7+Ɯ0,65HYLVWDGH'HUHFKRS

THEMIS 61
>d/s/DWZ^Z/>>^dKz Revista de Derecho

+',C.+$',-#,0'+."#$
ZĞLJŶĂůĚŽŶƚŽŶŝŽ'ƵĂƌŶŝnj/njƋƵŝĞƌĚŽ*

>Ă ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ ŶŽ

+$0103.0,3=01(1!30%3)#.3=(.=#.3&9,=(%#.3
ĞŶ ůŽƐ ƋƵĞ ƐĞ ŵŝĚĞ ůĂ ĂĐƟǀŝĚĂĚ ƉƌŝǀĂĚĂ
ʹŵĞĚŝĂŶƚĞ ůĂ ƌĞŶƚĂďŝůŝĚĂĚ͘* F(3 0.&#3 4$0,!3
ĂƐş͕ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ
ŶŽ ƚĞŶĚƌşĂ ƐĞŶƟĚŽ͕ ĚĞďŝĚŽ Ă ƋƵĞ ĠƐƚĞ
ŐĞƐƟŽŶĂ ůĂ ĂĐƟǀŝĚĂĚ ĚĞ ůĂƐ ĞŵƉƌĞƐĂƐ
ďƵƐĐĂŶĚŽďĞŶĞĮĐŝŽƐƉĂƌĂůĂƐŽĐŝĞĚĂĚ͘

ů ĂƵƚŽƌ ƐŽƐƟĞŶĞ ƋƵĞ Ğů ůŝƐƚĂĚŽ ĚĞ ůĂƐ

!""(#%0.3 103 )!.3 0=+,0.!.3 +R')("!.3 0%3
$%!3 '#).!3 103 :!)#,0.3 %#3 0.3 )#3 8$03 .$.3
ŝŵƉƵůƐŽƌĞƐ ƉĂƌĞĐĞŶ ƐƵŐĞƌŝƌ͘ WĂƌĂ ƋƵĞ Ğů
ŵĞƌĐĂĚŽ ĨƵŶĐŝŽŶĞ͕ ƐĞƌĄ ŝŵƉƌĞƐĐŝŶĚŝďůĞ
ƋƵĞ ƵŶ ŶƷŵĞƌŽ ƐƵĮĐŝĞŶƚĞ ĚĞ ĂĐĐŝŽŶĞƐ
ƐĞ ƚƌĂŶƐĞŶ ƌĞŐƵůĂƌŵĞŶƚĞ͖ ĂĚĞŵĄƐ͕

Reynaldo Antonio Guarniz Izquierdo

)!3 1(."(+)(%!3 103 =0,"!1#3 R%("!=0%&03
ƉĞƌŵŝƟƌĄ ĂƉƌĞĐŝĂƌ Ɛŝ ůĂ ĞŵƉƌĞƐĂ ĞƐ
ĞĮĐŝĞŶƚĞ ĞŶ ƐƵ ĨƵŶĐŝſŶ ĚĞ ŐĞŶĞƌĂĐŝſŶ ĚĞ
ƵƟůŝĚĂĚĞƐ͕ ƉĞƌŽ ŶŽ ƉĞƌŵŝƟƌĄ ŵĞĚŝƌ Ɛŝ ůĂ
ĞŵƉƌĞƐĂ ĐƵŵƉůĞ ĚĞ ŵĂŶĞƌĂ ĞĨĞĐƟǀĂ ƐƵ
ĨƵŶĐŝſŶ ƌĞĚŝƐƚƌŝďƵƟǀĂ ʹƷŶŝĐŽ ŽďũĞƟǀŽ͕
8$03.02R%30)3!$&#,>3+0,=(&038$030)3<.&!1#3
ĚĞƐĂƌƌŽůůĞĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů͘

*
Abogado. Magíster en Derecho (LL.M) por la Universidad de Columbia. Socio del Estudio Ferrero Abogados.
255
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 )M, )%&".-1(()*%
Revista de Derecho
 ĮŶĞƐ ĚĞů ĂŹŽ ϮϬϬϳ Ğů ŽŶŐƌĞƐŽ ĚĞ ůĂ
ZĞƉƷďůŝĐĂ ĂƉƌŽďſ ůĂ >ĞLJ Ϯϵϭϱϳ͕ ŵĞĚŝĂŶƚĞ ůĂ
"$%&* -#-+3.* B%"$&#%/(2* /(&(3%/%2* %&* 0-/(+*
ũĞĐƵƟǀŽƉĂƌĂƋƵĞĨĂĐŝůŝƚĞůĂŝŵƉůĞŵĞŶƚĂĐŝſŶ
LJĂƉŽLJĞůĂĐŽŵƉĞƟƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĂŶƚĞůĂ
ĐĞůĞďƌĂĐŝſŶĚĞůdƌĂƚĂĚŽĚĞ>ŝďƌĞŽŵĞƌĐŝŽĐŽŶ
&-2* C2#%/-2* V),/-2* /(* !'K+,"%5* C)* (&* '%+"-*
ĚĞ ƚĂůĞƐ ĨĂĐƵůƚĂĚĞƐ ĚĞůĞŐĂĚĂƐ͕ Ğů 'ŽďŝĞƌŶŽ
ƉƌŽŵƵůŐſ ƵŶĂ ƐĞƌŝĞ ĚĞ ĚĞĐƌĞƚŽƐ ůĞŐŝƐůĂƟǀŽƐ
ĞŶĚŝǀĞƌƐĂƐŵĂƚĞƌŝĂƐʹŵƵĐŚĂƐĚĞĞůůĂƐƚĞŶşĂŶ
$)%*+(&%",.)*4%2#%)#(*&(=%)%@*2,*%"%2-*%&3$)%@*
ĐŽŶ Ğů dƌĂƚĂĚŽ ĚĞ >ŝďƌĞ ŽŵĞƌĐŝŽʹ ĞŶƚƌĞ
ůĂƐ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĂ Ğů ĞĐƌĞƚŽ >ĞŐŝƐůĂƟǀŽ
ϭϬϯϭ͕ƋƵĞƌĞŐƵůĂůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞů
C2#%/-5
Ŷ ƌĞĂůŝĚĂĚ͕ ĞƐ ƵŶ ƉŽĐŽ ĚŝĨşĐŝů ĞŶĐŽŶƚƌĂƌ
;$(* ()* (2%* )-+'%* <%7%* +(%&'()#(* %&31)*
L"%'4,-N@* 8+-8,%'()#(* /,"<-@* ()* &-* ;$(*
2(* +(B,(+(* %* &%* %"#,:,/%/* ('8+(2%+,%&* /(&*
C2#%/-5* C)* 3+%)* '(/,/%@* 2(* #+%#%* /(* $)%*
3+%)* /("&%+%",.)* /(* 8+,)",8,-2* 7* 4$()%2*
,)#()",-)(2* ;$(* )-* 3()(+%+-)* ),)3$)%*
"-)2("$()",%* "-)"+(#%5* Q-* -42#%)#(@*
Ğů ĂƌƚşĐƵůŽ ϭϮ ĚĞ ůĂ ŶŽƌŵĂ ĞƐƚĂďůĞĐŝſ
$)%* /,28-2,",.)* &%+3%'()#(* 8+-8$(2#%*
8-+* /,:(+2-2* 2("#-+(2* %"%/K',"-2* 7*
ƉŽůşƚŝĐŽƐ ʹĞƐƉĞĐŝĂůŵĞŶƚĞ ĚĞ ĚĞƌĞĐŚĂʹ ĞŶ
&-* #-"%)#(* %* &%* (B,",()",%* ()* &%* %"#,:,/%/*
(2#%#%&O* &%* 8-2,4,&,/%/* /(* ;$(* &%2* %"",-)(2*
+(8+(2()#%#,:%2* /(&* "%8,#%&* 2-",%&* /(* &%2*
('8+(2%2* /(&* C2#%/-* 2(* ,)2"+,4%)* ()* (&*
ZĞŐŝƐƚƌŽWƷďůŝĐŽĚĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐLJ͕
B,)%&'()#(@*()*&%*U-&2%*/(*S%&-+(2*/(*I,'%5
ƵŶ ĐƵĂŶĚŽ ůĞĐƚƌŽ ^Ƶƌ ƐƚĞ ^͘͘͘ ĞƐ ƵŶĂ
('8+(2%* /(&* C2#%/-* ;$(* 7%* 2(* ()"-)#+%4%*
ŝŶƐĐƌŝƚĂ ĞŶ Ğů ZĞŐŝƐƚƌŽ WƷďůŝĐŽ ĚĞů DĞƌĐĂĚŽ
ĚĞ sĂůŽƌĞƐ ĚĞƐĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϬϳ͕ ůĂ
,)2"+,8",.)* /(* &%2* %"",-)(2* "-'$)(2* /(*
WĞƚƌſůĞŽƐ ĚĞů WĞƌƷ ^͘͘ ;WĞƚƌŽƉĞƌƷͿ ĞŶ Ăďƌŝů
/(* GJEJ* :,)-* %* 2(+* &%* 8+,'(+%* "-)"+(",.)*
ǀĞƌĚĂĚĞƌĂĚĞĞƐƚĂŝŶŝĐŝĂƟǀĂ͘
ŶĞůƉƌĞƐĞŶƚĞĂƌơĐƵůŽ͕ŵĞƉƌŽƉŽŶŐŽĂŶĂůŝnjĂƌ
ůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽLJůĂƉŽƐŝďůĞ
ŝŶŇƵĞŶĐŝĂƋƵĞĞůůŝƐƚĂĚŽĞŶůĂďŽůƐĂĚĞǀĂůŽƌĞƐ
/(* &%2* %"",-)(2* "-'$)(2* /(* &%2* ('8+(2%2*
(2#%#%&(2*8$(/%*#()(+*()*2$*/(2('8(>-5
1
Banco Central de Reserva del Perú. En: www.bcrp.gob.pe
2
Banco Central de Reserva del Perú. En: www.bcrp.gob.pe
256
))M, '(&)0)-'-,#F!"#$'")'+,-#+,#$&'-.,
zWZ/sd//ME
I%*/K"%/%*/(&*)-:()#%*B$(*$)*8(+,-/-*"&%:(*()*
Ğů WĞƌƷ ƌĞƐƉĞĐƚŽ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů
ĚĞů ƐƚĂĚŽ͘ ŽŶĐůƵŝĚŽ Ğů ƉƌŝŵĞƌ ŐŽďŝĞƌŶŽ ĚĞ
ůĂŶ'ĂƌĐşĂ͕ůĂĐƌŝƐŝƐĞĐŽŶſŵŝĐĂƉĞƌƵĂŶĂŚĂďşĂ
ĂůĐĂŶnjĂĚŽ ŶŝǀĞůĞƐ ĞdžƚƌĞŵŽƐ͘ ^ſůŽ ƉŽƌ ƚŽŵĂƌ
ƚƌĞƐ ĐŝĨƌĂƐ ŵĂĐƌŽĞĐŽŶſŵŝĐĂƐ ŵƵLJ ƵƟůŝnjĂĚĂƐ͕
ĞŶĞůĂŹŽϭϵϵϬůĂŝŶŇĂĐŝſŶůůĞŐſĂϳ͕ϲϱϬй͕ůĂƐ
ƌĞƐĞƌǀĂƐ ŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ ĚĞů ƉĂşƐ ĐĂLJĞƌŽŶ Ă
%8()%2*EFJ*',&&-)(2*/(*/.&%+(2*7*(&*0+-/$"#-*
ƌƵƚŽ /ŶƚĞƌŶŽ ;W/Ϳ ʹƋƵĞ ŚĂďşĂ ĚĞƐĐĞŶĚŝĚŽ
2-2#(),/%'()#(*/$+%)#(*"%2,*#-/%*&%*/K"%/%9*
ĐĂLJſĞŶŶŝǀĞůĞƐĚƌĂŵĄƟĐŽƐĚĞƐĚĞĞůĂŹŽϭϵϵϳ͘
C&*/(2"()2-*B$(*#%&*;$(*<%",%*(&*%>-*EFFJ@*(&*
ƉĂşƐƉƌŽĚƵĐşĂŵĞŶŽƐƋƵĞƵŶĂĚĠĐĂĚĂĂŶƚĞƐ15
0%+%*/%+)-2*$)%*,/(%*/(*&%*'-)2#+$-2,/%/*/(*
ĞƐƚĂƐĐŝĨƌĂƐ͕ĞŶůŽƐƷůƟŵŽƐĚŝĞnjĂŹŽƐůĂƉĞŽƌ
ŝŶŇĂĐŝſŶƋƵĞŚĂĞdžƉĞƌŝŵĞŶƚĂĚŽĞůWĞƌƷĨƵĞĚĞ
͞ĂƉĞŶĂƐ͟ ϲ͕ϳй ;ĞƐ ĚĞĐŝƌ͕ ϭ͕ϭϰϭ ǀĞĐĞƐ ŵĞŶŽƐ
ƋƵĞĞŶĞůĂŹŽϭϵϵϬͿ͘ƐŝŵŝƐŵŽ͕ĂůĂŹŽϮϬϭϭ
&%2* +(2(+:%2* ,)#(+)%",-)%&(2* %2"()/,(+-)* %*
ϰϴ͕ϴϭϲ ŵŝůůŽŶĞƐ ĚĞ ĚſůĂƌĞƐ ;ĞƐ ĚĞĐŝƌ͕ Ϯϱϳ
ǀĞĐĞƐŵĄƐƋƵĞĞŶϭϵϵϬͿLJĞůWƌŽĚƵĐƚŽƌƵƚŽ
/ŶƚĞƌŶŽ ĞƐ Ϯ͕ϳ ǀĞĐĞƐ Ğů ƋƵĞ ƚĞŶşĂ Ğů WĞƌƷ ĞŶ
(&* %>-* EFFJ@* %"$'$&%)/-* "%#-+"(* %>-2* /(*
"+(",',()#-*2-2#(),/-25
Ŷ Ğů ĐŽŶƚĞdžƚŽ ĚĞ ůĂ ĐƌŝƐŝƐ ĞĐŽŶſŵŝĐĂ ƋƵĞ
ĂŐŽďŝĂďĂĂůWĞƌƷĂĮŶĞƐĚĞϭϵϵϬ͕ůĂƐĞŵƉƌĞƐĂƐ
814&,"%2* =$3%4%)* $)* 8%8(&* '$7* ,'8-+#%)#(5*
V)%*/(*&%2*8+,)",8%&(2*+%A-)(2*8-+*&%2*"$%&(2*(&*
ŐŽďŝĞƌŶŽƉĞƌƵĂŶŽŚĂďşĂƉŽĚŝĚŽŝŵƉůĞŵĞŶƚĂƌ
ƵŶĂ ƉŽůşƟĐĂ ŐĞŶĞƌĂůŝnjĂĚĂ ĚĞ ĐŽŶƚƌŽů ĚĞ
8+(",-2* /$+%)#(* &%* /K"%/%* /(* &-2* -"<()#%*
ĞƌĂ ƉƌĞĐŝƐĂŵĞŶƚĞ ƋƵĞ ƵŶĂ ŐƌĂŶ ĐĂŶƟĚĂĚ ĚĞ
ĂĐƟǀŝĚĂĚĞƐ ĞĐŽŶſŵŝĐĂƐ ĞƌĂŶ ĚĞƐĂƌƌŽůůĂĚĂƐ
8-+*(&*8+-8,-*C2#%/-*%*#+%:K2*/(*&%2*/,:(+2%2*
ĞŵƉƌĞƐĂƐ ƉƷďůŝĐĂƐ ƋƵĞ ƉŽƐĞşĂ LJ ĞŶ ŵƵĐŚŽƐ
"%2-2* (2#%2* ('8+(2%2* 2(* /(2%++-&&%4%)*
()* 2,#$%",.)* /(* '-)-8-&,-5* 0-+* &-* #%)#-@*
ĐŽŶƚƌŽůĂƌ ůŽƐ ƉƌĞĐŝŽƐ ƐĞ ƌĞĚƵкà à ĞŵŝƟƌ ƵŶ
ĚĞĐƌĞƚŽŽƵŶĂĚŝƌĞĐƟǀĂ͘
ů ĮŶĂů ĚĞ ůĂ ĚĠĐĂĚĂ ĚĞ ůŽƐ ŽĐŚĞŶƚĂ͕ ĞƐƚĂƐ
ĞŵƉƌĞƐĂƐĐŽŶƚƌŽůĂďĂŶĞŶƚƌĞĞůϭϱйLJϮϬйĚĞů
W/͕ĞůϮϴйĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐLJĞůϮϲйĚĞůĂƐ
ŝŵƉŽƌƚĂĐŝŽŶĞƐ͘ ů ƐƚĂĚŽ ƚĞŶşĂ Ğů ŵŽŶŽƉŽůŝŽ
()* 2(+:,",-2* 4?2,"-2* "-'-* &%* (&("#+,",/%/@*
 7+Ɯ0,65HYLVWDGH'HUHFKRS

<,/+-"%+4$+-2* 7* &%2* #(&("-'$),"%",-)(25*
ƐŝŵŝƐŵŽ͕ ƚĞŶşĂ ƵŶĂ ƉĂƌƟĐŝƉĂĐŝſŶ ĚĞ ŵĄƐ
ĚĞ ϲϬй ĞŶ Ğů ƐŝƐƚĞŵĂ ĮŶĂŶĐŝĞƌŽ ʹĂ ƚƌĂǀĠƐ
/(* &%* 4%)"%* (2#%#%&* /(* B-'()#-* 7* &%* 4%)"%*
ĂƐŽĐŝĂĚĂʹ͕ĐŽŶƚƌŽůĂďĂĞůϯϱйĚĞůĂƉƌŽĚƵĐĐŝſŶ
ŵŝŶĞƌĂ͕LJƚĞŶşĂƵŶĂƉĂƌƟĐŝƉĂĐŝſŶŝŵƉŽƌƚĂŶƚĞ
()*&%*8(2"%@*&%*"-'(+",%&,A%",.)*/(*%&,'()#-2@*
ĞŶƚƌĞŽƚƌĂƐĂĐƟǀŝĚĂĚĞƐĞĐŽŶſŵŝĐĂƐ35
!/('?2@* (&* "-)#+-&* /(* 8+(",-2* ('8$=%4%* %*
&%2* ('8+(2%2* 814&,"%2* %* $)%* 8(+'%)()#(*
ƐŝƚƵĂĐŝſŶĚĞĚĠĮĐŝƚƋƵĞ͕ĂƐƵǀĞnj͕ŽďůŝŐĂďĂĂů
C2#%/-*%*+(%&,A%+*#+%)2B(+()",%2*8(+,./,"%2*/(*
+("$+2-2*"-)*(&*-4=(#-*/(*(:,#%+*&%*;$,(4+%5*C)*
ĞůĂŹŽϭϵϴϵ͕ůĂƐĞŵƉƌĞƐĂƐƉƷďůŝĐĂƐƉĞƌƵĂŶĂƐ
8+-/$=(+-)*8K+/,/%2*8-+*'?2*/(*',&*',&&-)(2*
/(* /.&%+(25* C&* %>-* 2,3$,()#(@* &%2* 8K+/,/%2*
2$8(+%+-)* &-2* #+(2* ',&* ',&&-)(2* /(* /.&%+(25*
ƐƚĂƐ ƐƵŵĂƐ͕ ĚĞƐĚĞ ůƵĞŐŽ͕ ƌĞŇĞũĂŶ ůŽ ƋƵĞ
Ğů ƐƚĂĚŽ ƚĞŶĚƌşĂ ƋƵĞ ŚĂďĞƌ ĂďŽŶĂĚŽ ƐſůŽ
ƉĂƌĂ ĞǀŝƚĂƌ ƋƵĞ ĞƐƚĂƐ ĞŵƉƌĞƐĂƐ ĐŽŶƟŶƵĂƌĂŶ
/(#(+,-+?)/-2(5*Q-*,)"&$7(*&%2*,):(+2,-)(2*/(*
"%8,#%&* ;$(* 2-)* 8(+,./,"%'()#(* )("(2%+,%2*
ƉĂƌĂŵŽĚĞƌŶŝnjĂƌLJͬŽĂŵƉůŝĂƌůĂƐŽƉĞƌĂĐŝŽŶĞƐ
/(* $)%* ('8+(2%5* 0%+%* #()(+* $)%* ,/(%* /(*
>Ă ƉŽůşƟĐĂ ĞĐŽŶſŵŝĐĂ ůůĞǀĂĚĂ Ă ĐĂďŽ ƉŽƌ THEMIS 61
Revista de Derecho
(&* 3-4,(+)-* %8+,2#%* 8+-/$=-* #%&* +("(2,.)* (*
ŚŝƉĞƌŝŶŇĂĐŝſŶ ƋƵĞ ƚŽĚĂƐ ƐƵƐ ƉƌĞŵŝƐĂƐ ƐĞ
ĞŶĐŽŶƚƌĂďĂŶĐŽŵƉůĞƚĂŵĞŶƚĞĚĞƐƉƌĞƐƟŐŝĂĚĂƐ͘
V)*"&%+-*(=('8&-*/(*(&&-*(2*;$(*%$)*"$%)/-*
$)%* /(* &%2* 8+,)",8%&(2* 8+-'(2%2* /(* !&4(+#-*
&ƵũŝŵŽƌŝ ĞŶ ƐƵ ĐĂŵƉĂŹĂ ĞůĞĐƚŽƌĂů ƉĂƌĂ ůĂƐ
(&("",-)(2*/(&*%>-*EFFJ*B$(*)-*,'8&('()#%+*
$)%*+(B-+'%*("-).',"%*2(:(+%*9/()-',)%/%*
(&* L2<-"MN* ("-).',"-9* ()* &%* +(%&,/%/*
ŝŵƉůĞŵĞŶƚſĚŝĐŚĂƌĞĨŽƌŵĂĂƉĞŶĂƐƵŶŽƐĚşĂƐ
/(28$K2*/(*%2$',/-*(&*3-4,(+)-͘^ĞŵĞũĂŶƚĞ
()3%>-* (&("#-+%&@* )-* 2.&-* )-* B$(* 8()%&,A%/-*
8-+*&%*-8,),.)*814&,"%*2,)-*;$(*&%*8-8$&%+,/%/*
8+(2,/()",%&* 2(* ,)"+('()#.7͘  ƉĂƌƟƌ ĚĞ ĞƐĞ
'-'()#-@* (&* 3-4,(+)-* 8(+$%)-* ,'8&('()#.*
$)%* 2(+,(* /(* +(B-+'%2* ("-).',"%2*
ĐŽŵƉůĞƚĂŵĞŶƚĞ ĞŶ ůşŶĞĂ ĐŽŶ Ğů ĚĞŶŽŵŝŶĂĚŽ
͞ŽŶƐĞŶƐŽĚĞtĂƐŚŝŶŐƚŽŶ͟8@*()#+(*&%2*"$%&(2*
ůĂ ƉƌŝǀĂƟnjĂĐŝſŶ ĞƌĂ ƵŶ ƉŝůĂƌ͘ WĂƌĂ ƉŽŶĞƌůŽ
ĞŶ ƉĂůĂďƌĂƐ ĚĞ ĂƌůŽƐ ŽůŽŹĂ͕ ŵŝŶŝƐƚƌŽ ĚĞ
ĞĐŽŶŽŵşĂ ĚĞů ƉƌŝŵĞƌ ƉĞƌŝŽĚŽ ĚĞ ŐŽďŝĞƌŶŽ
ĚĞ ůďĞƌƚŽ &ƵũŝŵŽƌŝ͕ ƌĞĂůŝnjĂƌ ƌĞĨŽƌŵĂƐ
ĞĐŽŶſŵŝĐĂƐĞŶĞůWĞƌƷ͙͗͞ƌĞĂůŵĞŶƚĞĞƌĂŵƵLJ
2()",&&-O* ;$K* "-2%* <,A-* (&* 3-4,(+)-* ',&,#%+* 7*

Reynaldo Antonio Guarniz Izquierdo

ĞƐƚĞ ƷůƟŵŽ ŝŵƉŽƌƚĞ͕ ƵŶ ĞƐƚƵĚŝŽ ƌĞĂůŝnjĂĚŽ
()* (&* %>-* GJJG* "-)"&$7.* ;$(* /(2/(* (&*
%>-* EFFE* <%2#%* (2%* B("<%@* ()* (&* '%+"-* /(&*
ƉƌŽĐĞƐŽĚĞƉƌŝǀĂƟnjĂĐŝſŶƐĞŚĂďşĂŶƌĞŐŝƐƚƌĂĚŽ
ĐŽŵƉƌŽŵŝƐŽƐ ĚĞ ŝŶǀĞƌƐŝſŶ ƉŽƌ ϭϭ͕ϰϮϴ
',&&-)(2* /(* /.&%+(25* W%&(2* "-'8+-',2-2* /(*
,):(+2,.)* 2-)@* /(2/(* &$(3-@* &-* ;$(* (&* C2#%/-*
<$4,(+%* #(),/-* ;$(* /(2('4-&2%+* 8%+%* 8-/(+*
%&"%)A%+* &-2* ),:(&(2* /(* '-/(+),A%",.)* 7* /(*
2(+:,",-* ;$(* (&* 8+-8,-* C2#%/-* "-)2,/(+%4%*
ŶĞĐĞƐĂƌŝŽƐƉĂƌĂůĂƐĞŵƉƌĞƐĂƐƉƌŝǀĂƟnjĂĚĂƐ͘
ƋƵĠĐŽƐĂŚŝĐŝĞƌŽŶĞůƷŶĚĞLJ'ĂƌĐşĂ͕ŚĂLJƋƵĞ
<%"(+*&-*"-)#+%+,-N5
^ŝďŝĞŶůĂƉƌŝǀĂƟnjĂĐŝſŶƐĞĚŝƐĐƵƟſơŵŝĚĂŵĞŶƚĞ
()* %;$(&&-2* %>-2@* &%* -8,),.)* 814&,"%* 7* (&*
ŵƵŶĚŽ ƉŽůşƟĐŽ LJ ĂĐĂĚĠŵŝĐŽ ƉĂƌĞĐşĂŶ ĞƐƚĂƌ
ŵĂLJŽƌŝƚĂƌŝĂŵĞŶƚĞ ĚĞ ĂĐƵĞƌĚŽ ĐŽŶ ĞůůĂ͘ ŽŶ
&-2*%>-2@*2,)*('4%+3-@*(&*+("$(+/-*/(&*#+%$'%*
ŚŝƐƚſƌŝĐŽ ƌĞƐƉĞĐƚŽ Ă ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů
ĚĞů ƐƚĂĚŽ ƉĂƌĞĐĞ ĚĞƐǀĂŶĞĐĞƌƐĞ͘ ŽŶ ƵŶ
C2#%/-* 0(+$%)-* '$"<-* '?2* 8+-:,2#-* /(*

3
FRANCO, B.; MUÑOZ I.; SÁNCHEZ, P. y Valencia ZAVALA. “Las privatizaciones y concesiones”. En: La
5HIRUPD,QFRPSOHWD7RPR,/LPD8QLYHUVLGDGGHO3DFt¿FRH,QVWLWXWR3HUXDQRGH(FRQRPtDS

PALIZA, R. “Impacto de las privatizaciones en el Perú”. En: Estudios Económicos. Banco Central de Reserva
GHO3HU~

58,=&$52$ULHOD³(OSURFHVRGHSULYDWL]DFLRQHVHQHO3HU~GXUDQWHHOSHUtRGR´6DQWLDJRGH
Chile: Serie Gestión Pública 22. 2002. p. 28.

(O  GH DJRVWR GH  RQFH GtDV GHVSXpV GH DVXPLU HO *RELHUQR HO SUHPLHU GHO JRELHUQR GH$OEHUWR
Fujimori, Juan Carlos Hurtado Miller, anunció por televisión en cadena nacional el paquete de medidas
económicas. Estas medidas económicas eran tan extremas, duplicando en algunos casos los precios de
DUWtFXORVGHSULPHUDQHFHVLGDGTXHHOPHQVDMHFXOPLQyFRQODFpOHEUHIUDVH³£4XH'LRVQRVD\XGH´
7
Sobre este punto PÉREZ CRESPO, Carlos Eduardo. “Democracia autoritaria: Alberto Fujimori y la opinión
S~EOLFD(Q5HYLVWD/DWLQRDPHULFDQDGH2SLQLyQ3~EOLFD5HYLVDGRHQZZZZDSRUODWLQRDPHULFDRUJUHYLVWD
QSHUH]FUHVSRBGHPRFUDFLDSGIS
8
El denominado “Consenso de Washington” es una formulación realizada originalmente por el economista
estadounidense John Williamson. Hacia inicios de la década de los noventa, Williamson pensaba que todos
los organismos multilaterales y economistas de instituciones basadas en Washington D.C. “estaban de
acuerdo” en que los países latinoamericanos debían seguir estas políticas para poder superar su crisis
económica. El equilibrio del presupuesto público, la reforma impositiva y la privatización son políticas
incluidas en el “Consenso de Washington”.

$55,68(f2*DEULHO\0DUtD,QpV9È648(=(QWUHYLVWDD&DUORV%RORxD%HKU)UDQNHQVWHLQVLJXHYLYR
&RQVLGHUDFLRQHVDFHUFDGHO,QGHFRSL\GHOJRELHUQRGHOSUHVLGHQWH)XMLPRUL(Q,XVHW9HULWDVS
257
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 +("$+2-2*("-).',"-2*;$(*%;$(&*/(*&%2*/K"%/%2*
Revista de Derecho
2(#()#%*7*-"<()#%@*&%2*#()#%",-)(2*8-8$&,2#%2*
2(*,)"+('()#%)*"-)2,/(+%4&('()#(5
ĂĚĂ ĐŝĞƌƚŽ ƟĞŵƉŽ͕ ůŽƐ ƉƌŽƉŽŶĞŶƚĞƐ ĚĞ ůĂ
ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ͕ ůĂŶnjĂŶ
ůŽƐ ĞũĞŵƉůŽƐ ĚĞ WĞƚƌſůĞŽ ƌĂƐŝůĞŝƌŽ ^͘͘
;WĞƚƌŽďƌĂƐͿ͕ ŵƉƌĞƐĂ ŽůŽŵďŝĂŶĂ ĚĞ
WĞƚƌſůĞŽƐ ^͘͘ ;ĐŽƉĞƚƌŽůͿ͕ Ž ŽƌƉŽƌĂĐŝſŶ
EĂĐŝŽŶĂů ĚĞů ŽďƌĞ ĚĞ ŚŝůĞ ^͘͘ ;ŽĚĞůĐŽͿ
"-'-* 8+$(4%2* /(* ;$(* $)%* ('8+(2%* (2#%#%&*
ƉƵĞĚĞ ůůĞǀĂƌ Ă ĐĂďŽ ĂĐƟǀŝĚĂĚĞƐ ƌĞŶƚĂďůĞƐ
7* 2(+* '%)(=%/%* 2(+,%'()#(5* W%'4,K)* 2(*
ĂƌŐƵŵĞŶƚĂ ƋƵĞ ƐƚĂĚŽƐ hŶŝĚŽƐ͕ Ğů ƉĂşƐ
2$8$(2#%'()#(* %4%)/(+%/-* /(&* &,4(+%&,2'-*
("-).',"-@* )-* 2,3$(* 2$* 8+-8,%* 8+K/,"%*
;ƉĂƌĂĚſũŝĐĂŵĞŶƚĞ Ğů ĚĞŶŽŵŝŶĂĚŽ ͞ŽŶƐĞŶƐŽ
ĚĞ tĂƐŚŝŶŐƚŽŶ͟Ϳ ĞŶ ĐƵĂŶƚŽ ĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽĐƵĂŶĚŽʹĞŶĞůĐůşŵĂdž
ĚĞ ůĂ ĐƌŝƐŝƐ ĮŶĂŶĐŝĞƌĂ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞů ĂŹŽ
ϮϬϬϴʹ ĚĞĐŝĚŝſ Ğů ƐĂůǀĂƚĂũĞ ĞĐŽŶſŵŝĐŽ ĚĞ
ĞŵƉƌĞƐĂƐ ĐŽŵŽ 'ĞŶĞƌĂů DŽƚŽƌƐ LJ ŵĞƌŝĐĂŶ
/ŶƚĞƌŶĂƟŽŶĂů 'ƌŽƵƉ͕ /ŶĐ͘ ĚĞ ůĂƐ ĐƵĂůĞƐ Ğů
C2#%/-* )-+#(%'(+,"%)-* (2* %<-+%* %"",-),2#%*
'%7-+,#%+,-5
)))M, ͎WKZYh>^dK,Z1^Z
hED>DWZ^Z/K͍
'M, KďũĞƟǀŽƐĚĞůƐƚĂĚŽĐŽŵŽĞŵƉƌĞƐĂƌŝŽ
DƵĐŚĂƐǀĞĐĞƐƐĞĐŽŶƐŝĚĞƌĂƋƵĞĞůŽďũĞƟǀŽƋƵĞ
ůĞŐŝƟŵĂůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽĞƐ
&%*/,2#+,4$",.)*/(*&%*+,;$(A%10͘ŶĞƐĞƐĞŶƟĚŽ͕ůĂ
ƉĂƌƟĐŝƉĂĐŝſŶĚĞůƐƚĂĚŽƚĞŶĚƌşĂĐŽŵŽŽďũĞƟǀŽ
(&*-B+("(+*%*&-2*",$/%/%)-2*8+-/$"#-2@*2(+:,",-2*
ĚĞ ĐĂůŝĚĂĚ LJ Ă ďĂũŽ ƉƌĞĐŝŽ͘ ƐƚĂ ĮŶĂůŝĚĂĚ ŶŽ
ƐĞƌşĂĐŽŶƐŝƐƚĞŶƚĞĐŽŶůĂĂĐƟǀŝĚĂĚƉƌŝǀĂĚĂƋƵĞ
ƷŶŝĐĂŵĞŶƚĞ ĚĞƐĞĂ ŵĂdžŝŵŝnjĂƌ ůĂ ƵƟůŝĚĂĚ͘ ů
ƐƚĂĚŽ͕ ĐŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ͕ ƉŽĚƌşĂ ůůĞǀĂƌ Ă
ĐĂďŽ ƵŶĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů Ă ĐĂŵďŝŽ ĚĞ
ŵĄƌŐĞŶĞƐ ŵƵLJ ƌĞĚƵĐŝĚŽƐ ƉŽƌƋƵĞ ƐƵ ĮŶĂůŝĚĂĚ
ŶŽ ĞƐ ůƵĐƌĂƌ ƐŝŶŽ ƉƌŽǀĞĞƌ Ă ůĂ ĐŝƵĚĂĚĂŶşĂ ĚĞ
&-2*4,()(2*-*2(+:,",-2*"-++(28-)/,()#(25*!*(2#%*
ĮŶĂůŝĚĂĚ͕ ƉŽĚƌşĂŵŽƐ ĚĞŶŽŵŝŶĂƌůĂ͕ ͞ĮŶĂůŝĚĂĚ
ƌĞĚŝƐƚƌŝďƵƟǀĂ͘͟
^ŝŶ ĞŵďĂƌŐŽ͕ ŚŝƐƚſƌŝĐĂŵĞŶƚĞ ůĂ ͞ĮŶĂůŝĚĂĚ
ƌĞĚŝƐƚƌŝďƵƟǀĂ͟ĞƐƚĄůĞũŽƐĚĞƐĞƌůĂƷŶŝĐĂ͘
10
Sobre este punto. RUIZ CARO, Ariela. Op. cit. Loc.cit.
11
Hasta principios de la década de los ochenta, una formalidad para la presentación de cualquier documento
ante la administración pública era que éste fuera presentado en papel sellado (papel “sello cuarto”, “sello
quinto” o “sello sexto”) que el propio Estado vendía.
12
6REUHHVWHSXQWR.5(6$/-$526(//Ï%DOGR³/DUHVHUYDGHDFWLYLGDGHVHFRQyPLFDVDIDYRUGHO(VWDGR
\HOUpJLPHQGHORVPRQRSROLRVHQODV&RQVWLWXFLRQHVGH\´(Q,XVHW9HULWDVS
258
C)* '$"<-2* "%2-2@* (&* C2#%/-* 2(* /(/,".* %*
ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ʹƐĞĂ ĐŽŵĞƌĐŝĂůĞƐ
Ž ŝŶĚƵƐƚƌŝĂůĞƐʹ ĐŽŶ ŽďũĞƟǀŽƐ ŵĞƌĂŵĞŶƚĞ
ƌĞĐĂƵĚĂƚŽƌŝŽƐ͘ Ɛ ĚĞĐŝƌ͕ ůĂ ũƵƐƟĮĐĂĐŝſŶ ĚĞ
ůĂ ĂĐƟǀŝĚĂĚ ĞƐƚĂƚĂů ŶŽ ĞƌĂ ŽĨƌĞĐĞƌ ďƵĞŶŽƐ
2(+:,",-2* %* &-2* ",$/%/%)-2* 7* '()-2* %1)*
<%"(+&-*%*8+(",-2*4%=-25*W-/-*&-*"-)#+%+,-@*2(*
ƚƌĂƚĂďĂ ĚĞ ĞdžƚƌĂĞƌ ƌĞŶƚĂƐ Ă ůŽƐ ĐŝƵĚĂĚĂŶŽƐ͕
'$"<%2* :("(2* %8-7?)/-2(* ()* 8-2,",-)(2*
,)"&$2,:(* '-)-8.&,"%2@* "-)* (&* -4=(#-* /(*
8+-:((+*/(*'%7-+(2*+("$+2-2*%&*C2#%/-5*C)#+(*
ůŽƐ ĞũĞŵƉůŽƐ ĚĞ ĞƐƚĞ ƟƉŽ ĚĞ ŵŽŶŽƉŽůŝŽƐ
('8+(2%+,%&(2@* #()('-2* &%* 8+-/$"",.)* /(*
8%8(&*2(&&%/-11*-*(&*(2#%)"-*/(*&%*2%&12͘^ĞƚƌĂƚĂ
ĚĞƵŶĂƉƌĄĐƟĐĂĂŶƟƋƵşƐŝŵĂƋƵĞƐĞƌĞŵŽŶƚĂĂ
ůĂĞĐŽŶŽŵşĂĐŽůŽŶŝĂů͘WŽĚĞŵŽƐůůĂŵĂƌĂĞƐƚĂ
ĮŶĂůŝĚĂĚ͕͞ĮŶĂůŝĚĂĚƌĞĐĂƵĚĂĚŽƌĂ͘͟
I-2* (=('8&-2* "-)#('8-+?)(-2* /(* (2#%*
ƉƌĄĐƟĐĂ ƐŽŶ ƉƌĞĐŝƐĂŵĞŶƚĞ ĂƋƵĞůůŽƐ ƋƵĞ ŚĞ
ĐŝƚĂĚŽ ŵĄƐ ĂƌƌŝďĂ ĐŽŵŽ ĞdžƉĞƌŝĞŶĐŝĂƐ ĚĞ
ĞŵƉƌĞƐĂƐ ĞƐƚĂƚĂůĞƐ ƌĞŶƚĂďůĞƐ ;WĞƚƌŽďƌĂƐ͕
ŽĚĞůĐŽ͕ĐŽƉĞƚƌŽů͕ŽůĂǀĞŶĞnjŽůĂŶĂWĞƚƌſůĞŽƐ
ĚĞsĞŶĞnjƵĞůĂ^͘͘Ϳ͘ƐĐůĂƌŽƋƵĞůŽƐƌĞƐƉĞĐƟǀŽƐ
ƐƚĂĚŽƐ ŶŽ ƟĞŶĞŶ ůĂ ƉƌŽƉŝĞĚĂĚ ĚĞ ĞƐƚĂƐ
('8+(2%2* 8-+;$(* /(2(()* %2(3$+%+* ;$(* (&*
ƉƵĞďůŽƌĞĐŝďĂůŽƐƌĞƐƉĞĐƟǀŽƐďŝĞŶĞƐĂƉƌĞĐŝŽƐ
ďĂũŽƐ͘ /ŶĐůƵƐŝǀĞ͕ ĞŶ Ğů ĐĂƐŽ ĚĞ WĞƚƌſůĞŽƐ ĚĞ
sĞŶĞnjƵĞůĂ ^͘͘ ĞƐƚŽ ĞƐ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĐůĂƌŽ͕
ƉƵĞƐƚŽ ƋƵĞ ĚŝĐŚŽ ƉĂşƐ ĞƐ ƉĂƌƚĞ ĚĞ ƵŶ ĐĄƌƚĞů
ʹůĂ KƌŐĂŶŝnjĂĐŝſŶ ĚĞ WĂşƐĞƐ džƉŽƌƚĂĚŽƌĞƐ ĚĞ
0(#+.&(-@* P0C0* -* #%'4,K)* "-)-",/%* "-'-*
KW͕ƉŽƌƐƵƐƐŝŐůĂƐĞŶŝŶŐůĠƐʹĐƵLJŽŽďũĞƟǀŽ
(2* '%)#()(+* %&#-* (&* 8+(",-* /(&* 8(#+.&(-@*
ƉĂƌĂ ĂƵŵĞŶƚĂƌ ůŽƐ ŝŶŐƌĞƐŽƐ ĚĞ ůŽƐ ƉĂşƐĞƐ
8+-/$"#-+(25
WŽƌůŽƚĂŶƚŽ͕ĐƵĂŶĚŽĞůƐƚĂĚŽƌĞĂůŝnjĂĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů ĐŽŶ ͞ĮŶĂůŝĚĂĚ ƌĞĐĂƵĚĂĚŽƌĂ͕͟ ƐĞ
#+%#%* /(* $)%* '%)(+%* ,)/,+("#%* /(* ,'8-)(+*
#+,4$#-2@* "-)* &%* /(2:()#%=%* /(* ;$(* &-2*
8+,)",8,-2* #+,4$#%+,-2* ;$(* "-)2,/(+%'-2*
4?2,"-2* )-* 2-)* )("(2%+,%'()#(* %8&,"%4&(25*
I-* '?2* )-#%4&(@* )-* (2* %8&,"%4&(* (&* 8+,)",8,-*
ĚĞƌĞƐĞƌǀĂĚĞůĞLJʹƉƵĞƐĞůƐƚĂĚŽŶŽĮũĂůĂƐ
#%+,B%2*8%+%*&%2*('8+(2%2*814&,"%2*%*#+%:K2*/(*
ůĞLJĞƐĞŵŝƟĚĂƐƉŽƌĞůŽŶŐƌĞƐŽʹƉŽƌůŽƋƵĞůŽƐ
ĐŝƵĚĂĚĂŶŽƐƟĞŶĞŶŵĞŶŽƐŐĂƌĂŶơĂƐƌĞƐƉĞĐƚŽ
/(*(2#%*B-+'%*/(*+("%$/%",.)*(2#%#%&5

Q-* (2* 2-+8+()/()#(@* %2,',2'-@* ;$(* &%*
ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ ƋƵĞ
ƟĞŶĞ ͞ĮŶĂůŝĚĂĚ ƌĞĐĂƵĚĂĚŽƌĂ͟ ƐĞ ďĂƐĞ ĞŶ
ŵŽŶŽƉŽůŝŽƐ ;Ž ƌĞƐĞƌǀĂƐ ĚĞ ĂĐƟǀŝĚĂĚͿ Ž͕ Ăů
'()-2@*()*$)*#+%#%',()#-*/(2,3$%&*;$(*<%"(*
;$(*&%*('8+(2%*(2#%#%&*#()3%*:()#%=%2*B+()#(*
ĂƐƵƐĐŽŵƉĞƟĚŽƌĞƐƉƌŝǀĂĚŽƐ͘ŶĞĨĞĐƚŽ͕ƐŝůŽ
ƋƵĞ Ğů ƐƚĂĚŽ ĚĞƐĞĂ ĞƐ ƌĞĐĂƵĚĂƌ ůŽ ŵĄdžŝŵŽ
8-2,4&(@* (2* '$7* +%A-)%4&(* ;$(* ;$,(+%* (:,#%+*
ĞůƌŝĞƐŐŽĚĞƋƵĞƐƵĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůŶŽ
ƐĞĂ ĞdžŝƚŽƐĂ ĞŶ ƚĠƌŵŝŶŽƐ ĚĞ ƌĞŶƚĂďŝůŝĚĂĚ͘ WŽƌ
&-*#%)#-@*)-*&(*,)#(+(2%*&%*"-'8(#()",%5
C)* (&* '%+"-* /(* &-* %)#(+,-+@* (2* ,)#(+(2%)#(*
ĂŶĂůŝnjĂƌůŽƋƵĞĚŝĐĞůĂŽŶƐƟƚƵĐŝſŶWŽůşƟĐĂĚĞů
WĞƌƷ͘EƵĞƐƚƌĂĂƌƚĂDĂŐŶĂƌĞŇĞũĂĐůĂƌĂŵĞŶƚĞ
(&*#+%$'%*;$(*8+-/$=-*&%*"+,2,2*("-).',"%*/(*
ůĂĚĠĐĂĚĂĚĞůŽƐŽĐŚĞŶƚĂLJůĂŐĞƐƟſŶĞƐƚĂƚĂů
ĚĞ ĞŵƉƌĞƐĂƐ͘ EƵĞƐƚƌĂ ĂĐƚƵĂů ŽŶƐƟƚƵĐŝſŶ
"-)2%3+%* $)%* 2(+,(* /(* &,',#%",-)(2* %* &%*
ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ͘ >ĂƐ
ŶŽƌŵĂƐ ŵĄƐ ƌĞůĞǀĂŶƚĞƐ ĞŶ ĞƐƚĞ ƐĞŶƟĚŽ ƐŽŶ
ůŽƐ ĂƌơĐƵůŽƐ ϲϬ LJ ϲϭ ĚĞ ůĂ ŽŶƐƟƚƵĐŝſŶ ƋƵĞ
ĞƐƚĂďůĞĐĞŶ͗ ;ŝͿ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů
ĚĞůƐƚĂĚŽĞƐƐƵďƐŝĚŝĂƌŝĂ͖;ŝŝͿƋƵĞůĂĂĐƟǀŝĚĂĚ
('8+(2%+,%&@* 814&,"%* -* )-* 814&,"%@* +(",4(* (&*
ŵŝƐŵŽƚƌĂƚĂŵŝĞŶƚŽůĞŐĂů͖;ŝŝŝͿƋƵĞŶŝŶŐƵŶĂůĞLJ
),*"-)"(+#%",.)*8$(/(*%$#-+,A%+*),*(2#%4&("(+*
ŵŽŶŽƉŽůŝŽƐ͖LJ͕;ŝǀͿƋƵĞĞůƐƚĂĚŽĐŽŵďĂƚĞƚŽĚĂ
ƉƌĄĐƟĐĂƋƵĞůŝŵŝƚĞůĂůŝďƌĞĐŽŵƉĞƚĞŶĐŝĂŽƋƵĞ
ĐŽŶƐƟƚƵLJĂĂďƵƐŽĚĞƉŽƐŝĐŝŽŶĞƐĚŽŵŝŶĂŶƚĞƐŽ
'-)-8.&,"%25
>ĂƐ ƚƌĞƐ ƷůƟŵĂƐ ĚŝƐƉŽƐŝĐŝŽŶĞƐ ĐŝƚĂĚĂƐ ƟĞŶĞŶ
ƵŶĂƐŽůĂĮŶĂůŝĚĂĚ͘>ĂŽŶƐƟƚƵĐŝſŶĐŽŶƐĂŐƌĂůĂ
"-'8(#()",%*"-'-*2,2#('%*("-).',"-*7@*8-+*&-*
ƚĂŶƚŽ͕ƉƌŽŚşďĞůŽƐƚƌĂƚĂŵŝĞŶƚŽƐĚŝƐĐƌŝŵŝŶĂƚŽƌŝŽƐ
%$)* %* B%:-+* /(&* 8+-8,-* C2#%/-5* C&* C2#%/-* )-*
ƉƵĞĚĞ ŽƚŽƌŐĂƌƐĞ Ă Ɛş ŵŝƐŵŽ ƵŶ ŵŽŶŽƉŽůŝŽ ʹ
8$(2*),)3$)%*&(7*8$(/(*"+(%+*$)-9*7@*%/('?2@*
ĐƵĂŶĚŽƌĞĂůŝnjĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞďĞƚĞŶĞƌ
Ğů ŵŝƐŵŽ ƚƌĂƚĂŵŝĞŶƚŽ ƋƵĞ ƟĞŶĞ Ğů ƉƌŝǀĂĚŽ͘ Ɛ
'?2@*%$)*()*%;$(&&-2*"%2-2*()*&-2*;$(*(&*C2#%/-*
9-* "$%&;$,(+* 8+,:%/-9* 2(* ()"$()#+(* ()* $)%*
2,#$%",.)* /(* '-)-8-&,-13* -* /(* /-',),-* ()* (&*
ŵĞƌĐĂĚŽ͕ ůĂ ŽŶƐƟƚƵĐŝſŶ ƉƌŽŚşďĞ ĐƵĂůƋƵŝĞƌ
ƉƌĄĐƟĐĂ ĂďƵƐŝǀĂ͘ ŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ͕ ĚĞ
ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ŽŶƐƟƚƵĐŝſŶ ĚĞ ϭϵϵϯ ƉĂƌĞĐĞ
,'8-2,4&(* ;$(* (&* C2#%/-* 8+(#()/%* /(2%++-&&%+*
ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĐŽŶ ƵŶĂ ͞ĮŶĂůŝĚĂĚ
+("%$/%/-+%N5
13
Nótese que la Constitución no prohíbe los monopolios. Sólo prohíbe que éstos sean establecidos por leyes
R FRQFHUWDFLRQHV ([LVWHQ VLWXDFLRQHV ±VLHQGR HO FDVR PiV FODUR SHUR QR HO ~QLFR HO GH ORV PRQRSROLRV
naturales– en los que el monopolio se produce de hecho por las circunstancias propias del mercado y ello no
es prohibido por la legislación peruana.
7+Ɯ0,65HYLVWDGH'HUHFKRS
DĄƐ ŝŶƚĞƌĞƐĂŶƚĞ ʹLJ ĐŽŵƉůĞŵĞŶƚĂƌŝĂ ĐŽŶ ůŽ THEMIS 61
Revista de Derecho
ĂŶƚĞƌŝŽƌʹ ĞƐ ůĂ ĚŝƐƉŽƐŝĐŝſŶ ĐŽŶƐƟƚƵĐŝŽŶĂů
ƋƵĞ ƐĞŹĂůĂ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů
C2#%/-*2.&-*8$(/(*&&(:%+2(*%*"%4-*8+(:,%*&(7*
ĞdžƉƌĞƐĂ͕ ƉŽƌ ƌĂnjŽŶĞƐ ĚĞ ĂůƚŽ ŝŶƚĞƌĠƐ ƉƷďůŝĐŽ
Ž ĚĞ ŵĂŶŝĮĞƐƚĂ ĐŽŶǀĞŶŝĞŶĐŝĂ ŶĂĐŝŽŶĂů LJ
2$42,/,%+,%'()#(5* I-* 8+,'(+-@* ,'8&,"%* ;$(*
ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ ĚĞďĞ
ƐĞƌ ĞdžĐĞƉĐŝŽŶĂů͘ dĂŶ ĞdžĐĞƉĐŝŽŶĂů ƋƵĞ ƐſůŽ
8+-"(/(* ()* /-2* 2$8$(2#-2* 9%&#-* ,)#(+K2*
ƉƷďůŝĐŽ Ž ŵĂŶŝĮĞƐƚĂ ĐŽŶǀĞŶŝĞŶĐŝĂ ŶĂĐŝŽŶĂůʹ
7*(&&-2*/(4()*2(+*%/('?2*/("&%+%/-2*8-+*&(7*
ĞdžƉƌĞƐĂ͘
>Ă ƐƵďƐŝĚŝĂƌŝĞĚĂĚ͕ ƉŽƌ ƐƵ ůĂĚŽ͕ ƐŝŐŶŝĮĐĂ
ƋƵĞ Ğů ƐƚĂĚŽ ĚĞďĞ ĚĞƐĂƌƌŽůůĂƌ ƐƵ ĂĐƟǀŝĚĂĚ
('8+(2%+,%&* 1),"%'()#(* /-)/(* (&* 8+,:%/-*
)-*&-*<%"(*7*)$)"%*()*"-'8(#()",%*"-)*K2#(5*
Ŷ ŽƚƌĂƐ ƉĂůĂďƌĂƐ͕ ůĂ ĂĐƟǀŝĚĂĚ ĚĞů ƐƚĂĚŽ
(2* L2$42,/,%+,%N* ()* &%* '(/,/%* ;$(* /(4(*
ŽĐƵƌƌŝƌ ƐŽůĂŵĞŶƚĞ ĞŶ ĂƵƐĞŶĐŝĂ ĚĞ ĂĐƟǀŝĚĂĚ
('8+(2%+,%&*8+,:%/%5
ŽŶĐĞƉƚƵĂůŵĞŶƚĞ͕ ůĂ ƐƵďƐŝĚŝĂƌŝĞĚĂĚ
%"%++(%* $)%* "-)2("$()",%* /(* &%* ;$(* )-*
Reynaldo Antonio Guarniz Izquierdo
)("(2%+,%'()#(* 2-)* "-)2",()#(2* &-2* %"#-+(2*
ƉŽůşƟĐŽƐ͘ Ŷ ƵŶĂ ĞĐŽŶŽŵşĂ ĂďŝĞƌƚĂ LJ
ĐŽŵƉĞƟƟǀĂ͕ƚĞſƌŝĐĂŵĞŶƚĞůŽƐƉƌŝǀĂĚŽƐĞƐƚĄŶ
4$2"%)/-* "-)2#%)#('()#(* $)%* /('%)/%*
ŝŶƐĂƟƐĨĞĐŚĂ ƉĂƌĂ ŽĨƌĞĐĞƌ Ğů ďŝĞŶ Ž ƐĞƌǀŝĐŝŽ
+(;$(+,/-* ()* (2(* '(+"%/-* 7* -4#()(+* $)%*
ƵƟůŝĚĂĚ͘dĞſƌŝĐĂŵĞŶƚĞ͕ĞŶƚŽŶĐĞƐ͕ůĂĚĞŵĂŶĚĂ
ƐſůŽ ƐĞ ĞŶĐŽŶƚƌĂƌĄ ŝŶƐĂƟƐĨĞĐŚĂ ĐƵĂŶĚŽ Ğů
8-#()",%&* -B(+#%)#(* "-)"&$7%* ;$(* +(%&,A%+* &%*
ĂĐƟǀŝĚĂĚŶŽĞƐƌĞŶƚĂďůĞ͘
WŽƌ ĞũĞŵƉůŽ͕ ͎ƉŽƌ ƋƵĠ ŶŽ ŚĂLJ ƵŶ ŵĞƌĐĂĚŽ
ĚĞƐĂƌƌŽůůĂĚŽ ĚĞ ǀƵĞůŽƐ ĞŶƚƌĞ >ŝŵĂ Ğ /ĐĂ͍ >Ă
+%A.)*)-*(2*&%*/,2#%)",%5*I%2*",$/%/(2*/(*Q$(:%*
zŽƌŬ LJ ŽƐƚŽŶ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ƐĞƉĂƌĂĚĂƐ ƉŽƌ
$)%*/,2#%)",%*'$7*2,',&%+*%*&%*;$(*<%7*()#+(*
>ŝŵĂ Ğ /ĐĂ LJ͕ ƐŝŶ ĞŵďĂƌŐŽ͕ Ɛş ĞdžŝƐƚĞŶ ǀƵĞůŽƐ
"-'(+",%&(2* ()#+(* (&&%25* Q-* <%7* $)* '(+"%/-*
ĚĞƐĂƌƌŽůůĂĚŽ ĚĞ ǀƵĞůŽƐ ĞŶƚƌĞ >ŝŵĂ Ğ /ĐĂ ƉŽƌ
ƵŶĂƐĞŶĐŝůůĂƌĂnjſŶ͗ŶŝĞŶ>ŝŵĂŶŝĞŶ/ĐĂĞdžŝƐƚĞ
ůĂ ŵĂƐĂ ĐƌşƟĐĂ ĚĞ ŐĞŶƚĞ ƋƵĞ ĞƐƚĠ ĚŝƐƉƵĞƐƚĂ
%* 8%3%+* (&* "-2#-* /(&* #+%)28-+#(* %K+(-* "-'-*
ƉĂƌĂ ũƵƐƟĮĐĂƌ ƋƵĞ ůĂ ĂĞƌŽůşŶĞĂ ŽĨƌĞnjĐĂ Ğů
ƐĞƌǀŝĐŝŽ͘ Ŷ ŽƚƌĂƐ ƉĂůĂďƌĂƐ͕ Ɛŝ ůĂ ĂĞƌŽůşŶĞĂ
-B+(",(+%* $)* 2(+:,",-* /(* :$(&-2* ()#+(* I,'%* (*
/ĐĂ ƉƌŽďĂďůĞŵĞŶƚĞ ƉĞƌĚĞƌşĂ ĚŝŶĞƌŽ ƉŽƌƋƵĞ
259
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 Ğů ŶƷŵĞƌŽ ĚĞ ƉĂƐĂũĞƌŽƐ ŶŽ ĂůĐĂŶnjĂƌşĂ ƉĂƌĂ
Revista de Derecho
-8(+%+*(&*2(+:,",-*/(*'%)(+%*+()#%4&(5
!8&,"%)/-* (2%* &.3,"%@* 2,('8+(* ()* (&* 8&%)-*
ƚĞſƌŝĐŽ͕ ƐĞ ƉŽĚƌşĂ ĂƐƵŵŝƌ ƋƵĞ Ɛŝ ĞdžŝƐƚĞ
$)* '(+"%/-* ;$(* )-* (2* %#()/,/-* 8-+* &%*
ĂĐƟǀŝĚĂĚ ƉƌŝǀĂĚĂ͕ ůĂ ƌĂnjſŶ ĞƐ ƋƵĞ ĚŝĐŚŽ
ŵĞƌĐĂĚŽ ŶŽ ĞƐ ƌĞŶƚĂďůĞ͘ Ɛ ĚĞĐŝƌ͕ ŶŽ ƟĞŶĞ
ƐĞŶƟĚŽ ĞĐŽŶſŵŝĐŽ ǀĞŶĚĞƌ Ğů ďŝĞŶ Ž ƉƌĞƐƚĂƌ
(&* 2(+:,",-5* 0-+* &-* #%)#-@* &%* "-)"&$2,.)* ;$(*
2$+3(* ,)(:,#%4&('()#(* (2O* 2,* (&* C2#%/-* 2.&-*
ƉƵĞĚĞ ĚĞƐĂƌƌŽůůĂƌ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů Ăůůş
/-)/(*(&*8+,:%/-*<%*"-)2,/(+%/-*;$(*)-*:%&(*
ůĂ ƉĞŶĂ ŚĂĐĞƌůŽ͕ ͎ŶŽ ƋƵŝĞƌĞ ĞƐŽ ĚĞĐŝƌ ƋƵĞ
ŶƵĞƐƚƌĂ ŽŶƐƟƚƵĐŝſŶ ĐŽŶĚĞŶĂ Ăů ƐƚĂĚŽ Ă
ƌĞĂůŝnjĂƌĂĐƟǀŝĚĂĚĞƐĞŵƉƌĞƐĂƌŝĂůĞƐƋƵĞŶŽƐŽŶ
+()#%4&(2R
ĞƐĚĞ ůƵĞŐŽ͕ ŵŝ ƌĂnjŽŶĂŵŝĞŶƚŽ ĞƐ ƚĞſƌŝĐŽ LJ
ƐſůŽƐĞďĂƐĂĞŶƵŶŵŽĚĞůŽ͘ŶůĂƉƌĄĐƟĐĂ͕ůŽƐ
'(+"%/-2* )-* 2-)* 8(+B("#-2* 7@* 8-+* &-* #%)#-@*
ĞƐ ƉŽƐŝďůĞ ƋƵĞ ĂůŐƵŶĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ
ĞĨĞĐƟǀĂŵĞŶƚĞ ƐĞĂ ƌĞŶƚĂďůĞ ƉĞƌŽ ƋƵĞ ůŽƐ
ƉĂƌƟĐƵůĂƌĞƐŶŽůĂůůĞǀĞŶĂĐĂďŽƐĞŶĐŝůůĂŵĞŶƚĞ
8-+;$(* &%* ,)B-+'%",.)* (2* ,'8(+B("#%* -*
8-+;$(*2$*%:(+2,.)*%&*+,(23-*(2*'$7*3+%)/(5*
^ŝŶ ĞŵďĂƌŐŽ͕ ĞƐƚĂ ůſŐŝĐĂ ƉĞƌŵŝƚĞ ĞƐƚĂďůĞĐĞƌ
ƵŶĂ ƉŽƐŝďůĞ ƚĞŶĚĞŶĐŝĂ͘ ŽŶƐŝĚĞƌĂŶĚŽ ƋƵĞ
Ğů ƉƌŝǀĂĚŽ ƌĞĂůŝnjĂ ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ
ƉŽƌ Ğů ĂƉĞƟƚŽ ĚĞ ŽďƚĞŶĞƌ ůĂƐ ƵƟůŝĚĂĚĞƐ͕
$2$%&'()#(* 2(+?* ,'8+-4%4&(* ;$(* (&* C2#%/-*
ƉƵĞĚĂ ŝĚĞŶƟĮĐĂƌ ƵŶĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ
)(3-",-* %)#(2* /(* ;$(* (&* 8+,:%/-* &-* <%3%5* C2*
/(",+@* L)-+'%&'()#(N* &%* 8+,)",8%&* +%A.)* 8-+*
ůĂ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ƉƌŝǀĂĚĂ ŶŽ
ĂƟĞŶĚĞƵŶŵĞƌĐĂĚŽ͕ƐĞƌĄƋƵĞĚŝĐŚŽŵĞƌĐĂĚŽ
)-*(2*+()#%4&(5*0-+*&-*#%)#-@*2,*(&*C2#%/-*2.&-*
ƉƵĞĚĞ ĚĞƐĂƌƌŽůůĂƌ ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ
/(* '%)(+%* 2$42,/,%+,%* %* &-2* 8+,:%/-2@* (2#%2*
ĂĐƟǀŝĚĂĚĞƐ ͞ƚĞŶĚĞƌĄŶ͟ Ă ƐĞƌ ĂĐƟǀŝĚĂĚĞƐ ŶŽ
+()#%4&(25
6%7* $)* #('%* '?2* 8-+* "-)2,/(+%+5* 6(*
'()",-)%/-* ;$(* L)-+'%&'()#(N* $)%*
ĂĐƟǀŝĚĂĚ ŶŽ ƐĞƌĄ ĚĞƐĂƌƌŽůůĂĚĂ ƉŽƌ
,):(+2,-),2#%2* 8+,:%/-2* /(4,/-* %* ;$(* (&&%* )-*
ĞƐ ƌĞŶƚĂďůĞ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ĚĞďĞ ƚŽŵĂƌƐĞ ĞŶ
"$()#%*;$(*&-2*8+,:%/-2*',/()*&%*+()#%4,&,/%/*
)-* )("(2%+,%'()#(* ()* B$)",.)* /(* 8K+/,/%* -*
ŐĂŶĂŶĐŝĂ ĞŶ ƚĠƌŵŝŶŽƐ ĂƌŝƚŵĠƟĐŽƐ ƐŝŶŽ ĞŶ
B$)",.)*/(&*"-)"(8#-*/(*"-2#-*/(*-8-+#$),/%/*

Nótese que el mercado es cambiante. Para seguir con el ejemplo, es posible que dentro de unos meses o
años la masa crítica exista y efectivamente empiecen a existir aerolíneas comerciales que ofrezcan vuelos
entre Lima e Ica.
260
/(* "%8,#%&5* C)* -#+%2* 8%&%4+%2@* (2* 8-2,4&(* ;$(*
ƵŶĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂƉƌŽĚƵnjĐĂƵƟůŝĚĂĚĞƐ͕
ƉĞƌŽ ƋƵĞ ůĂƐ ƵƟůŝĚĂĚĞƐ ŶŽ ƐĞĂŶ ƐƵĮĐŝĞŶƚĞƐ
8%+%* +('$)(+%+* %/("$%/%'()#(* (&* +,(23-*
%2$',/-* 8-+* (&* ('8+(2%+,-* %&* /(2%++-&&%+&%5*
Ŷ ĞƐƚŽƐ ĐĂƐŽƐ͕ ĮŶĂŶĐŝĞƌĂŵĞŶƚĞ͕ Ğů ƉƌŝǀĂĚŽ
ĐŽŶƐŝĚĞƌĂƌĄ ƋƵĞ ĞdžŝƐƚĞ ƵŶĂ ͞ƉĠƌĚŝĚĂ͟ ;ĞƐƚŽ
(2@* $)%* 8K+/,/%* ()* #K+',)-2* /(* "-2#-* /(*
-8-+#$),/%/* /(* "%8,#%&@* 8$(2#-* ;$(* <$4,(+%*
8-/,/-* -4#()(+* &%* ',2'%* +()#%4,&,/%/* 2,)*
ĂƐƵŵŝƌƚĂŶƚŽƌŝĞƐŐŽͿĂƵŶĐƵĂŶĚŽůŽƐĞƐƚĂĚŽƐ
ĮŶĂŶĐŝĞƌŽƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ ƋƵĞ ĚĞƐĂƌƌŽůůĂ
ĚŝĐŚĂĂĐƟǀŝĚĂĚĞƐƚĠŶ͞ĞŶĂnjƵů͘͟
/ĚĞĂůŵĞŶƚĞ͕ ĞŶƚŽŶĐĞƐ͕ ĚĞ ĂĐƵĞƌĚŽ ĐŽŶ ůŽƐ
ƉƌĞĐĞƉƚŽƐĚĞůĂŽŶƐƟƚƵĐŝſŶ͕ĞůƐƚĂĚŽƉƵĞĚĞ
ĚĞĐŝĚŝƌƋƵĞĚĞďĞůůĞǀĂƌĂĐĂďŽƵŶĂĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂůĐƵĂŶĚŽĠƐƚĂŶŽĞƐĂƚƌĂĐƟǀĂƉĂƌĂ
&-2* 8+,:%/-2* 9"$%)/-* '(/,%* %&#-* ,)#(+K2*
ƉƷďůŝĐŽ Ž ŵĂŶŝĮĞƐƚĂ ĐŽŶǀĞŶŝĞŶĐŝĂ ŶĂĐŝŽŶĂůʹ
LJ ĚĞďĞƌşĂ ŚĂĐĞƌůŽ ĚĞ ŵŽĚŽ ƋƵĞ ƷŶŝĐĂŵĞŶƚĞ
ƐĞ ĐŽŶĐĞŶƚƌĞ ĞŶ ĐƵďƌŝƌ ƐƵƐ ĐŽƐƚŽƐ͘ /ŶĐůƵƐŝǀĞ͕
ĞůƐƚĂĚŽƉŽĚƌşĂĚĞĐŝĚŝƌƋƵĞůĂĂĐƟǀŝĚĂĚĚĞďĞ
&&(:%+2(*%*"%4-*8(2(*%*;$(*"&%+%'()#(*3()(+%*
8K+/,/%2@* )-* 2.&-* ()* #K+',)-2* /(* "-2#-* /(*
-8-+#$),/%/* /(* "%8,#%&* 2,)-* 8K+/,/%2* +(%&(2*
ƌĞŇĞũĂĚĂƐ ĞŶ ůŽƐ ĞƐƚĂĚŽƐ ĮŶĂŶĐŝĞƌŽƐ ĚĞ ůĂ
('8+(2%*(2#%#%&5
ŶŵŝŽƉŝŶŝſŶ͕ĞƐƚŽŶŽƐŝŐŶŝĮĐĂƋƵĞĞůƐƚĂĚŽ
ŶŽĚĞďĂĚĞƐĂƌƌŽůůĂƌŶŝŶŐƷŶƟƉŽĚĞĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů͘ŝĞƌƚĂŵĞŶƚĞĞdžŝƐƚĞŶƐŝƚƵĂĐŝŽŶĞƐ
()* &%2* ;$(* (&* C2#%/-* /(4(* /(2%++-&&%+*
ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĂƵŶ ĐƵĂŶĚŽ ŶŽ
ƐĞĂŶ ƌĞŶƚĂďůĞƐ͘ ƋƵş ĞŶƚƌĂ ŶƵĞǀĂŵĞŶƚĞ ĞŶ
=$(3-* &-* ;$(* 2(* '()",-)%4%* %&* 8+,)",8,-*
/(* (2#(* %"?8,#(5* V)%* /(* &%2* +%A-)(2* ;$(*
ůĞŐŝƟŵĂŶ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů
C2#%/-* (2* &%* /,2#+,4$",.)* /(* &%* +,;$(A%5* C)*
-#+%2* 8%&%4+%2@* (&* C2#%/-* )-* )("(2%+,%'()#(*
ĚĞƐĂƌƌŽůůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĐŽŶĞůŽďũĞƚŽ
/(* -4#()(+* /,)(+-* 2,)-* 8-+;$(* /(4,/-* %*
ĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ ƉŽůşƟĐĂƐ ;ĞƐƚŽ ŶŽ ĞƐ ƵŶĂ
ŵĂůĂƉĂůĂďƌĂͿĐŽŶĐůƵLJĞƋƵĞĞƐĚĞƐĞĂďůĞƉĂƌĂ
ůĂ ƐŽĐŝĞĚĂĚ ƋƵĞ ĞƐƚĂ ĂĐƟǀŝĚĂĚ ƐĞ ĚĞƐĂƌƌŽůůĞ͘
Ɛş͕ ƉŽƌ ĞũĞŵƉůŽ͕ ŵƵLJ ƉŽƐŝďůĞŵĞŶƚĞ ŶŽ
2(%* +()#%4&(* 8+(2#%+* (&* 2(+:,",-* /(* "-++(-2*
<%",%* $)%* 8+-:,)",%* -* 8-4&%/-* '$7* +('-#-*
ĚĞů ƉĂşƐ͘ EŽ ŽďƐƚĂŶƚĞ͕ Ğů ƐƚĂĚŽ ĐŽŶƐŝĚĞƌĂ
ƋƵĞ ŶŽ ƉƵĞĚĞ ƉĞƌŵŝƟƌ ƋƵĞ ĞƐĂ ƉƌŽǀŝŶĐŝĂ Ž
8-4&%/-* 2(* ()"$()#+(* ,)"-'$),"%/-* 7@* ()*

"-)2("$()",%@* -+/()%* %* 2$* ('8+(2%* (2#%#%&*
;^ĞƌǀŝĐŝŽƐ WŽƐƚĂůĞƐ ĚĞů WĞƌƷ ^͘͘ ʹ ^ĞƌƉŽƐƚͿ
;$(* 8+(2#(* (&* 2(+:,",-@* %$);$(* K2#(* )-* 2(%*
ƌĞŶƚĂďůĞ͘ EŝŶŐƷŶ ƉƌŝǀĂĚŽ ĞƐƚĂƌşĂ ĚŝƐƉƵĞƐƚŽ Ă
ƉƌĞƐƚĂƌĞůƐĞƌǀŝĐŝŽƉĞƌŽƵŶĂƉŽůşƟĐĂĚĞƐƚĂĚŽ
,)/,"%*;$(*/(4(*<%"(+2(5
DĄƐďŝĞŶ͕ĐĂďƌşĂƉůĂŶƚĞĂƌůĂĐƵĞƐƟſŶĂůƌĞǀĠƐ͘
^ŝ Ğů ƐƚĂĚŽ͕ ĞŶ ƐƵ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů͕
B$(+%* %* "-'8-+#%+2(* "-'-* "$%&;$,(+*
('8+(2%+,-* 8+,:%/-* 9(2* /(",+@* 4$2"%)/-*
ŵĂdžŝŵŝnjĂƌ ƐƵ ƵƟůŝĚĂĚ ƉĞƌŽ ƐŝŶ ŽƚŽƌŐĂƌƐĞ
ǀĞŶƚĂũĂƐ ĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐ͕ ƉŽĚƌşĂŵŽƐ ůůĂŵĂƌ
Ă ĞƐƚŽ ͞ĮŶĂůŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů͟ʹ͕ ͎ƉŽƌ ƋƵĠ
ƋƵĞƌƌşĂŵŽƐ ƋƵĞ Ğů ƐƚĂĚŽ ĚĞĚŝƋƵĞ ƌĞĐƵƌƐŽƐ
ƉƷďůŝĐŽƐ Ă ŚĂĐĞƌůŽ͍ ͎ƵĄů ĞƐ Ğů ďĞŶĞĮĐŝŽ
%3+(3%/-*;$(*&(*3()(+%*%*&%*2-",(/%/*(&*<("<-*
ĚĞ ƋƵĞ Ğů ƐƚĂĚŽ ĚĞƐĂƌƌŽůůĞ ĞƐĂ ĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů ĞŶ ƉĂƌƟĐƵůĂƌ͍ Ɛ ĚĞĐŝƌ͕ ĞŶ ĞƐĞ
ƐƵƉƵĞƐƚŽ͕ Ɛŝ ƉƌŝǀĂƟnjĂŵŽƐ ůĂ ĂĐƟǀŝĚĂĚ͕ ůĂ
ƐŽĐŝĞĚĂĚ ƚĞŶĚƌĄ ĞdžĂĐƚĂŵĞŶƚĞ Ğů ŵŝƐŵŽ
ŶŝǀĞů ĚĞ ďĞŶĞĮĐŝŽ ƋƵĞ Ăů ŚĂĐĞƌůŽ Ğů ƐƚĂĚŽ͘
I-* L:%&,-2-N* /(* &%* ,)#(+:()",.)* /(&* C2#%/-*
2(* ()"-)#+%+?* 8+(",2%'()#(* ()* ;$(* )-* :%* %*
ĐŽŵƉŽƌƚĂƌƐĞ ĐŽŵŽ ůŽ ŚĂƌşĂ Ğů ƉƌŝǀĂĚŽ ƐŝŶŽ
ƋƵĞ ƐĞ ĚĞĚŝĐĂƌĄ Ă ĐƵŵƉůŝƌ ůĂƐ ĮŶĂůŝĚĂĚĞƐ
ƉŽůşƟĐĂƐƋƵĞůŽůůĞǀĂƌŽŶĂĚĞĐŝĚŝƌĞŵƉƌĞŶĚĞƌ
ĞƐĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĞŶĐŽŶĐƌĞƚŽ͘
Ŷ ĞƐƚĂ ůşŶĞĂ ĚĞ ƌĂnjŽŶĂŵŝĞŶƚŽ͕ ƉŽƌ ůŽ ƚĂŶƚŽ͕ Ğů
ƉƌŽďůĞŵĂ ŶŽ ƌĂĚŝĐĂ ĞŶ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵͲ
8+(2%+,%&* /(&*C2#%/-*2(%*+()#%4&(*9)-+'%&'()#(*
ŶŽ ůŽ ƐĞƌĄʹ ƐŝŶŽ ĞŶ ƋƵĞ Ğů ŽďũĞƟǀŽ ƉŽůşƟĐŽ
8&%)#(%/-*2(%*/(2(%4&(5*C2*/(",+@*(&*8+-4&('%*
ŶŽĞƐƋƵĞůĂĚĞĐŝƐŝſŶƐĞĂƉŽůşƟĐĂ͖ĞůƉƌŽďůĞŵĂ
ĞƐƋƵĞůĂƌĂnjſŶƉŽůşƟĐĂƐĞĂĚĞƐĞĂďůĞƉĂƌĂůĂ
ƐŽĐŝĞĚĂĚ͘^ŝ͕ƉŽƌĞũĞŵƉůŽ͕ĞůŽďũĞƟǀŽƉŽůşƟĐŽ
(2* (&* /(2(-* /(&* 3-4(+)%)#(* /(* 8(+8(#$%+2(*
()* (&* 8-/(+* -* /(* (2#%4&("(+* $)* (2;$('%*
ĐůŝĞŶƚĞůŝƐƚĂ͕ĞŶƚŽŶĐĞƐƐĞƚƌĂƚĂƌĄĚĞƵŶŽďũĞƟǀŽ
ŶŽ ĚĞƐĞĂďůĞ͘ WŽƌ Ğů ĐŽŶƚƌĂƌŝŽ͕ Ɛŝ Ğů ŽďũĞƟǀŽ
ƉŽůşƟĐŽ ĞƐ ŝŶƚĞƌĐŽŶĞĐƚĂƌ Ăů ƉĂşƐ Ž ůůĞǀĂƌ
2(+:,",-2* 4?2,"-2* %* 8-4&%",-)(2* %8%+#%/%2@*
ĞƐƚĂƌĞŵŽƐŚĂďůĂŶĚŽĚĞƵŶŽďũĞƟǀŽĚĞƐĞĂďůĞ͘
ŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ůŽ ĂŶƚĞƌŝŽƌ͕ ĂŶƚĞƐ
/(* 8+(3$)#%+* 2,* (&* C2#%/-* 8$(/(* 2(+* $)*
ďƵĞŶ ĞŵƉƌĞƐĂƌŝŽ͕ ĚĞďĞƌşĂ ĞƐƚĂďůĞĐĞƌƐĞ ƋƵĠ
ƐŝŐŶŝĮĐĂ ƐĞƌ ƵŶ ͞ďƵĞŶ͟ ĞŵƉƌĞƐĂƌŝŽ ĐƵĂŶĚŽ
ĞƐƚĂŵŽƐ ŚĂďůĂŶĚŽ ĚĞ ƵŶĂ ĂĐƟǀŝĚĂĚ ůůĞǀĂĚĂ
%*"%4-*8-+*(&*C2#%/-5*C)*',*-8,),.)@*2,*2(*<%*
ĚĞŵĞĚŝƌůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽ
()* &-2* ',2'-2* #K+',)-2* ()* &-2* ;$(* 2(* ',/(*
ůĂ ĂĐƟǀŝĚĂĚ ƉƌŝǀĂĚĂ ʹĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ
ƌĞŶƚĂďŝůŝĚĂĚʹĞŶƚŽŶĐĞƐůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů
ĚĞů ƐƚĂĚŽ ŶŽ ƟĞŶĞ ƐĞŶƟĚŽ͘ z ŶŽ ůŽ ĚŝŐŽ
ƉŽƌƋƵĞ Ğů ƐƚĂĚŽ ŶŽ ƉƵĞĚĂ ŐĞƐƟŽŶĂƌ
('8+(2%2*/(*'%)(+%*+()#%4&(*"$%)/-*&-*<%"(*
7+Ɯ0,65HYLVWDGH'HUHFKRS
ĐŽŶ ͞ĮŶĂůŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů͘͟ >ŽƐ ĞũĞŵƉůŽƐ THEMIS 61
Revista de Derecho
ĐŝƚĂĚŽƐ Ăů ŝŶŝĐŝŽ ĚĞů ĂƌơĐƵůŽ ĚĞŵƵĞƐƚƌĂŶ ůŽ
"-)#+%+,-5* !$)* "$%)/-* )-* 2(%* &%* +(3&%@* (2*
ƉŽƐŝďůĞƋƵĞĞůƐƚĂĚŽĚĞƐĂƌƌŽůůĞƵŶĂĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů ĐŽŶ ĂůƚŽƐ ŶŝǀĞůĞƐ ĚĞ ĞĮĐŝĞŶĐŝĂ LJ
+()#%4,&,/%/5* Q-* -42#%)#(@* "$%)/-* (&* C2#%/-*
ŐĞƐƟŽŶĂ ƵŶĂ ĞŵƉƌĞƐĂ ĚĞ ĞƐĂ ŵĂŶĞƌĂ͕ ůĂ
ƐŽĐŝĞĚĂĚ ŶŽ ŽďƟĞŶĞ ŶŝŶŐƵŶĂ ǀĞŶƚĂũĂ ĚĞů
ŚĞĐŚŽ ĚĞ ƋƵĞ ƐĞĂ Ğů ƐƚĂĚŽ ƋƵŝĞŶ ŐĞƐƟŽŶĞ
7@*8-+*&-*#%)#-@*(2*,)/,B(+()#(*;$(*&%*('8+(2%*
2(%*(2#%#%&*-*8+,:%/%5
^ŝŶ ĞŵďĂƌŐŽ͕ ĞŶ ůĂ ƉƌĄĐƟĐĂ͕ ͎ůĂ ĂĐƟǀŝĚĂĚ
('8+(2%+,%&*/(&*C2#%/-*0(+$%)-*2(*"-)"()#+%*
ĞŶ ĂĐƟǀŝĚĂĚĞƐ ƐƵďƐŝĚŝĂƌŝĂƐ͍ >Ă ƌĞƐƉƵĞƐƚĂ
(2* )-5* I%* '%7-+* 8%+#(* /(* &%2* ('8+(2%2*
ƋƵĞ ĂĐƚƵĂůŵĞŶƚĞ ĐŽŶĨŽƌŵĂŶ ůĂ ĂĐƟǀŝĚĂĚ
('8+(2%+,%&* /(&* C2#%/-* 0(+$%)-* 2-)* +(A%3-2*
ĚĞ ůĂƐ ƉŽůşƟĐĂƐ ĞĐŽŶſŵŝĐĂƐ ĂŶƚĞƌŝŽƌĞƐ Ă ůĂ
ŽŶƐƟƚƵĐŝſŶ ĚĞ ϭϵϵϯ͘ ^ŽŶ ĞŵƉƌĞƐĂƐ ƋƵĞ ƐĞ
/(2%++-&&%)* ()* '(+"%/-2* /-)/(* &-2* 8+,:%/-2*
Ɛş ĞƐƚĂƌşĂŶ ĚŝƐƉƵĞƐƚŽƐ Ă ƉĂƌƟĐŝƉĂƌ ƉĞƌŽ ƋƵĞ
ƐĞŶĐŝůůĂŵĞŶƚĞ ŶŽ ŚĂŶ ƐŝĚŽ ƉƌŝǀĂƟnjĂĚĂƐ ƉŽƌ
/,:(+2%2*+%A-)(25
Reynaldo Antonio Guarniz Izquierdo
CM, ĞĮĐŝĞŶĐŝĂƐ ĂƚƌŝďƵŝĚĂƐ Ă ůĂ ĂĐƟǀŝĚĂĚ
<NS><:B>EB6,;<6,#:DB;8
 ĐŽŶƟŶƵĂĐŝſŶ͕ ĂŶĂůŝnjĂƌĠ ĂůŐƵŶĂƐ ĚĞ ůĂƐ
+%A-)(2* 8-8$&%+'()#(* (23+,',/%2* "-'-*
ĐĂƵƐĂƐ ƉŽƌ ůĂƐ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů
/(&* C2#%/-* )-* (2* /(2(%4&(5* !$)* "$%)/-* )-*
ŚĂƌĠĐŝƚĂƐĞƐƉĞĐşĮĐĂƐ͕ǀĂƌŝĂƐĚĞĞƐƚĂƐƌĂnjŽŶĞƐ
ĨŽƌŵĂďĂŶƉĂƌƚĞĚĞůĐƌĞĚŽĚĞůĂŽŵŝƐŝſŶĚĞ
WƌŽŵŽĐŝſŶ ĚĞ ůĂ /ŶǀĞƌƐŝſŶ WƌŝǀĂĚĂ ;KWZ/Ϳ
ĚƵƌĂŶƚĞ ůĂƐ ƉƌŝǀĂƟnjĂĐŝŽŶĞƐ ĚĞ ůĂ ĚĠĐĂĚĂ ĚĞ
&-2* )-:()#%5* C2#-2* %+3$'()#-2@* %2,',2'-@*
ŚĂŶ ƐŝĚŽ ƐŝŐŶŝĮĐĂƟǀĂŵĞŶƚĞ ĚĞƐĂƌƌŽůůĂĚŽƐ LJ
ĚĞďĂƟĚŽƐĞŶƚƌĞĂƋƵĞůůŽƐƋƵĞŚĂŶƉƌŽƉƵĞƐƚŽ
LJĂŶĂůŝnjĂĚŽĞů͞ŽŶƐĞŶƐŽĚĞtĂƐŚŝŶŐƚŽŶ͘͟
E5* U$+-"+%",%
^Ğ ĚŝĐĞ ƋƵĞ Ğů ƐƚĂĚŽ ƟĞŶĚĞ Ă ƐĞƌ ƵŶ ŵĂů
('8+(2%+,-* /(4,/-* %* ;$(* 2$* '("%),2'-* /(*
ƚŽŵĂ ĚĞ ĚĞĐŝƐŝŽŶĞƐ ĞƐ ďƵƌŽĐƌĄƟĐŽ͘ Ŷ ĞƐƚĞ
ĐĂƐŽ͕ ƐĞ ƵƐĂ ůĂ ƷůƟŵĂ ĂĐĞƉĐŝſŶ ƌĞĐŽŶŽĐŝĚĂ
ƉŽƌůĂZĞĂůĐĂĚĞŵŝĂƐƉĂŹŽůĂƉĂƌĂůĂƉĂůĂďƌĂ
͞ďƵƌŽĐƌĂĐŝĂ͕͟ ƋƵĞ ůĞ ĂƚƌŝďƵLJĞ Ğů ƐŝŐŶŝĮĐĂĚŽ
ĚĞ ͞ĂĚŵŝŶŝƐƚƌĂĐŝſŶ ŝŶĞĮĐŝĞŶƚĞ Ă ĐĂƵƐĂ
/(&* 8%8(&(-@* &%* +,3,/(A* 7* &%2* B-+'%&,/%/(2*
ƐƵƉĞƌŇƵĂƐ͘͟
^ŝŶ ĞŵďĂƌŐŽ͕ Ğů ƐŝŐŶŝĮĐĂĚŽ ŽƌŝŐŝŶĂů ĚĞů
#K+',)-* L4$+-"+%",%N* (2* &%* B-+'%* /(*
-+3%),A%",.)* ;$(* 2(* 4%2%* ()* &%* /,:,2,.)* /(&*
#+%4%=-@* &%* /,2#+,4$",.)* /(* +(28-)2%4,&,/%/(2*
261
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 LJĞůĞƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞũĞƌĂƌƋƵşĂƐ͘ůĮůſƐŽĨŽ
Revista de Derecho
LJ ƐŽĐŝſůŽŐŽ ĂůĞŵĄŶ DĂdž tĞďĞƌ͕ ĚĞ ŚĞĐŚŽ͕
ĞƐƚƵĚŝſůĂďƵƌŽĐƌĂĐŝĂLJƐĞƌĞĮƌŝſĂĞůůĂĐŽŵŽ
$)%*B-+'%*2$8(+,-+*/(*-+3%),A%",.)5
!<-+%* 4,()@* '?2* %&&?* /(* ;$(* (&* #K+',)-*
͞ďƵƌŽĐƌĂĐŝĂ͟ ƐĞ ƵƟůŝĐĞ ĞŶ ůĂ ƉƌŝŵĞƌĂ Ž
ĞŶ ůĂ ƷůƟŵĂ ĂĐĞƉĐŝſŶ ƌĞĐŽŶŽĐŝĚĂ ƉŽƌ ůĂ
ZĞĂů ĐĂĚĞŵŝĂ ƐƉĂŹŽůĂ͕ ĞƐ ĐůĂƌŽ ƋƵĞ ůŽƐ
ďĞŶĞĮĐŝŽƐ Ž ƉĞƌũƵŝĐŝŽƐ ƋƵĞ ƉƌĞƐĞŶƚĂ ƵŶĂ
ŽƌŐĂŶŝnjĂĐŝſŶ ďƵƌŽĐƌĄƟĐĂ ƉƵĞĚĞŶ ĞdžŝƐƟƌ
ƚĂŶƚŽĞŶƵŶĂĞŶƟĚĂĚƉƷďůŝĐĂĐŽŵŽƉƌŝǀĂĚĂ͘
ƐƚŽ ůŽ ƌĞĐŽŶŽĐşĂ Ğů ƉƌŽƉŝŽ tĞďĞƌ͘ Ɛş
"-'-* (2* 8-2,4&(* ;$(* $)%* -+3%),A%",.)*
(2#%#%&* #-'(* /(",2,-)(2* '$7* &()#%2* "-'-*
"-)2("$()",%* /(* $)* 3+%)* )1'(+-* /(*
8+-"(2-2*7*%8+-4%",-)(2*8-+*8%+#(*/(*#-/%2*
ůĂƐ ũĞƌĂƌƋƵşĂƐ ŝŶƐƟƚƵĐŝŽŶĂůĞƐ͕ ĞƐ ƉƌŽďĂďůĞ
;$(* (2#(* ',2'-* 8+-4&('%* 2(* 8+(2()#(* ()*
$)%* -+3%),A%",.)* 8+,:%/%5* C&* 8+-4&('%* )-*
+%/,"%*()*&%*)%#$+%&(A%*814&,"%*-*8+,:%/%*/(*
&%*-+3%),A%",.)*2,)-*()*".'-*+%",-)%&'()#(*
<%7%*2,/-*/,2(>%/%5
ŶŵŝŽƉŝŶŝſŶ͕ůĂƐŽƌŐĂŶŝnjĂĐŝŽŶĞƐƟĞŶĚĞŶĂƐĞƌ
ŝŶĞĮĐŝĞŶƚĞƐĐƵĂŶĚŽŶŽƟĞŶĞŶŝŶĐĞŶƟǀŽƐƉĂƌĂ
ůŽŐƌĂƌĞĮĐŝĞŶĐŝĂ͘ƐƚĂƐŝƚƵĂĐŝſŶƐĞƉƌĞƐĞŶƚĂĐĂƐŝ
2,('8+(*()*(&*2("#-+*814&,"-*/(4,/-*%*;$(*&%*
ŵĞĚŝĚĂĚĞĞĮĐŝĞŶĐŝĂŶŽŶĞĐĞƐĂƌŝĂŵĞŶƚĞĞƐƚĄ
"-++("#%'()#(* (2#%4&(",/%@* 2,* (2* ;$(* %"%2-*
ĞdžŝƐƚĞ͘ŶĞůƐĞĐƚŽƌƉƌŝǀĂĚŽ͕ĞŶĐĂŵďŝŽ͕ĚĂĚŽ
ƋƵĞ ůĂ ƵƟůŝĚĂĚ ĞƐ ŐĞŶĞƌĂůŵĞŶƚĞĐŽŶƐŝĚĞƌĂĚĂ
ůĂ ŵĞĚŝĚĂ ƐƵƉƌĞŵĂ ĚĞ ĞĮĐŝĞŶĐŝĂ17@* (2*
'?2* 8+-4%4&(* ;$(* &%* -+3%),A%",.)* (2#K*
"-<(+()#('()#(* /,2(>%/%* 8%+%* &-3+%+* /,"<%*
ĞĮĐŝĞŶĐŝĂ͘ EŽ ŽďƐƚĂŶƚĞ ĞůůŽ͕ ĞƐƚŽ ŶŽ ƋƵŝĞƌĞ
/(",+* ;$(* (&* 2("#-+* 8+,:%/-* (2#K* &,4+(* /(&*
ƉƌŽďůĞŵĂ͘ >Ă ŝŶĞĮĐŝĞŶĐŝĂ ĚĞ ůĂ ŽƌŐĂŶŝnjĂĐŝſŶ
ďƵƌŽĐƌĄƟĐĂ ƚĞŶĚĞƌĄ Ă ǀĞƌƐĞ ŵĄƐ ĐůĂƌĂŵĞŶƚĞ
9%$)* "$%)/-* 2(* #+%#(* /(* $)%* ('8+(2%*
8+,:%/%9*"$%)/-*&%*('8+(2%*2(*()"$()#+(*()*
ƵŶĂƐŝƚƵĂĐŝſŶŵŽŶŽƉſůŝĐĂ͗ĚĂĚŽƋƵĞŶŽƟĞŶĞ
ĐŽŵƉĞƟĚŽƌĞƐ͕ ůĂ ĞŵƉƌĞƐĂ ĞŶ ƐŝƚƵĂĐŝſŶ ĚĞ
'-)-8-&,-*2,('8+(*8$(/(*+("$++,+*%&*+(%=$2#(*
/(&*8+(",-*"-'-*'("%),2'-*8%+%*3()(+%",.)*
ĚĞ ƵƟůŝĚĂĚĞƐ LJ ƉŽƌ ůŽ ƚĂŶƚŽ ƚĞŶĚƌĄ ŵĞŶŽƐ
ŝŶĐĞŶƟǀŽƐ ƉĂƌĂ ƌĞĚƵĐŝƌ ůĂ ŝŶĞĮĐŝĞŶĐŝĂ ĚĞ ůĂ
-+3%),A%",.)5

:(%(50D[³(FRQRP\DQG6RFLHW\´/RVÈQJHOHV8QLYHUVLW\RI&DOLIRUQLD3UHVVSS\VLJXLHQWHV

Ibídem.
17
(VWDDSUR[LPDFLyQDODPHGLFLyQGHODH¿FLHQFLDGHXQDHPSUHVDSULYDGDQRHVQHFHVDULDPHQWHFRUUHFWD/D
búsqueda –de hecho “exitosa”– de utilidades de corto plazo a costa de la solvencia de largo plazo, fue una de
ODVFDXVDVGHODFULVLV¿QDQFLHUDLQWHUQDFLRQDOGHODxR6REUHHVWHSXQWR67,*/,7=-RVHSK³)UHHIDOO
America, Free Markets, and the Sinking of the World Economy”. Nueva York: W. W. Norton & Company. 2010.
262
Ŷ ůĂ ƉƌĄĐƟĐĂ͕ ŵŝ ĂƉƌĞĐŝĂĐŝſŶ ƉĞƌƐŽŶĂů ĞƐ
;$(* '$"<%2* ('8+(2%2* 8+,:%/%2* ;$(* 8+(2#%)*
2(+:,",-2* ()* 2,#$%",.)* '-)-8.&,"%* 9"-'-*
-"$++(* 8-+* (=('8&-* "-)* &-2* 2(+:,",-2*
ƉƷďůŝĐŽƐʹ ƟĞŶĞŶ ŽƌŐĂŶŝnjĂĐŝŽŶĞƐ ďƵƌŽĐƌĄƟĐĂƐ
ŝŶĞĮĐŝĞŶƚĞƐƋƵĞŶŽƉƌĞƐĞŶƚĂŶƉƌĄĐƟĐĂŵĞŶƚĞ
),)3$)%*/,B(+()",%*"-)*&%2*/(*$)*',),2#(+,-*-*
$)%*('8+(2%*/(&*C2#%/-5
G5* &ĂůƚĂĚĞŵŽƟǀĂĐŝſŶƉĂƌĂůĂĞĮĐŝĞŶĐŝĂ
^Ğ ĚŝĐĞ ƋƵĞ Ğů ƐƚĂĚŽ ƟĞŶĚĞ Ă ƐĞƌ ƵŶ ŵĂů
ĞŵƉƌĞƐĂƌŝŽĚĞďŝĚŽĂƋƵĞŶŽĞdžŝƐƚĞƐƵĮĐŝĞŶƚĞ
ŵŽƟǀĂĐŝſŶƉĂƌĂůŽŐƌĂƌůĂĞĮĐŝĞŶĐŝĂ͘
0-+* $)* &%/-@* "-'-* <(* 2(>%&%/-* '?2* %++,4%@*
ĐƵĂŶĚŽ Ğů ƐƚĂĚŽ ĚĞƐĂƌƌŽůůĂ ƵŶĂ ĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů ĐŽŶ ͞ĮŶĂůŝĚĂĚ ƌĞĐĂƵĚĂĚŽƌĂ͕͟
&-* <%"(* ()* 2,#$%",.)* /(* :()#%=%* B+()#(* %* 2$2*
ĐŽŵƉĞƟĚŽƌĞƐ Ž͕ ŝŶĐůƵƐŝǀĞ͕ ĞŶ ƐŝƚƵĂĐŝſŶ ĚĞ
'-)-8-&,-H* 7* (2#%* 8-2,",.)* <%"(* ;$(* 2$*
+()#%4,&,/%/* 2,('8+(* 8$(/%* %2(3$+%+2(* "-)*
ƌĞĂũƵƐƚĞƐĚĞƉƌĞĐŝŽ͕ƐŝŶŝŵƉŽƌƚĂƌůŽŝŶĞĮĐŝĞŶƚĞ
;$(* 2(%* &%* -+3%),A%",.)5* 0-+* (&* -#+-* &%/-@*
ĐƵĂŶĚŽ Ğů ƐƚĂĚŽ ĚĞƐĂƌƌŽůůĂ ƵŶĂ ĂĐƟǀŝĚĂĚ
ĞŵƉƌĞƐĂƌŝĂů ĐŽŶ ͞ĮŶĂůŝĚĂĚ ƌĞĚŝƐƚƌŝďƵƟǀĂ͕͟ Ğů
+(2$&#%/-*("-).',"-*()*#K+',)-2*/(&*C2#%/-*
ĚĞ 'ĂŶĂŶĐŝĂƐ LJ WĠƌĚŝĚĂƐ ŶŽ ĐŽŶƐƟƚƵLJĞ ƵŶĂ
:%+,%4&(*+(&(:%)#(*7*8-+*&-*#%)#-@*(2#-*#%'8-"-*
ŵŽƟǀĂĂůĂŽƌŐĂŶŝnjĂĐŝſŶĂŐĂŶĂƌĞĮĐŝĞŶĐŝĂ͘
!<-+%* 4,()@* ()* +(%&,/%/* (&* 8+-4&('%* /(*
B-)/-* (2* &%* +(8+(2()#%",.)5* C&* 8+-4&('%* (2*
;$(*9()*$)%*-+3%),A%",.)*814&,"%*-*8+,:%/%9*
&%2* 8(+2-)%2* ()"%+3%/%2* /(* &&(:%+* %* "%4-*
ůĂƐ ĂĐƟǀŝĚĂĚĞƐ ĚĞ ůĂ ŽƌŐĂŶŝnjĂĐŝſŶ ŶŽ ƐŽŶ
)("(2%+,%'()#(*&-2*/,+("#-2*,)#(+(2%/-25
C)*$)%*8(;$(>%*('8+(2%*8+,:%/%@*$2$%&'()#(*
(&* %"",-),2#%@* (&* /,+("#-+* 7* (&* 3(+()#(* 2-)* &%*
',2'%* 8(+2-)%* -* 2-)* $)* 3+$8-* /(* 8(+2-)%2*
ƋƵĞ ƟĞŶĞŶ ƵŶĂ ƌĞůĂĐŝſŶ ŵƵLJ ĐĞƌĐĂŶĂ͕ ĚĞ
ĐŽŶĮĂŶnjĂ͘ ƵĂŶĚŽ ƐĞ ƚƌĂƚĂ ĚĞ ƵŶĂ ĞŵƉƌĞƐĂ
8+,:%/%* '$7* 3+%)/(* 7* (&* %"",-)%+,%/-* (2#?*
ƐƵĮĐŝĞŶƚĞŵĞŶƚĞ ĚŝĨƵŶĚŝĚŽ͕ (&* 8+,)",8%&*
,)#(+(2%/-*/,+("#-*9(&*%"",-),2#%9*$2$%&'()#(*
ŶŽ ĞƐƚĄ Ă ĐĂƌŐŽ ĚĞ ůĂƐ ĚĞĐŝƐŝŽŶĞƐ͘ ƵĂŶĚŽ
2(* #+%#%* /(* $)%* ('8+(2%* 814&,"%* -* /(* $)%*
 7+Ɯ0,65HYLVWDGH'HUHFKRS

ĞŶƟĚĂĚĞƐƚĂƚĂů͕ĞůƉƌŝŶĐŝƉĂůŝŶƚĞƌĞƐĂĚŽĚŝƌĞĐƚŽ ŶŽŝŵƉŽƌƚĂŶ͕͎ĐſŵŽƉƵĞĚĞĚĞƚĞƌŵŝŶĂƌƐĞƋƵĞ THEMIS 61

9(&*",$/%/%)-9*#%'8-"-*&-*(2#?5*C&*8+-4&('%*
"-)2,2#(* ()* ;$(* &%* 8(+2-)%* ;$(* (2#?* %* "%+3-*
ĚĞƚŽŵĂƌůĂƐĚĞĐŝƐŝŽŶĞƐĞĨĞĐƟǀĂŵĞŶƚĞĂĐƚƷĞ
8+-#(3,()/-* /(* &%* '(=-+* B-+'%* 8-2,4&(* &-2*
,)#(+(2(2*/(*&-2*,)#(+(2%/-25*C)*-#+%2*8%&%4+%2@*
2(*#+%#%*/(&*'%&*&&%'%/-*L"-2#-*/(*%3()",%N185*
C2#(*8+-4&('%*<%*2,/-*(2#$/,%/-*#%)#-*/(2/(*
ůĂ ƉĞƌƐƉĞĐƟǀĂ ƉƌŝǀĂĚĂ ;ĐŽŶ ůĂ ĚĞŶŽŵŝŶĂĚĂ
ƚĞŽƌşĂ ĚĞ ůŽƐ ͞ĐŽƐƚŽƐ ĚĞ ĂŐĞŶĐŝĂ͟Ϳ@* "-'-*
ĚĞƐĚĞůĂƉĞƌƐƉĞĐƟǀĂƉƷďůŝĐĂ;ĐŽŶůĂƚĞŽƌşĂĚĞ
ůĂĞůĞĐĐŝſŶƉƷďůŝĐĂͿ205
!&* ,3$%&* ;$(* ()* (&* "%2-* /(* &%* 4$+-"+%",%@* (&*
8+-4&('%*/(*&-2*L"-2#-2*/(*+(8+(2()#%",.)N*-*
/(*&-2*L"-2#-2*/(*%3()",%N*)-*)("(2%+,%'()#(*
ĞƐ ƉƌŝǀĂƟǀŽ ĚĞ ůĂƐ ŽƌŐĂŶŝnjĂĐŝŽŶĞƐ ĞƐƚĂƚĂůĞƐ
ƉĞƌŽ ĞŶ ĞƐƚĂƐ ƷůƟŵĂƐ ĚŝĐŚŽƐ ĐŽƐƚŽƐ ƐŽŶ
4%2#%)#(* '?2* "-'$)(2* 7* 4%2#%)#(* '?2*
ĚŝİĐŝůĞƐĚĞĞůŝŵŝŶĂƌ͘
ϯ͘ WŽůŝƟnjĂĐŝſŶĚĞĚĞĐŝƐŝŽŶĞƐ
Revista de Derecho
$)%*/(",2,.)*(2*'%&%*-*4$()%R
V)* "&%+-* (=('8&-* /(* (2#%* 2,#$%",.)* (2* &%*
ƉŽůşƟĐĂŐĞŶĞƌĂůŝnjĂĚĂĚĞƐƵďƐŝĚŝŽƐLJĐŽŶƚƌŽůĚĞ
8+(",-2*;$(*&&(:.*%*"%4-*(&*8+,'(+*3-4,(+)-*/(*
ůĂŶ 'ĂƌĐşĂ͘ ^ŝ ĐĂƐĂ ;ůĂ ĞŵƉƌĞƐĂ ĞƐƚĂƚĂů ƋƵĞ
ĐŽŵĞƌĐŝĂůŝnjĂďĂ ĂƌƌŽnj Ă ƉƌĞĐŝŽƐ ƐƵďƐŝĚŝĂĚŽƐͿ Ž
ŶĐŝ ;ůĂ ĞŵƉƌĞƐĂ ĞƐƚĂƚĂů ƋƵĞ ĐŽŵĞƌĐŝĂůŝnjĂďĂ
ůĞĐŚĞ ĞŶ ƉŽůǀŽ Ă ƉƌĞĐŝŽƐ ƐƵďƐŝĚŝĂĚŽƐͿ ŶŽ
ĚĞďşĂŶ ƉƌĞŽĐƵƉĂƌƐĞ ƉŽƌ ƐƵ ƌĞŶƚĂďŝůŝĚĂĚ ƐŝŶŽ
ƉŽƌ Ğů ŽďũĞƟǀŽ ƉŽůşƟĐŽ ĚĞ ŽĨƌĞĐĞƌ ƉƌŽĚƵĐƚŽƐ
ĚĞƉƌŝŵĞƌĂŶĞĐĞƐŝĚĂĚĂƉƌĞĐŝŽƐďĂũŽƐ͕͎ĐſŵŽ
ƉŽĚşĂŶ ĞǀĂůƵĂƌ Ɛŝ ĞƌĂ ƵŶĂ ďƵĞŶĂ Ž ƵŶĂ ŵĂůĂ
,/(%* '%)#()(+* #%)* 4%=-2* &-2* 8+(",-2* /(*
2$2* 8+-/$"#-2R* I%* +(28$(2#%* (2* 2()",&&%5* C&*
ŵĞĐĂŶŝƐŵŽ ĞƌĂ ŝŶƐŽƐƚĞŶŝďůĞ ĞŶ Ğů ƟĞŵƉŽ͘
^ŝŶĞŵďĂƌŐŽ͕ĞƐƚŽĞƐƵŶĞũĞŵƉůŽĞdžƚƌĞŵŽ͘Ŷ
Ğů ĐĂƐŽ ĚĞ ƵŶĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ƋƵĞ ŶŽ
ƐĞĂ ƚĂŶ ĚƌĂŵĄƟĐĂŵĞŶƚĞ ŵĂů ŵĂŶĞũĂĚĂ͕ ĞƐ
ǀĞƌĚĂĚĞƌĂŵĞŶƚĞ ĚŝİĐŝů ĞǀĂůƵĂƌ ůĂƐ ĚĞĐŝƐŝŽŶĞƐ
ĞŵƉƌĞƐĂƌŝĂůĞƐĞŶĨƵŶĐŝſŶĚĞŽďũĞƟǀŽƐƉŽůşƟĐŽƐ͘

C)* (2#(* "%2-* (&* %+3$'()#-* "-)2,2#(* ()* ;$(* ϰ͘ 0+,-+,A%",.)*/(*+("$+2-2*
&%2* ('8+(2%2* 814&,"%2@* 8-+* (2#%+* 2$=(#%2*

Reynaldo Antonio Guarniz Izquierdo

Ă ŵŽƟǀĂĐŝŽŶĞƐ ƉŽůşƟĐĂƐ͕ ƟĞŶĞŶ ŐƌĂŶĚĞƐ
ŝŶĐĞŶƟǀŽƐƉĂƌĂƚŽŵĂƌĚĞĐŝƐŝŽŶĞƐĂŶƟƚĠĐŶŝĐĂƐ͘
C2#-* ",(+#%'()#(* (2* $)* 8+-4&('%* '$7*
B+("$()#(5* V)%* :(A* ;$(* 2(* /,2(>%* $)%*
ŽƌŐĂŶŝnjĂĐŝſŶ ďĂũŽ ůĂ ĨŽƌŵĂ ũƵƌşĚŝĐĂ ĚĞ ƵŶĂ
ŽƌŐĂŶŝnjĂĐŝſŶĐŽŶĮŶĞƐĚĞůƵĐƌŽ͕ƉĞƌŽĐƵLJŽĮŶ
)-*(2*(&*&$"+-@*&%*"-)#+%/,"",.)*(2#?*(2#%4&(",/%*
/(*'%)(+%*B$)/%'()#%&5
>ĂůşŶĞĂƐŽďƌĞůĂĐƵĂůůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů
/(&* C2#%/-* /(4(* 2(+* 2$8$(2#%'()#(* &&(:%/%*
%* "%4-* 92(31)* &-* /(2"+,#-* '?2* %++,4%9* 8%+%*
2(+*/(2(%4&(*8%+%*&%*2-",(/%/*(2*#%)*/(&3%/%*
ƋƵĞ ĞƐ ƐƵŵĂŵĞŶƚĞ ĚŝİĐŝů ĚĞ ŵĂŶƚĞŶĞƌ͘
džŝƐƚĞŶ ŵƵĐŚŽƐ ĚĞƐŝŶĐĞŶƟǀŽƐ͘ ͎ſŵŽ ƐĞ
ŵŝĚĞ ĂĚĞĐƵĂĚĂŵĞŶƚĞ ůĂ ĞĮĐŝĞŶĐĂ ĚĞ ƵŶĂ
ƐŽĐŝĞĚĂĚĂŶſŶŝŵĂƐŝŶŽĞƐƉŽƌůĂƐƵƟůŝĚĂĚĞƐ
ƋƵĞƉƌŽĚƵĐĞ͍z͕ƉŽƌŽƚƌŽůĂĚŽ͕ƐŝůĂƐƵƟůŝĚĂĚĞƐ
C&* C2#%/-* (2* #%'4,K)* "-)2,/(+%/-* $)* '%&*
ĞŵƉƌĞƐĂƌŝŽ ĚĞďŝĚŽ Ă ƐƵ ĂĐƟƚƵĚ ĨƌĞŶƚĞ Ăů
ƉƌŽďůĞŵĂ ĚĞ ůĂ ĞƐĐĂƐĞnj͘ DŝĞŶƚƌĂƐ ƋƵĞ Ğů
,):(+2,-),2#%* 8+,:%/-* 2.&-* /(4(* 8+(-"$8%+2(*
/(* ;$(* &%* /(",2,.)* 2(%* +()#%4&(* 7* /(* -4#()(+*
Ğů ĮŶĂŶĐŝĂŵŝĞŶƚŽ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ͕ Ğů ƐƚĂĚŽ
ƐŝĞŵƉƌĞƟĞŶĞŽƚƌĂƐƉƌŝŽƌŝĚĂĚĞƐĚĞŐĂƐƚŽ͎͘WŽƌ
ƋƵĠŚĂďƌşĂĞůƐƚĂĚŽĚĞĚĞĚŝĐĂƌǀĂƌŝŽƐŵŝůůŽŶĞƐ
-* ',&(2* /(* ',&&-)(2* /(* /.&%+(2* %* '-/(+),A%+*
ƵŶĂƌĞĮŶĞƌşĂĞƐƚĂƚĂůŽĂĐŽŶƐƚƌƵŝƌƵŶĂĐĞŶƚƌĂů
<,/+-(&K"#+,"%*"$%)/-@*"-)*(2(*',2'-*/,)(+-@*
ƉŽĚƌşĂĐŽŶƐƚƌƵŝƌŚŽƐƉŝƚĂůĞƐŽĞƐĐƵĞůĂƐ͍
hŶĂǀĞnjŵĄƐ͕ůĂŵŽƟǀĂĐŝſŶĚĞůƵĐƌŽŝŶƚƌŽĚƵĐĞ
ƵŶƉƌŽďůĞŵĂƋƵĞĞůƐƚĂĚŽƟĞŶĞLJůŽƐƉƌŝǀĂĚŽƐ
)-5* C2* 8-2,4&(* %2$',+* ;$(* &-2* 8+,:%/-2*
8+,-+,A%+?)*&%*3()(+%",.)*/(*+,;$(A%*7@*8-+*&-*
#%)#-@*&&(:%+?)*%*"%4-*"$%&;$,(+*,):(+2,.)*;$(*
&(2*3()(+(*+()#%4,&,/%/5*C)*(&*"%2-*/(&*C2#%/-@*

18
Traducir el DJHQF\FRVWDTXHVHUH¿HUHODOLWHUDWXUDQRUWHDPHULFDQDFRPR³FRVWRGHDJHQFLD´HVXQDQJOLFLVPR
En el Derecho norteamericano se denomina DJHQF\ DJUHHPHQW al contrato que nosotros denominamos
“contrato de mandato” o, en el Código de Comercio, “contrato de comisión mercantil”. Y en este contrato, el
“agente” es a quien nosotros denominamos “mandatario” o “comisionista”. Por lo tanto, el mal denominado
³FRVWRGHDJHQFLD´VHUH¿HUHDOFRVWRGHWHQHUXQPDQGDWDULRRFRPLVLRQLVWD\TXHpVWHGHVHPSHxH¿HOPHQWH
VXVIXQFLRQHV/DWUDGXFFLyQFRUUHFWDGHEHUtDVHUDOJRPiVVLPLODUD³FRVWRGHUHSUHVHQWDFLyQ´DXQTXHGHVGH
luego este término tampoco es completamente preciso porque el mandato (o la comisión mercantil) no siempre
existe representación propiamente dicha. Se supone que el comisionista (mandatario o “agente”) actúe por
cuenta y en interés del comitente (mandante o “principal”) pero no necesariamente lo hace en su nombre.

Sobre este punto. ALLEN, William; KRAAKMAN, Reinier y Guhan SUBRAMANIAN. “Commentaries and Cases
on the Law of Business Organizations”. Tercera Edición. Nueva York: Aspen Publishers. pp. 10 y siguientes.
20
%8&+$1$1-DPHV\*RUGRQ78//2&.³7KH&DOFXOXVRI&RQVHQW´$QQ$UERU3DSHUEDFN
263
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 (2* 8-2,4&(* ;$(* $)%* ,):(+2,.)* +()#%4&(* (2#K*
Revista de Derecho
ƉůĞŶĂŵĞŶƚĞŝĚĞŶƟĮĐĂĚĂLJ͕ƐŝŶĞŵďĂƌŐŽ͕ŶŽƐĞ
ůůĞǀĞĂĐĂďŽƉŽƌƋƵĞĞdžŝƐƚĞŶŽƚƌĂƐƉƌŝŽƌŝĚĂĚĞƐ
8-+*%#()/(+5
D5* ĨĞĐƚŽƐ ĞŶ ůĂ ĂĐƟǀŝĚĂĚ ƉƌŝǀĂĚĂ͗ >ŝďƌĞ
"-'8(#()",%
&ŝŶĂůŵĞŶƚĞ͕ƐĞĚŝĐĞƋƵĞůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů
(2#%#%&@* %$)* &&(:?)/-2(* %* "%4-* /(* '%)(+%*
ƌĞůĂƟǀĂŵĞŶƚĞ ĞdžŝƚŽƐĂ͕ ŐĞŶĞƌĂ ŶŽ ĚĞƐĞĂĚŽƐ LJ
ŶĞŐĂƟǀŽƐĞĨĞĐƚŽƐĞŶůĂĂĐƟǀŝĚĂĚƉƌŝǀĂĚĂ͘
ů ƉƌŝŵĞƌŽ͕ Ğů ƐƚĂĚŽ ƟĞŶĚĞ Ă ƚƌĂƚĂƌƐĞ Ă Ɛş
ŵŝƐŵŽĚĞƵŶĂĨŽƌŵĂĚŝƐƟŶƚĂLJŵĄƐďĞŶĞĮĐŝŽƐĂ
;$(*%*&-2*8+,:%/-2*7*$)*(=('8&-*+(",()#(*8$(/(*
ŝůƵƐƚƌĂƌ ĞƐƚĞ ĐŽŶĐĞƉƚŽ͘ DĞĚŝĂŶƚĞ ZĞƐŽůƵĐŝſŶ
ϬϭϵϵͲϮϬϭϬͬ^ϮͲ/ŶĚĞĐŽƉŝ͕ĞƐƚĂĞŶƟĚĂĚƌĞƐŽůǀŝſ
$)%* /()$)",%* ,)#(+8$(2#%* "-)#+%* (&* U%)"-*
ĚĞ ƌĠĚŝƚŽ ĚĞů WĞƌƷ ƉŽƌ ŚĂďĞƌ ĞĨĞĐƚƵĂĚŽ ůĂ
ĐŽŵƉĞŶƐĂĐŝſŶĚĞƵŶĂĐĂŶƟĚĂĚĂĚĞƵĚĂĚĂƉŽƌ
&%*/()$)",%)#(*"-)#+%*(&*2%&/-*/,28-),4&(*()*&%*
"$()#%*/(*8%3-*/(*<%4(+(2*;$(*/,"<%*/($/-+%*
ŵĂŶƚĞŶşĂ ĞŶ Ğů ŝŶĚŝĐĂĚŽ ďĂŶĐŽ͘ Ŷ ƚĠƌŵŝŶŽƐ
ƐŝŵƉůĞƐ͕ĞůƌĂnjŽŶĂŵŝĞŶƚŽĚĞů/ŶĚĞĐŽƉŝĨƵĞƋƵĞ
&%* "-'8()2%",.)* )-* 8$(/(* <%"(+2(* +(28("#-*
/(* ",(+#%* 8-+",.)* /(* &%* +('$)(+%",.)* /(*
$)%* 8(+2-)%* 8-+;$(* 2,()/-* /,"<%* 8-+",.)*
ŝŶĞŵďĂƌŐĂďůĞ͕ƐĞĞŶĐƵĞŶƚƌĂĂůŵŝƐŵŽƟĞŵƉŽ
8+-<,4,/%* &%* "-++(28-)/,()#(* "-'8()2%",.)5*
Q-* -42#%)#(* &-* %)#(+,-+@* $)* %>-* /(28$K2@*
"$%)/-* (&* U%)"-* /(* &%* Q%",.)* 2(* ()"-)#+.*
ĞŶ ƵŶĂ ƐŝƚƵĂĐŝſŶ ďĂƐƚĂŶƚĞ ƐŝŵŝůĂƌ͕ /ŶĚĞĐŽƉŝ
"%'4,.*(&*"+,#(+,-@*#%&*"-'-*2(*8$(/(*%8+(",%+*
ĞŶůĂZĞƐŽůƵĐŝſŶϯϰϰϵͲϮϬϭϭͬ^ϮͲ/ŶĚĞĐŽƉŝ͘
ŚŽƌĂ ďŝĞŶ͕ ĐŽŵŽ ƉŽůşƟĐĂ ƉƷďůŝĐĂ͕ LJŽ ĞƐƚŽLJ
ĚĞ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ƐĞŐƵŶĚĂ ƌĞƐŽůƵĐŝſŶ͘ ^ŝŶ
('4%+3-@* &-* ;$(* &&%'%* &%* %#()",.)* ()* (2#(*
ƉƵŶƚŽ ĞƐ ůĂ ŝŶĐƌĞşďůĞ ĨĂůƚĂ ĚĞ ĐŽŶƐŝƐƚĞŶĐŝĂ
ƚƌĂƚĄŶĚŽƐĞ ĚĞ ƌĞƐŽůƵĐŝŽŶĞƐ ĞŵŝƟĚĂƐ ĞŶ ƵŶ
8(+,-/-* #%)* "-+#-5* C2* '$7* 8+-4%4&(* ;$(*
&-2* %$#-+(2* /(* (2#%2* +(2-&$",-)(2* 8$(/%)*
()"-)#+%+* +%A-)(2* 8%+%* 2('(=%)#(* "%'4,-*
/(*-8,),.)*8(+-*$)%*B-+'%*/(*,)#(+8+(#%+&%2*
ĞƐƋƵĞ/ŶĚĞĐŽƉŝŶŽƚƵǀŽƉƌŽďůĞŵĂƐĞŶƚŽŵĂƌ
$)%* /(",2,.)* 8-8$&,2#%* 98+-#(3,()/-* %&*
L8-4+(N* /($/-+9* "$%)/-* (2#-* 8(+=$/,"%4%*
ůŽƐ ŝŶƚĞƌĞƐĞƐ ĚĞů ĂŶĐŽ ĚĞ ƌĠĚŝƚŽ͕ ƉĞƌŽ
ĐƵĂŶĚŽĚĞƐĐƵďƌŝĞƌŽŶƋƵĞĞƐƚĂĚĞĐŝƐŝſŶƉŽŶşĂ
()* +,(23-* (&* 2,2#('%* /(* "-4+%)A%2* /(&* U%)"-*
ĚĞůĂEĂĐŝſŶ͕ĂůŐƵŝĞŶĞŶĞů'ŽďŝĞƌŶŽĚĞĐŝĚŝſ
ƋƵĞ Ğů ƉƌĞĐĞŶĚĞŶƚĞ ŶŽ ƉŽĚşĂ ŵĂŶƚĞŶĞƌƐĞ͘
21
$5,f2257,=*DVSDU³3ULQFLSLRVGHGHUHFKR3~EOLFR(FRQyPLFR´/LPD$UD(GLWRUHVSS\VLJXLHQWHV
264
/ŶĐůƵƐŽ ĐĂďƌşĂ ƉƌĞŐƵŶƚĂƌƐĞ͕ ͎ƉŽƌ ƋƵĠ Ğů
U%)"-* /(* &%* Q%",.)* -#-+3%* 8+K2#%'-2* %*
B$)",-)%+,-2* 814&,"-2* 92-)* 8+(",2%'()#(*
K2#-2* &-2* 8+K2#%'-2* ;$(* /,"<-* 4%)"-* "-4+%*
"-)#+%* &%2* "$()#%2* /(* 8%3-* /(* <%4(+(29* 2,*
ƐĞ ƐƵƉŽŶĞ ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů
ƐƚĂĚŽ ĞƐ ƐƵďƐŝĚŝĂƌŝĂ͍ ͎ĐĂƐŽ ůŽƐ ďĂŶĐŽƐ
ƉƌŝǀĂĚŽƐƟĞŶĞŶĂůŐƷŶƟƉŽĚĞƌĞƐƚƌŝĐĐŝſŶƋƵĞ
8+-<,4(* 8+(2#%+* %* &-2* B$)",-)%+,-2* 814&,"-2R*
I%*+(28$(2#%*(2*)-5*[2#(*(2*$)*"&%+-*(=('8&-*
ĞŶĞůƋƵĞůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽ
ŝŶĨƌŝŶŐĞ Ğů ĂƌơĐƵůŽ ϲϬ ĚĞ ůĂ ŽŶƐƟƚƵĐŝſŶ͘
ƋƵş ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ ŶŽ
(2* 2$42,/,%+,%* 2,)-* ;$(* "&%+%'()#(* "-'8,#(*
ĐŽŶƚƌĂůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůƉƌŝǀĂĚĂ͘
C&* 2(3$)/-* (B("#-* )-* /(2(%/-* "-)2,2#(* ()*
Ğů ĚĞƐŝŶĐĞŶƟǀŽ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ƉƌŝǀĂĚĂ͘ Ŷ
3()(+%&@*2,*(&*C2#%/-*2(*/(/,"%*%*/(2%++-&&%+*$)%*
ĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂLJůŽŚĂĐĞƉƌĄĐƟĐĂŵĞŶƚĞ
%&* "-2#-* -* ,)"&$2,:(* %* 8K+/,/%* 98$(2* 2(*
ƚƌĂƚĂ ĚĞ ůĂ ͞ĮŶĂůŝĚĂĚ ƌĞĚŝƐƚƌŝďƵƟǀĂ͟ʹ ĂƵŶ
ƐƵƉŽŶŝĞŶĚŽ ƋƵĞ ĚŝĐŚĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů
ĞƐ ƉĞƌĨĞĐƚĂŵĞŶƚĞ ůůĞǀĂĚĂ͕ ĞůůĂ ĐŽŶƐƟƚƵLJĞ ƵŶ
ĚĞƐŝŶĐĞŶƟǀŽƉĂƌĂƋƵĞůŽƐƉƌŝǀĂĚŽƐŝŶǀŝĞƌƚĂŶLJ
ĚĞƐĂƌƌŽůůĞŶĞƐĂĂĐƟǀŝĚĂĚ͘
^ŝ͕ƉŽƌĞũĞŵƉůŽ͕ƉƌŽĚƵĐŝƌƵŶƉĂŶĐƵĞƐƚĂƵŶƐŽůLJ
ĞůƐƚĂĚŽƐĞĚĞĚŝĐĂĂǀĞŶĚĞƌůŽĞdžĂĐĂƚŵĞŶƚĞĂů
ĐŽƐƚŽ͕ĞƐĚĞĐŝƌ͕ƵŶƐŽů͕ƚĞŶĚƌĞŵŽƐƵŶĂĂĐƟǀŝĚĂĚ
('8+(2%+,%&*/(&*C2#%/-*;$(*2,)*/$/%*)-*3()(+%*
ƉĠƌĚŝĚĂƐʹƐĂůǀŽ ƉŽƌ ůĂ ƉĠƌĚŝĚĂ ĮŶĂŶĐŝĞƌĂ ĚĞů
"-2#-*/(*-8-+#$),/%/*/(*"%8,#%&9*8(+-*),)31)*
8+,:%/-* (2#%+?* ,)#(+(2%/-* =%'?2* ()* &&(:%+* %*
ĐĂďŽ ĞƐĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ƉƵĞƐƚŽ ƋƵĞ
ĞůƉƌŝǀĂĚŽŶĞĐĞƐŝƚĂŽďƚĞŶĞƌƵŶĂƵƟůŝĚĂĚ͘WŽƌ
&-*#%)#-@*2,*8+-/$",+*$)*8%)*"$(2#%*$)*2-&@*(&*
,):(+2,-),2#%*8+,:%/-*)("(2,#%*:()/(+&-*%*'?2*
/(* $)* 2-&* 7* %* (2(* 8+(",-* )%/,(* &-* "-'8+%+?*
8-+;$(*(&*C2#%/-*&-*:()/(*'?2*4%+%#-5
>ŽƐ ƉƌŽďůĞŵĂƐ ŐĞŶĞƌĂĚŽƐ ƉŽƌ ůĂ ĞdžĐĞƐŝǀĂ
ŝŶƚĞƌǀĞŶĐŝſŶ ĞƐƚĂƚĂů ĞŶ ůĂ ĞĐŽŶŽŵşĂ ƋƵĞ
ŐĞŶĞƌĂƵŶĂŝŶĞǀŝƚĂďůĞƌĞƚƌĂĐĐŝſŶĚĞůĂĂĐƟǀŝĚĂĚ
8+,:%/%@* <%)* 2,/-* (2#$/,%/-2* ()* (&* "%2-* /(*
^ƵĞĐŝĂLJůĂĐƌŝƐŝƐĞĐŽŶſŵŝĐĂƋƵĞĞƐĞƉĂşƐǀŝǀŝſĞŶ
&%*/K"%/%*/(*&-2*-"<()#%215*I-2*(B("#-2*B$(+-)*
ƉĠƌĚŝĚĂƐĚĞĐŽŵƉĞƟƟǀŝĚĂĚĞŶůĂŝŶĚƵƐƚƌŝĂ͕ďĂũĂ
ƉƌŽĚƵĐƟǀŝĚĂĚ͕ĂůƚĂĐĂƌŐĂƚƌŝďƵƚĂƌŝĂ͕ĞƚĐ͘
Ŷ ĞƐĞ ƐĞŶƟĚŽ͕ ůĂ ƉƌĞŐƵŶƚĂ ŶŽ ĞƐ Ɛŝ ĞƐ
;$(* %"%2-* (&* C2#%/-* 8$(/(* &&(:%+* %* "%4-*
ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ŵĂŶĞƌĂ

ĞĮĐŝĞŶƚĞ͘>ĂƉƌĞŐƵŶƚĂĞƐ͕ƐŝĞƐƋƵĞĂĐĂƐŽĞƐƚŽ
ŶŽ ŐĞŶĞƌĂ ƵŶ ĞĨĞĐƚŽ ŶĞŐĂƟǀŽ Ă ůĂ ĞĐŽŶŽŵşĂ
"-'-*$)*#-/-5
(M, ͎/ŶĞĮĐŝĞŶĐŝĂŝŶƚƌşŶƐĞĐĂ͍
Ŷ ŵŝ ŽƉŝŶŝſŶ͕ ŶŽ ĞdžŝƐƚĞ ƵŶ ĚĞĨĞĐƚŽ ƋƵĞ
ŝŶƚƌşŶƐĞĐĂŵĞŶƚĞ ŝŵƉŝĚĂ ƋƵĞ ůĂ ĞŵƉƌĞƐĂ
ĞƐƚĂƚĂů ƐĞĂ ƌĞŶƚĂďůĞ LJ ĞĮĐŝĞŶƚĞ ĞŶ ƚĠƌŵŝŶŽƐ
ĞĐŽŶſŵŝĐŽƐ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ĞƐ ĐůĂƌŽ ƋƵĞ Ğů
C2#%/-*()B+()#%*+(#-2*'$"<-*'?2*3+%)/(2*;$(*
&-2* 8+,:%/-2* "$%)/-* 2(* #+%#%* /(* /(2%++-&&%+*
ĂĐƟǀŝĚĂĚĞƐĞŵƉƌĞƐĂƌŝĂůĞƐ͘
C)* %/,",.)* %* (&&-@* "-)2,/(+%)/-* &-2* 8(&,3+-2*
ƋƵĞ ĂĐĂƌƌĞĂ Ğů ŚĞĐŚŽ ĚĞ ƋƵĞ Ğů ŽďũĞƟǀŽ
ƉŽůşƟĐŽƉůĂŶƚĞĂĚŽƉŽƌĞůƐƚĂĚŽĂůĚĞƐĂƌƌŽůůĂƌ
ĚĞƚĞƌŵŝŶĂĚĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ƐĞĂ
2-",%&'()#(*,)/(2(%4&(@*"%4(*8+(3$)#%+2(*2,*()*
ĞĨĞĐƚŽĚĞďĞƌşĂŵŽƐĐŽŶƐŝĚĞƌĂƌƋƵĞůĂĂĐƟǀŝĚĂĚ
('8+(2%+,%&* /(&* C2#%/-* /(4(* 2(+* $)%* +(3&%*
Ž ĚĞďĞ ƐĞƌ ŵƵLJ ĞdžĐĞƉĐŝŽŶĂů͘ >Ă ƌĞƐƉƵĞƐƚĂ Ă
ĞƐƚĂƉƌĞŐƵŶƚĂƟĞŶĞƵŶĂŐƌĂŶĐĂƌŐĂŝĚĞŽůſŐŝĐĂ͘
͎ƵĄů ĞƐ Ğů ĚĞŵŽŶŝŽ ŵĄƐ ŐƌĂŶĚĞ͗ Ğů ƐƚĂĚŽ͕
ŵĂŶĞũĂĚŽƉŽƌƉŽůşƟĐŽƐŽĞůŵĞƌĐĂĚŽŵĂŶĞũĂĚŽ
ƉŽƌĞůƉŽĚĞƌĞĐŽŶſŵŝĐŽ͍KƋƵŝnjĄƐĚĞďĞƌşĂŵŽƐ
ƉƌĞŐƵŶƚĂƌŶŽƐ͕͎ŶŽƐĞƌĄƋƵĞĞůƐƚĂĚŽƚĂŵďŝĠŶ
(2#?*'%)(=%/-*8-+*(&*8-/(+*("-).',"-R
)0M, +)$&'-., #%, C.+$', -#, #F!"#$'$,
^dd>^͎͗h>^>KEWdK͍
'M, >Ă ŶĞŐŽĐŝĂĐŝſŶ ĚĞ ĂĐĐŝŽŶĞƐ LJ Ğů
ŐŽďŝĞƌŶŽĐŽƌƉŽƌĂƟǀŽ
DĞŶĐŝŽŶĠ Ăů ŝŶŝĐŝŽ ĚĞ ĞƐƚĞ ĂƌơĐƵůŽ ƋƵĞ ƵŶĂ
ďƵĞŶĂ ĐĂŶƟĚĂĚ ĚĞ ŝŶƚĞůĞĐƚƵĂůĞƐ͕ ƉĞƌŝŽĚŝƐƚĂƐ
LJ ƉŽůşƟĐŽƐ ŚĂŶ ĂƉůĂƵĚŝĚŽ ůĂ ĚŝƐƉŽƐŝĐŝſŶ ƋƵĞ
8+(:K* (&* &,2#%/-* ()* 4-&2%* /(* &%2* %"",-)(2* /(*
ĞŵƉƌĞƐĂƐ ĞƐƚĂƚĂůĞƐ͘ DĞ ƚĞŵŽ͕ ƐŝŶ ĞŵďĂƌŐŽ͕
ƋƵĞ ĞƐƚĂƐ ǀŽĐĞƐ ĞŶƚƵƐŝĂƐƚĂƐ ƟĞŶĞŶ ƵŶĂ ŝĚĞĂ
ĚĞůŽƐďĞŶĞĮĐŝŽƐƋƵĞƉƵĞĚĞŽƐĞƐƵƉŽŶĞƋƵĞ
/(4(* 3()(+%+* $)%* 4-&2%* /(* :%&-+(2* 8(+-* )-*
ĞŶƟĞŶĚĞŶŵƵLJďŝĞŶĐſŵŽĨƵŶĐŝŽŶĂƵŶĂ͘
I%* +$(/%* /(* 4-&2%* 9(&* 8+,)",8%&* '("%),2'-*
"()#+%&,A%/-* /(* )(3-",%",.)* ;$(* %/',),2#+%*
$)%* 4-&2%* /(* :%&-+(29* (2* $)* '("%),2'-*
/(* )(3-",%",.)@* $)* '(+"%/-* -+3%),A%/-5*
C2#(* '("%),2'-* /(* )(3-",%",.)* 8(+',#(* &%*
,)#(+%"",.)* ()#+(* -B(+#%)#(2* 7* /('%)/%)#(2*
/(*$)*',2'-*4,()O*8-+*(=('8&-@*&%2*%"",-)(2*
ƌĞƉƌĞƐĞŶƚĂƟǀĂƐ ĚĞů ĐĂƉŝƚĂů ƐŽĐŝĂů ĚĞ ƵŶĂ
22
Esto es lo que algunos, con alguna connotación peyorativa, denominan “especulación”.
7+Ɯ0,65HYLVWDGH'HUHFKRS
/(#(+',)%/%* ('8+(2%5* C2* $)* 2,2#('%* "-)* THEMIS 61
Revista de Derecho
+(3&%2*8+((2#%4&(",/%2*;$(*,)#()#%*('$&%+*/(*
&%*'(=-+*B-+'%*8-2,4&(*$)*'-/(&-*("-).',"-*
/(*"-'8(#()",%*8(+B("#%@*/(*'%)(+%*;$(*&%2*
:%+,%",-)(2* ()* (&* 8+(",-* /(&* 4,()* '%#(+,%* /(*
)(3-",%",.)* +(28-)/%)* 1),"%'()#(* %* &%* &(7*
ĚĞůĂŽĨĞƌƚĂLJůĂĚĞŵĂŶĚĂ͘ƐƚŽƐŝŐŶŝĮĐĂƋƵĞ
Ğů ƉƌĞĐŝŽ ĚĞ ůĂƐ ĂĐĐŝŽŶĞƐ ǀĂƌşĂ ĞŶ ĨƵŶĐŝſŶ
ĚĞů ĂƉĞƟƚŽ ƋƵĞ ƚĞŶŐĂŶ ůŽƐ ƉĂƌƟĐŝƉĂŶƚĞƐ ĚĞů
'(+"%/-*8-+*"-'8+%+*-*:()/(+*#%&(2*%"",-)(25
!* 2$* :(A@* &-2* /(2(-2* ;$(* $)* ,):(+2,-),2#%*
#()3%* /(* "-'8+%+* -* :()/(+* $)%* %"",.)*
/(8()/()* /(* 2$* 8+(/,"",.)* +(28("#-* /(*
"$?&* 2(+?* (&* /(2('8(>-* /(* &%* ('8+(2%* ()*
(&* B$#$+-225* C2#%* 8+(/,"",.)* 2(* 4%2%* ()* &%*
,)B-+'%",.)* ;$(* (&* ,):(+2,-),2#%* "-)-"(5*
ĂĚŽ ƋƵĞ ƉŽƚĞŶĐŝĂůŵĞŶƚĞ ƚŽĚŽƐ ůŽƐ ĚşĂƐ ƐĞ
"-)-"(* )$(:%* ,)B-+'%",.)@* &%* /(",2,.)* /(*
ĐĂĚĂŝŶǀĞƌƐŝŽŶŝƐƚĂƉƵĞĚĞĐĂŵďŝĂƌĐĂĚĂĚşĂĞŶ
B$)",.)*/(*&%*)$(:%*,)B-+'%",.)*;$(*"-)-"(5*
Ɛş͕ ƉŽƌ ĞũĞŵƉůŽ͕ ŝŵĂŐŝŶĞŵŽƐ ƋƵĞ Ğů ̺à ĚĞ
ĂLJĞƌůĂƐĂĐĐŝŽŶĞƐĚĞƵŶĂĞŵƉƌĞƐĂǀĂůşĂŶĚŽƐ
ƐŽůĞƐ͘ ^ŝ Ğů ̺à ĚĞ ŵĂŹĂŶĂ͕ ĞƐƚĂ ĞŵƉƌĞƐĂ
Reynaldo Antonio Guarniz Izquierdo
"(&(4+%* $)* "-)#+%#-* ;$(* %2(3$+%* ;$(* ()* (&*
B$#$+-* :()/%* 2$2* 8+-/$"#-2* ()* "-)/,",-)(2*
ŵƵLJ ǀĞŶƚĂũŽƐĂƐ͕ ůĂƐ ƉĞƌƐƉĞĐƟǀĂƐ ĚĞ ůĂ
ĞŵƉƌĞƐĂ ĚĞ ƉƌŽĚƵĐŝƌ ƵƟůŝĚĂĚĞƐ ĞŶ Ğů ĨƵƚƵƌŽ
2-)* '(=-+(2* +(28("#-* /(* %7(+5* 0-+* &-* #%)#-@*
%2$',()/-*;$(*#-/%2*&%2*/('?2*"-)/,",-)(2*
ƐŽŶ ŝŐƵĂůĞƐ ;"0&0,(.3 +!,('$.Ϳ Ă ĚŽƐ ƐŽůĞƐ
ůĂƐ ĂĐĐŝŽŶĞƐ ĞƐƚĄŶ ƌĞůĂƟǀĂŵĞŶƚĞ ďĂƌĂƚĂƐ
7@* "-)2("$()#('()#(@* &-2* ,):(+2,-),2#%2*
;$(++?)* "-'8+%+&%25* !* '%7-+* /('%)/%@* (&*
ƉƌĞĐŝŽƐƵďĞ͘^ŝůĂŶŽƟĐŝĂĨƵĞƌĂŶĞŐĂƟǀĂLJŶŽ
ƉŽƐŝƟǀĂ͕ĞůŵĞĐĂŶŝƐŵŽƐĞƌşĂŝĚĠŶƟĐŽƉĞƌŽĞů
ƌĞƐƵůƚĂĚŽ ƐĞƌşĂ Ğů ĐŽŶƚƌĂƌŝŽ͗ Ğů ƉƌĞĐŝŽ ĚĞ ůĂƐ
ĂĐĐŝŽŶĞƐƌĞƐƵůƚĂƌşĂŵƵLJĐĂƌŽLJĞůŝŶǀĞƌƐŝŽŶŝƐƚĂ
ƋƵĞ ƉŽƐĞLJĞƌĂ ĚŝĐŚĂ ĂĐĐŝſŶ ƋƵĞƌƌşĂ ǀĞŶĚĞƌůĂ͘
!*'%7-+*-B(+#%@*(&*8+(",-*4%=%5
C&* <("<-* /(* ;$(* ()* $)* '(+"%/-* ;$(*
B$)",-)%* /(* '%)(+%* 2,',&%+* %* $)* '-/(&-*
/(* "-'8(#()",%* 8(+B("#%@* /-)/(* #-/%* &%*
,)B-+'%",.)* /,28-),4&(* 2(* #+%2&%/(* %&* 8+(",-*
(2*$)%*:()#%=%5*C&*/(2('8(>-*/(*$)%*('8+(2%*
ƉƵĞĚĞĂƉƌĞĐŝĂƌƐĞƚŽĚŽƐůŽƐĚşĂƐĞŶĨƵŶĐŝſŶĚĞ
&%* (:-&$",.)* /(* &-2* 8+(",-2* /(* 2$2* %"",-)(25*
ƐƚĞƐĞŐƵŝŵŝĞŶƚŽĐŽŶƟŶƵŽĚĞůĚĞƐĞŵƉĞŹŽĚĞ
&%2*('8+(2%2*(2*&-*;$(*&%*/-"#+,)%*/()-',)%*
L/,2",8&,)%* /(* '(+"%/-N5* V)%* ('8+(2%* "$7%2*
%"",-)(2* 2(* )(3-",%)* ()* $)* '("%),2'-*
265
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6

THEMIS 61 ĐĞŶƚƌĂůŝnjĂĚŽ ĚĞ ŶĞŐŽĐŝĂĐŝſŶ ĞƐƚĄ ƐŽŵĞƟĚĂ Ă
Revista de Derecho
$)%* 2$(+#(* /(* #+,4$)%&* 814&,"-* ;$(* =$A3%* 2$*
ĚĞƐĞŵƉĞŹŽ ƚŽĚŽƐ ůŽƐ ĚşĂƐ͘ >Ă ĚŝƐŵŝŶƵĐŝſŶ
/(&*8+(",-*/(*&%2*%"",-)(2*(2*$)%*&&%'%/%*/(*
%#()",.)*%*&-2*%/',),2#+%/-+(2*/(*&%*('8+(2%5*
:()/,()/-* &%2* %"",-)(25* 0-+* &-* #%)#-@* %$)*
"$%)/-*&%*,)B-+'%",.)*)-*2(*"-)-A"%@*(&*2.&-*
%$'()#-*/(*&%*-B(+#%*-*/(*&%*/('%)/%*/(*&%2*
ĂĐĐŝŽŶĞƐ͕ ůůĞǀĂƌĄ Ă ůĂ ĞdžŝƐƚĞŶĐŝĂ ĚĞ ŶŽƟĐŝĂƐ
ƉŽƐŝƟǀĂƐŽŶĞŐĂƟǀĂƐƌĞƐƉĞĐƚŽĚĞůĂĞŵƉƌĞƐĂ͘

WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĐƵĂŶĚŽƵŶĂĞŵƉƌĞƐĂŶŽƟĞŶĞ ŽŶƐŝĚĞƌĂŶĚŽ ůŽ ĚĞƐĐƌŝƚŽ ƌĞƐƉĞĐƚŽ ĚĞ ůĂ

%"",-)(2* ;$(* 2(* )(3-",()* ()* $)* '(+"%/-*
814&,"-@* )-* (2#?* 2$=(#%* %&* ',2'-* ),:(&* /(*
"-)#+-&5
I%* /,2",8&,)%* /(* '(+"%/-* (2* $)-* /(* &-2*
8+,)",8%&(2* 8+-8$&2-+(2* /(&* 4$()* 3-4,(+)-*
ĐŽƌƉŽƌĂƟǀŽ͕ ŝŶĐůƵƐŽ ĞŶ ƵŶ ŵĞƌĐĂĚŽ ĐŽŵŽ Ğů
/(*&-2*C2#%/-2*V),/-2@*&&()-*/(*,):(+2,-),2#%2*
8%2,:-25* C2#-* 2(* /(4(* %* &%* /()-',)%/%*
ZĞŐůĂ ĚĞ tĂůů ^ƚƌĞĞƚ23 ;X!))3 F&,00&3 ,$)0Ϳ͕
;$(* 8+-8$3)%* ;$(* "$%)/-* $)%* ('8+(2%*
ŶŽ ƟĞŶĞ Ğů ĚĞƐĞŵƉĞŹŽ ƋƵĞ Ğů ŝŶǀĞƌƐŝŽŶŝƐƚĂ
(28(+%@*(2*8+(B(+,4&(*:()/(+*&%2*%"",-)(2*;$(*
,)#()#%+* "%'4,%+* &%* B-+'%* ()* ;$(* 2(* '%)(=%*
&%* ('8+(2%͘ ů ĚĞƐĞŽ ĐŽůĞĐƟǀŽ ĚĞ ůŽƐ
,):(+2,-),2#%2* /(* /(2<%"(+2(* /(* &%2* %"",-)(2*
ĞŵŝƟĚĂƐƉŽƌůĂĞŵƉƌĞƐĂŐĞŶĞƌĂƵŶĞdžĐĞƐŽĚĞ
ŽĨĞƌƚĂƋƵĞĂĐĂƌƌĞĂůĂĚŝƐŵŝŶƵĐŝſŶĚĞůƉƌĞĐŝŽ͘^ŝ
ůŽƐĂĚŵŝŶŝƐƚƌĂĚŽƌĞƐĚĞůĂĞŵƉƌĞƐĂĐŽŶƟŶƷĂŶ
ŐĞƐƟŽŶĄŶĚŽůĂĚĞŵĂŶĞƌĂĚĞĮĐŝĞŶƚĞ͕ĞůƉƌĞĐŝŽ
ĐŽŶƟŶƵĂƌĄďĂũĂŶĚŽŚĂƐƚĂƋƵĞĞůƉƌĞĐŝŽůůĞŐƵĞ
%* $)* 8$)#-* ()* (&* ;$(* %&31)* ,):(+2,-),2#%*
:(%* 8-2,4,&,/%/(2* /(* -4#()(+* 3%)%)",%2*
ĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐ ƉŽƌ ůĂ ǀşĂ ĚĞ ĂĐƵŵƵůĂƌ ůĂ
ƐƵĮĐŝĞŶƚĞ ĐĂŶƟĚĂĚ ĚĞ ĂĐĐŝŽŶĞƐ ĐŽŵŽ ƉĂƌĂ
+('-:(+*%*&-2*%"#$%&(2*%/',),2#+%/-+(25
^ŝƚŽŵĂŵŽƐůĂǀĞƌƐŝſŶŵĄƐĨƵĞƌƚĞĚĞůĂƚĞŽƌşĂ
ĚĞůŽƐŵĞƌĐĂĚŽƐĞĮĐŝĞŶƚĞƐ@*$)%*('8+(2%*),*
2,;$,(+%* )("(2,#%* 2(+* #+%)28%+()#(* 8%+%* ;$(*
&%* )(3-",%",.)* /(* 2$2* %"",-)(2* &%* 2$=(#(* %* &%*
/,2",8&,)%* /(* '(+"%/-5* C2#-* 2(* /(4(* %* ;$(*
%$)* "$%)/-* &%* ,)B-+'%",.)* )-* 2(* /,:$&3$(*
8%+%* (&* "-)-",',()#-* 3()(+%&@* L%&3$,()N*
"-)-"(* &%* ,)B-+'%",.)* 7* &%* 1),"%* B-+'%* ()*
;$(* (2%* 8(+2-)%* 8$(/(* %8+-:("<%+2(* /(* &%*
,)B-+'%",.)* ;$(* "-)-"(* (2* "-'8+%)/-* -*
ĚŝƐĐŝƉůŝŶĂĚĞŵĞƌĐĂĚŽLJůĂŵŽƟǀĂĐŝſŶƋƵĞĠƐƚĂ
3()(+%*8%+%*;$(*&%2*('8+(2%2*#()3%)*$)*4$()*
ŐŽďŝĞƌŶŽĐŽƌƉŽƌĂƟǀŽ͕ƉĂƌĞĐĞƌşĂĚĞƐĞĂďůĞƋƵĞ
&%2* ('8+(2%2* /(&* C2#%/-* &,2#()* 2$2* %"",-)(2*
ĞŶďŽůƐĂ͘ĞĞƐƚĞŵŽĚŽ͕ŵŽƟǀĂƌşĂŵŽƐĂƐƵƐ
ĂĚŵŝŶŝƐƚƌĂĚŽƌĞƐ Ă ƋƵĞ ďƵƐƋƵĞŶ ůĂ ĞĮĐŝĞŶĐŝĂ
()* &%* %/',),2#+%",.)* /(* &%* ('8+(2%5* C2#(*
+%A-)%',()#-@* 2,)* ('4%+3-@* -',#(* $)*
(&('()#-*B$)/%'()#%&O*8%+%*;$(*&%*/,2",8&,)%*
/(*'(+"%/-*#()3%*&$3%+@*(2*)("(2%+,-*;$(*&%2*
%"",-)(2*L2(*)(3-",()N5*Q-*4%2#%*"-)*;$(*2(*
&,2#()@*8$(2#-*;$(*&-*;$(*&&(:%*&%*,)B-+'%",.)*
%&*8+(",-*2-)*&%2*-8(+%",-)(2*/(*"-'8+%:()#%*
;$(*2(*&&(:%)*%*"%4-5
I-* ;$(* <%* <("<-* (&* C2#%/-* <%2#%* &%* B("<%* (2*
ůŝƐƚĂƌ ůĂƐ ĂĐĐŝŽŶĞƐ ƌĞƉƌĞƐĞŶƚĂƟǀĂƐ ĚĞů ĐĂƉŝƚĂů
2-",%&* /(* 0(#+-8(+15* C2* /(",+@* ,)2"+,4,+* &%2*
ĂĐĐŝŽŶĞƐĞŶĞůZĞŐŝƐƚƌŽWƷďůŝĐŽĚĞůDĞƌĐĂĚŽĚĞ
sĂůŽƌĞƐ ĚĞ ůĂ ^ƵƉĞƌŝŶƚĞŶĚĞŶĐŝĂ ĚĞů DĞƌĐĂĚŽ
ĚĞ sĂůŽƌĞƐ LJ ĞŶ Ğů ZĞŐŝƐƚƌŽ ĚĞ sĂůŽƌĞƐ ĚĞ ůĂ
U-&2%*/(*S%&-+(2*/(*I,'%5
ŚŽƌĂďŝĞŶ͕ƉŽĚƌşĂĚĞĐŝƌƐĞƋƵĞĞƐƚĂŝŶƐĐƌŝƉĐŝſŶ
ƐƵũĞƚĂ ĂƵƚŽŵĄƟĐĂŵĞŶƚĞ Ă ůĂ ĞŵƉƌĞƐĂ Ă ƵŶ
ƌĠŐŝŵĞŶ ĚĞ ƚƌĂŶƐƉĂƌĞŶĐŝĂ ĞdžƉƌĞƐĂĚŽ ĞŶ ůĂƐ
ŵƷůƟƉůĞƐ ŽďůŝŐĂĐŝŽŶĞƐ ĚĞ ŝŶĨŽƌŵĂĐŝſŶ ƋƵĞ
ƟĞŶĞ͗ ŝŶĨŽƌŵĂĐŝſŶ ĮŶĂŶĐŝĞƌĂ ƚƌŝŵĞƐƚƌĂů
ŶŽ ĂƵĚŝƚĂĚĂ͕ ŝŶĨŽƌŵĂĐŝſŶ ĮŶĂŶĐŝĞƌĂ ĂŶƵĂů
%$/,#%/%* 7* <("<-2* /(* ,'8-+#%)",%5* Q-*
ŽďƐƚĂŶƚĞ͕ ĞƐƚĂ ƐŽůĂ ĮŶĂůŝĚĂĚ ŶŽ ũƵƐƟĮĐĂ Ğů
ůŝƐƚĂĚŽ͘ƐĚĞĐŝƌ͕ƐŝůŽƋƵĞĞůƐƚĂĚŽƋƵĞƌşĂĞƐ
;$(* 2$2* ('8+(2%2* /,:$&3$()* ,)B-+'%",.)@* &-*
ƷŶŝĐŽ ƋƵĞ ŶĞĐĞƐŝƚĂďĂ ŚĂĐĞƌ ĞƌĂ ĞŵŝƟƌ ƵŶĂ
ĚŝƌĞĐƟǀĂĚŝƐƉŽŶŝĞŶĚŽƋƵĞWĞƚƌŽƉĞƌƷƉƵďůŝƋƵĞ
&%*,)B-+'%",.)*()*2$*8?3,)%*_(45*I%*+$(/%*/(*
ďŽůƐĂĞƐƵŶŵĞĐĂŶŝƐŵŽĚĞŶĞŐŽĐŝĂĐŝſŶLJƟĞŶĞ

23
Wall Street es el nombre de la calle de la ciudad de Nueva York en la que se encuentra ubicada la Bolsa de
9DORUHVGH1XHYD<RUN3RUH[WHQVLyQVHXVD³:DOO6WUHHW´FRPRXQDUHIHUHQFLDD³PHUFDGRV¿QDQFLHURV´

O’KELLY, Charles y Robert THOMPSON. “Corporations and other business associations. Cases and
PDWHULDOV´4XLQWD(GLFLyQ1XHYD<RUN$VSHQ3XEOLVKHUVSS\VLJXLHQWHV

Ibídem.

Con esto no quiero decir que el nivel de transparencia de una empresa sea indiferente. Sin duda, cuanto
PiV WUDQVSDUHQWH VHD XQD HPSUHVD VHUi PHMRU 'H KHFKR FXDQWR PiV WUDQVSDUHQWH VHD XQD HPSUHVD
ORVLQYHUVLRQLVWDVSRGUiQWRPDUPHMRUHVGHFLVLRQHV/RTXHHVWR\WUDWDQGRGHGHFLUHVTXH±WHyULFDPHQWH±
aun en el caso de una empresa poco transparente, si existe negociación de las acciones, el desempeño
GHODHPSUHVDVHYHUiUHÀHMDGRHQHOSUHFLR/DGLIHUHQFLDVHUiTXHODLQIRUPDFLyQWRPDUiPiVWLHPSRHQ
LQFRUSRUDUVHDOSUHFLR(VWRTXLHUHGHFLUTXHDOJXQRVLQYHUVLRQLVWDVWUDQVDUiQFRQXQDYHQWDMDLQMXVWDIUHQWH
DRWURVSHURDO¿QDOODLQIRUPDFLyQLJXDOPHQWHOOHJDUiDOSUHFLR
266

ƐĞŶƟĚŽ ĐƵĂŶĚŽ ĞĨĞĐƟǀĂŵĞŶƚĞ ƐĞ ŶĞŐŽĐŝĂ͘
I%* +%A.)* (2* ;$(* 2,* &%* ,)B-+'%",.)* /,:$&3%/%*
ŶŽ ƐĞ ƌĞŇĞũĂ ĞŶ Ğů ƉƌĞĐŝŽ ʹƉƵĞƐ ŶŽ ŚĂLJ
8+(",-@* /(4,/-* %* ;$(* )-* <%7* #+%)2%"",-)(29*
)-* 8+-/$",+?* &%* /,2",8&,)%* /(* '(+"%/-* ;$(*
ĚĞƐĐƌŝďşĂŶƚĞƌŝŽƌŵĞŶƚĞ͘
CM, %<I8HEBHEO9,;<,BHHE89<:,;<,<NS><:B:,
<:DBDB6<:
^ŝ ůĂ ĞĨĞĐƟǀĂ ŶĞŐŽĐŝĂĐŝſŶ ĚĞ ůĂƐ ĂĐĐŝŽŶĞƐ ĞƐ
)("(2%+,%* 8%+%* ;$(* -"$++%* &%* /,2",8&,)%* /(*
'(+"%/-@* (2#-* +(;$,(+(* ;$(* (&* C2#%/-* 2(%*
"%8%A* /(* "-):()"(+* %* &-2* ,):(+2,-),2#%2* /(*
;$(*%++,(23$()*2$*/,)(+-*()*$)%*('8+(2%*;$(*
(2*%/',),2#+%/%*8+(",2%'()#(*8-+*(&*C2#%/-5*
C2#-* )-* (2* $)%* #%+(%* 2()",&&%@* 2,* #()('-2* ()*
"$()#%* #-/%2* &%2* +%A-)(2* 8-+* &%2* ;$(@* "-'-*
ŚĞĞdžƉůŝĐĂĚŽŵĄƐĂĚĞůĂŶƚĞ͕ĞůƐƚĂĚŽƟĞŶĞůĂ
+(8$#%",.)*/(*2(+*$)*'%&*('8+(2%+,-5
0-+* -#+-* &%/-@* &%* /,2",8&,)%* /(* '(+"%/-*
ƷŶŝĐĂŵĞŶƚĞ ƐĞƌĄ ƷƟů ƉĂƌĂ ŵĞĚŝƌ Ɛŝ ůĂ
('8+(2%* (2* 4,()* '%)(=%/%* ()* B$)",.)* /(*
ƐƵ ŚĂďŝůŝĚĂĚ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ƵƟůŝĚĂĚĞƐ͕ ƉĞƌŽ
ĚĞ ŶŝŶŐƵŶĂ ŵĂŶĞƌĂ ƉĞƌŵŝƟƌĄ ŵĞĚŝƌ Ɛŝ ĞůůĂ
ĞƐƚĄ ĐƵŵƉůŝĞŶĚŽ Ž ŶŽ ůŽƐ ŽƚƌŽƐ ŽďũĞƟǀŽƐ
;ůŽƐ ŽďũĞƟǀŽƐ ƉŽůşƟĐŽƐͿ ƋƵĞ Ğů ƐƚĂĚŽ ƉƵĞĚĞ
<%4(+2(*#+%A%/-*%&*/(",/,+*&&(:%+*%*"%4-*/,"<%*
ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů͘ Ŷ ŽƚƌĂƐ ƉĂůĂďƌĂƐ͕ ůĂ
ĚŝƐĐŝƉůŝŶĂ ĚĞ ŵĞƌĐĂĚŽ ƐĞƌĄ ŝŶƷƟů ƉĂƌĂ ŵĞĚŝƌ
2,* &%* ('8+(2%* "$'8&(* %/("$%/%'()#(* $)%*
͞ĨƵŶĐŝſŶ ƌĞĚŝƐƚƌŝďƵƟǀĂ͟ Ž ƵŶĂ ͞ĨƵŶĐŝſŶ
+("%$/%/-+%N5
W(),()/-* ()* "$()#%* &-* %)#(+,-+@* /(2/(* ',*
ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ͕ ĞdžŝƐƚĞŶ ďĄƐŝĐĂŵĞŶƚĞ ƚƌĞƐ
8-2,4,&,/%/(25
>ĂƉƌŝŵĞƌĂ͕ƐŝĞůƐƚĂĚŽƌĞĂůŝnjĂƐƵƐĂĐƟǀŝĚĂĚĞƐ
ĞŶ ƵŶĂ ĞŵƉƌĞƐĂ ĞŶ ƉĂƌƟĐƵůĂƌ ĐŽŶ ƵŶĂ
͞ĮŶĂůŝĚĂĚ ƌĞĚŝƐƚƌŝďƵƟǀĂ͕͟ ůĂ ĞŵƉƌĞƐĂ ŶŽ
ƐĞƌĄ ĂƚƌĂĐƟǀĂ ƉĂƌĂ ůŽƐ ŝŶǀĞƌƐŝŽŶŝƐƚĂƐ͘ ƐƚŽ
)-* ;$,(+(* /(",+* ;$(* &-2* ,):(+2,-),2#%2* )-*
(2#%+?)*,)#(+(2%/-2*()*"-'8+%+*&%2*%"",-)(25*
^ſůŽ ƋƵŝĞƌĞ ĚĞĐŝƌ ƋƵĞ ƷŶŝĐĂŵĞŶƚĞ ĞƐƚĂƌĄŶ
/,28$(2#-2* %* <%"(+&-* %* "%'4,-* /(* $)* 8+(",-*
'$7*4%=-5
I%* 2(3$)/%* 8-2,4,&,/%/@* 2,* 2(* #+%#%* /(* $)%*
('8+(2%* ()* &%* ;$(* (&* C2#%/-* +(%&,A%* 2$2*
ĂĐƟǀŝĚĂĚĞƐĐŽŶƵŶĂ͞ĮŶĂůŝĚĂĚƌĞĐĂƵĚĂĚŽƌĂ͕͟
/(2/(* &$(3-* ;$(* &-2* ,):(+2,-),2#%2* (2#%+?)*
ĚŝƐƉƵĞƐƚŽƐĂŝŶǀĞƌƟƌĞŶƵŶĂĞŵƉƌĞƐĂĞŶůĂƋƵĞ
ĞůƐƚĂĚŽƉŽŶĞůĂŵĂdžŝŵŝnjĂĐŝſŶĚĞůĂƵƟůŝĚĂĚ
ĐŽŵŽ ŽďũĞƟǀŽ ƉƌŝŶĐŝƉĂů͘ ƐƉĞĐŝĂůŵĞŶƚĞ͕ Ɛŝ
7+Ɯ0,65HYLVWDGH'HUHFKRS
ĞƐƚĂ ĞŵƉƌĞƐĂ ƟĞŶĞ ǀĞŶƚĂũĂƐ ĐŽŵƉĞƟǀĂƐ Ž THEMIS 61
Revista de Derecho
ŵŽŶŽƉŽůŝŽƐ ƋƵĞ ŐĂƌĂŶƟĐĞŶ ƐƵ ƌĞŶƚĂďŝůŝĚĂĚ͘
ĞƐĚĞůƵĞŐŽ͕ĞŶĞƐƚĞĐĂƐŽ͕ƐŝůŽƋƵĞĞůƐƚĂĚŽ
ƉƌŝŽƌŝnjĂ ĞƐ ƌĞĐĂƵĚĂƌ͕ ŶŽ ƚĞŶĚƌşĂ ƐĞŶƟĚŽ
ƋƵĞ ƉĞƌŵŝƚĂ ƋƵĞ ĂůŐƷŶ ƉƌŝǀĂĚŽ ƉĂƌƟĐŝƉĞ
ĚĞ ƐƵ ďĞŶĞĮĐŝŽ͘ ͎^Ğ ŝŵĂŐŝŶĂŶ Ăů ŐŽďŝĞƌŶŽ
:()(A-&%)-* 9#%&* "-'-* (2* ()* &%* %"#$%&,/%/9*
ŽƚŽƌŐĂŶĚŽ Ă ůŽƐ ƉƌŝǀĂĚŽƐ ƵŶĂ ƉĂƌƟĐŝƉĂĐŝſŶ
ĂĐĐŝŽŶĂƌŝĂĞŶWĞƚƌſůĞŽƐĚĞsĞŶĞnjƵĞůĂ^͍͘͘
ƵŶĂƐş͕ĞdžŝƐƚĞůĂƉŽƐŝďŝůŝĚĂĚʹLJĞǀĞŶƚƵĂůŵĞŶƚĞ
ƉŽĚƌşĂƐĞƌĞƐƚŽůŽƋƵĞŽĐƵƌƌĂĞŶĞůWĞƌƷʹĚĞ
ƋƵĞ Ğů ƐƚĂĚŽ ĮũĞ ĐŽŵŽ ŽďũĞƟǀŽ ƉŽůşƟĐŽ
ƉƌĞĐŝƐĂŵĞŶƚĞ ƋƵĞ ůĂ ĐŝƵĚĂĚĂŶşĂ ƚĞŶŐĂ ƵŶĂ
ƉĞƌĐĞƉĐŝſŶĨĂǀŽƌĂďůĞƌĞƐƉĞĐƚŽĚĞůĂĂĐƟǀŝĚĂĚ
('8+(2%+,%&*/(&*C2#%/-5*C)*(2#(*"%2-@*(&*C2#%/-*
ƉŽĚƌşĂŽƚŽƌŐĂƌĂůŽƐƉƌŝǀĂĚŽƐƵŶĂƉĂƌƟĐŝƉĂĐŝſŶ
ĞŶ ƵŶĂ ĞŵƉƌĞƐĂ ƋƵĞ ƚĞŶŐĂ ͞ĮŶĂůŝĚĂĚ
+("%$/%/-+%N5* I-2* ,):(+2,-),2#%2* (2#%+?)*
ĨĞůŝĐĞƐ ĐŽŶ ƐƵƐ ŐĂŶĂŶĐŝĂƐ ĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐ LJ
Ğů ƐƚĂĚŽ ĐŽŶƐĞŐƵŝƌĄ Ğů ŽďũĞƟǀŽ ĚĞƐĞĂĚŽ ĚĞ
-4#()(+* 8$4&,",/%/* B%:-+%4&(* +(28("#-* /(* 2$*
ĐĂƉĂĐŝĚĂĚĚĞƌĞĂůŝnjĂƌĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů͘
I%* #(+"(+%* 8-2,4,&,/%/* (2* "$%)/-* (&* C2#%/-*
Reynaldo Antonio Guarniz Izquierdo
ĚĞĐŝĚĞ ůůĞǀĂƌ Ă ĐĂďŽ ƐƵƐ ĂĐƟǀŝĚĂĚĞƐ
ĞŵƉƌĞƐĂƌŝĂůĞƐ ƉƌĞĐŝƐĂŵĞŶƚĞ ĐŽŶ ͞ĮŶĂůŝĚĂĚ
('8+(2%+,%&N5* C)* (2#(* "%2-@* "-'-* /,=(* '?2*
%++,4%@* (&* C2#%/-* 2(* 8-+#%* +(28("#-* /(* &%*
ĞŵƉƌĞƐĂĞdžĂĐƚĂŵĞŶƚĞĚĞůĂŵŝƐŵĂĨŽƌŵĂĞŶ
ƋƵĞůŽŚĂƌşĂĐƵĂůƋƵŝĞƌƉƌŝǀĂĚŽ͘ƐƚĞĞƐĞůĐĂƐŽ
/(* ('8+(2%2* "-'-* 0(#+-4+%2* -* C"-8(#+-&5*
C)* ',* -8,),.)@* ()* (&* 0(+1* %1)* )-* #()('-2*
),)3$)%* ('8+(2%* ;$(* (2#K* ()* (2%* 2,#$%",.)5*
^ŝŶ ĞŵďĂƌŐŽ͕ ĐŽŵŽ ůŽ ŵĞŶĐŝŽŶĠ ŵĄƐ ĂƌƌŝďĂ
"-)2,/(+-* ;$(* ()* (2#-2* "%2-2* )-* 3()(+%*
ŶŝŶŐƷŶ ďĞŶĞĮĐŝŽ ĂĚŝĐŝŽŶĂů Ă ůĂ ƐŽĐŝĞĚĂĚ
ƋƵĞ Ğů ƐƚĂĚŽ ƐĞĂ ƟƚƵůĂƌ ĚĞ ůĂ ĞŵƉƌĞƐĂ͘
ŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ͕ůĂƚĞŶĚĞŶĐŝĂƐĞƌĄĂƋƵĞůĂ
ƉĂƌƟĐŝƉĂĐŝſŶĚĞůƐƚĂĚŽĞŶůĂƉƌŽƉŝĞĚĂĚĚĞůĂ
('8+(2%*2(*+(/$A"%*8+-3+(2,:%'()#(@*%*#+%:K2*
ĚĞƵŶĂƐƵĞƌƚĞĚĞƉƌŝǀĂƟnjĂĐŝſŶƉƌŽŐƌĞƐŝǀĂ͘^Ğ
ĚŝƌşĂ ƋƵĞ ĞƐƚŽ ĞƐ ƉƌĞĐŝƐĂŵĞŶƚĞ ůŽ ƋƵĞ ǀŝĞŶĞ
8%2%)/-* "-)* 0(#+-4+%2@* ;$(* (&* %>-* 8%2%/-*
+(%&,A.* &%* '%7-+* -B(+#%* 814&,"%* /(* %"",-)(2*
/(*&%*<,2#-+,%*7*"$7-*"%8,#%&*2(*<%&&%*()*'%)-2*
ƉƌŝǀĂĚĂƐĞŶŵĄƐĚĞůϰϬй͘
0M, ',F.-.,-#,(.%(+1$)*%
>Ă ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ ĞƐ ƵŶĂ
/,2"$2,.)*8(+'%)()#(@*8-+;$(*2(*#+%#%*/(*$)%*
ĐƵĞƐƟſŶŝĚĞŽůſŐŝĐĂLJĚĞƉŽƐŝĐŝſŶ͕ĞŶůĂƋƵĞƐŝ
4,()*()*%&3$)-2*"%2-2*&%*+(28$(2#%*:%*"&%+%'()#(*
ĞŶƵŶƐĞŶƟĚŽŽĞŶĞůŽƚƌŽ͕ĞdžŝƐƚĞƵŶĂĐĂŶƟĚĂĚ
ĚĞ ƐŝƚƵĂĐŝŽŶĞƐ ʹƉƌĄĐƟĐĂŵĞŶƚĞ ŝŶĮŶŝƚĂʹ ĞŶ ůĂ
ƋƵĞŶŽĞdžŝƐƚĞƵŶĂƌĞƐƉƵĞƐƚĂĐŽƌƌĞĐƚĂ͘
267
 /$$&7,9,'$'(035(6$5,$/'(/(67$'2</$%2/6$'(9$/25(6
THEMIS 61 0(+2-)%&'()#(@* 2-7* $)* "-):()",/-* /(* &-2*
Revista de Derecho
ďĞŶĞĮĐŝŽƐ ĚĞ ůĂ ŝŶŝĐŝĂƟǀĂ ƉƌŝǀĂĚĂ LJ ĐƌĞŽ
ƋƵĞ ůĂ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĚĞů ƐƚĂĚŽ
ĚĞďĞƌşĂ ƐĞƌ ĞdžĐĞƉĐŝŽŶĂů͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ŶŽ
ĐƌĞŽƋƵĞĞdžŝƐƚĂƵŶĚŽŐŵĂƌĞƐƉĞĐƚŽĚĞƋƵĞůĂ
ĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽƐŝĞŵƉƌĞƐĞĂ
ŝŶĞĮĐŝĞŶƚĞŶŝƋƵĞƐſůŽƉŽƌĞůŚĞĐŚŽĚĞƋƵĞŶŽ
ƐĞĂƌĞŶƚĂďůĞ͕ŶŽƐĞĞŶĐƵĞŶƚƌĞũƵƐƟĮĐĂĚĂ͘Ğ
ŚĞĐŚŽ͕ ƉŝĞŶƐŽ ƋƵĞ Ğů ƐƚĂĚŽ ŶƵŶĐĂ ĚĞďĞƌşĂ
ůůĞǀĂƌ Ă ĐĂďŽ ĂĐƟǀŝĚĂĚ ĞŵƉƌĞƐĂƌŝĂů ĐŽŶ ƵŶĂ
LB$)",.)* +("%$/%/-+%N* 98$(2* (2* $)%* B-+'%*
,)/(4,/%*/(*,'8-)(+*#+,4$#-29*7*;$(*#%'8-"-*
3()(+%*),)31)*4,()(2#%+*%*&%*2-",(/%/*(&*;$(*
Ğů ƐƚĂĚŽ ƌĞĂůŝĐĞ ĂĐƟǀŝĚĂĚĞƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ
"-)* $)%* LB$)",.)* ('8+(2%+,%&N@* 8$(2#-* ;$(*
Ğů ƉƌŝǀĂĚŽ ĂĐƚƵĂƌşĂ ĞdžĂĐƚĂŵĞŶƚĞ ŝŐƵĂů LJ Ğů
ƐƚĂĚŽĚĞďĞƌşĂĐŽŶĐĞŶƚƌĂƌƐĞĞŶŝŶƚĞƌǀĞŶŝƌĚĞ
ƵŶĂĨŽƌŵĂĚŝƐƟŶƚĂĂĐŽŵŽĞůŵĞƌĐĂĚŽůŽŚĂƌşĂ͘
0-+*&-*#%)#-@*()*&%*'(/,/%*()*;$(*&%*LB$)",.)*
ƌĞĚŝƐƚƌŝďƵƟǀĂ͟ƐĞĂũƵƐƟĮĐĂĚĂĐŽŶƵŶŽďũĞƟǀŽ
ƉŽůşƟĐŽ ǀĄůŝĚŽ͕ ĞƐ ůĂ ƷŶŝĐĂ ƋƵĞ ŵĞ ƉĂƌĞĐĞ
ũƵƐƟĮĐĂĚĂ LJ ǀĂůŝŽƐĂ ƉŽƌ ƉĂƌƚĞ ĚĞů ƐƚĂĚŽ͕
2,('8+(* ;$(* (2#-* )-* &-* &&(:(* %* /(2"$,/%+* (&*
ĞƋƵŝůŝďƌŝŽĮƐĐĂů͘
268
0-+*"-)2,3$,()#(@*()*',*-8,),.)@*%$)*"$%)/-*
K2#(* (2* (&* "%',)-* '?2* 8(&,3+-2-@* %)%&,A%+*
ĐĂĚĂ ĐĂƐŽ ĐŽŶĐƌĞƚŽ ĞƐ ůĂ ĂƉƌŽdžŝŵĂĐŝſŶ
%/("$%/%*7@*()*(2%*'(/,/%@*&%2*/,28-2,",-)(2*
ƋƵĞ ƟĞŶĞ ŶƵĞƐƚƌĂ ŽŶƐƟƚƵĐŝſŶ ƌĞƐƉĞĐƚŽ ĚĞ
ůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚĞůƐƚĂĚŽƉĂƌĞĐĞŶ
%/("$%/%25
ŶĞƐƚĞŵŝƐŵŽƐĞŶƟĚŽ͕ŵŝŽƉŝŶŝſŶĞƐƋƵĞĞů
&,2#%/-*/(*&%2*%"",-)(2*/(*&%2*('8+(2%2*814&,"%2*
()*$)%*4-&2%*/(*:%&-+(2*)-*(2*),*8-+*%2-'-*&%*
8%)%"(%* ;$(* #-/-2* 2$2* ,'8$&2-+(2* 8%+("()*
2$3(+,+5*C)*8+,'(+*&$3%+@*8%+%*;$(*&%*/,2",8&,)%*
/(*'(+"%/-*B$)",-)(@*2(+?*,'8+(2",)/,4&(*;$(*
ƵŶŶƷŵĞƌŽƐƵĮĐŝĞŶƚĞĚĞĂĐĐŝŽŶĞƐƐĞƚƌĂŶƐĞŶ
()* (&* '(+"%/-* +(3$&%+'()#(* 7@* ()* 2(3$)/-*
&$3%+@* &%* /,2",8&,)%* /(* '(+"%/-* 1),"%'()#(*
ƉĞƌŵŝƟƌĄ ĂƉƌĞĐŝĂƌ Ɛŝ ůĂ ĞŵƉƌĞƐĂ ĞƐ ĞĮĐŝĞŶƚĞ
ĞŶ ƐƵ ĨƵŶĐŝſŶ ĚĞ ŐĞŶĞƌĂĐŝſŶ ĚĞ ƵƟůŝĚĂĚĞƐ
ƉĞƌŽŶŽƉĞƌŵŝƟƌĄŵĞĚŝƌƐŝůĂĞŵƉƌĞƐĂĐƵŵƉůĞ
ĚĞ ŵĂŶĞƌĂ ĞĨĞĐƟǀĂ ůŽƐ ŽƚƌŽƐ ŽďũĞƟǀŽƐ ƋƵĞ
ũƵƐƟĮĐĂŶ ƋƵĞ Ğů ƐƚĂĚŽ ĚĞƐĂƌƌŽůůĞ ĂĐƟǀŝĚĂĚ
('8+(2%+,%&5