Professional Documents
Culture Documents
6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV
$OXPQRV,QGtJHQDV
/$(6&8(/$(1´)5(17(µ$/26$%25Ì*(1(6
(OPRGHORKRPRJHQHL]DGRULPSHUDQWHHQHOVLVWHPDHGXFDWLYRDUJHQWLQRKDVLGRUHLWHUDGDPHQWHFXHVWLRQDGR6LQ
HPEDUJRHVWHPRGHORVLJXHPDQLIHVWiQGRVHHQGLVWLQWRVDVSHFWRV\HQHVSHFLDOFXDQGRVHKDFHQUHIHUHQFLDVDOD
IDPLOLD\DOJXQDVSDUWLFXODULGDGHVGHODVIRUPDVGHVRFLDOL]DFLyQGHORVFKLFRV'LYHUVDVLQYHVWLJDFLRQHVKDQUHJLVWUDGR
ODGLVWDQFLDHQWUHODVSDXWDVGHILQLGDVFRPRLGHDOHVSRUODHVFXHODODVFDUDFWHUtVWLFDVFRQFUHWDV\YDULDEOHVGHODV
IDPLOLDV\ODVIRUPDVGHVRFLDOL]DFLyQGHORVDOXPQRVGHVHFWRUHVSRSXODUHV&XDQGRORVVXMHWRVGHUHIHUHQFLDVRQ
DGHPiVGH´SREUHVµSDUWHGHJUXSRVTXHKDQVLGRGHILQLGRVDORODUJRGHODKLVWRULDFRPR´RWURVµFRQUHVSHFWR
D ODV SDXWDV FXOWXUDOHV RILFLDOHV FRPR ORV LQGtJHQDV HVWRV FRQIOLFWRV VH PDQLILHVWDQ FRQ SDUWLFXODU JUDYHGDG
9HUHPRVFRPROD´DERULJLQDOLGDGµGHHVWRVFKLFRVHVFRQVLGHUDGDHQPXFKRVFDVRVXQREVWiFXORLQVDOYDEOHSDUD
TXHDVXPDQODVSURSXHVWDVGHODHVFXHOD
(V QHFHVDULR HVWDU DWHQWRV D OD GLYHUVLGDG GH VLWXDFLRQHV TXH KDFHQ TXH HQ HVWH DVSHFWR VHD FRPSOHMR
JHQHUDOL]DU(VSRVLEOHUHFRQRFHUHQORVGRFHQWHVODDOWHUQDQFLDHQWUHHOLQWHQWRGHIOH[LELOL]DUGLVFXUVRV\SURSXHVWDV
GH DFHSWDU HO GHVFRQFLHUWR H LQWHQWDU FRPSUHQGHU XQD VLWXDFLyQ SDUD OD TXH UHFRQRFHQ \ GHQXQFLDQ QR HVWDU
SUHSDUDGRV D OD H[SOLFLWDFLyQ GH MXLFLRV FDWHJyULFRV TXH GHVGH REMHWLYRV HVWUDWHJLDV \ WLHPSRV SUHGHILQLGRV
DWULEX\HQODVGLILFXOWDGHVH[FOXVLYDPHQWHDODIDOWDGHLQWHUpV\´ODGHVLGLDµGHODIDPLOLD\DILUPDQHOHIHFWROLQHDO
GHORVVXSXHVWRV´GHILFLWVFXOWXUDOHVIDPLOLDUHVµHQORVSUREOHPDVGHDSUHQGL]DMHGHORVDOXPQRV&UHHPRVDGHPiV
$57,*26
(Q HVWH WUDEDMR QRV LQWHUHVDUi DGHPiV UHIOH[LRQDU VREUH FRPR WRGDV HVWDV ´PLUDGDVµ VRQ HQ RFDVLRQHV
VRVWHQLGDVGHVGHFLHUWRVFRQFHSWRV\FRQFHSFLRQHVGHODDQWURSRORJtDTXHFRPRPXFKDVRWUDVGLVFLSOLQDVFLHQWtILFDV
KDWHQLGRHQORV~OWLPRVDxRVXQDGLIXVLyQUHODWLYDPHQWHDPSOLDHQORVHVSDFLRVHVFRODUHV/D´FLUFXODFLyQµGHFLHUWRV
GHEDWHVDQWURSROyJLFRVHQODHVFXHODVHYLQFXODDODLQFRUSRUDFLyQGHOFRQFHSWRGHFXOWXUD\ODHODERUDFLyQGH
SURSXHVWDVSDUDHOWUDEDMRFRQODGLYHUVLGDG\FRQWUDODGLVFULPLQDFLyQTXHHQODRSLQLyQGHGLVWLQWRVLQYHVWLJDGRUHV
VHSUHVHQWDQPXFKDVYHFHVHQIRUPDDFUtWLFD
'HVGHORVHVWXGLRVFOiVLFRVGHOSDUHQWHVFRORVDQWURSyORJRVKDQUHJLVWUDGRTXHHQWRUQRDFXHVWLRQHVFRPROD
IDPLOLDODFULDQ]DGHORVQLxRVODVSDXWDVGHUHVLGHQFLD\KHUHQFLDH[LVWHXQDIXHUWHWHQGHQFLDDQDWXUDOL]DUODV
SUiFWLFDVFRQRFLGDV\FHUFDQDV\DGHVFDOLILFDUODVTXHVHDOHMDQGHHOODVDVLPLVPRUHJLVWUDQODGLVWDQFLDHQWUHORV
SDWURQHVLGHDOHV\ODVFRVWXPEUHVKiELWRV\SUiFWLFDVTXHODJHQWHPDQLILHVWDHQVXYLGDGLDULD
/DFRWLGLDQHLGDGGHODVUHODFLRQHVIDPLOLDUHV\VXFDUiFWHUDSDUHQWHPHQWHXQLYHUVDODXQTXHDEVROXWDPHQWH
YDULDEOHORFRQYLHUWHQHQXQDVSHFWRGHODYLGDVRFLDOHVSHFLDOPHQWHSURSLFLRSDUDTXHODVSURSLDVSDXWDVWLHQGDQ
DYLYLUVHFRPR~QLFDVRDOPHQRVFRPRODVPiV´OyJLFDVµ\HYROXFLRQDGDV&RQFUHWDPHQWHGHVGHHOGLVFXUVR
KHJHPyQLFRDFWXDOGHQXHVWUDVRFLHGDGODIRUPDGHYtQFXORFRQ\XJDOGHGLYLVLyQVH[XDOGHOWUDEDMRGHILMDUOD
UHVLGHQFLD\GHILQLUODVUHODFLRQHVFRQORVQLxRVTXHVXHOHFDUDFWHUL]DUDORVJUXSRVXUEDQRVGHFODVHPHGLDVH
SUHVHQWDFRPR´HOPRGHORµODIRUPDySWLPDDYHFHVLQFOXVRFRPROD~QLFDSRVLEOHGHRUJDQL]DFLyQ/DSHUVSHFWLYD
FRPSDUDWLYDGDFXHQWDGHODVLQQXPHUDEOHVIRUPDVHQTXHVHFRPELQDQHVWRVDVSHFWRV$XQTXHVHPXOWLSOLFDQODV
´H[FHSFLRQHVµ\ODVGLVWDQFLDVFRQHVWHPRGHORHQSDUWLFXODUHQWUHORVVHFWRUHVSRSXODUHVHOPLVPRPDQWLHQH
VXYLJHQFLD
/DHVFXHODVHSUHVHQWDFRPRXQHVSDFLRSULYLOHJLDGRSDUDFDUDFWHUL]DUODVFRQFHSFLRQHV´RILFLDOHVµVREUHOD
IDPLOLD\WDPELpQORVFRQIOLFWRVHQWRUQRDHVWDVFRQFHSFLRQHV(QWDQWR´]RQDGHHQFXHQWURµSDUWLFXODUPHQWHYLVLEOH
HQWUHHOPRGHORKHJHPyQLFR\HOFRPSOHMRVLVWHPDGHKiELWRVVRFLDOHVODHVFXHODDSDUHFHFRPRXQHVSDFLRGH
SHQHWUDFLyQ\DODYH]GHUHVLVWHQFLDDORVPHFDQLVPRVGHFRQWUROGHOWUDGLFLRQDOPHQWHFRQVLGHUDGR´iPELWRSULYDGRµ
(QHVWHVHQWLGRUHVXOWDVXJHUHQWHODSURSXHVWDGH($FKLOOL$FKLOOLGHHVWXGLDUOD´]RQDGHHQWUHFUX]DPLHQWRµ
DGYLUWLHQGRORVULHVJRVGHODGLFRWRPL]DFLyQ´KiELWXVHVFRODUHVKiELWXVIDPLOLDUHVµ(VWDDXWRUDSURSRQHPiVELHQ
KDFHUXQDQiOLVLVUHODFLRQDOGHODVH[SHULHQFLDVIRUPDWLYDV\DWHQGHUDORVPRGRVGHUHSUHVHQWDFLyQGHODV´IURQWHUDVµ
FRQODVTXHHOGRFHQWHVHVHSDUDUHODFLRQDFRQHOPXQGRH[WUDHVFRODUGHODOXPQR$FKLOOL6HUHILHUHSRU
$57,*26
HOORDODV´LPiJHQHVGLOHPiWLFDVµTXHHOGRFHQWHFRQVWUX\HGHORVDOXPQRVGHVHFWRUHVSRSXODUHVTXHYDQGHODV
FRQVWUXFFLRQHVGHVYDORUL]DQWHV\SDWRORJL]DQWHVDODVURPDQWL]DGDV
$GHPiVGHHVWRVDVSHFWRVJHQHUDOHVHVQHFHVDULRXELFDUODFXHVWLyQGHODIDPLOLDHQHOFRQWH[WRDUJHQWLQR
GHORV~OWLPRVDxRVFDUDFWHUL]DGRSRUODVLWXDFLyQGHGHVHQWHQGLPLHQWRGHO(VWDGRGHXQDVHULHGHFXHVWLRQHV
*DEULHOD1RYDUR
YLQFXODGDVDODUHSURGXFFLyQGHODIXHU]DGHWUDEDMR\HOWUDVODGRGHODUHVSRQVDELOLGDGSRUHOORVDODIDPLOLDVREUH
ODTXHDOPLVPRWLHPSRVHPXOWLSOLFDQORVPHFDQLVPRVGHFRQWUROGLVFLSOLQDPLHQWR\PRUDOL]DFLyQDVtORVHxDOD
(*UDVVLHQVXVWUDEDMRVUHFLHQWHV
0 5 1HXIHOG DGYLHUWH HQ GLYHUVRV WH[WRV TXH ODV LQVWLWXFLRQHV GHO (VWDGR FRQGXFHQ DFWXDOPHQWH D XQD
VLWXDFLyQSDUDGyMLFDHQFXDQWRUHVSRQVDELOL]DQDODVIDPLOLDVSRUODVDFWLYLGDGHVGHVXSHUYLYHQFLD\VDOXG´DOWLHPSR
TXHHQODVLQVWLWXFLRQHVHVFRODUHVODVPLVPDVIDPLOLDVVRQREMHWRGHHVWLJPDWL]DFLyQDOUHVSRQVDELOL]DUODVGHORV
IUDFDVRVGHORVQLxRVµ051HXIHOG3UR\HFWR8EDF\W(QHVWDVHVWLJPDWL]DFLRQHVVXSRQHPRVTXHMXHJDQ
XQSDSHOFHQWUDOORV´XVRVµGHFRQFHSWRV\HQIRTXHVGHODDQWURSRORJtD\ODSVLFRORJtD$OGHFLUGH6HJDOHQ
FRQHOGHVDUUROORGHO´SVLFRDQiOLVLVYXOJDUL]DGRµHOFRQWUROVRFLDO\HQSDUWLFXODUHOTXHHMHUFHODHVFXHODVREUHOD
IDPLOLDHVPiVDPSOLR\PiVLQVLGLRVR\FXOSDELOL]DQWH6XSRQHPRVTXHFRQOD´DQWURSRORJtDYXOJDUL]DGDµSXHGHQ
HVWDUVXFHGLHQGRFRVDVVLPLODUHV
/ $ )$ 0 , / , $ , 1 ' Ì * ( 1 $ 9 , 6 7$ 3 2 5 / $ ( 6 & 8 ( / $
(QSDUWLFXODUHQORTXHKDFHDO´PRGHORµGHIDPLOLDSDUHFHKDEHUPXFKDVOLPLWDFLRQHVHQHOVLVWHPDSDUDDSURSLDUVH
GHORVDYDQFHVGHORVHVWXGLRVFRPSDUDWLYRVHKLVWyULFRV\SDUDFRPSUHQGHUTXHHOPRGHOR´RILFLDOµHVVRORXQD
IRUPDSRVLEOHGHYLGDIDPLOLDUTXHFRH[LVWHFRQPXFKDVRWUDV\TXHVHKDPRGLILFDGR\VHJXLUiPRGLILFiQGRVH3RU
HVRDFRUGDPRVFRQ0DUtD5RVD1HXIHOGHQODQHFHVLGDGGHSHQVDUGHVGHTXHPRGHORVHFRQYRFDDODIDPLOLDGHVGH
ODHVFXHOD\DTXHHVWHPRGHORVLQGXGDIXQFLRQDFRPRXQIXHUWHSDWUyQFXOWXUDO(QHOPLVPRVHQWLGRGHEHPRV
UHIOH[LRQDUVREUHHOPRGHORGHLQIDQFLD
/RV GRFHQWHV UHJLVWUDQ HO FRQIOLFWR HQWUH ODV SDXWDV VRFLDOL]DGRUDV GH OD HVFXHOD \ ODV GH ODV IDPLOLDV HQ
SREODFLRQHV TXH VH DOHMDQ GHO PRGHOR LGHDO GH LQIDQFLD \ IDPLOLD VRVWHQLGR WUDGLFLRQDOPHQWH SRU OD HVFXHOD
0LHQWUDVDDOJXQRVHVWRORVPXHYHDSHQVDUQXHYDVIRUPDV\SULRULGDGHVSRQLHQGRHQGXGDORVDVSHFWRVUtJLGRV
\XQLIRUPL]DQWHVHOSDUDGLJPDWUDGLFLRQDOSHUPDQHFHLQFXHVWLRQDGRHQRWURV(VWRV~OWLPRVQRVLQFRQWUDGLFFLRQHV
SHURGHVGHSDUiPHWURVSUHGHILQLGRVGHELHQHVWDU\QRUPDOLGDGFDUDFWHUL]DQODGLYHUVLGDGDVRFLiQGRODDODFDUHQFLD
GHILQLHQGRDHVWDVSREODFLRQHVSRUODDXVHQFLDGHSDXWDV\FRVWXPEUHV3DUDFRPSOHML]DUD~QPiVODVLWXDFLyQVH
HVFXFKDHQDOJXQRVGRFHQWHVFRPHQWDULRVTXHGHVGHXQDYDORUDFLyQDFUtWLFDWDPELpQUHIXHU]DQHVWHUHRWLSRVGHVGH
PLUDGDVHVHQFLDOLVWDVGRQGHQRHQWUDQORVFDPELRVSURGXFLGRVSRUODSURSLDGLQiPLFDKLVWyULFD\SRUODDUWLFXODFLyQ
FRQODVRFLHGDGQDFLRQDO7RGRHVWRPXHVWUDHOFDUiFWHUSURIXQGDPHQWHFRPSOHMRGHODVUHSUHVHQWDFLRQHV
9HDPRVDOJXQRVFRPHQWDULRVGHORVUHODWRVGHH[SHULHQFLDVGHORVGRFHQWHVHQHVFXHODVFRQSREODFLyQ
$57,*26
DERULJHQTXHIXQGDPHQWDQHVWDVDSUHFLDFLRQHV
8QDGRFHQWHFKDTXHxDHVFULEHUHODWDQGRVXH[SHULHQFLDGHWUDEDMR´/DIDPLOLDDPSOLDGDKDGHPRVWUDGRVHU
ULHVJRVDHVSHFLDOPHQWHSDUDHOELHQHVWDUGHORVQLxRVTXHYLYHQHQHVWDVFRQGLFLRQHVGHKDFLQDPLHQWRTXHHVWiQ
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
SHUPDQHQWHPHQWHH[SXHVWRVDODDJUHVLyQ\HOPDOWUDWR«HQDOJXQRVKRJDUHVDSDUHFHQSUHVHQFLDVHVSRUiGLFDVGH
GLYHUVDVILJXUDVSDWHUQDVFRQGXFLHQGRDOGHVHTXLOLEULRDIHFWLYRGHODIDPLOLD\VREUHWRGRGHORVPiVSHTXHxRVµ
5HODWRVGHH[SHULHQFLDVHQ(,%'RFXPHQWRVGHO0LQLVWHULRGH(GXFDFLyQ
2WUDGHQXQFLDQGRODSREUH]DSHURDODYH]H[SOLFLWDQGRSRVLFLRQHVIXHUWHPHQWHDXWRFHQWUDGDVVRVWLHQH
SRUHMHPSORTXH´/DVIDPLOLDVSURYLHQHQGHXQFRQWH[WRVRFLRHFRQyPLFRFDUHQWHGHWRGRUHFXUVR/DVIDPLOLDVQR
FXHQWDQFRQODVFRQGLFLRQHVQHFHVDULDVSDUDVXQRUPDOGHVDUUROORµUHODWRVGHH[SHULHQFLDVHQ(,%'RFXPHQWRV
GHO0LQLVWHULRGH(GXFDFLyQ
(Q GHILQLWLYD QRV HQFRQWUDPRV FRQ PXFKRV GRFHQWHV KDFLHQGR DSUHFLDFLRQHV PX\ JHQHUDOL]DGDV \ HQ
RFDVLRQHVDSUHVXUDGDVVREUHODV´IDPLOLDVLQHVWDEOHVPDOFRQVWLWXLGDVµ´LQFRPSOHWDVµ´SDUHMDVLQIRUPDOHVµ´IDOWD
GHFXLGDGRVItVLFRVµ´DEDQGRQRIDOWDGHHVWLPXODFLyQKRJDUHxDµ´IDOWDGHPRWLYDFLRQHVSDUDSURJUHVDUµUHODWRV
GHH[SHULHQFLDVHQ(,%'RFXPHQWRVGHO0LQLVWHULRGH(GXFDFLyQ
0XFKRVGRFHQWHVVLQHPEDUJRVLQGHMDUGHGHQXQFLDUODSULYDFLyQHQODVFRQGLFLRQHVGHYLGDGHHVWRVJUXSRV
VHPXHVWUDQVHQVLEOHVDFRPRHVWDVSULYDFLRQHVVXHOHQFRH[LVWLU\DWUDYLHVDQFLHUWDV´SDUWLFXODULGDGHVFXOWXUDOHVµ
'HVGHDOOtH[SUHVDQVXVGLILFXOWDGHVKDFLpQGRVHFDUJRGHTXHVRQVXVOLPLWDFLRQHVSDUDDFHSWDUVLVWHPDVGH
UHSUHVHQWDFLRQHVGLVWLQWRVGHDTXHOORVHQORVFXDOHVIXHURQVRFLDOL]DGRV
8QFDVRH[WHQVLEOHVLQGXGDDRWURVJUXSRVLOXVWUDODGLYHUVLGDGGHVLWXDFLRQHV(QODRSLQLyQGHPXFKRV
GRFHQWHVTXHWUDEDMDQFRQQLxRV:LFKLHVWRVFKLFRVWLHQHQXQDJUDQOLEHUWDGSDUDHOHJLUVLDVLVWLURQRDODHVFXHOD
UDVJRSRVLEOHPHQWHFRPSDUWLGRSRURWURVJUXSRVLQGtJHQDV\SRURWUDVSREODFLRQHVFRQUHSUHVHQWDFLRQHVVREUH
ODQLxH]DOHMDGDVGHORVSDUiPHWURVGHORVVHFWRUHVPHGLRV0LHQWUDVDOJXQRVORLQWHUSUHWDQFRPRXQDGLILFXOWDG
LQVDOYDEOHSURGXFWRGHODGHVLGLDRGHVLQWHUpVGHODVIDPLOLDVTXH´QROHLPSRQHQUHJODVQLOtPLWHVµRWURVHQWLHQGHQ
TXHHVWRGHEHPRYLOL]DUDORVGRFHQWHVHQODQHFHVLGDGGH´HQFRQWUDUHVWUDWHJLDVSDUDDERUGDUHVWDVLWXDFLyQµ
6H DGYLHUWH WDPELpQ OD GLILFXOWDG SDUD DWHQGHU DO FDPELR GH VHQWLGR GH ODV SUiFWLFDV FRQ HO FDPELR GH
FRQWH[WR&RPRFRQVHFXHQFLDGHHOORPXFKDVYHFHVVHFRQIXQGHQODVDFFLRQHVTXHVRQSURGXFWRGHODVLWXDFLyQ
VRFLRHFRQyPLFD DJRELDQWH FRQ SUiFWLFDV TXH VRQ SURGXFWR GH HOHFFLRQHV TXH VH DGHFXDQ D ODV SULRULGDGHV \
HOHFFLRQHVFXOWXUDOHVGLYHUVDV$VtSRUHMHPSORFXHVWLRQHVFRPRHOKDFLQDPLHQWRIDPLOLDUVRQFDUDFWHUL]DGRVSRU
DOJXQRVPDHVWURVFRPR´SURSLRVGHVXLGLRVLQFUDVLDµ
6HGHEHWHQHUHQFXHQWDTXHXQDPLVPDSUiFWLFDFRPRYLYLUHQIDPLOLDVH[WHQVDVPLJUDURWHQHUPXFKRV
KLMRVHVWiFRQGLFLRQDGD\DGTXLHUHVHQWLGRVSDUWLFXODUHVSRUHMHPSORFRPRHVWUDWHJLDSDUDGLYHUVLILFDUORVUHFXUVRV
HQJUXSRVDWUDYHVDGRVSRUSURFHVRVGHGRPLQDFLyQHLQVHUWRVHQVLWXDFLRQHVGHSREUH]D\GHVSRVHVLyQ(VWRV
QXHYRVVHQWLGRVQRVRQHYLGHQWHPHQWHORVPLVPRVTXHHVWDVFRVWXPEUHVSXGLHURQKDEHUWHQLGRDQWHVGHOFRQWDFWR
FRQRFFLGHQWH\GHEHQVHUHQWHQGLGRVHQWRGDVXGLQiPLFD\FRQIOLFWLYLGDG&RQORVPLVPRVFXLGDGRVGHEHUtDQ
$57,*26
VHUSHQVDGDVFXHVWLRQHVFRPRHOWUDEDMRLQIDQWLOORVHPEDUD]RVGHDGROHVFHQWHVHWF&RPSDUWLPRVSRUHOORHO
pQIDVLVFRQTXH5HQDWR2UWL]QRVDGYLHUWHTXHODVGLYHUVLGDGHVGHEHQVHUFRQWH[WXDOL]DGDVSXHVHOVHQWLGR
KLVWyULFRGHODVGLIHUHQFLDVUHGHILQHVXSURSLRVHQWLGRVLPEyOLFR
*DEULHOD1RYDUR
&21&(3&,21(6<6,78$&,21(69,1&8/$'$6$/$35(1',=$-(
(VWDIRUPDGHFRQFHELUODVUHODFLRQHVIDPLOLDUHV\ODVSDXWDVGHFULDQ]DWLHQHXQFRUUHODWRGLUHFWRHQODIRUPDGH
SUR\HFWDUODHVFRODULGDGGHHVWRVQLxRV6HDGYLHUWHHQPXFKRVPDHVWURVXQDIXHUWHWHQGHQFLDDDVRFLDUOLQHDOPHQWH
ODSREUH]DFRQGHILFLWVFRJQLWLYRV\OLPLWDGDVFDSDFLGDGHVGHDSUHQGL]DMH(QHVWHVHQWLGRPXFKRVPDHVWURVGHILQHQ
VX VRFLDOL]DFLyQ SULPDULD SRU ´OD FDUHQFLD GH HVWtPXORV DOIDEHWL]DGRUHV \ FRPXQLFDWLYRV HQ JHQHUDOµ FRQFLEHQ
TXH´HQORVDOXPQRVPiVFDUHQFLDGRVHO~QLFRLQFHQWLYRSDUDDVLVWLUDODHVFXHODHVODH[LVWHQFLDGHOFRPHGRUµ
&RPSOHPHQWDQ HVWDV LPiJHQHV DTXHOORV TXH OLPLWDQ VXV FDSDFLGDGHV ´LQQDWDVµ D OD LPLWDFLyQ \ OD REVHUYDFLyQ
UHODWRVGHH[SHULHQFLDVHQ(GXFDFLyQ,QWHUFXOWXUDO\%LOLQJH'RFXPHQWRVGHO0LQLVWHULRGH(GXFDFLyQ
3DUDDYDQ]DUHQODUHIOH[LyQVREUHODVLPiJHQHVGHODIDPLOLDHQODHVFXHOD\ODVSRVLELOLGDGHVGHDSUHQGL]DMH
UHVXOWDVXJHUHQWHXQWUDEDMRUHFLHQWHGH%DWDOOiQ\&DPSDQLQLTXLHQHVDILUPDQTXHHQHOVLVWHPDHGXFDWLYR
DUJHQWLQR VH WLHQGH D VREUHHQIDWL]DU ORV HIHFWRV GH OD VRFLDOL]DFLyQ IDPLOLDU WHPSUDQD \ D YLVXDOL]DU VXV HIHFWRV
FRPR´SUREOHPDVSHGDJyJLFRVµ/DVPLUDGDVVREUHORVDOXPQRVVHFRQVWUX\HQVHJ~QHVWDVDXWRUDVGDQGRSRU
VXSXHVWDODKRPRJHQHLGDGGHOPXQGRVRFLDOTXHHOQLxRKDYLYLGR\WDPELpQVXSRQLHQGRTXHHOPLVPRFRQILJXUD
PHFiQLFDPHQWHODSHUVRQDOLGDGGHOLQGLYLGXR
3RURWUDSDUWHUHDOL]DQGRHOPLVPR´FRUULPLHQWRµTXHDQWHVDGYHUWtDPRVHQWUHGLYHUVLGDG\GHVLJXDOGDGHQ
RFDVLRQHVODGLYHUVLGDGVH´XVDµHQWpUPLQRVGH1HXIHOGH7KLVWHGSDUDDWULEXLUWRGRVORVSUREOHPDVD´OD
FXOWXUDµGHORVGLVWLQWRVJUXSRV/DFXOWXUDDSDUHFHUtDDVtFRPRODUHVSRQVDEOHGHODVGLILFXOWDGHVGHORVFKLFRV6HGLFH
HQWRQFHVSRUHMHPSORTXH´6HWUDWDGHXQDSREODFLyQGHVHUWRUDSRUWUDGLFLyQµRTXH´ORVQLxRVVRQH[WUHPDGDPHQWH
WtPLGRVGHELGRDVXFXOWXUDµ5HODWRGHH[SHULHQFLDVHQ(,%'RFXPHQWRVGHO0LQLVWHULRGH(GXFDFLyQRTXH
´DEDQGRQDQODHVFXHODSRUVXVKiELWRVFXOWXUDOHVµFRPHQWDULRVUHLWHUDGRVGHORVGRFHQWHV
9HDPRVODGHVFULSFLyQGHXQDPDHVWUDFKDTXHxD
´/HVFXHVWDFDSWDUORDEVWUDFWRQRVDEHQLQWHUURJDUDOGRFHQWHVLHVWHOHVSUHJXQWDUHVSRQGHQHQVXWLHPSRORTXH
PXFKDVYHFHVHQWRUSHFHHODSUHQGL]DMHGHOUHVWRGHOJUXSRQRVRQSDUWLFLSDWLYRVQRDFODUDQVXVGXGDV/DPD\RUtD
GHODVGLILFXOWDGHVQDFHQHQODKHWHURJHQHLGDGpWQLFDGHORVJUXSRV3RUVXPLVPDPDQHUDGHVHUVRQDYDVDOODGRV
\GLVFULPLQDGRVSRUHOJUXSRGHFKLFRVSRUHVRVHWUDWDGHTXHHOORVVHXQDQ\WUDEDMHQHQIRUPDFRQMXQWDµ
6RUSUHQGHQWHPHQWH HVWD GRFHQWH VH SURSRQH HQWUH VXV REMHWLYRV ´ERUUDU OD GLVWDQFLD HQWUH ORV ZLFKL \
QRVRWURVµ 5HODWR GH H[SHULHQFLDV HQ (,% 'RFXPHQWRV GHO 0LQLVWHULR GH (GXFDFLyQ 9HDPRV HVWH RWUR
´GLDJQyVWLFRµWDPELpQGHO&KDFR
´(OQLYHOGHSDUWLFLSDFLyQGHORVSDGUHVGHQWURGHODLQVWLWXFLyQHVHVFDVRGHELGRDTXHODHGXFDFLyQVLVWHPiWLFD
HVDMHQDDODFXOWXUDDERULJHQ\FULROODVRQHQVXPD\RUtDDQDOIDEHWRVKD\HVFDVDDXWRULGDG\UHVSRQVDELOLGDG
$57,*26
SDWHUQDDGHPiVFDUHFHQGHYLVLyQGHIXWXURWHQLHQGRXQDFXOWXUDGHVXEVLVWHQFLDµ
(QHVWHFDVRODH[SHULHQFLDVHSURSRQH´SUHVHQWDUDORVQLxRVDFWLYLGDGHVSDUWLHQGRGHVXYLGDFRWLGLDQD
UHVSHWDQGRVXFXOWXUDµ5HODWRGHH[SHULHQFLDVHQ(,%'RFXPHQWRVGHO0LQLVWHULRGH(GXFDFLyQ
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
+D\TXHDGYHUWLUTXHODVLWXDFLyQGHODHGXFDFLyQDERULJHQHQHO&KDFRHVVXPDPHQWHFRPSOHMDHLQFOX\H
MXQWRFRQODVPLUDGDVUHWUDWDGDVHOWUDEDMRVLVWHPiWLFR\FRQWLQXRTXHGHVGHKDFHPiVGHTXLQFHDxRVVHGHVDUUROOD
HQGLVWLQWDVORFDOLGDGHVGHO,PSHQHWUDEOHUHJLyQFRQXQDDOWDSURSRUFLyQGHSREODFLyQZLFKL
'LFHXQDPDHVWUDMXMHxDTXHPXHVWUDODFRH[LVWHQFLDGHPLUDGDVSURIXQGDPHQWHFRQWUDVWDQWHV
´6RQSDUFRVKDEODQSRFRXWLOL]DQPX\SRFRVWpUPLQRVTXHVRQORVVXILFLHQWHVSDUDHOGRPLQLRGHVXYLGDFRWLGLDQD
/RVQLxRV\MyYHQHVUHSURGXFHQHVDHVWUXFWXUDVRFLROLQJXtVWLFDORTXHWUDHDSDUHMDGRIUDFDVRDWUDVR\GLILFXOWDGHQ
ODHVFRODUL]DFLyQ«(QDSR\RHVFRODUVHWUDEDMDODDXWRHVWLPDGHORVQLxRVTXHVXIUHQWLPLGH]FRPRFRQVHFXHQFLD
GHODWUDQVFXOWXUDFLyQ«VRQLQGLYLGXRVHVWLJPDWL]DGRVSRUODHVFXHOD\ODVRFLHGDG\VHFRQVLGHUDQLQIHULRUHVµ
5HODWRGHH[SHULHQFLDVHQ(,%0LQLVWHULRGH(GXFDFLyQ
6HDGYLHUWHQDTXtODVFRQWUDGLFFLRQHVHQODPLVPDGRFHQWHTXHDOWHUQDHQWUHDVRFLDUODFXOWXUDGHORVFKLFRVD
ODSREUH]DGHYRFDEXODULRDUHSDUDUHQTXHHVHOFRQWH[WRHOTXHORVVLOHQFLD&RQWUDODSULPHUDSRVLFLyQVHH[SUHVDQ
QXPHURVDVPDHVWUDVWDPELpQMXMHxDVTXHDSDUWLUGHXQWUDEDMRSURORQJDGR\VLVWHPiWLFRFRQODVIRUPDVGLDOHFWDOHV
\ODVSDUWLFXODULGDGHVFXOWXUDOHVVHVRUSUHQGLHURQGHODULTXH]D\IOXLGH]GHOYRFDEXODULRGHVXVDOXPQRVOXHJRGH
FRQWDUFXHQWRVGHOOXJDUUHVFDWDU´PDxDVµ\SURSRQHUDFWLYLGDGHVGHDFHUFDPLHQWRFRQODVIDPLOLDV
0XFKRVFRPLHQ]DQDDYDQ]DUHQHVWHVHQWLGR\OXHJRGHUHJLVWUDUDFWLWXGHVGHUHVLVWHQFLDDDSUHQGHU\
GHVYDORUL]DFLyQGHHVWRVFKLFRVPiVTXHDWULEXLUODDXQDFDUDFWHUtVWLFDQDWXUDORFXOWXUDOODYLQFXODQDVXFRQIOLFWLYD
UHODFLyQFRQ´ODVRFLHGDGPD\RUµ
$GHPiVGHOUHFRQRFLPLHQWRGHODVLWXDFLyQGHGHVSRVHFLyQHQTXHYLYHQHVWRVJUXSRV\ODUHIOH[LyQVREUH
ODVLPSOLFDQFLDVGHVXDUWLFXODFLyQFRQODVRFLHGDGQDFLRQDOHVQHFHVDULRHQHVWHSXQWRUHIOH[LRQDUVREUHHOPRGHOR
GHLQVWUXFFLyQSURSXHVWRSRUODHVFXHOD
(OFRQRFLPLHQWRHVFRODUUHFRQRFHHQWUHXQRGHVXVSLODUHVDODVIRUPDVGHFRQRFLPLHQWRFLHQWtILFR´RFFLGHQWDOµ
UHSURGXFH VXV YDORUHV SURFHGLPLHQWRV \ IRUPDV GH OHJLWLPDFLyQ UHSURGXFH VXV YLFLRV \ YLUWXGHV 'LYHUVRV
HVSHFLDOLVWDVFRQFOX\HQTXHRWUDVIRUPDVGHFRQRFLPLHQWRHQFXHQWUDQJUDQGHVGLILFXOWDGHVSDUDOHJLWLPDUVHFRPR
VDEHUHVHQODHVFXHOD
(OPRGHORGHLQVWUXFFLyQHVFHQWUDOHQODHVFRODUL]DFLyQ\DODYH]HVPX\GLItFLOGHFDUDFWHUL]DU\VXSHUDU(VWD
GLILFXOWDGFRPLHQ]DSRUHOKHFKRGHTXHWDPELpQHOPRGHORGHLQVWUXFFLyQVHSUHVHQWDIXHUWHPHQWHQDWXUDOL]DGR
+R\HQGtDVRQLQQXPHUDEOHVODVGLVFXVLRQHVHQWUHHVSHFLDOLVWDVVREUHORVSURFHVRVFXOWXUDOHVSVLFROyJLFRV\
ELROyJLFRVLPSOLFDGRVHQODHQVHxDQ]D\HODSUHQGL]DMH(VWDVGLVFXVLRQHV\DYDQFHVQRVLHPSUHVRQGLIXQGLGRV
FRQFODULGDGHQWUHORVGLVWLQWRVDFWRUHVHGXFDWLYRV'HWRGDVIRUPDV\DSHVDUGHODIDOWDGHFHUWH]DVDOPHQRV
SRGHPRV DILUPDU TXH ORV DVSHFWRV FRJQLWLYRV LQYROXFUDGRV HQ ORV SURFHVRV GH HQVHxDQ]D \ DSUHQGL]DMH HVWiQ
´DWUDYHVDGRVµSRUHOFRQWH[WRVRFLRFXOWXUDO\TXHHVWRWLHQHXQDLPSRUWDQFLDLQGXGDEOHHQHOWUDEDMRHQVLWXDFLRQHV
GHLQWHUFXOWXUDOLGDG2WURDVSHFWRHQHOTXHSRGHPRVWHQHUFHUWH]DHVODQHFHVLGDGGHFRQVLGHUDUODGLYHUVLGDGGH
ODVIRUPDVGHFRQRFLPLHQWR
$57,*26
0XFKRVGRFHQWHVDYDQ]DQHQODFUtWLFDDOPRGHORGHLQVWUXFFLyQWUDGLFLRQDOFXHVWLRQDQGRHQSDUWLFXODUVX
FDUiFWHUXQLIRUPH\UtJLGRTXHLPSLGHVXDGHFXDFLyQDUHDOLGDGHVVRFLRFXOWXUDOHVGLYHUVDV/RPiVLPSRUWDQWH
SDUHFHODLQTXLHWXGSRUFRQRFHUUHDOPHQWHODVFDUDFWHUtVWLFDVGHORVDOXPQRV\ODDGPLVLyQGHQXHVWUDIDOWDGH
SUHFLVLRQHVHQHVWHVHQWLGR
*DEULHOD1RYDUR
(VWDE~VTXHGDHVREVWDFXOL]DGDFXDQGRHQOXJDUGHSUHJXQWDUVHSRUODDGHFXDFLyQRQRGHODVSURSXHVWDV
HVFRODUHV\UHFRQRFHUORVOtPLWHVHQHOFRQRFLPLHQWRGH´ORVRWURVµORVGRFHQWHVVHFLHJDQFRQ´VXVµVXSXHVWDV
GLILFXOWDGHVFXDQGRVHKDFHQFDUDFWHUL]DFLRQHVPX\JHQHUDOL]DGDVGHILQLHQGRVXVFXOWXUDVSRUODIRUPDHQTXHORV
FKLFRVVHSRVLFLRQDQHQODHVFXHODHQHVWH~OWLPRVHQWLGRVHGLFHSRUHMHPSORTXH\DQRORVDOXPQRVHQFRQWH[WRV
SDUWLFXODUHVVLQR´ORVDERUtJHQHVµ´VRQSDUFRVOHQWRV\WHPHURVRVKDEODQSRFRXWLOL]DQPX\SRFRVWpUPLQRV
WLHQHQXQYRFDEXODULRHVFDVRVRQSDVLYRVQRGLDORJDQµRVHVXSRQHXQDIDOWDGHFRUUHVSRQGHQFLDHQWUH´HGDG
FURQROyJLFD\PDGXUH]PHQWDOµFXDQGRVHSHUFLEHHOXVRGHXQDPRGDOLGDGGHKDEODGLIHUHQWHORVVLOHQFLRV\
GLVWLQWRVSDWURQHVGHLQWHUDFFLyQFRPRXQDGHILFLHQFLDFXDQGRVHDVRFLDQHVWDVVXSXHVWDVFDUDFWHUtVWLFDVGHWRGRV
DOIUDFDVRDWUDVR\ODGLILFXOWDGHQODHVFRODUL]DFLyQ'HHVWDIRUPDODGLYHUVLGDGQRSXHGHPiVTXHFRQFHELUVH
FRPRXQSUREOHPD\XQREVWiFXOR
(QORVHQFXHQWURVGHLQGtJHQDV\GRFHQWHVSHURVREUHWRGRHQHOUHODWRGHH[SHULHQFLDVHVFRODUHVVHUHLWHUDQ
QRFLRQHVFRPR´FRQGLFLRQHVLQQDWDVµ´GHILFLHQFLDVµOLQJtVWLFDV\FXOWXUDOHV´OtPLWHVHQODFDSDFLGDGGHDEVWUDHUµ
VHHTXLSDUDODYDULHGDG\GLYHUVLGDGFRQSREUH]DGHYRFDEXODULRVHPXHVWUDODREVHVLyQSRU´FRUUHJLUSDODEUDV
GHIRUPDGDVµ
(QODVSURGXFFLRQHVDFDGpPLFDVHVWiDPSOLDPHQWHGLVFXWLGDODQRFLyQGH´GpILFLWVFRJQLWLYRVµ+R\HQGtDVH
KDEODGHODQHFHVLGDGGHHYLWDUORVSUHMXLFLRVHQHVWHDVSHFWRHVWDUDWHQWRVDORVGLVWLQWRVFDPLQRVSRUORVFXDOHV
ORVDOXPQRVOOHJDQDUHVXOWDGRVVHPHMDQWHVHQODVGLVWLQWDViUHDV6LQHPEDUJRGHVGHORVQLYHOHVGHSODQLILFDFLyQ
GHSROtWLFDV\GHVGHODVRIHUWDVGHPDWHULDOGLGiFWLFRQRVHKDDYDQ]DGRPXFKRHQHVWHVHQWLGR
(QHOGLVFXUVRGHDOJXQRVGRFHQWHVODOHQWLWXGGHORVDOXPQRVDSDUHFHGHILQLGDFRPRXQDFDUDFWHUtVWLFDGH
VXFXOWXUDRVX´LGLRVLQFUDFLDµ/RVGRFHQWHVH[SUHVDQVXGLILFXOWDGSDUDWUDEDMDUFRQ´ULWPRVOHQWRVµDXQTXHHOORV
PLVPRVDFHSWDQTXHGHVFRQRFHQODVDSWLWXGHVTXHSRVHHQORVDOXPQRV\ORGHILQHQFRPRXQ´SRWHQFLDOGLJQR
GHVHUH[SORUDGRµ6LODOHQWLWXGHVDILUPDGDDQWHVGHOD´H[SORUDFLyQµRFRQRFLPLHQWRGHORWURDSDUHFHFRPRXQD
FDUDFWHUtVWLFD D SULRUL IXQFLRQD FRPR XQ HVWHUHRWLSR FRQVWUXLGR VREUH ODV DSDULHQFLDV R ORV SUHFRQFHSWRV TXH
LPSLGHFRQRFHUODVSRWHQFLDOLGDGHVGHHVWRVFKLFRVSDUDHODSUHQGL]DMH(VQHFHVDULRSUHJXQWDUQRVSRUHOORHQ
EDVHDTXpSDUiPHWURVVHKDEODGHOHQWLWXG
(QHVWHDVSHFWRFRPRGHFtDPRVDOSULQFLSLRWDPELpQDEXQGDQODVH[SHULHQFLDVTXHFRQWUDORV´VLQVDERUHV
\DQJXVWLDVµDYDQ]DQDSDUWLUGHODUXSWXUDGHORVSUHMXLFLRV\´GLDJQyVWLFRVµWUDGLFLRQDOHV\FRPLHQ]DQDFRQVWUXLU
RWURVGLDJQyVWLFRV(QSDODEUDVGHXQDGRFHQWHGH1HXTXpQ´(VWRVFKLFRVVHPDQLILHVWDQDQXHVWUDPLUDGDFRPR
QLxRVLQWURYHUWLGRVµ*-0HUFHGHV(PPD0LQLVWHULRGH(GXFDFLyQ
([LVWHQHQHOiPELWRDFDGpPLFRDQWLJXDVGLVFXVLRQHVGHHGXFDGRUHV\DQWURSyORJRVDFHUFDGHFyPRGHEH
VHULQWHUSUHWDGRHO´VLOHQFLRµGHPXFKRVGHORVDOXPQRVDERUtJHQHVHQODHVFXHOD8QDPLUDGDVXSHUILFLDOORDVRFLD
D XQ GpILFLW GH OHQJXDMH \ DWHQFLyQ TXH GHEH VHU FRUUHJLGR 6LQ HPEDUJR GLVWLQWDV LQYHVWLJDFLRQHV OR GHILQHQ
FRPRPDQLIHVWDFLyQGHXQDSDXWDFXOWXUDODVRFLDGDDOUHVSHWR\ODUHIOH[LyQRFRPRXQDIRUPDGHUHVLVWHQFLD\
DXWRYDORUDFLyQDQWHDYDVDOODPLHQWRGHODSDODEUDGHORVEODQFRV)ROOH\0XFKRVGRFHQWHVWDPELpQORYHQ
$57,*26
GHHVWDIRUPD
´0L YHUGDGHUR DSUHQGL]DMH VH LQLFLy FXDQGR GHVFXEUt TXH ORV FKLFRV PiV FDUHQFLDGRV HVWiQ WUDEDGRV SRU HO
PLHGRDOIUDFDVR\ODYHUJHQ]DGHH[SUHVDUVHIUHQWHDODDUURJDQFLDGHORV¶GXHxRV·GHODHVFXHODPHGLD1RH[LVWtD
LQWHUFXOWXUDOLGDGVLQRFKRTXHGHFXOWXUDVµ%$EDG0LQLVWHULRGH(GXFDFLyQ
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
´XQDLQGDJDFLyQSURIXQGDGHODVLWXDFLyQVRFLROLQJXtVWLFDUHDOSXVRGHPDQLILHVWRXQDQRWDEOHLQDGHFXDFLyQHQWUH
ORVSUHVXSXHVWRVHVFRODUHV\ORVGHORVQLxRVREOLJDQGRDXQUHSODQWHRGHODVSUiFWLFDVSHGDJyJLFDVµ(VFXHOD
%LOLQJH5RVDULR6DQWD)H0LQLVWHULRGH(GXFDFLyQ
+DEUtD DGHPiV TXH FRQVLGHUDU OD SRVLEOH YLJHQFLD GH FLHUWRV UDVJRV TXH HQ RSLQLyQ GH QXPHURVRV
UHSUHVHQWDQWHVLQGtJHQDVFDUDFWHUL]DQDODHGXFDFLyQ´WUDGLFLRQDOµGHHVWRVJUXSRVHOYDORUGHODREVHUYDFLyQ
\ODH[SHULHQFLDHOOXJDUGHORVVDEHUHVGH´ORVPD\RUHVµODLPSRUWDQFLDGHODWUDQVPLVLyQRUDOODSUiFWLFDGHOD
FRRSHUDFLyQ6HUtDLQWHUHVDQWHSUHFLVDUVLHVWRVDWULEXWRVKDQWHQLGRUHODWLYDFRQWLQXLGDGDORODUJRGHODKLVWRULD\VL
VHLQWHQWDQSUR\HFWDUDOIXWXUR(QHVWHFDVRSRGUtDH[SORWDUVHVXSRWHQFLDOLGDGSDUDVXSHUDUHOFDUiFWHUFRPSHWLWLYR
MHUiUTXLFRPHPRULVWDYHUEDOLVWD\IXHUWHPHQWHGLVFLSOLQDGRUTXHYLHQHVLHQGRFXHVWLRQDGRGHQWURGHOVLVWHPD
3RU~OWLPRTXLVLpUDPRVSRQHUDWHQFLyQHQTXHODVGLILFXOWDGHVSDUDLQFRUSRUDUHVWRVDVSHFWRVSDUDUHYLVDU
ODVIRUPDVGHHQVHxDQ]D\ORVSDUDGLJPDVSHGDJyJLFRVQRSURYLHQHQVRORGHOD´LQHUFLDµODVUHVLVWHQFLDVLQWHUQDV
GHOVLVWHPD\ODVLPiJHQHVGHPXFKRVGRFHQWHV&RQVWUXLUXQDSURSXHVWDGLVWLQWDVHHQIUHQWDWDPELpQHQRFDVLRQHV
DODSRVLFLyQUtJLGD\IXQGDPHQWDOLVWDFRQTXHPXFKDVYHFHVVRQUHLYLQGLFDGDVODVVXSXHVWDVFDUDFWHUtVWLFDVGHOD
HVSLULWXDOLGDG\ODHGXFDFLyQLQGtJHQD(VQHFHVDULRDERUGDUHVWHSXQWRVLQGHMDUGHDGYHUWLUODVLWXDFLyQVXEDOWHUQD
GHVGHODVTXHVHDVXPHQHVWDVSRVLFLRQHVHOKHFKRGHTXHUHVXOWHQGHODQHFHVLGDGGHYDORUDUORTXHGXUDQWH
PXFKRVDxRVIXHQHJDGRRGHQLJUDGR\ODLQGXGDEOHQHFHVLGDGGHUHYLVDUODSRVLFLyQWUDGLFLRQDOGHODHVFXHODHQ
HVWHVHQWLGR$VtFRPRKHPRVHVFXFKDGRDLQGtJHQDVDILUPDQGRVXGHUHFKRDKDFHURLUVXYRVUHLYLQGLFDQGROD
SHUWLQHQFLD\YDOLGH]GHVXVGHPDQGDVWDPELpQKHPRVHVFXFKDGRDDERUtJHQHVDILUPiQGRVHHQHOFXHVWLRQDPLHQWR
DWRGRHOFRQRFLPLHQWRRFFLGHQWDOFRQVWUX\HQGRLPiJHQHVHVWHUHRWLSDGDVGHODHVFXHODVRVWHQLHQGRODOHJLWLPLGDG
\SHUWLQHQFLDGHVXVSDODEUDVHQEDVHDFULWHULRVDXWRULWDULRV\GRJPiWLFRVGHDXWHQWLFLGDG+HPRVSUHVHQFLDGR
WDPELpQVLWXDFLRQHVGRQGHORVGRFHQWHVVHVXPDQDFUtWLFDPHQWHDHVWDVSRVLFLRQHVFD\HQGRHQODXOWUDYDORUL]DFLyQ
HQODH[DOWDFLyQGHWRGRORTXHWLHPSRDWUiVVHQHJDEDRGHVYDORUL]DED6LHVWDYDORUL]DFLyQHVSDUWHGHXQSURFHVR
GHUHSRVLFLRQDPLHQWRWDOYH]VHDXQPRPHQWRQHFHVDULR\SRVLWLYR(OSUREOHPDHVTXHODFUHDFLyQGHLPiJHQHV
LGHDOHVUHVXOWDHQYLVLRQHVWDQHVWHUHRWLSDGDVFRPRODVLPiJHQHVGHQLJUDGDVFRQWUDODVTXHVXSXHVWDPHQWHVH
UHDFFLRQD\WDPELpQTXHHVWDVPLUDGDVURPiQWLFDVVLJXHQRPLWLHQGRODGLPHQVLyQSROtWLFD\HVWUXFWXUDOPHQWH
FRQIOLFWLYDGHORVSURFHVRVGHFRQVWUXFFLyQ\DILUPDFLyQGHLGHQWLGDGHV
$ 0 2 ' 2 ' ( & , ( 5 5 ( < $ 3 ( 5 7 8 5 $ , 1 7 ( 5 3 ( / $ & , Ð 1 $ / $ 6 3 2 / Ì 7 , & $ 6 ( ' 8 & $7 , 9$ 6 <
/ $ 3 5 É & 7 , & $ ' 2 & ( 1 7 ( ' ( 6 ' ( / $ ( ' 8 & $ & , Ð 1 , 1 7 ( 5 & 8 /7 8 5 $ /
/RUHLWHUDGRHQPXFKRVGRFHQWHVSDUHFHQVHUODVFRQWUDGLFFLRQHV\GLILFXOWDGHVSDUDVXSHUDUORVGHVDMXVWHVHQWUH
REMHWLYRV LQGXGDEOHPHQWH SURJUHVLYRV \ OD YLJHQFLD GH FRQFHSFLRQHV WUDGLFLRQDOHV TXH FRQWUDVWDQ FRQ HVWRV
$57,*26
REMHWLYRV
&RQUHVSHFWRDODVYLVLRQHVVREUHODIDPLOLD\ODLQIDQFLDHVQHFHVDULRUHIOH[LRQDUVREUHODQRFLyQGH´SDXWDV
VRFLDOL]DGRUDV GH OD HVFXHODµ \ SHQVDU VL HV SRVLEOH JHQHUDOL]DU HQ HVWH VHQWLGR (V WDPELpQ QHFHVDULR TXH ORV
*DEULHOD1RYDUR
GRFHQWHVFRQR]FDQHQPD\RUSURIXQGLGDGODVGHDTXHOORVJUXSRVTXHVXSXHVWDPHQWHFRQWUDVWDQFRQODHVWUXFWXUD
GHIXQFLRQDPLHQWRGHODHVFXHOD(QFXDQWRDODVPLUDGDVVREUHODVSRVLELOLGDGHVHLQWHUHVHVGHDSUHQGL]DMHGH
ORVDOXPQRVDGHPiVGHIRUWDOHFHUODUHIOH[LyQVREUHORVPRGHORVHVWDEOHFLGRVVHGHEHFRPHQ]DUDFRQVLGHUDU
FRQDWHQFLyQODVIRUPDVORFDOHVGHHGXFDFLyQ\ODGHILQLFLyQFXOWXUDO\YDULDEOHGHORTXHHVXQ´VXMHWRHGXFDGRµ
/HYLQVRQ\+ROODQG
(VQHFHVDULRHVWDUDWHQWRVDOFRUULPLHQWR\FRQVWDQWHGHVSOD]DPLHQWRHQODIRUPDHQTXHVHFRQFLEHQOD
GLYHUVLGDG\GHVLJXDOGDGHQHOVLVWHPDHGXFDWLYR+HPRVDGYHUWLGRVLWXDFLRQHVHQODVTXHODGLYHUVLGDGSDVDGH
VHU VLOHQFLDGD R QHJDGD D VHU FRQVLGHUDGD XQ IDFWRU UHVSRQVDEOH \ H[SOLFDWLYR ~QLFR GH ODV GLILFXOWDGHV GH ORV
FKLFRV\WDPELpQKHPRVDGYHUWLGRTXHHVWRVHKDFHRPLWLHQGRUHIHUHQFLDVDOFRQWH[WRHQHOTXHHVWDGLYHUVLGDG
VH PDQLILHVWD $VLPLVPR UHVXOWD LPSRUWDQWH TXH FRPSUHQGDPRV TXH HQ OD HVFXHOD VH SUHVHQWDQ DOXPQRV HQ
FRQWH[WRVGHWHUPLQDGRV\QR´FXOWXUDVµR´SXHEORVµ\HQHOFDVRGHORVDOXPQRVLQGtJHQDVVHWUDWDHQJHQHUDO
GHFRQWH[WRVYLYLGRVFRPRDGYHUVRV(QHVWHVHQWLGRGHEHQLQWHUSUHWDUVHVXVDFWLWXGHVSDUDKDEODURFDOODUSDUD
DWHQGHURGLVSHUVDUVHSDUDLQYROXFUDUVHRVHQWLUVHDMHQRV\QRFRPRUDWLILFDFLyQGHTXHSHUWHQHFHQDFXOWXUDVGH
GHWHUPLQDGDVFDUDFWHUtVWLFDVJHQHUDOPHQWHGHVYDORUL]DGDV\FDVLVLHPSUHGHVFRQRFLGDV
/DVSUHFLVLRQHVUHDOL]DGDVWDPELpQQRVOOHYDQDKDFHUDOJXQDVUHIHUHQFLDVVREUHHOHQIRTXHJHQHUDOGHODV
SROtWLFDVHGXFDWLYDV\HQSDUWLFXODUVREUHODVGHQRPLQDGDVSURSXHVWDVGHHGXFDFLyQLQWHUFXOWXUDO
(Q HO WUDEDMR FRQ SREODFLRQHV DERUtJHQHV HQWHQGHPRV TXH XQ HQIRTXH LQWHUFXOWXUDO VLQ DEDQGRQDU OD
QHFHVLGDGGHWUDQVPLWLU\TXHORVDOXPQRVVHDSURSLHQGHXQSDWULPRQLRFXOWXUDOFRP~QTXHREYLDPHQWHGHEH
FRPHQ]DU D VHU SHQVDGR GHVGH XQ HQIRTXH FRPSOHMR GLQiPLFR \ DPSOLR LPSOLFD SULYLOHJLDU VX SDODEUD \ GDU
HVSDFLRSDUDHOFRQRFLPLHQWRYDORUDFLyQ\SURGXFFLyQGHVXFXOWXUD/DVSURSXHVWDVGHHGXFDFLyQLQWHUFXOWXUDO
VRQWDPELpQSURGXFWRGHOUHFRQRFLPLHQWRTXHVHGHEHKDFHUGHODLQWHUSHQHWUDFLyQ\HOGLiORJRPXFKDVYHFHV
FRQIOLFWLYRTXHFDUDFWHUL]DODVUHODFLRQHVHQWUHJUXSRVFXOWXUDOPHQWHGLYHUVRVHQODVRFLHGDGDFWXDO(VWRKDFH
QHFHVDULRQRVRORYDORUDUODFXOWXUDGHORVGLYHUVRVJUXSRV\GDUOHOXJDUHQODHVFXHODVLQRUHIOH[LRQDUFUtWLFDPHQWH
VREUHODVUHODFLRQHVGHVLJXDOHVTXHODVRFLHGDGQDFLRQDOHVWDEOHFLyFRQHOORV\VREUHHOSDSHOTXHODPLVPDHVFXHOD
WXYRHQHVWHSURFHVR
/DV SUHFLVLRQHV UHDOL]DGDV HQ ORV SXQWRV DQWHULRUHV WDPELpQ PXHVWUDQ OD QHFHVLGDG GH DYDQ]DU HQ HO
FRQRFLPLHQWR\VHJXLPLHQWRGHORVFRQWHQLGRVTXHHIHFWLYDPHQWHVHHQVHxDQ\DSUHQGHQHQODHVFXHOD$SHVDU
GHFRPSDUWLUFRQGLYHUVRVHVSHFLDOLVWDVTXHQRVHWUDWDVLPSOHPHQWHGHDGLFLRQDUFRQRFLPLHQWRVREUH´ORVLQGLRVµ
HQODHVFXHODODH[SHULHQFLDPXHVWUDTXHHQPXFKRVFDVRVQRVRORHQODHVFXHODSHURHVSHFLDOPHQWHHQHOODHO
GHVFRQRFLPLHQWRVREUHTXLHQHVVRQ´ORVRWURVµVHGLVLPXOD\´OOHQDµFRQSUHMXLFLRVFRQPLUDGDVVXSHUILFLDOHVTXH
UHIXHU]DQHVWHUHRWLSRVHQGHILQLWLYDFRQYLVLRQHVFRQVWUXLGDV\VRVWHQLGDVGHVGHHOGHVFRQRFLPLHQWR(VLPSRUWDQWH
VRVWHQHUHVWRFRQSURSXHVWDVTXHVXSHUHQODVH[SHULHQFLDVWUDGLFLRQDOHVGH´UHVFDWHµ´UHFXSHUDFLyQµRYDORUL]DFLyQ
GHODV´UDtFHVDQFHVWUDOHVµ0iVELHQVHWUDWDGHSDUWLUGHOUHFRQRFLPLHQWRGHODFDSDFLGDGGHSURGXFFLyQFXOWXUDOGH
HVWRVJUXSRV\GHLPSOHPHQWDUODVFRQGLFLRQHVSDUDTXHFLUFXOHLQIRUPDFLyQKLVWyULFD\DFWXDOFRQODTXHVXSHUDU
$57,*26
HO´OXJDUµTXHORVJUXSRVLQGtJHQDVKDQWHQLGRHQODKLVWRULDHVFRODUWUDGLFLRQDO
/DFRQIXVLyQ\FRUULPLHQWRHQWUHGLYHUVLGDG\GHVLJXDOGDGDODTXHDQWHVQRVUHIHUtDPRVQRHVREYLDPHQWHXQ
SUREOHPDH[FOXVLYRGHORVGRFHQWHVHQRWURVWUDEDMRV%RUGHJDUD\1RYDURKHPRVUHIOH[LRQDGRDFHUFDGHOD
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
IRUPDHQTXHODGHILQLFLyQGHSROtWLFDVHGXFDWLYDVGLULJLGDVDODSREODFLyQLQGtJHQDSRQHHQHYLGHQFLDODQHFHVLGDGGH
GLVFXWLUDFHUFDGHODFRPSOHMDDUWLFXODFLyQGHODGLYHUVLGDG\ODGHVLJXDOGDGHQODVSROtWLFDVGH(VWDGR3RUXQODGR
VHDGYLHUWHODQHFHVLGDGGHFXLGDUSHUPDQHQWHPHQWHTXHODGLYHUVLGDGFXOWXUDOGHODSREODFLyQ\HOGHVHQFDQWRKDFLD
ORVSUR\HFWRVHGXFDWLYRVXQLYHUVDOL]DGRUHVQRVHXVHSDUDMXVWLILFDUODFRQIRUPDFLyQ\FRQVROLGDFLyQGHFLUFXLWRV
GHHVFRODUL]DFLyQGHVLJXDOHV3HURWDPELpQHQWHQGHPRVTXHODUHIOH[LyQFUtWLFDVREUHORVXVRVTXHKDWHQLGROD
GLYHUVLGDGSDUDOHJLWLPDURIHUWDVGHVLJXDOHVQRGHEHKDFHUQRVROYLGDUTXHHIHFWLYDPHQWHORVSXQWRVGHSDUWLGD
VRQGLVWLQWRVHLQFOXVRTXHHVLPSUHVFLQGLEOHFRQVLGHUDUTXHHQGLYHUVDVVLWXDFLRQHV\FRQWH[WRVODSREODFLyQ
SUR\HFWDSXQWRVGHOOHJDGDWDPELpQGLVWLQWRV3DUHFHLPSUHVFLQGLEOHQRROYLGDUTXHKD\JUXSRVTXHORVDILUPDQ\
OXFKDQSRUVRVWHQHUFRPSRQHQWHVSDUWLFXODUHVTXHYLYHQVXDXVHQFLDFRPRH[SURSLDFLyQ\TXHRPLWLUORVLPSOLFD
GHVFRQRFHUORV\VLOHQFLDUORV
1RSXHGHQHJDUVHHQWRQFHVODQHFHVLGDGGHUHFRQRFHU\GDUOXJDUHQODVSROtWLFDVGH(VWDGRDOD´GLYHUVLGDG
GHLQWHUHVHV\GHUHIHUHQFLDVLGHQWLWDULDVµSHURSDUWLHQGRGHODQHFHVLGDGSRUXQODGRGHGHMDUGHLGHQWLILFDUOD
GLYHUVLGDGFRQXQDGHVYHQWDMD\SRURWURGHQRUHQXQFLDUDODLJXDOGDGHQHOJRFHGHGHUHFKRV
3RU~OWLPR\HQUHIHUHQFLDDORVHVSDFLRVPiVDFDGpPLFRVODVREVHUYDFLRQHVVREUHODVUHSUHVHQWDFLRQHV
GH ODV IDPLOLDV \ HO DSUHQGL]DMH GH ORV DOXPQRV DERUtJHQHV KDFHQ QHFHVDULR SUHJXQWDUQRV SRU OD IRUPD HQ
TXH ORV DYDQFHV GH ORV FRQRFLPLHQWRV HQ DQWURSRORJtD OOHJDQ D OD HVFXHOD SRU ODV VXFHVLYDV WUDGXFFLRQHV \
UHWUDGXFFLRQHVSRUODVUHVLJQLILFDFLRQHVGHFRQWHQLGRV\FDWHJRUtDVHQPDUFRVTXHPDQWLHQHQVHQWLGRVPXFKDV
YHFHVH[FOX\HQWHV\HWQRFpQWULFRV8QFODURHMHPSORGHHOORHVODXWLOL]DFLyQGHOUHODWLYLVPR\HOFXOWXUDOLVPRSDUD
OHJLWLPDUODGLVFULPLQDFLyQ´H[SOLFDQGRµODVGLILFXOWDGHVHVFRODUHVSRUODGLYHUVLGDGFXOWXUDO&UHHPRVQHFHVDULR
HVWDUFRQVWDQWHPHQWHDWHQWRVDHVWRVSURFHVRVSDUDHYLWDUTXHFDWHJRUtDV\QRFLRQHVFRQSRWHQFLDOLGDGFUtWLFD
VHDQLQFRUSRUDGRVDFRQFHSFLRQHVWUDGLFLRQDOHVFRODERUDQGRDVXPRGHUQL]DFLyQ\OHJLWLPDFLyQUHIRU]DQGRPiV
TXHUHSODQWHDQGRHOSDUDGLJPDKRPRJHQHL]DGRUTXHHVWUXFWXUyHOVLVWHPDHGXFDWLYRHQVXFRQIRUPDFLyQ\HQ
JUDQPHGLGDVLJXHYLJHQWH
$57,*26
>LÀi>Ê Û>ÀÊjÊ`ÕÌÀ>ÊiÊÌÀ«}>]Ê«ÀviÃÃÀ>ÊiÊ«iõÕÃ>`À>Ê
`ÊÃÌÌÕÌÊ`iÊÌÀ«}>Ê`>Ê>VÕ`>`iÊ`iÊÃw>ÊiÊiÌÀ>ÃÊ`>Ê
1ÛiÀÃ`>`iÊ`iÊ ÕiÃÊÀiÃÊÀ}iÌ>®°
*DEULHOD1RYDUR
1 2 7$ 6
6HLQVHUWDHQHOSUR\HFWR8%$&<7´&XOWXUD\(GXFDFLyQUHSUHVHQWDFLRQHVVRFLDOHVHQFRQWH[WRVHVFRODUHVLQWHUFXOWXUDOHVµGLULJLGRSRU
*DEULHOD1RYDUR\GHVDUUROODGRHQHO,QVWLWXWRGH$QWURSRORJtDGHOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHUVLGDGGH%XHQRV$LUHV
/D GHILQLFLyQ GH XQD SREODFLyQ FRPR ´DERULJHQµ HV XQ WHPD V XPDPHQWH FRPSOHMR \ VREUH HO TXH QR H[LVWHQ FULWHULRV FODURV QL
FRQVHQVXDGRV(QSULQFLSLRFXDQGRGHFLPRV´DOXPQRVDERUtJHQHVµHQVLWXDFLRQHVHVFRODUHVQRVUHIHULPRVDMyYHQHVTXHVRQGHILQLGRV
FRPRDERUtJHQHVHQHOFRQWH[WRHVFRODU\TXHDVXPHQDVSHFWRVGHHVWDLGHQWLGDGRVHDTXHQRVLQFRQWUDGLFFLRQHVVHDXWRDGVFULEHQ
FRPRSHUWHQHFLHQWHVDJUXSRVLQGtJHQDV
/D &RQYRFDWRULD D OD 6LVWHPDWL]DFLyQ GH ([SHULHQFLDV HQ (,% HQ $UJHQWLQD WXYR SRU REMHWLYR ´UHFXSHUDU \ GLIXQGLU OD PHPRULD GH
SURSXHVWDV\DFFLRQHVGHVDUUROODGDVHQGLVWLQWRVHVSDFLRVHGXFDWLYRVFRQHOILQGHTXHODVSURSXHVWDVGHHGXFDFLyQLQWHUFXOWXUDOVXSHUHQ
HOQLYHOGHH[SHULPHQWDOLGDGVHGLIXQGDQ\VRFLDOLFHQµ'RFXPHQWRVGHOD&RQYRFDWRULD0LQLVWHULRGH(GXFDFLyQ3DUWLFLSDURQ
HQHVWDFRQYRFDWRULDHVFXHODVUHSUHVHQWDQGRDWRGDVODVUHJLRQHVGHOSDtV(VWDDFWLYLGDGUHFLpQFRQFOX\yHQHODxRFRQOD
UHDOL]DFLyQGHXQHQFXHQWURFRQORVSURWDJRQLVWDV\ODSXEOLFDFLyQGHXQOLEURFRQODVH[SHULHQFLDV6LVWHPDWL]DFLyQGH([SHULHQFLDV
HQ(GXFDFLyQ,QWHUFXOWXUDO\%LOLQJHHQ$UJHQWLQD0LQLVWHULRGH(GXFDFLyQ²81,&()(QHVWHOLEURVHSXEOLFyXQDUWtFXORTXH
FRQVWLWX\HXQDQWHFHGHQWHGHOSUHVHQWHWUDEDMR´3XHEORV,QGtJHQDV\(VFXHOD$YDQFHV\REVWiFXORVSDUDHOGHVDUUROORGHXQHQIRTXH
LQWHUFXOWXUDOµ
(QWUHHODxR\HODxRODVDFFLRQHVGHDVLVWHQFLDWpFQLFDDSHVDUGHODVQXPHURVDVGHPDQGDVVROROOHJDURQDHIHFWLYL]DUVH
HQODSURYLQFLDGHO&KDFR)RUPRVD\6DQWD)p$OJXQDVGHHVWDVDFFLRQHVIXHURQGHVDUUROODGDVMXQWRFRQ'RUD%RUGHJDUD\\RWUDV
VRORSRUHVWD~OWLPD(QHOODVSUHVHQFLDPRVVLWXDFLRQHVPX\VLJQLILFDWLYDVRULJLQDGDVHQFDUDFWHUL]DFLRQHVFRQWUDVWDQWHVGHGRFHQWHV
\DX[LOLDUHVDERUtJHQHVVREUHODUHODFLyQHQWUH´EODQFRVHLQGLRVµ
8QRGHORVREMHWLYRVGHHVWRVHQFXHQWURVGHDFXHUGRDORVGRFXPHQWRVFRQYRFDQWHVIXHTXHORVGRFHQWHVFRQR]FDQODVYLVLRQHV\
YDORUHVGHORVDERUtJHQHVTXHFRQWUDVWDQFRQHOSDUDGLJPDHGXFDWLYRWUDGLFLRQDO(QHVWHVHQWLGRUHVXOWDEDSURPHWHGRUHOLQWHQWRGH
VXSHUDUHOIRUPDWRLQVWDODGRGRQGHHO´HQFXHQWURµVHHVWDEOHFtDVLPSOHPHQWHHQYLVLWDVGHPLHPEURVGHFRPXQLGDGHVDHVFXHODV
SDUDKDEODUGHODVDUWHVDQtDV\ODVFRVWXPEUHVVXSXHVWDPHQWH´DXWyFWRQDVµ(VWRV´HQFXHQWURVµVHGHVDUUROODURQHQOD8QLYHUVLGDGGH
*HQHUDO6DUPLHQWRHQODVHGHFHQWUDOGH6XWHEDHQOD8QLYHUVLGDGGH0DWDQ]DHQODVHGHFHQWUDOGH&7(5$HQODVHGHGH687(%$
GHO7LJUH\HQOD8QLYHUVLGDGGH/XMiQ
(OUHJLVWURKLVWyULFR\HWQRJUiILFRSHUPLWHDVRFLDUXQFLHUWR´PRGHORµGHIDPLOLDHQWUHORVVHFWRUHVSRSXODUHVHOTXHQRQHFHVDULDPHQWH
VH FRUUHVSRQGH FRQ ODV IRUPDV IDPLOLDUHV FRQFUHWDV D XQD IXHUWH WHQGHQFLD D OD VROLGDULGDG GH JUXSR OD FROHFWLYL]DFLyQ GH ODV
UHVSRQVDELOLGDGHV GH ORV SDGUHV OD IRUPDFLyQ GH UHGHV VRFLDOHV D WUDYpV GH ORV QLxRV OD LPSRUWDQFLD GH OD IDPLOLD H[WHQVD \ OD
SUHHPLQHQFLDGHORVOD]RVFRQVDQJXtQHRV6HJDOHQ)RQVHFD&LFFHUFKLD
$GYHUWLPRVHVWRUHLWHUDGDPHQWHHQORVHQFXHQWURVHQWUHLQGtJHQDV\GRFHQWHVHQODDILUPDFLyQSRUHMHPSORGHTXHORVLQGtJHQDV
´QXQFDµDEDQGRQDQDORVYLHMRV´QXQFDµSUHVHQWDQSUREOHPDVGHVDOXGPHQWDOR´QXQFDµPDOWUDWDQDORVQLxRV
7UDWiQGRVHGHIDPLOLDVDERUtJHQHVHOWHPDGHODIDPLOLDH[WHQVDPHUHFHXQDUHIOH[LyQSDUWLFXODU'HKDEHUVLGRGHQRVWDGDFRPRXQD
IRUPDSDWROyJLFD\ULHVJRVDPXFKRVLQYHVWLJDGRUHVGHVGHODVFLHQFLDVVRFLDOHV\ODSVLFRORJtDVXJLHUHQODSRVLELOLGDGGHTXHKR\HQGtD
ODVPLVPDVUHVXOWHQPiVDGHFXDGDVTXHODIDPLOLDQXFOHDUSDUDHOVRVWHQLPLHQWR\VRFLDOL]DFLyQGHORVSHTXHxRV\DTXHHQHOFRQWH[WR
DFWXDOODIDPLOLDFRQ\XJDODSDUHFHDLVODGD\UHFDUJDGDGHIXQFLRQHV
(VWDVDFWLYLGDGHVVHGHVDUUROODURQ\VHGHVDUUROODQDSDUWLUGHODVDFFLRQHV\HOPDWHULDOSURGXFLGRSRUHOHTXLSR´(ODERUHPRVHQWUH
WRGRVXQDHVFXHODSDUDWRGRVµGHO,QVWLWXWRGH)RUPDFLyQGRFHQWHGH7LOFDUD3URYLQFLDGH-XMX\$UJHQWLQD
,QYHVWLJDFLRQHV\SURSXHVWDVGLGiFWLFDVKDEODQGHOFRQRFLPLHQWRHVFRODUFRPRXQWLSRSDUWLFXODUGHVDEHUSURGXFWRGHODUHODFLyQ
$57,*26
HQWUHORVVDEHUHVFLHQWtILFRVODVVXFHVLYDVWUDGXFFLRQHVGHOPLVPRORVVDEHUHVVRFLDOHVODVWUDGLFLRQHVGRFHQWHV\ODVSRVLELOLGDGHV
FRJQLWLYDVGHORVDOXPQRV
(Q HVWH VHQWLGR ( $FKLOOL DILUPD TXH HO FRQRFLPLHQWR H[WUDHVFRODU GHO QLxR VH LQFRUSRUD DO DXOD GH XQ PRGR TXH WLHQGH D
FULVWDOL]DUORFRPRGDGRJHQHUDOPHQWHFRPRHMHPSOLILFDFLyQROHJLWLPDFLyQGHXQVDEHUGHILQLGRLQVWLWXFLRQDOPHQWH'HQRPLQDDHVWR
´LQFRUSRUDFLyQUXWLQDULDµ
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
(Q HVWH VHQWLGR VRQ FHQWUDOHV ORV DSRUWHV TXH D OD HGXFDFLyQ LQWHUFXOWXUDO KDQ EULQGDGR \ SXHGHQ VHJXLU EULQGDQGR GLVWLQWDV
WHQGHQFLDVSHGDJyJLFDVTXHVHIXQGDPHQWDQHQORVSODQWHRVGHDXWRUHVFRPR9LJRWVN\$XVXEHO\%UXQHU\WDPELpQORVGHVDUUROORV
GHODHGXFDFLyQSRSXODU\ODSHGDJRJtDFUtWLFD(QSDUWLFXODUHVWDVFRUULHQWHVSHUPLWHQIXQGDPHQWDUODQHFHVLGDGGHXQDSUHQGL]DMH
VLJQLILFDWLYR\VLWXDGRGHWHQHUHQFXHQWDORVVDEHUHVVRFLDOHV\ODVIRUPDVSDUWLFXODUHVGHFRQRFHUVREUHWRGRGHORVVHFWRUHV
WUDGLFLRQDOPHQWHVLOHQFLDGRVHQODHVFXHOD
8QDH[SHULHQFLDUHODWDGDGHODFLXGDGGH5RVDULRGDFXHQWDGHWRGRORTXHDSRUWyHQHVWHVHQWLGRHODFHUFDPLHQWRGHODHVFXHOD
DO&RQVHMRGH$QFLDQRVTXHHQHOFDVRGHORVWREDVWLHQHXQLPSRUWDQWHSDSHOHQODVRFLDOL]DFLyQ(VWRSHUPLWLyDORVGRFHQWHV
FRQRFHUFRPSRUWDPLHQWRVSDUWLFXODUHVGHORVFKLFRVYLQFXODGRVDORVWLHPSRVSDUDHVFXFKDUHQWHQGHU\KDEODUOOHYyDRUJDQL]DU
IRUPDVGHFDSDFLWDFLyQFRQMXQWDHQ(,%\DLPSOHPHQWDUVLVWHPDVGHSURPRFLyQHQGLVWLQWRVPRPHQWRVGHOFLFOROHFWLYR&RQVHMR
GH$QFLDQRV(VFXHODQ5RVDULR6DQWD)p0LQLVWHULRGH(GXFDFLyQ
(QXQVHQWLGRWDOYH]FHUFDQR5'tD]QRVDGYLHUWHVREUHODSDUDGRMDGHORVGRFHQWHVTXHVHPXHYHQHQWUHODQRVWDOJLDGHXQ
QDFLRQDOLVPRSHUGLGRRGHVHQFRQWUDGR\ODXWRStDLQGLJHQLVWD\UHDOL]DQXQDUHYDORUL]DFLyQIRUPDOGHODDOWHULGDG
7RPDPRVHOWpUPLQR´LQWHUSHODFLyQµHQHOVHQWLGRGHFRQVWUXFFLyQGHLGHQWLGDGHVSURSRVLFLyQGHPRGHORVGHLGHQWLILFDFLyQGLVWLQWRV
DOTXHVHKDDVXPLGRLQLFLDOPHQWH5'tD]
3UHIHULPRVHOFRQFHSWRGH(GXFDFLyQ,QWHUFXOWXUDODSHVDUGHODVGLVWLQWDVLQWHUSUHWDFLRQHV\XVRVTXHKDWHQLGRDQWHODVSURSXHVWDV
GHELRPXOWLFWXUDOLGDGSRUHOpQIDVLVTXHHOSULPHURSRQHHQHOUHFRQRFLPLHQWR\HOWUDEDMRFRQODVUHODFLRQHV\ODSHUPDQHQWH
LQWHUDFFLyQHQWUHORVJUXSRVDERUtJHQHV\ODVRFLHGDGQDFLRQDOHQHVWHVHQWLGRDYDQ]DVREUHODVSURSXHVWDVTXHKDQWHQGLGRD
HQIDWL]DUVRORORVVXSXHVWRV´FRPSRQHQWHVSURSLRVµ(VWUDWHJLFDPHQWHFRPRFULWHULRSDUDGHILQLUXQFDPSRGHUHIHUHQFLDUHIHULPRV
ODFXHVWLyQGHODLQWHUFXOWXUDOLGDGDODSREODFLyQLQGtJHQD(VWRQRLPSOLFDTXHVXSRQJDPRVTXHHOPLVPRWpUPLQRQRHVSHUWLQHQWH
SDUDODVLQQXPHUDEOHVVLWXDFLRQHVGRQGHVHMXHJDQRWURVFRPSRQHQWHVGHODGLYHUVLGDG
$57,*26
*DEULHOD1RYDUR
%,%/,2*5$)Ì$
$&+,//,(OHQD/3UiFWLFD'RFHQWH\'LYHUVLGDG6RFLRFXOWXUDO5RVDULR$UJHQWLQD+RPR6DSLHQV
BBBBB´(VFXHOD3REUH]D8UEDQD\¶0XOWLFXOWXUDOLVPR·µ(VER]RGHXQDSURSXHVWDGHDQiOLVLVUHODFLRQDO(Q&DOYR
3RQWyQHWDO1XHYRV3DUDGLJPDV&RPSURPLVRV5HQRYDGRV5RVDULR$UJHQWLQD8$&-
%$7$//$1 *UDFLHOD \ 6LOYDQD &DPSDQLQL ´&RPXQLGDGHV (GXFDWLYDV \ 'HPRFUDFLD 3OXUDO (O SUREOHPD GH OD
LQWHUFXOWXUDOLGDGHQORVFXUUtFXODGHODHGXFDFLyQDUJHQWLQDµ5HYGHOD$FDGHPLD$UJHQWLQD
&,&(5&+,$5LFDUGR+LVWRULDGHOD9LGD3ULYDGDHQOD$UJHQWLQD%XHQRV$LUHV$UJHQWLQD7URTXHO
%25'(*$5$<'RUD\*DEULHOD1RYDUR´'LYHUVLGDG\'HVLJXDOGDGHQODV3ROtWLFDVGH(VWDGR5HIOH[LRQHVDSURSyVLWR
GHOSUR\HFWRGH(GXFDFLyQ,QWHUFXOWXUDO\%LOLQJHHQHO0LQLVWHULRGH(GXFDFLyQµ&XDGHUQRVGH$QWURSRORJtD6RFLDO
8QLYHUVLGDGGH%XHQRV$LUHV)DFXOWDGGH)LORVRItD\/HWUDV
',$=5D~O7UDEDMR'RFHQWH\'LIHUHQFLD&XOWXUDO%XHQRV$LUHV$UJHQWLQD0LxR\'iYLOD
'85+$0(XQLFH5´)DPLOLD\5HSURGXFFLyQ+XPDQDµ(Q99$$$QWURSRORJtD6RFLDO\3ROtWLFD+HJHPRQtD\
SRGHUHOPXQGRHQPRYLPLHQWR%XHQRV$LUHV$UJHQWLQD(8'(%$
)2/(<'´(O,QGLR6LOHQFLRVRFRPRXQD3URGXFFLyQ&XOWXUDOµ(Q/HYLQVRQ\+ROODQG7KH&XOWXUDO3URGXFWLRQRI
WKH(GXFDWHG3HUVRQ6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV7UDGXFFLyQGH/DXUD&HUOHWWL
)216(&$&ODXGLD&DPLQRVGH$GRSFLyQ%XHQRV$LUHV$UJHQWLQD(8'(%$
*5$66, (VWHOD ´1XHYR 'LVFXUVR )DPLOLDULVWD \ 9LHMDV 3UiFWLFDV GH 'LVFULPLQDFLyQ HQ OD 5HGHILQLFLyQ GH ORV
&RQWHQLGRVGHOD/HJLWLPLGDGGHO2UGHQ6RFLDOµ(Q0yQLFD7DUGXFFL/D3URGXFFLyQ2FXOWD%XHQRV$LUHV$UJHQWLQD
(GLWRULDO&RQWUDSXQWR
BBBBB´/D)DPLOLDXQ2EMHWR3ROpPLFR&DPELRVHQODGLQiPLFDIDPLOLDU\FDPELRVGHRUGHQVRFLDOµ(Q99$$
$QWURSRORJtD6RFLDO\3ROtWLFD+HJHPRQtD\SRGHUHOPXQGRHQPRYLPLHQWR%XHQRV$LUHV$UJHQWLQD(8'(%$
-8/,$12 'RORUHV ´/D &RQVWUXFFLyQ GH OD 'LIHUHQFLD ORV ODWLQRDPHULFDQRVµ 3DSHUV %DUFHORQD
(VSDxD
/(9,1621 %UDGOH\ \ 'RURWK\ +ROODQG ´/D 3URGXFFLyQ &XOWXUDO GH OD 3HUVRQD (GXFDGD XQD LQWURGXFFLyQµ (Q
/HYLQVRQ)ROH\\+ROODQG7KH&XOWXUDO3URGXFWLRQRIWKH(GXFDWHG3HUVRQ6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV7UDGXFFLyQ
GH/DXUD&HUOHWWL
1(8)(/'0DUtD5´(VWUDWHJLDV)DPLOLDUHV\(VFXHODµ&XDGHUQRVGH$QWURSRORJtD6RFLDO%XHQRV$LUHV8QLYHUVLGDG
GH%XHQRV$LUHV)DFXOWDGGH)LORVRItD\/HWUDV
BBBBB´)DPLOLDV\(VFXHODVODSHUVSHFWLYDGHODDQWURSRORJtDVRFLDOµ5HYLVWD(QVD\RV\([SHULHQFLDVSS
%XHQRV$LUHV$UJHQWLQD
1(8)(/'0DUtD5\$ULHO7KLVWHGFRPSLODGRUHV¶'HHVRQRVHKDEOD·/RVXVRVGHODGLYHUVLGDGVRFLRFXOWXUDOHQ
$57,*26
ODHVFXHOD%XHQRV$LUHV$UJHQWLQD(8'(%$
129$52 *DEULHOD ´3XHEORV $ERUtJHQHV \ (VFXHOD $YDQFHV \ REVWiFXORV SDUD HO GHVDUUROOR GH XQ HQIRTXH
LQWHUFXOWXUDOµ (Q (GXFDFLyQ ,QWHUFXOWXUDO \ %LOLQJH HQ OD $UJHQWLQD 6LVWHPDWL]DFLyQ GH ([SHULHQFLDV %XHQRV $LUHV
$UJHQWLQD0LQLVWHULRGH(GXFDFLyQ&LHQFLD\7HFQRORJtD²81,&()SS
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
257,=5HQDWR´'LYHUVLGDG&XOWXUDO\&RVPRSROLWLVPRµ(Q-0%DUEHURHWDO&XOWXUD\*OREDOL]DFLyQ8QLYHUVLGDG
1DFLRQDOGH&RORPELD&(6
52&.:(//+pOLFH/D(VFXHOD&RWLGLDQD0p[LFR)RQGRGH&XOWXUD(FRQyPLFD
6(*$/(10DUWLQH$QWURSRORJtD+LVWyULFDGHOD)DPLOLD0DGULG(VSDxD7DXUXV
:$/6+ &DWKHULQH /D ,QWHUFXOWXUDOLGDG HQ (GXFDFLyQ 0LQLVWHULR GH (GXFDFLyQ GH 3HU~ 3URJUDPD )257(3(
3HU~
5HODWRVGH([SHULHQFLDVHQ(GXFDFLyQ,QWHUFXOWXUDO\%LOLQJH3URJUDPDGH(GXFDFLyQ,QWHUFXOWXUDO\%LOLQJH'LUHFFLyQ
GH3URJUDPDV&RPSHQVDWRULRV0LQLVWHULRGH(GXFDFLyQ%XHQRV$LUHV
$57,*26
*DEULHOD1RYDUR
5HSUHVHQWDFLRQHV 'RFHQWHV VREUH ODV ´)RUPDV GH 6RFLDOL]DFLyQµ \ ODV 3RVLELOLGDGHV GH $SUHQGL]DMH GH ORV
$OXPQRV,QGtJHQDV
5(680(1
(QHVWHWUDEDMRVHH[SRQHQDOJXQRVUHVXOWDGRVGHXQWUDEDMRVREUHODVHVFXHODVFRQSREODFLyQLQGtJHQDHQ$UJHQWLQD
UHDOL]DGRHQORV~OWLPRVDxRV(OPLVPRVHGHVDUUROOyHQYLQFXODFLyQFRQGLVWLQWRVHVSDFLRVLQVWLWXFLRQDOHVOD
8QLYHUVLGDGGH%XHQRV$LUHVHO0LQLVWHULRGH(GXFDFLyQ\DOJXQRVVLQGLFDWRVGRFHQWHV6HSURFXUDFDUDFWHUL]DU
ODVFRQFHSFLRQHVGHORVPDHVWURVVREUHORVDOXPQRVLQGtJHQDVSRQLHQGRDWHQFLyQHQVXVLPiJHQHVVREUHGRV
DVSHFWRVFHQWUDOHVSDUDSUR\HFWDUVXHVFRODUL]DFLyQODVIRUPDVGHVRFLDOL]DFLyQ\ODVSRVLELOLGDGHVGHDSUHQGL]DMH
$OWLHPSRTXHVHUHDOL]DQHVWDVSUHFLVLRQHVVHUHIOH[LRQDVREUHODVSULRULGDGHVSRVLELOLGDGHV\REVWiFXORVSDUD
HOHMHUFLFLRGHODGRFHQFLDHQFRQWH[WRVGHGLYHUVLGDGFXOWXUDO\OLQJtVWLFD3RU~OWLPR\HQEDVHDODVUHIOH[LRQHV
UHDOL]DGDVVHSURSRQHQDOJXQRVFULWHULRVDFRQVLGHUDUHQODGHILQLFLyQGHODSROtWLFDHGXFDWLYD
3$/$%5$6&/$9(6DOXPQRVLQGtJHQDV²UHSUHVHQWDFLRQHVGRFHQWHV²SROtWLFDHGXFDWLYD$UJHQWLQD
5HSUHVHQWDo}HV'RFHQWHVVREUHDV´)RUPDVGH6RFLDOL]DomRµHDV3RVVLELOLGDGHVGH$SUHQGL]DJHPGRV$OXQRV
,QGtJHQDV
5(6802
1HVWHDUWLJRVmRDSUHVHQWDGRVDOJXQVUHVXOWDGRVGHXPWUDEDOKRUHDOL]DGRQRV~OWLPRVDQRVVREUHDVHVFRODVFRP
SRSXODomRLQGtJHQDQD$UJHQWLQD(VVHWUDEDOKRHVWHYHYLQFXODGRDGLVWLQWRVHVSDoRVLQVWLWXFLRQDLVD8QLYHUVLGDGH
GH%XHQRV$LUHVR0LQLVWpULRGD(GXFDomRHDOJXQVVLQGLFDWRVGRFHQWHV3URFXUDVHFDUDFWHUL]DUDVUHSUHVHQWDo}HV
GRVSURIHVVRUHVVREUHRVDOXQRVLQGtJHQDVGDQGRVHDWHQomRDVXDVFRQFHSo}HVVREUHGRLVDVSHFWRVFHQWUDLVDV
IRUPDVGHVRFLDOL]DomRHDVSRVVLELOLGDGHVGHDSUHQGL]DJHPGHVVHVDOXQRV$RPHVPRWHPSRRDUWLJRDSUHVHQWD
UHIOH[}HVVREUHDVSULRULGDGHVSRVVLELOLGDGHVHREVWiFXORVSDUDRH[HUFtFLRGDGRFrQFLDHPFRQWH[WRVGHGLYHUVLGDGH
FXOWXUDOHOLQJtVWLFD3RUILPHFRPEDVHQDVUHIOH[}HVGHVHQYROYLGDVVmRSURSRVWRVDOJXQVFULWpULRVDVHUHP
FRQVLGHUDGRVQDGHILQLomRGDSROtWLFDHGXFDFLRQDO
3$/$95$6&+$9(DOXQRVLQGtJHQDV²UHSUHVHQWDo}HVGRFHQWHV²SROtWLFDHGXFDFLRQDO²$UJHQWLQD
$57,*26
5HSUHVHQWDFLRQHV'RFHQWHVVREUHODV´)RUPDVGH6RFLDOL]DFLyQµ\ODV3RVLELOLGDGHVGH$SUHQGL]DMHGHORV$OXPQRV,QGtJHQDV
7HDFKHUV·5HSUHVHQWDWLRQVRQ´6RFLDOL]DWLRQ)RUPVµDQGWKH/HDUQLQJ3RVVLELOLWLHVRI,QGLDQ6WXGHQWV
$%675$&7
7KLVZRUNSUHVHQWVSUHOLPLQDU\UHVXOWVRIDUHVHDUFKPDGHLQUHFHQW\HDUVDERXWVFKRROVZKLFKKDYH,QGLDQVDPRQJ
WKHLUVWXGHQWVLQ$UJHQWLQD7KHUHVHDUFKZDVSHUIRUPHGXQGHUGLIIHUHQWLQVWLWXWLRQDOVXSSRUWWKH8QLYHUVLW\RI%XHQRV
$LUHVWKH0LQLVWU\RI(GXFDWLRQDQGVRPHWHDFKHUXQLRQV,WDWWHPSWVWRFKDUDFWHUL]HWKHWHDFKHUV·FRQFHSWLRQV
RI,QGLDQVVWXGHQWVIRFXVLQJRQWKHLULPDJHVRIWZRFHQWUDODVSHFWVRQZKLFKWKH\SODQWKHLUVFKRROLQJDFWLRQV
OHDUQLQJSRVVLELOLWLHVDQGSDWWHUQVRIVRFLDOL]DWLRQ$WWKHVDPHWLPHWKHZRUNUHIOHFWVRQWKHSULRULWLHVSRVVLELOLWLHV
DQG REVWDFOHV WR WHDFKLQJ SUDFWLFHV LQ FRQWH[WV RI FXOWXUDO DQG OLQJXLVWLF GLYHUVLW\ )LQDOO\ EDVHG RQ WKH DERYH
UHIOHFWLRQVLWSURSRVHVVRPHFULWHULDWREHFRQVLGHUHGLQWKHGHVLJQRIWKHHGXFDWLRQDOSROLF\
.(<:25'6,QGLDQVWXGHQWV²WHDFKHUV·FRQFHSWLRQV²HGXFDWLRQDOSROLF\²$UJHQWLQD
$57,*26