You are on page 1of 40

$QiOLVLVGHO0pWRGR0RQWHVVRULHQODDFWXDOLGDG

,QFXUVLRQDU HQ 0RQWHVVRUL HV XQ GHVDItR GH FRQWUDVWHV \ FRQWURYHUVLDV VX QRPEUH DWUDH WRGD VHULH GH HVWHUHRWLSRV
HQFRQWUDGRV WDQWR SRVLWLYRV FRPR QHJDWLYRV \D VHD VREUH OD FUHHQFLD GH TXH HVWi REVROHWR R VREUH VX H[FHOHQFLD
PHWRGROyJLFDVREUHVXYLVLyQSRVLWLYLVWD\VHFDRVXYLYHQFLDDPRURVD\PtVWLFDVREUHVXDFDUWRQDPLHQWRRVXYLWDOLGDG
&RPRSURIHVLRQDOHVHVFDVLXQDYHUJHQ]DDGPLWLULQWHUpVSRUVXVSUiFWLFDVPLHQWUDVTXHVXQRPEUHVLJXHDWUD\HQGRD
ODVIDPLOLDVTXHSXHGHQFRVWHDUODHGXFDFLyQGHVXVKLMRVHKLMDV'HVWDFDQSXQWRVGLVFRUGDQWHVSRUORVFXDOHVVHOHKD
FULWLFDGR

SRUVHUGHPDVLDGRHVWUXFWXUDGRRGHPDVLDGROLEUH

SRUHQIDWL]DUGHPDVLDGRODDFDGHPLDRQRHQIDWL]DUORVXILFLHQWH

SRUGLULJLUVHSULQFLSDOPHQWHDODVFODVHVDOWDVRVHUVRORDSOLFDEOHDORVQLxRV\QLxDVFRQSUREOHPDVHVSHFLDOHV

SRUVHUXQD*XtDGHPDVLDGRFRQWURODGRUDRIUtDRGHPDVLDGRSDVLYD\DQiUTXLFD

SRUTXHVHVXSRQHTXHOD*XtDQRLQWHUYLHQHLQQHFHVDULDPHQWHSHURTXHVHDIXHQWHGHDPRU\UHVJXDUGHORVGHUHFKRVGH
ODVRWUDVSHUVRQDV&KDWWLQ0F1LFKROV
(VWDVFRQWUDGLFFLRQHVPXFKDVYHFHVUHIOHMDQSUiFWLFDVGLDPHWUDOPHQWHGLVWLQWDVFRQXQPLVPRQRPEUHHO
PRQWHVVRULDQR(OSDUDGLJPDGHODHILFLHQFLD\ODVSHUVSHFWLYDVGRPHVWLFDGRUDVSRUVXSXHVWRLQWHQWDUiQ
DSURSLDUVH GH HQIRTXHV TXH OHV VHDQ ~WLOHV FRPR GH KHFKR VH LQWHQWy FRQ HO DSUHQGL]DMH GH OD
OHFWRHVFULWXUD/DVQRWLFLDVGHO³PLODJUR´PRQWHVVRULDQRSDUDHODSUHQGL]DMHWHPSUDQRGHODOHFWRHVFULWXUD
FDXVDURQ UHYXHOR LQPHGLDWR DQWH OD FRPSHWHQFLD HQWUH ,QJODWHUUD \ )UDQFLD VREUH TXLpQ HQVHxDUtD OD
OHFWRHVFULWXUDPiVWHPSUDQRDODIXHU]DGHWUDEDMRLQIDQWLO.UDPHU

'HVGHHVWHSDUDGLJPDXWLOLWDULRVHUHFXUUHDHMHUFLFLRVSURSXHVWRVSRU0RQWHVVRULSDUDTXHODQLxH]WHQJD
p[LWR HQ HO VLVWHPD HGXFDWLYR D SHVDU GH VX SURSLD LQVLVWHQFLD HQ HO REMHWLYR GHO GHVDUUROOR GH OD
SHUVRQDOLGDG WRWDO \ ~QLFD 'HVGH HO PLVPR PRYLPLHQWR PRQWHVVRULDQR HVWDV SUiFWLFDV VH KDQ
GHQRPLQDGR FRPR XQ 0RQWHVVRUL GRQGH HO FRUD]yQ QR ODWH 5DPEXVFK  VH GLVFXWHQ WDPELpQ HQ
&KDYDUUtD*RQ]iOH]HQSUHQVD0XFKDVYHFHVODVFRQWUDGLFFLRQHVUHVXOWDQGHODFRPSOHMLGDGGHO
LGHDULRPRQWHVVRULDQRFRPSOHMLGDGTXHOHFRVWDEDVRVWHQHUPHGLDQWHFRQFHSWRVHQODFHRIURQWHUDFRPR
H[SOLFDVXQLHWRDOUHIHULUVHDTXHHOODQRHUDXQDWHyULFD0DULR0RQWHVVRUL-U
&LHUWDPHQWH VX SURSLD PLQXFLRVLGDG SUiFWLFD RIUHFH GLIHUHQWHV QLYHOHV GH DQiOLVLV SDUD XQ PLVPR WHPD (VWR
LQFLGHHQ UHFRPHQGDFLRQHVVLPSOLVWDV TXHVRQ H[WUDtGDVGHFRQWH[WR \DSOLFDGDV PHFiQLFDPHQWH2WUDV YHFHV
FRPR VHxDODURQ *UDPVFL  R$OWKXVVHU  HV HVSHUDEOH TXH XQ VLVWHPD TXH UHVXOWD ~WLO SDUD OD
IRUPDFLyQVHDLQFRUSRUDGRSRUHOFDSLWDO\FRQYHUWLGRSDUDVXSURSLRXVR$XQDGRDORDQWHULRUFRQFRUGDPRVHQ
TXHHVSRVLEOHWRSDUFRQH[SHULHQFLDVGHQRPLQDGDV³PRQWHVVRULDQDV´GRQGHODOLEHUWDGHVXQPLWR\SUHYDOHFHOD
ULJLGH]\ODGLVWDQFLDORFXDOFRQILUPD²PX\DSHVDUGHODVH[KRUWDFLRQHVGH0RQWHVVRUL²ODFUtWLFDDOXWLOLWDULVPR
\ DO PHFDQLFLVPR FXDQGR VH WUDWD GH SUiFWLFDV TXH VH GLFHQ PRQWHVVRULDQDV FRQV~OWHVH &KDYDUUtD *RQ]iOH]
HQSUHQVDSDUDXQDSUREOHPDWL]DFLyQGHFRQWUDVWHV

(Q QXHVWUDV E~VTXHGDV KD\ LQVWDQFLDV HQ ODV FXDOHV VH QRWD WDO GLVSDULGDG FRQ ORV SULQFLSLRV GH DFWLYLGDG
HVSRQWiQHD \ UHVSHWR KDFLD ORV LPSXOVRV FRQVWUXFWLYRV GH OD QLxH] TXH FRVWDUtD FUHHU TXH IXHVHQ YHUVLRQHV
GHVGH VX KROLVPR 8WLOL]DQ HO PDWHULDO GLGiFWLFR \ HO QRPEUH GHMDQGR VX ILORVRItD KXPDQLVWD \ FyVPLFD SXHUWDV
DIXHUD 7DPELpQ ODV KHPRV GHQRPLQDGR 0RQWHVVRULWpFQLFDV R 0RQWHVVRULFRPHUFLDOHV SDUD VXEUD\DU TXH VH
YDOHQGHODFHUYRPRQWHVVRULDQRSHURGHMDQWUDVOXFLUODULJLGH]GHTXLHQDSOLFDXQDUHFHWDLQFRPSOHWDDSDUWLUGH
XQD OLVWD GH LQJUHGLHQWHV D OD FXDO VH OH KDQ SHUGLGR ODV PHGLGDV H LQVWUXFFLRQHV &KDYDUUtD *RQ]iOH] 
HQSUHQVD,JXDOPHQWHWDPSRFRVHKDSUREDGRHOSODWR\SRUHOORQRVHVDEHDTXpKDGHVDEHU
/DVSUiFWLFDV0RQWHVVRULFRQHOFRUD]yQVLOHQFLDGRSDUHFHQDGDSWDUVHGHPDVLDGRELHQDOVLVWHPDFX\DV
PHWDV GH OXFUR SDUD XQD PLQRUtD IXHURQ REMHWR GH FRQVWDQWHV FUtWLFDV SRU SDUWH GH OD JHVWRUD GH HVWH
HQIRTXH WHPD WDQ HVHQFLDO TXH DPHULWD XQ HVSDFLR PiV DPSOLR /DV DSOLFDFLRQHV IUtDV PHFiQLFDV \
UtJLGDVTXHFRDUWDQODLPDJLQDFLyQFUHDGRUDDXQTXHOOHYHQHOQRPEUH0RQWHVVRULLUUHVSHWDQVXILORVRItD
KROLVWD\VXLQVLVWHQWHYDORUDFLyQGHODVIXHU]DVFUHDGRUDVGHODQLxH]

'H QXHYR XQ 0RQWHVVRUL HQ HO FXDO HO FRUD]yQ QR ODWH 5DPEXVFK  /R FLHUWR HV TXH QR H[LVWH
IRUPDGHUHJXODUODXWLOL]DFLyQGHOVHxXHORPRQWHVVRULDQR:KLWHVFDUYHU&RVVHQWLQR(QWRQFHV
¢SRUTXpKDFHUUHIHUHQFLDDGLFKRPRYLPLHQWRHOFXDOJHQHUDDQWLFXHUSRVUHVLVWHQFLDV\GLIHUHQWHVWLSRV
GHDWUDFFLyQDVtFRPRPRGDVFRPHUFLDEOHV\HFRQyPLFDPHQWHUHQWDEOHV"

6H SRGUtD HOLPLQDU GH SODQR HVH QRPEUH WDQ FDUJDGR VL QR IXHVH SRU OR FRQWUDULR WDPELpQ VH KD
GHVFXELHUWR\D\XGDGRDFRQVWUXLUSUiFWLFDVPDUDYLOORVDV
/RFLHUWRHVTXHVRQPXFKDVODVSUiFWLFDVPRQWHVVRULDQDVTXHTXHGDQFRUWDVRDVXPHQXQUXPERTXH
HOOD QR SXGR HQFDX]DU (Q YLGD LQWHQWDED KDFHUOR PHGLDQWH VX SURSLR HQWUHQDPLHQWR \ FHUWLILFDFLyQ
.UDPHU(QHVWHPRPHQWRODSDODEUDVLPSOLVWDWDOYH]GDODFODYH

8QD0RQWHVVRULDXWpQWLFDSLRQHUDGHFRQFHSFLRQHVKROLVWDV*DOOHJRVVyORSXHGHVHUDERUGDGD
GHVGH XQ SDUDGLJPD GH OD FRPSOHMLGDG 6X VLVWHPD HV FRPSOHMR \ RIUHFH XQ JUDQ UHWR D ORV HVWLORV GH
SHQVDPLHQWRTXHSUHILHUHQUHFHWDVVLPSOHV

6ROR XQD FRPSUHQVLyQ PiV DPSOLD GH VX DQWURSRORJtD \ WHOHRORJtD SURSRUFLRQDUi XQD SHUVSHFWLYD TXH
SHUPLWD LQWHJUDU HVWDV GLPHQVLRQHV HQ DSDULHQFLD FRQWUDGLFWRULDV \ TXH GHSHQGLHQGR GH OD
LQWHUSUHWDFLyQOOHYDQDSUiFWLFDVGLDPHWUDOPHQWHGLVWLQWDV&KDYDUUtD*RQ]iOH]HQSUHQVD
+ROLVPRPRQWHVVRULDQR

>«@PLHQWUDVVHGHVDUUROODDVtPLVPR>HOQLxR@LQFRQVFLHQWHPHQWHGHVDUUROODVXSURSLDDGDSWDFLyQDVXDPELHQWH
3DUD FRPSUHQGHU ODV WHQGHQFLDV GH OD QLxH] FRQ HO SURSyVLWR GH HGXFDUOD HV QHFHVDULR YHU DO VHU KXPDQR HQ
FRUUHODFLyQFRQVXHQWRUQR\FyPRVHFUHDVXDGDSWDFLyQDHVWH0RQWHVVRUL7KHPHDQLQJRIDGDSWDWLRQ
FLWSRU0DULR0RQWHVVRUL-USWUDGXFFLyQGHODDXWRUD

+ROLVPR VLJQLILFD WRWDOLGDG HO PXQGR \ HO XQLYHUVR HQ FRQVWDQWH UHODFLyQ \ FRFUHDFLyQ /D YLVLyQ VLVWpPLFD
FRQWH[WXDO \ KROLVWD VHxDODQ OD LPSRUWDQFLD GH WRPDU FRQVFLHQFLD GH TXH OD YLGD IXQFLRQD FRPR XQD WUDPD GH
UHODFLRQHVLQWHUFRQHFWDGDVHOWRGRPiVTXHODVXPDGHODVSDUWHV&DSUD

0iV DOOi GHO SRVLWLYLVPR VH GD HVSDFLR D OR LQHVSHUDGR \ D OD H[SHULHQFLD LQWXLWLYD GH OD WRWDOLGDG \ HO RUGHQ
LQWHUQR6HUHFRQRFHDODLQWXLFLyQFRPRIRUPDGHFRQRFLPLHQWRFRPRLQVWDQ'DPDVLR*RSQLN0HOW]RII\
.XKO3HDUFHXQDSHUVSHFWLYDGHLQWHJUDFLyQQHXUROyJLFD\GHOGHVDUUROORDVtFRPRWHyULFRVGHOD
&RPSOHMLGDG FRPR 1LFROHVFX  R 0RULQ  (O SDUDGLJPD QDFLHQWH FRQFLEH DO PXQGR GH PDQHUD
FRQWH[WXDO
5RPSH FRQ HQIRTXHV WUDGLFLRQDOHV HQ OD HVWUXFWXUD GH OD HGXFDFLyQ \ VX FRQFHSFLyQ PD\RULWDULDPHQWH
DFDGpPLFD (Q OD HGXFDFLyQ KROLVWD VH WLHQH FRPR REMHWLYR WRPDU FRQFLHQFLD GH LQWHUGHSHQGHQFLD \ GH
FyPR P~OWLSOHV FDXVDV VH HQWUHOD]DQ (VWR JHQHUD OD QHFHVLGDG GH EXVFDU OtQHDV GH LQWHJUDFLyQ GHO
FRQRFLPLHQWRGDQGRpQIDVLVDDSUHQGHUDDSUHQGHUHQWUHRWURVFRQFHSWRV

(VWRVHGDPHGLDQWHXQDRUJDQL]DFLyQFXUULFXODUGLQiPLFD\IOH[LEOHFHQWUDGDHQLQTXLHWXGHVUHOHYDQWHV\
HQ H[SHULHQFLDV GH DSUHQGL]DMH VLJQLILFDWLYDV TXH HQ ~OWLPD LQVWDQFLD EXVFDQ FDPELRV SURIXQGRV HQ OD
FRQVFLHQFLD6HGHQXQFLDODLGHDGHXQSURJUHVRLQGLYLGXDOLVWDTXHLJQRUDODYXOQHUDELOLGDGGHOSODQHWD\
ODLQWHUFRQH[LyQHQWUHWRGDVODVIRUPDVGHYLGD0RULQ0RUDHV

(O\DFOiVLFRLQIRUPHGHOD81(6&2/DHGXFDFLyQHQFLHUUDXQWHVRURFRQRFLGRFRPR,QIRUPH'HORUV
'HORUVLQVLVWHHQODYLWDOLPSRUWDQFLDGHODHGXFDFLyQSDUDKDFHUOHIUHQWHDHVWRVGHVDItRV
$FHQW~D TXH OD HGXFDFLyQ GHEH VHUYLU SDUD SURPRYHU HO GHVDUUROOR KXPDQR GHVGH FXDWUR SULQFLSLRV
IXQGDPHQWDOHVDSUHQGHUDFRQRFHUDKDFHUDVHU\DYLYLUMXQWRV3XHGHDSUHFLDUVHHOJUDGRHQTXHORV
HQIRTXHV0RQWHVVRULDQRVFRLQFLGHQFRQWDOHVSURSXHVWDV

/D YLGD GH 0DUtD 0RQWHVVRUL PXHVWUD HO UHFRUULGR GH XQD PXMHU TXH VH GHGLFy D OD PHWD GH OD
WUDQVIRUPDFLyQGHOVHUKXPDQRKDFLDODFRQVFLHQFLDGHXQDPLVLyQFyVPLFDODGH³FRQWLQXDUHOWUDEDMRGH
OD FUHDFLyQ´ (OOD FRPSUHQGtD HVWD PLVLyQ FRPR XQD FRQWULEXFLyQ FRQ OD DUPRQtD \ OD KHUPDQGDG GHO
PXQGR FRQ OD FRQWLQXDFLyQ GH ORV SURFHVRV GH HYROXFLyQ D~Q LQFRPSOHWRV 0LOOHU  6L VXHQD
XWySLFR£HVSRUTXHORHV&I%|KP.UDPHU

6LWXDUVHHQHVWDFRVPRYLVLyQSRQHHQSHUVSHFWLYDORVHVFULWRV\OHJDGRVGHHVWDPXMHUGHYDQJXDUGLDGH
PRGHUQDVLGHDVLQFOXVRKR\SHURFX\DVOLPLWDFLRQHVFRQFHSWXDOHVWLHQHQFRQVHFXHQFLDVHQFXDQWRDOD
GLYHUVLGDGGHSUiFWLFDVTXHVHGLFHQPRQWHVVRULDQDV&KDYDUUtD*RQ]iOH]HQSUHQVD
+DFHDOUHGHGRUGHFLHQDxRV0DUtD0RQWHVVRULVHDERFyDODLGHDKR\HQGtDFXOWXUDOPHQWHSURPLQHQWH
GHXQDHGXFDFLyQ³FyVPLFD´RJOREDO&I-DUHVDVtFRPRHOFRPSHQGLRGHHVFULWRVGH0RQWHVVRUL
HQ(GXFDFLyQ\SD]$VLPLVPROXFKDEDSRUODVRFLDOL]DFLyQGHODVODERUHVDVLJQDGDVD
ODVPXMHUHVSRUODHTXLGDGGHGHUHFKRVGHJpQHUR

&UHtDHQODFULDQ]DVRFLDOL]DGDODFXDOLUtDWDPELpQDIDYRUGHORVGHUHFKRVGHODQLxH].UDPHU
,PSDFWDGD SRU WUHV GHVJDUUDGRUDV JXHUUDV 0RQWHVVRUL FRQVWDQWHPHQWH DQDOL]DED HO UXPER TXH OD
KXPDQLGDG WRPDED \ VXV FRQIHUHQFLDV IXHURQ SLRQHUDV HQ HO FDPSR GH OD HGXFDFLyQ SDUD OD SD] \ OD
LQWHUFXOWXUDOLGDGD~QGHVGHSULQFLSLRVGHORVDxRVWUHLQWD0RQWHVVRUL

6LJQLILFDWLYDPHQWH HQ OD %DUFHORQD FRQWHVWDWDULD HQ PHGLR GH ODV OXFKDV UHSXEOLFDQDV LQWURGXMR OD
HGXFDFLyQ FyVPLFD WDQ HVHQFLDO SDUD VX FXUUtFXOR 6X HGXFDFLyQ VH GHVWDFD SRU OD SUHVHQFLD GH
DFWLYLGDGHVTXHUHILHUHQDFRQRFHU\YDORUDURWUDVFXOWXUDVDVtFRPRD SURSLFLDUHOVHQWLGRGHDVRPEUR
DQWHHOXQLYHUVR%|KP0LOOHU
'HVGH HO FDPSR GHO IHPLQLVPR PiV TXH XQD YtD KDFLD ORJURV LQGLYLGXDOHV \ GH XQ LQGLYLGXDOLVPR
DXWRFRQWHQLGRVHWUDWDUtDGHSURSLFLDUGLIHUHQWHVHVWDGLRVGHOVHUHQUHODFLyQFX\RGHVDUUROORSURJUHVLYR
OOHYDUtDDPD\RUHVFDSDFLGDGHVGHFRQH[LyQHPRFLRQDOFRQRWURVVHUHV6DPSVRQ

5HSUHVHQWDXQYLUDMHDWRQRFRQODVSURSXHVWDVGHVGHHOKROLVPRXQOODPDGRDDEUD]DUODHGXFDFLyQFRQ
VHQWLGR \ HO DSUHQGL]DMH FRPR FRQVWUXFFLyQ GH FXOWXUD HQ FXOWXUD 3XHGHQ WDPELpQ FRQVXOWDUVH ORV
HVWXGLRVGH*LOOLJDQ\%HOHQN\HWDOGHVGHHOIHPLQLVPRGH0LFKDHO&ROH\VXHTXLSR&ROH
 /DERUDWRU\ RI &RPSDUDWLYH +XPDQ &RJQLWLRQ  6FULEQHU  &ROH  &XEHUR 5XELR 
%DUUDJyQHQWpUPLQRVGHHQFXOWXUDFLyQ

(O FRQFHSWR HGXFDWLYR GH 0RQWHVVRUL WLHQH OD FDSDFLGDG GH LQWHJUDU D GLIHUHQWHV VXEFXOWXUDV DO
IXQGDPHQWDUVHHQXQDH[SHULHQFLDKXPDQDHVHQFLDOODGHOSRGHUGHODQLxH]SDUDHMHUFHUXQDLQIOXHQFLD
WUDVFHQGHQWHVREUHSHUVRQDV\FRPXQLGDGHVRULHQWiQGRVHKDFLDHOIXWXUR
0RQWHVVRULQRHV VRODPHQWHODSURSXOVRUD GHXQ HQIRTXHGLGiFWLFRVLQR WDPELpQGH XQDYLVLyQXWySLFD
%|KP  (Q FRQVRQDQFLD FRQ OD QHFHVLGDG GH XWRStDV OD PLVLyQ GH VX PRGHOR WHOHROyJLFR VLJXH
VLHQGR OD GH LQVSLUDU HVIXHU]RV KDFLD OD FRQVWUXFFLyQ GH XQD SHUVRQD QXHYD HQ XQD VRFLHGDG
WUDQVIRUPDGD

8QDDQWURSRORJtD\XQDWHOHRORJtD²GRVUHTXLVLWRVSULPRUGLDOHVGHXQFXUUtFXOR²VHUHFRUWDQQtWLGDPHQWH
HQ VXV HVFULWRV \ FRQIHUHQFLDV $VXPLy XQ SURIXQGR FRPSURPLVR SRU WUDVFHQGHU ODV FRQGLFLRQHV TXH
FRQWULEX\HQ D OD DOLHQDFLyQ GHVGH XQD SHUVSHFWLYD DQWURSROyJLFD &I 0RQWHVVRUL 
 %|KP  6X FXUUtFXOR FLHUWDPHQWH FRQOOHYD XQD PHWRGRORJtD ²¢FyPR VH
HQVHxDDSUHQGH" (VWR FRQILHUH D VX VLVWHPD XQD DPSOLWXG VXVWHQWDGD SRU H[SHULHQFLDV GH P~OWLSOHV
SHUVRQDV

(Q XQ VLVWHPD KROtVWLFR VLQ HPEDUJR VHSDUDU ODV SDUWHV GHO WRGR FRPR HQ YHUVLRQHV
³0RQWHVVRULWpFQLFDV´GDFRPRUHVXOWDGRXQDSXHVWDHQSUiFWLFDHQWHUDPHQWHGLIHUHQWH6LYLROHQWDPRVOD
WRWDOLGDGGHVXHQIRTXHGHVYLDPRVHOGHVDUUROORKDFLDODLQHUFLDGHXQDGRPHVWLFDFLyQJOREDOL]DGD
$SRUWHVLQWHJUDGRVHQHOVXEFRQVFLHQWHFXOWXUDOGHODHGXFDFLyQLQLFLDO

$O OHHU ORV WH[WRV PRQWHVVRULDQRV VH SXHGH FRPSUREDU VX LQYHVWLJDFLyQ FRPSURPHWLGD FRQ XQD SUD[LV
FRQFUHWD H[WHQVD \ GHWDOODGD$XQTXH PXFKDV YHFHV QR UHFRQRFLGD FRPR XQD SLRQHUD ODV LGHDV GH
0RQWHVVRUL KDQ FDODGR SURIXQGDPHQWH HQ ODV RULHQWDFLRQHV D OD HGXFDFLyQ LQLFLDO PiV GH OR TXH
XVXDOPHQWHVHOHDFUHGLWDFI(ONLQG7XUQHU%|KP

(ONLQG    DQDOLVWD FRQVWUXFWLYLVWD UHVDOWD OD FDQWLGDG \ WUDVFHQGHQFLD GH ODV
LQQRYDFLRQHV LQWURGXFLGDV SRU 0DUtD 0RQWHVVRUL DO PRYLPLHQWR GH HGXFDFLyQ LQLFLDO KR\ HQ GtD
LQFRUSRUDGDVDOLQFRQVFLHQWHFROHFWLYR\DVRPEURVDPHQWHDOGtDFRQODVLQYHVWLJDFLRQHVFRQWHPSRUiQHDV
VREUHHOGHVDUUROOR

8QD VtQWHVLV GH VXV OHJDGRV JHQHUDOHV LQFRUSRUDGRV DO VXEFRQVFLHQWH FROHFWLYR GH OD HGXFDFLyQ DVt
FRPRGHODVDFWLYLGDGHV\GLVFXVLRQHVGHODFRPXQLGDGPRQWHVVRULDQDHQHOFRQWLQHQWHDPHULFDQR
$OSULYLOHJLDUHOHQWRUQRFRPRXQWHUFHUHMH0RQWHVVRULGHVWDFDHOFRQWH[WRKLVWyULFRHYROXWLYR\FXOWXUDO
GH OD HQVHxDQ]DDSUHQGL]DMH HQ OXJDU GH DVXPLUOD FRPR VL HVWD VH GLHVH HQ XQ YDFtR
'HVDIRUWXQDGDPHQWH DO FDUHFHU GH FRQFHSWRV LQWHJUDGRUHV VXV OLPLWDFLRQHV FRQFHSWXDOHV OOHYDQ D OD
FRQIXVLyQ(ODPELHQWH\XQUHVSRQVDEOHGHODHGXFDFLyQFRQVFLHQWHPHQWHSUHSDUDGRDXQDGRDOUHVSHWR
SRUODVYLYHQFLDV\ODVDFWLYLGDGHVGHODQLxH]SURPXHYHQHOGHVDUUROORGHODDWHQFLyQODFRQFHQWUDFLyQ
HOLQWHUpV\ODDXWRUHJXODFLyQ

5HSUHVHQWDGHHVWHPRGRXQFRPSRQHQWHGHDSR\RYHUGDGHUDPHQWHUHOHYDQWHSDUDXQDSUHQGL]DMHTXH
FRQIRUPDUiHOGHVDUUROORQR\DGHODPHQWHVLQRGHODSHUVRQDHQVXWRWDOLGDG'RVVHUHVDVXPLHQGRVX
UHVSRQVDELOLGDGH[LVWHQFLDOGHKXPDQL]DUVHFRQHODPELHQWHFRPRPHGLDGRUGLUtD3DXOR)UHLUH
/RV HQWRUQRV FXOWXUDO \ QDWXUDO VRQ YLVLELOL]DGRV FRPR SDUWH LQVHSDUDEOH GH VX VLVWHPD GH PDQHUD
VHPHMDQWH D ODV YHUVLRQHV PiV PRGHUQDV GH OD HFRSVLFRORJtD \ OD FRVPRYLVLyQ VLVWpPLFD (QIRFDU OD
HVWUDWHJLDGHOGHVDUUROORKDFLDORVSURFHVRVPLVPRVSHUPLWHTXHVHGHQWUDQVIRUPDFLRQHVFRQVWUXFWLYDV
GHO Vt PLVPR /DV LPSUHVLRQHV PHQWDOHV \ HPRFLRQDOHV QR VRODPHQWH HQWUDQ HQ OD PHQWH VLQR TXH OD
IRUPDQLQVLVWH0RQWHVVRULHQXQWH[WRGRQGHVHDFHUFDD9\JRWVNL
3DUD FRQWULEXLU D XQD FRQVWUXFFLyQ DUPRQLRVD GH OD SHUVRQDOLGDG VH UHTXLHUH OD DFWLYLGDG HVSRQWiQHD HQ
DPELHQWHV FRQGXFHQWHV DO GHVDUUROOR DVt FRPR OD FRQFHQWUDFLyQ GH OD DWHQFLyQ OD DWHQFLyQ YROXQWDULD GH
9\JRWVNL\ODSRVLELOLGDGGHFRQFOXLUFLFORVGHDFWLYLGDGFRPSOHWRV\HQOD]DGRVFRQVXLQWHQFLRQDOLGDGFRPRVH
SURSRQH GHVGH HO FRQFHSWR GH IOXMR LQFOXVLYH HQ FRQJUHVRV PRQWHVVRULDQRV &VLNV]HQWPLKDO\L D E
F6HUHILHUHDODDUPRQL]DFLyQHQWUHOLEHUWDGRDFWLYLGDGHVSRQWiQHD\UHWRVRHVIXHU]RV

/DSRVLELOLGDGGHDXWRGLULJLUODDWHQFLyQFRQWULEX\HDODDXWRUHJXODFLyQGHODDWHQFLyQWDQQHFHVDULDKR\GtDHQ
TXH HVDV SRVLELOLGDGHV VH HQFXHQWUDQ UHWDGDV GHVGH GLIHUHQWHV IODQFRV JHQHUDQGR XQD DOWtVLPD LQFLGHQFLD GH
GHVyUGHQHV GH OD DWHQFLyQ 3DUD ORJUDU HVWR HV QHFHVDULR FRQWDU FRQ HO WLHPSR VXILFLHQWH SDUD LQYROXFUDUVH GH
OOHQR HQ DFWLYLGDGHV FRLQFLGHQWHV FRQ ODV YHQWDQDV GH RSRUWXQLGDG TXH VH DEUHQ HQ ORV GLVWLQWRV \ SDUWLFXODUHV
FLFORV HYROXWLYRV (VWH DVSHFWR WRPD HO FHQWUR HVFpQLFR DQWH OD QHFHVLGDG GH FRQWUDUUHVWDU ORV SRVLEOHV HIHFWRV
QRFLYRV GH OD H[SRVLFLyQ FRQWLQXDGD D WpFQLFDV GH LQIRUPDFLyQ \ FRPXQLFDFLyQ 7,&V²OD WHOHYLVLyQ OD
FRPSXWDGRUDHOFHOXODUHQODIRUPDFLyQGHODPHQWHLQIDQWLO6PDOO9RUJDQ6XEUDKPDQ\DP*UHHQILHOG
.UDXWHWDO
$ OD YH] PHGLDQWH HO DJUXSDPLHQWR ³IDPLOLDU´ PRQWHVVRULDQR VH FRQVWLWX\H XQD YHUGDGHUD FRPXQLGDG FX\RV
PLHPEURV VH FXLGDQ \ DSR\DQ UHFtSURFDPHQWH (VWR UHWRPD OD QHFHVLGDG GH UHWUDGXFLU OD QRFLyQ FDVD GHL
EDPELQL FRPR HO KRJDU FXLGDGRVDPHQWH SUHSDUDGR SDUD TXH OD QLxH] SXHGD DFWXDOL]DUVH HQ WRGDV ODV
GLPHQVLRQHV VRFLDOHV \ DIHFWLYDV (O WpUPLQR FDVD OODPD OD DWHQFLyQ KDFLD ORV PDWHULDOHV \ DFWLYLGDGHV GH
DSUHQGL]DMH SHUR HO WpUPLQR KRJDU OODPD OD DWHQFLyQ D OD IDPLOLD H[WHQVD R OD FRPXQLGDG FRQ VX VHQWLGR GH
SHUWHQHQFLD \ FRODERUDFLyQ HQ OD YLGD FRWLGLDQD &I &KDWWLQ0F1LFKROV  6HOGLQ  6HOGLQ  (SVWHLQ


'HVGH HO FDPSR PRQWHVVRULDQR $OLQH :ROI H[SUHVD VX FRPSUHQVLyQ PiV SURIXQGD GH ODV QHFHVLGDGHV GH OD
QLxH]

 « SLHQVR HQ OD QHFHVLGDG GH DOJXQRV SHUtRGRV GH VLOHQFLR \ VROHGDG HQ ORV FXDOHV SXHGDQ UHIXJLDUVH GHO
FRQVWDQWH UXLGR GH OD FRQYHUVDFLyQ UDGLR WHOHYLVLyQ \ HVFXFKDU OD SHTXHxD YR] TXHGD GH GHQWUR >«@ (VWi OD
QHFHVLGDGGH HQFRQWUDUOHVLJQLILFDGRD VXVYLGDV ODQHFHVLGDG GHSUHJXQWDUVH SRUTXp HVWiQDTXt \SRU TXpHO
PXQGRH[LVWHFRPRH[LVWH6XVHVStULWXVQHFHVLWDQDVHJXUDUVHGHTXHORTXHHOORVKDFHQWLHQHLPSRUWDQFLD6XV
HVStULWXVQHFHVLWDQVDEHUSRUTXpHVPHMRUDFWXDUGHXQDPDQHUD\QRGHRWUD$GHPiVH[LVWHODQHFHVLGDGGH
DOJR PiV DOOi GH Vt PLVPRV \ GHO PXQGR ItVLFR OD QHFHVLGDG GH FRQHFWDUVH FRQ HO XQLYHUVR :ROI 
S
/HJDGRVGH0RQWHVVRULLQFRUSRUDGRVHQHOLQFRQVFLHQWHFROHFWLYRGHODHGXFDFLyQLQLFLDO

&XUUtFXORKROLVWDPRODU\YLQFXODQWHHQOXJDUGHIUDJPHQWDULR

6XVHQWLGRGHDGPLUDFLyQDQWHODVFDSDFLGDGHVGHODQLxH]ODFXDOYDQFRQVWUX\HQGRFRQVXHVIXHU]R
\HQLQWHUDFFLyQFRQHOHQWRUQRFXOWXUDOXQVHUKXPDQRDGXOWR

(OGHVDUUROORGHODPHQWH²\HOFHUHEUR²FRQDSR\RGHOHVIXHU]R\HODSUHQGL]DMH

/DWHQGHQFLDGHOGHVDUUROORKDFLDXQDSDUWLFLSDFLyQFXOWXUDOSOHQDHQIRUPDDItQDODVSURSXHVWDVGHVGH
ODDQWURSRORJtDFRQWH[WXDO5DPEXVFK5RJRII/DYH

/DIXQFLyQGHODDFWLYLGDGDXWRHQDPELHQWHVH[LVWHQFLDOHVSUHSDUDGRVFRPRDSR\RDODFRQVROLGDFLyQ
GHODDWHQFLyQODFRQFHQWUDFLyQODDXWRUUHJXODFLyQ\HOIOXMRHQODIRUPDFLyQGHODVLQWHUFRQH[LRQHV\GH
ODSHUVRQDOLGDGWRWDO
/RVSHUtRGRV VHQVLEOHVFRQVWLWX\HQHWDSDVFXDOLWDWLYDPHQWH GLIHUHQWHVHQHO GHVDUUROORDQWLFLSDGDV\
VRVWHQLGDV SRU HYHQWRV \ FRVPRYLVLRQHV FXOWXUDOHV 'H HVWD PDQHUD VH UHTXLHUHQ VLVWHPDV GH
SHQVDPLHQWR GH YLYHQFLD \ DFWXDFLyQ UDGLFDOPHQWH GLIHUHQWHV HQ GLUHFFLRQHV TXH WDQWR -HDQ 3LDJHW
FRPR (ULN (ULNVRQ DSUHQGLFHV VX\RV SRVWHULRUPHQWH UHVDOWDQ \ GHVDUUROODQ 9\JRWVNL 
ODVFRQFHSWXDOL]DUtDPHMRUFRPR]RQDVGHGHVDUUROORSUy[LPR

/DVPDQHUDVHVSHFtILFDVHQTXHVHDSUHQGHHQODSULPHUDLQIDQFLDSRUHMHPSORODVQHFHVLGDGHVGH
PRYHUVHGHOHQJXDMHDUGHLQWHUDFWXDUFRQODFXOWXUDLQWHUSUHWDU\VHULQWHUSUHWDGRGHREVHUYDUDRWUDV
SHUVRQDVDVtFRPRODFRPSUHQVLyQGHODWHUQXUD\ODHPSDWtDWDPELpQFRPRSURGXFWRVFXOWXUDOHV

(OUHVSHWRSRUODDXWRUHJXODFLyQ\HOGHVDUUROORGHODDWHQFLyQ\ODFRQFHQWUDFLyQWDQHVHQFLDOHVKR\

/DSHUVRQDOL]DFLyQGHOFXUUtFXORORVULWPRVSHUVRQDOHV\HODSR\RDODGLYHUVLGDGGHSRWHQFLDOLGDGHV
(ODSUHQGL]DMHDFWLYRGRQGHHOLQWHUpVIRUPDSDUWHLQGLVSHQVDEOHGHXQPLVPRSURFHVRUHODFLyQHQWUH
DVSHFWRV HPRFLRQDOHV H LQWHOHFWXDOHV GHO DSUHQGL]DMH 1R VH LQWHQWD PRWLYDU DO QLxR VLQR GHVFXEULU \
H[SORUDUTXpOHPRWLYDHQHODPSOLRUDQJRGHODYLGDGHO³WUDHUHOPXQGRDODQLxH]´DGLIHUHQFLDGHOD
HVFXHOD WUDGLFLRQDO )RUPDV GH DSUHQGHU SUDJPiWLFDV \ QR QHFHVDULDPHQWH YHUEDOHV FX\D LPSRUWDQFLD
UHVDOWDHOHQIRTXHKLVWyULFRFXOWXUDOGHO5tR\ÈOYDUH]

 /D SUHSDUDFLyQ GH XQ HQWRUQR UHODFLRQDO \ FXOWXUDO RULHQWDGR D ODV ³]RQDV GH GHVDUUROOR SUy[LPR´
9\JRWVNLGLVHxRFXOWXUDO\SOHQRGHLGHDVPDWHULDOL]DGDV

 /D D\XGD D OD PHPRULD DO FRQYRFDUVH XQD PXOWLSOLFLGDG GH VLVWHPDV VHQVRULDOHV GH OHQJXDMH \ GH
PRYLPLHQWR

(ODSUHQGL]DMHVXEFRQVFLHQWH

(ODSUHQGL]DMHHQFRODERUDFLyQ\FRPXQLGDGGHDSUHQGLFHV
 /D YHQWDMD GH JUXSRV KHWHURJpQHRV SDUD OD IRUPDFLyQ GH SHUVRQDOLGDGHV DUPRQLRVDV \ VROLGDULDV
PHQRVRULHQWDGDVDFRPSHWLUSRUODDWHQFLyQHVSHFLDOPHQWHYLWDODKRUDDODOX]GHODJOREDOL]DFLyQ\VXV
HVWUDWHJLDVSDUDFDSWXUDUDOJUXSRGHFRQVXPLGRUHVPiVYXOQHUDEOH\HIHFWLYRODQLxH]

 /DV SDXWDV SDUD HO GHVDUUROOR \ HO DSUHQGL]DMH GHO OHQJXDMH GHVGH XQD DSUR[LPDFLyQ DO OHQJXDMH
LQWHJUDO&KRPVN\*RRGPDQ*RRGPDQ

 'LILFXOWDGHV GHO PXQGR DGXOWR SDUD FRPSUHQGHU ORV LQWHUHVHV UHVLVWHQFLDV OLPLWDFLRQHV \ FyGLJRV
FRUSRUDOHV \ YHUEDOHV GH OD QLxH] HWLTXHWiQGRVH FRPR SUREOHPDV GH FRQGXFWD R JHQpWLFRV FXDQGR
PXFKDVYHFHVVRQFRPSHQVDFLRQHVDFLUFXQVWDQFLDVGLItFLOHV
¢4XpGLFHQDOJXQDVLQYHVWLJDFLRQHVVREUHODSURSXHVWDPRQWHVVRULDQD"

(Q FRPSDUDFLyQ FRQ RWURV SURJUDPDV GH HGXFDFLyQ LQLFLDO HQWUH ORV HVWXGLRV PiV UHOHYDQWHV VH
HQFXHQWUDQUHVXOWDGRVIDYRUDEOHVHQORVVLJXLHQWHVFDPSRV&I&KDWWLQ0F1LFKROVE

GHVDUUROORGHODLQWHOLJHQFLD

ORJURVDFDGpPLFRV\PHMRUDVHQODOHFWRHVFULWXUD

KDELOLGDGHVGHFODVLILFDFLyQ\VHULDFLyQSLDJHWLDQDV

FRQFHQWUDFLyQSHUVLVWHQFLD

VRFLDELOLGDG&IWDPELpQ/LOODUG(OVH4XHVW

FUHDWLYLGDG\

FRPSRUWDPLHQWRUHVSRQVDEOHDXWRGLULJLGR\DXWRPRWLYDGR
/DVGLIHUHQFLDVHQFRQWUDGDVWDPELpQVRQPiVHVWDEOHVFRQYHQWDMDVD~QGLVFHUQLEOHVHQORV~OWLPRVDxRV
GH SULPDULD D GLIHUHQFLD GH RWURV HQIRTXHV &I WDPELpQ /LOODUG  (OVH4XHVW  (V LPSRUWDQWH
UHVDOWDUTXH QR SXHGHQYHUVH ODV LQWHUYHQFLRQHV HQ QLQJXQD HWDSD FRPR SDQDFHD SDUD ODV RWUDV FDGD
HWDSDGHOGHVDUUROORHVLPSRUWDQWHSRUVtPLVPD(OKDEHUDVLVWLGRDXQDHGXFDFLyQLQLFLDOHQULTXHFLGDQR
HVXQDYDFXQDFRQWUDODYLROHQFLD\GRPHVWLFDFLyQGHOUHVWRGHOVLVWHPD&DUQR\

(VWRHVPiVSUHRFXSDQWHHQHOPRPHQWRDFWXDOHQTXHODLQIOXHQFLDJHQHUDFLRQDOSDUHFHVHUPXFKRPiV
DPSOLD TXH OD PLVPD IDPLOLD HQ SDtVHV JOREDOL]DGRV +DUULV  /RV HVWXGLRV VREUH ORV SURFHVRV
FRWLGLDQRVVRQPX\UHYHODGRUHV\FRKHUHQWHV

(QORVHVTXHPDVWUDGLFLRQDOHVODVORVGRFHQWHVSDVDQPiVWLHPSRFRUULJLHQGRFRQGXFWDVFRQVLGHUDGDV
³LQDSURSLDGDV´\GLVFLSOLQDQGRTXHHQORVPRQWHVVRULDQRV3RUHOFRQWUDULRODVDFWLYLGDGHVGHHQVHxDQ]D
GLULJLGDV DO JUXSR HQ JHQHUDO GXUDQ XVXDOPHQWH HQWUH  \  PLQXWRV GLDULRV HQ ORV FHQWURV
PRQWHVVRULDQRV
,QWHUHVDQWHPHQWHVHUHJLVWUDQPHQRVHVIXHU]RVSRUHOFRQWUROFRQGXFWXDO\PHQRUHVUHTXHULPLHQWRVGHLPLWDFLyQ
GHOHQJXDMHSRUSDUWHGHGRFHQWHVPRQWHVVRULDQDV&KDWWLQ0F1LFKROVE

7DPELpQ VH FRUURERUD HQ HVWXGLRV FRVWDUULFHQVHV GH OD GpFDGD GH ORV RFKHQWD &KDYDUUtD *RQ]iOH] 
&KDYDUUtD *RQ]iOH]  3pUH] $EDUFD  \ HQ ORV QRYHQWDV &KDYDUUtD *RQ]iOH] HW DO D E
3ROWURQLHUL(QFRPSDUDFLyQFRQRWURVSURJUDPDVGHHGXFDFLyQLQLFLDOGHRULHQWDFLyQFRJQLWLYD\WUDGLFLRQDO
DO PLUDU ORV SURFHVRV \ HVFHQDULRV FRWLGLDQRV VDOWD D OD YLVWD OD PD\RU DFWLYLGDG VRFLDO HQ SURJUDPDV
PRQWHVVRULDQRV VH HVWDEOHFHQ PiV FRQYHUVDFLRQHV \ PiV WLHPSR GDQGR LQIRUPDFLyQ D VXV FRQJpQHUHV
&KDWWLQ0F1LFKROV/LOODUG(OVH4XHVW

$OVHUXQDHVWUXFWXUDGHPDUFRDELHUWR:HLNDUWWDPELpQSDVDQPiVWLHPSRHQVROLWDULR6HLQIRUPDVREUH
XQDDFWLYLGDGVRFLDOHTXLSDUDEOHDODGHRWURVSURJUDPDVLQFOXVRPiVDOWD

$ODYH]ODFRRSHUDFLyQHQWUHSDUHVWLHQGHDVHUPD\RUFRQJUXHQWHFRQHOLGHDULRPRQWHVVRULDQR'HLJXDOIRUPD
XQ PD\RU FRQWDFWR FRQ REMHWRV \ PHQRU UHSHWLFLyQ GH FRQVLJQDV YHUEDOHV HV OD WyQLFD &I &KDWWLQ0F1LFKROV

8Q HVWXGLR TXH FRPSDUD WUHV FODVHV GH (VFXHODV %ULWiQLFDV ,QIDQWLOHV >%ULWLVK ,QIDQW 6FKRROV@  FRQ WUHV FODVHV
PRQWHVVRULDQDVUHYHOD TXH ORVSHTXHxRV \ SHTXHxDV GHORV ,QIDQW 6FKRROVVH FDUDFWHUL]DEDQ SRU UHTXHULUPiV
DWHQFLyQ TXH DTXHOORV HQ FODVHV PRQWHVVRULDQDV $~Q FXDQGR ORV QLxRV \ QLxDV PRQWHVVRULDQRV HYLGHQFLDEDQ
PHQRV DFWLYLGDGHV RULHQWDGDV DO ³MXHJR´ Vt SUHSDUDEDQ PDWHULDOHV UHFRJtDQ \ OLPSLDEDQ EXVFDEDQ \ RIUHFtDQ
LQIRUPDFLyQ FRJQRVFLWLYD \ EXVFDEDQ FHUFDQtD FRQ ODV SHUVRQDV DGXOWDV HYLGHQFLDURQ WDVDV PiV DOWDV GH
LQWHUDFFLyQFRQFRQJpQHUHVTXHVXVSDUHVHQORV,QIDQW6FKRROV

(YLGHQWHPHQWH FRRUGLQDEDQ \ VH FRPXQLFDEDQ HQWUH Vt HQ XQD YDULHGDG GH DFWLYLGDGHV PiV DOOi GHO MXHJR
&KDWWLQ0F1LFKROV  (Q JHQHUDO HVWRV UHVXOWDGRV UHIXWDQ OD FUtWLFD GH TXH OD HGXFDFLyQ 0RQWHVVRULDQD
SURSLFLD HO LQGLYLGXDOLVPR /D SHUVRQDOLGDG KXPDQD VH PROGHD PHGLDQWH ODV H[SHULHQFLDV FRQWLQXDV QRV
FRUUHVSRQGHDQRVRWURVFUHDUSDUDORVQLxRVSDUDORVDGROHVFHQWHVSDUDORVMyYHQHVXQHQWRUQRXQPXQGRTXH
SHUPLWDTXHHVDVH[SHULHQFLDVIRUPDWLYDVHVWpQDVXDOFDQFH>«@'HHVDIRUPDGHVGHODPiVWLHUQDLQIDQFLDORV
VHUHV KXPDQRV GHEHQ H[SHULPHQWDU HQ IRUPD SUiFWLFD TXp HV OD DVRFLDFLyQ \ VyOR HQWRQFHV FRPSUHQGHUiQ
JUDGXDOPHQWHORVVHFUHWRVGHODHYROXFLyQWpFQLFDGHHVWDVRFLHGDG0RQWHVVRULS
0XFKRVSULQFLSLRVGHODHGXFDFLyQPRQWHVVRULDQDKDQVLGRFRQILUPDGRVSRUODLQGDJDFLyQFLHQWtILFD/DV
VLJXLHQWHV GLPHQVLRQHV VRQ UHFRSLODGDV SRU $6 /LOODUG  XQD LQYHVWLJDGRUD HQ GHVDUUROOR
KXPDQRFRQRFHGRUDGH0RQWHVVRULGHVGHODLQIDQFLDKLMDDODYH]GHODWHyULFDPRQWHVVRULDQD3DXOD3RON
/LOODUG

2SRUWXQLGDGGHHVFRJHU(ODSUHQGL]DMH\HOELHQHVWDUPHMRUDQFXDQGRODVSHUVRQDVWLHQHQXQVHQWLGR
GHFRQWUROVREUHVXVYLGDV

(OPRYLPLHQWR\HOGHVDUUROORFRJQRVFLWLYRHVWiQHQWUHOD]DGRVHOPRYLPLHQWRSXHGHPRWLYDUGHVDUUROORV
FtFOLFRV\UHQRYDGRVVREUHHODSUHQGL]DMH\HOGHVDUUROORGHIRUPDVGHSHQVDPLHQWR1XHVWURVFHUHEURV
HYROXFLRQDURQHQXQPXQGRHQHOTXHQRVPRYtDPRV\KDFtDPRVFRVDVQRHYROXFLRQyGHHVWDUVHQWDGRV
DQWHXQHVFULWRULR\FXOWLYDQGRSHQVDPLHQWRVDEVWUDFWRV

 /DV SHUVRQDV DSUHQGHQ PHMRU FXDQGR HVWiQ LQWHUHVDGDV HQ OR TXH HVWiQ DSUHQGLHQGR 0RQWHVVRUL
XWLOL]DEDORVLQWHUHVHVSUHYLHQGRDTXHOORVTXHRFXUUtDQFRQUHJXODULGDGHQFLHUWRVSHULRGRVGHOGHVDUUROOR
FRPRSHUtRGRVVHQVLEOHV(QHVWRVVHGDEDODOLEHUWDG\VHWHQtDFRPRREMHWLYRHOGHVSHUWDUGHLQWHUHVHV
HVSHFLDOHVHQFDGDTXLpQFRPRVLJQRGHVXVDYDQFHVHQHOGHVDUUROORHGXFDFLyQDSUHQGL]DMH'($
/DQLxH]GHEHDYHULJXDUTXpHVORTXHLQWHUHVDDQWHXQPXQGRGHSRVLELOLGDGHVHQHOFXDOSXHGDH[SHULPHQWDU
GHVFXEULU\FRQRFHUSDUDDVtLUDSUHQGLHQGRVREUH\FRQVWUX\HQGRVXVLQWHUHVHV(VWRVXHQDPX\OyJLFRSHURQR
VH DSOLFD\D TXH HO VLVWHPD HGXFDWLYR EXVFD DYDQ]DU HQ XQ FXUUtFXOR TXH D DOJXLHQ VH OH RFXUULy SHUR TXH QR
HVWiQHFHVDULDPHQWHEDVDGRHQODVLPSURQWDVGHGHVDUUROOR'($GHODQLxH]

/DVUHFRPSHQVDVH[WUtQVHFDVDODSUHQGL]DMHLPSDFWDQQHJDWLYDPHQWHODPRWLYDFLyQSDUDFRQWLQXDUODDFWLYLGDG
XQDYH]TXHVHHVWDVKDQUHWLUDGR(OMXHJRGHODLPDJLQDFLyQUHSUHVHQWDFRJQLFLRQHVTXHVHGHPXHVWUDQ\YLYHQ
FRUSRUDOPHQWH (Q HVH VHQWLGR ORV REMHWRV PRQWHVVRULDQRV VRQ LGHDOHV SDUD OOHYDU D FDER DFWLYLGDGHV GH YLGD
SUiFWLFDODVFXDOHVVRQODVTXHUHDOL]DQORVDGXOWRVGHVXFXOWXUDORFXDOHVJUDWLILFDQWH7DQWRHOMXHJROLEUHFRPR
ODVDFWLYLGDGHVPRQWHVVRULDQDVFDO]DQFRQODVQHFHVLGDGHVGHGHVDUUROORGHFDGDTXLHQDOVHUHVFRJLGDVSRUOR
TXH VRQ GREOHPHQWH JUDWLILFDQWHV $O LJXDO TXH HQ OD DFWLYLGDG PRQWHVVRULDQD HO MXHJR WLHQHQ UHFRPSHQVDV
LQWUtQVHFDVDQDGLHVHOHRFXUUHGDUHVWUHOOLWDVQLFDOFRPDQtDVSRUMXJDUELHQ7DQWRHOMXHJRFRPRODVDFWLYLGDGHV
HQDPELHQWHVPRQWHVVRULDQRVLQYROXFUDQXQDVSHFWRVRFLDOHOGHFRPSDUWLU
 /D RUJDQL]DFLyQ HQ FRODERUDFLyQ FRPXQLGDG GH DSUHQGLFHV IDFLOLWD HO DSUHQGL]DMH 8VXDOPHQWH OD HVFXHOD
WUDGLFLRQDO VHSDUD ORV JUXSRV SRU HGDGHV KRPRJpQHDV SRU OR TXH FRVWDUtD YLVLELOL]DU H LPLWDU ODV DFFLRQHV GH
SHUVRQDVFRQPD\RUHVGHVDUUROORVHQGLIHUHQWHViUHDV'HELGRDODWUDGLFLyQLQGLYLGXDOLVWDVLVWpPLFDHQODFXDOVH
GHVDUUROODODHGXFDFLyQODVSHUVRQDVDGXOWDVFRQVWDQWHPHQWHFRPSDUDQ HQWUHVtDQLxRV\QLxDVGHVDUUROODQGR
DYHUVLyQ GRORU UDELD \ ILQDOPHQWH FRPSHWHQFLD 7DPELpQ VH SXHGH GHGXFLU XQD FRVPRYLVLyQ KDFLD OD
HQVHxDQ]DDSUHQGL]DMHGRQGHVHVXSRQH VHDSUHQGHFXDQGROD PDHVWUDHVWiHQVHxDQGRLPSOLFDHVFXFKDUOD \
PLUDUOD DWHQWDPHQWH VLQ KDEODU FRQ QDGLH 3RU FRQWUDVWH ODV SHUVRQDV DSUHQGHPRV REVHUYDQGR H LPLWDQGR D
RWUDVSHUVRQDV\ORVQLxRVDVHQWUHPiVSHTXHxRVPiVORKDFHQ/DRUJDQL]DFLyQWUDGLFLRQDOGHODHVFXHODQR
SHUPLWHFDSLWDOL]DUHQHVHDSUHQGL]DMH

3RU HO FRQWUDULR HQ ODV FRPXQLGDGHV PRQWHVVRULDQDV VH VXSRQH TXH ODV SHUVRQDV DSUHQGDQ SRU LPLWDFLyQ
REVHUYDFLyQ\DSR\RHQWUHXQDV\RWUDV$GHPiVHQJUXSRVGHHGDGHVP~OWLSOHVORVPiVSHTXHxRVREVHUYDQD
ORVPD\RUHV6HVXSRQHTXHORVPiVJUDQGHVYDQDKDFHUYLVLWDVDRWURVJUXSRVGHPD\RUHGDG0XFKDVGHODV
LQYHVWLJDFLRQHVFLWDGDVSRU/LOODUGGHPXHVWUDQODVYHQWDMDVGHODSUHQGL]DMHHQJUXSRVDXWRHVFRJLGRV
 (O DSUHQGL]DMH VLWXDGR HQ FRQWH[WRV VLJQLILFDWLYRV HV PiV SURIXQGR \ HQULTXHFHGRU TXH HO DSUHQGL]DMH HQ
FRQWH[WRVDEVWUDFWRV

/LEHUWDGGHQWURGHOtPLWHVHQHOFRQWH[WRGHDPELHQWHVSUHSDUDGRVWRPDQGRHQFXHQWDORVSHULRGRVVHQVLEOHV
(ODSUHQGL]DMHHVySWLPRHQODVVLJXLHQWHVFRQGLFLRQHV

ĸ &XDQGR ORV DGXOWRV SURSRUFLRQDQ OtPLWHV FODURV \ GHMDQ TXH OD QLxH] VH PXHYD OLEUHPHQWH GHQWUR GH HVRV
OtPLWHV

ĸ &XDQGR ORV DGXOWRV UHVSRQGHQ DQWH ODV QHFHVLGDGHV GH OD QLxH] PDQWHQLHQGR H[SHFWDWLYDV DOWDV (Q HVRV
FDVRVORVQLxRVDVPXHVWUDQDOWRVJUDGRVGHPDGXUH]ORJURVHPSDWtD\RWUDVFXDOLGDGHVSRVLWLYDVSDUDODYLGD
/DDXWRULGDG DGXOWD QR HV SHUPLVLYD ODLVVH] IDLUH QL UtJLGD FRQWURODGRUD R DXWRULWDULDQL FHQWUDGD HQ HO QLxROD
QLxDQLFHQWUDGDHQODDGXOWH]VLQRSHUPLVLYDFRQDXWRULGDG(OHVWLORGHIRUPDUYtQFXORVHQODQLxH]HVHVHQFLDO
SDUDHODSUHQGL]DMHODFDOLGH]FRQDXWRULGDGVXSHUDODVRSFLRQHVDXWRULWDULDSHUPLVLYDRQHJOLJHQWH
 (O RUGHQ HQ HO DPELHQWH WUDH EHQHILFLRV D OD QLxH] \ D\XGD D HVWUXFWXUDU HO GHVDUUROOR QHXURQDO HQWUH RWURV
/LOODUG FRQVLGHUD HO RUGHQ HQ FXDWUR GLPHQVLRQHV 2UGHQ WHPSRUDO HGXFDFLyQ WUDGLFLRQDO VH HVSHFLDOL]D HQ HO
RUGHQ FURQROyJLFR GH ODV UXWLQDV TXH RFXUUHQ HQ VHFXHQFLDV SUHGHFLEOHV \ RUGHQ FURQROyJLFR (V UDGLFDOPHQWH
GLIHUHQWHDORVDPSOLRVFLFORVGHODHGXFDFLyQPRQWHVVRULDQDGRQGHVHUHVSHWDQSHUtRGRVGHWLHPSRODUJRV\VLQ
FRUWHV DUWLILFLDOHV OR FXDO IDYRUHFH HO VHQWLGR GH DXWRUUHJXODFLyQ /DV LQYHVWLJDFLRQHV PXHVWUDQ TXH URPSHU OD
UXWLQD HQ SHUtRGRV FRUWRV JHQHUD XQ PHQRU LQWHUpV SRU DFWLYLGDGHV TXH VHUiQ FRUWDGDV DUELWUDULDPHQWH 3RU
HMHPSOR VL \R Vp TXH FXDQGR HVWR\ KDFLHQGR XQ FROODJH PH YDQ D LQWHUUXPSLU DUELWUDULDPHQWH UHDOL]y HVWD
PLFURUXWLQDFRQPHQRULQWHUpV\PHQRULQYHUVLyQGHHQHUJtD(QODSURSXHVWDPRQWHVVRULDQDHORUGHQDOLQWHULRU
GHFDGDDFWLYLGDGHVDVXPLGRULWXDOPHQWHSRUQLxRV\QLxDVSRUHMHPSORODUXWLQDGHODYDUXQDPHVDFRQOOHYDXQD
VHULHGHSDVRVSUHSDUDWRULRV\GHHMHFXFLyQTXHOHVHQFDQWDVHJXLU

(VWRUHIXHU]DHOVHQWLGRGHOVtPLVPRFRPRDJHQWHHPSRGHUDGRSDUDOOHYDUDFDERXQDVHULHGHDFFLRQHV~WLOHV
2UGHQHVSDFLDO/LOODUGFRPHQWDLQYHVWLJDFLRQHVHQODVFXDOHVHORUGHQHVSDFLDOHQWUHORVVHLVPHVHV\ORVFXDWUR
DxRVGHHGDGOOHYDQDPHMRUHVHYDOXDFLRQHVVREUHHOGHVDUUROOR\ODLQWHOLJHQFLDDORVFXDWURDxRV&RPHQWDTXH
ODQHFHVLGDGGHHVWUXFWXUDVHFXPSOHFRQHVHRUGHQ\HVWUXFWXUDHVSDFLDOHV
(O RUGHQ GH ORV PDWHULDOHV UHIOHMD HO RUGHQDPLHQWR GH ODV FLHQFLDV SRU OR TXH KD\ XQ LPSRUWDQWH
DSUHQGL]DMHVXEOLPLQDO FRQ VROR YHU ORV PDWHULDOHVGH DULWPpWLFD JHRPHWUtD R OHQJXDMH&RODERUDU HQ HO
RUGHQGHO DPELHQWHDSR\D HOGHVDUUROOR GHOVHQWLGR GHO RUGHQHVSDFLDO /DVIRUPDV HQTXH ODPHQWH VH
RUJDQL]D HQ UHVSXHVWD D LQVXPRV VHQVRULDOHV FRQRFLGRV FRPR ³HGXFDFLyQ GH ORV VHQWLGRV´ HQ OD
HGXFDFLyQ PRQWHVVRULDQD DXQTXH 0RQWHVVRUL VH UHILHUH D HOOD FRPR RUJDQL]DFLyQ \ UHJXODFLyQ GH OD
DWHQFLyQ(O GHVRUGHQDXGLWLYR\ HOKDFLQDPLHQWRSRU HOFRQWUDULRVH UHODFLRQD
QHJDWLYDPHQWHFRQHOGHVDUUROORDSUHQGL]DMH
&UtWLFDVDOPRYLPLHQWRPRQWHVVRULDQR

(ORULJHQGHODVFUtWLFDVSXHGHVHUWUD]DGRDOiPELWRDFDGpPLFRHQORV(VWDGR8QLGRVGH1RUWHDPpULFD
'HVGHKDFHFDVLXQVLJORYLHQHQSRUDUUDVWUHGHODH[WHQVDFUtWLFDGH.LOSDWULFNFROHJDGH-RKQ
'HZH\ (VWDV FUtWLFDV ² HQ Vt GH DLUH DUFDLFR²HVWiQ GLULJLGDV KDFLD XQ VXSXHVWR PHFDQLFLVPR H
LQGLYLGXDOLVPRPRQWHVVRULDQRVFRPRVHYHUi

7RGRSDUHFHLQGLFDUTXHODSURSXHVWDPRQWHVVRULDQDFKRFyFRQGRVFRUULHQWHVHQDVFHQVRHQORV(VWDGRV
8QLGRVGH1RUWHDPpULFDGHODSULPHUDPLWDGGHOVLJORDQWHULRUFRQODSRVLFLyQDGDSWDWLYD\SUDJPiWLFDGH
-RKQ'HZH\\FRQHOFRQGXFWLVPRDOTXHHOODVHRSRQtD

/D XWLOL]DFLyQ HFOpFWLFD GH ORV PDWHULDOHV HQ HO VHQR GH RWURV HQIRTXHV QR IXH PX\ ELHQ YLVWD SRU
0RQWHVVRUL FRPR WDPSRFR OR IXH OD WHQGHQFLD D GLULJLU YHUVLRQHV GHO ³PpWRGR´ SDUD SULYLOHJLDU ORJURV
DFDGpPLFRVORFXDOHQVXYLGDOHYDOLyUHODFLRQHVFRQIOLFWLYDVHQVXVYLVLWDVDORV((88GH1RUWHDPpULFD
6HFRQMXJDQIDFWRUHVLQGLFDWLYRVGHODVLQFRQVLVWHQFLDVHVWUXFWXUDOHVHQWUHVXVSURSXHVWDV\HOSDUDGLJPD
GHODHILFLHQFLDGHFRUWHLQGXVWULDOHOFXDOVHHULJtDFRPREDOXDUWHSDUDXQVLVWHPDHGXFDWLYRDOVHUYLFLR
GHOVLVWHPDHFRQyPLFR&RPRUHVXOWDGRHOPRYLPLHQWRIXHHQWHUUDGRHQWUHODGpFDGDGHORVYHLQWHV\OD
GH ORV VHWHQWDV WDQWR HQ GLFKR SDtV FRPR HQ VXV iUHDV GH LQIOXHQFLD &I &KDWWLQ0F1LFKROV 
.UDPHU

(V LQWHUHVDQWH SUHJXQWDUVH VREUH ORV IDFWRUHV TXH FRQIOX\HQ HQ VX UHGHVFXEULPLHQWR HQ HO SHUtRGR GH
LQIOXHQFLDGHORVPRYLPLHQWRVFRQWUDFXOWXUDOHVGHORVVHVHQWDV\VHWHQWDVGHOVLJORDQWHULRUWDQWRFRPR
VLJQR GH UHVLVWHQFLD FRPR GH QXHYR SRU ODV WHQGHQFLDV VLVWpPLFDV SDUD VHFXHVWUDU ORV PRYLPLHQWRV
FRQWHVWDWDULRVTXHSXHGDQVHUGHXWLOLGDGGHQWURGHOHQJUDQDMHGHHVWDQXHYDIDVHGHODJOREDOL]DFLyQ&I
$OWKXVVHU$URQRZLW]\*LURX[*LGGHQV,OOLFK0DUWtQ%DUy3pUH]
*yPH]
/DFUtWLFDH[WHUQDDOPRYLPLHQWRDFXVDD0RQWHVVRULGHHQIDWL]DU

DORVPDWHULDOHV\VXPDQLSXODFLyQUtJLGDFRPRVLJQRGHPHFDQLFLVPR

EHOLQGLYLGXDOLVPR

FHOUHDOLVPRHQODSURSXHVWDDFRVWDGHODLPDJLQDFLyQFUHDGRUD\ODVUHODFLRQHVFiOLGDV

/DLPDJLQDFLyQFUHDGRUD\ODVUHODFLRQHVFiOLGDV

0RQWHVVRUL KDFH KLQFDSLp HQ PHMRUDU OD GLPHQVLyQ HGXFDWLYD GH OD HVFXHOD HQ FRUUHVSRQGHQFLD FRQ ODV
QHFHVLGDGHVHYLGHQFLDGDVHQHOPRPHQWRKLVWyULFRTXHYLYLy&I7XUQHU3RUHOORHVQHFHVDULRFRPHQWDU
TXHORVDEUD]RVORVMXHJRVODVFDQFLRQHVODVGDQ]DVHOWUDEDMRFRQDUWHODVUHODFLRQHVGHFRQWHQFLyQ\WHUQXUD
TXHORVFUtWLFRVKDQVHxDODGRFRPRIDOWDQWHVHQVXVLVWHPDFLHUWDPHQWHH[LVWtDQHQVXVHVFXHODV


'HKHFKRQROHVGHGLFyXQHVSDFLRHQVXVFRQIHUHQFLDVSRUTXHHOODQRSRGtDFRQFHELUXQVLVWHPDHGXFDWLYRVLQ
HOOR .UDPHU  7XUQHU  7XUQHU FRPHQWD TXH HQ ODV FDVDV GH QLxRV RULJLQDOHV VROR XQD GH ODV VLHWH
KRUDVGHDWHQFLyQGLDULDVVHGHGLFDEDDHMHUFLFLRVLQWHOHFWXDOHV6HDVLJQDEDXQWLHPSRVLPLODUDODVDFWLYLGDGHV
GH OD YLGD FRWLGLDQD D ORV SHUtRGRV GH DFWLYLGDG DO DLUH OLEUH FRQ MXHJRV OLEUHV \ GLULJLGRV DO WUDEDMR FRQ DUWH \
DUFLOODODJLPQDVLD\ODVFDQFLRQHV

&LHUWDPHQWHODWUDGXFFLyQGHFDVDGHOLWDOLDQRVHFRUUHVSRQGHPiVFRQHOFRQFHSWRGHKRJDUGHODQLxH]6HOGLQ
³/DVFDVDVGHLEDPELQL VRQXQMDUGtQSDUDFXOWLYDU ODLQIDQFLD£\FLHUWDPHQWHQRPDQWHQHPRV DOD
QLxH]GXUDQWHWDQWDVKRUDVHQODHVFXHODFRQODLGHDGHFRQYHUWLUORVHQHVWXGLDQWHV´0RQWHVVRULS
WUDGXFFLyQQXHVWUD

&RQUHVSHFWRDODIOH[LELOLGDG\ODLPDJLQDFLyQ0RQWHVVRULDGYHUWtDFRQWUDODIDQWDVtDLQLFLDGDSRUODGLUHFWRUD/D
SHUPLWtD FXDQGR HUD OD QLxH] TXLHQ OD XWLOL]DED (Q HVWH FDVR LQIOXHQFLDGD SRU ORV HVFULWRV GHO SVLFRDQiOLVLV
GLVWLQJXtDHQWUHHOSHQVDPLHQWRIDQWDVLRVRHVFDSLVWD\ODYHUGDGHUDFUHDWLYLGDG0RQWHVVRUL
&RQFHEtDHVWD~OWLPDFRPRXQDLQWHJUDFLyQQRYHGRVDEDVDGDHQHOHPHQWRVGHODUHDOLGDG²SRUORTXH
HQIDWL]DHVWRVHOHPHQWRVVREUHORVFXDOHVVHSXGLHVHDSR\DUODLPDJLQDFLyQFUHDGRUD

(VWDLPDJLQDFLyQUHSUHVHQWDXQDIXQFLyQPHQWDOPX\YDORUDGDSRUHOODHVSHFLDOPHQWHSDUDOD³HGDGGHOD
UD]yQ´ SRU OR TXH HVWD FUtWLFD GH QXHYR UHIOHMD XQD LQWHUSUHWDFLyQ HUUyQHD GH VXV HVFULWRV 0RQWHVVRUL
LQWURGXMR DFWLYLGDGHV GH H[SUHVLyQ DUWtVWLFD \ VX HGXFDFLyQ FyVPLFD HQ %DUFHORQD HQ HO HIHUYHVFHQWH
SHUtRGRGHOXFKDVUHSXEOLFDQDVDQWHVGHOD*XHUUD&LYLOHVSDxROD/DHVWpWLFDFLHUWDPHQWHIRUPDSDUWHGH
VXVYDORUHV

+R\ VH DFHSWD OD QHFHVLGDG GH LQFOXLU PDWHULDOHV GH DUWHV SOiVWLFDV SDUD IDYRUHFHU ODV UHODFLRQHV
HVSDFLDOHV\ ODFUHDWLYLGDG GHOD QLxH](GZDUG DVt FRPR DFWLYLGDGHVGH GLVHxR%DUQHWW 
7XUQHUODVFRQH[LRQHVHQWUHODVDFWLYLGDGHVGHDUWH\OHQJXDMH0RRUH0RRUH\HOMXHJR
GUDPiWLFR\ODIDQWDVtD7XUQHU/DGUDPDWL]DFLyQ\HOMXHJRVRQDFHSWDGRVHQODPD\RUtDGHORV
FHQWURVPRQWHVVRULDQRVFRQVXOWDGRV&I&KDWWLQ0F1LFKROV'DRXVW
(Q HO VLWLR HOHFWUyQLFR GH OD $PHULFDQ 0RQWHVVRUL 6RFLHW\ $06 VI VH SXEOLFDQ UHFRPHQGDFLRQHV VREUH OD
LPSRUWDQFLDGHOMXHJRDOSHUPLWLUOHDORVQLxRV\QLxDVHOWLHPSRSDUDDMXVWDUHOPXQGRTXHOHVURGHDDVXVSURSLDV
YLGDV\SUREDUQXHYRVUROHVHQXQHVSDFLRVHJXUR

(OOD HGXFDGRUD PRQWHVVRULDQR 3RZHOO VI LQGLFD TXH VL QLxRV \ QLxDV FUHFHQ VLQ VXILFLHQWH WLHPSR
GHVHVWUXFWXUDGRSDUDMXJDUQRWHQGUiQHVSDFLRSVtTXLFRSDUDGHVDUUROODUVXMXHJR\GDUOHXQVLJQLILFDGRSHUVRQDO
5HFRPLHQGDWDPELpQDSR\DUOHVSDUDQRHVFRJHUMXJXHWHVGHJXHUUDSXHVLQFLWDQDXQDUHSHWLFLyQGHODYLROHQFLD
YLVWDHQWHOHYLVLyQ

/D HPSDWtD \ ODV UHODFLRQHV FiOLGDV VRQ HQIDWL]DGDV FRPR SDUWH GHO TXHKDFHU FRQVFLHQWH H LQFRQVFLHQWH GHO
GHVDUUROORDSUHQGL]DMH HQ HO HQWRUQR KRJDUHxR TXH VH SURSRQH \ HQ UHFRQRFLPLHQWR GH OD WHRUtD GHO DSHJR
&RVVHQWLQR/DZUHQFH0DUWLQH]:DUQHPXHQGH2FDVLRQDOPHQWHSDUDODV\ORVFKLFRV
PD\RUHV GH FXDWUR DxRV WDPELpQ VH LQFOX\HQ FRPSXWDGRUDV FRPR SDUWH GH OD YLGD FRWLGLDQD &I
&KDWWLQ0F1LFKROV  DXQTXH KD\ FRQWURYHUVLDV DO UHVSHFWR .DPLQVWHLQ VI (SVWHLQ \ (SVWHLQ 
$PHULFDQ0RQWHVVRUL6RFLHW\VI
(QVtQWHVLVHOPRGHORPRQWHVVRULDQRFRQWLQ~DH[SORUDQGRXQDPD\RUIOH[LELOLGDGHLQFRUSRUDQGRQXHYDVIDFHWDV
6XUJHGHQXHYRODWHQVLyQ

¢HQTXpFDVRVKDGHLQWHUSUHWDUVHFRPRVLJQRGHUHVLVWHQFLDRPiVELHQFRPRLQWHQWRVGHDGDSWDFLyQDODIDVH
GHOFDSLWDOLVPRSRVWLQGXVWULDO"

/DFUtWLFDGHOPHFDQLFLVPR

'HVGHXQHQIRTXHSLDJHWLDQRVHFULWLFDVXDERUGDMHFRPRXQHMHUFLFLRGHORVVHQWLGRVHQXQDIRUPDPHFDQLFLVWD\
FRQGXFWXDO 'H 9ULHV  .RKOEHUJ  (V FXULRVD HVD FUtWLFD SXHVWR TXH ORV HVFULWRV PRQWHVVRULDQRV
SRVWHULRUHVDORVDxRVWUHLQWDVRQFODUtVLPRV\UHLWHUDWLYRVDOVHxDODUTXHHOPRYLPLHQWR\ODSHUFHSFLyQVLHPSUH
HVWDUtDQGLULJLGRVSRUODLQWHOLJHQFLD\OD³VHQVLELOLGDGLQWHULRU´GHODQLxH]HQVXVHVIXHU]RVGHDXWRFRQVWUXFFLyQ
&RPR XQ HMHPSOR HQWUH RWURV 0RQWHVVRUL UHDILUPD TXH LQFOXVR HO UHFLpQ QDFLGR WLHQH XQD YLGD SVtTXLFD D~Q
VXEFRQVFLHQWHTXHSUHFHGH DWRGRV ORVDUFRV UHIOHMRV0RQWHVVRUL (VWD WHUPLQDVLHQGRPiV
ELHQXQDSRVLFLyQPHQRVPHFDQLFLVWDTXHODSLDJHWLDQDODFXDOVXSRQHTXHODLQWHOLJHQFLDVHFRQVWUX\HDSDUWLU
GHORVDFWRVUHIOHMRV&I6LHJHO%UDLQDUG9\JRWVNL
0RQWHVVRULH[SOtFLWDPHQWHFUtWLFDXQDSRVLFLyQFRQGXFWXDO

³(OQLxRQRVKDGHPRVWUDGRTXHODLQWHOLJHQFLDQRVHFRQVWUX\HOHQWDPHQWHGHVGHHOH[WHULRUFRPRODSVLFRORJtD
PHFiQLFD OR FRQFHEtD SVLFRORJtD TXH LQIOX\H WRGDYtD SUiFWLFDPHQWH HQ OD HGXFDFLyQ \ SRU FRQVLJXLHQWH HQ HO
WUDWDPLHQWR GHO QLxR >«@ (V VDELGR TXH QXHVWUD SHGDJRJtD GD DO DPELHQWH XQD LPSRUWDQFLD WDQ JUDQGH TXH OH
HULJHHQEDVHFHQWUDOGHWRGDODFRQVWUXFFLyQSHGDJyJLFD>«@([LVWHVLQHPEDUJRXQDGLIHUHQFLDHVHQFLDOHQWUH
HOYLHMRFRQFHSWRGHOQLxRSDVLYR\ODUHDOLGDGHVODH[LVWHQFLDGHODVHQVLELOLGDGLQWHULRUGHOQLxRSS´

&LHUWDPHQWHHVWDFUtWLFDHVLQVRVWHQLEOHGHVGHXQDOHFWXUDGHODPHQWHDEVRUEHQWHFX\RWUDWDPLHQWR
FRQFHSWXDO HQIDWL]D WRGR HO WLHPSR HO DVSHFWR LQWHUDFWLYR HQWUH XQD PHQWH WRWDOL]DGRUD \ VX LQFRUSRUDFLyQ GHO
DPELHQWH

%DViQGRVH HQ ODV OHFWXUDV GH 0RQWHVVRUL HO SDVDMH GRQGH HOOD UHODWD VX H[SHULHQFLD PtVWLFD QR GHMD OXJDU D
GXGDVGH TXH XQD SHUVRQD TXH VH H[SUHVD HQ WDOHV WpUPLQRV QR SRGtD DVXPLU XQD SRVLFLyQPHFDQLFLVWD GLFKD
PHQFLyQVyORUHYHODXQDOHFWXUDPX\LQFRPSOHWDGHVXVHVFULWRV
³(VWDPRVFRQYHQFLGRVGHTXHHOQLxRHVFDSD]GHKDFHUPXFKRSRUQRVRWURVPiVGHORTXHQRVRWURVSRGHPRV
KDFHUSRUpO/RVDGXOWRVVRPRVPX\UtJLGRV6LHPSUHQRVTXHGDPRVHQHOPLVPROXJDU(QFDPELRHOQLxRHV
SXURPRYLPLHQWR>«@&LHUWDYH]HVDVHQVDFLyQFDOyPX\KRQGRGHQWURGHPtFRPRQXQFDDQWHVHKLFHDOJRDVt
FRPRSURPHWHUTXHPHFRQYHUWLUtDHQXQDILHOVHJXLGRUDGHOQLxRPLPDHVWUR(QWRQFHVWXYHIUHQWHDPtODILJXUD
GHOQLxRGHOPLVPRPRGRTXHDKRUDORYHQ\FRPSUHQGHQTXLHQHVHVWiQSUy[LPRVDPt1RORYHPRVLJXDOTXH
WRGRHOPXQGRFRPRXQDFULDWXULWDLQGHIHQVDFRQORVEUD]RVFUX]DGRV\HOFXHUSRHVWLUDGRGHWDQGpELOTXHHV
9HPRVODILJXUDGHXQQLxRHUJXLGRIUHQWHDQRVRWURVFRQORVEUD]RVELHQDELHUWRVKDFLHQGRXQOODPDGRDWRGDOD
KXPDQLGDGSDUDTXHORVLJD´0RQWHVVRULS

+DFLHQGR XQD OHFWXUD KHUPHQpXWLFD GH HVWD PXMHU GHO 5LVRUJLPLHQWR UHVXOWD HYLGHQWH TXH HO HQIRTXH
PRQWHVVRULDQR SURYLHQH PiV ELHQ GH XQD UHOLJLRVLGDG XWySLFD EHQHYROHQWH QR SXQLWLYD R GLVFLSOLQDULD 0LOOHU


³ £0X\ SRFR FRQGXFWXDO HV HVWH HQIRTXH TXH KDFH HFR GH ODV SDODEUDV GHO HYDQJHOLR GH 3DEOR HQWUH ODV WUHV
YLUWXGHVHODPRUHVODPiVLPSRUWDQWH«´0RQWHVVRUL
¢6RQLQGLYLGXDOLVWDVODVSUiFWLFDVPRQWHVVRULDQDV"

/DV HYLGHQFLDV GH LQYHVWLJDFLRQHV FLHUWDPHQWH DWHQWDQ FRQWUD OD LGHD GHO LQGLYLGXDOLVPR HQ ODV SUiFWLFDV
PRQWHVVRULDQDV FRPR VH FRPHQWy &I /LOODUG  3RU HO FRQWUDULR HQ JUXSRV GH HGDGHV PL[WDV OD
SDUWLFLSDFLyQDFWLYDHQWRGRVORVTXHKDFHUHV\VXWHRUL]DFLyQVREUHHOVHQWLGRGHFRPXQLGDG\VROLGDULGDGTXHVH
IRUPDHQODVFRPXQLGDGHVGHDSUHQGLFHVPRQWHVVRULDQRVUHVSRQGHQFRQWXQGHQWHPHQWHFRQWUDHVDFUtWLFD

(OPRYLPLHQWRPRQWHVVRULDQR¢VHFRPSURPHWHFRQODSD]PXQGLDOODLQWHUFXOWXUDOLGDGORVVHFWRUHVGHVSRVHtGRV
ODHFRORJtD\XQDYLVLyQFyVPLFD"

³/DHGXFDFLyQHVXQKHFKRVRFLDO\KXPDQRXQKHFKRGHLQWHUpVXQLYHUVDO>«@(YLGHQWHPHQWHQRHVXQ>SODQGH
HVWXGLRV@R XQSURJUDPDDUELWUDULRORTXHLQIRUPDODFXOWXUDDFWXDOSHURHVQHFHVDULRXQTXHSHUPLWDFDSWDUODV
FRQGLFLRQHVGHO>VHUKXPDQR@HQODVRFLHGDGSUHVHQWHFRQXQDYLVLyQFyVPLFDGHODKLVWRULD\GHODHYROXFLyQGH
ODYLGDKXPDQD¢GHTXpVHUYLUtDKR\ODFXOWXUDVLQRD\XGDUiDORV>VHUHVKXPDQRV@DFRQRFHUHODPELHQWHDOTXH
GHEHQDGDSWDUVH"0RQWHVVRULSS´
6H FDOFXOD TXH HQ  H[LVWtDQ PiV GH  HVFXHODV PRQWHVVRULDQDV HQ DO PHQRV  SDtVHV
:KLWHVFDUYHU  &RVVHQWLQR  3DUD HVD IHFKD HQ ORV (VWDGRV 8QLGRV VH HVWLPDQ XQDV 
HVFXHODVGHHOODVS~EOLFDV/LOODUG(OVH4XHVW

(OPRYLPLHQWRPRQWHVVRULDQRHVD~QPiVDPSOLRSXHVUHVSDOGDDODQLxH]\VXVIDPLOLDVHQXQDYDULHGDG
GHFLUFXQVWDQFLDV$VVRFLDWLRQ0RQWHVVRUL,QWHUQDWLRQDO

You might also like