You are on page 1of 42

6(5,(












PDFURHFRQRPtDGHOGHVDUUROOR








( OLWHVHFRQyPLFDV
GHVLJXDOGDG\WULEXWDFLyQ

-XDQ3DEOR-LPpQH]
$QGUpV6ROLPDQR


'LYLVLyQGH'HVDUUROOR(FRQyPLFR
6DQWLDJRGLFLHPEUHGH


(VWHGRFXPHQWRIXHSUHSDUDGRSRU$QGUpV6ROLPDQRFRQVXOWRUGHOD&(3$/\-XDQ3DEOR-LPpQH]2ILFLDOD
&DUJRGHOD2ILFLQDGHOD&(3$/HQ0RQWHYLGHRHQHOPDUFRGHODVDFWLYLGDGHVGHOSUR\HFWR&(3$/$(&,'
3ROtWLFDILVFDOSDUDHOFUHFLPLHQWRHFRQyPLFR\ODFRKHVLyQVRFLDO $(& 
/RVDXWRUHVDJUDGHFHQD/HDQGUR&DEHOORSRUVXFRQWULEXFLyQDODUHFRSLODFLyQ\HOSURFHVDPLHQWRGHGDWRV\D
&DUROLQD6HUSHOOSRUVXHIHFWLYDFRQWULEXFLyQHGLWRULDOHQHVWHGRFXPHQWR$GHPiVVHDJUDGHFHQORVFRPHQWDULRV
UHFLELGRV D XQD YHUVLyQ DQWHULRU GH HVWH GRFXPHQWR HQ HO VHPLQDULR 7ULEXWDFLyQ \ FUHFLPLHQWR FRQ HTXLGDG
UHDOL]DGRHQODVHGHGHOD&(3$/HQ6DQWLDJRORVGtDV\GHDJRVWRGH
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHODRUJDQL]DFLyQ


3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW‹1DFLRQHV8QLGDVGLFLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

ËQGLFH

5HVXPHQ
, ,QWURGXFFLyQ
,, /DVHOLWHVHFRQyPLFDV\ODGHVLJXDOGDG
$ /DHVFXHODVRFLROyJLFD
% /DHVFXHODHFRQyPLFD
& (VWXGLRVHPStULFRVUHFLHQWHVVREUHODSDUWLFLSDFLyQHQ
HOLQJUHVRGHODVUHQWDVPiVDOWDV
' (YROXFLyQGLYHUJHQWHGHODSDUWLFLSDFLyQGHORVLQJUHVRV
GHORVULFRVHQORVSDtVHVFDSLWDOLVWDVDQJORVDMRQHV\)UDQFLD
( 'LQiPLFDGHODSDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRV
HQODVHFRQRPtDVHPHUJHQWHV\HQORVSDtVHVGHVDUUROODGRV
) /RVV~SHUULFRVVHJ~QSDWULPRQLRQHWR
,,, (OLWHVHFRQyPLFDVRULJHQ\GHVDUUROORHFRQyPLFR
$ ¢0pULWRRUHQWLVPR"
% (OLWHVHFRQyPLFDVSURGXFWLYDVHPSUHVDULRVHLQQRYDGRUHV
& 0HUFDGRVGH³JDQDGRUHV´ ZLQQHUVWDNHDOOPDUNHWV 
' (OLWHVJOREDOHV\UHWRUQRVHFRQyPLFRVSRUFRQWDFWRV
SROtWLFRV
( (OLWHVHFRQyPLFDV\GHVLJXDOGDG
) (OLWHVHFRQyPLFDV\GHPRFUDFLD
,9 3URSXHVWDVSDUDPHMRUDUODGLVWULEXFLyQGHOLQJUHVR
UHJXODFLyQGHVXHOGRVDOWRVHLPSXHVWRV
$ 3URSXHVWDVGHUHJXODFLyQGHORVSDJRVH[FHVLYRV
DORVHMHFXWLYRV
% $SOLFDFLyQGHLPSXHVWRVDORVLQJUHVRVPiVDOWRV
,9 &RPHQWDULRVILQDOHV
%LEOLRJUDItD
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

6HULH0DFURHFRQRPtDGHOGHVDUUROORQ~PHURVSXEOLFDGRV


ËQGLFHGHFXDGURV
&8$'52 3$57,&,3$&,Ï1325&(178$/(1(/,1*5(62&203$5$7,9$'(/$6
5(17$60È6$/7$6&,5&$
&8$'52 )5$1&,$(67$'2681,'26<5(,1281,'23$57,&,3$&,Ï1(1
(/,1*5(62'(/683(5,25
&8$'52 3$Ë6(6&21810$<251Ò0(52'(%,//21$5,26
&8$'52 $0e5,&$/$7,1$1Ò0(52'(%,//21$5,263253$Ë6
&8$'52 9$5,$65(*,21(6,038(67262%5(/$5(17$3(5621$/(,038(672
$/,1*5(62'(/$6(035(6$6
&8$'52 5(&$8'$&,Ï1'(/,038(672$/3$75,021,2(1*58326
5(35(6(17$7,926'(3$Ë6(6
&8$'52 '(3(1'(1&,$'(/$5(&$8'$&,Ï1'(/,038(672$/3$75,021,2
(1$0e5,&$/$7,1$

ËQGLFHGHJUiILFRV
*5È),&2 (92/8&,Ï1'(/$3$57,&,3$&,Ï1(1(/,1*5(62'(/683(5,25
*5È),&2 $0e5,&$/$7,1$(92/8&,Ï1'(/,1*5(6262%5(/$5(17$
3(5621$/(/,038(672$/$6(035(6$6<(/,038(672
$/9$/25$*5(*$'2

ËQGLFHGHUHFXDGURV
5(&8$'52 '(),1,&,Ï1'(/265,&26<6Ò3(55,&26
5(&8$'52 (/&2(),&,(17('(*,1,,1&/8<(1'2$,1',9,'826'(5(17$6
08<$/7$6





&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

5HVXPHQ

(O SUHVHQWH DUWtFXOR DQDOL]D HO FRQFHSWR GH HOLWHV GHVDUUROODGR HQ OD
OLWHUDWXUD FOiVLFD VREUH HO WHPD \ HVWDEOHFH XQ SDUDOHOR HQWUH HO HQIRTXH
VRFLROyJLFR \ HFRQyPLFR GHO WHPD \ H[DPLQD OLWHUDWXUD UHFLHQWH VREUH OD
DOWD ULTXH]D \ HYLGHQFLD HPStULFD IRFDOL]DQGR HQ OD HYROXFLyQ GHO  SRU
FLHQWR PiV ULFR \ UDQNLQJV GH ELOORQDULRV SRU SDtVHV HQ HO PXQGR 6H
HYDO~D WDPELpQ ODV WHRUtDV \ ORV PHFDQLVPRV D WUDYpV GH ORV FXDOHV ODV
HOLWHV LQIOX\HQ HQ HO GHVDUUROOR HFRQyPLFR \ VH DQDOL]DQ WHPDV  FRPR OD
UHWULEXFLyQ GHO WDOHQWR \ OD LQQRYDFLyQ HO URO GH ORV FRQWDFWRV VRFLDOHV \
SROtWLFRV HO DIiQ GH OXFUR HQULTXHFLPLHQWR  \ OD LQIOXHQFLD TXH HMHUFH OD
FRQFHQWUDFLyQH[WUHPDGHODULTXH]DHQORVPHUFDGRV\ODVRFLHGDG
(O DUWtFXOR DGHPiV GLVFXWH SURSXHVWDV UHFLHQWHV GH UHJXODFLyQ GH
VDODULRV\FRPSHQVDFLyQDORVDOWRVHMHFXWLYRVGHEDQFRV\HPSUHVDV\HO
SRWHQFLDODVtFRPRODVOLPLWDFLRQHVGHODWULEXWDFLyQDORVULFRVDVtFRPR
ORVGHVDItRVHFRQyPLFRV\SROtWLFRVTXHHVWDSODQWHD7DPELpQVHSUHVHQWD
HYLGHQFLDHPStULFDGHOFREURGHLPSXHVWRVDODVSHUVRQDVGHLQJUHVRVPiV
DOWRV \ OD DOWD GHSHQGHQFLD GH ORV LPSXHVWRV LQGLUHFWRV TXH SUHVHQWD HO
VLVWHPDWULEXWDULRHQ$PpULFD


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

, ,QWURGXFFLyQ

7RGDVRFLHGDGWLHQHHOLWHVFX\RVPLHPEURVRFXSDQXQDSRVLFLyQGHVWDFDGD
HQODSROtWLFDHOJRELHUQRHOVHFWRUILQDQFLHURODLQGXVWULDODFXOWXUDOD
JHQHUDFLyQGHFRQRFLPLHQWRVORVGHSRUWHV\RWUDViUHDV(OIRFRGHLQWHUpV
GHOSUHVHQWHDUWtFXORVRQODVHOLWHVHFRQyPLFDVHVGHFLUXQDPLQRUtDTXH
FRQFHQWUD XQ DOWR SRUFHQWDMH GHO LQJUHVR QDFLRQDO PX\ VXSHULRU D VX
LPSRUWDQFLD QXPpULFD HQ OD SREODFLyQ \ TXH FRQWUROD XQD VLJQLILFDWLYD
SURSRUFLyQ GH OD SURSLHGDG GH ORV UHFXUVRV SURGXFWLYRV GH XQ SDtV
7UDGLFLRQDOPHQWH ODV HOLWHV KDQ VLGR WHPD GH HVWXGLR GH OD VRFLRORJtD \
RWUDVFLHQFLDVVRFLDOHV3RUORJHQHUDOORVHFRQRPLVWDVVHKDQPDQWHQLGR
DOPDUJHQGHVXDQiOLVLVDXQTXHODLPSRUWDQFLDHFRQyPLFDGHODVHOLWHVHV
LQQHJDEOH(Q³GHIHQVD´GHODVHOLWHVHVWiODSHUFHSFLyQGHHPSUHVDULRVHQ
DFWLYLGDGHV SURGXFWLYDV TXH FRQWULEX\DQ HQ OD JHQHUDFLyQ GH DKRUURV \
HPSOHRVODLQYHUVLyQODLQQRYDFLyQ\HOFUHFLPLHQWRHFRQyPLFR
(ODUJXPHQWRTXHVHHVJULPHSDUDQRJUDYDUFRQPiV LPSXHVWRVD
ODV SHUVRQDV FRQ LQJUHVRV DOWRV ULFRV \ V~SHUULFRV  R LQFOXVR SDUD
UHGXFLUORVFRPRKDRFXUULGRHQPXFKRVSDtVHVGHVDUUROODGRV\HFRQRPtDV
HPHUJHQWHVHQODV~OWLPDVGpFDGDVHVTXHHVWRVLQGLYLGXRVVHUtDQHOPRWRU
GHO FUHFLPLHQWR HFRQyPLFR HQ ODV HFRQRPtDV GH PHUFDGR GHELGR D VX
DSRUWH D OD DFXPXODFLyQ GH FDSLWDO \ OD LQQRYDFLyQ 'H DFXHUGR D HVWD
OyJLFDUHGXFLUODUHQWDELOLGDGGHHVWDVDFWLYLGDGHVVRORVHWUDGXFLUtDHQXQD
OLPLWDFLyQ GH VX HVIXHU]R SURGXFWLYR GHVLQFHQWLYDQGR OD FUHDFLyQ GH
ULTXH]D (O WHPD HV FRQWURYHUVLDO 3RU XQD SDUWH QR HV FODUR GH TXH OD
REWHQFLyQ GH ORV LQJUHVRV PiV DOWRV VROR UHIOHMH XQD OHJtWLPD UHWULEXFLyQ
SRU HO HVIXHU]R \ HO WDOHQWR GHVSOHJDGRV HQ PHUFDGRV FRPSHWLWLYRV /RV
FRQWDFWRVSROtWLFRVHORULJHQVRFLDOHOWUDWRIDYRUDEOHHQPDWHULDWULEXWDULD
\ ODV UHJXODFLRQHV TXH EHQHILFLDQ D ORV ULFRV WDPELpQ FRQWULEX\HQ D OD
DFXPXODFLyQGHJUDQGHVIRUWXQDVVLQXQDYLQFXODFLyQSURGXFWLYDHYLGHQWH


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

/DFRQFHQWUDFLyQGHOLQJUHVR\HOSDWULPRQLRHQXQDSHTXHxDPLQRUtD HOLWHVUHQWLVWDV DFHQW~DOD


GHVLJXDOGDG HQ OD VRFLHGDG $GHPiV VH JHQHUDQ FRVWRV GH HILFLHQFLD DO GHVSHUGLFLDUVH ORV WDOHQWRV \
FDSDFLGDGHVSURGXFWLYDVGHORVSREUHV\H[FOXLGRV3RURWUDSDUWHODDFHQWXDFLyQGHODGHVLJXDOGDGGD
RULJHQDREMHFLRQHVpWLFDVPDOHVWDUVRFLDOHLQVDWLVIDFFLyQSROtWLFDHQODVPD\RUtDVQREHQHILFLDGDVFRQHO
VWDWXVTXR8QHMHPSORGHODIDOWDGHOHJLWLPDFLyQVRFLDOSRUODWHQGHQFLDDODFRQFHQWUDFLyQGHOLQJUHVR
HQ(VWDGRV8QLGRVHVHOOODPDGRKHFKRSRUELOORQDULRVFRPR:DUUHQ%XIIHW²\RWURVHQ(XURSD²SDUD
TXH SHUVRQDV GH PX\ DOWDV UHQWDV LQFUHPHQWHQ VX FRQWULEXFLyQ WULEXWDULD (Q FRQWUDVWH DSDUHQWHPHQWH
QLQJ~QELOORQDULRODWLQRDPHULFDQRFRPSDUWHS~EOLFDPHQWHHVWDSURSXHVWDGHVXVSDUHVGHHFRQRPtDVPiV
GHVDUUROODGRV
$SDUWLUGHORVDxRVRFKHQWDODDFHQWXDFLyQGHODGHVLJXDOGDG\ODSRODUL]DFLyQHFRQyPLFDHQORV
SDtVHVDQJORVDMRQHVGHVDUUROODGRV\HQODVHFRQRPtDVHPHUJHQWHVKDWHQLGROXJDUHQODHUDQHROLEHUDOGH
JOREDOL]DFLyQ\SROtWLFDVGHOLEUHPHUFDGR(QFRQWUDVWHHVWDWHQGHQFLDHVPHQRVDFHQWXDGDHQORVSDtVHV
HVFDQGLQDYRV HQ (XURSD FRQWLQHQWDO \ HQ -DSyQ (Q $PpULFD /DWLQD OD LQFLGHQFLD GH XQD HOHYDGD
GHVLJXDOGDGKDVLGRGHFDUiFWHUHVWUXFWXUDODXQTXHHQDOJXQRVHVWXGLRVUHFLHQWHVVHSUHVHQWDHYLGHQFLD
HPStULFDGHXQDFLHUWDGLVPLQXFLyQGHODGHVLJXDOGDGGHLQJUHVRVODERUDOHVHQORV~OWLPRVDxRV /ySH]
&DOYD\/XVWLJ 
/D PD\RUtDGHORVHVWXGLRVHFRQyPLFRVVREUHGHVLJXDOGDGVHFHQWUDQHQODHYROXFLyQHVWDGtVWLFD
GHOFRHILFLHQWHGH*LQL\GHLQGLFDGRUHVTXHPLGHQODUHODFLyQHQWUHORVGHFLOHVRTXLQWLOHVVXSHULRUHVH
LQIHULRUHV(VWXGLRVGHGHVLJXDOGDGHQWpUPLQRVGHHOLWHVHFRQyPLFDVVRQHVFDVRVGHELGRHQSDUWHDOD
IDOWDGHHQIRTXHVFRQFHSWXDOHVDGHPiVGHODOLPLWDGDLQIRUPDFLyQHVWDGtVWLFDSUHFLVDVREUHODVIUDQMDVGH
LQJUHVRVVXSHULRUHV\ORVGXHxRVGHODVPD\RUHVIRUWXQDV$OUHVSHFWRODVHQFXHVWDVGHKRJDUHVVRQVROR
GH XWLOLGDG OLPLWDGD SRUTXH TXLHQHV ODV UHVSRQGHQ VXHOHQ VXEHVWLPDU VLVWHPiWLFDPHQWH HQ VXV
GHFODUDFLRQHVDORVHQFXHVWDGRUHVORVLQJUHVRVDOWRV\FRQVLJQDQXQLQJUHVRLQIHULRUDOTXHHIHFWLYDPHQWH
SHUFLEHQ/RVFRHILFLHQWHVGH*LQLGHLQJUHVRVXHOHQWHQHUXQVHVJR³KDFLDDEDMR´SRUHOKHFKRGHEDVDUVH
HQVXEHVWLPDFLRQHVGHORVLQJUHVRVPX\DOWRV YpDVHHOUHFXDGUR 
(O SUHVHQWH DUWtFXOR WLHQH YDULRV REMHWLYRV (Q SULPHU OXJDU VH DQDOL]D HO FRQFHSWR GH HOLWHV
GHVDUUROODGR HQ OD OLWHUDWXUD FOiVLFD VREUH HO WHPD HVSHFtILFDPHQWH HQ ORV WUDEDMRV GH 3DUHWR 0RVFD \
:ULJKW0LOOV HQWUH RWURV \ HVWDEOHFH XQ SDUDOHOR HQWUH HO HQIRTXH VRFLROyJLFR \ HFRQyPLFR GHO WHPD
(Q VHJXQGR WpUPLQR VH DQDOL]D OLWHUDWXUD UHFLHQWH VREUH OD DOWD ULTXH]D \ HYLGHQFLD HPStULFD UHFLHQWH
GLVSRQLEOHVREUHODFRQFHQWUDFLyQGHODULTXH]DHQHFRQRPtDVDYDQ]DGDV\SDtVHVHQGHVDUUROORDSDUWLU
GH OD LQIRUPDFLyQ FRQWHQLGD HQ OD EDVH GH GDWRV EDVDGRV HQ GHFODUDFLRQHV WULEXWDULDV FRPSLODGDV
UHFLHQWHPHQWHSRUOD(VFXHODGH(FRQRPtDGH3DUtV 3DULV6FKRRORI(FRQRPLFV $GHPiVVHSUHVHQWD
LQIRUPDFLyQVREUHORVELOORQDULRVHQHOPXQGRUHFRSLODGDSRUODUHYLVWD)RUEHVTXHLQFOX\HGDWRVVREUH
pVWRVHQ$PpULFD/DWLQD
(QHOSUHVHQWHDUWtFXORVHHYDO~DWDPELpQODVWHRUtDV\ORVPHFDQLVPRVDWUDYpVGHORVFXDOHVODV
HOLWHVLQIOX\HQHQHOGHVDUUROORHFRQyPLFR\VHDQDOL]DQWHPDVWDOHVFRPRODUHWULEXFLyQGHOWDOHQWR\OD
LQQRYDFLyQHOUROGHORVFRQWDFWRVVRFLDOHV\SROtWLFRVHODIiQGHOXFUR HQULTXHFLPLHQWR \ODLQIOXHQFLD
TXH HMHUFH OD FRQFHQWUDFLyQ H[WUHPD GH OD ULTXH]D HQ ORV PHUFDGRV \ OD VRFLHGDG (O DUWtFXOR DGHPiV
DQDOL]DSURSXHVWDVUHFLHQWHVGHUHJXODFLyQGHVDODULRVPi[LPRV\FRPSHQVDFLyQDORVDOWRVHMHFXWLYRVGH
EDQFRV \ HPSUHVDV (O GRFXPHQWR DQDOL]D WDPELpQ HO SRWHQFLDO DVt FRPR ODV OLPLWDFLRQHV GH OD
WULEXWDFLyQ D ORV ULFRV DVt FRPR ORV GHVDItRV HFRQyPLFRV \ SROtWLFRV TXH HVWD SODQWHD 7DPELpQ VH
SUHVHQWD HYLGHQFLD HPStULFD GHO FREUR GH LPSXHVWRV D ODV SHUVRQDV GH LQJUHVRV PiV DOWRV \ OD DOWD
GHSHQGHQFLD GH ORV LPSXHVWRV LQGLUHFWRV TXH SUHVHQWD HO VLVWHPD WULEXWDULR HQ $PpULFD /DWLQD 3RU
~OWLPRVHSUHVHQWDQDOJXQRVFRPHQWDULRVILQDOHVVREUHHOWHPDGHOGRFXPHQWR




 9HU6ROLPDQR  


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

,, /DVHOLWHVHFRQyPLFDV\
ODGHVLJXDOGDG

+D\ SRU OR PHQRV GRV FRUULHQWHV GH SHQVDPLHQWR VREUH ODV HOLWHV TXH
SURYLHQHQ UHVSHFWLYDPHQWH GH OD HVFXHOD VRFLROyJLFD \ OD HVFXHOD
HFRQyPLFD

$ /DHVFXHODVRFLROyJLFD
(OLQWHUpVGHODVRFLRORJtDSRUODVHOLWHVUHVSRQGHIXQGDPHQWDOPHQWHDVX
FRQVLGHUDFLyQFRPRIDFWRUGHVFULSWLYRLPSRUWDQWHHQHOIXQFLRQDPLHQWRGH
ODVVRFLHGDGHV/D UHODFLyQ GH ODVHOLWHV FRQ  HO SRGHU OD VRFLHGDG \
OD 



 /DVGRVILJXUDVTXHPiVKDQLQIOXLGRHQ HODQiOLVLVGHODVFODVHVVRFLDOHVVRQ.DUO0DU[  \0D[ :HEHU  
0DU[GHILQLyODVFODVHVVRFLDOHVHQWpUPLQRVGHODUHODFLyQGHORVPLHPEURVGHODVRFLHGDGFRQORV³PRGRVGHSURGXFFLyQ´FRQFHSWR
TXH HQJORED ODV UHODFLRQHV VRFLDOHV OD WHFQRORJtD \ ORV SDWURQHV GH SURSLHGDG GH ORV PHGLRV GH SURGXFFLyQ HO IHXGDOLVPR HO
FDSLWDOLVPR\HOVRFLDOLVPRVRQWDQWRVLVWHPDVHFRQyPLFRVFRPRPRGRVGHSURGXFFLyQ /DVFODVHVVRFLDOHVGHVDUUROODQIRUPDVGH
FRQFHSFLyQGHOPXQGR LGHRORJtDV HQIXQFLyQGHOOXJDUTXHRFXSDQHQODVRFLHGDG\HQHOSURFHVRHFRQyPLFR0DU[TXHHVFULELyD
PHGLDGRVGHOVLJOR;,;HQSOHQRDSRJHRGHODUHYROXFLyQLQGXVWULDOVHUHILULyIXQGDPHQWDOPHQWHDGRVFODVHVVRFLDOHVODEXUJXHVtD
ORVFDSLWDOLVWDV SURSLHWDULDGHORVPHGLRVGHSURGXFFLyQTXHFRQWURODODULTXH]D\HVWUXFWXUDODVLQVWLWXFLRQHV\HOSRGHUSROtWLFR\
HOSUROHWDULDGRTXHVRORHVGXHxRGHVXIXHU]DGHWUDEDMR\QRWLHQHSURSLHGDGHV/DGLQiPLFDGHOFDPELR\ODWUDQVIRUPDFLyQVRFLDO
UHVSRQGHDOFRQIOLFWRVRFLDO\HVODSURSXOVRUDGHXQFDPELRUDGLFDO6HJ~Q0DU[HOFDSLWDOLVPRSURYRFDUtDXQDSRODUL]DFLyQ\XQD
GLIHUHQFLDFLyQVRFLDOFDGDYH]PiVPDUFDGDV0D[:HEHUTXHHVFULELyDFRPLHQ]RVGHOVLJOR;;FRPSDUWtDODLGHDPDU[LVWDGHTXH
ODV FODVHV VRFLDOHV VRQ LPSRUWDQWHV \ HVWiQ GHWHUPLQDGDV HQ JUDQ PHGLGD SRU OD IXQFLyQ TXH GHVHPSHxDQ HQ OD SURGXFFLyQ \ OD
SURSLHGDGGHVXVPHGLRVSHURGHVDUUROOyXQFRQFHSWRPiVFRPSOHMRHQHOTXHVHUHFRQRFHODLPSRUWDQFLDGHOSUHVWLJLRHOHVWDWXVOD
RFXSDFLyQ\ODPRYLOLGDG6HJ~Q:HEHUODFODVHVRFLDOHVHOSULQFLSDOIDFWRUGHWHUPLQDQWHGHODV³RSRUWXQLGDGHVYLWDOHV´HVGHFLUGH
OD SRVLELOLGDG GH YLYLU ELHQ FRQ VHJXULGDG SUHVWLJLR \ HQ IRUPD SODFHQWHUD SRU RSRVLFLyQ D XQD YLGD OOHQD GH GLILFXOWDGHV
LQVHJXULGDG\DQyQLPD(ODQiOLVLVPRGHUQRGHODHVWUDWLILFDFLyQ\ODVFODVHVVRFLDOHV *LOEHUW HVHFOpFWLFR\DGRSWDFRQFHSWRV
GH0DU[:HEHU\RWURVDXWRUHV(QORVDQiOLVLVGHHVWRVGRVWHPDVVXHOHQWRPDUHQFRQVLGHUDFLyQP~OWLSOHVYDULDEOHVSDUDGHILQLUODV
FODVHVVRFLDOHVHOLQJUHVRODRFXSDFLyQHOQLYHOGHHGXFDFLyQHOHVWDWXV\HOSUHVWLJLRORVYDORUHVODIRUPD GHSHQVDU\HOHVWLORGH
YLGD(QODPD\RUtDGHORVFDVRVHVWDVYDULDEOHVGHPXHVWUDQODH[LVWHQFLDGHXQDHVWUHFKDFRUUHODFLyQHPStULFDHQWUHHOODVSRUORTXH
HO HVWXGLR GH TXLHQHV RFXSDQ ODV SRVLFLRQHV PiV DOWDV HQ OD HVFDOD GH LQJUHVRV \ ULTXH]D RIUHFH YDOLRVD LQIRUPDFLyQ VREUH RWUDV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

OD FRQILJXUDFLyQ GH YDORUHV H LGHDV VRQ DVSHFWRV HVHQFLDOHV HQ HO HVWXGLR GH ODV HOLWHV /RV SULQFLSDOHV
UHSUHVHQWDQWHV GH OD ³HVFXHOD LWDOLDQD´ VRQ 9LOIUHGR 3DUHWR   HFRQRPLVWD \ VRFLyORJR \ HO
FLHQWLVWDSROtWLFR*DHWDQR0RVFD  3DUHWRIRUPXOyODWHRUtDGHODFLUFXODFLyQGHODVHOLWHV\
0RVFD HVWXGLy OD FODVH SROtWLFD /D ³HVFXHOD LWDOLDQD´ VH FDUDFWHUL]D SRU OD DWULEXFLyQ GH PpULWR D ODV
HOLWHV VX GLQiPLFD \ VXV LQWHUDFFLRQHV FRQ RWUDV FODVHV VRFLDOHV $ MXLFLR GH 3DUHWR  >@  ODV
HOLWHV HVWiQ LQWHJUDGDV SRU SHUVRQDV FRQ FXDOLGDGHV H[FHSFLRQDOHV 6X FRQFHSWR GH HOLWHV VH EDVD HQ HO
FDUiFWHU PHULWRFUiWLFR 3DUHWR FRQFHEtD OD KLVWRULD FRPR XQD FLUFXODFLyQ GH HOLWHV VREUH WRGR D QLYHO
QDFLRQDO VLQ GDU PD\RU LPSRUWDQFLD D VX FLUFXODFLyQ LQWHUQDFLRQDO (Q VX HQVD\R /D FODVH SROtWLFD
0RVFDDILUPDTXHODSULQFLSDOIXHQWHGHSRGHUGHODVHOLWHVHVODVXSHULRULGDGGHVXRUJDQL]DFLyQLQWHUQD
TXHOHSHUPLWHHMHUFHUXQDLQIOXHQFLDGHVSURSRUFLRQDGDVREUHJUDQSDUWHGHODVRFLHGDGDSHVDUGHVHUXQ
JUXSRQXPpULFDPHQWHUHGXFLGR6XVPD\RUHVFRQRFLPLHQWRV\ODPHMRURUJDQL]DFLyQVHJ~QHVWHDXWRU
VRQORVHOHPHQWRVFODYHVTXHSHUPLWHQDXQJUXSRVRFLDOFRQYHUWLUVHHQHOLWH
$xRVPiVWDUGH\DORWURODGRGHO$WOiQWLFRHOVRFLyORJRHVWDGRXQLGHQVH&:ULJKW0LOOVDPSOtD
HOFRQFHSWRHQVXREUD/DHOLWHGHOSRGHU  SDUDLQFOXLUHQpODODHOLWHHFRQyPLFDSROtWLFD\PLOLWDU
GH ORV (VWDGRV 8QLGRV$QWHULRUPHQWH 7KRUVWHQ 9HEOHQ   KDEtD FHQWUDGR VX DWHQFLyQ HQ OD
FDUDFWHUL]DFLyQGHODHOLWHHPSUHVDULDO\ODLPSRUWDQFLDGHOFRQVXPRVLPEyOLFR FRQVSLFXR \ODFXOWXUD
GHORFLRFRPRPDQLIHVWDFLRQHVGHSURVSHULGDG\DEXQGDQFLDGHODVHOLWHVHFRQyPLFDVHQODHGDGGHRUR
GHOFDSLWDOLVPRGHILQHVGHOVLJOR;,;\FRPLHQ]RVGHOVLJOR;;HQ$PpULFDGHO1RUWH
:ULJKW0LOOV VXSRQH LPSOtFLWDPHQWH TXH ORV VXEFRPSRQHQWHV GH OD HOLWH GHO SRGHU HFRQyPLFD
SROtWLFD PLOLWDU  WLHQHQ XQ DOWR JUDGR GH FRKHVLyQ VRFLDO HQ WpUPLQRV GH LGHDV SDUWLFLSDFLyQ HQ
LQVWLWXFLRQHVHVWLORGHYLGDHVFXHODV\FOXEHVIUHFXHQWDGRVSRUORVKLMRVGHVXVLQWHJUDQWHV/DWHRUtDGH
ODVHOLWHVGH:ULJKW0LOOVIXHUHEDWLGDWDQWRSRUOD³HVFXHODSOXUDOLVWD´ 'DKO FRPRSRUODHVFXHOD
QHRPDU[LVWDRHFOpFWLFD 6ZHH]\\HQFLHUWRPRGR*LOEHUW /DSULPHUDGHHOODVKL]RXQD
GLVWLQFLyQHQWUH³HOLWHJREHUQDQWH´\XQJUXSRFRQSRWHQFLDOGHFRQWUROSROtWLFRSHURTXHQRORHMHUFHSRU
IDOWDGHFRQVHQVRLQWHUQR\SRUVXGLYHUVLGDGGHLQWHUHVHV(VWDSULPHUDOtQHDFUtWLFDVHPRVWUyHVFpSWLFD
DQWHODSRVLELOLGDGGHTXHH[LVWLHUDHVWHQLYHOGHFRKHVLyQHQODVWUHVHOLWHVGHVFULWDVSRU:ULJKW0LOOVHQ
ORV (VWDGRV 8QLGRV GH ORV DxRV FLQFXHQWD \ VHVHQWD 3RU VX SDUWH ³GHVGH OD L]TXLHUGD´ HQ VX DUWtFXOR
3RZHU(OLWHVRU5XOLQJ&ODVV HOLWHVGHOSRGHURFODVHJREHUQDQWH 3DXO6ZHH]\VRVWLHQHTXHHQ~OWLPR
WpUPLQR ODV HOLWHV PLOLWDU \ SROtWLFD GHSHQGHQ GH ODV HOLWHV HFRQyPLFDV \ HQ SDUWLFXODU GH OD FODVH
FDSLWDOLVWD SRU VHU SURSLHWDULDV GH OD PD\RU SDUWH GHO SDWULPRQLR SURGXFWLYR GH OD VRFLHGDG GHO FXDO
SURYLHQHQ VXV LQJUHVRV TXH HQ JUDQ PHGLGD ILQDQFLDQ D ODV RWUDV HOLWHV 6ZHH]\ FRQVLGHUD TXH HQ
HVHQFLDODFODVHJREHUQDQWHHVODTXHSRVHH\FRQWURODHOSDWULPRQLRSURGXFWLYRGHXQSDtV3DUD6ZHH]\
OD GLVWLQFLyQ HQWUH ODV HOLWHV HPSUHVDULDO PLOLWDU \ SROtWLFD FRPR HQWHV LQGHSHQGLHQWHV \ DXWyQRPRV
GHVDSDUHFHUtD D OD ODUJD FXDQGR OD HOLWH HFRQyPLFD ²R PiV HVSHFtILFDPHQWH OD HOLWH FDSLWDOLVWD² VH
WUDQVIRUPDHQHOLWHGRPLQDQWH
(VHYLGHQWHODFRPSOHMLGDGGHHVWHLPSRUWDQWHWHPDTXHDSHVDUGHVXUHOHYDQFLDQRKDUHFLELGR
PD\RUDWHQFLyQSRUPXFKRVDxRV$GHPiVGHORVYtQFXORVHQWUHODVVXEHOLWHVVHGHEHQFRQVLGHUDUORV
DVSHFWRV UHODFLRQDGRV FRQ HO RULJHQ GH ODV HOLWHV HFRQyPLFDV KHUHQFLD FRQWDFWRV VRFLDOHV \ SROtWLFRV
UHFRPSHQVDDOWDOHQWRUHQWLVPRDFFHVRSULYLOHJLDGRDUHFXUVRVILQDQFLHURVLQQRYDFLRQHVFRQDOWRYDORU
FRPHUFLDO \ORVPHFDQLVPRVGHFRQVHUYDFLyQ\IRUWDOHFLPLHQWRGHODVHOLWHVHQORVHVFDORQHVPiVDOWRV
GHODVRFLHGDG(QHOSUHVHQWHDUWtFXORVHDQDOL]DQYDULRVGHHVWRVPHFDQLVPRV\VHLGHQWLILFDQDVSHFWRV
GHOWHPDTXHDXQQRVHKDQHVWXGLDGR

 


GLPHQVLRQHVDXQTXHHVWDVLHPSUHHVLQFRPSOHWDORTXHUHYHODODQHFHVLGDGGHQXHYRVHVWXGLRVGHODVHOLWHVHFRQyPLFDVEDVDGRVHQ
P~OWLSOHVYDULDEOHV

 (Q6ROLPDQR\$YDQ]LQL GHSUy[LPDSXEOLFDFLyQ VHDQDOL]DODPRYLOLGDGLQWHUQDFLRQDOGHODVHOLWHVHPSUHVDULDOHVSROtWLFDV\
GHOFRQRFLPLHQWR


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

% /DHVFXHODHFRQyPLFD
,QIOXLGRV SRU HO SUHGRPLQLR GH OD HFRQRPtD QHRFOiVLFD ORV HFRQRPLVWDV VXHOHQ VHU LQGLYLGXDOLVWDV HQ
PDWHULDGHPHWRGRORJtD\SRUORJHQHUDOQRVHRFXSDQPD\RUPHQWHGHODVFODVHVVRFLDOHV\FLHUWRVJUXSRV
GHDOWRLPSDFWRFRPRODVHOLWHVDXQTXHHQORV~OWLPRVDxRVKDHPSH]DGRDVXUJLUXQQXHYRLQWHUpVSRUHO
DQiOLVLVGHODFODVHPHGLD %LUGVDOO\RWURV(DVWHUO\6ROLPDQR%iUFHQD\6HUUD 
(O DQiOLVLV GH OD HFRQRPtD \ OD VRFLHGDG HQ WpUPLQRV GH LQGLYLGXRV UDFLRQDOHV \ RSWLPL]DGRUHV WLHQH
HYLGHQWHVOLPLWDFLRQHVSDUDGHVFULELUHVWUXFWXUDVVRFLDOHVGLIHUHQFLDGDV\FRPSOHMDV3RURWUDSDUWHHVWXGLRV
GH HOLWHV FRPR 6ROLPDQR \ $YDQ]LQL   GLVWLQJXHQ WUHV WLSRV GH HOLWHV D  HOLWHV GH WDOHQWRV HQ OD
LQQRYDFLyQ WHFQROyJLFD \ OD DFDGHPLD  E  HOLWHV HPSUHVDULDOHV EiVLFDPHQWH GHGLFDGDV D OD FUHDFLyQ GH
ULTXH]DSURGXFWLYD\F ODVHOLWHVSROtWLFDV\SRQHQDFHQWRHQODGLPHQVLyQGHPRYLOLGDGLQWHUQDFLRQDOGH
HOLWHVHQXQDpSRFDGHJOREDOL]DFLyQ\FUHFLHQWHLQWHUGHSHQGHQFLDHQWUHSDtVHV
*UDQSDUWHGHORVHVWXGLRVVREUHGHVLJXDOGDGKHFKRSRUHFRQRPLVWDVTXHFRPRGLMLPRVUDUDPHQWH
LQFOX\HQDODVHOLWHVVHEDVDQHQODGLVWULEXFLyQSHUVRQDOGHOLQJUHVR\HOSDWULPRQLRHQWUHLQGLYLGXRV\
KRJDUHVVLQWRPDUPD\RUPHQWHHQFXHQWDODHVWUXFWXUDODVLQWHUDFFLRQHVODVWHQVLRQHV\ORVFRQIOLFWRV
HQWUHFODVHVVRFLDOHVRJUXSRVTXHDVSLUDQDDXPHQWDU RSRUORPHQRVFRQVHUYDU VXSDUWLFLSDFLyQHQHO
LQJUHVRQDFLRQDO\ODSRVLFLyQTXHRFXSDQHQODHVFDODVRFLDO(ODQiOLVLVHFRQyPLFRGHODGHVLJXDOGDG
SUHGRPLQDQWHPHQWH HPStULFR VH KD FHQWUDGR HQ OD PHGLFLyQ GH OD FXUYD GH /RUHQ] HO FRHILFLHQWH GH
*LQLHOtQGLFHGH$WNLQVRQHOtQGLFHGH7KHLO\ORVtQGLFHVGHGLVWULEXFLyQ\GHSRODUL]DFLyQGH3DUHWR
3DUDFRPSOHPHQWDUHVWRVDQiOLVLVFRQYHQGUtDH[DPLQDUFXDOLWDWLYDPHQWHORVSDWURQHVGHFRPSRUWDPLHQWR
\ODVLQWHUDFFLRQHVHQWUHODVFODVHV\JUXSRVVRFLDOHV\ODVHOLWHVWRPDQGRHQFXHQWDHOFRQWH[WRKLVWyULFR
SROtWLFR H LQVWLWXFLRQDO HQ HO TXH VH JHQHUD \ VH UHSURGXFH OD GHVLJXDOGDG /D LPSRUWDQFLD TXH VH
FRPLHQ]D D GDU DO HVWXGLR GH ORV JUXSRV GH DOWRV LQJUHVRV HV XQD WHQGHQFLD LQLFLDO DOHQWDGRUD D VHU
FRPSOHPHQWDGR FRQ HVWXGLRV VREUH DVSHFWRV PiV DPSOLRV GH OD GHVLJXDOGDG TXH QR VROR VH FHQWUHQ HQ
PHGLGDV GH LQJUHVR VLQR TXH LQFOX\DQ YDULDEOHV FRPR OD ULTXH]D HO SRGHU \ ORV YDORUHV TXH EXVFDQ
OHJLWLPDUODGHVLJXDOGDG\HOSRGHUGHODVHOLWHV

5(&8$'52
'(),1,&,Ï1'(/265,&26<6Ò3(55,&26

+D\YDULDVGHILQLFLRQHVHVWDGtVWLFDVGHORVULFRV\V~SHUULFRVEDVDGDVHQPHGLGDVGHOLQJUHVR IOXMR GHOSDWULPRQLR


DFHUYR RGHDPERV7DPELpQVHSXHGHGLVWLQJXLUHQWUHGHILQLFLRQHVDEVROXWDV\UHODWLYDV/DVGHILQLFLRQHVEDVDGDVHQ
OD OtQHD GH DIOXHQFLD \ ORV XPEUDOHV GH ULTXH]D VRQ DEVROXWDV HQ WDQWR TXH ODV EDVDGDV HQ ORV GHFLOHV R SHUFHQWLOHV
VXSHULRUHVVRQGHILQLFLRQHVUHODWLYDV
/tQHDGHDIOXHQFLD(PSOHDQGRXQPpWRGRVLPLODUDOXWLOL]DGRSDUDHVWDEOHFHUODOtQHDGHSREUH]DTXHFRUUHVSRQGH
DOWUDPRLQIHULRUGHLQJUHVRVVHSXHGHLGHQWLILFDUHOWUDPRVXSHULRU\GHWHUPLQDUODSURSRUFLyQGHLQGLYLGXRVTXHSXHGHQ
GHILQLUVHJHQpULFDPHQWHFRPR³ULFRV´DSDUWLUGHXQDOtQHDGHDIOXHQFLD LQJUHVR  6HQ 4XLHQHVVHXELFDQSRU
VREUHODOtQHDGHDIOXHQFLDSXHGHQFRQVLGHUDUVHFRPR³ULFRV´\DOLJXDOTXHHQHOFDVRGHODOtQHDGHSREUH]DVHSXHGHQ
HPSOHDUVLPSOHPHQWHFULWHULRVQXPpULFRVRFXDQWLWDWLYRVSDUDPHGLUODSURSRUFLyQGHULFRVHQXQDVRFLHGDG
8PEUDOHV GH ULTXH]D 6HJ~Q OD GHILQLFLyQ GHO H[SHUWR HQ GHVLJXDOGDG GH OD 8QLYHUVLGDG GH 2[IRUG 6LU $QWKRQ\
$WNLQVRQ $WNLQVRQ VHSXHGHGHILQLUDORVULFRVFRPRODVSHUVRQDVFX\RSDWULPRQLRHTXLYDOHDYHFHVHOLQJUHVR
PHGLRSHUFiSLWDGHXQSDtV(OP~OWLSORHOHJLGRVHEDVDHQXQDWDVDGHUHWRUQRGHOSRUFLHQWRDQXDO UHQGLPLHQWRGH
ORVDFWLYRVGHODUJRSOD]R GDGRTXHHVHQLYHOJHQHUDUtDLQWHUHVHVLJXDOHVDOLQJUHVRPHGLRSHUFiSLWD(QHIHFWRGLFKR
QLYHOGHSDWULPRQLRSHUPLWLUtDDXQDSHUVRQDYLYLUGHORVLQWHUHVHV UHWRUQR GHYHQJDGRVSRUVXSDWULPRQLR\WHQHUXQQLYHO
HVWiQGDU RSURPHGLR GHYLGD3RUFLHUWRHVWHOtPLWHHVVLPLODUDODSOLFDGRSRUODVHPSUHVDVFRPHUFLDOHVGHJHVWLyQGH
DFWLYRV FRPR &DS *HPLQL TXH FRQVLGHUDQ ULFRV D TXLHQHV WLHQHQ XQ SDWULPRQLR OtTXLGR GH XQ PLOOyQ GH GyODUHV VH
H[FOX\H GH HVWD GHILQLFLyQ ODV FDVDV \ RWURV ELHQHV UDtFHV GH VX SURSLHGDG  $WNLQVRQ   FRQVLGHUD FRPR ³V~SHU
ULFRV´ PXOWLPLOORQDULRV DTXLHQHVWLHQHQXQSDWULPRQLRHTXLYDOHQWHD[YHFHVHOLQJUHVRPHGLRHVGHFLUDTXHOORV
TXH SXHGHQ YLYLU GH ORV ³LQWHUHVHV GH ORV LQWHUHVHV´ $ VX YH] ORV ³PHJDULFRV´ R ELOORQDULRV VHUtDQ TXLHQHV WLHQHQ XQ
SDWULPRQLR HTXLYDOHQWH D  [  [  YHFHV HO LQJUHVR PHGLR SHU FiSLWD /DV SHUVRQDV FODVLILFDGDV HQ HVWD ~OWLPD
FDWHJRUtD GH $WNLQVRQ FRUUHVSRQGHQ DSUR[LPDGDPHQWH D ORV ELOORQDULRV LQFOXLGRV HQ OD OLVWD GH OD UHYLVWD )RUEHV TXH
SUHVHQWDUHPRVPiVDGHODQWH
'HFLOHV YLQWLOHV R SHUFHQWLOHV VXSHULRUHV (VWD HV XQD GHILQLFLyQ UHODWLYD GH ORV ULFRV &RQIRUPH D FLHUWRV FULWHULRV
HPStULFRVORVULFRVVHUtDQHOVHFWRUGHODSREODFLyQXELFDGRHQHOWUDPRVXSHULRUGHODGLVWULEXFLyQGHOLQJUHVRHVGHFLU
HQHO\HOSRUFLHQWRVXSHULRUHQWDQWRTXHORVSHUWHQHFLHQWHVDORDOSRUFLHQWRSRGUtDQFDUDFWHUL]DUVHFRPR
³V~SHUULFRV´


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

5(&8$'52
(/&2(),&,(17('(*,1,,1&/8<(1'2$,1',9,'826'(5(17$608<$/7$6

/RV LQGLYLGXRV GH LQJUHVRV PX\ DOWRV VRQ XQ JUXSR QXPpULFDPHQWH PX\ UHGXFLGR LQVLJQLILFDQWH HQ WpUPLQRV
HVWDGtVWLFRV  FRPR SRUFHQWDMH GH OD SREODFLyQ SHUR FX\D SDUWLFLSDFLyQ HQ HO LQJUHVR QDFLRQDO VL HV VLJQLILFDWLYD
HVSHFLDOPHQWHHQORVSDtVHVFRQDOWDGHVLJXDOGDGGHLQJUHVRV
$ HVWR VH VXPD HO KHFKR \D PHQFLRQDGR GH TXH HQ ODV HQFXHVWDV GH KRJDUHV VH VXHOH VXEHVWLPDU
FRQVLGHUDEOHPHQWHODSURSRUFLyQGHLQJUHVRVPiVDOWRV(OFRHILFLHQWHGH*LQLPHGLGDHVWiQGDU\DPSOLDPHQWHXWLOL]DGD
GHODGHVLJXDOGDGWLHQHODSURSLHGDGGHVHUPX\³LQVHQVLEOH´DODVYDULDFLRQHVTXHVHSURGXFHQHQORVH[WUHPRVGHOD
GLVWULEXFLyQ GHO LQJUHVR DXQTXH HV PiV YXOQHUDEOH D ODV YDULDFLRQHV HQ ORV UDVJRV PHGLRV GH HVWD $WNLQVRQ  
GHVDUUROOyXQDIyUPXODPDWHPiWLFDTXHWRPDHQFXHQWDODSURSRUFLyQGHORVLQGLYLGXRVFRQLQJUHVRVPiVDOWRVDORVTXH
FRQVLGHUD QXPpULFDPHQWH LQILQLWHVLPDOHV 6L HO SDUiPHWUR 6 VH GHILQH FRPR OD SDUWLFLSDFLyQ HQ HO LQJUHVR GH ORV
LQGLYLGXRVFRQPiVDOWRVLQJUHVRV SRUHMHPSORHOSRUFLHQWRVXSHULRU \* FRPRHO*LQLGHOUHVWRGHODSREODFLyQ SRU
HMHPSOR HO  SRU FLHQWR LQIHULRU  VH SXHGH GHPRVWUDU TXH HO *LQL WRWDO ³UHDO´ R FRUUHJLGR HV LJXDO D *  6   6
$OYDUHGR  PHGLDQWHODDSOLFDFLyQGHODIyUPXODGH$WNLQVRQ\XVDQGRGDWRVGH$UJHQWLQD\ORV(VWDGRV8QLGRV
GHPXHVWUDTXHHODXPHQWRGHOFRHILFLHQWHGH*LQLHQHVWRVGRVSDtVHVHQODV~OWLPDVGpFDGDVSXHGHDWULEXLUVHHQJUDQ
PHGLGDDOLQFUHPHQWRGHODSDUWLFLSDFLyQHQHOLQJUHVRGHORVLQGLYLGXRVGHUHQWDVPiVDOWDV(VWRFRQILUPDODLPSRUWDQFLD
GH ORV LQJUHVRV PiV DOWRV HQ XQD PHGLFLyQ DGHFXDGD GHO FRHILFLHQWH GH *LQL 3RU OR WDQWR D QLYHO HPStULFR ORV
FRHILFLHQWHV GH *LQL FDOFXODGRV FRQ GDWRV GH ODV HQFXHVWDV GH KRJDUHV TXH WLHQGHQ D LJQRUDU VLVWHPiWLFDPHQWH ORV
LQJUHVRVVXSHULRUHVSUHVHQWDQXQDYLVLyQGLVWRUVLRQDGDGHODYHUGDGHUDHYROXFLyQGHODGHVLJXDOGDGHQORVSDtVHV(O
FRHILFLHQWHGH*LQLFRUUHJLGRSRGUtDVHUVXSHULRUHQYDULRVSXQWRVDOFRHILFLHQWHHVWiQGDU VLQODFRUUHFFLyQPHQFLRQDGD
HQHVWHUHFXDGUR FXDQGRODFRQFHQWUDFLyQGHOLQJUHVRHQORVQLYHOHVPiVDOWRVHVDOWD

& (VWXGLRVHPStULFRVUHFLHQWHVVREUHODSDUWLFLSDFLyQHQ
HOLQJUHVRGHODVUHQWDVPiVDOWDV
(Q OD (VFXHOD GH (FRQRPtD GH 3DUtV ((3  VH HVWi UHDOL]DQGR XQ LPSRUWDQWH HVWXGLR VREUH OD
SDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRVHQHOLQJUHVRQDFLRQDOGHXQFRQMXQWRGHSDtVHVGHVDUUROODGRV\HQ
GHVDUUROOR $WNLQVRQ 3LNHWW\ \ 6DH]   &RPR SDUWH GH HVWH HVIXHU]R VH DQDOL]DQ HO QLYHO \ OD
HYROXFLyQGHODSDUWLFLSDFLyQHQHOLQJUHVR DQWHVGHOSDJRGHLPSXHVWRV GHOHOHO\HOSRU
FLHQWR VXSHULRUHV XWLOL]DQGR GDWRV GH VHULHV GH WLHPSR GH XQ FRQMXQWR LQWHJUDGR SRU XQ Q~PHUR GH
HFRQRPtDVDYDQ]DGDV SHUWHQHFLHQWHVDOD2&'( \GHSDtVHVHQGHVDUUROOR\HFRQRPtDVHPHUJHQWHV
+DVWDDKRUDHO~QLFRSDtVGH$PpULFD/DWLQDFRQVLGHUDGRHQHOSUR\HFWRGHOD((3HV$UJHQWLQD
SHUR VHJ~Q VH LQIRUPD VH HVWiQ SUHSDUDQGR ORV GDWRV SDUD &KLOH %UDVLO &RORPELD \ 8UXJXD\ /D
SDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRVRIUHFHXQDPHGLGDGHODFRQFHQWUDFLyQHQORVQLYHOHVVXSHULRUHV
GH GLVWULEXFLyQ GHO LQJUHVR TXH FRPSOHPHQWD ODV PHGLGDV HVWiQGDUHV GH GHVLJXDOGDG 8QD QRYHGDG GH
HVWH SUR\HFWR HV HO XVR GH GDWRV VREUH LQJUHVRV SURYHQLHQWHV GH GHFODUDFLRQHV GH LPSXHVWRV GDGRV D
FRQRFHUSRUODVDXWRULGDGHVWULEXWDULDVGHGLVWLQWRVSDtVHV*HQHUDOPHQWHODUHFRSLODFLyQGHLQIRUPDFLyQ
WULEXWDULD QR HV XQD WDUHD IiFLO \ ORV VHUYLFLRV GH LPSXHVWRV LQWHUQRV GH $PpULFD /DWLQD PXHVWUDQ XQD
FLHUWD UHVLVWHQFLD D FRPSDUWLU HVWD LQIRUPDFLyQ FRQ LQYHVWLJDGRUHV (O XVR GH GDWRV WULEXWDULRV SXHGH
FRQVLGHUDUVHXQDGHODQWRSRUHOKHFKRGHDSRUWDULQIRUPDFLyQPiVSUHFLVDVREUHORVLQJUHVRVPiVDOWRV
SRU VREUH HO XVR GH ODV HQFXHVWDV GH KRJDUHV EDVDGDV HQ GHFODUDFLRQHV D XQ HQFXHVWDGRU 1R REVWDQWH
GHELGRDODSUiFWLFDGHODHYDVLyQWULEXWDULD\ODHOXVLyQILVFDOHOPpWRGRGHODVGHFODUDFLRQHVWULEXWDULDV
WDPSRFRHVWiH[HQWRGHSUREOHPDV
(Q $WNLQVRQ 3LNHWW\ \ 6DH]   VH SUHVHQWD XQD VtQWHVLV GHWDOODGD GH ODV SULQFLSDOHV
FRQFOXVLRQHVGHOHVWXGLRGHOD(VFXHODGH(FRQRPtDGH3DUtV$FRQWLQXDFLyQVHHQXPHUDQDOJXQRVGH
ORVUHVXOWDGRVPiVGHVWDFDGRVGHHVWHHVWXGLR
D  /DLQYHVWLJDFLyQGHPXHVWUDTXHSDUWHLPSRUWDQWHGHODFRQFHQWUDFLyQGHOLQJUHVRHQGLVWLQWRV
SDtVHV\DORODUJRGHOWLHPSRQRVHSURGXFHWDQWRHQHORHOSRUFLHQWRVXSHULRUVLQRHQHO
SHUFHQWLOVXSHULRURHQHOSRUFLHQWRVXSHULRU
E  (Q OD SULPHUD PLWDG GHO VLJOR ;; ORV SDtVHV DQJORVDMRQHV PiV GHVDUUROODGRV PRVWUDURQ XQD
WHQGHQFLDDODUHGXFFLyQGHODSDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRVHQODUHQWDQDFLRQDO(VWD
SDUWLFLSDFLyQSUHVHQWyFLHUWDPHQWHDOWLEDMRVHQODVWUHVSULPHUDVGpFDGDVGHOVLJORGHVSXpVGHOR


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

FXDOVHSURGXMRXQDHVWDELOL]DFLyQGHHVWDSDUWLFLSDFLyQTXHVHSURORQJyKDVWDORVDxRVVHWHQWD
SHUtRGRHQHOTXHDXPHQWyQRWDEOHPHQWHHQORV(VWDGRV8QLGRV\WDPELpQHQHO5HLQR8QLGR
F  (Q FRQWUDVWH YDULRV SDtVHV GH (XURSD FRQWLQHQWDO $OHPDQLD )UDQFLD ORV 3DtVHV %DMRV \
6XL]D DGHPiVGH-DSyQHYLWDURQXQLQFUHPHQWRHQODSDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRV
TXHKDFDUDFWHUL]DGRDORV~OWLPRVWUHLQWDDxRV SHUtRGRQHROLEHUDO 
G  (Q DOJXQDV HFRQRPtDV HPHUJHQWHV GH JUDQ WDPDxR FRPR &KLQD \ OD ,QGLD TXH DSOLFDURQ
SROtWLFDVGHPHUFDGR\GHOLEHUDOL]DFLyQHFRQyPLFDWDPELpQVHDFHQWXyODFRQFHQWUDFLyQGHO
LQJUHVRHQORVQLYHOHVVXSHULRUHV DXPHQWRGHODSDUWLFLSDFLyQGHODVUHQWDVPiVDOWDV SHURHQ
HOFDVRGH&KLQDDQLYHOHVDXQPRGHUDGRVDOVHUXQSDtVTXHSDUWLyVXVUHIRUPDVSURPHUFDGR
GHQLYHOHVGHDOWRLJXDOLWDULVPR(QORV~OWLPRVDxRVVHKDREVHUYDGRXQDWHQGHQFLDVLPLODUGH
PD\RUGHVLJXDOGDGHQ$UJHQWLQD\HQSDtVHVGHOVXUGH(XURSDFRPR(VSDxD\3RUWXJDO
H  6HREVHUYDQLPSRUWDQWHVGLIHUHQFLDVHQWUHSDtVHVHQORTXHUHVSHFWDDODSDUWLFLSDFLyQGHO\
HOSRUFLHQWR\ORVVLJXLHQWHVFXDWURGHFLOHVPiVDOWRV$OUHGHGRUGHODxR$UJHQWLQDHO
&DQDGiORV(VWDGRV8QLGRVHO5HLQR8QLGR\6LQJDSXULQWHJUDEDQHOJUXSRGHSDtVHVHQORV
TXH HO  SRU FLHQWR PiV ULFR LQJUHVRV PiV DOWRV  WHQtD XQD SDUWLFLSDFLyQ VXSHULRU DO  SRU
FLHQWR $WNLQVRQ3LNHWW\\6DH]   YpDVHHOFXDGUR 3RURWUDSDUWH$XVWUDOLD&KLQD
(VSDxD)LQODQGLD)UDQFLDOD,QGLD,WDOLD-DSyQ1XHYD=HODQGLDORV3DtVHV%DMRV3RUWXJDO
6XHFLD \ 6XL]D LQWHJUDEDQ HO JUXSR HQ ORV TXH OD SDUWLFLSDFLyQ GHO  SRU FLHQWR PiV ULFR
IOXFWXDEDHQWUHHO\HOSRUFLHQWR
I  6HJ~Q GDWRV UHFRSLODGRV HQ HO HVWXGLR GH OD (VFXHOD GH (FRQRPtD GH 3DUtV \ GH RWUDV
IXHQWHVSDUWHLPSRUWDQWHGHODXPHQWRREVHUYDGRGHODGHVLJXDOGDGGHOLQJUHVRREHGHFHDO
H[SORVLYR DXPHQWR GH ORV VXHOGRV GH ORV DOWRV HMHFXWLYRV \ ORV JHUHQWHV JHQHUDOHV GH
HPSUHVDV \ EDQFRV GHVGH FRPLHQ]RV GH ORV DxRV RFKHQWD (VWH DXPHQWR HV DWULEXLEOH
DGHPiV GH XQ PD\RU QLYHO VDODULDO D HVTXHPDV FRPR RSFLRQHV GH FRPSUD GH DFFLRQHV
RIUHFLGDV VWRFN RSWLRQV  JHQHURVRV ERQRV SRU GHVHPSHxR RWRUJDGRVD ORV HMHFXWLYRV GH
PiV DOWR QLYHO \ D HVTXHPDV GH SDUWLFLSDFLyQ HQ ODV JDQDQFLDV HQWUH RWURV PHFDQLVPRV
(VWRKDGDGRRULJHQDXQDGLIHUHQFLDFDGDYH]PiVDFHQWXDGDHQWUHHOVXHOGRSURPHGLRGH
ORV JHUHQWHV JHQHUDOHV ORV HPSOHDGRV GH QLYHO LQWHUPHGLR \ ORV WUDEDMDGRUHV PHQRV
FDOLILFDGRV (VWD WHQGHQFLD HV SDUWLFXODUPHQWH QRWRULD HQ ORV (VWDGRV 8QLGRV \ HO 5HLQR
8QLGR ,UZLQ 

&8$'52
3$57,&,3$&,Ï1325&(178$/(1(/,1*5(62&203$5$7,9$
'(/$65(17$60È6$/7$6&,5&$

3DtV VXSHULRU VXSHULRU 6LJXLHQWH VXSHULRU


$UJHQWLQD    
,UODQGD    
3DtVHV%DMRV      
,QGLD    
$OHPDQLD      
5HLQR8QLGR    
$XVWUDOLD      
(VWDGRV8QLGRV    
&DQDGi      
6LQJDSXU    
1XHYD=HODQGD    
FRQWLQ~D 
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

&XDGUR FRQFOXVLyQ 

3DtV VXSHULRU VXSHULRU 6LJXLHQWH VXSHULRU


6XL]D      
)UDQFLD    
1RUXHJD    
-DSyQ    
)LQODQGLD      
6XHFLD    
(VSDxD    
3RUWXJDO      
,WDOLD      
&KLQD      

)XHQWH7DQ]L  DGDSWDGRGHFXDGURVGH$WNLQVRQ\RWURV  




' (YROXFLyQGLYHUJHQWHGHODSDUWLFLSDFLyQGHORVLQJUHVRVGH
ORVULFRVHQORVSDtVHVFDSLWDOLVWDVDQJORVDMRQHV\)UDQFLD
'HVGHILQHVGHODGpFDGDGHKDVWDODVGRVSULPHUDVGpFDGDVGHOVLJOR;;,VHREVHUYDXQDGLQiPLFD
GLIHUHQWHGHODVSDUWLFLSDFLRQHVGHORVLQJUHVRVPiVDOWRVHQWUHVHFRQRPtDVFDSLWDOLVWDVPX\LPSRUWDQWHV
(VWDGRV8QLGRV)UDQFLD\HO5HLQR8QLGR YpDVHHOFXDGUR 
+LVWyULFDPHQWH HQWUH PHGLDGRV \ ILQHV GH ORV DxRV YHLQWH DQWHV GHO HVWDOOLGR GH OD FULVLV
ILQDQFLHUDHQODSDUWLFLSDFLyQGHORVLQJUHVRVGHORVULFRVDOFDQ]yXQQLYHOVLQSUHFHGHQWHVTXHIXH
VXSHULRUHQORVSDtVHVDQJORVDMRQHV (VWDGRV8QLGRV\HO5HLQR8QLGR TXHHQ)UDQFLD\PXFKRPiVDOWR
HQORV(VWDGRV8QLGRV SRUFLHQWR TXHHQWRGRVORVGHPiV3RVWHULRUPHQWHODSDUWLFLSDFLyQHPSLH]D
DGLVPLQXLUHQIRUPDVRVWHQLGDGHVSXpVGHODGHSUHVLyQGHORVDxRVWUHLQWDODVHJXQGDJXHUUDPXQGLDO\
ODV GpFDGDV GH ³SURVSHULGDG FRPSDUWLGD´ VKDUHG SURVSHULW\  TXH VH H[WLHQGHQ GHVGH ILQHV GH ORV DxRV
FXDUHQWDDFRPLHQ]RVGHORVVHWHQWD(VWDWHQGHQFLDFRPLHQ]DDUHYHUWLUVHHQ(VWDGRV8QLGRV\HO5HLQR
8QLGR FRQ SRVWHULRULGDG D OD UHYROXFLyQ QHROLEHUDO LPSXOVDGD SRU HO 0DUJDUHW 7KDWFKHU HQ HO 5HLQR
8QLGR\SRU5RQDOG5HDJDQHQORV(VWDGRV8QLGRV(VWDWHQGHQFLDDODFRQFHQWUDFLyQGHODGLVWULEXFLyQ
GHODUHQWDQRVHPLWLJDGXUDQWHHOJRELHUQRGHPyFUDWDGH&OLQWRQ GRVSHULRGRV HQORV(VWDGRV8QLGRV
QLHQORVJRELHUQRVODERULVWDVGH7RQ\%ODLU\*RUGRQ%URZQHQHO5HLQR8QLGR(QFDPELRGHVGHORV
DxRV FXDUHQWD )UDQFLD KD HYLWDGR EDMR GLVWLQWRV JRELHUQRV WDQWR GH RULHQWDFLyQ VRFLDOLVWD FRPR
FRQVHUYDGRUDHODXPHQWRGHODSDUWLFLSDFLyQHQHOLQJUHVRQDFLRQDOGHOSHUFHQWLOPiVDOWRSDUWLFLSDFLyQ
TXH VH KD PDQWHQLGR HVWDEOH HQ WRUQR DO  SRU FLHQWR SRU DO PHQRV VHLV GpFDGDV (Q HO  OD
SDUWLFLSDFLyQGHOXQRQSRUFLHQWRPiVULFRVXSHUDEDHOSRUFLHQWRGHOLQJUHVRHQORV(VWDGRV8QLGRV\
HUD GH FDVL XQ  SRU FLHQWR HQ HO 5HLQR 8QLGR (V HYLGHQWH TXH GLIHUHQWHV YDULDQWHV GHO FDSLWDOLVPR
SXHGHQPRVWUDUSDWURQHVPX\GLVWLQWRVGHFRQFHQWUDFLyQGHODUHQWDGHORVLQJUHVRVPiVDOWRV

&8$'52
)5$1&,$(67$'2681,'26<5(,1281,'23$57,&,3$&,Ï1
(1(/,1*5(62'(/683(5,25
(QSRUFHQWDMHV 

$xR (VWDGRV8QLGRV )UDQFLD 5HLQR8QLGR


   
   
   
FRQWLQ~D 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

&XDGUR FRQFOXVLyQ 

$xR (VWDGRV8QLGRV )UDQFLD 5HLQR8QLGR


   
   
   
   
   

)XHQWH$WNLQVRQ\RWURV  

( 'LQiPLFDGHODSDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRV
HQODVHFRQRPtDVHPHUJHQWHV\HQORVSDtVHVGHVDUUROODGRV
(QHOJUiILFR YDULRVSDQHOHV TXHVHSUHVHQWDQDFRQWLQXDFLyQVHLOXVWUDODGLQiPLFDGHODSDUWLFLSDFLyQ
HQHOLQJUHVRGHOSRUFLHQWRVXSHULRUHQSDtVHVFDSLWDOLVWDVDYDQ]DGRV\HFRQRPtDVHPHUJHQWHVLQFOXLGD
$UJHQWLQDTXHFRPRLQGLFDPRVHVHO~QLFRSDtVGH$PpULFD/DWLQDTXHKDVWDDKRUDGLVSRQHGHGDWRVGH
LQJUHVRV FRPSDUDEOHV DXQTXH LQFRPSOHWRV  SURYHQLHQWHV GH IXHQWHV GH UHFDXGDFLyQ WULEXWDULD /D
GLYHUVLGDG HQWUH SDtVHV TXH SUHVHQWD OD SDUWLFLSDFLyQ GH ORV LQJUHVRV PiV DOWRV HV HYLGHQWH &RPR VH
FRPHQWyDQWHULRUPHQWHODHVWDELOL]DFLyQGHODSDUWLFLSDFLyQGHODUHQWDGHORVULFRVHQ)UDQFLDDSDUWLUGH
OD GpFDGD GH  FRQWUDVWD PDUFDGDPHQWH FRQ HO VRVWHQLGR DXPHQWR REVHUYDGR D SDUWLU GH ORV DxRV
RFKHQWD QR VROR HQ ORV (VWDGRV 8QLGRV VLQR WDPELpQ HQ 6XHFLD DXQTXH HQ HVWH ~OWLPR D XQ QLYHO
EDVWDQWHPiVPRGHUDGR LQIHULRUDOSRUFLHQWR /DGLYHUVLGDGHQWUHQDFLRQHVGHHVWDVSDUWLFLSDFLRQHV
GHORVULFRVHVDPSOLD,QFOXVRVHREVHUYDTXHORV3DtVHV%DMRVSUHVHQWDQXQDVRVWHQLGDGLVPLQXFLyQGHOD
SDUWLFLSDFLyQGHOSRUFLHQWRVXSHULRUDSDUWLUGHORVDxRVFXDUHQWDODTXHVHKDXELFDGRHQWRUQRDO
SRUFLHQWRGHVGHILQHVGHODGpFDGDGH
(QHOPXQGRHQGHVDUUROORVHREVHUYDXQFRQVWDQWHDXPHQWRGHODSDUWLFLSDFLyQGHOSRUFLHQWR
VXSHULRUHQ$UJHQWLQD&KLQDOD,QGLD\6XGiIULFDDSDUWLUGHORVDxRVRFKHQWD\QRYHQWD/DLQIRUPDFLyQ
VREUHORVLQJUHVRVPiVDOWRVHQ$UJHQWLQDHVGLVFRQWLQXDSXHVWRTXHQRVHGLVSRQHGHGDWRVSHUWLQHQWHV
SDUDHOSHUtRGRFRPSUHQGLGRHQWUHPHGLDGRVGHORVDxRVVHWHQWD\ILQHVGHORVQRYHQWDSRUORTXHORV
GDWRVVREUHHVWHSDtVGHEHQFRQVLGHUDUVHFRQFDXWHOD(Q&KLQDHOLQFUHPHQWRGHODSDUWLFLSDFLyQGHO
SRUFLHQWRVXSHULRUSDUWLHQGRGHVGHXQQLYHOPX\EDMR SRUFLHQWR HQDFHUFDGHOSRUFLHQWRHQ
SRQHHQHYLGHQFLDXQDHVSHFWDFXODUWULSOLFDFLyQGHODSDUWLFLSDFLyQGHORVLQJUHVRVPiVDOWRVHQORV
FHUFD GH  DxRV GH DSOLFDFLyQ GH SROtWLFDV GH PHUFDGR FRQ SRVWHULRULGDG DO IDOOHFLPLHQWR GH 0DR
7VH7XQJ 6LQ HPEDUJR HVWH LQFUHPHQWR WRGDYtD VH PDQWLHQH D QLYHOHV FLHUWDPHQWH UHGXFLGRV HQ
WpUPLQRV LQWHUQDFLRQDOHV (Q OD ,QGLD OD SDUWLFLSDFLyQ GH ORV LQJUHVRV PiV DOWRV VH GXSOLFD HQ GRV
GpFDGDVVXELHQGRGHVGHPHQRVGHOSRUFLHQWR DOUHGHGRUGH DFHUFDGHOSRUFLHQWRHQHO
(VWDWHQGHQFLDFRLQFLGHFRQODDGRSFLyQGHSROtWLFDVGHOLEHUDOL]DFLyQGHOPHUFDGR\SULYDWL]DFLyQ3HVH
D TXH 6XGiIULFD WDPELpQ SUHVHQWD ODJXQDV GH LQIRUPDFLyQ HQ OD SULPHUD GpFDGD GHO SUHVHQWH VLJOR VH
KDFH HYLGHQWH OD WHQGHQFLD DO DXPHQWR GH OD SDUWLFLSDFLyQ GHO  SRU FLHQWR VXSHULRU 3RU ~OWLPR HQ
(VSDxD,WDOLD\3RUWXJDOVHREVHUYDXQLQFUHPHQWRGHODSDUWLFLSDFLyQGHOSHUFHQWLOVXSHULRUGHLQJUHVRV
DSDUWLUGHORVDxRVRFKHQWDTXHIOXFW~DHQWUHHO\HOSRUFLHQWR
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

*5È),&2
(92/8&,Ï1'(/$3$57,&,3$&,Ï1(1(/,1*5(62'(/683(5,25
$UJHQWLQD &KLQD
 

 









 

 
           

)UDQFLD ,QGLD
 

 

 

 

 

 
             

,WDOLD 3DtVHV%DMRV
 

 

 

 

 

 

 
        

3RUWXJDO 6XGiIULFD
 













 
        

FRQWLQ~D 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

*UiILFR FRQFOXVLyQ 

(VSDxD 6XHFLD
 

 

 

 

 

 

 
           

(VWDGRV8QLGRV 
 








    

)XHQWH%DVHGHGDWRVGHOD(VFXHODGH(FRQRPtDGH3DUtV


) /RVV~SHUULFRVVHJ~QSDWULPRQLRQHWR
0LHQWUDV HO DQiOLVLV DQWHULRU VH FHQWUD HQ OD HYROXFLyQ GH OD SDUWLFLSDFLyQ GH ORV LQJUHVRV PiV DOWRV
IOXMRV FRUUHVSRQGLHQWHVDOSRUFLHQWRVXSHULRUHQHVWDVHFFLyQVHDQDOL]DODGHVLJXDOGDGHQWpUPLQRV
GHULTXH]D DFHUYRRVWRFN &RPRQRUPDODGLVWULEXFLyQGHODULTXH]DVXHOHVHUPiVFRQFHQWUDGDTXHOD
GLVWULEXFLyQGHOLQJUHVR(Q6ROLPDQR  VHSUHVHQWDQSDUDXQDPXHVWUDGHSDtVHVGDWRVVREUH
ULTXH]D H LQJUHVR SUHVHQWDGRV HQ WpUPLQRV GH FXUYDV GH /RUHQ] /DPHQWDEOHPHQWH QR VH GLVSRQH GH
GDWRV\DVHDGHOSUR\HFWRGHOD(VFXHODGH(FRQRPtDGH3DUtVRGHRWUDVIXHQWHVVREUHODSDUWLFLSDFLyQ
GHORVSDWULPRQLRV ULTXH]D PiVDOWRV XQRSRUFLHQWRPiVULFR HQHOPLVPRJUXSRGHSDtVHV\SDUDORV
PLVPRVSHUtRGRVDQXDOHVTXHHVWiQORVGDWRVGHSDUWLFLSDFLyQGHLQJUHVRV
&RPRVHLQGLFDHQHOUHFXDGURODGHILQLFLyQGHLQGLYLGXRVFRQXQDOWRSDWULPRQLRQHWR DFWLYRV
PHQRVSDVLYRV GHSHQGHGHORVXPEUDOHVXWLOL]DGRVSDUDGLVWLQJXLUDORVULFRVORVV~SHUULFRV\ORVPHJD
ULFRV ELOORQDULRV /RVXPEUDOHVDSOLFDGRVSRUODVHPSUHVDVGHJHVWLyQGHDFWLYRVSXHGHQVHUPLOOyQ
PLOORQHVPLOORQHVRPLOPLOORQHVGHGyODUHV&RPRHVGHHVSHUDUHOQ~PHURGHLQWHJUDQWHVGHFDGD
FRKRUWH VH YD UHGXFLHQGR D PHGLGD TXH DXPHQWD HO XPEUDO GH GHILQLFLyQ GH ORV ULFRV 3RU HMHPSOR OD
HPSUHVDDVHVRUD:HDOWK;FRQVHGHHQ6LQJDSXUGHILQHDTXLHQHVWLHQHQXQSDWULPRQLRQHWRGHSRUOR
PHQRV  PLOORQHV GH GyODUHV FRPR ³SHUVRQDV FRQ XQ V~SHUSDWULPRQLR QHWR´ XOWUD QHWZRUWK
LQGLYLGXDO  7DQ]L 6HJ~QHVWDPHGLFLyQKD\XQDVSHUVRQDVSHUWHQHFLHQWHVDHVWDFDWHJRUtD
HQ$PpULFDGHO1RUWHHQ(XURSD\HQ$VLD\HO3DFtILFRHQODDFWXDOLGDG
/D UHYLVWD QRUWHDPHULFDQD )RUEHV YLHQH UHFRSLODQGR LQIRUPDFLyQ VREUH ODV SHUVRQDV FRQ XQ
SDWULPRQLR QHWR VXSHULRU D PLO PLOORQHV GH GyODUHV XPEUDO SDUD GHILQLU D ORV ELOORQDULRV VHJ~Q OD


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

FRQYHQFLyQ DQJORVDMRQD  GHVGH KDFH PiV GH  DxRV (VWH JUXSR GH ELOORQDULRV GH )RUEHV HV XQD
SHTXHxD HOLWH SURSLHWDULD GH XQD ULTXH]D ILQDQFLHUD \ SURGXFWLYD GHVSURSRUFLRQDGD HQ OD HFRQRPtD
PXQGLDO(QXQDSULPHUDHWDSDOD UHYLVWD)RUEHVIRFDOL]yVX LQWHUpV HQORVELOORQDULRV SURYHQLHQWHV
GH ORV (VWDGRV 8QLGRV SDUD SRVWHULRUPHQWH DPSOLDU VXV HVWXGLRV D RWURV SDtVHV GH WRGRV ORV
FRQWLQHQWHV6HJ~Q ODSXEOLFDFLyQ HQKDEtDELOORQDULRVHQWRGRHO PXQGRTXHVXPDEDQ
XQ SDWULPRQLR GH  WULOORQHV GH GyODUHV (V LQWHUHVDQWH REVHUYDU TXH  XQ ODWLQRDPHULFDQR HO
PH[LFDQR&DUORV6OLPHQFDEH]DODOLVWDGHELOORQDULRVGHODUHYLVWD)RUEHVFRQXQDIRUWXQDVXSHULRUD
ORV HVWDGRXQLGHQVHV %LOO *DWHV \ :DUUHQ %XIIHW (Q FRQWUDVWH FRQ HO JLJDQWHVFR SDWULPRQLR GH ORV
ELOORQDULRV LQFOXLGRV HQODOLVWDGHHVWD UHYLVWDKD\ PiVGHGRV PLO PLOORQHVGHSHUVRQDVTXH
YLYHQ R VREUHYLYHQ  FRQ PHQRV GH GRV GyODUHV GLDULRV OR TXH UHYHOD ODV H[WUHPDV GLVSDULGDGHV
H[LVWHQWHV HQ OD HFRQRPtD PXQGLDO /RV ELOORQDULRV KDQ KHFKR VX IRUWXQD HQ VHFWRUHV WDOHV FRPR OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV HO VHFWRU SHWUROHUR OD EDQFD \ ODV ILQDQ]DV HO
VHFWRU LQPRELOLDULR \ OD LQGXVWULD GHO HVSHFWiFXOR HQWUH RWURV (O SDWULPRQLR QHWR GH ORV ELOORQDULRV
HVWi LQWHJUDGR SRU DFWLYRV ItVLFRV \ ILQDQFLHURV ELHQHV UDtFHV \ REMHWRV GH DUWH YDOLRVRV (O FDSLWDO
KXPDQRQRVHLQFOX\HFRPRPHGLGDGHULTXH]D
(QHOFXDGURVHSUHVHQWDQORVSDtVHVFRQXQPD\RUQ~PHURGHELOORQDULRVGHXQWRWDOGH
LQFOXLGRVHQODOLVWDSXEOLFDGDSRU)RUEHVHQPDU]RGH /DOLVWDHVWiHQFDEH]DGDSRUORV(VWDGRV
8QLGRVFRQELOORQDULRVOHVLJXHQ&KLQDFRQOD)HGHUDFLyQGH5XVLDFRQ\OD,QGLDFRQ
(OPD\RUQ~PHURGHELOORQDULRVSHUFiSLWD DMXVWDQGRSRUHOWDPDxRGHODSREODFLyQ VHHQFXHQWUDHQORV
(VWDGRV8QLGRVHQWDQWRTXHOD)HGHUDFLyQGH5XVLDRFXSDHOVHJXQGROXJDU&XULRVDPHQWHWUHVGHORV
FLQFRSDtVHVTXHHQFDEH]DQODOLVWDVRQHFRQRPtDVHPHUJHQWHV$GHPiVORV%5,& %UDVLOOD)HGHUDFLyQ
GH 5XVLD OD ,QGLD \ &KLQD  VH HQFXHQWUDQ HQWUH ORV GLH] SULPHURV SDtVHV FRQ HO PD\RU Q~PHUR GH
ELOORQDULRVGHOPXQGRORTXHLQGLFDTXHODH[LVWHQFLDGHJUDQGHVIRUWXQDV\DQRHVIHQyPHQRH[FOXVLYR
GHORVSDtVHVULFRVGHOD2&'(

&8$'52
3$Ë6(6&21810$<251Ò0(52'(%,//21$5,26

3DUWLFLSDFLyQHQ %LOORQDULRVSRU 3RUFHQWDMHGHOD


1~PHURGH
/XJDU 3DtV5HJLyQ HOWRWDOPXQGLDO FDGDPLOORQHV SREODFLyQ
ELOORQDULRV
  GHKDELWDQWHV PXQGLDO  

7RWDOPXQGLDO    


 (VWDGRV8QLGRV    
 &KLQD    
 5XVLD    
 ,QGLD    
 $OHPDQLD    
 7XUTXtD    
 +RQJ.RQJ    
 5HLQR8QLGR    
 %UDVLO    
 -DSyQ    

)XHQWH5HYLVWD)RUEHV>HQOtQHD@KWWSZZZIRUEHVFRPPDJD]LQHV\:LNLSHGLD


(Q$PpULFD /DWLQD HO %UDVLO HQFDEH]D OD OLVWD GH SDtVHV FRQ PD\RU Q~PHUR GH ELOORQDULRV  
VHJXLGRGH0p[LFR  &KLOHHVHOSDtVFRQ PiVELOORQDULRVHQUHODFLyQFRQODSREODFLyQ ELOORQDULRV
SHUFiSLWD 
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

&8$'52
$0e5,&$/$7,1$1Ò0(52'(%,//21$5,263253$Ë6

%LOORQDULRVSRUFDGD
/XJDUSHU 1~PHURGH
/XJDU 3DtV PLOORQHVGH
FiSLWD ELOORQDULRV
KDELWDQWHV
  %UDVLO  
  0p[LFR  
  &KLOH  
  $UJHQWLQD  
  9HQH]XHOD 5HS~EOLFD%ROLYDULDQDGH   
  &RORPELD  
7RWDO   

)XHQWH5HYLVWD)RUEHV>HQOtQHD@KWWSZZZIRUEHVFRPPDJD]LQHV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

,,, (OLWHVHFRQyPLFDVRULJHQ\
GHVDUUROORHFRQyPLFR

(Q HVWD VHFFLyQ QRV RFXSDUHPRV GH L  HO RULJHQ \ OD OHJLWLPLGDG GH ORV
LQJUHVRV \ ORV SDWULPRQLRV PiV DOWRV LL  VX FRQWULEXFLyQ DO SURFHVR GH
GHVDUUROORHFRQyPLFR\LLL VXVHIHFWRVVREUHODGHVLJXDOGDG\HOFDUiFWHU
GHODGHPRFUDFLD(VWHWLSRGHDQiOLVLVUHYLVWHSDUWLFXODULPSRUWDQFLDSDUD
MXVWLILFDU PHGLGDV WULEXWDULDV \ GH UHJXODFLyQ GH VDODULRV \ GH DOWRV
HMHFXWLYRVGHVWLQDGDVDUHGXFLUODGHVLJXDOGDG

$ ¢0pULWRRUHQWLVPR"
8QDSUHJXQWDIXQGDPHQWDOSHURGLItFLOGHUHVSRQGHUHVODVLJXLHQWH¢ORV
LQJUHVRVPiVDOWRV\ODVJUDQGHVIRUWXQDVTXHVHREVHUYDQHQXQDVRFLHGDG
FDSLWDOLVWD SRGUtDQ LQWHUSUHWDUVH FRPR OD UHFRPSHQVD GHO PHUFDGR D
GHWHUPLQDGDV SHUVRQDV SRU VX FUHDWLYLGDG VX HVIXHU]R VX FDSDFLGDG GH
LQQRYDFLyQ \ VXV QLYHOHV GH HGXFDFLyQ TXH ORV OOHYD D KDFHU DSRUWHV GH
YDORU PX\ VXSHULRUHV DO UHVWR GH OD SREODFLyQ" 'H VHU HVWH HO FDVR VH
SRGUtD GHFLU TXH ODV GLIHUHQFLDV GH ULTXH]D HQWUH LQGLYLGXRV UHVSRQGHQ
SULQFLSDOPHQWH D GLIHUHQFLDV GH WDOHQWR PpULWR \ HVIXHU]R EDMR XQD
HTXLWDWLYD GLVWULEXFLyQ HQWUH OD SREODFLyQ GH ODV RSRUWXQLGDGHV GH p[LWR
HFRQyPLFR $SDUWH GH TXH ODV SHUVRQDV HQIUHQWDQ GLIHUHQFLDV HQ
RSRUWXQLGDGHVTXHSXHGHQVHUGHFLVLYDVSDUDHOQLYHOGHUHFRPSHQVDVTXH
UHFLEHQ HV HYLGHQWH TXH OD DFXPXODFLyQ GH ULTXH]DV QR UHVSRQGH
VRODPHQWH D XQ SURFHVR WUDQVSDUHQWH GH UHWULEXFLyQ GHO HVIXHU]R \ HO
WDOHQWR SRU SDUWH GH PHUFDGRV DWRPtVWLFRV H LPSHUVRQDOHV (Q OD
GLVWULEXFLyQ GH LQJUHVRV \ SUHPLRV HQ OD VRFLHGDG WDPELpQ LQIOX\HQ
IDFWRUHV FRPR HO RULJHQ VRFLDO ORV FRQWDFWRV SROtWLFRV OD REWHQFLyQ GH
UHQWDV\RWUDVFDUDFWHUtVWLFDVQRFRPSHWLWLYDV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

(QODGHVFULSFLyQGHOFDSLWDOLVPRTXHRIUHFH0LOWRQ)ULHGPDQHQVXOLEUR&DSLWDOLVPR\/LEHUWDG
HO DXWRU GHVWDFD TXH ORV PHUFDGRV VRQ JHQHUDOPHQWH HILFLHQWHV HQ OD DVLJQDFLyQ GH UHFRPSHQVDV D ORV
LQGLYLGXRVPiVWDOHQWRVRVDORVTXHWUDEDMDQ\VHHVIXHU]DQPiV\DORVTXHHVWiQGLVSXHVWRVDDVXPLU
PD\RUHV ULHVJRV $ VX MXLFLR HVWDV SHUVRQDV PHUHFHQ SRU OyJLFD VXHOGRV \ UHWRUQRV PiV DOWRV TXH
TXLHQHVVHGHGLFDQDDFWLYLGDGHVPiVUXWLQDULDV\TXHFRQWULEX\HQHQPHQRUPHGLGDDODJHQHUDFLyQGH
YDORU DJUHJDGR 6H VXHOH FLWDU D LQQRYDGRUHV OHJHQGDULRV FRPR %LOO *DWHV \ 6WHYH -REV SDUD LOXVWUDU OD
PDJLD GHO FDSLWDOLVPR TXH HV FDSD] GH SUHPLDU D TXLHQHV WLHQHQ LGHDV LQQRYDGRUDV EULOODQWHV \
GHVDUUROODQXQDYLVLyQDXGD]GHORVQHJRFLRV DGHPiVGHWDOYH]VHULPSODFDEOHVFRQVXVFRPSHWLGRUHV 
(VFLHUWRTXHH[LVWHQFDVRVFRPRORVGHVFULWRV\VRQPX\YDORUDEOHVSHURHQUHDOLGDGVHWUDWDPiVELHQGH
FDVRVUHODWLYDPHQWHSRFRFRPXQHV/DFODYHHVVLWRGRVWLHQHQLJXDOHVRSRUWXQLGDGHVSDUDGHVDUUROODUVX
WDOHQWR\VLHOVLVWHPDSUHPLDDGHFXDGDPHQWHHVWHWDOHQWR 6ROLPDQR 
6HJ~Q XQD YLVLyQ TXL]iV PiV UHDOLVWD GHO FDSLWDOLVPR PXFKDV SHUVRQDV GH DOWR SDWULPRQLR H
LQJUHVRVKDQSRGLGRDFXPXODUJUDQGHVIRUWXQDVSRUIDFWRUHVDOHMDGRVGHHVWDGHVFULSFLyQGHPHUFDGRV
FRPSHWLWLYRV (VWRV SXHGHQ VHU GH YDULDGD QDWXUDOH]D (O  KHFKR GH SHUWHQHFHU D IDPLOLDV FRQ ORV
FRQWDFWRV VRFLDOHV R SROtWLFRV DGHFXDGRV DEUH ODV SXHUWDV D RSRUWXQLGDGHV HFRQyPLFDV TXH QR WRGRV
GLVSRQHQ (Q GpFDGDV UHFLHQWHV ODV SHUVRQDV TXH WXYLHURQ XQ DFFHVR SULYLOHJLDGRV D SULYDWL]DFLRQHV VH
HQULTXHFLHURQ PXFKR $TXHOORV FRQ DFFHVR D FUpGLWRV VXEVLGLDGRV \ UHJDOtDV HVSHFLDOHV WDPELpQ KDQ
SRGLGR IRUPDU IRUWXQDV 7DPELpQ HVWiQ ODV ULTXH]DV DFXPXODGDV HQ DFWLYLGDGHV LOHJDOHV FRPR OD
FRUUXSFLyQ HO WUiILFR GH GURJDV \ HO FULPHQ RUJDQL]DGR /D UHWULEXFLyQ HFRQyPLFD SRU WHQHU EXHQRV
FRQWDFWRVSROtWLFRV\VRFLDOHVSXHGHVHUPX\DOWD\HVWiUHFLELHQGRFUHFLHQWHDWHQFLyQHQODVGLVFXVLRQHV
VREUHHODXPHQWRGHODGHVLJXDOGDGHQ(VWDGRV8QLGRV(OHFRQRPLVWD-HIIUH\6DFKVHQVXUHFLHQWHOLEUR
7KH3ULFHRI&LYLOL]DWLRQ  SUHVHQWDXQLQWHUHVDQWHDQiOLVLVGHODLQIOXHQFLDGHODSOXWRFUDFLD\ORV
LQWHUHVHVHVSHFLDOHVHQODDFHQWXDFLyQGHODGHVLJXDOGDGHFRQyPLFDDGHPiVGHVWDFDODVGLVWRUVLRQHVTXH
LQWURGXFHHQHOIXQFLRQDPLHQWRQRUPDOGHOVLVWHPDSROtWLFRGHORV(VWDGRV8QLGRVHQGpFDGDVUHFLHQWHV
8Q DQiOLVLV VLPLODU UHDOL]D -RVHSK 6WLJOLW] HQ 7KH 3ULFH RI ,QHTXDOLW\   HQ TXH VH SRVWXOD TXH D
FRQVHFXHQFLDGHODDOWDGHVLJXDOGDG\GHODFRQFHQWUDFLyQGHODULTXH]D\HOLQJUHVRHQHOXQRSRUFLHQWR
PiVULFR(VWDGRV8QLGRVHVWDUtDSDVDQGRGHVHUXQSDtVGHRSRUWXQLGDGHV PHULWRFUiWLFR DVHUGRPLQDGR
SRUXQFDSLWDOLVPRUHQWLVWDGHHOLWHV

% (OLWHVHFRQyPLFDVSURGXFWLYDVHPSUHVDULRVHLQQRYDGRUHV
/D DFWLYLGDG HPSUHVDULDO HV FRQVLGHUDGD FRPR XQ PRWRU GHO GHVDUUROOR HFRQyPLFR $ VX YH] ORV
HPSUHVDULRVVRQFRQVLGHUDGRVFRPRXQFRPSRQHQWHGHODVHOLWHVHFRQyPLFDVSURGXFWLYDV(OHPSUHVDULRHV
XQLQGLYLGXRFRQXQWDOHQWRHVSHFLDOSDUDFRPELQDUFDSLWDO\PDQRGHREUDHQODSURGXFFLyQFRPRWDPELpQ
SDUD LGHQWLILFDU QXHYDV RSRUWXQLGDGHV \ SHUVSHFWLYDV GH JDQDQFLD 6FKXPSHWHU HVWLPD TXH OD IXQFLyQ
IXQGDPHQWDOGHOHPSUHVDULRHVODLQQRYDFLyQÜHVGHFLUODLQWURGXFFLyQGHQXHYRVELHQHV\QXHYDVOtQHDVGH
SURGXFFLyQ HQ XQ SURFHVR GH ³FUHDFLyQ GHVWUXFWLYD´ HQ HO TXH QXHYDV WHFQRORJtDV \ QXHYRV PpWRGRV GH
SURGXFFLyQVXVWLWX\HQDORVDQWLJXRV6HJ~QHOSHQVDPLHQWR6FKXPSHWHULDQRXQDHFRQRPtD³HQGHVDUUROOR´
HVDTXHOODTXHSDVDGHXQIOXMRFLUFXODUDRWURVXSHULRULPSXOVDGDSRUODVLQQRYDFLRQHV(QFRQWUDVWHXQD
HFRQRPtD SXHGH FUHFHU SHUR QR QHFHVDULDPHQWH GHVDUUROODUVH VL VH PDQWLHQH HQ HO PLVPR IOXMR FLUFXODU
HVWDFLRQDULR XWLOL]DQGRODVPLVPDVWHFQRORJtDV\IRUPDVGHRUJDQL]DFLyQ
(O HFRQRPLVWD EULWiQLFR -RKQ 0D\QDUG .H\QHV D GLIHUHQFLD GH -RVHSK 6FKXPSHWHU QR
FRQVLGHUDEDTXHHOHPSUHQGHGRUIXHUDHO³KpURHGHOFDSLWDOLVPR´ .H\QHVDO LJXDOTXH)UDQN .QLJKW


 (QWUHSUHQHXU HPSUHQGHGRU HVXQDSDODEUDIUDQFHVDXWLOL]DGDSRUSULPHUDYH]SRU5LFKDUG&RWLOORQHQHOVLJOR;9,,,(QHOVLJOR
;,;-RKQ6WXDUW0LOO\-HDQ%DSWLVWH6D\LQIOXHQFLDGRVSRU&RWLOORQGHVFULELHURQPiVHQGHWDOOHODIXQFLyQGHOHPSUHQGHGRUFRPR
XQFUHDGRUGHQXHYDVDFWLYLGDGHVFRPHUFLDOHVFDSD]GHDVXPLUULHVJRV\FRQWURODUHOSURFHVRSURGXFWLYR YpDVH6ROLPDQR 

 6FKXPSHWHU>@

 &DEHUHFRUGDUTXHHOWtWXORGHODREUDFOiVLFDGH6FKXPSHWHUSXEOLFDGDRULJLQDOPHQWHHQ\HQLQJOpVHQVHOODPROD7HRUtD
GHOGHVDUUROORHFRQyPLFR

 )UDQN.QLJKWHVRWURWHyULFRGHOVLJOR;;TXHDQDOL]yODIXQFLyQGHOHPSUHQGHGRUDXQTXHQRORGHILQLyHQHOFRQWH[WRGHODVHOLWHV
.QLJKWKL]RKLQFDSLpHQODIXQFLyQGHRUJDQL]DFLyQGHODSURGXFFLyQTXHGHVHPSHxDQORVHPSUHQGHGRUHV\ORVJHUHQWHVGHHPSUHVDV
HQ XQ FRQWH[WR GH ³LQFHUWLGXPEUH´ FXDQGR QR VH FRQRFH OD SURGXFWLYLGDG HIHFWLYD GH ORV WUDEDMDGRUHV \ QR VH SXHGHQ DWULEXLU



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

UHFRQRFtDORVHIHFWRVGHODLQFHUWLGXPEUHLQWUtQVHFDGHVFULEHDOLQYHUVLRQLVWDFDSLWDOLVWDGHOPXQGRUHDO
FRPRPiVFHUFDQRDXQ³MXJDGRUGHFDVLQRV´TXHDXQSXULWDQRHPSUHQGHGRUTXHSUHILHUHSRVWHUJDUOD
JUDWLILFDFLyQ VDFULILFLR GHO FRQVXPR  SDUD DFXPXODU FDSLWDO .H\QHV DFXxy OD H[SUHVLyQ ³HVStULWX
DQLPDO´ DQLPDOVSLULWV SDUDUHIHULUVHDOFRPSRUWDPLHQWRKXPDQRQRLQVSLUDGRSRUYDORUHVVXSHULRUHVQL
SRU XQ FiOFXOR UDFLRQDO GH ORV FRVWRV \ EHQHILFLRV PRQHWDULRV VLQR SRU RWURV IDFWRUHV (O VLJXLHQWH
H[WUDFWRGHOD7HRUtDJHQHUDOGHOHPSOHRHOLQWHUpV\HOGLQHUR  GH.H\QHVHVXQEXHQHMHPSORGH
VXLPDJHQGHOSDSHOTXHGHVHPSHxDHOLQYHUVLRQLVWDHQHOFDSLWDOLVPR
³$XQ KDFLHQGR D XQ ODGR OD LQHVWDELOLGDG GHELGD D OD HVSHFXODFLyQKD\ RWUD LQHVWDELOLGDG
TXH UHVXOWD GH ODV FDUDFWHUtVWLFDV GH OD QDWXUDOH]D KXPDQD TXH JUDQ SDUWH GH QXHVWUDV
DFWLYLGDGHV SRVLWLYDV GHSHQGHQ PiV GHO RSWLPLVPR HVSRQWiQHR TXH GH XQD H[SHFWDWLYD
PDWHPiWLFD \D VHD PRUDO KHGRQLVWD R HFRQyPLFD 4XL]i OD PD\RU SDUWH GH QXHVWUDV
GHFLVLRQHVGHKDFHUDOJRSRVLWLYRFX\DVFRQVHFXHQFLDVFRPSOHWDVVHREVHUYDUiQHQPXFKRV
GtDVSRUYHQLUVRORSXHGHQFRQVLGHUDUVHFRPRHOUHVXOWDGRGHORVHVStULWXVDQLPDOHV²GH
XQUHVRUWHHVSRQWiQHRTXHLPSXOVDDODDFFLyQSRUVREUHODLQDFWLYLGDG \ODTXLHWXG\QR
FRPR FRQVHFXHQFLD GH XQ SURPHGLR SRQGHUDGR GH ORV EHQHILFLRV FXDQWLWDWLYRV
PXOWLSOLFDGRVSRUODVSUREDELOLGDGHVFXDQWLWDWLYDV´
(Q HO PLVPR WH[WR .H\QHV VRVWLHQH TXH VL HO HVStULWX DQLPDO VH DWHQ~D \ ODV GXGDV VXSHUDQ DO
RSWLPLVPRHVSRQWiQHRGHMiQGRQRVDPHUFHGGHVLPSOHVH[SHFWDWLYDVPDWHPiWLFDVODVHPSUHVDVGHFDHQ
\HYHQWXDOPHQWHPXHUHQ
&RPRVHSXHGHREVHUYDUHOWHPDGHODQDWXUDOH]DGHOHPSUHVDULRHVREMHWRGHYDULDGDVRSLQLRQHV
(OLQYHUWLU\DVXPLUULHVJRVVXSRQHDUULHVJDUVHDFDPELRGHODSRVLELOLGDGGHREWHQHUXWLOLGDGHVIXWXUDV
SHUR QR WRGRV WLHQHQ ODV PLVPDV RSRUWXQLGDGHV \ SUHGLVSRVLFLyQ GH LQYHUWLU \ REWHQHU JDQDQFLDV /RV
LQGLYLGXRVPiVHGXFDGRVFRQPD\RUFDSDFLGDGSDUDDVXPLUULHVJRV\FRQPHMRUHVFRQWDFWRV XQDHOLWH" 
WLHQHQPXFKDVPiVSRVLELOLGDGHVGHTXHOHVYD\DELHQ RPDO TXHDTXHOODVSHUVRQDVPHQRVHGXFDGDV\
FRQDFWLWXGHV\FDSDFLGDGHVPHQRVSURFOLYHVDWRPDUULHVJRV

& 0HUFDGRVGH³JDQDGRUHV´ ZLQQHUVWDNHDOOPDUNHWV 


&RPRVHLQGLFyDOFRPLHQ]RODVSHUVRQDVGHDOWRWDOHQWRVRQJHQHUDOPHQWHSDUWHGHXQDHOLWH8QDGHODV
FDUDFWHUtVWLFDV UHFRQRFLGDV GH ORV PHUFDGRV GH WDOHQWRV HV OD H[LVWHQFLD GH UHWRUQRV FUHFLHQWHV D ODV
FDSDFLGDGHVLQGLYLGXDOHV(OFRQFHSWRVHUHILHUHDTXHGLIHUHQFLDVUHODWLYDPHQWHPHQRUHVHQWpUPLQRVGH
FDSDFLGDGHV \ WDOHQWRV HQWUH SHUVRQDV SXHGHQ WUDGXFLUVH HQ JUDQGHV GLIHUHQFLDV HQ FXDQWR D ODV
UHPXQHUDFLRQHV\UHFRPSHQVDVTXHUHFLEHQ(VWDHVODHVHQFLDGHODWHRUtDGHORVPHUFDGRVGHJDQDGRUHV
ZLQQHUVWDNHDOOPDUNHWV HQTXHORVLQGLYLGXRVPiVDYDQ]DGRV\H[LWRVRVGHVSOD]DQDVXVFRPSHWLGRUHV
HQODVDUWHVORVGHSRUWHVODLQGXVWULDGHOHQWUHWHQLPLHQWR\RWUDVDFWLYLGDGHVEDVDGDVHQODDSOLFDFLyQGH
WDOHQWRV8QHMHPSORHVTXHHOSUHPLRHQORVWRUQHRVLQWHUQDFLRQDOHVGHWHQLVGHOFDPSHyQWLHQGHDVHU
YDULDVYHFHVVXSHULRUTXHHOSUHPLRTXHUHFLEHQORVWHQLVWDVTXHRFXSDQHOVHJXQGR\WHUFHUOXJDUHQHO
WRUQHR6LQHPEDUJRHVWRVMXJDGRUHVSXHGHQVHUVRORPDUJLQDOPHQWHPHQRVWDOHQWRVRVTXHHOFDPSHyQ
TXHUHFLEHHOSUHPLR UHPXQHUDFLyQ PiVDOWR DGHPiVGHORVFRQWUDWRVSXEOLFLWDULRVPiVOXFUDWLYRV 
(QVXOLEURVREUHHOWHPD 7KH:LQQHUVWDNHDOO6RFLHW\ )UDQN \&RRN  VRVWLHQHQTXHHO
LQWHUpVTXHGHVSLHUWDODSRVLELOLGDGGHSHUFLELULQJUHVRVPX\DOWRVHQ³PHUFDGRVGHJDQDGRUHV´DWUDHXQD
SURSRUFLyQH[FHVLYDGHVGHXQSXQWRGHYLVWDGHHILFLHQFLDDHVDVDFWLYLGDGHVHQFRPSDUDFLyQFRQORTXH
VHUtDySWLPRSDUDODVRFLHGDGVLVHFRQRFLHUDQFRQDQWLFLSDFLyQODVYHUGDGHUDVSRVLELOLGDGHVGHUHFLELUHO
SULPHU SUHPLR (VWD IDFHWD HV PX\ LPSRUWDQWH WDPELpQ HQ ORV PHUFDGRV ILQDQFLHURV HQ ORV TXH OD

SUREDELOLGDGHV FRQILDEOHV D FRQWLQJHQFLDV UHOHYDQWHV HQ HO SURFHVR SURGXFWLYR $ MXLFLR GH HVWH DXWRU ODV XWLOLGDGHV VRQ OD
UHPXQHUDFLyQSRUODGLVSRVLFLyQDDVXPLUULHVJRVFRQFHSWRTXHVHGLIHUHQFLDGHODUHQWDELOLGDGGHOFDSLWDOLQYHUWLGRHQXQDHPSUHVD
(Q DOJXQDV LQWHUSUHWDFLRQHV GH OD REUD GH .QLJKW WDPELpQ VH VHxDOD TXH ORV HPSUHQGHGRUHV GHEHQ WHQHU GHUHFKRV GH SURSLHGDG
UHVLGXDOHVHQFDOLGDGGHGXHxRVSDUDHMHUFHUVXIXQFLyQHVSHFLDOL]DGDGHHMHUFLFLRGHOD³FDSDFLGDGGHMXLFLR´\HOVHQWLGRFRP~Q\
ODLQWXLFLyQSDUDWRPDUGHFLVLRQHVSURGXFWLYDVHQXQPXQGRGRPLQDGRSRUODLQFHUWLGXPEUH /DQJORLV\&RVJHO 

 9pDVHHOOLEUR$QLPDO6SLULWVGH*HRUJH$NHUORII\5REHUW6FKLOOHUHQHOTXHVHSUHVHQWDXQDQiOLVLVPRGHUQRGHOWHPD


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

H[SHFWDWLYD GH JDQDU VXHOGRV PX\ DOWRV GH WHQHU RSFLyQ SUHIHUHQFLDO SDUD OD FRPSUD GH DFFLRQHV \ GH
UHFLELU JHQHURVDV ERQLILFDFLRQHV SRU KDFHU EXHQRV QHJRFLRV FRQGXFH D XQD H[FHVLYD FRQFHQWUDFLyQ GHO
WDOHQWR HQ HVWH FDPSR 1R KD\ GXGD TXH OR DQWHULRU FRQWULEX\y D OD FULVLV ILQDQFLHUD GH  HQ
(VWDGRV8QLGRV\(XURSDSRUFLWDUXQHMHPSORUHFLHQWH 6ROLPDQRD 'HKHFKRPXFKRVGHORVTXH
ILJXUDQ HQ OD OLVWD GH ELOORQDULRV GH OD UHYLVWD )RUEHV WUDEDMDQ HQ OD EDQFD FRPHUFLDO \ HQ EDQFRV GH
LQYHUVLRQHV R VH GHGLFDQ DO PDQHMR GH IRQGRV GH FREHUWXUD KHGJH IXQGV  iPELWR HQ HO TXH PXFKDV
³LQQRYDFLRQHVILQDQFLHUDV´SULYDGDPHQWHPX\UHQWDEOHVSXHGHQVHUGHVHVWDELOL]DQWHVGHVGHHOSXQWRGH
YLVWD PDFURVRFLDO (Q HVWH FDVR ODV HOHYDGDV UHPXQHUDFLRQHV GH H[SHUWRV \ HMHFXWLYRV ILQDQFLHURV QR
UHIOHMDQ QHFHVDULDPHQWH XQD FRQWULEXFLyQ SRVLWLYD D OD FUHDFLyQ GH DXWpQWLFR YDORU HFRQyPLFR (Q
FDPELR KD\ DFWLYLGDGHV FRQ XQ DOWR YDORU VRFLDO SHUR FX\R GHVHPSHxR YD DFRPSDxDGR GH XQD
UHPXQHUDFLyQUHODWLYDPHQWHPRGHVWD(VWHHVHOFDVRGHORVSURIHVRUHVIXQFLRQDULRVS~EOLFRVPpGLFRV\
RWURVTXHWUDEDMDQHQODSURYLVLyQGHVHUYLFLRVVRFLDOHVFRPRHGXFDFLyQVDOXGDVLVWHQFLDDORVSREUHV
(QHVWDVFRQGLFLRQHVHVWDVDFWLYLGDGHVQRDWUDHQDXQQ~PHURDGHFXDGRGHSHUVRQDVPX\WDOHQWRVDVTXH
SUHILHUHQLUVHDGHVDUUROODUDFWLYLGDGHVGHDOWRUHWRUQRPRQHWDULRHQODVILQDQ]DVRHOFRPHUFLR

' (OLWHVJOREDOHV\UHWRUQRVHFRQyPLFRV
SRUFRQWDFWRVSROtWLFRV
/D JOREDOL]DFLyQ EHQHILFLD D OD HOLWH HFRQyPLFD LQWHUQDFLRQDO SRU HO KHFKR GH DPSOLDU HO WDPDxR GHO
PHUFDGR OD HVFDOD GH SURGXFFLyQ HO DFFHVR D FRQWDFWRV D ODV WHFQRORJtDV PiV DYDQ]DGDV HQWUH RWURV
IDFWRUHV/DDSDULFLyQGHELOORQDULRVHQ&KLQDOD)HGHUDFLyQGH5XVLDOD,QGLD\$PpULFD/DWLQDDSDUWLU
GH ORV DxRV QRYHQWD PXHVWUD TXH ODV RSRUWXQLGDGHV GH DFXPXODFLyQ GH ULTXH]D VH KDQ H[WHQGLGR D ODV
HFRQRPtDVHPHUJHQWHVORVSDtVHVHQGHVDUUROOR\ORVDQWLJXRVSDtVHVVRFLDOLVWDVTXHVHKDQDELHUWRDORV
PHUFDGRVLQWHUQDFLRQDOHV6LQHPEDUJRODUDSLGH]FRQTXHDOJXQDVSHUVRQDVDPDVDURQJUDQGHVIRUWXQDV
HQHOSURFHVRGHJOREDOL]DFLyQSHUPLWHSHQVDUTXHDGHPiVGHWDOHQWRHPSUHVDULDOVHYLHURQIDYRUHFLGDV
SRU FRQWDU FRQ EXHQRV FRQWDFWRV SROtWLFRV HQ VLWXDFLRQHV GH FUXFLDO LPSRUWDQFLD FRPR ORV SURFHVRV GH
SULYDWL]DFLyQ\OLEHUDOL]DFLyQHFRQyPLFD(OKHFKRGHUHFLELU³XQDPDQR´GHFRQRFLGRVHQORVJRELHUQRV
VHH[SUHVyPXFKDVYHFHVHQODREWHQFLyQGHSHUPLVRVSDUDPDQHMDUPRQRSROLRVVXEVLGLRVHVSHFLDOHV
SURWHFFLyQ DUDQFHODULD R FUpGLWRV VXEVLGLDGRV VLQ GXGD KD VLGR XQD JUDQ D\XGD SDUD ORV TXH DVSLUDQ D
IRUPDUSDUWHGHOH[FOXVLYRFtUFXORGHORV³PXOWLPLOORQDULRV´(QSDUWLFXODUODSULYDWL]DFLyQGHHPSUHVDV
HVWDWDOHV D WUDYpV GH PHFDQLVPRV QR FRPSHWLWLYRV \ SRFR WUDQVSDUHQWHV KD VLGR XQ DVSHFWR PX\
LPSRUWDQWH GH OD IRUPDFLyQ GH ROLJDUTXtDV \ HOLWHV HFRQyPLFDV SRGHURVDV HQ ODV ~OWLPDV GpFDGDV GH
UHIRUPDV GH PHUFDGR (Q VtQWHVLV SRGUtD FRQVLGHUDUVH TXH HQ SDUWH OD DFXPXODFLyQ GH XQ JUDQ
SDWULPRQLRHVXQDUHFRPSHQVDSRUWHQHUEXHQRVFRQWDFWRVSROtWLFRVDGHPiVGHWDOHQWRVLQGLYLGXDOHV

( (OLWHVHFRQyPLFDV\GHVLJXDOGDG
/D DFHQWXDGD FRQFHQWUDFLyQ GHO LQJUHVR \ HO SDWULPRQLR HQ SHTXHxDV HOLWHV  UHGXFH OD OHJLWLPLGDG GHO
FDSLWDOLVPR FRPR XQ VLVWHPD TXH VL ELHQ JHQHUD GHVLJXDOGDGHV WDPELpQ DEUH RSRUWXQLGDGHV /RV GDWRV
TXHPXHVWUDQODVHOHYDGDVJDQDQFLDVGHOSRUFLHQWRRHOXQRSRUPLOGHPD\RUHVLQJUHVRVHQ&KLQDORV
(VWDGRV8QLGRVOD,QGLDHO5HLQR8QLGR\HQFLHUWDPHGLGDHQ$UJHQWLQDHQWUHRWURVSDtVHVLQGLFDTXH
ODGLVWULEXFLyQGHRSRUWXQLGDGHVHVPX\GLVSDUHMD\TXHHQODV~OWLPDVGpFDGDVODVHOLWHVHFRQyPLFDVVH
KDQYLVWRIDYRUHFLGDVHQIRUPDGHVSURSRUFLRQDGDSRUORVEHQHILFLRVGHOFUHFLPLHQWRODJOREDOL]DFLyQORV
DGHODQWRVWHFQROyJLFRV\RWURVIDFWRUHVTXHLQIOX\HQHQODSURVSHULGDGHFRQyPLFD

) (OLWHVHFRQyPLFDV\GHPRFUDFLD
(OIRUWDOHFLPLHQWRGHODVHOLWHVHFRQyPLFDVGHVSLHUWDSUHRFXSDFLyQSRUVXLPSDFWRVREUHODGHPRFUDFLD
/DUHODFLyQHQWUHODVHOLWHV\ODGHPRFUDFLDHVFRPSOHMD8QDGHPRFUDFLDUHSUHVHQWDWLYDHVDTXHOODHQOD
TXHORVUHSUHVHQWDQWHV SDUODPHQWDULRVRILFLDOHVGHJRELHUQR UHVSHWDQHOSULQFLSLREiVLFRGHXQYRWRSRU
SHUVRQD LQIOXHQFLD HTXLYDOHQWH GH WRGDV ODV SHUVRQDV GH OD VRFLHGDG  6LQ HPEDUJR OD UHODFLyQ HQWUH
FLXGDGDQRV\UHSUHVHQWDQWHVHVWDJHQHUDOPHQWHILOWUDGDSRUHOGLQHUR(QHIHFWRSDUDJDQDUXQDHOHFFLyQ


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

VHQHFHVLWDILQDQFLDPLHQWRORTXHFRORFDHQXQDSRVLFLyQYHQWDMRVDDTXLHQHVGLVSRQHQGHHVWHUHFXUVR
$Vt ORV FDQGLGDWRVD FDUJRV S~EOLFRV HOHJLGRV SRU YRWDFLyQ SRSXODU QR VH SUHRFXSDQ WDQWR GHO YRWDQWH
PHGLR VLQR PXFKDV YHFHV FHQWUDQ VX DWHQFLyQ HQ ORV FLXGDGDQRV DGLQHUDGRV \ HQ IXHQWHV GH LQJUHVRV
SURYHQLHQWHVGHOVHFWRUS~EOLFRTXHOHVSHUPLWLUiQILQDQFLDUVXVFDPSDxDVSDUDVHUHOHJLGRV$VXYH]
ORV PHGLRV GH FRPXQLFDFLyQ GLDULRV UDGLR WHOHYLVLyQ  LQIOX\HQ HQ ODV RSLQLRQHV \ ORV YDORUHV GH OD
FLXGDGDQtD\HQORVUHVXOWDGRVHOHFWRUDOHV/RVPHGLRVGHVHPSHxDQXQDIXQFLyQPX\LPSRUWDQWHHQXQD
GHPRFUDFLD 6LQ HPEDUJR ORV PHGLRV GHSHQGHQ FUXFLDOPHQWH GH OD SXEOLFLGDG \ GHVDUUROODQ FLHUWRV
VHVJRVHGLWRULDOHVHQIXQFLyQGHHVWDVIXHQWHVGHILQDQFLDPLHQWR$FWXDOPHQWHVHREVHUYDXQDWHQGHQFLDD
ODFRQFHQWUDFLyQGHODSURSLHGDGGHORVFDQDOHV\ODVUHGHVGHWHOHYLVLyQORVSHULyGLFRV\RWURVPHGLRVHQ
PXFKRVSDtVHVLQFOXLGRVQDWXUDOPHQWHORVGH$PpULFD/DWLQD
/DIRUPXODFLyQGHSROtWLFDVS~EOLFDVWDPELpQVHYHDIHFWDGDSRUORVUHFXUVRV\ODVLQIOXHQFLDVTXH
LQFLGHQ HQ OD OHJLVODFLyQ /RV JUXSRV GH SUHVLyQ OREELHV  \ ODV FRQWULEXFLRQHV ILQDQFLHUDV TXH KDFHQ
JUXSRVGHLQWHUpVDORVSDUODPHQWDULRVLQIOX\HQHQODDSUREDFLyQGHOH\HV\HOIXQFLRQDPLHQWRJHQHUDOGH
OD GHPRFUDFLD (Q XQ HVWXGLR GH OD $VRFLDFLyQ (VWDGRXQLGHQVH GH &LHQFLDV 3ROtWLFDV $PHULFDQ
'HPRFUDF\ LQ DQ $JH RI 5LVLQJ ,QHTXDOLW\ /D GHPRFUDFLD HVWDGRXQLGHQVH HQ XQD pSRFD GH FUHFLHQWH
GHVLJXDOGDG  VH LGHQWLILFDQ YDULRV PHFDQLVPRV PHGLDQWH ORV FXDOHV OD GHVLJXDOGDG LQIOX\H HQ OD
GHPRFUDFLD(OSULPHURGHHOORVHVODGHVLJXDOSDUWLFLSDFLyQGHORVYRWDQWHVHQSDtVHVFRPRORV(VWDGRV
8QLGRVORVSREUHVYRWDQFRQPHQRVIUHFXHQFLDTXHORVULFRV(OVHJXQGRHVTXHODFDSDFLGDGGHLQIOXLUHQ
OD IRUPXODFLyQ GH SROtWLFDV S~EOLFDV D WUDYpV GH OD RUJDQL]DFLyQ GH JUXSRV GH SUHVLyQ HV PX\ VXSHULRU
SDUDORVTXHUHFLEHQVXHOGRVPiVDOWRVJHUHQWHV\SHUVRQDVGHDOWRSDWULPRQLRTXHSDUDORVWUDEDMDGRUHV
\ORVJUXSRVSREUHV&RPRORVJRELHUQRVVRQVHQVLEOHVDHVWDVSUHVLRQHVHLQIOXHQFLDVHVGHHVSHUDUTXH
UHVSRQGDQHQPD\RUPHGLGDDORVLQWHUHVHVGHORVJUXSRVGHDOWRLQJUHVRTXHDORVLQWHUHVHVGHODFODVH
PHGLD\ORVSREUHV9DULRVGHHVWRVPHFDQLVPRVVRQPX\LPSRUWDQWHVHQORVSDtVHVHQGHVDUUROORGRQGH
LQFOXVRSXHGHQVHUPiVDFHQWXDGRVTXHHQORVSDtVHVULFRV
/DJUDYHFULVLVILQDQFLHUDTXHDIHFWyDORV(VWDGRV8QLGRV\(XURSDTXHVHLQLFLyHQ\ODV
PHGLGDVDGRSWDGDVSDUDKDFHUOHIUHQWHHVSHFtILFDPHQWHORVPDVLYRVUHVFDWHVDORVEDQFRVSXVRHQUHOLHYH
HOSRGHUSROtWLFRGHOVHFWRUILQDQFLHUR$GHPiVGHSUHVLRQDUGLUHFWDPHQWHDOSDUODPHQWR\DOJRELHUQRHQ
WLHPSRV GH FULVLV ORV JUDQGHV FDSLWDOHV ILQDQFLHURV UHFXUUHQ D RWURV PHFDQLVPRV GH LQIOXHQFLD FRPR OD
URWDFLyQ GH FDUJRV HQWUH JRELHUQR H LQVWLWXFLRQHV ILQDQFLHUDV HO ILQDQFLDPLHQWR GH LQYHVWLJDFLRQHV
DFDGpPLFDV HQ FHQWURV GH HVWXGLR \ XQLYHUVLGDGHV FX\RV UHVXOWDGRV UHVSDOGHQ OD DGRSFLyQ GH QRUPDV
UHJXODWRULDVIDYRUDEOHVDODLQGXVWULDILQDQFLHUD\SURPXHYDQLGHDVIDYRUDEOHVDODDQWLUHJXODFLyQ




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

,93URSXHVWDVSDUDPHMRUDUOD
GLVWULEXFLyQGHOLQJUHVR
UHJXODFLyQGHVXHOGRVDOWRV
HLPSXHVWRV

/D FUHFLHQWH FRQFHQWUDFLyQ GHO LQJUHVR \ HO SDWULPRQLR HQ HOLWHV


HFRQyPLFDVUHGXFLGDVVHRSRQHDODQRFLyQFRP~QGHMXVWLFLDVRFLDOVHJ~Q
OD FXDO ORV EHQHILFLRV GHO FUHFLPLHQWR HFRQyPLFR \ OD PRGHUQL]DFLyQ
GHEHUtDQ VHU DPSOLDPHQWH FRPSDUWLGRV SRU WRGRV ORV LQWHJUDQWHV GH XQD
VRFLHGDG4XHVHSXHGHKDFHUSDUDUHGXFLUHVWDVEUHFKDVHQWUHHOLWHVFODVHV
PHGLDV \ SREUHV" $ FRQWLQXDFLyQ H[DPLQDPRV GRV PHFDQLVPRV
GHVWLQDGRV D UHGXFLU OD H[FHVLYD FRQFHQWUDFLyQ GHO LQJUHVR HQ ORV QLYHOHV
VXSHULRUHV ODUHJXODFLyQGH³VXHOGRVPi[LPRV´HVGHFLUODDGRSFLyQGH
QRUPDV\OtPLWHVDODUHPXQHUDFLyQ\FRPSHQVDFLRQHVGHDOWRVHMHFXWLYRV
HQHPSUHVDV\EDQFRV\ HOFREURGHLPSXHVWRVPiVHOHYDGRVDTXLHQHV
SHUFLEHQLQJUHVRVPiVDOWRVHQODVRFLHGDG

$ 3URSXHVWDVGHUHJXODFLyQGHORVSDJRV
H[FHVLYRVDORVHMHFXWLYRV
+LVWyULFDPHQWH HQ pSRFDV GH JUDQ GHVLJXDOGDG HVFiQGDORV ILQDQFLHURV \
JXHUUDUHFXUUHQWHPHQWHKDQVXUJLGRSURSXHVWDVTXHDSXQWDQDODILMDFLyQGH
VXHOGRVPi[LPRV(QORV(VWDGRV8QLGRVVXUJLHURQYDULDVSURSXHVWDVGHHVWH
WLSR HQ ³OD HGDG GH RUR´ JLOGHG DJH  GH FRPLHQ]RV GHO VLJOR ;; FX\R
REMHWLYRHUDUHGXFLU\PRGHUDUODFUHFLHQWHGHVLJXDOGDGGHLQJUHVRV'XUDQWH
ODSULPHUDJXHUUDPXQGLDOHO&RPLWp(VWDGRXQLGHQVHVREUH)LQDQFLDPLHQWR
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

GHOD*XHUUD $PHULFDQ&RPPLWWHHRQ:DU)LQDQFH UHVSDOGyODSURPXOJDFLyQGHOH\HVHQYLUWXGGHODV


FXDOHV VH DSOLFDUtD XQ LPSXHVWR GHO  SRU FLHQWR D ORV LQJUHVRV D SDUWLU GH ORV  GyODUHV GH
HQWRQFHVSDUDFRQWULEXLUDOILQDQFLDPLHQWRGHODJXHUUD(QGXUDQWHODVHJXQGDJXHUUDPXQGLDO
)UDQNOLQ ' 5RRVHYHOW DSR\DGR SRU ORV VLQGLFDWRV SURSXVR XQ LQJUHVR Pi[LPR GH  DQXDOHV
HTXLYDOHQWHVDGHGyODUHVDFWXDOHV SDUDWLHPSRVGHJXHUUD(QHO&RQJUHVRGHORV(VWDGRV
8QLGRVDXPHQWyODWDVDLPSRVLWLYDDSOLFDEOHDSDUWLUGHORVGyODUHVGHLQJUHVRDXQQLYHOUpFRUG
GHOSRUFLHQWR 3L]]LJDWL 
8QDSURSXHVWDUHFLHQWHGHLPSXHVWRDODVUHQWDVDOWDVDSDUHFLyHQODHOHFFLyQSUHVLGHQFLDOIUDQFHVD
GHOHQTXHHOFDQGLGDWR+ROODQGHSURSXVRXQLPSXHVWRGHSRUFLHQWRDODVSHUVRQDVUHFHSWRUDV
GH LQJUHVRV GH PiV GH XQ PLOOyQ GH (XURV (V LQWHUHVDQWH FRQVLJQDU TXH KDVWD PHGLDGRV GH ORV DxRV
VHVHQWD VH VLJXLy DSOLFDQGR HQ (VWDGRV 8QLGRV XQ EDVWDQWH H[SURSLDWRULR $ SDUWLU GH HQWRQFHV HVWH
LPSXHVWR IXH UHGXFLpQGRVH HQ IRUPD VRVWHQLGD KDVWD OOHJDU DO  SRU FLHQWR DFWXDO (Q ODV GpFDGDV GH
 \  HO DXPHQWR GHVPHVXUDGR GH ORV LQJUHVRV GH ORV JHUHQWHV JHQHUDOHV \ ORV HMHFXWLYRV FRQ
FDUJRV GLUHFWLYRV WDPELpQ GLR RULJHQ D GHPDQGDV SDUD LPSRQHU OtPLWHV D HVWDV DOWDV UHPXQHUDFLRQHV
3UHYLR D ORV DxRV RFKHQWD HQ (VWDGRV 8QLGRV OD UHODFLyQ HQWUH HO VXHOGR LQFOX\HQGR SDUWLFLSDFLyQ GH
XWLOLGDGHV \ RSFLRQHV  GH ORV JHUHQWHV \ HO WUDEDMDGRU PHGLR VH XELFDED HQ HO UDQJR GH  D  YHFHV
$FWXDOPHQWH GH DFXHUGR DO ,QVWLWXWH IRU 3ROLF\ 6WXGLHV GH :DVKLQJWRQ '& HVWD GLIHUHQFLD SXHGH VHU
LQFOXVRGHYHFHV
(Q HO 5HLQR 8QLGR SRU VX SDUWH OD +LJK 3D\ &RPPLVVLRQ IRUPDGD SRU UHSUHVHQWDQWHV GH OD
VRFLHGDG FLYLO DFDGpPLFRV VHFWRU SULYDGR \ WUDEDMDGRUHV GRFXPHQWy XQ H[SORVLYR DXPHQWR HQ ODV
UHPXQHUDFLRQHVGHORVHMHFXWLYRV\PLHPEURVGHGLUHFWRULRVHQODGpFDGDGH\FRPSDUDGRFRQ
VXV WHQGHQFLDV DQWHULRUHV (Q HIHFWR PLHQWUDV HO FRFLHQWH HQWUH ORV LQJUHVRV GH DOWRV HMHFXWLYRV GH
HPSUHVDV\EDQFRVUHVSHFWRDODUHPXQHUDFLyQPHGLDGHORVWUDEDMDGRUHVVHXELFDEDHQXQUDQJRHQWUH
\YHFHVHQHQORVDxRVHVWDSURSRUFLyQVHXELFyHQUDQJRHQWUH\YHFHV
/D+LJK3D\&RPPLVVLRQUHFRPLHQGDVRORPDQWHQHUXQVDODULREiVLFRSDUDORVHMHFXWLYRV\UHGXFLUVROR
D FDVRV HVSHFLDOHV RWUDV IRUPDV GH UHPXQHUDFLyQ WDPELpQ SXEOLFDU ORV VXHOGRV GH ORV HMHFXWLYRV DOWRV
UHYLVDU OD IRUPD FRPR ORV GLUHFWRULRV GH HPSUHVDV \ EDQFRV VRQ QRPLQDGRV \ ILMDU FULWHULRSV GH SDJRV
MXVWRV\GLIHUHQFLDVDOLQWHULRUGHODVHPSUHVDV
([LVWHQ YDULRV DUJXPHQWRV GH SHVR EDVDGRV HQ QRUPDV GH HILFLHQFLD \ HTXLGDG  D IDYRU GH
LPSRQHUOtPLWHV\QRUPDVDORVVXHOGRVPX\DOWRVHQODVHPSUHVDV\ORVEDQFRV
L /DV GLIHUHQFLDV H[FHVLYDV HQWUH OR TXH JDQDQ ORV HMHFXWLYRV GH PiV DOWR QLYHO \ ORV VXHOGRV
SURPHGLRVGHORVWUDEDMDGRUHVHVGHVPRUDOL]DQWHSDUDODIXHU]DGHWUDEDMRGHXQDHPSUHVD\
SRUHQGHLQIOX\HQHJDWLYDPHQWHHQODSURGXFWLYLGDG(VWHDUJXPHQWRIXHIRUPXODGRWDQWRSRU
HOWHyULFRGHODDGPLQLVWUDFLyQGHHPSUHVDV3HWHU'UXFNHUFRPRSRUHOILQDQFLVWD-30RUJDQ
$PERV VH RSXVLHURQ HQ VXV pSRFDV D OD H[LVWHQFLD GH XQD UHODFLyQ HQWUH HO VXHOGR GH ORV
HMHFXWLYRV\HOVDODULRGHORVWUDEDMDGRUHVTXHVXSHUDUDODSURSRUFLyQGHD
LL /DV PDUFDGDV GLIHUHQFLDV VDODULDOHV HQWUH HO SHUVRQDO GLUHFWLYR ORV PDQGRV PHGLRV \ ORV
WUDEDMDGRUHVVHFRQWUDSRQHQDQRUPDVGHHTXLGDGHFRQyPLFDVRFLDOPHQWHDFHSWDGDV\DWHQWDQ
FRQWUDODSHUFHSFLyQGHOHJLWLPLGDGGHOFDSLWDOLVPR\GHODHFRQRPtDGHPHUFDGR
LLL /RV VXHOGRV \ FRPSHQVDFLRQHV H[FHVLYRV  HQ HO VHFWRU ILQDQFLHUR IRPHQWDQ XQD H[SRVLFLyQ D
ULHVJRVVXSHULRUDODQRUPDOHVWLPXODGDSRUHOLQWHUpVTXHGHVSLHUWDHQORVHMHFXWLYRVODSRVLELOLGDG
GHSHUFLELUDOWDVFRPSHQVDFLRQHVHFRQyPLFDV(VWRVXHOHFRQGXFLUDXQGHWHULRURGHODFDOLGDGGH
ODVFDUWHUDVGHSUpVWDPRVGHODEDQFD\GDOXJDUDXQDIUDJLOLGDGILQDQFLHUDTXHSXHGHOOHYDUD
FULVLV TXH GHVWUX\HQ HPSOHRV UHGXFHQ HO ELHQHVWDU VRFLDO \ VRQ FRVWRVDV SDUD HO ILVFR 6H KD



 $ FRPLHQ]RV GH ORV DxRV YHLQWH ORV PLHPEURV GHO 3DUWLGR &RPXQLVWD GHOD QDFLHQWH 8QLyQ 6RYLpWLFD HVWDEDQVXMHWRV DXQ VXHOGR
Pi[LPR SDUWPD[LPXP (OOtPLWHVHHOLPLQyHQDQWHODLQVLVWHQFLDGHODVHOLWHVJREHUQDQWHVTXHFRPSDUWtDQHOSRGHUFRQ6WDOLQ
SDUDTXHVHOHVRWRUJDUDQYHQWDMDV\SULYLOHJLRVHVSHFLDOHVDOD1RPHQNODWXUD

 9pDVH'LHWO'XVFKO\/DQJ  HQHOTXHVHSUHVHQWDXQDQiOLVLVWHyULFRGHORVHIHFWRVGHODUHJODPHQWDFLyQGHORVVXHOGRVGHORV
GLUHFWRUHVGHODVJUDQGHVOLJDVGHSRUWLYDV


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

DWULEXLGR FRPR XQD GH ODV FDXVDV GH OD FULVLV ILQDQFLHUD GH  ORV LQFHQWLYRV TXH HQ KDQ
HQIUHQWDGRORVHMHFXWLYRVGHEDQFRVSDUDRWRUJDUFUpGLWRVPX\ULHVJRVRVGHELGRDORVHVTXHPDV
SUHYDOHFLHQWHVGHUHPXQHUDFLRQHVFRQWLQJHQWHVDUHVXOWDGRV XWLOLGDGHV\RSFLRQHV 

% $SOLFDFLyQGHLPSXHVWRVDORVLQJUHVRVPiVDOWRV
(O FREUR GH LPSXHVWRV HV XQD DOWHUQDWLYD OyJLFD FRPR PHFDQLVPR GH UHGLVWULEXFLyQ GHO LQJUHVR FRQ HO
REMHWLYRGHILQDQFLDUODSURYLVLyQGHHGXFDFLyQVHUYLFLRVGHVDOXGLQIUDHVWUXFWXUDS~EOLFDODUHGXFFLyQ
GH OD SREUH]D \ OD FRQVHUYDFLyQ GHO PHGLR DPELHQWH (Q FRQWUDSRVLFLyQ D HVWRV SULQFLSLRV GHVGH OD
GpFDGDGH SHUtRGRQHROLEHUDO VHUHGXMHURQORVLPSXHVWRVDOLQJUHVRSHUVRQDOWDQWRHQORV(VWDGRV
8QLGRV GXUDQWH HO JRELHUQR GH 5HDJDQ FRPR HQ HO 5HLQR 8QLGR GXUDQWH HO JRELHUQR GH 0DUJDUHW
7KDWFKHU HQ ORV TXH VH GLRFRPLHQ]R D XQD WHQGHQFLD SULYDWL]DGRUD TXH SRVWHULRUPHQWH VH H[WHQGLy D
RWURVSDtVHV(QORV(VWDGRV8QLGRVODWDVDPDUJLQDOGHOLPSXHVWRVREUHODUHQWDDSOLFDEOHDORVLQJUHVRV
PiVDOWRVGLVPLQX\yGHDOUHGHGRUGHXQSRUFLHQWRHQDOSRUFLHQWRHQ\DOSRUFLHQWR
HQ(QHO5HLQR8QLGRODVWDVDVDSOLFDEOHVDORVLQJUHVRVPiVDOWRVVHUHGXMHURQGHPiVGHXQ
SRUFLHQWRDILQHVGHORVDxRVVHWHQWDDDOUHGHGRUGHOSRUFLHQWRDILQHVGHORVDxRVQRYHQWD\VHKDQ
PDQWHQLGRHQHVHQLYHOGHVGHHQWRQFHV/DGLVPLQXFLyQGHODVWDVDVDSOLFDEOHVDORVLQJUHVRVPiVDOWRV
FRLQFLGHFRQHODXPHQWRGHOFRHILFLHQWHGH*LQL PD\RUGHVLJXDOGDG HQHVWRVGRVSDtVHVHQODV~OWLPDV
WUHVGpFDGDVFRPRORKHPRVGRFXPHQWDGRDQWHULRUPHQWH
7ULEXWDFLyQHQ$PpULFD/DWLQD
/RV UHJtPHQHV WULEXWDULRV YLJHQWHV HQ $PpULFD /DWLQD WLHQHQ VHULDV OLPLWDFLRQHV \ FRQWULEX\HQ
HVFDVDPHQWH D OD UHGXFFLyQ GH ODV GHVLJXDOGDGHV HVWUXFWXUDOHV GH LQJUHVR \ ULTXH]D H[LVWHQWHV HQ OD
UHJLyQ(Q$PpULFD/DWLQDWDPELpQVHPDQLILHVWDODWHQGHQFLDDODGLVPLQXFLyQGHODVWDVDVGHLPSXHVWRV
VREUHODUHQWDSHUVRQDOTXHVHREVHUYDHQODVHFRQRPtDVGHVDUUROODGDV YpDVHHOJUiILFR 

*5È),&2
$0e5,&$/$7,1$(92/8&,Ï1'(/,1*5(6262%5(/$5(17$3(5621$/
(/,038(672$/$6(035(6$6<(/,038(672$/9$/25$*5(*$'2
(QSRUFHQWDMHV 






 



     
    
 
      
 


       


  
 




V            

,531 DOtFXRWDPi[LPD ,53- DOtFXRWDPi[LPD ,9$ DOtFXRWDJHQHUDO



)XHQWH-&*yPH]6DEDLQL  HLQIRUPDFLyQRILFLDOGHORVSDtVHV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

/DVOLPLWDFLRQHVGHORVUHJtPHQHVWULEXWDULRVHQ$PpULFD/DWLQDTXHGDQPX\HQHYLGHQFLDHQOD
WULEXWDFLyQ GH ORV V~SHUULFRV +D\ DO PHQRV WUHV UDVJRV TXH GLILFXOWDQ OD IXQFLyQ UHGLVWULEXWLYD GHO
(VWDGRHVWRVVRQL XQDUHFDXGDFLyQWULEXWDULDWRWDOFRPSDUDWLYDPHQWHEDMDFRPRSRUFHQWDMHGHO3,%
LL  XQ GHVHTXLOLEULR HVWUXFWXUDO HQWUH LPSXHVWRV GLUHFWRV H LQGLUHFWRV \ XQD HVFDVD UHOHYDQFLD GH ORV
SULPHURV HQ OD UHFDXGDFLyQ WRWDO \ LLL  XQ EDMR QLYHO GH FXPSOLPLHQWR WULEXWDULR GHELGR WDQWR D ODV
SUiFWLFDVGHHYDVLyQ\HOXVLyQGHLPSXHVWRV
/DFDUJDWULEXWDULDPHGLDWRWDOHVEDMDHQ$PpULFD/DWLQDQRVRORHQFRPSDUDFLyQFRQUHJLRQHVGH
DOWRV LQJUHVRV HQ HO PXQGR VLQR WDPELpQ DO FRPSDUDUVH FRQ UHJLRQHV TXH WLHQHQ XQ QLYHO VLPLODU GH
GHVDUUROORHFRQyPLFR$PpULFD/DWLQDRFXSDHOVHJXQGROXJDUHQWUHODVUHJLRQHVFRQPHQRUFDUJDWULEXWDULD
GHVSXpVGHO$VLDHQGHVDUUROOR(QFRPSDUDFLyQFRQORVSDtVHVGHVDUUROODGRVORVLQJUHVRVWULEXWDULRVGHORV
SDtVHVODWLQRDPHULFDQRVH[SUHVDGRVFRPRSRUFHQWDMHGHO3,%HTXLYDOHQDSUR[LPDGDPHQWHDOD PLWDGGH
ORVUHJLVWUDGRVHQODVHFRQRPtDVGHVDUUROODGDV SRUFLHQWRGHO3,%HQ$PpULFD/DWLQDSRUFLHQWR
HQORVSDtVHVGHOD2&'(\SRUFLHQWRHQORVSDtVHVGHOD8QLyQ(XURSHD 
3RU RWUD SDUWH KD\ SURIXQGDV GLIHUHQFLDV GH FDUJD WULEXWDULD HQWUH ORV SDtVHV GH OD UHJLyQ (Q
$UJHQWLQDHO%UDVLO\HO8UXJXD\ODFDUJDWULEXWDULDVHDSUR[LPDPiVDODGHODVUHJLRQHVGHVDUUROODGDV\
UHSUHVHQWDQPiVGHOSRUFLHQWRGHO3,%(QWUHWDQWR\DSHVDUGHODVPHGLGDVWRPDGDVHQORV~OWLPRV
DxRV HO QLYHO LPSRVLWLYR GH OD PD\RUtD GH ORV SDtVHV ODWLQRDPHULFDQRV VLJXH VLHQGR LQIHULRU DO  SRU
FLHQWRGHO3,%$GHPiVKD\FDVRVPiVH[WUHPRVFRPRORVGH*XDWHPDOD\0p[LFRHQORVTXHODFDUJD
WULEXWDULDHVGHDOUHGHGRUGHOSRUFLHQWRGHO3,%
(VWD KHWHURJHQHLGDG HQWUH ORV SDtVHV QR VH GHEH H[FOXVLYDPHQWH D ODV GLIHUHQFLDV KLVWyULFDV HQ
PDWHULD GH WULEXWDFLyQ FRQGLFLRQHV PDFURHFRQyPLFDV FXPSOLPLHQWR WULEXWDULR \ UHIRUPDV WULEXWDULDV
UHFLHQWHV VLQR WDPELpQ D GLIHUHQFLDV UHODWLYDV DO RULJHQ GH ORV LQJUHVRV ILVFDOHV SURYHQLHQWHV GH OD
H[SORWDFLyQGHUHFXUVRVQRUHQRYDEOHV(QORVSDtVHVHVSHFLDOL]DGRVHQODSURGXFFLyQ\HOFRPHUFLRGH
SURGXFWRV EiVLFRV SHWUyOHR HQ 0p[LFR HO (FXDGRU \ 9HQH]XHOD 5HS~EOLFD %ROLYDULDQD GH  FREUH HQ
&KLOH\RWURV GLFKRVLQJUHVRVUHSUHVHQWDQXQDDOWDSURSRUFLyQGHOLQJUHVRWRWDOORTXHHQDOJXQRVFDVRV
UHGXFH HO LQFHQWLYR SDUD DPSOLDU ODV IXHQWHV GH WULEXWDFLyQ (Q $PpULFD /DWLQD KD\ RFKR SDtVHV FX\RV
LQJUHVRV ILVFDOHV VRQ DOWDPHQWH GHSHQGLHQWHV GH HVD IXHQWH GH LQJUHVRV HQWUH ORV TXH GHVWDFDQ %ROLYLD
(VWDGR 3OXULQDFLRQDO GH  HO (FXDGRU 0p[LFR \ 9HQH]XHOD 5HS~EOLFD %ROLYDULDQD GH  HQ ORV TXH
UHSUHVHQWDQPiVGHOSRUFLHQWRGHO3,%
(OVHJXQGRIDFWRUOLPLWDQWHGHODIXQFLyQUHGLVWULEXWLYDGHODSROtWLFDWULEXWDULDHVODH[LVWHQFLDGH
XQDHVWUXFWXUDGHLPSXHVWRVPX\GHSHQGLHQWHGHORVLPSXHVWRVLQGLUHFWRVTXHSRUORJHQHUDOHVPHQRV
SURJUHVLYD (Q $PpULFD /DWLQD ORV LPSXHVWRV LQGLUHFWRV H[SUHVDGRV FRPR SRUFHQWDMH GHO 3,% 
UHSUHVHQWDQXQSRUFHQWDMHVLPLODU  DOSRUFHQWDMHGHORVSDtVHVGHOD2&'(\GHOD8QLyQ(XURSHD
 SRU FLHQWR \  SRU FLHQWR UHVSHFWLYDPHQWH  6LQ HPEDUJR FXDQGR VH FRPSDUDQ FRQ OD
LPSRUWDQFLD GH ORV LPSXHVWRV GLUHFWRV \ ODV FRWL]DFLRQHV D OD VHJXULGDG VRFLDO ODV GLIHUHQFLDV VRQ
HQRUPHV/DFDUJDWULEXWDULDGLUHFWDHVPiVGHSXQWRVVXSHULRUHQORVSDtVHVGHOD2&'( SRU
FLHQWR \GHOD8QLyQ(XURSHD SRUFLHQWR TXHHQ$PpULFD/DWLQDGRQGHUHSUHVHQWDQDSHQDVXQ
SRUFLHQWRGHO3,%
/DFRPSDUDFLyQGHORVLPSXHVWRVVREUHODUHQWDHQWUH$PpULFD/DWLQD\SDtVHVGHVDUUROODGRVFRQ
XQDHVWUXFWXUDWULEXWDULDPiVSURJUHVLYDUHYHODTXHORVLPSXHVWRVDODUHQWDGHODVHPSUHVDVHQORVSDtVHV
GH$PpULFD/DWLQD\GHOD2&'(DSRUWDQXQQLYHOEDVWDQWHVLPLODUGHLQJUHVRVFRPRSRUFHQWDMHGHO3,%
SRUFLHQWRHQORVSULPHURV\SRUFLHQWRHQORVVHJXQGRV/DVPD\RUHVGLIHUHQFLDVHQWUHHVWRVGRV
JUXSRV GH SDtVHV VH HQFXHQWUDQ HQ HO LPSXHVWR VREUH OD UHQWD SHUVRQDO 0LHQWUDV HQ ORV SDtVHV GH OD
2&'( OD UHFDXGDFLyQ GH LPSXHVWRV VREUH OD UHQWD SHUVRQDO DSRUWD HQ SURPHGLR XQ  SRU FLHQWR GHO
3,% HQ ORVSDtVHV GH$PpULFD /DWLQD \ HO &DULEH DVFLHQGH DSHQDVD XQ  SRU FLHQWR GHO 3,%3RU OR
WDQWRPLHQWUDVODSULPHUDGLIHUHQFLDHQWUHORVUHJtPHQHVWULEXWDULRVFRUUHVSRQGHDODLPSRUWDQFLDUHODWLYD
GHODWULEXWDFLyQGLUHFWDHQWUHORVSDtVHVGHOD2&'(\GH$PpULFD/DWLQDODVHJXQGDFRUUHVSRQGHDOD
DFHQWXDGD GLIHUHQFLD GH ORV LQJUHVRV S~EOLFRV SURYHQLHQWHV GHO LPSXHVWR VREUH OD UHQWD SHUVRQDO
H[SUHVDGRV FRPR SRUFHQWDMH GHO 3,%  (Q FXDQWR D OD FRQWULEXFLyQ DO WRWDO GH LQJUHVRV WULEXWDULRV HQ
$PpULFD/DWLQDHOLPSXHVWRDOLQJUHVRGHODVHPSUHVDVUHSUHVHQWDXQSRUFLHQWR\HOLPSXHVWRVREUHOD
UHQWDSHUVRQDOXQSRUFLHQWR(QFRQWUDVWHODHVWUXFWXUDWULEXWDULDGHORVSDtVHVGHOD2&'(HVPX\


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

GLIHUHQWHSXHVWRTXHHOSULPHUR LPSXHVWRDODVHPSUHVDV UHSUHVHQWDXQSRUFLHQWR\HOVHJXQGRXQ


 SRU FLHQWR OR TXH UHYHOD XQ DSRUWH PXFKR PD\RU GHO LPSXHVWR VREUH OD UHQWD SHUVRQDO D OD
UHFDXGDFLyQILVFDOGHORVSDtVHVGHOD2&'(
8QD GH ODV FDUDFWHUtVWLFDV GHO LPSXHVWR VREUH OD UHQWD SHUVRQDO HQ $PpULFD /DWLQD HV VX DOWD
GHSHQGHQFLDGHOLPSXHVWRVREUHORVLQJUHVRVVDODULDOHV3RURWUDSDUWHHOPD\RUSRWHQFLDOGHHYDVLyQ\
HOXVLyQ WULEXWDULD UHVLGH HQ ORV LQJUHVRV QR VDODULDOHV GH ORV WUDEDMDGRUHV SRU FXHQWD SURSLD \
HPSUHVDULRV (O WUDWR SUHIHUHQFLDO RWRUJDGR HQ OD UHJLyQ D ODV JDQDQFLDV GH FDSLWDO UHGXFH \ OLPLWD OD
UHFDXGDFLyQ GH LPSXHVWRV VREUH HO LQJUHVR SHUVRQDO GH RULJHQ QR VDODULDO /DV JDQDQFLDV GH FDSLWDO
UHFLEHQXQWUDWRSUHIHUHQFLDOHQODJUDQPD\RUtDGHORVSDtVHVGHODUHJLyQHQORVTXHHVWiQH[HQWDVGHO
SDJR GH LPSXHVWRV R VXMHWDV D WDVDV WULEXWDULDV H[WUHPDGDPHQWH EDMDV OR TXH H[SOLFD OD WULEXWDFLyQ
SUiFWLFDPHQWH QXOD H[LJLEOH SRU ORV LQJUHVRV QR VDODULDOHV (O VLVWHPD HYLWD DVt JUDYDU FRQ LPSXHVWRV
DGHFXDGRVORVLQJUHVRVPiVDOWRVGHODHVFDODGHGLVWULEXFLyQGHOLQJUHVR
(VWH DQiOLVLV SRQH GH PDQLILHVWR OD QHFHVLGDG GH IRFDOL]DUVH HQ ORV LPSXHVWRV VREUH HO LQJUHVR
SHUVRQDO DXQTXH VLQ UHVWDU LPSRUWDQFLD D ORV LPSXHVWRV D ODV JDQDQFLDV GH ODV JUDQGHV HPSUHVDV
SULYDGDV HQ HVSDFLDO D ODV TXH VH GHGLFDQ D OD H[WUDFFLyQ GH UHFXUVRV QDWXUDOHV 6LQ HPEDUJR OD
FRQVHFXFLyQ GHO REMHWLYR UHGLVWULEXWLYR GH ODV SROtWLFDV ILVFDO \ WULEXWDULD QR HV XQD WDUHD IiFLO GDGD OD
FDSDFLGDG SROtWLFD GH ODV HOLWHV HFRQyPLFDV SDUD RSRQHUVH \ UHVLVWLU XQ HYHQWXDO LQFUHPHQWR GH ORV
LPSXHVWRVVREUHODUHQWDSHUVRQDO
+D\DOPHQRVWUHVIDFWRUHVTXHH[SOLFDQODOLPLWDGDLPSRUWDQFLDGHORVLPSXHVWRVDODVSHUVRQDV
FRPR IXHQWHV GH UHFDXGDFLyQ L  ODV UHODWLYDPHQWH EDMDV WDVDV PDUJLQDOHV GHO LPSXHVWR VREUH OD UHQWD
SHUVRQDODSOLFDGDVHQODPD\RUtDGHORVSDtVHVODWLQRDPHULFDQRVLL ODUHGXFLGDEDVHLPSRVLWLYDVREUHOD
UHQWD GH ODV SHUVRQDV HPSOHDGD SDUD OD UHFDXGDFLyQ GH LPSXHVWRV OR TXH VH UHODFLRQD FRQ OD GHVLJXDO
GLVWULEXFLyQGHOLQJUHVR\VHYHH[DFHUEDGRSRUODH[LVWHQFLDGHFRQVLGHUDEOHVGHGXFFLRQHV\H[HQFLRQHV
TXH LPSLGHQ HO FREUR GH LPSXHVWRV VREUH JUDQ SDUWH GH OD UHQWD LPSRQLEOH \ LLL  OD HOHYDGD WDVD GH
LQFXPSOLPLHQWR HYDVLyQ \ UHWUDVR HQ ORV SDJRV  TXH SUHVHQWD HO LPSXHVWR VREUH OD UHQWD SHUVRQDO HQ
FRPSDUDFLyQFRQHOLPSXHVWRDOYDORUDJUHJDGR ,9$ HQWUHRWURV
&RPRVHKDLQGLFDGRDSDUWLUGHODWDVDLPSRVLWLYDVREUHHOLQJUHVROHJDOSHUVRQDO\GHODV
HPSUHVDV KD YHQLGR UHJLVWUDQGR XQ DFHQWXDGR GHVFHQVR HQ $PpULFD /DWLQD TXH FRQFXHUGD FRQ OD
HYROXFLyQ GH HVWD WDVD WULEXWDULD HQ GLVWLQWRV SDtVHV GHO PXQGR (Q OD UHJLyQ ODWLQRDPHULFDQD ODV WDVDV
PHGLDVPi[LPDVGHOLPSXHVWRVREUHODUHQWDSHUVRQDOGLVPLQX\HURQXQSRUFLHQWRGHOSRUFLHQWR
UHJLVWUDGRHQDXQSRUFLHQWRHQ(VWHQLYHOSXHGHVHUFRQVLGHUDGRFRPRUHODWLYDPHQWH
EDMR HQ WpUPLQRV LQWHUQDFLRQDOHV $OJR VLPLODU RFXUUH FRQ OD HYROXFLyQ GH ODV WDVDV LPSRVLWLYDV
SURPHGLR  DSOLFDGDV DO LQJUHVR GH ODV HPSUHVDV TXH GLVPLQX\HURQ GHO  DO  SRU FLHQWR HQ HO
PLVPR SHUtRGR /D H[LVWHQFLD GH PRGHUDGDV WDVDV LPSRVLWLYDV GH OD UHQWD SHUVRQDO RIUHFH LQWHUHVDQWHV
SRVLELOLGDGHVGHLQFUHPHQWDUODVHQWUDGDVILVFDOHVSRUHVWHPHGLDQWHHODXPHQWRGHODVWDVDV
(OVHJXQGRIDFWRUTXHGLILFXOWDODUHFDXGDFLyQGHOLPSXHVWRVREUHODUHQWDSHUVRQDOHVODHVWUHFKD
EDVH LPSRQLEOH /D WDVD PtQLPD FRPLHQ]D D DSOLFDUVH D XQ QLYHO HTXLYDOHQWH D  YHFHV HO 3,% SHU
FiSLWD (Q FDPELR HQ UHJLRQHV PiV GHVDUUROODGDV FRPR (XURSD RFFLGHQWDO HO &DQDGi \ ORV (VWDGRV
8QLGRVODWDVDPtQLPD SRUFLHQWR\SRUFLHQWRUHVSHFWLYDPHQWH VHDSOLFDDODVFDWHJRUtDVGH
LQJUHVRVTXHHTXLYDOHQGHODOSRUFLHQWRGHO3,%SHUFiSLWD(VWHUDVJRGHOVLVWHPDWULEXWDULRUHIOHMD
OD GHVLJXDO GLVWULEXFLyQ GHO LQJUHVR \ OD LQWHQFLyQ GH H[LPLU GHO SDJR GH LPSXHVWRV DO VHJPHQWR PiV
SREUHSHURWDPELpQOLPLWDODEDVHLPSRVLWLYD\H[FOX\HDJUDQSDUWHGHODSREODFLyQ
&RPRVHLQGLFDHQHOFXDGURHQ$PpULFD/DWLQDODVWDVDVPi[LPDVFRPLHQ]DQDDSOLFDUVHDSDUWLU
GHXQXPEUDOTXHFRUUHVSRQGHDSUR[LPDGDPHQWHDGLH]YHFHVHO3,%SHUFiSLWDPLHQWUDVHQODPD\RUtDGH
ODVUHJLRQHVGHVDUUROODGDVHVWDVWDVDVFRPLHQ]DQDDSOLFDUVHDSDUWLUGHXQQLYHOFHUFDQRDGRVRWUHVYHFHVHO
LQJUHVRSHUFiSLWD$GHPiVODWDVDPi[LPDDSOLFDGDHQODUHJLyQ SRUFLHQWR QRVRORHVLQIHULRUDOD
GH(XURSDRFFLGHQWDO SRUFLHQWR HO&DQDGi\ORV(VWDGRV8QLGRV SRUFLHQWR VLQRWDPELpQDODV
WDVDVDSOLFDGDVHQHO$VLDRULHQWDO SRUFLHQWR \HOÈIULFDVXEVDKDULDQD SRUFLHQWR 

 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

&8$'52
9$5,$65(*,21(6,038(67262%5(/$5(17$
3(5621$/(,038(672$/,1*5(62'(/$6(035(6$6

 ,QJUHVRSHUVRQDOGLVSRQLEOH 
7DVD 3RUFHQWDMH 
5HJLRQHV Q~PHURGHSDtVHV  0tQLPR 0i[LPR 

3,7 %DMR  3,7 $OWR  &,7


 P~OWLSORVGHO3,%SHUFiSLWD  

$PpULFD/DWLQD     


  

&DULEH     


  

$VLDGHO(VWH\3DFtILFR     


  

(XURSD&HQWUDO\$VLD&HQWUDO     


  

0HGLR2ULHQWH\1RUWHGHÈIULFD     


  

$VLDGHO6XU     


  

ÈIULFD6XE6DKDULDQD     


  

(XURSD2FFLGHQWDO     


  

(VWDGRV8QLGRV\&DQDGi     


  

)XHQWH*yPH]6DEDLQL-LPpQH]\5RVVLJQROR  ,PSRVLFLyQDODUHQWDSHUVRQDO\HTXLGDGHQ$PpULFD/DWLQDQXHYRV


GHVDItRVLQIRUPHHODERUDGRSDUDVXSUHVHQWDFLyQHQHO'LiORJRLQWHUQDFLRQDOVREUHWULEXWDFLyQ\GHVLJXDOGDG1XHYD'HOKL
,QGLD DGHGLFLHPEUHGH

2WUR HOHPHQWR UHODFLRQDGR FRQ OD HVWUHFKH] GH OD EDVH LPSRVLWLYD HQ $PpULFD /DWLQD HV HO DOWR
QLYHO GH ORV JDVWRV WULEXWDULRV H[HQFLRQHV \ EHQHILFLRV ILVFDOHV HVSHFLDOHV  (Q ORV DxRV RFKHQWD \
QRYHQWDVHRWRUJDURQDDOJXQRVVHFWRUHVQXPHURVRVEHQHILFLRVILVFDOHVLQFOXLGDVH[HQFLRQHVWULEXWDULDV
FRQ HO SURSyVLWR GH IRPHQWDU HO DKRUUR \ HO HPSOHR SURPRYHU OD HQWUDGD GH LQYHUVLRQHV H[WUDQMHUDV
GLUHFWDV \ HVWLPXODU HO GHVDUUROOR GH ORV PHUFDGRV ILQDQFLHURV \ OD UHDFWLYDFLyQ GH OD HFRQRPtD (VWDV
H[HQFLRQHVHURVLRQDURQODEDVHWULEXWDULDGHORVLPSXHVWRVPiVLPSRUWDQWHVHVSHFLDOPHQWHGHOLPSXHVWR
VREUHODUHQWD(QORVVLHWHSDtVHVVHOHFFLRQDGRVGHODUHJLyQORVJDVWRVWULEXWDULRVUHSUHVHQWDQPiVGHO
 SRU FLHQWR GHO3,% (Q HVWRV FDVRV ORV HIHFWRV GH ODV H[HQFLRQHV \ ORV EHQHILFLRV ILVFDOHV DSDUHFHQ
FRPROLPLWDGRV\WRGDYtDQRVHVDEHFRQFODULGDGFXiOHVVXFRQWULEXFLyQDODO]DGHODVWDVDVGHDKRUURH
LQYHUVLyQ\VLDSRUWDQRWURVEHQHILFLRVHFRQyPLFRV
8QWHUFHUIDFWRUOLPLWDQWHGHODFDSDFLGDGUHGLVWULEXWLYDGHODSROtWLFDWULEXWDULDHVHOEDMRQLYHOGH
FXPSOLPLHQWRWULEXWDULR\ODVDOWDVWDVDVGHHYDVLyQGHOLPSXHVWRVREUHODUHQWD/DHOXVLyQWULEXWDULDHV
XQIDFWRUTXHDWHQWDLQGXGDEOHPHQWHFRQWUDODHTXLGDGWULEXWDULDHQWDQWRTXHODHYDVLyQSXHGHDIHFWDU
WDQWR D OD ³HTXLGDG KRUL]RQWDO´ WUDWR LJXDOLWDULR D TXLHQHV SUHVHQWDQ VLPLODUHV FDSDFLGDGHV GH SDJR 
FRPRDOD³HTXLGDGYHUWLFDO´ WUDWRGLIHUHQFLDGRDTXLHQHVSUHVHQWDQGLVWLQWDVFDSDFLGDGHVGHSDJR 
(Q XQ HVWXGLR GH OD &(3$/   VH SURSRUFLRQDQ HVWLPDFLRQHV GH OD HYDVLyQ GHO LPSXHVWR
VREUHODUHQWDHQGLVWLQWDVUHJLRQHVGHOPXQGR(QDOJXQRVSDtVHVODWDVDGHHYDVLyQGHO,9$HVHOHYDGD
SHURHTXLYDOHDPHQRVGHODPLWDGGHODHYDVLyQGHOLPSXHVWRVREUHODUHQWD/DWDVDPHGLDGHHYDVLyQ
GHO,9$DVFLHQGHDOSRUFLHQWRHQODUHJLyQHQODTXH1LFDUDJXDSUHVHQWDODWDVDPiVDOWD SRU
FLHQWR  \ &KLOH OD PiV EDMD  SRU FLHQWR  $VLPLVPR ODV WDVDV GH HYDVLyQ GHO ,9$ QR GLILHUHQ
PD\RUPHQWHGHODVWDVDVHVWLPDGDVSDUDORVSDtVHVGHOD8QLyQ(XURSHDHQWDQWRTXHODHYDVLyQPHGLD
GHO LPSXHVWR VREUH OD UHQWD HV PXFKR PD\RU  SRU FLHQWR  (O (FXDGRU \ *XDWHPDOD UHJLVWUDQ ODV



 $UJHQWLQD%UDVLO&KLOH&RORPELD*XDWHPDOD0p[LFR\3HU~

 9pDVH/9LOOHOD$/HPJUXEHUDQG0-RUUDWW  /RVSUHVXSXHVWRVGHJDVWRVWULEXWDULRV&RQFHSWRV\GHVDItRVGHLPSOHPHQWDFLyQ
:RUNLQJ'RFXPHQW1R,'%:3%DQFR,QWHUDPHULFDQRGH'HVDUUROOR:DVKLQJWRQ'&GLFLHPEUHGH


 -&*yPH]6DEDLQL-3-LPpQH]\$3RGHVWi FRPSV   ³7ULEXWDFLyQHYDVLyQ\HTXLGDGHQ$PpULFD/DWLQD´HQ(YDVLyQ\
HTXLGDGHQ$PpULFD/DWLQD/&:6DQWLDJRGH&KLOHHQHURGH


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

WDVDVPiVDOWDVGHHYDVLyQ \SRUFLHQWRUHVSHFWLYDPHQWH HQWDQWRTXH(O6DOYDGRUSUHVHQWDOD


PiVEDMD SRUFLHQWR 
2WUR IDFWRU LPSRUWDQWH TXH OLPLWD OD DSOLFDFLyQ GH LPSXHVWRV D ORV ULFRV HQ OD UHJLyQ
ODWLQRDPHULFDQDHVODEDMDUHFDXGDFLyQGHLPSXHVWRVDOSDWULPRQLR3DUDDQDOL]DUHQIRUPDFRPSDUDWLYD
OD UHFDXGDFLyQ GH HVWRV LPSXHVWRV HQ $PpULFD /DWLQD VH OD KD FRQIURQWDGR FRQ OD UHFDXGDFLyQ
FRUUHVSRQGLHQWH HQ RWUDV UHJLRQHV &RPR VH LQGLFD HQ HO FXDGUR  HQ ORV SDtVHV HQ GHVDUUROOR \ ODV
HFRQRPtDV HQ WUDQVLFLyQ HVWD UHFDXGDFLyQ UHSUHVHQWD XQ SRUFHQWDMH VLJQLILFDWLYDPHQWH LQIHULRU GHO 3,%
TXH HQ ORV SDtVHV GH OD 2&'( $ FRPLHQ]RV GH OD GpFDGD GH  HVWRV LPSXHVWRV UHSUHVHQWDEDQ XQ
SRUFLHQWRGHO3,%HQHVWRVSDtVHVXQSRUFLHQWRHQORVSDtVHVHQGHVDUUROOR\XQSRUFLHQWR
HQ ODV HFRQRPtDV HQ WUDQVLFLyQ (Q ORV WUHV JUXSRV GH SDtVHV VH REVHUYD XQD WHQGHQFLD OHYHPHQWH
FUHFLHQWHGHODUHFDXGDFLyQDSDUWLUGHORVDxRVVHWHQWD/DVFLIUDVSUHVHQWDGDVHQHOFXDGURVXJLHUHQ
TXHFRPRSRUFHQWDMHGHO3,%HODSRUWHJHQHUDOGHOLPSXHVWRDOSDWULPRQLRDODUHFDXGDFLyQVHUHODFLRQD
FRQ HO QLYHO GH GHVDUUROOR HFRQyPLFR 3RU HMHPSOR HQ ORV SDtVHV GH OD 2&'( VH REVHUYD XQD PD\RU
GHSHQGHQFLD GH HVWH LPSXHVWR TXH HQ ORV SDtVHV HQ GHVDUUROOR SHUR OD UHODFLyQ QR HV QHFHVDULDPHQWH
XQLIRUPH(Q$PpULFD/DWLQDODUHFDXGDFLyQGHLPSXHVWRVDOSDWULPRQLRHVLQIHULRUDOSURPHGLRGHORV
SDtVHVHQGHVDUUROOR
&8$'52
5(&$8'$&,Ï1'(/,038(672$/3$75,021,2(1*583265(35(6(17$7,926'(3$Ë6(6
(QSRUFHQWDMHVGHO3,% 

 'pFDGD

    D

7RGRVORVSDtVHVE    

        

3DtVHVGHOD2&'(    

        

3DtVHVHQWUDQVLFLyQ    

        

3DtVHVHQGHVDUUROOR    

        

3DtVHV/DWLQRDPHULFDQRV « «  

)XHQWH%DKO\0DUWtQH]9i]TXH]  \&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH &(3$/ 


D
/RVGDWRVFRUUHVSRQGHQDOSHUtRGR
E
(OQ~PHURGHSDtVHVFRQVLGHUDGRVHQORVFiOFXORVVHLQGLFDHQWUHSDUpQWHVLV

(Q HO FXDGUR  VH SUHVHQWD OD UHFDXGDFLyQ GHO LPSXHVWR DO SDWULPRQLR HQ DOJXQRV SDtVHV GH
$PpULFD /DWLQD /D LPSRUWDQFLD GH HVWH LPSXHVWR HQ OD UHFDXGDFLyQ HV HQ JHQHUDO EDMD DXQTXH KD\
VLJQLILFDWLYDVGLIHUHQFLDVHQWUHORVSDtVHV3RUHMHPSORHQDxRVUHFLHQWHV  ODUHFDXGDFLyQGHO
LPSXHVWRDOSDWULPRQLRHQHO3HU~UHSUHVHQWDHOSRUFLHQWRGHO3,%PLHQWUDVTXHHQ%ROLYLD (VWDGR
3OXULQDFLRQDOGH HQHOPLVPRSHUtRGRHOSRUFHQWDMHHVDSUR[LPDGDPHQWHFXDWUR YHFHVPD\RU 
GHO3,% DXQTXHDPERVFRUUHVSRQGHQDXQQLYHOEDVWDQWHEDMR/DLPSRUWDQFLDUHODWLYDGHOLPSXHVWRDO
SDWULPRQLR KD YHQLGR GLVPLQX\HQGR HQ DOJXQDV HFRQRPtDV DXQTXH WDPELpQ KD\ FDVRV %UDVLO
&RORPELD (FXDGRU \ *XDWHPDOD  HQ ORV TXH KD DXPHQWDGR VRVWHQLGDPHQWH PLHQWUDV TXH HQ 0p[LFR
UHSUHVHQWDHOSRUFLHQWRGHO3,%GHVGHFRPLHQ]RVGHORVDxRVQRYHQWD

 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

&8$'52
'(3(1'(1&,$'(/$5(&$8'$&,Ï1'(/,038(672$/3$75,021,2(1$0e5,&$/$7,1$
(QSRUFHQWDMHVGHO3,% 

3DtVHV    


$UJHQWLQD    

%ROLYLD (VWDGR3OXULQDFLRQDOGH  « «  

%UDVLO    

&KLOH    

&RORPELD    

(FXDGRU    

*XDWHPDOD    

0p[LFR    

3DUDJXD\ «   «

3HU~ « «  

8UXJXD\    «

3DtVHV/DWLQRDPHULFDQRV    

)XHQWH&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH &(3$/ VREUHODEDVHGHFLIUDVRILFLDOHV


(V HYLGHQWH TXH HQ $PpULFD /DWLQD \ RWUDV UHJLRQHV KD\ XQ DPSOLR PDUJHQ SDUD HOHYDU ORV
LPSXHVWRVVREUHODVUHQWDVPiVDOWDVSHURFDEHKDFHUDOJXQDVDGYHUWHQFLDVDOUHVSHFWR3ULPHUDPHQWHHQ
HOFRQWH[WRGHODHFRQRPtDPXQGLDOJOREDOL]DGDFRQDOWDPRYLOLGDGGHOFDSLWDOORVLQWHQWRVSRUHOHYDUORV
LPSXHVWRV VREUH OD UHQWD HQ XQ GHWHUPLQDGR SDtV SXHGHQ GDU RULJHQ D XQD IXJD GH FDSLWDOHV \ DKRUURV
GHVGH HO SDtV FRQ LPSXHVWRV PiV DOWRV KDFLD SDtVHV FRQ PHQRU WULEXWDFLyQ LQFOXLGR ORV OODPDGRV
³SDUDtVRV ILVFDOHV´ OR TXH SXHGH UHGXFLU OD HIHFWLYLGDG GH HVIXHU]RV QDFLRQDOHV DLVODGRV GH VXELU OD
WULEXWDFLyQ DO FDSLWDO (Q VHJXQGR OXJDU ORV LQWHQWRVSRU DXPHQWDU ODV WDVDV WULEXWDULDV DSOLFDEOHV D ORV
LQJUHVRVPiVDOWRVGHEHQFRPSOHPHQWDUVHFRQXQDXPHQWRGHODHILFLHQFLDGHOVLVWHPDWULEXWDULRDILQGH
IRPHQWDUHOFXPSOLPLHQWRGHODVREOLJDFLRQHVWULEXWDULDV\HYLWDUODHOXVLyQ\ODHYDVLyQGHLPSXHVWRV(Q
WHUFHU OXJDU KD\ TXH WRPDU HQ FRQVLGHUDFLyQ OD IDFWLELOLGDG SROtWLFD GH HOHYDU ORV LPSXHVWRV VREUH ORV
LQJUHVRV PiV DOWRV 'DGR HO SRGHU GH ODV HOLWHV HFRQyPLFDV QR KD\ TXH VXEHVWLPDU VX FDSDFLGDG GH
HMHUFHUSUHVLyQSDUDHYLWDUODDGRSFLyQGHUHIRUPDVHQFDPLQDGDVDHVWDEOHFHUXQUpJLPHQWULEXWDULRPiV
SURJUHVLYRTXHDJUDYHVXVLQJUHVRV\ULTXH]DV
8QD SURSXHVWD UHFLHQWH GH ODV 1DFLRQHV 8QLGDV (FRQRPLF DQG 6RFLDO 6XUYH\   SODQWHD
HVWDEOHFHUXQ³LPSXHVWRDORVELOORQDULRV´GHSRUFLHQWRDODULTXH]DGHODVSHUVRQDVFRQDFWLYRVQHWRV
VXSHULRUHV DO ELOOyQ GH GyODUHV 6HJ~Q OD OLVWD )RUEHV   HVWH JUXSR HVWi FRPSXHVWR SRU
DSUR[LPDGDPHQWHSHUVRQDVHQHOPXQGR'HDFXHUGRDOLQIRUPHGH1DFLRQHV8QLGDVPHQFLRQDGR
HVWHLPSXHVWRSRGUtDUHFDXGDUHQWUH\ELOORQHVGHGyODUHVSRUDxR
([SHUWRVILVFDOHVFRPR9LWR7DQ]L 7DQ]L LGHQWLILFDYDULRVPRWLYRVTXHMXVWLILFDQHOFREUR
GHLPSXHVWRVDODVSHUVRQDVFRQXQDOWRSDWULPRQLRQHWR$GHPiVGHOSULQFLSLRHVWiQGDUGHFDSDFLGDGGH
SDJRHQYLUWXGGHOFXDOORVULFRVWLHQHQXQDPD\RUFDSDFLGDGGHSDJDULPSXHVWRVTXHORVSREUHV7DQ]L
DGYLHUWH TXH FRQ IUHFXHQFLD ORV DOWRV LQJUHVRV QR VRQ JHQXLQRV QL PHUHFLGRV WDQWR HQ WpUPLQRV
HFRQyPLFRVFRPRGHMXVWLFLDGLVWULEXWLYD6HJ~Q7DQ]LODVSHUVRQDVFRQXQDOWRSDWULPRQLRQHWRUDUDYH]
VRQDJHQWHVTXHRSHUDQHQIRUPDDLVODGDHQPHUFDGRVFRPSHWLWLYRVSRUORJHQHUDOVRQLQGLYLGXRVTXHVH
YHQ EHQHILFLDGRV SRU QRUPDV LQVWLWXFLRQHV SUiFWLFDV JXEHUQDPHQWDOHV PRQRSROLRV \ OD DSOLFDFLyQ GH
UHVWULFFLRQHVDODFRPSHWHQFLDTXHSRVLELOLWDQJDQDQFLDV\XWLOLGDGHVH[WUDRUGLQDULDV\HOSDJRGH³PHJD
VDODULRV´ D ORV JHUHQWHV \ ORV HMHFXWLYRV GH PiV DOWR QLYHO 7DQ]L FRQVLGHUD TXH OD LPSRVLFLyQ GH
JUDYiPHQHVPD\RUHVDORVULFRVWDPELpQVHMXVWLILFDSRUHOKHFKRGHTXHTXLHQHVWLHQHQHOSDWULPRQLR\


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

ORVLQJUHVRVPiVDOWRVHVWiQGLVSXHVWRVDVDFULILFDUSDUWHGHVXLQJUHVRTXHOXHJRSXHGHUHGLVWULEXLUVHDO
UHVWRGHODVRFLHGDGDWUDYpVGHODWULEXWDFLyQSDUDPDQWHQHUVXDOWRHVWDWXVVRFLDO\VXQRWDEOHLQIOXHQFLD
SROtWLFD VHUtDHTXLYDOHQWHDOSUHFLRDSDJDUSRUPDQWHQHUVHHQSRVLFLRQHVGHDOWDLQIOXHQFLD\HVWDWXV 
6LQHPEDUJRHVWHDUJXPHQWRHVPiVYDOLGRSDUDORVV~SHUULFRVTXHSDUDTXLHQHVDXQQRKDQOOHJDGRDOD
FLPD GHLQJUHVR\ULTXH]D (VWRV~OWLPRVSXHGHQPRVWUDUXQDPD\RUUHVLVWHQFLDDOSDJRGHLPSXHVWRV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

9 &RPHQWDULRVILQDOHV

/D JOREDOL]DFLyQ OD OLEHUDOL]DFLyQ HFRQyPLFD HO DFHOHUDGR FDPELR


WHFQROyJLFR OD DPSOLDFLyQ GH ORV PHUFDGRV ILQDQFLHURV KDQ FUHDGR \
WDPELpQ GHVWUXLGR  ULTXH]DV /D HYLGHQFLD GLVSRQLEOH LQGLFD TXH HQ
PXFKRV FDVRV XQD UHGXFLGD PLQRUtD ²ODV HOLWHV HFRQyPLFDV² VH KD
DSURSLDGR HQ XQD DOWD SURSRUFLyQ GHO YDORU HFRQyPLFR FUHDGR SRU HVWRV
FDPELRV \ WUDQVIRUPDFLRQHV /RV VXHOGRV ODV ERQLILFDFLRQHV \ ODV
JDQDQFLDVGHORVSURSLHWDULRV\GHTXLHQHVGHWHQWDQORVFDUJRVPiVDOWRVHQ
HPSUHVDV\EDQFRVKDQDXPHQWDGRHQIRUPDH[SORVLYDHQODV~OWLPDVWUHV
GpFDGDV HQ SDtVHV FRPR (VWDGRV 8QLGRV HO 5HLQR 8QLGR 5XVLD &KLQD
,QGLD \ SDtVHV GH $PpULFD /DWLQD $XQ QR VH KD HVFULWR OD IDVFLQDQWH
KLVWRULD GH ODV QXHYDV IRUWXQDV FUHDGDV HQ OD HUD GH OD JOREDOL]DFLyQ \ HO
QHROLEHUDOLVPR/DOHJLWLPLGDGGHODDOWDULTXH]DHVXQWHPDFRPSOHMR6H
PH]FODQ UHFRPSHQVDV DO HVIXHU]R OD LQQRYDFLyQ \ HO WDOHQWR FRQ OD
LQWHUQDOL]DFLyQ GH UHQWDV DVRFLDGRV D ORV FRQWDFWRV SROtWLFRV ODV
SULYDWL]DFLRQHVODVUHVWULFFLRQHVDODFRPSHWHQFLD\ODFRUUXSFLyQ
(Q HO SUHVHQWH DUWtFXOR VH DQDOL]DQ GLVWLQWRV HQIRTXHV FRQFHSWXDOHV
VREUHHORULJHQ\FDUDFWHUtVWLFDVGHODVHOLWHV\VHSUHVHQWDGDWRVEDVDGRVHQ
LQIRUPDFLyQGHODVDXWRULGDGHVWULEXWDULDVVREUHHOQLYHO\ ODHYROXFLyQGH
ODVSDUWLFLSDFLRQHVHQHOLQJUHVRGHODVUHQWDVPiVDOWDVGHODGLVWULEXFLyQGH
LQJUHVRVSDUDHFRQRPtDVDYDQ]DGDV\SDtVHVHQGHVDUUROORTXHGLVSRQHQGH
HVWDLQIRUPDFLyQ(Q$PpULFD/DWLQDODPHQWDEOHPHQWHHVWDLQIRUPDFLyQHV
PiV GLItFLO GH DFFHGHU /RV GDWRV UHYHODQ OD WHQGHQFLD D XQ DXPHQWR HQ OD
SDUWLFLSDFLyQHQHOLQJUHVRGHOSRUFLHQWR RSRUFLHQWR PiVULFRWDQWR
HQ ORV SDtVHV DQJORVDMRQHV GHVDUUROODGRV FRPR HQ HFRQRPtDV TXH KDQ
DGRSWDGRUHIRUPDVGHOLEUHPHUFDGRHQGLVWLQWDVPRGDOLGDGHV
 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

$VLPLVPRHOHVWXGLRDQDOL]DHOPDUJHQSDUDDXPHQWDUORVLPSXHVWRVSHUVRQDOHVDSOLFDEOHVDODV
UHQWDV DOWDV HQ SDtVHV GH $PpULFD /DWLQD FX\RV VLVWHPDV WULEXWDULRV VRQ PX\ GHSHQGLHQWHV GH OD
WULEXWDFLyQLQGLUHFWDDILQGHLQFUHPHQWDUODVHQWUDGDVGHO(VWDGRSDUDILQDQFLDUODSURYLVLyQGHVHUYLFLRV
VRFLDOHVODUHGXFFLyQGHODSREUH]D\HOGHVDUUROORGHODLQIUDHVWUXFWXUDS~EOLFD
(QHODUWtFXORVHDQDOL]DODLQIOXHQFLDGHIDFWRUHVQRFRPSHWLWLYRVHQODJHQHUDFLyQGHDOWRVLQJUHVRV\
VHH[DPLQDWDPELpQODLQIOXHQFLDGHODVHOLWHVVREUHODGHVLJXDOGDG\HOIXQFLRQDPLHQWRGHODGHPRFUDFLD
(Q XQ PXQGR JOREDOL]DGR FRQ PRYLOLGDG GHO FDSLWDO \ SDUDtVRV ILVFDOHV OD WULEXWDFLyQ D QLYHO
QDFLRQDOQRVHUiVXILFLHQWHSRUVtVRODSDUDFRUUHJLUODVWHQGHQFLDVDFWXDOHVDODGHVLJXDOGDGJOREDO\OD
IRUPDFLyQ GH QXHYDV HOLWHV HFRQyPLFDV (Q HVWH FRQWH[WR VH QHFHVLWD FRQ XUJHQFLD DJLOL]DU DFXHUGRV
LQWHUQDFLRQDOHVGHWULEXWDFLyQDODVUHQWDVDOWDV
)LQDOPHQWHHVLPSRUWDQWHQRWDUTXHODDOWDGHVLJXDOGDGQRVHFRUUHJLUiVRORFRQPD\RUWULEXWDFLyQ
3DUDHVWHSURSyVLWRVHUtDQHFHVDULRDERUGDUXQDGLYHUVLGDGGHIDFWRUHVTXHFRQWULEX\HQDODJHQHUDFLyQ\
UHSURGXFFLyQ GH OD GHVLJXDOGDG FRPR OD FRQFHQWUDFLyQ GHO PHUFDGR OD LPSRVLFLyQ GH EDUUHUDV D OD
FRPSHWHQFLD OD SURWHFFLyQ HVWDWDO GH ORV JUDQGHV FRQJORPHUDGRV ILQDQFLHURV HO GHELOLWDPLHQWR GH ORV
VLQGLFDWRV \ OD VRFLHGDG FLYLO \ GHVDUUROODU UHIRUPDV TXH FRQWUDUUHVWHQ HO HQRUPH SRGHU SROtWLFR \
PHGLiWLFRTXHJR]DQHQODDFWXDOLGDGODVHOLWHVHFRQyPLFDV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

%LEOLRJUDItD

$OYDUHGR)  ³$1RWHRQWKH5HODWLRQVKLSEHWZHHQ7RS,QFRPH6KDUHV


DQG WKH *LQL &RHIILFLHQW´ 'LVFXVVLRQ 3DSHU 1R  &HQWUH IRU
(FRQRPLF3ROLF\5HVHDUFK8.
$WNLQVRQ $ %   ³&RQFHQWUDWLRQ DPRQJ WKH 5LFK´ :,'(5 :RUNLQJ
3DSHU
$WNLQVRQ$%73LNHWW\DQG(6DH]  ³7RS,QFRPHVLQWKH/RQJ5XQ
RI+LVWRU\´-RXUQDORI(FRQRPLF/LWHUDWXUH
%iUFHQD $ DQG 1 6HUUD   HGLWRUHV &ODVHV 0HGLDV \ 'HVDUUROOR HQ
$PpULFD/DWLQD&(3$/6HFUHWDULD*HQHUDO,EHURDPHULFDQD\&,'2%
%LUGVDOO 1   ³7KH ,QGLVSHQVDEOH  0LGGOH &ODVV LQ 'HYHORSLQJ
&RXQWULHV RU WKH 5LFK DQG WKH 5HVW QRW WKH 3RRU DQG WKH 5HVW´ :RUNLQJ
3DSHU  :DVKLQJWRQ '& 8QLWHG 6WDWHV &HQWHU IRU *OREDO
'HYHORSPHQW
'DKO 5   3OXUDOLVW 'HPRFUDF\ LQ WKH 8QLWHG 6WDWHV &KLFDJR 5DQG
0F1DOO\
'LHWO + 7 'XVFKO DQG 0 /DQJ   ³([HFXWLYH SD\ 5HJXODWLRQ :KDW
5HJXODWRUV 6KDUHKROGHUV DQG 0DQDJHUV &DQ /HDUQ IURP 0DMRU 6SRUWV
/HDJXHV´:RUNLQJ3DSHU6HULHV,QVWLWXWHIRU6WUDWHJ\DQG%XVLQHVV
(FRQRPLFV8QLYHUVLW\RI=XULFK
(DVWHUO\ :LOOLDP   ³7KH 0LGGOH &ODVV &RQVHQVXV DQG (FRQRPLF
'HYHORSPHQW´-RXUQDORI(FRQRPLF*URZWKYROQSS
)UDQN5+DQG3-&RRN  7KH:LQQHU7DNH$OO6RFLHW\)UHH3UHVV
1HZ<RUN
*LOEHUW '   7KH $PHULFDQ &ODVV 6WUXFWXUH LQ DQ $JH RI *URZLQJ
,QHTXDOLW\6HYHQWK(GLWLRQ3LQH)RUJH3UHVV/RV$QJHOHV/RQGRQ1HZ
'HOKL6LQJDSRUH
*yPH] 6DEDLQL -& -LPpQH] -3 DQG 5RVVLJQROR '  ´3HUVRQDO
,QFRPH 7D[ DQG (TXLW\ LQ /DWLQ $PHULFD 1HZ &KDOOHQJHV´ 3DSHU
3UHVHQWHG DW WKH ,QWHUQDWLRQDO 7D[ 'LDORJXH &RQIHUHQFH 1HZ 'HOKL
'HFHPEHU 


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ

,UZLQ*  6XSHU5LFK 7KH5LVHRI,QHTXDOLW\ LQ%ULWDLQ DQGWKH8QLWHG6WDWHV3ROLW\3UHVV8.DQG


86$
.DOHW]N\$  &DSLWDOLVP7KH%LUWKRID1HZ(FRQRP\%ORRPVEXU\/RQGRQ%HUOLQ1HZ<RUN
/DQJORLV5DQG0&RVJHO  ³)UDQN.QLJKWRQ5LVN8QFHUWDLQW\DQGWKH)LUP$1HZ,QWHUSUHWDWLRQ´
(FRQRPLF,QTXLU\9RO;;;,-XO\
/ySH]&DOYD/DQG1/XVWLJHGLWRUV  'HFOLQLQJ,QHTXDOLW\LQ/DWLQ$PHULFD$'HFDGHRI3URJUHVV
81'3DQG%URRNLQJV,QVWLWXWLRQ3UHVV
3L]]LJDWL 6   ³7KH &RUSRUDWH 3D\ *DS 'R ZH QHHG DV 0D[LPXP :DJH"´ 3HUVSHFWLYHV RQ :RUN
6XPPHU,VVXH
6DFKV-  7KH3ULFHRI&LYLOL]DWLRQ5DQGRP+RXVH1HZ<RUN
6HQ3.  ³7KH+DUPRQLF*LQLFRHIILFLHQWVDQG$IIOXHQFHV,QGH[HV´0DWKHPDWLFDO6RFLDO6FLHQFHV

6ROLPDQR$  HGLWRU7KH,QWHUQDWLRQDO0RELOLW\RI7DOHQW2[IRUG8QLYHUVLW\3UHVV
   ³6W\OL]HG)DFWVRQWKH0LGGOH&ODVVDQGWKHGHYHORSPHQW3URFHVV´FKDSWHULQ$(VWDFKHDQG
'/HLS]LJHUHGLWRUV6WXFNLQWKH0LGGOH,V)LVFDO3ROLF\)DLOLQJWKH0LGGOH&ODVV"%URRNLQJV,QVWLWXWLRQ
3UHVV:DVKLQJWRQ'&
 DQG ' $YDQ]LQL   ³ 7KH ,QWHUQDWLRQDO &LUFXODWLRQ RI (OLWHV .QRZOHGJH (QWUHSUHQHXULDO DQG
3ROLWLFDO´ ZLWK 'LHJR $YDQ]LQL FKDSWHU  LQ 7KH 5ROH RI (OLWHV LQ (FRQRPLF  'HYHORSPHQW (GLWHG E\
$OLFH$PVGHQ$OLVD'L&DSULRDQG-DPHV5RELQVRQ2[IRUG8QLYHUVLW\3UHVV IRUWKFRPLQJ 
    ³7KH &ULVLV RI )LQDQFLDO &DSLWDOLVP 7KH (XURSHDQ DQG RWKHU &ULVHV LQ +LVWRULFDO 3HUVSHFWLYH´
PLPHR&,*/2%6DQWLDJR
6WLJOLW]-  7KH3ULFHRI,QHTXDOLW\1RUWRQDQG1RUWRQ1HZ<RUN
6ZHH]\ 3   ³3RZHU (OLWH RU 5XOLQJ &ODVV"´ LQ & :ULJKW 0LOOV DQG WKH 3RZHU (OLWH HGLWHG E\ *:
'RPKRIIDQG+%%DOODUG%RVWRQ%HDFRQ3UHVV
7DQ]L 9   ³(TXLW\ 7UDQVSDUHQF\ &RRSHUDWLRQ DQG WKH 7D[DWLRQ RI +LJK :RUWK ,QGLYLGXDOV´ 3DSHU
3UHVHQWHGDWWKH,QWHUQDWLRQDO7D['LDORJXH&RQIHUHQFH1HZ'HOKL'HFHPEHU
8QLWHG 1DWLRQV   :RUOG (FRQRPLF DQG 6RFLDO 6XUYH\  ,Q 6HDUFK RI 1HZ 'HYHORSPHQW )LQDQFH
'HSDUWPHQWRI(FRQRPLFDQG6RFLDO$IIDLUV1HZ<RUN









&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1ƒ (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ





 6HULH

 PDFURHFRQRPtDGHOGHVDUUROOR

1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV

 (OLWHVHFRQyPLFDVGHVLJXDOGDG\WULEXWDFLyQ-XDQ3DEOR-LPpQH]\$QGUpV6ROLPDQR /&/ 


 /DUHIRUPDWULEXWDULDXUXJXD\DGHDOJXQDVFRQVLGHUDFLRQHVGHHFRQRPtDSROtWLFD \ FRPSRUWDPHQWDO$QGUpV
5LXV /&/ 
 ,QIRUPDOLGDG\WULEXWDFLyQHQ$PpULFD /DWLQD([SORUDQGRORVQH[RVSDUD PHMRUDUODHTXLGDG-XDQ&DUORV*yPH]
6DEDtQL\'DOPLUR0RUiQ /&/ 
 &ODVHPHGLD\SROtWLFDILVFDOHQ$PpULFD/DWLQD'LHJR$YDQ]LQL /&/ 
 &UHFLPLHQWRHPSOHR\GLVWULEXFLyQGHLQJUHVRVHQ$PpULFD/DWLQD-UJHQ:HOOHU /&/ 
 5HYHQXH VKDULQJ WKH FDVH RI %UD]LO¶V ,&06 -RVp 0DQXHO $UUR\R -XDQ 3DEOR -LPpQH] DQG &DUORV 0XVVL
/&/ 
 (VWLPDFLyQGHODUHFDXGDFLyQSRWHQFLDOGHOLPSXHVWRDODUHQWDHQ$PpULFD/DWLQD'DUtR5RVVLJQROR /&/ 
 ,PSRVLFLyQDODUHQWDSHUVRQDO\HTXLGDGHQ$PpULFD/DWLQD1XHYRVGHVDItRV-&*yPH]6DEDLQL-3DEOR-LPpQH]
\'DUtR5RVVLJQROR /&/ 
7D[VWUXFWXUHDQGWD[HYDVLRQLQ/DWLQ$PHULFD-XDQ&DUORV*yPH]6DEDLQLDQG-XDQ3DEOR-LPpQH] /&/ 
&RPPRGLWLHV FKRTXHV H[WHUQRV H FUHVFLPHQWR UHIOH[}HV VREUH D $PpULFD /DWLQD 5LFDUGR GH 0HGHLURV &DUQHLUR
/&/ 
)UDJLOLGDGH[WHUQDRGHVLQGXVWULDOL]DFLyQ¢&XiOHVODSULQFLSDODPHQD]DGH$PpULFD/DWLQDHQODSUy[LPDGpFDGD"
5REHUWR)UHQNHO\0DUWtQ5DSHWWL /&/ 
'HVDItRV H LPSOLFDQFLDV ILVFDOHV GH OD LQYHUVLyQ HQ LQIUDHVWUXFWXUD EDMD HQ FDUERQR 0DUWLQD &KLGLDN \ 9HUyQLFD
*XWPDQ /&/ 
/D LQWHJUDFLyQ D ORV PHUFDGRV ILQDQFLHURV LQWHUQDFLRQDOHV FRQVHFXHQFLDV SDUD OD HVWDELOLGDG PDFURHFRQyPLFD \ HO
FUHFLPLHQWR5REHUWR=DKOHU /&/ 
(YDOXDQGRODHTXLGDGYHUWLFDO\KRUL]RQWDOHQHOLPSXHVWRDOYDORUDJUHJDGR\HOLPSXHVWRDODUHQWDHOLPSDFWRGH
UHIRUPDVWULEXWDULDVSRWHQFLDOHV/RVFDVRVGHO(FXDGRU*XDWHPDOD\HO3DUDJXD\0LFKHO-RUUDWW /&/ 
0DFURHFRQRPLFFKDOOHQJHVRIILVFDOGHFHQWUDOL]DWLRQLQ/DWLQ$PHULFDLQWKHDIWHUPDWKRIWKHJOREDOILQDQFLDOFULVLV
7HUHVD7HU0LQDVVLDQ\-XDQ3DEOR-LPpQH] /&/ 
(O ILQDQFLDPLHQWR GH ORV JRELHUQRV VXEQDFLRQDOHV HQ $PpULFD /DWLQD XQ DQiOLVLV GH FDVRV -XDQ &DUORV *yPH]
6DEDLQL\-XDQ3DEOR-LPpQH] /&/ 
/D FDOLGDG GHO HPSOHR HQ $PpULFD /DWLQD -UJHQ :HOOHU \ &ODXGLD 5RHWKOLVEHUJHU /&/ 3  1ƒ GH YHQWD
6,,* 86 



• (OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ


 1RPEUH
 $FWLYLGDG

 'LUHFFLyQ
 &yGLJRSRVWDOFLXGDGSDtV

 7HO)D[(PDLO








You might also like