Obra Lógico-Matemática PDF

&63HLUFH/DOyJLFDGHODVPDWHPiWLFDVXQLQWHQWRGHGHVDUUROODUPLVFDWHJRUtDVGHVGHGHQWUR
/$/Ï*,&$'(/$60$7(0È7,&$6
81,17(172'('(6$552//$50,6&$7(*25Ë$6
'(6'('(1752
&KDUOHV63HLUFHF
7UDGXFFLyQFDVWHOODQDGH)HUQDQGR&9HYLD
/$675(6&$7(*25Ë$6
$XQTXH HO WUDEDMR SUHVHQWH WUDWD GH PDWHPiWLFDV VXV SUREOHPDV QR VRQ PHUDPHQWH
SUREOHPDV PDWHPiWLFRV 1R HV PL SURSyVLWR LQYHVWLJDU ORV PpWRGRV GHO UD]RQDPLHQWR GH ODV
PDWHPiWLFDV HQ SDUWLFXODU DXQTXH HVWH WHPD VHUi WUDWDGR HQ IRUPD LQFLGHQWDO 3HUR ODV PDWHPiWLFDV
OOHYDQDFDERVXUD]RQDPLHQWRPHGLDQWHORJLFDXWHQVOyJLFDSDUDHOXVRGHVDUUROODGDSRUHOODPLVPD
\QRQHFHVLWDDFXGLUDODORJLFDGRFHQVOyJLFDWHyULFDSXHVQLQJXQDGLVSXWDDFHUFDGHOUD]RQDPLHQWR
KDFH VXUJLU HQ ODV PDWHPiWLFDV TXH QHFHVLWH VHU VRPHWLGD D ORV SULQFLSLRV GH OD ILORVRItD GHO
SHQVDPLHQWRSRUGHFUHWR/DVFXHVWLRQHVTXHYDQDVHUH[DPLQDGDVDTXtVRQFXiOHVVRQORVGLIHUHQWHV
VLVWHPDV GH KLSyWHVLV D SDUWLU GH ORV FXDOHV SXHGD VXUJLU OD GHGXFFLyQ PDWHPiWLFD FXiOHV VRQ VXV
FDUDFWHUHVJHQHUDOHVSRUTXpQRKD\RWUDVKLSyWHVLVSRVLEOHV\VHPHMDQWHV1R VRQ HVWRV SUREOHPDV
TXH FRPR ORV GH ODV PDWHPiWLFDV UHSRVHQ VREUH VXSXHVWRV FODURV \ GHILQLGRV UHFRQRFLGRV GHVGH HO
SULQFLSLR\FRQWRGRFRPRHQORVSUREOHPDVPDWHPiWLFRVKD\FXHVWLRQHVGHSRVLELOLGDG\QHFHVLGDG
4Xp SXHGD VHU OD QDWXUDOH]D GH HVD QHFHVLGDG HV XQD GH ODV GLYHUVDV PDWHULDV TXH KDQ GH VHU
GHVFXELHUWDV6LQHPEDUJRHVWRHVLQGXGDEOHVLKD\UHDOPHQWHWDOHVFDUDFWHUtVWLFDVQHFHVDULDVGHODV
KLSyWHVLVPDWHPiWLFDVFRPRODVTXHDFDERGHGHFLUDQWLFLSDGDPHQWHTXHYDPRVDHQFRQWUDUDTXtHVD
QHFHVLGDGWLHQHTXHVXUJLUGHXQDYHUGDGWDQDPSOLDFRPRSDUDVRVWHQHUQRVRODPHQWHHOXQLYHUVRTXH
FRQRFHPRVVLQRFXDOTXLHUPXQGRTXHHOSRHWDSXGLHUDFUHDU<HVDYHUGDGFRPRWRGDYHUGDGGHEH
OOHJDUDQRVRWURVSRUODYtDGHODH[SHULHQFLD1LQJ~QDSULRULVWDKDQHJDGRQXQFDHVWR/DVSULPHUDV
PDWHULDVTXHHVSHUWLQHQWHH[DPLQDUVRQODVFDWHJRUtDVPiVXQLYHUVDOHVGHWRGDH[SHULHQFLDQDWXUDOR
SRpWLFD
2EVHUYDPRV HQWUH ORV IHQyPHQRV WUHV FDWHJRUtDV GH HOHPHQWRV /D SULPHUD FRPSUHQGHODV
FXDOLGDGHVGHORVIHQyPHQRVWDOHVFRPRURMRDPDULOORWHGLRVRGXURTXHSDUWHHOFRUD]yQQREOHVLQ
GXGD KD\ QXPHURVDV YDULHGDGHV WRWDOPHQWH GHVFRQRFLGDV SDUD QRVRWURV 3ULQFLSLDQWHV GH ILORVRItD
SRGUtDQREMHWDUTXHHVDVQRVRQFXDOLGDGHVGHFRVDV\QRHVWiQHQHOPXQGRGHQLQJXQDPDQHUDVLQR
TXH VRQ PHUDV VHQVDFLRQHV &LHUWDPHQWH FRQRFHPRV VyOR SRU PHGLR GH ORV VHQWLGRV FRQ ORV TXH
HVWDPRV GRWDGRV \ TXH HVWDPRV DGDSWDGRV SDUD UHYHODU \ GLItFLOPHQWH SXHGH GXGDUVH TXH HO HIHFWR
HVSHFLDOL]DGRU GHO SURFHVR HYROXFLRQDULR TXH QRV KD KHFKR OR TXH VRPRV KD VLGR SDUD RVFXUHFHU OD
PD\RU SDUWH GH ORV VHQWLGRV \ VHQVDFLRQHV TXH DOJXQD YH] RVFXUDPHQWH VHQWLPRV \ SDUD KDFHU
EULOODQWHVFODURV \ GLIHUHQFLDGRV HO UHVWR 3HUR QR QHFHVLWD VHU GHWHUPLQDGR D WRGD SULVD VL GHEHPRV
DILUPDUTXHVRQORVVHQWLGRVORVTXHKDFHQODVFXDOLGDGHVVHQVRULDOHVRODVFXDOLGDGHVVHQVRULDOHVDODV
TXH ORV VHQWLGRV HVWiQ DGDSWDGRV (V VXILFLHQWH TXH GRQGHTXLHUD TXH KD\ XQ IHQyPHQR KD\ XQD
FXDOLGDGGHWDOPDQHUDTXHSXHGHFDVLSDUHFHUTXHQRKD\RWUDFRVDHQORVIHQyPHQRV/DVFXDOLGDGHV
VHIXVLRQDQXQDVHQRWUDV1RKD\LGHQWLGDGHVSHUIHFWDVVLQRVyORVHPHMDQ]DVRLGHQWLGDGHVSDUFLDOHV
$OJXQDV GH HOODV FRPR ORV FRORUHV \ ORV VRQLGRV PXVLFDOHV IRUPDQ VLVWHPDV ELHQ HQWHQGLGRV
KWWSZZZXQDYHVJHS/RJLF2I0DWKHPDWLFVKWPO
3UREDEOHPHQWHVLQXHVWUDH[SHULHQFLDGHHOORVQRIXHUDWDQIUDJPHQWDULDQRKDEUtDGHPDUFDFLRQHVWDQ
DEUXSWDVHQWUHHOORV&RQWRGRFDGDXQDHVORTXHHVVLQODD\XGDGHODVRWUDV+D\GHWHUPLQDFLRQHV
VLPSOHVSHURSDUFLDOHV
/DVHJXQGDFDWHJRUtDGHHOHPHQWRVGHORVIHQyPHQRVFRPSUHQGHORVKHFKRVDFWXDOHV /DV
FXDOLGDGHVHQODPHGLGDHQTXHVRQJHQHUDOHVVRQDOJRYDVWR\SRWHQFLDO3HURXQDRFXUUHQFLDR
VXFHVRUHSHQWLQRHVSHUIHFWDPHQWHLQGLYLGXDO6XFHGHDTXt\DKRUD8QKHFKRSHUPDQHQWHHVPHQRV
SXUDPHQWH LQGLYLGXDO VLQ HPEDUJR HQ OD PHGLGD HQ TXH HV DFWXDO VX SHUPDQHQFLD \ JHQHUDOLGDG
FRQVLVWHVRODPHQWHHQVXVHUDKtHQFDGDLQVWDQWHLQGLYLGXDO/DVFXDOLGDGHVDWDxHQDORVKHFKRVSHUR
HOODVQRDGRUQDQRPDTXLOODQORVKHFKRV$VtSXHVORVKHFKRVFRQFLHUQHQDVXMHWRVTXHVRQVXVWDQFLDV
PDWHULDOHV 1R ORV YHPRV FRPR YHPRV D ODV FXDOLGDGHV HV GHFLU QR HVWiQ HQ OD SRWHQFLDOLGDG \
HVHQFLDGHOVHQWLGR3HURVHQWLPRVTXHORVKHFKRVUHVLVWHQDQXHVWUDYROXQWDG(VDHVODUD]yQSRUOD
TXHSURYHUELDOPHQWHVHOODPDDORVKHFKRVEUXWDOHV$KRUDELHQODVPHUDVFXDOLGDGHVQRUHVLVWHQ(V
OD PDWHULD OD TXH UHVLVWH ,QFOXVR HQ OD VHQVDFLyQ DFWXDO KD\ XQD UHDFFLyQ $KRUD ELHQ ODV PHUDV
FXDOLGDGHV GHVPDWHULDOL]DGDV QR SXHGHQ UHDFFLRQDU UHDOPHQWH 'H WDO PDQHUD TXH FRUUHFWDPHQWH
HQWHQGLGR HV VHQVDWR GHFLU TXH SHUFLELPRV OD PDWHULD DO LQVWDQWH HV GHFLU GLUHFWDPHQWH 'HFLU TXH
VyORLQIHULPRVODPDWHULDDSDUWLUGHVXVFXDOLGDGHVHVGHFLUTXHVyORFRQRFHPRVORUHDODWUDYpVGHOR
SRWHQFLDO 6HUtD XQ SRFR PHQRV HUUyQHR GHFLU TXH VRODPHQWH FRQRFHPRV OR SRWHQFLDO D WUDYpV GH OR
DFWXDO\VRODPHQWHLQIHULPRVODVFXDOLGDGHVSRUJHQHUDOL]DFLyQGHORTXHSHUFLELPRVHQODPDWHULD/R
TXHWUDWRGHLQVLVWLUDTXtHVTXHODFXDOLGDGHVXQHOHPHQWRGHOIHQyPHQR\KHFKRDFFLyQDFWXDOLGDG
HVRWUR7RPDUHPRVHODQiOLVLVGHVXVQDWXUDOH]DVPiVDGHODQWH
/D WHUFHUD FDWHJRUtD GH HOHPHQWRV GH ORV IHQyPHQRV FRQVLVWH HQ OR TXH OODPDPRV OH\HV
FXDQGR ORV FRQWHPSODPRV VyOR GHVGH IXHUD SHUR TXH FXDQGR YHPRV DPERV ODGRV GH OD PRQHGD ORV
OODPDPRV SHQVDPLHQWRV /RV SHQVDPLHQWRV QR VRQ FXDOLGDGHV QL KHFKRV 1R VRQ FXDOLGDGHV SRUTXH
SXHGHQVHUSURGXFLGRV\FUHFHUPLHQWUDVTXHXQDFXDOLGDGHVHWHUQDLQGHSHQGLHQWHGHOWLHPSR\GH
FXDOTXLHU UHDOL]DFLyQ $GHPiV ORV SHQVDPLHQWRV SXHGHQ WHQHU UD]RQHV \ VLQ GXGD KDQ GH WHQHU
DOJXQDVUD]RQHVEXHQDVRPDODV3HURSUHJXQWDUSRUTXpXQDFXDOLGDGHVFRPRHVSRUTXpHOURMRHV
URMR\QRYHUGHVHUtDXQDORFXUD6LHOURMRIXHUDYHUGHQRVHUtDURMRHVRHVWRGR<WRGRHODVSHFWRGH
FRUGXUD TXH SXHGD WHQHU OD FXHVWLyQ HV GHELGD D VX VHU QR H[DFWDPHQWH XQD FXHVWLyQ DFHUFD GH
FXDOLGDGVLQRDFHUFDGHODUHODFLyQHQWUHGRVFXDOLGDGHVDXQTXHLQFOXVRHVWRHVDEVXUGR$VtSXHVXQ
SHQVDPLHQWRQRHVXQDFXDOLGDG7DPSRFRHVXQKHFKR3XHVXQSHQVDPLHQWRHVJHQHUDO<RORWXYH
/R FRPSDUWR FRQ XVWHG (V JHQHUDO SRU HVH ODGR (V SRU WDQWR JHQHUDO DO UHIHULUVH D WRGDV ODV FRVDV
SRVLEOHV \ QR PHUDPHQWH D ODV TXH KD VXFHGLGR TXH H[LVWDQ 1LQJXQD FROHFFLyQ GH KHFKRV SXHGH
FRQVWLWXLU XQD OH\ SXHV OD OH\ YD PiV DOOi GH FXDOHVTXLHUD KHFKRV FXPSOLGRV \ GHWHUPLQDGRV FRPR
KHFKRVTXHSXHGHQVHUVLQRTXHWRGRVORVTXHQXQFDKDQVXFHGLGRKDQGHVHUFDUDFWHUL]DGRV1RKD\
REMHFLyQHQGHFLUTXHXQDOH\HVXQKHFKRJHQHUDOFRQWDOTXHVHHQWLHQGDTXHORJHQHUDOWLHQHXQD
PH]FODGHSRWHQFLDOLGDGHQHOORGHWDOPRGRTXHQLQJ~QWLSRGHDFXPXODFLyQGHDFFLRQHVDTXt\DKRUD
SXHGHQ KDFHU QXQFD XQ KHFKR JHQHUDO (Q FXDQWR JHQHUDO OD OH\ R KHFKR JHQHUDO DWDxH DO PXQGR
SRWHQFLDOGHODFXDOLGDGPLHQWUDVTXHHQFXDQWRDKHFKRFRQFLHUQHDOPXQGRUHDOGHODDFWXDOLGDG
$VtFRPRODDFFLyQUHTXLHUHXQWLSRSDUWLFXODUGHVXMHWRPDWHULDTXHHVH[WUDxDDODPHUDFXDOLGDGDVt
ODOH\UHTXLHUHXQWLSRSDUWLFXODUGHVXMHWRHOSHQVDPLHQWRRFRPRVHVXHOHGHFLUHQHVWHFRQWH[WROD
PHQWHFRPRXQWLSRSDUWLFXODUGHVXMHWRH[WUDxRDODDFFLyQPHUDPHQWHLQGLYLGXDO/DOH\SXHVHV
DOJRWDQDMHQRDDPEDVFXDOLGDG\DFFLyQFRPRHOODVORVRQHQWUHVt
+DELHQGRDVtSRUPHGLRGHODREVHUYDFLyQVDWLVIHFKRDQRVRWURVPLVPRVGHTXHKD\HVDV
WUHVFDWHJRUtDVGHHOHPHQWRVGHOIHQyPHQRSHUPtWDVHQRVLQWHQWDUDQDOL]DUODQDWXUDOH]DGHFDGDXQR\
WUDWDU GH HQFRQWUDU SRU TXp GHEHQ VHU HVDV WUHV FDWHJRUtDV \ QR RWUDV (VD UD]yQ FXDQGR OD
HQFRQWUHPRV GHEH VHU LQWHUHVDQWH SDUD ORV PDWHPiWLFRV SXHV VH YHUi TXH FRLQFLGH FRQ OD
FDUDFWHUtVWLFDPiVIXQGDPHQWDOGHODPiVXQLYHUVDOGHODVKLSyWHVLVPDWHPiWLFDVTXLHURGHFLUODGHO
Q~PHUR
&8$/,'$'
¢4XpHVSXHVFXDOLGDG"$QWHVGHUHVSRQGHUDHVWRVHUiEXHQRGHFLUTXpQRHV1RHVDOJR
TXHVHDGHSHQGLHQWHHQVXVHUGHODPHQWHQLHQODIRUPDGHVHQWLGRQLHQODGHSHQVDPLHQWR1LHV
GHSHQGLHQWHHQVXVHUGHOKHFKRGHTXHDOJXQDFRVDPDWHULDOODSRVHD4XHODFXDOLGDGGHSHQGHGHO
VHQWLGRHVHOJUDQHUURUGHORVFRQFHSWXDOLVWDV4XHHVGHSHQGLHQWHGHOVXMHWRHQHOFXDOHVWiUHDOL]DGD
HV HO JUDQ HUURU GH WRGDV ODV HVFXHODV QRPLQDOLVWDV 8QD FXDOLGDG HV XQD SRWHQFLDOLGDG PHUDPHQWH
DEVWUDFWD\HOHUURUGHHVDVHVFXHODVHVWiHQVRVWHQHUTXHORSRWHQFLDORSRVLEOHQRHVQDGDKDVWDTXHOR
DFWXDOORKDFHVHU(VHOHUURUGHPDQWHQHUTXHODWRWDOLGDGVRODHVDOJR\VXVFRPSRQHQWHVDXQTXH
HVHQFLDOHV SDUD HOOD QR VRQ QDGD /D UHIXWDFLyQ GH OD SRVLFLyQ FRQVLVWH HQ PRVWUDU TXH QDGLH OD
PDQWLHQHRSXHGHPDQWHQHUGHPRGRFRQVLVWHQWHDODOX]GHOEXHQVHQWLGR(QHOPRPHQWRHQTXHOD
GHVFDUJD OD IXVLODGD GH OD FRQWURYHUVLD FHVD UHSRVDQ HQ RWUDV FRQFHSFLRQHV 3ULPHUR TXH OD
FXDOLGDGURMRGHSHQGHGHTXHDOJXLHQODHVWpYLHQGRDFWXDOPHQWHGHWDOPDQHUDTXHODVFRVDVURMDV\D
QRVRQURMDVHQODRVFXULGDGHVODQHJDFLyQGHOVHQWLGRFRP~Q<RSUHJXQWRDOFRQFHSWXDOLVWD¢RSLQD
XVWHGUHDOPHQWHTXHHQODRVFXULGDG\DQRHVYHUGDGTXHORVFXHUSRVURMRVVHDQFDSDFHVGHWUDQVPLWLU
ODOX]HQHOH[WUHPRPiVEDMRGHOHVSHFWUR"¢4XLHUHXVWHGGHFLUTXHXQSHGD]RGHKLHUURTXHQRHVWi
DFWXDOPHQWHEDMRSUHVLyQKDSHUGLGRVXSRGHUGHUHVLVWLUSUHVLRQHV"6LHVDVtWLHQHXVWHGTXHVRVWHQHU
R ELHQ TXH HVRV FXHUSRV HQ ODV FLUFXQVWDQFLDV VXSXHVWDV DVXPHQ ODV SURSLHGDGHV RSXHVWDV R TXH VH
YXHOYHQLQGHWHUPLQDGRVDHVHUHVSHFWR6LXVWHGVRVWLHQHTXHHOFXHUSRURMRDGTXLHUHHQODRVFXULGDG
XQSRGHUGHDEVRUEHUODVRQGDVODUJDVGHOHVSHFWUR\TXHHOKLHUURDGTXLHUHXQSRGHUGHFRQGHQVDFLyQ
EDMRSUHVLRQHVSHTXHxDVHQWRQFHVGDGRTXHXVWHGDGRSWDXQDRSLQLyQVLQKHFKRVSDUDDSR\DUODXVWHG
HVWi DGPLWLHQGR TXH H[LVWHQ ODV FXDOLGDGHV PLHQWUDV QR VRQ SHUFLELGDV DFWXDOPHQWH VROR TXH XVWHG
WUDQVILHUH HVD FUHHQFLD D FXDOLGDGHV SDUD ODV TXH QR KD\ PRWLYR GH FUHHU HQ HOODV 6L VLQ HPEDUJR
XVWHG VRVWLHQH TXH ORV FXHUSRV VH YXHOYHQ LQGHWHUPLQDGRV FRQ UHVSHFWR D ODV FXDOLGDGHV TXH
DFWXDOPHQWHQRVHSHUFLEHTXHSRVHDQHQWRQFHVGDGRTXHHVWHHVHOFDVRHQFXDOTXLHUPRPHQWRFRQ
UHVSHFWR D OD JUDQ PD\RUtD GH ODV FXDOLGDGHV GH WRGRV ORV FXHUSRV WLHQH XVWHG TXH VRVWHQHU TXH ORV
DVSHFWRV JHQHUDOHV H[LVWHQ (Q RWUDV SDODEUDV VRQ ODV FRVDV FRQFUHWDV HQ ODV TXH XVWHG QR FUHH ODV
FXDOLGDGHVHVGHFLUORVJHQHUDOHVTXHHVRWUDSDODEUDSDUDGHFLUODPLVPDFRVDQRVRODPHQWHFUHHHQ
HOORVVLQRTXHFUHHTXHVyORHOORVFRPSRQHQHOXQLYHUVR6LQHPEDUJRODFRKHUHQFLDOHREOLJDDGHFLU
D XVWHG TXH HO FXHUSR URMR HV URMR R WLHQH DOJ~Q FRORU HQ OD RVFXULGDG \ TXH HO FXHUSR GXUR WLHQH
DOJ~Q JUDGR GH GXUH]D FXDQGR QDGLH OR HVWi SUHVLRQDQGR 6L XVWHG LQWHQWD HVFDSDU D OD UHIXWDFLyQ
PHGLDQWHXQDGLVWLQFLyQHQWUHFXDOLGDGHVTXHVRQUHDOHVFXDOLGDGHVVHQVLEOHVKDGHVHUGHMDGRXVWHG
HQ HVWH SXQWR SRUTXH KD JDUDQWL]DGR HO SXQWR HVHQFLDO $O PLVPR WLHPSR WRGR SVLFyORJR PRGHUQR
PDQLIHVWDUi TXH VX GLVWLQFLyQ HV LQVRVWHQLEOH 8VWHG ROYLGD TXL]i TXH XQ UHDOLVWD DGPLWH SOHQDPHQWH
TXH XQD FXDOLGDGVHQVLEOH R FXDOLGDG GH VHQWLGR VHQVHTXDOLW\ HV VRODPHQWH XQD SRVLELOLGDG GH OD
VHQVDFLyQSHURSLHQVDTXHXQDSRVLELOLGDGVLJXHVLHQGRSRVLEOHFXDQGRQRHVDFWXDO/DVHQVDFLyQHV
UHTXLVLWR SDUD VX DSUHKHQVLyQ SHUR QLQJXQD VHQVDFLyQ QL IDFXOWDG GHO VHQWLGR HV UHTXLVLWR SDUD OD
SRVLELOLGDG TXH HV HO VHU GH OD FXDOLGDG 3HUPtWDVHQRV QR SRQHU HO FDUUR DQWHV GHO FDEDOOR QL OD
DFWXDOLGDG HYROXFLRQDGD DQWHV TXH OD SRVLELOLGDG FRPR VL OD ~OWLPD LPSOLFDUD OR TXH VRODPHQWH
GHVSOLHJD6LPLODUUHVSXHVWDVHGHEHGDUDORVRWURVQRPLQDOLVWDV(VLPSRVLEOHVRVWHQHUGHXQDPDQHUD
FRKHUHQWHTXHXQDFXDOLGDGVyORH[LVWHFXDQGRHVLQKHUHQWHDXQFXHUSR6LHVWRIXHUDDVtQDGDVHUtD
YHUGDGVDOYRORVKHFKRVLQGLYLGXDOHV/DVOH\HVVHUtDQILFFLRQHV\GHKHFKRHOQRPLQDOLVPRREMHWDOD
SDODEUDOH\\SUHILHUHXQLIRUPLGDGSDUDH[SUHVDUVXFRQYLFFLyQHQODPHGLGDHQTXHODOH\H[SUHVD
VRODPHQWH OR TXH SXHGH VXFHGHU SHUR QR HV HV LQHILFD] 6LQ HPEDUJR QLQJXQD OH\ VXEVLVWH GH RWUD
PDQHUDTXHFRPRH[SUHVLyQGHKHFKRVUHDOHVHOIXWXURHVHQWHUDPHQWHLQGHWHUPLQDGR\DVtHVJHQHUDO
HQ HO JUDGR PiV DOWR &LHUWDPHQWH QDGD H[LVWLUtD VLQR HO HVWDGR LQVWDQWiQHR VLHQGR DVt TXH HV IiFLO
PRVWUDU TXH VL YDPRV D VHU WDQ OLEUHV HQ OODPDU D ORV HOHPHQWRV ILFFLRQHV XQ LQVWDQWH HV OD SULPHUD
FRVDHQVHUOODPDGDILFWLFLD3HURFRQILHVRTXHQRPHWRPDUpHOWUDEDMRGHUHVSRQGHUDFXFLRVDPHQWH
XQDGRFWULQDWDQPRQVWUXRVD\DOSUHVHQWHIXHUDGHPRGD
+DVWD DTXt OR TXH QR HV OD FXDOLGDG $KRUD ¢TXp HV" 1R YDPRV D SUHRFXSDUQRV GH TXp
VLJQLILFDGRV SXHGD YLQFXODU HO XVR GHO OHQJXDMH D HVD SDODEUD $FDEDPRV GH YHU FODUDPHQWH TXH ORV
HOHPHQWRV GHO IHQyPHQR VRQ GH WUHV FDWHJRUtDV FXDOLGDG KHFKR \ SHQVDPLHQWR /D FXHVWLyQ TXH
WHQHPRV TXH FRQVLGHUDU HV FyPR SXHGH VHU GHILQLGD OD FXDOLGDG SDUD SUHVHUYDU OD YHUGDG GH HVD
GLYLVLyQ 3DUD FRQVHJXLUOR GHEHPRV FRQVLGHUDU FyPR VRQ DSUHKHQGLGDV ODV FXDOLGDGHV \ GHVGH TXp
SXQWR GH YLVWD VH KDFHQ HQIiWLFDV HQ HO SHQVDPLHQWR \ QRWDU TXp HV OR TXH TXLHUH \ WLHQH TXH VHU
UHYHODGRHQHVHPRGRGHDSUHKHQVLyQ
+D\XQSXQWRGHYLVWDGHVGHHOFXDOWRGRHOXQLYHUVRGHIHQyPHQRVSDUHFHHVWDUFRQIRUPDGR
H[FOXVLYDPHQWHSRUFXDOLGDGHVVHQVLEOHV¢&XiOHVHVWHSXQWRGHYLVWD"(VDTXHOHQHOFXDOSUHVWDPRV
DWHQFLyQ D FDGD SDUWH FRPR DSDUHFH HQ Vt PLVPD HQ VX SURSLD WDOLGDG PLHQWUDV TXH QR SUHVWDPRV
DWHQFLyQDODVFRQH[LRQHV5RMRDJULRGRORUGHGLHQWHVVRQFDGDXQRVXLJHQHULVHLQGHVFULSWLEOHV(Q
HOORVPLVPRVHVWRGRORTXHKD\SDUDGHFLUVHDFHUFDGHHOORV,PDJLQHPRVSRUXQDYH]XQGRORUGH
GLHQWHV XQ DJXGR GRORU GH FDEH]D XQ GHGR HVWURSHDGR XQ FDOOR HQ ORV SLHV XQD TXHPDGXUD \ XQ
FyOLFRQRQHFHVDULDPHQWHH[LVWLHQGRDOPLVPRWLHPSRGHMHPRVHVRLQGHILQLGR\DWHQGDPRVQRDODV
SDUWHV GH OD LPDJLQDFLyQ VLQR D OD LPSUHVLyQ UHVXOWDQWH (VR QRV GDUtD XQD LGHD GH XQD FXDOLGDG
JHQHUDOGHOGRORU9HPRVTXHODLGHDGHXQDFXDOLGDGHVODLGHDGHXQIHQyPHQRRIHQyPHQRSDUFLDO
FRQVLGHUDGRFRPRXQDPyQDGDVLQUHIHUHQFLDDVXVSDUWHVRFRPSRQHQWHV\VLQUHIHUHQFLDDQLQJ~Q
RWUR1RGHEHPRVFRQVLGHUDUVLH[LVWHRVLHVVRODPHQWHLPDJLQDULDSRUTXHODH[LVWHQFLDGHSHQGHGHVX
VXMHWRTXHWHQJDXQDSOD]DGHQWURGHOVLVWHPDJHQHUDOGHOXQLYHUVR8QHOHPHQWRVHSDUDGRGHFXDOTXLHU
RWUR\HQQLQJ~QPXQGRPiVTXHHQVtPLVPRSXHGHGHFLUVHFXDQGRQRVSRQHPRVDUHIOH[LRQDUVREUH
VXDLVODPLHQWRVHUPHUDPHQWHSRWHQFLDO3HURQRGHEHPRVHVSHUDUXQDDXVHQFLDGHWHUPLQDGDGHRWUDV
FRVDVGHEHPRVFRQVLGHUDUORWRWDOFRPRXQDXQLGDG3RGHPRVOODPDUHVHDVSHFWRGHXQIHQyPHQRVX
DVSHFWRPRQiGLFR/DFXDOLGDGHVORTXHSUHVHQWDDpOPLVPRHQHODVSHFWRPRQiGLFR
(OIHQyPHQRSXHGHVHUPX\FRPSOHMR\KHWHURJpQHR(VDFLUFXQVWDQFLDQRKDUiGLIHUHQFLD
SDUWLFXODU HQ OD FXDOLGDG /D KDUi PiV JHQHUDO TXH RWUD (O HIHFWR UHVXOWDQWH QR WLHQH SDUWHV /D
FXDOLGDG HQ Vt PLVPD HV GHVFRPSRQLEOH \ VXL JHQHULV &XDQGR GHFLPRV TXH ODV FXDOLGDGHV VRQ
JHQHUDOHVVRQGHWHUPLQDFLRQHVSDUFLDOHVVRQPHUDVSRWHQFLDOLGDGHVHWFWRGRHVWRHVYHUGDGGHODV
FXDOLGDGHVGHVSUHVWLJLDGDVSHURHVDVFRVDVQRDWDxHQDOHOHPHQWRFXDOLGDGGHODH[SHULHQFLD
/DH[SHULHQFLDHVHOFXUVRGHODYLGD(OPXQGRHVORTXHODH[SHULHQFLDLQFXOFD/DFXDOLGDG
HV HO HOHPHQWR PRQiGLFR GHO PXQGR &XDOTXLHU FRVD DXQTXH VHD FRPSOHMD \ KHWHURJpQHD WLHQH VX
FXDOLGDGVXLJHQHULVVXSRVLELOLGDGGHVHQVDFLyQDXQTXHVyORQXHVWURVVHQWLGRVUHVSRQGDQDHOOD3HUR
DO GHFLU HVWR HVWDPRV VDOLHQGR GH ORV GRPLQLRV GH OD PyQDGD \ HQWUDQGR HQ ORV GH OD GtDGD \ WDOHV
YHUGDGHVVHUiPHMRUSRVSRQHUODVKDVWDTXHOOHJXHPRVDODGLVFXVLyQGHODGtDGD
+(&+2
/RVLJXLHQWH¢TXpHVXQKHFKR"&RPRDQWHVQRHVHOXVRGHOOHQJXDMHORTXHWUDWDPRVGH
DSUHQGHUVLQRORTXHGHEHVHUODGHVFULSFLyQGHOKHFKRDILQGHTXHQXHVWUDGLYLVLyQGHORVHOHPHQWRV
GHOIHQyPHQRGHQWURGHODVFDWHJRUtDVGHFXDOLGDGKHFKR\OH\SXHGDQVHUQRVRODPHQWHYHUGDGHUDV
VLQR TXH WHQJDQ HO Pi[LPR GH YDORU SRVLEOH VLHQGR JREHUQDGDV SRU OD PLVPDV FDUDFWHUtVWLFDV TXH
UHDOPHQWHJRELHUQDQHOPXQGRIHQRPpQLFR(VHOSULPHUUHTXLVLWRSDUDKDFHUQRWDUDOJRTXHGHEHVHU
H[FOXLGR GH OD FDWHJRUtD GH KHFKR (V OR JHQHUDO \ FRQ HOOR OR SHUPDQHQWH R HWHUQR SXHV OD
SHUPDQHQFLDHVXQDHVSHFLHGHJHQHUDOLGDG\ORFRQGLFLRQDOTXHLJXDOPHQWHLPSOLFDJHQHUDOLGDG
/DJHQHUDOLGDGHVRELHQHVHWLSRQHJDWLYRTXHHVSURSLRGHORPHUDPHQWHSRWHQFLDO\FRPRWDO\HVWR
HVSHFXOLDUGHODFDWHJRUtDGHFXDOLGDGRELHQHVGHHVHWLSRSRVLWLYRTXHHVSURSLRGHODQHFHVLGDG
FRQGLFLRQDO\HVWRHVSHFXOLDUGHODFDWHJRUtDGHODOH\(VWDVH[FOXVLRQHVTXHGDQSDUDODFDWHJRUtDGH
KHFKR SULPHUR OR TXH ORV OyJLFRV OODPDQ OR FRQWLQJHQWH HV GHFLU OR DFFLGHQWDOPHQWH DFWXDO \
VHJXQGRFXDOTXLHUFRVDTXHLPSOLFDXQDQHFHVLGDGFRQGLFLRQDOHVGHFLUIXHU]DVLQOH\RUD]yQIXHU]D
EUXWD
3RGUtDGHFLUVHTXHQRKD\XQIHQyPHQRHQHOXQLYHUVRFRPRODIXHU]DEUXWDROLEHUWDGGHOD
YROXQWDG \ QDGD DFFLGHQWDO <R QR FRQYHQJR FRQ QLQJXQD GH ODV GRV RSLQLRQHV SHUR GDQGR SRU
VXSXHVWR TXH DPEDV VHDQ FRUUHFWDV VLJXH VLHQGR YHUGDG TXH FRQVLGHUDQGR XQD VLPSOH DFFLyQ HQ Vt
PLVPDDSDUWHGHWRGDVODVGHPiV\SRUFRQVLJXLHQWHDSDUWHGHODXQLIRUPLGDGJREHUQDQWHHVHQVt
PLVPDEUXWD\DVHDTXHPXHVWUHIXHU]DEUXWDRQR$OSUHVHQWHKHGHKDFHUQRWDUXQVHQWLGRHQHOFXDO
GHVSOLHJDIXHU]D$WRGRVQRVRWURVQRVHVIDPLOLDUTXHHVSRVLEOHSDUDXQIHQyPHQRHQDOJ~QVHQWLGR
SUHVHQWDU IXHU]D D QXHVWUR FRQRFLPLHQWR VLQ HQIDWL]DU QLQJ~Q HOHPHQWR GH OH\ $ PHQXGR
FRQVLGHUDPRV QXHVWURV HVIXHU]RV GH YROXQWDG GH HVH PRGR 'H PDQHUD VHPHMDQWH VL FRQVLGHUDPRV
FXDOTXLHUHVWDGRGHXQDFRVDLQGLYLGXDOGHMDQGRDXQODGRRWUDVFRVDVWHQHPRVXQIHQyPHQRTXHHV
DFWXDOSHURHQVtPLVPRQRHVWiQHFHVLWDGR1RSUHWHQGHPRVTXHORTXHDTXtHVOODPDGRKHFKRVHD
WRGRHOIHQyPHQRVLQRVRODPHQWHXQHOHPHQWRGHOIHQyPHQRHQODPHGLGDHQTXHDWDxHDXQWLHPSR\
HVSDFLR SDUWLFXODUHV 7RGR DTXHOOR TXH KD\D GH WRPDUVH HQ FXHQWD DGHPiV OR HQFRQWUDUi HO
REVHUYDGRU SRU Vt PLVPR HQ HO UHLQR GH OD OH\ HQ FDGD FDVR OR DGPLWR SOHQDPHQWH 1L HQWUD HQ
FRQIOLFWRFRQHOWLTXLVPR
3RURWURODGRVLODYLVWDVHOLPLWDDFXDOTXLHUSDUWHGHOPXQGRIHQRPpQLFRDXQJUDQGH\HV
PLUDGD HQ FXDQWR HV XQD PyQDGD VLQ SUHVWDU QLQJXQD DWHQFLyQ D VXV SDUWHV QDGD VH SUHVHQWD DO
REVHUYDGRUDDQRVHUXQDFXDOLGDG$VtSXHV¢FXiQWRWHQHPRVTXHSUHVWDUDWHQFLyQDILQGHSHUFLELUHO
SXUR HOHPHQWR GH KHFKR" +D\ FLHUWDV RFXUUHQFLDV TXH FXDQGR OOHJDQ D QXHVWUR FRQRFLPLHQWR ODV
HVWDEOHFHPRV FRPR DFFLGHQWDOHV $KRUD ELHQ DXQTXH QR KD\ UHDOPHQWH PiV HOHPHQWR IDFWXDO HQ
HVWRV TXH HQ RWURV KHFKRV VLQ HPEDUJR OD FLUFXQVWDQFLD GH TXH ORV OODPDGRV SDU H[FHOOHQFH
FRQWLQJHQWHV R DFFLGHQWDOHV QRV OOHYDUtD D SHQVDU TXH OR TXH GLVWLQJXH DO UHLQR GHO KHFKR GH ORV
UHLQRVGH OD FXDOLGDG \ GH OD OH\ VHD SDUWLFXODUPHQWH SURPLQHQWH HQ HOORV /ODPDPRV D WDOHV KHFKRV
FRLQFLGHQFLDV QRPEUH TXH LQGLFD TXH QXHVWUD DWHQFLyQ KD VLGR DWUDtGD SRU HO YHQLU D MXQWDUVH GRV
FRVDV'RVIHQyPHQRV\VRODPHQWHGRVVHUHTXLHUHQSDUDFRQVWLWXLUXQDFRLQFLGHQFLD\VLKD\PiVGH
GRV QR DSDUHFH QLQJXQD IRUPD GH UHODFLyQ VLQR VRODPHQWH XQD FRPSOLFDFLyQ GH SDUHV 'RV
IHQyPHQRVD FX\DV SDUWHV QR SUHVWDPRV DWHQFLyQ QR SXHGHQ GHVSOHJDU XQD OH\ R UHJXODULGDG 7UHV
SXQWRV SXHGHQ VHU FRORFDGRV HQ ORV YpUWLFHV GH XQ WULiQJXOR HTXLOiWHUR OR FXDO HV RWUR WLSR GH
UHJXODULGDG3HURGRVQRSXHGHQVHUFRORFDGRVHQQLQJ~QPRGRSDUWLFXODUPHQWHUHJXODUGDGRTXHQR
KD\ PiV TXH XQ PRGR HQ HO TXH SXHGHQ VHU FRORFDGRV H[FHSWR VL VRQ FRORFDGRV MXQWRV FXDQGR
GHMDUtDQGHVHUGRV(VYHUGDGTXHVREUHODWLHUUDGRVSXQWRVSXHGHQVHUFRORFDGRVHQODVDQWtSRGDV
3HURHVWDHVVyORODH[FHSFLyQTXHSUXHEDODUHJODSRUTXHODWLHUUDHVXQWHUFHUHOHPHQWRTXHKD\TXH
WRPDUHQFXHQWD$VtGRVOtQHDVUHFWDVVREUHXQSODQRSXHGHQFRORFDUVHHQiQJXORUHFWRORFXDOHVXQ
WLSRGHUHJXODULGDG3HURHVWRHVRWUDUHJODSUREDGDSRUODH[FHSFLyQGDGRTXH7RGRHVWRKDFH
EDVWDQWHFLHUWRTXHODQDWXUDOH]DGHODFWRHVWiGHDOJXQDPDQHUDFRQHFWDGDFRQHOQ~PHURGRV\ODGH
ODOH\FRQHOWUHVRDOJ~QQ~PHURRQ~PHURVPiVDOWRVSUHFLVDPHQWHFRPRDFDEDPRVGHYHUTXHOD
FXDOLGDGVHGHVFULEHSRUPHGLRGHOQ~PHURXQR3HURDXQTXHHVGLItFLOTXHSRGDPRVHVSHUDUHQFRQWUDU
DOJRPiVTXHHOTXHXQDFDWHJRUtDSDUWLFXODUGHORVFRQVWLWX\HQWHVGHOIHQyPHQRWLHQHXQDFDSDFLGDG
HVSHFLDO SDUD ODV UHODFLRQHV GH XQD FLHUWD IRUPD TXH DOJXQDV VRQ GHPDVLDGR FRPSOHMDV SDUD
DFRPRGDUVHDHVWDPDWHULDPLHQWUDVTXHRWUDVVRQGHPDVLDGRVLPSOHVFRPRSDUDFRORFDUGHQWURGHOD
DFFLyQVXVSRGHUHVGLVWLQWLYRV\HVRGHWDOPDQHUDTXHODFDWHJRUtDYHQJDDWHQHUXQDDILQLGDGtQWLPD
FRQ XQD FLHUWD FRQFHSFLyQ IRUPDO FRQ WRGR FLHUWDPHQWH VHUtD VRUSUHQGHQWH VL UHVXOWDUD TXH ORV
FRQVWLWX\HQWHVPDWHULDOHVGHORVIHQyPHQRVIXHUDQFRH[WHQVLYRVFRQLGHDVIRUPDOHV3RUFRQVLJXLHQWH
QRVRWURVGHVHDPRVGHVFXEULUSUHFLVDPHQWHFXiOHVODFRQH[LyQHQWUHODGtDGD\HOKHFKR+DEUHPRVGH
SRVSRQHUODFRQVLGHUDFLyQGHDTXHOORVKHFKRVTXHSDUHFHQLPSOLFDUXQDWUtDGDWDOHVFRPRXQSURFHVR
FRQFRPLHQ]RPLWDG\ILQDOKDVWDTXHKD\DPRVH[DPLQDGRODQDWXUDOH]DGHODOH\3XHVQDWXUDOPHQWH
VRVSHFKDPRV WUDV OR TXH VH KD KHFKR QRWDU DQWHV TXH GRQGH KD\D XQD WULSOHWD HQ XQ KHFKR SXHGH
HVFRQGHUVH XQ HOHPHQWR GH JHQHUDOLGDG 'HMDQGR D XQ ODGR SRU HO PRPHQWR ORV KHFKRV WULiGLFRV
SRGHPRV DxDGLU D ODV SURSLHGDGHV GHO KHFKR \D UHVHxDGDV RWUDV TXH SXHGDQ SDUHFHU GLJQDV GH
PHQFLRQDUVH \ OXHJR UHJUHVDU D OD FRQVLGHUDFLyQ GH OD GXDOLGDG VXV SURSLHGDGHV \ GLIHUHQWHV WLSRV
IRUPDOHVSDUDFRPSDUDUODVFRQORTXHVHKDQRWDGRDSURSyVLWRGHOKHFKR
6LHPSUH TXH YHQLPRV D FRQRFHU XQ KHFKR HV SRUTXH QRV KDFH UHVLVWHQFLD 3XHGH HVWDU
SDVHiQGRVHXQKRPEUHDORODUJRGH:DOO6WUHHWGHEDWLHQGRFRQVLJRPLVPRODH[LVWHQFLDGHOPXQGR
H[WHUQR SHUR VL HQ VX RVFXUR HVWXGLR WURSLH]D FRQ DOJXLHQ TXH OR GHUULED DO VXHOR HO HVFpSWLFR HV
LPSUREDEOH TXH OOHYH HO HVFHSWLFLVPR WDQ OHMRV FRPR SDUD GXGDU GH VL DOJR DGHPiV GHO HJR IXH
DIHFWDGRHQHVWHIHQyPHQR/DUHVLVWHQFLDOHPXHVWUDTXHDOJRLQGHSHQGLHQWHGHpOHVWiDKt &XDQGR
DOJRJROSHDFRQWUDORVVHQWLGRVHORUGHQSULQFLSDOGHOSHQVDPLHQWRHVVLHPSUHLQWHUUXPSLGRSXHVVL
QR OR IXHUD QDGD GLVWLQJXLUtD OD QXHYD REVHUYDFLyQ GH XQD IDQWDVtD $KRUD ELHQ KD\ VLHPSUH XQD
UHVLVWHQFLDSDUDODLQWHUUXSFLyQGHWDOPDQHUDTXHHQJHQHUDOODGLIHUHQFLDHQWUHODRSHUDFLyQGHUHFLELU
XQD VHQVDFLyQ \ OD GH HMHUFLWDU OD YROXQWDG HV PHUDPHQWH XQD GLIHUHQFLD GH JUDGR 3RGHPRV VLQ
HPEDUJRDSUHQGHUGHXQKHFKRLQGLUHFWDPHQWH2HOKHFKRIXHH[SHULPHQWDGRSRUDOJXQDRWUDSHUVRQD
FX\R WHVWLPRQLR QRV OOHJD R ELHQ OR FRQRFHPRV SRU DOJ~Q HIHFWR ItVLFR $Vt REVHUYDPRV TXH ORV
HIHFWRVItVLFRVGHXQKHFKRSXHGHQWRPDUHOOXJDUGHODH[LVWHQFLDGHOKHFKRDFDXVDGHXQWHVWLJR'H
DTXt TXH FXDQGR SDVDPRV GH OD FRQVLGHUDFLyQ GH OD DSDULHQFLD GH XQ KHFKR HQ OD H[SHULHQFLD D VX
H[LVWHQFLDHQHOPXQGRGHOKHFKRSDVDPRVGHPLUDUODDSDULHQFLDFRPRGHSHQGLHQWHGHODRSRVLFLyQD
QXHVWUDYROXQWDGDPLUDUODH[LVWHQFLDFRPRGHSHQGLHQWHGHORVHIHFWRVItVLFRV
'LItFLOPHQWHVHSXHGHGXGDUGHTXHODH[LVWHQFLDGHXQKHFKRFRQVLVWHHQODH[LVWHQFLDGH
WRGDVVXVFRQVHFXHQFLDV(VGHFLUVLWRGDVODVFRQVHFXHQFLDVGHXQVXSXHVWRKHFKRVRQKHFKRVUHDOHV
HVWRKDFHTXHHOKHFKRVXSXHVWRVHDUHDO6LSRUHMHPSORDOJRTXHVHVXSRQHHVXQFXHUSRGXURDFW~D
HQ WRGRV ORV UHVSHFWRV FRPR WDO FXHUSR HVR FRQVWLWX\H OD UHDOLGDG GH HVH FXHUSR GXUR \ VL GRV TXH
SDUHFHQ SDUWtFXODV DFW~DQ HQ WRGR UHVSHFWR FRPR VL IXHVHQ SDUWtFXODV TXH VH DWUDHQ HVR ODV KDFH
UHDOPHQWHDVt(VWRSXHGHH[SUHVDUVHGLFLHQGRTXHHOKHFKRSHOHDVXFDPLQRKDFLDODH[LVWHQFLDSXHV
H[LVWHHQYLUWXGGHODVRSRVLFLRQHVTXHLPSOLFD1RH[LVWHFRPRXQDFXDOLGDGSRUDOJRHVHQFLDOSRU
DOJR TXH XQD PHUD GHILQLFLyQ SXHGD H[SUHVDU (VR QR D\XGD D VX PRGR GH VHU 3XHGH LPSHGLUOR
SRUTXHGRQGHQRKD\XQDXQLGDGQRSXHGHKDEHUXQSDU\GRQGHQRKD\XQDFXDOLGDGQRSXHGHKDEHU
XQ KHFKR R GRQGH QR KD\ SRVLELOLGDG QR SXHGH KDEHU DFWXDOLGDG 3HUR OR TXH GD DFWXDOLGDG HV OD
RSRVLFLyQ(OKHFKRWRPDOXJDU7LHQHVXDTXt\DKRUD\GHQWURGHHVWHOXJDUWLHQHTXHDSUHWDUVX
FDPLQR 3XHV WDO \ FRPR VyOR SRGHPRV FRQRFHU ORV KHFKRV SRU VX DFWXDFLyQ VREUH QRVRWURV \
UHVLVWLHQGRQXHVWUDYROXQWDGEUXWDGLJRYROXQWDGEUXWDSRUTXHGHVSXpVGHTXHKHGHWHUPLQDGRFyPR
\FXiQGRTXLHURHMHUFHUPLIRUWDOH]DODPHUDDFFLyQPLVPD HV HQ Vt PLVPDV EUXWD H LUUDFLRQDO GHO
PLVPRPRGRVyORSRGHPRVFRQFHELUXQKHFKRHQFXDQWRJDQDQGRUHDOLGDGJUDFLDVDDFFLRQHVFRQWUD
RWUDVUHDOLGDGHV<DGHPiVGHFLUTXHDOJRWLHQHXQPRGRGHVHUTXHGHVFDQVDQRHQVtPLVPRVLQRHQ
VXVHUFRQWUDXQDVHJXQGDFRVDHVGHFLUTXHHVHPRGRGHVHUHVODH[LVWHQFLDTXHFRQYLHQHQDOKHFKR
/D PLVPD FRQFOXVLyQ SXHGH VHU DOFDQ]DGD SRU RWUD OtQHD GH SHQVDPLHQWR +D\ GLIHUHQWHV
WLSRV GH H[LVWHQFLD +D\ OD H[LVWHQFLD GH DFFLRQHV ItVLFDV OD GH YROLFLRQHV SVtTXLFDV OD GH WRGR HO
WLHPSR OD GHO SUHVHQWH OD GH ODV FRVDV PDWHULDOHV OD GH OD FUHDFLyQ GH XQD GH ODV SLH]DV GH
6KDNHVSHDUH\DXQTXHQRODFRQR]FDPRVSXHGHKDEHURWUDFUHDFLyQFRQXQHVSDFLR\WLHPSRSURSLRV
HQODFXDOSXHGHQH[LVWLUFRVDV&DGDWLSRGHH[LVWHQFLDFRQVLVWHHQWHQHUOXJDUHQWUHODFROHFFLyQWRWDO
GHXQXQLYHUVRGDGR&RQVLVWHHQVHUXQVHJXQGRSDUDFXDOTXLHUREMHWRHQWDOXQLYHUVRWRPDGRHVH
REMHWRFRPRSULPHUR1RHVHOWLHPSR\HOHVSDFLRTXLHQHVSURGXFHQHVHFDUiFWHU(VPiVELHQHVH
FDUiFWHUHOTXHSDUDVXUHDOL]DFLyQDSHODDDOJRFRPRHOHVSDFLR\HOWLHPSR
&XDQGR KDEODPRV GHO KHFKR FRPR LQGLYLGXDO R QR JHQHUDO TXHUHPRV DWULEXLUOH GRV
FDUDFWHUHVFDGDXQRGHORVFXDOHVHVHQWHUDPHQWHSHFXOLDUDORVKHFKRV8QRGHHOORVHVHOFDUiFWHU
TXH DFDEDPRV GH GHVFULELU HO RWUR WLHQH XQ PRGR GH VHU LQGHSHQGLHQWH GH FXDOTXLHU FXDOLGDG R
GHWHUPLQDFLyQ R FRPR SXGLpUDPRV GHFLU WLHQH IXHU]D EUXWD GH FRPEDWH R DXWRDVHUFLyQ (O KHFKR
LQGLYLGXDOLQVLVWHHQVHUDTXtSUHVFLQGHQWHGHFXDOTXLHUUD]yQVHDYHUGDGRQRTXHFXDQGRWRPDPRV
XQ SXQWR GH YLVWD PiV DPSOLR VRPRV FDSDFHV GH YHU TXH VLQ UD]yQ QXQFD KXELHUD SRGLGR VHU
IXQGDPHQWDGRFRQHVDLQVLVWHQFLD(VWHFDUiFWHUFUHDXQDELVPRHQWUHHOKHFKRLQGLYLGXDO\HOJHQHUDO
ROH\DVtFRPRHQWUHHOKHFKRLQGLYLGXDO\FXDOTXLHUFXDOLGDGRPHUDSRVLELOLGDGODFXDOHVGLItFLO
TXHQRVHHQWUHPHWD
3HUR PiV DOOi GH HVH FDUiFWHU OD LQGLYLGXDOLGDG LPSOLFD RWUR TXH HV TXH OR LQGLYLGXDO HVWi
GHWHUPLQDGRFRQUHVSHFWRDWRGDSRVLELOLGDGRFXDOLGDG\DVHDSRVH\pQGRODRQRSRVH\pQGROD(VWHHV
HOSULQFLSLRGHOPHGLRH[FOXVRTXHQRVHVRVWLHQHSDUDFXDOTXLHUFRVDJHQHUDOSRUTXHORJHQHUDOHV
SDUFLDOPHQWHLQGHWHUPLQDGR\FXDOTXLHUILORVRItDTXHQRKDJDMXVWLFLDSOHQDDOHOHPHQWRGHOKHFKRHQ
HOPXQGRGHODVFXDOHVKD\PXFKDVDVtGHUHPRWRHVHOMDUGtQYDOODGRFRQDOWRVPXURVGHOILOyVRIR
FRQUHVSHFWRDOPHUFDGRGHODYLGDSRUTXHHOKHFKRJRELHUQDFRQWRGDVHJXULGDGDQWHVRGHVSXpV
VHUiHQPDUDxDGRHQXQDSHQGHQFLDFRQHVWHSULQFLSLRGHOPHGLRH[FOXVR
+DVWD DKRUD HQ HVWD VHFFLyQ KHPRV OODPDGR OD DWHQFLyQ VXFHVLYDPHQWH SHUR QR HQ
VHFXHQFLD ILORVyILFD VREUH VHLV UDVJRV FDUDFWHUtVWLFRV GHO KHFKR $O UHXQLUORV KHPRV FRORFDGR HQ
FDEH]D OD FLUFXQVWDQFLD GH TXH HO KHFKR WLHQH GLVWLQWRV UDVJRV SRU ORV FXDOHV VH GLVWLQJXH GH OD
FXDOLGDGSHURQRGHODOH\/RVRWURVUHFLHQWHPHQWHH[DPLQDGRVKDQVLGRORVVLJXLHQWHVVHJXQGRORV
KHFKRV R VRQ DFFLGHQWDOPHQWH DFWXDOHV R LPSOLFDQ IXHU]D EUXWD WHUFHUR WRGR KHFKR WLHQH XQ DTXt \
DKRUD FXDUWR HO KHFKR HVWi tQWLPDPHQWH XQLGR FRQ OD GtDGD TXLQWR FDGD KHFKR HV OD VXPD GH VXV
FRQVHFXHQFLDV VH[WR OD H[LVWHQFLD GH KHFKRV FRQVLVWH HQ FRPEDWLU VpSWLPR FDGD KHFKR HVWi
GHWHUPLQDGRHQUHIHUHQFLDDFDGDFDUiFWHU3HURDOKDFHUQXHVWUDGLVWULEXFLyQGHORVHOHPHQWRVGHORV
IHQyPHQRV HQ FXDOLGDG KHFKR \ OH\ IXLPRV FRQGXFLGRV D FRQRFHU UDVJRV DGLFLRQDOHV GHO KHFKR
&RQWLQXDUpUHWRPiQGRORVGHPDQHUDSURPLVFXD
(ORFWDYRUDVJRGHOKHFKRHVTXHFDGDKHFKRWLHQHXQVXMHWRTXHHVHOVXMHWRJUDPDWLFDOGH
ODIUDVHTXHDILUPDODH[LVWHQFLDGHOKHFKR(QHIHFWRHQVHQWLGROyJLFRKD\GRVVXMHWRVSXHVHOKHFKR
FRQFLHUQHDGRVFRVDV8QRGHHVRVGRVVXMHWRVSRUORPHQRVHVXQDFRVDGHODQDWXUDOH]DGHOKHFKR
R SRGHPRV H[SUHVDUOR HQ RWUDV SDODEUDV GLFLHQGR TXH OD H[LVWHQFLD GH HVH VXMHWR HV XQ KHFKR (VH
VXMHWR HV XQD FRVD 7LHQH VX DTXt \ DKRUD (V OD VXPD GH WRGRV VXV FDUDFWHUHV R FRQVHFXHQFLDV 6X
H[LVWHQFLDQRGHSHQGHGHQLQJXQDGHILQLFLyQVLQRTXHFRQVLVWHHQUHDFFLRQDUFRQWUDODVRWUDVFRVDVGHO
XQLYHUVR3RUHVRXQDFXDOLGDGFXDOTXLHUDHVRYHUGDGHUDRIDOVD&XDQGRFRQVLGHUDPRVORVVXMHWRV
SVtTXLFRV DO GLVFXWLU OD QDWXUDOH]D GH OD OH\ YHUHPRV TXH HVH VXMHWR FX\DV DFFLRQHV WLHQHQ WRGDV
REMHWRVVLPSOHVHVPDWHULDORVXVWDQFLDItVLFDRFXHUSRQRVXMHWRSVtTXLFR(VRQRFRQWUDGLFHHQOR
PiVPtQLPRDOLGHDOLVPRRODGRFWULQDGHTXHORVFXHUSRVPDWHULDOHVFXDQGRVHFRQVLGHUDODWRWDOLGDG
GHOIHQyPHQRVHYHTXHWLHQHQXQVXVWUDWRTXtPLFR
(OQRYHQRUDVJRGHOKHFKRHVTXHFDGDKHFKRHVWiFRQHFWDGRFRQXQKHFKRUHFtSURFRTXH
SXHGH R QR HVWDU LQH[WULFDEOHPHQWH YLQFXODGR FRQ pO 6L XQ FXHUSR FKRFD FRQ RWUR HVWH VHJXQGR
FXHUSR FKRFD UHFtSURFDPHQWH D pO ORV GRV KHFKRV VRQ LQVHSDUDEOHV 3HUR VL XQ FXHUSR HV GXUR WLHQH
TXH KDEHU XQ VHJXQGR FXHUSR GH FLHUWR JUDGR GH GXUH]D SDUD UHVLVWLU DO SULPHUR 6LQ HPEDUJR OD
DQLTXLODFLyQGHOVHJXQGRFXHUSRQRGHVWUXLUtDODGXUH]DGHOSULPHUR1RORDIHFWDUtDSXHVFXDOTXLHU
RWUR FXHUSR TXH SXHGD HQGXUHFHUVH HQ FXDOTXLHU WLHPSR \ HO SULPHU FXHUSR SHUPDQHFLHQGR QR
DIHFWDGRUHDOL]DUtDVXGXUH]DDOWLHPSRDOWLHPSRHQTXHHOLPSDFWRFRQHORWURRFXUULHUD$TXtSRU
FRQVLJXLHQWHHOKHFKRUHFtSURFRQRHVLQVHSDUDEOHHOXQRGHORWUR6LXQFXHUSRVyOLGRV~ELWDPHQWHVH
GLVXHOYH IOXLUtD DO LQVWDQWH KDFLD ODV SDUWHV YDFtDV GH VX YDVLMD \ HO FRPLHQ]R SDUD WDO KHFKR
FRQVHFXHQWH VHUi XQ FDPELR UHFtSURFR FRQ UHVSHFWR DO SULPHU FDPELR 3HUR QR KD\ FRQVHFXHQFLD
SDUWLFXODUTXHVHDLQVHSDUDEOHGHODIXVLyQTXL]i3XHGHRSXHGHQRKDEHU$VtYHPRVTXHODGLYLVLyQ
HQWUH KHFKRV LQVHSDUDEOHV \ KHFKRV UHFtSURFRV QR FRLQFLGH FRQ XQD GLYLVLyQ GH ORV KHFKRV HQWUH
DTXHOORVFX\RVDFWRVUHFtSURFRVVRQVHSDUDEOHV\DTXHOORVFX\RVKHFKRVUHFtSURFRVVRQLQVHSDUDEOHV
(O GpFLPR UDVJR GHO KHFKR TXH DFDED GH VHU LOXVWUDGR HV TXH VX FODVLILFDFLyQ QDWXUDO VH
OOHYDDFDERSRUGLFRWRPtDV
(OXQGpFLPRUDVJRGHOKHFKRGXDOHVTXHVLLPSOLFDXQDYDULDFLyQHQHOWLHPSRFRQVLVWHHQ
XQFDPELRHQODVFXDOLGDGHVGHVXVVXMHWRVSHURQXQFDODDQLTXLODFLyQRSURGXFFLyQGHHVRVVXMHWRV
3RGHPRVFLHUWDPHQWHFRQFHELUXQDDFFLyQHQODFXDODOJRVHDSURGXFLGRRGHVWUXLGR3HURVLXQWHUFHU
VXMHWR HV DIHFWDGR GH WDO PDQHUD TXH HO KHFKR HV XQ GH HVRV FX\R HVWXGLR KHPRV SRVSXHVWR
H[SUHVDPHQWHRORTXHHVSURGXFLGRRGHVWUXLGRVHDXQRGHHVRVKHFKRVFX\RVKHFKRVUHFtSURFRVVRQ
VHSDUDEOHV 6L XQD HVWUHOOD UHSHQWLQDPHQWH DUGH D OD YLVWD FXDQGR QLQJ~Q VXMHWR H[WHUQR FDXVy TXH
DFWXDUDDVtHQWRQFHVDVtFRPRODDSDULHQFLDVHUiGHPRVWUDFLyQLUUHIUDJDEOHGHTXHDOJRRVFXURKDEtD
DOOtDQWHVDVtHOKHFKRPLVPRFRQVWLWXLUiODH[LVWHQFLDSUHYLDGHVXVXMHWR
3XHVHVWHHVHO~QLFRPpWRGRSRUHOTXHSRGHPRVGHGXFLUYHUGDGHVPHWDItVLFDV3RUFRQVLJXLHQWH
ORVFXHUSRV\ORVVXMHWRVGHORVKHFKRVJHQHUDOPHQWHVRQSHUPDQHQWHV\HWHUQRV
(OGXRGpFLPRVUDVJRGHOKHFKRHVTXHHVDFFLGHQWDO(VGHFLUDXQTXHLPSOLFDIXHU]DEUXWD
\DXQTXHHVDIXHU]DVHDJREHUQDGDSRUXQDOH\TXHUHTXLHUHTXHHO FXHUSR DFWXDQWH HMHU]DGHPRGR

FRQWLQXDGRHVDIXHU]DFRQWRGRODDFFLyQLQGLYLGXDOQRHVWiLPSOLFDGDHQODH[LVWHQFLDGHOKHFKRVLQR
TXHSRUHOFRQWUDULRHVDOJRTXHVyORSXHGHVXFHGHUWHQLHQGRXQVXMHWRFRQXQPRGRLQGHSHQGLHQWH
GHVHUTXHQRGHSHQGHGHHVDQLGHQLQJXQDRWUDGHWHUPLQDFLyQ(VDOJRTXHVXFHGH
1R KH WRPDGR ORV GRORUHV SDUD FRPSOHWDU HVWD OLVWD SURPLVFXD GH SURSLHGDGHV GHO KHFKR
KDELHQGRWHQLGRFXLGDGRVRODPHQWHTXHIXHUDVXILFLHQWHSDUDSHUPLWLUQRVFRPSDUDUORVFDUDFWHUHVGHO
KHFKR FRQ ORV GH OD GXDOLGDG \ DVt HQ ~OWLPR WpUPLQR REWHQHU FRPSUHQVLyQ GH SRU TXp WRGRV ORV
IHQyPHQRVKDQGHHVWDUFRPSXHVWRVGHFXDOLGDGKHFKRV\OH\
'Ë$'$6
,QYHVWLJXHPRVDKRUDTXpHVWiLPSOLFDGRHQODFRQFHSFLyQGHGRV\HQSDUWLFXODUSRUFXiOHV
UDVJRVXQSDUVHGLVWLQJXHGHXQVLPSOHXQRSRUXQODGR\GHWUHVRXQQ~PHURPiVODUJRSRUHORWUR
8QPDWHPiWLFRVHLQFOLQDUtDDGHFODUDUDpVWDFRPRODFXHVWLyQPiVULGtFXODPHQWHI~WLOTXH
KD\DVLGROODPDGDSUREOHPDTXHSXHGDLPDJLQDUVH8QSDUSRGUtDGHFLUHVSUHFLVDPHQWHXQREMHWR\
XQREMHWR\HVRHVWRGRORTXHHVWiLPSOLFDGRHQHVDFDWHJRUtDKLQFKDGDGHODGtDGD3HURFXDOTXLHU
OyJLFRPHGLUtDTXHHVDH[SOLFDFLyQHVVHDFRPRIXHUHLQDSURSLDGD3DUDORVILQHVGHODOyJLFDGHODV
PDWHPiWLFDVHVIDWDOPHQWHLQDGHFXDGD8QDSDUHMDFDVDGDQRHVXQKRPEUH1LXQDPXMHU\DIRUWLRUL
QRHVXQKRPEUH\XQDPXMHU1LWDPSRFRHVGLV\XQWLYDPHQWHRXQKRPEUHRXQDPXMHU(VXQWHUFHU
REMHWR D FX\D FRQVWLWXFLyQ TXH HV VX QDWXUDOH]D \ SRU FRQVLJXLHQWH D VX H[LVWHQFLD WDPELpQ XQ
KRPEUHHVXQUHTXLVLWR\XQDPXMHUHVXQUHTXLVLWR8QSDUDHVXQREMHWRSDUDFX\DFRQIRUPDFLyQVRQ
QHFHVDULRV\VXILFLHQWHVXQVXMHWRXRWURVXMHWR(VWRFRUUHVSRQGHDXQDSDUWHGHOUDVJRQ~PHURRFKR
GHOKHFKR
3HURDFHSWDQGRHVWDHQPLHQGDTXHSDUDVXDFRVWXPEUDGRPRGRGHSHQVDUHVPLFURVFySLFD
HO PDWHPiWLFR HVWDUtD LQFOLQDGR D GHFLU TXH DTXt KD\ XQD GHILQLFLyQ SHUIHFWD \ H[FHSWXDQGR XQRV
SRFRV FRURODULRV QR KD\ QDGD PiV TXH SXHGD GHFLUVH GH OD GtDGD 0H FRUUHVSRQGH D Pt SXHV
HVWDEOHFHU FODUDPHQWH FXiO HV OD LQYHVWLJDFLyQ TXH SURSRQJR LQLFLDU 1R HV XQD LQYHVWLJDFLyQ
PDWHPiWLFDSRUTXHODRFXSDFLyQGHXQPDWHPiWLFRHVFRQVWUXLUXQDKLSyWHVLVDUELWUDULDTXHKDGHVHU
SHUIHFWDPHQWHGLVWLQWDHQVXLQLFLRHQODPHGLGDDOPHQRVHQTXHDIHFWDHVRVUDVJRVGHHOODVREUHORV
TXH SXHGH YHUVDU HO UD]RQDPLHQWR PDWHPiWLFR \ OXHJR GHGXFLU GH HVD KLSyWHVLV ODV QHFHVDULDV
FRQVHFXHQFLDV TXH SXHGDQ VDFDUVH SRU PHGLR GH XQ UD]RQDPLHQWR GLDJUDPDWLFDO (O SUREOHPD HV GH
DQiOLVLV OyJLFR (Q OXJDU GH LQLFLDU FRQ XQD KLSyWHVLV GLVWLQWD GH WLSR GLDJUDPD WHQHPRV HO KHFKR
FRQIXVRGHTXHXQDGtDGDHVXQDFRQFHSFLyQGHODPD\RUXWLOLGDGDXQTXHQRHVWDPRVSUHSDUDGRVSDUD
GHFLUH[DFWDPHQWHFXiOVHDVXQDWXUDOH]DQLVLTXLHUDHQWRGRVORVFDVRVVLXQFDVRFRQFUHWRGHEHVHU
SURSLDPHQWH FODVLILFDGR FRPR XQD GXDOLGDG R QR (Q DOJ~Q VHQWLGR HVWDPRV HQ OD SRVLFLyQ GH XQ
QDWXUDOLVWDTXHVDEHTXHODVEDOOHQDVVRQJUDQGHVDQLPDOHVTXHQDGDQTXHHVFXSHQDJXD\SURGXFHQ
JLPRWHRVDFHLWHGHHVSHUPD\EDUEDVGHEDOOHQDSHURVDEHPX\SRFRPiVDFHUFDGHHOODV\TXHVH
SURSRQHDVtPLVPRH[DPLQDUODDQDWRPtD\ILVLRORJtDGHODVEDOOHQDVDVtFRPRDVLJQDUOHVVXOXJDUHQ
HOVLVWHPDGHOUHLQRDQLPDO1RSUHWHQGHSUHVHUYDUODGHVFULSFLyQSRSXODUQLODGHOLPLWDFLyQGHODFODVH
GH ODV EDOOHQDV 4XLHUH TXL]i YHU UD]RQHV SDUD H[WHQGHU HVH QRPEUH D DOJXQRV DQLPDOHV TXH
SRSXODUPHQWHQRVRQOODPDGRVEDOOHQDV\UHKXViUVHORDRWURVTXHVRQOODPDGRVDVt4XLHUHSRUWDQWR
VXEGLYLGLU HO JUXSR \ FODVLILFDUOR GH DFXHUGR FRQ ORV KHFKRV (Q OD PHGLGD HQ TXH QXHVWUD
LQYHVWLJDFLyQHVXQDQiOLVLVOyJLFRODJUDQGLIHUHQFLDHQWUHHOOD\HOELyORJRWD[RQRPLVWDFRQVLVWHHQOD
FLUFXQVWDQFLD GH TXH QR HVWDPRV REOLJDGRV D HVWDEOHFHU REVHUYDFLRQHV HVSHFLDOHV SRUTXH WRGRV ORV
KHFKRVVRQELHQ FRQRFLGRV R SXHGHQ VHU GHVFXELHUWRV SRU FXLGDGRVD UHIOH[LyQ VREUH ORV TXH \D VRQ
FRQRFLGRV
3HURPiVDOOiGHOVHUOyJLFRHQHOVHQWLGRGHH[LJLUXQDQiOLVLVOyJLFRQXHVWUDLQYHVWLJDFLyQ
VH UHILHUH DO GRV FRPR XQD FRQFHSFLyQ GH OD OyJLFD (O WpUPLQR OyJLFD OR HPSOHR HQ PRGR QR
FLHQWtILFR HQ GRV VHQWLGRV GLVWLQWRV (Q VX VHQWLGR PiV HVWULFWR HV OD FLHQFLD GH ODV FRQGLFLRQHV
QHFHVDULDVGHOORJURGHODYHUGDG(QVXVHQWLGRPiVDPSOLRHVODFLHQFLDGHODVOH\HVQHFHVDULDVGHO
SHQVDPLHQWRRWRGDYtDPHMRUGDGRTXHHOSHQVDPLHQWRVLHPSUHWLHQHOXJDUSRUPHGLRGHVLJQRVHV
VHPLyWLFD JHQHUDO WUDWDQGR QR SXUDPHQWH OD YHUGDG VLQR WDPELpQ ODV FRQGLFLRQHV JHQHUDOHV SRU ODV
TXHORVVLJQRVVRQVLJQRVORTXH'XQV6FRWXVOODPDJUDPPDWLFDVSHFXODWLYDSRUWDQWRGHODVOH\HV
GH OD HYROXFLyQ GHO SHQVDPLHQWR OD FXDO GDGR TXH FRLQFLGH FRQ HO HVWXGLR GH ODV FRQGLFLRQHV
QHFHVDULDVGHODWUDQVPLVLyQGHOVLJQLILFDGRSRUVLJQRVGHPHQWHDPHQWH\GHXQHVWDGRGHODPHQWHD
RWUR GHEH VHU OODPDGD SDUD VDFDU YHQWDMD GH XQD DQWLJXD DVRFLDFLyQ GH WpUPLQRV UHWKRULFD
VSHFXODWLFDSHURDODTXHPHJXVWDOODPDULQFRUUHFWDPHQWHOyJLFDREMHWLYDSRUTXHWUDQVPLWHODLGHD
FRUUHFWDGHTXHHVFRPRODOyJLFDGH+HJHO/DSUHVHQWHLQYHVWLJDFLyQHVOyJLFDHQVHQWLGRDPSOLR(V
XQHVWXGLRGHODVGtDGDVHQODVIRUPDVQHFHVDULDVGHORVVLJQRV
1XHVWURPpWRGRGHEHVHUREVHUYDUFyPRODOyJLFDQRVREOLJDDSHQVDU\HVSHFLDOPHQWHDUD]RQDU
\ DWULEXLU D OD FRQFHSFLyQ GH OD GtDGD DTXHOORV FDUDFWHUHV TXH GHEHQ WHQHU SDUD UHVSRQGHU D ORV
UHTXHULPLHQWRVGHODOyJLFD
'H XQD YH] SRGHPRV YHU TXH XQ SDUD TXH WLHQH XQD HVWUXFWXUD WLHQH TXH SUHVHQWDU XQD
YDULHGDGGHUDVJRV\HVWHHVXQFDUiFWHUHQHOFXDOODVGtDGDVGLILHUHQQRWDEOHPHQWHGHODPyQDGDTXH
QRWHQLHQGRHVWUXFWXUDQLSDUWHVHQQLQJ~QVHQWLGRHVWiVGHVQXGDGHWRGRUDVJRH[FHSWRTXHFDGDXQR
HVDOJRSDUWLFXODU(VWRFRUUHVSRQGHDOUDVJRQ~PHURXQRGHOKHFKR
8QD PyQDGD QR WLHQH XQLGDGHV (VWR VXHQD SDUDGyMLFR \ SDUHFH D ORV PDWHPiWLFRV XQ
DSHUoXGHVGHXQSXQWRGHYLVWDDUELWUDULRSHURSURQWRYHPRVTXHHVXQSXQWRGHYLVWDGHVHDEOHSDUD
ORV SURSyVLWRV GH OD OyJLFD (Q HO SDU KD\ SDUWHV XQLGDV \ DVt HQ ORV GHPiV JUXSRV VXSHULRUHV
,QYHVWLJXHPRV SXHV FXiO HV OD IXQFLyQ GH ODV XQLGDGHV GH XQ JUXSR VHW HQ OD FRQVWLWXFLyQ GH HVH
JUXSR 'HEHPRV QRWDU HQ SULPHU OXJDU TXH HQ OyJLFD XQ JUXSR SRU OR JHQHUDO QR SXHGH VHU
DGHFXDGDPHQWH UHSUHVHQWDGR SRU HO GLDJUDPD GH XQD FROHFFLyQ SURPLVFXD GH SXQWRV 'H ORV
QXPHURVRV HMHPSORV GH HVWRV HQ ODV PDWHPiWLFDV VHUi VXILFLHQWH UHFRUGDU ORV FRQVWLWX\HQWHV GH XQ
GHWHUPLQDQWH\FyPRWLHQHQTXHVHURUGHQDGRVHQXQEORTXHFXDGUDGR&RPRUHJODJHQHUDOODIRUPD
GHFRQH[LyQRSDUWHGHHOODSRUORPHQRVWLHQHTXHVHUFRQVLGHUDGDHQOyJLFDHQFDVRGHTXHXQJUXSR
KD\DGHVHUFRQVLGHUDGRFRPRWDO(VWDIRUPDGHFRQH[LyQFRQFLHUQHDOJUXSR\DVXVXQLGDGHV$KRUD
ELHQHOUD]RQDPLHQWRHVIRUPDO(VGHFLUFXDOTXLHULQIHUHQFLDTXHVHDEXHQDFRQFHUQLHQWHDXQDFRVD
RXQFDUiFWHUHVEXHQDSDUDFXDOTXLHURWUDFRVDRFDUiFWHUFX\DIRUPDGHFRQH[LyQHQODPHGLGDHQ
TXH QHFHVLWD VHU FRQVLGHUDGD HV HVWULFWDPHQWH DQiORJD D OD SULPHUD 7RGR OR TXH KD GH VHU
UHSUHVHQWDGRSXHVSDUDORVILQHVGHODOyJLFDVRQORVFDUDFWHUHVGHORVJUXSRVPLVPRV\ODVXQLGDGHV
QR QHFHVLWDQ H[KLELU QDGD H[FHSWR OR TXH HV UHTXLVLWR SDUD OD H[KLELFLyQ GH ORV FDUDFWHUHV TXH
FRQFLHUQHQDORVJUXSRV¢&XiOHVHOXVRGHODVXQLGDGHV"¢&yPRSXHGHQHOODVGHQXGDVGHWRGDVODV
FXDOLGDGHVFRQWULEXLUDODSUHVHQWDFLyQGHORVFDUDFWHUHVGHORVJUXSRV"/DUHVSXHVWDHVTXHVLWRGROR
TXHIXHUDGHVHDEOHHVWXYLHUDSUHVHQWHSDUDODFRQWHPSODFLyQGHOFDUiFWHUGHXQJUXSRODGHFODUDFLyQ
GHO PRGR GH VX FRQH[LyQ HQ WpUPLQRV DEVWUDFWRV FRQ QLQJXQD UHIHUHQFLD SDUWLFXODU D ODV XQLGDGHV
VHUtDVXILFLHQWH\GHKHFKRHVDHVODIRUPDJHQHUDOTXHORVPHWDItVLFRVGDQDVXVGHFODUDFLRQHVHQOD
PHGLGDHQTXHORVXVRVGHOOHQJXDMHORKDFHQSHUWLQHQWH3HURFXDQGRGHEHUHSUHVHQWDUVHXQJUXSRVH
GHVHD YLQFXODU D pO OD UHSUHVHQWDFLyQ GH RWUR JUXSR \ KD\ XQD XQLGDG R XQLGDGHV TXH FRQFLHUQHQ D
DPERV JUXSRV HQWRQFHV SDUD PRVWUDU FyPR HO JUXSR WRWDO HVWi FRPSXHVWR GH HVRV GRV JUXSRV HV
QHFHVDULRWRPDUHQFXHQWDODVLGHQWLGDGHVGHVXVXQLGDGHVFRPXQHV$KRUDELHQODLGHQWLGDGHVXQD
UHODFLyQTXHQRSXHGHVHULPSOLFDGDSRUXQDGHVFULSFLyQJHQHUDOGHFRVDVLGpQWLFDV\ODGHVFULSFLyQ
GHORVJUXSRVHQODPHGLGDHQTXHGHMDQIXHUDODVFRVDVLQGLYLGXDOHVVRQJHQHUDOHV'HDTXtVHVLJXH
TXHHO~QLFRSURSyVLWRHQLQGLFDUODVXQLGDGHVHQODUHSUHVHQWDFLyQGHOJUXSRHVSDUDTXHFDGDXQDGH
HOODVSXHGDVLJQLILFDUVXLGHQWLGDGFRQXQLQGLYLGXRGHRWURJUXSR/DLGHQWLGDGGHGLIHUHQWHVXQLGDGHV
GHO PLVPR JUXSR SXHGH VHU UHSUHVHQWDGD GH PRGR VHPHMDQWH 'H DTXt TXH SDVDQGR GH OD
UHSUHVHQWDFLyQGHOJUXSRDOJUXSRPLVPRHQFXDQWRHVWiFRQFHELGROyJLFDPHQWHOD~QLFDIXQFLyQGH
ODVXQLGDGHVHQpOHVHVWDEOHFHUSRVLEOHVLGHQWLGDGHVFRQODVXQLGDGHVGHRWURJUXSR8QDXQLGDGSRU
FRQVLJXLHQWHHVDOJRHVHQFLDOSDUDXQJUXSRFX\DH[LVWHQFLDFRQVLVWHHQVXSRVLEOHLGHQWLGDGFRQRWUD
XQLGDGGHOPLVPRJUXSRRGLIHUHQWHV$KRUDELHQODLGHQWLGDGHVHVHQFLDOPHQWHXQDUHODFLyQGXDO(V
GHFLU UHTXLHUH GRV VXMHWRV \ QR PiV 6L WUHV REMHWRV VRQ LGpQWLFRV HVWH KHFKR HVWi FRQWHQLGR HQ HO
KHFKRGHTXHORVWUHVSDUHVGHREMHWRVVRQLGpQWLFRV'HDTXtTXHXQDXQLGDGVHDDOJRFX\DH[LVWHQFLD
FRQVLVWH HQ XQD SRVLEOH GtDGD GH OD FXDO HV HO VXMHWR $Vt KD\ XQ HOHPHQWR GH GXSOLFLGDG HQ FDGD
JUXSR 3RU WDQWR \R WHQtD UD]yQ DO GHFLU TXH OD PyQDGD QR WLHQH XQLGDG GDGR TXH OD PyQDGD GH
QLQJ~QPRGRLPSOLFDODGtDGD
+D\FLHUWDVYHUGDGHVDFHUFDGHODFXDOLGDGQRFRQVLGHUDGDVHQODVHFFLyQSRUODUD]yQGH
TXHIXHURQFRQVLGHUDGDVFRQFHUQLHQWHVHQHOFDStWXORGHODGtDGD1RFRQFLHUQHQDODPyQDGDHQVX
DVSHFWRGHXQRSHURVRQGtDGDVGHPyQDGDV8QDGHHVWDVHVTXHWRGRORTXHHVXQDVSHFWRSRVLEOHVLQ
WHQHUHQFXHQWDODVSDUWHVWLHQHSDUWHVSRVLEOHV4XLHURGHFLUTXHFXDOTXLHUREMHWRTXHSUHVHQWDXQD
FXDOLGDG HQ VX SXUH]D SXHGH VHU PiV GHWHUPLQDGR 7RGD FXDOLGDG HV HQ HOOD PLVPD JHQHUDO 'DGD
XQD SRVLEOH GHWHUPLQDFLyQ KD\ XQD SRVLEOH GHWHUPLQDFLyQ XOWHULRU $O FRPLHQ]R KDEtD QXOLGDG R
DEVROXWDLQGHWHUPLQDFLyQODFXDOFRQVLGHUDGDFRPRODSRVLELOLGDGGHWRGDGHWHUPLQDFLyQHVVHU8QD
PyQDGD HV XQD GHWHUPLQDFLyQ SHU VH 7RGD GHWHUPLQDFLyQ GD XQD SRVLELOLGDG GH XOWHULRU
GHWHUPLQDFLyQ&XDQGROOHJDPRV D OD GtDGD WHQHPRV OD XQLGDG TXH HV HQ Vt PLVPD WRWDOPHQWH VLQ
GHWHUPLQDFLyQ \ FX\D H[LVWHQFLD GHVFDQVD HQ OD SRVLELOLGDG GH XQ RSXHVWR LGpQWLFR R HQ VHU
LQGHWHUPLQDGDPHQWH VROD IUHQWH D Vt PLVPD \ DGHPiV FRQ XQD RSRVLFLyQ GHWHUPLQDGD R
HQIUHQWDOLGDGHQFRQWUDVWHRYHUDJDLQVWQHVV
'HDTXtVHVLJXHTXHXQJUXSRFRQVLGHUDGRDSDUWHGHVXVXQLGDGHVHVXQDPyQDGD'HKHFKRDO
QRFRQVLGHUDUODVXQLGDGHVSHUPLWLPRVTXHWRGRVORVJUXSRVGHOPLVPRFDUiFWHUJHQHUDOVHDJUXSHQ
DQWHQRVRWURV\FRQVLGHUDUHVRVFRQMXQWRVFRPRXQDPyQDGDVLQSDUWHV
3HURXQJUXSRFRQVLGHUDGRGHKHFKRFRPRXQLGDGHVFRQXQDFRQH[LyQSHFXOLDUHVXQDGtDGDVL
VXVXQLGDGHVVRQGRVXQDWUtDGDVLVRQWUHVHWFpWHUD8QDSDUWHGHORGLFKRDKRUDFRUUHVSRQGHDOUDVJR
Q~PHURRFKRGHOKHFKR
([DPLQHPRVXQSRFRPiVODVGtDGDVGHPyQDGDVTXHDFDEDPRVGHPHQFLRQDU3HURDQWHV
GHKDFHUORKDGHVHUGHIHQGLGDHVWDGHVLJQDFLyQ3XHGHREMHWDUVHFRQDSDUHQWHIXHU]DTXHODYHUGDG
UHFLHQWHPHQWH PHQFLRQDGD DFHUFD GH OD FXDOLGDG HV JHQHUDO \ TXH HQ FXDQWR JHQHUDO VH DSOLFD D
LQQXPHUDEOHV FXDOLGDGHV \ QR D XQ SDU (VR HV SHUIHFWDPHQWH YHUGDG SHUR HQWRQFHV WRGR OR TXH
HVWDPRVLQYHVWLJDQGRHQTXHFRQFLHUQHDODPyQDGDODGtDGD\ORVJUXSRVSOXUDOHVHQJHQHUDO\SRUOR
WDQWRGHVGHHVHSXQWRGHYLVWDQRHVWDPRVHVWXGLDQGRODPyQDGD\ODGtDGDVLQRSROtDGDVGHPyQDGDV
\ GtDGDV (VR HV YHUGDG 1XHVWUR SHQVDPLHQWR HV UDFLRQDO \ HQ FXDQWR WDO JHQHUDO R GH QDWXUDOH]D
SOXUDO 3HUR VH UHODFLRQD FRQ OD PyQDGD \ OD GtDGD HQ SDUWH $Vt OD YHUGDG UHFLpQ PHQFLRQDGD HV
JHQHUDO SHUR VH UHODFLRQD FRQ XQD PyQDGD VLPSOH FXDOTXLHU PyQDGD \ GHFODUD DFHUFD GH HOOD TXH
H[LVWH XQD PyQDGD OD FXDO HV SDUD HO SHQVDPLHQWR HTXLYDOHQWH D HVD PyQDGD GHWHUPLQDGD
XOWHULRUPHQWH
(VWD HV XQD GH ODV WUHV OH\HV UHJXODWLYDV GH OD OyJLFD GH JUDQ LPSRUWDQFLD TXH IXHURQ
HQXQFLDGDVSRU .DQW HQ OD &UtWLFDGHODUD]yQSXUD /DV RWUDV GRV VRQ TXH KD\ XQD GHWHUPLQDFLyQ
PHQRU TXH HV LQFOXLGD HQ FXDOTXLHU SRVLEOH GHWHUPLQDFLyQ \ TXH HQWUH GRV GHWHUPLQDFLRQHV
FXDOHVTXLHUDLQFOXLGDXQDHQODRWUDSXHGHVHUHQFRQWUDGDXQDWHUFHUD$GHPiVGHHVDVGtDGDVFX\RV
VXMHWRVVRQPyQDGDVKD\WDPELpQFLHUWDVGtDGDVXQRGHFX\RVVXMHWRVHVXQDPyQDGD\HORWURXQD
SRVLEOHGtDGDHVGHFLUXQDXQLGDG<KD\OH\HVJHQHUDOHVFRQHFWDGDVFRQpVWDV
/DSULPHUDGHHOODVHVTXHXQDXQLGDGRXQLGDGHVFXDOTXLHUDFRQWHPSODGDHQVtPLVPDVLQ

PLUDGD FRQVFLHQWH D VXV SDUWHV VHUtD VL QXHVWUR VHQWLGR OD UHVSRQGLHUD FRQWHPSODGD FRPR TXH
HQJOREDXQDPyQDGD'H0RUJDQSURSRQHHVWDOH\HQODPHGLGDTXHHVSHUWLQHQWHDODOyJLFDIRUPDO
DILUPD TXH FXDOTXLHU FRQMXQWR GH REMHWRV FXDOHVTXLHUD SRVHH XQLYHUVDOPHQWH DOJ~Q FDUiFWHU TXH QR
DWDxHDQLQJ~QRWURREMHWRHQDEVROXWR3XHVGLFHpODOPHQRVSRVHHQHOFDUiFWHUGHVHUXQLGDGHVGH
HVH FRQMXQWR &RQVLGHUDGD FRPR XQD SUXHED FRPHWH SHWLFLyQ GH SULQFLSLR SHUR FRQVLGHUDGD FRPR
RWURFDPLQRSDUDIRUPXODUHOPLVPRIHQyPHQR\HQFXDQWRYtDTXHDUURMDDOJXQDOX]VREUHHOORVWLHQH
VXYDORU&RLQFLGHFRQHOSULQFLSLRGHOWHUFLRH[FOXVR$TXHOORVREMHWRVGHOXQLYHUVRTXHQRSRVHHQXQ
FDUiFWHUGDGRSRVHHQRWURFDUiFWHUHOFXDOHQUHIHUHQFLDDHVHXQLYHUVRHVWiHQUHODFLyQGHQHJDFLyQ
GHOSULPHUR'HDTXtTXHVHDLPSRVLEOHIRUPDUXQDFODVHVLPSOHGHGtDGDVGHEHQVHUIRUPDGDVGRV
FODVHVGHGtDGDVDODYH]'HDTXtTXHFRQVLGHUDQGRTXHWRGDVODVPyQDGDVTXHSXHGHQDSDUHFHUHQOD
FRQWHPSODFLyQGHJUXSRVGHXQLGDGHVGHOXQLYHUVRHQVXDVSHFWRPRQiGLFRFDGDXQLGDGVLPSOHHVWi
GHWHUPLQDGDDVHUXQVXMHWRGHXQDGtDGDODFXDOWLHQHDFXDOTXLHUDGHHVDVPyQDGDVFRPRVXVHJXQGR
VXMHWR HQ FRQFUHWR HV R ELHQ WDO GtDGD HQ FXDQWR OD GHWHUPLQD D WHQHU HO FDUiFWHU GH VHU XQD GH ODV
XQLGDGHVTXHKDFHQHOREMHWRGHODFRQWHPSODFLyQHQHOTXHDSDUHFHODPyQDGDRELHQHVWDOGtDGDHQ
FXDQWRGHWHUPLQDTXHODXQLGDGWHQJDHOFDUiFWHUTXHDWDxHDWRGDVODVGHPiVXQLGDGHVGHOXQLYHUVR
/RTXHDFDEDPRVGHDILUPDUDFHUFDGHORVFRQMXQWRVGHXQLGDGHVHVLJXDOPHQWHYHUGDGHUR
GHORVFRQMXQWRVGHPyQDGDV$VDEHUFXDOHVTXLHUDPyQDGDVSXHGHQVHUFRQWHPSODGDVMXQWDV\HQVX
DVSHFWRPRQiGLFRVLQSUHVWDUDWHQFLyQDODVPyQDGDVVLPSOHVVHYHQFRPRXQDPyQDGD+D\DVtXQD
UHODFLyQ HQWUH PyQDGDV VHPHMDQWH D OD UHODFLyQ GH XQD XQLGDG D XQD PyQDGD 3HUR H[LVWH HVWD
GLIHUHQFLDHQWUHORVGRVFDVRVXQDPyQDGDDVtFHxLGDSRURWUDPyQDGDHVFHxLGDDVtHQVXYHUGDGHUR
PRGRGHVHUPLHQWUDVTXHXQDXQLGDGTXHIXHUDDEUD]DGDSRUXQDPyQDGDQRWLHQHFRQH[LyQFRQHO
PRGRGHH[LVWHQFLDGHODXQLGDGTXHHVWiHQVXDXWRLGHQWLGDGEUXWD\RWUHGDGFRQUHVSHFWRDOUHVWR
3RU HO FRQWUDULR HV XQD FLUFXQVWDQFLD DGYHQWLFLD TXH HVWD XQLGDG SDUWLFXODU VHD DEUD]DGD SRU HVWD
PyQDGD(VWRFRUUHVSRQGHDOQ~PHURVLHWH\HQSDUWHDOUDVJRQ~PHURGRFHGHOKHFKR
/DVFDWHJRUtDVPHWDItVLFDVGHFXDOLGDGKHFKR\OH\VLHQGRFDWHJRUtDVGHODPDWHULDGHORV
IHQyPHQRVQRFRUUHVSRQGHQSUHFLVDPHQWHFRQODVFDWHJRUtDVOyJLFDVGHODPyQDGDWUtDGD\ODSROtDGD
RJUXSRVPD\RUHVGDGRTXHHVWDVVRQFDWHJRUtDVGHODVIRUPDVGHH[SHULHQFLD/DVGtDGDVGHPyQDGDV
VLHQGR GtDGDV SHUWHQHFHQ D OD FDWHJRUtD GH OD GtDGD 3HUR GDGR TXH HVWiQ FRPSXHVWDV GH PyQDGDV
FRPR VX VROD PDWHULD SHUWHQHFHQ PDWHULDOPHQWH D OD FDWHJRUtD GH FXDOLGDG R OD PyQDGD HV HQ VX
PRGRPDWHULDOGHVHU1RSXHGHPLUDUVHFRPRXQKHFKRTXHODHVFDUODUDVHDURMD(VXQDYHUGDGSHUR
HVVRODPHQWHXQDYHUGDGHVHQFLDO(VORTXHHQHOVHUORTXHHQHOSHQVDPLHQWRFRUUHVSRQGHDOMXLFLR
DQDOtWLFRGH-DQW(VXQGLDGLVPRDSDUHQWHHQODVPyQDGDV
3XHGR KDFHU DTXt XQD SDXVD SDUD GHVWDFDU TXH FXDQGR GLJR TXH OD XQLGDG FRQVLVWH HQ OD
SRVLELOLGDG GH OD PyQDGD TXH OD XQLGDG FRQVLVWH HQ OD SRVLELOLGDG GH OD GtDGD \ FRVDV VHPHMDQWHV
WDOHV GHFODUDFLRQHV WLHQHQ XQ HFR KHJHOLDQR 6LQ GXGD VRQ LQWUtQVHFDPHQWH GH OD PLVPD QDWXUDOH]D
6LJR XQ RUGHQ GH HYROXFLyQ HQ WDOHV IUDVHV OD SRVLELOLGDG SURGXFH SRU HYROXFLyQ OD DFWXDOLGDG $Vt
KDFH +HJHO $OFDQ]D FDGD FDWHJRUtD GHVGH OD ~OWLPD SUHFHGHQWH SRU XQD HVSHFLH GH OODPDGD£OD
VLJXLHQWH/RTXHHVVXSURFHVRGHKDFHUYHQLUDODVLJXLHQWH\GHUHFRQRFHUODFXDQGRHPHUJHSRU
LPSRUWDQWH TXH SXHGD VHU FRQ WRGR FRPSDUDWLYDPHQWH KDEODQGR HQ GHWDOOH HQ OR FXDO \R DOJXQDV
YHFHVHVWR\GHDFXHUGRFRQHOJUDQLGHDOLVWD\DOJXQDVGLYHUMRGHVXVSDVRVSXHVPLSURSLRPpWRGRKD
UHVXOWDGRGHXQH[DPHQPiVGHOLEHUDGRGHODWHRUtDH[DFWDGHODOyJLFDHQODFXDOODpSRFDGH+HJHO\
HVSHFLDOPHQWHVXSURSLRSDtV\PiVHVSHFLDOPHQWHpOHQSHUVRQDHUDQGHFLGLGDPHQWHGpELOHV\SRU
FRQVLJXLHQWHWLHQHXQDIRUPDPiVDPSOLDFDSD]GHGLYHUVLILFDFLyQSDUDDGDSWDUVHDODIRUPDHVSHFLDO
GHXQDFRQFHSFLyQJHUPLQDO7RGDYtDQRHVWLHPSRGHIRUPXODUOD<RODDSOLFRHOOHFWRUODVLJXHFRQ
DSUREDFLyQVLSXHGH\XQDUHYLVLyQSRVWHULRUPRVWUDUiFXiOHVKDQVLGRLQFRQVFLHQWHPHQWHODVOH\HVGHO
SURFHGLPLHQWR
/DGLYLVLyQPiVLPSRUWDQWHGHODVGtDGDVHVFRQUHIHUHQFLDDOFDUiFWHUGHVXVVXMHWRV3XHV
ORV VXMHWRV GLILHUHQ FRQ UHVSHFWR D OD QDWXUDOH]D GH ODV GtDGDV TXH VRQ FDSDFHV GH IRUPDU (OODV VRQ
GtDGDVIRUPDGDVPHUDPHQWHDSDUWLUGHPyQDGDVRGtDGDVHQODVFXDOHVHQWUDQREMHWRVTXHWLHQHQXQ
PRGRGLiGLFRGHVHUHVGHFLUFRVDVLQGLYLGXDOHVRXQLGDGHV
/DVGtDGDVGHOSULPHUWLSRVXEVLVWHQWDQSURQWRFRPRODVGRVPyQDGDVVRQYLVWDVMXQWDV\
DUJX\HQGRDSDUWLUGHOFRQRFLPLHQWRDOVHUHVGHFLUPHUDPHQWHDEVWUD\HQGRGHODLGHDGHQRWDGDGHXQ
FRQRFHGRUVXEVLVWHQHQODPHGLGDHQTXHODVGRVPyQDGDVVRQFRPSRVLEOHVHVGHFLUHQODPHGLGDHQ
TXHDPEDVVRQWDOHVPyQDGDVFRPRORVRQ&XDQGRHOHVFDUODWD\HOURMRVRQFRQWHPSODGRVMXQWRVHO
XQR FRPR SULPHUR HO RWUR FRPR VHJXQGR VH KDFH SUHVHQWH XQ DVSHFWR VXLJHQHULV FRPR HO TXH VH
SUHVHQWD FXDQGR HO GRORU GH GLHQWHV \ HO GRORU VRQ FRQWHPSODGRV MXQWRV XQR SULPHUR HO RWUR FRPR
VHJXQGR(VWHWLSRGHGLDGLVPRRUHODFLyQGLiGLFDTXHVXUJHSRUHYROXFLyQDSDUWLUGHOYHUGDGHURVHU
GHORVVXMHWRVWDQSURQWRFRPRHVWiQMXQWRVODOODPRUHODFLyQGLiGLFDHVHQFLDO\ODGtDGDDVtIRUPDGD
XQDGtDGDHVHQFLDO(VWHHVHO~QLFRWLSRGHGtDGDTXHSXHGHVHUFRPSXHVWRIXHUDGHODVPyQDGDVVRODV
SRUTXH ODV PyQDGDV TXH QR WLHQHQ SDUWHV QL GLVWLQWRV UDVJRV QR SXHGHQ QL VRODV QL FROHFWLYDPHQWH
WHQHUQLQJXQRVFDUDFWHUHVH[FHSWRORVTXHVXUJHQGLUHFWDPHQWHGHVXVHUVXLJHQHULV
/DVGtDGDVTXHVRQDFFLGHQWDOHVHVGHFLUTXHORVFDUDFWHUHVFROHFWLYRVGHVXVVXMHWRVVRQ
DGYHQWLFLRVDVXVHUWLHQHQSRUFRQVLJXLHQWHTXHFRQFHUQLUDVXMHWRVRXQVXMHWRDOPHQRVTXHQRVHD
XQDPyQDGD\FRQVHFXHQWHPHQWHTXHWLHQHQXQPRGRGHVHUSRUHQFLPDGHORVXPHUDWDOLGDGLQWHUQD
LPSOLFD<RKHGHWHQHUXQPRGRGHVHUJDQDGRSRUVXRSRVLFLyQDRWURTXHODWDOLGDGQRYDOHFRQIHULU
¢&XiO HV HO PRGR GH VHU HQ VXV WpUPLQRV PiV JHQHUDOHV" 3DUD TXH QXHVWUD FRQFHSFLyQ GHO PLVPR
SXHGD DEDUFDU FDGD YDULHGDG FRPHQFHPRV WDQ SURQWR WHUPLQD HO PRGR GH VHU GH OD PyQDGD
&RPEtQDVHFXDOLGDGFRQFXDOLGDGWUDVFXDOLGDG\¢FXiOHVHOPRGRGHVHUTXHWDOHVGHWHUPLQDFLRQHVVH
DSUR[LPDQ LQGHILQLGDPHQWH SHUR HQ FRQMXQWR IDOODQ VLHPSUH HQ DOFDQ]DU" (V FRPR ORV OyJLFRV
VLHPSUHSHQVDURQODH[LVWHQFLDGHORLQGLYLGXDO/DH[LVWHQFLDLQGLYLGXDO\DVHDGHXQDFRVDRGHXQ
KHFKR HV HO SULPHU PRGR GH VHU TXH OD WDOLGDG IDOOD HQ FRQIHULU 7DOLGDG R HO PRGR GH VHU GH OD
PyQDGDHVODPHUDSRVLELOLGDGGHXQH[LVWHQWH
([LVWHQFLD HV HVH PRGR GH VHU TXH FRQVLVWH HQ OD RSRVLFLyQ DO RWUR 'HFLU TXH XQD PHVD
H[LVWHHVGHFLUTXHHVGXUDSHVDGDRSDFDUHVRQDQWHHVGHFLUSURGXFHHIHFWRVLQPHGLDWRVVREUHORV
VHQWLGRV \ SRU WDQWR TXH SURGXFH HIHFWRV SXUDPHQWH ItVLFRV HV DWUDtGR SRU OD WLHUUD HV GHFLU HV
SHVDGD UHDFFLRQD GLQiPLFDPHQWH FRQWUD RWUDV FRVDV HV GHFLU WLHQH LQHUFLD UHVLVWH OD SUHVLyQ HV
GHFLU HV HOiVWLFD WLHQH XQD FDSDFLGDG GHILQLGD SDUD HO FDORU HWFpWHUD 'HFLU TXH KD\ XQD PHVD
IDQWDVPDDOODGRGHHOODLQFDSD]GHDIHFWDUORVVHQWLGRVRSURGXFLUFXDOTXLHUHIHFWRItVLFRHVKDEODUGH
XQDPHVDLPDJLQDULD8QDFRVDVLQRSRVLFLyQLSVRIDFWRQRH[LVWH3RUVXSXHVWRVXUJHODFXHVWLyQVL
WRGR OR TXH H[LVWH H[LVWH SRU VXV UHDFFLRQHV ¢FyPR H[LVWH HO FRQMXQWR WRWDO GH ODV FRVDV" (V XQD
FXHVWLyQOHJtWLPD\YDOLRVDFX\DUHVSXHVWDKDFHVXUJLUXQDQXHYDLGHD3HURQRHVDKRUDHOPRPHQWR
GH FRQVLGHUDUOD 1XHVWUR SURSyVLWR GH GHVDUUROODU HO HVTXHPD FRPSOHWR GH ODV LGHDV ILORVyILFDV
IUDFDVDUiDQRVHUTXHWRPHPRVORVSXQWRVXQRSRUXQRHQVXGHELGRRUGHQ(VDFXHVWLyQDFHUFDGHOD
WRWDOLGDGGHODVFRVDVQRDUURMDQLQJXQDGXGDVREUHODYHUGDGPDQLILHVWDGHTXHODH[LVWHQFLDFRQVLVWH
HQODRSRVLFLyQ\HOKHFKRYHUGDGHURGHTXHODFRQVLGHUDFLyQGHHOORFRQGXMHUDDXQDILORVRItDWRGDYtD
PiV GHVDUUROODGD HV OD YHUGDGHUD UD]yQ SRU OD TXH GHER SRVSRQHUOD KDVWD TXH KD\DPRV FRQRFLGR D
IRQGR OD FRQFHSFLyQ GHO VHU D WUDYpV GH OD RSRVLFLyQ 1R VRODPHQWH HV HVD RSRVLFLyQ HVHQFLDO D XQ
VXMHWRRFRVDLQGLYLGXDOVLQRWDPELpQSDUDXQKHFKRLQGLYLGXDO6XYHUGDGRH[LVWHQFLDHVODVXPDGH
VXVHIHFWRV
+LFHWQXQFDTXt\DKRUDHVODIUDVHTXHHVWDEDFRQWLQXDPHQWHHQODERFDGH'XQV6FRWXV

TXLHQ IXH HO SULPHUR HQ HOXFLGDU OD H[LVWHQFLD LQGLYLGXDO 6HUtD XQD IUDVH HQpUJLFD VL OD HQWHQGHPRV
FRPR 'XQV OD HQWHQGLy QR FRPR VL GHVFULELHUD OD H[LVWHQFLD LQGLYLGXDO VLQR FRPR VXJLULpQGROD
PHGLDQWHXQHMHPSORDORVDWULEXWRVHQFRQWUDGRVHQHVWHPXQGRSDUDDFRPSDxDUOD'RVJRWDVGHDJXD
UHWLHQHQFDGDXQDVXLGHQWLGDG\RSRVLFLyQDODRWUDVLQLPSRUWDUHQFXiORHQFXDQWRVUHVSHFWRVVRQ
VHPHMDQWHV,QFOXVRSRGUtDQLQWHUSHQHWUDUVHODXQDDODRWUDFRPRLPiJHQHVySWLFDVTXHSRUORWDQWR
VRQ LQGLYLGXDOHV UHDFFLRQDUtDQ VLQ HPEDUJR DXQTXH TXL]i QR HQ HVH PRPHQWR \ HQ YLUWXG GH HVD
UHDFFLyQUHWHQGUtDQVXVLGHQWLGDGHV(OSXQWRTXHKD\TXHVXEUD\DUHVTXHODVFXDOLGDGHVGHODFRVD
LQGLYLGXDO DXQTXH SXHGDQ VHU SHUPDQHQWHV QL IDYRUHFHQ QL LPSLGHQ VX H[LVWHQFLD DXWpQWLFD 3RU
SHUPDQHQWHV \ SHFXOLDUHV TXH SXHGDQ VHU HVDV FXDOLGDGHV QR VRQ PiV TXH DFFLGHQWHV HV GHFLU QR
HVWiQ LPSOLFDGDV HQ HO PRGR GH VHU GH OD FRVD SXHV HO PRGR GH VHU GH OD FRVD LQGLYLGXDO HV OD
H[LVWHQFLD\ODH[LVWHQFLDFRQVLVWHPHUDPHQWHHQODRSRVLFLyQ
1RREVHUYDPRVYLGDHQORViWRPRVTXtPLFRV6HSUHVHQWDQQRWHQLHQGRyUJDQRVPHGLDQWH
ORVFXDOHVSXGLHUDQDFWXDU1LSXHGHQLQJXQDDFFLyQSURSLDJDQDUDFWXDOLGDGHVGHFLUXQOXJDUHQHO
PXQGR GH ODV DFFLRQHV SDUD QLQJ~Q VXMHWR &RQ WRGR HO iWRPR LQGLYLGXDO H[LVWH GH QLQJ~Q PRGR
REHGHFLHQGR D DOJXQD OH\ ItVLFD OD FXDO IXHUD YLRODGD VL QXQFD KXELHUDQ H[LVWLGR QL HQ YLUWXG GH
FXDOHVTXLHUD RWUDV FXDOLGDGHV VLQR VLPSOHPHQWH HQ YLUWXG GH VX LQWHUIHUHQFLD DUELWUDULD FRQ RWURV
iWRPRV \D VHD SRU OD YtD GH OD DWUDFFLyQ R GH OD UHSXOVLyQ $SHQDV SRGUtDPRV D\XGDU GLFLHQGR TXH
FLHJDPHQWHIXHU]DSDUDVtXQOXJDUHQHOXQLYHUVRRWHVWDUXGDPHQWHDEUHVXFDPLQR
/D H[LVWHQFLD DXQTXH FDXVDGD SRU HO GLDGLVPR R OD RSRVLFLyQ FRPR VX SURSLD
GHWHUPLQDFLyQFRQWRGRHQFXDQWRFDXVDGDFRQVLVWHDEVWUDFWDPHQWH\HQVtPLVPDFRQVLGHUDGDGHQWUR
GHVtPLVPD(VLGHQWLGDGQXPpULFDODFXDOHVXQDUHODFLyQGLiGLFDGHXQVXMHWRFRQVLJRPLVPRGHOD
FXDO QR HV FDSD] VLQR XQ LQGLYLGXR H[LVWHQWH +D\ TXH REVHUYDU TXH OD LGHQWLGDG QXPpULFD QR HV
YHUERVLGDGYDFtDFRPRHVODLGHQWLGDGGHODFXDOLGDGFRQVLJRPLVPDVLQRTXHHVXQKHFKRSRVLWLYR
(VWR VH GHEH D OD SRVLELOLGDG GHO LQGLYLGXR GH DVXPLU GLIHUHQWHV DFFLGHQWHV $ WUDYpV GH WRGDV ODV
YLFLVLWXGHV VXV RSRVLFLRQHV D RWUDV FRVDV SHUPDQHFHQ LQWDFWDV DXQTXH SXHGHQ VHU DFFLGHQWDOPHQWH
PRGLILFDGDV\HQHOORHVPDQLILHVWRHOFDUiFWHUSRVLWLYRGHODLGHQWLGDG
(O ~QLFR GLDGLVPR HVHQFLDO \ SULPDULR HV HO H[LVWHQWH HQWUH XQD FXDOLGDG TXH FRQWLHQH
PRQiGLFDPHQWH \ XQD FXDOLGDG FRQWHQLGD PRQiGLFDPHQWH 3XHV ODV FXDOLGDGHV QR SXHGHQ SDUHFHUVH
XQDDODRWUDQLFRQWUDVWDUODXQDFRQODRWUDDQRVHUFRQUHVSHFWRDXQDWHUFHUDFXDOLGDGGHWDOPDQHUD
TXHODVHPHMDQ]DGHFXDOLGDGHVHVWULiGLFD(VWRVLQHPEDUJRHVXQSXQWRTXHKDEUiGHVHUGHQXHYR
H[DPLQDGRHQXQDUHYLVLyQIXWXUDGHHVWHDQiOLVLV6LHVWR\HQORFRUUHFWRQRKD\RWUDGLVWLQFLyQOyJLFD
HQWUHGtDGDVHVHQFLDOHV
3HUR FRQ UHVSHFWR D ODV GtDGDV DFFLGHQWDOHV HO FDVR HV PX\ GLVWLQWR 'HEHPRV GLYLGLUODV
HQWUHDTXHOODVFX\RVXMHWRUHVSHFWLYRHVXQDPyQDGD\ODVTXHQLQJXQRGHVXVVXMHWRVHVXQDPyQDGD
(VWD GLYLVLyQ HVWi PX\ XQLGD H LQPHGLDWDPHQWH VXJHULGD SRU OD ~OWLPD /DV GtDGDV GHO SULPHU WLSR
SXHGHQ VHU OODPDGDV LQKHUHQFLDOHV FRPR HVWD FRVD SRVHH URMH] ODV GHO VHJXQGR WLSR SXHGHQ VHU
OODPDGDVUHODFLRQDOHV
8QD GtDGD LQKHUHQFLDO VH VHPHMD IXHUWHPHQWH D XQD GtDGD HVHQFLDO &RPHQFHPRV FRQ
FXDOTXLHU FXDOLGDG FRPR PX\FRORUHDGD \ IRUPHPRV XQD GtDGD HVHQFLDO FRPR URMR HV PX\
FRORUHDGR )RUPHPRV RWUD FRQ URMR FRPR VHJXQGR VXMHWR OD HVFDUODWD HV URMD )RUPHPRV RWUD FRQ
HVFDUODWD FRPR VHJXQGR VXMHWR HO FRORUPHUF~ULFR\yGLFR HV HVFDUODWD $Vt SRGHPRV FRQFHELU XQD
GHWHUPLQDFLyQDxDGLGDDXQDGHWHUPLQDFLyQ\DOOtPLWHXQFRORUWDQHVSHFtILFRTXHVyORSXHGHDWDxHUD
XQ REMHWR LQGLYLGXDO (VWR TXH GLJR HV HO OtPLWH TXH VH VLW~D PiV DOOi GH OR SRVLEOH SHUR DO TXH
SRGHPRV DFHUFDUQRV GHILQLWLYDPHQWH (VH OtPLWH HV XQD GtDGD GH LQKHUHQFLD (V GHVSXpV GH WRGR
UDGLFDOPHQWH GLIHUHQWH GH OD GtDGD HVHQFLDO SRUTXH OD FXDOLGDG GHO VXMHWR GH LQKHUHQFLD HV XQ PHUR
DFFLGHQWHGHHVHLQGLYLGXR/DLQKHUHQFLDSXHGHVHUYLVWDGHVGHRWURSXQWRGHYLVWD$VDEHUHOVXMHWR
LQGLYLGXDOSXHGHVHUFRQFHELGRFRPRSXHVWRHQUHODFLyQFRQVLJRPLVPRSRUODSRVHVLyQGHODWULEXWR
/DV GtDGDV UHODFLRQDOHV QR VRQ PiV GLYLVLEOHV FRQ UHVSHFWR DO FDUiFWHU PHWDItVLFR GH VXV
VXMHWRV3HURVRQGLYLVLEOHVFRQUHVSHFWRDODQDWXUDOH]DGHODFRQH[LyQHQWUHVXVVXMHWRV<SULPHUR
GHWRGRODGLYLVLyQHVVXJHULGDSRUOD~OWLPDREVHUYDFLyQFRQFHUQLHQWHDGtDGDVLQKHUHQFLDOHV$VDEHU
WRGDGtDGDUHODFLRQDORHVXQDGtDGDGHLGHQWLGDGHQODFXDOORVGRVVXMHWRVVRQH[LVWHQFLDOPHQWHXQR\
HOPLVPRRHVXQDGtDGDGHODGLYHUVLGDGHQODFXDOORVVXMHWRVVRQH[LVWHQFLDOPHQWHGRV\GLVWLQWRV
(VWDLGHQWLGDGUHODFLRQDOQRHVODLGHQWLGDGGHLQKHUHQFLDVLQRODTXHHVWRWDOPHQWHLQGHSHQGLHQWHGH
FXDOTXLHU DFFLGHQWH R DFFLGHQWHV 6LQ HPEDUJR SXHGH LPSOLFDU WDOHV LQKHUHQFLDV FRPR SXHGDQ
LQFXPELUDOVXMHWRLQGLYLGXDOHLGpQWLFR+D\RWUDGLYLVLyQHVWUHFKDPHQWHFRQHFWDGDFRPRpVWDXQD
GtDGDGHGLYHUVLGDGRELHQSXHGHVHUWDOTXHODFRQH[LyQGHODVXQLGDGHVGHSHQGDGHSRVHHUDOJXQRR
DOJXQRVFDUDFWHUHVGLiGLFRV(VWDGLVWLQFLyQHVWiPiVSURIXQGDPHQWHJUDEDGDHQODQDWXUDOH]DGHODV
GtDGDV3XHV¢TXpHVXQFDUiFWHUGLiGLFR"(VXQFDUiFWHUFRQIHULGRDXQLQGLYLGXRSRURWURLQGLYLGXR
,PSOLFDDVtODLGHDGHDFFLyQRIXHU]DQRHQXQVHQWLGRFLHQWtILFRHVWULFWRVLQRHQHOVHQWLGRHQHOFXDO
KDEODPRV GH YROXQWDG FRPR IXHU]D 3RGHPRV GHFLU SXHV TXH HVWD GLYLVLyQ HV HQWUH GLYHUVLGDGHV
FXDOLWDWLYDV\GLQiPLFDV2HQOXJDUGHGLYHUVLGDGFXDOLWDWLYDVHUtDTXL]iPHMRUXVDUODIUDVHIDPLOLDU
DFXHUGRVSDUFLDOHV
/DVGtDGDVGLQiPLFDVVHGLYLGHQHQSULPHUOXJDUHQWUHODVTXHHQYLUWXGGHORVFDUDFWHUHV
TXHDWULEX\HQDORVVXMHWRVVLW~DQDHVRVGRVVXMHWRVHQUHODFLRQHVVHPHMDQWHVGHXQRFRQUHVSHFWRDO
RWUR \ ODV TXH HQ OD PHGLGD HQ TXH ORV FDUDFWHUHV TXH DWULEX\HQ D VXV VXMHWRV VH YDQ GHMDQ XQD
GLVWLQFLyQ HQWUH ODV UHODFLRQHV UHFtSURFDV (O SULPHU WLSR SXHGH VHU OODPDGR PDWHULDOPHQWH QR
RUGHQDGR HO ~OWLPR PDWHULDOPHQWH RUGHQDGR $Vt TXH $ HVWi D XQD PLOOD GH % HV XQD UHODFLyQ
PDWHULDOPHQWHGHVRUGHQDGDSHURTXH$PDWHD%HVWiPDWHULDOPHQWHRUGHQDGDDSHVDUGHTXHSXHGH
VXFHGHUTXH%PDWHD$
(VWUHFKDPHQWH FRQHFWDGD FRQ HVWD GLVWLQFLyQ KD\ RWUD D VDEHU ODV GtDGDV PDWHULDOPHQWH
RUGHQDGDVVRQGLYLVLEOHVHQWUHDTXHOODVHQODVTXHQRKD\GLVWLQFLyQH[LVWHQFLDORLQWUtQVHFDHQWUHORV
VXMHWRV FRPR TXLpQ HV SULPHUR \ TXLpQ HV VHJXQGR DXQTXH DO HVWDEOHFHU HO KHFKR FRPR OHQJXDMH
SXHGHH[LJLUQRVTXHVHxDOHPRVDXQRFRPRSULPHUR\DRWURFRPRVHJXQGR\DTXpOODVHQODVFXDOHV
HVDGLYLVLyQHVH[LVWHQFLDO/DVSULPHUDVSXHGHQVHUOODPDGDVGtDGDVIRUPDOPHQWHQRRUGHQDGDV\ODV
RWUDV IRUPDOPHQWH RUGHQDGDV $Vt FXDQGR HO iPEDU HV IURWDGR FRQWUD XQD SLHO XQR DGTXLHUH
HOHFWULFLGDGUHVLQRVD\ODRWUDYtWUHD/DGtDGDHVWiSXHVPDWHULDOPHQWHRUGHQDGD3HURHQODPHGLGD
HQ TXH VDEHPRV QLQJXQR HV FRQVLGHUDGR FRPR FODUR DJHQWH R SULPHUR FRQWUDGLVWLQJXLpQGRVH GHO
SDFLHQWHRVHJXQGR&XDQGRVLQHPEDUJRGHORVGRVFXHUSRVRSXHVWDPHQWHHOHFWULILFDGRVXQRDWUDH
DO RWUR DXQTXH HO VHJXQGR DWUDH LJXDOPHQWH DO SULPHUR FRQ WRGR ODV GRV DWUDFFLRQHV VRQ GtDGDV
GLVWLQWDV \ HO FXHUSR TXH DWUDH HV DJHQWH R LQWUtQVHFDPHQWH SULPHUR PLHQWUDV TXH HO DWUDtGR HV
LQWUtQVHFDPHQWH VHJXQGR 3XHV XQR HV HO TXH GHWHUPLQD \ HO RWUR HV HO GHWHUPLQDGR $KRUD ELHQ HO
FXHUSR GHWHUPLQDQWH HV HQ HVD PHGLGD GHMDGR FRPR LQGHWHUPLQDGR \ OD LQGHWHUPLQDFLyQ R
SRVLELOLGDGHQFXDQWRHOFDUiFWHUGHPyQDGDHVSULPHURUHODWLYDPHQWHDODGHWHUPLQDFLyQODFXDOHQ
FXDQWRHVHQFLDOPHQWHGLiGLFDHVVHJXQGR
1RKD\HVSDFLRSDUDGLVWLQFLRQHVEDVDGDVHQODVSRVLFLRQHVGHORVVXMHWRVSHURODVGtDGDV
IRUPDOPHQWHRUGHQDGDVSXHGHQWRGDYtDVHUGLYLGLGDVFRQUHIHUHQFLDDOFDUiFWHUGHODGHSHQGHQFLDGH
XQVXMHWRFRQUHVSHFWRDRWUR$VDEHUHVWHHVWDOTXHRELHQORVDFFLGHQWHVPRQiGLFRVGHOVHJXQGR
VXMHWRRSDFLHQWHGHSHQGHQPHUDPHQWHGHODJHQWHRELHQODH[LVWHQFLDGLiGLFDGHOSDFLHQWHGHSHQGH
GHO DJHQWH /DV SULPHUDV SRGUtDQ VHU OODPDGDV GLDFFLRQDOHV ODV RWUDV SRLpWLFDV GH  1R KD\
PiVGLVWLQFLRQHVTXHSDUH]FDQVHUUHOHYDQWHVSDUDODLGHDGHODQiOLVLVSUHVHQWH
+D\TXHKDFHUQRWDUTXHODGLYLVLyQHVHQFDGDFDVRXQDGLFRWRPtDGHODVHJXQGDGHODVGRV
FODVHVIRUPDGDSRUODGLFRWRPtDLQPHGLDWDPHQWHDQWHULRU(OUHVXOWDGRHVTXHODHVSHFLHTXHTXHGDVLQ
GLYLGLUHQ~OWLPRWpUPLQRIRUPDXQDHVFDODGHSDVRVVXFHVLYRV3HURORVHVFDORQHVQRVRQLJXDOHV3RU
HOFRQWUDULRWDQHQWHUDPHQWHHPSDSDODGXDOLGDGODWRWDOLGDGTXHVHSDUDORVHVFDORQHVHQGRV SDUHV
VXFHVLYRV+D\SRUWDQWRXQDGLVWLQFLyQPX\PDUFDGDHQWUHHOSULPHUSDUGHSDUHV\HOVHJXQGRSDU
GHSDUHVHOFXDOUHSLWHDOSULPHURFRQXQDYDULDFLyQ(VGHFLUHOSULPHUSDUGHFDGDXQRGHORVSDUHV
GHSDUHVVXUJHGHGLVWLQFLRQHVTXHDIHFWDQDORVVXMHWRVPLHQWUDVTXHHOVHJXQGRGHFDGDSDUGHSDUHV
VXUJHGH GLVWLQFLRQHV TXH VH UHILHUHQ DO PRGR GH FRQH[LyQ GH ORV VXMHWRV /D WRWDOLGDG GH VHULHV GH
HVSHFLHVGHGtDGDVHVWiQUHODFLRQDGDVFRPRODVIUDVHVGHXQDPHORGtDFRPRVLJXH
&XDQWR PiV VH H[DPLQD HVWD GLYLVLyQ WDQWR PiV FODUDPHQWH DSDUHFHUi TXH QR HV XQ HVTXHPD
LPSXHVWRHQIRUPDIDQWDVLRVDVLQRTXHVXUJHLQHYLWDEOHPHQWHGHODHYROXFLyQGHODVFRQFHSFLRQHVGH
FRQIRUPLGDGFRQHOSXQWRGHYLVWDDGRSWDGR
75Ë$'$6
/OHJDPRVDKRUDDODVWUtDGDV¢4XpHVXQDWUtDGD"(VXQWUHV3HUR¢WUHVTXp"6LGHFLPRV
WUHV VXMHWRV WRPDPRV GHVGH HO SXQWR GH SDUWLGD XQD YLVLyQ LQFRPSOHWD 9HDPRV GyQGH HVWDPRV
UHFRUGDQGRTXHODOyJLFDKDGHVHUQXHVWUDJXtDHQHVWDLQYHVWLJDFLyQ/DPyQDGDQRWLHQHUDVJRVVLQR
VXWDOLGDGODFXDOHQOyJLFDHVWiLQFRUSRUDGDHQODVLJQLILFDFLyQGHOYHUER&RPRWDOHVWiGHVDUUROODGD
HQ OD PiV EDMD GH ODV WUHV IRUPDV FDSLWDOHV GH TXH WUDWD OD OyJLFD HO WpUPLQR OD SURSRVLFLyQ \ HO
VLORJLVPR/DGtDGDLQWURGXFHXQWLSRUDGLFDOPHQWHQXHYRGHHOHPHQWRHOVXMHWRTXHVHPXHVWUDDVt
PLVPR SRU SULPHUD YH] HQ OD SURSRVLFLyQ /D GtDGD HV OD FRUUHODFLyQ PHWDItVLFD GH OD SURSRVLFLyQ
FRPRODPyQDGDORHVGHOWpUPLQR/DVSURSRVLFLRQHVQRVRQHVWULFWtVLPDPHQWH\SXUDPHQWHGLiGLFDV
DXQTXHHOGLDGLVPRHVXQUDVJRSURPLQHQWH3HURODVSURSRVLFLRQHVHVWULFWDPHQWHGLiGLFDVWLHQHQGRV
VXMHWRV8QRGHHOORVHVDFWLYRRH[LVWHQFLDOPHQWHDQWHULRUHQVXUHODFLyQFRQODGtDGDPLHQWUDVTXH
HORWURHVSDVLYRRH[LVWHQFLDOPHQWHSRVWHULRU8QMXJDGRUDUULHVJDWRGDVXIRUWXQDHQXQMXHJR¢&XiO
HVODSUREDELOLGDGGHTXHJDQHHOSULPHUDOEXU"8QDPLWDG¢&XiOHVODSUREDELOLGDGGHTXHJDQHDO
VHJXQGR HPEDWH" 8Q FXDUWR SXHV VL SLHUGH HO SULPHU MXHJR QR KDEUi VHJXQGR 8QD DOWHUQDWLYD GHO
VXFHVRDQWHULRUHVODTXHHVWiGLYLGLHQGRHOVXFHVRSRVWHULRU$VtVL$PDWDD%$HQSULPHUOXJDU
KDFHDOJRFDOFXODGRSDUDPDWDUD%\OXHJRHVWRVHVXEGLYLGHHQGRVFDVRGHTXHPDWHD%\FDVRGH
TXHQRORPDWH1RHV%HOTXHKDFHDOJRFDOFXODGRSDUDTXH$ORPDWHRVLORKDFHHQWRQFHVHVXQ
DJHQWHDFWLYR\ODGtDGDHVWRWDOPHQWHGLIHUHQWH$VtHQODGtDGDKD\GRVVXMHWRVGHFDUiFWHUGLIHUHQWH
DXQTXHHQFDVRVHVSHFLDOHVODGLIHUHQFLDSXHGDGHVDSDUHFHU(VRVGRVVXMHWRVVRQODVXQLGDGHVGHOD
GtDGD &DGD XQD HV XQ XQR DXQTXH XQD ~QLFD GtDGD $KRUD ELHQ GH PDQHUD VHPHMDQWH OD WUtDGD QR
WLHQH FRPR VX SULQFLSDO HOHPHQWR PHUDPHQWH XQD FLHUWD FXDOLGDG QR DQDOL]DEOH VXLJHQHULV 3URGXFH
XQD FLHUWD VHQVDFLyQ HQ QRVRWURV >3HUR@ OD UHJOD IRUPDO TXH JRELHUQD OD WUtDGD HV TXH SHUPDQHFH
LJXDOPHQWHYHUGDGHUDSDUDODVVHLVSHUPXWDFLRQHVGH$%&\PiVVL'HVWiHQODPLVPDUHODFLyQ
FRQ$\%\FRQ$\&HVWiHQODPLVPDUHODFLyQFRQ%\&HWF
&DGDXQRGHORVWUHVVXMHWRVLQWURGXFHXQDGtDGDHQODWUtDGD\DVtKDFHFDGDSDUGHVXMHWRV
(OFDUiFWHUGLVWLQWLYRGHODFDOLGDGGHODWUtDGDHVXQHOHPHQWRPRQiGLFR/DOH\IRUPDOGHODWUtDGDHV
HVHQFLDOPHQWHWULiGLFD(VHQHVRHQORTXHLQKLHUHODWHUFLHGDG
7RGD WUtDGD HV R PRQiGLFDPHQWH GHJHQHUDGD GLiGLFDPHQWH GHJHQHUDGD R JHQXLQD 8QD
WUtDGDGHJHQHUDGDPRQiGLFDPHQWHHVXQDTXHUHVXOWDGHODHVHQFLDGHWUHVPyQDGDVVXVVXMHWRV8QD
WUtDGDGHJHQHUDGDGLiGLFDPHQWHHVODTXHUHVXOWDGHODGtDGD8QDWUtDGDJHQXLQDHVODTXHQRSXHGH
VHU UHVXHOWD HQ FXDOTXLHUD GH HVWDV YtDV (VH FRORU QDUDQMD LQWHUPHGLR HQWUH URMR \ DPDULOOR HV XQD
WUtDGDGHJHQHUDGDPRQiGLFDPHQWH'HWDOPDQHUDTXHXQDFXDOLGDGGDGDHVWiFRPSXHVWDGHRWUDVGRV
$Vt URMR \ YHUGH VH SDUHFHQ DO YLROHWD PiV TXH HOORV VH SDUHFHQ HQWUH Vt 4XH HO URMR VHD XQD
GHWHUPLQDFLyQ GHO FRORU \ HO HVFDUODWD GHO URMR LPSOLFD XQD WUtDGD GHJHQHUDGD PRQiGLFDPHQWH \
SHUWHQHFH D OD FODVH GH WUtDGDV HVHQFLDOHV VLQ HPEDUJR SURSLDPHQWH XQD WUtDGD GHJHQHUDGD
GLiGLFDPHQWH VH GD FXDQGR ODV GtDGDV FRPSRQHQWHV VRQ GtDGDV HVHQFLDOHV (V DVt HVHQFLDO SHUR
LQGLUHFWDPHQWH HVHQFLDO $Vt HO TXH ODV QDUDQMDV \ ORV OLPRQHV KXHODQ SDUHFLGR DXQTXH KD\
SURSLDPHQWH VyOR XQD GtDGD FRQ WRGR SXHGH VHU FRQVLGHUDGD FRPR XQD WUtDGD VLHQGR OD FXDOLGDG
FRP~QGHORORUHOWHUFHUVXMHWR4XHXQVDERUFtWULFR\XQSHUIXPHGHFRORQLDFRH[LVWDHQHOOLPyQVyOR
SXHGHVHUPLUDGRFRPRXQDWUtDGD\QRFRPRXQDGtDGD4XH$VHDSDGUHGH%\%KHUPDQRGH&HV
XQDWUtDGDGHJHQHUDGDGHPRGRJHQXLQDPHQWHGLiGLFR4XH$VHDQRUWHGH%\%RULHQWHGH&HVXQD
WUtDGDIRUPDGDSRUGRVGtDGDVGHXQWLSR\XQDGtDGDGHRWURWLSRPHUHILHURDODVHPHMDQ]DGHORV
RWURV GRV SHUR HVWR HV DFFLGHQWDO (VWD HV FDVL SHUR QR FRPSOHWDPHQWH XQD WUtDGD JHQXLQD $ HV
PDGUHGH%\%HVPXMHUGH&$TXtODVGRVGtDGDVFRPSRQHQWHVVRQPiVLQGHSHQGLHQWHVXQDGHRWUD
(VWHHVXQFDVRPiVSXURGHWUtDGDGHJHQHUDGDGLiGLFDPHQWH
$OFRQVLGHUDUODWUtDGDJHQXLQDHVEXHQRKDFHUQRWDUHQSULPHUWpUPLQRTXHHO~OWLPRKHFKR
TXHVHVXSRQHTXHLPSOLFDHOKHFKRGHTXH$HVVXHJUDGH&ORFXDOQRHVXQDWUtDGDVLQRXQDGtDGD
&LHUWDPHQWHWRGDWUtDGDFRPRVHKDKHFKRQRWDUDQWHVLPSOLFDXQDGtDGDSHURODSHFXOLDULGDGGHOD
WUtDGDGLiGLFDVRODPHQWHGLILHUHGHODWUtDGDHQODIDOWDGHSDUWLFXODUL]DFLyQGHOVXMHWRPHGLDGRU$Vt
UHYLUWLHQGRHOSURFHVRWRGDGtDGDSRUXQDSDUWLFXODUL]DFLyQLPSOLFDXQDWUtDGDGLiGLFD$Vt$DVHVLQD
D%HVXQDJHQHUDOL]DFLyQGH$GLVSDUDXQDEDOD\ODEDODIDWDOPHQWHKLHUHD%(VWRHVYHUGDGLQFOXVR
FRQUHVSHFWRDODGtDGD$SHVWDxHDORFXDOLPSOLFDODWUtDGD$H[SHULPHQWDXQDLUULWDFLyQQHUYLRVD\
ODLUULWDFLyQQHUYLRVDFDXVDXQSHVWDxHRGHOSiUSDGR7DOGHVDUUROORSXHGHOODPDUVHXQDH[SOLFDFLyQGH
ODPyQDGDFRORUHDGRVHH[SOLFDHQODGtDGDPRQiGLFDHOURMRHVFRORUHDGR\URMRHVH[SOLFDGRHQOD
HVFDUODWD HV URMD 8QD WUtDGD SXHGH VHU H[SOLFDGD SRU XQD WpWUDGD WULiGLFD $Vt $ GD % D & VH
WUDQVIRUPDHQ$KDFHHOFRQYHQLR'FRQ&\HOFRQYHQLR'GD%D&
3HURVLFRPSDUDPRVODPyQDGDLPSOLFDGDHQXQDGtDGDJHQXLQDFRPRURMRHQHVWDFRVDHV
URMD FRQ HVWD GtDGD YHPRV TXH HVWD ~OWLPD HV DOJR PiV TXH XQD PHUD H[SOLFDFLyQ GH URMR (V OD
YHUGDG GH OR TXH .DQW OODPy XQ MXLFLR VLQWpWLFR HV GHFLU JHQXLQDPHQWH GLiGLFR ,PSOLFD OD
H[LVWHQFLD PLHQWUDV TXH URMR R FXDOTXLHU PHUD H[SOLFDFLyQ GH URMR QR HV PiV TXH XQD SRVLELOLGDG
,QFOXVR HQ DOJR HV URMR TXH GHMD SOHQDPHQWH LQGHWHUPLQDGR TXp HV OR TXH HV URMR \
FRQVHFXHQWHPHQWHQRH[SOLFDUHDOPHQWHURMRHQPRGRDOJXQRODH[LVWHQFLDHVWDQSRVLWLYDFRPRHQ
HVWR HV URMR $KRUD FRQVLGHUHPRV OD WUtDGD $ KDFH XQ FRQWUDWR FRQ & 'HFLU TXH $ VLJQD HO
GRFXPHQWR & \ & VLJQD HO GRFXPHQWR ' VLQ LPSRUWDU HO FRQWHQLGR GHO GRFXPHQWR QR KDFH XQ
FRQWUDWR(OFRQWUDWRHVWiHQODLQWHQFLyQ<¢TXpHVODLQWHQFLyQ"(VTXHFLHUWDVUHJODVFRQGLFLRQDOHV
KDQGHJREHUQDUODFRQGXFWDGH$\GH&1RKD\KHFKRSRVLWLYRHQHVWRHVVRODPHQWHFRQGLFLRQDOH
LQWHQFLRQDO7RGDYtDPHQRVVLHVSRVLEOHHVXQDFXDOLGDGPHUDPHQWHPRQiGLFD7LHQHUHIHUHQFLDVD
ODVFRQGLFLRQHVGHH[SHULHQFLDTXHLPSOLFDQH[LVWHQFLDLPSOLFDQKHFKRVGLiGLFRV3XHGHGHFLUVHTXH
HVXQKHFKRSVtTXLFR(VWRHVYHUGDGHQODPHGLGDHQTXHHVWiLPSOLFDGRXQKHFKRSVtTXLFRSHURQR
KD\LQWHQFLyQDQRVHUTXHDOJRVHDSUHWHQGLGR\HVRTXHHVSUHWHQGLGRQRSXHGHVHUUHFXELHUWRSRU
QLQJ~QKHFKRYDPiVDOOiGHFXDOTXLHUFRVDTXHSXHGDDOJXQDYH]VHUKHFKDRKD\DVXFHGLGRSRUTXH
VH H[WLHQGH PiV DOOi GH WRGD OD DPSOLWXG GH XQD FRQGLFLyQ JHQHUDO \ XQD OLVWD FRPSOHWD GH FDVRV
SRVLEOHV HV DEVXUGD $ SDUWLU GH VX YHUGDGHUD QDWXUDOH]D VLQ LPSRUWDU FXiQ OHMRV KD\D OOHJDGR VX
HVSHFLILFDFLyQ SXHGH VHU OOHYDGD PiV OHMRV \ OD FRQGLFLyQ JHQHUDO UHFXEUH WRGD HVD SRVLELOLGDG
LQFRPSOHWDEOH
$KtSXHVWHQHPRVXQHMHPSORGHXQDWUtDGDJHQXLQD\XQDFRQFHSFLyQWULiGLFD3HUR¢FXiO
HV OD GHVFULSFLyQ JHQHUDO GH XQD WUtDGD JHQXLQD" (VWR\ FRQYHQFLGR GH TXH QLQJXQD WUtDGD TXH QR
HQYXHOYDJHQHUDOLGDGHVGHFLUFX\DDVHUFLyQQRLPSOLTXHDOJRFRQFHUQLHQWHDWRGRSRVLEOHREMHWRGH
DOJXQDGHVFULSFLyQSXHGHVHUXQDWUtDGDJHQXLQD/DPHUDDGLFLyQGHXQRDGRVKDFHXQDWUtDGD\DKt
HVWiFRQWHQLGDXQDLGHDWRWDOPHQWHLQGHVFRPSRQLEOHHQODVLGHDVGHXQR\GRV3XHVODDGLFLyQLPSOLFD
GRVVXMHWRVDxDGLGRV\DOJ~QRWURFRPRUHVXOWDGRGHODDGLFLyQ'HDTXtTXHVHDHUUyQHRGHILQLUGRV
FRPRODVXPDGHXQR\XQRSXHVGHDFXHUGRFRQWDOGHILQLFLyQGRVLPSOLFDUtDODLGHDGHWUHV/DLGHD
FDUDFWHUtVWLFD GH GRV HV RWUR /D LGHD FRUUHVSRQGLHQWH FDUDFWHUtVWLFD GH WUHV HV WHUFHUR 0HGLXP HV
SUy[LPRHQFXDQWRDPSOLR\DVtHVPiVXQLWDULRXQLWHU
/D WUtDGD JHQXLQD QR FRQWLHQH QLQJXQD LGHD HVHQFLDOPHQWH GLIHUHQWH GH OD GH REMHWR RWUR
WHUFHUR 3HUR LPSOLFD OD LGHD GH XQ WHUFHUR QR UHVROXEOH HQ XQD VXPD FDUHQWH GH IRUPD (Q RWUDV
SDODEUDVLPSOLFDODLGHDGHDOJRPiVTXHWRGRORTXHSXHGHUHVXOWDUGHODDGLFLyQVXFHVLYDGHXQRPiV
XQR(VHWRGRORTXHSXHGHLPSOLFDODLGHDGHWRGRDOJRSRVLEOH\SRUFRQVLJXLHQWHGHJHQHUDOLGDG
/DWUtDGDJHQXLQDSXHVGHEHLPSOLFDUJHQHUDOLGDG
(O PXQGR GH KHFKR FRQWLHQH VRODPHQWH OR TXH HV \ QR WRGR OR TXH HV SRVLEOH GH FDGD
GHVFULSFLyQ 'H DTXt TXH HO PXQGR GH KHFKR QR SXHGH FRQWHQHU XQD WUtDGD 3HUR DXQTXH QR SXHGH
FRQWHQHUXQWUtDGDJHQXLQDSXHGHVHUJREHUQDGRSRUWUtDGDVJHQXLQDV
+DVWDDTXtHQFXDQWRDODGLYLVLyQGHWUtDGDVHQPRQiGLFDVGLiGLFDV\WULiGLFDVGH>¢R"@WUtDGDV
JHQXLQDV
/DV WUtDGDV GLiGLFDV VRQ REYLDPHQWH GH GRV WLSRV SULPHUR ODV TXH WLHQHQ GRV VXMHWRV
PRQiGLFRVFRPRXQSHUIXPHLQWHQVR\XQJXVWRTXHPDQWHHVWiQXQLGRVHQPXFKRVDFHLWHVHVHQFLDOHV
\HQVHJXQGROXJDUODVTXHWLHQHQWRGRVVXVVXMHWRVLQGLYLGXDOHV
/DVWUtDGDVJHQXLQDVVRQGHWUHVWLSRV3XHVPLHQWUDVVLXQDWUtDGDHVJHQXLQDQRSXHGHVHU
HQ HO PXQGR GH OD FXDOLGDG QL HQ HO GHO KHFKR FRQ WRGR SXHGH VHU XQD PHUD OH\ R UHJXODULGDG GH
FXDOLGDGRGHKHFKR3HURXQDWUtDGDSOHQDPHQWHJHQXLQDHVWiHQWHUDPHQWHVHSDUDGDGHHVRVPXQGRV\
H[LVWHHQHOXQLYHUVRGHODVUHSUHVHQWDFLRQHV&LHUWDPHQWHODUHSUHVHQWDFLyQLPSOLFDQHFHVDULDPHQWH
XQD WUtDGD JHQXLQD 3XHV LPSOLFD XQ VLJQR R UHSUHVHQWDPHQ GH DOJ~Q WLSR H[WHUQR R LQWHUQR TXH
PHGLHHQWUHXQREMHWR\XQSHQVDPLHQWRLQWHUSUHWDQWH$KRUDELHQHVWRQRHVQLXQDPDWHULDGHKHFKR
GDGRTXHHOSHQVDPLHQWRHVJHQHUDOQLGHOH\GDGRTXHHOSHQVDPLHQWRHVWiYLYR
+DVWD DTXt HQ OR UHIHUHQWH DO SULPHU RUGHQ GH VXEGLYLVLRQHV GH ODV WUHV FODVHV GH WUtDGDV
3DVDQGRDVXEGLYLVLRQHVPiVEDMDVQRHQFXHQWURHQWUHODVGHODVWUtDGDVGHJHQHUDGDVQDGDHSDUWLFXODU
LQWHUpV ILORVyILFR DXQTXH DOJR SXHGD KDEHU VLGR SDVDGR SRU DOWR 3HUR HQWUH ODV VXEGLYLVLRQHV PiV
EDMDVGHODVWUtDGDVJHQXLQDVKD\HQDEXQGDQFLD
&RQVLGHUHPRV HQ SULPHU OXJDU HO SULPHU GRV GH ODV WUHV GLYLVLRQHV FDSLWDOHV GH WUtDGDV
JHQXLQDVTXHVRQODVOH\HVGHFXDOLGDG\ODVOH\HVGHKHFKR/DVOH\HVGHFXDOLGDGVRQWRGDVGHXQ
WLSR $ VDEHU WRGDV HOODV VLPSOHPHQWH GHWHUPLQDQ VLVWHPDV GH FXDOLGDGHV GH ODV FXDOHV HV HO PiV
SHUIHFWRHMHPSORFRQRFLGRODOH\ GH VLU ,VDDF 1HZWRQ GH OD PH]FOD GH FRORU FRQ HO VXSOHPHQWR GHO
GRFWRU7KRPDV<RXQJ
/DV OH\HV GHO KHFKR VH GLYLGHQ D Vt PLVPDV GHVGH HO SULQFLSLR HQWUH ODV TXH GHEHQ VHU
YHUGDGHUDV VL KD\ XQD UHVSXHVWD YHUGDGHUD D FDGD SUHJXQWD TXH WLHQH XQ VHQWLGR R FRPR GHFLPRV
HQWUHOH\HVOyJLFDPHQWHQHFHVDULDV\OH\HVOyJLFDPHQWHFRQWLQJHQWHV2WUDGLYLVLyQHVWitQWLPDPHQWH
FRQHFWDGDDpVWD$VDEHUGHODVOH\HVOyJLFDPHQWHFRQWLQJHQWHVODVPiVXQLYHUVDOHVVRQGHWDOWLSR
TXHWLHQHQTXHVHUYHUGDGHUDVFRQWDOTXHWRGDIRUPDTXHSRUOyJLFDQHFHVLGDGGHEDVHUSHQVDGDGHXQ
VXMHWR GDGR HV SRU WDQWR XQD IRUPD GH VHU UHDO /ODPDQGR D HVWH WLSR GH QHFHVLGDG QHFHVLGDG
PHWDItVLFDSRGHPRVGLYLGLUODVOH\HVOyJLFDPHQWHFRQWLQJHQWHVHQOH\HVPHWDItVLFDPHQWHQHFHVDULDV\
OH\HVPHWDItVLFDPHQWHFRQWLQJHQWHV
/DOH\JHQHUDOGHODFXDOLGDGHQFXDQWRGLVWLQWDDOVLVWHPDFODVLILFDWRULRGHODFXDOLGDGGHO
FXDO QR SRGHPRV WHQHU PiV TXH XQ FRQRFLPLHQWR IUDJPHQWDULR WLHQH FOiXVXODV TXH VH UHILHUHQ
UHVSHFWLYDPHQWHDFXDOLGDGHVVLPSOHVSDUHVGHFXDOLGDGHV\WUtDGDVGHFXDOLGDGHV/DSULPHUDFOiXVXOD
HVTXHFDGDFXDOLGDGHVSHUIHFWD\HQVtPLVPDWDOFRPRHV/DVHJXQGDOH\PiVFRPSOHMDHVTXHGRV
FXDOLGDGHVWLHQHQXQRXRWURGHGRVWLSRVGHUHODFLyQHOXQRFRQHORWURDVDEHUSXHGHQVHUHQSULPHU
OXJDULQGHSHQGLHQWHODXQDGHODRWUDVHPHMiQGRVHDOJR\GLIHUHQFLiQGRVHDOJRXQDGHODRWUDRHQ
VHJXQGROXJDUXQD GH HOODV SXHGH VHU PHUDPHQWH XQD GHWHUPLQDFLyQ XOWHULRU GH OD RWUD VLHQGR HVWD
~OWLPDHVHQFLDOPHQWHODSULPHUDGHOSDUHQHORUGHQGHHYROXFLyQRVtQWHVLVPLHQWUDVHVODVHJXQGD
GHOSDUHQHORUGHQGHODLQYROXFLyQRDQiOLVLV/DWHUFHUDFOiXVXODVHUHILHUHDORVDVSHFWRVRWHUFHUDV
FXDOLGDGHVHQODVTXHFRQFXHUGDQRGLILHUHQGRVFXDOLGDGHVFRPSDUDGDV(OSULPHURGHHVRVDVSHFWRV
HVODFXDOLGDGGHODFXDOLGDGRFRPRSRGHPRVGHFLUPDWL]HQHOTXHORVVDERUHVGHOD]~FDU\GHODVDO
GLILHUHQ R HO WRQR GH ORV VRQLGRV R HO DVSHFWR HQ HO FXDO URMR D]XO \ YHUGH GLILHUHQ (O VHJXQGR
DVSHFWR HV OD LQWHQVLGDG DEVROXWD GH OD FXDOLGDG VRQRULGDG HQ ORV VRQLGRV OXPLQRVLGDG HQ HO FRORU
IXHU]D HQ ORV VDERUHV \ RORUHV HWF (O WHUFHU DVSHFWR HV SXUH]D R OD LQWHQVLGDG UHODWLYD GH ORV
HOHPHQWRVPiVIXHUWHV(VJUDQGHHQFRORUHVIXHUWHV\VRQLGRVPXVLFDOHV(QDOJXQRVFDVRVODIXHU]D\
OD GHELOLGDG WLHQHQ PDWLFHV HVSHFLDOHV /RV FRORUHV EULOODQWHV WLHQGHQ KDFLD HO DPDULOOR ORV FRORUHV
RVFXURV DO YLROHWD 6RQLGRV YHUGDGHUDPHQWH GpELOHV WLHQGHQ KDFLD XQ FLHUWR WRQR /D SXUH]D \ OD
LPSXUH]DSXHGHQWHQHUVXVPDWLFHVSHFXOLDUHV
'HPRGRSDUHFLGRODOH\JHQHUDOGHODOyJLFDWLHQHVXVWUHVFOiXVXODV/DFOiXVXODPRQiGLFD
HVTXHHOKHFKRHVHQVXH[LVWHQFLDSHUIHFWDPHQWHGHILQLGR/DLQYHVWLJDFLyQOOHYDGDFRQPiVH[DFWLWXG
DOFDQ]DUi DOJ~Q UHVXOWDGR GHILQLGR R ILMR TXH VH DSUR[LPD LQGHILQLGDPHQWH KDFLD HVH OtPLWH &DGD
VXMHWR HVWi H[LVWHQFLDOPHQWH GHWHUPLQDGR FRQ UHVSHFWR D FDGD SUHGLFDGR /D FOiXVXOD GLiGLFD HV TXH
KD\GRV\QDGDPiVTXHGRVSRVLEOHVGHWHUPLQDFLRQHVGHFDGDVXMHWRFRQUHIHUHQFLDDFDGDSUHGLFDGR
ODDILUPDWLYD\ODQHJDWLYD1RVRODPHQWHHVPDQLILHVWRHOFDUiFWHUGLiGLFRSRUODGREOHGHWHUPLQDFLyQ
VLQR WDPELpQ SRU OD SUHVFULSFLyQ GREOH SULPHUR TXH ODV SRVLELOLGDGHV VRQ GRV SRU OR PHQRV \
VHJXQGRTXHKD\VyORGRVDORPi[LPR/DGHWHUPLQDFLyQQRHVDPEDVFRVDVDILUPDWLYD\QHJDWLYD
VLQRTXHHVXQDXRWUD8QDWHUFHUDIRUPDOLPLWDQWHGHODGHWHUPLQDFLyQDIHFWDDFXDOTXLHUVXMHWR>FRQ
UHVSHFWR@D>DOJ~QRWUR@XQRGHFX\RVPRGRVGHH[LVWHQFLDHVGHXQRUGHQPiVEDMR>LPSOLFDQGRHO
FDVR OLPLWDQWH@ XQ FHUR UHODWLYR UHIHULGR D ORV VXMHWRV GH OD DILUPDFLyQ \ OD QHJDFLyQ FRPR XQD
KLSyWHVLVLQFRQVLVWHQWHORHVDXQDFRQVLVWHQWH/DFOiXVXODWULiGLFDGHODOH\GHODOyJLFDUHFRQRFHWUHV
HOHPHQWRVHQODYHUGDGODLGHDRSUHGLFDGRHOKHFKRRVXMHWRHOSHQVDPLHQWRTXHRULJLQDOPHQWHORV
MXQWD \ UHFRQRFH TXH HVWiQ MXQWRV GH GRQGH UHVXOWDQ YDULDV FRVDV HQ HVSHFLDO XQ SURFHGLPLHQWR
LQIHUHQFLDOWULSOHTXHRSULPHURVLJXHHORUGHQGHLQYROXFLyQGHOSHQVDPLHQWRYLYRROH\LPSHUDQWH\
HO FDVR H[LVWHQFLDO EDMR OD FRQGLFLyQ GH OD OH\ D OD SUHGLFDFLyQ GH OD LGHD GH OD OH\ HQ HVH FDVR R
VHJXQGR SURFHGH GH OD OH\ YLYD \ OD LQKHUHQFLD GH OD LGHD GH HVD OH\ HQ XQ FDVR H[LVWHQFLDO D OD
VXEVXQFLyQGHHVHFDVRH[LVWHQFLDOEDMRODFRQGLFLyQGHXQDOH\YLYD\ODLQKHUHQFLDGHODLGHDGHHVD
OH\HQHVHFDVRDODOH\YLYDPLVPD$VtODOH\GHODOyJLFDJRELHUQDODVUHODFLRQHVGHORVGLIHUHQWHV
SUHGLFDGRVGHXQVXMHWR
/D OH\ JHQHUDO GH OD PHWDItVLFD KD VLGR SRFR HQWHQGLGD /D DWHQFLyQ GH ORV SHQVDGRUHV KD
HVWDGR WDQ ILMD HQ OD FXHVWLyQ GH VX YHUGDG TXH GXUDQWH PXFKR WLHPSR KDQ SDVDGR SRU DOWR OD
LPSRUWDQFLDGHGHWHUPLQDUFRQSUHFLVLyQTXpHVLQFOXVRDXQTXHQRVHDDEVROXWDPHQWHYHUGDGHUDGDGR
TXHVLQGXGDHVHOSURGXFWRGHOSHQVDPLHQWRQDWXUDO\GHOUD]RQDPLHQWRHOFXDOSRUOHMRVTXHSXHGD
VHU OOHYDGR PiV DOOi GH OD FRQFOXVLyQ OHJtWLPD HV UD]RQDPLHQWR YHUGDGHUR GH XQ WLSR YiOLGR /D
GLILFXOWDGGHKDFHUDTXtXQDEUHYHH[SRVLFLyQGHDOJ~QYDORUHVVXILFLHQWHPHQWHJUDQGHSRUHVWDUD]yQ
3HURDGHPiVGHHVRH[SOLFDFLRQHVEUHYHVGHWLSRPHWDItVLFRGLItFLOPHQWHSXHGHQKDFHUVHLQWHOLJLEOHV
6yORSXHGRGDUQRWLFLDGHDOJXQRVSXQWRVGHODOH\TXHWLHQGHQDPRVWUDUODWULSOHGLYLVLyQGHODOH\
/DPHWDItVLFDFRQVLVWHHQORVUHVXOWDGRVGHODDFHSWDFLyQDEVROXWDGHORVSULQFLSLRVOyJLFRV
QRFRPRYiOLGRVUHJXODWLYDPHQWHVLQRFRPRYHUGDGHVGHOVHU'HDFXHUGRFRQHVRKD\TXHDVXPLU
TXHHOXQLYHUVRWLHQHXQDH[SOLFDFLyQFX\DIXQFLyQFRPRODGHWRGDH[SOLFDFLyQOyJLFDHVXQLILFDUOD
YDULHGDGREVHUYDGD6HVLJXHGHDKtTXHODUDt]GHWRGRVHUHVXQR\DVtFRPRGLIHUHQWHVVXMHWRVWLHQHQ
XQFDUiFWHUFRP~QDVtSDUWLFLSDQXQPLVPRVHU(VWRRDOJRFRPRHVWRHVODFOiXVXODPRQiGLFDGHOD
OH\6HJXQGRVDFDQGRXQDLQGXFFLyQJHQHUDOGHWRGRVORVKHFKRVREVHUYDGRVHQFRQWUDPRVTXHWRGD
UHDOL]DFLyQGHH[LVWHQFLDGHVFDQVDHQODRSRVLFLyQWDOFRPRDWUDFFLRQHVUHSXOVLRQHVYLVLELOLGDGHV\
FHQWURVGHSRWHQFLDOLGDGJHQHUDO(OKLVRSRGHOPXURFUHFHHQHVDJULHWDSRUTXHQLWRGRHOXQLYHUVR
SRGUtDLPSHGLUVXFUHFLPLHQWR7DOHVRDOPHQRVHVXQDSDUWHXQDFOiXVXODGLiGLFDGHODOH\(QOD
WHUFHUD FOiXVXOD WHQHPRV FRPR XQD GHGXFFLyQ GHO SULQFLSLR GH TXH HO SHQVDPLHQWR HV HO HVSHMR GHO
VHUODOH\GHTXHHOILQGHOVHU\ODPiVDOWDUHDOLGDGHVODGHVSHUVRQL]DFLyQYLYLHQWHGHODLGHDTXH
HQJHQGUDODHYROXFLyQ/RTXHHVUHDOHVODOH\GHDOJRPHQRVUHDO6WXDUW0LOOGHILQHODPDWHULDFRPR
XQDSHUPDQHQWHSRVLELOLGDGGHVHQVDFLyQHQVX([DPLQDWLRQ RI6LU:+DPLOWRQ
V 3KLORVRSK\ FDS
¢4Xp HV XQD SRVLELOLGDG SHUPDQHQWH VLQR XQD OH\" (O iWRPR DFW~D VREUH HO iWRPR FDXVDQGR
WHQVLyQHOODPDWHULDLQWHU\DFHQWH$VtODIXHU]DHVHOKHFKRJHQHUDOGHORVHVWDGRVGHORViWRPRV(VWR
HVYHUGDGGHODIXHU]DHQVXVHQWLGRPiVDPSOLRHOGLDGLVPR/RTXHFRUUHVSRQGHDXQDFODVHJHQHUDO
GH GtDGDV HV XQD UHSUHVHQWDFLyQ GH HOOR \ OD GtDGD QR HV RWUD FRVD TXH XQD FRQIOXHQFLD GH
UHSUHVHQWDFLRQHV8QDFODVHJHQHUDOGHUHSUHVHQWDFLyQHVDTXHOORTXHPXFKDVGHWDOHVFRVDVWLHQHQHQ
FRP~Q<DVtVXFHVLYDPHQWH
3DVDQGR D OH\HV TXH VRQ PHWDItVLFDPHQWH FRQWLQJHQWHV HV GHFLU TXH QR HVWiQ
QHFHVDULDPHQWHLPSOLFDGDVHQODH[WHQVLyQOLWHUDOSDUDVHUGHODVOH\HVQHFHVDULDVGHODYHUGDGOyJLFD
SRGHPRV GLYLGLU pVWDV HQ SULPHU OXJDU HQWUH ODV TXH LPSRQHQ D ORV VXMHWRV GH OD H[LVWHQFLD GLiGLFD
IRUPDV GH UHDFFLyQ DQiORJDV D ODV GH OD /yJLFD HV GHFLU ODV OH\HV GHO WLHPSR PHGLDQWH ODV FXDOHV
HYDGHQODVOH\HVGHODOyJLFDFRQUHVSHFWRDLQKHUHQFLDVFRQWUDULDV\ODVTXHQRWLHQHQUHODFLyQFRQOD
OyJLFD+D\RWUDGLYLVLyQHVWUHFKDPHQWHFRQHFWDGDFRQpVWDDVDEHUODGLYLVLyQGHOD~OWLPDFODVHGH
OH\HVHQWUHODVTXHVRQLPSXHVWDVDORVREMHWRVUHDFFLRQDQGRH[LVWHQFLDOPHQWHXQRVREUHRWURFRPR
PHUDPHQWHFRH[LVWHQWHVTXHVRQODVOH\HVGHOHVSDFLR\ODVTXHVRQLPSXHVWDVDORVVXMHWRVVyORHQOD
PHGLGDHQTXHVXPRGRGHH[LVWHQFLDHVHQVXSURSLDQDWXUDOH]DPHWDItVLFDODGHXQVXMHWRHVGHFLU
OH\HVGHODVFRVDVVXVWDQFLDOHV
&RQ UHIHUHQFLD D HVWD GRV GLYLVLRQHV HV LQHYLWDEOH XQD ODUJD \ DUGXD GLVFXVLyQ ILORVyILFD 6HUtD
WRWDOPHQWHLPSUDFWLFDEOHUHVXPLUODHQHOSUHVHQWHHVER]RGHODVIRUPDVTXHVRQDVXPLGDVSRUODVWUHV
LGHDV IXQGDPHQWDOHV GH OD ILORVRItD 7RGR OR TXH VH SXHGH KDFHU HV GHVSOHJDU HQ DOJXQD PHGLGD ODV
FDUDFWHUtVWLFDVGHOSXQWRGHYLVWDDTXtDGRSWDGR
(Q SULPHU OXJDU HV EDVWDQWH PDQLILHVWR TXH OD OH\ GHO WLHPSR QR HV XQD OH\ PHWDItVLFD
1XHVWURLQVWLQWROyJLFRQRVGLFHHVR7RPDPRVFRPRHMHPSORWtSLFRGHXQDOH\PHWDItVLFDODOH\GH
TXH WRGR OR TXH H[LVWH DXQTXH VX H[LVWHQFLD VHD PDWHULD GH XQ KHFKR EUXWR VLQ FRQVLGHUDFLyQ D
QLQJXQDFXDOLGDGWLHQHTXHVHxRUHDUGHPRGRGHILQLGRRVHUVLQQLQJXQDFXDOLGDGPRQiGLFD$KRUD
ELHQ VHQWLPRV GH PDQHUD LQVWLQWLYD TXH OD QHFHVLGDG GH HVR HV DEVROXWDPHQWH PD\RU TXH FXDOTXLHU
QHFHVLGDG GH YLQFXODFLRQHV HQWUH ODV SRVHVLRQHV HQ XQ VXMHWR GH DWULEXWRV FRQWUDULRV GH VHU
UHODFLRQDGRV XQR FRQ RWUR FRPR SUHPLVDV \ FRQFOXVLRQHV FRPR DQWHV \ GHVSXpV 8QD HV HO HVSHMR
PHUDPHQWH H[LVWHQFLDO GH XQD OH\ GH OD OyJLFD (V HO UHTXHULPLHQWR GH OR TXH HV QHFHVDULDPHQWH
YHUGDGHUR VL KD\ DOJXQD YHUGDG KD GH VHU SDUWH GH XQ KHFKR H[LVWHQFLDO \ QR PHUDPHQWH GHO
SHQVDPLHQWR3HURODRWUDH[LJHTXHHOPHURSURFHVRGHOSHQVDPLHQWRTXHODOyJLFDFRQVLGHUDPHQWDO
\ QXQFD LQVLVWH HQ SUHGLFDUOR GHO VXMHWR FRPR YHUGDGHUR KD GH HVWDU UHIOHMDGR pO PLVPR HQ OD
H[LVWHQFLD3HURFRPRODOH\GHOWLHPSRQRHVPHWDItVLFDHVVHQFLOODPHQWHDSDUWLUGHHVWDGHVFULSFLyQ
OD VLJXLHQWH SXHUWD D XQD OH\ PHWDItVLFD (VWD HV OD UD]yQ GH KDFHU TXH HVWD GLYLVLyQ VLJD
LQPHGLDWDPHQWHGHVSXpVGHDTXHOODHQWUHOH\HVPHWDItVLFDPHQWHQHFHVDULDV\FRQWLQJHQWHV
6HUiPX\GLItFLOSDUDPXFKDVPHQWHV\SDUDODVPHMRUHV\PiVFODUDVPHQWHVPiVGLItFLO
TXH SDUD ODV RWUDV FDSWDU OD UHFWLWXG OyJLFD GH XQ SXQWR GH YLVWD TXH QR FRORFD OD VXSRVLFLyQ GHO
WLHPSRDQWHVGHODPHWDItVLFDRODOyJLFDHQOXJDUGHGHVSXpVGHHVRVWLSRVGHQHFHVLGDGFRPRDTXtVH
KD KHFKR 3HUR HVWD HV XQD REMHFLyQ QR D HVWH SXQWR SDUWLFXODU GHO GHVDUUROOR VLQR DO SODQ JHQHUDO
$GPLWLU OD IXHU]D GH OD REMHFLyQ \ OOHYDUOD KDVWD VXV FRQVHFXHQFLDV UHVXOWDUtD VLPSOHPHQWH UHYHUWLU
WRGR HO RUGHQ GHO GHVDUUROOR KDFLpQGROR FRPHQ]DU FRQ WUtDGDV \ PyQDGDV HQ ODV GtDGDV 1R VyOR QR
KD\ QDGD HUUyQHR HQ WDO GLVSRVLFLyQ VLQR TXH ODV FRQFHSFLRQHV QR SXHGHQ VHU DSUHVDGDV GH PDQHUD
SOHQDKDVWDTXHHVRKD\DVLGROOHYDGRDFDER3HURHVWDHVVRODPHQWHXQDGHODVFDUDVGHODPRQHGD
GHELHQGRVHUH[DPLQDGDVODVGRV\VLQWHWL]DGDVHQHOSXQWRGHYLVWDUHDOPHQWHILORVyILFR/DUD]yQHV
TXHDXQTXHHOSXQWRGHYLVWDTXHWRPDODWUtDGDSULPHURKDGHVHUHQWHQGLGRQHFHVDULDPHQWHGHVGH
FXDOTXLHUSXQWRGDGRFRQWRGRQRSXHGHVHUOOHYDGRDFDERSRUODQDWXUDOH]DGHOFDVRGHXQDPDQHUD
PLQXFLRVD ¢&yPR SRU HMHPSOR HPSH]DUtD 9G" 7RPDQGR OD WUtDGD SULPHUR 6L 9G OR KDFH DVt D
SHVDUGH9GPLVPRLQWURGXFHODLGHDPRQiGLFDGHSULPHURGHVGHHOSULQFLSLR3DUDOOHJDUDODLGHD
GHXQDPyQDGD\HQHVSHFLDOSDUDKDFHUGHHOODXQDFRQFHSFLyQSUHFLVD\FODUDHVQHFHVDULRFRPHQ]DU
FRQ OD LGHD GH XQD WUtDGD \ HQFRQWUDU OD LGHD GH PyQDGD LPSOLFDGD HQ HOOD 3HUR HVWR HV VyOR XQ
DQGDPLDMHQHFHVDULRGXUDQWHHOSURFHVRGHFRQVWUXFFLyQGHODFRQFHSFLyQ&XDQGRODFRQFHSFLyQKD
VLGRFRQVWUXLGDSXHGHVHUTXLWDGRHODQGDPLDMH\ODLGHDGHPyQDGDHVWDUiDKtHQWRGDVXDEVWUDFWD
SHUIHFFLyQ'HDFXHUGRFRQHOFDPLQRTXHDTXtVHVLJXHGHVGHODPyQDGDDODWUtDGDGHVGHODVWUtDGDV
PRQiGLFDV D ODV WUtDGDV WULiGLFDV HWF QR SURJUHVDPRV SRU LQYROXFLyQ OyJLFD QR GHFLPRV TXH OD
PyQDGD LPSOLFD XQD GtDGD VLQR TXH VHJXLPRV XQD VHQGD GH HYROXFLyQ (V GHFLU TXH SDUD OOHYDU D
FDER\FXPSOLGDPHQWHODPyQDGDQHFHVLWDPRVDFRQWLQXDFLyQODGtDGD(VWHSDUHFHXQPpWRGRYDJR
FXDQGRVHSODQWHDHQWpUPLQRVJHQHUDOHVSHURHQFDGDFDVRUHVXOWDTXHHOHVWXGLRSURIXQGRGHFDGD
FRQFHSFLyQHQWRGRVVXVUDVJRVSURGXFHXQDFODUDSHUFHSFLyQTXHUHTXLHUHXQDVLJXLHQWHFRQFHSFLyQ
+DVWD DKt +HJHO HV WRWDOPHQWH FRUUHFWR 3HUR IRUPXOD HO SURFHGLPLHQWR JHQHUDO GH PRGR
GHPDVLDGR HVWUHFKR KDFLHQGR XVR GH XQ PpWRGR QR PiV DOWR TXH HO GLOHPD HQ OXJDU GH GDUOH XQD
HVHQFLDREVHUYDFLRQDO/DIyUPXODUHDOHVpVWDXQDFRQFHSFLyQHVFRQVWUXLGDGHDFXHUGRFRQXQFLHUWR
SUHFHSWR >OXHJR@ KDELpQGROD REWHQLGR DVt SURFHGHPRV D DQRWDU UDVJRV GH HOOD ORV FXDOHV DXQTXH
QHFHVDULDPHQWH HQYXHOWRV HQ HO SUHFHSWR QR QHFHVLWDUtDQ VHU WRPDGRV HQ FXHQWD SDUD FRQVWUXLU OD
FRQFHSFLyQ (VRV UDVJRV TXH SHUFLELPRV WRPDQ IRUPDV UDGLFDOPHQWH GLIHUHQWHV \ HQFRQWUDPRV TXH
HVDV IRUPDV GHEHQ VHU SDUWLFXODUL]DGDV R GHFLGLU HQWUH HOODV DQWHV GH TXH SRGDPRV REWHQHU XQD
FRPSUHVLyQ PiV SHUIHFWD GH OD FRQFHSFLyQ RULJLQDO (V DVt TXH HO SHQVDPLHQWR HV LPSHOLGR SRU XQD
VHQGDSUHGHVWLQDGD(VWDHVODYHUGDGHUDHYROXFLyQGHOSHQVDPLHQWRGHOFXDOHOPpWRGRGLV\XQWLYRGH
+HJHOHVVRODPHQWHXQFDUiFWHUHVSHFLDOTXHODHYROXFLyQKDDVXPLGRDOJXQDVYHFHV(OJUDQSHOLJUR
GHO SHQVDPLHQWR HYROXWLYR HVWi HQ IRU]DU ORV SDVRV TXH QR VRQ LQHYLWDEOHV SRU FRQVLJXLHQWH GH QR
WHQHUXQDDSUHKHQVLyQVXILFLHQWHPHQWHGLVWLQWDGHORVUDVJRVGHODFRQFHSFLyQHOODPDQRSDUDYHUTXp
HV OR TXH GHEH VHJXLU H PRGR LQPHGLDWR /D LGHD GHO WLHPSR GHEH VHU HPSOHDGD OOHJDQGR D OD
FRQFHSFLyQGHODFRQVHFXHQFLDOyJLFDSHURXQDYH]REWHQLGDODLGHDSXHGHVHURPLWLGRHOHOHPHQWR
WLHPSR GHMDQGR DVt OD VHFXHQFLD OyJLFD OLEUH GH WLHPSR +HFKR HVWR HO WLHPSR DSDUHFH FRPR XQ
DQiORJRH[LVWHQFLDOGHOIOXMROyJLFR
6H GLFH TXH HO WLHPSR HV OD IRUPD GH LQWXLFLyQ LQWHUQD 3HUR HVWR HV XQ HUURU GHO WLSR TXH
DFDEDPRVGHFRQVLGHUDU&RQIXQGHORTXHVHKDGHVDUUROODGRDSDUWLUGHODLGHDGHOWLHPSRFRQORTXH
HVWiLPSOLFDGRHQHOOD/DWDUHDGHODQDOLVWDHVGHVFLIUDUORVUDVJRVGHODOH\GHOWLHPSRGHEHFRPHQ]DU
SRUIRUPXODUFRQSUHFLVLyQTXpHVORTXHHVDOH\SUHWHQGHH[SOtFLWDPHQWHKDFHUVXMHWRGHOWLHPSR(Q
SULPHU OXJDU VRQ VRODPHQWH DFRQWHFLPLHQWRV UHDOHV TXH WLHQHQ OXJDU R WLHQHQ IHFKDV HQ HO WLHPSR
UHDO /RV DFRQWHFLPLHQWRV LPDJLQDULRV HO FXUVR GH XQD QRYHOD VRQ UHSUHVHQWDGRV FRPR VL WXYLHUDQ
UHODFLRQHV FRPR ODV GHO WLHPSR HQWUH XQR \ RWUR SHUR QR WLHQHQ OXJDUHV UHDOHV HQ HO WLHPSR 8QD
QRYHOD KLVWyULFD VH FRQHFWD PiV R PHQRV GHILQLGDPHQWH FRQ HO WLHPSR UHDO SHUR HV SRUTXH KDFH
FUHHUTXHHOORV>ORVDFRQWHFLPLHQWRVLPDJLQDULRV@VRQUHDOHV 6RQ SXHVVRODPHQWH DFRQWHFLPLHQWRV
H[LVWHQFLDOPHQWH UHDOHV ORV TXH OD OH\ GHO WLHPSR UHSUHVHQWD TXH YHUGDGHUDPHQWH WLHQHQ OXJDU HQ HO
WLHPSRUHDO¢4XpHVSXHVXQDFRQWHFLPLHQWRUHDO"(VXQDXQLyQH[LVWHQFLDOGHKHFKRVQRLQWHJUDEOHV
LQFRPSRVLEOH 8QD VROXFLyQ IHUUXJLQRVD DPDULOOHQWR SiOLGR PH]FODGD FRQ XQD VROXFLyQ DPDULOOR
SiOLGRGHIHUURFLDQXURGHSRWDVLRGHUHSHQWHVHYXHOYHD]XOSURIXQGR(VUHTXLVLWRTXHVXVHUGHXQ
SiOLGR YHUGX]FR R DPDULOOR URML]R \ SRU OR WDQWR QR D]XO GHED VHU XQ KHFKR \ TXH OD PLVPD FRVD
WUDQVIRUPiQGRVHHQD]XOGHEHVHUXQKHFKR(VRVGRVKHFKRVVRQFRQWUDGLFWRULRV(VGHFLUTXHDPERV
VHDQ YHUGDGHV SUHFLVDPHQWH GHO PLVPR VXMHWR HV DEVXUGR 3HUR TXH VHDQ YHUGDG GH XQ VXMHWR
H[LVWHQFLDOPHQWH LGpQWLFR QR HV DEVXUGR GDGR TXH VRQ PHURV DFFLGHQWHV GH XQD FRVD LQGLYLGXDO OD
FXDOHQFXDQWRWDOQRWLHQHHVHQFLD\DTXHVXPRGRGHH[LVWLUFRQVLVWHHQIRU]DUVHDVtPLVPDSDUD
ORJUDUXQOXJDUHQHOPXQGR&RQWRGRORVGRVDFFLGHQWHVQRSRGUtDQVHUFRPELQDGRVFRQRWUR(VWR
VHUtD DEVXUGR 3XHV HVRV DFFLGHQWHV VRQ FXDOLGDGHV PRQiGLFDV WLHQHQ HVHQFLDV \ HVDV HVHQFLDV VRQ
GHVLJXDOHV 6X FRPELQDFLyQ WHQGUtD OD IRUPD GH XQD WUtDGD PRQiGLFD SHUR QR VHUtD XQD WUtDGD
PRQiGLFDSRVLEOHYLRODUtDXQDOH\OyJLFD3HURDXQTXHODVGRVLQKHUHQFLDVQRSXHGHQVHUFRPELQDGDV
SXHGHQVHUXQLGDV(VWDYLQFXODFLyQQRHVXQDWUtDGDPRQiGLFDSHURHVGHWRGDVODVIRUPDVGHWUtDGD
GLiGLFD OD ~QLFD TXH PiV LPLWD OD WUtDGD PRQiGLFD 6L KXELpVHPRV HQXPHUDGR ODV GLYLVLRQHV GH ODV
WUtDGDV GLiGLFDV KXELpUDPRV HVWDGR REOLJDGRV D SRQHU HVWD OD SULPHUD GH WRGDV 8Q WLSR GH
DFRQWHFLPLHQWRDOPHQRVHVXQDWUtDGDGLiGLFDGHOSULPHUWLSRGLVWLQWDGHODWUtDGDPRQiGLFDHQOD
TXHHODFRQWHFLPLHQWRPH]FODGRFRQODHVHQFLDGHODVFXDOLGDGHVPRQiGLFDVVHUtDFRQWUDULRDXQD
OH\OyJLFDTXHIXHUDXQDWUtDGDPRQiGLFD
+D\ RWURV WLSRV GH VXFHVRV DOJR PiV FRPSOHMRV SRUTXH ORV FDUDFWHUHV DIHFWDGRV QR VRQ
VLPSOHVFXDOLGDGHVPRQiGLFDV3RUHMHPSOR$SXHGHKDFHUODJXHUUDD%HVGHFLUSXHGHSDVDUGHXQ
WLSR GH UHODFLyQ FRQ % D RWUD 3HUR YLHQHQ D VHU OD PLVPD FRVD +D\ XQD UHSXJQDQFLD HQWUH GRV
HOHPHQWRV PyQDGDV 'LItFLOPHQWH YDOH OD SHQD SDUD QXHVWUR SURSyVLWR SUHVHQWH HPSUHQGHU XQ ODUJR
DQiOLVLVSDUDKDFHUXQDSHTXHxtVLPDFRUUHFFLyQGHQXHVWUDGHILQLFLyQGHDFRQWHFLPLHQWRH[LJLGRSRU
HVWH DVXQWR 8Q VXFHVR VLHPSUH LPSOLFD XQD XQLyQ GH LQKHUHQFLDV FRQWUDGLFWRULDV HQ VXMHWRV
H[LVWHQFLDOPHQWHORVPLVPRV\DVHDTXHKD\DXQDVLPSOHFXDOLGDGPRQiGLFDLQKHULHQGRDXQVXMHWR
VLPSOH\DVHDTXHKD\DLQKHUHQFLDVGHHOHPHQWRVPRQiGLFRVFRQWUDGLFWRULRVGHGtDGDVRSROtDGDVHQ
JUXSRV VLPSOHV GH VXMHWRV 3HUR KD\ XQD SRVLEOH YDULDFLyQ PiV LPSRUWDQWH HQ OD QDWXUDOH]D GH ORV
DFRQWHFLPLHQWRV(QHOWLSRGHDFRQWHFLPLHQWRVFRQVLGHUDGRVKDVWDDKRUDDXQFXDQGRQRHVQHFHVDULR
TXH ORV VXMHWRV VHDQ GH H[LVWHQFLDOPHQWH GH OD QDWXUDOH]D GH ORV VXMHWRV HV GHFLU TXH VHDQ
VXVWDQFLDOPHQWHFRVDVGDGRTXHSXHGHQVHUXQDPHUDRQGDRXQIRFRySWLFRRDOJXQDRWUDFRVDGHOD
PLVPD QDWXUDOH]D OD TXH HV HO VXMHWR GHO FDPELR FRQ WRGR HV QHFHVDULR TXH HVRV VXMHWRV VHDQ HQ
DOJXQD PHGLGD SHUPDQHQWHV HV GHFLU VHDQ FDSDFHV GH GHWHUPLQDFLRQHV DFFLGHQWDOHV \ SRU OR WDQWR
WHQJDQ H[LVWHQFLD GLiGLFD 3HUR SRU RWUR ODGR HO DFRQWHFLPLHQWR SXHGH FRQVLVWLU HQ OD OOHJDGD D OD
H[LVWHQFLDGHDOJRTXHQRH[LVWHRDOUHYpV+D\XQDFRQWUDGLFFLyQDTXtSHURHQOXJDUGHFRQVLVWLUHQ
OD UHSXJQDQFLD PDWHULDO R SXUDPHQWH PRQiGLFD GH GRV FXDOLGDGHV KD\ XQD LQFRPSDWLELOLGDG HQWUH
GRVIRUPDVGHUHODFLyQWULiGLFDWDO\FRPRHQWHQGHUHPRVPHMRUPiVWDUGH(QJHQHUDOVLQHPEDUJR
SRGHPRV GHFLU TXH SDUD XQ DFRQWHFLPLHQWR VH UHTXLHUH SULPHUR XQD FRQWUDGLFFLyQ VHJXQGR
HQFDUQDFLRQHVH[LVWHQFLDOHVGHHVRVHVWDGRVFRQWUDGLFWRULRVWHUFHURXQDXQLyQH[LVWHQFLDOLQPHGLDWD
GHHVDVGRVHQFDUQDFLRQHVH[LVWHQFLDOHVFRQWUDGLFWRULDVRKHFKRVGHWDOPDQHUDTXHORVVXMHWRVVHDQ
H[LVWHQFLDOPHQWH LGpQWLFRV \ FXDUWR HQ HVWD XQLyQ H[LVWHQFLDO XQR GH ORV GRV KHFKRV GHEH VHU
H[LVWHQFLDOPHQWH SULPHUR HQ HO RUGHQ GH OD HYROXFLyQ \ H[LVWHQFLDOPHQWH VHJXQGR HQ HO RUGHQ GH OD
LQYROXFLyQ'HFLPRVTXHDTXpOHVSULPHURpVWHVHJXQGRHQHOWLHPSR(VGHFLUHOSDVDGRSXHGHHQ
DOJXQDPHGLGDREUDUHLQIOXLURIOXLUHQHOIXWXURSHURHOIXWXURQRSXHGHDFWXDUVREUHHOSDVDGR3RU
RWURODGRHOIXWXURSXHGHUHFRUGDU\FRQRFHUHOSDVDGRSHURHOSDVDGRVyORSXHGHFRQRFHUHOIXWXURHQ
ODPHGLGDHQTXHSXHGHLPDJLQDUHOSURFHVRSRUHOFXDOHOIXWXURYDDVHULQIOXLGR
7DO HV SXHV OD QDWXUDOH]D GHO DFRQWHFLPLHQWR $KRUD SRGHPRV LU PiV DGHODQWH KDFLD XQ
DQiOLVLVGHODVXVWDQFLDGHODOH\GHOWLHPSR7LHQHWUHVH[LJHQFLDVXQDPRQiGLFDRWUDGLiGLFD\RWUD
WULiGLFD/DFOiXVXODPRQiGLFDHQODOH\GHOWLHPSRHVTXHFXDOTXLHUKHFKRRGtDGDGLiGLFDTXHH[LVWH
H[LVWH GXUDQWH XQ WLHPSR \ HQ HVH WLHPSR (O DFRQWHFLPLHQWR HV OD XQLyQ H[LVWHQFLDO GH HVWDGRV HV
GHFLU GH DTXHOOR TXH HQ OD H[LVWHQFLD FRUUHVSRQGH D XQ HQXQFLDGR DFHUFD GH XQ VXMHWR GDGR HQ OD
UHSUHVHQWDFLyQ FX\D FRPELQDFLyQ HQ XQ VXMHWR YLRODUtD OD OH\ OyJLFD GH OD FRQWUDGLFFLyQ (O
DFRQWHFLPLHQWR SRU FRQVLJXLHQWH FRQVLGHUDGR FRPR XQD XQLyQ QR HV XQ VXMHWR QL LQKHUHQWH D XQ
VXMHWR ¢4Xp HV SXHV" 6X PRGR GH VHU HV XQD FXDVLH[LVWHQFLD H[LVWHQFLDO R HVH DFHUFDPLHQWR D OD
H[LVWHQFLDHQHOTXHORVFRQWUDULRVSXHGHQVHUXQLGRVHQXQVRORVXMHWR(OWLHPSRHVHVDGLYHUVLGDGGH
ODH[LVWHQFLDHQGRQGHDTXHOORTXHHVH[LVWHQFLDOPHQWHXQVXMHWRHVFDSD]GHUHFLELUGHWHUPLQDFLRQHV
FRQWUDULDV HQ OD H[LVWHQFLD 3KLOLS HVWi ERUUDFKR \ 3KLOLS HVWi VREULR VHUtD DEVXUGR VL HO WLHPSR QR
KLFLHUDTXHHO3KLOLSGHHVWDPDxDQDVHDRWUR3KLOLSTXHHO3KLOLSGHODSDVDGDQRFKH/DOH\HVTXH
QDGD H[LVWH GLiGLFDPHQWH FRPR VXMHWR VLQ OD GLYHUVLILFDFLyQ TXH OH SHUPLWH UHFLELU DFFLGHQWHV
FRQWUDULRV(O3KLOLSGHXQLQVWDQWHGHWHUPLQDGRTXHSXHGHHVWDUERUUDFKR\VREULRDODYH]WLHQHXQVHU
SRWHQFLDOTXHDXPHQWDODH[LVWHQFLD
/DH[LJHQFLDRUHTXLVLWRGLiGLFRGHODOH\GHOWLHPSRHVTXHVLXQVXMHWRH[LVWHQFLDOPHQWH
UHFLEH DWULEXWRV FRQWUDULRV GH ORV GRV HVWDGRV FRQWUDULRV XQR GHWHUPLQDGR H[LVWHQFLDOPHQWH HV
SULPHUR HQ HO RUGHQ H[LVWHQFLDO GH OD HYROXFLyQ PLHQWUDV TXH HO RWUR HV VHJXQGR HQ HO RUGHQ
H[LVWHQFLDOGHODLQYROXFLyQPLHQWUDVTXHHORWURHVVHJXQGRHQHORUGHQH[LVWHQFLDOGHODHYROXFLyQ\
SULPHUR HQ HO RUGHQ H[LVWHQFLDO GH OD LQYROXFLyQ \ GH GRV DFRQWHFLPLHQWRV FXDOHVTXLHUD XQD
GHWHUPLQDGRHVWiUHODFLRQDGRFRQHORWURGHOPLVPRPRGRDXQTXHORVGRVDFRQWHFLPLHQWRVQRHVWiQ
XQLGRVFRPRORVGRVHVWDGRVHVWiQXQLGRVHQHODFRQWHFLPLHQWRDQRVHUTXHVHDQLQGHSHQGLHQWHVHO
XQRGHORWURRFRQWHPSRUiQHRV6XSRQJDPRVTXHVRVWHQJRHQPLPDQRXQDERODGHSORPR$EURPL
PDQR OD EROD FDH DO VXHOR \ VH TXHGD DKt +D\ WUHV HVWDGRV GH OD EROD SULPHUR OD EROD HVWi HQ PL
PDQR\QRHVWiHQHOVXHORVHJXQGRODERODQRHVWiHQPLPDQR\QRHVWiHQHOVXHORWHUFHURODEROD
QR HVWi HQ PL PDQR \ HVWi HQ HO VXHOR 'H ORV GRV DFRQWHFLPLHQWRV OD EROD GHMDQGR PL PDQR \ HO
JROSHDUGHODERODHQHOVXHORDTXpOFRQVLVWHHQODXQLyQGHOVHUGHODERODHQPLPDQRFRPRSULPHUR
HQHYROXFLyQ\HOVHUGHODERODIXHUDGHPLPDQRFRPRVHJXQGRHQODHYROXFLyQ'HDTXtTXHGHORV
GRVHVWDGRVODSHORWDHVWiHQPLPDQRSHURQRHQHOVXHOR\ODERODQRHVWiQLHQPLPDQRQLHQHO
VXHORDTXpOHVQHFHVDULDPHQWHHOSULPHURHQHYROXFLyQVLHQGRKHFKRDVtHQHODFRQWHFLPLHQWR<GH
ORV GRV HVWDGRV OD EROD QR HVWi HQ PL PDQR QL HQ HO VXHOR \ OD EROD QR HVWi HQ PL PDQR VLQR HQ HO
VXHORHOVXFHVRGHOJROSHKDFHTXHDTXpOVHDHOSULPHURHQODHYROXFLyQ$VtHORUGHQGHORVHVWDGRV
HV FRQWURODGR SRU OD QDWXUDOH]D GH ORV DFRQWHFLPLHQWRV 3HUR ORV DFRQWHFLPLHQWRV QR VRQ QDGD HQ Vt
PLVPRV3HURVLODFDtGDIXHUDLQVWDQWiQHDVLSRUHMHPSORPLPDQRKXELHUDLQWHUFHSWDGRHQSULPHU
OXJDU XQ UD\R YLVXDO \ IXHUD OXHJR TXLWDGD GH WDO PDQHUD TXH QR KXELHUD PiV TXH GRV HVWDGRV
SULPHURODPDQRYLVLEOHHOVXHORLQYLVLEOHVHJXQGRODPDQRLQYLVLEOHHOVXHORYLVLEOHHQWRQFHVORV
GRVDFRQWHFLPLHQWRVVHUtDQFRQWHPSRUiQHRV6LORVGRVHVWDGRVSULPHUR3\4VHJXQGRQR3\QR
4H[LVWHQHQWRQFHVVRODPHQWHXQRGHORVGRVHVWDGRV3SHURQR4\4SHURQR3SXHGHH[LVWLU
SRUODUD]yQGHTXHHVHOFDUiFWHUGLiGLFRGHORVDFRQWHFLPLHQWRVHOTXHGHFLGH$VtVXSRQLHQGRHVWDGR
3\4\HVWDGRQL3QL4H[LVWHQDPERV\VXSRQLHQGRTXHHQHOVXFHVR3QR33HVSULPHURHQ
HYROXFLyQ HQWRQFHV HO HVWDGR 3 \ 4 WLHQH TXH DQWHFHGHU D QR4 HQ OD HYROXFLyQ (VRV GRV
DFRQWHFLPLHQWRV3OOHJDDVHUQR3\4OOHJDDVHUQR4SXHGHQSXHVDQWHFHGHUHOXQRDORWURHQOD
HYROXFLyQ\GHDFXHUGRFRQTXLHQVHDHODQWHFHGHQWHXQRXRWURGHORVGRVHVWDGRV3SHURQR4\
QR3SHUR4VHKDFHLPSRVLEOH6LORVGRVDFRQWHFLPLHQWRVVRQFRQWHPSRUiQHRVQRVLHQGRQLQJXQR
H[LVWHQFLDOPHQWH GHWHUPLQDGR SDUD VHU SULPHUR HQ OD HYROXFLyQ HQWRQFHV DPERV HVWDGRV VRQ
LPSRVLEOHV
/DVWUHVSRVLEOHVUHODFLRQHVWHPSRUDOHVHQWUHGRVVXFHVRVLQVWDQWiQHRVQDWXUDOPHQWHVHQWLGRV
SRUQRVRWURVUHIOHMDQODVWUHVSRVLEOHVUHODFLRQHVOyJLFDVGHGRVSURSRVLFLRQHVTXHSXHGHQVHUDPEDV
YHUGDGHUDVRDPEDVIDOVDVSHURQRVRQOyJLFDPHQWHHTXLYDOHQWHVHVGHFLUQRWLHQHQSRUQHFHVLGDG
OyJLFD HO PLVPR YDORU FRPR VHU YHUGDGHUD R IDOVD $ VDEHU GH GRV SURSRVLFLRQHV WDOHV $ \ % R
ELHQSULPHUR$SXHGHVHUIDOVDDXQTXH%VHDYHUGDGHUDSHURVL%WLHQHTXHVHUYHUGDGHUD$GHEHVHU
YHUGDGHUDRELHQVHJXQGRFDGDXQDGHHOODVSXHGHVHUIDOVDDXQTXHODRWUDVHDYHUGDGHUDGHPDQHUD
TXHVRQLQGHSHQGLHQWHVXQDGHODRWUDRELHQWHUFHUR$WLHQHTXHVHUYHUGDGHUDVL%IXHUDYHUGDGHUD
SHUR % SXHGH VHU IDOVD DXQTXH $ VHD YHUGDGHUD (V GLJQR GH QRWDUVH TXH FRQHFWDUtDPRV
LQVWLQWLYDPHQWH HO SULPHU FDVR FRQ OD VXFHVLyQ WHPSRUDO GH % GHVSXpV GH $ \ HO WHUFHU FDVR HQ OD
VXFHVLyQWHPSRUDOGH$GHVSXpVGH%GLFLHQGRHQDTXHOFDVRTXH%VHJXLUtDGH$\HQpVWHTXH$
VHJXLUtD GH % 3XHV ODV VHPHMDQ]DV VXSHUILFLDOHV VRQ HO RWUR FDPLQR 6DEHPRV OR TXH SUHFHGH HQ HO
WLHPSR\ORTXHOHVXFHGHPXFKRPHMRUTXHFRQRFHPRVORTXHYDDYHQLUDSDUWLUGHORTXHIXHDQWHV
(VWR PXHVWUD TXH HO LQVWLQWR QR VH GHEH D VHPHMDQ]DV VXSHUILFLDOHV (V YHUGDG TXH FRQRFHPRV OD
FRQFOXVLyQ PiV WDUGH GH TXH FRQR]FDPRV ODV SUHPLVDV SHUR QR SHQVDPRV WDQWR HQ QXHVWUR
FRQRFLPLHQWR FRPR DOJR TXH VLJXH FXDQWR TXH XQ KHFKR HV OyJLFDPHQWH SRVWHULRU D RWUR 6H SXHGH
SHQVDUSRUORWDQWRTXHHOLQVWLQWRHVXQDSHUFHSFLyQRVFXUDGHTXHODVXFHVLyQWHPSRUDOHVXQHVSHMR
GH R DUPD]yQ SDUD OD VHFXHQFLD OyJLFD $Vt HO LQVWLQWR FRQ VX FHUWH]D FDVL LQIDOLEOH IDYRUHFH HVWD
GRFWULQD
4XHGHGRVVXFHVRVQRFRQWHPSRUiQHRVXQRWHQJDTXHDFRQWHFHUDQWHVTXHRWURLPSOLFDXQD
HVHLGDGWKLVQHVV\DVtXQGLDGLVPRSXHVDVtHVFRPRHVSRVLEOHSDUDQRVRWURVVHxDODURGHVFXEULU
TXH XQR HV HO SULPHUR HQ HO FDVR GH XQD FXDOLGDG JHQHUDO VL QR HV SRU FRPSDUDFLyQ FRQ XQD
H[SHULHQFLDSDXWD DVt HV LPSRVLEOH TXH KD\D XQD GLVWLQFLyQ HQWUH SULPHUR \ VHJXQGR H[FHSWR
PHGLDQWH XQD IXHU]D GLiGLFD GH H[LVWHQFLD 4XH XQ GHWHUPLQDGR XQR VHD SULPHUR \ HO RWUR VHJXQGR
UHTXLHUHUHIHUHQFLDDXQFLHUWRWLSRGHQRUPDRSDXWD\DTXHGHUHFKDHL]TXLHUGDHQODPHGLGDHQTXH
YDOH XQD FXDOLGDG PRQiGLFD VRQ VHPHMDQWHV 7LHQH TXH KDEHU XQ SULPHUR \ VHJXQGR QRUPDWLYRV \
SDUDFXDOTXLHURWURSDUWLHQHTXHKDEHUDOJXQDYtDGHSRQHUORVHQFRQH[LyQH[SHULHQFLDOSRUXQFDPLQR
\ QR SRU HO RWUR FRQ HVWD QRUPD (VWD UHIHUHQFLD H[SHULHQFLDO D XQD QRUPD HQ HO FRQRFLPLHQWR
FRUUHVSRQGH D XQD FRQH[LyQ H[LVWHQFLDO GLiGLFD HQ HO KHFKR 'H RWUR PRGR QR KDEUtD YHUGDG HQ HO
FRQRFLPLHQWR
+DVWDDTXtDSURSyVLWRGHODFOiXVXODGLiGLFDGHODOH\GHOWLHPSR/DFOiXVXODWULiGLFDHVTXH
HOWLHPSRQRWLHQHOtPLWH\FDGDSRUFLyQGHWLHPSRHVWiOLPLWDGDSRUGRVLQVWDQWHVTXHVRQGHHOOD\
HQWUH FXDOHVTXLHUD GRV LQVWDQWHV D OD LQYHUVD SXHGHQ VHU LQWHUSXHVWRV LQVWDQWHV WDOHV TXH WRPDQGR
FXDOTXLHU SRVLEOH PXOWLWXG GH REMHWRV KD\ DO PHQRV XQ VXFHVR LQWHUSXHVWR SDUD FDGD XQLGDG GH HVD
PXOWLWXG (VWD GHFODUDFLyQ QHFHVLWD DOJXQD H[SOLFDFLyQ GH VX VLJQLILFDGR (Q SULPHU OXJDU ¢TXp
VLJQLILFD GHFLU TXH HO WLHPSR QR WLHQH OtPLWHV" (VWR SXHGH HQWHQGHUVH HQ XQ VHQWLGR ORFDO R HQ XQ
VHQWLGR PpWULFR (Q VHQWLGR PpWULFR VLJQLILFD TXH QR KD\ XQ DEVROXWDPHQWH SULPHUR R ~OWLPR HQ HO
WLHPSR(VGHFLUDXQTXHGHEHPRVDGRSWDUXQDSDXWDGHSULPHUR\~OWLPRQRKD\QDGDHQVXSURSLD
QDWXUDOH]DTXHVHDHOSURWRWLSRGHSULPHUR\~OWLPR3XHVVLKXELHUDWDOSURWRWLSRFRQVLVWLUtDHQXQSDU
GH REMHWRV DEVROXWDPHQWH SULPHUR \ ~OWLPR (VWR VLQ HPEDUJR HV PiV GHORTXHSUHWHQGHPRVDTXt
4XHVHDYHUGDGRQRHVXQDFXHVWLyQTXHFRQFLHUQHPiVELHQDORVVXFHVRVHQHOWLHPSRTXHDOWLHPSR
PLVPR/RTXHDTXtTXHUHPRVGHFLUHVTXHHOWLHPSRQRWLHQHXQLQVWDQWHDSDUWLUGHOFXDOKD\DPiVR
PHQRVTXHGRVFDPLQRVHQORVFXDOHVHOWLHPSRHVWpH[WHQGLGRDVDEHURHOORVVRQHQVXQDWXUDOH]DHO
SUHFHGHQWH\HOTXHYDGHVSXpVRQR6LHVRHVDVtGDGRTXHFDGDSRUFLyQGHOWLHPSRHVWiERUGHDGD\
OLPLWDGD SRU GRV LQVWDQWHV WLHQH TXH KDEHU XQD FRQH[LyQ GHO WLHPSR DO PRGR GH XQ DQLOOR /RV
DFRQWHFLPLHQWRVSXHGHQOLPLWDUVHDXQDSRUFLyQGHHVHDQLOORSHURHOWLHPSRPLVPRGHEHH[WHQGHUVH
DOUHGHGRURGHRWURPRGRKDEUtDXQDSRUFLyQGHWLHPSRGLJDPRVWLHPSRIXWXUR\SRUWDQWRWLHPSR
SDVDGRQROLPLWDGDSRUGRVLQVWDQWHV/DMXVWLILFDFLyQGHHVWDPDQHUDGHYHUODVFRVDVHVTXHH[WLHQGH
ODV SURSLHGDGHV TXH YHPRV TXH SHUWHQHFHQ DO WLHPSR D OD WRWDOLGDG GHO WLHPSR VLQ H[FHSFLRQHV
DUELWUDULDVQRJDUDQWL]DGDVSRUODH[SHULHQFLD$KRUDELHQHQWUHGRVHYHQWRVFXDOHVTXLHUDSXHGH VHU
LQWHUSXHVWRQRVRODPHQWHXQVXFHVRVLQRXQDPXOWLWXGGHVXFHVRVPD\RUGHORTXHHVWDGHFODUDFLyQ
SURSRUFLRQDUtDXQDPXOWLWXGGHVXFHVRVWDQJUDQGH FRPR XQD PXOWLWXG GHVFULSWLEOH GH REMHWRV (VWR
SXHGH VHU UHDOPHQWH DVt R QR SHUR HVWD HV OD OH\ LQVWLQWLYD GH OD FXDO SDUHFHPRV VHU GLUHFWDPHQWH
FRQVFLHQWHV
(QYLUWXGGHHVWRHOWLHPSRHVFRQWLQXR3XHVGDGRTXHORVLQVWDQWHVRSRVLEOHVVXFHVRV
VRQWDQWRVFXDQWRVFXDOTXLHUFRQMXQWRGDGR\QRKD\XQFRQMXQWRPi[LPRVHVLJXHTXHKD\PiVTXH
FXDOTXLHUFRQMXQWR3RUFRQVLJXLHQWHWLHQHQTXHVHULQGLYLGXDOPHQWHLQGLVWLQJXLEOHVHQVXH[LVWHQFLD
YHUGDGHUDHVGHFLUVRQGLVWLQJXLEOHV\GHSDUWHVLQGHILQLGDPHQWHGLVWLQJXLEOHVSHURVLQHPEDUJRQR
FRPSXHVWDVGHLQGLYLGXRVDEVROXWDPHQWHLGpQWLFRVDVtPLVPRV\GLVWLQWRVXQRGHRWURHVWRHVIRUPDQ
XQ FRQWLQXR 8Q FRQWLQXR QR SXHGH VHU GHVDUUHJODGR H[FHSWR HQ XQD H[WHQVLyQ LQVLJQLILFDQWH 8Q
LQVWDQWH QR SXHGHVHU TXLWDGR 8VWHG QR SXHGH SRUGHFUHWR DEUHYLDU XQDYDFDFLyQ OHJDOSDVDQGRVX
~OWLPRLQVWDQWHDOGtDGHWUDEDMRTXHVLJXHDHVDILHVWDFRPRWDPSRFRSXHGHTXLWDULQWHQVLGDGDODOX]
DOFDERGHODFHQL]D8QDOtQHDOLPLWDGD$%SXHGHVHUFRUWDGDHQGRV$&\&
%\VXVILQDOHVXQLGRV
&
D$\&D%(VGHFLUWRGRHVWRVHSXHGHKDFHUHQODLPDJLQDFLyQ7HQHPRVGLILFXOWDGHQLPDJLQDU
WDO FRVD FRQ UHVSHFWR DO WLHPSR 3XHV SDUD TXH HO WLHPSR IOX\D FRQWLQXDPHQWH LQFOXVR HQ OD
LPDJLQDFLyQ GHVGH HO ILQ GH XQ GtD KDVWD HO FRPLHQ]R GH RWUR TXH KLVWyULFDPHQWH KD\D GH YHQLU
GHVSXpVWRGRVORVVXFHVRVGHEHQHVWDUGLVSXHVWRVGHWDOPDQHUDTXHORVHVWDGRVGHODVFRVDVGHHVRV
GRV LQVWDQWHV LQFOX\HQGR HVWDGRV GH FDPELR JUDGXDO WDOHV FRPR YHORFLGDG HWF GHEHQ VHU
SUHFLVDPHQWH ORV PLVPRV (Q HO FDVR GH XQD OtQHD QR SHQVDPRV DVt DXQTXH HV LJXDOPHQWH YHUGDG
SRUTXHHVWDPRVGHVDFRVWXPEUDGRVDWUDWDUFRQPLQXFLRVLGDGFRQORVKHFKRVTXHYHUVDQGHPROpFXODV
\ iWRPRV VLPSOHV GH ORV FXDOHV GHSHQGH OD FRKHVLyQ GH OD PDWHULD 1RVRWURV SRU FRQVLJXLHQWH QR
YHPRVGLILFXOWDGHVSHFLDOHQXQLUFXDOTXLHUILQDOGHXQDOtQHDFRQHOILQDOGHRWUDOtQHDGHXQDPDQHUD
FRQWLQXD7DQYHUGDGHVXQPRGRGHYHUFRPRHORWUR(QODPHGLGDHQTXHHOWLHPSRPLVPRPDUFKD
QDGDHYLWDTXHYHLQWLFXDWURKRUDVVHDQFRUWDGDV\HOGtDGHDQWHVVHMXQWHFRQWLQXDGDPHQWHFRQHOGtD
GHGHVSXpVKXELHUDDOOtFXDOTXLHUSRGHUTXHSXGLHUDDIHFWDUWDOUHVXOWDGR(QWDOFDVRORVGRVLQVWDQWHV
MXQWRVVHUtDQLGHQWLILFDGRVRKHFKRVXQRORFXDOPXHVWUDVXILFLHQWHPHQWHVXQHFHVLGDGGHLGHQWLGDG
FRQVLJRPLVPRVVHOILGHQWLW\\UHSXJQDQFLDDWRGRVORVGHPiV
ËQWLPDPHQWHFRQHFWDGDFRQODGLYLVLyQGHODVOH\HVPHWDItVLFDVFRQWLQJHQWHVHQOH\HVTXH
LPSRQHQVREUHLQKHUHQFLDVGHGLIHUHQWHVDWULEXWRVHQHOPLVPRVXMHWRIRUPDVDQiORJDVDODVIRUPDV
GHOSHQVDPLHQWRGHWDOPDQHUDTXHSXHGDQHYDGLUODVOH\HVGHODOyJLFD\DTXHOODVRWUDVTXHQRKDFHQ
UHIHUHQFLD DO SHQVDPLHQWR KD\ XQD GLYLVLyQ GH HVWDV ~OWLPDV HQ OH\HV TXH LPSRQHQ HQ VXMHWRV
GLIHUHQWHV GH SUHFLVDPHQWH ODV PLVPDV FXDOLGDGHV IRUPDV GH UHODFLyQ DQiORJDV D ODV IRUPDV
PHWDItVLFDVGHWDOPDQHUDTXHSXHGDQHYDGLUODVOH\HVGHODPHWDItVLFDVHVGHFLUOH\HVGHOHVSDFLR\
OH\HVTXHQRFRQFLHUQHQDODVGtDGDVGHLQKHUHQFLDVLQRVRODPHQWHDODVGtDGDVGHUHDFFLyQ
'H DFXHUGR FRQ OD OH\ PHWDItVLFD GH UD]yQ VXILFLHQWH GRV FRVDV QR SXHGHQ VHU LJXDOHV HQ
WRGRV ORV UHVSHFWRV (O HVSDFLR HYDGH HVD OH\ SURSRUFLRQDQGR OXJDUHV HQ ORV FXDOHV GRV FRVDV R
FXDOTXLHU RWUR Q~PHUR ODV FXDOHV VRQ H[DFWDPHQWH LJXDOHV H[FHSWR TXH HVWiQ FRORFDGDV HQ OXJDUHV
GLIHUHQWHV HOODV PLVPDV H[DFWDPHQWH LJXDOHV HQ Vt PLVPDV SXHGHQ H[LVWLU $Vt HO HVSDFLR KDFH SRU
GLIHUHQWHV VXMHWRV GH XQ SUHGLFDGR H[DFWDPHQWH OR TXH HO WLHPSR KDFH SRU GLIHUHQWHV SUHGLFDGRV GHO
PLVPR VXMHWR < FRPR HO WLHPSR HIHFW~D VX HYDVLyQ GH OD OH\ OyJLFD SURSRUFLRQDQGR XQD IRUPD
DQiORJDDXQDIRUPDOyJLFDDVtHOHVSDFLRHIHFW~DVXHYDVLyQGHODOH\PHWDItVLFDSURSRUFLRQDQGRXQD
IRUPDDQiORJDDXQDIRUPDPHWDItVLFD(VGHFLUFRPRODPHWDItVLFDHQVHxDTXHKD\XQDVXFHVLyQGH
UHDOLGDGHVGHRUGHQFDGDYH]PiVDOWRFDGDXQDJHQHUDOL]DFLyQGHOD~OWLPD\FDGDXQDHOOtPLWHGH
XQDUHDOLGDGGHORUGHQVLJXLHQWHPiVDOWRDVtHOHVSDFLRSUHVHQWDSXQWRVOtQHDVVXSHUILFLHV\VyOLGRV
JHQHUDGRFDGDXQRSRUHOPRYLPLHQWRGHXQOXJDUGHODGLPHQVLRQDOLGDGSUy[LPDPiVEDMD\HOOtPLWH
GHXQOXJDUGHODGLPHQVLRQDOLGDGSUy[LPDPiVDOWD
/D~OWLPDGHODVOH\HVIXHPX\DPSOLD$KRUDELHQODVOH\HVDSRVWHULRULHVWiQGLYLGLGDVHQ
ODVTXHVRQSXUDPHQWHGLQiPLFDV\ODVTXHVRQPiVRPHQRVLQWHOHFWXDOHVGLYLVLyQDOJRVHPHMDQWHDOD
GHODDVRFLDFLyQPHQWDOHQDVRFLDFLyQSRUFRQWLJLGDG\DVRFLDFLyQSRUVHPHMDQ]D/DVSULPHUDVVRQ
ODVOH\HVQRPROyJLFDVGHODItVLFD(QODPHGLGDHQTXHQXHVWUDFLHQFLDSUHVHQWHODVFRQRFHVRQODV
VLJXLHQWHV
3ULPHUDFDGDSDUWtFXODRSRUFLyQGHPDWHULDPDWHPiWLFDPHQWHLQGLYLVLEOHFXDQGRQRHVWi
EDMR XQD IXHU]D VH PXHYH D OR ODUJR GH XQD WUD\HFWRULD UD\ R OtQHD TXH SHUWHQHFH D XQD FLHUWD
IDPLOLDGHOtQHDVWDOHVTXHFDGDFXDWURGHHOODVQRWRGDVFRUWDGDVSRUFDGDXQRGHXQDPXOWLWXGGH
UDGLRVHVFRUWDGDSRUGRVUDGLRV
6HJXQGD KD\ XQ ILUPDPHQWR R VXSHUILFLH TXH FRUWD HO HVSDFLR HQ PXQGRV \ VXV
SURSLHGDGHVVRQSULPHUDTXHVL$%&'()VRQSXQWRVFXDOHVTXLHUDHQXQDVHFFLyQ
SODQDGHORVUDGLRV$%\'(VHMXQWDUiQHQXQSXQWR>$%'(@TXHHVFRUUDGLDOFRQ>%&()\
&')$@(QVHJXQGROXJDUQLQJXQDSDUWtFXODPDWHPiWLFDOOHJDDRGHMDHOILUPDPHQWRQLQLQJ~Q
SODQR FRQHFWDGR ILMDPHQWH FRQ XQD SDUWtFXOD VH PXHYH GHQWUR R IXHUD GH OD WDQJHQFLD FRQ HO
ILUPDPHQWR\WHUFHUDVLXQFXHUSRHVUtJLGRHVGHFLUWLHQHVRODPHQWHVHLVJUDGRVGHOLEHUWDGGHWDO
PDQHUDTXHWRGRVVXVILODPHQWRVUDGLRIRUPHVHVWiQILMRVFXDQGRVHLVGHVXVSDUWtFXODVVRQFRQILQDGDV
D HVWDU HQ SODQRV ILMRV R FXDQGR VHLV GH VXV SDUWtFXODV HVWiQ FRQILQDGDV D SDVDU D WUDYpV GH SXQWRV
ILMRVHQWRQFHVWRGRVVXVSRVLEOHVGHVSOD]DPLHQWRVHVWiQVXMHWRVDODVFRQGLFLRQHVVLJXLHQWHV
3ULPHUDVLGRVSDUWtFXODV$\%GHOVyOLGRUtJLGRHVWiQVLWXDGDVHQSXQWRV>$@\>%@WDOHVTXH
HOUDGLR$%WHQJDGRVSXQWRVHQHOILUPDPHQWRGLJDPRV>&@\>'@HQWRQFHV$\%
DXQTXHGHVSOD]DGRVGHEHQHVWDUHQXQUDGLRTXHWLHQHGRVSXQWRVHQHOILUPDPHQWR\VL
FXDOTXLHUUDGLRDWUDYpVGH>$@WLHQHGRVSXQWRV>&@\>'@HQHOILUPDPHQWRHQWRQFHV$
SHUPDQHFLHQGRILMDHQ>$@%SXHGHVHUGHVSOD]DGDSDUDRFXSDUHOSXQWR>>&'&'@%
&'@SHUR$\%QRSXHGHQRFXSDUDOPLVPRWLHPSRQLQJ~QSDUGHSXQWRVTXHQRVHDQ
QHFHVDULDPHQWHFDSDFHVGHRFXSDUHQYLUWXGGHHVWDGHFODUDFLyQ
6HJXQGDGRVSDUWtFXODV$\%GHOVyOLGRUtJLGRHVWiQVLWXDGDVHQORVSXQWRV$\%WDOHVTXHOD
WUD\HFWRULD$%QRWHQJDSXQWRHQHOILUPDPHQWRHQWRQFHVHQFXDOTXLHUSODQRTXHFRQWHQJD$\
%GHMHPRVTXH&\'VHDQORVSXQWRVGHWDQJHQFLDGHODVOtQHDVWDQJHQWHVDOILUPDPHQWR\TXH
SDVDQSRU$(QWRQFHVDWUDYpVGH$WRPHPRVFXDOTXLHUOtQHDUFXDOTXLHUDHQWRQFHV&%U''%
5&VHUiXQSXQWRGRQGHODSDUWtFXOD%SXHGHHVWDUPLHQWUDVTXH$HVWiHQ$
7HUFHUDVLGRVSDUWtFXODV$\%GHOVyOLGRUtJLGRHVWiQVLWXDGDVHQORVSXQWRV$\%WDOHVTXHHO
UDGLR$%WLHQHXQSXQWRHQHOILUPDPHQWR&HQWRQFHVHQFXDOTXLHUSODQRDWUDYpVGH$%WRPD
FXDOTXLHURWURSXQWR&HQHOILUPDPHQWR\WRPDFXDOTXLHUSXQWR(HQHOUDGLR&&(QWRQFHVVLW
HVHOUDGLRWDQJHQWHDOILUPDPHQWRHQ&$\%SXHGHQHVWDUVLPXOWiQHDPHQWHHQW($\W(%
7RGR ILODPHQWR UDGLDO GH XQ FXHUSR UtJLGR TXH VH VXSRQH OOHQD XQ HVSDFLR WLHQH VX ILODPHQWR
UDGLDOELSRODUFRQMXJDGR
(QHIHFWRXQRGHHVRVUDGLRVHVODLQWHUVHFFLyQGHGRVSODQRVWDQJHQWHVDOILUPDPHQWRPLHQWUDV
HO RWUR SDVD D WUDYpV GH ORV SXQWRV GH WDQJHQFLD 7RGR GHVSOD]DPLHQWR LQILQLWHVLPDO GH XQ FXHUSR
UtJLGR HV FRPR VL IXHUD XQD SDUWH GH XQ FXHUSR UtJLGR OOHQDQGR WRGR HVSDFLR \ TXH WXYLHUD GRV
PRYLPLHQWRVHQXQRGHORVFXDOHVWRGDVODVSDUWtFXODVGHXQUDGLRHVWiQILMDVPLHQWUDVTXHWRGDVODV
SDUWtFXODVSODQDVDWUDYpVGHVXELSRODUFRQMXJDGRSHUPDQHFHHQHOPLVPRSODQRPLHQWUDVTXHHQHO
RWURPRYLPLHQWRVHGDHOFDVRFRQWUDULR
7HUFHUDHOHIHFWRGHXQDIXHU]DVREUHXQDSDUWtFXODSURGXFHPLHQWUDVHVWDIXHU]DVXEVLVWH
XQDDFHOHUDFLyQFRPSRQHQWHGHODSDUWtFXODSURSRUFLRQDOD\HQHOUDGLRGHODIXHU]D\HOUHVXOWDQWHGH
WDOHV DFHOHUDFLRQHV FRPSRQHQWHV HV HO PLVPR TXH VL HQ FDGD WLHPSR LQILQLWHVLPDO ORV GLIHUHQWHV
FRPSRQHQWHVDFWXDUDQVXFHVLYDPHQWHSHURFDGDXQRSRUXQWLHPSRLJXDODOWLHPSRLQILQLWHVLPDO
&XDUWD HO HIHFWR GH XQD IXHU]D HQWUH GRV SDUWtFXODV HV GDUOHV DFHOHUDFLRQHV RSXHVWDV D OR
ODUJRGHOUDGLRDWUDYpVGHHOODVVLHQGRHVDVDFHOHUDFLRQHVLQYHUVDVDFLHUWDVFDQWLGDGHVOODPDGDVODV
PDVDVGHODVSDUWtFXODVDFHOHUDGDVODVFXDOHVVRQFRQVWDQWHVWRGRHOWLHPSR
4XLQWD HQ OD PHGLGD HQ TXH OD IXHU]D DFW~D HQWUH SDUHV GH SDUWtFXODV FRQVLGHUDGDV FRPR
PHUDVRFXSDQWHVGHSXQWRVGHSHQGHGHODSRVLFLyQUHODWLYDGHODVSDUWtFXODV
6H[WD HV LQFLHUWR HQ HO PRPHQWR SUHVHQWH FyPR KDQ GH H[SOLFDUVH ORV IHQyPHQRV GH
HODVWLFLGDG HWFpWHUD SHUR HV FLHUWR TXH WRGD IXHU]D QR SXHGH VHU DWUDFFLRQHV \ UHSXOVLRQHV
SRVLFLRQDOHV3RUFRQVLJXLHQWHKD\DOJXQDOH\DGLFLRQDOKDVWDOR~OWLPR
6pSWLPDWRGDVODVSDUWtFXODVDXQDGLVWDQFLDPD\RUTXHXQGHFtPHWURXQDGHRWUDDWUDHDRWUD
FHUFDQDLQYHUVDPHQWHDOFXDGUDGRGHODGLVWDQFLDVLHQGRHOPyGXORFRQVWDQWH[%R\V
2FWDYDVHVDEHTXHODVSDUWtFXODVPiVMXQWDVXQDVGHRWUDVVHDWUDHQXQDGHODRWUDFRQPiV
IXHU]D\SDUHFHSUREDEOHDXQTXHHVWiOHMRVGHVHUSUREDGRTXHKD\DOPHQRVGRVWLSRVGHSDUWtFXODV
TXH VH DWUDHQ XQD D OD RWUD GH PRGR GLIHUHQWH SHUR DTXt QXHVWUD LJQRUDQFLD FRPLHQ]D D VHU FDVL
FRPSOHWD
/DVOH\HVTXHFRQHFWDQIHQyPHQRVSRUXQDVtQWHVLVPiVRPHQRVLQWHOHFWXDORLQWHUQDHVWiQ
GLYLGLGDVHQFLHUWRPRGRDPSOLDPHQWHHQOH\HVGHODVUHODFLRQHVLQWHUQDVRVHPHMDQWHVGHFXHUSR\
OH\HVGHODPHQWH
/DVOH\HVGHVHPHMDQ]DV\GLIHUHQFLDVGHFXHUSRVVRQFODVLILFDWRULDVRTXtPLFDV&RQRFHPRV
SRFRDFHUFDGHHOODVSHURSRGHPRVDVHJXUDUFRQFLHUWDFRQILDQ]DTXHKD\GLIHUHQFLDVHQWUHVXVWDQFLDV
HV GHFLU GLIHUHQFLDV HQ ODV SDUWHV PiV SHTXHxDV GH ORV FXHUSRV \ XQD FODVLILFDFLyQ EDVDGD HQ HVR
3XHVGHHVWD~OWLPDSRGHPRVGLVWLQJXLUGLIHUHQFLDVHQODHVWUXFWXUDGHODVPiVSHTXHxDVSLH]DVGHORV
FXHUSRVGHSHQGLHQGRGHODILJXUD\WDPDxRGHORVDWRPtFXORV\GLIHUHQFLDVHQODPDQHUDHQTXHORV
FXHUSRVHVWiQFRQVWUXLGRVDSDUWLUGHODVPiVSHTXHxDVSLH]DV$TXtWHQHPRVXQDGLVWLQFLyQHQWUHHVH
WLSRGHHVWUXFWXUDTXHGDRULJHQDIRUPDVVLQSRGHUGHYHUGDG>¢YHUGDGHUR"@FUHFLPLHQWRRHVWUXFWXUDV
LQRUJiQLFDV\ODTXtPLFDGHORVSURWRSODVPDVTXHGHVDUUROODQ>R@RUJDQLVPRVYLYLHQWHV
)LQDOPHQWHODVOH\HVGHODPHQWHVHGLYLGHQDVtPLVPDVHQOH\HVGHDFFLyQXQLYHUVDOGHOD
PHQWH\WLSRVGHPDQLIHVWDFLyQSVtTXLFD
$VtHOHVTXHPDJHQHUDOGHODGLYLVLyQGHODVOH\HVHVFRPRVLJXH
9HQLPRVDKRUDDWUtDGDVSOHQDPHQWHJHQXLQDVWHUFHUDFODVHGHODWHUFHUDFODVHGHODVWUtDGDV
\ HQ HVWH HVWDGR GH OD LQYHVWLJDFLyQ VHUi EXHQR TXH QRV RULHQWHPRV \ YHDPRV H[DFWDPHQWH GyQGH
HVWDPRVSDUDSRGHUWUD]DUQXHVWURFXUVRSDUDORVVLJXLHQWHVSDVRVGHODGLVFXVLyQ/DPyQDGDQRWLHQH
UDVJRVVLQRTXHHV WDOLGDG OD FXDO DSDUHFH HQ OyJLFD SHUPtWDVHQRV UHFRUGDU TXH OD /yJLFD GHEH VHU
QXHVWUD JXtD D WUDYpV GH WRGR FRPR OD VLJQLILFDFLyQ GHO YHUER eVWH \D UHFLEH FRUSRUDOL]DFLyQ HQ OD
PiV EDMD GH ODV IRUPDV FDSLWDOHV GH OD OyJLFD HO WpUPLQR /D GtDGD LQWURGXFH XQ WLSR UDGLFDOPHQWH
GLIHUHQWH GH HOHPHQWR HO VXMHWR TXH VH PXHVWUD D Vt PLVPR SRU SULPHUD YH] HQ OD SURSRVLFLyQ /D
SURSRVLFLyQGLiGLFDWLHQHGRVVXMHWRVFDGDXQRGHHOORVXQDHVSHFLHGHPyQDGDPtPLFDSHURORVGRV
>VRQ@ GH WLSRV GLIHUHQWHV XQR DFWLYR \ RWUR SDVLYR /D WUtDGD DSRUWD XQ WHUFHU WLSR GH HOHPHQWR OD
H[SUHVLyQGHOSHQVDPLHQWRRUD]RQDPLHQWRFRQVLVWHQWHHQXQDFROLJDFLyQGHGRVSURSRVLFLRQHVVLQ
HPEDUJR \D QR PHUDV SURSRVLFLRQHV GLiGLFDV VLQR FUHHQFLDV JHQHUDOHV \ HVWDV GRV SURSRVLFLRQHV
HVWiQ FRQHFWDGDV SRU XQ WpUPLQR FRP~Q \ WLHQGHQ D SURGXFLU XQD WHUFHUD FUHHQFLD 1R VRODPHQWH
WLHQGHQDKDFHUODFUHHQFLDVLQRTXHWLHQGHQDKDFHUODYHUGDGHUD(VWDUD]yQHPHUJHSRUSULPHUDYH]
HQHOVLORJLVPRTXHWLHQHWUDVGHHVWDVFROLJDFLRQHVRSUHPLVDV
7RPHPRVHOHMHPSOR
7RGRVORVKRPEUHVPXHUHQ
(QRFKHVKRPEUH
SRUFRQVLJXLHQWH(QRFKPXHUH
(VWDV SURSRVLFLRQHV QR VRQ GLiGLFDV /D SULPHUD QR OR HV SRUTXH HV XQD UHJOD QR XQ KHFKR
PHUDPHQWHLQGLYLGXDOODVHJXQGDQRORHVSRUTXHVXVHJXQGRWpUPLQRQRHVXQDFXDOLGDGPHUDPHQWH
PRQiGLFD D~Q PHQRV XQD XQLGDG LQGLYLGXDO HV XQ WpUPLQRGHFODVH /D WHUFHUD QR OR HV SRUTXH HV
SHQVDPLHQWRHQFXDQWRUHVXOWDGR&DGDSDUGHHVDVWUHVSURSRVLFLRQHVHVXQDUD]yQWHQGHQWHDKDFHUOD
WHUFHUD YHUGDGHUD /D SULPHUD \ OD WHUFHUD OR KDFHQ SRU PHGLR GH VX FDUiFWHU FRP~Q PRQiGLFR /D
SULPHUD SUHVHQWD HO PRULU FRPR XQ FDUiFWHU HMHPSODU GH WRGRV ORV KRPEUHV DKRUD ELHQ OD WHUFHUD
GHFODUD FRPR XQD FRQVHFXHQFLD TXH (QRFK PXHUD (VWR GD D (QRFK XQR GH ORV FDUDFWHUHV GH ORV
KRPEUHV\HQODPHGLGDHQTXHODPXHUWHGH(QRFKHVXQDFRQVHFXHQFLDTXHYDDKDFHUORXQKRPEUH
/D VHJXQGD \ OD WHUFHUD SURSRVLFLyQ WLHQGHQ D KDFHU OD SULPHUD YHUGDGHUD SRU PHGLR GH XQ VXMHWR
FRP~QGLiGLFR/DVHJXQGDSURSRVLFLyQGHFODUDTXH(QRFKHVXQLQGLYLGXRGHODHVSHFLHKXPDQD/D
WHUFHUDGHFODUDFRPRFRQVHFXHQFLDTXH(QRFKPXHUD(VWRKDFHTXHXQKRPEUHPXHUD\HQODPHGLGD
HQ TXH OD PXHUWH GH (QRFK HV XQD FRQVHFXHQFLD WLHQGH D KDFHU YHUGDGHUR TXH WRGRV ORV KRPEUHV
PXHUHQ)LQDOPHQWHODVGRVSULPHUDVSURSRVLFLRQHVKDFHQVXUJLUODYHUGDGGHODWHUFHUD(QHVWHFDVR
SDUWLFXODU OR KDFHQ GH PDQHUD DEVROXWD *HQHUDOPHQWH WLHQGHQ D KDFHUOR DVt SRU XQ FDPLQR TXH QR
GHEHUtDVHUPiVFRQYLQFHQWHSHURHVHOPRGRHQTXHVHFRQFLEHTXHODYHUGDGREMHWLYDUHVXOWDPiV
TXHORVRWURVGRV/RKDFHQDVtSRUPHGLRGHVXFRPXQLGDGFRQHOWpUPLQRPHGLRKRPEUHWpUPLQR
TXHDOFRPELQDUORVFDUDFWHUHVGHVXMHWR\SUHGLFDGRWLHQHXQHOHPHQWRWULiGLFR3XHVFRPELQDFLyQHV
WULDGLVPR \ WULDGLVPR HV FRPELQDFLyQ $Vt FRPR HO YHUER OyJLFR FRQ VX VLJQLILFDFLyQ UHDSDUHFH HQ
PHWDItVLFDFRPRXQDFXDOLGDGXQHQVTXHWLHQHQDWXUDFRPRVXPRGRGHVHU\XQVXMHWRLQGLYLGXDO
OyJLFRUHDSDUHFHHQPHWDItVLFDFRPRXQDFRVDXQHQV HQWH TXH WLHQH H[LVWHQFLD FRPR VX PRGR GH
VHU DVt OD UD]yQ OyJLFD R SUHPLVD UHDSDUHFH HQ PHWDItVLFD FRPR XQD UD]yQ XQ HQV TXH WLHQH XQD
UHDOLGDGFRQVLVWHQWHHQXQSUHYDOHFHUGHDPERVHOPXQGRH[WHULRU\HOPXQGRLQWHULRUFRPRVXPRGR
GHVHU(OVHUGHODFXDOLGDGHVWiSRUFRPSOHWRHQVtPLVPRHOVHUGHODFRVDHVWiHQODRSRVLFLyQD
RWUDVFRVDVHOVHUGHODUD]yQHVWiHQVXUHXQLUFXDOLGDGHV\FRVDV
(QODGtDGDGHJHQHUDGDKD\XQFRUUHVSRQGLHQWHPHWDItVLFRDXQDSURSRVLFLyQSHURHVXQD
SURSRVLFLyQFX\RVGRVVXMHWRVVRQPHUDVFXDOLGDGHV(QODWUtDGDGHJHQHUDGDHQSULPHUOXJDUKD\XQ
FRUUHVSRQGLHQWHPHWDItVLFRDXQVLORJLVPRSHURHVXQVLORJLVPRFX\DVWUHVUD]RQHVFRQVLVWHQHQPHUDV
FXDOLGDGHV$VtHOFRORUQDUDQMDHVLQWHUPHGLRHQWUHHOURMR\HODPDULOOR(OVLORJLVPRHVHVWH
/DQDUDQMDWLHQHHQVXSURSLDQDWXUDOH]DXQDUHODFLyQDOURMRFLHUWDHLQGHVFULSWLEOHSHURVHQWLGD
(ODPDULOORWLHQHXQDUHODFLyQVLPLODUFRQODQDUDQMD
OXHJRHODPDULOORWLHQHXQDUHODFLyQVHPHMDQWHFRQHOURMR
$KRUD ELHQ VL HO DPDULOOR WLHQH UHODFLyQ FRQ OD QDUDQMD \ FRPR UHVXOWDGR HO DPDULOOR WLHQH OD
PLVPDUHODFLyQFRQHOURMRHVWRVRODPHQWHSXHGHVHUSRUTXHODQDUDQMDWLHQHODPLVPDUHODFLyQFRQHO
URMR
(QODVHJXQGDWUtDGDGHJHQHUDGDKD\GHPDQHUDVHPHMDQWHXQFRUUHVSRQGLHQWHPHWDItVLFR
SHUR HV XQ VLORJLVPR GHO VLORJLVPR FX\DV SUHPLVDV FRQVLVWHQ HQ PHUDV FRH[LVWHQFLDV GH KHFKRV
GLiGLFRV3RUHMHPSOR
$HVODPDGUHGH%
%HVODHVSRVDGH&
FRPRUHVXOWDGR$HVODVXHJUDGH&
6LQHPEDUJRHQODWUtDGDJHQXLQDKD\XQDOH\UHDO\XQFDVRUHDOEDMRODOH\GHWDOPDQHUDTXH
ODVUD]RQHVQRVRQPHUDPHQWHHQIRUPDVLQRTXHJRELHUQDQUHDOPHQWHODYHUGDG
3HUR DXQTXH KD\ XQD RSHUDFLyQ UHDO GH OD OH\ WRGDYtD HQ OD UHDOLGDG WULiGLFD SXHGH VHU
UHTXHULGDXQDGHWUHVUD]RQHV
7RGRVORVFRORUHVVRQFRPSXHVWRVGHURMRYHUGH\D]XO
(ODPDULOORHVXQFRORU
FRPRUHVXOWDGRHODPDULOORHVWiFRPSXHVWRGHSURSRUFLRQHVGHURMRYHUGH\D]XO
(O WpUPLQR PHGLR DTXt HV SRFR PiV TXH XQD GLV\XQFLyQ GH FXDOLGDGHV GLILULHQGR GH pVWD
VRODPHQWHHQTXHORVFRORUHVVHSDUDGRVQRVRQH[SOtFLWDPHQWHSHQVDPLHQWR(QFRQIRUPLGDGFRQHVWR
TXH ORV FRORUHV VHDQ FRPSXHVWRV \ TXH HO DPDULOOR HVWp FRPR UHVXOWDGR FRPSXHVWR DVt VyOR HQ OD
IRUPDKDFHTXHHODPDULOORVHDXQFRORUSXHVHQODYHUGDGHUDHVHQFLDGHOFRORU\DHVWiGDGRTXHHO
DPDULOOR VHD XQ FRORU (VWD WUtDGD HV SRU FRQVLJXLHQWH VRODPHQWH JHQXLQD HQ GRV WHUFLRV QR VLHQGR
XQDGHVXVWUHVUD]RQHVUHDOPHQWHRSHUDWLYD
8QFDVRDOJRVLPLODUVXUJHFXDQGRHOWpUPLQRPHGLRHVXQDH[LVWHQFLDGLiGLFDPHUDPHQWH
JHQHUDOL]DGD
7RGRVORVFXHUSRVVRQDWUDtGRVXQRKDFLDHORWURHQSURSRUFLyQDVXVPDVDVLQYHUVDPHQWHDOFXDGUDGRGHOD
GLVWDQFLDPXOWLSOLFDGRSRUXQPyGXORILMR
/D7LHUUD\OD/XQDWLHQHQWDO\WDOPDVD\HVWiQDWDOGLVWDQFLDFRPRUHVXOWDGROD7LHUUD\OD/XQDVHDWUDHQ
HQWDOPHGLGD
3HURGLItFLOPHQWHVHSXHGHGHFLUTXHODV~OWLPDVGRVSURSRVLFLRQHVVHKDJDQYDOHGHUDVDFDXVDGH
ODSULPHUDGDGRTXHODOH\QRHVQDGDPiVTXHODH[SUHVLyQGHOPRGRHQTXHORVFXHUSRVVHPXHYHQ
FRPRKHFKRV(QODPHGLGDHQTXHHVWRDIHFWDDOD7LHUUD\OD/XQDDVtHVHQHOKHFKRPLVPR\HOTXH
OD7LHUUD\OD/XQDWHQJDQWDOHVPDVDV\GLVWDQFLDQRDIHFWDDOKHFKREUXWRVLQRVRODPHQWHKDFHTXH
XQDFLHUWDSURSRVLFLyQH[SUHVHHOKHFKR
3HUR KD\ XQ WHUFHU WLSR GH WUtDGD JHQXLQD FRQ UHVSHFWR D OD FXDO QLQJXQD GH ODV
FXDOLILFDFLRQHVGHVXWRWDOJHQXLQLGDGVROLFLWDDODUD]yQTXHHOUHVXOWDGRVHDGHWDOQDWXUDOH]DTXHQR
SXHGDVXEVLVWLUVLQRIXHUDSRUHOWpUPLQRPHGLRTXHORVXVWHQWD$GD%D&'LJDPRVTXHORKDFH
PHGLDQWHXQDFWRIRUPDOOHJDO(QWRQFHVHQHVWHDFWR$VHSULYDDVtPLVPRGH%HQWUDSRUWDQWRHQ
XQFRPSURPLVRFRQ&\HQYLUWXGGHHVRVGRVDVSHFWRVGHODFWRGHOUHJDOR\GHVXXQLGDG&DGTXLHUH
SRVHVLyQGH%3HURHVWRHVXQUHVXOWDGRUHPRWR(OUHVXOWDGRLQPHGLDWRHVTXHDGTXLHUHSRVHVLyQGH%
SRUHOUHJDORGH$\VLQODDFFLyQGH$QRSRGUtDDGTXLULUWDOSRVHVLyQ
7UDGXFFLyQGH)HUQDQGR&9HYLD
1RWDV
+DFLD6HKDQSHUGLGRODVFXDWURSULPHUDVSiJLQDVGHHVWHPDQXVFULWR>1RWDGHO7@
$OJRTXHQRVVDOHGHSURQWRDOHQFXHQWUR>1RWDGHO7@
2SHUDRPQLDFROOHFWD'XUDQGWSS>1RWDGHO7@
$SpQGLFHDOD'LDOpFWLFDWUDVFHQGHQWDO>1RWDGHO7@
9pDVH 2Q WKH 1HZWRQLDQ &RQVWDQW RI *UDYLWDWLRQ 3KLORVRSKLFDO 7UDQVDFWLRQV /RQGUHV
$S>1RWDGHO7@
)LQGH/DOyJLFDGHODVPDWHPiWLFDVXQLQWHQWRGHGHVDUUROODUPLVFDWHJRUtDVGHVGHGHQWUR&63HLUFHF
7UDGXFFLyQ FDVWHOODQD GH )HUQDQGR & 9HYLD SXEOLFDGD HQ &KDUOHV 6DQGHUV 3HLUFH (VFULWRV
ILORVyILFRV(O&ROHJLRGH0LFKRDFiQ0p[LFRSS7KH/RJLFRI0DWKHPDWLFVDQ$WWHPSW
WR'HYHORSP\&DWHJRULHVIURP:LWKLQFRUUHVSRQGHD&3
8QDGHODVYHQWDMDVGHORVWH[WRVHQIRUPDWRHOHFWUyQLFRUHVSHFWRGHORVWH[WRVLPSUHVRVHVTXHSXHGHQ
FRUUHJLUVHFRQJUDQIDFLOLGDGPHGLDQWHODFRODERUDFLyQDFWLYDGHORVOHFWRUHVTXHDGYLHUWDQHUUDWDV
HUURUHVRVLPSOHPHQWHPHMRUHVWUDGXFFLRQHV(QHVWHVHQWLGRDJUDGHFHUtDPRVTXHVHHQYLDUDQWRGDVODV
VXJHUHQFLDV\FRUUHFFLRQHVDVEDUUHQD#XQDYHV
)HFKDGHOGRFXPHQWRVHSWLHPEUH
8OWLPDDFWXDOL]DFLyQGHIHEUHUR
>3iJLQD3ULQFLSDO@>6XJHUHQFLDV@

Obra Lógico-Matemática PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Obra Lógico-Matemática PDF

Uploaded by

Copyright:

Available Formats

&63HLUFH/DOyJLFDGHODVPDWHPiWLFDVXQLQWHQWRGHGHVDUUROODUPLVFDWHJRUtDVGHVGHGHQWUR

\DXQTXHHVDIXHU]DVHDJREHUQDGDSRUXQDOH\TXHUHTXLHUHTXHHO FXHUSR DFWXDQWH HMHU]DGHPRGR

/DSULPHUDGHHOODVHVTXHXQDXQLGDGRXQLGDGHVFXDOTXLHUDFRQWHPSODGDHQVtPLVPDVLQ

+LFHWQXQFDTXt\DKRUDHVODIUDVHTXHHVWDEDFRQWLQXDPHQWHHQODERFDGH'XQV6FRWXV

FRQVLJRPLVPRVVHOILGHQWLW\\UHSXJQDQFLDDWRGRVORVGHPiV

You might also like

Obra Lógico-Matemática PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Obra Lógico-Matemática PDF

Uploaded by

Copyright:

Available Formats

 &63HLUFH/DOyJLFDGHODVPDWHPiWLFDVXQLQWHQWRGHGHVDUUROODUPLVFDWHJRUtDVGHVGHGHQWUR

\DXQTXHHVDIXHU]DVHDJREHUQDGDSRUXQDOH\TXHUHTXLHUHTXHHO FXHUSR DFWXDQWH HMHU]DGHPRGR

/DSULPHUDGHHOODVHVTXHXQDXQLGDG RXQLGDGHV FXDOTXLHUDFRQWHPSODGDHQVtPLVPDVLQ

+LFHWQXQF DTXt\DKRUD HVODIUDVHTXHHVWDEDFRQWLQXDPHQWHHQODERFDGH'XQV6FRWXV

FRQVLJRPLVPRV VHOILGHQWLW\ \UHSXJQDQFLDDWRGRVORVGHPiV

You might also like

&63HLUFH/DOyJLFDGHODVPDWHPiWLFDVXQLQWHQWRGHGHVDUUROODUPLVFDWHJRUtDVGHVGHGHQWUR

/DSULPHUDGHHOODVHVTXHXQDXQLGDGRXQLGDGHVFXDOTXLHUDFRQWHPSODGDHQVtPLVPDVLQ

+LFHWQXQFDTXt\DKRUDHVODIUDVHTXHHVWDEDFRQWLQXDPHQWHHQODERFDGH'XQV6FRWXV

FRQVLJRPLVPRVVHOILGHQWLW\\UHSXJQDQFLDDWRGRVORVGHPiV