Professional Documents
Culture Documents
( / '2& ( 17(
OO&,- ¼,8ā6 =
QRUPD
a
'LV Hx R J UiILFR (VWXGLR %U~MXOD
'LDJUDPDFLyQ (VWXGLR 6 FDYLQR $OEDUUDFtQ
$ V LVWHQFLD HQGLV Hx R 0DUtD /X] 3HUDOWD )LJXHURD
$ V LV WHQFLDHQGLDJUDPDF LyQ 7RPiV & DUDPHOOD
'RF XPHQWDF LyQ 1RUEHUWR 3UDGR \ 3DEOR & RVWD
,OXVWUDFLRQHV GHDSHUWXUDV \ SHUV RQDMHV 6 LOYDQD%HQDJKL \ & DWULHO 7DOODULFR
OQIRJ UDItDV0DUFHOR 5HJDODGR
9 Lx HWDV :DOWHU *DUFtD
) RWRJUDItD& KULVWLDQ2VWURVN\\$UFKLYR LQWHUQDFLRQDO GHLPiJHQHV
GHO*UXSR ( GLWRULDO 1RUPD
& DUWRJUDItD 0LJXHO È QJHO )RUFKL
'LV Hx RGHWDSD (VWXGLR %U~MXOD \ 3DXOD )HUQiQGH]
& RRUGLQDF LyQ GH3URGXFFLyQ $QGUpV %HOiXVWHJXL
352+,%,'$ /$ )272&23,$ /H\ (O HGLWRU VH UHVHUYD WRGRV ORV GHUHFKRV VREUH HVWD REUD
OD TXH QR SXHGH UHSURGXFLUVH WRWDO R SDUFLDOPHQWH SRU QLQJ~Q PpWRGR JUiILFR HOHFWUyQLFR
R PHFiQLFR LQFOX\HQGR HO GH IRWRFRSLDGR HO GH UHJLVWUR PDJQHWRIyQLFR R HO GH DOPDFHQDPLHQWR
GH GDWRV VLQ VX H[SUHVR FRQVHQWLPLHQWR
/D SUHVHQWH SXEOLFDFLyQ VH DMXVWD D OD FDUWRJUDItD RILFLDO HVWDEOHFLGD SRU HO 3RGHU (MHFXWLYR 1DFLRQDO
D WUDYpV BGHO ,QVWLWXWR *HRJUiILFR 0LOLWDU SRU /H\ \ IXH DSUREDGD HQ RFWXEUH GH FRQ
Q~PHUR GH H[SHGLHQWH **
'HVGH HO'HSDUWDPHQWR (GLWRULDO GH . XSHOXV] HGLWRUD 6 $ DJUDGHFHPRV
ODFRODERUDFLyQ GH ODFRPXQLGDG HGXFDWLYD GH WRGR HOSDtVTXH QRV D\XGy
DUHDOL]DU HVWH PDWHULDO KDFLpQGRQRV OOHJ4U VXV FRQLHQWLOULRVUHVSRQGLHQGR
a DHQFXHVWDV \ DSRUWDQGR VXTHUHQFtXV PX\HVSHFLDOPHQWH DO &HOHJLR a
&iUPHQ $ UULROD GH0DUtQ DO FROHJLR /D 6DOOHa DO &ROHJLM
1XHVWUD 6HxRUD
GHO %XHQ 9 LDMH DO &ROHJLR 6DJUDGR &RUD]yQ GH - HVWtBV/ DOBVROHJORBBaDQ
$ JXVW~ID ODV (VFXHODV 7pFQLFRV 257\D>&ROaJLRJHQH^ DO%pOTUXQR
$ BWRGRVHOORVBGHaFDPRV HVWH OLEUH HVSHaDQGR TaH 65aaa
"OOaQRV[ / ?
£aaaaa aa]
U
O
?
3DJOLHUR 5XEpQ
/LEUR SDUD HO GRFHQWH GH FLHQFLDV QDWXUDOHV D HG %XHQRV $LUHV
.DSHOXV]
S LO [ FP
,6 %1
35 2+,%,'$ /$ ) 272& 23,$ /H\ (O HGLWRU VH UHVHUYD WRGRV ORV GHUHFKRV VREUH HVWD REUD
OD TXH QR SXHGH UHSURGXFLUVH WRWDO R SDUFLDOPHQWH SRU QLQJ~Q PpWRGR JUiILFR HOHFWUyQLFR
R PHFiQLFR LQFOX\HQGR HO GH IRWRFRSLDGR HO GH UHJLVWUR PDJQHWRIyQLFR R HO GH DOPDFHQDPLHQWR
GH GDWRV VLQ VX H[SUHVR FRQVHQWLPLHQWR
3ULPHUD HGLFLyQ
(VWD REUD VH WHUPLQy GH LPSULPLU HQ RFWXEUH HQ ORV WDOOHUHV 0HOVD 0DQXIDFWXUDV ( GLWRULDOHV
/LWRJUiILFDV 6$ 3LQWR ( VSDx D
. FWSHOXV]
QRUPD
5 HFRQRFHU ODV & DStWXOR &DUDFWHUtVWLFDV GH ORVVHUHV 5HFRQRFLPLHQWR GH 5HVSHWRKDFLDORV 6HFFLyQ1RV
FDUDFWHUtVWLFDV / RV V HUHV YLYRV YLYRV OD FODVLILFDFLyQ GH VHUHVYLYRV SRQHPRV DSUXH
GH ORVVHUHV \ V XV FpOXODV /D FpOXOD ORVVHUHV YLYRV &XULRVLGDGHLQWHUpV EDGHOFDStWXOR
YLYRV &pOXODVSURFDULRWDV \FpOX / HFWXUDGH LQIRUPDFLyQ SRU HOXVRGH LQVWUX SiJLQD
'LIHUHQF LDU ODV HXFDULRWDV KLVWyULFRFLHQWtILFD VREUH PHQWRV FLHQWtILFRV (YDOXDFLyQLQWHJUD
FpOXODV SURFDULR &pOXODVYHJHWDOHV \FpOXODV ODV FpOXODV GRUDGHOSULPHUWUL
WDV\HXFDULRWDV DQLPDOHV &RPSDUDFLyQ GH LPi PHVWUH
'HV FXEULU GLIH JHQHV VREUH GLVWLQWRV
UHQWHV IRUPDV WLSRV GH FpOXODV
GH QXWULFLyQ 8VRGHO PLFURVFRSLR
FHOXODU SDUD REVHUYDU FpOXODV
& RQRF HU ORV YLYDV
QLYHOHV GH RUJD
QL]DFLyQ GH OD
YLGD
& RQRF HU GLIH & DStWXOR &ODVLILFDFLyQ GH ORV VHUHV 5HFRQRFLPLHQWR GH &RPSURPLVR \UHV 6HFFLyQ 1RV £
?
UHQWHV IRUPDV / DGLYHUV LGDG \ YLYRV ORVGLVWLQWRV FULWHULRV GH SHWR DQWH ODVGLVWLQ SRQHPRV DSUXH a
GH QXWULFLyQ GH FODV LILFDFLyQGH / RV FLQFR UHLQRV PRQH FODVLILFDFLyQ GH ORV WDVHVSHFLHV ED GHOFDStWXOR U!
ORVVHUHV YLYRV ORV V HUHV YLYRV UDV SURWLVWDV KRQJRV VHUHV YLYRV 9 DORUDFLyQGH OD SiJLQD ā
5 HFRQRFHU ORV SODQWDV \ DQLPDOHV $ QiOLVLV \ UHJLVWUR GH LPSRUWDQFLD GH OD ( YDOXDFLyQLQWH U!
FLQFR UHLQRV HQ 'LYHUVLGDG GH ORVVHUHV OD GLYLVLyQ GH ODVHVSH ELRGLYHUVLGDG JUDGRUD GHO SUL
ORVTXH VHFODVL YLYRV FtHV HQ FLQFR UHLQRV &RPSUHQVLyQ FUtWL PHUWULPHVWUH
ILFDQ ORVRUJD 1XWULFLyQ GH SODQWDV \ ,QWHUSIHWDFLyQ GH ODV FDGHOFRQRFLPLHQWR
QLVPRV DQLPDOHV HVWUXFWXUDV GH QXWULFLyQ FLHQWtILFR
(YROXFLyQ GH ORVVHUHV HQ ORV VHUHV YLYRV
YLYRV \GHVDUUROOR GH ,GHQWLILFDFLyQ GH
DGDSWDFLRQHV DO PHGLR DGDSWDFLRQHV D GLVWLQ
WRV DPELHQWHV
& DStWXOR / RV HFRVLVWHPDV 5HFRQRFLPLHQWR GH ORV 9 DORUDFLyQGHO XVR 6HFFLyQ 1RV
FRPSRQHQWHV / RV HFRV LV WHPDV£ ,QGLYLGXRV SREODFLRQHV \ GLVWLQWRV HFRVLVWHPDV GH XQYRFDEXODULR SRQHPRV DSUXH a
GH ORVHFRVLVWH FRPXQLGDGHV ,QYHVWLJDFLyQ \XVRGH SUHFLVR ED GHOFDStWXOR a
PDV 5HODFLRQHVLQWUDHVSHFtILFDV YRFDEXODULR HVSHFtILFR ,QWHUpV SDUD LQYHVWL SiJLQD
& RQRF HUFLFORV HLQWHUHVSHFtILFDV $ QiOLVLV \FRPSDUDFLyQ JDU\DPSOLDU HO (YDOXDFLyQ LQWH
GH OD PDWHULD \ &LFORV\ IOXMRGH HQHUJtD GH HVTXHPDV \JUiILFRV FRQRFLPLHQWR JUDGRUDGHOSUL
GH OD HQHUJtD HQ ORVHFRVLVWHPDV 5HIOH[LyQ VREUH OD 5HVSHWR SRUHO PHUWULPHVWUH
HQ OD QDWXUDOH]D 5HGHV \ FDGHQDV LPSRUWDQFLD GH OD ELRGL DPELHQWH TXH QRV
B
& RPSDUDU GLIH DOLPHQWDULDV YHUVLGDG URGHD \WRGRV ORV
UHQWHV WLSRV GH VHUHVYLYRV
HFRVLVWHPDV
5 HFRQRFHU & DStWXOR %LRPDV ,GHQWLILFDFLyQGH ORV 9 DORUDFLyQ\UHVSH 6HFFtyI 1RV
FRPSRQHQWHV % LRPDV %LRPDVGH OD$ UJHQWLQD GLVWLQWRVELRPDVGHO WR SRUHOFXLGDGR GHO SRQHPRV DSUXH
GH ORV DUJHQWLQRV 0RGLILFDFLRQHVFDXVDGDV PXQGR PHGLR DPELHQWH EDGHOFDStWXOR
HFRVLVWHPDV SRUHO KRPEUH HQ ORVHFR 'HVFULSFLyQ\ DQiOLVLV 5HVSRQVDELOLGDG SiJLQD
& RQRFHU FLFORV VLVWHPDV GH ORVELRPDVDUJHQWLQRV HQ HOFXLGDGR GHO (YDOXDFLyQ LQWH
GH OD PDWHULD \ &RQVHUYDFLyQGH OD QDWX ,QWHUSUHWDFLyQ GH GDWRV HQWRUQR JUDGRUD GHOSUL
GH OD HQHUJtD UDOH]D\ iUHDVSURWHJLGDV VREUHGLIHUHQFLDVDP $ FWLWXGSDUWLFLSDWL PHUWULPHVWUH
HQ OD QDWXUDOH]D@ ELHQWDOHV YDSDUDHOLQWHUFDP
& RPSDUDU GLIH ,QYHVWLJDFLyQVREUH ODV ELRGHLQIRUPDFLyQ
UHQWHV WLSRV GH iUHDVSURWHJLGDV FRQHOJUXSR
HFRVLVWHPDV
U! £ & RPSDUDU GLIH & DStWXOR (O 6LVWHPD6RODU $QiOLVLVHLQWHUSUHWDFLyQ &RPSUHQVLyQ FUtWL 6HFFLyQ1RV
UHQWHV IRUPDV / D WLHUUD \ HO *DOD[LDV\ HVWUHOODV GHGLVWLQWRVPRGHORV FDGH ORVDSRUWHV SRQHPRV DSUXH
M GH LQWHUSUHWDU XQLYHUV R /D7LHUUDPRYLPLHQWRV GH VREUHHO XQLYHUVR FLHQWtILFRVGHJUDQ EDGHOFDStWXOR
U HO FLHORHQ OD URWDFLyQ\WUDVODFLyQ 2EWHQFLyQGH LQIRUPD GHVSHUVRQDOLGDGHV SiJLQD
KLVWRULD /D / XQD)DVHVOXQDUHV FLyQDWUDYpVGHOD OHFWXUD GH ODFLHQFLD (YDOXDFLyQLQWHJUD
& RQRFHU ORV GHDQWLJXRVPLWRV 3DUWLFLSDFLyQHQHO GRUDGHOVHJXQGR
PRYLPLHQWRV 2EVHUYDFLyQ GHO FLHOR SODQWHR\ODUHVROX WULPHVWUH
U! M GHO ORVDVWURV \ UHFRQRFLPLHQWR GH FLyQGHSUREOHPDV
ā 5 HFRQRFHU HVWUHOODV 7UDEDMRFRRSHUDWLYR
U? FRPSRQHQWHV 8VRGH WH[WRV SHULR \VROLGDULR
GHO XQLYHUVR GtVWLFRV SDUD LGHQWLILFDU
£ \ GHO 6LVWHPD LGHDV SULQFLSDOHV \
U 6RODU VHFXQGDULDV UHIHULGDV DO
VLVWHPD SODQHWDULR
? & RQRFHU ORV & DStWXOR /D DWPyVIHUD / HFWXUDGH PDWHULDO &XULRVLGDG\GXGD 6HFFLyQ1RV
FRPSRQHQWHV 6 XEV LV WHPDV 7LHPSR \ FOLPD ELEOLRJUiILFRUHIHULGRD OD DQWH ORVGLVWLQWRVSUR SRQHPRVDSUXH
GH OD DWPyVIHUD WHUUHV WUHV +LGURVIHUD\ *HRVIHUD DWPyVIHUD EOHPDVFLHQWtILFRV EDGHOFDStWXOR
OD KLGURVIHUD \ 0LQHUDOHV\URFDV 5HFRQRFLPLHQWRGH $ FWLWXGUHVSRQVDEOH SiJLQD
OD JHRVIHUD 7HFWyQLFDGH SODFDV FDUDFWHUtVWLFDVGH OD \SDUWLFLSDWLYDHQOD (YDOXDFLyQLQWHJUD
U 5 HFRQRFHU OD (UDVJHROyJLFDV +LGURVIHUD\ OD *HRVIHUD E~VTXHGD JUXSDOGH GRUDGHOVHJXQGR
MKLVWRULD JHROy )yVLOHV $ QiOLVLVGH LQIRUPD UHVSXHVWDVDORVSUR WULPHVWUH
JLFD GH OD FLyQ VREUH ODV SODFDV EOHPDVSODQWHDGRV
U 7LHUUD WHFWyQLFDV
£ & RPSUHQGHU &RPSUHQVLyQ GH SUR
ORVSURFHVRV GH FHVRVJHROyJLFRV
IRUPDFLyQ GHO ā &RQVWUXFFLyQ GH OtQHDV
UHOLHYH GHWLHPSR
a
,QWHUSUHWDFLyQ GH GDWRV
FLHQWtILFRVVREUH ODVHUDV
JHROyJLFDV
ā ( 9$/8È & ,ÏO
R, a
BB a a aa B
5 HODFLRQDU OD & DStWXOR 7HRUtDFRUSXVFXODU GH OD 5HFRQRFLPLHQWT GH &RPSUHQVLyQ FUtWLFD 6HFFLyQ 1RV
HVWUXFWXUD GH / RV V LV WHPDV PDWHULD HO iWRPR ODVFDUDFWHUtVWLFDV GH OD HQUHODFLyQFRQ ORV SRQHPRV D SUXH
ORVPDWHULDOHV PDWHULDOHV (OHPHQWRV TXtPLFRV PDWHULD FRQRFLPLHQWRV TXH VH EDGHOFDStWXOR
FRQ VXV FDP 0DVD\SHVR / HFWXUD HLGHQWLILFDFLyQ LQYHVWLJDQ SiJLQD
ELRV &DPELRV ItVLFRV GH PRGHORV FLHQWtILFRV &RPSURPLVR \UHV (YDOXDFLyQ LQWHJUD
,GHQWLILF DU SUR (VWDGRV GH DJUHJDFLyQ (VWDEOHFLPLHQWR GH UHOD SRQVDELOLGDG HQ OD GRUDGHO WHUFHUWUL
SLHGDGHV LQWHQ GH OD PDWHULD VyOLGR FLRQHV HQWUH OD HVWUXFWXUD UHVROXFLyQ GH SUR PHVWUH
VLYDV\H[WHQVL OtTXLGR \JDV GH ORV PDWHULDOHV FRQVXV EOHPDV
YDV GH OD PDWH &DPELRV TXtPLFRV FDPELRV $ IiQSRUGHVFXEULU
ULD 6XVWDQFLDVSXUDV\PH]FODV 2EVHUYDFLyQ \UHJLVWUR QXHYRVVDEHUHV
5 HFRQRFHU GH ODV SURSLHGDGHV LQWHQ
PH]FODV KRPR VLYDV \H[WHQVLYDV GH OD
JpQHDV \ KHWH PDWHULD
URJpQHDV $ QiOLVLVGH FDPELRVItVL
& RQRF HUFDP FRV\TXtPLFRV
ELRVItVLFRV\ (MHFXFLyQ GH H[SHULHQ
TXtPLFRV FLDVSDUDUHFRQRFHU PH]
FODVKRPRJpQHDV \KHWH
URJpQHDV
& RPSUHQGHUOD & DStWXOR )RUPDVGH HQHUJtD 5HFRQRFLPLHQWR GH &RQILDQ]D HQHO 6HFFLyQ1RV a
QRFLyQ GH FRQ / D HQHUJtD / H\ GH FRQVHUYDFLyQ GH OD ODVFDUDFWHUtVWLFDV GH OD SODQWHDPLHQWR \ SRQHPRV DSUXH
VHUYDFLyQGH OD HQHUJtD HQHUJtD \ VXVWUDQVIRU UHVROXFLyQ GH ORVSUR ED GHOFDStWXOR a
HQHUJtD &DORU\WHPSHUDWXUD PDFLRQHV EOHPDV SiJLQD
,GHQWLILF DU IRU $ QiOLVLV \UHJLVWURGH ODV &RPSUHQVLyQ FUtWLFD (YDOXDFLyQLQWH a
PDV\IXHQWHV GH IRUPDV \GH ODVIXHQWHV GHOFRQRFLPLHQWR JUDGRUD GHO WHUFHU .
HQHUJtD GH OD HQHUJtD FLHQWtILFR WULPHVWUH
& RQRFHU SURFH ,QWHUSUHWDFLyQ GH LQIRU 9 DORUDFLyQ \DFWLWXG ª
VRVGH WUDQVIRU PDFLyQ UHIHULGD DO FDORU UHVSRQVDEOH DQWH ORV
PDFLyQ GH OD \OD WHPSHUDWXUD SUREOHPDV HQHUJpWL
HQHUJtD (MHFXFLyQ GH H[SH FRVTXH DIHFWDQ DO
ULHQFLDV UHODFLRQDGDV SODQHWD
FRQ ORV FRQWHQLGRV
FRQFHSWXDOHV
£ & RPSUHQGHU £ & DStWXOR 2QGDV FDUDFWHUtVWLFDV\ $ QiOLVLVGH ODFODVLILFD *XVWR SRUJHULHUDU 6HFFLyUU 1RV
U £ IHQyPHQRV UHOD@ / DVā RQGDV SURSDJDFLyQ FLyQGH ODV RQGDV HVWUDWHJLDV SHUVRQD SRQHUQRV DSUMLH!
U £ FLRQDGRV FRQ OD £ 6RQLGR 5HIOH[LyQVREUH ODV OHV HQ OD UHVROXFLyQ ED GHOFDStWXOR
OX]\HO VRQLGR D / X] FDUDFWHUtVWLFDVGH OD SUR GH SUREOHPDV 2 SiJLQD
£ SDUWLU GH ODV ā SDJDFLyQ \GHOVRQLGR &RPSUHQVLyQ FUtWL (YDOXDFLyQLQWH
ā SURSLHGDGHV GH £ &RPSDUDFLyQ GH IHQy FDGH ORVUHVXOWDGRV JUDGRUD GHO WHUFHU
ODV RQGDV PHQRV ySWLFRV \DF~VWL GH OD LQYHVWLJDFLyQ WULPHVWUH
FRV UHDOL]DGD
H ,QWHUSUHWDFLyQ GH GLV 9 DORUDFLyQ GHOWUD
WLQWRV PRGHORV JUiILFRV EDMRFRRSHUDWLYR
(MHFXFLyQGH H[SHULHQ
FLDVUHODFLRQDGDV FRQ HO
VRQLGR \OD UHIUDFFLyQGH
OD OX]
Q O F R
QRF HUODV & DStWXOR 6LVWHPDVRVWHRDUWURPXV L 5HFRQRFLPLHQWRGH ORV 'LVSRVLFLyQSDUDHO 6HFFLyQ1RV
£ IXQFLRQHV GHO ( O F XHUSR FXODUGLJHVWLYR UHVSLUDWR GLIHUHQWHV VLVWHPDVGHO WUDEDMR FRRSHUDWLYR SRQHPRV DSUXH
FXHUSR KXPDQR KXPDQR ULR FLUFXODWRULRH[FUHWRU ā FXHUSR KXPDQR HQ ODREWHQFLyQ GH EDGHOFDStWXOR
U£ 5 HFRQRFHU ORV ā UHSURGXFWRU \QHUYLRVR ,GHQWLILFDFLyQGH ORV VLV FRQRFLPLHQWRV SiJLQD B
L VLVWHPDV GH ā 1XWULFLyQ WHPDV UHODFLRQDGRVFRQ 5HVSRQVDELOLGDG (YDOXDFLyQLQWHJUD
> yUTDQRV OD QXWULFLyQ DQWH HOFXLGDGR GH OD GRUDGHOSULPHUWUL
£ & RPSUHQGHU 'HVFULSFLyQGH ORVVLVWH VDOXG PHVWUH
L ORVSURFHVRV £ PDVUHVWDQWHV \GH VXV 5HVSHWRSRUODYLGD
£ LQYROXFUDGRV HQ IXQFLRQHV
£ OD QXWULFLyQ
F /D WD[RQRPtD VH RFXSD GHO VLVWHPD GH FODVLILFDFLyQ
ILORJHQpWLFR R QDWXUDO GH ORV VHUHV YLYRV 2
G /D WD[RQRPtD FODVLILFD D ORV VHUHV YLYRV HQ UHODFLyQ
$ F WLYLGDG
FRQ VXVSUHGHFHVRUHV R DQFHVWURV FRPXQHV '
,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHVVRQYHUGDGHUDV9 H /DV FDWHJRUtDV TXH XWLOL]D OD WD[RQRPtD SDUD DJUX
RIDOVDV) 5 HHV FULEDQ FRUUHFWDPHQWH ODVIDOVDV SDU RUJDQLVPRV FRQ FDUDFWHUtVWLFDV FRPXQHV VHOODPDQ a
WD[RQHV '
D/RVVHUHVYLYRVSXHGHQ WUDQVIRUPDUORVPDWHULDOHVTXHLQFRU
SRUDQ DWUDYpV GHODQXWULFLyQHQPDWHULDOHVSDUDODFRQVWLWXFLyQ $ F WLY LGDG
GH VXVFXHUSRV \SDUD OD REWHQFLyQ GH HQHUJtD ' 5HODFLRQHQ FRQIOHFKDVODV IRWRJUDItDVFRQ HO UHLQR DO
E /D VHQVLELOLGDG HV OD FDSDFLGDGGH UHVSXHVWDTXH WLHQHQ ORV TXH SHUWHQHFHOR TXH PXHVWUDQ ODV LPiJHQHV \ FRQ OD
VHUHVYLYRV IUHQWHDFLHUWRV HVWtPXORVRVHxDOHVGHODPELHQWH ' IUDVH TXH GHILQH D FDGDUHLQR
H /RV VHUHV YLYRV SXHGHQ DXWRSHUSHWXDUVH JUDFLDV D OD
UHSURGXFFLyQ ' 5HLQR 6RQ RUJDQLVPRV FRQ
G 7RGRV ORV VHUHV YLYRVVRQ SOXULFHOXODUHV2 0DQHUDV FpOXODV HXFDULRWDV (Q
H 7RGDV ODV FpOXODV WLHQHQ OD PLVPD IRUPD DXQTXH FXP VX PD\RUtD VRQ XQLFHOX a
SODQ GLVWLQWDV IXQFLRQHV ' 5HLQR ODUHV SHUR WDPELpQ KD\ BB
$QLPDOHV PXOWLFHOXODUHV
$ F WLYLGDG
& RPSOHWHQ ORVWpUPLQRVIDOWDQWHVHQODVVLJXLHQWHVRUDFLRQHV 5HLQR 6RQ RUJDQLVPRV GH
3ODQWDV FpOXODV HXFDULRWDV
/DV FpOXODV FRQ FORURILOD VRQ FDSDFHV GH SURGXFLU JOXFRVD D 7RGDVVRQSOXULFHOXODUHV
SDUWLU GH DJXD GLy[LGR GH FDUERQR \ OX] VRODU PHGLDQWH XQ 5HLQR
SURFHVR FRQRFLGRFRPR 3URWLVWDV 6RQ RUJDQLVPRV FRQ
(WLPROyJLFDPHQWH ODSDODEUD DXWyWURIDV VLJQLILFD WURIRV FpOXODV HXFDULRWDV\OD
\DXWRSRU 5HLQR PD\RUtD GHODV HVSHFLHV
+RQJRV VRQSOXULFHOXODUHV DXQ
/DV FpOXODVVLQ QR UHDOL]DQ IRWRVtQWHVLV \ TXH WDPELpQ KD\ XQL
SRU OR WDQWR QR SXHGHQ SURGXFLU VX SURSLR DOLPHQWR FHOXODUHV
D SDUWLU GH VXVWDQFLDV VLPSOHV GHO PHGLR
VLQR TXH OR REWLHQHQ FRQVXPLHQGR RWURV VHUHV YLYRV (VDV 6RQ RUJDQLVPRV FX\R
FpOXODV VH GHQRPLQDQ SDODEUD FX\R VLJQLILa FXHUSR HVWi IRUPDGR
FDGR HV TXH REWLHQH WURIRV D SDUWLU GHO T~H SRU PXFKDV FpOXODV
KLFLHURQ RWUDV KHWHUD GHHOODV HXFDULRWDV 7RGRV VRQ
7RGDV ODV FpOXODV GHORV DQLPDOHV VRQ SOXULFHOXODUHV
D /D WD[RQRPtD VH RFXSD GH FODVLILFDU D ORV VHUHV YLYRV WDOHVHOFDVRGHPXFKDV HVSHFLHVGHDYHV
VHJ~Q VX XWLOLGDG ' I /RVDQLPDOHV TXHFRPHQ GHWRGR VHOODPDQ
E /D WD[RQRPtD FODVLILFD D ORV VHUHV YLYRV GH DFXHUGR FRQ J /RV PDPtIHURV WLHQHQ FXDWUR WLSRV GHGLHQWHV U
$ F WLYLGDG
'HILQDQ ORV WpUPLQRV \ F RPSOHWHQ HO JUDILJUDPD 'HWHUPLQHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV
a
U
$ FWLYLGDG
'HVGH WLHPSRV UHPRWRV GLIHUHQWHV FXOWXUDV IRUPXODURQ
KLSyWHVLV VREUH HO FLHORTXH ORV URGHDED
& RPSOHWHQODV OtQHDVGHVFULELHQGR DOJXQDV GH HVDVWHRUtDV O 8QDQ FRQ IOHFKDV ORV WpUPLQRV GH OD SULPHUD FROXPQD FRQ
WRGDV ODV RSFLRQHV TXH OH FRUUHVSRQGHQ GH OD VHJXQGD SXH
D /RV SULPHURV JUXSRV KXPDQRV FUH\HURQ GHQ VHU YDULDV
E /RV LQGLRV 3DZQHH GH $PpULFD GHO 1RUWH
F /RVD]WHFDV 6HIRUPDQ\GHIRUPDQSRUHIHFWRGHDOWDVWHP
G 2WURV UHODWRV KDEODQ GH SHUDWXUDV \SUHVLyQ
D 5RFDV 6HIRUPDQSRUGHSyVLWR GHVHGLPHQWRV
tJQHDV /DVURFDVHIXVLYDVFRPRODSLHGUDSyPH]SHU
$ FWLYLGDG
WHQHFHQDHVWHWLSR
& RORTXHQHQ HO HVTXHPD ORV QRPEUHV R ODV IUDVHV TXH
E 5RFDV (OPiUPROHVXQHMHPSORGHHVWHWLSRGHURFDV
IDOWDQ GH DFXHUGR FRQ ODV UHODFLRQHV TXH VH SXHGHQ HVWD /DVURFDVSOXWyQLFDV FRPRHOJUDQLWRSHUWHQHFHQ
EOHFHU HQWUH HOORVaa VHGLPHQWDULDV DHVWHWLSR
$ ULVWyWHOHV /DVURFDVGHRULJHQELROyJLFR FRPRODVFDOL]DV
F 5RFDV SHUWHQHFHQ DHVWH WLSR
PHWDPyUILFDV 6HJHQHUDQ SRUHQIULDPLHQWRGH PDWHULDOHV GHO
LQWHULRUGHOD7LHUUD
/DVURFDVTXtPLFDV TXHVHIRUPDQSRUSUHFLSL
WDFLyQ SHUWHQHFHQDHVWHWLSR
$ FWLYLGDG
& RPSOHWHQ HO WH[WR FRQ ORV WpUPLQRV TXH IDOWDQ
YLQFLDGH 6DQWD &UX] GH DQFKR VXSHUDQGR KRO WLHQHQ PXFKD PDWHULD RUJiQLFD
(O GRFWRU 1RYDV FRPHQWy JDGDPHQWH D OD GH VX /RV VXHORV GHVDUUROODGRV VRQ SRFR IpUWLOHV
TXH KDOODURQ YpUWHEUDV GHO SDULHQWH $UJHQWLQRVDXUXV /D PD\RUtD GH ORV VXHORV GHVDUUROODGRV VH XWLOL]DQ SDUD
FXHOOR GHO ORPR \ GH OD KXLQFXOHQVLV KDOODGR HQ OD H[SORWDFLRQHV DJUtFRODV
FROD TXH SHUPLWHQ UHIHULU SURYLQFLD GH 1HXTXpQ \ /D DFWLYLGDG GH ORV RUJDQLVPRV GHVFRPSRQHGRUHV HV
OR DO JUXSR GH GLQRVDXULRV FRQVLGHUDGR HO PiV JUDQGH QHJDWLYD SDUD HO GHVDUUROOR GH ORV VXHORV
VDXUySRGRV HV GHFLU KHU GH WRGRV ORV DQLPDOHV
EtYRURV GH FXHOOR \ FROD WHUUHVWUHV HQIDWL]y 1RYDV $ FWLYLGDG
DODUJDGRV TXH GRPLQDURQ 8QDQ FRQ IOHFKDV ORV HOHPHQWRV GH OD SULPHUD FROXP
ORVDPELHQWHV SDWDJyQLFRV 1RWD DGDSWDGDGHODUHYLVWD QD FRQ ORVWLSRV GH UHFXUVRV GH OD VHJXQGD
GXUDQWH JUDQ SDUWH GH OD 1RWLFLDV GHO& 21,& ( 7 GH
MXOLR GH a 0XHEOHV
$OLPHQWDFLyQ
¢&yPR EDXWL]DURQ DO GLQRVDXULR GHVFXELHUWR" *DV
¢'yQGH IXH HQFRQWUDGR" $JULFXOWXUD
5 HFXUVRV IRUHVWDOHV
¢&yPR VH GHQRPLQD D ORVFLHQWtILFRVTXHHVWXGLDQ ORV 3HWUyOHR
5 HFXUVRV SHVTXHURV
IyVLOHV" *DVRLO
5 HFXUVRV PLQHURV
¢$ TXp SDUWHV GHO FXHUSR GHO DQWLJXR DQLPDO FRUUHV 5 HFXUVR VXHOR
& DUEyQ YHJHWDO
SRBQGHQ ORVUHVWRV KDOODGRV" 3DSHO
¢$ TXp JUXSR GH GLQRVDXULRV SHUWHQHFLy HVWH HMHP *DQDGHUtD
SODU"
¢(QTXpHUD YLYLy" $ F WLYLGDG
(Q UHODFLyQ FRQ HOWDPDxR GH ORVIyVLOHV HQFRQWUDGRV / HDQ HOVLJXLHQWH WH[WR \ UHVSRQGDQ D ODV SUHJXQWDV
¢FRQ TXpRWUR IDPRVR GLQRVDXULR DUJHQWLQRORFRPSDUDQ
\TXp HV OR TXHFUHHQ" +(&+26 < &,)5 $6 6 2%5 ( /$ '( 6 ( 5 7,),&$& ,Ï1
&RQWUDULDPHQWH DFLHUWDVLGHDV SUHFRQFHELGDV OD GHVHUWLILFDFLyQ UU
QRHVODH[SDQVLyQ GH -RV GHV VRUUDV GH PiV GH SDtVHV a
LHUWRV/D GHVHUWLILFDFLyQHV OD VH HQFXHQWUDQ HQ VLWXDFLyQ U!
GHJUDGDFLyQ GH ODV WLHUUDVHQ GH ULHVJR
$ F WLYLGDG ]RQDViULGDV\ VHPLiULGDVFDX 0iVGHOGHODVWLHUUDViUL
& RPSOHWHQ FRQ ORVWpUPLQRV TXHIDOWDQ HQ HO VLJXLHQ VDGD SULQFLSDOPHQWH SRU ODV GDV GHO SODQHWD H[FOX\HQGRL
WH SiUUDIR DFWLYLGDGHV KXPDQDV \ ODV GHVLHUWRV KLSHUiULGRV HVWiQ
YDULDFLRQHV FOLPiWLFDV GHJUDGDGRV F
/RV VRQ WRGRV DTXHOORV 8Q WHUFLR GH OD VXSHUILFLH 6H HVWLPD TXH ORV HIHFWRV
HOHPHQWRV GH OD QDWXUDOH]D TXH WLHQHQ YDORU SDUD OD VRFLH WHUUHVWUH GHO SODQHWD HVWi QHJDWLYRV HQ ]RQDV GLUHFWD a
GDG KXPDQD 0XFKRV VRQEiVLFRVSDUD ODYLGD FRPR ODOX] FXELHUWD SRU HFRVLVWHPDV GH PHQWH DIHFWDGDVSRUOD GHVHU U
\ HOFDORU GHO HO \ HO WLHUUDV VHFDV (VWDV ]RQDV VRQ WLILFDFLyQRFDVLRQDQ XQD SpU
PX\ IUiJLOHV \ UHDFFLRQDQ GLGD GH LQJUHVRV DQXDOHV GH U!
6 H FODVLILFDQ VHJ~Q VX SRVLELOLGDG GH UHQRYDFLyQ HQ WUHV
IXHUWHPHQWH DO XVRLQDGHFXD XQRV PLOORQHV GH
JUDQGHV JUXSRV H
GR GHO VXHOR GyODUHV (VWDFLIUDVRORWLHQH HQ
/RV SULPHURV HQ JHQHUDO VH JHQHUDQ HQ
0iVGH PLOORQHVGH SHU FXHQWD ORVFRVWHV GLUHFWRV
SHUtRGRV GH WLHPSR ORV VHJXQGRV VH JHQH VRQDV DOUHGHGRU GHO PXQGR
UDQ HQ SHUtRGRV GH WLHPSR TXH SXHGHQ DEDUFDU PLOORQHV VHYHQDIHFWDGDV SRUODGHVHU %ROHWtQ GHQRWLFLDVELUQHQVXDO !!
GH Dx RV SRU HMHPSORā HO \ HO /R WLILFDFLyQ (O PD\RU PRWLYR GHO SRUWDO GHO DJXD GH OD
~OWLPRV VRQ DTXHOORV TXH QR SXHGHQ DJRWDUVH SHUR VLQ GH SUHRFXSDFLyQ HV TXH 81(6&2 $GDSWDFLyQ a
HPEDUJR HV LPSRUWDQWH FXLGDUORV RWUDV PLOORQHV GH SHU
LMāaāaāa-
O
?B`
U D ¢4Xp UHFXUVR QDWXUDO VH GHVWUX\H SRU OD GHVHUWLILFDFLyQ" H 8QD PH]FOD GH JUHQD \ WDOFR VH SXHGH VHSDUDU SRU
E ¢3DUD TXp VH XWLOL]D SULQFLSDOPHQWH HVH UHFXUVR QDWXUDO" PHGLR GH - D
H +D\PLOORQHV GH SHUVRQDV TXH VH HQFXHQWUDQ DIHFWDGDV SRU OD - /D FRQVLVWH HQ UHWHQHU SDUWtFXODV VyOLGDV
GHVHUWLILFDFLyQ ¢4Xp FRQVHFXHQFLDV SXHGH WUDHU DSDUHMDGD HVWD
SRU PHGLR GH XQD EDUUHUD
VLWXDFLyQ"
G ¢6DEHQ VL HQ OD $ UJHQWLQD H[LVWHQ ]RQDV DIHFWDGDV SRU HO SUR
J3DUD VHSDUDU XQD PH]FOD GHDJXD \DFHLWH VHSXHGH XWL
EOHPD GH OD GHVHUWLILFDFLyQ" ,QYHVWLJXHQ FXiOHV VRQ \VL VH LPSOH OL]DUHOPpWRGR GH - D
PHQWDQ SROtWLFDV SDUD UHYHUWLU ODV FRQVHFXHQFLDV GH HVWH SURFHVR K /RV PpWRGRV GH VHSDUDFLyQ GH QR UHVXOWDQ
DSURSLDGRV SDUD VHSDUDU PH]FODV
L (O PpWRGR GH - D SHUPLWH VHSDUDU
\ FRQVHUYDU YDULRV FRPSRQHQWHV GH XQD VROXFLyQ
M 8QD TXtPLFD HV HOSURFHVR HQ HO FXDO XQD
VXVWDQFLD FDPELD SDUD IRUPDU XQD R PiV VXVWDQFLDV QXH
'HILQDQ ORVWpUPLQRV \F RPSOHWHQHO JUDILJUDPD YDV ([LVWHQ GRV WLSRV GH PX\ LPSRUWDQWHV
\
3DUWtFXODV TXH VH IRUPDQ SRU OD FRPELQDFLyQ GH ORV N (O DJXD HQ OD QDWXUDOH]D VH HQFXHQWUD HQ IRUPD GH
iWRPRV HQWUH Vt PH]FODV R VHJ~Q ODV
/D PDWHULD SUHVHQWD GLIHUHQWHV HVWDGRV GH TXH WUDQVSRUWH
VHJ~Q ORV FXDOHV VH HQFXHQWUD HQ HVWDGR VyOLGR OtTXLGR
RJDVHRVR
6XVWDQFLDV LQWHJUDGDV SRU PROpFXODV FRQ GLIHUHQWHV
HOHPHQWRV TXtPLFRV
&RPELQDFLyQ GH VXVWDQFLDV SXUDV HQ SURSRUFLRQHV
YDULDEOHV 8QDQFRQ IOHFKDV ORVWpUPLQRV GH OD SULPHUD FROXPQD
/DV PH]FODV VRQ VLVWHPDV PDWHULDOHV FRQ ODV RSFLRQHV TXH OH FRUUHVSRQGHQ GHOD VHTXQGD
FRPSXHVWRV SRU GRV R PiV IDVHV
6XVWDQFLDV LQWHJUDGDV SRU PROpFXODV FRQIRUPDGDV )XHQWHV GH +LGUiXOLFD
SRU iWRPRV GHO PLVPR WLSR HQHUJtD 3HWUyOHR
3HTXHxDV SDUWtFXODV TXH FRPSRQHQ OD PDWHULD FX\D UHQRYDEOHV (yOLFD
FRPELQDFLyQ FRQVWLWX\H PROpFXODV 0DUHRPRWUL]
) XHQWHV GH &DUEyQ
02222222 HQH JtDQR 6RODU
'$ UHQRYDEOHV *DVQDWXUDO
U 22 *HRWpUPLFD
('2 $F WLYLGDG
,QGLTXHQFXiOHV GH ODV VLJXLHQWHV DILUPDFLRQHV VRQ YHU
V 5 GDGHUDV 0\FXiOHVIDOVDV ) / XHJRUHHV FULEDQ ODV IDOVDV
SDUD TXH WRGDV ODV DILUPDFLRQHV TXHGHUL YHUGDGHUDV
$22'22
D/D HQHUJtD TXHVH WUDQVILHUH HQWUH - RV REMHWRV HVHOFDORU
$ F WLYLGDG E /D WHPSHUDWXUD PLGH - D FDQWLGDG GH HQHUJtD FLQpWLFD
8QDQ FRQ IOHFKDV ORV HVWDGRV GH OD PDWHULD FRQ ODV GH - RV iWRPRV TXH FRPSRQHQ ORV VLVWHPDV
FDUDFWHUtVWLFDV TXH ORVGHVFULEHQ H (O FDORUKDFH TXH ORViWRPRV GH XQ REMHWR GLVPLQX\DQ
VX HQHUJtD FLQpWLFD
1R WLHQHQ YROXPHQ QL IRUPD SURSLD G /DV WUDQVIRUPDFLRQHV GH HQHUJtD \OD WUDQVIHUHQFLD GH
/DVPROpFXODV VH PXHYHQ XQDV FRQ UHV FDORU HQ - D 7LHUUD QR HVWiQ UHODFLRQDGRV FRQ HOSUREOHPD
SHFWR D RWUDV GHO FDPELR FOLPiWLFR
6yOLGRV ) RUPD \ YROXPHQ GHILQLGR H/DV IXHQWHV GHHQHUJtDV OLPSLDV OODPDGDV DOWHUQDWLYDV
/tTXLGRV 1R WLHQHQ IRUPD SURSLD VH FRQVLGHUDQ PiV YHQWDMRVDV SRUTXH DGHPiV GH QR DJR
*DVHRVRV /DV PROpFXODV VH PXHYHQ FRQ OLEHUWDG WDUVH QR VXHOHQ FDXVDU HIHFWRV QHJDWLYRV HQ HO DPELHQWH
/DV PROpFXODV VH RUGHQDQ XQDV MXQWR D I(O HIHFWR LQYHUQDGHUR HVWi DFHQWXDGR SRU ODHPLVLyQ GH
RWUDV FLHUWRV JDVHV FRPR HO GLy[LGR GH FDUERQR \ HOPHWDQR
7LHQHQ YROXPHQ SURSLR
$ F WLYLGDG
& RPSOHWHQ ORV WpUPLQRV TXH IDOWDQ HQ ODV VLJXLHQWHV
DILUPDFLRQHV
D(O DJXD DOFDQ]D VXSXQWR GH DORV & 7RGR PRYLPLHQWR RQGXODWRULR WLHQH PDJQLWXGHV ItVLFDV
E (OSXQWR GH IXVLyQ GH XQD VXVWDQFLD HVDTXHO HQ TXH VH LPSRUWDQWHV
SURGXFH XQ FDPELR GHO HVWDGR DO & RORTXHQ DO ODGR GH FDGD WpUPLQR HO Q~PHUR GH OD GHIL
F 6L FRQVLGHUDPRV XQ UHFLSLHQWH FRQ DJXD HQ HVWDGR QLFLyQ TXH OH FRUUHVSRQGH
OtTXLGR \ FRQ FXERV GH KLHOR TXH IORWDQ SRGHPRV UHFR
$PSOLWXG
QRFHU XQD PH]FOD Â
2VFLODFLyQ R FLFOR
G /RV VLVWHPDV GRQGH HQFRQWUDPRV XQD VROD IDVH VRQ
)UHFXHQFLD
PH]FODV
3HUtRGR
ā
ā
6 LVWHPD GLJHVWLYR
6 LVWHPD H[FUHWRU & RPSOHWHQ FRQ ORVWpUPLQRV TXHIDOWDQHQHOVLJXLHQWHSiUUDIR
6 LVWHPD FLUFXODWRULR
6 LVWHPD UHVSLUDWRULR 6 HJ~Q OD 206 OD VDOXG HV HOHVWDGR GH FRP
SOHWR ItVLFR \ \ QR VROD
$ F WLYLGDG PHQWH OD DXVHQFLD GH
& RPSOHWHQ FRQ ORV WpUPLQRV TXH IDOWDQ HQ HO VLJXLHQWH (QWRQFHV HVWDU VLJQLILFD TXH QXHVWURV VLVWHPDV GH
SiUUDIR yUJDQRV FXPSODQ VXV IXQFLRQHV QRUPDOHV ELHQHVWDU
TXH SRGDPRV VHQWLUQRV ELHQ FRQ QRVRWURV PLV
/RV VRQ ODV VXVWDQFLDV GH RULJHQ DQLPDO R PRV \ FRQ ORV GHPiV ELHQHVWDU \ TXH QXHVWUDV
YHJHWDO D SDUWLU GH ODV FXDOHV HO VLVWHPD GLJHVWLYR REWLHQH QHFHVLGDGHV EiVLFDV FRPR FRPLGD
ORV ( VWRV SXHGHQ VHU FRPSXHVWRV RUJiQLFRV HGXFDFLyQ \ UHFUHDFLyQ HVWpQ VDWLVIHFKDV ELHQHVWDU
FRPR ODV ORV GH R D]~FD
UHV FRPR ORV R JUDVDV \ ODV R FRP $ F WLYLGDG
SXHVWRV LQRUJiQLFRV FRPR HO \ ORV ,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV R
IDOVDV )
$ F WLYLGDG
,QGLTXHQ VL ODV VLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV /RV DJHQWHV SDWyJHQRV WDPELpQ VH OODPDQ QR[DV
RIDOVDV) /DV QR[DV ItVLFRTXtPLFDV SXHGHQ VHU GDx RV SRU JROSHV
TXHPDGXUDV UDGLDFWLYLGDG R LQWR[LFDFLRQHV
/RV DOLPHQWRV LQJUHVDQ DO FXHUSR \ OXHJR VRQ SURFHVDGRV /DV QR[DV ELROyJLFDV VRQ ORV VHUHV YLYRV FDSDFHV GH SUR
SRU HO VLVWHPD H[FUHWRU 2 GXFLU HQIHUPHGDGHV
( O VLVWHPD GLJHVWLYR HVWi IRUPDGR SRU ERFD IDULQJH HVyID /RV YLUXV \ ODV EDFWHULDV VRQ QR[DV ItVLFRTXtPLFDV
JR HVWyPDJR LQWHVWLQRV GHOJDGR \JUXHVR \ DQR 2 /RV IDFWRUHV GHO HQWRUQR TXH SXHGHQ FDXVDU PDOHVWDU
/DV JOiQGXODV VDOLYDOHV HOKtJDGR \ HOSiQFUHDVVRQ yUJDQRV HPRFLRQDO VRQ QR[DV SVLFRVRFLRFXOWXUDOHV
TXH WDPELpQ SDUWLFLSDQ HQ HO SURFHVR GH GLJHVWLyQ 2 ( O HVWUpV HV XQ HMHPSOR GH QR[D ELROyJLFD
/D GLJHVWLyQ PHFiQLFD HV OOHYDGD D FDER SRU ORV MXJRV /D HVFXHOD OD IDPLOLD HO WUDEDMR \ HO FOXE GHO EDUULR VRQ
GLJHVWLYRV 2 QXHVWUR HQWRUQR R DPELHQWH
/D GLJHVWLyQ TXtPLFD HV UHDOL]DGD SRU ODV HQ]LPDV GHODVDOL a (O HQWRUQR IDPLOLDU R HVFRODU QXQFD DIHFWD HQ IRUPD QHJD
YD \ ORV MXJRV JiVWULFR SDQFUHiWLFR H LQWHVWLQDO 2 WLYD D OD VDOXG SVLFROyJLFD R ItVLFD GH DOJXLHQ B
(Q HOHVWyPDJR OD FRPLGD VH PH]FOD FRQ HOMXJR JiVWULFR \ ( O HFRVLVWHPD TXH QRV URGHD QR DIHFWD QXHVWUD VDOXG HQ
VH WUDQVIRUPD HQ XQD SDVWD VHPLOtTXLGD OODPDGD TXLPR TXH QLQJXQD IRUPD SRVLWLYD R QHJDWLYD
SDVDUi DO LQWHVWLQR GHOJDGR D WUDYpV GHOStORUR 2 ( Q HO WUDEDMR VH SXHGHQ VXIULU HQIHUPHGDGHV SURIHVLRQD
( O LQWHVWLQR GHOJDGR HVWi GLYLGLGR HQ GRVSDUWHV GXRGHQR OHV FRPR HVWUpV DOHUJLD R LQFOXVR FiQFHU SRU XVR GH SUR
ā\ \H\XQR 2 GXFWRV Wy[LFRV
( Q OD YHVtFXOD ELOLDU VH DOPDFHQD HOMXJR SDQFUHiWLFR 2
( Q HO \H\XQR VH SURGXFH OD DEVRUFLyQ TXH HV HO SDVDMH GH $FWLYLGDG
ORV QXWULHQWHV D OD FLUFXODFLyQ VDQJXtQHD SDUD VHUDSURYHFKD 5 HV SRQGDQ D ODVVLJXLHQWHV SUHJXQWDV MXV WLILT
XHQ ODV UHV
GRV SRU WRGDV ODV FpOXODV GHO FXHUSR 2 SXHVWDV
$O LQWHVWLQR JUXHVR OOHJDQ VXVWDQFLDV FRQ JUDQ FRQWHQLGR
GH DJXD \ VDOHV TXH VRQ PX\ ~WLOHV DO FXHUSR 2 ¢/ D VDOXG HVXQ GHUHFKR KXPDQR" ¢3RU TXp"
( O VLVWHPD UHVSLUDWRULR HV HOHQFDUJDGR GH WRPDU HO R[tJH $ QLYHO PXQGLDO ¢HQ GRQGH FRQVWD TXHOD VDOXG HV XQ
QR GHO DLUH QHFHVDULR SDUD ODV IXQFLRQHV FHOXODUHV \ HOLPLQDU GHUHFKR SDUD WRGRV"
HO GLy[LGR GH FDUERQR TXH ODV FpOXODV H[SXOVDQ2 /D $ UJHQWLQD HVWi LQFRUSRUDGD DO 3DFWR ,QWHUQDFLRQDO GH
/D IDULQJH HV XQ yUJDQR FRPSDUWLGR SRU ORV VLVWHPDV UHV 'HUHFKRV (FRQyPLFRV 6RFLDOHV\&XOWXUDOHV 3,'(6&
SLUDWRULR \ FLUFXODWRULR 2 ¢'H TXpRWUD PDQHUD QXHVWUR SDtVJDUDQWL]D HO GHUHFKR D OD
( ODLUH OOHJD DOD WUiTXHD \GHDKtSDVD DGRVFRQGXFWRV GH VDOXG"
PHQRU WDPDx R ORV EURQTXLRV FDGD XQR GH ORV FXDOHV LQJUH
$ F WLYLGDG
VD D XQ SXOPyQ 2 5 HODFLRQHQ ORV HMHPSORV TXH DSDUHFHQ HQ XQD FROXPQD FRQ
/RV EURQTXtRORV VH HQFXHQWUDQ GHQWUR GHOD WUDTXHD 2
ORVWLSRV GHHQIHUPHGDGHV TXHDSDUHFHQ HQ OD RWUD
/RV EURQTXtRORV WHUPLQDQ HQ SHTXHx DV EROVDV OODPDGDV
DOYpRORV ( Q HOORV VH SURGXFH HO LQWHUFDPELR GHJDVHV FRQ OD & iQFHU FXDOTXLHU WLSR
VDQJUH2 +HPRILOLD ā
/D VDQJUH HV XQ WHMLGR TXH WUDQVSRUWD JDVHV \ QXWULHQWHV )HQLOFHWRQXULD ā D ( QIHUPHGDGHV LQIHFFLRVDV
D ORV GHPiV WHMLGRV GHO FXHUSR 2 0DO GH & KDJDV0D]]D E ( QIHUPHGDGHV JHQpWLFDV
( O VLVWHPD H[FUHWRU DEVRUEH ODV VXVWDQFLDV ~WLOHV DOFXHUSR 2 7LFV QHUYLRVRV F (QIHUPHGDGHV KHUHGLWDULDV
( O FRUD]yQ HV HO yUJDQR FHQWUDO GHO VLVWHPD UHVSLUDWRULR2 7pWDQRV G ( QIHUPHGDGHV FRQJpQLWDV
( O FRUD]yQ HVWi IRUPDGR SRU XQ WHMLGR PXVFXODU OODPD /HXFHPLD H ( QIHUPHGDGHV RQFROyJLFDV
GR PLRFDUGLR ( Q VX LQWHULRU VH HQFXHQWUDQ FXDWUR FDYLGD 7ULVRPtD
GHV GRV DXUtFXODV \ GRV YHQWUtFXORV 2 R VtQGURPH GH 'RZQ
/RV ULx RQHV VRQ ORV yUJDQRV SULQFLSDOHV GHO VLVWHPD 7XEHUFXORVLV
GLJHVWLYR 2 0LRStD
aā
&aStWXORV /RV VHUHV YLYRV \VXV FpOXODV 'LYHUVLGDG \ £
FODVLILFDFLyQ GH ORV VHUHV YLYRV /RV HFRVLVWHPDV /RV M
ELRPDV DUJHQWLQRV (O FXHUSR KXPDQR 6DOXG KXPDQD
7HPDV VXJHULGRV /DV FpOXODV \VXV FRPSRQHQWHV
1LYHOHV GH RUJDQL]DFLyQ GH ORV VHUHV YLYRV )RUPDV GH
QXWULFLyQ GH ORV VHUHV YLYRV /RV HFRVLVWHPDV (VWUXFWXUD
\ GLQiPLFD GH ODV SREODFLRQHV %LRPDV GH OD $ UJHQWLQD
2EVHUYHQ ORV HVTXHPDV SHUWHQHFLHQWHV D ORV PRGH 2EVHUYHQ ODV LPiJHQHV H LQGLTXHQ ORV QLYHOHV GH
ORV GH FpOXOD DQLPDO \YHJHWDO \HVFULEDQ HQ ORV HVSDFLRV RUJDQL]DFLyQ TXH FRUUHVSRQGDQ HQ FDGD FDVR
FRUUHVSRQGLHQWHV ORV QRPEUHV GH ORV HOHPHQWRV TXH ODV
FpOXODV WLHQHQ HQ FRP~Q \DTXHOORV TXH OHV VRQ SURSLRV 0DUTXHQ FRQ XQD [ OD UHVSXHVWD FRUUHFWD
&RORTXHQ HQ HO FXDGUR ODV HVWUXFWXUDV FHOXODUHV \ ODV /D OODQXUD SDPSHDQD KD VLGR PRGLILFDGD SULQFLSDO
RUJDQHODV VHJ~Q OD IXQFLyQ TXH FXPSOHQ ULERVRPDV PHQWH SRU
(VWUXFWXUDV FHOXODUHV \ RUJDQHODV )XQFLRQHV D OD GHIRUHVWDFLyQ '
E ODV DFWLYLGDGHV DJUtFRODJDQDGHUDV ' U!
£$OPDFHQD VXVWDQFLDV F OD GHVHUWLILFDFLyQ '
£(ODERUDFLyQ GH SURWHtQDV
(O ERVTXH FKDTXHx R KD VLGR PX\ H[SORWDGR HVSH
£(ODERUDFLy
Q \ WUDQVSRUWH
GH
VXVWDQFLDV
B
D HO DEHWR '
>6H GHVLQWHJUDQ DOJXQDV VXVWDQFLDV
E HOVDXFH OORUyQ '
F HO TXHEUDFKR FRORUDGR '
>$OPDFHQDQ GLYHUVDV VXVWDQFLDV
£5 HVSLUDFLyQ FHOXODU \ SURGXFFLyQ GH HQHUJtD &RPSOHWHQ HO VLJXLHQWH FXDGUR
/DV SODQWDV SUHVHQWDQ GLVWLQWDV DGDSWDFLRQHV VHJ~Q 2 &RPSOHWHQ HO VLJXLHQWH SiUUDIR
HO DPELHQWH HQ HO TXH HYROXFLRQDURQ ( O FXHUSR KXPDQR FXPSOH FRQ ODV IXQFLRQHV GH
D ¢$ TXp DPELHQWH SHUWHQHFHQ ODV SODQWDV TXH QR WLH
QHQ GHVDUUROODGRV ORV yUJDQRV SDUD DOPDFHQDU DJXD" \ /D QXWULFLyQ KXPDQD VH GHVHPSHx D B
E ¢&XiOHV VRQ ODV SODQWDV TXH QR WLHQHQ HVWRPDV \D JUDFLDV DO IXQFLRQDPLHQWR FRRUGLQDGR GH - RV VLVWHPDV a
TXH QR QHFHVLWDQ WUDQVSLUDU"
H¢'yQGH YLYHQ ODV SODQWDV [HUyILWDV \ TXp DGDSWDFLR \ £
QHV GHVDUUROODURQ"
$ xR a
aÂa$
?
,QGLTXHQ YHUGDGHUR 9 R IDOVR ) VHJ~Q FRUUHVSRQGD /RV VDWpOLWHV RUELWDQ SRU
- XVWLILTXHQ VXV UHVSXHVWDV D - D WURSRVIHUD '
E PHVRVIHUD '
( O PRYLPLHQWR GH- D 7LHUUDVREUHXQHMH LPDJLQDULR TXHSDVDSRU F OD LRQRVIHUD '
- RV SRORV VH OODPD URWDFLyQ 2 $ PD\RU DOWLWXG HQ ODV FDSDV VXSHULRUHV GH OD DWPyVIHUD - D
(O PRYLPLHQWR GH - D 7LHUUD DOUHGHGRU GH OD /XQD VH OODPD WHPSHUDWXUD HV
WUDVODFLyQ 2 D PD\RU '
BB /D 7LHUUD KDFH XQJLUR FRPSOHWR VREUHVX HMHFDGD Dx R 2 E PHQRU '
( O PRYLPLHQWR GH URWDFLyQ SURGXFH HO GtD \ OD QRFKH \ - D GLIH F QR YDUtD 2
UHQFLD KRUDULD 2 ( O SRUFHQWDMH GH DJXD TXH KD\ HQ - D 7LHUUD HV GH
( Q WRGR HOSODQHWD HV - D PLVPD KRUD DO PLVPR WLHPSR 2 D 2
/D WUDVODFLyQ HV - DyUELWD TXHUHDOL]D- D7LHUUDDOUHGHGRU GHO 6 RO 2 E 2
a /D 7LHUUDJLUD DOUHGHGRU GHO 6 RO D XQD YHORFLGDG GH NLOyPHWURV F 2
SRU KRUD2 ( O DJXD GXOFH TXH SXHGH SRWDELOL]DUVH \ XVDUVH SDUD HO FRQ
/D /XQD UHDOL]D WUHV PRYLPLHQWRV UHYROXFLyQ URWDFLyQ \ VXPR KXPDQR UHSUHVHQWD
B WUDVODFLyQ 2 D HO GHO DJXD SODQHWDULD '
& XDQGR OD /XQD VH LQWHUSRQH HQWUH HO6 RO \OD 7LHUUDVH SURGXFH E HO GHO DJXD SODQHWDULD '
XQ HFOLSVH OXQDU 2 F HO GHO DJXD SODQHWDULD '
/RV HFOLSVHV VRODUHV SXHGHQ VHU WRWDOHV SDUFLDOHV R DQXODUHV 2 /DJHRVIHUD HVWi FRPSXHVWD SRU
D ORV DO DJXD HQ VXV WUHV HVWDGRV 2
B 'HVFULEDQ FRQ VXV SURSLDV SDODEUDV TXp FRQGLFLRQHV GHEHQ E URFDV \ KLHOR GH - D VXSHUILFLH WHUUHVWUH 2
U
GDUVH SDUD TXH RFXUUD XQ HFOLSVH OXQDU F WRGDV ODV URFDV \ PLQHUDOHV 2
O
% 6 RQ PLQHUDOHV
B 2EVHUYHQ ODV LPiJHQHV H LQGLTXHQ D TXp WLSR GH JDOD[LDV D HOFXDU]R HO VtOLFH - D PLFD
FRUUHVSRQGHQ HO KLHUUR \ - D SODWD '
E HOJUDQLWR HO PiUPRO - D SLHGUD
SyPH] \ HO EDVDOWR '
F WRGRV - RV FRPSRQHQWHV GHO VXHOR '
&ODVLILTXHQ ORVVLJXLHQWHV UHFXUVRV GH DFXHUGR FRQ VX SRVL
ELOLGDG GH UHQRYDFLyQ
2UGHQHQ ORV SODQHWDV GHO VLVWHPD VRODU GH DFXHUGR FRQ VX /X] VRODU UHFXUVRV IRUHVWDOHV IDXQD PDULQD FDUEyQ PLQHUDO
SUR[LPLGDG FRQ UHVSHFWR DO 6RO,QGLTXHQ FXiOHV VRQ FRQVLGH UHFXUVRV DJUtFRODV DJXD SHWUyOHR VXHOR YLHQWR
B UDGRV SODQHWDV LQWHUQRV \ FXiOHV H[WHUQRV \ FODVLItTXHQORV GH
DFXHUGR FRQ VX FRPSRVLFLyQ WHUUiTXHRV RMRYLDQRV 'HVFULEDQ ORVSURFHVRV GH IRUPDFLyQ GHO VXHOR \ ODV SULQFL
0HUFXULR 1HSWXQR 0DUWH 7LHUUD M~SLWHU 9HQXV 6 DWXUQR SDOHV FDXVDV GH OD GHVHUWLILFDFLyQ
U!%'''''''
U
/HDQ HO VLJXLHQWH WH[WR \UHVSRQGDQ D ODVSUHJXQWDV
/DSHVFD GH - D PHUOX]D HQ HOPDU$UJHQWLQR VHKD LQFUHPHQWD
U GR QRWRULDPHQWH HQ ORV ~OWLPRV Dx RV /DV WP GH
&RORTXHQ XQD ; HQ ODV UHVSXHVWDV FRUUHFWDV PHUOX]D FRP~Q GHFODUDGDV HQ VXSHUDURQ KROJDGDPHQ
U?
WH OD & DSWXUD 0i[LPD 3HUPLVLEOH HVWDEOHFLGD SRU - D DXWRULGDG
BB /D DWPyVIHUD HVWi FRPSXHVWD SRU SHVTXHUD VLWXDFLyQ TXH VH UHSLWLy HQ - RV ~OWLPRV Dx RV
D GH QLWUyJHQR GH +R\ HVWD HVSHFLH TXH HV GHJUDQ LPSRUWDQFLD SDUD - D DFWLYLGDG
R[tJHQR \ GH RWURV JDVHV ' SHVTXHUD KD VLGR GHFODUDGD HQ HVWDGR GH HPHUJHQFLD \ VH
E GH R[tJHQR GH KDQ LPSXHVWR VHYHUDV UHVWULFFLRQHV D VX FDSWXUD
QLWUyJHQR \ GH RWURV JDVHV 2 $VLPLVPR SXHGH GHFLUVH TXH KD\ LQGLFLRV GH XQ FLHUWR JUDGR
F GH R[tJHQR GH GH VREUHSHVFD HQ HVSHFLHV FRVWHUDV FRPR EHVXJR FRUYLQD
QLWUyJHQR \ GH RWURV JDVHV 2 UXELD \SHVFDGLOOD GHPHUVDOHV DXVWUDOHV FRPR OD PHUOX]D DXV
( Q - D WURSRVIHUD RFXUUHQ - RV VLJXLHQWHV IHQyPHQRV WUDO \ - D SRODFD \ FUXVWiFHRV FRPR OD FHQWROOD GH 7LHUUD GHO
U D OOXYLDV QHYDGDV \JUDQL]R 2 ) XHJR \ UHTXLHUH DWHQFLyQ HVSHFLDO OD PHUOX]D QHJUD
E DXURUDV ERUHDOHV R DXVWUDOHV 2
F WUDQVPLVLyQ GH RQGDV DJUDQGHV 'HDFXHUGR FRQ HO WH[WR ¢TXp WLSR GH PDQHMR VH UHDOL]D SDUD
GLVWDQFLDV ' OD H[SORWDFLyQ GH ORV UHFXUVRV SHVTXHURV HQ QXHVWUR SDtV"
&XUVRaaaaaaaaaa
B
& DStWXORV /RVVLVWHPDV PDWHULDOHV /D HQHUJtD /DVRQGDV
/RV PRYLPLHQWRV ā
7 HPDV VXJHULGRV 0DWHULD 6XVWDQFLDV VLPSOHV \FRUQSXHVWD&
0H]FODV (VWDGRV GH DJUHJDFLyQ GH OD PDWHULD 0pWHGRV SDUD
BB
VHSDUDFLyQ GH IDVHV )RUPDV \IXHQWHV GH HQHUJtD /H\GH
FRQVHUYDFLyQ GH OD HQHUJtD 2QGDV /X] 6RQLGR 0RYLPLHQWR
H UHFWLOtQHR FLUFXODU SHQGXODU H LUUHJXODU 6LVWHPD GH UHIHUHQFLDY
aBBBBBBBB B BB B BBB
B aB B B B BBBBB B B
B aā
& RORTXHQ MXQWR DFDGD Q~PHUR HO QRPEUH GH FDPELR & RORTXHQ DO ODGR GH FDGD WpUPLQR OD OHWUD GH OD GHIL B
GH HVWDGR \ OD GHILQLFLyQ FRUUHVSRQGLHQWHV QLFLyQ FRUUHVSRQGLHQWH D ODV FDUDFWHUtVWLFDV GHO PRYL
PLHQWRRQGXODWRULR
a, (VWDGRVR
OLGR£ a (VWDGR OtTXLGR a
L
a,(VWDGBRBJBDVHRVR£
D FDQWLGDG GH YLEUDFLRQHV TXH
WT a
RFXUUHQ HQ XQ VHJXQGR
E HQ HO PRYLPLHQWR GH XQD
DPSOLWXG
RQGD OD PD\RU GH ODV GLVWDQFLDV
& RPSOHWHQ
ODV VLJXLHQWHV RUDFLRQHV RVFLODFLyQ HQWUH HO PRYLPLHQWR GH HTXLOL
8QD PH]FOD GH DJXD \ DFHLWH VH VHSDUD D WUDYpV GHO R FLFOR EULR \ HO PRYLPLHQWR H[WUHPR
PpWRGR GH F HO WLHPSR HQ TXH WDUGD XQD
8QD PH]FOD GH DUHQD \ OLPDGXUD GH KLHUUR VH VHSDUD D IUHFXHQFLD RQGD HQ UHDOL]DU XQD RVFLODFLyQ
WUDYpV GHO PpWRGR GH G LU GH XQ H[WUHPR D RWUR GH OD
8QD PH]FOD GH DOFRKRO \ DUHQD VH VHSDUD D WUDYpV GHO SHUtRGR SRVLFLyQ GH HTXLOLEULR \ YROYHU DO
PpWRGR GH H[WUHPR LQLFLDO
/DXUD+DUEXUJXHU
$OHMDQGUD ) ORULR
& ODXGLD 3DSD\DQQLV
$GULiQ 0RQWHOHRQH
0DUWD & KHUQL]NL
$OLFLD 6 HIHULiQ
&RUUHFFLyQ ) HUQDQGR 3ODQDV
(GLFLyQ /LOLDQD 6DULIRUR 0DULVD'R %ULWR %DUURWH
'LUHFFLyQ GHO È UHD GH &LHQFLDV 1DWXUDOHV 3DEOR6 DORPyQ
'LUHFFLyQ GH $ UWH 3DXOD) HUQiQGH]
ā
. ( ,- HOXV]
QRUPD
# / RVHFRVLVWHPDV
L 5HODFLRQHV HQ OD VHOYD
& XULRF LHQFD
/ DV FDUDFWHUtV WLFDV GH ORV V HUHV YLYRV / RV HFRV LV WHPDV
¢6HUiQ VHUHV YLYRV" 6HQXWUHQ /RVVLVWHPDV %LRFHQRVLV ELRWRSR HFRVLVWHPD
6H UHODFLRQDQ FRQ HO DPELHQWH 6H UHSURGXFHQ \HYROXFLRQDQ (VWUXFWXUD \WLSR GH HFRVLVWHPDV
(VWiQ FRPSXHVWRVSRU FpOXODV ,QGLYLGXRHV SHFLH \ SREODF LyQ
/ DV FpOXODV ,QGLYLGXR (VSHFLH 3REODFLyQ a
/DWHRUtDFHOXODU &DUDFWHUtVWLFDV GH ODV FpOXODV 'LQiPLFDGH SREODFLRQHV5HODFLRQHV LQWUDHVSHFtILFDV a
'RV WLSRVEiVLFRV GH FpOXODV / DV F RPXQLGDGHV
& pOXOD DQLPDO\ FpOXODYHJHWDO &RPXQLGDGHV 1LFKR HFROyJLFR
/RVPRGHORVFHOXODUHV /D SDUHGFHOXODU XQDFXELHUWDUtJLGD 5HODFLRQHV LQWHUHVSHFtILFDV
'HQWUR GHO FLWRSODVPD 0DWHULD\ HFRV LV WHPDV
/ D QXWULF LyQF HOXODU 0DWHULD\HQHUJtD HQ ORV HFRVLVWHPDV
&pOXODV FRQ \VLQ FORURILOD &pOXODVFRQ\VLQ R[tJHQR &LFORGHOFDUERQR
,QWHUFDPELRV GH QXWULHQWHV \GHVHFKRVFHOXODUHV 5 HGHV \ FDGHQDV DOLPHQWDULDV
) XQFLRQHV FHOXODUHV GH UHSURGXF F LyQ\ UHODFLyQ (O FDPLQR GH OD HQHUJtD 3URGXFWRUHV FRQVXPLGRUHV
/D PXOWLSOLFDFLyQ FHOXODU \GHVFRPSRQHGRUHV
)XQFLyQ GH UHODFLyQ HQ ODVFpOXODV /D UHGGH ODYLGD U
1LYHOHV GH F RPSOHMLGDGF HOXODUGH ORV RUJDQLV PRV 'LYHUV LGDG GH DPELHQWHV
2UJDQLVPRV RUJDQL]DGRVHQ FRORQLDV 2UJDQLVPRV RUJDQL]DGRV (FRVLVWHPDV DFXiWLFRV a
HQWHMLGRV (FRVLVWHPDV WHUUHVWUHV
6HUHV FRQyUJDQRV HVSHFLDOL]DGRV 2UJDQLVPRV FRQ VLVWHPDV ( FRVLVWHPDV GH WUDQV LFLyQ \ELRGLYHUV LGDG
GH yUJDQRV +XPHGDOHV
( QSRFDV SDODEUDV 9 LDMH DO LQWHULRU GH ORV VHUHVYLYRV /D GLYHUVLGDG GHOD YLGD 8VR\FRQVHUYDFLyQ
$ FLHQFLD FLHUWD 'HVFXEUHQFpOXODV PDGUH HQ HO FHUHEUR ( QSRFDV SDODEUDV /RVHFRVLVWHPDV a
KXPDQR $ F LHQF LD F LHUWD (O \DJXDUHWpVHH[WLQJXH HQ HO SDtV \DVROR
/ DERUDWRULRGH F LHQF LDV ( [SHULHQF LDV 7 DOOHU /DV OHYDGXUDV TXHGDQ SRFRV HMHPSODUHV
XQLFHOXODUHV HXFDULRWDV /DERUDWRULR GH F LHQF LDV ( [SHULHQF LDV7DOOHU &RQVWUXFFLyQ
8V RGHOPLF URV F RS LR REVHUYDFLyQGH FpOXODV YLYDV GH LQYHUQDGHURV SDUD REVHUYDU HO FLFOR GHO FDUERQR
1RV SRQHPRV D SUXHED O
\
& XULRF LHQF LD/D GLYHUVLGDG GH OD YLGD & XULRF LHQF LD/RV ELRPDVDUJHQWLQRV \'DUZLQ
/ D FODVLILFDFLyQ GH ORV V HUHV YLYRV / RV ELRPDV
/RV FULWHULRV GH FODVLILFDFLyQ /DELRVIHUD
(O VLVWHPD GH FODVLILFDFLyQ ILORJHQpWLFR RQDWXUDO % LRPDV GH OD$ UJHQWLQD a
/RVWD[RQHV R FDWHJRUtDV /DVVHOYDV
/ DGLYHUV LGDGHQ FLQFRUHLQRV /RVERVTXHV
/RV UHLQRV 5HLQR 0RQHUDV R EDFWHULDV 5HLQR SURWLVWDV %LRPDV iULGRV I
5HLQRSODQWDV 5HLQR)XQJL X KRQJRV 5HLQRDQLPDO ( O KRPEUH\ ORV HFRV LV WHPDV QDWXUDOHV DUJHQWLQRV
'RV IRUPDV EiV LFDV GH QXWULF LyQ (O DPELHQWH KXPDQR /DDJULFXOWXUD \HO GHWHULRUR GHO VXHOR
$ XWyWURIRV\KHWHUyWURIRV /DIRWRVtQWHVLV SURGXFFLyQ GH
/D GHIRUHVWDFLyQ /DV FLXGDGHV
DOLPHQWR FHOXODU 3URGXFLURWURV QXWULHQWHV ELROyJLFRV
& RQV HUYDFLyQ \ iUHDV SURWHJLGDV a
/D GLJHVWLyQ FRQVHJXLU HO DOLPHQWR FHOXODU /DGLJHVWLyQ H[WHUQD
¢4Xp VLJQLILFDFRQVHUYDU" /DV iUHDV QDWXUDOHV SURWHJLGDV
/D GLJHVWLyQLQWHUQD
/DDGPLQLVWUDFLyQ GH SDUTXHV QDFLRQDOHV
/ DV SODQWDV \ V XV HV WUXF WXUDVGH QXWULF LyQ
( QSRFDV SDODEUDV /RVELRPDV DUJHQWLQRV
8QD SODQWD WLSR
$ F LHQF LDF LHUWD 3DUD ERDV PD\RUHV
$ GDSWDFLRQHV GH ODV SODQWDV DFXiWLFDV$GDSWDFLRQHVGH ODV
/ DERUDWRULRGH F LHQF LDV ( [SHULHQF LDV 7 DOOHU $ UPDGR
SODQWDV GH DPELHQWHV VHFRV
GH FOLPRJUDPDV
/ RV DQLPDOHV \ V XV IRUPDV GH F RPHU
1RV SRQHPRV D SUXHED
/RV PDPtIHURV\VXVLVWHPD GLJHVWLYR8QWXERH[WHQVR HQ ORV
KHUEtYRURV 8QWXER FRUWR HQ ORV FDUQtYRURV
0DPtIHURV GLHQWHV \DOLPHQWRV $YHVSLFRV\DOLPHQWRV
/ D QXWULF LyQGH ORV KRQJRV
'HVFRPSRQHGRUHV\SDUiVLWRV ¢&yPR VRQ ORV KRQJRV"
/RV KRQJRV\ODIHUPHQWDFLyQ /RVKRQJRV\OD PHGLFLQD
( Q SRFDV SDODEUDV /D QXWULFLyQGH ORVVHUHVYLYRV
$ F LHQF LDF LHUWD (O OLEUR GH OD YLGD
/ DERUDWRULRGH F LHQF LDV ( [SHULHQF LDV 7DOOHU 2EWHQFLyQ GH
SLJPHQWRV YHJHWDOHV
1RV SRQHPRV D SUXHED
D
OO
(/ 81,9( 5 6 2 < ā
£% /22T( /26 6 8%6 ,6 7( 0$6
aāaā a '( /$ 7,( 5 5 $
U
# /DV RQGDV
/DIXQFLyQ GH UHSURGXFFLyQ
6LVWHPDV UHODFLRQDGRV FRQ ODQXWULFLyQ
&XULRFLHQFLD /D OX] \HO VRQLGR YLDMDQ D WUDYpV GH RQGDV 6LVWHPD GLJHVWLYR
O / DVRQGDV &RODERUDGRUHV GH ODQXWULFLyQ
/RVIHQyPHQRV RQGXODWRULRV 6LVWHPD FLUFXODWRULR ¢&yPR FLUFXOD OD VDQJUH"
&DUDFWHUtVWLFDV GH ODV RQGDV &ODVLILFDFLyQ GH ODV RQGDV 6LVWHPD H[FUHWRU
(O VRQLGR ¢&yPR VHIRUPD OD RULQD" ¢6LHPSUH HO PLVPR WUDEDMR"
(O VRQLGR \HO PHGLR (O VRQLGR \OD WHPSHUDWXUD 62WUDV IXQFLRQHV \VXV VLVWHPDV
/DUHIOH[LyQ GHO VRQLGR 5XLGR\FRQWDPLQDFLyQ 6LVWHPD yVWHRDUWURPXVFXODU/RVKXHVRV /RV P~VFXORV
/ D OX] /DVDUWLFXODFLRQHV
/DVRQGDV OXPtQLFDV /D OX]\ ORV FXHUSRV 'LIXVLyQ \ 6LVWHPD QHUYLRVR 6LVWHPD HQGRFULQR
UHIOH[LyQ 6LVWHPD UHSURGXFWRU
/RVHVSHMRV / RVyUJDQRV VH[XDOHV 6LVWHPD UHSURGXFWRU PDVFXOLQR
/D UHIUDFFLyQ GH OD OX] /DVOHQWHV 6LVWHPD UHSURGXFWRU IHPHQLQR ª
U
?
/DGHVFRPSRVLFLyQ GH OD OX] /RV FRORUHV /DIHFXQGDFLyQ /DJHVWDFLyQ XQD SHOtFXOD FRQ QXHYH a
SDUWHV
(Q SRFDV SDODEUDV /DVRQGDV
$ FLHQFLDFLHUWD /DFRQWDPLQDFLyQ DF~VWLFD HQ HO PDU &UHFLPLHQWR \SXEHUWDG
FUHFLPLHQWR \GHVDUUROOR /DSXEHUWDG
-
FDXVD GH ORV YDUDPLHQWRV GH FHWiFHRV
/DERUDWRULR GHFLHQFLDV ([SHULHQFLDV7DOOHU /D OX] \VX /DGHIHQVD \HO VLVWHPD LQPXQH /RV IDJRFLWRV £¢&pOXODV B
FRPSRUWDPLHQWR DVHVLQDV" £¢&pOXODV FRODERUDGRUDV" U!
1RV SRQHPRVDSUXHED (Q SRFDV SDODEUDV (O FXHUSR KXPDQR \VXV IXQFLRQHV
$FLHQFLD FLHUWD /D GHVQXWULFLyQ GDxD HO VLVWHPD LQPXQH
# /RVPRYLPLHQWRV
U!
a /DERUDWRULR GH FLHQFLDV ([SHULHQFLDV7DOOHU ¢4Xp QXWULHQWHV
-
HQFXHQWUDQ HQ ORV DOLPHQWRV" ¢4Xp FRQWLHQH HO DLUH a
&XULRFLHQFLD /DItVLFD GH ORV PRYLPLHQWRV FRWLGLDQRV
HVSLUDGR"
O ¢4Xp HV HO PRYLPLHQWR"
(O HVWXGLR GHO PRYLPLHQWR /D SRVLFLyQ /RV VLVWHPDV 1RV SRQHPRV D SUXHED
GH UHIHUHQFLD
#/D VDOXG KXPDQD
?BB
0RYLPLHQWR UHODWLYR DO VLVWHPD GH UHIHUHQFLD /RVVLVWHPDV
GH FRRUGHQDGDV 2
7UD\HFWRULD \GLVWDQFLD &XULRFLHQFLD /RVYLUXV
&RQ WUD\HFWRULDV GLYHUVDV $OJXQDV WUD\HFWRULDV VLPSOHV / D VDOXG \ HOGHUHFKR DHOOD
\FRPXQHV 'HILQLFLyQ GH VDOXG
/DV GLVWDQFLDV UHFRUULGDV &iOFXORV GH OD GLVWDQFLD )DFWRUHV UHODFLRQDGRV FRQ FDUDFWHUtVWLFDV SHUVRQDOHV
)DFWRUHV UHODFLRQDGRV FRQ HO DJHQWH SDWyJHQR
/ D UDSLGH]\VXV FDPELRV
5HODFLyQ HQWUH GLVWDQFLD \WLHPSR 'LIHUHQFLD HQWUH UDSLGH] (O GHUHFKR D OD VDOXG
\YHORFLGDG /DVDOXG HQ OD $UJHQWLQD
/DDFHOHUDFLyQ
/ DVHQIHUPHGDGHV
¢&yPR VHFODVLILFDQ ODV HQIHUPHGDGHV"
(Q SRFDV SDODEUDV /RVPRYLPLHQWRV
¢&yPR SUHYHQLU ODV HQIHUPHGDGHV"
$ FLHQFLD
FLHUWD 'HVDFHOHUDU VDOYD YLGDV
/DYDFXQDFLyQ
/ DERUDWRULR GHFLHQFLDV ([SHULHQFLDV7DOOHU (O PRYLPLHQWR
1XWULFLyQ \VDOXG
SHQGXODU
1XWULHQWHV HQHUJpWLFRV KLGUDWRV GH FDUERQR\OtSLGRV
1RV SRQHPRVDSUXHED 1XWULHQWHV HVWUXFWXUDOHV SURWHtQDV
1XWULHQWHV UHJXODGRUHV YLWDPLQDV \PLQHUDOHV
(QIHUPHGDGHV UHODFLRQDGDV FRQ ODQXWULFLyQ
/DGHVQXWULFLyQ /DREHVLGDG
/DāDQRUH[LD /DEXOLPLD
?
&DXVDV\WUDWDPLHQWRV BB
(Q SRFDV SDODEUDV /DVDOXG \ORVIDFWRUHV TXH OD DIHFWDQ
$ FLHQFLD FLHUWD (O FiQFHU
/ DERUDWRULR GHFLHQFLDV ([SHULHQFLDV7DOOHU /RV QXWULHQWHV
GH OD OHFKH
1RV SRQHPRV D SUXHED
B
B
( V WHOLEURGH & LHQFLDV 1DWXUDOHV GHO 352*5$0$ OO& O- HOXV]3$5$ 3(16$5
( GXFDFLyQ 6 HFXQGDULD
HV XQSUR\HFWR TXH UHVSRQGHD ODV QHFHVLGDGHV GH DOXPQRV \ GRFHQWHVHQUHODFLyQ FRQ OD
DGRSFLyQ GHKDELOLGDGHVSDUD OD FRPSUHQVLyQ GHIHQyPHQRV QDWXUDOHV
/RVFRQWHQLGRVVHSUHVHQWDQHQ GREOHVSiJLQDVTXH
FRPLHQ]DQFRQ
- ?WQWRVaII
tE XQWtWXOR\XQFRSHWHTXHDQWLFLSDORVWHPDVGHOD GREOHSiJLQD
!Xy H (O JORVDULRVHUYLUiGHD\XGDSDUDFRQRFHUHO VLJQLILFDGRGHSDODEUDV
0i[LPD H[SUHVLyR GH GHWHULRQ
VXHP LRQHV !
GHVFRQRFLGDVHQSDUWLFXODU GHWpUPLQRV GLVFLSOLQDUHV QHFHVDULRV
SDUDHO DSUHQGL]DMHGHODVFLHQFLDVQDWXUDOHV
$ FWLYLGDGHVSDUDUHDOL]DUHQ FODVHRFRPRWDUHDTXHD\XGDQ D
FRPSUHQGHUORV FRQWHQLGRVGHFDGDGREOHSiJLQD
& XDQGR WHUPLQHQ ? &85 ,2&,( 1&,$
HV WH FDStWXOR SRGUiQ
5 HFRQRFHU ODVā FDUDFWHUtVWLFDV GH ORV / D YLGD D WUDYpV GHO PLF URV F RSLR
VHUHV YLYRV
'LIHUHQFLDUFpOXODV SURFDULRWDV \HaFaUaaDV $ QWRQLYDQ / HHXZHQKRHN IXH XQR GH ORV
B BB
'HV FXEULU GLIHUHQWHVIRUPDVGH QXWULFLyQFHOXODU
B
SULPHURV HQ GHVFXEULU HO PXQGR PDUDYLOORVRGH OD YLGDTXH
& RQRF HUORaaLaHtHVGH RUJDQL]DFLyQ GHODYOGD HVLQYLVLEOHD VLPSOHYLVWD (UD KRODQGpV \QR WHQtD HVWXGLRV
FLHQWtILFRVIRUPDOHV 6LQ HPEDUJR VX HQRUPH FXULRVLGDG OR
KL]RDXWRGLGDFWD OH\yWRGRV ORV OLEURVGH DVWURQRPtD FLHQFLDV
QDWXUDOHV PDWHPiWLFD \TXtPLFD TXH SXGR FRQVHJXLU &RPR
WUDEDMDED FRQ SDxRV PHMRUy ODV OXSDVTXH H[LVWtDQ SDUD SRGHU
REVHUYDU OD FDOLGDG GH ODVWHODV / XHJRIDEULFy XQDV SHTXHxDV
OHQWHV TXH DO VRVWHQHUODV PX\FHUFD GH ORVRMRVORJUDEDQ XQD
DPSOLDFLyQ GH KDVWD YHFHVGHO REMHWR TXH VRVWHQtD FRQ XQ
DOILOHU (VWHDXPHQWR HUD PXFKR PiV TXH OR TXH VHFRQVHJXtD
FRQ ORV PLFURVFRSLRV GH HVDpSRFD
&RQ VX LQYHQWR REVHUYyILEUDV PXVFXODUHV \GHPRVWUy FyPR
FLUFXODEDQ ORV JOyEXORV URMRV SRU ORVYDVRV FDSLODUHV
7DPELpQ REVHUYy HQ HO DJXD GHO HVWDQTXH HO
DJXD GH OOXYLD\HQ VX SURSLD VDOLYD D VHUHV
PLFURVFySLFRV TXH pO OODPy DQLPiOFXORV
\ KR\ OODPDPRV SURWR]RRV
$ GHPiV REVHUYDQGR HOVDUURGHVXV
GLHQWHV GHVFULELyODVSULPHUDV EDFWHULDV
\ODVGLYLGLy HQWUHVFODVHVEDFtORV
FRFRV\HVSLULORV
/ HHXZHQKRHN IXHXQR GH ORV
SLRQHURV HQ HO HVWXGLR GH
ODV FpOXODV\ORV RUJDQLVPRV
PLFURVFySLFRV
6 XGRNX F HOXODU
(O VXGRNXHV XQURPSHFDEH]DVFXDGULFXODGR/DVSLH]DV
GHHVWHURPSHFDEH]DVVRQFXDWUR HOHPHQWRVEiVOFyVGHODFpOXOia
HO Q~FOHRODVQLWRFRQGULDVOD PHPEUDQD FHOXODU\HOFLWRSODVPDBBB
(VWH URPSBHFBEBa/ HVWi IRUPDGR
SRU XQWDHUGLYLFLLG
HQ pXDGUtFXODV TXH D VX YH]VHGLYLGHQ HQ FDVLOOHURV
(O REMHWLYR HV OO SBDBU-RVFDVLOOHURVYDFtRVFRx
,2VHOHQËHa
aDH ODFptXOFLaPRGR TXH QR VHUHSLWaQ HQ 4LQXQD ILOD ā aaāāāāā
YHUWLFDO QL KRULaJQWD- U/GHQWURāGHQLQJX+DāFXāDDUtUX7D
B a
aZR
āā
!B ā!ā ā
£
ā ā a
¢6HUiQVHUHVYLYRV"
&XDOTXLHUDGH QRVRWURV HVFDSD]GHUHFRQRFHU TXH XQD PDULSRVD XQSLQR R
XQKRQJR GH VRPEUHUR VRQ VHUHVYLYRV\TXH ODV RODVGHOPDU \XQDURFDQR OR
VRQ 3HUR ¢TXp SHQVDUtDPRVVLQRV HQFRQWUiUDPRV FRQ DOJR SDUHFLGRDORTXH
VHPXHVWUD HQODV LPiJHQHV ODWHUDOHV"
1R VLHPSUH HV IiFLO GHFLGLU D VLPSOH YLVWD VL FLHUWRV REMHWRV VRQ R QR VHUHV
YLYRVRSDUWHV GH DOJXQR GHHOORV / RTXHVHYHHQODSULPHUD LPDJHQ SDUHFHXQD
SHORWD \ VLODSDWHDPRV GHVSUHQGH XQDQXEH GH SROYR / RGHOD VHJXQGD IRWR VH
DVHPHMD DODVSLHGUDV FRQRFLGDVFRP~QPHQWH FRPRFDQWRV URGDGR < ORTXHKD\
HQOD WHUFHUDSDUHFHHOIUXWR GHXQD SODQWD RHOFHUHEURGHDOJ~Q DQLPDO$SHVDU
GHSDUHFHU REMHWRV HQ ORVWUHV FDVRV HVWDPRVIUHQWH D VHUHVYLYRV (OSULPHUR HV
XQKRQJR SROYHUDHO VHJXQGR XQFRQMXQWR GH OtWKRSV RFDFWXVSLHGUD \HOWHU
FHURHVWiIRUPDGRSRUPLOHVGHPLQ~VFXORVDQLPDOHVHQFHUUDGRVHQVXV FXELHUWDV
GHSURWHFFLyQ TXH HQFRQMXQWR IRUPDQ XQFRUDOFHUHEUR
¢4XpGLVWLQJXH DODVFRVDVYLaDVGHODV TXH QR WLHQHQ YLGDQL QXQFD OD WXYLH
URQ" 1R KD\ XQD ~QLFD SDUWLFXODULGDG TXH HVWDEOH]FD HVWD OtQHD GLYLVRULD VLQR
TXH KD\ XQD VHULH GH FDUDFWHUtVWLFDV \ IXQFLRQHV TXH VH OLVWDQ D FRQWLQXDFLyQ
TXH VLVHGDQ HQ FRQMXQWR GLVWLQJXHQ DORVVHUHVYLYRVGHORVREMHWRV RGH ORV
FRPSRQHQWHV GHOHQWRUQR FRPR XQDQXEH RXQDURFD
6HQXWUHQ
&XDQGRXQOHyQ VHDOLPHQWD GH XQD 7RGRV ORV VHUHVYLYRV QHFHVLWDQ PDWHULDOHV QXWULHQWHV \ HQHUJtD SDUD SRGHU
U!
JDFHOD ORV PDWHULDOHVTXHFRQIRUPDEDQ PDQWHQHUVHFRQYLGD FUHFHU\UHSURGXFLUVH/ DFDSDFLGDGGHREWHQHU ODPDWHULD\
OD JDFHODSDVDQ DIRUPDUSDUWHGHO FXHUSR ODHQHUJtDVHGHQRPLQDQXWULFLyQ (VWHSURFHVRLPSOLFDXQLQWHUFDPELRGH\FRQ
GHOOHyQ HVGHFLU TXH VRQDVLPLODGRV HODPELHQWHTXHURGHDDO VHUYLYR SRUHVRVHGLFHTXHORVVHUHVYLYRVVRQ VLVWHPDV
&RQHVRVPDWHULDOHVVH FRQVWUX\HQODV DELHUWRV HVGHFLU TXH GHMDQ HQWUDU \ VDOLUVXVWDQFLDV TXH XWLOL]DQ \ GHVHFKDQ \
FpOXODV TXHHO OHyQ QHFHVLWD SDUDFUHFHU WDPELpQ UHFLEHQ FDORU \ROX]\SLHUGHQ KDFLDHOHQWRUQR HO H[FHVRGHFDORU
R SDUDFXUDUXQD KHULGD $GLIHUHQFLD GH RWURV VLVWHPDV TXH WDPELpQ LQWHUFDPELDQ PDWHULD \HQHUJtD
FRQ HO HQWRUQR SRU HMHPSOR XQDPRWRFLFOHWD TXHUHFLEH FRPEXVWLEOH \ DOIXQ
FLRQDU OLEHUDKXPR\FDORURXQDQXEH TXH VH IRUPDDSDUWLU GHYDSRU GHDJXD
OLEHUD FDORU VHFRQGHQVD \ OXHJR SUHFLSLWD ORVVLVWHPDV YLYRVVRQ FDSDFHV GH
WUDQVIRUPDU ORV PDWHULDOHV TXH LQFRUSRUDQ FRQ ODQXWULFLyQ HQ PDWHULDOHVSUR
SLRV (VD FDUDFWHUtVWLFD SURSLD GHOD YLGD VH GHQRPLQD DVLPLODFLyQ
3RUHMHPSOR FDGDXQRGHORVSHTXHxRV SyOLSRVTXHFRQIRUPDQ HOFRUDOFHUHEUR
QR VRORVHDXWRPDQWLHQHQ FRQ OD QXWULFLyQ VLQR TXH DVLPLODQ FLHUWRVPLQHUDOHV
SDUD FUHDUODHVWUXFWXUD FDOFiUHDGHO FRUDO TXH ORVSURWHJHGHVXV SUHGDGRUHV
$ GDSWDFLyQ
6 H UHODFLRQDQ FRQ HO DPELHQWH
8QJDWRSHUVLJXHDWHQWRHOYXHOR GHXQDPRVFDFRQ HOIUtRXQODJDUWR EXVFD
R ,1) 2
3HVHDTXHODUHSURGXFFLyQSURGXFHLQGLYLGXRVVHPHMDQWHVDVXVSDGUHV OXHJRGH
PXFKDVJHQHUDFLRQHVORVGHVFHQGLHQWHVSXHGHQVHUPX\GLIHUHQWHVDVXVDQWHFHVRUHV
(VDVGLIHUHQFLDVKDFHQTXHFRQVWLWX\DQXQDQXHYDHVSHFLH( OSURFHVRSRUHOFXDOQXH
YDVHVSHFLHVVHRULJLQDQGHRWUDVDQWHFHVRUDVVHGHQRPLQD HYROXFLyQ ELROyJLFD
6 H OODPDQ DGDSWDFLRQHV DODVFDUDFWHUtVWLFDV TXHORVRUJDQLVPRV SRVHHQ\OHV
SHUPLWHQVREUHYLYLUHQODVFRQGLFLRQHV GHODPELHQWH TXHKDELWDQ3RUHMHPSOR (O PDPXWHV
XQDQWHFHVRU
XQDDGDSWDFLyQ PX\ HYLGHQWH HVODGHODVSODQWDV OtWKRSV TXH DOWHQHU IRUPD GH GHORV
SLHGUDV QR VRQ GLVWLQJXLGDV QLGLJHULGDVSRU ORVDQLPDOHV GHODUHJLyQ GHVpUWLFD HOHIDQWHV
GHOÈ IULFDHQGRQGH FUHFHQ ,1)2 DFWXDOHV
TXHKDELWy
OD7LHUUD
( V WiQFRPSXHV WRV SRUFpOXODV KDFHPiVGH
DxRV
2WUD FDUDFWHUtVWLFD SURSLD GHORV VHUHVYLYRV HVVXHVWUXFWXUD LQWHUQDFRP~Q
6H FRQRFHQ PLOORQHV GH HVSHFLHVGLIHUHQWHV DOJXQDV VRQ RUJDQLVPRV LQYLVLEOHV
D VLPSOH YLVWD \ RWUDV VHUHVWDQ HQRUPHV FRPR ODVEDOOHQDV \ ORV GLQRVDXULRV
6LQHPEDUJR WRGRV SRVHHQ XQD HVWUXFWXUD LQWHUQDFRQIRUPDGD SRU XQDRPiV
XQLGDGHV EiVLFDPHQWH VLPLODUHVODVFpOXODV
-?
+,6 725 ,$ '(
/ DV F pOXODV
/$ &,( 1&,$ (O PLFURVFRSLR SHUPLWLy HQWHQGHU TXH WRGRVORVRUJDQLVPRV
HVWiQ IRUPDGRV SRU FpOXODV &DGD XQD GH HOODV HV XQD XQLGDG
/ DYLGDEDMR GH HVWUXFWXUD FRQ FRQVWDQWHV FDPELRV HQ VXLQWHULRU \DTXH
HOPLFURVFRSLR LQFRUSRUD DOLPHQWR HODERUD GLIHUHQWHV VXVWDQFLDV HOLPLQD
GHVHFKRV \WDPELpQSXHGHUHSURGXFLUVH
$ OUHGHGRUGH
DODVWUyQRPR
LWDOLDQR*DOtOHR
*DOtOHt VH /D WHRUtD FHOXODU a
OHRFXUULy
UHDMXVWDU ODV (QHOERWiQLFR HVFRFpV0DWKLDV6FKOHLGHQSURSXVR TXHFDGDFpOXODYHJH
OHQWHV GH VX WDOVHGHVDUUROODEDFRPRXQDXQLGDG LQGHSHQGLHQWH DXQTXH IRUPDUDSDUWHGHXQD
WHOHVFRSLR SODQWD / XHJRGHOHHUORVWUDEDMRV GHVXFROHJD6FKOHLGHQ HOLQYHVWLJDGRU DOHPiQ
SDUDSRGHU 7KHRGRU 6FKZDQQSURSXVRTXHORPLVPRRFXUUtDHQORVDQLPDOHV$Vt VHOOHJyDOD
REVHUYDUODVFRVDV FRQFOXVLyQ GHTXHWDQWR ORVDQLPDOHVFRPRODVSODQWDV HVWiQIRUPDGRVSRUFpOXODV U
WL
3URFDULRWD
( XFDULRWD
,1) 2
'RVWLSRV EiVLFRV GH FpOXODV
/ RVFLHQWtILFRVSLHQVDQ TXHWRGRVORVRUJDQLVPRVYLYRVTXHKDELWDQ \KDELWDURQ / DF LWRORJtD\ HO PLF URF RSLR
OD7LHUUDVHRULJLQDURQDSDUWLUGHXQDFpOXODSULPLWLYDVLPSOHTXHVXUJLyKDFHXQRV HOHF WUyQLF R
PLOORQHVGHDxRV(VWDFpOXODSULPLWLYDVHPXOWLSOLFyHQPXFKDVRWUDVVLPLOD /D FRQVWUXFFLyQ GH PLFURVFRSLRV FRQ
UHVSHURHQDOJ~QPRPHQWR XQ JUXSRGHHVDVFpOXODVDQFHVWUDOHVHYROXFLRQDURQ \ PD\RU FDSDFLGDG GH DXPHQWR HO XVR
GLHURQ RULJHQDRWUDVPiVFRPSOHMDVFRQGLYHUVDVHVWUXFWXUDVLQWHUQDV ORFXDOOHV GHO PLFUyWRPR XQLQVWUXPHQWR TXH
UHVXOWyYHQWDMRVRSDUDVXEVLVWLUHQODVGLYHUVDVFRQGLFLRQHVDPELHQWDOHVTXHIXHURQ SHUPLWH UHDOL]DUFRUWHV XOWUDGHOJDGRV \HO
DSDUHFLHQGR KDVWD ODDFWXDOLGDG 3RUORWDQWR KR\ H[LVWHQ FpOXODVTXH FRQVHUYDQ GHVDUUROOR GH WpFQLFDV SDUD WHxLU ORVWHMLGRV
ODVFDUDFWHUtVWLFDVGHDTXHOODVSULPLWLYDV FpOXODVVLPSOHVGHQRPLQDGDV SUHFDULR YLYRV ORJUDURQ HO DYDQFH GH OD FLWRORJtD OD
WDV\FpOXODVPiVFRPSOHMDVTXHVHFRQRFHQ FRPR HXFDULRWDV ,1)2 UDPD GH OD FLHQFLDTXH HVWXGLD ODVFpOXODV
5HFLpQFRQ OD LQYHQFLyQ GH PLFURVFRSLR
/ DV FpOXODV SURF DULRWDV SUR DQWHV FDULDQ Q~FOHR QR SRVHHQ XQ HOHFWUyQLFR VH SXGLHURQ REVHUYDU ODV
Q~FOHR RUJDQL]DGR HO PDWHULDO JHQpWLFR VH HQFXHQWUD OLEUH HQ HO FLWRSODVPD FpOXODVFRQ PiVGHWDOOH \D TXH SHUPLWH
DUUROODGR PX\ FRPSDFWR HQXQFURPRVRPD FLUFXODU(QHOFLWRSODVPD WDPELpQ REWHQHU LPiJHQHV GH PiV GH PLOOyQGH
KD\ ULERVRPDV XQDV HVWUXFWXUDV TXH LQWHUYLHQHQ HQ ODSURGXFFLyQ GH ODVSUR YHFHVHO WDPDxR GH OR TXH VHREVHUYD
WHtQDV TXH VRQ VXVWDQFLDV LQGLVSHQVDEOHV SDUDODYLGD GHWRGDV FpOXODV$ GHPiV
SUHVHQWDQ XQDSDUHG FHOXODUTXH URGHD H[WHUQDPHQWH ODPHPEUDQD SODVPiWLFD
\FX\DIXQFLyQ HVGDUULJLGH]\VRVWpQ 7RGDVODVEDFWHULDV DFWXDOHV VRQ RUJDQLV
PRVSURFDULRWDV XQLFHOXODUHV
6HJ~Q ODV IRUPDV EiVLFDV TXH
SXHGHQ REVHUYDUVH FRQ XQ
PLFURVFRSLR ySWLFR FRQ PiV (O PLFURVFRSLR
GH DXPHQWRV GH VX ~QLFD HOHFWUyQLFR
FpOXOD VH ODV DJUXSD HQ &RFRV SHUPLWLy
B
%DFLORV 9 LEULRV (VSLULORV GLIHUHQFLDU
ODVFpOXODV
HXFDULRWD GH
ODV SURFDULRWDV
SRUTXH
SURSRUFLRQy
LPiJHQHV GH OD
HVWUXFWXUD GHO
Q~FOHR \ GH ODV
RUJDQHODV
SURFDUORWD
a
ā aaa
W a a
U
ā I
U?
GH OD FpOXOD HQWUHHO Q~FOHR \ OD PHPEUDQDFHOXODU (Q pO VH HQFXHQWUDQODV & LWRHV TXHOHWR
VLJXLHQWHV HVWUXFWXUDV FHOXODUHV\RUJDQHODV (O HVTXHOHWRFHOXODURFLWRHVTXHOHWRHV
XQDUHGGHILODPHQWRVRPLFURILEULOODV
/ RVULERVRPDVVRQ HVWUXFWXUDV GRQGH VHSURGXFHQODVVXVWDQFLDV GHQRPL VREUHOD TXHVHDSR\DQ\TXHGDQ
QDGDV SURWHtQDV 1R HVWiQ HQYXHOWRV SRU PHPEUDQD 3XHGHQ HVWDU OLEUHVHQ HO LQWHUFRQHFWDGDVODVRUJDQHODVTXHVH
FLWRSODVPD RIRUPDGR SDUWH GHOUHWtFXOR HQGRSODVPi HQFXHQWUD VXPHUJLGRHQHO FLWRSODVPD
WLFRUXJRVR 5(5 6H SXHGHFRPSDUDUFRQXQDQGDPLRR
FRQMXQWRGHHVWDQWHUtDVTXHFDPELDQWRGR
/ RV FORURSODVWRV FRQWLHQHQ HPEROVDGDV ODV HO WLHPSR\DTXHVHUHRUJDQL]DVHJ~QORV
VXVWDQFLDV FRORUHDGDV R SLJPHQWRV TXH FDSWDQ OD PRYLPLHQWRVFHOXODUHVLQWHUQRV\SHUPLWH
OX] FRPR OD FORURILOD TXH HV GH FRORU YHUGH (VWRV TXH OD FpOXODPDQWHQJD RFDPELHVX
SLJPHQWRV SHUPLWHQTXHVHSURGX]FD ODIRWRVtQWHVLV IÏUPD (V LPSRUWDQWHHQODVFpOXODVGH
SURFHVR SRU HOFXDO DSDUWLU GHODHQHUJtD OXPLQRVD PRGHORDQLPDOTXH QRWLHQH XQDSDUHG
FDSWDGD HOJDVGLy[LGRGHFDUERQR TXHOOHJDGHODLUH TXH PDQWHQJD VXIRUPD&XDQGR OD FpOXOD
\ HODJXD TXH FRQWLHQHQODVFpOXODV VHWUDQVIRUPDQ VHUHSURGXFHHO FLWRHVTXHOHWRLQWHUYLHQH
HQJOXFRVDXQD]~FDUTXHHVHODOLPHQWRFHOXODU1R HQHO UHSDUWRGHORVFRPSRQHQWHV
WRGDV ODVFpOXODVGHODVSODQWDV WLHQHQFORURSODVWRV 0LFURIRWR GHFORURSODVWR FHOXODUHVD ODVFpOXODVKLMDV
U!
/ DVPLWRFRQGULDV VRQ EROVDVHQ IRUPD GHSODQWLOOD
GH]DSDWR HQ FX\RLQWHULRUVHGLVWLQJXHQVXEGLYLVLRQHV
(QHOODVVHFDSWD HOJDVR[tJHQR \VHSURGXFH ODHQHUJtD
TXHXWLOL]DODFpOXODSDUDYLYLUHVGHFLUTXHVRQODVRUJD
QHODV HVSHFLDOL]DGDVHQ ODUHVSLUDFLyQFHOXODU ,1)2
ª
BB
/ D QXWULF LyQF HOXODU
/DV OHYDGXUDV
VRQ KRQJRV &RPR WRGR VHUYLYRODV FpOXODVVH QXWUHQ HVGHFLU TXH
XQLFHOXODUHV LQWHUFDPELDQ PDWHULD \HQHUJtD FRQ HOHQWRUQR (VR OHVSHUPLWH
\ VRQ
KHWHUyWURIDV PDQWHQHUVH FUHFHU \ HQ PXFKRV FDVRV UHSURGXFLUVH 3HUR QR
WRGDV ODV FpOXODV VH QXWUHQ GH OD PLVPD IRUPD SRUTXH QR WRGDV
UHTXLHUHQ ORVPLVPRV QXWULHQWHV 'HDFXHUGR FRQ VXVIRUPDV GH
QXWULFLyQ ODV FpOXODV VHFODVLILFDQHQ GRV JUDQGHV JUXSRV
ODVDXWyWURIDV \ ODV KHWHUyWURIDV
VRQ RUJDQLVPRV
DXWyWURIRV
3ODQWD &ODQREDFWHULD
/D ILVLyQELQDULD (V HO PHFDQLVPRXVXDO GH PXOWLSOLFDFLyQ GH ODV FpOXODV
SURFDULRWDV / DGXSOLFDFLyQ GHOD FpOXODYDSUHFHGLGDSRUXQD UpSOLFDRFRSLDGHO
~QLFR FURPRVRPD EDFWHULDQR /XHJR FDGD XQD GH ODV FRSLDV GHO FURPRVRPD
VHSHJDDXQD SDUWH GLIHUHQWH GHOD PHPEUDQD FHOXODU $ Vt FXDGR FRPLHQ]D OD
GLYLVLyQ R ILVLyQGH ODEDFWHULD HOFURPRVRPD RULJLQDO VHVHSDUD GH VX GXSOL
FDGR / DVHSDUDFLyQ WRWDO GHO FtWRSODVPD VH GHQRPLQD FLWRFLQHVLV\ GD FRPR
UHVXOWDGR GRV FpOXODV KLMDV
& URPRVRPDEDFWHULDQRFLUFXODU
0LWRVLV
3yOLSR
Q
Q
U
6HUHVFRQ yUJDQRV HVSHFLDOL]DGRV
U!
8Q QLYHO GH RUJDQL]DFLyQ FHOXODU VXSHULRU DO WLVXODU DSDUHFH FXDQGR YDULRV
WHMLGRV GLIHUHQWHV HVWiQ DVRFLDGRV\ HQ FRQMXQWR UHDOL]DQ XQD PLVPD IXQFLyQ ( O V LV WHPD KLGUiXOLF RGH ODV
(QHVHFDVRODHVWUXFWXUD GHP~OWLSOHV FpOXODVVHGHQRPLQD yUJDQR &XDQGR HO HV WUHOODV GH PDU
WHMLGR HSLWHOLDO HOPXVFXODU \ HOQHUYLRVR HVWiQ DVRFLDGRV IRUPDQGR XQD EROVD /DV HVWUHOODVGH PDU\VXVSDULHQWHVORV
FDSD]GHWHQHU PRYLPLHQWRV \GHJHQHUDU MXJRVGLJHVWLYRV FRQIRUPDQ XQyUJD HUL]RVGHPDUVRQRUJDQLVPRVFRPSOHMRV
QR GHQRPLQDGR HVWyPDJR FRQVLVWHPDVGHyUJDQRVHQWUHORVFXDOHV
+D\JUXSRV GH VHUHVYLYRV FX\R FXHUSR HVWiLQWHJUDGR SRU XQRV SRFRV yUJD VHHQFXHQWUD HO VLVWHPDDPEXODFUDO(VWH
QRV LQFOXVLYH SXHGH VHUTXH VHHQFXHQWUHQ DLVODGRV(VWHHVHOFDVRGHORVJXVD IXQFLRQDFRPR XQVLVWHPDKLGUiXOLFR\D
QRV SODQRV FRPR ODVSODQDULDV RWHQLDV TXHHVWiIRUPDGRSRUXQDVHULHGHFDQDOHV
LQWHUQRVOOHQRVGHDJXD\FRPXQLFDGRV
FRQHO PHGLRDFXiWLFR (VWRVFDQDOHV
WHUPLQDQHQXQRVWXERV PiVILQRVR SLHV
TXHDFW~DQ FRPRYHQWRVDV
(O VLVWHPDDPEXODFUDOOHV SHUPLWH
GHVSOD]DUVH\HIHFWXDUPRYLPLHQWRV
?
SRWHQWHV FRPRDEULUXQDRVWUDFRQ
PX\SRFRJDVWRGHHQHUJtDPXVFXODU
$OOtWDPELpQVHSURGXFHHOā LQWHUFDPELR
JDVHRVRGHOD UHVSLUDFLyQOD HOLPLQDFLyQ
GHGHVHFKRV$ GHPiVFRQFHQWUD OD PD\RU
7DOORFRQWHMLGR FDQWLGDGGHFpOXODVVHQVRULDtHVGHOD
GHFRQGXFFLyQ HVWUHOODGHPDU
5Dt]FRQSHORV
DEVRUEHQWHV
5 HV SRQGDQDODV VLJXLHQWHVSUHJXQWDV
D¢4XpVRQORVFHQRELRV"'HQ XQ
HMHPSOR
E% XV TXHQHMHPSORVGHWHMLGRVDQLPDOHV
\YHJHWDOHV
āā
/ DV EDFWHULDV VRQ PX\
YDULDGDV \ VHGLVWULEX\HQ
HQ WRGRV ORV DPELHQWHV
3XHGHQ VHU GH YLGD OLEUH
RSDUiVLWDV HLQFOXVLYH ODV
KD\ GHQWUR GH ORV FXHUSRV
GH ORVVHUHV YLYRV$ OJXQDV
VXHOHQ SURGXFLU
HQIHUPHGDGHV
QHXURQD
SDQ VRQ
RUJDQLVPRV
XQLFHOXODUHV
'HVFXEUHQF pOXODVPDGUH
HQHOFHUHEURKXPDQR
(O KDOOD]JRDEUHODVSXHUWDVD OD SRVLELOLGDG
GHUHHPSOD]DUQHXURQDVGDx DGDV
+DVWD KDFH SRFR VH SHQVDED TXH HO FHUHEUR QR SRGtD
SURGXFLU QHXURQDV QXHYDV TXH QDFtDPRV FRQ XQD
FDQWLGDG GH FpOXODV QHUYLRVDV \TXH D PHGLGD TXH
FUHFtDPRV FRQ HO
GHVDUUROOR \ OD PDGXUH] ODV tEDPRV
SHUGLHQGR LUUHPHGLDEOHPHQWH 6LQ HPEDUJR HO 'U - RVp
0DQXHO *DUFtD 9 HUGXJR \VX HTXLSR GHVFXEULHURQ FpOXODV
PDGUH HQ HO FHUHEUR
8QD FpOXOD PDGUH HV XQD FpOXOD HVFDVDPHQWH
HVSHFLDOL]DGD SHUR TXH SXHGH JHQHUDU RWUR WLSR GH FpOXOD
\ PDQWHQHUVH HQ HO RUJDQLVPR R HQ XQD FDMD GH FXOWLYR GH
IRUPD LQGHILQLGD \D TXH DO GLYLGLUVH VLHPSUH IRUPD XQD
FpOXOD LGpQWLFD D HOOD\RWUD GLIHUHQFLDGD
(Q ORVDGXOWRV VH FRQRFHQ DOUHGHGRU GH WLSRV GH
FpOXODV PDGUH TXH UHJHQHUDQ WHMLGRV HQ FRQWLQXR
GHVJDVWH FRPR OD SLHO R ELHQ GDxDGRV FRPR ORVGHO
KtJDGR / DV PiV FRQRFLGDV \HPSOHDGDV HQ PHGLFLQD VRQ
ODV GH PpGXOD yVHD TXH VH GLIHUHQFLDQ HQ ORVGLVWLQWRV
WLSRV GH FRPSRQHQWHV FHOXODUHV GH OD VDQJUH JOyEXORV
URMRV EODQFRV \ SODTXHWDV
(O
GHVFXEULPLHQWR GH FpOXODV PDGUH QHXURQDOHV DEUH OD
5 HSURGXFFLyQ
FHOXODU SRVLELOLGDG GH UHFXSHUDU ]RQDV GHO FHUHEUR GDxDGDV
0LaRVLV 6LQ HUQEDUTR HO 'U *DUFtD9 HUGXJR KD VHxDODGR TXa
&XDQGR VH GHVJUDFLDGDPHQWH HVWDV FpOXODV QR SXHGHQ SURGXFLUā
OHVLRQD XQ WRGRV ORV WLSRV GH ODV QHXURQDV GHO FHUHEUR DV@TXH
WHMLGR ODV WRGDYtD HVWDPRV OHMRVGH UHFXSHUDU HQIHUPRV FRQ PDOHV
FpOXODV VH GHJHQHUDWLYRV FRPR HO $ O]KHLPHU SHUR QRV EDLODPRV HQ
UHSURGXFHQ
DXPHQWDQGR FDPLQR
VX Q~PHUR
DWUDYpV GH
ODGLYLVLyQ
FHOXODU
R PLWRVLV
$ GDSWDGR GH
HQWUHYLVWD DO 6XEUD\HQ ODV SDODEUDV GHVFRQRFLGDV \
'U *DUFtD E~VTXHQ VX VLJQLILFDGR HQ HO GLFFLRQDULR
9 HUGXJR
&pOXODV ,GHQWLILTXHQ ODV LGHDV SULQFLSDOHV
PDGUH ODV GHO WH[WR \ UHVSRQGDQ D ODV VLJXLHQWHV
QHXURQDV VH SUHJXQWDV
UHFXSHUDQ D ¢(Q TXp WLSRV FHOXODUHV VH GLIHUHQFLDQ
&RPXQLGDG ODV FpOXODV PDGUH GH OD PpGXOD yVHD"
6PDUW SDUD OD E ¢&XiO HV OD LPSRUWDQFLD GHO
79 (VSDxROD GHVFXEULPLHQWR UHDOL]DGR"
LM
a
a
ā ( [SHULPHQWR £
ODVOHYDGXUDVXQLFHOXODUHVHXFDULRWDV M
2EMHWLYR
3RU PHGLR GH HVWD H[SHULHQFLD YDQ D LQYHVWLJDU VL ODV OHYDGXUDV VRQ R QR
RUJDQLVPRV YLYRV /D LGHD FHQWUDO HV REVHUYDU VL ODVOHYDGXUDV OLEHUDQ DOJ~Q
WLSR GH JDVHV 6L HIHFWLYDPHQWH OLEHUDQ GLy[LGR GH FDUERQR SRGUHPRV
SHQVDU TXH UHDOL]DQ UHVSLUDFLyQ FHOXODU \ TXH SRU OR WDQWR VRQ VHUHV YLYRV
0DWHULDOHV \ SURFHGLPLHQWR
'RV (UOHQPH\HUV DJXD WLELD D]~FDU OHYDGXUD HQ SDQ \GRV JORERV
(Q XQR GH ORV(UOHQPH\HU FRORTXHQ DJXD WLELD KDVWD OD PLWDG OD OHYDGXUD
HO D]~FDU \ PH]FOHQ / XHJR ILMHQHO SLFR GHO JORER DO GHO HUOHQPH\HU
(Q HO RWUR (UOHQPH\HU SRQJDQ DJXD WLELD KDVWD OD PLWDG OD OHYDGXUD \
PH]FOHQ 7DPELpQ FRORTXHQ HO JORER HQ HO SLFR U!
'HMHQ SDVDU DOJXQRV PLQXWRV
&RQFOXVLRQHV
$O WHUPLQDU OD H[SHULHQFLD UHDOLFHQ ORV GLEXMRV GH ORVGRV (UOHQPH\HUV
¢&yPR TXHGy HO JORER HQ DPERV FDVRV"
¢(Q FXiO GH ORV(UOHQPH\HU ODV OHYDGXUDV SXGLHURQ UHVSLUDU" ¢3RU TXp"
$O KDFHU SDQ ¢SDUD TXH VH XVD OD OHYDGXUD" 5HODFLRQDUOR FRQ OD OLEHUDFLyQ
GH GLy[LGR GH FDUERQR
Ë
ā( [SHULPHQWR
O
L
8VRGHO PLFURFRSLRREVHUYDFLyQ GHFpOXODVYLYDV
LO
2EMHWLYR
$ SDUWLU GHO XVR GHO PLFURVFRSLR FRQ HVWD H[SHULHQFLD YDQ D SRGHU REVHUYDU
TXH ODV OHYDGXUDV VRQ RUJDQLVPRV XQLFHOXODUHV \TXH FRPR VRQ VHUHV YLYRV
VH UHSURGXFHQ $ GHPiV PHGLDQWH HO PLFURVFRSLR YDQ D SRGHU DYHULJXDU
VL OD HORGHD SODQWD DFXiWLFD FRP~Q TXH VHFRPSUD HQ XQ DFXDULR HV XQ
RUJDQLVPR SOXULFHOXODU\HXFDULRWD YHJHWDO
0DWHULDOHV \ SURFHGLPLHQWR
0LFURVFRSLR ySWLFR HO SUHSDUDGR GH OHYDGXUD DQWHULRU XQD HORGHD DJXD
SRUWDREMHWRV \FXEUHREMHWRV
7RPHQ FRQ XQ JRWHUR XQD JRWD GH OD PH]FOD GHO SUHSDUDGR GH OHYDGXUDV
TXH WLHQH D]~FDU &ROyTXHQOR VREUH XQ SRUWDREMHWRV \WDSHQ FRQ HO
FXEUHREMHWRV 2EVHUYHQ HO SUHSDUDGR PHGLDQWH HO PLFURVFRSLR ySWLFR
&RUWHQ XQ SHGDFLWR GH HORGHD FROyTXHQOD VREUH HO SRUWDREMHWRV
DJUpJXHQOH XQD JRWLWD GH DJXD \F~EUDQOD FRQ HO FXEUHREMHWRV 2EVpUYHQOD
SRU PHGLR GHO PLFURVFRSLR ySWLFR
&RQFOXVLRQHV
5HDOLFHQORV GLEXMRV GH OR TXH REVHUYDURQ ¢3XGLHURQ YLVXDOL]DUORV
FORURSODVWRV HQ OD FpOXOD HXFDULRWD YHJHWDO" ¢&XiO HVVXIXQFLyQ"
,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV R (O VLJXLHQWH WH[WR TXH WUDWD DFHUFD GH ORV QLYHOHVGH
IDOVDV)\H[SOLTXHQ HQVXVFDUSHWDV ORV PRWLYRV GH FDGD FDVR RUJDQL]DFLyQ TXH SRVHHQ ORVVHUHV YLYRVWLHQH HUURUHV
D (O QLYHO GH RUJDQL]DFLyQ PiV VLPSOH OR FRQVWLWX\HQ ODV 'HVFXEUDQ ORVFRQFHSWRV HTXLYRFDGRV \FRUUtMDQORV
SODQWDV /DV FpOXODV WLHQHQ IRUPDV LJXDOHV TXH VH UHODFLRQDQ FRQ OD
E /RV RUJDQLVPRV XQLFHOXODUHV HVWiQ IRUPDGRV SRU XQD ~QLFD IXQFLyQ TXH FXPSOHQ ( Q ORVRUJDQLVPRV XQLFHOXODUHV ODV
FpOXOD FpOXODVVHPHMDQWHV HQWUH VtIRUPDQ SDUWH GHDOJ~Q WHMLGR
F /D FpOXOD HXFDULRWD DQLPDO SRVHH SDUHG FHOXODU\YDFXRODV & DGD WHMLGR WLHQH DOJXQD HVSHFLDOLGDG $GHPiV YDULRV
JUDQGHV WHMLGRV SXHGHQ DVRFLDUVH \ IRUPDU VLVWHPDV GH yUJDQRV
G (Q OD PLWRVLV ORVFURPRVRPDV VHGXSOLFDQ FDSDFHVGHFXPSOLU XQD IXQFLyQ HVSHFtILFD 3RUHMHPSOR
H 'XUDQWH OD PLWRVLV VHIRUPDQ GRV FpOXODV GLIHUHQWHV GH OD HOFRUD]yQ ERPEHD VDQJUH
RULJLQDO
I /DVFpOXODV SURFDULRWD FRUQR ODV EDFWHULDV VRQ FpOXODV 6 ,QYHVWLJXHQ TXp DSRUWHV KLFLHURQ VREUH OD FpOXOD ORV
VHQFLOODV\DQWHFHVRUDV GH ODVFpOXODV HXFDULRWD FLHQWtILFRV :DWVRQ \&ULFN
(QFXHQWUHQ HQ OD VRSD GH OHWUDV HO QRPEUH GH 6HxDOHQ ODV GLIHUHQFLDV \VHPHMDQ]DV HQWUH
FRPSRQHQWHV GH ODV FpOXODV HXFDULRWDV D /DV PLWRFRQGULDV \ ORVFORURSODVWRV
E /DV FpOXODV SURFDULRWD \ ODVFpOXODV HXFDULRWD
aāā F (O UHWtFXOR HQGRSODVPiWLFR UXJRVR \HO UHWtFXOR
/ V R V R 0 $ $ 5 9 5
HQGRSODVPiWLFR OLVR
S $ UL a ,' H ( / BX ,/ $ G /D QXWULFLyQ HQ ODVFpOXODV DXWyWURIDV \HQ ODV
U5
OOOO& ā
7 X 1 a H
/ E ( R H % KHWHUyWURIDV
$£ S R $ R V 4 / / X R ¢&XiOHV VRQ ORV WUHV FRPSRQHQWHV EiVLFRV GH OD FpOXOD"
R 5 / X 0 5 ( 7 . ( R V D ( [SOLTXHQ FDGD XQR GH HOORV
E ( QXPHUHQ FXiOHV VRQ ODVRUJDQHODV TXH VHKDOODQ HQ OD
% + H X R V R 0 X ,/ R
FpOXOD DQLPDO \FXiOHV VRQ SURSLDV GH OD FpOXOD YHTHWDO
U R
III
7L $ / 5 % S $ $ 0
B@ /
# $ 7 9 / \ S / $ $ &RPSOHWHQ ODVVLJXLHQWHV RUDFLRQHV
7RGRV ORV VHUHV YLYRVFRPSDUWHQ ODV PLVPDV FDUDFWHUtVWLFDV
+ V 5 ( $ (O / OI 5 ( \
a
V V VH
DPELHQWH VH
VH
\
FRQ HO
U! 5 f X S S / S (
aa /RVRUJDQLVPRV ? FRPR ODV
U! $ 7 ,$ % ( 7 / ) . 0 V 7
a
\ODV
0 7 R H a R 1 ' 5 $ $ HVWiQ FRQIRUPDGRV SRU XQD ~QLFD FpOXOD
U /RV VRQ DTXHOORV VHUHV YLYRVFDSDFHV
D 'LEXMHQ HQVXV FDUSHWDV ORVVLJXLHQWHV HVTXHPDV GH OD FpOXOD GH IDEULFDU
DQLPDO \YHJHWDO VX SURSLR DOLPHQWR D WUDYpV GH XQ SURFHVR OODPDGR
5LERVRPD
0LWRFRQGULD
Q E 8ELTXHQ ODV HVWUXFWXUDV HQFRQWUDGDV HQ OD VRSD GH OHWUDV HQ
Q ORVHVTXHPDV TXH UHDOL]DURQ 9 DFXRODV
F ( V FULEDQ HQ VXVFDUSHWDV FXiO HVODIXQFLyQ TXH UHDOL]DQ HVDV
HVWUXFWXUDV GHQWUR GH ODVFpOXODV 5LERVRPDV
& XDQGRWHUPLQHQ
aVWa apO3ËOMORSRGaaQ
& RQRFHU GLIHUHQWHVIRUPDV GH QXWULFLyQā āā
(O WpUPLQR ELRGLYHUVLGDG VH HPSH]y D XWLOL]DU HQ \
āāāāāZā5 HFRQRFHUāORVUHLQRV HQ- RVTZa a Jāa/
UHPLWH D OD FDQWLGDG GH IRUPDV GH YLGD DQLPDOHV YHJHWDOHV
FODVOx FDQMFV RUJDULLa
(!a
\ GH WRGR WLSR TXH KDELWDQ HQ XQ OXJDU (Q VX VHQWLGR PiV
DPSOLR ELRGLYHUVLGDG VH UHILHUH DO WRWDO GH VHUHV YLYRVTXH
KDELWD VREUH OD 7LHUUD
/ RV LQYHVWLJDGRUHV FRQVLGHUDQ TXH GHQWUR GHO FRQFHSWR GH
ELRGLYHUVLGDG WDPELpQ GHEHQ FRQVLGHUDUVH ODVGLIHUHQFLDV
TXH WLHQHQ ORVLQGLYLGXRV GH FDGD HVSHFLH HQWUH Vt ¢6H
LPDJLQDQ TXp JUDQ WUDEDMR HV HVWXGLDU OD ELRGLYHUVLGDG
GHO PXQGR" /D WDUHD QR HV QDGD IiFLO\D TXH DGHPiV GH
FRQWDU WRGRV ORV WLSRV GLVWLQWRV GH DQLPDOHV LQFOX\pQGRQRV
D QRVRWURV ORVKXPDQRV SODQWDV KRQJRV SURWLVWDV DOJDV
\ SURWR]RRV \ PRQHUDV EDFWHULDV TXH KD\ HQ QXHVWUR
SODQHWD KD\ TXH VXPDUOHV ODVGLIHUHQFLDV TXH WLHQH FDGD
LQGLYLGXR 6LQ FRQWDU FRQ GDWRV SUHFLVRV
VREUH HO Q~PHUR GH HVSHFLHV TXH
KDELWDQ HO SODQHWD \D TXH VH
GHVFXEUHQ QXHYDV HVSHFLHV
SHUPDQHQWHPHQWH VH
HVWLPD TXH HO JUXSR GH ORV
LQYHUWHEUDGRV FRPSXHVWR
SRU LQVHFWRV DUDxDV
JXVDQRV HWFpWHUD HV
HO TXH DSRUWD PD\RU
FDQWLGDG GH HVSHFLHV
D OD EL
2GLYHUVLGDG
PXQGLDO (O
GH ODVIRUPDV GH YLGD
WHUUHVWUHV IRUPD SDUWH GH
HVWH JUXSR
B B B
ā
a / DF ODV LILF DF LyQGH ORV V HUHV YLYRV
2YtSDURV
O
a
( O V LV WHPD GH FODV LILFDFLyQILORJHQpWLF RR QDWXUDO
(VWDEOHFHUODILORJHQLDGHORVVHUHVYLYRVHVFRQRFHUVXRULJHQHKLVWRULDHQUHODFLyQ (O QRPEUH GHFDGDHVSHFLH
FRQVXVSUHGHFHVRUHVRDQFHVWURV FRPXQHV / DWD[RQRPtDHVODUDPDGHOD%LRORJtD (Q ,QJODWHUUDGRJ HQ )UDQFLDFKLHQ HQ
TXHLGHQWLILFDDORVVHUHVYLYRVOHVGDQRPEUH\ORVRUJDQL]DHQFDWHJRUtDV\ GHVGH 3RUWXJDO FLLR \HQ$ UJHQWLQDSHUUR(Q
KDFHWLHPSRWDPELpQ HVWDEOHFHODVUHODFLRQHVGHSDUHQWHVFRTXHKD\HQWUHODVHVSH GLVWLQWDV SDUWHVGHOPXQGR ORVVHUHVYLYR"
FLHVFRQRFLGDV / DWD[RQRPtD VHRFXSDGHOVLVWHPD GHFODVLILFDFLyQ ILORJHQpWLFR R WLHQHQGLIHUHQWHVQRPEUHV7DPELpQ
QDWXUDOGHORVVHUHVYLYRV(VWHVLVWHPDVHSXHGHUHSUHVHQWDUPHGLDQWHXQiUEROHQ FRQXQPLVPRQRPEUHVHSXHGH OODPDU
FX\DVXQLRQHVHQWUHODVUDPDV\FRQHOWURQFRHVWDUtDQORVDQFHVWURVFRPXQHV DHVSHFLHVGLIHUHQWHVVHJ~QHO OXJDU3DUD
UHVROYHUHVWRVSUREOHPDVORV FLHQWtILFRV
/ RV WD[RQHV R FDWHJRUtDV QRPEUDQD ODVHVSHFLHVGHDFXHUGRFRQ
XQVLVWHPDTXH QRDGPLWHFRQIXVLRQHV
&DGD FDWHJRUtDGHO VLVWHPD GHFODVLILFDFLyQ QDWXUDO VHGHQRPLQDWD[yQ (VWH 8 PpGLFR\QDWXUDOLVWDVXHFROODPDGR
VLVWHPD HVMHUiUTXLFR ORV JUDQGHV WD[RQHV LQFOX\HQ RWURV PiV SHTXHxRV RUJD &DUOYRQ/ LQQp GHVDUUROOy
QL]DGRV WHQLHQGR HQFXHQWD GLIHUHQWHV FDUDFWHUtVWLFDV (OPHQRU WD[yQ RXQLGDG HO VLVWHPD ELQRPLDO GRVQRPEUHVSDUD
GHFODVLILFDFLyQ HVODHVSHFLH 8QD HVSHFLHHVXQWLSR SDUWLFXODU GHVHUYLYRXQ QRPEUDUFDGDHVSHFLH(VWH QRPEUH
JUXSR GHLQGLYLGXRV VHPHMDQWHV HQ FXDQWR DVXVFDUDFWHUtVWLFDV TXH HQODQDWX FLHQWtILFRHVWiFRPSXHVWR GHGRVSDODEUDV
UDOH]D VH UHSURGXFHQ HQWUH Vt\ HQ OD FXDO WRGRV ORVLQWHJUDQWHV GHVFLHQGHQ GH TXH SURYLHQHQGHOODWtQOD SULPHUD
SUHGHFHVRUHV UHFLHQWHV HQ FRP~Q FRUUHVSRQGHDO JpQHUR\VHHVFULEHFRQ
(O iUERO GH OD YLGD
/ DVHVSHFLHVFRQXQDQFHVWURFHU PD\~VFXOD\OD VHJXQGD FDUDFWHUL]DD
FDQRRPX\HPSDUHQWDGDVVHDJUX OD HVSHFLH\YDFRQ
SDQ HQ XQWD[yQ VXSHULRUGHQRPL PLQ~VFXOD'HHVWD
QDGR JpQHUR $Vt HQ HVWH VLVWHPD IRUPD\DQRKD\
GH FODVLILFDFLyQ ORV PLVPRV RUJD FRQIXVLRQHV
QLVPRVQR SXHGHQ SHUWHQHFHUDGRV HQFXDOTXLHU
HVSHFLHV GLIHUHQWHV QL QXQFD XQD SDtVFXDQGR
PLVPD HVSHFLH SHUWHQHFHUi D GRV VHKDEOD
JpQHURVGLVWLQWRV'HOPLVPRPRGR GH & DQQLV
ORVJpQHURVVHPHMDQWHV\PiVHPSD IDPLOLDUHV VH
UHQWDGRV VH UH~QHQ HQ FDWHJRUtDV KDFHUHIHUHQFLD
PD\RUHV TXH VH OODPDQ IDPLOLDV D OD HVSHFLHGH
(VWaVVHDJUXSDQHQyUGHQHV \ DVX ORV SHUURV
YH] ORV yUGHQHV HQ FODVHV(O FRQ
MXQWR GH FODVHV VH OODPD GLYLVLyQ
HQ ODFODVLILFDFLyQGHODVSODQWDV R
ILORHQODGHORVDQLPDOHV/ RVILORV & DUO YHQ /LQQp
RGLYLVLRQHVVRQODVJUDQGHVVXEGLYL
VLRQHVGHORVUHLQRV
/RV SULQFLSDOHV WD[RQHV
SXHGHQ HVWDUGLYLGLGRVHQ
VXEWD[RQHV SRU HMHPSOR
OD FDWHJRUtD 6 XEILOXP
9HUWHEUDWD R9 HUWHEUDGRV
XQLFHOXODUHV R SOXULFHOXODUHV VL VXV FpOXODV WLHQHQ R QR HO Q~FOHR RUJDQL]DGR
/ RV5 HLQRV VLVRQ HXFDULRWDV RSURFDULRWDV TXp WLSR GH QXWULFLyQ WLHQH VL HV DXWyWURIR R
DWUDYpV GHO WLHPSR KHWHUyWURIR\GHTXpPDQHUD GLJLHUHVXDOLPHQWR 'HDFXHUGR FRQORVUHVXOWDGRV UU
I
āa
B B
5 HLQR 3ODQWDV
/ DVSODQWDV VRQ RUJDQLVPRV GHFpOXODVHXFDULRWD 7RGDVVRQSOXULFHOXODUHV / D 6HFXR\D
FDUDFWHUtVWLFD GLVWLQWLYD GHVXVFpOXODVHVTXH VHHQFXHQWUDQ UHFXELHUWDV SRU XQD
U SDUHG GH FHOXORVD $ VLPLVPR HQ WRGDV ODVSODQWDV KD\ FpOXODV TXH DOPDFHQDQ
YDFD\ODVOLEpOXODV
a
a
aā!
'RV IRUPDVEiVLFDV GH QXWULFLyQ
2WUR FULWHULR SDUD FODVLILFDUDORVVHUHV YLYRVHV GLYLGLUORV VHJ~Q
OD FDSDFLGDG GH SURGXFLU SRU HOORVPLVPRV ORVQXWULHQWHV
ELROyJLFRV RGH FRQVHJXLUORV DOLPHQWiQGRVH GH RWURV VHUHV
%XVTXHQ HQXQDHQFLFORSHGLDHMHPSORV YLYRV$Vt ORVVHUHV YLYRVVHDJUXSDQ HQ GRV FODVHVORV
GHOtSLGRVJUDVDVRDFHLWHVSURWHtQDV\
DXWyWURIRV \ORVKHWHUyWURIRV UHVSHFWLYDPHQWH
D]~FDUHVHQDQLPDOHV\HQSODQWDVTXHQR
KD\DQVLGRPHQFLRQDGRVHQHO WH[WR
$ XWyWURIRV \ KHWHUyWURIRV
0XFKDVEDFWHULDV ODVDOJDVGHQWURGHORVSURWLVWDV\WDPELpQODVSODQWDVVRQRUJD a
QtVPRVDXWyWURIRV SRUTXHSRVHHQFORURILOD\ DSDUWLUGHHOODSURGXFHQVXVSURSLRV
QXWULHQWHVELROyJLFRVRDOLPHQWRFHOXODUFRQODVVXVWDQFLDVTXHWRPDQGHOPHGLR
(QFDPELRPXFKDV HVSHFLHVGHEDFWHULDVORVSURWR]RRV GHQWUR GHORVSURWLV
WDVORVKRQJRV \ORVDQLPDOHV VRQKHWHUyWURIRVSRUTXH REWLHQHQORVPDWHULDOHV
ELROyJLFRV RQXWULHQWHVTXHXWLOL]DQ HQVXFUHFLPLHQWR PDQWHQLPLHQWR\UHSUR
GXFFLyQ GHRWURV VHUHVYLYRV
/ D GLJHV WLyQF RQV HJXLU HO DOLPHQWRFHOXODU L1',& $& ,21( 6
/ DVSDUWHVGHRWURVVHUHVYLYRVTXHORVKHWHUyWURIRVFRQVXPHQ UHFLEHQHOQRPEUH
a JHQHUDOGHDOLPHQWRVRFRPLGDV / DGLJHVWLyQ HVHOSURFHVRSRUHOFXDOORVVHUHV 5HOHDQ OD SiJLQD GHO FDStWXOR \
KHWHUyWURIRV GHVDUPDQ ORVDOLPHQWRV RFRPLGDV\VHSDUDQGHHOORVORVQXWULHQWHV HQFXHQWUHQ RWUDV IRUPDV GH QXWULFLyQ
ELROyJLFRVTXHOXHJRSRGUiQ DVLPLODU\DVtXWLOL]DUORVHQODQXWULFLyQ GHVXVSURSLDV FHOXODU
U FpOXODVORTXHOHVSHUPLWLUiPDQWHQHUVH FUHFHU\KDVWDUHSURGXFLUVH
0XFKRV PDWHULDOHV ELROyJLFRV TXH FRPSRQHQ ORV DOLPHQWRV R FRPLGDV VRQ
VXVWDQFLDVFRPSOHMDVGHJUDQWDPDxRTXHQRDWUDYLHVDQODVPHPEUDQDVGHODVFpOXODV
(QORVXQLFHOXODUHV SURWLVWDV FRPR ODVDPHEDV TXH QR WLHQH SDUHG FHOXODU &DYLGDG EXFDO
ODGLJHVWLyQ VHUHDOL]DSRU IDJRFLWRFLV 2WURVSURWLVWDV FRPR ORVSDUDPHFLRV TXH
VRQ UtJLGRV SRUTXH WLHQHQ SDUHG FHOXODU SUHVHQWDQ HVWUXFWXUDV FHOXODUHV HVSH
FLDOL]DGDVODERFDFHOXODURFLWRVWRPD \ODIDULQJHFHOXODURFLWRIDULQJHSRUODV
ª FXDOHVLQJUHVDQ ORVDOLPHQWRV DOLQWHULRU GHVXRUJDQLVPR XQLFHOXODU
/ D GLJHV WLyQH[WHUQD
/ RVKRQJRV \ODVEDFWHULDV KHWHUyWURIDV QR WLHQHQ FpOXODVFRQ ODFDSDFLGDG GH
KDFHUIDJRFLWRVLV\DTXHQR SXHGHQ KXQGLUVH QL IRUPDUYDFXRODVGLJHVWLYDVSXHV
VXSDUHG FHOXODUHVUtJLGD(VWRVRUJDQLVPRV VHJUHJDQHQ]LPDV GLJHVWLYDVKDFLD HO 3DUDPHFLR
PHGLR H[WHUQR VREUHODVSDUWHVGHVHUHVYLYRVTXHOHVVLUYHQGHDOLPHQWR 3XHGHQ
B HVWDUVREUHRGHQWUR GHODOLPHQWR TXHGLJLHUHQSRUHMHPSOR XQD IUXWDXQ WURQFR
RXQ KXHVR FRQFDUQH$PHGLGD TXH ORVPDWHULDOHVELROyJLFRVVHGHVFRPSRQHQ
ORVDEVRUEHQ ORVDVLPLODQ\DVt FUHFHQ\VHUHSURGXFHQ 3RUHVRVHGLFHTXHHVWH
WLSR GHVHUHVYLYRVSRVHHGLJHVWLyQH[WHUQD\QXWULFLyQSRUDEVRUFLyQ
/ D GLJHV WLyQLQWHUQD
/ RV DQLPDOHV SRVHHQ FDYLGDGHV X yUJDQRV
KXHFRV GRQGH YXHOFDQ MXJRV FRQ HQ]LPDV
U! GLJHVWLYDV $Vt OD GLJHVWLy Q VHUHDOL]D HQ HO
U LQWHULRU GHOFXHUSR \SRU HVRVH GLFHTXH
HVLQWHUQD(O SULPHU SDVR GH HVWD GLJHV
U WLyQHVODLQJHVWLyQ GHODFRPLGD 0XFKRV
DQLPDOHV SRU PHGLR GH HVWH SURFHVR GH
LQJHVWLyQ\ GLJHVWLyQ SURYRFDQ ODURWXUD /R TXH FRP~QPHQWH OODPDPRV
GHORVDOLPHQWRV HQ WUR]RV FDGDYH]PiV SRGUHGXPEUH HV HO UHVXOWDGR GH
OD GLJHVWLyQ H[WHUQD GH KRQJRV \
U! SHTXHxRV 'H HVWH PRGR ORV MXJRV
EDFWHULDV
FRQHQ]LPDV OOHJDQ\DFW~DQ VREUH
ODPD\RU FDQWLGDG GHSHGDFLWRV
U! SRVLEOHV \ DVtORVDOLPHQWRV
U! VH VHSDUDQ \ VLPSOLILFDQ
HQXQD EXHQD FDQWLGDG
ā\YDULHGDG GHQXWULHQ
UU WHVELROyJLFRV
¢&XiO HV OD IXQFLyQ GH OD IRWRVtQWHVLV"
$ GDSWDFLRQHV GH ODVSODQWDVDORVDPELHQWHVVHFRV
/aV SODQWDV TXHYLYHQHQ DPELHQWHVVHFRVFRPRORVGHVLHUWRV\ HVWHSDVVH
GHQRPLQDQ [HUyILWDV 3DUDVXEVLVWLUHQ HVWRVOXJDUHVSUHVHQWDQ DGDSWDFLRQHV
U GHVXVyUJDQRVTXHVRQHVWUXFWXUDVHVSHFLDOL]DGDV HQ $ HUpQTXLPD
U FRQVHJXLURFRQVHUYDUHODJXD
&DFWXV
/ RVDQLPDOHV \VXVIRUPDV GH FRPHU
F)2- 3DUDOD PD\RUtDGH ORVDQLPDOHVFRQVHJXLU DOLPHQWR HVVX
SULQFLSDODFWLYLGDG(Q VX HYROXFLyQODVHVSHFLHVGH DQLPDOHV
$ YHV\PDPtIHURV VHJ~Q VXGLHWD GHVDUUROODURQ GLVWLQWDV HVWUXFWXUDV TXH OHVSHUPLWHQ DSURYHFKDU
(V FRP~Q FODVLILFDUD ODV DYHV \D ORV
ORVQXWULHQWHV GH ORTXH KD\SDUD FRPHU HQ VX DPELHQWH / RV
PDPtIHURV SRU HO WLSR GH DOLPHQWR TXH
FRQVXPHQ (Q JHQHUDO VH KDEOD GH DQLPDOHV PiVPRGHUQRV \FRPSOHMRVVRQODVDYHV\ORVPDPtIHURV
KHUEtYRURV FXDQGR FRQVXPHQ SODQWDV R
SDUWHV GH HOODVDXQTXH QR VHDQ KLHUEDV
7DPELpQ VHDSOLFD HVD GHQRPLQDFLyQ D / RV PDPtIHURV \ VXVLVWHPD GLJHVWLYR
ODV HVSHFLHV DFXiWLFDV FRQVXPLGRUDV GH
RUJDQLVPRV IRWRVLQWpWLFRV DXQTXH VH
(OVLVWHPD GLJHVWLYR GHORVPDPtIHURVHVWiIRUPDGR SRUGLHQWHV ERFD HVyID
JR HVWyPDJR KtJDGR LQWHVWLQR SiQFUHDV \UHFWR / D GLJHVWLyQ FRPLHQ]D HQ OD
WUDWH GH DOJDV 'HQWUR GH ORVKHUEtYRURV ERFDGRQGH ORVGLHQWHV WULWXUDQ HO DOLPHQWR TXHVHPH]FOD FRQOD VDOLYDDQWHV GH
VXHOHQ GLVWLQJXLUVH ORV IUXJtYRURV \ ORV WUDJDU(QHO HVWyPDJR HO DOLPHQWR VHPH]FODFRQORVMXJRVIRUPDQGR XQD SDVWD
JUDQtYRURV DQLPDOHV TXH FRQVXPHQ IUXWRV EODQGD TXH SDVDGHVSXpV DO LQWHVWLQR GRQGH VHOHDxDGHQ ODELOLV GHO KtJDGR \
\VHPLOODV UHVSHFWLYDPHQWH ORV MXJRVGHOSiQFUHDV / D DFFLyQ GHHVWRVMXJRVHVGHVFRPSRQHU ORV DOLPHQWRV
8Q VHJXQGR \ H[WHQVR JUXSR VRQ ORV \ SHUPLWLU TXH ODV VXVWDQFLDV QXWULWLYDV TXH FRQWLHQHQ VHDQ DEVRUELGDV SRU OD
FDUQtYRURV DQLPDOHV TXH VH DOLPHQWDQ VDQJUH HQ ODVSDUHGHV GHO LQWHVWLQR (O PDWHULDO GH GHVHFKR VH DFXPXOD HQ HO
GH KHUEtYRURV R GH RWURV FDUQtYRURV UHFWR \VDOHGHO FXHUSR SRU HO DQR
'HQWUR GH HVWH JUXSR VHGLVWLQJXHQ
ORV LQVHFWtYRURV /RV TXH FRPHQ
WDQWR DXWyWURIRV FRPR KHWHUyWURIRV VH 8QWXER H[WHQVR HQ ORVKHUEtYRURV
GHQRPLQDQ RPQtYRURV (QJHQHUDO ORV KHUEtYRURV WLHQHQ XQ WXER GLJHVWLYR ODUJR \ JUDQGH \D TXH
GHEHQ FRPHU XQD FDQWLGDG FRQVLGHUDEOH GH SODQWDV SDUD VREUHYLYLU/ DFHOXORVD
TXH FRQIRUPD ODVSODQWDV HQ JHQHUDO QR SXHGH VHUGLJHULGDSRU ORVPDPtIHURV a
VLQ HPEDUJR ORV KHUEtYRURV SRVHHQ EDFWHULDV \ SURWR]RRV VLPELRQWHV HQ HO a
*/26 $5 ,2 LQWHULRU GH VXWXER GLJHVWLYR TXH OD GHJUDGDQ (QORVHOHIDQWHV FHEUDV FRQHMRV
OLHEUHV \ PXFKRV UHGRUHV HO FLHJR HV XQD SRUFLyQ ODWHUDO ELHQ GHVDUUROODGD
6,0%,217( GHO WXER GLJHVWLYR GRQGH VHGHJUDGD ODFHOXORVD SRU DFFLyQ GH ODVEDFWHULDV (Q U
&DGD XQR GH ORVRUJDQLVPRV TXH LQWHJUDQ HOFDVR GHORV UXPLDQWHV FRPRODVMLUDIDVFDEUDVYDFDV FLHUYRV\RYHMDV WLHQHQ BB
XQD UHODFLyQ GH VLPELRVLV HV GHFLU TXH VH XQHQRUPH HVWyPDJR FRQFXDWUR FiPDUDV&XDQGR XQUXPLDQWH FRPH ODKLHUED
EHQHILFLDQ DO YLYLU FRQ RWURV 3RU HMHPSOR SDVDDOHVyIDJRKDVWD ODSDQ]D GRQGH HVGHVFRPSXHVWD SRUEDFWHULDV\VHIRUPDQ B
DO GHJUDGDU OD FHOXORVD SRUTXH GH HOOD SHTXHxDVERODVGHDOLPHQ
REWLHQHQ VX DOLPHQWR ORVSURWR]RRV VH WR (Q ORV PRPHQWRV GH
EHQHILFLDQ DO LJXDO TXH ORV KHUEtYRURV TXH WUDQTXLOLGDG HOUXPLDQWH a
ORV DORMDQ UHJXUJLWD HVWDV SHORWDV D
OD ERFD GyQGH ODV PDVFD
SDUD WULWXUDU OD ILEUD
&DUQtYRURV
2PQtYRURV
a
0DPtIHURV GLHQWHV \ DOLPHQWRV ,1) 2
/ RVGLHQWHV GLIHUHQWHV VRQ XQD FDUDFWHUtVWLFD GH ORV PDPtIHURV DXQTXH QR 7LJUHV GLHQWHV GH V DEOH \ RWURV
WRGRV ORVDGXOWRV ORV SUHVHQWDQ &RQ H[FHSFLyQ GH ODVEDOOHQDV TXH ORVWLHQHQ FRQ F ROPLOORV
WRGRVLJXDOHV HO UHVWR GHODVHVSHFLHVWLHQHQ FXDWURWLSRV GHGLHQWHV ORV LQFLVLYRV 8Q FROPLOORHVXQGLHQWHH[WUHPDGDPHQWH
VRQ XWLOL]DGRV SDUD PRUGHU FRUWDU \ URHUORV FDQLQRV SDUD FDSWXUDU SHUIRUDU \ ODUJRTXHVREUHVDOHFXDQGR OD ERFDHVWi
GHVJDUUDU \ORV SUHPRODUHV \PRODUHVSDUDWULWXUDU / DGHQWDGXUD GHFDGDJUXSR FHUUDGD (Q JHQHUDOVHVDEHTXHVRQ
GH DQLPDOHVHVWiPRGLILFDGD HQUHODFLyQ DVXGLHWD\VXIRUPDGHFRQVHJXLUHODOL XWLOL]DGRVFRPR KHUUDPLHQWDV GHGHIHQVD
PHQWR 3RUHMHPSOR ORVRPQtYRURVFRPRHO FKLPSDQFp \HOVHUKXPDQR SUHVHQ 3RUHMHPSORHQORV HOHIDQWHVDIULFDQRV
WDQ ORVFXDWURWLSRVGHGLHQWHV ORFXDOHVYHQWDMRVRSDUDPDVWLFDUXQDGLHWDYDULDGD ORVFROPLOORVVRQGRVODUJRV LQFLVLYRV
VXSHULRUHV TXHOH VLUYHQ SDUD GHUULEDU
iUEROHV DUUDQFDU DUEXVWRV \ FDYDU SDUD
REWHQHU DJXD 2WURVPDPtIHURVYLYLHQWHV
FRQFROPLOORVVRQORV KLSRSyWDPRV ORV
MDEDOtHV\ ODV PRUVDV
ORV RPQtYRURV FRPR ORV (Q ORVURHGRUHV FRPR OD $ OJXQRV KHUEtYRURV FRUQR OD
VHUHV KXPDQRV \ ORVPRQRV YL]FDFKD ORVLQFLVLYRV VRQ OODPD QR WLHQHQ FDQLQRV \
SUHVHQWDQ ORVFDQLQRV TXH JUDQGHV HQ IRUPD GHFLQFHO VXHOHQ SUHVHQWDU XQ HVSDFLR ā
VHJ~Q OD HVSHFLH HVWiQ PiV R FUHFHQ FRQWLQXDPHQWH \ JUDQGH HQWUH ORVLQFLVLYRV
PHQRV GHVDUUROODGRV 7LHQHQ GXUDQWH WRGD VXYLGD HVWR \ ORVPRODUHV / RV ~OWLPRV
PRODUHV TXH VRQ DSWRV SDUD FRPSHQVD HO GHVJDVWH SUHVHQWDQ FUHVWDV SDUD
PDVWLFDU GLIHUHQWHV WLSRV GH GHELGR DO XVR 1R WLHQHQ WULWXUDU PHMRU HOSDVWR
DOLPHQWRV FDQLQRV
$O VHUODUJR \ $O VHU FyQLFR 6L HVXQ /D PDQGtEXOD (O SXQWLDJXGR
OLYLDQRHO SLFR OHV HV LGHDO SDUD SLFRJUXHVR VXSHULRU JDQFKXGD HV LGHDO SDUD
SHUPLWH DOFDQ]DU FRPHU IUXWRV \IXHUWH IDFLOLWDTXH SXHGDQ HVFDUEDU
ORVIUXWRVGH ORV \ VHPLOODV OHV SHUPLWH DJDUUDUVHGH ODV UDPDV WURQFRV HQ
U! H[WUHPRV GH ODV URPSHU \OHVSHUPLWH DEULU EXVFD GH
U UDPDV VHPLOODV VHPLOODV \IUXWRV LQVHFWRV
¢4XpJUXSRVGHPDPtIHURVSRVHHQ
HO WXER GLJHVWLYRODUJR"¢&RQTXpVH
UHODFLRQDHVWDDGDSWDFLyQ"
¢4XpWLSRV GHGLHQWHVSRVHHQORV
PDPtIHURVFDUQtYRURV"¢< ORV KHUEtYRURV"
U! (O SLFR DQFKR &RQ XQ SLFR / D PDQGtEXOD &RQ XQ 8Q SLFR GHOJDGR
\ DSODQDGR SODQR \ ODUJR VXSHULRU HQ SLFR ODUJR \ FRPR XQD
WDPELpQ SXHGHQ EDUUHU IRUPD GH SXQWLDJXGR ODQ]D HV LGHDO ¢&yPRVHUHODFLRQDOD IRUPDGHOSLFR
OHV SHUPLWH HO DJXD \ JDQFKR KDFH SXHGHQ H[DPLQDU SDUD SLQFKDU FRQOD GLHWDGHODV DYHV"
U! DWUDSDU DWUDSDU DQLPDOHV TXa SXHGDQ OD DUHQD HQ EXVFD SHFHV UDQDV \
U LQVHFWRV DFXiWLFRV GHVJDUUDU FDUQH GH LUZHUWHEDGRV FUXVWiFHRV
?
-
/ D QXWULF LyQGH ORV KRQJRV
,1) 2 ORV RUJDQLV PRV GHO UHLQR+RQJRV WLHQHQ GLJHV WLyQH[WHUQD
HV GHF LUTXH GHJUDGDQ PDWHULDOHV ELROyJLFRV HQ HO DPELHQWH
/ tTXHQHV \ PLFRUUL]DV H[WHULRUD HOORV $ XQTXH KD\ HV SHFLHV SDUiV LWDV OD PD\RUtD V RQ
GHV FRPSRQHGRUDV \ F XPSOHQXQD IXQF LyQHFROyJLFD SULPRUGLDO
$O REVHUYDU
XQD PXHVWUD
GH OLTXHQ FRQ
HOPLFURFRSLR
VH SXHGHQ 'HVFRPSRQHGRUHV \ SDUiVLWRV
YHU
PH]FODGDV /RV KRQJRV GHVFRPSRQHQ GHVGH SURGXFWRV DOLPHQWLFLRV \ PDGHUD KDVWD
KLWDV GHO SDSHO FXHUR HPXOVLRQHV IRWRJUiILFDV SLQWXUD HLQFOXVRKDVWDGLVFRVFRPSDFWRV
KRQJR\ JHQHUDQGR DYHFHVJDVHVWy[LFRVHQHOSURFHVR
FpOXODV YHUGHV
FRQ FORURILOD 0XFKDV HVSHFLHV GH KRQJRV VRQ SDUiVLWDV SRUTXH GHVFRPSRQHQ RUJDQLV
GHO DOJD PRV FRQ YLGD SHUMXGLFiQGRORV 3RUHMHPSOR ORV TXH SHUWHQHFHQ D ORV JpQHURV
8VWLODJR \ &ODYLFHSV FRQRFLGRV YXOJDUPHQWH FRPR FDUERQHV \IDOVRVFDUERQHV U
DWDFDQ ORV JUDQRV GH ORV FHUHDOHV $OJXQDV GH HVWDV HVSHFLHV DGHPiV SURGXFHQ
VXVWDQFLDV Wy[LFDVTXHSXHGHQ SURYRFDUDOWHUDFLRQHV PHQWDOHV\ KDVWDVHYHUDV !
\WLHQHQ XQD HGDG SUREDEOH GH PLOHV GH DxRV (QHOFDVR GH HVWRV RUJDQLVPRV ā
/ RVKRQJRV UHVXOWDQ DVRPEURVRV SRUH WDPDxR ILODPHQWRVRV\UDPLILFDGRV WDQ HQRUPHV UHVXOWDLQWHUHVDQWH SUHJXQWDUVH GyQGH
TXHSXHGHQ DOFDQ]DUVXVPLFHOLRV HPSLH]D \GyQGH WHUPLQD FDGDLQGLYLGXR
?
U
Q £
?? ^
?
,U
U? / RV KRQJRV \ ODIHUPHQWDF LyQ +,6 725 ,$ '(
U / RV KRQJRV WLHQHQ XQD JUDQ LPSRUWDQFLD HFRQyPLFD SDUD ORV VHUHV KXPDQRV O$ a,( 1&,$
\ QR SRU ODV HVSHFLHV FRPHVWLEOHV 3RU HMHPSOR ODV OHYDGXUDV KRQJRV XQLFHOX
ODUHV TXH QR GHVDUUROODQ PLFHOLR VRQ RUJDQLVPRV IDFXOWDWLYRVHV GHFLU TXH ? ?? WRXLV 3DVWHXU
SXHGHQ XWLOL]DU ORV D]~FDUHV FRPR IXHQWH GH HQHUJtD QR LPSRUWD VL GLVSRQHQ OHYDGXUDV \
R QR GH R[tJHQR HQ HO PHGLR &XDQGR QR KD\ R[LJHQR SDUD REWHQHU HQHUJtD GH PXFKR PiV
VX DOLPHQWR UHDOL]DQ XQD UHVSLUDFLyQDQDHURELD TXH VLJQLILFD VLQ R[tJHQR
WDPELpQ OODPDGD IHUPHQWDFLyQ / DVFRQWULEXFLRQHV DODFLHQFLD GHO
/ DV OHYDGXUDV IHUPHQWDQ ORV D]~FDUHV R KLGUDWRV GH FDUERQR GH IUXWRV \ ELRTXtPLFR / RXLV3DVWHXU
O
VHPLOODV SULPHUR WUDQVIRUPDQ HVDV VXVWDQFLDV HQ JOXFRVD \ OXHJR HQ DOFRKRO IXHURQ QXPHURVDV \PX\
GLy[LGR GH FDUERQR \ DJXD &XDQGR IHUPHQWDQ HQ IRUPD FRQWURODGD SRU HO LPSRUWDQWHV (Q 3DVWHXU IXH
KRPEUH VH REWLHQHQ EHELGDV DOFRKyOLFDV FRPR HO YLQR OD VLGUD \ OD FHUYH]D QRPEUDGR GHFDQR GHOD)DFXOWDG
3HUR OR TXH KD VLGR PiV LPSRUWDQWH GHVGH OD $ QWLJHGDG HV OD IHUPHQWDFLyQ GH GH&LHQFLDV GHOD8QLYHUVLGDG GH
ORV D]~FDUHV GH ODV KDULQDV TXH SURGXFH HOJDVLILFDGR ROHYDGR GH OD PDVD \D TXH / LOOH HQ )UDQFLD GRQGH ODFLHQFLD VH
FRQ HVD PDVD VH IDEULFD HO SDQ DSOLFDED DORVSUREOHPDV SUiFWLFRV
GHODV LQGXVWULDV GH ODUHJLyQ HQWUH
HOODV DODIDEULFDFLyQ GHEHELGDV
DOFRKyOLFDV $Vt IXH TXH 3DVWHXU
VH
GHGLFy DLQYHVWLJDU ODIHUPHQWDFLyQ
\FRPSUREy TXH HVWH SURFHVR VLHP
SUH VHGHEH DODSUHVHQFLD GH DOJ~Q
WLSR GH PLFURRUJDQLVPRV EDFWHULD
(Q FXDQWR HQFXHQWUDQ ODV FRQGLFLRQHV ROHYDGXUD 7DPELpQ GHPRVWUy TXH
DSURSLDGDV KXPHGDG \WHPSHUDWXUD
,DV OHYDGXUDV WLHQHQ ODFDSDFLGDG
WHPSODGD ODV OHYDGXUDV VH UHSURGXFHQ
D JUDQ YHORFLGDG (VWRKDFH aXH GHUHSURGXFLUVH HQ DXVHQFLD GH R[L
HQ FRQMXQWR VXHODQ OLEHUDUJUDQGHV JHQR HO OODPDGR HIHFWR 3DVWHDU
FDQWLGDGHV GH GLy[LGR GH FDUERQR $ VtPtVPR LQYHQWy XQD IRUPD GH
HQ FRUWR WLHPSR 3HURVL VH TXLHUH PDWDU ORV PLFURELRV VLQGHVWUXLU ORV
TXH SURGX]FDQ DOFRKRO KD\ TXH
U! a aOOOOOOOLOOOOOOLOO
OOOOOO,a
PDQWHQHUODV HQ DPELHQWHV VLQ R[tJHQR
DOLPHQWRV XQ SURFH
GLPLHQWR OODPDGR
? B SDVWHXUL]DFLyQ
HQ KRQRUD
U / RV KRQJRV \ OD PHGLF LQD
VXQRPEUH
&XDQGR KDEODPRV GH KRQJRV \PHGLFLQD HQVHJXLGD VHQRV RFXUUH SHQVDU HQ ODV
LQWR[LFDFLRQHV SRU KRQJRV YHQHQRVRV TXH SXHGHQ VHUPX\ SHOLJURVDV 6LQ HPEDU
I
JR GHEHPRV UHFRUGDU TXH OD SHQLFLOLQDHOSULPHUR \ HO PiV SHUIHFWR DQWLELyWLFR /RXLV
3DVWHDU
U! FRQRFLGR TXH KD VDOYDGR PLOORQHV GHYLGDV KXPDQDV VHREWXYR GXUDQWH PXFKRV
DxRV DSDUWLU GH KRQJRV DOLJXDO TXH WRGD ODIDPLOLD GH VXV GHULYDGRV / RVKRQJRV
Q DGHPiV SURGXFHQ XQD LQPHQVD YDULHGDG GH SURGXFWRV ~WLOHV HQ OD PHGLFLQD
! YLWDPLQDV VXVWLWXWRV GH SODVPD VDQJXtQHR DQWLFDQFHUtJHQRV
DFHOHUDGRUHV GH OD FLFDWUL]DFLyQ \ PXFKDV SURWHtQDV HQWUH
RWURV XVRV
-
8Q FDWiORJR GHWRGDV ODV HVSHFLHV YLYLHQWHV 9
ā( OOLEURGHODYLGD
a ORV DQLPDOHV KHUEtYRURV VH DOLPHQWDQ
GH SODQWDV &RPR OD FHODORVD HV GLItFLO
GHGLJHaK£ VXVWXERV GLJaVWLYV VRQ ā 6 H FUHHTXH KD\XQRVFLHQ PLOORQHVGH HVSHFLHV
ODUJRV \SRVHHQ PNURRUJDQLVPRV
XH ORVD\XGDQ D SURFHVDU
SHURVHFRQRFHQPHQRVGHGRV
8Q SUR\HFWR LQWHUQDFLRQDO SUHWHQGH UHJLVWUDU \ FDWDORJDU
FDGD XQD GH ODV HVSHFLHV FRQ ODV TXH FRPSDUWLPRV HVWH
SODQHWD (O SUR\HFWR FRQRFLGR FRPR $OO6SHFLHV WRGDV
ODV HVSHFLHV HQ LQJOpV SUHWHQGH UHDOL]DU HVWD WDUHD
WLWiQLFD HQ ORV SUy[LPRV DxRV SDUD SRGHU GDU FXHQWD
GH ODV HVSHFLHV TXH OD FLHQFLD QR KD UHJLVWUDGR D~Q +DVWD
DKRUD VH FRQRFHQ FHUFD GH GRV PLOORQHV GH HVSHFLHV TXH
UHSUHVHQWDQ XQD SHTXHxD SRUFLyQ GH ODV TXH UHDOPHQWH
H[LVWHQ VHJ~Q DOJXQRV FiOFXORV PiV GH FLHQ PLOORQHV
ā
O
U
>
ā B B āāB B
2EMHWLYR 0DWHULDOHV
3RU PHGLR GH HVWD H[SHULHQFLD YDQ D SRGHU REWHQHU +RMDVGH DFHOJD R GH HVSLQDFD
FORURILOD\WDPELpQ SRQHU HQ HYLGHQFLD TXH ODV KRMDV PRUWHUR FRQ SLOyQ SDSHO GH
YHUGHV WLHQHQ RWURV SLJPHQWRV YHJHWDOHV ILOWUR DUHQD HPEXGR DOFRKRO GH
3DUD HOORIRUPHQ JUXSRV GH WUDEDMR GRQGH FDGD EHQFLQD JUDGLOOD \GRV WXERV
LQWHJUDQWH UHDOLFH XQD WDUHD GLVWLQWD GH HQVD\R
3URFHGLPLHQWR
&RUWDU ODV KRMDV YHUGHV HQ WUR]RV SHTXHxRV \FRORFDUORV HQ HO PRUWHUR
0ROHU ODV KRMDV KDVWD REWHQHU XQD SDVWD \DJUHJDU XQ SRFR GH DOFRKRO \GH DUHQD 6HJXLU
PDFKDFDQGR KDVWD REWHQHU XQ OtTXLGR YHUGH
&RORFDU HO SDSHO GH ILOWUR HQ HO HPEXGR
)LOWUDU HO FRQWHQLGR GHO PRUWHUR HQ XQ WXER GH HQVD\R
6 3DVDU OD PLWDG GHO ILOWUDGR DO RWR WXER \DJUHJDU EHQFLQD HQ LJXDO FDQWLGDG
7DSDU OD ERFD GHO WXER FRQ HO SXOJDU \ DJLWDUOR
'HMDUOR UHSRVDU XQRV PLQXWRV HQ OD JUDGLOOD \ REVHUYDU
&RQFOXVLRQHV
5HDOLFHQ XQ GLEXMRGH ODV REVHUYDFLRQHV
D 3LQWHQ ORV HVTXHPDV GH ORV WXERV FRQ HO FRORU FRUUHVSRQGLHQWH
E &RORTXHQ HO QRPEUH GHO SLJPHQWR D ORV WXERV VHJ~Q FRUUHVSRQGD
ā
a a aaa a
¢&yPR VH VDEH TXH GRV VHUHV YLYRV SHUWHQHFHQ D OD PLVPD 5 HDOLFHQXQ FXDGUR VLQySWLFR GH WUHV FROXPQDV HQ
HVSHFLH" HO TXH DSDUH]FDQ ODV DGDSWDFLRQHV GH ODV SODQWDV D ORV
DPELHQWHV DFXiWLFRV DHURWHUUHVWUHV VHFRV \ K~PHGRV
'RV HVSHFLHV TXH WLHQHQ FDUDFWHUtVWLFDV VHPHMDQWHV \ XQ $ FODUDUHQ FDGD FDVR FXiOHV VRQ ODV DGDSWDFLRQHV GH ODV
DQFHVWUR FRP~Q SHUWHQHFHQ DO PLVPR JpQHUR < FXDQGR GRV KRMDV GH ORVWDOORV \ GH ODV UDtFHV
JpQHURV WLHQHQ FDUDFWHUtVWLFDV VHPHMDQWHV \ XQ DQFHVWUR HQ
FRP~Q ¢D TXp WD[yQ SHUWHQHFHQ" ¢&XiO HV OD IXQFLyQ GHO FLHJR DJUDQGDGR" ¢4Xp WLSRV
GH PDPtIHURV OR SRVHHQ"
*HQHUDOPHQWH VHWRPD SDODEUD YHJHWDO FRPR VLQyQLPR
GH SODQWD ¢3XHGH OODPDUVH YHJHWDOHV D ORV KRQJRV" - XV WLILTXHQ 5 HDOLFHQXQ FXDGUR FRPSDUDWLYR TXH UHODFLRQH OD
VX UHVSXHVWD IRUPD GHO SLFR GH ODV DYHV FRQ VX GLHWD (Q ODV FROXPQDV
FRQV LGHUHQODV DYHV RPQtYRUDV FDUQtYRUDV \ KHUEtYRUDV
'HQHMHPSORV GH RUJDQLVPRV TXH SHUWHQH]FDQ DO PLVPR
UHLQR SHUR TXH VHDQ PX\ GLIHUHQWHV / XHJR H[SOLTXHQSRU TXp ¢3RU TXp HVYHQWDMRVR SDUD HO DPELHQWH OD SUHVHQFLD
VL VRQ WDQ GLIHUHQWHV VH XELFDQ HQ HO PLVPR UHLQR GH KRQJRV GHVFRPSRQHGRUHV"
U! 6 5 HDOLFHQHQ VXV FDUSHWDV XQ HVTXHPD GH XQD SODQWD SDUD $ YHULJHQTXp RWURV SURGXFWRV GH FRQVXPR
H[SOLFDU FyPR VH SURGXFH OD IRWRVtQWHVLV KXPDQR TXH QR KD\DQ VLGR PHQFLRQDGRV HQ HO FDStWXOR
VH REWLHQHQ GH ORV KRQJRV
¢&XiOHV VRQ ORV PDWHULDOHV ELROyJLFRV"
¢&XiO GH ODV VLJXLHQWHV IUDVHV FRUUHVSRQGH DO VLJQLILFDGR GH
GLJHVWLyQ"
D 3URFHVR SRU HO FXDO VH REWLHQH HQHUJtD GH ORV DOLPHQWRV
FHOXODUHV
E 3URFHVR TXH VHSDUD ORV QXWULHQWHV ELROyJLFRV GH ORV
Q DOLPHQWRV R FRPLGDV
F 3URFHVR HQ HO FXDO VHIRUPDQ ORV PDWHULDOHV ELROyJLFRV
SDUDPHFLR GLDWRPHD
ODFWREDFLOR OHYDGXUD FKDPSLxyQ OLPRQHUR UDWyQ
SURWR]RR DOJD
ā
TXH SURWHJHQ VX WHUULWRULR HV GHFLU
HVWUDWR KaUa- FaRa\ HYLWD DO \DāJ/-aUHWpB
HO iUERO GHGLYHUVRV KHUEtYRURV $
(BV HO PDUULOIHUyWHUUHVWUH PiV JUitLDLa GH
6XGDUQpULFD FDPEIR REWLHQHQ UHIXJLR \DOLPHQWR
H Â GH ORVQHFWDULRV yUJDQRV SURGXFWRUHV
) GH QpFWDU XELFDGRV HQ VXV KRMDV
ttaFRPHKRMDV IUXWHV H LQVHFWRV 6X
FROD OH VLUYHSDUD VRVWHQHUVHB GHORViUER
ËHV GHO HVWUDWRMQWHUPHGLR \ GHO GRVHO
+X`
"a
GH
)\DJXDUpWH \ OD KDUStD ā
aL
%LRFHQRVLV ELRWRSR HFRVLVWHPD
8QDJDU]DYXHOD\VH SRVDVREUHODUDPDGHXQ VDXFH
FULROOR 'HVGHDOOt PLUD ODV PRMDUUDVFRQ TXH LQWHQWD
GHVD\XQDU (QWUHWDQWRXQ FRLSRDUPDVXPDGULJXHUD
FRQ UDPDV\ EDUUR FHUFDGH OD RULOODHQ HO HFRVLVWHPD
GH XQD ODJXQD VXV LQWHJUDQWHV LQWHUDFW~DQ GH PXFKDV
IRUPDV (O FRQMXQWR GH ORV FRPSRQHQWHV YLYRV TXH
KDELWDQ HQ XQ HFRVLVWHPD\ VH UHODFLRQDQ HQWUH Vt VH
GHQRPLQDFRPXQLGDG ELyWLFDRELRFHQRVLV
$ GHPiVGH UHODFLRQDUVHHQWUH Vt DQLPDOHV\ SODQWDV
QHFHVLWDQRWURV IDFWRUHVSDUDYLYLUOD JDU]DQHFHVLWDHO
DLUHSDUDYRODU\UHVSLUDUHOVDXFHORVUD\RVGHO6ROSDUD
FUHFHU\ODPRMDUUDQRSRGUtDVREUHYLYLUIXHUDGHODJXD(O
FRQMXQWRGHORVFRPSRQHQWHV QRYLYRV HVGHFLUDELyWL
FRVGHOHFRVLVWHPDFRPRODWHPSHUDWXUDODKXPHGDGHO Uª
WLSRGHOVXHORRHOUHOLHYH IRUPDHOELRWRSR %LRFHQRVLV
\ ELRWRSR FRQVWLWX\HQHO HFRVLVWHPD\ VH UHODFLRQDQ\
PRGLILFDQHQWUHVt FRQVWDQWHPHQWH¢4XpVXFHGHUtDVL HO
DJXDGHODODJXQDVHVHFDUD"/ DVPRMDUUDVGHVDSDUHFHUtDQ
\ODVJDU]DVVHTXHGDUtDQVLQGHVD\XQRQLDOPXHU]RQL
FHQDFODUR& RPRORVHFRVLVWHPDVVRQVLVWHPDVORVFDP
ELRVHQDOJXQDGHVXVSDUWHVDIHFWDQDOUHVWR
&DGD DQLPDO R SODQWD WLHQH XQD XELFDFLyQ HQ HO
HFRVLVWHPD$ OJXQRVKDELWDQHQHOVXHORRWURVHQWUHODV
FRSDVGHORViUEROHVKD\TXLHQHVYLYHQHQHOIRQGRGHXQ
UtR\TXLHQHVUHVLGHQEDMRXQDSLHGUD(O GRPLFLOLRGH
FDGDVHUYLYRUHFLEHHOQRPEUHGHKiELWDW
>U U!
?
aa
U a
(FRVLVWHPD
( VWUXFWXUD\WLSRVGH HFRVLVWHPDV
/ DVHOYD PLVLRQHUDRFXSD FDVL XQPLOOyQ GHKHFWiUHDV (QHVH DPELHQWHYLYHQ
HO \DJXDUHWp ODKDUStD HO PRQR FDUD\iODERD HORFHORWH\PXFKDV RWUDVHVSHFLHV ( O PHGLRDPELHQWH
DQLPDOHV \YHJHWDOHV FRPR ODEURPHOLD (Q HODJXD TXH VH DFXPXOD HQWUH VXV ¢&XiQWDV YHFHVHVFXFKDURQ HVWDH[SUHVLyQ
KRMDV YLYHQ \ VH UHODFLRQDQ FLHQWRV GH RUJDQLVPRV +RUPLJDV PRVTXLWRV SDUDUHIHULUVH D DOJXQD SDUWHGH OD
DYLVSDV UDQDV \ PXFKRV RWURV VHUHVYLYRV IRUPDQ XQ YHUGDGHUR VLVWHPD HQ OD QDWXUDOH]D"(O PHGLR VHUHILHUHDO OXJDU
EURPHOLD 6HJ~Q HOLQWHUpVGHOHFyORJRWDQWRODVHOYD PLVLRQHUD FRPRODEURPHOLD HQTXH YLYHQORV RUJDQLVPRVR VXVWUDWR
SXHGHQ VHU HFRVLVWHPDV SDUD HVWXGLDU SRUTXH HO WDPDxR GH XQ HFRVLVWHPD HVGHFLUHO HVSDFLR TXH RFXSDQ HO
U!
GHSHQGH GHOREMHWLYRGHOHFyORJR TXH ORGHOLPLWD SDUDVXDQiOLVLV 3DUDLQYHVWLJDU PHGLR DFXiWLFRWHUUHVWUHRDpUHRRXULD
VREUH SREODFLRQHV GH PRQRV \ ODV HVSHFLHV FRQ ODV TXH FRPELQDFLyQGHHOORV DpUHR\WHUUHVWUHHQ
LQWHUDFW~D HO HFRVLVWHPD HVODVHOYD 3HURXQD SODQWD HO FDVRGH ODV DYHVR DpUHR\DFXiWLFR
WDPELpQ SXHGH FRQVWLWXLU XQHFRVLVWHPD VLORTXH HQHOGH VDSRV\UDQDVTXH VRQ
VH GHVHD HVLQGDJDU VREUH ORV PLFURRUJDQLVPRV DQILELRV $ GHPiVGHO VXVWUDWR
TXH VHGHVDUUROODQ HQHOOD ,1)2 HOPHGLR LQFOX\HORVIDFWRUHV
/ RV HFRVLVWHPDV VH UHODFLRQDQ HQWUH Vt \ DELyWLFRV FRPROD OX] OD
DOJXQRV VRQ SDUWH GHRWURV PiVJUDQGHV (Q WHPSHUDWXUD HWFpWHUD
HOHMHPSOR HO HFRVLVWHPD EURPHOLD HV SDUWH (O DPELHQWH HVHO FRQMXQWR GH
GHO HFRVLVWHPD VHOYD (O FRQMXQWR GH WRGRV FRQGLFLRQHVTXH URGHDQDO VHU
ORV HFRVLVWHPDV TXH H[LVWHQ VREUH OD 7LHUUD YLYR (VWR LQFOX\H DOā PHGLR \D
FRQIRUPD ODELRVIHUD ORV RWURVVHUHVYLYRV (QWRQFHV
FRPR HO DPELHQWH LQFOX\H
a
!
DO PHGLRKDEODUGHPHGLR
U
?
U
V 1R KD\XQWDPDxR SUHGHWHUPLQDGR SDUDORVHFRVLVWHPDV
DPELHQWH UHVXOWD XQD UHSHWLFLyQ
VXVOtPLWHVGHSHQGHQ GHOREMHWLYRGHHVWXGLRGHO HFyORJR
GHFRQFHSWRV
a
a
H ?
a
J
([LVWHQ GLVWLQWRV FULWHULRVSDUD FODVLILFDU ORVHFRVLVWHPDV
R
+XPDQRV (FRVLVWHPDV QDWXUDOHV TXHKDQVLGRPRGLILFDGRV (QXPHUHQ ORVWUHV FULWHULRV VHJ~Q ORV
SRU@D DFFLyQ OPPDQV£ XQD UHSUHVDXD JUDQMDHWFpWHUDV FXDOHV VH FODVLILFDQ ORVHFRVLVWHPDV
$YHFHVHO KRPEUH
LQWHUYLHQH \FUX]D
RUJDQLVPRV
,QGLYLGXR
GHHVSHFLHV &RPR \DKDQ YLVWR HQ WRGR HFRVLVWHPD KD\ XQD ELRFHQRVLVLQWHJUDGD SRU U!
GLVWLQWDV SHUR RUJDQLVPRVGHGLVWLQWR WLSR
HPSDUHQWDGDV (VH &DGD XQR GH HVRV RUJDQLVPRV HV XQ LQGLYLGXR HV GHFLU XQ VHU ~QLFR
HV HO FDVRGHOD LQGLYLVLEOHTXH SRVHHYLGDSURSLD 'HFLPRV HQWRQFHVTXH FDGDSODQWD FDGD a
FUX]D GHXQEXUUR DQLPDO FDGDEDFWHULD FDGDVHUKXPDQRFRQVWLWX\H XQHMHPSOR GH LQGLYLGXR
\XQD\HJXD 6L ELHQ XQ RUJDQLVPR YLYH JUDFLDVD ORV LQWHUFDPELRV TXH UHDOL]D FRQ VX
TXHRULJLQDXQD DPELHQWH HOHVWXGLRGHO LQGLYLGXRDLVODGR GH VXHQWRUQRSHUPLWH FRQRFHUFyPR
PXOD 3RURWUR IXQFLRQDQ VXV yUJDQRV TXp SURFHVRV VHGDQHQVXV FpOXODV HWFpWHUD
ODGR OD FUX]DGH (O HVWXGLR GH XQ LQGL
XQD EXUUD FRQ YLGXR GH YHQDGR GH ODV
XQFDEDOORGD SDPSDV SRU HMHPSOR SHU
XQEXUGpJDQR PLWH VDEHU TXH SHUWHQHFH
$HVWRV DO JUXSR GH ORV UXPLDQWHV
LQGLYLGXRV SRUTXH VX HVWyPDJR HVWi
RULJLQDGRV SRU GLYLGLGR HQ FXDWUR FRPSDU
aJ
'
( V SHFLH
6L REVHUYDQ D ORV VHUHVYLYRV SUHVHQWHV HQ XQ GHWHUPLQDGR OXJDU QRWDUiQ
TXH PXFKRV VRQ EDVWDQWH SDUHFLGRV 7RGRV ORV RUJDQLVPRV TXH FRPSDUWHQ
FDUDFWHUtVWLFDV FRPXQHV\ TXH VRQ FDSDFHV VLQ LQWHUYHQFLyQ GHO KRPEUH GH U?
UHSURGXFLUVHSDUD WHQHUKLMRVIpUWLOHVFRQVWLWX\HQXQDHVSHFLH
3RUHMHPSOR ORVYHQDGRV GH ODV SDPSDV \ ORV KXHPXOHV VRQ SDUHFLGRV DO
SXG~ 6LQHPEDUJR XQ YHQDGR GH ODV SDPSDV QR SXHGH WHQHU FUtD FRQ XQ ?
KXHPXO QL WDPSRFR HVWH FRQ XQ SXG~ 3RU HVWR FRQVWLWX\HQ WUHV HVSHFLHV
GLIHUHQWHV ,1) 2
3REODFLyQ
&RQ HVWHWpUPLQRVHGHQRPLQDED RULJLQDOPHQWH DJUXSRVGHSHUVRQDVTXH
YLYHQHQXQGHWHUPLQDGROXJDUGHOODWtQSRSXOXV (QHFRORJtDVHFRQVLGHUD
SREODFLyQDO FRQMXQWRGHLQGLYLGXRVGHOD PLVPDHVSHFLHTXHYLYHQHQXQD a
]RQD GHWHUPLQDGDHQXQPRPHQWR GDGR
(Q OD $ UJHQWLQD ORV YHQDGRV GH ODV SDPSDV VH GLVWULEX\HQ HQ ODV
SURYLQFLDVGH %XHQRV $LUHV&RUULHQWHV 6DQWD )H\6DQ/ XLV (QWRGRVORV B
FDVRV VHWUDWDGHOD PLVPD HVSHFLH SHUR FRPRYLYHQHQOXJDUHVGLIHUHQWHV
FRQVWLWX\HQSREODFLRQHV GLVWLQWDV 3DUDLGHQWLILFDUXQDSREODFLyQ HQWRQFHVa
VHQHFHVLWDQ WUHV GDWRV HVSHFLH HVSDFLR\WLHPSR a
$ GLIHUHQFLDGH ORVLQGLYLGXRV TXH WLHQHQ XQ WLHPSR OLPLWDGR GH YLGD
U?
ODV SREODFLRQHV SHUGXUDQ HQ HO WLHPSR (VWRTXLHUH GHFLU TXH PLHQWUDV ORV B
LQGLYLGXRV QDFHQ VH UHSURGXFHQ \PXHUHQ ODSREODFLyQSXHGH SHUPDQHFHUHQU!
+XHPXO
FRQGLFLRQHV HVWDEOHV \PDQWHQHUVXQ~PHURGH LQGLYLGXRV VLQPD\RUHV FDPELRV a
5HODFLRQHV
LQWUDHVSHFtILFDV
U
L
IRWRVGHODHVWUXFWXUDSREODFLRQDO&RPRHVDFiPDUDQRH[LVWH VRQORVHFyORJRV
TXLHQHVVHGHGLFDQDFDOFXODUODHVWUXFWXUD\ODGLQiPLFDGHXQDSREODFLyQ
7RGRVORVRUJDQLVPRVTXH
R
¢B
!
IRUPDQ SDUWH GH XQD SREOD
a FLyQ VH UHODFLRQDQ GH GLIH
J UHQWHV PDQHUDVHVWDEOHFLHQGR SHFHVYLDMDQ HQPDVD
LLO U HQ JUXSRV OODPDGRV
a HQWUH HOORVGLVWLQWRVYtQFXORV FDUG~PHQHV
a TXHVHDVRFLDQFRQHOFRPSRU
WDPLHQWRFRQUHVSHFWRDODDOL
PHQWDFLyQ OD UHSURGXFFLyQ
HOWHUULWRULR ODā GHIHQVD HWFp
WHUD &RPR HVWDV UHODFLRQHV
VHGDQHQWUHLQGLYLGXRVGHOD 'LYLVLyQGHOWUDEDMR
PLVPD HVSHFLHVH ODV OODPD /DV DEHMDVIRUPDQ
UHODFLRQHV LQWUDHVSHFtILFDV YHUGDGHULL VRFLHGDGHV
SRUTXH VH SUHVHQWDQ GHQWUR GRQGHOD GLYLVLyQGHO
GHODHVSHFLH WUDEDMR V HVWULFWL?
SXHVFDGDGDVH
FXPSOH XQDIXQFLyQ
GWHUPOQDGD
& RPSHWHQGL?
/RV PRQRV ??OXOODGRUHFV
5HVSRQGDQD ODV VLJXLHQWHV ([SOLTXHQTXpFRQGLFLRQHVVRQ
HQ JUXSRV
SUHJXQWDV QHFHVDULDVSDUDGHWHUPLQDUXQD GH KDVWWWUHLQWD
¢$WUDYpVGHTXpFDUDFWHUtVWLFDV HVSHFLH ,QGLYLGXRVJXLDGRSRU
U! GHILQLUtDQ OD HVWUXFWXUDGHXQD XQ ~QOHRUQDHKH
SREODFLyQ"¢< OD GLQiPLFD" ¢(Q TXpFRQVLVWHQODV UHODFLRQHV (O UHVWR GHORV PDFKRV
LQWUDHVSHFtILFDV"
'HQWUHVHMHPSORV FRQ
WL
HHQYHUWtUVH
QXHYR OtGHU
/ DVFRPXQLGDGHV
( O FRQMXQWRGH SREODFLRQHV TXH KDELWDQHQXQHFRVLVWHPD
FRQVWLWX\HQ FRPXQLGDGHV & RPRFRQVHFXHQFLD GH ORVYtQFXORV
HQWUHDOJXQDVHVSHFLHV VHSURGXFHQUHODFLRQHVLQWHUHVSHFtILFDV
& RPXQLGDGHV
0LHQWUDV XQ KRUQHUR FRQVWUX\H VXQLGR HQ OD UDPD GH XQ iUERO XQSiMDUR
FDUSLQWHUR H[WUDHFRQVXSLFRODUYDVGHOWURQFR XQDKLOHUDGHKRUPLJDVWUDQVSRUWD
KRMDV DVXKRUPLJXHUR \XQFLHUYRFRPH ODVKLHUEDV TXHFUHFHQ EDMR VXVRPEUD
$Vt GLIHUHQWHV IRUPDVGHYLGDFRPSDUWHQ XQPLVPR HVSDFLRVRQDOLPHQWRXQDV
GHRWUDV VHEHQHILFLDQ VHSHUMXGLFDQ RVRQLQGLIHUHQWHV HQWUH Vt (VWRVFRQMXQWRV B
GHSREODFLRQHV TXH KDELWDQ HQ XQ GHWHUPLQDGR OXJDU HQ XQPLVPR WLHPSR \
TXH VHUHODFLRQDQ HQWUH Vt VRQ OODPDGRV FRPXQLGDGHVELyWLFDVRELRFHQRVLV
,1',& a& ,21( 6 SRUORVHFyORJRV 8QDFRPXQLGDG
HV XQ VLVWHPD GLQiPLFR TXH
VH PRGLILFD FRQ HO WLHPSR VH
PXHYH HQ HO HVSDFLR \ WLHQH
,QYHVWLJXHQVREUH ODV FDUDFWHUtVWLFDV GHO
FDUDFWHUtVWLFDV SURSLDV PiV DOOi
SDMRQDOGHSXQD KiELWDW GHOD YLFXxD\ HO
GHDTXHOODV GHODVSREODFLRQHVTXH
SXPD
OD FRPSRQHQ / DV FRPXQLGDGHV
GHEHQ VXV FDUDFWHUtVWLFDV D OD
FRPSOHMDUHGGHUHODFLRQHVTXHVH
HVWDEOHFHQ HQWUH VXV SREODFLRQHV
+,6 5 ,$ '( LQWHJUDQWHV 3RU HMHPSOR XQ DYH
FRPH IUXWRV \ OXHJR GLVSHUVD VXV
/$ &,( 1&,$ VHPLOODVFRQODPDWHULDIHFDO FRQ
OR FXDO GHWHUPLQD OD FDQWLGDG \
/ RV XWLOL]DQ XQPRGH ODGLVWULEXFLyQ GHORV iUEROHVTXH
ORPDWHPiWLFR SDUD HVWXGLDU ORV FUHFHUiQ ODWHPSRUDGD VLJXLHQWH
FRPSRUWDPLHQWRV GHODVSREOD
FLRQHV GH SUHGDGRUHV \SUHVDV (Q OD SURYLQFLD GH 0LVLRQHV HQ OD VHOYD
OODPD OH\ K~PHGD FUHFHQ GLIHUHQWHV SODQWDV
HQ KRQRUDORVPDWHPiWLFRV iUEROHV DUEXVWRV \HQUHGDGHUDV
7DPELpQ KD\ QXPHURVDV HVSHFLHV GH
$ OIUHG- DPHV/ RWND
LQVHFWRV DYHV UHSWLOHV \ PDPtIHURV
\ 9 LWR9 ROWHUUD 7RGRV IRUPDQ HO HFRVLVWHPD GH OD VHOYD
GHVFULELHURQ HQ
LQGHSHQGLHQWH XQD SULPHUD
YHUVLyQ GHHVWDOH\/ RWND 1LFKR HFROyJLFR
9 ROWHUUD 6LQVDEHU XQR & RPR YLHURQ DQWHV XQ VHU YLYR WLHQH VX
RWUR FRQFOXVtR GRPLFLOLR HQ VX KiELWDW 6LQ HPEDUJR FDGD U
QHVVLPLODUHV XQR FXHQWD FRQ XQD HVWUDWHJLD SDUD HVFRQGHUVH B
GHORVSUHGDGRUHV DOLPHQWDUVH RUHSURGXFLUVH / D
IRUPD HQ OD TXH FDGD HVSHFLH VH GHVHQYXHOYH HQ
VX KiELWDW VHOODPD QLFKRHFROyJLFR3RUHMHPSOR
HOKiELWDW GH OD YLFXxD\ GHO SXPD HVHOSDMRQDO GH
SXQD SHUR OD SULPHUD FRPH SDVWRV \ KLHUEDV \ HO
VHJXQGR FD]D DQLPDOHV LQFOXVR YLFXxDV (Q ORV U
HFRVLVWHPDV QDWXUDOHVODV HVSHFLHV TXH FRPSDUWHQ UU
HO PLVPR KiELWDW GLILHUHQ HQ VX QLFKR HFROyJLFR
'H ORFRQWUDULR FRPSHWLUtDQ KDVWD TXH XQD IXHUD
HOLPLQDGD SRU RWUD
LQWHUHVSHFtILFDV
U
a
aā
a
$ QWRtQH/ DXUHQW
/ DYRLVLHU &pOXOD
(VWHTXtPLFR IUDQFpV
IXH XQ H[SHULPHQ
/D PDWHULD VH RUJDQL]D \ FRQVWLWX\H WRGR OR TXH QRV URGHD
WDGRU EULOODQWH DFWLYRWDQWRHQ
FLHQFLDFRPR HQ DVXQWRV
/ DV SODQWDV LQFRUSRUDQ JDVHV GHO DLUH DJXD \ VDOHV PLQHUDOHV TXH VRQ ā
HRV 'HVDUUROOy XQD QXHYD WHR GLVWLQWDV IRUPDV GH PDWHULD SDUD UHDOL]DU OD IRWRVtQWHVLV OD FXDO SRVLELOLWD OD a
UtDGHODFRPEXVWLyQ \IRUPXOy
WUDQVIRUPDFLyQ GH HVWRV PDWHULDOHV HQ DOLPHQWR OD JOXFRVD TXH HQ GHILQLWLYD
HOSULQFLSLR GH OD FRQVHUYDFLyQ a
HV WDPELpQ PDWHULD / RV DQLPDOHV FRQVXPHQ SODQWDV \ DQLPDOHV SDUD YLYLU \
OD HQ ODV WUDQVURUPD
HQWUHJDQ VXV GHVHFKRV DO DPELHQWH ORV FXDOHV WDPELpQ HVWiQ IRUPDGRV SRU a
FtRQHV TXtPLFDV SDU
PDWHULD /RV VHUHV YLYRV WRPDQ PDWHULD GHO DPELHQWH \ WDPELpQ VH OD HQWUHJDQ
WLFLSy HQ HOGLVHxR
DVt HVWD FLUFXOD GH XQ OXJDU D RWUR GH ORV HFRVLVWHPDV 'XUDQWH HVWH YLDMH OD
GHXQ VLVWHPD
PDWHULD VH WUDQVIRUPD
GH
3HUR D SHVDU GH VXV PXFKDV WUDQVIRUPDFLRQHV OD PDWHULD VLHPSUH TXHGD a
QRUQHQFOV
UHWHQLGD HQ HO HFRVLVWHPD SXHV QDGD VH SLHUGH WRGR VH WUDQVIRUPD VHJ~Q HO
WXUD GHORV
TXtPLFR IUDQFpV GHO VLJOR ; 9 ,,, / DYRtVLHU TXH LQYHVWLJy HVWDV FXHVWLRQHV
HOHPHQWRV
(VWD FLUFXODFLyQ GH PDWHULD SRU HO DPELHQWH UHFLEH HO QRPEUH GH FLFOR &RPR
HO WUDQVFXUULU GHO GtD \ OD QRFKH ROD VXFHVLyQ GH ORV GtDV HQ OD VHPDQD ORV FLFORV
a
FRPLHQ]DQ \ WHUPLQDQ XQD \ RWUD YH] (Q OD QDWXUDOH]D SXHGHQ GLIHUHQFLDUVH
GLVWLQWRV FLFORV SRU HMHPSOR HOFLFOR GHO DJXD YLVWR HQ DxRV DQWHULRUHV $GHPiV Uª
GH HVWH H[LVWHQ RWURV FLFORV HQ ORV TXH HO SURWDJRQLVWD HV XQ HOHPHQWR TXtPLFR
TXH IRUPD PROpFXODV PX\ LPSRUWDQWHV SDUD HO GHVDUUROOR GH OD YLGD HQ ORV
HFRVLVWHPDV HO FDUERQR ,1)2
,1) 2
& LFORGHO F DUERQR
(QODFRPSRVLFLyQGHWRGRVORVVHUHVYLYRVVHHQFXHQWUDVLHPSUHHOiWRPRGH ( O HIHFWR LQYHUQDGHUR
U FDUERQR (VWH HOHPHQWR TXtPLFRWDPELpQ IRUPDSDUWH GHPROpFXODVGLVWLQWDV (O GLy[LGR GH FDUERQR VH HQFXHQWUD HQ
TXHVHHQFXHQWUDQHQORVRFpDQRV HODLUH ODV URFDV\ORV VXHORV (O FDUERQRHVWi OD DWPyVIHUD HQ EDMDV SURSRUFLRQHV (VWH
HQWRGDVSDUWHV SHUR QRSHUPDQHFHILMR HQXQPLVPROXJDUQLHQODIRUPDFLyQ JDV WLHQH OD FDSDFLGDG GH UHWHQHU HO FDORU
GHODVPLVPDVVXVWDQFLDV£ 6LHPSUHFDPELD\HVWiHQPRYLPLHQWR ,1,
2 TXH OOHJDD OD 7LHUUDSRU DFFLyQ GHO 6RO
/ DVVXFHVLYDVWUDQVIRUPDFLRQHV HQ ODV TXHSDUWLFLSDFRQVWLWX\HQHOFLFOR GHO (VWHSURFHVR FRQRFLGR FRPR HIHFWR
FDUERQR\SHUPLWHQFRPSUHQGHUFyPRFLUFXODHQWUHHODPELHQWH\ORVVHUHVYLYRV LQYHUQDGHUR SRVLELOLWD WHPSHUDWXUDV
DSURSLDGDV SDUD OD YLGD HQ OD 7LHUUD 3HUR
HQ ORV ~OWLPRV DxRV ODV HPLVLRQHV GH ā
HVWH JDV KDFLD OD DWPyVIHUD DXPHQWDURUL
FRPR UHVXOWDGR GH GLVWLQWDV DFWLYLGDGHV
KXPDQDV &DGD DxR HQ WRGR HO SODQHWD
PLOORQHV GH WRQHODGDV GH FDUERQR
VRQ HPLWLGDV D OD DWPyVIHUD HQ IRUPD GH
FRPEXVWLEOHV TXHPDGRV £(VWR HTXLYDOH DO
SHVR GH PLOORQHV GH EDOOHQDV
0D\RUHV FDQWLGDGHV GH FDUERQR HQ OD
DWPyVIHUD JHQHUDQ PD\RU UHWHQFLyQ GH
FDORU OR FXDO SURGXFH XQ DXPHQWR HQ OD
WHPSHUDWXUD GHO SODQHWD (VWRSRGUtD DOWHUDU
HO IXQFLRQDPLHQWR GH ORV HFRVLVWHPDV
OOa,1aaāR
5 HGHV \ FDGHQDVDOLPHQWDULDV
/ RV VHUHVYLYRVQHFHVLWDQ DOLPHQWDUVH SDUD UHDOL]DU
VXV IXQFLRQHV$WUDYpVGHGLIHUHQWHV HVWUDWHJLDVVHYDOHQ
/ DVFLDQREDFWHULDV GHORVQXWULHQWHV TXHQHFHVLWDQ SDUD REWHQHU HQHUJtD
3LUiPLGHV DOLPHQWDULDV
VL SHQVDPRVHQHO Q~PHURGHODV SODQWDV
TXHQHFHVLWDXQKHUEtYRURFRPR XQ
UDWyQSDUDDOLPHQWDUVHHQOD FDQWLGDG
GH UDWRQHVTXHFRQVXPHXQDVHUSLHQWH\
HQHO Q~PHURGHVHUSLHQWHVTXHFRQVXPH
XQiJXLODYHUHPRVTXH OD FDQWLGDGGH
RUJDQLVPRVYDGLVPLQX\HQGRD PHGLGD
TXHDYDQ]DPRVHQOD FDGHQDWUyILFD
3RUHVWDUD]yQODVFDGHQDVWUyILFDVVH
SXHGHQ UHSUHVHQWDUHQIRUPDGH SLUiPLGH
HQFX\DEDVHHVWiQORVRUJDQLVPRV
SURGXFWRUHVHQHO VHJXQGR
,
QLYHO ORVFRQVXPLGRUHV
£
GHSULPHURUGHQ
a
\HQOD FLPDORV
FRQVXPLGRUHVāGH
# U!
VHJXQGR \WHUFHU
a
a
RUGHQ (O DQFKR
GHFDGDQLYHO
UHSUHVHQWDHO
Q~PHURGH
LQGLYLGXRVHQ
FDGDQLYHO
U
? WUyILFR
5HG WUyILFD GH OD OODQXUD SDPSHDQD /DV UHGHV WUyILFDV GDQ PD\RU HVWDELOLGDG DO HFRVLVWHPD
SRUTXH RIUHFHQ GLVWLQWDV SRVLELOLGDGHV GH DOLPHQWDFLyQ D VXV LQWHJUDQWHV (Q HVWH FDVR VL
VH H[WLQJXHQ ODV PDUWLQHWHV ORVBSXPDV SRGUiQ VHJXLU DOLPHQWiQGRVH GH RWUDV SUHVDV SRU
HMHPSOR FXLVHV \ ODQJRVWDV
āa
'LYHUVLGDG GH DPELHQWHV
/ RV DPELHQWHV DFXiWLFRV\WHUUHVWUHVSUHVHQWDQGLIHUHQWHV
FRQGLFLRQHV GH KXPHGDG \ OX] ORV VHUHV YLYRV VHDGDSWDQ
$ PELHQWHV DFXiWLFRV DHVWDVGLIHUHQFLDVSDUD VREUHYLYLU
FRQWLQHQWDOHV
( FRVLVWHPDVDFXiWLFRV
/ D 7LHUUD WLHQH XQ GH VX VXSHUILFLH FXELHUWD GH DJXD / RVDPELHQWHV
DFXiWLFRV FRQIRUPDQ OD KLGURVIHUD \ FRPSUHQGHQ ODV DJXDV RFHiQLFDV \ ODV
FRQWLQHQWDOHV
(QHOPHGLR DFXiWLFR ODOX]GHO6ROQHFHVDULD SDUD ORVSURGXFWRUHV VROROOHJD
KDVWD QLYHOHVSRFRSURIXQGRV ORFXDOLQIOX\H HQODXELFDFLyQ GHORVRUJDQLVPRV
TXH UHDOL]DQ IRWRVtQWHVLV
/ RVRFpDQRV \ PDUHV VRQ H[WHQVRV DPELHQWHV GH DJXD VDODGD TXH UHFLEHQ
HO QRPEUH GH KDORELRV GHO JULHJR KDOR VDO ELDV YLGD 'H DFXHUGR FRQ OD
SUHVHQFLD GHOX] HOPDU VH GLYLGH HQ GRV ]RQDV ODIyWLFD\ODDIyWLFD FRQ OX]
\ VLQ HOOD GHO JULHJR IRWRV OX] (Q OD SULPHUD OD DEXQGDQFLD GH OX] SHUPLWH
OD H[LVWHQFLD GH DOJDV \ PLFURRUJDQLVPRV FDSDFHV GH KDFHU IRWRVtQWHVLV HO
ILWRSODQFWRQ (VWHFRQVWLWX\HHODOLPHQWR GH JUDQSDUWH GHOHFRVLVWHPD PDULQR
- !
FRPSXHVWR DGHPiV SRU SHFHV EDOOHQDV WLEXURQHV UD\DV PHGXVDV FRUDOHV U! a
L4
SXOSRV FDODPDUHV HVWUHOODVGHPDU HWFpWHUD aa
(QOD]RQD DIyWLFD ODSUHVHQFLD GH SODQWDV \ ILWRSODQFWRQ HVFDVLQXOD \ ORV a -!
HU?
a FODVHV EiVLFDV GH YHJHWDFLyQ VRQ
Ja
££
U!
,a
a
aa
a
?
a
/ DVVHOYDV 6H GHVDUUROODQ HQ / RVERVTXHV 3UHVHQWDQ / RVPDWRUUDOHV 6H 'HVLHUWRV /D YHJHWDFLyQ
U FOLPDV FiOLGRV FRQ PXFKD PHQRU FDQWLGDG GH HVSHFLHV SUHVHQWDQ HQ OXJDUHV HQ ORV HV PX\ SREUH GHELGR
KXPHGDG /D YHJHWDFLyQ YHJHWDOHV (Q JHQHUDO ORV TXH ODV EDMDV WHPSHUDWXUDV D OD HVFDVH] GH DJXD \D
?
HVPX\DEXQGDQWH \IRUPD ERVTXHV VH DVRFLDQ FRQ \ OD VHTXtD UHGXFHQ OD OD HQRUPH GLIHUHQFLD GH
? GLIHUHQWHV QLYHOHV GH DFXHUGR OD HVSHFLH GH iUERO TXH SRVLELOLGDG GH FUHFLPLHQWR GH WHPSHUDWXUD HQWUH HO GtD
FRQ OD DOWXUD OODPDGRV HVWUDWRV SUHGRPLQD iUEROHV \ OD QRFKH
?
0HQFLRQHQ ODVGLVWLQWDV ]RQDV HQ ODVTXH SXHGH GLYLGLUVH HQ GRQGH FRUUHVSRQGD ¢&XiO HV OD ]RQD TXH SUHVHQWD PD\RU
HW RFpDQR FDQWLGDG GH DQLPDOHV" ¢3RU TXp"
5 H~QDQVH HQ JUXSRV \ PLUHQ OD SHOtFXOD %XVFDQGR D 1HPD 5 HVSRQGDQ D ODV VLJXLHQWHV SUHJXQWDV
$ UPHQ XQ OLVWDGR FRQ ODVHVSHFLHV TXH DSDUHFHQ H LQYHVWLJXHQ D¢&XiO HV HO IDFWRU OLPLWDQWH SDUD HO FUHFLPLHQWR GH ODV
HQ TXp ]RQD GHO PDU VH ODVHQFXHQWUD / XHJR FRQIHFFLRQHQ SODQWDV HQ HO PHGLR WHUUHVWUH"
XQ FXDGUR FRQ ODVGLIHUHQWHV ]RQDV \ XELTXHQD FDGD DQLPDO E ¢< HQ HO PHGLR DFXiWLFR"
( FRVLVWHPDV GHWUDQVLFLyQ
\ ELRGLYHUVLGDG
&RQYHQFLyQ SURWHFWRUD / RV HFRVLVWHPDVGHWUDQVLFLyQFRPSDUWHQFDUDFWHUtVWLFDV
(O
GHIHEUHURGH HQ OD FLXGDG GHOPHGLRDFXiWLFR\ HOWHUUHVWUH6RQHVFHQDULRGHXQDJUDQ
LUDQtGH 5DPVDUVLWXDGD HQ ODFRVWD
GLYHUVLGDGGHIRUPDVGHYLGD
VXUGHO0DU&DVSLRVHILUPyOD
&RQYHQFLyQ5HODWLYD D ORV +XPHGDOHVGH
,PSRUWDQFLD ,QWHUQDFLRQDO (VSHFLDOPHQWH
FRPR +iELWDW GH$YHV $ FXiWLFDV /D
+XPHGDOHV
a
FRP~QPHQWHOODPDGD &RQYHQFLyQ ([LVWHQ HFRVLVWHPDV TXH DOWHUQDQSHUtRGRV HQ ORV TXH HVWiQ VXPHUJLGRV EDMR
5DPVDUEXVFDDEDUFDU WRGRV ORV DVSHFWRV HO DJXD FRQ PRPHQWRV GH HVFDVH] R IDOWD GH DJXD 7LHQHQ FDUDFWHUtVWLFDV GH a
GH OD FRQVHUYDFLyQ \ HO XVR UDFLRQDOGH HFRVLVWHPDV WHUUHVWUHV \ GH HFRVLVWHPDV DFXiWLFRV ¢&yPR FODVLILFDUORV" 6RQ
ORV KXPHGDOHVLGHQWLILFDGRV FRPR VLWLR ORVHFRVLVWHPDVGHWUDQVLFLyQ R KXPHGDOHV / DVFRVWDV PDULQDV VRQ HMHPSOR
5DPVDU HQWRGR HO PXQGR GH HOORV / RVHVWHURV EDxDGRV\ SDQWDQRV TXH WLHQHQ GLIHUHQWH FDQWLGDG GH
DJXD VHJ~Q OD pSRFD GHODxRWDPELpQ $SRUWDQHO DJXD\ORVQXWULHQWHV SDUDOD U
/ DGLYHUVLGDGGH ODYLGD
/ RVHFRVLVWHPDVSUHVHQWDQ PXFKDV IRUPDVGHYLGDGLIHUHQWHV (VWDGLYHUVLGDG
GHYLGD VHOODPDELRGLYHUVLGDG / DYDULHGDG GHHVSHFLHVSHUPLWHHOHTXLOLEULRGH &LIUDV GH ODYDULHGDG
ORV HFRVLVWHPDV \D TXH FRPR YLHURQ DQWHV FDGD HVSHFLH FXPSOH XQDIXQFLyQ (Q QXHVWURSODQHWD VHFRQRFHQ
HVSHFtILFDGHQWURGH VXHQWRUQR\ODGHVDSDULFLyQ GHFXDOTXLHUD DIHFWDDWRGR HO HVSHFLHVGHSODQWDV FDVL GH
HFRVLVWHPD 'HPDQHUD VLPLODU GLYHUVRV HFRVLVWHPDV GHSHQGHQ XQRV GH RWURV LQYHUWHEUDGRV SHFHV GLIHUHQWHV
/ D ELRGLYHUVLGDG QR VROR VHUHILHUH D OD FDQWLGDG GH HVSHFLHV SUHVHQWHV HQ XQ DOUHGHGRUGH DQILELRV \UHSWLOHV
HFRVLVWHPD VLQR TXH WDPELpQ SXHGH DSOLFDUVH D OD YDULHGDG GH HFRVLVWHPDV FDVL DYHV\ PDPtIHURV
SUHVHQWHV HQXQiUHD 6LQHPEDUJR VHHVWLPD TXHH[LVWHQ
¢3RUTXpHVLPSRUWDQWHPDQWHQHU ODELRGLYHUVLGDG" &XDQGRKD\FDPELRV HQ PXFKDVHVSHFLHVTXH D~QQRIXHURQ
HODPELHQWH TXH QR VRQ EXHQRV SDUD XQDHVSHFLH JHQHUDOPHQWH KD\ RWUD TXH GHVFXELHUWDV/DVVHOYDVVRQHFRVLVWHPDV
VHEHQHILFLD 'XUDQWH XQDVHTXtDSRU HMHPSOR KD\ RUJDQLVPRV TXH QR SXHGHQ PX\GLYHUVRV TXHHVWiQ HQSHOLJUR SRU
VREUHYLYLU SRU OD IDOWD GH DJXD \ PXHUHQ SHUR JUDFLDVDODELRGLYHUVLGDG KD\ OD VREUHH[SORWDFLyQGHVXVUHFXUVRV
RWURV TXH Vt \TXHRFXSDQ HOOXJDU TXH GHMDQ ORV SULPHURV (VWRSHUPLWH TXH OD Vp FDOFXODTXHFDGDGtDVHSLHUGHHO
YLGDHQOD 7LHUUDSHUVLVWD DSHVDUGHVXVWUDQVIRUPDFLRQHV HTXLYDOHQWH D FDQFKDVGHI~WERO
FRPR SURGXFWRGHOD WDODLQGLVFULPLQDGD
p? / DSDFKR
< DJXDUHWpB
8VR\ FRQVHUYDFLyQ
$ SURYHFKDPRV OD QDWXUDOH]D GH PXFKDV IRUPDV (O FDXFKR TXH VLUYH
Q SDUD IDEULFDU OD JRPD SURYLHQH GH XQ iUERO GHVFXELHUWR HQ OD VHOYDEUDVLOHxD£
H[LVWHQ EDFWHULDV TXH GLJLHUHQ HOSHWUyOHR OR TXH SHUPLWH UHFXSHUDU DPELHQWHV
p?
FRQWDPLQDGRV FRQHVWHPDWHULDO 7RGRVORVDOLPHQWRVTXHFRQVXPLPRV SURYLHQHQ
ā
GHDQLPDOHV\SODQWDV TXHDOJXQDYH]HVWXYLHURQHQXQHFRVLVWHPDQDWXUDO
Ë? /D PHGLFLQD WDPELpQ VH UHODFLRQD FRQ OD QDWXUDOH]D (Q HOSDVDGR FXOWXUDV
QDWLYDVGHQXHVWURSDtVH[WUDtDQXQDVXVWDQFLDSDUDFDOPDUGRORUHV GHODFRUWH]DGHO ¢4XpHVOD &RQYHQFLyQ5 DPVDU"¢&XiOHV
? VDXFH XQ iUEROSUHVHQWH HQHO OLWRUDOGHOUtR 3DUDQi (VDVXVWDQFLDOODPDGD iFLGR VRQVXVREMHWLYRV SULQFLSDOHV"
? VDOLFtOLFRHV ODTXHKR\VHXVDSDUDIDEULFDUDVSLULQDV/D FLHQFLDFRQVWDQWHPHQWH
ā GHVFXEUHHQ ODQDWXUDOH]D QXHYRV HOHPHQWRV SDUDWUDWDU HQIHUPHGDGHV (Q ,QYHVWLJXHQ DFHUFDGHORVVLWLRV5DPVDU
U FLHQWtILFRVHVWDGRXQLGHQVHVHQFRQWUDURQXQDVXVWDQFLDHQHOODSDFKR XQKHUPRVR GH QXHVWURSDtV %XVTXHQLPiJHQHVGHGRV
Q iUEROGHO QRUWH
DUJHQWLQRTXHSRGUtD VHUYLUFRPRWUDWDPLHQWR GHOFiQFHU GH HOORV\GHVFULEDQ VXV FDUiFWHUtVWLFDV
U! 3HUR VL VH SLHUGH ODULTXH]DELROyJLFD GLVPLQX\HQODVSRVLELOLGDGHVGH IXWXURV
GHVFXEULPLHQWRVSDUDHOELHQGHODKXPDQLGDG/ DPRGLILFDFLyQGHORVHFRVLVWHPDV 'HILQDQELRGLYHUVLGDG¢&XiOHVVRQODV
Q \ODH[SORWDFLyQH[FHVLYDGHHVSHFLHVFDXVDURQ ODGHVDSDULFLyQGHPXFKDVIRUPDV FRQGXFWDVKXPDQDVTXHOD DPHQD]DQ"
Q GHYLGD \ODGHJUDGDFLyQ GH YDULRVHFRVLVWHPDV (Q OD $ UJHQWLQD H[LVWHQPiV GH
FXDWURFLHQWDVHVSHFLHVGH SODQWDV\DQLPDOHV HQSHOLJUR GH H[WLQFLyQ HQWUHHOORV
U! HOYHQDGRGHODVSDPSDV HO\DJXDUHWpHOKXHPXOHWFpWHUD
Q
$ &,( 1&,$
&,( 5 - $
a
(ORFDVRGHXQ PRQXPHQWR QDWXUDOQDFLRQDO Y
O
YDXXDUHW VHaH[WLQJDOH
HQHOSDtVYDVRORTXHGDQ H
QHRRVHLHP
3 ODUHV
'HFODUDGR PRQXPHQWR QDWXUDO QDFLRQDO \ PRQXPHQWR
QDWXUDO SURYLQFLDO HQ 0LVLRQHV &KDFR \ 6DOWD HO
\DJXDUHWp VH HVWi H[WLQJXLHQGR DFHOHUDGDPHQWH HQ HO
WHUULWRULR DUJHQWLQR
U 1DFLRQDO OJXD]~ / RV GH OD VHOYD GH \XQJDV QR OOHJDUtDQ D
1R KD\HVWXGLRV VREUH ORVGHO
&KDFR 6HFR QL VH VDEH
6L TXHGDQ DQLPDOHV HQ )RUPRVD
&RORUHHQ HQ XQ PDSD GH OD $ UJHQWLQD
ORV OXJDUHV HQ ORV TXH KDELWDED HO
\DJXDUHWp (Q RWUR PDSD PDUTXHQ ORV
VHFWRUHV HQ ORVTXH YLYHQ ODV DFWXDOHV
SREODFLRQHV
& RQV WUXFFLyQ GH LQYHUQDGHURV SDUD REV HUYDU HO FLFOR GHO FDUERQR
(O PpWRGR FLHQWtILFR HV OD IRUPD HQ OD TXH VH SXHGH HVWXGLDU HO XQLYHUVR \ OOHJDU D
FRQFOXVLRQHV DFHSWDEOHV SRU OD FLHQFLD 0HGLDQWH REVHUYDFLRQHV FXLGDGRVDV \H[SHULPHQWRV
PX\ ELHQ SODQLILFDGRV VH FRPSUXHEDQ H[SOLFDFLRQHV SHQVDGDV SDUD HQWHQGHU SRU TXp RFXUUHQ
FLHUWRV IHQyPHQRV GH OD QDWXUDOH]D /D DSOLFDFLyQ GHO PpWRGR FLHQWtILFR QRV GD UHVXOWDGRV TXH
VRQ XQLYHUVDOHV \D TXH HOORV SXHGHQ VHU UHSHWLGRV SRU RWUDV SHUVRQDV
2EVHUYDUHPRV HO FLFORGH PDWHULDOHV HQ XQ VLVWHPD FXPSOLHQGR ORV SDVRV GHO PpWRGR FLHQWtILFR
2EMHWLYR 0DWHULDOHV
(YDOXDUORVFRQFHSWRV HVWXGLDGRV VREUH UHFRUULGR 'RV IUDVFRV LJXDOHV FRQ WDSD
FtFOLFR GH ORV PDWHULDOHV IRWRVtQWHVLV \ HFRVLVWHPD (VWD &DQWLGDGHV LJXDOHV GH WLHUUD
H[SHULHQFLD SHUPLWH GHPRVWUDU OD WUDQVIRUPDFLyQ GH GH MDUGtQ
PDWHULD \ HQHUJtD GHQWUR GH XQ VLVWHPD FHUUDGR ā %DODQ]D
$ QDOL]DU HO UHFRUULGR GH ORViWRPRV GH FDUERQR GHQWUR 6HOODGRUHV GH VLOLFRQD
GHO VLVWHPD IUDVFR SDUD PiV WDUGH FRPSUHQGHU HO 'RV HWLTXHWDV
FLFOR GHO FDUERQR \GH RWURV HOHPHQWRV HQ OD QDWXUDOH]D &DUWXOLQD QHJUD
3URFHGLPLHQWR
3HVHQ FDQWLGDGHV LJXDOHV GH WLHUUD \FROyTXHQODV GHQWUR GH FDGD IUDVFR 5LHJXHQ
LJHUDPHQWH
&LHUUHQ \VHOOHQ DPERV IUDVFRV 3HVHQ FDGD IUDVFR \DQRWHQ ODV FLIUDV
BB
([SRQJDQ XQ IUDVFR D OD OX]\ PDQWHQJDQ HO RWUR ELHQ WDSDGR FRQ OD FDUWXOLQD SDUD TXH a S
R
#
&RQFOXVLRQHV ª
'HQWUR GH IUDVFRV FHUUDGRV FRQ HO SDVR GHO WLHPSR \HQ SUHVHQFLD GH OX] SRGUi REVHUYDUVH OD ?a
DSDULFLyQ GH SODQWDV PXVJRV KRQJRV HWF ¢4Xp H[SOLFDFLyQ GDUtDQ D ORV FDPELRV RFXUULGRV
HQ XQR \RWUR IUDVFR"
¢+DEUi FDPELDGR HO SHVR GH ORV IUDVFRV GHVGH TXH ORV DUPDURQ KDVWD HO PRPHQWR GH OD
FRPSDUDFLyQ YHLQWH GtDV GHVSXpV" ¢&XiO SHVDUi PiV" ¢(Q TXp VH EDVDQ SDUD UHVSRQGHU"
3HVHQ QXHYDPHQWH ORVIUDVFRV \FRPSDUHQ HO UHVXOWDGR FRQ OD SULPHUD DQRWDFLyQ GH SHVRV
UHDOL]DGD DO DUPDUORV
D ¢&RLQFLGHQ ORV UHVXOWDGRV FRQ OR TXH SHQVDEDQ"
E ¢&yPR H[SOLFDQ TXH SXHGDQ SHVDU OR PLVPR"
F ¢&yPR VH UHODFLRQD OR REVHUYDGR HQ HVWD H[SHULHQFLD FRQ OD LGHD GH TXH HQ ORV HFRVLVWHPDV
OD FDQWLGDG GH PDWHULD QR VH PRGLILFD VLQR TXH VH WUDQVIRUPD"
+DQ YLVWR TXH HQ ORVHFRVLVWHPDV OD FRPXQLGDG ELyWLFD \ / RV FRQVXPLGRUHV VRQ RUJDQLVPRV
HO ELRWRSR HVWiQ HQ SHUPDQHQWH UHODFLyQ &LWHQ HMHPSORV GH TXH VH DOLPHQWDQ GH ORVSURGXFWRUHV
UHODFLRQHV TXH VH HVWDEOH]FDQ HQWUH / DV SODQWDV DFXiWLFDV WLHQHQ UDtFHV VXPHUJLGDV
7UHV SDUHMDV GH IDFWRUHV ELyWLFRV SRU HMHPSOR HO FDUDFRO HQ HO IRQGR GHO DJXD SHUR VX SDUWH SULQFLSDO VH HQFXHQWUD
GHSRVLWD VXV KXHYRV HQ ODV SODQWDV HQ FRQWDFWR FRQ HO DLUH
7UHV SDUHMDV GH IDFWRUHV DELyWLFRV SRU HMHPSOR HO DJXD GHO / RV FDFWXV VRQ SODQWD TXH WLHQHQ HVSLQDV HQ
PDU PRMD OD DUHQD GH OD SOD\D OXJDU GH KRMDV
7UHV SDUHMDV IRUPDGDV SRU XQ IDFWRU ELyWLFR \RWUR DELyWLFR
SRU HMHPSOR HO SH] YLYHHQ HO UtR 'HEDWDQ HQ FODVH SRU TXp HV LPSRUWDQWH SURWHJHU OD
ELRGLYHUVLGDG \TXp DFFLRQHV SRGUtDQ OOHYDUD FDER GHVGH
,QGLTXHQ YHUGDGHUR RIDOVR ) HQ FDGD XQD GH ODV VXV FDVDV R OD HVFXHOD SDUD ORJUDU HVWH REMHWLYR
VLJXLHQWHV DILUPDFLRQHV / XHJR MXVWLILTXHQ FDGD XQD GH VXV
UHVSXHVWDV ,QYHVWLJXHQ HQ RWURV OLEURV R HQ ,QWHUQHW VREUH
8QD JUDQMD HQ HO PHGLR GHO FDPSR HV XQ HFRVLVWHPD UHODFLRQHV LQWUDHVSHFtILFDV HQ GLIHUHQWHV HVSHFLHV %XVTXHQ
QDWXUDO 2 HMHPSORV TXH LOXVWUHQ UHODFLRQHV GH GHIHQVD UHSURGXFFLyQ ā
8QD JRWD GH DJXD SXHGH VHU FRQVLGHUDGD XQ HFRVLVWHPD 2 HIHFWR GH PDVD \GLYLVLyQ GH WUDEDMR
(O HFRVLVWHPD PDULQR HV XQ PDFURHFRVLVWHPD QDWXUDO
DFXiWLFR 2 2 5HVSRQGDQ D ODVVLJXLHQWHV SUHJXQWDV
(O DJXD UHWHQLGD HQ ORVSpWDORV GH XQD IORU QR SXHGH VHU D ¢4Xp WLSR GH UHODFLyQ LQWHUHVSHFtILFD VH GD HQWUH ORV VHUHV
FRQVLGHUDGD XQ HFRVLVWHPD 2
U
KXPDQRV \ ODV EDFWHULDV TXH YLYHQ HQ VX VLVWHPD GLJHVWLYR"
8Q UtR VREUH HO TXH VH FRQVWUX\y XQD UHSUHVD GHMD GH VHU XQ E ¢&XiO HV OD GLIHUHQFLD HQWUH KiELWDW \ QLFKR HFROyJLFR"
U! HFRVLVWHPD QDWXUDO \VH WUDQVIRUPD HQ XQR DUWLILFLDO2 F ¢&XiOHV VRQ ORVRUJDQLVPRV FDSDVHV GH DEVRUEHU HO
V GLy[LGR GH FDUERQR GHO DLUH"
L
a >
6HOHFFLRQHQ XQ DUWtFXOR SHULRGtVWLFR VREUH XQ HFRVLVWHPD G ¢&yPR MXVWLILFDUtDQ OD DILUPDFLyQ GH TXH ODV SREODFLRQHV
© U! QDWXUDO PRGLILFDGR SRU OD DFFLyQ GHO KRPEUH ¢&RQVLGHUDQ TXH GH PRVTXLWRV TXH QRV LQYDGHQ VRQ SDUiVLWRV GH ORV
HVWD PRGLILFDFLyQ EHQHILFLy R SHUMXGLFy DO HFRVLVWHPD DIHFWDGR" KXPDQRV"
U!
)XQGDPHQWHQ VX UHVSXHVWD
aQ
a (O SH] SD\DVR HV XQD HVSHFLH
( QXPHUHQ \GHILQDQ ORVHOHPHQWRV TXH FRQVWLWX\HQ OD PDULQD TXH YLYHHQWUH ODV DQpPRQDV
U! HVWUXFWXUD GH XQD SREODFLyQ \ ORVIDFWRUHV TXH FRQGLFLRQDQ VX ODVFXDOHV UHVXOWDQ PRUWDOHV SDUD HO
U! GLQiPLFD UHVWR GH ORVSHFHV $ YHULJHQ TXp
U WLSR GH UHODFLyQ tQWHUHVSHFtILFD VH
(Q OD VLJXLHQWH OLVWDGH UHODFLRQHV LQWHUHVSHFtILFDV VH HVWDEOHFH HQWUH HVWDV HVSHFLHV
U! UHSUHVHQWD FRQ ODVOHWUDV $ \ % D FDGD XQD GH ODVHVSHFLHV
Q LQYROXFUDGDV ,QGLTXHQ FRORUHDQGR GLFKDV OHWUDV FRQ D]XO VL &ODVLILTXHQ ORV HFRVLVWHPDV GH ODV VLJXLHQWHV
HVWD UHODFLyQ LPSOLFD SHUMXLFLR SDUD XQD HVSHFLH FRQ YHUGH VL LPiJHQHV GH DFXHUGR VX WDPDxR VX RULJHQ R VX XELFDFLyQ
I? QR VH EHQHILFLD QL VH SHUMXGLFD \FRQ URMR VL VH EHQHILFLD 3DUD KDFHUOR UHOHDQ HO FXDGUR GH OD SiJLQD
U!
&RPHQVDOLVPR $%
U!
&RPSHWHQFLD $%
U! 3DUDVLWLVPR $%
? 6LPELRVLV $ %
0XWXDOLVPR $ %
U! 3UHGDFLyQ $ %
U
(VFULEDQ XQ WH[WR TXH UHODFLRQH ORVVLJXLHQWHV WpUPLQRV
U! FDUERQR DWPRVIpULFR EDOOHQD FDUERQR GLVXHOWR HQ DJXD SLQJLQR
U! SLFDIORU SREODFLyQ KXPDQD DOJD iUERO
U!
&RPSOHWHQ ODV VLJXLHQWHV RUDFLRQHV FRQ ODVSDODEUDV
U! FRUUHVSRQGLHQWHV GH OD OLVWDTXH VLJXH DQILELDV SULPDULRV
Q [HUyILODV SURGXFWRUHV KHWHUyWURIRV
/RV VRQ ORV ~QLFRV RUJDQLVPRV FRQ FDSDFLGDG
SDUD WUDQVIRUPDU HQHUJtD OXPtQLFDHQ HQHUJtD TXtPLFD
LOK
& XDQGRWHUPLQHQ
BB- &85 2&( 1&
$
HVWH FDStWXOR SRGUiQ
I
5 HFRQRFHU FRUQSyQHULWpV GH ORVHFRVLVWHPDVR
&RQRFHU FLFORV GH OD PDWHULD\ GHODHQHUJtD āā / RVELRPDVDUJHQWLQRV\ 'DUZ
&XDQGR &KDUOHV 'DUZLQ UHDOL]y VX YLDMH SRU GLIHUHQWHV
HQOD QDWXUDOH]Dā B
ā
&RPSDUDU4BLIaUHQWHV OXJDUHV GHO PXQGR HQ HO +06%HDJOH HQWUH \
aa
WLSRV GH HFRVLVWHPDV
YLVLWy OD $ UJHQWLQD \ UHFRUULy PXFKRV GH VXV ELRPDV
6HJXUDPHQWH DQWHV GH VX YLDMH QR LPDJLQDED GHVFXEULU OD
YDULHGDG GH HFRVLVWHPDV \IRUPDV GH YLGD WDQ FXULRVDV FRQ
ODVTXH VH HQFRQWUy HQ VXV FLQFR DxRV GH H[WHQVD WUDYHVtD
6HGHVOXPEUy FRQ ORVSDLVDMHV \ ODV IRUPDV GH YLGD TXH
KDELWDQ QXHVWUR SDtV (Q VXV FUyQLFDV GH YLDMH 'DUZLQ UHODWD
V a
ODELRVIHUD
J
O āa / DELRVIHUD ODDWPyVIHUD ODKLGURVIHUD \ODJHRVIHUDVRQ GLIHUHQWHV SDUWHV GHO
%LRVIHUD VLVWHPD GH OD7LHUUD3RUHVWR VRQ FRQVLGHUDGRV VXEVLVWHPDV TXH VHLQWHUUHODFLR
QDQH LQIOX\HQ GHPDQHUD PX\ GLYHUVD
/ D JUDQ GLYHUVLGDG GHHFRVLVWHPDV TXH IRUPDQ ODELRVIHUDVHSXHGHQDJUXSDU
,1) 2
GHDFXHUGR FRQVXVFDUDFWHUtVWLFDV GHUHOLHYHFOLPD\VXHOR¢3RUTXp"'LIHUHQWHV
UHJLRQHVGHOPXQGREULQGDQFRQGLFLRQHV SURSLFLDVSDUDODVXEVLVWHQFLD GHGHWHU !
^ ? a
/ RV ELRPDV \ ORVVXHORV PLQDGDV HVSHFLHV\QRGHRWUDV 'HDFXHUGR FRQHVWR SRUHMHPSOR UHVXOWDOyJLFR H
&RP~QPHQWH VHKDEOD GHVXHORV ULFRV R HQFRQWUDUXQ RVR SRODU HQ HOIUtR FOLPD GHO 3ROR 1RUWH \ QR HQ ODV FDOXURVDV
a FD
SREUHV VHJ~QHOWLSR
GHYHJHWDFLyQ TXH SOD\DV FHUFDQDV DOHFXDGRU ^,1)2 £ aā
ORVFXEUH 1R REVWDQWH HVPiV DSURSLDGR (OFRQMXQWRGHHFRVLVWHPDV VHPHMDQWHV FRQVWLWX\H XQELRPD8QPLVPR WLSR 9 !
"!
KDEODUGHVXHORVFRQPD\RU y PHQRUJUDGR GHELRPD SXHGH UHSHWLUVH HQ GLVWLQWDV ]RQDV GHO SODQHWD VLHPSUH TXH VHPDQ a
R
GH GHVDUUROOR ¢3RUTXp" /RV VXHORV VH WHQJDQ VXVFDUDFWHUtVWLFDV SURSLDV U! a
R
IRUPDQD SDUWLUGHODV URFDVGHOD JHRVIHUD 3HURHQWUH ORVELRPDV QRH[LVWHQ OtPLWHV GHILQLGRV VLQR TXH HVDVFDUDFWHUtVWL !
?a
TXHVHYDQGHVWUX\HQGR SRU GLIHUHQWHV FDVYDQ FDPELDQGRJUDGXDOPHQWHFRQIXQGLpQGRVH FRQ ODVGHO ELRPD YHFLQR
FDXVDV$PHGLGDTXHORVRUJDQLVPRV (VWDiUHDGHFDPELR RWUDQVLFLyQ HQWUH XQELRPD \RWUR VHOODPD HFRWRQR ta
PXHUHQORVGHVFRPSRQHGRUHVGHOVXHOR / DELRJHRJUDItD HVOD FLHQFLD TXH HVWXGLD OD GLVWULEXFLyQ JHRJUiILFD GH ORV M
GHVLQWHJUDQOD PDWHULD YLYD\HQULTXHFHQ VHUHVYLYRV HV GHFLU VXXELFDFLyQ HQ HOSODQHWD ODVFDXVDVTXH GHWHUPLQDQHVD ?a
¼ VXHORGHQXWULHQWHVTXHOD YHJHWDFLyQ XELFDFLyQ \ODVPRGLILFDFLRQHV TXH VXIUHFRQ HOWLHPSR
DSURYHFKD &RQHO WLHPSRORVVXHORVYDQ
DGTXLULHQGRQXHYRVQXWULHQWHV\ SRU
HVWRVHGLFHTXHVRQPiVGHVDUUROODGRV
(O WLHPSRTXHWDUGDHQIRUPDUVHXQVXHOR
ELHQGHVDUUROODGRGHSHQGH GHOD KXPHGDG
OD WHPSHUDWXUDORVDJHQWHVGHHURVLyQ
HWFpWHUD
6HOYD
2 VDEDQD
/ - (VWHSD
W- 3UDGHUD
>ML 'HVLHUWR
OOOOOOO3iUDPR
/ - %RVTXHV
/ - 7DLJD
L- 7XQGUD
L ' È UHDVSRODUHV
6XHOR GHVDUUROODGR
O
-
% LRJHRJUDItD
U
&DPHOORV OODPDV DUDxDV HVFRUSLRQHV SXHGHQ VRSRUWDU HVWDVFRQGLFLRQHV WDQ
DGYHUVDV
U 3i UDPR/ LPLWDFRQGLYHUVRVELRPDV \DTXHVH SUHVHQWDVREUHODVFLPDVGHODV
PRQWDxDV GRQGH OD WHPSHUDWXUDGLVPLQX\HFRQODDOWXUD / DYHJHWDFLyQVHGLVWUL
a EX\HSRUODVODGHUDV SHUR DO OOHJDUDODVFXPEUHVVHUHGXFHDEUXSWDPHKWH SRUOD
U! QLHYH &DEUDVRVRV\URHGRUHVFRPSDUWHQ HVWHKi ELWDWFRQHO PDMHVWXRVRFyQGRU
3UDGHUD(O FOLPDWHPSODGR\K~PHGRIDYRUHFHHOFUHFLPLHQWR GHKLHUEDV\
U!
SDVWRV TXH FRQVWLWX\HQ HODOLPHQWRGH QXPHURVRV DQLPDOHV KHUEtYRURV3RU VX
U UHOLHYH OODQR \VXV FRQGLFLRQHV IDYRUDEOHV HVHOELRPD Pi VWUDQVIRUPDGRSRUHO
U! KRPEUH
( VWHSD(V VLPLODU D OD SUDGHUD SHUR PiViULGD3RUODVHVFDVDVOOXYLDV\ ORV
U! VXHORVSRFRGHVDUUROODGRV SUHVHQWD DUEXVWRVSHTXHxRV \SRFRVSDVWRVGXURV / D
?KDELWDQ ]RUURV OLHEUHVJXDQDFRV\UHSWLOHV
6DEDQD'H FOLPD VXEWURSLFDO SUHVHQWD YHUDQRV OOXYLRVRV H LQYLHUQRV VXDYHV
I
? (OSDLVDMH VH FDUDFWHUL]DSRUXQDSUDGHUDVDOSLFDGDFRQPDQFKRQHVGH ERVTXH 6XV
?KDELWDQWHV VRQPDPtIHURVKHUEtYRURV FDUQtYRURV UHSWLOHV\YDULDV DYHV
È UHDVSRODUHV &RQ HO VXHOR SHUPDQHQWHPHQWH FXELHUWR GH KLHOR HVPX\
Q GLItFLOTXHVHGHVDUUROOHQVHUHVYLYRV 6RORHQORVYHUDQRV FUHFHQDOJXQRVOtTXHQHV 3UDGHUD
/ DVKDELWDQSLQJLQRVHQHO6XU \PRUVDVHQHO1RUWH
(VWHSD
BB¢
% LRPDV GH OD$ UJHQWLQD
/RV ELRPDV DUJHQWLQRV
/ D JUDQYDULHGDGGHVXHORV \ FOLPDV GH OD$ UJHQWLQDGHWHUPLQD
TXHHVWpQ UHSUHVHQWDGRV FDVL WRGRV ORV WLSRV GHELRPDV
GHO PXQGROR TXHLPSOLFD XQD LPSRUWDQWHULTXH]DGHHVSHFLHV
GHIORUD \ IDXQD \WDPELpQGLYHUVLGDG GH SDLVDMHV
/ DVVHOYDV
/ D VHOYD SDUDQDHQVH
6H HQFXHQWUD HQ ODSHTXHxD SUR
YLQFLD GH 0LVLRQHV \ VH H[WLHQGH
SRU ODV ULEHUDV GH ORV UtRV 3DUDQi
\ 8UXJXD\ &RQ XQD WHPSHUDWXUD
PHGLD DQXDO FHUFDQD D ORV & \
HVFDVDGLIHUHQFLD GH WHPSHUDWXUDV D
OR ODUJR GHO GtD \ HQWUH HVWDFLRQHV 6HOYDSDUDQDHQVH
SUHVHQWD DEXQGDQWHV SUHFLSLWDFLRQHV
GXUDQWH WRGR HO DxR 6REUHVXVXHORDUFLOORVR\ URML]RSRU ODSUHVHQFtD GHKLHUUR
FUHFHXQDYHJHWDFLyQPX\YDUaTGD\PX\GHQVDÈ UEROHVTXHVXSHUDQORVPGH B
a2
£
J£
DOWXUDFRPRHOODSDFKRHO JXDWDPE~HOFHGUR\HOSHWLULEtHQWUHRWURV 7DPELpQ
a
H[LVWHQSDOPHUDVFRPRHOSDOPLWRGHOTXHVHH[WUDHHO DOLPHQWRGHO PLVPRQRP a
EUH KHOHFKRVDUERUHVFHQWHVHOSLQRSDUDQiRDUDXFDULDKLHUEDV FDxDVGHWDFXDUD a
R
6HOYD SDUDQDHQVH \VREUHORViUEROHVRUTXtGHDVFODYHOHVGHODLUH OLDQDVPXVJRV\YDULDGRVOtTXHQHV
< XQJD (VWDGLYHUVLGDGGHHVSHFLHVYHJHWDOHVGDOXJDUDODIDXQDPiVYDULDGDGHOSDtVDXQ a
%RVTXH FKDTXHxR TXHFRQQXPHURVDVHVSHFLHVHQSHOLJURGHH[WLQFLyQ9 DULRVKDELWDQWHVGHHVWDVHOYD a a
(VSLQDO UHVXOWDQ PX\OODPDWLYRV FRPR HO PRQR DXOODGRUR FDUD\iORVWDSLUHVWXFDQHV
a
U!
%RVTXH VXEDQWiUWLFR
/ODQXUD SDPSHDQD
JXDFDPD\RVFROLEUtHV\DJXDUHWpVRFHORWHVSHFDUtHV\iJXLODVDUStDV 7DPELpQ ORV
(VWHSD SDWDJyQLFD UHSWLOHVDQILELRVHLQVHFWRVDEXQGDQHQOD]RQD\VHGHVWDFDODDVRPEURVDYDULHGDG āH
ā3XQD GHPDULSRVDV
0RQWH 3HURODVHOYDSDUDQDHQVH SUHVHQWD XQDOWRQLYHOGHGHWHULRUR FDXVDGRSRU GtIH
2 $ QWiUWLGD UHQWHV DFWLYLGDGHVKXPDQDV SULQFLSDOPHQWH HO FXOWLYR GH \HUED PDWH \ Wp \ OD
H[SORWDFLyQ IRUHVWDO,1)2
B£
%LRUQDVGH ODVHOYD
/ D\XQJD
(VWD VHOYD RFXSD ODV SURYLQFLDV GH - XMX\
6DOWD7XFXPiQ \ &DWDPDUFD 6H H[WLHQGH HQ
ODVODGHUDVRULHQWDOHVGHORVFRUGRQHVPRQWDxD
VRVGHO1RURHVWH$ UJHQWLQR / LPLWDDO(VWHFRQ
HOELRPD FKDTXHxR \DO2HVWHFRQOD3XQD
3RVHH FOLPD FiOLGR \ K~PHGR FRQ SUHFL
SLWDFLRQHV SULQFLSDOPHQWH HQ YHUDQR TXH
SXHGHQ DOFDQ]DU PP DQXDOHV KDVWD
PP HQ DOJXQDV UHJLRQHV 3XHGH QHYDU
HQ LQYLHUQR HQ ODV]RQDV PiVDOWDV
6X SDLVDMHSUHVHQWD ODGHUDVGH PRQWDxDV \
OODQXUDV RQGXODGDV \ FXHQWD FRQ VXHORVELHQ
GHVDUUROODGRVFRQDEXQGDQWH PDWHULDRUJiQLFD
'HELGRDODDOWXUD HQODTXHVHHQFXHQWUDQ
ODV \XQJDV OD IORUD VH PDQLILHVWD FRPR XQD /RV YLHQWRV K~PHGRV GHO (VWH IRUPDQ
VHOYD FXELHUWD SRU QXEHV FRQ KXPHGDG SHU GRV PDVDV GH QXEHV XQD VREUH ORV
PDQHQWH 3RUHVWDUD]yQ OD\XQJD HVFRQRFL P \ RWUD VREUH ORV P
GDFRPR HOELRPD GH OD QXERVHOYD
3DUDIDFLOLWDU VXGHVFULSFLyQ \ FRQRFLPLHQWR ODV\XQJDV KDQ VLGR GLYLGLGDV
HQ WUHVJUDQGHV VHFWRUHV
B B 6HOYDGHWUDQVLFLyQ2FXSD ODVOODQXUDV RQGXODGDV DOSLHGHODV PRQWDxDV\
ORPDGDV EDMDVHQWUH ORV\PGHDOWXUD FRQUHVSHFWR DOQLYHO GHOPDU(Q
ODUHJLyQ QRUWH ,XMX\VHHQFXHQWUDQiUEROHVFRPR HOSDOREODQFR HOJXD\DEtHO
FHELOFRORUDGR ODWLSD EODQFD TXHWDPELpQ VHREVHUYDHQ PXFKDV SOD]DV\SDU 3/$17$6 ( 3,) ,7$6
TXHV GH DOJXQDV GHQXHVWUDV FLXGDGHV HOFHGUR HOXUXQGHO HOODSDFKR URVDGR 9 LYHQVREUHRWUDVSODQWDVVLQ DOLPHQWDUVH
U! HWF0i VDO6XU6DOWD7XFXPiQ SUHGRPLQDQ ODWLSD EODQFD HOWLPEy
WDPELpQ GHHOODV SRUHMHPSORHO FODYHOGHODLUH\
KDELWXDO HQODVSOD]DVXUEDQDV \HOFHELOFRORUDGR / DUHJLyQHVWiSURIXQGDPHQ ODV EURPHOLDV
H WH DOWHUDGD SRU ODV DFWLYLGDGHV KXPDQDV SXHV ORV FXOWLYRV GH FDxD GH D]~FDU
EDQDQR\FtWULFRVKDQUHHPSOD]DGR FDVLSRU FRPSOHWR DODVHOYD
UU! 6HOaDPRQWDQD6HKDOODHQODVODGHUDVGHODVPRQWDxDV HQWUHORV\P
H U (VXQD UHJLy QGHYHJHWDFLyQPX\GHQVDVRPEUtD\K~PHGD / RViUEROHVPiVDOWRV
PiVGHPVRQHOODXUHOHOKRUFR PROOH GLYHUVRVFHGURVHOQRJDO HWF([LVWHQ
U! DGHPi V iUEROHVPHGLDQRV DUEXVWRV KLHUEDVXQFRQMXQWR GHSODQWDV TXHFUHFHQ
D UDVGHOVXHOR\XQD JUDQGLYHUVLGDGGHOLDQDV\HSLILWDV (QODUHJLyQVHH[WUDHD
YHFHVLQGLVFULPLQDGDPHQWH PDGHUDGHFHGURUREOH\QRJDO\HQDOJXQDViUHDVVH $ SDUWLUGHODVHVSHFLHVPHQFLRQDGDV
HVWiUHHPSOD]DQGR ODVHOYDSRUFXOWLYRVGHSLQR GHOD VHOYDPLVLRQHUDDUPHQ XQDUHG
U! %RVTXHPRQWDQR 2FXSD ODVODGHUDV Pi V DOWDV HQWUH \ P 6H DOLPHQWDULD6L QHFHVLWDQUHSDVDUHVWH
UHFRQRFHQ HQpOWUHVWLSRVHOERVTXH GHSLQR GHOFHUURHQWUH \P HO FRQFHSWR FRQVXOWHQ HO FDStWXORDQWHULRU
GHDOLVRHQWUH \P\H-GHTXHxRD HQWUH \P DXQTXH SiJLQDV\
D YHFHVDOFDQ]D ORVP (QWUHODVHVSHFLHVDQLPDOHV VHHQFXHQWUDQHOPRQR
FDt WDSLUHV \ SHFDUtHV SHUVHJXLGRV SRU HO JUDQ \DJXDUHWp \ YDULHGDG GH DYHV &RPSOHWHQ HQVXVFDUSHWDVHOVLJXLHQWH
FRPR iJXLODVJXDFDPD\RV \SLFDIORUHV FXDGURFRPSDUDWLYRVREUHODVFDUDFWHUtVWLFDV
U
GHODVSDUWHVGHOD VHOYDGH\XQJDV
£
6HFWRU $ OWXUD (VSHFLHVGHiUEROHV
6HOYDGH
WUDQVLFLyQ
£6HOYD
O
PRQWDQD £
-
t
% RVTXH
PRQWDQR
2VR PHOHUR
O
<
āa
/ RVERVTXHV
9LGD V XEWHUUiQHD ( O ERV TXH F KDTXHx R
/D YL]FDFKDHVXQURHGRUGHO HVSLQDO &RQ YHUDQRV FDOXURVRV H LQYLHU
TXHFRQVWUX\HYHUGDGHUDVFLXGDGHV QRV WLELRV RFXSD ODV SURYLQFLDV GH
VXEWHUUiQHDV HQODV TXHYLYHQ GHYHLQWH )RUPRVD &KDFR 6DQWLDJR GHO (VWHUR
D WUHLQWDLQGLYLGXRV 0XFKRVDQLPDOHV HVWH GH 6DOWD 7XFXPiQ &DWDPDUFD \
YLYHQ DVRFLDGRVD ODV FXHYDVGHODV / D5LRMD QRUWH GH 6DQ / XLV&yUGRED
YL]FDFKDV /D OHFKXFLWDGH ODV YL]FDFKHUDV \ 6DQWD )H \ QRUGHVWH GH &RUULHQWHV
HVTXL]iOD LQTXLOLQD PiVIDPRVDGH / DVFDUDFWHUtVWLFDV GHOVXHOR\HOUHOLHYH
HVWDVJXDULGDV (O ]RUURHVRWURPDPtIHUR GHWHUPLQDQTXH ORV UtRV 3LOFRPD\R\
TXH QRGHVDSURYHFKD OD RSRUWXQLGDG GH %HUPHMRFRUUDQ GHVFULELHQGR JUDQGHV
9 L]FDFKD LQVWDODUVH FHUFDGH FXUYDVOODPDGDV PHDQGURV ORVFXDOHV
XQDGHVSHQVD SURYRFDQ TXH OD YHORFLGDG GHO UtR
ELHQ SURYLVWDSDUD GLVPLQX\D &RPR FRQVHFXHQFLD ORV
EXVFDUFUtDVGH VHGLPHQWRV TXHDUUDVWUDQVXV DJXDVVH
YL]FDFKDXQR DFXPXODQ HQGHWHUPLQDGRVSXQWRV
GHVXVDOLPHQWRV (O ELRPD GHO ERVTXH FKDTXHxRSUHVHQWD
SUHGLOHFWRV (VWRV ]RQDVFRQ GLIHUHQWHV FRQGLFLRQHV GHKXPH
URHGRUHVWLHQHQ GDG\WHPSHUDWXUD (Q UHVSXHVWD DHVWDGLIH
XQDH[WUDxD UHQFLDFOLPiWLFD KD\GRVWLSRVGHYHJHWDFLyQ
FRVWXPEUH OOHYDQ HQ HO(VWH VH HQFXHQWUDQORVERVTXHV DOWRV \
D OD HQWUDGD K~PHGRV FRQODXUHOHV TXHEUDFKRV EODQFRV \ a
GHVX FXHYD FRORUDGRV SDORV ERUUDFKRV ODSDFKRV \ SDOPD L
R
WRGD FODVHGH UHV +DFLD HO2HVWH VH KDOODQ SDVWL]DOHV \ DUEXVWRV ? £££
B $OJDUURER a
HOHPHQWRV FRPR FRQPDQFKRQHVGHERVTXHVEDMRVGHDOJDUURER FKDQDU U! a
SDORV ODWDV R \ TXHEUDFKR FRORUiGR (Q pSRFDV GH VHTXtD DQLPDOHV FRPR HO RVR KRUPLJXH a
FXDOTXLHUFRVD UR HO DJXDUiJXD]~ HO FLHUYR GHORVSDQWDQRV \HOJDWRPRQWpVUHFRUUHQYDULRV UU
TXHDWUDLJDVX NLOyPHWURV SRU GtD SDUD HQFRQWUDU DOLPHQWR (QWUH ORV UHSWLOHV VH HQFXHQWUDQ
FXULRVLGDG LJXDQDV \DFDUpV WRUWXJDV \DUDUiV ERDV FXOHEUDV\YDULDVODJDUWLMDV
L
(O ERVTXH FKDTXHxR KD VLGRPX\GDxDGR SRU ODH[SORWDFLyQ GHVXIORUD\VX
IDXQD (O TXHEUDFKR FRORUDGR HVXQDGHODV HVSHFLHVPiV FDVWLJDGDV GHOD]RQD U!
SRU VXYDOLRVDPDGHUD
( O HV SLQDO
?
(Q HO FHQWURGH6DQWD)H &yUGRED 6DQ/ XLV\/ D3DPSD HQ XQFOLPDWHPSODGR
FRQOOXYLDVGHD PP DSDUHFHQORVERVTXHVGHDOJDUURER FKDxDUHV WDODV\
FDOGHQHVTXHKDQVLGRIXHUWHPHQWHWDODGRVSDUDODREWHQFLyQGHPDGHUDXWLOL]DGDHQUU
ODIDEULFDFLyQGHSRVWHV\PXHEOHV\FRPRFRPEXVWLEOH(VWDYHJHWDFLyQHVWiDFRP
SDxDGD GHSXPDVDUPDGLOORVxDQG~HV\YL]FDFKDV7 DPELpQKD\UHSWLOHVFRPROD
\DUDUi\HOODJDUWRRYHUR,1)2 UU
(Q&RUULHQWHV\(QWUH5tRVFRQXQFOLPDGHFiOLGRDWHPSODGRHQXQ UHOtHYH V
DSHQDVRQGXODGRRSODQRTXHGHVDUUROODXQD SHQGLHQWH KDFLDHO 3DUDQi DSDUH
FHQORVSDVWL]DOHVFRQSDOPHUDV\DWD\\FDUDQGD\WDODUHV\FHLERV (VWDYHJHWD
FLyQEULQGDUHIXJLR\DOLPHQWRDXQDYDULHGDGGHHVSHFLHVGHLQVHFWRVUHSWtOHV!
DYHVWtSLFDV FRPRORVSiMDURVFDUSLQWHURVEODQFRV\UHDOHV \IHOLQRV FRPR HO
JDWRPRQWpV (O URHGRUPiVJUDQGHGHOPXQGR WDPELpQ KDELWD HQ HO HVSLQDO
HOFDUSLQFKRTXHHVPX\EXVFDGRSRUVXFXHUR\SXHGHFULDUVHSDUD DSURYHFKDU!
VXFDUQH (O3DUTXH1DFLRQDO(O3DOPDUHVHMHPSORGHHVWHSDLVDMH B
/ RVERVTXHV VH GHVDUUROODQ HQ ODV]RQDV EDMDV FRQIXQGLpQGRVH FRQ ORV
SDMRQDOHVYHJHWDFLyQFDUDFWHUtVWLFDGHHVWRVVXHORV 3RUHMHPSORORVHVWHURVGHO
,EHUiHQ&RUULHQWHVFRQVWLWX\HQ XQD]RQDGHWHUUHQRVLQXQGDGRV FRQYHJHWDFLyQ!
PX\YDULDGDHQ]RQDVSRFRSURIXQGDV \ODJXQDVGHVSHMDGDVHQHOFHQWUR (O\DFD
ā?
UpQHJUR ODERD FXUL\~\ODMDELU~ XQDGHODVFLJHxDVPiVJUDQGHV GHOPXQGR
KDELWDQHVWHDPELHQWH
aāāa
U!
U!
UU
UU
3DUTXH 1DFLRQDO 1DKXHO +XDSL
?
9ROFiQ /DQtQ
U!
?
U!
U!
U!
^?
(O SHKXpQ \ HO IDPRVRYROFiQ
U! /DQtQSUHVHQWHVHQVX HVFXGR
VRQORV VtPERORV GHOD SURYLQFLD
GHO 1HXTXpQ
U!
^?
( O ERVTXHVXEDQWiUWLFR
Q 6H XELFD VREUH OD FRUGLOOHUD GH ORV $ QGHV GHVGH 1HXTXpQ D7LHUUD GHO )XHJR $
aa SHVDU GH ODV EDMDV WHPSHUDWXUDV \ODV QHYDGDV LQYHUQDOHV VHGHVDUUROOD XQ ERVTXH
a U!
DOWR JUDFLDV DODVDEXQGDQWHV SUHFLSLWDFLRQHV 6HJ~Q ODV]RQDV SUHGRPLQDQ GLVWLQ
WDV HVSHFLHV GH iUEROHV (QHO 1RUWH DEXQGD HOSHKXpQ HQ HOFHQWUR xLUHV \OHQJDV O
a
R
X
R
\ HQ HO 6XU HO FRLKXH 3ODQWDV \ DUEXVWRV FRPR HO DPDQFD\ \ HO QRWUR EULQGDQ
L
y
aa U FRORULGR DO SDLVDMH FRQ VXV EHOODV IORUHV &DxDV PXVJRV \ OtTXHQHV FRPSOHWDQ OD
aW
YHJHWDFLyQ GH HVWH ELRPD /DDEXQGDQFLD GH PXVJRV IRUPD HQ 7LHUUD GHO )XHJR ODV
R
LLL WXUEHUDVTXH VRQ GHSyVLWRV GH FDUEyQ YHJHWDO RULJLQDGR SRU OD GHVFRPSRVLFLyQ
a U! GH GLFKRV PXVJRV / DIDXQD DGRSWD GLIHUHQWHV HVWUDWHJLDV IUHQWH DOIUtRGHO LQYLHU
,
4B
a ā
YL^? QR $ OJXQDV HVSHFLHV GH DYHV FRPR OD JRORQGULQD SDWDJyQLFD HPLJUDQ KDFLD
WLHUUDV PiV WHPSODGDV DOJXQRV UHSWLOHV PRGLILFDQ VX FRPSRUWDPLHQWR \ UHGXFHQ
UX
a
£
VX DFWLYLGDG \RWUDV HVSHFLHV FRPR HOKXHPXO VRSRUWDQ ODV FRQGLFLRQHV ULJXURVDV $PDQFD\
! B GHO IUtR JUDFLDV D VX DEXQGDQWH SHODMH (QWUH ORV PDPtIHURV VH GHVWDFDQ GRV FLHU
U! YRV
HO SXG~ \ HO KXHPXO GRV QXWULDV HO KXLOOtQ R ORELWR GH UtR SDWDJyQLFR \ HO
4
FKXQJXQJR RQXWULD PDULQD \ HOJDWR KXLxD 7RGDV HVWDV HVSHFLHV VRQ H[FOXVLYDV
^? GH HVWH EtRPD HV GHFLU VRQ HQGpPLFDV (VWRV ERVTXHV HVWiQ SRFR GHJUDGDGRV HQ
^?
JHQHUDO SHUR OD LQWURGXFFLyQ GH HVSHFLHV H[yWLFDV FRPR OD URVD PRVTXHWD \ HO
FLHUYR FRORUDGR RFDVLRQD OD H[WLQFLyQ GH HVSHFLHV QDWLYDV FRPR FRQVHFXHQFLD GH
OD FRPSHWHQFLD SRU DOLPHQWR \ HVSDFLR $ GHPiV ORV LQFHQGLRV IRUHVWDOHV PDVLYRV
U! FDXVDGRV SRU WXULVWDV GHVFXLGDGRV ODSUHVHQFLD GH JDQDGR \ HOFUHFLPLHQWR GH ODV
FLXGDGHV VRQ DOJXQRV GH VXV SULQFLSDOHV SUREOHPDV
5 HDOLFHQXQFXDGURFRPSDUDWLYRGH
ODVFDUDFWHUtVWLFDVItVLFDV WHPSHUDWXUD
OOXYLDV\ UHOLHYHGHORVELRPDVDUJHQWLQRV
U!
FRQERVTXH
U!
^?
1RPEUHQ WUHVHVSHFLHVDUEyUHDV
FDUDFWHUtVWLFDVGHFDGDXQRGHORVELRPDV
U!
(O KXHPXO XQR GHORV ERVFRVRV
?
RFKR FLHUYRVQDWLYRV
GHQXHVWURSDtV ,QYHV WLJXHQVREUHODVFDUDFWHUtVWLFDV
U! YLYHHQ HO ERVTXH
VXEDQWiUWLFR\HVWiHQ
GH ORVDQLPDOHVHQSHOLJURGHH[WLQFLyQ
SHOLJURGHH[WLQFLyQ TXHKDELWDQHO ERVTXHFKDTXHxR HO
!
HVSLQDO\HO ERVTXHVXEDQWiUWLFR
?
UU
U!
a
a a
a
a
/ DVHVWHSDV
/D WUDQVIRUPDFLyQ GH (O YHQDGR GH ODV / DOODQXUD SDPSHDQD
DPELHQWHV HQ OD OODQXUD SDPSDV HVWi HQ (VWH ELRPD SUHVHQWD HFRVLVWHPDV GHSDVWRV DOWRV TXH FXEUHQ OODQXUDV GH FDVL
SDPSHDQD KD VLGR SHOLJUR GH H[WLQFLyQ WRGD ODSURYLQFLD GH%XHQRV$ LUHV RHVWHGH/ D3DPSD\VXUGH&yUGRED 6DQWD)H
PDVLYD SULQFLSDOPHQWH SRU OD GHVWUXFFLyQ
SRU ODVDFWLYLGDGHV GHVX KiELWDW
\(QWUH5tRV / DOODQXUD SDPSHDQD HVXQD HVWHSDHQODTXHSUHGR
DJUtFRODJDQDGHUDV \ OD PLQDQODVKLHUEDV\SDVWRVSRUHVWRVHODFRQVLGHUD XQDHVWH B
XUEDQL]DFLyQ SDKHUEiFHD &RQFOLPDWHPSODGR \K~PHGR SUHVHQWD GRV
?
SHUtRGRV GHVIDYRUDEOHV SDUD ODVDFWLYLGDGHV KXPDQDV GH
H[SORWDFLyQ XQRHQ LQYLHUQR SRU ODVKHODGDV \ RWUR
HQ YHUDQR SRUODVHTXtD (V IDPRVDSRU ODFDOLGDG GH
VXV VXHORV SDUD OD DJULFXOWXUD \ SRU OD SUHVHQFLD
GHSDVWRVSDUDHOJDQDGR YDFXQR (VWDVFDUDFWHUtVWLFDV
SRQHQHQSHOLJURODLQWHJULGDG GH HVWHELRPD SXHVHO
PDOPDQHMR GHORVFXOWLYRV VLQSHUtRGRV GHGHVFDQVR
?
HQWUH XQD VLHPEUD \ OD VLJXLHQWH \ OD H[SORWDFLyQ
H[FHVLYD GH ORV SDVWRV KDQ FDXVDGR OD GHVSURWHFFLyQ
GHO VXHOR\FRQWULEXLGR DOODYDGRGHVXVQXWULHQWHV SRUOD
DFFLyQ GH ODOOXYLD a
R
< D FDVLQR H[LVWHQ ]RQDV GH HVWHELRPD TLH VHHQFXHQWUHQ
HQ HOHVWDGR QDWXUDOGH SULQFLSLRV GHO VLJOR; ,; DQWHV GH VX DSUR a
YHFKDPLHQWR LQWHQVLYR 6X IDXQD KD VXIULGR PXFKDV PRGLILFDFLRQHV SRU ODV
RJā
LLO
DFWLYLGDGHV HFRQyPLFDV (OYHQDGR GHODV SDPSDV SRU HMHPSOR HUDXQDHVSHFLH
!
PX\ DEXQGDQWH HQ HVWH ELRPD \ KR\ HVWi HQ SHOLJUR GH H[WLQFLyQ 0LOORQHV a¢
FXOWLYRVGHLQWHUpV SPD HOKRPEUH UD]yQ SRUODTXHVRQ FRQVLGHUDGDV SODJDVHQ
'(6(57,=$ &,Ï1 YDULDV]RQDV $ OJXQRVHVSHFLDOLVWDV DVHJXUDQ TXHHVHOELRPD PiVDPHQD]DGR GH R
V 0i[LUQD
H[SUHVLyQ GHOGHWHULRURGHORV WRGR HOSDtVLQFOXVLYH PiVTXH ODVHOYDSDUDQDHQVH
a
a
VXHORVTXHLPSOLFDFRQGLFLRQHVGHVpUWLFDV "
TXHLPSLGHQOD SURGXFFLyQHFRQyPLFD / D HVWHSD SDWDJyQLFD
eQ JHQHUDORFXUUHHQDPELHQWHViULGRVR 6HH[WLHQGHGHVGHHOVXUGH0HQGR]DKDVWDHOQRUWHGH7LHUUDGHO)XHJRHQPHVH W
VHPLiULGRV FX\RVVXHORVFXDQGRTXHGDQ WDVOODQXUDV\PRQWDxDV EDMDV 6XVXHORDUHQRVR\SHGUHJRVRHVSRFRGHVDUUROODGR
GHVSURWHJLGRVSRUOD DXVHQFLDGHYHJHWDFLyQ ORFXDO MXQWR FRQHOFOLPDIUtR\VHFRQR IDFLOLWDHOGHVDUUROORGHODYHJHWDFLyQ (O
VRQHURVLRQDGRV\UHPRYLGRVSRUHOYLHQWR LQYLHUQR HVULJXURVR\ ORVIXHUWHVYLHQWRV SXHGHQ OOHJDUDORV NP SRU KRUD B B
/ DYHJHWDFLyQ \ORVDQLPDOHV VHKDQDGDSWDGR DHVWDVFRQGLFLRQHV / DVSODQWDV
FRPR HO FRLUyQ VRQ FKLFDV WLHQHQKRMDV SHTXHxDV \ HVSLQRVDV / D PDUD ROtH
EUHSDWDJyQLFD FRPSDUWH HVWHWHUULWRULR FRQ ]RUURV JXDQDFRV SXPDV xDQG~HV B
SHWLVRV\FDXTXHQHV
&RPR PXFKDV UHJLRQHV iULGDV GH QXHVWUR SDtV OD HVWH
SD SDWDJyQLFD HV XQD LQYLWDFLyQ D OD GHVHUWL]DFLyQ
D FDXVD GH ORV IXHUWHV YLHQWRV \ GHO PDO PDQHMR GH OD
HVSHFLH GRPpVWLFD PiV DEXQGDQWH HQ OD UHJLyQ OD
RYHMD TXH VHFDUDFWHUL]DSRU DOLPHQWDUVH DUUDQFDQGR
KLHUEDV GHUDt]\ SRU UHPRYHU HOVXHOR FRQ ODVSH]X
xDV GH VXV SDWDV (VWH KiELWR GH FRUWH GHO SDVWR \ HO
SLVRWHR SURIXQGR KDQSURGXFLGRXQD VHULH GHGDxRV
DODFREHUWXUD YHJHWDO HVWRVXPDGR DODVFRQGLFLRQHV UU
ItVLFDV QDWXUDOHV SURYRFD HO GHWHULRUR GHO VXHOR \ OR
GHMDGHVSURWHJLGR IUHQWH DODDFFLyQ HURVLYDGHOYLHQWR
/ DVFRVWDV SDWDJyQLFDV HVWiQ SREODGDV SRU YDULDVHVSH B
&RORQLD GH ORERV *XDQDFRV FtHV GH DYHVFRPR SLQJLQRV SHWUHOHV JDYLRWDV\ FRUPRUD U?
PDULQRV HQ HO OLWRUDO QHVORVFXDOHVMXQWRDORVHOHIDQWHV \ORERVPDULQRV FRPSRQHQ
DWOiQWLFR
XQSDLVDMH~QLFR
%LRPDVGHHVWHSDV
%LRPDViULGRV
%LRPDV iULGRV
B
/ DSXQD
6REUHXQD PHVHWDTXHYDGHORV DORV PHWURV GHDOWXUD VHSUH
VHQWDFRPRXQGHVLHUWRGRQGH HOFOLPDHViULGRFRQHVFDVDVSUHFLSLWDFLRQHV \
PDUFDGD GLIHUHQFLDGHWHPSHUDWXUD DPSOLWXG WpUPLFD HQWUH HO GtD\ODQRFKH
/ DYHJHWDFLyQKDGHVDUUROODGRDGDSWDFLRQHV DODIDOWDGHDJXD FRPRHVHOFDVRGHO
FDUGyQTXHFRPRODPD\RUtDGHORVFDFWXVDFXPXODDJXDHQVXWDOOR / DTXHxRD
FDUDFWHUtVWLFD GH ODUHJLyQ HVXQ iUERO TXH FUHFHHQWUH ORV \ ORV P
VREUH HO QLYHO GHO PDU SRU HVWR HV HO iUERO TXH KDELWD D PD\RU DOWXUD HQ HO
PXQGR 6HWUDWD GHXQD HVSHFLHPX\EXVFDGDSRUVHUFDVLOD~QLFD IXHQWH GHOHxD
HQODVIUtDVWLHUUDVDOWDVGHO1RURHVWH$ UJHQWLQR / RVDQLPDOHVSUHGRPLQDQWHV VRQ
U!
HOJDWRDQGLQR HOSXPD ODFKLQFKLOOD ODOODPDODYLFXxD\HOFyQGRU'HELGRDOD
U HVFDVDSREODFLyQ\ODVFRQGLFLRQHVSRFRIDYRUDEOHVQRKDVLGRXQELRPD DIHFWDGR
SRUODDFWLYLGDGKXPDQD
U ( O PRQWH
(VWHELRPD RFXSDXQD H[WHQVD]RQD FDUDFWHUL]DGDSRUODDULGH]\WHPSHUDWXUDV
PHGLDV DQXDOHV GHDSUR[LPDGDPHQWH &HQHOVHFWRUQRUWH TXH GHVFLHQGHQ D
&\D & HQHOVHFWRUVXU(VXQD DQFKD IUDQMDSDUDOHODDODFRUGLOOHUDGHORV
$ QGHVTXHGHVGHHOVXUGH6DOWDOOHJDD1HXTXpQ \OXHJRKDFLD HO(VWH KDVWD OD
FRVWDDWOiQWLFD (OFOLPDHVWHPSODGR RFiOLGR\VHFRFRQSRFDVOOXYLDV/DHVFDVD
PRGLILFDGRHO HFRVLVWHPD
KXPHGDG GHODUHJLyQ VHGHEH D ODSUHVHQFLD GHODFRUGLOOHUDGHORV$QGHV TXH SRUPHGLRGHDFHTXLDV\
GHWLHQH WDQWR ORVYLHQWRV K~PHGRV SURYHQLHQWHV GHORFpDQR3DFtILFRFRPRORVGH UHJDGtRVTXHIDFLOLWDQOD
ODVVLHUUDVSDPSHDQDV TXHDUULEDQGHVGHHO$ WOiQWLFR6RQIUHFXHQWHV ODV KHODGDV\ GLVSRQLELOLGDGGHDJXD
ODDPSOLWXG WpUPLFDGLDULDELHQPDUFDGDODVFXDOHV MXQWR DODIDOWDGH DJXD\DOD SDUDHOFXOWLYR\IRUPDQ
YHUGDGHURVRDVLV
SUHVHQFLDGHVXHORVSRFRIpUWLOHVGLILFXOWDQ ODSUiFWLFDGHODDJULFXOWXUDSRUSDUWH
GHOKRPEUH 6LQHPEDUJR D WUDYpVGHOULHJRDUWLILFLDOVH FXOWLYDQ ROLYRVQRJDOHV
\YLG / DIDXQD GHHVWDHFRUUHJLyQVXHOHHVFRQGHUVHHQFXHYDV\KXHFRV GHO VXHOR
SDUDSURWHJHUVHGHOFOLPD (QWUHRWURVVHHQFXHQWUDQ ODPDUD HO FXLV FKLFR FKRL
TXHVSXPDV\JXDQDFRV(QFRPSDUDFLyQ FRQRWURVELRPDVSUHVHQWDXQQLYHOGH
PRGLILFDFLyQ OLPLWDGR DDOJXQDV]RQDV
M
ā
aM
a
a B B
a
a
( O DPELHQWH KXPDQR
/ RVSXHEORVSULPLWLYRVSURFXUDEDQ VXDOLPHQWR PHGLDQWH ODUHFROHFFLyQGHIUX
WRVVLOYHVWUHVODFD]D\ODSHVFDPiVWDUGHVXUJLHURQHOFXOWLYRGHFLHUWRVYHJHWDOHV a
\ODFUtDGHJDQDGR- XQWR FRQHVWDVKDELOLGDGHVHOKRPEUH IXHGHVDUUROODQGR WpFQL B
FDV\KHUUDPLHQWDV TXHOHSHUPLWLHURQ PHMRUDUORVUHVXOWDGRV\GLVPLQXLUHOHVIXHU
]R 6H FRQVLGHUDTXHODDJULFXOWXUDFRPHQ]yKDFHPiVGHGLH]PLODxRV\FDPELy B
ODV FXOWXUDV SUHKLVSiQLFDV SRVHtDQ HO UXPER GHODKLVWRULD SRUTXH JHQHUyODSRVLELOLGDG GHSURGXFLU DOLPHQWRV VLQ
XQD VyOLGD RUJDQL]DFLyQ VRFLDO\XQD GHSHQGHUGHODVXHUWHGHHQFRQWUDUORV HQODQDWXUDOH]D )XHWDPELpQDSDUWLUGHHVWH
UQLWQU WHFQLILFDGD
GHVFXEULPLHQWR TXHHOKRPEUHHPSH]yD DOWHUDUORVHFRVLVWHPDVIDYRUHFLHQGRHO
GHVDUUROORGHDOJXQDVHVSHFLHVLQWHUHVDQWHV \FRPEDWLHQGR RWUDV\X\RV
'LVSRQHU GH IXHQWHV GH DËLPHQWR SHUPDQHQWH SURGXMR HO DXPHQWR GH OD
SREODFLyQ / D FUHDFLyQ GHQXHYRV DUWHV\ RILFLRVGLR OXJDUDGLIHUHQWHV PRGHORV
FXOWXUDOHV \ RUJDQL]DFLRQHV VRFLDOHV$ Vt VXUJLHURQ ODVDJUXSDFLRQHV GH FODQHV\
,1I2 IDPLOLDV OXHJR ODV FRQVWUXFFLRQHV VyOLGDV RUJDQL]DGDV PiV WDUGH ODV FLXGDGHV
KDVWD OOHJDU D ODVJUDQGHV XUEHV TXH VHFRQRFHQ HQ OD DFWXDOLGDG 6L WLHQHQ HQ
(O FXOWLYRGH ODVRMD FXHQWD HVRVYDULDGRVDVSHFWRVTXHLQYROXFUDODHFRORJtDFRPSUHQGHUiQ TXHWRGR
(O 0HUFRVXUHV XQRGH ORV SULPHURV OR TXH HOKRPEUH KD KHFKR \ KDUi FRQVLVWH HQ HFRVLVWHPDV DUWLILFLDOHV TXH VH
SURGXFWRUHV PXQGLDOHVGH VRMD GHELGR LQVHUWDQ HQHODPELHQWH QDWXUDO \JHQHUDQ XQD VHULHGHFRQVHFXHQFLDV IDYRUDEOHV
D XQDXPHQWR HQHO FRQVXPR JOREDO \R GHVIDYRUDEOHV
\ D XQDIXHUWH GHPDQGD GHORV SDtVHV
HXURSHRV \ DVLiWLFRV
(Q OD $ UJHQWLQDVHKDQREVHUYDGR LPSDFWRV /D DJULFXOWXUD \ HOGHWHULRUR GHO VXHOR
QHJDWLYRV SRUHODYDQFH GHOD VRMDHQ
ERVTXHVQDWLYRV HQODV SURYLQFLDV GHO (ODJULFXOWRU PRGHUQRWLHQH PiVGLILFXOWDGHV HQODDFWXDOLGDG TXHVXVDQWHSD
&KDFR )RUPRVD6 DQWLDJR GHO (VWHUR \ VDGRVSXHVGHEHSURGXFLU HQLJXDOVXSHUILFLHGHWLHUUDPXFKtVLPR PiV TXHDQWL
6DOWD (Q OD OODQXUD SDPSHDQDVHGDXQ JXDPHQWH ORFXDOH[LJHPD\RUHVFRQRFLPLHQWRV GLQHUR \WHFQRORJtD &HUFDGHO
DYDQFHGHOD VRMD VREUH iUHDV GHFXOWLYRGH GHODVXSHUILFLHGHOSODQHWD HVWiRFXSDGD SRU VLVWHPDVDJUtFRODVTXHWLHQHQ
PDt]\JDQDGHUDV OR TXH FDXVDGHWHULRUR SRU SURSyVLWR SURGXFLUDOLPHQWRV \ILEUDV$ GHPiV GH ORVFRPSRQHQWHVItVLFRV
GHORVVXHORVSRUHO DJRWDPLHQWR D ORTXH \ ELROyJLFRV GH ORV HFRVLVWHPDV HVWRV DJURHFRVLVWHPDVGHSHQGHQ GH IDFWRUHV B
VHVXPDOD HURVLyQGHODV OOXYLDV VRFLRHFRQyPLFRV FRPR ODV WHQGHQFLDV GHO PHUFDGR \ ORV FRQVXPLGRUHV ODV
SROtWLFDV JXEHUQDPHQWDOHV ORVSUHFLRV\ODVQXHYDV PRGDOLGDGHV WHFQROyJLFDV B
/ D DJULFXOWXUD HVWDEOHFH HOUHHPSOD]R GHXQHFRVLVWHPD FRPSOHMR FRQ YDULH
GDG GH VHUHVYLYRVSRU RWUR PiV VLPSOH LQWHJUDGR SRU XQDRSRFDV HVSHFLHV6L
HVWH UHHPSOD]R VHUHDOL]DGH IRUPD LQDGHFXDGD SXHGH SURGXFLU HOGHWHULRUR GHO U
VXHOR\XQDXPHQWRGHODGHVHUWL]DFLyQ ,1)2
( FRVLVWHPDV DUWLILFLDOHV
U
4
UX
/DVHPSUHVDVIRUHVWDOHV KDQ
DSURYHFKDGRLQWHQVLYDPHQWH
HOTXHEUDFKR
/ DV FLXGDGHV
(Q ODV JUDQGHV FLXGDGHV HVSHFLDOPHQWH HQ %XHQRV $LUHV \ VX iUHD PHWURSR
OLWDQD VXHOH HQFRQWUDUVH XQD JUDQ FDQWLGDG GH LQGXVWULDV TXH FRQWDPLQDQ HO 'HILQDQ FRQ VXV SDODEUDV HO FRQFHSWR
DLUH HO DJXD \ HO VXHOR FRPR UHVXOWDGR GH VX DFWLYLGDG / D IDOWD GH FRQWUROHV GH HFRVLVWHPD DUWLILFLDO
DSURSLDGRV KDFH TXH HQ PXFKRV FDVRV QR VH FXPSODQ ODV QRUPDV SDUD HYLWDU
B HVWRV HIHFWRV QHJDWLYRV VREUH HO DPELHQWH %XVTXHQ XQ DUWtFXOR SHULRGtVWLFR
/ RV EDUULRV PiV KXPLOGHV FRQYLYHQ FRQ ORV HIHFWRV GH OD DFWLYLGDG LQGXVWULDO GRQGH VH HMHPSOLILTXH OD PRGLILFDFLyQ
/ D FDOLGDG GHO DJXD TXH VH FRQVXPH HV PDOD GHELGR DO DXPHQWR GH GHVHFKRV GH XQ HFRVLVWHPD QDWXUDO GH QXHVWUR
FORDFDOHV HLQGXVWULDOHV \ HO DLUH FDGD GtD HVWi PiV HQUDUHFLGR SDtV & RPHQWHQFRQ VXV FRPSDxHURV ODV
/D FRQWDPLQDFLyQ GHO DJXD WDPELpQ HV LPSRUWDQWH HQ HO UtR 3DUDQi IUHQWH FDXVDV \ FRQVHFXHQFLDV GH HVD VLWXDFLyQ
D 5RVDULR 6DQWD )H \ HQ ORV ODJRV 6DQ 5RTXH &yUGRED HO / iFDU 1HXTXpQ \
U! 1DKXHO +XDSL 5tR 1HJUR ā
& RQV HUYDFLyQ\ iUHDV SURWHJLGDV
/RV SUR\HFWRV GH H[SORWDFLyQ GH IORUD /D PRGLILFDFLyQGHORVDPELHQWHV QDWXUDOHV SRUGLIHUHQWHV
\IDXQD TXH JDUDQWL]DQ GH DFWLYLGDGHV KXPDQDV FRQVWLWX\HXQ SUREOHPD PX\JUDYH OD
Ia VXEVLVWHQFLD GH ODV SREODFLRQHV LPSOLFDQ
FRQVHUYDFLyQGHHVWRVHFRVLVWHPDV PHGLDQWH OD FUHDFLyQGH
W
XQ XVR VXVWHQWDEOH GHO UHFXUVR
iUHDVQDWXUDOHV SURWHJLGDV HVXQDGH ODVIRUPDVGHGLVPLQXLU
ORVHIHFWRVQHJDWLYRVGHHVHSUREOHPD
¢4XpVLJQLILFDFRQVHUYDU"
/D HGXFDFLyQ DPELHQWDO HV XQD KHUUDPLHQWD 0XFKDV YHFHVHVFXFKDURQ IUDVHV FRPR K\ WLBH FRQVHUYDU D ODQDWXUDOH]D
SDUD ORTUDU OD FRQFLHQWL]DFLyQ GH OD SREODFLyQ R +D\TXH FRQVHUYDU DO\DJXDUHWp (VWDV H[SUHVLRQHV aH āP\ XVDGDV SHUR D
ā GHO DPELHQWH
YHFHVQR GH OD PDQHUD DGHFXDGD &RQVHUYDU ORV UHFXUVRV QDX OHV HV UHDOL]DU
/D FUHDFLyQ GH iUHDV QDWXUDOHV SURWHJLGDV HV XQXVRDGHFXDGR GHORVUHFXUVRVTXH VH H[WUDHQ GH ODQDWXUDOH]D TXHSHUPLWD OD
XQD GH ODV IRUPDV GH FRQVHUYDU HODPELHQWH SRVLELOLGDG GH TXH VHDQ DSURYHFKDGRV SRU ODVJHQHUDFLRQHVDFWXDOHV\ WDPELpQ
ODVJHQHUDFLRQHV IXWXUDV &XDQGR VH GDQ HVWDV FRQGLFLRQHV VHKDEOD GH XQXVR
H
VXVWHQWDEOHGHORVUHFXUVRVQDWXUDOHV (QODSURYLQFLD GH)RUPRVD SRUHMHPSOR
aaQ
GHVGH FRPLHQ]RV GH
OD GpFDGD GHO
FRPXQLGDGHV ORFDOHV LQYHVWLJDGRUHV \
UF£
GHSHQGHQFLDV GHJRELHUQROOHYDQ DGHODQWH XQSUR\HFWR EDVDGR HQODFDSWXUD GHO ª
SRFRV OXJDUHV
GRQGH VH SURWHJH ORURKDEODGRU RHOp HYLWDQGR ORVSHUtRGRVUHSURGXFWLYRVGHODHVSHFLHSDUDTXHHO a
/ DViUHDVQDWXUDOHVSURWHJLGDV
6RQ iUHDVFRQ OtPLWHV GHILQLGRV GHFDUDFWHUtVWLFDVQDWXUDOHV GHVWLQDGDV DOD
(Q OD SURYLQFLD SURWHFFLyQ GHHVSHFLHV YHJHWDOHV\DQLPDOHV GH ORVHFRVLVWHPDV GRQGH VH FXLGD
GH 6DQWD &UX] HVSHFLDOPHQWH DDTXHOODV HVSHFLHVTXH FRUUHQ ULHVJRGHH[WLQJXLUVH8QR GHORV
HQFXHQWUD REMHWLYRV GH HVWDV iUHDV HV SURWHJHU OD ELRGLYHUVLGDG HV GHFLU OD YDULHGDG GH
HOPRQXPHQWR
QDWXUDO GHERVTXHV
HVSHFLHVSUHVHQWHV
SHWULILFDGRV / DViUHDV QDWXUDOHV SURWHJLGDV WDPELpQ FXPSOHQ FRQ HO REMHWLYR GH FXLGDU
UHFXUVRV FXOWXUDOHV HKLVWyULFRV GHFLHUWDV UHJLRQHV (VWDViUHDVGHEHQ VHUFRQVWL
WXLGDV \FRQWURODGDV DWUDYpVGHOH\HV
(QOD$ UJHQWLQDH[LVWHQiUHDVQDWXUDOHVSURWHJLGDVEDMRMXULVGLFFLyQQDFLRQDO
TXHUHSUHVHQWDQFDVLHOGHODVXSHUILFLHGHOSDtV6RQLPSUHVFLQGLEOHVSDUDFRQVHU
YDUORVSULQFLSDOHVELRPDV\JDUDQWL]DUODVXSHUYLYHQFLDGHPXFKDVHVSHFLHV
& RQV HUYDFLyQ
3URWHFFLyQ
È UHDV SURWaJ LGDa
/ D$ GPLQLVWUDFLyQGH 3DUTXHV1DFLRQDOHV
/ D$GPLQLVWUDFLyQGH3DUTXHV1DFLRQDOHVGHOD$ UJHQWLQDHVXQRUJDQLV
PRGHO(VWDGRQDFLRQDOTXHFRRUGLQDHOPDQHMR\FRQVHUYDFLyQGHODELRGL
YHUVLGDG\HOSDWULPRQLRFXOWXUDOGHODV iUHDV SURWHJLGDVPiVLPSRUWDQWHV
01 /DJXQD GH ORV 3R]XHORV
31 %DULW~
31 & DOLOHJXD
5 1 )RUPRVD
31 (O 5H\
31 /RV & DUGRQHV
31& RSR
31 5 tR 3LOFRPD\R
31 OJXD]~
2 51( 6 DQ $QWRQLR
31&KDFR
51( & RORQLD %HQtWH]
31 & DPSRGHORV $OLVRV
310EXUXFX\i
31 6 DQ *XLOOHUPR
31 7DODPSD\D
31 4XHEUDGD GHO& RQGRULWR
31 (O /HRQFLWR
316LHUUD GHODV 4XLMDGDV
31 3UH 'HOWD
31 (O 3DOPDU 3DUTXH 1DFLRQDO /DQtQ
5 1( 2WDPHQGL
R 31 /LKXp & DOHO
5HIHUHQFLDV
31 3DUTXH 1DFLRQDO
01 0RQXPHQWR 1DWXUDO
51( 5 HVHUYD1DWXUDO (VWULFWD
5 1 5HVHUYD 1DWXUDO
3DUTXH 1DFLRQDO (O 3DOPDU
(Q HO PDSD VH LQFOX\HQ WRGDV ODV iUHDV GH MXULVGLFFLyQ
QDFLRQDOHV 7DPELpQ H[LVWHQ QXPHURVDV iUHDV QDWXUDOHV
SURWHJLGDV SURYLQFLDOHV \ PXQLFLSDOHV D WUDYpV GH ODV
FXDOHV VH UHIXHU]D OD DFFLyQ GH FRQVHUYDFLyQ GH OD
$ GPLQLVWUDFLyQ GH 3DUTXHV 1DFLRQDOHV
U!
0RUHQR/ RVUHVWDQWHV IXHURQ FUHDGRVPXFKR WLHPSR GHVSXpV
U
/RV ERVTXHV GH
TXHEUDFKR \
DOJDUURER
FDUDFWHUtVWLFRV
GH HVWHEORPD
KDQ VLGR
GHIRUHVWDGRV
SDUD REWHQHU
a?
, 6XHORVFXELHUWRV S
QLHYH\KLHOR /DV
WHPSHUDWXUDV VRQ
PX\EDMDVWRGR HO
DxR DYHFHV SRU
B B GHEDMR GHORV /
OLLOOLLL 3UHVHQWD XQD ULFD a
āāM
aRYHGDG FRQVHUYDFLRQLVWD 9
3DUDERDVPDYRUHV
£
(O 3UR\HFWR1DFLRQDOSDUDOD& RQVHUYDFLyQ\8VR
6XVWHQWDEOHGH OD%RD& XUL\~SURPXHYH VX FRQVHUYDFLyQ
\ OD GH VX KiELWDW 6HWUDWD GHO SULPHUR HQ HO PXQGR HQ
PDQHMDU GH PRGR VXVWHQWDEOH XQD HVSHFLH GH ERD HQ OD
SURYLQFLD GH )RUPRVD \ HV GHVDUUROODGR SRUOD )XQGDFLyQ
%LRGLYHUVLGDG HQ FRQYHQLR FRQ OD 'LUHFFLyQ 1DFLRQDO GH
O )DXQD \ OD 'LUHFFLyQ GH )DXQD GH )RUPRVD
6REUH OD EDVH GH PXFKRV HVWXGLRV FLHQWtILFRV VH
GHWHUPLQDURQ SHUtRGRV HQ ORVTXH VH SXHGH FD]DU D OD
HVSHFLH VLQ SRQHUHQULHVJR VX VXSHUYLYHQFLD 6HOLPLWD OD
FD]D DVyOR WUHV PHVHV LQYHUQDOHV MXQLR MXOLR\ DJRVWR \
VH OD SURKtEH GXUDQWH HO SHUtRGR UHSURGXFWLYR 7DPSRFR
SXHGHQ FD]DUVH DQLPDOHV PHQRUHV D ORV FP SDUD QR
O LQFOXLU ERDV TXH WRGDYtD QR KDQ WHQLGR FUtD
1 / RV WpFQLFRV GHO SURJUDPD FRQWURODQ OD FD]D \
HO UQPHWWLR
GH ODVERDV 8QD YH] TXH YHULILFDQ HO RULJHQ OD pSR¢Dā\
ODVPHGLGDV FRUUHFWDV FRORFDQ SUHFLQWRV GH VHJXULGDG HQ
ORVFXHURV EXHQRV &XDQGR GHWHFWDQ PDORV TXH QR VH
DMXVWDURQ DODV UHJODV VH ORVLQXWLOL]D\ HO DFRSLDGRU SXHGH
VHU H[SXOVDGR GHO SURJUDPD
%RD
FXUL\~
$UPDGR GH FOLPRJUDPDV
8Q FOLPRJUDPD HV XQD UHSUHVHQWDFLyQ JUiILFD GH ORVGDWRV PHQVXDOHV GH WHPSHUDWXUD \
SUHFLSLWDFLRQHV GH XQ OXJDU 3HUPLWH YLVXDOL]DU ODV FDUDFWHUtVWLFDV FOLPiWLFDV GH HVH OXJDU SRU
HVR UHVXOWD PX\ ~WLO SDUD DQDOL]DU ODV FRQGLFLRQHV HQ ODV TXH VH GHVDUUROODQ ORV ELRPDV GH
GLVWLQWDV UHJLRQHV
2EMHWLYR 0DWHULDOHV
$ SUHQGHU D DUPDU H LQWHUSUHWDU FOLPRJUDPDV \ 'RV UHFWiQJXORV GH SDSHO
FRPSUHQGHU GLIHUHQFLDV DPELHQWDOHV HQWUH GRV ]RQDV PLOLPHWUDGR GH FP [ FP
GH QXHVWUR SDtV %DULORFKH \ /D 4XLDFD 0DUFDGRUHV URMR \YHUGH UHJOD
3URFHGLPLHQWR
'LYLGDQ ORV UHFWiQJXORV HQ GRFH FROXPQDV \ HQFDEHFHQFDGD XQD GH HOODVFRQ OD LQLFLDO
GH ORV PHVHV 6REUH HO ODWHUDO L]TXLHUGR FRORTXHQ OD HVFDOD GH WHPSHUDWXUD & SRU FDGD
FHQWtPHWUR 6REUH HO ODWHUDO GHUHFKR LQGLTXHQ OD HVFDOD GH SUHFLSLWDFLRQHV PP SRU FDGD
FHQWtPHWUR
0DUTXHQ OD WHPSHUDWXUD PHGLD PHQVXDO FRQ XQ SXQWR HQ HO FHQWUR GH OD FROXPQD GHO
PHV HQ FXHVWLyQ 8QDQ / RV SXQWRV FRUUHVSRQGLHQWHV D ODV WHPSHUDWXUDV PHGLDV GH WRGRV
ORV PHVHV FRQ XQD OtQHD GH FRORU URMR TXH UHSUHVHQWD OD FXUYD WpUPLFD D OR ODUJR GHO DxR
3DUD LQGLFDU OD SUHFLSLWDFLyQ PHGLD PHQVXDO VRPEUHHQ FRPSOHWDQGR ODV FROXPQDV
FRUUHVSRQGLHQWHV D FDGD PHV XWLOL]DQGR HO FRORU YHUGH
6L WRGR VDOLy ELHQ HO FOLPRJUDPD GH OD FLXGDG GH /D 4XLDFD GHEHUtD TXHGDU DVt
U!
3UHFLSLWDFLRQHV PP
7HPSHUDWXUD &
R R
( ) 0$ 0 - - $ 6 2 1 '
&RQFOXVLRQHV
5HSLWDQ ORV SDVRV SDUD UHDOL]DU HO FOLPRJUDPD GH %DULORFKH FRPSDUHQ DPERV FOLPRJUDPDV
DQDOLFHQ OD GLVWULEXFLyQ GH ODV SUHFLSLWDFLRQHV \ OD WHPSHUDWXUD D OR ODUJR GHO DxR \
OXHJR UHVSRQGDQ D ODV VLJXLHQWHV SUHJXQWDV ¢6H WUDWD GH FOLPDV FiOLGRV WHPSODGRV
RIUtRV" ¢/ DVSUHFLSLWDFLRQHV VRQ DEXQGDQWHV R HVFDVDV" ¢4Xp FDUDFWHUtVWLFDV
WLHQHQ HO FOLPD GH OD 4XLDFD \HO GH %DULORFKH" ¢&yPR HVSHUDUtDQ TXH HVWDV
FDUDFWHUtVWLFDV LQIOX\HUDQ VREUH OD YHJHWDFLyQ \ OD IDXQD GH OD UHJLyQ"
8ELTXHQ DPEDV FLXGDGHV HQ HO PDSD GH ELRPDV \ UHOHDQ ODV FDUDFWHUtVWLFDV GH
a
ORVHFRVLVWHPDV TXH VH HQFXHQWUDQ HQ OD ]RQD GH FDGD XQD GH ODV FLXGDGHV
¢&RLQFLGH FRQ ORTXH HVSHUDEDQ"
POO- OOLLL
/ HDQ ODVVXJXLHQWHV DILUPDFLRQHV H LQGLTXHQ VL VRQ SRU QLQJXQR" ¢&XiO HV HO ELRPD FRQ PD\RU FDQWLGDG GH
YHUGDGHUDV RIDOVDV )MXVWLILTXHQ VX UHVSXHVWD SDUTXHV QDFLRQDOHV"
D(O FyQGRU HVXQD GH ODV DYHVPiV LPSRQHQWHV GH OD\XQJD 2
E (O TXHEUDFKR HV XQD HVSHFLH GHO ERVTXH FKDTXHxR PX\ /D $ GPLQLVWUDFLyQ GH 3DUTXHV 1DFLRQDOHV HV HO
DSUHFLDGD SRU VX PDGHUD 2 RUJDQLVPR HQFDUJDGR GH FRRUGLQDU ODViUHDV QDWXUDOHV
F (O SDLVDMH GH OD HVWHSD SDWDJyQLFD VH FDUDFWHUL]D SRU OD SURWHJLGDV SRU HOJRELHUQR QDFLRQDO ,QYHVWLJXHQ HQ
SUHVHQFLD GH FDUGRQHV 2 VX SiJLQD GH ,QWHUQHW FXiQGR VH FUHy HO ~OWLPR SDUTXH
QDFLRQDO ¢([LVWHQ SUR\HFWRV SDUD OD FUHDFLyQ GH QXHYDV
$ VRFLHQ \ XQDQ FRQ IOHFKDV ODVVLJXLHQWHV HVSHFLHV FRQ HO iUHDV SURWHJLGDV" ¢&XiOHV"
ELRPD R ORVELRPDV HQ ORVTXH VH HQFXHQWUDQ 6HxDOHQ VL VH
WUDWD GH DQLPDOHV R SODQWDV \ DYHULJHQ VL VH HQFXHQWUDQ HQ 2EVHUYHQ ODV VLJXLHQWHV LPiJHQHV \GHWHUPLQHQ D TXp
SHOLTUR GH H[WLQFLyQ ELRPD FRUUHVSRQGHQ
4XHEUDFKR (VSLQDO
/ ODPD %RVTXH VXEDQWiUWLFR
&DUGyQ / ODQXUD SDPSHDQD
)RFD GH :HGGHOO (VWHSD SDWDJyQLFD
3DOPHUD 3XQD
< DJXDUHWp 0RQWH
aU
L
È JXLOD DUStD $ QWiUWLGD
X
&RLUyQ
&DOGpQ
&?
U?
£££
L
I?
a U! (QXPHUHQ WRGRVOaV ELRPD GHO PXQGR aXH SXHGHQ
SUHVHQWDU QLHYH 9 HQIOTXHQ FXDOHV VRQ ORV EtRUQDV DUJHQWLQRV
Q TXH WDPELpQ WLHQHQ QLHYH
5HQDVHHQJUXSRV \ DYHULJHQ TXpELRPDV VH
Q HQFXHQWUDQ HQ OD SURYLQFLD HQ OD TXH YLYHQ / XHJR LQYHVWLJXHQ
Q VREUH ORVSUREOHPDV TXH FDGDXQR GH HOORVSUHVHQWD WDLOD GH
ERVTXHV HVSHFLHV HQ SHOLJUR GHH[WLQFLyQ H[FHVR GHJDQDGR
Q G HWFp
ā HVHUQ]DRRQ
WHUD DUPHQ XQD ,
FRQ LRV
DPLQD
Gā DURV &RPSOHWHQ HOVLJXLHQWH FXDGUR HQ VXV FDUSHWDV
REWHQLGRV H LQIRUPHQ D ORVRWURV JUXSRV
ā
%LRPD 3URYLQFLDV 3ULQFLSDOHV 3UREOHPDV GH
! 5 HVSRQGDQ D ODVVLJXLHQWHV SUHJXQWDV TXH DEDUFD HVSHFLHV FRQVHUYDFLyQ
D ¢(QTXp ELRPDV GH OD $ UJHQWLQD SXHGHQ HQFRQWUDUVH iUEROHV" 6HOYD SDUDQDHQVH
E ¢$ TXp VH GHEH OD GLIHUHQFLD GH SUHFLSLWDFLRQHV HQWUH OD < XQJD
ā a
FXiOHV VRQ LORVEtRUQDV TXH HVWiQ
SURWHJLGRV SRU DOL PHQRV
?OOQ SDUTXH QDGRQD/ ¢([LVWHQ EtRPDV TXH QR HVWpQ SURWHTtGRV
- ā
SRU HO VLVWHPD KHOLRFpQWULFRLGHDGRSRU&RSpUQLFR \HVWR
GLVJXVWDED DPXFKDV SHUVRQDV HVSHFLDOPHQWH DTXLHQHV
DSR\DEDQ OD WHRUtDJHRFpQWULFDGH $ ULVWyWHOHV *DOLOHR
FRQWLQXy FRQVXVLQYHVWLJDFLRQHV\SXEOLFDFLRQHV
FRPR 'LiORJR VREUHORV GRVJUDQGHVVLVWHPDVGHO
PXQGR ORTXH OHVXPDEDHQFDUQL]DGRV HQHPLJRV
(Q *DOLOHR HV FRQGHQDGR DSULVLyQ SHUSHWXD
\VXREUDHVSURKLELGD 'XUDQWHVX FRQILQDPLHQWR
HQ)ORUHQFLDHVFULEH'LVFXUVRVREUH GRV QXHYDV
FLHQFLDV TXHHVWDEOHFHORVIXQGDPHQWRV GH OD
PHFiQLFD \VLJXH WUDEDMDQGRKDVWD
VX PXHUWHHQ
a ?aa
aaāāa
È ā a a?BB
&85O2&O(1&O$
ORVFLHORVHQ OD$ QWLJHGDG
'HVGH WLHPSRV UHPRWRV GLIHUHQWHV FXOWXUDV VH KDQ
SUHJXQWDGR VREUH HVH LQPHQVR PDQWR QHJUR FRQ OXFHVTXH
QRV HQYXHOYH SRU OD QRFKH
/ RV SULPHURV JUXSRV KXPDQRV OR REVHUYDEDQ \ FUHtDQ TXH
HVWDED OOHQR GH DJXMHURV \ TXH DWUDYpV GH HOORVVH SRGtD
YHU XQD JUDQ IRJDWD EULOODQWH 3DUD ORV LQGLRV SDZQHH GH
$ PpULFD GHO 1RUWH ODV OXFHV GHO FLHOR HUDQ GLRVHV SDUD
ORV D]WHFDV HO MRYHQ JXHUUHUR +XLW]LORSRFKWOL DSDUHFtD
FDGD PDxDQD FRQ XQ GDUGR GH OX]SDUD FRPEDWLU D VXV
KHUPDQRV UHSUHVHQWDGRV SRU ODV HVWUHOODV \ D VX KHUPDQD
OD / XQD (Q OD $ QWLJHGDG ORV JULHJRV FUH\HURQ UHFRQRFHU
HQ FLHUWRV JUXSRV GH HVWUHOODV D GLRVHV \ DQLPDOHVBIDEXORVRV
TXH VH SUHVHQWDEDBQ VREUp HO FLHOR HQ GLIHUHQWHV pSRFDV GHO
DxR ODV FRQVWHODFLRQHV GHO ]RGtDFR
$ OR ODUJR GH OD KLVWRULD VH KDQ FRQVWUXLGR PXFKRV UHODWRV
TXH GHVFULEHQ TXH ORV GLRVHV HQIXUHFLGRV DSDTDURQHO 6RO
SRU XQRV LQVWDQWHV SDUD GHPRVWUDU VX SRGHU 7DPELpQ KD\
GHVFULSFLRQHV GH GLVWLQWDV FXOWXUDV TXH
YHtDQ HQ HO FLHORQRFWXUQR REMHWRV
EULOODQWHV FRQ FROD &RQ HO FRUUHU
GHO WLHPSR DOJOËQRV FXULRVRV VH
YDOLHURQ GH WHOHVFRSLRV \RWURV
LQVWUXPHQWRV SDUD REVHUYDU HVRV
IHQyPHQRV WDQ H[WUDxRV 'H
HVWD PDQHUD KDBQ SRGLGR
YHUVHRWURV PXQGRV \
HQFRQWUDUVH QXHYDV
IRUPDV GH H[SOLFDU ODV
PDUDYLOODVGHO FLHOR
$OOLUWaOHV
\ILaHV HQH/FLHOāaa aaaāa
aaā ā a
'HVSaaa6a OHBH/ DWHQWDPHQWHHOWH[URāāDH
&XULRāFLaa]£aaā
āāā
Lx 9 HVWLJXHQ HQ RWURV OLEURV \HQ ,QWHUQHW VREUH ORV PRPHOOWRV B aā B
GHO DBxRa JXH VRBRB?OLVLEO#VHQHKLHOR ODVBDVWLKWD6FRQVWHODFLRQHV
/
/OHJR HVFULEDQ HO QRPEUH GH FDGD XQD HQ HO PBHV FRUUHVSRFOaH
HQ BOi IUDUL-H- !- PD7 HQJDQHQāFDHQWt&ODOQWR
UPDFLÏQ VaEUaBLODV ?
aFRQL(LFLRQHV TXH EULQGD OD LOXVWUDFLyQ BB ā B aaa
B ā? aa JBBaB/ H/ RULJHQF$HODVSDODEUDQRDtD&RMPLWRRJtD
B &RQ UHVSHFWR D OD SULPHUD¢TXp ]RQD GHO FLHOR DEDUFD" &FaaBBa
6XEUD\Ba,/ O4VBWpUPLUL*!V TWHGHVWJQHxMpWRVRHxyPHQRV
aHFIaOaB¢6DEHBQ D FXiOHVMH` HILHUaBQ"B$ aHQ XQ
OLVOaJBB3
\ DO
WpUPLaXLp/ FDSLWXOSLPHWHQVFUVLDUDaWWHUtVWLDV
aaaa
āB
BB
āB
U?a
!B BB
I
£
6LQ HPEDUJR FRQ HO WLHPSR ODV H[SOLFDFLRQHV EDVDGDV HQ PLWRV GHMDURQ GH a āBB£@
VHUVDWLVIDFWRULDV 3DUD FRPSUHQGHU PHMRU HO FRPSRUWDPLHQWR GH ORV DVWURV IXH UL
QHFHVDULRLPDJLQDUH[SOLFDFLRQHV TXHWXYLHUDQVHQWLGRGHDFXHUGR FRQODVREVHU ā
Ï
YDFLRQHV TXH VH UHDOL]DEDQ VHWUDWDGHORVPRGHORVRWHRUtDV a
āU
B a
a BB R
OLPLWDGR DGDU XQD YLVLyQ VREUH WUDED HO UHVWRGHODVHVIHUDV FDGDXQDFRQXQRGH ORVSODQHWDVFRQRFLGRV KDVWDHO t
HO IXQFLRQDPLHQWR GHO XQLYHUVR PRPHQWR(VWDWHRUtDXELFDDOD7LHUUDHQHOFHQWUR GHOXQLYHUVRPRWLYRSRUHOFXDO
VWQ PXFKDV
ā
VH OD OODPD JHRFpQWULFD GHO ā ā
SDUD FRQILUPDUOR 3WRORPHR JULHJRJHR 7LHUUD 'H DFXHUGR O
HVWXGLy JUDQ FDQWLGDG GHGDWRV FRQ HVWH PRGHOR ORVGtDV\ODV
VREUHHOPRYLPLHQWRGHORV QRFKHV VH VXFHGtDQ SRU HO JLUR
HOILQ GHO6RODOUHGHGRUGHOD7LHUUD
XQ PRGHOR TXH VXV ?
SRVLFLRQHV HQHOSDVDGR \IXHVH
FDSD]GHSUHGHFLUODV HQ U!
HOIXWXUR (VWDFXD
GHOPRGHOR R
Q
B B
Ë?
ā
?
?
ORVFLHQWtILFRV U
?
BB
(O PRGHOR JHRFpQWULFR XELFD D OD 7LHUUD HQ HOFHQWUR $ ULVWyWpOHV
GH XQLYHUVR
U
U!
U!
0RGHOR JHRFpQWULFR
0RGHOR KHOLRFpQWULFR
HVWUHOODVSODQHWDV \GHPiV FXHUSRV TXH EULOODQ DPLOORQHV GH NLOyPHWURV GH GLV
WDQGD 7RGR DEVROXWDPHQWH WRGR FXDQWR SXHGHQ REVHUYDU QXHVWURV RMRV FDGD
YH]TXHPLUDQ KDFLDHOFLHORIRUPDSDUWHGHOXQLYHUVR &RPR ODVGLVWDQFLDVHQWUH
ORV REMHWRV FHOHVWHV \ QRVRWURV VRQ JLJDQWHVFDV OD SRVLELOLGDG GH FRQRFHUORV H U
LQYHVWLJDUORV IXH DXPHQWDQGR FRQ HO GHVDUUROOR GH PRGHUQRV LQVWUXPHQWRV GH B
REVHUYDFLyQ *UDFLDVDSRGHURVRV WHOHVaRSLRVGXUDQWH HOVLJOR; ; VHFRPSUHQGLy
%LJ %DQJ TXH HOWDPDxR GHOXQLYHUVR HUDPXFKtVLPR PD\RU GHOR TXH VH FUHtD\ TXH VXV
FRPSRQHQWHV VHPXHYHQ \VHDOHMDQHQWUHVt6LHOXQLYHUVRVHHQFXHQWUD HQH[SDQ
VLyQ KDFH PLOORQHV GH DxRV GHEH KDEHU RFXSDGR XQ HVSDFLRPHQRU 6LJXLHQGR
HVWH UD]RQDPLHQWR VHSXHGH FRQFOXLU TXH HQ DOJ~Q PRPHQWR WRGR HOXQLYHUVR
VHHQFRQWUDED FRPSULPLGR HQXQSXQWR \TXH OXHJRVHH[SDQGLy HVSDUFLHQGR VXV
FRPSRQHQWHV SRUWRGR HOHVSDFLR / RVFLHQWtILFRVVRVWLHQHQ TXH HVWDJUDQ H[SOR
VLyQ OODPDGD %LJ%DQJ RFXUULyKDFH PLOPLOORQHV GHDxRV a,17R£
([SORUDGRU GH ORVFLHORV
(O WHOHVFRSLR HV XQLQVWUXPHQWR TXH / DV HVWUHOODV
SHUPLWLy UHDOL]DU PXFKRVGHVFXEULPLHQWRV
VREUHHO XQLYHUVR /DVSDUWtFXODV \ORVJDVHVTXHVHHQFXHQWUDQ HQ HO XQLYHUVR VHFRQFHQWUDQ \
/RV WHOHVFRSLRV PiVPRGHUQRV VRQ VHXQHQ SRU HIHFWR GH OD JUDYHGDG \ IRUPDQ QHEXORVDV (Q HVWDV ODVHVWUHOODV
HQYLDGRV DO HVSDFLRSDUD FDSWDU LPiJHQHV FRPLHQ]DQ DHQFHQGHUVH\VHDJUXSDQ HQF~PXORV HVGHFLU FRQMXQWRV GH HVWUH
GHOXJDUHV UHPRWRV (O WHOHVFRSLR HVSDFLDO OODVMyYHQHV TXH RFXSDQ PX\ SRFR HVSDFLR(O F~PXORPiVIDPRVR SXHGH YHUVH
+XEEOH IXHODQ]DGR HQ \ GHVGH ODPD\RUtD GH ODVQRFKHV HQODFRQVWHODFLyQ GHORV6LHWH&DEULWRV RODV 3Op\DGHV a
āR
HQWRQFHV WUDQVPLWH LQIRUPDFLyQ SDUD 8QD YH]TXH ODVHVWUHOODVGHMDQ HO F~PXOR FRPLHQ]DQ DYLDMDU VHGHVDUUROODQ \ BB
FRQRFHU PiVVREUH HO XQLYHUVR \ VXV DOJXQDV DWUDHQSODQHWDV \IRUPDQ VLVWHPDVSODQHWDULRV FRPR HOQXHVWUR
FRPSRQHQWHV / D YLGD GH XQDHVWUHOOD OOHJDD VX ILQ FXDQGR VX FRPEXVWLEOH HO KLGUyJHQR VH
DFDED 8QDHVWUHOODUHODWLYDPHQWHSHTXHxDFRPRQXHVWUR6ROSXHGHWDUGDUGHPLO
a
D PLOPLOORQHVGHDxRVHQFRQVXPLUVXKLGUyJHQR\FRQYHUWLUORHQKHOLR&XDQGR
7HOHVFRSLR+XEEOH HVWRRFXUUHODHVWUHOODVHH[SDQGH\IRUPDXQDJLJDQWHURMDGHELGRDTXHVXJUDYHGDG
QRSXHGHUHWHQHUVXVJDVHV (Q HVWH SXQWR SXHGHVHJXLUGRVFDUUULQRVRELHQSLHUGH
VXSDUWHH[WHUQD\IRUPDXQDHQDQD EODQFD XQDSHTXHxDHVWUHOODGHOWDPDxR GHXQ
SODQHWDTXHVHYDHQIULDQGROHQWDPHQWHGXUDQWHPLOORQHVGHDxRVKDVWDFRQYHUWLUVHHQ
XQDHQDQDRVFXUD£RSXHGHWUDQVIRUPDUVHHQXQDVXSHPRYD \JHQHUDUXQDH[SORVLyQ
JLJDQWHVFDTXHGLVSHUVDVXPDWHULDSRUWRGRHOHVSDFLR$ YHFHVODH[SORVLyQGHXQD
VXSHPRYDSXHGH GDU OXJDUD XQD QHEXORVD3RUHMHPSOR ODQHEXORVDGHO &DQJUHMR
HQODFRQVWHODFLyQGHO7RUR HVHOUHVWRGHXQDVXSHPRYDTXHREVHUYDURQORV DVWUyQR
PDVFKLQRVHQ 6LHOQ~FOHRGHODHVWUHOODRULJLQDOVREUHYLYHDODH[SORVLyQ GHOD
VXSHUULRYDSXHGHFRQYHUWLUVHHQXQS~OVDUTXHWLHQHHOWDPDxRGHXQDFLXGDG\HPLWH
XQDOX]LQWHUPLWHQWHFRPRXQIDUR 7RGRHVWRQRVGHPXHVWUDTXHODVHVWUHOODVQDFHQ U
\PXHUHQDORODUJRGHPLOORQHVGHDxRV
1HEXORVD
GHO & DQJUHMR
& ~PXOR
FRQVWHODFLyQ
GHO7RUR
ODV JDOD[LDV &,1)2-
6RQ FRQMXQWRV GH HVWUHOODV VLVWHPDV GH SODQHWDV \ GHPiV FXHUSRV FHOHVWHV
$ GHPiV HQ HOODV VHHQFXHQWUDQ JDVHV \ PDWHULDTXH IORWD HQWUH ODVHVWUHOODV HV & LHOR OiFWHR
GHFLU SROYR LQWHUHVWHODU / DV JDOD[LDV JHQHUDOPHQWH VH HQFXHQWUDQ DJUXSDGDV *DOD[LD \ 9 tD / iFWHD WLHQHQ FDVL HO PLVPR
SRU HMHPSOR QXHVWUD JDOD[LDOD9 tD/ iFWHD VH HQFXHQWUDDJUXSDGD MXQWRDRWUDV VLJQLILFDGR $ Vt FRPR 9 tD / iFWHD YLHQH GHO
YHLQWH PiVHQ HO *UXSR /RFDO ODWtQ OD SDODEUD JDOD[LD GHULYD GHO WpUPLQR
'HDFXHUGR FRQ VXIRUPD ODVJDOD[LDVVHFODVLILFDQ HQ JULHJR JDODNWLNyV EODQFR FRPR OD OHFKH
0LHQWUDV QR FRQRFtDPRV PiV TXH QXHVWUD
JDOD[LD HVWH IXH VX QRPEUH SURSLR 3HUR
DO GHVFXEULU RWURV JUXSRV GH HVWUHOODV
JUDFLDV DO WHOHVFRSLR VH OH UHVHUYy D OD
QXHVWUD HO QRPEUH SURSLR GH 9 tD /iFWHD
< JDOD[LD TXHGy FRPR QRPEUH FRP~Q
GH WRGDV ODV DJUXSDFLRQHV HVWHODUHV TXH VH
KDQ GHVFXELHUWR OXHJR
F
1
U
U! *DOD[LDV HOtSWLFDV FRQ IRUPD RYDODGD R
L
¢B
GH HVIHUD DFKDWDGD
a
F
a
a
aa
U
-
& RORTXHQHQ RUGHQ ORV VLJXLHQWHV SDVRV
YU HQ HO SURFHVR GH HYROXFLyQ GH XQD HVWUHOOD
a
IX 6H WUDQVIRUPD HQ XQD HQDQD EODQFD
aa 6HDFXPXODQ \ FRQFHQWUDQ JDVHV \
SROYR HVWHODU HQ ODV QHEXORVDV
*DOD[LDV a£ EDUUDGDV FRQ XQ *DOD[LDV LUUHJXODUHV VLQ XQD IRUPD 6H IRUPD XQD HQDQD RVFXUD
Q~FOHR DWUDYHVDGR SRU XQD EDUUD GH GHILQLGD
&UHFH FRPR XQD JLJDQWH URMD
HVWUHOODV
aaāa
(O 6LVWHPD 6RODU
/D7LHUUDHVXQRGH ORVRFKR SODQHWDV TXHMXQWR FRQORV
DVWHURLGHV PHWHRULWRV FRPHWDV \ JDVHV IRUPDQ HO6LVWHPD6RODU
¢(O 6RO VH PXHYH" GRQGH WRGRV ORVFXHUSRV JLUDQHQWRUQR GH XQDHVWUHOODHO6RO
(O 6RO JLUDVREUH VX HMH \ DOUHGHGRU GHOD
JDOD[LD 3DUD UHDOL]DU XQJLUR VREUH VXHMH
WDUGDYHLQWLFLQFRGtDV¢< SDUD GDU XQD
YXHOWD FRPSOHWD D OD 9 tD /iFWHD" £ (O 6 RO
PLOORQHVGHDxRV 6HHVWLPDTXHHO6LVWHPD6 RODUVHRULJLQyKDFHPLOPLOORQHVGHDxRV\VXUJLyGH
XQDQHEXORVD (VHOSURWDJRQLVWDFHQWUDOGHOVLVWHPD\DTXHDGHPiVGHVHUIXHQWH
GHOX]\FDORUHVHOFXHUSRHQWRPRGHOFXDOVHPXHYHHOUHVWRGHORVFRPSRQHQWHV
SODQHWDV\GHPiVREMHWRVFHOHVWHVXQLGRVSRUODIXHU]DGHJUDYHGDG,1)2
&RPRWRGDVODVHVWUHOODVHO6RO JHQHUDVXSURSLDOX]\FDORUHVWRHVSRVLEOH
SRUODVH[SORVLRQHVTXHRFXUUHQHQ VXLQWHULRU FRPRFRQVHFXHQFLDGHODFRP
ELQDFLyQ GHVXVFRPSRQHQWHV GHKLGUyJHQR PiVGHGHKHOLR\HQ
PHQRUPHGLGDFDUERQRR[tJHQRQLWUyJHQR\PHWDOHVHQHVWDGROtTXLGR
(O 6ROHVYHFHVPiVJUDQGH TXHOD7LHUUD6L VHSXGLHUD UHGXFLUHO
WDPDxRGHOJORERWHUUiTXHR D XQ PLOtPHWUR \ HO6ROVHUHGXMHUDHQ ODPLVPD
SURSRUFLyQ £ HODVWURPHGLUtDNLOyPHWURVGHGLiPHWUR
$ ODGLVWDQFLD HO6ROSDUHFHQR SUHVHQWDU PXFKDV YDULDFLRQHV QL FDPELRV
3HURXQ HVWXGLR PiVGHWDOODGR SHUPLWH REVHUYDUTXH HQ UHDOLGDG HVXQ DVWUR
FRQPXFKD DFWLYLGDG ā
(QODVXSHUILFLHVRODUVHREVHaDQPDQFKDVVRODUHV\IiFXODVTXHVRQiUHDVGH
GLIHUHQWHEULOOR\WHPSHUDWXUDSURGXFLGDVSRUODLQWHQVDDFWLYLGDGGHODIRWyVIHUD
(O FLQWXUyQ GH DVWHURLGHV GHO 6LVWHPD / RV FRPHWDV VROR WLHQHQ FROD \
TXH LQJUHVDQ HQ OD DWPyVIHUD 6RODUVHHQFXHQWUDHQWUH 0DUWH \ -~SLWHU FDEHOOHUD FXDQGR VH DSUR[LPDQ DO 6RO
B B
3ODQHWDV
-
U!
a
ā
a
G U!
^
££
R
y
a
aL
āa 0HUFXULR HVHO 9 HQXV HV XQ SODQHWD /D7LHUUD HVH - ~SLWHU SRVHH
£
£
& SODQHWD PiV FHUFDQR TXHUHIOHMDXQ EULOOR ~QLFRSODQHWD GHO SODQHWD \ PXFKDV YHFHVHO WLHQH FLQFR VHHQFXHQWUD
a? DO 6RO VH HQFXHQWUD PX\ LQWHQVR 'HELGR 6LVWHPD6RODUHQHt YHFHVVaSXHUOH WDPDxRGHOD VDWpOLWHV D$
^ PLOORQHV YHUVH GHOR ¼Ë GH
YL U
NLOyPHWURV 1R WLHQH SRU OD PDxDQD \ XQDDWPyVIHUD SRU FRORUURML]R GHO 6LVWHPD PLORQHV GH NLOyPHWURV
DWPyVIHUDJDVHRVD HQ 6XVSRORVSRVHHQ 6RODU( V JDVHRVR GHO 6RO \
W[
UHFLEH H QRPEUHHOH DGHFXDGD SDUD ODYLGD NLOyPHWURV
?
D FDUDH[SXHVWD DO6RO OXFHUR GHODOED (VWi DQLPD \YHJHWDO6X KLHOR\VHUHJLVWUD 6XWHPSHUDWXUD GHL6 R\ WLHQHXQD
£ OD WHPSHUDWXUD SXHGH D PLOORQHV WHPSHUDWXUD SURPHGLR PHGLDHVGH SUHVHQWD XQD WHPSHUDWXUD
8HJDUD &\HQ HOH NLOyPHWURV GH HVGH &\ VH O&\VH WHPSHUDWXUD PHGtD GH
a
? ]RQD RVFXUD \ WLHQH XQD HQFXHQWUD D D +O
& WHPSHUDWXUD PHGtD PPRQHV GH NLOyPHWURV 6R PtOORQHV
GH& GHO 6R /D OXQDHV VX \ SRVHH GRVVDWpOLWHV NLOyPHWURVGHO6RO
~QLFRVDWpOLWH
,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV RIDOVDV ) ODV GLVWDQFLDVHVWHODUHV
- XVWLILTXHQ VX HOHFFLyQ /DV GLVWDQFLDV HQ HO XQLYHUVR VH PLGHQ HQ
D /D FDEHOOHUD GH ORVDVWHURLGHV HVWi FRPSXHVWD SRU JDVHV DxRV OX] ¢'LVWDQFLDV PHGLGDV HQ DxRV" 8Q
E (O Q~FOHR HVOD SDUWH GHO 6RO HQ OD TXH VHSUHVHQWDQ ODV PDQFKDV VRODUHV DxR OX] PLGH OD GLVWDQFLD TXH UHFRUUH XQ
H /D OX]\HO FDORUGHO6RO VHGHEHQ D ODV UHDFFLRQHVGH ORV PDWHULDOHV TXH OR UD\R GH OX] HQ GtDV 6HVDEH TXH OD OX]
FRQIRUPDQ YLDMDD NLOyPHWURV SRU VHJXQGR ¢<
G /RV SODQHWDV VH PXHYHQ DOUHGHGRU GHO 6RO JUDFLDV D OD IXHU]D GH JUDYHGDG SRU DxR" L NLOyPHWURV
&RPR ODV GLVWDQFLDV HQ HO HVSDFLR VRQ
5HDOLFHQ HQ VXV FDUSHWDV XQ FXDGUR FRPR HO VLJXLHQWH \FRPSOpWHQOR FRQ PX\ JUDQGHV UHVXOWD PiV VHQFLOOR
ODV FDUDFWHUtVWLFDV GH ORVSODQHWDV GHO 6LVWHPD 6RODU FDOFXODUODV GH HVWD PDQHUD 1XHVWUD
9 tD / iFWHD PLGH DxRV OX] GH
3ODQHWD 7DPDxR 7HPSHUDWXUD 'LVWDQFLD FRQ UHVSHFWR DO 6RO
GLiPHWUR
6L TXLVLpUDPRV H[SUHVDU HVD
- GLVWDQFLD HQ NLOyPHWURV WHQGUtDPRV XQ
Q~PHUR FRQ L FHURV SRU GHWUiV
a
B B B B B B B B B B B B B B B B B B B B B a
£ BB OIOOLLL
IOOO
, B
a
OD 7LHUUD
¢$ OJXQDYH]VHSUHJXQWDURQ SRU TXp KDFH PiVIUtRHQ LQYLHUQR
TXH HQYHUDQR RSRU TXp VHVXFHGHQ ORVGtDV\ ODVQRFKHV" (VWRV
IHQyPHQRV WLHQHQ UHODFLyQ FRQ ORVPRYLPLHQWRV GH OD7LHUUD
NLOyPHWURV SRU KRUD 3RU OR WDQWR XQ QHWD VHWUDVODGH HQ HVWHFDVRHQ WRUQR GHO6ROVHOODPD WUDVODFLyQ
REMHWR SDUDGR HQ VX VXSHUILFLH VH PXHYH D
LJXDO YHORFLGDG &XDQGR KD\DQ WHUPLQDGR
GH OHHU HVWD SiJLQD SUREDEOHPHQWH KD\DQ
OD URWDFLyQ
UHFRUULGR MXQWR DO SODQHWD 7LHUUD\VXV / D 7LHUUD UHDOL]D XQD URWDFLyQ HQ YHLQWLFXDWUR KRUDV (V OR TXH FRQRFHPRV
FRPSRQHQWHV L NLOyPHWURVHQ HO FRPR XQ GtD WHUUHVWUH (O VHQWLGR GH GLFKR PRYLPLHQWR HVGH 2HVWH D (VWH\ U
+HPLVIHULR
6 XU
/D URWDFLyQ GH OD 7LHUUD SURYRFD OD VXFHVLyQ GH GtDV \ QRFKHV 0LHQWUDV XQD
PLWDG HVWi LOXPLQDGD SRU HO 6RO ,a RWUD SHUPDQHFH D RVFXUDV
KXVR KRUDULR
/ D7LHUUDURWD VREUHVt PLVPD VREUHXQ HMHLPDJLQDULR TXHYD GHO3ROR1RUWH a
DO3ROR6XU8QDYXHOWD FRPSOHWD GHOSODQHWD VREUHVtPLVPR FRQVWLWX\H XQ GtD
GHKRUDV
6XSRQJDQTXHVHHQFXHQWUDQ HQXQ OXJDUGHOD7LHUUDHQIUHQWDGR DO6RO\SRUOR
WDQWR HVPHGLRGtDDOFDERGH KRUDVOD7LHUUDKDEUiFRPSOHWDGR PHGLDYXHOWD U!
VREUHVtPLVPD\VHUiPHGLDQRFKH HQ HVHOXJDU$OPLVPRWLHPSR VHUiPHGLRGtD
HQODSDUWHRSXHVWDGHOD7LHUUD
3RUDFXHUGRVLQWHUQDFLRQDOHVQXHVWUD7LHUUDHVWiGLYLGLGDHQYHLQWLFXDWURIUDQMDV a
TXH WLHQHQ ODRULHQWDFLyQ GHPHULGLDQRV XQD SDUD FDGDKRUD GHO GtDORVKXVRV BB
KRUDULRV (OKXVRKRUDULRLQLFLDOFRPLHQ]DHQHOPHULGLDQR TXHDWUDYLHVDODFLXGDG
(QWUH QXHVWUR SDtV\-DSyQ H[LVWH LQJOHVDGH*UHHQZLFK$SDUWLUGHDOOtHOKRUDULRGHFDGDKXVRDXPHQWDKDFLDHO(VWHa
XQD GLIHUHQFLD GH GRFH KRUDV \GLVPLQX\HKDFLDHO2HVWHHVGHFLUTXHHQOD$ UJHQWLQDSRUHMHPSORKD\FXDWUR
KRUDVPHQRV TXHHQHOPHULGLDQR GH*UHHQZLFKTXHHVHO2
5RWDFLyQ \ WUDVOIFLyQ@
6 ROVWLFLRV
( TXLQRFFLRV
U! OD WUDVODFLyQ
(OPRYLPLHQWR GHWUDVODFLyQHVHOTXHUHDOL]DQOD7LHUUD\ORVRWURVSODQHWDV
3DUDOHORV \WUySLFRV
GHO6LVWHPD6RODUDOUHGHGRUGHO6ROHQ XQ FDPLQRTXHVHOODPDyUELWDHQ HO
/RV SDUDOHORV VRQ FtUFXORV LPDJLQDULRV
UU FDVRGHOD7LHUUDHVSDUHFLGRDXQy YDORODHOLSVH1XHVWURSODQHWDWDUGDH[DF
SHUSHQGLFXODUHV DO HMHWHUUHVWUH 6 H XWLOL]DQ
U WDPHQWHGtDV KRUDV\PLQXWRVHQGDUODYXHOWDDO6ROSHURSDUDHYLWDU
SDUD HVWDEOHFHU OD ODWLWXG GH XQ SXQWR
FRPSOLFDFLRQHVHOFDOHQGDULRDQXDOWLHQHGtDV ¢4XpRFXUUHFRQHVDVKRUDV
HV GHFLU OD GLVWDQFLD TXH H[LVWH HQWUH HVH
\PLQXWRVUHVWDQWHV"6HDFXPXODQ\FDGDFXDWURDxRVVHDJUHJDXQGtDPiVDO
SXQWR \ HO HFXDGRU /D ODWLWXG VH H[SUHVD
U! FDOHQGDULRHOGHIHEUHUR(VWHDxRGHGtDVVHFRQRFHFRPRELVLHVWR
HQ JUDGRV PLQXWRV \ VHJXQGRV
U! 6 H QXPHUDQ GH2 D KDFLD HO 1RUWH
ODV HVWDFLRQHV \ KDFLD HO 6 XU D SDUWLUGHO SDUDOHORGHRULJHQ
OODPDGRHFXDGRU 2 (O HFXDGRUHV HO SDUDOHOR
'XUDQWHHODxR HO6ROLOXPLQD FRQGLIHUHQWHLQWHQVLGDG ODVXSHUILFLHGHOD
TXH GLYLGH OD 7LHUUD HQ GRVSDUWHV LJXDOHV
7LHUUDGHELGRD ODLQFOLQDFLyQ GH GH VXHMH (VWRLQIOX\HFRQVLGHUDEOH
HO KHPLVIHULR1RUWH \ HO KHPLVIHULR6XU
PHQWHHQODVHVWDFLRQHV\HQODGHVLJXDOGXUDFLyQGHORVGtDV\ODVQRFKHVHQ
( [LVWHQSDUDOHORV TXH WLHQHQ QRPEUH
GLIHUHQWHVpSRFDVGHODxR
DGHPiV GH XQ YDORU HQ JUDGRV HOWUySLFR
(QORVHTXLQRFFLRVHOSODQHWDVHXELFDHQXQDSRVLFLyQHQODTXHUHFLEHORV
GH & iQFHU GH ODWLWXG 1RUWH
UD\RVVRODUHVHQIRUPDSHUSHQGLFXODUDOHFXDGRUGXUDQWHHVHGtDFDVLWRGRVORV
HO GH & DSULFRUQLR GHODWLWXG 6 XU
SXQWRVGHOSODQHWDWLHQHQGRFHKRUDVGHOX]
'XUDQWHORVVROVWLFLRVORVUD\RVVRODUHVFDHQHQ IRUPDSHUSHQGLFXODUDORV
WUySLFRV\PDUFDQHOFRPLHQ]RGHODVHVWDFLRQHVGHLQYLHUQR\YHUDQR
(QHOVROVWLFLRGHOGHMXQLRORVUD\RVVRODUHVFDHQGHOOHQRVREUHHOWUySLFR
GH&iQFHU(QHO+HPLVIHULR1RUWHFRPLHQ]DHOYHUDQR\HQHO+HPLVIHULR6 XU
HOLQYLHUQR
(O GH GLFLHPEUH ORV UD\RV VRODUHVFDHQ SHUSHQGLFXODUHVDO WUySLFR GH /D LQFOLQDFLyQ GHO HMH GH OD
&DSULFRUQLR\ FRPLHQ]DHOYHUDQR HQ HO +HPLVIHULR6XU\ HOLQYLHUQR HQ HO 7LHUUD KDFH TXH ORV UD\RV GHO 6 RO
+HPLVIHULR1RUWH ,1)2 LQFLGDQ GH PDQHUD SHUSHQGLFXODU
D ORV WUySLFRV DO FRPLHQ]R GHO
YHUDQR HQ FDGD KHPLVIHULR
( Q HVH PRPHQWR HO FOLPD
VHUi PiV FiOLGR
8ELTXHQ ODV VLJXLHQWHV FLXGDGHV HQ XQ SODQLVIHULR $ SDUWLU GH VX XELFDFLyQ HQ
HO JORER WHUUHVWUH FRPSOHWHQ HO VLJXLHQWH FXDGUR FRQ OD HVWDFLyQ GHO Dx R HQ
OD TXH VH HQFXHQWUDQ HQ GLIHUHQWHV PRPHQWRV ( [SOLTXHQ D TXp VH GHEHQ ODV
GLIHUHQFLDV
& LXGDG GH PDU]R GHMXQLR GH VHSWLHPEUH GH GLFLHPEUH
%XHQRV $LUHV
7RURQa a
a
āa
&RPR OD/ XQD FDIHFH GH DWPyVIHUD TXH IXQFLRQD FRPR UHJXODGRU GH ODV WHP B
SHUDWXUDV ORV UD\RV GHO 6RO TXH LQFLGHQ VREUH VX VXSHUILFLH \ VH UHIOHMDQ HQ HOOD
JHQHUDQ JUDQGHV YDULDFLRQHV WpUPLFDV
/ D DWPyVIHUD WDPELpQ DFW~D FRPRā XQD EDUUHUD DQWH ORV VyOLGRV TXH SXHGHQ
FKRFDU FRQWUD ORV FXHUSRV FHOHVWHV &RPR OD / XQD QR WLHQH HVWH HVFXGR ORV
PHWHRULWRV TXH VH GLULJHQ D HOOD LPSDFWDQ FRQ PiV IXHU]D VREUH VX VXSHUILFLH B
&RPR UDVWUR GH HVWRV FKRTXHV D VLPSOH YLVWD VH REVHUYDQ HQRUPHV FUiWHUHV GH B
YDULRV NLOyPHWURV GH GLiPHWUR
$ VLPLVPR D VLPSOH YLVWD HV SRVLEOH GLVWLQJXLU XQDV PDQFKDV PiV RVFXUDV BBB
0DUHDV TXH FRP~QPHQWH VH OODPDQ PDUHV /RV PDUHV OXQDUHV QR SRVHHQ DJXD 6RQ
(O DVFHQVR \GHVFHQVR GHO QLYHO GH ORV PDUHV HQRUPHV VXSHUILFLHV GH URFD TXH IXHURQ IRUPDGDV KDFH PLOORQHV GH DxRV SRU
HQ HO WUDQVFXUVR GHOGtD UHFLEH HO QRPEUH GHUUDPHV GH ODYD
GH PDUHDV \OD FDXVD GH HVWRV PRYLPLHQWRV
VHGHEH SULQFLSDOPHQWH D OD DWUDFFLyQ GH
OD JUDYHGDG GH OD / XQDVREUH ODV DJXDV
(O RULJHQ GH OD/ XQD
GH QXHVWUR SODQHWD (Q PHQRU PHGLGD ([LVWHQ WUHV WHRUtDV VREUH HO RULJHQ GH OD /XQD U
OD DWUDFFLyQ JUDYLWDWRULD GHO 6RO WDPELpQ (UD XQ DVWUR LQGHSHQGLHQWH TXH DO SDVDU FHUFD GH OD 7LHUUD TXHGy FDSWX
LQIOX\HVREUH HVWH IHQyPHQR UDGR HQ VX yUELWD a
&XDQGR OD /XQD OD 7LHUUD\HO 6RO HVWiQ / D 7LHUUD \ OD /XQD QDFLHURQ GH OD PLVPD PDVD GH PDWHULD TXH JLUDED B
DOLQHDGRV HO 6RO DxDGH XQD SHTXHxD IXHU]D DOUHGHGRU GHO 6RO
DGLFLRQDO TXH KDFH TXH ODV PDUHDV VHDQ D~Q /D /XQD VH GHVSUHQGLy GH OD 7LHUUD HQ VXV RUtJHQHV SRU DFFLyQ GH OD IXHU]D
PD\RUHV (VWH HVHO FDVR GH ODV PDUHDV YLYDV FHQWUtIXJD ā
&XDQGR OD /XQD HVWi HQ ORV FXDUWRV FXDUWR U!
FUHFLHQWH RFXDUWR PHQJXDQWH HO 6RO \ (QODDFWXDOLGDG VHDGPLWH XQD FXDUWD WHRUtD TXH WRPD HOHPHQWRV GH ODV DQWHULR
OD /XQD WLUDQ FDGD XQR SDUD XQ ODGR UHV 'H DFXHUGR FRQ HOOD HQ HO PRPHQWR HQTXH OD7LHUUD VHIRUPDED VXIULy XQ FKR
FRQ OR TXH VaVIXHU]DVVH FRQWUDUUHVWDQ \ TXH FRQ XQ JUDQ FXHUSR GHO HVSDFLR \ SDUWH GH OR TXH VDOLy H[SXOVDGR VH DJOXWLQy B
RFDVLRQDQ PDUHDV PiV SHTXHxDV O DPDGDV SRU OD JUDYHGDG \IRUPy OD / XQD (VWD WHRUtD HVODPiV DFHSWDGD SRU ORV FLHQWtILFRV
a
PDUHDV PXHUWDV
-
U
O
?
U!
Q ORV HFOLSVHV
/ RVHFOLSVHV VLHPSUH IDVFLQDURQ D ODV DQWLJXDV FLYLOL]DFLRQHV \ HQ PXFKRV
OXJDUHV VH OHV KDQ DWULEXLGR SURSLHGDGHV PiJLFDV / D FLYLOL]DFLyQ EDELOyQLFD
SRUHMHPSOR OOHJyDHVWXGLDUORV FRQ WDQWDSUHFLVLyQ TXHGHVFXEULy ODIUHFXHQFLD
FRQ ODTXH RFXUUtDQ
3DUDTXHXQHFOLSVHVHSURGX]FD HO6ROOD7LHUUD\ OD/ XQDGHEHQ HVWDUSHUIHF
WDPHQWHDOLQHDGRV (VWRQRVXFHGHDPHQXGR SRUTXH OD/ XQDQRVHPXHYH HQ
HOPLVPR SODQRHQ HOTXH OD7LHUUDJLUDDOUHGHGRU GHO6RO
¢&yPRKDFHOD/ XQDSDUDWDSDUHO6ROVLHVFXDWURFLHQWDVYHFHVPiVFKLFD"6LPSOH
HVWiFXDWURFLHQWDV YHFHVPiV FHUFDGHOD7LHUUDGH PRGR TXH FRPSDUDWLYDPHQWH
WLHQHQ WDPDxR VLPLODU$ VtFRPRSRGHPRV WDSDUHO6ROFRQODPDQR TXHHVLQILQL
/RV HFOLSVHVIXHURQHVWXGLDGRVSRUGLIHUHQWHV
WDPHQWH PiVFKLFDTXHHO6RO\OD/ XQDSRUODGLVWDQFLDDODTXHVHHQFXHQWUD FRQ
FXOWXUDV GHOD$QWLJHGDG
ā
UHVSHFWRDODVWUROD/ XQDSXHGHRFXOWDUHO6RODSHVDUGHVHUPXFKR PiVSHTXHxD
¢4XpHV XQVDWpOLWH"
8Q VDWpOLWH QDWXUDO HV XQ FXHUSR URFRVR
TXH FXHQWD FRQ XQD yUELWD DOUHGHGRU GH
XQ SODQHWD TW£H HQ JHQHUDO OR VXSHUD HQ
WDPDxR UD]yUL SRU OD TXH HO SODQHWD DWUDH
DO VDWpOLWH \ OR KDFH JLUDU D VX DOUHGHGRU
SRU DFFLyQ GH OD IXHU]D GH TUDYHGDG
aā^
? / RVHFOLSVHVVRODUHVRFXUUHQFXDQGROD / XQDVHLQWHUSRQHHQWUHHO6RO \ OD7LHUUD(Q HVH
aU! PRPHQWRGHVGHDOJXQRVOXJDUHVGHOD VXSHUILFLHWHUUHVWUHSXHGHREVHUYDUVHFyPR- ,GLVFR
GHOD /XQDRFXOWD 6R/
L
YLQ
J^?
ILO
a
/ HDQHO VLJXLHQWH WH[WR \V XEUD\HQORV
a
WpUPLQRV LQFRUUHFWRV / XHJR UHHV FUtEDQOR
FRUUHFWDPHQWH HQ VXV FDUSHWDV
/ D VXFHVLyQ GH ODV IDVHV OXQDUHV VH GHEH
DO PRYLPLHQWR GH WUDVODFLyQ GH OD 7LHUUD
&RPR UHVXOWDGR GH HVWH IHQyPHQR OD
/ XQD FDPELD VX DSDULHQFLD HQ FXDWUR
SRVLFLRQHV FXDUWR FUHFLHQWH FXDUWR
ā /RVHFOLSVHVGH / XQDVHSURGXFHQFXDQGRHOSODQHWD7LHUUDVHXELFDHQWUHHO 6RO \ OD / XQD 6L
ā OD / XQDTXHGDFRPSOHWDPHQWHRFXOWDGHWUiVGH OD7LHUUDVHWUDWDGHXQHFOLSVHWRWDOVL VROR SRQLHQWH OXQD OOHQD\ OXQD QXHYD
a VHHVFRQGHXQDSDUWHHVXQHFOLSVHSDUFLDO
VRODU
!
U!
ª
$JO( 1& ,$
&,(57$
'HVFXEUHQXQSODQHWDTXH
RRGUtV HU KDELWDEWH
(VWiDDxRVOX]RUEOWD DOUHGHGRU
GHXQDHVWUHOODHQDQD \VHFUHHTXHWHQGUtD
DJXDHQHVWDGR OtTXLGRHQVXVXSHUILFLH
$ VWUyQRPRV GH YDULÏVSDtVHV DFDEDQ GH GHVFXEULU HO SULPHU
SODQHWD KDELWDEOH IXHUD GHO 6LVWHPD 6RODU (VWi D DxRV
OX] \WLHQH XQD WHPSHUDWXUD VLPLODU D OD GH,D 7LHUUD
(VWHSODQHWD D~Q QR )LHQHāQRPEUH& aH~QH ODVFDUDFWHUtVWLFDV
TXH SHUPLWHQ LPDJLQDU OD H[LVWHQFLD GHaQD pYHQWXDO YLGD
H[WUDWHUUHVWUH GLFH XQ FRPXQLFDGR GHO &HQWUR 1DFLRQDO GH
W OD OQYHVWOTDFLyQ &LHQWtILFD GH )UDQFLD
I
2UELWi DOUHGHGRU GH OD HVWUHOOD *OLHVp *, D
I
ā
DxRV O~L GHOD 7LHUUD \ \6 HO SULPHUR GH ORVFHUFD GH
GRVRLHQWRV GH VX WLSR TÒHSRVHH XQT WHPSHUDWXUD VLPLODU D
a
OD GH OD 7LHUUD 6X WHPSHUDWXUD PHGLD HV GH HQWUH 2 \
6L JUDGRV &HOVLXV ORTXH SHUPLWH OD SUHVHQFLD GH DJXD OtTXLGD
HQ VX VXSHUILFLH H[SOLFD HO LQYHVWLTDGRU 6WHSKDQH 8GU\ GH
-
*LQHEUD
'HWRGDV PDQHUDV HO FLHQWtILFR DFODUy TXH WRGDYtD QR KD\
LQGLFLRV GH DJXD QL GH YLGD
ā
(OaDJXD HV GHFLVLYD SDUD ID YLGD FRPR OD FRQRFHPRV
ā GLMR RWUR GH ORVOQYHVWLTDGRUHV ; DYLHU 'HOIRVVH GH OD
W 8QLYHUVLGDG GH *UHQREOH 3RUVXV WHPSHUDWXUDV \ OD
ā UHODWLYD FHUFDQtD HO SODQHWD VHTXUDPHQWH VHUiXQ REMHWLYR
LPSRUWDQWH SiUD IXWXURV YXHORV HVSDFLDOHV HQ EXVFD GH
YLGD H[WUDWHUUHVWUH
/ HDQ OD QRWD \VXEUD\HQ ODVLGHDV
SULQFLSDOHV / XHJR UHVSRQGDQ D ODV
VLJXLHQWHV SUHJXQWDV
D ¢&XiOHV VHUtDQ ODVFRQGLFLRQHV GHO SOD
QHWD GHVFXELHUWR TXH SHUPLWLUtDQ OD H[LV
WHQFLD GH YLGD"
O 1RWD E ¢3RGUtDQ H[LVWLUPiV SODQHWDV FRQ HVDV
DGDSWDGD FRQGLFLRQHV HQ RWUDV UHJLRQHV GHO XQLYHUVR"
GH & ODUtQ
$ XWRUD
0DULDQD
OTOHVLDV
O
OD H[SORUDFLyQGHOFLHOR
/ RV FLHORV QR VRQ LJXDOHV HQ WRGR HO DxR /DV FRQVWHODFLRQHV TXH SXHGHQ
REVHUYDUVH VRQ GLIHUHQWHV VHJ~Q HO PHV ¢3RU TXp VHUi" /D PHMRU pSRFD SDUD
UHDOL]DU OR TXH VH SURSRQH HQ HVWD DFWLYLGDG VH SUHVHQWD HQWUH VHSWLHPEUH \DEULO
GH PD\R D DJRVWR VH SXHGH KDFHU SHUR PX\ WDUGH 3DUD VDEHU F~DOHV VRQ ODV
FRQVWHODFLRQHV D OD YLVWD HQ OD IHFKD TXH UHDOLFHQ HVWD DFWLYLGDG OHV VXJHULPRV TXH
FRQVXOWHQ ORV PDSDV GH FLHORV TXH SRU HMHPSOR SXEOLFD HO 3ODQHWDULR *DOLOHR
*DOLOHLWRGRV ORVPHVHV HQ OD VHFFLyQ &LHOR GHO PHV ZZZSODQHWDULRJRYDU
2EVHUYDUFRQVWHODFLRQHV
2EMHWLYRV
'HVDUUROODU OD FDSDFLGDG GH REVHUYDFLyQ GH ORVFLHORV LPLWDQGR HO SURFHGHU
GH ORVDVWUyQRPRV GHO SDVDGR TXH QR FRQWDEDQ FRQ ORVPRGHUQRV
a
a
O!
WHOHVFRSLRV\ QDYHV HVSDFLDOHV TXH KR\ H[LVWHQ
UW
5HFXHUGHQ TXH SDUD REVHUYDU ORVFLHORV HV UHFRPHQGDEOH HVSHUDU XQD ā
. O
QRFKH GHVSHMDGD VL HV SRVLaOH HQ XQ OXJDU OHMRVGH OD FLXGDG
?
R
a
!
0DWHULDOHV
8QDVLOOD FyPRGD R XQD UHSRVHUD TXH OHV SHUPLWD PLUDU HO FLHOR VLQ
?
TXH HO FXHOOR GXHOD OXHJR GH XQ UDWR 8Q SULVPiWLFR R ODUJDYLVWDV R
R
aa
VLPSOHPHQWH VXV RMRV 8QD EU~MXOD DXQTXH QR HV LQGLVSHQVDEOH
£
O!
aa
3URFHGLPLHQWR
? J
%XVTXHQ ODV 7UHV0DUtDV SDUD OR FXDO SXHGHQ SHGLU D\XGD D DOJ~Q Rā
DGXOWR /DV 7UHV0DUtDVIRUPDQ SDUWH GH OD FRQVWHODFLyQ GH 2ULyQ TXH HQ OD £
PLWRORJtD JULHJD HUD XQ JXHUUHUR \ UHSUHVHQWDQ VX FLQWXUyQ
6L REVHUYDQ GHWHQLGDPHQWH HO FLHORYHUiQ RWUDV 7UHV0DUtDV SHUR
PXFKR PiV SHTXHxDV GHQRPLQDGDV 7UHV 0DULHWDV 6L WLHQHQ XQ SULVPiWLFR
R XQ WHOHVFRSLR REVHUYHQ OD HVWUHOOD XELFDGD HQ HO FHQWUR ¢4Xp QRWDQ"
¢&RQ TXp HWDSD GH XQD HVWUHOOD OR SXHGHQ UHODFLRQDU"
(Q ORV DOUHGHGRUHV GH ODV7UHV0DUtDV¢KD\JLJDQWHV URMDV"¢'yQGH" 8VHQ
ORV GHGRV FRPR PHGLGDV HVGHFLUGRV GHGRV DUULEDDO FRVWDGR RDEDMR
$ OD L]TXLHUGD GH 2ULyQ SRGUiQ XELFDU OD FRQVWHODFLyQ GH ORV 6LHWH
&DEULWRV R 3Op\DGHV VRQ PXFKDV HVWUHOODV PX\ FHUFD XQDV GH RWUDV
¢&yPR VH GHQRPLQD D HVWD DJUXSDFLyQ GH HVWUHOODV MyYHQHV"
¢4Xp RWURV DVWURV HVWXGLDGRV HQ HVWH FDStWXOR SXHGHQ REVHUYDU D Ë?
VLPSOH YLVWDHQ HO FLHOR QRFWXUQR"
&RQFOXVLRQHV
,PDJLQHQ FXiOHV IXHURQ ODV FRQGLFLRQHV HQ ODV TXH ORV FLHQWtILFRV
GH OD $ QWLJHGDG HVWXGLDURQ HO FLHOR ¢&RQWDUtDQ FRQ HOHPHQWRV PX\
GLIHUHQWHV GH ORVXWLOL]DGRV HQ HVWD H[SHULHQFLD"
¢&XiOHV IXHURQ ORV GHVFXEULPLHQWRV TXH PiV FRQWULEX\HURQ D H[SORUDU HO
XQLYHUVR"
a
2EVHUYHQ ODV VLJXLHQWHV IRWRV \GHVFULEDQ ORVIHQyPHQRV 0DUTXHQ OD RSFLyQ FRUUHFWD
Q D ORVTXH FRUUHVSRQGHQ 8QFRPHWD HVWi IRUPDGR SRU
2(VWUHOODV 25HVWRV GH XQ SODQHWD
23ROYRHVWHODU 20HWDOHV URFDV \ JDVHV
21LQJXQD GH ODV DQWHULRUHV
8QDVWHURLGH
2(V XQ SODQHWD 2(V XQD JUDQ URFD
2(V XQD HVWUHOOD 26HWUDQVIRUPD HQ XQ FRPHWD
21LQJXQD GH ODV DQWHULRUHV
$ FLHUWRV\HUURUHV
B - aSLJRBDXQD GLVWUDFFLyaaG
p
QXHVWUR GLKXMDQWH HQ HVWD SiJLQD
ā VH FRPHWLHURQ DOJXQRV HUURUHV WpFQLFRV\D3pO(a&-'O8OiJH££HVa
- HQRGHEHLtD$ HVWDUDOOIāUYLUHQWUDVSDāā£ SRUHVWH SDLVDMH
ORFR OHV SURSRQHPRV EXVFDU OR TXH LQGLFDQ ODXOJ< LHRWHVU
UHIHUHQGDV\VHItDaDU FXiWHāVp6Iix7XHUiFLL*JDU\ SRU TXp
*DQDGR RYLQR $ JXD HQ HVWDGR VyOLDa- BJQGHQWR
B PRBYLPLHQWR(OH2HVFHQVR3DOHÏQWÏËaWUDEDMDQGR
(O PiV JUDQGH GH ORV FDUQtYRU"VWHUUHVWUa< I9 OYHBHLGDaa
DIXLOLGDG65HVWRVaGHāUJDQLVPyVFRQaUYDGRVHQ GHSyVLWRV
VHGLPHQWDULRV GH OD FRUWH]D WHUUHVWUH 9 HKtFXOR GH SDVDMHURVH
Dp/ HBRBPiVOHVDGRTXHHUDLUH0DVDGaYDSRUBGHDJXD
VXVSHQGLGD HQ ODDWPyVIHUD 7 aOQVSRUWHaVaaaH[WUDWaPVWUH
RPR-a)O
O-HVWWaQWaāVāaP\U>aaa
ā aULJa ā
ā
DHSRFDGH ORV GLQRViXULRV
aaaa B
VIHUiWH)UHVWUHa< VDHOH VHU OOpPDGR HVWUHOOD IWLJa J£ QD
HV LOH PD\RU HQYHUJDGXUD aODU KD QaaWURSDtV
ZFOOG DFUDaFLDaF WU a ā
/ DDWPyV IHUD
/D DWPyVIHUD HVOD FDSDGHJDVHVTXH HQYXHOYHDOD7LHUUD ?
\ OD SURWHJH GH ODVUDGLDFLRQHVVRODUHV\ GHORVFXHUSRV
TXH OOHJDQGHVGH HOHVSDFLR(Q HOODVXFHGHQ FDPELRVTXH
DIHFWDQ HOFOLPDGHOSODQHWD
a
?B B
$ WPyVIHUD
7LHPSR
&OLPDā
7LHPSRPHWHRUROyJLFR \ FOLPD
6HJXUR KDEUiQ HVFXFKDGR R GLFKR IUDVHV FRPR ¢0HMRUDUi HO FOLPD"
R £(O FOLPD HVWi ORFR $ XQTXH UHVXOWHQ H[SUHVLRQHV FRWLGLDQDV QR VRQ
FRUUHFWDV \D TXH FXDQGR HQ JHQHUDO KDEODPRV GH FOLPD HQ YHUGDG QRV
B HVWDPRV UHILULHQGR DOWLHPSR PHWHRUROyJLFR HVGHFLU DORV UHJLVWURV GLDULRV
GH WHPSHUDWXUD KXPHGDG \IHQyPHQRV DWPRVIpULFRV HQ XQ OXJDU GHWHUPLQDGR
UHDOL]DGRV ULJXURVDPHQWH YDULDV YHFHV DO GtD
(O FRQMXQWR GH ORV UHJLVWURV GHO WLHPSR PHWHRUROyJLFR GH XQD UHJLyQ UHIHULGRV D W1',&$&,2
XQSHUtRGR GH TXLQFH DxRV HVWDEOHFH ODVFDUDFWHUtVWLFDV GH VXFOLPD 0LHQWUDV HOWLHP
SR PHWHRUROyJLFR QRV GD LGHD GH ODV FRQGLFLRQHV HQ XQ PRPHQWR GDGR HO FOLPD
GD FXHQWD GH ORV SURFHVRV FOLPiWLFRV TXH FDUDFWHUL]DQ D XQ OXJDU D OR ODUJR GH XQ
SHUtRGR PiV ODUJR (QODSURYLQFLD GH 0LVLRQHV SRU HMHPSOR HOWLHPSR PHWHRUROy 5HYLVHQ HO FDStWXOR SDUD FRPSUHQGHU
JLFR PXHVWUD GtDV FiOLGRV IUtRV VROHDGRV QXEODGRV WRUPHQWRVRV R GHVSHMDGRV 6LQ FyPR VH WUDQVIRUPD \ WUDQVILHUH Oi HQHUTOD
HPEDUJR VDEHPRV TXH VX FOLPD HVFiOLGR \K~PHGR / DSDODEUD PHWHRURORJtD TXH HQ OD DWPyVIHUD
VHUHILHUH DOD FLHQFLD TXH HVWXGLD HO HVWDGR GHO WLHPSR \ HO FOLPD SURYLHQH GH ORV
WpUPLQRV JULHJRV PHWHRUR DOWR HQ HOFLHOR \ ODJRV FRQRFLPLHQWR WUDWDGR
ODWHPSHUDWXUD
(V HO JUDGR GH FDORU GH OD DWPyVIHUD HQ XQ OXJDU GHWHUPLQDGR / D IXHQWH GH
FDORU GH OD DWPyVIHUD HV HO 6RO / D HQHUJtD TXH OH OOHJD GHVGH pO HV HQHUJtD OXPt
QLFD $ O WRPDU FRQWDFWR FRQ OD DWPyVIHUD SDUWH GH HVWD HQHUJtD VH WUDQVIRUPD
HQ FDORU (O UHVWR GH ORV UD\RV OOHJDQ DOD VXSHUILFLH GH OD 7LHUUD VHUHIOHMDQ VREUH
HOOD \ VRQ UHHQYLDGRV DO HVSDFLR 3DUWH GH ORV UD\RV TXH YLDMDQ GH UHJUHVR DO
HVSDFLR VRQ DWUDSDGRV SRU ODV QXEHV \HO SROYR GH OD DWPyVIHUD OR TXH GD OXJDU
DO HIHFWR LQYHUQDGHUR LQGLVSHQVDEOH SDUD TXH ODV WHPSHUDWXUDV HQ OD 7LHUUD
VHDQ DSURSLDGDV SDUD OD YLGD SXHV DVt VH SXHGH FRQVHUYDU HO FDORU T~H TXHGD
DWUDSDGR SRU ORV JDVHV GH OD DWPyVIHUD
/ D WHPSHUDWXUD DWPRVIpULFD QRHVLJXDO HQ ORV GLVWLQWRV SXQWRV GHO SODQHWD 'RV
9 GH ORV SULQFLSDOHV IDFWRUHV TXH H[SOLFDQ ODV GLIHUHQFLDV VRQ OD ODWLWXG \ OD DOWLWXG
/ RVUD\RV VRODUHV OOHJDQ DOD VXSHUILFLH WHUUHVWUH FRQ GLVWLQWD LQFOLQDFLyQ VHJ~Q
OD GLVWDQFLD GH GHWHUPLQDGR OXJDU FRQ UHVSHFWR DO HFXDGRU HV GHFLU OD ODWLWXG
(Q ODV]RQDV HFXDWRULDOHV LQFLGHQ HQ IRUPD SHUSHQGLFXODU \DWUDYLHVDQ XQD FDSD
(QODVUHJLRQHVPRQWDxRVDVVHUHJLVWUDQ
GH DLUH GH PHQRU HVSHVRU TXH OD GH SXQWRV XELFDGRV DPD\RUHV ODWLWXGHV UD]yQ
WHPSHUDWXUDVPiVEDMDV
SRU OD FXDO WLHQHQ PD\RU WHPSHUDWXUD 'HVGH HO HFXDGRU KDFLD ORV SRORV OD WHP
SHUDWXUD GLVPLQX\H DSUR[LPDGDPHQWH DUD]yQ GH & FDGD NP
(Q ODV FDSDV VXSHULRUHV GH OD DWPyVIHUD D PD\RU DOWLWXG ODV WHPSHUDWXUDV VRQ
PHQRUHV (QODWURSRVIHUD DODVFHQGHU PHWURV GH DOWXUD GHVGH HOQLYHO GHO PDU
ODWHPSHUDWXUD GLVPLQX\H DSUR[LPDGDPHQWH &'HELGR DHVWR HQ UHJLRQHV PRQ
WDxRVDV HOFOLPD HVPiV IUHVFR TXH HQ VLWLRV XELFDGRV HQ HOQLYHO GHO PDU ā
([LVWHQ RWURV IDFWRUHV TXH LQIOX\HQ VREUH OD WHPSHUDWXUD GH GLVWLQWDV UHJLRQHV
/ RV YLHQWRV SRU HMHPSOR DFW~DQ FRPR PH]FODGRUHV GH OD WHPSHUDWXUD DO KDFHU ,QGLTXHQ YHUGDGHUR 9 RIDOVR ) \
FLUFXODU ODV PDVDV GH MXVWLILTXHQ VXV UHVSXHVWDV
5 D\RVREOLFXRV DLUH IUtR \ FDOLHQWH \ OD D / RV FRPSRQHQWHV GH OD ELRVIHUD VH
KXPHGDG / D FHUFDQtD HQFXHQWUDQ HQ OD HVWUDWRVIHUD
La
GHO PDU KDFH TXH ORV E /D ODWLWXG \ OD DOWLWXG VRQ ORV ~QLFRV
FDPELRV GH WHPSHUDWX IDFWRUHV TXH ,QIOX\VQ HQ OD WHPSHUDWXUD
UDVHDQPiV PRGHUDGRV GH GLIHUHQWHV UHJLRQHV
5 D\RVVRODUHV XQ OXJDU FRVWHUR QR VH H (O WLHPSR PHWHRUROyJLFR SXHGH
FDOLHQWD QLVHHQIUtD WDQ FDPELDU YDULDV YHFHV HQ XQ GtD '
UiSLGDPHQWH FRUQR OR G /D DWPyVIHUD HVWi FRPSXHVWD VROR
KDFH RWUR HQ HOLQWHULRU
GHO FRQWLQHQWH
OD KLGURV IHUD
8F1)a ( O DJXD FXEUH ODV WUHV FXDUWDV SDUWHV GH OD V XSHUILFLH GH OD
7LHUUD / D KLGURV IHUDHV HO V XEV LV WHPD TXH F RPSUHQGHHO DJXD
( O DJXD \ ODYLGD
GHO SODQHWD HQ V XV WUHV HV WDGRV
(O DJXD IXHPX\LPSRUWDQWH SDUD
SRVLELOLWDU HO RULJHQGHOD YLGD /RV
SULPHURV VHUHVYLYRVDSDUHFLHURQ HQHOOD
\ORJUDURQ GHVDUUROODUVH \HYROXFLRQDUHQ
RUJDQLVPRV PiV FRPSOHMRV
3ODQHWD $ JXD
6L KDFHQ JLUDUXQ JORER WHUUiTXHR \ FRQ
XQ GHGR OR GHWLHQHQ DO D]DU FDVL VHJXUD
PHQWH VH SRVDUi VREUH DJXD 6L UHSLWHQ OD
RSHUDFLyQ YDULDVYHFHVFRQILUPDUiQ TXHVRQ
PiV ODVYHFHVTXHHO GHGR WRFD ODSDUWH D]XO
GHOJORER ¢&DVXDOLGDG" 1R SXHV HO GH
OD VXSHUILFLHGH OD7LHUUDHVWiFXELHUWDSRUDJXD
6LVHFRQVLGHUDUDHODJXDTXH HVWiHQODDWPyVIHUD
HQ IRUPD GH YDSRU VH FRPSUREDUtD TXH SODQHWD
$ JXD VHUtD XQ QRPEUH PiV DSURSLDGR SDUD QXHVWUR
( O FLFORGHO DJXD
(QODKLGURVIHUD HO DJXDFDPELD GHHVWDGRSHUPDQHQWHPHQWH 3DVDGHO HVWDGR
(Q HO GHVDUUROOR GHODKLVWRULDGHODV OtTXLGR DOJDVHRVR^ WUDYpV GH OD HYDSRUDFLyQ GHO JDVHRVR DO OtTXLGR SRU FRQ
VRFLHGDGHV HODJXDWDPELpQKDFRQVWLWXLGR GHQVDFLyQ GHO OtTXLGR DO VyOLGR SRU FRQJHODPLHQWR \GHO VyOLGR DO OtTXLGR SyU
ā XQ HOHPHQWRHVHQFLDOSDUDODVDFWLYLGDGHV IXVLyQ 0LHQWUDV VXIUH GLFKRV FDPELRV YLDMD D WUDYpV GHO SODQHWD FRQ GHVWLQR
HFRQyPLFDV FRPROD DJULFXOWXUDROD GLYHUVR\FRQVWLWX\HHOFLFOR GHO DJXDRFLFOR KLGUROyJLFR
QDYHJDFLyQ \HQPXFKRVFDVRVKDVLGRXQR (QORV RFpDQRV \ PDUHV ODUDGLDFLyQ VRODU SURYRFD ODHYDSRUDFLyQ GH DJXD
GHORV SULQFLSDOHV IDFWRUHVHQODHOHFFLyQGHO (OYDSRU DVFLHQGH \IRUPD SDUWH GHOD DWPyVIHUD (QHOOD SXHGH FRQGHQVDUVH \
DVHQWDPLHQWR GHPXFKDV FLYLOL]DFLRQHV IRUPDU QXEHV TXH OXHJR FDHQ FRPR OOXYLD VREUHORV RFpDQRV RORVFRQWLQHQWHV
©
(QORVFRQWLQHQWHV SXHGHVHU DEVRUELGD SRUHOVXHOR\ODYHJHWDFLyQ HVFXUULU
VH VXSHUILFLDOPHQWH \IRUPDU DUUR\RVODJRVRUtRVRLQILOWUDUVH D FDSDV LQWHUQDV B
\ RULJLQDU DJXDV VXEWH
UUiQHDV
&RQGHQVDFLyQ / RV VHUHV YLYRV TXH B
FRQIRUPDQ OD ELRVIHUD U
WDPELpQ IRUPDQ SDUWH
GHOFLFORGHODJXD\D TXH
WRPDQ HO DJXD SDUD VXV U!
IXQFLRQHV YLWDOHV \OXHJR
(YDSRUDFLyQ ODGHYXHOYHQFRPRYDSRU
D WUDYpV GH OD WUDQVSLUD U
FLyQ RHQ HVWDGR OtTXLGR UU!
MXQWR FRQ ODV VXVWDQFLDV
GH GHVHFKR TXH IRUPDQ U
ODRULQD
,QYHVWLJXHQ VREUH ORV HVWDGRVGH 'HPDQHUD FRQVWDQWH
DJUHJDFLyQ GHOD PDWHULDHQHO FDStWXOR HO DJXD HQ OD KLGURVIHUD
5 HODFLyQHQORV FRQORVFDPELRVGHHVWDGR QR VH SLHUGH HOFLFOR GHO
GHODJXDHQHO FLFOR KLGUROyJLFR DJXD FRPLHQ]D\WHUPLQD
a
XQD \RWUD YH] ,1)2
&LFOR GHO DJXD
2FpDQRV \PDUHV
$ JXDVFRQWLQHQWDOHV
2FpDQRV\ PDUHV
/ RVRFpDQRV VRQ JUDQGHVPDVDVGHDJXDVDODGDTXHFXEUHQ ODPD\RU SDUWH GH ,1',&$&,
ODVXSHUILFLHWHUUHVWUH (VDVPDVDVGHDJXDVDODGDHVWiQ GLYLGLGDV HQ FLQFRSDUWHV
SRUJUDQGHVH[WHQVLRQHV GHWLHUUDORVFRQWLQHQWHV (VDVSDUWHVWDPELpQ VHOODPDQ 3DUDUHFRUGDUORV PRYLPLHQWRVGHOD
RFpDQRVRFpDQR 3DFtILFRRFpDQR $ WOiQWLFR\RFpDQR ËQGLFR 8QD GHODVFDUDFWH 7LHUUD\ OD DFFLyQGHVXIXHU]DFHQWUtIXJD
UtVWLFDVSULQFLSDOHV GHORV RFpDQRV HVVXSURIXQGLGDG TXH HQ RFDVLRQHV DOFDQ]D FRQVXOWHQ HO FDStWXOR
ORVP
/ RVPDUHV VHHQFXHQWUDQ VREUHODVSODWDIRUPDVFRQWLQHQWDOHVHVGHFLUODVXSHUIL
FLHH[WHQGLGDGHFDGDFRQWLQHQWH TXHTXHGDFXELHUWDSRUDJXDVUHODWLYDPHQWHSRFR *ODFLDU
SURIXQGDV KDVWDORVP DSUR[LPDGDPHQWH (O OtPLWHGHODVSODWDIRUPDV HVWi
GDGRSRUODSUHVHQFLDGHOWDOXG FRQWLQHQWDO ]RQDFRQIXHUWHGHFOLYHTXHOOHJD
KDVWDORVPGHSURIXQGLGDG
/ RV PDUHV SXHGHQ FODVLILFDUVHHQ GLVWLQWRVWLSRV/ RVDELHUWRV SRVHHQXQD
DPSOLDFRPXQLFDFLyQFRQORVRFpDQRVFRPRHO0DU$ UJHQWLQR / RVPDUHVTXH
a VH HQFXHQWUDQ HQFDYLGDGHVGHOFRQWLQHQWH\WLHQHQ XQD FRPXQLFDFLyQSHTXH
xD FRQORVRFpDQRVDWUDYpVGHHVWUHFKRVRFDQDOHVVRQORVFRQWLQHQWDOHVXQ
HMHPSORHVHO0DU1HJURXELFDGRHQ HOVXGHVWHGH(XURSD(QWUHHOORVVHKDOODQ
ORVPDUHV FHUUDGRV VLQFRQWDFWRFRQORVRFpDQRVFRPRHO0DU&DVSLRRHO0DU
GH$ UDOHQHOFRQWLQHQWH DVLiWLFR
a" a
YLHQWRVKDFLDHO(VWHHQHOKHPLVIHULR1RUWH\KDFLDHO2HVWHHQHOKHPLVIHULR6XU
/DJR
Fa
1
U!
6HOHFFLRQHQORVWpUPLQRVFRUUHFWRV
GHFDGDSDUSDUDFRPSOHWDUOD VLJXLHQWH
RUDFLyQHYDSRUDFLyQFRQGHQVDFLyQVyOLGR
OtTXLGRVyOLGRJDVHRVRGXOFHVDODGD
$WUDYpVGHOD GHODJXDGH
PDUHVWDSDVDGHOHVWDGR DO
HVWDGR \ D IRUPDUSDUWHGHOD
DWPyVIHUD
0LQHUDOHV
5RFDV
iL 5RFDV HIXVLYDV TXH VH HQIUtDQ IXHUD GH OD FRUWH]D FRPR ODV URFDV GH
a)
HQIULDPLHQWR UiSLGR RULJLQDGDV SRU ODVHUXSFLRQHVYROFiQLFDV 0XFKDVGH HOODV
R FRQWLHQHQ EXUEXMDV GHDLUHTXH HQHO SURFHVRGHUiSLGR HQIULDPLHQWR TXHGDURQ
Ea DWUDSDGDV GHQWUR GHODODYD/ DSLHGUD SyPH] HV XQHMHPSOR GH URFD HIXVLYD
a
a URFDVVHGLPHQWDULDV
L
(O EDVDOWR HV
aU
H 6HIRUPDQHQODVXSHUILFLHGHOD7LHUUD FRPRUHVXOWDGRGHO GHSyVLWR aH VHGLPHQ XQD URFD HIXVLYD
WRVTXHSURYLHQHQ GHODGHVWUXFFLyQ GHRWUDVURFDV WUDQVSRUWDGRVSRUUtRV PDUHV R XWLOL]DGD HQ OD
aa FRQVWUXFFLyQ GH
R
UR
ODJRVTXHVHVHFDURQKDFHPLOORQHVGHDxRV SRUDFFLyQGHODSUHVLyQ GHRWUDVURFDV UXWDV \ FDOOHV
a āU?
HQ ODVXSHUILFLHWHUUHVWUH RDSRFDSURIXQGLGDG /DVDUHQLVFDV VRQ URFDVVHGLPHQ
WDULDVJHQHUDGDV SRU ODDFXPXODFLyQ \XQLyQ GH OD DUHQD /RVFRQJORPHUDGRV VH
1
D
IRUPDQGHPDQHUD VLPLODUDODVDUHQLVFDV\HVWiQFRPSXHVWRVSRUFDQWRVURGDGRV
U
(OGHSyVLWRGHUHVWRVGHRUJDQLVPRVPDULQRV FRPRFDSDUD]RQHVRFRUDOHV SRVL 3LHGUD SyPH]
ELOLWDODIRUPDFLyQGHURFDVVHGLPHQDULDVGHRULJHQ ELROyJLFR FRPRODVFDOL]DV
ODVURFDVPHWDPyUILFDV
6H IRUPDQ HQ HO LQWHULRU GH OD FRUWH]D FRQ URFDV SUHH[LVWHQWHV TXH SRU HO
HIHFWR GH DOWDV WHPSHUDWXUDV ODSUHVLyQ \ HOWLHPSR JHROyJLFR VHGHIRUPDQ \
WUDQVIRUPDQ VXFRPSRVLFLyQ LQLFLDO(OPiUPRO SRUHMHPSOR HVXQD URFDPHWD
PyUILFD TXH RULJLQDOPHQWH HVWXYR FRPSXHVWD SRU URFDVFDOL]DVVHGLPHQWDULDV
TXH VHIRUPDURQ DSDUWLU GHUHVWRVGH FRQFKLOODV PDULQDV
5HVSRQGDQ D ODV VLJXLHQWHV SUHJXQWDV
(O UHOLHYH GHO 3DUTXH 1DFLRQDO 6LHUUD GH ODV D ¢4XpUHODFLyQH[LVWH HQWUH XQD URFD \
4XLMDGDV HQ OD SURYLQFLD GH 6DQ / XLV HVWi XQPLQHUDO"
FRQIRUPDGR SULQFLSDOPHQWH SRU DUHQLVFDV E ¢'HTXpFDSDLQWHUQDGH OD 7LHUUD
SURYLHQHHO PDJPD TXHIRUPDODV URFDV
tJQHDV"
¢1RVPRYHPRV"
¢$ OJXQDYH] QRWDURQTXH ODVFRVWDVGH$ PpULFDGHO6XUFRLQFLGHQ FRQ ODVGHO
FRQWLQHQWH DIULFDQR GH PRGR TXH SRGUtDQ HQFDVWUDUVH FRPR ODVSLH]DVGH XQ
URPSHFDEH]DV" (Q HOFLHQWtILFR DOHPiQ $ OIUHG:HJHQHU SUR
SXVR ODWHRUtD GHODWHRUtDGHODGHULYDFRQWLQHQWDOSDUD H[SOLFDU HVWH\ RWURV
IHQyPHQRV $ WUDYpV GHHOODVRVWHQtD TXH PLOORQHV GHDxRV DWUiV ORVFRQWLQHQ
WHV HVWXYLHURQ XQLGRV HQ XQD JUDQ PDVD FRQWLQHQWDO XQPHJDFRQWLQHQWH TXH
UHFLELy HO QRPEUH GH 3DQJHD'H DFXHUGR FRQ VXPRGHOR ORV FRQWLQHQWHV VH
KDEUtDQ LGRVHSDUDQGR KDVWD RFXSDU ODSRVLFLyQ DFWXDO
/ D WHRUtD GH ODGHULYD FRQWLQHQWDO
UHVXOWy UHFKD]DGD SRU PXFKRV FLHQWtILFRV
DSHQDV IXHSURSXHVWD 8QD GH ODVUD]RQHV GH HVHUHFKD]R WHQtD TXH YHU FRQ HO
KHFKR GH TXH :HJHQHU GHVFRQRFtD HO SRUTXp GHO PRYLPLHQWR GH ORV FRQWL
QHQWHV (Q $ UWKXU +ROPHV SURSXVR TXH HOPHFDQLVPR UHV
SRQVDEOH GHODGHULYD GH ORVFRQWLQHQWHV HUDODH[LVWHQFLD GHODVFRUULHQWHVGH
FRQYHFFLyQGHPDJPD HQHOPDQWR WHUUHVWUH $FRPLHQ]RVGHODGpFDGDGHO
ORV FLHQWtILFRV HVSHFLDOL]DGRV GHVFXEULHURQ TXH ORV FRQWLQHQWHV QR VHPXHYHQ
VRORV VLQR TXH OR KDFHQ VREUH SODFDV TXH IORWDQ VREUH XQDā SDUWH GHO PDQWR
ODDVWHQRVIHUD FRPR ORKDFHQ ORVEORTXHV GHKLHOR VREUHHODJXD (VDVSODFDV
WHFWyQLFDV ROLWRVIpULFDV QR VRORVRVWLHQHQ D ORV FRQWLQHQWHV VLQR TXH WDPELpQ
LQFOX\HQ ORV IRQGRV GH ORV RFpDQRV $ Vt ODVFRUULHQWHV FRQYHFWLYDV GH +ROPHV
H[SOLFDURQ HOPRYLPLHQWR GHODVSODFDV / DWHRUtD GHODWHFWyQLFDGHSODFDVHV
KR\ DFHSWDGD SRUWRGD ODFRPXQLGDG FLHQWtILFD 6HRULJLQD FRQODVLGHDVGHGHUL
YDFRQWLQHQWDO GH?I?HJHQHU VH HQULTXHFH FRQ ODVH[SOLFDFLRQHV GH+ROPHV\VH
WHUPLQD GHFRQVWUXLU FRQ HOGHVFXEULPLHQWR GHODOLWRVIHUD\VXVFRPSRQHQWHV
:HJHQHUREVHUYyTXHFDGHQDV
PRQWDxRVDVGH$ PpULFDGHO6XU\È IULFD
HVWDEDQ FRPSXHVWDVSRUODV PLVPDV
URFDV\FRQFOX\yTXHDPERVFRQWLQHQWHV
HVWXYLHURQXQLGRVHQHO SDVDGR
5 HIHUHQFLDV
/ tPLWHGHSODFD )RVD V 9 HORFLGDGGH 2ULJHQ\GLUHFFLyQ / tQHDGHFROLVLyQ
WHFWyQLFD RFHiQLFD GHVSOD]DPLHQWR GH GHOGHVSOD]DPLHQWR GHSODFDV
ODVSODFDVHQFPDxR GHODVSODFDV
&~UUO#QW#aGHHHQYHHHOpQ E!#ELG££££
a\ tOOWtO WO?OIIOI` ,+WOW< It #, ILtOMIIO? G# ,££
? WO?OtO#LIWPa H LL G- \ OW -OL8W IIOLaL
U UQ LLOa Paa IIt£ £ - ££ # W
P#UH XQ WUQtLOOLOG LLP- OtOU Gaā
PLL- PtO TP ?MMWLWLUQ #, GVSOt( OUQLWLQW
GL? ,V SO# OL OLWR IaUtL
'HULYD FRQWLQHQWDO
7HFWyQLFD GH SODFDV
OD IRUPDFLyQ GH SODFDV
/ DV SODFDV VH IRUPDQ HQ ODV GRUVDOHV
+ ,1) 2
L
VHLQWURGXFH SRU GHEDMR GH HOOD $ PHGtGD TXH HVWiQ D FLHQWRV GH
aB XQD SODFD VH PHWH SRU GHEDMR GH OD RWUD YD NLOyPHWURV GH OD
DOFDQ]DQGR PD\RUHV SURIXQGLGDGHV VHIXVLRQD FRVWD DFWXDO
SURGXFWR GH ODV DOWDV WHPSHUDWXUDV GH OD DVWH GHO PDU
QRVIHUD \ VH GHVWUX\H &XDQGR GRV SODFDV VXEGX
FHQ IRUPDQ ERUGHV GH FRQYHUJHQFLD
%RUGHV FRQYHUJHQWHV 7DQWR HQ ORV ERUGHV GH FRQYHUJHQFLD FRPR HQ ORV
GH GLYHUJHQFLD HV FRP~Q TXH H[LVWD XQD JUDQ FDQWLGDG GH
YROFDQHV HQ DFWLYLGDG &XDQGR VH HQFXHQWUDQ HQ HUXSFLyQ HO PDJPD GH OD DVWH
QRVIHUD VDOH DOD VXSHUILFLH DEUXSWDPHQWH
aR
Q
U6
/RV PDPtIHURV IRUPDQ SDUWH GH OD IDXQD FDUDFWHUtVWLFD GHHVWD HUD $ SDUHFH HO KRPEUH
L]aa a£
aB aaI ([LVWLHURQ FXDWUR SHULRGRV GH JODFLDFLyQ GXUDQWH ORV FXDOHV H[WHQVDV UHJLRQHV GHO
SODQHWD SHUPDQHFLHURQ FXELHUWDV SRU KLHOR
25 '29Ë& ,& 2
& È 0%5 ,& 2
35 27( 5 2=2,& 2 ,a
XH 3DLHR]RLF££ \ OD 0HVR]RLFD MXQWDV
TXH GDWDQ GH KDFH - PLOORQHV GH
$5 & +( $12
a?
ORV IyVLOHV
0XFKDVYHFHVKDEUiQOHtGR HQORVGLDULRVRYLVWRHQODWHOHYLVLyQ OD QRWLFLDGHO
KDOOD]JRGHUHVWRV GHDOJ~Q GLQRVDXULRKXHOODVRHYLGHQFLD GH VHUHV TXH YLYLH
a URQ HQpSRFDVJHROyJLFDVSDVDGDV ORV IyVLOHV 6RQ UHVWRVRUDVWURVGHRUJDQLVPRV
TXHIXHURQ SUHVHUYDGRVDORODUJRGH PLOHVRGH PLOORQHVGHDxRV $PRQLWH
(QJHQHUDOVHFRQVHUYDQODVSDUWHVGXUDVGHORVRUJDQLVPRVFRPRFDSDUD]RQHV
KXHVRV WURQFRVRGLHQWHV 1RWRGRVORVRUJDQLVPRV GHOSDVDGRSXGLHURQIRVLOL]DU
VH/ DPD\RUSDUWHGHORVVHUHVYLYRVVHGHVLQWHJUDQ SRU DFFLyQ GHORVGHVFRPSR
QHGRUHV\GHPiVIDFWRUHV GHO DPELHQWH 3DUDTXHXQRUJDQLVPR VHIRVLOLFHQRGHEH
U HVWDUH[SXHVWR DORVHIHFWRVGHVWUXFWLYRVGHODJXD\ODDWPyVIHUD
(QJHQHUDOPXFKRV GHORV IyVLOHV TXHVHFRQVHUYDURQ KDVWD QXHVWURV GtDV VRQ
DQLPDOHV RSODQWDV TXHGHVSXpVGHPXHUWRV IXHURQ FXELHUWRVSRUEDUUR PXFKRV
IyVLOHVFRPHQ]DURQ DIRUPDUVHHQHOIRQGRGHDQWLJXRVODJRV RSRUFHQL]DGHYRO
FDQHV RTXHTXHGDURQ DWUDSDGRVSRU DOJXQD VXVWDQFLDRFRQVHUYDGRV HQKLHOR
([LVWHQ GLIHUHQWHV IRUPDV GH IRVLOL]DFLyQ GH ORV VHUHVYLYRV $OJXQDV GH ODV
PiVFRQRFLGDVVRQ
L
IB I?
YL
H
R
a U
?
2
1
a?
?
4B
? 7HVWLJRV GHO SDVDGR
/ RVIyVLOHVEULQGDQ LQIRUPDFLyQ ~WLO SDUD FRPSUHQGHUPXFKRV GH ORV SUR
FHVRVTXH PRGLILFDURQ OD7LHUUD KDVWD OOHJDUDOD TXH KR\ FRQRFHPRV / DJUDQ
PD\RUtD FRUUHVSRQGH DRUJDQLVPRV TXHQR H[LVWHQ HQOD DFWXDOLGDG $SDUWLUGH
U!
ORVIyVLOHV VHSXHGH REWHQHULQIRUPDFLyQVREUHODVIRUPDV GHYLGD GHO SDVDGR \
a ORVPHFDQLVPRV GH HYROXFLyQGHORVRUJDQLVPRV GHOSUHVHQWH
(OSURFHVRGHIRUPDFLyQGHORVIyVLOHVKDEODGHO DPELHQWHHQTXHYLYtDQHVRVDQL
PDOHV\SODQWDVHQODJRVUtRVFHUFDGHYROFDQHVHWFpWHUD\GHODVFDUDFWHUtVWLFDVGHOD
U
DWPy VIHUDHQHVHPRPHQWR ODWHPSHUDWXUDODKXPHGDGOOXYLDV HWFpWHUD/ DFLHQFLD
B TXHHVWXGLDDQWLJXDVIRUPDVGHYLGDDWUDYpVGHORVIyVLOHVVHOODPDSDOHRQWRORJtD 5 HVSRQGDQ D ODVVLJXLHQWHVSUHJXQWDV
/ RVIyVLOHV WHVWLJRVRQ DQLPDOHV R SODQWDV TXH KDQSUROLIHUDGR HQ GHWHUPL D¢(QTXpFDSDVGH OD7LHUUDVHSRGUiQ
? QDGD HUDJHROyJLFD\TXHSRU VXDEXQGDQFLD HQGLFKR PRPHQWRFRQVWLWX\HQXQ HQFRQWUDU ORVIyVLOHVPiVDQWLJXRV"¢3RU
U! LQGLFLRSDUD FDOFXODU ODHGDG GHXQHVWUDWR / RVWULORELWHV SRU HMHPSOR DQLPD
TXp"
OHVUHODFLRQDGRV FRQ ORVELFKRV EROLWD DFWXDOHV VRQ FDUDFWHUtVWLFRV GHO SHUtRGR E ¢(QTXp SHUtRGRXELFDUtDQOD SHOtFXOD
? 3DOHR]RLFR / RVDPRQLWHV GHOJUXSR GHORVPROXVFRV IXHURQ PX\ FRPXQHV HQ /D HUD GHOKLHOR" ¢3RUTXp"
& ? ORV PDUHV GHO 0HVR]RLFR (QWRQFHV FXDQGR VH HQFXHQWUDQHVWUDWRV JHROy JLFRV
U! FRQ HVWRVIy VLOHVHVIiFLODVRFLDUORV FRQ HOSHUtRGR FRUUHVSRQGLHQWH
a
-
)RUPDFLyQ GH SDLVDMHV
/ RV SURFHVRV LQWHUQRV GH OD 7LHUUD FRPR HOPRYLPLHQWR GH ODV
SODFDV WHFWyQLFDV \ ODFRQVHFXHQWH IRUPDFLyQ GH PRQWDxDV
RULJLQDQ ORVUHOLHYHV / RV DJHQWHV H[WHUQRV VRQ DTXHOORV TXH ORV
WUDQVIRUPDQ \ RWRUJDQ QXHYDV FDUDFWHUtVWLFDV
a
VXHORV HVWR VHGHQRPLQD GHIODFLyQ (VWDVSDUWtFXODVWUDQVSRUWDGDV SRUHOYLHQWR
a
*ODFLDU aa
FKRFDQ FRQ RWUDVURFDV\ODVGHVJDVWDQ (VWH SURFHVR VHOODPD DEUDVLyQ F
B
/ DWHPSHUDWXUD GHOSODQHWD KD FDPELDGR HQ PXFKDV RFDVLRQHV GXUDQWH GLIH B
UHQWHV HUDV JHROyJLFDV (O GHVFHQVR GHODWHPSHUDWXUD JOREDOHQFLHUWRV SHUtRGRV
SURGXMR ODIRUPDFLyQ GHLQPHQVDV PDVDVGHKLHOROODPDGDV JODFLDUHV 6RQFRPR
UtRV GHKLHOR\ GHO PLVPR PRGR TXH HODJXD DSURYHFKDQ ODVSHQGLHQWHV \ORV U
YDOOHVSDUDGHVSOD]DUVH PXFKDV YHFHV FXDQGR RFXSDQ XQYDOOH FX\RSHUILOWLHQH
IRUPDGH9 HQHOTXHDQWHULRUPHQWHKDEtDXQUtR ORPROGHDQ GHWDOPDQHUD TXH
JHQHUDQ XQD DSDULHQFLDHQ IRUPD GH X
2WURV HOHPHQWRV GHOSDLVDMH DVRFLDGRV FRQ ORVJODFLDUHVVRQ ORVODJRVJODFLD
UtRV 0XFKRV ODJRVGHQXHVWUD 3DWDJRQLD
SUHVHQWDQ XQD IRUPD DODUJDGD SRUTXH HO
DJXD RFXSy ODV GHSUHVLRQHV RULJLQDGDV U!
SRU ODHURVLyQ GHO KLHOR B
/ RV JODFLDUHV WUDQVSRUWDQ EORTXHV GH ª
URFDVGH JUDQWDPDxR 'H PDQHUDVLPLODU
DODGHXQD FLQWDWUDQVSRUWDGRUD ODVURFDV U
(O SDVR GHO JODFLDU PROGHD ORVYDOOHVHQ IRUPD FDUDFWHUtVWLFD GH 8
Z $ JHQWHV H[yTHQRV
N %LRVIHUD
ORV UtRV
/ D DFFLyQ PRGHODGRUD GHO DJXD HQ ORV UtRV VHGHQRPLQD HURVLyQIOXYLDO \
VHUiGLVWLQWD VHJ~Q HOWUDPR GHVXFXUVRTXH DFW~H VREUHHOUHOLHYH
(QHOFXUVR VXSHULRU HVGHFLUHQ ODVQDFLHQWHV \ HQ ODV]RQDV PiV DOWDV ORV
UtRV FRUUHQ FRQ PD\RU IXHU]D SRU OR WDQWR HVGRQGH HODJXD WLHQH XQD PD\RU
DFFLyQ HURVLYDHQHOUHOLHYH(VPX\FRP~Q YHUHQHVWD]RQD FDxRQHV JDUJDQWDV
RFDWDUDWDV (VWDHURVLyQ IOXYLDOIRUPDYDOOHVSURIXQGRV HQ IRUPD GH9
(QHOFXUVR PHGLR SRU WHQHU PHQRV SHQGLHQWH TXH HODQWHULRU H[LVWHQ SRFD
IXHU]DHURVLYD\PD\RU WUDQVSRUWH GH VHGLPHQWRV 0XFKDV YHFHVHVWRVVHGHSR
VLWDQ HVFDORQDGDPHQWH GXUDQWH GLVWLQWRV PRPHQWRV JHROyJLFRV\DVtVHIRUPDQ
WHUUD]DVIOXYLDOHV
(Q HOFXUVR LQIHULRU TXH VH KDOOD FHUFDGH ODGHVHPERFDGXUD VH DFXPXOD \
GHSRVLWDODPD\RUFDQWLGDG GHORVVHGLPHQWRV TXHWUDQVSRUWDQ ORVUtRV SRUHMHP
SOR SXHGHQ IRUPDUVH ODVOODQXUDV DOXYLRQDOHV R GHOWDV HQ VXVGHVHPERFDGXUDV
TXHHQPXFKDV RFDVLRQHVDYDQ]DQ SURJUHVLYDPHQWH KDFLD HOPDU
8QGHOWDPX\FRQRFLGRHVHOGHOUtR1LOR HQ(JLSWR/ RVVHGLPHQWRVTXHVHGHSR
VLWDQHQpOFRQWLHQHQQXWULHQWHVTXHIDYRUHFHQODDJULFXOWXUD( QQXHVWURSDtV HOGHOWD
āaaa
GHO3DUDQiHVXQD]RQDGHDWUDFWLYRWXUtVWLFR\GHFXOWLYRGHIUXWDOHV,1- LR
I
£
?
'HDFXHUGRFRQ ORYLVWRHQ FDStWXORVDQWHULRUHVORVRUJDQLVPRVVHYHQ FRQGL
FLRQDGRV SRU IDFWRUHVDELyWLFRV/ RV JDVHVGHO DLUH ORVFRPSRQHQWHV GHO VXHOR\
a
P G#LWLO
O?Oa < IO WLSR GL GOa#PEt
Ot
- OG< )LO GOO
£
ODSUHVHQFLDGHDJXDUHVXOWDQ SULPRUGLDOHVSDUD ODH[LVWHQFLDGHYLGD\SRQHQ GH OHV UIRJ OOQ O, HXWLO WOO L- L< PXO0L OHV G#SyaLWJV
aÂU
U PDQLILHVWRODUHODFLyQHQWUHORVVXEVLVWHPDVLQWHJUDGRVSRUHOHPHQWRVQRYLYRVOD OGLPOOQWDUOHUQ GOO XQ UQUVR GO LOW
-< tO WtOPEOW?
LQ KLGURVIHUDODJHRVIHUD\ODDWPyVIHUD\HOVXEVLVWHPDGHODYLGDODELRVIHUD OOtOPLOG#a DOXYLOO
- a aGI £ GOLLL OHOL G#OWLO 6LO
YOQ LHPH tOEtOQOLI GWL LaO£UQ IWOUPtOGLLV SHU O
OO
6LQHPEDUJRORVFRPSRQHQWHV GHODELRVIHUDWDPELpQDFW~DQHLQIOX\HQVREUHORV
at G#SyaLP HH POLPOOIOWHa ā
RWURV /DSUHVHQFLDGHOR[tJHQRHQODDWPyVIHUD SRUHMHPSOR VHGHEHDODDFWLYLGDG
a
? GHORVRUJDQLVPRVFDSDFHVGHUHDOL]DUIRWRVtQWHVLV$ QWHVGHODDSDULFLyQGHSULPLWL
a
1
YDVEDFWHULDVIRWRVLQWHWL]DGRUDVKDFHPiVGHPLOORQHVGHDxRVODDWPyVIHUD
F
WHUUHVWUHQRFRQWDEDFRQHVWHJDVWDQ LPSRUWDQWH SDUDODYLGDHQOD7LHUUD
a / DVUDtFHVGHODYHJHWDFLyQFRQWULEX\HQ DODPHWHRUL]DFLyQGHODVURFDVGHODOLWRV
IHUDTXHSDVDQ DIRUPDUSDUWH GHOVXHOR2UJDQLVPRVPXHUWRV HQ HUDVJHROyJLFDV /D HURVLyQ SOXYLDO
DQWHULRUHVIRUPDQSDUWHGHURFDVDFWXDOHV/ DYLGD &XDQGROOXHYHHQ]RQDVFRQSRFD
LQIOX\HVREUHODJHRVIHUDGHIRUPDVGLVWLQWDV YHJHWDFLyBQVHSURGXFHOD HURVLyQ SOXYLDO
(OFRQVXPRGHDJXDGHDQLPDOHV\SODQ TXHSXHGHIRUPDUVXUFRVRJUDQGHV]DQMDV
WDV\VXSRVWHULRUOLEHUDFLyQDWUDYpVGHOD HQORVVXHORVOODPDGDVFiUFDYDV
U!
WUDQVSLUDFLyQ\ODHOLPLQDFLyQGHRULQD (Q RWURVFDVRVODV OOXYLDVVXHOHQODYDUORV
VRQSURFHVRVFRQ ORVTXH ORVRUJDQLV QXWULHQWHVGHO VXHORHQ]RQDVTXHIXHURQ
PRV GH ODELRVIHUDLQIOX\HQ VREUHHO GHIRUHVWDGDV(VWRRFXUUHHQPXFKDV]RQDV
FLFORGHODJXDHQODKLGURVIHUD WURSLFDOHVGRQGHHVWHWLSRGHHURVLyQ
(O FRQMXQWR GH ORVFXDWUR VXEVLV SHUMXGLFDOD DFWLYLGDGDJUtFROD
WHPDV HVWDEOHFH QXPHURVDV UHODFLR
QHV TXH GDQ FRPR UHVXOWDGR HOIXQ
FLRQDPLHQWR GHOVLVWHPD GHOD7LHUUD
,QYHVWLJDGRUHVGH&DPEULGJH
DILUPDQTXHHOR[tJHQRKL]RVX
DSDULFLyQDWPRVIpULFDHQOD7LHUUD
KDFHPiVGHPLOORQHVGHDx RV
(VWHKDOOD]JRD\XGDDVHxDODUODIHFKDHQODTXH HO
SODQHWDSXGR PDQWHQHU YLGDGHSHQGLHQWH GHHVWHJDV
(O R[tJHQR KL]R VX DSDULFLyQ DWPRVIpULFD HQ OD 7LHUUD KDFH
DOUHGHGRUGH PLOORQHV GH DxRV VHJ~Q XQB QXHYR
HVWXGLR GHVDUUROODGR SRU LQYHVWLJDGRUHV GH OD 8QLYHUVLGDG GH ā ā
&DPEULGJH 5HLQR 8QLGR \ SXEOLFDGR HQ OD ~OWLPD HGLFLyQ
GH OD UHYLVWD 1DWXUH
(O QXHYR KDOOD]JR D\XGD DVHxDODU OD IHFKD HQ OD TXH OD
7LHUUD SXGR PDQWHQHU YLGD GHSHQGLHQWH GHO R[tJHQR
L
$ QWHV GHHVH PRPHQWR OD DWPyVIHUD WHUUHVWUH FRQWHQtD
a SUREDEOHPHQWH QLWUyJHQR GLy[LGR GHFDUERQR\YDSRU
" L GH DJXD VL ELHQ KDEUtD PX\ SRFR R[tJHQR OLEUH 3HUR
KDFH PLOORQHV GH DxRV ORVQLYHOHV GHJDV GHELHURQ
DXPHQWDU FpQVLGHUDEOHPHQWH SRUTXH ORVPLFURRUJDQLVPRV
aa IRWRVLQWpWLFRV KDEtDQ FRPHQ]DGR D OLEHUDU R[tJHQR HQ HO
PHGLR DPELHQWH
(O HTXLSR GH H[SHUWRV TXH SLHQVD FRQWLQXDUFRUL HVWD OtQHD
GH LQYHVWLJDFLyQ UHDOL]y HVWXGLRV GH GDWDFLyQGH HVWUDWRV
a
JH
ROy JLFRV HQ ODV]RQDV GH 5RRLKRRJWH \7LPHEDOO +LOO HQ
a
6XGiIULFD (O SULQFLSDO DXPHQWR GH R[tJHQR DWPRVIpULFR
ā SXGR KDEHUVH SURGXFLGR D PHGLGD TXH HVWDV HVWUXFWXUDV VH
IXHURQ IRUPDQGR
R
/RVSURFHVRVLQWHUQRV GHOD7LHUUD
$WUDYpV GHODV VLJXLHQWHVH[SHULHQFLDVFRPSUREDUiQOD IRUPD HQ TXHRFXUUHQ
"
DOJXQRVGH ORV SURFHVRVLQWHUQRV GHOD 7LHUUD
a
ā āāāa H āāāāā
āaa
([SHULPHQWR
?!
¢4Xp
SDVD
HQ XQYROFi
Q" ā
"
2EMHWLYR
( Q HVWH H[SHULPHQWR UHSUHVHQWDUiQ ,"
,
OD HUXSFLyQ GHXQYROFiQ
0DWHULDOHV
& RORUDQWHURMR
9LQDJUH
%LFDUERQDWRGHVRGLR
3DSHO
ā
YLQDJUHFRORUHDGR! U a
ª y
^
?
āāā
BL£Bā
a Haāa
aaā
āaā aāā
B B aāāa
a
2EMHWLYR ,?
5 HSUHVHQWDU HO PRYLPLHQWRGHODV PDVDV GHURFDOtTXLGD SRU ODV DOWDV
WHPSHUDWXUDV GHOLQWHULRU GHOD 7LHUUD
£a
a
B
0DWHULDOHV
8QUHFLSLHQWH GHYLGULR WpUPLFR £
8QKRUQLOOR SDUDDURPDWL]DU RXQ UHFLSLHQWH
FRQ XQDYHOD VREUHHO TXHVH SXHGD FRORFDU U!
HO UHFLSLHQWH ā
O
?
$FHLWHGHFRFLQD L
& RORUDQWH GHUHSRVWHUtD
'RVWDFRVGHPDGHUD
3URFHGLPLHQWR
I?
9LHUWDQ HO DFHLWHGHFRFLQDHQHO UHFLSLHQWHGHYLGULRWpUPLFR
aP
$JUHJXHQ DO DFHLWH XQDV JRWDVGHO FRORUDQWH £?
ā
- ( QFLHQGDQ OD YHOD\FRORTXHQ HO UHFLSLHQWHVREUHHO KRUQLOOR O B
'HVFULEDQ TXpRFXUUH FRQ ODV JRWDVGHFRORUDQWHHQ HO DFHLWH M
PLHQWUDVpVWHHV FDOHQWDGR 5 HVSRQGDQ¢ FRQTXpWHPDYLVWR SXHGHQ £ U
UHODFLRQDUORVXFHGLGaaaaaaaaaaaB
,
O ā
a
a
OOāO
,8%IOW
,
a ā
8 OOOIO
OI
Q O?aX"DL? L?- a
3UXIHQ&HODV ONE-IL,a
([SOLTXHQ HO SURFHVR GH IRUPDFLyQ GH FDGD UHOLHYH &RUULMDQ ORVHUURUHV TXH HQFXHQWUHQ HQ ORVVLJXLHQWHV
&RUGLOOHUDV WH[WRV - XVWLILTXHQ VXV GHFLVLRQHV
9 ROFDQHV D / DV SODFDV GH OD KLGURVIHUD VH PXHYHQ D SDUWLU GH ODV
FRUULHQWHV FRQYHFWLYDV TXH VRQ D VX YH] ODV TXH OH GDQ
'HOWDV OD GLUHFFLyQ 3XHGHQ YHUVH HQ ORVERUGHV FRQYHUJHQWHV
JUDQGHV GRUVDOHV TXH IRUPDQ VXHOR FRQWLQHQWDO
*ODFLDUHV
E (Q OD HUD 3DOHR]RLFD VH GHVDUUROODURQ ORVWULORELWHV \
JUDQGHV KHOHFKRV DUERUHVFHQWHV TXH IXHURQ VHSXOWDGRV FRQ
8QDQ FRQ IOHFKDV FDGD tWHP GH OD SULPHUD FROXPQD FRQ HO OD IRUPDFLyQ GH OD FRUGLOOHUD GH ORV$ QGHV
FRUUHVSRQGLHQWH GH OD VHJXQGD
F / RV FXUVRV LQIHULRUHV GH ORV UtRVVH FDUDFWHUL]DQ SRU OD
*UDQLWR 0LQHUDO SUHVHQFLD GH JUDQGHV FDWDUDWDV
&XDU]R 7HVWLJR IyVLOGH OD HUD 0HVR]RLFD
3LHGUD SyPH] 7HVWLJR IyVLO GH OD HUD 3DOHR]RLFD G 'XUDQWH HO 0HVR]RLFR ORVSULPHURV JUXSRV KXPDQRV
$UHQLVFD &DWDUDWDV GHEtDQ HVFDEXOOLUVH GH ORVGLQRVDXULRV
7ULORELWH &iUFDYDV
$ PRQLWH 5RFDtJQHD HIXVLYD H / DV URFDV VHGLPHQWDULDV VHIRUPDQ D SDUWLU GHO
(URVLyQIOXYLDO 5RFDtJQHD SOXWyQLFD HQIULDPLHQWR GHO PDJPD
(URVLyQ SOXYLDO 5RFDVHGLPHQWDULD
I (O FXDU]R HV XQD URFD tJQHD IRUPDGD HQ XQ VDODU
,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV 0 R
IDOVDV ) - XVWLILTXHQ VXV UHVSXHVWDV J (V PX\ FRP~Q HQFRQWUDU IyVLOHV GHQWUR GH ODV URFDV
D /D WURSRVIHUD HV OD FDSD JDVHRVD HQ GRQGH RFXUUH OD PD\RUtD tJQHDV
GH ORV IHQyPHQRV PHWHRUROyJLFRV 2
E (Q ORVERUGHV GH GLYHUJHQFLD HV GRQGH H[LVWH PD\RU K /yV UHOLHYHV VHIRUPDQ D WUDYpV GH SURFHVRV HQGyJHQRV
IRUPDFLyQ GH FRUGLOOHUDV SRU HO FKRTXH GH SODFDV 2 GH OD 7LHUUD
H/ DV FDWDUDWDV VXHOHQ IRUPDUVH HQ ORVFXUVRV VXSHULRUHV GH ORV
UtRV 2 L (O R[tJHQR HV HO JDV PiV DEXQGDQWH GH OD DWPyVIHUD
1
LM£ H /D DWPyVIHUD HV QHFHVDULD SDUD HO GHVDUUROOR GH OD YLGD HQ OD
aU 7LHUUD2 M (O GH OD VXSHUILFLH GH QXHVWUR SODQHWD HVWi FXELHUWR
I /RV PDUHV VH FDUDFWHUL]DQ SRU VHU PiV SURIXQGRV TXH ORV SRU DJXD
U RFpDQRV 2
$ SDUWLU GHO JUiILFR \ ORDSUHQGLGR HQ HVWH FDStWXOR
2EVHUYHQ ODV IRWRV \H[SOLTXHQ TXp SURFHVRV HURVLYRV HVWDEOH]FDQ UHODFLRQHV HQWUH OD KLGURVIHUD OD JHRVIHUD
DFW~DQ HQ FDGD FDVR ELRVIHUD \ OD DWPyVIHUD
(O FRPSRQHQWH
SULQFLSDO GHO YLGULR
HVOD
XQUHFXUVR
QDWXUDO
āāāāāāāāāāāāāāāāāāāā
a aā
aā aa?aU
a
a
& XDQGRWHUPLQHQ
HVWHFDSIWXORSRGUiQ &852&(1&
$
5HFRQRFHU HO RULJHQ GH GLIHUHQWHV UBHFXUVRBV
QDWXUDOHV / RV UHFXUVRV GHOSODQHWD
'LIHUHQFLDU ORVUHFXUVRV UHQRYDEOHVāā 7RGDV DEVROXWDPHQWH WRGDV ODV FRVDV TXH QHFHVLWDPRV SDUD
\ QR UHQRYDEOHV YLYLU VRQ UHFXUVRV TXH SURYLHQHQ GLUHFWD R LQGLUHFWDPHQWH
OGHQWLINDU GLIHUHQWHVIRUPDV GH PDQHMR GH OD QDWXUDOH]D /D PD\RUtD GH HVWRV UHFXUVRV QR VRQ
GH OR( a&OBUaV ā
LQDJRWDEOHV \HV SUHFLVR FXLGDUORV SDUD TXH ODV IXWXUDV
JHQHUDFLRQHV HV GHFLU QXHVWURV KLMRVR QLHWRVWDPELpQ
SXHGDQ XWLOL]DUORV
'HVGH HO ,QVWLWXWR GH 5HFXUVRV 0XQGLDOHV :5, VX VLJOD
HQ LQJOpVFRQ OD FRODERUDFLyQ GHO 3URJUDPD GH ODV 1DFLRQHV
8QLGDV SDUD HO 0HGLR $ PELHQWH 3180$ \HO 3URJUDPD GH
(O 6RO TXH ODV 1DFLRQHV 8QLGDV SDUD HO 'HVDUUROOR 318' HGLWD FDGD
SHUPLWH OD YLGD GRV DxRV DVtOD LQIRUPDFLyQ HVWi VLHPSUH DFWXDOL]DGD XQ
VREUH OD 7LHUUD OLEUROODPDGR 5HFXUVRV PXQGLDOHV VREUH HO HVWDGR
HV XQ UHFXUVR \HO XVR GH ORV UHFXUVRVQDWXUDOHV \WDPELpQ
VREUH ORV SUREOHPDV DPELHQWDOHV GHO PXQGR
(VWHOLEURVH SXEOLFD HQ PXFKRV LGLRPDV
LQJOpV FDVWHOODQR iUDEH DOHPiQ
MDSRQpV FKLQR UXVR HWF \HVWi GLULJLGR
HVSHFLDOPHQWH D WRGDV ODV SHUVRQDV
TXH WLHQHQ TXH WRPDU GHFLVLRQHV VREUH
/ DV SODQWDV TXH HO XVR GH ORV UHFXUVRV QDWXUDOHV
XWLOL]DPRV SDUD SRU HMHPSOR ORVJREHUQDQWHV
GHFRUDU QXHVWURV DVt FRPR D SURIHVRUHV
MDUGLQHV VRQ HVWXGLDQWHV SHULRGLVWDV
\ SHUVRQDV LQWHUHVDGDV
UHFXUVRV QDWXUDOHV
(Q HO :5, HO 3180$ \HO
3183VH FRQVLGHUD TXH
FRQ HVWD LQIRUPDFLyQ VH
FRQWULEX\H D PHMRUDU HO
PDQHMR GH ORV UHFXUVRV
QDWXUDOHV GHO SODQHWD
QDWXUDOHV Vā
ª £
ORV UHFXUVRV QDWXUDOHV \ VX UHQRYDFLyQ
9!
"!
a
/ RV UHFXUVRVQDWXUDOHV VH FODVLILFDQVHJ~Q VXSRVLELOLGDG GH UHQRYDFLyQ \ ORV a
R
SURFHVRVQDWXUDOHVTXHOOHYDQDVXIRUPDFLyQ HQWUHVJUDQGHVJUXSRVUHQRYDEOHV ª
a
H
QRUHQRYDEOHV HLQaRWDEOHV O1)2 B
LL
LO
/ RV UHFXUVRV UHQRYDEOHV VH KDOODQ JHQHUDOPHQWH HQ OD ELRVIHUD \
a
ORV PLQHUDOHV
/ D DFWLYLGDG HFRQyPLFD GH PXFKRV SDtVHV GHOPXQGR VHEDVD HQ HO DSUR
YHFKDPLHQWR GHUHFXUVRVQDWXUDOHVQR UHQRYDEOHV/ RV PLQHUDOHVVRQUHFXUVRV
QR UHQRYDEOHV PX\XWLOL]DGRV\PX\EXVFDGRV SRUVXYDORUHFRQyPLFR&RPR
YLHURQ HQ HOFDStWXORDQWHULRUORVPLQHUDOHVVRQHOHPHQWRV GHOD JHRVIHUDTXH
VDWLVIDFHQPXFKDV QHFHVLGDGHVKXPDQDV 6H XWLOL]DQ SDUD ODFRQVWUXFFLyQ ODV
FRPXQLFDFLRQHV HOWUDQVSRUWH GHHOHFWULFLGDG HWFpWHUD $ WUDYpV GH ODKLVWRULD
ORVUHFXUVRVPLQHUDOHVVHKDQ YDORUDGRFRQGLVWLQWRV ILQHV HOFREUHSRUVHU XQ
H[FHOHQWH WUDQVPLVRU GH HQHUJtD HOpFWULFD HO KLHUUR SDUD OD FRQVWUXFFLyQ GH
PDTXLQDULDV\HO RURFRPRPRQHGDGHLQWHUFDPELRRHQMR\HUtD
([LVWHQGRVJUDQGHVJUXSRVGH UHFXUVRVPLQHUDOHV
/ RVUHFXUVRVPLQHUDOHV PHWiOLFRV VRQDTXHOORVTXH WLHQHQ ODFDSDFLGDGGH
UU FRQGXFLUHOFDORU\ODHOHFWULFLGDG\TXH DWUDYpVGHGLIHUHQWHVSURFHVRV SXHGHQ
VHUPROGHDGRVSDUDIDEULFDU DODPEUHV\OiPLQDV GHGLIHUHQWH JURVRU(O FREUH
HO RUR HO KLHUUR OD EDX[LWD XWLOL]DGD SDUD IDEULFDUDOXPLQLR VRQ PLQHUDOHV
UU PHWiOLFRV
/RVUHFXUVRVPLQHUDOHV QRPHWiOLFRVRODStGHRVWLHQHQ FDUDFWHUtVWLFDV PX\
GLYHUVDVSHUR HQJHQHUDO VRQPDORVFRQGXFWRUHVGH ODHOHFWULFLGDG \HO FDORU \ XVDUQRV FRWLGLDQDPHQWH HVWiQ VROGDGRV FRQ
IRUPDQ SDUWH GHURFDVXWLOL]DGDVFRQ GLYHUVRVILQHV(MHPSOR GHHVWRV UHFXUVRV FREUH PLQHUDO GHO TXH HQ QXHVWUR SDtV H[LVWHQ
PLQDV HQ ODV SURYLQFLDV GH 6DOWD\ /D 5LRMD
VRQ HOJUDQLWR HOJDEUR ODV FDOL]DV ODDUHQD ODVDO HOD]XIUH HWFpWHUD ,1)2
B
Ba ORV FRPEXVWLEOHV IyVLOHV
a
aā
6H GHQRPLQDFRPEXVWLEOHIyVLOD DTXHO UHFXUVRQDWXUDO TXHHVXWLOL]DGRSDUD
a
H SURGXFLUHQHUJtD\SURYLHQH GHODWUDQVIRUPDFLyQ GHRUJDQLVPRVTXpYLYLHURQ
£
HQHUDVJHROyJLFDVSDVDGDV 7DQWRHOSHWUyOHRFRPR HOFDUEyQ PLQHUDO\HOJDVVH
J
a IRUPDURQSRUPHGLRGHGLYHUVRVSURFHVRVItVLFRV \TXtPLFRV RFXUULGRV DORODUJR
9
1
GH PLOORQHVGHDxRV
J U (OSHWUyOHR VHHPSOHDFRPRIXHQWHGHHQHUJtDSDUDORVWUDQVSRUWHV ODLQGXV
9
R
! WULD ODJHQHUDFLyQGHHQHUJtDHOpFWULFD\ODSURGXFFLyQ GHPXFKRV DUWtFXORVGH
LQWHUpV SDUD HOKRPEUH ORVSOiVWLFRV ODVILEUDVVLQWpWLFDV SDUDYHVWLPHQWD ORV
3HWUyOHR
IHUWLOL]DQWHVDUWLILFLDOHVSDUDORVFXOWLYRV\PXFKRV RWURV SURGXFWRVVH IDEULFDQ
a DSDUWLUGHOSHWUyOHR
)RUPDFLyQ \ H[SORWDFLyQ GHO SHWUyOHR
&RFLQDU HQ KRUQDOODV GH OD FRFLQD
H &XDQGR HO SHWUyOHR OOHJDD ORV OHFKRV 'HEDWDQ HQ JUXSRV FXiO HV OD PHMRU
URFRVRV TXH VRQ LPSHUPHDEOHV HVWRV RSFLyQ GH PDQHMR GH ORVUHFXUVRV
LPSLGHQ TXH VLJD ILOWUiQGRVH \ SRU OR WDQWR QDWXUDOHV )XQGDPHQWHQ VX HOHFFLyQ
IRUPD FXHQFDV / DV ,QGXVWUODV SHWUROHUDV
EXVFDQ HVWDV FXHQFDV SDUD VX H[SORWDFLyQ
a āa a
M
āB
'HV DUUROOR GHO V XHOR £
ā
) RUPDFLyQ\ SUREOHPDV `
aa
/ RVUHFXUVRVGH OD ELRVIHUD
/ DELRV IHUDF RQWLHQHXQD LQQXPHUDEOHY DULHGDGGH UHFXUV RV
QDWXUDOHV UHQRYDEOHV F RPRODIDXQD \ ODIORUD( V SRV LEOHTXH
/ DUHGXF F LyQGH ORV ERV TXHV XV WHGHV XV HQDOJXQRV GH HV WRV UHFXUV RV DGLDULR\ TXH QRORV HSDQ
$ QWHVGHOD LQWHQVD H[SORWDFLyQGHVXV
UHFXUVRV IRUHVWDOHV QXHVWURSDtVFRQWDED
FRQXQDVXSHUILFLHGHERVTXHVQDWXUDOHV
GH GH KHFWiUHDV KD
/ RVUHFXUVRVIRUHVWDOHV
(Q OD DFWXDOLGDGOD VXSHUILFLH HQORV /RViUEROHV\ORVERVTXHV KDQ VLGR LPSRUWDQWHV SDUDGLIHUHQWHV FXOWXUDV GHVGH
ERVTXHVVREUHYLYLHQWHV VHHVWLPD TXH pSRFDVUHPRWDV$ QWLJXDVWULEXVGH$ PpULFDGHO1RUWHYHQHUDEDQ DO UREOH FRPROD
RFXSD GHKD /D FDQWLGDG GH PRUDGDGHORVGLRVHV / DFXOWXUDDUDXFDQDGHOVXUGHOD$ UJHQWLQD\&KLOHUHVSHWDED
ERVTXHVSHUGLGRV SRUOD GHIRUHVWDFLyQ DODOHUFHPLOHQDULRODKXpQHQVXOHQJXD FRPRXQRGHORVVHUHVPiVLPSRUWDQWHV a
\ ORV LQFHQGLRV GHVGHHO VLJOR ; ,; VH GHO ERVTXH SDWDJyQLFR $ OR ODUJR GH OD KLVWRULD GH ODVVRFLHGDGHV DGHPiV ORV
DVHPHMD D OD VXSHUILFLH TXH RFXSD OD ERVTXHVKDQEULQGDGRUHFXUVRVGH WRGRWLSR / RVPXHEOHVRHOSDSHO SRUHMHPSOR
SURYLQFLD GH OD 3DPSD SURYLHQHQ GHERVTXHVQDWXUDOHVRSODQWDGRV SRU HOKRPEUH / RV UHFXUVRV SURYH
/D VREUHH[SORWDFLyQ GH ORV UHFXUVRV QLHQWHV GHHVWRVHFRVLVWHPDVUHFLEHQ HOQRPEUHGHUHFXUVRV IRUHVWDOHV 'HVGHORV
ā QDWXUDOHV GHORV ERVTXHV QDWLYRVKDFH SULPHURV WLHPSRV GH OD YLGD GHO KRPEUH ORV ERVTXHV RIUHFLHURQ XQD JDPD GH
SHQVDUTXH GHQR KDEHUFDPELRV OD UHFXUVRV FRPRODOHxDSDUDHOIXHJRRODPDGHUDSDUDODIDEULFDFLyQGHKHUUDPLHQ
$UJHQWLQD QRYD D FRQWDU FRQERVTXHV \ WDV R YLYLHQGDV &RQ HOFRUUHUGHO WLHPSR \ FRQ HOVXUJLPLHQWR GHODV SULPHUDV
VHOYDVSRUPXFKRWLHPSR PiV FLXGDGHV ODPDGHUD VHFRQYLUWLyHQ XQUHFXUVRLPSUHVFLQGLEOH SDUD HOGHVDUUROOR
GHOD VRFLHGDG GHPDQHUD TXH VHQHFHVLWy FDGDYH]PiVFDQWLGDG ,1) 2
9 !
a ā
aā
a -RL
a
/ RV ERVTXHV VRQ YDORUDGRV /D PDGHUD DEDVWHFH LQILQLGDG GH /D LQGXVWULD GHO SDSHO HV XQD GH
FRPR UHFXUVRV IRUHVWDOHV GHVGH LQGXVWULDV (Q QXHVWUR SDtV VHXWLOL]DQ ODVSULQFLSDOHV DFWLYLGDGHV HQWUH ODV
OD DQWLJHGDG HO DOJDUURER HO SLQR SDUDQi \ HO UREOH TXH LPSXOVDQ OD H[SORWDFLyQ GH ORV
SDUD OD IDEULFDFLyQGH PXHEOHV UHFXUVRV IRUHVWDOHV
/ D IDXQDFRPR UHFXUVR
/ DIDXQD VLOYHVWUH EULQGD UHFXUVRVTXHVHH[WUDHQ PHGLDQWH ODFD]DRODSHVFD
SDUD REWHQHU GLVWLQWRV VXESURGXFWRV FRPR OD FDUQH HO FXHUR RODVSLHOHV
(QHOFDVRGH ORVUtRV PDUHV\RFpDQRV ODPD\RUtDSRVHHXQD DPSOLD YDULHGDG B
GHHVSHFLHV ORVUHFXUVRV SHVTXHURV TXHVHXWLOL]DQGHVGHWLHPSRVUHPRWRV (QOD
DFWXDOLGDG ODGHPDQGD GHDOLPHQWRV KDFHTXHORV SURGXFWRV REWHQLGRVGHHVWRV
UHFXUVRV FRQVWLWX\DQ XQD UDPD LPSRUWDQWH GH OD LQGXVWULD DOLPHQWDULi 'LFKRV a
UHFXUVRV SXHGHQ HQFRQWUDUVHHQ JUDQFDQWLGDG HQ]RQDV FRVWHUDVPHQRVSURIXQ
GDV FRPR ODVSODWDIRUPDV FRQWLQHQWDOHV GRQGH VHLQILOWUD FRQ IDFLOLGDG OD OX]
B
VRODU ORFXDOSHUPLWH HOGHVDUUROOR GHRUJDQLVPRV FDSDFHVGHUHDOL]DUIRWRVtQWHVLV
\GDURULJHQ DHFRVLVWHPDV PDULQRV FRQ JUDQ FDQWLGDG GH HVSHFLHV 3RUHMHPSOR "
?
HQHO0DU$ UJHQWLQR VLWXDGRVREUHOD SODWDIRUPD FRQWLQHQWDO ODDEXQGDQFLDGH
/D SHVFD HV XQD GH ODV SHTXHx RVRUJDQLVPRV OODPDGRVSODQFWRQFRQVWLWX\HHOSULQFLSDODOLPHQWRGH
DFWLYLGDGHV HFRQyPLFDV
ODPHUOX]D\GHPXFKDV RWUDVHVSHFLHVGHLPSRUWDQFLDHFRQyPLFD
TXH PiV KDQ FUHFLGR HQ
ODV ~OWLPDV GpFDGDV /RVUHFXUVRV SHVTXHURV DGHPiV GHVHUFRQVXPLGRV HQIRUPD GLUHFWDFRPR
U
IXHQWHGHDOLPHQWR WDPELpQ VRQ XWLOL]DGRVSDUD ODIDEULFDFLyQ GHRWURV SUR
3ODQFWRQ GXFWRV FRPR KDULQDV DFHLWHV PHGLFLQDV RVXSOHPHQWRV DOLPHQWLFLRV
āa
I
%RVTXHV
)DXQD
6REUHH[SORWDFLyQ
U!
U OD VREUHH[SORWDFLyQ
*HQHUDOPHQWH ORV UHFXUVRV GH OD ELRVIHUD VRQ UHQRYDEOHV VLQ HPEDUJR HQ &XUWLGRGHFXHUR
PXFKRV FDVRVORVULWPRV GHH[SORWDFLyQ VRQWDQ UiSLGRVHLQWHQVRV TXHFRQGXFHQ
DODVREUHH[SORWDFLyQ SRUORFXDOHVRVUHFXUVRVFRUUHQHOULHVJRGHGHVDSDUHFHU
GHIRUHVWDFLyQ
(O PDQHMR H[SORWDFLRQLVWD GH DOJXQRV UHFXUVRV IRUHVWDOHV KD OOHYDGR D OD
GHIRUHVWDFLyQ HV GHFLU OD HVFDVH] GH DOJXQDV HVSHFLHV GH iUEROHV TXH WDUGDQ
PXFKRV DxRV HQ FUHFHU(MHPSOR GH HOOR HV OD H[SORWDFLyQ GH ORV ERVTXHV GH
TXHEUDFKR GXUDQWH HOVLJOR; ,; \SULQFLSLRV GHO ; ; HQ OD$UJHQWLQD \3DUDJXD\
(VWHiUERO VH YDORUDED SDUD ODH[WUDFFLyQ GHXQD VXVWDQFLDOODPDGDWDQLQR PX\
XWLOL]DGD HQ HVD pSRFD SDUD FXUWLU FXHURV (O TXHEUDFKR GH OHQWR FUHFLPLHQWR
SRVHH XQD PDGHUD PX\ GXUD TXH QR VH GHVFRPSRQH IiFLOPHQWH \ HV UHVLVWHQWH
DOD LQWHPSHULH GHELGR DHOORVH ODXWLOL]DED FRPR GXUPLHQWH PDGHUDTXH KDFH
GHVRSRUWH GHODV YtDVGHOWUHQ GHIHUURFDUULO &RPR FRQVHFXHQFLD GHHVWDLQWHQ
VDH[SORWDFLyQ ORV ERVTXHV QDWXUDOHV GHOELRPD FKDTXHxR VH HQFXHQWUDQ PX\
PRGLILFDGRV &RPR YLHURQ HQ HO FDStWXOR XQD GHODV SULQFLSDOHV FDXVDVGH OD
GHIRUHVWDFLyQ DGHPiV GHODH[WUDFFLyQGHPDGHUD HV RULJLQDGD SRUHO GHVPRQWH
SDUDLQFRUSRUDUWLHUUDV SURGXFWLYDV SDUDODDJULFXOWXUD
i* ODVREUHSHVFD
a U!
R
X
R
/ RV UHFXUVRVSHVTXHURV KDQ VLGRFDGD YH]PiVYDORUDGRV SRUODVVRFLHGDGHV GH
a ? DOJXQRV SDtVHVGHVDUUROODGRVDSDUWLUGHO DXPHQWR GHVXFRQVXPRHQJHQHUDO \GH
aW ODGHPDQGD GHFLHUWDVHVSHFLHV HQSDUWLFXODU
&OI
L
(VWRKDOOHYDGRDXQD LQWHQVD VREUHSHVFD FRPHUFLDOHQ JUDQ HVFDODTXHUHGX
aQ
F
MR OD DEXQGDQFLD GH DOJXQDV HVSHFLHV FRPR HOEDFDODR OD DQFKRYHWD SHUXDQD
R OD PHUOX]D GHO 0DU $ UJHQWLQR (VWH IHQyPHQR VH GHEH HQ JUDQ SDUWH D OD
aQ
R PRGHUQL]DFLyQ GH DOJXQDV IORWDVSHVTXHUDV \ DO GHVDUUROOR GHEXTXHVIDFWRUtD
a ? JUDQGHV IiEULFDV IORWDQWHV TXH SHVFDQ SURFHVDQ \ FRQJHODQ HO SHVFDGR HQ HO
1
a
PDU (QPXFKRV FDVRVHVWRV EXTXHVSHVFDQ HQIRUPD LOHJDO VLQDXWRUL]DFLyQ OR
F
a U PXFKRV
TXH
DIHFWDODVSREODFLRQHV GHODVHVSHFLHVYDORUDGDV \OOHYDD VXHVFDVH] 6L ELHQ
SDtVHV KDQ LQWHQWDGR UHDOL]DU XQPDQHMR FRQVHUYDFLRQLVWD GH DOJXQDV
/RVEXTXHVIDFWRUtDSXHGHQSURFHVDUKDVWD
HVSHFLHVPDUtWLPDV ILMDQGR OtPLWHV GH H[WUDFFLyQ SRU DxR HODFFLRQDU LOHJDO GH WRQHODGDVGHSHFHVSRUGtD
HVRVEXTXHV VLJXH FRPSURPHWLHQGROD UHSURGXFFLyQ GHODVHVSHFLHVYDORUDGDV
/ D SHVFD LOHJDO VH FDUDFWHUL]D EiVLFDPHQWH SRU GRV FLUFXQVWDQFLDV QR VHU
GHFODUDGD SRU TXLHQHV OD UHDOL]DQ QL UHVSHWDUODV UHJODPHQWDFLRQHV QDFLRQDOHV H
LQWHUQDFLRQDOHVDOUHVSHFWR 2FXUUHHQWRGDV SDUWHVGHOPXQGR HLQFOX\HXQD VHULH
GHDFWLYLGDGHVLOtFLWDV SHVFDUVLQSHUPLVR IXHUDGHWHPSRUDGD XWLOL]DUHTXLSRV R
IRUPDVGHSHVFDSURKLELGRVQRUHVSHWDU ODVFXRWDV FDQWLGDGHVSHUPLWLGDVGHFDS
WXUD \QR GHFODUDUR GDULQIRUPDFLyQ IDOVDVREUH HOSHVR\ODV HVSHFLHVSHVFDGDV
a
(O SXQWR GH SDUWLGD GH XQD LQYHVWLJDFLyQ HV OD E~VTXHGD GH OD LQIRUPDFLyQ
DSURSLDGD 'HEHQ EXVFDU DQWHFHGHQWHV KLVWyULFRV HVWDGtVWLFDV H LQIRUPHV
UHDOL]DGRV SRU RUJDQLVPRV RILFLDOHV \ RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV
(QOD HQWUHYLVWD
8QR GH ORVLQWHJUDQWHV GHO JUXSR KDUi ODV SUHJXQWDV DO HQWUHYLVWDGR ā
£B
a
5HVXOWDUi FRQYHQLHQWH OOHYDUXQD OLVWDGH SUHJXQWDV VXUJLGDV D SDUWLU
GH OD OHFWXUD GHO PDWHULDO LQYHVWLJDGR DOFRPLHQ]R GHO WUDEDMR
3XHGHQ JUDEDU \WRPDU QRWD GH ODVUHVSXHVWDV GHO HQWUHYLVWDGR
/ DVFRQFOXVLRQHV £Q
Oa
(O ~OWLPR SDVR GHO WUDEDMR HV OD UHGDFFLyQ GH XQ LQIRUPH ILQDO
(Q pO GHEHQ SUHVHQWDU ORVDQWHFHGHQWHV KLVWyULFRV \ OD VLWXDFLyQ DFWXDO
DO ILQDO H[SRQGUiQ ODVRSLQLRQHV GHEDWLGDV HQWUH ORVLQWHJUDQWHV GHO JUXSR
(Q ODVFRQFOXVLRQHV SURSRQJDQ SRVLEOHV VROXFLRQHV DO SUREOHPD TXH
O
aLGB HB QB WLB ILB FDB UB RB QB B B 3B B UWB LB UB GB HB LB RB LB QBaaa
YHB VaWLJB
B DB GB B ā B Ma
a a a a a
&RPSOHWHQ ODV VLJXLHQWHV RUDFLRQHV 0DUTXHQ YHUGDGHUR 9 RIDOVR ) \MXVWLILTXHQ VXV
D (O VXHOR HV XQ UHFXUVR QDWXUDO a UHVSXHVWDV
FRPR HO B GHELGR D TXH ORV FLFORV GH D (O SHWUyOHR HV XQ FRPEXVWLEOH RULJLQDGR HQ OD KLGURVIHUD
IRUPDFLyQ VRQ GH GXUDFLyQ \ GH pO SXHGHQ REWHQHUVH RWURV FRPEXVWLEOHV 2
E /D IDXQD HV XQ UHFXUVR QDWXUDO B SHUR D E /D H[WUDFFLyQ GH TXHEUDFKR VH KL]R DWUDYpV GH XQ
WUDYpV GHO PDQHMR DOJXQDV HVSHFLHV PDQHMR FRQVHUYDFLRQLVWD 2
SXHGHQ OOHJDU D H[WLQJXLUVH F 7RGDV ODV SUiFWLFDV DJUtFRODV HYLWDQ OD HURVLyQ \
F (O DJXD HV XQ UHFXUVR TXH GHEH GHJUDGDFLyQ GH ORV VXHORV 2
DSURYHFKDUVH GH PDQHUD UDFLRQDO G (O PDQHMR H[SORWDFLRQLVWD GH ORV ERVTXHV FRPHQ]y D
SDUWLU GHO VLJOR ; ; 2
2EVHUYHQ HO FXDGUR \UHVSRQGDQ D ODV VLJXLHQWHV SUHJXQWDV H /D VDO HV XQ PLQHUDO TXH VH SXHGH FODVLILFDU FRPR
D ¢4Xp SURFHVR SXHGHQ H[SOLFDU" UHFXUVR UHQRYDEOH 2
E ¢4Xp UHFXUVRV VHYDORUDQ" I /D H[WLQFLyQ GH DOTXQDV HVSHFLHV SXHGH HYLWDUVH FRQ OD
F ¢4Xp WLSR GH PDQHMR LGHQWLILFDQ" FUHDFLyQ GH SDUTXHV QDFLRQDOHV 2
G ¢&XiOHV VHUiQ ODV FRQVHFXHQFLDV GH HVWH XVR"
6 8ELTXHQ ORV VLJXLHQWHV UHFXUVRV HQ ORVFDVLOOHURV TXH OHV
(9 2/8&,Ï1 '( /$ '()25(67$ &,Ï1 FRUUHVSRQGDQ ERVTXHV DJXD SRWDEOH DJXD VDO FDUEyQ
< '( /26 &8/7,9 26 (1 /$ $5*(17,1$ YHJHWDO FREUH IDXQD YLHQWR SHFHV SHWUyOHR ,QGLTXHQ
$ xRV
OXHJR ORV XVRV PiV IUHFXHQWHV GH FDGD XQR
0LOORQHV GH KHFWiUHDV
GHIRUHVWDGDV GH
%LRVIHUD
5HQRYDEOHV
1R UHQRYDEOHV
ERVTXH 8VRV
0LOORQHV GH KHFWiUHDV +LGURVIHUD
FXOWLYDGDV
8VRV
/LWRVIHUD
? 2EVHUYHQ ODV VLJXLHQWHVIRWRV GHVFULEDQ HO WLSR GH UHFXUVRVTXH
Q LQFOX\HQHLQGLTXHQ VL VRQ UHQRYDEOHV5 RQRUHQRYDEOHV 15 8VRV
$ WPyVIHUD
8VRV
aaāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
FRQWULEX\HQ DOD FDQWLGDG GH PDWHULDHQ HVHiWRPR (O
3DUDMXJDU HOQYHVWOTDU
a
0DWHULDOHV HQODFRFLQD
/ DPDWHULD\ V XF RPSRV LF LyQ
8QDJUDQ GLYHUVLGDGGHPDWHULDOHV FRQIRUPD WRGRORTXH
FRQRFHPRV OD PDWHULD SUHVHQWD GLIHUHQWHV HVWDGRV GH
DJUHJDFLyQ GHDFXHUGR DOFRPSRUWDPLHQWR GH ORViWRPRV
\ODVPROpFXODVTXH OD FRPSRQHQ
¢4XpHV ODPDWHULD"
([LVWHXQD JUDQ GLYHUVLGDG GH REMHWRV SUHVHQWHV HQ OD YLGD GLDULD a
0XFKRV GHHOORVHVWiQFRQIRUPDGRVSRUHOHPHQWRV QDWXUDOHV FRPRORV
TXHFRQVWLWX\HQDORVVHUHVYLYRVODVURFDVHODLUHRHODJXD2WURVHOHPHQ
WRVFRPRORVSOiVWLFRVODV WHODVVLQWpWLFDVRHOSDSHOKDQ VLGRIDEULFDGRV a
SRUHOKRPEUH DSDUWLUGHFRPEtQDFtRQHVGHRWURV HOHPHQWRV QDWXUDOHV
7RGRV ORVREMHWRVGHOXQLYHUVRHVWiQFRPSXHVWRVSRUPDWHULD
(Q SULPHU WpUPLQR WRGRV RFXSDQ XQOXJDUHQHOHVSDFLR (OOXJDU
GH XQ REMHWR QR SXHGH VHU RFXSDGR SRU RWUR DO PLVPR WLHPSR
&RQVLGHUHQ XQHMHPSOR 6L VHGHVHD FRORFDUXQOLEURHQXQD ELEOLRWH
FDUHSOHWD HVQHFHVDULR KDFHUOHOXJDUTXLWDQGR DOJ~QRWUR GHOHVWDQWH
SDUD TXH HOQXHYR OLEUR RFXSH VXHVSDFLR 3RURWUR ODGR VLHOOLEUR VH
VXHOWD HQHODLUHFDHKDFLD HOSLVRFRPR FRQVHFXHQFLD GHODDWUDFFLyQ
TXH ODJUDYHGDG GHOD7LHUUDHMHUFH VREUHORV REMHWRV ODFXDOVHPDQL
ILHVWDHQ VXSHVR
(Q HOXQLYHUVR WRGR ORTXH RFXSD HO DJXD GHORVRFpDQRV\ PDUHV
HVWiIRUPDGDSRUPDWHULDOtTXLGD ODV URFDV ORVPLQHUDOHV\DOJXQRVSOD
QHWDVSRUPDWHULDVyOLGD \HODLUHGHODDWPyVIHUDSRUPDWHULDJDVHRVD
(VWDVGLIHUHQWHVSUHVHQWDFLRQHV GHODPDWHULDVHGHQRPLQDQ HVWDGRV GH
DJUHJDFLyQ
aā
SXHGHQ FRPELQDUVH HQWUH Vt \ JHQHUDU LQILQLGDG GH QXHYDV YDULHGDGHV GHQR Q
PLQDGDV VXVWDQFLDV SXUDV SRU HMHPSOR HO DJXD HOR[tJHQR GHO DLUH OD VDO HO a
KLHUUR \ HO D]~FDU / DV VXVWDQFLDV SXUDV VHSXHGHQ FRPELQDU HQ SURSRUFLRQHV
YDULDEOHV FRQIRUPDQGR PH]FODV U!
/ DVPROpFXODV SXHGHQ HVWDUFRQIRUPDGDV SRU iWRPRV GHOPLVPR WLSR FRPRU!
ODPROpFXOD GHO JDVR[tJHQR TXH SRVHH GRV iWRPRV GHO HOHPHQWR TXtPLFR GHO
ā
PLVPR QRPEUH 'HHVWDPDQHUD VHFRQVWLWX\HQ ODVVXVWDQFLDVVLPSOHV 3RUVX U
SDUWH ODVVXVWDQFLDVFRPSXHVWDVHVWiQ LQWHJUDGDV SRUPROpFXODV FRQGLIHUHQWHV UU
HOHPHQWRV TXtPLFRV 3RUHMHPSOR GRV iWRPRV GHKLGUyJHQR \XQRGHR[tJHQR ?ā
IRUPDQ XQD PROpFXOD GHDJXD
ā
0ROpFXOD
0RGHOR
a
DJUHJDFLyQ
UU!
£
1
£
¢
V
L UU!
aa
U!
9
aÂU
&XDQGRXQVyOLGRSDVDDHVWDGROtTXLGRVHSURGXFHXQDIXVLyQ
'
£££
a U!
/ 6LHOOtTXLGRUHFLEHFDORUGHODPELHQWHODVPROpFXODVTXHHVWiQHQODV~SHUILFLH
a
GHOUHFLSLHQWHSDVDQDHVWDGRJDVHRVRPLHQWUDVTXHODVGHOLQWHULRUFRQVHUYDQVX
V U
UR
HVWDGROtTXLGR(VHFDPELRGHHVWDGRUHFLEHHOQRPEUHGHHYDSRUDFLyQ
2
1
8QSHUIXPH SRUHMHPSORVHHYDSRUDVLQTXHOHHQWUHJXHPRVFDORUHQXQDKRU
U
QDOODXQFKDUFRGHDJXDGHOSDWLRGHODHVFXHODWDPELpQ
R
VL
HOOtTXLGRVHFDOLHQWDFRQXQDIXHQWHGHFDORUFRPRXQPHFKHURRODKRPDOOD
UR
GHODFRFLQDODVPROpFXODVTXHJDQDQDJLWDFLyQ\VHHYDSRUDQVRQDTXHOODVTXH
HVWiQHQFRQWDFWRGLUHFWRFRQODIXHQWHGHFDORU&RPRFRQVHFXHQFLDVHIRUPDQ
U! EXUEXMDVTXH VXEHQ D ODVXSHUILFLH\ PRYLOL]DQWRGR HOOtTXLGR&XDQGR HVWR
U
RFXUUHFRP~QPHQWH VHGLFHTXHHOOtTXLGRKLHUYHREXOOHODHEXOOLFLyQ HVXQD &RPSOHWHQ ODVVLJXLHQWHVRUDFLRQHV
IRUPDGHYDSRUL]DFLyQHQODTXHWRGRHOOtTXLGRVHPXHYHDOVHUFDOHQWDGRFRQ D (O SDVDMHGHHVWDGRJDVHRVRDO VyOLGRVH
U! XQDIXHQWHGHFDORU,1)2 OODPD
(O SDVDMHGHHVWDGRJDVHRVRD OtTXLGRVH GHQRPLQD FRQGHQVDFLyQ \ RFXUUH E &XDQGRHO DJXDVHFRQGHQVD SDVDGHO
FXDQGRHOYDSRUVHFRQYLHUWHHQOtTXLGRSRUHQIULDPLHQWR(QFRQGLFLRQHVHVSH HVWDGR DO
U!
FLDOHVSXHGHQHQIUtDUVHODV PROpFXODVGHXQDVXVWDQFLDVRPHWLpQGRODVDSUHVLRQHV H6L VHGHMD KHODGR EDMRHO UD\RGHO6RO
U! PX\DOWDVORTXHJHQHUDHOSDVDMHGHJDVDOtTXLGR(OSDVDMHGHJDVDOtTXLGRSRU SDVDUiGHOHVWDGR DO
HQIULDPLHQWR\FRPSUHVLyQVHGHQRPLQD OLFXDFLyQ (VWHFDPELRGHHVWDGR
UU
6LVHFRORFDXQOtTXLGRHQHOILHH]HUDPX\EDMDVWHPSHUDWXUDVODVPROpFXODV UHFLEHHO QRPEUHGH
U! SLHUGHQPRYLPLHQWR\VHSURGXFHODVROLGLILFDFLyQ
U!
([LVWHQDOJXQDVVXVWDQFLDVTXH HQ GHWHUPLQDGDV FRQGLFLRQHVGHODPELHQWH 2UGHQHQ GHPHQRUD PD\RUODV
DXPHQWRGHODWHPSHUDWXUD SXHGHQSDVDUGHHVWDGRVyOLGRDJDVHRVRVLQSDVDU VXVWDQFLDVGHOD WDEOD,1)2GHDFXHUGR
U
SRUHOHVWDGROtTXLGRFRPRVXFHGHFRQODVSDVWLOODVXWLOL]DGDVSDUDDKX\HQWDU D FRQHO YDORUGHVXVSXQWRVGHIXVLyQ\
U! ODVSROLOODVTXHVHDOLPHQWDQGHWHMLGRVGHODQD(OSURGXFWRXVDGRJHQHUDOPHQWH HEXOOLFLyQ,QGLTXHQ HQTXpHVWDGRVH
QDIWDOLQDYDUHGXFLHQGRVXWDPDxR FRQHOWLHPSRDPHGLGDTXHVHGDHOSDVDMH HQFXHQWUD HO QLWUyJHQRHO PHUFXULR\HO
U
GHOHVWDGRVyOLGRDOJDVHRVROODPDGRYRODWLOL]DFLyQ DOXPLQLRDWHPSHUDWXUDDPELHQWH&
U! /DVXEOLPDFLyQ VHSURGXFHFRPRUHVXOWDGRGHODGLVPLQXFLyQ GHODWHPSH GHQWURGHXQIUHH]HU D&\D&
UDWXUDODTXHHQDOJXQDVVXVWDQFLDVFDXVDHOSDVDMHGHHVWDGRJDVHRVRDVyOLGR
U!
/ RVYDSRUHVGHQDIWDOLQDVHVXEOLPDQHQ SHTXHxDVSDUWtFXODVVyOLGDVTXHVHDORMDQ
U! HQWUHODVILEUDVGHORVWHMLGRV\TXHSXHGHQREVHUYDUVHFRQOXSDV
?
U!
ª
3URSLHGDGHV LQWHQVLYDV \
H[WHQVLYDV GH ODPDWHULD
ORV DGLWLYRV D- LPHQWDxRV / RVPDWHULDOHV SRVHHQGLIHUHQWHVSURSLHGDGHVTXHVHFODVLILFDQ
6RQ VXVWDQFLDV XWLOL]DGDV SRU OD LQGXVWULD VHJ~Q VHQHFHVLWH FDQWLGDGGHPDWHULD SDUDVXFRQVLGHUDFLyQ R
DOLPHQWDULD SDUD FRQVHUYDU \ UHDO]DU QRHQ LQWHQVLYDVRH[WHQVLYDV
ODV SURSLHGDGHV RUJDQROpSWLFDV GH ORV
DOLPHQWRV D WUDYpV GH FRORUHV RORUHV
WH[WXUDV \VDERUHV PiV DWUDFWLYRV 'H
3URSLHGDGHV LQWHQVLYDV
PDQHUD TXH HO HPSOHR GH ORV DGLWLYRV / DV VXVWDQFLDV TXH FRQIRUPDQ OD PDWHULD WLHQHQ GLVWLQWDV FDUDFWHUtVWLFDV TXH
DOLPHQWDULRV SHUPLWH TXH ORV DOLPHQWRV UHFLEHQ HO QRPEUH GHSURSLHGDGHV &LHUWDV SURSLHGDGHV GHODVVXVWDQFLDV QR GHSHQ
WHQJDQ PD\RU WLHPSR GH YLGD ~WLO \ XQD GHQ GHOD FDQWLGDG GHPDWHULD TXH VHFRQVLGHUH 3RU HMHPSOR HO DJXD QRWLHQH FRORU !
PHMRU SUHVHQWDFLyQ 6LQ HPEDUJR H[LVWH RORU QL VDERU 1LQJXQD GHHVWDV FDUDFWHUtVWLFDV GHSHQGH GH ODFDQWLGDG GH DJXD FRQ U?
EDVWDQWH FRQIXVLyQ VREUH OD QHFHVLGDG UHDO VLGHUDGD / DV SURSLHGDGHV TXHQRVHDOWHUDQ DOYDULDU ODFDQWLGDG GHPDWHULD UHFLEHQ
GH VX HPSOHR 0XFKDV SHUVRQDV DVRFLDQ HOQRPEUH GHLQWHQVLYDV DOJXQDV GH ODV FXDOHV VRQ ODVTXH VLJXHQ
HO FRQVXPR GH DGLWLYRV FRQ SRVLEOHV
SUREOHPDV GH /DV SURSLHGDGHV RUJDQROpSWLFDV VRQ DTXHOODV TXH SXHGHQ VHUFDSWDGDV DWUDYpV GH
VDOXG R FUHHQ ORV VHQWLGRV RORUVDERU FRORU EULOOR WUDQVSDUHQFLD X RSDFLGDG HWFpWHUD ,1)2
TXH VX XVR
SHUPLWH D ORV
IDEULFDQWHV
a
UR
a
GH DOLPHQWRV
a1
UR
H
SRU HMHPSOR a
#
HQPDVFDUDU 9 !
a "!
XQD EDMD a
R
FDOLGDG GH aaa
SURGXFWR aa
O!
/D FDSDFLGDG R LQFDSDFLGDG GH FRQGXFFLyQ GH HOHFWULFLGDG R FDORU KDFH TXH
ORV PDWHULDOHV VHDQ FRQGXFWRUHV R DLVODQWHV UHVSHFWLYDPHQWH
'HELGR D ODV SURSLHGDGHV PDJQpWLFDV FLHUWRV PHWDOHV VRQ DWUDtGRV SRU LPDQHV
/DV SURSLHGDGHV PHFiQLFDV VH UHODFLRQDQ FRQ ODV FDUDFWHUtVWLFDV GH ORV PDWHULDOHV
DQWH ODVIXHU]DV HMHUFLGDVVREUH HOORV 'HDFXHUGR FRQ HVWR ORV PDWHULDOHV SXHGHQ VHU
SOiVWLFRV VL PDQWLHQHQ XQDIRUPD OXHJR GH VHUGHIRUPDGRV HOiVWLFRVVL YXHOYHQD VX
IRUPD RULJLQDO IUiJLOHV VL VH URPSHQ FRQ IDFLOLGDGRWHQDFHV VL VRQ UHVLVWHQWHV
(O SXQWR GH HEXOOLFLyQ
HV XQD FRQVWDQWH ItVLFD
āa
U! 3URSLHGDGHV H[WHQVLYDV
6RQ DTXHOODV TXH GHSHQGHQ GH OD FDQWLGDG GH PDWHULD FRQVLGHUDGD FRPR HO
UU YROXPHQ HO SHVR \OD PDVD
(O YROXPHQ HV XQ YDORU TXH LQGLFD OD FDQWLGDG GH HVSDFLR TXH RFXSDQ ORV
FXHUSRV 6H SXHGH PHGLU GH GLIHUHQWHV IRUPDV GH DFXHUGR FRQ HO HVWDGR GH
DJUHJDFLyQ GH OD PDWHULD \OD IRUPD GH ORV REMHWRV HQ FXHVWLyQ 8Q REMHWR VyOLGR
GH IRUPD UHJXODU SXHGH PHGLUVH FRQ UHJODV RFLQWDV PpWULFDV (O YROXPHQ GH XQ
OtTXLGR SXHGH FDOFXODUVH FRQ XQ UHFLSLHQWH FX\D FDSDFLGDG VHD FRQRFLGD FRPR (O YROXPHQ GH ORV
ORV YDVRV PHGLGRUHV TXH VH HQFXHQWUDQ HQ ODV FRFLQDV R ODV SUREHWDV GH ORV OtTXLGRV SXHGH PHGLUVH
FRQ UHFLSLHQWHV
ODERUDWRULRV / RV JDVHV RFXSDQ HO YROXPHQ GHO UHFLSLHQWH TXH ORV FRQWLHQH SRU
JUDGXDGRV
OR WDQWR HO YROXPHQ RFXSDGR SRU XQ JDV VH FRQRFH D SDUWLU GHO YROXPHQ GH VX
FRQWHQHGRU (O YROXPHQ GH ORVREMHWRV VH PLGH HQ YDULDV XQLGDGHV SRU HMHPSOR
HO PLOtPHWUR F~ELFR PP HO FHQWtPHWUR F~ELFR FP \ HO PHWUR F~ELFR P
8Q OLWUR HTXLYDOH D XQ YROXPHQ GH FP
/D PDVD FRQVWLWX\H OD FDQWLGDG GH PDWHULD TXH FRQIRUPD OD VXVWDQFLD /D
FDQWLGDG GH PDVD DOXGH D OD FDQWLGDG GH iWRPRV \ PROpFXODV TXH LQWHJUDQ OD /RV GLQDPyPHWURV
PDWHULD 6H PLGH HQ NLORJUDPRV NJ \ WDPELpQ HQ JUDPRV WRQHODGDV OLEUDV PLGHQ HO SHVR GH OD
PDWHULD
RQ]DV HWF 6XHOHQ XWLOL]DUVH ODV SDODEUDV SHVR \ PDVD SDUD UHIHULUVH D OR PLVPR
VLQ HPEDUJR WLHQHQ VLJQLILFDGRV PX\ GLIHUHQWHV
(Q ItVLFDHO SHVR HV OD PHGLGD GH OD IXHU]D TXH HMHUFH OD JUDYHGDG VREUH XQ
V
X FXHUSR (O SHVR GH XQ FXHUSR HV OD IXHU]D FRQ TXH OR DWUDH OD 7LHUUD\ GHSHQGH
GH VX PDVD 8Q FXHUSR FX\D PDVD VHD HO GREOH GH OD PDVD GH RWUR SHVD WDPELpQ
a
aa
W
HO GREOH 6H PLGH HQ 1HZWRQV 1 \ WDPELpQ HQ NJIXHU]D GLQDV OLEUDVIXHU]D
'
aU
RQ]DVIXHU]D HWFpWHUD 3RU HVWD UD]yQ HO SHVR GH ORV REMHWRV YDUtD GH DFXHUGR
H FRQ HO OXJDU GHO XQLYHUVR HQ TXH VH HQFXHQWUHQ \D TXH OD DWUDFFLyQ JULIYLWDWRULD
aU HVGLIHUHQWH HQ FDGD VLWLR 1XHVWUR VDWpOLWH OD / XQD DWUDH D ORV REMHWRV FRQ PHQRU (Q OD EDODQ]D GH SODWLOORV VH FRORFD OD PDWHULD
a IXHU]D TXH OD 7LHUUD 3RUHVWD UD]yQ XQ FXHUSR TXH HQ OD VXSHUILFLH WHUUHVWUH SHVD SRU PHGLU HQ XQR GH ORV SODWLOORV \HQ HO RWUR
U
2
NJIXHU]D HQ OD / XQDSHVDVROR2 NJIXHU]D $SHVDU GHTXH OD PDVD HV GHFLU SHVDV FRQ YDORU LQGLFDGR &XDQGR DPERV
1 SODWLOORV HVWiQ QLYHODGRV VH WLHQH HQ DPERV
JU OD FDQWLGDG GH PDWHULD HQ WRGRV ORV FDVRV HV OD PLVPD HO SHVR HV GLIHUHQWH
£££
4
SODWRV OD PLVPD FDQWLGDG GH PDWHULD
0HGLFLyQ GHO SHVR \ OD PDVD
(O NJ HV XQD XQLGDG TXH VLUYH SDUD PHGLU OD PDVD QR HO SHVR 6LQ HPEDUJR
PXFKRV DSDUDWRV XWLOL]DGRV SDUD PHGLU SHVRV WLHQHQ VXV HVFDODV JUDGXDGDV HQNJ
HQ OXJDU GH NJIXHU]D (VWR QR UHSUHVHQWD XQ LQFRQYHQLHQWH SDUD SHVDU REMHWRV
HQ OD 7LHUUD \D TXH NJIXHU]D HV HO SHVR HQ OD VXSHUILFLH GH OD 7LHUUD GH XQ
REMHWR GH NJ GH PDVD
(O SHVR VH PLGH FRQ XQ GLQDPyPHWUR DSDUDWR IRUPDGR SRU XQ UHVRUWH FRQ 6XEUD\HQ HQ HO VLJXLHQWH SiUUDIR OD
XQ H[WUHPR OLEUH \XQD HVFDOD JUDGXDGD HQ XQLGDGHV GH SHVR 3DUD VDEHU HO SHVR LQIRUPDFLyQ TXH VH UHODFLRQH FRQ
GH XQ REMHWR VH OR GHEH FROJDU GHO H[WUHPR OLEUH GHO UHVRUWH HO TXH VH HVWLUDUi SURSLHGDGHV LQWHQVLYDV \H[WHQVLYDV GH OD
PLHQWUDV PiV VH HVWLUH PiV SHVDGR HV HO REMHWR PDWHULD / XHJR WUDQVFULEDQ OR VXEUD\DGR
HQ VXV FDUSHWDV H LQGLTXHQ HO QRPEUH GH
a 0HGLFLyQ GHO SHVR \ OD PDVD OD SURSLHGDG DOXGLGD HQ FDGD FDVR
(O SXQWR GH HEXOOLFLyQ GHO DOFRKRO SDUD
3DUD PHGLU OD FDQWLGDG GH PDVD VHXWLOL]D XQD EDODQ]D GH SODWLOORV XQD EDODQ ODV KHULGDV HV GH & 6HWUDWD GH
]D URPDQD RXQD EiVFXOD /RV WUHV GLVSRVLWLYRV IXQFLRQDQ GH PDQHUD VLPLODU \D XQD VXVWDQFLD YROiWLO TXH VH HQYDVD
TXH FRPSDUDQ OD PDVD TXH VH TXLHUH PHGLU FRQ SHVDV FX\D FDQWLGDG GH PDVD HQ UHFLSLHQWHV GH PL GH PDWHULDO
\D HV FRQRFLGD SOiVWLFR \TXH FRQWLHQH DSUR[LPDGDPHQWH
JUDPRV GH DJXD (V FRPEXVWLEOH H
LQFRORUR
a
a a a
ā
/ DVPH]FODV
'HDFXHUGR FRQ HO WLSR GH VXVWDQFLDV TXH ORVFRPSRQHQ
ORVVLVWHPDV PDWHULDOHV VHFODVLILFDQHQ PH]FODV KHWHURJpQHDV
2WUDV PH]FODV KHWHURJpQHDV \ KRPRJpQHDV 6XVFRPSRQHQWHV SXHGHQ VHSDUDUVH FRQ
([LVWHQ RWUDV PH]FODVKHWHURJpQHDV OODPDGDV GLVWLQWRV SURFHGLPLHQWRV
VXVSHQVLRQHV TXH SXHGHQ FRQIXQGLUVH FRUL
ODV KRPRJpQHDV 3RUHMHPSOR HO FDVR GHO
KXPR FRQ XQD IDVH VyOLGDHQIRUPD GHILQDV 0H]FODVKHWHURJpQHDV \ KRPRJpQHDV
SDUWtFXODVGH KROOtQ HVSDUFLGDV HQ HO DLUH
/D OHFKH GH JUDQ FRQWHQLGR JUDVR HV (Q JHQHUDO VH XVD OD GHQRPLQDFLyQ GH VLVWHPD PDWHULDO UHIHULGD D XQD SRU
WDPELpQ XQD VXVSHQVLyQ $ SHQDV VHH[WUDH FLyQ GHO XQLYHUVR TXH HV DLVODGD SDUD HVWXGLDU VXV FRPSRQHQWHV 'H DFXHUGR
GH OD YDFD SUHVHQWD XQD SHOtFXOD GH JUDVD FRQ QXHVWURV FRQRFLPLHQWRV HV SRVLEOH SURIXQGL]DU DFHUFD GH ORV FRPSRQHQWHV a
HQ OD VXSHUILFLH TXH PDQLILHVWD VXDOWR GH XQ VLVWHPD PDWHULDO 3RU HMHPSOR XQ WUR]R GH FREUH HV XQ VLVWHPD PDWHULDO
FRQWHQLGR 3DUD HYLWDU TXH SUHVHQWH SDUWHV FRQVWLWXLGR SRU XQD VXVWDQFLD VLPSOH TXH VRODPHQWH HVWi IRUPDGD SRU iWRPRV
VyOLGDV OD OHFKHTXH VHYHQGH SDUD QXHVWUR GH FREUH (O DJXD SXUD HV XQ VLVWHPDā LQWHJUDGR SRU XQD VXVWDQFLD FRPSXHVWD
FRQVXPR HV SUHYLDPHQWH KRPRJHQHL]DGD IRUPDGD SRU iWRPRV GH KLGUyJHQR \ R[tJHQR
3DUD HOOR VHOD KDFH SDVDUDDOWtVLPDV 6LQ HPEDUJR ODV VXVWDQFLDV VLPSOHV R FRPSXHVWDV QR VXHOHQ SUHVHQWDUVH VRODV HV
SUHVLRQHV SRU SHTXHxRV RULILFLRV SDUD URPSHU GHFLU HQ HVWDGR SPR (O DJXD SRU HMHPSOR VXHOH WHQHU GLVXHOWDV VDOHV PLQHUDOHV HO UUª
ORV JOyEXORVGH JUDVD \UHGXFLUVX WDPDxR FREUH SXHGH SUHVHQWDU tQILPDV FDQWLGDGHV GHRWUDV VXVWDQFLDV &DVL WRGRV ORV VLVWHPDV
GH PRGR TXH VHGLVWULEX\DQ SDUHMDPHQWH PDWHULDOHV TXH VHSXHGHQ DLVODU HQ HOXQLYHUVR HVWiQ FRPSXHVWRV SRU PiVGHXQD VXV
SRU HO SURGXFWR HQYH]GHIRUPDU XQD WDSD WDQFLD 6H GLFH HQWRQFHV TXH HVWRV VLVWHPDV PDWHULDOHV FRQVWtWX\HQPH]FODV
GH FUHPD HQ OD VXSHUILFLH / RV VLVWHPDV PDWHULDOHV SXHGHQ FODVLILFDUVH GH DFXHUGR FRQ UUXPHURVRV FULWH
/D PD\RQHVD HV XQFDVRUDUR WLHQH DFHLWH ULRV (O PiV XWLOL]DGR HQ ItVLFi VH EDVD HQ OD SRVLELOLGDG GH GLVWLQJXLU GLIHUHQWHV
\OLPyQ6L XQHQ OLPyQ\DFHLWHHQ XQ IDVHV HV GHFLU SRUFLRQHV GHO VLVWHPD FRQ GHWHUPLQDGDV SURSLHGDGHV tQWHQVtYDV
UHFLSLHQWH FRPSUREDUiQ TXH QRVHPH]FODQ 3RU HMHPSOR VL VH FRQVLGHUD XQ UHFLSLHQWH FRQ DJXD HQ HVWDGR OtTXLGR \ FRQ
6LQ HPEDUJR VLVH ORV EDWH OR VXILFLHQWH OD FXERV GH KLHOR TXH IORWDQ SXHGHQ UHFRQRFHUVH XQD IDVH OtTXLGD \ XQD VyOLGD
\HPD GHOQXHYR URGHD ODV JRWDV GH DFHLWH\ / RV VLVWHPDV TXH SUHVHQWDQ GRV RPiV IDVHV VH GHQRPLQDQ PH]FODV KHWHURJp
ā ODV PDQWLHQH GHBQWUR Ga OD PH]FOD IRUPDQGR QHDV (QFDPELR DTXHOORV HQ ORV TXH QR HVSRVLEOH HQFRQWUDU PiV GHXQD IDVH VRQ
XQD HPXOVLyQ XQD PH]FOD HVWDEOH GH GRV PH]FODV KRPRJpQHDV (O SUHSDUDGR GH MXJR GH QDUDQMD GH VREUH SRU HMHPSOR
OtTXOGyV TXH
QGUWQDOPHQWHQR
a
VHPH]FODQ` FRQVWLWX\H XQD PH]FOD KRPRJpQHD FRPSXHVWD SRU DJXD \HOSROYR HVSHFtILFR / DV
SURSLHGDGHV LQWHQVLYDV GH GLIHUHQWHV SXQWRV GH XQD PH]FOD KHWHURJpQHD YDUtDQ
GH XQD IDVH D RWUD PLHQWUDV TXH HQ XQD PH]FOD KRPRJpQHD ODV SURSLHGDGHV
7DPL]DFLyQ
LQWHQVLYDV VRQ ODV PLVPDV HQ WRGRV ORV SXQWRV GH OD PH]FOD FRQVLGHUDGD ,1)2
7DPL[DFLyQ 6H XWLOL]D SDUD VHSDUDU PH]FODV FRQ IDVHV VyOLGDV FX\DV
SDUWtFXODV WLHQHQ WDPDxR GLIHUHQWH 6LUYHSDUD VHSDUDU PH]FODV GH DUHQD \
WDOFR SRU HMHPSOR
)LOWUDFLyQ &RQVLVWH HQ UHWHQHU SDUWtFXODV VyOLGDV SRU PHGLR GH XQD EDUUHUD
SRU HMHPSOR PDOODV ILEUDV PDWHULDO SRURVR R XQ UHOOHQR VyOLGR 8QD PH]FOD GH
DUHQD \ DJXD SXHGH VHSDUDUVH GH HVWD IRUPD
'HFDQWDFLyQ (V OD VHSDUDFLyQ GH FRPSRQHQWHV TXH FRQWLHQHQ GLIHUHQWHV IDVHV
SRU HMHPSOR GRV OtTXLGRV TXH QRVH PH]FODQ VyOLGR\OtTXLGR HWF VLHPSUH
\FXDQGR H[LVWD XQD GLIHUHQFLD VLJQLILFDWLYDHQWUH ODV GHQVLGDGHV GH ODV IDVHV 6H
HIHFW~D YHUWLHQGR OD IDVH VXSHULRU PHQRV GHQVD R OD LQIHULRU PiV GHQVD 6L VH
GHVHD VHSDUDU XQD PH]FOD GH DJXD \DFHLWH VH SXHGH XWLOL]DU HVWH PpWRGR
,PDQWDFLyQ 6L XQD GH ODV IDVHVGH OD PH]FOD HVWi FRPSXHVWD SRU VXVWDQFLDV
'HFDQWDFLyQ FRQ SURSLHGDGHV PDJQpWLFDV SXHGH H[WUDHUVH FRQ XQ LPiQ 8QDPH]FOD GH KLHUUR
,PDQWDFLyQ \DUHQD SRU HMHPSOR VHVHSDUD GH HVWH PRGR
U 0H]FODV KRPRJpQHDV
(QORVVLVWHPDVPDWHULDOHVTXHFRQVWLWX\HQ PH]FODVKRPRJpQHDVRVROXFLR (O GLVSRVLWLYR GHGHVWLODFLyQ
QHV VL WRPDPRV GRV SRUFLRQHV FRQ XQ JRWHUR REVHUYDUHPRV SRU HMHPSOR HO /D GHVWLODFLyQVHUHDOL]DHQXQGLVSRVLWLYR
PLVPR FRORU VDERU \ DURPD VL FDOHQWDPRV DPEDV PXHVWUDV SDVDUiQ D HVWDGR FRPSXHVWR SRU XQEDOyQRPDWUD]HQ
JDVHRVRDLJXDOWHPSHUDWXUDSXHVSRVHHQ HOPLVPRSXQWRGHHEXOOLFLyQ R FRPR HO TXHVHFRORFDOD PH]FODTXHVHGHVHD
GHFLPRVFRP~QPHQWHKLHUYHQDODPLVPD WHPSHUDWXUDWDPELpQWLHQHQLJXDOHV VHSDUDUTXHHVWiXQLGRD XQUHIULJHUDQWH
SURSLHGDGHV LQWHQVLYDVHQ FXDOTXLHU SXQWR GH VX PDVD 3HUR ODV SURSLHGDGHV IRUPDGRSRUXQWXER GHYLGULRJUDQGH
LQWHQVLYDVGHODVROXFLyQ VRQGLIHUHQWHV GHODVGHFDGDVXVWDQFLD TXHODIRUPD TXH URGHDD RWURPiVGHOJDGR (O WXER
6L PH]FODPRV DJXD FRQ VDO ODPH]FODKRPRJpQHD REWHQLGD HVXQDVROXFLyQ PiVJUDQGH WLHQHXQDHQWUDGD\ XQD
IRUPDGDSRU GRV VXVWDQFLDV VDO\ DJXD 6L DJUHJDPRV DOFRKRO DODJXD WDPELpQ VDOLGDGHDJXD GHPRGRWDOTXHVHKDFH
REWHQGUHPRVXQDVROXFLyQ (Q HOSULPHUFDVRODVXVWDQFLD TXHVHGLVRO FLUFXODUDJXDIUtD SHUPDQHQWHPHQWH SDUD
YLyHQDJXDHVODVDO VyOLGRGLVXHOWR HQOtTXLGR HQ TXHODVXSHUILFLHGHOWXER PiV GHOJDGR
HOVHJXQGR FDVR OD VXVWDQFLD GLVXHOWDHQ DJXD HVHO HVWpVLHPSUHIUtD(QWUHORVGRVWXERVGHO
DOFRKRO OtTXLGR GLVXHOWR HQ OtTXLGR / DVXVWDQFLD UHIULJHUDQWHQRH[LVWHFRQH[LyQ (O EDOyQ
TXH VHHQFXHQWUD HQPHQRU SURSRUFLyQ HQ OD VROX VHFDOLHQWD \ ORVYDSRUHVGHOD VXVWDQFLD
FLyQ VH OODPD VROXWR \ OD TXH VH KDOOD HQ PD\RU FRQPHQRUSXQWR GHHEXOOLFLyQDBVFLHQGHQ
SURSRUFLyQ VROYHQWH \YDQDO UHIULJHUDQWH$OOt ORVYDSRUHV
WRPDQ FRQWDFWR FRQOD VXSHUILFLHIUtD
GHOWXER PiVILQRVHFRQGHQVDQ \ VRQ
(Q ODV PH]FODV UHFROHFWDGRVHQXQUHFLSLHQWHFROHFWRU
KRPRJpQHDV VH
a UHFRQRFH XQD
R
X
R VROD IDVH
E
a
R
2
a
0pWRGRV GH VHSDUDFLyQ GH PH]FODV KRPRTpQHDV
H
aa / RVPpWRGRVGHVHSDUDFLyQGHIDVHVQRUHVXOWDQDSURSLDGRVSDUDVHSDUDUPH]FODV
a
R KRPRJpQHDV SXHVWR TXH HQ pVWDV QR VH UHFRQRFHQGLIHUHQWHV IDVHV 3DUD VHSDUDU
W U
R
PH]FODVKRPRJpQHDVVHXWLOL]DQPpWRGRVTXHIUDFFLRQDQXQDPLVPDIDVHWHQLHQGR
HQFXHQWDODVSURSLHGDGHVLQWHQVLYDVGHODVVXVWDQFLDVTXHOD FRPSRQHQ
1
at?
D
?
&ULVWDOL]DFLyQ 6H QWLOL]DSDUDVHSDUDUXQD VROXFLyQF UQSLLHVWD SRUXQ
OtTXLGR \ XQVyOLGRJHFDOLHQWDHO VLVWHPD KDVWDTXH HO OLTXLGR VHHYDSRUD \
TXHGD HO VyOLGRTXHIRUPDFULVWDOHV 'HHVWD PDQHUDVHSXHGHVHSDUDU XQD
VROXFLyQGHDJXDFRQ VDO SRUHMHPSOR
/ RVFDPELRV TXtPLFRV
+DVWD DKRUDHQORV SURFHVRVDQDOL]DGRVLQWHUYLHQHQIHQyPHQRVItVLFRVHQ
ORV TXHODV VXVWDQFLDVQRFDPELDQVXFRPSRVLFLyQ /RVPpWRGRVGHVHSDUDFLyQ
\IUDFFLRQDPLHQWRGHIDVHVVH EDVDQHQHVRVIHQyPHQRV
([LVWHQ RWURV IHQyPHQRV HQ ORV TXH OD FRPELQDFLyQ GH VXVWDQFLDVJHQHUD
QXHYDVVXVWDQFLDVFRQXQDQXHYDFRPSRVLFLyQTXtPLFDGLIHUHQWHGHODDQWHULRU
&XDQGRVHTXHPDXQSDSHOVHDJUHJDDJXDDXQDWDEOHWDHIHUYHVFHQWH VHFDOLHQ
WDD]~FDUHQXQDROODR DSDUHFHXQDVXVWDQFtD URMDVREUHXQDUHMD RDODPEUHGH
KLHUURORTXHREVHUYDPRVHVODPDQLIHVWDFLyQGH GLVWLQWRVFDPELRVTXtPLFRV
/ RViWRPRVRPROpFXODVTXHIRUPDQODVVXVWDQFLDV OXHJRGHXQFDPELRTXt
PLFR VH UHDJUXSDQ VHXQHQRVHSDUDQ\IRUPDQVXVWDQFLDVVLPSOHV RFRPSXHV
WDVGLIHUHQWHV FRQ ODPLVPDFDQWLGDGGHPDWHULDLQLFLDO
&XDQGRVHSURGXFHXQFDPELRTXtPLFRVHFRQVHUYDODPDVDHVGHFLUTXHOD
VXPDGHODV PDVDVGHODVVXVWDQFLDVIRUPDGDVHVLJXDODOD VXPDGHODVPDVDVGH
ODVVXVWDQFLDVTXHH[SHULPHQWDURQXQFDPELRTXtPLFR (QORVFDPELRVItVLFRV
a
a
SRUHO FRQWUDULR VHRUGHQDQRGHVRUGHQDQ ORViWRPRVRPROpFXODVVLQIRUPDU V
QXHYDVVXVWDQFLDV a
F
/ DVVXVWDQFLDVTXH UHDFFLRQDQ HQXQFDPELRTXtPLFRVHGHQRPLQDQUHDFWL aRLR
YRVPLHQWUDVTXH ODVQXHYDVVXVWDQFLDVIRUPDGDVSRUODGLIHUHQWHUHDJUXSDFLyQ 9!
!
/ RV SURGXFWRV GH ODVUHDFFLRQHV GHiWRPRVVHOODPDQSURGXFWRV(QHOFDVRGHOSDSHOTXHVHTXHPD ORVUHDFWLYRV aā-L
R
TXtPLFDV WLHQHQ XQD FRPSRVLFLyQ VRQHOSDSHO\HOR[tJHQRGHO DLUH \ORVSURGXFWRV ODVFHQL]DV\HO JDV OLEHUDGR aUR ,
a
&RPSXHVWRV TXtPLFRV
'HELGRD TXHORV FDPELRVTXtPLFRVVXFHGHQ HQ IRUPDQDWXUDO \ DUWLILFLDO
H[LVWHQ GLYHUVRV FRPSXHVWRV TXtPLFRV 3XHGHQ HQFRQWUDU DOJXQRVHQ ODYLGD
GLDULD
/ RVy[LGRVVHSURGXFHQFXDQGRORVPHWDOHVTXHVHHQFXHQWUDQDODLQWHPSH
ULH\QRHVWiQUHFXELHUWRVSRUSLQWXUDVHFRPELQDQFRQHOR[tJHQR/ RVSROYRV
FLFDWUL]DQWHV SDUDODVKHULGDV SRVHHQ HQ VXFRPSRVLFLyQy[LGRGHFLQF PHWDO
TXHVH HQFXHQWUDHQHVWDGR SXURHQODVFKDSDV SRUHMHPSOR
6XOIDWR / RV iFLGRV FRPR HO OLPyQ \ HO YLQDJUH WLHQHQ XQ VDERU FDUDFWHUtVWLFR
FREUH $OJXQRV VH IRUPDQ HQ OD DWPyVIHUD GHELGR D OD FRQWDPLQDFLyQ FRQ JDVHV
6 DOHV Wy[LFRVTXHSUHFLSLWDQ HQIRUPDGHOOXYLDiFLGDSURGXFHQ DOHUJLDV\DVPD \
WDPELpQGHWHULRUDQODVFRQVWUXFFLRQHV0XFKRViFLGRVVRQIXQGDPHQWDOHVSDUD
6DOGH PHVD ODLQGXVWULD \DTXH SHUPLWHQ IDEULFDUGLYHUVRVPDWHULDOHVQHFHVDULRVHQOD YLGD
GLDULD FRPRIHUWLOL]DQWHVSOiVWLFRV \YLGULRVHQWUHRWURV
/DVVDOHVVRQVXVWDQFLDV TXHIRUPDQFULVWDOHV FRPRODVDO GHPHVDTXHVD]RQD
ORVDOLPHQWRV\VHGLVXHOYHQHQDJXD6HHPSOHDQSDUDGDUVDERUDORVDOLPHQWRV
8QDVDO GHFRORUD]XO HOVXOIDWRGH FREUH VHXWLOL]DSDUDHOLPLQDUODVDOJDVGH
ODVSLOHWDVGHQDWDFLyQ
2WUDVVDOHVVHXWLOL]DQFRPRIHUWLOL]DQWHVSDUDLQFRUSRUDU
a
QXWULHQWHV DOVXHOR \DOJXQDVVH HPSOHDQ SDUD FRQVHUYDU DOLPHQWRV FRPRHO
QLWULWRGHVRGLR &RQPiUPRO IRUPDGRSRUODVDOFDUERQDWRGHFDOFLRVHIDEUL
FDQPHVDGDVVHUHDOL]DQHVWDWXDV\VHUHFXEUHQORV IUHQWHVGHDOJXQRVHGLILFLRV
(O ELFDUERQDWR GHVRGLRWDPELpQHV XQDVDOTXHVH HPSOHDFRPROHXGDQWH \D
TXHUHDFFLRQDOLEHUDQGRXQDVXVWDQFLD JDVHRVDHOGLy[LGRGHFDUERQR t
/ DV ELRPROpFXODVTXHIRUPDQORVVHUHVYLYRV\HVWiQSUHVHQWHVHQGLIHUHQWHV
DOLPHQWRV VRQ WDPELpQ FRPSXHVWRVTXtPLFRV PX\ FRPSOHMRV IRUPDGRVSRU
GHSRWDVLR FLHQWRVGH aLOHV GHiWRPRVGHQLWUyJHQR FDUERQRKLGUyJHQR\R[tJHQRHQWUH
RWURV HOHPHQWRV
a a BB a
&21&( 3726 &/$9(
5HDFWLYRV
3URGXFWRV
,
U! ODV UHDFFLRQHV TXtPLFDV +,6 725 ,$ '(
8QD UHDFFLyQ TXtPLFD HV HO SURFHVR HQ HO FXDO XQD VXVWDQFLD R VXVWDQFLDV /$ &,( 1&,$
FDPELD SDUD IRUPDU XQD R PiV VXVWDQFLDV QXHYDV / DV UHDFFLRQHV TXtPLFDV VH
UHSUHVHQWDQ PHGLDQWH HFXDFLRQHV GRQGH HO VtPEROR VH OHH FRPR UHDFFLRQD +LVWRULD GHO FDXFKR
FRQ \ OD IOHFKD VLJQLILFD SURGXFH / DV IyUPXODV TXtPLFDV D OD L]TXLHUGD GH
OD IOHFKD UHSUHVHQWDQ ODV VXVWDQFLDV GH SDUWLGD GHQRPLQDGDV UHDFWLYRV $ OD (O FDXFKR PDWHULDO HPSOHDGR HQ
U GHUHFKD GH OD IOHFKD HVWi Q ODV IRUPXODV TXtPLFDV GH ODV QXHYDV VXVWDQFLDV RSUR JRPDV \FiPDUDV GH DXWRV \ELFLFOHWDV
GXFWRV (O HVWDGR ItVLFR GH ORV UHDFWLYRV \ SURGXFWRV SXHGH VHxDODUVH PHGLDQWH (V XQD VXVWDQFLD SHJDMRVD \ HOiVWLFD
āUB ORVVtPERORV J \ V SDUDLQGLFDU ORVHVWDGRVJDVHRVROtTXLGR \ VyOLGR GH RULJHQ YHJHWDO TXH \D FRQRFtDQ
U! UHVSHFWLYDPHQWH / RV iWRPRV QR VH FUHDQ QL VH GHVWUX\HQ GXUDQWH XQD UHDFFLyQ \HPSOHDEDQ ORV PD\DV SDUD LPSHU
TXtPLFD 3RU OR WDQWR XQD HFXDFLyQ TXtPLFD KD GH WHQHU HO PLVPR Q~PHUR GH PHDELOL]DU HOLQWHULRU GH VXVYDVLMDV
iWRPRV GH FDGD HOHPHQWR D DPERV ODGRV GH OD IOHFKD 6H GLFH HQWRQFHV TXH OD (Q HOTXtPLFR LQJOpV 3UtHVWOH\
U! HFXDFLy Q HVWi EDODQFHDGD GHVFXEULy TXH IURWDQGR FDXFKR VREUH
PDUFDV GH OiSL] HVWDV VHERUUDEDQ
$ SULQFLSLRV GH VH HPSOHDED
$ % &' SDUD LPSHUPHDELOL]DU WHODV DXQTXH
UHDFWLYRV SURGXFWRV HQ ORV GtDV GH FDORU VH WRUQDEDQ
SHJDMRVD \ FRQ HO WLHPSR VH TXH
([LVWHQ GRV WLSRV GH UHDFFLRQHV PX\ LPSRUWDQWHV EUDEDQ (Q XQ GLVWULEXLGRU
/ D GHVFRPSRVLFLyQ $SDUWLU GHXQD VXVWDQFLD VHREWLHQHQ GRV RPiV VXVWDQFLDV GH WHODV LPSHUPHDEOHV &KDUOHV
*RRG\HDU SRU DFFLGHQWH GHVFXEULy
$ %& TXH DO DGLFLRQDU D]XIUH HQ SROYR DO
R
aW
UHDFWLYR SURGXFWRV FDXFKR \ FDOHQWDUOR SLHUGH VX WH[WX
^ UD SHJDMRVD \ QR VH WRUQD TXHEUDGL
R
££ / D FRPELQDFLyQ 6H SDUWH GH GRV R PiV VXVWDQFLDV SDUD REWHQHU RWUD GLVWLQWD ]R $HVWH SURFHVR OR OODPy YXOFDQL
a
L
]DGR HQ KRQRU D 9 XOFDQR GLRV GHO
$ % H ? IXHJR HQ OD PLWRORJtD URPDQD
UHDFWLYRV SURGXFWR
`
a
a
aa
aa
a a B
a
£āā
B
(O DJXD
(O DJXD HVOD ~QLFDVXVWDQFLD QDWXUDO TXH VHHQFXHQWUD HQ VXV
\ D
WHPSHUDWXUDV HQFRQWUDGDV QRUPDOPHQWH HQ 7LHUUD&RQVWLWX\H
XQHOHPHQWR LQGLVSHQVDEOH SDUD ODYLGD\ ODVVRFLHGDGHV
QHV ySWLPDV HQ ODVTXH GLVWLQWDV HVSHFLHV YLYHQ HQ HOUtR SRU HMHPSOR DPD\RU
WHPSHUDWXUD ORV JDVHVGLVXHOWRV HQ HO DJXD VHYXHOYHQ LQVROXEOHV \ORVSHFHV QR
ā 1RF$pLaa
SXHGHQ LQFRUSRUDUHOR[tJHQR TXHUHTXLHUHQ 5HSDVHQ DOJXQRV FRQFHSWRV GHVDUUROODGRV
/DV UHGHV FORDFDOHV GHODVFLXGDGHV GHVHPERFDQ HQ ORVUtRV FRP~QPHQWH VX HQ HO FDStWXOR FRPR FLFOR GHO DJXD
FRQWHQLGR VHFRQRFHFRPR DJXDV QHJUDV (O DJXD HQHVWHFDVRVHWUDQVIRUPD HQ \FRPSRVLFLyQ GH OD DWPyVIHUD SDUD
XQD PH]FOD KHWHURJpQHD UHSOHWD GHPLFURRUJDQLVPRVSDWyJHQRV FRPSUHQGHU PHMRU HVWH WHPD
&RPR VHGHGXFH GHORDQWHULRU HOSURFHVR GH SRWDELOL]DFLyQ RSXULILFDFLyQ
GHO DJXD QR HVVHQFLOOR \D TXH DGHPiV GHORGHVFULWR VHGHEHQ WHQHU HQ FXHQWD
ODV VXVWDQFLDV GH GHVHFKR GH OD LQGXVWULD FRPR VROYHQWHV PHWDOHV SHVDGRV \
DFHLWHVHQWUH RWUDV TXH GHEHQ H[WUDHUVH 3RURWUD SDUWH HO DJXDGHODVQDSDVGH
]RQDV PX\SREODGDV SXHGH HVWDU FRQWDPLQDGD FRQ ILOWUDFLRQHV GHDJXDVQHJUDV
GHSR]RV FLHJRVRFRQWDPLQDQWHV LQGXVWULDOHV ,1)2
(O DJXDSRWDEOH HVXQD PH]FOD KRPRJpQHD
FRQ ODV VLJXLHQWHV SURSLHGDGHV HV LQFRORUD
LQRGRUD WUDQVSDUHQWH H LQVtSLGD QR SRVHH 5HGDFWHQ XQ EUHYH SiUUDIR VREUH XQD
VDERU FDUHFHGHPLFURRUJDQLVPRV WLHQH FLHU DH ODV SURSLHGDGHV ItVLFDV GHO DJXD TXH
WRVPLQHUDOHV\DLUH HQ VXFRPSRVLFLyQ TXtPL LQFOX\D ORV VLJXLHQWHV WpUPLQRV HVWDGR
FD\GLVXHOYH HOMDEyQ VLQIRUPDU JUXPRV VyOLGR HVWDGR OtTXLGR PDVD
(L DJXD PLQHUDO QDWXUDO WDPELpQ HV DJXD
SRWDEOH \QRSRVHHHQVXRULJHQPLFURRUJDQLV ,QGLTXHQ VL ODV VLJXLHQWHV DILUPDFLRQHV
PRV 6H HQFXHQWUD HQ OD QDWXUDOH]D HQ UHVHU VRQ YHUGDGHUDV RIDOVDV ) MXVWLILTXHQ
YDVVXEWHUUiQHDV FRPR PDQDQWLDOHV FHUFDGH VXV UHVSXHVWDV
ODV]RQDV PRQWDxRVDV GRQGH HODJXD GH GHV D /D FRQWDPLQDFLyQ GH ORV UtRV VH GHEH D
KLHOR VHILOWUD6HHQYDVDHQHO OXJDUGH RULJHQ FDXVDV QDWXUDOHV
SDUD HYLWDU TXH VH FRQWDPLQH 'H DFXHUGR E /DV DJXDV QHJUDV FRQVWLWX\HQ XQD
FRQ ORVPLQHUDOHV TXH WHQJDGLVXHOWRV SRVHH PH]FOD KHWHURJpQHD GH PLFURRUJDQLVPRV
GLIHUHQWH VDERU SDWyJHQRV
H (O 5LDFKXHOR SRVHH XQ EDMR QLYHO GH
FRQWDPLQDFLyQ
ORVSOiVWLFRVELRGHJUDGDEOHV
/ RV SOiVWLFRV VRQ VXVWDQFLDV TXH VH HPSOHDQ HQ OD
IDEULFDFLyQ GH FDVLWRGRV ORVPDWHULDOHV GH OD YLGD GLDULD
FRPR HQYDVHV URSD ~WLOHV HVFRODUHV LQWHULRUHV GH
YHKtFXORV HQWUH RWURV (VWiQIRUPDGRV SRU PROpFXODV GH
JUDQ WDPDxR ORV SROtPHURV FRPSXHVWDV SRU XQ HOHYDGR
Q~PHUR GH iWRPRV (VWDVVXVWDQFLDV VH FDUDFWHUL]DQ
SRU VHU HVWDEOHV R LQHUWHV HQ HO WLHPSR DGHPiV FRPR
QR VRQ DWDFDGDV SRU PLFURRUJDQLVPRV SUHVHQWHV HQ HO
PHGLR DPELHQWH QR VRQ ELRGHJUDGDEOHV (VWHWLSR GH
SOiVWLFRV GHULYD GHO SHWUyOHR VXVWDQFLD SURGXFLGD SRU OD
GHJUDGDFLyQ EDFWHULDQD GH UHVWRV GH DQLPDOHV \ SODQWDV
TXH YLYLHURQ KDFH PLOORQHV GH DxRV
6LQ HPEDUJR H[LVWHQ SOiVWLFRV TXH VH GHJUDGDQ SRU PHGLR
GH PLFURRUJDQLVPRV R SRU HO HIHFWR GH OD OX]VRODU VH
GHQRPLQDQ ELRSROtPHURV R ELRSOiVWLFRV
3DUD TXH XQ ELRSROtPHUR SXHGD XWLOL]DUVH FHUQR HQYDVH
SOiVWLFR WLHQH TXH PDQWHQHU VXV SURSLHGDGHV ItVLFDV
GXUDQWH OD PDQXIDFWXUD \ VX SRVWHULRU DOPDFHQDPLHQWR
\ QR WLHQH TXH DOWHUDUVH FRQ HOHQYDVDGR $O ILQDO GH VX
YLG
LL ~WLO FXDQGR HV GHVHFKDGR FDPELD SRU IHQyPHQRV
ItVLFRV TXtPLFRV R ELROyJLFRV \ ODV VXVWDQFLDV VLPSOHV R
FRPSXHVWRV TXtPLFRV HQ TXH VH WUDQVIRUPD FRPR &
pQWUH RWURV LQWHJUDGRV SRU SHTXHxDV PROpFXODV
VH LQFRUSRUDQ DO DPELHQWH VLQFRQWDPLQDUOR
/ RV SOiVWLFRV IRWRGHJUDGDEOHV SLHUGHQ UHVLVWHQFLD
\ VHIUDJPHQWDQ HQ FRQWDFWR FRQ OD OX]VRODU (VWH
WLSR GH FDPELR TXtPLFR SRU HIHFWR GH OD OX]VRODU
VH GHQRPLQD UHDFFLyQ IRWRTXtPLFD $ FWXDOPHQWH
DJXQRV VXSHUPHUFDGRV HQWUHJDQ EROVDV FRQ SOiVWLFRV
IRWRGHJUDGDEOHV D ILQ GH HYLWDU LQFRUSRUDU PDWHULDOHV
QR GHJUDGDEOHV TXH SHUGXUDQ DSUR[LPDGDPHQWH
DxRV HQ HO PHGLR DPELHQWH
LQIRUPDWLYR
'HJUDGDFLyQ
GH PDWHULDOHV
& RPSDUDFLyQ GH PDVDV
ā (a3U L PO aW R-
I
āHH M a
$
2EMHWLYR W
&RPSUREDU HQ JUXSRV VL ODV VXVWDQFLDV DQWHV GH FRPELQDUVH \ SURGXFLU U
XQ FDPELR TXtPLFR SRVHHQ PiV PHQRV R LJXDO PDVD TXH OXHJR GH OD
UHDFFLyQ
3URFHGLPLHQWR
ā $ QWHV GH OD GHWHUPLQDFLyQ GH PDVDV REVHUYDUiQ HO FDPELR TXtPLFR
&RORTXHQ HQ XQ YDVLWR XQD FXFKDUDGLWD GH ELFDUERQDWR \ XQD GH YLQDJUH
¢4Xp SUREOHPDV SUHVHQWD HVWH FDPELR TXtPLFR D OD KRUD GH FRPSDUDU ODV
PDVDV DQWHV \GHVSXpV GH OD UHDFFLyQ"
¢(V FRQYHQLHQWH TXH HO FDPELR TXtPLFR RFXUUD HQ XQ YDVLWR"
D
¢4Xp HUURUHV VH FRPHWHUiQ OD KRUD GH FRPSDUDU ODV PDVDV DQWHV \GHVSXpV
GH OD UHDFFLyQ"
2EVHUYHQ XQD ROOD FRQ DJXD VREUH XQD KRUQDOOD HQFHQGLGD (O DJXD GHVWLODGD TXH VH HPSOHD HQ ORVDXWRV R HQ
$O SULQFLSLR YHUiQ EXUEXMDV SHTXHxDV HQ VXV SDUHGHV \ OXHJR LQ\HFFLRQHV FRQWLHQH VRODPHQWH PROpFXODV GH DJXD
EXUEXMDV FDGD YH] PiV JUDQGHV TXH VDOHQ KDFLD OD VXSHUILFLH ([SOLTXHQ FRQ VXV SDODEUDV TXp WHQGUtDQ TXH DJUHJDU SDUD
GHO OtTXLGR TXH HVD VXVWDQFLD IXHUD XQD PH]FOD KRPRJpQHD \ XQD
D ¢4Xp VRQ ODVEXUEXMDV SHTXHxDV" PH]FOD KHWHURJpQHD
E ¢&yPR VH SURGXFHQ ODVPiV JUDQGHV"
F ¢3RU TXp QR VH REVHUYDQ EXUEXMDV FXDQGR VH HYDSRUD XQ ,QGLTXHQ VL ODVVLJXLHQWHV DILUPDFLRQHV VRQ YHUGDGHUDV
IUDVFR FRQ DOFRKRO" RIDOVDV ) MXVWLILTXHQ VXV UHVSXHVWDV
G ¢'H TXp GHSHQGH TXH ODVEXUEXMDV VDOJDQ GHO OtTXLGR FRQ D / DV VROXFLRQHV VRQ VLVWHPDV KHWHURJpQHRV 2
PD\RU YHORFLGDG" E / RV PpWRGRV GH IUDFFLRQDPLHQWR GH IDVHV VH XWLOL]DQ SDUD
VHSDUDU ORVFRPSRQHQWHV GH XQ VLVWHPD KHWHURJpQHR 2
&RPSOHWHQ HOVLJXLHQWH FXDGUR F / DV PROpFXODV GH XQ VyOLGR VH PXHYHQ OLEUHPHQWH 2
G / RV iWRPRV VRQ YHUGDGHUDPHQWH LJXDOHV D- RVPRGHORV
(VWDGR GH 6yOLGR / tTXLGR *DV TXH VH REVHUYDQ HQ ORVOLEURV 2
$ JUHJDFLyQ H / DV SURSLHGDGHV H[WHQVLYDV VRQ DTXHOODV TXH GHSHQGHQ
9 ROXPHQ 'HILQLGR GH OD FDQWLGDG GH PDWHULD FRQVLGHUDGD 2
I / RV VLVWHPDV PDWHULDOHV VRQ SRUFLRQHV GHO XQLYHUVR TXH
)RUPD ,QGHILQLGD
VH DtVODQ SDUD VX HVWXGLR 2
)XHU]DV GH DWUDFFLyQ (TXLOLEUDGDV J / RV VLVWHPDV PDWHULDOHV VRQ PH]FODV 2
\GH UHSXOVLyQ K /D WDPL]DFLyQ HV~WLO SDUD VHSDUDU PH]FODV KRPRJpQHDV 2
L &RQ OD GHFDQWDFLyQ SXHGHQ VHSDUDUVH ORVHOHPHQWRV GH
,PDJLQHQ TXHVH HQFXHQWUDQ HQ XQD LVOD GHVLHUWD \ XQD HPXOVLyQ FRPR OD PD\RQHVD 2
QHFHVLWDQ GHVHVSHUDGDPHQWH WRPDU DJXD SHUR OR ~QLFR TXH M (O SURFHGLPLHQWR GH GHVWLODFLyQ SHUPLWH REWHQHU DJXD
WLHQHQ HV DJXD VDODGD (QFRQWUDURQ HQ VX UHFRUULGR SRU OD LVOD GXOFH GHO DJXD GH PDU 2
?O ?
£Q
ORVVLJXLHQWHV PDWHULDOHV XQD SDYD WUDSRV XQ WXER GH PHWDO
XQ YDVR GH SOiVWLFR XQD FKDSD XQ HVSHMR XQ HQFHQGHGRU $ YHULJHQ VL ODVEDODQ]DV HOHFWUyQLFDV SHVDQ FRPR HO Waa,
aQ ([SOLTXHQ FyPR VH ODVDUUHJODUtDQ SDUD REWHQHU DJXD VLQVDO GLQDUxyUQHWUR R VL FRPSDUDQ PDVDV FRPR OD EDODQ]D GH £
āa
ËM
,
'LEXMHQ XQ HVTXHPD TXH PXHVWUH FyPR XVDUtDQ ORVPDWHULDOHV SODWLOORV
\ SDUD TXp 'HEDWDQ SURSXHVWDV FRQ VXV FRPSDxHURV \
a7
aa SRQJDQ HQ SUiFWLFD VXV GLVHxRV ,QWHQWHQ UHDOL]DU XQ PRGHOR GH SDUWtFXODV SDUD
4
a ?
4
UHSUHVHQWDUFyPRVH DWUDHQ ODVPROpFXODV GH DJXD HQWUH Vt ! ,a
L
a ! ,QGLTXHQ FXiQWDV IDVHV UHFRQRFHQ HQ ORVVLJXLHQWHV VLVWHPDV \MXVWLILTXHQ VX GLVHxR
PDWHULDOHV
U ,QGLTXHQ FXiOHV GH ODVVLJXLHQWHV WUDQVIRUPDFLRQHV VRQ
Ë,
ItVLFDV\FXiOHV TXtPLFDV - XVWLILTXHQ VXV UHVSXHVWDV
D$ ]~FDU DJXD VROXFLyQ D]XFDUDGD
Q
a
9
L 2
aa
EU1L
a
?WUWU-
? ?
?
BB a 'a
a
W ?G
?
? ?$ ?2?
t
,
?
B
6
?*? ? ? ? ?
M
& XDQGRWHUPLQHQ
HVWHFDSLWXOR SRGUiQBB
&RPSUHQGHU OD QRFLyQ GHFFQVHUYDWLyQā a
ā GH OD HQpUJtD
,GHQWLILFDU IRUPDV\IXHQWHV GHHQHUJOāāā
ā
& RQRFHU SURFHUQaJBHB BWUDQVIRUPDFLyQ /D SULQFLSDO IXHQWH GH HQHUJtD HQ OD 7LHUUD HV HO 6RO
BBBBBBJH OD HQHUJtD āāā 1XHVWUR SODQHWD UHFLEH OD GLH]PLOORQpVLPD SDUWH GH
aaaāaaa OD HQHUJtD TXH HO 6RO HPLWH KDFLD WRGR HO HVSDFLR (Q
SRFRV GtDV OD 7LHUUD UHFLEH WDQWR FDORU \OX] FRPR
ORVTXH SRGUtDQ VHU SURGXFLGRV SRU ODFRPEXVWLyQ GH
WRGR HO SHWUyOHR HO FDUEyQ \ OD PDGHUD WHUUHVWUHV
/ RV IHQyPHQRV PHWHRUROyJLFRV HYLGHQFLDQ OD
WUDQVIRUPDFLyQ GH GLIHUHQWHV IRUPDV GH HQHUJtD
6L VH SXGLHUD FRQWURODU OD HQHUJtD OLEHUDGD SRU XQ
KXUDFiQ VH SRGUtD VXPLQLVWUDU OD HQHUJtD HOpFWULFD TXH
FRQVXPHQ ORV (VWDGRV 8QLGRV GXUDQWH VHLV PHVHV /D
FDQWLGDG GH HQHUJtD VHUtD HTXLYDOHQWH D KDFHU HVWDOODU
GLH] ERPEDV DWyPLFDV FDGD VHJXQGR
8Q UD\R SXHGH SURGXFLU
NLORYDWLRV GH
HQHUJtD HOpFWULFD $OUHGHGRU GHO
GH HVWD HQHUJtD VH GLVLSD
HQ IRUPD GH FDORU HOHYDQGR
OD WHPSHUDWXUD FLUFXQGDQWH
D XQRV JUDGRV
FHQWtJUDGRV 8Q UD\R JHQHUD
WHPSHUDWXUDV FLQFR YHFHV
PD\RUHV TXH ORV JUDGRV
FaQWtJUDGRV
GHWHFWDGRV HQ OD
VXSHUILFLH GHO 6RO
a
¢4XpHV ODHQHUJtD"
0XFKDVYHFHVKDEUiQ HVFXFKDGR ROHtGR IUDVHVFRPR 3XVLVWHPXFKD HQHUJtD ?
SDUD ORJUDU WX REMHWLYR 'XUDQWH HOSDUWLGR HO MXJDGRU DJRWy WRGDV VXVHQHU U!
JtDVR 1HFHVLWiV XQDGLHWD FRQ EDMR FRQWHQLGR HQHUJpWLFR $ PHQXGR VHXVD
OD SDODEUD HQHUJtD SDUD KDEODU GH DFWLYLGDGHV PX\ GLIHUHQWHV 3HUR ¢TXp HVOD
?
HQHUJtD" ?
6HOODPD HQHUJtD GHOJULHJRHQHUJHLD HQDFFLyQ DODFDSDFLGDG GHSURGXFLU
FDPELRV HQ ORV VLVWHPDV 1R HVDOJR PDWHULDO FRPR XQ SHGD]R GH PDGHUD HO U!
DJXDRHODLUH VLQR XQD FDSDFLGDG GHPRGLILFDFLyQ
/ D HQHUJtD HVWiHQ WRGRV ODGRV VHHQFXHQWUD HQ ORVVHUHVYLYRV\HQ ODVFRVDV
U!
QR YLYDV8QDXWR HQ PRYLPLHQWR SRU HMHPSOR WLHQH HQHUJtD \D TXH VLFKRFD
FRQ RWUR REMHWR FRPR RWUR DXWR OHSURGXFH FDPELRV DOJXQRVGHHOORVOROOHYDQ ?
DOWDOOHUPHFiQLFR (O6ROWDPELpQ SRVHHHQHUJtD SXHVFDPELDODWHPSHUDWXUD Ba
GHORVFXHUSRV TXH LOXPLQD a
/ RVFLHQWtILFRV FRQVLGHUDQ VLVWHPDV GHHVWXGLR SDUD FRPSUHQGHU ORVFDPELRV a a
JHQHUDGRV SRU ORVGLIHUHQWHV WLSRV GHHQHUJtD a
FX
Y
ā? "!
6LVWHPDVHQ HVWXGLR
`@
R
U! a
R
3DUDHQWHQGHU VLWXDFLRQHV FRWLGLDQDV VROHPRV UHFRUWDU FLHUWDVSRUFLRQHV GH !
U!aā
ODUHDOLGDG VLQGDUQRV FXHQWD &XDQGR PLUDPRV XQSDUWLGR GHI~WERO SRU HMHP
SOR HQHOPRPHQWR HQ TXHHOGHODQWHUR HVWiSRU FRQYHUWLU XQJROQROHVSUHVWD W?
PRV DWHQFLyQ DOUHVWR GHORVMXJDGRUHV DOiUELWUR RDOS~EOLFR VRORUHSDUDPRV "
?a
HQHOMXJDGRU HODUTXHUR ODSHORWD \HODUFR¢4XpKLFLPRV" &RPRVLWRPiUDPRV
XQDIRWRJUDItD UHFRUWDPRV RDLVODPRVXQD SRUFLyQ GHODUHDOLGDG SDUDFHQWUDU
QXHVWUD DWHQFLyQ VREUHORTXHSDVDHQ HOOD
&XDQGR VHVHSDUDXQFXHUSR RXQFRQMXQWR GHFXHUSRV GHOUHVWRGHODVFRVDV
FRQ ODLQWHQFLyQ GHHVWXGLDUORV VHFRQVLGHUD XQVLVWHPDHQHVWXGLR
(QHOHMHPSOR DQWHULRU HOVLVWHPD HQ HVWXGLR HVWiFRPSXHVWR SRU HOMXJDGRU
?
HODUTXHUR ODSHORWD \HODUFR(QpOFRPR HQ RWURV VLVWHPDV VXVLQWHJUDQWHV VH
UHODFLRQDQ HLQIOX\HQ PXWXDPHQWH
?
¢4XpVXFHGHUtDVLVHLQWHUSXVLHUD XQMXJDGRU GHOHTXLSR FRQWUDULR HQ ODMXJD ?
GD" (O VLVWHPD SDVDUtD D VHURWUR SRUTXH ORV FXHUSRV TXH VHDLVODUtDQ SDUD VHU U!
HVWXGLDGRV VHUtDQ RWURV (QWRQFHV HOQXHYR VLVWHPD HVWDUtD FRPSXHVWR SRU ORV
GRVMXJDGRUHV HODUTXHUR ODSHORWD \HODUFR &
6LRWURVMXJDGRUHVVHDFHUFDUDQSDUDLQWHQWDUFRQYHUWLU HOJRORSDUDHYLWDUOR HO U!
VLVWHPD VHJXLUtDPRGLILFiQGRVH (QHVWHFDVR ORTXHTXHUUtDPRV HVWXGLDU FRQ HO
a
VLVWHPD HOHJLGRHVWDUtD FHQWUDGR HQ HOJRO\ORVIDFWRUHV TXHSRGUtDQ FRDG\XYDU
SDUDFRQYHUWLUOR RHYLWDUOR &XDQGR VHGHVHDHVWXGLDU RWURV KHFKRV HQODQDWXUD U!
OH]DVHKDFH DOJRPX\ VLPLODU DODDFFLyQ GHUHSDUDU HQ HOJROHDGRU HO DUTXHUR
ODSHORWD \ HODUFR 6H PDUFDQ ORV OtPLWHV GHO VLVWHPD GH HVWXGLR SDUD HVWXGLDU 2
PHMRU ORVIHQyPHQRV TXH VHSURGXFHQ HQ pO Q
?
&RQVHUYDFLyQ
GH OD HQHUJtD
- +,6 725 ,$ '(
/D HQHUJtD \VXVWUDQVIRUPDFLRQHV /$ &,( 1&,$
/ DIRUPDHQODTXHVHOOHJyDODLG
&RPRSRUDUWHGHPDJLDODHQHUJtDJHQHUDLQILQLGDG GHFDPELRVDQXHVWUR DOUH
GHODFRQVHUYDFLyQGH ODHQHUJtD HQ HO
UU GHGRU&XDQGRHQFHQGHPRV XQDOiPSDUDODHQHUJtDHOpFWULFDTXHOOHJDDWUDYpVGHO
XQLYHUVRHVPX\FXULRVD1RIXHSUR
UU WRPDFRUULHQWH VH YXHOYHHQHUJtD OXPtQLFD 6L HQFKXIDPRV XQD HVWXID HOpFWULFD
GXFWRGHOWUDEDMRGHBXQ~QLFRFLHQ
REWHQGUHPRVHQHUJtD FDOyULFD SDUDFDOHQWDUODFDVD6 DEHPRVTXH
WtILFR'HKHFKR YDUtDVSHUVRQDVTXH
a ORVDOLPHQWRV FRQWLHQHQ ODHQHUJtDTXHSHUPLWH DORVVHUHVYLYRV
QR VHFRQRFtDQLQGHSHQGLHQWHPHQWH
FUHFHU\YLYLU2EWHQHPRV HQHUJtDGHORVFRPEXVWLEOHVSDUDKDFHU
IXQFLRQDU DXWRV FROHFWLYRVWUHQHV\DYLRQHV
OOHJDURQD OD PLVPDFRQFOXVLyQ OD
HQHUJtDGHORVVLVWHPDVQRVHSLHUGH
/ D HQHUJtD SXHGH SDVDU GH XQ VLVWHPD D RWUR VLQ FDPELDU ?
(VWDPRVKDEODQGR GHGRVPpGLFRV
KD\ XQDWUDQVIHUHQFLD GH OD HQHUJtD 3RUHMHPSOR ODHQHUJtD L
DOHPDQHV5REHUW 0D\HU ā<
HyOLFD GHELGD DOPRYLPLHQWR GHO DLUH VH WUDQVILHUH DODVYHODV
+HUPDQQYRQ +HOPKROW] ?
GHXQEDUFR \KDFH TXH HVWHVHPXHYD 'HODPLVPD IRUPD VH
\GHOLQJOpV- DPHV 3UHVFRWW - RXOH
WUDQVILHUH HQHUJtD FLQpWLFD GHODJXDGHXQUtRDODVDVSDVGHXQ
IDEULFDQWH GH L
PROLQR FRQVWUXLGR HQVXRULOOD
O
U!
FHUYH]DTXHDPHGLDGRV GHO VLJOR
&XDQGR ODHQHUJtD VHPRGLILFD SDUD JHQHUDU FDPELRV HQ ORV
; ,; \VtQTXH QLQJXQR GHHOORV
U! VLVWHPDVVHGLFH TXHH[LVWHXQD WUDQVIRUPDFLyQ GHODHQHUJtD
VXSLHUDTXHHORWURHVWDEDWUDEDMDQGR
/ DV GLIHUHQWHV DSDULHQFLDV GH ODHQHUJtD UHFLEHQ HOQRPEUH GH
HQHOPLVPR WHPD DUULEDURQ DOD
IRUPDVGHHQHUJtD 8QDIRUPDGHHQHUJtDSXHGH WUDQVIRUPDUVH
PLVPDFRQFOXVLyQ
HQ RWUD X RWUDV / D HOHFWULFLGDG HV GHFLU OD HQHUJtD HOpFWULFD
0iVDGHODQWH VHGHVFXEULyTXH DQWHV ?
TXH OOHJD D ODOiPSDUD DWUDYpV GHO HQFKXIH VHWUDQVIRUPD HQ
TXHWRGRV HOORV HOMRYHQ LQJHQLHUR
OX] R VHDHQHUJtD OXPtQLFD / D HQHUJtD SXHGH WUDVIRUPDUVH R
IUDQFpV6DGL&DUQHW \D ?
WUDQVIHULUVH SHURQR VHSLHUGH
VDEtDTXHODHQHUJtDQR VH SHUGtD
HQVXVPXFKRV FDPELRVVLQRTXH
VHWUDQVIRUPDED 1RVHFRQRFtDQ VX
7UDQVIRUPDFLRQHV HQ ORVVLVWHPDV H[LVWHQFLDQLVXLGHDSRUTXH FXDQGR
&DUQRWPXULy VXVDQRWDFLRQHV \
&XDQGR FDOHQWDUQRV DJXD HQ XQD ROODXWLOL]DPRV ODHQHUJtD TXtPLFD GHO JDV
FXDGHUQRV GHWUDEDMR TXHGDURQ HQ
SDUD REWHQHU FDORU / DKRUQDOOD HQFHQGLGD DGHPiV GHFDOHQWDU ODROOD FDOLHQWD
SRGHU GHVXKHUPDQR TXLHQ QR
HO DLUH D VX DOUHGHGRU ¢1HFHVLWDUQRV FDOHQWDU HODLUH SDUD FDOHQWDU HO DJXD TXH
FRQVLGHUyTXHWXYLHUDQ LPSRUWDQFLD
U HVWiHQHOLQWHULRU GHODROOD"&LHUWDPHQWH QR DXQTXH WDPSRFR SRGHUQRV HYLWDU ?
6LQHPEDUJR&DUQHW IXHHOSULPHUR
U FDOHaWDU HODLUHSRUTXH QR WRGR HOFDORUGHODKRUQDOOD HVWiFDOHQWDQGR HODJXD
HQUHYHODUTXH ODHQHUJtDVH FRQVHU
¢(QWRQFHV VH SLHUGH HQHUJtD"
YD >SHURHO~OWLPRHQVHUUHFRQRFLGR
3DUDUHVSRQGHU D HVDSUHJXQWD WHQJDPRV HQ FXHQWD TXH FXDQGR HVWXGLDPRV
U ODVWUDQVIRUPDFLRQHV GH ODHQHUJtD UHVXOWD LPSRUWDQWH FRQVLGHUDU HOVLVWHPD GH
FRPR GHVFXEULGRUGHOIHQyPHQR
HVWXGLR TXH HVWDUQRV REVHUYDQGR ¢3RUTXp" 3RUTXH VROR SRGUHPRV GHFLU TXH
OD HQHUJtD QR VHGHVWUX\H VLWHQHUQRV HQ FODUR FXiOHV VRQ ORV FRPSRQHQWHV GH
U QXHVWUR VLVWHPD\FXiOHVHOWUiQVLWR TXH HVWDUHDOL]DHQWUH HOORV
6L UHFRUWDPRV HOVLVWHPDFRQVLGHUDQGR VRODPHQWH ODROOD\HODJXDODHQHUJtD
U! WRWDO QR HVODPLVPD DQWHV GHODWUDQVIRUPDFLy Q \GHVSXpVGHHOODSRUTXH HODLUH
TXHFLUFXQGDHVHVLVWHPDUHFLEHFDORUHVGHFLUTXH
DUWHGHODHQHUJtDHVWiIXHUDGHO VLVWHPD3HURVL 5HVSRQGDQ D ODVVLJXLHQWHVSUHJXQWDV
RQVLGHUDPRV HOVLVWHPDROODDJXDDLUH REVHUYD D ¢4XpHVOD HQHUJtD"
RVTXHODHQHUJtDTXtPLFDGHOJDVVHWUDQVIRUPD E ¢4XpHVXQVLVWHPDHQHVWXGLR"¢3DUD
QHQHUJtDOXPtQLFD\HQFDORUTXHFDOLHQWDODROOD TXpVLUYH"
HODLUH 'HPRGR TXHODHQHUJtDGHOVLVWHPDVH
WUDQVIRUPDSHURQR VHSLHUGH +DJDQ XQDOLVWD FRQODVIRUPDV
3RUFRQVLJXLHQWHHVLPSRUWDQWHVDEHUFXiOHVHO GHHQHUJtDTXHFRQRFHQ / XHJR
VLVWHPDFRQVLGHUDGRSDUDFRPSUREDUTXHODHQHU FRPpQWHQODV FRQVXVFRPSDxHURV\ HQ
JtDQR VH SLHUGH7RGRVORVVLVWHPDVTXHSRGUtD JUXSR UHGDFWHQ XQDKLVWRULDHQOD TXHVH
$OSRQHU OD ROOD FRQ DJXDVREUHOD PRV UHFRUWDU HQ OD QDWXUDOH]D LQFOXVR DTXHOORV PHQFLRQHQWUHVGHODVIRUPDVGHHQHUJtD
?
KRUQDOOD HQFHQGLGD VH FDOLHQWDQ HO
TXH HVWiQ HQ HOHVSDFLRFRQIRUPDQ HOXQLYHUVR TXHDQRWDURQ HQVXVOLVWDV
UHFLSLHQWH H DJXD \ H DLU H TXH VH (QWRGRHOXQLYHUVRODHQHUJtDQRVHSLHUGH
U! HQFXHQWUD D VX DOUHGHGRU
) RUPDV GHHQHUJtD
ODHQHUJtDSXHGH GDVWxFDUVHGH DFXHUGR FRQGLIHUHQWHV FULWHULRV
OD RRVVPDR
OD GHJUDGDGyQ GH OD HQHUTtD FDPELRVUHODFLRQDGRVFRQHO PRYLPLHQWR3RURWURODGR HQHUJtD
(Q WRGR SURFHVR GH WUDQVIRUPDFLyQ GH SRWHQFLDO FRQVWLWX\HODIRUPD GHHQHUJtD TXH SXHGHDOPDFHQDUVH a
HQHUJtD VROR XQD SDUWH GH HOOD UHVXOWD ~WLO
\D TXH H[LVWH XQD GHJUDGDFLyQ
&XDQGR XVDPRV XQD EDWLGRUD HOpFWULFD (QHUJtD HQ PRYLPLHQWR
SDUD KDFHU SRU HMHPSOR XQD WRUWD VH
UHTXLHUH WUDQVIRUPDU OD HQHUJtD HOpFWULFD 8Q DYH TXH YXHOD XQ SHUUR TXH FRUUH HODJXD GHO UtR TXH VH GHVSOD]D XQ FKLFR
?
HQ FLQpWLFD SDUD EDWLU OD PH]FOD 6LQ TXH EDMD SRU XQ WRERJiQ RORV OLEURV TXH FDHQ GH ORV HVWDQWHV GH XQD ELEOLRWHFD VRQ
HPEDUJR GXUDQWH HO IXQFLRQDPLHQWR OD VLWXDFLRQHV HQ ODV TXH VH PDQLILHVWD XQ WLSR GH HQHUJtD DVRFLDGD DOPRYLPLHQWR OD
?
EDWLGRUD WDPELpQ OLEHUD FDORU HO FXDO QR HQHUJtD FLQpWLFD GHO JULHJR NLQHVLV PRYLPLHQWR TXH SURGXFH FDPELRV UHODFLR U
HV ~WLO SDUD HO XVR TXH TXHUHPRV GDU D QDGRV FRQ HOPRYLPLHQWR GH ODV FRVDV $ OJXQDV IRUPDV GH HQHUJtD FLQpWLFD UHFLEHQ
OD EDWLGRUD SRU OR WDQWR VH GLFH TXH HV DGHPiVRWURQRPEUHVHJ~QODIXHQWHTXHODV JHQHUH 3RU HMHPSOR ODHQHUJtDGHO UU
HQHUJtD QR DSURYHFKDEOH (VWD VLWXDFLyQ HQ PRYLPLHQWR SURGXFLGD SRU ORV YLHQWRV UHFLEH HO QRPEUH GH HyOLFD HQ DOXVLyQ D
TXH VH SUHVHQWD HQHUJtD QR DSURYHFKDEOH (ROR HOGLRV GH ORV YLHQWRV HQ OD
VHGHQRPLQD GHJUDGDFLyQ (V LPSRUWDQWH PLWRORJtD JULHJD (O PRYLPLHQ U!
GLIHUHQFLDU OD LGHD GH HQHUJtD GHJUDGDGD WR GH ODV DJXDV KDFH HYLGHQWH OD a
GH OD SpUGLGD GH HQHUJtD /D HQHUJtD QR VH H[LVWHQFLD GH HQHU]tD 2 KLGUiX
B a
SLHUGH VLQR TXH SDUWH GH HOOD QR VH XWLOL]D OLFD XQ FDVR SDUWLFXODU GH HOOD B a
SDUD DTXHOOR SDUD OR FXDO VH QHFHVLWD OD HQHUJtD PDUHRPRWUL] HV OD B
R
JHQHUDGD SRU HO DVFHQVR \ HO U! a
GHVFHQVR GH ODVPDUHDV
7DOFRPRYLHURQ HQHOFDStWXOR HO KRPEUH XWLOL]DUHFXUVRV GH OD QDWXUDOH]D ORV FRPEXVWLEOHVIyVLOHV
SDUDFXEULUVXVQHFHVLGDGHV 8QRGHORVUHTXHULPLHQWRV PiV LPSRUWDQWHVHV HO GH (O SURFHVRSRUHO TXH VHRULJLQD
ODHQHUJtD 6HOODPDIXHQWHVGHHQHUJtDDDTXHOODVGHODVTXHVHREWLHQHODHQHUJtD HO SHWUyOHR VHOODPD IRVLOL]DFLyQ \
TXH QHFHVLWD HOKRPEUH SDUD GHVDUUROODUVXVDFWLYLGDGHV /DV IXHQWHV GH HQHUJtD VHJXUDPHQWH OR FRQR]FDQSRUTXHRWUR
FRQVWLWX\HQUHFXUVRVQDWXUDOHV (QWRQFHV GHDFXHUGR FRQODVIXHQWHVGHGRQGHVH VLPLODUHVHO TXHKDFHTXHORVKXHVRVGH
ODVREWLHQH SRGHPRV FODVLILFDUDODVHQHUJtDVHQUHQRYDEOHVRQRUHQRYDEOHV GLQRVDXULRV \RWURVDQLPDOHV\SODQWDVTXH
6RQIXHQWHV GH HQHUJtDUHQRYDEOHV ODVTXH SURYHHQ DOD 7LHUUD GH IRUPD FRQ YLYtDQVREUHOD7LHUUDKDFH PLOORQHVGH
WLQXDRIRUPDQ SDUWH GHHOOD\TXHQRVHDJRWDQ VLQLPSRUWDU FXiQWR VH ODVXWL DxRVVHFRQVHUYHQKDVWDQXHVWURVGtDV3RU
OLFH/ DV HQHUJtDV KLGUiXOLFD VRODU HyOLFD\PDUHRPRWUL]VRQIXHQWHVGHHQHUJtD HVWRVHGLFH TXH HO SHWUyOHRHV XQ IyVLO \
UHQRYDEOHV 3RU VXSDUWH ODVIXHQWHVGH HQHUJtDVQR UHQRYDEOHVVRQ DTXHOODV HO FRPEXVWLEOH TXH VHIDEULFD D SDUWLU GH
TXH EULQGDQFDQWLGDGHV OLPLWDGDV FX\DV UHVHUYDV SXHGHQ GLVPLQXLU VL VH KDFH pO UHFLEHHO QRPEUH GHFRPEXVWLEOH IyVLO
XQXVRH[FHVLYRGHHOODV (O FDUEyQ HOSHWUyOHR\HOJDVQDWXUDO VRQFRPEXVWLEOHV &XDQGRVHTXHPDQ FRPEXVWLEOHV FRPR
IyVLOHVTXH FRQVWLWX\HQ IXHQWHV GHHQHUJtD QR UHQRYDEOHV ,1)2 HO JDVHO FDUEyQ OD PDGHUD\HO SHWUyOHR
\VXVGHULYDGRVVHSURGXFHGLy[LGRGH
FDUERQR TXHOOHJDD OD DWPyVIHUD
/D HOHFWULFLGDG
8QD GH ODV IRUPDV GH HQHUJtD TXH PiV XWLOL]DPRV HQ QXHVWURV KRJDUHV HV
a
OD HOpFWULFD *UDFLDV D HOOD\ D VXVWUDQVIRUPDFLRQHV REWHQHPRV OX] FDORU \ OD
! SRVLELOLGDG GH KDFHU IXQFLRQDU PXFKRV DUWHIDFWRV 'LYHUVDVIXHQWHVGH HQHUJtD
SURSRUFLRQDQHQHUJtD HOpFWULFD
/ DV FHQWUDOHVKLGURHOpFWULFDVDSURYHFKDQ ODHQHUJtDSRWHQFLDODOPDFHQDGD
>
HQ HODJXD (QHOFDXFH GHDOJXQRV UtRVVHFRQVWUX\HQ UHSUHVDV SDUD ODDFXPXOD
a FLyQ GHDJXD (O DJXD GHO UtR DXQR\ RWUR ODGR GHODUHSUHVD HVWi HQ GLIHUHQWHV
QLYHOHV +DFLD XQR GH ORV ODGRV VH IRUPD XQD SLOHWD GH PXFKRV NLOyPHWURV
FXDGUDGRV GH VXSHUILFLH TXH FRQWLHQHPLOORQHV GH OLWURV GH DJXD (O I
JXD UHWH
āa QLGD VH YD OLEHUDQGR GH D SRFR \ OD HQRUPH FDQWLGDG GH HQHUJtD FLQpWLFD TXH
WUDHKDFHJLUDUODVSDOHWDV GHXQDWXUELQD OD FXDO HVWiXQLGDDXQJHQHUDGRUTXH
WUDQVIRUPD ODHQHUJtDGHOPRYLPLHQWRHQ HQHUJtDHOpFWULFD
U! / DVFHQWUDOHVWHUPRHOpFWULFDV TXHSDUWHQ GHODFRPEXVWLy Q GHFDUEyQ IXHO
R
U
? RLO JDV HQ HO LQWHULRU GH XQD FDOGHUD WUDQVIRUPDQHQHUJtD TXtPLFD HQ FDORU
TXH KDFH TXH HODJXDKLHUYD\VHWUDQVIRUPH HQ YDSRU (VWH PXHYH XQDWXUELQD
U! TXH SURGXFH HQHUJtDHOpFWULFD
U! / DV FHQWUDOHVQXFOHDUHVXWLOL]DQFRPR FRPEXVWLEOH ODHQRUPHFDQWLGDGGH
HQHUJtDTXHHQFLHUUDQ ORVQ~FOHRV GH ORViWRPRVGHFLHUWRVHOHPHQWRV TXtPLFRV
U!
B FRPR SRU HMHPSORHO XUDQLR (VWDHQHUJtD VHXWLOL]D SDUD FDOHQWDU DJXDDWHP
SHUDWXUDV PX\DOWDV\SURGXFLU YDSRU GH DJXDTXH PXHYHWXUELQDV TXH JHQHUDQ
HQHUJtD HOpFWULFD
8VRVGHODHQHUJtDHQHOKRJDU
&RPSOHWHQ ORVHVSDFLRV HQ EODQFR FRQ ORV WpUPLQRV ¢4XpGLIHUHQFLDKD\HQWUHODVIXHQWHV \ ODVIRUPDVGH
U TXH FRUUHVSRQGDQ Hy+FDKLGURHOpFWULFD FLQpWLFDSRWHQFLDO HQHUJtD"
UHQRYDEOHQR UHQRYDEOH YLHQWRSHWUyOHR
U
?
/D HVXQD IXHQWHGHHQHUJtDTXH $ UPHQ XQDOLVWD FRQODVIRUPDVGHHQHUJtD TXH XWLOL]DQD
WUDQVIRUPD OD HQHUJtD GHO B GLDULR HQOD HVFXHOD,QYHVWLJXHQVREUHODVIXHQWHVGHHQHUJtD
HQHQHUJtDHOpFWULFD 'HELGRD TXH HVXQDIXHQWHGHHQHUJtD XWLOL]DGDVSDUDDEDVWHFHUVHGHHVDHQHUJtD\VL VRQUHQRYDEOHV
O TXHQR VHDJRWD VHOD FRQVLGHUDaa RQRUHQRYDEOHV
!B
U/O?
a OL
DVFLHQGH SRU HO WXER KDVWD DOFDQ]DU XQ PROpFXODV TXH VH HQFXHQWUDQ HQ SHUPDQHQWH PRYLPLHQWR &DGD XQD GH HVWDV a
GHWHUPLQDGR QLYHO / RV WHUPyPHWURV SDUWtFXODV SRUOR WDQWR WLHQH HQHUJtD FLQpWLFD &XDQGR ODVPROpFXODV VHPXHYHQ
HVWiQ PDUFDGRV FRQ GLIHUHQWHV YDORUHV PXFKR VH GLFH TXH WLHQHQ DJLWDFLyQ WpUPLFD \ ORV REMHWRV WLHQHQ PD\RU WHPSH B B
GH XQD HVFDOD TXH SHUPLWH GHWHUPLQDU OD UDWXUD / D VXPD GH OD HQHUJtD FLQp ? ?
WLFD GH WRGDV ODV SDUWtFXODV GH XQ ? # #
a
WHPSHUDWXUD GHO REMHWR ([LVWHQGLIHUHQWHV
HVFDODV SDUD PHGLU - DWHPSHUDWXUD REMHWR VH OODPD HQHUJtD WpUPLFD
6HJXUDPHQWH OD PiV FRQRFLGD SRU
XVWHGHV HV OD HVFDOD &HOVLXV (VWDHVFDOD
/ D WHPSHUDWXUD GH ORV REMHWRV £ £a a āM
a? āB- ā
ā,Ë ??
PLGH OD FDQWLGDG GH HQHUJtD WpUPLFDZā ā ? ā aāā ā ā
WLHQH HO YDORU FHUR HQ OD WHPSHUDWXUD GDGD SRU HO PRYLPLHQWR GH ODV SDU
GH FRQJHODFLyQ GHO DJXD \ HO FLHQ HQ HO WtFXODV TXH FRQIRUPDQ VX PDWHULD
SXQWR GH HEXOOLFLyQ GH HVWD &DGD XQD GH $ O FRPSDUDU GRV FXHUSRV GH FDUDF
ODV FLHQ SDUWHV TXH KD\ HQWUH HVRV YDORUHV WHUtVWLFDV VLPLODUHV SHUR TXH HVWiQ D 9
a
VH OODPD JUDGR &HOVLXV R FHQWtJUDGR / DV GLIHUHQWH WHPSHUDWXUD HO GH PD\RU ?
R
WHPSHUDWXUDV EDMR FHUR WLHQHQ XQ YDORU WHPSHUDWXUD WLHQH PiV HQHUJtD WpU ? a
QHJDWLYR HQ OD HVFDOD &HOVLXV PLFD TXH HO GH PHQRU WHPSHUDWXUD W!
¢< HOFDORU"
'XUDQWH HO LQYLHUQR SRU ODV PDxDQDV VROHPRV VRVWHQHU OD WD]D GHO FDIp FRQ
OHFKH TXH WRPDPRV HQ HO GHVD\XQR FRQ ODV GRV PDQRV (OIUtR TXH VHQWLPRV QRV
KDFH EXVFDU FDORU SDUD TXH QXHVWURV GHGRV WHQJDQ PHQRV IUtR ¢4Xp HV OR TXH
KDFH TXH HOFDIp FRQ OHFKH UHFLpQ VHUYLGR QRV SHUPLWD FDOHQWDU QXHVWUDV PDQRV"
&XDQGR OD PDQR VH SRQH HQ FRQWDFWR WRQ OD WD]D FDOLHQWH H[LVWH XQ SDVDMH GH
HQHUJtD WpUPLFD GHVGH OD WD]D D OD PDQR (Q JHQHUDO OD HQHUJtD SDVD GH ORV FXHUSRV
TXH HVWiQ DPD\RU WHPSHUDWXUD DORVGH PHQRU WHPSHUDWXUD (VDHQHUJtD WpUPLFD HQ U
WUiQVLWR VHGHQRPLQD FDORU /DWUDQVIHUHQFLD GH FDORU FHVDFXDQGR DPERV FXHUSRV VH B
HQFXHQWUDQ DODPLVPD WHPSHUDWXUD RVHD TXH KDQ DOFDQ]DGR HOHTXLOLEULR WpUPLFR
(O WUDVSDVR GH FDORU GH XQ FXHUSR KDFLD
,1',&$&,21(6 RWUR KDFH TXH ODVPROpFXODV GHO VHJXQGR
WHQJDQ PD\RU DJLWDFLyQ WpUPLFD \ SRU OR
,QYHVWLJXHQ VREUH RWUDV HVFDODV XWLOL]DGDV WDQWR TXH VX HQHUJtD WpUPLFD VHDPD\RU
SDUD OD PHGLFLyQ GH WHPSHUDWXUD (QHOGHVD\XQR ORV iWRPRV GH ODPDWHULD
TXH IRUPD ODV FpOXODV GH QXHVWUD PDQR
VHPXHYHQ FRQ PD\RU YHORFLGDG FXDQGR
UHFLEHQ HOFDORUGH ODWD]D
6L SRU HOFRQWUDULR OD PDQR WRFD XQ OPOOOOO
OOOOOOOLOOOOOOOOOOOLOOaU
REMHWR PiV IUtR HO FDORU YLDMD GH OD &XDQGR OD DJLWDFLyQ WpUPLFD GH ODV PROpFXODV
PDQR KDFLD HOREMHWR ,1)2 VHLJXDOD VH DOFDQ]D HO HTXLOLEULR WpUPLFR
U!
7 HPSHUDWXUD
W(IaFWRLQYHWQSaOHUR
Q
U! ( O FDORU HQ HO SODQHWD
Q (V LPSRVLEOH SHQVDU HQ XQ PXQGR VLQ HQHUJtD \D TXH FRPR YLPRV DOFRPLHQ]R )XHQWHV GH HQHUJtDV OLPSLDV
GH HVWH FDStWXOR HVWD VH HQFXHQWUD HQ WRGRV ODGRV (O 6RO HV OD SULQFLSDO IXHQWH GH /D FRPEXVWLyQ HVGHFLUOD TXHPDGH
HQHUJtD GHO SODQHWD 6RORXQD PtQLPD SDUWH GH ODHQHUJtD TXH HO 6RO HQYtD DOHVSDFLR FDUEyQJDV\FRPEXVWLEOHVGHULYDGRV
OOHJDDOD7LHUUD SHURSRVLELOLWD TXHHOPXQGRVHDWDOFRPRORFRQRFHPRV GHOSHWUyOHRTXHVRQ
/D DWPyVIHUD HVOD FDSD GH JDVHV IXHQWHVGHHQHUJtDQR
TXH URGHD D OD 7LHUUD FRQVXOWHQ UHQRYDEOHV OLEHUDJDVHV
HO FDStWXOR \ HV OD UHVSRQVDEOH TXHFRQWULEX\HQDO
GH UHWHQHU XQD SDUWH GH OD HQHUJtD FDOHQWDPLHQWRGHOD
VRODU \ JHQHUDU WHPSHUDWXUDV DSUR DWPyVIHUD
SLDGDV SDUDORVVHUHV YLYRV (Q OD DFWXDOLGDG ORV
¢&yPR VXFHGH HVR" / D HQHUJtD FLHQWtILFRVEXVFDQ IXHQWHV
OXPtQLFD SURYHQLHQWH GHO 6RO DWUD GHHQHUJtDTXHUHHPSODFHQD
YLHVD ODDWPyVIHUD \FDOLHQWDHO DLUH DTXHOODVTXHVHXVDQFRP~QPHQWH \TXH
TXHODFRPSRQH 3DUWH GHORVUD\RV VHDJRWDUiQHQHOIXWXUR /D HQHUJtDHyOLFD
GH OX]TXH OOHJDQ DOD VXSHUILFLHGH \OD VRODUVRQDOJXQRVHMHPSORV (VWDV
OD 7LHUUD VH UHIOHMDQ HQ HO DJXD GH IXHQWHVGHHQHUJtDVOLPSLDV OODPDGDV
ORV RFpDQRV \ PDUHV / D DWPyVIHUD DOWHUQDWLYDV VHFRQVLGHUDQPiVYHQWDMRVDV
UHWLHQH HVWRV UD\RV UHIOHMDGRV TXH SRUTXHDGHPiVGHQRDJRWDUVH QRVXHOHQ
YROYHUtDQ DOHVSDFLR VLHOODQR H[LV FDXVDUHIHFWRVQHJDWLYRVHQHO DPELHQWH
WLHUD 'H HVWD PDQHUD OD HQHUJtD
OXPtQLFD GHO 6ROVH WUDQVIRUPD HQ
FDORU HQ OD DWPyVIHUD (VWH IHQy
PHQR VHOODPDHIHFWR LQYHUQDGHUR
SRUTXH HV DOJR SDUHFLGR D OR TXH
RFXUUH HQ ORV LQYHUQDGHUyV TXH HO (Q OD SiJLQDGHO FDStWXOR HQFRQWUDUiQ
KRPEUH IDEULFD SDUD FXOWLYDU SODQ LQIRUPDFLyQVREUHHO FLFORGHO FDUERQRHQ
WDV / D WHPSHUDWXUD GHQWUR GH XQ OD QDWXUDOH]D\VX UHODFLyQFRQHO HIHFWR
LQYHUQDGHUR HV PiV DOWD TXH HQ LQYHUQDGHUR
HO H[WHULRU (Q VX LQWHULRU H[LVWHQ
ODV WHPSHUDWXUDV LGHDOHV SDUD TXH
FUH]FDQSODQWDV GHLJXDOPDQHUD HO
¢4XpPLGHOD WHPSHUDWXUD"
U / RV JDV HV GH HIHFWR LQYHUQDGHUR
Q ¢4XpHVHO FDORU"
/DTXHPD GHFRPEXVWLEOHVSDUDREWHQHU HQHUJtDSDUDHOWUDQVSRUWH \ODLQGXV
U! WULD KDFH TXH ODDWPyVIHUD VH FDUJXH H[FHVLYDPHQWH GHJDVHV TXH UHWLHQHQ PiV / HDQODVVLJXLHQWHVRUDFLRQHV\
FDORU XQR GHORV PiV LPSRUWDQWHV HVHOGLy[LGR GHFDUERQR &RPR UHVXOWDGR PDUTXHQ ORVFRQFHSWRV HUUyQHRV
ODWHPSHUDWXUD GHWRGD ODDWPyVIHUD DXPHQWD D /D HQHUJtDOXPtQLFDGHO6RO VH
UU ¢4Xp SRGUtD FDPELDU SRU HVWD UD]yQ" £ 0XFKtVLPDV FRVDV (O FDORU GH OD WUDQVILHUHHQFDORUHQORVFRPSRQHQWHV
Q DWPyVIHUD VHWUDQVILHUH DORV RFpDQRV \ DXPHQWD VXWHPSHUDWXUD 6L HODJXD GH GHOD DWPyVIHUD
ORV RFpDQRV HVWiPiV FDOLHQWH ODHQHUJtD FDOyULFD VH WUDQVILHUH DORV JODFLDUHV \ E /D DWPyVIHUDWUDQVIRUPDHQHUJtD \
U! HODJXD FRQWHQLGD HQ HOKLHOR GH ORVSRORV VH GHUULWH FRPR OR KDUtD XQFXER GH HQYtDFDORU KDFLDORVRFpDQRV\PDUHV
U! KLHOR HQ XQYDVR FRQ DJXDWLELD 6L H[LVWLHUD PD\RU FDQWLGDG GHDJXDHQ HVWDGR
U! OtTXLGR HQ ORVPDUHV\VXQLYHO DXPHQWDUD HOODFXEULUtDPXFKRV OXJDUHV FRPR (VFULEDQXQUHVXPHQTXHH[SOLTXH
VXFHGH FXDQGR XQDSLOHWD VHGHVERUGD (OFOLPDGHGLIHUHQWHV SDUWHV GHOPXQGR ODVVLJXLHQWHVH[SUHVLRQHV HIHFWR
Q FDPELDUtD \ FRPR UHVXOWDGR ORVVHUHVYLYRVYHUtDQ DIHFWDGDVODVFRQGLFLRQHV GH LQYHUQDGHURWUDQVIHUHQFLDGHFDORU
Q VXDPELHQWH (O FRQMXQWR GHFRPSOHMDVYDULDFLRQHV TXH RFXUULUtDQ FRPR FRQVH DWPyVIHUDWUDQVIRUPDFLyQGH HQHUJtD
FXHQFLD GHHVWRVIHQyPHQRV VHGHQRPLQD FDPELRJOREDO RFDPELRFOLPiWLFR KLHORV SRODUHV\ FDPELRFOLPiWLFR
Q &RPRYHQ HOFDPELR FOLPiWLFR HVXQSUREOHPD UHODFLRQDGR FRQODVWUDQVIRUPD
Q GRQHVGHHQHUJtD\ODWUDQVIHUHQFLD GHFDORUHQ OD7LHUUD ,1)2
a
B
$ &,( 1&,$
&,( 5 7$
(O EXTXH QDYHJDUi FRQ XQ GH FFLPE~VWLEOH IyVLO \XQ
GH ELRGLpVHO &RQ VHWHQWD WRQHODGDV GH FDSDFLGDG GH
ERGHJD HO EDUFR &RGHSHFD SUREDUiHO UHQGLPLHQWR GHO
ELRFRUQEXVWLEOH HODERUDGR D SDUWLU GHODFHLWH GH PLFURDOJDV
XQD LQLFLDWLYDTXH QDFLy HQ FRQ HO LQLFLR GH OD
IRUPDFLyQ GHO&HQWUR GH (QHUJtDV$ OWHUQDWLYDV GH &RPRGRUR
XQ RUJDQLVPR GHSHQGLHQWH GHOJRELHUQR GHO&KXEXW
1RWD
DGDSWDGD
GHO GLDULR 5HVSRQGDQ D ODVVLJXLHQWHV SUHJXQWDV
/D 1DFLyQ D ¢4Xp VRQ ORVELRFRPEXVWLEOHV" ¢3RU
TXp VH ORVFRQVLGHUD XQD IXHQWH GH HQHU
JtD DOWHUQDWLYD" ,QYHVWLJXHQ VREUH RWURV
WLSRV GH ELRFRPEXVWLEOHV
E ¢(O ELRGLpVHO HV XQD IXHQWH GH HPHUJtD
UHQRYDEOH R QR UHQRYDEOH" ¢3RU TXp"
¢&RQVWLWX\HQ XQD VROXFLyQ SDUD HO SUREOH
PD GHO FDPELR FOLPiWLFR"
L
a
R
R
H
R
ā@
t2
8VR GRPpVWLFRGH HQHUJtD
$ GLDULR XWLOL]DUQRV IXHQWHV GH HQHUJtD PX\ GLYHUVDV SDUD ILQHV PX\ GLYHUVRV R
/D SURYLVLyQ GH OD HQHUJtD HQ ORVKRJDUHV LPSOLFD XQ FRVWR HQ GLQHUR &XiQWR a
FXHVWD UHDOL]DU DOJXQDV DFWLYLGDGHV TXH UHTXLHUHQ HO XVR GH HQHUJtD
-
āāa a a ā
U
2EMHWLYR
HO
(O REMHWLYR GH HVWD DFWLYLGDG JUXSDO HV UHODFLRQDU OD FDQWLGDG GH HQHUJtD
a
3URFHGLPLHQWR
-
?
&RPR WUDEDMDUiQ FRQ IXHQWHV GH HQHUJtD TXH SXHGHQ FDXVDU DFFLGHQWHV
?J
SDUD UHDOL]DU WRGDV ODV DFWLYLGDGHV GHEHUiQ FRQWDU FRQ OD VXSHUYLVLyQ GH XQD aa
SHUVRQD DGXOWD
R
Q
a
a
3ULPHUD SDUWH
,a
9
a
a & RORTXHQ PL GH DJXD GHQWUR GHO YDVR WpUPLFR ,QWURGX]FDQ HO
FDOHQWDGRU HOpFWULFR HQ HO YDVR FRQ DJXD \ FDOLpQWHQOD KDVWD TXH KLHUYD ?
a
a
H
0LGDQ HO WLHPSR TXH WDUGy FRQ HO FURQyPHWUR a
!
5HFXHUGHQ Th HDO PXOWLSOLFDU HO WLHPSR HQ PLQXWRV TXH WDUGD HO DJXD U! R H
HQ KHUYLU SRU OD SRWHQFLD HQ NZ TXH GHVDUUROOD HO DSDUDWR VH REWLHQH OD ?
£
B L
HQHUJtD HPSOHDGD HQ NZK (O YDORU GH OD SRWHQFLD GHO DSDUDWR VH SXHGH
HQFRQWUDU HQWUH VXV FDUDFWHUtVWLFDV HQ HO PDQXDO UHVSHFWLYR R HQ VX HWLTXHWD La a
3DUDFDOFXODU FXiQWR FRVWy KHUYLUHO DJXD QHFHVLWDQ XQD IDFWXUD GH OX]GRQGH ?
£a
ILJXUH HO SUHFLR GH OD HQHUJtD HOpFWULFD HQ SRU NLORYDWLR KRUD
6HJXQGDSDUWH O a
+LHUYDQ PL GH DJXD FRPR OR KLFLHURQ HQ OD SULPHUD SDUWH ,Q
UHHPSOD]DQGR HO FDOHQWDGRU HOpFWULFR SRU XQ PHFKHUR GH DOFRKRO
?B
a 5 HFXHUGHQTXH HO DOFRKRO FRQVXPLGR VHUi OD GLIHUHQFLD HQWUH VX FDQWLGDG
LQLFLDO\ ILQDO 3DUD FDOFXODU FXiQWR FRVWy KHUYLU HO DJXD QHFHVLWDQ HO SUHFLR U
GHO OLWURGH DOFRKRO XWLOL]DGR
5 HFXHUGHQTXH OD FDQWLGDG GH JDV XWLOL]DGR GHEHQ OHHUOD HQ HO PHGLGRU
FRQ OD SUHFDXFLyQ GH QR WHQHU HQFHQGLGR QLQJ~Q DUWHIDFWR GH JDV PLHQWUDV
VH UHDOLFH HVWD H[SHULHQFLD 3DUD FDOFXODU FXiQWR FRVWy KHUYLU HO DJXD
QHFHVLWDQ XQD IDFWXUD GH JDV GRQGH ILJXUH VX SUHFLR SRU P
a 5 HV SRQGDQD ODV VLJXLHQWHV SUHJXQWDV
¢(QFXiO GH ODV WUHV VLWXDFLRQHV HO FRVWR HV PHQRU"
5HIOH[LRQHQ VREUH ODV DFWLYLGDGHV TXH LPSOLFDQ XQ GHUURFKH GH HQHUJtD
'LVFXWDQ VREUH HO JDVWR GH GLQHUR HQ HO PDO XVR GH HVD HQHUJtD
¢4Xp VXFHGH FRQ ODV PROpFXODV PLHQWUDV VH ODV FDOLHQWD"
¢&XiO HV HO VLVWHPD HQ HVWXGLR" ¢7RGD OD HQHUJtD HV DSURYHFKDGD SDUD
FDOHQWDU HO DJXD" ) XQGDPHQWHQWHQVXV UHVSXHVWDV
¢&RQ TXp PDWHULDOHV LQWHUFDPELD HQHUJtD HO VLVWHPD HQ HVWXGLR"
¢&yPR VH PDQLILHVWD GLFKR LQWHUFDPELR"
aaa aaaaaa aāāa
FtDVHGH
O (
1
(
5
*
a
a
H $
5HIHUHQFLDV
(QHUJtD FLQpWLFD FDXVDGD SRU HO PRYLPLHQWR GHO YLHQWR
(QHUJtD FDSD] GH SURGXFLU FDPELRV DOPDFHQDGD HQ
SDUWtFXODV FXHUSRV R VLVWHPDV
)XHQWH HQHUJpWLFD TXH QR VH DJRWD PiV DOOi GH FXiQWR VH OD
XWLOLFH
(IHFWR DVRFLDGR D ODVWUDQVIRUPDFLRQHV \WUDQVIHUHQFLDV GH
HQHUJtD HQ OD DWPyVIHUD
)XHQWH GH HQHUJtD TXH DSURYHFKD HO FDORU GHO DJXD GH QDSDV
a
? VXEWHUUi QHDV OUQSHWHQ HO FXDGURGHWUDQVIRUPDFLRQHV
(QHUJtD SRWHQFLDO TXH VH DFXPXOD DO HVWLUDU XQ DUFR R GH ODHQHUJtD
,
a WI? FRPSULPLU XQ UHVRUWH
?a ā O( QHUJtD WUDQVIHULGD HQWUH FXHUSRV FRQ GLIHUHQWH WHPSHUDWXUD )RUPDGH )RUPDGHHQHUJtD
HQHLJtDUHFLELGD WUDQVIRUPDGD
D ( QO
3ā PHQ OD ODBGLQFy
PRGD(Q HOOD VH
(VWXIDHOpFWULFD &DORU
aU! ODV RRQVHFXHQGDVUHODFLRQDGDV FRQHO DXPHQWR GH ODV
U WHPSHUDWXUDVGHELGDVDOFDPELRGLPiRFR$ UPHQXQDOLVWD
UQQ ORVHIHFWRV UHODFLRQDGRV FRQ OD WUDQVIHUHQFLD GHHQHUJtD HQ (QHUJtD TXtPLFD (VWXIDGH JDV
U! ORVTFpDQRV\JODFLDUHV¢'H TXpIRUPD SXHGHQ DIHFWDUHVWRV FRQWHQLGDHQHO JDV
U? *
OPELRVD OD HQTXHYtYHQ" (QHUJtD HOpFWULFD (QHUJtD OXPtQLFD
\FDORU
I
? - 5HGDFWHQFRQ HO PD\RUGHWDOOHSRVLEOHXQDFUyQLFDVREUHODV (QHUJtD HyOLFD *HQHUDGRU HyOLFR
? DFWLYLGDGHV TXHUHDOL]DQDNLODUJRGHXQGtDOXHJRVXEUD\HQ
DTXHOODVDFWLYLGDGHVSDUDODVTXHVHUHTXLHUDHO XVRGH HQHUJtD
I
? FOpFWULFD,PDJLQHQFyPR KDUtDQSDUDUHDOL]DUHVWDVDFWLYLGDGHV L &RPSOHWHQODVVLJXLHQWHVRUDFLRQHV
H
U! HQ P HQTXHQRKXELHUDHOHFWULFLGDG /D FRPSUHVLyQ GH XQ UHVRUWH R OD WHQVLyQ GH XQ DUFR
? DFXPXOD HQHUJtD
,QGLTXHQVL ODVVLJXLHQWHVDILUPDFLRQHVVRQYHUGDGHUDV 0 R (O HV XQD
ULDOVDV I \MXVWLILTXHQ VX UHVSXHVWD FRQVHFXHQFLD GH OD FLUFXODFLyQ GHO FDORU HQ OD
Q WHUUHVWUH
D /D HQHUJtD FLQpWLFD GH ORViWRPRV GH ORVFXHUSRV VH PLGH D /D HQHUJtD VH PDQLILHVWD D WUDYpV
QWUDYpV GH OD WHPSHUDWXUD ' GHO PRYLPLHQWR GH FXHUSRV \ SDUWtFXODV
! E(O HIHFWR LQYHUQDGHUR HV XQ IHQyPHQR FDXVDGR SRU OD (O PRYLPLHQWR GHO DLUH JHQHUD HQHUJtD
Q OLEHUDFLyQ GH JDVHV SURGXFLGRV SRU OD FRPEXVWLyQ GH FDUEyQ PLHQWUDV TXH HO PRYLPLHQWR GHO DJXD HV XQD IXHQWH GH
JDV \ GHULYDGRV GHO SHWUyOHR 2 HQHUJtD
/D HQHUJtD GH ORVVLVWHPDV QR VH SLHUGH VROR VH WUDQVILHUH
G /DV QR UHQRYDEOHV VRQ IRUPDV GH HQHUJtD TXH VH DJRWDQ FRQ
VX XVR '
H (O FDORU HVHQHUJtD TXH VHWUDQVILHUH GH ORVFXHUSRV FRQ PHQRU
Q WHPSHUDWXUD KDFLD ORV FXHUSRV FRQ PD\RU WHPSHUDWXUD R
M
B
/ DVRQGDV
8QDRQGDHVXQD SHUWXUEDFLyQ TXH VHSURSDJD DWUDYpV GHO
HVSDGRWUDQVSRUWDQGR HQHUJtD / DOX]\ HOVRQLGR VRQIHQyPHQRV a
RQGXODWRULRV \DTXH VHWUDQVPLWHQ DWUDYpV GH RQGDV
/ RV IHQyPHQRV RQGXODWRULRV
/ DV RQGDV HVWiQ HQ WRGDV SDUWHV (QHVWHPRPHQWR HODLUHTXH ORVURGHD HVWi U!
OOHQRGHGLIHUHQWHVWLSRVGHRQGDV / RVVRQLGRVGHODFDOOHORVJULWRVGHORVFKLFRV
?
HQ HOUHFUHR HOYXHOR GHXQDYLyQ DODGLVWDQFLD VRQ RQGDV / DOX]TXHOHVGDOD
SRVLELOLGDG GHOHHUHVWDVSiJLQDVWDPELpQ HVWiFRPSXHVWD SRU RQGDV / DV VHxDOHV U!
GHUDGLR\WHOHYLVLyQVRQRQGDVTXHYLDMDQ DWUDYpVGHODLUH\SHUPLWHQ FXDQGR VH
?
HQFLHQGH HOHTXLSR GHP~VLFD RHOWHOHYLVRUHVFXFKDU RYHUORVSURJUDPDV HOHJL
GRV/ RVHTXLSRVGHUD\RV; FRQORVTXHVHREWLHQHQ ODVUDGLRJUDItDVSDUDHVWXGLDU
a
DOJXQDSDUWH GHOFXHUSRWDPELpQ HPLWHQ RQGDV
$SHVDUGHVHUIHQyPHQRVPX\GLIHUHQWHVFRPSDUWHQFDUDFWHUtVWLFDVFRPXQHVSRU
HOKHFKRGHTXHHQWRGRVLQWHUYLHQHQODVRQGDV$ KRUDELHQ¢TXpVRQODVRQGDV"
?
?
2QGDV ORQJLWaGLQDOHV
'
L
a
,
& ODVLILFDFLyQGH ODVRQGDV
/ DVRQGDV SXHGHQ GLIHUHQFLDUVH GHDFXHUGR FRQ ODIRUPD HQ ODTXH VHSURSD
JDQ / D VRJDGHO HMHPSOR DQWHULRU IRUPD XQD RQGD TXH VHPXHYH KDFLD DUULED
\KDFtD DEDMR (VWDSHUWXUEDFLyQ FRPR VHYHHQ ODILJXUDHVSHUSHQGLFXODU DOD
U£GLUHFFLyQ HQ ODTXH DYDQ]D ODRQGD / DV RQGDV TXHYLDMDQ GHHVWDIRUPD FRPR
ORVUD\RVGHOX]VRQ RQGDVWUDQVYHUVDOHV 2QGDVVtVPLFDV
I / DVRQGDVORQJLWXGLQDOHV VRQDTXHOODVHQODVTXHODSHUWXUEDFLyQ VHJHQHUDHQOD
PLVPDGLUHFFLyQHQ TXHVHSURSDJDODRQGD / RV VRQLGRVFRQVWLWX\HQ XQ HMHPSOR
GHHVWHWLSRGHRQGDV
U £ / DVRQGDV WDPELpQ GLILHUHQ GH DFXHUGR FRQ HOPHGLR HQ HOTXH YLDMDQ / DV
ORQGDV PHFiQLFDVQHFHVLWDQ GHXQ PHGLR PDWHULDO FRPRHODJXDHODLUHHODFHUR
B BR XQDVRJDSDUD SRGHU SURSDJDUVH (OVRQLGR HVXQHMHPSOR GHRQGD PHFiQLFD
ā / DVRQGDVHOHFWURPDJQpWLFDV FRPRODOX]WLHQHQ ODFDSDFLGDGGHYLDMDUHQHO
QYDFtR HVGHFLUXQPHGLRHQHOTXHQR KD\PDWHULDOHVGHQLQJ~QWLSR £ QLVLTXLHUD
DLUH/ RVUD\RV; \ORVUD\RVXOWUDYLROHWDV VRQHMHPSORVGaHVWHWLSR GHRQGDV
5HVSRQGDQ D ODV VLJXLHQWHV SUHJXQWDV
'LHUFFLyQGHSURSDJDFLyQ GHOD RQGD D¢4Xp HV XQD RVFLODFLyQ R FLFOR"
E ¢4Xp FDUDFWHUtVWLFD GH ODV RQGDV VHWLHQH
U
0RYLPLHQWR GH
W 'LUHFFLyQ
GH OD
HQ FXHQWD SDUD FODVLILFDUODV"'HDFXHUGR
FRQ HVH FULWHULR GH FODVLILFDFLyQ ¢FXiQWDV
RQGDWUDQVYHUVDO
- SHUWXUEDFLyQ FODVHV GH RQGDV H[LVWHQ"
( O V RQLGR
8QVRQLGR VH SURGXFH SRUODVYLEUDFLRQHV GH XQ REMHWR \ OOHJD
DQXHVWURV RtGRV FRPR XQD RQGD PHFiQLFD WUDVODGiQGRVHD
5DSLGH] GHO VRQLGR WUDYpV GH XQ PHGLR
HQ GLVWLQWRV PDWHULDOHV \
GLIHUHQWHV WHPSHUDWXUDV
( O V RQLGR \ HO PHGLR
/ DVRQGDV VRQRUDV FDXVDQ FDPELRV HQ HO PHGLR HQ TXH VH SURSDJDQ 3RU
HMHPSOR SXHGHQ HVFXFKDUODFRQYHUVDFLyQ GHVXVDPLJRV HQHO RWURH[WUHPR GHO
DXODSRUTXH HOVRQLGR YLDMDSURGXFLHQGR XQDSHUWXUEDFLyQ HQHO DLUH(O PHGLR a
HQ TXH VHSURSDJD HOVRQLGR SXHGH VHUVyOLGR OtTXLGR R JDVHRVR &RPR WRGDV
ODVRQGDV PHFiQLFDV ODVRQGDV VRQRUDV QHFHVLWDQXQPHGLR SDUD SURSDJDUVH / D ªU!
UDSLGH] FRQ OD TXH YLDMDQODV RQGDV VRQRUDV GHSHQGH GH ODV FDUDFWHUtVWLFDV GHO BB
PDWHULDOTXH DWUDYLHVDQ B
/ DUDSLGH] GHOVRQLGR HVPD\RUHQ ORVVyOLGRVTXH HQ ORVOtTXLGRV \DVXYH]
HVPD\RU HQ ORV OtTXLGRV TXH HQ ORV JDVHV¢3RUTXp" 7RGRV ORV PHGLRV HVWiQ
FRPSXHVWRV SRU PDWHULD LQWHJUDGDSRU SHTXHxDV SDUWtFXODV OODPDGDVPROpFXODV B
(Q ORVPHGLRV VyOLGRVODVPROpFXODVHVWiQ PX\FHUFDXQDVGHRWUDVHQWRQFHV DO
SURGXFLUVHODYLEUDFLyQ GHXQDGH HOODV HVWUDQVPLWLGD UiSLGDPHQWH DODVRWUDV UU
(Q ORV JDVHV HQ FDPELR ODV PROpFXODV VH HQFXHQWUDQ PiV
VHSDUDGDV SRU OR
WDQWR ODUDSLGH]GHSURSDJDFLyQ GHO VRQLGR HVPHQRU TXH HQDPPHGLR VyOLGR
(O VRQLGR GHO PRWRUGHXQD ODQFKD VH SURSDJD FRQPD\RU UDSLGH]EDMRHO DJXD
U
U!
<
1
U!
a U!
L U!
a
X
R
y U!
aW
R U
L
a
(O HFRVHJHQHUDFRPRUHVXOWDGRGHOD UHIOH[LyQGHODVRQGDVVRQRUDV
HQODV SDUHGHVGHODV PRQWDxDV (VWXGLR GH UDGLR
F U
?
6LJULWDQRWRFDQ ODJXLWDUUD HQXQDKDELWDFLyQJUDQGH\VLQPXHEOHV QRWDUiQ
TXH
HOVRQLGR YLDMD HQWRGDVGLUHFFLRQHV \TXHFDGDYH]TXHODVRQGDV VRQRUDVVH
U
HQFXHQWUDQ FRQ XQDSDUHG VHUHIOHMDQ 6LKDFHQ VLOHQFLRV~ELWDPHQWH HO VRQLGR
U
? VHVLJXH R\HQGR GXUDQWHXQWLHPSR PiV FRPRVL HVWHVHDODUJDUD (OIHQyPH
QR SURGXFLGR SRU ODUHIOH[LyQ GH ODV RQGDV VRQRUDV HQ XQHVSDFLR FHUUDGRVH
OODPD UHYHUEHUDFLyQ ,1)2
WHOHFRPXQLFDFLRQHV \D UDGLR R WHOHYLVLyQ UHTXLHUHQ GH XQ PHGLR OtTXLGR VyOLGR R JDVHRVR
a
TXHSHUPLWHQWUDQVPLWLU SDUDSRGHU SURSDJDUVH / DOX]HQFDPELR HVXQD IRUPD GHHQHUJtDTXH
VHxDOHVDJUDQYHORFLGDG VHSURSDJD FRPR RQGDHOHFWURPDJQpWLFD SRUORWDQWRQR QHFHVLWD GH
XQPHGLR SDUD WUDVODGDUVH
/ DVRQGDVHOHFWURPDJQpWLFDVVHJHQHUDQDSDUWLUGHIXHQWHVTXHHPLWHQ
)LEUD ySWLFD HQHUJtDOXPtQLFD (VWDVIXHQWHVOXPLQRVDV VRQVLVWHPDVTXHWUDQVIRUPDQ
XQDIRUPDGHHQHUJtDHQOX]8QDOiPSDUD SRUHMHPSORWUDVIRUPDHQHUJtD UU!
FXHUSRV DWUDYpVGH HOORV8QD SDUHG XQD OiPLQD GHPHWDO RXQD FDUWXOLQD VRQ
FXHUSRVRSDFRV B
/ RV HVSHMRV
/ RVHVSHMRV VRQ VXSHUILFLHV OLVDV\ SXOLGDV HQ ODV TXH ORV UD\RV GH OX] VRQ /D LPDJHQIRUPDGDSRUXQ
WRWDOPHQWH UHIOHMDGRV (O DJXD TXLHWD GH XQ ODJR R XQ HVWDQTXH SRU HMHPSOR HVSHMRFDPELDHO VHQWLGR
WDPELpQ SXHGH DFWXDU FRPR HVSHMR / RVHVSHMRV SXHGHQ VHU SODQRV R FXUYRV GHOREMHWRGHL]TXLHUGDD
VHJ~Q ODIRUPD GH VXVXSHUILFLH / DVRQGDV GH OX] UHIOHMDGDV SRU XQDVXSHUILFLH GHUHFKD 3RUHVWRVHGLFH
UU OLVDJHQHUDQXQDLPDJHQGHOPLVPRWDPDxRTXHHOREMHWRUHIOHMDGR TXH ORVHVSHMRVJHQHUDQ XQD
/ RVHVSHMRV SODQRV VRQ ORV TXH VHHQFXHQWUDQ HQ ODVFDVDVR HQ HOSUREDGRU LPDJHQHVSHFXODU
B GHXQQHJRFLR GHURSD / RVHVSHMRVFXUYRVVRQ JHQHUDOPHQWH HVIpULFRVVLHVWiQ
SXOLGRV HQ VXSDUWH LQWHUQD VHGHQRPLQDQ FyQFDYRV \ VLORHVWiQ HQ ODSDUWH
H[WHUQD FRQYH[RV VRQ HMHPSORV ORVHVSHMRVTXH VHXVDQ HQ ODVHQWUDGDV GHODV
FRFKHUDV GHORVHGLILFLRVSDUDYHUDQWLFLSDGDPHQWH ODHQWUDGD \VDOLGDGHDXWRV
B
(Q XQ HVSHMR SODQR ORVREMHWRV VH YHQ GH LJXDO WDPDxR PLHQWUDV TXH HQ ORV HVIpULFRV SXHGHQ
YHUVH PiV R PiV FKLFRV
5HVSRQGDQ D ODVVLJXLHQWHVSUHJXQWDV
D¢&XiQGRVHGLFHTXH XQFXHUSRHV
WUDQVO~FLGR"
E &XDQGROD OX] OOHJDD XQREMHWR¢TXp
FDUDFWHUtVWLFDGHWHUPLQD TXHVHSURGX]FD
VX GLIXVLyQRUHIOH[LyQ"
¢4XpHVSHMRVFRORFDUtDQHQXQ
QHJRFLRSDUDTXH OD FDMHUDTXHVH
HQFXHQWUD VHQWDGD D OD GHUHFKDGH OD
SXHUWDGHDFFHVRSXHGDREVHUYDU ORV
D ,PDJHQ HQ XQHVSHMR H,PDJHQ HQ XQHVSHMR E ,PDJHQ HQ XQHVSHMR PRYLPLHQWRV GH ODV SHUVRQDVTXH HVWiQ
U SODQR /D LPDJHQVH FyQFDYR (O HVSHMR FRQYH[R (O HVSHMR DGHQWUR"- XVWLILTXHQ VX UHVSXHVWD
IRUPDWUDVHO HVSHMR FyQFDYRVHFXUYDKDFLD FRQYH[RVHFXUYDKDFLD
REMHWR TXH OD JHQHUD DGHQWUR /D LPDJHQ DIXHUD/D LPDJHQHVPiV
U! IRUPDGDHVPiVJUDQGH FKLFD
a
O M
ª
/ DUHIUDFFLyQ GH OD OX]
6LXQ UD\RGHOX]VHSURSDJDHQHODLUH\SHQHWUD HQHODJXDFDPELDOHYHPHQWH
VX GLUHFFLyQ (VWHIHQyPHQR FRQRFLGR FRPR UHIUDFFLyQ RFXUUH FDGD YH] TXH OD
OX]SDVDGHXQ PHGLR DRWUR TXHEULQGD XQD UHVLVWHQFLDGLIHUHQWHTXHHOSULPHUR
(QHVWHFDVRVH PRGLILFD VXUDSLGH]\ GLUHFFLyQ GHELGR D ODSpUGLGD GH HQHUJtD
SURGXFLGDGXUDQWH HOFDPELRGHVXWUD\HFWRULD
*UDFLDVDHVWHIHQyPHQR ORVFXHUSRVEDMR HODJXDVHYHQPiVFHUFDGHORTXH a
HIHFWLYDPHQWH HVWiQ
£/ DV JRORVLQDV VRQ VLHP
SUH PiV FKLFDV TXH OR TXH
SDUHFHHQORVIUDVFRV/ DUHV
SRQVDEOH GHHVWHIHQyPHQR
HV GH QXHYR OD UHIUDFFLyQ
GH OD OX] (O YLGULR HV XQ
FXHUSR WUDQVSDUHQWH FRQ
GRVVXSHUILFLHVTXH ORVHSD
UDQ GHO DLUH / D OX] OOHJD
GHVGH HO DLUH LQFLGH HQ HO
YLGULR\ VHSURGXFH XQ GHV
YtRGHELGR DOIHQyPHQR GH
/D UHIUDFFLyQ HVHOFDPELRGHGLUHFFLyQTXH UHIUDFFLyQDOVDOLUGHOYLGULR
H[SHULPHQWDXQDRQGDDOSDVDUGHXQPHGLR DODLUHYXHOYHDGHVYLDUVH\VH
PDWHULDOD RWUR GD XQD VHJXQGD UHIUDFFLyQ
2FXUUHSRU HMHPSORFXDQGR ORV UD\RVSDVDQ
GHXQ PHGLR FRQ DJXD D RWURFRQDLUHDR &RPRUHVXOWDGRVHDOWHUDOD
FXDQGR YLDMDQGHXQPHGLRDFXRVRD RWURFRQ YLVLyQ GHORVREMHWRV GHWUiV
DLUHE GHO YLGULR &XDQWRPHQRU
HVHOHVSHVRUGHOYLGULRPiV
SHTXHxD HVODGHVYLDFLyQ
/DV OHQWHV
/ DVOHQWHV VRQFXHUSRV WUDQVSDUHQWHVFRQGRV VXSHUILFLHV FXUYDV RXQDFXUYD \
XQDSODQD &RPRYLHURQ DQWHV HQORHVSHMRVFyQFDYRVRFRQYH[RV ODVLPiJHQHV UU
TXH VHIRUPDQ UHVXOWDQ GHWDPDxRV GLIHUHQWHV DODVUHDOHV(VWDSURSLHGDG GHODV B
VXSHUILFLHVFXUYDVVHXWLOL]DSDUDODFRQVWUXFFLyQ GHOHQWHV TXHVRQ GHJUDQXWLOL
GDGSDUDOHHUXREVHUYDUFRQPD\RU SUHFLVLyQ / DGLIHUHQFLD HQWUH XQD OHQWH \XQ U
?
HVSHMRHVTXHHQODOHQWH HOUD\RODDWUDYLHVDPLHQWUDV TXHHQOHHVSHMRVHUHIOHMD a
(VWRSURYRFD TXHORVUD\RVSDUDOHORV VHGHVYtHQ\OXHJRVHFUXFHQIRUPDQGR XQD ā
LPDJHQ (VWHIHQyPHQR SHUPLWH IRUPDU LPiJHQHV PiVSHTXHxDV RPiVJUDQGHV a
/ DV OHQWHV VRQ XWLOL]DGDV SDUD FRUUHJLU SUREOHPDV GH YLVLyQ R VHODV FRPELQD
HQWUH VtRFRQ HVSHMRVHQPLFURVFRSLRV WHOHVFRSLRV FiPDUDV IRWRJUiILFDV\SUR
\HFWRUHV *DOLOHR*DOLOHLFRQVWUX\y XQWHOHVFRSLR DVWURQyPLFR TXH HQ VXpSRFD a
UHYROXFLRQy ODREVHUYDFLyQ GHOHVSDFLRXVDQGR GRVOHQWHV FRQYHUJHQWHV a
a,
(Q XQDOHQWH (Q XQDOHQWH
FRQYHUJHQWHORV GLYHUJHQWHORV U
UD\aVGHOX] GHVSXpV UD\RVGHOX]GHVSXpV
GHDWUDYHVDUODVH GHDWUDYHVDUODVH U
?
'HQWURGHODJXDSDUHFHUtDTXHHOOiSL]HVWXYLHUD MXQWDQHQXQSXQWR VHSDUDQ /D OHQWHHV H
TXHEUDGR SHURDOVDFDUORGHOUHFLSLHQWH /DOHQWHHVPiV PiVILQDHQHOFHQWUR
VHREVHUYDTXH QRHVDVt(OIHQyPHQR GH JUXHVDHQHOFHQWUR TXHHQHO ERUGH a
UHIUDFFLyQHVWDPELpQUHVSRQVDEOHGHHVWH M TXHHQHOERUGH
HIHFWRYLVXDO
?
-
/ HQWHV
(VSHFWUR OXPLQRVR
'HVFRPSRVLFLyQ
aa
OD GHVFRPSRVLFLyQ GH OD OX]
-
/ DOX] GHO 6ROR GH XQDOiPSDUD HVXQDPH]FOD GH FRORUHV TXH VHOODPD OX] a
EODQFD / D OX] EODQFD VH FRQVLGHUD SROLFURPiWLFD SRUTXH HVWiFRPSXHVWD SRU
VLHWHFRORUHV/ RTXH GLVWLQJXH DFDGDXQRGHHVWRVVLHWHFRORUHVHVODYHORFLGDG
FRQ ODTXH VHSURSDJDQ VXVRQGDV ? 'DOWRQ \ ORV FRORUHV
/ RVSULVPDVVRQFXHUSRVWUDQVSDUHQWHV GHYLGULR FX\DVFDUDVQRVRQSDUDOHODV
\IRUPDQ iQJXORV $O LQFLGLU ODOX]GHO 6ROHQ XQSULVPD VHSURGXFH XQD GREOH - RKQ'DOWRQ TXtPLFR
UHIUDFFLyQ TXHKDFHTXHODVRQGDV GHORVGLVWLQWRV FRORUHVVHGHVYtHQHQGLVWLQWRV LQJOpV HVPiVIDPRVRSRUODSDWRORJtD
a
/D KD] \ HO VRQLGRYLDMDQ FRQ
GLVWLQWDUDSLGH]
5UHVWD UD]yQ RXDQGRHQXQD
WRUUQHQWDVHSURGXFHQ
GHVFDUJDVHOpFWLRDV VHYH
SUWUQHUR HOUD\R
OXHJRGHXQRV
VHJXOFLORVVHHVFXFKDHO VRQLGR
GHOWUXHQR
a
ODFRQWDPLQDFLyQDF~VWLFD
HQHOPDUFDXVDGHORV
YDUDPLHQWRGHFHWiFHRV
(O YDUDPLHQWRGH ORV FHWiFHRVHQ ODVFRVWDV
SRGUtDGHEHUVH HQWUH RWUDVFDXVDVD OD FUHFLHQWH
FRQWDPLQDFLyQDF~VWLFDTXH RULJLQDHO KRPEUH
'HDFXHUGR D LQYHVWLJDFLRQHV UHFLHQWHV HO XVR PLOLWDU
GH ORV VRQDUHV \ HO DXPHQWR GHO WUiILFR PDUtWLPR KD
LQFUHPHQWDGR GH IRUPD
FRQVLGHUDEOH
HO DXPHQWR GH
UXLGR HQ ORVRFpDQRV HQ ORV~OWLPRV DxRV
ā
$ FWLYāDaā
X aBBBB-
U
2EMHWLYR
$ WUDYpV GH HVWD DFWLYLGDG H[SHULPHQWDUiQ VREUH HO FRPSRUWDPLHQWR GH OD
OX] IUHQWH D FXHUSRV GH GLIHUHQWHV FDUDFWHUtVWLFDV 3DUDKDFHUOR FRQVWUXLUiQ
XQD IXHQWH SDUD HPLWLU KDFHV GH OX]SDUDOHORV
0DWHULDOHV
&DMD GH ]DSDWRV /LQWHUQD
/ LEUR 8QHVSHMR SODQR
8QD FXFKDUD GH PHWDO 8Q YDVR FRQ DJXD
8Q SULVPD GH FULVWDO
3URFHGLPLHQWR
(Q OD FDMD GH ]DSDWRV KDJDQXQ DJXMHULWR OR PiV FKLFR SRVLEOH HQ HO aāa
FHQWUR GH XQR GH VXV ODGRV \ GRV RWUHV UDQXUDV YHUWLFDOHV \ SDUDOHODV HQWUH UL £
VtHQ OD FDUD RSXHVWD
BB¢UJāa
1
& RORTXHQGHQWUR GH OD FDMD XQD OLQWHUQD KDFLHQGR FRLQFLGLU OD ODPSDULWD ā#
FRQ HO DJXMHULWR 9!
8ELTXHQHO OLEUR FRPR PXHVWUD OD ILJXUD VX HVSHVRU GHEH SHUPLWLU TXH a"!
TXHGH SRU GHEDMR GHO DJXMHULWR
R
a
,
8QD WRUPHQWD HOpFWULFD VH SURGXFH D SDUWLU GH XQD 5HVXHOYDQ HOVLJXLHQWH FUXFLJUDPD
GHVFDUJD HQWUH ODV QXEHV GHO FLHOR \ OD VXSHUILFLH GH 7LHUUD
6LPXOWiQHDPHQWH VH HPLWHQ VRQLGR WUXHQR \ OX] UHOiPSDJR
&XDQGR OD WHPSHUDWXUD HV GH & HO VRQLGR VH SURSDJD HQ
HODLUH FRQ XQD UDSLGH] GH PVHJ \ HQ HODJXD GH
PVHJ PLHQWUDV TXH OD OX] ORKDFH D NPVHJ
D ([SOLTXHQ SRU TXp VH YH SULPHUR HO UHOiPSDJR \GHVSXpV VH
HVFXFKD HO WUXHQR
E ¢4XLpQ RLUi SULPHUR HO WUXHQR XQD SHUVRQD TXH VH
HQFXHQWUD IXHUD GH VX FDVD X RWUD TXH HVWi HQ VX KDELWDFLyQ
PLUDQGR D WUDYpV GH OD YHQWDQD"
1
F 6L XQ QLxR HVWi EXFHDQGR HQ OD SLOHWD GHO FOXE \RWUR VH KDOOD
HVSHUiQGROR IXHUD GH HVWD ¢FXiO GH ORV GRV RLUi SULPHUR HO
'
WUXHQR"
R
G 6XSRQLHQGR TXH VH HVFXFKD HO WUXHQR 2 VHJXQGRV GHVSXpV
GH YHU HO UHOiPSDJR FDOFXOHQ D TXp GLVWDQFLD VH SURGXMR OD 5HIHUHQFLDV
GHVFDUJD HOpFWULFD
)HQyPHQR SRU HO FXDO OD OX] VH UHIOHMDHQ VXSHUILFLHV
$ JUXSHQ ORVLQVWUXPHQWRV GH OD VLJXLHQWH OLVWD VHJ~Q OLVDV ā
MB
)HQyPHQRV HQ ORV TXH H[LVWH WUDQVIHUHQFLD GH HQHUJtD D
U
? FRUGyIRQRV DHUyIRQRV LGLyIRQRV R PHPEUDQyIRQRV SLDQR
SDQGHUHWD FDMD RERH JXLWDUUD IODXWD WURPSHWD DUSD WUDYpV GH RQGDV
WURPEyQ YLROtQ$ JUHJXHQ FLQFR LQVWUXPHQWRV \ XEtTXHQORV (O FRQMXQWR GH YDULRV UD\RV GH OX] FRPSRQH XQ
a HQ HO JUXSR FRUUHVSRQGLHQWH GH OX]
VU!
L
FaUSR GH YLGULR WUDQVSDUHQWH TXH JHQHUD OD
a
? - XVWLILTXHQ OD VLJXLHQWH DILUPDFLyQ / RVFRORUHV GH ODV GHVFRPSRVLFLyQ GH OD OX] FXDQGR HV DWUDYHVDGR SRU XQ KD]
R
UR
YHVWLPHQWDV GH YHUDQR QR GHEHUtDQ VHU LJXDOHV TXH ORV XVDGRV GH OX]EODQFD
5HIOH[LyQ GHO VRQLGR HQ iUHDV PRQWDxRVDV
a U!
HQ LQYLHUQR
'O
H
6L KLFLHUDQ XQ YLDMH SRU HO GHVLHUWR ¢XVDUtDQ YHVWLPHQWDV FRQ &XHUSRV WUDQVSDUHQWHV FRQ XQD R GRV VXSHUILFLHV FXUYDV
FRORUHV RVFXURV" ¢3RU TXp" TXH JUDFLDV DO IHQyPHQR GH UHIUDFFLyQ SHUPLWHQ REVHUYDU
U!
UR
Q E (Q ODV FDYHUQDV GH ]RQDV BPRQWDxRVDV ORV UXLGRV GH ORV ,QGLTXHQ YHUGDGHUR 9 RIDOVR ) - XVWLILTXHQ VXV
U! SDVRV GH ORV YLVLWDQWHV VH HVFXFKDQ OXHJR GH TXH HVWRV VH UHVSXHVWDV
GHWLHQHQ D (O DUFR LULV HV XQ IHQyPHQR UHODFLRQDGR FRQ OD UHIOH[LyQ
U
GH OD OX]
U! 0DUTXHQ ORVWpUPLQRV LQFRUUHFWRV GH ODV VLJXLHQWHV E / RV VRQLGRV VH SURSDJDQ D WUDYpV GH RQGDV
? RUDFLRQHV / XHJR UHHVFUtEDQODV HQ OD FDUSHWD GH IRUPD ORQJLWXGLQDOHV
FRUUHFWD F /DV RQGDV PHFiQLFDV SXHGHQ WUDQVPLWLUVH HQ HO YDFtR
D /RV VRQLGRV VH WUDQVPLWHQ D WUDYpV GH RQGDV ORQJLWXGLQDOHV G /RV HVSHMRV VRQ VXSHUILFLHV OLVDV HQ ODV ORV UD\RV GH OX]
Ë? VRQ UHIOHMDGRV
E &XDQGR ORV UD\RV GH OX]LQFLGHQ VREUH XQD VXSHUILFLH \ H / DV SDUHGHV GH ORVHVWXGLRV GH JUDEDFLyQ HVWiQ
! UHERWDQ VH GD XQ IHQyPHQR GH UHIOH[LyQ UHFXELHUWDV FRQ PDWHULDOHV TXH DEVRUEHQ ODV RQGDVVRQRUDV
Ë? SDUD HYLWDU HO IHQyPHQR GH UHYHUEHUDFLyQ GHO VRQLGR
Q F /D OX] HVWi FRPSXHVWD SRU RQGDV HOHFWURPDJQpWLFDV TXH
UHTXLHUHQ GH XQ PHGLR SDUD SRGHU SURSDJDUVH
& XDQGR WHUPLQHQ
HVWHFDSLWXORSRGLULLQ
5 HFRQRFHU OD WUD\HFWRULD OD UDSLGH]
\ OD DFHOHUDFLyQ GH XULPRYLx XHQWR
&DOFXODUGLVWDQFLDV HQVLVWHPDV ODItVLFDGH ORVPRYLPLHQWRV FRWLGLDQRV
,PSXOVDGR SRU ODVSUHJXQWDV GH VX KLMR KDFH XQRV
ā GH UHIHUHQFLD BB
DxRV HO ItVLFR / \GHULF%RFTXHW GH XQD LPSRUWDQWH
XQLYHUVLGDG IUDQFHVD LQYHVWLJy HO HIHFWR TXH
REVHUYDPRV FXDQGR ODQ]DPRV XQD SLHGUD HQ XQ
ODJR HV GHFLU HO IDPRVR SDWLWR R VDSLWR (Q
VX LQYHVWLJDFLyQ GHWHUPLQy TXH
ORVSDUiPHWURV UHOHYDQWHV TXH
GHWHUPLQDQ VL XQD SLHGUD VH KXQGLUi
HQ HO ODJR R VHJXLUi VDOWDQGR
D WUDYpV GH OD VXSHUILFLH GHO DJXD
VRQ ORVVLJXLHQWHV OD PDVD GH OD
SLHGUD VX iQJXOR FRQ UHVSHFWR D
OD VXSHUILFLH GHO DJXD FXDQWR PiV
FKLFR PHMRU VX PRYLPLHQWR GH
URWDFLyQ DOUHGHGRUGH VX HMH FXDQWR
PiV JUDQGH PD\RU HVWDELOLGDG \VX
YHORFLGDG KRUL]RQWDO
0HGLDQWH FiOFXORV VREUH SpUGLGD GH
HQHUJtD %RFTXHW HVWLPy HO Q~PHUR
Pi[LPR GH VDOWRV TXH XQR SXHGH
HVSHUDU (Q VX FRQFOXVLyQ HO ItVLFR
LQGLFy TXH SDUD XQD YHORFLGDG
KRUL]RQWDO GH ODQ]DPLHQWR GH
PHWURV SRU VHJXQGR HO Q~PHUR
UQLt[LPR GH SDWLWRV SRVLEOH HV
&DVXDOPHQWH HVH YDORU FRUUHVSRQGH
DO DFWXDO UHFRUG PXQGLDO TXH OR
WLHQH MHUU\ &ROHPDQ0F*KHH TXLHQ
DGHPiV HVFULELy XQ OLEUR OODPDGR
7KHVHFUHWV RIVWRQH VNLSSLQJ / RV
VHFUHWRV GH OD SLHGUD VDOWDULQD GRQGH
FXHQWD ORVVHFUHWRV SDUD VHU XQ
H[LWRVR KDFHGRU GH SDWLWRV R VDSLWRV
,Q
FLyQ FRQODGH RWUR FXHUSR DOTXH VHOR FRQVLGHUD XQ SXQWR RVLVWHPD GH UHIHUHQFLD
BBB!aUaa U
U
/ aaaaaaaaaaaaaa
U!
a
O HVWHFDVRHOSDGUHSXHGHDILUPDUTXH ODFKLFDVHPRYLySRUTXHFDGDYH] TXH ODPLUyQR
HVWDEDHQODPLVPDSRVLFLyQFRQUHVSHFWRDO DURGHEiVTXHW TXHWRPyFRUQRUHIHUHQFLD
3RV LFLyQ
5 HIHUHQFLD
& /
HOODV TXHVLTXHQ
TXLHWDVHQOD
a
YHUHGD
G6LQ HPEDUJR
SDUDHO FRQGXFWRU
; \ ORV TXH
R D \DHVWDEDQ VHQWDGRV
HQHO LQWHULRUGHO
8QWUHQYD GHXQOXJDUDRWURSRUXQD YtD HV GHFLUTXHVHPXHYHSRUXQDUHFWDTXHVH WUDQVSRUWH\ TXH
SXHGHVLPEROL]DU FRQHO HMHGHFRRUGHQDGDV; 8QD HVWDFLyQGHWHUPLQDGD SRU HMHPSORHQ VHPXHYHQFRQHO
ODTXH XQRVXEHDOWUHQSXHGHVHU HOFHUR/D SRVLFLyQGHO WUHQ HQFDGDLQVWDQWH DTXHGD YHKtFXORWRGRV
GHWHUPLQDGDSRUXQDFRRUGHQDGDHOHMH ; FRQYDORU RVHJ~Q SDUDGRQGHYD\DHOWUHQ HOORV SHUPDQHGHURQ
TXLHWRV
E āāāāāāāāaāāāāā
¢( Q TXp VH GLIHUHQFLD HO PRYLPLHQWR GH
U
XQD KRMD OOHYDGD SRU HO YLHQWR GHO GH XQD
U!
R
D [
PDQ]DQD TXH FDH GHO iUERO KDFLD HO VXHOR"
U! ]
U!
L
U
7UD\HFWRULD \ GLVWDQFLD
H
3$5 7,'$
a aaaaaaaaaaaaaa E \
SULPHUDVHGHQRQOLQD WUaZ© aFWPtD
G aB-
aa
&RQ WUD\HFWRULDV GLYHUVDV
&XDQGR XQFXHUSR VH PXHYH FDPELD GH OXJDU FRQ UHVSHFWR DXQVLVWHPD GH
UHIHUHQFLD ILMR 6LXQLPRV FRQXQWUD]RODVSRVLFLRQHV TXHRFXSy HOFXHUSRPLHQ
WUDV WUDQVFXUUtD HO WLHPSR VXUJHXQD OtQHD TXH HVHO UHFRUULGR GHO PyYLO (VD
B B B B //( *$'$
OtQHD LPDJLQDULD TXH XQHODVSRVLFLRQHV TXH IXH RFXSDQGR HO FXHUSR PLHQWUDV
WUDQVFXUUtD HO WLHPSR VHOODPD WUD\HFWRULD
'RVFXHUSRVTXHVH
/ DV WUD\HFWRULDVSXHGHQ VHUVHQFLOODV RFRPSOHMDV8QD WUD\HFWRULDVHQFLOODHVOD
PXHYHQSXHGHQ SDUWLU
GHXQDXWR HQXQD FDUUHWHUDTXH VLHPSUHDYDQFH HQ OtQHD UHFWDRTXHKD\DKHFKR
GHOPLVPROXJDU\OOHJDU DOJXQDVFXUYDV 8QDWUD\HFWRULDFRPSOHMD SRU HMHPSOR HV HO YXHORGHXQDPRVFD
DO PLVPROXJDULQFOXVLYH
RGHXQ PRVTXLWR TXH HQ XQSHTXHxR HVSDFLRYD\YLHQH VXEH\EDMD GH PRGR
FRQOD PLVPDYHORFLGDG
TXHVLGLEXMDPRVODOtQHDFRUUHVSRQGLHQWHDSDUHFHQUXORV\HQWUHFUX]DPLHQWRV/ DV
SHURKDELHQGR UHDOL]DGR
WUD\HFWRULDV SXHGHQVHUDELHUWDV ROLQHDOHV FRPRODGHXQWUHQHQWUHGRVHVWDFLRQHV
WUD\HFWRULDVGLVWLQWDV
RFHUUDGDVDTXHOODVTXHHQFLHUUDQXQD ILJXUD FRPRODTXHGHVFULEHQ ORVDXWRV HQ
XQDSLVWDGHFDUUHUDV / DWUD\HFWRULDWRWDOGHXQFXHUSRRXQDSRUFLyQGHHOODSXHGH
VHUUHFWDRFXUYD &XDQGRVRQFXUYDVVHODVVXHOHGHQRPLQDUFRHOQRPEUHGHOD
ILJXUDTXH GHVFULEHHOPyYLO
,1I2 āa 'W`
2āU< -2-?
+IILWWW!224&`2a- &^ a
?
/ RVPRYLPLHQWRV WHUUHVWUHV
\ VXVWUD\HGRULDV
&RPRYLHURQHQHO FDStWXOR OD 7LHUUD /D OtQHD TXH XQH ODV SRVLFLRQHV
SRU HO QDGDGRU GXUDQWH OD
UHDOL]DGRV PRYLPLHQWRVVLPXOWiQHRV
FDUUHUD HV XQD UHFWD OD WUD\HFWRULD GHO
(O PRYLPLHQWR GHURWDFLyQDOUHGHGRUGH QDGDGRU HV UHFWLOtQHD
XQHMHLPDJLQDULR FRQFLHUWRJUDGRGH
LQFOLQBDFLyQ \HO GHWUDVODFLyQ DOUHGHGRUGHO
6R (O GHURWpOFLyQGXUDKRUDV\HVHO
UHVSRQVDEOHGHTXHH[LVWDQHO GtD\ OD QRFKH /D OtQHD TXH XQH ODV GH OD
SHORWD HQWUH ODV PDQRV GHO MXJDGRU
(O GHWUDVODFLyQ GXUDGtDV\ KRUDV \
\ HO FHVWR HV XQD FXUYD HQ IRUPD GH
FRP~QPHQWHOR OODPDPRV DxRWHUUHVWUH MRWD TXH VH GHQRPLQD SDUiEROD /D
/D OtQHDTXHUHSUHVHQWD OD WUD\HFWRULD HV SDUDEyOLFD
WUD\HFWRULDGHOD 7LHUUD
UHVXOWDQWH GHHVRVGRV
PRYLPLHQWRVBHV $ OJXQDV WUD\HFWRULDV VLPSOHV \ FRPXQHV
XQDFXUYDFHUUDGD
RFLUFXQIHUHQFLD 5HFWLOtQHDV ODVTXHGHVFULEHQORVREMHWRVFXDQGRFDHQ SRUHMHPSOR XQIUXWR
DSHQDV GHXQiUERO XQDPDFHWDGHXQEDOFyQ XQOLEURGHVGHHOHVWDQWHGHODELEOLRWHFD
DFKDWDGD &LUFXODUHV ODVTXHUHDOL]DQ ORVSXQWRV GHXQ&' TXH GHVFULEHQXQDFLUFXQ
HOLSVHFRQ IHUHQFLD SHUIHFWD PLHQWUDV HVWH JLUD ODVGH OD URSD GHQWUR GHO ODYDUURSD FXDQGR
PiVGH FHQWULIXJDRFXDOTXLHUDVLHQWRHQODFDOHVLWD FXDQGRHVWDVHPXHYH
UXORVR EXFOHV 3HQGXODU FXDQGRHOREMHWRTXHVHPXHYHGHVFULEHXQDUFRGHFLUFXQIHUHQFLDSRU
HMHPSORFXDQGRWRPDPRVXQDFDGHQDSRUHOH[WUHPRGHOEURFKH\GHMDPRVFROJDQGR U
VXPHGDOOLWDFRPROD TXHGHVFULEHQXHVWURFXHUSRFXDQGRQRVKDPDFDPRV\ODTXH
WLHQHXQFROJDQWHTXHVHXVDEDHQORVUHORMHVDQWLJXRVTXHVHGHQRPLQDSpQGXOR
/ DVGLVWDQFLDVUHFRUULGDV
&XDQGR XQFXHUSR VHPXHYH VHSURGXFH XQ
UD FXDGUD ]DD FXDGUD UD FXDGUD WD FXDGUD
FDPELR GH SRVLFLyQ HV GHFLU TXH YD GHVGH XQ
OXJDU RSRVLFLyQ LQLFLDO DRWUR OXJDU RSRVLFLyQ
ILQDO $ HVH FDPELR GH SRVLFLyQ VH OR OODPD 326,&,Ï1 ,1,&,$ / 326,&,Ï1 ),1$ /
GLVWDQFLD
9 HDPRV XQ HMHPSOR XQ QLxR YLYH HQ XQD
FDVDTXH VH HQFXHQWUD DWUHV FXDGUDV GHO FROHJLR
GRQGHHVWXGLD 6XFDVD VHWRPD FRPRSXQWRILMR
RFHUR GHO VLVWHPD GHUHIHUHQFLDV \OD GLVWDQFLD
TXH UHFRUUH SDUD LU GHVGH VX FDVD D OD HVFXHOD WDFXDGUD UD FXDGUD GD FXDGUD UD FXDGUD
HVGHFLU ODPHGLGD GHO VHJPHQWR HQWUH HOFROH
JLR SRVLFLyQ ILQDO \ OD FDVD SRVLFLyQ LQLFLDO
HV GH WUHV FXDGUDV 6L DKRUD HO QLxR UHDOL]D HO 326,&,Ï1 ),1$ / 326,&,Ï1 ,1,&,$ /
PRYLPLHQWR LQYHUVR GHVGH HO FROHJLR D VX FDVD
VHWRPD FRPR SXQWRILMR R FHUR GHO VLVWHPD GH
UHIHUHQFLDV HO FROHJLR SHUR OD GLVWDQFLD HQWUH
HO FROHJLR SRVLFLyQ LQLFLDO \ OD FDVD SRVLFLyQ
ILQDOHVODPLVPD WUHVFXDGUDV
/DGLVWDQFLD HQWUH GRVSRVLFLRQHV GHXQPRYL UD FXDGUD GD FXDGUR UD FXDGUD WD FXDGUD
L U
PLHQWRVLHPSUHHV ODPLVPD DXQTXHODVSRVLFLR
££
R
X QHV VHDQ GLVWLQWDVGH DFXHUGRFRQ HOVLVWHPD GH
J
a UHIHUHQFLD HOHJLGR 326,&,Ï1 ,1,&,$ / 326,&,Ï1 ),1$ /
-
a ?
&iOFXORGHODGLVWDQFLD
££
aa
H
aU
&XDQGR VHTXLHUH FDOFXODU OD GLVWDQFLD L VHVLPEROL]D OD SRVLFLyQ GHO REMH
H WR FRQ ; \ ODYDULDFLyQ GH OD SRVLFLyQ FRQ y; / D GLVWDQFLD R YDULDFLyQ GH
BJ
H
1
SRVLFLyQHVODGLIHUHQFLD HQWUH ODSRVLFLyQ ILQDO \ODSRVLFLyQ LQLFLDO \VHSXHGH
H[SUHVDUFRPR y; ; ILQDO ; LQtFtDO
F
Q 9 HDPRV XQHMHPSOR +D\XQTXLRVFRHQWUHODFDVDGHOQLxR\HOFROHJLRFRPR
VHPXHVWUD HQ HOHVTXHPD VXSHULRU
6L HO VLVWHPD GH UHIHUHQFLD HVWiHQODFDVD HO TXLRVFRVHHQFXHQWUD DXQD FXD
GUD\HOFROHJLRDWUHV &DPELDQGR HO VLVWHPD GH UHIHUHQFLD DOFROHJLRHOTXLRVFR
HVWiDGRV FXDGUDV\ODFDVDDWUHV $OFDPELDU HOVLVWHPD GHUHIHUHQFLD FDPELDURQ
ODVSRVLFLRQHV UHVSHFWR GHO PLVPR ¢4XpVXFHGH FRQ ODGLVWDQFLD HQWUH ODFDVD\
HOTXLRVFR"
D$OFRQVLGHUDU HOVLVWHPDGHUHIHUHQFLD HQODFDVDHOTXLRVFR SRVLFLyQ ILQDO
HVWiDPGH OD FDVDSRVLFLyQ LQLFLDO 2 HQWRQFHV
WL ; ; PD ; LQLFLDO
WL ; P 2 P
?
WL ; P
E $O FRQVLGHUDU HOVLVWHPD GH UHIHUHQFLD HQ HO FROHJLR HO TXLRVFR SRVLFLyQ
LQLFLDO HVWiDP GRVFXDGUDV GHO FROHJLRRULJHQGHO VLVWHPDGH UHIHUHQFLD
\ODFDVD SRVLFLyQ ILQDOVH HQFXHQWUDDP WUHVFXDGUDVHQWRQFHV (OLMDQ XQ VLVWHPD GH UHIHUHQFLD H
WL; ; ILQD ; ,QtFtDO LQGLTXHQ OD SRVLFLyQ GH OD FDVD HO HGLILFLR
WL; P P \ HO FROHJLR UHVSHFWR GH HVH VLVWHPD
WL; P
& DOFXOHQ OD GLVWDQFLD HQWUH HO HGLILFLR \
(QDPERV FDVRV ODGLVWDQFLD HQWUHOD FDVD\HOTXLRVFR HVODPLVPD DXQTXH ODV HO FROHJLR
SRVLFLRQHV VHDQGLVWLQWDV VHJ~Q HOVLVWHPD GHUHIHUHQFLD HOHJLGR
a
āaOLDUa
a
! āāāāāāāāā ā
/ DUDSLGH] \ V XV F DPELRV
6HJ~Q HOWLHPSR TXH HOPyYLO RFXHUSR HQ PRYLPLHQWR HPSOHH
D UHFRUUHU XQD
0$*1,78' PiV UiSLGR R PiV OHQWDPHQWH &XDQGR XQ FXHUSR FDPELD VX
3URSLHGDG GH XQ FXHUSR RIHQyPHQR TXH
UDSLGH] VH GLFH TXH VHDFHOHUD
SXHGH PHGLUVH SRU HMHPSOR OD ORQJLWXG
HO iUHD HO WLHPSR HWFpWHUD
5HODFLyQ HQWUH GLVWDQFLD \ WLHPSR
&XDQGR XQ FXHUSR VH PXHYH YDUtD VX SRVLFLyQ D PHGLGD TXH WUDQVFXUUH HO
WLHPSR $ OD UHODFLyQ HQWUH OD YDULDFLyQ GH SRVLFLyQ R GLVWDQFLD UHFRUULGD \ HO
WLHPSR WUDVFXUULGR VH OD OODPD UDSLGH]
/ D SRVLFLyQ HV XQD PDJQLWXG FX\D XQLGDG SXHGH VHU HQWUH RWUDV HO FHQWt
PHWUR HO PHWUR R HO NLOyPHWUR \ HO WLHPSR HV RWUD PDJQLWXG FX\DV XQLGDGHV
a
ORV PiV \ ORVPHQRV UiSLGRV PiV FRPXQHV VRQ ODV KRUDV ORV PLQXWRV \ ORV VHJXQGRV / D UDSLGH] U VH FDO
/RV DQLPDOHV SXHGHQ VHUPX\ UiSLGRV FRPR FXOD FRPR HO FRFLHQWH HQWUH OD GLVWDQFLD UHFRUULGD G \ HO WLHPSR HPSOHDGR HQ UU!
HO FKLWD FX\D UDSLGH] HVGH NPK UHFRUUHUOD WHV GHFLU U G W GHELGR DHVWR OOHYD FRPR XQLGDGHV HO FRFLHQWH
PV FXDQGR UHFJUUH GLVWDQFLDV PHQRUHV HQWUH ODV XQLGDGHV GH GLVWDQFLD \ WLHPSR TXH VH KDQ XWLOL]DGR SDUD PHGLU HVDV
GH PR OHQWRV FRUQR OD WyUWXJD TXH PDJQLWXGHV
WLHQH XQD UDSLGH] GH PK PV *HQHUDOPHQWH VHXWLOL]D PV PHWUR VREUH VHJXQGR RNPK NLOyPHWUR VREUH ā
(O VHUKXPDQR OR KDFH D PV \ FRQ KRUD DXQTXH VHJ~Q OD VLWXDFLyQ VH SXHGHQ XVDU RWUDV XQLGDGHV FRPR PPV
HQWUHQDPLHQWR SXHGH OOHJDUKDVWD ORV 2 PLOtPHWUR VREUH VHJXQGR (Q HO OHQJXDMH FRWLGLDQR FXDQGR KDEODPRV FRQ ODV
PLV SRU XQ EUHYH ODSVR (O PRYLPLHQWR XQLGDGHV GH OD UDSLGH] HQ OXJDU GH GHFLU PHWUR VREUH VHJXQGR R GLYLGLGR
GH ORV JODFLDUHV HV WDQ OHQWR TXH UHVXOWD SRU VHJXQGR GLUHFWDPHQWH XVDPRV PHWUR SRU VHJXQGR
LPSHUFHSWLEOH VX UDSLGH] HVGH PPGtD
PLHQWUDV TXH OD UDSLGH] GH OD OX] HVOD PiV 'LIHUHQFLDHQWUH UDSLGH]\YHORFLGDG
DOWD NPV
(V LPSRUWDQWH QR FRQIXQGLU UDSLGH] FRQ YHORFLGDG SDODEUDV TXH HQ HO OHQ
JXDMH FRWLGLDQR VHQVDQ FRPR VLQyQLPRV 9 HDPRV XQ FDVR 'RV DXWRV TXH VH
PXHYHQ SRU OD PLVPD FDOOH HQ GLVWLQWR VHQWLGR XQR KDFLD HO QRUWH \ HO RWUR
KDFLD HOVXU GH OD FLXGDG $ XQTXH ORV YHORFtPHWURV GH DPERV PDUTXHQ HOPLVPR
Q~PHUR VLELHQ WLHQHQ OD PLVPD UDSLGH] VHPXHYHQ FRQ GLIHUHQWH YHORFLGDG
&XDQGR HQ ItVLFD VH KDEOD GH OD YHORFLGDG GH XQ FXHUSR HQ PRYLPLHQWR
DGHPiV GH LQGLFDU OD UDSLGH] FRQ TXH VH GHVSOD]D VH HVWDEOHFH KDFLD GyQGH VH
PXHYH / D YHORFLGDG LQGLFD OD UDSLGH] SHUR WDPEtpQOD GLUHFFLyQ \ HO VHQWLGR
GH XQ PRYLPLHQWR &XDQGR HQ HO YHORFtPHWUR GHO DXWRPyYLO OHHPRV NPK
PV VROR VDEHPRV OD UDSLGH] FRQ TXH VH HVWi PRYLHQGR HO FRFKH SHUR QR
VX YHORFLGDG
a ā
U NPK
3DUD UHSUHVHQWDUOD PDJQLWXGYHORFLGDGVHXWLOL]DXQDYVREUHOD FXDOVHFRORFDXQDIOHFKDU U!
ā
*UDYHGDG
3RUORJHQHUDO ORV FXHUSRVQRVHPXHYHQ FRQUDSLGH]FRQVWDQWH 3RUHMHPSOR $ FHOHUDFLyQ GH OD JUDYHGDG
VLXQDSHUVRQD FDPLQDPLUDQGRYLGULHUDV DO REVHUYDU DOJRTXH OHLQWHUHVD SDVD $ QDOLFHPRVXQDH[SHULHQFLDXQDSHUVRQD
PiV OHQWDPHQWH R VHSDUD \OXHJR YXHOYH D DUUDQFDUR VHDSXUD KDVWD HO SUy[L GHMD FDHUGHVGHXQDJUDQDOWXUD GRV
PR QHJRFLR GH VX LQWHUpV 8Q DXWRPyYLO TXHVHPXHYH SRU OD FLXGDG WDPSRFR REMHWRVFRQPX\GLIHUHQWHIRUPD \SHVR
YD DPDQWHQHU FRQVWDQWH VXUDSLGH] SXHGH DXPHQWDUOD RGLVPLQXLUODGHELGR DO SRUHMHPSOR XQD PDQ]DQD\XQD SOXPD
WUiILFR \R D ORVVHPiIRURV RVLPSOHPHQWH SRUTXH WLHQH TXH GREODU &XDQGR HO PLHQWUDVRWUDWRPDIRWRJUDItDVLQVWDQWiQHDV
DXWRTXH HVWi TXLHWR DUUDQFD VXUDSLGH] DXPHQWD DPHGLGD TXH SDVD HO WLHPSR GHORVREMHWRVFD\HQGRFRQXQPLVPR
3RU HO FRQWUDULR FXDQGR IUHQD VX UDSLGH] GLVPLQX\H LQWHUYDORGHWLHPSR (O UHVXOWDGRGHHVD
(QODYLGD FRWLGLDQD VH GLFHTXHXQFXHUSR HVWiDFHOHUDQGR FXDQGR DXPHQWD H[SHULHQFLDUHDOL]DGDHQXQDFiPDUDGH
VX UDSLGH] \TXH HVWiIUHQDQGR FXDQGR OD GLVPLQX\H SHUR HQ ItVLFD FXDQGR VH YDFtRVHLOXVWUD HQOD VLJXLHQWH LPDJHQ
SURGXFH FXDOTXLHU WLSR GH FDPELR HQODUDSLGH] GHXQFXHUSR \DVHDXQDXPHQ
WRRXQDGLVPLQXFLyQ VHGLFH TXH HOFXHUSR WLHQH DFHOHUDFLyQ
/ DDFHOHUDFLyQ DO LJXDO TXH ODYHORFLGDG HVXQDPDJQLWXG FRQ GLUHFFLyQ \
VHQWLGR / D DFHOHUDFLyQ TXH IUHQD ORV FXHUSRV WLHQH VHQWLGR FRQWUDULR DO GH OD
YHORFLGDG \OD DFHOHUDFLyQTXHORVKDFHPiVUiSLGRV WLHQH HOPLVPR VHQWLGR TXH
HO GH ODYHORFLGDG
8Q FXHUSR FX\DUDSLGH] FDPELDOHQWDPHQWH WLHQHDFHOHUDFLyQSHTXHxD 6L OD
UDSLGH]FDPELDHQSRFRWLHPSR ODDFHOHUDFLyQHV JUDQGH 3RUHMHPSOR FXDQGR
a
XQDSHUVRQD YLDMD HQXQDXWRTXHDUUDQFDGH UHSHQWH \OOHJDDXQDYHORFLGDG GH
¢
LU? NPKHQ PLQXWR VLHQWH TXH ODFDEH]DVH DSODVWD FRQWUD HODVLHQWR HVR HV
££
R SRU FDXVDGH XQDJUDQ DFHOHUDFLyQ 3DUDSRGHUYHQFHU ODDWUDFFLyQ WHUUHVWUH HQ
9
2
aQ $ TXtVHREVHUYDTXHODPDQ]DQD\ OD
R
L? SOXPDUHFRUULHURQXQDGLVWDQFLDFDGDYH]
PD\RUHQXQ PLVPRWLHPSROR TXH QRV
SHUPLWHSHQVDUTXH D PHGLGDTXH XQā
FXHUSRFDH FDPELDGH YHORFLGDG (VWH
FDPELR GHYHORFLGDG VHGHQRPLQD DFH
OHUDFLyQ GH OD JUDYHGDG \FRUUHVSRQGHD
PV ,QGHSHQGLHQWHPHQWH GHFXDQ
WR SHVHQORVFXHUSRVTXHFDHQKDFLDOD
7LHUUD VL HO DLUHQRRSXVLHUD UHVLVWHQFLD
SRGUtDPRVFRPSUREDU TXHWRGRVWLHQHQ
$O DUUDQFDU XQ FROHFWLYR VX FRQGXFWRU GHEHUtD KDFHU TXH OD UDSLGH] DXPHQWH OHQWDPHQWH
O SDUD HYLWDU TXH ORV SDVDMHURV FDLJDQ KDFLD DWUiV 'H OD PLVPD PDQHUD DO GHWHQHUVH HO FKRIHU XQDFDtGDFRQOD PLVPDDFHOHUDFLyQ\
U! GHEHUtD GLVPLQXLU OHQWDPHQWH OD UDSLGH] SDUD HYLWDU TXH ORVYLDMHURV FDLJDQ KDFLD GHODQWH TXH SRUOR WDQWR OOHJDQ DO VXHOR WHUUHVWUH
DO PLVPRWLHPSR
a
/ RV PRYLPLHQWRV
(O PRYLPLHQWR HV XQ IHQyPHQR XQLYHUVDO 0X\OHMRV GH QRVRWURV VH PXHYHQ ODVHVWUHOODV
H LQFOXVR VH VHSDUDQ ODVJDOD[LDV - XQWR FRQ QRVRWURV JLUD OD7LHUUD DOUHGHGRU GHO 6RO
\VREUH VtPLVPD < VLQ TXH LQWHUFHGDPRV HQ HOOR HQ HOLQWHULRU GH QXHVWUR FXHU
\HQ HOGH WRGRV ORVVHUHV YLYRV IOX\HQ ODVVX
$ &,( 1&,$
&,( 5 7$
,aRVULHVJRVGHFLUFXODU DDOWDYHORFtGXGY
( O PRYLPLHQWRSHQGXODU
3RUPHGLR GH HVWD DFWLYLGDG YDQ DFRPSUREDU GH TXp PDQHUD VH SURGXFH HO
ā£
PRYLPLHQWR GH XQ SpQGXOR 7
a
ā ( [SHULPHQWR
0HGLFLRQHVFRQSpQGXOR
0DWHULDOHV ,a
VRSRUWHV XQLYHUVDOHV XQD HVIHUD GH PDGHUD XQ SLWyQ SDUD PDGHUD KLOR
,"
-
GH QDLORQ DEUD]DGHUDV GREOHV YDULOODVGH PHWDO FURQyPHWUR
,"
KtOR
B/ a
aR
H
^L-
V
6 2325 7( 6 2325 7( 6 2325 7( 6 2325 7( 6 2325 7( 6 2325 7(
a
81,9 ( 5 6 $/ 81,9 ( 5 6 $/ 81,9 ( 5 6 $/ 81,9 ( 5 6 $/ 81,9 ( 5 6 $/ 81,9 ( 5 6 $/
a
B L
3URFHGLPLHQWR
R
-
$ UPHQ HO VLJXLHQWH VLVWHPD &RORTXHQ ORV VRSRUWHV VHSDUDGRV FP ?a
$ WHQ XQR GH ,Ï6 H[WUHPRV GHO KLOR FP DO SLWyQ TXH SUHYLDPHQWH ā2
O
XQLHURQ D OD HVIHUD GH PDGHUD
J
a
(O RWUR H[WUHPR GH KLOR iWHQOR D OD YDULOODGH PHWDO TXH HVWi XQLGD DO £
(Q IRUPD KRUL]RQWDO GHVGH HO VRSRUWH GH OD GHUHFKD KDVWD HO VRSRUWH GH
?
BBB
OD L]TXLHUGD DWHQ RWUR WUR]R GH KLOR Qa
1
6 / OHYHQ OD HVIHUD KDVWD XQR GH ORV VRSRUWHV H[WUHPRV \VXpOWHQOD GHVGH HO B
KLOR KRUL]RQWDO
0LGDQ HO WLHPSR TXH WDUGy OD HVIHUD HQ LU GHVGH XQR GH ORVVRSRUWHV
H[WUHPRV KDVWD HO RWUR VRSRUWH H[WUHPR
Oā ?
&DOFXOHQ OD ORQJLWXG GHODUFRGH FLUFXQIHUHQFLDTXH GHVFULEH OD HVIHUD
$ QRWHQ OR TXH KLFLHURQ \ FDOFXOHQ OD UDSLGH] GH OD HVIHUD ?
$ JUHJXHQ OD VHJXQGD YDULOOD GH PHWDO HQ HO VRSRUWH FHQWUDO D OD DOWXUD
L I?
GHO KLOR KRUL]RQWDO
ā
£
a
/ OHYHQ QXHYDPHQWH OD HVIHUDKDVWD XQR GH ORV VRSRUWHV H[WUHPRV \
VXpOWHQODGHVGH HO KLOR KRUL]RQWDO
0LGDQ HO WLHPSR TXH WDUGy HQ LU OD HVIHUDGHVGH XQR GH ORV VRSRUWHV
H[WUHPRV KDVWD HO RWUR VRSRUWH H[WUHPR
$ QRWHQ OR TXH REVHUYDURQ \FDOFXOHQOD UDSLGH]GH OD HVIHUD ¢FRLQFLGHFRQ
£ OR TXH VXSXVLHURQ"
3URQRVWLTXHQ TXH SDVDUtDVL OD VHJXQGD YDULOOD GH PHWDOVHOD FRORFDUDHQ
O U
aa
U!
HO VRSRUWH FHQWUDO SRUHQFLPD GH OD DOWXUDGHOKLOR KRUL]RQWDO
5HDOLFHQ OD H[SHULHQFLD SDUDFRQILUPDUR UHFKD]DU OD SUHGLFFLyQ DQWHULRU
U!
6&RUURERUHQ VXVDQRWDFLRQHV FRQ ODV GH VXV FRPSDxHURV
6DTXHQ FRQFOXVLRQHV\DQyWHQODV
U!
([SOLTXHQ ODV REVHUYDFLRQHV HQ WpUPLQRV GH
WUD\HFWRULD \ UDSLGH] L
Ma
BBBBBBBBBBBB 0 B
0HQFLRQHQ YDULRV HMHPSORV GH PRYLPLHQWRV ¢(Q TXp E & RQV LGHUHQ HO VLVWHPD GH UHIHUHQFLD HQ D
SXHGHQ SDUHFHUVH GRV PRYLPLHQWRV" ¢(QTXp VH GLIHUHQFLDQ" EO ( V FULEDQ ODV SRVLFLRQHV TXH IXH DOFDQ]DQGR - XDQ KDVWD
3URSRQJDQ XQD IRUPD GH FODVLILFDUORV ¢4Xp FULWHULR HOLJLHURQā OOHJDU D H
SDUD KDFHUOR" E&DOFXOHQ OD GLVWDQFLD HQWUH \ D HQWUH E \ H
HQWUH \ F \HQWUH D \ F
WXFDV 3DROD / DXUD *DEULHO 0DULDQD \ )DFXQGR HVWiQ HQ
OD SOD]D *DEULHO HVWi VHQWDGR HQ OD SDUWH VXSHULRU GHO WRERJiQ 8QDOLHEUH DO FRUUHU PDQWLHQH FRQVWDQWH VX UDSLGH] GH
PLHQWUDV HVSHUD TXH / XFDVWHUPLQH GH EDMDU / DXUD HVWi VHQWDGD PLV ¢TXp GLVWDQFLD UHFRUUHUi HQ 2 PLQXWRV"
HQ HO DUHQHUR 3DROD VH KDPDFD 0DULDQD \ )DFXQGR MXHJDQ HQ
HOVXEH \ EDMD (Q XQD FDUUHUD GHDWOHWLVPR OD SLVWD WLHQH P 0DxD
OD UHFRUUH HQ VHJXQGRV &ODXGLD HQ PLQXWRV 5RVD
D 'LEXMHQ HVWD VLWXDFLyQ HOLMDQ D *DEULHO FRPR SXQWR ILMRHQ OD HQ VHJXQGRV \)ORUHQFLD HQ PLQXWRV
SOD]D \GLJDQ VL ORVQLxRV VH PXHYHQ R QR H[SOLFDQGR FDGD XQD D ¢4XLpQ JDQy OD FDUUHUD"
GH ODVUHVSXHVWDV E &DOFXODU OD UDSLGH] GH FDGD XQD GH HOODV
E (OLMDQ D / DXUDFRPR SXQWR ILMRHQ OD SOD]D \GLJDQ VL ORV 'LEXMHQ XQ REMHWR TXH FDH VREUH pO XQD IOHFKD TXH
Q QLxRV VH PXHYHQ R QR H[SOLFDQGR FDGD XQD GH ODVUHVSXHVWDV UHSUHVHQWH VX YHORFLGDG \ RWUD DOODGR TXH UHSUHVHQWH
ID DFHOHUDFLyQ GH OD JUDYHGDG ¢$ PEDV IOHFKDV WLHQHQ HO
&RPSOHWHQ ODVVLJXLHQWHV RUDFLRQHV PLVPR VHQWLGR R VHQWLGR FRQWUDULR" ¢&yPR VH GLHURQ
D 'RV DOEDxLOHV HVWiQ EDMDQGR ODGULOORVGH XQ FDPLyQ 0LHQWUDV FXHQWD"
XQR GH HOORVFDPLQD GHVGH HO FDPLyQ D OD FDVD VH OH FDHQ ORV
ODGULOORV TXH OOHYDED HQ VXV PDQRV 0DUTXHQ YHUGDGHUR 0\IDOVR )\MXVWLILTXHQ VXV
/D WUD\HFWRULD GH ORVODGULOORV TXH FDHQ HV UHVSXHVWDV
D (Q ItVLFD ORVWpUPLQRV YHORFLGDG \ UDSLGH] VLJQLILFDQ OR
PLVPR 2
E (O FDEDOOR GH OD FDOHVLWD GHVFULEH GRV WUD\HFWRULDV FXDQGR E &XDQGR XQ REMHWR FRQ GHWHUPLQDGD YHORFLGDG IUHQD VH
HVWi HQ PRYLPLHQWR REVHUYD OD H[LVWHQFLD GH XQD DFHOHUDFLyQ 2
8QD WUD\HFWRULD PLHQWUDV VXEH \ F 3DUD LQGLFDU ORVFDPELRV GH SRVLFLyQ GH XQ FXHUSR HV
EDMD \ XQD WUD\HFWRULD PLHQWUDV JLUD QHFHVDULR GHWHUPLQDU XQ VLVWHPD GH UHIHUHQFLD 2
G /D GLVWDQFLD UHFRUULGD SRU XQ REMHWR HV OD GLIHUHQFLD
1
a Uª F 8a MXJDGRU GH WHQLV UHDOL]D XQ VDTXH /D WUD\HFWRULD HQWUH VX SRVLFLyQ ILQDO\VX SRVLFLyQ LQLFLDO 2
J Q GH OD SHORWD DQWHV GH VHUWRFDGDSRUOD UDTXHWDHV
\GHVSXpV GH VHU WRFDGD SRU OD 6HxDOHQD TXpWLSR GH PRYLPLHQWRV FRUUHVSRQGHQ ODV
Q UDTXHWD HV VLJXLHQWHV LPDJHQHV
%XVTXHQ XQ SODQR GH OD &LXGDG $ XWyQRPD GH %XHQRV $ LUHV
U! D 0DUTXHQ OD LQWHUVHFFLyQ GH ODVFDOOHV$Y &DELOGR \
U! - XUDPHQWR \$Y GHO /LEHUWDGRU \$Y &DOODR
U? E 7UDFHQ WUHV FDPLQRV SRVLEOHV SDUD LU GHVGH $Y &DELOGR \
- XUDPHQWR D$Y GHO / LEHUWDGRU \&DOODR
U! F 'HV FULEDQ ODV WUHV WUD\HFWRULDV ¢$ OJXQD GH HOODVHV UHFWLOtQHD"
Q
&RQVLGHUHQ OD VLJXLHQWH VLWXDFLyQ MXDQ FDPLQD GHVGH 2
Q KDVWD H
U
2P P P P
D E F
D & RQV LGHUHQ HO VLVWHPD GH UHIHUHQFLD HQ 2
? D ( V FULEDQ ODV SRVLFLRQHV TXH IXH DOFDQ]DQGR - XDQ KDVWD
?OOHJDU D H
D= & DOFXOHQ OD GLVWDQFLD HQWUH \ D HQWUH E \ H
HQWUH \ F \ HQWUH D \ F
(O SDGUH GH OD PHGLFLQD PRGHUQD HUD JULHJR ORV
KLVWRULDGRUHV DFHSWDQ TXH H[LVWLy UHDOPHQWH \ QDFLy HQ
&RVXQD SHTXHxD LVOD GHO PDU (JHR HQ HODxR DQWHV
GH &ULVWR 6H VDEH TXH IXH XQ IDPRVR PpGLFR \SURIHVRU GH
PHGLFLQD SHUR FRPR QR H[LVWH LQIRUPDFLyQ ELEOLRJUiILFD
VREUH VX YLGD OR TXH VHFRQRFH HVVROR SRU WUDGLFLyQ RUDO
HVGHFLU FRVDV TXH VHFRQWDURQ VREUH pO SUREDEOHPHQWH
OH\HQGDV
6H FXHQWD TXH D ORV DxRV FRPHQ]y D HVWXGLDU PHGLFLQD
HQ HOWHPSOR GH ORV $ VFOHSLDGHV HQ KRQRU DO GLRV JULHJR GH
OD PHGLFLQD $ VFOHSLR \ PiV WDUGH YLDMy D (JLSWR SDUD
WHUPLQDU VXV HVWXGLRV
6H FUHH TXH IXH DXWRU GH XQD JUDQ HQFLFORSHGLD PpGLFD
FRPSXHVWD SRU HQWUH \ OLEURV FRQRFLGRV FRPR HO
& RUSXV+LSRFUDWLFXP \WDPELpQGHXQOLEURGHFRQVHMRV\
REVHUYDFLRQHVPpGLFDVOODPDGR $IRULVPDV
(O PD\RUDSRUWH GH+LSyFUDWHVDODPHGLFLQD IXH
FRQVLGHUDUTXHODHQIHUPHGDG HUDXQIHQyPHQRQDWXUDO
\QRVREUHQDWXUDO SRUHMHPSOR XQFDVWLJRGLYLQRR
XQDEUXMHUtD / DHVFXHODKLSRFUiWLFD RVHDWRGRVORV
TXHVHJXtDQ ODVHQVHxDQ]DV GH+LSyFUDWHVSHQVDED
TXHODVHQIHUPHGDGHVVHSURGXFtDQ FXDQGR KDEtD
XQ GHVHTXLOLEULRHQWUHORVKXPRUHV ROtTXLGRV
GHOFXHUSRIOHPDDJXD ELOLVDPDULOODIXHJR
ELOLVQHJUD WLHUUD\VDQJUH DLUH3DUDFRPEDWLU
ODVHQIHUPHGDGHVSURSRQtDQHOXVRGHSODQWDV
PHGLFLQDOHVXQDDOLPHQWDFLyQ HTXLOLEUDGD HODLUH
SXUR\XQDYLGDVDOXGDEOH VLQH[FHVRV
$ GHPiV VHOHDWULEX\H D+LSyFUDWHVODFUHDFLyQ
GHOFpOHEUHMXUDPHQWR TXHOOHYDVXQRPEUH\TXH
HVXQDGHFODUDFLyQ GHFDUiFWHUpWLFR
& XDQGRWHUPOQHQ
BBHVWHBFDSMBWXOR SRGUiāx -
&85
2&( 1&,$Oy ā ā
& RQRFHU ODV IXQFtQHV GH& HUMR
KXUQDQR
( O HIHF WRSODFHER
5HFRQRFHUORV VtVWHUUUDVGHyUTDQRV
aHRPSUHQGHUORVSURFHVRVMUQPOBFUDGRV HQ OD 6H OODPDDVt D OD VLWXDFLyQ TXH SXHGH OOHYDUD TXH XQ HQIHUPR
PHMRUH OXHJR GH WRPDU XQD VXVWDQFLD XQ VXSXHVWR
QXLFLyQ$aāB -
6 RSD GH OHWUDV
¢6HDQLPDQ D HQFRQWUDU TXLQFHSDODEUDVHQ ODVRSD DH OHWUDV
aāā RRVRQVLVWpPDV GH yUJDQRV TXH LQWHUYLHQHQHQ OD IXQFLyQB
GH QXWULFLyQ B a pa
XxiHVH76LVWaD TXH FRRUGLQD DO UHVWR GH ORV aLVWHPDV
7UpV VRQ &2P42aQWHVBGHaaVWHPDyVWHRDUWUyPXVFXODU
aaXQD HV HUSFIXFWR GHO VLVWHPD HQGRFULQR
8QD VH UHILHUH D-RV- LUBJDQRVSULQHLSDOHVaGHOVOVWHPD H[FUHWRU
a'RVB VRQ yUJDQRVUHODFLRQDFIRV FRQ HO VLVWHPD LHVSLUDWRULR
'RV VRQ XQ yUJBaQ4\BXQ
WL)RFOHOVM WHP RUHaDWRULR
?*QaH6H7VLUW£
Ba
a
PDTXH WLHQaËDIXULGy
B
xGāāāH GHIHQVi
B
GHO
āa
a
& XHUSR KXPDQR
VLVWHPD GH VLVWHPDV
1XHVWUR FXHUSR FXPSOH FRQ GLIHUHQWHV IXQFLRQHV YLWDOHV DWUDYpV U!
GHO DFWXDU FRRUGLQDGR GH VXVVLVWHPDV a
)RVDV QDVDOHV
UXQFLRQ
, G
ā H QXWUO
āQFRQ
aR
$WUDYpVGHHVWDIXQFLyQ QXHVWUR FXHUSR REWLHQH GHORVDOLPHQWRV ORV QXWULHQ a a
WHVQHFHVDULRV SDUD YLYLU\ HOLPLQDU DTXHOODV VXVWDQFLDV TXH OHUHVXOWDQ Wy[LFDV ª
a
(Q HOFXPSOLPLHQWR GH HVWDIXQFLyQ LQWHUYLHQHQ FXDWUR VLVWHPDV a
(O VLVWHPD GLJHVWLYRHQHOFXDOVHSURGXFHODGLJHVWLyQ HVGHFLU ODWUDQVIRU a
PDFLyQ GHODOLPHQWR HQ VXVWDQFLDV PiV VLPSOHV \SHTXHxDV ORVQXWULHQWHV TXH a £
SXHGHQ VHUXWLOL]DGRVSRUODV FpOXODV SDUDUHDOL]DUODVIXQFLRQHV YLWDOHV a
,QWHVWLQR GHOJDGR
(O VLVWHPDUHVSWUDWRUtR TXH UHDOL]D HOLQWHUFDPELR JDVHRVR FRQ HOPHGLR U! H
,QWHVWLQR JUXHVR aa
H[WHULRU WRPD R[tJHQR GHODLUH\HOLPLQD GLy[LGR GHFDUERQR a
(O VLVWHPD FLUFXODWRULR TXH VHHQFDUJD GHUHSDUWLU HOR[tJHQR TXH REWLHQH
a
HO VLVWHPD UHVSLUDWRULR \ ODV VXVWDQFLDV WUDQVIRUPDGDV HQ HO VLVWHPD GLJHVWLYR £
HQWUH WRGDV ODV FpOXODV GHO FXHUSR 7DPELpQ DFXPXOD HOGLy[LGR GH FDUERQR \
ORV GHVHFKRV SURGXFLGRV SRU ODVFpOXODV \ ORV OOHYD D ORV OXJDUHV GRQGH VHUiQ ā
HOLPLQDGRV ORVSXOPRQHV \ORVULxRQHV UHVSHFWLYDPHQWH tO
(O VLVWHPDH[FUHWRU TXH SHUPLWH ODHOLPLQDFLyQ GHORVGHVHFKRV TXH VRQ
UHVXOWDGR GHODVGLVWLQWDV IXQFLRQHV OOHYDGDVDFDERHQWRGDVODV FpOXODV GHOFXHU
SR $ GHPiVPDQWLHQHHVWDEOH ODFDQWLGDG GHDJXDGHQXHVWUR RUJDQLVPR
1XWULHQWHV \DOLPHQWRV
(O FXHUSR KXPDQR VH / RVDOLPHQWRV VRQ ODVVXV
RUJDQL]D HQ VLVWHPDV WDQFLDV YHJHWDOHV R DQLPD
HVHQWRQFHV XQ OHV D SDUWLU GH ODV FXDOHV
VLVWHPD GHVLVWHPDV HO VLVWHPD GLJHVWLYR REWLHQH
¢3XHGHQ UHFRQRFHU ORV QXWULHQWHV $ VXYH] ORV
D WMpVLVWHPDV QXWULHQWHV SXHGHQ VHU FRP
SHUWHQHFHQ ORV yUJDQRV SXHVWRV RUJiQLFRV FRPR
GHO HVTXHPD" ODV SURWHtQDV TXH IRUPDQ
SDUWHGHP~VFXORV ORVKLGUD
WRV GH FDUERQR R D]~FDUHV
SULQFLSDO IXHQWH GHHQHUJtD
GH ODV FpOXODV ORV OtSLGRV
R JUDVDV TXH LQWHJUDQ OD
PHPEUDQD GHODVFpOXODV \
ODVYLWDPLQDV LQGLVSHQVDEOHV SDUD HO FRUUHFWR IXQFLRQDPLHQWR GHWRGR HOFXHU!
SR RHOHPHQWRV LQRUJiQLFRV FRPR HODJXD\ORVPLQHUDOHV a
Uª
U
U (O VLVWHPD yVWHRDUWURPXVFXODU UHVSRQVDEOH GHO PRYLPLHQWR \ GH OD
U! SURWHFFLyQGHyUJDQRV EODQGRV SRU HMHPSOR ODFDMDWRUiFLFDSURWHJHHOFRUD]yQ +,6 725,$'(
U
\ORVSXOPRQHV
(O VLVWHPDHQGRFULQR SURGXFWRUGHODVKRUPRQDV VXVWDQFLDVWUDQVSRUWD
/$ ,( 1&,$
GDV SRU HO VLVWHPD FLUFXODWRULR TXH H[FLWDQ LQKLEHQ R UHJXODQ OD DFWLYLGDG GH
RWURV yUJDQRV RVLVWHPDV GHOFXHUSR (OKRPEUHGH9 LWUXYLR
U!
? (VWHIDPRVRPRGHORKXPDQR
U /D IXQFLyQ GH GHIHQVD ? GLEXMDGRHQHOVLJOR; 9 SRU/ HRQDUGR
3URWHJH HO FXHUSR GH ODV VXVWDQFLDV Wy[LFDV R GH ORV DJHQWHV FDXVDQWHV GH GD 9 tQFL SURWRWLSRGHOKRPEUH
U HQIHUPHGDGHVTXHSRGUtDQ LQJUHVDU 'HHVWDIXQFLyQ SDUWLFLSDQ ?? GHO5HQDFLPLHQWRSXHVFXOWLYy OD
U! (OVLVWHPDWHJXPHQWDULRFRQIRUPDGR SRUODSLHO\ ODVPXFRVDVTXHDFW~D
FLHQFLDHODUWH\ODWHFQRORJtDWUDWDGH
FRPRXQDSULPHUD EDUUHUD DOHYLWDUODHQWUDGDGHPLFURRUJDQLVPRVHQHOLQWHULRU HQFRQWUDUSURSRUFLRQHVPDWHPiWLFDVHQ
U HOFXHUSRKXPDQR 'HPRGRTXH HQ ā
GHOFXHUSR
( OVLVWHPDLQPXQH HOFXDO DWUDYpVGHXQWLSRHVSHFLDOGHFpOXODV OODPDGRV HOFXHUSRKXPDQR VHGDQODVVLJXLHQWHV
aa OLQIRFLWRVHVWLPXOD ODSURGXFFLyQ GH EDUUHUDV GH GHIHQVD HVSHFtILFDV SDUD FDGD SURSRUFtRQHV VHJ~Q/ HRQDUGR
DJHQWH SDWRJHQR
/ D
DOWXUDGHXQKRPEUHHTXLYDOHD
FXDWURDQWHEUD]RV ā
a L
/ DORQJLWXGGHORVEUD]RVH[WHQGLGRV
a U! GHXQKRPEUHHVLJXDODVXDOWXUD
a UU /D IXQFLyQ GH UHSURGXFFLyQ /DGLVWDQFLDHQWUHHOQDFLPLHQWR
U 3RVLELOLWDDOVHUKXPDQRWHQHU GHVFHQGHQFLD DVHJXUDQGR ODFRQWLQXLGDGGHOD GHOSHOR\ODVFHMDVHVXQWHUFLRGHOD
HVSHFLH DWUDYpVGHOVLVWHPDUHSURGXFWRU TXH PDGXUD HQ ODSXEHUWDG $ XQTXH ORQJLWXGGHODFDUD
HVGLIHUHQWH HQKRPEUHV \PXMHUHVHQDPERVFDVRVHVWiFRQVWLWXLGR SRUJOiQGX
UODV OODPDGDV RYDULRV HQ ODVPXMHUHV \WHVWtFXORVHQ ORVYDURQHV / DVJOiQGXODV
U RULJLQDQ FpOXODVVH[XDOHV RJDPHWDV \WDPELpQ SURGXFHQ KRUPRQDV IHPHQLQDV
\PDVFXOLQDV UHVSHFWLYDPHQWH
(O VHU KXPDQR DGXOWR WLHQH WUHLQWD \ GRV JOiQGXODV VDOLYDOHV SURGXFHQ VDOLYD TXH VHPH]FOD FRQ HODOLPHQWR WULWXUDGR DVt B a
GLHQWHV 6HT~Q VXIRUPD \IXQFLyQ VH ORV VHIRUPD HOEROR DOLPHQWLFLR / DVDOLYDWLHQH HQ]LPDV TXH GLJLHUHQ ORV DOLPHQWRV U
FODVLILFD HQ LQFLVLYRV SDUD FRUWDU FDQLQRV / XHJR OD OHQJXD HPSXMD HOEROR DOLPHQWLFLR KDFLD ODIDULQJH HQ XQ SURFHVR TXHa
SDUD GHVJDUUDU SUHPRODUHV \ PRODUHV VHFRQRFH FRPR GHJOXFLyQ
DPERV SDUD WULWXUDU
(OEROR DOLPHQWtFWR VLJXH VX FDPLQR DWUDYpV GH ODIDULQJH KDFLD HO HVyIDJR H
0LHQWUDV HVWR RFXUUH OD UHVSLUDFLyQ VH GHWLHQH VLQR IXHUD DVt SRGUtD SDVDU DOL U
PHQWR D ORV FRQGXFWRV UHVSLUDWRULRV \ QRV DWUDJDQWDUtDPRV 6L HVWR VXFHGH HO a
ÏUJDQRV GHOVLVWHPDGLJHVWLYR DOLPHQWR HVH[SXOVDGR YLROHQWDPHQWH PHGLDQWH OD WRV / XHJR ORV P~VFXORV GHO a U
HVyIDJR HPSXMDQ HODOLPHQWR KDFLD HOHVWyPDJR (VWH SURGXFH HOMXJR JiVWULFR
TXH HVPX\ iFLGR \FRQWLHQH HQ]LPDV *UDFLDV DORV PRYLPLHQWRV GH ODVSDUHGHV āā
U!
GHO HVWyPDJR OD FRPLGD VHPH]FOD FRQ HO MXJR JiVWULFR \ VHWUDQVIRUPD HQ XQD B
SDVWD VHPLOtTXLGD OODPDGD TXLPR TXH SDVDUi DOLQWHVWLQR GHOJDGR DWUDYpV GHO
VDOLYDOHV StORUR XQ RULILFLR URGHDGR GH PXVFXODWXUD TXH SXHGH DEULUVH \ FHUUDUVH U
(O WXER GLJHVWLYR HVWiUHFXELHUWR SRU PXFXV TXH IDFLOLWD HOGHVOL]DPLHQWR GHORV
DOLPHQWRV \SURWHJH HOHVWyPDJR GHODDFFLyQ DJUHVLYD GHO MXJR JiVWULFR U!
(O UHFRUULGR VLJXH HQ HO LQWHVWLQR GHOJDGR TXH PLGH DOUHGHGRU GH VtHWH V
PHWURV (VWi GLYLGLGR HQ GRV SDUWHV HO GXRGHQR \ HO \H\XQR (Q HO GXRGHQR
GH VyOR YHLQWLFLQFR FHQWtPHWURV FRQWLQ~D HO SURFHVR GH GLJHVWLyQ JUDFLDV D ODa
DFFLyQ GH WUHV IOXLGRV HOMXJR LQWHVWLQDO ODELOLV SURGXFLGD SRU HOKtJDGR \ HO
MXJR SDQFUHiWLFR TXH SURYLHQH GHO SiQFUHDV $ GLIHUHQFLD GHO MXJR SDQFUHi ā
WLFR ODELOLV QR VHYXHOFD GLUHFWDPHQWH HQ HOGXRGHQR VLQR TXH SUHYLDPHQWH VH
DOPDFHQD HQ ODYHVtFXOD ELOLDU
(QHO\H\XQR ODSRUFLyQ PiV ODUJD GHOLQWHVWLQR GHOJDGR VHSURGXFH ODDEVRU a
9 HVtFXOD V FLyQ &RQVLVWH HQ HO SDVDMH GH ORV QXWULHQWHV GHVGH HO \H\XQR KDFLD OD FLUFXOD
ELOLDU FLyQ VDQJXtQHD SDUD VHU DSURYHFKDGRV SRU WRGDV ODV FpOXODV GHO FXHUSR
OQWHVWLQRH $ O LQWHVWLQR JUXHVR OOHJDQ VXVWDQFLDV FRQ JUDQ FRQWHQLGR GH DJXD \ VDOHV!
JUXHVR TXH QR VRQ ~WLOHV DO FXHUSR (O LQWHVWLQR FRPSDFWD HVWDV VXVWDQFLDV UHFXSHUD ODV
U!
VDOHV\HODJXD \DEVRUEH ORV QXWULHQWHV $ WUDYpV GHO SURFHVR GHFRPSDFWDFLyQ VH
,QWHVWLQR
IRUPD ODPDWHULD IHFDO FRQ ODFRODERUDFLyQ GH EDFWHULDV TXH YLYHQ HQ HO,QWHVWt!!
GHOJDGR
QR \FRQWULEX\HQ DGLJHULU ORV DOLPHQWRV / DPDWHULD IHFDO VHHOLPLQD SRU HODQRa
5HFWR PHGLDQWH ODGHIHFDFLyQ B
$ QRB B
a
'LJHVWLyQ
5HVSLUDFLyQ
*/26 $5 ,2
6LVWHPD UHVSLUDWRULR
',)86,Ï1
(O VLVWHPD UHVSLUDWRULR HV HO HQFDUJDGR GH WRPDU HO R[tJHQR SUHVHQWH HQ HO (V HO SDVDMH GH XQ HOHPHQWR GH XQ VLWLR
DLUH QHFHVDULR SDUD ODV IXQFLRQHV FHOXODUHV \ GH HOLPLQDU KDFLD HO H[WHULRU HO GRQGH VH HQFXHQWUD HQ PD\RU FDQWLGDG D
GLy[LGR GH FDUERQR SURGXFWR GH HVDV IXQFLRQHV XQR HQ TXH VH KDOOD HQ PHQRU FDQWLGDG
(O DLUH LQJUHVD SRU ODVIRVDV QDVDOHV $OOt KD\SHORV TXH DWUDSDQ ODVSDUWtFXODV GH
SROYR \HYLWDQ VXLQJUHVR DOLQWHULRU GHOVLVWHPD UHVSLUDWRULR (QODVIRVDVQDVDOHV HODLUH
VHFDOLHQWD \KXPHGHFH DOHQWUDU HQFRQWDFWR FRQODPXFRVD QDVDO XQD ILQD FDSD GH
ÏUJDQRVGHOVLVWHPDUHVSLUDWRULR
FpOXODV TXH HODERUDQ PXFXV TXH HV XQD VXVWDQFLD HQFDUJDGD GH UHWHQHU SDUWtFXODV
GH SROYR \PLFURRUJDQLVPRV (ODLUH FRQWLQ~D VXUHFRUULGR DWUDYpV GH ODIDULQJH XQ
yUJDQR FRPSDUWLGR FRQ HOVLVWHPD GLJHVWLYR / DHQWUDGD GH ODIDULQJH WLHQH XQDWDSLWD
OODPDGD HSLJORWLV TXH VHFLHUUD DOWUDJDU HO DOLPHQWR SDUD TXH HVWH SXHGD VHJXLU VX
FXUVR QDWXUDOKDFLD HOHVyIDJR VLQTXH QRV DWUDJDQWHPRV $ OOOHJDUDODODULQJH VLWXDGD 7UiTXHD
UU DODDOWXUD GHOFXHOOR HODLUHVHHQFXHQWUD FRQ ODVFXHUGDV YRFDOHV &XDQGR HODLUHVDOH
SDVD SRU HOODVODVKDFH YLEUDU \ DVtVHSURGXFHQ ORVVRQLGRV TXH SRVLELOLWDQ HOKDEOD
(O DLUH OXHJR OOHJD D OD WUiTXHD XQ WXER IRUPDGR SRU DQLOORV GH FDUWtODJR XQLGRV
U! SRU P~VFXORV TXH SHUPDQHFH VLHPSUH DELHUWR 6H GLYLGH OXHJR HQ GRV FRQGXFWRV GH
PHQRU WDPDxR ORVEURQTXLRV XQR GHUHFKR \RWUR L]TXLHUGR FDGD XQR GH ORVFXDOHV
LQJUHVD HQXQ SXOPyQ $OOt DPERV VHUDPLILFDQ HQFRQGXFWRV FDGDYH]PiV ILQRV ORV
EURQTXtRORV KDVWD DOFDQ]DU XQ WDPDxR DSHQDV SHUFHSWLEOH DVLPSOH YLVWD
(O LQWHUFDPELR JDVHRVR
/ RVEURQTXtRORV WHUPLQDQ HQXQDV SHTXHxDV EROVDV OODPDGDV DOYpRORV GH SDUH
a Wa GHV PX\ GHOJDGDV URGHDGDV GH YDVRV VDQJXtQHRV SHTXHxtVLPRV ORV FDSLODUHV (V
HQHOORV GRQGHVHSURGXFH HOLQWHUFDPELR GH JDVHVFRQODVDQJUH / RVSXOPRQHV FRQ 5HVSLUDFLyQH[WHUQD
ª ORV EURQTXtRORV \ DOYpRORV HVWi Q UHFXELHUWRV SRU XQD GREOH FDSD HOiVWLFD OODPDGD
U! SOHXUD FRQHFWDGD FRQODFDMDWRUi FLFD ORFXDO IDFLOLWD ODLQVSLUDFLyQ \HVSLUDFLyQ (O ,QVSLUDFLyQ
B DtUHLQVSLUDGR TXHOOHJD DORV DOYpRORV FRQWLHQH PXFKR PiV R[tJHQR TXH OD VDQJUH
TXH IOX\H GHO FXHUSR DORVSXOPRQHV GHELGR DHVWR HOR[tJHQR SDVD IiFLOPHQWH DORV
UU FDSLODUHV SRU GLIXVLLy Q SDUD DVtVHUWUDQVSRUWDGR DORVWHMLGRV GHO FXHUSR 'HPDQHUD
ā VLPLODU HOGLy[LGR GH FDUERQR PiV FRQFHQWUDGR HQ ODVDQJUH TXH OOHJD DOSXOPyQ
VHGLIXQGH DODOYpROR \ VDOH FRQHODLUH HVSLUDGR (VWHLQWHUFDPELR JDVHRVR UHFLEH HO
U QRPEUH GH KHPDWRVLV RUHVSLUDFLyQ H[WHUQD
U (QORVWHMLGRV GHOFXHUSR HOLQWHUFDPELR VHSURGXFH HQ VHQWLGR LQYHUVR (OR[tJHQR
VHHQFXHQWUD HQ PD\RU FDQWLGDG HQODVDQJUH SURYHQLHQWH GHORVSXOPRQHV \VHGLIXQ
GH KDFLD ODVFpOXODV GH ORVWHMLGRV (O GLy[LGR GH FDUERQR SURGXFLGR SRU OD DFWLYLGDG (VSLUDFLyQ
FHOXODU VH GLIXQGH D OD VDQJUH \HV OOHYDGR D ORV SXOPRQHV SDUD VHUHOLPLQDGR (VWH
BB LQWHUFDPELR JDVHRVR DVXYH] VHGHQRPLQD UHVSLUDFLyQ LQWHUQD RFHOXODU
$ ODDXUtFXODGHUHFKDOOHJDVDQJUHFDUJDGDGH GLy[LGR
GHFDUERQR SURYHQLHQWHGHO FXHUSR3RUPHGLRGHODVtV U
WROH DXULFXODU OD VDQJUHSDVDDO YHQWUtFXOR GHUHFKR \OD
YiOYXOD WULF~VSLGH DOFHUUDUVHHYLWDTXH UHWRPH DO FXHU
SR 'HOYHQWUtFXORGHUHFKRVDOHODDUWHULDSXOPRQDU TXH U!
WUDQVSRUWDODVDQJUHFDUJDGDGHGLy[LGRGHFDUERQRDORV ?
SXOPRQHVSDUDTXHVHR[LJHQH ORFXDORFXUUHJUDFLDV DOD $ UWHULD DRUWD
VtVWROHYHQWULFXODU6LPXOWiQHDPHQWHODVDQJUHFDUJDGDGH
R[tJHQRSURYHQLHQWH GH ORVSXOPRQHVOOHJDDODDXUtFXOD
9 HQD SXOPRQDU
L]TXLHUGD SRU ODV YHQDV SXOPRQDUHV / D YiOYXOD ELF~V $UWHULD SXOPRQDU
3ODTXHWDV SLGH SRUVXSDUWHSHUPLWHTXHODVDQJUHSDVHDOYHQWUtFXOR ?
L]TXLHUGR\QRUHWRPHDOFXHUSR 'HOYHQWUtFXORL]TXLHUGR
/ RV JOyEXORV URMRV VRQ WDPELpQ OODPDGRV
HULWURFLWRV ORV EODQFRV OHXFRFLWRV \ ODV VDOHODDUWHULD DRUWD TXHWUDQVSRUWDODVDQJUHFDUJDGDGH ?
SODTXHWDV WURPERFLWRV 7RGRV VH RULJLQDQ R[tJHQR KDFLDWRGRVORVWHMLGRVGHOFXHUSR ,1)2
HQ XQ WHMLGR ORFDOL]DGR HQ OD SDUWH FHQWUDO
R PHGXOD GH ORV KXHVRV GH SLHUQDV \ EUD]RV /D FLUFXODFLyQ GH OD VDQJUH VH UHDOL]D HQ GRV FLUFXLWRV HO PD\RU R VLVWpPLFR HQ HO TXH OD U!
VDQJUH VH GLULJH GHVGH HO FRUD]yQ KDFLD ORV yUJDQRV \ OXHJR UHWRUQD DO FRUD]yQ \HO FLUFXLWR
PHQRU R SXOPRQDU HQ HO TXH OD VDQJUH VH GLULJH GHVGH HO FRUD]yQ D ORV SXOPRQHV \ UHTUHVD!
3RU HVWR VH GLFH TXH OD FLUFXODFLyQ HV GREOH DGHPiV HV FRPSOHWD SRUTXH QR H[LVWH PH]FOD
GH VDQJUH HQ HO FRUD]yQ \ FHUUDGD SRUTXH OD VDQJUH QXQFD VDOH GH ODV YHQDV \ DUWHULDV UU
6LVWHPD H[FUHWRU
85 ( $ < È & ,'2 Ò5 ,& 2
/ DVFpOXODVGHOFXHUSROOHYDQDFDERGLYHUVDVIXQFLRQHVSDUWLFLSDQGRHQSURFHVRV 6RQORVGHVHFKRVILQDOHVGHOD
U HQ ORVTXH JHQHUDQ SURGXFWRV Wy[LFRVGH GHVHFKR TXH VLQRIXHUDQ HOLPLQDGRV WUDQVIRUPDFLyQGHODVSURWHtQDVHQHO
U SRGUtDQ OOHYDUQRVUiSLGDPHQWH DODPXHUWH 3DUDTXHHVWRQRRFXUUDQXHVWUR RUJD PHWDEROLVPRFHOXODU3RUVHUWy[LFRVVRQ
QLVPR FXHQWD FRQ HOVLVWHPDH[FUHWRUTXH VHHQFDUJDGHUHFRJHUODVVXVWDQFLDVGH HOLPLQDGRVDWUDYpVGHOD RULQD
GHVHFKR\HOLPLQDUODVDOH[WHULRU/ RVyUJDQRVSULQFLSDOHVGHHVWHVLVWHPDVRQORVULxR 0( 7$%2/,6 02 & ( /8/$5
QHVXELFDGRVDODDOWXUDGHODFLQWXUD\IRUPDGRVSRUDOUHGHGRUGHXQPLOOyQGHXQL (V HO FRQMXQWRGHSURFHVRVTXtPLFRV
GDGHV PLFURVFySLFDV OODPD TXHOD FpOXODUHDOL]DSDUDREWHQHU HQHUJtD
GDVQHIURQHV 'HFDGDULxyQ
U VDOH XQ FRQGXFWR GHQRPL
QDGR XUpWHU TXH WUDQVSRUWD
a
ODRULQDIRUPDGDHQHOULxyQ
KDFLD ODYHMLJD XULQDULD XQ
U! y UJDQR PXVFXODU TXH VH YD
HVWLUDQGR D PHGLGD TXH VH ¢/ DVPXMHUHV YDQ PiV DOEDx R"
U! OOHQD8Q FRQGXFWR OODPDGR 3UREDEOHPHQWHOD PD\RUtDGHODVSHUVRQDV
XUHWUD FRPXQLFD OD YHMLJD FRLQFLGDHQXQDUHVSXHVWDDILUPDWLYDD
U
FRQ HOH[WHULRU\ SHUPLWH OD HVWDSUHJXQWD (Q UHDOLGDGHVDVtGHELGR
ā GHVFDUJDGHRULQDRPLFFLyQ DTXHODVPXMHUHVWLHQHQ XQDYHMLJD
U! ,1)2 XULQDULDGHPHQRUWDPDxR TXH OD
GHORVKRPEUHV /D FDSDFLGDGGH
/RV FLQFR RVHLVOLWURV GH VDQJUH OD YHMLJDIHPHQLQDHVGH FP
U! TXH FLUFXODQ SRU QXHVWUR FXHUSR
DSUR[LPDGDPHQWH PLHQWUDVTXH OD
W SDVDQ DOUHGHGRU GH YHFHV
? SRU GtD SRU ORV ULxRQHV SDUD
PDVFXOLQDHVGHFP (V SRUHVWR
IDEULFDU OD RULQD TXHODYHMLJDGHODVPXMHUHVVHOOHQDPiV
UiSLGDPHQWH UD]yQSRU,a FXDO
Q
¢&yPR VHIRUPD OD RULQD" DO EDxRFRQPD\RUIUHFXHQFLD
U
/ DIRUPDFLyQ GH RULQD LPSOLFD WUHV SURFHVRV (O SULPHUR HVODILOWUDFLyQ HQ
ODTXHHOSODVPD VDQJXtQHR DWUDYLHVDORVQHIURQHVTXH DFW~DQ FRPR XQFRODGRU
BBB\GHMDQ SDVDU HODJXD\ODVVXVWDQFLDV SHTXHxDV SHUR UHWLHQHQ ODVPiV JUDQGHV
TXH VRQ ~WLOHV SDUD HO FXHUSR FRPR ORV JOyEXORV ODV SODTXHWDV ODV SURWHtQDV
U\ ORV OtSLGRV / XHJRGXUDQWHOD UHDEVRUFLyQVH UHFXSHUDQ DTXHOODV VXVWDQFLDV
UU SHTXHxDV TXH IXHURQ ILOWUDGDV FRPR ODJOXFRVDYLWDPLQDV \ VDOHVTXH VRQ GH
YLWDOLPSRUWDQFLD SDUD ODQXWULFLyQ 7DPELpQ VHUHFXSHUDXQ GHODJXDTXH ,QGLTXHQVL ODVVLJXLHQWHV
IXHILOWUDGD/ DXUHD\HOiFLGR~ULFRSURGXFWRV GHOPHWDEROLVPRFHOXODUQRVRQ REVHUYDFLRQHVVRQYHUGDGHUDVRIDOVDV
?~WLOHV SDUDHOFXHUSRSRUORWDQWRQRVRQUHDEVRUELGRV\SDVDQ DIRUPDUSDUWH GH ) ( VFULEDQ HQVXVFDUSHWDVGHPDQHUD
Uª
ODFRPSRVLFLyQ GHODRULQD (O~OWLPR SURFHVRHVODH[FUHFLyQTXHFRQVLVWHHQHO FRUUHFWDODVTXHVHDQIDOVDV
SDVDMHGHODRULQD DODYHMLJDSDUDVXSRVWHULRUHOLPLQDFLyQ D/DVYHQDVOOHYDQVDQJUHFRQDOWR
FRQWHQLGR GHGLy[LGRGHFDUERQR
\ODVDUWHULDVFRQR[tJHQR2
¢6LHPSUH HO PLVPR WUDEDMR" E/DDUWHULDDRUWDSDUWHGHOYHQWUtFXOR
a (OVLVWHPD H[FUHWRUDGHPiV GHHOLPLQDU ORVSURGXFWRV Wy[LFRV WUDWDGHPDQ L]TXLHUGR\OOHYDVDQJUHFRQR[tJHQR
UªWHQHUODPLVPD FDQWLGDGGH DJXD HQ QXHVWURFXHUSR SHUR QRVLHPSUH WLHQHHO KDFLDHOFXHUSR 2
PLVPR WUDEDMR SRUTXHSRU HMHPSOR H/DDUWHULDSXOPRQDUSDUWHGHO
Uª &XDQGRWRPDPRVPXFKDDJXD ORVULxRQHV HOLPLQDQHOH[FHVR\SURGXFHQ YHQWUtFXORGHUHFKR\OOHYDVDQJUHFRQ
HQWRQFHVPD\RU FDQWLGDGGHRULQD (QHVWHFDVRWUDEDMDQPiVTXHORQRUPDO R[tJHQRDORVSXOPRQHV2
a (QFDVRGH KHPRUUDJLD HORUJDQLVPR SLHUGH JUDQ FDQWLGDGGH OtTXLGR OR
FXDOREOLJDDORVULxRQHV DUHWHQHUPD\RU FDQWLGDGGHDJXD$ XQTXH HOYROXPHQ
U
GH RULQD VHUHGXFH ORVULxRQHVWLHQHQPiV WUDEDMR TXH GH FRVWXPEUH DOWUDWDU
?GHUHWHQHUHODJXD
(QYHUDQR ODPD\RU HOLPLQDFLyQ GH DJXD VHUHDOL]DDWUDYpV GHODSLHOSRU
PHGLR
GH OD WUDQVSLUDFLyQ HV GHFLU TXH ORV ULxRQHVVHWRPDQ XQ GHVFDQVR \
BWUDEDMDQPHQRV
a
-LLOOB B
ā
ODVDUWLFXODFLRQHV
/ RV KXHVRV VH XQHQ HQWUH
Vt PHGLDQWH ODV DUWLFXODFLRQHV
$ OJXQDVSHUPLWHQUHDOL]DU UQRYL
UQLHQWRV DPSOLRVFRUQRODDUWLFX
ODFLyQ GHOKRPEURRODURGLOOD\
ORVQXHVRVDUJRVVHGLYLGHQHQGRV SDUWHV
OD VH GHQRPLQDQ GLDUWURVLV 2WUDV
FHQWUDORGLiILVLV\ ORVH[WUHPRVRHStILVLV SHUPLWHQ SHTXHxRVUQRYLUQLHQWRV
/DFROXPQDYHUWHEUDOHVWiIRUPDGDSRU HQWUH GRVKXHVRV VRQ ODVDQILDU
KXHVRVFRUWRVODV YpUWHEUDV \ VHGLYLGHHQ WURVLV)LQDOPHQWHODVVLQDUWURVLV
FXDWURUHJtRQHV
XQHQKXHVRV TXHQR VHPXHYHQ
(O FUiQHRHVWiLQWHJUDGRSRURFKR KXHVRV
SODQRVTXHSURWHJHQHOFHUHEUR SRUHMHPSORORV GHOFUiQHR
(O FXHUSRKXPDQR WLHQH PiVGH
P~VFXORV 6yORHQ OD FDUD KD\GLHFLQXHYH
TXHSHUPLWHQUHDOO]DUWRGDVODVH[SUHVLRQHV
FRQRFLGDV
&HUHEUR
t
6LVWHPD QHUYLRVR
3XHGHGLYLGLUVHHQVLVWHPD QHUYLRVR FHQ
WUDO 61& \ VLVWHPD QHUYLRVR SHULIpULFR $[yQ
613 (O61&HVWiIRUPDGRSRUHOHQFpIDOR
\ODPpGXODHVSLQDO TXHVHHQFXHQWUDHQHO
LQWHULRUGHODFROXPQDYHUWHEUDO( O613LQWH
&XHUSR FHOXODU 1~FOHR
JUDGRSRUXQD UHGGHQHUYLRV TXHVHUDPLIL
FDQ\UHFRUUHQWRGRHOFXHUSRVHGLYLGH SRU
XQ ODGR HQ HO VLVWHPD QHUYLRVR VRPiWLFR
TXHOOHJDD ORVP~VFXORVHVWULDGRV GHPRYL / DVFpOXODV GHO VLVWHPD QHUYLRVR ODV
PLHQWR YROXQWDULR \ SRU RWUR ODGR HQ HO QHXURQDV HVWiQ PX\ HVSHFLDOL]DGDV SDUD
VLVWHPDQHUYLRVR DXWyQRPRTXH VH HQFDU WUDQVPLWLU HO LPSXOVR QHUYLRVR (VWR VXFHGH L6 LVWHUQD
DWUDYpVGH VHxDOHV TXH HQYtD OD QHXURQD
JD GH FRRUGLQDUODV IXQFLRQHV GH P~VFXORV SRU PHGLR GHO D[yQ \ ODV GHQGULWDV D ODV QHUYLRVR
LQYROXQWDULRVFRPR HO P~VFXOR FDUGtDFR R QHXURQDV YHFLQDV SHULIpULFR
ORV P~VFXORVOLVRV(VWR HVPX\LPSRUWDQWH
SRUTXH HYLWDTXHFDGDYH] TXHHO FRUD]yQ GHEDODWLU RHO HVWyPDJR\HO LQWHVWLQR
PRYHUVHSDUDKDFHUODGLJHVWLyQWHQJDPRVTXHSHQVDU\GHFLGLUTXpKDFHU
(OHQFpIDORVHHQFXHQWUDHQODFDEH]DSURWHJLGRSRU HO FUiQHR\ VH FRPSRQH
GH FXDWUR yUJDQRV HO EXOER UDTXtGHR TXH VH HQFDUJD GH FRQWURODU IXQFLRQHV
LQFRQVFLHQWHVFRPRHOODWLGRFDUGtDFRODUHVSLUDFLyQODWRV\HOHVWRUQXGR ODSUR
WXEHUDQFLDDQXODU TXHWLHQH DFDUJRHOFRQWUROGHDFWRVUHIOHMRV HOFHUHEHOR TXH
SDUWLFLSDHQHO FRQWURO GHORVP~VFXORVHQHOHTXLOLEULR\HQ ODSRVWXUD FRUSRUDO \ 1HUYLRV
SRU~OWLPR HO FHUHEUR TXHRFXSDODPD\RUSDUWHGHOHQFpIDOR\HVHO yUJDQR HQHO
TXHVHGHVDUUROODQODLQWHOLJHQFLD HO OHQJXDMH \ODFRQVWUXFFLyQGHLPiJHQHV
(VWHVLVWHPDHVWiIRUPDGRSRUJOiQGXODVHQGRFULQDVTXHSURGXFHQPHQVDMHURV
TXtPLFRVXKRUPRQDV ODV FXDOHVYLDMDQ SRU ODVDQJUHKDVWDHOyUJDQR GRQGHHMHU */26 $5 ,2
FHQVXDFFLyQ GHUHJXODFLyQ
+LSyILVLV 7LURLGHV IDEULFD
SURGXFH KRUPRQDV $& 72 5()O(-2
KRUPRQDV HQFDUJDGDV (V OD UHVSXHVWD DXWRPiWLFD LQYROXQWDULD
Q TXH UHJXODQ HO GH UHJXODU HO
IXQFLRQDPLHQWR PHWDEROLVPR R H LQPHGLDWD IUHQWH D XQ HVWtPXOR SRU
? GH RWUDV JOiQGXODV DFWLYLGDG FHOXODU HMHPSOR HO UHIOHMR URWXOLDQR TXH FRQVLVWH
\ KRUPRQDV TXH
HVWLPXODQ HQWUH 3DUDWLURLGHV HQ HO PRYLPLHQWR GH OD SLHUQD KDFLD DUULED
RWUDV FRVDV HO B UHJXOD OD FDQWLGDG FXDQGR VH JROSHD OD UyWXOD HO KXHVR
U! FUHFLPLHQWR \ ODV GH FDOFLR HQ
FRQWUDFFLRQHV HO RUJDQLVPR FHQWUDO GH OD URGLOOD
U! GXUDQWH HO SDUWR SRU OR WDQWR HV
IXQGDPHQWDO
6XSUDUUHQDOHV SDUD OD IRUPDFLyQ
IDEULFDQ GH ORV KXHVRV
U! KRUPRQDV PX\
GLIHUHQWHV XQDV 3iQFUHDV
VLUYHQ SDUD OD SURGXFH
UHJXODFLyQ GH KRUPRQDV
OtTXLGRV HQ HO TXH UHJXODQ
FXHUSR \ RWUDV OD FDQWLGDG
LQWHUYLHQHQ HQ HO GH D]~FDU HQ
5HVSRQGDQD ODV VLJXLHQWHV SUHJXQWDV
a GHVDUUROOR VH[XDO VDQJUH XQD PX\ D ¢&XiOHV VRQ ODV IXQFLRQHV GHO VLVWHPD
LPSRUWDQWH HV OD
2YDULRV
LQVXOLQD
yVWHHDUWURPXVFXODU"
ā SURGXFHQ ODV E ¢3DUD TXp VLUYHQ ODV DUWLFXODFLRQHV"
KRUPRQDV
VH[XDOHV 7HVWtFXORV H ¢4Xp SDUWH GHO 61&FRRUGLQD ORV
U© IHPHQLQDV SURGXFHQ OD
P~VFXORV LQYROXQWDULRV"
HVWUyJHQRV \ KRUPRQD VH[XDO
U! SURJHVWHURQD PDVFXOLQD OD G ¢4Xp SURGXFHQ ODV JOiQGXODV GHO
TXH RWRUJDQ ODV WHVWRVWHURQD
TXH FRQILHUH D VLVWHPD HQGRFULQR"
BFDUDFWHUtVWLFDV
IHPHQLQDV D OD ORV YDURQHV VXV
a PXMHU \UHJXODQ FDUDFWHUtVWLFDV
VX FLFOR PHQVWUXDO PDVFXOLQDV
āB
a
a
6 LV WHPDUHSURGXF WRU
6 LV WHPD UHSURGXF WRUPDV FXOLQR / RV yUJDQRV GHO V LV WHPD UHSURGXF WRUGLILHUHQHQ ORV KRPEUHV
\ HQ ODV PXMHUHV 8QD YH] SURGXF LGDODIHFXQGDFLyQ OD
JHV WDFLyQ GH XQ EHEp DEDUFD XQ SHUtRGRGH QXHYH PHV HV
/ RV yUJDQRV V H[XDOHV
/ RV yUJDQRV VH[XDOHV H[WHUQRV SHQH \ HVFURWR \ YXOYD UHVSHFWLYDPHQ
WH VRQ ORV TXH SHUPLWHQ GLIHUHQFLDU D KRPEUHV \ PXMHUHV $ SHVDU GH HVWDV
GLIHUHQFLDV HQ DPERV VLVWHPDV UHSURGXFWRUH V SRGHPRV HQFRQWUDUJyQDGDV B
HVGHFLUORVRYDULRVHQODVPXMHUHV \ORVWHVWtFXORV HQORVKRPEUHV TXHVHHQFDU
JDQ GH SURGXFLU ODV JDPHWDV R FpOXODV UHSURGXFWLYDV yYXORV HQ ODV SULPHUDV
\HVSHUPDWR]RLGHV HQ ORVVHJXQGRV
6 LV WHPD UHSURGXF WRUIHPHQLQR
8QD YH] IXHUD GHO RYDULR HO yYXOR VROR SXHGH YLYLU XQDV SRFDV KRUDV FXDUHQWD \ RFKR
FyPR Pi[LPR HV SRU HOOR TXH HO SHUtRGR PiV SURSLFLR SDUD TXH XQD PXMHU TXHGH
(O yYXOR KD PDGXUDGR DEDQGÏQD HO RYDULR HPEDUD]DGD FRLQFLGH FRQ OD RYXODFLyQ
\ HV WUDQVSRUWDGR SRU OD WURPSD GH )DORSLR
OD IHFXQGDFLyQ
6H GHQRPLQD IHFXQGDFLyQ D OD XPRQ GHO yYXOR FRQ HO HVSHUPDWR]RLGH
B OD FXDO VHSURGXFH GHQWURGHO FXHUSRGH OD PXMHU HQ ODV WURPSDVGH )DORSLR
&XDQGR HVWR RFXUUH VHIRUPD HOFLJRWRTXH VHHQFXHQWUDOLVWR SDUD HPSH]DU
DFUHFHU(O FLJRWR GDUiRULJHQ DOHPEULyQ SULPHUR VHGLYLGH HQ GRV OXHJR HQ
FXDWUR \ DVt VXFHVLYDPHQWH KDVWD TXH DOUHGHGRUGHO VH[WR GtD GH RFXUULGD OD
IHFXQGDFLyQTXHGDIRUPDGDXQDSHORWD GHFHUFDGHFLHQFpOXODVTXHVHDGKLHUH
DOHQGRPHWULR(VWH PRPHQWRVHFRQRFH FRPRLPSODQWDFLyQGHOHPEULyQ
Uª
2FWDYRPHV +DFUHFLGRPXFKRWDQWR TXHRFXSDWRGRHO ~WHUR6XVEUD]RV\SLHUQDV VHPXHYHQ
FRQ IUHFXHQFLD ODV PDQRV VH DEUHQ \ FLHUUDQ 3HUPDQHFH PXFKR WLHPSR GHVSLHUWR DXQTXH DO
GRUPLU \DFLHUUDORVRMRV / OHJDD SHVDU NJ
U! 1RYHQR PHV &RPLHQ]DDDGRSWDU OD SRVLFLyQSDUDQDFHU VHGDYXHOWDGHPDQHUDTXHVXFDEH]D
HQFDMHHQHO FXHOOR GHO~WHURHVGHFLUVHSRQHFDEH]DDEDMR $ XPHQWDFDVLXQFXDUWRGH NLORSRU
? VHPDQD\OOHJD D SHVDU XQRV NJ DO PRPHQWR GHQDFHU
&UHFLPLHQWR \ SXEHUWDG
H
¢&XiQGRWHUPLQDHOFUHFLPLHQWR"¢4XpFDPELRVRFXUUHQ
GXUDQWH VXWUDQVFXUVR"¢4XpHVODSXEHUWDG"
\GHVDUUROOR
/ RVQXHYH PHVHV TXH XQEHEp SDVD FUHFLHQGR \ GHVDUUROOiQGRVH HQ HO ~WHUR
PDWHUQRVRQ VROR HOSULPHU SDVR GHXQ FDPLQR PXFKtVLPR PiVODUJR (O HUH
/D SULPHUDHWDSDGH OD QLxH]HVOD ODFWDQFLD FLPLHQWR GHXQDSHUVRQD GXUD DOUHGHGRU GHYHLQWH DxRV \GXUDQWHHVHSHUtRGR
GXUDQWHODFXDOODPDPiDOLPHQWD DO EHEpFRQ VLJXHDXPHQWDQGRHOQ~PHUR GH FpOXODV GHO FXHUSR &RPR UHVXOWDGR REVHUYD
VXOHFKH FRQODTXHQR VROR OHSURSRUFLRQD PRVXQDXPHQWRGHODDOWXUD DFRPSDxDGR SRUXQDVXEDGHSHVR
QXWULHQWHVVLQRWDPELpQDQWLFXHUSRVTXHOR
SURWHJHQGHHQIHUPHGDGHV ( V SRVLEOHFRQVLGHUDUFXDWUR HWDSDVGHFUHFLPLHQWR (QODQLxH] TXHYDGHVGH
HOQDFLPLHQWR KDVWD ORVGLH]X RQFHDxRV ORV QHQHV\ODVQHQDVQR VHGLIHUHQFLDQ a
GHPDVLDGRVRORSRUVXVyUJDQRVJHQLWDOHVTXHFRQVWLWX\HQ ORVFDUDFWHUHV VH[XDOHV
SULPDULRV 2WUDHWDSDHVODDGROHVFHQFLD TXHSXHGHYDULDUHQVXGXUDFLyQ VHJ~Q
ODVFXOWXUDV\ODV FRQGLFLRQHVHFRQyPLFDV\VRFLDOHV1RVRORVHSURGXFHQ FDPELRV
ItVLFRV VLQR WDPELpQ FXOWXUDOHV \SVLFROyJLFRVFRQVWDQWHV 8QD GH ODV IDVHV GHOD
DGROHVFHQFLDHVODSXEHUWDGGHODTXHKDEODUHPRVPiVDGHODQWH8QDYH]FRPSOH
WDGRHOFUHFLPLHQWRItVLFRSVtTXLFR\KRUPRQDO FRPLHQ]DODDGXOWH]YDGHVGHORV
YHLQWHDWUHLQWDDxRVKDVWDORVVHVHQWD (QSULQFLSLR VHSDVDSRUXQDHWDSDMXYHQLO
GXUDQWH ODTXHVHIRUPDOL]DQ ODVREOLJDFLRQHV\VHDGTXLHUH UHVSRQVDELOLGDG SDUD
IRUPDUXQD IDPLOLDHLQGHSHQGL]DUVHHFRQyPLFDPHQWH $ OUHGHGRUGHORVFLQFXHQ
WD DxRV ODVPXMHUHV GHMDQ GHRYXODU QR KD\PHQVWUXDFLyQ \ SRU ORWDQWR SLHU
GHQ VXFDSDFLGDG GH FRQFHELU HVWHSHUtRGRVHOODPD PHQRSDXVLD )LQDOPHQWH
DSDUWLU GHORVVHVHQWDDxRV HPSLH]DODYHMH] (QHVWDHWDSDODSLHOVHDUUXJDORV
8 GHORVYDORUHVPi VDSUHFLDGRVSRUORV KXHVRV VXHOHQ YROYHUVH PiVIUiJLOHV\VHDFRUWDQ XQSRFR / DVSHUVRQDV PD\RUHV
DGROHVFHQWHVHVOD DPLVWDGHV SRUHOORTXH HQ DFXPXODQ PXFKDV H[SHULHQFLDV\FRQRFLPLHQWRV \HVLPSRUWDQWH TXHWHQJDQ OD
HVWDHWDSDFRQIRUPDQJUXSRVFRQGLIHUHQWHV SRVLELOLGDG GHWUDQVPLWLUORV
ILQHVGHVGHVROLGDULRVKDVWDGHSRUWLYRV
SXEHUWDG
(VWDHWDSDYDUtDPXFKRHQVXFRPLHQ]RSHURVXHOHHPSH]DUDQWHV HQODVPXMH a
UHVTXH HQ ORVYDURQHV / RVFDPELRV HVWiQ GDGRV SRU HODXPHQWRGHODSURGXF a
FLyQ GHKRUPRQDV GHODKLSyILVLVTXH DFW~DQ VREUHORVRYDULRV\ORVWHVWtFXORV
\ORVLQGXFHQDSURGXFLU KRUPRQDV VH[XDOHV(VWDV UHJXODQ ODDSDULFLyQ GHORV B
FDUDFWHUHV VH[XDOHV VHFXQGDULRV (Q OD PXMHU DSDUHFH OD SULPHUD PHQVWUX
DFLyQ OR TXH DQXQFLD OD PDGXUH] VH[XDO (QHOKRPEUH DSDUHFH ODSROXFLyQ
XQDGHVFDUJD GHVHPHQ TXH VHSURGXFH GH IRUPD LQYROXQWDULD
aā
& UHFLPLHQWR
,QPXQLGDG
I
?
OD GHIHQVD \ HO VLVWHPD LQPXQH
(O VLVWHPDLQPXQH FRPSUHQGH YDULRVWLSRVGH FpOXODV\WHMLGRVTXHLQWHUDFW~DQ
U
SDUDSURWHJHUHO FXHUSRGHLQIHFFLRQHV /DSULPHUDEDUUHUD GHIHQVLYDGHO RUJDQLV
PRHV HO VLVWHPDWHJXPHQWDULR FRQIRUPDGR SRU ODSLHO\ODVPXFRVDV TXH DFW~D - +LSRGHUPLV
HYLWDQGR TXH ORVDJHQWHV SDWyJHQRV FRPRYLUXV\EDFWHULDVLQJUHVHQ $ GHPiVGH
ODSLHOKD\RWURVPHFDQLVPRV TXHSURWHJHQHOFXHUSR (QORVSXOPRQHV ODWRV\ORV
HVWRUQXGRV H[SXOVDQORVSDWyJHQRVSRURWURODGR ODVEDFWHULDVGHODIORUDLQWHVWLQDO *OiQGXOD VHEiFHD *OiQGXOD VXGRUtSDUD
FRPSLWHQ FRQODVEDFWHULDVGDxLQDVSRUDOLPHQWR\HVSDFLR(VWRHYLWDTXHODVEDFWH
ULDVSHUMXGLFLDOHVDXPHQWHQGHPDVLDGR VXSREODFLyQ FRPRSDUDFDXVDUHQIHUPHGD /D SLHOFRQVWDGHWUHVFDSDVEiVLFDVODHSLGHUPLV
GHV ¢3HURTXpRFXUUH VLXQDJHQWHSDWyJHQRWUDVSDVDHVWDV SULPHUDV EDUUHUDV" ODFDSDPiVH[WHUQD ODGHUPLV\ OD KLSRGHUPLV
&XDQGR QRVUHIHULPRVD OD SLHOVHVXHOHDEDUFDU
GHUPLV\ HSLGHUPLV/D SLHOWLHQHDGHPiV yUJDQRV
U / RVIDJRFLWRV DQH[RVFRPR ODV XxDV ORVFDEHOORVODVJOiQGXODV
U VHEiFHDV\ ODVJOiQGXODVVXGRUtSDUDV
/ D LQIODPDFLyQ HV OD UHVSXHVWD TXH VH SURGXFH FXDQGR
XQ PLFURRUJDQLVPR WUDVSDVD OD SULPHUD EDUUHUD GHIHQVLYD &XDQGR HO IDJRFLWR
(V FDXVDGD SRU HO DXPHQWR GH OD FDQWLGDG GH VDQJUH TXH HQFXHQWUD XQD SDUWtFXOD H[WUDxD
U!
OOHJDDOD]RQD\VHREVHUYDQ HQURMHFLPLHQWR HKLQFKD]yQ R SDWyJHQR OR HQJORED FRQ VX
/ DVFpOXODV KHULGDVRLQIHFWDGDV OLEHUDQ VXVWDQFLDV HVSHFLD PHPEUDQD KDVWD KDFHUOR LQJUHVDU
OHV TXH DWUDHQ D FpOXODV GHOVLVWHPDLQPXQHDO OXJDU GH OD DO FLWRSODVPD 8QDYH] DGHQWUR
LQIHFFLyQ (VWDV FpOXODV VRQORVIDJRFLWRV XQWLSR HVSHFLDO HQ]LPDV GLTHVWLYDV DWDFDQ DO
GHJOyEXORV EODQFRV ROHXFRFLWRV TXHLGHQWLILFDQ \HOLPL SDWyJHQR \ OR GHVWUX\HQ
QDQORVPLFURRUJDQLVPRV SDWyJHQRV SRUXQ SURFHVROODPDGR
IDJRFLWRVLV GXUDQWH HOFXDOHQJOREDQ RFRPHQ DORVSDWyJHQRV
\ SDUWtFXODV H[WUDxDV \ ORV URGHDQ FRQ VX PHPEUDQD KDVWD KDFHUORV
SDVDUDOLQWHULRU GHVXFLWRSODVPD $OVHU HQJOREDGR SRU HO IDJRFLWR HOSDWyJHQR
,1) 2
HVGHVWUXLGR3HUR¢TXp VXFHGH VL ORVIDJRFLWRV QR OOHJDQ DWLHPSR"
£ ¢& pOXODV FRQ PHPRULD"
£ ¢& pOXODVDVHVLQDV" £ ¢& pOXODVFRODERUDGRUDV" $ OJXQRVOLQIRFLWRV% VHFRQYHUWLUiQ
HQFpOXODV GHPHPRULD$OR ODUJRGH
([LVWHXQ JUXSR GH OHXFRFLWRV TXH D\XGDQ D GHIHQGHU QXHVWUR RUJDQLVPR QXHVWUDYLGD HVWDVFpOXODVUHFRUGDUiQ
3RU
XQODGR ODVFpOXODV 7DVHVLQDV YLDMDQ D WUDYpV GHOFXHUSR HQEXVFD GH FpOX FDGDSDWyJHQRHVSHFtILFRTXHVHKD\DQ
U ODV LQIHFWDGDV HV GHFLU HQ ODV TXH KD\D LQJUHVDGR HOSDWyJHQR \ ODV PDWDQ HQFRQWUDGR 6L XUt SDWyJHQRLQIHFWD XQ
U! 7DPELpQ LQWHUYLHQHQ ODVFpOXODV 7FRODERUDGRUDV TXH VLELHQ QR PDWDQ D ODV RUJDQLVPRPiVGHXQDYH] HVWDVFpOXODV
U! FpOXODV LQIHFWDGDV RDORVSDWyJHQRV OHVDYLVDQ DORVIDJRFLWRV \DODVFpOXODV 7 GH PHPRULDOR UHFRQRFHUiQ\SURGXFLUiQ
DVHVLQDV SDUD TXH DFW~HQ XQDWDTXHPiVYHOR]\IXHUWHFRQHOILQ GH
? / DVFpOXODV7FRODERUDGRUDV SURGXFHQ VHxDOHV TXH DFWLYDQ ORV OLQIRFLWRV % HOLPLQDUORUiSLGDPHQWH (O DWDTXHHV WDQ
U? SURGXFWRUHV GH DQWLFXHUSRV PROpFXODV FDSDFHV GHUHFRQRFHUDORVRUJDQLVPRV UiSLGR\HILFD]TXHQRYXHOYHQD SUHVHQWDUVH
SDWyJHQRV TXH LQJUHVDQ HQ HO FXHUSR 6RQPX\ HVSHFtILFRVHV GHFLU TXH H[LVWH VtQWRPDVGHHQIHUPHGDG HV GHFLUTXHHO
XQDQWLFXHUSR GLIHUHQWH SDUD FDGD RUJDQLVPR SDWyJHQR / RVDQWLFXHUSRV FLUFX FXHUSRQRVHHQIHUPD (VWD FDUDFWHUtVWLFDā GH
ODQ SRU ODVDQJUH\VH XQHQ D ORVSDWyJHQRV HVSHFtILFRV DVt ORV GHMDQ PDUFDGRV QXHVWURVLVWHPDGHGHIHQVDVH FRQRFHFRPR
SDUD VXGHVWUXFFLyQ SRU ODVFpOXODV 7DVHVLQDVRORVIDJRFLWRV ,1)2 PHPRULDLQPXQROyJLFD
?
'HILQDQ ORVVLJXLHQWHV WpUPLQRVGDQGR ODVFDUDFWHUtVWLFDV D¢3RU GyQGH SRGUtDQ LQJUHVDU DO FXHUSR"¢4Xp EDUUHUDV
SULQFLSDOHVGHFDGDXQRQLxH]DGROHVFHQFLDSXEHUWDG GHEHUtDQVXSHUDU"
DGXOWH]\YHMH] E8QD YH]DGHQWUR ¢TXLpQHVSRGUtDQDWDFDUORV"< VL VH
HVFRQGLHUDQ GHQWUR GH XQDFpOXOD ¢ORVHQFRQWUDUtDQ"
,PDJLQHQ TXHVRQYLUXVTXHTXLHUHQLQIHFWDUD XQD H ¢4XHSDVDUtDVLGHQWURGH XQ DxRTXLVLHUDQYROYHU D DWDFDU
SHUVRQDSRUHMHPSOR HO GHOD JULSH\UHV SRQGDQ D OD PLVPDSHUVRQD"
ā£ (1 32a$6 3$/$%5 $6
Bāa ā
( OFXHUSRKXPDQR\ VXVIXQFLRQHV
(O FXHUSR KXPDQR HVWiFRQVWLWXLGR SRU VLVWHPDV GHyUDQRV TXH FXPSOHQ IXQFLRQHV HVSHFtILFDV
7RGRVORVVLVWHPDV VHHQFXHQWUDQ UHODFLRQDGRV \WUDEDMDQ GH PDQHUD FRRUGLQDGD ā
?
(VSHUPDWR- LGHV \
p[aVH
XTBHQDWUDYpV
GHODIHFXQGDFLyQ \GDQRULJQDXQD
QXHYD YLGD
HQ GLIHUHQWHV SDUWHV GHO RUJDQLVPR 6L ODVFpOXODV 7
QR HVWiQ PDGXUDV HV GHFLU VL QR VH KDQ GHVDUUROODGR
GHO WRGR QR FXPSOHQ VXIXQFLyQ HQ IRUPD DGHFXDGD
/ RV LQYHVWLJDGRUHV DUJHQWLQRV KDQ GHVFXELHUWR TXH HQ
VLWXDFLRQHV GH GHVQXWULFLyQ HO WLPR UHVXOWD GDxDGR \ ORV
OLQIRFLWRV
,/ D IXQFLyQ
GHUHODFLyQ
,QWHUYLHQH HOVLVWHPD
yVWHRDUWURPXVFXODU
a GLULJLGR SRU HO VLVWHPD
LRVR(VWHVLVWHPD
VSRQVDEOH GHO
GHOD / HDQ ODQRWD \ VXEUD\HQ ODVLGHDV
L ?
UJDQRV SULQFLSDOHV / XHJR UHVSRQGDQ D ODV
1RWD
DGDSWDGD GH
VLJXLHQWHV SUHJXQWDV
D ¢&yPR DIHFWD OD GHVQXWULFLyQ DO
/D1DFLyQ
IXQFLRQDPLHQWR GHO VLVWHPD LQPXQH"
$ XWRUD
E ¢4Xp RWURV VLVWHPDV GHO FXHUSR
KXPDQR VH PHQFLRQDQ HQ HOWH[WR"
6XVDQD
*DOODUGR
W
¢4Xp QXWULHQWHV HQFXHQWUDQ HQ ORVDOLPHQWRV"
7UDWDUiQ GH LGHQWLILFDU OD SUHVHQFLD GH GRV KLGUDWRV GH FDUERQR GLVWLQWRV DOPLGyQ \JOXFRVD
HQ GLIHUHQWHV DOLPHQWRV
3URFHGLPLHQWR
3RQJDQ UyWXORV HQ FDGD XQR GH ORVWXERV GH HQVD\R GH OD VLJXLHQWH PDQHUD 7 %
&RORTXHQ HQ FDGD XQR OR VLJXLHQWH
$
FX
I
LLO
7 WHVWLJR < FXFKDUDGLWD GH DOPLGyQ GLVXHOWD HQ PLGH DJXD FDOLHQWH H
aL*
% %OQFR PL GH DJXD GLVWLODGD
LW
a aV ā
$ OJXQyVJtDQRVGH DUUR] UHPRMDGR VHL6R t
aa
Â$a
$ GDPFLyQ
(Q WRGD LQYHVWLJDFLyQ VLHPSUH VH XVDQ XQ WHVWLJR \ XQ EODQFR (O WHVWLJR VLUYH SDUD YHU FyPR
HV HO UHVXOWDGR SRVLWLYR GH OD UHDFFLyQ HV GHFLU FXDQGR OD VXVWDQFLD EXVFDGD HVWi SUHVHQWH
HQ HO DOLPHQWR HQ HVWH FDVR DOPLGyQ HO EODQFR SHUPLWH YHU FyPR VRQ ORVUHDFWLYRV FXDQGR
OD VXVWDQFLD QR HVWi SUHVHQWH
U
5HJLVWUHQ ORV UHVXOWDGRV \ UHVSRQGDQ
D ¢4Xp FRORU WRPD OD VROXFLyQ GH DOPLGyQ DO DxDGLUOH /XJRO" ¢&RQ TXp DOLPHQWRV VH REWXYR
XQD UHDFFLyQ VHPHMDQWH" ¢&RQ FXiOHV QR VH REWXYR UHDFFLyQ"
E ¢&XiOHV GH ORVDOLPHQWRV DQDOL]DGRV WLHQHQ DOPLGyQ"
¢4XpFRQWLHQHHODLUHHVSLUDGR"
5HFRQRFHUiQ OD SUHVHQFLD GH GLy[LGR GH FDUERQR &2]\YDSRU GH DJXD HQ HO DLUH HVSLUDGR
0DWHULDOHV
7XER GH HQVD\R VRUEHWH SDMLWD GH UHIUHVFR DJXD GH FDO HVSHMR
&RORTXHQ DJXD GH FDO ILOWUDGD HQ HO WXER GH HQVD\R ,QWURGX]FDQ HQ HO DJXD GH FDO
OD SDMLWD GH UHIUHVFR \VRSOHQ GXUDQWH DOJXQRV VHJXQGRV ¢4Xp VXFHGH" ¢3RU TXp" ¢&yPR
OR SXHGHQ UHODFLRQDU FRQ HO & GH OD HVSLUDFLyQ"
5HDOLFHQ XQD HVSLUDFLyQ IRU]DGD VREUH HO HVSHMR ¢4Xp VXFHGH" ¢&yPR OR SXHGHQ H[SOLFDU" BB
8QDQ FRQ IHFKDV ODV IXQFLRQHV GHO FXHUSR FRQ ORVVLVWHPDV F (O VLVWHPD QHUYLRVR FHQWUDO HVWi IRUPDGR SRU HO HQFpIDOR
GH yUJDQRV FRUUHVSRQGLHQWHV \ OD PpGXOD HVSLQDO - RV QHUYLRV
)XQFLyQ GH QXWULFLyQ 6LVWHPD G (O 613VH GLYLGH SRU XQ ODGR HQ VLVWHPD QHUYLRVR
yVWHRDUWURPXVFXODU VRPiWLFR \ SRU RWUR HQ VLVWHPD QHUYLRVR DXWyQRPR
6LVWHPD GLJHVWLYR VLVWHPD QHUYLRVR FHQWUDO
)XQFLyQ GH GHIHQVD
6LVWHPD QHUYLRVR H /DV JOiQGXODV HQGRFULQDV SURGXFHQ HQ]LPDV KRUPRQDV
6LVWHPD H[FUHWRU ODV FXDOHV YLDMDQ SRU OD VDQJUH KDVWD HO yUJDQR GRQGH
6LVWHPD LQPXQH HMHUFHQ VX DFFLyQ
)XQFLyQ GH UHSURGXFFLyQ 6LVWHPD FLUFXODWRULR
6LVWHPD WHJXPHQWDULR & RPSOHWHQHQ VXVFDUSHWDV XQ FXDGUR FRPR HO VLJXLHQWH
6LVWHPD UHVSLUDWRULR
)XQFLyQ GH UHODFLyQ 6LVWHPD UHSURGXFWRU
FRRUGLQDFLyQ \ UHJXODFLyQ 6LVWHPD HQGRFULQR
9 DURQHV
& RPSOHWHQHOFUXFLJUDPD UHODFLRQDGR FRQ ODVIXQFLRQHV GH
0XMHUHV
QXWULFLyQ
/D LQPXQRORJtD HV OD FLHQFLD TXH H[DPLQD OD HVWUXFWXUD
\ IXQFLyQ GHO VLVWHPD LQPXQROyJLFR /D UHIHUHQFLD PiV
DQWLJXD VREUH OD LQPXQLGDG VH SURGXFH GXUDQWH D SODJD
GH $ WHQDV HQ DF FXDQGR 7XFtGLGHV QRWy TXH
DOJXQDV SHUVRQDV TXH VH KDEtDQ UHFXSHUDGR GH XQ EURWH
DQWHULRU GH OD HQIHUPHGDG SRGtDQ DWHQGHU D ORVHQIHUPRV
VLQ PRVWUDU VtQWRPDV SRU VHJXQGD YH]
,PDJLQHQ TXH SXHGHQ YLDMDU HQ HO WLHPSR \ OOHJDQ D
$ WHQDV DxRV DQWHV GH &ULVWR ¢SRGUtDQ H[SOLFDUOH D
7XFGLGHV SRU TXp VXFHGH HVR"
/DIUDVHHVFRQGLGD
(VFULEILO`JBRBH/ UXDGUVLHPSUHHQ URUPDYHUWLFDO ODV
a SDLDEUa TXH LGHQWLILTXHQ D SDUWLU GH ODV LPiJHQHV XH KD\BBBB
DOUaaUB4£BDRGRWHUPLQHQHQWDttOHi&RORUHDGD SRGUiQ
OHHU XQD IUDVH GH 5DOSK: (PHUVRQ HVFULWRU ILOyVRIR\B ££RH ā
aaIaHULFBDQRBTW- HYLYLHQWUH \
]Ï!
aa
aaD4J/ WH[W&Ka(XULRFLHQāFLFU
OQYHVWLJXHQVREUH
āGOIHUHQWH+QIHUPHGDGHV FDXVDGDV SRU YLUXV\ DYpULJILOOSBRUa
aTXp ORV LELyWLURV$RāVLULWHIISDWDFUxDa
ā aā aBB
ā
ā a
LRFā
SHUVRQDOHV R
a
B B B a
/ D HGDGHVXQIDFWRULPSRUWDQWH SXHVKD\ HQIHUPHGDGHV TXH VRQSURSLDV GH ?
a
BBBB "
ORVQLxRV FRPR HOVDUDPSLyQ \RWUDVSURSLDV GHODYHMH] FRPR ODRVWHRSRURVLV
\ODDUWURVLV(OVH[R WDPELpQ LQIOX\H KD\HQIHUPHGDGHV TXHDIHFWDQ DODVPXMH a
!
UHVFRPR HO FiQFHU GH FXHOOR XWHULQR \RWUDV TXH DWDFDQ D ORVKRPEUHV FRPR
R
HOFiQFHU GH SUyVWDWD 3RU RWUR ODGR HOVLVWHPD LQPXQH SXHGH SUHVHQWDU DOWH I
?
UY
UDFLRQHV R VXIULUPRGLILFDFLRQHV SRU ODDFFLyQ GHYDFXQDV R DJHQWHV H[WHUQRV a
)DFWRUHVUHODFLRQDGRVFRQHODJHQWH SDWyJHQR
/ RVDJHQWHV SDWyJHQRV WDPELpQ OODPDGRV QR[DV SXHGHQ VHU
)tVLFRTXtPLFRV 6H WUDWD GH DJHQWHV PHFiQLFRV TXH FDXVDQ GDxR SRU a
JROSHV RFRUWHV DJHQWHV WpUPLFRV TXH JHQHUDQ GDxR SRU FDORU R IUtR \DJHQWHV
UDGLDFWLYRV TXH SXHGHQ RULJLQDU WXPRUHV 7DPELpQ VXVWDQFLDV TXH DO LQJUHVDU
FXHUSR SRULQKiODFLyQ LQJHVWLyQ X RWUDVYtDVSURGXFHQ LQWR[LFDFLRQHV FRPR
HOPRQy[LGR GHFDUERQR HPLWLGR SRU ORVFDxRV GHHVFDSHGHORVDXWRPRWRUHV U!
%LROÏ
JLFRV 6RQORVVHUHVYLYRVFDSDFHV GHSURGXFLU HQIHUPHGDGHV EDFWHULDV
KRQJRV DQLPDOHV \SODQWDV $ XQTXH QR UH~QDQ ODVFDUDFWHUtVWLFDVTXHGHILQHQ D ā
ORVVHUHVYLYRV ORVYLUXVWDPELpQ VRQ FRQVLGHUDGRV QR[DV ELROyJLFDV
3VLFF+VRGRFXOWXUDOHV 6RQ DTXHOORV IDFWRUHV GHO HQWRUQR TXH SRU VXV a
FDUDFWHUtVWLFDV SXHGHQ RULJLQDU PDOHVWDU HPRFLRQDO HO FXDOHQ DOJX !
OD VHJXULGDG TXH QRV FDVRVGHVHQFDGHQD HQIHUPHGDGHV (VWDV QR[DV VRQ GLItFLOHVU!
B
EULQGD HO HQWRUQR GH LGHQWLILFDU FRPR FDXVD GH HQIHUPHGDGHVā SRUTXH SXHGHQ U!
IDPLOLDU HVPX\ LQFOXLU VLWXDFLRQHV \ UHDOLGDGHV PX\ GLIHUHQWHV DQJXVWLD āa
LPSRUWDQWH SDUD
QXHVWUD VDOXG
H[WUHPD SUHRFXSDFLRQHV SHUPDQHQWHV HVWUpV JXHUUDV HWFp
WHUD VRQ DOJXQRV HMHPSORV U
U!
6DOXG ItVLFD
PHQWDO\ VRFLDO
$ FFHVRDOD VDOXG
&RPSOHWHQ HO FXDGUR FRORFDQGR HO WLSR GH QR[D ItVLFR 6XVWDQFLDV Wy[LFDV
TXtPLFD ELROyJLFD R SVLFRVRFLRFXOWXUDO \ XQ HMHPSOR 5DGLDFLRQHV
3DUiVLWRV
a
'HVHPSOHR
?BB
a a a
D
WR
B a
OQIHUPHGDGHV JHQHWLFDV 6RQFDXVDGDVSRU XQD DOWHUDFLyQ GHOPDWH
R
,
aa
ULDO JHQpWLFR R $ '1 TXH FRQIRUPD ORV FURPRVRPDV GHO Q~FOHR GH ODV !
FpOXODV (VD DOWHUDFLyQ SXHGH RULJLQDUVH HQ XQD SHUWXUEDFLyQ HQ GLFKR aV H
& ?
%&* WXEHUFXORVLV '37 GLIWHULD SHUWXVVLV WRVFRQYXOVD WpWDQRV +LE +DHPRSKLOXVLQIOXHQ]DH
U! WLSR E 6DELQ SROLRPLHOLWLV 653 VDUDPSLyQ UXEpROD SROLRPLHOLWLV '7D GLIWHULD WpWDQRV
a B B B ā
ā a ā
?
SDUDVHUXWLOL]DGRVHQFDVRGHTHIDOWHQKLGUDWRV GH OOOOOLOOOOOOOOUO( a
FDUERQR 2WUDIXQFLyQ LPSRUWDQWH TXH UHDOL]DQ DO
R
R
?2O
DOPDFHQDUVHEDMRODSLHOHVSDUWLFLSDU HQPDQWHQHU FHUHDOHVORV GXOFHVODVSDVWDV 9
ODWHPSHUDWXUD FRUSRUDO+D\OtSLGRVHQ FDUQHVJUD \HOSDQHQWUHRWURV a a
R
VRVDV FUHPD KXHYRV PDQWHFD IULWRV\ILDPEUHV aa
,
!
a
QXWULFLRQDOHV
3UDFWLFDUGH5RUWHV
LPSOHPHQWDUPHGLGDV GHD
VLVWHQFLD
TXHHYLWHQODV FDXVDVGH HVWHPDO
7URWDU
&DPLQDU
/ RV SDtVHVHQ YtDVGH GHVDUUROOR
SULQFLSDOPHQWH OD ,QGLD \ ORVGHO FRQWLQHQWH
DIULFDQRVRQ ORV GH PD\RU JUDGR GH
GHVQXWULFLyQ(Q OD$ UJHQWLQD GHELGR D ODV
IUHFXHQWHV FULVLV HFRQyPLFDV HVWHWUDVWRUQR
QXWULFLRQDVHHQFXHQWUD HQ DXPHQWR
/ D REHV LGDG
6HFDUDFWHUL]DSRUHO DOPDFHQDPLHQWRGHXQD 6DOFKLFKD
U! FDQWLGDG H[FHVLYDGH JUDVDEDMR ODSLHO \ HQ HO 7RPDWH
LQWHULRU GH DOJXQRV yUJDQRV FRPR ORVP~VFX $ FHLWHGHROLYD
ORV (V HO UHVXOWDGR GH XQD LQJHVWD GH FDORUtDV
0DQWHFD
PD\RUTXHODVTXHHO FXHUSRXWLOL]D $ OJXQRVGH
VXVVtQWRPDV VRQ DKRJR\RWURVSUREOHPDV UHV 3DQEODQFR
SLUDWRULRV\HQIHUPHGDGHVDVRFLDGDVDODXPHQWR 3D5D
U GHSHVR FRPR DUWHULRVFOHURVLV\GLDEHWHV
$ ]~FDUEODQFD a
(O WUDWDPLHQWR PiV FRP~Q FRQVLVWH HQ OD
*DVHRVD
LQFRUSRUDFLyQGHXQD GLHWDEDMDHQFDORUtDV\HQ
U! OD UHDOL]DFLy Q GH HMHUFLFLRUHJXODU+D\ DOJXQDV 1DUiQ`D
U! RSHUDFLRQHVUHVHUYDGDVSDUDORVFDVRVGHREHVLGDG 0DQ]DQD
JUDYHTXHFRPSOHPHQWDQODVGLHWDV3RUHMHPSOR %DQDQD
HO E\SDVV LQWHVWLQDO FRQVLVWHHQ OD VXSUHVLyQ GH
0RQD /LVD GH )HUQDQGR %RWHUR &KRFRODWH
U! XQVHJPHQWR GHLQWHVWLQR SDUDUHGXFLUOD DEVRU
FLyQ GH QXWULHQWHV (V XQD WpFQLFD TXH SURGXFH
PXFKRVHIHFWRVQHJDWLYRVLQFOXVLYHDYHFHVODPXHUWHSRUORFXDOVHXWLOL]DFDGDYH]
FRQPHQRVIUHFXHQFLD2WUDWpFQLFDHVHOE\SDVVJiVWULFRTXHUHGXFHODFDSDFLGDGGHO
U! HVWyPDJRSDUDHYLWDUTXHHOSDFLHQWHSXHGDLQJHULUJUDQGHVFDQWLGDGHVGHDOLPHQWR
B
āa
ā
/ D DQRUH[LD
(VXQDHQIHUPHGDG FDXVDGDSRU ODIDOWD GHXQDDOLPHQWDFLyQ DGHFXDGD GHEL
GR DKiELWRV GH DOLPHQWDFLyQ WUDVWRUQDGRV SRU ODREVHVLyQ GHWHQHUXQD ILJXUD
GHOJDGD (QJHQHUDO DIHFWDDDGROHVFHQWHV\HQ HVSHFLDODODVPXMHUHV TXH GHEL
GR D SDXWDV FXOWXUDOHV \ VRFLDOHV QR HVWiQ FRQWHQWDV FRQ VX FXHUSR \ HYLWDQ
FRPHU SDUD EDMDU GH SHVR (V GLItFLOUHFRQRFHU ODSUHVHQFLD GHHVWD HQIHUPHGDG
VLQUHDOL]DUXQDFRQVXOWD PpGLFD DXQTXH KD\ DOJXQRV VtQWRPDV FDUDFWHUtVWLFRV
TXH D\XGDQ DGHVFXEULUOD SRU HMHPSOR
0LHGR LQWHQVR D DXPHQWDU GH SHVR LQFOXVLYH HQ VLWXDFLRQHV GH H[WUHPD GHOJDGH]
%DMR SHVRFRUSRUDO\UHFKD]RDPDQWHQHUOR SRUHQFLPDGHOPtQLPR QRUPDOSDUDOD HGDG \WDOOD
$ GRSFLyQ GH GLHWDV FRQ XQD FRQVWDQWH SUHRFXSDFLyQ SRU ODVFDORUtDV GH ORV DOLPHQWRV
\ XQD REVHVLyQ SRU OD EDODQ]D
5HDOL]DFLyQ GH HMHUFLFLR ItVLFRLQWHQVR
(Q ODV PXMHUHV DXVHQFLD GH DO PHQRV WUHV FLFORVPHQVWUXDOHV FRQVHFXWLYRV DPHQRUUHD
/D SpUGLGD GH PLQHUDOHV TXH IRUPDQ HO KXHVR 3DOLGH]\FDtGD GHO FDEHOOR
FRPR HO FDOFLR \ OD RVWHRSRURVtV UHVXOWDQ HQ 'LVPLQXFLyQ GHO Q~PHUR GH JOyEXORV URMRV DQHPLD
KXHVRV SRURVRV \ IiFLOHV GH IUDFWXUDU (O
&DUiFWHU KRVWLO H LUULWDEOH DFRPSDxDGR GH VHQWLPLHQWRV GHSUHVLYRV
GH ORVDGROHVFHQWHV FRQ DQRUH[LD QR GHVDUUROODQ
KXHVRV IXHUWHV GXUDQWH HVWH SHUtRGR GH 6HQWLPLHQWRV GH FXOSD \ GHVSUHFLR WDQWR SRU KDEHU FRPLGR FRPR SRU KDFHU D\XQR
BR
FUHFLPLHQWR FUtWLFR OR FXDO HV FDVL LUUHYHUVLEOH $ EXQGDQFLD GH WUDPSDV \ PHQWLUDV
>
&XHUSR HVFRQGLGR GHEDMR GH URSD KROJDGD R QHJDWLYD D XVDU WUDMH GH EDxR SDUD HYLWDU
D
TXH VH OR YHD Jā
?#
9 !
!
6LODDQRUH[LDQRHVWUDWDGD DWLHPSR ODVSHUVRQDVTXHODSDGHFHQSXHGHQ GHVD aa
R
UUROODUULWPRV DQRUPDOHV \SHOLJURVRVGHERPEHR GHOFRUD]yQ EUDGLFDUGLD(VWR a ,
R
(O tQGLFHGHPDVD FRUSRUDO ,0& FDXVDXQDGLVPLQXFLyQ HQ HOIOXMR GH VDQJUH\ HQ OD SUHVLyQ DUWHULDO\WHUPLQD
ª©
!
(V XQQ~PHURTXHVHFDOFXODD SDUWLU VLHQGR ODFDXVDPiV FRP~Q GH PXHUWH HQ ODVSHUVRQDV FRQ DQRUH[LD VHYHUD/ D
GHOD DOWXUD\HO SHVRGHXQDSHUVRQD SpUGLGD GHPLQHUDOHV FRPRFDOFLR\SRWDVLR WDPELpQ DIHFWDHOODWLGR QRUPDO GHO R a
\TXHWUDWDGHGHWHUPLQDUHO UDQJRPiV FRUD]yQ / RVQLxRV \ DGROHVFHQWHV SXHGHQ H[SHULPHQWDU FUHFLPLHQWR UHWUDVDGR !
GHELGR DODIDOWDGHQXWULHQWHV ,1)2 aa
VDOXGDEOH6H XWLOL]DFRPR LQGLFDGRU
&RPRFRQVHFXHQFLDGHHVWHWUDVWRUQRHQODDOLPHQWDFLyQDOFRPHUH[FHVLYDPHQWH U
\OXHJRLQGXFLUHOYyPLWRVHSUHVHQWDQSpUGLGDGHOtTXLGR\QLYHOHVGHSRWDVLREDMRV
6L HVWRVQLYHOHVGHVFLHQGHQGHPDVLDGR SXHGHQ SURYRFDUODGLVPLQXFLyQ GHOULWPR
FDUGtDFR\KDVWDODPXHUWH/ DVSHUVRQDVFRQEXOLPLDVRQSURSHQVDVDODGHSUHVLyQ
& DXVDV\ WUDWDPLHQWRV
/ RVIDFWRUHVFXOWXUDOHV\VRFLDOHVVRQORVPiVLQIOX\HQWHVHQHVWDVHQIHUPHGDGHV
'HVGHPX\ MyYHQHV ORVDGROHVFHQWHV VREUHWRGR ODVPXMHUHV HVWiQ VRPHWLGRVD
XQD JUDQSUHVLyQ SDUD VDWLVIDFHUHOLGHDOGHEHOOH]D TXHLPSRQH \ H[LJHODPRGD
Pi[LPDGHOJDGH]ODFXDOGHEHVHUDOFDQ]DGDVLQFRQVLGHUDUORVULHVJRV / RVPHGLRV
GHFRPXQLFDFLyQ WDPELpQ FRQWULEX\HQ PRVWUDQGR GLDULDPHQWH GHVGH ODSDQWDOOD
\ODVUHYLVWDVHOPRGHORSRUDOFDQ]DU (OEXHQ FRQVHMR\ODFRQWHQFLyQ GHODIDPLOLD
VRQIXQGDPHQWDOHVSDUDHYLWDUODVFRQVHFXHQFLDVGHODEXOLPLD\ODDQRUH[LD
(OWUDWDPLHQWRGHHVWDVHQIHUPHGDGHVFRQVLVWH JHQHUDOPHQWH HQSVLFRWHUDSLD
LQGLYLGXDO GHJUXSR \R IDPLOLDU TXH D\XGDUiDUHIRU]DUODDXWRHVWLPD DFRP
SDxDGD SRU RULHQWDFLyQ QXWULFLRQDO DGHFXDGD ,QVWLWXFLRQHV FRPROD $ VRFLDFLyQ
GH/ XFKDFRQWUD OD%XOLPLD\OD$ QRUH[LD$/ 8%$FRODERUDQ HILFLHQWHPHQWHHQ
ODUHFXSHUDFLyQ GH ORVDIHFWDGRV SRU HVWDVGROHQFLDV
8QDHQIHUPHGDG PLVWHULRVD
(OHVFRUEXWR HQIHUPHGDG SURGXFLGD SRUIDOWD GHYLWDPLQD &VH
PDQLILHVWD FRPR FRQVHFXHQFLDGHXQDGHILFLHQWH LQJHVWD GHYHU
GXUDV \ IUXWDV IUHVFDVIXHQWH GHHVDYLWDPLQD 'XUDQWH VLJORVIXH
ODFDXVDGHODPXHUWH GHWULSXODFLRQHV FRPSOHWDV GHPDULQHURV
TXHSDVDEDQ ODUJDVWHPSRUDGDV HPEDUFDGRV VLQODSRVtELOLGDG
GHDFFHGHUDYHUGXUDV IUHVFDV\ GHPiV IXHQWHV GHYLWDPLQD &
&RPR HQ DTXHO HQWRQFHV VHGHVFRQRFtD ODFDXVDGHHVWHSHOLJUR
VRPDO ORVPDULQHURV PRUtDQVLQTXH VHVXSLHVHSRU TXp
(QHOVLJOR; 9 ,,,XQPpGLFR GHODPDULQDLQJOHVD- DPHV / LQGW
GLR FRQ HOUHPHGLR GHOHVFRUEXWR (OLJLyDGRFH
PDULQHURVDIHFWDGRVSRU ODHQIHUPHGDG HKL]R VHLVJUXSRVGH
GRVSHUVRQDV FDGDXQR DORVTXH OHV VXPLQLVWUyVHLVWUDWDPLHQ
WRVGLIHUHQWHV SDUD REVHUYDU VXHYROXFLyQ 'HHVWDPDQHUD
/ LQGWFUHyXQH[SHULPHQWR FRQWURODGR TXH SHUPLWtD LGHQWLILFDU
ODHIHFWLYLGDG GHGLVWLQWRV WUDWDPLHQWRV (VWDHVODIRUPD HQOD
TXH KR\HQ GtD VHJHQHUDQ H[SHULPHQWRV FLHQWtILFRV /tQGW GHV & RPSOHWHQHQVXVFDUSHWDVXQ
FXEULyTXH VROR HOSDU DOTXH VHOHVXPLQLVWUDED MXJRGHOLPyQ FXDGURFRPRHOVLJXLHQWHFRPSDUDQGR OD
\ QDUDQMDFRPRSDUWHGHODGLHWD HYROXFLRQDEDIDYRUDEOHPHQWH DQRUH[LD\ OD EXOLPLD
GHVXHQIHUPHGDG $ XQTXHD~Q QRVHVDEtDDFLHQFLD FLHUWDFXiO
HUDHODJHQWH FDXVDQWH GHOHVFRUEXWR ODIDOWD GHYLWDPLQD& &RQGXFWDV
VHFRQRFtD VXUHPHGLR 'HVGHHVHHQWRQFHV ORVPDULQHURV GHOD GHOHQIHUPR
DUPDGD LQJOHVDUHFLELHURQ HODSRGR GH OLPHO\ HVGHFLU EHEHGR
&DPELRV
UHVGHOLPyQ (OGHVFXEULPLHQWR GHODYLWDPLQD &\GHVXUHOD
FLyQ FRQ HOHVFRUEXWRVHSURGXMR HQHOVLJOR; ; SRU HOFLHQWtILFR
K~QJDUR$ OEHUW 6]HQW*\yUJ\
G
5 HGDFWHQXQSiUUDIRFRQODV
VLJXLHQWHVSDODEUDVREHVLGDG
GHVQXWULFLyQQXWULHQWHVJUDVD
DGHOJD]DPLHQWRFDORUtDVHMHUFLFLR
- (1 32&$6 3$/$%5 $6
,/ DVDOXG
'HUHFKRDODVDOXG
(O GHUHFKR DODVDOXGHVXQGHUHFKR
KXPDQR/D 'HFODUDFLyQ8QLYHUVDOGH
'HUHFKRV +XPDQRV \ OD&RQYHQFLyQ
,QWHUQDFLRQDOGH ORV'HUHFKRV GHO
1LxRORSURFODPDQ
/ DVQR[DV
/ RVVHUHV YLYRVTRHDIHF
WDQ ODVDOXGKXPDQDVRQ
QR[DV ELROyJLF DV
$ JHQWHVPHFiQLFRVWpUPL
FRV \ UDGLDFWLYRV\ VXVWDxFLiV
Wy[LFDV SXHGHQVHUQR[DV
ILV LF RTXtPLF DV
OI LO - Q £ $ &,(1&,$
&,(57$
WL Ò O ££RR 6 --
XXX
+ O
,a ,a
XQ
I O-
8 X X
6HFFLyQ GH GLYh OJDFLyQ \
(OFiQFHU
aUJDQLVPR
6HJ~QORVIDFWRUHV TXH ODV
FDXVDQ VHFODVLILFDQHQ
HQIHUPHGDGHV LQIHFFLRVDV ā( V XQD HQIHUPHGDG SURGXFLGD SRU OD PXWDFLyQ GH DOJXQRV
JHQHV HQ XQD FpOXOD GHWHUPLQDGD TXH DGTXLHUH OD
FDSDFLGDG GH GLYLGLUVH HQ IRUPD GHVFRQWURODGD \GH LQYDGLU
\GHVWUXLU WHMLGRV VDQRV (O FiQFHU HV OD VHJXQGD FDXVD HOH
PXHUWHGHVSXpV GH ODV HQIHUPHGDGHV FDUGtDFDV (O WLSR GH
FiQFHU TXH SURYRFD PiV PXHUWHV HVHO GH SXOPyQ
/D FDXVD GHO FiQFHU HV GHVFRQRFLGD SHUR H[LVWHQā DOJXQRV
IDFWRUHV GH ULHVJR HO SULQFLSDO HV OD HGDG \D TXH HO
V GH WRGRV,HV FiQFHUHVRFXUUH HQ SHUVHUUDV UQD\RaHV
GH VHVHQWD \ FLQFRDxRV (O VHJXQGR IDFWRU GH ULHVJy HV HO
WDEDTXLVPR VHJXLGR SRU OD GLHWD \OD H[SRVLFLyQ VRODU
+D\ GLIHUHQWHVWpFQLFDV TXH VHDSOLFDQSDUDGLDJQRVWLFDU HO
FiQFHU /D PiVXWLOL]DGDHV ODELRSVLD TXH FRQVLVWHHQ OD
XQDSHUVyPDQRREWLHQH O!V H[WUDFFLyQ GH XQD PXHVWUD GHWHMLGR GHOWXPRU SDUD DULDOLW?UOR
QXWULHQWHV VXILFLHQWHVSDUDVXVUHTXHULPLHQWRV $ SDUWLU GH OD GpFDGD GHO
\FRQ ODV QXHYDV WpFQLFDV
FRUSRUDOHV GLVSRQLEOHV HO FiQFHU HVFXUDEOH HQ HO GH ORV FDVRV /D
SRVLELOLGDG GH FXUD GHSHQGH GH OD ORFDOL]DFLyQ \H[WHQVLyQ
GHOWXPRU - D HGDG \HO HVWDGR JHQHUDO GHO SDFLHQWH
0DWHULDOHV
9 DVRRIUDVFR GH EDVH DQFKD e WHUHVWH \ ORV GRV DQWHULRUHV VH
8Q HPEXGR FRQVLJXHQ HQ GURJXHUtDV
MDUUR PHGLGRU $ JXD GHVWLODGD
6HLV WXERV GH HQVD\R / HFKHIUHVFD
7DSRQHV GH JRPD R FRUFKR SDUD MXJR GH OLPyQ
WXERV GH HQVD\R $ FHLWH FRPHVWLEOH
3LSHWD 6ROXFLyQ GH FODUD GH KXHYR VH
(VSiWXOD R FXFKDULWD SUHSDUD FRQ J GH VDO GLVXHOWRV
*RWHUR HQ PL GH DJXD OXHJR VH
āLO! 0DUFDGRU SDUD YLGULR DJUHJD OD FODUD GH KXHYR VH DJLWD
3DSHO GH ILOWUR HQHUJLFDPHQWH SRU FLQFR PLQXWRV
+LGUy[LGR GH VRGLR DO \ SRU ~OWLPR VHILOWUD
6XOIDWR GH FREUH DO
3URFHGLPLHQWR
3UHSDUDFLyQ GH OD FXDMDGD
0LGDQ PL GH OHFKH \FROyTXHQOD HQ HO YDVR $ JUHJXHQ MXJR GH OLPyQ KDVWD TXH VH VHSDUH
WRWDOPHQWH OD SDUWH VyOLGD R FXDMDGD GHO VXHUR OtTXLGR 'HMHQ UHSRVDU \ILOWUHQ FRQ HO
HPEXGR \ SDSHO GH ILOWUR &RQVHUYHQ OD SDUWH VyOLGD R FXDMDGD \HO VXHUR
U@
I J
H
,GHQWLILFDFLyQ GH SURWHtQDV
/D FODUD GH KXHYR FXHQWD FRQ PXFKDV SURWHtQDV
UāT
,QWHQWDUiQ FRPSUREDU OD SUHVHQFLD GH SURWHtQDV HQ OD OHFKH (O KLGUy[LGR GH VRGLR HV XQD
VXVWDQFLD TXH UHDFFLRQD FRQ ODV SURWHtQDV
5RWXOHQ ORV WXERV GH HQVD\R GH OD VLJXLHQWH PDQHUD 7 %
&RORTXHQ HQ FDGD XQR OR VLJXLHQWH
7 WHVWLJR
% ^ %ODQHR PLGH DJXD GaVW!ÒDaD ā
8QD SRUFLyQ GH FXDMDGD DJUHJDGD FRQ OD FXF- LDULWD HQ
3RQJDQ HQ FDGD XQR PLGH KLGUy[LGR GH VRGLR DJLWHQ FRQ OD FXFKDULWD \
OXHJR DJUHJXHQ GRV R WUHV JRWDV GH VXOIDWR GH FREUH
$ FODUDFLyQ
(Q OD H[SHULHQFLD GHO FDStWXOR WDPELpQ VH XWLOL]y XQ WXER URWXODGR FRPR
WHVWLJR \ RWUR FRPR EODQFR ¢5HFXHUGDQ SDUD TXp VLUYHFDGD XQR"
&XHVWLRQDUOR
D ¢4Xp FRORUWRPD HO WHVWLJR DO DxDGLUOH HO KLGUy[LGR GH VRGLR \ I?
HO VXOIDWR GH FREUH"
E ¢4Xp VXFHGH FRQ HO WXER XQR"
H ¢/ D OHFKH WLHQH SURWHtQDV" $ YHULJHQ FyPR VH OODPD
VX SULQFLSDO SURWHtQD
¢&XiO GH ODV VLJXLHQWHV DILUPDFLRQHV FRUUHVSRQGH D OD 5HIHUHQFLDV
GHILQLFLyQ GH VDOXG" 0iUTXHQOD FRQ XQD FUX] 0LFURRUJDQLVPRV TXH SURGXFHQ HQIHUPHGDGHV
D (VWDPRV VDQRV FXDQGR QRV VHQWLPRV ELHQ ItVLFDPHQWH U- LQIHFFLRVDV
E /D VDOXG HV OD IDOWD GH HQIHUPHGDG &- (QIHUPHGDG TXH VH DGTXLHUH GHVGH HO QDFLPLHQWR
F (VWDPRV VDQRV FXDQGR QRV VHQWLPRV ELHQ ItVLFD\ (QIHUPHGDG FDXVDGD SRU PLFURRUJDQLVPRV WUDQVPLVLEOH
PHQWDOPHQWH \WHQHPRV ODV QHFHVLGDGHV VRFLDOHV VDWLVIHFKDV 2 R QR
G (VWDPRV VDQRV FXDQGR LQJHULPRV HQ OD GLHWD WRGRV ORV (MHPSOR GH HQIHUPHGDG KHUHGLWDULD
QXWULHQWHV QHFHVDULRV SDUD QXHVWUR RUJDQLVPR (QIHUPHGDG KHUHGDGD GH ORV SDGUHV \TXH SXHGH
WUDQVPLWLUVH GH JHQHUDFLyQ HQ JHQHUDFLyQ
&RPSOHWHQ HO VLJXLHQWH SiUUDIR FRQ ORVWpUPLQRV IDOWDQWHV 1RPEUH GHO PLFURRUJDQLVPR TXH FDXVD HO PDO GH
EDFWHULDV LQWR[LFDFLRQHV LQKDODFLyQ SODQWDV SVLFRVRFLR KDJDV FUX]L
FXOWXUDOHV QR[DV VHUHV YLYRV WHPSHUDWXUD PHFiQLFRV (QIHUPHGDG FDXVDGD SRU XQD DOWHUDFLyQ HQ HO $ '1
(QIHUPHGDG TXH VH SUHYLHQH FRQ OD YDFXQD '37
/ RV DJHQWHV SDWyJHQRV TXH FDXVDQ HQIHUPHGDGHV VRQ (QIHUPHGDG TXH WLHQH VX RULJHQ FXDQGR DOJXQDV FpOXODV
OODPDGRV /DV QR[DV ItVLFRTXtPLFDV VRQ GHO FXHUSR PXWDQ VH PXOWLSOLFDQ HQ IRUPD GHVRUGHQDGD H
a UDGLDFWLYRV RWpUPLFRV FRPR OD LQYDGHQ ORV yUJDQRV
B B B B B B BBB 7DPELpQ SXHGHQ VHU VXVWDQFLDV TXH 2 0DWHULDO JHQpWLFR
DO LQJUHVDU HQ HO FXHUSR SRU R
LQJHVWLyQ SURYRFDQ /DV 6$ FRQWLQXDFLyQ VH SUHVHQWDQ GRV FDVHV GH
QR[DV VRQ ORVIDFWRUHV GHO HQWRUQR HQIHUPHGDGHV UHODFLRQDGDV FRQ OD QXWULFLyQ OHDQ ORV
TXH SXHGHQ SURGXFLU HQIHUPHGDGHV )LQDOPHQWH ODV QR[DV WH[WRV \GHGX]FaQ DTXp HQIHUPHGDGHV FRUUHVSRQGHQ
U
ELROyJLFDV HVWiQ UHSUHVHQWDGDV SRU ORV B
FDSDFHV GH SURGXFLU HQIHUPHGDGHV 6RQ HMHPSORV ORV YLUXV ODV 7H[WR 0DUtD HVWi KDFLHQGR GLHWD \ VH SHVD
aa ORV KRQJRV ORV DQLPDOHV \ ODV B IUHFXHQWHPHQWH 5HDOL]DHMHUFLFLR ItVLFRFRQVWDQWH YD DO
JLPQDVLR \ VDOH D FRUUHU WRGRV ORVGtDV &XDQGR VH PLUD
(Q ODV VLJXLHQWHV IUDVHV WDFKHQ ODV SDODEUDV TXH QR HQ HO HVSHMR VHYH JRUGD DXQTXH HQ UHDOLGDG HVWi PX\
FRUUHVSRQGDQ 3DUD KDFHUOR SXHGHQ LQYHVWLJDU HQ RWURV OLEUHV R GHOJpOaā $ YHFHV VH GHSULPH QR TXLHUH VDOLUGH OD FDVD
HQ LQWHUQHW QL YHa
D VXV DPLJRV 2WUDV YHFHV SRU HOF RQWUDULR HVWi
B D I, FUHFLPLHQWR GH OD SREUH]D KD IDYRUHFLGRKD LPSHGLGR PX\ QHUYLRVD \ SHOHD IUHFXHQWHPHQWH FRQ VXV SDGUHV \
U! KD PDQWHQLGR HO DFFHVR GH OD SREODFLyQ D ORV VHUYLFLRV GH KHUPDQRV
a VDOXG HQ DOJXQRV FDVRV
U 7H[WR *XVWDYR WLHQH GRORUHV GH JDUJDQWD IUHFXHQWHV
E / DVLQIHFFLRQHV UHVSLUDWRULDV/ D GLDUUHD/ D PDODULD FDXVD \VXV SDGUHV QR VDEHQ D TXp SXHGHQ GHEHUVH 6XHOH
OD PXHUWH GH PLOORQHV GH QLxRV GHELGR DO DJXD FRQWDPLQDGD ? KDFHU GLHWDV DXQTXH VX SHVR HV QRUPDO SDUD VX HGDG
U ! VHUYLFLRV GH SXULILFDFLyQ GH DJXD GHILFLHQWHV \IDOWD GH KLJLHQH \FRQWH[WXUD ItVLFD&XDQGR OR LQYLWDQ DILHVWDV R
FXPSOHDxRV VXV DPLJRV QR OR YHQ FRPHU FUHHQ TXH HV
U! F (Q ORV SDtVHV GHVDUUROODGRV OD SULQFLSDO DPHQD]D SDUD OD SRU OD GLHWD \D TXH XQD YH] OH HQFRQWUDURQ HQ OD PRFKLOD
U
VDOXG HV ODIDOWD GH DJXD SRWDEOHOD FRQWDPLQDFLyQ GHO PHGLFDPHQWRV SDUD DGHOJD]DU (Q HO FROHJLR VXV PDHVWURV
DJXDOD FRQWDPLQDFLyQ LQGXVWULDO GLFHQ TXH WLHQH EXHQD FRQGXFWD SHUR TXH DYHFHV OH
U!
FXHVWD FRQFHQWUDUVH PLHQWUDV HVWXGLD
U! &RPSOHWHQ HO VLJXLHQWH FUXFLJUDPD
/ HDQ ODV VLJXLHQWHV DIPDFLRQHV H LGLTXH VL VRQ
O
YHUGDGHUDV YRIDOLVDV I` - XVWLILTXHQ VXV UQVSXHVWDV
U!
D (O YHQHQR SDUD UDWDV FRQVWLWX\H XQ HMHPSOR GH QR[D
U!
ELROyJLFD 2
E ODV HQIHUPHGDGHV LQIHFFLRVDV SXHGHQ WUDQVPLWLUVH
GLUHFWDPHQWH HQWUH ODV SHUVRQDV U-
U! F /D DQRUH[LD HV XQD HQIHUPHGDG FDXVDGD SRU GHVyUGHQHV
HQ OD DOLPHQWDFLyQ 2
&&
,6 %1
a