5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH

'(5(&+26+80$126(1/$('$'0(',$(/
352&(62,148,6,7,92</$48(0$'(%58-$6
06F,JQDFLR*DUFtD$

680$5,2

'HUHFKRV+XPDQRVHQOD(GDG0HGLD(OSURFHVRLQTXLVLWLYR\ODTXHPDGHEUXMDV

, (O0DOHXV0DOH¿FDUXP

,, (OSURFHVRSHQDOLQTXLVLWLYRHOFDVRGH*DQGLQXV

,,, $PDQHUDGHFRQFOXVLyQ$OJXQRVSRVLEOHV\OHMDQRVSDUDOHOLVPRVKLVWyULFRV

,9 %LEOLRJUDItD
 5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH
'(5(&+26+80$126(1/$('$'0(',$(/
352&(62,148,6,7,92</$48(0$'(%58-$6
'HUHFKRV+XPDQRVHQOD(GDG
0HGLD(OSURFHVRLQTXLVLWLYR\
ODTXHPDGHEUXMDV
0XFKRVHKDEODKR\HQHOGHUHFKRSHQDOGHO
GHUHFKRSHQDOGHOHQHPLJR\GHODH[SDQVLyQ
GHOGHUHFKRSHQDO
(VSHFLDOPHQWH HQ &RVWD 5LFD OD GLVFXVLyQ
DFHUFD GHO GHUHFKR SHQDO VH KD GLYLGLGR
SRODUL]DGR \ HQWHQGLGR GH XQD PDQHUD
GXDOLVWD HQWUH TXLHQHV VH DGVFULEHQ D
XQD SROtWLFD GH SHUVHFXFLyQ SHQDO PiV
IXQFLRQDOLVWD HQ HO VHQWLGR VRFLROyJLFR GHO
WpUPLQR\TXLHQHVVHFRQFLEHQDVtPLVPRV
FRPRJDUDQWLVWDV
(VWD GLQiPLFD SRODUL]DGD HVWi OHMRV GH VHU
DOJRLQVyOLWRRQRYHGRVR
(OSUHVHQWHDUWtFXORSUHWHQGHGDUXQHMHPSOR
GHpVWDGXDOLGDGSUHVHQWHHQORVIHQyPHQRV
GHH[SDQVLyQGHOGHUHFKRSHQDOFRQEDVHHQ
XQ HMHPSOR ORV PDQXDOHV XWLOL]DGRV SRU ORV
WULEXQDOHVGHOD6DQWD,QTXLVLFLyQGXUDQWHOD
EDMD(GDG0HGLDHQ(XURSD&HQWUDO
3DUD HVWH ¿Q VH XWLOL]DUiQ GRV HMHPSORV
3RU XQ ODGR ORV PDQXDOHV GH SHUVHFXFLyQ
FRQWUD OD EUXMHUtD GHQRPLQDGRV ³0DOHXV
0DOH¿FDUXP´ \ ³)RUQLFDULXV´ 3RU RWUR ODGR
 )RXFDXOW0LFKHO9LJLODU\FDVWLJDUQDFLPLHQWRGHODSULVLyQDHG%XHQRV$LUHV6LJOR;;,(GLWRUHV$UJHQWLQD
06F,JQDFLR*DUFtD$
XWLOL]DUHPRV XQD REUD GHO SURIHVRU DOHPiQ
+DQV 8OULFK .DQWRURZLF] XQ JUDQ MXULVWD
UDGLFDGRHQ%HUOLQHQWLHPSRVGHOD6HJXQGD
*XHUUD0XQGLDOTXLHQDPHGLDGRVGHOVLJOR
;; H LQVSLUDGR SRU OD (VFXHOD +LVWyULFD GHO
'HUHFKR DFXGLy D ODV IXHQWHV KLVWyULFDV
GLUHFWDV \ WUDGXMR ODV DFWDV GHO SURFHVR
LQTXLVLWLYR GLUHFWDPHQWH GH ORV UHJLVWURV GH
XQD FRUWH HQ HO QRUWH GH ,WDOLD XWLOL]DQGR OD
¿JXUDGHXQMXH]LQTXLVLGRU*DQGLQXV
)LQDOPHQWH KDUHPRV DOJXQDV UHÀH[LRQHV
HQ FXDQWR D ORV SRVLEOHV SDUDOHOLVPRV TXH
SRGUtDJXDUGDUHVWHPDUFRKLVWyULFRFRQORV
IHQyPHQRVGHH[SDQVLyQGHOGHUHFKRSHQDO
FRQWHPSRUiQHR
, (O0DOHXV0DOH¿FDUXP
+DEODU GHO SURFHVR LQTXLVLWLYR R GH OD
,QTXLVLFLyQ LPSOLFD XQ SHULyGR GH FHUFD GH
 DxRV HQ XQD UHJLyQ WDQ JUDQGH FRPR
(XURSD&HQWUDO
/DSULPHUDLQVWLWXFLRQDOL]DFLyQGHXQWULEXQDO
GHOD6DQWD,QTXLVLFLyQVHGLRHQ/DQJXHGRW
DOVXUGH)UDQFLDHQHODxR/DHMHFX
FLyQ GH 5REHUW )UDQoRLV 'DPLHQV HMHPSOR
GHO IUXVWUDGR PDJQLFLGD TXH XWLOL]D 0LFKHO
)RXFDXOWSDUDLQLFLDUVXFpOHEUHREUD³9LJLODU
\&DVWLJDU´WRPDOXJDUHQHQ3DUtV
 
(VWD JUDQ GLYHUJHQFLD WHPSRUDO GH FDVL
VHLVFLHQWRV DxRV HQWUH DPERV HYHQWRV QRV
GD XQD LGHD GHO ODUJR SHULRGR TXH VLJQL¿FD
HO GHVDUUROOR \ OD LQVWLWXFLRQDOL]DFLyQ GHO
SURFHVRLQTXLVLWLYR
6LQHPEDUJR\FRPRYHUHPRVHQHVWHWUDEDMR
ODpSRFDPiVLQWHQVRGHORVSURFHVRVFRQWUD
ODV EUXMDV \ GHPRQLRV VH H[WHQGLy GXUDQWH
FDVL XQ  VLJOR \ PHGLR QR HQ OD DOWD (GDG
0HGLDVLQR\DHQODPRUGHUQLGDGWHPSUDQD
HQORVVLJORV;9,\;9,,HQ(XURSD&HQWUDO
PiV HVSHFt¿FDPHQWH HQ )UDQFLD$OHPDQLD
(VSDxD3RUWXJDO6XL]DH,WDOLD
(Q)UDQFLD\$OHPDQLDHOSURFHVRLQTXLVLWLYR
IXH SDUWLFXODUPHQWH YLROHQWR 7UDWDUHPRV GH
GHOLPLWDUODHYROXFLyQGHOSURFHVRLQTXLVLWLYR
GHOLPLWiQGROR WHPSRUDO \ HVSDFLDOPHQWH
PHGLDQWH GRV HMHPSORV FRQFUHWRV  HQ OD
(XURSD&HQWUDOGHODEDMD(GDG0HGLD
(Q  ,QRFHQFLR 9,,, SURPXOJD OD EXOD
³6XPPLVGHVLGHUDQWHVDIIHFWLEXV´HQODTXH
PRGL¿FD OD SRVLFLyQ GH OD ,JOHVLD UHVSHFWR
D OD EUXMHUtD \ GHFODUD OD H[LVWHQFLD GH
ODVEUXMDV
'H KHFKR SDUWH GH VX SROtWLFD FRQVLVWH HQ
D¿DQ]DU OD FUHHQFLD HQ ODV EUXMDV FRPR XQ
GRJPD$QWHULRUPHQWHHQHO&DQRQ(SLVFRSL
GHODxRG&OD,JOHVLDKDEtDGHFODUDGR
OD FUHHQFLD HQ ODV EUXMDV FRPR XQD KHUHMtD
(O 'HFUHWXP *UDWLDQL GH  WDPELpQ VH
DGVFULEH D HVD OtQHD DUJXPHQWDWLYD 6LQ
HPEDUJR FRQ ,QRFHQFLR 9,,, HVWH FULWHULR
 0DULD-HV~V=DPRUD&DOYR³.UDPHU6SUHQJHU\VXVVHJXLGRUHVHQOD(XURSDFDWyOLFD´(Q6FLHQFHPDJLHHWUHOLJLRQ
XQFRPSURPLVPpGLpYDO"&DXFHV5HYXHG¶pWXGHVKLVSDQLTXHV1S
 KWWSZZZXDPHVSHUVRQDOBSGL¿OR\OHWUDVP]FDOYR'RFXPHQWRV.UDPHUSGI
FDPELDDVXRSXHVWRQHJDUODH[LVWHQFLDGH
ODVEUXMDVFRQVWLWX\HHOSHFDGRGHKHUHMtD
&RQHO¿QGHD¿DQ]DUHVWDSRVWXUD,QRFHQFLR
9,,, QRPEUD FRPR UHSUHVHQWDQWHV Pi[LPRV
GHO6DQWR2¿FLRD+HLQULFK.UDPHU\D-DNRE
6SUHQJHU HQ ODV UHJLRQHV GH 0DJXQFLD
&RORQLD7UpYHULV6DO]EXUJR\%UHPD
/D %XOD PHQFLRQDGD LQVWLWXFLRQDOL]D OD
GHQRPLQDGD FD]D GH EUXMDV FRPR XQD
SROtWLFD GH SHUVHFXFLyQ SHQDO GHOHJiQGROD
HQ OD LQTXLVLFLyQ GH LQÀXHQFLD GRPLQLFD
\IUDQFLVFDQD
&RPRSDUWHGHHVWDSROtWLFD.UDPHUWDPELpQ
OODPDGR,QVWLWRUR,QVWLWRULVUHGDFWDHO³0DOOHXV
0DOOH¿FDUXP´ R ³0DUWLOOR GH ODV %UXMDV´ GH
HOFXDOFRQVLVWHHQXQPDQXDOTXHVH
GLVWULEX\H UiSLGDPHQWH SRU (XURSD +DVWD
 DSDUHFHQ WUHFH LPSUHVLRQHV GHO OLEUR
\ HQ HO SHULRGR TXH YD GH  D 
DSDUHFHQSXEOLFDFLRQHVPiV
6LQ HPEDUJR HO 0DOHXV 0DOH¿FDUXP QR HV
HO~QLFRPDQXDORWUDWDGRWHyULFRRSUiFWLFR
SDUDUHSULPHUODKHFKLFHUtD([LVWtD\DGHVGH
HO³7UDFWDWXVGH0DOH¿FLLV´GH$OEHUWXV
*DQGLQXV XQ MXH] GHO SURFHVR LQTXLVLWRULR
TXHYLYLyHQWUHORVDxRVGH\HQ
%RORJQD 6X WUDWDGR IXH SXEOLFDGR HQ OD
YHUVLyQ ¿QDO HQ  FXDQGR IXQJtD FRPR
MXH]HQ6LHQD
*DQGLQXV HV OD ¿JXUD FHQWUDO GHO HVWXGLR
GHO SHQDOLVWD H KLVWRULDGRU +HUPDQQ 8OULFK
 .DQWRURZLF]+HUPDQQ8³$OEHUWXV*DQGLQXVXQGGDV6WUDIUHFKWGHU6FKRODVWLN´%HUOLQ(QORTXHVHUH¿HUHD
OD¿JXUDGHOMXH]*DQGLQXVVHXWLOL]yHVWDREUDFRPREDVHSDUDODSUHVHQWHLQYHVWLJDFLyQ
 ,QIRUPDFLyQUHFROHFWDGDHQHOVLWLRZHEKLVWRULFXPQHWSXEOLFDFLyQGHOD)DFXOWDGGH+LVWRULDGHOD8QLYHUVLGDG/08
GH0XQLFKZZZKLVWRULFXPQHW(VWDGR1RY
 

.DQWRURZLF] XQD GH ODV DXWRULGDGHV PiV *DQGLQXV UHFRQRFH VLQ HPEDUJR ODV
UHFRQRFLGDV HQ HO WHPD +HUPDQQ 8OULFK OLPLWDFLRQHV\GHELOLGDGHVGHOSURFHVRSHQDO
.DQWRURZLF]HVVLQOXJDUDGXGDVXQRGHORV HVSHFLDOPHQWH HQ VX IDVH SUREDWRULD OD
PiVLOXVWUHVMXULVWDVDOHPDQHVGHOVLJOR;;6H FRQIHVLyQORVWHVWLJRVODSUXHEDGRFXPHQWDO
OHFRQRFHFRPRIXQGDGRUGHOD³(VFXHODGHO
'HUHFKR/LEUH´HQODFXDOSURSRQHODH[LVWHQFLD
GH XQ GHUHFKR IXHUD GHO RUGHQDPLHQWR
MXUtGLFR HVWDWDO )XH GHFDQR OD 8QLYHUVLGDG
GH .LHO &RQ OD VHJXQGD JXHUUD PXQGLDO VX
GHFODUDFLRQHV 3RU OR WDQWR GHVDUUROOD XQD
WHRUtD VREUH XQ ³VLVWHPD GH LQGLFLRV´ TXH
DQWHFHGLHUDQDODWRUWXUD%DMRHVWDWHRUtDHUD
UHTXLVLWR SDUD SRGHU RUGHQDU OD WRUWXUD TXH
H[LVWLHUDQ LQGLFLRV VX¿FLHQWHV \ YHUGDGHURV
KHUPDQR$OIUHG IXH HQYLDGR D XQ FDPSR GH
FRQFHQWUDFLyQ .DQWRURZLF] IXH GHVSHGLGR
SRUUD]RQHVSROtWLFDV\VXVOLEURVTXHPDGRV
(PLJUyKDFLD,QJODWHUUD'LRFODVHVHQ1XHYD
<RUN 2[IRUG \ &DPEULGJH  6X REUD VREUH
*DQGLQXVVLUYHFRPRIXQGDPHQWREiVLFRGH
HVWH WUDEDMR \ GHO HVWXGLR GHO GHUHFKR SHQDO
PHGLHYDOHQ$OHPDQLD
&RQ *DQGLQXV LQLFLD HQ OD SUiFWLFD GH ORV
WULEXQDOHVFRPXQHVGHOD]RQDQRUWHGH,WDOLD
ODUHSUHVLyQGHOSURFHVRDFXVDWRULRTXHKDVWD
HQWRQFHV VH KDEtD YHQLGR GHVDUUROODQGR
GDQGR OXJDU D VX WUDQVIRUPDFLyQ VREUH ODV
EDVHV GH XQD LQYHVWLJDFLyQ LQTXLVLWRULD
³LQGLFLDVXI¿FLHQWLDHWYHULVLPLOLD´
2WUR PDQXDO GH EUXMHUtD SXEOLFDGR HQ 
HQHO&RQFLOLRGH%DVLOHDHVHO³)RUQLFDULXV´
HVFULWR SRU -RKDQQHV 1LGHU (VWH PDQXDO
VLUYLy GH EDVH \ DQWHFHGHQWH SDUD OD
UHGDFFLyQGHO0DOHXV0DOH¿FDUXP
+DVWD  OD +HUHMtD HUD FDVWLJDGD
~QLFDPHQWH FRQ HO FDODER]R 6LQ HPEDUJR
FRQ ORV GRPLQLFRV .UDPHU \ 6SUHQJHU
FRPR VHxDODPRV DQWHULRUPHQWH HQ 
OD SHUVHFXFLyQ SROtWLFD \ OD UHSUHVLyQ GHO
VLVWHPD LQTXLVLWLYR DOFDQ]D XQ QLYHO PiV
DOWR /DV LQYHVWLJDFLRQHV PiV UHFLHQWHV
VREUHORVKHFKRV³H[RI¿FLR(QXQSURFHVR
GHULYDGRGLUHFWDPHQWHGHOGHUHFKRFDQyQLFR
*DQGLQXV DERJDED SRU ORV PLVPRV ¿QHV
SURFHVDOHV 7DQWR HO DFXVDGRU SULYDGR
FRPR HO DFWXDO MXH] TXH LQYHVWLJD³H[ RI¿FLR
SHU LQTXLVLWLRQHP´ WLHQHQ FRPR REMHWLYR HO
FDVWLJRLQGLVSHQVDEOHGHOLQMXVWRRFDVLRQDGR
FDOFXODQHQWUH\HOQ~PHURGH
HMHFXFLRQHV HQ (XURSD GXUDQWH HVWD pSRFD
&HUFDGHXQHUDQPXMHUHV
(O FDUiFWHU HSLGpPLFR \ HVWUXFWXUDO \ OD
IRUPD HQ OD TXH VH PDQL¿HVWD OD YLROHQFLD
GXUDQWH HVWH SHULRGR QRV SXHGH OOHYDU D
³XW PDOH¿FLXP SXQLDWXU´ 3RU OR WDQWR SHQVDU HQ TXH SXHGDQ H[LVWLU PRGHORV
*DQGLQXVYHHQODLQYHVWLJDFLyQGHR¿FLRHQ GLQiPLFDV \ IHQyPHQRV GH H[SDQVLyQ GHO
ORVVLVWHPDVSHQDOHVXQLYHUVDOHVXQUHTXLVLWR GHUHFKRSHQDOTXHFRLQFLGHQHQVXIRUPD\
SDUDOD-XVWLFLD UHLWHUDFLyQKLVWyULFD

 Y³/D/XFKDSRUHO'HUHFKR´EDMRHOSVHXGyQLPRGH*QDHXV)ODHYLXV

 ,ELG
 *iERU.ODQLF]D\³7KH3URFHVVRI7UDQFH+HDYHQO\DQG'LDEROLF$SSDULWLRQVLQ-RKDQQHV1LGHU¶V)RUPLFDULXV´
 6FKU|GHU5DLQHU³5HFKWVJHVFKLFKWH´$OSPDQQ6FKPLGWS
 *HUG6FKZHUKRII9RP$OOWDJVYHUGDFKW]XU0DVVHQYHUIROJXQJ1HXHUHGHXWVFKH)RUVFKXQJHQ]XPIUKQHX]HLWOLFKHQ
+H[HQZHVHQ(QZZZKLVWRULFXPQHW
 

(O0DOHXV0DOH¿FDUXPLQLFLDFRQODFUHDFLyQ HO LQTXLVLGRU PiV IDPRVR \ UHFRQRFLGR GH

GH XQ GRJPD SRQHU HQ GXGD OD H[LVWHQFLD (XURSD (O LQTXLVLGRU GRPLQLFR SUHVXPtD
GH EUXMDV HV VLQyQLPR GH KHUHMtD ³<HUUDQ GH KDEHU OLGHUDGR PiV GH  SURFHVRV HQ
TXLHQHVGLFHQTXHODEUXMHUtDQRH[LVWH´/D
REUD H[DPLQD ODV FXDOLGDGHV GH ODV EUXMDV \
GHPRQLRV GH PDQHUD PLQXFLRVD \ GHWDOODGD
SRUHMHPSOR6XSRVLELOLGDGGHFRQYHUWLUVHHQ
UDWDV VX KDELOLGDG SDUD YRODU GH QRFKH ORV
SDFWRVHQWUHODVEUXMDV\ORVGHPRQLRVORVGH
PRQLRVSUH¿HUHQXWLOL]DUHOVHPHQSURGXFWRGH
XQDFWRVH[XDOSRUWHQHUPD\RUIXHU]DJHQHUD
WLYDTXHHOHPLWLGRGXUDQWHXQDSROXFLyQQRF
WXUQD(VHYLGHQWHODPLVRJLQLDSUHVHQWHHQHO
WH[WR8QDGHODVDFXVDFLRQHVTXHVHKDFtDQ
DODVEUXMDVHUDHOSRGHUUREDUHOSHQHGHXQ
KRPEUH\SRGHUFULDUORHQXQQLGR
(O 0DOHXV WUDWD GH HPXODU HO PpWRGR GH
GLVHUWDFLyQ HVFROiVWLFR GH OD WUDGLFLyQ
GLVHUWDFLyQ WRPLVWD /D REUD VH KDOOD
GLYLGLGD HQ WUHV SDUWHV /D SULPHUD ³FRQWLHQH
WUHV DVSHFWRV TXH FRLQFLGHQ HQ HO PDOH¿FLR
HO GHPRQLR HO EUXMR \ OD SHUPLVLyQ GLYLQD´
/D VHJXQGD ³WUDWD GH OD IRUPD GH LQIHULU
PDOH¿FLRV\GHOXFKDUIHOL]PHQWHFRQWUDHOORV´
/DWHUFHUD³FRPSUHQGHYHLQWLFLQFRFXHVWLRQHV
SHUWLQHQWHVDODDFWXDFLyQMXGLFLDOWDQWRHQHO
IXHUR HFOHVLiVWLFR FRPR HQ HO FLYLO FRQWUD ORV
EUXMRV\GHPiVPXMHUHV(QHOODVHPXHVWUD
GH IRUPD HORFXHQWH OD UHJOD SDUD LQLFLDU HO
SURFHVRMXGLFLDO\SURQXQFLDUVHQWHQFLD´
$O PRPHQWR GH OD UHGDFFLyQ GHO 0DOHXV
0DOH¿FDUXP .UDPHU HV SUREDEOHPHQWH
 0DOHXVS
 0RLUD6PLWK³7KH)O\LQJ3KDOOXVDQGWKH/DXJKLQJ,QTXLVLWRU3HQLV7KHIWLQWKH³0DOOHXV0DOH¿FDUXP´(Q-RXUQDORI
FRQWUD GH EUXMDV SHUR HV SRFD OD HYLGHQFLD
SDUDVXVWHQWDUGLFKDFLIUD(QHVWHSHULGRODV
&RUWHV LQTXLVLWRULDOHV GH (XURSD RUGHQDURQ
HQWUH  \  SHQDV GH PXHUWH
$OJXQRVDXWRUHVLQFOXVRKDEODQGH³PLOORQHV´
GHHMHFXFLRQHV
'XUDQWH HVWD pSRFD VH GD XQD SXJQD HQWUH
WUHVFRUULHQWHVLGHROyJLFDVORVUHTXHULPLHQWRV
GH OD ,JOHVLD ORV VDEHUHV YXOJDUHV \ ODV FR
UULHQWHVSRVLWLYLVWDVFLHQWt¿FDVUHQDFHQWLVWDV
&RPR SDUWH GH HVD SXJQD HQFRQWUDPRV
GLYHUVRVUHSUHVHQWDQWHV
(O ¿OyVRIR GH 7RXORXVH -HDQ %RGLQ
SXEOLFD HQ  VX REUD ³'H PDJRUXP
GDHPRQRPDQLDOLEUL,9´6XREUDPiVIDPRVD
HV ³'H OD 'HPRQRPDQLH GHV 6RUFLHUV´ OD
FXDO SURPXHYH OD SHUVHFXFLyQ GH EUXMDV
%RGLQHQWUDHQXQDIXHUWHFRQWURYHUVLDFRQHO
WDPELpQGHPRQyORJRDOHPiQ-RKDQQHV:HLU
TXLHQHQVXREUD³'H3UDHVWLJLLV'DHPRQXP
HW ,QFDQWDWLRQLEXV DF 9HQL¿FLLV´ KDEtD
FXHVWLRQDGRHQODSRVLELOLGDGGHTXH
OD EUXMHUtD QR H[LVWLHUD REMHWLYDPHQWH VLQR
TXH REHGHFLHUD D SHUWXUEDFLRQHV PHQWDOHV
GH ODV PXMHUHV EUXMDV /D GHPRQRORJtD GH
:HLUHVEDVWDQWHRUWRGR[DSHURFRQWLHQHXQ
PtQLPR GH FXHVWLRQDPLHQWR TXH OHYDQWD HO
DSDVLRQDGRIDQDWLVPRGH%RGLQ
)RONORUH5HVHDUFK9RO1R-DQ$SUSS,QGLDQD8QLYHUVLW\3UHVV
 +DQV 3HWHU %URHGHO ³7KH PDOOHXV PDOH¿FDUXP DQG WKH FRQVWUXFWLRQ RI ZLWFKFUDIW´ 0DQFKHVWHU 8QLYHUVLW\ 3UHVV
0DQFKHVWHUS
 ,QVWLWRWLV+HLQULFK6SUHQJHU-DNRE(OPDUWLOORGHODVEUXKDVSDUDJROSHDU DODVEUXMDV\VXVKHUHMtDVFRSRGHURVD
PD]D0DOOHXVPDOH¿FDUXP9DOODGROLG(G0D[WRU
 %URHGHO2SFLWS
 6FKU|GHU5DLQHUS
 7DPDU+HU]LJ³7KH'HPRQV¶5HDFWLRQWR6RGRP\:LWFKFUDIWDQG+RPRVH[XDOLW\LQ*LDQIUDQFHVFR3LFRGHOOD0LUDQGROD¶V
³6WUL[´(Q7KH6L[WHHQWK&HQWXU\-RXUQDO9RO1ž6SULQJSS
 

1L /XWHUR QL &DOYLQR QR VH SURQXQFLDQ HQ (VSHFLDOPHQWH HQ 7XELQJD VH GD XQ
FRQWUDGHODFDFHUtDGHEUXMDV PRYLPLHQWRGHMXULVWDVTXHFULWLFDIXHUWHPHQWH
OD FDFHUtD GH EUXMDV 'HQWUR GH HVWRV
³/XWHUR SRU HMHPSOR VRVWHQtD TXH OD PHUD SHQVDGRUHV VH HQFXHQWUD -RKDQQHV .HSOHU
HMHFXFLyQQRUHVXOWDEDXQDSHQDVX¿FLHQWH\ ± /D PDGUH GH pVWH DVWUyORJR
TXH ORV JREHUQDQWHV GHEtDQ SHUVHJXLU JRO PDWHPiWLFR\WpRORJRFRQRFLGRSRUGHVFXEULU
SHDUHVWUDQJXODUFROJDUTXHPDU\WRUWXUDUD ODWUDVODFLyQGHORVSODQHWDVIXHDEVXHOWDGH
ODFKXVPDHQWRGDVODVIRUPDVLPDJLQDEOHV XQSURFHVRLQTXLVLWLYRSRUHVWDFDXVD

(O XVR GH OD HVSDGD HV XQ VDJUDGR GHEHU 'HQWUR GHO PRYLPLHQWR HQ FRQWUD GH OD
GHO TXH JRELHUQD ³/D PDQR TXH HPSXxD SHUVHFXFLyQ GH EUXMDV VRQ HVSHFLDOPHQWH
OD HVSDGD \ TXH HVWUDQJXOD QR HV PiV XQD LPSRUWDQWHV ODV LQWHUYHQFLRQHV GHO MHVXLWD
PDQRKXPDQDVLQRODPDQRGH'LRV1RHV )ULHGULFK YRQ 6SHH  \ GH
HO KRPEUH VLQR 'LRV HO TXH FXHOJD WRUWXUD
GHFDSLWDHVWUDQJXOD\KDFHODJXHUUD³
6REUHODVEUXMDVGLUtD-XDQ&DOYLQR³$XQD
EUXMDQRGHEHGHMiUVHOHYLYLU´
6LQHPEDUJRODHVWUXFWXUDGHFRQWUROVRFLDO
SHUVHFXWRULDLQTXLVLWLYD Vt UHFLEH XQD IXHUWH
RSRVLFLyQHVSHFLDOPHQWHFRQODLQÀXHQFLD\
OOHJDGDGHOUHQDFLPLHQWR
3HUR D SHVDU GHO H[SDQVLRQLVPR SXQLWLYR
SUHGRPLQDQWH WDPELpQ VXUJHQ HQ HVWD
pSRFD D~Q VLQ HO DGYHQLPLHQWR GH OD
UHYROXFLyQ IUDQFHVD \ GHO UHFRQRFLPLHQWR
GHO VHU KXPDQR FRPR GHSRVLWDULR GH
GHUHFKRVQDWXUDOHV\XQLYHUVDOHVFRUULHQWHV
JDUDQWLVWDVTXHEDVDGDVHQXQLXVQDWXUDOLVPR
\ XQD FRQFHSFLyQ DOJR MXGHRFULVWLDQD GH OD
GLJQLGDGKXPDQDVHOHRSRQHQIXHUWHPHQWH
DXQ³GHUHFKRSHQDOGHOHQHPLJRPHGLHYDO´
 &LWDGRSRU)9RQKROW]HQGRUII³'DV9HUEUHFKHQGHV0RQGHVXQGGLH7RGHVVWUDIH´%HUOtQSiJ(VWDFLWD
DSDUHFHHQODREUDGH5XVFKH\.LUFKHLPHU³3HQD\(VWUXFWXUD6RFLDO´5XVFKH*HRUJ.LUFKKHLPHU2WWR³3HQD\
&KULVWLDQ7KRPDVVLXV
6SHHWDPELpQFRQRFLGRFRPR)ULHGULFKYRQ
/DQJHQIHOG 6SHH SXEOLFD VX REUD ³&DXWLR
&ULPLQDOLV´ HQ  'HQWUR GH VXV FUtWLFDV
PiV GLUHFWDV 6SHH DUJXPHQWD OR VLJXLHQWH
³(O SURFHVR LOHJDO FRQ HO XVR GH OD WRUWXUD
KDFHSRVLEOHKDFHUGHFXDOTXLHUSHUVRQDXQD
EUXMD6LVHGHVLVWLHUDGHHVWHSURFHVRLOHJDO
\DQRKDEUtDQPiVEUXMDV´1RHQYDQRORV
PDHVWURV GH EUXMHUtD VRQ SDUD 6SHH ³QR
ORV DFXVDGRV VLQR ORV ,QTXLVLGRUHV \ ORV
YHUGXJRV TXH VH FRQVLGHUDQ D Vt PLVPRV
FRPR HQWHQGHGRUHV GHO YHUGDGHUR DUWH GH
XQD DOTXLPLD TXH KDFH GH ORV LQRFHQWHV
SRVLEOHVEUXMDV\FXOSDEOHV´
(Q VX DUJXPHQWDFLyQ HQ OD &RQVWLWXWLR
&ULPLQDOLV SXHGHQ REVHUYDUVH PRGHORV GH
DUJXPHQWDFLyQTXHVHHQFXHQWUDQFHUFDQRV
D SULQFLSLRV FRPR ³LQ GXELR SUR UHR´ \ DO
HVWUXFWXUDVRFLDO´(GLW7HPLVHGLWDOLDQD%RORJQD
 &DOYLQR-XDQ0RLVpV(QKWWSZZZELEOHVHUYHUFRPWH[W(80RVH(VWDGRDOGH1RYLHPEUHGH
 (EHUKDUG:DO]³Ä'LH+H[HYRQ/HRQEHUJ.DWKDULQD.HSOHUXQGLKU3UR]H‰´(Q
 KWWSZZZDGYERHEOLQJHQGH]UEEOHRQEOHRQESHUVRHQONBNHSOHUKWP(VWDGRDOGH1RY
 &DXWLR &ULPLQDOLV S &LWD SRU *QWHU -HURXVFKHN ³)ULHGULFK YRQ 6SHH DOV -XVWL]NULWLNHU 'LH &DXWLR &ULPLQDOLV LP
/LFKWHGHVJHPHLQHQ6WUDIUHFKWVGHUIUKHQ1HX]HLW´(Q=HLWVFKULIWIUGLHJHVDPWH6WUDIUHFKWZLVVHQVFKDIW9ROXPHQ
1~PS±
 
SULQFLSLR GH LQRFHQFLD FRPR SULQFLSLRV
JHQHUDOHVGHOGHUHFKR
&KULVWLDQ 7KRPDVVLXV SRU RWUR ODGR HV
SRVWHULRU D 6SHH \ SXEOLFD HQ  ³'H
FULPLQH0DJLDH´(Q7KRPDVVLXV\DVRQPiV
HYLGHQWHV ODV LQÀXHQFLDV GHO UDFLRQDOLVPR \
GHODLOXVWUDFLyQ
(Q  &DUORV 9 HPLWH OD &RQVWLWXWLR
&ULPLQDOLV &DUROLQD OD OHJLODFLyQ SHQDO PiV
LQÀX\HQWH GHO VLJOR ;9, /D OH\ &DUROLQD
HVWDEOHFHXQDVHULHGHJDUDQWtDVSURFHVDOHV
TXH WUDWDEDQ GH OLPLWDU OD H[SDQVLyQ GH
ORV SURFHVRV GH EUXMHUtD 'HQWUR GH pVWD
OHJLVODFLyQ VH FRQVWUX\H HO FRQFHSWR GH
OD YHUGDG SURFHVDO 6LQ HPEDUJR HVWH
LQVWUXPHQWR LQVSULDGR HQ HO GHUHFKR
PHGLHYDO LQTXLVLWLYR DUUDVWUDED \ FRGL¿FDED
PXFKRV GH HVWRV SULQFLSLRV FDVWLJDED OD
KHFKLFHUtDFRQODSHQDGHPXHUWHSRUPHGLR
GHODKRJXHUDYDOLGDED\MXVWL¿FDEDPpWRGRV
GHWRUWXUDHQORVLQWHUURJDPLHQWRVFULPLQDOL]R
OD GLIDPDFLyQ GH 'LRV \ ODV UHODFLRQHV
VH[XDOHVFRQWUDULDVDODQDWXUDOH]DSHUPLWtD
DFXVDGRV´(VWDVHQWHQFLDVHGDHQ
,QFOXVR HQ  SRU PDQGDWR S~EOLFR VH
RUGHQyDFODUDUHQFDUiFWHUGHYHUGDGR¿FLDO
TXHQLQJXQDGHODVYtFWLPDVKDEtDVLGREUXMD
REUXMRGHMDQGRVLQHIHFWRFXDOTXLHUSUHVXQ
FLyQTXHSXGLHUHUHVXOWDUHQKHUHMtD
(VWH SURFHVR ¿QDOPHQWH LPSLGLy ±SRU
RSRVLFLyQGHORVSREODGRUHVTXHVHVLJXLHUD
XWLOL]DQGRHOSURFHVRSHQDOLQTXLVLWLYRFRQWUD
EUXMDV\GHPRQLRV
(O FDVR GH +RKHQHPV9DGX] UHYLVWH XQD
SDUWLFXODULGDG LPSRUWDQWH SRUTXH SDUHFLHUD
VHU XQ DQWHFHGHQWH PLOHQDULR GH OR TXH HQ
HO VLJOR ;; \ ;;, VHUtDQ ODV &RPLVLRQHV GH
9HUGDG HQ OD HYROXFLyQ PX\ UHFLHQWH GHO
GHUHFKR SHQDO LQWHUQDFLRQDO 8QR GH ORV
HIHFWRVVRFLDOHVSRVLWLYRVGHOUHFRQRFLPLHQWR
GH XQD YHUGDG KLVWyULFD HQ HO FDVR GHO
KRUURU GH XQ JHQRFLGLR HQ *XDWHPDOD R
(O 6DOYDGRU GHO DSDUWKHLG HQ 6XUiIULFD R
GH ODV GHVDSDULFLRQHV HQ $UJHQWLQD HV HO
UHFRQRFLPLHQWRDOVXIULPLHQWRGHODVYtFWLPDV
PHGLDQWH OD ³VXSHUDFLyQ GH OD YHUGDG´
DFXVDU SRU DGXOWHULR D DTXHOODV EUXMDV TXH
HVWXYLHUDQFDVDGDV
2WURFDVRLPSRUWDQWHGHRSRVLFLyQDOSURFH
VR LQTXLVLWLYR HV HO SURFHVR GH QXOLGDG DQWH
HO &RQVHMR &HViUHR,PSHULDO GH $XOLFR GH
+RKHQHPV9DGX]XQDFRPXQLGDGGHO6DFUR
,PSHULR5RPDQRXELFDGDHQ/LFKWHQVWHLQHQ
GRQGHVHGHFODUDURQQXORVSURFHVRVSH
QDOHV GH EUXMHUtD ³D FDXVD GH JUDYHV YLROD
FLRQHVDORVGHUHFKRVIXQGDPHQWDOHVGHORV
 -HURXVFKHNLELGS
 ³3DUD7KRPDVLXV OD FDtGD GH 'LRV QR HUD WDQWR XQ HUURU SXQLEOH GH OD YROXQWDG WDQWR FRPR XQD IDOOD GH OD UD]yQ´
:DKUKHLWV9HUJDQJHQKHLWVEHZlOWLJXQJ(V
GHFLUDXQTXHVHDVLPEyOLFDXQDGLVFXOSDGHO
(VWDGRRGHODVDXWRULGDGHVSRUORVHUURUHV
FRPHWLGRV6LELHQHVFLHUWRODV&RPLVLRQHV
GH 9HUGDG VRQ XQD LQYHQFLyQ KXPDQD TXH
VH GD ELHQ HQWUDGD OD SRVWPRGHUQLGDG
REVHUYDPRV HQ HO FDVR GH /LFKWHQVWHLQ XQ
DQWHFHGHQWHPLOHQDULRGLJQRGHUHFRQRFHU
'HEH WRPDUVH HQ FXHQWD DGHPiV TXH
GH  D  HO 6DFUR ,PSHULR 5RPDQR
6FKU|GHU2SFLWS%UDXQ-RKDQQ³(LQIKUXQJLQGLH5HFKWVSKLORVRSKLH´0RKU6LHEHFNHGS
 %HUQG0DUTXDUGW³(OIHQyPHQRGHORVSURFHVRVGHEUXMHUtD\ORVRUtJHQHVGHODMXVWLFLDFRQVWLWXFLRQDOHQHO(VWDGR
MXGLFLDOGHORVVLJORV;9,\;9,,´5HYLVWD3HQVDPLHQWR-XUtGLFR1RHQHURDEULO%RJRWiSS
 ,ELGHP
 
H[SHULPHQWDDGHPiVODVDQJULHQWDJXHUUDGH
ORVWUHLQWDDxRV(VWRHVLPSRUWDQWHWDPELpQ
SDUDYLVXDOL]DUODQRUPDOLGDGGHODYLROHQFLD
HQODHXURSDPHGLHYDOODFXDOSDUDDOJXQRV
DXWRUHVDSHVDUGHVXFRWLGLDQHGDGOOHJDD
QLYHOHVGHLUUDFLRQDOLGDG
(QHVFULEH&HVDUH%HFFDULDVX³7UDWD
GRGHORVGHOLWRV\GHODVSHQDV´HQHOFXDO
SURSRQH OD DEROLFLyQ GH OD SHQD GH PXHU
WH &RQ DXWRUHV FRPR &HVDUH %HFFDULD ORV
$ YHFHV HO H[DPHQ GH .DQWRURZLF] SDUHFH
VHU H[DJHUDGDPHQWH PLQXFLRVR DO JUDGR
GH SDUHFHU EL]DQWLQR 6LQ HPEDUJR HV GH
KDFHU QRWDU OD ¿GHOLGDG \ ULJXURVLGDG FRQ
OD TXH UHJLVWUD FDGD XQD GH ODV IXHQWHV
H[DPLQDGDV 6X LQWHQFLyQ HV LQYHVWLJDU
HO ³HVStULWX HVFROiVWLFR´ GHO SHQVDPLHQWR
MXUtGLFRGH*DQGLQXV
6XPpWRGRFLHQWt¿FRVHDVHPHMDDOXWLOL]DGR
SRUVXFRQWHPSRUiQHRVGHOD(VFXHODKLVWy
LGHDOHV GHO KXPDQLVPR OOHJDUtDQ D FRQGHQ
VDUVHHQREUDVTXHLQVSLUDQ\DORVSULQFLSLRV
FRQVWLWXFLRQDOHVGHO(VWDGRUHSXEOLFDQR
/D~OWLPDEUXMDGH(XURSD$QQD*|OGLQIXH
HMHFXWDGDHQHQ*ODUXV6XL]D
 (OSURFHVRSHQDO
LQTXLVLWLYRHOFDVRGH
*DQGLQXV
3DUD LOXVWUDU HO SURFHVR SHQDO LQTXLVLWLYR
HVSHFLDOPHQWHHOSULPLJHQLRGHODHGDGPHGLD
DOWDKHPRVUHFXUULGRDOHVWXGLRGH+HUPDQQ
.DQWRURZLF]VREUHHOMXH]*DQGLQXV
3DUD HO HVWXGLR GHO SURFHVR VHJXLGR HQ
%RORJQD.DQWRURZLF]VHHQPDUFDWHPSRUDO
PHQWHHQWUHORVDxRV\'LYLGHVX
REUDHQGRVWRPRVODSUD[LV\ODWHRUtD
ULFD GHO 'HUHFKR 6DYLJQ\ 3XFKWD +XJR
\D TXH .DQWRURZLF] HPSUHQGH HO HVWXGLR
GLUHFWRGHODVIXHQWHVVLQLQWHUSUHWDFLRQHVGH
SRUPHGLR
.DQWRURZLF] GLIHUHQFLD WUHV GLIHUHQWHV
SURFHVRV/DDFXVDFLyQRUGLQDULDHOSURFHVR
LQTXLVLWLYR\ODVVHQWHQFLDV
D/DGHQXQFLD
(O SURFHVR LQTXLVLWLYR VH GLIHUHQFLDED GH
ODVRWUDVGRVYtDVSURFHVDOHVRUGLQDULDV/D
3URWRFROL]DFLyQ GH SLH]DV HUD PXFKR PiV
FRPSOHWD ODV DXGHQFLDV \ OD UHFHSFLyQ GH
SUXHED WHVWLPRQLDO PXFKR PiV DPSOLDV \
QXPHURVDV (Q JHQHUDO HO SURFHVR WHQtD
PD\RU FRPSOHMLGDG \ FDVL QXQFD WHUPLQDED
DQWLFLSDGDPHQWH $GHPiV VH XWLOL]DED HQ
HVWH WLSR GH SURFHVR SDSHO HQ SULPHU OXJDU
SRUTXH HUD PiV EDUDWR OR FXDO WHQtD TXH
YHU FRQ XQD GRFXPHQWDFLyQ PiV DPSOLD
6X LQYHVWLJDFLyQ FRQVLVWLy HQ UHYLVDU  GHO SURFHVR \ HQ VHJXQGR OXJDU SRUTXH
DFWDV GH ORV SURFHVRV WUDPLWDGRV SRU HO QDWXUDOPHQWH HO PDQHMR GH SDSHO HUD PiV
MX]JDGRSHQDOPHGLHYDOGH%RORJQD IiFLOTXHHOGHSHUJDPLQRV


3DUDXQDGH¿QLFLyQGHSHFDGR\ORFXUDGHVGHODSHUVSHFWLYDPHGLHYDOY³0DGQHVVDQGWKHSUREOHPVRI3V\FKRORJLFDO
+LVWRU\LQWKHVL[WHHQWK&HQWXU\´0LGHOIRUW(ULF(Q7KH6L[WHHQWK&HQWXU\-RXUQDO9RO1ž6SULQJS
0DUTXDUGW2SFLW
.DQWRURZLF]LELG
3DUDHVWHWUDEDMRQRVUHIHULUHPRVHVSHFLDOPHQWHDOFDStWXORVHJXQGRGHVXSULPHUWRPR³ODSUD[LV´
6REUHOD(VFXHOD+LVWyULFDGHO'HUHFKRY³/H[0HUFDWRULD\*OREDOL]DFLyQ´,JQDFLR*DUFtD$5HYLVWD-XGLFLDO1S
 

(O SULPHU DFWR GHO SURFHVR LQTXLVLWLYR IXQFLRQHV S~EOLFDV PDVVDUH HUDQ OOHYDGDV
HUD OD $FXVDFLyQ QRWL¿FDWLR GHQXQWLD SRU ]DSDWHURV R VDVWUHV FDPSHVLQRV
GHQXQWLDWLR3XHGHVHUHVFULWDXRUDOHLQLFLDU TXH QR KDEODEDQ ODWtQ (VWR REOLJDED
GHPDQHUDS~EOLFDRSULYDGD'HWDOPRGRTXH D OD LQWHUPHGLDFLyQ GH XQ QRWDULR 8QD
HQFRQWUDPRVFXDWURFODVHVGHGHQXQFLDVODV H[DPHQ GH OD FDOLJUDItD GHPXHVWUD TXH OD
HVFULWDV±VHJ~QVHDQDQyQLPDVRQR\ODV LQWHUSRVLFLyQ GH OD GHQXQFLD VH UHDOL]DED
RUDOHVS~EOLFDVODVFXDOHVVHVXEGLYLGHQGH SRUORVIXQFLRQDULRV\DQRPEUDGRVSHURHQ
DFXHUGRDODFDUDFWHUtVWLFDGHOGHQXQFLDQWH QLQJ~Q FDVR SRU DFFLyQ GHO QRWDULR &LHUWDV
DQRWDFLRQHV DO PDUJHQ SHUPLWHQ YHU TXH
'HQXQFLD ORV 0DVVDUH FRQ¿DEDQ OD UHGDFFLyQ GH OD
GHQXQFLDDORVQRWDULRV
RUDO HVFULWD
6LQ HPEDUJR DO VHU ORV PDVVDUH SHUVRQDV
S~EOLFD
SULYDGD S~EOLFD SULYDGD TXHRVWHQWDEDQHOFDUJRGHPDQHUDWUDWXLWD
GHR¿FLR
yUJDQRV yUJDQRV
QRPLQDGD DQyQLPD
FRPXQDOHV SROLFLDOHV
7RGDV ODV GHQXQFLDV VH UHDOL]DEDQ HQ
SDSHO GH R¿FLR \ SUHVHQWDQ ODV PLVPDV
FDUDFWHUtVWLFDV H[WHULRUHV 'H SDUWH GHO
QRWDULRGHOMX]JDGRDSDUHFHDYHFHVXQD³)´
QRVLHPSUHSRGtDQSDJDUORVKRQRUDULRVGHO
QRWDULR/RVHVWDWXWRVQRLQGLFDQQDGDVREUH
ORV VDODULRV GH ORV 0DVVDUH \ HQ ODV DFWDV
GHODWHVRUHUtDGHORVPLQLVWHULRVQRH[LVWHQ
UHJLVWURV VREUH IDFWXUDV R UHFLERV SDUD ORV
QRWDULRV SULYDGRV (VWD HV XQD PiV GH ODV
GXGDV TXH TXHGDQ VREUH HO SURFHVR 1R
TXHVLJQL¿FD³)DFWXP´KHFKR
/DV GHQXQFLDV S~EOLFDV HUDQ SUHVHQWDGDV
SRUyUJDQRVFRPXQLWDULRVORVFXDOHVWHQtDQ
FRPR IXQFLyQ SULQFLSDO GH KHFKR SRQHU HQ
FRQRFLPLHQWR DO ³3RGHVWi´ GH FDGD GHOLWR
TXH VXFHGLHUD 6L pVWH RFXUUtD HQ %RORJQD
OD GHQXQFLD HUD  OOHYDGD SRU 0LQLVWHULRV GH
H[LVWHQ UHIHUHQFLDV R PHQFLRQHV GLUHFWDV
TXH DFODUHQ VL HO GHQXQFLDQWH SXHGH VHU HO
1RWDULRRYLFHYHUVD
(O FRQWHQLGR GH ODV GHQXQFLDV VH UH¿HUH
~QLFDPHQWH D ORV KHFKRV \ FRQWLHQH
~QLFDPHQWH OR HOHPHQWRV PiV QHFHVDULRV
(O GHVWLQDWDULR HV FRQ IUHFXHQFLD HO PLVPR
QDWXUDOH]D HFOHVLiVWLFD FDSHOOD VLWXDGRV MXH]SHQDODYHFHVHO3RGHVWi\HOMXH]FDVL
HQ HO OXJDU GH ORV KHFKRV D YHFHV SRU QXQFD HO 3RGHVWi VRODPHQWH /D GHQXQFLD
XQR R WUHV PLQLVWURV D YHFHV SRU WRGRV GH LQLFLD FRQ HO QRPEUH GHO MXH] SHUR D YHFHV
PDQHUDFRQMXQWD FRQHOQRPEUHGHOGHQXQFLDQWH

6LORVKHFKRVRFXUUtDQHQXQOXJDUIXHUDGH 6H LQGLFD HQ OD GHQXQFLD DGHPiV HQ ODV

ODMXULVGLFFLyQGHODFLXGDGHOHQFDUJDGRGH DFWDV OD JREHUQDFLyQ D OD FXDO SHUWHQHFHQ
OD GHQXQFLD HUD HO 0DVVDULXV HO HQFDUJDGR D YHFHV WDPELpQ VH LQGLFD VX RFXSDFLyQ X
GHOD]RQD R¿FLR IUHFXHQWHPHQWH IRUQDULXV ±SDQDGHUR
*HQHUDOPHQWH QR FRLQFLGH TXLHQ SODQWHD
OD GHQXQFLD FRQ TXLHQ TXLHQ OD HVFULEtD
(VWR WHQtD XQD UD]yQ PX\ SUiFWLFD GH
VHU 1RUPDOPHQWH HO HMHUFLFLR GH pVWDV
RFDO]RQDULXV±VDVWUH
/H VLJXH OD SDUWH QDUUDWLYD GH OD GHQXQFLD
OD FXDO FRQWLHQH ±HQ YH] GH XQD DFODUDFLyQ
GHO GHOLWR FLHUWRV HOHPHQWRV FRQVWLWXWLYRV
 

R KDVWD FDOL¿FDGRV GHO GHOLWR D OR FXDO VH QRWDULR VL QR SRGtD LQWHUSRQHU OD GHQXQFLD
OH DJUHJD OD IUDVH ³XW DXGLYLW XW GLFLWXU´ OR HQ LWDOLDQR \ GHSRVLWDUOR HQ ORV EX]RQHV
FXDO LPSOLFD TXH QR VH HVFULEH GHVGH OD GLVSXHVWRV HQ HO MX]JDGR FDVVD FDVVLD
SHUVSHFWLYDGHOGHQXQFLDQWH FDSVDFDSVLDFRPXQLV

/DGHQXQFLDLQGLFDJHQHUDOPHQWHHOQRPEUH (VWRV EX]RQHV TXH HUDQ FHUUDGRV \ WHQtDQ

\HOGRPLFLOLRGHODFXVDGR\GHODYtFWLPDXQD OD IRUPD GH XQ ED~O VH OH FRQ¿DEDQ D XQ
GHVFULSFLyQ H[DFWD GHO OXJDU GH ORV KHFKRV 1RWDULRQRPEUDGRSRUODFLXGDGQRWDULXVDG
\ XQD IHFKD QR VLHPSUH H[DFWD D YHFHV FDVVDP 3RU HVWD IXQFLyQ JDQDED  OLEUDV
QDGD PiV VH LQGLFD HO PHV *HQHUDOPHQWH
OD GHQXQFLD VH GDED HO PLVPR GtD GH ORV
KHFKRVRDOJXQRVSRFRVGtDVGHVSXpV
2WURV HOHPHQWRV SRU HMHPSOR OD HGDG
GHO LPSXWDGR QXQFD HVWiQ SUHVHQWHV HQ
ODGHQXQFLD
6L OD GHQXQFLD IXH HPLWLGD SRU HO QRWDULR
GHO MX]JDGR D pVWH QRWDULR DGHPiV OH
FRUUHVSRQGtD QRUPDOPHQWH WDPELpQ UHDOL]DU
HOHPSOD]DPLHQWR6HLQGLFDQORVWHVWLJRV
$ YHFHV VH HQFXHQWUD SUXHED DGLFLRQDO
HQOLVWDGD \ FODVL¿FDGD GH XQD VROD YH] HQ
ODGHQXQFLD
'HQWUR GH ODV GHQXQFLDV HVFULWDV ODV
QRPLQDGDV QR HUDQ PX\ IUHFXHQWHV (VWR
SRUFXDQWRHOGHQXQFLDQWHRHOWHVWLJRGHEtDQ
UHQGLU VX GHFODUDFLyQ GHQWUR GHO SURFHVR \
SRU OR WDQWR SUHIHUtDQ UHQGLU VX GHFODUDFLyQ
GHVGHHOLQLFLR
7DQWR HO GHQXQFLDQWH FRPR ORV WHVWLJRV
DO PHV \ GHEH KDEHU VLGR VHU XQD SHUVRQD
MRYHQ HQ XQD SRVLFLyQ GH VXEDOWHUQR (VWR
SRUTXHGHQWURGHVXVIXQFLRQHVHVWDEDQODV
GH FODVL¿FDU FDGD GHQXQFLD \ GLVWULEXLUODV
HQ ORV GHVSDFKRV GH ORV FXDWUR QRWDULRV
GHOMX]JDGR
/DPHQWDEOHPHQWH VyOR TXHGDURQ SRFDV
GHQXQFLDV HQ LWDOLDQR SRUTXH HQ FXDQWR VH
WUDVODGDED OD GHQXQFLD DO ODWtQ VH XWLOL]DED
HVWD YHUVLyQ \ VH TXHPDEDQ ODV DQWHULRUHV
/D ~QLFD TXH .DQWRURZLF] DQDOL]D SUHVHQWD
XQOHQJXDMHSRFRWpFQLFRIRONOyULFRLQIRUPDO
ORFXDOLQGLFDTXHHOQRWDULRDVXPtDQRVyOR
OD WUDGXFFLyQ VLQR DGHPiV XQD UHGDFFLyQ
IRUPDO\MXUtGLFD
6yORHQXQFDVRH[LVWHQGRVGHQXQFLDVSDUD
HO PLVPR FDVR \ HVWR VH H[SOLFD SRU XQD
UD]yQ SDUWLFXODU 7HQHPRV SRU XQ ODGR HVWD
GHQXQFLD DQyQLPD HQ ODWtQ DOJR TXH QR HV
IiFLOGHHQFRQWUDUHQODVDFWDVGHORVSURFHVRV
GH OD pSRFD 6LQ HPEDUJR OD FRQVWUXFFLyQ
MXUtGLFDHVD~QSHRUODQDUUDWLRVHSDUWHHQ
GRV OD GHVFULSFLyQ GH ODV FLUFXQVWDQFLDV
HUDQMXUDPHQWDGRV
/DV GHQXQFLDV DQyQLPDV Vt HUDQ PX\
IUHFXHQWHVHQHOYROXPHQGHORVMX]JDGRV1R
VHGLIHUHQFLDQHQODIRUPDGHODVGHQXQFLDV
GH R¿FLR 1R VH H[FOX\HQ ORV FDVRV HQ ORV
TXH HO UHGDFWRU VHD HO PLVPR GHQXQFLDQWH
6LQ HPEDUJR FXDQGR HO GHQXQFLDQWH HUD
DQDOIDEHWRGHEtDEXVFDUODDVLVWHQFLDGHXQ
DJUDYDQWHV OD DFFLyQ VH GLR SRU OD QRFKH
HVWi DO ¿QDO GH OD GHQXQFLD \ SDUD FROPR
GH PDOHV OD SLH]D PHPRUDEOH PHQFLRQDGD
WUDH XQ FRPHQWDULR GH VRVSHFKD SRU SDUWH
GHOMXH]*DQGLQXVDTXLHQVHPHQFLRQDHQ
HOWH[WR
¢4XLpQ SXGR KDEHU HVFULWR HVWH WH[WR" 1R
KDEtD PXFKD JHQWH TXH KDEODUD ODWtQ HQ
 
HO OXJDU GH GRQGH SURYLQR OD GHQXQFLD HO
SXHEORGH3L]]RFDOYR/RVFOpULJRVGHOSXHEOR
WDPSRFR UHGDFWDURQ OD GHQXQFLD SRUTXH
HVDHOORVDTXLHQHVVHOHVKDEtDUREDGR\
DGHPiVHQODPLVPDGHQXQFLDVHLQGLFDTXH
HOORVVHDEVWXYLHURQGHDFXVDUHO~OWLPRTXH
SRGtDKDEHUKHFKRODGHQXQFLDHUDHO0DVVDU
GHOOXJDU\pVWHQRHUDXQFDPSHVLQRVLQR
XQ 1RWDULR (VWH QRWDULR SXGR KDEHU VLGR HO
UHGDFWRU GH HVWD GHQXQFLD HVSHFLDOPHQWH
VL VH WRPD HQ FXHQWD TXH HO MX]JDGR VH
HQFXHQWUDDNPGHOMX]JDGRPiVFHUFDQR
1RSRGtDXWLOL]DUODGHQXQFLDHQHVWDIRUPD\
SRUHVRVHKL]RQHFHVDULDXQDQXHYDYHUVLyQ
GHODGHQXQFLD'HTXLHQSURYLQRHVWDQXHYD
YHVLyQ GHO MXH] GHO MX]JDGR R GH *DQGLQXV
HVR VH GHVFRQRFH /D FDOLJUDItD QR SDUHFH
VHU GHO MXH] GHO MX]JDGR 6L HPEDUJR OD
GHQXQFLD HQ FXHVWLyQ HV WpFQLFDPHQWH PX\
HODERUDGD FDGD SDODEUD HVWi HQ VX OXJDU
\ QLQJXQD HV LQQHFHVDULD HO OHQJXDMH \ OD
HVWUXFWXUDHVLPSHFDEOH'HDFXHUGRFRQOD
FRVWXPEUH OD GHQXQFLD HV SULYDGD SRUTXH
SRVHHXQDIUDVHGHFLHUUHTXHQRIDOWDHQOD
PRGDOLGDGS~EOLFDR¿FLDOHQODVFXDOHVVHOH
VROLFLWDDOMXH]TXHFRQGHQHDOLPSXWDGR
/DV GHQXQFLDV RUDOHV SRGtDQ VHU R¿FLDOHV
R SULYDGDV /DV SULPHUDV HUDQ LQWHUSXHVWDV
SRU ORV RUJDQRV FRPXQDOHV DQWHULRUPHQWH
PHQFLRQDGRVDVyFRPRSRUORVJXDUGLDQHV
GH QRFKH D YHFHV LQFOXVR SRU ORV SURSLRV
3RGHVWi $OJXQDV GH HVWDV GHQXQFLDV VH
WUDQVFULEtDQHQOLEURVTXHVHOODPDEDQ³OLEUL
UHODWLRQXP´ R ³EHUURDURULXP´ .DQWRURZLF]
OHVOODPDDHVWRVOLEURV³OLEULGHQXQWLDWLRQXP´
&RQWHQtDQ XQD OLVWD FURQROyJLFD GH OD IHFKD
GH OD ³UHODWLR´ OD FXDO VH HODERUDED D PiV
WDUGDU XQ GtD GHVSXpV GH ORV KHFKRV FRQ
ORV QRPEUHV GH ORV SDWUXOOHURV QRPEUH \
GRPLFLOLRGHOSUHVXQWRLPSXWDGRKRUD\OXJDU
GHORVKHFKRV
$~Q FXDQGR ODV GHQXQFLDV RUDOHV HUDQ
PXFKRPiVIUHFXHQWHVGHEHSDUWLUVHGHXQD
VHULHGHVXSRVLFLRQHV6LQHPEDUJRPXFKDV
GH HVWDV GHQXQFLDV HUDQ WUDQVFULWDV HQ ORV
³OLEUL GHQXQWLDWLRQXP´ 0XFKDV GH ODV DFWDV
GH HVWRV DxRV VH SHUGLHURQ HQWUH HOODV ORV
³OLEULFRQIHVVLRQXP´GHOQRWDULRHQFDUJDGRGH
SURWRFROL]DU ODV WRUWXUDV ORV OLEURV GH DFWDV
GHO³LXGH[DGGLVFXPDTXLOH´\RWUDV
E/DDSHUWXUDGHOSURFHVR\ODGHWHQFLyQ
8QD YH] SURFHVDGD OD GHQXQFLD VH DEUtD
R¿FLDOPHQWH HO SURFHVR \ VH RUGHQDED OD
GHWHQFLyQGHODFXVDGR
(Q ORV OLEUL LQTXLVLWLRQXP DSDUHFH XQD
UHVROXFLyQ GHQRPLQDGD ³WLWXOXV LQTXLVLWLRQLV´
HQ GRQGH VH DEUH R¿FLDOPHQWH HO SURFHVR
FRQ OD IUDVH ³+HV HVW LQTXLVLWLR´ (VWH LQLFLR
QR DSDUHFH GH PDQHUD XQLIRUPH HQ WRGRV
ORV H[SHGLHQWHV (Q XQ FDVR HQ HO TXH VH
DFXVD D XQ LPSXWDGR OODPDGR 0HQJXV
VH FXHVWLRQD GH PDQHUD SRVWHULRU D VXV
FyPSOLFHV 1LFRODXV \ 6DQGUROXV TXLHQHV
DSDUHFHQOLJDGRVDXQURER\ODDSHUWXUDGH
VXVSURFHVRVVHGDGHPDQHUDPX\SRVWHULRU
DODSUXHEDWHVWLPRQLDO
(Q RWUR FDVR VH DEUH HO SURFHVR HQ FRQWUD
GH XQ HVWDIDGRU GH QRPEUH %HUQDUGXV VLQ
HPEDUJRDUDt]GHODLQYHVWLJDFLyQLQTXLVLWLYD
VHFRQRFHODLGHQWLGDGGHOYHUGDGHURHVWDIDGRU
\VHLQLFLDQORVSURFHGLPLHQWRVFRQWUDpO
(Q DOJXQRV FDVRV HO LQLFLR GHO SURFHVR
GHPDQGDEDODSUHVHQWDFLyQGHXQDGHIHQVD
HQFRQWUDSRVLFLyQDODGHQXQFLD
F$XGLHQFLD
$ELHUWRHOSURFHVRVHSURFHGtDDODDXGLHQFLD
ODFXDOVHGLYLGtDHQFXDWURIDVHV
 
,QLFLDOPHQWH VH OH KDFtD OD SUHJXQWD D OD
DFXVDGD GH VL KDEtD WHQLGR UHODFLRQHV
VH[XDOHVFRQHOGLDEOR
6L OD DFXVDGD QR FRQIHVDED VH SURFHGtD
DO ³7HUULWLRQ´ HV GHFLU D HQVHxDUOH ORV
LQVWUXPHQWRVGHWRUWXUD
/RVLQVWUXPHQWRVPiVXWLOL]DGRVHUDQ 6LORJUDEDQVDOLURÀRWDEDQVHFRPSUREDED
/D FXHUGD FRQVLVWtD HQ VXMHWDU DO UHR HQ
XQD PHVD \ OXHJR GDU YXHOWDV D XQ FRUGHO
DUUROODGRDVXVEUD]RV\SLHUQDVSURGXFLHQGR
HVWLUDPLHQWR GH ODV DUWLFXODFLRQHV \ XQ
IXHUWH GRORU HO WRUPHQWR GHO DJXD FRQVLVWtD
HQ YHUWHU DJXD VREUH HO URVWUR GHO WRUWXUDGR
LPSLGLpQGROH UHVSLUDU HO JDUURWH FRQVLVWtD
HQXQDWDEODVRVWHQLGDSRUFXDWURSDWDVFRQ
JDUURWHV TXH VH DMXVWDEDQ KDVWD SURGXFLU
GRORU HQ HO 7RUPHQWR GH OD JDUUXFKD HO
WRUWXUDGR HUD DWDGR GH ODV PDQRV HOHYDGR
\ GHMDGR FDHU YLROHQWDPHQWH VLQ OOHJDU DO
VXHORORTXHSURYRFDEDLQWHQVRVGRORUHVHQ
ODVDUWLFXODFLRQHV
G/DSUXHEDGHEUXMD
(OSURFHVRR¿FLDOPHQWHQRSUHYHtDODSUXHED
GH GLRV R OD RUGDOtD 'H KHFKR HQ DOJ~Q
PRPHQWR H[LVWLy XQD SURKLELFLyQ H[SUHVD
GH VX XWLOL]DFLyQ VHJ~Q OR GLVSXHVWR HQ HO
&RQFLOLR GH /HWUiQ GH  6LQ HPEDUJR
HQ OD SUiFWLFD D YHFHV VH XWLOL]DED FRPR
XQD IRUPD GH HYDFXDU SUXHED HQ FRQWUD GH
ODDFXVDGD
&RQ HO DGYHQLPLHQWR GHO UDFLRQDOLVPR HO
SURFHVRSHQDOVHFRQYHUWLUtDHQHOUHVXOWDGR
GH PHGLFLRQHV HPStULFDV \ HO VLORJLVPR
SURGXFWRGHPpWRGRVFLHQWt¿FRV
(VWHPpWRGRIXHHOXWLOL]DGRSRUOD&,$HQORVFDPSRVGH*XDQWiQDPR\$EX*KUDLE7DPELpQFRQRFLGRFRPR³ZDWHUERDUGLQJ´
'HQWUR GH HVWDV SUXHEDV SDUD YHU VL OD
DFXVDGDHUDXQDEUXMDRQRVHHQFRQWUDEDQ
ODVVLJXLHQWHV
2UGDOtD GHO DJXD R EDxR GH ODV EUXMDV
(VWD SUXHED SRGtD VHU FRQ DJXD IUtD R
FDOLHQWH (Q OD SULPHUD VH OHV HFKDED D XQ
UtR SRU HMHPSOR DPDUUDGDV GH XQD SLHGUD
TXHHUDQEUXMDV
(QODVHJXQGDHODFXVDGRGHEtDH[WUDHUFRQ
HOEUD]RGHVQXGRXQDSHTXHxDSLHGUDRXQ
DQLOORGHXQFDOGHURGHDJXDKLUYLHQGR
3UXHEDGHIXHJR(ODFXVDGRGHEtDSRQHUOD
PDQR HQ HO IXHJR FDPLQDU VREUH EUDVDV R
WUDQVSRUWDUXQ¿HUURDOURMRYLYR6LHODFXVDGR
SHUPDQHFtD LQGHPQH R VL VXV KHULGDV QR
VXSXUDEDQVHFUHtDTXHVXLQRFHQFLDHVWDED
SUREDGDHQFDVRFRQWUDULRHUDFRQGHQDGR
3UXHED GH ODV OiJULPDV 3DUWLHQGR GH OD
VXSRVLFLyQGHTXHXQDEUXMDQRSXHGHOORUDU
VHVROLFLWDEDDODVDFXVDGDVTXHWRGDYtDQR
KDEtDQ FRQIHVDGR TXH OORUDUDQ 6L QR FDtDQ
OiJULPDV GH VXV RMRV VH WRPDED FRPR XQ
LQGLFLRGHFXOSDELOLGDG
3UXHED GH OD DJXMD 6H SDUWtD GHO KHFKR
GH TXH ODV EUXMDV QR WHQtDQ VDQJUH \ QR
SRGtDQ VHQWLU GRORU 3RU OR TXH VH EXVFDED
XQDPDUFDGHPRQtDFDHQODDFXVDGD(VWDV
PDUFDVGHPRQtDFDVRPDUFDVGHEUXMDVHUDQ
SHFDV PDQFKDV R YHUUXJDV HQ OD SLHO TXH
OODPDUDQ OD DWHQFLyQ FRQ ODV TXH VH FUHtD
TXHHO'HPRQLRPDUFDEDDODVSHUVRQDVFRQ
ODVTXHFHUUDEDXQSDFWR6LDOSLQFKDUODFRQ
XQDDJXMDODPXMHUQRVDQJUDEDHUDSRUTXH
HUDEUXMD
YHU)RUXP+LVWRULDH,XULVKWWSZZZIRUKLVWLXUGH(VWDGR(QHURGH
 
H/D&RQIHVLyQ
)LQDOPHQWH VL OD SHUVRQD VREUHYLYtD D OD RU
GDOtDSRGtDUHQGLUODFRQIHVLyQ$QDGLHSRGtD
MX]JiUVHOHVLQKDEHUHPLWLGRXQDFRQIHVLyQ
LQTXLVLWRQXP´.DQWRURZLF]KDFHXQUHFXHQWR
GH ORV OLEURV HQ ORV TXH VH WUDQVFULEtD HO
SURFHVRSHQDO\PHQFLRQDORVVLJXLHQWHVHO
OLEUL GHQXQWLDWLRQXP WHVWLXP FRQIHVLRQXP
GLYHUVDUXP VFULSWXUDUXP \ HO SUHFHSWRUXP
+DEtD DGHPiV XQ GLDULR HQ GRQGH VH
(Q WRGR FDVR HV LPSRUWDQWH VHxDODU TXH HO
LQLFLR GHO SURFHVR FRQOOHYDED OD GHFODUDFLyQ
LQLFLDO GH ,QTXLVLGRUHV \ WHVWLJRV ([LVWHQ
PX\ SRFRV FDVRV HQ ODV DFWDV UHYLVDGDV
SRU .DQWRURZLF] HQ ODV TXH VH KXELHUH
SUHVHQWDGR SURFHVRV VLQ LQWHUYHQFLyQ
GH ORV WHVWLJRV HQ ODV SDUWHV LQLFLDOHV GHO
SURFHGLPLHQWRRLQFOXVRFRPRDFWRLQLFLDO
/D FRQYRFDWRULD GHO ,QTXLVLGRU \ GH ORV
WHVWLJRV OOHYDEDQ HO PLVPR SURFHGLPLHQWR
TXH HO VHxDODGR SDUD HO HPSOD]DPLHQWR $O
DFXVDGR VyOR VH OH LQGLFDED TXH KDEtD XQ
WUDQVFULEtDQ ORV DFWRV -RXUQDODNWHQ \ HO
OLEUL LQTXLVLWLRQXP TXH HUD HO PDQXDO GHO
SURFHVR HQ JHQHUDO 5HJtD XQ SULQFLSLR GH
GREOH LQWHVWDFLyQ HQ GRQGH ORV DFWRV HUDQ
UHJLVWUDGRV GH PDQHUD FURQROyJLFD HQ ODV
DFWDV PLHQWUDV TXH HQ ORV GLDULRV YHQtDQ
RUGHQDGRVWDPELpQSRUPDWHULD
/D FRQIHVLyQ SRGtD GDUVH GH PDQHUD
DQWLFLSDGD D OD WRUWXUD (Q HVWH FDVR
DSOLFDEDQODVPLVPDVSHQDV3ULVLyQWUDEDMR
IRU]DGR PXHUWH R WRUWXUD /D GLIHUHQFLD HV
TXHHQFDVRGHFRQIHVLyQDSOLFDEDODSLHGDG
SURFHVR LQTXLVLWLYR HQ VX FRQWUD 1R VH OH
LQGLFDEDSRUTXpVHOHLQYHVWLJDED
(Q HO H[SHGLHQWH VH SURWRFROL]DED XQD
DXGLHQFLD GH OD DXWRULGDG LQTXLVLWLYD GH ORV
FRUFRUGLDFXPDFFXVDWRUH
/DWRUWXUDGHEtDVHUUHJLVWUDGDHQHO3URWRFROR
FUHDGRFRQHVH¿Q,QLFLDFRQHOQRPEUHGH
OD SHUVRQD FODVL¿FDGRV GH DFXHUGR D VX
WHVWLJRV QRPEUDGRV WHVWHV H[ RI¿FLR \ OD QDWXUDOH]D/HVLJXHODIHFKD\ODGHFODUDFLyQ
SUXHEDGHGHVFDUJRWHVWHVDGGHIHQVLRQHP GH TXH SDUD HYLWDU OD WRUWXUD GHSRVLWXV D
(VWDV SURWRFROL]DFLRQHV PXHVWUDQ SRFDV
SDUWLFXODULGDGHV(QDPERVLQWHUURJDPLHQWRV
HO MXH] SRGtD SUHJXQWDU VHJ~Q OH SDUHFLHUD
$TXt HO REMHWR GH OD GLVFXVLyQ HUD VL OD
DXGLHQFLDGHEtDGDUVHDQWHVRGHVSXpVGHOD
FRUUHVSRQGLHQWHWRUWXUD
&XDQGR VH UHDOL]DED OD DXGLHQFLD GHVSXpV
GH OD WRUWXUD VH DVLJQDED XQ QRWDULR GH
OD FLXGDG HVWH QRPEUDPLHQWR VH OODPD
³DG FRQIHVVLRQHV DXGLHQGDV´ R ³DG
WRUPHQWLVUHQGLyXQDFRQIHVLyQ
*HQHUDOPHQWH DO ¿QDO GH HVWH DFWR FXDQGR
VHULQGHODFRQIHVLyQFRQWDOGHVDOYDUVHVH
KDFH OD LQGLFDFLyQ GH VL H[LVWHQ FyPSOLFHV R
FRDXWRUHV 3RU OR TXH VH DEUtD HQ HVWH PR
PHQWRODLQYHVWLJDFLyQFRQWUDRWURVDFXVDGRV
I /D6HQWHQFLD\ODHMHFXFLyQ
<D UHQGLGD OD FRQIHVLyQ SRGtD SURFHGHUVH
WRUPHQWD´\VHWUDQVFULEtDHODFWRHQHO³OLEUL DGLFWDUVHQWHQFLD3RUODKHUHMtDHOFDVWLJR
FRQIHVVLRQXP´.DQWRURZLF]QRHQFRQWUyVLQ PiVFRP~QHUDODKRJXHUD(VWRFRQHO¿QGH
HPEDUJRDFWDVGHHVWHWLSR SXUL¿FDUHODOPD

(Q HO FDVR GH TXH VH FRQVLJXLHUD OD &XDQGR KDEtD XQD FLHUWD FDQWLGDG GH
FRQIHVLyQ pVWD VH LQVFULEtD HQ HO ³OLEUL FRQGHQDGRVSRUOD,QTXLVLFLyQVHFHOHEUDEDQ
 

ORVOODPDGRV³$XWRVGH)H´(UDQFHUHPRQLDV ³WpFQLFDV GH LQWHUURJDPLHQWR GH DYDQ]DGD´

TXH GXUDEDQ XQ GtD HQWHUR GHVGH OD
PDxDQD KDVWD OD QRFKH FRQ JUDQ SRPSD
\ ERDWR &RPHQ]DEDQ FRQ XQD SURFHVLyQ
GH ODV DXWRULGDGHV FLYLOHV \ HFOHVLiVWLFDV \
¿QDOPHQWH ORV FRQGHQDGRV YHVWLGRV FRQ
URSDV LQIDPDQWHV OODPDGDV VDPEHQLWRV
SDODEUD TXH HV XQD GHIRUPDFLyQ GH ³VDFR
EHQGLWR´6HOHtDQODVFRQGHQDV\DTXHOORV
GHVWLQDGRV D OD SHQD GH PXHUWH HUDQ
UHODMDGRVDOEUD]RFLYLOGRQGHHOYHUGXJRORV
HQKDQFHG LQWHUURJDWLRQ WHFKQLTXHV FRPR
XQ HXIHPLVPR SDUD ODV SUiFWLFDV GH WRUWXUD
DSOLFDGDV HQ ORV FDPSRV GH GHWHQFLyQ GH
*XDQWiQDPR\$EX*KUDLE
$WUDYpVGH-RKQ<RRGHOD2¿FLQDGH$VH
VRUtD /HJDO XQD DXWRULGDG S~EOLFD DGVFULWD
DO 'HSDUWDPHQWR GH -XVWLFLD VH HPLWLHURQ
XQDVHULHGHGLUHFWULFHVHQGRQGHVHGHVFUL
EtDQGLFKDVWpFQLFDV8QDGHHOODVVHOODPD
TXHPDEDHQODKRJXHUDHQSUHVHQFLDGHWRGR
HOSXHEOR
 $PDQHUDGHFRQFOXVLyQ
$OJXQRVSRVLEOHV\OHMDQRV
SDUDOHOLVPRVKLVWyULFRV
(Q XQD HQWUHYLVWD S~EOLFD HO PDJLVWUDGR GH
OD &RUWH 6XSUHPD GH -XVWLFLD GH (VWDGRV
8QLGRV $QWRQLQ 6FDOLD GLFH TXH OD WRUWXUD
FRPRWUDWRFUXHOLQKXPDQR\GHJUDGDQWHQR
YLRODODRFWDYDHQPLHQGDGHOD&RQVWLWXFLyQ
HOZDWHUERDUGFXEHWDHQGRQGHVHDPDUUD
DO SULVLRQHUR DFRVWDGR ERFD DUULED \ VH OH
GHUUDPD DJXD SURGXFLpQGROH OD VHQVDFLyQ
GH DKRJR 'HQWUR GH VXV HIHFWRV SXHGH
SURGXFLU GDxR SHUPDQHQWH HQ ORV SXOPR
QHV \ FHUHEUDOHV (O PHPRUDQGR GH -RKQ
<RR MXVWL¿FDED GLFKRV PpWRGRV \ DFRQVH
MDED OD QR DSOLFDFLyQ GH ODV &RQYHQFLRQHV
GH*LQHEUD
&ODXGLR 1DVK GH¿QH DOJXQRV HOHPHQWRV
FRPXQHV GH OD WRUWXUD TXH VRQ XQ DFWR
LQWHQFLRQDOODSUHVHQFLDGHVXIULPLHQWRRGRORU
GH (VWDGRV 8QLGRV (Q VX LQWHUSUHWDFLyQ
GLFH TXH FXDQGR XQ R¿FLDO WRUWXUD D DOJXLHQ
SDUDREWHQHULQIRUPDFLyQQRVHSXHGHGHFLU
TXHVHHVWp³FDVWLJDQGR´DDOJXLHQ\TXHSRU
OR WDQWR OD GH¿QLFLyQ QR HV DSOLFDEOH D ORV
SRVWXODGRVFRQVWLWXFLRQDOHV
(O JRELHUQR GH (VWDGRV 8QLGRV GLULJLGRV
SRU 'RQDOG 5XPVIHOG 'LFN &KHQH\ \
&RQGROH]]D 5LFH DFXxy HO WpUPLQR GH
 (OFDVRVHUHSHWLUtDFLHQWRVGHDxRVGHVSXpVFRQHO³-XGHQVWHUQ´(QKWWSZZZYHUIDVVXQJHQGHGHGHMXGHQ
QR QHFHVDULDPHQWH JUDYH OD SHUVHFXFLyQ
GH XQD ¿QDOLGDG \ OD YLQFXODFLyQ FRQ XQ
DSDUDWR HVWDWDO 7RGRV HVWRV HOHPHQWRV
HVWiQ SUHVHQWHV HQ ODV DFWXDFLRQHV GH ORV
((88IUHQWHDORV³HQHPLJRVFRPEDWLHQWHV´
HQ ODV EDVHV VHxDODGDV ,QFOXVR QR VyOR
HVWiQ SUHVHQWHV FRPR SUiFWLFDV TXH VH
GLHURQ HQ ORV FDPSRV GH GHWHQFLyQ VLQR
DGHPiV FRPR XQD SROtWLFD GH SHUVHFXFLyQ
SHQDOR¿FLDOGH¿QLGDSRUHO(VWDGR
KWP(VWDGRGH(QHURGH
 9HUGHFODUDFLRQHVHQKWWSZZZ\RXWXEHFRPZDWFK"Y 7YJ$(;0(VWDGRGH(QHURGH
 ,QWHUURJDWLRQ¶V/DZ:LOOLDP5DQQH\/HYL<DOH8QLYHUVLW\/DZ6FKRRO$SULO<DOH/DZ-RXUQDO9ROS

 (QKWWSZZZJXDUGLDQFRXNXNQRYLQWHUURJDWLRQWHFKQLTXHVLUDTLQPDWHV
 KWWSSKUWRUWXUHSDSHUVRUJ"SDJHBLG (VWDGRDOGH(QHURGH
 1DVKS
 
&RQ HO JRELHUQR GH 2EDPD VH KL]R XQD
LQWHUSUHWDFLyQPiVUHVWULFWLYDGHORVPDQXDOHV
GH LQWHUURJDFLyQ XWLOL]DGRV SRU ODV DJHQFLDV
GH LQWHOLJHQFLD GH ORV (VWDGRV 8QLGRV 6LQ
HPEDUJR QR VH SODQWHDURQ DFXVDFLRQHV
FRQWUD ORV R¿FLDOHV TXH ODV OOHYDURQ D FDER
6t VH LQVWLWX\y VLQ HPEDUJR XQD FRPLVLyQ
SDUDGLOXFLGDUODYHUGDGGHORVKHFKRV
$VtTXHDSHVDUGHODVLGHDVGHOD,OXVWUDFLyQ\
ORVLQYHQWRVGHODPRGHUQLGDGHOVHUKXPDQR
SDUHFH UHSHWLU VXV HUURUHV \ EDUEDULHV PiV
PRXQVWUXRVDV <D GLUtD 0DU[ HQ ³HO 
%UXPDULR GH /XLV %RQDSDUWH´ TXH +HJHO
KDEtD ROYLGDGR PHQFLRQDU TXH OD KLVWRULD
VHUHSLWHSULPHURFRPRWUDJHGLD\GHVSXpV
FRPRIDUVD
6LQ HPEDUJR DVt FRPR VH UHSLWHQ ODV
EDUEDULHV WDPELpQ VH UHSLWHQ ORV DFWRV GH
UHLQYLQGLFDFLyQGHODVOLEHUWDGHV\HVSHUDQ]DV
GHOVHUKXPDQR$OLJXDOTXHHQHODSDUWKHLG
HQ 6XUiIULFD HO JHQRFLGLR HQ *XDWHPDOD R
ORV GHVDSDUHFLGRV HQ$UJHQWLQD DO GHFODUDU
LOHJDOHVODVHMHFXFLRQHVGHEUXMDVHOWULEXQDO
GH ODV EUXMDV GH /LHFKWHQVWHLQ HPLWH XQD
GHFODUDFLyQ GH YHUGDG DEVROYLHQGR D ODV
YtFWLPDV GH ODV DFXVDFLRQHV KHFKDV (VWH
HV XQ DFWR GH VXSHUDFLyQ GH OD YHUGDG
GHODYLROHQFLDHVWUXFWXUDORFDVLRQDGDSRUOD
FDFHUtDGHEUXMDV
&DGD JHQHUDFLyQ FUHD VXV LQVWLWXFLRQHV GH
DFXHUGR D VXV LGHDOHV 9XHOYR D HYRFDU HO
HStJUDIHTXHFLWD0LQRU6DODVHQVXREUDHQ
GRQGHFLWDD7KXUPDQ$UQROG³,IFRXUWVRUDW
OHDVW SHUVRQV ZKR GHDO ZLWK FRXUWV GLG QRW
VR¿UPO\EHOLHYHWKDW-XVWLFHZDVGLVSHQVHG
DFFRUGLQJ WR WKH LQH[RUDEOH GLFWDWHV RI DQ
LPSHUVRQDO ORJLFDO VFLHQFH RXU PDFKLQHU\
IRUWKHDGPLQLVWUDWLRQRIODZZRXOGQRWH[LVW
DVZHNQRZLWWRGD\-XVWDVLQGLYLGXDOPXVW
FKHULVKGUHDPVDQGLOXVLRQVVRDOVRPXVWKLV
MXGLFLDOLQVWLWXWLRQV´
$Vt TXH DO ¿QDO FRLQFLGR FRQ 0LGHOIRUW
FXDQGRHQVXDUWtFXORVREUHODSVLFRORJtDGHO
0HGLRHYR FLWD DO )DXVWR GH *RHWKH \ GLFH
³$P(QGHKlQJHQZLUGRFKDEYRQ.UHDWXUHQ
GLH ZLU PDFKWHQ´´$O ¿QDO GHSHQGHPRV GH
DTXHOODVPLVPDVFULDWXUDVTXHFUHDPRV´
%LEOLRJUDItD
0DULD -HV~V =DPRUD &DOYR ³.UDPHU
6SUHQJHU \ VXV VHJXLGRUHV HQ OD (XURSD
FDWyOLFD´ (Q 6FLHQFH PDJLH HW UHOLJLRQ XQ
:DKUKHLWVEHZlOWLJXQJ FRPR HO TXH KD FRPSURPLV PpGLpYDO" &DXFHV 5HYXH G¶
UHQGLGR OD KXPDQLGDG D VXV YtFWLPDV HQ HO pWXGHVKLVSDQLTXHV1S
VLJOR;;
KWWSZZZXDPHVSHUVRQDOBSGL¿OR\OHWUDV
+HPRVPHQFLRQDGRORVFDVRVGH7KRPDVVLXV P]FDOYR'RFXPHQWRV.UDPHUSGI
\ )ULHGULFK 6SHH FRPR GRV SHUVRQDMHV TXH
VH RSXVLHURQ IXHUWHPHQWH D OD H[SDQVLyQ

 ³+HJHO GLFH HQ DOJXQD SDUWH TXH WRGRV ORV JUDQGHV KHFKRV \ SHUVRQDMHV GH OD KLVWRULD XQLYHUVDO DSDUHFHQ FRPR
VL GLMpUDPRV GRV YHFHV 3HUR VH ROYLGy GH DJUHJDU XQD YH] FRPR WUDJHGLD \ OD RWUD FRPR IDUVD´ 0DU[ .DUO ³'HU
$FKW]HKQWH%UXPDLUHGHV/RXLV%RQDSDUWH´'LH5HYROXWLRQ1XHYD<RUN((88
 ³.ULWLNGHU6WUDISUR]HVVXDOHQ'HQNHQV´6DODV0LQRU%HFNS
 0LGHOIRUW (ULF  ³0DGQHVV DQG WKH SUREOHPV RI 3V\FKRORJLFDO +LVWRU\ LQ WKH VL[WHHQWK &HQWXU\´ (Q 7KH 6L[WHHQWK
&HQWXU\-RXUQDO9RO1ž6SULQJS
 

.DQWRURZLF] +HUPDQQ 8 ³$OEHUWXV *DQGLQXV 7DPDU +HU]LJ ³7KH 'HPRQV¶ 5HDFWLRQ WR
XQGGDV6WUDIUHFKWGHU6FKRODVWLN´%HUOLQ 6RGRP\ :LWFKFUDIW DQG +RPRVH[XDOLW\ LQ
*LDQIUDQFHVFR 3LFR GHOOD 0LUDQGROD¶V ³6WUL[´
)DFXOWDGGH+LVWRULDGHOD8QLYHUVLGDG/08 (Q7KH 6L[WHHQWK &HQWXU\ -RXUQDO 9RO 
GH 0XQLFK ZZZKLVWRULFXPQHW (VWDGR 1ž6SULQJSS
1RY
) 9RQKROW]HQGRUII ³'DV 9HUEUHFKHQ GHV
*iERU .ODQLF]D\ ³7KH 3URFHVV RI 7UDQFH 0RQGHV XQG GLH 7RGHVVWUDIH´ %HUOtQ
+HDYHQO\ DQG 'LDEROLF $SSDULWLRQV LQ SiJ
-RKDQQHV1LGHU¶V)RUPLFDULXV´
5XVFKH *HRUJ  .LUFKKHLPHU 2WWR ³3HQD
6FKU|GHU 5DLQHU ³5HFKWVJHVFKLFKWH´ \ HVWUXFWXUD VRFLDO´ (GLW 7HPLV  HG
$OSPDQQ6FKPLGWS
*HUG 6FKZHUKRII 9RP $OOWDJVYHUGDFKW
]XU 0DVVHQYHUIROJXQJ 1HXHUH GHXWVFKH
)RUVFKXQJHQ ]XP IUKQHX]HLWOLFKHQ
+H[HQZHVHQ(QZZZKLVWRULFXPQHW
0RLUD 6PLWK ³7KH )O\LQJ 3KDOOXV DQG WKH
/DXJKLQJ ,QTXLVLWRU 3HQLV 7KHIW LQ WKH
³0DOOHXV 0DOH¿FDUXP´ (Q -RXUQDO RI
LWDOLDQD%RORJQD
&DOYLQR -XDQ 0RLVpV  (Q KWWSZZZ
ELEOHVHUYHUFRPWH[W(80RVH
(VWDGRDOGH1RYLHPEUHGH
(EHUKDUG :DO] ³Ä'LH +H[H YRQ /HRQEHUJ
.DWKDULQD .HSOHU XQG LKU 3UR]H‰´ (QKWWS
Z Z Z D G Y  E R H E O L Q J H Q  G H  ] U E E  O H R Q E 
OHRQESHUVRHQONBNHSOHUKWP (VWDGR DO 
)RONORUH5HVHDUFK9RO1R-DQ$SU GH1RY
SS,QGLDQD8QLYHUVLW\3UHVV
*QWHU -HURXVFKHN ³)ULHGULFK YRQ 6SHH
+DQV3HWHU%URHGHO³7KHPDOOHXVPDOH¿FDUXP DOV -XVWL]NULWLNHU 'LH &DXWLR &ULPLQDOLV LP
DQGWKHFRQVWUXFWLRQRIZLWFKFUDIW´0DQFKHVWHU /LFKWH GHV JHPHLQHQ 6WUDIUHFKWV GHU IUKHQ
8QLYHUVLW\3UHVV0DQFKHVWHUS 1HX]HLW´ (Q =HLWVFKULIW IU GLH JHVDPWH
6WUDIUHFKWZLVVHQVFKDIW 9ROXPHQ 
,QVWLWRWLV +HLQULFK 6SUHQJHU -DNRE (O 1~PS±
PDUWLOOR GH ODV EUXKDV SDUD JROSHDU D ODV
EUXMDV \ VXV KHUHMtDV FR SRGHURVD PD]D %UDXQ -RKDQQ ³(LQIKUXQJ LQ GLH
0DOOHXV PDOH¿FDUXP  9DOODGROLG 5HFKWVSKLORVRSKLH´ 0RKU 6LHEHFN  HG
(G0D[WRU S
 
%HUQG 0DUTXDUGW ³(O IHQyPHQR GH ORV
SURFHVRVGHEUXMHUtD\ORVRUtJHQHVGHODMXVWLFLD
FRQVWLWXFLRQDOHQHO(VWDGRMXGLFLDOGHORVVLJORV
;9,\;9,,´5HYLVWD3HQVDPLHQWR-XUtGLFR1R
HQHURDEULO%RJRWiSS
0LGHOIRUW(ULF³0DGQHVVDQGWKHSUREOHPV
RI 3V\FKRORJLFDO +LVWRU\ LQ WKH VL[WHHQWK
&HQWXU\´(Q7KH6L[WHHQWK&HQWXU\-RXUQDO
)RUXP+LVWRULDH,XULV
KWWSZZZIRUKLVWLXUGH
:LOOLDP 5DQQH\ /HYL ,QWHUURJDWLRQ¶V /DZ
<DOH8QLYHUVLW\/DZ6FKRRO$SULO
<DOH/DZ-RXUQDO9ROS
6DODV 0LQRU ³.ULWLN GHU 6WUDISUR]HVVXDOHQ
'HQNHQV´%HFNS
9RO1ž6SULQJS