You are on page 1of 178

 

%,% /,27( &$  $1'LI


-

/$6 3/ $17$&,21(6 $=8& $5( 5$6 ‡

( 1B &/  3( 58 ‡


 

3D EOR PDFHUD

O D  ‡
‡

‡

‡


W
‡

U
VLVXF7( & $ $ 1'呸1$ 

/ $6
 3/ $17 $&,21( 6 =8&$5 ( 5$6
( 1 ( /  3( 58
  

SDEOR PDFHUD

OLPD
U

(V W H W U DEDM R GHEL y V HU  XQ SU 呸O RJR D O RV  GRF XPHQW RV 


TXH KHPRV  SXEO L F DGR FRQ HO  W t W XO R  &D\ DO W t   2U JDQL ] DF L yQ
GHO  7U DEDM R HQ XQD 3O DQW DF L yQ $] XF DU HU D GHO  3HU ~  O   
/ L PD    'H DKt  O DV  U HI HU HQF L DV  TXH D HV D KDF L HQGD I L 
JXU DQ HQ HO  W H[ W R  3HU R PX\  SU RQW R V H FRQY L U W t y HQ XQ W U 呸
EDM R L QGHSHQGL HQW H GH FDU iFW HU  JHQHU DO  \ GHF L GL PRV  SXEO L   
FDU O R SRU  V HSDU DGR  7DO  FRPR V H SU HV HQW D V yO R HV  O D 3DU W H
,  GH XQ HV W XGL R V REU H /RV  6L V W HPDV  $QGL QRV  GH 3O DQW DF L RQHV 
TXH SRU  FRPSU RPL V RV  HGL W RU L DO HV  V yO R SRGU i DSDU HF HU  HQ  
(Q HV W D ~O W L PD REU D KHPRV  L QF O XL GR O RV  FXDGU RV  HV W DGt V W L F RV 
TXH DKRU 呸 RPL W L PRV  
?
呸 呸 W    (V W D L QY HV W L JDF L Q TXL HU H L QV L QXDU  DO JXQDV  KL SW HV L V   
†  G 
BFFB 呸
DF HU F D GH O D I RU PDF L Q KL V W U L F D GH O DV  U HO DF L RQHV  GH W U D
EDM R HQ O D DJU L F XO W XU D DQGL QD GH H[SRU W DF L Q  6O R DQDO L ] DU HPRV  SRU  D
KRU D XQ FDV R  HO  L QJHQL R F Dx DY HU DO  GH &DY DO W L   DQW L JXD SU RSL HGDG GH O D
I DPL O L D $V SL O O DJD HQ O D FRV W D QRU W H GHO  3HU ~ Y DO O H GH =Dx D  DF W XDO  G呸
SDU W DPHQW R GH /DPED\ HTXH   &D\ DO W L  HV  FL HU W R QXQF D I XH O D PiV  JU DQGH
\ SRGHU RV D QL  O D PiV  DQW L JXD GH O DV  SO DQW DF L RQHV  FDx DY HO DU HV  GHO  3HU ~ 
< SRU  PXF KR TXH I XHU D O D V L JQL I L F DF L Q V RF L DO  \ HF RQPL F D GH V XV  SU R  
SL HW DU L RV  XQR GH HO O RV  FDV L  O O HJ D VHU  FDQGL GDW R D O D SU HV L GHQF L D GHO 
3HU ~  V X L QI O XHQF L D I XH GHF U HF L HQGR \ HQ O DV  ~O W L PDV  GpF DGDV  HU D L QI H 
U L RU  DO  SRGHU  L QPHQV R GH D] XF DU HU RV  FPR 3DU GR \ 3L HGU D \  SRU  PX\  GHED
M R GH O RV  JU DQGHV  FRQV RU F L RV  H[ W U DQM HU RV  *L O GHPPHL V W HU   *U DF H   'HV 
SXpV  GH XQD  HGDG GH RU R   D SU L QF L SL RV  GH HV W H V L JO R  V O R Y HQt D D R
FXSDU  XQ V HJXQGR SXHV W R GH KRQRU  \ EHQHI L F L R HQW U H O RV  EDU RQHV  GHO  D] 呸
FDU   DO JR SRU  HQF L PD GH O DV  JHQW HV  GH $QGDKXDV L  HQ HO  Y DO O H GH +XDF KR
\  GH O RV  5RPDx D GH $U HTXL SD  , QF O XV R I Xp &D\ DO W L  O D ~QL F D JU DQ HPSU H 
V D D] XF DU HU D TXH HQ O D GHpDGD GH O RE Dx RV   O O HJ DO  U RU GH GH O D
TXL HEU D  6XV  SU RSL RV  GXHx RV  QR DEU L JDEDQ JU DQGHV  L O XV L RQHV  DF HU F D GH
VX L PSRU W DQF L D  (Q  FRPSDU DEDQ HQY L GL RV DPHU W H VXV  XW L O L GDGHV  FRQ
O DV  TXH REW HQt D /DU F D HQ 7U X呸L O O R  V Rx DQGR FRQ DO F DQ] DU  O RV  呸  GH
XW L O L GDG GH O D QHJRF L DF L Q 5RPD  &XDQGR SRU  HV RV  PL V PRV  Dx RV  $QW HU D  
$V SL O O DJD  GHV SXpV  GH JDV W DU  /S    HQ XQ Y L DM H W pF QL F R SRU  (XU RSD
V XSR TXH KDEt D SO DQW DF L RQHV  I XHU D GHO  3HU ~ DXH DGPL QL V W U DEDQ   R
SHU DU L RV   5DPyQ $V SL O O DJD V XV SL U  GHV GH &D\ DO W L  U HF RU GDQGR TXH DSHQD
V L  SRGt D  FRQ HQJDQF KH \ W RGR  U HF O XW DU   W U DEDM DGRU HV  
$ SHV DU  GH HV W D PRGHV W L D U HO DW L Y D &D\ DO W L  KDEt D V XSHU DGR
GH KHF KR HO  XPEU DO  TXH HQ HO  3HU ~ KD V HSDU DGR D O D 呸U DQ DJU L F XO W XU D GH
O RV  PHGL DQRV  HPSU HV DU L RV   3RGHPRV  FRQ W RGD U D] Q FRQV L GHU DU  HO  V X\ R  
FRPR XQ HM HPSO R W t SL F R GHQW U R GHO  V L V W HPD GH SO DQW DF L RQHV  GHV DU U SO O DGR
HQ HO  3HU ~ \ QRV  KD GH V HU Y L U  SDU D HV W XGL DU  FXDO HV  KDQ VL GR  HQW U H QRV 
W U RV  O RV  O t PL W HV  V RF L DO HV  GHO  PRGHO R DJU ^ F RO D H[ SRU W DGRU   1R呸 L QW HU H 
V D SXHV  SRU  HV W H FDU iF W HU  L O XV W U DW L Y R  1R V H W U DW D GH HV F U L EL U  O D

U L R
JU DI t D GH XQD KDU L HQGD  QL  O D KL V W RU L D GH XQ FXO W L Y R  1XHV W U D L QW HQ  
FL Q Y D PDV  DO O i GHO  DQiO L V L V  GH HV DV  X RW U DV  V L W XDF L RQHV  SDU W L F XO DU HV  
1RV  SU RSRQHPRV  PDV  EL HQ HQ HO  I XW XU R FRPSDU DU  O RV  GL I HU HQW HV  U HJt PHQHV 
O DERU DO HV  TXH KDQ L PSHU DGR HQ O DV  DF W L Y L GDGHV  DJU RSHF XDU L DV  GL U HF W DPH呸
W H FRQHF W DGDV  FRQ O RV  PHU F DGRV  PXQGL DO HV   U HF RO HF W RU HV  KDEL O L W DGRV 
F DXF KR  EDU EDV F R   PH L RU HU  R L W L QHU DQW H F DI p D SU L QF L SL RV  GHO  ; ,;  
DSDU F HU R R \DQDF RQD FO iV L F R FRV W Hx R DO JRGRQHV   H[SO RW DF L Q FDPSHV L Q" 
L QGHSHQGL HQW H SL U HW U R   HW F   $ EDV H GH L QI RU PDF L RQHV  FRQF U HW DV  SRUO U 呸
PRV  HQW RQF HV  V DEHU  FPR KD I XQF L RQDGR HQ HO  3HU ~  HQ SHU t RGRV  \  U HJL R 
QHV  GL I HU HQW HV   O D DJU L F XO W XU D GH H[ SRU W DF L Q \ TXH FRPEL QDF L RQHV  HV S呸
Ft I L F DV  V H KDQ SU RGXF L GR HQW U H O D FR\ XQW XU D HF RQPL F D PXQGL DO   O RV  QL 
LL

YHOHV 
"āFQROTLFV ODV GtV SRQLU/ O/ GDGHV UDF RQD/ HV R UH£"LRQ呸OHV GH  
t


呸 GH R/U \ HO HVWDUOR JHQHU L U-H /D HFRQyPtD LQWHUQD
*UDQ S-UWH UOH QXHVWU! W$UHD VyOR URQVLVWLU HQ HPXXMDU 呸
XQ V SXHUWDV DE HUWVV FDE呸PRV \" TXH OD PDQR GH REUD UXUDO HPSOHDGD
t

RU OD FDItD HQ H 3HU~ K SHVDGR SRU QR PHQRV GH FXDWUR IDVHV   OD 

FODYLWXG QJUD GHVGH HOVLJOR   ; 9 , KDVWD PHGLDGRV GHO ; 7;    HOFROR 
U  FK QR HQ 
 VHJXQGD PLWDG UOHO ; ,;    HO HQ]
t DQFWDGR GH OD V HUUDGHB
t

āā  ILQHV GHO ; ,;    HO WUDRDMDGRU GHILQtWLYDPHQWH SUROHWDUL]DUOR HQORV


ā aLPHURV GHFHQLRV GHO VLJOR ; ;  1LQJXQD QRYHGDG WUDH HVWD RHULRGLILFD 
UB

Q FXH GtD WUDV GIDV YtHULH VLHQGR FRQILUPDGD SRU QXHYRV HVWXG RV 3! t

ā-HR HQFFUUWUDU/ D HQ OD PRQXPHQW D, ILLVW ULD GH OD 5HS~EOLFD GH - RUJH 

‡DGUH TXH WDQWRV XVDQ VLQ FLWDU $Vt FRPR HQ WRGRV DDXHOORV TXH VH


ā RFXSDGR GLUHFāWD R LQGLUHFWDPHQWH GH OD E VWRU D GHOWUDEDMR H


 HO
t t

 HU^ GXUDUUW H  VLJORV ; ,;  \ ; ;  3D] 6R/Gi Y  UVWHYHV 'i YDORV *%U 
 LG
MOORD HWF   $ SHVDU GH VX H[DFWLWXG JHQHUDOHVD FODVLILFD

LyQ QHFHVLWD VLQH呸EDUJR VHU 4呸QHMDGD FRQ SUXGHQFLD (Q SULPHU WpUPL
QR OD FURQRORJt3 D呸H VX呸LHUH HVWi  OHMRV GH VHU YiOLGD D HVFDOD Q%FLR
āLUOSHUXDQD 6OR HV DR/IFDE/H D FLHUWDV UHULRQHV URVWV  \ FXOWLYRV
XQTXH OR YHUHPRV HQ RWUD RFDVLyQ HV SRVtW/ H TXH DVt HQ HO3HU~ FRPR

"Q RWUDV SDUWHV KD\D KDO-LGR \ H[LVWD XQ SURFHVR JHQHUDOL]DGR TXH YD
UHVGH IRUPDV DUFDLFDV GH UHODFLQ /DURUD/ HVFODYLWXG SUU HMHPSOR R VHU
LUFQEUH  ƒDFtD FDWUJRUIDV PRtHUQDV H /PSHUDRQDOHV TXH FRQGXFHQ DO R
WUHUR DDUIFR/D 3RU RWUR /DGR QR SRQHPRV OLPLWDU
QRV D HQXQFLDU XQD 
‡FHVLyQ GH WLSRV GH WUDEL呸R 1HFHVLWDPRV DGHPiV SULPHUR GH XQD p D 
VWIVWLFD KLVWyULFD TXH OD VRPHWD D SUXHEH Y GHVFXEU% VXV YDUL3QWHH \
$呸H呸iV G3 XQH FRPSOHPHQWDFLyQ FRQFHSWXDO / R 呸XH PiV LQWHUHV SDUD 
RGR SHQVDPLHQWR FLHQWtILFR QR HV HO SURGXFWR ILQDO /RV UHVXOWDGRV

L HO SURFHVR GH IRUPDFLyQ \ GHQWURUH HVH SURFHVR DULXH/ODV WUDQV F S t t

<HV TXH HYWGHQF RQ OD FR\XQWXUD FUtWLFD GH HDV GLYHUVDV HVWUXFWXUDV HU
t

呸FLHJR DVL FRPR ORV FDPELRV TXH VXIUHQ HVHV HVWUXFWQUDV OD GHVHVWUXF
XUDFtyQ`  (V GHFLU ¢4Xp IDFWRUHV GHWHUUQLQDURQ OD VXVWLWXFLyQ GH
XQD PRGD/tGDG GH WU3EDR SRU RWUD" ¢&yPR IXp LQVWUXPHQWDGR HO FDPEtR 
XH FRQGXMR D ORV KDFHQGDGRV GHVGH OD H[SORWDFLyQ GH ORV HVFOYRV KD 
FË3 OD Pi V UHILQDG% \ KDVWD Pi V GXUD H[SORWDFLyQ GHOSUROHWDULR UXUDO"
呸Â ÂBLp DOWHUQDWLYDV H[LVWLHURQ \ S
RUTXp IXHURQ SUR\HFWDGDV \ DEDQGRQD 
V" ¢3RUTXp SDUD HMHPSOLILFDU OD FDxD QR KL]R VXYDD ODV VROXFLRUHV
 WRUDOHV GH RWUDV DFWLYLGDGHBV DJURSHFXDUt DV GH H[SRUWDFLy Q FRUQR HO 
āÏQ \  ODQD" ¢)RUXp QR KXUR XQ \DQDFRQH GHO FDxDYHUDOD]XFDUHUR"
¢<  D OD LQYHUVD D TXp VH KD GHELGR /D HVSHFILF$ $VRFL$FLy Q HQWUH \呸

OF!FRQDMH \BDO£URGRP‡OHV" ¢6HUtH OGWLPR OODP%U D ORV DOJRGRQDOHV XHUXH  
 6 SODQWDFLRQHV IUXVWUI V"¢4Xp FDXVDV LPSLGLHURQ DXH HQ HO 3HU~ 
63 JHQHUDOL]HUD HO PRGHOR GH ORV ,QJHQLRV &HQWUDOHV"
L L L 

(O  HV W XGL R GH W RGRV  HV RV  SU REO HPDV  Y D D SHU PL W L U  HO  SO DQ 


W HDPL HQW R GH FXHV W L RQHV  GH XQ RU GHQ W HyU L F R PiV  JHQHU DO   (V  F L HQW t I L  
F D \ SRO t W L F DPHQW H PX\  L PSRU W DQW H H[ SO L F DU  O D DSDU HQW H SDU DGRM D TXH  
GHQW U R GH XQ V L V W HPD  F RPR O D SO DQW DF L yQ D] XF DU HU D  KD W RO HU DGR O D PiV 
DY DQ] DGD \ PTGHU QD HV W U XF W XU D HPSU HV DU L DO  GH W L SR FDSL W DO L V W D F RQ DO 呸
QDV  GH O DV  U HO DF L RQHV  V RF L DO HV  PiV  DU TDL F DV  GH W L SR SU HF DSL W DO L V W D  $O 
U HGHGRU  GH  SRU  HM HPSO R O RV  $V SL O O DJD PDQW HQt DQ F RU U HV SRQGHQF L D F 
PHU F L DO  F RQ O D &DV D .HQGDO O  GH /L Y HU SRRO   8QR GH HO O RV   , V PDHO   REV H呸
Y DED HQ )U DQF L D O DV  Y HQW DM DV  GHO  F XO W L Y R L QW HQV L Y R  2W U R Y L DM DED D  
9DO SDU Dt V R SDU D HV W XGL DU  O D DPSO L DF L yQ GH PHU F DGRV   3DJDEDQ V XHO GR D
XQ W pF QL F R L QJO pV  SDU D TXH O RV  DF RQV HM DU D V REU H O D PRGHU QL ] DF L yQ GH &D
\DO W L  \ V H GHGL F DEDQ SRU  DI L F L yQ D O DB F U L DQ] D GH FDEDO O RV  GH F DU U HU D 
3HU R DO  PL V PR W L HPSR HQY L DEDQ F DU W DV  D 0HU L QR GH 3L XU D  0HGL QD  %DU U H呸
W HV  \ +R\ RV  GH &DM DPDU F D SDU D TXH O HV  FRQV L JXL HU DQ

V RF RU U L GRV

 V HU U D 
QRV   SDJDEDQ D HV RV  HQJDQF KDGRV  HQ GL QHU R V yO R HO   GH V XV  V DO DU L RV  
7HQt DQ DGHPiV  \DQDF RQDV  SDU D O RV  SDV W RV  \ HO  DU U R]  \ KDV W D U H] DJRV   HQ
Y HM HF L GRV  GH F RO RQRV  FKL QRV   ¢&yPR KDF t D HV W D JHQW H S3U D F RQF L O L DU  W R
GDV  HV DV  PRGDO L GDGHV  \ TXH I XHU D RSHU DW L Y R HO  F RQM XQW R"   ¢&XiO  HU D O D
U HG TXH D W U DY pV  GH &D\ DO W L  F RPR GH 3RPDO F D \  &DV D *U DQGH  Y L QF XO DED
/L Y HU SRRO  FRQ O D V L HU U D SHU XDQD GH &DM DPDU F D"   ¢'H TXp PRGR V H M XQW D  
EDQ HO  V L JO R [[ \ O D HGDG QHRO t W L F D"  
1RV  HQF RQW U DPRV  V HJ~Q HV W DV  U HI O H[ L RQHV  GHQW U R HQ O D KRQ 
GXU D GHO  3HU ~  SHU R W DPEL pQ DI XHU D \ PiV  DO O i GHO  3HU ~ D XQ QL Y HO  TXH
L QW HU HV D D W RGRV  DTXHO O RV  SDt V HV  GRQGH HO  F DSL W DO L V PR KD V L GR XQ I HQy 
PHQR L QY DV RU  H[ W HU QR HQ Y H]  GH SU RGXF L U V H SRU  XQD HY RO XF L yQ L QW HU L RU  
3RU TXH W DO  F R\ XQW XU D KD GHW HU PL QDGR XQD HV SHF t I L F D DU W L F XO DF L yQ 3 )  
5H\      XQ HV F DO RQDPL HQW R GH PRGRV  GH SU RGXF F L yQ  0DF HU D  
  TXH QRV  L PSL GH F DU DF W HU L ] DU  D O DV  U HV SHF W L Y DV  V RF L HGDGHV  R DF XDO 
TXL HU D GH V XV  V HF W RU HV  FRPR PRGHU QR F DSL W DO L V W DV  R DU F DL F R SU HF DSL W 呸
O L V W DV  D V HF DV  \ H[ F O X\ HQW HPHQW H  3DU D H[SO L F DU  HV DV  GL V SDU L GDGHV  PR呸
W U DU  V X  U DF L RQDO L GDG  L QW HU QD  HV  GHF L U  V X DM XV W DPL HQW R \ PHGL DF L yQ D
FL HU W RV  I L QHV   QR EDV W D F RQ KDEO DU  GH L PSHU L DO L V PR  RO L JDU TXt D  PDV DV 
SRSXO DU 呸V   GHSHQGHQF L D L QW HU QD  PRY L PL HQW RV  FDPSHV L QRV   H[SO RW DF L yQ \
M XV W L F L D V RF L DO   3XHV  F XDO TXL HU D TXH
V HD O D FDU JD DI HF W L Y D Y  SRO t W L F D
DV RF L DGD D HV DV  SDO DEU DV  SRF R Y DO HQ V L QR V XPL QL V W U DQ W DPEL pQ XQ HV TXH 
PD GH F DXV DF L RQHV  F RQF U HW DV  R SU REDEO HV  \ XQD JHQHU DO L ] DF L yQ TXH RU JD 
QL U H W L SRV  \ Y DU L DQW HV  
&RQ U HO DF L yQ DO  V HF W RU  DJU DU L R XU JH U HY DO XDU  O D SHU W L QHQ 
F L D W HyU L F D \ O D Y DO L GH]  HPSt U L F D GH W RGDV  DTXHO O DV  L QY HV W L JDF L RQHV 
TXH KDV W D O D I HF KD  \ V REU H W RGR GHV SXpV  GH O D L L  JXHU U D PXQGL DO   KDQ
W U DW DGR GH F DU DF W HU L ] DU  F DGD XQR GH O RV  I DF W RU HV  \ DF W RU HV  GH O DV  V R  
F L HGDGHV  U XU DO HV  GHSHQGL HQW HV  'HQW U R GH QXHV W U R SU RJU DPD L QPHGL DW R SD 
U D O RV  I L QHV  GH HV W D PRQRJU DI t D V REU H &D\ DO W L  QR SRGU HPRV  F RQV L GHU DU  V L Q
呸Y 

HPWDUJR SRU DKRUD ORV HVWXGLRV UHIHUHQWHV D ORV VHFWRUHV \ IDFWRUHV 


QiV WUDGLFLRQDOHV GH ODV HFRQRPtDV DQGLQDV 5HLWHUHPRV VLQHPEDUJR OR

LFLR HQ XQ HVWXGLR UDQWHULRU QR GHEHPRV H[JJHUDU HO H[DFWQ SHVR GH 
ā D F HQGDV \ SODQWDFLRQHV GHQWUR GH OD VRFLHGDUO UXUDOSHU
XDQD (V &ËU
t

WR TXH HO D]~FDU \ HO DOJRGyQURQ UHWHQLGR GXUDUUWH WRUOR HO VLJOR ; ;  XU
3OWR SRUFHQWDMH GHOYDORU WRWDO GH ODV H[SRUWDFL RQHV GHO 3HU~
,
DDKLpQ
 YHUGDG TXH ORV GXHxRV GH HVRV QHJRFLRV IFHVHQ FULROORV R H[WUQM- 
URH UDQ VLULR GXUDUUWH ODUJR WLHPSR HO UXSR RH SUHVLyQ QHF RUV/ PiU 
t

8HUWH HQ HO RUGHQ SROtWLFR HFRQyPLFR \ VRFLDO 3HUR GH RWUR ODGR

- 2 UOHEHPRV ROYLGDU TLH WDQWR HVDV S/ VUUW DF RQHV FRPR /UV SUYStHV KD 
t

FLHQGDV PRGHUQDV R WUDGLFLRQDOHV  QXQFD OOHJDURQ£ £  WHQHU XQ FRQWURO


呸 VROXWR HIHFWLYR \ GLUHFWR VREUH OD PD\RUtD GH OD QREODFLyQ FD呸SHV呸
UF GHO3HU~ (Q ~2 VREUH XQH SREODFLyQ UXUDO FHQVDUOD GH DO  UULV 
H  GH KDE WDQWHV VyOR YLYtDQ GHQWUR UOH ODV KDFLHQGDV LQB 
t

FOX\HQUOR SODQWDFLRQHV HO呸  ELHQ ORV PiV DOWRV SRUFHQWDMHV


OI QDUD HO &DOODR T? R 
 \  HQ /HPEDYHTXH ,FD
LUQDā \ / D / LEHUWDG  FRUUHVSRUUG/DQ D ORV GHSDUWDPFQWRV GH OD
]RQD FRV
RHD GRQGH VH KDEtD LQVWDODGR GHVGH DQW JXR OD
+7 LFXOWXUH GH H[QRUW
t

6L SHVH D HVWDV FUVHUYDFtRQHV SUHIHUtPRV SRU DKRUL HVWX


U-LDU D/JXQRV HMHPSORV GH KD FtHQGDV \ S/DUUWDFtRQHV VH GHEH SUtUF/SD/ 
UHUUWH D QXHVWUDV GLILFXOWDGRV DFWXDOHV SDUD REHQHU LQIRUPDFLy Q YiOL
D DFHUFD GH ORV VHFWRUHV D£ UUtFRODV WUDGLFRQDHV GHO PXQGR DQG QR t ¢

XHVWUD DEVWHQFLyQ QR LQGLFD QLQJXQD SUHIHUYQF H SHUVRQDO t

BāāFD TXH ORV IDFWRUHV WUDGLFLRQDOHV KD\DQ VLGR R VHHQ KR\ PHQRV  LU
呸RUWDQWHV TXH ORV PRGHUQRV SDUD H[SOLFDU HO SURFHVR VRFLDO HFRQyPLFR
-  3HU~ 7RGDYtD Pi V D  ORV GRV RSHUDQ GHQWUR GH XQ RJOR FDPSR GH
BHUDFFLyQ TXH YHUWUHED OD HFRQRPtD SHUXDQD FRPR XQD VROD HVWUXFWXUD
  HO FRPSRQHQWH WUDGLFLRQDO GH QXHVWUDV VRFLHGDGHV QR VH DMVOD \ VH
HD GHO PRGHUQR HQ XQD ]RQD GH UHIXJLR VLQR OH DPHRV VH /QFRU
SRUUQ
U LQWHULRU呸H FDGD XQD GH ODV GLIHUHQWHV XQLGDGHV GH SURGXFFLyQ DJU呸
FXDULD VHDQ KDFLHQGDV SODQWDFtRQHV JUDQDV FRRSHUDWWYDV
-  FRPX



O

LDGHV FDPSHVLQHV $O SXQWR TXH OD GLYLVLyQ GH OD UHVSHFWLYD VRFLH
‡DG HQ GRV VHFFLRQHV XQH PRGHUQD OD RWUD WUDGLFLRQDO VyOR LQGLFD 

 PDRU SHVR HVSHFtILFR GH XQR GH ORV IDFWRUHV SHUR QR VX @ UHVHQFL
O
HVFOXVLYD
(Q FLHUWD PHGLGD SRU FRQVLJXLHQWH QXHVWUDDQLVLyQ UHV WD

 - 


‡āRā呸SHQVDGD SXHVWR TXH DOHVWXGLDU HO VLVWHPD GH S/VQWDF/RULHV HQ HO "呸
Qt QRV KHPRV GH UHIHULU D XQ FRPUOHMR HPSUHVDULHOGH WLSR FUULWDOLVW!
ULR£-H DFWXDQ VtQHPEDUUR ORV FRPSRQHQWHV WU
OUOLFLRQDOHV JHUHUD/t]DGRV 

O WRGD OD VRFLHGDG SHUXDQD 3HUR HYLWHPRV GHVGH XQ SULQFLSLR /DV &2B 

LVLRQHV ¢$ TXp HVWDUQRV OODPDQGR SODQWDFLRQHV HQ HO ‡HU~" ¢3RUTXp ā
 Y 

Q
 O  VHJXL U  KDEO DQGR FRPR VL HPSU H V H KL ] R GH +DF L HQGDV  GH &D呸D"   /D HV H呸
呸F W
RU W XQD GHO  QRP EU H \ VX U HF L HQW H DGRSF L Q SRU  O RV  PHGL RV  FL HQW t I L   

 O V  SHU XDQRV   V RQ SRU  V t  PL V PRV  XQ L QGL F L R GH TXH HO  3HU ~ KD V L GR XQD
  QD U HO DW L Y DPHQW H PDU JL QDO  \ W DU Gt D GHQW U R GH O RV  VL V W HPDV  /U U W HU QDF tR
 O HV  GH SO D呸W DF L RQHV   'HV GH O XHJR TXH O DV  KXER GHV GH PX\  W HPSU DQR G呸
U  QW H HO  FRO RQL DM H HVSDxR/ SHU R QXQF D
 W XY L HU RQ HO  SHV R \ O D V  JQ U  F ! t t t


FL yQ TXH DGTXL U L HU RQ HQ RW U RV  SDt V HV   1R HV W XY L HU RQ W DPSRF R HV DV  SU L   

HU HV  SO DQW DF L RQHV  FRO RQL DO HV  GL U HF W DPHQW H Y L QF XO DGDV  DO  W U iI L F R DW O iQ
tFR W U DV RF HiQL F R  6XV  PHU F DGRV  HU DQ O RV  S /V HV  Y HF L QRV  GH &KL O H &K  B
F V  \ %XHQRV  $L U HV   'H KHF KR 3  &RXU W $QD\    O D SO DQW DF L Q I XH XQ
ā
<HO R L QW HU F RQW L QHQW DO  DV RF L DGR D O D H[SDQV L Q HXU  RSHV  PXF KR PpV JHQ呸
(  L ] DGR HQ O ā V  FRO RQL DV  I U DQF HV DV   L QJO HV DV  \ KR/DQGHV DV  TXH HQ  B   XH 
/O  RV GRPL QL RV  HV SDx RO HV  FRPR HO  3HU ~ RU L HQW DGRV  SUtQF t SH, PHU U W H D O D  
   U RO XF F L Q PL QHU D  6X GL V W U L K F L Q JHRJUpI FD PXF KR PiV  H[ W HQV D TXH

t

呸D GHO  )HXGR āDV XPL   HQ SDO DEU DV  GH 7K呸PSV RQ   O D I RU PD GH XQF L Q
呸XU RQ GH Ft U F XO RV  FRQF pQW U L F RV  DO U HGHGRU  GHO  HM H HF RQPL F R GRPL QHQ 
BHB =XU RSD  6X Q~F O HR GH L PSO QQW DF L Q L QL F L DO  I Xp $PpU L F D  SHU R QR O D
U 呸U W H HV SDx RO D GHO  3DF t I L F R VXU  RF F L GHQW DO  V L QR XQD DPSO L D ] RQD L QPH  
āULDWD D O RV  W U SL F RV   HQW U H O RV  JU DGRV   GH O DW L W XG QRU W H \  GH O D 
W 呸W XG VXU   FRPSU HQGL HQGR HO  VXU  GH O RV  DF W XDO HV  (( 88  O DV  FRV W DV  GHO 
U DV L O   O DV  2XD\ DQDV  \ HO  &DU L EH U  KQW ]     /D DPSO L W XG GH HV W H W 呸
FU L W RU L R \ O D GL Y HU V L GDG GH O RV  FRQW H[ W RV  U HJL RQDO HV   KD GHW HU PL QDGR  
<U L HGDGHV  HQ O RV  V L V W HPDV  GH SO DQW DF L RQHV   $XQTXH  FRPR O R KD REV HU  
DGR 6W HZDU W   V H DGY L HU W H XQD FL HU W D U HJXO DU L GDG HQ O D HV W U XF W XU D V R  
呸L DO  \ HV  SRV L EO H GHI L QL U  DO JXQDV  FDU DF W HU t V W L F DV  FRPXQHV   FXDO TXL HU D
TXH V HD HO  SDt V  \ HO  FXO W L Y R U HV SHF W L Y R  FDXF KR HQ - DY D  DO JRGyQ HQ
ā -8 D] ~F DU  HQ &XED \ HO  3HU ~  DU U R]  HQ %XU PD  HW F   (Q W RGRV  O RV  FD
p6 V HJ~Q &RXU W HQD\   *U HHY HV   0L QW ]   6W HZDU W   :RO I  QRV  HQF RQW U DPRV   

"  呸 H HPSU HV DV  DJU t F RO DV  GH W L SR FDSL W DO L V W D GHV W L QDGDV  D O D SU RGXF F L Q
HV 呸HF L DO L ] DGD HQ JU DQ HV F DO D GH DU W t F XO RV  W U RSL F DO HV  SDU D O D H[ SRU W D  

 ,  yQ R \  PHU F DGRV  XU EDQRV   PHGL DQW H XQ VL V W HPD āXQL I RU PH GH FXO W L Y R JU DQ
GH呸V L GDG GH FDSL W DO  EDM R XQD GL U HF F L Q FHQW U DO L ] DGD  FL HU W R JU DGR GH  
W HF QRO RJt D PRGHU QD \ XQ V L V W HPD GH U HF O XW DPL HQW R  M HU DU TXt D \ FRQW U RO 
L 呸W HU QRV  GH O D I XHU ] D GH W U DED呸R HQ W pU PL QRV  GH PD\ RU  SU RGXF W L Y L x DG L J
āL Y L GXDO  \ GHGL F DF L Q H[ F O XV L Y D  8QD GHI L QL F L Q FRPEt QDGD \ HQXPHU  DWM
YT FRP R O D SU RSXHV W D QR SDV D  GHV GH O XHJR  GH V HU  XQD KHU U DPL HQW D SU R 
YL V L RQDO  GH W U DEDM R  1R HQI DW L ] D HQ SU L PHU  W pU PL QR FXDO HV  GH O RV  I DF  
‡ U HV  HQXQF L DGRV  U HV XO W D Q  V HU  O RV  SU L RU L W DU L RV   1DGD GL F H W DPSRF R呸
FHU F D GH O RV  U RO HV   HO  SU RF HV R GH I
RU PDFtyQ ,D  £ RV L   L QJO  G DO \  O RV  HI HF W RV 
M

 H D FDGD V L V W HPD GH SO DQW DF L RQHV  FRU U HV SRQGH GHQW U R GHO  U HV SHF W L Y R  
F¸QW H[ W R  QDF L RQDO   GRQGH RSHU D  'HM D SRU  ~O W L PR DEL HU W D O D GL V F XV L Q
V- EU H O DV  GL I HU HQF L DV  TXH H[ L V W HQ HQW U H RV DV  SU iF W L F DV   FRPSRU W DPL HQ
 YL  

- 6 \ DO W HU Q5W L Y DV  RXH GHI L QHQ D O DV  SO DQW DF L RQHV  \ DTXHO O DV  RW U DV  U H 


   U U W HV  D RW U DV  XQtWDGHV  SU
RGXF
W RU DV FRPR DF  HQ W DV  FRRSHU DW L Y DV 
t R

(Q HO  U XU V R GH HV W H W U DO DM R HV U HU DPRV  SRGHU  U HF RQV L GHU DU 


呸7XQDV  GH HV DV  呸PSO L F HF L RQHV  TXH HQ JO RER HV W iQ U HV HU Y DGDV  SDU D XQD  
  呸[ L PD SXW O L F DF L Q  (QW U HW DQW R QRV  O L PL W DU HPRV  D SO B5QW HDU  XQD U R O R  
呸H HO O DV  PX\  EU HY HPHQW H  O D UL L ) HU HQF L D HQW U H 3O DQW DF L yQ \ +DF L HQGD SRU 
VHU  HO  SU R呸O HPD TXH HQW U H QRV RW U RV  VH SU HV W D W RGRY t D D PD\ RU HV  FRQI X  
L RQHV   ) Q HO  (6 2 3HU ~ HV  FRQI XV L yQ SU RY L HQH PHQRV  GH XQ HU U RU  GH D
£U HF L DF L yQ FRPR PDV  O L HQ UO HO  KHF KR TXH h DF L HQGD 3O %U  W DF L yQ KDQ I RU PD 
GR SDU W H DTXL  GH XQ FRQW L QXXP W L XRO yJL F R FRQ QXPHU RV RV  P GDO L GDGHV  L Q 
‡ÂHL呸ÂHGLDV 3RU  RW U D SDU W H PXF KD GH O DV  DF W XDO HV  SO DQW  DF L RQHV  I XHU RQ  
呸呸W HV  +DF L HQGDV  R  FRPR KD REV HU Y DGR 0L QW ]  HQ HO  &DU L EH  FRQV W L W X\ HU RQ
6

6  W HU U L W RU L RV  SRU  V XPD GH O DW L I XQGL RV  PHQRU HV  \ QR VyO R DSRGHU QGRV H


F  O D SHTXHxD SU RSL HGDG  1R H[ L V W H DGHPHV  XQ DF XHU GR HQ HO  Y RF DEXO D  


U L D L QW HU QDF L RQDO  DF HU F D GHO  XV R GH FDGD XQR GH HV RV  QRPEU H  (Q O RV   


6V W DGRV  8QL GRV  7  /\ QQ 6PL W K  SRU  HM H呸SO R V HJ~Q O D GHI L QL F L y呸 FHQV DO 
HO  呸DF H呸GDGR 呸D V L GR L GHQW L I L F DGR FRQ HO  JU DQ呸HU R H W DQW R TXH SHTXH 
呸ž  R PHGL DQR SU RSL HW DU L R TXH FRQGXF H GL U HF W D \ SHU V RQDO PHQW H O D XQL GDG
G   SU RGXF F L yQ  7RGR O R F RQW U DU L R SY HV  GHO  KDF HQGGR SHU XDQR FX\ R QRP
呸U V  HY RF D O D I L JXU D GHO  SRGHU   (QW U H QRV RW U RV   DXQTXH QR KD\ D KDEL GR
呸QD GHI L QL F L yQ H[ SO t F L W D SRU  O RV  RU JDQL V PRV  RI L F L DO HV £ HO  FU L W HU L R HP
呸 HDGR HQ O RV  FHQV RV  GH y \  SDU HF H KDEHU  VL GR H[ F O XV L Y DPHQW H
HO  W DPDx R GH O D SU RSL HGDG D M XL F L R GHO  I XQF L RQDU L R R GHO  SU RSL R GXHx R
呸H W DO  PRGR TXH QR VH GL V W L QU Xt D QL QJXQD XQL GDG PD\ RU  SRU  HQF L PD GH O D
ā
QF L HQG5 TXH FRPSU HQGt D DV L  JU   QGpV  O DW L I XQGL RV  V HU U DQRV  GHGL F DGRV  D
呸 呸DQDGHU t D FRPR SO DQW DF L RQHV  FRV W Hx DV  GH FD+D R KDF L HQGDV  GH DO JRG呸
呸  呸RPHQF O DW XU D SHU XDQD V H O L PL W DE    HQ FDPEL R  $ PHQF L RQDU  V L Q PXF KD
U HF L V L yQ D O DV  XQL GDGHV  PHQRU HV  TXH O D KDF L HQGD E呸M R O RV  QRPEU HV  GH
F L DF U V V  \ I
XQGRV   /D L QW U RGXF F L yQ GHO  W pU PL QR O DW L I XQGL R GHV GH PHGL D 
G V  GHO  V L JO R SDV DGR W DPSRF R Dx DGL y QL QJXQD DF O DU DF L yQ SXHV W R DBXH FRQB 
YHQI D SRU  L JYDO  D SO DQW D F L RQHV  \ KDF L HQGDV  
$ SHV DU  GH W RGDV  HV DV  L QF HU W L GXPEU HV  QXQF D U HV O
O W y GL I t   

L HQ HO  3HU ~ FRPR HQ RW U RV  O XJDU HV  U HF RQRF HU  HQ HO  XV R GL DU L R GH XQ
O HR D O D KDF L HQGD W U DGL F L RQDO  \ GHO  RW U R DXQTXH D Y HF HV  V L Q GHV L 呸呸D 
U
呸 QV SHF t I L F D  D O DV  HPSU HV DV  DJU t F RO DV  PRGHU QDV  GHGL F DGDV  D O D H[   
呸  W DF L yQ GH V XV  SU RGXF W RV   (Q HV W D V L W XDF L Q FRPR HQ RW U DV  O D W DU HD

L H呸W t I L F D QR KD KHF KR VL QR FRQI L U PDU  HV D FO DV H GH FRQRF L PL HQW RV  L QI RU 
呸呸O HV   SU RSRU F L RQiQGRO HV  XQ RU GHQDPL HQW R PiV  U DF L RQDO L ] DGR  &RPR EL HQ
 R KD L QGL F DGR 6W HZ3 U G V L  EL HQ +DF L HQGD \ 3O DQW DF L Q FRL QF L GHQ HQ O D  
SU
SL HGDG SU L Y DGD GH O D W L HU U D \ EL HQHV  GH FD'L W DO  \ HQ HO  HPSO HR GH  
W U DED M DFW DU HV   GL I L HU HQ I
XQGDPHU U W H/PHQW H  SRU  V XV  GL Y HU V DV  U HO DF L RQHV   
 YL L  

FU HO  PHU F DGR \  F RQ O "  HV W U XF W XU D GHO  SRGHU  F RO RQL DO  \  QDF L RQDO  \  VXV 
U-  V W L QW DV  I RU PDV  GH PDQR GH REU D  - H DF O
HU GR  FQ SXQW R TH Y L V W D F RU L 
ā O  HQHU U W DU t R PiV  GHV DU U RO O DGR  YRO I   0L QW ]  HV  SRV L  U/H SU HF L V DU  DTXH 
 V  GL I HU HQF L DV  W HQL HQGR HQ F XHQW D D  HO  W DPDx R GHO  呸HU F DGR U HO DW L Y 呸

D āW H UQDV  SHTXHx R SDU D O D KDF L HQGD   E  O D DU U W HQV  GDG GH F DSL W DO  PD  
t

呸U HQ O D SO DU W DF L yQ   F  O DV  PRW L Y DF L RQHV  HF RQyPL F DV  GH O RV  SU RSL HW D 


āL RV  TXH HQ HO  KDF HQGDGR L QF O X\ HQ DV SL U DF L RQHV  GH V W DW XV  \  QR V yO R D 
&~PXO DF L 呸Q GH F DSL F DO  \  G  O RV  GL Y HU V RV  JU DGRV  \  PRGRV  GH F RQW U RO  V R 
L  U H O D SREO DF L yQ W U DEDM GRU D  'HV GH O XHJR TXH HV W D F RPSDU DF L yQ QR DE呸
W

HO   U REO H呸D GH O DV  U HV SHF W L Y DV  L GHQW L I L F DF L RQHV   呸 SU RSL R 6W HZHU G
呸   V HDO DGR TXH F L HU W   V  KDF L HQGDV  PRGHU QL ] DGDV  I RU PDQ M XQW R F RQ O DV 
7O 呸U  W DF O RQHV  XQ JpQHU R HV SHF L DO  GH HPSU 呸V DV  TXH SXHFW H V HU  GHV L JQ" GR &4
   &D  L SR ) iEU L F D  3RU  RW U R O DGR HO  W DPDx R GHO  PHU F BD GR \  O D DF W L Y L GDG
  āā  L U W DGRU D QR EDV WDQ SRU  V t  V RO RV   F RPR O R GHPXHV W U DQ O RV  /DW  U XQGt RV 
t

呸ā呸HGHU RV  GHO  3HU ~  SDU D PRGHU QL ] DU  W RW DO PHQW H DO JXQDV  KDF L HQGDV   7RG呸
呸 呸DV   呸HF L HQW HPHQW H 6KDQH +XQW    KD SU RSXHV W R F RPR I DF W RU  EV L 

  H  F DU DF W HU L ] DF L yQ SDUD SO DQW DF L RQHV  \  KDF L HQGDV   HO  JU DGR GH F RQ  

U R/ H  HU F L GR V REU H O D I XHU ] D O DW HU DO   \ F RPR I DF W RU  EiV L F R GH GL I HU H呸


L DF L yQ QR HO  W DPDx R GHO  PHU F DGR V L QR HO  SU HF L R GHO  PHU F DGR  +XQW  V H
DV I RU ] DGR  V HJ~Q V XV  XDO DW U DV   HQ W HQGHU  XQ SXHQW H V R呸U H  EU HF 呸D
 U   H F HSDU  D O D W U DGL F L yQ GH O D HF RQRPt D QHRF O iV L F D V DM RQD GH O D HV F XHO D
呸RF L R   y£ L F D \  HHW U XF W XU DO L V W D I U DQF HV D  8W L O L ] D HQ 3 U W H O RV  W U DED  
6 呸H 6KDSO H\  \  6KXEL N  F RQ V X DSO L F DF L yQ GH O D W HRU t D GH O RV  M XH RV  D
L- V   U  L / O HU RDV  GH W HQHQF L D GH O D W L HU U D  DV L  F RPR O DV  L QY HV W L JDF L RQHV   
H  RW W RPO H\  V REU H HO  F XDGRU  V L  EL HQ +XQW  QL HJD DXH H[ L V W DQ HY L GHQ  
呸呸DV  GH L QSHU I HF F L RQHV  HQ HO  呸3U F DG L   O DV  PL V PDV  DXH V HJ Q %RW W RPO H\   
aā[  O L F DU t DQ O D EDM D L QW HQV L GDG GHO  XV R GH O D W L HU U D HQ O DV  KHF LHQGHV   
‡U QGL F L RQDO HV   +XQW  HQI DW L ] D SRU  V X F XHQW D O D  I DO W D GH O W HU QW L Y DV


U DU  D HO  W  U D EHMDGRU   F RPR XQ PHGL R SU L QF L SDO  GHO  F RQW U RO  TXH V RW U H pO 
 F
MR HM HU F HU  O D KDF L HQGD \ GHV W DF D O DV  PDQL SXO DF L RQHV  TXH U HO DF L RQDQ
ā  WDU Dx R GH O RV  PL QL I XQF L RV  F RQ HO  PRQW R HO H O RV  V D/HU  RV  D I L Q GH PDQ
t


 R呸 HU  HO  L Q U  HV R F DPSHV L QR SHU F DSL W D DO  QL Y HO  GH V XEV L V W HQF L D  1RV   

F
H!  DPRV  V L QHPEDU JR O D PHGL GD HQ TXH W DPEL pQ SRU  /JXQ/ DV L V W L PRV  HQ
B呸 S/DQW DF  RQHV  D HV H PL V PR Y HH/R GH RSRU W XQL GDGHV  R D/W  HU  QDWtY V V  SD 
t

 ā 呸 HO  W U DEDM DGRU  DXQTXH V HD Y DO L pQGRV H GH RW U RV  SU RF HGL PL HQW RV   (Q W R
  F DV R +XQW  W L HQH U D] yQ DO  HO HF L U  F RPR RW U RV  O R KDQ KHF KR  HO  JU DGR
\  PRGR GH F RQW U RO  V REU H O D PDV D O DERU DO  F RPR F U L W HU L R GH F DU DF W HU L ] D  

-L yQ
LH O D KDF L HQGD R O D SO DQW DF L yQ  1R HV W DPRV  PX\  V HJXU RV  HQ F DPEL R
7呸H HO  PDW HU L DO  HPSt U L F R TXH KD PDQHM DGR O H DXW RU L F H W RGHY t D D V XV W L   
W L U  HO  W DPDx R GHO  PHU F DGR I DF W RU  PHQF L RQDGR SRU  :RO I  \  0L QW ]  SRU  HO 
呸 呸F L R GHO  PHU F DGR 
 YL L L  

  )DU D DSO L F DU  HV W DV  KL SW HV L V  D O D U HDO L GDG SHU XDQD QRV 


&V O W D XQ O DU JR FDPL U  R  +DEU i TXH DQDO L ] DU  XQ Q~PHU R L JQL I L F HW L Y R HO H

 DF L HQGDV  \ SO DQO DF L RQHV  DQW HV  GH HO DW RU 呸U  XQD W L SRO RJt D DGHF XDGD  GH
 HU āPL QDU  V XV  GL I HU HQF L DV  \ O HV  FDXV DV  GH HV DV  GL I HU H呸F L DV   /R SRF R  
‡  B    SRU  DKRU D V DEHUQRV  QRV  SHPtW H QHJDU  SRU  O R SU RQW R TXH H[L V W D XQD 
呸DQH[ L yQ DXW RPiW L F D HQW U H O D HFSRU W DF L yQ GHO  SU RGXF W R DJU t F O D \ HO  6L †  
WHPD GH SO DQW DF L RQHV   7RGD SO DQW DF L yQ V XSRQH O D H[SRUWD F  yQ 3HU R QR t


U HY HV   3XHGH KDEHU  DJU L F XO WXUD GH H[SRU W DF L yQ VL Q SO DQW DF L RQHV  3RU 

‡

ā XHULRV HQ HO  3HU ~ GRQGH  PD\ RU t D GH O RV  DOJRGRQD/V V  SRU  HM HPSO R
U HD KDQ O O HJDGR D FRQV W L W XL U  S/DQW  DF t RQHV D SHU DU
 GH VX U HO DF L yQ FRU  
O RH 呸HU F DGRV  PXQGL DO HV   'HQW U R GH O D SU RSL D U HJRF L DF L yQ $V SL O O DJD T呸呸
āX2LDPRV HQFRQWUDUHRRV XQD SUXHED $GHPiV GHO FD呸呸YHUDO GH &D\DOWL
I呸

UH
V SL O O DJD HU DQ XHxRV GH O D KDF HQGD D /JRGRQD,  GH 3DO W R HQ HO  GH
t

    呸DPHQW R GH , F D  6XU  FKL F R   (O  SU RGXF W R GH DPERV FXO W L Y RV  HU D H[   


呸呸 W DGR FDV L  HQ V X W RW DO L GDG  HO  U HV W R HU D Y 呸QGL GR D U XHQRV  SU HF L RV  HQ
 PRU F DGRV  XU EDQRV  L QW HU QRV   /D V L PL O DU  HV W U  XRW XU  D GH FRQHU F L DO L ] D 
L Q QR GHW HU PL Qy VtQHUQEDUJR XQR /JXD/ RU JDQL ] DF  L yQ HPSU HV DU L DO  QL  X 
 L 呸W L F R U pJL PHQ GH SU RGXF F L yQ  3RO W R \ &D\ DO W L  U HSU HV H呸W DU RQ FDGD
YF SLU 呸X FXHQW D  QXQGRV  Gt I
HU  HUUW HV   &RPSDUpPRV /RV  UiS G DPHUUWH 
t

 - 呸$
$OLII (  O$W
-WO

O HUSO HR GH SHRQHV   O L EU HV  \  HQJDJ O   HPL  O HR RH DU U HQGDW DU L RV  \ FDPSD
F
      RV  GHV GH SU/QF S t RV  GHO  [t[ HU RV  GHV GH  呸L QF L SL RV  GHO  VL  
JO R[ [ 
t

$XV HQF L D GH \DQDF RQDV  SDU D HO 


FXO W L Y R SU L QF L SDO    HV W U XH UUDV  DGXtQDVWU DW Y DV  PX\ 
V HQF L O O DV  
t

$O W R JU DGR GH FRPSO HM L GDG DGUQL   


QL V W U DW L Y D   SU RGXF F L yQ H[F O XV L Y D GHO  SURULXU
 /QW HJU DF  yU GH O D DJU L F XO W XU D FRQ
t
W R DJU t F RO D SU L PDU L R  
O D HO DERU DF L yQ L QGXV W U L DO  GH O D   L QI O XHQF L D O RF DO  U HGXF L D 
DDWHU /D SU L PD 
L QI O XHQF L D O RF DO  GHF L V L Y D 

 DGPL QL V W U DF L yQ PXO W L  HPSU HV D  
U L HO  F
H GL Y HU V RV  XQL GDGHV  GH SUR
W !QGHQF L D D O D
 U U  DQL ] DF L yQ XQL   GXF F L yQ 
HX U U HV DU L *   U HW U DV R W HF QRO yJL F R 
W HF QRO
 JËD DY DQ] DGD    ED DV  L QY HU V L RQHV  HQ EL HQHV  ¢H

呸L W DV  L QY HU V L RQHV  GH W L HQHV  GH   FDQUWD/
FDSt WD
, EDM R PRQW R GH FDSL W DO  FL U F XO H3 
W H 
HO L  R PRQW R GH FDSL W DO  FL U F XO F QW F 
   HPSU HV D GH JU DQ HV F DO D    HPSU āF V D GH PHQRV  HV F DO D 

/DV  GL SHU HQF L V  V H呸DO RGDV  SXHGHQ (HU  W U L EXt G( D GRV  V H
U  HV  FRPSO HPHQW DU L DV  GRW DF U R  HV U HI HU L GRV  XQRV  D  Q V L WXHRtyU SDU W L F BO
t

O  U  O H 3DO W R \ RW U RV  D /V V  FRU  G Ft R UHV  SU RS DV GH O D DJU t  F XOWUU D / 
t t

- RQH呸D R D] XF DU  HU H FRPR VL V WHUVU V  QDUDO HO RV  SHU R L  O GHQHQGL HQW HV B /RV  PDV 
L   SRU W  DQW HV  V HU t DQ O D HV F DO D HPSU HVDUtD/ \ O D HV RF  DFMyQ H U L F XO L  XU D 
t

U GXV WUtD  $O  SDU HF HU  HO  PHU F DGR L Q FHU QDF L RQDO   R HO  PHU F DGR XU WD L R  
tULWHU QR  V RO R KDQ  DY RU 3F L GR HQ HO  3HU ~ HO  GHV DU U RO O R G HO  VL VW HPD FI HSL Q
 L [ 

 
OF L RQHV  D SDU W L U  GH XQD FL HU W D HV F DO D HPSU HV DU L DO  \ FXDQGR O D DF W L Y
t

O
G DJU t F RO D VH KD Y L V W R GL U HF W DPHQW H Y L QF XO DGD FRQ O D DF W L Y t GDG L QGW  V  
W U L DO   (Q HV W H V HQW L GR SRGHPRV  GHF L U  TXH O RV  DO JRGRQDO HV  KDQ U HSU HV HQ 
WFXR GXU DQW H HO  VL JO R [[ HQ O D FRV W D SHU XDQD FDV RV  GH  SO DQW DF L RQHV  I U XV 
呸U GDV X 

([SO L DXHPRV  DKRU D FXiO HV  VRQ O RV  O t PL W HV  GHO  HV W XGL R V DF U H
&Q\ DO W L  GHQW U R UH O DV  SHU V SHF W L Y DV  GL F KDV  DU U L ED  0XF KDV  GH QXHV W U DV 
GHF L V L RQHV  DO  U HV SHF W R KDQV L GR DF RQV HM DGDV  SRU  HO  W L SR GH L QI RU UQDF L Q  
L V SRQL EO H  1RV  KHPRV  Y DO L GR I XQGDPHQW DO PHQW H GHO  $U F KL Y R $V SL O O DJD L U 
FU SRU DGR DO  &HQW U R GH 'RF XPHQW DF L yQ $JU DU L D U HF L pQ FU HDGR HQ /L PD 6V H
U F KL Y R FRPSU HQGH GRV  JU DQGHV  V HF F L RQHV  SDU D FDGD XQD GH O DV  HPSU HV DV   
呸呸U t F RO DV  3DO W R \ &D\ DO W L  GH O D QHJRF L DF L yQ  /D GRF XPHQW DF L yQ GH &]
\ RO W L  FRQW L HQH O L EU RV  GH FRU U HV SRQGHQF L D  PDW HU L DV  GH FRQW DEL O L GHG \
呸呸 呸HU V  GH DV XQW RV  Y DU L RV   8QD FDW DO RJDF L yQ GH HV RV  I RQGRV  I Xp L QL F L  
     HQ  SRU  LDLāF6RUQEOLFN呸 \ HV W D V L HQGR DPU O L DGD KR\  Gt D SU  /R  
‡" Q]R +XHU  W DV   (Q VX PDY F U  SDU W H O DV  FDU W DV  GH O D FRU U HV SRQGHU F L D V RQ
O V  HQY L DGDV  GHV GH &D\ DO W L  D O D DGPL QL V W U DF L yQ GH /L PD  SHU R W DPE pQ  H
W Q FRQV HU Y DGR DO JXQRV  W RPRV  GH O DV  JL U DGDV  SRU  O D RI L F L QD SU L QF L SDO  
呸Q V HF F L yQ HV SHF L DO  W RF D D O D FRU U HV SRQGHQF L D HQW U H O D QHU  RF L DF L yQ $V 
UL/DJD \ O D FDV D +HQU \  .HQGDO O   /L Y HU SRRO  TXH GXU DQW H PXF KRV  Dx RV  JH呸
W L RQy O D FRPHU F L DO L ] DF L yQ GHO  D] GF DU  GH &D\ DO W L  \  HO  DO JRG$Q UO H 呸‡O W R 
6O  SU L PHU   U GHQDPL HQW R GH O RV  SDSHO HV  &D\ DO W L   0DUFRUQ


 L  F NH    U XL HQ G V WtQFXtp W U HV  V HF F L RQHV  SU L QF L 7

HV  HQ O D FRU U HV  
t

Q U  O HQF L D  D  FDU W DV  U HV HU Y DU O DV  F RO RU  DPDU L O O R   E  FDU W DV  RI L F L 3O HV   

  O RU  F!]  O O   F  GL V SRV L F L RQHV  O DERU DO HV     RO RU  U RM R   $XQTXH PXY  WW L 


呸 D FO DV L I L F DF L yQ V RO R GH ŹH V HU  \V DUO D SU XGHQW HPHQW H  SXHV  D PHQXGR UU
呸    RQHV  D QXHV W U R M XL F L R U HV HU Y DGDV  I L JXU DQ SRU  H  HP SO R HQ O RV  Yy/~
呸HQL V  D XO HV  \ QR HQ O RV  DPDU L O O RV  
3DU D U HI HU L U QRV  D O DV  I XHQW HV  W L O L ] GDV  KHPRV  W HQL GR HQ
  L 呸QW D W RGRV  O RV  FU L W HāL RV  GH FO DV 呸I L F DF L yQ PHQF L RQDGRV   SHU R KHPRV  HO H
‡ L 

  SRU  ~O W L PR HO  PpW RGR PiV  V HQF L O O R GH FL W DU  O V  I HF KDV  GHO  Y RO XPHQ

$V    HF W L Y R  1R PHQF L RQDPRV  V L HPSU H /D QXPHU DF L yQ TXH O HV  K Q GDGR SRU  
    DXQ  &W XDO PHQW (O HV W  V HQGR U HF W L I L F DGD  3DU D UO RF XPHQW RV  VXHO W RV 
t

  R HPQHVW DRV  HQ Y RO ~PHQHV   KDF HPRV  U HI


HU F QF  D /QRLY t UW XD/ 
t +D V L UL R H
āQ GH /U  XQRV  L QI RU PHV  PpUL FRV   FHV RV  UO H SRO/ DF yQ \ QRWt F tVV 
DPL   
t t

8  /
 V  GH O RV  $V SL O O DJD 
$SDU W H GH HV W DV  I XHQW HV  GRF XPHQW DO HV  KHPRV  REW HQL G L QI RU  
 FL yQ DQL F L RQDO  V REU H &D\ I O O W L  HQ GL I HU HQW HV  DU F KL Y RV  \ EL 呸O L RW HF DV   F
‡ ā VH Y H HQ O D W L EO L RJU DI t D I L Q呸O   *U DQ XDU W H GH O RV  GDW RV  U HF R呸L GRV 

/ - SX GHQ I L JXU DU  HQ U V W D SU L PHU D U HFRS /RF/yQ SRU  U D] RQHV  GH W L HPSR

O 
t

Q
" R \ HF RQRPt D GH HV I XHU ] R  1RV  KHPRV  O L PL W DGR SU L QF L SO PHQW H D VHO H(
    PL U  DTXHO O RV  GRF XPHQW RV  TXH V L U Y DQ GH DU  R\ R D QXHV W U R HV W XGL R V 
 U H
 [ 

呸 SHULRGR OJO R VHD HQWUH OD SRVW呸XHUUD GHO 3DFtILFR \ OD SUL

&UD JXHUUD PXQGLDO 'XUDQWH HVRV DxRV VH SURGXMHURQ HQ HO3HU~ FDP 
LRV GHFLVLYRV HQ HO RUGHQ HFRQPLFR VRFLDO\ SROtWLFR (QWUH RWURV 
 GLYHUVLILFDFLāyQ HFRQyPLFD OD SHLHWUDF yQ GH ODV LQYHUVLRQHV H[WUP
t

žHUTV 呸LUHFWDV \ OD LQVWDODFLQ GH OD 5HSyEOLFD $ULVWRFUiWLFD (VDV 呸R
GM呸LFDFLRQHV GH OD VRFLHGDG JOREDO SHUXDQD SXHGHQ WDPELpQ VHU DGYHUWt 
V HQ VX DJUL呸XOWXU$ GH H[SRUWDFLy Q \ HO UpJLPHQ ODERUDODXH LQVWLWX 
? )Xp SRU HQWRQFHV TXH HOWUDEDMDGRU FXQR RXH KRE D UHHPS/D]DGR DO
t

V呸$YR QHJUR IXH D VX YH] VXVWLWXtGR SRU HOFDPSHVLQR VHUUDQR HQJDQ 
F
DLR QDUD OD SODQWDFLyQ +XELpVHPRV TXHULGR HVWXGLDU DGHPiV HO SURFH
 GH SUROHWDUL]DFLyQ TXH FRQGXMR D OD DSDULFLyQ GHO RUUHUR UXUDO GHU
ā‡aR GHO QXHYR VLVWHPD FDPSRIiEULFD 1RV KHPRV DEVWHQLGR VLQHPEDUJRSRU
‡- FWDU \D HQ PVUFKD \ PX\ DYDQ]DGD XQD LQYHVWLJDFLyQ TXH VREUH HVWH DVXQ
Haā DFH / RUHQ]R +XHUWDV

 HVWH
(VWDPRV VHJXURV TXH ORV YDFIRV \ HUURUHV TXH FRUUWHQJ!
āH
-TMR VHUiQ PX\ UiSLGDPHQWH VDOYDGRV \D FXH &D\DOWL VH KD FRUYHUWLGR
‡D
 XQD VXHUWH GH SODQ SLORWR FROHFWLYR XQD ]RQD LQWHOHFWXDOPHQWH VRWU呸
7  LODGD GRQGH HVWi Q H[SHULPHQWDQGR VXV FXULRVLGDGHV QXPHURVRV F HUUW,I
t t !

FV VRFLDOHV
3DUD VX PHMRU LQWHOLJHQFLD ORV  GRFXPHQWRV TXH SXKOLFD
O 6 KDQ VLGR FODVLILFDGRV HQ WUHV YUXSRV  $GQtQ VWUDFty
t Q  LQFOX\HQGR 

&QRORJtD  7UDEDMR \ 9 DULRV 8Q SHTXHxR Q~PHUR GH GRFXPHQWRV   ,


3
HVD OD IHFKD ILQDO  GH QXHVWUR HVWXGLR 0XFKRV RWURV KHPRV GH
MDGR
BHUD HO IXWXUR / RV WtWXORV GH FDGD GRFXPHQWR VRQ IDFWLFLRV (U
WRGRV
ORV FDVRV KHPRV PDQWHQLGR OD RU呸RJUDItD GHO RULJLQO
 [L L  


 `呸呸 RW U D SDU W H HO  GHV DU U RO O R GH V XV  S/ DUUW  DF t F QHV  HU D W RGDY t D D I L QHV 
GHO  V L JO R [ Y L L L  PX\ L QI HU L RU  DO  GH O RV  RW U RV  SDt V HV  DPHU L F DQRV   3RU 
DW RQF HV  VX SU RGXF F L Q W RW DO  GH D] ~F DU  QR V XSHU DED O DV  B  4 DU U R 
呸呸V   &L I U H L QI HU L RU  D O D TXH %U DV L O  KDEt D REW HQL GR GRV  V L JO RV  DQ
W HV  \ FL QF R Y HF HV  PHQRU  TXH O D GH &XED  /D EU HF KD U HV XO W D PD\ RU  V L 
FRPSDU DPRV  D O DV  SO DW DF L RQHV  SHU XDQDV  GH HV RV  DI t RV     FRQ
O 呸 SU RGXF F L Q GH O DV  FRO RQL DV  I U DQF HV DV    W QV    L QJO HV DV 
     \ GDQHV DV    W QV    1L QJXQD GH HV W DV  FRPSDU DF L RQHV  G呸
W H V L QHPEDU JR KDF HU QRV  RO Y L GDU  O D L PSRU W DQF L D O RF DO   HQ W pU PL QRV  HF 呸
ā t  QW F RV  \ V RF L DO HV   GH O DV  SO DQW DF L RQHV  D] XF DU HU DV  HQ HO  3HU ~  (O   
RQ呸R GH O RV  FDSL W DO HV  L QY HU W L GRV  I XH FDO F XO DGR D SU L QF L SL RV  GHO  V L 
  /R [L [  HQW U H  D  PL O O RQHV  GH SHV RV  *DV SDU  5 L F R   V L  EL HQ  
呸 JXQRV  F iO F XO RV  PDV  PRGHU DGRV   D QXHV W U R SDU HF HU  GHPDV L DGR SU XGHQ  
 6  *DU O DQG   KDQ U HEDM DGR HV D FL I U D KDV W D O RV   PL O O RQHV  GH  

呸HV RV   /D U HQW DEL O L GDG GH HV W DV  L QY HU V L RQHV  HU D FRQV L GHU DGD XQD GH
O  B PDV  DO W DV  GHO  V HF W RU  DJU , FR/D FRO RQL DO   M XQW R FRQ O RV  Y L x HGRV ‡
  L  L QW U DV  O D U HQW D SU RPHGL R GH O D W L HU U D HQ HO  3HU ~ Y DU L DED HQW U H XQ
4 <
      FRU  U HV SRQG D D O RV  FDQDY HU  D/ HV  HQW U H XQ    O RV  PHM R 
t

BāHV  SRGt DQ U HQGL U  KDV W D XQ 呸 GHO  FDSL W DO  L QY HU W L GR 
(Q FXHQW R D O D H[ W HQV L Q \ HO  W L SR GH XQL GDG GH SU RGXF   
L Q GH O D FDx D KD\  TXH HY L W DU  HO  DQDF U RQL V PR GH SU R\ HF W DU  V REU H
O ]  pSRF D FRO RQL DO  O DV  FRQGL F L RQHV  TXH SU HY DF L HU RQ PD呸 W DU GH GXU DQW H
[ 1R GHEHPRV  HQ FRQV HFXHQF DH V XJHU L U  TXH GXU DQW H HO  V L JO R [Y L L L   
ULXER XQD DV RF L DF L Q JHQHU DO   SHU PDQHQW H \ DEV RO XW D HQW U H FDx DY HU DO HV 
Y B J U DQ H[ W HQV L Q  (XER GHV GH O XHJR JU DQGHV  O DW L I XQGL RV  \  JU DQGHV   
FRQF HQW U DF L RQHV  GH FDU L W RO  RV F L O DQW HV  HQW U H O RV    \   
HV RV   U
HU R W DU
O EL pQ HU DQ PX\  L
U HF XHQW HV  SHTXHx DV  H[ SO Rž DF L RQHV  GH  
āX PDx R FDV L  I DPL O L DU   (Q 6Dx D \ /DPED\ HTXH SRU  HM HPSO R XQ Y L V L W DGRU 
I L F L DO  U HV SRQV DEL O L ]  HQ   D O RV   W U DSL F L F KL W RV   GH L QGL RV  FRPR
O D FDXV D GHO  DEDQGRQR GH Y DU L DV  KDF L HQGDV  HQW U H O DV  TXH PHQF L RQDER
呸D  āF O W t   $V t Pt V U QR SDU D O D V L HU U D QRU W H  O RV  &DEH] RQHV  GH DO F DEO DV 
PHU L F t RQDEDQ HQ +XiQXF R  +XHU W DV  GH FDx DY HU DO    F Dx DY HU DO F L W RV
 
 ā  SHGD] L O O RV  GH FDx DYHUD/
 /D G V W U /EXF  yQ JHRJU iI L F D GH O D FDx D
t t

呸 &  HF p V  QR FRL QF L Gt D H[ DF W   PHQW H FRQ O DTXH V H L PSXV R PiV  W DU GH  GHV GH
   呸 V HV XQGD PL W DG GHO  V L  O R [L [  /RV  Y DO O HV  GH 7U XM L O O R   DU U 4
Oā  \ FOT 6Dx D / DPED\ HTXH BRRR DU U REDV  HU DQā O RV  GHPDV  EDM D SU R  
 āF H F L Q HQ O D &RV W D \ KDV W D L QI HU L RU HV  D /DV  SO DQW DF L RQHV  V HU U DQDV   
H $  !DQF   \    DU U REHV   (Q RU GHQ FH L PSRU W DQF L D SRGU t DPRV  V H"t D
B U FRQ /HTXDQGD \ *DU O DQG    O DV  V L JXL HQW HV  ] RQDV  
, /DD
ILO呸呸 LLLt R Q 呸  L QW HJU DF L Q PHGL DW L ] DGD D O D HF RQRPt D PXQGL DO  

/D FDx D \ HO  VL V W HP呸 GH SO DQW DF L RQHV  O O HJDU RQ DO 


3U ~ FRQ O D L QY DV L Q HXU RSHD GHO  V L JO R [Y L  DO  I L QDO L ] DU  XQ SU RF HV R  
PXQGL DO  GH GHV SO D] DPL HQW R JHRJU iI L F R TXH KDEt D GXU DGR Y DU L RV  V L JO RV  
'  L U DQW H PXF KR W L HPSR QR KXER PiV  FDx D TXH O D FXO W L Y DGD HQ O D FXHQF D
DHO  *DQJHV   TXH SU RGXF t D PL HO  V L Q D\ XGD GH DEHM DV   HO DERU DQGR HO  JXU 
R JX呸 M XJR GH FDx D FRQF HQW U DGR SU L QV HQ    0DV  W DU GH V H GHV D  
U U RO O DU RQ O DV  I DF W RU t DV  FKL QDV   TXH Y L V L W  0DU F R 3RO R  PL HQW U DV  HQ  
$U DEL D \ HO  (JL SW R HPSO HDEDQ \D W pF QL F DV  SRU  U HF U L V W DO L ] DF L Q SDU D
SXU L I L F DU  HO  D] ~F DU ‡  'HV GH HO  ([W U HPR 2U L HQW H O D FDx D I XH L QW U RGXF L 
GD HQ HO  0HGL W HU U iQHR  (Q HO  V L JO R L [  HU D \D FRQRF L GD HQ 6L F L O L D \
HQ O D JU DQ SU RY L QF L D iU DEH GH (V SDx D  3RF R GHV SXpV  O RV  FDEDO O HU RV   
FU X] DGRV  JHQHU DO L ] DU RQ V X SO DQW DF L Q HQ 3DO HV W L QD  6L U L D  $QW L RTXt D
\ &KL SU H  $ PHGL DGRV  GHO  VL JO R [Y  V H KDEt D H[ W HQGL GR O
PW D HO  V XU  RH
 U DQF L D \ O D &DO DEU L D FRPSO HW DQGR XQ DU F R TXH L QF O Xt D DGHPiV  HO  $V L D
WW HQRU   (JL SW R  7U t SRO L   7~QH]  \ 0DU U XHF RV   3RF R HQW HV  GH O D " RQTXL 呸
W D GH $PpU L F D V H SU RGXM R XQ GHV SO D] DPL HQW R GHF L V L Y R  /D &Dx D SDV   
GHO   HGL W HU U iQHR DO  $W O iQW L F R JDQDQGR O DV  L V O DV  GH 0DGHL U D  $] RU HV  
&DER 9HU GH  6DQW R 7RPiV   3U t QF L SH  $QQREL Q \ &DQDU L DV  
1R V DEHPRV  DXQ FXDQW R \ TXH GH W RGD HV D H[SHU L HJ
FL  I XH L QW U RGXF L GR HQ $PpU L F D SRU  O D H[SDQV L yQ HXU RSHD  (V  SU RED  
O H TXH O D PDJQL W XG HV SDF L DO  GHO  QXHY R F RQW L QHQW H \ HO  JU DQ Y DF t R 64
FL DO  GH O D FRQTXL V W D DEV RO XW D I XHU DQ I DF W RU HV  FRPEL QDGRV  TXH SU RPR  
Y L HU RQ HO  GHV DU U RO O R HQ  J U DQ HV F DO D GH PRGDO L GDGHV  TXH HO  FXO W L Y R GH
O D FDx D V RO R KDEt D FRQRF L GR KDV W D HQW RQF HV  HQ PHQRU  FXDQW t D  /D F D
I tD HDQy V L QHPEDU JR O RV  JU DQGHV  HV SDF L RV  DPHU L F DQRV  HQ F RQGL F L RQHV  L  
QL F L DO HV  QR GHO  W RGR I DY RU DEO HV   'XU DQW H HO  ~O W L PR W HU F L R GHO  V L JO R
[Y  \ O D SU L PHU D PL W DG GHO  [Y L  O RV  SU HF L RV  GHO  D] ~F DU  KDEt DQ EDM DGR  
HU   O RV  PHU F DGRV  HXU RSHRV  FRQ U HO DF L yQ D O RV  SU RPHGL RV  DO F DQ] DGRV  HQ 
W U H    /D JU DQ H[SDQV L yQ V H SU RGXM R GXU DQW H HO  V L JO R [Y L L   
FRQ HO  H[ SO RV L Y R GHV DU U RO O R GH - D SO DQW DF L RQHV  HQ O D ] RQD GHO  &DU L EH 
(V  FL HU W R TXH O RV  DO W RV  SU HF L RV  GHO  D] ~F DU  GXU DQW H O RV  Dx RV    
 HQ O D ERO V D GH $PV W HU GDP QXQF D PiV  V H U HSL W L HU RQ GXU DQW H HV H V L 


U O R \ V RO R I XHU RQ V XSHU DGRV  D SU L QF L SL RV  GHO  V L JO R [L [ FRQ O DV  JXH  

 U DV  QDSRO HyQL F DV   3HU R HQW U HW DQW R O DV  SO DQW DF L RQHV  DPHU L F DQDV  PDQ 
FXY L HU RQ DO W RV  PiU JHQHV  GH XW L O L GDG GHEL GR D XQ DXPHQW R HQ HO  Y RO X  
呸HQ GH Y HQW DV  \ XQD U HGXF F L yQ GH FRV W RV  
(O  3HU ~ FRPR KHPRV  GL F KR QR SDU W L F L Sy GH HV W H
 U DQ PHU F DGR PXQGL DO  \ O D SU RGXF F L Q GH VXV  FDx DY HU DO HV  TXHGy DU U L Q 
FRQDGD GXU DQW H W RGD O D pSRF D FRO RQL DO  HQ O DV  FRV W DV  GHO  3DF t I L F R 6X呸
&XDGU R    " U RGXF F L 2Q DU L ÒDO  GH D] 呸F DU  3HU  )L QHV  V[YLL

O  & RV WF FHQWUDW GHV GH HO 6 W  KDV WD / RPDV  \ 6 XU FKLFR‡‡‡‡  - -  DUUEV

  6XU  *U DQGH &p?O?


OWO 7DPER      ‡‡                ‡            ‡‡‡  呸
  $EDQF D\  ‡   ‡                ‡ ‡‡       ‡ ‡    ‡         ‡ ‡  ‡   !VRR
 6D!I D / H WED\HTXH   ‡ ‡‡             ‡           ‡    ‡          ‡
£ 
 
ā
!  ā R‡‡‡‡
- - 
O- 

 ‡‡‡‡ ,- 
  &X] F R \ " W U RV  Y DO O HV  GH O D V L HU U D‡ ‡‡‡                      ‡ ‡   

727
/‡‡‡‡‡ā

(O  JU DQ U ~F O HRā HV W DED FRPSXHV W R SRU  O RV  Y DO O 呸V  L QPHGL 呸


W RV  D /L PD  GHV GH &KDQF D\  D &Dx HW H  /D PD\ RU  SDU W H GH 呸 SU RGXF  
FL yQ SHU XDQD HU D GHV W L QDGD DO  FRQV XPR L QW HU QR  < V O R DO JR PiV   
GH XQ W HU F L R  y DU U REDV  V H Y HQGt D D O RV  PHU F DGRV  H] W HU QRV  


(Q FXDQW R D O D RU JDQL ] $F L yQ GH HV W D L QGXV W U L D D] XF DU HU D FRO RQL DO   
呸R TXL V L HU D U HSHW L U  O R TXH \D KH GL F KR HQ GL I HU HQW HV  HV W XGL RV  GH
 HQ DGHO DQW H  3RGU t DPRV  U HV XPL U O D HQ O RV  V L JXL HQW HV  SXQW RV  
O   /DV  JU DQGHV  XQL GDGHV  GH SU RGXF F L Q FRQW U RO DEDQ t QW HJU DPHQW H HO 
FRPHU F L R H[ W HU L RU  GHO  D] ~F DU   6XV  SU RSL HW DU L RV  FRQV W L W Xt DQ DV L 
PL V PR HO  JU XSR GH SU HV L Q PDV  L PSRU W DQW H D QL Y HO  HF RQPL F R \ SRO t  
W L F R GH O D FRO RQL D  3HU W HQHF t DQ DGHPiV   R HV W HEDQ Y L QF XO DGRV   D
O D DU L V W RF U DF L D  HO  DO W R FRPHU F L R  O D DGPL QL V W U DF L Q S~EO L F D  O D  
XQL Y HU V L GDG \ O D PL QHU t D 
  /D PRGDO L GDG SU HGRPL QDQW H GH W U DEDM R HU D O D HV F O DY L W XG DV RF L DGD
HQ DO JXQDV  U HJL RQHV  &X] F R  Y DO O H GH 6DQW D $QD  D I RU PDV  GH V HU 
Y L GXPEU H 
  $GHPiV  GHO  FXO W L Y R SU L QF L SDO  F Dx D  O DV  SO DQW DF L RQHV  W HQt DQ FXO 
W L Y RV  DV RF L DGRV  R FRPSO HPHQW DU L RV  SDQO O HY DU   SDV W RV  SDU D HO 
4 -  W RDEDV W HF L PL HQW R \ O D RU JDQL ] DF L Q GHO  W U DQV SRU W H 
  / D W HF QRO RJt D GH O DV  SO DQW DF L RQHV  SHU XDQDV  HU H DU F DL F D HQ W pU PL 
QRV  JHQHU DO HV   /DV  PDV  GHV DU U RO O DGDV  HU DQ PX\  L QI HU L RU HV  D V XV 
HTXL Y DO HQW HV  HQ RW U DV  SDU W HV  GHO  PXQGR 
$SU R[ L PDGDPHQW H HV W D V L W XDF L yQ V H PDQW XY R HQ HO  3HU ~
GHV SXpV  GH O D , QGHSHQGHQF L D KDV W D SRU  O R PHQRV     3RU  HQW RQ
FHV  V H KDEt DQ L GR SU RGXF L HQGR I XHU D GHO  3HU ~ FDPEL RV  I XQGDPHQW DO HV 
HQ HO  FXO W L Y R GH O D FDx D \ O D HO DERU DF L Q \ FRPHU F GR GHO  D] ~F DU  
&DPEL RV  TXH D O DU JR SO D] R DI HF W DU RQ O DV  HV W U XF W XU DV  GH O D SU RGXF   
FL Q SHU XDQD DXQTXH DO  PRPHQW R GH RF XU U L U  QR SDU HF L HU RQ L QI O XL U O D
GHEL GR DO  U HO VW L Y R DL V O DPL HQW R GH QXHV W U D HF RQRPt D DJU t F RO D TXH HQ
HO  PHM RU  GH O RV  FDV RV  V O R V H U HO DF L RQDED FRQ XQ PHU F DGR SU RY L Q
FL DO  FRPR &KL O H \  $U JHQW L QD  $ HV F DO D PXQGL DO  XQR GH O RV  KHF KRV   
GHF L V L Y RV  I XH HO  DXPHQW R GHO  FRQV XPR SHU  FiSL W D GHL  ]~F DU   GHV GH PH
GL DGRV  GHO  VL JO R [Y L L L   (V W H I HQy呸HQR KDEt D V L GR GH PD\ RU  PDJQL   
W XG HQ , QJO DW HU U D GRQGH O D SU L PHU D U HY RO XF L yQ L QGXV W U L DO  HO HY  O RV 
 [L Y 

/ J U 3 V RV  \ V W DQGDU V  GH YL GD GH  F HU W DV  V HF W RU HV  XU EDQRV  GHW HU PL QDJ


t

GR UDD\ RU HV  GHPDQGDV  GH FRQV XPR  (Q   HO āF RQV XPR GH %] ~F DU  GHO 
HL XR 8QL GR HU D L H  O L E FDV  SRU  FDEH] D  HQW U H   V H KDEt D HO HY D 
GR D  O L EU DV   /RV  SU HF L RV  L QW HU QDF L RQDO HV  KDEt DQ FRQRF L GR GH V X 呸 ‡
GR XQ DO ] D H[ " HSF L RQDO  GHV GH I L QHV  GHO  V L JO R [Y L L L  GHEL GR D O DV  JXH  
UUDV  HXU RSHDV  \ H WO RTXHRI U DQF pV   $ SDU W L U  GH  V L QHPEDU JR
RV RV  SU HF L RV  L QL F L DU RQ XQD I DV H GH HV W DEL O L ] DF L yQ FRQ DO W L EDM RV  TXH
呸H GHI L QL HU RQ D I L QHV  GH O D GpF DGD GH  FRPR XQD W HQGHQF L D D O D ED
M DGH O DU JD GXU DF L yQ GXU DQW H W RGD O D V HJXQGD PL W DG GHO  V L JO R [L [   $ 
TX /ORV  SU F GXF WRU H
V GHā FDx D TXH W HQt DQ FRQH[ L RQHV  PiV  L QPHGL DW DV  FRQ
/ RV  QHU F DGRV  呸XQGL 呸L 呸呸 呸呸SL  H U RQ DSU  RYHFKDU  
  HQ
 
XQRV
 FDV RV  O DV  FR\ XQW X 
U DV  ID Y RU DE/ HV  \ā HQ W  RGDV
/ DV V L W XDF L RQH V  GHPRV W U  DU RQ XQD H[ W U DRU  G QD t

t D Y HU V DW L O L G W G  SDU D 呸GDSW D UV L  呸  LLLVFt U  F XQV W  DQF t DV  SU RF XU DQGR U HGX 


VL 呸 V XV  FRV W RV  XQL W DU L RV  \ DXPHQW DU  O RV  U HQGL PL HQW RV  HQ HO  FDPSR \ O D
H FU/FD (Q 呸O  RU  GHQ āW HF QÏËyJL F Rā āDV   SO DQW DF L RQHV   PiV  PRGHU QDV   HQ  
U H O DV  TXH QR HV W DEDQ O DV  GHO  3HU ~  HPSH] DU RQ GHV GH  D XV DU  HO 
 
RGL ` O R KRU L ] RQW DO  'HHU U     3RF R GHVSXpV HQVR\DURQ O Dā


R SO L F DF -  yQ GH O DV  PiTXL QDV  GH Y DSRU   (O  SU L PHU  L QW HQW R I XH KHF KR HQ
- DPD/ F D   /D H[SHU /PHUUW  DF  yQ I XH GL I L F XO W RV D SHU R \D D I L QHV  GHO 
t

  YW BL L  VH KDEt D GHPRV W U DGR V X p[L W R HQ &XED GRQGH HQ  H[ L V W t DQ
 PiTXL QF V  D Y DSRU  HQ GL Y HU V RV  L QJHQL RV   /D GL I XV L yQ GH HV W D W pF QL  
F 呸 I XH V L QHPEDU JR PX\  O HQW D  $O  %U DV L O  O O HJy HQ   D (( 88  HQ
呸  O R , QGL D HQW U H   \ - DY D HQ   (O  3HU ~ O D L PSRU W y PX\ 
‡ā U GL DPHQW H HQ   GpF DGD GH O RV  Dx RV   
0HQRV  SXEO L F L W DGR U HU R GH  L JXDO  L PSRU W DQF L D I XH O D E~V TXH 
U
 \ DGDSW DF L yQ GH QXHY DV  HV SHF L HV  GH FDx D  ā  +DV W D I L QDO HV  GHO  VL JO R
[Y L L L  W RGDV  O DV  FDx DV  GHO  FRQW L QHQW H āD PHU L F DQR  GHV GH HO  3HU ~ KDV W D  
  B£ET \ O RV  (( 88  HU DQ Y DU L HGDGHV  GHO  W L SR V L QHQV L  \   DU EHU L   3HU R  
HU   JU DF L DV  D %O L JK  - DPDL F D HPSH] y D FXO W L Y DU  Y DU L HGDGHV  GH 6DF  
FKDU XP RI I L QDU XP /  F KV H    /DV  FDI I DV  GH %O L JK HU DQ  SDU HF HU 
R呸L  L QDU L DV  GH XQD ] RQD GHO  3DF t I L F R XU  FRQ V X SU REDEO H I RF R HQ O D  

,XHYQ *XL QHD  (V W D FDx D FRQ V XV  GL Y HU V DV  Y DU L HGDGHV  %RXU ERQ  /DKDL  


Q   &Dx D %O DQF D \ W DKL W L  I XHU RQ U DSL GDPHQW H U HHPSO D] DQGR D O DV F R 
V FRO RPEL QDV  \ V L PL O DU HV  
7RGR HV W H SU RF HV R GH GHV F XEU L PL HQW RV  \ DGDSF DF t RQHV  SHU PL  
W t y D O D FDx D HQI U HQW DU  FRQ p[L W R O D FRPSHW HQF L D  SRU  HQW RQF HV  GpEL O  
 呸H O H KDEt D L QL F L DGR O D EHW HU U HJD  /D SRV L EL O L GD呸 GH H[ W U DHU  D] ~F DU 
 J  O D EHW HU U DJD KDEt D VL GR GHPRV W U DGD GHV GH PHGL DGRV  GHO  [Y L L L   
SU  0DU JU DI I  TXL HQ REW XY R O RV  SU L PHU RV  FU L V W DO HV  HQ O DERU DW RU L R  3HU R
V  /R I XH   D x RV  PDV  W DU GH TXH V X GL V F t SXO R $F KDU G FRQV L JXL y DSR\ R R 
y


L F L DO  SDU D GDU  XQ GHV DU U RO O R FRPHU F L DO  DO  GHV F XEU L PL HQW R  $XQ HQW RQ
FHV  O D EHW HU U DJD QR FRQV W L W Xt D XQ U HF 呸U V R V XSO HW RU L R \ FRPSHW L W L Y R HQ
[Y

JU DQ HV F DO D SDU D HO  D] ~F DU  GH O D F Dx D  +DV W D TXH 1DSRO HyQ RU GHQy HQ


 V X V HPEU t R REO L JDW RU L R HQ   DF U HV    KHF W iU HDV  SDU D
FRPSHQV DU  O D FDU HV W t D GHO  D] ~F DU  SU RY RF DGD SRU  HO  EO RTXHR FRQW L QHQ  
W DO  TXH pO  KDEt 呸 GHF U HW DGR  $ SDU W L U  GH HV D I HF KD O D EHW HU U DJD DY D呸
] y O HQW D SHU R V HJXU DPHQW H VREU H O RV  JU DQGHV  PHU F DGRV  HXU RSHRV   'X
U DQW H W RGR
HO  V L JO R [L[ KXER XQ DF W L Y R SU RF HV R GH H[SHU L PHQW DF L yQ
V HO HF F L RQHV  JHQpW L F DV  GH 9L O PRU L Q  SRO DU L V F RSL R GH %L RW   GL I XV L RQHV 
GH 'RQV EDO H \ 5REHU W  PD\ RU  DO  TXH RF XU U t D HQ O DV  SO DQW DF L RQHV  GH F呸
L D  +DV W D PHGL DGRV  GHO  V L JO R [L[ V  QHPF DU JR O D EHW HU U DJD KDEI D FDSāā
t

W XU DGR PHQRV  GHO   GHO  PHU F DGR PXQGL DO  GH D] ~F DU  


(O  3HU ~ HV W XY R FDV L  DO  PDU JHQ GH HV W RV  SU REO HPDV  \ GHV D  
U U RO O RV  KDV W D    SXHV W R TXH KDV W D HV HV  I HF KDV  HO  DSDU DW R FRO R 
QL DO  PHGL DW L ] DED O DV  U HO DF L RQHV  FRQ HO  H[W HU L RU  GHW HU PL QDQGR XQD PH 
QRU  L QW HJU DF L yQ GH O D DJU L F XO W XU D SHU XDQD FRQ O RV  PHU F DGRV  PXQGL DO HV  
/RV  SU RGXF W RU HV  SHU XDQRV  W XY L HU RQ V XV  SU RSL RV  SU REO HPDV  SHU R I XHU RQ
4HB XQD PDJQL W XG \  QDW XU DO H] D GL I HU HQW HV  D O DV  FRQRF L XDV  SRU  RW U RV 
St V HV  D] XF DU HU RV   )XHU RQ PX\  JU DY 呸V  SRU  FL HU W R SHU R SXGL HU RQ V HU   
V RO XF L RQDGRV  FRQ DO JXQRV  U HDM XV W HV  GH O RV  SU HF L RV  \  HO  DSDU DW R F RPHU 
FL DO  \ FDV L  QR DI HF W DU RQ D O DV  W pF QL F DV  GH SU RGXF F L yQ 
(V DV  FU L V L V  FXEU L HU RQ XQ FXDU W R GH V L JO R    \
SXHGHQ V HU  FO DV L I L F DGDV  HQ W U HV  JU XSRV  GL I HU HQW HV  GH XQD Pt PD V HU L D 
F L yQ 
D  &U L V L V  GH  F RPSHW HQF L D EU DV L O Hx D HQ O RV  PHU  F DGRV 
GHO  3O DW D 
E  3U L PHU RV  HI HF W RV  GH O D *XHU U D &U L RO O D $PHU L F DQD PHU H呸
GRV  GH &KL O H 
H  /RV  PHU F DGRV  L QW HU QRV  \  O D *XHU U D GH O D , QGHSHQGHQF L D 
D  /D FU L V L V  GH  I XH RU L JL QDGD SRU  XQD U HDO  FpGXO D
TXH  SRU  Y L D GH HQV D\ R DXW RU L ] y DL  FRPHU F L R HQW U H %U DV L O  \ %XHQRV  $L  
U HV   (QW U H O RV  SU RGXF W RV  GHO  L QW HU F DPEL R I L JXU DED HO  D] ~F DU  M  XQW R
FQ HO  DU U R]   FDI p \ DO JRGyQ   %U DV L O  HPSH] y HQW RQF HV  D V XV W L W XL U   
呸  I HU ~ FRPR SU RY HHGRU  GHO  Y 呸U U HL QDW R GHO  3O DW D V REU H W RGR HQ O DV 
呸‡U RY L QF L DV  GHO  O L W RU DO  \  V XV  W HU U L W RU L RV  L QPHGL DW RV   1R SDU HF H KD  
呸HU  SHU M XGL F DGR O D L QW HU QDF L yQ SHU XDQD HQ O DV  SU RY L QF L DV  GH O D DX
UHQF L D GH &KXTXL V DF D QL  WRFDGR SDU D QDGD HO  SU RW HJL GR PHU F DGR FKL O 呸
Q  /RV  SU RGXF W RU HV  SHU XDQRV  V L QHPEDU JR£ U HV L QW L HU RQ \ HQY L DU RQ XQD
U HF O DPDF L yQ D O DV  3XW RU L GDGHV  HV SDx RO DV  D W U Y pV  GHO  7U EXQDO  GHO  &RQ
V XO DGR 

4XH GHV JU HF L DGD V XHU W H O D GHO 
LHL QR GHO  3HU ~ TXH FXDQGR
V H GHEt DQ $EU L U  QXHY RV  F呸QDO HV  S U D TXH SU RV SHU DV H  DXQ  
V H O H FL HU U DQ  DTXHO O RV  SHF XO L DU HV  FRQGXF W RV  F XH I RU PDQ PX
FKD SDU W H GH V X V XEV L V W HU F L   /D GHF DGHQF L D KD TXH 呸D
O O HJDGR HV  H[ W U HPDGD \ XQ V RO R GDW R O D FRPSU XHED  SXHV  DO 
SDV R TXH HQ W RGDV  O DV āSO D] DV  V H HQF XHQW U DQ F RPSDx t V  GH
 [Y L  

V HJXU R  V RO R HQ /L PD \ HQ W RGR HO  5HL QR QR V H W L D SRGL GR HV 
W DEO HF HU  XQ DU EL W U L R W DQ EHQpI L F R \ GH FRP~Q QF HSW DF L yQ   
+DV W D DTXL  KDQ V L GR GHV Y HQW DM DV  O DV  TXH V H KDQ H[ SHU L PHQW D
GR¢ 0DV   TXH SRGU p HQ DGHO DQW H HV SHU DU V H FHV DQGR O D H[ SRU 
W DF L Q GHO  D] ~F DU  QDF L RQDO  TXH DQL TXL O D D W DQW RV  Y DV DO O RV  
DPpU L F DQRV  \ GHV W U X\ H L QI DO W DEO HPHQW H HO  FRPHU F L R H[ W HU L RU 
\ O D 0H U L QD 0HU F DQW L O "   ¢ 1R V RQ HV W RV  9DV DO O RV  O RV  TXH  
PDQW L HQHQ HO  (V W DGR V XI U L HQGR W RGDV  O DV  FDU JDV  \ SHQV L RQHV 
TXH O HV  HM HF XW D O D I L GHO L GDG"

‡

 (Q U HDO L GDG SRU  PDV  TXH H[ DJHU DV HQ O RV  D] XF HU HU RV   O D ED 


M  GH V XV  H[ SRU W DF L RQHV  QR V yO R GDx DED VXV  L QW HU HV HV  V L QR W DPEL pQ D
UW U RV  V HF W RU HV  GH O D HF RQRPt D SHU XDQD  4XL HQHV  FRPHU F L DEDQ FRQ HO  D 
]~FDU HU DQ DO  PL V PR W L HPSR KDEL O L W DGRU HV  GH O RV  PL QBHU RV  HQ XQ SDt V  G  O 
GH SU DF W L F DPHQW H QR H[ L V W t D XQ Y HU GDGHU R PHU F DGR GH FU pGL W RV  \ F DSL W 呸
呸呸V   8QD GL V PL QXF L yQ GH O RV  EHQHI L F L RV  GH O D JU DQ DJU L F XO W XU D FU HDED
U RU  FRQV L JXL HQW H GL I L F XO W DGHV  L QPHGL DW DV  HQ O D PL QHU t D  $XQ PDV   DF D
U U HDED XQ HQF DU HF L PL HQW R GHO  W U L JR HQ W RGD O D FRV W 呸 FHQW U DO  \ QRU W H  
GHO  3HU ~  SRU TXH HQ HO  PHF DQL V PR GH O RV  I O HW HV   HO  W U L JR FKL O HQR I L J呸
U DED FRPR PHU F DQF t D GH U HW RU QR HQ O RV  EDU F RV  TXH O O HY DEDQ D] ~F DU  SDU D
9D/SDU Dt V R \ %XHQRV  $L U HV  
E  /RV  GRF XPHQW RV  GL V SRQL EO HV  QR GL F HQ V L  I XH R QR U HY RF D
LU O D U HDO  FpGXO D GH  (Q W RGR FDV R  D HV W D SU L PHU D FU L V L V  V L  
   y RW U D SRF R GHV SXpV   KDF L D  FRQ O DV  £  HU U DV  GH O D , QGHSHQGHQ 
FL D  (O  D] ~F DU  SHU XDQD W XY R GL I L F XO W DGHV  SDU D L QJU HV DU  D O RV  PHU F D
GRV  GH &KDU F DV   %XHQRV  $L U HV  \  &KL O H  /RV  SU RGXF W RU HV  O RF DO HV  GHF L   

O L HU RQ HQW RQF HV  EXV F DU  QXHY RV  PHU F DGRV   (Q  FRQV L JXL HU RQ HQY L DU 

 Q SU L PHU  HPEDU TXH GH D] ~F DU  D , QJO DW HU U D  3HU R FXDQGR HQā  TXL   
V L HU RQ L QL F L DU  XQ W U iI L F R V L PL O DU  FRQ )U DQF L D  HO  SHU PL V R O HV  I XH GH
呸V 呸DGR SRU TXH L ED FRQW U D O RV  SU L QF L SL RV  SRO t W L F RV  GHO  , PSHU L R  &RPR
Q O HV  HU D SRV L EO H DPSO L DU  \ GL Y HU V L I L F DU  V XV  PHU F DGRV  H[W HU L RU HV  O RV 
呸DF HQGDGRV  L PDJL QDU RQ XQD V RO XF L yQ GRPpV W L F D PiV  H[SHGL W L Y D  FRQTXL V  
 DU  \ H[SDQGL U  HO  PHU F DGR L QW HU QR  1R V H W U DW DED GHV GH O XHJR GH Y HQ 
 

呸 ¢D TXL HQHV "  PDV  FKDQF DF D H D] ~F DU  SXHV  HO  FRQDXPR KDEt D D/F DQ] D
FW R \D V XV  Pi[ L PDV  SRV L EL O L GDGHV  L QPHGL DW DV    6 L QR GH Dx DGL U  XQ QXHY R
GHU L Y DGR  HO  $JXDU GL H呸W H  D O RV  GRV  \D PHQF L RQDGRV   /R TXH V L JQL I L F 呸
 D  GHV SO D] DU  HO  DJXDU GL HQW H GH XY D  6H HQI U HQW DEDQ DV L  O RV  L QW HU HV HV 

O H O RV  FDx DY HO HU RV  GH O D FRV W D FHQW U DO  FRQW U D O RV  L QW HU HV HV  GH O RV 
GX x RV  GH Y L x DV  HQ HO  V XU   (V W RV  ~O W L PRV  W HQt DQ DGHPiV  V XV  SU RSL DV   
GLILFX/ W DGHV   $ 呸U L QF L SL RV  GHO  V L JO R [L [  KDEt DQ SHU GL GR EXHQD SDU W H
G O DV  SO D] DV  GH *XD\ DTXL O  \ 3DQDPi FRPR U HV XO W DV  GH O D L QV W DO DF L yQ  
GRO  (V W DQF R GHO  DJXDU GL HQW H HQ HV RV  O XJDU HV   6XF HV L Y RV  L PSXHV W RV  V R 
UH HO  Y DO RU  GH O DV  FRV HF KDV   HQ   HQ   \ DO JXQRV 
G‡"U HF KRV  PXQL F L SDO HV  KDEt DQ HO HY DGR V XV  FRV W RV  
 [YL L  

(O  (V W DGR \  O D , JO HV L D GL HU RQ O D U D] yQ D O RV  SU RGXF W RU HV   


GH XY D RU GHQDQGR TXH O RV  D] XF DU HU RV  V H O L PL W DU DQ DO  D] ~F DU  \  O D F KDQ 
F 呸F D  /D U pSO L F D I XH XQ FRPHU F L R F O DQGHV W L QR  EDM R HO  SU HW H[ W R GH  
F ªL V XPR L QW HU L RU  HQ O DV  PL V PDV  SO DQW DF L RQHV   (V W H I
XH  F RPR Y HU HPRV  
呸-  GH O RV  W DQW RV  SU REO HPDV  KHU HGDGRV  SRU  O D 5HS~EO L F D 

$O  U HY pV  GH O R TXH RF XU U L y PDV  W DU GH  D I L QHV  GHO  V L JO R


[O [   O D L QGXV W U L D D] XF DU HU D SHU XDQD V H O L PL W y GXU DQW H HV W D pSRF D D
/ āFV F DU  V RO XF L RQHV  H[ W U L F W DU QHQW H F RPHU F L DO HV  SDU D V XV  SU REO HPDV   1R  
F RQV L GHU y O D SRV L EL O L GDG GH F DPEL RV  W HF QRO yJL F RV   /D ~QL F D L QL F L DW   K
Y D U HJL V W U DGD I XH O D GHO  PL QHU R F RPHāU F L DQW H HV SDx RO  3HGU R $EDGt D TXLHQ
L U  W U RGXM R O DV  SU L PHU DV  PiTXL QDV  D Y DSRU  SDU D GHV DJXDU  &HU U R GH 3DV HR 
IFF L D V H SU RSXV R V XV W L W XL U  O D &Dx D &U L RO O D SRU  O D TXH HO  O O DPR &Dx D
GH O D , QGL D  4XL V R W DPEL pQ GL I XQGL U  HO  L QI RU W XQDGR *U DPDO RW H  <HU ED
  DFL L Q  F RPR I RU U DM H  /D &Dx D &U L RO O D  GH W  O O RV  GHO JDGRV   GHPRU DED

ā  UHV HV  HQā F U HF HU  \  DGHPiV  GH O RV  FRU  W  HV  GH SO DQW D \ V RF D  GDED KDV  

  B W U HV  U HV DF DV   (U D  V HJ~Q DO JXQRV   XQD Y DU L HGDG GH HV F DV R U HQGt 


‡ L HQW R HQ O RV  F DO GRV  \  QR KDEt D PHU HF L GR QL QJ~Q F XL GDGR SRU  SDU W H
呸H O RV  SO DQW DGRU HV  SHU XDQRV   /D F Dx D $EDGt D I XH HQV D\ DGD SU L PHU R HQ
O FRV W D F HQW U DO  SHU R W RGDY t D HQ O D V HJXQGD PL W DG GHO  [L [  QR KDEt D O O H

OGR D F XEU L U  W RGD HO  iU HD F Dx DY HO HU D GHO  3HU ~ 
H  &XDQGR O D    XHU U D O O HJy DO  SU RSL R 3HU ~ GHV SXpV  GH  
GL y XQ QXHY R JRO SH D O RD D] XF DU HU RV   /D HF RQRPt D PL O L W DU  GH DPERV  H 
 U F L W RV  U HDO L V W DV  \ SDW U L RW DV  H[ L JL y U HTXL V L W RU L DV   SU pV W DPRV    &

6 \ V DQF L RQHV   0L HQW U DV  TXH HO  U HF O XW DPL HQW R F RQY HU W t D HQ V RO GDGRV 
呸 O RV  W U DEDM DGRU HV  GHO  F DPSR HV F O DY RV  \  M RU QDO HU RV  O L EU HV   /D EDM D
呸H SU RGXF F L yQ RF DV L RQDGD SRU  O D JXHU U D I XH SDU F L DO PHQW H FRPSHQV DGD
U U  XQD HO HY DF L yQ GH SU HF L RV   (O  TXL QW DO  GH D] ~F DU  TXH KDEt D Y DO L GR 
呸/ U HGHGRU  GH  SHV RV  DQW HV  GH   V XEL y KDV W D  SHV RV   'HV F RQRF H
呸 V  W RGDY t D V L QHPEDU JR FXiO  I XH HO  PRY L PL HQW R JHQHU DO  \  HO  SU RPHGL R  
p(  DO ] D GH O D L QI O DF L yQ RF XU U L GD GXU DQW H HV RV  Dx RV   0L HQW U DV  QR W HQ 
呸  RV  XQD KL V W RU L D GH O RV  SU HF L RV  HQ HO  3HU ~ HV  L PSRV L EO H SRU  F RQV L   
 呸L HQW H HV W L PDU  F XDO HV  I XHU RQ O DV  JDQDQF L DV  HI HF W L Y DV  GH O RV  D] XF DU H 
,, ,   W D %H 呸 Ò 3 O  L 
†  $
0   OLWJ 呸  ‡‡   &U L V L V  GH $GDSW DF L yQ 

'HV SXpV  GH O D , QGHSHQGHQF L D  \ SRU  XQ F XDU W R GH VL JO R  KDV W D UH 
GL DGRV  GHO  V L JO R [t[ O D /QGXVUtD D] XF DU HU D  W XYR O R TXH O O DPDU t DPRV   
 L QH F U L V L V  GH DGDS
W DF I  yQ (V D I XH W DPEL pQ XQD FU L V L V  JHQHU DO  SDU D W RG 
O V  HF RQRPt D SHU XDQD  6X GHW HU PL QDQW H SU L QF L SDO  SHU R QR ~QL F R I XH HO 
- XHY R W L SR GH U HO DF L RQHV  HQW U H HO  3HU ~ \ O D HF RQRPt 呸 PXQGL DO   O R TXH R
VX Y H]  HU D XQD FRQV HF XHQF L D GH O D U XSW XU D GHO  , PSHU L R HV SDx RO   3HU R F P
VHU  Y HU RV t PL O  HV W DKL SyW HV L V  HV  V yO 2
 XQD JHQHU RO L ] F F L yQ  &RQY HQL HQW H \ 
F O D Y H]  SHO L JU RV D  <D HV  W L HPSR TXH O RV  KL V W RU L DGRU HV  QRV  GHPRV  FXHQB 
Wp F RPR Y DPRV  W RQW D \ V HU Y L O PHQW H V XV W L W X\ HQGR HO  SRV L W L Y L V PR H/HPHQ ‡
WD/  GHV F U L SW L Y R \ I XQF L RQDO L V W D GH O D Y L HM D  KL V W RU L RJU DI t D SRU  QXHY DV 
I yU PXO DV  PiJL F DV  TXH Y L V W DV  GH F HU F D QDGD GL F HQ R GL F HQ GHPDV L DGR   — BU
W XU D D O RV  PHU F DGRV  PXQGL DO HV   HV  QDGD PiV  TXH XQD ERQL W D I U DV H PL HQW U W !V 
QR SRQJDPRV  HQ HY L GHQF L D V X SU RF HV R L QW HU QR GH F DXV DF L yQ  1HF HV L W DPRV 
V D呸HU  GH TXp PRGR F RQF U HW R HV D $SHU W XU D V H U HO DF L RQy F RQ RW U RV  I HQyPH  
QRV  SRO t W L F RV  \ V RF L DO HV  \ DI HF W y QHJDW L Y D R SRV L W L Y DPHQW H DO  V HF W RU  E

t F RO D  +DEU t D TXH F RQV L GHU DU  HQW U H RW U RV  O RV  V  JX HQHV  KHF KRV  
t t

O   'HV HTXL O L KU L RV  āF W H O RV  L QW HU F DPEL RV  U HJL RQDO HV  V XGDPHU L F DQRV  


  ([ F HV R GH L PSRU W DF L RQHV  SU RY HQL HQW HV  I XHU D GHO  iU HD 
  , PSRU  W DF  RQHV  DJU t F RO DV  F RPSHW t W L Y DV  GH O DV  H[ SRU W DF L RQHV  JB
t

U XDQDV  D V XV  PHU F DGRV  W U DGL F L RQDO HV  


  *XHU U L O O D GH $GXDQDV  
  &RQI O L F W RV  SRU  O KV  KHJHPRQt DV  U HJL RQDO HV  &XHQF DV  GHO  3O DW D \
HO  3DF t I L F R 6XU  
  3U HV L RQHV  GHO  V L V W HPD FDSL W DO L V W D PXQGL DO  
 , GHRO RJt D \ SRO t W L F D GH / L EU H &DPEL R 
‡ 'HV RU JDQL ] DF L yQ DGPL QL V W U DW L Y D L QW HU QH 
 3U HY L RV  F RQGL F L RQDPL HQW RV  HF RO yJL F RV  H KL V W yU L F RV  
 , QF O X\ HQGR HQ  O D HV W U XF W XU DF L yQ GH O D DJU L F XO W XU D 
 5HRU JDQL ] DF L yQ GH O RV  PHU F DGRV  GH W U DEDM R U XU DO  
 ) O XW XDF L RQHV  GH U U HF L F V  
1R TXL HU R QL  SXHGR Y HU  SRU  V HSDU DGR F DGD XQR GH HV RV  SXQW RV   (V H
W DU HD Y DO GU t D W DQW R F RPR XQD KL V W RU L D HQW HU D GHO  3HU ~ 0RGHU QR  &R呸R HU 

W D HV  V RO R XQD L QW U RGXF F L yQ DO  HV WXGtR GH &D\ Q/W t  XQD PHGL DQD SO DQW D 
F pQ HQ XQ SHTXHx R SDt V  FRQ JU DQGHV  SU REO  HU PV   SU HV HQW DU p XQ DQiO L V L V 
t

DH F RQM XQW R 


0DO  TXH EL HQ HO  2U GHQ , PSHU L HO  HV SDx RO  HU D XQD RU GH   6Q W RGR
D呸XHO O R TXH QR DI HF W DED GL U HF W DPHQW H O RV  L QW HU HV HV  PHW U RSRO L W DQRV  HO   
HV SRW L V PR , O XV W U  L R KDEt D I " Y RU HF L GR GHV GH PHGL DGRV  GHO  [Y L L L  HO  FRPH

F L R HQW U H O DV  F RO RQL DV   0DU JHU   HV W U HF KR SHU R V XI L F L HQW H SDU D H[S/t  F ! 
[L[ ª

DOJXQDV SURVSHULGDGHV OFFDOHV / RV 呸‡UFFLRD - 呸OSU呸GXFWR DJURSHFXDULX


VL£ GDPHULFDQR HQ HVWH PHUFDGR FRP~Q URWHJLGR YDUBKpU! QXFKR $OJXQRV
(H KDOOD呸DQ ‡ SRU GHEDMR GH ORV QLYHOHV PX呸GLDOH/  HO  FXHUR SRU HMHP
OR FLHUWDV O5QDV  呸HUH R呸UR* - UWtFXORV U呸VXLWDEQ 呸££  FDURV SXHV
R TXH XQD WHFQRORJLD
OUDLD LUQSRQLD DOWā-  RVW/O & SURGXFFLyQ Y ED 
- R UHQGLPLHQWRV GHO VXH/R SHVH D OD EF-
GWXUD GH PDQH GIR REU
D HQ DOJB-B
呸  SDIVHV %DVWR S FRQVtJXtHUUOH TXH (VSDxD GFVDSDUHFtHUD FRPR PH
ySR/  SDUD TXH FXDOTX/HU PD\RU LQWHJUDFLQ GH DLHD FRQ HVH PHHFD
UWR PXQGLDOWUDMHVH HEDMR H SUHFDU/ R HGLIFLR FLHā QHUFDGF LQWDFROR 
QLD/ 6LQ HO ,PSHULR TXH XQDtFDED $P L呸p QR SRGtD VHJX U I
XQFtR ā t

QGR FRPR XQ WRGR FDGD XQR GH ORV SHTXHx FV 3DWLGRL HREHLYLHQWHV 
XYR TXH HQI
UHUUFDU HQWRQF HV  HYHQWDRV DPHOWH SRU VLB  LV PR -   FIHUUV  
 LHFRQRUQLFD GH 呸RV SRGHUHV GH ‡OWāDQLDU / D EDOFDQt]DFLyQ FLHO ,PSHUXF
VSDxR/  I
XH XQD GH ODV FDXVDV &H OD QXHYD GVSHQGHQFtD HFRQyPtFD GH OD
呸pULFG FULROOD (Q PHQRV GH GMBH DxRV GH%BFāM£  h 3 O PXFKDV GH 
‡
BB
6 H[SRUWDFLRQHV  呸V TXH FDGD
DJUDFR  /RV SDLFH
呸 XQD F呸

VXXDPH
O
ULFDQRV
ā

呸 Y DED D VXV YHFLQRV I


LHURU SDUFtD,PHUUFH VLWLWā!LXD SRU FFPSHWtU
R 
t

UāFV  IXHD GHO iU呸D

(O D]~FDU 3@ WDEDFR HL RÂÂ] \ RWURV DUU^ FLRF SHU
XDQRV VH
FRQVXPtDQ HQ &K
"  4B

H QY H/ D HQ U
WRUXR WU FLEFV PDGH
UDV FDUQHV VH/DGDV  RHWDV HVSHFLHV 1
呸RāBR 呸PGDEDQRV ¢
%R/tYtD F/ ( FXDGRU \ &HQWUH
?UpUL FD OLF- U
 SD呸-  UHFtEtU 呸Q 
UHFRPSHQVD HO DIL \ /RV SHVHV IXH呸W  U-RV YRLDPRV OLEUHV GH
HVD IDWDO RRQFXLUHQFD TXH OW LOH WG LOQLWDGD G¼ FRPHUFLRKD
YHQLGR D HVWDāRH3U HQ R 3HUX SDUD K
O


 PRUWD
 PHQH OD DJUBL
FXOWXUD \ OD DQGLVWUtD QDFWFQFt U /LPH呸 \ H-  TXHxR YHQGtDQ
ELHQ VXV H]~FDUH
 \ L S
FVFRV V āHTB‡呸
ā-x DXV QDUtQDV \ VXF
OLFRUHV HO PRTXHJXDQR VXV HJXDUFWBEUāHV \ 
 FX]TXHxR \ H呸
SHQHILR QR GHMDEpOQ SRU HVR FH H[SHUGH VUV FF*(E VXV JUDURV \
ORV VREUDQWHV GV VXV WHU HQRF FXOWtYDURV 1R KDRDD HO WUHPVQ
GR H[FHGHQWH GHL YLQR GH āWUDOODF QL - Q
FRUFā F!  JUDGRV ‡ā
Q OD KDU/ QD /QWURGXFDGD FDXL /tEUHPDQR HU /RH PtVPFV ODJDUHV
t

TXH SXHGHQ SURSRUFtFQDU/D£  QL ODV JUDI


HV \ D呸H呸(V SDUW FXLDU t

PHQWH HO ,UHQFHV \ JHQRYpV TXH


FDQ YHQWDMRFDPHXFH FUPEDFHQ HQ
HO FRQVXPR FRQ H/ QXHVWUR QL OD FDUQHV YL< DF \ PXHUFDVTXH 
\D QR GHMDQ UHVStU LU X OD WQGXVWDWD SDDRUDDOā 5- B HUR 

/ RV PLVPRV SDtVHV VXGDPHU/FDQRU D- HQWDURQ FVWD SRLWLFD GHVD


呸X呸U呸R HUUWUH HO
 ā/,  O F 呸GX 8HU9
, ‡ W? āā U B Y  L呸呸  ( F  XGR SUFL

FFFVtUUWty TXH ORV OMFRUHV GHO 3HUX I


XHURQ FDVL L-  VDGRD SRU VXF H ā
TXLYDOHQWFUV FDWD/FQHV \ IUDQFHVHB (VWDV UQHGLGV &
 VWHPSU IXHURQ 

?W!OLFDGV SRUXQ SURWHFF/FPVPR LRW呸UPWHUUWV FDVR GH ODV G VSRV FtR‡ t t

 SHUXDQDV RH  \ -  )XHURQ FHERDL VFEUH W


GF D /D DFWXD 
!Q GH WUHV IDFWRUHV D  FHLF-  FO3 DXPQWX /HF QJUHVRV ILVFD 
HQ PHGLDUUXH ODV UHQWDV GHDtXDQH UL
 SU[SyVQWR &H  \FWDOHF D HV
FWLYR (VWDGR 1DF RQH/  FRYUD OHV SDtVHV -LUQ呸WUR,
HV U-  LQVāFUXPHQWDU
t

SUFVtRQHV SDUD HJRFLD YHQWDMVV H 


F DFXFHRV E
O WVUDOHV GH FH
 [[ 

UHUF tF 


(VWRV I
HQyPHQRV GH DOFDQHH FRQWL QHUYWD/ FRPELQDGRV FRQ ODV VL
FXDFtRQHV GH FDUiFWHU LQWHUQR DIHFWDURQ GHVtJXD/PHQWH D ORV G IHUHQ 
t

WHV VHFWRUHV GH FDGD HFFQRPID DPHULFDQD 3RU PDV TXH VXV HIHFWRV PX/ 
WLSOLFDGRV D/FDQ]DUHQ D WRGRV HOORV SRGHPRV VXJHUIU XQH HVHD/D GH
VHQVLELLGDG HFRQyPLFD HQ TXH ORV PD\RUH HIHFWRV FRUUHVSRQGLHUHQ 
ORV VHFWRUHV   Pi V UHODFLRQDGRV FRQ OD HFRQRPtD LQWHUQVFLRQDO UUB"
MU LQWHJUDGRV GHQWUR GH OD UHVSHFW YD HFRQRP,D QDFtRQHO    \ HQ I
XU
t

FLRQ GLUHFWD D VX LPSRUWDQFLD GHQWUR GH HOOD   FRQ PD\RU tQGLFH GH
PRQHW ]HFtRQ \   FRPSDUDWLYDPHQWH PHPRV WUDGLFLRDOHV GHQWUR GHOD 
t

FDtVPR JHQHUDOGHO FRQWLQHQWH ( Q RWUR HVLXGLF 3 0DFHU  (VWDGtV


WLFDV KLVWULFDV GHO 3HU~ 9 RO,,   KH DS OLFDGR HVWDV KtSyWHVtH
DO DQiOLVLV FRPSDUDGR GH OD 0LQHUtD \ OD $JULFXOWXUD SHUXDDDV GHO VL
JOR [t[ %DVWi  SRU DKRUD UHIHULUQRV DO VHFWRU DJULFF/D 8Q EXHQ ā
LQGLFDGRU GH VXV SUREOHPDV GXUDQWH DVWH SHUtRGR OR HQFRQWUDQRV HQ H- 
GHVFHQVR GH OD UHQWD GH OD WLHUUD $ SULQFLSLRV GHO [L[ HO SURPHGLR
GH HVDUHQWD OOHJDED HQWUH QRVRWURV DO  'HVGH OXHJR KDEtD SU- I8(
GRV GHVQLYHOHV SRU FXOWLYRV \ UHJLRQHV < D KHPRV YtVWR Fp
tOFXORV GH
5LFR \  GH *DUODQG QXH ORV UHQGLPLHQWRV Pi V DOWRV FRUUHVSRQGLDQ D ORV
FDxDYHOHURV 3XHV ELHQ D PHGLDGRV GHO [t[ HVD WDVD JHQHUDOGHO  
KDEID EDMDGR KDVWD HO  VHJ~Q 5tYHUR -O  ¢([DJHUDFLyQ" (V
SRVLEOH 3HUR RWURV LQIRUPHV PDWUtFXODV GH FRQWULEX\HQWHV LQYHQWD
U呸RV GH KHUHQFLD   GDQ HVWLPDFLRQHV DSHQ呸D Jx V  EMDV
(O FDVR GH ODV SODQWDFLRQHV SHLXDLDV GH FDxD LOXVWUD ELHQ WRGF
HVH SURFHVR 3DUD VLPSOLILFDU OD H[SRVLFLy Q SURSRQJDPRV XQD FURQF/R
Jt D 
   FRQWLQXD OD WHQGHQFL DOFLVWD GH OD *XHUUD
   EDMD GH SUHFLRV
   GLILFXOWDGHV FRQ HOPHUFDGR FKLOHQR
    SULPHUā HQVD\R UHSXEOLFDQR GH H[SRUWDFLyQ D]XFDUHUD H
( XURSD
  HQVD\RV GH PRGHUQL]DFLQ
  ‡‡ UHRUJDQL]DFLyQ GHOPHUFDGR GH WUDEDMR UXUDO
,QPHGLDWDPHQWH GHVSXpV GH OD ,QGHSHQGHQFLD ORV FDxDYHOHURV ‡
]DURQ GH XQD FR\XQWXUD IDYRUDEOH / RV SUHFLRV FRQWLQXDURQ VXEtHQGR - 
HOTXLQWDOGH D]~FDU OOHJy D YDOHU 呸 SHVRV D SULQFLSLHV GH  6H
KDEtD QRUPDOL呸DGF WDPELpQ SDUFLDOPHQWH HO WUi ILFR FRQ &KLOH 3HUR -V

DFHQGDGRV FRQ H[FHVLYR RSWLPLVPR HVSHFXODURQ FRQ HVWD WHQGHQFLD DO


FLVWD &RQWUDMHURQ SUpVWDPRV D IXHUWH LQWHUpV SDUD UFKDEL/tWDU FXL ‡ā
XURSLHGDGHV \ FUH\HURQ TXH OHV FRQYHQtD DXPHQWDU HOYROXPHQ GH SURGXU¢
F RQ SRU HQFLPD GH ORV QLYHOHV SUD2 0X\ SURQWR VH YLHUP HQYX K
t

呸RV VLQHPEDUJR SRU XQ PRYLPLHQWR GHIODFLRQDULR / RV SUHFLRV EDMHEDQ


 [[L  

\ D ILQHV GH  HO TXLQWDO GH D]~FDU VOR YDOtD  SHVRV VU! HRV
PRPHQWRV HOVXSHUi YLWGH OD SURGXFFLQ QDFLRQDOOOHJDED D  TXLQ
WDOHV/ RV KDFHQGDGRV FRQILDEDQ FRQ YHQGHU HVDV \ PD\RUHV FDQWLGDGHV
FW &KLOH 3HUR HQWUH  IUDFDVDURQ ODV QHJRFLDFLRQHV SDUD ILU 

呸DU XQ WUDWD呸R FRPHUFLDOHQWUH &KLH \ 3HU~ 9 DOSDUDLVR \ (O &DOODR O 


QLFLDEDQ DGHPi V XQD EDWDOOD RFXOWD SRU HOGRPLQLR SRUWXDULR GHO 3DFtII
FR 6XU (VH FRQIOLFWR SUHFLSLW PiV WDUGH GRV JXHUUDV LQWHUQDFLRQDOHV
呸XHUUD GH OD &RQIHGHUDFLQ *XHUUD GHO 3DFtILFR  \ HUD HQ UHDOLGDG OD
GLVSXWD HQWUH GRV SRGHURVDV ROLJDUTXtDV OLPHxD \ VDQWLDJXLQD  TXH EX呸
FDEDQ XQD LOXVRULD KHJHPRQtD UHJLRQDO TXH WHUPLQ HQ ODV PDQRV GH ,Q 
ODWHUUD SULPHUR \ GHVSXpV GH ORV ((88 $ HVDV DOWXUDV DSHQDV ILUP呸
GD OD 3D] GH $\DFXFKR \ HQ PHGLR GH XQD GLItFLO UHFRQYHUVLQ HFRQPL
FD &KLOH VXSR XVDU VXV YHQWDMDV (O 0LQLVWUR 3RUWDOHV GHFUHWy HQ
XQ LPSXHVWR GLVFULPLQDWRULR GH  SHVRV VREUH FDGD TXLQWDOGH D]~ 
FDU SHUXDQD 0X\ SURQWR HO3HU~ YLR FRUQR VX DQWLJXR PHUFDGR FKLOHQR 
HUD VROLFLWDGR SRU ORV D]XFDUHURV GH %UDVLO &XED \ ODV $QWLOODV (J
WUHWDQWR HO 3HUX FDVLQR QXGR 3QQ XH FXLVR  WRP5U UHSUHVSOM"V &RQWBL
 QXQED YLQLHQGR HO WULJR FKLOHQR  QXHVWURV SXHUWRVFHFXHUGD XQ WHVWLJR
GH /D HSRFD SRU OIO VHQF/O/ D UF]yQ GH  XH QRVRWURV QR
WHQtDQRV GH GRQ
H UHFL
LLU WUM RV \ ORV FKt, HQRV VL WHQIDQ GH GRQGH UHFL--LU D]XFQU
+DVWD  GXUQQWH WRGR HO WMHUUFR GH OL &RULI
HGHUDFtyQ VLJXI
URQ RPSHRUDQGR O56 UH/ DF FQHV FRQ & LOH / RV FQxDYH
OH]RV SHUXQFV EX呸
t

HQURQ RWUDV 6"OLG$V &RPR  SU/ QFLSG RV GHO D JOR ; 呸;  YROYLHURQ Q SHQ
t

VU HQ GLYHUVLILF‡U VXV PHUFDGRR GHQWUR \ WXHUL \ IXHUQ GHO SRtD (Q
 OD &IO65 *LOEEV H[SRUWy  ,QHO3WHUU SRUYt! GH H[SHULQHQW
FLyQ
5  WRQHOULG)OV GH )O"8&)OUSHUXDQV (O QHURFLR QR SURVSHUR UāRLRU VXHUWH
WXYLHURQ HQ F PUIR QO GDVSXWL] FRQ ORV YIx HGRV /! HO$FRUSFMyQ GH EHEL
QOFROLROL&$5 (VWa YH] HO DU]RE VSR OLPHxR QL V JXtHUQ SXGR /UP]VU 5QQ
t t

WP35 QL FRQGHQDU HVWH FRPHUFLR GHV/HRO 8Q3 GHPRFUDFtª ‡āXH VH UHVSHWL
E呸 XQ (VWQGR VREH]DQR QR SRG D WROHU3UOR (Q WRGD  &RVWQ /DV XO$QW3
t

 
FLHQHV GH FDUL$ HPSH]DURQ D SURGXFLU 5RQ 'HDGH XQ SULQFLSLR $S
UHFLH
7

 HVSHF DO/ ]QFWFQHD UHJLRQOHV (O 5RQ GHO 1RUWH VH


YL GH FRPEXHWt
t

XOH R SDUD YHQGHU  ORV EXRXHV (O 5RQ GHO 6XU ID/V/ItFDED XQUGLHQWH
GH XYD (O 5RQ GH / LP5 VH GHHW QDE©  SU QFtSVOPHUUWH Q H[SRUWLF tyQ 3RU
t t

HQWRQFHV SDU  REWHQHU XQ UXtQ


WD/ GH ! 8pOUpOLHQWH GH "6  U!GRV VH HU
OF

EQ  DUUREDV GH PLHO 6L FUY/ FX/ VPRH UHDO \ PHGLR SRU RUURED \ 
UHOHV SRU © XtQWDW GH GHVWt/ RFWpQ HO FRVWR ULQDO F!UD GH  SHVRV SRU
XQWUāO 'VWD VXPD GHE D VHU WRGDYLU UFGXFtGD
t / RV F^ LQYHOHURV SHUX
B 
  V — R DSUHWHQGLDQ FRPSHWLU FRQ ORV SURGXFWRD FWU PMHURV   FUFL
呸RV 1L VtRXtH]Q LJUQOU 3 ORV PHLRUHV  VtPD/DUHV /RFDOHR 
  LL

a O JUQGRV  3RU FRQU L¢LHQWF GHEOOLWQEP QXV FR/ ORV VWQ
LWG
$ SDUWLU GH  O MBQGXVFUL>O 呸呸XFUUHUā QHUXQQª āL QH呸HV 3 X呸
呸 IH GH UHFXSF呸呸FL呸Q (O
UHFUR ªRDtWYR -6 9 LHLFO呸

呸UR呸B3QGF
GHUQXM ¢
LB ULU- LIG HQWUH /RV FDXG O/RH ULLOLW UHV
t K  $ O PtVPR āLLHPF FRQ LR
ā£BL~5 W
&OL VXV  Y  tQRX/RV
FRQ O &36$6 FRPF ]F  R/ HD H[WU‡QM HU UUV MUÈHQ
t

呸呸  V © Q O ā


 呸VHXUQOW¼
`HUX
 

Gā£B WR S呸U

H HUH 6  ā
RSHUVFDRQHH
  呸
( UFH
OB呸F H  3RU ~OWM PR 呸呸LOL]QURQ VXV PHQ&OLGLU HPSUH5 ULO 6X, LHFāQ B
UFYFFKUU /D H[QHU/ HQFtD GXLULGIO GXUQWH ORV GLH] 呸呸F* GH FāLVBU
OR

  FRPMUHQGtHQGR B£
H GHEIQ MX^aU HQ JULQUOH 呸呸 &IOUWV GH VX
/  WO+67 呸FLyQ 3 / F V PH]F DGRV PUQG/OHV  QHWHUU呸ILUQRQRV  SRU 呸Q PRPHQWR HQ
ÒOWLPR I
DFW / R KD VLQ 呸LVL
U L HVJR

  - W*  SU U R SR
HQRV
RU  F

 WHPU  FRQ U L XR

- 呸L  L VWRULRJUOIË$ FRQV ¢Y呸URUW FRPR Oā ELVWRUL2I- 呸 IË ]HXGROUU呸LVW呸

&  / D YHUGDGRUDPHQWH PDU LVWUL  GHVXUF`& L3Q HUWRH /
HQyPHQRV &VXSHUH( 
OUFW
WUUXHV  FOLILFtQGyORā‡OHJUHP(QWH F呸 LUROORPQV FFLBQG呸ULRV GH
VMFRORIF! FR/HFWtYD +H QXL XQ UHOL‡RVR YF/R
LWyUāpR / O FL
Q
B  H /DV VRFWHG GHH QR QXFGH OLL
LWLU£F 3 FR--ā£
UR
<
U ā R XUURQFt© 
呸 O FF KRV  QLY HO G呸 O' FV 呸LāLUGXULV  HFF QyPtF RFHF FWD/ HH &HEH WUU- LI呸
‡ UOLFLU PB JpQHVWV 呸H‡ FX O VL Q I

 H‡ UQHU HQ I9 LULHUM 
O $ LQWHU呸V
t


ā呸Q FXWUH HVWUXFWXUU
V \ VXSHUHVWUXFWXUV B
R ` £VW
 RQ W呸`
UGH LU
WUF V HV  GH F/ QVH  6V  QFFHDV ]DR / QGF UU
 FRPR VH WUU‡W5 呸 HV RV  DUUWFL呸
  'HQWUR GH HVWH SURI呸UULP FLEH LQ OXJ
U ULRULWU UMR  呸 7 HRU H呸
FWRULD GH O36 'HFLVRQH RXH F!GU QRR VRFLUW F W HFXWV / H FXF D
‡ - 
ON= VXSRQH XQ Q
LOLVLV W
 H /DD FRUUHDSRQG HUUWHV LGHRORW^ LF
t 36 GH
U GF O$I
 LPQJHQHV \ MXVWLILFLFLRQHV H/DERUDGUD SQU! SURPRYHU XQ
R呸'UWPLHUWR VRFtD/ FRQFUHWR 3UHFtFDPHQ
WF SQUQ SRQHU HQ HYLGH

O S]HGHWHUUQtQVFtpU O QHFHV/GRG K/ VWyUtFD GH HVH FRPSR< āWQPL© 
H
R 6LQ Q HVWXGLR GH  SURFHVHV GH PFGtRFtpQ WRGª K LVWRULU VHU呸

B 呸  RR/ R]tQ ( Q RWUDV  SQOOU
OV  QHF HV  W PRD VFEHU OR U XH SHQV OQ
t

GF HM QLVLRV \ GH LQWHUHVHV ORV JUQGHV ]XFDUHUR SHUXDQRV 'H
6O6

- Bp LRGR HUW LGHRORātF R QR


‡RQ RW 呸Q GHO  V HF W RU  呸呸U t 呸呸  

 W
U / D LQWHJULGTBG GH-  SURF HV R
/ D GHILQLFLyQ W
 VLF UORO JUXU JUtFROQ GRPtQQQWR SXFGH VHU
FQUHV!GL HQ IXQFLyQ GH YDUt呸 V SUHHXQWV ¢ &Xi, DUQ  URO GHO 3HU~
 [ULLL 

GHQWUR GH OD PRGHUQD GLYLVLyQ LQWHUQFMBRQUO DHO WUQEQBMR" ¢/ U UHS~U-M
H GRE D VHU HFRQRP FDUDHQWH LJFDO D  &RORQ
Ë t " ¢ (O IXWXUR GHO SD Dt

VWULE HQ O)- ,QGXVWUL5 R HQ  $ ULFXOWXU呸" ¢4Xp F/RDH GH LQWHJUD
F pQ  ORV PHUFDGRD PXQG tUWRD FRQYHQIª PQV" 4Xp SROLWLFQ QGRSWULU FL
t

FUWR SOQ]R / LEUH &DUQE/R R 3URWHFFLRQ -PR" 7RGD HVWUV FXHHWtRULHD


āFRQ GREDWtGQQ GHVGH ORV SUWPHURV UL
tRV GH OFL 5FQÒEOLFU (O SXQWR 
 H Y VFU /QGXHWUtU~ IXH GXUYXWH HVRV I£RV HOPiV GHYLOPHQWH UHSUHVHQ
t

WDGR (V FLHUWR TXH GXUUUWF ORV DxRV  K LER D/ ]XQFV SUR\HFWRV U呸
āā£  PRQWDU XQD PDQXI DFWXUD PRGHUQD HQ HO UDPR WH[WLO &DVDQRYD  
 UR QR WXYLHURQ PD\RU p[LWR / D RVLFLyQ RILFLROKDELD VLFOR GHILUL
F
 FOLH] DxRV DQWHV SRU HOPLQLVWUR - RVp 0DUtD 'pPGR FXDQGR FRQ SHVL

 VLVR KDW/D UHFKD]YGR WRGD SRVLEOH LQGXVWUDOL]DFLyQ (QWUāH ORV FLxDV


6U KXER FRPR KD GHPRVWUYOR %DVGUH XQ LQ
XVWULDOLVPR HQDQRW


‡FH2 HQ JHQHUDOSUHYD/HF HURQ ODV RSLQLRQHV GH X HQHV FRQWURODERQ
t t

呸RV VH WRUHV SULPDULRV GH O5 HFQP D QRFLRQDO PLQHULD D呸ULFXOWXUD 
/ Q HO &62 GH OD D呸ULFXOWXUD QR KXERVLQ HPEDUJRGXUDQWH HVWH S U/ p
HR XQ XHQDDPtHUUWR XQLILFDGR / RV SURSLHWQUDULRV GH YLx HGRV GHIHQGLH
URQ FDVt V HQURUH XQD QROËW FD SURWHFFLRQLVWD TXH HUD OD FRQYHQtHUUWH
t t

 VXV LUWHUHVHV (O / tUUH RDPU R VtUPDItFDEY HQ VX FDVR OD /tTXtGª!
t

FLyQ HFRQy XFD 8QR GH VXV YRFHURV G呸F/D H P UL LDRV U@H VLJOR UHSOā
WLHQGR D XQ HFRULRP VWH HVSDxRO < R WDPWLpQ SURI
HVDU/ D ODV GRFWU/ QHV
t

LH/ OLEUH FDPEtR  VL IXHVH tQU/pV R VL PL SDWULD HVWXYtHDH WDQ DGH“
/[UUWDGD HQ OD FDUUHUD GH /D /QGXVU/ D FRPR ,PHODWHUUD / RV DXFDUH
URV HQ FDPELR IXHURQ PiV FDXWRV $SR\DURQ FLUFXQVWDQFLOPHQWH FLHU
WDV PHGtGHV SURWHFFLRQLVWDV $OJXQRV GH H/
ORV D WLWXOR SHUVRQR/ U
L
VHUWDURQ VREUH VXV EHQHILFLRV 3HUR HQ VX UQD\ULD VH LQFOLQDEDQ Vy
OR 呸U DFXHUGRV SUHIHUHQFLOHV FRQ VXV SDLVHV FOLHQW呸V +DVWD 呸XH

D HQ OD VHJXQGD PLWDG GHO ; ,;  \ GXUDQWH WRGR HO VLJOR ; ;  VH GHFODUD
UU£  FDPSHRQHV GHO / tUH &DPELR

3HUR WRGRV FRLQFLGLDQ HQ QXH HO FRPHUFLR H[WHULRU SRGLR WH
QHU P HIHFWR SRVLWLYR VREUH O DH7 LFXOXUD QFtRQH/ ODVW
 ORV PLV
H‡

 U呸IRUPLVWDV SDUW GDUW RV GH O SHTXHxD SURSLHGā G VXVFUDELHQ HVWD
t

RS PpQ 8Q EXHQ W


VWLPRQLR GH WRG HVD F
PSOHMpO \ D YHFHV FQWUDāL
t

U
ā DFWLWXG IXHURQ ODV &QVLGHUDFLQHV VREUH O) $£ULFXOWXUD GH &DU
V / HGRV / LPR   6X DXWRU DFRQVHMDED QXHYRV V VHQDV GH WHQHQ
t

F ª GH /D WLHUUD KRUWLFXOWXUV  FRORQL]DFLyQ  FDPELRV WHFQROyJLFRV


t

SR呸RV DUWHVLDQRV LUULJHFL呸Q DUVGRV GLIHUHQWHV \ OD LQWURGXFFLQ


H QXHYRV FXOWLYRV DxLO FDI  3HUR VREUH WGR SODQWHDKH XQD WHR
 Ë3 JHQHUDO VREUH HO GHVDUUROOR GHO 3HU~ HQ IXQF 6Q GHO
 DUUtFXOWXUD

/HGRV HVWDED FRQYHQF GR TXH OD HJULFXOWXU! GH DXWLFPVO
PR HTXLY呸LD
t

 SREUH]D PLHQWUHV TXH OD FRQH[LQ 呸RQ ORV JUHQUOHV PHUFDGRV HUD XQ 
  ;, Ë9  

SUHUHTXLVLWR SDUD PRGHUU/]FU OD RULFFLOWXUH (Q FRQVHFXHQFLD GHOË呸


SODQLILFDUVH ORV FXOWLYRV D HVFDOD QDFLRQDO HQ I
XQFtyQ GHO WUDQVSRUWH
HVFRJLHQGR SURGXFWRV GH DOWR YDORU Y EDMR YROZQHQ HQ U%]Q GLUHFWD GH
OD GLVWDQFLD 6yOR FXDQGR HO 3HU~ KXE HVH DVRJXUQGR XQD DFULFXOWXUD
t

GH DOWRV UHQGLPLHQWRV SRGtD HQVYDU VX LQGXVWULDOL]DFLQ (VD OH S呸Uā‡
‡ ‡ Z ‡ 

FtD XQD OH\ KLVWFUULU ā GH YDORU XQLYHUVDO 'H SDVWFU


RV ODV QDFLRQHV
VH YXH/YHQ DJULFXOWRUDV \ FXDQGR WLHQHQ XQD JUDQ SRE/DF,yQ Y VREUDGRV
SURGXFWRV VH ‡DFHQ PDQXIDFWXUHUDVā
 /  WQGXVWUL5 SRU RWUD S%UWH QR V
OR YHQtD D VHU XQ UHFXUVR KLVWULDF呸HQWH SRVWHULU
  呸 呸ULFXOWXU
VLQR WDPELpQ XQD HVUXFWXUD GHSHQGLHQWH GH DTXHOOD SDUD WRGRV ORV H
IHFWRV LQFOX\HQGR VX XELFDFL6Q JHRJUiI FV 6L (LOU~ KDE H /RJU
DGR X
t t

GHVDUUROOR LQGXVWULOVH GHEtD D VXV ODUJRV SHUtRGRV LQYHUQROHV VLU


FXSDFL6Q DJUtFROD 3RU HVWD U£FyQ FUHtD / HGRV TXH VL HQ HO 3HU~ DS
UHF~LQ FRPSOHMDV ILEULOHV HQ HO IXWXUR KDEULRQ QH HVWp?
 HU  LQWFULR

H U 6LHUUD HQ ORV SXQWRV GH W 呸RV UHFXUVRV DSULFROHV


(V GHQWUR GH HVH FRQWH[WR TXH GHWHU RV FQWHQGFU HOUURFHVR GH
UQGHUQL]DFtyQ UFODWLYD TXH VH SURGXMR HQ DOJXQDV GH ODV H UUHV6 H呸
SHFXULDV SHUXQDV HOH WLSR F[RUWDGRU 'HVGH OXHJR HVD PRGHUQL]DFOWtQ
?UL VHJ~Q  UHVSHFW Y DFW YOGDG HQ I
XQFL
LQ SULQFLSDOPHQWH GH /D
t t

UHQWDELOLGDG GHO &PELR \ ODV IDFLOLGDGHV GH RU呸GLW / RV ODWL呸XQGLR呸


VHUUDQRV SURGXFWDUHV GH ODQD 
XHURU ORV Pi V UH]DJDGRV (O ÒQLFR KHF-LR
ā PHQFLRQDU IXH HO GH ORV JUDQGHV JQDGHURV GH 3XQR 5 RPDx H &DPSRV
D呸 5RPiQ 1呸+H]  TXLQRV HQ  LQWUROXMHURQ PHULQRV HVSDILROHV SDUY
QMRUDU VXV FDEDILDV (VWR PLVPR WHUPLQy HQ XQ IUDFDVR SRU IDOW呸 GH
FROLFLD VDQLWDULH SUHYHQWtYD QR DGY UW HURQ TXH ORV PHUtQ V YHQ/DU
t t

HSLRMDGRV WX\ SURUUWR VH SURGXMR QD JUDQ PRUWHQGXG HQ ORV RYLQRV
ORFDOHV (Q  D LULF
WXUD FRVWHILD HO VHFWRU Pi V UHWUDVDGR IXH HO GH
 RV DOJRGRQDOHV / RV QXHYH SULQFLSDOHV YDOOHV GRQGH VH OH SURGXFtE

LXUD &DVPD 6DQWD ,FD 1D]FD &DPDQi  7FHPER 6DPD \ $]DSD  Q WR
WOL]DEDQ PiV
H   TXLQWDOHV DODxR WRGRVWUDEDMDEDQ HQ FRQGLFLR
QHV DUFDLFDV (U!Q SUi FWLFDPHQWH GHVFRQRFLGDV ODV PiTXLQDV GH GHVSHSBLB
呸TU \ SUHQV5GR / DV SRFDV LQQRY呸FLRQHV IXHURQ GH呸LGHV DTXt D 'RPLQJR
OtDV HQ VXV SURSLHGDGHV GH ,F /RV FDILDYHUDOHV GHVSXpV GH WRGD
DWUR GH HVW UHVLJQDFO呸Q WUDGLFLRQDO GHPRVWU3URQ PD\RU LQLFLDWLYH

FRQ OD UHQRYDFLyQ GH VXV WU5SLFKHV KRUQRV \ FDOGHUDV
/ R TXH QR IXH UHPRYLGR \ TXHG SU呸FWLR!PH呸WH LQWDFWR I
XR O3
FVW呸XFWXUD VRFLDO LQWHUQD GH ODV SODQWDFLRQHV OtH 呸RX^  FRUQR GLMLPRV
HQ OD ,QWURGXFFLyQ XQD GH ODV SDUDGRMV DSDUHQWHV GHO VLVWHPD &ILF呸
/tHWD PXQGLDO  FRQH[LyQ HQWUH  HJULFXOWXUD SHUXDQD \ ORV PHUFD
GV PXQGLDOHV SRGLD H[L呸LU QD PRGHUQLāDFLyQ GHO SURFHVR GH FRPHUFLD
/ ]RFLyQ \ HVW UX/ DU F UL
LRV WHFQR/R] FRV SHUR UFU VL PtVPH HVD FR
t t

QH[tyQ QR VXSRQ D TXH VH PDU-IL&)


U
Q ODV UH/UFLRQHV VRFLDOHV GH WU5
t
; ; 9 

EDM R  &RQW L QXDU RQ O D HV F O DY L W XG HQ O D &RV W D \  O D V HU Y L GXPEU H HQ O D 6LHUUD /R TXH
HV  PDV   HV RV  U HJL PHQHV  V H DJU DY DU RQ W DQW R F XDQW R PD\RU  I XH O D GHPDQGD GHO  U HV SHF W L  
Y R SU RGXF W R DJU RSHF XDU L R  /R GL F KR Y DO H F RQ W RGD HY L GHQF L D SDU D HO  SHU L RGR TXH HV  
W XGL DPRV   D SDU W L U  GH  KDV W D   I HF KD HQ TXH HO  JREL HU QR SHU XDQR SU RKL EL y O
" 
HV F O DY L W XG HQ W RGR HO  SDL V   3HU R SXHGH KDF HU V H H[W HQV L Y R W DQW R D HV D PL V PD O L EHU 呸
F L yQ GH HV F O DY RV  GH  FRPR DO  U pJL PHQ GH W U DEDM R TXH O RV  U HHPSO D] y HO  W U I O I L F R
GH F RO RQRV  F KL QRV   3RU TXH F RPR Y HU HPRV  O D V XSU HV L yQ GH O D HV F O DYL W XG QR I XH XQ U H
VXO W DGR DXW RP$W L F R GH O D U HO DF L yQ 3O DQW DF L yQ 7U DGL F L RQDO  SHU XDQD 0HU F DGR F DSL W DO L 呸

W D PXQGL DO  V L QR GH XQD U HO DF L yQ PXF KR PDV  F RPSO HM D HQW U H W RGRV  O RV  V HF W RU HV  GH O D
呸F RQRPL D PXQGL DO   / D V XEV L V W HQF L D GH O D L PL JU DF L yQ F KL QD DO  3HU G  KDV W D  SRU 
O R PHQRV   L QGL F D W DPEL pQ KDV W D TXH SXQW R HO  V L V W HPD FDSL W DO L V W D GHO  V L JO R [L [ SXGR
I XQF L RQDU  V L Q DO W HU DU  QHF HV DU L DPHQW H O RV  V L V W HPDV  O RF DO HV  GH W U DEDM R SRU  W U DGL F L RQD
O HV  \   SU H F DSL W DO L V W DV   TXH HV W RV  I XHV HQ R SDU HF L HV HQ 
&RQV L GHU HPRV  SU L PHU R HO  PXQGR V RF L DO  L QW HU QR GH O DV  SO DQW DF L RQHV  SHU XD  
QDV  V L Q SU HW HQGHU  HV F U L EL U  XQD KL V W RU L D GH O D HV F O DY L W XG HQ 6XG $PpU L F D  1RV  O L PL  
W DU HPRV  D U HV XPL U  W U DEDM RV  GH RW U RV  DXW RU HV  7DY DU D  $U RQD  *DU O DQG  5RPHU R  0HQGL  
EXU X  %DV DGU H  \  DO JXQDV  L QY HV W L JDF L RQHV  SHU V RQDO HV   $O  SU RGXF L U V H O D , QGHSHQGHQ  
FL D SRO L W L F D HO  V L V W HPD HV F O DY L V W D HV W DED  I L U PHPHQW H HV W DEO HF L GR HQ HO  3HU G GHV GH
HO  V L JO R [YL  \  V X QGPHU R KDEL D L GR DXPHQW DQGR GHV GH O DV  SU L PHU DV  L QW HU QDF L RQHV 
R I L F L DO PHQW H DXW RU L ] DGDV  HQ  I DY RU  GH 3L ] DU U R \  9DFD GH &DV W U R  /RV  F $O F XO RV  TXH
GL V SRQHPRV  V RQ O RV  V L JXL HQW HV  

&XDGU R   (V F O DY RV  GHO  3HU G V :ó  "


L [ F L I U DV  DSU R[L PDGDV  

  )L QHV  GHO  V L JO R [YL  &U RQL V W D +HU U HU D  ‡‡‡‡‡‡‡‡‡‡‡‡‡ 

  ā 9 LUUH\ & KLQFKyQ ‡‡ 

   ^9 LUUH\ 7 DERDGD ‡ ‡‡ 

   VDQ WLDUWLQ  ‡   

*DU BO DQG  

$O JXQDV  GH HV W DV  F L I U DV  SXHGHQ VHU  U HO DF L RQDGDV  F RQ O RV  SU L QF L SDO HV  F L F O RV  GH O D H 


F RQRPL D F RO RQL DO  SHU XDQD    DF XPXO DF L yQ SU L PL W L Y D GH O D &RQTXL V W D W HV RU RV  L QF DV   
SU L PHU DV  HQF RPL HQGDV     DXJH GH 3RW RV L     H[SDQV L yQ \  FRQV RO L GDF L yQ GH O D JU DQ  
DJU L  XO W XU D D PHGL DGRV  GHO  [YL L  \  HV W U XF W XU DF L yQ GHO  F RPHU F L R PRQRSRO L V W D    GHV SO   B
] DPL HQW R GH O D PL QHU D D O D ] RQD F HQW U DO  GHO  3HU G F HU U R GH 3DV HR     U HDM XV W HV  HQ
O RV  V L V W HPDV  F RPHU F L DO HV   'H HV W H PRGR W HQGU L DPRV  DO JXQDV  SL V W DV  SDU D  I L M DU  HQ HO 
I XW XU R O DV  GL Y HU V DV  I XHQW HV  GH O RV  FDSL W DO HV  HPSO HDGRV  HQ O "  HV F O DYL W XG  L QGL F DQ 
GHQRV  DO  PL V PR W L HPSR O RV  PRGRV  \ W HQGHQF L DV  GH O D U HL QY HU V L yQ KDF L D HO  V HF W RU  DU   B
FRO D  6HU L D HV W H XQ KHU PRV R W U DEDM R TXH HY L GHQF L DU L D KDV W D TXH SXQW R V H KDO O D  
EDQ L QW HU HO DF L RQDGRV  O RV  PGO W L SO HV  PRGRV  GH SU RGXF F L yQ Y L JHQW HV  HQ HO  3HU G  5H  
F L HQW HV  HV W XGL RV  /   +XHU W DV    SU XHEDQ SRU  HM HPSO R TXH SDU D O D F RPSU D GH HV F O D
RV  V H XW L O L ] y WDXELpQ HO  EHQHI L F L R REW HQL GR HQ O D H[S/RWDF LyQ GHO  FDPSHV L QDGR L Q 
GL JHQD PL W D\ RV   U HSDU W R GH PHU F DGHU DV   GHXGDV   F RPHU F L DO L ] DF L yQ GH O RV  H[F HGHQW H呸
FU pGL W R呸 GH O DV  &DM DV  GH &HQV RV   (Q RW U DV  SDO DEU DV  SDU D L PSO HPHQW DU  XQD U HO DF L yQ
V RF L DO  GH W U DEDM R DQW HU L RU  D O RV  V L V W HPDV  I HXGDO HV  \ F DSL W  O L V W DV  L QW HU Y L QL HU RD \
I XHU RQ DSU RY HF KDGRV  H[F HGHQW 3 呸 GH SU RF HG呸QF L D U£X\ GL V W L QW D  W U DEDM R GH O DV  F RPXQL 
GDGHV  SU L PL W L Y DV   V HU Y L GZQEU H GH W L SR I HXGDO   F DSL W DO L V PR F RPHU F L DO  \ KDV W D O D ā   
SU RSL D HV F O DY L W XG 
&XDO TXL HU D TXH I XHV H HO  RU L JHQ GH O R呸 F DSL W DO HV   O D HV F O DY L W XG HV   XY R
Gt U  HF WDPHQW H  DV RF L DGD GHV GH XQ SU t  QF L SL  R D O D JU DQ DJ ‡L F XO W XU D  'H O RV    
HV F O DY RV  U HJL V W U DGRV  HQ   V yO R HO   HV W DED GHGL F DGR  W DU HDV  GRPpV W L F DV  \   
DU W HV DQDO HV   'H O RV  U HV W DQW HV  F DV L  O D PL 呸DG *DU O U XG  R KDV W D O RV    W U DED - DED
HQ O DV  SO DQW DF L RQHV  F Dx DY HO HU DV   6X GL V W U L EXF L yQ JHRJU iI L F D F RL QF L GL D D I L QHV 
GHO  [Y L L L  F RQ O D TXH KHPRV  GHV F U L W R SDU D O D L QGXV W U L D D] XF DU HU D 

&XDGU R   3HU 呸   (V F O DY RV  SRU  L QW HQGHQF L DV  

āL
U
, QW HQGHQF L DV  (V F O DY RV  3RU F HQW DM HV  


, QW HQGHQF L D GH /L PD   
, QW HQGHQF L D GH 7  XM L O O R   O O  
, QW HQGHQF L D GH $U  HTXL SD    
, QW HQGHQF L D GH 7DU PD   


B B ‡āā B ā呸8
ā,
, QW HQGHQF L D GH +XDQF DY F O L &D   £
, QW HQGHQF L D GH *XDODQJD    ā
, QW HQGHQF L D GHO  R呸] F R O
V  

B B>
BBBB 
B B L
Uā
7RW DO HV          

)XHQW H  0HPRU L D QH O RV  9L U U H\ HV     ) U H\ 'RQ )U DQF L V F R *L O  ā   7DERDF D \ /HPRV  / L   D 


/L PD   (V W DGRV  O
 'RF XPHQW RV  £ DJ    
H  D DU  R   3H    (V F O DY RV  SRU  SDU W L GRV  

, QW HQGHQF L DV  3DU W L GRV 



(V F O DY RV  3RU F HQW D
M 呸

&HU F DGR
FDxRWH
   
 



  L
, F D      

<DX\ RV    
, QW HQGHQF L D GH /L PD +XDURF OUtUt   
&DQW D  
&KDQF D\   £ 


6DQW D   

7RW DO       
&HU F DGR    
/ DPED\F TXH ā    
3L XU D  O&t
, QW HQGHQF L D GH 7U XM L O O R &D[DPDUFD  6
*XDPDF òXF R   
3DW D]    
&KDF KDSR\ DV  B  


7RW DO     
 
 [[Y L L  
&8DGU R    3HU W O  呸  (VFODYRV SRU 3DUWLGRV

, QW F  DGHQF L DV  3DUWLGRV (VFO呸YRV 3RFFHQWDMHV

&HUFDGR    


&DUQDQ¢  H
&RQGHVX\RV  
,QWHQGPFLpL GH OUFFLSD &ROODJXFV  
0RTXHJX    
$ ULFD  呸
7DUSDFD  &
7RWO  

7DUPD  


- DXMD VH  
&D[DWDPER  
,QWHQGHQFLD GH 7DUPD +XD\ODV  
&RQFKXFRV  
+XDPDO L HV   
+XiQXFR  


7RWDO   
+XDLFDYH/GFU  
,QWHQGHQFLD GH +XDQFDYHOLFD $QJDU£HV  - 
7D\DFD[D
&DVWURYLUUH\Qi




7RWDO  

&HUFDGR  


$QHR+XDQFD&DQFD\R
,QWHQGHQFLD GH *XDPDQJD $QGDKXD\ODV/ XFDQDV
\ 3PāLQDFRFKDV  
7RWDO  

 &HUFLOGR  


L

 $EDQFD\  
$\PDUDHV&DOFD\ODUHV
呸QWFQGHQFLD GHO &X] F R
8U
XEDPED &RWDEDPEDV 3DUX
UR&KXPELELOFDV7 LQWD2XLL
SLFDQFKF3DXFDUWDPER  
7RWDO  

6DEHPRV PX\ SRFR DFHUFD HOH OD YLGD FRWLGLDQD \ HO U~JLPHQ ODERUDO G HV
WRV HVF/DYRV / RV GDWRV GLVSRQLEOHV VH UHILHUHQ SUtQFtSDOUQHUWH DO SHULRGR y
FRQ UHODFLyQ D ODV KDFLHQGDV MHVXLUDV 0DF"UD   6H KD SUHWHQGtGR TXH ODāHVFODYBL
G IXH HQ HO 3HUi FRPR HQ ORV GHPiV SDLVH FDWyOLFRV PXFKR PHQRV GXUD TXH HQ RWURV
WFUULWRULRV *)UFLUH HV XQR GH ORV TXH PHMRU LOXVWUD FRQ URPiQWLFD H[DJHUDFLQ HV
WSXQWR GH YtVWD HQ HO FDVR GHO %UDVt/  7DQQHQEDXP   \ OXHJR (ONLQV   KFU 
L 呸V L V W L GR HQ TXH KXER GL I W U HQF L DV  L U L I L F DW L Y DV  HQW U H F DFW D V L V W HPD HV F O DY L V W DV 呸  
*
OQ FXDO IXHUH OD FXOWXUD \ OD HFRQRQLD GHQWUR GHO FXDO RSHUH (ONLQV KD FQIDWL]DGR
DUW FXODUPHUUWH 呸 RRRV FtyQ HQWUH GRV VLVWHPDV HVF/HYLVWDVH 'H XQ ODGR HO TXH VH GH
t t

QāUROOy HQ VRFLHGDGHV GH W SR /tEFUDM SURWHVWDQWH VHFXODUL]DGR \ GH FXOWXUD FSL
t

!O LVWD <  GHORWURDTXH/  VLVWHPD PiV  KXPDQDWDULR  TXH VH GLR GHQWUR GH FRUUWH[WRV 
F RQV HU Y DGRU HV  S呸W 呸呸呸DO L V W DV  F 4W yO L F - V  \  F 呸V L  U DF GL HY DO F V  F   R I XH HO  F DV R HQ O RV  L PS  B
UtRV
[YLLL

GW (VSDxD \ 3RUWXJDO 0LQW] 6ODYHU<  DQG HPHUJHQW FDSLWDOLVPV   KD SXHVWR (

FY呸GHQFLD ODV GFELOLGDGHVBGH HVWD KLSyWHVL呸 &XHQWD SRFR HQ SULPHUOXJDU OD SUF呸HQ 
FLD R DXVHQFLD GHXQD WUDGLFLyQ FVF/ DYLVWD HQ FDGD XQD GH ODV SRUFLRQHV FRUQSDUDGDV
,PSRUWD PDV HQ SDOiRUDV GH +LQW] HO UHVSHFWLYR IHQyPHQR GH WUDVIHUHQFLD WRWDO LU
FRPSOHWD QR
 KDEL GH` / D HYtGHQFLD HPSWU/ FD GFUQXHVWUD SRU RWUR ODGR TXH OD +GHV ‡
QDQt]DFtyQ GHO HVFODYR QR IXH PHQRU HQ /DV FRORQLDV FDWyOLFDV IUDQFHVDV TXH HQ ODV
DUWFV LWiQt
   
@O DQWDFL RQFV SU R GHVSHFKR
WFDW EU  FDV $ GLFH ( O VD * RYHL D GH / D
V 

GIHUHQFLDV UHOLJLRVDV DPERV  PRVWUDURQ SURIXQGDV  VLPLOLWGB V  TXH FRQWUDVWDEHQMFRQ




ODV āDFWIIXGHV‡‡ DFH£WDGDV HQ &XED呸呸 VXEUD\DGR QXHVWUR  Tā.  HVWD /WLUQD FRPHQ]D ~

U D GHVDUUROODU XQ VLVWHPD GH JUDQ S/DQWDF


LyQ /R GHFLVLYR VHULD HQ FRQVHFXHQULD
LV ELHQ HO JUDGR GH GHVDUUROOR GHO FDSLWDOLVPR HPHUJHQWH \ HO FUHFLPLHQWR GH ODV
U / DUUWDFtRQHV GHQWUR GH XQD VRFLHGDG GHWHUPLQDGD 6XEVLVWHQ V LQ HPEDUJR DOJXQRV S呸R- O呸
QDVH D GHILQLU OR TXH HQWHQGHPRV SRU FDSLWDOLVPR  HPHUFHQXF  \ GFFtU FXiWHV VRQ 
FYV XPEUDOHV
HFRQyPLFRV VRFLDOHV LGHROyJLFRV  GH DSDULFLyQ E VHOHFFLRQDU FULWH
ULR FRPSDUDWtYRV GH YDORU XPYHUVDW ORāFXDO VLJQLILFD GH SHUWLQHQFLD UHJLRQDO  SDUD
QHGLU ORV JUDGRV GH HVD HPHUJHQFLD \ F H[SOLFDU SDUD FDGD VLWXDFLyQ KLVWyULFD FRQ 
FUHWD ODV FDXVDV GHO SURFHVR $x DGLUHPRV SRU WLPR GRV REVHUYDFLRQHV FRPS/HPRUUWD
U呸DV O¢+DVWD TXH £XQWR QRV SUHJXQWDPRV QRVRWURV XQ SODQWDGRU XQ PLQHUR XQ FRPHU
FtHQUH HV FDWyOLFR SURWHVWDQWH R 呸OQiQ" B +DVWD TXH SXQWR VyOB HO FDStWDOLV$
LUtWURyXFH IDFWRUHV GH VHFXODUL]DFLyQ" 2VHD <  VLQ FRQVLGHUDU HO FDVR VRFLDOLVWD ¢+呸
D TXp SXQWR WRGD DFWLYLGDG HFRQyPLFD DP HQ VRFLHGDGHV SUHFDSLWDOLVWDV  QR VXSRQH
XQ FLHUWR JUDGR GH  QHXWUDOL]DFL2Q UHOLJLRVDQ DQWFUā RU / QF
OXVR D XQ SURFHVR FXD[TXtH
FDGH VHFFXLDUL]DFLyQ JOREDO" 6L ELHQ HV FLHUWR TXH H[LVWHQ RWURV WLSRV GH UDFtRQDW
DG HFRQyPLFD DGHPiV GH OD UDFLRQDOtGDG FDSLWDOLVWD *RGH/ U  WDPEtpQ HV FLHUWR




H WRGDV HVDV UDFLRQDOLGDGHV ILJXUD XQ FRPSRQHUUWH GH HILFDFLD GH FZQSOLPLHQWR GH RE
MHWLYRV *H ODERULRVLGDG HO ZRUNPDQVKLS GH 9 HEOHQ  TXH SRQH EDMR VX FRQWURO HVWUXF
WXUDO UHODWLYR WRGRV ORV RWURV FRPSRQHQWHV LQFOX\HQGR HYHQWXDOPHQWH DO  UHOLJLRVR
呸 1RV LQTXLHWD WDPEtpQ XQD SUREDELOLGDG  (O HQGXUHFLPtHUUWR GH XQ UpJLPHQ GH WUDEDMR
QR HVWi QHFHVDULD KLVWyULFD \ H[FOXVLYDPHQWH DVRFLDGR FRQ HO  QV  WR
 WUi GHVGH
 ā   XU VLVWH
t

D HFRËPLFR $ KDFLD XQ VLVWHPD HFRQyPLFR % 3XHGH RFXUULU WDPELpQ GHQWUR GHO VLVWH
āD $ \ DEVROXWDPHQWH GHQWUR GH HVH VLVWHPD FRPR UFVXOWDGR GH VXV FULVLV WLSLFDVHB
呸O呸FDV \ SDUWLFXODUHV VLQ WUDHU FRQVLJR QLQJDQD PRGWVtFDFDyQ JOREDO (Q WDOHV RFD 
VRQHV XQD HFRQRPD WUDGLFLRQDO SDUD VHJXLU VLHQGR WUDGLFLRQDO \ PDQWHQHU VXV PIOU
BB LJXDOPHQWH WUDGLFLRQDOHV GH EHQHILFLRV  SXHGH DFXGLU D OD VROXFLyQ PiV I呸FL  WU,‡
W¢B GH HOHYDU OD SURGXFWLYLGDG GH OD PDQR GH REUD 6LQ TXH HVWR VLJQLILTXF PRGFUQLH
LyQ
(Q UHVXQHQ 3RGHPRV DFHSWDU HQ SDUWH ODV FRQFOXVLRQHV GH (ONLQV7DUQHEDPāā
呸UHLU呸 SHU R QR URU ODV PLVPDV U D] RQHV  TXH HOORV DGXF HQ  / DV GL I HU HQF L DV  HQWUH 呸R呸
VVWHPDV GH HVFODYLWXG DPHULFDQRV DGPLWH呸 XQD ORFDOL]*FLyQ UHJLRQDO SHUR HVWD QR V
FH FDUiFWHU FXOWXUDO UHOLJLRVR 3HUR WDPSRFR SRGULD VHU H[SOLFDGD HVD DLIHUHQFLD QL
FDPHQWH HQ IXQFLyQ GH OD SUHVLyQ HMHUFLGD SRU HO FDSLWDOLVUU呸 FRQSFWLWLYRā '%ULRQ 'D
YLV   QL SRU OD HPHUJHQFLD GHO FDSLWDOLVPR \ HO FUHFLPLHQWR GH ODV SODQWDFLRQHV
< ; O; 


‡U  W]` +DEULD X‡ā RQVLGHUDU W呸ELQ HO Y £‡- U!WTUā FLUWF 
ODV VRFLHGDGHV WUDGLFLRQDOHV GRQGH VH GDED HO HVFODYLVPR LQFOX\呸GR HQ SULPHU OXJpU
/ ā HIHFWR FR\XQWXUX, G VYV FU,V V FIFOLFDV
t 3HUR WDPE WQ O V UODFLRQFV FUWUH
t B p

FVF/DYt WXG \ ORV RWRV VXEFRQMXQWRV ODERUDOHV PDQR G REUD VHUYLO HVWDFLRQDO /WF 
%L呸 VH FRPSUHQGH TXH HQ HO FDVR 3FU~ FDVL WRGDV HVWDV FXHVWLRQHV VL'3L"
VLHQGR 0DWHULD GH FRQM FWXUD \ WDUUELQ OR TXH HV SHRU GH VLOHQFLR R FUXGD &HPDJRJLF
1R WRGRV KDQ HVFUtWR VREUH HO WHPD FRQ OD LPSDUFLOLGDG GH %DVDGUF / RU KLVWRUL呸X‡
UFV GH OD GHUHFKD X GLFHQ OD YHUGDG D QH- LDV SDUD IDEULFDU XQD URVDGD LPDJHQ G OL呸 B B ā
ODYLWXG HQ HO SDLV OLHQWUDV TXH ORV KLVWRULDGRUHV GH L]TXGFUGD WUDLFLRQDQ K DWD
FFU LHFODG \ H[LJHQFLD GHO SHQVDPLHQWR U,DU[LVWD \ YX/ TDUt]L Z- 6 &/ - ( WRV OXJ"U FV 
PXQFV HQWUH /DV SRFDV H[FFSFtRQHVV 0DULDWHJXL &KR\  / R FLHUWR HV TXH D WRGRV QRH
ā W LQURUPDFLyQ 7 HQHPRV LQGLFLRV TXH HQ HO 3HU~ ORV HVFODYRVV SHVH D OD GXUR]U - H
/ DV KDFLHQGDV FRVWFx DV VXIULHURQ PHQRV TXH HQ HO iUHH IUDQFRLQJOHVD呸 ( D HVH VFXWL


ž  QR SDURFF XQD DtPROR FRUWHVD GtS/RPiWFD OD GHFODUDFLyQ GHO ,LLQtVWUR
t LQJOpV HQ OMB
D FXDQGR HQ  GHFODUy VX YROXQWDULR UFUWtPRQtR DO WUDWR JHQFUDOUFQW(F EXHQR GH
T!H JR]D OD SREODFLyQ HVFODYD HQ HO 3HU L \ VX DTXLHVFHQFLD DO HORFXHQWH DUJXPHQWR
-  TXH OD HVFODYDWXUD SUHVHQWD XQ DVSHFWRā PX\ GLIHUHQWH HQ HO 3HU GH DTXHO TXH G
LL
DVFULWR KDVLGR WHVWLJR HQ HO ,PSHULR GHO %UDV / \ HQ ORV ((88 3DUHFH HQ U
M
t

呸£B‡ WpUPLQR TXH ORV HVFODYRU WXYLHURQ H HO 3HU PD\RUHV RSRUWXPGDGFV SDUD SUHV F L ā

 8 HVWUXFWXUD IDPLOLDU $XQTXH VX UUtYH, DO UHVSHFWR HUD PXFKR PiV EDMR TXH HO GH
ORV RWURV TUXSRV VRFLDOHV FRPR OR LQGLFD VX
WR SRUFHQWDMH GH KLMRV LOFJLWLPRV /H
RYLEL/
LGDG WHyULFD VLHPSUH LJWDO  \ OD UFEDELOLFODG SUiFWLFD YDULDEOH VFJ&WQ OF 
FLUFXQVWDQFLDV GH TXH FO GXHx R YFQG
LHUD DO KLM R GH 86 HVFODYRV I
XH GH KHFKR XQ IU
W- 
 GH GLVORFDFLyL IDPLOLDU +IOV VHJXUDV SDUFFFX KDEHU VLGR RWUDV YHQWDMDV UHODWB
āUV RUJDQL]DFLyQ GH FRIUDGLDV GH VRFRUURV UUUXRV  PD\RU ILM DFL ā WHUULWRUL OL
ORV HVFODYRV UXUDIHV PLVFFJLQDFLyQ FRQ RWUDV FDVWDV FRPEDW GR GHUHFKR GH YtRXWUFV 
t

呸EUHV FRPSUD GH OLEHUWDG \ FDPELR GH GRPLQLR SRU UD]RQHV GH VHUYtFLD
3HUR QDGD GH OR GLFKR LQFOLQD D WHQHU SRU YHUGDG DEVROXWD OD LPDJFD SāW‡`B
!OLVWD GH OD HVFODYLWXG GLYXOJDGD SRU ORV KDFHQGDGRV āSHUX: GHO VLJOR [L[ \ OXF\R
SF\ XQD VXEOLWHUDWXUD URPiQW FD t / RV HVWHUHRWLSRV GHO EXHQ£DWUQ OD DPLWD EO~!ā
U 呸   PDPi QHJU© ž  \ HO  SDODQJDQD HQJUHLGR KDQ FRQVR/ DGR PXFKDV PDODV FRQFLFQFLDV

L F/  PHM RU GH ORV FDVRV VyOR WXYLHUHQ XOJ2Q VRSRUWH UHDO 
8 ORV FHQWURV XUEDQRV GH B
呸 R GHO VHUYLFLR GRPyV WLFR GR ODV FODVHV PiV SXGtHQWFV 3FUR QR HQ ORV PHGLRV UXUD 
呸V 6H SXHGH FRPSUREDU DGHPiV TXH /D YHUV yQ LGOLFD IF VLHPSUH VRVWHQLGD SRU T
t
F
 HUDU SDUWLGDULRV GHO VLVWFPD HVFODYLVWD 3XHVWR TXH ORV HVFODYRV HUDQ IHOLFHV ¢H
X GDUOHV OLEHUWDG"  (Q VX5HFODPDFLyQ GH ORV YHQFUDGRV GHUHFKRV GH ORV KDFHQGD 
V   HO FRQVHUYDGRU - DVH
 0DULD 3DQGR UQDQ/ SX/y SUHF DDPHUUWF HVWRV DUJXPHQWRV
t


OVLFRV SDUD GHIHQGHU OD HVFODYLWXG FU DWHQFLyQ D   HO SFWHUQDt VPR GH ORV SURQHF t

B呸LRV FULROORV   /DV SHRUHV FRQGLFLRQHV GH YLGD TXH VXIULDQ WUDEDMDGRUHV GH RWURV
DLVFV
; ; ; 

  3DWFUāODOLVāQR
6FDPRV MLVWR FRQ WRFRV (QWU^  ORV LLIHOLFFV UQRV G呸 HVFODYRV RV
GFVFFQFGHUUWFV ]PDULFDQR GH ORV HVSDLROUV VHQ ORV TXW MHQHUDOPWQW呸 
6/  KDQ GLVWLQJXLGR SRU OD GXO]XUD FU HO WUDWR LH V QHJURV  $XUUQ
-XV  HSX- QWWV SRUUQHQFUHV GHO WU0MFR ORV FULROORV VH KDOODQ FRQSH
UDW呸YDPFQFH VLQ FXOUD \ H呸 H/ DUR TXH GH HVWR KD QDFLGR HQ JUDQ SDUWH
OD WUDQTXLOLGDG GH VXV V FUYRV‡‡‡呸 / RV DFWXDWF SHVB呸GR(6 & / V U/
t

S
&OEO DV 

ULFDL6 SDUWLFWOUUPHQWH ORV GHO )HU~  VH GLVQJXFQ 8/8
PDV W- Gi Y
 SRU VX GX/]XUD H LQRXOJHQFL- WUFU呸呸 XWR HTULWDWtYR R
UH]FQRE]F TXH VH OHV TXtHUD KDFHU UHVSFQFRE/ā 呸/  -V FUIPFXF呸 O 呸‡ā呸
Q\RUHV \ UHGXFLU L OD LQOLJ QFLD"

  /D (VODYLWBG ` RWURV VLVWHULDV GH WUD !DMBJB OV]‡LL 呸呸呸VWD呸 \ SUHF† ONLWD 
OL呸 
)R FRPSHUHPRV D ORV FVF
/ HYRV GHO 3HU~ FRR /RV G OpV FRURUULDV ! OYV
GH 1UWF $P&ULFD V DYDQ]DUHPRV D GHFLU TXH VX FRQGLFLyQ HV VXSFULF
QR VR/R D OD &H ORV YD//DQRV *HO āāRUUR GH (XURSD VLQR L呸YFOUQHQW呸 
OD FH 呸QILQLWRV FXOWLYDGRUHV GW 7U/DQXD \ D OD GH O
6! TFQHUDOtGDy Gā
ORV MRUQDOHURV \ PDQXIDFWXUFURV XH OD *UDQ %UHWDLB

'XUDQWH HO SULPHU JRELHUQR GH &DVWLOD PXHFR DQWHV GH TXH HVWH )XWUD
/ LEHUWDGRU GH ORV QHJUVW  HO &DQFLOOHU "D] 6R/GiQ FLV呸JL‡呸 XIMFLDOPWQWH H呸WW U呸ā W ā
H YLVWD 3D] 6R/GiQFSURSLHWDU/ R GH K]LF
LFQGDV pO OLV UUHL FRPR "
R TX 呸ā
FODYRV SHUXDQRV OOHJDEDQ D YtYtL PHMRU TXH ORV RILFLQLV
DV )UDULFHVHV \ T
& BRV !
U呸呸FURV GH ,QJODWFUU 9 DOH OD SHQDFWULXU LQWHJUDUX呸QWH VX /DUTR !GUUDIR FRPR D呸BFJD
 UFSUFVHQWDW YR GH OD RS UQyQ TXH SUHYDOHFtD HQ /DV FODVHV UORPOOXQ呸 SHUXDQDFH
t

<  QR VRQ FLHUWDPHQWH /RV DPRV SHUXDQRV ORV TXH QHUHFHU VLIULL
 H GH呸
FDO-EURV MXGLFLDO)V (Q ODV SREODFLRQHV HO XHUUtH ā
 QHTUWD FUHFH UH
UR]DQGR FRQ ORV QL3RV SDUWLFFSD GH VXV 呸OLPHUWRV -  JRWRVMQ呸 YLVWH āB
GH VXV GHVHFKRV Y" ¢ /D HVFXHOD \ DSUHQ&) ?
< V£  F"呸SG呸L &XDLGR @O 
JDQ / VHU V£
DQGHV YLYHQ FRQ FiHUWD IQLOLD GDG FRQ ORV HQ SDxHURV H
t

VX QtxH] \ ODV PDV YHFHV VRQ ORV IYRUāWRV GH /RV SDGUFV TXH QDWX
UDOPHQWH OHV KDQ WRPDGR XQ FVUtxF L- 2& 2 /QU
FULRU  TXH SURIHVDQ B VXV
KLMRV SDUWLFXODUPHQWH ODV VHxRUDV GRWDGDV G ā呸Q 6  SRU /R FRP~Q Pi V
FRPSDVtYDV \ DIHFUXRVDV & HUQR HV FRQVLTXLHQWH HL UFVWR
OH V YLGD /H
SDVDQ PX\ IHOL] GLVIUXWDQ FRPRGLGDGHV PX\ VLāS呸U /RUHV D VX FIDV©  \ HQ
PXFKDV FDVDV KDVWD GH OXMR UHSUHQVLEOH ¢+D\ FRVD PDV FRUU HQFH RXH t

HQFRQWUDU HQ ODV FDOOHV GH /tPD HVF


/DYDV FRQ UtF]V L- GLV GH VHGD D

SD
WRV GH UDVR \ SDxXHORQHV ERUGDGRV \ D~Q MRYDV G YD/ &U"

/ RV HVFODYRV GHGLFDGRV DO FDPSR QR VRQ PHQRV GLFKRVRV H SURSRUFtRU 
VX J(QHUR GH YLGD (O UHJODQFQWR SUHVFUUEH GLH] KRUDV GH WUDKDMD 
HQ ODV PiV FKDFUDV \ KDFLHQGDV VH GDU,DQ SRU PX\ V WLI¢GRV FRQ TX 
IXHVHQ RFKR *HQHUDOPHQWH H/ WUDEDMR VH KDFH SRU FDUDDV H呸 
HLU GH
VLJQDQGR 呸 FDGD HVFODYR XQD SRUFtyQ GH WHUUHQR QH OHKI
 B LEUD  "U呸
FXHUUWFPFUUWR VH Y呸 TXH ORV ODERULRVRV "  LQWHOLUUHUWHV G呸VFLLFI?DQ VU WDUH
WHPSUDQR \ S GHQ XQD VHJXQGD \ DOJXQ V YHFHV KFFVWU WHUFFUH SRU UDpK
t

XQD GH ODV FXDOHV UHFtFFQ HO MRUQDO tH XKRPEUH /LE
 H HQFUFOP呸Q呸H
HO PRQWH OHV HVWi  D2
QGRQ呸GR SDUD TXH HQ OFV KRUDV GH GHVFHQVR FRUL H
/HxD TXH /OHYDQ WL YHQGHU D ODV SREODFLRQFQ LQUQH
OLDWDV D
OFXQFV FRQGX
FRQ  DVWR FDQDVWRV 2 RWUDV WDUDWL MDD DXH VLHUQSUH HUFXHQWUDQ FRPSUD,R
UHV (VWRV VLHPEUDQ WLHUUDV TXH 呸H OHVGHVLQB‡ WRGRV FULDQ J呸OWLLD
FKD£BFKRV \ RWURV DQLPDOHBV GRPpVWLRV TXH PDQWLHQHQ FXQ ORV JUOUO'6 W/
DPR FX\p? JHQHURVLGDG OHV GHMD WRPDUORV IUDQFDPHQLH (
 SURGXFWR GH HV
WDV SHTXHxDV LQGXVWULDV  XQLGR ¢ OD SURUQQD ‡- PLQLF HV KDFH V HP
SUH SRVH DOJXQ GLQHUR TH 呸V HFRQyPLFRV YDQ D  XUXOPG
 SDUD FRQSU 
XQ GLD VX OLEHUWDG SHUR TXH OD PD\RU SDUWH FRYVDJUD GH SUHIHUXLD 
呸 DGTXLULUVH ORV JRFHV GH PHMRUDU HO YHVWL GR \ HO DLPHQWR SURSRUFLR
 [[[L  

QDU V H F DEDO JDGXU DV  TXH 


DQW L HQHQ HD O D KDF L HQGD p FRV W D GHO  DPR  \  VR
EU H W RGR p V DW L V I DF HU  O D V HG L QV DF L DEO H GH O L F RU HV  I XHU W HV   TXH HQ W 呸
GR HO  JO RER HV  O D VXSUHPH GL F KD GH O D FO DV H QL PD GH O D U D] D KXULDQD
  $F *U TXHQV H O RV  GHF O DPDGRU HV  F RQW U D O D HV F O DYL W XG O RV  GL DV  GH I L HV W D
¢ F XDO TXL HU D GH O DV  WLHQGDV  L U  HGL DW DV  p O DV  SRU W DGDV  HQ TXH V H YHQGH
HV D EHEL GD I DY RU L W D  \  Y HU p Q HQM DPEU HV  GH QHJU RV  \  QHJU DV   Y HV W L GRV 呸
TXHO O RV  GH SDx R  GU L O   HV W DV  GH ] DU D] DV   UXV F O 呸QDV   F XEL HU W DV  V XV  
F DEH] DV  FRQ V RPEU HU RV  GH W U HV  \  F XDW U R SHV RV  GH Y DO RU   PRQW DGRV  W RGRV 
HQ DVQRV  FDEDO O HM RV   \  GL JDQ V L  HV RV  W U DM HV  \  O D DWU RQHGRU D DO JD] D 
U D \  U L V RW DGDV  H[F L W DGDV  SRU  HO  DO F RKRO  SU HGL O HF W R TXH U HV XHQD HQ W R 
GDV  SDU W HV   V RQ V QW RPDV  GH PL V HU L D  GH GHV JU DF L D  8Q GD GH FXPSO H
Dx RV   GH EDXW L V PR   GH PDW U L PRQL R HQ O RV  JDO SRQHV  HV  ‡RF DV L yQ GH XQ
W RV F R EDQTXHW H HQ TXH VH GHY RU DQ KXHY RV   JDO O L QDV   F DU QH GH FKDQF KR 
GH FDU QHU R  SHV F DGRV  GL I HU HQW HV   DF RPSDx DGRV  GH EXHQ SD  GH W U L JR  \ 
U HJDGRV  F RQ FRSL RV RV  W U DJRV  GHO  H[F HO HQW H DJXDU GL HQW H GH 3L V F R  W U p L  
JDV H p SU HV HQF L DU O R XQR GH HV RV  L U O DQGHV HV   TXH W HU PL QDQ V X Y L GD V L Q
TXH V XV  SDO DGDU HV  KD\DQ V L GR QXQF D U HJ  O DGRV  FRQ RW U RV  V DERU HV   TXH  
O RV  L QJU DW RV  GHO  V XHU R  \ W   O   F XDO  SDSD  JU XDGRV  F RQ HO  V XGRU  GH G(B
F H KRU DV  \ F DW RU F H GH L QI DW L JDEO H W U DEDM R  \  ¢GL DU  VL  V RQ GHV JU DF L D 
GRV  UPHV W U  RV  QHJU RV "  ¢4Xp HQF XHQW U DQ SU HI HU L EO H V L  VX I DPpO L F D O L 呸H 
W DG QRPL QDO    O D FDIXPQLDGD HV F O DYL W XG GH HV W RV "  1L  HV  W DPSRF R XQ āž呸
QyPHQRāW DQ U DU R  TXH GHV GHx HQ U RPSHU  HV DV  F DGHQp? V  TXH VH SRQGHU DQ FR 
PR W DQ SHV DGDV   p SHV DU  GH SRV HHU  O RV  PHGL RV  GH O RJU O R  *DO SyQ KD
V L GR L QY DGL GR SRU  O RV  PRQW RQHU RV  HQ QXHV W U DV  JXHU U DV  F L Y L O HV  F X\ R ER
W t Q QR KD
Y DO L GR PHQRV  GH TXL QF H PL O  SHV RV   F X\ RV  GXHx RV  QR V Rx D  
EDQ D W HV  HQ GHGL F DU O RV  p  O D DGTXL V L F L yQ GH XQD O L EHU W Di TXH QR D 
SHW HF DQ  6H O D KDQ RI U HF L GR W DPEL pQ PXF KDV  Y HF HV  HV RV  PL V PRV  PRQ7R 
QHU F V   V L Q PDV W U DEDM R TXH XQL U V HO HV  HQ V XV  F RU U HU DV   \  O HM RV  GH D  
FHSWDU /D  KDQ KXL GR DSU HV XU DGRV  GHO  FR]UWDF W R F V XV  SHO L JU RV RV  SU RW F F 
W DU HV   £4XH V L QW RPD P GRO RU RV R GH O D Y HU JRQ呸RV D GHJU DGDF L yQ GH O D   
HV SHF L H KXPDQD TXH HV W DGR SU RGXF H£ HV F O DPDU I XL  PXF KRV  GRF W RU HV  SHW X  
ODQWHV 0DV ORV SHQVDGRUHV MXLFLRVRV DFRVWXPEUDGRV  VRQGHDU ORV 
U L QF RQHV  GHO  FRU D] yQ KXPDQR  L QW HU SU HW DU 呸 VHPHM DQW H DEQHTDF
t yQ FRPR
SU XHED L QHTXY RF R GH X EL HQHV W DU  U HDO  \ SRV L W L Y R  TXH KDEO D PDV  HO R 
F XHQW HQHQW H TXH O DV  PHW D L V L F DV  FKDU O DW DQHU DV  GH V XV  GHW U DF W RU HV  

$XQ H[L V W H RW U D FO DV H GH HV F O DY RV  TXH VXSHUDQ HQ ELHQHV WDU  p O RV  GHO 
VHUYLFLR GRPpVWLFR  UXUDO HVWRV VRQ ORV MRUQDOHURV 3DJX WL VXV
DPRV XQD FDQWLGDG GLDULD PRGHUDGD PHGtDQWH OD FXDO YLYHQ SRU VX FXH呸
W D GHGL F DGRV  DO  HM HU F L F L R TXH SU HI L HU HQ  /RV  KRQEU HV  JHQHU DO PHQW H V H
GHGL F DQ p DJXDGRU HV  y FDU JDGRU HV  GH HV TXL QD  O DV  PXM HU HV  i F RF L Q呸U p? V 
y O DY DQiHU DV   7RGRV  JDQDQ V REU DGRV  SDU D SDJDU  V  M RU QDO  \ YLYLU HQ  
PHG R G FXDQWDV FRPRGLGDGHV HSF WHF HQH $ PXFKRV  / HV SURGXF H VX LQGXV
t

W U L D PDV  GH GRV  SHV RV  GL DU L RV   £ 'H WUHV p F XDW U R PL O  I U DQF RV  DQXD
OFV 
%O DQF R V XV SL U DGR GH O D DI L F L yQ GH XQ RI L F L QL V W D I U DQF pV   TXH V RO R RE 
W L HQHQ SDU D FRQV XHO R GH O D Y HM H]  XQR TXH RW U R EL HQKDGDGR F RPR JDO DU   
GyQ G呸 DV L GXR W U DEDM R  GH L QW HO L JHQF L DV  EL HQ F XO W L Y DGDV   <  O R J呸 
QDQ I I  F L O PHQW H O RV  HQY L O HF L GRV  HV F O DY RV  GHO  3HU R  VL Q PDV  TXH XQ W U DE呸
M R JU RV HU R GH V HL V  2 RF KR KRU DV  HQ O RV  GDV  TXH TXL HU HQ  GXU PL HQGR i
SL HU QD V XHO W D O DV  QRF KHV  HQ PXO O L GRV  FR, F KRQHV   GHV SXHV  GH KHQF KL U   
VXV HVWyPDJRV GH FRPLGDV VXFXOHQWDV \ VDEURVDV PLHQWUDV TXH DO WU呸WE 
MDGRU GH ODV IIOEULFDV GH OD RSXOHQWD \ OLEUH ,QJODWHUUD OH YDOH XQ 
FKH/
LQ FDWRUFH  GLH] \ VHLV KRUDV GH ODERUHV PRUWIHUDV SDUD ODV TXH
QR OHV Gi IXHU]DV VX GHVDSDFLEOH \ GHVXVWDQFLDGD VRSD \ HO VXILFLHQWH
VXHx R TX/ DSHQDV VH OH SHUPLWH <  HVWRV VRQ ORV ELHQDYHQWXUDGRV
SRU TXH V H O HV  GL F H TXH V RQ O 呸EU HV   \  DTXHO O RV  L QI HU QDO PHQW H PDO KDGDGRV  
SRU TXH 7OHY QQ HO  DSHO O L GR GH HV F O DY RV  GH TXH W QO  Y H]  QR V H DFXHUGDQ 
M DP V  

(O  QL Y HO  GH VDW  V U DFFDyQ GH O RV  HV F O DY RV  GHEH KDEF U  V L GR F RQ W RGR HQ
t

呸  3HU R  L Q -F KR Pp V  EDM R GH O R T呸H V XSRQD HO  &D 呸FL O O HU  3D]  6RO GDQ  3U XHED VRQ O RV   
QDO F QTXHV  \  F L PDU U RQHV   HO  EDQGRO HU L V PR V RF L DO  \  O DV  VXEO HY DF L RQHV  GH HV F O DY  V  RF X 
U  Ut GDV  GXU DQW H HO  SU RSL R VL JO R [L [  /RV  F U L RO O RV  \  HV SDx RO HV  GHO  3HU  I XHU RQ H HV 
; ; ; L

WR OHV  LHMRUF V MWF F HV 'XUDQWF WRGV OV  FDUSD
LV  GF   Q&W HQH U F /  呸‡ 

PRU GH ORV FRORQRV [XHUDQ GHO 5H\ R GH OD 3DWULD HUD XQD SRVLEOH UHEHOLyQ GH &† 
 O DYRV 3RU HVD UD]yQ 6DQ WIDUWLIW UXH UHFLELGR HQ / LPD FRPR QD 6DOYDGRU KDVWD ā
ORV UHDOLVWDV PËV OHFLGLGRV  VX SUHVFXFtD JDUDQWL]DED HO RUGHQ VRFLDO HQ SHOLJUR
¢& XWOHV HUDQ SDUD ORV SURSLHWDULFV GH WLHUUDV / DV YHUUWXMDV GH HVWH VLVWHPD 
FVFODYLVWD" ¢& XiL  UHQWDELOLGDG GHO WUDEDMR HVFODYR HL F, ) F呸WL D SULQFLSLRV 呸 呸
[t[" ¢( Q TXp PHGLGD UFVWDED HFFQyPtFDPFUUWH FRQYHLtFUUWF OD FVFODYLWXG SDUD ORV 
QLVPRV JUDQGHV DJULFXOWDUHV"¢4XO RWUDV RSFLRQHV FDE呸"  ( O FDSLWDO FPSOFDFF UH呸ā
ORV KDFHQGDGRV HQ 
W FRPSUD GH HVFODYRV HUD FRPR GLFH LQW] XQD IRUPD LQHO呸VWLFD
GH LQYHUVLyQ ( O GXF"LR QR SRGD GLVURQFU IWLFLOPHQW呸 GH D ) XHL]D GH WUDEDMR TXH 
KDELD DGTXLULGR \ YHQGHUOD XQ GLD D RWUR 3DUD ORV HIHFWRV HOH XQD HUUSUHVD DJULFR呸D
/ RV HVF/ DYRV HUDQ XQ FDSLWDO W DQ I呸M R H LQPRYLOL]DGR FRPR OD WLHUUD PLVPD 'H KW
FKR DGHPiV 1DFHUD   VXSHUDEDQ HQ PRQWR FDVL VLHPSUH D FDGD XQR GH ORV GH 
PiV IDFWRUHV GH OD SURGXFFLyQ LQGLYLGXWLPHQWH FRQVLGHUDGRV WLHUUDV PiTX QDV t 
UUDPLHQWDV HWF  LV W- ORV  QDK/ DQGR FHUQR HV VDEtGR GH XQD DJUFXOWXUD SUFLQGXV
WULDO HQ TXH OD PD\RU SDUWH GH OD HQHUJtD HUD SURSRUFLRQDGD SRU HOUUXVFXOR KXPDQR
(O YDORU GH OD LQYHUVLyQ HIHFWXDGD HVWDED VXMHWR D YDU DFtRQHV GHELGV t  Q
PHURVDV FDXVDV QOYFO JHQHUDO GH SUFFLRV VLWXDFtyQ GHO PHUFDFR HVF/ DYtVWD UpLL
GDG LQGLYLGXDO GHO WUDEDMDGRU FWH  SHUR GFSHQGID )XQGDPHQ
WD
/PFQWH GH XQD FXUYD 
ELROyJLFD TXH LOFDQ呸DED V X PL? 呸L PR HQW U H 呸RV    D呸RV G  FGXG G呸O  WU呸EDMDGRU U 呸
UD OXHJR LU GFFOtQDQGR SURJUHVLYDPFQWWF WHUQHQGR HQ &8/ QW FXR HO FLFOR ODERUDO
FVWDRD FRPSUHQGLGR HQWUH ORV  DxRV GH HGDG 0FFHUD   (VWD HUD DO PHQRV
D DSUHFGDFGyQ GH ORV SURSLHWDULRV GH OD pSRFD 3DUD FyQO
LUPp8
OD R QR GHEHPRV 
QDU HQ HO IXW UR HVD DQFKD ODJXQD TXH HQ HO 3HU~ HV  GFP2- 7
DLD UFWURVSFFWLY 


SRU DKRUD QH GLDOtORV HQ SDx DOHV SHUR QL VDTXtRUD HQ HVWDGR LH VHU FRQFHEDFD L2


HVSHFLDOLVWDV HQ OD PDWHULD NXEOHU 9 ROOPHU 1RE/H &RRN FKFO  KDQ SUHI
HULGR
HVWXG DU D ORV LQGLRV FQ YH] GH D ORV QHJURV
t & RL WRGD UD]Q SDUD ORV ILQHV GH B£BB 

GLDJQyVWLFR JOREDO GHO 3HU呸 (QWUFW"QWR QDGD VDEHPRV DFHUFD GH  FVSHFWDWLYD PFGL
GH YLGD HGDGHV QXSFLDOHV LQGLFFV GH QDWDOLGDG WDVD GH FUHFLPLHQWR GH - D £RF
FtyQ HVFODYD SHUXDQD 8QD YH] PDV HQ HO WHUUHQR GH OD KLSRWHVLV‡
(O KDFHQGDGR SHUXDQR  FDOFXODED WRGRV HVRV IFWUFV DXQTXH ) XRVF 
GH XQ PRGR HPS UtFR SDUD SURJUDPDU VXV 
HJRFLRV
t 6REUH HVD EDVH GHO"LL ILM L8  ,RV 
FRVWRV GH RHUDFLQ GHO WUDEDMR HVFWDYR / RV FRPSXWRV DO UHVSHFWR VRQ QX\
Op,āH‡
GRV FRPR /R KHPRV LQGLFDGR HQ HVWXGLRV DQWHULRUHV +DFHUD   $ ILQH - 
OD pSRFD FRORQLDO *DVSDU 5LFR   ORV HOHYDEF KDVWD XQ yR GHO  Uā

FLR GHO HVFODYR (VH SRUFHQWDMH VH GHVFRPSRQLD HQ 


 [[[L L L  

O呸呸 GH QDQXWHQFLQ H£ SRU ULHVJR GH YDFD \ 


M LLRU HOSUHRLR RU
© / QDU/ R
 OQWHUpV GHO GtQHUR / D VXPD UHVXOWDQWH HUD LQIHULRU HQ
 DO MRUQDO TXH BRU HUUWRQFFV VH KXEtHUD RGLGR DWUUtEX/U DO HV
FODYR   UHDO
2V \ ]GLR  V FpOHEUHV \ DFUHGLWDGDV TXH VWFV
p

GH KLFR KDQ VLGR ODV HVtPHFDRQHV KHFKHV SRU G,ODQG O


L ‡ X
FKH HV HO PpULWR GH &DU/ DQG FRUR KHPRV GLFKR H RWUD RFDVLyQ D
FHUD   3HUR HQ HVWDV UDDWHU/DV GH DJULFXOWXUD KD VLGR VREUH H
 
HVWL呸DGR RU DOJXQRV DSUHQGLFHV OH KLVWRULDGRUHV TXH QR KDQ FRQR
FLGR ODV IXHQWHV SUtQDU/ DV FRQVXOWDGDV "2
 *DUODQG āQ VXV Si JL
QDV VREUH OD /QGXVW]tD D]XFDUHUD *DUODQG VH YDOLy GH ORV HVWXGLD
RQWHULRUHV GHO SURSLR 5LFR GH 7pYDUD - DUWLQHW \ &DVV 呸7R KH
QRV SRGLGR FRQILUPDU TXH UHYtVH]H FFPR VH KD VXJHUtGR ORV DU
FOUtYRV GH DOJXFRV FDxDYHUDOHV SHUXDQRVWRUUFHUUtFR GH / LPDSRU H
MHPS/ R` 6H(
WQ *DUODQ ORV FDVWRV RFDVLRQDGRV SRU XQ HVFODYR D 

SULQFLSLRV GHO $U HUDQ DSUR[tQDGHPHUUWH GH WUHV UHDOHV SRU GtD
YDUODQG GHWHUPLQy HVD VXPD HVWLOOLDQ¢Rā O 8Q LQWHUpV GH III DQXDO
VRE呸H XQ YDORU SURPHGLR GH  SHVRV SRU HVFODYR  8QD WDV  GH
UHSURGXFFLyQ ELROyJLFD TXH FXEU D HO  GH ORD TXH PRUtDQ  
t


UGLGDV SRU IXJDG  *DVWRV GH PDQXWRQFtyQ -呸
 JHQHUDO QRV 34-%
FH TXH *DUODQG KD /QFXUU/GR HQ XQD VREFHHVWLPDFtQ * VHD XQ FRV
WR DSUR[tQDGR Gp  SHVRV RU DxRHVFODYR HTXLYDOtD DO  GHO
SUHFLR GH XQ HVFODYR DGXOWR VLQ DUH£DF QDGH D VX YDORU LQLFLDO
%H DTXt DOJOOUODV FULWLFDV D HVDD HVWLPDFLRQHV *DUODQG QR 
FXDVWLL
LF H呸呸 OtRLWPHQWH HO 
LUFR IDFWRU ULDQXWHQFLQ  SHUR OR
FRQWDEt/ t]y 
-RPHWL DVtX HUFRU PX\ IUHFXRQWH D~Q KR\ GtD HQ
WUH /RV HFRQRQQVWXU UDRGHUQRV \ TXH KD VLGR VHxDODGR SRU . X/ XXWB
OL]y PpWRGRV UOH FiOFXOR GH WLSR FDSLWDOLVWD SDUD HVWLPDU VLWXDFLR
QHD GH FDUDFWHU SUHFDSLWDOLVWD R TXH FRUUHVSRQGIDQ D XQ FDSLWDOBKV
 LQIDQWLO FRORQLDO DOWHUDGR D PHGLR KDFHU \ PDO KHFKR &X,
- R XQ KDFHQGDGR /IPHx R DSXQWDED HLO XQD OLEUHWD TXH KDEtD JDVWDGR
 SHVRV GH IULMRO HQ DOLPHQWDU D V呸V HVFODYRV HVH DSXQWH QR 
%WHVWL*XDED XQ FRVWR \ PHQRV DxQ XQ EDVWR VRV IULMROHV HQ SUL
PFU /XJDU K¢EIDQ VLGR SURGXFtGRV SRU HO PtVUDR HVFODYR (O SUH
HLR YHxDODGR HUD DEVROXW FQWH LOXVRULR &RUUHVSRQGtD DO PHUFDGR
PiV SUy[LPR D OD KDFLHQGD QR D ORV SUHFLRV GH OD KDFtHQGD
 VL 
GH HVWR VH SXHGH KDEODU7
RU GOWLPR VL HQ YH] pOH OOHYDU HO IUL
MRO D OD FDFHUROF XHO HVFODYR KXELHVH HO GXHItR SUHIHULGR OOHYDU
OR D HVH PHUFDGR LQPHGLDWR QR OR KXELHVH SRGLGR YHQGHU R KXELH
VH EDMDGR PXFKtVLPR VX SUHFLR -
XHV DQWHV GH  HO DEDDWHFL
呸LHQWR GH ODV FXGDGHV UHU- DQDV HVWDED HTXLOLEUDGR VDOYR FDVRV
FRPR OD JXHUUD GH O
O LQGHFUGHQFLD/ D WULEXFLyQ GH XQ LQWH
UyV 呸  DO FDSLWDO HQ HVFODYRV VXSRQH XD 
OWHUQVWLYD GH LQYHU
[[[LY

YH]V yQ
 TXH HVWLULD LRU GHVWUDU D XHGL DQR SOD]R HQ PHGLR GH
t

XQD HFRQRPtD FHDFWHUL]G SRU HO HVWDQFDUPRQWLR UHODWLYR \ OH


WLXFtRQDL/ ]DF/ yQ ~&
 FLFX/ āV GH FpFOBBWR  - HSRQF WH呸- ELpQ
L
FRQVLGHUDU DO HVFORYR XQD PHUFDQF/D -  XQ YDORU PREt/ tH]/ R FRQR
FXD呸(  LHU RWUR G HUWH 呸pQDUR "RU FLHUWR TXH HVWH HUD HO L呸
O O
M- 
GH YLVWD H[WUH
OF GH ORV SURStHWDUtRD 3DQGR VRWHQD HQ  QBXR
 RV HVH/DYRH / DQ FLU
FX/DGR HQ WRGD FODVH GH FRQWUQDWRV FRURR W 呸
SDSHO PRQHGD JDUDUUWtDDGR SRU OD DXWRULDG S~EOLFDā
 
RUR pVWV HV
OD TXH OO
OPDULD呸RV XQD FOHILQLFLQ SHUVXUV<ƒD TXH DGHODQWH VXEUF

WLFLOOOHQWH OR TXH TXH HVFi SRU GH呸RVWUUU < L HQ OH WHRUt  MWULG- 
FD QL HQ OD SUiFWtFD HFRQyPLFD HO HVFODYR WUXYR HQ HO "HU~ XQD U
HG GH FLUFXODFLQ HFRQyPtFD FRQSDUDE/H QL VLTXLHUD D O GH /X
VHXRYLHQWHV PTLLQDV £DQDGR  GRQGH D YHFHV VH OH LQFOX\y Q
FDQEtR ILJXUDED VL HQ FRUUWUDWLRD GH WLSR LOLMB RWFFDULR UHODFtRQDGRX
FRQ ORV /QPXHE/HV (VWPRV OELDQGF GHVGH OXHJR GHO HVF/DYRFRQ
SUDGR SDUWH \D GHO FDStFD
/ IL呸R OH OD KDFLHQGD VWD DEXVtYH 
GHQWLILFDFL P HQWUH HVFODYR \ PRQHGD IXH XQD DUJXFLD LQYHQWDGD 
SRU ORV DERJDGRV ,tPHxRH S- 呸 FRQYHUWLU OD HVFODYLWXG HQ XQD ā
FXHVWLyQ GH IH S~EOLFD \ H[LLU FRPLHQVDFLRQHV DO 呸VWDGR HQ HO 
FDVR HYRUUFXUG GH QDQXPtVtyQ "DQGR PtVR &LM RāāSRU FRLVtJXDHUUWH
HO UREHUXQR QR SXHGH OLEHUWDU D ORV HVFODYRV R OR TXH HV OR 呸LV
 HWLQJ/ U  ELOOHWHV R YDOHV VLQ URHPEROVDU D呸 SURSLHWDULR 
GH OR VXPD TXH KD LYRUWLDRā‡ ¢$  GyQGH LUL YV D DDU LRDFFUFF
KR\ G/D HQ HO 
HU~ VL DFHSFi UDPRV HVWD WHRUtD GH ODV FRQUSHQVQFtF
XHV *DODUG QR FRQVtWHUy  SRU ~OWtXR HO /VUJR SOD]R GH QRU
WL]DFLyQ H/  FDSLWLF/ HVFODYR WDQWR HFXR GXUDVH OD YLGD GHO WU
y

MDGFU
,UHPRV  USXUDGR \ QDV F D H呸%J*UDGH YROXQWDUtFPHQWH QXHDWLUDR
UHVHUYDV I
UHUUWH Q /HV Fi OFXORV GH 3LFR*DUOD
OG ,RV TXHGH DO IL
QDO XQD UDHUYF/DGD DFQDDFtyQ GH FDQVDQFLR \ IXWLOLGDG ¢ 'H TXp LU
YHQ QXHVWUDV FULWLFDV HQ HVWH LOOLVPR PRXFUXR GXGDWXRV OH OD LRUF
QHQFLD GH DO*XQD GH HOODV  VL QDGD RIUHFHPRV HQ VX UHHUUSO呸]R" 
/DV GLILFXOWDFHV GH *DU/DQG IXHURQ /DV
XLVXDV TXH KR\ WFGUL!呸 
FXDOTXLHU R UR KLVWRULDGRU *ÏR VDEUHXRF DOJR Pi V FXDQGR WH
URV QXHYRV PDWLHUtDOHV  GH LQIRUUQ FLQ DQWLJXDV FXHQWDV HOH QFFtHD
GD  SHUF VREUH WRGR QXHYDV KFUUDPt HQWLDD FRQFHSWXDORV TXH QRV SH(
iWHQ DERUGHU HO SURE/HPD GH FFQXDRt/ tDDU GHQWUR HH VX SURSD 
WLFD D ORV VLVWHPDV HFRQyPtFRD  FDSLWXOLVWDV R VXEFDSLW(LFWZ
3DUD HQWRQFHV ODEUI TXH UHFFUGDU H呸 HO FHVR GH ORV HVF/DYRH 8/  
KHFKR TXH QR QHFRV DHQF RQDGR KDVD RORUDOD /PSURGXFWtY/XDG H
t

WDFLRQDO GH WRGD DFWLYtRDF DJU/ FR/ H FRQR XQ IDFWRU TXH UFFUU]D
ORV FRVWRV GH WUD!DMR 6L RLHQ FVWD LPSURGXFWLYLGDG YDULE VH
; ; ; 9 

J~Q ]RQDD -  FXOWLYRV \ I


XH PHQRU HQ ORV FDxDYHUDOHV GHELGR D ODV
SHFBBOLDULGDGHV HFROyJLFDV GH 呸 FRVWD
&XDOT呸LHUD TXH KF\D VLGR VX FRVWRWRGRV ORV pHVWLXRQLRV
 FFtQF/GHQ HTXH OD HVF/DYLEXG DUURMDEV DOWRV GLYtyHQGRF D /RH  H
F呸DWHQLHQWHV SHUXXQRF 3R
U HVR GXFDUUFH HO FXDUWR GH VLJOR SRVFH
ULRB‡ D OD LQGHSHQGHQFLD HVRV SURSLHWDULRV /XFKDURL FFQ WR,R VX 
SRGHU \DUD HYLWDU TXH OD 5HSLLEOLFD VXS]/ QL HVH OD HVFODYLWXG  -
FRPLHQ]R HDWLXYtFURQ D OD GHLFQV YH "RFR WLHPSR GRV~HV GH VX LBJ
t

¢
RVR D 7呸LPD VDQ KUWWQ GHFUHWy O" $ RVWR FH   OD OLRHUā呸QG 
GH WRGRV ORV HVFODYRV QDFLGRV HQ HO 3HU呸 呸 Sā- UWLU GHO  GH - X
OLR HOH   +R H[LJt RWUD IRUPDOLGDG TXH OD SDUWLGD GH QDFL
LLHUWR / RV JUDQGHV DJULFXOWDUHV SHUXDQRV QXQFU LHUGFQDURQ HVWD
GHFLVLyQ D VDQ OQ
WtQ 7RGL9 Ë
p
  DxRV Pi V WDUGH HO &DQFLOOHU
呸 D] 6ROGiQD TX HQ   KHQRV DRQFtRQDGRVRVWHQtD TXH WRGD OD OH
t

VLFODFLyQ DQWLHVFODYLVWD GH DTXHO SHULRGR VyOR XDEID VLGF āāXU(




OMBUB- 呸QD GH JXHUUD / YHQWDG  SDUD FPQEDWLU HO FRORVDO SRGHU HVSD
LRO 3D] 6ROGp QHDED LQFOXVR OD YDOLGH] M/tGLFD GH /HV GDD
呸‡RVLFLRQFV HQ IDYRU GH ORV HVFODYRVV GHO WRGR LQQHFHDDUt  R GL
MR &HFHQHUVH D GHPRVWUDU OD QLQJXQD OLVLyQ OHFLVOYWLYD TXH LQ
YHVW/  DO
FQHU 6DQ LtDUWLQFRPR FDXGi/
OR GH -Q H呸pUāFLWR H[WUD
O
MHUR DX[LOLVUā HXEUD\DGR QXDHUR  "D] 6ROGiLL VLPX, DED ROYLWD
TXH HO GHFUHWR GR
DQ DUWtQ QDE/D VLGR ~HDS~pV £DWLILFDGR B£R
 
GtI
HUHQWLHV FRQVWLWX\HQWHV \ FRQYHQFLRQHV HQWHUDPHQWH SHUXFQFV
       
¢&Ï H[SOLFDU HVWH QWLHVFOYLVPR GH BP DUWLQ"L$ FDVR
WRGD VX SR/IW FD QR HVWXYR RULHQWDGD D VROLFLQDU HO DSR\R GH /DV
t

FODVHV FULROODVāSXGLHQWHV TXH U*VWD!LUL OLHUtGDH SRU HVWD SRVL


FLQ VX\D" ,XER VtQ GXGD DOJXQRV SURSVLWRV PLOLWDUHV GH SRU P呸
GLRā DVHJXUDU OD FRODERUDFLyQ GH ORV *VFODYRV SDUD HO (MpUFLWR 
/ LEHUWDGRU FRPR OR SUXHEDQ DTXHOODV GLVSRVLFLRQHV DGLFLRQDOHV 
 HWLHZEUH   $EULO   TXH HVWLUXO呸URQ FR££R FDFDO GH
OLEHUWDG OD DFFLyQ GtVWtQJXiGD FRUUWUD /RV HVSDxROHV "HUR LQWHU
YtUULH]RQ WDQR pQ RWUR IDFWRUHV (Q SULXLHU OXJDU OH LQIOXHQFLD
t

GH DTXR/ORD D TXLHQHV %R/ IYD OODPy PiV WDUGHā


GHORJRVā / LāRHU呸
/DV HQ VX PD\RUtD KDEtDQ HVWDGR HQ FRQWLDFWR FRQ 6DQ ,pUWtQ XFV
LH DUUFHV ,H VX OOHJDGD F/ 3RU~  "HUWHQHFtDQ FDVL WRGRV D ORV WU
RV SURIRFLRQDOFV FULROORV VLQ QVYRUHV YtQFORV GLUHFWRV FRQ OD
DULVWRFUDFLD WHUUDWHQLHQWH 呸 LQIOXHQFLD GH RVWRV KRPEUHV IXR 
7X\ JUDQGH DO SUtQFtStR KDVUFD BXH 6DQ 0DUWLQ SRFR D SRFR VH GH
My URGHDU 呸RUOD DQWLJXD QREOH]D OLPHxD X RSLQLyQ GHELy VHU FU  
GXGD GHO WRGR IDYRUDEOH D OD OLWHUWDG GH ORV HVFODYRV WDQWR P呸V
; < ; 9 L

Ii FLO GH DFRQVHMRU FXDQWR TXH HVD OLEHUWDG HQ QX\ SRFR S
- 8OLF呸
ED VXV SURSLRV LFWāL‡HVFV S]RI
HV/RQD
OHR &RQWy WLDURELyQ HQ DHJXQGR
WpU8- QR 呸 SURStD H呸ā` ULFFtD SHUVRQDO GR *DL /-DUWL呸 呸Q WRGRV

RV SDLVFV GHQGH KDE/D ‡LYLGR DQWHV 
OH OOHJDU DO "HU~ QDE H pO t

Y/ V
WR FyPR / 呸D DJ ULF FO LQ
p呸 `2GLD I
XQFLFQD] (L YVFOYRV &呸F  U
xFV PiV WDUGH FDVt VR OR UHSURFKDU/ D 4  FR呸HWFULVW呸 呸呸Q - XF URV 
$呸UHV \
O LOH OD H WF GH HVFODYRV  QH IXH VtQR XQD XRGtLD H
/ X©  XQD RH/ DQGURQDGH GH OLEHUOLVZRQL 呸- JWBBU OH HVRV SDLVHV
HQFHUUDED HQ - X VHQR XQ āWFHUR WDQ FUHFtGF GH HVF/ UYRV QL FRPR 
HO HHU~ WHQ/ D HO F~WLYR GH VXV FRQKDV HQFRHQGDGR  VXD EUD]RV
3DUD HOORV OD GHVDSULFLQ GH OD HDF/DYDWUXUD HUD XQD SpUGLGD / 
VtJQ
LItFDQ
WH LLUSHUFHSWLROH GH QLQJ~Q LQIOXMR HQ OD ULTXH]D SW
E,tFD SDUD QRVRWURV HFOLYDOLD D OD FRQGHQDFtyQ VXFHVLYD D OW 
HVWHULOOGD呸 - RU PXFKRV DxRV GH QXHVWURV YDOLRVRV tXQGRV FH OD 
URVWD
*DQ OLD[WtQ WXYR TXH FHGHU VLQ HPEDUJR 'HHS~yV GH WRGR /  p

 FUHLD SRVLEOH XQD 5\LOLFD HQ HO )HU~ \ XQH QRQDUTXID RU

FRQVWLWXFLRFFO TXH IXHVH QHFHVtWDED GH 9IU呸 DU/ ]UWRFUDFtD / RFH/


āO HRFRLVR IXH WWF WKOHUULF HDWDF/HFLGR SRU HO HO pPWR GHO
L GH -IRYMBHZOUH GH O& FB HQ OR UyFWLFD iDED D ORV GXHx RV HOH
HF F LDYLV   Dx RV  SV UD DM/ 呸V W
V H D ODV LXHYDF FRQGtFtRQHV ÂS Bā H
*HQWF RLWFUQE  O S呸āFL呸LR 呸HHUDO GH OLƒ
 ‡HWD-  SURF/ DQDGR
LLVHF DQWHV SHUR D FDPELR GH FLHUWRV GHEHUHV /PSXHVWRV D ORV
OLOFD PDQXWLHQFtyQ HQVHxDQ]D GH UHOLJLyQ \ RILFtRV  /HV FRQFFG/ D
X  DWURQDWRWWāWFO呸 VREUH WRFLRV ORV
HVFODYRVOLEUHV KDVWD OD 呸
GDG GH  V 呸RUH ORV KFPRUFV \  SDUD / DD UUXM HUHV , WXWH
OH FRPR QRV LQIRUPD 7i Y© UD IXH /QWHUSUHWDGD BSRU ORV DPRV FRPR 
XQ HU O 呸HUR FOHURFKR G呸 VHx RUtR

'HDS~pV GH $\RFXFKR \ XQD YH] TXH %R/ IYD] VX JUDQ HQHPL
UR *DOL GHO UāHU~ ORV UDFHQGDGRD /  WQVLILFDURQ VX FDPSDxD FRBJ
WUD ORV HVFODYRV ( UDQ HQWRQFHV PiV SRFFURVRV TXH QXQFD iV !呸
GRURVRV /DF/ XDR TXH HQ XtHQSRV GHO 5F\HSRUTXH HFXR KD GLFKR 
HODXQGH MQVRVSHFKDEOH GH FXDOTXLHāāL]TXLHUGLVPR  £D QR WHQLDQ
UUFtPD VX\R  DO 5H\ OD WXGLHFLF R HO &RQVHMR GH (QGODD 呸LF 呸
XRG DQ GHVGH OXHJR DQXODU GLURFWDPHFWH OD GHF/DUDFtyQ GH OLLHUWF呸
t

KRFKF SRU D


O RUWLQ SRUTXH VH DUULFV¢呸呸EDQ D XQD VXEOHYDFLyQ H
H @ GH /DV XDFDV UXUROHF 3H]R I
XHURQ SRFR D SRFR PHGtD
WtFDQXF
VXV HIHFWRV \ UHFRUWDQGR ORR GHUHFKRV GH ORV OLEHUWRV KDVWD FR/ 
YHUWLUORV GH QXHYR HQ YHUGDGHURV HRFOāYRV +XER 呸RU FLHUWR OJX
QRV LQWHOHFWXDOHV FUMBROLHV TXH VH RSXVLHURQ D HVWHV GHVL£ QLRV 
/ RV KDFHQGDGRV SD URQ  LBLO XPD GH DO£XQRF HVFULWRUHV 3DQGR  
O
LHQWUD TXH ORV OLER- OHV FULROORV
ƒž RSRQLDQ WHFFFUHW  VRD
LGHXOULD UHDFFtRQHU/ D QYRFDED HO KHUR DDR GH ORV HVFO9 26  
t

4XH ,LDE DQ FRPEDWLGR EDMR ODV yUGHQHV *H FD DUWLU <  ROLYD
t

HUR H QDGLH OR LOOO‡2U


āFED HVRV UHFXHUGRV QFyPRGRV / Q UD]D
FULROOD UHFRUGDULD HQ + XQ OLEHUDO FH DSUHVXU  ROYLFOFUVH y

*H VXV D
OtFGF GH OD UHYROXFLyQ  呸呸Q GHILWWL9 (W OD HVWUFWH L 
ā ILF- ]
FRQVFUYDGRUD HQ OR U LVWF-  IXH iVHQUR RWUDV F呸呸]FUB`V  SRU £ XH VH
GLUL呸H D 8
 DXGtWRFLR SHTXHxR \ SUHYtDUHQWF £XBāWXHUVXGL
RH
WDUUWR TXH ORV -MB
- HUDOHV DSHODEDU D //D LOXVRULF RSLQtyQ SEOFFLO
TXH QR HWtVW/ R āā ¢ GH HVWDED WDO FB LQLQ LLEOLFD" VH ā‡ HHV ā呸W,B 
ED PiV WDUGH HO QHRJUDQDGLQR *DLUH‡ VLLR WIOQtU呸RVB YHLFFGHURV 
QHEORV VLQR DSHQ† B LF OQFLRQHV" ā VXEUD\FGR UXHVWUR ¢+L D TXp
OD
ā U GH VHUYLFLRV D L āFLQ V @ 3HU~ *RQ]i OH] DGD  
HQ YH] GH XUD LDF/Q HUH VOR XQ WHUULWRULR DELW
FWGR"
( QFRQWUDUHR-  WHVWLQRQLRV HOH HVW( FRQWUDRW
HQDiYD GH / XV
L URLWDULRV GH WLHFUF HQ FDVL WRGF / D OHJLVODFLyQ HQWUH O
"B
O LH FRUDFX]y SRU UHVWUQJL ODV FDXDFOHH GH OL
FF"WDG  $2£
--  -9   &LF   QHGt© QWLH H[tJHQF/DV £āR
D
R
ULDV TXH KDFtDQ TXLāQULFR HO 呸HVLR SRU UQyULWR GH JXHUUD $O 
PLVPR WLHPSF 'H GLFWDED HO IDPRVR ,
HJOZHQWR GH āXQGRV 5GV‡WLFRV
TXH FRGLILFDED \ FRQU
呸UDE OFDOUHUWH / DV FRVWLOIILEUH \Q VHWD
EOFFLGDV HQ HO WDWR GH OY HVF/ DYRV QR \HUOR PiV D`OH
*U OFW ‡1

DQWLJXD / HJtV,DF/ yQ HVSDWR D  VH WLLO6 PF  +HHOUXUHQWR FRUFHQtD ā呸呸
t

!-  GH SUtYLOF呸- R   ODYRU GH   S


ODQDFtRQHH L H FDx F ªXHH 
 £

呸WUH HO WUDHM R GH ORV HVFODYRV GHE D WDUāLLQ- U ?Q ODV F'D
t

FUDV D ODV  RH W āVDUGH WROHUDED HQ FDPELR OH H[WHQDtyQ GHO
DRUDUtR KDVWD ODV RFKR GH OD QRFKH HQ
/D &DVDV GH "D\ODV
)RFR D SRFR ORV HVFODYRV IXHURQ HUGLHQGR OR TXH R呸EL 
JDQDGR HQ OD SULPHUD KRUD GH OD ,FHYR/XFtyQ7 RV SXSLORV IXHURUB 
QXHYDPHQWH FRQYHUWLGRV HQ HVFODYRV O LLH 呸YLHLOOEUH   VH Q
J DO HVH/DYR HO GHUHFKR FRQFHGLGR SRU 6ROtYDU GH FELDU GH HOH
ZLQLR D VX YROXQW呸G  $JRVWR  \  SRU ~OWLPR HQ WLHPSRV GH
FLDODYHUU\ O  VH OHHDOL] HOFRQHUFtR H LPSRUWDFLQ GH HVH/DH
YFV SURFHGHQWHV GH RWURVSDIVHV VPHU/FDQRV
 HQGXUHFLLOOLHQWR GH OD OHJLVODFLyQ HVFODYLVWD QR SXH- H
HU H[S,tFDGR VRODPHQWH WHQLHQGR HQ FXVFWD OD FtVLV GH OD /QGUV
WULD D]XFDUHUD GFPWF HVH SHULRGR FUtVLH D OD TXH QRV HPRV 
UHIHULGR HQ SiJiQFV DUUWHU RUFD ]VH HQGXURFtPtHQWR p
HEH VHU FRQ
t

VLGHUDGR PDV ELHQ FRPR XQDtQYDU DUUWH HQ OD FRQGXFWD GH ORV WH
t

UUDWHQLHQWHV FRVWHt
LRH (Q HIHFWR GHVS~pV GH  \D GHUURWDG
DQWD &UX] KOHMRU OD VLWXDFLyQ FRQIXFD GH ODV SODQWDFLRQHV
 [ [[Y L L  L  

呸HR QR FDPEty /D SRLWLFD HVFORYLVWD VLQR


-B
H DO FRQWUDULR FP
WLQX VX DFFU/DGD  V F tUFXQDXDQFtDD SROtWLFDV HUDQ HQWRFHR āā

IDYRUDEOHV D /RV SURSDFXDUtRV TXH HQ WtFXSRF GH OD &RQIHGFUDFLIX
\ TXH HO 3UHVMGHQ/H & XQXUD VH DSR\UED HQ VWD FODVH VRFLDO SD
UD L3 OHPHQWDU VX SROLWLF
O FRQVHUYDGRUR ā
&Q GLMR 7i YDUD
WULXQIDUFQ ORV SDUWLGDULRV GH OD HVFODYLWXG UDi/ QOOi  GH WRG V
VXV HVSHUDQ]DVā -
XH DVt FR呸R HO 呸DWURQDWR VREUH ORV OLEHUWRV
IXH H[WHQGLGR 呸DVWD ORV  DFRV GH HGDG ORV DPRV IXHURQ GLV 
WHQVHGR GH VRHāFHQH
 D ORH QHJURV YLHMRV R LQYi OLGRV \ VH L
My 
HO PyGLFR VH/DUDR GH  UHDOHV D OD VHPDQD SDUD FDGD WUDEDMFGRU
7RGDV RVWDV PHGLGDV LQWHUQDV QR VDWLVIDFtDQ D ORV KDFHQ
GDGRV GL HQ SRFD GH FUtVLV KDEtDQ SUHWHQGLGR UHFXSHUDU \ IL
呸DU OD HVFODYDWXUD GHVS~&V GH  TXLVLHURQ DXPHQWDUOD UHVWD
EOHFtHQGR HOāWUiILFR (O HFH/DYR GHELD HQ DPDRV FDVRV I/ QDQFDD[
FRQ VX WUDEDMR DVtORV FRVWRV GH OD LFSUHVLQ FRPR ORV QXHYRH 
FRVWRVB GHO DXJH HFRQyPLFR / O WHVWLPRQLR GH

yYDUD IXH UFX\ FOD
UR DO UHVSHFWR 

/ D VLWXDFLyQ KFEtD FDQELDGR SHUR QR FDPELDED 


OD GHF/DXDF yQ GH /RV KDFHQGDGRV  ‡ Q OD RIPRF
t

FD DQWHURU D   GHEtDQ ORV OLEHUWRV YRt 


9 (U D O FLF/QYtWX-  RUTXH QRULD OD LQGXVWULD BV
JUtFROR RUJXH VXV SURGXFWRV QR SRG DQ YHQGHU
t

VH FKRUD UHVWDtOHFLGD HUD QHFHVFULR DXPHQWDU


OD - RUTBXH VXV SFFGXFWLRD GHFXSODGRV SRU H DX[L
OLR GH ODV DUWHV QR EDDWDEDQ SDUD ORV HUFDGRV
GH GHQWUR \ IXHUD GHO WHUULWRULR &RPR HVWD SUR
UHVLyQ HU FUHFLHQWH \ OD PD\RU BDUWH GHO FH 
FUHQR GH FDGD IXQGR HVWDED QFXOWR BRU I
OOWD GH
REODFLQ OD QHFHVLDG G HVFODYDWXUD QR WHQL
RWUR OtPLWH TXH OD GRWDFLyQ DJXD - UD QDFHU FXO
WL YDEOH HO WLHUUHQR HULD]R
1R UHVXOWLDED VLQ HPEDUJR PX\ I
iFt/  UHVWDEOHFHU HO WLUiI LFR
HVFODYLVWD $ SHVDU GH WRGR KDEtD TXH UHPRYHU DO£ XBRV REVWiFX
ORV /HJDOHV \ YHQFHU OD UHVtD
WHDFtD GH ,Q£ ODWHUUD HPSHxDGD HQ
WRXFHV SDUD VX SURSLR EHQHILFLR HQ DEROLU OD HVFODYLWXG‡‡ 
DVWD
ILQV GH ORV D呸RV  OD RIHQVLYD HVFODYLVWD WXYR DOJXQRV p[呸
WRV UHODWLYRV / D &RQVWLWXFLyQ &RQVHUYDGRUD OH ,XD
FD\R HO QiV
YHUJRQ]RVR GRFXRHQWR GH OD KLVWRUOD UHLXEOLFDQD GH/ VLJOR ; '呸
QDE/D VXSULPLGR DUW  ORV GOVSRVLWLYRV GH /RV &RQVWLWXFLRQF
GH  DUW  \  DUW   VHJ~Q ORV FXDOHV
āQDGLH HQWUH
HQ HO "HU ULL TXHGDU OLEUH ‡
 WHGDED SXHV FRQVWLWXFLRQDOUXHQWH
DELHUWR HO FDXQR SDUH OD LQWHUQDFLyQ GH HVFODYRV 6H HPSH/DURQ
GHDS~pV HQ HYLWDU TXH /RV &RLPVLRQHV FUHDGDV  
SDUD HOHERUDU ORV QXHYRV FyGLJRV MXUtGLFRV LQWURGXMHUDQ XQD GH
F/ DUDFtyQ GH LQHHQXLOD~āā‡ HQ IDYRU HOH ORV KLMRV GH OLEHUWRV
[[[L[

XDQGR IUDFDVDURQ 呸UFāLRQDURQ DO MHFXWLYR LDUÈ XWā  B pURBRU¢ LFVD


QRUPD ‡<  VLQR IXHURQ DWHQGLGRV VH FHE D OD FRQMXQFLyQ F[WUDRUGL
LDUtD GH YFULLV FDXVDV
 WHLOORU GR XQD UHYXH,WD RSRVLFLyQ OL
O*U
LXFKR PiV RUJ呸L]DG% TXH HQ p呸RFRV DQWFUtRURV \ DO FRUDM H GHO 
LVSR GH 呸UXMLOOR HQWRQFHV O LQLVWUR GH -VWLFLH‡ HQF RQDXRV OR
t

WLPR PX\ HLTUHVDPHUFH SRUTXH VLQ SHUMXtFtR GH ODV GHWHUPLQp


FR
‡- H VRFLDOHV GH WLSR VOR
-DO QRVYtHQF SUHRFXSDQGR OD ā
FXRWD GH 

FFVSRFVF!
OLOLGDG /XGLYtGXYO HQ HO SURFHFR 呸 FULFR‡
ZRV DJU/FXOWRURV QR SXGLHURQ UHFDEDU GHO FRELHUQR HUXD
XQD IFDFFD DXWRUL]DFLyQ SDUD UHVW*EOHFHU HO FRPFUFtR JHQHUāXOLVD
~F GH HVFODYRV SHUR VLUHFLELHURQ SHUPLVR SDUD WUDHUORV FDVGH HO
7OUDVLO \ &RORPELD  KDFHQGDGRV ILUPDURQ XQD TXHMRVR UHFUHDHQFD
FLyQ StQWLDQGR D O¢£ DJULFXOWXUD VHJ~Q GLUtD DJXGDPHQWH XDQ GH $
URQD FRPR OD 呸OHQXV GH ,LOR GHVQXFOD \ VLQ EUB呸RR` B
O &RQVHM R GR
āV
DGR VH FRDSDGFFLy GH ORV VXIULHQWRV GH HVWRVā
F呸XG>FGDQRV //XV
WUHV <  SDUpO QXHVWUD YHUJH]R GHVS~KV GH WRGR PH SUFJXQWLR ¢£RUD
YFUJHQ]D GH TXLyQ" HVH QRVRWUFVPH 2 āHFR H[FHVLYR HQ HVWH 
\XLV YD/  \ GLVFR- āBBWLQXR  HO呸DQFLOOHU GHO L
HF~ HVFUDEFy XQ OD
FUtPRVR / QI
RLQF HQ GFI呸p yH OD LWHUQDFLQ GH HVF/ DYRV GHO&KR
‡ FRUFQEtHQR XBUD YH] SHUZp FRPSt/DU XQD HQWRORJLD XQLYHUVDO
OH OD LLIDUX H HO HH  SDUD XVR GH 呸DVRLBXLV*DV 8Q OXJDU GH 
QFU WRFDUtD D HVH WHFWR TXH FRQR]FR JUDFLDV D - RUVH FVFGUF
'LFH HO 0LUVWUR GHOāB HU~
FQ
7XHYD *UF‡GD WUDEDMDQ ORV 
HVF/DYRR RFKR R GLH] KRUDV DO GtD HQ ORV ODGFRV HOH RUR
FRQ HO DJXD KDVWD OD URGLOOD EDMR XQ VRO /QI
HUQD, FRQ EB&-
VFOLOOR HQ UXXKDV KFLHQGDR S Q LQSHGLU TXH VH WUDJXHQ 
RUR \ VLQ PiV DO/ DRQWR TXH GLH] R GRFH OOi WDQRV DO GtD/ H
VXHUWH TXH RO HDF/DYR GH &KRFy SRU FRPHU DOJR TXH QR VHD
SOi WDQRV FRPH ODJDUWMBMDV UDWRQHV \ DXQ SDUWH 
H /DD FW呸O呸
HDORGD \  
EUDV¢ <  HQ RO FDPELR GH WDQ RGLRV¢ YLGD SRU OD FQRGD U呸
FRPSDUWLYDDHUFH RSXOHQWD GH ORV HVFODYRV GHO
O
RUā VH FRXHWHUi RIHQVD GH KHFKR D OD KXRDQLGDG"ā

$O JUDQ IXQFLRO,
LR SFUXDQR QR OH SUHRFXSDED GHVGH OXHJR F
呸R YLYtDQ ORV HVFODYRV GH &RORIILELD (O ƑLVPR VDELD TXH HQ RO 3HUG
R OHV GDED VL GR FRQQGD KDEODPRVGRV UDFDRQHV GH IUL呸 \ D呸
U/ QD GH ODt] DUUR] \ HDUQH HQ FLHUWRV FHVRV 8QD GLHWHF呸EXUYO呸
H X FDU/GDG RILFLDO KDE D VtGR FRQPRYtGU SFL ODV YVQWRMVV TXH
t

LD WU- -VIHUHQFLR 呸H FVF/ ]YRD RFDV/ RQDED HQ / DH KDFtHQGDF 呸"HUXX
LDV HYHQWX呸O%HQWH XQD GH ODV HX\DV (O Lt/ OLVWUR GHO 3FU~ FRQWL
XX呸ED L 呸JHQXD呸HQW F  
ā
<  QR H FUHD UXH VRQ GH HUXHxD PRQHD ORV EHQHI
LFLR* L82 VH EXVFDQ HQ  VROLFL WGR FRQFHVLyQ tLO HVFO
YRV EDVIDU/ DQ 呸DUH HO FXOWLYR GH  KDFLFQGDV FH FDx D HW` 
XQD GH /HV FXDOHV GHMp
LFW XQD XWUt/ LGDG OLTBXLGX DQXDO H 
[O

W U RL 呸W    WL O  SHHRV   ‡6L  O V  L I L O RU W DF L Q GH HV F O DY RV  呸V F HQGL 呸


VH D FXDWLUR II呸O FR©  PX\ SRVLE/H UHQGLUtDQ &* SHVRV
DQXDWHD TXH HQ HLF] FOOL26  VHULDQ & \ HQ YBQWH 
&&2*&  ‡


Q F呸HL呸呸LWLYH Dy/R OOHJDURQ L )
FU~ & &L RVHODYRV GHO &URF y

\ 呸H VH呸 F/F UWRD / HF F FO V RItFtDtHF OD DJULFWOWXUD FRVWHILD V
OHā DFXXX, &
 £QR  DQXDOHV GH V 
OD
-&LD DO FDPE DU FX/ HFUDH 
y t

I ‡   IUL RO / " U呸Xp QR SXGLHURQ ORV KDFFQGDGRV SDUWUWV  UHVWDEO
FH
 OHQDPH呸WF D PHGtFGRV GHO 呸呸M  HO WUyILFR GH FFF/ DYRH" ¢- RUTXO
O V LV FHL  HVF/ DYLHXD - HUX- QR SROLWFD
OHQWR WULXQIGRU FRQ HO OL
OLDULV PR GH *DPFUUD 
H GHUURWDGR TX QFH Dx FV ,Op呸-  WDUGH SRU O
t

HL PLOO
WDULVZR GH &F(WLOO呸W"*UāRUT/ HO HMpUFtWRERQGDUPH GH OL
,LHFKR GH LDGLRV \ QHV
WL]RH  VH FRQYtUW HQ HO H- pUFLWR
OLEHUDOāā
t y

- H O
` WDPELpQ GH LQ&LRV \ QHVWt]RR  XH GFF/ D TXHUHUXQH UHIRUV
UUX
L !‡呸 6HULD LQJHQXR DEODU GH XQD ā
FRQYHUV GH FRQFtHQFtDH


 DWULEXLL
 HO FDDEtR H[FOXVLYFPHQWH DO LQQHHDEOH RSRUWXQLVPR GH 
DVWt/ OD /呸 H- BLOLFDFLQ VR HQFXHQWUD IXHUD GHO HVFHQDULR ORFDO
H ]HILHUH PDD RLHU V ORV
F DPEtRV TXH LEDQ RFXUULHQGR GHVGH SULQ
FtStRD GHO VLHOR >, HQ O WRW/ LGDG FLHO VLVWHPD FDSLWDOLVFD
Q RWURV -OWEU
LF OD SUHVHFFtV  GHRDUUROOR HOH OD HVFOD
YLWXG HU HO 3HU~ 呸W-HURQ XQ VXESURGXFWR \ FRQGGFDRQDUUWH GH X LOWH
呸LVFLQ 
 OD HFRQRQtD UX?FO / D GHVDSDU/FLyQ GH HVD FDF/ DYtWLXG
IXH DVL UtVDR 8(W F[tJRQFtD / QSXFDWH GHVGH DI
XXUD   HVWUDV KLSW呸
-LV VRQ H OR SUtQFtSDO ODV GH UDF ILLOOLDUQV &FWILW(
LVP DQG 6O'
U\ā   %
F HYLQFQWLF TXH OD HVFODYLWXF DV HO WUi t ILFR FRPR 
HO WUDEDMR DLUHFWR GO ORV HVFODYRV  IXH XQD G /DV IXWHV TXH 
R
URYH\HURQ OD DFXPXDFWyQ GI FDSDWDO QHFHVDULD SDU©  HO GHVDUUROOR
呸XURSHR GHO FDSLWLVO/VR $R VyOR 呸 GH 呸HH I
XHUUWFD VLQR OR SUL
DHUD GH WRGDV 
  RV  VtHWDPD FRORQLDO 
HVSLQD GRUVDO GHO FDSLWD
OLV- FRPHUFLyO  GHSHQGtD GH XQ PRGR R GH RWUR GH HVD HVFODYLWXG

*UR FL- FRQVLGHUDU HVWH yO
~LOR £XHQFR QL TXLVLpUDPRV OL,-LWB


6 D ORV HIHFWRV \  FLUFXLWRV GLURF呸RV
-DVWDUtD FRQ HVWLPDU ORV

āHQFtLFLRV RSFHQtGRV SRU / XURSH HQ HO 


ULDQJXODU
IUDGH 
ODU!XIDFWX

W G )XURSDF
WVF/DYRH HOH $IULFD"URGXFWRV &RORQLDOHV GH IPpULFD 

TXH GLR O/ Q~OWLSOH HVWL


OOXOR HFRQyU/FR D - ULODWHUUD D WUDYpV GHā
 U7/HYDV G*/ODQGDV D OD PDQXI
DFFXUH  &UHFLPLHQWR GH ODV FLXGD
- V SRUWXDULDV RWURV WDQWRV LHUFDGRV LQWHUQRV   / R LāYHUVLyQ
[OL

GI JDQDQFLDV HQ EDQFRV  H LQGXVWULDV


( O FDSLWDOLVQR PDGXUH QR QHFHVLWDED \D GH OD FVFODYLWG +DVWD  UU āāO
WDED QRFLYR \ QR SUFFLVDPFQWD GHELGR D FVFUSX/ RV GH FRQFLFQF D t 3RU VXSXU VWR
 TXH FVWD  PDGXUF]  GHO FDSt WDOLVPR IH \ VLJ K VLHQGR XQ U呸HPF QR GH ODUJD GLOUDB 
FLyQ 1R WRGDV ODV PDQ]DQDV GHO PHUWF SXGLHURQ VFU FRVHFKDGDV DO PLVPR W FPSR t

\ DOJXQDV WRGDYWD HVWiQ YHUGHV 3DUD ORV VHFWRUHV PHWURSROLWFQRV HVD IDVH GH 呸

GXUDFLyQ FXRUt FDV L ORV  GHO VLJOR [L[ \ DHWHUPLQ XQD GRVLt
tFDF LyQ GH
y 呸V
PHGLGDV DERO FLRQ
LVWDV HQ IXQFLyQ GH ORV FRVWRV JHQHUDOHV GHO UHHPSOD]R LQFBB 
t

\HQGR HQ HVWH IFWRU OD VLWXDFLyQ GH FDGD HFRQRPD HVFODYLVWD SHULI
&FULFD /D
DEROLFLyQ GH OD FVF
ODYWXG QR FHUPtQy HB   FXDQGR OR GHFUHWy ,QJODW/ UUD U
MUXHED OD VXEVLVWHQFLD GHO VLVWHPD HQ WRGD OD VHJXQGD PLWDG GHO [L[ HQ ODV FRª
QLDV IUDQFHVDV   +RODQGHVDV   3XHUWR 5LFR O  6DQWR 7RPiV  
&XED   'XUDQWH WRGR HVWH WLHPRR ,QJODWHUUD SDUW FLSy LQG呸UHFWD R GLUFFRt

PHQWH HQ ORV EHQHILFLRV GHO WUIOILFR (O FDSLWDOLVPR G/ My GHLLQLWLYDPHQWH G
R[WUDHU HVFODYRV GHO $IULFD FXDQGR VH /QWHUHVy HQ OD SXHVWD HQ YDORU \ OD FROR
UUL]DFLyQ WLHUUD DGHQWUR GHO FRQW QHQWF DI
ULFDQR %RUDK 0FOODIH  £(VWD HV OD
KLVWRULD TXH SRU DKRUD QRV LQWHUHVD 3HUR SRGUtDPRV UX
 ,DGLU TXH HQ HVWD VHJXQG 
PLWDG GHO VLJOR [[ \D QR HO FDSLWDOLVPF  PDGXUR  VLQR HO FDSLWDOLVPR JHUL呸WULF
KD YXHOWR D /QVWUXPHQWDU OD HVFODYLWXG SHVH D VX RULJHQ \ HVWUXFWXUD SUHFDSL 
OLVWD & RPR OD PLJUDFLyQ FKLQD HVW LHRFVF/ DYLVPR VH GLVLPX/ D D WUDYyV GH FRUB 
WUDWRV WHPSRUDOHV G WUDEDMR ,QFOX\H KR\ QXPFURVRV WLSRV GH GLYHUVD SURF呸GFB 
FLD JRORQGULQDV HVSDx RODV H LWDOLDQDV DELVLQLRV FRQWUDWDGRV HWF / RV
UJ D
L]
PRV QWHUQHFtFQDWFV FRQRFHQ HVWRV KHFKRV SHUR ORV FDOODQ  GLVLPXODQ FRPR LU 呸‡
t

PDFLyQ FODVLILFDGD GH WLSR FRQILGHQFLDO ( Q XQR GH HVWRV GRF‡LPFQWRV VFFUHWRV KH
PRV OHLGRSRU HM HPSORTXH ORV WUDEDMDGRUHV HVSDx ROHV HQ 6XL]D 呸¢"JLQ SRU PHW U R I呸W

KDELWDFLyQ GLH] Y HF HV  UQW O V  TXH HO  P呸V  DO W R DOTXLOHU U HV L GHQF L DO  GH *LQHEUD 6V F V 


PLVPRV WUDEDMDGRUHV QR SXHG( Q FDPELDU GL 
 GRPLFLOLR V L Q SUPLVR HVSHFLDO GH  OD呸
DXWRULGDGHV 7DPSRFR WLHQHQ DFFHVR D ORV WULEXQDOHV RUL\LQH- LRV GH MXVW F D ‡呸
.  t t

HQ OD SUiFW FD UHFKD]DQ VXV GHPDQGDV 1L FXHQWDQ FRQ OD SURWFFFt yQ GH VXV M‡ 
t

VHV  GH RULJHQ / RV  DELV  Qt  RV HQ )U     QF L D Y L YHQ F Q SF QV LRQFV F RO FFW YDV \ V RQ SH  B 
t t

JDGRV S]UFLDOPHQWF FRQ VHUYLFLRV VREUHYDORUDGRV (V  XQD GL V F XV L yQ SXUDPHQWH L呸呸


WF HFWXDW HVSHFXODU VL HVWH HV XQ UpJLPHQ GH HVFODYLWXG XQD VH]YLGXPEUH SDUFLD
t

R XQD FRPELQDFLyQ GH DPERV PRGFORV +XFVWUD VL H, FDUiFWHU RPQYRUR GH OD FFRQR
PD FDSLWDOLVWD SDUH O&, FXDO QR UFVXOWD LQFRPSDILEOH QLQJ P UUHEDMR SRU R HB
W DO L V W D  SU H F DSL W DO L  V W D TDH SDU    ] F X VHU
/ D SULPHUD FDPSDUtD FDSLWDMLVWD FRQWUD OD HVFODYLWXG HVUXYR DVRF DFQ FFQ t

FDPELRV L~WHUQHLV GL OD HFRQRPtD UQDQDLDO \ HQ SDUWLFXODU FRQ XQD QXHYD SROLW FD t

FRPHUFLDO GH ,QJODWUUD SRU HQWRQFHV OD SRWHQF D GRQXQDUUWH t +DVWD PFGLDGRV GH

[Y L L L   JU DF L DV  D %DU EDGRV  \ - DU QDL F D  ,QJO呸WHUUD EDELD UHFPIO]呸GR D 3RUW呸  FR
PR GHVSHQVD D]XFDUFUD GH ( XURSD 3HURFRUQR LQG呸FD OL- / tDPV, HVD KHJHPRQ VH
Yt DPFQD]DGD SRU OD FRORQtD GH 6DQWR 'RPLQJR TXH GLX  I

FQFL呸  FRQWURO GHO
PHU F DGR HXURSHR
[OLL


(£‡D OD YLHMD OH\ GH OD SURGXFF yU HVFODYLVWD
t 6DQWR 'RPtQJR HUD PiV JUDQGH FXH
FXH/TXLHU FH/RU B  EU WiQtFDM VX VXHOR HUD PiV IpUWLO \ PHQRV H[KDXVWR U呸RU HVR VXV
t

FRVWRV GH SURGXFFLyQ HUFQ PiV EDMV (O *XDQR GHO 3HU~  K EID VLGR GHVFXELFU
WR SRU OD JULDLWU UUXUWL'O \ - DPD/HD  WHQLD GHW
HQVH I£ HQWRQFHV TXH "LWW

SDUD DUUXLQDU D 6DQWR 'RPtQSR SHQU QR VyOR HQ GHVDUUROODU IBO  VLYWFPD HOH SODQWDF
y

呸V HQ OD ,X- LD


VLQR WDLLELO HQ DEROLU OD HVF/DYLWXG FRUUDQGR D ORV IUD<OF HVHV V

RYLVLyU GH EUD]RV 1
-  SXGR QDFHU/ R GHELGR p?  UHV VWFQFtH / LUQDFLRQDO \ D /D]
t

OH\HV GH SUHI


HUHQF/D LGY&O( U` H
呸 IDYRU GH ODV ,ULFLDV 2FFLGHUUWD
OHV /QS/FVDV 'U VSXpU
‡ /]V JXFUUV QDSR/HyQLF[V 6pW  呸RL 呸JR ā LXH 3HUR KDFLD WDPEL呸 \"

!
 OD UDX ySRF  *HO &DULH L
- OOV VUWU  GRE/DURQ ODV /PSRUWDFtRLHV
ā~呸FV OW &P U‡HUR HQ FDPEtR OO SUFFWXFFDyQ GH - OOQDLF呸 \ %DUEDGRV VH PDQWUYR  

ā DUUL , QLVU WLHPSR VXUJDQ RWURU ) DQWDVQDV \ DPHQD]DV FXEH %UDVL/ 0DXU呸 
呸R  \ ODV S/DQWDF RQFV GH FDxD V呸 H[WHQRWDQ D/ RXVLDQD $XVWUDOLD 8DZDL \ - DYD
t

LLUUD (XURSD FRPR āWāUV YLVWR GFVDUURO/DED HO FXOWLYR GH OD EHWHUUDJD
(U呸 REYtR TXH ,QODWHUUp R SRGID FRUUWUR,FU HO PHUFDGF GHO D]QFDU EDViQGRVH
WQ OD SURFLXFFLyQ G O PDWFULD SULPD HQ VXV SURS DV FRORQLDV t 0HQRV DXQ SRGtD FUQ
B
OUOF TXH RWUDV SRWFQFL$ V 呸 VX WWX\HUDQ H[SORWDQGR P(呸/U WLHUUDV JUDFLDV O
UFEDMR HVFODYR 3HVH D ODV UFVLVWHQFLGV GH VXV SURSLRV FRORQRV HOSRGHU PRWURSF
BBWDQR VH SURSXVH Q- GFW/ F SROLWL呸 D UHILQDU D]~FDU PiV TXH SURGXF/U FDxD E

MDTXF¢U O! URGXFFL O


O G VXV FRPSHF呸FP
V DEROLHQ
LR OD HVFODYtWXG
3RU RWUD SDUWF ,QJODWHUUD RUJDQL]DED VX HFRQRPtD D Q¢B HVFDO©  S/DQFWDU D  t

- WQWUR GH OD FXO OD HVFODYLWXG \ 呸 VXHUH GH VXV SURSLDV FRORQLDV D]XFDUHUDV HUD

O  GH ORV P]PFURVRV KHFLRV D WFUHU Q FXFQWD /D VR/D /QGHSHQGHQF D GH ORV KLVSB
t

QRDPULFXQRV H[L呸LD Z UFS/HUUWHDPtHQWR MHQHUDO 


,
K( QDt/ LV GU/YFQ GHF D &DLDL- 
t

6SDUQVK $PFUFD LV UH/ DQG


 āH 8R QRW PtVUQDQDTF RXU
 DIIDLUV VDGO\ VKH LV HQ\OL呸


,QJODWHUUD HQ 呸OFEā
V GH +LOOLRVOV ROYLGy - DPDLF呸 *UDQDGD \ %WUEDGRV FRPHUHB
呸 \ SHQVDED DKRU] UQ WpULDRV GH Y呸OSDUDLVR $QWRIRJDVWF &D,/DR \ *XD\DFU-LOQ
3HUR HVWD H[SDQVLyQ GHO FRPHUFLR EULWiUULFR VHTiQ WO PLVPR DXWRU GHSHQGLD OH  LO
SDFtXDG LQJOHVD O
 DEVRU6HU PDWHULDV SUtPDV HQ SDJR 3DUD YHQGHU KDED TXH FRPSUDU
2 VHD 呸UOU ORV PHUFDGRV LW- OHVHV D QXHYRV FOLHQWHV DXQTXH KXELHVH TXH UHFRUWDU
ORV ULYLOF呸JRV GH /DV FRORQLDV LZJOHVDV (Q OD PHGLGD VIQHPEDUMF TXH PXFKRV GH 
HVRV SDIVHV VH 8LW O &FO WUDEDMR HVFODYR SDUD SDJDU ODV
LPSRUWDFLRQHV LQJOHVL-V ‡F
U %UDV ,呸 HWF  ,"呸呸ODWFUU WXYR TXH DDRSWDU XQD OLQHD FRXFt/tDWRUtD GLIMULHUGF
t

HVF呸ORQDFL呸FQWH OD DEROLFLyQ GF/ WUiILFR / DV GHFLVLRQHV I QD/ HV GHSFQGIDQ F
t

B 8FXOR GH FRVWRV \ EHQHILFLRV ¢&XWOO HUD OD GLIHUHQFLD GH FRVWRV FUUWUH HO SURGXFWR
&FO WUDEMR FTLWDOLVW] \ H/ SURGXFWR GHO WUDEDMR QR FDSLWD/ VWD" ¢&WOKO HUD O D
VLV
O
LILFDFL HFRQyPLFD GH HVWH WLPR SURGXFWR GHQWUR GHO iUHD FRORQLDO LQJOHVD 

L H FRQWURO GLUHFWR"
1-  HUD PXFKR @RT- H SRGIDQ KDFHU ORV WHUUDWHQLHQWHV SHUXDQRV HQ HVWDV FtUFXQV 
WDQFLDV呸 'XUDQWH 
OORV D SDU W L U  GH  U  V L V W L F U RQ VLQ 呸PE- UJR ODV SUHVLF
Q呸V LQVOHVDV 6X GHIHQVD IXH KOELO FRPR KHPRV YLVWR SXH呸 VL ELHQ QR "呸GLHURQ HYL
WDU TXH VH SURKLELHUD HQ SULQFLSLR HO WU0LFR R FRPHUFLR H[WHULRU GH HVFODYRV HQ 
F呸呸ELR PDQWXYLHURQ LQWDFWR HO VLVWHPD LQWHULRU GH HVFODYLWXG / DV JHVWLRQWV LQJO/  
[OLLL

VDV T3 PHQFLRQDUQRV VH LQLFLDURQ HQ  SRU HO1LQLVWUR LQJOpV HQ /LPD %HOIRUF
+LQWRQ LLOVRQ VLJXLHQGR ODV LQVWUXFFLRQHV JHQHUDOHV GDGDV SRU 3DOPHUVWRQ HQ QR
YtHPEUH GH  (O TRE HUQR LH 6DQWD &UX] SUFPHWty VLQ RUPDOL]DU XQ FRP 

t

SURPLVR  GHFUHWDU OD DEROLFLyQ GHO WUi

LFR /DV QHJRFLDFLRQHV FRQW UXDURQ HQ


t

ORV DxRV VLTXLHQWHV DGRSWDQGR HO 3HU XQD GLSORPDFLD GM/DWFU ~ILULDOPFQWH a
VH DGPLWLD GHO ODGR SHUXDQR /D QHFHVLGDG GH DEROLU HO WU>~LFR - XDQ 7iYDUD 
3D] 6RODiQ 呸  SHUR VH LQYRFDEDQ DWQPDV QRUPDV GH H[FHSFLyQ SRUD HO FRPHUFLR
HVFODYLVWD HQWUH ORV PLVPRV SDLVHV DPHU呸FDQRV FDVR \D PHQFLRQDGR GHO &KRFy SRU
HMHPSOR 
/ D FDDSDxD DQWLHVFOR!YLVW GHQWUR GHO 3HU~ IXH VXDLUOD SRU ORV OtEHU

OHV  1R TXHUHPRV SURQXQFLDUQRV SRU IOWD GH HVWXGLRV DFFUFD H OD LGHROyJLD
\ DFFLyQ SROWLFDV GH HVWH JUXSR VHU QHFHVDULR HQ HO )XWXUR DQDOL]DU TXH FR
i

QH[LRQHV KXER HQWUH HVH OLEHUXOLVPR SHUXDQR \ DOJXQ2V VHFWRUHV ¢!GLOHV"  GH OD
EXUJXHVLD ORFDO (Q WpUPLQRV JHQHUDOHV HO OLEHUDOO- PR HUD SFUW GHUtR GHO GH
t

UUROOR /QGXVUWUtDO GHO SDLV \ GH /D IRUPLFLQ GH XQ PHUFHGR PRGHUQR OLEUH Gā
WUFEDMR TXH H[F,XID /D HVFODYLWXG &RQ UHVSHFWR LO VHFURU LJUDULR /D GRFWUL
QH OLEHUDO WXYR GHV£
£UUROORV WHyULFRV PX\ SREUHV \āQR VyOR HQ HO 3HU~ 3RG?V
DS/ LFDU SDUH HVWR FDVR OD RSLQLyQ GH
 \Q )2?ā HQ  HQ HO VHQWLGR TXH  HO Q呸
H/ HR GH OD GRFWULQD HFRQyPtFD RFFLGHQWDO VXU- Ly HQIRFDGR SULQ L呸OPHQWH KXF呸D
 HFRQRPLDV XUEQRLQGXVWULDOHV 6H GHMy D OD FFRQRPtD UXULODJUFROD VHJXLU
VHSDUDGDPHQWH \ FRL UHWUDVR VX SURSLD FDUUHUD DFDGpPLFD LQGHSHQGLHQWH (VWH
IHQyPHQR VH D呸DY HQ HO 3HU~ SRU HO FDUiFWHU FRORQLDO UHFHSWLYR \ FRQ HVFDVD
HODERUDFLyQ SURSLD GH WRGDV ODV LGHRORJLDV IXHVHQ FRQVHUYGFUDV R OLEHUDOHV
3DUD ORV OLEHUL!OLV SHUXDQRV IXH PX\ GLIFLO DGHPiV FRPSDWLELOL]DU ODV WHRULDV 
GH VXV PDHVWURV HXURQFRV FRQ DOJXQRV SURSyVLWRV FRQFUHWRV GH V SROLWLFD ORFDO
7 RGRV HOORV FUDD FHVGF OXHJR SDUWLGDULRV GH OD GLYLVLyQ GHO WU"L呸- F \ OD PHFDQ t

]DFLyQ SURGXFWLYD 3HUR QR HVWDEDQ QX\ GLVSXHVWRV D HQFRQWUDUā HQ HVRV SU QFt! t

SLRV XQD MXVWLILFDFOLQ DXWRPiW


tFD HQ IDYRUā GH ODV JUDQGHV XQLGDGHV GR SURGXF  ā
FDyQ \ ODV HFRQRPtDV GH PD\RU HVFDOD HQ HO VHFWRU DZDULR 2SLYULRQHV FRPR ODV
GH $QGUpV *DUULGR $ \DFXFKR   FRQWUD HO FRPHUFLR HQ GHWD
O/H \ OD DJULFXOWX
UD GH SHTXHxRV FDSLWDOHV WXYLHURQ SRFRV VHJXLGRUHV FRQVFFXFQWHU 3RU HO FRQWU(B
ULR ORV OLEHUDOHV FVWDEDQ FRQYHQFLGRV XF HO ODWLIXQGLR HUD F HO 3FU
 HO £UL
FLSDO REVWiFX/R SDUD HO GHVDUUROOR DJUFROD / R TXH HV PiV HVH Uy呸PHQ GH JUDU
呸DFLFQGD LPSHGD WLPEL呸Q HOSURSLR GHVDUUROOR XUEDQR $ SULQFLSLRV GHO [L[ 4XV
SXU 5LFR \ $ Q呸呸OR KDELD GLFKR \呸 T呸H HQ HO 3HU ODV FLXGDGHV QR FXPSOLDQ VX 
YHUGDGHUD IXQFLyQ / RV JUDQGHV FHQWURV XUEXQRV QR KDEDQ SRGLGR FRQVWUXLU DOU
G呸GRU VX\H XQD UHG HFRQyPLFD HIHFWLYD Q YH] GH FRPXQLFDFLyQ KDED DLVOD
PLHQWR (O PXQGR XUEDQR VH GHVKDFLD HQ HO 3HUD HQ XQFRD/ RPFUDGR /QRUTiQLFR GH
SHTXHx DV XQLGDGFV VXPHUJLGDV HQ HOXQtYHUVR UXUD/  FRQWURODGR " 2U OD JUD KDFLH(B
GD $ILRV P$V W GH 呸  !DGD KLELD FD呸ELDGR VHJQ 6DQWLDJR 7iYDUD (O JDO 
SyQ GH HVFODYRV GRPLQDED HO SDLVDMH DJUULR G OD FRVWD 1R H[LVWLD FDPSHVLQ
G OLEUH QL DOGHHV \ FDVHUtRV DXWyQRPRV
[O呸Y

BJBVSU 5LFR 



/ D SRVLFLyQ GH QXHVWUD SREODFLyQ XUEDQD VH GLYLVD HQ XU 
GHVFRQFLHUWR WDQ F[WUDRUGLQDULR TXH VXSXFVWDV  OH
呸QO6  FXDGUDGDV GH WHUUHQR HQ OD SU
WW LHTXHx D X B  QXHVWUR 
DFWX]/ GHSFUWDPHUUWR QR KD\ HQ HOODV RUUD FRVD TXH UDLFKH
ULDV LUOHOLFHV‡‡‡ 'H /RV PWHYH SX呸WORV -WLWDOU呸V GH UUR 
YtQFtD  KD\ XQR EtHU VLUXDGR QL TH FHUUWUt(tTXH V 
UH/DFLRQHV GH VX MXULVGLFFLyQ HQ WWUUUL GR FRPXQLFDUVH 

RSRUUXQDPHUUWH ORV / IOMRV GF/ SRGHU \ ODV OXFHV TLH VH QH
FHVLWDQ SDUD HO VRV HXR FRQDHUYDFLyQ Y SRFWUHVR Gā
 WRGR(
t

3RU VXV G
t VWDQFL呸?V HQRUPHV SRU OD FRUUWUDGtFFLyQ HQ TLH
呸 BHV KDQ SXHVWR ORV LXWHUHVHV \ ODV FRVW呸Q‡HV SRU  Ii
W GH DX[t/LRV \ UHJQODULGG¼呸V HQ VXV &-HGLFDFLRQHV S
RGW呸
WRV \ FRQVXPRV£ B(B ILQ SRUTXH ORV UHVW呸OWD呸RV GH 6 ODER 
UHV LQGLYLGXDOHV YDQ D VXPHUUL呸FVH HL āQX\ RFDV SHUVRQDV
VXEUD\D RGH 5LFR GH XQD PHQFUD 呸H  - ULWW呸URO H]D \ ā
MXVWLFLD SURKLEHQ \ UFSXTQDQ ORV SXHE/RV GHO SULPHU QRP 
EUHHQ HO 3HUIL UDELOLWDQ R GHVWUX\HQ OD UU呸OWLSOLFDFLyQ
GH ORV VXED
OWFUURVā‡

PWLDJR 7DYDUD 


&RQt
RUPH VH DFFUFD HO F[PtQDQWH D O] FLWDO GHO 3HUR VH
呸ULāHUUWUD XL FXDGUF HQWRUDPHUUWH RSXHVWR āO WUDFDGR PiV 
DUULED 1R KD\ SURE
/DFLyQ UXUDO QR KD\ DOGHDV  R  KD\ 
FDVHULR QL /QGXVWULD GRPpVW FD (O TXH UHWHQGLHUD FRQ
t

SUDU FtQFXFQW©    YRV X RW U DV  2< 



6 HQ X GLIO GH IXQFLyQ Hā
QXHVWUR QHUFHGR FQFRUUWUDU/H EXU/DGDV VXV HVSHUDQ]DV ( Q
ODV FHUFDQUDV GH  F-SLWDO GHO "HU~ VH YHQ SXHEORV SR
E呸HV SRWUHUF GH SDQW RU DM 呸  VHPEUWRV WO呸 呸x  \  GH YLILDI
FULLV GH FRFKLQRV FRUWLMRV GLVWDQWHV ORV XQRV GH ORV 2
WURV \ HQ H FHQWUR  VRPEU,R JDOSyQ GH HZRV FXELHU
WRV GH KDUDSRV \ HQFRUYDGRV E"MR HO \呸JRž
(VWH HIHFWR GH GHVSREODFLyQ SLRGXFLGR SRU  FRQFHQWUDFLyQ GH OD SUH
SLRGDG UXUDO DIHFWDED WDPELyQ HO QFHULRU GH ODV KDF
tHQGDV JURQ SDUWH GH FX
t

£
XV WFUULWRULRV VH KDOODEDQ VL FXOWLYR QL WUDEDMDGRUHV / D JUP SURSLHGDG QL 
VLTXLHUD EHQHxtFLDED

 VXV GXHxRV FRPR SRGtD KDFHUOR SXHVWR TXH HUD LPSURGXFWLU

UR DGHPiV HUD UHVSRQVHROR GHO FQSREUHFLUHQWR \ GHVHPSOHR JHQHUDOL]DGR HQ
G FDPSR +DFLD  VH KDELD FRPSUREDGR TXH HO  GH ORV FRQWULEX\HQWHV
LUGLJHQDV GHO 3HUIL FDUHFIDQ GH WLHUUDV +DEDQ VLGR GHVSRVHtGRV SRU HO ODWLIXQ
āOLR VLQ TXH HVWH OHV RUUHFtHUD RWUD U/ WHUQDWLYD TXH OD VXERFXSDFLyQ FUyQtFF
(VWH SLRFFVR GH H[SDQVLyQ GH ORV "
QGHV GRPLQLRV UXUDOHV HUD DQWH
t RU D OD 5HSWOEOLFFW  'HVGH OD pSRFD FR/RUULDO VH FRQRFIDQ VXV GFI呸FWRV (O HVWD
OH HVSDxRO QR !XGR VLQHPEDUJR HYLWDUORV Oā9 FKRV SHQVDEDQ TXH SDUD FDPE DU ODVt

UWUQF
WXUDV HFRQyPLFDV \ VRFLDOHV GHO FDPSR KDED TXH JHQO呸UDU QXHYRV GLQDPLVPRV
 SULQFLSLRV GHO VLJOR [t[ (O )
LVFDO (\]DJXLUUH FUH FQFRQWUDU OD VROXFLyQ HQ
U呸 PRGHUQt]DFLyQ GH ODV FRPXQLGDGHV LQGLJHQDV PHMRU GLFKR HQ VX /LTXLGDFLyQ
UURJUHVLYD VXVWLWXYFQGRWHV SRU XQ FDPSHV QDGR OLE I

t GH SHTXHxRV SURS HWDU/ RV
t

/WD IXH WDPEL&Q FRPR VDEHUQRV OD FRQYLFFLyQ GH %ROtYDU (Q OD SU呸WLFD FRQWU
-
呸 YROXQWDG GH VXV SURQRWRUFV HVWD SROLWLFD HQ YH] GH FUHDU HVH FDPSH]ULQDGR QR
OL]R DtQR IDYRUHFHU OD F[SDQVtRQ ODWLIXQGLVWD
$ PHGLDGRV GHO VLJOR [L[ OH FVWUXFWXUD DJUDULY GFO 3HU VHJXtD VLHQGR
呸Z
O GHILFLHQWH FRPR FLFL DRV DQWHV HQWRUSHFLHQGR OD IRUPDFLyQ GHO SDtV PRDHUQR
[OY

GHPFU¢WLF \ FDSLWDO呸VWFRQ TXH VRxDEDQ ORV OLEHUDOHV )UDFDVDURQ SRU LJXDO


WDUUWR OD PLJU呸LyQ VHOHFWLYD GH FDPSHV XRV
 HXURSHRV FRPR / i IRUPDFLyQ GH FRORQRV
t

$O GHFUHWDUVU HQ  O /tEHUWDG DEVR,XWD OH HVFODYRV H


 /tEHUDO VPR SHUXDQR HV
t

WXYR VHJXUR TXH KLELD SXHVWR HQ PDUFKD Q呸 MURFFVR LUUHYHUV呸EOH TXH KDEUWD GH
FDPRtDU OD WRWDOLGDG GpO JUR  & UXDOR‡ / D I
DOWD GH EUF]RV ODL呸LL TXH ORV KDFHQ
GDGRV UHSDUULHUDQ OD WLHUUD \ HQ YH] GH OD VOYLE-  DSDUHFLHUDQ UH/ DFtRQFV - H
O RGLF F LyQ PXFKR PiV  PRGHUQDV \ HILFDFHV $  FRQVHFXHQFLD GH HVWD VLWXDFLyQ GH 
HWD 7iYDUD VH GLYLG呸U¢ OD WLHUUD \ HO WUDEDMR /UUWURGXFt pQGRVF HO FRORQLDMH \ HO
F[U HQGDPL HQW R SDU D ORV TXH OD DEROLFLyQ GH OD HVFO呸YLWXG D SUHSDUDGR HOHPHQWRV
D SURS-VWR
‡ / RV LQJHQLRV \ ORV OLEHUWRV /DQ]DUiQ HQHVH DQFKR FDPLQR GH ULTX

 I GH EIHQHVFDU
1DGD GH HVWR RFXUULy &RQWUD WRGDV OGV SUHYLVLRQHV OD DEROLFLyQ GH O D
L
HVFODYLWXG WHUPLQy VLHQGR ‡P JUDQāQHJRFLR SDUD ORV DQWLJXRV GXHxRV $QWHV TYH D 
GD X呸Q PDQLREUD GRO RV D  &呸O F XO RV  SU XGHQF L DO HV  HVWLPDEDQ 呸XH HO *呸呸L H呸QR SHUX; - R
VROR WHQtD TXH FRPSHQVDU D ORV SURSLHWDULRV SRU 222 HVFODYRV FRPSUHQGtGRV HQ  
/RV  DxRV GH HGDG / RV KDFHQGDGRV UHF/ DPDURQ  OD FLIUD ILQDO / H
YtQ   IXH GH  2EWXYLHURQ DGHPiV ODV VLJXLHQWHV YHQWDMDV   &RPSH(
VDFtyQ SRU ORV HVFODYRV TXH OHJDOPHQWH QR HUDQ WDOHV  QDFLGRV HQWUH HO  GH
- XOLR GH  \ HO  GH QRYLHPEUH GH     ,JXDO SDJR R VHD  SHVRV 
"DUD ORV OLEHUWRV IRVWHULRUHV D  FX\R YDORU VLQHPEDUJR QR F[FFGLD GH  S呸
VRV   $XVHQFLD GH XQD WDEOD GH LQGHPQL]DFLyQ SRU HGDGHV OR FX/ SHUPLWLy TXH
UHFLELHUDQ  SHVRV SRU DQFLDQRV TXH HQ HO SURSLR PHUFDGR HVFODYLVWD FDUH 
FLDQ GH WRGR SUHFLR 3RU FRQVLJXLHQWH HQ YH] GH ORV  SHVRV VHDODGRV SRU OD
OH\ ORV GXHxRV UHFLELHURQ HQ UHDOLGDG  SHVRV SRU FDGD XQR GH DTXHOORV HVFOD
YRV   VREUH ORV TXH SRGLDQ DOHJDU DOU£
P GHUHFKR 7iYDUD   (VWD
LQGHPQL]DFLyQ IXH H[FHVLYD \ PX\ SRU HQFLPD GH OD TXH KDELDQ UHFRQRFLGR RWURV
DWVHVH FRORQLDV LQJOHVDV  SV  +RQGXUDV   1XHYD *UDQDGD  
[Oā俵L

9  B/D 5HS呸EOL KDFLX DIHUD 


-  /RV JUDQGHV
OJULFXOWDUHV SRGIDQ

URV呸H‡LGDG GH ODV HFR-UFFV SHUXDQDV DH H[
SRU W ]   L Q  PL U DU  F RQ DSW L 呸呸V PR HO  I XW O O  ,
R  '呸
VDSDUHFpD H HVH/ DYR SHUR VH FQFRQWUDEDQ GLVSRQLEOHV FRUQR YHUHPRV 
RWURV UHFXUVRV KXPDQRV SDUD WUDEDMDU ODV !RODQWDFLRQHV (QWUHWDQWR DGHPiV KDEIDQ
SDVDGR ORV WLHPSRV GH HVWUHFKH] / D H[SFUWDFLyQ GHO JXDQR DEULD QXHYDV IYHQWHV
HH FDStWDOHV \ FUpGLWRUL / RV PHUFDGRV PXQGLDOHV SRU WLPR SDUHFIDQ JDUDQWL]DU
D FRUWR \ PHG DQF !OD]R XQD GHPDQGD FRQVWDQWH GH D]FDU
t / D FRQMXQFLyQ GH WRGRV
VWRV IDFWRUFāV SURYRFy XQD PF\RU H[SDQVLyQ D]XFDUHUD HQ OD FRVWD GHO 3HU~ 'HWHU
 呸ā DVLPtVPR TXH VH FRQVROLGDUD I DPS/LDVF HO SRGHU GH ORV WHUUDWHQLHQWHV GHUUWUR
N OD VRFLHGDG JORELO SHUXDQD &RQ VHU H[DFWR HVWH UHVXPHQ KHPRV GH XVDUOR FRQ
呸LH‡WDV SUHFHXFtRQHV &XEUH FDVL  DxRV KDVWD OD JXHUUD FRQ &KLOH  
呸DUVR SHULRGR GXUDQWH HO FXDO SRGHPRV GLVWLQJXLU XQD SULPHUD IDVH KDVWD  TXH
SRGUtDPRV OODPDU GH H[SHUtPHQXDFtyQ OLPLWDGD \ TXH VH H[SUHVy HQ HO FUHFLPLHQWR 
HQWR G  OD SURGXFFLyQ $ OR FXDO VLJXLy HO GHVDUUROOR H[SORVLYR GH ORV DxRV
%*2 KDVWD PFGLFGFV GH /  VLJXLHQWH GpFDGD HQ TXH OD FULVLV ILQDQFLHUD VLQ GLVPL
QXLU HO YROXPHQ GH OD SURGXFFLyQ \ H[SRUWDFLyQ GH D]FDU DIHFWy HQ FDPELR OD HV
WUXFWXUD HFRQyPLFD GH WRGR HO VLVWHPD SHUXDQR GH SODQWDFLRQHV 7RGR HVWH SURFHVR
VF F W RU L DO  U HV XO W D L QF RP£B!U HQV L EO H V L  QR O R U HO DF L RQDPRV  F RQ O D HY RO XF L yQ HF RQyPL F D
VHQHUDO GHO PLVPR SHULRGR 3DUD WDO FDUDFWHUL]DFLyQ QRV YDOGUHPRV SRU DKRUD GH 
‡QRV SRFRV LQGLFDGRUHV UHIHUHQWHV DO FUHFLPLHQWR FRPELQDGR GH ORV VHFWRUHV S~EOL
FR \  SULYDGR (VWXGLDUHPRV OXHJR HO FDVR SDUWLFXODU GH ORV FDxDYHUDOHV FRQ PHQ 
āLyQ GH DOJXQRV SUREOHUDV HVSHFLILFDV VX-YHQFLRQHV ILVFDOHV D OD DJULFXOWXUDXVR
RWHFDULR FDPELRV WHFQROyJLFRV LQL
ODFLyQ JHQHUDO GH SU
 DRXVR  GHO FUpGLWR LL£
FLRV  \ QXHYDV UHODFLRQHV GH WUDEDMR PHG
LDUUWH OD PLJUDFLyQ FKLQD
?
 (O *RP(UFLR ([WHULRU (O ‡ULPHU IDFWRU EiV FR D GHILQLU HV HO FRPHUFLR H[WHULRU
t

(VWH IXF HQWRQFHV VLQ GXGD HO VHFWRU PiV GLQiPtFR GH OD HFRQRUGD SHUXDQD 6X
E V W RU  D V QHPEXU  SR FVWi SRU  KDFHU /RV  PF M RU HV  \ PiV  U HF L HQW HV  HV W XGL RV  V RQ O RV 
t t t

GH +HUDFOLR %RQt/ OD 8 FR\XUUWXUD FRPHUFLDO GH/  VLJOR [L[ HQ HO 3HU/LPD 
y*  \ 6KDQH +XQW 3ULFH DQG 4XDQWXP (VWLPDWHV RI 3HUXYLDQ ([SRUWV 
3ULQFHWRQ   &DGD XQR GH HOORV KD XVDGR PpWRGRV \ IXHQWHV GH LQIRUPDFLyQ GL
IHUXWHV SDUD DQDOLDDU ODV H[SRUWDFLRQHV SHUXDQDV VLQ LQWHUHVDUVH SURYLVLRQDOPHQ
WH SRU ODV LPSRUWDFLRHV %RQLOOD WUDEDMDQGF GHVGH %XURSD \ DOHMDGR GHO 3HUIOG

ELy YDOHUVH FDVL ~QLFDPHQWH GH ORV GDWRV EULWiQLFRV \ IUDQFHVHV 6KDQH +XQW HQ
FDPELR KD SRGLGR FRQVXOWDU DGHPDV ODV HVWDGLVWLFDV ORFDOHV SHUXDQDV 6D SXQWR GH
YLVWD HV SUHGRPLQDQWHPHQWH HFRQyPLFR GH DFXHUGR D VX SURSLD IRUI"ODFLyQ SURIHVLRQDO
%RQLOOD FRQ PpV GOOOSOLWXG LQFOX\H FRQVLGHUDFLRQHV SROWLFDV \ VRFLDOHV (Q JHQ
UDO SXHGH DI L U PDU V H TXH UXQERV  W U DEDM RV  VRQ F RPSO HPH呸W DU L RV   /RV  GRV  DXW RU HV  D呸
PLWHQ GHVGH OXHJR FVWFF 


<  OHMRV DXQ GH XLD FRQFOXVLyQ GHILQtWLYD / R SUXHED
‡‡ O
&È  ‡ GXGDV ODV GLIHUHLFL]V HQWUH DPERV WDQWR HQ OR TXH WRFD D YDORUHV \ YRO~UQH
QFV FRPR HQ OR TXH VH UFILUH D OD FURQRORJD GH WRGR HO SURFHVR H[SRUWDGRU SH
UXDULR GXU DQW H HO  V L V O R [L [   (V SHF L I L TXH呸YV  HV DV  GL I HU HQF L DV  HQ SU L PHU  W pU PL QR 
[OYLL

&URQRORTD OD ([SRUWDFL !Q 3HUXDQD VL ; ,;  VHJ P %RQLOOD \ +8W

%RQLOOD +XQW

O 
L 3RVW
FLOQ FRORQLDO\ 5呸 O KDVWD  5HFXSHUDFDyQ SRVWL
FHVR 5HSXEOLFDQR GHSFQGLHUUWF
 - ,£ XDOHV WHGQFLDV 3H  
2 SURJL‡W6LyQ /UULUUWHUUXPSLGD TXLQL 3ULPHUD (GDG GHO *XDQR &VWFQFDPLFWR
GD VDO WUH JXDQR  1XHYD &RPSRVLFLyQ
t
GH O DV  RW U DV  /;SRU W DF L RQF V  
GH ODV H[SRUWDFLRQ/V
  6H FRQVROLGD HO GHVDUUR  %% 0DWOUH *XDQX $UH (V‡D
O O R - H O 呸V  H[SRU W D呸L RQHV   FFUQLHQWR GH ODV RWUDV H呸 RUWDFLRQV / 呸
WD  ([SDQVLyQ £RVWHULRU LDVWD P呸
GtDGRV 
 % 'HSUHVLyQ 3URIXQGD   (QYDVLyQ \ FRODSVR
 D 6LQ GHILQLU   5HFXSX‡DFLyQ /HQWD
*   1!$HYD (FRQRUQLD GH I[SRU
WDFLyQ
/ R TXH SDUD OOXQW HV XQ SURFHVR GH UHFXSHUDFLyQ KDVWD  UH
VXOWD VHJyQ %RQLOOD XQ UHFHVR KDVWD  (O HVWDQFDPLHQWR GH RWUDV H[SRUWDFLR 
QHV TXH HO JXDQR KDVWD  +XQW  HV PDV ELHQ SDUD %RQLOOD SURJUHVLyQ \ FDPELR
GH FRUQSRLFLyQ 3DUD HOSHULRGR TXH HVWXGL0RV QRVRWURV HQ HVWH FDRLWXOR %
  %RQLOOD KD SUHIHULGR XQD FDUDFWHUL]DFLyQ JOREDO GHVWDFDQGR HO XHVHUURO,R
G ODV H[SRUWDFLRQHV `LHQWUDV +XQW GLVWLQJQH GRV VXESHULRGRV OLPLWDQGR HVD H[
SDQVLyQ GH RWUDV TXH HO &
- i
O2 D ORV DttRV SRVW %RQLOOD QR FUHH QHFHVDULR
HVSHFLILFDU ORV HLHFWJVB HFRQyPLFRV GLW
(&WDLLLHQW
 呸UQS£
£WDEOHV 呸 @D JXHUUD FRQ &KLOH
  \ GHILQ XQ VROy SHU/ RGRBB呸H BJUDQ GRSUHVL yQ TXH FRUUH GH ,Hp呸 FR U t

FLGHUUWH FRQ/ D FR\XQWXUD FFRQyQtFD PXQGL D/ +XQW QH VH 3URQXQFLD QL GHtQH DFHU
FD GH HVWD GHSUHVLyQ /Dā LJQRUD GH KHFKR RLUSOLFLWDPHQWH OD DGMXGLFD H[F
OXVL

PHQWH D OD *XHUUD  +XQW DGH/DQWD DGHPiV OD 3DVH GH UHFXSHUDFLyQ OHQWD TXH %R
QLOOD QR HQXQFLD  KDVWD IHFKD WDQ WHPSUDQDFRPR 

$FHUFD GHO TXDQWXP GHO FRPHUFLR H[WHULRU /HV GRV DXWRUHV 


KDQ HIHFWXDGR ODERULRVRV F呸OFXORV VLQ OOHJDU D FRLQFtGL] GHOB WRGR %RQLOOD WXYR
TXH HQIUHQWDU ODV FRQRFLGDV FRPSOLFDFLRQHV TXH SUHVHQWDQ ODV HVWDGVWLFDV IUDQFH
VD  H LQ- OHVDV %RQLOOD  0DFHUD   / RV FULWHULRV GH VROXFLyQ TXH HV
FRJLy SV   HUDQ ORV PLFRV TXH OH HUDQ HQWRQFHV SRVLEOHV &RQ PiV FDQWH
OD +XQW FRQFHQWUy VX HVIXHU]R HQ HVWDEOHFHU ORV YRO~PHQHV GH H[SRUWDFLyQ FXDGURV
 <    &RQVWUX\y OXHJR SUHFLRV EDVH SDUD ORV DxRV  \  FXDFUR   \
WLOL]DQGR HVWRV IWLUQRV REWXYR LQGLFHV SDUD WRGR HOSHULRGR % FXDGUR
  (O SURSLR +XQW QR SL
UHFHVLQ HPEDUJR PX\ VDWLVIHFKR /DV GLIHUHQFLDV TXH 
pF VH/ DOD FXDGUR   HXWUH ORV SUHFLRV SHUXDQRV \ ORV SUHFLRV LQJOHVHV SDUD ORV
UQtVPRV SURGXFWRV 
Q  HO DILR EDVH DEUHQ LQWHUUyJDQWHV \ EUHFKDV SDUD WRGD O
DUJXPHQWDFLyQ 5HVXOWDQ DO ILQDO FODUDV GLVFUHSD!FLDV HQWUH %RQLOOD \ +XQW TXH 
HVWH ~OWLPR KD UHVXPLGR FXDGUR   FRPSDUDQGR VXV SURSLRV HVWLPDGRV FRQ ORV GH
%RQLOOD
[OYLLL
*
XDGUR  %RQLOOD+LQW ,QGLFHV GH FDWLGDG 5DWLRV 
 /DQD H[SRU呸DGD 

  O

,





ā 
/DQD  +LWUDWRV $]yFDU $OJRGyQ &REUH 4XLQD
L
  

  
   O RR   

    - 
      
   £
R    
-   L  MO-  L  
  

呸 呸呸
 
2   %O2   
66  FR      OO
 OO% R      





)XHQWH +XQW " FXDGUR  

1R VLHQGR HVWD QXHVWUD HVSHFLDOLGD GHEHUQRV TXHGDU D OD HVSHUD FR
PR W 呸V W L 呸- V  GH XQD SRV W HU L RU  DF O DU DF L yQ  (Q F XDQW R D O DV  F L I U DV   TXH QRV  GL V SH   
VHQ %RQLOOD \ +XQW VL DGHPiV GH ODV VX\DV SUHIHUL"U!V SRU PRPHQWRV ODV PiV DQWL
- WD]
TXH HODERUy - 0 5RFUtDXH] 0RQWR\D L  D TXLHQ WDQWR GHEHQ 
KL V W RU L DGRU HV  \  HF RQRPL V W DV   I DU D QXHV W U RV  REM HW L Y RV  EDV W D SRU  DKRU D XQD HV W L P呸
FtRQ GH ORV YHODUHV GHO FRPHUFtRIDVI H[SRUWDFtyQ FRPR LPSRUWDFLyQ  
TXH QRV HYLGHQFLDQ OD WHQGHQFLD JOREDO GHO FUHFLPLHQWR

&QDGUR  &FQHUFLR ([WHULRU GHO 3HUWL 


3HVRV GH  UHDOHV \  VROHV GH  UHDOHV 
VHJ P -  + 5RGUtJXH]   
$LLRV , WSR  W D F L Q

 ([SRUWDF~Q 呸U呸呸V *H ?


 GXD L    REU H O D
7URx
呸



O

 M
    O呸
O
  呸  O
   O


   O
F   
   
   O
   
ā    O
6   
    O
  OO  O
   O
 IRRRRRR  
    
 E  
 "  


[OLO

L 6ROHV MH 3ODWD 6ROHV GH 3ODWD



6ROHV GH 3ODWD
 呸呸  O

O
 * O? 




 ‡RY
  


  B    Q

呸 






£


 
 






‡  
O  :
 - "   
 OOO&LL  
   呸 OOI
 
ƒ   
    6 

  
    

  ā  HV



OH    

6H REVHUYD FRQ FODULGDG XQ DVFHQVR VHJ XUR GH ODV H[SRUWDFLRQHV D  - U

WLU GH  HQ TXH VH L呸LFLDURQ ORV QHJRFLRV GHO 呸呸DQR \ TXH DOFDQ]D VX P呸LPR
HQ HO TXLQTXHQLR O* $ SDUWLU GH HQWRQFHV OD WHQGHQFLD VH /QYLUWty FR
LJXDO ItUPH]D VREUH WRGR HQ /DV H[FRUWDFtRQFV $ PHGLDGRV GH ORV DxRV  KD\
 P QXHY R PRY L PL HQW R GH U HF XSHU DF L yQ HQ SDU W H U HO DF L RQDG呸 ā&RQ HO  6DO L
W U H \  HQ  
SDUWH FRQ RWURV SURGXFWRV BVH PRYLPLHQWR SRU VX LQGLFH DQXD
O GH FUHFLPLHQWX
IXH PXFKR PiV WHPSUDQR \ SURQXQFLDGR HQ ODV LPSRUWDFLRQHV
(V GLILFLO HVWDEOHFHL OD FRPSRVLFLyQ G HVWH FRPFUFtR VHD HQ OD LQSR(B
WDFLyQ FRPR HQ OD H[SRUWDFtyQ£
 \ VREUH WRGR LUGLFDU HQ HVWH ~OWLPR U呸QOQ OR 
TXH FRUUHVSRQGLy DO JXDQR 3HVH D ORV FVWXGtRV GH RGULJX]   \ /(YLQ  
FDUHF F DRV GH FLIUDV / QGXGDR
/ WV ¢& X$ QWDV WRQH/ DGDV - H JXDQR VH YHQGLHURQ DO H[
WUDQMHUR FX呸O IXH VX SUHFtR \ YDORU ILQDO" +H DTFË SUHJXQWDV WRGDYLD VLQ UHV
"8HVWDV %RQLOOD FXDGURV 呸  \   QRV KD / DGR ORV YDORUHV GHO JXDDR \ RWUDV
H[SRUWDFLRQHV SDUD ORV D
RV  3HUR DQWHV GH XVDU HVDV FLIUDV QHFHVLWD
QRV VDEHU DOJR PiV FFHUFD GH ORV FULWHULRV \ RSHUDFLRQHV HMHFXWDGRV SRU %RQL 
OOD 3UREDEOHPHQWH HO HVIXHU]R P>ó V VHULR \ FRPSOHWR VREUH HVWH PDWHULD VHD KD呸
WD OD IHFKD HO GH - 0 5RGULVXH] O   $Vt / HYLQ FRPR OOXQW VH KDQ EDVD
呸R SULQFLSDOPHQWH HQ O 呸V  F L I U DV  GH 5 RGULJXF] SDU D HO DERU DU  O DV  V X\ DV  SU RSL DV  
5RGULJXF] PLVPR V3FPEDUDR HUD UHODWLYDPHQWH HVFpSWLFR \  GHVLOXVLRQDGR DFHUFD 
GH VXV SURSLDU FRQFOXVLRQHV +HPRV  W U RSH] DGR  GHF t  D  F RQ XQD VHULH GH RE呸
DFXORV \ YDFLRV YHUGDGFUXPFQWH LQVXSHUDEOHV B
?VL QR VH VDEH FXDQWDV WRQH/ DGDV
H[SRUWDURQ GH ODV LVODV FDGD XQR GH OV FRQVLJQDWDULRV‡ QL HQ ORV DUFKLYR呸 
GH +DFLHQGD H[LVWHQ WRGRV ORV GDWRV QHFHVDULRV QL ODV PHPRU DV GH ORV PLQLVWURV
t

RIUHFHU F O UHVSHFWR WRGD OD OX] TXH HV GH GHV F DUY $OJXQDV GH ODV IXHQWHV RUBL
FLDOFV PiV XVDGD DXQ KR\ GLD 2UWL] GH =HYDOORV ,OJXHUD  VyOR FRQWHQtDQ FLIUXV
JOREDOHV SDUD SHU L RGRV  PX\ ODUJRV R FDQWLGDGHV SDUF
LDMFV - L O RV  SURSLRV PLQL呸
JURV GH +DFLHQGD GH OD &£
RFD SRGIDQ KDFHU Qi &RPR UHFXHUGD 5RGUtJXH] OD FRQ
呸DEL O L GDG GHO  JXDQR HQ HO  W L HPSR GH O DV  FRQVLJQDFLR~&6 VH U HGXM R KDV W D  呸 
XQRV OLEURV OODPDGRV GH 2XHQWD &RUULHQWHV TXH FRSLDEDQ WH[WXDOPHQWH ODV FXHQ
WDV GH /RV FRQVLJQDWDULRV RVFXUDV \ ODFyQLFDV VHJ
WP OD H[SUHVLyQ GH ORV FRQWD


- RUHV SE/tFRV +ROJXLQ \ 5HLQH  /  $ SDUWLU GH  HO VLVWHPD FDPELy QXRR
GRV OLEURV 'LDULR \ 0D\RU  ā
SHUR HQ HVWRV FUHFH OD RVFXUtGDG VL HV SRVLROH SXHV
VH KD IRUZDGR XB / DEHU/ QWR GH FXHQWDV WDQ LUUHJXODUHV \ GHVFRQFHUWDGDV TXH VL HVWQ
*LR GHPDQGDUi PXFKR WLHPSR
 / D FRVDV QR PHM RUDURQ FRQ HO &RQWUDWR 'UH\I3XV & R
LR QR VHUi GH LUiJLO OD LQL
XUQZFLy GtVSRQtEIH FXDQGR +XQU FDOFXOD VLQ GXGD SDUH 
VX SURSLR DVRPEUR TXH HO EHQHILFLR REWHQLGR SRU HO *RE HUQR SHQXDQR HO HQH FRXWUD
t

W! DOFD] DO DEVXUGR GH XQ 呸   GH ODV YHQWDV WRWDOHV
7HQLHQGR HQ FXHQWD HVDV \ RWUDV /tPtWDF RQHV ODV £
t ‡D]RQDEOHV FLIUDV OH
- / 5RGULL 8H] VRQ ODV VLJXLHQWHV

&XDGUR  3HUX*XDQR ([SRUWDGR +2


7 RQHOFDV HIHF LYFV
O 3ULUHURV &RQWUDWRV 
 ‡‡‡  ‡呸āāāāāā 
  3ULPHUDV &RQVLJQDFLRQHV ‡‡‡‡‡  ‡
  &RQWUDWR 'UH\IIXV  ‡‡‡‡‡‡
  6HJXQGDV F RQV L JQDF L RQHV  \ ~O W L PDV  U HPHV DV 
'UH\IIXV  ‡  ‡
7 RWDO   ‡6&

&RPR LQGLFy 5RGULJF] HVWDV FLIUDV VyOR VRQ DSUR[tPDW YDV t R ā呸QF- X
\  HQ SULPHU WpUPLQR ODV H[SRUFDFLRQHV &KLOH \ &HQWUR 3PpULFD ,QSOLFDQ DGHPiV
XQD VXEYDOXDFLyQ SXHV VHTQ 5RGULJXH] ODV FDQWtGD,HV HHFWLYDPFQWH H[£RUWDGRV GX
UDQWH DOJXQRV HxRV ,
XHURQ GHELGR D PDQtREUDV GRORVDV  HO GREOH GH ODV TXH pO FRQ
V呸呸y +D\ SXHV XQD SULPHUD GLIHUHQFLD HQWUH
 ORV YROiPFQHV RILFLDOHV \ ORV YRO
OP呸
DHV HIHFWLYRV G  H[SRUWDFLyQ & XTXLHUD GH HVDV FDUW GDGHV UHVXOWD DVLPLVPR LQ(
t

ULRU DO JXDOR H[WUDLGR GH ODV GLYUVDV FDEDGHUDV SXHVWR TXH QR VH FRPSXWDQ DYHU DV t

3pUGLGDV HWF 3RU OWLPR \ HV OR PiV JUDYH QR KD\FRtQFDGHQFID DXWRPiWtFD HQWUH
ODV FLIUDV GH H[SRUWDFLyQ RILFLDOHV R HIHFWLYDV  \ OD FDQWLGDG GH JXD YHQGLGR
HQ HO H[WUDQMHUR &DGD WRQHODGD GH *XDQR GH %XHQD &DOLGDG SRGLD VHU PH]FODGR FRQ
GRD R WUHV WRQHODGDV GH *XDQR ,QIHULRU 'H HVWDV PDQLSXODFLRQHV QRV GLFH 5RGUL
呸p]KD\ SUXHED HYLGHQWH GHVSXpV GH  SDUD ODV ILUPDV 2KOHQGRULI\ 6FKU呸GFU FR
QHFWDGDV FRQ 'UH\I
)XV 3HUR IXH XQ SURFHGLPLHQWR DSOLFDGR GHVGH PXFKR DQWHV
7RGDYLD P$V FRPSOLFDGR HV HO SUREOHUD GHO YDORU GHO*XDQR (VWDPRV
VSHUDQGR WRGDYD XQD PRQRJUDILD SDFLHQWH \ PLQXFLRVD TXH QRV DFODUH GHILQtWLYDPH(B
WH ORV SUREOHPDV UHODWLYRV DO 3UHFLR GHO*XDQR \ DO 7LSR FLH &DPELR GH OD PRQHGD
SHUXDQD 1R VH WUDWD DTXL VRODPHQWH GH HVWDEOHFHU FRQ F/FU GDG OD RVFLODFLyQ LQWHU
t

QDFLRQDO GH HVRV GRV IDFWRUHVā 6LQR DGHP$V GH UHODFLRQDUORV FRQ ODV HVWLSXODFLR
QHV ORV GLYHUVRV FRQWUDWRV ILUPDGRV SRU HO *RELHUQR SHUXDQR FRQ UHODFLyQ DO JXDQR
LQF- X\HQGR DTXHOORV GHULYDGRV GH DGHODQWRV HPSUpVWLWRV LQWHUpV \ DPRUWL]DFLRQHV
(QWUHWDQWR GHEHPRV PDQWHQHU DFHUFD GH ORV YDORUHV OD PLVPD SUXGHQFLD TXH DFHU
F" GH ORV YRO
OPHQHV GH JXDQR H[WUDLGR H[SRUWDGR R YHQGLGR &RQ PXFKD FDXWHOD 5R
*OāLJLH] VXSXVR TXH HVH YDORU KDED OOHJDGR HQ FXDUHQWD DxRV   D
6 6H WUDWD GH XQ PLQLPR SRVLEOH FDOFXODGR VREUH OD EDVH GH  OLEUDV
OL

SRU WRQHODGD HIHFWLYD \ D XQ FDPRLR FRQVWDQWH GH  SHQLRXHV SRU VRO +XQW  
VXSHUD HVWDV FLIUDV FDOFXODQGR HQ SHVRV QR VROHV   FRPELQDQGR ORV "UH
FLRV TXH VLPSOLILFy &UXFKDJD 呸  FRQ XU YROXPHQ GH 呸呸DQR PpV DOWR

 BWRQHODGDV  TXH HO VHxDODGR SRU 5R
LUJXH] 3DUD RWURV ILQHV +XQW KD 
HVWDFUHFiGR ORV YDORUHV GHO DXDXR PXOWLSOLFDUGR HVRV YR/PFQHV SRU HOSUHFLR EDVH
FRQVWDQWH  OR FXDO FDUHFH GH VLJQLILFDFLyQ SDUD QXHVWUR SURSyV WR DFWXDO t

5HVXOWD GLILFL HQ HVWDV FRQGtFLRQHV SUHFLVDU FRQ H[DFWLWXG OR TXH
FRUUHVSRQGLy DO 呸呸DQR VREUH HO YDORU WRWDO ODV H[SRUWDFLRQHV 呸HUXDQDV +XQW QD
呸U HV HQW DGR O RV  VL JXL 呸QW HV  SRU F HQW DM HV  

&XDGUR    *XDQR VREUH YDORU WRWDO ([SRUWDFLyQ

‡‡‡‡‡R‡‡‡‡‡‡‡R RR‡R‡R R‡R R‡‡R‡R‡‡‡‡R‡R /Oô


‡  
O~  
‡‡‡‡‡‡ SURUQHGLR DQQDO  
‡‡‡‡‡‡‡‡‡‡‡
‡‡‡‡ ‡‡

3HUR VX FiOFR VH UHILHUH D SUHFLRV FRQVWHUUWHV  8QD LQIRUOD
F yQ FRPSOHPHQWDULD \ GH FRQWUROSRGHPRV TXD]iV HLFRUUWUDU HQ ORV GDWRV RILFLDOHV LQ
t

- OHVHV VREUH ODV H[SRUWDFLRQHV SHUXDQDV D *UDQ %UHWDxD HQWUD  6LQ ROYLG"-

-DV GLILFXOWDGHV GH HVDV HVWDGLVWLFDV %RQLOOD  0DFHUD  9 HU FXDGUR 

( [LVWH SXHV XQ DFXHUGR JHQHUO SDUD VHx DODU DO *XDXR FRPR HO SURGXF 
W OGHU GH OD H[SRUWDFLyQ SHUXDQD HQWUH ODV GpFDGDV  1R H[t MUQRV PD\RUHV
U FLVLRQHV 'H OR FRQWUDULR HVWLUUUXODUHPRV OD LPDJLQDFL*Q GH HFRQRPLVWDV H KLVWR 
LGRUHV REOLJ$QGROHV D XQ  [RXU GH IRUFH  SURU
HVtRQDW 3URGXF LU iQ QQPHURV HQ DSD
U/ HQFLD H[DFWRV \ VyOR KDEUiQ UHHPSOD]DGR OD KRQHVWD LPSUHFLVLyQ GH - 0 5RGUtJXH]

O
 XQD PDJLD FXDQWLWDWLYD

OOBB(O 6HFWQU 3yEOFR/ D SURVSHULGDG UHSHQWLQD FDXVDGD SRU HO *XDQR WUDVWRUQy DO 3HUIL
/ RV 3UHVXSXHVWRV FRPR DQWHV OR KDELD KHFKR HO DXJH GH "RWRVL \ PiV WDUGH HQ HO VBL

O [[ VH FUH\y TXH KDEU/D GH FFU OD DQFKRYH W  3HUPL W R HQ SUtPHU
 ODJDU XQ
t & 
& 

呸DLH呸WR GHVRUELWDGR GH ORV JDVHDV S呸EOLFRV / R TXH HV P呸V %DVDGUH  /HYtQ  
(WLPXOyFRPR GLMR 0DQXHO 3DUGR呸D GHVWUXFFLyQ GHO VLVWHPD QRUPDO GH LQJUHVRV ILVF
 H SDUD UHHPSOD]DUORV YLROHQWDPHQWH SRU ODV UHQWDV H[WUDRUFtDDUtDV RULJLQDGDV SRU
呸L *呸DQR  (V W H SURFHVR XXHGH HU  GHI L QL GR F RPR XQD F RPEL QDF L yQ H[SEV L Y D GH F U HF L   
 HāDWR FXDQWLWDWLYR \ GHWHULRUR HVWUXFWXUDO GH  VHFWRU S~E LFR( [DPLQHPFVOR GH FHU 
t

 D "
OHFLDWF XQ UiS GR DQiOLVLV FHO U呸JLPHQ SUHVXSXHVW]G SHUXDQR
t 1R QRV KDJDPRV 
呸- V LRQHV  LQ HPEDUJR ( O 3UHVXSXHVWR IXH HQ HO " HU GXUDUUWH HO LL OR [L[ ULiV  XQ

- VHR XQD tLFFLQ T


OH UHLLGDG HIHFWLYD  PHQWLUD FXQYHQFLRQDO GH & FQJUHVRV \  *R
EDHUQRV VHJGQ XQ EXHQ WHVWLJR (O SULPHUF GH ORV SUHVXSXHVWRV   VyOR BXH GH
‡OLL

&8$'52  
3RUFHQWDMHV GHO $OJRGEQ $]~FFLU VLQ UHILQVU \ *XDQR VREUH
HO YDORU WRWDOGH =[XRUWDFLRQHV 3HU~ D *UDQ %UHWDxD
/     
呸

-
 
 $O£
£RGyQ $]~FDU
,
RWD/

     


     
     
 R    
     
 R  ā  
     6
     
     
   ā  D 
  

呸
 
      
   R R  
*   R R  
&   R V   


žāž
 
 
 
 
 
O       
 
     
      
O         
      
   
    
      
      
     OO` 

ā )XHQWH$ FFRXQVWV DQG 3DSHUV / RQGUHV $xRV U呸VSHFWLYRV 


$ SDUWLU U
OH ā ORV V LDQ V GR R
EWHQLF
RV VREUH YD/RUHV UHF
t

OHV GHF/DUHGRV $QWHV VREUH 9 ! ORUDV UHD/HV FRPSXWDHRV


OLLL

FDVWRV \ QR GH HQWUDFLDV DXQTXH WXYR XQ DQH[R (VWDGR GH 9 DORUHV )XH XQ HQVD\R U呸
GLPHQWDULR 1R WHQLD SOLHJRV UDPRV QL FDStWXORV \ ORV HJUHVRV IXHURQ SUHVHQW呸
GRV SRU GLYLVLRQHV SROtWLFDV )UHIHFWXUDV  (U ORV  DxRV VLJ呸LHQWHV KDVWD 
KXER RFKR SUHVXSXFVWRV ELHQDOHV FRQ GR
 JULPGHV LQ
HUUXSFRQV L \ *
 MXVWDPHQWH HQ S/ HQR DXJH GH OD H[SRUWDFLyQ RXDQHUD )DOWDURQ OXHJR SUHVX 
SHVWRV GH  V呸Q HMHFXFLyQ OHJDO  \ GH  6LQ HVWLPDU HVRV YDFLRV
FHGHPRV DHFLU TXH HO VFFWRU S
EOLFR SHUXDQR WXYR XQ GHVDUUROOR SDUDOHOR \ OHSHQ 
FDUQWH FRQ UHVSHFWR DO GHVDUUROOR GHO FRPHUFLR H[SRUWDGRU\ TXH WDO FODVH GH UHOD
FLyU IQH PD\RU GHVSXpV GH O
 TXH HQ /HV DxRV DQWHULRUHV (VH SDUDOHOLVPR SXHGH
VHU DSUHFLDGR HQ ODV VHULHV GH FRQWDELOLGDG ILVFDO SDUD HO SHULRGR 

&XDGUR  ,QJUHVRV \ *DVWRV 3&WEOLFRV


呸R 
5HQWDV *DVWRV
3HVRV 3ODWD O  3HVRV 3ODWD  
 O 
  
  
     
  
  
  FR
  ££

  
6ROHV GH 3ODWD   6ROHV GH "ODWD  

  R


   /
  
6  
    
  

   8Q SHVR  SODWD MXDO D  FHQWDYRV VRO QH SODWD
t L?LHL呸WHV 0RUHQR 

  &RPLHQ]D HO UpJLPHQ SUHVXSXHVWD
O   8Q VRO GH BROD 5RGLāJQH]  
W LJDO D  FHQWDYRV GH VRO

( Q FXDQWR D OD GHSHQGHQFLD PHQFtRQDGD QRV UHPLWtQRV D OD FRPSRVLFLyQ 


M H / DV UHQWDV SWLEOLFDV ( V VDELGR TXH DQWHV GHO $DQR OD 5HS

tEOLFD HOH 3FU呸 IW呸

V!VWHQLGD FDVL LQWHJUDLHQWF -B 2U VXV LQGLRV \ DGLDUDV / D / ODPDGD FRQWU RXF
t t yU I呸

VRXDO QR HUD RWUD FRVD TXH HO WULEXWR FRORQLDO GH UL呸LJHQDV EDMR RWUR QRPEUH . X 
EOFU  0DFHUD   5HSUHVHQWDED DSUR[tPDGHPHUUWH HQWUH HO    \ KDVW
 iV GH ORV LQJU&FVRV S~E/iFRV DQWHV GH 
 FRPR XGF DSUHFLDUVH SRU /RV FDUFX
/RV GH - ‡0 3DQGRH


 O L Y 

&XDGU R  , QTU HV RV  Sy EO L F RV  3HU ~ 

O &RQW U L EXF L yQ GH O RV  L QGL THQDV  \  GH RW U DV  F O   V HV 


SHU V RQDO  \ GH L QGXV W U L D  GH SU HGL RV  U QV W L F RV  \ YU 
EDQRV   GH
SDW HXW F V   ‡               ‡‡  ‡    ‡    ‡          ;
  3U RGXF W R GH  O DV  DGXDQDV  ‡‡‡          ‡   ‡‡ ‡ ‡ ‡ 
         
  1RYHQRV GHFLPDOHV YDFDQWHV PD\RUHV \ PHQRUH
呸 $X[t  /L R SDW U L yW L F R ‡‡‡  ‡     ‡   ‡‡       ‡‡‡  ‡   
  3DSHO  V HO O DGR ‡ ‡    ‡        ‡    ‡ ‡  ‡ ‡‡ ‡   ‡ 
      

   3U RGXF W RV  GH  DPRQHGDF L yQ  GHU HF KRV  GH I XQGL F L yQ


GLH] PRV  GH SO DW D /DEU DGD‡     ‡     ‡‡‡‡ ‡‡‡‡‡ ‡‡‡ 
      O  ô

       


  'HU HF KRV  GH H[W U DF F L yQ GH PRQHGD‡‡ ‡ ‡‡‡ ‡ ‡‡  ‡‡          
  $U U HQGDPL HQW R GH W L HU U DV   I L QF DV  \  W L HQGDV   HV W DQF R
GH QL HY H  DU U HQGDPL HQW R GH GHU HF KRV  VREU H O D V DO           
  &RQW U DW D V REU H GHU HF KRV  GH L PSRU W DF L yQ GH W DEDF R          
 0HGL R \ U HDO  HQ PDU F R GH PL QHU L D‡‡   ‡‡‡‡‡ ‡‡‡   ‡       R
 7L W XO RV  SDV DSRU W HV   W RPDV  GH U D] yQ    ‡‡ ‡ ‡‡ ‡ ‡ ‡       
 &RQW U L EXF L yQ V REU H  W U L JRV  \  JXL x DSRV   SHF XO L DU  GHO 
HSDU W DPHQW R GH $U HTXL SD    ‡‡ ‡ ‡   ‡ ‡‡‡  ‡  ‡‡          
 &REU R GH GHXGDV  GH D RV  DQW HU L RU HV ‡ ‡ ‡‡ ‡     ‡‡        

7RW DO       ‡ ‡‡ ‡     ‡ ‡‡‡      ‡‡             

/DV  DGXDQDV   F X\ RV  Y DO RU HV  KHPRV  GDGR HQ F XDGU R DQW HU L RU  UHFDtDQ
V REU H ā O D L PSRU W DF L yQ \ QR V REU H O RV  SU RGXF W RV  H[SRU W DGRV   'HEL GR DO  EDM R 3ž 
F H QW DM H GH L QV XPRV  \ EL HQHV  GH F DSL W DO  /PSRU W D GR SRU  HO  3HU ~ HQ O D £ U L PHU D PL W DG
GH£ [L [  0DF HU D   O DV  DGXDQDV  SXHGHQ V HU  F RQV L GHU DGDV  SRU  V XV  HI HF W RV  I L DO HV 
FRPR LPMXHVWRV LQGLUHFWRV DO FRQVXPR LQWHUQR ( YLFOHQFLDD WDPELpQ SRU OD PLVPD
U D] yQ O D SDU W H TXH W RF DED DO  (V W DGR V REU H O D GF  F DSL W DO L ] DF L EQ \  QR U HL QY HU V L yQ GH
O RV  H[F HGHQW HV  JHQHU DGRV  SRU   O  £!,
RGXF W R L QW HU QR SHU XDQR  (V W D F RPSRV L F L yQ GH L Q 

,
HV R
 Y DU L )XQGDPHQW H, PHQH HQ O D V HJXQGD PL W DG yO  VL JO R [L [  
y (QW U H @    
HQ O RV  VL HW H SU HV XSXHV W RV  DSO L F DGRV  H[F O XL GR HO  GH    O DV  U HQW DV  H[W U DRU GL Q呸
U L DV  U F I U HV HQW DU F Q O RV    UO F O  W RW DO  GH L QJU HV RV   (QW HQGHPRV  SRU  U HQW DV  H[W U DRU GM B
QDU L DV  HQ HV W H F DV R HO  *XHQR O RV  (PSU pV W L W RV  \ 5DPRV  $M HQRV   $QyQL PR   (
 
£ U L QU  L SDO  U XEU R I XH HO  *XD   $O  F RPt  HQ] R KXER SU XGF QF LD  (Q HO  SU HV XSXHVWR GH
   V H SU HY L QR TXH  O  *XDQR V H DSO L F DU L D D O D D0RU W L ] DF L yQ GH O D GHXGD S~EO L F D
\ QR

 O HV  JDV W RV  RU GL QDU L RV  GH/  (V W DGR  3HF R O DV  EDU U HU DV  I XHU RQ F HGL HQGR  <D
   V H F RQV L GHU DED DO  *XDQR F RQ PiV  DPSO L W XG F RPR  U DPR GHV WLQDGR D U HHP  
SO D] DU  HO  GpILF tW    $ SDU W L U  GH HQW RQF HV  VH L QL F L y O D RU JW D I L V F DO    3U L QF L SL D
HO  JXDQR QRV  GL F H   PF U L W RB āL R DXW RU  GH  8QD H[F XU V L yQ SRU  O DV  5HJL RQHV  GHO  3UHV X
£ XHV W R   /L PD   F RQ   SHV RV  SDU D HO  EL HQL R   \  O O HJD GHV 呸XV  D   
  GH V RO HV   (V W D GHV RU JDQL ] DF L yQ I L V F DO  SXHGH V HU  DSU HF L DGD HQ HO  V L 
JXL HQW W  F XDGU R 



 
 
 
;  2 
呸 B B D
D R
UR UR
2? ?




 £  
ā




 

 
 R  


ƒ
   W 

 
L  

2?
Y ?2 ! 9 
R 

ž
?  ?
 9 R


&O
呸

呸ā /   B £
£
 X
2?    ?, Z
   呸
& ? &  R  B  ‡ I
 Q

 




 £B
 
IW
H

 F F  J 
? 
  
BB 8 BB 呸 £
2? 2? 

6BB & ? H  
呸ā
;  2

 ;   , +
呸

 WR V


 
WQ
R
WQ
R
UW 
  
  OO! WQ
 ?  ?  - ! ?  ?' ?' O  
   , 
?2 ?' ?2
BB 
?' ? Y R 
 
  
 WQ 
UW
G
O

 Q

£
呸
H

BB BB £
 Ź2 9 
?  ?  D F &? ?2    
 
 
   £
B 

?  D
£ 2? HV
 B Z  
 BB
R
 

WO
R


L
呸


BB ? 
呸
9   

 O

9 
   

?'  2? UW H
H
ā WQ
UW
R



 R R ? BWā‡ 2? ? U 
    
 B £ B £ 
 Z Z ?  
O

+


?' ?' ?' ?' ?' ?'
?~ ?' ?' ?9  ?' 呸 L
  
ž 
BB

  BB

 BB
; 

 ; 



R WQ
 呸R

 
 WQ
 
 W

‡
OYL

$FODUHPRV TXH LDV LQIāHVRV GHO *XPR QXQFD OOHJ'URtO RSRUWLQDPHQWH DO 
RLHUXR GHO 3HUi 'O YtFtFVR VLVWHQD &H ORV FRQVtUUDFtRXFV \ HO SRVWFULRL &RQ 
WUDWR 'UH\I
)XV KLFLHURQ 呸H HO WWDGR SHUXDQR DSDUUF HUD FRPR UHFLELHQGX &H JUDFLD
t

FFPR S呸pVWDUWR \
 HQ FDOL&X* GH LHXGRU DTXHOOR TXH 呸 FRUUHVSRQGD FRPR DFUHHGRU \ 
&O SURGXFWR EUXWR XH -  DV  SUtPHUDV FRLVLRQDFLRLHV HQHUR ULRY
" 
/  G ODV FXDOHV GHEtDQ FRUUHVSRQ,HU DO (VWDGR FRPR SURGXFWR
ā‡ W [tGR

‡ / /
呸 
R RFD RO V" 3DUD HO SHU RGF  HVH SURGXFWR OLTXLGR
t

" FD]y B LO 'H HVWD VXPD QR GLFH - + 5RGULJXH GH TX HF WRPDPRV  t

WFFLRV ORV GDWRV DQWHULRUHV K\ TXH UHEDMDU R SHUWHQHFLHQWHV DO JDQR 
ULFLGR SRU 'UH\IIXV 3HVH D HVWDV FLIUDV QRV UHFXHUGD HO PLVPR DXWRU D 呸
L QHV
N  ( "HU~ HVWDED HQ TXLHEUD 6X SUHVXSXHVWR HVWDED HQ G&WLFLW GXS/tFDGD VX
GHFxF S~EOLFD \ GHELD D ORV FRQVLJQDWDULRV FHUFD GH Q* SRU UD]yQ GH 
UpVWLWRV
6L OD FVWUXFWXUD GH ORV LQJUHVRV HUD SUHFDUtD ORV JDWRV ULVFDOHV SDGH
DQ D VX 9( = GH LJXLO GHVRUGHQ $OJYQRV GH HVRV JDVWRV VH HPSOHDURQ HV FLHUWR F
ā YHUHQRV SDUD HVWLPR/ DU (OO VHFWRU SULYDGR HPSUHVDULD/  / D PD\RU SDUWH WYYR VLQ
呸UQE‡U呸R XQ FDUiFWFU /PSURGXFWLYR / RV RRLHUQRV SHUXDQRV PDQHMDEDQ HOSUHVXSXHVWR
FUQR XQ LQVWUXPHQWR GH FW FUWFW ]HFtyQ SROLWLFD
t t 2 HQ HO PHMRU GH ORV FDVRV DVX
YtUQ,R Xā URO UHGLVWULEXWLYR HOLHQWDO \ GLVFULPLQDWRULR %XHQD SRUFLyQ GH ODV
UHQWDV S~!OLFDV W
XHURQ HPSOHDGDV GHQWUR GH HVWD SROLWLFD HQ HO VRVWHQLPLHQWR GHO
VāDUDWR RXURFUiWtFRPt/tWDU 呸O H[DPHQ GH ORV JDVWRV PLOLWDUHV GLFH - I 5RGU
TF ] '-   FRPR HO GHāWRGRV ORV TXH DIHRWDQ D OD YLGD ILQDQFLHUD HQ HO 3HU~ GH

QXHV
WUD TXH HO SURPHGLR GH /RV I
RQFRV S~EOLFRV GHVWLQDGRV D ORV VHUYLFLRV PLOOWDUHV

 VLGR DOUHGHGRU GH XQD WHUFHUD SDUWH GH ORV RDVWRV S~EOLFRV YRWDGRV H HO "
HV
ªXHVWR £HQHUDOH[FHSWR HQ ORV GH  \  TXH VXFHVLYDPHQWH I/ XFWXDURQ HQWU  
/DV FXDUWD \ OD TXLQWD SDUWH \ TXH KDQ VHMXLGR OD HVFDOD GH ORV JDVWRV JHQHUDOHV
V GHFLU
 VLHPSUH FUHFLHQWHV \ VLHPSUH PDQHMDGRV SRU OR PDQR GHUURFKDGRUD O
 OD L呸
UH
LVL2Q \ LD EXURFUDFLD /D KLVWRULDāGHO 3HU~ SURSRUFLRQD ODV V TX HQWHV FLIUDVt t

VREUH ORV VHUYLFLRV PLOLWDUHV

& XHGUR   3RUFHQWDMH $QXDO GH *DV W RV 


OLOLWDUHV 3H呸& 呸
 Bž
B  L 
/
U
3UHVXSXHVWRV 3UHVWSXHVW呸B
  
B U- 
F
!
  呸!   
ORM 呸呸   
   呸  
V 呸  

 呸Ot呸  
呸
!    
  £
‡- 
āWR  
- 呸O  
  B£
 £Â
  





OYLL

(V W H H[DJHUDGR SHVR GHO VHFWRU WHUFLDULR QR HV XQD FDUDFWHULVWLFD SULYD
FLYD GH O D KLVWRULD HFyQyPLFD GHO 3HUR / R HQFRQWUDPRV WDPEL呸Q HQ WRGDV ODV VRFLH
G- HV TXH SHUWHQHFHQ D XQR GH 呸VW呸V GRV JUXSRV D  2 ELHQ HQ ORV VLVWHQDV DUFDL 
& ā ā6  SUHFDSLWDOLVWDV FRQ UXHUWHV (VWDGRV FHQWUDOHV GH WLSR GHVSyWLFR RULHQWDO E 
? - LHQ H DTXHOODV HFRQRPtDV  WUDFtF tRXHMHV  LQFFUSRUDGDV DO VLVWHPD FDSLWDOLVWD HQ
DOLGDG GH VXERUGLQDGDV 'RV VRQ ODV FDXVDV TXH FHWHUPtQHQ HVD FRQIRUPDFLyQ 3UL
HUR HO FDUiFWHU DUWLILFLDO \ SRU FRQVLTXLHUUWH PiV FRVWRVR GH OD UHG XUEDQFYDGQUL 
OLVWUDWLYD /D FLXGDG HV TāL XQD QHFHVLGDG SROLWLFD SUHYLD SDUD LQVWUXPHQWDU OD
FRPLQDFLyQ LQWHUQD DQWHV FFH HO UFVYOWDGR GH OD UHVSHFWLYD WFYROXFLyQ HFRQyPLFD 1R
VRQ FLXGDGHV TXH OXFKDQ FRQ[UD HO IHXGR VLQR SURORQJDFLRQHV DGPLQLVWUDWLYDV GHO
SDUDWR SROLWLFH D FX\R DPSDUR QFFHQ VLQ QHFHVLWDU FRPEDWLUOR 3XHGHQ OXHJR GH
D[DUHFHU SRU HVWD UD]yQ JHXHUDU HO GLQDPLVPR SURSLR GH WRGR Q~FOHR XUEDQR 3HUR
H XQ GLQDOLV- OOR PHGLWL]DGR SXHVWR TXH D HVD FLXGDG QR OH FRQYLHQH FUHFHU GH PRGR 
呸FRQyPLFDPHQWH DXWyQRPR VR SHQD GH SHUGHU ORV HVSHFLILFRV SULYLOHJLRV GH VXV UH
呸FLRQHV FRQ HO FDPSR \ VR SH]D GH HQHUYDU OD FDGHQD JHQHUDO GH SULYLOHJLRV GHO 
VL呸W)PD DO FXDO SHUWHQHFH +LVWyULFDPHQWH HVWDV FLXGDGHV VHDQ YDUtV LQFDV HVSI
BāODV R FULROODV VRQ SRU OD QDUXUDOH]D RULJHQ\ VRVWHQLPLHQWR GH VXV IXQFLRQHV 
\ QR SRU LQD VLPSOH FURQRORJLD  FLXGDGHV FRORQLDOHV (Q VHJXQGR OXJDU WRGD UHGL呸
WUtRXFtyQ GHO LQJUHVR TXH QR IDYRUH]FD DO VHFWRU WHUFLDULR LQHYLWDEOHUQHQWH DIHFWD
ULD SRV
WLYDPHQWH ORV VHFWRUHV SURGXFWLYRV SUtPUUtR \ VHFXQGDULR / RV FDPELRV

BQWLWDWLYRV \ FXDOLWDWLYRV HQ HVRV VHFWRUH WUDHULDQ FRUV  XQD PRGLIFDFLQ
t

/ REDO GH OD HVWUXFWXUD VRFLDO 3HUR HVD HVWUXFWXUD VH HQFXHQWUD VDFUDOL]GD ( V
UFFLV呸XQHQWH OR ~QLFR TXH QR VH TX FUH FDPE DU
t t 6L OD PD\RU/ D GH / RV EHOHILFLRV
呸 *XDQR QR KXELHVHQ FDtGR SULQFLSDOPHQWH HQ PDQHV H[WUHQMHUDV \ VH KXE/ HUDQ LQ
YFUW GR UD]RQDEOHPHQWH HQ PLQHULD DJULFO WXUD \ RRUDV S~EOLFDV LQIUDHVWUXFWOU 
t

 ‡V  HO 3HUy KXELHUD SDVDGR GH XQ FDSLWDO VPR VXERUGLQDGR D XQ FDSLWXOWVªR DYDQDD
t

FR DXWyQRPR \ FRPSHWtWL9 R D XLYHO LQWHUQDFLRQDO 3HUR TXtHQHV WFUUtDQ HQ VXV PD
QRV OD GHFLVLyQ ILQDO ORV JFSRV GH SRGHU LQWHUQRV \ © [WHUQRV  H[FOX DQ HVWD RS 
t

FLyQ
+D\ XQ ~OWLPR DUJXPHQWR /D PD\RU SDUWH GH ODV VROXFLRQHV SROLW FDV \
t

BFRQQLFDV FRQFUHWDV VRQ FRPSURPLVRV TXH FRPELQDQ ORV SUREOHPDV GH FRUWR \ PHGLDQR
B呸O呸]R & XDQGR PiV GHVDUUROODGD VHD XQD HFRQRPLD PD\RU VHUi VX FDSDDtGDG GH SUR 
UDPFLyQ D ODUJR SOD]R 3DUWH GH VX FDSLWDOL]DFLyQ DEXQGDQWH HV UHLQYHUWLGD HQ
W¢W
PLLRV GH WLHPSR  HUURU H[SHUGUQHUUWDFtyQ \ KDVWD DYHQWXUD ( VWH PDUJHQ VH HV
呸呸HFKD D #HGL GD 呸XH XQD HF呸QRPLD FXDOTXLHUD IHXGDO FDSLWDOLVWD R HVFODYLVWD  VH
XHQHUD LQFOXLGD HQ OD FODVH VXERUGLQDGD GHO FRQWUDGHVDUUROOR \ OD GHVLQYHUVLyQ
/ DV GHFLVLRQHV HFRQyPLFDV WRPDGDV SRU ORV JRELHUQRV SHUXDQRV GHV£
XpV GH 
 KDVWD KR\ GLD PtVUQR SXHGHQ VHU H[SOLFDGDV VHJ P HVDV KLSyWHVLV 1R HUDQ GHFL
VLHQHV SXUDPHQWH HFRQyPLFDV VLQR GDGDV WDPELpQ HQ ?PFLQ GH FRQVLGHUDFLRQHV SROLB 
WLFRVRFLDOHV FRQVHUYDU XQD HVWUXFWXUD GH UULYLOHJLR FRORQLDO LQWHUQR  \ HQ IXQ
F/yU - H ODV UHODFLRQHV REMHWL‡UDV GH GHSHQGHQFLD TXH JXDUGDEDQ FRQ OD HFRQRPtD PXQ
OYLLL

FLLKO IW

R DGHPiV QXQFD SXG/HURQ VHU GHFLVLRQHV D O呸JR āOD]R ,OD\ XQD ā
"VH
TXH SRU IO!呸UX QR EXVFR SURUQ]QF
LDGD D PHGLDGRV GHO [t[ LRU XQ SROLWLFR £H
āD
QR $ILU呸D T "  HO SUHVHQWH QR GHEH VHU VDR tU FDGR WO B UWXUR &DVWL7OD HQ I
t

QR LRLL R


!HUQDU SDUD HO DxR JH WHQLD TXH KDFHU/R £DULO  \  2‡£H
H呸 GHIL呸OLWtY WRGR JRELUQR GHUH $LGDU VX RSHUDDFLD LUQQHGLDWD <  SRUTXH HO

 OD]  RQGH WRFRV HVWFUHPRV PXHUWRV VH63Q / RUG . H\LFV  HV SDUD XQ SROLWL
FR HQ SW   WF OD VXQH GH YDU DV FFUWDV GXUDFLRQHV VHDQ R QR SODLLLILFD&DV
t "RF
SRGLD KDFHU BU-O&ËXLHUD GH HVRU 呸B£RELHUQRV WHQtHQGR XQB FXHUUWD OD GHXGD TXH KHU BD
ED  GVHā"OHR \ OD VXERFXSDFLyQ FUyQLFD 1R VDEHPRV HQ FRQVFFXHQFtD 呸O W

/ WFQLLGDW呸  WHU呸呸YHUVDFLyQ GH V SHRUHV UHGXFLU WRGR HO -UREOHPD GHO *OWFXR \
OHV - DVWRV 呸呸EOLFRV SHUXDQRV \ HO FUH呸LPLHQWR GHO VHFWRU WHUFLDULR D YQD VL呸
 OHā FXHFWL y B LH SVLFRORJLD \ YROXQWDG GH ORV JUXSR呸 GLULDHQWHV SHUXDQRV V D &; ( t

/D SUREDE /LGDGFV KLVWyULFDV GH ODV FU


LU U RSFL RQHV
呸D FRQFUHWDV
V R DV

t WHyUtFDV

(VW H[S/LFDF yQ QR H[LPH GH UHVSRQVDE /LGDG D HVH 


t t

呸呸 呸SRV SHUF VL OD FFQYtHUWH HQ XQ] UHVSRQVDELOLGDG FRQSDUWL GD GRQGH ,QWHUYtFQHQ
PLFKRV RWUV 3DFWRUHV
9 ,, (O 6HFWRU 3ULYDGR LR SRGHPRF FRQWLQXDU HVW DQiO VLV TXH QRV KD LGR WOW t

/FV +&
‡xRV LXWOLDOV
MDQGR UDGYDOPHQWF GH UUXFVWUR WXQD RULJLQDO O
UXUD & (  ‡SH WDFtyQ`  6yOR TXHU/ DPRV HVFULELU XQD EUHH LQWURGXFFLyQ D &D呸U OW
 &D\pOWL KD
£ WHUPtQDGR `2U VHU HQ FDPE
tR XQ VLPSOH SUHW WQ 5HWXQFLPV MRU
F!QVLJXLWU; F D XQ DQiO VLV WRWDO \ PLQXFLRVR GHO VHFUR SU/ YDGR SHUXDQR \ G WR
t

GUV VXV FFLUOLF


G"V
WFODFLRBQF ‡
 HO FRPHUFLR F[WHUL U \ HO VHFWRU S~EOLFR <
QRV /LQtWHQHV UDHYDPHQWH DO GFV]UUR/WR \ RUTDUUL]DFt yUL &O FO 3WU
G GH/ V VWHPD &H t

OpQWBF.  F OD VHJXQGD Pt WDX FFO [L[ $O ILQDOL]LU  V呸 WUDEDMR GLVFXWL
W
V V Q W
- WU- 2 D-  JWQRV
H ORV SUREUFQDV TXH DKRUD GFMDPRV HQ VXVSHQVR
t L
tRV -呸

UURV G‡ ‡HHLU ‡呸SHFLDOUQHQWF FUWRXFHV DO UWFL


UWW GFO
ODWF VREUH OR TXH IXO 
HFRQRPtD SHUXDQH GH HVH WLHPSR ¢8Q 0RGHOR GH (QFODYH / FYQ  R XQD (FRQDā!
5HQWLVWLFD ^+YQW " (VSHUDPRF SRGHU \U GHVSXpV HVH PRPHQWR RFXSDUQRV SUFIFW呸
LDOPHQW呸 GH OD SHQLQV呸OD &D\DOWL
"DU HFRQRPt]DU DEXUULUDLFQWR PLR \ DMFQR RUGFQDUFQRV OD H[SRV Fty F呸 t

/GQF L yQ F  VyOR XDWUR SXQWRV O 3DF W DU HV  *HQHUDOHV TXH LQIOX\HURQ HQ UO- āVD
UUROOR FH OD FJULFOUXUD F[SRUWDGRUD  (O &UpGLWR +LSRWHFDDāLR \ OD LQI/ FLQ
LQWHUQR \ OLWLWLGD GH SUHFLRV B (O WUDRDMR HQ ODV S/DQUDFLRQFV  ( 呸 WUXFDā $
呸
FLyQ GH ODā /QGXVWULD D]XFDUHUD DO IOQDO GHO SHULRGR
$OUH&
HGRU GH  H, VHFWRU DJURLHF£DULR ( UXD-  H[SHULPHQWy FRP āL呸
MLPRV ‡Q DFWLYR SURFHVR GH FXPELRV DDOLWDWLYRV \ FXDQULWHWLYRV *DQ SDUWH L

WR XF GHVSXpV KD VLGR HO 3HU~ RQWHPSRUiQHR GHO VLJOR [[ DUUDQFD GH FVDV B 呸
FUDV Q SHUMXLFLR GH XQ IHQyQKR GH UHFHSFLyQ \ FRQU QXLGDG GH ODV HVWUXFW
t

UV FRWRLtD
t FV \ G呸 OD 3ULPHUD U^H-āEOLFD
(VI SURFHVR FVWXY! FDUDFWHUL]DGR “/O呸
GDPHQWDIPFUUWH SRU HO H[SORVLYR FUHFLPLHQWR GH DOVPDV JULFXOWXUDV G F[SRWā
FLQ DOJRGyQ \ DO PtFQR WLHPSR SRU XQ GHVS/D]DPtHQWR JHRJUWOILFR JY!FF‡‡
DO GH L /PSRUWDQFtD HFRQyPLF呸 GH ORV FHQWURV GH SURGXFFLyQ LJULFR
 $UUWFV GH HV-  pSRFD OD V HUUD \ 86 K
tUUWHU/ DQG GH OD \XQTD RULHQWDO
t

UFWFQtDQ XQD  W SURSRUFLyQ GH DTXHO SāRG呸F


OL[

W R DJU F RO D L QW HU QR TXp HU D 呸RQHW DU L DPHQW H F RPHU F L DO L ] DGD GHQW U R R  I XHU 呸 GHO  SD V 
ODQDV FRFD  (Q O
W VHJXO
LGD PLWDG GHO [L [  OD FVWD WRPy OD GHOD
OWFUD \ PDQWXYR
HVD YHQWDMD HQ WRGRV ORV DQRV SRVWHULRUHV D SHVDU GHO ERRP FDXFKHUR \

 SFV]F GHO
PHMRUDPLHWR WDWFLRGH OD JFDGHULD ODQDU / D KDFLHQGD VHUUDQD VH UHtHXGDO L]y PLHB
UUDV OD KDFLHXGH FRVWHx D FRQW QUy VX HYR/ XFtyL KDFI呸 XQD DJULFXOWXUD / QGXVWU/ D
O
t

/D VLHUUD IXH HO FDPSR OD FRVWD IXH OD FLXGDG
(VWD KHTHXRQID FRVWHxD FXOUULQDED XQ SURFHVR GH Q~\ ODUJD GXUDFLyX GHO
TXH QRV KHPRV RFXSDGR HQ RWUR HVWXGLR 0FHUD (VWDGIVW FDV +LVWyULFDV GHO 3HU
t

, ,  呸   'HFLDPRV HQWRDFHV TXH HQ HO 3HUWO SRGL呸呸 UHFRQRFHUVH ORV VL呸WLHQWHV GH呸
SOD]DQ~HQWRV \  XELFDFLRQHV GH ORV SRORV GH FUHFLPLHQWR GHVDUUROOR \ SRGHU SROL
WLFR HFRQyPLFR VRFLDO\ FXOWX呸DO  

, 0\RU GHVDUUROOR UHODWLYR GHO 1RUQGF LDFOX\HQGR (FXDGRU LQWHUDQGLQR  G DQ
WH WRGR HO )RUPDWLYR 7HPRUDQR \ +HGLR
,, *HQHUDOL]DFLyQ GHO GHVDUU!OOR \ UQQOW S/ tFDFLyQ GH ORV SRORV GH FUHFL UUtHUUWR 
t

GHVGH HO )RUPDWLYR 7DUGLR KDVWD HO +RUL]RQWH 0HGLR

,,, 'HV\OD]DPLHQWR KDD HO VXU GXUDQWH HO ,PSHU R 8DU t t 

,9  1XHYD JHQHUDOL]DFLyQ \ PXOWLSOLFDFLyQ GXUDQWH HO ,, 3HULRGR ,QWHUQHGLR


9  6HJQGR GHVSOD]DPLHQWR OOD HO VXU FRQ HO ,PSHULR ,QFD
9 , 3UHVHUYDFL yQ GHO VXU SHVH D / LPD  HQ ORV V呸JORV [YL[YLLL GHELGR D "RWRVL
\ FRQFHQWUDFLyQ GHPRJUW~
LFD TXHFKXDD\PDUD
9 ,, 'HVS/D]DPtHUUWR KDFLD HO 3HU~ FHUUWUDO FRVWD \ VLHUUD  SRU HO D]FHU \ &HUUR
GH 3DVHR PHGLDGRV [Y L L L  
9, , ,   5HDFFLyQ VXU(QD IULVWUDGD 7&WSDF $LQDUX 3XPDFLOKXD &RQIHGHUDFL 3HUW%ROL
YtDQD
/
 (PSDWH HQ OD GHVRUDOL]DFLyQ JHQHUDO 
;  3UHGRPtUULR GH OD FRVWD QRUFFHUUWUDOU *āFQR $]LFU $OJRGyQ &HUUR GH 3DVHRH
   3HVH DO VDOLWUH VXUHxR SRU HVWpOO
 ORFDOL]DGR FRUQR XQD HFRQRUQLD GH HQ
FODYH
'XUDQWH WRGDV HVWDV  PRYt/ L]DFLRQHV  KLVWULFJHRJUI
LFDV OD FRVWD
HQ VX SDUWH QRUFHQWUDO GH &KLQFKD D / DPED\HTX  IXH VLHPSUH XQD GH ODV UHJLR
QHV  HF RQyPt F DPHQW HPiV  GLQiU U L F W    'XU DQW H O DV  HW DSDV  , , ,  i 9,   TXH F XEU H W U HV  L P 呸
ULRV ,DUL 7QFDV \$ YVWULD O
! VLHUUD VXU HQWUH $\DFXFKR \ HO $OWLSODQR DFRUWy
O V  GLVWD呸FLDV \  VH GHILQLy FRPR XQR GH ORV SRORV GRPL QDQW HV   3HUR GHVGH HO V L 
 [YL L VH SURGXM R XQD
t /UY HUV LyQ GHO SURFHVR LQWHUUXPSLGD HQ ODV HWDSDV
9 ,,, \,;  VyOR GH XQ PRGR WUDQVLWRULR
/ R TXH QRV RW U RV  HV W XGL DPRV  HV  SXHV   H[F O XV L Y DPHQW H  O D SRU F L yQ I L Q呸O 
GH XQD ODUJD \ PX\ FRPS/LFDGD KLVWRULD 'HQWUR GH HVD PLVPD SRUFLyQ FURQROyTtFH
 VO R HV  SHUWLQHQWH \  QRV L QW HU HV D SRU DKRU D XQ IHQyPHQR V HF W RU L DO   ( O GHV SO D] D 
PLHQWR JHRJUI~
LFR RFXUULGR FRQ HO VLVWHPD SHUXDQR GH SODQWDFLRQHV ( Q XQ FDSL
 O [ 

W XO R D FL W HU L RU  VHx DO iEDPRV  TXH GHV GH O D pSRF D F RO RQL DO  \  GXU DQW H W RGD O D SU L PH 
 PL W DG GHO  [L [ O RV  FDx DY HU DO HV  V H FRQF HQW U DU RQ HQW U H O RV  Y DO O HV  GH 6DQW D \  &呸
x HW H  HV  GHF L U  O DV  SU RY L QF L DV  O L W RU DO HV  GH O RV  DF W XDO HV  GHSDU W DPHQW RV  GH $QF DV K
\ /L PD  SU RY L QF L DV  TXH F RQV W L W X\ HQ O D O O DPDGD &RV W D &HQW U DO   (Q HV H W HU U L W RU L R
L DV  SO DQW DF L RQHV  D=XF DU HU DV  V H EHQHI L F L DU RQ W RPEL pD G呸 O D H[SHQJL yQ HF RQyPL F D GH
O RV  Dx RV    3HU R HO  F U HF L Pt HUUWR Y HU GDGHU DPHUUF H H[SO RV L Y R RF XU U L y PiV DO  QR(B 
FH HQ O RV  Y DO O HV  GH 7U XM L O O R \ /DU QED\ HTXH  3DU D DSU HF L DU  HV W H F呸QEL R DQDO L ] D
U HPRV  O D GL V W U L EXF L yQ SRU  U HJL RQHV  GHO  QZQHU F  GH FDx DY HU DO HV  \  V X Y RO XPHQ GH H呸
SRU W DF L yQ  6HJI P -  $  *DU F L D   EDEL D HQ HO  3HU    QHM RU  GL F KR HQ V X F RV W D 
 FD 呸DY HU DO HV   GH O RV  F XDO HV     XEL F DGRV  HQ O RV  GHSDU W DPHQW RV  GH /DU QE  R
\ HTXH \  /D /L EHU W DG  (V  FL HU W R TXH PXF KRV  iH HV W RV  FDI L DY HU DO HV  QR HU DQ SO 呸W D 
Ft  RQHV  V L QR PX\  SHTXHx DV  XQL GDXHV  GH SU RGā  F F L yQ  /DV  SU RSL DV  FRPXQL GDGHV  L QGL  
THQDV  V HPEU DEDQ HQW RQF HV  W HU U HQRV  GH F Dx DV   ( L   /DPED\HTXH H[L V W L DQ  GH HV W RV 
 FRPXQL GDGHV  GH &KL F O D\R  3L F V L   0RQV HI
G  5HT~H  (W HQ \ 6Dx D  ā \ HQ 7U XM L O O R QR
 QHQHV  GH  F RPXQL GDGHV  GH &KHSpQ  3XHEO R 1XHY R \  - HTXHW HSHTXH   )XHU D GH 
SHTXHL L RV  SU RSL HW DU L RV  HQ O D SU RY L QF L D GH /DU QED\ HTXH  2 V HD XQ W RW DO  GH  PL QL  
I XQGL RV  D] XF DU HU RV   3HU R HO   U HV W DU U W H HV W DED FRPSXHV W R SRU  JU DQGHV  SO DQW DF L B 
QHV  HOH DO W RV  U HQGL PL HQW RV   ' 
 PRGR TXH DXQTXH O D &RV W D &HQW U DO  QR F RQRF  D t HO 
PL  O L I XQGL R \  HV W F  PRGHO R V yO R HU D DSO L F DGR  
XHU D GHO  QRU W H  HQ O DV  SU RY L QF L DV 
VXUHx DV GH &DPDQi H ,VOD\ FRQ ƒFDx DYHUDOHV FKtFRV ` EDVWDED HVH   GH JUDQ
GHV  SO DQW DF L RQHV  U DGL F DGDV  HW  HO  QRU W H SDU D TXH O D EDO DQ] D V H L QF O L QDU W W HQ VR
U
DYRU / R F RPSU REDPRV  U  iFL , QHUUW H SRU  HO  Y RO XPHQ GHO  SU RGXF W R H[SRU W DGR  (O  QRª
W H U HW HQL D HO   
! GHO  W RW DO  QDF L RQF   PL HQW U DV  TXH HO  &HQW U R VyO R FRQW U L EXL D  
F RQ HO    


O[L

¸DGUR   [RUWDFLyQ $]LFDUHUF GHO 3HU~ 


 6HJy呸 SXHUWRV \ UHJLRQHV 

/
 /XJ
,,
HV FtH H[SR呸WDFLyUL >LORJUD
 O
!6 3RUFFQWDMHV

"DLW¢£  2 £


3LQHQWHO  R
(W HQ 
  
 呸 
3DF DV UQX \ R   ? 
,
+FWODEULJR  
OLQDQF KDFR 
   
6DXYHUU\   
*XDItDSH  

žƒ

6DQWD 
&KLPERWH  
6WOODQFRāā ā  R &HQWUR
6O!W  
 
+ O & K
   
&KDQFD\ R 
$QFyQ p2 
&HUUR $]XO  
3L V F R   6XU
OROOHQGR 
žāžž  


7 RWDOHV OO
  

 )QWQWH (VWHYHV  

¢ 4Xp IDFWRUHV GHWHUPLQDURQ FRQFUHWDPHQWH OD H[SDQVLyQ DJULFROD FRVWH


FW HQ OD VHJLQGD PLWDG GWO [L[" ¢TLp UHFXUVRV IXHURQ PRYLOL]DGRV SRU O D LQGXV 
WUtF D]YF DUHUD SDUD VDOLU GHO HVWDQF DPtHQWR GHO SHUtRGR "呸 +D\ TXH FR
VLGHUDU SULPHUR ODV WHQGHQFLDV GH OD HFRQRPLD PQGLDOā\ VREUH WRGR GH ORV PHU
DGR呸 LQWHUQDFLRQDOHV 呸(  SURGXFWRV DJULFRODV / D tQGXVWU D
,L]DFLQDVRFLDG
t

呸O FUHFLPLHQWR XUEDQR KDELD JHQHUDGR QXHYDV \ PD\RUHV FDSDFLGDGHV Gp FRQVXPR
HQ ODV SREODFLRQHV HXURSHDV SRU EDMR TXH IXHUD HO VDODULR REUHUR O?O
-8QRV SUB
GXFWRV D]~FDUGVXyV HO FDIp \ HO Wp  KDELDQ GHMDGR GH VHU SULYLOHJLRV GH
V FODVHV PiV ULFDV SHUD FRQYHUW UVH HQ KiELWRV SY XODUFV
t
(Q HO FDVR
GHO  D] F DU  R呸呸L DQ V L Q HPEDU JR F RQGL F L RQHV  F RQW U DGL F W R呸L DV  
(QWUH  OD SURGXFFLyQ \ FRQVXPR PXQGDOHV GH D]~FDU PEV TXH GXSOLFy VXV
FLI
UDV 3HUR HVH FUHFGXtHUUWR IDYRUHFLy PXFKR PiV D ORV SURGXFWRUHV GH EHWHUUD
J
TXH  ORV GH FDxD / D SURGXFF yQ GH EHWHUUDJD DXPHQWy HVH SHULRGR HQ XQ 
t

 HO D]~FDU GH 呸DxD OR KL]R VRODPHQWH HQ XQ  'H WDO PRGR TX呸 HU 
O[LL

/D F呸D SURSRUF RQDED / 3y (āO D]FDU PXLOLW- 


t 呸FL呸 呸呸

!呸呸呸R FRQFXUU D FRD t

L 呸

R呸F* / B 呸 )U 呸 FL WāULDO H LB呸呸B 呸呸t WROFGDV 


BH B呸 3
LL6/ O O呸

$
R
?]F‡ ā 3 ā?]WF " U GH
Ba IRW]/ 


B£

呸 $]~FDU
FFD
HWHU呸Dāā 呸O &L
呸

OIW-  ā¢R H呸 O
UBKāāā -  &F ā-

  Oāā ¼
 ā呸Ë  呸!O% 

 - 
 呸呸  -  
- ‡
Lp

 - 4   O
呸-  呸
6ā
B
  
O E
  `   ! 呸ā` H
O
    


ā 呸 O

 O
ā& 8呸 - 6

& RPR YHUHQRV


WtPR WFUF R GHO VLF/ R UL呸
 >ā H UQF GH OL呸 DLLB O 呸 LQ FULVLV D]XFDUHUD T- 呸H
t

)QWUHWDWR D PHF D t

GRV GW呸O [L<  HULWLD DXQ O H[ULD呸L


!Q GH DFXHO,
V VLVFHPDV L] R/ DQWDFLyQ TXH B† 

DDU DO UHVUHFWR FLI\ H[DFWHU -  呸



 OHW
 ! VHRUH WRR SLO

 ORV SULPHURV DQRV


*O8 1RV āFO‡L
HPR R  IW‡ 呸H /DV )XHUWHV iL
呸BO BXDV

3D] ÂVLWU
UD V¢¢B LF呸L LLU呸 L
UD

  "D
O DU L 呸QW呸\ 
RG ORV
HO
SFU 

t  ( VWHYHV

  KRUHOR @) -  \ £



ƒ

 O  SDUi āO7 I

6呸I
呸HUWDFL- Q *( L]~FU ā - KpF呸D
3IO
呸 
(BpB2B O呸呸呸QWYO
 

 

L
O O
KāWLV L H*   ‡  O/   
 

 


$]O& " 
  ?

  ¼  6/






U呸DQF FD
£ā O R = 
Hā- 


    - 

 £

O

^ I
H呸WHF `/ 3DF ROG呸Q  


O[LLL

&XDGUR   $]NDU ([SRUWDFLyQ 3HU~ D *UDQ %UHWDxD


   / LE DV HVWHUOLQDV 

$LtR $]yFDU
 
 
 
‡

 
āH  "  
 : " 
O 
 



‡

 
  
  
 

 呸
 


 


 
ā! 
   

KHQWH LJXDO FXDGUR  

&XDGUR   (PRUWDFLyQ GH $]FDUU 3HU& 呸

  
$ ,RV  7RQHODGDV    7RQHODGDV   7RQHODGDV 3URGXFF yQ
L
t

(O (FRQRPLVWD   (VWHYHV   'HHU    



£
  
  
  
   
  -   
   
   
   
   
  
‡
O[LY

1R WHQHPRV  OLQJ/WQ UH]yQ DQRUD SDUD SUHIHULU XQD GH HVDV FLIUDV HQ YH]
GH RWUDV \D TXH VXV DXURUHV QR UHYHODUHQ H FU U FHURL ODV )XHULWHV TXH FRQVXO
t t

WDEDQ 3DUD HOYDFLR  H[LVWHQ GRV LQIRUPDFL~QHV XQD GH YDORUHV \
RWUD GH YROIXQHQHV DPEDV -RU ,OXQW ORVYDORUFV  XQD YH] PDV  HQ SUHFLRV
  7 UDQVFULELPRV ORV YROUHQHV VLQ FRQLLDU GHPDVLHGF HQ ODV FVWDGIVWL 
FDV RILFLDOHV GH `¢D TXH WRGRV HSHQGHPRV £BO LJLLDL TXH +XUUW \ FRQ FDUJR GH XQD
DSUHFLDFLyU SRVWHULRU

&XDGUR   &[SRUWDFLyQ WRWDO GH 呸]W


LFDU
)DUW
L OH呸 呸HJQ +XQW O7QV 

$x R $]WFFU $x R $
&W& D- 
 

  UHVR 
H  呸 
+   
   
O  O$    O
H 
 O

  H

,,, /D )RUPDFL2Q GH &D3LWDOHV 4W呸$ V FXDOTXLHUD GH HVRV Fi/FX/RV VHD PHMRU呸
GR HQ HO ) XWXURM  SBHUR H WD
O FDVR SHQVDPRV TXH
VH FRQILUPDULD OD WHQGHQFLD JHFQHFDO TXH HOORV UHYHODQ (QWUH ODV  WRQHO呸
GDV GH D]~FDU TXH DSUR[LPDGDUQHQWH£URGLWFLD HO 3HUB& DQWHV GH HK \ ODV - O 2
WRQHODGDV "ULQVHQ  TXH SXGR H[SRUWDU HQ  PHGLD XQD GLVWDQFLD TXH QR IXH 
UHFRUULGD JUDGXDOPHQWH HQ HO FXUVR GH PHGLR VLJORVLQR VyOR HQ ODPLWDG R KDV
WD HQ OD WHUFHUD SDUWH GH HVH WLHPSR (VH FUHFtQtHQWR LPSOLFy QHFHāVDULDPHUWH
HQ HO FDVR 3HU呸 HVIXHU]RV DGLFLRQDOHV F[WUDRUGLQDUWRV H呸 WpUPLQRV GH FDSLWDO
WUDEDMR WHFQRORJLD \ HUSOHR GHO 呸$HOF
(Q FXDQWR D ORV FDSLWDLHU QR EDVWD FRQ PHQFLRQDU DO *WDQR FRPR IXHQWH
RULJLQDOVLQR PRVWUDU VXV FDQDWFV LH GLVWULEXFLyQ \ FRPSDUDUORV FRQ RWURV SRVL
EOHV (O SUOPHUR G呸 HVRV FDQDOHV IXH SDUDGyMLFDPHQWH OD VXSUHVLyQ GH OD HVFOD
YLWXG (Q OD UQHGLGD TXH FRPR KHPRV YLWR IXHURQ LQGHPQL]DGRV ORV SURSLHWD 
ULRV FRQ SDJRV DO FRQWDGR OD DEROLFLyQ SXHGH VHU HFRQyPLFDPHQWH GHILQLGD FRPR
XQ SURFHGLPLHāWR PHGLDQWH HO FXDO XQāFDSLWDO ILMR ORV HVFODYRV  IXH FRQYHUWLGR
HQ FDSLWDO FLUFXODQWH OD LQGFPLQL]DFLQ  SHUUQtW HQGR XQ GHVSOD]DPLHQWR GH ODV
t

LQYHUVLRQHV / RV HVFODYRV GHFD ,JQDFLR 1RYRD  ‡‡ KDQ GHVDSDUHFL- R FRQ
YHUWL GRV H FDSLWDO PHWiOLFR 8  VHJXQGD GHVYLDFLyQ GH ODV U TXH]DV GHO JXD t

QR KDFLD OD DJULFXOWXUD VH SURGXMR D WUDYpV GH OD &RQVROLGDFLyQ TXH HQ XQ 
VHJ Q &DVR EHQHILFLy D ORV KDFHQGDGRV /DWHUFHUD YLD GLUHFWD HVW$  HQ ODV SUI
PDV SRU LQPLJUDQWHV DFRUG呸GDV SRU HO (VWDGR SHUXDQR HQWUH  1R KHPRV KH
FKR HQ HVWD LQWHUSUHWDFLyQ VLQR VHJXLU OD DUJXPHQWDFLyQ GH &DVRV   DSOLF呸
GHOD DO FDVR GH ODV SODQWDFLRQ/V DY£FDUHUDV 'FFD &DVRV HQ / D 0LQHULD \ 
OD $JULFXOWXUD GHVGH HO SXQWR GH YLVWD GHO 3URJUHVR 
7[Y

 1XHVW
UFV XUDQGFV SURSLHWDULRV UXUDNFV R
KDFHQGDGRV VH KDQ TXHM DGR VL(t‡ UH GH QXHVWURV JR
ELHUQRV DUJX\HQGR TXH OD DXULD WXUD ‡ QH KD
UHFLELGR SURWFFFtyQ QtQTXUD GFO ( VWDGR £ D- D HV
V]Q HQEDUTR PHQRV FLHUWR & PGR HQ  
IFUR
O DEROLGDV ODV FRQWULEQFLRQHV GH LQGLJHQDV \
FDVWDV TXH  SURGFLQ DO (VWDGR‡ * 
SHVRV HV LQQHJDEOH TXH OD DJULFXOWXUD VH  HLHIL
Fty SRUTXH ORV SURSLHWDULRV DDUWFRODV HUDQ UHVS&‡
VDEOHV GH ORV WULEXWRV GH VXV FRORQRV &XDQGR HQ
 VH VDQFtRQy OD OH\ GHā -D GHXGD LQWHUQD FDQVR
/tGDG]‡‡‡ SRU  SHVRV HV LQQFDEOF TX
VH KL]R XQ JUDQGH VHUYLFR D OD DJULFXOWXU SRU
TXH GHVGH HQWRQFHV FRPHQ]y WDPELyQ HO GHVDUUROOR
DJULFROD GHO SDLV &XDQGR HQ  \ GHVSXpV HQ
 SDJy  HO (VWDGR  SHVRV SRU LQPLJUDQWH
GLR  £ FVRV D OD DJULFXOWXUD‡ &XDQGR HQ
 VH 呸EROLy OD HVFODYLWXG UDJy HO (VWDGR D
ORV SURSLHWDULRV  OH SHVRV

3RU FRQVLJXLHQWH HQ DSHQDV GLH] Dx RV   HO FRPHUF R H[WF t

ULRU D WUDYFV GHO VHFWRU S~EO FR WUDQVtLUL DO VHF[RU


 DJUtFROD SULYDGR
t

SDUWH GH ORV FDSLWDOHV TXH QFFHVLWDED SDUD VX GHVDUUROOR 1R FRQVLGHUD 
-DWRV pOTXW D ODV FRQWULEXFLRQHV LQGLJHQDV XHVWR TXH VX PRUUHH FDOFXODGR
FRQ FLHUWD H[DTHUDFLyQ HQ   GXUDQWH WUHtQWD DxRV LQIOX\y HQ OD
DJU L F XO W XU 呸 GH O D V L 呸U U D \  QR HQ 呸 F RV W D  6 XPDQGR ORV  GHPiV  UXEURV  FRGF 
PRV HVWLPDU HQ Ï ORV FDSLWDOHV HQUUHTDGRV SRU HO (VWDGR D ORV
D]XFDUHURV

O  &RQVROLGDFLyQ 呸422 


 D OD DJULFWOWXUD FRVWHSD ‡‡‡‡ 
 +O呸 3ULPD GH ,QPLJUD‡LyQ  
  $EROLFLyQ GH OD HVFODYLWXG ‡‡‡‡‡ 

7 RWDO GH 7 UXOOVIHUHQFLD   / 

/ DV  SDUWH GH HVD FDQWLGDG EHQHILFLDURQ D ORV FDxDYH/HURV 3HUR
QR WHUPLQDQ DTX ODV ILQDQFLDFLRQHV GLUHFWDV R LQGLUHFWDV
GHO VHFWRU S~ 
t

EOLFR H IDYRU GH OD JUDQ DJULFXOWXUD F[SRUWDGRUD &DVyV FLWDED WDPELOQ
SRU OR PHQRV HO  GH ORV  GH VROHV TXH VHJ P LO FRVWDURQ ORV
I HU U RF DU U L F V   (V  L QGXGDEO H &£XH HV DV  \  RW U V  REU DV  S呸EO L F DV  GH L QI U D呸V   
WUXFWXUD IDYRUHFLHURQ H, GHVDUUR,,R DJUFROD 1R ODV LQFOXLPRV VLQ HPEDU
JR HQ O RV  F 呸O F XO F V  DQW HU L R呸HV  SRU TXH QR I XHU RQ XQ F DSL W HO  D GL V SRV L F L yQ  
XF ORV SURSLRV DJULFXOWRUHV‡
XQD SDUWF SFUR ¢FXWLO"  GH OD XWLOOB
H FRU ORV FRQVLJQDWDULYV QDFL2QDOFV GHO JXDQR / RV SFUXD
QRV R VXV VRFLRV GLUHFWF \  SUHGRPLQDQWH QR PHQRV GH 
O[YL

GLH] GH ORV FRQWUDWRV GH FRULVFTQDF yQ FHOHEUDGRV HUUWUH 呸 (Q DOJ
t

QRV GH ORV RWURV HV SRVLEOH TXH FXYtHUDQ DOJ£QD SHUUtFtSDFtRQ UR VDEHUQRV 
FRPH HPS/ HDURQVDVJDQFQFDVU ¢& RU HUFQ" ¢QVWUYFLyQ XUEDQD" ¢0LQHUtD" 
    WLUD"
¢$ JULF ( U FXDWUR FDVRV 3DUGR %DUUHGD $OYDUH] &DOGHUyQ =DUDFRQ
‡
GHJYL  HVWDLDRV VHJXURV TXH ORV FRQVLTQDWDUtRV LQY
LUW HURQ t "D WH GH VXV EFQF
ILFLRV HQ H, D]~FDU \ HO DOJRGyQ 3HUR HVWH HV XQ W
FUUFQF WRGDYtD SRU H[
SORUDU / D QHMRU UHVSXHVWD SRFU D QHOODUVF HQ XQ HVWXGtF D QTXH V   SRL 
t

PXHVWUHR FH ORV LQYHQWDULRV GH - LHQFV GH ORV SU QFLSDMHV FRQVLJQDWDULRV Q
t

FtRQDM FV

,;   &


7呸āGLWR 3HUR WRULRV HVRV FDSLWDOHV Q EDVWDRDQ SDUD ILQDQFLDU ORV
$£LFROp
FDPE RV TXH H[LJD OD LQGXVWULD D]XFDUHUD
t / RV DJULFXOWRUHV UFFX
UULHRQ WLL'ELpQ DO FUpGtWR  WUY V GH FXDWUR PFGDILGDGHV SULQFLSDOHV FB 
ā PXWXR VLPS/ F O" O6  KDELOLWDFLRQHV / D FXHQWD FRPHUFLDO ā H  SUpVFDPR KLSRWFF呸
U R
t / DV WUHV SULPHUDV ) XHURQ FRQRF GDV GHVGH OD pSRFD FRORQLDO FRQVWLWX 
t

\HQGR MQDWR FRQ ODV &DMDV FH & RPXQLGDGHV ORV FHQVRV \ FQSH/ ODQGDV ODV SUOQ
FtSDM HV ) XHUUWHV GLQHUDULDV GH HVD WSRFD
+DVUD SUtQFtS RV GH, VLJOR [L[ H
O FUpGLWR QR HUD PX\ FDUR HQ HO 3FUi
t

/ DV RSRUW呸BiGHV HOH / QYHUVLyQ HUDQ OLPLWDGDV 


 HUDQ SRFRV WDUUWR ORV TXH R 
GLDQ VRO呸&LWDU XQ SUpVWDPR FRPR DTXHOORV TXH HVWDEDQ HQ VLOXDFLyQ GH RWRUJD(B
OR +DGD  HO LQWHUpV OHJDO H D VyOR GHO  &RQ OD JXHFUD GH OD LQGH
SHQGHQFLD HO G QHUR HQFDUHFLy \ HQ  HO JRELHUQR GHFUHWy TXH QR H[ V[tD
t t

HQ HO 3HU~ WDVD ILMD OHJDO GH LQWHUHVHV \ TXH HVWRV SXHGHQ SDFWDUVH VHJyX
OD YROXQWDD GH /RV FRQWUDWDQWHV (QWUH && VH OOHJy D SDJDU 
DQXDO SRU ORV SUpVWDPRV \ HVWp QLYHO 呸H PD呸WXYR KDVWD ORV SULPHUR DxRV GH
OD VLJXLHQWH GpFDGD / XHJR HO *XDQR XQD YH] P呸‡ DO SURGXFLU XQD JUDQ DEX(
GDQFLD GH QXPHUDULR DEDUDWy HO LQWHUpV (Q  QR VH SDJDED P呸V GHO 
/D WHQGHQFLD HUD D OD EDMD +DFLD  HO LQWHUpV OOHJy FRQ IUHFXHQFLD VyOR
DO ó  \  3HUR HQ JHQHUDO HQWUH HH LXHGy HVWDELOL]DGR HQ HO 
GHELGR O  PRQRSROLR LXH VREUH HO FUpGLWR HMHUF DQ XQRV FXDUUWRV SDUWLFXOD
t

UHV 6L QR KD EDMDGR PDV HO GLQHUR  GHFD 1tFR/iV 5RGULJR HQ  HV 3ž(
TXH DXQTXH KD\ PWO ‡GLQ&UR TXH DQWHV VXV PD\RUHV  DFDP]ODF LRQHV DU- HOODV TXH
FXEULHQGR ODV QHFHVG
GDGHV GH VXV SRVHHGRUHV GHMDQ XQ RREUDQWH SDUD ORV SUH 
WDPRV VH
D
ODQ HQ SRFDV PDQRV TXH OR HPSOHDQ FRQ YHQWDMD \ SRU VX QPHUR
FRPSDUDWLYDPHQWH UHGXFLGR SXHGHQ HRVWHQHU HO /QWHU V HQ XQ WLSR PDV SHUPDQHp

WH \ ILM R

1R HVWDPRV PX\ VHJXURV GH OR TXH RFXUUL GHVSXpV HQFUH OH
y $,
JXQRV DXWRUHV FRPR 0DUWLQHW DILUPDURQ TXH HO LQWHIHV KDELD VXELGR HQ 呸RV
OWLPRV DxRV KDVWD HO OHô 2WURV &RSHOOR 3HWUtFRQL O   - 呸 ‡ HFXF DQ SDUD t
‡
O[YLL

ODV KLSRWHFDV DO PLVPR  \D FLWDGR $XQTXH VL WHQHPRV HQ FXHQWD ODV ROOOX呸
ODV SHQDOHV \ OD GFSUHFLDFt yQ GH EL( HWH HVH  VXEt  U H
t KDVWD PX\ FHUFD 
GH OD FLIUD GH OUWLQHW
3RU OR GLFKR VXJHULPRV OD VLJXLHQWH FURQRORJD  7DVD /HJDO UFGXFLGH
GHO FR/RUUtDMH D ILQHV GHO [YLLL    $O]D RFDVLRQDGD SRU ODV JXHUUDV 
GH OD /QGFSHQGHQF
LD PRQWR GHVFRQRFLGR   (QWHU V XVXUDULR IRUPDOL]DGR  
p

D SDUWLU GH   £ %DMD GHO LQWHUpV RFDVLRQDGD SRU HO *XDQR  7HQGHQFLD
OD EDMD SHUR HVWDELOLGDG ILFWLFLD   HQWUH     1XHYD DO]D SRV
WHU/ RU D   'HUUWUR GH HVWH HVTXHPD HVWXGLDUHPRV OD RUJDQL]DFLyQ GH/ FU pGL
WR DJUFROD SHUXDQR D PHGLDGRV GHO [L [   OLPLWWPGRQRV SRU DKRUD D ODV KDELOLWD
FLHQHV \  ODV KLSRWHFDV
/D KDELOLWDFLRQHV SXHGHQ VHU GHILQLGDV FRPR WUDQVIHUHQFLDV SURYLVLR
QDOHV GH FDSLWDO GHVGH HO FRPHUFLR KDFLD OD DJULFXOWXUD &RQRFLGDV GHVGH HO
FRORQLDMH FRPSLWtHURQ SULPHUR \ VREUHYLYLHURQ GHVSXp V DOD JUDQ PRYLOL]DFLyQ
OLSRWHFDULD GH OD GpFDGD GHO    \ HQ  FRQVWLWXLD OD WHUFHUD IXHQWH GH
FUpGLWR RDUD ORV D]XFDUHURV TXLHQHV SRU HVWH FRQFHSWR GHELDQ VyOR DO H[WUDQ
MHUR 呸   VROHV /D KDELOLWDFLyQ HUD D YHFHV FRQVLGHUDGD SRU ORV MX 
ULVWDV SHUXD呸RV FRPR XQD SURPHVD GH YHQWD GHO SURGXFWR DJULFROD FRQ DQWLFLSR
GH VX YDORU PtQLPR SRU HO DFUHHGRU 2 WDPELpQ FRPR XQ FRQWUDWR PL[WR GH SUp呸
WDPR \ FRPLVLyQ 3HUR VDOLD LQFOXLU JDUDQWLDV GH SUHQGD \ KDVWD GH KLSRWHFD
R SUHIHUHQFLD GH FREUR <  QR HUD UDUD D SURKLELGD FDSLWDOL]DFLyQ GH LQWHUH
VHV (O KDELOLWDGRU FRQFHGLD XQ DGHODQWR KDVWD SRU HDV  GHO YDORU HQ SO呸
]D GHO D]~FDU \ HVSHFXODED VX EHQHx tFtR FRQ OD GLIHUHQFLD HQWUH HVWH SULPHU
SUHFLR \ HO GH OD YHQWD IXWXUD $VXPtD SRU FRQVLJXLHQWH ORV ULHVJRV HYHQWXD
OHV GH-  PHUFDGR PXQGLDO 3HUR D HVWH UHVSHFWR ORV FRPHUFLDQW( V HVWDEDQ PHM R呸
SURYtVWRV TXH ORV KDFHQGDGRV D TXLHQHV KDELOLWDEDQ (O DOWR FRPHUFLR GH HV
WD FDSLWDO GHFLD &DVÏV HQ   HV HOyQLFR TXH SXHGH KDFHU XVR GLDULR GH OD
FRPXQLFDFLyQ WHOHJUWLILFD FRQ (XURSD  (OUHVXOWDGR ILLODO HUD FDVL VLHPSUH
GHVIDYRUDEOH D ORV DJULFXOWRUHV
3O ODGR GH ODV KDELOLWDFLRQHV KHFKDV SRU ORV FRPHUFLDQWHV GHEHPRV FR
VLGHUDU DTXHOODV RWUDV HIHFWXDGDV SRU DOJXQRV JUDQGHV S/DQWDGRUHV HQ IDYRU GRF
SURGXFWRUHV PHQRV LPSRUWDQWHV 8QDV YHFHV
SDUD FRPHUF
t DU HO F]FDU 2WUDV 
SDUD PROHU OD FDxD 'H OR
WLPR WHQHPRV QRWLFLD HQ 7UXMLOOR GRQGH KDEL¢B SRU
OR PHQRV FLQFR PHGLDQDV SODQWDFLRQHV TXH FDUHFLDQ GH LQJHQLR SURSLR 3RGHPRV
&OLILFDU HVDV KDELOLWDFLRQHV FRPR ORV SULPHURV HQVD\RV LUDFDVDGRV SDUD LQV
WDODU HQ HO 3HU~ HO VLVWHPD GH ODV 8VLQDV R /QTHUUtRV FHQWUDOHV
9 LQLHVH GHO FRPHUFLDQWH R Gp XQ DJULFXOWRU 呸 KDELOLWDFLyQ HUD WDQ WH
PLGD SRU ORV DJULFXOWRUHV SHUR LJXDOPHQWH WDQ QHFHVDULD \ VROLFLWDGD呸 FR
O[YLLL

PR ODV KLSRWHFDV 6H GHFID ā TXH HO KDELOLWDGRU QR VyOR VH FRQVDJUDED D SUiR
W L F DV  XV XU DU L DV  V L QR TXH SHU V HJ~L D DGHPiV  DSU RSL DU V H GH O D W L HU U D GH V X GF X  
GRU 8Q FDVR FRQFUHWR QRV H[SOLFDUi HVWH V VWHPD (Q  / ) 3LQLOORV \
t

: 5RVHOO FRQVWLWX\HURQ XQD VRFLHGDG DJUFROD SDUD HODERUDU D]~FDU SDUHFLGD
呸ODTXH HQ  KDELDQ ILUPDGR =DUDFRQGHJXL \ $VS^ OODJD SDUD &D\DOWL 1R 
OHV DOFDU]y HO FDSLWDO \ WXYLHURQ FRPR KDELOLWDGRUHV D &KiYH] $FKDUiQ \ / DU
FR (Q XQ PRPHQWR GH FULVLV HO IXQGR %DDiQ WXYR TLH DRHSWDU XQ FRQWUDWR 
GH KDELOLWDFLyQ OHRQLQR SRU SDUWH GH &KiYH] &K呸YH] GDED HV FLHUWR   L
FUDV HVWHUOLQDV LQLFLDOHV \ DGHPiV  OLEUDV HVWHUOLQDV SRU TXLQFHQD SDUD
ODV RSHUDFtRQHV GLDULDV GHO FDxDYHUDO 3HUR HQ FRPSHQVDFLyQ UHFLED WRGD HO
D]FDU JDUDQWL]DED VX FUpGLWR FRQ PD KLSRWHFD \ H[LJD  PHQVXDO GH LQWHF 
UpV IXHUD GH  GH FRPLVLyQ VREUH HO SURGXFWR KUXWR /D KDELOLWDFLyQ IXQFLR
QDED HQ HV W H F DV R F RPR XQ P呸W RGR GH HQGHXGDPL HQW R SU R呸7HV L Y R F X\ R , L Q RF XO W R
HUD REWHQHU OD SURSLHGDG GH OD WLHUUD PiV TXH HO FRQWURO FRPHUFLDO GH VXV 
SURGXFWRV (VWD YDULDQWH GHXGDDSURSLDFLyQ  QR FDUDFWHUL]y  ODV KDELOLWD
FLRQFV DQWHULRUHV D  <  DXQTXH DSDUHFLy GXUDQWH HO SHULRGR TXH HVWXGLD 
PRV GHVFRQRFHPRV FXDO IXH VX H[WHQVLyQ 5HVXOWD DVLPLVPR GLILFLOGLVWLQJXLU
OD KDELOLWDFLyQ HQ JHQHUDO GH DOJXQRV FUpGLWRV FRPHUFLDOHV
&RQVLGHUDGRV HQ JORER WRGRV HVWRV WLSRV PXWXR KDELOLWDFLyQ SUpVWD
PR FRPHUFLDO VLPSOH  ILQDQFLDURQ DSUR[LPDGDPHQWH VHJ P *DUODQG   HO 呸
GH ODV QHFHVLGDGHV GH FUpGLWR GH ODV SODQWDFLRQHV "HUXDDDV GXUDQWH ODV GpFD 
GDV 

;  EO &UOGLWR (Q FXDQWR DO FUpGLWR KLSRWHFDULR VX SHULRGR GH DXJH SXHGH
+L SRW HF DU L R 
VHU ILMDGR HUUWUH  HQ FRLQFLGHQFLD FRQ  ERRP HF
QyPL F R JHQHU DO  GH HV RV  Dx RV   (Q O D PHPRU L D DF E    DO  G/ O DV  I DPL O L DV  F U L RO O DV 
GHO 3HUy TXH UHFXHUGDQ PWOV GH OR TXH SL8
HF \ GLFHQ  OD KLSRWHFD HV XQD HYR
FDFt yQ DPE JXD
t $OJXQD YH] TXLVLHUD HVFUtEWU XQD KLVWRULD GH -DV SHTXHxHFFV
SROWLFDV GHO 3FUy SDUD PRVWUDU FRPR JUDQGHV GHFLVLRQHV SyEOLFDV SURIXQGDV
ULYDOLGDGHV GH FDXGLOORV \ KDVWD JXHUUDV FLYLOHV WXYLHURQ VX RULJHQ HQ ODž 
- LD KLSRWHFDULD GH OD VHJXQGD PLWDG GHO [L[B TXH GHUUXPEy \ OHYDQWy IRUWXQDV 
GH OD QRFKH D OD PDxDQD $ SHVDU GH HVWD LPSRUWDQFLD QR WHQHPRV DXQ XQD KLV
WRULD GH OD KLSRWHFD  HQ HO 3HU &DVL WRGR OR TXH VDEHPRV VH HQWUHVDFD GHO
PDJQLILFR HVWXGLR JHQHUDO GH &DPSUXEL   VREUH ORV EDQFRV HQ HO 3FUy TXH
WDQWRV XVDQ VLQ FLWDU R FLWDQGR D PHGLDV TXH HV SHRU (Q ODV SUy[LPDV SiJL 
QDV QRV YDOGUFPRV FLF &DPSUXE
L FRPSOHWDQGR VX LQIRUUUDFLyQ FRQ ORV WUDEDMRV GH
*DUFD &DOGHUyQ   $ ULDV   &DUORV "D] 6RODWLQ   \ 03 2ODH
FKHD   FRWHMDGRV FRQ ODV PHPRULV GH ORV GLIHUHQWHV EDQFRV KLSRWHFDULRV
O[L[

TXH IXQFLRQDURQ HQ HO 3HUy ?


R < W26  RFXSDUHPRV GH OD WRWDOLGDG GH/  UpLPHQ
EDQFDUtR SHUXDQR VL ELHQ VX SFUtRGt( tFDFLyQ SURSXHVWD SRU &DPSUXEË FRQ
YtRQ HQ OR SULQFLSDO D ODV LQVWLWXFtRQFV KLSRWHFDULDV   / LEHUWDG SULYD
GD DXVHQFLD GH +RUPDV S~EOLFDV \ RUJLD GHO FUpGLWR "   呸 G]
ILQDQFLHUD H /UUWHUYHQF yQ ILVFDO 
t

$XQTXH FRQRFLGDV ODV KLSRWHFDV QR WXYLHURQ JUDQ &HDUUROOR 呸Q  
呸SRFD FR/ RUULD
O SRU PiV TXH GH呸y   XER UHJLVWUR KLSRWHFDULR FRQ HO "LQ
GH DPSOLDU \  JDUDQWL]DU HV RV  SUpVWDPRV /RV  SULPHURV EDQF R呸 S呸U XDQYV  D" D 
UHFLGRV HUUWUH  / D 3URYLGHQLD %DQFR GHO 3HU~ %DQFR GH /RQGUHV
\ 0 MLFR  QR RWRUJDURQ KLSRWHFDV 6H GLULJLDQ SULQFLSDOPHQWH DO VHFWRU FB
PFUFLDO \  VXV Y"HUDFLRQHV SULQFLSDOHV HUDQ ODV GH G呸SyVLWR GHVF呸HQWR FUI
GLWDV D FRU呸R "O¢]R \  HPLVLyQ GH ELOOHWHV ( O LQWHUOV FREUDGR SRU HVWRV
EDQFRV FUD GHPDVLDGR DOWR SDUD ORV DJULF LOWRUHV   PHQVXDO HQ SUWVWFRV D
FRUUR SOD]R  PFVHV  \   SRU 呸X/ Pi[LPR GH FLQFR DttRV Q( O DJULFXOWRU
GFF F *DUFL] &DOGHUyQ HQ £
t  TXH UHFLEH XQD FRVHFKD FDGD DILR TXH  & & V L

W D DOJ&WQ WLHPSR SDUD YHQ呸FUOD \  TX呸 呸R VDFD GH VX IXQGRVLQR HO LQWHUpV GH
  H W QR SXHGH FHOHEUDU HVRV FRQWUDWRV SRUTXH QR VH UXHGH SDJDU WDUUWR LQ

6L ELHQ FRUQR QRV UHFXHUGD &DPSUXEË VH KDEIDQ SUHVWDGR SUR\HFWRV
GHVGH  SDUD FUHDU LQVWLWXF LFQHV KLSRWHFDULDV HO SULPHU %DQFR HVSHFLDB
PHQWH GHGLFDGR D HVH HIHFWR Vy/ R DSDUHF t y HQ * / RV IDFWRUHV TXH LQ
IOX\HURQ H
 SULPHU WpUPtQR LDUD ) XQGDF yQ IXHURQ VLQ GXGD HO FUHFtPtHQWR
t

JHQHUDO GH OD HFRQRUQD \  ODV SUHVLR呸HV GH ORV DJULFX£


WRUHV SHUR WDPEL呸Q 
KD\ TXH FRQWDU HO HIHFWR GH GHPRVWUDFLyQ SURYRFDGR SRU &KLOH W呸UPLQR GH
HQQU/DF yQ SDUD ORV FULROORV FRVWHxRV GHO 3HU
t (O %DQFR GH & U
GLWR +LSRW呸
FDULR DXWRUL]DGR SRU OD GtFWDGXUD GH 0, 3UDGR   VH EDVy HQ ORV SUH
FHGHQWHV QR
PDWLYRV GH ORV EDQFRV KLSRWHFDULRV GH 3UXVLD 3RORQLD ) UDQ 
FLD \ &KLOH \ VLUYLy GH PRGHOR SDUD DOJXQRV GH $ UJpQWLQD %ROLYLD \ (FX
GRU (Q HO 3HU~ VH GHVYLy FRPR YHUHPRV GH ORV SUHFHSWRV DFHSWDGRV HQ
F/  VLVWHPD EDQFDU R PXQGLDO
t

'HVGH HO SULPHU PRPHQWR ORV EDQFRV KLSRWHFDULRV FRQTXLVWDURQ XQD  


FLOFO呸HQWHOD (O SULPHUR G¼ HOORV HO %DQFR 7HUULWRFLDO LLSRWHFDULR 

VyOR VXVFULELy WRWDOPHQWH VX FDSLWDO GH  GH SHVRV VLQR TXH UXYR
TXH DPSOLDUOR HQ W P呸V &XDWUR DILRV P呸V WDUGR HO %DQFR 7HUULWR
ULDO +LSRWHFDULR   SRGLD YHQGHU VXV DFFLRQHV FRQ XQ  GH SUHPLR
3HUR HO UpJLPHQ KLSRWRFDUtR
QL HVWXYR V呸MFWR D XQD FRQYHQLHQWH YLJLB
/DQFLD ILVFDO & RPR WRGRV ORV GHPiV EDQFRV SFUXDQRV  HQ WRWDO HQ DSF 
O[[

UDV  Dx RV V‡ GLFWDEDQ HQ O  ,UiFWLFD VXV SURS/DV QRUPDV DQSDUDGRV SRU 
GHELOLGDG GHO (VWGR \ OD FUHGXOLGDG HVSHFXODGRUD GU 呸ā   V F/tHUUWHV +VWD

ORV PiV HVF~SWtFRV ‡UHDQ HQ H  FUpāLWR RDLFDU R XQD VYDFLQ FRUUWUD OD XLL
t

UD \ HO PRQRSROLR TXH VREUH HO UQHUFDGR GH SU VWDPRV HMHUFLDQ XQRV SRFRV ¢DU
p

WLFX/DUHV呸 &
p OLWR GHF呸i - RVW +DUWQ GH &DUGHQDV   HV KR\ HQ OD 

 HVI
HUD HURQyPtFD 呸 TXH H YDSRU FRPR )XHU]D PFWU ] HQ D U呸FQLD XQ SR
t

GHU /QFRQPHVXUDEOF TXH WRGR OR PXHYH‡ +DEOR GH OD GHPRFUDWL]DFLyQ GHO &U呸
FWLW R  (Q HO   "HU ~  SDL V  GHPRF U 呸W L F R  D GL I HU HQF L D GH RW U RV  HV W DGRV  & 2QGH O H  
DU VWRFUDFtD HV XQD LQVWLWXFtyQ HQ HO 3HU~ FRVD UDUD HO FUpGLWR FVW DULV
t i

WRFUDWL]DGR ‡ ‡  ‡  8UDV FXDQWDV FDVDV GH FRPHUFLR VRQ ODV TXH KR\ DEDUFDQ 
ORV EHQHILFLRV GHO FUpGLWR HQWUH QRVRWURV GDQGR OD OH\ D WRGD /  VRFLHGDG
+DELD OOHJDGR OD KRUD GH VXSULPLU HVWRV JULYLOHJLRV \ GH SRQHU DO DOFD呸FH GH
WRGRV ULFRV \ SRRUHV OD RSRUWXUULGDG GH HQGHXGDUVH 8L QXHYR FRQFHSWR HO
WLHPSR HFRQyPtFR YHQLD D UHPRYHU HO FRUFHSWR FUDGtFtRQDO EDVDGR HQ XQD HV
WUHFKD UHODFQ HQWUH SDVDGR \ SUHVHQWH ā DKRUUR \H HtHFWXDFR DVWRV LPQH
GLDWRV  TXH OLPLWDED FXDTXLHU XVR R SURUHFFLQ KDFLD HB IXWXUR $KRUD HQ
FDQEtR HO IXWXUR XQ ,XWXUR /QFO XVR DOHDWRULR VH FRQYHUW D HQ HO IDFWRU GR t

PLQDUUUF /D JHQHUDOL]DFBy  HO FUpGLWR VXSRUUtD XQD QXHYD SV FR/RTtD \ XQ 
Q G t

QXHYR FRPSRUWDPtFQUR GHQWUR HH ORV FXDOHV HO XWXUR D


 DXWRUHDOL]DUVH
VH WWDGHODQWDRD \ RSHUDED HQ HO SUHVHQWH 7RGR 呸
L PDLDXD
(VWD GLVORFDFLyQ /GHR/yTLFD \ PFQWDO  TXH HUD (LHFWF \ IO OD YH] DYVD
DH XQD LLVJUHJDFMBQ PiV DPSOLD GH OD VRFLHGDG SFUXDQD DWL-D H[SOLFD OD 呸
W U HPD WROHUDQFLD GH ORV SRGHUHV S~EOLFRV SHU XDQRV  U呸Q呸H DO U pJL PHQ EDQF DU L R 
RXtHQHV GHIHQGLHURQ HO GHUHFKR VXSHULRU GHO (VWDGR SDUD FRQWURODU ORV %DQFRV
6DOFHGR *呸OYF] 1RYRD (OJXFUD  IXHURQ GHUURWDGRV SRU ORV LGHyORJRV GH OD
OLRHUWDG SUtYDGD 3DUGR &KDFDOWDQD *DUFD &DOGHUyQ  $OJYQRV FRPR 3DUGR
UHFWLILFDURQ VX SULPHU HQWXVLDVPR RWURV QR IXHURQ VLQR GPDJRJRV &KpFDOWD
QD  R VLPSOHV DERJDGRV TXH SXVLHURQ VX JUDQ LQWHOLJHQFLD DO VHUYLFLR FH ORV
EDQTXHURVFRPR *DUFLD &DOGHUyQ 3UHVLGHQWH9 呸FK\ GHO "HU~ EDMR HO WULXQIR 
FKLOHQR TXH KDED SUHSDUDGR VLQ TXHUHUOR )XF DO LJXDO TXH PXFKRV RWURV
PHQRV FDSDFHV TXH  DQR HOH ORV UHVSRQVDEOHV GH HVH FDRV FFRQyQtFR TXH QRV
FRQGXMR G
tUHFWD \ IDWDOUHQWF ££  $O ILQDO VyOR IXH JREHUQDQWH GH P 呸DOB
QHpOULRYLYL ¢Q HO GHVWLHUUR \  OH TXG FRPR FRQVXHOR Oi SRUW££G呸 GH PiUPRO
TXH HQ  KL]R FRQVWUDLU SDUD VX FDVD GH OD FDOOH $PDUTXUD
/RV  EDQFRV KLSRWFFDULFV YtR/DURQ HQ SU L PHU  WWL

LLDR VX SURSLD GHI
UULFLyQ LQVWLWXFtRQDO 6H OHV FRQVLGHUDED FRPR LQWpUPHGLDULRV HUUW]H ORV FDSO
 O [[L  

WDOLVWDV \ ORV URSLHWDULRV 3RLFRQVLJXLHQWH QR GHEIDQ SHUFLELU RWUD YW


OLGDG FRPR ELHQ GLMR &DUORV 3D] 6ROGIX TXH ODGLIHUHQFLD HQWUH 3O  LQWHUpV
TXH HO %DQFH SDJDED DO FDSLWDOLVWD WHQHGRU GH XQD FpGXOD \ HO LQWHUpV WRWDO
TXH HQ  DQXDOLGDG SDJDED SHU/ FOLFDPHQWH HO SURSLHWDULR GHXGRU 6X IXQ
FLyQ HUD " HV

OD GH VLPS/HV JUDQWHV  ILDGRUHV (Q  UHDO GDR
t 3 2 

FXPSOLHURQ VXV GHRHUHV QL SDUD FRQ ORV WHQHGRUHV GH FpGXODV QL SDU
! FRQ /RH
DJU L F  呸 W RU HV  TXH KLSRWHFDEDQ SURSLHGDGHV 9 LROHO
WpOGR 呸 GRFWULQD  Ŷ

6
6

TXLVLHURQ GHILQLU OD KLSRWHFD FRPR XQ PXWXR GtUHFWDPHUUW RWRUFDGR SRU OOH呸
DO GHXGRU FUHDQGR D6L GRV VLVWHPDV SDUDOHORV H /QFRPXQt FDGRV HO XQR SD
D
UHFLELU ORV FW呸SLWDOHV TXH /XHSR SUHVWDEDQ HO RWUR SDUD FREUDU ORV SU VWD  p

PRV (VW¼ GRE/ ª MXHJR HUDFYLGHUUWH HQ ODV DPRUWL]DFLRQHV DQWLFLSDGDV VREUH
ODV TXH QD呸D KDELD GLFKR HO GHFUHWR GHO  G( HQHUR GH  TXH DLWRUL] O 
EDQFD KtSRWHFDUtD HQ HO 3HU (VWH YDFUR IYH PDxRVDPHQWH FXELHUWR SRU ORV 
(VWDWXWRV GUO SULPH
 %DQFR +LSRWHFDULR DUWtFXOR  \ QWDEODV DQF[DV  TXH
IXHURQ DSUREDGRV SRU HO JRELHUQR DJRVWR   VLQ DGYHUWLU /D WFUJLYFUV呸 
F yQ
t /HVDOPHO
LWH HVRV HVWDWXWRV 呸 HQ FRQVHFXFQFtV ODV IHPRVDV WDEODV THGO
URQ HQ VXVSHQVR SXFVUR TXH SRU OH\ F/  (VWDGR VyOR FHMy YLJPWH HQ  HO G呸
FUHWR GH HQHUR GH  VLQ QFG呸 GHFLGLU VRRUF HO OH BURVWR GH  / ]V

DEODV VLQ HPEDUTR VH FRUUW QXDURQ DSOLFDQGR
t 1LQJ~ RWUR EDQFR KLSRWHFDU,R
G呸 $PpULF $ UJFQWLUD &KLOH  DGRSWy SRU HUUWRQFHV 呸V呸 SURFHGLPLHQWR āVDO呸R 
HO GH *X\DTXLO TXH ORV UHFW U Fy PX\ SURQWR ([£OLTXHPRV (O GHXGRU VyOR
t t

GWED S¢LB£XU VFRQ OH\ XQ ,QWHUHV GHO  VREUH HO FDSLWDO SUHVWDGR PFG DQWF t

XQD DQXD/ tGDG 呸F  TXH VXPDED HVH LQWHāOV \ OR UHV£FWLYD DPRUWL]D 
FtyQ / DV WDEODV HQ FHPELR OH H[LJLD XQ LQWHUpV TXH YDULDED HQWUH 呸 

 $O FDQFHODU VX UpVWDLR HO GHXGRU KDELD SDTDGR L GHPpV
2WU 
HQWH GLVFXWLEOH GH JDQDQFLDV SDUD ORV EDQFRV )XHURU VXV
UQDQLSXODFLRQFV FRQ ODV FpGXODV +XER VRVSHFKDV GH TXH UDOL]DURQ VRUWHRV
IUDXGXOHQWRV \ FVW SUREDGR TXH SXV FURQ QXHYDPHQWH HQ FLUFXODFLyQ FpGXODV 
i t

\ DPRUW ]DGDV


t

3RU 呸OWLPR DO LJXDO TXH WRGR pO VLVWHPD ED呸FDULR GH HVRV DILRV ODV 
LQVWLOXFLRQHV KLSRWHFDULDV VH EHQHILFLDURQ FRQ H, ELOOHWH EDQFDULR \ ILVFDU
(O ELOOHWH R VXV HTXLYDOHQWH呸 KELDQ 呸[LVWLGR DQWHV GH TXH 呸DUFFLFURQ ORV 
EDQFRV HQ  &DPSUXEL QRV UHFXHUGD DOJYQRV GH VXV DQWHFHGHQWHV   9 
OHV F RPFUFLDOHV PDQXVFULWRV R HQ WDORQDULRV LPSUHVRV  OO  %LOOHWHV GH ORV
&RQVLJQDWDULRV $ OVRS *LEEV 7&7OSOHUW
 5RZH =DUDFRQGHXL‡‡  3RGUD 
,O26  DLaDGLU FRQ FLHUWDV SUHFDXFLRQHV \ FRPR RWUR HMHPS/R G PRQHGD ILGXFLD
ULD GH IDFWR D ODV ILFKDV FPLWMGDV SRU DOJXQRV JUGHV WHUUDWHQtFQWFV 
RU
O R  QHQDV  FXDQGR VZD\QH HQ ,FD \ / LPD  FLUFXODURQ IXHUD GH VXV KDFL(QDV \
UHFQS/D]DURQ RDUFLDOPHQWH DO PHWiOLFR HU DJXQDV FLXGGFV 3HUR VyOR I
XH HQ
OD VFTXQGD ‡RLWDG GHO V呸£
OR [t[ TXH HO E O/HWR GRPLQy OD FFRQRPID iHO 3FUi
t &
- 
O[[呸L

UQR QW?呸 OR KDE D KHFKR O  PRQHGD IFWOH EROLYLDUD


t (O *RELH]QR SFUXDQR Gty
IDFL/PFUUWF D ORV EDQFRV SULYDGRV HO SHUPLVR GH ‡L- LOOHWHV FRQYHUWLEOHV 呸
VXEUV
呸GRVF HQ VX SURS R GHUFFKR FUULQFQWH VRE  p 
t L RQH&D XDFtRQDW 1HGLH
VDELD PX\ LFQ SRU FLHUWR HQ TXH FRQVLVW D HO %LOOHWH t &DVL WRGRV OR FRQVL
GHUDEDQ XQ /QVWUXPFLUWR SULYDGR GH FUpGLWR VLQ DGYFUW,U SRU PDOLFLD R LJQU呸
FLD VUV )XQFLRUUHV PRQHWDU DV t (Q LO &RQJUHVF GH  3HU~ XQR GH呸 ORV PiV L OX
QWH LLSXWDGRV OOHJy D GHF U VLQ PDOD IH TXH HO %t/OFWW QR HUD VLQR XQ Y
t


O R 呸"LO
&  /~ MRUWDGRU <  HVWH KRPEUF HUD Y DH ORV PiV GHFLGLGRV SUFLGD
ULRV GH OD YLLODQFLD HVWDWDO VFEUH ORV EDQFRV \ RIUHFtD HVWD GFILQLF yQ FR t

PR (OPHMRU PRGR GH JDUDQWL]



 ORV GHUHFKRV GHO S~E/LFR IUF!WH D ORV FPtVFHV
/RV EDQFRV VRVWHQtDQ SRU VX ODGR TXH HO RLOOFW( HUD XQD UHODFLyQ DEVROXWFQHQ
WF SULUDFD HQ O  TXH QDGD WHUGD TXH KDFHU HO (VWDGR ( LQYRFDEDQ HO UWLFāWOR
 GH /D &RQVWWXFLyQ GHO 3HU~ TXH GHFODUDED OLEUH HO HMHUFLFLR GH WRGD QGLU t

WULD RLFLR U SURIHVLyQ 7R- DY HQ  FXDQGR HO %LOOHWH HVWDED \D GHO
W RGR &F V -&
呸呸L W DDR  SRGL D GHF L U  XQR GH HVRV EDQFRV
ž ¢48& GHUHFKR KD\ SDUD REOLJDUQRV D UHWLUDU QXHV
WURV 'LOOHWHV" 1R WHUHPRV  QJXQD UHODF yU FRQ  t

HO *RELHUQR 1LQT~Q FRQWUDWR QRV OLJD FRQ pO UL


QRH VRPHWH HQ HVWH RUGHQ D VX DXWRULGDG \ RU
FRQ L LHQWH QDGD W HXH TXH YHU FRQ QXHVWURV QH
t

FtRV TXH VRQ HQWHUDPHQWH SULYDGRV TXH GHVFDUDDQ 


HL OD IH TXH QRV RWRUJD HO S~EOLFR \ TXH QR H ž
QHQ D OD PRUDO 呸 /D VDO£ G +L L OD VHTXU GDG SyEOLB
t

F D 
+XER DOJXQRV TXH GHQXQFLDURQ ORV SHOLJURV GHO 呸LOOHWF EDQFDULR URO呸B
W FDQGF OR TXH GHVSXpV RFXUU/y \ KDFLHQGR YHU OD H PH L呸BI
OW
HQFLD SROtWLFD \
t

FFRQyPtFD O8& L WUDYpV VX\R REWHQLD HO VHFWRU SULDGR -QX GH HOORV DO HV
FULELU 呸DUX HO *RELHUQR XQDV &RQVLGH呸DFLRQHV‡ VREUH HO -呸OLJUR GH OD UOB
V呸yQ GH p
pOOFWHV GH EDQFR VLQ JLUDQWLD / LPD   GHFLD ([LVWH XQD HQRUPH
GLIHUHQFLD HQWUH HO FDSLWDOLVWD GH XQ %DQFR‡‡‡ \ HO S~UOLFR IDOWR GH JDUDLB
W TXH DGUULWH XQRV UHWD]RV XH SDSHO FRPR VL IXHUDQ PRQHXD FLUFXODQWH‡‡ (
EDQTXFUF XVXIUXFWXD FRQ HO FDSLWDO HIHFWLYR TXH GWEHUFW VXDUGDU HQ FDMD
OV"

R TXH OH V UY©  SDUD XQ GRE/H JLUR SXHVWR TXH QR QFFHV WD VLQR GHO QXPHUDULR
t t

FRPSHWHQWH SDUD HO UHVFDWH GH ORV ELOOHWHV TXH VH SUHVHUUWH DO FREUH 6P /W呸 L

LHDPFQWF OXFUD FRQ ORV ELOOHWHV HQ 4LVHPLQDFLyQ TXH LJXDOHQ G VX FDSLWDO
IHFWLYRž (VWD SUXGHQFLD QR I
‡LH FRPSDUWLGD L RU OF PD\RU SDUWH GH ORV HPSF
VDUtRV \ SROWLFRV SHUXDQRV &UF DQ KDEHU GHVFXE FUWR HO VHFUHWR GH OD UFV
t t

SHUL*~G? 6H SXHGH DSUHFLDU ORV H[W U H


O O 2V  D TXH VH OOHJDURQ FRQ ODV FLIUDV UH
FRJLGDV SRU U
 6ROGiQ   DFFUFD GH OD FDQWLGDG GH FpGX DV \ ELOOHWHV t

HPLWLGRV SRU ORV EDQFRV HQ UHODFLyQ FRQ VXV FDSLWDOHV


 O [[L L L  

& XDG呸R  3RUFHQWDMHVGHO 9 DORU GH &pGXODV \


%L O O HW HV  V REU H &D" L W DO  EDQF DU L R 3F U y 

 %
$ %L O O HW HV  \  FH  % $
1RPEU HV  &DSL W DO  
GX/DV  HPL W L GDV  
  O DU ] R 呸   

 
%DQF R F HO  3HU
%DQF R GH O D 3U RY L GHQF L D
  
  

 
  L 


 
%DQF R GH /RQGU HV   pM L F R
      
\ 6XG $PI U L F D 
( D QHR - F /L PD        
%DQF H L  DF L RQDO  GHO  3HU  O
   ‡RRR - 22      
%DQF R $JOR 3HUXDQR ‡    O
%DQF R *DUDQWL]DGRU 
     
%DQFR +LSRWWFDULR
  L
      
%DQF R +L SRW HF DU L R 7 HUUL
W RU L DO            

) XH  W H  
 )  3D]  6R, GiQ  

(Q HO  O L EU R GH &DPSU XEL    XHGH V HJXL U V H O D HY RO XF L yQ GH HV W H GHEDW H \ 


O D KL V W RU L D GHO  EL O O HW H GHV GH O D SU L PHU D HW DSD F XDQGR HU D F RQY HU W L EO H HQ PH
WiOtF R    KDV W D O D L QF RQY HU V L yQ \ F XU V R I RU ] RV R GH O RV  PL V PRV  
   \ VX W U DQV I RU PDF L yQ I L QDO  HQ EL O O HW H I L V F DO     &U HHPRV  TXH KD\  W B
GDYID DOJXQRV SXQWRV REVFXURV ( Q SULPHU OXJDU HQ OR TXH UHVSHFWD D OD J
U DQW D HI HF W L Y D TXH DL HU RQ D V XV  EL O O HW HV  O RV  EDQF RV  HPL V RU HV  GXU DQW 呸 O RV   
SU L PHU RV  GL H]  Dx RV  PHQF L RQDGRV   (O  (V W DGR QXQF D I L M y HQW RQF HV  H[SU HV DQHQW H 
\ F RQ F O DU L GDG F X呸O  GHED V HU  HO  HQF DM H  DXQTXH F DV L  W RGRV  VH L QF O L QDEDQ SRU 
XQ   /DV  呸V W DGV W L F DV  F RPSL O DGDV  SRU  &DPSU XEL  SDU HF HU DQ L QGL F DU  呸呸H HQ
O RV  SU L PHU RV  W L HPSRV  HV H SRU F HQW DM H I XH PXF KR PHQRU  TXH HO  PDQW HQL GR Y RO XQ 
WDULD H LQGLYLGXDOPHQWH SRU ORV EDQFRV GH / LPD  & DPSUXEt S    \ TXH HQ
SO HQD F U L V L V   KDF L D  QR HV W D ED SRU  GHEDM R GH O RV  XV RV  L QW HU QDF L RQDO PHQW H 
DF HSWDGRV  3RGU L D O O HJDU V H D RW U DV  F RQF O XV L RQHV  V L  HQ HO  I XW XU R H[DPL QDPRV 
PiV GH F HU F D \  KDF HPRV  XQD O HF W XU D PiV F U t W L F D GH O D F RQW DEL,  GDG EDQF DU L D  
t

HPSO HDGD SRU  &DPSU XEË  /DV  U HV HU Y DV  PHW $O L F DV  \  O DV  GL V SRQL EL O L GDGHV  GH F D 
M D U HV XO W DU L DQ HQW RQF HV  TXL ] $V  PXF KR PHQRU HV  GH O R TXH DSDU HQW DU RQ 
(O  - U DQ QHJRF L DGR GH O RV  EDQF RV  KL SRW HF DU L RV   \  GH W RGRV  O RV  GHPiV   
H呸L V RU HV  GH EL O O HW HV   F RQV L V W L y / 呸 Y DU L DV  RSHU DF L RQHV  HV F DO RQDGDV     3U L PH 
U R O D HPL V L yQ V L Q F RQW U RO  KDV W D O   (O  EL O O HW H  F RPR KHPRV  F L W DGR  HU D XQ
 DV XQW R SU L Y DGR     &RQV HJXL U  HQ  L  TXH HO  (V W DGR GHF O DU DU D GH F L U F XO D
F L yQ I RU ] RV D HV RV  EL O O HW HV  SDU D HY L W DU  O D TXL HEU D GH O RV  EDQF RV  呸XH O RV  KD  
O[[LY

E/DQ HU
OLWLO   $ SDUW U GH  HQGRVDU
t D (VWDGR OD UHVSRQVDELOLGDG GR/
%LOOHWH LDQFDULR FRQYHUWLGR GDVGH HQWRQFHV HQ %LOOHWH ) LVFDO ( Q FDFD XQD
GH HVDV ILOVHV ORV EDQFRV KtSRWFFDUtRV RB QR HVSHFXODURQ FRQ HO ELOOHWH
TXH / OORV VRORV FUHDURQ ,QXQGDURQ GH SDFH, HO SDV \I FRPR GLM R FiXtFD 
&QW X呸 SHUtFGtVWH  K FLFURQ XQD PRQWDx D āFHā OD QDGD \ DO FDHU QR FD\y VR 
t

EUH HOORV
   & XDQGR OHV FRQYLQR VXE HURQ HO SUHFtR GHO RUR \ VH QHJB
t

 URQ D UHFLEL  HQ SDIR ORV PtVQRV EL/ OHWRV TXHā KDEODU ā S8FVW2 HQā F UFX/ DFt yU
( 呸%yX SRU HMHPS/R
t

HB %DQFR GH &U GLWR B+LSRWHFDULR DPRUW ]y FpGX/DV


t

YHQGLGDV SRU PHWiOLFR  FRQ E呸OOHWHV TXH QRPLQDOPHQWH YDOtDQ 6 



( QWUHWDQWR F[LIDQ D VXV GHXGRUHV KLSRWHFDULRV TXH 呸RJDVHQ V DQXD
/tGDGFV
ā Q S/ DWD *RQ HO WLHPSR VLQ HPEDUJR RFXUULy OR FFQUUDUtRH OXHJR GH OD
JYUUD FRQ &KLOH PXFKRV DFUHHGRUHV KLSRWHFDUāLRV R QR  VH YLHURQ REOLJD 
GRV i 呸HFLELU PRQHGD GHVSUHFLDGD 
¢"UTXp HQWRQFHV GHVSXpVāGH WRGR WXYtFUFQ DFHSWDFLyQ /RV EDQFRV 
KLSRWHFDULRV" ¢$  TXp VH GHELy TXH ORV DJULFXOWRUHV VROLFLWHURQ VXV FUOGLB
WRV" ¢&yPR Qā UHVX/Wy HYLGHQWH OD LUUDFLRQDOLGDG GH WRGR HO SURFHVR"
UVDV SUHJXQWDV VRQ WL/ FV HQ D PHGLGD TXH SURFXUDQ SRQHU HQ HYLGHQFLD ODV


SUREDELOGDGHV Rā DOWHULVWtYDV GH XQD VLWXDFLyQ LVW呸ULFD FRQFUHWD 6RQ HQ
FDPRtR FL&WLILFDPHQWH SHOLJUDVDV VL D WUDYp V GHO DVRPEUR R OD DFXVDF yX t

L)SOF呸 WD R/ YtGDQ TXH HO KLVWRULDGRU WLHQH ) UHUUWF DO KHFKR K
LVWyULFR TXH
HVWXGtD BD WLSR GH FRQRFLPLHUUWR GLI/ UHQH DO *8H SRVHHQ TXLHQHV SDUWLFLSDQ
HQ O  UHiOL]- FLy
O HUH HVH KFFQR ,O KLVWRULDGRU REVHUYD XQD RFXUUHQFLD KLV
WyU呸FD FRPR WRWDOLGDG ILQDOL]DGD \  \D &8- 呸SOLGD 呸LHQ呸V QDFHQ OD KLVWRULD
OD YLYHQ HQ FDPEtR FRQR XQD VXFHVLyQ ( Q FDGD XQD GH HVDV SRV FtRQRV
t 9 " 

U/ DQ OD QDWXUDOH]D \ JUDGR UHVSHFWLYRV GH LQIRUPDFLyQ &XDQGR HO KLVWRULD
GRU LQYHVWLJD SRU

MHPSOR ORV OHYDQWDPLHQWRV DQGLQRV GH  FRQWUD
HO  ,PSHULR HV SDx RO  VDEH GHV GH XQ SU L QF L SL R    3ULPHURTXH I U DF DV DU RQ 
  / XHJR TXH 6DQ 0DUWLQ GHVHPEDUFy HQ 3LVFR \ %ROLYDU WULXQIy HQ $\DFXFKR
  &RQRFH DLLELWQ OD FLUFXQVWDQFLD / QWHUQDFtRQD
O HXURSHD \   / R TXH RFX
UUD HQ HO UHVWR GU (XURSF &RQ DOJR GH SDFLHQFLD \  EXHQD VXHUWH SXHGH 
KDVWD GHFLU FXDQWRV KRPEUHV DUPDGRV WHQDQ ORV YLUUH\HV HQ FDGD SXQWR GHO
3HU~  3HUR WRGR HVWR
 R JUDQ SDUWH HUD L
 OORUDGR SRU 7~SDF $UQDUX \ 38
OO"& BH
KXD =H/D QR VXSR SRU HMHPSOH TXH FDVL DO PLVPR WLHPSR HQ TXH VH OHYFQWD
9x  HQ 7DF QD   DO  V XU  GHO  3F U 呸  O RV  ERQDHU HQV HV   FX \ D D\XGD HVSHU呸EDQ HUFLOO 
GHUURWDGRV HQ OD DFWXDO %ROLYLD 3RU FRQVLJXLHQWH HO FRPSRUWDPLHQWR DV呸
PL GR呸 SRU  HO O RV  \  O DV  PDVDV 呸呸H GLUL呸DQ QR 呸VW呸YL呸URQ UHODFLRQDGRV FRQ 
QXHVWUD LQI
RU
PDFLyU SRVWHULRU VLQR FRª VX SURSLD LQIRUPDFLyQ FRUUWHPSRUiQHX
(OKLVWRULDGRU SRVHH DO UHVSHFWR XQD REYLD YHQWDMD pO PDUJHQ GH LJQRUDQ
FLD R GLIHUHQFLD LQIRUPDWLYD GHEH VHU HQXQFLDGR SDUD SRQHU HQ HYLGHQFLD OD
O!RQU

 REM HWLYLGDG  GH ODV FDXVDOLGDGHV KLVWyULFDV SHUR QR VLUYHQ SHUD H[SOLFDU ODV
U HV SRQV " 呸L O L GDGHV  \  PRW L Y DF L RQHV  DV RF L DGDV  D XQD GHW HU PL QDGD F RQGXF W D KL V W yU L  
FD
3HU R EDV W D O D I L O RV RI L D GH O D KL V W RU L  D TXH  D W DQ SRF RV   SRU  GHV JU DF L D 
LQWHUHVD HQ HVWH WLHPSR 8RVā KHPRV  SHUUQLWLGR HVWD JLPUDVLD SRU SXUR S/ DFFU \
SDU D TXH O RV  KL V W RU L DGRU HV  Y HDQ TXH HV  P呸V  I 呸F L O  SU RI HW L ] DU  HO  SDV DGR TXH H呸
I XW XU R  0XF KR GH O R TXH KHPRV  GL F KR DF HU F D GH O RV  EDQF RV  KL SRW HF DU L RV  O R V DEH
PHV  QRV RW U RV  DKRU D SHU R V yO R I XH F RQRF L GR SRU  V XV  F RQWHPSRUiQFRV  GH XQ PRGR  
W DU GR H L QFR呸SO HW R  (QW U HW DQW R KDEL D TXH W RPDU  GHF L V L RQHV  L QPHGL DW DV   (O 
PHU F DGR PXQGL DO  HV SHU DED QXHY DV  RI HU W DV  GH iU RF DU  \  O RV  F DSL W DO HV  I DO W DEDQ  (O 
FUpGtWR 呸LURWHFDULR FRQ WRGRV VXV ULHVJRV DSDUHFtD FRPR XQD VDOYDFLyQ " R
HV W D FDXV D  F RPR KHPRV  Y L V W R  HO  %DQF R GH &U pGL W R  L L SRW HF DU L R SXGR HQ  Y 呸
GFU  W RGDV  V XV  DF F L RQHV  HQ W DQ SRF R W L HPSR  , JXDO  GHPDQGD KXER HQ O D V RO L F L W
O
GH SUpVW DPRV U (Q V yO R XQ DxR KDV W D GL F L HPEU H GH  O RV  DJU L F XO W RU HV  U F F  t 

ELHURQ PHG
LDQWH KLSRWpFDV XQ WRWDO GH 6O SHVRV 'LH] Dx RV āUL呸Q WDUGH
  HV H %DQF R KDEL D HPL W L GR FpGX/ DV  KDV W D SRU  6    VRO HV  \ O DV  KL SR 
W HF DV  U XU DO HV  Y L JHQW HV  V XPDEDQ 6W‡
   V RO HV   (O  PL V PR p[L W R W XY R HO  %DQF R
7HU U L W RU L DO  +L SRW HF DU L R S呸HV  HQ V yO R V XV  SU L PHU RV  FL QF R Dx RV     GL R  
SUpVW DPF V  SRU  6    V RO HV  GH O RV  F XDO HV  XQ  I XHU RQ DO  V HF W RU  FL JU L F RO D 
4XH HV W DV  L QV W L W XF L RQHV  V DW L V I DF L DQ XQD QHF HV L GDG S呸EO L F D  DXQTXH F RQ GHI HF W R
\ DEXV R  O R SU XHED HO  TXH W RGDY D TXHGDV H HQW RQF HV  PDU JHQ SDU  D RW U DV  L QV W L W X 
F L RQF V  V L PL O DU HV   /D PD\ RU  S UU W F  GH O RV  HI PF U RV  EDQF RV  DEL HU W RV  HQ SU RY L 呸  
F t DV  HV W XY L HU RQ GHV W L QDGRV  D O D DJU L F XO W XU D \  W XY L HU RQ R SU HW HQGLHU RQ U HQHU  
VFFFLRQFV KLSRWHFDULDV WRV PLVPRV DJULFXOWRUHV TXDDLRURQ HQ UHSHWLGDV RFD
V L RQHV  F U HDU  SDU D V X EHQHI L 呸L R XQ JU DQ RU JDQL V PR GH F U pGL W R KL SRW HF DU L R  (呸 
W U H O RV  P呸V  L PSRU W DQW HV  GH HV W RV  SU R\ HF W RV SRGHPRV  U HF RU GDU  HO  %DQF R +L \ - W HF D 
U L R GH $JU L F XO W XU D    \ O D 6RF L HGDG $JU L F RO D 0HU F D W L O     
X    D
GHO  %D 呸F R 3HU XDQR $JU L F RO D +L SRW HF DU L R GH  TXH FL W D &DPSU XEL   (O  SU L ZHU F 
I XH V QWRPiWtFDPHQWH JHV W L RQDGR SRU  - RV p )HO L ]  $U L DV   GL SXW DGR SRU  7U XM L O O R 
t

SURYLQFLD HQWRQFHV HQ SOHQD H[SDQVLyQ D]XFDUHUD 3UHUHQG/ D FUHDU XQD JUDQ UHG
KL SRW HF DU L D HQ F DGD XQR GH O RV   GHSDU W DPHQW RV  SHU XDQRV   Y DO L pQGRV H GHO  (V W D 
GR TXH 呸呸V F U L EL U L D XQ  GHO  FDSL W DO  F DO F XO DGR HQ 6    SHV RV   6XV  SU R 
FHGL PL HQW RV  V HU L DQ VL PL O DU HV  D O RV  GHO  %DQF R GH &U pGL W R +L SRW HF DU L R \  F RQF HXH 
U L D SU pV W DPRV  V yO R KDV W D HO   GHO  Y
O RU  GH O RV  I
呸QGRV   /D 6RF L HGDG $JU L F R 
  +HU F DQW L O  I XH PiV DPEL F L RV D  , PDJL QDGD SRU  DO TXQRV  JU DQGHV  SU RSL HW DU L RV   ā
 +L JJL QV   %R] D  *R\ W L ] RO R  &DV W Dx HGD  SU HW F QGL D DVQQLU  O D U HSU HV HQU DF t RQ \ 
 L V I F QV D GH O RV  L QW HU HV HV  DJU F RO DV  \  F U HDU  XQ JU DQ %DQF R $JU L F RO D 3HU XDQR TXH
DGHP呸V  GH W RGDV  O DV  RSHU DF L RQHV  QRU PDO HV  GHSyV L W R \ GHV F XHQW R  W XY L HU D W U HV   
 O [[Y L  

VFFF RQHV HVSHFLDOL]DGDV F D  +DEL/tWDFLQ D FR] W \ PHGLDQR SOD]R KH
t

LUDPtFQWDV DTXLQDULDV  E  &RQVLJQDFLyQ GH )URGXFWRV DJULFRODV I,


呸 F
PHUFtDU,RV \ H  &U/
GLWR OOLSRWHFDULR (VWH 呸OWLPR FRE]FU/D KDVWD 呸Q P呸B[L
PR G
O D呸XDO  GH L QW HU HV   (Q YH] GHO  GHO YDtRU GHO IYQGR WROHUD
GR £ HO 3D  G &UpGLWR +LSRWHFDULR DGPLWLD KDVWD XQ 
 SDUD HOFDFFR


 VRRUH FDSLWDOHV UDtFFV LQPXFEOHV LQJHQLR SRU SāLHPSOR  \ HO PtVPR 
SRUFHQWDMH SHUR FRQ JP呸DQ呸D SHUVRQDO SDUD ORV VHPRYtHQWHV
7RGD HVWD QRY /t]DFLyQ FUHGLWLFLD IDYRUHFLy SULQFLSDOPHQWH D OD D
t


ULFXOWXUD GH H[SRUWDFLyQ \ GHQWUR GH HOOD D OD LQGXVWULD D]XFFUHUD R FH
PH FQWRQFHV VH OHV OOpPDED D /DV KDFLHGDV GH FDxH GXOFH 6H SURGXMR
SRU FFQVLTX HUUWF XQD GREOH FRQFHQ
W]DFtyQ  JHRJUi
t ILFD \ VHFWRUL DO TXH 
DFHQWXy FRPR GMLPRV QXHVWUDV GLVSDULGDGHV HFRQyPLFDV LQWHUQDV (QWUHN!V
IDFWRUHV GFWHUPLDQWHV GH HHWD GLVWULEXFLyQ HVWXY HURQ ODV FRQGLF
LRQHH H t

FRQQLDV HVSHFLILFDV TXH FDUDFWHUL]DEDQ D FDGD UHJLyL GH/ 3FU DQWHV GH ~

OD DSHULFtyQ GHO VLVWHPD EDQFDULR / RV WHULFRV GH LD 呸SRFD \ HO SURULR
( VWDGR QR SXGtFURQ FRPSHQVDU HVWDV WHUGHQFLDV $ PHG
LDGRV GH ORV Dx RV
 VH RUGHQy I ORV EDQFRV TXH DEUL HUDQ VXFXUVD
OFV HQ SURYLQFLDV SDUD
RXH O FUOGLWR 呸HQHILFLDUL  WRFLRV ORV DJULFFOWUV / RV EDQFRV VH RSX
VLHURQ \ DUJLP/QWDURQ TXH HO 3WU~ QR HUD XQ WFUULWRULR FFRQyPLFDPHQWF 8L
ILFUGR 5HVXOWDED LPSRVLEOF HVWDE/FFF ODV PLVPDV UFJO呸V GH FUyGLWR  
/LPD T 呸H HO B &X]FR R &DMDPDUFD /D UHQWD GH OD WLHUUD HUD PXFKR PiV DO
WD HQ O¢ &RVWD &HQWUDO TXH HQ RWUDV SHUWHV HO LQ/ FUpV KLSRWHFDLR SRGLD
HQ FRULVFFXHQFLD FRPSHWLU FRQ ( LQWFWV FRPHUFLDO FRUULHQWH TXH HUD QX\
H/HYDGR \ VLHPS UH TXHGDED UQDUTFQ SDUD HOSURSLHWDU/R GHVSXpV GH SDJD
VXV DQXVGLGDGHV 'RQLH ODV W O F QL F DV  RUDQ WUDGtF RQDM FV /RV VXHORV SREUHV
t

ORV SUHFLRV EDMRV \ RI


FUWD \ GHPDQGD VH FTXt/tRUDEDQ HO HVWDQFDPLHQWR - 呸
QHUDO UHVX,WDQWH SURKLELD R OLPLBWDED ODV HVSHFX DFLRLFV GH HQpGLWR
t *DU
F &DOGHUyQ GHFLD HQ 
 (O FUpGLWR KLSRWHFDULR  QR SXHGH WHQRU DSOLFDFLIP
FRPSOHWD HQ HO UHVWR FH OD 5FS~EOLFX SRU ODV FtUFXQV
WDQFLDV HVSHFLDOHV HFRQyPLFDV GH ORV RWURV GHSDUWDPHQ
WRV (Q / LPD O LQWUWV FRUULHQWH GH/ GLQHUR HQ OD 
SOD]D HV HO  PH呸VXDO  \ VREUH HVWD 呸VH FVW呸 FDOFX
ODGR HO LQWHUpV GHO %DQFR KLSRWHFDULR  +D\ DGHPi V 
PXFKRV FDSLWDOHV HQ FLUFXODFLyQ TXH SXHGHQ SDVDU FyPR
GDPHQWH &H XQD LQGXVWULD D RWUD \ ODV KDFLHQGDV \ ODV
FDVDV GH 呸ELWDFLyQ SURGXFHQ WDQWR TXH ORV SURStFW 
ULRV TXH WRPDQ GLQHUR SXHGHQ KDFHU HO VHUYLFLR GHO FD
SL W DO  SU HV W DGR V L Q HU GHU  V XV  IL呸FDV 3HUR QR V XF 呸GL 
OR PLVPR HQ RWURV GHSDUWDPHQWRV (Q $UHFLSD SRU HMH
SOH KD\ SRFRV FDSLWDOHV HO LQWHUIV FRUULHQWH GHO DLQH
 O [[Y L L  

U R HV  PX\  EDM R SRU TXH KD\ SRF DV  SHU V RQDV  TXH SL GDQ FDSL 
W DO  SU HV W DGR \ O DV 
I L QFDV  SU RGXF HQ HO   GH L QW HU pV ‡‡‡   
8Q SU RSL HW DU L R F X\D I L QF D Y DO H GL H]  PL O  SHV RV   SHU F L EH
GH HO O D TXL QL HQW RV  R V HL V F L HQW RV  SHV RV   KL SRW HF DGD DO   
%DQF R  U HF L EL U D VREU H HO O D   SHV RV  F X\R VHU Y L F L R
DV HF HQGHU D D   F DO F O O O DGR DO   \ SRU  F RQV L JXL HQ 
W H QR W HQGU D XQ SHV R SDU D Y L Y L U   /D HV F DV H]  GH FRV H  
FKD HQ XQ Dx R R O D I DO W D GH DO TXL O HU  GH O D F DV D SRQGU D
DO  SU RSL HW DU L R HQ DW U DV R \ HO  U HPDW H O R SU L Y DU D GH V X
SU RSL HGDG  
8Q EDO DQF H GH O D VL W XDF L yQ HQ  F RQI L U PDED HV W D F RQH[L yQ HQW U H HO   
FU pGL W R KL SRW HF DU L R \ O D JU DQ DJU L F XO W XU D F RV W Hx D  F RPR VH DSU HF L D HQ HO  VL  
JO O L HQW H FXDGU R 

3U pV W DPRV  U XU DO HV  GHO  %DQF R 7HU U L W RU L DO  +L  RW HF DU L R


 DU W DPHQW RV  

 / LPD‡‡‡‡‡‡ ‡‡‡‡‡‡‡  


ā / D / LEHUWDG  
$ QFDVK  
 +X$ QXF R‡‡‡‡‡‡‡‡‡‡‡‡  
6 ,FD   
 $ UFTXLSD‡ R
/DV  KL SRW HF DV  \ O RV  GHUQ呸V  W L SRV  GH F U pGL W R \D PHQF L RQDGRV  KDEL O L W DF L R 
QHV   HW F   VXPDGRV  D O DV  W U DV I HU HQF L DV  GHO  VHF W RU  Sy EO L F R L QGHUQQL ] DF L yQ GH  
HV F O DY RV   SU L PDV  GH PL JU DQW HV  FRQV RO L GDF L yQ  JHQHU DU RQ XQD DI O XHQF L D GH F DSL  
W DO HV  KDV W D HU U W RQF HV GHV F RQRF L GD HQ HO  3HU y   (V  GL I L F L O  FDO yO O DU  V X PRQW R 
3HU R XQD DSU R[L PDF L yQ QRV  KD VL GR RI U HF L GD SRU  *DU O DQG TXL HQ F DO FX O DED TXH
HQ ā D L QGXV W U L D D] XF DU HU D SHU XDQD W HQL D GHXGDV  HQ F L I
U DV  U HGRQGHDGDV   SRU 
呸   GH V RO HV   GH O RV  FX DO HV  HO   SU RY HQDQ GHO  FU pGL W R EDQF DU L R GH
DF XHU GR D O D VL JXL HQW H GL V W U L EXF L yQ 

   %DQF R GH &U pGL W R +L SRW HF DU L R‡‡‡‡‡‡‡‡‡ ‡‡‡‡‡‡‡‡ 呸  
   %DQF R 7HU U L W RU L DO  +L SRW HF DU L R    ‡‡    ‡‡‡‡ ‡    
2WURV %DQFRV    
   3U pV W DPRV  GHO  &RPHU F L R GH /L PD                   
   +DEL O L W DF L RQHV  GHO  H[W U DQM HU R                    
   3U 呸V W DU QRV  GH SDU W L FX O DU HV  I HU XDQRV                

7 RWDO                          6,- 


¢ &pPR I XHU RQ L QY HU W L GRV  HV RV  FDSL W DO HV  SRU  O D L QGXV W U L D D] XF DU HU D  +D\
TXH FRQV L GHU DU  SU L PHU R TXH HV D L QGXV W U L D HU D DO JR P呸V  TXH XQD SO  W DFL yQ \ TXH
HV W D y O W L U QD DGHP呸V  GHO  FX O W L Y R SU L QF L SDO  L QFO XD RW U DV  DF W L Y L GDGHV  F RPSO HPHQW 呸
U L DV  SDQO O HY DU 
SDU D O RV  W U DEDM DGRU HV   I RU U DM H SDU D HO  JDQDGR   < TXH W RGR H呸
O[[YLLL

WH VLVWHPD VyOR (XQFLRQDED JUDFLDV 呸 H0"OHR LQWHQVLYR GH XQD DEXQGDQWH PDQH
GH REUD 1R VLHPSUH UHVX/ Wy I呸FLO SDUD
RV DJULFX- WRUHV SHUXDQRV GH (6 D SB

FD DSOLFDU UDFtRQDM PHUUWU ORV WDOHV


& 
OtL   RE
WHUUtDQ DO GFV UUROOR HTXLOLEUD
T+
GR GH HVRV GLYHUVRV ( DFWRUFV GH SURGXFFLyQ  6¢ HS/ tFDURQ XFUWHV FDQWLGD 
FNV HQ REUDV \ JDVWRV /UUSURGXFWLYRV H LQGHELGDPHQWH H RWURV REMHWRV \ ORV
TXH UHDOLLLWH 呸H DSOLFDURQ 呸 IRPHQWR GH OD LQGXVWULD QR VH KLFLHURQ FRQ H`呸
DFLHUWR \ OD SUXGFQFLD TXH GHPDQGD OD LQYHUVLyQ GH FDSWDOHV HQ XQD / QGXV
WULD FDSLWDO( V  TXH JUDYDQ Oi
SURFXFFLyQ FRQ HO UHFDUFR GH ORV LQWHUHVHV 

 *DUODQG   +XER VLQ GXGD XQ HQRUPH PDUTHQ GH H[SFULPFQWDF
LyQ
\ HUURU
TXH DOJXLD YH] SRGU
āUHR 
VHU RSUFF
LDGR VLāVH UHF~SHUDQ ORV DWFKLYRV GH OD pSRFD
‡ 呸

B呸 呸
i

呸
/ RV  TXH KR\ HVWiQ FO
LVMLRQLEOHV UHYH/DQTXH ORV SULQFLSDOHV REMHWLYRV SHUVHJXt
GRV SRU ORV KDFHQGDGRV IXHURQ SULPHUR OD REWHQFLyQ

G
H PDLLR GH REUD \ OXHJR
 ‡ 
O D PRG(U QL ] DF L yQ GHO  SU RF HV R GH HO DRU DF L 呸 GHO  D]IOF/ ?U 3RF RV  J呸呸W RV  H
H
āHFWXDURQ HQ FDPELR SDUD PHMRUDU ORV WLSRV \ VLVWHPDVā GH FX/ WLYRB

; @ /D 2UTDQL]DFLyQ GHO $QWHV TXH OD PiTXLQD W\ HO SU VWDPR KLSRWHFDULR YHp

7 UDEDMR ā 
QLD ODPDQR GH REUD UXHVWR T呸/ O D OLEHUWDG GH ORV HVFODYRV H[
J 呸O XQD VROXFLyQ DOWHUQDWLYD D FRUWR W呸UUQOQR ā / 呸 DJ7 L呸OWXUD SHUXDQD GHFLD
- XDQ GH $URQH   HUD FRPR /
 9 HQXV GH 0LOR XQāXHUSR VLQ EUD]RV )UDVH
TXH GHVGH QWL呸$R U呸SHWLD ORV SURUL呸WDULRV FRVWHxRV \ TXH FRPR GLMR 7iYD
ā
D p  UHFWDPHQWH DQOL]DOLD VLā-
OLILFD OWD GH EUD]RV TXH WUDEDMHQ EDUD


WF R GH EDOGH  ( O GHVDUUROOR XH O HFRQRPLD SHWXDQD F FUHFLPLHQWR GH OD
/ LGXVWUtD D]XFDUHUD ORV FDPE
tRV F HO VHFWRU DJULFR BD GHEIDQ SURGXFtUVH VLQ
H/ WHUDU āXQ PRGH/ R VRFLOBEDVDGR HQ HO SUHVWLJLR \ OD +&L"WDFLD āTXH D 6O 

 
Y H]  V XSRQ"  HO  PD 呸W HQL QU L HQW R GH 呸HO D&L RQHV  GH W U DE呸M R O R 呸i W U DGL F L RQDO HV 
SRVLEOH 'HQWUR GH HVWD SFUVSHFWLYD F[DPtQHUHPRV OD PL RUDFLyQ GH FRORQRV 
FKLQRV V呸呸LHVFODYL]DGRV WUDLGRV DO  3HU呸 pQWUF    ¢3QF  TXW VH SUH呸BL
ULy FVWD RSFLyQ +DE D RWUDV GWVGHO+" - R! HB呸JDULFKL&RV \DQDFRQDV MRUQDOH 
t

URV OLEUHV FRORQRV FXURSHRV 7RGRV ¼OORVāBWWLU呸Q H[SHULPHQWDGRV HQBHO 3HU~


DQWHV \ GFVSXp V GH OD PLJUDFLyQMKLQD SHUR Hā呸 L i FRVWD WL呸LHRQ XQ FDUiFWH
DFFHVRULR \ OLPLWDGR HQ OD VHJXQGD FLWDG GHO [t[ (VRV GLYHUVRV WLSRV GH
WUDEDMR UXUDO SXHGHQ VHU FODVLIOFDGRV VHJ P FWLYFUVRVāFULWHULRV SURFHGHQFLD
RI HU W D  U HO DF L yQ VRF L DO   F RV W R F RPSDU DW L Y R F 呸QāH HV F O 呸Y R  F 呸呸R VL Q GXFW 呸 O R
KLFLWURQ Q VX WLHPSR T呸Ë&
4,呸6 WXYLHURQ TXH HOHJLU  ā

$  1RPHQFODWXUD %  3U RF HGHXF L   F  5HODFLyQ ' 2


HUWD ( &RVWR
 &KLQH $V L D VHPLHVFODYR DEXQGDQWH 
F    < DQDFRQD‡
呸
/RFDO VHPLVHUYLO H[FOXLGD
( QTDQFKDGF 6LHUUD VHPLVHUYLO EORTXHDGD
   - RUQDOHUR /LEUH / RFDO PRGHUQD OLPLWDGD 
  &RORQR HXUF SHR (XURSF PRGHUQD OLPLWDGD 

‡
 O[[L[

1R IXHURQ DHFLVLYRV HV QXHVWUD KLSyWHVLV QL OD SURFHGHQFLD HQ FXDQ
WR GLVWDQFLD & 2
,?2 JDVWR - H WUDQVSRUWH R UHVLVWHQFLDFXOWXUDO  QL HO FHV
WR GHO WUDEDMR SRU V VROR VLQR PiV ELHQ OD QDWXUDOH]D \ GLVSRQLELOLGDG GH
OD RI
HUWD DVt FRPR OD UHODFLyQ VRFLDO LPSOLFDGD $FODUHPRV HO VLJQLILFDGR GH
HVWRV IDFWRUHV (Q SULPHU WpUPLQR HO FRVWR - HELGR D OD DSDUHQWH VHQFLOOH]
TXp OH FRQILHUHQ ODV FLIUDV HVWH FRQFHSWR KD VLGR DE‡L‡DPHQWH HPS/HDGR < D
HQ SWLJLQDV DQWHUtRUHV D SURSyVLWR GHO  VDODULR  HVF
/DYF G呸FLDUQRV FXDQ DYHQ I
W XU DGD HV  O D F RQW DEL O L GDG G呸O  W U DEDM R HQ XQD HF RQRP D TXH DR V HD HUUWHUDPHQ ‡
WH PRQHWL]DGD PRGHUQD \ FDSLWDOLVWD 3HUR DGHPiV GH HVWD SUHFDXFLyQ KD\
TXH DGYHUWLU WDQELHQ OD DPELJWOHGDG IXQFLRQDO GHO &RVWR (Q QXHVWUR FRQWH[WR
HO FRVWR GHO WUDEDMR QR VH LGHQWLILFD QHFHVDULDPHQWH FRQ HO VDODULR VLQR TXH
OR LQFLX\H \ VLJQLILFD DTXHOOD SDUWH GHO SURGXFWR EUXWR TWH GLUHFWD R LQGLUFF
WDQLHQWH HV VHSDUDGD GXUDQWH XQD FLHUWD XQLGDG GH WLHPSR SDUD D  REWHQHU
E  KDFHU RSHUDWLYD \ H  PDQWHQHU GLVSRQLEOH HQ XQ SOD]R GDGR XQD GHWHUPLQDGD
IXHU]D GH WUDEDMR ,QFOX\H SRU FRQVLJXLHQWH   ODV UHWULEXFLRQHV HQ GLQHUR
DFRUGDGDV DO WUDEDMDGRU   ORV VHUYLFLRV R HVSHFLHV TXH UHFLED VLHPSUH TXH
 ORV SURGX]FD pOPLVPR HQ VX WLHPSR

OLEUH   JDVWRV GH UHFOXWDPLHQWR


呸  HO LQWHUpV TXH KXELHVHQ UHFLELGR ORV FDSLWDOHV FRPSURPHWLGRV HQ HVDV RSHU呸
FLHQHV VLHPSUH TXH H[LVWD XQD DOWHUQDWLYD GH LQYHUVLyQ $VtGHILQLGR HO FRV
WR QR HV XQD YDULDEOH LQGHSHQGLHQWH VLQR XQ FRQF呸SWR ILQDO TXH UHVXPH \ H[SU呸
VD D WRGRV ORV GHP呸V IDFWRUHV 3RU GRVJDFLD VLQ HPEDUJR DVt HFRQRPLVWDV FR
PR KLVWRULDGRUHV DFXHUGDQ D ORV FRVWRV ODERUDOHV XQ IXQFLRQDPLHQWR DXWyQRPR \
QR SHUFLEHQ D PHQXGR VX IXQFLyQ SXUDPHQWH WHVWLPRQLDO H[SUHVLYD \ FXDQWLIL
FDGHUD
'HEH U HF RU BGDU V H HV W H F RPF U U W XU  R F XDQGR F RPSDU HPRV  O RV  ž F RV W RV  GH HV HO D
t

YRV F RO RQRV  F KL QRV   \ DQDF RQDV   HW F   2 V HD  TXH XQD Y H]  HY L GHQF L DGDV  O DV  GL 
IFUHQFLDV QXPpULFDV VLHPSUY KHPRV GH UHODFLRQDUODV FRQ ORV KHFKRV GH FDUiF 
WHU VRFLDO TXH ODV GHWHUPLQDQ (VWD HV G(VSXpV GH WRGR OD GLIHUHQFLD F£XF
KD\ HQWUH HFRQRPHWUD H KLVWRULD YDOH GHFLU HQWUH LQGLFDGRUHV WHVWLPRQLDOHV
\  F DXV DV  HI L F L HQW HV  
6RQ QXPHURVDV \ FRQWUDGLFWRULDV ODV QRWLFLDV TXH WHQHPRV VREUH ORV FHV
WRV GHO WUDEDMR UXUDO HQ HO 3HU~ GXUDQWH HO VLJOR [L[ 3RU IDOWD GH XQD KLV
WRULD GH ORV SUHFLRV \  VDODULRV GHEHPRV FRQWHQWDUQRV FRQ VL呸SOHV DSUR[LPDFLVB
QHV 'H WRGDV HVWDV XVDUHPRV SRU DKRUD VRODPHQWH RFKR
  0LQLVWHULR GH *RELHUQR  ‡‡ SDUD 
  0RQWHUR (OJXHUD 9 LOODFDPSD   
-
  LODUWLQHW  ‡‡   ‡‡  
  'LUHFFLyQ GH &RPULEXFLRQHV  ‡ 

  *DUODQG     " 
O[[[

ā
  $U DQD     ‡  B‡‡           ‡     SDU D   " 
  $QyQL PR     
  /DU  U DEXU F      
O R  L QW HU 呸RJDQW F V   "   L QGL F DQ I HF KDV  DSU R[ L PDGDV  

8 DQiO LV LV F XL GDGRV R GH O RV  SU F V W DPRV  H L QI O XHQF L DV  U HGXF  U /D GUiVWL
t

F DPHQW H HO  P
 XQHU R GH HV DV  I XHQW HV   $G呸P呸V  GH V XV  SU RSL DV  L QY HV W L JDF L RQHV 
+DU W L QHW   *DU O DQG \  $U DQD XW L O L ] DU RQ TXL]iV O RV  GDW RV  RI L F L DO HV  GH O /  \ 
    DV t  F RPR O D HQF XHV W D PXQL F L SDO  GH     &DV 呸V  W U DV F U L EL y DO 
SDU HF HU  XQ L QI RU PH SU HI HF W XU DO  GH   &RPR (V W HY HV    VL JXL y D /DU U D 
EXU H  F X\ D REU D FQW U HF RPL O O  SHU R V L Q PHQF L RQDU  HO  DXW RU   3DU D W RGD HV W D 呸L
EO L RJU DI L D VRF L R HF RQyPL F D GHO  RF KRF L HQW RV  XU JH HV D UU呸V PD W DU HD GH O L PSL H] D
\ I L O F L yQ TXH F RQ W DQW D DJXGH] D KL ] R &DU O RV  $U DQL EDU    F RQ O DV  F U yQL  
F DV  DQDL QDV  GHO  [Y L   /RV  EXHQRV  XV RV  G呸 O D HU X L L F L Q KL V W RU L RJU $I
L F H  QR G B
EHQ V HU  RO Y L GDGRV  V L QR SXHV W RV  DO  V HU Y L F L R GH O D O O XHY D +L V W RU L D "  TXH DO 呸
QRV FUHHQ HVWDU HVFULELHQGR 1R VHU HVH QXHVWUR RILLR DKRUD SXHVWR TXH HV
i

W H SU yO RJR HV  VyO R XQD DSHU W XU D GHV W L QDGD D JHQW H TXH W RGDY L D F RQRF H SRF R GH
O D KL V W RU L D SHU XDQD  3HU R QRV  F U HHPRV  REO L JDGRV   SRU  O R PHQRV   D XQD F DO L  
I L F DF L yQ LQWHUQD GH O RV  W HV W L PRQL RV   ¢+DV W D TXH SXQW R VXV  DXW RU HV  HV W DEDQ
L QW HU HV DGRV  HQ GHF L U  O D Y HU GDG X HQ F RQGL F L RQHV  GH F RQRF HU O D"  ¢&yPR GL M HU RQ
O D Y HQGDGā D SHV DU  GH V XV  L QW HU HV HV "  ¢&X呸O  HV  HO  U HVLGXR  W L O L ] DEO H"  

/ DV  SU L PHU DV  HQF XHV W DV  V REU H HO  W U DEDM R DJU L F RO D HQ HO  3HU G GDW DQ GH
 F XDQGR SRU  L QL F L DW L Y D GH - RV p 'W O Y L O D &RQGF PDU L Q HO  L QL V W HU L R GH *EL HU 
QR KL ] R TXH O RV  SU HI HF W RV  F RQY RF DU RQ D O RV  DJU L F XO W RU HV  HV  GHF L U  D O RV  SU R 
SL HW DU L RV   \ O HV  VRPHW HU DQ XQ F XF V W RQHU LR GH RF KR SU HJXQW DV  DF HU F D GH 
t t

  1I XQHU R GH HV F O DY RV 
  'L V PL QXF L yQ GH O RV  PL V PRV  HQW U H  

  &RV W RV  GL I HU HQF L DO HV  GHO  HV F O DY R \ HO  M RU QDO HU R O L EU H
  , QF RQYHQL HQW HV  GHO  M RU QDO HU R O L EU H
  +RU DU L R GH W U DEDM R GHO  M RU QDO HU R
  &RQY HQL HQF L D GH O D PL JU DF L yQ O DERU DO  H~U RSHD
  3RV L EO H U HPXQHU DF L yQ GH HV W D 呸O W L Pi
  6L V W HPDV  DO W HU DDW L Y RV  GH W U DEDM R  I XHU D GHO  HV F O DY R  HO  M RU QDO HU R \  O RV  PL 
JU DQW HV  
(O  L QW HU U RJDW RU L R BV yO R W XY R XQ p[L W R SDU  F LDO GHEL GR D O D U HQXHQF L D R  
L QF DSDF L GDG GH O RV  KDF HQGDGRV  SDU D GDU  SU HF L V L RQHV   /RV  DJU L F XO W RU HV  F RV W H  
x DV  V H GHF O DU DU RQ SDU W L GDU L RV  GH O D HV F O DYL W XG \  F RQV L GHU DU RQ PXF KR PiV JU    Y R
V RV  W RGRV  O RV  RW U RV BPRGRV  GH W U DEDM R  (O  F RV W R GHO  HV F O DY R I XH HV W L PDGR HX
 SHV RV  FOO PHV  L QF O X\ HQGR JU DW L I L F DF L RQHV   JDV W RV  GH PDQW HQL PL HQW R H L QW F U V 
GHO  F DSL W DO   3HU R HV H HV F O DY R  W DQ F DU R  HU D SU HI HU L EO H DO  M RU QDO HU R TXH Vy
O[[[L

OR WUDEDMDED FIHFWLYDPHULWF V HWF KRUDV U DO YDQDFRQDMH TXH F[LJLD FDSLWDOHV GH
t

KDELOLWDFLyQ LQLFLDO TXH PXFKRV KDFHQGDGRV QR WHUUtDQ $VL ORV SURSLHWDULRV GH
OD FRVFD FRPR GH OD VLHUUD UHFKD]DURQ OD FRQYHQLHQFLD N ORV PLJUDQWHV HXURSHRV
6yOR HQ HO GHSDUWDPHQWR G $PD]RQDV GLMHURQ SRGHQ UHFLELU  IDPLOLDV HXUR 
"HDV SUD XELFX
ODV (Q ODV IURQWHUDV GH D呸DWLQJD 3XQR $QFDVK \ $\DFXFKR VH
GHFODUDURQ VDWLVIHFKRV FRQ HO WUDEDM R GH VXV VGHUYRV ( Q FāQFUDO ORV FXRx RF GH
OD WLHUUD TXHU/ DQ PDQWHQHU HO V VWFPD WUDGtFtRQDW GH WUDED呸R HVFODYLWXG VHUYt
t

GXPEUF  \ VyOR SFGLDQ LUULJDFLRQHV OD FRVWD  \ &7ËQRV OD VLHUUD  6H GHVOLQ
GDEDQ DV t GLJUXQRV GH SDVR GRV DJULFXOWXUDV D FRVWHx D FDUDFWHUL]DGD SRU XQD
GHPDQGD HQ H[SDQVLyQ TXH HVWtPX
/HED OD DPSOLDFLyQ GHO iUHD FXOWL‡DEOF <  OD VF
UUDQD VLQ EXHQV PHUFDGRV \ FRQ EDMRV SUHFLRV WUDWDQGR GH URPSHU VX EORTXHR D
WUDYHV GH ODV YLDV GH FRPXQLFDFLyQ
*DV 呸  Dx RV  GHV SX呸V   HQ   O RV  DSXU RV  I L V F DO HV  RF DV L RQDU RQ QXHY RV 
LQIRUPHV VREUH HO
UDEDMR DJULFROD (Q XQ GHVHVSHUDGR HVLXFU]R SRU QRUPDOL]DU 
ORV LQJUFRV \ JHQHUDU UHQWDV /QGHSHQGLHUUWHV GHO JQDQR IXHURQ FUHDGRV QXPHURVRV
LPSXHVWRV HQ QHQRV GH GRV PHVHV GLFLHPEUH HQHUR   SUHGLRV PRYLPLHQ 
WRV GH F LS WDOHV ^WLPEUHV \ VXFHVLRQHV  FRQVXPR GH DJGLHQWHV H[SRUWDFLRQHV
t

\ FRQWU/EXFDyQ SFUVFQDO ( UUWU ORV 


LPRV VH GLVSXVH TXH WRGR WUDEDMDGRU SDD
VH H/  HTXtYDOHQWH ~  GLDV GH VW WUDEDMR DO Dx RU R VHD PiV R PHQRV HQWUH HO
 GH VXV LQJUHVRV (O 0LQLVWHULR GH +DFLHQGD H/ DERUy XQD  FDOD GH - RUUD
OHV FRPM XHVWQ SRU  VHLV F
ODVH
F / D UULPHUD FRQ MRUQDO GH 2 VyOR
FRPSUFQiI
D

D O D H L XGDG GH /L PD  /DV  GHPiV  Y DU L DEDQ HQW U H   \  &  3DU D 呸SO L F DU  F呸W RV 
HVTXHPDV H WRGR H/ 3HUR VH FRQVWLWX\HURQ - XQWDV 9 DORUL]DGRUDV GH-  - LUQD HQ / 
TXH UHQWDQ UHSUHVHQWDFLyQ ORV DJULFXOWDUHV HQ WDQWR TXH  PD\RUHV FRQWUt EX\FUUWHF 
(VDV MXQWDV WXYLHURU JUDQGHV GLILFXOWDGHV SDUD HVWDEOHFHU ORV MRUQDOHV SURQHFLRV
GH FDGD SURYLQFLD H LFOXLUODV SRU DSUR[LPDFLyQ HQ OD UHVSHFWLYD FODVH $O IL 
QDO VH WXYR XQ FXDGUR *HQHUDO GH ORV - RUQDOHV GHO 3HU~ HO SULPHUR GH OD 5HS~EOOB
FD \ SRVWHULRU HQ FDVL  Dx RV DO IDPRVR $ UDQFHO FRPSXHVWR D ILQHV GHO [YLLSRU
HO'XTXH GH OD 3DODWD &RQ WRGDV VXV DUELWUDULHGDGHV \ YDF RV HVH &DDGUR SXVR 
t

HQ HYLGHQFLD OD HQRUPH GLYHUVLGDG HFRQyPLFD GHO SDLV \  OD LPSRVLELOLGDG GH HVWD
EOHFHU QRUPDV JHQHUDOHV SDUD RUJDQL]DU HO WUDEDMR DJULFROD HQ FDGD XQD GH VXV UH
JLRQHV
O[[[LL

&XDGUR   6DOLOO


LR 3URP3GLR GH ORV - RUQDOHURV /LEUHV
GFL 3HU~ - ¼

3REODFLRLHV &O DV W V  - RUQD 


 &LQGFG GH /LPD
¢  &KRUULOORV 

 D 6, R
  &DOODR


  3URYLQFLD GH 6 DUUWD      ‡ 

  3URYL QF LD GH &DLWH


     
 ,G  &ODT
 
   ,G 7āFLMLOOR
O
£ 呸呸 ,G
,G
& UULF/D\R
3DF DV PD\R
y  ,G/ DPED\FTX
   
 / 


 -  *L
XFW DG GHO  &HU U R GH 3DV HR
  3U RY L QF L D GH +XDU RF KL U L  I
L
  'HSDUWDPHQWR GH , F D
  ,G GH 0RTXH- 呸D

  3URYLLFLD GH 3
t XUD

  ,G   3DI7B
  ,G  +XDUU] 
 
 
,G
,G

L
+XD\ODV
&FMDWDULER
  5URYLQFLD GH +?B
‡XFR
U    D OW 


"O

 ,G   7 ā,KF 
=  UH < Z8B6
 
¢  3U RY L QF L D GH &DQW D
  'HSDUWDPHQWR
  3URYtQFLD GH
y  'HSDU W DPHQW R
GH " X呸R
$ UFTXtSD
GH $PD呸RQDV 
-ā‡  & ‡ 

M 
=  ,G
  3URYLQFLD FH $\DEDFD
HOH / RUHWF
L
,G  +XFX
F呸YHOL 
 FD  
   'HSDUWDPHQWR GH & DMDPDUF D 
L  3U RY L QF L D GH 3DW D] 
  ,G +XHPDF KXF R
  ,F WR ‡F
 
 

 
/R
,G
 3DOODVFD
 3RPDE]PRD
L
  ,G  +XHPD/IHV
  ,G 
- DMD Q ž‡
  ,G +XDQFD\R

  'L V W U L W RV  G呸 +X  UUL  3DF F KR
\ &KHF UDV  GH & KDQHD\
  'HSDUWDPHQWR  IDD
OFDYF
W
OLFD 
  ,G $ \H]XF KR 
£ 
L
,G X &?]R
  3URYLQFLD GH &DPDQi
  UH  & RQDHVX\RV 

M
  ,G  8QLyQ
  ,G &DV W L O O D
  ,G , V O D\
  ,G  < DUTXL 

)FWHQWH - 0 5RGUJ呸]  


O[[[LLL

3RU OR TXH VH YH HQ VXV  HO 3HU~ HVWDED FRPSXHVWR SRU XQ WHUUL
WRULR GH EDMRV VDODULRV SUy[LPRV R LUXHULRUHV D ORV 
(VWD PLVPD VXPD SRU RWUD SDUWH QR VLHPSUH VH SDJDED \ HUD FRQ IUHFXHQFBD S呸
U DPHQW H
PL QDO   <D VHD SRU TXH VL PSO HPHQW H H[SU HV DED EL HQHV  \  VHU Y L F L RV  V 
EUHYDORUDGRV SRU HO SDWUyQ TXH ORV GDED R SRUTXH HVH VH/ DU/R HUD XQD V PS/H t

DQRWDFtyQ GH FRQWDELOLGDG SDUD FRQSHQVDU GHXGDV DQWHUtRUHV (Q HVWD FRQGL 
FLyQ VH HQFRQWUDED WRGD OD VLHUUD VLQ RWUD H[FHSFLyQ TXH ORV GLVWULWRV PtQHª
URV GH +XDURFKLUL \ &HUUR GH 3DVHR (O WHUFLR UHVWDWH SRU HQFLPD GH ORV
 VH FRQFHQWUDED HQ OD FRVWD HQWUH ,FD \ / DUQED\HTXH SXHVWR TXH ORV VDO
ULRV GH 3LXUD
 HO H[WUHPR VXU HUDQ LJXDOHV TXH HQ OD VLHUUD VDOYR 0RTXH 
JXD 'HUWUR GH HVWD JUDQ ]RQD FRVWHxD GH DOWRV VDODU呸 SRGULD GLVWLQJXLUVH
D V X Y H]  F XDW U R HV F DO DV   D  &RU U H呸SRQGL D HO  PE [L PR  F RPR Y L PRV  D /L PD F RQ
VXV  YDOOHV /H VHJXLDQ E /D SURYLUFLD GH 6DQWD   F &DQHWH \
&KHULFD\ 2  \ G SRU~OWLPR WRGD OD VHFFLyQ QRUWH GH 7UXMLOOR D /DPED\H
TXH
+D\ XQD HYLGHQWH FRtQFtGHQFtD JHRJUW~LFD HQWUH ORV DOWRV VDODULRV GH
XQ ODGR \ GHO RWUR HO JUDGR GH FRQFHQWUDFLyQ XUEDQD \ OD JUDQ DJULFXOWXUD GH
H[SRUWDFLyQ ¢3HUR KDVWD TXH SXQWR HVD FRLQFLGHQFLD LPSOLFDED WDPELpQ FLHU
W DV  U HO DF L RQHV  F DXV DO HV "   < HQ F DV R DI L U PDW L Y R ¢2呸呸O  HU D HO  PHF DQL V PR F RQF U 呸
WR GH FDXVDFLyQ" 'HVGH OXHJR TXH /LPD SURGXFLD DOUHGHGRU VX\R XQ HIHFWR H
LQIODFLyQ 3HUR XQD YH] PiV ¢&yPR 3RUTXp" (Q FXQWR D OD DJULFXOWXUD
GH H[SRUWDFLyQ SRU HO VROR KHFKR GH VHU H[SRUWDFLyQ QR SDUHFH KDEHU VLGR
F DXV D V X=L F L HQW H  1L  O RV  PD\RU HV  EHQHI L F L RV  GH XQD HPSU HV D F XDO TXL HU D QL  V X
RUJDQL]DFLyQ PiV PRGHUQL]DGD GHULYDGRV DPERV GH   FRQH[LyQ FRQ HO PHUFDGR
PXQGLDO GHWHUPLQDQ QHFHVDULDPHQWH PHMRUHV SDJRV VDODULDOHV 'H SRGHU HO 
JUDQ KDFHQGDGR PDQWHQLD ORV VDODULRV HQ XQ SXQWR GH FRQJHODFLyQ SRU PDV TXH
VXELHUDQ VXV YHQWDV HQ / LYHUSRRO /D UHODFLyQ SUHFLRV UUXQGLDOHVVDODULRV 呸
WHUQRV FRORQLDOHV KD VLGR HQ QXHVWUR SDLV XQD UHODFLyQ DVLPpWULFD UHFRUWDGD
6L ORV SUHFLRV LQWHUQDFLRQDOHV EDMDEDQ HO VDODULR UHDO SHUXDQR EDMDED 3H
UR VL ORV SUHFLRV LQWHUQDFLRQDOHV VXELDQ ORV VDODULRV SHUXDQRV QR VXELDQ
1R HV XQD HTXLYRFDFLyQ KLVWyULFD VLQR XQD VLPSOH WRQWHULD H[SOLFDU HV
WH SUREOHPD GH ORV VDODULRV PHQFLRQDQGR H[FOXVLYDPHQWH DO 0HUFDGR 0XQGLDO
FRQ ODV PLVPDV PD\~VFXODV TXH %RUVXHW HPSOHDED SDUD OD 3URYLGHQFLD &DWyOL
FD (VH PHUFDGR IXH VLQ GXGD XQR GH ORV IDFWRUH SHUR QR HO呸QLFR P呸V SU4B
[LPR R SULQFLSDO /D ORFDOL]DFLyQ JHRJUKO
LFD GH ORV DOWRV VDODULRV SHUXDQRF
D PHGLDGRV GHO [L[ SXHGH VHU PHMRU FRPSUHQGLGD HQ IXQFLyQ GH IHQyPHQRV PX
FKR PWWV FRPSOHMRV SURFHVR KLVWyULFR GH H[SXOVLyQ GHPRJUW~LFD GHO FDPSHVL
QR RULJLQDGD SRU OD KDFLHQGD HVFODYLVWD \  OD FRPSHWHQFLD GHO UHJDGLR HFROR
JLDV TXH SRVLELOLWDURQ ]RQDV GH UHIXJLR JHRHFRQyPLFR PDU FKDOD ORPD GH
O[[[LY

VLHUWR \ DFHTXLD PDUJLQDO  \ QXHYRV UHDM XVWFV FDQSHVtQRV  SHVFD QRUWLF X/ 
呸- U D  ]  UW F V DQD U XU DO   DU U L HU DM 呸  SW TXHx R F RPpF L R   7GR O R F X" O  GHW HU PL  
Q XQD QHULH GH UFDFFLRQFV H FDGHQD TXH FRQFOX\y HQ OD DSDULFLyQ GH XQD
FFRQRPLD FDPSHVLQD FRVWFx D FRD WHUQDWLYDV SURSLDV DM HQDV DO FYFQFXDt VDOD
ULR TXH OD KDFLHQGD SRGD SDJDU D XQ MRUQDOHUR 0LHQWUDV KXER HVFODYLVPR
QDGD GH HVWR LUSR
W  D ORV KDFHQGDGRV /XHJR IXH
GHPDVLDGR WDUGH SDUD yP""B
QHU EDM RV VDODULRV \ SDUD FRQYHW U PDVLYDPHQWH 呸O FDPSHVLQR DQWLJXDPHQWH
t

H[SXOVDGR HQ MRUQDOHUF D WLHPSR FRPSOHWR


0X\ SRFR GHVSXpV GH ODV 9 DORUL]DFLRUHV GH  HO *RELHUQR VH YLR
RWUD YH] REOLJDGR KDFLD  D LQYHVWLJDU OD VLWXDFLyQ HFRQyPLFD GH 
ORV WUDEDMDGRUHV GHO FD呸SR (O SUREOHPD P呸V XUJFFQWH HU呸 HO GH OD HVFDVH] \ 
DO]D GH SUHFLRV GH ORV DOXPHQWRV HQ OD FDSLWDO 3HUR HVWR D VX YH] VyOR
SDUWH GH XQD FULVLV JHQHUDOL]DGD HQ WRGR HO SDtV DXQTXH QR VLHPSUH SRU ODV
PLVPDV FDXVDV \ FRQ LJXDOHV PDQLIHVWDFLRQHV / D LBUB - BFL GH SUHFLRV &

ODV FLXGDGHV FRVWHx DV ORV GHVDVWUHV VVPLFRV \  ODV LQXQGDFLRQHV HQ HO呸呸呸
ODV UHEHOLRQHV GH FKLQRV H LQGLRV SXVLHURQ GH PDUULUtHVWR D ILQHV GH ORV 
DLLRV  OD IUDJLOLGDG GHO HGLILFLR VRFLDO SHUXDQR
¢4XIH KDELD IDOODGR HQ OD HFRQRPtD SHUXDQD
SDUD TXH VH SURGXMHUDQ HVWRV FRQIOLFWRV GHVSXpV GH YHLQWH DxRV GH FRPHUFLR
JXDQHUR \ HQ PHGLR GH OD DEXQGDQFLD GHO GLQHUR \ HO FUHFLPLHQWR GH ODV H[ 
SRUWDFLRQHV" ¢7RGD HVD SURVSHULGDG UHVXOWDED ILFWLFLD \ OD FRQH[LyQ FRQ ORV
PHUFDGRV H[WHUQRV SHUMXGLFDED HL YH] GH IDYRUHFHU D OD VRFLHGDG LQWHUQD"

¢4Xp SRGLD KDFHU HO *RELHUQR FXW!OHV HUDQ ODV UVSRQVDELOLGDGHV GHO VHFWRU
SULYDGR" ¢4Xp VROXFLRQHV FDELDQ" 3DUD UHVSRQGHU HVDV SUHJXQWDV SUHMDUy B
QXFO 3DUGRV FRPR DOFDOGH GO / LPD 呸 SOLHJR GH  & XHVWtRQHV  VREUH GLLHUHQ 
WHV DVSHFWRV GH OD HFRQRPLD SHUXDQD FODVLILFDGRV HQ GL呸] FDSLWXODV SULQFLS
OV &DSLWDO \ 0RQHGD $OLPHQWDFLyQ7 LHUUDV &RPEXVWLEOHV HWF  / RV UH
VXOWDGRV UBHURQ SXEOLFDGRV HQ XQ YDOLRVR \ FDVL LQKDO/ OOH IROOHWR TXH KH
PRV UHHGLWDGR HQ QXHVWUD %LEOLRWHFD $QG
LQD] 'DWRV H (QURUUQHV VREUH ODV
FDXVDV TXH KDQ SURGXFLGR HO DO]D GH SUHFLRV GH ORV DUWLFXODV GH SULPHUD QH
FFV GDG TXH
t 6 ¼
 FRQVXPHQ HQ OD FDSLWDO / LPD 6  / 2 FRPHQWDUHPRV SRU H[
WHQVR PiV DGHODQWH 'HVGH OXHJR OD PD\RU SDUWH GH /RV GDWRV VH UHIHULDQ D
OD DJUFXOWX]D FRVWHx D \ XQD - H ODV  FXVWLRQHV  H[DPtQDGDV IXH OD GH ORV 
VDODULRV FRQILDGD D 5 0RQWHFR % (OJXHU \ O$  9 LOODFLOOOSD WHUUDWHQL呸
WHV WHGRV HOORV ( V SRVLEOH TXH HVWRV LQWRUPDQWHV H[DTHUDVHQ SRU FRQYFQLW呸
FLD SURSLD ORV JDVWRV GH ODV HPS呸HVDV DJULFRODV \  TXH ORV FKLQRV SRU HMHPSOR
UHFLELHVHQ HQ UHDOLGDG PHXRV GH OR TXH GLM HURQ
&RPR VH YH OD OLPLWDFLyQ SULQFLSDO GH ORV WHVWLPRQLRV S~EOLFRV FLW
GRV QR SURFHGLD GH VX SURSLR FDUiFWFU RILFLDO &RQVLVWL p-  FRQWUDULR HQ OD
y

GHOHJDFLyQ GH 3XQFLRQHV HQ ( DYRL GHO VHFWRU H


O£UFVULDO SULYDGR DO FXDO QR
O[[[Y

V L HPSU H O H F RQYHQL D GL Y XO JDU  O D Y HU GDG HQ PDW HU L DV  HF RQyPL F DV   6L Q RO Y L GDU 


TXH  HQ F XDO TXL HU  F DV R  O D PL V PD QDW XU DO H] D GH HV DV  PDW HU L DV  \  O D F RPSO HM L  
GDG GHO  QDtV   KDF DQ GL I L F L O  V X F RQRF L PL HQW R 
t / R O Wt PR HV  W DPEL pQ DSO L F D 
~

EO H D L QY *V W L JDGRU HV  SDU W L F XO DU HV  F RPR 0DU W L QHW   $U HQD  *DU O DQG \  &DV V  'RV 
GH HO O RV  &DV yV  \ $U DQD  DV XPL HU RQ XQ SDSHO  F U L W L F R I U XW F  D O RV  DJU L F XO W R 
U HV   0L HQW U DV  TXH 0DU W L QHW  \ *DU O DQG W U DW DU RQ GH V HU  REM HW L Y RV   3HU R HQ 
W RGRV  O RV  F DV RV   DGHPiV  GH W HQHU  TXH XV DU  O RV  L QI RU PHV  RI L F L DO HV  \  ~XSU HV D 
U L DO HV  SU HY L DPHQW H DI HF W DGRV   QR HV W DEDQ HQ O DV  PHM RU HV  F RQGL F L RQHV  SDU D RE
W HQHU  GDW RV  DO W 呸U QDW L Y RV  SRU  V X F XHQW D 
+D\ SRU   O Wt PR  XQ SU RF HV R GH L GHRO RJL ] DF L yQ TXH W U DV SDV D W RGDV  O DV 
RSL QL RQHV  HPL W L GDV  GXU DQW H HO  V L JO R [L[ DF HU F D GHO  W U DEDM R U XU DO   L QF O X\ HQ 
GH O RV  F iO F XO RV  TXH HV DV  RSL QL RQHV  L QYRF DEDQ F RPR ) XQGDPHUUWR
'H/ O DGR GH
O RV  SU RSL HW DU L RV  F RQY HQt D V REU HY DO XDU

 O R
 F RV W RV  GH F KL QRV   HV F O DY RV  \  M RU  
QDO HU RV  O L EU HV  SDU D  D  U HGXF L U  HO  PDU JHQ GHO  EHQHI L F L R HPSU HV DU L DO   \  E 
GHPRVWUDU V L PXO W I XO HDPHQW H TXH SRU  V HU  PiV  F DU R ā HO  M RU QDO HU  R  O L EU H KDEL D
TXH PDQWHQHU VLQ HPEDUJR DO HVFODYR R DO FKLQR 0LHQWUDV TXH D VX WXUQR
TXL HQHV  F RPEDW L DQ D O RV  JU DQGHV  DJU L F XO W RU HV  W HQGL DQ D V XEY DO XDU  HO  V DO D
U L R GHO  M RU  DO HU R \ D H[DJHU DU  O RV  F RV W RV  GH HV F O DY RV  \ F KL QRV   SiUDUSU  REDU  
TXH  GHEL GR D VX HVFDVD GL I HU HQF L D F RQY HQL D V XV W L W XL U  O DV 
) RUPDV W U DGL F L R呸
O HV  GH W U DEDM R SRU  RW U DV  PiV  PRGHU QDV   3HU R O D PDQL SXO DF L yQ GH O RV  KHF KRV 
W HQL D XQ O L PL W H HQ HO  PL V PR SU RF HV R GH F RQI U RQW DF L yQ L GHRO yJL F D W DQ DF W L Y R
GXU DQW H HV R  Dx RV   1L QJXQR SRGL DB  L U U L HV JDU V H Dā XQD GHV Y L DF L yQ GHPDV L DGR  
JU DQGH GH -  D U HDO L GDG QL  DXQ GHV F RQW DQGR TXH V D GHV Y L DFL yQ I X   U D HY HQW XDO 
H

PHQW H H F RL QF L GL U  F RQ HO  L QW HU pV  GH V X DGY HU V DU L R呸 3RU  O R GL F KR QR FRQ 


F O XL 呸'V  TXH F DGD XQD \ W RGDV  O DV  DL L U P- F L RQHV  TXH GL V F XW L PRV  GHEDQ V HU 
DF HSW DGDV  L QW HJU  D PHQW H O R TXH HV XO W DU L D L PSRV L EO H HQ O RV  SXQW RV  TXH VH
F RQW U DGL JDQ   1L  D O D EV TXHGD DXW RPiW L F D GH XQ UQL QL PR F RP~Q GHQRPL QDGRU  
6L QR DO  HPSO HR GH XQ SU L QF L SL R GH F RQJU XHQF L D L QW HU QD GH F DGD W HV W L PRQL R \ 
āGHFRPSDWLELOLGDG H[WHULRU FRQ RWUDV VLWXDFLRQHV KLVWyULFDV DFUHGLWDGDV SRU
I RU PXO DF L RQ呸V  L QGHSF QGL 呸QW F V B DO B W HV W L PRQL R HQ F DXV D 
6L Q DGKHU L U QRV 
 ā 
SRU  DKRU D D QtQTQ W HV W L PRQL R WUDVFUt Et  U HPRV  V XV  GD 
W RV  SU L PDU L RV  P呸V  L PSRU W DQW HV   $O W HU DQGR HO  RU GHQ HV W DEO HF L GR VHSDU DPRV  O D
I XHQW H  SDU D HO  I L QDO  GH HV W H DF 呸SL W H 

  0L QL V W HU L R GH *REL HU QR  

D  (V F O DY RV  E ā- RU QDO HU R V  F   


DO 
GL D   U/V    UO V   
(V W 呸呸DF L RQHV  GL DU L DV   3DU D HO  HV F O DY R SU RPHGL RV  GH L QW HU pV  \  JDV W RV  JHQH 
U DO HV   3DU D O RV  M RU QDO HU RV  VL Q DO L PHQW R  V yO R KDEL W DF L Q  
O[[[YL

  +DUWLQHW 

D (VFODYR  E - RUQDOHUR  F ‡RUQDOHUR  G  *KLQR 


GD FWV 2 FWV R FWV  FWV
3DUD & KD\ XQ Pi[LPR GH 6 HX /LPD \ KDEUD TXH DxDGLU 2 GtDULRV
SRU DOLPHQWDFLyQ 

  *DUODQG  " 


&RVWR 7 UDEDMDGRU &KLQR

D &RQWUDWD  DxRV


 DO DQR‡‡‡‡‡‡‡ 6 

E ,QWHUpV  DxR‡‡‡‡ 

F *UDWLILFDFLyQ DO D


6   DO PHV   

G $OLPHQWRV  G   

H 9 HVWLGR DO DxR‡‡ 

I 0RUWDOLGDG  DxR   

J  (QI HU PHGDG  I XTD  Y DU L RV   

7RW DO  DO  Dx R  6 


3URPHGLR GD  FWV
  - XD GH $URQD 

D 7 UDEDMDGRUā &K呸QR E  - RU QDO HU R /L EU H

$O
GLL  

  $QyQLPR  (VWRV F呸OFXORV VH EDVDURQ HQ ODV QHFHVLGDGHV GXUDQWH  L呸RV
GH FP PHGLDQR IXQGR TXH HPSOHDUD  WUDEDMDGRUHV 3DUD 
HO MRUQDOHUR OLEUH VXSRQD XQ VDODULR SURPHGLR GH 6 O GLDULR

D &RVWR GOFO 7 UDEDMDGRU &KLQR  KRPEUHV


HQ  DULRV
D $GTXLVLFLyQ FRQWUDWD GXUDQWH‡‡‡‡ ‡  ‡  ‡  ‡  ‡   6 &2

 DLRV SDUD  KRPEUHV FX DO DxR


E 6DODULR DQXDO HX   
H 9HV WLGH‡‡‡‡‡‡‡‡‡‡‡ 
G 0DQXWHQFLyQ  FWV GW   

I 9 DULRV PDHUWH GHVIDOR HWF    
7RW DO  DO  Dx R SRU  F DGD X呸R  
7RWDO HQ  DxRV SR呸  KRPEUHV 6 &
7RWDO GH  \ ‡‡‡‡‡‡‡‡ 
 O [ [[Y L L  

E &RVWR GHO - RUQDOHUR /tEUH


6 GLDULR SRU  GLDV D, DxR HX 
HO  SRU  WUpEDMDGRUHV             

H  SRU  DxRV 
'LUFUHQFLD GH - RUQDOHUR VREUH &KLF'


  / DUUDEXUH 呸

&RVWR GHO 7 UDEDMDGRU FKLQR DO D呸R

D &RUUWUDWD VL  SRU  DILDV ‡ 6 


R /QWHUpV GHO FDSLWDO ‡‡‡‡‡‡‡‡ 
F $OLU- HQWR 6  PHV ‡‡‡‡ 
G *UDWLILFDFtRQ 呸 呸   
H 6HUYLFLRV F[WUHRUGLQDUtRV 呸  *
I 0 GL F R    ‡‡               

7RWDODO DQR呸‡  

3U RPpGL R DO  GL D   FWV

6DODULR GHO - RUQDOHUR /LFUH &


  2 FWV

'L HUFQFLD GHO - RUQDOHU呸 FRQ


U HV SHF W R DO  FKLQR   F W V  

) DUD FRPRGRGLGDG JUW


ILFD O āHJR GH HVWDV VHLV I
RUPDFLFQHV SUHVHQWDUURV


VFJy GLMLPRV ORV GDWRV GH D (OFXHVWD PXQL*LSDO RUJDāL]DGD SRU 0iOOXHO3DUGR
HQ ¼ GDWRV FRPR VHUHFRUMDU呸 FRUUHVSRQGLHQWHV DO SHULRGR 

&RVWR \ 6DODULR ( VFODYR - RUQDOHUR


 FāHDOHV

L

 $ %
(VFODYR - RUQDOHUR  %$ā $ XPLL
! 

 £ 

 0RQWHUR  &    


 (OJXHUH R   
!
OLOODFDQSD   O 
L 

&K- RUQDOHURV  ā UHDOHV ā

$ %


L
 %$
&KLQR - RUQDOHUR $XPHQW R 


 LRQWHUR   O *
  (OJXHUD    
 ! 9 LOODFDPSD  

/  M

O[[[YLLL

- RUQGOHUR   UHDOHV 

$
 
%



%$ $XPHQWR
 O  


 0RQWHUR       
  (OJXHUD       
 9 LOODFDPSD     

(VFODYRV&KLQRV  

 
$ % *KLQR   B%$  $XPHQWR
(VFODYR    
  0RQWHUR         

        
 & L

  (OJXHU
 9 LOODF
?USD   呸


&RVWR \ 6DODULR &KLQR- RUQDOHUR


 

$ %  %M?
&KLQR - RU QDO HU R $XPHQWR 
  
  0QWUR
  )ODXHUD

 
O 


 
 
  
 9 LOODFDPSD   O  


5HVXOWG GLILFLO HQFRQWUDU XQD EDVH FRP~Q GH FRPSDUDFtyQ HQWUH FLIUDV WDQ

KHWHURJpQHDV 6X VROD HQXPHUDFLyQ HYLGHQFLD OD FRPSOHMLGDG GHO WHPD \ FXDQ OL
YLDQD VHULD FXDOTXLHU JHQHUDOL]DFLyQ TXH HV&yJLHUD DUELWUDULDPpxWH XQR VROR

HVRV LQIRUPHV "DUD YHQFHU HVWH LPSDVVH KFPRV DQDOL]DGR ODV SURSRUFtRQHV LQBU
QDV HVWDEOHFLGDV SRU ORV MLIHUHQWHV WHVWLPRQLRV HQWUH FLHUWDV FDWHJRULDV GH W U % 
EDMDGRUHV (Q HO FXDGUR VLJXLHQWH PRVWUpUQyV āHSRUFpUUWiMH GH DXLQHUUWR R GLPLQX
FLyQ GHO VDODULR GHO MRUQDOHUR OLEUH FRQ UHVSHFWR DO FRVWR GHO WUDEDMDGRU FKL 
QH 6H VREUHQULHQGH TXH HO SHULRGR   GHEH VHU GHVFRPSXHVWR \ UHIHULGR
D ODV OHFKDV DQWHULRUPHQWH DVLJQDGDV D FDGD DXWRU

$XPHQWR   R 'LVPLUYFLyQ   GHO $V- ODULDGR /LEUH FRQ


UFV"FFWR DO &KLQR &RQWUDWDGR 
 

7HV W L PRQL RV   7HV W L PRQL RV  


  +DUWLQHW    0RQWHUR 
  $ URQD   (OJXHUD 
 $QyQLPR     9 LOODFDPSD 
  /DUUDEXUH
 O [[[L [  

¢4X SUpIRULU" ¢(O MRUQDOHUH OLEUH JDQDED LJXDO TXH XQ FKLQR FRQWUD
WDGR" $ UDQD  ¢+HQRV" / DUUDEXUF  ¢2 ¢ FRQR
£ GLFHQ ORV RWURV  / DUUDEXUH
\ $UDQD QXQFD IXHURQ PX\ SDUWtGDU/RV G OD P
JU£BBFL FKLQD \ HVWR SRGUD H[ 
SOtFDU ORV EDMRH MRUQDOHV TXH FRQVLJQDQ 6H DUTXPHUUWR FāD 3XHVWR TXH HO WU- 
E M D&RU FKLQR FXHVWD OH PLVPR R KDVWD PiV TXH H呸 SHUXDQR VHULD FRQYFUULHQWH
HPS/ FDU D HVWH / WLPR
~ 3HUR GHO ODGR GH +RQWHUR ( OJXHUD L7ODFHPSD DFWXDED
DVLPLVPR FRPR GBā PRV XQ LQWHUWV VL ELHQ RSXHVWR 0DQ&O&  OD PLJUDFL- K FKLQD
\  GFPRVWUDU  `D PHQRU UHQWDELOLGDG GF MRUQDOHUR Q呸LFWO‡ 'HMFPRV FX VXVSFL
VR O SUREOHPD SDUD UHWRPDUOR HQ ODV SUy[LPDV SWIS6 

; ,, / V - R
QDOH 3HUR ¢4XLpQHV HUDQ HVWRV WU呸EDMDGRUHV OLEUHV" / RV MRUQD
URV  / tEUHV
/FURV KDE DQ FRF[ DWtGR GHVDH WOWL呸X呸 DO ODGR GH OD HVFWZt WXG
t t

HQ OD FRVWD \ HO\XQDFRQDMF HQ OD VLHUUD 3HUR VX QRPEUH FRQYLQR HQ GtYHUVDV
pSRFDV \ UHJLRQHV D JUXSRV VRFLDOHV PX\ GLIHUHQWHV HO MRUQDOHUR FULROOR Hā
  SHyQ VHUUDQR HO  HQJDQFKDGR HVWDFLRQDO 呸O FKLQR TXH VHJXLX WUDEDM PGR HQ OFW
KDFLHQGD GHVSXpV GH YHQFLGD 8 FRQWUDWD R HO HVFODYR TXH KL]R OR PLVPR GHV 
SXOV GH /tEHUWDGR $XQTXH QR VLHQSUH FRPR YHUHPRV HUH FRUUHFWR OODPDUOHV MRā
QDOHURV \ PHQRV DXQ OLEU(&V
/ RV SU L PHU RV  M RU QDO HU RV   GHVSXWV GH OD LQYDVLyQ HVSDx ROD HVWXYLHURQ 
FRPSXHVWRV FDVL H[FUXVWYDPFQWH SRU ORV LQGLRV GFOD]FLGRV TXH DGHPiV GH KDEHU
!FUGLGR VXV FRPXQLGDGHV GH RU THQ QR KDELDQ VLGR HI呸FWLYWPUQWF LQFRUSRUDGRV D
t

QLQJXQR GH ORV VLVWHPDV FRORQLDOHV WH FRQWURO LERUDO KDFOHQGD7 UFGXFFiRQHV
\DQDFFQDM H PLW! HQFRPtHQGDV HWF  ) XHURQ ORV OODPDGRV
‡M QGLRF VHO LRV  S呸
UD TXLHQHV KXER GHVGH UUOL呸YV GHO [Yt XQ PRyH/ R XH FFQWUDWR - H WUDEDM R D FDU
JR GH ORV HVFULEDQRV LH LGLRV \ EDMR OH YLJLODQFLDMPWLO GHO 3URWHFWRU GH 1D
WXUDtHV R GH TXLHQ KLFLHUD VXV YHFHV
3RVWHU RUPHQWH Q S/ HQR VLJOR [YLL WDPELQ IXF URQ / ODPDGRV MRUQF-  / 
t 

URV ORV FDPSFVLQRV Gā ODV FRPXQLGDGHV LQGLJHQDV TXH WHPSRUOOPHQWR VH FRQFHUWD
EDQYFRQ ORV KDFHQGDGRV / D PD\RUD GH HO/RV HUDQ LQGLRV VLQ WLHUUD SULPOWL9 (B
PHQWH /ODPDGRV 3RUDVWHURV SHUR WDPELpQ KDED KRPEUHV FRQ WLHUUD HQ SULQFL
SLR RULJLQDULRV  TXH SRU PHGLR GHO VDODULR SDJDEDQ HO WULEXWR TXH VXV FDFLTXHV
FREUDEDQ SDUD HO 5 H\ R FDQFHODEDQ ODV PFUFDGHU DV TXH D OD IXHU]D UFSDUW呸D
t

HO FRUUHJLGRU (Q HVWD VLWXDFLyQ /D GH MRUQDOHURV IXH D YHFHV XQD FDWHTRU/ D 
LQWHUPHGLD XQ SDVDMH KDFLD HO WUDEDMR VHUYLO (O LQGLR FRQFHUWDGR SDUD WUD
EDMDU XQDV SRFDV VHPDQDV JDVWDED HQ HO WDPER GH OD KDFLHQGD P$V GH OR TXH D 
QDED R SRU OR PHQRV DV GHFLD OD FRQWDELOLGDG TXH OO呸YDED HO SURSLHWDULR $O
ILQDOL]DU呸呸 SHULRGR GH WUDEDMR HVW MRUQDOHUR VH KDOODWD FRQ XQ VDOGR HQ FRQ
WUD 7 HUPLQDED VLHQGR HQWRQFHV XQ VLPSOH HQGHXGDGR D GLVSRVLFLyQ GH VX DFUHH
GRU 'H WHQHU VXHFUWH HUD LQFRUSRUDGR D OD SREODFLyQ \DQDFRP]DGD GH OD KDFLHQ
GD
; & 

'XUDUUWH WRGR HVH WLHPSR OD 


( ODFLyQ MRUUDOFURKWFLFQ- D IXH XQD U DFWQ
VWULFWDPHQWH YHFLQDO \ QR VXSRUUtD FRPR OD PLWD GH QtQDV XQ JUDQ GHVSOD]D- 7LHB
WR GH ORV WUDEDMDGRUHV GHVGH VX YLYLHQGDV D ORV FHUUWURV GH WUDEDMR 3HUR &(  DO
JGQ PRPHQWR ¢FXiQGR"  VH LWOLFLy OD PLJUDFLyQ HVWDFLRDDO VLHUUDFRVWD &DOFG
O
ULRV DTU/ FR/ DV FRPM/ HPFQWDUtRV SHUQUL呸LHURQ TXH GHVSXiV GH WHUPLQDU V]V ODERUHV
SURSLDV ORV FDQSHV ]RV EDMDVHQ D ODV  KDF LHQGDV FRVWHx DV X]UDQWH ORV WLHPSRV GH
t

VLFPEUD \ FRVHFKD ¢( UDWL HULJDQFKDGRV HVWRV MRUQDOHURV" 1R OR VDEHPRV $OOO
QRV WHVWLPRQLRV SDUHFHQ tO&呸DU OD H[LVWHQFLD GH XQ UHFOXWDPLHQWR IRUPDOL]FGR =H
WUDWDUOD PiV  ELHQ GH PLI- <
&LRQHV  YROXQWDULDV  FDXVDGDV SRU OD QHFHVLGDG &H ¢
JiU HO WULXWR GXUDQWH OD FRORQLD  R / D FRQWQtEXFLyQ SHUVRQDO GXUDQWH OD =TW
EOLFD ( WRGR FDVR HVWRV PRYLPLHQWRV DSDUHFHQ UHJLVWUDGRV SRU OR PHQRV GHV
GH ILQDOHV GHO VLJOR [YLLL \ VH DHQHUDOL]DUDQ GXUDQWH WRGD OD SULPHUD P呸WDG
GHO VLJOR [L[ (O SURFHVR TXHGy JHRJUI~
LFDPFQWH FRQILQDGR D ORV YDOOHV FRVFH
x RV TXH QR WHQLDQ VXILFLHQWW SREODFLyQ HVF@DYD 8QD EXHQD GHVFULSFLyQ GH
WH I
UQyPHQR 
XH KHFKD HQ  SRU )UDQFLVFR GH 5LYHUD

6DELGR HV TXH HQ ORV YDOOHV FRQGH QXQFD KD H[tVWLGR HV
FODYDWXUD VLQR HQ OLPLWDGD FLIUD R GRQGH VH KDOOD 呸
GD SRU OD FRUULGD GHO WLHPSR \ ORV PDOHV GH OD JXHUUD
HtHERDQ ODV KHUHGDGHV MRQDOHURV TXH EDM DQ GHO tQWHUtRU 
SHUPDQHFHQ X SHULRGR GH XQ PHV D OR PiV WUDEDM DQGR \ 呸

JUHVDD D VXV KRTDUFV 8QD SDUWH LH OD JDQDQFLD GH HVWRH
LQIHOL呸FV VLUYH SDUD FXEUL 呸(
 FRQWU/ EXFGyQ GtUHFWD £WB
JUDYD VREUH VXV SHUVRQDV \ ULX\ SRFR OHV TXHGD FRPR SUH 
UUtR 呸H 呸ā 3HQDOLGDG \ SU YDFtRQHVY
t

( VWD FRUU HQWH G  WUDEDM DGRUHV FVWDFtRQDUHV TXHGy LQWHUUXPSLGD GHVSXpV
t

GH  SRU UD]RQHV TXH GLUHPRV 3HUR DO PLVPR WLHPSR TXH GHVU呸UH DLL GH 呸


F RV W D O RV  F DPSHV L QRV  VHUUDQRV XQ QXHYR FRQWLQJHQWH DXPHQW y H Q:7OHUR GH MRU呸呸
OFURV ORV FVFODYRV TXH GHVSXpV GH VX OLEHUWDG QR WHQLDQ RWUR HPSOHR GLVSRQL
EOH TXH HO PLVPR GH VLHPFUH DO VHUYLFLR GHO SDWUyQ (O WUiQVtWR HVFODYRFMRR
QDOFUR HVW SRU LQYHVWLJDU /RV OLEHUDOHV FRPR KHPRV YLVWR KDELDQ SHQVDGR 
i

TXH HVWH OODEULD GH VHU XQ SURFHVR DXWRPiW FR t 3HUR ORV KDFHQGDGRV \ ORV
JU
GHV IXQFLRQDULRV SEOLFRV QR FRPSDUWLDQ HVWH RSWLPLVPR $SHQDV GFFUHFHGD
OD OLEHUWDG GH ORV HVFODYRV HO SURSLR JRELHUQR GLFWDED PHGLGDV SDUD TXH IXH 
VHQ UH QFRUSRUDGRV DO WUDEDMR GH / RV KDFLHQGDV 呸
 FDOLGDG GH DVDODU DGRV OL 
t t

EYFV OHJy 呸QFOXVR D QRPEU]U XQD FRPLVLyQ TXH GHELD HODERUDU XQ 5(FJOLOIXHQWR
5XUDO TXH SUHYLQLHVH OD YDJDQFLD \ HVFDVH] GH EUD]RV 3RU GHVJUDFLD HVD FRPL
VLyQ HVWXYR FRPSXHVWD SRU ORV PLVPRV KDFHQGDGRV TXLHQHV LQFOX\HURQ GHQWUF GH 
OD SROLFLD SUHYHQWLYD D WRGD OD SREODFLyQ FDPSHVLQD FLHO 3HU~ (OSUR\HFWR 
TXH SUHVHQWDURQ QR OLPLWy R呸 PRUUWR GH ORV DGHODQWRV F!O  MRUQDOHUR H LQWURGXMR ā
ODV OH\HV G/  FD]D \ SHUVHFXFLyQ SDUD HO HQGH呸GDGR 6X PLVPD H[DJHUDFLyD 呸
Kt  ] R IUDFDVDU RV SURS HWDULRV SHUGLHURQ SRU XQ PRPHQWR HO F RQW U RO  DEVROXWR
t

GH VXV DQWLJXRV WUDEDMDGRUHV (QWUH HVWRV HVFODYRV KXER ORV TXH GHMDURQ ODV 
[FL

KDFLHQGDV \ VH WUDVODGDURQ D ODV FLXGBGHV \ TXH SRU FRQVL呸VLHQWHQXQFD OOHJ呸


URQ D VHU MRUQDOHURV UXUDOHV 3HUR ¢&XIXOWRV IXHURO" 0DQXHO 3DUGR VXSRQD HQ
 TXH OD PD\RU SDUWH (VWD FDUHQFLD UFSHQWLQD GH EUD]RV RULJLQDGD SRU OD
PDQXPLVLyQ SURYLQR GH TXH XQD JUDQ SDUWH GH ORV HVFODYRV OLEUHV DEDQGRQy HO 
WUDEDMR GH ODV JUDQGHV KDFLHQGDV \ YLQR D HVWDEOHFHQVH HQ ODV FLXGDGFVY UR
FVDPRV PXY VHJXURV GH TXH DVt RFXUULHUD SRU OR PHQRU HX OD HVFDWD TXH V呸JBB 
ULy 3DUGR
& DEU/D DxDGLU DOJXQDV FDWHJRULDV PiV GH MRUQDOHURV (Q SULPHU OXJDU
HO OODPDGR MRUQDOHUR FULROOR (V GHFLU HO LQGLR R PHVWL]R FRVWHxRV SUy[tQR D 
ODV KDFLHQGDV GRQGH WUDEDMDED WHPSRUDOPHQWH /XHJR ORV SURSLRV FKLQRV TXH KD
ELHQGR WHUPLQDGR VX FRQWUDWD FRQWLQXDEDQ WUDEDMDQGR HQ HO FDPSR IXHVH SRU - 8

YROXQWDG R SDUD VDWLVIDFHU GHXGDV FRQ HO SURSLHWDULR R FRQ HO HQJDQFKDGRU GH
OD FXHGUL7/D
¢&XWOQWRV HUDQ WRGRV HVWRV MRUQDOHURV" ¢(Q TXp PHGLGD HVWD FDWHJRULD 
ODERUDO KXELHVH SRGLGR UHHPSOD]DU D ORV HVFODYRV \ HLF
OX U SRU LQBLHFHVFB 
t

OD PLJUDFLyQ FKLQ"" &RPR HQ HO FXUVR GH WRG" QXHVWUD LZFVWLJDFLQ DQWHtR

FDGD XQD GH HVDV SUHJXQWDV VH GHVFRPSRQH SRU GHVJUDFLD HQ XQD VHULH GH RWUDV
SUHJXQWDV SDUD ODV TXH WDPKLpQ KD\ TXH EXVFDU UHVSXHVWD RU IDOWD GH HVWXGLRV
IOHFKHV SRU RWURV 3DUD VDEHU / ] GLVSRQLELOLGDG \  QiPHUR GH ORV MRUQDHURV
H[LVWHQWHV HQ HO 3HU~ QRV YHPRV REOLJDGRV D FRQVLGHUDU HO SUREOHPD GH OD FOD
VLILFDFLyQ RDSDFLRQDO GHO 3HU呸 D ILQHV GHO VLJOR [L[ 8WLOL]DUHPRV IXQGD呸"
WDOPHQWH HO &HQVR *HQHUDO GH  VLQ UHSHWLU SHUR VL UHVXPtHQGR X3 FWH呸RU
SXE
O FDFtyQ QXHVWUD +DFHUD   1RV H[FXVDPRV SRU HVWRV URGHRV
t

&O &HQVR GH  KDELD SUHYLVWR XQD LQIRUPDFLQ HVSHFLDO VREUH ODV
RFXSDFLFQHV GH OD SREODFLyQ SHUXDQD 3HUR DO LPSULPLU ODV KRMDV FHQVDOHV QR
UHVHUYy QLQJQ FDVLOOHUR SDUD HVH ILQ <  IXH DO SDUHFHU VyOR GHVSXpV GHO *HQ
VR TXH 1$  )XHQWHV SUHSDUy XQ IRUPXODULR DO UHVSHFWR VLJXL(QGR ODV UHFFPQG5
FLRQHV GHO &RQJUHVR (VWDGLVWLFR GH %UXVHODV / RV HPSDGURQDGRUHV WXYLHURQ 
SXHV TXH DQRWDU HQ OD FROXPQD 2EVHUYDFLRQHV WDQWR OD RFXSDFLyQ GH ORV SREO呸
GRUHV FRQR ODQDFLRQDOLGDG GH ORV H[WUDQMHURV "HUR QR WRGRV OR KLFLHURQFUB
\HQGR UD]RQDEOHPHQWH TXH HVH FDVLOOHUR 2EVHUYDFLRQHV HUD VHF XQGDUtR R PDU
JQDO 3RU RWUD SDUWH WDPSRFR UHFLELHURQ LQVWUXFFLRQHV SUHFLVDV SDUD XELFDU
FRQYHQLHQWHPHQWH FGD DFWLYLGDG /DV DXWRULGDGHV SRU HMHPSOR GHILQLHURQ FRP
6LQ 3URIHVLyQ D  WRGD SHUVRQDV TXH YLYD GH VXV UHFXUVRVž FV GHFLU VLQ WUDED
MDU GH ODV UHQWDV GH OD IDPLOLD OR PLVPR TXH HO SURSLHWDULR  GHVSHUWDQGR
GXGDV DFHUFD G VL ORV SURSLHWDULRV ¢GH LQPXHEOHV XUEDQRV"  GHELDQ R QR V呸
LQFOXLGR GHQWUR GH HVD FDWHJRULD /D IDOWD GH XQD QRPHQFODWXUD KL]R WDPELpQ
TXH 呸H DGRSWDUDQ GLIHUHQWHV QRPEUHV ORFDOHV SDUD XQD PLVPD RFXSDFLyQ DVL FR
PR D OD LQYHUVD HV GHFLU TXH XQ VROR ORPEUF VH DSOLFDED D RFXSDFLRQHV GL(H 
SHUR SRU OR GLFKR QR HVWDPRV VHJXURV TXH FRUUHVSRQGDQ 呸 RWUDV WDQWDV RFSD
FtRQHF FIFFWLYUV
)XH WD
O HO GHVHUGHQ £HH VH GHFLGLy QH SXEOLFDU HQ H, WRPR YLL XQ UWVO

PHQ JHQHUDO OH RFXSDF FUHV SDUD WRGD - D "FSIW呸LF
t + - )LHQWFF GHF D DO 
t

MXVWLILFDU HVWD P/GLGD


+DEUDVH QRWDGR  SU/PFUD YL呸  OQ OFU
HFFXRVF GH ` 
FXDDURV GH QDFLRQDOLGDG \ GH ªURI
HVtRQFV TXH IL

ULQ
F ORV U V~PHQHV GH R呸 GLVWULWRV GH ODV SāFYLQ  DV t

\ GH ORV GHSDUWDPHQWRV &RQ UHVSHFWH D ODV £URIHVLR


QFV HO UHVXQFQ - HQHUDO GH WRGD OD 5/3EOL呸D KDEULD
RI
UFFLGR XQ FRQMXQWR WDQ DEVXUGR TXF /  EX- /H\
KD H呸LGX VHU VXSULPLGR
/ RV GHIHFWRV GHO &HQVR HQ FXDQWR D VRV GRV BU呸 V
LPSRUWDQWHV GH GDWRV QR VH GHE/ Q FLFUWPHQWF"OR呸
FPSDGUFQDGRUFV VLQR D F LUXSHU)HFFLyQ GH ORV 呸 
GURV TXH VH OHV GLHUD (Q OOX呸 VH LYLGL O  
OFLF
,OFLOLGDG V HQ FXDQWR D SHUXDQRV \ H[WUDQMHURV L
LQL呸FLyQ GOJXD G¼ Oy U\DWULF GH HVWRV /D FVLOOU呸
UHI
HUFQWQ D SURt
HV
- <

āV IāX
 VXSUPXGD LRV FQU呸UF
t

QDGRUHV DFRQVHMDGRU
 DOJXQRV FH HOORV SRU H/ EXQ
VHQWLGR LQVFULELHURQ HQ  FROXPQD GH REVHYDFLR© 6
QR ORV KHFKRV TXH I
 I 呸 GHELFU RQ FRQV FQDUVH VLQR
t

OH UDFtRQD
OtGDG \ /D UUXHVLQ RWURV GHMDURQ U-WWB 呸
PHQWH GH FRQVLGHUDU HDV FRQGLFLRQHV‡‡ 呸 / DUFR 3  LB
WLO VHULD /OH
YDU DGHODQWH HVWD FULWLFD EDVWD GH L
TY/  V£ HO FHQVR DGR,FFF GH /RV GHIHFWRV \D LQVLQ/
 
GRV DO SULQFLSLR /W HVWD RFUF OD SDUWH UHIWUHWW pL
QDFLRQDOLGDG \ SURI
HV RQHV  SXHGH PHQRV GH VHU G
t

F/DUDG] OD Pi V LQFRPSOHWD \ DEVXUGD




$OJXQRV HMHPSORV SXHGHQ PRVWUDU KDVWD TXH SXUUWR /DPHXWDE/HPHUUWF &I


- h 

UD]yQ 0DQXHO $WDQDVLR )XHQWHV 6L FUH\HUDPRV DO FQR GH  QR KDELD HU 
WRQFHV HQ URG HO 3HU VLQR  KDFHQGDGRV RWURV WDQWRV SHRQHV \ QDGD PiV TXH
~

 \DQDFRQDV   (O HUURU HV WDQ JUDQGH TXH SRU PRPHUUWRV SDUHFFULD PFMRU
DEDQGRQDU HVWDV FLIUDV SRU FRPSOHWR 7RGDYLD PiV SRUTXH UHVX/WD LPSRVLEOH VD
EHU FXDQWR GH HVH HUURU IXH GHELGR D RPLVLRQHV FHQVDOHV DEVROXWDV \ FXDQWR D
ORV GHIHFWRV GH QRPHQFODWXUD \ XELFDFLyQ 7RGR OR TXH VLJXH VyOR HV HQ FRU
VHFXHQFLD XQD H[SORUDFLyQ FULWLFD
Q HO &HXVR VRRUH XQD SREODFLyQ GH 
  HVWDEDQ RFXSDGRU UD
6HJ £
JLVWUDGRV FRQ £URL
‡VLyQH   'H ORV UHVWDQWHV O
 "

V2OR  SXHGHQ VHU FDOLL
LFDGRV GH WUDEDMLGRUHV VLQ HPSOHR (Q H) HFWRL
GHO WRWDO VLQ SURLHVLyQ KD\ TXH UHVWDU D OD SRRODFLyQ SUHODERUDO \ £RVO~E2ā
U DO   'HV GH O XHJR TXH HV W RV  VRQ FRQFFS/ RV FXOWXUDOHV DQWHV TXH ELROyJLFDV \ 
TXH VyOR SDUFLDOPHQWH FRLQFLGHQ FQ ODV QRFLRQHV GH QLxH] \ DQF呸DQLGDG 1RVR
WUHV KHPRV FRQVWLWXLGR FVRV JU
!32 VXPDQGR WRXDV ODV HGDGHV FRPSUHQGLGDV H 
WUH -  DxRV FRQ ODV SRVWHULRUHV  ORV  \ DU ‡GLHQGH ODV HGDGHV VLQ FODVL
[FLLL

ILFDU 1R LJQRUDPRV TXH HQ HO 3HU ~  FRPR GLFH HO UF]UDQ VH FRPLHQ]D WHUQSU呸
QR \ VH DFDED āWDUGH  3HUR SHQVDUQRV TXH ORV OLPLWHV HVFRJLGRV UHSUHVHUUWHQ
F RQ PXF 呸D DSU R[L PDF L yQ O RV  XPEU DO HV  O D < !U DO HV  GH HV D 呸SRF D  (O  L QGL F H GH GH 
V RF XSDF L yQ EDM DU t D V L  pO  O L PL W H GH HGDG SU H O DERU DO  O R I L M DU HPRV  HQ O RV  
Dx RV  HQ Y H]  GH O RV  GL H]   7RGRV  O RV  KDEL W DQW HV  PHQRU HV āGH  \  PD\ RU HV  GH 呸
Dx RV  V XPDU L DQ HQW RQF HV  
 /RV  GHV RF XSDGRV  SU  REDEO HV /O  HTDU /DQ HW Vā
Y H]  D    3HU R  D SHV DU  DH O D GL V UU L QXF L yQ  HV W D F L I U D U HSU HV HQW DU D HO 
 GH O D SREO DF L yQ HQ HGDG O DERU DO   F V  GHF L U  XQ SRU F HQW DM H DO W V L PR TXH  U F  
Y HO D TXH     XW L O L ] DF L yQ G  - RV  U HF XU V RV  KXPDQRV  HQ HO  3HU   HV W DED O HM RV  GH KD
EHU  DO F DQ] DGR VXV  O L PL W HV  D I L QHV  GHO  V L JO R [L [  
'H O D SREO DF L yS HF RQyPL F HPHQW H DFW L Y Dā  F RU  SU RI HV L yQ  HQ SDO DEU DV   
GHO  &HQV R  QRV  L QW HU HV D  QL F DPHQW H SRU āDKR
D DTXHO O RV  RF XSDGRV  HQ U HO DF L yQ
P$V  R PHQRV  G呸U HF W D F RQ O R TXH O O - !- O O DU HPRV  HO  VHF W RU  SU L PDU L R E$V L F R  D  $JU L  
F XO W XU D  E  *DQDGHU D  F  3HV F D \  &D] D  $O  U HV SHF W R KHPRV  V HO HF F L RQDGR XQ W R
W DO  GH  DF W L Y L GDGHV  HQ V X PD\RU L D  JU F RO DV     
+HPRV  M XV W L I L F DGR HQ QXHV W U R HV W XGL R DQW HV  FL W DGR O D F DW HJRU L ] DF L yQ
TXH DKRU D HPSO HDPRV   'L V L SDU L RV  HQW RQF HV  DO JXQDV  GXGDV  V REU H DTXHO O DV  RF  XSD
FLRQHV TXH DSDUHQWHPHQWH SRGLDQ UHIHULUVH PHQRV  OR SURGXFFLyQ SULPDULD PLV
PD TXH D RW U RV  V HF W RU HV   HO DERU DF L RQHV  ¢DO DPEL TXHU RV "   F RPHU F L R ¢\ HU EDW H 
U RV "   V HU Y L F L RV  V HPL  XU EDQRV  ¢SO D\HU RV "   / R KL F L PRV  W HQL HQGR HQ F XHQW D  
 W DQW R HO  O HQJXDM H GH O D pSRF D FRPR HO  KHF KR GH TXH  HQ W RGR FDV R  V H W U DW DED
GH DF W L Y L GDGHV  iL U HF W DU x pQW H GHSHQGL HQW HV  GH O D SU RGXF F L yQ DJU R SHF XDU L D \  S呸呸
TXHU D 
6XPDPRV  WDPE pQ BD O RV  M RU QH /HU RV  SHU R O RV  PDQW HQHPRV   !RU  V HSDU DGR  / R
t

KDF HPRV   GHVSXpV  GH PXF KDV  Y DF L O DF L RQHV   SU L PHU R D  SRU TXH XQD SDUWH GH HV RV 
M RU QDO HU RV  W U DEDM DED HQ PL QDV  R H/  DO JXQRV  SHTXHx RV  FHUUWURV  PDQXI DF W XU HU RV  

O ÒHJR SRU TXH E  QR HV  SRV L EO H V DEHU  &8GO O W RV  V H GHGL F DEDQ D O D JDQDGHU L D \ 
F XiU U W RV  D O D DJU L F XO W XU D  3DU D GL V PL QXL U  HO  PDU THU   GH HU U RU  KHPRV  F DO F XO D 
GR O RV  M RU QDO HU RV  GH O DV  SU RY L QF L DV  O L W RU DO HV  BGHO  3HU 呸  H[F O X\ HQGR 7DU DSDF ¢  
GRQGH F DV L  W RGRV  W U 呸EDM DEDQ HQ O DV  V DO L W U HU DV   8Q U HV XPHQ GH W RGR HV W H W U DED 
M R SXHGH DSU HF L DU V H HQ O RV  RF KR F XDGU RV  V L JXL HQW HV  
 [F L Y  

&XDXU R   3REO DF L yQ RF XSDGD HQ $TU L F XO W XU D  3HU ~  

2FXSDF yQ
t
3HU XDQRV   ([ W U DQM HU RV   7RW DO  

  $JU L F XO W DU HV             


  $JXDU GL H W HU RV          
  $O DPEL TXHU RV         
  $O I DO I HU RV          
  $] XF DU HU RV     %     
  &DI HW HU RV          
 &DV DSDL O HU RV         
  &DV F DU L O O HU RV            
  &DSRU DO HV         
  &KDF DU HU RV         
  &KDQF DTXHU RV         
 &RF DO HU R
  'HV W L O DGRU HV 


 
 



 


 - 
 
  )O RU L F XO W RU HV          
  *Dx DQHV         
  +DF HQGDGRV         
  +RUWF
ODQRV            
  +RU W L F XO W DU HV         -   
'  - XQT8&O
26      O  
 BR /DEU DGRU WHV              
 0HQHV W U DO HV          
  3HRQHV         
 7U DSL F KHU RV         
" 7U L JXHU D        
  9L QL F RO R         
 9L U L DGRU ( V      O     &
£  <DQDF RQF V         
 <HU ED W HU RV          

7RW DO HV              

&XDGU R   3REO DF L yQ RF XSDGD HQ JDQDGHU D 3HU ~  


2F XSDF L yQ 3HUXDQRV  ([W U DQM HU RV  7RW DO 

  & FL DQGHU RV 
  &KDO DQHV 
 *DO O L QHU RV 
 

O
 
 




O
W
ā
 

 *DQDGHU RV         


  /Hx DGRU HV  2 /Hx DW HU RV      
  O DPHU RV      
  3DV W RU HV        
呸 5RGHDGRU HV    &  
  9TXHU RV 
     

7RW DO         


[FY

&XDGUR   3REODFLyQ RFXSDGD HQ 3HVFD \ &D呸D 3HU&W  


2FXSDFLyQ 3HUXDQRV  ([WUDQMHURV  7 RWDO
‡

  %X]RV       
‡
   &DPDURQHURV     R R 



‡
žā &D]DGRUHV 4    R R 


 




 , HVFDGRUHV       
  3OD\HURV       

7RWDO         




&XDGUR   3REODFLyQ RFXSDGD HQ HO 6HFWRU 3ULPDULR %$VLFR


3HU&W 

3HUXDQRV  ([WUDQMHURV  7RWDO

$  $JULFXOWXUD          


%  *DQDGHULD        O/O
 X    
&  3HV F D    
£
L
   

7RWDO           

$  %   F            


- RUQDOHURV           

727$/           


[FYL

&XDGUR   3RLODFLyQ DHVRFFSDFD \ QR ODERUDO


3HUO
t B ‡


3REODFLyQ QHQRUHV GH "REODFLyQ VLQ 3RODFLQ RFX
O -  PD\ RU HV  GH  I
3UR) HV LyQ SDGD  D DxRV
t FPRUDGD

   


GH  D  DxRV 

P呸QRU HV  GH  \
PD\ RU HV  GH    D  Dx RV 
 

 
 

&XDGUR 3REODFLyQ RFFSDGD \ VLQ SURIHVLyQ āHU~ 

  RF XSDGD ,
āUHUHQF DD
'HSDUWDPHQWRV  6L Q 3U RI HV L yQ 7RWDO *HQHUDO 'L £
ā 

  
 $QFDVK  L
 $PD]RQDV  &
O  
 $SXULPDF LO   
āV呸

W
 $]F TXLSD  
ā?\GFX&KR   
 &DMDPDUFD @ ) āā 
 & D
O/ DR 呸 呸  £

 &X]FR ( 


‡呸  

-  +XLQDYHLFD OGL 
 
 +XiQXF F     

  O HD    

呸   
  - L- QIQ
 /DPED\HTXH   E
O/ /  /LEHUWDG   
O-  呸LP     
 /RU HW R   
  0R O XHJXD   ā 
 3LXUD   
 3XQR   
 7 DFQD    
 7DUDSDF ā   

7RW"- HV   ā


 呸OM

 
H 呸 UQ
O

 UO OI? R UO
ā D
R
R
£ B R
ƒ
U
UO D  & ? ?-

 ƒ

FR M W 2 UL &7?
R
ƒ
 RLO W
D £ D


      
  W 1
    
UO UO 1 ,
? UO 2  ?2

ā£

OI?
R
UO £ V


(   M 1 / ? U
, D  UO M / ? UO   UO   
 
&
 
ƒ
   
X U FR aā
( ,?
UO
UO

 ,'
UL M / ?
 H 
UO
UO
M ? UO D 

 UO
 

 



 
X
O
          
FH ? £

 R H呸 ,
 £ 
 B 
 M   H / ?   UO  UO ?2 M D  ,
? 

ž 
 D 

 呸


-  R
1


£

 / ?
£

 M
U
,
R D R R
M M
/ ?
?2
UO £ / ?
1 £,
2  &,

‡
*
 
£

L



£,
 
R £
?2
£
U
 

£
L- 
HV R R R £ R W
 ? 

]
I 
ž
  D   /
? 2 
R
£
  

 
 R
D  U
,



ƒ
£ UO X UO O 
UO
 
 £

 呸


žUO 1


UL
1


 U

D
 
/ ? ?2
?2
h  £
UO M
y 
D 呸B
,
 1 £ ?h  



 t £
> 1
&,  ;
R ILO
£B £
D 
UO
UR  £ā
V
 R 
呸呸
  呸L
£B
L
R 
R  
R  
R   D R
  
R D £
     

1 1 2 W

R £ R D R  R
/ ? M 4 M / ? UO UO
D R D R ā
 D 


R R

 ƒ
 ƒ
 FH 呸

ƒ
 R 

呸 UO OI?   1 M
R
ƒ
 R ƒ
 ƒ
 R R &3 W
 £ MāB B  ' -
? / ? X
? 
 O/ 
D  UO UO UO UO 1 UO
1 

R
£B 

2
& , ,
 

O
X
L


£



 
R 
]
 R £ 


ƒ 2? D

ƒ
H
?2 
 

 H W
? £ OI? £ ' 
R 
UO ? UO 2 M M ,&  W&? O
R
 ƒ
 ƒ
 R 
ā


 ƒ
         ā, &

UO D  D  D   1 M  OI
 2 
UR
/ ? M / ? M / ? M
 
FR
£
L- 
R
W
 / ? 1 / ? M
呸
-

ƒ
 1 8?


, U-  M 

FR £

 B


?- D  O 1 ? &? £
 M UO UO UO
UO £
R
( D 
)O
H UR

UO
UO
D


2
D 




R  O
& 


 &,  -  & , 4-  D  £B
(
R
2
V 
 S UO £B
R !  R
R HR 呸
4
! S
R R
 I 
呸R
-H ££ ‡HO  2
V R 
 
V B  
U D 



&,  āUO  O UX  
 D UI &X 2-  £
R
  2 UO  V 
R £B

 £B R £



2 D O ' 
,
āUO + H
呸
呸 D UO 1 O   £B 2
 H£ X £  O H  BB
H 
£
L- 

& ,  4- 
U 
T  £ £B ! R R āUO O FX
  X X X 
3 O~ 
& , UO    P DO
    B£ B£ (  呸 + I B £ O R S (
‡ K 


[FYLLL

&8$ '52  F"ā- LWX RU  BÂ  B / - ‡


,'SWR 3U RY L QF L  3HU XDQRV  %[ FU QM HU RV  7Ë呸呸 


W呸B

3呸85$  3
O L W D      O ~
3LXUD      
7XPKHV    ā
 
 

7RW DO     

/$0%W  <(48( &K F O D\ R   R   
/DPED\ HTXH       - H
7RW DO   /    

/$ /, %(57
3  3DF DV PD\ R      
UāU X呸LOOR   ÂU   
7RW DO       6

$1&$6+ 6DQW D      

/, 0$ &Rx HW H       O  ¢B  


&KDQF D\       "  
/L PD     
7RW DO      3  
> $/ / - ?2 &DO O DR    *  

/


呸Q &KL QF KH  呸
    
- 
 
,FD /  ‡    O  I  

7RW DO   -      / 





727$/  *(1(5 
?/        

呸 呸  呸 / 
1RW R V     (Q O D SU RY L QF L D GH /DPER\ H呸XH QR V H D FRQV L GHU DGR
呸O  GL V W U L W R GH 6RO DV   呸@ 
RU QDO HU RV 
  Q O D SU RY L Q呸L D GH &Dx HW H QR V H D FRQV L GHU DGR HO 
GL V W U L W R GH /XQD呸XHQD \ 3XF DU Q 
  (Q O D SU RY L QF L D GH &KDQF %\  QH VH D FRQV L GHU DGR HO 
GL V W U L W R GH &KHF U HV  `   3XDU O  \ 3DF E  
  W Q O D SU RY L QF L D GH , F D QR VH H FRQV L GHU DGR HO  GL V 
W U L W R GH 6(Q - XDQ %DF W L V W D   
[FL[

(VRV FXDGURV FRQILUPDQ HO FDUiFWHU IXQGDPHQ呸DOPHQWH DJUDULR GHO 3HU 呸


DILQHV GHO [t[ / 
 JULFXOWXUD ILJU" FRPR OD &RPQDQWF HQ HO VHFWRU
 - ULPDUL
EiVLFR TXH VLQ FRQWDU ORV MRUQDOHURV UHSUHVHQWDED HO 呸 VHJ Q HO &HQ呸R
GH OD SRR/ DFLyQ HFRQyPLFDPHUWH DFW YHt 3HUR HVWDV F ) UDV VRQ DO PtVQR W HPSR
t t

HQJDx RVDV SXHV VXJLHUHQ XQ GHDDUUR/ OR GH ODV PDUQ3DFWXUDV OD PtQFU/ D \ HO VHF
WRU WHUFLDULR HQ XQD PDJQLWXF TXH QR RFXUU呸 SRU HVH HUUWRQFHV HQ HO 3HU~



FKDV GH ODV OODPDGDV LQGXVWULDV GH WUDVIRUPDFMyQHUDQ HQ  PDQXIDFWXUDV FDP
SHV L QDV  \ QR LQGXVWULDV XUEDQDV 1R HUDQ DFW YtGDGHV GH WLHPSR FRPSOHWR VL
t

QR DOWHUQDGDV FRQ OD DJULFXOWXUD \ VLPLODUHV &


XLFQHV IXHURQ UHVLVWUDGRF HQ
HOODV ELHQ SRGLDQ VLPX
WiQHDPHQWH KDEHU WāL JXUDGR FRPR FDPSHVLQRV
¢&XiQWRV GH WRGRV HVRV KDELWDQWHV YLQFXODGRV DO VHFWRU DJULFROD SRGLDª
VHU WHQLGRV FRPR WUDEDMDGRUHV GHSHQGLHQWHV" &RQ WRGD HYtGHQF D GHVGH OXHJR t

ORV MRUDDOHURV\DQDFRQDV FDSRUDOHV JDx DQHV PHQHVWUDOHV \ SHRQHV 6DOYR / RV


MRUQDOHURV WRGDV ODV GHPiV GH HVDV FDWHJRULDV ILJXUDQ FRQ Q~PHURV EDMLVLPRV
5HFXOUGHVH OR GLFKR DFHUFD GH \D呸DFRQDV \ SHRQHV 'HEHPRV VXSRDHU HQ FR呸VH 
FXHQFLD TXH X HOHYDGR QPHUR GH WUDEDMDGRUHV GHSHQGLHQWHV VH KDOODQ HVFRGL
GRV  EDM R FDWHJRUDV GHVLJQDGDV HTXLYRFDPHQWH ¢& W$ QWR" GH  RV OODPHURV 呸 SDL
WRUWV HULLOO LQGHSHQGLHQWHV" ¢&XpQWRV GH ORV DJULFXOWRUHV \  ODEUDGRUHV HUFO
DVDO ULDGR呸" 8QD VROXFLyQ DDUFQWF FRQVLVWLULD HQ HVWDEOHFHU pO QPHUR p 3"B
EODGRUHV TXH UHVLGLQ GHQWUR GH ODV KDFLHQGDV +HPRV HIHFWXDGR HVH Fi/FR/ R 
TXH DQDOL]DUHPRV PiV DGHODQWH 3HUR BWREODFLyQ W KDFLHQ- D QR HV LJXDO D SH 
EODFGyU UWUDO GHSHQG HUWH \D TXH IXHUD GHO RFX/ WD]ULHQWR
t GH OD SULPHUD W 
TXH HVWLPDU SRUFHQWDMH GH RFXSDFLyQ HVWDFLRQDO GHQWUR OHO VHJXQGR JUXSR 呸*RU
F/ XVLRQHV" &DVL QLQJXQD 6LPSOHPWQWF VDEHU OR TXH LTQRU呸RV \ SRU TXp UD]
QHV
3DUD QXHVWURV I QHV LQPHGLDWRV GHEHPRV SXHV WUDEDM DU FRQ ORV 
t

MRUQDOHURV H[SOFLWDPHQWH ]HJLVWUDGRV FRPR WDOHV HQ OtO 3HUR HVH HV P WR 
WDO QDFtRQDt TXH QR SXHGH VHU UHIHULGR H[FOXVLYDPHQWH D OD DJULFX- WXUD GH H[ 
SRUW]FLyQ \ PHQRV DXQ D ODV SODQWDFLRQHV D]XFDUHUDV ( Q HO FXDGUR L- ž - QHPRV
UHGXFLGR HV H FLIUD FDOFXODQGR &LXLFG- OHQWH D ORV MRUQDOHURV *H ODV SURY QFDV   t

WHUDOHV GRQGH VH KLELHUDQ GHVDUUROODGR SU/ QFLSD/ PHULWH / RV UOOWLYRV GH HDULD \
DOJRGyQ 1R KHPRV FRQVLGHUDGR D WRGR FO H[WUHPR VXU D SDUW U GH $UHTULS B FLFt

ELGR DO PHQRU GHVDUUROOR TXH HQ HVD ]RQD WXYLHURQ ORV FX/ WLYRV GH H[SRUWDF呸y
1RV TXHGDQ DVt ODV SURYLQFLDV OLURUDOHV (Q VLHWH GHSDUWDPHQWRV GHO VHFWRU 3LH
UD,FD (O &HQVR UH呸LVWUy HQ HVD ]RQD  MRUQDOHURV 3(UR GXGDPRV TXH W
GRV IXHUDQ HUHFW YDPHUUWH MRUQDOHURV OLEUHV (O  
  HUDU H[WUQ
OMH
t

URV OR TXH TXLHUH GUF U FKOQRV


t & 3 PD\RU D
t ¢( VWDULDQ IXHUD GH FRQWUDWD KD
E DQ VLGR UHHQTDQFQDGRV FRPR LEU^V" 6RVSHFKDPRV SRU O FRQWUDULR TXH XQ DO
t

WR SRUHQWDM H GH HVWRV MRUUDOFRV H[WU ȭQM FURV QR HUDVLXR FKLQRV EDMR FO UpVBL
PHQ GH FRQWUDWD tDUD ORV FXDOHV pO &HQVR QR WXYR XQD GHVLJQDFLyQ HVSHFLILFD
2 VHD TXH ORV MRUQDOHURV QDFLRQDOHV OLEUHV GH  /QULHG DWDPHQWF G VSRQtE
t HV
t t

SDUD HO D]~FDU


\ X DOJRG QR SDVDEDQ GH  DSHQDV HO  DSUR[PDGDPH
WH GHO WRWDO GH MRUQDOHURV GHOSDLV
UHVXOWD REYLR TXH KDED HQ OD FRVWD SHUXDQD PQFKR QiV GH  KRP
EUHV HQ FRQGLFRQHV GH VHU HPSOHDGRV SRU ODV SODQWDFLRQHV \ KDFLHQGDV H[SRUW呸
GRUDV ¢3RUTXp QR IXHURQ PRYLOL]DGRV" ¢3RUTXp DFXGLU DāORV FKLQRV" /DV GL
U F L HQF L DV  HQW U H O DV  U HV SHF W L Y DV  U HPXQHU DF L RQHV  HQ GL QHU R QR SDU HF H KDEHU  V L GR
HO ~UULFR IDFWRU D FRQVLGHUDU +HPRV PHQFLRQDGR DQWHV OD  UHVLVWHQFLD  R PD\RU
FDSDFLGDG GHIHQVLYD TXH IUHQWH D OD KDFLHQGD WXYR HO FDPSHVLQR FRVWHxR SRU FU呸
SDUDFLyQ DO GH OD VLHUUD 3HUR WDPSRFR pVWD SXHGH VHU WHQLGD SRU FDXVD VXIL 
FLHQWH \ yQLFD ¢6HULD HQWRQFWV OR GHFLVLYR HOPD\RU UHQGLPLHQWR GHO WUDEDM
GRU FKLQR" 6L \ QR D OD YH] $OPHQDUD   GHPRVWUy FRPR YHUHPRV TXH
ORV FKLQRV SRU HVWDU SpVLPDPHQWH DOLPHQWDGRV WUDEDMDEDQ OD  \ KDVWF 
PHQRV JHH ORV DQWLJXRV HVFODYRV 3RFRV DxRV GHVSXpV   XQ SHULyGLFR OLPH
xR /D 3DWULD LQVLVOLD HQ TXH ORV MRUQDOHURV OLEUHV WUDEDM呸EDQ PiV TXH ORV 
FKLQRV 'H DFXHUGR D HVWRV WHVWLPRQLRV HV SUREDEOH TXH HO UHQGLPLHQWR LQGLYL
GXDO SRU KRUD G WUDEDMR IXHVH PiV EDMR HQ HO FKLQR TXH HQ RWURV WUDEDMDGRUHV
3HUR HO MRUQDOHUR SHUXDQR SRU OR PHQRV HO FULROOR R PHVWL]R Gp OD &RVWD FDVL
QXQFD WUDEDMDED VHLV GDV D OD VHP D \ DFRVWXPEUDE呸 GHVFDQVDU GH GRPLQJR D 
PDUWHV LQFOXVLYH 7L]U   2 VHD TXH HO UHQGtPtHUWR - 
L  SURPHGLR WBUPL
QDED VLHQGR PiV DOWR HQ HO FDVR GH ORV FKLQRV 3RU RWUD SDUWH OD GXUD GLVFL 
SOLQD HVFODYLVWD GH ODV S/DUUWDFGRQFV QR HUD DGPLWLGD IiFL/PFQWH SRU ORV WUDED
MDGRUHV ORFDOHV SHUR VL VH LPSRQD D ORV FKLQRV JHQWH PiV GyFLO\ VXIULGD GH
HWD XQ KDFHQGDGR HQ  TXH HO YROXQWDULRVR KLMR GHO SD V
 t $VL - XDQ GH
$ URQD FRPR / DUUDEXUH VXQUD\DURQ OD LPSRUWDQFLD G HVWH QD\RU
 FRQWURO\ GLVSRQOB
ELOLGDG FREUH HO WUDEDMDGRU FKLQR FRPR OD SULQFLSDO UD]yQ SDUD SUHIHULUORV HQ
YH] GH ORV MRUQDOHURV ORFDOHV
$ UHQD / RV KDFHQGDGRV EXVFDEDQ OD VHJXULGDG LQDOWHUDEOH
GHO SyQ QRU RFKR DxRV \ HOQLFR PHGLR GH DFFLyQ TXH DTXL
SXHGH WHQHU XQ KRPEUH VREUH OD FDQDOOD TXH HV HO GH OD 
) XHU]D 

/DUUDEXUH (Q /RV WUDEDMRV DJULFRODV QR KD\ FRPR UFFRP3H


VDU VXI FLFQWHPFQWF OD VHJXULGDG GH SRGHU GLVSRQHU GH XQ 
t

KRULEUH HQ HO PRPHQWR TXH VH OH QHFHVLWH QR LPSRUWD OD KR

UD LL HO GLD / R TXH VH SDJD \ QR WLHQH SUHFLR HQ O FR
ORQR GH OD &KLQD QR HV HO WUDEDM R VLQR HVD VHJXULODGž 
 FL  

;, , ,   (O  7U DEDM DGRU  7DPSRF R UFFXUU HU RQ O RV  KDF HQGDGRV  FRV W Hx RV  D O D JU DQ
t

GH O D 6L HU U D 
PDV D GH SREODFLyQ UHVLGHQWH H OD VLHUUD 6X XVR FRPR KHPRV
Y L V W R KDEL D V L GR PX\  U HV W U L QJL GR HQ W L HPSRV  DH O D HV F O DYL W XG  GXU DQW H O D SU L 
PHU D PL W DG GHO  [L[ \  QR SDU HF H KDEHU  DXPHU U W DGR V L JQL I L F DW L Y DPHQW  V L QR KDV 
W D GHV SXpV
 GH O D JXHU U D F RQ &KL O H  ¢3RU TXp"   $TXt  V H DD XQXO DU RQ XQD V HU L H
F RQW L QXD GH I DFW RU HV  GH PX\  GL Y HU V D QDW XU DO H] D  DO
8QRV  I RU W XL W RV  \  RW U RV   
HV W U XF W XU DO HV  
,
RGRL HO O RV  V H U HI L HU HQ HQ O R SU L QF L SDO  DO  W L SR GH V RF L HGDG
U XU DO  TXH V H KDEL D Y HQL GR GHV DU U RO O DQDR HQ O D V L HU U D GHO  3HU ~ GHV SX呸V  GH O D
L QGHSHQGHQFL D  1XHV W U D KL SyW HV L V  HV  TXH HO  F RQI O L F W R V HF XO DU  HQW U H F RPXQL GD
GHV  L QGL JHQDV  \ KDF L HQGDV  KDEL D DO F DQ] DGR XQ SXQW R GH HTXL /L EU L R D I L QHV  GHO 
[Y L L L   (TXL O L EU L R Y HQW DM RV R TX ] iV  SDU D /RV  KDF HQGDGRV   SHU R HTXL O L EU L R DO 
t

I L Q  (O  JU DQ FL F O R GH H[SDQV L yQ pHU U L W RU L DO  GH O DV  JU DQGHV  SU RSL F DGHV  HQ  
O D SU L PHU D PL W DG GHO  [Y L L   QR V H U HSL W L y GHV SXpV  KDV W D W HU PL QDGD O D FRO R  
QL D  'XU DQW H O RV  SU L PHU RV  Dx RV  GH O D L QGHSHQGHQF L D HV W D V L W XDF L yQ V H SU RO H  
Jy HQ O L QHDV  JHQHU DO HV   /D DXW RU L ] DF L yQ RI L F L DO  SDU D TXH O RV  L QGL RV  SXGL H  
V呸Q Y HQGHU  V XV  W L HU U DV  \  O D H[SRU W DF L yQ GH O DQD L QI O X\ HU RQ QHJDW L Y DPHQW H VL Q
GXGD SHU R QR HQ JU DQ PDJQL W XG  (O  KDF HQGDGR VHU U DQR SRGL D R QR V HU  P O DW L  
I XQGL V W D  3HU R KDEL D F RPSU HQGL GR O D Y HQW DM D GH HO DERU DU  XQ PRGHO R HF RQyPL F R
TXH U HO DF L RQDED O D SU RSL HGDG EDM R JHV W L yQ GL   HF W D GHO  KDFHQGDGR FRQ XQ PL PH 
U R Y DU L DEO H GH XQL GDGHV  HF RQyPL F R V RF L DO HāV U HO D
 L Y DPHQW H L QGHSHQGL HQW HV   6R
EU H HV W DV   WLPDV  HO  KDF HQGDGR U HW HQL D XQ SRGHU  V XI L F L HQW H FRPR SDU D REO L JDB 
O DV  D XQ L QW HU F DPEL R GH EL HQHV  \ VHU Y L F L RV  HQ VX I DY RU   *U DQ SDU W H GH O D O 
QD H[SRU W XGD GHV GH HO  3HU ~ D ( XURSD QR HU D HV W U  L FWD PHQW H   O DQD GH KDF L HQ 
GD  V L QR HO  U HV XO W DGR GH XQD U HG GH FRPHU F L DO L ] DF L yQ PX\  F RPSO L F DGD  XQR GH
FX\ RV  SRO RV  HU  D  O D KDF L HQGD HV  Y HU GDG  \ TXH DO F DQ] DED KDV W D HO  SDV W RU HR HQ
PXQL W DU L R R HO  F DPSHV L QR L QGL Y L GXDO  
/RV  FRQW U RO HV  O L PL W DGRV  TXH O D KDF L HQGD V HU U DQD HM HU F L D DO U HGHGRU  V 呸
\R VH EDV DEDQ I XQGDPHQW DO PHQW / HQ GRV  KHF KRV   'H XQ O DGR HQ XQ GHW HU PL QDGR
TXiUUWXP \  W L SR GH GL V W U L EXF L yQ GH O D SREO DF L yQ U XU DW   GLV W U /EXF
L  yQ TXH U HU O O
O B 
W L D TXH HO  KDF HQGDGR W XY L HU D V L HPSU H XQD U HV HU Y D GHPRJU 0LF D O DERU DO  D V X DO 
F DQHH  < GHO  RW U R O DGR HQ HO  W U L EXW R  ? L JXDO  TXH HO  , PSHU L R FRO RQL DO   HO 
(V W DGR F U L RO O R V H KDED Y L V W R REO L JDGR D GHO HJDU  I XQF L RQHV  SRO L W L F R 呸F RQyPL B 
FDV H Q I DY RU  GH O RV  SU RSL HW DU L RV  SXHV W R TXH F DU HF t D GHO  DSDU DW R DGPL QL V W U DW L 
Y R SU RSL R SDU D F RQW U RO DU  GL U HF W ZQHQW H D O D SREO DF L yQ FDPSHV L QD  (O  W U L EXW H
I XH XV DGR SRU  O RV  KDF HQGDGRV  F RPR XQ L QV W U XP呸QW R GH FRHU F L yQ  U DJDEDQ V 呸
PRQW R D /DV  FDM DV  I L V F DO HV   \  O XHJR O R H[L Jt DQ DO  L QGL R TXL HQ SDU D F XPSO L U 
GHEt D W U DEDM DU  HQ O O  KDF L HQGD R Y HQGHU  V XV  SU RGXF W RV  DO  SU RSL HW DU L R  /O  W U L 
EXW R I XQF L RQy DV t   W DQW R URQ O D F RO RQL D F RPR HQ O D 5HS~EO L F D FRPR XQ GREO H  
t QV WUDPFUUWR GH U HF O XW DPL HQW R /DERU ] ,  \  GH U HO DF L yQ I RU ] RV D F RQ O D HF RQRPt D  
FLL

PRQHWL]DGD H[WHULRU D ODV FRPXUULGDGHV


7RGR HVWH PHFDQLVPR WUDGLFLRQDO GH H[RORWDFLQ 呸(  TXHEUy HQ OD VHJXQ
GD PLWDG GH@B  VLJOR[L[ SDUDVHU UHHPS/D]DGR SRU RWUR PXFKR PiV - XUR \ HILFD]
(O IDFWRU GHVHQFDGHQDQWH IXW OD VXSUHVLyQ GHO WULEXWR / RV KDFHQGDGRV G
ƒ OD
VLHUUD SHUGLHURQ HOP呸V LPSRUWDQWH pH VXV FRQWUROHV VRWUH OD SREODFLyQ LGL呸呸
QD / D FQSUHVLyQ GH OD FRQWULEXFLyQ SHUVRQDO GHFLD HQ -  Q WRVWL- *H
ODV UHEHOLRQHV LUGLJHQDV GH +XHQFDQH SURGXMR XQD GRROF UHYROXFLyQ HFRLyPtFD
HX ODV SURYLQFLDV GHO LQWHULRU GH/  ) HFO FRPR O呸 SURGXMR OD PDQXPtVGyQ HQ QXHU
WUR OLWRUDO 'H JROSH SHQVDEDQ FRQ LOXVL P ORV OLEHUDOHV /tPHx RF VH KDELD
HOLPLQDGR OD HVFODYLWXG HQ OD FRVWD \ OD VHUYLGXPEUH HQ / D VLHUUD 7 RGR / R
FRQWUDULR SRU GHVJUDFLD / RV KDFHQGDGRV UHDFFLRQDURQ ‡iSLGD \ HILFD]QFQWF
3XHVWR TXH \D QR SRGLDU FRQWURODU D ORV FDPSHVLQRV L]- LRV URU HO PHGLR LāGā 
UHFWR GHO WULEXWR GHFLGLHURQ TUtWDUOH D HVRV FDPSHVLQRV VXV PHGLRV GH SURGX呸
FLyQ E呸VLFRV OD WLHUUD  'H HVWH PRGR QR VyOR VH UHVWDEOHFLy OD DQWW]\XD G呸
SHQGHQFLD VLQR TXH HVWD IXH WRGDYLD PD\RU 6H FRPSUHQGH ELHQ TXH HQ HVWDR
FRQGLLRQHV ORV KDFHQGDGRV FRVWHxRV WXYLHVHQ HVFDVDV SRVLELOLGDGHV SDUp
 RFWH
R
QHU XQ HXPtQtVWUR UHJXODU GH WUDEDMDGRUHV HVWDFLRQDOHV HQTDQFKDGRF GH Oi VLH
UUD
+XER RWUDV FtUFXQVWDQFDDV TXH D PHGLDGRV GHO [t[ DJXGL]DURQ ORV £U R
EOFPDV VRFLDOHV GH OD VLHUUD \ VXV FYHQWXH
tHV UHODLRQHV / DERUD
OFV FRQ /D 
DJULFXOWXUD FRVWHxD IXHURQ GH FDU呸FWHU GHPRJUI~
BFR呸DQLWDULR \  KDQ VLGR DP
SOLDPHQWH GHVFULWDV SRU HO PpGLFR $ UFKLEDOG 6PLWO 2Q WKH VRWWHGKHQRUUDLLF
\HOORZ WFYHU RI UKH RFUXYLDQ $ QFHV
 (GLPEXJR   1RV UHIHULPRV D ODV F
IHUHQWHV HSLGHPLDV TXH DVRODURX HO 3FU~ HQWUH  \ TXH WHUPLQDURQ FRQ /D
GLIW
ULD \ WO VPDOOSR[ GH  7RGR HVWR FFXUU t y MXVWDPHQH GXUDQFR
HO SHUtRGR GH FRQYHUVLyQ ODERUDOSURGXFLGR SRU OD EHUWFG GH ORV FVFHYRV \
OD VXSUHVLyQ GHO WULEXWR )XHURQ YDULRV ORV RUOJHQHV GH HVWDV HSLGHPLDV / RV
SULPHURV FHQWURV - H GLIXVLyQ IXHURQ &DOLIRUQLD *XD\DTXLO\ 5LR GH - DQHLUR
4XL]呸V WDPELpQ DOJ P SXUWR LQGHWHUPLQDGR HQ OD UXWD GHO
U呸ILFR TXH FRQGXF D t

ORV FKLQRV DO &DOODR /R FLHUWR HV TXH GXUDQWH HVRV DxRV YLROHQWRV \ UHSFF
WLQRV PRYLPLHQWRV PLJUDWRULRV F[WUDFRQWLQFQWDOFV DOWFUFURQ ORV FRQWDFWRV 
ELROyJLFRV QRUPDOHV GH ORV KDELWDQWHV GH ODV FRVWDV XQFULF呸QDV /D IL呸EUH
DPDUL// D VH H[WHQGLy SRU ODV FRVFDV GHO(FXDGRU   \ HO %UDVLO 
 ā 'H DKL IXH WUDVSRUWDGD DO 3HU~ SR呸 OR呸 FRORQRV DOHQDQHV \ ORV YDSRUHV
GH OD 3DFLILF 6WFDUQ 1DYLJDWLRQ &RPSDQ\ / RV SULPHURV EURWHV RFXUULHURQ HQ
ƒ FRVWD VXU ULVFR  <  S]REDEO HPHUUWF OD HUIHUPHGDG KXELHUQ WHQLGR PHQRU ¢
IXVLyQ GH QR KDEHU VLGR SRU ODV JUD呸GHV PRYLOL]DFLRQHV SREODFIRQDOFV TXH RFD
VLRQDURQ ODV JXHUUDV FLāULFV GH HQWRQFHV / RV FRPE]UW HUUWFV OLFHUFLDGRV \
t

GHVFUWRUHV GH ORV FMpUFLWRV HQ OXFKD OOHYDI


FQ  FQFUPHGDG SRU WRHR F/ 3H
UD
FLLL

/D JHRJUDILD GH HVWD HSLGHPLD GHVFRQFHUWy D ORV PpGLFRV 'H 3LFR
VDOWy D +XDUL \ VH H[WHQGLy QRU WRGR HO FDOOHMyQ GH &RQFKXFRV 'HVGH &KD
FDV< XUQD DOFDQ]y +XDUD] &DUD] \ < XQJO\ 'H +XDUD] LUUDGLy D 6DQ /XLV6DQ
0DUFRV &KDYLQ &DMDWDPER 3LVFREDPED +XDPDFKXFR WRGD /D /LEHUWDG $7D]R
QDV &DMDPDUFD \ 0R\RED
OWED $ WUDYpV GH +XDPDOLHV DOFDQ]y +XiQXFR \ SRU 
ODV WLHUUDV GH &K QFKDR SHQHWUy D RWUDV SURYLQFLDV
t 3URQWR GRPLQy HO VXU \
VH H[WHQGLy KDVWD 3XQR (Q Vy/R OD FLXGDG GHO &X]FR VH FDOFXOy TXH KDEWDQ
PXHUWR   KDELWDQWHV R VHD FDVL HO  GHO WRWDO /DV SyUGLGDV JORED 
OHV HQWUH ORV FDPSHV,URV VH HVW PDURQ HQ  GH VX SRE/DF yQ
t t (O J‡DQ FD呸
ULJR FRPR IXH OODPDGR WXYR OD PLVPD PDJXLWXG TXH OD *UDQ HSLGHPLD GH SULQ
FLSLRV GHO [YLLL TXH HQ VX KRUD SURYRFy YDULRV PRYLPLHQWRV PHVLWPLFRV \  F X  
\R UHFXHUGR SHUGXUD HQ ORV PXUDOHV LQJHQXRV GH &DWHD \ 0DUFDSDWD HBORV U
WDEOHV GH $FRPD\R 3DUXUR \ $EDQFD\ \ HQ ODV SLUUWXUDV BLHVXLWDV GH 7LREDED
$ OD HSLGHPLD GH PHGLDGRV GHO [t[ ORV LQGLRV OODPDURQ HQIHUPHGDG GHOPLV 
WL R HQIHUPHGDG GHO ZLUDFRFKD / RV EODQFRV \ PHVWL]RV OH GHFLDQ ILHEUH
GH ORV LQGLRV 8QRV \ RWURV VH FXOSDEDQ GHO GHVDVWUH DKRQGDQGR ODV VHSDU呸
FLHQHV \ HQHPLVWDGHV pWQLFDV WUDGLFLRQDOHV
&RPR YHPRV DO LQLFLD
VH OD VHJXQGD PLWDG G呸O [L[ VH SURGXFHQ GRV
VHULHV GH KHFKRV TXH VH FRLQDQ \  FQFDFHQDQ KDVWD WUDVWRUQDU ODV UHODFLR
QHV VRFLDOHV YLLHQWHV HQ O VLHUUD SHUXDQD /D VXSUHVtyQ DHO WULEXWR GHVD
WD HO GHVSRMR GH OD WLHUUD FDQSHVLQD SRU SDUWH GH ORV KDFHQGDGRV /DV HSL
GHPLDV GLVPLQX\HQ OD SREODFLyQ WRWDO\ SRU FRQVLJXLHQWH WDPELpQ HO Q~PHUR
GH WUDEDMDGRUHV %DMD OD SURGXFFLyQ DJULFROD VXEH HO SUHFLR GH ORV DOL
PHQWDV HQ ODV FLXGDGHV GH OD VLHUUD PLHQWUDV DGHQWUR VXIUHQ OD FDUHVWLD ODV
S呸EODFLRQHV FD呸SHVLQDV (VWD FULVLV VH DFHQWXy \ SURORQJy GXUDQWH OD GpFD
GD GH ORV DRV O SRU HIHFWR GH ODV VFTXLDV LQXQGDFLRQHV \ VLVPRV RFXUUBL
GRV HQ YDULRV SXQWRV GHO 3HU呸 (O VLVWHPD VRFLDO DEXVLYR TXH RSULPLD DO 
FDPSHVLQR LQGLR GH OD VLHUUD VH HQGXUHFLy WRGDYLD P呸V TXH HQ HO FRORQLDMH
HVSDxR/ / RV LQGLRV GHFLD HO FRURQHO - XDQ %XVWDPDQWH HQ  MDPWOV KDQ V
GR QL  VRQ KR\ D SHVDU GH WRGDV ODV OH\HV VLQR HVFODYRV GH ORV PHVWL]RV \ 
SHRU WUDWDGRV DXQTXH ORV SURFHGHQWHV GH $IULFD ,tDVWD TXH H[WUHPRV SRG D
t

/OHM DUVH HQWRQFHV HQ OD V FUUD QRV OR GHPXHVWUD H LQF\FLEOF SUR\HFWR GH ‡ā
t

OH\ SUHVHQWDGR HQ  SRU ORV GLSXWDGRV 4XLx RQHV /XQD \ 5LTXHOPH SDUD 6
FLRQDU D ORV LQGLRV UHEHOGHV GH 3XQR 1R VOR SHGLDQ HO HQYLR GH XQD GLYL
VLyU HQWHUD GHO HMpUFLWR FRQ VXV WUHV DUPDVVLQR OD LQVWDODFLyQ GH XQ &RXVH
MR GH *XHUUD SDUD ORV FDXGLOORV LQGLJHQDV TXH LPSXVLHUD VHYHUDV SHQDV GH
FRQILQDPLHQWR \ SHQLWHQFLDULD 3HRU DXQ VROLFLWDEDQ TXH ORV D\O/ XV UHEHO
GHV IXHUD H[SXOVDGRV GH VXV W

,
ULWRULRV \ WUDVODGDGRV D ODV PRQWDxDV G  &
UDED\D 6XV WLHUUDV GHELDQ VHU YFDLGDV \ FRQ VX SURGXFWR VH SDJDULDQ
FLY

ODV KHUUDPtHUUWDV TXH HVRV / LGLHV QFFHV t WDEDQā SDUD /RUUL]DU


FR OD VH / YD HWF

%L HQ VH F RPSU HQGH SRU  W RGR O R GL F KR TXH HQW U H   O DV  F RQGL F L 呸
QHV  V RF  DO HV   HF RQyPL F DV   GHPRJU 0LF DV  \  SRO L W L F DV  TXH SU HY DO  HF L  HU RQ HQ O D
t

V L HU U D 呸R KDF L DQ SRV L EO H &-B8  HO  F DPSHDt  QR VHU U DQR U HF PS/D] DU  D D O RV  F V F O D 
YRV QHVUURV HQ / ]V SODQWDFLRQHV FRVWHx DV ( VRV FDPSFV QRV FRQVWLWXDQ HQWRQ t

F HV  XQD SREO DF L yQ EO R呸呸HDGD 


‡
;, 9  <DU  DF RQDV  F RV W Hx RV  &RQV L GHU HPRV  SRU  &W O W L PR RW U DV  GRV  RSF L RQHV  L JXDO   
\ F RO RQL ] DF L yQ  PHQW H H[F O XL GDV   HPSO U R  V L PXO W I L O O HR H DO W HU QDW L Y R  GH \ DQD 

F RQDV  O RF DO HV  \ F RO RQRV  HXU RSHRV   OOH DEV W HQHPRV  GH U HV XPL U  O D KL V W RU L D GH
O D PL JU DF L yQ HXU RSHD HQ HO  3HU Q  (V D PL JU DF L yQ I XH HV F DV D GXU DQW H HO  V L JO R
[L [  \  HQ O R TXH U HV SHF W D D O D DJU L F XO W XU D  XQ I U DF DV R  /RV  HXU RSHRV  QR
L EDQ GHV GH O XHJR D Y HQL U  DO  3HU  SDU D U HHPS O  D] DU D O RV  HV F O DY RV    3U HF L 
VR HV  GHV HQJDt L DU QRV   GHF L D &DV yV  HQ   HO  HXU RSHR QR Y L HQp D O D $PpU L F D
SDU D SU RO RQJDU  DTXL  O D V HU Y L GXPEU H GH V XV  QHF HV L GDGHV   HV D V L W XDF L yQ O D W L 
 
QH HQ V X SDL V  V L Q HO  DJU HJDGR W HPRU  GH W HU U HPRW RV  \  W L I XV    (V SHU DEDQ DO JR
P$V   Y HQL DQ D PHM RU DU   3HU R O D V RF L HGDG SHU XDQD HU D GHPDV L DGR W U DGL F L RQDO  \ 
F HU U DGD F RPR SDU   RI U HF HU O HV  Y HU GDGHU DV  RSRU W XQL GDGHV  GH DV F HQV R \  PRY L O L GDG
V RF L DO   (O  W HV W L PRQL R GH &RSHO O R \  3HW U L F RQL    U HV XO W D DTXL SHUWLQH
W H  3RU TXH HO O RV  PL V PRV  HU DQ HPL JU DQW HV   DXQTXH GH F O DV HV  DO W DV  R PHGL DV  \
KDEL DQ SRGL GR Y HU  GH F HU F D O D I U XV W U DF L yQ GH PXF KRV  HXU RSHRV  GHV SXpV  GH DW RX 呸
QRV  Dx RV  GH W U DEDM DU  HQ HO  3HU  L

 ¢$ TXp F RQGXF H  D TXL HQ DSU RY HF KD TXH YHQJDQ L QPL JU DQ 
W F V  V L  QR W L HQHQ HQ TXH RF XSDU VH "  ¢4XW H Y HQJDQ KRPEU HV 
PX\  DSDU HQW HV  SDU D O DV  PL QDV   F XDQGR HQ Y L U W XG GH PXF KDV 
W U DEDV  HVW HV W DQF DDR HO  W U DEDM R GH  O DV  PL QDV "   ¢4X呸  āHU   
i

JDQ KRPEU HV  DSDU HQW HV  SDU D O D DJU L  F XO W XU D  F XDQGR R O DV 


F RQV L F L RQHV  DJU L F RO DV  DF  Y DO HV  R O DV  SU HRF XSDF L RQHV  - 呸
O RV  SU RSL HW DU L RV  QR O HV  SHU PL W HQ W HQHU  QL  HO  GRPL O O L R GL  
U HF W R QL  HO  GRPL QL R &W W L O  GHO  V XHO R TXH  Y L HQHQ D U HDU   
F RQ HO  V XGRU  GH V X I U HQW H"  ¢4Xp YHQJDQ KRPEU HV T  DU HQW HV 
SDU D O DV  DU W 呸V   F XDQGR QR KD\ QL  WDOOHUHV QL RILFLWDV
QL  I $EU L F DV " ‡‡     ‡‡‡‡   ‡‡

/DV  GHF O DU DF L RQHV  F RL QF L GHQW HV  GH 0DQXH O  3DU GR    3HGU R *$O Y H]   
   /XL V  (V W HY HV     \  RW U RV  SU XHEDQ TXH O RV  REV W $F 呸O RV  V RF L DO HV  \
HF RQyPL F RV  TXH DI U RQW DED O D PL JU DF L Q HXU RSHD HU D V XI L F L HQW HPHQW H F RQRF L GRV 
HQ HO  3呸U &W   ¢3HU R F X呸O  HU D O D VRO XF L yQ"   8QD Y H]  P呸V   W RGRV  GHF L DQ O R PL V 
PR  F RQY F U W 呸U  DO  PL JU DQW H HQ SU RSL HW DU L R GH O D W L HU U D R SRU  O R PHQRV  HQ DU U HQ
GDW DU L R D O DU JR SO D] R  /D F RQGL F L yQ GH SU RSLF W DU L R HU D SRV L EO H  W HyU L F DPHXB 
W H  HQ O RV  JU DQGHV  HV SDF L RV   Y DF L RV   GHO  RU t  HQW F  DPD]yUULF R GRQGH V H HQV D\ y  
XQD SRO L W L F D GH I U RQW HU D HQ O D V HJXQGD PL W DG x HO  [L [   3HU R U HV XO W DE呸 PHQRV   
I $F ā  HQ O D VL HU U D \  呸D F RV W D GRQGH HO  O DW L I XQGL R V H KDEI D L QV W DO DGR GHV GH HO 
V L JO R [Y L   / D W L HU U D TXH QR SHU W HQHF L D D XQ JUDO SU R  L HW DU L R HU D GH O DV  F RPX
UW L GDGHV  \  HQ F XDO TXL HU D GH DPERV  F DV RV  QR HV W DED GL V SRQL EO H  $TXHO O RV  PL V PRV 
TXH F U L W L F DU RQ HV W D V L W XDF L yQ V yO R U HF RPHQGDU RQ O O HJDGR HO  PRPHQW R DO JXQDV  V  B
O XF L RQHV  PX\  W PL GDV   (V W HY HV  SRU  HM HPSO R V XJL U L y TXH HQ F DGD XQR GH O RV  
GL V W U L W RV  GH O D 5HS~EO L F D O RV  PXQL F L SL RV  H[SU RSL DV HQ F L QF R O RW HV  GH W HU U HQR  
S L U D HI HF W RV  GH F RO RQL ] DF L yQ  &RSHO O 呸3HW U L F RQL  D V X Y H]  QR L EDQ PiV  DO O i GH
XQD U HSDU W L F L yQ GH O DV  W L HU U DV  GHO  (V W DGR HQW U H O RV  F RO RQRV  D F DPEL R GH XQ
FHQVR  PRGHUDGR \ SHUSHWXR 
(Q F XDQW R DO  DU U HQGDPL HQW R GH W L HU U DV   W DPSRF R SDU HF L D PX\  Y L DEO H HQ
O D F RV W D  (V H DU U HQGDPL HQW R EDM R GL Y HU V RV  QRPEU HV   DSDU F HU L D  \ DQDF RQDM H 
HW F   V H KDED JHQHU DO L ] DGR HQ O DV  KDF L HQGDV  GH O D V L HU U D  3HU R HQ F DPEL R QR
KDEL D V L GR DGRSW DGR SRU  O RV  SU RSL HW DU L RV  F RV W Hx RV    1R V H F RQRF L D HQW RQF HV 
GL F H 'DQF XDU W   O D L GHD GH GL Y L GL U  O D SU RSL HGDG \  I RPHQW DU  HO  W U DEDM R O L EU H  
TXH PiV  W DU GH SU HY DO HF L y F RQ HO  QRPEU H GH \ DQDF RQDV    ¢3RU Tp HV W D GL I HU HQ  
F L D HQW U H F RV W D \  VL HU U D"   0DU W L QHW    V XJL U L y XQD H[SO L F DF L yQ TXH PiV 
W DU GH I XH GHV DU U RO O DGD PiV  DPSO L DPHQW H SRU  -  $ GH /DY DO O H   /D F RQF HQ 
W U DF L yQ GH O D SU RSL HGDG HQ O D F RV W D \  O D U HV L V W HQF L D GH V XV  GXHx RV  F RQW U D O D
GL Y L V L yQ GH O D W L HU U D VHUWD XQD F RQV HF XHQF L D GH O D HV F DV H]  GH DJXDV  \  XQD PD 
O D GL V W U L EXF L yQ GH O DV  PL V PDV  

 (V  Y HU GDG TXH O D GL Y L V L yQ GH O D SU RSL HGDG SU HV HQ 


W D HQ O D F RV W D GHO  3HU ~ JU DY HV  L QF RQY HQL HQW HV   (O 
SU L QF L SDO  GH W RGRV  HV  HO  TFW H SU RY L HQH GH O D GL V W U L  
EXF L yQ GHā O DV  DJXDV  GH L U U L JDF  yQ  GL V W U L EXF L yQ TXH
DXQ F RQ XQ SHTXHx R Q~PHU R GH SU RSL HW DU L RV   HV  \ D HQ
DO JXQDV  SDU W HV  GH O D F RV W D XQD I XHQW H GH TXHU HO O DV 
\ KDV W D GH U L x DV  PiV  R PHQRV  V DQJU L HQW DV  \ TXH V H
F RQY HU W L U L D HQ XQD Y HU GDGHU D F DO DPL GDG V L  HO  Q~PHU R
GH SRV HHGRU HV  GHO  V XHO R V H PXO W L SO L F DU D  (V W D HV   
DO  PHQRV  O D RSL QL yQ GH F DV L  W RGRV  O RV  SU RSL HW DU L RV 
TXH Dx DGHQ TXH HQ O XJDU  GH SHQV DU  D GL Y L GL U  V XV  GR 
PL QL RV   W U DW DQ GH DXPHQW DU O RV  O RV  PiV  TXH SXHGHQ 
F RQ HO  I L Q GH Y RO Y HU V H GXHx RV  G XQ Y DO O H HQW HU R
SRU OD HOLPLQDFLyQ VXFHVLYD GH YHFLQRV LQFyPRGRV
+DU W L QH呸   
3RU  HO  F RQW U DU L R  F RQW L QXDPRV  QRV RW U RV   DO O L  GRQGH SU HGRPL QDED  F RPR
B Q O D V L HU U D  XQD DJU L F XO W HW U D EDV DGD HQ O D O O XY L D  KDED XQD PHQRU  U HV L V W HQ  
F L D F RQW U D HO  GHV DU U RO O R GH O RV  V L V W HPDV  GH DU U L HQGR  3XHV W R TXH HO  DU U HQG呸
WDU  R QR V H F RQYHU W L D  F RPR HQ O H F RV W D  HQ XQ HY HQW XDO  F RPSHW L GRU  GHO  GXHx R
t

SDU D HO  XV R GH O DV  DJXDV  


3RU  DKRU  pV W D HV  VO R XQD KL SyW HV L V  \  O R TXH HV  PiV  XQD KL SyW HV L V   
TXH QRV H[LJH S/ DUUWHDUQRV SUHYLDPHQWH HO SUREOHPD GH ODV SUHGLVSRVLFLRQHV
 

VRF L DO HV  \  HF RQyPL F DV  DV RF L DGDV  D O RV  VL V W HPDV  GH U HJDGL R  (QW U HW DQW R  SRU 


Y HU RV L PL O  TXH V HD O D V XJHU HQF L D 0DU W L QHW  / DY DO O H KD\  TXH H[SO RU DU  RW U DV  H呸
" O L F DF L RQHV  U RP O HPHQW DU L DV   3HQV DPRV  SRU  HM HPSO R  D  HQ HO  U RO  TXH SXHGHQ
L DEHU  M XJDGX O RV  U HV SHF W L Y RV  VL V W HPDV  GH W U DEDM R \ D HV W DEO HF L GRV  HQ O D F RV W D
FYL

\ HQ OD VLHUUD DQWHV GH  E  HQ ODV GLIHUHQFLDV TXH SXGR KDEHU HQWUH FRUWD \
VLHUUD UHVSHFWR D ORV PRQWRV GH / QYHUV yQ QHFHVDU/ RV HQ FDGD XQD GH VXV DJULF
t

WXUDV (Q FXDQWR D OR SULPHUR HV HYLGHUWH TXH ORV SURS HWDULRV GH OD FRV呸D 
t

XHFHVLWDURQ DUUHQGDWDUtRV PtHUUWUDV WXYLHURQ FVFWDYRV / RV KDFHQGDGRV GH OD VLH
UUD HQ FDPELR QR WHQLD呸 HVFODYRV QL SRGDQ WHQHUORV SRU GLIHUHQWH FDXVDV HFR
JLFDV \ VRFLDOHV  SRU FRQVLJXLHQWH 呸HFHDLWDEDQ DUUHQGDWDULRV &XDQGR ORV HV 

 FODYRV FRVWHx RV IX(URQ / tEHUWDGRV ¢SRUTX呸 VXV DQWLJXRV GQWx R Q! ORV FRQYLUWLH
URQ H DUUHQWODWDULRV" R ¢SRUTXp QR VH HVW呸PXO HO GHVDUUROOR &HO\FQDFFILDM F 
PHVWL]R呸 HXURSHR" 4XL]iV QRV SUHJXQWDPRV ¢SRUT呸p HO \DQDFRQDM H H[LJLD HQ O呸
FRVWD SDUD ORV F XOWtYRV GH DOJRGyQ \ VDx D  XQD LQYHUVLXQ PDUDOW呸 TXH Q B呸 VL呸
UUD \ VXSHULRU D ORV JDVWRV TXH RFDDtRQDED OD PLJUFFLyQ FOXQD"
3RU WRGR OR GLFKR FRQYLHQH GXGDU GH DTXHOODV LQWHUSUHWDFLRQHV TXH HQ
HO SURSLR VLJOR [L[ VXEUD\DURQ FRQ GHPDVLDGR pQIDVLV HO SUFMX FLR VHxRULDO GH 
t

ORV BSURSHWDULRV FRVWHxRV FRPR UD]yQ SULQFLSDO GH VX QHJDWLYD D GLYLGLU /D WLH
UUD \ TXH YLHURQ HQ HO VLVWHPD GH DUULHQGRV XQ PHGLR SDUD FRQWHPSRUL]DU FRQ HVH
SUHMXLFLR 3HGUR *KOYH]   IXH XQ EXHQ H[SRQHQWH GH HVWD SRVLFLRQ FXDQGR GL
MR (Q HO 3HU~ GRQGH KD\ PXFKRV SURSLHWDULFV GH JUDQGHV WHUUHQRV VLQ PHGLRV GH
FXOWLYDUORV \ TXH DGROHFHQ GH -F SUHRFXSDFLyQ GH FRQVHUYDU D WRGD FRVWD H  WtWX
OR GH HVDV SURSLHGDGHV SXHGH DGRSWDUVH FRQ YHQWDMD OD RUPD GH FRPSDxLD TXH VLQ
WRFDUGLUHFWDPHQWH FRQ ODV LGHDV GHO SURSLHWDULR GH QR GHVKDFHUVH GH VX WHUUHQR
OH SHUPLWLULD DSURYHFKDU GHO WUDEDMR GH/ LQPLJUDQWH (VWD IRUPD SRGULD VHU XQ PH
GLR GH WUDQVLFLyQ HQWUH HO DFWXDO HVWDGR GH SURSMHWDULF SXFUPHQWH QRPLUDO \ HO
YHUGDGHUR HVWDGR GH SURSLHWDULR HIHFWLYR FX\RV WHUUHQRV WRGRV ULQGR SURGXFWRV
*呸OYH] FRQRFtD ELHQ VLQ GXGDā D PHQWDOLGDG GH ORV KDFHQGDGRV SHUXDQRV SHUR
SDUHFH KDEHU VFEHVWLPDGR ORV IDFWRUHV TXH KHPRV YHQLGR DQDOL]DQGR (Q WRGR FDVR
KLVWyULFDPHQWH ORV KDFHQGDGRV GH OD FRVWD WHUPLQDURQ \D HQ HO VLI@2 [[ SRU GFHB
WDU \ JHQHUDOL]DU HO \DQDFRQDMH FXDQGR VH HQFRQWUDUH呸 IUHQWH D XQD VLWXDFLyQ 
PLWH DXVHQFLD WRWDO GH WUDEDMDGRUHV SHUPDQHQWHV $~Q HQWRQFHV FXLGDURQ VHYHUD
PHQWH GH UHWHQHU HO FRQWURO GH ORV VHUYLFLRV GH DJXD \ GLVPLQXLU HOPRQWR GH 
VXV UHVSRQVDELOLGDGHV HQ OD FRPSDxLD FRQ HO DSDUFHUR
3RU HVWDV UD]RQHV OD FRORQL]DFLyQ SRU DUULHQGRV QR SURVSHUy HQ HO 3HUX
+XER HV YHUGDG SHTXHxRV DJULFXOWRUHV HXURSHRV D OR ODUJR GH WRGD OD FRVWD 3HUR
/  IXHURQ PXFKRV (O *HQVR GH  UHJLVWUy XQ WRWDO GH  DJULFXOWRUHV H[
WUDQMHURV HQ WRGR HO 3HU~ 'H HVWRV QR VDEHP呸V FXIPWRV HUDQ HXURSHRV QL 
FXDQWRV HQ YH] GH DSDUHFHU FRPR DJULFXOWRUF LQGHSHDGLHQWHV GHELHURQ KDEHU VL
GR LQVFU WRV PiV ELHQ FRPR MRUQDOHURV 'H RWUR ODGR HVWRV FRORQRV PiV TXH HO
FDPSR SUHILULHURQ OD FLXGDG \ VXV D- UHFHGRUHV /D VX\D IXH XQD DJULFXOWXUDXUW"
QD XQD DJULFLOWXUD GH KXHUWD \ MD
GWQ (VWH IXH HO FDVR GH DTXHOORV HXURSHRV 
FYLL

IUDQFHVHV LWDOLDQRV DODQDQHV  TXH HQ  SRVHDQ HO  GH ODV KXHUWDV
H[tVWHQWHV GHQWUR GH ODV PXUDOODV GH /LPD )XHURQ HOORV UHVSRQVDEOHV GH XQ LQ
SRUWDQWH FDPELR GLHWpWLFR HO XVR GH OHJXPEUHV IUHVFDV HQ - D FRFLQD FU/R// D
$ OHPDQLOD   SHUR QR LQIOX\HURQ GHFLVLYDPHQWH SRU OR GHPi V HQ OD FRPSRVL 
FLyQ UXUDO GHO SDV
&RQ WRGR QR IDOWDUHQ DOJXQRV SUR\HFWRV SDUD DVRFLDU OD DJULFXOWXUD 
GH H[SRUWDFLyQ FRQ HO VLVWHPD GH \DQDFRQDMH R DUULHQGR (O P呸V FRQRFLGR GH WR
GRV WHUPLQy HQ XQ HVFiQGDUR LQWHUQDFLRQDO \ )XH XQD GH ODV FDXVDV R SUHWF[WRV
GH OD JXHUUD HQWUH ( VSDxD \ HO 3HU~ HQ  +DEODPRV GH ORV FRORQRV YDVFRV 
TXH $]FiUDWH \ 6DOFHGR WUDMHURQ D OD JUDQ KDFLHQGD QRUWHIā 7DODPER FRQ OD HVSB
UDQ]D GH VHPEUDU \ FXOWLYDU  SODQWDV GH DOJRGyQ 7RGRV ORV F呸OFXORV I呸
OODURQ &DGD SODQWD GL  OLEUD GH DOJRGyQ \ QR £ FRPR FUHLDQ \ OD SUtQF
UD FRVHFKD QR FRPHQ]y D ORV FLQFR PHVHV $XQTXH ORV FRORQRV QR SDJDEDQ LQWHU(
VHV SRU ORV DGHODQWRV TXH UHFLEDQ \ SRGLDQ YHQGHU VX SURGXFWR D TXLHQ TXLV呸 
UDQ HVWDEDQ REOLJDGRV HQ FDPELR D SDJDU WUHV MRUQDOHV SRU FDGD PHGLD IDQHJDGD
TXH WXYLHUDQ (OSRUFHQWDMH GH OD WLHUUD GHVWLQDGR DO DOJRGyQ   I
XH 
FRQVLGHUDGR H[FHVYR SRU DOJXQRV FRORQRV TXH SUHILULHURQ VXV FXOWLYRV DOLPHQWI
FLR呸 (O LQFXPSOLPLHQWR GH DOJXQDV SURPHVDV SRU SDUWH GH 6DOFHGR FRQWU EX\y t

DO GHVFRQWHUU呸 G ORV YDVFRā 6HJyQ DOJXQRV WHVWLJRV )DQR 6RUD]X   6DOB
FHGR TXHU WUDWDU D ORV FRORQRV FRPR D VXV DQWLJXRV HVFODYRV //V GLR DUUR]
GH PDOD FDOLGDG OHV GHMy VLQ PpGLFR QL FXUD \ SRU OWLPR SURKLELy OD HVFXHOD


VRVWHQtHQGR TXH ORV KLMRV GHO SXHEOR GHEHQ SHUPDQHFHU VXPLGRV HQ OD LJQRU
W 
FLD SDUR YLYLU IHOLFHV / RV U VX/WDGRV GH HVWD SULPHU \ GHVJUDFLDGD H&£
 
ULHQFLD SDUHFLHURQ GHUURVWUHU TX( HO VLVWHPD VRFLDO HFRQyPLFR \ WHFQROyJLFR LUU
3UDLOWF HQ ODV KDFLHQGDV SHUXDQDV GH OD FRVWD HUD LQFRPSDWLEOH FRQ OD LPSOH 
PHQWRFLyQ WDQWR GHO \DQDFRQDMH FRPR GH OD FRORQL]DFLyQ HXURSHD (MHPSORV FRU
ORV GH 3L]UD FRQ VX YLHMR UJLPFQ GH \DQDFRQDV R GH ,FD TXH XWLOL]DED D ORV
MRUQDOHURV HVWDFLRQDOHV GH OD VLHUUD \ H[SHULPHQWDED WLPLGiOOOHQWH ORV DUULHUGRV
VH FRQVLGHUDEDQ H[FHSFLRQDOHV \ VLQ DSOLFDFLyQ HQ OD /RQD FHQWUDO GH OD FRVWD
¢4X RFXUULU  FRQ ODV SODQWDFLRQHV GH D]FDU"
 0DUWLQHW GHF D HQ 呸
t

TXH HUD XQ JUDYtVLPR HUURU GH VXV SURSLHWDULRV QR VFSDUDU OD DJULFWXUD FF O
LQGXVWULD FRU£R VH KDFLD HQ OD $QWLOODV %UDVLO\ 0£
XULFLR
 
6
LRXLHQGF HO PRFF
OR GH ORV OODPDGRV 呸QJFQLRV FHQWUDOHV ORV GXHxRV GH OD W呸HUUD SRGLDQ DFUHQGDBB
OD D ªHTXFx RV WLYDGRUHV TXH OH YHQGHU/ DQ OD FDxD DO JU呸 LQJHQLR TXH 呸O UR
SHWDULR PDQWFQGULD EDMR VX FRQWURO
FYLLL

4XH QR VH QRV GLJD TXH HO 呸UDQ FX/WLYR HO FXOW YR LU 
t

GXVWULO DTXHO GH OD FDxD GH  ULOU呸 SRU HMHPSOR QR DWLPLWL ā
ULD WDO VLVWHPD GH H[SORWDFLyQ 呸SRU DUULHQGR  SXHV QRVRWRV
FUHHPRV TXH HVH GHFLU QR WLFQH )XQGDPHQWR / DV JUDUGHV H[SO呸
WDF RQHV F]XFXUHUDV SHUGHULDQ SDUD VX SURSLR SURYHFKR HO FH 
t

UDFWHU TXH UHYLVWHQ KR\ GLD X GHVRUHFLR GH V OH\HV HFRQ~PL
FDV TXH UFFRPLHLGDQ OD DVRFtDFtFQ \ OD GLYLVtyQ GHO WUDEDMR7
GH VHU SURGXFWRUDV GH OD PDUHUtD SUtPD \ DO QLVPR WLHPSR RFX


SDUVH GH OD PD]QIDFWXUD GH HVD LULVP L(
LD


1RV RFXSDUHUQRV PiV DGHODQWH GH HVWRV LQJHQ呸FV FFUUWUDWHV \ GH ODV FDX 
VDV TXH LPSLGHURQ VX GHVDUUROOR HQ HO 3HUR 4XH VHFDQRV VyOR SURVSHUDURL 呸8< 
OLPLWDGDPHQWH HQ ORV YDOOHV GH /LPD SHUR YLQFXODGR% UR D ORSFTHxRV DUUL(QGFV
VLQR D ODV KDFLHQGDV PHGtDQDV $O SDUHFHU ODV W FUWHV GH +DFWLQHWQR )XHURQ
ELHQ DFRTLGDH SRU ORV D]XFDUHURV SHUXDQRV 6R/DPHUUWH -6 -?V£LOODJD F[SHULPHUW6 
URQ D ILQHV GHO [L[ HQ &D\DOWL HO\DQDFRQDMF HH O FLLDSHUR -R DEDQGRQDURQ PX\
SURQWR
(Q FRQFOXVLyQ DO LJXLO TXH FRQ /RV MRUQDOHURV \ QJDQFKDGRV WDPSRFF 
ORV \DQDFRQDV \ FRORQRV IXHURQ FPS/HDGRV HQ OpO FRVWD SFUXDQD SDUD VXVWLWXL D
ORV HVFODYRV HQ HO WUDEDMR GH ODV S/DQWDFLRQFV GH FDxD 3RU Gāā I UHWHV UD]RQHV
PD\RU G VSRUXFG/tGDG VLPSOLILFDFLyQ GH JHVWLRQHV UHQGLPLHQWR ILQDO PiV FLWR
t

PHQRUHV FRVWRV HWF  OD PLJUDFLyQ FKLQD TXHGy FRPR OD QtFD VROXFLyQ SDUD /D
TUD
O DJULFXOWXUD H[SRUWDGRUD
L[


9  /RV 7 UDEDMDGRUHV 'XUDQFH XQ FXDUWR GH VLJOR     XQ WUiILFR
&KLQRV HVFODYLVWD GLVLLXODGR UHHPSOD]y HO$IULFD URU $VLD \  WUDVODGy 呸/ V
GH SRR FKLQRV D ODV FRVWDV GHO 3HU~ MDUD TXH WUDEDMDVHQ HQ ORV FWL 
YRV GH FDD \ DOJRGyQ HQ FRQGLFLRQHV WRGDYtD PiV SHQRVDV TXH ORV HVF
ODYFV
QHJURV 1R IDOWDQ KR\ TXLHQHV TXLVLHUDQ H[OLFDU VH \ RWURV SURFHVRV DL  
JUDWRULRV FRPR XQ UHVXOWDGR FDVLDXWRPiWLFR GH OD GHVLTXDO GLVWULEFLQ - H
OD SREODFLyQ KXQDQD HQ HO PXQGR D PHGLDGRV GHO ;, ;  ([DUQLQFPR呸 GH FFUF
HVWD KLSyWHVLV TXH WLHQH HO PRGHUQR DWUDFWLYR GH SUHWRQFHU VHU XQD H[S,
 ā D
FLyQ JOREDO $PpULFD GHO 6XU   VyOR WHQLD OG PLWDG GH ORV KDE
WDQWHV GH 1RUWH $PpULFD HO   GHO WRWDO HQ HO PXQGR Y UD H/  / QXW PR GW t

ORV FRQWLQHQWHV FQ WpUPLQRV GF SREODFLyQ $VLD HQ FDPELR HUD HO SULPHUR
GH ORV FRQWLQHQWHV SREODGRV   FDVL WULSOLFDQGR D V PiV LQPH 
GLDWR VHJXLGXU (XURSD  \ FRQVWLUX\HQGR HO  GH WRGR HO PXLGR (O 3FU

FRQ XQD £REODFLyQ DSUR[LPDGD GH   RFXSDED HO FXDUWR 
JDU GHQWUR GH 6XG$UQyULFD SRUā HQFLPD G $ UJHQWLQD \ GHEDMF GH %ROLYLD FR
PR SXHGH
YHUV呸 HQ ORV &LODGURV VLT呸LFQFHV

& XDGUR Q 3REODFLyQ呸



PGLDO£RU &YQ/ QXWFV&
PL呸ODV

&RUWGQFQW[V 0LOORFV GH DE ,

O (XU RSD y


  $VLD 
  $IULFD 
  1RUWH $PpULFD 
I
 6XG $POULFD 
  $XVWUDOLD \ 3RO L QHV L D 

7RWO 
)XHQWH )
LOOFR[  HQ SDUWH 6p‡-ÒQ -LHWHULFL

&XDGUR E 3REODFLyQ GHO 1RUW呸 \ 6XG $PyULFD 


呸UL O DU/ V 

 &LIU6  5HYLVDGDV 

$PpULFD %ULWi QLFD   W4 2


( VWDGRV 8QLGRV "  
+*[L F R ¢ 
$呸pULFD &HQWUDO   

+DLWL
5 呸SF 'RPtQtFDQD

  
&XED  
&< 

7DPILFD  


2WU

 BQWLOOD呸   

XG 
WPpULFD O pO   &L I U DV  UHYLV- G呸V

1XHYR *UDQD- D    


9 HQH]XHOD      
(FXDGRU  

 O
HU~
&KLOH
 
  
 
 
%ROLYLD     
%UD]t/    
$UJHQWLQD     
8UXJXL` \  
3DUDJXD\  
*XL QHD  
7 ULƒK8F 6DOYDMHV `   
5HJLyQ ` āRODU 6XG $  


RWDO $PpU L F V  GHO 1RUWH      
7RW?O IPiULFD GHO T8O
    
727$/      
呸  

< HUR WRGD HD呸 FLIUD呸 ¢TXp GLFHQ" 1DGD SRU Vt VRODV DFHUH呸
GH D FDXYD! - H OR呸 I
/ XMF©  P呸JUGWRULRV \DBJBXB HVWRV QR VRQB IXQFLRQHV GOB
UFWD\ H[FOXLYD呸 GHO YROXPHQ GHPRJUILFR OOL VLTXLHUD EGVWDUtD TXH HV
WH ~OWLPR GDWR IXHUD FRP7
OHWDGR FRQ HO GH ODV UH呸SHFWLYDV G; WHQVLRQHV W呸
UULWRULDOH呸 FRQ YLWHā D H呸WDEOHFHL /DV ]RQDV GR VREUHSREODFLyQ UHODWL
YD呸 $PER呸 IDFWRUHV FRPELQDGR5 OR LQGLFDUtDQ FXDOHV HUDQ HQ QULQFLQLR
/D 7
2LELOLG&GH呸B WHRULFD GH OR PRYLPLHQWRV GHPRJULOILFRV GRVGH XQR D
RWUR URQWLQHQWH HUR LQ GHILQLU VX JUDGR GH UUREDELOLGDG \ PHQRV D~Q 2F
呸O L F DU  O D RF XU U HQF L D KL V W yU L F D F RQF U HW D 8QD Y H]  Pi呸  KHPRV  GH V L W XDU QRV 
呸O  QL Y HO  GD O RH ERF KR呸 呸RF L 呸O HH PL 呸PR呸 \  呸XV  GV W F U PL QDQW R呸 HF RQyPL F DV  SD 
U 呸 F RP呸U DQL HU  H呸R I HQyPHQR4  /R GHPi呸 HV  P  L JL D  DV RF L DF L Q DU EL W U DU L 呸 \ 
D呸UHQWH
)HU  HFD呸 U呸]RQHH HQ O R呸 DQW HU L RU HV  SiU U DI R KHPRV  G呸U QRU DGR HO  HV  

W XGL R UREU H O DB FRQGL F L RQHH J?QHU D O HU   G O B£ HF RQRPL  D QRUXDQD \  V XV  YLQFX
OR呸 FRQ  REODFLyQ /DERUD/ HQ HO 
FWRU DJUpULR ,
DU URGDU HQWHQGHU
FRPR \ ā 呸āFUTXp OR呸 W呸UUWFQLHQWHVHUX呸QRV SUHILULHURQ WUDHU FKLQRV GHO
$VLD HQ YH] OH HP7
OHDU FRORQRV HXUR1V R UHFOXWDU PDQR GH REUD ORFDO 6"B
O R HQ呸呸\ DU HPR呸 XQD Y L 呸L yQ GH F RQM XQW R 呸DU R QU RY L V L RQO   <D TXH QHV H D X 
&- W L 

QD HH/HFED ELEOLRJU!ItD $ URQD %DUDGUH &KR\ / HYLQ OKOORQH呸 6WHZDUW


HWF  HFWDPRF /HMR  DWLQ GR FHQRFRU /D WRW
OLGGBGR HVH UUFFHDR Ë FRPR 
GLI
HUHQWH  V呸呸FRWR TXH ªURGXMR HQ HO FRQWH[WR GH OHB 
2&LUHGFWG 7,UXFQFL 8
UDQWH PXFQR© 
OU
RB 
OG‡ QiH RXDMTX HU DQiOL呸LLL GH, LUFEOHPD GH ORV FRORQRV
t

FKLQR GH呸UWDWD LH /QPRGtDWR HH UDFGVPRRFXOWR -82 KDE WL (Q WRGR EXHQ
t

呸 D]XDQR ā © HD EODQFR LQGLR QHJUR PHVWt]R  FRPR VXEQUFGXFER GH VX H[SH
UL QFLD FRORQLDO &G XQD GH D呸 DtQRUtD(  p WQDFD©  SH]XDQD  FRPHQDDQUtR
FU /D PLQHULD pWQLFR GRPtQDUUWH  R/DQFRV  VH KDO/D WFO LQVHJXUD \ WLHQH WDO

XUJHQFLD GH PHMXU


U X DXWF!HWLPD TXH EXVFD D PHQXGR XQ PRWLYR SDUD GHV Uā
FL D呸 D O RH  GHPW 呸  /R呸 F KL QR3 I XHU HQ L XU 呸QW H PXF KR W L HP呸R O RH F KL Y V  GPL V D 
U R GH H呸WH FRP/HMF GH LQIHULRULGDG JHQHUD/t]DGR HQ HO UHU~ \ VLUYLHURQ
t

SDUD FRQVR/ DU O QHJUR GH XB HFFODYLWXG DO LQGLR GH VX V呸UMBYLGXPEUR \ DOLā


YLVU ORR RHQWLPLHQWRU GH RXOU LH ƒ EODQFRV (VWV DFWLWXG FDVL OOHJ D
UHU RItF D/tDDGD HQWUH QLFRWUR呸
t 7RGDYtD HQ SRU HMHPU/RHO UDUODFQW
SHU XDQR DO DXGL y \ RU G*Qy 呸XEO L F DU  XQ呸 W H呸L V  XQL Y HU V L W DU L H TXD  WO QW U X RW U 呸V 
呸 GHR DH )X* XQD JULQ FD/DP GFG QDF RQD/  OD TXH WU- 2 DO UHU~ OD LQƑL
t t t

呸UFFMQ FKLQD 呸DL WDQ GHELOLWDGR URU HO PHVWL]DMH QR URGLD HFSRUWDU RVD
/QI
XVLyQ GH FQJU PD GpELO WRGDYtH/ \ OD LQWURGXFFLyQ GH YLFLRH PD/HDQRD \
8H
ORUV2OH呸‡ (呸WRF QUMXLFLR3 QR KDQ GFLRQDUHFLGR &HO WRGR DXQTXH FFPª
E HQ LH LDULHQFLD \ R呸!MFWLYR
t / D KL呸WRULD FLHOWIILFD TXH QXQFD HV XQD
¢ L呸WRULV QHXWUDO  WLHQH DO UVFDFWR XQD W"UD  KLJLpQLFD TXH FXPSOLU HQ
QDHWUD PHQWDO GDt FR
ORRWtYD
t

'H RWUR /UGR HO WQyOLFLI GH/ F LVR "FU~ Q UR/DF yQ FRQ OD PLJU
t

FtFQ FKtQD LOX&WU PMXU TXH RWUR XQ U


HQyPHUURV JBXH RFXUUt R L HVFD/ D IILO~
G D/ U OR D[HSFLRQD, PRYt/t]DRLyQ GDPRJUL
ILFD QURRFG呸 URU H/ GHVLUUROOR
t

LDO L呸WHPD GH UODQWDFLRQFU (O Q~Z呸UR GH WUDEDMDGRUH呸 FQLQRV YHQLGRV DO
UHU~ tXUDQWH HL FLLVO呸 ; 7;  UHSUHVHQW FL HO  GHO WRWO &H ORV FKLQRV
y

 PLJUDGRH D ORH IHS D]XFDUHURV GXUDQH ORV XQRV  / HYLQ  )XR
XHV HO "HU~ XUR GH 呸)ULQFLDOHL UDFHQWRUHV GH (VH PRYLPDRQWR HQ $PpULF
\ R/ OXJDU GRQGH HO FRQVtJX DQWH UURFDYR GH DFXOWXUDFtyQ I
XH Pi
t V LQWHQVR
RRPOLFDGR \ GR ODUJD GXU
OFLQ
(O WUiILFF / ERUR/  GFFKtQR©  XHGH VHU FDW WtFDGR GH XQ IHQyPHQR
t

PRGHUQR DRF H R O O/  JUQ D[UDQ



LQ TFRQPLFD ā UJR QOD]R RFXU]tGX ‡`Q (
t t

UR7 \ XB   DQH[RV GHX GR  JXHUUO QDUR/HyQLFDV 'HVGH OXHJR TXH R呸
WFQ 
U-  DO ,HUG \ LWU!呸 DL呸H呸DQWHFGHQWHV PiV /HMDQRH UHUR GH PX\ RV
FVDR H呸R LHPRJUiILFR \ a/  < D D UU/QRtU/ RV GHO VLJOR ; 9 ,, HO KR/DQGp© 
- HQ KHWHUDRRQ   KDWLL DFRQVHMDFR FRPR JREHUQD- RU GH ODV ,QGLD
&ULRQWDOHF TXH R XWLOL]DUL JUXQ Q~PHUR GH FKLQRV VU*FLOOPHQWH PXMHURD
\ RL"tRV QDUD REOXU \B WUDEDMXU %DWtYLD 0ROX FDV \ RWU
 DV/HQWRD FRWRQtH
/H! HQ HO $B  L O (HWH U]R\HFWR \ RUXF QDUHFLGRH QR WXYtDURQ PXFKR p[LWR
RU HFR 2 P VPRV Tx R RU £RFRLLHOH 0LOOFQH呸   TXH 
OUULU
VU- U  ODV &2(W
t

RUXDQD VXQR 6KQJOF\HF R FRPRURtDQWHV YtDMRURU GD OD &KLQD 'H KD

F [ L L 

EHU  RF XU U L GR I XHU RQ PX\   FRF F  FRPR O R GD PXHVWU D R/ &DQV H GH O  O RQW HV F O -  U F I 
 L Y L G 1REO H &RRN   1R WH QHPR  QD\ RU  VV  QF WtFLDD QDU H HO  V L JO F  ;t  , , ,  \
F RU XF Q] F   GH,  ;, ;  7W  U R 呸O PDGt DGRH GH H£W H ~O W L PR U呸 pO R HO  W U iI L F R V H   呸 
F RQW U 呸ED WRW呸OPHQWD RU J呸QL ] 呸GR  $O UULQFL呸LR HO  QHJRF L R I XD F RQW U F O DGX
RU  2呸 L QJO 呸HF   +DF D   F  H F  7 - LW \ 呸\QH 0XL U 
 L QV W DO D GHV  Q
t

&QWRQ \ $PR\ W 3 QL  L  Q XQ RLRQRRWWR GH KHF KR


7 GUO O RPEDUF DF t RQ GH PLJ FLO

W HU   FK QR©  KDF  D &XED +HXQL RQ  0DXU L F L R \ RW U F V  /XJD
UHH 
t t 0iV  W D UG H I XH
H, W U I L F R W  U D呸I HU L G L  D 0
OF DR  HDMR V REH U -  Qt D  \ W RO HU L QF L D GD U RU W XJ  
 DU W D FHHDU  HQ  GHEL GR L O DH £HHL RQF H GH , QJO  W  DU  UL 
(O  FU HF L HQW H Y RO XPHQ  O D Y t R/ HQF  D \ O RV  DEXV RV  GH HV W QXHY D W U p

t

W DB 呸H YL HU RQ I -  Y RU GF L GRH  RU  O   HXL F L GD QRO t W L R -   TXH K



 W D  DGRQW D URQ
O RH JREHU QDQW H呸 FKL QRV  FTXH D ODWRVU HY
RQW UV H  
L HU DQ D V DO L U  HL Q QHU PL V R GHO  W HU  UL W R 
U L R L P HU L DO   /R呸 W  U DEDM DGR UHH FRQW U DW DGRH SRU  O RV  HXU RQHRV  HU DQ W HQL GRV 
QRU  GHO L QF XHQW Ha \  QR U HF L Et DQ Q U RW HF F L yQ RI L F L DO   'HQW U R GH HV W D DEV XU GD
O L QHD GHEH HHU  L QpO XL GR HO  I
DPRVR HGL F W R L PH U L  G  GH  TXH FRQGHQy G U   
 QL iW L F D \  O L W HU DU L DPHQW H HO  W U iI L F R HL Q KDF HU  QDGD I HF W L Y R QRU  QW HU U XP 
QL U O R   / RH F iU EDU RV   U U RF ODPy FRQ GHV UUHF R HO  FO  O QHU DGRU  &HO HV W H  V RQ e O
t

JREHU QDEO H呸 HQ H[ W U HPR \ V X ~QL F R PRW L Y R GH DF F L yQ HV  O D JDQDQF L D  'HV GH
R呸W H Gt D y8 O TX U  QH U RQD TXH W XY L HV H QHJRF L RV  FRQ HO  7H 5L  7DL W   \  HO 
+R呸.L  0XL U  HH U i FRQGHQDGD D Q XDU W H )XH PXF KR PiV  W DU GH FRPR Y H U HPRV  
D ‡āU L QF L / R©  BGH O D GpFDGD - H  TXH HO  JREL HU QR FKL QR  UHDF F L RQy FRQ FL
W

W D HI L F DF L D PRY L O L ] DGR 呸RU  DO JXQD  DXW RU L GDGHV  FHO RV DV   FRPR HO  YL U  U 3 \  /L 
+XPJ &KDQJ \ QRU  HO  GH‡F RQW HQW R GH O RV  W HU U DW HQL HQW HV  FKL QRV  W HPHU RV RV  HO H
YR] GH   REO  GD  FLX& URULHXDGH&
 6 W HZDU W  
¢4XH
F DXHD& L PXO &DU RQ D W DQW R KRPEU H呸 DU D TXH V H M GFLG呸HUDUW
 D 
E呸QGRQDU  呸8
 DQW L JXDF W L HU U D呸 'DU 呸 Y L DM DU  D SDt 呸HV  呸OHM DXRV H[ W U Dx RV  H -

L QF O X呸R KRV W L O R呸"   ¢4Xp FR5D HU D O D &KL QD  TXp


F RV D HU D HO  U HU FL  SDU 呸 O RV 
 呸U R7 L 2& FKt QR© "
  / D GHPDQGD R XU JHQF L D GH PDQR GH REUD HQ O DV  SO DQW ¢ F L R 
QH呸 DPHULFDQD& QDGD W L HQH L XH Y HU  FRQ HVWD3 SU 呸JXQW DV  \  SRU V L  V RO D QR
ED呸W D  W DPQRF R  QDU D H[ QO L F D U  O D W RW DO L GDG GHO  QU RRHV R PL JU DW RU L R R[ F O DY L    B
W D TXH RFW XGL DPR&  , P呸RU W D WDPWLpQ TXH GHWHUPLQHPRV O RV  I DF W RU DV  TXR RRQB 
GL F L RQD URQ O D RI HU W D DO  i QW HU  R U GD &KL QD 
t /V YLQ \  6W HZDU W  KDQ L QV L V W L GR
FRQ U D] yQ HQ H W H DF Q*F W R  呸Hx DO DQGR 呸呸 F RQGL F L RQHV  F RQyPL F DV  SHF N O L *, 呸
PHQWH GHIDYRUDEO*F TXH UU?DOHFtDQ HQWRQRHV 呸Q OD &KLQD PHULGLRQDO / D
W U DGL F L RQDO  \ H/HPU YU  H UUHFDU t D HFXDRLyQ KRPEU D W /RU  U  U / 呸E  QF J D
W L Y DPHQW H \  O DB U HQXU L D GH /D呸 REO DF L RQHV  V R KDEI  L  DJU DY DGR U RU  O D JU DQ
U   EHO L yQ GH 7 !L QJ   TXH GHHQO D] y GH VXV  DV HQW XU PHQWRV  D PL O HV 
GD F DPQH呸L QR呸 TXH HH F RQY L U W L HU RQ Q XQD W U RQ呸 GHV *5SHU XGD \  VL Q RF XQDF L Q
TX©  O 2U L D GH KDPEU H \ U H Gt D W U FED L R /Q~ W /PHQW R HQ O RV  U XHU WRV  \  F[XGDGRR 
t

,
DUDM LFWPHQWH QXFKRª GR H
WR   FFR/ tHV  QRPEUH GH XQD WULEX EHQJDOt VLQ
 URO F L yQ FRQ  &KL QD  FU H\ HU RQ Y HU  HQ O D FRQW U  !W 呸 T呸H O HV  V DF DED GH V X
SDL 呸 QR U yO R XQD TRO XF L yQ HF RQyPL F D V L QR W DPEL yQ 1O L JL RV  L    FDV L  XQ FDPL  
PL 呸W L F R 呸XH O H 呸DO Y DU t D GH O D PL V HU L D  O D PXHU W H  HO  GRO RU   呸O  KDPEU H \


O DU  KHU L GDU  DU D O O Y DU O R呸 D O DU  &RO L QD呸 'RU DGDV   /DV  FRO L QDV  GRU L GDH U FO  
 XO W DU RQ U HU  DO  I L QDO  O DU  KDF L HQGDV  GH &XED \  HO  U HU ~ R O DV  L V O DV  JXDQF U DG
/H &KL QF KD  ƒ EDUFR©  L QI  
W DG RR  HO  JDO SyQ FRVWHUR V Q YRUtJR /D PDO D  
t

U H HO D]RWH GH / R   Fā7


?RULOF呸呸 QHJU R  OD URVWLWXFLyQ PDDFXOLQD RO LQ)呸O
t

W R GR O R呸 Hx RU HU  俵 RO  L Q呸XO W R GHO  呸XHEO R 



$ YHFH呸  呸8*U W H  呸HM Y U  TXX
RWU- F FRVDH 
U HU R DO  O DL R GH O RR TXH Y L D- DEDQ DPSXM DGRV  SRU  O D SREU H] D R V HGXF L 
GR FR] HXH FRDY FLRQHV UHOLJLRD3 DWXQGLURQ W PE pQ TXtHQHV I
XH]RQ HP8U
t t

FDGR©  D O D I XHU ] D  FRQ HQJW L QR  $ PHG GD  TXH O D GHPDQGD DXPRQWED
t GF /
O DGR DPHU L F DQR 呸H JHQHU DO L ] DEDQ O R  3HF XHV W U R HQ O RV  U XHU W RV  GH 呸 W U DW D 
8QD HQF XHHW D KDF KD D ILQR©  GH ƒ DILRH  GHPR  W U y TX GDO     GH O RV 
FRQWU DWDGRH L JQRU DED 呸X UD/H GH GH呸W L QR \  KDEL DQ Y L DM DGR FRQWU D V X Y RO XQ 
W DG 
<呸 GHF GH O 呸F ULPHU呸 KF U DF HQ HO  E呸U F R H Ƒ呸H] 呸E  P D FRP呸U 呸QGHU  
FKt QRª HO  GH U W L QR TXH O H呸 H呸  HU ED  UXXF KD  YHF H  KD Vt GR U HO 呸W  -  G D HV W   U4B
QRV D W U DY H L D GH O RV  FDPQH呸L QRT FKL QRV  HQ O RV  EDU F RV  TX O RV  W U Dt DQ DO  &D 


O O DR  (O  U HF RU U L GR GXU DED D  U R[L PX/ PFQWH  FXV WU  R PHV HV   /RV  I XW XU RV  W U D 
EDMDGR] HH HU DQ KDFt QDGRU D U D] yQ GH  SL HV  FXDGU DGRV  U RU  KRPEU R  HQ HO  PH  
- RU BGH O RU  FDHR  L QJO HU DV  GH 5RQ .RQJ   HV SDF L R TXH EDM DED D  SL H呸 FXDQ 
GR 
U W L DQ - HO  0DF R 7
,2U W XJXyU   (Q H W D3 FLUFXQVWQFLV O  -   PRUWDQGXG EUUW

PX\  DO W D  'HO  I L O R     KD FD/FX/DGR HQ    6W HZDU W  \  /HY L Q D
HO HY DQ KDU W D XQ   呸L EL HQ KXER Dx R© \ DPE  U TXV  HQ TXD V XEL y KDV   D XQ
  +DF L D  O RH F呸O F XO RU  RI L F L DO RS QHU XDQRV  PL QL V W U R *yPH]  6 O QF KH] 
H W L PDU RQ XQD 呸pU G L GD KXPDQD  OH KDVW D   GH O RH HPEDU F DGRV  

1L QXQD U HJ   B
/ DF yQ GHGH HO $LD R / DH FRWD呸 GH $PpULF QXGR OOLYLDU HVW VLWXLFtpQ
t

(O  U HU ~ GL F W y  H呸 FL HU W R  GF  U RJO  DPHQW RV  KL JL pQL F RV      SHU R QR


I XHU RQ RXP/tGRV   0HQR3 &P I XH RRHGDF L GD O D GL V QRV L F L yQ L H  TXH GH 
呸URWDDHO  PO [L PR GH XQ KRPEU H QRU  FDGD W RQHO DGD GH U HJL V W U R 
$XQTO O H W RGR呸 F W RT KDF KR呸 HU -Q FRQRF L GRV  HQ RO  U HU ~ \ K EL 呸Q V L GR


GHQXQF L DGRU  Y DU L D4 Y HF H  U RU  O D QU HQV D O RF DO  \ O RV  SRO t W L F RV  O L EHU DO HV  O D


PL JU DF L yQ FKL QD yO R I XR TX呸呸F QGL GD HQW U H   \  V X SU RKL EL F L yQ HQ


 呸H GHEL y D O D DF F L yQ GH I DF W RU H L QW HU QDF L F QDO R5  I XU DQW H HV H W L HPU R


O O HJDU RQ DO  U HU ~ F J~Q O D FL I U D RI L F L DO H呸   FKL QRV  GR DF XHU GH DO 
  

FXDGU R L JXL HQW R  0DU W L QHW  *  




&XDGU R   &QL QRV  


HVHPEB DUFDGRV āH Q HO  &DO O DR  

       


     
     
     
F[L Y

t     


   O 

  / 



  B 

UDWLQHW  

/ Rª Q~PHUF  UYHO呸U XQD HFWUF/  UHODtyQ &

W GV XQ - F ž呸 /-L


ULFLyQ FQ QDF \ GHO FWUR O O D$ 呸DUL呸Q *JULFROD H[ !BWFWR呸D \ ORV UR UD
t

P4 X-  REUD ~E/


LFQ  'XUDQWH /R! WUFD UU呸PUF DURV ‡ ‡LWR  R/

UHPHGLR DQXD/ -H LQJUF3 QWHH I


XH GH   )W
UR 3VLFWV FLIUOV VXEHQ
EUXHFDPHUWD HQ  GHFFL¼QOH VQWLH  £DUD OXHJR ā- FDD R
HX P
[LPR HQ HO FXD FLHQLR ā
' t
UH
WD
H

R ODWF 
$ O UQHQWH āRQHFWGRV

FRQ HV W©  WUiIL QR KXPDQH (&  RLF


tR

URQ HQ HO UHU~ QHPHURVFV QHJRFLLGRV HQ TXH /QWHUYLQtHURQ -呸V -O¢V WRV SH(B
呸RQM  ROIW FRH  OD JUDQGR©  IPL
L FU2V GR ,PD \ ORV ULFRV FFX
t

F/DQWH! GH WRGD ULDRLRQD/tGDG / H RFy -  XQ *OQGGWR LUQ%WUDGR B  QU


VL
GHQF
LD ULHO HU-  D JUDQ WHUUWHQF-  LTBXHxR 'RPUUJR (OLDV HO
WU呸WH 
I
YL/HJtR GH KDEHU ULGR HO LQLFL%- R GH HV 呸 UWD *UHF]DV H VX MQPHQVR UR
ORU DFRQRPtRR 呸URGXFLH H`   G
WFR HO D SG*Q QRUXUQR KDGD OW  \ D
  X©  FRP  /tFDGDV UF/DFtRQH©  7
'OL L DF  (-LFV RRXYR RQ OD GpF-GD FH OHV
Dƒ  HO 呸ULYL/HJDR GH LQāWHUQ"U GXUPYH FXFW]R ž WUDWMDGRURV FQL
QR©  HQ EH GHQIUWQHQWR
ā G / LPD 呸呸 ,呸WHUFDG OLHFLEL Q FXQEDR
?2 ªHFRV
/ 呸pV G pO LQWH&
YLQHURU

ž U FÈ
O XQR
DJDGF©  QRU HO WH   RUR ~ELF - HH£
HQ HO WULILFR /R  LWDOLQR呸 2QVDUR \ )LJUL HO FKL/HQR &DQGHPR -  HO
JUQ FRPHUFPWH 8J Uā
  
/D JUDQGHH IRUWX呸ā
 O2& - O*V QDFL V GH/ JX*
H,  / RXURQ 呸DUWH GH UQH JQQFLBBF HQ /D /PURUWDFtyQ GH UUQRV / H
OO*< (

ROLJLUTXLO 呸HUX Q WXYR GH URUUWR 呸XDx H GH UDQGHQ -  D呸I
O7
"FLRQHV L3 *X
QDFtFQDOH! \ D 7ULQFLQLR GH O~H xRH  W/  RQ VX QRGHU EXVQD ULUWH
GH ORH HPELU£BXH GHVG HO $呸LD
(F RKYLR TXH OD FRD/WF yQ GH W Y /ULā呸FWRV LUW  UWVDV 'GUIDOL] GX
t

UDQWH YDUt R 呸呸RF WRGRV ORV LWHQWR  URU V‡VUGQGHU GRI
/ Qt WMYDFHQWHāO
O WUp-
W GH FKDQR©  0FDR āH KDEL- YL VWR REOLJDGR  LQLHUUXPUL U/  H  W
K-FLD  FLUFXOURQ H呸
BB HL  ; WFULFU HJLQGR 呸 )HNLQB UHSU呸VFQWDFaR

QH呸 \  TXHM呸U GH O RH &KLQR呸 URFLGQ呸H3 呸 HO £


XU呸 (VWRV LQIRUPHV 呸U呸呸呸呸L
HR  XQtGR! D /D! HYRUtJXDF RQD RUOLH
OL呸V £RU HO \- H ā DGR YLUUH\ /M LLPp
t

&KDQJ UHPRYLHURQ /DV UHFODPDFURQHH RU F D H呸 FEtQDV t t LOJW/QRV LQFLGHUWV


呸 FDQGD/RURH 
EDUFR 
XUYD OHULp@'- H\ LUt 8- H  OUWDUR DDLPLHPR ā O 
SLQLQ ~E/
LFD PXQLDO FRQWUD  HU~ 6LUB HPEQ HO ¢FEMHUQF UHQXDQF
EDMF OD 呸UHHLU GH ORH KDFHQGDGRH DUWW LFWXUQW \ PX\ 呸FLQYMBUO GH HH
JRELHUQR VLJ8 EXUFFQGR EDFW  X/WLIILR VR/XF RQHV F-  FRPQURPL VR TXR UHU
t

呸LWLHUMQ FRQWLQX呸U FRQ 呸 PLJU呸F呸Q 呸 F- DYLVWX - H呸 W H PRGR GXR呸Q 呸D呸 呸Q
&;9

WQGLG!呸 OD呸 LQ呸WUDFFLRQFF GDGXH D / L PLVtyQ *HUFLF RQ  FX\DV VWL呸
QHR IXHURQ IRUPL]DG žU  /ODPXGR WUDWLR G 7LRQW6LQ RU HVDV /LI

D+-呸 UD]RQH H DFRUGy WRGDYID HQ  XRYDQF RQU H OD FDVD 2
OtSEDQW Q
t

W  DQXWOH ©  BWD H DOLW


G \ QR HQ QXRVWURU FQOR(
 Rt/ OFWFV GR
P £ 

U呸LDGR呸  © L FRQƒHJXLD WUDHU DO &DOODR  FKLQV RU YLD- H
+D\ TXH FxGLU TXH DO JRELHFQR HUXDQR \ ORV JUXURH GH UWQ OR
F OOG呸 QR KXEWHHHQ URGLGR PDQWHQHU  FRUUtHQWF GH  FRORQRV  FKtQRVM  VtQR U呸
EL RU D 呸L GR 呸DU TXH HQ X呸* QDJRF L R L QW HU Y HQt DQ W PEL Q JU 呸QGH呸 I O U P呸呸 L QW RU  
QLFtRQDWH©  &XDQGR GR UXp呸 H 

ž  LQWHUXPLy HO WUILFR GLUHRWR G(!‡ā
G R, $/D /D DFLILF
OWDP 1DYLJDWLyQ &RPMDQ\ SRU HMRPQOR RIUHFLy WU
V
RUWDU KFLD HO )RU~  OR‡ WUDHDMDGRUH FKLQRV TXH KDEtDQ TXHGDGR F呸VDQW呸V


HQ &
OOLIRUQLO XQD YH] WHUPLQDGR HO I
RUURFHU UL/  W‡- VFRQWQHQWO URU HVRH
PL 呸ƑR呸 Dx R呸 O D F呸呸D *U 呸F H PSH]  D HQY L DU  F KL QRV  呸O  Y 呸O O H GH &KL F 呸PD  (呸 
FLB  RU ~OWLPR KD\ RRQVWDQFtD GH OD DFWLYLGBB- pOV LH XQ ULFR FFXHUFtDQ
WH FKLQR GH LQ )UDQFLSFR &KLQ LQ PX\ YLQFXODGR FRQ KRPEUHV GH QHJRFLRV
QRU W *DPHU L F 呸QR呸 H L Q呸O H呸- 呸  &KL Q 6L Q RI U HF L y HQ R呸D I HF KD W 呸Q W 呸U Gt D 呸O 
$J QWH U-UXDQR GH (PLJULFLQ $ QGUHH VDXUt  RUUFQL]LU HPED]TXHU GH FKtQRQ
GƒLH 6DQ )UDQFL呸FR  /QF/XLR HO $ L-  KVWL F/ &"RR


&8$ '5* 


&KLQR URU QRFLRQLOLGDG )*U~ 

- ($ 57$OL£QR ,: (LO2


 VREUH SRWOD
FL*Q WRWDO

$UFDHK  


$UDD]RQD 
$UUXULPDF 
   $UHTXtUD  
$\HZXFKR 

&!   &DMDP-UFD  
   &DOR  
   &X] F R 
   +XDQFDYH/tFD 
 +XiQXF R 
 OHD   
 - XQLQ 
-  / DPED\HTXH 
O L / tEHUWDG 


 / LPD 


 / RUHWR 
 ,-LRXHJXD y 
FRQWLQ~V‡‡‡
F[Yt

   U L XU   " 
L    U 8Q
 
   7  2Q  B R 呸
B

呸O/    

LRW &RQHRLJQD呸RU 呸 Q~PHUR GD Q/ QR  URH W,
LG2
 UFU 呸X ,OO&LRQVOGO
FX\R WRWOO 呸5 LQIHULRU DO LH ORH UHLLLWUGMR呸

,2U 呸X U]D FRPH  HLLWLF
-
  

¢&XiOH tXUURQ OF FRQG F RQD©  GD Y G  WU !D- 2 GH ORV FEL QRV
t t t

呸Q HO 7U~" ¢&yPR IXFURQ 呸QFRUURUGRF \BGL5WUL呸


LR呸 ¢Q O QXHYD 呸FL‡ā
LDLJ/RED,   WX PHDDEDQ  IRUPDU 7
DUWD &UQ+PFHPRH 7
~U ILMH 
XEL F DF L 4Q JRJU I L F 呸  L O L  W 呸U PL QXF  呸HQDU L O H呸 L XH  F RZR H0 GH 87
O RQU t  O D
PL F P呸 - 8D K Et Q W 呸QL GR O RH  *UFO呸YR呸 QH  U R呸 呸 呸XL - QH)  ORV FW L QR呸 Y HQt D Q
  UH呸P  ]
LU   B?HL 2GRUZF FRFUREDU/ R FRQ 呸 QWHUt RUHV FLIWUV GV/ F Q
UR DH  DMF XWGR XQ `2 GH呸7
OXGHR GD O  F‡ FQVt yQ GD O WU-WF
$XQMXD WO>YQR GH RO/R E呸LW呸?Q Q
 F XGLGHV R WUED- -E  t

HQ /D FRQWUXFF FQ X ƒ I呸UURFUULOHI


 L P RUtO UDVDED GLUHFFGLHW
t

OH XVU WR O O  QDF L FQGD BL-  Hx \ V/JRGyQ  6X呸 F RQW U  L W D V  呸FO DO ] E 呸 
  HU RGR YDULOEOF QWUH FLQFR
t - RFKR DxRV 'B呸tQ WUDEMDU 呸XU呸<OW WR
GR H, DQR XQ URPFG R GD  I KD&W-  PH KRU H LFULV VLQ Pi
t F O8E WUH
GtL GH ILHUWL - R-FL!tDQ Q FDPE R FXDWUR U!OXU 呸
t
UBF I
XHUD G  XiiLFX
\ Q Y
UWLLR \ IU¢LWGD
8 D YHFH HR呸 /HV - DVFRQWDR MXQFR FRQ HO DLDOQ
WR LXH KDE DQ U FLELLR HQ 2QtQD
t 呸LāHQIDUP呸EG
OG Et Q FRUQUHQVDU HVUWRV
OL呸 呸O ILQOL]呸呸 FX FRQWUW H O呸F  O 2- 呸E呸 HQ 呸呸呸呸RQH呸 F RO HF W L Y RV  
LQ QLQJXQD KtJtFQR / D DOtPHQWVRLyQ TXH UD- LEtB D DU FRPR KHPRV XLFUR
O H O呸& 呸HRU F     HQ HO 呸HU~ 8Q K呸FHQG呸OR OLPpUL4 RQ 呸W呸FLR È D DRU 
GXHxR LH WQFKR GLFLL HQ  呸X PDUYWHQFLyQ D呸 XQD FJ"呸 WLQ OLWMVUD
48
B D UHDU LH LXW WRGDY,D  -
Lp
OLIL¢&WDQ GW EXHQ FRPHU HVWi FRFLXHVWLD
GH URFD FRD (OOR呸 XHG呸Q 呸WL呸IHFWR呸 FRQ HO DUUR] TXH HV 8 IXFUW
O FXD,  O H DJU
JDD G DJRO O DGHU R&
 GH YDF D  DQWUx6!F \ FRVDV DV L WF Q YULL
(

QUL FRPR EUWD HQ  UDIF $ YHFH VH OVF DUDJ FDPRWHV -  -8F¢呸
U L O DU  KD\  HQ DEXQG呸QF L 呸  (Q XQ 呸DO DEU   HO  P QW HQL PL HQW R GH O R4 F KL QH呸
GH- LQGRORHR E HQ I


WL&IFFKR呸 HQ Pi
t F FTXLWWLYR O8* - GH QXHVW]RV HRQHV

8G TXH QR 


 VW FRVWR GH WUH FX呸UWLORI BRU
KRPEUH /  UD~LOG DUHF KDEHU 呸LGR PX\ LQIHULRU -  OR TXH -VHXUDED
VDWLRU FRPR 9  ULRH H -- HODQWD O FRPM U -  U  O 呸OLPDQWDFLQ GH /RR F     L
QR FRUO  O D MXH UWFLELāQ RWUR©  WULEDMGRUH呸 Q /O 7*U~ GH HVD GURFV
$O UH\呸 L  OR XD KE,D RFXUULGR FRQ O ž  HVR/DYRV DI
UtFPFV OD
F[Ytt

R WUDWD GH FKLQF  I


XR FQWHUFPHUUWH UO

&8OLQ 呸‡呸X\ URQWR PXFKRV ' HU RV

ERPEU B    Q DF  呸呸£


RU   L U W Y  M Y  QH呸

F呸\ HU 呸呸 H呸 呸UOFWLF呸 GH 6%;呸呸O L L 呸呸 D


OV ! KRPR 呸[X-OLLL  UR5WLXFLO
Q /
LQ[
Q
RUPD
QQL UL


PDVFX

U] R/GiQ WF QOLOOR 呸Q 3OOHW% GY&Ë $H IBQ 呸DXU-GR TXH /RV TXH WU£
EL呸Q Q OL LVO  LH FFtQFKD \ RWUYV UDUWHF 32Q /QF/LQVGRV - O RQFDQ VDR t

\

?6呸RDGR UXI呸G~ \ XH QRU HWR 呸H HQIDUPDQ \ G %WUX\HQ

/ D OUURW OH
EH      H QH呸U  HQ U 呸PGL DU  HHW 呸 P O  \ DW  QR V HS呸U 呸U  D O RV  P U L GRV  GX  呸 ZX- 呸
U QL  REOLUO‡ F O FULPHQ UULYiQGRORV L ORV FRQVXH/RV G¢ VX
IDXQOLD 
<  RWUR W UWLJR FRQWDPRUiQRR
OGPLWt / R FKi QRV VRQ WDULELiQ KRPE‡V-  O
( PUH&L KDUI PX\ ELHQ WU WUDU D/JXQDV QXMHUVV \ /R©  TXH W L FL 呸B HQ 呸UQ Q~!
PFUR GD HO/RY GEDU UU URRUF DQDU/ HV XQ OXHU U-UO 呸XH VH GL UtFUWFQ 
t t

 X PRGR O R  G    -  H 呸L L  F W  L  EDMR HO FH/R GR O QROtFt FRQ HO ILQ 呸 < Lā
WDU LD呸yU  L HQH  
)X-    U R/YLGDU \ F2&-7HQU O GXUR]D FRQ TXH I
W /HV WU呸W呸2D 8G
PXFKR H OR呸 WU呸EDM呸GRUH FKL QR呸 4G LQLFL呸UQ 呸Q DO FRQ呸XPR GO R呸LR
/ R PLƑR EDFFQGDGD H  QFVUJDURQ GH RUJDQL]DU  YHQWD G RHR HQ VXV
WDPER©  \ -W- FRF FRQR UW GH XQD UDG HQ OD  BXD HVWXYLHURQ FRUQUURQHW i 

L UBBMQ I
X UUWH LD -UURYL呸LRQDƑLHQWR \  ULQFL- O EHQRUtF DUtR t GH
呸WH FRQHUF R t - B  Q UFyWLF呸 VIXH , QBO  -  W DU U    TXH FRP  UED HO RUtR  U DVL'
   呸U UHH[RUWDU/R -O )U~ 2R呸UYD呸YHQ H/ Uāy[LPR FXDGUR FRPR ODV FLI
UDV
GH L&   RUWDFLyQ &  RU/ R VXEHQ \ FRDQFLGFQ YU呸  WUDFKD UH/L FLyQ FRQ DO DRYt
呸L HQW R O H   UUL /U  F L Q FKO Q呸‡
GO- BFL G X I LPLOL-F ¼JDDLRF āLU O FRQWU LW FQ "呸LL
PHQWFLQ L Q XI L F L GQW H \ REO L J呸O R呸 D XQD V RO W HU t 呸 I RU ] RV   ORV WUDD- DGR
U 呸 F KL QR    U呸 Y L 呸U RF  L 呸QXO 呸-  G2"  呸 RU 呸QL ] RU  : L  FRPQRU W 呸PL HQW R GH U F L 呸] R
BXH /ULF/X/D GLYRUVDV PRGD/ tGDGHU GDVLH HO FRQVXPR GR RUtR /HW呸  UHEH
OLyQ FRQWUV HO KDRDQGVGR R VL FRGF VXLFLGLR / R VXLFLGLRV I 呸URQ PpV
PLPHUR呸R呸 DO ULQFLLR GW O WUW XH /XFJR FXDQGR OD H[L VWHQFLF GV X]H
FROFQL PL R PHULR©  RUJDQt]DGD QURQRUFLRQED /8 D\XGL HUQRFLRQD/  D LRV U(
FL pQ /
OHJDGRV (呸WR X F GtR QLUHFGQ KDEDU DVWDGR DRF DtRV FRQ    YLā
t t t

PLHQWR PLO呸QULF‡WB£ IUXFRWUGR呸 FRL QRª DWHQH/2I  OR £


XH REVHUYy =XJ
/ 呸UUEXUH 呸RU O R  呸ž   
1R 呸 QX- L* R/ YtGVU VLQ BBPEUR  PD/ p[L W R /H OV
  ULP*UO呸 H[UHLLFLRQY
 XD FKLQRV LQ /UHRXVDQFLG FRQ BXF iW25 V!
X F GYELQ HUD XQ MX呸WR UHFHOR \ GB āF RQO  L  -  Q] D  HO WLX  R VH KD
t t

HQFDU   GR GH KDFRU GHB UHUHFHU URFF QRFR HV H WHQGHQF FULQL t 

QDU &UtDQ FLPDQW ā 8 呸XLFLGBQGR呸H UV呸XFLWEQ HQ HX 7


OË V
XEUD\ DGR QXHWU R ‡ ¢1R VDUYLU tMV呸 FU WHQF L G  
WU O G呸OLFURV
O
 UYtPGD WUL呸WH]L TXH H DURGHUDE] GH HVD QRWUH J呸QWH DO FQ
FRQWUYU©  L-  UUQURYLVR HQ WLHUU H[呸xF OHMRV GD VXV IUULV \
FLQ YRG U FRQWtQXDU GLHIUXWDQGR GH XD YLGD RFLRV
D \ GLVLQGL

呸Q F X呸QW R 呸 O呸F UEXOLRQH呸 G ORV F 呸L DR3 FRQW U    ORV DF DQG  O RV  
 ‡  L
‡B £ 
  UHIHULUQRF  HMU L , LPL UU RWU R7
ORUWXQ  WLZLUW KG UFOFWLGR QR
&; 9 OË




    呸āLR āā 


,& 
ā  / Q呸
 呸
ā BU呸

 āāā

U!O   UX 6呸O `

呸 Y

- H   

FQWLā / -V
$x  * /Q LF  ā U V 
 O
    
    
    
    
    
£‡     
O G  t   
     
6O     

O

   O
 

L
 
   
 

O O
O
   /   

 呸  
       
* 6    £
    
     
  p    
£
     *
    
 
       
  Ë-    
+         
     
 呸   呸 
  
  
F[ L [ 

W L F L D呸 FREU H O DF  呸XF O HY DF L RQHF  R RRQV U L U DF L RQHV  GH /XU t Q   3DW L Y L    
HD   +XDQU  D  
,
U XMt /O  R   6yO R V RO EU F\ DU HP2( W U F     ,
(
W RH  D  HO  O L GHU DJR GH O DF  U HEHO L RQHV  I XH D£ XPL G DO  U DU HF HU  U RU  O RV 
FKLQRH OLEUHH‡ ā LRU H OL UD]yQ  &RQJU XR   RUXDQR GL V F XW L y / D FRQYHQLDQFi
F D GH /D URFRQWU DW DRLyQ RE/t  JDWRU  /D U pL  U i W RFW RV   FK QV V £ R , © V R D 呸
t t

FRQI U RQW pL Q G呸 O R F KL QRF  FRQ RW U RV  JU XU R呸 呸W  QL F RV  QRQXOVUF呸 G呸O  "HU~
 [ L   W H O H   RF L EL O L G G GH XH D I L QHH GH  4F KXEL H D HV WDXR J£ W 呸QGR
XQD U HEHO L yQ JL QF U F!O  GH FKLQR©  O QH£ 72   H /QGt  RV FRQWU D /  P QRU /D E/ DQFD
t

DRP QDQW H 
t ¢2 HH W U L W  GH XQD I DO V D G&8呸呸F L Q KHF KD 呸RU O RV  KDF HQG呸GRV 
呸DU D FRQPRY HU  DO  JREL HU QR \ D O D RQL QL yQ 呸~EO L F D"   F  /D FU RQRO RJt D G
O D呸 U HEHO L RQHF  FKL QDF  FRQI L U PD XQD Y H]  PiV  TXH D I L QHV  GH O D G~F DGD GH 
 FH 呸U HGXM R XQD FU L F L  JO REDO  GH O H V RF L HGDG U HU XDQD  XDU W L F iO DU PHQ 
W H HQ HO  呸HyW RU  U XU DO  GRQGH U RU  HQW RQF HV  W DPEL iQ KXER U HEHO L RQHV  GH & 
OOUH


LIO2
 L QGt JHQDU  
U RU  GRF JU DF L D GH呸GH TXH O O HJDEDQ DO  U HU ~ KDV W 呸 TXH W HU PL QDED V X
FRQW U W D  \呸 I X  H Q O呸F F L XGGHV  R HQ OD呸 KDFLHQGDJ O RV  F KL QRV  QXQF 呸
W XY L HU RQ O D &
L U Q DW t D GH ODH FO D呸H呸 URQXODU V QHUX呸QD呸 / RV  - RU呸呸O呸UR呸
HO  DQW L JXR H呸F O DY R  O R呸  U W HF DQR呸  W RGR HO  呸U RO DW DU L G GR FU L RO O R \  PHV W L ] R
YLHURQ DQ OR FKLQRF XQD GDF O HO  FRP呸DWQFL呸 HL Q FRP呸UHQGDU TXH  O D U HV  
RQDE
L/ L GDG U HF F? t     H[F /XV tY V PHQW H  REU H O D F/DV H GL  ,  L JDQ"   U HU XDQD \  QR
呸REU H O R FKL W R3  呸D呸GH XQ U U L QF L QL R DHW D FO DH XW L O L ] y 呸 PLJUDFLWQ F K B 
QR U DU D HQY L O HF HU  /R -  āR ‡
QDO H3 GHO  W U FO  &  M DGRU  /RF D,  \ PDQW HQHU  EF - 2 V X F
FRQW U RO  HO  PHU F    GR GH W U DEDM R  (V W     QR HV  XQD V XU RV L F L yQ QXHV W U D P¢D R
PHQR呸 Y HU R呸L PL O  QL  XQ F D
R GD  7
DO HRQW RO Rt H QV L F RO JL F  D   DQ TXH 呸RQ   PRV 
HO  KXHYR TXH I  W D  F U  U HFRQV WU XF F  yQ /QI
HU HQF t D/ 6L QR XQ FU XGR KDF KR
t

KL )
W yU L F R -F U D& L WDGR 72U QXPHUR R  WHVWtPRQDRQ &LWDUHPRV DU HQDV  FRPR 
U U XDED 呸XI L F L HQW H O D (QF  H呸W D GH  FRQV W H W DGD QRU  XQ W RW DO  GH  HP 
UHDULR HQ  B -  PD\RUtD KDFHQGDGRH UHUR WDP
RLpQ GXHULRV G WOOHUFOV \
PRO L QR呸  &RQ XQD aRO D H[ F H呸F L yQ W RGR  HV W DEDQ V呸W L DI GF U  R   FRQ O D PL JU D 
FL yQ FKL QD  , QGL F DEDQ D Y FFH  F RU RQHO  - RV p 呸 RQW HV  XQ PHQRU  U HQGL PL HQW R
GH KD W D XQ FXDU W R FRQ U HO DF L yQ D O RV  HV F O DY RV   , HU R O R FRQV L GRU DE   Q X 
QD LWXDFLQ W U DQF L WRULD \ GD GD£WFLQ LOL JHULH]V/ FFPUDUDEDQ YRQFD- (B
UDPDQWH  / R! FKLQRV FRQ UDVQHFWR D / RV WUDEDM LGRUD  UHUXDQRV \ SURQRVWOB
FDEDQ \ FHO HEU DEDQ O D L QPL QHQW H EDM D O H O RV  - RU QDO HV   \ O D L PSRV L F L yQ GH
FRQGLFLRQHH ODERUDOH呸 PL呸 GXUDS
- RDTXt Q 9L O O DQXHY D  +DF HQGDGR GB 6DQW D %H W U L ]  +D\  PiV 
U DU i FDO F XO DU  O    呸 Y HQW D- DV  TXH U XHGHQ U HXO W DU QRV  GHO  FKL QR 
H  U U RF L F R H  W DEO HF HU  XQD U D] yQ U 呸O  W L Y D HQW U H HO  W U DEDM R KHF KR
呸RU  HO O R \ HO  TXH KF RQ QXHV W U R呸 W U DEDM DGRU HV   'H H呸W RV  ~O W L  


PR呸 呸QHQ呸 QX¢GH REWHQHUVH PV  Gt呸V ~WLOH呸 QDUD HO WUDE呸- R TXH

O O R XPR \ JHQHU    O PQW ¢ PHQRV QRU TXH O XQHV  \ PGUWH(  ORV HP 
/HDQ P GL Y HU t  RQD  R TXL ] iV  FRV DV  QHRU HV   U HU R GHO  W U DED- R G
GHO  FKL QR U DTXO W DQ FL QF R Gt D   H W H HV  FRQ L GHU DGR V X W U 呸ED - R
HQ PHQRF  Y DO t D TXH HO  GH O RV  RW U RV   U XHV W R TXH W U B E呸- DQ 呸RGRV 
O R  G GD I L F   W   TXH HQ DO JR GHE  U HSXW DU V H  5HV XO W D  QXHV  GH
¢BW DU
 H/ E- FRQG-GR XQ DXPHQWR UO GD WUEMR TXH RQ OD
QHF FLG- G LQGLF
 - EOR GH EUD]RV HQ LX  H HQRXDQWUDQ  XWUH
IXQLR & XQ EHQHILFLR GV QR U FB8*Ë LPURUWQFL / DXQ FXVLGR 
  FXtQR QR WXYtDHQ RWUD F LLG -XDQ- ‡

‡ $WāQ-FLR ULJLRU K- FQGM- R GH ‡/U呸FKR / RV


&KLV 呸E- - Q HQ
O RH  Gt IRU  L  V  WR \ Q /RV GLDF G "L 3W$  £U  QYFYYā呸-  KDF DQ *8
IQ呸 Q URYRUFtyQ TXH 呸D QHFF呸LWO
\ VH /HV KLFR- £呸‡UHQGHU QR
RU H/OR  £XH D UHHWURQ -  WUEG- GU DQ QXX呸WURIG呸V 呸 WUR
FDUWH 呸LQR žU QR呸RWUR呸 PLVPRV‡

-  9DO O H 5L H3W U D  &RPDQGD QW -  GH 'X XR   L  呸W RV  O RV  FO  L PXV M 


PH DUYRQ PHM RU  TXH RWUR©  /LEUHV L TXH /RV HVFODYRV TXH DQW HU L RU 
PHQW L K-  WHQLGR 3LQ RFDVXRQDU PR W DPQRF R /D  PROHVWLV TXH D£X呸
7O RU PH GDEDQ FRQ I U HF XHQF L D  

7, 6DO F H GR     %XRQDLR -  / HJXt-  0 9 HUWL] 0


DURUVD
F
FQGDGR G / DUQED\DTXH 2SLQLQ O UDYRU GHO &KtQR £LD DO
FRP//DGRU GH  (QFXDFWD FRPDQWD G F HQGRV 'H D WFQHUVH QUD
t t

呸DQW  XH HQ DU W L  KF L 呸QGD F RPR H呸 F 呸呸L  W RGG呸 O 呸3 GVO O L W RU L £ 呸
呸 /L EDU W 呸L   DO  RHRQ W U 呸W 呸M 呸  GH 6 ¢  XQ O GERU D呸 IX%UWHV U RU 
GR©  UDO O GtD \ DXQ D&t OHF FRQYtHQHQ ORV FKLQRV \ ORV H呸ā
FXHQWLDQ EXHQRF

呸D IXUUH呸 GH , QPL JU DF L yQ &K


LQDV 
UHFLVR HV F RQI HV DU  XF
HaW R呸 KHPEU D呸 KDQ EDU DW 呸GR HO  3 U Y L F L R DQ /L P呸 \ 呸X O HQ U DX 
O DU PHQW  O D I DO W āGH EU D] RV   GF F L 呸RV  U HJXO DU PHQW H QRU TXH 呸QD Q
ž ž ž  \ 呸RU TXH DO  呸U L QF L U L R 呸X W U 呸E呸M R HV  QRF R  V L HQGR L H DV QHU 呸U 
TXH 呸HDQ Ƒi  ~WLOH呸 FRQ 呸 QUi FWLRD OR QXD呸WUD呸 FRWXREUHV \ 
QXHW U ª O  ERU  U ‡

- WQ D H  OU R  !    0L HQW U DV   QHJU R F DU JV R RU   QRV  L L F H
L Q‡
!O DQW DPHQW H   0H GU i -V W H L  XQ F XDW U F  2 2    F/ &KL QR VR 
O L F L W R \  -  JU D L HF L D R QRV  O O HY F XQ EXO L  R QRU  XQ U DDO   

'H‡GD O XHJR H呸W D FRP7!HW HQF L D D I DF Ï V REU H W RGR D O RV  M RU QDO HU RV 


U X  DH呸  3HU R  D PHGL GD XD DXPHU U W DED /D PL JU DF L yQ \ V H Y HQF WDQ O F  F  呸
W U DW D‡  O R‡ FKL QR‡ 呸H KL F L HU RQ Pi
 QXPHU 呸V RT GDQW U R GD O DV  FL XG¢GH    呸U 呸
EDEO HPHQW H  H‡W āRQL SU D呸HQF L D GHO  F KL QR HQ W RGDV  O DV  DF W L Y L GDGHV  HF RQP呸
F D呸 DHO  UDL呸 R 呸RU O R PDQR呸 DQ O D &RV W D  FU呸 X呸呸 LPGJHQ IDOVD R V ] D ¢RU 呸
G  7!Hž 2 HU D O D L PDJHQ TXH 呸RU  HQW RQF HV  FL U F XO 呸ED \  呸XH 呸XDQ GH DU RQD 呸2p
WUDPLWL HQ HXH YHU R V

 1R KD\  GRQGHā 


   F KLQR QR W F! K  O O HU 


'D‡ L H HO  FQ呸DTXH  L H呸 L L XDQR


+DWD DO  F XO W Y R HQ /R   Y V O /HV 
t

'HGD H/ 3HUYLFLR - F UQDQR


,OD呸W呸 H  - U U L L R L E F呸OOHV


\ QR KD\ VHUYt FtR /9 

LV"
呸XH - O QR DUDUTXH - L-LQWD
H[[L

(UO UWYLFLEOD O UHDFFLyQ D V HO 呸H URVX/ DUHV SHUX-Q S£
 UF
HQWLPLQWR RFtF QPL

WG FRQWUD ORV FKLQRV (O

QIU¢£QWPLQWR ZOV
HQRDUQ ]DGR I
X FRQ ORH QFJUR
t LOJXQRV GR HHWRV ~OWLPR5 V呸UY,-Q &-  F
RUD/H ‡Q /D KDFLFQGDª \ XVDURQ GR VX  FāLUW2V 7GUO YHQJDU VRE
H ORV
FKLQR呸 D呸 DQWL¢X呸呸 KXPLOODFLRQH呸 XF KDEI呸呸 U呸FLELGR 呸H 呸X呸 7呸WURQ呸
/ R PD\RUGRUWR©  QJURU GHFtD LWLUWLQHW Q 呸X FD\R]  -UWH HGXFFRF H- &
 /DW JR GD
t
 - FO- YLWG 9 ËGQ QDFDU FRQ 呸ODFU /R  JROUHV  WHV


OW 呸I

KUE,DQ 呸FDUt F t  R X HHUH/GDH UREUH 呸O8FOO/D  M RWURV FFPR /FV FKLQRV
XH HWDEDQ 呸FQ`WLGYF D 
8 H UGāQHF \ G TXtHQFV FRQH GHUDEDQ FRQ XQ VREH
t

UDQR GHHUUHF R (呸WH FRQIOLFWR HFRQyPLFR DQWª TXH pWQLFR GtILFXLW
t

OD /QWDJUDFtyQ OH OR FKLQR GPWUR GHO UH ~ LFL- RU GLFKR OD LHPU
([£O L F W ELHQ O- FRODERUDF yQ XX /OHJDGR  PRPHQWR ORV FKLQRV GLHURQ D
t

ORH L QY F RU F  FKL/RQR©  GHO  ILO[/ tFD DLI LVQR HVD VQFULDQWD \ IHUR]
PDWDQ]D GH &DQFWH IHEUHUR   FXDQGR /QGLRU QYURVV \ PVW/ RV 呸Qā~
p8LHURQ WRUWXURQ \ FHHFLQDURQ D ORV FKLQRV TXH WUEDMEDQ HQ ODJ K U
FtHQLD L H V D Y呸OOD
1R ~UUāYQG偟 TXH -Q呸ā FXQGLFLRQ I
 TXH UHVHxDPRV OD FT
 DUDQ]D
PHG D GH Y /D QWU-  /R  FK QR GV/ HU~ O
\D /XR PX\ -MD KD W ItQVV
t t t

LDO [t[ Y呸DY- F 呸O UREOQQ YD/ tpQGRQRV GH V FLIUV RI/FLH,R  7%E D
X
 ,HI
HFWRY 'H /R   FKtQRU TXD FLWDWQRV DQWFV LQJUDVD- FV WXUVQWD
 
‡žž YO-
W  
 呸RUUYtYLFR DU  XQ Pi[LP ā RF呸 -   G
XQD PRUWDQGX,  ËR‡ 'HF PR©  FRUWFQGVF žU
LXDM FRPH GLFH 6WHZ呸UW
t ā呸- 

FUFHQWDMH XH -F X YROYLHUHQ H &KLQD Ë8ā-  QtQLPR ORM $KRUD RLHQ 偟W
/QGLFH OD PRUWL
ODL UHXOWG
Ë
O WRGYtD UQiF ¢OWH VL UHQVXQRV TXH QE
EOHPRQW HUUWU /R©  RK QR FQFDLR HQ  ā   H HQFRQWUDEDQ F呸 L WFLRV O‡- H
t

X K呸EDQ LQJUFFLR HQW U D  ‡ , RU  FRQVtJX HQXD H 


Lā !G &‡I  
t

/R©  RtJUDQWH©  DWULRUH D HUD I


RRKD 8Q WRWD/ OH 222 呸yOR 
/ 8呸
FEQ
 H OHFLUXQ 呸 LH © REUHYtYtDQWHH (
WF IXH V/ SUHFLR - BO OHBāWU
\ HO D]RDU HUXUOR
  L XU QW H DO 呸LOR [t[

; 9 , / D UBBDQW (O FRQFXUR H[WUDRUG呸QDULY G WRLR呸 H% tDFW- UF]
FtRQ 呸 
F U HF L PL HQW R D呸 呸 GHPDQG呸 L QW U Q呸F 呸RQ呸  D 呸- O O G   &O F L 呸
GH FDRWDOHU \ FUHLLWR呸 PLJUDFLyQ FKLQD  FRQYtUWL HQ DUHQHV & DQ
!U 

  DXHx D 呸JULRXOWXUL GH ; 7ƒ


UWFLQ UHUXQD HQ XQD GD /D©  7 UL ƑH/呸 L 
QXQGR URFR DQWH©  GR O *XHUUD FRQ &KLOH    /H PHQFDRQ ED \ HQ
ƒ /XJDU tQPHGL7UHQWH LVLX呸F GH OWXULFU -  ,LOL\LQ (O VXDHUWR GH
O URGXFRLyQ \  FQLXLFW LD QXHYRV PRUFL R QR VH GHRDDURQ H[F/XVtYD
PHQWH D  H[7
DQL呸Q GH, FFQ XPR XURUHR -XF I
XR PX\ WY FFFLR / HUQRV

YLWR &RQWy W"EL呸Q  WHFQLILFLFLyQ \ UXYORUQL]呸FL*U DXQTXH DXFVH Q-U


FLD/ GHO 呸LFW?PD UH]XDQR G OQWLFLRDV \
LU FRQVL XLHQWW FLL VFLY
F[[L L 

HO  PHM RU DPL HQW R G呸 O D FDO L GDG G   U U RGXF WR  )HU  HV DH  ?,Ë2HHO  O
HU X   U RU 
HM HP O R HQ ~QL F R DI 呸 呸XGDPHU L F GQR TXH JªDF L D呸 G V XV  QXHY DV  PD TBXL QDU L GV 
FRQHUHWGRUDF   UDFRPDQH© 
 FHQWUtIXJD   SXGR D[QRUWDU  D]~FDU JUDQXO呸GD
TXH āW XY R XQD FRW GV DF  t x  呸X  HU L RU     F KV  DO  D] ~F DU  GH %U DV L O  \  &XED
   FK   B ā
(U W H  U RF H ž  W HU PL Qy  ž U  FRQI L U PDU  O D  XU U HPDF L D GH O 呸F  SO  QW D  
F L RQH呸 呸] XF DU HU 呸呸 呸REU H W RGDF  O D呸 GHPi3 DF W L Y L GD G HV  DRU RSHF XDU L DV  GHO 呸
U ~  (Q O D FO DU L I L F DF L yQ KHF KD U RU  7 L Q  HQ   V REU H O RV   Y DO O HV 
UULQFL
DODF GH OD FRHD / R  QULPHāR V HWH QXH5 WRV RRUUHVQRQGLHURQ D ODV
t

呸RQD  D] XF DU HU D  7U XM L O O R  &Dx HW H  &KL F O D\ R  6DQW D  +XDF KR  /DPED\ H呸XH 


呸DF DU PD\ R   5DEL D U HW U RF HGL GR HU  FL HU W R HQ O 23 PHU F DGRV  L QW HU QRV  FHGL HQ呸
GR HO  U U L PHU  O XJDU  D O DU  GHU L Y DG RV  GH O D Y L x D  QHU R HQ FDPEL R FRQW U RO DED
FDāL  O RU     GH O D‡ H[  RU W DF L 2QpU  DJU XQHF XDU L D  

&XDGU R     U¢ RGXF W R  O JU L RRO D GH O D &RV W D £ HU XDQD 


U U RGXF W RU  ([£ RU W DF L  Q &RQV XPR , QW HU L RU 


R
$] ~F DU       ‡  
9L QR   $JXDU GL HQW H 
\ U HQHU   ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡     ‡ 
   E 5‡RRR RRR 
$O JRGyQ ‡ ‡‡‡‡‡   ‡‡ 
      
$U U R]  ‡‡‡‡‡‡‡‡‡‡‡‡‡‡        
'L Y HU  RU  U U RGXF W RU    
~ 222   
  

7RW DO  ‡   ‡  


(RW HY HL    

 U RGDU   ž O t W L F R \  HO  EHQHI L F L R HF RQyPL F R GHU L Y DGRV  GH HV W H FU 呸


F L PL HQW R FH F RQF HQW U DU RQ HQ XQDF  呸RF D5 I DPL O L DV   ( Q F XDQW R D 呸X Q~PHU R
O D  U O DQW DF L RQHU  U H U HV HQW DEDQ XQD Pt QL PD I U DF F L yQ GHO  W RW DO  GH KDF L HQ 
GD   HU XDQD H    XH  REU  H         KDF L HQGD  F HQV DGD©  HQ  呸DF H
U D   KDF L HQGD H FHQ  DGDR HQ 呸  KDEt D QDGD PiV    F G x DY HU DO HV   \ 
G H W R  HyO R O D PL W DG RSHU DED HQ JU DQ HV F DO D  )RGHPRV  DSU HF L DU  HV W H I 呸
QPHQR D QL Y HO  U HJL RQDO  HU F RJL HQGR DU D HM HPU O R D O RV  Y DO O HV  GH &Dx HW H \ 
7U XM L O O R  DO  RXU  \ QRU W H GHB / L PD  &Dx HW H KDEt D V L GR GHV GH DQW L XR  DV 
Y HU GDG XQ Y DO O H D] XF DU HU R  UHU  R GH PD JQL W XGHV     RGHUDGDV   IX   V yO R  
 U HGXF t D 
  O L EU D   6L  H[ F H呸W XDPRV  DO JXQDV  SHTXHx DV  KDF L HQGDV 
&HU U R $] XO W RGR H呸H Y RO XPHQ  H GHEI D D JU DQGHV  XQL GDGHV  GH SU RGXF F L yQ 
\D TXH QL QJXQR GH O R呸 FDx DY HU D O H呸 U HJL 5W U DGRV  URU  /DU U 呸EXU H    H 
O DERU DED PHQR  GH 
  O L EU D   'RF H O DW L I XQGL R  GH HO O RV  GHGL F D 
GRH D O D FDx D  U HW HQt DQ HO  呸 GH O R  QU RGXF W RV  呸RPHU F L D O L ] DGRV  QRU  O RV 
R[[D W
t

 呸UHOLR GH WRGD OD URYLQFD 7RGDYL &+O呸 XQ VyOR Q/ QWDGRU  ULLXH
ZD\QHFRQWURODED HO WR GH O UURDXFF yQ GD WRGR HO YDOOH UXHV DGD/iV

t

GH 呸X呸 呸U RL HG   G 呸 W HQt 呸 呸U U HQGGG呸4 呸呸 KDF L QG呸V  GHO  &~QY HQW R O L PHU L R GD
OR呸 &DPLOR &D呸 %ODQFD 呸XHEUGD-  
/ R PL呸PR RFXUULy HQ ORH GL5WULWRV &!5W偟xRV GH 7UXMLWOR &RQRFH
PR! GR D呸WLPRH DJU,FR/D! G呸 OR Dx RV  \ VL ELHQ FDGD XQR VHx D
OR GLWLQWD 呸X呸UILFLH DPER呸 FRLQFLGLHURQ HQ OD 7
UR呸RUFLQ GH FXOWLYRV
U QR W 7 UWH
L QY 呸O L GD

L
QL QJXQR GH / HQ G
RU  F U 
R

t
V
( F H tPHU D G I
RU HQF
t D

WH呸WLUQRQLRU $O UDUHFHU XQR GH HOORV $P呸UR 7 L]Q VH E%Ï HQ ODF ZGL
G呸 GH OD U呸UDUOULFLyQ GH - H8呸 GHO 'HVQ 呸DDY- U 6LJOR [YLLL   \ RU HVR
WDPELQ QXPHU 呸呸U &KLFP  IXQGRV HQ YH] GH 

&XDGUR  'LWUL


XFLQ GH OD WLHUUD HQ 7UXMLOOR  
呸DQHJG呸 

9 DOOH 6X1!UILFLH 6 XUHUI/FLH 6XQHUILFLH


7WDO &XOWLYD,D &FLËO
&XOWLYDUOH

WD &DWDOLQD     £



&KLFDPD 
- 22 R~R  £

9 LUX  V RRR  RRR 
‡
£R

&DVyV  
$QUF[L呸

GDPDQWH YLQWH IPLOL呸 HUDQ ODV GXHxDV GH HSW  WHUULW(B
U L R \  GH FXF   U L QF L 7
O  O H呸 U O QW 呸F L RQHV   ( Q F RQ- XQW R QV HL DQ F 呸SL W DO DH
7
RU  O &   -  2O DU   FXPW QGR HO  Y D O RU  GH V XV  W L HU U V  \  PD TXL QDU L F V  
(O  FDPEL R W HF QRO yJL F R TXH 呸X呸W GQW  W RGD HV D U L TXH] D QR HV  W R呸呸Y L D
ELH[ FRQRFLGR 'H KHFKR QR IXH XQ FDPELR JHULDUD/t]VGR UUtPDUF RU呸XD
QR F RP U RPHW L y D OD W RW DO L GDG GH O RV  FDx DY呸U呸OHV / XHJR QRUTXH DO 呸URULR
LQWHULRU GH / DV Pi) JUDQGH©  / HQWDFtRQHH UFU  PRWHUQDV  TXH IXHVHQ VXE
L呸WLHURQ WFQLFDH WUGLFLRQDOH呸 'LMR B0FUWLQHW HQ  6H 7
8HB YHU
/HWV GH ORV UURJUHVR£ TXH  KH
REUH  FRWD GH, ,
HU~ OD KLHWRULD FRPM

FKR HQ HO PXQG呸 HO LQHWUXPHQWDO UDUD OD IDRULF呸FLQ GHO D]~FDU GHVOH HO
HXL 呸R L HO  UL DGU 呸 /DEDW  K呸呸W 呸 O R呸 PD JQt I L F F     D呸呸U 呸W R呸 GH DY RU ¢F L &Q \ 
F RF F L yQ D Y DQRU  \  HQ W O O  Y DF t R TXH I 呸EU L F DQ OR呸 PD- RUH5  F RQV W U XF W RU H呸 X 
URHR©  \ QRUWHDPFUtFDQR© 
 / RV  7
WXHx RV 呸呸ƑEUDLRUHV GH FDx G VL XLDURQ 呸
/ DERUDQGR  &XF 7
?URGXFWRF FRPR © XV  DQWFHVRUHV OR KDEIDQ KHFKR  HQ W L HPRR
GH ORH H   7 D x RO HU W   ( 5D GHF F U L U L F L Q GH 呸XV WUEM XV QRV KD VLGR KHFKR
PLQXLRHDPHQWH URU / H DXWRULGDGHJ UR/IWL FD! TXH HQ  UHVQRQGLHURQ DO
FXHHW DRQDULR UHQDULLR 7
2U / D DRI7 RUR FRPH QWLFLQR DO FHQVR    V QRU O 
UHDOtDDGR GR©  DLR GHV
OOp %HWDULD OHHUR ,QVWUXFFLRQHV TXH SDUD HO
PDQHMR GH

8 FDx DY HU V /R! U
G F W D U RQ /R  M HL W呸 HQ /RV  FLJORV [YLL[YLLL
aDUWHQHU XQD LP呸JHQ GH 呸 呸XH 呸HV8D RFXUULHQG D ILQ呸V GHO UL[ FRQ 
W呸呸 QH XHx 呸U  HPQU - 呸D呸  $O JXQD呸 QL  V L TXL DU 呸 呸U RDXF t iQ D] ~F D U    L QR DJXDU  
&; ; Ë9

LHQW \ FKDQFDFD 7OUO 3O- ERUU FKLFQF - 呸EQ / RV -QWLJXR呸 
QGRV  G
F

GH FREUH \ X! U


OHGLGD HUDQ O 7HUFO呸MB
 O¢ DUUREDV  <  HO URUURQF/  
 RU HUROOD 
URUR DXQ / D PDGLDQD©  UOLQWF/ Q呸 FRQVHUYDURQ 72U IDOWG LOH UD
FXUR 

 WFQLF呸 FR/ RQGD/HY B( Q HO UUULR Y[,/ H GH &X QDPD KDF D t t

 KEt  WULFKHD D YDRU HUR /FU -


YUR FDWRUFD  PRY
tDQ - U

8
O REXH\Dā \ FFQWUX  WDFKR RLP呸OH YOY  FRQWDED FRQ  QHL

 D YDUDU
UH
2 OR Pi LPF RUWDQWH H HYV/ XDU HQD XRXHVWV UDYROXFL*Q LQLXB
WULDO GH  D呸ULFXOWXUD  £TXp JX呸WR 7
2U OD呸 JUDQD呸呸 
ODEUV-  'LVWLQJXL
/RV LHQWUR GY ODV U/ DQWLDF RQHV GH XQ GR  QURFHX LQGXVWU/  GH HOEB
t

UDRLyQ \ GHO RWUR H/ U


RFH 
 LHUtFROD GHO FX/ WLYR / D WHFQLILFDFLLQ PR
GHUQD RFXUULy  HO ULPHU FDR QR HQ H/ VHJXQGR <  KDRWO HQ OD QURUtH
HO呸ERUFLyQ KXER Ot呸LWH呸 / D UHILQHUtD RU HMHPQOR RXYLHURQ HQWRQFHV
PX\ RFR GH
OUUROOR QR  RUTXH HYWH $U- P QHJRFLR F>8% UDV~UYEDQ 
 F 呸P  x L 呸  L QJO 呸    U 呸U  FX 呸U R呸L R Q呸t V   V L Q 呸GPEL pQ QRU  O D DO W D F D 
OLOL  QDWXUVO   GH ,F D]XFDUFH HUXDQRV TXH UVUD YD] WQL- Q - H GH V
呸ULPHU呸 R呸RU呸FLRQR呸 PFOQR呸 GH  IR GH FUO3WDOL]GFLQ
LHF   WRO  V
/ D PLXLQDUL呸 UDGD
F RQU HQ ( LOO8 D
/ QJ 
/ D
WR UUD JUQ
DUWH GH OL HQHUJtD JM呸WDG呸 HQ O- 呸 U/ DQWFFt ªQHV HUD UURRUFi RQDGD HQ R
 RU  P~ FX/R GH KRPEUHH \ FQPFODV PiV TXD QRU HO YDUR] HO DXD 

HO IXHJR $O LJXDO FFPR YDPR HQ h 


  LQW GHO JXDULF \ /RV ELQ
-8


  IDUD H[ORWDU  KHRWiUHDF XD FDxD RUDQ QHFD$DULRV   FQLQRV
 \XQWD \  RDEDO/R R PX/D  <  HQ FXDQWR D /D  - - RW呸QFLRVD YLV
IHUUHDV  GH / R FDtHYHUD/ HV 呸 FRQWDGDª YHFHV WXYLHURQ / RFRUURWRUDV D
Y DRU &RQ P呸\ RU  IU HF XHQH/D    W U  ¢  E GH I呸U U RF U    O @  HV  G H 呸DQUH HV 
GHFLU M
OGRR žU EXH\HH $-8Ë HQ HO WUDQƒQRUWH HO ~QLFR RWUR RLPELR
FLJQLILF
OWLYR GGDPD G] ORR ULHOHV  IX KDEHU LQWURGXFLGR OD RLUUHWD HX


UR呸D R QRUWHDPFULFDQ HQ YR] GH OD YLHMD RDUUWD FULROOD


( Q HO  F V U R  F XDQGR KDEI D TXH 7
U D7
p  U DU  O DV  WWF X-  GU D 呸  PDQDDQD V  
RFX
OUWHOHF GH FVQD XQ PD\RUGRPR PHVWL ]R GHO VLJOR [YLL KXELHUD URG GR t

HQ  GLULJLU OR WUVEDMR FRQ WRGD IpFLOLGD / D (GDG 0RGHUQD LQGXV
WULO H KDFtD UHFHQWH DOOt HQ HO ,QEHQLR \ HQ OD HVWUHFKD FLQWD GH DFD


UR TXD DWUDYHHDED ORR FXOWtYRV‡ ,HUF QR DTXt / RV DUDGRV )RZOHU \ +T
ZDUG QR FRQRFtLQ WRGDYt HO [LWR TXH WXYLHURQ GH呸XpV \ VyOR KDEtDQ LGR


F RP呸 YDGR呸     RU  F L QF R GH O D呸 呸呸QW DF L RQH呸 F R呸W Hx 呸3  1R HU D 呸XO DPF QW H GHV  

FRQILDQ]D UD]RQDEOH IUHQWH   LQQRYDFLyQ QL REUH]D LH HDUHWDOH5 (UR
WDPEDpQ HO UHX/W
OGR GH XQ FRQGLFLRQDPLHQWR HFROyJLFR < D -8H HUFV DU

GR 
D YRU RGtVQ F]UPi呸 HFRQyPLFR呸 HQ  &RVWD &HQWU GRQGH OD ERU
GHO XV/R HUX PD FRQWLQXD XHHWF TXH OD FDQD GUD !UHV FRUWHV UULP呸
U 呸  呸RF D  U H呸RF D   U 呸U R QR HQ HO  1RU W H 呸RQGXO DV  F Dx DV  GXU *EDQ 呸 Y DF DV 
 DxR© 
&;;9

7RLF H XRMRUDPtHQWR DXQTXH LDF/POHW-  GH 呸 DQWLJXHU XFL+Ló 


 FDX y XQ D  GHO UHR R \ O UDQW GH  WL%UU
t VWD KHFKR JQHU呸O
PVQWH U呸FRQ!FLGR Q X
W/HPR IXH PDWHUL  V/Q 呸UEDUJY GG DHWLPDFLRQ呸V XX\
OLIU"QWHR  PD\RU UpUWH GD HW
呸 WRPELQ FHQH ELFH HO GUL -  LOJL
QR呸 ^ 6 O JXHU 呸 &  呸I L U P呸E呸Q O XD X呸RV  Y DO RU N 呸H K呸Et DQ W U L QO L F 呸呸Y  呸Q LOO 
QR

OD TXLQFF  Rā   OKHQWUL呸 TXH NUWLQHW DFH7
呸WFLED HHFH UDi]L
PR 呸RU  HÈF H呸F L 呸Q \ F F Q L GHU EG L XD HO  XZHQW Y  呸U HPHGL R KG Et D  V L 呸Y  GV O 
ID HQ YLHQWH  āžž   7DUR HO D~R  QR DUD XQH! EXHQD HOHF
FLyQ \ X F PR ELHQ GLMR  0HQGR]D \ %FDD   IXH XQ UHUIRG DQRU
P呸O  \ - H W U DQƒL F L Q  0XF K呸 GD O D H  F L I U D呸 XW L O L ]  O G D呸 F RPR U DI HU 呸QF L D  &2I 

UUHRQG DQ D DH DQWDUt RUH  R KDR DQ VXIU t R XQD UDGXFFtyQ D UL LH OD
t t

OLEHUWLO GD ORR 呸FODYR ‡

( O YD RU TXH WHQtDQ ORV I


XQtRV U~WLFRV HQ  GHF/ 
t

0HQ]   !QR VXRGH WRPDUVH QRU WLQR FRPR QHUWHQHFLVQWF D H
‡‡‡
呸H "R HQ DO TXH ODU WUQVDFLRQHV G* FXP7UDYGQW \ GR GQGXF
FLQ Y呸WXYLHURQ DOJ~Q WLDPQR QDUD/ LDDGDV QXHH DVWH YDORU YHQtD
GH XQD URFD DQWRUtRU GH OD FXH/  IXH SDFWDGR \  OL LXH UHUWH
p

QHFL呸 (Q GLFKR DWR 呸H PRGLILFy呸呸 OJXQRV IXQGRV HO 呸UHFLR
GD O D PRU F 呸G F RQGXF W L Y 呸  KF L pQGY 呸呸 HQ pO  XQ F DV W L  R X U F GXF  
F L pQ L XG W ]   F RQ PRW L Y R GH O D F HQDF L Q 呸Q V XV  W U 呸EDM R呸 G呸 O RV 
\D UUQXL4RV ‡
(HWD FLUHXQ呸W呸QFLD KDEL IDYRUHFL42 D ORVDUUHQGDWDULRV D OR ODB
JR / D]R HFULWXUFR ODUJ呸  TXtDQHV HQ  ILQ YH] GH 7JDU PV !呸
EDQ PHQR TXH 呸Q  (O DO]D DIHFW UULQFLD/ PHQWH M ORV UUHQGLPLRQ呸
y

W R呸 F RU W R呸 < F RP呸呸RPHW t R QR FO R D O D呸 JU DQGH    呸DF L HQG V  呸L QF  W D P EL Q D
U 7!HTBXDx  UR
U!LHGDGD DQFOX\HQGR OG呸 KXHUWVY 6L FRQ OD ULVPM QUX
GHQFLD GH 0HQGR]呸 UHE呸MDPR Oƒ FLUUD GH (OJXHUD HO DXPHQWR K呸EULD

HL 
GR GH  DUD  / D U££D\RUHOHYDFLQ GHEH KDEHUVH UURFLXFLGR
GHā呸Xp GH  FRPH 呸XJLULHURQ &RQHOOR \ UHWULFRQL
; 9 ,,/ D,UTDFL XHB / D H[MDQVLyQ GH /R] FX@
WLYRV U[SRUWDGR]HV \
/RD RFLRD ‡y 
ODV QXHYDV FRQH[LRQHV FRQ H/  PHUFDGR PXQGLDO
QR VyOR SURGXMHURQ FDPELRV GH HVWUXFWXUD HQ B  HFRQRPID SHUXD
QD - XQWR FRQ RWUDV FDXVDV iHFHUUULU!DURQ WPELpQ XQ HIHFWR FR
\XUUWXUR/ /QPHG/ FWR VREUH /FV SUHFLRV RDDLRODQGR XQD LQIODFLyQ
TXH 3OH Q]y VX PI[呸 QR D I QHV GH - HV H RV * /R -2&2 TXH
t

VDEHPRV DO UHVSHFWH QRV YLHQH GH /D (QFXHVWD 3DUUR \D FLWDGD
D SURSRVLWR GU  VDODULHV 8! FRPHQ
FDPFV U呸 FHVJUDFLD QR
WRGRV ORV  LQIRULOLDQWHV UHVSRQGLHURQ H -RV RQFH FXHVWLRQDULRV
RILFLFOHV FRQ LJXDO YDUD呸LGDG TOJXQRV IXHURQ UHW呸呸H呸呸HV RFXO
WDURQ OD tQIFUPDF yUU  SUHVHUUWUXR呸 GH XQ QRGR FRQUXVR +D\
t

SXHV XQ DU!FKR UQ(-UJHQ GH FWXGD W  QWR FFHUF呸 HH ODV FLUV TXH
FRQVLJQDURQ FRPR HQ OR TXH VH UHWtHFH D Op H[SttFDF RQHV TXH t

SURSXVLHURQ \ OD SROËWtFD HFRQRPtFD IO VHJXLU (OSXU  H


YLVWD PiV VLPSOLVWD I
XH HOGH 1F/
F ,WYGU-  JH SpUR RXtHQ HO DO
]D GH SUHFLRV HUD XQ VXESFRGXFQR GF- SUXJHV呸 PWULRO GHO 
SDLV \ QR WHQLR RWUD FFXVD TXH OD DEXQGXQFtQ GH FEQHR DO FXDO
FDOLILFDED GR XQD DHLFLQF D FRQF UBZTFLWU R呸UD(V XQ KHFKR
t

PDQLILHVWR GRFLD TXH FXDQGR XQ UXFQFWF VEXQGD VH DEDUDWD R


EDMD VX YDORU GH VXHUWH TXH VL SR MHUDFOR DEXQGD HO WULJR
VH GDUi  GH HVWH D

WtFX- R XWV FQW/OHF TWāH GWHULRUāHQWH HQ H呸
ELR GH RWUR SURGXFWR TXH HV呸i  QiV HVFDHR OB RtQF HV HUU UD‡
OLGDG XQD PHUFDQFWD FRPR FXDOTX HF FWI
D \ 
RU FRQV- JXLHQWH VL
t

DEXQGD ERBMD HV GHFLU Vp GD


O3 pBB HQ &/OO2L X FK RāU DUWLFQOR
OLO?YRU FDUUWtGDG TXH FXDQy OOHJR D HHDVFDU VXELHQ-Q GHVGH /XH
JR HQ SURSRUFLyQ LJXDO ORV SUyWZWRV TXH FRQ   HH FRHSUDQ R
SRU ORV FXDOHV VH FDPE呸D ,L DO£FD JH/ HUDO BXHV GH /FV XWLFX
ORV GH ULTXHD GH XQ SDLV LQyLFD SUHLRFLQGLHULāOR
H FDXVHV D
QRUPDOHV \ WUDQVLWRULDV EDMD ~H YD/RU £ H/ OLQV  HVWR HV 
TXH KD\ GH pO H[XED]DQF/D
 (UD YHUGDG GH KHFKR JXH HO FLUF呸
ODQWH KDELD DXPHQFDGR HQ HO3HU~ GHVGH -B HQ DGDQWH IXHVH
FRPR GLMLPRV  UR ORV LQJUāHVF-V G"O JXDQR R SRU ORV FUpGLWRV 
EDQFDULRV 3HUR U~JLQRV RKV$UYQGRUHV GH D pSFFD DGLUā
L
HU
 Q
TXH Pi V TXH HO &LUFXODQWH HQ VāB PLVPR FRQFDRDQ 呸DV PRGi ItFDFtR
QHV HQ HO LOORQWR 呸 QDWXUR-H]D GH ORV LQJUHVRV \ OHV SDWURQHV GH
FRQVXPR 0DQXH GH $ID!R &ROLS 
DED FRQ &LUWD QRVWDOJLD OD RR
GHUDFtyQ HFRQyPLFD H OD YLGD  HUāX D HQ OD SULXHUD PLWDG GHO
VLJOR ; ,;  FRQ OD DPE,FMyU B OXMR HO LHURFKH HVSOpQGLGR \
ODV JUDQGHV IRUWXQLV SRVWH呸LRUHV  D  EUH FRQVROWGDFtFQ
$ QWHV GH Lp /DV L
RUFXQDV G  SDtV QH SDVDEDQ
VLQR SRU OR TXH KR\ SXDGR LODPDUDR O UQHGLRFHLGDyOD
YLGD GH HQWRQFHV HU PRGHUGD GHVWH / D SU/PDUD pO OD 
~OWLPD FODVH \ ,
(
ODWLD7OOHQWH FGFV YLYLDQ ELHQ SHUR
F[[Ytt

GHV GH HVQ GUUW D QHPRU V E/V  HQ T F  O D FRQV R O /GDF tyQ GHU U DQy
V QW RV  \ W DQ I XHU W HV  FDSt DDO  HV   Y L HQH D PL  HQW HQGHU  O D 
GL I L F L O  V L W X F L yQ HF RQyPL F D TXH QRV  O O HY D SU HRF XSDGRV  H
O O D W U DM R HO  O 8- R  GHV SHU W y 呸 H/ EL F L yQ \  HO  GHV HR GH 
DGTXL U L U  Y t R
O RU U W  DQRU U W H FU HiQGRDH GRV GH O XHJR QXF KL V L   
6   H&HV L GDGHV   TXH KR\  VyO R HV W iQ DO 
O F DU  F H GH O DV   
SHU V RQDV  DF RPRGDG V   'L  HQW U DV  HO  L QI HO L ]  V XI U R (8V  I DW 呸
O HV  F RQDHF XHQRL  DH  āā

3HU R FRQ EXHQ FU L W HU L R DXQTXH VL Q O R  PL V PR  L QV L V W HQF L D


XHQF L RQDED DGHPiV  RW U RV  I DF W RU HV  L 3  IO DF L RQL V W DV   O D PRQHGD I HEE 
O RV  FXO W L Y RV  pLR H[SRU  FDF tyQ HO  DXPHQW R GHULRJU iI L F R  HO  W L SR GH
HDLEt R  L呸W D I
XD W DPEL pQ O D RSL QL yQ GHO  SURSDR 0DQXHO
L 呸  
 
U GR    
TXL HQ F/DV L  I
/F  /DV  FDXV DV  GH O D L QI O DF L yQ HQ W U HV  JU XSRV    J
y

NHQW R GR O RV  F HQW U RV  GH SREO DF L yQ \  GHO  FRQV 8,  O R PHGL R SRU  KDEL  
W DQW H    'L V %L QXF L Q GH O D SU RGXF F L yQ GH DO JXQRV  Y L Y HU HV    呸D
\ RU āF RV W R GH O D SU RGXF F L yQ 
(Q JHQHU DO  SRGHPRV  呸HF L U  TXH HO  PyW RGR XV DGR SRU  TXL H  
QHV  HQW RQFHV  HV W XGL DEDQ O D L QI O DF L yQ QR V yO R I XH GHV F U L SW L Y R VL 
QR W  O  O  EL Q L QV XI L F L HQW HPHQW H GHV F U L SW L Y R  SXHV  TXH HQXQF L DEDQ  
O DV  F DXV DV  SU REDEO HV  SHU R QR PRV W U DEDQ V X DU W L F XO DF L yQ L QW HU QD 
呸XER HQ HV D DEV W HQFL yQ DO JR PiV  TXH XQD GHI L F L HQF L D W HyU L F D R  
L QV W U XQHQW DO   7R UL W R D   DQXHO  3DU GR FRQR D V XV  L QI RU PDQW HV  QR O HV 
L  W HU HV DED SRU TXH QR O HV  FRQY DQI D SRQHU  HQ HY L GHQFM BD W RGR HO 
SU RF HV R I RU QDW L Y R GH O D /QI
/ DFMyQ 3XHV  GH HV H H[ DQQ SRGt DQ GH
U L Y DU V H U HV  LRQDEL  O L G DGHV  SRO t W L  F DV  \ V RF L DO HV  FRQW U DU L DV  D O RH
RU XSRV  GH O RV  TXH HU DQ SDU W H  3RU  HV R W RGRV  FRL QF L Gt DQ HQ FDO L  
I L F DU  HO  O ] D GH O RV  SU HF L RV  FR2 XQ KHF KR QRU XDO   L QHY L W DEO H \ 
KDV W D SRV L W L Y R HQ W pU U L QRV  JHQHU DO HV   /DPHQW DEDQ O RV  V XI U L XL HQ 
W RV  GHO  SXHEO R  SHU R VyO R DF RQV HM DEDQ - HURV  DSDO L DW L Y RV O L EU H
/QSR]  QDF /yQ GH DO L PHQW RV   < SHQV DEDQ TXH HU D QHJDW L Y D FXDO    
TXL HU  L QW HU Y HQF L yQ GHO  (V W DGR 
 / D FL HQF L D HF RQyPL F D FR 2 O D PpGL F D QRV  HQV Hx D
TXH I U HF XHQW HRHQW H HO  F XU V R O U
 U H GH O DV  I
 L HU V DV  QDW X 
U DO HV  U HV W DEO HF H O D DU PHQL D TXH K  SRGL GR V HU  W XU EDGD
SRU  āGHV U GHQHV  SDV DM HU RV  \  DF RQV HM D O L Z L W DU V H D U HRy  
Y HU  O RV  REV W ¢F XO RV  TXH SXGL HU DQ RSRQHU V H D O D PDU F KD  
QDW XU DO  GH O RV  DF RQW HF L QL HQW RV  R D V HF XQGD 
O D F RQ SU X 
GHQF L D  $V L   L QSRW HQW HV  W RGRV  SDU D V XV SHQGHU  R GL V /O L QX
L U  O RV  HI HF W RV  GH D呸XHO O RV  KHF KRV  FRQV XPDGRV  TXH KDQ 
PRGL I L F DGR O D RDU F KD HF RQyPL F D GHO  SDL V   O D V DQD SRO t  
W L F D DF RQV HM D QR SHU W XU EDU  HO  F XU V R U HJXO DU  GHO  PRY t   
PL HQW R 4XH DF W XD -  ZHQW H V R RSHU D‡  U V H PRY L PL HQW R HV    
L QGL V F XW L EO HPHQā*H -  H SU RJU HV R \ HV  QHF HV DU L R V RSRU W DU 
V XV  L QF RQY HQL HU L W HV  GH SDV DM HU RV  VL  VH TXL HU H GL V I U XW DU 
GH V XV  Y HQW DM DV  HI L QL W L Y DV   ‡‡ &U HHLRV L QF O XV R  DM HQR
GH O D L QW HU Y HQF L yQ GHO  *REL HU QR \  I XHU D HQW HU DPHQW H GH
VX DO F DQF H HO  ] U DQ FRV W R TXH SDU D O D DO L PHQW DF L yQ GH
/L PD W L HQH O DV  XW L O L GDGHV  U HSXW DGDV  SRU  O RV  GL Y HU V RV   
F[]YLLL

L QW HU   O HGL DU L RV  HQW U H HO  " , āRGXF W RU  


 HO  F RQV XPL GRU   /
  āāX
W RU L GDG QR W L HQH QL  HO  GHU HF KR QL  O RV  XHGL RV  HI HF W L Y RV  呸
SDU D L QW HU Y HQL U  HQ DV  ‡‡‡W U DQV DF L RQHV  GH O RV  SDU W L F XO X
U HV
QXHO  3U GR  &  
3DU D FRZ£B U HQGHU  HO  SU RF HV R L QI O DF L RQL V W D GH HV RV  Dx RV  G呸
EF QL  RV  SXHV  FRQSXO V DU  W RGRV  HV RV  W HV W L QRQL RV  HQ I
XQF tyQ GH O D 32 †  
W XU D L GHRO yJL F D TXH DV 8%L QQ \  U HRU GHQDU  V XV  GDW RV  SU L QH U L RV  GHQ 
W U R GH XQ HV TXHPD TXH DO  KDF HU QRV  Y HU  HO  HV F DO RQ&- ,
L HQW R FU RQRO y 
JL F R GH O D L Q " O DF L yQ  DV L  FR 2 V XV  O L PL W HV  JF R‡iI L F RV   JU DGRV  - 
W L SRV   QRV  SHU Pt W L D HO DERU DU  XQD H-   SO L F DF L yQ GH O D Pt DPD   6UU HO  D 
QiO L V L V  TXH V L JXH SU HV HQW DU HRRV  SDU D HV H IL  Q O RV  /QG FHV  GH L Q  
t

I
/DF /yQ GH    SDU D O XHJR H[ DQU L  QDU  DO JXQRV  V HF W RU HV  SDU  
W L F XO DU HV JDQDGHU L D  FRPEXV W L EO HV   KDU L QDV  DQW HV  GH O D GL V F X   
V L yQ I L QDO  
/D F U L V L V  GH  I RU 呸DED SDU W H GH XQ O DU JR SU RF HV R L Q  
I O DF L RQL V W D L QL F L DGR HQ   \  TXH W XY R XQD DF HO HU DF L yQ D 3 
 
W L U  GH    6XV  HI HF W RV  VH GHM DU RQ V HQW L U  HQ W RGD O D GpF DGF 
GH  FRPSO L F iQGRV H FRQ HO  GHV DV W U H I L V F DO  \  EDQF DU L R GH HV RV 
~O W L PRV  Dx RV   3HU R GHQW U R GH HV DV  I HF KDV  TXH FXEU HQ TXL QF H R Y 呸L Q
W H Dx RV  G H KL V W RU L D HF RQyPL F D SH UXDQH VH SU RGXM HU RQ W DPEL pQ RW L U FH
PRY L PL HQW RV  L QI O DF L RQL V W DV  U HO DW L Y U XQHQW H L QGHSHQGL HQW HV  HQ V XV  R
U L JHQHV   (V W RV  QR SXHGHQ VHU  Y L V W RV  QL  F RPR SU RO RQJDF L RQHV  GHO 
SU RF HV R TXH HV W XGL DPRV  QL  W DQ  SRF R  HQ W RGRV  O RV  FDV RV  FRPR V XV 
FDXV DV  R DJU DY DQW HV   1RV  U HI HU L UDRV  D FXDW U R KHF KRV  GL I HU RQW HV  O 
3U L U DHU R O D L QI O DF L yQ JHQHU DO  TXH GHV H H O RV  Dx RV   DI O L JL y DO 
3HU ~ SRU  FDXV D GHO  SHV R I HEO H ERO L Y 呸HQR  )XH /O  HM HXSO R FO iV L F R
GH GHY DO XDF L yQ PRQHW DU L D TXH GHV S呸pV  GH  HO HY y SRU  VL  V RO D  
O RV  SU HF L RV  HQ XQ  / HQEF N H      JO  呸O ] D TXH RF DV L RQ O D
*XHU U D FRQ ( SR x D   VREU H W RGR HQ O RV  DU W L F XO DV  VXM 呸W RV  DO 
W U DQV SRU W H QDU L W L RR  (V W D DO ] D GL R PD\R呸 L RSXO V R 呸 O D L QI O DF L yQ
\D HQ GHV DU U RO O R    (O  FRO DSV R HF RQyPL F R GH H U DQGHV  U HJL RQHV  G H
O D V L HU U D HQW U H   FRPR FRQV HF XHQF L D GH O DV HSL GHL O O L DV   呸
UR 
Y RF y XQD L QI O DF L yQ XU
EDQDI&X] F R  $ \ DF W F KR   UXp QXF R‡‡‡  TXH HV W X 
Y R DV RF L DGD FRQ XQD FDU HQF L D D Y HF HV  DEV RO XW D HQ HO  VHF W RU  U XU DO  
- L
W F  XQD FU L V L V  GH O D SU RGXF F L yQ F DPSHV L QD    /D FDU HV W L D TXH H呸
HO  VXU  SHU XDQR GHF DW DU RQ O DV  L QXQGDF L RQHV   V HTXt DV  \ VXEO HY DF L R 
QHV  GH    /D F XHU U D F RQ  &J3Dx D \  HO  SHV R I REO H F RQ V XV  U FF 
SHF W L Y RV  FL F O RV  HV W XY L HU RQ Y L 呸F XO DGRV  D O D L QI O DF L yQ TXH HV W XGL † 
PRV   3HU R O R TXH RF XU U L y HQ O D VL HU U D QR DI HF W y H O H  F RV W D  (XER
W DPEL pQ DTXL  SRU  O RV  PL V PRV  Dx RV  HQI F U XHGDGHV  \  FD呸EL RV  FO L ZiW L  
FRV  SHU R F RQ V XV  SU RSL DV  GHU L Y F F L RQHV  U HJL RQDO HV  
F[UL[

(Q FXDQW R DO  W HU U L W RU L R  SRU  O R GL F KR  O D *U DQ , QI O DF L yQ


QR FXEU L y W RGR HO  3HU ~  1HQW U DV  QR LSDUH]FRQ QXHY RV  GDW RV  V yO R


HV W i SU REDGR TXH RF XU U L y HQ O D FRV W D  $XQTXH HXF L-R PHQRV  HQ HO 
H

?U H QR 呸XU  GRQGH KXER L QI O DF L RQHV  S 8
W L F XO XU HV  DV RF L DGDV  D O RV 
I HU U RF R U U L O HV   $ UHTQL SD  \  HO  DDO tW U H 7D U D  "DF i   +L QJXQD QRW L F L D
W HU  H- RV  TXH KD\ D DO F DU B] DGR $\ DF FF KR  *X] F R R 3XQR QL  O DV  W L HU U DF 
H HO  2U L HQW H DQD]yUUtFR  U XHU D GH O D &RV W D QRU  F HQW U DO  V yO R VH H[  
W HQGL y   D O DV  U U RY L QF L * V HU U DQDV  呸G\ DF HQW RV   V REU H W RGR O 呸呸  
FXDQF V  GH - PDF   /XU t Q  \  2K
OO O yQ  SDU W H GHO  GHSDU W D/HQW R G
- Y Qt Q \  DO JXQRV  GL V W U L W RV  GHO  GHSDU W DQHQW R GH &DM   L  PDU F D    2/ 
W  HQRU  JU DGR DI HF W y W DQEL pQ D /RM D \ &XHQFD HQ HO  U F XDGRU  F X\ RV   
JDQDGRV  HU DQ HQY L DGRV  DO  QHU F DGR SHU X R 
3HU R W RGRV  O RV  FDV RV  HQF L RQDGRV  V yO R FRQV W L W X\ HU RQ D
] RQD UDDU JL QDO  GRQGH O D L QI O DF L yQ F RV W Hx D I XH O L QL  FDGD \  FHF XQGT 
U L D  (O  3HU ~ HU D HQW RQF HV  XQ BSDt V  F DV L  HF RQyU DL F HQW H GHV L QW HJ    呸
GR ‡ 2  SDU D QR DV XV W DU   GH XQD L QW HJU DF L yQ UX8-  L QI HU L RU  H O D UH
KR\  GL D  1XQF D KXER HV  FL HU W R DL V O L HQW R DEV RO XW R  SHU R O RV  V 呸4
V L V W HQDV  U HJL RQDO HV  HU DQ FDSDF HV  GH  HQHU DU  XQ GL QD U   L V U DR SU RSL R
TXH DW HQXDED O DV  W HQGHQF L DV  GH O D HF RQRU DL D F O REDO  R GH V XV  Q~
FO HRV  GRQL QDQW HV  QiV  PRGHU QRV  \
GHV DU U RO O DGRV ā‡ (O  SU RSL R 0X   
QXHO  3DU GR O R GHF t D HQ    6L  V H SL HQV D HQ HV W D UDL V QD QDF L yQ 
HO  3HU ~ \  D FXDU HQW D O HJXDV  GHO  SXQW R DJREL DGR SRU  O D FDU HV W t D 
/ L XD  KD\  SU RY L QF L DV  H O  TXH V H SXGU HQ O DV  FRV HF KDV  V REU DQW HV    
SRU  I DO W D GH Y t DV  HO H FRXXQt  F DF tyQ HV H V    U  W R QD TXH HF RQyQL F DU XHQW H
HV  DO DU  QDQW H SDV D D V HU  PRU DO  \  SRO t W L F DXHQW H XQ KHF KR HV F DQGDO 呸
VR‡‡  (V  O R FL HU W R TXH GH  D  Dx RV  D HV W D SDU W H HV W i V X呸HW R HO 
GHSDU W DXHQW R GH /L XD D O /
OD HV SDQW RV D FDU HV W L H  OL L HQW U DV  TXH HQ XQ
GHSDU W DPHQW R O L   L L W U RI R V H W HPH FRQR XQD U DQ FDMDXtGDx  XQD FRV H 
FKD DEO /LGDQW H呸
 V XEU D\ DGR QXHV W U R   ? DHD TXH SRG tD HQ HO  Xt V QR  
SDt V  GDU V H VL  QXO W iQH (O HQW H XQD FU L V L V  GH V REU H SU RGXF F L yQ DJ U L F 

O D < RW U DV  FU L V L V  L QGHSHQGL HQW HV  GH V XE SU RGXF F L yQ V L Q QH[ R DO J呸
QR HQW U H HO O DV  
+DEU L D W DPEL pQ TXH GL V F XW L U  XQD W HU F HU D U HV W U L F F L yQ  QR
W HXSRU DO  QL  JHRF U iI L F D  V L QR U HO DF L RQDGD FRQ O RV  EL HU HV  \ VHUYt ‡
FL RV  DI HF W DGRV  SRU  O D L QI O DF L yQ  /D HQFXHV W D 3DU GR V XJL U L y W U HV 
H[ F HSF  t RQHV H O DV  KD" L QDV   HO  Y t  QR \
O RV  XW HQV L O L RV  GH O DEU DQ] D
DJU t F RO D TXH SRGHPR(  GHQRU iL QDU  FU L RO O RV   <  0HQGF ]  D \ %R] F    $  
O DV  KDU L QDV  OHGL &*p RV  XQ SiU U DI R HVSV F tD/ QV  DGHO DQW H  (Q FXDQ 
W R D  V  DU  FHVDQI DV  FU L RO O DV   UW 1HQGR] D DGUW t  W L I  D TXH KDEt DQ H[SF 
U L RHQW DGR   SRF R  DO W F U DF L y 
 F RPR SDU D /QG FDU TXH V X L QGL F H GH
t

L QI O DF L yQ HU D PX\ EDM R \ HQ W RGR FDV R L QI HU    - 


 - O  U RQHGL R  3XGR
V HU  V L  RF XU U L y TXH O RV  DJU L F XO W RU HV  HQ Y H]  GH O DV  &7DQXI DF W XU DV   
&; ; ; 

O RF DO HV  SU HI L U L HU RQ O DV  H   W U R QM HU DV   - - R VDEHRV  GH TXp XW HQV L   


O L RV  V H W U DW R ED \  VL  HU DQ SU RG呸F L GRV  SRU  O DV  PL V PDV  KDF L HQGDV  R
HQ W DO O HU HV  XU ED L RV   (Q DPERV  FDV RV  DO JXQD DO ] D GHEL y U HJL V W U R U 
V H DXQTXH QR I XHH V L QR DTXHO O D TXH FRU U HV SRQGt D DO  Y DO RU  GH O RV 
VDO DU L RV  \  HO  DO ] D GH W RGRV  O RV  EL HQHV  M
 VHU Y L F L RV   $F HU F D GHO  
Y L QR - XDQ GH 'L RV  4XL QW DQD I XH P\  HQI y W L F R  V X SU HF L R HQ 
HU D L W  ODO  DO  H   SRU  KDEHU  DXPHUUWDGR O DV  I yEU L F DV    2 VF   
TXH XQ L QFU H呸 HQW R GH O D SU RGXF F L yQ KDE D HV W DEL O L ] DGR O RV  SU H  

t

F L RV  D SHV DU  FO HO  PD\RU  F RQV XPR  (V  SRV L EO H  SHU R W D DEL pQ O R HV  


TXH PHGL DQW H O D DGXO W HU DFL yQ GH O RV  FDO GRV  V H KXEL HU D HI HF W XDGR
HQ O D SU ¢F W L F D XQD HO HY DF L yQ GH O RV  SU HF L RV  
(Q JHQHU DO  O D L QI O DF L yQ FXEU L y W RGRV  O RV  EL HQHV  \  VHU Y L 
&L RV  D~Q F XDQGR KXEL HV H U D] RQHV  SDU W L F XO DU HV  SDU D TXH DO JXQRV   
SU HF L RV  EDM DV HQ  FRQR Y HU HRRV  TXp VXF HGt D F RQ HO  FDU EyQ \ TXL ] ¢£ 
F RQ O DV  KDU L QDV   (V W D QL Y HDF L yQ I XH SDU D FL HU W RV  DU W t F XO RV  XQ
I DF W RU  L QI O DF L RQL V W D RXF KR %iV  GHF L V L Y R TXH O D HV F DV H]  GH O D R 
I HU W D R HO  FRSRU W D/-  L HQW  GH O D GHQDQGD  &R EL HQ GHF t D HQ VX
L QI RU PH - RV p , JQDF L R /DU U HD  
 XF KDV  \ QX\ L BY HU V DV  V RQ O DV  F DX 
VDV  TXH  DGHRiV  GH O DV  DSXQW DGD V  GH W L SR S
 O O
W L F XO DU  L QI O X\ HQ
HQ HO  DO ] D \ EDM D GH O RV  SU HF L RV ‡‡‡  (O O DV  V H U HI L HU HQ D O D U HF L 
SU  RF t GDG \ U HO DF L yQ  L QW / 呸D TXH W L HQHD HQW U H VL  HFRQyUDtFDDHQWLV 
F RQV L GHU DGDV  W RGDV  O DV  6V W D  QF L DV  TXH GH DO J~Q PRGR FRQW U L EX\ HQ
DO  EL HQHV W DU   DW HU L D O  FO HO  KRPEU H  /D FDU HV W t D GH XQD GH pV W DV  
F RQH;L  RQDGD O yJL F D \  U L JXU RV
 L O O L HQW H F RQ O DV  GH#yV  GD HO  L QI DO L EO H
U HV XO W DGR GHO  DXU OLHQW R GH SU HF L RV  HQ FDGD XQDā
 
'HV GR O XHJR  HO  L QGL F H GH L QI O DF L Q Y DU L y SRU  VHF W RU HV 
\  DU W t F XO RV  FRPR VH DSU HF L DU D HQ O RV  FXDGU RG V L JXL HQW HV  GRQGH  
KHPRV  W DEXO DGR O RV  SU HF L RV  FRU U HV SRQGL HQW HV  D  DU W t F XO RV  GXU 呸
W H HO  SHU L RGR    3DU D RF \RU  FO DU L GD4 V HSDU DXRV  O RV  GD  
W RV  HQ GRV  V HF F L RQHV   DJU L F XO W XU D \  JDQDGHU t D  /XH*R U HF O DV L I L  
FDQRD O RV  SU HF L RV  HQ W U HV  JU XSRV  FRQY HQF L RQDO PHQW H GHVMJQDGRH 
FRPR GH L Q“
O DF L yQ PRGHU DGD  XHGL D \  DO W D  1R QRR U HI HU L ZRR H  
O D U HQW D L REL O L DU L D QL  D O RV  V DO DU L RV  \  HO  L QW HU pV  GHO GL QHU R
SRU TXH U HV HU Y D   呸RV  HV W RV  W HQDV  SDU D RW U R HV W XGL R  /D O HF W XU D GH
HV W RV  FXDGU RV  GHF RQF L HU W D  OHEL GR D O D I D W D GH FRL QF L GHQF L D  
HQW U H O RV  W HV W L JRV  XQ L Ut V QR SU RGXF W R  SRU  HM HPSO R HO  PDI  ]  \ O D
JDQDGHU t D Y DF XQD  SXHGH I L 呸 DU  W D呸W R HQW U H V  DU W t F XO RV  呸H L J
I O DF L yQ DRGHU DGD FR呸R HQW U H O RV  GH DO W D L QI O DF L yQ  1RV  O L RL W Q  
QRV  D FRQV L JO

 F U  HO  KHF KR 
FR


Q
呸
2O
 
£ £

 

£ £

2O 4  4 
 āUO āUO R
‡
+ &,  &,  X


 R



£ V
2O R 2O FR 2O FR 2O 2O  
W~ 
O

O
UO
UO


O


O
 £

O

O


O
  M
呸
UR R R R R R
 āUO
R X ,
X X X X X
R 
+
 Rā 
āUO R
UO V
ƒ
 ƒ
 UO

 āUO UO M &?-  UO &
 &
 M UO U
, M M M &
 &
 U
, M M UO 9 呸
U
,
 !Q 
O 呸
O V
UO W UO UO UO UO UO UO UO UO UO £
4  R 2
 
D
ā0 ?

 !

ž 呸  
ž
 

 R 

V
-  
ā
2
呸 U
ƒ
 &

4 
&,  U
, UO R R FR O
, R &
 R R R ?2 FR R FR R O
, ?2 &
 R ‡ ©  
呸 
R ‡ ‡
FR
 R ,2 R O
,‡ R‡ U
,‡ R  Yā
UL
R ?2 R U
, D &?-  R R FR
ƒ

 £
B U
, M M ,2
R FR R 
- 
ƒ
 R
L- 
呸呸
V — £ U
, UO O  O
, &
 UO M &?-  ?2 M M O
, O  O
, O
, U
, M
 T

M UO UO
V  4 
4  &?-  &?- 
R
]
O - 
 B *?2
呸
U£
 £ 呸 呸

1
&, 
V
R 呸 U


+ M
££ R R R R R R R R R R R R O
, O
, R R R O
, R R R R V呸
UL
FR R ‡ ‡
 M &
 M R &?-  ?2 &?-  f 1& 2&
1MD- 1G2  ?2 M R
R 12?& ?- & ?- & ?- O
, M U
, UO UO 
 M UO M M O
, M U
, &?-  &?- 
R
S
UO UO UO UO M M UO
&, 
R

+
X

O
,
O ?  
呸 FR 
 R R R R R R R R  R R R

S

         
UO
R
 ƒ

O āž 
R R
U
, &?- 
FR FR *- 
?2 / &? ?2 ,2 UO

O ?
‡
UR R‡ R ‡ ‡
&?-  O ?

O ? O ?
‡
L L &?-  UR &?-  M FR M R
 
R R R R
‡
FR R
UOUO
M
O ?
FR
ƒ
 UR UO UO UO &?-  &?- 
UO
&?-  &?-  ?2 O ? &?-  UO U
, U
, M &?-  ?2 &?- 
UO UO

!  UO 

? ? ,,
,

,,
,O
,
 FRFR  O
] UOUO 2O
R
H
呸
   
MM

R
£
£ 


 O
,O
,  -
 FR FR O
X UOUO UR ?2
 - 
V
8-  ‡UO 4 


呸
-  -  DO
4  UO -  UO
 呸 Ż
R V R FR UR UR - UR £ UR FR DO 2O DO
-  Y DO 2O 
 W ā
X āU R R £ W
M  HR E  HR HR E  - £  W~  V R ‡ 
āUO R R R V V R ! 呸L
 呸
Oā, 4  4  4  4  4  4 
V
4 
V V
4  4 

R £  £ £ āUO V L āUO L V V L M £

B

 R HR £ U O R UR O 2O DO UR Y DO 2O DO 
£
D
O 
— £ FR ! HR 


L O 呸 2

+
+
+
+
+
+
+
+ 2O
I-  呸
&,  R W
R 呸
£
t

2 呸 ‡
呸 U
(
X

R ‡ ‡WO
UR
% 
M

V £
呸 呸 呸 呸 R 

4 
R UR V £ £
M
2O UR UQ
呸 R ! 呸 R &
 4 
+
+ 呸  3  呸
ÂUL
S O 呸 £ V
! 4  V 呸 呸 M
 B
Y

L
-  UO UO O
R
ā‡ 
£ £ 4  £ £ 呸 UR UR UR
R V V R R £
e O UO
2 V
4   
+
+ S
^ 
 -  V UR  UR 4  4  U ! V R UO UR
V
M
*-
V
  £
 āUO &  £ £ UR 4  V FR UR S

 t 
&, 
R
4  £ V ā4-  L 2O R R V V
呸 
ž  呸
4 

 HV W~  £ S S V 呸
R   £ £
2  4  4 
+ H £ F UO R 4 
R  4 
O 4  4  - 
2 - 
X R R R ! -   S UR  R O R R £   呸  ?> 
S DO S S R
呸
R



āUO
-    1
F £ V V Q UR UO UO V āU   S
2O - DO
UO UO M
! H
1 2O FR

 -   R R
呸L
S O £ UR 4  呸 UO UO UO
R R R 2O  ‡U  ‡U R £ UR 2O 1
R  R
-  2-   
£ £ R O  4  4  £ V ,V ,V 1 1 āUO āUO
V V V &OO
āUO
£
O £ L L
HR £ 1 1 > 8 *- U £ £ UR 4  &OO 4  Y D- D- 
UO
UO
UO
R 4  4  V āUO
V
S    UR X X X X —  —         R W

O &,  &,  !



 
‡ 
O
    
   O O
FR

‡ R
 
UO
O
&?- 
 
U
, M

O ?
O
,2
ƒ
 UO
UO &?-  U
, M O ? ?2 &
 UO UO UO
M UO M
呸 £呸   
UOO £
U
, L U
,  2??-  O& ? ?2 8? D   ?  O& ? D  O&? D   D  O& ? WU?W- ? O?OO
? D   WU?&?- 呸  L WI

I
& 
R        L    L  B 
      
O 
££
W
L (6  ‡

† 
R 呸
 U
O WU?WU? HRWU?H£R?2 U
OW H呸 U
OWW?2 RU
, U
, WU? R ?M RR2? R2?R2?

]
Z   W &W &¢呸呸呸呸呸呸呸呸呸
呸呸呸呸呸呸呸呸 R?W FL
U
OW & 呸呸呸呸
¢¢¢呸 ¢¢U X
 /,
&?- 2?B W 呸呸呸呸
&  U
WU? WU? -  L 2 U
, U
, U
, WU? U
,
£
   UOā        &?- L &?-
         
R

+ O
O
 
a
R

WI āL
R ULO
呸£ 
& 
WM
R
呸
+
X
H  H  H   & H  H  H 呸 H  H  H  H  H  BH  呸呸 & H  V呸 & H  H  & H  H  H  H  & RL
££ 呸
R  呸 
呸
3
R R
ƒ
WU?  2 2
FH R
?
?£&?- W&  2 D  &?- 2 
 2IWW U
, 2 D 
UW 1 
 U
 RR1 1  1 1 R
 X
RW
1ER
?2 2 2 

ƒ 22
H?2
F IU
   W W 1 W£
,  ?-
 2? , WD  2 UO   U
, U
, &?- &?- UO 1 O
呸
2? 

' R
R
呸
2  呸 7 呸
   


 ‡

 O& ?
O& ? āL  
RUR D  7,  
呸呸  R

呸 W
R

X W
呸 

£
H  H  H  H  H  H 呸H  H 呸  H  H  H  H  H  6呸  呸H  H  呸H  H  呸H    H  H  H  H  £ 
O& ? O& ?

 

R R
 
LR W 2 2 2  D  2?L
R ?MW  
U
OW?'
, D WWW &
R 1 W?' &?- ?2  D ?2 
?-  2?2 D W 2
UO  W W W U ? U
,
UOL  1
呸呸
?M W 
? ?M F ?MW &; 
&;O &?-  O
?
?2 WU?U
,& ?-  £
R呸 U
& 
R  
W呸
 
L
O!WU?
;
£ 
4
呸
L
B

& 
R
(
X
%
R
H
3
e L
UOO
O 

^ I  UR
R V
+ UR
X R
££
H
S
UOO
R


R
- 
7,
R
I
3
£

2 ?2 2  &
- 



W
O^
? H R

WW O^
? O
?
UOUOUOUO
1
F
UO
FR ƒ

 &12
RUOW
 UOUOUOUO
£
 UOUO 111
呸
 R
D

2
UR
WL@ WL@
UO WL@
8 
&
 R R + R R

 WL@
  U
FL
2
2 X X X H呸 

H

F
+ + UR &' + 8- 
R
R R V UO 0 &-  D -
HR HR

  X UO UO
R WL@ 

+ 
 !
+
R XRR 呸UR H呸
2, HQ + &OO + + HQ &OO ( V @ 
IL R R FD R
WL@ WL@

2
2 H
2


R -   8  4  HQ P ,-  R

262! U HV R
R 8` H HQ

GUXRF W
āUO O  8O
UO ! IM
++h + + + ! *-  8+++ +   UO &- X R
UR - UR
8O 
R
O! ‹ 
88 !8
UR R !&22- 
XX(— £ 
呸 D UR O! ‹ & Y6呸
 !888 8 ! *-  ! — £ ! 

ƒ
ž
   
ƒ
ž
 O             F- 
( O
??2 H FR
X UO1 QW 1 QW
J
& 
UOUOUO1 1111 1111 1W? UO
U
,
?


呸,
      
D
S UO2?2 R

2  O^
??2
UO1W
?2UO11&
?2 HHH FR R £
12?W?W?
RH QQZ 

£



呸UO UOUOUOUOUOUO
呸 R
呸


D
UO
D

2
&-

2
UO
R
UM
P
R

5 
R

?- 
WL@
D 

O 
WL@ UO O V H
UQ + +
X & H ?-  UR
UR   X X
! R 呸 呸


R !
H
? &   & , 
2 G
 & ,  8 
2 2

&OO E£-

 

W8 8 Z
6 2
D
R
UO ` W-

 2-  + 6 &OO + UO 6 UO
H£ UO
2 ,'ā0: !UO‡UOW4    O   O- 
2 + 6 UO + 6 āUO UO 2 U !+ UO
 R

2 āUO UM
] UR !+ +UL2+!UO! +&OOUO6
V R & 
呸,
 R R P Q R G HO
&
-  &>, HO & &X V
! — £— £
; 
&
M
2£
+ā
X
D

2
]( X
  
888=  & D
 O            
R
R R U 1 W?W Ot?2 R
 UO1 U W O^
??2 H FR 2?UO UOUOUOUOUOUO QO
UO
U







V 
R
 
! WU
UO&PQ&22&2 RR£ ?2 ?2 M
? RH R& O` O^
??2 £

VO 

R
RFR -  
 ?-  W ?2 R& O` O^
? R 
 !
UOUO1 QWW Q W OI
?W
UOUO11  
 
R
UR
+
 
O 
R
UO £
 H
UO
6,
R 
UR
!
呸 呸 8 ‡WO
+


呸 £
+ R H H
X S WL@ UOUO
H
+ 2+
&
2 ‹
呸
+
2
S


F5
& 
&£
+  呸
R
H


R
2 R
ž UR R UOUO
V V ž

4  O 
R S R 4 
UR S O  O  R UO
V
V


 + 
  UO &- 
R

FH
H
2
3
2 UR
B
O 
 ‡UO
&
O  R +
12
D

2 WL@
&


2
2
UR 呸
 R
R
āU

2
U 呸
6
O
2WO& 3 R 
  UOUO
UO UO




R
UR 1
  +
& 
MB  O
?
& M & 
(  —  1 āUL āUO UH R

2 &
26UR&- 
O VL
6  6  (  & 
UR
+
++UR- 2+

+ UR V HF ‹  UR UR BB   &~ O  O  ! L
O  F£88 呸8F呸 &X   8  8 

2        
    
R UO ?2 £ FR M
?
 UO1 U
 W O
??2 &  UOUOUOUO
F[[[L Y 

*DQDUO HU t D   9HDPRV  DKRU D SRU  V HSDU DGR DO JXQGV  FDV RV  SDU W L F XO D 


U HV   (Q SUPHU  O XJDU  O D JDULDGHID (Q HV W H UHQ!
JO yQ GL V W L QJXL PRV  D O D JRQGHU t D GH FRU V XPR GH O D 
 QU GH呸āt D L Q 
GXV W U L DO  EXH\ HV   M DHF HV   (Q HPERV  FDV RV  HO  3HU ~ W HQt D XQ DQW L  ,

JXR SU REO HPD VREU H W R GR S*3


 O RV  DQt PD/HV  GH WUDQVRRU W  H \ PRO L  HB
GD FRPR O R SU XHED HO  FRPHU F L R FRO RQL DO  GH
OXO DV  U HO   L U U HL Q L 
W D GH %XHQRV  $L U HV  iQF KH]  
?O ERU QR]   4   (Q FXRQU
 -  D O L V 
FHU QHV  U DM HV  GH FRQ XQR HO  SDQRU PH HU D PXF KR   iV  FRPS, t F RGR   
EXQGEDQ Q W RGD O D VL HU U D O R呸 RY L QRV   Y TW RU L ] DGRV  SU L QF L S
-O PHJ
W H HRUQR JDQQGR /RQDU   (Q O I O  &RV W D
O V X Y H]   O RV   !O JU
U U REDO RV  
O DV  O RPDV  \ HO   U DW U RM R  GH O RV  FRV HF KDV   JU DQW L  SO PQ FXHQDV  H
W DF L RQHV  GH HQJRU GH R O RV  呸DV W RU HV  W U $QV KXP呸QW HV  GH FDEU G     呸R
GR HV W R F HV L  L QDO W HU  EO H GHV GH HO  VL JO R ;9,  KDV W D PHGL DGRV  GHO 
VL 呸O R ;, ; 
(Q FXUUUWR D /RV FHU GRV  /L PR VH SURY H/D W U U āGL U L RQO U H

W H GHO  Y DO O H  &KDQF D\  
/ D JULQDGHUË% YDFXQH
L-D/ tD WHQtGR H FDQWLR XQ PHQRU
ā
HV DU U RO O R XHV W R TXH QR HV WVEª FRQYHQt HU U W HUQHQWH DGDSW DGR H O RV 
SDV W RV  QDW XU DO HV  GH O DV  PW [ L PD呸 O W XU 呸( 3 O GL QTV   1R HV W ‡PRV  V H 
U XU RV  V L Q H ‡ RI O U JR TXH H[ VWtHUD Y HU UO  GHU   PHQW H UQ G W/F t 呸 L
t p

Y HO  QDF L RQDO   /R TXH I 3O O HED HU FL  O U ( Y t DV  GH U F PXQL F (F L y呸 TXH


L PSHGt DQ HV W DEO HF HU  XQD 5- HF XFL GH FRPHU F L RO L 呸H呸L yQ HQW U H W RGRV 
呸 ]FQDV SURGXU WRU H \ &5Ga XQD GH V S/U ] RV  QH FPVXPR &O  
GH U HJL yQ V H Y HI  FE/tJU GU  5 GHSHQRHU  GH V X SU RSL R VXV W HUQH GH
DSU RY L V L RQDPL HQW R  /L PH \ W RGFL  O Q FRV W I  QRU  F HQW 呸呸 QR SRGt 呸 V V 
SHU HU  FRPR KR\  O RV  J  QHGRV  GH 3X  R &X] F R  3F QXHxRV FL U FXL W  RV
WUDUVYHU V H/HV  FRQHFW EDU    F G

 FHU UW U R FRV W Hx R F H FO 呸XP L PU R‡W SB
Ft H KUF HQGRV  FL XGQGHV  FRQ V X /QPHG VWR E/QW HU /RQG VHUUPR H

t t

O RV  L QW HU F DPEL RV  UUD\ RU HV  GH RF XU U L U  V yO R W HQt DQ XQ FHU 呸F W HU  ] RQU   


/RV  GHV HQXL O L EU L RV  GH  HQ HV W H 36SHF W R GHEHU  V HU  SXHL  
L QW HU SU HW DGRV  FRU QR I HQyPHQRV  U HJL RQ%O HV   'HV GH PXF KR aQW HV  HH
 O D SU RGXF F L yQ GL V SRQL EO H KDEË U HV XO W DGR L QV XGL
L F L HQW H \ SU  
U D HO  FRQV XPR GH W RGD /D V  F  HO  3HU~ V H Kā‡Et H Y L V W R RE/tJDGF 
H L PXRU W DU  DQXD/PHU U W  H āP SU RU QRGL R GH       Y DF XQRV  GHV  
GH (F XU GRU  \ $U U HQW L QD 
W

O  TXH UtHQ KDV W D O H GF!F 3F U  GH   O D &RV W D
I HQt    S ª
O R TXH Y HU QRV  LQ U pJL PHQ QRUQD/t] DGR TXH O H JU
U QW L ] DED QUHF RV t

UH/DW Y DPHU U W H HV WYE/HV  SDU "  O RV  Y DFXQRV  


t /D L QI O HF L yQ SRV W HU L RU 
SXV R HQ HY tUWHQFt H 呸 I Q H L O L GDG GH HHWH U p  L  U  āQ  /
O 呸 U   Q HU āF  
GHEH V HU  UHFRQRF GH FRUQR /QI /DFtyQ GH , U   GRUQYQRD  3HU R W  U Q
EL pQ
t

FRPR XQ GHV   M XV W H \ GL V PL QXF L yQ GH O H RI HU W D  3DU D 呸RQGHU DU 


?IIL
EU V  & 863  QRV  VHU Y L U F 呸RV  GH O DV  HV W DGt V W L F DV  SRV W H  
U L HU HV  D  I HF KD HQ TXH VH DEU L  HO  0DW DGHU R 2I L F L DO  GH /L PD 
$QW HV  GH HV H D t R I XQF L RQDEDQ HQ HV D FL XGDG KDV W D FL QF R  F DUQDO HV

SDU W L F XO DU HV  GH O RV  FXDO HV  QR KD TXHGDGR U HJL V W U R  SXHV   VHJ~Q ‡ā
GHF t D 'RPL QJR GHO  6RO DU    HU DQ VXV  GXHx RV  SRF R FXL GDGRV RV 
GH FRQV HU Y DU  O L EU R QL  GRF XPHQW R DO JXQR \ W RGR VH KDF t D D O D FU L B 
 ‡ /RV  FXDGU RV  TBXH VL JXHQ VHx DO DQ XQ SU RJU HV L Y R DXPHQW R GHO 
FRQV XPR DV t  GH FDU QHU RV  FRPR U HV HV   GH PV  GH XQ  SDU D O RV    
FL QF R Dx RV  FRQV L GHU DGRV  
&8?'+2 1 B\
5(6(6 < &$£8  (5 6  78(5
O
26 ( 1 (/ &L G
/  *) 7 ( ^/ '( /,0t  

$x RV  5HV HV  , QGL F D &DU QH   , QGL F D  


GRU HV  U RV  GRU HV   
   - O 22 2    
        
        
       O
    O     
        
    
   
            
        
        
        
O -    Vy O R L QF O X\ H O RV  PHV HV  GH (QHU R D - XO L R
呸    'HV GH HO   GH 0D\ R GH  DO   GH 0D\ R GH  PXU L HU R 
Q
  U HV HV  \   FDU QU RV ‡
&U HF L PL HQW R GH O D GHPDQGD  VL Q QDGD TXH DW HV W L JXDQ RW U FV 
I XHQW HV   3HU R ¢HQ TXp PHGt GD \ SRU  TXp"  ¢ < TXp SDV DED GHO  O 
GR 
GH O D RI HU W D"   'HPHW U L R 2O DY HJR\ U   JU DQ JDQDGHU R  VXSRQt D TX  HO 
XPHQW R KDEt D VL GR GHO   HQ /L PD HQW U H    $O JXQRV  L PS呸
W DEDQ HV H PD\ RU  SRU F HQW DM HV   HQW U H RW U DV  U D] RQHV   DO  L QF U HPHQW H
GH O D SREO DF L Q HQ /L PD  FDO F XO DGD KDV W D HQ XQ  3DU GR  SDU D
HO  SHU t RGR FRQV L GHU DGR  6REU HV W L PDF L yQ VL  QRV  DW HQHPRV  D O RV  HV  
W XGL RV  GH 0DQXHO  5RXDXG    3HU R W DPE pQ PHQF L RQDEDQ FRPE RV 
t t

FXDO L W DW L Y RV  HQ O RV  KiEL W RV  DO L PHQW L F L RV  GH O DV  FO DV HV  SRSXO DU HD 


$QW HV  GH  QR KDEt D PXF KD GL I HU HQF L D HQW U H O D FRPL GH GH O RV   
HV F O DY RV  \  O D GHO  SXHEO R XU EDQR  /D GL HW D HU D I XQGDPHQW I ? O PHQW H  
GH PHQHV W U DV   'HV SXpV  VH JHU HU DO L ]  HO  XV R GH /RV FDU QHV  

6L  QRV  U HPRQW DPRV  (O D x R   HV  GHF L U  D O D†   


SRF D GH  HVF /DY  tW XG  U HF RU GDU HPRV  I iF L  O PHQW H ‡ā
RXH  H/tPHUUWDF yQ GH O D HVF /DY DW XU
D W RGD FRQY
t

VL VW t D HQ U  L F  RQHV  GH UQHQHVWU DV \ TXH O D PD\ RU t D


t

GH O DV  FO DV HV  SU RO HW DU L DV  QH GU R GH 呸X\  GL V W L QW 呸


QHW XU H/H] H  +R\    ā O HV  IRQGXV X +RV W HU t DV  3
呸
U H HO  SXHEO R VH KDQ U HQHU DO L ] 5GR SRU  W RGRV  O RV   
EDUULFV GH OD FDSLWDO \ HV FXULRVR SDUD TXLHQ FRQ 
VHUYD YLYRV ORV UHFHUGRV GH pSRFDV QR PX\ UHPRWDV
YHU HQ HOORV VHQWHGRV GHODQWH GH SHRXHxRV PHVDV D@B
PRU]DQGR FRQ HO XVR GH ORV ~WLOHV GH OD FtYt/t]DFFF 
SODWRV GH FDUQH VXVWDQFLRVD D~Q ORV LQGtJHQDV TX ā
KDQ VLGR VLHP呸UH ORV PDV SDUFRV SRU VX QDWXUDOH]D \
VXV KiELWRV 3HUGR   

/ tPD OOHJy D VHU XQD GH ODV 呸LXGDGHV GH QiV DOWR FRQVX
PR SHUFiSLWD GH FDUQH HQ HOPXQGR LQFOXVR SFU HQFLPD GH / RQGUHF
(VWH KHFKR SXHGH VHU H[SOLFDGR SRU XQD HOHYDFLRQ JHQHUD/ GH O RV
LQJUHVR  SHUFSLWD R SRU OR PHQRV GHO LQJUHVR UWH ORV VHFWRUH  
Pi V SXGLHQWHV 6XSRQH WDPELpQ XQ DSUR‡ULVLRQDPLHQWR PHMRU GH DU‡
QHV FXDOTXLHUD TXH VHD X RULJQ
/ D QX3YD *HPDQGH UHVXOWDQWH GH PD\RUHV LQJUHVRV \ FDP
ELRV GLHWpWLFRV WXYR GHVGH OXHJR XQ JUDQ LUSFā呸X M QI/DFLRQ V
V t

VREUH ORV SUHFLRV GH -  D FDUQH 3HUR KXER DGHPp V ā GHVDUUHJOR GH
OD SURGXFFLQ \ GH WRGD   HVWUXFWXUD GH OD FIHUWD / D JDQDGHUtD
DO LJXDO TXH OD DJULFXOWXUD KDEtD HQLGR SDVDQGR SRU FLVLV VXF呸
VLYDV GHVGH  HQ DGHODQWH )XHUD LH /DV JXHUUVV FLYLOHV \ ODV
HSLGHPLDV \D DOXGLGDV OD JDQDGHULD VXIULy D SDUWLU GH  
GHELGR D OD VHTXtD TXH GLVPLQX\y HQ LD ]FQR FHQWUDO WDQWR /DV O呸
PDV FRVWHxDV FR呸F ORV SDVWRV WOH OD 6LHUUD 3R

 HVRV DxRV WDPELpQ


HQIHUPDURQ ORV SDVWRV  WU
DFDH OD 

‡DUU!LOD FKt/ HQD GH FO IILID 
y

TXH GHJHQHUy HU QXHVWUR H/tPD ) PLF/ LOR JDPOGDOB \HUED GHO
3DUp TXH VXVW
WXIDL RVWDFtRQDOUUHQWH  OD D/I
H/IV VXE/HURU HU
t

WRQFHV GH SUHFLR / R PLVQR RXUULy FRQ ODV XDFDV R FKDODV GHO 
PDt] FXDQGR HOSHXO/HYDU HUQSH]y D VHU LāHHPSOD]DUOR SRU /HV FX/FL
YRV GH H[SRUWDFLyQ ,OMHWUV HO DIUHFKR GFE/DFD VX YD/RU SRUTXH
ORV H[SRUWDGRUHV FK[/HQRV DXPHQWDEDQ GRUFVHPHUUWH V‡ QH]FOD FRQ ‡ā
ORV WULJRV TXH YHQGtDQ DO3HU~ / D 
LQLFD FLUFXQVWDQFLR IHYRUTEOH
SDUD OD JDQDGHUtD GH FRQVXPR IXH TXH FDGD YH] FRPSDUWLy PHQRV B
VXV SDVWRV FRQ ORV DUULHURV JUDGXD,WQDQWD LHHPSOD]DGRD HQ DOJXQRV
OXJDUHV SRU ORV IHUURFDUULOHV \ HO FHERW5MH
+D\ TXH PHQFLRQDU DGHPi V FHUQR 
DFRU LQIODFLRQLVWD DO āā
VLVWHPD GH FRPHUFDOL]DFLyQ GH F$UQHV $ XQ PD\RU FRQVXPR VH 3X
ELHUD SRGLGR UHVSRQGHU FRQ XQD PD\RU LPSRUWDFLyQ GH FDUQHV TXH 
GHWXYLHUD ORV SUHFLRV DO FRPSHQVDU ODV OLPLWDFLRQHV ORFDOHV 呸R
VDEHPRV VL RFXUULy DXQTXH \D HQ  VH SUHYHLD TXH HVD LPSRUWD
FLyQ GHEtD OOHJFDU HQ OHV V JX HQWHV DxRV KDVWD ODV  FDEH
t t

]DV SRU DILR 3RU RWUD SDUWH QR GHEHPRV FRQIXQGLU ORV SUHFLRV GH
FDPDO FRQ OHV SUHFLRV GH OD U/ D]D (QWUH DPERV H[ VWID XQD EUH
t

FKD TXH QR EHQHILFLRED DOJUQDGFUR SUFFXFWRU R  LPSLUWGRU VL


QR DO LQWHUPHGL呸ULR )UDQFLVFR GH *RLWL]RR UHFRQRFLX Wi FLWDPHQ呸
WH TXH ORV JDQDGHURV FLEUDEHQ 呸V SRU VYV UHVHV YHQGLGDV HQ HO
FPYLL

0DW DGHU R  SHU R GHF Ë TXH PXF KR PD\ RU  HU D HO  DO ] D GH O D FDU QH DO 
PHQXGHR HQ HO  PHU F DGR  < JHQHU DO L ] DED HV W D REV HU Y DF L yQ SDU D O RV 
 GHPiV  DU W t F XO RV  UWO L PHQW L F L RV  
 / D FDU QH V H HQF XHQW U D D EXHQRV  SU HF L RV  HQ  
HO  FDPDO  \ HQ O D SO D] D V XPDPHQW H FDU D  SRU TXH O RV 
SO DF HU DV  O D FRPSU DQ SRU  SHV R  GHO  FXDO  KDF HQ VX   
SDJR HQ DU  U  REDV   V  tQ TXH QL QJXQD SDJXH O L EU DV  ‡ 
O DV  \ XF DV  \ FDPRW HV  HV W DEDQ FDU RV  SRU TXH W RGRV  HV 
W DQ GHV DO HQW DGRV  SDU D V H ƑEU DU  HV RV  I U XW RV   TXH V H
FXO W L Y DQ V yO R  SHU D O D XW L O L GDG GHO  GHV RU GHQDGR  
SO DF HU R  TXH HQ O D FRV HF KD V H SU HV HQW D SRU D FRP  
SO DU O R  L UUSRQL HQGR H /  GXHx R HO  QU  HF  R \ V L Q QL QJX
t

QR PHGL GD  S VU  D W L U DQL ] DU  HQV HJh L GD  DO  SREU H FRQ 


V XPL GRU   HQ HV W RV  GHV yU GHQHV  \ HQ O D  I DO W D GH V H 
JXU L GDG SDU D HO  W U DEDM R SRU  I DO W D  GH EXHQD SRO L F  I D 
HV W i O D FDXV H GH O H  HV F DV H]   6X Hx RU t D Y HU i F RPR
U HPHGL DU  HV RV  PDO HV

ā

(V W D SXHGH V HU  XQD GL V F XO SD  3HU R FRL QF L GH FRQ RW U RV  L Q


I RU PHV  TXH \D GHV GH HO  V L JO R ;9, , ,  QRV  KHEO DQ GH O RV   U HJDW RQHV  
\  DO F DQ] DGRU HV   TXH PRQRSRO L ] DEDQ O RV  PHU F DGRV  XU EDQRV   'H V HU 
FL HU W DV  HV W DV  GHQXQF L DV  HO  SU HF L R GH O D FDU QH HQ  QR V yO R  
I XH GHW HU PL QDGR SRU  HO  FRPSRU W DPL HQW R SDU W L F XO DU  GH V X RI HU W D \
GHPDQGD  V L QR W D呸EL pQ SRU  XQD HV SHF XO DF L yQ TXH VH DM XV W  D O D  
W HQGHQF L D \ HO  QL Y HO  JHQHU DO  GH SU HF L RV   'H DO J~Q PRGR V HU t D   
SXHV  XQD

L QI O DF L yQ U HI HO M D

ā

/RV  &RPEXV W L EO HV    (Q O DV  FDU QHV  KHUL DV  F RPSU REDGR TXH O D L QI O RB  B
FL Q HV W XY R U HI HU L GD DO  DXPHQW R GH O D GHW  DQGV   HO  GHV DM XV W H GH
O D RI HU W D  O D HV SHF XO H F L yQ FRPHU F L DO  \ O 5 L JXDO DF L yQ FRQ HO  QL  
Y HO  \  O D W HQGHQF L D JHQHU DO  GH O RV  SU HF L RV   /D L QI O DF L yQ QR DO W 呸
U O D HV W U XF W XU D QL  O RV  Y RO ~PHQHV  GH O D SU RGXF F L BQ  7DPSRF R 2& † 
V L RQ QXHY DV  PRGDO L GDGHV  GH GL V W U L EXF O Q \  FRPHU F L R  /RV  F RPEX呸
W L EO HV  QRV  SU HV HQW DQ XQD V L W XDF L yQ GL I HU HQW H  1R KXER DTXt  HQ  
SU L PHU  W pU PL QR XQD DO ] D FRQW L QXD V L QR XQD RV F L O DF L yQ GH SU HF L RV 
(O  SU RF HV R SXHGH V HU  GHI L QL GR FRPR XQD PD\ RU  GHPDQGD TXH HV W L P呸
 XQ DXPHQW R \ GL Y HU V L I L F DF L yQ GH SU RGXF W R \ TXH HV W XY R DO  IL
QD/ U HO DF L RQDGD F RQ O D DSDUWFtRQ GH XQ DU U HJO R RO L JRSyO L F R  $O   
KDEO XU  GH FRPEXV W L EO HV  QRV  U HI HU L PRV  D O RV  FDU ERQHV  GH SDO R \  
SL HGU D TXH FXEU L HU RQ O DV  QHF HV L GDGHV  SHU XDQDV  KDV W D PX\  DY DQ] D 
GR HO  V L JO R ;;  < O DV  FRF L QDV  GRPpV W L F DV  O RV  VL JXL HU RQ XV DQGR  
KDV W D SRU  O R PHQRV    
+DF L D   V yO R W HQt D L PSRU W DQF L  HF RQyPL F D O D O Hx D
\ HO F DU EQ GH SDO R  R Y H H HW DO   / L V  H[SO RW DF L RQHV  GH  F DU EyQ GH
SL HGU D

 R PL QHU DO  HU  L Q L QV L JQL I L F DQW HV   W QW HV  GH  O D &L V W D
&HQW U DO  SHU XDQD \ HQ SDU W L F XO DU  O RV  Y DO O HV  GH &KDQF D\   /L PD <
&Dx HW H  V H HEDV W HF t DQ FRQ HO  FHU EQ W U Dt GR GHV GH O RV  SXHU W RV  GH
&KL PERW H  6DQW D \  U呸DO DEU L JR  (QW U H   HO  DXPHQW R GH O D GH 
F[XYLLL

PDQGD H[L JL  O D KDEL O L W D F L Q GH RW U DV  ] RQDV   \ FRPHQ] DU RQ V XV  H呸


SRU W DF L RQHV  HO  SXHU W R GH *XDx DSH \   FDO HW D GH &KDR  /D UiS GD t

U HDF F L Q GH O RV  SU RGXF W RU HV  L PSL GL   QRV  GL F H - RV p , JQDF L R /D āā


U U HD  FXDO TXL HU  H/] D L QPRGHU DGD GH SU HF L RV  (Q O P GRV Dt EV  V L JXL HQ ā
W HV O    O RV  SU HF L RV  FD\ HU  RQ HQ XQ  D FDXV D GH XQD V R  ‡
EU H RI HU W D  O RV  SU RGXF W RU HV  KDEt DQ FRQI L DGR HQ XQD DPSO L DF L Q   
FRQW L QXD GHO  PHU F DGR \  KDEt DQ PHM RU HGR V XV  L QV W DO DF L RQHV  \  H[ W   
GL GR V XV  QHJRF L RV   (V D EDM D GHV DO HQW  D PXF KRV  GH O RV  FDU ERQHU RV  
/D SU RGXF F L yQ V H U HGXM R \ HO  SU HF L R Y RO Y L  D VXEL U  HQ  KDV W D
  SHV RV   HO  TXL QW DO   FL I U D TXH V H PDQW XY R KDV W D   FXDQGR  
O O HJ KDV W D O RV   SHV RV   SRU  FDXV D GH O R *XHU U D FRQ (V SDx D TXH
L QW HU U XPSL  HO  FDERW DM H  (V W D I XH O D pSRF D GH RU R SDU D HO  FDU EyQ
Y HJHW DO  
$ SDU W L U  GH   V H JHQHU DO L ]  HO  FHU EQ GH SL HGU D F 呸
\RV  FRV W RV  GH O DERU  \ W U DQV SRU W H HU DQ L QI HU L RU HV  D O RV  GHO  FDU   
EQ GH SDO R  0X\  SU RQW R O D SU RG~F F L Q V XSHU y D O DV  QHF HV L GDGHV   
GHO  UHU F DGR \ HO  F DU ESQ V H GHSU HF L y GH QXHY R HQ O RV  Dx RV   
O O HJDQGR D Y HQGHU V H D   U HDO HV  TXL QW DO   )XH HQW RQF HV  TXH XQ
SHTXHx R JU XSR GH FRPHU  FL DQW HV  FRQV W L W X\  XQD O RJL D  \  FHO HEU   
FRQW U DW RV  FRQ O RV  KDF HQGDGRV  SU RGXF W RU HV  GH FDU EQ Y HJHW DO  SDU D
GHW HQHU  O D EDM D \ HY HQW XDO PHQW H V XEL U  O RV  SU HF L RV   B7 DPSRF R DTXt  
SRU  £R Y L V W R  I XQF L RQD O D KL SW HV L V  GH XQD SU HV L Q GL U HF W D GH 呸
GHPDQGH‡

+DU L QDV    %L I HU HQW H I XH  HQ DSDU L HQF L D  HO  FDV R GH O DV  KDU L QDV  
&DV L  W RGRV  O RV  W HV W L PRQL RV  FRL QF L GHQ HQ H[ F HSW XDU O D GH O D L QI O D 
FL Q M XQW R FRQ HO  W U L JR \ HO  SHQ  8QD O HF W XU D PiV  DW HQW D GH O DV 
GHF O DU DF L RQHV  GH 3I HL I HU   8U L ] DU  \  $\ TO D  L QI RU PDQW HV  GH O D (Q ā
FXHV W D 3DU GR  PDW L ] DU t D HV D FRQF O XV L yQ  $F HSW DPRV  SU RY L V L RQDO PHQ
W H O DV  HV W DGt V W L F DV  W DO  F RPR QRV  KDQ V L GR SU HV HQW DGDV  

&8$'52 1 


35(&, 26 '( /$6 +$5, 1$6 (1 /, 0$  
3U HFt RV  ‡LHG呸 
U HF L RV  -9OHFW L RV 
$x RV  SHV RV  $x RV  SHV RV  
     
     
     
     
     
      
     
     
     

H

¢%DM D F RQW L QXD"   6t  \ QR D O D Y H]   (O  FXDGU R DQW HU L RU  PD


O L F L RV DPHQW H QR HV SHF L I L F D O D FDO L GDG GH O DV  KDU L QDV   3HU R V DQH 
PRV  TXH O RV  PRO L QHU RV  Y HQGt DQ FRPR GH SU L 呸HU D O DV  TXH HU DQ GHV 呸
JXQGD FO DV H  'HV GH DQW HV  GH  V H KDEt D JHQHU DO L ] DGR SRU  HM HU Q  
SO R HPSO HDU  HO  5HSDV R KDU L QD SDU D I L GHRV  GH SREU H  HQ O D KDU L QD
GH SU L PHU D D U D] Q GH XQD DU U RED SRU  TXL QW DO   3U  RW U D SDU W H O DV 
KDU L QDV ā H[ W U DQM HU DV  &KL O H  )U DQF L D  GHEL HU RQ VXEL U  呸H SU HF L R D
SDU W L U  GH  V L  FRQV L GHU DPRV  O RV  QXHY RV  DU DQF HO HV  GH DGXDQD KH
FKRV SDU D SU RW HJHU  D O RV  PRO L QRV  O RF DO HV   +DE呸t D W DPEL pQ TXH FR呸
SXW DU  O DV  I O XF W XDF L RQHV  HQ O RV  FD呸EL RV   6HJ~Q QRV  GL F H 3I HL I HU   
HO  F呸PEL R V REU H &KL O H I XH D O D SDU  KDV W D  \  U HF L EL  O XHJR   
SU HPL RV  GH   !    \ GH  D SDU W L U  GH   $F HU F D GHO 
SDQ SRGU t D KDEHU  DV L PL V PR XQD EDM D DSDU HQW H SXHV  O DV  F RPSDU DF L R  
QHV  VH EDV DU RQ HQ O DV  XQL GDGHV  GH Y HQW D V L Q GHF L U  HO  SHV R G   O DU 
PL V PDV   (V H SHV R Y DU L  HQ /L PD GHV GH O D L PSO DQW DF L Q GHO  V L V W HPD
GHF L PDO  SRU TXH  QRV  GL F H )HGHU L F R 8U L ] DU    V H KD W HQL GF  TXH  HO D 
ERU DU  SL H] DV   TXH D FHQW DY R  V H SXGL HV H SU RF XU DU  HO  SXHEO R  
/DV  PDQL SXO DF L RQHV  V REU H W RGDV  HV DV  GL I HU HQF L DV  SHU PL W M 呸
U RQ TXH  FRPR HQ HO  FDV R GHO  FDU EQ  DSDU HF L HU D HQ  V  KDU L QDV   
XQ SHTXHx R JU XSR PRQRSRO L V W D  'L V PL QXL GD R H[ W L QJXL GD O D L PSRU W 呸
F L Q GH KDU L QDV  H[ W U DQM HU DV QR O D GHO  W U L JR  FXDW U R PRO L QRV  VH  
DSRGHU DU RQ GH O D SO D] D O L PHx D  /HQW DPHQW H  HQW U H   SU H   
V L RQDU RQ D O RV  SDQDGHU RV  SDU D REO L JDU O RV  D Y HQGHU  V XV  QHJRF L RV  S
L QW HJU DU V H FRQ O RV  PRO L QHU RV   'H  SDQDGHU RV  L QGHSHQGL HQW HV  TXH
KDEt D HQ   V O R TXHGDED XQR HQ   6H I RU PDU RQ HQW RQF HV  O D 
JU DQGHV  I RU W XQDV  GH 6XL W R \  GH 5HL QXV R  FDGD XQR FRQ FDSL W DO HV   
V XSHU L RU HV  DO  PL O O Q GH SHV RV  
(Q U HV XPHQ  SDU D  KDU L QD  HO  W U L JR \ V XV  GHU L Y DGRV  O D
HO HY DF L Q GH SU HF L RV  QR SXHGH V HU  I L M DGD SRU  DKRU D  3HU R GHEL   
V HU   FRPR O D GHO  FDU EQ RU L JL QDGD QR SRU  O DV  FRQGL F L RQHV  SU RSL DV 
GHO  V HF W RU  V L QR SRU  HO  PRY L PL HQW R DO F L V W D JO REDO  
(Q W RGRV  O RV  GHPiV  FDV RV  QRV  HQF RQW U DPRV  V L Q GXGD F RQ XQ
DO ] D Fy呸W L QXD SHU R GH L QW HQV L GDG GL Y HU V D FX\ R PH呸DQL V PR \ FDXV D 
O L GDG V yO R SRGU iQ V HU  FDEDO PHQW H FRPSU HQGL GRV  HO  Gt D TXH FRQR] F 呸
PRV  FRQ W RGD SU HF L V L Q V X HV RDO RQDPL HQW R V U RQRO JL F R  ¢'QGH FR 
PHQ]  O D L QI O DF L Q"  ¢&PR V H PRY L O L ] "   3U  O R SU RQW R W RGRV  O RV 
W HV W L PRQL RV  FRQV XO W DGRV  L QGL F DQ TXH HV D L QI O DF L yQ QR I XH SU RY HH呸
GD DXW RPiW L F D QL  H[F O XV L Y DPHQW H SRU  XQD H[ SDQV L yQ GH O D GHPDU GD
RF DV L RKGD  H  VX Y H]   SRU  HO  W  U DQ I O XM R GH GL QHU R \ O RV  L QJU HV RV 
PRY L O L ] DGRV  L QL F L DO PHQW H SRU      *
HQR  &RPR HQ HO  FDV R GH O RV  
V RU RV  DPHU L F DQRV   \ O D L QI O DF L yQ HXU RSHD GHO  V L JO R ;9, +DPL O W RQ
  KD\  TXH PRGHU DU   SDU H HV  W H I HQPHQR SHU XDQR GHO  V L JO R ;, ; 
O RV  HQW XV L DPRV  GH O D (V F XHO D &?   DQW L W L Y L V W D TXH KR\  U HQDF H HQW U H
F[- 

FL HU W RV  HF RQRPL V W DV   DXQTXH GH VX O DGR O RV  K


 V W RU L L GRU HV  O !  FU U  
W L TXHQ  1DGDO   9L O DU   1R V yO R SRU TXH O D PDV D \  Y HO RF L GDG GHO   
FL U F XO DQW H HQ Y H]  GH RSHU DU  GL U HF W DPHQW H V REU H HO  FRQM XQW R GL 6S4
QL EO H GH EL HQHV  \ V HU Y L F L RV   O R KL ] R PDV  EL HQ D W U DY pV  GH XQ   
V L V W HPD GDGR \  HQ FRPEL QDF L yQ FRQ RW U RV  I DF W RU HHV   6L QR  DGH呸pV  
V REU H W RGR SRU TXH HO  DO ] D GH SU HF L RV  R 呸HM RU  GL F KR O DV  DO ] DV SD 
U D V XEU D\ DU  FRQ HV W H SO XU DO  V X Y DU L HGDG  W XY L HU RQ L QL F L RV   L QL   
F L RV   GHV DU U RO O RV  \  FDU DF W HU t V W L F DV  GL I HU HQW HV  V HJ~Q HO  U HV SHF W L  
Y R V HF W RU  DI HF W DGR  (Q DO JXQRV  FDV RV  O D DEXQGDQF L D GHO  GL QHU R \
O DV  SU HV L RQHV  GH O D GHPDQGD I XHU RQ V XV  FDXV DV  RU L JL QDU L DV   W U D 
Y HF HV   SRU  HO  FRQW U DU L R PiV  TXH O D GHPQGD  DQW HV  F U RQRO yJL F D  
PHQW H DQW HV  TXH HO O D I XH GHF L V L Y R HO  FRPSRU W PQL HQW R GH O D RI HU  
W D \  O D L QI O DF L yQ I XH FRQV HF XHQF L D V H XQD SU HY L D I DO O D \ HV F DV H] 
GH O D SU RGXF F L yQ  'HV GH O XHJR DO  I L QDO  W RGR HO  SU RF HV R SRGU t D V HU 
I iF L O PHQW H GHV F U L W R FRPR XQ GHV HTXL O L EU L R RI HU W D GHPDQGD  3HU R H
V D V XSHU I L F L DO L GDG RF XO W DU t D HO  PRY L ƑL HQW R L QW HU QR GHO  SU RF HV R \
GHM DU t D V L Q H[ SO L F DU  SU HF L V DPHQW H HV H GHV HTXL O L EU L R 
1R GHV F RQRF HPRV  TXH GXU DQW H O DV  GpF DGDV    KXER  
XQ FDPEL R HQ O D HV W U XF W XU D \ PRQW R GH O RV  L QJU HV RV  \ TXH V H GHV 呸
U U RO O DU RQ QXHY RV  KiEL W RV  GH FRQV XP呸  +HPRV  GHV W I F DGR D HV W H SU R 
SyV L W R O DV  GHF O DU DF L RQHV  GH $O I DU R \ I  O DQXHO  3DU GR \ KHPRV  HV W XGM D
GR HO  SU REO HPD FRQ U HO DF L yQ D O RV  V DO DU L RV  \ O DV  U HQW DV  L U XQREL   
O L DU L DV   (V W R GHO  O DGR GH O D GHPDQGD 3HU R HQ L QGHSHQGHQF L D GH H 
O O D \ FRPR U HV XO W DGR GH O DV  PL V PDV  FDXV DV  JHQHU DO HV  HO  JXDQR \ 
O DV  QXHY DV  FRQH[ L RQHV  FRQ O D HF RQRPt D PXQGL DO  V H KDEt D W U DV W RU  
QDGR HQ O D &RV W D  W HU U L W RU L R GH O D L QI O DF L yQ  W RGR HO  V L V W HPD   
SU RGXF W L Y R DJU t F RO D  1R SHU L DDQRV  DTXt  HQ O D HY L GHQW H HO HY DF L yQ  
GH FRV W RV  GH O D SU RGXF F L yQ GHU L Y DGD GH PD\ RU HV  FRV W RV  GH PDQR GH
REU D DO  U HHPSO D] DU V H D O RV  HV F O DY RV  QHJU RD SRU  O RV  FKL QRV   GHV RU 
JDQL ] DU V H HO  PHU F DGR GH W U DEDM R  \  DXPHQW DU  O D GHPDQGD GH O RV  W ' 
EDM DGRU HV   $O XGL PRV  D RW U R I HQyPHQR  O H V XV W L W XF L yQ JHQHU DO L ] DGD
HQ W RGR HO  /tW  RU R,  āGH O RV  FXO W L Y RV  GH 3 , O  /O  HY U U
 SF) O RV ā FX/W t Y R 
OH H[ SRU W 呸F L yQ DO   RGyQ  D] ~F DU   (V ( V XW L W XF L yQ GHV 呸L QX\y HO 
YRO  XPF Q  GH SU RGXF W RV  H/t  PHU UW  F RV  \ SU RY RF y O D HV F DV H]  GH O RV  UU!† 
t t

PRV  HQ HO  PHU FDGR XU EDQR \ HO  FRU L V XQR U XU DO   \ SRU  FRQV L JXL HQW H
O D FU HV W t H GH V XV  SU HF L RV   (Q XQ FL U F XO R Y L F L RV R GH HI HF W RV 
UXO W L SO L F HGRV  \  FL U F XO U HV  呸 HV F DU H呸   FHU HV W t D 呸H DO L PHQW RV 呸呸
SXM  KQU L H DU U L EH呸 W RGRV  O RV  GHP呸V  呸U HF L RV  V REU H O RV  XH HY HQ 
W XDO PHQW H L PSDF W D XQ FU HF L HQW H GHPDQGO O  
(V W RV  KHF 呸RV  I XHU RQ 呸L HQ FRQD呸L GRV  HQ V X W L HPSR   2H O D
SU RSL V  (QF XHV W D 3V U GR SRDPRV  H[W U DHU  呸O 呸HU RV DV  FL W HV  SU RERW RU L 呸V 
6HO HF F L RQHPRV  HO 呸XQV  
-  )   /HPEF NH

DQW HU L RU PHQW H V O R O RV  JU DQGDV  I XQGRV 


  HU HQ FXO  L Y HL RV  GH Fāx D  SHU R GHV DH HO  x R  FXHQGD 
HQ FRQV HF XHQF L D GH O H XHU U T HQ 呸RV  ((7 - -   V H āHQHU DO L ] 
W DPEL 呸Q HQ HO  3HU  HO  FU O W L Y R GH
- O JRGRQ  QR V RO DPHQW H
O RV  I XQGRV  YU LQGHV  VL QR KDVW O RV  GXHx RV  UOH O RV  PHGt DQRD
\ DXQ O DV  FKDF U DV  V H GHGL F RU Q   V W H U HPR  (V  L QF U āHL E呸
HO  Q~PHU R GH 
? PGRV  TXH  W HW HF SU RGXF L Q QDGD U- i TX* DL
B
\XF  BV  , F£   RW
  BV \ V O R SDV W R呸 DXH DF W X+O U QHQW H FXO W L Y F Q
DO JRGRQ  V X  L
F \ HGR QXHV W U R O  /D FRUVFFXHQF  t H RXH 
L D




ā āTXH  DQW HV  HU D SRY Ht DD GH HVWRV H U W 


F XO QV  FLH V X L
(- HGL [ O R
YHF QGV G  W L HQH TXH UHF/E U/RV  FKRUV  GH PXF  R U L  t V  /HM RV 
t t

R GH O D VL HU U D R GH O RV  SXHE@ RV  GHO  呸L F RU HO  \ QHF HV DU L D 


PHQW H UUXUQHUUWHGRV V XV  SU HF L RV  FRQ O RV  J  V W RV  GH  FF QGXF 
FL yQ 
5 0HQGR] % \ %R  H       FXEL HU W RV  O RV  FPRD GRGtFV , RV  Q
W HV  ' V H O
HQW HU V  \ D SDV W RV  SDU D JDQDGR F RQ SO 呸U  W HF  L RQHV 
PiV QREO HV  FRPR O DV  GH FDx D SRU  KDEHU
 DXE tGR GH SU HF L R
HO  D] XF U U   ‡   H  L  QL V PR  O D JXHU U D GH O RV  ((8  /HY QU U W DQ
GR HO  SU HF L R GHO  O £ URGQ  Kt ] R TXH   H £BHQHā O L ] HV H  
SO DQW DF L yQ GH DO JRGRQHU RV  HQ W RGD O D FRV W D GHO  3HU ~  &W
GR V yO R V H K呸  Ë
F XO W L Y GR DQW HV  HQ FX W U F  /XJHU
HV 
 
- XDQ 1  'HO JDGR   $XU  TXH QR PH SL GH 8G    RSL QL yQ V F EU  H
O D &I O XV D GHO  DO ] D GH O RV  SU HF L RV  UU呸 SHU PL W L U i 8T  O D O L  
EHU W DG GH H[ SR呸HU  TXH D PL  M XL F L R V RQ    DXPHQW R GH O RV 
M RU QDO HV      O DV  Y HQW DM DV  TXH R呸U HF H UL HV GH HO JXQ W L HP 
SR HO  FXO W L Y H GHO  HO JRGQ \ GH O D F  x $ GH  DXF DU   TXH HV 
W i U HHPSO D] DQGR HO  GH O RV  SDV W RV  \ JU DQRV  TXH V HU Y t H GH 
L RPHQW R SSU DB O D F U L H GH DQL P+O HV   1RW HV H HQ 
ODF KR FXDQ
W DV  K呸F L HQGHV  K
\  TXH DQW HV  SU RGXF L DQ PDL ]  SDU D HO  HQJRI 
GH GH FKDQF KRV  \ KR\  V yO R SU RGXF HQ H O H RGpU    $  U HJXHV H
HO  L QF U H O
HQW R QDW XU O  GH O  D SREO HF L Q \ V H W HQGU i āXQD
W HU F HU $ F*XV D  
0DQXHO  GH $O I DU D  
?R GHM R GH V HU  XQV  FDXV D PX\  SRGHU  RV H
W  DQW R SDU H  ƒ F7 āHV W Ë
 GH HV W RV  SU RGXF W RV  SDSD  Pit ]  
\XF DV  FRPR  RDU D O RV  *QW HV  PHO F L RQDGRV   HO  QXH UQ? O F KRV   
JU L F XO W RU HV  KD\ DQ DEDQGRQDGR HO  FXO W  /Y BR GH O RH FHU HDO HV 
\ FU U   Q] D GH JHQ$GRV    2
 DHPEU  DU  HO  SU HF L TB £Vyā SU RGXF W R‡
GHO  5O I RGQ ‡ ‡

$QW RQL R $U DR]    'HGL F HGRV  O RV  DJU L F XO W RU


 V  SU HI HU HQW HPHJ
W H DO  FXO W L Y R GHO  DL JRGQ  FRPRā V  SU RGXF W L Y R  K Q GHV  
W U XL GR O DV  SRF DV  FU t DV  TXH WHQ DQ  FSHQDF  KD\  SDV WRV  HQ
t

HV W RV  GHSDU  W VPHUUW RV  ‡ /D /QGXV WU tD DO   RGRQHU D HQ TXH HP
SO HDQ O RV  +JU L F XO W RU HV  FDV L  W RGRV  V XV  HO H呸HQW RV  KD W U DL 呸
GR SRU  FRQV HF XHQF L D O D H[W L QF L yQ GH O HV  SDV W RV  \ FU L DV 
XH ªUUWHV FRUUVHUYDEDQ‡

UO DQXHO  3DU GR   / 3 SU L PHU  \ PiV  SU L QF L SDO  FDXV D GH O D L Q


I O DF L yQ  & QV L V W H HQ HO  FHPtR GH FXO W L Y R GH XQD JU DQ
SDU W H GH O H DJU L F XO W XU D GH O D 6RV W    7RGRV  O RV  Y O O HV  GHO 
呸RU W H  GHV GH &DU $呸U \ O O R &KU QF D\  KDV W D 6呸QW D  FRQV D呸U D 
GRV  DQW HV  FDV L  H[ F O XV L Y V PHQW H D O D O L PHQW DF L 6Q GH /L PD 
\ HQ  FU L D \ FHEH GH JDQDGRV   \D HQ HO  FXO MY R GH JUL
QRV  \ V HPHQW HU HV   V RQ KR\  SU t QF L SDO PHU U W  H DO JRGRQHU RV  \  
D] XF DU HU RV  K呸V W D ¢O  SXQW R TXH V L HPGR PX\  O HU JD O D QRPHQ 
FO DW XU  GH O DV  SU RSL H- DQHV  RQW HV  FRQV DJU GDV  D O DV  V HPHQ
W HU DV  R D O D HQ4R呸GD GH JHQ呸GV   TXH GH DO J XQ W L HPSR     
HV W D SDU W H V H K Q HQW U HJ£ GR DO  FXO W L Y R GHO  DO JRGQ R GH


O   FpO x D GH D] ~F DU   QR KD\  XQR V RO R TXH DO  FRQW U DU L R KD\ D


DEDQGRQDGR HV W RV  FXO W L Y RV  SDU  D FRQV DJU DU  V F  D DTXHO O RV   
%DV W D \ V REU H  /D U HV SRQV DEL O L GDG \ O D FDXV D  GHO  D/] D
F[O L L 

GH SU HF L RV  HV W XY R SU L PDU L DPHQW H HQ O D GHF L V L Q GH REW HQHU  XQD PD
\RU  U HQW D GH O D W L HU U D U HRU L HQW DQGR V X SU RGXF F L Q KDF L D O RV  PHU  
FDU  RV  H[W  HU  QRV  /JQRU  DPRV  PXF KDV  V L W  XDF t RQHV  U HYtRQH/HV  SHU R D 
U U L HV JDPRV  O   O  L Sy W HV L V  TXH HV W D H[U XO V L yQ GHO   SDQ O O HY DU  W XY R
GRV  I DV HV   8QD SU L PHU D  TXH  XUy W DQW R FRUQR HO   &RW  W  RQ )DF t QH
 
HQ TXH VH H呸W 呸QGL HU RQ O RV  DO JRGRQDO HV   < RW U D GHV GH PHGL DGRV  GH
O RV  D
 RV    H L Q O D   U Q H[ SDUL V tyQ D] XF DU HU H  TXH HQ DO JXQDV  3   
Y L QF L D    FXEU t D iU HDV  \D SU HY L DUU HQW H &- QF£XL V W DGDV  SRU  HO  DO JRGyQ 

 8Q  L QY HV W L JDF L 
LQ HQ PDU F KD L QV L QXD TXH O D I DV H DO JRGRQHU D I XH

iV  QHJDW L Y D SDU DO RV  XO W L Y RV  DO L PHQW L F L RV  TXH O RV  SU RSL RV  FDx D 
Y HU DO HV   3DU D V HPEU DU  DO 呸RGyQ QR HU D  QL  QXQF D òD V L GR QHF HV DU L R
HU  HO  3HU ~  FRQW DU  FRQ JU DQGHV  H[ W HQV L RQHV  GH W HU U HQR QL  L QY HU V L '
QHV  PX\  FXD RDDV   /D EU HY HGDG GHO  FL F O R Y HJHW W L Y D  PX\  L QI H 
U L RU  DO  G
ā  D Fx D  JDU DQW L ] DEU  XQD  iSL GD U HF XSHU DF L yQ GHO  F DSL  
W D \ I DF L O L W DED HO  FDPEL R GHO  F XO W L Y R  /RV  SU HFt RV  PXQGL DO HV  GHO 
DO JRGyQ  GXU DQW H O RV  DRV  GH FU L V L V   I
XHU
RQ SRU  ~O W L PR  FRPSDU D 
W L Y DPHQW H PiV  DO W DV  RXH O RV  GHO  D] ~F DU   &XDO TXL HU  SHTXHI R R PH 
GL DQR DJU L F XO W RU  SRGt D FRQY HU W L U V H GH O 3 QRF KH D O D PDx DQD HQ XQ
DO JRGRQHU R  'HQW U R GH O D DJU L F XO W XU D GH H[SRU W DF L yQ  HO  DO JRGyQ
FRQV W L W Xt D O D O t QHD GH PHU  RU  U HV L V W HQF L   'H DKt  TXH SHTXHx DV 
XQL GDGHV  D呸U t F RO DV  XH QR SRGt DQ DV SL U DU  DO  W t W XO R GH SO DQW DF L R 
QHV  D] XF DU HU DV   SXG t  HU DQ HQ FDPEL R GHGL F DU V H DO  DO JRGyQ \ DEDQG呸
QDU  HO  PDt ]   O DV  \XF DV  R O HJXPEU HV   /DV  SO DQW RF L RQHV  D] XF DU HU DV 
YL QL HU R  D F- PSO HW DU  \  DSU RY HF KL  U RQ HV W H  L HV DU U RO O R  /D FRQY HU 
JHQF L D GH HV W DV  GRV  DJU L F XO W XU DV  GH H[ SRU  W HF yQ V REU H  O   HF RQRU FI D
t

SHU XDQD  \ HQ SDU W L F XO DU  V REU H V X JHJL yQ FRV W Hx D  W U V W RU QDU RQ W 呸
GHV  O DV  U HJO DV  \ SU HY M V L RQHV  HV W DEO HF L GDV   /RV  SU HF L RV  QR KL F L H
U RQ V L QR U HJL V W U DU   FRQ PD\ RU  V HQV L EL O L GDG  HV W D FU L V L V  UQI V  SU R 
I  BQGD  

;9, , ,  / D  $O L PRPW D  /RV  GDW RV  DQW HU L RU HV  SHU PL W t DQ FRPHF HU  HO  呸RY L  


FLU£  FQ RO YU~
PL HQW R HF RQPL pR JHQHU DO  GH O D pSRF   SHU R V yO R
L O XV W U DEDQ PX\  GpEL O PHQW H DF HU F D GH V XV  HI HF W RV  V RE,
H O D Y L GD FR

WtG DQD 
t ¢4Xp V  JQiIt F DED HV D DO ] D /OH SU HF RV  HQ W pU PL QRV  GH FH
t t

FL QH \ FR呸L GD GL DU L D SDU "  O DV  GL I HU HQW HV  FO DV HV  VRF L 呸O HV  GH 呸L U U D" 


¢~Xp U HDM XV W HV  GL HW pW L F RV  SRGt DQ U HDO M B] D<
 GHQW U R GH V XV  QL Y HO HV 
GH L QJU HV RV "   /D &RPL V L yQ 9X'L F L SDO  QDPEU DGD SRU  HO  JREL HU QR QHH
FHV L W DED U HV SRQGHU  HVDV  SUHUXQWDV  SDU D 
HQHU  XQDYtV  yQ L QW HJU DO 
t

GHO  SU REO HPD   6X HV W XGL R  GHF t D '- U L U  JR $L PHQDU   QR V HU t D F RB
SO HW R V L  D O DV  L QY HV W L JDF L RQHV  HF RQPL F DV  QR SU HV W DV HQ V X L PSRU W 
W DQW H FRRSHU DF L yQ O DV  O XF HV  GH 呸 I L V L RO RJ D \ GD  KL JL HQH

ā
( VWH IXH HORWtY R GH VXV / QYHV W JDFtFFHV ODV SULZ£UDV HQ HO3H
t

呸~ V REU H PRGHO RV  DO L RHQW L F L RV   $O FH!Q !U   V H   X t


O   GH F RW H PRGR
O V  W U DL F L RQHV  GH 呸 (V F XHO 3 U
pGL F D SHU XDU  呸 TXH I XQGy 8QDQXH  呸
U DF W HU L ] DGy SRU  XQD U  U R[L PDF L Q L QW HU UO L F L SO L QDU L D HQW U H O D Q HGM  B
FL QD \ O RV  HV W XGL RV  V RF L V/HV  /DV  HQW
HU  PHGD W HV HU DQ FXHVW RQHV  t

GH V DO XG S~EOtFD  QR V RO R  HF RQW HF L PL U QW RV  ILV /R/yJLFRV  U QGL‡LGX呸


O HV  \ GHFI DQ V RU  H[ HU Rt QDGRV  D O D Y H]  FRQ R KHF KRV  QDF XU D/HV  \ KH 
F KRV  V RF L DO HV   $O PHQDU D HV W DED QRU  HRQV L JXL HQW H EL HQ SU HSDU DGR
SU  H DERU GDU  HO  W HPD TXH KDEt D H/HF GGR /R KL ] R X
W  / t] DLGR XQt

PpW RGR FRPSDU DW L Y R DO  U HF RJHU  HM HPSO RV  GH RW U RV  RD āV HV  , QJO DW H 


U U D  3U DQF  D  %pNJt F D  , U O DQGD  L W 3O L D  &KL QH  V F L DV  DO  R  &- -  R  B
t

W H QL Y HO  GH LQI
RU UD F tyQ O
L EO L RS U iI L F D TXH W HQ~  HQW RQF HV  O DV 
FL HQF L DV  PpGL F DV  HQ HO  3HU ~  /D V X\ D QR I XH V L Q H DU J L  PH GL  
VHU W RF L yQ HU XGL W D  7RGRV  O RV  DXW RU HV  TXH FO W  / \RQ " O D\ I DL U  
1RHEHRJ 0HU V PDQ  (GZDU G 6
L W K  *DV SDU L Q  /HKPDQ  +HQU \   &W L HY D    
O L HU   %RF NHU   HW F ‡‡ 
 O H V HU Y t DQ SHU W L QHPHQW H SDU D V X H[ DPHQ F RQ
FU HW R GHO  FDV R U HU XD L R 
6HJ~Q $O PHQ3U D O RV  GpI L F L W  DO L PHQW L F L RV  HU DQ GHEL GRV  HQ
HO  3HU ~ R GRV  I DF W RU HV   8QRV  -  H FDUiFWHU HF RQyPL F RV  \ O RV  RW U RV 
U HO DF L RQDGRV  FRQ FL HU W DV  SU HI HU HQW L DV  FO W XU DO HV   $O PHQDU 呸 V H
SU HRF XSy SDU W L F XO DU PHQW H GH HV W RV  O W L PRV   TXL ] iV  SDU D GL V L PXO DU 
O D JU DY HGDG GH O D FU L V L V  HF RQPL F D \ GHM DU  DEL HU W D D L O XV L yQ GH
XQD DO W HU QDW L Y D  &RQ W RGR QR SDU HF H KDEHU  H[ p?JHU DGR DO  GHV F U L  
EL U  FL HU W RV  XV RV   $O  SDU HF HU  HQW U H /DV  PL V PDV  F/DV HU  DF RPRGDGDV 
SU HU L RPL QDED XQD DO L PHQW DF L yQ  QF RQY HQL HQW H  (U D U HJO D JHQHU DO  
SRU  HM HPSO R  FXR /DD PXM HU HV  < O RV  QL x RV  FRPL HV HQ PHQRV  TXH O RV 
KRPEU HV 
GXO W RV    6XV  U DF L RQHV  QR FXEU HQ HO  SU HV XSXHV W R L QGL V   
SHQV DEO H SDU D U HSDU DU  O DV  SpU GL GDV  GL DU L DV  DXH V XI U HQ \ SU RPRY HU 
HO  FU HF L PL HQW R‡‡‡ \ © SHQDV  D/F DQ] DQ D O O HQDU  O DV  F I U DV  TXH FRQ呸
t

W L W X\ HQ XQD U DF L yQ GH HQW U HW HQL PL HQW R  HV  GHF L U  O R HV W U L F W DPHQW H


/QG V SHQV DE/H3‡UD QR PRU L U  GH /QDQt F  tyQž Q O * SU L PHU D L QI DQF L D
t

QR HU DQ PHM RU HV  O RV  KiEL W RV  GL HW pW L F RV   $QW HV  GH / KDV W D O DV 


FO DV HV  PHGL DV  W HQt DQ O Q FRV W XPEU H GH FRQW U DW DU  PRGU L ] DV  HV F O DY DV 
SDU  TXH O DF W DV HQ V XV  KL M RV  <  TXH  O DV  PDGU HV  QR SXHGHQ DPDQW DU 
D V XV  KL M RV  SRU  I QO W D GH I XHU ] DV  F DV     6/ HPSU H SRU  L QV XI L F L HQF L D
DO L PHQW L F L D    3HU R FRQ O D H[ W L QF L yQ GH 呸 HV F O DY M W XG HO  V DO D 
U L R GH HV DV  QRGU L ] DV  I XH W Q DO W R TXH VO R O RV  PX\  U L F RV  VL JXL 呸
U RQ HPSO HiQGRO HV   D PD\ RU t D GH O DV  L !PL O t DV  EXV F y XQ V XV W L W X 
W R HQ GL I HU HQW H PH] F O DV  GH O HF KH GH Y DF D U RQ R JXDV  R  SDQW HO   V  
GH DU U R]   SDQ R FKXx R 
$O PHQDU D V Hx DO y W   ££ -  L pQ XQ FF QU L R U DGt F D/ HQ O D Qt HW  D O L 
PHx D D SDU W L U  GH O RV  DQRV   $O W  XQRV  XHU R!  V H ā~Q V X M XL F L R 
QHJDWt Y RV  SRU  H M HPU /R O HV  W U ( V  FRP GFV G RU L  DV I XHU RQ U HHPSO D]  † B
t t

GDV  SRU  GRV   YH Q Y H]  GHO  FKRF RO 呸W H \ O DV  PD] GPRU U DV  V H GL I XQGL y


HO  W H  EHEL G  L QV XV W  QF L O 
O XH DPRU W L JXD HO  LSHW L UWO R V      U HSDU DU 


O DV  U XHU  ] DV    3HU R KXER RW U RV  TXH /U QS/t  F DEDQ XQ PHURUDPLHXR


R[OLY

8QR GH HO O RV  I XH O D L  L W U RGXF F L Q GH Y HJHW


L O HV  Y HU GHV  HQ O RV  SO D 
W RV  FU L RO O RV  SRU  L U  I O XHQF L D GH O DV  KXRU W
L V  TXH HQ O RV  DO U HGHGR  
U HV  GH /L PD FRQGXF , HQ O RV  H[ W U  āQM HU RV  L W DO L DQRV   I U DQF HV HV   D 
O HPDQHV   ‡,DEU t U  U XH D L DG U pO  DXPRUUW R GH F RQV XPR GH FDU QHV  TXH
t

呸HPRV  FRPHQW DGR HQ RW U DV  U iJL QDV  


$O PH
QDU D V H Y HID REO t JDGR VL 
 ( F / F  āJR D FRQV  GHU DU   HV W RV 
t

FDPEL RV  QR VO F  FRPR PpGL F R V L QR W DPEL pQ FRPR HF RQRPL V W D  *U Q
SDU W H GH V X Gt  V HU W  DF  yQ HV W XY R SU HF  VDUHUUWH GL L  L GR D EXV F DU  V XV

t t

W L W  XWRV SDU H DTXHO O RV  SU RGXF W RV  FX\R SU HF L R KDEt Q V XEL GR H[ F HV L  


Y DPHQW H HQ HO  PHU F DGR  3RU  HV R  DI
/UPDE©  XH O D FDU  QH HU D V DO H  ‡
GDEO H SDU D  O D  SHU V RQDV  GHO L F DG)W V   FXH KDEL W Q O DV  FL XGDGHV   LL呸
U R QR L QGL V SHQV FKO H SDU Y TXL HQHV  W U HEDM DEDQ HQ HO  FDPSR  < HQ
Y H]  GH O DV  FDU QHV  I U HV F DV  GH Y DF D F呸DQF ER GH SU L PHU D FO DV H FU HI D
V XI L F L HQW H  GHQW U R GH O HV  SRV L EL O L GDGHV  HF RQyPL F DV  - H O DV  FO DV HV 
SRSXO DU HV   HO  FRQV XPR GH FDU QDV  GH V HJXQGD \ W HU F HU D  GHO 
F KD 
U  B XL    O DV  PHQXGHUL F  DV GH U HV  \ O H FDU QH GH O O DPD  &RQY HQF L GR
t

TXH HV W RV  V XV W L W XW RV  QR EDV WDED L    U D HTXL O L  EU DU  HO  FRQV XPR $O P  


QDU D HQI DW L ] y O D U L TXH] D DO L PHQW L F L D GH O DV  FDU QHV  GH XHV HDGR
 TXH HQF L HU U D PiV  FDU U W  GVR GH D] FH \ W    L W D GH FDU  ERQR FRU QR O D P  
t

M RU  FDUULH GH Y DF D   < V XJL U L  HO  HPSO HR GHO   F RF KD\ X\ R  DO F  DV 
PDU t QDV    呸(O  S~EO L F R I L M 
QX\  SRFR V X DW  HQF  yQ DQ HO O D  GHF t D 
t

SHU R HV W i O O DPDGD D HO F DQ] DU  JU DQ DXVUH FXDQGR VH FRQR] FDQ V XV 


FXDO L GDGHV  QXW U L W L Y HV   (V WD DO JD PDU t QD FRQWt HQH W DQW R D] RH FRPR
O D FHU QH ā GH FDU  QHU R Y W U HV  Y HF HV  WHQW  F  FDU  ERQR FRPR O D F U  QH GH
YDF  GH  V HJXQGQ   0X\  FRQRF L G  SHU R SRF R XV DGD  HV  PiV  QXW U L W  E 
Y D TXH HO  PDt ]  \  HV W D O O DPDGD  KDF HU  XQ SHSHO  GL V W L QJXL GR HQ O 5
DO L PHQW DF L 呸 GH O RV  SREU HV   /D FDQW L GHG GH HV W V  呸JDV  HQ QXHV  
W U HV  FRV W DV  HV  L QDJRW 3W O H \ QR U HTXL HU H RW U D L QGXV W U L D TXH U HF R 
JHU O D \ SRQHU O D 呸 D/F QQF V  GHO  FRQV XPL GRU   I
呸 L &RQ VHU  Y DO L RV DV  HV W DV  REV HU Y 3F L RQHV  V RQ PHQRV  L PXRU W DQ 
W HV  TXH O DV  GHGL F DGDV  SRU  $O PHQDU D  O HV  FRQGL F L RQHV  呸O L PHQW L F 呸V 
GH O RV  W U DEDM DGRU HV  GHO  )HU ~  (O  HQW X3L DV PR \ O H Y HU DF L GDG O R
3XV L HU RQ FDV L  DO  O t PL W H GH XQ FRQI O L F W R FRQ V X HY L GHQW H PRGHU D  
FL Q /GHR/yJ FD $O  PHQDU  H SHULVDED TXH O D H/tPHQW VFL  Q SRGt D O O H
t

JDU  D V HU  WLP L QV W U XPHQW R GH GRUQL QDF L Q SRO t W L F D \ TXH HV W DED HQ 
O D U Dt ]  DH PXF KDV  M HU U U TXt HV  V RF L U O HV  \ I H PHQRV  GH FRO RQL ] DF L yQ
\ GHSHQGHQF L D 

‡呸R HV  V RO DPHQ呸H HO  Y L JRU  FRU SRU 5O  V L QR O 5 HQHU  
Jt D PRU QO   TXH VH 呸HV L HQW H GR XQ DO L PHQW DF L yQ HV F DV D 
HQ HO HPHQW RV  U HSU GRU HV   (V  VHJXU R TXH O H , QJO DW HU U D  
QR U Ht QV U , D W U DQTXL O D U REU H O D /U/UQG  VL  ¼V W D SXGL HV H
GL V SRQHU  GH XU  D/t  PHU U W R PiV  D]R GR TXH O D SDSV  QL  & 
PL O O RQHV  GH L QGL RV  RW RGHF HU t DQ D XQRV  F XDQW RV  PL O O DU HV  
GH L QJO HV HV  V L  DTXHO O RV  V H $O L PHQW DV HQ FRPR pV W RV   (V W D 
SL F DQW H \ RSRU W XQD REV HU  Y VF yQ G W 
U   /RQJHW W HQGHU t D 3
t

HV W ‡W O HF HU  HO  VL 呸XL HQW H DI RU L V PR HF RQyPL F R  (O  GHV SRW L V  


&
PR V O R SXHGH VHU  SHU PDQHQW H HQ @ RV  SX3
O R R
OOO O  UO L  
PHQW UL GRV  
, QI O XL Q DV t Pt V PR HQ HO  U HQG
PL HQW R SU RQ DG tR G O RV  W U DEBW 
M DGRU HV   (Q  V  I XQG L F L QHV  \ I HU U RF DU U L O H V  呸  U RQHRV  O RV  RSHU D 
UtRV  IUDQFHV F V  KDEt DQ U HQF /GR   QHQRV  TXH O RV  呸QJO HV H V  DQW HV 
GH TXH VH L JX" O HU 呸 O V  FL HW V   < O RV  HV F O DY RV  GH 呸(88 *HRU JL D 
/RXt V LDQD  FRQ V XV  FXDW U R FRPtULDV ,tDU  /DV  W U DO - FW M 
O EO
Q H/  W U L SO H  
TXH O RV  HV F O DY RV  GH O DV  $QW L O O DV  
  (O  3HU ~ SRGt D V HU  
H I L QL GR HQ HV H V HQW L GR FR QR 3
Ë6 OH
呸U V QGHV  GHV L JXUL O G" GHV   6O R XQ U HGXF L GR Q~QF U R GH W U EDM D 呸RU HV  

J R] HED GH XQ  R/tPHUUWXFtyQ V XI L F L HQW H  /RV  GHPiV  W HQt DQ  HQ VX
呸H\ RU t D  U DF L RQHV  L QI HU L RU HV  H O DV  GH XQ SU HV R GH  FiU F HO  GH
/L P  

RU QR V H DSU HFt RUi HQ O RV  FXDGU RV  V L   XL HQW HV  TXH U 呸 XPHQ  
O RV  HO DERU TGRV  SRU  $O PHQDU D  &RPR EDV H SHPRV  DGRSW UDGR O D U DF L yQ
GH O RV  HV F O DY RV  SHU XDQV  HQ  SDU D FRPSDU DU O D FRQ QXHY H FDW H 
JRU t DV   H W U DE呸M DGRU HV  QDF L RQDO HV  \ V L HW H FDW HJRU t DV  GH H[ W U HQM H
U RV  SDU D HO  Qx R   (Q O RV  GRV  SU L PHU RV  FXDGU RV  L QF O XL PRV  W DU R

L pQ O RV  PRGHO RV  $ % 6  U HFRPHQGDGRV  SRU  ‡O PHQFU  呸 SRU D   RV  FRO R
QRV  FKL QRV  ; 
?
6L  DF HSW  HPRV  O DV  HVW XRF RQHV  GH $/PHQDU  H  K3V HB  HV F R 
t t

JL GD HO  HV F O " Y R   QR KDEU t D V L GR HQ V X W L HPSR GH O DV  SHRU HV 
L QW HU QDF L RQDO PHQW H  %DM D HQ V X SU RY L V L y呸 GH FDU ERQR V yO R RQF L 
ZD GHO  PDU L QHU R FKL QR \ GHO  VRO GDGR I U QF V   O D FRPL GD GH HV H‡
HV F O DY R V XSHU DED HQ D] RH QR HyO R H O HV  GRV  yO W L PDV  FW HJRU t DV 
PHQF L RQ呸G$V   V L QR W DPEL pQ HO  R
U HU R L U O HU GpV  \ HO  PH
L QHU R I U DQ 
FpH  &RQ W RGR  HV 呸$EH O HM RV  GH V HU  XQ ySW L PR  3HU R  DQ SDRU 
TXH O H GHO  HF O DY R  I XH O D DO L PHQW F L yQ GH O RV  W U HEDM DFW R呸V 
SHU X呸QRV  HQ   /RV  ~QL F RV  I 呸Y RU F F L GRV  I XHU RQ O H W U RSD - L O L W U 
V RO GDGRV  \ PDU L QHU RV  \ HO  RU  H U DU WR GH O RV  I
HU U RF DU  U t / HH GH  ? U  W 
TXL SH  /RV  RW U RV  FRPt D  PHQRV  TXH HO  HV F/DY R $V t  O R FRPSU RED 
PRV  HQ O RV  FXDGU RV  V L JXL HQW H SU HS呸U DGRV  SRU  $O PHQDU D 


F[OYL

&8$'52 1ž  
12'(/ 26 '( $/ , 0(17$&, 21  3(58 
O
7L SR GH 7U DEDM R *     V  $] RH $XPHQW R R
'L V PL QXF L Q

   (V F O DY RV     


   7U DEDM DGRU HV  GH )HU U RF DU U L O  
  
$U HTXL SD 
   0DU L QHU R 
  
   &KL QRV  $  

  
   3U HV R GH FiU F HO  
  
   &KL QRV  %  
  -  "  

  , QGL R  FRU U HR GH O U  VL HU U D    
   6RO GDGR 
   
 7U DEDM DGRU  GH 0L QDV   

  
   $O XPQR (V F XHO D GH $UWHV \ 2I V   
   
   &KL QRV  &  
  ~ 
   &KL QR /DEU DGRU      

&8$'52 14
02'(/ 26 '( $/ , 0()
,
$&, 21 3(58 
OLU6 $X   H QW R R
L SR GH W U DEDM H &DU ERQR  'L V PL QXF L Q
  (V F O DY R  
  
  7U DEDM DGRU  GH I HU U RF DU U L O $U H 
TXtSD  ‡    
  0DU L QHU R  
`   
  6RO GDGR 3L F KL QF KD   
  
  &KL QRV  $   
  
  , QGL R FRU U HR GH O D 6L HU U D      
  3U HV R GH O D FiU F HO     ā 
  7U DEDM DGRU  GH 0L QDV   ā   
  &KL QRV  %  
   
  3U HV R GH O D 3HQL W HQF L DU t D  
   
  $O XPQR (V F XF O D $U W HV  \ 2 I HV        
  &KL QR /DEU DGRU       
 &KL QRV  &     "2   
F [O Y L L 

&8$'L2 1
02'(/ 26 '( $/ , - ?t (1
O
$&, 21  ^75 $W =(526 
*U D0RV  $XPHQW R R
7L SR GH W U DEDM R $] RH  呸L V PL QXF L yQ 
 呸




( VF/DYRV 3 HU~   
W L   & I
呸

  


   2EU HU R , QJO pV   



   /DEU DGRU  &KL O HQR  


  
   2EU HU R GH L  RPEDU Gt D     
   0DU L QR )U DQF pV  3XHU W R       
   - Y DU L QR &KL QR 3XHU W R   
I L  % 2
   6RO GDGR GH &DEDO O HU t D )U DQF L D       

   2EU HU R , U O DQGpV        


&8$'52 -?
U
2'(/ 26 '( $/ 3 (17$&, 21 (;7 F $1- (526 

*U DPRV  $XPHQW R H
7L SR GH W U DEDM R &DU EyQ  'L V PL QXF L yQ


O
(V F O DY RV 3HU ~   
   

   2EU HU R GH /RPEDU Gt D  RI L   
   2EU HU R , U O DQGpV  呸   

 /DEU DGRU  &KL O HQR     


   2EU HU R , QJO pV      
   0DU L QR )U DQF pV 3XHU W R   
  

  
   6RO GDGR GH &DEDO O HU t D U U DQF L D  
   0DU L QR &U L QR HQ 3XHU W R 
 
    
L 
1RWD $ ` %  \ &  Q ORV FXDG]FV R\  QR /QGtFYQ UDFLRQHV HIHFWLYDV
VLQR PRGHORV DFRQHH- 呸EOHJ

/D F DW HU RU t D O W RU TO  PHQRV  I  Y RU HF L GH FRPR V H Y H 呸XH O D


GH O RV ā FRO RQRV  FKL QRV   6yO R U HF L Et D O 5 呸XL QW H SDU W H G呸O  D呸RH \ 
呸
 PHQRV  GHO  FDU ERQR TXH XQ HV F O DY R  6X 呸DF L yQ FRQV L V W t D HQ
XQD O L EU D GL U L 呸 GH DU U R]  VL Q ^
U DV T \  L  HO  LDW U Q HU  D  HQHU ā- 
R \ FDU/WDWt Y R  SHTXHx DU  FDU U W t GU GHV  GH FDU  QH R SHVFDGR GRV  Y H  
FHV 呸 O H VHPDQD  HQ DO JXQRV  &F RV  Y HJHW DO HV   &R呸R U HF  O W DGR HO 
FKL QR W U DEDM F ED V yO R O D PL W DG R O D W HU F HU 呸 SDU W H GH O R XH DQW HV 
KDEt D W U HW DM HGR O RV  HV F O DY RV   I
6L  V H FRPSDU D O D D/DPHQW ZF tyQ TXH W HË " XQ HV H/D
Y R FRQ O D GHO  DV tpWLFR  V RU  U U HQGHUp YHU  H RW D ]   DQ GL tH  
  HQF L D GH HF F L QQ GL Qi呸L F D GH XQR D RW U R SXHV  PL HQW U DV 
HO  HV F O HY R FRQVXPIV  XQH  O L EU D GH  U HM RO  \ RW U D GH ‡  ËF  
GL DU L DPHQW H  TXH U   SU HV HQW D XQD H/t  PHQW HFtyU VXI  FLHU U W H 
PHQW H QXW U L W L Y D  HO  FKL QR D呸‡HQDV  REW L HQH O R SXU p U ‡D QW 3 OJ
t

GL V SHQV DEO H SDU 5  L Y L U   3DU HF H L QQHF HV DU L R GHF L 呸 TXH - L 


V H DXPHQ WD U  DO  FK QR  V X U DF  yQ QO L  QHQW DU L H VH SRGU t D
t t

H[ L   L U  GH HO  FW REO H VXPH  GH U 3E3M   O R TXH RF DV L QDU t    


F[OYLLL

VL Q GW  GD XQD GL V
 O L QXF L yQ QRW   XO H HQ O RV  JV W RV  GH SU RGX呸
FL yQ  HQ TXH HU U W U D SRU  PXF KR HO  V DO DU L R  3XHV  V L  FRQ
  FW V   TXH HV  HO  ££DV W R TXH RF V L RQD XQ & L QR  L QF -  X\ ( O
O 
GR DO L P呸QW RV   Y HV W L GRV   HQI HU PHGDGHV   VV O DU L R  L QW HU HV  \ 
DPRU W L ] DF L yQ GHO  &%'L W DO  DGHO DO 
W I
GR  VH SXHGH REW HQHU  8( 
W U DEDM R TXH SRGHPRV  U HSU HV HQW DU  FRPR V L HW H  $x DGL HQGR HO 
JDV W R GH 2 O R FW V   PDV   HQ PHQHV W U  VR U HV F DGR  O R TXH KD
U t D XQ J%V W R W RW DO  GH   FW V   V H REW HQGU t  W U DEDM R GR
KO H TXH HQ FL I U  V U HSU HVHU U W HU HPRV  SRU  F WRUFH ‡
F/ L[

; ,; 呸/ DV +DFLHQF呸V 'FFDPRV D HO UULUQH HD— LWXOR VREUH &XHDWDFQHV GR
0~WRG呸 TXH DāV SODQWDFBRQH Q呸!‡XDQDV D£
XRDUR]āD 
FX\D H[SDQVL
P KHPRV YHQtGR H[DPLQDQGR IRUPDEDQ
SDUWH GHO VMDWHPF GH KDRUiLOV M(VWD- DG Hā DO UHFR SRU /RV H£DQRH iH呸
GH O VLJOR ; 9 , (O PXQG BQ呸 URUXVQR    HUB āHG DQWRQRHD VHU GRILQL
GR QRU OD LQWR‡FFLQ ~QWD &OR XQ /DRR OL-  KDFDHQGDV \ GF/ RWBBR OHH FRPX
QtGDGHV LQGLEHQDU \ /RD FI-HUL
$  /8呸呸LRWLU
- FFLRO /RD 呸$
WLRV 呸U H[WUU
'RQWUR 呸ž  RVH FRMXQYR p ODFHU& D ILW`  /D XQ/GDG GFUQLQIL
 VR/- 
WRGR HQ (-86 YHUVF RQHV ~[āā‡ULPDX LXDQGR QR 呸 J-DUL RWH呸FQ -  DOWIQGLR 
R O  QD\RU UURGXFWFYLI
DG \ 呸HFQRORJL QODWDRL RQHV D VW ~D  F -  RQFQWUD
OD PX\ SRU VQFDPD GR/ QURPRGLR UH /HV XQtGVFHD DJLFROD*
TDQDL
'XUQWX HO SHULRF TXR HVWXFLL£BRV āOF"  DF 
£BFDQFDV VR - B
SDQGLHURQ DVt HQ OD &RLLHā RRPR HQ O3 VUUD 呸Q RVW] O呸OWBRIL BGFLQ XQ
RDUDG呸- LFDPHQWR VWL
OXODD呸 VHJXQ YWPRV āā D 呸XSURWL
MQ GVU WULR呸WR (Q
D *R WD HVWXYR DVRFLDG IXQGDPHQWDOPRQWH D I6  1RULQWGLRQ DJU呸ROª KD
FLD ORV PRUFDGRV UXXQGtD/HV VRE]H OD \B呸 RRPRR LāVLIWLGR LQ HO RXU GR $

WH HQVD\R $PERV QUFFFF&  V GLtUOFW


<  -DUWR HQ  PRWQLIāYY L \ā FRVWRV R
RL D/ HH FRPR HQ ORV FRMFXtYRQ FRQ呸DE TXH U VHJXOP \ OR$ BāSRHHFLMPHQWRV 

HW
 XVDMDU ‹Q OD 6 LHU‡% -" KLULDD FUUL  RXFFDV YHF© L HUD 2XW!HLā HO FFJ 
WF‡RO
G -  OD PDQR OR FEUD <   R KL呸R D 呸呸VW-  IYOGDPDQOUK OOO£
 G- ODV FRWQXQLGD!

\ QR RUUDFLDQ XQD EXHQD - BQH GH UHF呸 H


O* -  <  /DV J呸āDQGHV KDFLHQGDV TXH
WUDEDMDEHQ FRQ FVF/DYRV H FKL RV Q RXVRURDQ KRLMMLQāRV L呸 H[ HQG UDH SXHV
WR TXH QR D
EQQGDEDQ` &X SUFSRVLL R I
XR H 
¢*  呸 &&LāDUVR OH /RH VXHO FH
YFFtQRV SDUD HSOLFU VXV RSHUDFLRQH(ā  O L+Q F2WLUX- LU OD WLHUD "RUH FRQ 
WURODU HO DJXD GRQWUR GH XRD āLRQOWFUDGR UUMBJ(!FL‡Q /RU QQRLSD/ RV
FI- FLDGRV I
XHURF ORV SHTH6R \ UUGLDR LāRSHWLUXV 0DQXO )L‡GR OR
YLR \  FLMR D SRDD] XH HFWDU YLQFXODGR UURL呸tHUPRUUWR  JUQ&V XRāSLHWp
ULFH  - LOWBOD (FXRVā GR  D!DOL]DFO 3Q RWDV SLJLQDV U!HV‡RQVDEMO/ DED
LOOXOLLW呸JHQWH D /DV JUDQGHV KDFLR
OGDV GH  D FULVLV ROLUDQUWOF呸D GR HVRV HL

xRV 呸RU  GHVDSDULFLyQ GH OD SRTXDx D SUFSLH4DG

/ D SURHtQFFDyQ GH YHUDV HV SULQFLSOQHQWH OD L呸


XVWUL呸 GR /D UHTXFxD S
XLHGDG \ UtQJXDQ WLL呸 TXH H// D V
IU FRQ OD MQVHJXULGDG GH /RV FDPURV / ~3 JUD‡GHV FX/L‡
YRV QR XQD SDUWR \  RUD - D OQVRJWU-  GDG GR /D YLGD

SRVWUR HVWi Q FRQYtUWtRQGR QXHUUWURD L
XQ
 (!Q IFFU!ULD$ S‡O
EORGDV QRU DVLDOWL2RV FDVL FRQ *[F-  XVLQ DR RWL呸 呸RE- DQLyQ
UXUD

¢4Xy āSURQRUF?EQ GHO PXyGR ,XUDO S呸UFDQF VR RQFRQWUDOāD ā££MR RO FRQ
WURO GH ODV KDFLQGF
 
DU
O ILDDORH G*-  MJB 7 LL -D IWD GHO &HQVR $JO


SHF/DULR TXH XLVR XMDFXWD 0DUWLQHW ž

 / QSLGH XQD O38- VWD  [!RD / RV
URUFHQDHV TXH KRDRR ypGR SDUL -0 YDOHV ‡H FHW \ 7UXM- OR   U 
UFRHQ BLQGLFDU ORV 呸t[L H
 OU FQVW- QHXW‡QD ,RUF FVD   XQD XSRVLFLQ
)XDUL GD TXH 呸XFKR PRQRV VREHPRV DFHUFD GH OR TXR RFXUUID HQ OD VL UUD
6LQ GXGD TXH HO  W  GH LQGLRV FRQ WLHUUDV FLWDGR SRU 5LYHUR XDUD ROD
x R U KDOIX GLVULLQXLGR FXD[HUUD D¢
ORV PiV DUGH 3RUR ¢BFX呸QWR"F
3D]D FRPSHQVDU VLTX HUD HQ SDUWH HVWDV / DJXQFV QRV ‡UDOGUHPRV GHO
t

&HQVR *HQHUD/  GR  SDUD HVD


OHFHU SRU GHFDUW-HQWRV \ D HVFD@D QDFLB
QDO D OD QREODFLQ XUEDQD \ UXFDO E HO Q~UXHLāR GH KF/HQGDV \ F HO
SRURHQDMH GH KDELWDQWHV TXH GLUHFWDPHQWH YLYtD HQWRQFHV EDMR HO UpJLPHQ


GH ODV KDFLHQGDV (V VDEtGR TXH ORV UDVX/WDGRV GH HVR &HQVH &OLILHUFQ V呸
JLQ TXH  RRQVXOWHQ ORV VLHWH YFOXPHQHV GHSD
W~OHQWFV R H/ +HVXPHQ *R
XHUDO H[WUDFWDGR HQ  SRU0 $ 3LHQWFV $KRUFF ~QLFXURQWH FLWDUp ORV
YRO~PHQHV GHSDUWDPGQWD/ RV 8QD LQIRUPDFLyQ DPQOLDGD āQXOH HQFRQWUDUVH
HQ QXHVWUR HVWXGLR / DV +DFLHUGDV GH  ,
HU~  / LPD    GRQ
GH KHPRV FRWFMLGR DPEDV IXHQWHV
呸DU D O RV  I L QHV  F HQV DO HV   \ \呸 HQ GL U HF W D U HI HU DQF 呸D F RQ QXHV W U R
DVXQWR OD SREODFLyQ IXH GLYLGLGD 呸Q WUHV FDWHJRUtDV GLIHUHQWHV $  UR 
EODF yQ XUEDQD E  UREODFLQ 3XUD/  \ &  URFODFL+ RVSRFLD/ / RV FUWX
t

U L R呸 GHI L QL W RU L R5 4H GL V 呸L DF L yQ V RQ U DU B  QRV RW U RV  GL V F XW L EO HV 呸  REO QF Q


XUEDQD IXH WRGR DUXSDPLHUWR GH FDVDV GHVGH OD FDUtW O GH 'HSDUQLPDQWR 


KDVWD HO UXHEOR R FDVHU, GRQGH H[tVQD XQ *RO- HUQFGRU R HQLHX H JREHUQXH
ā

GRU

 3REODFLU 5XUDO XHOOHV FDVHURV D


LV/ DGRV TXH QR VLHQGR GH
JUDQ LPSRUWDQFLD FDUH]FDQ DXQ GH 7GQLHQWV *RERUQDGRUHV )REOFFFLQ 2† 
SHFtD,  ORV HHWDEOFRULPtHQWRV UL~ROLFR‡ R SUMDGRV FRPH
8Q呸 FXDUWH/ RV
PRQDVWHULRV KRV
OLWOOHV RROLRH LWHUQRV KRWHOHV WDPER GH KRVSHGDMR
KDFtHXGDV RVWHQFtDV LL6 LHQWRV PLQHU RVW EXTXHV I
RUGHG呸W呸 HD ORV
 UXHUERVF

 HWF 6XEUD\DGR QXHVWUR 


(V 呸V  GRI L U L F L RQHV  V RQ 呸U EL 呸U 呸U L 呸V  / D UREOFLQ "XUDO &HO &RQVX
GH  QR VH RQFXRQWF WRJU- PHQWH FRPS]HQGLGD GFQWUR HOH VX UHVQHFWLYD
FDWHJRULD FHQVDO ,
DUWH GH HOOD ILJXUE FHQR WRO!- DFL&,
 HVUHRLD/ KFLRBJB
GDV  \ SDUW GH HOOD FRPR SREODFLyQ XUEDQD RXHV HV RYLGHQWH TXH QR QRU R
KRFKR GH H[LVWLU JRERUQ呸GRU R WHQLHQWH JREHUQXGRU XQ SXHER R FD呸HUtR SX
GH VHU FRQVLGHUDGR 8]EPR (Q HO FDVR GH ODV KDFLHQGDV /QF/XtG]H GHQWUR
GH  SRE,UFLRQRQ RVSHFLH/ DV  W DO UU RE
OHPD GHVDSDUF呸FL HQ -   UXHVRQWDFtGQ
GD ORV UHVX/ WDGRU ILQDOHV UXHV IXHURQ VXPDGDV FRQ OL U$ WW UR&
OXULyUL
UXUDO / D GLILFXOWDG VXEVLVWH UDUD WRGRV DTXH/ORV FWāURV UUFLOV TXH
SRU KDEHU SRVRIGR DOJXQR GH ORV VHUYLFLDU DGPMBQLVWUWLYRV HOHTLGRV SRU RO
&HQVR *REHUQDFLRQHV \ 6XE JRERUQDFL RQHV  IXHURQ FDOLILFORV GH XURDQRV
( 3W呸 KHFKR QR DIRFW呸 ODH FOIU呸V DW V ` XW V  GR 呸R呸O呸FLWW UX呸DO HQ KDFQGJ
SXHVWR TXH p呸W呸 I
XHURU F/D]
DPHUUWF VSHFLILLFGV  QFUR Vt VX FRUUHVQRQ
G DQWH QURURUFDpQ FRQ  ,
REOGFQ +XU!O 7R偟 
t
-  QXHVWUR ODOR QR KHPRV


  XHU L GR LQWURGXFLU QLQJXQD 2- UU- F F LXQ 呸/  D /R PDV  XQD LQIRU呸DFLQ FRUR

呸O
HPHQWLULD FIQQWXQPRV / X GtV
W/ QFDyQ W XY IXH XVLGD SHUR O PLVPF
W HPUR KHPRV H/DERUDGR XQ FXDtUR GH FFQWURV RREOHGRV VHJ~Q  QXPHUR GH
t
FO L 


KDEL W DQW HV  V HSDU QGRO RV  HQ GRV  JU XQRV   O &HQW U RV  GH PV  GH   KDEL  
W DQW HV     &HQW U RV  L QI HU L RU HV 呸 O RV    K呸U L W 呸QW RV   1R V XJHU L PRV  TXH
W RGRV  O RV  TXH L QJU HV DQ HU   H L W D V HJXQGD  FDW HJRU t D GHE P V HU  W HQM  GRV  SRU 
U U DO HV  QL  TXH VX RF XQDF L yQ H[O XV L Y D KXEL HV * VL GR O D R JU L F XO W XU D  (Q XQ
SU y[L PR ‡W U DEDM R VRU D Q HV W DEO HF L GDV  O DV  U HV QHF W L Y DV  V L W XDF L RQDV   U    HW HQ 
GHPRV  PDV  'L EQ PRV W U DU  RO  H[L JXR W DPDx R GHPRJU M I L F R GH O D PD\RU  I DU W H GH
GH O RV  FHQW U RV  SREO DGRV  FRQV L GHU D GRV  8U / i呸RV  HQ H`  &HQV R GH   'H KH
FKR HV W DPRV  REO L JDGRV  D XQD I XW XU D U F F W L I L RDF L yQ TXH DXPHQW DU i O DV  FL I U DV 
JO REDO HV  GH U REODFi yQ U XU DO  \ QRU  FRQV L JXL HQW H  DO  P DPR W L HPQR  KDEU p GH
t

GL V PL QXL U  HO  QRU  F HU U W DM H GH O D U RF O DF L yQ V XM HW D HO  U pJL PHQ OH KDF t  HQG D 
7RGDY t D RW U DV  REV HU Y DF L RQHV  VRU U D O RV  SU RF RGL PL HQRRV  GH HM HF XF L yQ
G!O  &QV R GH   (Q O R TXH U HV SHF W D D O DV  SREO DF L RQHV  U XU DO HV  V H GL V  
U XV R HO  HPQDGU RQ呸PL HQW R L XU DQ H  Gt DV  HQ Y H]  GH XQR V RO R  &RPR W D U HD
QU F Y L D O DV  DXW RU L GDGHV  QRO I W L F FV  F RQI HF F L RQDU RQ XQD QyPLQD GH W RGDV  O DV 
KDF L HQGD呸  (O  HPQDGU RQDPL HQW R PL V PR I XH FRQI L DGR   O RV  SU RSL RV  KDF HQGD ‡
GRV \  V yO R FQ FL U F XQW DQF L DV  HVQHFL D /RV  DF W XDU RQ RW U DV  SHU V RQDV   6L Q GX 
G   TXH HVWDVPPHG tGXH SXHG HQ KDEHU  L QI O XL GR HQ O DV  FL I U DV  I L QDO HV   3HU R
GHV F RQRF HPRV  FyPR  GQG \ FXiQW R 
 8QD SU L PHU D VRU U U HV F   2I L F L DO PHQW H HO  U RU ~ GH  VL PXO DED V HU  XQ
SDt V  - H DY DQ] DGD XU EDQL ] DF L yQ QXHV  V yO R HO    GD VXV  QREO DGRU HV  I XHU RQ
U HJL V W U DGRV  FRPR U XU DO  HV &
XB  GU R ,   (V W H I Xy XQ HU U RU  FDXV DGR XRU  XQR 
/QH RQY FU U t  HQW H GHI L QL F L yQ GH FRQRHRW RD  (V  I
L F L O  L QI HU L U O R VL  DQDO L ] DPRV 
HO  W DPDx R GH O DV  XQL GR GHV  GH QREO B  F L yQ  6R‡U H   HU DQ FDV HU t RV  \ KD

 
FL HQGBV  HO         'H O DV    U HV W D QW RV  TO O H I XHU RQ FDW DO RJF GR V 
FRPR XU EDQR 呸 V yO R HO    W HQt D V L Q HPEDU  R PV  GR P O  KDEL W R Q HV   )呸
  FRU U HV SRQGt D D QHTXHx RV  FHQW U RV  SR
!O DGRV  U RU  GHEDM R GH O RV  PL O  KD
EL W  QW HV   FX\ D U HGXF L GD HV F D O D  GHPRJU iI L F D QR XHU PL W t D HO  HV W DEO HF L 呸L HQ 
W R GH DF  L Y L GDGF V  QU RQL DPDQW F  XU EDQDV   (Q U L JRU  HO  &HQV R GH 呸 GHEH 
U t D KDEHU O RV  L QF O XL GR HQ GO  V HF W RU  U XU DO  
/DV  KDF t  HQGDV RF XSDKDUL  QR]  VX  L L ~PHU R    HO  V   H XPOR O XJDU  GH
L PQRU W DQF L D HQW U H W RG呸呸 O DV  XUUt  G L GHV GH U REO D F L Q  L QPHG L DW RPHQW D GHD  
U Xp  GH O RV  F DV RU L RV   ,
HU R GH DF XDU  GR DO  &HQV R VR /DPRQW H HO    GH O R 
U REO D F L yQ U XU DO  QHU XDQD Y L Y O D HQ HV W DV  KDF L HQGDV   &XDGU R , ,  / L O D Y H] 
P呸V  QRV  DRUQEU DPRV   ¢4XHU U L D  HF L U  HQW RQF HV  TXH O D PD\ RU  QDU W H GHO  FD呸
SHVLQDGR QHUXXQR HUD XQ FDHQHDtQDGR OLEUH " &UHHPRV PDF Ei VQ TXH OD
RQHU DF L Q FHQV DO  I XE GHI HF W XRV D  (O  U HV XPHQ JHQHU DO  DXPHQW y HV R SU L PHU 
Q~PHU R KDV W D HQ XQ  VHx DO D QDR XQ W RW DO  GH   KDF L HQGDV   +HPRV  GHāā
W DF W R GR Y 呸U L DV  FDXDDV  GH RU U RU  X RPL V L yQ  O +XER GL V W U L W RV  SRU  FM HPXO R
+XDPEDO SD \ 9L V F KRQJR HQ 呸\DF XF KR  GRQGH QR SHQHW U DU RQ O RV  HQF DU JD GRV  GHO 
&DQV R QRU  U HV L V W HQF L D GH V SREO DGRU HV    QR U HJL V W U DU RQ HO  W RW DO  GH
KDF L HQGDV  3L V DF  &X] F R     R 呸L Q QL QJXQD H[ SO L F DF L yQ GHM R U RQ GD FRQV L JB
QDU  V XV  KDEL W HQW V  1RTXGJX¢     2呸U 呸V  Y HF HV  QRPL QDU RQ D O 呸V  K呸F L HQGDV 
FOOL

FRPR VL I
XHUP FIRULRV \ -  FRQDR/GDURQ GRV R PiV KDF HQGDV HQ XQD t

VROD 6RVSHFQDPRV DGRUQp XH D/JXURV FDVHUWRV XELFFGRV DQRUR GR /HV
KDFUHQGDV LXDURQ HPSDGUQDGR% FRQF XLGxGHV LQUOH呸Q&L- QWHV
/ D UHDtGRQFID V /R QDV ËI 7
9 ā RWUQ £¢£UWD XQD XFGWGD LQVXILFLR`B

y

WH GHO iPRLWR GH LQI@XHQFL G OL E



FLH
OGD  LLQFKR] FDQUHHLQRH QR RUDU
SRRQHV QHUPDQHQWRV GR XQW KLOH
 HXD SHFR GU QyLDQ - ?呸 ‡- O W&LUHXODPHQWH
< D IXHVH HU FRQGDFi yQ BGH WURDMD&LUHL HHL

OFRQR/RV R HQ YLUWXG GH ODV UH


/DFRRULHV GH FOtHXWH/D S
OWURQ呸]JR 呸U [HWL-   IL呸LOL- Q 
FRFXHQFLF
DGHPiV ODV XQLGDMV GH 7URGXFQL:L &/,'— RVQ £BUQ\/RQLE XQ RVLHFQH ,
I 

/DRLyQ FRQ OD KDFFQGD UDU HO L


W W
&PER UWH UUUFGXFWRD
- R/R 呸QWHUPX
GLDULD OD KpFLRQGD FRPSUDED - V H[FHGHQWR  FPQFLUXV U? FRPHUFDF]/RV
HQ ORV PHUFDGRV LQWHULRV R HLWHULRV \ G P- YD] UXQLUGVƒWUi
D O ORV H呸
SHVLQRV PDQXIDFWXUDD XāāDQDV R HI
OFWR DJU FRDV SURFDGRUUFRV OH RWUDV ]
t

QDV HRROyJtFDD / H KDFtDQGD FRQVIUXWD 呸OUHGHp


RU FX\R XQD UDG PX\ FYPULO4
MD FX\R WVUULWRULR GH RSHUDFLRQFV QFHGL F GR B¢ ROFF URSLHGDG * LQāā
 FOXLD QRK/ DFDFQHV XD  HQFRXWUDEDU IXHUD GH HOH呸
/ RV GXHxRV GH Q-FBGD PPQD呸 FLH HVWR PRGR  Q /QPHQUR LRGHU
HFRQyPLFR QROLWLFR \ VRF
tH/ TXH GH呸āUQ GHL VXV Wā— BB HGQDVL HUD VXRHUYU
DO TXH QRG DQ RMH]RRL /O ,£
t 8-VāD \ D B (VWDFR U-  KWD āāGXGR RFRUU 
GR GHVGH HO FR/RUUL
Ë2 RVVQDxR ,0FHU-    UHāR K- \ /QG FRV TXH GFV
t

QXpV G  /QGHSHQUHQFt


O URO W FD ,R ELFH
 & DGRU IX-  DULQ P呸V QRGRURDRV
t t

/ RD HUDQ FRQP WDGRD WRGRV OHV RUQ&FQLU呸 V EUWFRH S- 呸3 3/ O GLVWULWR呸
GHVGH HO MXH] KVWL /D SROLpMF \  PX
 
 F
HF呸 HXV UGH
O2V ,D 5Hā‡
S~EOLFOO GHGF XQ 3HUW HU  FLQX ODV FLXGDGHV E /

PXFKR DQGDU  JD p - DV YMOG

RtyQ (VW UXR]D 2X OD HQ~U - LD \ ~2, /H 呸LHUDF IWH呸 GH L FL O- \

QRU HQWRQFHV X
I
OURPGBBā HO 呸JOR ; 7<  FLQH /RV
£

&UX
V TPāSHLUYQ H  呸
PDU *DPRQD/ HV D ORV -¢£FHGDGBR£L FR
Q8 ‡UW FFGLV H 2- 呸U!FPHU-QR SāRE呸
‡OHPRQWH LQWURGXFLGR HQ /LQD URU HO $VāR HR
QE
FLR - R)呸 LD‡LFL 6D
OSHU 
/ D SULPH[D YH] - O& EVPRV SRGLpR £
*#OVWWL DX W呸 RR IQY +-   URU X
UHGLFWRU GH OD 5HYLVD OL (ā LF Q 


,LHQDP   呸ā H[U- Lā呸U ā  ‡呸 *LPXRJtD FXU H呸 ? Q t

QXRUUW]D QRPH呸
DāQ呸O B  ^ U!呸呸ā D  
O' RQ GX H呸 QRQRUV
GR *DQORL6 āā- Ë
W 呸¢UHUR
O8G 呸L-B£‡U Q ‡?Q 呸DOāDIW
RGLODV
UUR DOHXQRV RD - RV U/ - WOR FQLHULFDQRV呸 +
SOLUQH2 OD  GR
L WRPDQGR R呸  H[WUDtL DUTOJ^ U ?MB- 呸HPWQLFH /
`  £ URSLFW 
Ut R X2-
 /  W?- RU/RGDG ODPU ^`呸L UD
 W+ L QR GDFL
 &D
WQ R FDFL TXH  W K UFUH L FR
 L XQ 呸VD呸 UDTXHxR QU呸QLR
WLULR GH /DV KLDā
7

6  PV YMR呸DV H呸 S$ LD GD -WQLRU IDXD
GH SDUURTXLD TW LO
OI
X\R \ GPā  Z   U āāK-呸X呸QW DQ WO GLH呸
WULR PDQHM D V-  呸
UW
LUā呸‡R) FRPR呸 ERUUHJRV DW \
& *V呸OLD &2IIL-  U &D
 W
&7 āI
 HQ U
OU&F呸UO I &F,'S&  VL£
 ULYD- 
‡ FRUXY H@ HOOH XQOLāH 呸 IL
呸- Q呸 呸B 呸P& QL HV 7,OHV HO
呸呸WURQ G O" QāLUXTXLD
DO L L L 

I

8- $'%2     323/ $ 6,UL£ ,85$/   呸 






/ FS呸U WR
3RE/DFtpU 3RQ/DFLyQ
 
RW DO  £
5- UDO 
 - 
L
3RE/DFtyQ£
£ ,OUEDQD



III= 2O$ 6       
F呸V+ O O W     
L  H V V 
L
O
 

 ?ā/ ( ,呸呸&          ¢  O O y 





K)48,3$        O L 



/ ?&- &+2   俵    X  O 
 
&$ / / $ 2   URH      

 &呸- L

 $LL&        O   


  
L

 
W&2    
£     W 

 +
- -&$ 9 
/ ,&         

R ,7/ 
? āH4        
B&BžB       E  

M

L -‡- L
,         


 BB / / (IL
$'
    W    
 

 呸- LOO$ < (48)          
£

 25)72 W        




 
77 
呸    
    


 248(*8$         
   

3,:$         
,8W   呸     ‡$

& 1$  
       
7$5 L3$& L    
           
L 


,2
$/   O
  
-t  ‡  
  žā 
 W 

‡
FO L Y

O
R




WL

I

I
 I
 I
 I


 Z I?-  ƒ
U? 
 ? FQZ9 O ƒ
Z?2 FQYƒ

 Z OWLJ
LOOP I 
呸RRP 12呸W 
1PI
L O O I
PRY  Z呸 H
P L O O 1呸P L O O 呸1L O O PR呸呸ZZZP 呸 呸呸呸 R
+
+


I

P
呸
P

 I 
 †
23 
I
 I 
I 
I 
1呸 
 I 
1I 
: R I

- : 2O
  I?- ? /  

Y - ?2L L
? - : 4& / I?  RS
R W- 
8O !M ‡
R 呸
         呸         2

         £ &
Y
I

呸I 
212I 
 呸呸2I 
I 
1I 
呸I 
呸I 
12 OO W- 
‡ ‡ ‡ R R ‡ ‡ 呸 呸 ‡ ‡ D ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡
£
OR WWM
9  I 
呸呸呸Z呸P呸I 
:L O O 呸::呸:LOO呸呸呸 :

R OM
O6 R
/-
FH
V O
I
   FU
U
H
I 
3 3 +
H I
 I
 I
 I
 I
 I
 I
 23 
9  -  ,? 
 Z FU WL UL UH -  RRV   L U ? -  23 S
  -  2O!
?2: O
- - ,& : ?2 & 2呸- / - 9 
:  RUR
/" 

呸
I
 1呸 呸 呸I 
 I
 I
I 
 1I 
呸I 
I 

Y-    ?   ? 2 &' &' FR9
 &;
 ?-  
 &!@ :  ?2
‡ ‡ ‡ ‡ 呸 ‡ ‡ ‡ 呸 R ‡ ‡
 ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ 


呸 I

‡
IUY W 
呸- -  呸呸āUāY 
 HQ XZ?L' UR
PI
: 1L O O 2呸呸呸 L O O 呸: 呸呸P I 
1L O O : , - 2L O O 
呸L O O 1呸P 呸I 
I 
呸L O O 2L O O : : 22P I 
21L O O 

&
?-  ?' ,' ZH Y ? R- O U F 
-  U呸呸-  -  呸2    
   呸Z
呸H ‡ R   P呸   RZ   R呸呸呸I
 Z
  Z 呸
 &
    
:
FWY

FX  'U 2 OOL  O y  32&&L":L


FD U X  '  '(    I 
32- /  FURU - O&/L
B ?7' 


8QLGDGHV  8QLBDGF   8QLXDGHV
'HSDUWFPHQWR  7RWDO
 

O?
/82 $ 6     
- -
& L6 +   >    
I3IIL,,$&      
$O)4L- ,3$      £ 
ā\&8&+2      ¸ 

&$ 7  /
        
F  - $ L,&$    ā   
FX] F R     
+8$1&$ 9
6/ ,&L      
     
+80I&2

,& L     


- 8W,O?     
/$ / ,BB/
,呸 ,- 呸'     
/ - LW%$< (48(     
/ 2,(72     
/ ,W呸 W   
ā48( *8?   £ 
3,8/
?     
38-2     
7$ &-
& $      
7$I
-
3 & 
?    
L 

727$/       


FO Y L 

&8$'52 , , ,      )/ $&, 2L   5 2 B LS* 

'HVUWDUHQWRG 3R
- O  FL Q 3RQO   FL  N  RW DO 
  8UEWQQ 5XU DO   3   ā/DF L    L 

UW,$ =2 呸ā6        ƒ  


W 

&$ 6  &   呸   
  
$38%' $&   VH L    
$5(48, 3L    -     *
$<$&8&L , 2 * L     OWL
&$//$2   O          
&$- $+$5&$ -  R  
  £     
-O 
& - =&2        ( `- L
 
+8$L O & 9(/, &$    呸 J  呸 
,IW-$ IIFR         
  
 I L
 
,& L
    - * O  

- 8I
, 1  £  呸L    O 

/$ /, %(57$'    呸  M  ā ā 
   
8-   %$<(48( 
     /呸  L 
£
/25,
72         

/ , + -          
UL 248,
呸8
        
3, 85$        

ā
3812         
" $&呸
$        O 呸



3OG

L& $           

呸27呸 ‡ O
   
    
     £


B B B B B B B B B B B B B B B B B B B B B B B B B B BB B B B B B £





Z R




W-  ‡
 呸呸 呸 ZP 呸呸呸
Z 呸 呸 呸 HW
  R呸呸呸Z呸呸P呸U R     呸呸 呸Z呸呸£ U- £
,8O 呸221呸1呸呸U R211呸呸U RP呸   - 呸呸 呸*!
8  ]
R
W- 
WO  

呸
 呸 1  呸呸呸 1: $ W 
 W 
呸 
& 
 1: 呸呸呸1呸9O : 呸W 
 9O  1ZZP 呸 R R
  俵 
WO R W
Z P 呸Z2: 9W 
呸: 呸U R2呸 1: 11‡Z W - 
X ,: 1呸W 
1: 呸1: 呸9O 9O 9O ; 呸 呸29O 呸 R 8  
X U RP 9P 1: : 222W 
911呸22呸9O 2呸U R £ 
  £
‡  WM
UR OOO
 ā呸
W£,
 2
Z 2 OOO
2  B 
呸 1 呸呸呸 1:呸 呸 呸:
U R  W
:1呸呸1呸呸呸呸 PP :1呸2呸 £
  WM 
OP1 呸219O 呸呸11PZZ219O P ZP OOOR 
O 呸8
O 呸I  
呸呸呸呸呸/ Q呸呸22呸呸呸W 
呸呸呸ā 呸H Q
,9O :呸P‡Z222Z呸 呸1呸P呸俵22呸 H
呸


Z  
1 呸  2
9O  B I
- 8 £
WDW
呸4 ?: : 8: -  呸 ā-  
HQ£
: : 呸XUSR£
£
 &  ,2L- - £
1XY Z UR X -  
- 


  呸ZP Z         呸PZP 1呸D PZ俵U R呸U RZ


ZP P 呸W 
9O P 呸呸 9O 呸1俵2P 呸‡呸P 1
Z    U RP22呸 Z2呸9O Z呸 呸呸: 俵 19呸: 

1 呸呸 

 £ K! ?2 呸 I £
 D 2 :  : X B / O * O
 WQ -  呸
Y-  O9  : 8 &  OO  呸呸8 呸 : W
 呸 W
 呸 / Q 2 [! 8O :

呸   - 呸PZZRZ呸     呸R呸 ZZ呸- 呸呸呸


ZPZ呸291 ZZ呸Z‡U Q P 呸U RZ
Z呸P P呸9 F  PRZZ呸呸9呸19呸呸P 
呸YLL

‡

P

 
 

 R&- W U- R 呸X UH FQYFRR R 呸Z 呸

£呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸  

WO
M
R $ 
  

RFR -
 2

W呸 UR FRR PR& ‡3UZ
‡‡‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ 呸‡ ‡ ‡ ‡ 
O: 1: 8:P呸呸/ X呸- ,2呸11: 呸Y- 呸2

M
R
 WU呸FLLPYLZI?- 1W?U9 PUY I?- UO R

 &&8£-Y- :82
?-  
-
呸2
 I
2 WW
£    ‡‡‡
R‡ R ‡
P呸L 
2呸呸£     P呸呸Z21P呸P 呸呸Z呸 4

, 
呸L 
*L 
呸呸1呸1呸11P1 1L 
呸
,   &29 O -  U
:I?  ?-  B -  9  29 OO'3 9 O/ Y 2? 2
O‡  ‡‡‡
ā‡‡ ‡‡R‡ ‡ ‡ !
P呸ZR 呸PPPZRZ呸呸呸1呸P1/ 

/-
4
呸,(
‡ WM
R
R



I                                   ££R

呸
4-
呸
ƒ

 WW ‡
‡ H
WW- 
M
‡ £Q



B- 
 / ; 

&8$'52 9,   *  ^8/WU 呸


IO6  '%3$ +
 ?呸1 呸$ / / 6 
 


‡O~PH£

£
3RR  5XU DO  呸IF  7RWO 3R


 'HSD  FW WUUH  /W R    +GDV ( Q 6 GYV  - LXUX/

$$2$ 6       2 G ‡


O
&6+ O y y  <B
"  O y Y G

$383 
$&    FM  L   

BBB VH,-,3$     ā   


呸< KB/- +Y H         
&$/ /$2 O  W  F 
 
&$- 8$5 & $    ¢  O
- E8
FX] FR   ‡F     
 L/,$呸& $9 (,&$    呸-   O & 
QO-$ 
,8&2   
 F呸 R  
,&$  O -    L   

- 81,1        
/ $  / ,%(57$ '    Y y
 y 
/ $L
O%$< (48(  O =    

/ 25(72       
/ LO
W/,?     W L   
X
£8K*8$     ¢    O E - 
3,85$         E
3呸2 -        
7$ &呸$    I  

 & $?` / OL
$ &$        
O
 
 



 

p- L
$ /  *B¢1F5$ /   E     
 

FO[

&- $ '52 9,,  O W    Y2/ 8,%1B3)7-£ ā` 呸


3RO-  5XU DO  (/ 
RD/ 3RF  
 'RS呸UWRUFUBWRV - ,
ž  +DFtHQGVD 呸H
+DF FQGDV
t
5XU DO 


 7  ‡
 ]
-
W
K
 V
- -  -    >    
&O?6+        £ 
U Y U

- 3
&5 ,,
&    呸  
/ 呸


‡呸

 



+(
48,3$    āR呸  

< &/L&I2       
&O/ 82    y  
&- $呸/
?3& I         

 &- =&2      O ò  
+8O
&$ 9 (/ ,&$        2    
U?HR       
&呸      
W781LO呸        
/ ? / ,(37'         -   7āR
E

‡ 呸 9 7

/ W'U
O  /G    ā    
/ 2W(āU2       
/  LL       I  
248)*8$       
ā- - ( $       

8
-   呸O   LD呸  
 F 呸$       
5
L3OL& $    呸  
I

W /27呸, *F1(5,/  R


呸!  UY
  !
BR   
 


L @, ‡O 
呸  呸
W
ƒ
B£

K
R £

呸

 
UL 呸O
&
 £ 2?
! K 1 1
H 呸 ?2
(
UOUO UOUO O& ? UOUO UOUO UOUOUOUOUOUOUOUO R
O& ?
1
K O

 āUO
£
 R
S
U āUO
!
R
‡
R
UO
UO ‡
  V
( &X
WH
2O &2
W K
6K
R FR
( L4
2 2O &
— 
V 
WO  ^ 
‡UO
DO223
! āUO Ut
āUO
 W
+
V B  ? - — 

& 
£ !
R ! F F
UO  4W4G2
UO 2O K H UO8
! &' 3 (L 3 >, 
£ (‡  2O 4O
2 R R FU R FL H
X   &2 ( 呸 4-  £  *O
K 
 K WOO !
6 D O

 R 8 WOO 2 2O ‡UO O S
 R 呸
呸 S &X & 
F + U  £   D
X X( U£ £ 
7 
! S
2
UOUO UOUOO& ?
1
              呸                  

 R
UO
H
£

H

 R O 
(
£
B B y
O
8@
‡
R
— 
£ &
R B  ?- 
S I U,
 UO — 
HY £
—  R
R  
S 
(

‡
H  3 
UO UOUOUO UOUOUOUOUOUOUOUO R UL UOUOUOUOUOUOUO 
L
F ?-  呸
 £
 H 

R 
S R 

H 
M UO 
O
 ! 
—  R

2 £
( S  



8
R
!  &-O

RL R
UO8 &
O U

 ā0
呸 8@
UO - 
 R V
£
 + ‡ ‡  R ‡ āU
2 £

R Z R           O R
H R
  VV V V  +!呸
V
    
 

! £ 
8@ &OO 8` &2 &O
O ‡0 8O
  āUO
& ,@ 8` & ,@ & ,@ ( UO
UO R
R S 
£ 
V VV V V  V 8@
VVV 8
£

R
S ILO UO UOUOUOUO 2UO UOUOUOUO h 
L £ ££U呸>L>LL>L ILO ILO ILO ILO B£

D 4  ‡
&-O £ —  R 


 4  + ‡ 呸— — £ 
! — 
V2 R
& H
O 2O ‡ ‡
R H ‡ ‡ —  R 8 H R 
 R
2 4  M ‡ &-  +  ‡ 8 O R
UO £ B£
—  ‡ O 1 2 —  UO22&- O 3£ 
H

 
 H &-O R 呸UY  & 2 UV V RFH
 I  UO UO LM S 6&
O: āUO+ 7 
8 RS   8 āUO 1 1呸呸
^ 
 + 1 3UOUO £ 
W J
8- 

h  R R , , V R FO ‡ 
 R
呸
UO &4- ‡2O FX£ 
4  Ft —  HR D 6 !   
āU!2ā+ā 6 ‡‡U O  &2
& ! &- 
# FV V  R 8‡;  — £ P,
2O 
 R  
MS 8
呸 呸=(  -  - 
WL
E E4)  &U + WL 呸
£
 

WtLyL
 8 6 - 3  
UO22O232
H££ R 呸— 

£
S
&-O ! V D 
R
22& O2O2O
—  LV O H S 2
 

 
-  ‡
ā0 22Ut 2 O 
O O
!R
&- 4- 8
LW


2 R ‡ ‡ L 
2
G !L
&-O
4 
£
R
D
R
]
UOUOUOUOUOUOUOUOUOUOUOUOUOUOUO2 UO UOUOUOUOUOUO 呸
?- 

L

!O
£

UO H
 ,


 8

 
FU-
1
R & 
( - 
R
WL@ 
R


+ & 
R
S
 
V 

UO 

UR


W8 £

 W8
R S
( R



/  L UO呸 UOUOUOUOUOUL UOUOUOUOUO UOUOUOUO UOUOUO UOUOUOUO
8O
! W8 
R £
S R
H
UO £

M ! 

 R
R
>W
+
3  呸,

 ‡
XX  - @ £


R UO
U U   R
āU F£
M
!

! !  
 
‡  U 

! !   UO R W8 @ 
W8 !
X£

   X
R R 11+
&Wt
+& 

 @ 
‡
WL@
R

G

M >@  

WL@ @ 
! U &  &  OO @    8O &
-  H ! D + O  呸!
£ 8
-  WO  *
I- 呸 R
G W8 UO 8 
 8
M WL@
>@  * (  ! + R  D H V 4 ! 8 UO H

FL
 R R !
G
   
R + UR  O UO >@ R WL
£ £ OF
288UO £ ! >@ ! UO
- D   R     R O
R + U ‡ ‡* £I R  X
U ‡ ! P ORR 
H OO &  U U 3 R V R WL@ R R 8 !
ā R UO @  WL@ R R R
āUO >@  8  1 WOO ( 2 2 6  2 V3 V @ 
G !P6 6 6 
!
R
@ 
!
- W  2
& 4^IO
DO UO D @  R
WL@ 2 £
 8O UO
 2 + WOO
R W'( ‡MUO>@‡M O‡M R
U 呸 2
O
& āā £

G
*!  
3 WL@ WL@ WL@
£ £ āUO
+ S LOUR£ £  UO H V£
ILO£
V
 V   R V
-   UO+
O6 6 6 
UO ! WL@
3 £RWOO & & 


V ++ WL@ WL@
££ 8+ 2UO£  OUO'UO8 UO OO 2 2 UOU UO
D 呸 U U X XR£ ££3   U£!U£
‡2UOUO8
!呸  — £— £U£
M

( U£
! āRā
 
L ‡ ‡ ‡

& , 8 
@ 

 DO R HR 2
 WO  8 O ,2
V
 

UO D   R   1 &,  &  @    @ 
 

 1 
 
 
 
 

! OO UO + OO R R @ 

G H HH UO R + E' 1 UO ££ £ 
R @  @  8 SSS

 ‡
8 ‡ B   &W-  2
O R G ‡ OO
R
    ‡ ‡] R O + OO WOO 6 ! O + R O
G
žž ž 
 * * * 

2 &OO 8-  R3+2 O 2  LO ‡ + 2
 8


 OO  @    D
RUO UO
 ‡UO
G £ U
 
££ R WL@呸 XXX
‡

  WL@
OG++
G F-  D XUOUO & & OO2 R 8
V
8
R
£
++
82UOUO2
£U£ £  ‡ā0
+ U
O OO R + āUW
 & !
8+
R
>@
V R
O V
R!8
( O R
D 呸
UO       

 D LO 呸 UU R ‡ R
   ‡ 8  3 h  8 8 £ + R WOO ! 
£ O WL@ 8 
 WL@ H R
3 M 

  H ( £ OO @  呸 ‡U R UOUOUO 
 U D!

S
G R£    UO UOUO R
 āUO WL@ @  4 
-  
 UO UO R H ‡ O O O
B D呸呸呸 呸 
O 呸 
‡R 3

 
 
O + 8O 8O £ 6
O @  UO 
! R UO ‡I
& , &^M FR £   V
呸ā呸
  (
 £
G >@ RāUOāUO @  8 &- O ‡ 8 
££
 " U呸呸 呸
UR OO F




 

   
‡
&O


‡

R
G
R  
 
WL@ R F @  £ ‡ R - ‡ 
‡UO £
G B @  ‡ @  
 R 呸 R
@ 
  HR
£
R 8

!
‡ 2O H
R 
DO āUO O  O &  H
2 ‡ (O! R
‡ 
  6 
āž  ‡H
R UO ‡
 K R 2
āUO
V  ‡ 

G   ‡ X ‡ £ R OO ‡UO 3 H R
G V R R£WOO ‡
R WOO &  UO 2
8 R ‡ E',6 & 
O
 
UO OM WL@ R @  O
G6 22


]
‡ Ò 
8     ! UO 8 H 3 6 ‹ & - āUOāUO26   ! D    O R + 26 22
G
S 
 8 D 8 2* 
!! £ 8 
 S 8 L

WL@ UR 8
I &  R‡UOLO6 
6 & āUO& 2 & UO8O12&  +UO U! &  £  ‡UO ( O 1 6 UO 8 £
R8  O DM



8 DO £ 8 UR
3   R  
— 
8 FR O DM DO 
-  R M
8 M  DO
XLO £ (  £ X  
  ( (
8 DM DO
X   U 呸
O 8 8
  X] ( 2& O G
O

UO UOUOUOUO UOUOUOUOUOUOUOUOUOUOUO UOUOUOUO UOUOUO ULUOUOUO呸

£ 

 

? 
‡
FHā
U&
?
  8? &?-
O

,  UL 0 UO U L LU UI U UO UO UO UO ULI
UO UOG U UO UO ULUO

+ 呸   
R āUO £  ,
$呸     £ 

x呸 
ā

L7
LW

  呸 ā  £
āUO
‡ >, 
U

ƒH ‡  ā£
R
āt@
R R
& I 
U
  &-
O
R
R
! O
O L £
 - O 
 R £
R R  O  2
 V
6  āUO
+ - @
£
HQ
t

6

£ž 

O B 

 āUO
āUO I V&  8-   M 4 R 8  £
R V  L R ‡
‡ ‡  L 
V
  O

 FR 呸( &26 I  ƒ& 22222;



āUO &! (6  2 &- ( 6 R L  6 (
O R L  ( ( 6 6 (
!I ā
-
 £ OI  8  U呸 -  & @ 呸呸 V 8  UO &   8  2& ~ 
2$ RUO ‡O 6  0 ‡U W UO    - LāUI 呸 ‡UO ‡Uô  t 
I6 66 ££ HO 2 (  6L!‡UO (
!2 6 6  ( O W!- 
&/ —  UR 8-  R 呸 + M
W +
R UOUO R -  呸 L R £ M -  UOULUO ? 
£Z U £HQ — £— £ — £ X  — £ — £ Z !
2 
V UO  ‡ O

ž 2, R >,  - 
 D
2 UR UO
R ! ! V UO

 ‡U^
R
V
R
V
UR UO
‡U R
UO O
U
O 


V
p
 ££ 1 D
  "

X
2 W
-  I
   UO I Q ,
(
 R O DO F £
H  LV VR  R &G  
! D  ā
2
呸 -  UOUO L!
FM
2 D D 8-  FU
S - O O
  F£
M
2
 
+ V @ ' 
S DO Y 2 & ‡ 
R H
- 8 ! 
M
R
>,  R
D 
I R R  O呸 >,  h 
UO ! O āO !
呸 F 呸 V   

 U£
£ 

YO 呸 āUO ‡ 
R   UL

  āUO h  £ WQF 呸 呸
-   
   H R F!   呸 R R
呸
] ‡ + & LO& 

M
D >,  8 R 2  DO  £ 2 ‡UO  2 O &G Bp  ‡2  ‡ ā ! ,

! R O
,
 W W FH L-   =  
 -  & ! &~ ,
 DO
M
h  āUO O 
呸
 S &1 SU£  I !FR VL   H S£  R O  
R V L L V V L U + 4 + &2
Y  6 呸‡ Q M && 4LD &
- 
O āUO
&/ !
h 
8 

-  
 
8  8 
DO ? 
HR HQ P&/
WOO2
y

 
 &
L V
L 
; !+ 3; ; 8: L
V
UR L L WL RR L
Q+ UO UO UO U U   UO UOUO UOUOUOUOUOUOUOUOUOUOUOUOUOUO HW




UO
UO &-
2+ R 

 4O 1
R H
( R
y
R


! &
 
3 H O&? 
& OO UO
UO£
UR 

 & OO
R S
( BJ¢
UO UO UOUO UOUOUOUO UOUOUOUOUOUO  UO UO UO U
 ā
! UR
2 āUL
S  
H
UO āUO
h 


!
R
ž
( R 


2 1
L H
 
呸 4O
P 呸
! HR
‡ ! ‡UL
R PH 

££ R呸呸

2  

!

2
‡
£!
 2-2OG 2O R F
F R
  R BB  ‡ ‡22+呸2 ‡2 ‡6  
R R R R H H   ( O R RUOR
! F W PV H V V V 
ž D   V  H UR H
R


2O G 2OW  2-
! S
2O 2O 2O 2OāUL‡U£
‡UāUāU‡U‡
B  呸UL
U‡U 66 & 6 UO ‡UL āUL

‡I
3 H £VHHH !R 6 26
 6 
t]O 2-2@ £!2@ 
UO£UO R UO
UOUOUOUOUO22 ‡UO2
呸呸ILOt O呸+ + ,W+  — H@ ]t]O W U£

!
H
£!
H
! ‡
V 
- R
£ L
! D
O
4O
4



呸


 


!
R
H
R
]
O UOUO
8 HO
—  !

R *  1
 

( † 
  O
1
UO
UOUOUOUOUO  UOUO UO UOO UOUO UOUOUO
H呸呸
UO UO UOO  O
! 呸 
2+
S R 

 U - 
HB呸W 呸 呸,
W(呸B L
āB Bā B B £BB BBB
 B  
UO WL 
  R 4L

G !
O 
V  R
G

` 
  R R
6 6 
?OLy
+6 
&  2& 
( 6 6 O
R F- 
LFO6 
UO WL    WL  
 &O &O &O &O &O &O &O
2āL&ā+ā+  ‡I ‡UO ‡UL W ā āI
! H HƑ V £ OH
O
6  ( O  ( O
! &OO
8UO2UOUO UO UO UOUO
S£U O  £L  £
L  £[£ L  £
£ L 
pO £L  
R *@
UO
G 
R UO 呸   6 O
FWt &O ā+ H UO2 ‡2

G R

M 呸& X W呸FO
8 & !  8 R OO  *-  R 
‡
L
ƒ
 VX
呸 &M  DO
!
8
WL 
R
UO
&- 21
&O F- 
G
 ! & 
呸 &t
UOUO FD &OO ‡ &  H
UL ££££  XX
£
XU U
OL

-  &O! 4 
   R UR L
+
G 2 V
V 2 2 
R ā+2FO1ā+

+ UO6‡U!4!呸&  
! !8  4
+ā+

-  6t O 
-   呸 !2 
4 £ 6 8 
  U &W  呸
&-  E4+ L, 
 (  +  
 &,   Ï 


&O




R
 
H
R
āU
 
£
‡

 
&O V W[ ‡2 U-- 

£ £
L
 

R
呸 
!  ! 8 H R
R 2ā+ 2
‡+
GāQ
  8

GUO  — 
H āX‡  UO ! R &
O

ā 2-
R‡ 
R &-  ā+ UO
H
M ‡&  & R呸 R  !
+—   G 
R ! £R呸
‡- 
R H ;
L-  
HQ
E& H£ V O
' 3W‡ ! R 
UO  G 
2  £  -  UO HQ  £ D
G H
ƒ

呸 - 
R
- B  
£PR F £ *@ ā+    !&  O DO &O R

 O
W
 R 2 S E
G
2 


  
RS£ U £ R
 R
&- UO 
G B + - B  
£F6 - ! ! O &O H  &O R H 4O   
ƒ

DF L
呸 R V R
ƒ

8 8 R ! HO UO ‡ O  呸 呸 ^M & O 8
 7
 &,  +8呸 ( FX U &  U U X X S£3 L
UOUOUOUO UOUOUO UO UOUO UOUO UOUOUOUO UL UL UOUOL UOUOUOUO 
?- 
‡ ‡
āUO
 呸 


1 RW O
UO UO UQ
R UI 2
R ā 呸
O  呸

! U1 &O

 &-
R V
^   呸 FW
UO 呸 āUO UO
(   呸
+
 ? OO &O
W
 ! P R
FR !
&O UO
R  O  &O
&O 4 


R
! 
 UO

R 呸 OOO &2
&O
R
S R
( O ? 
-
āUO
UO !
! *-
V

M UO R R! !
UO 
 ! !H ‡UO &O
FL  ! &M &  O Ht- 
D R
O 

 &  H 
R S R
 
! &-



( R
! O
4 £ 4  R S

M
2 R
āUO  
U UO ULL UO UO  UOUOUO R ‡ R  
G
 ! 2 !
'
H£ R   &O
  RV  &O 4 
!
R &M
&O 3
2 &-  VH
 6āUO   V O
S
R
āUO
 UO £
 M UO &O S
 V O  ‡ O 
M
O āUO
R‡
&O !
2

 ! UOFR V !


žž 
(  W
V
£ &O
+ 呸 V
L

M F£
M R ? R
UO
 ( O I ? R
  4 
V L
&- 

1

'
呸 £
M
 R ££
M &-
2O £ 
 R
X ; R
 &O
R 
 &O UO L 
 

‡UO £
M L  *-
āUO !UO
2
     
&O  2 UO 6
&" O  
UO
2  *- O  *- &O
āUO &O ‡2 ‡ O
R 4 
2

    R ( O &' R R &-  4 
6 ID ( O 6  6  6  V V &O (O (O (O
£ L  ‡UO
M
' 呸
£ WL
V
R
āUW 3 &O &
 >` 8  2  ‡U &4 &O &O &O V āUO UO
! U£
R (O ‡UW ‡I ‡UO ‡0 ‡0 6  āUO ‡UOāUO āUO &O &O
āUO
R
 FR

 FR
6 6 6 6 ( O ( O (O ( O 6 
呸
2  4 
!
呸 £R £
&O D ! 6
S UOUO R 

UO UO UO UO UO
U£U £ LF U£

£ £
U££ £ 
 R ! £
 R


āR ( 
R UO
UR ‡ R
 V  R L 
‡UO
! S
£ *- R

M 4  O *- R

&O &O 
S£
 3 UR

O S 4  £ R V O 

V V
V‡ R 
( O
O ! &O 2
 &O
! HQ 
 ‡8 UR ‡ £
R R   H呸 UR *-

āUO O  O
V R R
&O &O
! 
 FH ‡
M 4  M &- O F R
V &- O
!RUO!R
'UO
2
G ‹  āUO āUW O! *!
X R
' O āUOāUO
O 
V
O  UO ! + &O 呸
VR  O £ O URO ‡ ‡ B£ ‡ ‡UO

O P O O R
&!  呸 6 26U  R OO28- 8 X

 4  ‡ O-  ‡8 M āUO *-
! O £T   UO 呸 G UO呸 G 呸 
&?-  4 
R V
2
*- 
S
O 
  
2 £

&O &O
O 

ž

O 
I£
 ‡ £

V &O £ 
-  O
L  āUO
6 āUO &O ,& 6 H呸 ! 

 L
RV
3U



2 L  R
UO &O
R R R V R 
 V R O £
M  R R O +
&



WO
V
£ 
  R 
 
 UO
R

 &O
O &O O 
Q R V
OM

M
!
VO呸 2 ! !
R O   H O 
R O R ‡UO &O āUO

R


&-8 *-  

R UO

 &- &O & 
M &O
R R ; 
2 R +āUO V
&O ‡ R
 呸
2 R R
 V
 O 
&-
!
- āUO &O 
 &O V
V (O!
&O
S
‡ āUO
V BSB  ‡ U!
G ?8 āUO O  UO R £
‡O!&- 8  UO ! 
 V S 4 
(O H 2- 呸2āUW呸 R ‡ £
 S
R O + ! UO V V O

V &O V
£ V R R

 2
&O   UO &- āUO R ! H 
&O
FR R 3
 R R U V B£ *-

‡ O 
'
 
OLO B£ (O £

+66呸F-
 G (O
F- VH O UO R

O 
4 
2 
XXS &
 UUU —£
 £T 8  ‡UO
LO
( 
UOUOUOUOUOUOUO UOUOUO R   呸
UO 8
?
&?- 
 ;

‡
‡

 
‡
‡
,  1 ' ,  & (

, &XDV 呸L R HV  GR PpW RGR                                    L 


,,  /D pSRF D FRO RQL DO  HV SDx RO D  L QW HJU DF L yQ PHGL DW  
] DGD D O D HF RQRPt D PXQGL DO  呸āāāāāāā LL
,, , /  HS~EO L F D PL O L W DU   ‡    &U L V L V  GH
DGDSWDFLyQ  [YLLL
, 9 /D UHS~E/t  F D KDF L D DI XHU D      ā   3U R† B
SHU L GDG GH O DV  HF RQRPt DV  SHU XDQDV  GH H[ SRU W D   
 FLQ 呸āāāāā  [OYL
9 (O  FRPHU F L R H[ W HU L RU ‡  ‡   ‡                 ‡  [O Y L 
9,  6HF W RU  S呸E呸L F R   /RV  SU HV XSXHV W RV              OL
9, ,  (O  V HF WR U  SU L Y Dy R    /RV  PHU F DGRV  PXQGL DO HV  ‡ ‡  O Y L L L 
9, , ,  /D I RU PDF L yQ GH FDSW DO HV    ‡‡ ‡‡‡‡ ‡            O [L Y
, ; ( O FUpGLWR IO ā  FR/ D                           O[YL
; (O  FU HGL W R KL RW HF DU L R  ‡ ‡  ‡  ‡   ‡         O [ Y L L L 
;,  /D RU JDQL ] DF L yQ GHO  W U DEDM R‡     ‡          ‡ O [[Y L L L 
;, ,  /RV  M RU QDO HU RV  O L EU HV ‡ ‡‡‡ ‡  ‡     ‡  ‡‡‡‡ ‡O [ [[Y L L L 
;, , ,  (O  W U DEDM DGRU  GH O D V L HU U D                      FL 
;, 9 <DQDF RQDV  FRV W Hx RV  \  FRO RQL ] DF L yQ  ‡‡          FL Y 
;9 /RV  W U DEDM DGRU HV  FKL QRV                          FL [ 
;9,  /DV  SO DQW DF L RQHV   ‡ ‡‡           ‡      F[ [L 
;9, ,  /D L QI O DF L yQ GH O RV  SU HF L RV   F[ [Y L 
 ;9, , ,  / D DO L PHQW DF L yQ HQ HO  3HU ~       ‡   呸    F [ O L L 
;, ; / DV  KQF L HQGDV  HQ HO  3HU y  呸āāā‡āā‡āāā F[O L [

$1( ; O6 

&XGU RV  HV W DGt V W L F RV  呸 呸   FO L L L 
‡ W
 ‡ ‡

U

‡

‡
L



 ‡

‡

‡

You might also like