWUDO GHELGR DO
SUHWHQVDGRDSOLFDGRHQODVYLJDVLQWHUPHGLDV

701
 C. Orbanich, J. Paloto, N. Ortega

7DEOD'HVSOD]DPLHQWRVFHQWUDOHVSURGXFLGRVSDUDFDGDFDUJDGHSUHWHQVDGR

9 /RQJ H THT ( , 'HVSOD]DPLHQWR

W P P 1P 1P P 0i[LPR
&HQWUDOP
      
      
       
      
      

$SOLFDQGR HO SULQFLSLR GH VXSHUSRVLFLyQ GH ORV GHVSOD]DPLHQWRV SURGXFLGRV SRU HO
SUHWHQVDGRFRQORVGHODFDUJD\PHGLDQWHXQSURJUDPDUHDOL]DGRHQHO$PELHQWH0$7/$%
VH SXHGHQ REWHQHU ORV SRUFHQWDMH GH UHDFFLyQ TXH WRPDQ ODV SODWHDV FRQ YLJDV LQWHUPHGLDV
SDUDFDGDXQDGHODVFDUJDVGHSUHWHQVDGRFRPRVHSXHGHREVHUYDUHQOD7DEOD

7DEOD3RUFHQWDMHGHFDUJDWRPDGRSRUODSODFDHQIXQFLyQGHO(VIXHU]RGH3UHWHQVDGR

9W GHSODFD
 
 
 
 
 
 

(QODV)LJXUDV\VHJUDILFDURQODYDULDFLyQGHOSRUFHQWDMHGH5HDFFLyQWRPDGRSRUOD
3ODFDHQIXQFLyQGHOHVIXHU]RGHSUHWHQVDGRDSOLFDGRDODVYLJDVLQWHUPHGLDV

702
 C. Orbanich, J. Paloto, N. Ortega


 \ [
3RUFHQWDMHGHUHDFFLRQWRPDGRSRUOD

 5 



SODFD






       
(VIXU]RGHSUHWHQVDGRW

)LJXUD5HDFFLyQWRPDGDSRUODSODFDHQIXQFLyQGHOSUHWHQVDGRDSOLFDGR
SDUDFPGHDOWXUDGHYLJDLQWHUPHGLD

 $OWXUDGHYLJD FP
3 3RUFHQWDMHGHFDUJDTXHWRPDODSODFD

 $OWXUDGHYLJD FP

$OWXUDGHYLJD FP

$OWXUDGHYLJD FP







          

9 (VIXHU]RGH3UHWHQVDGRW

)LJXUD5HDFFLyQWRPDGDSRUODSODFDHQIXQFLyQGHOYDORUGHOSUHWHQVDGR
SDUDGLVWLQWDVDOWXUDVGHYLJDVLQWHUPHGLDV

703
 C. Orbanich, J. Paloto, N. Ortega

&RQ HO ILQ GH FXDQWLILFDU ODV FRUUHODFLRQHV PRVWUDGDV HQ OD )LJXUD  VH GHWHUPLQDURQ ODV
HFXDFLRQHVGHODVUHFWDVTXHPHMRUDSUR[LPDQPHGLDQWHXQ$QiOLVLVGH5HJUHVLyQ7DEOD1ž
SDUDODVGLVWLQWDVDOWXUDVGHODVYLJDVLQWHUPHGLDV

7DEOD1ž(FXDFLRQHVGHODYDULDFLyQGHOSRUFHQWDMHWRPDGRSRUODSODFD
HQIXQFLyQGHOSUHWHQVDGRSDUDODVGLVWLQWDVDOWXUDVGHODYLJD

$OWXUDGHODYLJDFP (FXDFLyQGHODUHFWD
 3  9
 3  9
 3  9
 3  9

5HVXOWDLQWHUHVDQWHREVHUYDUTXHSDUDYLJDVPD\RUHVDFPGHDOWXUDVHSXHGHYDULDUOD
H[FHQWULFLGDG REWHQLHQGR ORV PLVPR GHVSOD]DPLHQWRV YHUWLFDOHV YDULDQGR HO HVIXHU]R GH
SUHWHQVDGRWDOFRPRVHSXHGHYHUHQOD)LJXUDTXHFRUUHVSRQGHDXQDYLJDFX\DDOWXUDHVGH
FP

9W



\ /Q[
5 
 








       

HP
)LJXUD(VIXHU]RGHSUHWHQVDGRTXHVHGHEHDSOLFDUDODVYLJDVLQWHUPHGLDVSDUD
GLIHUHQWHVYDORUHVGHODH[FHQWULFLGDGHQYLJDVFRQXQDDOWXUDGHFP

704
 C. Orbanich, J. Paloto, N. Ortega

&21&/86,21(6

(Q IXQFLyQ GH ORV UHVXOWDGRV REWHQLGRV HQ HVWH WUDEDMR VH REWXYLHURQ ODV VLJXLHQWHV
FRQFOXVLRQHV
¾ 6H KD GHVDUUROODGR XQ PpWRGR QXPpULFR TXH SHUPLWH GHWHUPLQDU OD GLVWULEXFLyQ GH ODV
UHDFFLRQHVGHOWHUUHQRHQIXQGDFLRQHVFRQYLJDVLQWHUPHGLDV
¾ 6HFRPSUREyODH[DFWLWXGGHOPpWRGRGHVDUUROODGRPHGLDQWHFRPSDUDFLRQHVFRQRWURV
PpWRGRVWDOHVFRPRHO0pWRGRGHORV(OHPHQWRV)LQLWRV\
¾ 6H REVHUYR HO PHMRUDPLHQWR TXH H[LVWH HQ HO SRUFHQWDMH GH UHDFFLyQ GHO WHUUHQR D
PHGLGD TXHVHLQFUHPHQWDODFDUJDGHSUHWHQVDGRHQODVYLJDVLQWHUPHGLDVKDVWDOOHJDUD
FRQRFHU OD FDUJD GH SUHWHQVDGR ySWLPD HQWHQGLpQGRVH SRU HVWD OD TXH KDFH QXODV ODV
GHIRUPDFLRQHVGHODSODWHD

5()(5(1&,$6

>@ -&3DORWR5'6DQWRV³(VWXGLRGHSODWHDVGHIXQGDFLyQPHGLDQWHPpWRGRVQXPpULFRV´
;(1,() ± 0HFiQLFD&RPSXWDFLRQDO$0&$%DULORFKH$UJHQWLQD±
>@  -&3DORWR5'6DQWRV ³'LVWULEXFLyQGHODVUHDFFLRQHVHQSODWHDVGHIXQGDFLyQEDMR
FDUJDYDULDEOH´0(&20¶$0&$ 0HQGR]D$UJHQWLQD
>@-&3DORWR5'6DQWRV³6REUHODFDSDFLGDGGHVRSRUWHHQIXQGDFLRQHVVHJ~QHOWLSRGH
UHDFFLyQGHOVXHOR´;;,;-RUQDGDV6XGDPHULFDQDVGH,QJHQLHUtD(VWUXFWXUDO3XQWDGHO
(VWH8UXJXD\9RO,HQ&'5RP7UDEDMR1ž
>@-&3DORWR-&5' 6DQWRV&2UEDQLFK³3URFHGLPLHQWR0HMRUDGRSDUD'HWHUPLQDUOD
5HSDUWLFLyQ GH 5HDFFLRQHV GH )XQGDFLyQ´ ;,, (1,() ± 0HFiQLFD &RPSXWDFLRQDO
$0&$ &yUGRED$UJHQWLQD
>@  -& 3DORWR 5' 6DQWRV 3 'RPLQJXH] ³3UHGHWHUPLQDFLyQ GH OD UHSDUWLFLyQ GH ODV
UHDFFLRQHV HQ XQ GLVSRVLWLYR GH SODWHD GH IXQGDFLyQ´ &RQJUHVR GH ,QJHQLHUtD 
%V$VHQ&'5RP7UDEDMR1ž
>@  $ *XVPDQ & /XLVRQL * 9HQWXUD &XUVR GH (ODVWLFLGDG $SOLFDGD &XDGHUQR ,,
)DFXOWDGGH&LHQFLDV([DFWDV\7HFQROyJLFDV8QLYHUVLGDG1DFLRQDO7XFXPiQ
>@2&=LHQNLHZLF]5/7D\ORU(O0pWRGRGHORV(OHPHQWRV)LQLWRV)RUPXODFLyQEiVLFD
\SUREOHPDVOLQHDOHV0F*UDZ+LOO&,01(9ROXPHQ%DUFHORQD
>@  ) /HRQKDUGW +RUPLJyQ SUHWHQVDGR ,QVWLWXWR ( 7RUURMD GH OD &RQVWUXFFLyQ \ GHO
&HPHQWR0DGULG
>@/-/LPD$SUR[LPDFLyQDODLGHDGHOKRUPLJyQSUHWHQVDGR&(,/3/D3ODWD$UJHQWLQD

>@ 1 7RPEHVL $ + 3LUFKLR 0 0H]TXLWD ³0pWRGR SDUD OD YHULILFDFLyQ GHO GLVHxR \
7UD]DGRGHOFDEOHFRQIXHU]DPtQLPDHQYLJDVKLSHUHVWiWLFDV´;,,&RQJUHVR$UJHQWLQR
GH9LDOLGDG%DKtD%ODQFD$UJHQWLQD
>@-&3DORWR1)2UWHJD³'HVLJQIRUSUHVWUHVVLQJWHQGRQVOD\RXWLQVWLIIHQLQJZDOOVYLD
DQ H[SHULPHQWDO WHFKQLTXH´ 6WUDLQ -RXUQDO RI WKH %ULWLVK 6RFLHW\ RI 6WUDLQ
0HDVXUHPHQW9ROXPH1U/RQGRQ

705
 C. Orbanich, J. Paloto, N. Ortega

>@ 6 7LPRVKHQNR 6 :RLQRZVN\ .ULHJHU 7KHRU\ RI 3ODWH DQG 6KHOOV 0F *UDZ +LOO
.RJDNXVKD-DSDQ
>@ 6 7DQYLU :DWL ³$ VLPSOH ILQLWH HOHPHQW IRU EHDPV RQ HODVWLF IRXQGDWLRQV ´ 6WUDLQ
-RXUQDORIWKH%ULWLVK6RFLHW\RI6WUDLQ0HDVXUHPHQW9ROXPH1U1RY±

>@0DWODEDQG6LPXOLQN709HUVLyQ FIRU0LFURVRIW:LQGRZV&&RS\ULJKW7KH
0DWK:RUNV,QF
>@5HJODPHQWR&,562&3UR\HFWR&iOFXOR\(MHFXFLyQGH(VWUXFWXUDVGH+RUPLJyQ
$UPDGR\3UHWHQVDGR,17,$UJHQWLQD
>@ $/*25  3URIHFLRQDO 0HFK9( /LQHDU 6WUHVV DQG '\QDPLFV 5HIHUHQFH 'LYLVLyQ
3LWWVEXUJ3HQQV\OYDQLD((88$OJRU,QF

706