0DUFHOD3D]

3$3(/8&+2&$6,+8‹5)$12
3$3(/8&+2

1/41

$QWHV\RVLHPSUHHVFULE¯DPLGLDULRSHURXQFDEURGHODFODVHPH
ORWLUµDODEDVXUD\\DQRHVFULE¯QXQFDP£V
8Q EXHQ G¯D OOHJµ XQ VH³RU D YHUPH (UD XQ VH³RU FRQ FDUD GH
£JXLOD \ PLOHV GH DUUXJXLWDV GHEDMR GH ORV RMRV 7DPEL«Q WHQ¯D XQD
FDPLVDFRQFDUDFROHV\ODQDUL]FRQSHOLWRVDVRPDGRV
౱3DSHOXFKR ౱PH GLMR౱ 0H KD FRVWDGR WUDEDMR GDU FRQWLJRಃ
)XL\RHOTXHHQFRQWUµWXGLDULRHQODEDVXUD\DKRUDHVWRGRXQOLEUR
+DVVHJXLGRHVFULELHQGR"
౱1R
౱(VR PH SDUHFH PDO 7H KH WUD¯GR XQ SUHFLRVR FXDGHUQR FRQ
WDSDVGHMDEDO¯SDUDTXHVLJDVHVFULELHQGRWXGLDULR
౱0XFKDVJUDFLDV౱OHGLMH(UDXQDSHQDSHQVDUTXHHVDVWDSDV
KDE¯DQVLGRXQYHUGDGHURMDEDO¯\HVWHVH³RUORDSODVWµSDUDKDFHUORXQ
SXURFXDGHUQR3RUTX«QRPHWUDHU¯DHOMDEDO¯PHMRU"
౱8VWHGHVH[SORUDGRU"౱OHSUHJXQW«
౱([SORUDGRU" %XHQR HQ FLHUWR PRGR ౱GLMR౱ $ YHFHV VH
HQFXHQWUDQWHVRURVHQXQEDVXUDOಃ
౱\HOMDEDO¯"
౱c$K7HUHILHUHVDPLUHJDORಃ%XHQRPHSDUHFLµMXVWREXVFDU
ORP£VYDOLRVRHQODPDWHULDSDUDUHJDODUWH(VPX\HVFDVRHQFRQWUDU
XQDHQFXDGHUQDFLµQFRPRHVD3HURSDUDWXGLDULRಃ
౱3DUD RWUD YH] PH WUDH HO MDEDO¯ 1R SLHQVR HVFULELU P£V PL
GLDULRಃ
0HGDPXFKDUDELDYHUTXHORVKRPEUHVVRQWDQLQMXVWRVFRQORV
DQLPDOHV < FUHR TXH HV GH SXUD HQYLGLD 3RUTXH ORV DQLPDOHV QR
WLHQHQTXHKDFHUWDQWDVWRQWHUDVFRPRHOORVQRWLHQHQTXHFRUWDUVHHO
SHORQLODVX³DVQLDQGDUOLPSLRVQLSDJDUFXHQWDVQLWUDEDMDUQLKDFHU
WDUHDVQLVHUULFRVQLHQIHUPDUVHVLQRTXHVLPSOHPHQWHVHPXHUHQ\
VHDFDEµ<WDPSRFRWLHQHQDOPD\HVRHVXQDFXHVWLµQFRQTXHXQR
QDFHVLQTXHOHFRQVXOWHQVLTXLHUD<HODOPDHVXQDFRVDTXHHVWURSHD
PXFKRV SURJUDPDV 6HU¯D EXHQR SRG«UVHOD VDFDU \ SRQHU FRPR ORV
]DSDWRVQXHYRVTXHDSULHWDQRVHHVWURSHDQ
౱4X«QRSLHQVDVHVFULELUP£VWXGLDULR"౱HOVH³RUGHFDUDGH
£JXLODFDVLKDF¯DSXFKHURV6HYH¯DTXHQRHUDPX\KRPEUH\QRGDED
O£VWLPDVLQRORFRQWUDULR
౱1RSLHQVR౱OHGLMH౱\VLTXLHUHOHGHYXHOYRVXUHJDOR
౱'H QLQJXQD PDQHUD ౱GLMR SRQL«QGRVH FKLQFKRVR౱ (V WX\R
3HURVREUHODFXHVWLµQGHWXGLDULRYR\DSURSRQHUWHXQQHJRFLR
౱8QQHJRFLR"
౱$OJR TXH WH G« LQWHU«V HQ HVFULELU 3RU HMHPSOR WH YHQGU¯D
ELHQWHQHUXQDVGLH]OXFDV"
$SHQDVORGLMRPHDFRUG«GHHVHSROORDVDGRHQODYLGULHUDGHOD
ILDPEUHU¯DGHHVDP£TXLQDIRWRJU£ILFDGHHVHULIOHಃ
7RWDOTXHQRSRULQWHU«VGHODSODWDVLQRGHODVFRVDVTXHYR\D
FRPSUDUFRQPLVGLH]OXFDVDKRUDHVFULERPLGLDULRRWUDYH]
<FXDQGROHGLMHTXHV¯DOVH³RUVHSXVRWDQIHOL]TXHKDEOµFRQ
PLSDS£PLPDP£\OD'RPLWLOD\DWRGRVOHVGLRSRUPLUDUPHFRPRVL
\RIXHUDWHOHQRYHOD<WRGRORTXH\RGHF¯DORHQFRQWUDEDQRULJLQDO<
PHGDEDXQSRFRGHUDELDSRUTXH\RQRFRQRF¯DP£VTXHDOSHFDGR
RULJLQDO 3HUR GHVSX«V VXSH TXH KDE¯D JHQWH RULJLQDO WDPEL«Q \ TXH
&DQWLQIODVHUDFRPR\R\PHFRQVRO«
<FXDQGRSRUILQVHIXHFDVLOHFXHQWRDPLPDP£TXHPHKDE¯DQ
SURPHWLGR ODV GLH] OXFDV 3HUR HOOD HVWDED WDQ LQMXVWD UHW£QGRPH
SRUTXHVHPHKDE¯DQURWRORV]DSDWRVTXHQLSXGHGHF¯UVHOR
2/41
 )XL IHOL] WRGR HO G¯D SHUR PL SDS£ HVWDED UDELRVR \ QR PH GHMµ DUUHJODGHWRGR౹3DSHOXFKR\&R/LPLWDGD\$QµQLPD౺\PHWUDMHURQ
JR]DUGHODYLGD/RTXHSDVDHVTXH«OHVW£XQSRFRSREUHಃ<DP¯QL XQDVLOODURWD\OHDPDUU«ELHQODSDWDSHURGHVSX«VYLQRODFRFLQHUDGH
PHLPSRUWDQRFRPSUDUPHHOSROOR\ODVGHP£VFRVDVSRUDKRUDFRQWDO DOODGR\TXHU¯DTXHOHDUUHJODUDVXUHORM\FODURTXHQRWHQ¯DUHPHGLR
GHGDUOHVODVRUSUHVDGHPLVGLH]OXFDV

c&µPRVHYDQDDUUHSHQWLUGHKDEHUPHUHWDGR'HEHVHUWHUULEOH
VHULQMXVWRFRQXQKLMRTXHOHVGDWDQWDIHOLFLGDGFRPRODTXH\ROHVYR\
DGDU

< GHVSX«V FXDQGR ORV YHD FRQWHQWRV \ FRQ SODWD HVFULER RWUR
GLDULR\PHGR\JXVWR\RFRQORTXHPHSDJXHQ\cOLVWR

(ORWURG¯DPLPDP£OHGHF¯DDDOJXLHQTXHHVWDPRVHQODPLVHULD
\WUDWDEDGHOORUDURFRVDSRUHOHVWLOR\DP¯PHGLRPXFKDSHQDSHQVDU
TXHHVWDPRVHQODPLVHULD\TXHHVWRHVODPLVHULDDXQTXHQRVHQRWD
PXFKR 3RUTXH DOJXQRV FUHHQ TXH OD PLVHULD HV FRQ IU¯R \ KDUDSRV \
KDPEUHSHURHQUHDOLGDGKD\GHWRGRLJXDOTXHDQWHVOR¼QLFRHVTXH
HVRTXHKD\HV౹DODFXHQWD౺

$ XQR OR HQFXHQWUDQ IODFXFKHQWR \ ORV FKLTXLOORV OH DQGDQ

SRQLHQGR QRPEUHV SHUR HV TXH XQR VH SUHRFXSD GH SHQVDU TXH VXV
SDGUHVQRWHQJDQQLXQSHVR\GLFHQTXHODVSUHRFXSDFLRQHVPDWDQ\
VHU¯D WHUULEOH PRULU WDQ MRYHQ 8QR WLHQH WDQWR SRU YHQLU <R QR TXLHUR
PRULUGHHVRWRGDY¯D\SRUHVRWHQJRTXHGLVWUDHUPH\WRPDUKHODGRVR
VDOLU /R PDOR TXH KD\ HV TXH HO SDGUH GH XQR HV DOJR TXH HVW£ DK¯
FRPRXQGHGRDSXQWDQGR\VLD«OOHYDPDOHVHGHGRVHSRQHFRPR
XQ DYLVR OXPLQRVR \ QRV SHUVLJXH \ WRGR VH YH LJXDO \ FXDQGR XQR
FRPHKHODGRVOHVHQFXHQWUDJXVWRDGHGR\FDUDGHSDGUHGHXQR(V
5HVXOWDTXHHQODWDUGHYLQRXQLQVSHFWRUGHHVRVTXHDQGDQSRU
PX\DWUR]
DK¯ FRQ OD WRQWHUD GHO FRPLVDULDWR < PH SUHJXQWµ VL WHQ¯D SDWHQWH GH
/REXHQRGHVHUSREUHHVrTXHXQRQRYDDOFROHJLRHO¼OWLPR QHJRFLR\DTX¯\DOO£\TXHHOSDUWH\TXHODPXOWD
WULPHVWUHrQRLPSRUWDVLDODFDVDVHOHFDHQSHGD]RVRVHUHEDOVDQ
+DVWD TXH WRWDO TXH \R OH GL HO IUDVFR GH PHUPHODGD TXH KDE¯D
ORV ODYDWRULRV SRUTXH HV FDVD DQWLJXD \ r QR KD\ QHFHVLGDG GH
JXDUGDGR PL PDP£ HQ HO DUPDULR 3HRU HUD TXH PH OOHYDUD SUHVR
DQGDUSLWXFR<ORPDORHVTXHORVSDS£VGDOHFRQTXHQRKD\SODWDQL
SHQV«$V¯TXHFXDQGROOHJµPLPDP£\ROHGLMH
SDUD KHODGRV 7RWDO TXH \R GHFLG¯ SRQHU XQ WDOOHU GH FRPSRVWXUDV \
SXVH XQ OHWUHUR HQ OD SXHUWD TXH GLFH (O FRPSRQHGRU P£JLFR VH ౱4XL«Q KL]R ODV OH\HV" <R FUHR TXH GHEH KDEHU VLGR XQ

3/41
SHUYHUVRSRUTXHVLQRODVKXELHUDKHFKRQDGLHHVWDU¯DSUHVRಃ

౱3HURQRKDEU¯DPDQHUDGHGHIHQGHUVH౱GLMRHOODVRUELHQGRHO
W«
౱'H GHIHQGHUVH GH TX«" $V¯ TXH W¼ HQFRQWUDU¯DV TXH WLHQHQ
UD]µQVLPD³DQDWRPDQSUHVRDSDS£SRUODFXHVWLµQGHODOH\ಃ
౱3RUTX«GLFHVHVR"7XSDS£QRKDFHQDGDHQFRQWUDGHODOH\
'H GµQGH KDV VDFDGR VHPHMDQWH GLVSDUDWH" ౱\ VLJXLµ KDEODQGR \
KDEODQGR \ VRUELHQGR \ KDEODQGR FDGD YH] P£V OLJHUR \ SRQL«QGRVH
FRORUDGDGHQHUYLRV\PHSUHJXQWDEDTXL«QPHKDE¯DGLFKRHVR\HWF
HWF
< \R WDPEL«Q PH FRQWDJL« GH YHUOD \ QR VDE¯D OR TXH SDVDED \
TXHU¯DH[SOLFDUOHTXHSRG¯DVHU\RHOSUHVRSHURHOODQRPHGHMDED\
GDOH FRQ VHJXLU KDEODQGR \ KDEODQGR $O ILQ OH SXGH GHFLU TXH \D QR
KDE¯DPHUPHODGDSRUTXH\RODKDE¯DWHQLGRTXHGDUSDUDQRLUSUHVR
2FWXEUH
5HVXOWD TXH DQRFKH VRQµ HO WHO«IRQR \ HUD SDUD DYLVDU TXH VH
KDE¯DPXHUWRHOW¯R7ULVW£Q-DYLHUUHFLELµHOUHFDGR\FXDQGRORFRQWµ
HQHOFRPHGRUDOJXLHQGLMR౹c$OILQ౺RSXHGHKDEHUVLGR౹c(QILQ౺(Q
WRGR FDVR PL SDS£ \ PL PDP£ VDOLHURQ DOWLUR \ HOOD VH SXVR HO DEULJR
QHJURTXHWHQ¯DHQYHQWD\TXHTXHU¯DTXHOHFRPSUDUDDSOD]ROD'RPL
< GHVSX«V OODPDURQ GLH] SHUVRQDV P£V SDUD DYLVDU TXH VH KDE¯D
PXHUWRHOW¯R7ULVW£Q$ODRQFHYH]TXHVRQµHOWHO«IRQRDQWHVGHTXH
PHORGLMHUDQ\RGLMH౹c<DV«TXHPXULµHOW¯R7ULVW£Q౺\XQDYR]PH
FRQWHVWµ౹c0RFRVRLQVROHQWH౺\FRUWµ

౱c([SO¯FDWH ౱PH GLMR FRQ FDUD GH LQVXOWR \ VH PH TXLWDURQ
WRGDVODVJDQDVGHH[SOLFDUOH(QWRQFHV-DYLHUOHFRQWµORGHOLQVSHFWRU
\DHOODOHYLQRHOHVW«ULFR\GDOHFRQUH¯UVH\UH¯UVHKDVWDTXHOD'RPLOH
WUDMRODVS¯OGRUDV

(QILQTXHXQRP£VYDOHTXHQRWUDWDUDGHD\XGDUDORVJUDQGHV
SRUTXH HV LQ¼WLO HQWHQGHUVH FRQ HOORV 2 VDOH PDO R OH ODUJDQ XQ
WUHPHQGRUHWR\P£VYDOHQRWUDWDUಃ

4/41
 'LFH OD 'RPL TXH D QDGLH OH IDOWD XQ W¯R PLOORQDULR HQ FDVR GH
DSXUR \ TXH HO W¯R 7ULVW£Q HUD WDQ ULFR SRUTXH HUD GHPHQWH \ QR WHQ¯D
QLQJXQD LGHD HQ OD FDEH]D GLFH OD 'RPL QL VLTXLHUD OD GH FDVDUVH
3HURTXHDFDPELRGHKLMRVWLHQHVREULQRVIDPLOLD\ORGHP£V\SDUHFH
TXHDKRUDYDPRVDVHUUHTXHWHPLOORQDULRV,JXDOTXHHQORVOLEURVMXVWR
FXDQGRQRVPRU¯DPRVGHSREUHVc]DV1RVYROYHPRVPLOORQDULRV
౱&DSD]TXHQRVPHWDQHQHOFROHJLRRWUDYH]౱OHGLMHSHUROD
'RPLSLHQVDTXHVLVRPRVWDQULFRVQRQHFHVLWDPRVHGXFDUQRVPXFKR
SRUTXHHQWRGRFDVRQRYDPRVDWUDEDMDU
7RWDO TXH FRQ -DYLHU FDVL QR GRUPLPRV KDFLHQGR OD OLVWD GH ODV
FRVDVTXHYDPRVDFRPSUDUPD³DQD
2FWXEUH
3DUHFH TXH HVWDPRV GH OXWR SRUTXH VH PXULµ HO W¯R 7ULVW£Q /R
PDOR HV TXH WRGDY¯D QR OH HQWUHJDQ OD SODWD DO SDS£ DV¯ TXH QR
SRGHPRVFRPSUDU+R\YLQRXQDVH³RUDDGDUHOS«VDPH\FXDQGROD
'RPL QRV GLMR TXH YH¯D D HVR IXLPRV D YHU FµPR OR GDED 0L PDP£
SDUHF¯D PX\ WULVWH DV¯ TXH SHQV« TXH DOJR OH SDVDED \ VREUH WRGR
FXDQGRQRVGLMR
౱/LQGRVSRUIDYRUY£\DQVHDMXJDUಃ
౱1RWHQHPRVDTX«MXJDU౱GLMLPRV
౱3RUIDYRUOLQGRVಃ౱VXSOLFµ
-DYLHU OD PLUµ DVXVWDGR \ GHVSX«V GLMR TXH TXHU¯DPRV YHU HO
S«VDPHTXHOHLEDQDGDU\ODYLVLWDVROWµODULVD\ODPDP£VHKDF¯DOD
TXH VH UH¯D SHUR \R FUHR TXH WHQ¯D DOJ¼Q GRORU DV¯ TXH QR PH PRY¯
SRUTXHSHQV«TXHSRG¯DGDUOHXQDWDTXH\TXHU¯DHVSHUDUOR(QWRQFHV
HOODGLMR
౱&£PELDWHHOSDQWDOµQKLMLWRHVW£URWRಃ
౱8VWHGVDEHTXHQRWHQJRRWUR౱OHGLMH\PHVHQW«HQODURWXUD
(QWRQFHVPHGLRXQWUHPHQGRSHOOL]FR\\RJULW«GHGRORU\HOODPHPLUµ
FRQRMRVGHORFD\\RPHIXL<WHQ¯DWDQWDUDELDFXDQGRPHHQFHUU«HQ
PL FXDUWR SRUTXH TXHU¯D HQWHQGHUOD \ HQWHQGHUOD \ DO ¼OWLPR VH PH
SDVµODUDELDSRUTXHQRODSXGHHQWHQGHUMDP£V
$SHQDVVHIXHODYLVLWDPLPDP£YLQRDEXVFDUPH\\DPHLEDD
UHWDUFXDQGRSRUVXHUWHPHDFRUG«GHHVHG¯DHQTXHPHGROLµWDQWRHO
HVWµPDJR\OHFRQW«VLQGHFLUOHTXHHUDHOD³RSDVDGR
(QWRQFHVDUPµHOHVF£QGDORGHTXHPHIXHUDDODFDPDTXHHO
FDOGLWR \ HO SDQ FDOLHQWH HQ HO HVWµPDJR < DK¯ TXHG« \R PHWLGR \ HO
5/41
SDQ HVWDED ULFR \ ELHQ TXHPDGLWR \ FUXMLGRU 3HUR HV P£V DEXUULGR
DFRVWDUVHHQYHUDQR\WDPEL«QQRSRGHUFRPHUQLKHODGRV3RUVXHUWH
OD 'RPL PH WUDMR XQ FDUWXFKR GH FDUDPHORV GH OLPµQ SDUD PDWDU HO
KDPEUHSHURPHVXHQDQODVWULSDV\GHSXUDGHVHVSHUDFLµQPHFRP¯
HO TXHVR GH OD WUDPSD TXH HVWDED OLPSLHFLWR SRUTXH VL HO UDWµQ OR
KXELHUDSUREDGRVHKDEU¯DTXHGDGRSUHVR
2FWXEUH
3DUHFH TXH VRPRV PLOORQDULRV SHUR HV LJXDO D OD FXHVWLµQ
PLVHULDQRVHQRWDQDGD7RGRHV¯GHPTXHDQWHV\QRKHPRVSRGLGR
FRPSUDUORTXHQHFHVLWDPRV-DYLHU\DKDKHFKRGLHFLVLHWHOLVWDV\\R
YHLQWLWU«V\WRGDY¯DQDGD'LFHQTXHHVWDPRVWRGRVPX\FRQWHQWRVSRU
HVWRGHODKHUHQFLDSHUROD¼QLFDYHQWDMDHVTXHXQRSXHGHSHQVDUHQ
ORTXHYDDFRPSUDU1DGDP£V
+DQ YHQLGR FXDWUR YLVLWDV \ PL PDP£ WRGR HO WLHPSR FXHQWD HO
PLVPRFXHQWRGHTXHHOW¯RWHQ¯DXQSRTXLWRGHF£QFHUQRP£V\PXULµ
\ HV PHMRU SDUD TXH QR VXIUD 7DPEL«Q KDEODQ PXFKR HQ HO FRPHGRU
GHFRPSUDUXQDFDVDSURSLDSHURPLPDP£TXLHUHLUDYLDMDU$SDS£OR
OODPDQ SRU WHO«IRQR WRGR HO WLHPSR \ KDEODQ GH QHJRFLRV \ PLOORQHV \
FXDQGR FRUWD VDOH VLOEDQGR D OD YHQWDQD \ PLUD SDUD DIXHUD FRQ ODV
PDQRV HQ ORV EROVLOORV +R\ YLQLHURQ XQRV VH³RUHV D SHGLUOH TXH SRU
IDYRU IXHUD GLSXWDGR <R V« TXH HV DOJR LPSRUWDQWH FRPR PLQLVWUR R
SRUHOHVWLOR0LPDP£\PLSDS£GLVFXWLHURQPXFKRHODVXQWRSRUTXH
PL PDP£ GLFH TXH HV PX\ FDUR 3HUR GH WRGRV PRGRV D «O OH SDUHFH
UHFKRURVHOHQRWDDXQTXHGLFHWRGRHOWLHPSRTXHKD\TXHVDOYDUDOD
3DWULD
(Q WRGR FDVR QRV UHJDOµ XQD OXFD D -DYLHU \ RWUD D P¯ SHUR QR
QRV DOFDQ]µ QL SDUD WUHV FRVDV GH OD OLVWD \ HUDQ RFKHQWD \ QXHYH ODV
TXHQHFHVLW£EDPRV
$\HU YLQLHURQ D RIUHFHUOH XQ DXWR UHPDFDQXGR DO SDS£ 7HQ¯D
RFKR IDUROHV UDGLR FDOHIDFFLµQ WHOHYLVLµQ \ ODYDGRUD \ VDOLPRV D
SUREDUORIHOLFHVSHURDPLPDP£OHKDGDGRFRQHOYLDMH\VHSRQHQD
GLVFXWLU\DO¼OWLPRJDQDPLPDP£SRUTXHHOW¯R7ULVW£QHUDW¯RGHHOOD
$V¯TXHHODXWRVHIXHFRQHOVH³RUTXHORYHQG¯D\ELHQWULVWHSHURQR
WDQWRFRPR-DYLHU\\R
6/41
2FWXEUH
&XDQGR «UDPRV SREUHV QRV KLFLPRV WDQ DPLJRV FRQ -DYLHU
SRUTXH FRPR QR ¯EDPRV DO FROHJLR WHQ¯DPRV TXH MXJDU MXQWRV VLQR
FRQTXL«Q"%XHQRFXDQGRQRVKLFLPRVPLOORQDULRVVHJXLPRVDPLJRV
XQWLHPSRSHUR\DPHHVW£SDWHDQGRODDPLVWDGSRUTXH-DYLHUHVW£WDQ
IDQWRFKHTXHQRVHSXHGHDJXDQWDU3RUHVROHGLFHQ౹HO+DJD.DQHQ
FKDXFKDV౺\DXQRQROHFDHELHQWHQHUXQKHUPDQRFRQVREUHQRPEUH
3HURORPDORIXHTXHODPDP£QRVSLOODUDSHOHDQGR7DQWDVYHFHVQRV
KHPRV SHOHDGR \ QXQFD QRV DJDUUDEDQಃ $KRUD FODUR VH DSURYHFKµ
SDUDFDVWLJDUQRV\GHFLUTXHQRVLEDDGHMDURWUDVHPDQDVLQSODWD(VR
ORKDFHGHSXURDSURYHFKDGRUDSRUTXHODSODWDQRODWHQ¯DGHQLQJXQD
PDQHUD(VWHHVHOYHUGDGHURFXHQWRGHOW¯R

< QR VHU¯D UDUR SRUTXH QRVRWURV QXQFD FRQRFLPRV DO WDO W¯R
7ULVW£Q\QDGLHKDEODEDGH«OFXDQGRHVWDEDYLYR\DKRUDQRP£VYLHQH
DSRQHUVHGHPRGD

/DPDP£VHFRPSUµXQDEULJRGHSLHOGHRFDVLµQTXHOHYHQGLµ
XQDDPLJD\SDUHFHXQDDUWLVWD/RVYLVRQHVVRQORP£VVXDYHTXHKD\
9DO¯DQRV«FX£QWRVPLOORQHVSHURODDPLJDVHORGLRFDVLUHJDODGR/D
'RPL TXLHUH TXH OH VXEDQ HO VXHOGR SHUR QR VH DWUHYH D GHFLUOR DV¯
TXH \R OH GLMH DO SDS£ SRUTXH PL PDP£ KDEOD PDO GH HOOD WRGR HO
WLHPSR<SDS£GLMRTXHHUDMXVWR

%XHQR\RKDE¯DVDFDGRODSLHOSDUDPRVWUDUOHDOD'RPLORTXHHV
XQYLVµQYHUGDGHUR\OHHVWDEDH[SOLFDQGRFXDQGRHQWUµ-DYLHU\PHOR
TXLWµGHXQWLUµQ(OFXHOORHVWDEDPDOSHJDGRSRUTXHVHPHTXHGµHQ
ODPDQRSHUR\RORSHJX«FRQVFRWFK<-DYLHUVHEXUOµ\GLMRTXHORV
SHORVVHOHLEDQDSHJDUWDPEL«Q\TXHVHLEDDHQRMDUODPDP£\HVWR
\ORRWUR\PHIXHVXELHQGRODFDOHIDFFLµQDODFDEH]D\VHPHIXHURQ
ODVPDQRV\HQHVROOHJµODPDP£3RUVXHUWHOD'RPLKDE¯DJXDUGDGR
HOIDPRVRDEULJRSHURHOUHWR\HOFDVWLJRQRVOOHJµGHWRGRVPRGRV

7/41
2FWXEUH
-DYLHU HVW£ HQIHUPR SHUR \R FUHR TXH VRQ SXURV FDODPEUHV \
FRPR «O HV WDQ DSURYHFKDGRU $KRUD TXH KD\ SODWD HV EXHQ QHJRFLR
HQIHUPDUVHSRUTXH\DOHFRPSUDURQXQ0HFDQR$P¯PHUHYLHQWDQORV
0HFDQRVTXHVRQSXUDWXHUTXHFLWD\ILHUURVFRQKR\RV\GDOHTXHGDOH
DWRUQLOODQGRಃ6L\RPHHQIHUPDUDSHGLU¯DXQWUHQHO«FWULFRLJXDODOTXH
WLHQH HO SDS£ GHO 6RWR \ OR DUPDU¯D HQ PL FDPD \ QR QHFHVLWDU¯D
OHYDQWDUPHP£VGHORHQWUHWHQLGRTXHORSDVDU¯D
5HVXOWDTXHDQGDXQDFRVDPLVWHULRVDSRUDK¯\VHFDOODQFXDQGR
HQWUR\R\PLPDP£PHKDFHFDUL³RV\QRKD\SDUDTX«1RV«ORTXHOH
SDVD SHUR PH GD SRU FUHHU TXH \R VR\ +DQVHO SHUR -DYLHU QR HV
*UHWHO 3UHIHULU¯D TXH QR PH KLFLHUDQ WDQWR FDUL³R < OD 'RPL WDPEL«Q
HVW£HQHOVHFUHWRSHURQRODUJD\\RWHQJRTXHVDEHUORTXHHV
2FWXEUH
(VW£SDVDQGRDOJRPX\UDURHQHVWDFDVD$YHFHVSLHQVRTXH\R
WHQJRXQDHQIHUPHGDGWHUULEOH\PRUWDO\QRVHDWUHYHQDGHFLUPHTXH
PHYR\DPRULU/DFXHVWLµQHVTXHQDGLHPHUHWDDXQTXHSDVHORTXH
SDVH /OHJµ D WHQHU JDQDV GH TXH PH GHQ XQ JULWD]R DO PHQRV SDUD
HVWDUVHJXURGHTXHHVWR\YLYRSRUTXHGHWDQWRSHQVDUTXHPHYR\D
PRULUFUHRTXH\DVR\£QLPD
(OJULQJR5LSOH\TXHYLYHHQIUHQWHDQGDEDFRQVXIDPRVRFKLFOH
PDVFD\PDVFDEXVFDQGRSHOHD<ROREXVTX«SRUODEXHQD\OHSHG¯
TXHPHORSUHVWDUDXQUDWR'HVSX«VOHSHG¯TXHPHORYHQGLHUD(OPX\
IUHVFRTXHU¯DTXHOHSDJDUDXQDOXFDSRU«O
౱(VLPSRUWDGRGH1RUWK$P«ULFD౱GHF¯DFRQVXVRMRVGHDJXD
OLPSLD
౱6¯ SHUR HVW£ XVDGR ౱OH FRQWHVWDED \R౱ $GHP£V HV GH
VHJXQGDPDQR\GHRFDVLµQWLHQHTXHVHUEDUDWR
౱3HURHVOHJ¯WLPR౱VHJX¯DGLFLHQGRHOJULQJR\GDUOH\GDOH\HO
QHJRFLR QR VH DUUHJODED \ \R PH PRU¯D GH JDQDV \ P£V JDQDV GH
FKXSDUORKDVWDTXHQRVXSHP£V\GHUHSHQWHPHYLHQHOVXHOROOHQR
GH WLHUUD\ FRQ HO FKLFOH \HOJULQJR OORUDQGR HQFLPD < OD PDP£GH«O
YLQRDUHFODPDUFRQWUDP¯HQLQJO«V\DK¯IXHORUDURSRUTXHODP¯DQR
PHUHWµ<QXQFDKHYLVWRWDQWDVDQJUHGHQDULFHV/RVDPHULFDQRVVRQ
UHVDQJULHQWRV<OORURQHVWDPEL«Q
3RUILQSDUHFHTXHWHQHPRVDOJRGHSODWDSRUTXHQRVFRPSUDURQ
PDOHWDVQXHYDV\PHYDQDOOHYDUDYHUXQDELFLFOHWDSDUDUHJDODUPH
5HVXOWD WDQ UDUR FRPSUDUPH ELFLFOHWD GHVSX«V GH OD WUHPHQGD URVFD
GHO FKLFOH \ HO JULQJR TXH KDVWD OD KLMD GHO MXH] TXH YLYH DO ODGR VH
PHWLµ
-DYLHUHVW£WDQEXHQRFRQPLJRTXHPHUHJDOµVX0HFDQR\DKRUD
8/41
QRSHOHDQXQFDVLQRTXHSDUHFHFRPRVDQWRHQIHUPR<RFUHRTXH«O
VHFUHHVDQWRSRUTXHHVW£HQFDPDWDQWRWLHPSRSHURDP¯QRPHOD
SHJDPXFKRGHVXVFDODPEUHVc6LVXSLHUDORVFDODPEUHVTXHWHQJR\R
1RYLHPEUH
HQODVSDQWRUULOODV
1R KDE¯D HVFULWRU PL GLDULR GH OD UDELD TXH WHQJR \ GH OD SHQD
5HVXOWDTXHPLSDS£\PLPDP£VHIXHURQD(VWDGRV8QLGRVHOHQ
XQ V¼SHU MHW 3DUHFH TXH YDQ D KDFHU XQ QHJRFLR 1\ORQ \ FODUR TXH
OOHYDURQDODEXVDGRUGH-DYLHUFRQVXVFDODPEUHV\\RV«TXHVLIXHUD
FLHUWRVXHQIHUPHGDGVHFXUDU¯DLJXDODTX¯TXHDOO£<DP¯PHGHMDURQ
FRQODW¯D5RVDULWRHQHOFDPSR$V¯TXHDKRUDVR\FDVLKX«UIDQR

&XDQGRVXSHTXHVHLEDQPHGLRXQDSHQDWHUULEOH\WRP«DJXD
WRGRHOG¯DSDUDEDMDUOD\WUDWDEDGHSHQVDUTXHLEDDVHUPX\IHOL]VROR
\ VLQ QDGLH TXH PH PDQGDUD \ VHU XQ YHUGDGHUR 7DU]£Q DTX¯ HQ HO
IXQGR3HURUHVXOWDTXHQRKHVLGRIHOL]P£VTXHXQDYH]HQPLYLGD\
QRPHDFXHUGRFX£QGRIXH

(QWRGRFDVR\DWHQJRRFKRVD³RV\PHGLR\PHIDOWDELHQSRFR
SDUD ORV QXHYH \ WHQJR EDVWDQWHV JDQDV GH FXPSOLUORV SRUTXH YR\ D
FDPELDU<DSHVRWUHLQWDNLORVFRQFKDTXHWD\V«WLUDUPHGHFDEH]DDO
WUDQTXH\-DYLHUQR

/DIDPRVDELFLFOHWDTXHPHUHJDODURQSDUDFRQVRODUPHGHQRLUD
(VWDGRV 8QLGRV HUD XQD EXHQ PXJUH \ PH DEXUU¯ GH SDUFKDUOH ODV
F£PDUDV \ HQ WRGRV FDVR XQ KLMR QR VH FRQVXHOD GH QR WHQHU SDGUHV
SRUWHQHUXQDELFLFOHWDXVDGD\DUR

/DW¯D5RVDULWRDOSULQFLSLRPHKDF¯DFDUL³RVSHURHVRPHGDED
P£VSHQDSRUTXHVXVFDUL³RVGHFDUDVRQFRPRSDVDUVHHOFHSLOORGH
GLHQWHV SRU ORV FDFKHWHV \ OD FDUD GH PL PDP£ HUD PX\ VXDYH
'HVSX«VPHPDQGDEDDODYDUPHODVPDQRV\ODVURGLOODVDFDGDUDWR\
SHLQDUPHSDUDDOPRU]DUSHURDOILQVHDEXUULµ/RPDORHVTXHXQRVH
SRQHURQFRGHJULWDUOHSRUTXHHOODHVW£VRUGDSHURGLFHTXHVR\PX\
GLYHUWLGRDXQTXH\ROHHVW«GLFLHQGRTXHVHPXULHURQODVJDOOLQDV\VH
TXHPµ HO F£³DPR 'H WRGDV PDQHUDV GLFH ౹+D] FRPR TXLHUDV 7¼
VDEHVTXHDP¯PHKDQJXVWDGRVLHPSUHORVQL³RVSRUTXHQXQFDWXYH

9/41
KLMRVಃ౺
(VWDW¯D5RVDULWRHVXQDHVSHFLHGHDEXHODP¯DSRUTXHFRPROD
PDP£ QXQFD WXYR PDP£ WXYR HVWD W¯D HQ YH] < WRGRV ORV G¯DV PH
FXHQWD GH OD PDP£ FXDQGR HUD FKLFD \ VLHPSUH HO PLVPR FXHQWHFLWR
TXH \D PH WLHQH FXUFXQFKR $ P¯ PH JXVWD YLYLU FRQ HOOD SRUTXH VX
FDVDHVLQPHQVD\WRGRVORVFXDUWRVWLHQHQRORUDFXHYD\VRQRVFXURV
\VXFLRV\QRKD\TXHRUGHQDUORV\FXDQGRXQRJULWDGDQHFR<XQR
SXHGH KDFHU OR TXH TXLHUH SRUTXH QR KD\ QDGLH \ ORV TXH KD\ VH
DQXQFLDQ FXDQGR YLHQHQ FRQ VX FDPSDQLOOD SURSLD 3RU HMHPSOR GRQ
%HUQDE« HO DGPLQLVWUDGRU WLHQH HVSXHODV GH SODWD \ DGHP£V HVFXSH
FRQ KDUWD FDUUDVSHUD /D W¯D 5RVDULR WLHQH XQ OODYHUR DPDUUDGR D OD
FLQWXUDOD=RLODHVFRMDOD0DUWLQDKDFHWHQFDVHQYH]GHUHVSLUDU\HO
-RV«VLOEDWRGRHOWLHPSR&DEH]D+LQFKDGD
5HVXOWD TXH HQ HVWD FDVD KD\ XQ PLVWHULR \ XQ ౹HQWLHUUR౺ HQ
DOJXQDSDUWH\SHQDQWRGDVODVQRFKHV/D=RLODPHFRQWµORTXHSDVµ
KDFHPXFKRVD³RV\'%HUQDGLFHTXHOµJLFR\WLHQHQTXHSHQDU'RQ
%HUQDE« GLFHDWRGR౹OµJLFR౺ \ DO SULQFLSLRVH PH SHJµ D P¯ WDPEL«Q
SHUR HQ HVWR GH OD SHQDGXUD \R FUHR TXH HV OµJLFR /R PDOR HV TXH
DXQTXHHVOµJLFRTXH\RPHGHVYHOHWRGDY¯DQRKHSRGLGRGHVYHODUPH
QLQJXQDQRFKH3RUTXHDOSULQFLSLRPHGRUP¯DGHOSXURVXVWR<DKRUD
\D QR KD\ FDVR 1DGD PH GD VXVWR 1L ORV HVS¯ULWXV QL ODV £QLPDV QL
ODVFDGHQDVQLORVILQDRVQLORVWHUUHPRWRVQLVLTXLHUDODYLXGDTXHVH
VXEH DO DQFD GHO FDEDOOR FXDQGR XQR SDVD HO ]DQMµQ GH QRFKH FRQ OD
OXQDQXHYD1DGD
'HVGH TXH GHVFXEU¯ HO WHVRUR FDPEL« $QWHV PH GDED PLHGR
WRGRKDVWDODVDUD³DV\DKRUDOHKDJRFDUL³RVDOWRURLPSRUWDGR
/DFRVDSDVµDV¯
(Q DTXHO WLHPSR OOHJX« D HVWH IXQGR XQ SRFR HQRMDGR SRU
KDEHUPH TXHGDGR HQ &KLOH PLHQWUDV -DYLHU \ ORV GHP£V VH LEDQ HQ
DYLµQ 1R HQFRQWUDED MXVWR TXHGDUPH VROR \ WDPSRFR TXHU¯D TXH PH
FRQVRODUDQ QL PH DFRPSD³DUDQ 7DPSRFR PH LPSRUWDED PXFKR VL HO
DYLµQ VH FD¯D DO PDU $ XQR OH LPSRUWDQ ORV GHP£V FXDQGR XQR OHV
LPSRUWD D HOORV \ WDPEL«Q VL XQR HVW£ VROR HQ HO PXQGR WLHQH TXH VHU
PX\KRPEUH$V¯TXHWDPEL«QDSUHQG¯DIXPDUKDVWDTXHPHHQIHUP«
GHO SXOPµQ \ GHM« HO YLFLR &DPLQDED VROR SRU ORV SRWUHURV R SRU ODV
ERGHJDVSHURVHQW¯DWRGRHOWLHPSRHQHOSHFKRHOUXLGRGHODYLµQ\QR
SRG¯D SHQVDU < WDPSRFR WHQ¯D JDQDV GH QLQJXQD FRVD +DVWD TXH HO
WRQWRGHOIXQGRTXHHV/XFKLWR\TXHVHU¯HWRGRHOWLHPSRFRPRVLOH
KLFLHUDQ FRVTXLOODV PH SHUVLJXLµ \ PH SHUVLJXLµ 8Q G¯D \R HVWDED
VHQWDGR HQ XQD SLHGUD SHQVDQGR HQ FµPR VHU£ HO IDPRVR (VWDGRV
8QLGRV \ QR TXHU¯D PRYHUPH GH DK¯ FXDQGR OOHJµ HO /XFKLWR FRQ VX
ULVLWD\PHGLMRTXHPHLEDDFRQWDUXQVHFUHWR<FRPR\RQROHKDF¯D
FDVR HQWUDED FRUULHQGR D OD ERGHJD \ VH UH¯D \ VDO¯D \ PH KDF¯D XQ
10/41
JHQWR\HQWUDED\VHUH¯DRWURJHVWR\¯GHP¯GHP+DVWDTXHDOILQPH
GLRFXULRVLGDG\ORVHJX¯<PHPRVWUµXQPRQWµQGHILHUURVTXHKDE¯D
HQ XQ ULQFµQ FRQ WHODUD³DV FXHUR GH YDFD FRUGHOHV \ VDFRV \ QRV
1RYLHPEUH
PHWLPRV JDWHDQGR SRU HQWUHPHGLR 5HVXOWD TXH GHEDMR GH XQ MHUJµQ
KDE¯DXQPRQWµQGHUDWRQFLWRVUHFL«QQDFLGRV<HO/XFKLWRPHGLMRTXH c<SDVµ
«VHHUDXQWHVRURGHORVGRV
5HVXOWDTXHGHWDQWRUHYROYHUILHUURVVLOODVURWDVVDFRVWDUURV\
<ROHVOOHYDEDWRGRVORVG¯DVFRPLGLWD\TXHVR\SRFRDSRFRVH SRUTXHU¯DV EXVFDQGR D PLV UDWRQHV DSDUHFLµ GH UHSHQWH XQD FDMD
GHVSDUUDPDEDQ HQWUH ODV SRUTXHU¯DV \ FRUU¯DQ XQ SRFR KDVWD TXH XQ QHJUD P£V SHVDGD TXH XQ WRUR PXHUWR &RQ HO /XFKLWR WUDWDPRV GH
EXHQ G¯D QR HQFRQWU« QLQJXQR (QWRQFHV QRV SXVLPRV D EXVFDU \ PRYHUODSRUVLORVUDWRQHVHVWDEDQGHEDMRSHURಃcQLS¯R
UHYROYHU FRVDV \ HQWUHPHGLRಃ $K¯ YLQR OR JUDQGH \ OR VHFUHWR \ HV
PHMRUQLHVFULELUORHQHOGLDULRSRUTXHDORSHRUSDVDDOJRಃ 'HFLGLPRV DEULUOD \ OH KLFLPRV SDODQFD HQ OD FKDSD TXH HUD GH
HVDVFRQFRVWUDFDI«\DSHQLWDVODWRFDPRVVHDEULµಃ

(VWDED FDVL OOHQD GH SXUDV PRQHGDV JUDQGHV LJXDO TXH OXQDV
OOHQDV GHO PLVPR WDPD³R SHUR PXFKR P£V SHVDGDV < HUDQ WDQWDV
LJXDOHVFRPRVLIXHUDQOHQWHMDVHQXQVDFR

/RVRMRVGHO/XFKLWRVHSXVLHURQUHGRQGRV\URMRV\OHFD\µVDOLYD
GHVXERFDVLQGLHQWHV

౱c(OWHWHWHWHVRUR౱FODPµ\VHSXVRDWHPEODU&HUUµODFDMD\
DWURSHOODQGRWRGRHOFDFKXUHRVHDUUDQFµSDUDVLHPSUH

<RTXHG«SDUDOHOR6RORFRQHOWHVRUR1LPHDWUHY¯DDWRFDUODV
PRQHGDV SRU VL PH HOHFWURFXWDED 3RG¯DQ HVWDU PDOGLWDV $V¯ TXH
HPSHF«DWUDVSLUDU<WUDVSLUDQGRSHQVDED

౱$V¯TXHHUDYHUGDGORGHOWHVRUR<HVWHPDOGLWRWHVRURWXYRXQ
GXH³RTXHORFXLGD\DQGDSHQDQGRSRUODFDVDಃ

6H PH SDUDEDQ ORV SHORV GH PLHGR TXH HO IDQWDVPD VH
HQIXUHFLHUDFRQWUDP¯

3RUILQGHVSX«VGHPXFKRSHQVDUOHGLMHDOIDQWDVPD

౱'LVFXOSH VH³RU £QLPD HQ SHQD SRU KDEHU GHVFXELHUWR VX

11/41
WHVRUR)XHSXUDPDODVXHUWH<VHORGHMRHQWHULWRFRQWDOTXHVXDOPD 'R³D 5RVHQGD VH OR PRVWUµ DO =RLOR \ WRGRV ORV FRPSUDGRUHV
QRVHSDVHHP£VSRUHVWDFDVD HVWLUDURQHOFRJRWHSDUDYHUOD

< HPSHF« D HFKDUOH FRVDV HQFLPD D OD FDMD SDUD GHMDUOD LJXDO
TXH DQWHV 3HUR FXDQGR OD HVWDED WDSDQGR PH YLQR OD WHQWDFLµQ GH
SHGLUOHSUHVWDGDXQDPRQHGDDO£QLPD
$V¯TXHVDTX«XQDFHUU«\WDS«ELHQWRGR
౱c6DQWRFLHOR(VSODWDSXUD౱GHF¯DQ
< FUHR TXH PH KDEU¯DQ FRJRWHDGR D SUHJXQWDV VL QR DSDUHFH HO
/XFKLWR $O YHU OD PRQHGD VH SXVR D WHPEODU \ DSHQDV SXGR HFKµ D
FRUUHURWUDYH]

0H IXL FRQ OD PRQHGD DO DOPDF«Q SHG¯ XQ FKLFOH \ OD SDV« HQ 3HURORDOFDQ]DURQ\GDOHFRQSUHJXQWDUOH
SDJR
3DUDTXLWDUOHORVWHPEORUHVOHFRQYLGDURQFHUYH]D\\RPHIXLVLQ
<DK¯YLQRORDWUR] TXHGLHUDQQLHOYXHOWR

౱'HGµQGHVDFDVWHHVWR"౱FKLOOµGR³D5RVHQGD (QODWDUGHPHGLHURQJDQDVGHFRPSUDURWURFKLFOHSHURFXDQGR
IXL D VDFDU RWUD PRQHGD QR HQFRQWU« QL OD FDMD VLQR TXH HO SXUR
౱/RHQFRQWU«౱GLMH GHVRUGHQHQODERGHJD

౱'µQGHQL³R" <R FUHR TXH DKRUD HO £QLPD QR YROYHU£ QXQFD P£V SRUTXH VX
WHVRUR\DQRHVW£HQHVWDFDVD
౱3RUDK¯ಃ
1LWDPSRFRPLVUDWRQFLWRV

12/41
 SDWDSRUTXHWHQHPRVTXHLUPX\OHMRVPD³DQD\VHSXHGHFDQVDUFRQ
WUHV 4XHUHPRV LU D OD TXHEUDGD GHO 0RQWH -RUREDGR \ WUDHU XQDV
1RYLHPEUH SHUGLFHVXQDVOLHEUHV\XQRVIDLVDQHV9DPRVDOOHYDUXQDKRQGD\XQ
UHIUHVFR\XQV£QGZLFKGHTXHVR\XQDEROVDSDUDODFD]D
3RU ILQ WHQJR XQ DPLJR YHUGDGHUR TXLHUR GHFLU TXH PH VLJXH \
PH DFRPSD³D \ QR DQGD PHWLHQGR FXHQWRV 7LHQH QR P£V TXH WUHV 7HQJRTXHGRUPLUPHDOWLURSDUDGHVSHUWDUWHPSUDQLWRPD³DQD
SDWDV <R FUHR TXH QRV HQWHQGHPRV FRQ HO 1DSROHµQ SRUTXH «O
WDPEL«Q HV XQ SRFR KX«UIDQR FRPR \R 7LHQH EXHQ FDU£FWHU \ HV
UHKDELORVR\UHVLPS£WLFR\EXHQDJHQWH\VRPRVFRPRKHUPDQRVSHUR
FRPRKHUPDQRVGHFXHQWRVSRUTXHQRSHOHDPRVQXQFD(VXQSHUUR
FDVL SROLFLDO \ FDVL SHUGLJXHUR 7RPDPRV W« HQ OD PLVPD WD]D \
FRPHPRVODPLVPDFKXOHWD\MXJDPRV\QRVFKDFRWHDPRV\FRUUHPRV
FRPRVL\RIXHUDODOLHEUH

<ROHHQVH³«DGHVSHUWDUPH\«OPHODGUD\PHUDVJX³DODSXHUWD
WRGDVODVPD³DQDVDODVVHLVHQSXQWR/D=RLODUH]RQJDSHURQRKD\
FDVR«OYLHQHGHWRGDVPDQHUDV\ODGUDKDVWDTXH\RGHVSLHUWR$P¯
PHFDUJDGRUPLUSRUTXHHVPX\DEXUULGR

<RKLFHSURPHVDGHQRFRPSUDUGXOFHVVLOHVDO¯DODRWUDSDWDDO
1DSROHµQSRUTXH\RV«TXHORVGHP£VSHUURVOHKDFHQEXUOD3HURD«O
QROHLPSRUWDPXFKR(QWRGRFDVRVHU¯DSHRUTXHOHIDOWDUDQGRVSDWDV
SRUTXH HQWRQFHV WHQGU¯D TXH DQGDU FRPR OD JHQWH \ HVR V¯ TXH VHU¯D
XQDYHUJ¾HQ]D

(VEXHQRWHQHUXQYHUGDGHURDPLJR\SRGHUKDEODUGHVXVFRVDV
$«OWDPEL«QOHFDUJDODW¯D5RVDULR\ODVSDSDVFRQDUUR]

7HQJR LQYHQWDGR XQ MXHJR FRQ HO 1DSROHµQ 6H OODPD ORV
GXHQGHV

<R OH SRQJR ODV FDGHQDV TXH HVWDEDQ WLUDGDV HQ OD ERGHJD \ «O
VHSDVDSRUODFDVDFXDQGRHVGHQRFKH<OD=RLODVHSHUVLJQD\OORUD
\UH]D\\RPHKDJRHOTXHQRRLJRQDGD\ODW¯D5RVDULRWDPSRFRR\H
7RWDOTXHOD=RLODFUHHTXHDHOODQRP£VOHSHQDQ

/HGLXQIUDVFRGHYLWDPLQDDO1DSROHµQSDUDTXHHOEURWHOXHJROD

13/41
1RYLHPEUH
$KRUD QR VµOR WHQJR XQ DPLJR VLQR TXH PLOHV SRUTXH VR\
SUHVLGHQWH GH OD 6RFLHGDG &RQ\XJDO GH 3HUURV %XHQRV 6H OODPD
6RFRSHEXH\PHHOLJLHURQSUHVLGHQWHSRUXQDQLPLGDGTXHTXLHUHGHFLU
TXH WRGRV PH TXLHUHQ < KD\ FRPR WUHLQWD \ VLHWH PLHPEURV \ FRPR
FXDUHQWD P£V TXH YDQ D QDFHU DV¯ TXH VH SXHGH GHFLU TXH VR\ HO
SUHVLGHQWHGHPLOSHUURV

7RGRV ORV G¯DV WHQHPRV UHXQLµQ HQ GLVWLQWDV SDUWHV SRUTXH QR

QRVJXVWDTXHQRVYHDQ

$QWHV PH GDED SHQD TXH HO 1DSROHµQ QR SXGLHUD KDEODU SHUR

14/41
GHVSX«VPHFRQYHQF¯TXHHVPHMRUDV¯3RUTXH«OPHHQWLHQGRWRGR\
ODVSDODEUDVQRVLUYHQP£VTXHSDUDHVFULELUODV\SDUDODJHQWHTXHHV
P£VGXUDGHFDEH]DTXHORVSHUURV\QRHQWHQGHU¯DFRPRHOORVDXQD
VH³D /RV SHUURV QR QHFHVLWDQ GH SDODEUDV SRUTXH QXQFD UHWDQ D ORV
SHUURV FKLFRV QL PLHQWHQ QL OHYDQWDQ FDOXPQLDV (OORV KDFHQ OR TXH
TXLHUHQ\QDGDPDORWDOFRPRXQR<WLHQHQVXVJXVWRVLJXDOTXHXQR
3RUHVR1DSROHµQ\\RKLFLPRVKR\XQDFRRSHUDWLYDSDUDSHUURV
SDUDWHQHUGHWRGRORTXHHOORVQHFHVLWDQ<ODFRRSHUDWLYDHUDHOSRUWµQ
GHODERGHJD\SXVLPRVJDOOHWDVKXHVRVSDQGXUR\XQDROODGHOHFKH
TXHVREUµ1LDOFDQ]DPRVDGDUHODYLVRSRUTXHHO1DSROHµQFRQYLGµ
DO&DFLTXH\HO&DFLTXHDQGDEDFRQHO1HJUR\HQILQTXHHQXQPLQXWR
VH GLHURQ WRGRV HO GDWR \ VH OOHQµ GH FRPSUDGRUHV \ VH DJRWµ OD
PHUFDGHU¯DHQXQUDWLWR
/R PDOR IXH TXH FRPR HUD OD SULPHUD YH] QR VDE¯DQ KDFHU FROD
SDUDFRPSUDU\WDPEL«QHVODSULPHUDWLHQGDTXHFRQRFHQSRUHVRVH
DOERURWDURQ \ OD DVDOWDURQ XQ SRFR \ VH DUPµ OD SHORWHUD \ HQ OD
SHORWHUDVHFRQIXQGLHURQ\VHPHWLHURQDODFRFLQD\FUH\HQGRTXHHUD
RWUD WLHQGD VH FRPLHURQ OD FDUQH \ HO TXHVR \ HO PDQMDU EODQFR < OD
=RLOD DUPµ RWUD SHORWHUD SHRU TXH OD GH ORV SHUURV \ ORV FRUULµ FRQ OD
HVFRED\OHVKDF¯DVRQDUODVFRVWLOODV<GHVSX«VYLQRODSHOHDGHHOOD\
\R\HQFDVWLJRQRFRPRP£VVXSRUTXHU¯DGHFRPLGDಃ
&XDQGRWHQJRKDPEUHPHGDSRUSHQVDUTXH-DYLHUHVWDU£IHOL]
FRPLHQGRMDPµQ<PHDFXHUGRGHODPDP£\PHGDSHQD
1RV«SRUTX«VLHPSUHPHODLPDJLQRFDQWDQGRHQXQFDEDUHW\DO
SDS£ OR YHR FRUULHQGR D FDEDOOR FRQ WUDMH GH %¼IDOR %LOO \ XQD SLVWROD
UHJLDDFDGDODGR
1RYLHPEUH
5HVXOWDTXHDTX¯QRKD\OLEURVSDUDOHHUFXDQGRXQRYDDOED³R
DV¯ TXH \R OHR (O 0HUFXULR < VDO¯D XQ DYLVR TXH GHF¯D ౹&DUWHUD
H[WUDYLDGD 6H GDU£ EXHQD JUDWLILFDFLµQ DO TXH GHYXHOYD FDUWHUD GH
KRPEUHH[WUDYLDGDHQPLFUR/RV/HRQHV౺HWFHWF(QWRQFHV\RHVFULE¯
GLFLHQGR TXH OD KDE¯D HQFRQWUDGR \ HUD XQD EURPD SRUTXH GH SXUR
DEXUULGRDYHFHVKD\TXHKDFHUEURPDV3HURHOVH³RUORWRPµHQVHULR
\ OOHJµ HQ XQ DXWR D EXVFDUOD FRQ OD GLFKRVD FDUWD < OµJLFR OD W¯D
5RVDULR PH KL]R OODPDU FXDQGR \R PH HVWDED ED³DQGR HQ HO U¯R \ HO
VH³RUPHHVSHUDEDFRQFDUDGHGRPDGRUGHOHRQHV
౱7¼HVFULELVWHHVDFDUWD"౱PHSUHJXQWµODW¯D
౱/µJLFR౱OHGLMH\RFRQODERFDFHUUDGD
౱'µQGHHVW£ODFDUWHUDTXHHQFRQWUDVWH"
<RGLMH౹TXL«QVDEH౺FRQORVKRPEURV
(OOD PH WRPµ GH XQ EUD]R FRQ XQD JDUUD GH WLJUH \ PH GLMR
౹PHQWLURVRHPEXVWHUR౺HWF(QWRQFHVVHPHVXELµODUDELDDOSHOR\QR
SXGHDJXDQWDUOD
౱1RHVPHQWLUD(VEURPD౱OHGLMHVXMHW£QGRPHSHURHOVH³RU
VHODUJµDLQVXOWRV\GHF¯DTXHGHE¯DQVHFDUPHDSDORVSRUORPDOR\OD
FRQYHQFLµGHTXH\RHUDXQFDQDOODSRUTXH«OVHWLUµODFDUUHWDGHVGH
6DQWLDJR 1DGLH VDEH OR TXH HV VHQWLUVH FDQDOOD VREUH WRGR FXDQGR
XQR HV FDVL KX«UIDQR $V¯ TXH \R QR SLHQVR P£V TXH HQ FRVDV ¯GHP
WRGRHOWLHPSR\FXDQGRHOVH³RUVHIXHKDEODQGRVRORHQVXI«WLGR)LDW
PHKDEU¯DJXVWDGRVHUFDPLµQSDUDHVWUHOODUOR<HQHODOPXHU]RTXHU¯D
TXHODW¯D5RVDULWRVHDWRUDUDKDVWDTXHVHDWRUµ\GHVSX«VSRUVXHUWH
GHM«GHTXHUHUTXHVHPXULHUDQWRGRV<DKRUDPHGDSRUSHQVDUTXHD
OR PHMRU HVH VH³RU VLQ FDUWHUD HVW£ PXHUWR HQ HO FDPLQR \ QR YDQ D
VDEHU FµPR VH OODPD QL TXL«Q HV HO PXHUWR /D JHQWH GHEH WHQHU XQD
FDUWHUDGHFRSLD
15/41

2MDO£TXHHVWDFDVDQRVHTXHPHPLHQWUDVHVWDPRVGXUPLHQGR
/DW¯D5RVDULWRQRPHKDEOD\TXLHUHSRQHUPHHQHOFROHJLRSHUR
QRVDFDQDGDSRUTXH\DVHHVW£DFDEDQGRHOD³R\QRUHFLEHQHQHVWH
WLHPSR$V¯TXHOODPµDODPDHVWUDGHODHVFXHODODVH³RULWD0DIDOGD\
OHGLMRTXHPHGLHUDFODVHWRGRVORVG¯DV\PHIRUPDUDHOFULWHULR
3HURDP¯QRPHIRUPDQDGLHHOFULWHULR
QRSDJDQGHUHFKRV<KR\PHFRQWµTXHODW¯D5RVDULWRWLHQHPXFKRV
PLOORQHV SHUR VH KDFH OD SREUH SDUD TXH QR OH SLGDQ SODWD HQ OD
SDUURTXLD
/D VH³RULWD 0DIDOGD VH KDFH FDFKLUXORV HQ OD PD³DQD SRU VL
DFDVROOHJDHOQRYLRSHURHQODWDUGHQRYDOHODSHQDGHVKDF«UVHORV<
XVDIDMDFRQEDUEDVSRUTXHGLFHTXHHOFXHUSRGHODVPXMHUHVKR\G¯D
HVKRUULEOH\SDUHMR<\RSLHQVRTXHGDORPLVPRSDUDORTXHVLUYH

$O SULQFLSLR PH TXHU¯D FDUJDU OD VH³RULWD 0DIDOGD SRUTXH VLOED
FRQODHVH\OHVDOHDLUHFLWRFRQRORUDFKRFORSHURGHVSX«VGHVFXEU¯
TXHHVUHEXHQDSHUVRQD(OODWHQ¯DXQQRYLRPX\SLWXFRTXHORSHUGLµ
SRU RWUD PXMHU SHUR HOOD GLFH TXH «O YD D YROYHU XQ G¯D \ SRUHVR HOOD
WLHQH VLHPSUH XQD PDWD GH FDUGHQDO HQ OD SXHUWD GH VX FDVD SRUTXH
HVDHVODVH³DSDUDTXH«OVHSDTXHHOODYLYHDK¯<GLFHHOODTXHHQOD
YLGD YHLQWH D³RV HV SRFR FRVD SDUD HVSHUDU 4XH \R WDPEL«Q WHQJR
TXH HVSHUDU FRPR YHLQWH D³RV SDUD TXH PH VDOJD ELJRWH \ WHQJD
RILFLQD 3HUR PH IDOWD PXFKR P£V SRUTXH QXQFD YR\ D WHQHU RILFLQD
VLQRTXHYR\DWHQHUXQDYLµQ(OODPHFXHQWDGHVXYLGDTXHKDVLGR
KDUWRDEXUULGD\SRUHVRKDFHYHUVRV\VRQWRGRVDOQRYLRTXHODGHMµ
3HUR\RSLHQVRTXHHVSHRUTXHDXQRORGHMHQVXVSDGUHV\HOODGLFH
TXH VR\ XQ QL³R PX\ VHQVLEOH \ PH WRFD VX YLFWUROD TXH WLHQH ODV
QDULFHVWDSDGDV<GLFHTXHHVWDRWUDVHPDQDOHYDDOOHJDUDYHUDQHDU
XQDVREULQDTXHVHOODPD*«UQLFD\TXHHVPX\౹HGXFDGLWD౺\\D PH
HVW£FDUJDQGRODWDO*«UQLFD

/DVH³RULWD0DIDOGDWLHQHXQRVUHWUDWRVHQPDUFRGHWHUFLRSHOR\
XQRV FRMLQHV FRQ JDWR KHFKRV GH DOIRPEUD FRQ PXFKD SHOXVD \ XQ
UHORM FRQ FLHQ UXE¯HV 7DPEL«Q WLHQH GRV FRURQDV HQ ODV PXHODV \ ORV
FROPLOORV IRUUDGRV HQ Q\ORQ \ VH YD D SRQHU XQ SXHQWH HVWH RWUR D³R
(OODKDVLGRRSHUDGDGHODYHV¯FXOD\GHODKHUQLD\Y£ULFHVWDPEL«Q\
FXDQGR HOOD HUD FKLFD VX SDS£ WUDEDMDED HQ HO EDQFR 0H GD PXFKD
SHQD TXH HOOD WHQJD TXH WUDEDMDU \ WDPEL«Q OH KDFH ELHQ FRQYHUVDU \
GHVFDQVDU \ VLUYH SDUD FRQRFHUQRV (OOD TXLHUH TXH OH HQFDUJXH
PHGLDVGHQ\ORQDPLPDP£\VHODVPDQGHHQXQDUHYLVWDSRUTXHDV¯

16/41
 D OD VH³RULWD 0DIDOGD < GH SXUR DEXUULGRV FXDGR SDVµ HO FDPLµQ
OHFKHURQRVIXLPRVDOSXHEORKDVWDTXHIXHUDGHQRFKH
'LFLHPEUH
3RU ILQ HV GLFLHPEUH 1XQFD KH YLVWR XQ PHV WDQ ODJR FRPR
QRYLHPEUH (V OR PDOR GH HVWDU HVSHUDQGR OD 1DYLGDG 6L XQR QR
HVSHUDUD QDGD ORV PHVHV VHU¯DQ P£V FRUWRV 3RU HVR HV TXH PH GD
WDQWDSHQDODVH³RULWD0DIDOGDTXH\DOOHYDYHLQWHD³RVHVSHUDQGRDVX
IDPRVR QRYLR +D\ TXH YHU OR TXH VHU£ HVSHUDU D XQD SHUVRQD YHLQWH
D³RVಃ<RKDFHTXLQFHG¯DVTXHHVWR\HVSHUDQGRDPLPDP£\\DQROD
YR\ D HVSHUDU P£V SRUTXH PH HVWURSHD HO FDU£FWHU c3REUH VH³RULWD
0DIDOGD7RWDOTXHXQRWDPEL«QWLHQHFRUD]µQ\ORTXHSDVDHVTXHSRU
DQGDUFRPSDGHFL«QGRWHGHODJHQWHGHVJUDFLDGDVHSRQHGHVJUDFLDGR
XQR (V OµJLFR TXH \R SHQVDU TXH VL OD VH³RULWD 0DIDOGD KDE¯D
HVSHUDGR \D YHLQWH D³RV DO QRYLR WDPEL«Q SRGU¯D WHQHU TXH HVSHUDU
RWURV YHLQWH P£V \ D XQR OH GDQ JDQDV GH TXH XQD SHUVRQD WDQ
GHVJUDFLDGDVHDPX\IHOL]\SRUHVR\RTXLVHD\XGDUOD<OR¼QLFRTXH
KLFH IXH WUDWDU GH FRQYHQFHU DO &KDPXGH] TXH VH FDVDUD FRQ HOOD
3RUTXHVLHOODIXHUDERQLWDWDOYH]«OVHFRQYHQFHU¯DVROR\SRUHVROH
FRQW«TXHHOODWHQ¯DXQW¯RPX\ULFR3RUTXH\RPHDFXHUGRTXHDOJXLHQ
GLMRTXHDQDGLHOHIDOWDEDXQW¯RPLOORQDULR/DFXHVWLµQIXHTXHSDUHFH
TXH HO &KDPXGH] WHQ¯D XQD QRYLD \ DSHQDV OR YLR KDEODQGR FRQ OD
VH³RULWD 0DIDOGD VH SXVR HQYLGLRVD \ IXH HOOD OD TXH DUPµ WRGD OD
SHORWHUD < DK¯ SDJX« HO SDWR \R SRUTXH HO &KDPXGH] GLMR TXH \R OH
KDE¯DGLFKRTXHODVH³RULWD0DIDOGDTXHU¯DKDEODUFRQ«O\OD¯GHPGLMR
TXH\ROHKDE¯DGLFKRTXHHO&KDPXGH]ODQHFHVLWDED<WRGRVJULWDEDQ
FRPRXQFRURGHFROHJLR\\RPHPRU¯DGHDEXUULPLHQWR\JDQDVGHQR
KDEHUWHQLGRQXQFDFRUD]µQ<HQHVWRHVW£EDPRVFXDQGRDODVH³RULWD
0DIDOGDOHFRPLHQ]DDEDMDUHOD³RVSRUVXQRYLRSHUGLGR\GHODIXULD
OHEDMµODSHQD\VHSXVRDOORUDUIXHUWH<GHVSX«VTXHOORUDEDSRU«O
UHVXOWD TXH FRPHQ]µ D OORUDU SRU ORV YHLQWH D³RV TXH KDE¯D SHUGLGR
HVSHU£QGROR\GHVSX«VOORUDEDSRUTXHVXPDODVXHUWHOHKDE¯DKHFKR
WHQHUQRYLDDO&KDPXGH]\DO¼OWLPRDFDERFKLOODQGRSRUTXH\RHUDXQ
PRFRVRLQWUXVRTXHKDE¯DDUPDGRWRGRHVHHQUHGR7RWDOTXH\RWHQ¯D
ODFXOSDGHWRGR<HO¼QLFRTXHHVWDEDGHOODGRP¯RHUDHO1DSROHµQ
TXHODGUDED\ODGUDED\OHWLUDEDGHODIDOGDDODQRYLDGH&KDPXGH]\

17/41
 SLHGUD
'LFLHPEUH /D W¯D PH KL]R SRQHU HO WHUPµPHWUR FUHHQ TXH FXDQGR XQR VH
SRUWDELHQWLHQHTXHHVWDUHQIHUPRಃ6RQPDODJUDGHFLGRVಃ
+R\QRSDVµQDGD

)DOWDQ VRODPHQWH  G¯DV SDUD OD 1DYLGDG 3LHQVR HQ WRGR HO
WLHPSR TXH PL PDP£ DQGD SRU (VWDGRV 8QLGRV FRPSU£QGRPH
UHJDORVಃ

$\HUIXLPRVDPLVDFRQODW¯D5\PHWRFµED³R\URSDOLPSLD\
GHVSX«VGHODPLVDHVFRPRFKRTXHGHDXWRVHQODSXHUWDGHODLJOHVLD
\ WRGRV YLHQHQ D VDOXGDU D OD W¯D \ PH SHOOL]FDQ OD FDUD &RPR OD W¯D
WLHQHPDODPHPRULDHVWDEDPX\GHEXHQDFRQPLJR\VHOHROYLGµTXH
D\HU GHM« FRUULHQGR HO DJXD GHO ODYDWRULR \ OOHJµ KDVWD VX FDPD HO
FDQDOFLWR$V¯TXHPHSUHJXQWµ

౱7HJXVWDU¯DTXHWHFRPSUDUDXQFKRFRODWH"

౱0HHQFDQWDU¯D౱OHGLMH\SDUDPRVHQODSOD]D\HOODPHGLRXQD
PRQHGD SDUD TXH PH FRPSUDUD DOJR \ QR DOFDQ]µ OD SODWD DV¯ TXH
FRPSU« GRV FKLFOHV XQR SDUD FDGD XQR < HUDQ GH HVRV FKLFOHV TXH
WUDEDQ ORV GLHQWHV \ VH QRV SHJDURQ ODV PXHODV GH DUULED FRQ ODV GH
DEDMR\QRKDE¯DFDVR$OD7¯DVHOHFD\µODSODQFKDGHGLHQWHV\\RQR
OHSRG¯DFRQWHVWDUIRUFHMHDQGR\IRUFHMHDQGRKDVWDTXHVHPHVDOLµOD
WDSDGXUD(QWUDPRVDOFRUUHR\KDE¯DGRVFDUWDVD«UHDVGHPLPDP£

0HGDWDQWRFRWRWRFXDQGRODVOHRTXHSUHILHURTXHQRPHHVFULED<
GHF¯D TXH PH FRPSUµ XQ DEULJR FXDQGR OR TXH \R TXHU¯D HUD XQ
WUDQVIRUPDGRU'LFHTXH-DYLHUHVW£PHMRU\TXHHOWUDWDPLHQWRWHUPLQD
SURQWRSHURYDDDSURYHFKDUSDUDYLDMDUXQSRFRGHVSX«VSRUTXHVH
FRPSUDURQXQDXWRXVDGRFRQXQDUHJLDUDGLR7DQWROHGLFHDODW¯DTXH
HVW£DJUDGHFLGDSRUWHQHUPHTXHPHSRUWHELHQTXHDO¼OWLPR\RGHFLG¯
DEXUULUPHWRGRHOG¯D\QRKDFHUQDGD<HQWRQFHVPHTXHG«GRUPLGR\
GRUP¯KDVWDTXHHUDFDVLGHQRFKH\DSHQDVWXYHWLHPSRGHLUDGHFLUOH
DODVH³RULWD0DIDOGDTXHQRLEDDFODVH(OODPHKDE¯DHVSHUDGRWRGR
HO G¯D \ PH WHQ¯D XQ V£QGZLFK FDOLHQWH TXH HVWDED IU¯R \ GXUR FRPR

18/41

'LFLHPEUH
$QWHVFXDQGR\RWHQ¯DIDPLOLDOHSRG¯DSUHJXQWDUODVFRVDVDPL
SDS£RDPLPDP£RDOD'RPLSHURFXDQGRXQRHVVRORHQHOPXQGR
WLHQHTXHSUHJXQWDUVHVROR\FXHVWDFRQWHVWDUVH<DYHFHVPHDEXUUR
GH SUHJXQWDUPH \ SUHJXQWDUPHಃ < HQ HVWD FDVD WRGRV VRQ FRPR
PRPLDV\QDGLHVDEHQDGDGHQDGDP£VTXHGHODSROLOODHQODURSDR
HQ ORV SRURWRV $V¯ TXH FXDQGR \R PH SUHJXQW« FµPR SRGU¯D KDFHU
DOJ¼Q QHJRFLR PH GL OD LGHD GH ORV $PEURVROL +DE¯D R¯GR WRGD OD
FXHVWLµQHQODUDGLRGHODOPDF«Q\HVEDVWDQWHHVWXSHQGR<WDPSRFR
TXLHUR GHPDVLDGD SODWD VLQR TXH QHFHVLWR XQ SRFR \ OR GHP£V VH OR
FRPSUDU¯D HQ FDVDV QXHYDV D ORV WUDEDMDGRUHV GH HVWH IXQGR TXH QR
WLHQHQQLH[FXVDGRVQLURSHURVQLWHO«IRQRV<PHIXLDOSXHEORHQHO
FDPLµQGHODOHFKH\SDV«SRUODSDVWHOHU¯D\FRPSU«PLO$PEURVROLDOD
౱3HURSRUTX«"
6H DJDUUµ OD FDEH]D \ VH OD VDFXGLµ FRPR VL TXLVLHUD KDFHUOD
VRQDU\QRIXHFDSD]GHH[SOLFDUQDGD\GHVSX«VPHDJDUUµGHOEUD]R
\PHOOHYµDPLFXDUWR<DTX¯HVWR\HQFDPDUHDEXUULGR\WHQJRJDQDV
GH TXH PH UREHQ (V PL ¼QLFD VDOYDFLµQ SRUTXH \R QR HQWLHQGR QDGD
GHORTXHSLHQVDQDTX¯\OR¼QLFRTXHHQWLHQGRHVTXHVR\PDOR\PDOR
SRUTXHPHORGLFHQWRGRHOG¯D<GHEHVHUDV¯SRUTXHDKRUDTXLHURTXH
PHUREHQORVJLWDQRV<RFUHRTXHFRQHOORVPHHQWHQGHU«SRUTXHHOORV
WDPEL«QVRQPDORV<SRUVXHUWHTXHKD\XQFDPSDPHQWRGHJLWDQRVDO
ODGLWR GHO IXQGR \ WHQJR TXH KDEODU FRQ HOORV (V XQD O£VWLPD TXH PH
FRUWDUDQHOSHORSRUTXHGHF¯DOD'RPLTXHFXDQGRHUDFKLFDWHQ¯DUXORV
UXELRVಃ<DORPHMRUDORVJLWDQRVQROHVJXVWRDKRUDಃ
FXHQWD GHO IXQGR QR GH OD W¯D \ GHVSX«V FRQ WRGRV ORV DPLJRV DTX¯
VDFDPRV ORV SDSHOLWRV \ FRPLPRV ORV FDUDPHORV < FRQ PLV SDSHOHV
PHGDQODVPLOOXFDV\\RSDJRODFXHQWD\WRGR(UDPXFKRWUDEDMR
VDFDU ORV SDSHOHV \ WDPEL«Q PDVFDU DSXUDGR SDUD JDQDU HO FRQFXUVR
GH TXLHQ FRPH P£V 6RQ FDUJDQWHV DO ILQ <R QR LED D GHMDU ORV
SDSHOLWRVHQFXDOTXLHUSDUWHDV¯TXHORVJXDUG«HQODFDMDGHILHUURTXH
QRWHQ¯DOODYH\ODW¯DFUH\µTXHWHQ¯D\TXH\RODKDE¯DDELHUWR\DUPµOD
JULWHU¯D\WLUµORVSDSHOHV\QRPHGHMDEDQLH[SOLFDUOH\HUDLQ¼WLOTXH
HQWHQGLHUD TXH HVWDED ERWDQGR  PLO OXFDV VLQR TXH GHF¯D TXH \R
HUDQ XQ ODGUµQ \ WHQ¯D TXH FRQIHVDUPH 3RU ILQ FXDQGR VH FDOPµ XQ
SRFROHSUHJXQW«

౱'HTX«PHYR\DFRQIHVDU"

౱7¼QRWLHQHVLGHDGHPRUDOQLGHFRQFLHQFLD౱PHGLMR౱3HUR
WRGDY¯DHVWLHPSRGHTXHWHVDOYHV+D\TXHIRUP£UWHODಃ

౱&µPR"

౱<DYHUHPRVFµPR3RUDKRUDWHYDVDODFDPDFDVWLJDGR

19/41

'LFLHPEUH
(VWDPD³DQDPHOHYDQW«WHPSUDQLWR\PHIXLDYHUDORVJLWDQRV
(VWDEDQWRPDQGRXQGHVD\XQRFRQPDORORUSHURHVFXHVWLµQGH
DFRVWXPEUDUVH<PXFKDVYHFHV\RWHQJRODVQDULFHVWDSDGDV
<R ORV HVWDED PLUDQGR GHVGH OD SXHUWD GH OD FDUSD \ PH
LPDJLQDED YHVWLGR GH JLWDQR \ WRPDQGR HO GHVD\XQR FRQ HOORV \
GHVSX«V VDOLHQGR D FRUUHU HO PXQGR \ KDFHU FRVDV PDODV \ PH GDED
FRPR UHPRUGLPLHQWR 3HUR GHVSX«V SHQVDED TXH WDPEL«Q SRGU¯D QR
GHMDU TXH KLFLHUDQ FRVDV PDODV \ VHU VX VDOYDGRU (Q WRGR FDVR HO
GHVD\XQRHUDKDUWRPDOR\HVWHUULEOHSHQVDUSDUDDOO£\SDUDDF£FRPR
SHQVDED\R+DVWD TXH DO ILQ PH GHFLG¯ SDUD DOO£ \ HQWU« HQ OD FDUSD
3HUR PH YROY¯ D TXHGDU SDUDGR \ HOORV PH PLUDEDQ \ KDEODEDQ VX
HQUHGR'HUHSHQWHSHQV«TXHDORPHMRUHOORVWHQ¯DQHOWHVRUR\VLQROR
WHQ¯DQOHVJXVWDU¯DWHQHUOR\SRGU¯DPRVEXVFDUORMXQWRV\QRVKDU¯DPRV
UHDPLJRV3HURGHVSX«VSHQV«TXHFRQODFDQWLGDGGHSXOVHUDV\DURV
\ PRQHGDV TXH OHV FXHOJDQ SRU WRGDV SDUWHV QR OHV GHEH LQWHUHVDU
PXFKRXQWHVRUR<\DLEDDSHQVDUHQRWUDFRVDFXDQGRXQDJLWDQD
PHOODPµ\PHGLMRTXHPHVDFDUDODVXHUWH
<RHQWU«ELHQHQODFDUSD\OHHVWLU«ODPDQR0LVO¯QHDVVHYH¯DQ
QHJULWDV\HOODPHGLMRTXH\RLEDDWHQHUXQDJUDQIRUWXQD\XQDFDUWD\
TXHPLSHQDLEDDSDVDU\TXHLEDDVHUIDPRVR\IHOL]
౱)DPRVR GH TX«" ౱OH SUHJXQW« SHQVDQGR VL VHU¯D ODGUµQ
IDPRVR
(OODVHULµ\GLMR
౱)DPRVRGHULFR
7RGDY¯DHVWDEDSHQVDQGRVLLU¯DDVHUULFRGHUREDUFXDQGRHOOD
PHSUHJXQWµVLPLSDS£HUDHOGXH³RGHHVHIXQGR<RPRY¯ODFDEH]D
FRQWULVWH]D(OODVHUDVFµODSLHUQD\OHVRQDEDQODVSXOVHUDV3RUILQ
PHDWUHY¯DSUHJXQWDUOH
౱/HJXVWDQDXVWHGORVQL³RVDMHQRV"
౱6RQPX\OLQGRVORVQL³RV౱GLMR౱VRQVXDYHV\RORURVRV౱\
VHULµ
౱< FXDQGR QR VRQ VXDYHV QL RORURVRV WDPEL«Q OH JXVWDQ" ౱
<RHVWDEDSHQVDQGRHQPLVURGLOODVTXHVRQFRPRUDOODGRUGHFRFLQD
౱2KVLW¼PHJXVWDVPXFKR
3HUR XVWHG QR PH UREDU¯Dಃ ౱PH GDED SHQD GH P¯ \ SHQVDED
TXHSRG¯DKDEHUVLGRFKLFRPHMRU
౱7¼QRTXLHUHVTXHWHUREHYHUGDG"౱SUHJXQWµ
౱<D OR FUHR TXH TXLHUR ౱GLMH౱ 6R\ DEDQGRQDGR 0LV SDGUHV
PHGHMDURQ\ODW¯DQRPHHQWLHQGH3RGU¯DVHUXQEXHQJLWDQRSRUTXH
VR\FDPSHµQGHVDOWRVPRUWDOHVಃ
౱7¼ SLHQVDV HVR SRUTXH WLHQHV SHQD GH DOJR <D SDVDU£
0D³DQDVHU£VIHOL]/RVJLWDQRVQRUREDPRVQL³RVಃ$OJXQRVWDOYH]ಃ
౱(VRTXLHUHGHFLUTXHQRKD\FDVR"
(OODVHULµ\PHDFDULFLµODPDQR
౱4X«GDWH DTX¯ ౱GLMR౱ SHUR WUDH DOJXQD FRVD SDUD JLWDQRV
EXHQRV 7X W¯D WLHQH ULFDV IUXWDV" 7UDH PXFKDV \ JLWDQRV WH KDFHQ
IHOL]'HVSX«VYXHOYHVDFDVD
౱1RPHFRQYLHQH౱OHFRQWHVW«౱<RQRTXLHURYROYHUP£V
(OODOODPµHQMHULQJRQ]DDXQJLWDQRTXHHVWDEDIXPDQGRSLSD/H
KDEOµHQMHULJRQ]D\«OVHDFHUFµDP¯\PHGLMR
20/41
 ౱/£UJDWH GH DTX¯ /D JHQWH VLHPSUH HVW£ SHQVDQGR TXH ORV
JLWDQRVUREDQ1RTXHUHPRVQDGDFRQWLJRQLFRQHOORV
$P¯PHGLRUDELDDV¯TXHOHGLMH
౱1R VDEH OR TXH VH SLHUGH SRUTXH PL W¯D HV PLOORQDULD \ OH
KDEU¯DGDGRPXFKDSODWDSDUDUHVFDWDUPH౱\PHIXL
3HUR HQ HO FDPLQR PH GLR FRQJRMD GH SHQVDU TXH WRGR PH VDOH
DV¯\QDGLHPHTXLHUHQLVLTXLHUDORVJLWDQRV<PHIXLFDPLQDQGRSRU
ODV FKDFUDV \ SHQVDQGR HQ -DYLHU TXH HVW£ HQ (VWDGRV 8QLGRV
JR]DQGRGHODYLGDHQXQKRVSLWDOGH%RVWRQ<\RDTX¯VRORHQWUHORV
FKRFORV&DVLPHJXVWDU¯DVHUFKRFORSRUTXHDOPHQRVORKDFHQPD¯]\
VHORFRPHQODVJDOOLQDV
< FXDQGR VH DFDEµ HVH SRWUHUR PH HQFRQWU« FRQ HO 3LWLFR TXH
DQGDEDURGHDQGRODVYDFDV\PHVXE¯DODQFDGHVX\HJXD\ORFRQYLG«
DOSXHEORDWRPDUKHODGRV/HDSUHW«ORVWDORQHVDOD\HJXD\VDOLPRV
JDORSDQGR KDVWD OD FDOOH ODUJD $PDUUDPRV HO FDEDOOR HQ OD SOD]D \
HQWUDPRVDODSDVWHOHU¯D\QRVWRPDPRVFXDUHQWDKHODGRV/RPDORIXH
TXHGHVSX«VTXHWHQ¯DPRVWRGRDUUHJODGRGHTXHGDUORGHELHQGRDOD
FXHQWDGHODW¯D5RVDULWROOHJµHOPDULGRGHODGXH³D\GLMRTXHQROH
GHMDEDQDGDDODFXHQWDGHHOODSRUTXHHOODOHKDE¯DVXELGRHODUULHQGR
<VHHQIXUHFLµFRQVXHVSRVD\OODPµSRUWHO«IRQRDODFDVDGHODW¯D
5RVDULWR \ DUPµ WRGR HO HQUHGR < \R TXH DQWHV QR TXHU¯D QL YHUOD
PHQRV TXHU¯D YHUOD DKRUD GHVSX«V GH HVWR \ SRU HVR GHM« SDVDU OD
WDUGH\DOILQIXLGRQGHODVH³RULWD0DIDOGD\OHGLMHORTXHPHSDVDED<
HOODGLMRTXHLEDDKDEODUFRQODW¯DSHURODW¯DVHKDE¯DSXHVWRQHUYLRVD
\ OH KDE¯D GDGR HO DWDTXH \ GLFH OD =RLOD TXH DQWHV GHO ¯GHP GHF¯D
౹(VWH QL³R VH KD PXHUWR \R WHQJR HO SUHVHQ ౰QR V« FXDQWR \ PH
YXHOYRORFDGHUHVSRQVDELOLGDG౺\cSXP6HFD\µDOVXHOR
$V¯ TXH PH DFRVW« QR P£V \ OD =RLOD PH WUDMR XQ SROOLWR DVDGR
HQWHUR SDUD P¯ \ FRP¯GR D GHGR \ PH GLMR TXH PH GXUPLHUD \ TXH
PD³DQD HOOD DUUHJODU¯D ODV FRVDV \ OH GLR SODWD DO OHFKHUR SDUD TXH
SDJDUD OD FXHQWD GH ORV KHODGRV \ PH FRQWµ FXHQWRV GH EUXMRV KDVWD
TXHPHGRUP¯
21/41

'LFLHPEUH
5HVXOWDTXHSDVµXQFKDVFR(VWDPD³DQDODW¯D5RVDULWRKDE¯D
SHGLGRODFDPLRQHWDSDUDLUDOSXHEORDKDFHUXQDGLOLJHQFLD
/D FDPLRQHWD HV GH HVDV TXH VL VH OHV SDUD HO PRWRU QR SDUWH
P£V 7LHQH OD PLVPD HGDG GH OD W¯D 5RVDULWR \ VH UHPHFH HQWHUH \ OH
KLHUYHHODJXD6RWR\\RHVW£EDPRVHVSHUDQGRDODW¯DFXDQGRD«OVH
OH RFXUULµ EDMDUVH $SHQLWDV WRTX« HO FDPELR FXDQGRಃ c]DV GLR XQ
EULQFR OD PX\ WDUDGD \ IXH D HVWUHOODUVH MXVWR FRQWUD XQ ULQFµQ GH OD
FDVD\VHPHWLµDOFRPHGRU<DK¯TXHGµ
/DFXHVWLµQHVTXHODW¯DVHDEXUULµGHP¯<DQRTXLHUHWHQHUPH
QL XQ G¯D P£V \ YD D LU D 6DQWLDJR SDUD KDEODU FRQ RWUD IDPLOLD SDUD
TXH VH KDJD FDUJR < WDPSRFR PH TXLHUH OOHYDU SRUTXH GLFH TXH HV
PHMRUTXHHQHVDIDPLOLDQRPHYHDQ$P¯PHGDQJDQDVGHHVFULELUOH
XQD FDUWD DUUHJODQGR ODV FRVDV SHUR WDPSRFR PH JXVWD SURPHWHU
PXFKR SRUTXH WHQGU¯D TXH HVWDU WRGR HO WLHPSR GXUPLHQGR SDUD
WHQHUOD FRQWHQWD (Q WRGR FDVR PH GD EDVWDQWH SHQD FXDQGR SLHQVR
TXHVR\HFKDGRSRUTXHDQDGLHOHJXVWDVHUFRPRVREUD<VHORFRQW«
D&DUUDVFR\«OPHGLMR౹7LHQHQTXHGDUOHVXGHVDKXFLRSDWURQFLWR౺\
VHULµ&RQWDOGHTXHQRVHDXQDSDWHDGXUDRD]RWHVಃ6LORVJUDQGHV
WUDWDUDQ GH HQWHQGHUOR D XQR HOORV WDPEL«Q OR SDVDU¯DQ PXFKR PHMRU
FUHR

6H DUPµ OD JUDQGH \ QDGLH VH ILMµ VLTXLHUD HQ PL VDQJUH GH
QDULFHVTXHHUDXQWUHPHQGRFKRUUR

(Q ILQ TXH D OD W¯D OH LED D YHQLU HO DWDTXH GH WRGDV PDQHUDV
SRUTXHVHHVW£DFRVWXPEUDQGR\FRPRD\HUOHYLQRKR\¯GHP

3HURORPDORIXHTXHQROHDOFDQ]µDYHQLUDV¯TXH\RPHIXLSRU
DK¯XQUDWLWRSRUTXHVDE¯DTXHPHLEDQDHFKDUWRGDODFXOSDSHUROOHJµ
GRQ&«VSHGHVDEXVFDUPH\WXYHTXHYROYHU<ODW¯DPHGLMR

౱c(UHVXQSHUYHUVRXQEDQGLGR౱\OORUDEDGHUDELD

౱<RQRORKLFHDGUHGH\VLTXLHUHOHSDJRHODUUHJOR

౱$GHP£VGHWRGRHUHVXQLQVROHQWH౱PHFRQWHVWµ<WRWDOTXH
XQRQRVDEHORTXHTXLHUHODJHQWH'HWRGRVPRGRVVDOHSHRU6LXQR
WUDWDGHDUUHJODUORPDORORHQFXHQWUDQLQVROHQWH\ORTXHOHVJXVWDHV
TXH QR KD\D UHPHGLR $V¯ TXH \R PH SXVH D PLUDU SDUD DEDMR \
HQWRQFHVYLODODJDUWLMDTXHWHQ¯DHQODPDQR\QRV«SRUTX«ODVROW«\
WDPSRFRV«SRUTX«HOODVHOHVXELµDODIDOGDGHODW¯D(QILQTXHFDVL
GDQ JDQDV GH PRULUVH D YHFHV < XQR WLHQH TXH SHQVDU TXH HVR HV
SHFDGRSDUDTXHUHUYLYLU

22/41
'LFLHPEUH
3DUHFHTXHODW¯DFDPELµODLGHDGHLUD6DQWLDJR\HQYH]GHHVR
VHIXHDODSDUURTXLD\KDEOµFRQHOFXUD\PHYDDGHMDUFRQ«OSDUD
HQVD\DUGHFRUUHJLUPH\WDPEL«QGHIRUPDUPHODIDPRVDFRQFLHQFLD<
IXLPRVDYHUDOFXUD\HVWDQEXHQDJHQWH\WLHQHXQDSDWLOODFRUWDFRPR
FHSLOOR GH X³DV \ XQD YHUUXJD WDPEL«Q < PH KL]R FDUL³RV \ GLMR TXH
¯EDPRV D VHU PX\ EXHQRV DPLJRV \ TXH DSUHQGHU¯D D D\XGDUOH HQ OD
PLVD$P¯PHTXHGDWRGDY¯DXQSRTXLWRGHYRFDFLµQSRUTXHPHVHQW¯
FRQWHQWR GH D\XGDUOH HQ DOJR DXQTXH VHD OD PLVD < WDPEL«Q PH
DOHJU«FXDQGRVXSHTXHQRSRG¯DYHQLUPHKDVWDHOV£EDGRSRUTXHHO
VH³RUFXULWDVHYDD6DQWLDJRDXQDGLOLJHQFLD&UHRTXHORYR\DSDVDU
UHJLRSRUILQ‹OWLHQHPXFKRVOLEURV\PHSXHGHOHHU\WDPEL«QWLHQHXQ
HTXLSRSDUDGHVDUUROODUIRWRJUDI¯DV\PHSXHGHHQVH³DU\\ROHKDJRHO
WUDEDMR < WDPEL«Q YLYLU FRQ XQ FXUD HV EXHQR SDUD ORV TXH KDQ VLGR
PDORVFRPR\RSRUTXHHVFRPRSDUDXQHQIHUPRYLYLUHQODIDUPDFLDHO
UHPHGLRHVW£DK¯PLVPRಃ
'LFLHPEUH
$YHFHVPHGDQJDQDVGHQRHVFULELUP£VHQPLGLDULR\TXHVHYD\DQ
DOGLDQWUHODVGLH]OXFDVGHOVH³RU$OILQ\DOFDERPLVSDGUHVHVW£QHQ
(VWDGRV8QLGRV\QRLPSRUWDTXH\DQRWHQJDXQSHVR(VWHUULEOHWHQHU
TXHKDFHUDOJRDODIXHU]D\HVFULELUWRGRVORVG¯DVWRGRORTXHXQR
KDFHRORTXHSLHQVD3HURTXLHURWHQHUODVGLH]OXFDVSDUDOD1DYLGDG
SRUTXH\DYHRTXHQDGLHPHYDDKDFHUUHJDORV\PHORVTXLHURKDFHU
\R+D\G¯DVTXHQRKDSDVDGRQDGDQLV«TX«GHFLU\SRUHVRKR\
SDUDWHQHUDOJRTXHGHFLUVROW«WRGRVORVSROORVGHOFULDGHUR<TX«PH
LPSRUWDTXHVHHQRMHQDKRUDFXDQGR\DPHYR\DLUDODSDUURTXLD(UD
OLQGRYHUORVFRUUHUFDFDUHDQGR\DOHWHDQGRWRGRVEODQTXLWRVಃ3HURORV
SHUURVOLJHULWRORVFRUULHURQ\HO&DUUDVFRORVUHFRJLµ\OHVSXVROODYH\
QLPHUHWDURQVLTXLHUD
$OD=RODOHGRO¯DPXFKRHOHVWµPDJR\OHSUHSDU«HOUHPHGLRGHODW¯D
FRQXQSRTXLWRGHYLQR\GHD]¼FDU\VHPHMRUµ<HQODWDUGHFXDQGR
HVW£EDPRVHQHOUDQFKRGH3HGUR\VXFKLFDOORUDED\OORUDEDGHSXUR
HQIHUPDOHRIUHF¯D«OGDUOHHOUHPHGLRGHOD=RLOD\VHORWUDMH<RQRV«
VLKDE¯DFDPELDGRHOIUDVFRRODFKLFDVHLEDDPRULUGHWRGDVPDQHUDV
SRUTXHQDGLHVHKDE¯DGDGRFXHQWDGHTXHHVWDEDJUDYH/DFXHVWLµQ
HVTXHFXDQGRYLQRHOGRFWRUGHOVHJXUROHGLRXQRVED³RV\OHYROYLµOD
YLGD<3HGURQLPHHFKµODFXOSDDP¯\\RHVWDEDHVSHUDQGRTXHPH
ODHFKDUD<GHVSX«V\RQRVDE¯DTX«UHJDODUOHGHDJUDGHFLPLHQWRDV¯
TXHOHGLPLPDOHWDTXHHVOR¼QLFRTXHWHQJR<«OVHODYHQGLµDOD
VH³RULWD0DIDOGDSRUTXHHOODQHFHVLWDEDXQDSDUDFXDQGRVHFDVH
3RUILQPHVLHQWRIHOL]GHVHUEXHQR/RVSREUHVVRQPHMRUHVTXHORV
ULFRV1XQFDHFKDQODFXOSD\WDPSRFRVHYDQD(VWDGRV8QLGRV\
DEDQGRQDQDVXVKLMRV
23/41

'LFLHPEUH
+R\OOHJµOD*«UQLFDODIDPRVDVREULQDGHODSURIHVRUD7LHQHHO
SHOR ODUJR KDVWD OD URWXUD GHO YHVWLGR 3DUHFH TXH DQGXYLHUD FRQ
FKDTXHWDQHJUDSRUTXHOHWDSDWRGRHOFRJRWHORVEUD]RVORVKRPEUHV
\ODHVSDOGD&XDQGRFRUUHVHOHGHVSHJDGHDK¯\VHHQUHGDSRUWRGDV
SDUWHV\VREUHWRGRHQORV£UEROHV\XQRWLHQHTXHVDFDUOHODVHVSLQDV
ODV DEHMDV \ ODV VHPLOODV GHO IDPRVR SHOR < HV WDQ JRUGD TXH ODV
SLHUQDVVHOHDEUHQSRUDEDMRSRUTXHQROHFDEHQDUULED\WDPEL«QVH
UHPHFHWRGD\OHVXGDODQDUL]FRQJORERVJUDQGHV
ORVKRPEUHVTXHODVPXMHUHVVRQIDOVDV\DKRUDV«TXHVRQSRUTXHOD
PX\ S¯FDUD QL GLMR TXH HOOD PH KDE¯D VXSOLFDGR TXH \R OH FRUWDUD VX
IDPRVRSHOR<PHHFKDURQWRGDODFXOSDDP¯<GHVSX«VDQGXYRWRGD
OD WDUGH VLJXL«QGRPHಃ +D\ TXH YHUಃ < KDVWD OD VH³RULWD 0DIDOGD PH
YLQR D EXVFDU \ GLMR TXH HVWDED IHOL] FRQ TXH DOJXLHQ VH DWUHYLHUD D
FRUWDUOHHOGLFKRVRSHORDVXVREULQDTXHODHVWDEDDSHVWDQGR\QROD
GHMDEDFUHFHU\TXHHOODQXQFDKDEU¯DWHQLGRWLHPSRGHSHLQDUOD(QILQ
TXHVHYHTXHWRGDVODVPXMHUHVVRQLJXDOHV\QRVDEHQORTXHTXLHUHQ

$OSULQFLSLRQRVPLUDPRV\QRV\GHVSX«VODVH³RULWD0DIDOGDQRV
PDQGµ D MXJDU $ P¯ PH UHYLHQWD MXJDU FRQ PXMHUHV SHUR FRPR
PD³DQD PH YR\ TXHU¯D KDFHU KR\ WRGR OR TXH PH PDQGDUDQ <
REHGHF¯D 3HUR FODUR TXH OD WRQWRQD VH HQUHGµ HQ XQ HVSLQR \ \R PH
FODY«HQWHURSDUDVDFDUOD$V¯TXHOHGLMH

౱3RUTX«QRWHFRUWDVHOSHOR"

౱0LPDP£GLFHTXHHVPX\OLQGRಃ

౱3HUR VH WH HQUHGD WRGR HO WLHPSR $GHP£V \R QR SLHQVR
FODYDUPHGHQXHYRSRUWL\VLVHWHHQUHGDDK¯WHTXHGDV

(OODPHFRQYLGµDMXJDUDODDUEROHGD\\ROHGLMHTXHQR<HOOD
PHSUHJXQWµSRUTX«\\ROHGLMHTXHSRUODHQUHGDGXUD(QWRQFHVIXH
HOOD OD TXH PH SLGLµ TXH OH FRUWDUD < GLMR TXH VX PDP£ DKRUD QR OD
YH¯D \ TXH OH LED D FUHFHU FXDQGR YROYLHUD GRQGH HOOD \ DOHJµ \ PH
VXSOLFµ \ WXYH TXH KDFHUOH FDVR $GHP£V TXH HO SHOR HUD GH HOOD \
WDPEL«QVHSRGU¯DYHQGHUSDUDDUFRVGHYLRO¯QRSDUDSHUVRQDVFDOYDV
< \R WXYH FXLGDGR GH TXH VH SXVLHUD HO FKDOHFR GHVSX«V FXDQGR
HPSH]µDHVWRUQXGDU<DV¯\WRGRcKD\TXHYHU

<R QXQFD PH LPDJLQ« TXH DOJXLHQ SRG¯D OORUDU WDQWDV O£JULPDV
QHJUDV FRPR ODV TXH OH FRUU¯DQ SRU OD QDUL] D OD VH³RULWD 0DIDOGD
FXDQGRYLRDOD*«UQLFDFRQHOSHORFRUWDGR<\RVLHPSUHKDE¯DR¯GRD (QWRGRFDVRHVWR\IHOL]GHTXHPD³DQDPHYR\DODSDUURTXLD<

24/41
WXYH TXH DUUHJODU PLV FRVDV HQ XQ FDQDVWR SRUTXH DKRUD QR WHQJR
PDOHWD \ GHEDMR SXVH XQDV JXLQGLWDV SDUD UHJDODUOH DO VH³RU FXUD $O
SULQFLSLRPHGDEDSHQDLUPHSRUTXHSHUG¯DWRGDVPLVVLHPEUDVSHUR
GHVSX«VSHQV«TXHVHODVYR\DGHMDUGHWHVWDPHQWRDODW¯DHQSDJR
GHODFDPLRQHWD3HURHQWRGRFDVRPHYR\DOOHYDUPLSHUUR\DOJXQR
GHVXVKLMRVSRUTXHORVKLMRVGHEHQDQGDUFRQVXVSDGUHV/DFXHVWLµQ
HVTXH«OQRVDEHELHQFX£OHVVRQSHURWRGRVORVTXHQRVVLJDQDORV
GRV ILMR TXH VRQ GH «O 1R LPSRUWD WHQHU PXFKRV SHUURV HQ XQD
SDUURTXLDSRUTXHDV¯QRKDEU¯DQVDFULOHJLRVQLFU¯PHQHV<WDPEL«QHV
EXHQRWHQHUFRQTXLHQKDEODUSRUVLHOFXUDPHUHVXOWDFRPRODW¯DTXH
VHPXHUHSRUORVQL³RV\QRORVDJXDQWDQLXQPLQXWR
'LFLHPEUH
1RPHSXGHLUD\HUDODSDUURTXLDSRUTXHHUDGHGLFLHPEUH\HO
G¯DGHOD,QPDFXODGDHOFXUDWLHQHPXFKRTXHKDFHUSRUTXHHVHG¯DVH
FRQILHVDQ WRGRV ORV SHFDGRUHV \ VH DUUHSLHQWHQ ORV DWHRV \ KD\
SURFHVLµQ \ PXFKR TXH WUDEDMDU SDUD XQ VROR FXULWD $V¯ TXH PH YLQH
KR\\HVWR\IHOL]0LFXDUWRTXHGDDOODGRGHOGHOVH³RUFXUD\WLHQHXQ
MDUURGHODYDWRULRGHSRUFHODQDFRQIORUHV\XQDWD]DWUL]DGD\XQEDOGH
SDUDODV౹DJXDVVHUYLGDV౺7DPEL«QKD\XQDVLOODGHEDODQ]DYLHMDSDUD
OHHU\XQDPHVDHVFULWRULRFRQPXFKRVFDMRQFLWRVTXHHVW£QOOHQRVGH
SDSHOHV GHO FXUD SHUR «O ORV YD D VDFDU FXDQGR WHQJD WLHPSR 0L
FXDUWR WLHQH XQD FRUWLQD URMD HQ OD YHQWDQD \ OD OX] URMD SRUTXH DQWHV
HUD HO UHYHODGRU GHO VH³RU FXUD TXH HV GRQGH GHVDUUROODED VXV
SHO¯FXODV 7HQJR XQD FDVD GH ILHUUR LQPHQVD SDUD JXDUGDU PL URSD
SRUTXH DTX¯ QR KD\ URSHURV \ DGHP£V HVD FDMD HV PDFL]D FRQWUD
LQFHQGLR\SHVDGRVPLONLORV\VHODUHJDODURQDOFXUDSRUTXHQRWLHQH
OODYH
/D PHVD GHO FRPHGRU QR WLHQH PDQWHO QL SD³LWRV \ HO IUXWHUR QR
WLHQH P£V TXH XQ OLPµQ &XDQGR HVW£EDPRV DOPRU]DQGR YLQR XQD
SDUHMDTXHVHTXHU¯DFDVDU\HOODHUDWDQQHUYLRVDTXHVHUH¯DWRGRHO
WLHPSR ‹O QR WHQ¯D P£V TXH GRV GLHQWHV \ HO VRPEUHUR TXH OR GDED
YXHOWDV KDVWD TXH VH OH FD\µ < ORV DSXQWDPRV \ OHV GLMLPRV TXH
WUDMHUDQ VX IH GH EDXWLVPR \ DK¯ HVW£ OD FRPSOLFDFLµQ 3HUR HO VH³RU
FXUD OHV GLMR TXH FXDQGR OD WXYLHUDQ ORV FDVDU¯D < GHVSX«V YLQR XQD
PXMHUFLWD \ OH WUDMR XQD JDOOLQD \ VLHWH KXHYRV \ OD YDPRV D FRPHU
PD³DQDSDUDFHOHEUDUPLOOHJDGD5HVXOWDTXHODYHUUXJDOHVDOLµVROD
'LFHTXH\ROHUHFXHUGRGH«OFXDQGRHUDFKLFRKDFHWLHPSR
(QODWDUGHKLFLPRVEHQGLFLµQ\UH]DPRVHO5RVDULR\QRYLQRP£V
TXHXQDYLHMD(OWUDMHGHDFµOLWRWLHQHRORUDILHUURFKXSDGR\WHQJRTXH
DPDUU£UPHORHQODFLQWXUDSDUDQRSLVDUORSHURGHWRGRVPRGRVPHOR
SLVR\SRUHVRPHFD¯(OVDFULVW£QHVORP£VFUH¯GR\DSDJDODVYHODV
FRPRFRQGHVSUHFLR
25/41
 9LQR XQD VH³RULWD D DUUHJODU ODV IORUHV GHO DOWDU SDUD PD³DQD \
KDEODEDVRODWRGRHOWLHPSR(O1DSROHµQOHODGUDEDSRUTXHHOODOHFD\µ
PDO SHUR \R OR VXMHW« $SUHQG¯ D WRFDU OD FDPSDQD \ PD³DQD PH
'RPLQJR
OHYDQWRWHPSUDQLWRSDUDGDUODSULPHUDVH³D
<RGHVSHUW«FUH\HQGRTXHKDE¯DLQFHQGLRHQPLFXDUWR\UHVXOWD
<R PH FRQIHV« GH QXHYR FRQ HO FXUD \ PH DFXV« GH DOJXQDV TXHHUDODFRUWLQD\HOVRO<FODURTXHVLQUHORMcTX«LEDDVDEHU\RGH
PHQWLUDVSRUVLDFDVR\WDPEL«QSRUTXHQRWHQ¯DQLQJ¼QSHFDGR OD KRUD $V¯ TXH PH OHYDQW« ELHQ DSXUDGR \ PH IXL DO FDPSDQDULR \
WRTX«ODSULPHUDVH³DOGHODPLVD$OSRFRUDWROOHJRHOVH³RUFXUDFRQ
/D-XDQLWDHVODFRFLQHUD\QRXVDGHODQWDO\WLHQHXQJDWRTXHQR
WLHQHP£VTXHXQDRUHMD\OHDQGDEXVFDQGRODFDPRUUDDO1DSROHµQ
SHURQRKD\FDVRSRUTXHPLSHUURQLORPLUD
$ODKRUDGHODFRPLGDYLQRXQDVH³RUDDTXHMDUVHGHVXPDULGR
TXHHVERUUDFKR\VHQRVHQIU¯RODVRSD\VHOHIRUPµQDWD\ODMXDQLWD
QRTXLVRFDOHQWDUOD2MDO£TXHHOVH³RUFXUDVHDFXHUGHGHFRPSUDUPH
XQD O£PSDUD EODQFD SRUTXH FXHVWD PXFKR HVFULELU FRQ OX] URMD \
DGHP£VGDXQVXH³RFRPSOHWDPHQWHIDWDOಃ
FDSD GH DJXD SRUTXH QR WLHQH EDWD \ PHGLR GRUPLGR \ PH GLMR TXH
HUDQODVVHLVGHODPD³DQD\ODPLVDHUDDODVGLH]<TX«KDFHU"
5HVXOWDTXHHPSH]µDOOHJDUJHQWH\WXYLPRVTXHGHFLUXQDPLVD
GHVHLV\RWUDGHGLH]\RWUDGHGRFH<FRPRQRHVWDEDHOVDFULVW£Q\R
WXYH TXH D\XGDU OD SULPHUD \ FODUR TXH PH WXUE« XQ SRTXLWR 3RU OR
GHP£VPLHQWUDVP£VPLVDVGLFHHOVH³RUFXUDPHMRUSDUDVXDOPD<
SRU VXHUWH PH GHMµ SDVDU OD EDQGHMD GH SHGLU OLPRVQD \ MXQW« FRPR
GLH]OXFDVSRUTXHODW¯DHFKµPHGLDOXFD\OD=RLODXQDHQWHUD
'HVSX«VVDOLPRVHQHOFRFKHFLWRDYLVLWDUXQHQIHUPHUR\HOFXUD
PH FRQYHUVµ GH PXFKDV FRVDV \ OR EXHQR TXH WLHQH HV TXH FRQWHVWD
WRGR OR TXH XQR OH SUHJXQWD < OD FD]XHOD HVWDED ULFD DO DOPXHU]R \
WDPEL«Q¯EDPRVDFRPHUHQODQRFKHSHUROOHJµXQYLHMLWRTXHQRWLHQH
GRQGH DOPRU]DU \ VH FRPLµ OD PLWDG GH OD JDOOLQD TXH KDE¯DPRV
JXDUGDGRSDUDODFRPLGD
0LHQWUDVHOFXUDHVWDEDHQXQDUHXQLµQ\RIXLDODFDQFKDDYHU
MXJDU\PHFRQWDURQTXHHOVH³RUFXUDHVQDGDPHQRVTXHW¯RGHO6DSR
/LYLQJVWRQH 7DPEL«Q WLHQH XQ UHWUDWR GH «O FXDQGR HUD FKLFR \ QR
SDUHFHP£VTXHXQSLOXFKRFXDOTXLHUD
$ OD KRUD GHO W« HVWXYLPRV UHYHODQGR IRWRJUDI¯DV \ HV OR P£V
PDFDQXGR SRUTXH VH YHQ DSDUHFHU 3HUR FXDQGR HVW£EDPRV HQ OR
PHMRUOOHJµXQFKLTXLOORDEXVFDUDOVH³RUFXUDSRUTXHOHKDE¯DGDGR
XQDWDTXHDVXDEXHOR\WXYRTXHVDOLUFRUULHQGR\PHHQFDUJµGHODV
IRWRVHQ£FLGR\VHPHGHVSDUUDPµHO¯GHP\HOJDWRGHODMXDQLWDVHOR
WRPµ \ VH HQYHQHQµ < OD SREUH OORUµ WDQWR TXH QR SXGR KDFHU QL OD
26/41
FRPLGD\FRPLPRVSXURVKXHYRVUHYXHOWRV
(QODWDUGHKXEREHQGLFLµQ\PHSXVHHOWUDMHGHDFµOLWRRWUDYH]\
PH UHYLHQWD HO SLWXFR GHO VDFULVW£Q TXH WRGR HO WLHPSR HVW£ GHOH D
FRUUHJLU\FRUUHJLUKDVWDTXHQROHKLFHP£VFDVR
/XQHV
(VWDPD³DQDWUDMHURQDOPXHUWRDODLJOHVLD\HVHOIDPRVRDEXHOR
GHODWDTXHTXH\DHVWDEDPXHUWRFXDQGROOHJµHOVH³RUFXUD3XVLPRV
ORV SD³RV QHJURV \ XQRV WUHPHQGRV FDQGHODEURV \ GLFH *DEULHO HO
VDFULVW£QTXHOHFDUJDQORVIXQHUDOHVSRUGRVFRVDVSRUTXHKD\TXH
EDUUHUODLJOHVLDGHVSX«V\SRUTXHHODOPDGHOPXHUWRTXHGDKDFLHQGR
SHUMXLFLRSRUHOSXHEOR
(OVDFULVW£QQRHVWDQPDODSHUVRQDFRPRSDUHFHSHURHOVH³RU
&XUDGLFHTXHHVPX\LJQRUDQWHGHDQGDUGLFLHQGRHVDVFRVDVSRUTXH
HO FDG£YHU QR HV QDGD LJXDO TXH HO FDMµQ R ODV YHODV \ HO DOPD HVW£
DQWH HO 6H³RU 3HUR *DEULHO GLFH TXH VRQ FXHQWRV \ TXH «O KD YLVWR
PXHUWRV \ HOORV PLVPRV OH KDQ FRQWDGR PXFKDV FRVDV < PLHQWUDV HO
&XUD OH¯D VX 2ILFLR HQ VX FXDUWR \R DSURYHFK« TXH OD LJOHVLD HVWDED
VROD\FHUUDGD\HQWU«SRUODVDFULVW¯D\PHDFHUTX«DOFDMµQ\GHVWDS«
OD WDSLWD (O PXHUWR HUD XQD FRVD EDVWDQWH DWUR] \ FXHVWD
DFRVWXPEUDUVHFRQ«OSHUR\RORPLU«\ORPLU«KDVWDTXHPHFHUUµXQ
RMR\HVDHVODSULPHUDVH³DGHTXHYDDKDEODU<FXDQGRWDOYH]PH
LED D GHFLU DOJR UHVXOWD TXH VH GLR YXHOWD HO SLVR HQ TXH \R HVWDED
SDUDGR\PHFD¯FRQWRGR<SDUHF¯DFRPRWUXHQRV\HOPHGLRERFKHGH
FDQGHODEURV\SD³RVQHJURV\FDMµQ\\RHQWUHPHGLR(QWRQFHVFXDQGR
VH PH SDVµ HO GRORU UHFRJ¯ WRGR OR TXH SXGH \ OR DUUHJO« PHQRV HO
PXHUWR\VDO¯\PHIXLDVHQWDUHQODPHFHGRUDDOHHUSHURWRGRORTXH
OH¯D QR OR HQWHQG¯D SRUTXH WHQ¯D FRPR 6DWHO 1RWLFLDV HQ OD FDEH]D \
YH¯DWRGRHOWLHPSRODFDUDGHO&XUD\ODGH*DEULHO\ORTXHLEDQDGHFLU
FXDQGRHQFRQWUDUDQHOFDMµQHQHOVXHOR<SRUVXHUWHTXHDTX¯QRHVW£
ODW¯DSDUDTXHPHHFKHODFXOSDGHWRGR
27/41

3RUILQHOFXUDHQWUµDUH]DUDODLJOHVLD\GHVFXEULµWRGRHODVXQWR
\ OODPµ D XQ FDEDOOHUR GH OD $FFLµQ &DWµOLFD \ ORV GRV OHYDQWDURQ HO
FDMµQ \ GHMDURQ WRGR FRPR HVWDED 3RUTXH GLMR HO VH³RU &XUD TXH VL
*DEULHOOOHJDUDDYHUHVRQRDFDEDU¯DQXQFDGHKDEODU\GHFLUWRQWHUDV
GH £QLPDV 'LFH TXH HVWH SXHEOR HV PX\ VXSHUVWLFLRVR \ FUHH HQ ODV
£QLPDV&XDQGRHOVH³RU&XUDPHFRQWµHVWR\RPHTXHG«HVSHUDQGR
HOUHWRSHURQLXQDSDODEUD<HUDWDQWHUULEOHHVWDUHVSHUDQGRWRGRHO
G¯D TXH DO ILQ OH GLMH DO VH³RU &XUD TXH PH TXHU¯D FRQIHVDU \ VH OR
FRQW«WRGR\TXHG«OLYLDQLWR<WDPSRFRORYDDVDEHU*DEULHOSRUTXH
HVVHFUHWRGHFRQIHVLµQ
0DUWHV
)DOWDQ QDGD P£V TXH WUHFH G¯DV SDUD OD 1DYLGDG \ HVWDPRV
SLQWDQGRORVDQLPDOHVGHOQDFLPLHQWR(OVH³RUFXUDPDQGDXQDFDUWD
TXHVHOODPD౹FLUFXODU౺DWRGRHOPXQGRSLGLHQGRSODWDSDUDFRPSUDUOH
UHJDORV D ORV QL³RV SREUHV \ \R ODV PHWR HQ HO VREUH \ OHV SRQJR OD
HVWDPSLOOD\SLHQVRTXHGHDK¯PHYDDVDOLUDOJ¼QUHJDORDP¯WDPEL«Q
(O VH³RU FXUD HV WHUULEOHPHQWH SREUH \ QR WLHQH P£V TXH XQD
VRWDQD\FXDQGRODGHVPDQFKDQXQSRFRVHPHWHHQODFDPDWDPEL«Q
VµOR HO GRPLQJR FRPHPRV FDUQH SRUTXH QR KD\ SODWD \ QXQFD
FRPHPRVSRVWUH$V¯TXH\ROHSHG¯SUHVWDGDODP£TXLQDIRWRJU£ILFDDO
VH³RUFXUD\FRPSU«XQUROORGHSHO¯FXOD\SXVHXQDYLVRHQODSXHUWD
GHODFDVDSDUURTXLDO౹)RWRVDOPLQXWR5HWU£WHVHSDUDGHMDUUHFXHUGR
FXDQGRVHPXHUD2UGHQHVDTX¯౺
< YLQLHURQ GRV VH³RULWDV D WRPDUVH IRWR \ XQD PDP£ FRQ RFKR
QL³LWRV \ XQRV QRYLRV WDPEL«Q <R ORV UHWUDW« D WRGRV HQ HO EDQFR GHO
MDUG¯Q FRQ OD JDQDQFLD FRPSU« XQ FXDUWR NLOR GH FDUQH \ WUHV
GDPDVFRV\GRVFDUDPHORV'HVSX«VUHWUDW«D1DSROHµQ\DOD-XDQLWD
SDUDDFDEDUOXHJRHOUROOR\GHVDUUROODUODSHO¯FXOD\HOFXUDPHD\XGµ
SHUR PH KL]R VDFDU HO OHWUHUR GH OD SXHUWD SRUTXH GLFH TXH DTX¯ OD
JHQWH HV WDQ KDEODGRUD TXH YDQ D GHFLU TXH «O KDFH QHJRFLRV PDORV
/£VWLPD TXH OD SULPHUD IRWR VDOLµ YHODGD \ OD PDP£ FRQ ORV QL³LWRV
UHVXOWµ GH PHGLR FXHUSR R VHD VµOR ODV SLHUQDV GH WRGRV \ HO
PDWULPRQLR VDOLµ FRQ XQ GHGR P¯R HQWUHPHGLR SHUR HO 1DSROHµQ \ OD
-XDQLWDVDOLHURQEDVWDQWHELHQ3HURORPDORHVTXHHOFXUDTXLHUHTXH
\ROHGHYXHOYDODSODWDDHVWDJHQWH\GHGµQGHTXLHUHTXHODVDTXH"
1RHVFULERP£VSRUTXHYR\DSHQVDUGHGµQGHVDFDUODಃ
28/41

0L«UFROHV
$XQTXHHOFXUDGLJDTXHHVVXSHUVWLFLµQORGHOKR\HVG¯DIDWDO
GHWRGRVPRGRV9LQLHURQODVGRVVH³RULWDVGHODIRWR\TXHU¯DQTXH\R
OHV GHYROYLHUD OD SODWD FXDQGR VXSLHURQ TXH VDOLµ PDO 'HVSX«V
TXHU¯DQTXHOHVWRPDUDRWUDKDVWDTXHOHVH[SOLTX«TXHHOQHJRFLRVH
KDE¯D DFDEDGR 8QD GH ODV FOLHQWHV PH PLUµ FRQ FDUD GH TXH \R OH
UREDED\PHGLRWRGDODUDELD\OHGLMH GHO WHDWUR FRPR EXVFDQGR DOJR KDVWD TXH XQD VH³RUD QRV SUHJXQWµ
౱(QFXDQWRHQFXHQWUHWUDEDMROHYR\DSDJDUVXSODWDDQRVHU
TXHTXLHUDOOHYDUDOJRHQYH]ಃ
౱4X«FRVDVHU¯D"౱SUHJXQWµODPX\SLWXFD
౱8Q UDWRQFLWR HGXFDGR Rಃ ౱\R SHQVDED D WRGR IXOO౱ R XQD
SODQWD
౱<SDUDTX«TXLHURHVR"
<R WHQ¯D WDQWD UDELD TXH HVWDED FRPR HQGHPRQLDGR \ QR VR\
UHVSRQVDEOHGHORTXHOHGLMHTXHIXHDOJRDV¯
౱3DUDTXHVHWDSHODFDUDTXHURPSHODVSHO¯FXODVGHSXUDIHD
/D FXHVWLµQ IXH TXH HOOD PH GLR XQ SHOOL]FR \ PH GLMR
౹c,QVROHQWH౺
<RQROHDJXDQWRLQVXOWRVDQDGLHQLWDPSRFRPHYR\DHQVXFLDU
ODVPDQRVSHJ£QGROHDXQDPXMHUDV¯TXHODHPSXM«SDUDDIXHUD\OH
FHUU« OD SXHUWD < HOOD OH UHFODPµ DO FXUD \ HO FXUD WXYR TXH GDUOH VX
FRFKLQDSODWD$KRUD\RVHODGHERDOFXUDFUHRDXQTXHODFDUQH\OD
IUXWDODFRPLPRVORVGRV\OD-XDQDWDPEL«Q3HURGHWRGRVPRGRVYDQ
D OOHJDU ORV GHP£V FOLHQWHV FRQ ORV LQVXOWRV \ OD FREUDGXUD DV¯ TXH
WHQJR TXH SHQVDU FµPR JDQDU SODWD < QR HV I£FLO JDQDUVH HVR VLQ
FDSLWDO QL FU«GLWR 3HUR HQ HVWD SDUURTXLD QR KD\ QL HVR QL QDGD P£V
TXH SXUD SREUH]D \ OD PDOD VXHUWH P¯D GH HVWDU SREUH SRU VHJXQGD
YH]<DKRUDTXHVHPXULµHOW¯R7ULVW£Q\WRGDODIDPLOLDHVW£PLOORQDULD
WHQ¯D TXH VHU \R HO SREUHಃ c/D LQMXVWLFLD GH TXH VH JDVWHQ WRGR HQ
((88PLHQWUDV\RHVWR\HQODPLVHULD
&XDQGR HVWDED P£V WULVWH SHQVDQGR HVWDV FRVDV OOHJµ &DUOLWRV
7URQFRVRTXHHVKLMRGH7URQFRVRHOGHODERPEDGHJDVROLQD\PH
FRQYLGµDOFLQH<RQRTXHU¯DLUVLQSODWDSHUR«OPHGLMRTXHWHQ¯DXQ
VLVWHPD<HOVLVWHPDHUDTXHQRVWLUDPRVHQFXDWURSDWDVHQODSXHUWD
TX«EXVF£EDPRV\&DUOLWRVOHGLMRTXHHUDXQELOOHWH(QWRQFHVHOODVH
ULµ\VDFµXQRGHODFDUWHUD\FRPSUDPRVGRVHQWUDGDV\YLPRV(OEHVR
GHODPXHUWHTXHHUDEDVWDQWHDWUR]GHWDQWRDPRU
'HWRGDVPDQHUDVDK¯PHGLRODLGHDGHVHUHOHFWULFLVWD\VHUULFR
GH XQD YH] 3HUR FRPR KR\ HV G¯D WUHFH DSHQDV HVWDED WUDWDQGR GH
DUUHJODUXQDFDPSDQLOODHOFDUDELQHURFUH\µTXHPHODTXHU¯DUREDU\
QRPHGHMµQLSRQHUODVLTXLHUD<ODGXH³DGHFDVDGLMRTXHPHLEDD
DFXVDUDOFXUD\\DPHHVW£FDUJDQGRHVWRGHTXHWRGRVPHDFXVDQDO
FXUVDFRPRVL\RWXYLHUDTXHVHUXQ£QJHOSRUTXHYLYRHQODSDUURTXLD
< WDPEL«Q DO FXUD OH SDUHFLµ PDO TXH YLHUD HVD SHO¯FXOD \ PDO TXH OH
GHED SODWD D OD JHQWH 7RWDO TXH HQ OD QRFKH QR PH SRG¯D GRUPLU DV¯
TXHPHOHYDQW«\OHSHG¯TXHPHFRQIHVDUDGHXQDYH]<WDPEL«QPH
FRQIHV« GH RWUDV FRVDV SRU VL ODV KDJR SHUR \D HVWR\ WUDQTXLOR GH
WRGRVPRGRV
<D PH KDE¯D TXHGDGR GRUPLGR PX\ IHOL] FXDQGR GHVSHUW« FRQ
XQDWHUULEOHSHVDGLOOD\HUDTXHPHKDE¯DUREDGRXQPLOOµQGHOEDQFR\
QR VDE¯D GµQGH HVFRQGHUOR (QWRQFHV PH DFRUG« TXH \R WHQ¯D DODV \
PH OR PHW¯ GHEDMR GH XQ DOD < HQ HVR HVWDED FXDQGR DSDUHFLµ HO
SROLF¯DYHVWLGRGHVDFULVW£Q\SUHQGLµODVOXFHVGHODLJOHVLD\FRPR\R
WHQ¯DXQFDQGHODEUR\DPHLEDDHQFHQGHUPLYHODFXDQGRPHYLQRXQD
SLFD]µQHQHOSHVFXH]R\OHYDQW«ODPDQR\VHFD\µHOPLOOµQ(OSROLF¯D
DEULµODERFDFRQVXVGLHQWHVGHFDGHQD\\RPHYLSHUGLGR3RUVXHUWH
PHDFRUG«GHTXHWHQ¯DDODV\PHSXVHDYRODU\PHVDO¯SRUHOYLGULR
URWR GH OD SDUURTXLD \ VHJX¯ YRODQGR SRU HQFLPD GH OD SOD]D <
HQWRQFHVHPHRFXUULµTXHSRUTX«QRPHLEDD(VWDGRV8QLGRVGRQGH
29/41
PLPDP£\YRO«SDUDDOO£3HURFXDQGRLEDHQFLPDGHOPDUGHUHSHQWH
PHDFRUG«GHTXHQRWHQ¯DEHQFLQD\MXVWRFXDQGRPHLEDDFDHUSRU
VXHUWHGHVSHUW«
<R FUHR TXH HUD XQ VXH³R SURI«WLFR SHUR GH WRGDV PDQHUDV HO
FRUD]µQHUDSHRUTXHXQPRWRUGHDYLµQ\UHFL«QDKRUDVHPHSDVµHO
VXVWR\SXGHHVFULELU2MDO£TXHPHGXHUPDSRUTXH\DHVFDVLPD³DQD
-XHYHV
/R PDOR GH FXDQGR XQR VXH³D FRQ ODV SHUVRQDV HV TXH DO RWUR
G¯DODVTXLHUHWDQWRTXHFDVLQRSXHGHSHQVDUHQRWUDFRVD(VWHVXH³R
FRQPLPDP£QRPHGHMDSHQVDUHQQDGD$QWHVPHKDE¯DSDVDGRGH
VRODUFRQHO1DSROHµQ\GHVGHHQWRQFHVORTXLHURWDQWR<TX«VDFD
XQR FRQ TXHUHU WDQWR D VX PDP£ VL HOOD HVW£ HQ (VWDGRV 8QLGRV" (Q
WRGRFDVRPHJXVWDU¯DTXHVHYROYLHUDRLUPH\RGRQGHHOODಃ$QWHV\R
QR PH GDED QL FXHQWD GH TXH WHQ¯D PDP£ SRUTXH HVWDED
DFRVWXPEUDGRSHURDKRUDTXHSHUG¯ODFRVWXPEUHODFRVDFDPELD0H
JXVWDU¯DHVWDUDVXODGRHQHOG¯DGHOMXLFLR&XDQGRHUDFKLFRSHQVDED
HVWDUDOODGRGH&DXSROLF£QSHURDKRUDSUHILHURTXHVHDPLPDP£
(OFXUDWXYRTXHLUDXQDVXQWR\OD-XDQLWDDSURYHFKµSDUDLUDO
GHQWLVWD\WRWDOTXHPHGHMDURQDP¯DFDUJRGHODSDUURTXLD
<RPHHVWDEDHQVD\DQGRHQGHFLUPLVD\RWUDVFXHVWLRQHVSDUD
GDUPHFXHQWDVLWHQJRVLWHQGU¯DYHUGDGHUDYRFDFLµQFXDQGROOHJµXQ
KRPEUH\SUHJXQWµSRUHOVH³RUFXUD
౱1RHVW£KLMR౱OHGLMR\HO౹KLMR౺PHVDOLµVROR
౱c&KLWDV౱GLMRHOKRPEUH
౱4XL]£V\RSRGU¯DD\XGDUORHQDOJR౱VHYH¯DTXHHOKRPEUHPH
QHFHVLWDED
6HTXHGµFDOODGRXQUDWRFRPRVLIXHUDDSHQVDUSHURGHVSX«V
GLMR
౱&XDQGR «O OOHJXH XVWHG OH SXHGH FRQVXOWDUಃ 4XH QR FUHD
QLQJXQD GH ODV FDOXPQLDV TXH OH WUDLJDQ GHO 5HEHFR G¯JDOH < G¯JDOH
TXH\RDSDUW«DPLPXMHUGHP¯SRUTXHQRFRQYHQ¯DSHURWRGRORTXH
FXHQWHQ HV PHQWLUD <R QL OD WRTX« 6H OH FD\µ XQ ODYDWRULR HQFLPD \
HVRIXHWRGR<RQRTXLHURFRQIHVLµQQLODFXOSRGHQDGDG¯JDOHSHUR
TXHQRFUHDODVFDOXPQLDVTXHOHWUDLJDQGHO5HEHFR
30/41
 ౱‹OOHYDGHFLUVHJXUDPHQWHTXHODSHUGRQH\TXHFRPSUHRWUR
ODYDWRULR ౱OH GLMH౱ 3RUTXH 1XHVWUR 6H³RU GLMR ౹3HUGµQDQRV FRPR
QRVRWURV SHUGRQDPRV౺ \ QR GLMR QDGD GHO ODYDWRULR SRUTXH HQ HVH
WLHPSRQRVHTXHEUDEDQ
౱'H GµQGH TXLHUH TXH VDTXH SDUD FRPSUDU ODYDWRULR FXDQGR
KDFHXQDVHPDQDTXHHVWR\VLQWUDEDMR"
(QWRQFHVOHUHJDO«QXHVWURODYDWRULRGHOR]D\FUHRTXHHOVH³RU
FXUD HVWDU£ IHOL] GH TXH \R KDJD XQD EXHQD DFFLµQ \ SXHGD \R
UHHPSOD]DUORFXDQGR«OVDOHDVXVDVXQWRV
9LHUQHV
+R\KXERUHXQLµQGHVRFLDVHQODSDUURTXLD\YLQRODW¯D5RVDULWR
\PHWUDMRGLH]OXFDV(OFXUDOHGLMRTXH\RHUDPX\EXHQQL³RSHUROH
FRQWµTXHKDE¯DWHQLGRTXHSDJDUXQWLPEUHGHFDOOHTXHPHFREUDEDQ
D P¯ <R \D LED D H[SOLFDUOH D OD W¯D FXDQGR YL TXH HOOD VDFDED XQD
FDUWHUD OOHQD GH ELOOHWHV HQWRQFHV DSURYHFK« SDUD FRQWDUOH OR GH ODV
IRWRV TXH GHE¯DPRV \ WDPEL«Q XQRV FKRFRODWHV TXH VH GHEHQ HQ OD
SDVWHOHU¯D(QILQTXHQRVGHMµGRVELOOHWHVP£VIXHUDGHODSHQVLµQ
/R PDOR HV TXH HO FXUD OH GD OD SODWD D ORV SREUHV TXH OOHJDQ FRQ VX
FXHQWR \ VH ROYLGD GH QRVRWURV GRV TXH QR WHQHPRV D TXLHQ FRQWDUOH
QXHVWURFXHQWR
(Q ILQ TXH D OD VDOLGD GH OD UHXQLµQ HO 1DSROHµQ VH SLFµ FRQ
DOJXLHQ \ VDOLµ GHWU£V GH ODV YLHMDV ODGUDQGR < XQD VH FD\µ \ «O OD
PRUGLµXQSRTXLWR3HURP£VIXHHOERFKHTXHPHWLHURQ\HOSREUHFXUD
HVWDED S£OLGR GH WDQWR GDU H[FXVDV < OD W¯D TXHU¯D TXH PDWDUDQ DO
1DSROHµQ SRU VX VH³RU¯D (OOD QL VDEH TXH «O HV VHFUHWDULR GH OD
6RFRSHEXH\WDPEL«QSUHVLGHQWHGHOVLQGLFDWR౹/D(VWUHOODGH&KLOH౺\
TXH WRGRV VXV SHUURV WLHQHQ UHXQLµQ HQ OD SXHUWD GH OD SDUURTXLD \
GHVSX«V GHVILODQ SRU HO SXHEOR \ VRQ LQVSHFWRUHV GH FDMRQHV
EDVXUHURV (OORV VRQ LJXDO TXH OD JHQWH DV¯ TXH D YHFHV VH DUPD OD
SHOHD \ KD\ TXH GLVSHUVDUORV 3HUR FRPR WLHQHQ VXV LGHDV \ HV I£FLO
VHUYLUOHVGHFDSLW£QHQFDVRGHJXHUUD\RFUHRTXHVHU¯DQPX\¼WLOHV
<HOORVVHGDQFXHQWDGHWRGRSRUHVROHODGUDURQDODVVRFLDV
/D FRVD SDVµ DV¯ HVW£EDPRV KDFLHQGR PDQLREUDV \ HQVD\DQGR
TXH ODV JDOOLQDV HUDQ HO HQHPLJR FXDQGR DSDUHFLµ OD GXH³D GH ODV
JDOOLQDVTXHHVPHGLRORFD\DUPµWRGDODURVFD&ODURTXHORVSHUURV
DPLRUGHQVHGLVSHUVDURQSHURHO1DSROHµQDSHQDVYLRDODVYLHMDV
VRFLDVFUH\µTXHHUDQHOHQHPLJR\SRUHVRDWDFµ
'HVSX«VGHODUHXQLµQVDOLPRVFRQHOFXUDHQFRFKHFLWRSDUDLUD
YLVLWDU XQ HQIHUPR TXH YLYHQ HQ XQD TXLQWD \ QRV UHJDODURQ XQ
31/41
FDQDVWµQ GH IUXWD 3HUR OR TXH SDVR IXH TXH VH PH ROYLGµ PDQHDU HO
FDEDOOR \ FXDQGR QRV TXLVLPRV YROYHU HO FRFKH VH KDE¯D LGR VROR <
WXYLPRVTXHYHQLUQRVGHDSLHFRQHOFDQDVWRWDQSHVDGR\\RTXHU¯D
WRGRHOFDPLQRTXHPHMRUQRQRVKXELHUDQGDGRIUXWDRSRUORPHQRV
TXH QRV GLHUDQ SRFD P£V ELHQ (Q ILQ TXH OOHJDPRV WUDVSLUDGRV \ HO
FRFKHQRKDE¯DOOHJDGRDTX¯$V¯TXHDORSHRUVHORKDQUREDGRಃ<R
FRP¯ WDQWD IUXWD HQ HO FDPLQR SDUD TXH HO FDQDVWR QR UHVXOWDUD WDQ
SHVDGRTXHDKRUDPHGXHOHHOHVWµPDJR\ORPDORHVTXHFXDQGRPH
GXHOHDOJXQDFRVDPHGDSRUDFRUGDUPHGHPLPDP£<DO¼OWLPRXQR
QRVDEHVLORTXHOORUDHVSRUHOGRORURSRUHOOD0HGLHURQDJ¾LWDGH
PDQ]DQLOOD\VR³«FRQHOFRFKH\VXVDYHQWXUDVTXHRMDO£QRODVVHSD
QXQFDHOVH³RUFXUDSRUTXHVRQGHORP£VDWURFHV
$ UDWRV PH JXVWD OD YLGD GH VHU FXUD < D UDWRV QR PH JXVWD
WDPSRFR 3RUTXH VLHPSUH YLHQHQ D OODPDUOR SRU WHO«IRQR FXDQGR
HVWDPRV DOPRU]DQGR \ MXVWR TXH «O PH HVW£ FRQWDQGR DOJR ELHQ
LQWHUHVDQWH < WLHQH TXH LU D OD FDVD GH DO ODGR SRUTXH DTX¯ QR KD\
WHO«IRQR \ FXDQGR YXHOYH \D QR VH DFXHUGD GH OR TXH HVW£EDPRV
KDEODQGR7DPEL«QVHOHRFXUUHDODJHQWHLQVFULELUVHHQDOJR\SDVDOR
PLVPR$V¯TXHYR\DWHQHUTXHDFRVWXPEUDUPHDYLYLUPLYLGDVROR<
SRUHVRLQYHQW«GHKDFHUXQFLUFRGHILHUDVHQDQDV9R\DLUDEXVFDU
PLV RVLWRV HQDQRV TXH VRQ ORV UDWRQFLWRV GHO IXQGR \ WHQJR TXH
FRQVHJXLUPHXQDFREUDOHJ¯WLPD3RUHVRVDO¯DOFDPSRDEXVFDUXQD\
QRHQFRQWU«P£VTXHXQDORPEUL]EDVWDQWHHQRUPHSDUDVHUORPEUL]
DV¯ TXH SRGU¯D VHUYLU SDUD FREUD HQDQD $XQTXH HV XQ SRFR S£OLGD \
KD\TXHSLQWDUOD<PHIDOWDU¯DQRP£VTXHHOOHµQ\HOWLJUHHQDQRTXH
SRGU¯DVHUXQJDWR<HO౹HVWUHQR౺VHU£HOGRPLQJRHQODSOD]D1HFHVLWR
YDULDVMDXODV\DVHUU¯QSDUDODUHGRQGHOD\XQWUDMHGHGRPDGRU\XQD
EROHWHU¯D\QDGDP£V7HQJRTXHDUUHJODUWRGRHVRPD³DQDWHPSUDQLWR
)DOWDQQDGDP£VTXHG¯DVSDUDOD1DYLGDG7HQJRYHUGDGHURV
QHUYLRV SHQVDQGR HQ ODV FRVDV TXH PH SXHGH FRPSUDU PL SDS£ HQ
(VWDGRV 8QLGRV /D FXHVWLµQ HV TXH KDFH WLHPSR TXH QR HVFULEHQ
SRUTXHDQGDQYLDMDQGR\PHGDPLHGRTXHVHOHVDFDEHODSODWDDQWHV
GH FRPSUDUPH PLV UHJDORV 0LHQWUDV WDQWR \R WUDWR GH QR KDFHU QDGD
PDOR\GHHQWUHWHQHUXQSRFRDODJHQWHGHHVWHSXHEORTXHVHDEXUUH
< &DUORV 7URQFRVR VH KL]R VRFLR GH P¯ SDUD HVWR GHO FLUFR ‹O YD D
YHQGHU ORV EROHWRV \ \R VHU« HO GRPDGRU ‹O YD D WUDHU ORV OHWUHURV \
DVHUU¯Q\ODIXQFLµQHVPD³DQDV£EDGRDODVSPDXQTXHOOXHYD\
FXHVWDXQDOXFDFLQFXHQWDSRUFXDWURSHUVRQDV6LYLHQHQPLOSHUVRQDV
VRQ GRVFLHQWDV OXFDV \ VL VRQ QR P£V GH FLQFXHQWD GH WRGRV PRGRV
VRQEDVWDQWHVOXFDV/DMXDQLWDPHHVW£DUUHJODQGRHOWUDMHGH DFµOLWR
FRORUDGR FRPR GH GRPDGRU GH ILHUDV \ \R HVWR\ GRPDQGR D OD FREUD
TXHHVPX\EUXWD7DPEL«QVHQHFHVLWDXQDPHVDSDUDODEROHWHU¯D<R
PH FRQVHJX¯ EROHWRV GH PLFUR \ &DUORV WLHQH TXH WUDHU DOJXQDV ILHUDV
TXHIDOWDQ\XQDEDQGHMDSDUDYHQGHUUHIUHVFRV
32/41
6£EDGR
5HVXOWD TXH &DUORV 7URQFRVR PHWLµ OD SDWD FXDQGR SLQWµ ORV
OHWUHURVHQODSOD]D'HF¯DQQDGDP£VTXH'HEXW+R\*UDQ&LUFRGH
)LH\FXDQGRHVWDEDHVFULELHQGR౹)LH౺DQWHVGHSRQHU౹UDV౺OOHJµHO
SROLF¯D\OHTXLWµHOWDUURGHSLQWXUD3RUTXHHOOHWUHURHUDSURSLHGDGGH
ORVQHXP£WLFRV,QVD\QRVHSRG¯DSLQWDUHQFLPD<HOSROLF¯DWXYRTXH
FRQYHQFHUVHTXH&DUORVHVKLMRGHOEHQFLQHURSDUDQROOHYDUORSUHVR
/D IXQFLµQ KDEU¯D UHVXOWDGR UHJLD VL QR SDVDUD OR TXH SDVµ
(VW£EDPRV YHQGLHQGR ORV EROHWRV HV GHFLU \D ¯EDPRV D FRPHQ]DU D
YHQGHUORV FXDQGR OD SOD]D VH HPSH]µ D OOHQDU GH JHQWH < QRVRWURV
FUH¯DPRV TXH YHQ¯DQ DO FLUFR \ HVW£EDPRV WDQ IHOLFHV FXDQGR UHVXOWD
TXH HUD SDUD XQD FRQFHQWUDFLµQ < VHJX¯DQ OOHJDQGR \ OOHJDQGR \
PXMHUHV\KRPEUHV\QL³RV\XQRVHSXVRDKDFHUXQGLVFXUVRDOPHGLR
\QRSRG¯DPRVLQLFLDUODIXQFLµQ(UDXQGHVRUGHQDV¯TXHIXLPRVPHMRU
D R¯U ORV GLVFXUVRV \ D DSODXGLU SRUTXH GHF¯DQ TXH GHVSX«V LEDQ D
UHSDUWLU KHODGR < JULWDEDQ PXFKR c%UDYRRRR FRQ YR] URQFD \ HUD
WRGRSDUDUHFODPDUXQRVGHUHFKRV3RUTXHSDUHFHTXHXQRWLHQHXQD
FDQWLGDGGHGHUHFKRV\WDPSRFRWLHQHSRUTX«VHUHVFODYRSRUTXHHO
PXQGR HV GH WRGRV < WDQ JUDQGH FRPR HV \ XQR PHWLGR HQ XQ
SXHEOHFLWRPLVHUDEOH<KD\TXHURPSHUODVFDGHQDVGHODHVFODYLWXG\
FRQTXLVWDUHWF<ORTXHHVMXVWRHVMXVWR\ODOH\SDUHMDQRHVGXUD\HO
DEXVR FRQ ODV FODVHV WUDEDMDGRUDV VH DFDEµ 0H OOHJDEDQ D GROHU ODV
PDQRVGHWDQWRDSODXGLU\WDPEL«QODJDUJDQWDGHJULWDU\ORTXHVDTX«
HQ OLPSLR HV TXH \R GHEHU¯D HVWDU HQ (VWDGRV 8QLGRV \ QR HQ HVWH
SXHEORUHWURFHVR<VL-DYLHUHVW£DOO£SRUTX«QRYR\DHVWDU\R"<HO
PXQGRHVGHWRGRV\XQRWLHQHTXHVHUYDOLHQWH\KDFHUODVFRVDV
'HM«PLGLDULRSDUDSRGHUSHQVDUORTXHGHERKDFHUSDUDLUPHD
1XHYD <RUN \ SHQV« TXH OR PHMRU HV VHU DPLJR GH XQ DYLDGRU < QR
LPSRUWD KDEHU SHUGLGR WRGR HO WUDEDMR GHO FLUFR VL PH YR\ D (VWDGRV
8QLGRV SRUTXH YDOH OD SHQD < WHQJR TXH VHJXLU SHQVDQGR FµPR VHU
DPLJRGHODYLDGRU
'RPLQJR
(VWD PD³DQD GHVSX«V GH PLVD OOHJµ HO 7URQFRVR D EXVFDUPH \
QRVIXLPRVDOFHPHQWHULRSRUTXHKDE¯DRWUDFRQFHQWUDFLµQ<HUDLQ¼WLO
TXH\ROHGLMHUDODLGHDGHOYLDMHSRUTXHD«OORTXHOHJXVWDQVRQORV
GLVFXUVRV \ VH OOHYD HQVD\DQGR GH KDFHUORV \ GH UHSHQWH VH TXHGD
SHJDGRFRPRORVGLVFRVYLHMRV\UHSLWH\VHDWRUD\DXQTXHHVFXSDOD
SDODEUDQROHVDOH<PLHQWUDV\RSLHQVRHQHOYLDMH«OKDFHGLVFXUVRV
GHODWRQWHUD4XHHOVXGRUGHOSXHEOR\ODPDQRFDOORVD\ODMXVWLFLD
HWF < \D QR SRGHPRV VHU DPLJRV SRUTXH \R WDPSRFR SXHGR SHQVDU
PXFKRGHFµPRKDFHUPLYLDMHVLHVWR\R\HQGRGLVFXUVRV7DPEL«QD
P¯PHFDUJDQODVDSUHWXUDVSRUTXHQRVHYHQDGD\SRUTXHDXQRVHOH
DQGDQHQUHGDQGRODVRUHMDVHQORVERWRQHVGHODVFKDTXHWDV\ODJHQWH
HVXQSRFRGXUDHQODFLQWXUD6LQRSHOHRFRQ7URQFRVRHVGHPLHGRD
TXHPHHFKHGHODVRFLHGDG
3RU ILQ FXDQGR YLQR OD SROLF¯D D GLVSHUVDU OD FRQFHQWUDFLµQ \R
DSURYHFK« SDUD LUPH DO FDPSR GH DYLDFLµQ (V FKLFR \ ORV DYLRQFLWRV
VRQ FDVL GH MXJXHWH SHUR YXHODQ < HO FDSLW£Q 3DUDGD WLHQH YR] GH
JXHUUD\HODVLVWHQWHGHOFDPSROHWLULWD<RPHDFHUTX«KDFL«QGRPHHO
WRQWR\OHSUHJXQW«
౱(VFLHUWRTXHHVWRVDYLRQHVQRYXHODQPX\OHMRV"
౱'HSHQGHGHORTXHHQFXHQWUHVOHMRVಃ
౱3RUHMHPSOR(VWDGRV8QLGRV
౱$K¯KDLGRPXFKDVYHFHV/HMRVHVLUDOSODQHWD0DUWHಃ
౱1DGLH KD LGR DOO£ ౱OH FRQWHVW« 3HUR HUD SRUTXH PH HVWDED
WHQWDQGR FRPR HO GLDEOR OD LGHD GH LU D 0DUWH HQ YH] GH D (VWDGRV
8QLGRV\TXHU¯DVDEHUP£VGDWRV<WDPEL«QFUHRTXHDO7URQFRVROH
FDHU¯D ELHQ SHUR HO FDSLW£Q 3DUDGD VH ULµ FRQ VX YR] GH WUXHQR \ PH
FRQWHVWµ
33/41
 ౱3URQWRLU£QKLMRSURQWRLU£Qಃ
(QWRQFHV GLR XQ JULWR HO DVLVWHQWH GLR XQ VDOWR \ XQ WLULWµQ \ HO
FDSLW£Q3DUDGDVHPHWLµHQHODYLRQFLWR<ORPLU«FRQFDUDGHV¼SOLFD
SRUYHUVLPHOOHYDEDSHURQRKXERFDVR
&XDQGR VH HOHYµ \R PH KLFH DPLJR GH %XTXLOOR TXH HV HO
DVLVWHQWH\HVFRPRPHF£QLFR\OLPSLDHODHUµGURPR\HVFRPRUH\DK¯
SRUTXH WRGRV OR FRQRFHQ \ VDEH GH ODV P£TXLQDV < KDVWD PH GHMµ
VXELUPH D XQD < FXDQGR «O VH IXH \R PH PHW¯ HQ XQ DYLRQFLWR \ PH
DFXUUXTX«SRUVLDOJXLHQYHQ¯DDYRODU\PHOOHYDED3HURORTXHSDVµ
HVTXHQDGLHYLQR\\RPHTXHG«GRUPLGR<FXDQGRGHVSHUW«PHGRO¯D
PXFKR HO EUD]R \ HVWDED WRGR RVFXUR \ HO DYLµQ PH SDUHFH TXH QR
HVWDEDHQHOPLVPRVLWLRDV¯TXHDORPHMRUYRO«\QLVXSH

&XDQGROOHJX«DODSDUURTXLDWHQ¯DWDQWDKDPEUHTXHSRUVXHUWH
HOFXUDDQGDEDGRQGHXQHQIHUPR\QRKDE¯DFRPLGR\FXDQGRYROYLµ
«OQRWHQ¯DKDPEUHDV¯TXHPHFRP¯VXSODWR\HOP¯R<PHGLMRTXH
KDE¯DSDVDGRSRUXQEXHQVXVWRSRUP¯\KDE¯DUH]DGRSRUTXHQRPH
KXELHUDVXFHGLGRQDGD
౱0HMRUQRUHFHSDUDHVR౱OHGLMH౱3RUTXHQRFUHDTXHYR\D
YROYHUWRGDVODVYHFHVಃ
౱3RUTX«GLFHVHVR"
౱3RUTXHWDOYH]PHYD\DPX\OHMRV5HFHSRUP¯VLTXLHUHSDUD
TXHPHYD\DELHQQRSDUDTXHYXHOYD
౱1RHVW£VFRQWHQWRHQHVWDFDVD"
౱<ROHGLU«TXHWDQWRFRPRFRQWHQWRQRV«8QLQGLYLGXRQRVH
DFRVWXPEUDVLQFRQRFHUHOPXQGR3RUTXHHVGHWRGRV\KD\TXHKDFHU
MXVWLFLDVRFLDOFRQXQRPLVPR
$SDJµHOFLJDUULOOR\PHPLUµSDUDDGHQWUR
౱7¼SLHQVDVHQWXVSDGUHV౱PHGLMR
౱&µPRDGLYLQµ"
౱1R SXHGHV ODUJDUWH VROR D HQFRQWUDUORV 7HQ XQ SRFR GH
SDFLHQFLD&XDOTXLHUG¯DOOHJDQRWHPDQGDQDEXVFDU
౱$P¯PHKDQGLFKRTXHODSDFLHQFLDVDOHDORVFLQFXHQWDD³RV
7DOYH]\RWHQJDPXFKD3HURDKRUDTXLHURYLDMDU
౱<FµPRSLHQVDVKDFHUOR"
౱(VXQVHFUHWR&XDQGRYXHOYDPHFRQIHVDU«FRQXVWHG
౱(UHVXQHJR¯VWDVLQRSLHQVDVP£VTXHHQKDFHUORTXHWHGDOD
JDQD 4X« GLU£Q WX PDP£ \ WX W¯D FXDQGR VHSDQ TXH KDV
GHVDSDUHFLGR"
34/41
 ౱(V TXH QR YR\ D GHVDSDUHFHU 8VWHG OHV GLU£ TXH HVWR\ HQ
(VWDGRV8QLGRVಃ
౱(VXQSD¯VLQPHQVR\SXHGHQSDVDUPXFKRVD³RVDQWHVGHTXH
HQFXHQWUHVDWXVSDGUHVಃ
(VR HV OR PDOR TXH WLHQH OD JHQWH JUDQGH TXH OH DJXD D XQR
WRGRV ORV SDQRUDPDV FRPR VL GH SRU V¯ QR IXHUD GLI¯FLO KDFHU ODV
FRVDVಃ
GHODQRFKH
0HQRV PDO TXH HVWD WDUGH KXER XQ LQFHQGLR GH YHUGDG \ VH
TXHPµ HQWHUD OD FDVD GH ORV 5REOHGR < \R IXL DO LQFHQGLR \ YL WRGR
3DUHFHTXHWHQ¯DQXQDILHVWD\HQHODOERURWRVHOHVROYLGµTXHWHQ¯DQOD
EHQFLQDGHODWLQWRUHU¯D\SRUUHYHQWDUSHWDUGRVHVWDOOµHOWDPERU\HUD
SUHFLRVRFRPRXQDYHUGDGHUDDWµPLFD/DJHQWHGHODILHVWDDSDJDED
HOLQFHQGLR\ODVPXMHUHVVHGHVPD\DEDQ\ORVERPEHURVFRUU¯DQ\OD
SOD]DVHYH¯DFRPRXQ9HUVDOOHVGLFHQ<ORSHRUIXHTXHVHTXHPDURQ
ORVGXOFHV\ORVV£QGZLFKHV\ORVKHODGRV<DKRUDYR\DGRUPLUHQOD
PHFHGRUD HQ HO FXDUWR GHO VH³RU FXUD SRUTXH «O OH GLR PL SLH]D D ORV
5REOHGR\VXFDPDWDPEL«Q\«OYDDGRUPLUHQXQVLOOµQ7HQJRPXFKR
VXH³R \ HV PDFDQXGR GRUPLU HQ XQD PHFHGRUD \ WHQJR XQDV JDQDV
TXH VHD PD³DQD SDUD LU D EXVFDU HQ ORV HVFRPEURV \ HQFRQWUDU
FRVDVಃ
35/41

/XQHV
(QVHLVG¯DVP£VHV1DYLGDG(OVH³RUFXUDFUHHTXHPLPDP£YD
DOOHJDUHVHG¯DFDUJDGDGHUHJDORV<RPHDOHJURSRUTXHPHGDSHQD
GH P¯ VLHPSUH VROR +DVWD ORV UDWRQHV WLHQHQ VXV SDGUHV \ ORV
FKDQFKRVWDPEL«Q
3RU ILQ SDUDURQ GH OORUDU ORV 5REOHGR SRUTXH SDUHFH TXH FRQ OD
SODWDGHOVHJXURVHYDQDKDFHUXQDFDVDPHMRUTXHODRWUD7RGRHOG¯D
OHVOOHJDQYLVLWDV\OHVWUDHQSDTXHWLWRVGHFRVDVSUHVWDGDV<OD0LUH\D
5REOHGR HV FRPR DUWLVWD GH OLQGD \ SXHGH VHU UHLQD GH EHOOH]D (OOD
HVW£ FRPR GH QRYLR FRQ XQR GH OD IDUPDFLD TXH HV UHSHVDGR \ PH
PDQGDWRGRHOWLHPSRSDUDDIXHUD7RWDOTXH\RPHIXLDODSDVWHOHU¯D\
FXDQGR HVWDED DK¯ VH PH DFHUFµ XQD VH³RULWD PX\ DQFLDQD \ PH
SUHJXQWµVL\RHUDHO౹FKLFR౺TXHHVWDEDHQODSDUURTXLD
౱6¯ ౱OH GLMH \R \ PH TXHG« PLUDQGR ORV SHOLWRV WDQ ODUJRV GHO
OXQDU<SRUILQHOODPHGLMR
౱(UHVSDULHQWHGHOVH³RUFXUD"౱\\RPHQH«ODFDEH]D
౱'HTXL«QHUHVKLMR"
(Q HVH PRPHQWR PH EDMµ WRGD OD UDELD FRQ PLV SDGUHV TXH PH
DEDQGRQDURQHQHVWHSXHEORPLVHUDEOH\OHFRQWHVW«
౱(UDಃ
౱(UHVKXHUIDQLWRHQWRQFHV"
౱&DVLDOPHQRVHVLJXDOಃ
౱6HKDQGLYRUFLDGRWXVSDGUHV"౰PHSUHJXQWµDJDFK£QGRVH\
\RDSURYHFK«SDUDFRQWDUOHORVSHOLWRV\HUDQQXHYH
౱7DOYH]౱OHFRQWHVW«౱(VW£QHQ(VWDGRV8QLGRV
౱3REUHFLWR < W¼ VROR HQ HVWH SXHEOXFKR UXLQ 6HJXUDPHQWH
VXIUHVPXFKRಃOLQGRಃ
౱6HJXUDPHQWH ౱UHSHW¯ < HVR TXH PH GLMHUDQ ౹OLQGR౺ FXDQGR
KDFHD³RVTXHQDGLHPHORGLFHPHOOHQµORVRMRVGHO£JULPDV
౱1R OORUHV <R WH SXHGR D\XGDU SRUTXH VR\ YLVLWDGRUD GHO
MX]JDGRGHPHQRUHV\PHLQWHUHVDWXFDVR6LW¼PHIDFLOLWDVWXKLVWRULD
YHU£V TXH FRQVHJXLUHPRV DUUHJODU WX VLWXDFLµQ 7XV SDGUHV QR WH
D\XGDQHQQDGD"7HHQY¯DQGLQHURRFRVDVGHVGHDOO£"
౱1LXQVRORFHQWDYR౱FRQWHVW«౱1LVLTXLHUDFKLFOHV
౱(O HJR¯VPR PRGHUQR ౱GLMR౱ /RV SDGUHV GH KR\ 'HMD TXH
WRPHQRWDKLMLWRಃ
6DFR GH VX FDUWHUD XQ PRQWµQ GH SDSHOHV \ SRU ILQ XQD OLEUHWD
XQD ODSLFHUD \ XQ DQWHRMR \ FRPHQ]µ D DSXQWDU ,JXDO FRPR HO FXUD
FXDQGRYDDFDVDUDDOJXLHQ'HWRGRDSXQWDED
౱'HVGHFX£QGRHVW£VDEDQGRQDGR"
౱([DFWDPHQWHGHVGHHOGHQRYLHPEUHDODVSP
౱7LHQHQIRUWXQDWXVSDGUHV"
౱0LOORQHV ౱UHVSRQG¯ DFRUG£QGRPH GH W¯R 7ULVW£Q౱ $QWHV
«UDPRVSREUHWRQHV\FXDQGRQRWHQ¯DPRVQLFRQTX«SDJDUODFXHQWD
GHODJXDMXVWRVHPXULµXQW¯R\OHVGHMµVXVPLOORQHV(QWRQFHVHOORV
PHDEDQGRQDURQಃ
౱(QWRQFHV" (O VH³RU FXUD WH UHFRJLµ SRU O£VWLPD
VHJXUDPHQWH"
(OODHVFULE¯D\HVFULE¯D\\ROHFRQWDEDODVDUUXJXLWDVGHODVSDWDV
GHJDOOR
36/41
౱7LHQHVDOJ¼QKHUPDQR"

౱7HQ¯D౱OHFRQWHVW«

౱0XULµVHJXUDPHQWHಃ"

౱(VLJXDO౱OHGLMH

౱(VW£HQHOKRVSLWDO"

౱6¯

37/41
 (OODPRYLµODFDEH]D\FDVLVHOHFD\HURQORVDQWHRMRV
౱(QTX«KRVSLWDO"
౱(QUHDOLGDGQRV«ODGLUHFFLµQ౱OHGLMH
౱7DPSRFR VDEU£V FX£QGR UHJUHVDU£Q WXV SDGUH VL HV TXH
UHJUHVDQ" (Q WRGR FDVR SXHGHV HVWDU IHOL] SRUTXH GHVGH HVWH
PRPHQWR TXHGDV DMR PL SURWHFFLµQ \ WX FDVR PH LQWHUHVD P£V TXH
WRGRV SRUTXH HV GH PHGLR DPELHQWH GH LQDGDSWDGR VRFLDO \ QR V«
FXDQWRP£V
< SRU ILQ PH GHMµ WUDQTXLOR SHUR GHVSX«V TXH PH HFKµ XQ
GLVFXUVR SDUHFLGR D ORV GH OD SOD]D 9DPRV D YHU FµPR PH YD D
SURWHJHUಃ
0DUWHV
$QRFKHPHGHVYHO«\FRQYHUVDPRVFRQHOVH³RUFXUDKDVWDELHQ
GH QRFKH (V XQD O£VWLPD TXH OHV KD\DQ SUHVWDGR RWUD FDVD D ORV
5REOHGRSRUTXHVHYDQDLUGHDTX¯\HQWRQFHVYR\DWHQHUTXHGRUPLU
VRORRWUDYH]<HVWDQHQWUHWHQLGRHOFXUDVREUHWRGRHQODQRFKH<
HVRGHVDOYDUDOPDVHVOR¼QLFRTXHYHUGDGHUDPHQWHOHLPSRUWD<PH
GDQJDQDVGHVHUDSµVWRO\WDQWDVPHGLHURQHVWDPD³DQDTXHVDO¯D
EXVFDU 3HUR QR HQFRQWU« QLQJXQD SHUVRQD HQ SHOLJUR QL JHQWH PDOD
WDPSRFR9DOGU¯DODSHQDGHVHUFXUDVLKXELHUDJHQWHTXHVDOYDUSHUR
WDO FRPR VRQ ODV FRVDV QR YDOH PXFKR OD SHQD +DE¯D XQ ERUUDFKR
GXUPLHQGRHQODSOD]D\\RHVWXYHHVSHUDQGRXQUDWRDTXHGHVSHUWDUD
\FRPRQRGHVSHUWµORVDFXG¯<«OPHPLUµFRPRDVXVWDGRHQWRQFHV
\ROHGLMH
౱(VSHVFDGRHPERUUDFKDUVHRLJDಃ
౱&ODURTXHHVSHFDGR౱PHFRQWHVWµ\YROYLµDFHUUDUORVRMRV
<\RORYROY¯DVDFXGLU
౱6LXVWHGVHPXHUHHQSHFDGRVHFRQGHQD౱OHDGYHUW¯
౱< D WL TX« WH LPSRUWD PRFRVR LQVROHQWH" ౱PH FRQWHVWµ <R
PHHQRM«GHVDQWDLUDTXHHVGLVWLQWDDODUDELD\\DOHLEDDKDEODUGHO
YLFLRFXDQGRPHYLQRXQWHUULEOHDSUHWµQ\PHGRPLQ«SRUWRGRVODGRV
VLQGHFLUSDODEUD(QWRQFHVHOYLHMRDSURYHFKµ\PHODUJµXQGLVFXUVR
GH ౹TX« WH FUHHV W¼ TXH YLHQHV D SUHGLFDU \ QR GHMDV HQ SD] D XQ
DQFLDQRHQIHUPRTXHGHVFDQVDHQXQEDQFRGHODSOD]D\OHTXLWDVVX
VXH³RTXHHVVDJUDGRHWF౺7RWDOTXHQRHUDQLERUUDFKR\\RDSHQDV
DOFDQF«DOOHJDUDODSDUURTXLD
(Q OD WDUGH YROYLµ OD YLVLWDGRUD \ UHVXOWD TXH HV FX³DGD GHO
FDSLW£Q 3DUDGD \ FXDQGR \R OH GLMH TXH TXHU¯D VHU DPLJR GH «O PH
FRQYLGµDWRPDUW«DVXFDVD<YR\DLUPD³DQD\WHQJRTXHFRQVHJXLU
38/41
TXHOD-XDQLWDPHODYHODFDPLVD\HOSDQWDOµQSRUTXHVLQRYDDFUHHU
TXHVR\FRFKLQR
(QWRQFHVYR\DFRQVHJXLUTXHPHOOHYHD(VWDGRV8QLGRVHQVX
DYLµQ\QRPHLPSRUWDTXHGDUEDMRVXSURWHFFLµQFRQWDOGHTXHVHD
DOO£3RUTXH\RV«TXHHQFXHQWURDPLPDP£SRQLHQGRDOJ¼QDYLVR<
HODYLVRVHU¯DDV¯౹%DUDWXUDOLTXLGDFLµQc5HJDODPRV$ODVH³RUD;OD
QHFHVLWDVXKLMRHQWDOSDUWH౺
/D PDP£ OHH WRGRV ORV DYLVRV GH EDUDWXUD R OLTXLGDFLµQ \ PH
HQFRQWUDU¯DDOWLUR
0L«UFROHV
<RV«TXHHQFXDWURG¯DVHQ1DYLGDGSHURQRPHLPSRUWDWDQWR
SRUTXHDKRUDODYR\DLUDSDVDUD1XHYD<RUNHQIDPLOLDಃ
4XHGµWRGRDUUHJODGRFRQHOFDSLW£Q3DUDGDPHMRUGLFKRFRQOD
FX³DGDTXHHVODYLVLWDGRUD\PLSURWHFWRUD3RUTXH«OQRHVWDEDHQHO
W«QLWDPSRFRVXVH³RUDVLQRTXHVXVKLMRVTXHVRQWRGRVLQDGDSWDGRV
VRFLDOHV HQ VX SURSLR DPELHQWH VHJ¼Q PH GLMR OD VH³RULWD 5XWK \ PH
H[SOLFµTXHQRVRQQL³RVDOHJUHV(OODDSXQWµWRGRORTXH\ROHGLMH\
QRPHLPSRUWDTXHORDSXQWHSRUTXHPHSXHGHVHUYLUSDUDHQFRQWUDUD
PLVSDGUHV<VDOGU«FRQHOFDSLW£Q3DUDGDSDVDGRPD³DQDDODV 
SDUDOOHJDUD0LDPLDOG¯DVLJXLHQWH\HVWDUFRQPLVSDGUHV<HOODVHYD
DFRQVHJXLUODGLUHFFLµQTXHOHGHMµPDP£DODW¯D5RVDULWRSRUVLDV¯HV
P£VI£FLOHQFRQWUDUDPLPDP£
<RHVWR\PX\IHOL]GHLUPH\OR¼QLFRTXHPHGDXQSRFRGHSHQD
HV HO VH³RU FXUD SRUTXH VH KDE¯D SUHSDUDGR WDQWR SDUD OD ILHVWD GH
1DYLGDGTXHOH¯EDPRVDKDFHUDORVQL³RVSREUHVORVGRV\HOUHSDUWR
GH MXJXHWHV \ OD VRUSUHVD TXH «O PH WHQ¯D < WDPEL«Q PH GD PXFKD
SHQD HO 1DSROHµQ SHUR GLFH OD VH³RULWD 5XWK TXH QR KD\ FDVR GH
OOHYDUORHQHODYLµQ
/H HVFULE¯ XQD FDUWD DO VH³RU FXUD \ VH OD YR\ D GHMDU HQ PL
DOPRKDGDHOG¯DTXHPHYD\D'LFHDV¯
౹4XHULGRVH³RUFXUD
(V PHMRU TXH PH SHUGRQH SRUTXH VL HO DYLµQ VH FDH \ XVWHG QR
PHKDSHUGRQDGRODFXOSDHVVX\DVL\RPHFRQGHQR0HYR\DEXVFDU
DPLVSDGUHVFRQHOFDSLW£Q3DUDGDTXHPHFXLGDU£6LHQWRPXFKRQR
D\XGDUOHDODPLVDHVWDPD³DQDSHURDPLYXHOWDYHQGU«\OHD\XGDU«
WRGDV ODV PLVDV TXH TXLHUD 1R VH ROYLGH GH GLULJLU HO GHVILOH GHO
1DSROHµQHQODPD³DQD$KRUDTXHQRHVWR\PHHFKDU£GHPHQRVDV¯
TXH VHD XVWHG SUHVLGHQWH GHO 6RFRSHEXH SDUD TXH QR PH HFKHQ GH
39/41
PHQRV '¯JDOH D OD W¯D TXH OH HVFULELU« \ VDOXGD D OD -XDQLWD (O
WLUDEX]µQTXHGµDWU£VGHODP£TXLQDIRWRJU£ILFD
0X\DJUDGHFLGRVXDWWR\VVTOGI
3DSHOXFKR౺
<DKRUDWHQJRTXHDUUHJODUPLSDTXHWLWRGHc6¼SHUIHOL]
6£EDGR
c&KLWDV c5HTXHWHFKLWDV TXH HVWR\ FRQWHQWR c0D³DQD OOHJD PL
PDP£ c&KRULIO£L c5HTXHWHFKRULIO£L IORU c< P£V EXHQD VXHUWH SRUTXH
WDPEL«QHVHOG¯DGH1DYLGDG(VWR\IHOL]WRGRHQWHURc6¼SHUIHOL]
5HVXOWD TXH HVW£EDPRV DOPRU]DQGR FRQ HO FXUD FRPLHQGR
FDEHOORVGH£QJHOFRQVDOFXDQGRORYLQLHURQDEXVFDUGHOWHO«IRQR\\R
ORDFRPSD³«SRUTXHVLHPSUHORVOODPDGRVVRQSDUDDOJRWHUULEOH
౱c7DQWRJXVWRGHVDOXGDUODPLVL£5RVDULWR౱GLMRHOFXUD\\R
SHQV«TXHDOJXLHQ\DOHKDE¯DOOHYDGRHOFXHQWRGHTXHPHLED\RFRQ
HOFDSLW£Q3DUDGD
౱c9D\DYD\DFX£QWRPHDOHJUR౱GHF¯DHOFXUD\\RGDOHFRQ
SHQVDUTXHVHDOHJUDEDGHVDEHUORRGHTXHODW¯DQRVLEDDYHQLUDYHU
3HURDSHQDVFROJµHOIRQR\PHGLMR౹c0D³DQDOOHJDQWXVSDGUHV\WX
KHUPDQR౺ PH GLR XQ JXVWRSHQD \ XQD ULVDDWRUR \ XQD IHOLFLGDG
FRPSOHWDPHQWHIHUR]<PHGLRSRUUH¯UPH\UH¯UPHWRGRHQWHUR\FRQ
QHUYLRVGHTXHVHDFDEDUD౹KR\౺DOWLUR\IXHUD౹PD³DQD౺
౱1RV YDPRV HQ HO SULPHU WUHQ DSHQDV GLJD OD PLVD ౱GLMR HO
FXUD౱\WHOOHYDU«GLUHFWDPHQWHDODHURSXHUWRSDUDYROYHUPHLSVRIDFWR
\FHOHEUDU1DYLGDGFRQORVP¯RV
<ROHTXHU¯DGHFLUTXHPHMRUQRVIX«UDPRVHQLSVRIDFWR\«OVH
YROYLHUD HQ FXDOTXLHU FRVD SHUR UHVXOWD TXH \R QR SRG¯D KDEODU VLQR
TXHVRODPHQWHUH¯UPH
1L WXYH TXH DUUHJODU PL PDOHWD SRUTXH WHQ¯D OLVWR PL SDTXHWLWR
SDUD PL YLDMH D (VWDGRV 8QLGRV c/D VXHUWH TXH QL DOFDQF« D LUPH
SRUTXH PH KDEU¯D FUX]DGR FRQ PL PDP£ <R PDSD DUULED YRODQGR \
HOODYRODQGRPDSDDEDMRಃ
(Q YH] GH LU HQ XQ DYLRQFLWR IRFKH DKRUD YDPRV YLDMDQGR D
40/41
6DQWLDJRFRQHOVH³RUFXUDHQXQUHJLRYDJµQGHWHUFHUDFODVHGHORV
)HUURFDUULOHVGHO(VWDGRTXHWLHQHVXUXLGRSURSLR\QLVHSXHGHKDEODU
SRUHVRHVFULERPLGLDULR

0LHQWUDVOOHJDHODYLµQDODHURSXHUWRYR\DWHOHIRQHDUOHDOVH³RU
TXHPHUHJDOµHVWHOLEURSDUDTXHPHWUDLJDPLSODWD\VHODYR\DGDU
DOFXUDSDUDTXHOHFRPSUHPXFKRVUHJDORVDVXJHQWH

$KRUDHVWR\IHOL]TXHODPDP£VHIXHUDD(VWDGRV8QLGRVSRUTXH
VLQRVHKXELHUDLGRQRSRGU¯DYROYHU

41/41