You are on page 1of 9

&/,0$72/2*,$'(&+,/(

+pFWRU6iQFKH]9LOORXWD
3URIGH(VWDGRHQ)tVLFD\&V1DW,QJ$JUyQRPR
8QLYHUVLGDGGH&RQFHSFLyQ)DFXOWDGGH$JURQRPtD'HSWRGH6XHORV
KHVDQFKH#XGHFFO

,QWURGXFFLyQ

(V IUHFXHQWH TXH VH FRQIXQGDQ ORV FRQFHSWRV GH FOLPD \ WLHPSR DWPRVIpULFR TXH DXQTXH
WLHQHQ FLHUWD UHODFLyQ VH UHILHUHQ D YLVLRQHV GLVWLQWDV GH ORV IHQyPHQRV TXH RFXUUHQ HQ OD
DWPyVIHUD $Vt HO FOLPD HV XQ FRQMXQWR GH FRQGLFLRQHV DWPRVIpULFDV TXH VH GDQ HQ XQD
GHWHUPLQDGD UHJLyQ D OR ODUJR GH ORV PHVHV \ ORV DxRV HV GHFLU  FRUUHVSRQGH D WHQGHQFLDV
HVWDGtVWLFDVUHVXOWDQWHVGHFRQGLFLRQHVKDELWXDOHVGXUDQWHXQODUJRSHUtRGR PD\RUDDxRV 
(QFDPELRHOWLHPSRDWPRVIpULFRHVHOHVWDGRGHODDWPyVIHUDHQXQGHWHUPLQDGRPRPHQWR\
HQXQD]RQDDFRWDGD(OWLHPSRVHULDHQWRQFHVODFRQGLFLyQDWPRVIpULFDFR\XQWXUDO\HItPHUD
YLVLyQVLQySWLFD 

3DUDHVWXGLDUHOFOLPDHVIUHFXHQWHKDEODUGH)DFWRUHV\(OHPHQWRVGHO&OLPD/RVIDFWRUHVVRQ
FyVPLFRVRDVWURQyPLFRV\JHRJUiILFRVODWLWXGDOWLWXG\ODLQIOXHQFLDPDULQD GLVWDQFLDDOPDU
\ FRUULHQWHV PDULQDV  VRQ ORV SULQFLSDOHV IDFWRUHV /RV HOHPHQWRV FRPR WHPSHUDWXUD
SUHFLSLWDFLyQ YLHQWRV KXPHGDG UHODWLYD SUHVLyQ DWPRVIpULFD \ FHQWURV GH SUHVLyQ VRQ ODV
YDULDEOHVTXHORGHILQHQ\FDUDFWHUL]DQ

(O FOLPD VLHPSUH HVWi EDMR OD LQIOXHQFLD GH OD FRPSOHMD HVWUXFWXUD \ FRPSRVLFLyQ GH OD
DWPyVIHUD \ GH ORV PHFDQLVPRV SRU ORV TXH pVWD \ ORV RFpDQRV WUDQVSRUWDQ \ GLVWULEX\HQ OD
HQHUJtD FDOyULFD SURYHQLHQWH GHO VRO $Vt SXHV SDUD FXDOTXLHU iUHD GDGD GH OD 7LHUUD GHEH
FRQVLGHUDUVHQRVyORVXODWLWXG TXHGHWHUPLQDODLQFOLQDFLyQGHO6RO VLQRWDPELpQVXDOWLWXG
HOWLSRGHVXHORODGLVWDQFLDGHORFpDQRVXUHODFLyQFRQVLVWHPDVPRQWDxRVRV \ ODFXVWUHV \
RWUDVLQIOXHQFLDVPHQRUHV

(O FOLPD WLHQH XQD JUDQ LQIOXHQFLD HQ OD YHJHWDFLyQ \ OD YLGD DQLPDO LQFOX\HQGR D ORV
KXPDQRV 'HVHPSHxD XQ SDSHO VLJQLILFDWLYR HQ PXFKRV SURFHVRV ILVLROyJLFRV GHVGH OD
FRQFHSFLyQ\HOFUHFLPLHQWRGHORVVHUHVYLYRVKDVWDODVDOXG\ODHQIHUPHGDG(OVHUKXPDQR
SRU VX SDUWH SXHGH LQIOXLU HQ HO FOLPD DO FDPELDU VX PHGLR DPELHQWH WDQWR D WUDYpV GH OD
DOWHUDFLyQ GH OD VXSHUILFLH GH OD 7LHUUD FRPR SRU OD HPLVLyQ GH FRQWDPLQDQWHV \ SURGXFWRV
TXtPLFRVFRPRHOGLy[LGRGHFDUERQR JDVLQYHUQDGHUR DODDWPyVIHUD

$~Q FXDQGR HQ ORV ~OWLPRV DxRV OD WHFQRORJtD DJUtFROD KD SHUPLWLGR DFRQGLFLRQDU FDVL D VX
YROXQWDGHOUpJLPHQKtGULFRODIHUWLOLGDG\ODVSURSLHGDGHVItVLFDVGHOVXHORODSUHSRQGHUDQFLD
GHOFOLPDVLJXHVLHQGRXQIDFWRUGHSURGXFFLyQTXHQRVHSXHGHPRGLILFDUDOPHQRVGHVGHHO
SXQWR GH YLVWD SUiFWLFR \ HFRQyPLFR SRU OR TXH UHVXOWD IXQGDPHQWDO FRQRFHU ODV
FDUDFWHUtVWLFDV FOLPiWLFDV GH XQD ]RQD GRQGH VH SUHWHQGH UHDOL]DU DOJXQD DFWLYLGDG DJUtFROD
SDUDGHFLGLUUXEURV\WLSRGHFXOWLYRVTXHPHMRUVHDGDSWDQDODVFRQGLFLRQHVFOLPiWLFDVGHOD
]RQDHQFXHVWLyQ
&KLOH FRQWLQHQWDO VH H[WLHQGH D OR ODUJR GH  SDUDOHORV DSUR[LPDGDPHQWH  NP  (VWD
HQRUPH H[WHQVLyQ ORQJLWXGLQDO WLHQH FRPR FRQVHFXHQFLD XQD JUDQ GLYHUVLILFDFLyQ GH ORV
FOLPDV$VtSRUHMHPSORHOQRUWHVHFDUDFWHUL]DSRUORVFOLPDViULGRVODUHJLyQFHQWUDOSRUORV
FOLPDV PHGLWHUUiQHRV \ HO VXU SRU ORV FOLPDV K~PHGRV \ OOXYLRVRV $ HVWH KHFKR VH DJUHJD
XQDWRSRJUDItDDFFLGHQWDGDTXHHMHUFHXQHIHFWRPRGLILFDGRUVREUHHOFOLPDFUHDQGRXQDJUDQ
YDULHGDGGHFOLPDVGHQWURGHFDGDUHJLyQJHRJUiILFD'HELGRDHVWRVKHFKRVHOFOLPDHQ&KLOH
YDUtD HQ VHQWLGR ORQJLWXGLQDO \ WUDQVYHUVDO FUHiQGRVH XQD GLYHUVLGDG HQRUPH GH WHQGHQFLDV
FOLPiWLFDVFX\DVSRWHQFLDOLGDGHVDJUtFRODVVRQYDULDGDV

/DFHUFDQtDGHORFpDQRVHKDFHVHQWLU DORODUJRGHWRGRHOSDtVVXDYL]DQGRODVYDULDFLRQHVGH
ODWHPSHUDWXUDDODYH]TXHJHQHUDFOLPDVFRQXQDOWRFRQWHQLGRGHKXPHGDGDWPRVIpULFD\
QXERVLGDGHQODFRVWD/DFRUGLOOHUDGHODFRVWDFRQVWLWX\HXQYHUGDGHURELRPERFOLPiWLFRTXH
REOLJD D ODV PDVDV GH DLUH K~PHGR TXH YLHQHQ GHO RFpDQR D DVFHQGHU \ SUHFLSLWDU OR TXH
RULJLQDQ ODGHUDV RFFLGHQWDOHV K~PHGDV \ RULHQWDOHV PiV VHFDV SDUD XQD PLVPD ODWLWXG /D
SOXYLRPHWUtDGLVPLQX\HOXHJRKDFLDHOYDOOHFHQWUDOSDUDOXHJRFRPHQ]DUDDXPHQWDUKDFLDOD
SUHFRUGLOOHUD DQGLQD GRQGH VH UHSLWH HVWH HIHFWR RURJUiILFR DVFHQVR GH OD PDVD QXERVD SRU
HIHFWRGHOUHOLHYH 

/DFRUULHQWHPDULQDIUtD GH+XPEROGW \HODQWLFLFOyQGHO3DFtILFRFUHDQFRQGLFLRQHVGHJUDQ


HVWDELOLGDG DWPRVIpULFD JHQHUDQGR XQD JUDQ H[WHQVLyQ GH GHVLHUWRV HQ HO 1RUWH (Q HVWD
UHJLyQ ORV  PHVHV GHO DxR SUHVHQWDQ GpILFLW GH KXPHGDG /D LQIOXHQFLD GH HVWRV IDFWRUHV
FHGHXQWDQWRGH&RSLDSyDO6XUGDQGRSDVRDFOLPDVGH³(VWHSD´ YHJHWDFLyQDUEXVWLYDUDOD 
FRQHVFDVDSOXYLRPHWUtDFRQFHQWUDGDHQyPHVHVGHLQYLHUQR(QWUH&RSLDSy\/D6HUHQD
GRPLQD OD YHJHWDFLyQ GH WLSR PDWRUUDO EDVWDQWH UDOR 'H /D 6HUHQD DO VXU OD SOXYLRPHWUtD VH
KDFHOLJHUDPHQWHVXSHULRUDPPORTXHSHUPLWHHOGHVDUUROORGH³/D6DEDQD´ YHJHWDFLyQ
KHUEiFHD TXHVHDOWHUQDFRQHOPDWRUUDO/DSOXYLRPHWUtDDXPHQWDKDFLDHOVXUDOFDQ]DQGRORV
PPDODDOWXUDGH6DQWLDJR(QHVWHSXQWRORVFOLPDViULGRVFHGHQSDVRDORVWHPSODGRV
FiOLGRVFRQXQDPDUFDGDFRQFHQWUDFLyQLQYHUQDOGHODVOOXYLDVFRQYHUDQRVFiOLGRV \VHFRV
/DORQJLWXGGHODHVWDFLyQVHFDYDGLVPLQX\HQGRKDFLDHOVXUDODYH]TXHODSOXYLRPHWUtDYD
DXPHQWDQGRUiSLGDPHQWH(VWDVLWXDFLyQVHPDQWLHQHDSUR[LPDGDPHQWHKDVWD7HPXFRGRQGH
ODOOXYLDDQXDOHVGHPP\ODHVWDFLyQVHFDVHKDUHGXFLGRD yPHVHV

/RVFOLPDVGRPLQDQWHVHQWUH&RSLDSy\7HPXFRGRQGHODVOOXYLDVVHFRQFHQWUDQHQLQYLHUQR
\ ORV YHUDQRV VRQ VHFRV \ FiOLGRV VH FRQRFH FRPR &OLPDV 0HGLWHUUiQHRV 3RU OR JHQHUDO
VRQ FOLPDV GH XQD SRWHQFLDOLGDG DJUtFROD HOHYDGD SHUR HV QHFHVDULR HO ULHJR GXUDQWH OD
HVWDFLyQVHFD$PHGLGDTXHVHDYDQ]DGHVGH&RSLDSyDOVXUHOIHQyPHQRGHODVKHODGDVGH
SULPDYHUD \ RWRxR FRPLHQ]D D PDQLIHVWDUVH SULQFLSDOPHQWH HQ ODV ]RQDV LQWHULRUHV TXH QR
WLHQHQLQIOXHQFLDPDULQDHVSHFLDOPHQWHODVSURYRFDGDVSRUSpUGLGDGHUDGLDFLyQWHUUHVWUH

(QWUH7HPXFR \ 9DOGLYLDGHVDSDUHFHSRU FRPSOHWRODHVWDFLyQVHFDORVGRFHPHVHVGHODxR


WLHQHQ KXPHGDG VXILFLHQWH R HQ H[FHVR 'H 9DOGLYLD KDVWD 3XHUWR 0RQWW VH RULJLQDQ FOLPDV
WHPSODGRV OOXYLRVRV GRQGH QR H[LVWH HVWDFLyQ VHFD \ ODV OLPLWDQWHV  SULQFLSDOHV VRQ OD
WHPSHUDWXUD\HOH[FHVRGHOOXYLDHVWDV~OWLPDVGLVWULEXLGDVUHJXODUPHQWHDWUDYpVGHWRGRHO
DxR DXQTXHH[LVWHXQOHYHGHVFHQVRHVWLYDO (Q&KLORpFRQWLQHQWDO\$\VpQODWHPSHUDWXUD\
H[FHVR GH OOXYLDV VRQ XQD OLPLWDQWH GHFLVLYD SDUD PXFKRV FXOWLYRV DQXDOHV (VWD ~OWLPD iUHD
FRUUHVSRQGHDODUHJLyQGHORVFOLPDVOOXYLRVRVIUtRV
(QHOH[WUHPR DXVWUDOGHOSDtV ;,,5HJLyQ ODVWHPSHUDWXUDVEDMDVGXUDQWHWRGRHODxR \ HO
YLHQWRH[FHVLYROLPLWDQODSURGXFFLyQGHFXOWLYRV\ODH[LVWHQFLDGHERVTXHFUHiQGRVHFOLPDV
GHHVWHSDVIUtDVFRQYHJHWDFLyQDUEXVWLYD\KHUEiFHD\FOLPDVGHWXQGUDFRQYHJHWDFLyQEDMD
FRPSXHVWD SRU FRLURQHV OtTXHQHV \ PXVJRV /D OOXYLD HQ HVWD ]RQD GHVFLHQGH D YDORUHV
FHUFDQRV D ORV  PP DxR GLVWULEXLGDV HQ IRUPD KRPRJpQHD /D GLVPLQXFLyQ GH ODV
SUHFLSLWDFLRQHV  \ OD DOWD LQWHQVLGDG GHO YLHQWR HQ HVWDV ODWLWXGHV VH GHEHQ  D OD DFFLyQ GHO
IUHQWHGHDOWDSUHVLyQIUtD\DOKXQGLPLHQWRGHODFRUGLOOHUDGHODFRVWD

&OLPDVGH&KLOHVHJ~QHOPpWRGR.|SSHQ

.|SSHQ\VXVFRODERUDGRUHVVHxDODURQJUDQGHVJUXSRVEDVDGRVHQODVH[LJHQFLDVFOLPiWLFDV
GH DOJXQRV WLSRV GH YHJHWDFLyQ D ORV TXH GHVLJQDURQ PHGLDQWH OHWUDV GH OD $ D OD ( VLHQGR
pVWRV FOLPDV WURSLFDOHV $  VHFRV %  PHVRWpUPLFRV &   PLFURWpUPLFRV '  SRODUHV ( 
(VWRVJUXSRVVHVXEGLYLGHQDVXYH]HQWLSRVFOLPiWLFRVVHJ~QODVFDUDFWHUtVWLFDVGHOUpJLPHQ
GHOOXYLDV\GHODVWHPSHUDWXUDVHPSOHiQGRVHSDUDGHVLJQDUORVYDULDVOHWUDVPLQ~VFXODVFRPR
D YHUDQRVFDOXURVRV E YHUDQRVODUJRV\FiOLGRV F YHUDQRVFRUWRV\FiOLGRV G LQYLHUQRV
PX\ IUtRV  I VLQ HVWDFLRQDOLGDG PDUFDGD HQ FXDQWR D SUHFLSLWDFLyQ  V HVWDFLyQ VHFD HQ
YHUDQR Z HVWDFLyQVHFDHQLQYLHUQR

(QEDVHDODFODVLILFDFLyQGH.|SSHQORVFOLPDVFKLOHQRVVHULDQiULGRVVXEWURSLFDOHV iULGRV\
VHPLiULGRV WHPSODGRV FDOLGRVFRQOOXYLDVVXILFLHQWHV\OOXYLRVRV \FOLPDVSRODUHV&DEUtD
DJUHJDU HO FOLPD WURSLFDO OOXYLRVR GH OD ,VOD GH 3DVFXD \ HO VHPLiULGR IUtR GH ODV SDPSDV
SDWDJyQLFDV

3ULQFLSDOHVFOLPDVGH&KLOH\WHQGHQFLDVFOLPiWLFDV

 &OLPDViULGRVVXEWURSLFDOHV

(VWiQ IRUPDGRV SRU GRV WLSRV FOLPiWLFRV HO GHVpUWLFR \ HO HVWHSDULR 6H ORFDOL]DQ GHVGH HO
OtPLWH QRUWH GHO SDtV KDVWD ODV ]RQDV SUy[LPDV DO UtR $FRQFDJXD 6H FDUDFWHUL]DQ SRU XQD
H[WUHPDDULGH]WHPSHUDWXUDVHVWDEOHVHQODFRVWD\DOWDVRVFLODFLRQHVWpUPLFDVHQHODOWLSODQR
LQWHULRU VLHPSUH FRQ XQD EDMD KXPHGDG UHODWLYD PHQRU D   HQ HO LQWHULRU  /D HVWDFLyQ
VHFD GXUD  D  PHVHV 'HQWUR GH HVWRV FOLPDV SXHGHQ GLVWLQJXLUVH YDULRV PDWLFHV HQ OD
FRVWD XQ FOLPD GHVpUWLFR FRQ QXEODGRV DEXQGDQWHV KDFLD HO FHQWUR XQ GHVLHUWR DEVROXWR (O
GHVLHUWR FRVWHUR VH WUDQVIRUPD KDFLD HO VXU HQ XQD HVWHSD FRPR FRQVHFXHQFLD GH XQ OLJHUR
DXPHQWR HQ OD SOXYLRPHWUtD 3RU HO FHQWUR HO GHVLHUWR DEVROXWR HYROXFLRQD HQ XQ GHVLHUWR
PDUJLQDOEDMR\SRVWHULRUPHQWHHQXQDHVWHSDFRQJUDQVHTXHGDGDWPRVIpULFD

'HQWUR GH HVWH PDFURFOLPD HV SRVLEOH HQFRQWUDU ODV VLJXLHQWHV WHQGHQFLDV FOLPiWLFDV R
PHVRFOLPDV

7HQGHQFLDVFOLPiWLFDVGHVpUWLFDV

 'HVpUWLFRFRQQXEODGRVDEXQGDQWHV %:Q


6HORFDOL]DHQODV]RQDVSUy[LPDVDODFRVWDGHVGH$ULFDKDVWDODVFHUFDQtDVGH/D6HUHQD6H
FDUDFWHUL]DSRUXQDHOHYDGDKXPHGDGUHODWLYDHVFDVDVSUHFLSLWDFLRQHVRVFLODFLRQHVWpUPLFDV
DWHQXDGDVSRUOD LQIOXHQFLDPDULQDQHEOLQDVPX\IUHFXHQWHVDOWDIUHFXHQFLDGHGtDVQXEODGRV
\ ULWPR WpUPLFR KRPRJpQHR &OLPD PX\ LQIOXHQFLDGR SRU HO $QWLFLFOyQ GHO 3DFtILFR OD
FRUULHQWH GH +XPEROGW \ OD JHRPRUIRORJtD OLWRUDO (O UpJLPHQ WpUPLFR SUHVHQWD XQD EDMD
DPSOLWXGGHODWHPSHUDWXUD ž& UHJLVWUiQGRVHXQDPi[LPDGHž&HQHOPHVPiVFiOLGR
HQHUR \ž&HQHOPHVPDVIUtR DJRVWR /DVSUHFLSLWDFLRQHVDXPHQWDQGHQRUWHDVXUGHVGH
XQRVPPDxR &DOGHUD DHQODV]RQDVSUy[LPDVD/D6HUHQD

 'HVpUWLFRQRUPDO %:N


6HORFDOL]DHQXQDIUDQMDFHQWUDOGHOSDtVHQWUHHOOtPLWH1RUWH\&RSLDSyFRQXQDWHQGHQFLD
FOLPiWLFD GHVpUWLFD FRQ QXEODGRV DEXQGDQWHV (O SXQWR PiV VHSWHQWULRQDO VH VLWXDUtD HQ OD
IURQWHUD FRQ3HU~ OtPLWHGHODFRQFRUGLD  \HOPiVPHULGLRQDOFRQ&RSLDSy'RPLQDHODLUH
VHFRLQWHQVDUDGLDFLyQVRODU\DXVHQFLDGHSUHFLSLWDFLRQHV\XQUiSLGRHQIULDPLHQWRDOFDHUOD
QRFKH /DV WHPSHUDWXUDV SUHVHQWDQ XQD DPSOLWXG WpUPLFD GLDULD TXH SXHGH VXSHUDU FRQ
IDFLOLGDG ORV ž & FRQ Pi[LPDV GH  ž& GtD  \ PtQLPDV GH  ž& QRFKH  ([LVWHQ
DOJXQRVSXQWRVJHRJUiILFRVFRQFUHWRVHQORVTXHDOSDUHFHUQROOXHYH+DFLDODFRUGLOOHUDVH
YD UHJLVWUDQGR XQ SDXODWLQR DXPHQWR GH ODV SUHFLSLWDFLRQHV FRPR FRQVHFXHQFLD GHO HIHFWR
RURJUiILFRTXHHQWRGRFDVRQRVRQVXSHULRUHVDORVPPDxR

 'HVpUWLFR PDUJLQDOGHDOWXUD %:+


6HORFDOL]DGHVGHHOOtPLWHVHSWHQWULRQDOGHOSDtVKDVWDDSUR[LPDGDPHQWHORVžGHODWLWXG6XU
HQ ORV WHUULWRULRV GHO LQWHULRU FX\D DOWLWXG VXSHUD ORV  P $ HVWD DOWLWXG OD DWPyVIHUD
SUHVHQWD XQD JUDQ HVWDELOLGDG SRU OR TXH HVWH FOLPD HVWi LQIOXHQFLDGR SRU OD VHTXHGDG GH OD
DWPyVIHUD TXH LPSRQHQ ODV PDVDV GH DLUH DQWLFLFOyQLFR /D SURSLD HVWDELOLGDG DWPRVIpULFD
SHUPLWHHOGHVDUUROOR GHXQDDFWLYLGDGFRQYHFWLYD DVFHQVRGHPDVDVGHDtUHFiOLGDVGHVGHOD
VXSHUILFLH GH OD WLHUUD  TXH SHUPLWH OD IRUPDFLyQ GH JUDQGHV PDVDV GH QXEHV TXH
HYHQWXDOPHQWH SUHFLSLWDQ /DV SUHFLSLWDFLRQHV SURPHGLR QR VXSHUDQ ORV  PP DxR \
FRUUHVSRQGHQDOOXYLDVFRQYHFWLYDVGHYHUDQR/DWHPSHUDWXUDGHOPHVPiVFiOLGRDOFDQ]DORV
ž&HQPD\R\XQPtQLPRGHž&HQMXOLR

 'HVpUWLFRPDUJLQDOGH]RQDVEDMDV %:K


6H ORFDOL]D DO VXU GH &RSLDSy KDVWD HO VXU GH /D 6HUHQD HQ OD IUDQMD FHQWUDO GHO SDtV
3HULyGLFDPHQWH DSDUHFHQ DOJXQRV IUHQWHV QXERVRV TXH RULJLQDQ XQ DXPHQWR GH
SUHFLSLWDFLRQHVFRQUHVSHFWRDODV]RQDVVLWXDGDVDOQRUWH/DLQIOXHQFLDPDULQDVHQRWDHQGRV
VHQWLGRVSRUXQODGRHODXPHQWRGHORVQXEODGRV\SRURWURODH[LVWHQFLDGHXQDRVFLODFLyQ
WpUPLFD QR PX\ PDUFDGD GXUDQWH HO GtD \ OD QRFKH (VWH HTXLOLEULR WpUPLFR VH GHMD VHQWLU
LQFOXVRHQORVWHUULWRULRVLQWHULRUHV(OPHVPDVIUtR MXOLR SUHVHQWDXQDWHPSHUDWXUDGHž&
\ HOPHVPiVFiOLGR HQHUR ž& /DSOXYLRPHWUtDDXPHQWDDPHGLGDTXHVHJDQDODWLWXG
VXUGHPP &RSLDSy DPPDxR 9LFXxD 

 'HVpUWLFRIUtR %:NC


6HORFDOL]DGHVGHORVOtPLWHVFRQ3HU~KDVWD/D6HUHQDHQXQDIUDQMDVLWXDGDHQWUHORVD
 PVQP PHWURV VREUH HO QLYHO GHO PDU  /D DOWLWXG GH OD ]RQD KDFH GHVFHQGHU OD
WHPSHUDWXUDGHWDOPRGRTXHODWHPSHUDWXUDGHOPHVPiVFiOLGRQRVREUHSDVDORVž& HQHUR 
\ODGHOPHVPDVIUtRHVž& MXQLR /DWHPSHUDWXUDPHGLDDQXDOHVGHORUGHQGHORVž&
VLHQGR OD RVFLODFLyQ WpUPLFD HVWDFLRQDO GH XQRV  ž& /DV SUHFLSLWDFLRQHV VRQ GH RULJHQ
FLFOyQLFDV\QRVXSHULRUHVDORVPPDxR
 7HQGHQFLDVFOLPiWLFDVVHPLiULGRV

 (VWHSDFRQQXERVLGDGDEXQGDQWH %6Q


6H ORFDOL]D HQ VHFWRU FRVWHUR GHVGH OD TXHEUDGD GH ORV &KRURV DO QRUWH KDVWD HO VXU GH
=DSDOODU([LVWHXQDDOWDIUHFXHQFLDGHGtDVQXEODGRVDODxRTXHWDPELpQLQIOX\HHQODV]RQDV
LQWHULRUHV FRPR RFXUUH HQ OD FLXGDG GH 2YDOOH /D QXERVLGDG FDUDFWHUtVWLFD VRQ
HVWUDWRF~PXORV TXH DO SUHVHQWDUVH HQ IRUPD EDMD SURYRFDQ IUHFXHQWHV QHEOLQDV FRVWHUDV R
FDPDQFKDFDV (O DJXD GH ODV QHEOLQDV SHUPLWH HO PDQWHQLPLHQWR GH DVRFLDFLRQHV ERVFRVDV
FRPR ODV GHO 3DUTXH 1DFLRQDO )UD\ -RUJH /DV OOXYLDV DOFDQ]DQ ORV  PP DO DxR
FRQFHQWUDGDV SULQFLSDOPHQWH HQ LQYLHUQR DXQTXH WDPELpQ SXHGHQ UHJLVWUDUVH DOJXQDV HQ
SULPDYHUD(QUHODFLyQDOUpJLPHQWpUPLFRVHREVHUYDTXHHOPHVPiVFiOLGR IHEUHUR UHJLVWUD
XQDWHPSHUDWXUDGHž& \ HOPiVIUtR MXOLR ž&HVGHFLUVHUHJLVWUDXQDRVFLODFLyQ
WpUPLFDGHž&DSUR[LPDGDPHQWHODFXDOHVPRGHUDGDSURGXFWRGHODLQIOXHQFLDPDULQD

6HPLiULGRWHPSODGRFRQOOXYLDVLQYHUQDOHV %6NV
6HH[WLHQGHSRUXQiUHDFHQWUDOGHOSDtVTXHFRPSUHQGHGHVGHHOVXUGHODFLXGDGGH2YDOOH
KDVWDHOFRUGyQGH&KDFDEXFRDSUR[LPDGDPHQWH(QORVWHUULWRULRVGHOLQWHULRUGHOSDtVH[LVWH
XQDIXHUWHLQVRODFLyQTXHRULJLQDJUDQGHVRVFLODFLRQHVWpUPLFDV/DOLPSLGH]GHOFLHORMXQWRD
ODV FRQGLFLRQHV GHO UHOLHYH HQ HVWRV YDOOHV WUDQVYHUVDOHV LQWHULRUHV RULJLQDQ OD DSDULFLyQ GH
IUHFXHQWHV LQYHUVLRQHV WpUPLFDV (Q HVWRV VLWLRV ORV SURPHGLRV WpUPLFRV DXPHQWDQ FRQ OD
DOWXUD VLHQGR QRUPDO TXH SREODFLRQHV VLWXDGDV  D PiV GH  P GH DOWLWXG WHQJDQ
WHPSHUDWXUDVPHGLDVVXSHULRUHVDODVHPSOD]DGDVHQODVIDOGDVGHODVPRQWDxDVRHQORVYDOOHV
/DV SUHFLSLWDFLRQHV KLVWRULDV SURPHGLR VRQ DSUR[LPDGDPHQWH GH  PP DQXDOHV HQ ORV
VHFWRUHV PDV DO QRUWH \ GH  PP HQ HO OtPLWH FRQ ORV FOLPDV WHPSODGRV FRQFHQWUDGDV
SULQFLSDOPHQWHHQLQYLHUQR(QUHODFLyQDOULWPRWpUPLFRVHUHJLVWUDODPi[LPDHQHQHURFRQ
 ž& PLHQWUDV TXH OD PtQLPD HV GH  ž& HQ MXQLR OR TXH GHWHUPLQD XQD RVFLODFLyQ
HVWDFLRQDOGHž&\XQDRVFLODFLyQGLDULDGHž&HQYHUDQR

 &OLPDVWHPSODGRV

/D PD\RU SDUWH GH &KLOH VH HQFXHQWUD EDMR OD LQIOXHQFLD GH ORV FOLPDV WHPSODGRV (Q XQD
H[WHQVD IUDQMD TXH DEDUFD GHVGH ORV ž  KDVWD ORV ž GH ODWLWXG 6XU VH H[WLHQGHQ HVWDV
WHQGHQFLDV FOLPiWLFDV FRQ OD H[FHSFLyQ GH ODV ]RQDV IUtDV GH OD DOWD FRUGLOOHUD DQGLQD \ ODV
VHPLiULGDVSURSLDVGHODVUHJLRQHVDXVWUDOHV
(VWRV FOLPDV SXHGHQ VHU DJUXSDGRV HQ GRV WLSRV FOLPiWLFRV IXQGDPHQWDOHV ORV FOLPDV
WHPSODGRVFiOLGRVFRQOOXYLDVVXILFLHQWHV\ORVFOLPDVWHPSODGRVOOXYLRVRVRFRQOOXYLDVWRGR
HODxR

 &OLPDVWHPSODGRVFiOLGRVFRQOOXYLDVVXILFLHQWHV &V


$OVXUGHORVFOLPDViULGRVVXEWURSLFDOHVVHXELFDQpVWRV/DGXUDFLyQGHODHVWDFLyQVHFDHV
YDULDEOH DXQTXH JHQHUDOPHQWH GLVPLQX\H GH QRUWH D VXU /D H[LVWHQFLD R LQH[LVWHQFLD GH XQ
SHUtRGR VHFR GXUDQWH XQ DxR SHUPLWH GLIHUHQFLDU GLYHUVDV WHQGHQFLDV GH FOLPDV GH FDUiFWHU
WHPSODGRVLHQGRpVWDV

7HPSODGRFiOLGRFRQOOXYLDVLQYHUQDOHV\JUDQQXERVLGDG &VEQ 
(VWD WHQGHQFLD FOLPiWLFD VH ORFDOL]D VREUH XQD IUDQMD OLWRUDO TXH YD GHVGH =DSDOODU SRU HO
QRUWH KDVWD HO VXU GH 7RSRFDOPD D XQRV ž GH /DWLWXG 6XU (VWH FOLPD VH GHMD QRWDU SRU OD
QXERVLGDGWtSLFDGHODQWLFLFOyQGHO3DFtILFR/DVQXERVLGDGHVPHGLDVPXHVWUDQXQDRVFLODFLyQ
WtSLFDPHQWH DQWLFLFOyQLFD  FRQ FLHORV PX\ QXERVRV SRU OD PDxDQD \ WHQGHQFLD D GHVSHMDU D
SDUWLUGHOPHGLRGtD(OULWPRWpUPLFRYLHQHGDGRSRUODSUR[LPLGDGGHORFpDQR\VXDFWXDFLyQ
FRPR PRGHUDGRU GH ODV WHPSHUDWXUDV H[WUHPDV FRQ XQD PHGLD DQXDO GH  ž& \ XQD
DPSOLWXG WpUPLFD DQXDO GH  ž& (O SHUtRGR VHFR GXUD XQR  D  PHVHV \ OD SUHFLSLWDFLyQ
SURPHGLRDOFDQ]DORVPPFRQFHQWUDGDSULQFLSDOPHQWHHQLQYLHUQR

(O DUFKLSLpODJR GH -XDQ )HUQiQGH] HVWi LQIOXLGR SRU HVWD WHQGHQFLD FOLPiWLFD DXQTXH VX
ORFDOL]DFLyQJHRJUiILFDHVGLVWLQWD

7HPSODGRFiOLGRFRQOOXYLDVLQYHUQDOHV\JUDQKXPHGDG &VEQV
6H ORFDOL]D SULQFLSDOPHQWH GHVGH ORV WHUULWRULRV OLWRUDOHV VLWXDGRV DO VXU GHO SDUDOHOR ž GH
ODWLWXG 6XU KDVWD ODV FHUFDQtDV GH OD FLXGDG GH /HEX (V XQD HVWUHFKD IUDQMD OLWRUDO GRQGH OD
QXERVLGDG VH SUHVHQWD HQ IRUPD HVSRUiGLFD SHUR VH GHMDQ VHQWLU KDELWXDOPHQWH ORV HIHFWRV
K~PHGRV GH ODV PDVDV GH DLUH GH SURFHGHQFLD PDUtWLPD FRQ KXPHGDGHV UHODWLYDV VLHPSUH
VXSHULRUHVDO3UHVHQWDXQDDPSOLWXGWpUPLFDHVWUHFKDGHORUGHQGHORVž&\PtQLPDVHQ
HOPHVGHMXOLRGHž&/DVOOXYLDVVRQGHORUGHQGHORVPPDQXDOHVFRQFHQWUDGDVGHVGH
DEULODQRYLHPEUHFRQFXDWURRFLQFRPHVHVVHFRV

 7HPSODGRFiOLGRFRQOOXYLDVLQYHUQDOHV &VE 


6H ORFDOL]D HQ OD GHSUHVLyQ LQWHUPHGLD HQWUH ORV ž C \ ž C GH ODWLWXG 6XU
DSUR[LPDGDPHQWH &RUUHVSRQGH DO FOLPD ³WLSR PHGLWHUUiQHR´ /DV WHPSHUDWXUDV GLVPLQX\HQ
GH1RUWHD6XU\GH2HVWHD(VWHDXQTXHGLIHUHQWHViUHDVGHOSDtVQRFXPSOHQHVWULFWDPHQWH
FRQ HVWRV FULWHULRV /DV SUHFLSLWDFLRQHV VH FRQFHQWUDQ HQ ORV PHVHV GH LQYLHUQR $~Q DVt OD
HVWDFLyQVHFDSXHGHGXUDUGHDPHVHVFRPRFRQVHFXHQFLDGHODLQIOXHQFLDDQWLFLFOyQLFD
/RV YLHQWRV GRPLQDQWHV SURFHGHQ GHO VXGRHVWH FRQ XQD FDOPD SURORQJDGD HQ LQYLHUQR
VLWXDFLyQ TXH IDYRUHFH OD DFXPXODFLyQ GH FRQWDPLQDFLyQ DWPRVIpULFD TXH VH QRWD HQ HO iUHD
XUEDQDGH6DQWLDJR/DSUHFLSLWDFLyQPHGLDDQXDOYDUtDGHVGHXQRVPPDXQRVPP
PiVDOVXU&KLOODQHVXQHMHPSORGHHVWDWHQGHQFLDFOLPiWLFDFRQXQDSUHFLSLWDFLyQKLVWyULFD
GHPPDxR

 7HPSODGRIUtRFRQOOXYLDVLQYHUQDOHV &VF


6HORFDOL]DHQXQDIUDQMDSUHFRUGLOOHUDQDVLWXDGD DOHVWHGHOWHUULWRULRGHFOLPDWHPSODGRFiOLGR
FRQOOXYLDVLQYHUQDOHVTXHFRPSUHQGHGHVGHORVžKDVWDORVžGHODWLWXG6XU3RVHHEDMDV
WHPSHUDWXUDV LQYHUQDOHV FRQ WHPSHUDWXUDV TXH VXSHUDQ ORV  ž & HQWUH ORV PHVHV GH MXQLR \
DJRVWR(OULWPRWpUPLFRLQGLFDXQDPHGLDDQXDOGHž&\XQDRVFLODFLyQTXHVHVLW~DHQORV
ž&(OPHVPiVFiOLGRHVHQHURFRQž&\HOPiVIUtRMXQLRFRQž&(OUpJLPHQGH
SUHFLSLWDFLRQHVVXSHUDORVPPDODxRFRQFHQWUiQGRVHHQORVPHVHVGHLQYLHUQR

 &OLPDVWHPSODGRVOOXYLRVRV &I

$OVXSHUDUHOOtPLWHGHORVžGHODWLWXG6XUVHHQWUDHQHOGRPLQLRGHORVFOLPDVOOXYLRVRVTXH
VHH[WLHQGHQSUiFWLFDPHQWHSRUHOUHVWRGHOWHUULWRULRFKLOHQR'HQWURGHORVFOLPDVOOXYLRVRV
H[LVWHQ GRV HOHPHQWRV FOLPiWLFRV GLIHUHQFLDGRUHV OD GLVWULEXFLyQ GH ODV SUHFLSLWDFLRQHV
GXUDQWH HO DxR \ HO ULWPR GH ODV WHPSHUDWXUDV 'H HVWH PRGR VH SXHGHQ GLIHUHQFLDU ODV
VLJXLHQWHVWHQGHQFLDVFOLPiWLFDV
 7HPSODGRFiOLGROOXYLRVRFRQLQIOXHQFLDPHGLWHUUiQHD &IVE
6HORFDOL]DGHVGHHOSDUDOHORžGHODWLWXGVXUKDVWDOD,VOD*XDIRSRUHOOLWRUDO\KDVWD3XHUWR
0RQWWSRUODGHSUHVLyQLQWHUPHGLD(QJHQHUDOODVWHPSHUDWXUDVYDQGLVPLQX\HQGRGHQRUWHD
VXU\HQODpSRFDLQYHUQDOSXHGHDOFDQ]DUHOYDORUFHURSRUORTXHH[LVWHQULHVJRVGHKHODGDV
(O ULWPR WpUPLFR DQXDO YLHQH GHWHUPLQDGR SRU OD WHPSHUDWXUD PHGLD GHO PHV PiV FiOLGR
HQHURFRQž&\HOPiVIUtRMXQLRFRQž&/DRVFLODFLyQWpUPLFDHVGHORUGHQGHORV
ž& \ OD WHPSHUDWXUD SURPHGLR DQXDO VH VLW~D HQ ORV  ž& /DV  SUHFLSLWDFLRQHV YDQ
DXPHQWDQGR GH QRUWH D VXU SXGLHQGR DOFDQ]DU YDORUHV VXSHULRUHV D ORV  PP HQ OD
YHUWLHQWH RFFLGHQWDO GH OD FRUGLOOHUD GH OD FRVWD (Q YHUDQR VH SUHVHQWD XQ GHVFHQVR GH ODV
SUHFLSLWDFLRQHVVLQOOHJDUDRULJLQDUXQDHVWDFLyQVHFD

 7HPSODGRFiOLGROOXYLRVRVLQHVWDFLyQVHFD &IE


6H ORFDOL]D GHVGH 3XHUWR 0RQWW KDVWD HO SDUDOHOR ž GH ODWLWXG 6XU  (Q HO ULWPR WpUPLFR
LQIOX\HQGHFLVLYDPHQWHODVLQIOXHQFLDVPDUtWLPDVTXHHTXLOLEUDQODVWHPSHUDWXUDVQRREVWDQWH
HVWR D PHGLGD TXH VH DYDQ]D KDFLD HO VXU ODV WHPSHUDWXUDV GHVFLHQGHQ SURJUHVLYDPHQWH (O
UpJLPHQ GH OOXYLDV SUHVHQWD YDORUHV DOWRV \ KRPRJpQHRV D OR ODUJR GH WRGR HO DxR FRQ XQD
OLJHUD GLVPLQXFLyQ GH ODV OOXYLDV GH SULPDYHUD /RV YDORUHV DEVROXWRV GH SUHFLSLWDFLyQ
DOFDQ]DQORVPPGRQGHQLQJ~QPHVWLHQHUHJLVWURVLQIHULRUHVDORRVPP5HVSHFWR
GHO UpJLPHQ WpUPLFR VH FDUDFWHUL]D SRU XQD WHPSHUDWXUD PHGLD DQXDO GH  ž& \ XQD
RVFLODFLyQGHž&HOPHVPiVIUtRSUHVHQWDPHGLDVGHž& MXOLR \HOPiVFiOLGRž&

7HPSODGRIUtROOXYLRVRFRQLQIOXHQFLDPHGLWHUUiQHD &IVF
6HORFDOL]DGHVGHODDOWXUDGH&KLOOiQKDVWDHOODJR5DQFRVLWXDGR HQORVžGHODWLWXG6XU
(VWD WHQGHQFLD FOLPiWLFD VH HQPDUFD HQ OD IUDQMD JHRJUiILFD FX\RV OtPLWHV OR FRQVWLWX\HQ OD
3UHFRUGLOOHUD \ OD OtQHD GH QLHYHV DQGLQDV $ PHGLGD TXH VH JDQD HQ DOWXUD ODV WHPSHUDWXUDV
GHVFLHQGHQQRWDEOHPHQWH\ODVSUHFLSLWDFLRQHVSDVDQDVHUSUHIHUHQWHPHQWHGHOWLSRQLYRVR(O
UpJLPHQGHSUHFLSLWDFLyQUHJLVWUDXQWRWDOGHPPGLVWULEXLGDVHQIRUPDUHJXODUDORODUJR
GHODxRFRQYDORUHVPHQVXDOHVDOJRVXSHULRUHVDPP$EULOHVHOPHVPHQRVOOXYLRVR\
MXQLRHOGHPD\RUUHJLVWURFRQPP([LVWHQXQRVWUHLQWDGtDVGHOOXYLDHQIRUPDGHQLHYH

5HVSHFWR GHO UpJLPHQ GH WHPSHUDWXUDV VH SXHGH LQGLFDU TXH OD PHGLD DQXDO HV GH  &
VLHQGR HO PHV PiV FiOLGR HQHUR FRQ  ž& \ HO PHV PiV IUtR MXOLR FRQ  ž&OR TXH
GHWHUPLQDXQDDPSOLWXGWpUPLFDGHž&

7HPSODGRIUtROOXYLRVRVLQHVWDFLyQVHFD &IF
6HORFDOL]DHQODSUHFRUGLOOHUDDSDUWLUGHODODWLWXGGH2VRUQR\DGTXLHUHVXPi[LPDH[SUHVLyQ
HQORVWHUULWRULRVGHODVUHJLRQHV;,\SDUWHGHOD;,,(QHOVHFWRURHVWHH[LVWHQWHPSHUDWXUDV
PRGHUDGDV SRU HO HIHFWR GHO RFpDQR \ HQ ORV VHFWRUHV PDV SUy[LPRV D OD FRUGLOOHUD OD
WHPSHUDWXUDPHGLDGHDOJXQRVPHVHVGHLQYLHUQRSXHGHERUGHDUORVž&/DVOOXYLDVSXHGHQ
OOHJDUDYDORUHVGHPPDODxRHQ]RQDVFRVWHUDV\PPHQODV]RQDVPiVLQWHULRUHV
(OPHVFRQPHQRVSUHFLSLWDFLyQHVRFWXEUHFRQDOJRPHQRVGHPP

(OUpJLPHQWpUPLFRGHHVWDWHQGHQFLDFOLPiWLFDVHFDUDFWHUL]DSRUXQDWHPSHUDWXUDSURPHGLR
GHž&PHVPiVFiOLGRž& IHEUHUR PHVPiVIUtRž& MXOLR \XQDRVFLODFLyQDQXDOGH
VRORž&7RGRVORVPHVHVGHODxRVHUHJLVWUDQWHPSHUDWXUDVHQWUH\ž&
&OLPDVSRODUHV

 7XQGUDSRUHIHFWRGHODDOWXUD (7+


6HORFDOL]DHQODVSDUWHVPiVDOWDVGHODFRUGLOOHUDGHORV$QGHVGHVGHORVžGHODWLWXGVXU
KDVWDORVž$OVXUGHGLFKRSDUDOHORODWXQGUDVHSUHVHQWDHQIRUPDHVSRUiGLFDEiVLFDPHQWH
HQ ORV OtPLWHV GH ORV FDPSRV GH KLHOR 6XU \ HQ DOJXQDV FLPDV GH OD FRUGLOOHUD $O FRQWLQXDU
VXELHQGR OD FRUGLOOHUD DQGLQD OD SUHFLSLWDFLyQ VLJXH DXPHQWDQGR \ OD WHPSHUDWXUD VLJXH
GHVFHQGLHQGR 6REUH ORV  P OD SUHFLSLWDFLyQ VH KDFH VXSHULRU D ORV  PP OR TXH
SHUPLWH HO GHVDUUROOR GH XQD HVWHSD IUtD VHPHMDQWH D OD HQFRQWUDGD HQ 0DJDOODQHV FRQ
YHJHWDFLyQ GH FRLURQHV /DV WHPSHUDWXUDV PHGLDV VRQ VLHPSUH LQIHULRUHV D ORV ž & (VWDV
WLHUUDVDOWDVVHKDOODQSHUPDQHQWHPHQWHFRQ FREHUWXUDQLYDOORTXHGDOXJDUDYHQWLVTXHURV(Q
HVDVFRQGLFLRQHVODYHJHWDFLyQDUEXVWLYDRDUEyUHDHVHVFDVDRQXOD

3RODU ()
6HORFDOL]DHQHOWHUULWRULRFKLOHQR$QWiUWLFRSRVHHXQDEDMDUDGLDFLyQVRODU\SRUORWDQWRXQ
PD\RU ULWPR WpUPLFR LQIOXLGR SRU ODV PDVDV GH DLUH HO HVWDGR GHO FLHOR R OD RURJUDItD GH XQ
OXJDU GHWHUPLQDGR (O UpJLPHQ GH OOXYLDV HV GLItFLO GH UHJLVWUDU SRU GRV PRWLYRV HQ SULPHU
OXJDUSRUTXHODPD\RUtDVRQVyOLGDV\HQVHJXQGROXJDUSRUTXHQRUHVXOWDIiFLOGLIHUHQFLDUOR
TXH HV UHDOPHQWH SUHFLSLWDFLyQ GH OR TXH HV YHQWLVFD QLHYH OHYDQWDGD SRU HO YLHQWR  6H
HVWLPDQODVSUHFLSLWDFLRQHVHQWUHORV\PPDQXDOHV

3RODUSRUHIHFWRGHODDOWXUD ()+
6HORFDOL]DHQDOJXQRVVHFWRUHVFRPSUHQGLGRVHQWUHORVž\žGHODWLWXG6XU\HQDOJXQRV
YHQWLVTXHURVTXHVHKDOODQHQ&DPSRGH+LHOR6XU\1RUWH7DPELpQHVSRVLEOHHQFRQWUDUHVWD
WHQGHQFLD HQ OD FRUGLOOHUD 'DUZLQ HQ WLHUUD GHO IXHJR (OOR KDFH GLItFLO ORFDOL]DU FRQ FLHUWD
SUHVLFLyQODVFDUDFWHUtVWLFDV \ORVOtPLWHVGHOFOLPDSRODUSRUHIHFWRGHODDOWXUD1RREVWDQWH
ORDQWHULRUHVWHFOLPDYLHQHGHILQLGRSRUORVOXJDUHVGRQGHODWHPSHUDWXUDGHOPHVPiVFiOLGR
GHODxRHVLQIHULRUDž&2WURtQGLFHLQGLUHFWRSDUDSUHFLVDUHVWDWHQGHQFLDFOLPiWLFDSXHGH
VHUODOtQHDGHODVQLHYHVSHUSHWXDV(VWHLQGLFDGRUSUHVHQWDHOLQFRQYHQLHQWHGHTXHHOOtPLWH
GH ODV QLHYHV SHUPDQHQWHV YDUtD FRQVLGHUDEOHPHQWH GHO QRUWH DO VXU GHO WHUULWRULR FKLOHQR
SXHVWR TXH HVWiQ GHWHUPLQDGDV R ELHQ SRU ODV EDMDV WHPSHUDWXUDV R SRU OD DEXQGDQFLD GH
SUHFLSLWDFLRQHVFDtGDVHQORVVHFWRUHVHOHYDGRVGHODFRUGLOOHUDGHORV$QGHV

2WURVFOLPDV

6HPLiULGRIUtRFRQOOXYLDVLQYHUQDOHVGHODVSDPSDVSDWDJyQLFDV %6.V
(VWD YDULDQWH VH ORFDOL]D HQ OD ]RQD PHULGLRQDO GH OD SDPSD SDWDJyQLFD HQ ORV OtPLWHV
WHUUHVWUHV LQWHULRUHV GHO HVWUHFKR GH 0DJDOODQHV WDPELpQ VH KDFH SUHVHQWH HVWH FOLPD HQ ODV
FHUFDQtDVGHOODJR*HQHUDO&DUUHUD/DVSUHFLSLWDFLRQHVYDQGLVPLQX\HQGRSURJUHVLYDPHQWHGH
SRQLHQWHDRULHQWHHOULWPRWpUPLFRVHFDUDFWHUL]DSRUODVWHPSHUDWXUDVEDMDVGXUDQWHWRGRHO
DxRFDVLVLHPSUHSRUGHEDMRGHORVž&GHSURPHGLRPHQVXDOGDQGROXJDUDXQFOLPDIUtR
FRQKXPHGDGVXILHQWHTXHSUHVHQWDFDUDFWHUtVWLFDVGHHVWHSD

7URSLFDOOOXYLRVRGHODLVODGH3DVFXD $ID
6X ULWPR WpUPLFR HVWi GHWHUPLQDGR SRU VX VLWXDFLyQ JHRJUiILFD HQ PHGLR GHO SDFtILFR 6H
FDUDFWHUL]DSRUXQDHVFDVDRVFLODFLyQWpUPLFDWDQWRGLDULDFRPRDQXDO/DWHPSHUDWXUDDQXDO
SURPHGLRHVGHž&VLHQGRHOPHVPiVFiOLGRIHEUHURFRQž&\HOPiVIUtRDJRVWRFRQ
 ž& /D RVFLODFLyQ WpUPLFD HV GH XQRV  ž& /DV SUHFLSLWDFLRQHV VXHOHQ VHU GHO WLSR
FRQYHFWLYRHQYHUDQRPLHQWUDVTXHHQLQYLHUQRVRQGHOWLSRIURQWDOHVFRQUHJLVWURVDEVROXWRV
GHPPGLVWULEXLGRVFRQFLHUWDUHJXODULGDGGXUDQWHWRGRHODxR

%LEOLRJUDItDFRQVXOWDGD

 (QFLFORSHGLDGH&KLOH7RPR,2&($12*UXSR(GLWRULDO6$

 )HUQiQGH] )  0DQXDO GH &OLPDWRORJtD  $SOLFDGD (GLWRULDO 6tQWHVLV 6 $
0DGULG(VSDxD

 )XHQWHV-/,QLFLDFLyQDOD0HWHRURORJtD$JUtFROD7HUFHUD(GLFLyQ(GLFLRQHV
0XQGL 3UHQVD0DGULG(VSDxD

 0LOODU $   &OLPDWRORJtD 7HUFHUD (GLFLyQ (GLWRULDO 2PHJD 6 $ %DUFHORQD
(VSDxD

 7RUUHV($JUR0HWHRURORJtD(GLWRULDO'LDQD6$0p[LFR