You are on page 1of 12

VLPSOHFRQVFLHQWHVGHTXHVRQSRFRVORV©DILFLRQDGRVDODOLQJtVWLFDªFRQHOEDJDMH

GH OyJLFD IRUPDO UHTXHULGR SDUD HQWHQGHU ODV IRUPDOL]DFLRQHV XWLOL]DGDV HQ
OLQJtVWLFD GHO WH[WR (OOR KD KHFKR GLILFLO HQ DOJXQRV FDVRV OD SDUiIUDVLV ©HQ
OHQJXDMHQDWXUDOªGHPRGHORVRWHRUtDVGHHOHYDGRGHVDUUROORIRUPDO FRPRORVGH
3HW|ILR0DUWHP
MDQRY 
3DUD HO OHFWRU LQWHUHVDGR HQ DPSOLDU VXV FRQRFLPLHQWRV HQ OD PDWHULD KHPRV
LQFOXLGRXQDFODVLILFDFLyQHOHPHQWDOGHODELEOLRJUDULDXWLOL]DGDSDUDODUHGDFFLyQGH
HVWHOLEURTXHSHUPLWDFRQRFHUODVREUDVGHGLFDGDVHVSHFtILFDUQHQWHDFDGDXQRGH
VXV SXQWRV 6LQ WUDWDUVH GH XQD ELEOLRJUDILD H[KDXVWLYD \ DXQTXH PXFKDV GH ODV
REUDVPHQFLRQDGDVUHVXOWDQDTXtGHGLILFLODFFHVRHVSHUDPRVTXHSXHGDVHU~WLO
6L DOJ~Q OHFWRU WUDV OD OHFWXUD GH HVWH OLEUR OOHJD D LQWHUHVDUVH SRU HO FDPSR
FRPSOHMR SHUR DSDVLRQDQWH GH OD QXHYD OLQJtVWLFD GHO WH[WR SRGUHPRV
FRQVLGHUDUQRVVDWLVIHFKRV


&$3,78/2
'(6$552//2'(/$/,1*hË67,&$
'(/7(;72


,1752'8&&,y1

3RFDVGLVFLSOLQDVKDQWHQLGRXQGHVDUUROORPiVUiSLGRTXHODOLQJtVWLFDHQHOVLJOR
[[ TXH VREUH WRGR HQ ORV DxRV VHVHQWD IXH REMHWR GH XQD YHUGDGHUD ©H[SORVLyQª
¢2 ³LQIODFLyQ´  WDQWR SRU HO Q~PHUR GH SXEOLFDFLRQHV R HO GH HVSHFLDOLVWDV FRPR
SRU HO GH QXHYDV WHRUtDV (Q HVRV DxRV OD FDQWLGDG GH HVFXHODV R WHQGHQFLDV
OLQJtVWLFDV UHVXOWD HVSHFLDOPHQWH VLJQLILFDWLYD HV OD pSRFD GHO WULXQIR GHO
JHQHUDWLYLVPR FKRPVN\DQR GH OD DSDULFLyQ GH WHRUtDV SUy[LPDV SHUR GLIHUHQWHV
FRPR OD JUDPiWLFD GH ORV FDVRV R ODV VHPiQWLFDV JHQHUDWLYDV GHO VXUJLPLHQWR GH
QXHYDV HVFXHODV FRPR OD VLVWpPLFRIXQFLRQDO EULWiQLFD GH 0 $ . +DOOLGD\ OD
OLQJtVWLFD HVWUDWLILFDFLRQDO OD JUDPiWLFD JHQHUDWLYD DSOLFDWLYD OD JUDPDWLFD GH
0RQWDJXH HV WDPELpQ HO PRPHQWR GH DXJH GH RWUDV WHRUtDV PiV R PHQRV
DOWHUQDWLYDVDOJHQHUDWLYLVPR FRPRODWDJPpPLFDODVJUDPiWLFDVGHGHSHQGHQFLDV
RYDOHQFLDV\HQDOJXQRVSDtVHVFRPROD5'$\OD8566ODVJUDPiWLFDVIXQFLRQDOHV
SRU HMHPSOR 9 $GPRQL \ : 6FKLQLGW  < HV OD pSRFD GHO GHVDUUROOR GHO
WUDWDPLHQWR DXWRPiWLFR GHO OHQJXDMH OD WUDGXFFLyQ PHFiQLFD OD OLQJtVWLFD
PDWHPiWLFDHWF(VWDPELpQODpSRFDHQTXHDSDUHFHQORVSULPHURVWUDEDMRVVREUH
OR TXH KR\ OODPDPRV FRQ SUHIHUHQFLD D RWURV QRPEUHV SRVLEOHV OLQJtVWLFD GHO
WH[WR
3RUVXSDUWHORVDxRVVHWHQWDPXHVWUDQXQFLHUWRUHIOXMRHQHVDH[SORVLyQPiVTXH
SRUODDSDULFLyQGHQXHYDVWHRUtDVLPSRUWDQWHVVHFDUDFWHUL]DQSRUODDSOLFDFLyQGH
ODV\DVXUJLGDVDOHVWXGLRGHFDPSRVHVSHFtILFRVGHOOHQJXDMH/DVRFLROLQJtVWLFD\
SVLFROLQJtVWLFDPRGHUQDVQDFHQHQORVVHVHQWDSHURVXVWUDEDMRVSUROLIHUDQHQORV
VHWHQWD(VWDPELpQHOWLHPSRGHYROYHUDUHSODQWHDUVHFXHVWLRQHVTXHHQODGpFDGD



3iJ

3iJ
DQWHULRU VH KDEtDQ ROYLGDGR FRPR HO HVWXGLR GLDFUyQLFR GHO OHQJXDMH TXH VH
FRPLHQ]D D UHDOL]DU GH QXHYR GHVGH SHUVSHFWLYDV WDQ GLVWLQWDV FRPR OD JUDPiWLFD
JHQHUDWLYDFKRPVN\DQDODGHORVFDVRVRODHVWUDWLILFDFLRQDO
(Q UHVXPHQ ODV HVFXHODV R WHRUtDV OLQJtVWLFDV TXH KR\ GtD GRPLQDQ HO SDQRUDPD
GHORVHVWXGLRVVREUHHOOHQJXDMHHQWRGRHOPXQGRVRQIUXWRGHHVRVDxRVVHVHQWD
PLHQWUDVTXHODGpFDGDVLJXLHQWHYLRXQUHIOXMRHQODDSDULFLyQGHQXHYDVIRUPDVGH
HVWXGLR GHO OHQJXDMH (Q HVWH HVTXHPD YiOLGR VyOR HQ WpUPLQRV JHQHUDOHV VLQ
HPEDUJR H[LVWH XQD LPSRUWDQWH H[FHSFLyQ OD OLQJtVWLFD GHO WH[WR $XQTXH
©QDFLGDªDILQHVGHORVVHVHQWDVXYHUGDGHURGHVDUUROORWHyULFR \VyORHQVHJXQGR
WpUPLQRHPStULFR HVIUXWRGHOWUDEDMRGHVDUUROODGRHQPXOWLWXGGHSDtVHVGXUDQWH
ORVDxRVVHWHQWDVREUHWRGRHQVXVHJXQGDPLWDG
/D OLQJtVWLFD GHO WH[WR HV XQ SURGXFWR EiVLFDPHQWH HXURSHR DO PHQRV HQ ODV
IRUPDVKR\SUHGRPLQDQWHVPiVSURSLDPHQWHD~QHXURSHRFRQWLQHQWDO(OLQWHUpV
SRU HO HVWXGLR GHO WH[WR R GLVFXUVR FRPR XQLGDG OLQJtVWLFD VXSHULRU D OD IUDVH X
RUDFLyQ DSDUHFH WDPELpQ VLQ HPEDUJR HQ RWURV FHQWURV GH WUDEDMR OLQJtVWLFR
FRPR((88R*UDQ%UHWDxDSHURSRUUHJODJHQHUDOHQHVWRVFDVRVQRVHWUDWDDTXt
VLQR GH OD DPSOLDFLyQ GH WHRUtDV \D H[LVWHQWHV JUDPiWLFD VLVWpPLFRIXQFLRQDO
WDJPpPLFDHWH DXQQXHYRQLYHOVLQTXHSXHGDKDEODUVHSURSLDPHQWHGHWHRUtDV
WH[WXDOHV FXDOLWDWLYDPHQWH GLVWLQWDV D ODV GH JUDPiWLFD RUDFLRQDO $O FRQWUDULR HQ
(XURSDFRQWLQHQWDOHVDOLQJtVWLFDGHOWH[WRSUHWHQGHVHUQRXQDVLPSOHDOWHUDFLyQ
R DPSOLDFLyQ HQ PD\RU R PHQRU JUDGR GH ODV WHRUtDV DO XVR VLQR XQD YHUGDGHUD
DOWHUQDWLYD D HOODV (VWH YDORU VH OH GD IXQGDPHQWDOPHQWH HQ ORV GRV (VWDGRV
DOHPDQHV DOJR PHQRV R PHMRU GH RWUR PRGR  HQ OD 8566 3RORQLD
&KHFRVORYDTXLDHWFRWURVSDtVHVFRPR)UDQFLDR,WDOLDYHQODOLQJtVWLFDGHOWH[WR
FRPRXQDGLVFLSOLQDTXHVHXQHDODV\DH[LVWHQWHVSHURVLQLQWHQWDUVXSODQWDODVR
DOWHUDUODV
$O LJXDO TXH VXFHGLy HQ ORV DxRV VHVHQWD FRQ OD OLQJtVWLFD HQ VX FRQMXQWR HQ ORV
DxRV VHWHQWD VH REVHUYD XQD DXWpQWLFD H[SORVLyQ GLUtDPRV GH QXHYR ¢LQIODFLyQ" 
GHORVHVWXGLRVWH[WXDOHV1RVyORHQQ~PHURGHSUDFWLFDQWHV\SXEOLFDFLRQHVVLQR
WDPELpQHQHOGHORVPRGHORVRWHRUtDVFRPRORVGH6-3HW|IL7$YDQ'LMN+
5LHVHU + ,VHQEHUJ -X 0DUWHP
MDQRY 6 *LQGLQ HWF WUDEDMRV GHVDUUROODGRV
IXQGDPHQWDOPHQWH HQ HVWH GHFHQLR DXQTXH YLQLHUDQ SUHSDUDGRV SRU REUDV
DQWHULRUHV $GHPiV QR KD VLGR VyOR XQ LQWHUpV WHyULFR SRU HO WH[WR VLQR TXH KDQ
SUROLIHUDGR WDPELpQ ORV HVWXGLRV SUiFWLFRV VREUH XQR X RWUR DVSHFWR GHO PLVPR
VREUHODVHVWUXFWXUDVWH[WXDOHVGHGHWHUPLQDGDVOHQJXDVHWF3RURWUDSDUWHVHHFKD
HQ IDOWD HQ HVWRV DxRV OD DSDULFLyQ GH YHUGDGHUDV LQWURGXFFLRQHV JHQHUDOHV D OD
QXHYD GLVFLSOLQD \D TXH ODV SRFDV H[LVWHQWHV FRQ DOJXQD HVFDVtVLPD H[FHSFLyQ
SDUFLDOFRPR)RVVHVWRO\'UHVVOHU KDQVLGRVLHPSUH©LQWURGXFFLRQHVD
XQPRGHORRXQDWHRUtDGHWHUPLQDGRVWDOHVVRQODVREUDVLQWURGXFWRULDVGHELGDVD
7$YDQ'LMN SRUHMHPSOR 3HW|IL\*DUFtD%HUULR  HWF'HVWDTXHPRV
TXHORPLVPRVXFHGLyFRQODVLQWURGXFFLRQHVDODOLQJtVWLFDRDODJUDPiWLFDHQORV
DxRVVHVHQWD
3RU RWUR ODGR DO LJXDO TXH VXFHGLy HQ OD OLQJtVWLFD GH ORV DxRV VHVHQWD OD
OLQJtVWLFD WH[WXDO GH ORV VHWHQWD VH KD YLVWR HQFHUUDGD GHVJUDFLDGDPHQWH HQ
FRPSDUWLPHQWRV HVWDQFRV ORV SDUWLGDULRV GH FDGD PRGHOR VH FRPSODFHQ HQ Vt



3iJ
PLVPRV\ROYLGDQDVXV©FRPSHWLGRUHVªFRPRKLFLHURQODPD\RUtDGHODVHVFXHODV
OLQJtVWLFDVGHODQWHULRUGHFHQLR VLHPSUHFRQODVPLVPDVH[FHSFLRQHVWDJPpPLFD
\JUDPiWLFDVLVWpPLFRIXQFLRQDO 0iVD~QHO©WHOyQGHDFHURªVLUYLyFRPRH[FXVD
SDUD PRVWUDUVH LUUHFHSWLYRV D ORV QXPHURVRV H LPSRUWDQWHV WUDEDMRV UHDOL]DGRV HQ
ORV SDtVHV GHO (VWH HXURSHR SHVH D ORV DYDQFHV GH OD ©FRH[LVWHQFLD SDFtILFDª $Vt
PLHQWUDVSUiFWLFDPHQWHWRGRORTXHVHSXEOLFDVREUHOLQJtVWLFDWH[WXDOHQ(XURSD
RFFLGHQWDO(VWDGRV8QLGRV-DSyQHWFHVLQPHGLDWDPHQWHFRQRFLGR\FRPHQWDGR
HQOD8566RORVUHVWDQWHVHVWDGRVVRFLDOLVWDVSRFDVVRQODVUHIHUHQFLDVDREUDVGH
HVWRV SDtVHV HQ OD OLQJtVWLFD WH[WXDO GH (XURSD RFFLGHQWDO SDUD QR PHQFLRQDU
VLTXLHUD ORV ((88  $Vt VH KDEOD GH OLQJtVWLFD GHO WH[WR LQFOXVR VH SUHVHQWD XQD
KLVWRULDGHVXGHVDUUROORVLQWHQHUHQFXHQWDORVWUDEDMRVVRYLpWLFRVFRPRKDFH+
5LHVHU  RFRQXQFRQRFLPLHQWRPiVELHQSREUHDGTXLULGR©GHRtGDVªFRPR
YHPRV SRU WRPDU XQ VROR HMHPSOR SUy[LPR D QRVRWURV HQ 3HW|IL *DUFtD %HUULR
 /D VLWXDFLyQ QR KD FDPELDGR UHVSHFWR D ORV VHVHQWD GRQGH OD LPSRUWDQWH
OLQJtVWLFDVRYLpWLFD\GHRWURVHVWDGRVVRFLDOLVWDVVHLJQRUDEDVLQPiVRFXDQGRVH
PHQFLRQDED HUD PRVWUDQGR VX GHVFRQRFLPLHQWR FLWHPRV SRU HMHPSOR OD
GHVDIRUWXQDGD SRU LJQRUDQWH UHIHUHQFLD GH &KRPVN\ D OD WHRUtD DSOLFDWLYD GH
6DXPMDQHQ$VSHFWRVGHOD7HRUtDGHOD6LQWD[LV (OWUDEDMRPHULWRULRGHDOJXQRV
OLQJLVWDV VREUH WRGR GH )UDQFLD \ ODV GRV $OHPDQLDV  QR KD FRQVHJXLGR UHGXFLU
KDVWDODIHFKDHOJUDGRGHOGHVFRQRFLPLHQWRGHODOLQJtVWLFDGHO(VWHHXURSHR
&RPR YHPRV OD VLWXDFLyQ GH OD OLQJtVWLFD GHO WH[WR HQ ORV DxRV VHWHQWD HV PX\
SDUHFLGDDODGHODOLQJtVWLFD HQJHQHUDO GXUDQWHORVVHVHQWD0iVTXHXQDQXHYD
©WHRUtDª HTXLSDUDEOH DO JHQHUDWLYLVPR R FXDOTXLHU RWUD HVFXHOD SDUHFH TXH VXV
SUREOHPDVSXHGHQFRPSDUDUVH FRQORV GH WRGD OD FLHQFLDGHO OHQJXDMHKDFHDKRUD
YHLQWH DxRV (VWH SXQWR HV LPSRUWDQWH SDUD GHILQLU HO YHUGDGHUR OXJDU GH OD
OLQJtVWLFDGHOWH[WRHQWUHORVHVWXGLRVVREUHHOOHQJXDMH\WHQGUHPRVRSRUWXQLGDG
GH YROYHU D pO (V SUHFLVR VHxDODU DGHPiV TXH IUHQWH D OD FRQVLGHUDEOH SROpPLFD
HQWUH HVFXHODV TXH FDUDFWHUL]y OD GpFDGD GH ORV VHVHQWD H[LVWH SRFD GLVFXVLyQ
FLHQWtILFDHQWUHOLQJtVWLFDWH[WXDO\©OLQJtVWLFDGHODIUDVHª3RUUHJODJHQHUDOORV
SDUWLGDULRVGHpVWDSUHILHUHQLJQRUDUDTXpOODDXQTXHODVLWXDFLyQQRHVODPLVPDD
OD LQYHUVD &RQ H[FHSFLyQ GH DOJXQDV WHRUtDV PX\ HVSHFtILFDQ ODV GH JUDPiWLFD
RUDFLRQDOQRKDQTXHULGRYHUVHLQIOXLGDVSRUODOLQJtVWLFDGHOWH[WR


25Ë*(1(6'(/$/,1*hË67,&$'(/7(;72

/D OLQJtVWLFD GHO WH[WR FRPR WDO DSDUHFH SRU SULPHUD YH] HQ YDULRV WUDEDMRV
LQGHSHQGLHQWHV HQWUHVt DSDUHFLGRV HQ (XURSD FHQWUDO HQ OD VHJXQGD PLWDGGH ORV
DxRVVHVHQWDDXQTXHDOJXQRVGHHOORVFRPHQ]DUDQVXJHVWDFLyQDSULQFLSLRVGH OD
GpFDGD 'H HQ WRUQR DO DxR  VRQ REUDV SLRQHUDV FRPR 'DV GLUHNWH 2EMHNW £P
6SDQLVFKHQ GH +RUVW,VHQEHUJ 3URQRPLQD XQG 7H[WNRQVWLWXWLRQ GH 5RODQG
+DUZHJ R 6HPDQWLVFKH 5HODWLRQHQ LP 7H[W XQG LP 6\VWHP GH (UKDUG $JUtFROD
7DPELpQHQHVWDpSRFDDSDUHFHQORVSULPHURVWUDEDMRVGHtQGROHWH[WXDOGH+DUDOG
:HLQULFK FRPRVX/LQJXLVWLNGHU/JH \DPHGLDGRVGHORVVHVHQWDVHSURGXFHOD



3iJ

3iJ
UHFHSFLyQPiVLYDGHODVLGHDVGH93URSS VX0RUIRORJtDGHO&XHQWR \VHSXEOLFDQ
ODV SULPHUDV REUDV GH OD HVFXHOD IUDQFHVD GH HVWXGLR GHO GLVFXUVR FRPR OD
*UDPiWLFD GHO 'HFDPHUyQ GH 7] 7RGRURY   $O PLVPR WLHPSR HQ
&KHFRVORYDTXLD H[LVWtD XQ FRQVLGHUDEOH LQWHUpV FRPSDUWLGR HQ 3RORQLD SRU
HMHPSOR  SRU OD FXHVWLyQ GH OD SHUVSHFWLYD IXQFLRQDO GH OD IUDVH \ VXV DVSHFWRV
WH[WXDOHVPLHQWUDVTXHHQOD8566VHDILDQ]DEDXQD\DODUJDWUDGLFLyQGHHVWXGLRV
VLQWiFWLFRV HQ PHQRU JUDGR WDPELpQ VHPiQWLFRV  VREUH QLYHOHV WUDQVIUiVWLFRV
UHIOHMDGRV \D LQFOXVR HQ PDQXDOHV LQWURGXFWRULRV GH VLQWD[LV FRPR OD 6LQWDNVLV
VORåQRJRSUHGORåHQLMDGH6(.UMXþNRY\/-X0DNVLPRYGHTXHLQFOX\HXQ
FDStWXORVREUH©KLSHUVLQWD[LVª 
$Vt GHFLU TXH OD OLQJtVWLFD GHO WH[WR DSDUHFH KDFLD OD VHJXQGD PLWDG GH ORV DxRV
VHVHQWDQRVLJQLILFDTXHHVDIHFKDVHDHOFRPLHQ]RGHODSUHRFXSDFLyQSRUHOWH[WR
VLQRVyORHOPRPHQWRHQTXHORVWUDEDMRVVREUHHVWDXQLGDGGHODOHQJXDFRPLHQ]DQ
D GHVWDFDU FRPR LQWHQWRV GH GLIHUHQFLDUVH SRFR DO SULQFLSLR  GHO UHVWR GH ODV
HVFXHODVOLQJtVWLFDVELHQDPSOLDQGRELHQVXVWLWX\HQGRODVWHRUtDVH[LVWHQWHV\HV
SRU HQWRQFHV FXDQGR FRPLHQ]D HO HVWXGLR GH ORV SUREOHPDV WHyULFRV TXH OOHYD
FRQVLJRHOHVWXGLRGHOWH[WR
3RU HVD PLVPD pSRFD TXH DO SDUHFHU WLHQH XQD FRQVLGHUDEOH LPSRUWDQFLD HQ OD
KLVWRULD FRQWHPSRUiQHD GH OD OLQJtVWLFD VXIUHQ FDPELRV UDGLFDOHV ODV WHRUtDV \D
HVWDEOHFLGDV VH LQWURGXFH XQ FRPSRQHQWH WUDQVIRUPDFLRQDO HQ OD WDJPpPLFD
DSDUHFHQ ODV DOWHUQDWLYDV D &KRPVN\ GHVGH HO PLVPR JHQHUDWLYLVPR
QRUWHDPHULFDQRDQXQFLDGDV\DDQWHVHQ(XURSDHQORVWUDEDMRVGH0%LHUZLVFK\
VX HVFXHOD \ GH 6 . 6DXPMDQ \ OD VX\D \ DOFDQ]D XQ SULQFLSLR GH VX OXHJR
FRQVLGHUDEOHIXHU]DODSUDJPiWLFD7RGRHOORVLJQLILFDGHXQDIRUPDXRWUDTXHVH
FRPLHQ]DDDEDQGRQDUHOSRVWXODGRIXQGDPHQWDOJHQHUDWLYLVWDGHODDXWRQRPtDGH
OD VLQWD[LV \ HO LQWHQWR GH UHOHJDU OD ©DFWXDFLyQª R HO ©KDEODª D XQD GLVFLSOLQD
©VHFXQGDULDª
(OILQDOGHODGpFDGDGHORVVHVHQWDHQQXHVWUDRSLQLyQVHFDUDFWHUL]DSRUHOUHJUHVR
GH OD VHPiQWLFD \ RWURV DVSHFWRV FRPR OD GLDFURQtD  \ GH OD SUDJPiWLFD \ HO
VXUJLPLHQWR ©RILFLDOª GH OD OLQJtVWLFD GHO WH[WR (VWD ~OWLPD VXUJHQ GH KHFKR
FRPROLQJtVWLFDGHFLGLGDPHQWHVHPiQWLFD\SUDJPiWLFDORTXHQRVSRGUtDKDFHU
SHQVDU H[DJHUDQGR FLHUWDPHQWH SHUR QR WDQWR FRPR PXFKRV TXHUUtDQ SHQVDU 
TXH VH WUDWD GH OD YHUGDGHUD FXOPLQDFLyQ GH HVH LQWHUpV SRU IHQyPHQRV DQWHV
UHOHJDGRVDORVOtPLWHVH[WHUQRVGHOD©YHUGDGHUDOLQJtVWLFDª
(Q FRQVHFXHQFLD SRGHPRV GHFLU TXH OD DSDULFLyQ GH OD OLQJtVWLFD GHO WH[WR FRPR
GLVFLSOLQD©DXWyQRPDªHVIUXWRGHXQLQWHUpVJHQHUDOYLVLEOHVREUHWRGRDSDUWLUGH
SRUFXHVWLRQHVGHVHPiQWLFD\SUDJPiWLFD<TXHVHGHVDUUROODFRQFDUDFWHUHV
GH DXWpQWLFD H[SORVLyQ IXQGDPHQWDOPHQWH HQ ORV DxRV VHWHQWD KDVWD OOHJDU D
FRQYHUWLUVH HQ XQD GH ODV IRUPDV GH SUDFWLFDU OD OLQJtVWLFD PiV LPSRUWDQWHV GHO
GHFHQLRMXQWDPHQWHFRQODSURJUDPiWLFD
6LQ HPEDUJR OD OLQJtVWLFD GHO WH[WR WLHQH XQRV RUtJHQHV PiV DQWLJXRV \ VX
DSDULFLyQQRHVGHELGDVRODPHQWHDHVH³LQWHUpVSRUODVHPiQWLFD\ODSUDJPiWLFD´
9HUHPRVDFRQWLQXDFLyQHVRVRUtJHQHV\ODVFDXVDVFRQFUHWDVGHOQDFLPLHQWRGHOD



3RUHMHPSORREUDVGH.+DXVHQEODVFRPR.RPSR]LFLHMD]\NRYHKRSURMHYXRGH%3DOHN³&URVVUHIHUHQFH
$6WXG\IURP+\SHUV\QWD[´HQODV$FWD/LQJtVWLFDGH3UDJDGHORVDxRV\UHVSHFWLYDPHQWH

3iJ
GLVFLSOLQD3DUDHOORQRVILMDUHPRVVRODPHQWHHQORVDQWHFHGHQWHV\RUtJHQHVGHOD
³OLQJtVWLFD GHO WH[WR SURSLDPHQWH GLFKD´ HV GHFLU HO HVWXGLR GHO WH[WR \ VX
HVWUXFWXUDFRPRXQLGDGGHOOHQJXDMH1RWHQGUHPRVHQFXHQWDSRUWDQWRHOHVWXGLR
OLWHUDULR ILOROyJLFR SVLFROyJLFR R LGHROyJLFR GHO WH[WR VLQR VRODPHQWH VX HVWXGLR
OLQJtVWLFR


2UtJHQHVGHOHVWXGLRGHOWH[WR

7RGRVORVDXWRUHVFRLQFLGHQHQVHxDODUHQWUHORVDQWHFHGHQWHVGHOHVWXGLRGHOWH[WR
OD UHWyUFD GHVGH OD DQWLJHGDG FOiVLFD /D UHWyULFD GHVGH $ULVWyWHOHV KDVWD VXV
IRUPDVDFWXDOHVVHSUHRFXSyGHODHVWUXFWXUDFLyQGHOWH[WRSHURVLHPSUHHQIRUPD
PiVELHQDMHQDDODOLQJtVWLFD/RPLVPRVXFHGHWDPELpQGHVGHHQWRQFHVFRQOD
SRpWLFD\ODHVWLOtVWLFD\DPiVPRGHUQD
1R GHEH SHQVDUVH VLQ HPEDUJR TXH HVWDV GLVFLSOLQDV TXH SRVHHQ XQD DPSOLD
WUDGLFLyQ VHDQ PHURV DQWHFHGHQWHV GHVFXELHUWRV D SRVWHULRUL SRU OD OLQJtVWLFD
WH[WXDO0iVELHQDOFRQWUDULRKDQHMHUFLGRXQDLQIOXHQFLDGLUHFWDHQVXQDFLPLHQWR
\ GHVDUUROOR \ DXQ KR\ GtD SUHILJXUDQ DOJXQDV GH ODV WHQGHQFLDV PiV FRQRFLGDV
FRPRODIUDQFHVD (VWRVHGHEHEiVLFDPHQWHDTXHDOJXQRVGHORVSULPHURV\PiV
GHVWDFDGRVUHSUHVHQWDQWHVGHODOLQJtVWLFDGHOWH[WRSURYLHQHQGHOFDPSROLWHUDULR
R HVWLOtVWLFR \ DSRUWDURQ XQ FRQRFLPLHQWR GH ODV LGHDV WUDGLFLRQDOHV GH UHWyULFD
SRpWLFD \ HVWLOtVWLFD 7DOHV VRQ 7HXQ YDQ 'LMN 1LOV ( (QNYLVW 6 , *LQGLQ 6 -
6FKPLGW \ HQWUH QRVRWURV $QWRQLR *DUFtD %HUULR MXQWR FRQ RWURV PXFKRV ODV
HVFXHODV SUDJXLDQDV GH HVWXGLR GHO WH[WR SRU HMHPSOR SRVHHQ XQ HVSHFLDO LQWHUpV
SRU ODV FXHVWLRQHV GHO WH[WR DUWtVWLFR 'H HVWH PRGR GHFLU TXH HVDV GLVFLSOLQDV
WUDGLFLRQDOHV VRQ DQWHFHGHQWHV GH OD OLQJtVWLFD WH[WXDO PRGHUQD HV GLVWLQWR TXH
DILUPDUTXHODJUDPiWLFDILORVyOILFDGHO;9,,HVXQDQWHFHGHQWHGHOJHQHUDWLYLVPR
3RUTXHHQHVWHFDVRQRSXHGHKDEODUVHGHLQIOXHQFLD GLUHFWDRLQGLUHFWD VLQRGH
PHUR ©UHGHVFXEULPLHQWRª PRGHUQR GH ODV LGHDV GH KDFH WUHV VLJORV
UHGHVFXEULPLHQWR GHELGR HQ JUDQ SDUWH DO PDQWHQLPLHQWR GH SUHVXSXHVWRV
ILOROVyILFRV VLPLODUHV FIU =YHJLQFHY  0RWVFK   (O GHVFXEULPLHQWR GH
TXH H[LVWtDQ VLPLOLWXGHV PiV R PHQRV GLVFXWLGDV \ GLVFXWLEOHV  HQWUH JUDPiWLFD
ILORVyILFD\JUDPiWLFDJHQHUDWLYDHVD3RVWHULRUL\QRFRQWULEX\yHQODSULPHUDIDVH
GHO GHVDUUROOR GH pVWD DXQTXH OXHJR VH XWLOL]DUD SDUD IXQGDPHQWDU VXV LGHDV PiV
LPSRUWDQWHV  3RU HO FRQWUDULR FRPR KHPRV DSXQWDGR OD UHWyULFD \ ODV RWUDV
GLVFLSOLQDV FOiVLFDV FRQWULEX\HURQ GLUHFWDPHQWH \ OR VLJXHQ KDFLHQGR HQ HO
GHVDUUROORGHODOLQJtVWLFDGHOWH[WR$VtORVHxDODSRUHMHPSOR$*DUFtD%HUULR

©6REUH OD HVWUDWHJLD GHO DQiOLVLV WH[WXDO OD PRGHUQD OLQJtVWLFD GHO WH[WR VH KD
HQFRQWUDGR\DFRQXQDODUJDWUDGLFLyQGHDQiOLVLV2OYLGDGDVSHURQRVXSHUDGDVHV
SUHFLVRFRQWDUVLHPSUHFRQODVHQVHxDQ]DVGHOD5HWyULFDDSDUWLUGHVXHVWUXFWXUD
GHSDUWHVPD\RUHVLQYHQQRGLVSRVLWLR\HORFXWLR\VREUHWRGRGHODVHJPHQWDFLyQ
GHO WH[WR HQ XQLGDGHV LQFRUSRUDGD SRU OD GLVSRVLWLRª 3HW|IL*DUFtD %HUULR 
 



3iJ

3iJ
/D LQIOXHQFLD GH HVWDV LGHDV GH OD UHWyULFD VLQ HPEDUJR QR KD VLGR QL ~QLFD QL
SULPRUGLDOPD\RULQWHUHVWLHQHHQQXHVWUDRSLQLyQODHMHUFLGDSRUODHVWLOtVWLFD\D
TXHPXFKRVHVWXGLRVRVGHHVWD GLVFLSOLQD VH KDQ SUHRFXSDGR VLHPSUH GHO WH[WR
FRPR FRQMXQWR SXHVWR TXH HO DQiOLVLV GH OD IUDVH WDO FRPR VH UHDOL]D
WUDGLFLRQDOPHQWH HQ OLQJtVWLFD HV GH WRGR SXQWR LQVXILFLHQWH SDUD HO HVWXGLR
HVWLOtVWLFR FIU (QNYLVW    (Q HO OLEUR &XUUHQW 7UHQGV 2I 6W\OLVWLFV
HGLWDGR SRU % % .DFKUX \ + ) : 6WDKONH   VH SRQH GH PDQLILHVWR FyPR
GHVGHOD³HVWLOtVWLFD´ViQVFULWDKDVWDODGHOD(VFXHODGH3UDJD\ODHVFXHODHVSDxROD
GH'iPDVR$ORQVRKDVLGRFRQVWDQWHODSUHRFXSDFLyQSRUHOWH[WR
/DUD]yQGHOLQWHUpVGHODHVWLOtVWLFD \HQPHQRUJUDGRWDPELpQODUHWyULFD SRUHO
WH[WR FRPSOHWR HV HYLGHQWH \D TXH GHVGH HO SXQWR GH YLVWD OLWHUDULR OD IUDVH QR
WLHQH RWUD IXQFLyQ TXH OD GH VHU HOHPHQWR GH XQ WH[WR \ SDUD FRQRFHU \ HVWXGLDU
HVWLOtVWLFDPHQWH XQD REUD QR EDVWD FRQ DQDOL]DU ODV HVWUXFWXUDV RUDFLRQDOHV VLQR
TXH HV  SUHFLVR ILMDUVH HQ OD HVWUXFWXUD GH OD REUD HQ VX FRQMXQWR &RPR OD
HVWLOtVWLFD LQWHQWD DGRSWDU ORV PpWRGRV GH HVWXGLR OLQJtVWLFR DO DQiOLVLV GHO HVWLOR
KXER GH FRPSOHWDU ORV TXH SRGtD REWHQHU GH ODV JUDPiWLFDV RUDFLRQDOHV FRQ RWURV
FUHDGRV HVSHFLDOPHQWH SDUD HO HVWXGLR FRQMXQWR GH WRGR HO WH[WR &RQ OR TXH HQ
OXJDUGHVHUXQDGLVFLSOLQDPHUDPHQWH©UHFHSWLYDUHVSHFWRGHODOLQJtVWLFDUHDOL]y
DSRUWDFLRQHVFRQVLGHUDEOHVDpVWDDXQTXHSRUORJHQHUDOVyORSXGLHUDQLQWHJUDUVH
HQHOPDUFRGHOD©OLQJtVWLFDSURSLDPHQWHGLFKDªGHQWURGHODVDFWXDOHVWHQGHQFLDV
GHHVWXGLROLQJtVWLFRGHOWH[WR FIU 
2WUD UDPD GH HVWD WUDGLFLyQ GH HVWXGLRV WH[WXDOHV VH HQFXHQWUD HQ ORV DQiOLVLV GHO
FXHQWR SRSXODU GHELGRV D 3URSS  FRQ VHJXQGD HGLFLyQ HQ   \ HQ HO
DQiOLVLV GH PLWRV GH /pY\6WUDXVV SHUR WDPELpQ HQ ORV HVWXGLRV VHPLyWLFRV
JHQHUDOHV\GHODFXOWXUD


2UtJHQHVGHOHVWXGLROLQJtVWLFRGHOWH[WR

6LSRGHPRVHQFRQWUDUDQWHFHGHQWHVFODURVSDUDODOLQJtVWLFDGHOWH[WRHQHVWXGLRV
WUDGLFLRQDOHVVREUHHOGLVFXUVRWDPELpQORVSRGHPRVKDOODUGHQWURGHODOLQJtVWLFD
WUDGLFLRQDO HQ OD JUDPiWLFD /D OLQJtVWLFD TXH IXH SULPHUR XQD FLHQFLD GH OD
SDODEUD VH FRQYLUWLy PiV WDUGH HQ FLHQFLD GH OD IUDVH \D D SDUWLU GH ORV SULPHURV
HVWUXFWXUDOLVWDV 3HUR DO LJXDO TXH OD ©OLQJtVWLFD GH OD SDODEUDª WHQtD TXH
FRQVLGHUDUIHQyPHQRVGHOQLYHORUDFLRQDOOD©OLQJtVWLFDGHODIUDVHªWXYRWDPELpQ
HQFXHQWDHQRFDVLRQHVIHQyPHQRVTXHYDQPiVDOOiGHDTXpO
&XULRVDPHQWHHVWRVDQWHFHGHQWHVQRVHHQFXHQWUDQFRQSRFDVH[FHSFLRQHVHQORV
PRGHORVJUDPDWLFDOHVPiV©FLHQWtILFRVª1LHOJHQHUDWLYLVPRFKRPVN\DQRFRQ XQ
PRGHORGHFRUWHPDWHPiWLFR\OyJLFRQLHOHVWUXFWXUDOLVPRPiVUDGLFDODQDOL]DEOH
WDPELpQ FRQ PHGLRV PDWHPiWLFRV PiV VLPSOHV HVWD YH] SDVDURQ QXQFD GH ODV
IUDVHV SUREDEOHPHQWH SRUTXH HV GLItFLO DSOLFDU DO WH[WR ORV DILQDGRV FULWHULRV
IRUPDOHV TXH DO SDUHFHU Vt VLUYHQ SDUD OD IUDVH \ RWUDV XQLGDGHV LQIHULRUHV +XER
SRFDV H[FHSFLRQHV SHUR ODV TXH KD\ VRQ VLJQLILFDWLYDV /D PiV LQWHUHVDQWH HVWi



3iJ
UHSUHVHQWDGDSRUHODQiOLVLVGHOGLVFXUVRGH=HOOLJ+DUULVTXLHQ\DVHUHIHUtDDpO
HQHOSUyORJRDODHGLFLyQGHGHVX6WUXFWXUDO/LQJXLVWLFV

©(ODQiOLVLVOLQJtVWLFRH[DFWRQRYDPiVDOOiGHORVOtPLWHVGHODIUDVH+D\
VLQHPEDUJRUDVJRVHVWUXFWXUDOHVTXHVHH[WLHQGHQVREUHSDUWHVPiVDPSOLDV
GHFDGDSDUWHFRQH[DGHOHQJXDKDEODGDRHVFULWD/RVPpWRGRV~WLOHVSDUD
HOKDOOD]JRGHHVDVHVWUXFWXUDVGHOGLVFXUVRVRQDPSOLDFLRQHVGHORVPpWRGRV
GHODOLQJtVWLFDª SYLL 

3HUR WDPELpQ HQ %ORRPILHOG )ULHV \ RWURV HVWUXFWXUDOLVWDV QRUWHDPHULFDQRV FIU
*DVSDURY VHKDOODODSUHRFXSDFLyQSRUWHQHUVHTXHOLPLWDUDODIUDVHVLELHQ
VyOR HO FLWDGR +DUULV \ OD WDJPpPLFD GH 3LNH FIU /RQJDFUH   LQWHQWDURQ
GHVDUUROODU FLHQWtILFDPHQWH HVDV ©LQWXLFLRQHVª 3HUR PLHQWUDV ODV LGHDV GH +DUULV
TXHGDURQ SUiFWLFDPHQWH VLQ GHVDUUROOR XOWHULRU IXHUD GHO PLVPR =HOOLJ +DUULV \
DOJXQRVGLVFtSXORVGLUHFWRV FIU+DUULV3ULQFH/DIRQW*DUGpV0DGUD\
 ODVGH3LNHHVER]DGDV\DHQVXREUD/DQJXDJHLQUHWDWLRQWRDXQLILHGWKHRU\
RI WKH VWUXFWXUH RI KXPDQ EHKDYLRU   VH YLHURQ GHVDUUROODGDV SRU XQD
DPSOLDHVFXHODKDVWDFRQYHUWLUVHKR\GtDHQXQDGHODVPiVLPSRUWDQWHVIRUPDVGH
HVWXGLROLQJtVWLFRGHOWH[WR FIU 
(Q (XURSD GHQWUR GHO HVWUXFWXUDOLVPR DSHQDV KD\ PiV DQWHFHGHQWHV TXH OD
(VFXHOD GH 3UDJD TXH GH WRGDV IRUPDV QXQFD IXH XQ HVWUXFWXUDOLVPR
©TXtPLFDPHQWHSXURª3HUROD(VFXHODGH3UDJDHQWUHRWUDVUD]RQHVSRUVXLQWHUpV
HVWLOtVWLFR \ IXQFLRQDO VLHPSUH SUHVWy XQD DWHQFLyQ FRQVLGHUDEOH DO WH[WR \ HV KR\
GtDXQDGHODVWHQGHQFLDVPiVLQWHUHVDQWHVHQOLQJtVWLFDWH[WXDOGHPDQHUDTXHQR
VHODSXHGHFRQVLGHUDUFRPRVLPSOHDQWHFHGHQWHVLQRFRPRIRUPD\DUHODWLYDPHQWH
DQWLJXDGHHVWXGLRGHODVHVWUXFWXUDVOLQJtVWLFDVGHOWH[WR
)XHUDGHOHVWUXFWXUDOLVPRHXURSHRVtDSDUHFHQQXPHURVRVDQWHFHGHQWHVTXHQRVH
FRQWLQ~DQ SRU Vt PLVPRV HQ WHQGHQFLDV PRGHUQDV HVSHFtILFDV $Vt *LOL *D\D
UHFRQRFtD HQ VX &XUVR VXSHULRU GH VLQWD[LV HVSDxROD DOJXQRV FRQFHSWRV KR\
FRQVLGHUDGRVIXQGDPHQWDOHV

³(O GLVFXUVR VH GLYLGH HQ XQLGDGHV LQWHQFLRQDOHV D ODV TXH KHPRV OODPDGR
RUDFLRQHV /DV RUDFLRQHV VH VXFHGHQ JXDUGDQGR HQWUH Vt XQD UHODFLyQ GH
FRKHUHQFLD UHSUHVHQWDWLYD OyJLFD R DIHFWLYD XQD WUDED]yQ SVtTXLFD GH RUGHQ
VXSHULRU 6L HVWD UHODFLyQ GH FRQWLQXLGDG QR VH UHYHOD GHFLPRV TXH HO GLVFXUVR HV
LQFRKHUHQWH /D XQLGDG WRWDO GHO GLVFXUVR D OD FXDO VLUYHQ ODV RUDFLRQHV TXH OR
FRPSRQHQREHGHFHDOH\HVSVLFROyJLFDV\VHJ~QHOODVSHUFLEHHOR\HQWHRHOOHFWRUOD
FRKHUHQFLDRLQFRKHUHQFLDGHOGLVFXUVRTXHVHOHGLULJHª S 

)XHUD GH (VSxD HO JUDPiWLFR DOHPiQ . %RRVW GHVDUUROOy HO FRQFHSWR GH
6DW]YHUIOHFKWXQJ³HQWUHWHMLPLHQWRGHRUDFLRQHV´TXHHVXQHQODFHWUDQVIUiVWLFRGH
WLSR IRUPDO VLQWiFWLFR  R WDPELpQ VHPiQWLFR 7DPELpQ HQ OLQJLVWDV FRPR 2
-HVSHUVHQ SXHGHQ HQFRQWUDUVH LGHDV TXH UHDSDUHFHQ SRVWHULRUPHQWH 3HUR SRU
UHJODJHQHUDOODLQIOXHQFLDHMHUFLGDSRUHOORVHVVyORVHFXQGDULDHLQGLUHFWDDXQTXH



3iJ

3iJ
VLHPSUHKDGHWHQHUVHSUHVHQWH\DTXHVHWUDWDGHDXWRUHVTXHKDQSDUWLFLSDGRHQOD
SUHSDUDFLyQ OLQJtVWLFD GH DOJXQRV GHVWDFDGRV HVWXGLRVRV GHO WH[WR PHGLDQWH
PDQXDOHV GH XVR HVFRODU R XQLYHUVLWDULR \ DVt SDUD FLWDU XQ VROR HMHPSOR +RUVW
,VHQEHUJKLVSDQLVWD\XQRGHORVSULQFLSDOHVOLQJLVWDVWH[WXDOHVUHFRQRFHHOSDSHO
SLRQHURGHODVDQWHULRUHVREVHUYDFLRQHVGH*LOL*D\D 

3HUR HQ JHQHUDO DXQTXH KD\ DQWHFHVRUHV UHDOHV GHO HVWXGLR GH DOJXQRV GH ORV
SUREOHPDV HVSHFtILFRV GH OD XQLGDG OLQJtVWLFD WH[WXDO OR TXH KR\ OODPDPRV
©OLQJtVWLFD GHO WH[WRª QR HV HO GHVDUUROOR GH QLQJXQR GH HVRV DQWHFHVRUHV FRQ OD
H[FHSFLyQ GH 3LNH \ VX WDJPpPLFD  TXLHQHV VLQ HPEDUJR Vt WXYLHURQ XQD FLHUWD
LQIOXHQFLD SUREDEOHPHQWH HQ OD SUHSDUDFLyQ LQLFLDO GH PXFKRV GH ORV HVWXGLRVRV
DFWXDOHV 'H PDQHUD TXH OD KXHYD GLVFLSOLQD WLHQH TXH H[SOLFDU VXV RULJHQHV SRU
UD]RQHV TXH QR SXHGHQ UHVXPLUVH HQ OD H[LVWHQFLD GH XQD WUDGLFLyQ PiV R PHQRV
H[WHQVDHLPSRUWDQWH


&DXVDVGHODDSDULFLyQGHODOLQJtVWLFDGHOWH[WR

$O LJXDO TXH HQ RWURV FDPSRV GH OD OLQJtVWLFD HQ OD WH[WXDO HV SUHFLVR EXVFDU
UD]RQHV GH GLYHUVR WLSR SDUD H[SOLFDU VX QDFLPLHQWR FIU %HUQiUGH]   (Q
SULPHU OXJDU FDXVDV SXUDPHQWH LQWHUQDV GH OD SURSLD GLVFLSOLQD OLQJtVWLFD (Q
VHJXQGROXJDUFDXVDVH[WHUQDVEDVDGDVHQHOFRQWH[WRLQWHOHFWXDOHQTXHVHPXHYH
OD OLQJtVWLFD (Q DOJXQDV RFDVLRQHF DPERV WLSRV GH FDXVDV HVWiQ HVWUHFKDPHQWH
UHODFLRQDGRV

 &DXVDV LQWHUQDV/DV FDXVDV LQWHUQDV ©OLQJtVWLFDVª  TXH GDQ OXJDU DO
QDFLPLHQWR GH OD OLQJtVWLFD GHO WH[WR VH HQFXHQWUDQ VREUH WRGR HQ ORV HVWXGLRV
VLQWiFWLFRV GHELGRV IXQGDPHQWDOPHQWH DO JHQHUDWLYLVPR 'H KHFKR FRPR
WHQGUHPRV RFDVLyQ GH FRPSUREDU OD PD\RUtD GH ORV OLQJLVWDV WH[WXDOHV SURFHGHQ
GHO FDPSR JHQHUDWLYLVWD DXQTXH KD\D DOJXQRV +DUZHJ 3LNH +DOOLGD\  TXH
SURYLHQHQ GH XQD X RWUD HVFXHOD HVWUXFWXUDOLVWD QR JHQHUDWLYD VRQ VLQ HPEDUJR
PLQRUtD \ HQ WRGRV ORV FDVRV VH KDQ YLVWR VRPHWLGRV D XQD PD\RU R PHQRU
LQIOXHQFLDGHODJUDPiWLFDJHQHUDWLYDWUDQVIRUPDFLRQDO

6H WUDWD DTXt GH OD DSDULFLyQ GHVGH ORV SULPHURV DxRV GH GHVDUUROOR GH OD WHRUtD
JHQHUDWLYD GH IHQyPHQRV DSDUHQWHPHQWH  VLQWiFWLFRV FX\D H[SOLFDFLyQ QR SRGtD
KDFHUVHGHPDQHUDDGHFXDGDVLQRVHWHQtDHQFXHQWDHOFRQWH[WRHVGHFLUODVIUDVHV
DQWHULRUHV\RSRVWHULRUHVGHOPLVPRWH[WR
 
/D FRRUGLQDFLyQ SRU HMHPSOR FRPHQ]y D HVWXGLDUVH GH QXHYR GHVSXpV GH XQD
ODUJDpSRFDGHDEDQGRQRFDVLJHQHUDOGHQWURGHOJHQHUDWLYLVPR\DTXHKDEtDVLGR
SUHVHQWDGD HQ HO WUDEDMR LQLFLDO GH &KRPVN\ 6\QWDFWLF 6WUXFWXUHV  FRPR
³WUDQVIRUPDFLyQ GH FRQMXQFLyQ´ /RV VHJXLGRUHV GH &KRPVN\ UHDOL]DURQ GHVGH HO
SULQFLSLRHVWXGLRVPiVDIRQGRVREUHODVGLYHUVDVWUDQVIRUPDFLRQHVSURSXHVWDVSRU
DTXpO FRQ OD LQWHQFLyQ GH SHUIHFFLRQDU HO PRGHOR HQWUH HOODV VH HQFRQWUy OD



3iJ
FRRUGLQDFLyQ TXH VH YLR IDYRUHFLGD DGHPiV SRU OD GLILFXOWDG GH VX HVWXGLR
VLQWiFWLFR DXWyQRPR $O KDFHU pVWH VH YLR TXH XQD H[SOLFDFLyQ VXILFLHQWH SRU
HMHPSORVREUHODVFRQGLFLRQHVGHXVRGHXQDXRWUDFRQMXQFLyQHWF GHEHWHQHUHQ
FXHQWD IDFWRUHV QR VLQWiFWLFRV IXQGDPHQWDOPHQWH VHPiQWLFRV SHUR WDPELpQ
SUDJPiWLFRV FIU /DNRII   ,JXDOPHQWH VH SXVR GH PDQLILHVWR TXH OD
FRRUGLQDFLyQDFWXDEDQRVyORHQHOQLYHOGHODRUDFLyQDLVODGDVLQRHQODVXFHVLyQ
GHRUDFLRQHV0iVDGHODQWH  QRVILMDUHPRVFRQPiVGHWDOOHHQHVWHIHQyPHQR

2WURVDVSHFWRVGHOD©VLQWD[LVªTXHHVFDSDEDQGHORVOtPLWHVGHODIUDVHHUDQHOXVR
GHO DUWtFXOR DO TXH :HLQULFK GHGLFy XQR GH ORV SULPHURV WUDEDMRV GH OLQJtVWLFD
WH[WXDOFIU&RQWHHG:HLQULFK ODVXFHVLyQGHWLHPSRV\HQJHQHUDO
HO XVR GH ORV PLVPRV TXH :HLQULFK WUDWy HQ VX OLEUR (VWUXFWXUD \ )XQFLyQ GH ORV
7LHPSRV HQ HO /HQJXDMH  OD SURQRPLQDOL]DFLyQ ORV LQWHUURJDWLYRV HWF +RUVW
,VHQEHUJ    SUHVHQWD XQD OLVWD GH  IHQyPHQRV TXH HVFDSDQ D OD
FDSDFLGDGH[SOLFDWLYDGHXQDJUDPiWLFDRUDFLRQDO

'H KHFKR ORV SULPHURV WUDEDMRV GH OLQJtVWLFD WH[WXDO VRQ LQWHQWRV GH DPSOLDU R
PRGLILFDU  ODV JUDPiWLFDV RUDFLRQDOHV DO XVR JHQHUDWLYDV R HVWUXFWXUDOLVWDV SDUD
SRGHU H[SOLFDU WRGRV HVRV IHQyPHQRV SRU HMHPSOR ,VHQEHUJ >@ GHVDUUROOD VX
FRQFHSWR LQLFLDO GH WH[WR SDUD H[SOLFDU HO XVR GH D FRQ HO FRPSOHPHQWR GLUHFWR HQ
HVSDxRO HO WUDEDMR IXQGDPHQWDO GH +DUZHJ >@ HV XQD H[WHQVLyQ GH VX
WUDWDPLHQWRGHODSURQRPLQDOL]DFLyQ 

,JXDOPHQWHODVSULPHUDVGLVFXVLRQHVVHFHQWUDURQHQHVWRVWHPDV\HQVX QXHYR 
VWDWXVWHyULFR\HQODFXHVWLyQGHKDVWDTXpSXQWRVXHVWXGLRH[LJtDDOHMDUVHGHODV
JUDPiWLFDVRUDFLRQDOHVFRQRFLGDV FIU9LFKZHJHU 

7DPELpQVRQFDXVDVLQWHUQDVDXQTXHWHQJDQXQDHVWUHFKDUHODFLyQFRQODVFDXVDV
H[WHUQDV TXH YHUHPRV D FRQWLQXDFLyQ GRV IHQyPHQRV D ORV TXH \D QRV KHPRV
UHIHULGRODHQWUDGDHQODOLQJtVWLFD \ODJUDPiWLFDPiVHVSHFtILFDPHQWH LQFOXVR
HQODVWHQGHQFLDVWUDGLFLRQDOPHQWHPiVDVHPiQWLFDV\IRUPDOLVWDVGHODVHPiQWLFD
\ FRQ HOOD OD SUDJPiWLFD PRGHUQD 'H PDQHUD TXH OD OLQJtVWLFD WH[WXDO QR VH
HQFRQWUDED FRQ OD ~QLFD EDVH GH XQD VHPiQWLFD PiV R PHQRV IRUPDO SHUR
EiVLFDPHQWH DXWyQRPD VLQR WDPELpQ FRQ WUDEDMRV GH VHPiQWLFD \ SUDJPiWLFD GH
LQWHUpV FRQVLGHUDEOH VREUH WRGR GHVGH HO SXQWR GH YLVWD WHyULFR TXH SURFXUDEDQ
HQOD]DU OD JUDPiWLFD HQ VHQWLGR WUDGLFLRQDO  FRQ ODV QXHYDV GLVFLSOLQDV SDUFLDOHV
'H IRUPD TXH HQ JUDQ PHGLGD HO LQWHUpV SRU HO WH[WR VH XQLy D HVD WHQGHQFLD \D
H[LVWHQWHVLTXHUHPRVHVWXGLDUODVHPiQWLFDFRPRSDUWHLQWHJUDQWHGHODJUDPiWLFD
WHQHPRV TXH REVHUYDU ODV UHODFLRQHV VHPiQWLFDV VHxDOL]DGDV IRUPDOPHQWH R QR


3iJ

6RQORVVLJXLHQWHVSURQRPEUHVDUWtFXORSURDGYHUELRVFRQHFWRUHVRUDFLRQDOHVSDUWtFXODVGHSUHJXQWDV\
UHVSXHVWDVVHxDOHVGHDUWLFXODFLyQ *OLHGHUXQJ PRUIHPDVYHUEDOHV\FRQVWUXFFLRQHVSHULIUiVWLFDVH[SUHVLyQ
GHOWLHPSRPRGRDVSHFWR$NWLRQVDUWFDUDFWHUL]DFLyQGHOFRPSOHPHQWRGLUHFWRHQHVSDxRODOEDxpVEHQJDOt
HWF IRUPDV GH WUDWDPLHQWR KRQRUDWLYR MDSRQpV HOHPHQWRV GHtFWLFRV VLWXDFLRQDOHV HQWRQDFLyQ SRVLFLyQ GHO
DFHQWR RUDFLRQDO pQIDVLV \ FRQWUDVWH RUGHQ GH SDODEUDV DUWLFXODFLyQ HQ WHPD \ UHPD H[SDQVLyQ
FRQGHQVDFLyQ QRPLQDOL]DFLyQ HWF HOLSVLV DQiIRUD \ FDWiIRUD FRRUGLQDFLyQ \ VXERUGLQDFLyQ VXFHVLyQ
WHPSRUDOIyUPXODVILMDVVDOXGRVFRPLHQ]RGHFXHQWRVHWF

3iJ
H[LVWHQWHVHQWUHODVIUDVHVDILQGHGHVFULELUDGHFXDGDPHQWHODVHPiQWLFDGHFDGD
IUDVH SDUWLFXODU 3HUR HVD VHPiQWLFD TXH VXHOH VHU GH WLSR UHIHUHQFLDO WLHQH XQD
FRQH[LyQ LQPHGLDWDPHQWH UHFRQRFLEOH FRQ ORV IDFWRUHV SUDJPiWLFRV \ HQ JHQHUDO
VRFLDOHV$VtWDPELpQODOLQJtVWLFDGHOWH[WRUHVSRQGtDDXQDQHFHVLGDGYLYDPHQWH
VHQWLGDSRUHQWRQFHVHQWRGDODOLQJtVWLFD

 &DXVDV H[WHUQDV (O SULPHU JUXSR GH FDXVDV H[WHUQDV VH HQFXHQWUD HQ
GLVFLSOLQDVPX\HVWUHFKDPHQWHUHODFLRQDGDVFRQ HO OHQJXDMH \ SXHGH FRQVLGHUDUVH
TXHVRQGHWHUPLQDQWHVHQHOVXUJLPLHQWR GH OD OLQJtVWLFD GHO WH[WR 6H WUDWD GHO
FDPSRGHOWUDWDPLHQWR DXWRPiWLFR GHO OHQJXDMH GHVGH OD GRFXPHQWDFLyQ D OD
WUDGXFFLyQ PHFiQLFDV HVWDV GLVFLSOLQDV QHFHVLWDEDQ GLVSRQHU GH GHVFULSFLRQHV
OLQJtVWLFDVULJXURVDVDGHFXDGDVSDUDHOWUDWDPLHQWRGH WH[WRV FRPSOHWRV HV GHFLU
QR GH IUDVHV DLVOLGDV /RV PRGHORV OLQJtVWLFRV XWLOL]DEOHV JHQHUDWLYRV GH
GHSHQGHQFLDVRGLVWULEXFLRQDOLVWDV VHOLPLWDEDQDODIUDVH\HQFRQVHFXHQFLDHUDQ
LQVXILFLHQWHVSDUDHOWUDWDPLHQWRGHWH[WRVFRPSOHWRVQHFHVDULRSDUDODWUDGXFFLyQ
ODREWHQFLyQGHUHV~PHQHVHWF/RVH[SHUWRVHQGRFXPHQWDFLyQDXWRPiWLFDKDEtDQ
LQWHQWDGR DPSOLDU GLFKRV PRGHORV SDUD KDFHUORV H[WHQVLEOHV DO WH[WR \ HV
LQWHUHVDQWH VHxDODU SRU HMHPSOR TXH XQR GH ORV SULPHURV OLEURV TXH VH
SODQWHDEDQ HO DQiOLVLV GHO WH[WR OOHYDUD FRPR WtWXOR ±$QDO\VH DXWRPDWLTXH GX
GLVFRXUV 3rFKHX[ 

3DUD FLWDU VyOR DOJXQRV SRFRV HMHPSORV SRGHPRV PHQFLRQDU ODV GLILFXOWDGHV TXH
9DXTXRLV   VHxDOD SDUD OD WUDGXFFLyQ DWRPiWLFD MXQWR DO SUREOHPD GH KDOODU
ORVUHIHUHQWHVGHORVSURQRPEUHVGHXQDIUDVHVHGHVWDFDTXHODGHVDPELJXDFLyQGH
ORV HOHPHQWRV VHPiQWLFRV Op[LFRV R SURSRVLFLRQDOHV  GHSHQGH QRUPDOPHQWH GHO
FRQWH[WROLQJtVWLFRHWFHQJHQHUDOVHPXHVWUDFyPRHOSURFHVRGHWUDGXFFLyQVH
UHDOL]D VREUH WRGR HO WH[WR HQ VX FRQMXQWR HQWHQGLGR FRPR XQLGDG \ QR VREUH
IUDVHV DLVODGDV /DV PLVPDV GLILFXOWDGHV SODQWHD /MXGVNDQRY   PLHQWUDV $
$QGUHHZVN\   SUHVHQWD \D GHVGH XQ SXQWR GH YLVWD DOJRUtWPLFR SRVLEOHV
IRUPDV GH LQFOXLU LQIRUPDFLyQ VREUH ODV UHODFLRQHV LQWHUIUiVWLFDV SDUD OD
GRFXPHQWDFLyQDXWRPiWLFD

(VWDQHFHVLGDGGHQROLPLWDUVHDODIUDVHVHYHFRQPD\RUFODULGDGD~QHQHOFDPSR
GH OD WUDGXFFLyQ VHD DXWRPiWLFD R KXPDQD TXH HQ ORV GHPiV WHUUHQRV GH OD
DXWRPDFLyQOLQJtVWLFD3DUWLHQGRGHODSUREOHPiWLFDHVSHFtILFDGHODWUDGXFFLyQVH
OOHJD D FRQVLGHUDFLRQHV GH LQWHUpV QR PHUDPHQWH PHWRGROyJLFR VLQR WDPELpQ
WHyULFR$Vt/6%DUKXGDURY  VHxDODTXH OD WUDGXFFLyQQRVHUHDOL]D©HQ HO
OHQJXDMH FRPR VLVWHPD VLQR HQ HO KDEOD UHþ  FRQ ORV SURGXFWRV FRQFUHWRV GHO
KDEODRWH[WRVGHDKtTXHSDUDODWHRUtDGHODWUDGXFFLyQVHDQHFHVDULD\MXVWLILFDGD
OD LQWURGXFFLyQ GHO QLYHO WH[WXDOª S   *LQGLQ \ /HRQW
HYD   GHGLFDQ XQ
WUDEDMR IXQGDPHQWDO DO WHPD GH ODV UHODFLRQHV HQWUH WHRUtDV GHO WUDWDPLHQWR
DXWRPiWLFR GH OD LQIRUPDFLyQ \ OLQJtVWLFD GHO WH[WR H[SRQHQ DOJXQRV GH ORV
QXPHURVRV PRGHORV GHVDUUROODGRV HQ HVWH FDPSR IXQGDPHQWDOPHQWH HQ ORV
((88  \ VHxDODQ OD JUDQ LPSRUWDQFLD GH HVWDV FXHVWLRQHV SDUD HO GHVDUUROOR GH OD
OLQJtVWLFDWH[WXDO



3iJ
/RVWUDEDMRVFRQHVWHHQIRTXHVRQPX\QXPHURVRVDXQTXHQRVLHPSUHVRQREUDGH
OLQJLVWDV6LQHPEDUJRHQSDtVHVFRPROD8566ODOLQJtVWLFDWH[WXDOWLHQHHQWUH
VXV REMHWLYRV PiV HYLGHQWHV HO FRQWULEXLU D OD VROXFLyQ GH ODV GLILFXOWDGHV FRQ TXH
WRSD HO WUDWDPLHQWR DXWRPiWLFR GH ORV GDWRV OLQJtVWLFRV 6HUtD QHFHVDULR WRGDYtD
XQ HVWXGLR TXH PRVWUDUD FRQ PD\RU GHWDOOH ODV LQWHUUHODFLRQHV HQWUH OD QXHYD
GLVFLSOLQD OLQJtVWLFD \ ORV WUDEDMRV GH OLQJtVWLFD DXWRPiWLFD UHDOL]DGRV HQ
QXPHURVRVSDtVHV

2WUR WLSR GH LQIOXHQFLDV SURYLHQH GH OD VLWXDFLyQ LQWHOHFWXDO HQ TXH VH PXHYH OD
OLQJtVWLFDHVGHFLUODVLGHDVJHQHUDOHVVREUHHOGHVDUUROOR\ODV QHFHVLGDGHVGHOD
FLHQFLD (VD VLWXDFLyQ LQWHOHFWXDO TXH VXHOH PDQLIHVWDUVH D WUDYpV GH OD
JHQHUDOL]DFLyQ ILORVyILFD GH ORV UHVXOWDGRV REWHQLGRV SRU ODV ©FLHQFLDV QDWXUDOHVª 
KD LQIOXLGR VLHPSUH GH IRUPD FRQVLGHUDEOH HQ HO GHVDUUROOR GH OD OLQJtVWLFD FIU
%HUQiUGH]  0RWVFK   \ HVD LQIOXHQFLD FRQWLQ~D SUREDEOHPHQWH PiV
LQWHQVDWRGDYtD3RUORTXHVHUHILHUHDODOLQJtVWLFDGHOWH[WRVHSRQHGHPDQLILHVWR
VREUH WRGR HQ HO LQWHQWR GH DPSOLDU HO REMHWR GH HVWXGLR HQ OD SpUGLGD GH OtPLWHV
GHILQLGRV HQWUH ODV GLVFLSOLQDV TXH GHVGH GLVWLQWRV SXQWRV GH YLVWD HVWXGLDQ XQ
PLVPR REMHWR $Vt PLHQWUDV OD OLQJtVWLFD GHO VLJOR [[ KD PRVWUDGR XQD FODUD
WHQGHQFLDDODXPHQWRGHODIRUPDOL]DFLyQDFRPSDxDGRGHXQSURJUDPDGHWUDEDMR
FDGDYH]PiVUHVWULQJLGRTXHGHMyGHWHQHUHQFXHQWDHOFDUiFWHUVRFLDOGHOOHQJXDMH
0DDV   OD OLQJtVWLFD GHO WH[WR DO PLVPR WLHPSR TXH SURFXUD QR
DEDQGRQDU OD IRUPDOL]DFLyQ DXQTXH \D FRQ PiV SUXGHQFLD TXH KDFH XQRV DxRV 
KX\H GHO UHGXFFLRQLVPR GH HVFXHODV OLQJtVWLFDV DQWHULRUHV 6L KDVWD DKRUD OD
JUDPiWLFD SRU HMHPSOR OD JHQHUDWLYD SRUTXH WDPELpQ KD\ H[FHSFLRQHV \ OD
WDJPpPLFDUHSUHVHQWDODPiVFODUDGHHOODV TXHGDEDSUiFWLFDPHQWHVHSDUDGDGHOD
VRFLROLQJtVWLFD SHVH D ORV HVIXHU]RV LQWHJUDGRUHV GH /DERY \ RWURV  OD
SVLFROLQJtVWLFD SHVH D ODV DILUPDFLRQHV SURJUDPiWLFDV GHO JHQHUDWLYLVPR  \ ODV
GHPiVGLVFLSOLQDVTXHHVWXGLDQHOOHQJXDMHODOLQJtVWLFDGHOWH[WRLQFOX\HHQWUHVXV
SUHRFXSDFLRQHV PiV GHVWDFDGDV DVSHFWRV SVLFROyJLFRV \ VRFLROyJLFRV FRQ OR FXDO
WLHQGHQ D ERUUDUVH ORV KDVWD DKRUD QtWLGRV OtPLWHV HQWUH ©OLQJtVWLFDª \ GHPiV
GLVFLSOLQDV GHO OHQJXDMH FIU =YHJLQFHY E %HUQiUGH] E  (VWD WHQGHQFLD
KDFLD XQ FRQRFLPLHQWR LQWHJUDGRV HV FDUDFWHUtVWLFD GH OD DFWXDO LGHRORJtD
FLHQWtILFD(QSDODEUDVGHOELyORJR)DXVWLQR&RUGyQ ;;;,; 

©ODVLQPHQVDVFRQTXLVWDVGHODFLHQFLDH[SHULPHQWDOFRQVHJXLGDVPXFKDV
YHFHVEDMRLPSXOVRVLQFUHtEOHVGHJHQLRKDQOOHYDGRDODFLHQFLDDXQJUDGR
GH PDGXUH] TXH H[LJH LPSHULRVDPHQWH VX HOHYDFLyQ D XQ QXHYR RUGHQ GH
SUREOHPDV\VROXFLRQHVGLFKRGHRWURPRGRTXHH[LJHLQWHJUDUODVP~OWLSOHV
WHRUtDV FLHQWtILFDV WRWDOPHQWH GHVYLQFXODGDV XQDV GH RWUDV FXDQGR VH
UHWLHUHQDREMHWRVFXDOLWDWLYDPHQWHGLVWLQWRV \DYHFHVFXDQGRVHUHILHUHQD
XQ PLVPR REMHWR YLVWR GHVGH iQJXORV GLVWLQWRV  HQ XQ VLVWHPD GH
FRQRFLPLHQWRV~QLFRJHQHUDOHLQWHJUDGRUª




3iJ

9ROYHUHPRVVREUHHVWDFXHVWLyQHQ

3iJ
 5HVXPHQ &RPR UHVXPHQ GH OD EUHYH H[SRVLFLyQ GH FDXVDV TXH KDQ
FRQGXFLGRDOGHVDUUROORGHODOLQJtVWLFDGHOWH[WRSRGHPRVVHxDODUODVVLJXLHQWHV
D  QHFHVLGDG GH UHDOL]DU DSRUWDFLRQHV GH FDUiFWHU OLQJtVWLFR D ODV GLVFLSOLQDV
TXH WUDEDMDQ FRQ WH[WRV FRPSOHWRV FRPR SRpWLFD HVWLOtVWLFD \ WUDWDPLHQWR
PHFiQLFRGHODLQIRUPDFLyQOLQJtVWLFD
E  QHFHVLGDG GH H[SOLFDU SRU HO UHFXUVR DO WH[WR FRKHUHQWH XQD VHULH GH
IHQyPHQRVTXHQRSXHGHQHVWXGLDUVHDGHFXDGDPHQWHHQIUDVHVDLVODGDV
F  QHFHVLGDG GH LQWHJUDU ORV GDWRV VHPiQWLFRV \ SUDJPiWLFRV FRQ ORV
JUDPDWLFDOHV
G  QHFHVLGDG GH VHJXLU ODV GLUHFWULFHV FLHQWtILFDV JHQHUDOHV HQWUH ODV TXH VH
HQFXHQWUDODGHUHDOL]DUHVWXGLRVLQWHJUDGRUHVHVFDSDQGRGHOUHGXFFLRQLVPR
GHRWUDVWHQGHQFLDVOLQJtVWLFDV

$HVWDVFDXVDVSRGUtDQDxDGLUVHRWUDVFRPRHOLQWHQWRGHGHVDUUROODUSRUHMHPSOR
HQ OD 5'$ XQD IRUPD GH HVWXGLRV OLQJtVWLFRV DGDSWDGD D ODV LGHDV GHO
PDU[LVPROHQLQLVPRRHOGHVDUUROORGHQXHYRVPpWRGRVGHHQVHxDQ]DGHODOHQJXD
PDWHUQD\ODVOHQJXDVH[WUDQMHUDVHWF



'(6$552//2<6,78$&,Ï1$&78$/
'(/$/,1*hË67,&$7(;78$/

$O LJXDO TXH QR H[LVWH XQD ©KLVWRULDª GH ORV DQWHFHGHQWHV TXH FRQGXMHURQ D OD
OLQJtVWLFD WH[WXDO WDPSRFR H[LVWH XQD KLVWRULD GH OD GLVFLSOLQD SHVH D ODV
FRQVLGHUDEOHVWUDQVIRUPDFLRQHVTXHKDVXIULGRDORODUJRGHVXVSRFRPiVGHGLH]
DxRVGHH[LVWHQFLDFRPRFDPSR©DXWyQRPRªGHHVWXGLRVOLQJtVWLFRV/RVWUDEDMRV
H[LVWHQWHVVRQSRUUHJODJHQHUDOSDUFLDOHVPHUDPHQWHGHVFULSWLYRVRDOFRQWUDULR
EiVLFDPHQWHFUtWLFRVFRQHVFDVRFRQWHQLGRLQIRUPDWLYR\QRVXHOHQWHQHUHQFXHQWD
HO FRQMXQWR GH WHQGHQFLDV H[LVWHQWHV 6HxDODPRV D FRQWLQXDFLyQ ORV WUDEDMRV TXH
SXHGHQFRQVXOWDUVHFRQPiVSURYHFKR

+DQQHV 5LHVHU  UHSURGXFLGR FRQ FLHUWD DPSOLDFLyQ HQ 3HW|IL*DUFtD %HUULR
 PXHVWUDXQDEUHYHKLVWRULDGHODOLQJtVWLFDWH[WXDOEDVWDQWHFRUUHFWDSHURHQ
ODTXHVRODPHQWHWLHQHHQFXHQWDXQDSHTXHxtVLPDSDUWHGHWRGRHOFDPSR6HEDVD
IXQGDPHQWDOPHQWHHQHOGHVDUUROORGHVXSURSLDREUDODGH-63HW|IL\7$YDQ
'LMNPHQFLRQDQGRWDPELpQD:.XUQPHU+,VHQEHUJ\(/DQJSHURVLQWHQHUHQ
FXHQWD ORV WUDEDMRV PiV UHFLHQWHV GH HVWRV GRV ~OWLPRV LJQRUD DVLPLVPR OD
OLQJtVWLFD WH[WXDO VRYLpWLFD R GH RWURV SDtVHV GH (XURSD RULHQWDO DO LJXDO TXH
WHQGHQFLDV LPSRUWDQWHV HQ HO 2FFLGHQWH HXURSHR \ ORV ((88 FRPR )UDQFLD
,QJODWHUUD \ HO LPSRUWDQWH WUDEDMR GH OD WDJPpPLFD 3HUR FRQ HVWDV OLPLWDFLRQHV
VHxDODGDVSXHGHFRQVLGHUDUVHXQWUDEDMRHVHQFLDOPHQWHFRUUHFWRHLPSRUWDQWH
% *DVSDURY   UHDOL]D XQ HVWXGLR PiV DPSOLR WHQLHQGR HQ FXHQWD ODV
WHQGHQFLDVH[LVWHQWHVHQ OD 8566 5)$ ((88 *UDQ%UHWDxD \&KHFRVORYDTXLD \



3iJ

You might also like