+R\HVWDPRVDTXtSDUDSUHJXQWDUTXLpQHVVRQORVUHSUHVHQWDQWHVGH
ODHFRQRPtDPXQGLDO«TXLpQHVVRQORVTXHPDQWLHQHQODPiTXLQD
HQ PDUFKD SRU DVt GHFLUOR 3RVLEOHPHQWH HVWDV SHUVRQDV
FRQVWLWX\HQ XQD PLQRUtD GH OD PLVPD PDQHUD TXH WDPELpQ VXHOH
GHFLUVHTXHODPD\RUSDUWHGHODKXPDQLGDGUHFLELUtDFRQORVEUD]RV
DELHUWRVXQFDPELRHQHOVLVWHPD
6RORXQLGLRWDGLUtDHVR
%XHQR\VLQHPEDUJR\RDFDERGHGHFLUOR
6t
3HUR YROYLHQGR D OD SUHJXQWD TXH QRV DWDxH ¢TXLpQHV
SHQVDPRV TXH UHSUHVHQWDQ D ORV PHUFDGRV" 0H UHILHUR D TXLpQHV
HODERUDQ \ DSOLFDQ ODV WHRUtDV TXH ORV GHILQHQ TXLpQHV ORV
DGPLQLVWUDQ\ORVGHILHQGHQ
/DSROLFtD3RUTXHHVODOH\
3HUR¢SRGHPRVDVXPLUTXHODLPSOLFDFLyQGHORVOHJLVODGRUHVHV
SURIXQGD"
6t
3HUR ORV OHJLVODGRUHV VXHOHQ VHU DERJDGRV \ WRGR HO PXQGR
VDEH TXH ORV DERJDGRV GHVWDFDQ SRU VX IDOWD GH LGHDV ¢3RGHPRV
DVXPLUTXHGHILHQGHQODVLGHDVGHRWUDVSHUVRQDV"
6t
¢<TXLpQHVVRQHVDVRWUDVSHUVRQDV"
*UXSRVGHH[SHUWRV$FDGpPLFRV
,PSRUWDQWHVSURIHVRUHVGH0%$
7RGDFODVHGHDFDGpPLFRV<VHJXLGDPHQWHVXVHVWXGLDQWHV
/RVGHSDUWDPHQWRVGHHFRQRPtD
 /D 2UJDQL]DFLyQ 0XQGLDO GHO &RPHUFLR /DV EROVDV 7RGDV ODV
OH\HV\ORVSROtWLFRV\ORVEXUyFUDWDVTXHODVDGPLQLVWUDQ<ODSROLFtD
\HOHMpUFLWRTXHODVKDFHQFXPSOLU
<VXSRQJRTXHORVGLUHFWRUHVHMHFXWLYRVGHWRGDVODVHPSUHVDV
%DQFRV 6RFLHGDGHV GH DFFLRQLVWDV IRQGRV GH SHQVLRQHV
DFFLRQLVWDV LQGLYLGXDOHV IRQGRV HVSHFXODWLYRV FRPSDxtDV
ILQDQFLHUDV
¢/RV EDQFRV FHQWUDOHV SRGUtDQ RFXSDU XQD SRVLFLyQ
IXQGDPHQWDOHQWRGRHVWR"
6t
¢$OJXLHQPiV"
/DVFRPSDxtDVGHVHJXURVODVFRPSDxtDVGHUHDVHJXURV/RV
JUDQGHVLQYHUVRUHV
< VXV DOJRULWPRV ¢YHUGDG" 3RU OR WDQWR ¢ORV PDWHPiWLFRV
WDPELpQ"
/DVPDWHPiWLFDVVRQSULPLWLYDV
$XQTXHVHDQSULPLWLYDVWRGDYtDVHQHFHVLWDQPDWHPiWLFRVORV
GHPiVQRWHQHPRVQLLGHD
6t
6XSRQJRTXHWDPELpQORVSUHFLRVHQVt\ORVWLSRVGHLQWHUpV\
HVDV FRVDV /R TXH HV OR PLVPR TXH GHFLU VLPSOHPHQWH TXH HO
VLVWHPDHQVt
+DVSUHJXQWDGRSRUODVSHUVRQDV
6tSHURHVXQDUHGGHDFWRUHV$OJXQRVDFWRUHVHQXQDUHGGH
DFWRUHVQRVRQKXPDQRV
7RQWHUtDV
¢4XpSDVD"¢1RFUHHVHQODWHRUtDGHODFWRUUHG"
+D\UHGHVGHDFWRUHVSHURVRORORVDFWRUHVFRQXQRUJDQLVPR
SXHGHQ GHFLGLU KDFHU FRVDV GLIHUHQWHV 'H HVR HVWDEDV LQWHQWDQGR
KDEODU
9DOHSHUR¢TXpPHGLFHVGHOGLQHUR"
¢4XpSDVDFRQHOGLQHUR"
 (Q PL RSLQLyQ HO GLQHUR DFW~D FRPR VL IXHUD OD IXHU]D GH OD
JUDYHGDG«&XDQWRPiVDFXPXODVPD\RUHVVXIXHU]DGHDWUDFFLyQ
FRPRRFXUUHFRQODPDVD\VXDWUDFFLyQJUDYLWDWRULD
3UHFLRVR
£(Q ~OWLPD LQVWDQFLD UHVXOWD VHU TXH HV XQ VLVWHPD DUWLFXODGR
HQRUPH
4XpSHUVSLFD]
'H DFXHUGR YROYLHQGR D ORV TXH DGPLQLVWUDQ QXHVWUR VLVWHPD
HFRQyPLFR FRPR WDO HOORV HQVHxDQ D RWURV D XWLOL]DUOR \ SRU XQD
FRLQFLGHQFLD TXH QR OR HV WDQWR VH EHQHILFLDQ GH pO FRPR ORV TXH
PiV0HSUHJXQWRFXiQWDJHQWHVXPDUiHVRHQWRWDO
8QRVRFKRPLOORQHVGHSHUVRQDV
¢(VWiVVHJXUR"
1R
(VR VHUtD XQD GH FDGD PLO SHUVRQDV TXH KD\ HQ HO PXQGR
DFWXDOPHQWH
%XHQWUDEDMR
£*UDFLDV<JUDFLDVDORVSURJUDPDVTXHKDQUHGDFWDGR
&txHWHDODVSHUVRQDV
3HUR ¢\ VL VH HVWURSHDUDQ ORV HOHPHQWRV QR KXPDQRV GHO
VLVWHPD"
&txHWH D ODV SHUVRQDV &DVL HPSH]DEDV D SDUHFHUPH
LQWHUHVDQWH
¢4XLpQHV VRQ ORV PiV LPSRUWDQWHV HQ XQ JUXSR GH RFKR
PLOORQHV"
/RVJRELHUQRVQDFLRQDOHV
(VRQRPHJXVWD
¢3RUTXp"
&RUUXSFLyQHVWXSLGH]«
(OLPSHULRGHODOH\
3HUR«
1RKD\SHURTXHYDOJD(OLPSHULRGHODOH\
£6RQXQRVFLPLHQWRVGHSDMD
<D
¢<TXpSRGHPRVKDFHU"
&DPELDUORVSRUXQRVGHKRUPLJyQ
 
(O PRGHOR GHO 7(37 XWLOL]D OD SDODEUD ©GLVSDUDGRUª SDUD VXJHULU OD
YHORFLGDGGHXQDUHDFFLyQSURYRFDGDSRUHOWUDXPD\ODPDQHUDHQ
TXHSXHGHGHVHQFDGHQDUVHGHELGRDXQLQFLGHQWHTXHGHEHUtDVHUOR
HTXLYDOHQWHDXQWURFLWRUHGRQGHDGRGHPHWDOLQRFXRVDOYRFXDQGR
ORFRORFDVHQXQDSLVWROD+D\TXHDSUHQGHUDHYLWDUHVDVFRVDV
/DWHUDSLDFRJQLWLYDFRQGXFWXDOHVGXUD8QDGHVXVHVWUDWHJLDV
SULQFLSDOHV FRQVLVWH HQ HWLTXHWDU ORV SHQVDPLHQWRV TXH WLHQHV
LGHQWLILFDUORV FRPR LQ~WLOHV R GRORURVRV \ OXHJR GHVYLDU OD PHQWH
KDFLD XQRV SHQVDPLHQWRV PiV SRVLWLYRV (V XQD HVWUDWHJLD TXH
VXHOHIDOODU6DEHVORTXHHVWiSDVDQGR\TXHQRHVORDGHFXDGR«
SHUR QR SXHGHV VDFiUWHOR GH OD FDEH]D 7H VXGDQ ODV PDQRV \ HO
FRUD]yQ WH DSRUUHD HO SHFKR FRPR VL IXHUD XQ QLxR TXH LQWHQWD
HVFDSDU \ PLHQWUDV HVWiV WHPEODQGR FRPR XQ DQLPDO SXHGHV
SHQVDU©(VSHUDQRFRUUHVSHOLJUR«1RHVWiVHQXQDVLWXDFLyQTXH
GHEDDWHPRUL]DUWHVRORHVWiVVHQWDGRHQXQDFDIHWHUtDDOPHGLRGtD
FRUUH XQD VXDYH EULVD \ HVWi XQ SRFR QXEODGR WRGR HVWi ELHQ SRU
IDYRU QR KDJDV HVWR QR WH SRQJDV D JULWDU QR WH OHYDQWHV GH XQ
VDOWR \ HFKHV D FRUUHU« 2EOLJD D WXV PDQRV D SDUDU GH WHPEODU
FRJHODWD]DGHFDIpǻ
3HUR HO GLVSDUDGRU VH KD DFFLRQDGR \ HVWiV PLUDQGR
GLUHFWDPHQWHODERFDGHOFDxyQGHODSLVWROD
/H KDEtD SDVDGR PXFKDV YHFHV < DO PLUDU HO FDxyQ GH XQD
SLVWROD GH YHUGDG FRQ HO GHGR SXOJDU DSR\DGR HQ HO JDWLOOR TXH
DFFLRQD HO GLVSDUDGRU QR HO GHGR tQGLFH SRUTXH VXMHWDV HO DUPD
DSXQWiQGRWH D WL DSR\DGD HQ HO HVWHUQyQ \ HQ HVD SRVLFLyQ HO
SXOJDU HV PHMRU SDUD DSUHWDU ²HQ HVWH FDVR HPSXMDU² HO JDWLOOR 
HUDIiFLOYHUDTXHOORFRPRXQJUDQDOLYLRFRPRODSURPHVDGHTXHHO
PLHGR SRU ILQ GHVDSDUHFHUtD 6XFHGH FRQWLQXDPHQWH (V WDQ
IUHFXHQWHTXHXQDIRUPDGHWHUDSLDSDUDHO7(37VHEDVDHQHVRQR
WLHQHV TXH SUHRFXSDUWH HQ H[FHVR SRUTXH VL QR PHMRUDV VLHPSUH
SXHGHV VXLFLGDUWH < D DOJXQRV SDFLHQWHV HVH SHQVDPLHQWR OHV
SURFXUDYHUGDGHURFRQVXHORDYHFHVLQFOXVRHVHODVLGHURDOTXHVH
DIHUUDQSDUDUHFXSHUDUVH6LHPSUHSXHGHVSRQHUILQDHVWHWRUPHQWR
PDWiQGRWHDVtTXHGDOHRWURGtDDYHUTXpWDO
1RHVIiFLOQRWHQHUPLHGR1RVLHPSUHVHORJUD3RUPXFKRTXH
OR LQWHQWHV \ OR GHVHHV VH SLHUGH HO FRQWURO GH ODV FRVDV LQFOXVR
FXDQGRHVWiQGHQWURGHWXFDEH]DRTXL]iSUHFLVDPHQWHSRUHVR/D
PHQWH HV XQ DQLPDO FXULRVR 6L VH WUDWDUD GHO SHQVDPLHQWR
FRQVFLHQWHRVLSXGLpUDPRVFRQWURODUHOSHQVDPLHQWRFRQVFLHQWHR
VL HO VXEFRQVFLHQWH IXHUD FRQVFLHQWH R VL ORV HVWDGRV GH iQLPR VH
VRPHWLHUDQ D QXHVWURV GHVHRV« WDO YH] HQWRQFHV SRGUtD KDFHUVH
DOJR<SRGUtDPRVGHFLUSDUDODWHUDSLDFRJQLWLYDFRQGXFWXDORSDUD
HOREMHWLYRPLVPRGHODFRUGXUD£+iJDVHUHDOLGDG
3HURQRHVDVt(VFRPRVLQDGDUDVHQXQUtR3XHGHVDFDEDU
DUUDVWUDGR DO PDU SRU XQDV DJXDV UHYXHOWDV TXH QR DJLWDV W~ R DO
PHQRVTXHHVFDSDQDWXFRQWURO7HHQFXHQWUDVQDGDQGRFRQWUDXQD
FRUULHQWHTXHHVPiVIXHUWHTXHW~\HVSRVLEOHTXHWHDKRJXHV

)UDQN HVWDED DKRJiQGRVH 2 SRU OR PHQRV QR SRGtD UHVSLUDU /DV
WHUDSLDV OH KDEtDQ GHMDGR PHULGLDQDPHQWH FODUR TXH QXQFD VH
FXUDUtD
(QFLHUWDPDQHUDWDOYH]SRGUtDFRQVLGHUDUVHHVRXQSURJUHVR
©5HQXQFLDG D WRGD HVSHUDQ]D YRVRWURV TXH HQWUiLV DTXtª ¢4Xp
VLJQLILFDED HVR" ¢(UD SRVLEOH YLYLU VLQ HVSHUDQ]D" +DEtD OHtGR XQ
UHIUiQ MDSRQpV HQ XQ OLEUR YLYH FRPR VL \D KXELHUDV PXHUWR 3HUR
¢TXp TXHUtD GHFLU" ¢3RU TXp HUD XQ PHQVDMH DOHQWDGRU" 3RUTXH
¢HUD DOHQWDGRU" &RPR PXFKR HUD HQLJPiWLFR XQD HVSHFLH GH
DSXHVWDGREOHSULPHURWHGDEDODRUGHQGHYLYLUSHUROXHJRWHGHFtD
©FRPR VL \D KXELHUDV PXHUWRª ¢&yPR VH KDFtD HVR" ¢)RUPDED
SDUWH GHO FyGLJR GHO VDPXUiL" ¢7HQtDV TXH GHVSUHRFXSDUWH GH WX
YLGD SDUD GHIHQGHU D TXLHQ WHQtDV HO GHEHU GH SURWHJHU" (QWRQFHV
¢HUD XQD HVSHFLH GH HVWRLFLVPR SDUD VLHUYRV" 'HMD TXH WH XWLOLFHQ
FRPRVLIXHUDVXQHVFXGRFRQYLpUWHWHHQXQXWHQVLOLRKXPDQR¢(UD
HVR" 7DO YH] (Q HVH FDVR VROR WHQtDV TXH GHFLGLU OD PDQHUD PiV
DGHFXDGDGHKDFHUWUL]DVWXVHVSHUDQ]DV
(Q VX FDVR \D KDEtD SHUGLGR OD HVSHUDQ]D GH YROYHU D VHU XQ
WLSR FRUULHQWH GH OOHYDU XQD YLGD QRUPDO GH TXH QR OH KXELHUD
SDVDGR OR TXH OH KDEtD SDVDGR GH ROYLGDUOR WRGR /DV WHUDSLDV OH
KDEtDQ HQVHxDGR D UHQXQFLDU D HVDV HVSHUDQ]DV $KRUD WHQtD TXH
GHSRVLWDU VXV HVSHUDQ]DV HQ FRVDV FRPR KDFHU HO ELHQ SRU PX\
MRGLGRTXHHVWXYLHUD
(VWH SHQVDPLHQWR PHUHFtD SRQHUVH SRU HVFULWR HQ XQ WUR]R GH
SDSHOFRQOHWUDVPD\~VFXODVWUD]DGDVFRQVXVPDQRVWHPEORURVDV
\FROJDUORHQHOHVSHMRGHOEDxRDOODGRGHRWUDVIUDVHVHLPiJHQHV
GH iQLPR 6HJXUDPHQWH SDUHFtD HO HVSHMR GH XQ ORFR SHUR OH
JXVWDEDSHJDUFRVDVHQpO

/$(63(5$1=$'(+$&(5(/%,(1
32508<-2','248((67e6

6LHPSUHTXHVHDFRUGDUDGHODYDUVHORVGLHQWHVRDIHLWDUVHORFXDO
RFXUUtD FDGD YH] FRQ PHQRV IUHFXHQFLD YHUtD HO PHQVDMH \
UHIOH[LRQDUtD VREUH TXp SRGtD KDFHU 6REUH WRGR OH SURGXFtD
FRQIXVLyQ 3HUR GDED OD LPSUHVLyQ GH TXH GHQWUR GH pO UHVLGtD HO
LPSXOVRGHKDFHUDOJRDYHFHVHUDWDQIXHUWHTXHORVHQWtDFRPRXQ
LQWHQVR DUGRU GH HVWyPDJR &XDQGR HVWDED H[KDXVWR SRU HO
LQVRPQLRRDWRQWDGRSRUGRUPLUGHPDVLDGRHVDVHQVDFLyQGHDUGRU
VH SURSDJDED SRU WRGR VX FXHUSR 7HQtD TXH KDFHU DOJR 3DUHFtD
FODUR TXH QR LED D FRQYHUWLUVH HQ XQ +LMR GH .DOL SHUR TXL]i Vt HQ
DOJRSDUHFLGR8QVLPSDWL]DQWH8QJXHUUHURSDUDODFDXVD8QORER
VROLWDULR
0LHQWUDV GHVD\XQDED \RJXU GH XQ YDVLWR GH SOiVWLFR SDUD
DSODFDU HO DUGRU GH HVWyPDJR PHGLWDED VREUH OR TXH SRGtD KDFHU
&DGD SHUVRQD WHQtD XQD GH ODV RFKR PLO PLOORQHV GH SDUWHV HQ ODV
TXH VH UHSDUWtD HO SRGHU GH OD KXPDQLGDG (VWDED GDQGR SRU
VXSXHVWRTXHWRGDVODVSHUVRQDVWHQtDQHOPLVPRSRGHUORFXDOQR
HUD YHUGDG SHUR GH PRPHQWR VHUYtD SDUD FRQWLQXDU VX UHIOH[LyQ
8QDGHRFKRPLOPLOORQHVGHSDUWHVQRHUDPXFKRSHURKDEtDTXH
WHQHUHQFXHQWDTXHKDEtDYHQHQRVTXHVXUWtDQHIHFWRDFWXDQGRHQ
OD PLOPLOORQpVLPD SDUWH GH XQ RUJDQLVPR DVt TXH QR HUD GHO WRGR
FLHUWRTXHQRH[LVWLHUDQSUHFHGHQWHVGHTXHXQDSDUWHWDQSHTXHxD
SURYRFDUDFDPELRV
'HDPEXOy SRU ODV FDOOHV GH *ODVJRZ GiQGROH YXHOWDV HQ OD
FDEH]D D VX LGHD 6XELy \ EDMy ODV FROLQDV TXH VH DO]DEDQ HQ HO
QRUHVWH GH OD FLXGDG GLVIUXWDQGR GHO SDVHR SRU XQDV DFHUDV WDQ
HPSLQDGDVTXHLQFOXVRKDEtDWUDPRVGHHVFDOHUDV6HSRGtDOLEHUDU
PXFKRHVWUpVFDPLQDQGRSRUODVFDOOHVGH*ODVJRZ\ORVSXQWRVGH
YLVWDGHVGHORVTXHVHFRQWHPSODEDQODVLGHDVFDPELDEDQDOVRQGH
ORV FDPELRV HQ HO WLHPSR \ UHIOHMDEDQ ODV WRUPHQWDV LQWHULRUHV HO
PLHGR ORV DWDTXHV GH ULVD ORV RVFXURV DELVPRV GH GRORU 2 ORV
VXHxRV KHUPRVRV HO PXQGR FRUUHJLGR ¢&yPR FRPSDUWLU HVR"
¢&yPR GDUOR" 6DQ )UDQFLVFR GH $VtV PXpVWUDWH UHQXQFLD D WL \ D
WRGR OR TXH FUHtDV TXH SRVHtDV $OLPHQWD D ORV SiMDURV D\XGD D OD
JHQWH4XpREYLRHUDORDGPLUDEOHGHHVHPHQVDMH+D]ORTXHGLFH
6DQ)UDQFLVFR$\XGDDODJHQWH
3HURpOEXVFDEDDOJRPiV6HQWtDFyPREXOOtDHQVXLQWHULRUHO
GHVHRGHPDWDU%XHQRHQUHDOLGDGTXHUtDFDVWLJDU/DKXPDQLGDG
DXQTXH QR WRGD KDEtD SURYRFDGR OD ROD GH FDORU ORV SDtVHV
SUyVSHURVVHJXURORVYLHMRVLPSHULRVVHJXUR7RGRVHOORVPHUHFtDQ
XQFDVWLJR3HURWDPELpQKDEtDSHUVRQDVFRQFUHWDVPXFKDVWRGDYtD
YLYDVTXHKDEtDQFRQVDJUDGRVXYLGDDQHJDUHOFDPELRFOLPiWLFRD
VHJXLU HPLWLHQGR GLy[LGR GH FDUERQR D GHVWUXLU ELRPDV \ FDXVDU OD
H[WLQFLyQ GH HVSHFLHV < GXUDQWH OD UHDOL]DFLyQ GH HVH SUR\HFWR
KDEtDQ SURVSHUDGR \ OOHYDGR XQD YLGD GH OXMRV 6H FUHtDQ
VXSHUKRPEUHV \ GHVWUXtDQ HO PXQGR DOHJUHPHQWH VH UHtDQ GH ORV
GpELOHV\ORVSLVRWHDEDQDVXDQWRMR
)UDQN TXHUtD DFDEDU FRQ WRGDV HVDV SHUVRQDV $QWH OD
LPSRVLELOLGDGGHOOHYDUDFDERWDPDxDHPSUHVDVHFRQIRUPDEDFRQ
PDWDUDXQDVFXDQWDV6HQWtDFyPREXOOtDHVHLPSXOVRGHQWURGHpO
(VWD WHQVLyQ LQWHUQD OR OOHYDUtD SURQWR D OD WXPED OR VHQWtD FRQ OD
PLVPD FHUWH]D FRQ OD TXH VHQWtD FyPR HO FRUD]yQ SHUFXWDQWH OH
ERPEHDEDODVDQJUHSRUODVFDUyWLGDVFRQODSUHVLyQSRUODVQXEHV
2K Vt OD WHQVLyQ DOWD 3RGtD VHQWLU FyPR OD VDQJUH WUDWDED GH
KDFHUOR HVWDOODU GHVGH GHQWUR $OJR WHUPLQDUtD H[SORWDQGR HQ VX
LQWHULRU 3HUR DQWHV GHEtD KDFHU DOJXQD FRVD 9HQJDQ]D Vt SHUR
WDPELpQ SUHYHQFLyQ 8Q DWDTXH SUHYHQWLYR 4XL]i HVR HYLWDUtD XQ
PDOPD\RU
9LVLWDED D OD SVLFyORJD GRV YHFHV SRU VHPDQD (UD XQD PXMHU
DJUDGDEOHGHPHGLDQDHGDGLQWHOLJHQWH\FRQH[SHULHQFLDWUDQTXLOD
\ DWHQWD &RPSUHQVLYD )UDQN SHUFLEtD TXH OH LQWHUHVDED VX FDVR
3UREDEOHPHQWH OH LQWHUHVDEDQ WRGRV VXV SDFLHQWHV SHUR HVR QR
TXLWDEDTXH)UDQNWXYLHUDODFHUWH]DGHTXHpOOHLQWHUHVDED
/DSVLFyORJDOHSUHJXQWyFyPRVHHQFRQWUDEDTXpKDFtDeOQR
OHKDEOyGHVXVGHOLULRVGHYHQJDQ]DSHURIXHEDVWDQWHVLQFHURHQ
WRGR OR TXH OH FRQWy $ SULQFLSLRV GH VHPDQD OH GLMR XQ FKRUUR GH
YDSRU GH XQD JLJDQWHVFD FDIHWHUD HQ HO ORFDO GH XQD FDGHQD GH
FDIHWHUtDVOHKDEtDSURYRFDGRXQDWDTXHGHSiQLFRKDEtDWHQLGRTXH
VHQWDUVHKDVWDTXHHOFRUD]yQGHMyGHPDUWLOOHDUOHHOSHFKR
(OODDVLQWLy
²¢3UREDVWH D KDFHU HO PRYLPLHQWR FRQ ORV RMRV GHO TXH
KDEODPRV"
²1R ²)UDQN HVWDED FRQYHQFLGR GH TXH OD WHUDSLD HUD XQD
SpUGLGDGHWLHPSRSHURODYHUGDGHUDTXHHQHOFDORUGHOPRPHQWR
VH OH KDEtD ROYLGDGR OR GH ORV RMRV² 1R OR UHFRUGp /R SUREDUp OD
SUy[LPDYH]
²3RGUtDD\XGDUWH²GLMRODSVLFyORJD²2TXL]iQR3HURQRVH
SLHUGHQDGDSRULQWHQWDUOR
)UDQNDVLQWLy
²¢4XLHUHVSUREDUDKRUD"²SUHJXQWyHOOD
²¢4XLHUHVTXHPXHYDORVRMRV"
²%XHQR QR 7LHQHV TXH KDFHUOR HQ XQ PRPHQWR HQ HO TXH
HVWpVHQIUHQWiQGRWHDORTXHSDVy1RTXLHURTXHUHYLYDVQDGDTXH
WHKDJDVHQWLUPDOSHUR\DKHPRVWUDEDMDGRHQTXHPHH[SOLTXHVOR
TXHSDVyGHVGHGLYHUVRVSXQWRVGHYLVWD\TXL]iVLWHSDUHFHTXH
HVWiVSUHSDUDGRSRGUtDPRVYROYHUDWUDEDMDUHQHOOR\PLHQWUDVPH
KDEODVSRGUtDVSUREDUORGHOPRYLPLHQWRGHORVRMRV1RVD\XGDUtDD
FUHDUODDVRFLDFLyQ
)UDQNVHHQFRJLyGHKRPEURV
²6LFUHHVTXHHVRPHD\XGDUi
²1R Vp VL WH D\XGDUi SHUR QR WH KDUi QLQJ~Q PDO 3DUD VL
HPSLH]DV D HQFRQWUDUWH PDO 1R GXGHV HQ SDUDU VLHPSUH TXH OR
QHFHVLWHV
²(VWiELHQ
)UDQN OH FRQWy FyPR KDEtD LGR D SDUDU D DTXHOOD FLXGDG GH OD
,QGLD\TXHDOSULQFLSLROHSDUHFLyTXHODRODGHFDORUHUDXQHSLVRGLR
PiV GH FDORU LQWHQVR FRPR PXFKRV RWURV 0LHQWUDV KDEODED PRYtD
ORVRMRVVLPXOWiQHDPHQWHFODUR\DTXHHUDOD~QLFDPDQHUDHQTXH
SRGtD KDFHUOR D XQ ODGR \ D RWUR SULPHUR ORV OOHYDED WRGR OR TXH
SRGtD KDFLD OD L]TXLHUGD \ DWLVEDED ERUURVD XQD HVWDQWHUtD OXHJR
UiSLGDPHQWH ORV PRYtD KDFLD OD GHUHFKD WRGR OR SRVLEOH \ DWLVEDED
ERUURVDVODVIORUHVHQHOMDUUyQTXHHVWDEDGHODQWHGHXQDYHQWDQD
TXH GDED D XQ SDWLR (UD XQ HVIXHU]R YROXQWDULR TXH FHVDED HQ HO
PRPHQWR HQ HO TXH pO GHMDED GH SHQVDU HQ KDFHUOR GH PRGR TXH
WHQtD TXH GHGLFDUOH FLHUWD DWHQFLyQ DO PLVPR WLHPSR TXH VHJXtD
KDEODQGR OR TXH SURYRFDED TXH VX UHODWR IXHUD GHVODYD]DGR \
HVWXYLHUD OOHQR GH LQWHUUXSFLRQHV \ PX\ GLIHUHQWH GHO TXH KDEUtD
VLGRVLHVWXYLHUDFRQWiQGRVHORFRPRRWUDVYHFHV)UDQNVXSXVRTXH
HVWHHUDXQRGHORVEHQHILFLRVGHOHMHUFLFLR
²/OHJXp HQ LQYLHUQR DVt TXH QR KDFtD WDQWR FDORU« SHUR
WDPSRFR KDFtD IUtR QR (Q HO +LPDOD\D KDFtD IUtR HQ ORV GtDV
GHVSHMDGRVLQFOXVRVHYHtDQODVFXPEUHVQHYDGDVSHURFDVLWRGRV
ORVGtDV«&DVLWRGRVORVGtDVHVWDEDQXEODGR(ODLUHHVWDEDVXFLR
FDVLVLHPSUH&RPRHQODPD\RUtDGHORVVLWLRV$VtTXHPHLQVWDOp\
HPSHFp D WRPDU FODVHV GH KLQGL \ D WUDEDMDU« HQ OD FOtQLFD
(QWRQFHVOOHJyODRODGHFDORU1XQFDKDEtDKHFKRWDQWRFDORUSHUR
WRGR HO PXQGR GHFtD« GHFtD TXH HUD QRUPDO TXH ODV VHPDQDV
SUHYLDV DO PRQ]yQ HUDQ ODV PiV FDOXURVDV 3HUR HO FDORU VHJXtD
DXPHQWDQGR 8Q GtD KL]R WDQWR FDORU TXH OD JHQWH LQFOXVR VH
DVXVWy« \ HVD QRFKH PXULHURQ XQDV FXDQWDV SHUVRQDV PX\
DQFLDQDV\YDULRVEHEpV/DFRQPRFLyQIXHJHQHUDOSHURFUHRTXH
OD JHQWH SHQVDED TXH \D QR LED D LU D PiV 3HUR HQWRQFHV IXH D
PiV \ KXER HO DSDJyQ 1R VH SRGtDQ XWLOL]DU ORV DLUHV
DFRQGLFLRQDGRV«7DPSRFRTXHGDEDPXFKDDJXD(OSiQLFRFXQGLy
HQ OD JHQWH \ FRQ UD]yQ +DFtD PiV FDORU TXH HO TXH HO FXHUSR
KXPDQR SXHGH DJXDQWDU +LSHUWHUPLD 6ROR HV XQD SDODEUD /D
UHDOLGDGHVRWUDFRVD1RSXHGHVUHVSLUDU(OVXGRUQRGDPiVGHVt
7H DVDV FRPR XQ WUR]R GH FDUQH GHQWUR GH XQ KRUQR \ HQ WRGR
PRPHQWRVLHQWHVFyPRSDVD$OILQDOPXFKDJHQWHIXHDOODJRGHOD
FLXGDG SHUR HO DJXD SDUHFtD XQD VRSD \ QR HUD« VHJXUR EHEHUOD
$VtTXHPXULyPXFKDJHQWH
+L]R XQD SDXVD \ GHMy GHVFDQVDU ORV RMRV 1RWDED ODV
SDOSLWDFLRQHVGHORVP~VFXORVGHWUiVGHORVRMRVREOLJDGRVDKDFHU
XQ HVIXHU]R DO TXH QR HVWDEDQ DFRVWXPEUDGRV $JUDGHFLHURQ HO
GHVFDQVR FRPR FXDOTXLHU P~VFXOR (VR OH SURGXMR XQD VHQVDFLyQ
H[WUDxD
²0HKHILMDGRHQTXHHVWDYH]QRWHKDVFRORFDGRHQHOFHQWUR
GHOUHODWR²REVHUYyODSVLFyORJD
²¢1R"<RFUHtDTXHVt
²+DV KDEODGR WRGR HO UDWR GH HOORV (OORV KDFtDQ HVWR D HOORV
OHVSDVDEDDTXHOORRWUR«
²%XHQR\RHUDXQRGHHOORV
²(QDTXHOPRPHQWR¢SHQVDEDVHQWLFRPRHQXQRGHHOORV"
²1R (V GHFLU HOORV HUDQ HOORV \ \R HUD \R /RV REVHUYDED
FKDUODEDFRQDOJXQDVSHUVRQDV/RQRUPDO
²&ODUR¢3RGUtDVFRQWDUPHODKLVWRULDGHVGHWXSXQWRGHYLVWD
PRYLHQGRORVRMRV"
²1RORVp
²¢3RUTXpQRSUXHEDV"
²3UHILHURQRKDFHUOR
 ²(VWi ELHQ 4XL]i RWUR GtD /D SUy[LPD YH] WDO YH] SRGUtDV
VRVWHQHUWDPELpQHVRVGRVSHTXHxRVDSDUDWLWRVSDUDODHVWLPXODFLyQ
ELODWHUDO ¢5HFXHUGDV TXH WH ORV HQVHxp XQ GtD" (O GHUHFKR \ HO
L]TXLHUGR YLEUDQ DOWHUQDWLYDPHQWH PLHQWUDV YDV KDEODQGR (V PiV
IiFLOTXHPRYHUORVRMRV
²3UHILHURQRKDFHUORHQHVWHPRPHQWR
²/DSUy[LPDYH]TXL]i
²1RVpFXiQGR
²¢1RTXLHUHVKDFHUOR"
²1R¢3RUTXpLEDDTXHUHU"
²%XHQR HQ WHRUtD DO H[SOLFDU HO HSLVRGLR FRQ SDODEUDV HVWiV
PROGHiQGROR HQ FLHUWD PDQHUD < VL OR KDFHV DO PLVPR WLHPSR TXH
PXHYHV ORV RMRV R TXH VLHQWHV ODV YLEUDFLRQHV HQ ODV PDQRV DO
SDUHFHU VH FUHD XQD HVSHFLH GH GLVWDQFLD LQWHUQD HQWUH WX UHFXHUGR
GHO HSLVRGLR WDO FRPR OR QDUUDV \ OR TXH SRGUtDPRV OODPDU OD
UHYLYLVFHQFLDGHpOODUHYLYLVFHQFLDHVSRQWiQHDGHVHQFDGHQDGDSRU
XQ GLVSDUDGRU 3RU OR WDQWR FXDQGR VH GHVHQFDGHQDUD HVD
UHYLYLVFHQFLD \ QHFHVLWDUDV XQD YiOYXOD GH HVFDSH SRGUtDV PRYHU
ORVRMRV\QRVpTXL]iSHQVDUHQWXYHUVLyQH[SOLFDGDGHOHSLVRGLR
(VRHYLWDUtDTXHORUHYLYLHUDV«1RVpVLPHH[SOLFR
²6t ²GLMR )UDQN² WH H[SOLFDV PX\ ELHQ 1R HVWR\ VHJXUR GH
FUHHUHQHOORSHURHQWLHQGRORTXHGLFHV
²7HFRPSUHQGR3HURYDOGUtDODSHQDLQWHQWDUOR¢QRFUHHV"
²4XL]i

8QRWRxR DFHSWyODRIHUWD GHXQDDPLJDHVFRFHVDSDUDWUDEDMDUHQ

XQ SUR\HFWR HQ OD $QWiUWLGD (UD OD SULQFLSDO LQYHVWLJDGRUD GH XQ
HTXLSRUHGXFLGRGHFLHQWtILFRVTXHVHGLULJtDDORV9DOOHV6HFRVSDUD
HVWXGLDU XQ DUUR\R FX\DV DJXDV IOX\HQ EUHYHPHQWH WRGRV ORV
YHUDQRV HO UtR 2Q\[ (Q HO HTXLSR WHQtD XQD YDFDQWH SDUD XQ
D\XGDQWHGHFDPSR\VXDPLJDTXHUtDD\XGDUOR/HGLMRTXH\DTXH
WHQtDSUREOHPDVFRQHOFDORUOD$QWiUWLGDVHUtDHOOXJDULGHDOSDUDpO
 )UDQNOHUHVSRQGLyTXHOHSDUHFtDXQDEXHQDLGHD/DSHTXHxD
KHUHQFLD TXH OH KDEtD GHMDGR VX DEXHOD HVWDED DFDEiQGRVH \
WRGDYtDQROHDSHWHFtDSRQHUVHHQFRQWDFWRFRQVXVSDGUHVQLFRQOD
RUJDQL]DFLyQ FRQ OD TXH FRODERUDED DVt TXH HO WUDEDMR WDPELpQ OR
D\XGDUtDHFRQyPLFDPHQWH'HPRGRTXHHVHRWRxRYROyD'HQYHU
VHVRPHWLyDYDULDVHQWUHYLVWDV\PRGLILFyHOFXUUtFXOXPSDUDRPLWLU
VX HVWDQFLD HQ OD ,QGLD /R FRQWUDWDURQ \ YROy D $XFNODQG \ GH DOOt
YLDMy D &KULVWFKXUFK GHVGH GRQGH VH WUDVODGy D OD EDVH 0F0XUGR
HQODLVODGH5RVVHQHOODGRRSXHVWRGHOHVWUHFKRGH0F0XUGRGH
GRQGH HVWDEDQ ORV 9DOOHV 6HFRV VLWXDGRV HQWUH OD FRUGLOOHUD GH OD
5R\DO 6RFLHW\ \ HO PDU KHODGR ,QFOXVR HQ HO DYLyQ TXH OR OOHYy D
0F0XUGR FX\R LQWHULRU HUD XQ HVSDFLR UHFWDQJXODU TXH SDUHFtD XQ
DOPDFpQKDFtDIUtR/RPLVPRRFXUUtDHQWRGRVORVHGLILFLRVYLHMRV\
GHVWDUWDODGRV GH OD 0F0XUGR \ HQ ORV QXHYRV TXH HUDQ FRPR
DOPDFHQHVRHGLILFLRVLQVWLWXFLRQDOHVHQFX\RLQWHULRUODWHPSHUDWXUD
QXQFDDOFDQ]DEDORV R&,QFOXVRVHSDVDEDIUtRKDFLHQGRFRODHQ
HOEXIHWGHODFRFLQD7RGRODPDUGHDJUDGDEOH
/XHJR HQ ORV 9DOOHV 6HFRV HO EDUUDFyQ HQ HO TXH FRPtDQ VH
PDQWHQtD FDOLHQWH SHUR QDGD IXHUD GH OR QRUPDO HQ UHDOLGDG VROR
HUD XQ FDORU UHODWLYR SRUTXH IXHUD KDFtD PXFKR IUtR (Q ORV
EDUUDFRQHV GRQGH GRUPtDQ KDFtD XQ SRFR GH FDORU \ HO DPELHQWH
HVWDEDPX\FDUJDGRSHURVLORSUHIHUtDVHUDSRVLEOHGRUPLUIXHUDHQ
XQDWLHQGDGHFDPSDxDLQGLYLGXDO6LQHPEDUJRHQODWLHQGDKDFtD
XQIUtRPRUWDOWDQWRTXHVXVDFRGHGRUPLUSHVDEDFRPRFLQFRNLORV
WDO HUD OD FDQWLGDG GH SOXPDV GH JDQVR TXH QHFHVLWDED SRQHUVH
HQFLPD SDUD TXH VX SURSLR FDORU FRUSRUDO OR PDQWXYLHUD FDOLHQWH
6DFDED OD QDUL] GHO VDFR GH GRUPLU SDUD UHVSLUDU \ ODV UHSHWLGDV
LQVSLUDFLRQHV GH DLUH JpOLGR OH UHFRUGDEDQ TXH IXHUD KDFtD IUtR GH
YHUGDG D SHVDU GH TXH HO VRO QR VH SRQtD QXQFD (UD UDUR TXH
VLHPSUHIXHUDGHGtDSHUR)UDQNHQVHJXLGDVHDFRVWXPEUyDHOOR
(O SUREOHPD HUD TXH HO IUtR H[WUHPR KDFtD TXH IXHUD GLItFLO
SHQVDU HQ RWUD FRVD TXH QR IXHUD OD SURSLD WHPSHUDWXUD \ SDUD
FDOHQWDUVHODVPDQRVKHODGDVGHVSXpVGHXQDMRUQDGDGHWUDEDMRD
ODLQWHPSHULHVHFDOGHDEDEDVWDQWHHOEDUUDFyQGHOFRPHGRUTXHVH
FRQYHUWtD HQ XQ HVSDFLR FHUUDGR FRQ HO DPELHQWH PX\ FDUJDGR \
)UDQN VH HQFRQWUDED HQWRQFHV GHVOL]iQGRVH FXHVWD DEDMR SRU OD
UHVEDODGL]D SHQGLHQWH /HMRV GH FXDOTXLHU SRVLELOLGDG GH DX[LOLR XQ
DWDTXHGHSiQLFRDOOtHUDHQHOPHMRUGHORVFDVRVLQRSRUWXQR\HQ
HO SHRU XQ GHVDVWUH +DEtD RtGR FRPHQWDU D VXV FRPSDxHURV TXH
ODV HYDFXDFLRQHV PpGLFDV HQ KHOLFySWHUR HUDQ FDUDV \ VROR VH
UHDOL]DEDQ HQ FDVRV H[FHSFLRQDOHV $Vt TXH WHQGUtD TXH KDFHU XQ
HVIXHU]R SDUD PDQWHQHU OD FDOPD 3HUR D YHFHV D GXUDV SHQDV
FRQVHJXtD GLVLPXODU XQ DWDTXH GH SiQLFR \ HQWRQFHV UH]DED SDUD
TXHSDVDUDUiSLGR\QRVHUHSLWLHUD(QRFDVLRQHVPRYtDGHXQODGR
D RWUR ORV RMRV FRPR VL HVWXYLHUD PLUDQGR XQ SDUWLGR GH WHQLV GH
PHVD
7DPELpQKDEtDXQDFDEDxDFRQXQDVDXQD2EYLDPHQWH)UDQN
QXQFD VH DFHUFDED D HOOD SHUR XQD QRFKH HQ OD TXH KDFtD XQ VRO
UDGLDQWHVDOLyGHVXWLHQGD\SDVyMXQWRDODFDEDxDGHODVDXQDHQ
HOPLVPRPRPHQWRHQHOTXHXQJUXSRGHFLHQWtILFRVVDOtDGHHOODHQ
EDxDGRU FKLOODQGR FRQ DOERUR]R D SHVDU GHO VXIULPLHQWR SRU OD
EUXVFD GLIHUHQFLD GH WHPSHUDWXUDV H[WUHPDV QXEHV GH YDSRU
HVFDSDEDQ GH VXV FXHUSRV GHVQXGRV TXH SDUHFtDQ HQRUPHV
SHWDUGRVURVDGRV(VDLPDJHQTXHGHEHUtDKDEHUVLGRKHUPRVD\
VXVJULWRVTXHVRQDEDQFRPRDODULGRVGHGRORUDSHVDUGHTXHHUDQ
GH M~ELOR GHVHQFDGHQy LQPHGLDWDPHQWH HO DWDTXH 6H OH DFHOHUy
WDQWR HO FRUD]yQ TXH SHUGLy HO FRQRFLPLHQWR FD\y GH URGLOODV DO
VXHOR H LQPHGLDWDPHQWH GH EUXFHV D OD QLHYH 6LQ SUHYLR DYLVR OD
VRODYLVLyQGHORVJUDQGHVSHWDUGRVGHFDUQH\KXHVRKDEtDKHFKR
TXHHOFRUD]yQVHOHSXVLHUDDPLO\TXHDKRUDVHKDOODUDWLUDGRHQOD
QLHYH GXUD \ IUtD 6H KDEtD GHVPD\DGR GHODQWH GH HOORV /RV
FLHQWtILFRV TXH KDEtDQ VDOLGR GH OD VDXQD FRUULHURQ D DX[LOLDUOR
QDWXUDOPHQWH \ DOJXLHQ OH WRPy HO SXOVR PLHQWUDV ORV GHPiV OR
OHYDQWDEDQGHOVXHOR\JULWDEDQGRPLQDGRVSRUHOSiQLFR©£0HQXGD
WDTXLFDUGLD 'LRV PtR £7yPDOH W~ HO SXOVRª 'LMHURQ TXH VX
IUHFXHQFLD FDUGtDFD HUD GH GRVFLHQWDV FXDUHQWD SXOVDFLRQHV SRU
PLQXWR 0HQRV GH GRV KRUDV GHVSXpV OOHJDED XQ KHOLFySWHUR SDUD
HYDFXDUORGHDOOt<DHQODEDVH0F0XUGR\XQDYH]TXHORVMHID]RV
GH OD 16) OD )XQGDFLyQ &LHQWtILFD 1DFLRQDO VH HQWHUDURQ GHO
WUDVWRUQR TXH VXIUtD \ GH ODV H[SHULHQFLDV TXH KDEtD YLYLGR HQ HO
SDVDGRORDFXVDURQGHPHQWLUHQHOLPSUHVRGHVROLFLWXGGHOWUDEDMR
\IXHHQYLDGRGHYXHOWDDFDVD
 
/OHYiEDPRV HQ HO PDU FHUFD GH RFKR DxRV 1RV GLMHURQ TXH QRV
SDJDUtDQ FXDQGR GHVHPEDUFiUDPRV SHUR WRGRV VDEtDPRV TXH QR
HUD YHUGDG 1XQFD QRV SDJDUtDQ QL GHVHPEDUFDUtDPRV eUDPRV
HVFODYRV 6L QRV QHJiEDPRV D WUDEDMDU QRV HQFHUUDEDQ HQ ORV
FDPDURWHV\QRQRVGDEDQGHFRPHU9ROYtDPRVDWUDEDMDU
/D FRPLGD HUD XQD SRUTXHUtD 1RV GDEDQ ODV FDEH]DV \ ODV
WULSDV GH ORV SHFHV TXH SHVFiEDPRV SHUR HUD HVR R PRULU GH
KDPEUH DVt TXH QRV OR FRPtDPRV < WUDEDMiEDPRV QR SRGtDPRV
KDFHU RWUD FRVD 6ROWDU HO KLOR UHFRJHUOR FRQ ORV FDUUHWHV VLHPSUH
FRQFXLGDGRGHTXHORVGHGRV\ORVEUD]RVQRTXHGDUDQDWUDSDGRV
HQHOVHGDOSRUTXHDYHFHVSDVDED(O$WOiQWLFR6XUHVGXURSHURHO
RFpDQR $QWiUWLFR HV SHRU /RV DFFLGHQWHV HUDQ IUHFXHQWHV 1R HUD
UDURTXHORVFKLFRVVDOWDUDQDODJXDGHVGHODFXELHUWD8QFKLFRVH
GHVSLGLyGHQRVRWURVFRQODPDQRDQWHVGHTXHODVRODVHVSXPRVDV
VH OR WUDJDUDQ 6DEtDPRV SRU TXp OR KDEtD KHFKR 3UREDEOHPHQWH
HUD OD PHMRU RSFLyQ SHUR KDFtD IDOWD YDORU 6LHPSUH SHQVDEDV TXH
LEDDSDVDUDOJRTXHFDPELDUtDODVFRVDV
<HQWRQFHVXQGtDSDVy$SDUHFLyXQEDUFRHQHOKRUL]RQWHQR
HUD QDGD H[FHSFLRQDO YHtDPRV EDUFRV FRQWLQXDPHQWH 1R VROR
SHVTXHURVFRPRHOQXHVWUR\DIXHUDGHHVFODYRVRQRWDPELpQQRV
FUX]iEDPRV FRQ FDUJXHURV TXH YHQtDQ SDUD WUDQVIHULU QXHVWUDV
FDSWXUDV D VXV ERGHJDV \ GHMDUQRV SURYLVLRQHV SDUD TXH QR
WXYLpUDPRV TXH DFHUFDUQRV D WLHUUD ILUPH (VD HUD VX WiFWLFD 1L
VLTXLHUDVDEtDPRVGHTXpSDtVHVYHQtDQHVRVEDUFRV
$TXHO EDUFR SDUHFtD XQ FDUJXHUR \ YHQtD KDFLD QRVRWURV (UD
HYLGHQWH TXH HO FDSLWiQ GH QXHVWUR EDUFR \ VXV FRPSLQFKHV
SHQVDEDQORPLVPR/DJHQWHTXHLEDHQDTXHOEDUFRGHEtDFRQRFHU
ODVVHxDOHV\ORVHQJDxy(QWRQFHVFXDQGRVHSXVRDQXHVWURODGR
\QRVDIHUUDPRVDHOORVGHORWUREDUFRVDOWDURQXQRVKRPEUHVTXH
QRVDSXQWDURQFRQDUPDVGHIXHJR1RVRWURVOHYDQWDPRVODVPDQRV
FRPR HQ ODV SHOtFXODV DXQTXH HQ QXHVWUR FDVR KDEUtD VLGR XQD
FRPHGLD SRUTXH OD PD\RUtD VRQUHtDPRV \ \R DSHQDV SRGtD
DJXDQWDUPHODVJDQDVGHFHOHEUDUOR
1RV OOHYDURQ D ORV FDPDURWHV \ QRV HQFHUUDURQ &XDQGR ORV
UHFLpQOOHJDGRVHQWUDURQHQQXHVWURFDPDURWH\QRVLQWHUURJDURQOHV
UHVSRQGLPRV FRQ PXFKR JXVWR 4XL]i IXHUDQ XQRV YXOJDUHV SLUDWDV
TXHQRVSRQGUtDQDWUDEDMDUSDUDRWURRSXHGHVHUTXHLQFOXVRQRV
PDWDUDQ SHUR QRV GDED LJXDO \ OHV FRQWDPRV QXHVWUD KLVWRULD OHV
GLMLPRV TXLpQHV HUDQ HO FDSLWiQ \ WRGRV \ FDGD XQR GH VXV
FRPSLQFKHV 6H PDUFKDURQ \ YROYLHURQ DO FDER GH XQ UDWR 1RV
GLMHURQ TXH VXELpUDPRV D VX EDUFR 2EHGHFLPRV D SHVDU GH TXH
GHVFRQRFtDPRV VXV LQWHQFLRQHV /RV RFKR HVFODYRV TXH pUDPRV
VXELPRVDORWUREDUFRPiVJUDQGHSRUXQDHVFDOHUD(OFDSLWiQ\VXV
KRPEUHVFLQFRHQWRWDOVHTXHGDURQHQQXHVWUREDUFR3URWHVWDURQ
XQSRFRSHURORVWLSRVDUPDGRVQROHVKLFLHURQFDVR
&XDQGR QRV KDEtDPRV DOHMDGR XQ FHQWHQDU GH PHWURV YL TXH
DOJXQRV KRPEUHV GHO EDUFR QXHYR HVWDEDQ JUDEDQGR HQ YtGHR
QXHVWUR DQWLJXR EDUFR (QWRQFHV OD SURD GH QXHVWUR DQWLJXR EDUFR
VDOWy SRU ORV DLUHV DXQTXH DSHQDV VH OHYDQWy XQ SRFR GH OD
VXSHUILFLHGHOPDU/DH[SORVLyQFDVLQRVHR\ySHURODSURDVHKL]R
DxLFRV$SDUHFLHURQDOJXQDVOODPDVSHURHODJXDODVDSDJy$OFDER
GH XQ FXDUWR GH KRUD HO EDUFR VH LQFOLQy \ HPSH]y D KXQGLUVH
/XHJR VH SURGXMR XQD H[SORVLyQ HQ OD SRSD TXH IXH GHILQLWLYD (O
EDUFR VH KXQGtD UiSLGDPHQWH (O FDSLWiQ \ VXV KRPEUHV VH
HQFDUDPDURQDOWHFKRGHODFDELQD\JULWDURQKDFLDQRVRWURV(QHO
EDUFR TXH QRV KDEtD UHVFDWDGR QDGLH GLMR QDGD 7RGRV
REVHUYiEDPRVODHVFHQDHQVLOHQFLR
²¢9DLV D PDWDUORV" ²OH SUHJXQWp DO PDULQHUR TXH WHQtD PiV
FHUFD
²7LHQHQERWHVVDOYDYLGDV¢QR"
²1RORVp²UHVSRQGt²¢,QIODEOHVTXLHUHVGHFLU"
 ²6t
²6XSRQJRTXHVt
²%XHQRHQWRQFHVSXHGHVHUTXHVDTXHQHVRVERWHVLQIODEOHV
R QR 6L QR OR KDFHQ QR HVFDSDUiQ GHO GHVWLQR TXH ORV HVSHUD
3XEOLFDUHPRV HVWRV YtGHRV HQ GLVWLQWRV VLWLRV SDUD TXH ORV YHDQ
RWURVSHVFDGRUHV6LHVFDSDQHQXQERWHVDOYDYLGDVSXHGHQLQWHQWDU
OOHJDUDWLHUUD6LORFRQVLJXHQTXL]iFXHQWHQORTXHOHVKDSDVDGRD
WRGR DTXHO TXH TXLHUD HVFXFKDUOHV (Q FXDOTXLHU FDVR QRVRWURV
HVWDUHPRVPiVFHUFDGHQXHVWURREMHWLYR
(VRPHKL]RSHQVDUTXHDTXHOODJHQWHSUREDEOHPHQWHQRHUDGH
OD SROLFtD 1R HUD XQD EXHQD QRWLFLD SHUR QRVRWURV QR SRGtDPRV
HOHJLUDQXHVWURVUHVFDWDGRUHV
²¢4XpREMHWLYRHVHVH"²SUHJXQWp
²$FDEDUFRQODSHVFD
²9DOH²GLMLPRV
(OFRHILFLHQWHGH*LQLLGHDGRSRUHOVRFLyORJRLWDOLDQR&RUUDGR*LQL
HQHVXQPpWRGRSDUDPHGLUODGHVLJXDOGDGGHLQJUHVRVRGH
ULTXH]D HQ XQD SREODFLyQ GHWHUPLQDGD 1RUPDOPHQWH VH H[SUHVD
PHGLDQWH XQ Q~PHUR HQWUH HO  \ HO  OR FXDO HV FRPSUHQVLEOH \D
TXH  UHSUHVHQWD OD Pi[LPD LJXDOGDG \  VHUtD HO FRHILFLHQWH
REWHQLGR VL XQD VROD SHUVRQD SRVH\HUD WRGR \ HO UHVWR QDGD (Q
QXHVWUR PXQGR UHDO GH PHGLDGRV GHO VLJOR ;;, ORV SDtVHV FRQ XQ
FRHILFLHQWH GH *LQL EDMR FRPR ODV GHPRFUDFLDV VRFLDOHV HVWiQ HQ
JHQHUDOXQSRFRSRUGHEDMRGHOPLHQWUDVTXHORVSDtVHVGRQGH
H[LVWHXQDPD\RUGHVLJXDOGDGHVWiQXQSRFRSRUHQFLPDGHO((
88&KLQD\PXFKRVRWURVSDtVHVKDQYLVWRFyPRVXVFRHILFLHQWHV
VHKDQGLVSDUDGRGXUDQWHODHUDQHROLEHUDOGHVGHHORKDVWD
HORVLQTXHODJHQWHTXHPiVKDSHUGLGRFRQHVHDXPHQWR
GH OD GHVLJXDOGDG KD\D DO]DGR OD YR] (V PiV PXFKDV GH HVDV
SHUVRQDV GDPQLILFDGDV VXHOHQ YRWDU D SROtWLFRV TXH LQFUHPHQWDUiQ
VX HPSREUHFLPLHQWR UHODWLYR 'H DKt HO SRGHU GH OD KHJHPRQtD
VHUHPRV SREUHV £SHUR VRPRV SDWULRWDV $O PHQRV VRPRV
DXWRVXILFLHQWHV \ SRGHPRV FXLGDU GH QRVRWURV PLVPRV HWFpWHUD <
GHDKtGLUHFWRVDODWXPEDSUHPDWXUDPHQWH\DTXHODHVSHUDQ]DGH
YLGDGHORVFLXGDGDQRVSREUHVHQHVRVSDtVHVHVPXFKRPiVEDMD
TXH OD GH ORV FLXGDGDQRV ULFRV $Vt SXHV OD HVSHUDQ]D GH YLGD
PHGLD HQ HO PXQGR HVWi GHVFHQGLHQGR SRU SULPHUD YH] GHVGH HO
VLJOR;9,,,
1R REVWDQWH HO FRHILFLHQWH GH *LQL QR HV VXILFLHQWH SDUD
GHVFULELU OD VLWXDFLyQ HVR VHUtD FDHU HQ OD PRQRFDXVRWD[RILOLD OD
TXHUHQFLDSRUODLGHD~QLFDTXHORH[SOLTXHWRGRXQRGHORVHUURUHV
FRJQLWLYRVPiVH[WHQGLGRVHQWUHODKXPDQLGDG/RVtQGLFHVGH*LQL
SDUD %DQJODGHVK \ +RODQGD VRQ FDVL LJXDOHV DOUHGHGRU GHO 
SHURORVLQJUHVRVDQXDOHVGHXQDSHUVRQDGH%DQJODGHVKVRQXQRV
 GyODUHV PLHQWUDV TXH ORV GH XQ KRODQGpV VRQ  (V
LPSRUWDQWHWRPDUHQFRQVLGHUDFLyQODGLVWDQFLDHQWUHORVPiVULFRV\
ORV PiV SREUHV SHUR VL WRGDV ODV SHUVRQDV FRPSUHQGLGDV HQ HVH
UDQJR YLYHQ ELHQ OD VLWXDFLyQ HV PX\ GLIHUHQWH D VL WRGDV VRQ
SREUHV
3RU OR WDQWR VH KDQ LGHDGR RWURV PpWRGRV SDUD PHGLU OD
GHVLJXDOGDG 8QR GH ORV PiV ILDEOHV HV HO ËQGLFH GH 'HVDUUROOR
+XPDQR $MXVWDGR SRU OD 'HVLJXDOGDG OR FXDO QR GHEH VRUSUHQGHU
\D TXH HO ËQGLFH GH 'HVDUUROOR +XPDQR ,'+  \D HV HQ Vt XQD
KHUUDPLHQWD PX\ SRGHURVD 6LQ HPEDUJR HO ,'+ SRU Vt VROR QR
PXHVWUDODGLVWDQFLDLQWHUQDHQWUHORTXHVHFRQVLGHUDEXHQRRPDOR
GHO SDtV HVWXGLDGR GH DKt HO DMXVWH SRU GHVLJXDOGDG TXH
SURSRUFLRQDXQUHWUDWRPiVILHOGHFyPROHYDDODSREODFLyQWRWDOGH
XQWHUULWRULR
6L VH KDEOD GH GHVLJXDOGDG KD\ TXH VHxDODU TXH HO FRHILFLHQWH
GH*LQLSDUDODSREODFLyQPXQGLDOWRWDOHVPiVDOWRTXHHOFRHILFLHQWH
LQGLYLGXDO GH FXDOTXLHU SDtV SRUTXH KD\ PXFKD PiV JHQWH SREUH
TXHULFDDVtTXHDFXPXODWLYDPHQWHGHPDQHUDJOREDOHOtQGLFHVH
VLW~DHQHO
([LVWHQDGHPiVRWURVPHGLRVSDUDPHGLUODGHVLJXDOGDGGHXQD
PDQHUD TXH XWLOL]DQGR XQ WpUPLQR PiV YXOJDU SRGUtDPRV FDOLILFDU
GH PiV DQHFGyWLFD /DV WUHV SHUVRQDV PiV ULFDV GHO PXQGR
DFXPXODQPiVULTXH]DTXHODVXPDGHO3,%GHORVFXDUHQWD\RFKR
SDtVHVPiVSREUHVHOSRUFLHQWRPiVULFRGHODKXPDQLGDGWLHQH
PiVTXHHOSRUFLHQWRPiVSREUHHWFpWHUD
7DPELpQ FDEH GHVWDFDU TXH OD GHVLJXDOGDG QR KD SDUDGR GH
FUHFHUGHVGHODGpFDGDGHKDVWDHOWLHPSRSUHVHQWH\HVXQD
GHODVFDUDFWHUtVWLFDVGHILQLWRULDVGHOQHROLEHUDOLVPR$FWXDOPHQWHOD
GHVLJXDOGDG KD DOFDQ]DGR XQDV FRWDV LQpGLWDV GHVGH OD VXSXHVWD
HGDG GH RUR GHO FDSLWDOLVPR HQ (( 88 GH OD GpFDGD GH 
$OJXQRV LQGLFDGRUHV VXJLHUHQ TXH YLYLPRV HQ HO PRPHQWR GH OD
KXPDQLGDG HQ TXH OD ULTXH]D HVWi UHSDUWLGD GH PDQHUD PiV
GHVLJXDOGHMDQGRGHODGRHOIHXGDOLVPRSRUHMHPSOR\ORVHVWDGRV
SULPLWLYRV HQ ORV TXH ODV VRFLHGDGHV VH GLYLGtDQ HQ JXHUUHURV
VDFHUGRWHV\FDPSHVLQRV+D\TXHVHxDODUWDPELpQTXHORVGRVPLO
PLOORQHV GH SHUVRQDV PiV SREUHV GHO SODQHWD QR WLHQHQ FXELHUWDV
QHFHVLGDGHV EiVLFDV FRPR HO DVHR OD YLYLHQGD OD FRPLGD OD
VDQLGDG OD HGXFDFLyQ HWF (VWR VLJQLILFD TXH XQ FXDUWR GH OD
SREODFLyQPXQGLDODFWXDOTXHHQQ~PHURGHSHUVRQDVHTXLYDOGUtDD
OD SREODFLyQ WRWDO GHO SODQHWD HQ HO DxR  YLYH HQ XQD PLVHULD
TXHQLVLTXLHUDFRQRFLHURQODVJHQWHVPiVSREUHVGHO0HGLHYRRGHO
3DOHROtWLFRVXSHULRU
3RU OR WDQWR H[LVWH OD GHVLJXDOGDG HQ QXHVWUD pSRFD ¢(V XQ
SUREOHPD GH HVWDELOLGDG SROtWLFD" 4XL]i HQ XQD FRQWUROFUDFLD
UHVSDOGDGD SRU PLOLWDUHV QR OR VHD ¢(V XQ SUREOHPD PRUDO" /D
PRUDO HV XQD FXHVWLyQ GH LGHRORJtD UHFRUGHPRV OD UHODFLyQ
LPDJLQDULDGHFDGDLQGLYLGXRFRQODVLWXDFLyQUHDO\DPXFKDJHQWH
OHUHVXOWDVHQFLOORLPDJLQDUTXHWRGRVUHFLELPRVORTXHPHUHFHPRV
HWFpWHUD'HPRGRTXHODPRUDOLGDGHVXQDVXQWRHVSLQRVR
$Vt SXHV D PHQXGR VH FRQVLGHUD TXH OD GHVLJXDOGDG HV XQ
SUREOHPD TXH VH MX]JD GHVGH XQ SXQWR GH YLVWD HFRQyPLFR VXHOH
GHFLUVH TXH HO FUHFLPLHQWR \ OD LQQRYDFLyQ VH UDOHQWL]DQ FXDQGR OD
GHVLJXDOGDG HV JUDQGH 1XHVWUD FRQVLGHUDFLyQ GHO SUREOHPD VH KD
UHGXFLGR HVHQFLDOPHQWH D XQ DQiOLVLV \ XQ MXLFLR QHROLEHUDOHV GH OD
VLWXDFLyQQHROLEHUDO(VODHVWUXFWXUDGHVHQWLUQRVGHQWURGHQXHVWUD
pSRFDVRPRVLQFDSDFHVGHSHQVDUHQXQRVWpUPLQRVTXHQRVHDQOD
HFRQRPtD \ QXHVWURV SULQFLSLRV pWLFRV GHEHQ FXDQWLILFDUVH \
FODVLILFDUVHGHDFXHUGRFRQORVHIHFWRVTXHQXHVWURVDFWRVWLHQHQHQ
HO3,%6HDILUPDTXHHVRHVOR~QLFRHQORTXHODJHQWHVHSRQHGH
DFXHUGR $XQTXH ODV SHUVRQDV TXH GHILHQGHQ HVD LGHD VXHOHQ VHU
HFRQRPLVWDV
6LQ HPEDUJR HV HO PXQGR HQ HO TXH QRV KD WRFDGR YLYLU 'H
PDQHUD TXH VH LQYHQWDQ RWURV tQGLFHV SDUD LQWHQWDU HQIUHQWDUVH DO
SUREOHPD 'H KHFKR KHPRV VLGR WHVWLJRV GH XQD YHUGDGHUD
SUROLIHUDFLyQGHORVPHQFLRQDGRVtQGLFHV
 1R ROYLGHPRV TXH HO 3,% HO SURGXFWR LQWHULRU EUXWR HO tQGLFH
GRPLQDQWH HQ OD HFRQRPtD GHVGH KDFH XQ VLJOR FRQVLVWH HQ OD
FRPELQDFLyQGHOFRQVXPRODVLQYHUVLRQHVSULYDGDVHOJDVWRS~EOLFR
\HOEDODQFHHQWUHLPSRUWDFLRQHV\H[SRUWDFLRQHV6HYLHUWHQPXFKDV
FUtWLFDV FRQWUD HO 3,% FRPR SRU HMHPSOR TXH VH LQFOX\DQ
DFWLYLGDGHVGHVWUXFWLYDVHQODVFLIUDVSRVLWLYDV\VHH[FOX\DQPXFKDV
H[WHUQDOLGDGHV QHJDWLYDV FRPR ORV DVXQWRV GH OD VDOXG OD
UHSURGXFFLyQVRFLDOODVDWLVIDFFLyQFLXGDGDQDHWFpWHUD
(QWUH ODV PHGLGDV DOWHUQDWLYDV TXH FRPSHQVDQ HVDV
GHILFLHQFLDVHVWiQODVVLJXLHQWHV
(OËQGLFHGHO3URJUHVR5HDOTXHVHFDOFXODDSDUWLUGHYHLQWLVpLV
YDULDEOHV
(OtQGLFHGHGHVDUUROORKXPDQRGHOD218GHVDUUROODGRSRUHO
HFRQRPLVWD SDNLVWDQt 0DKEXE XO +DT HQ  TXH FRPELQD OD
HVSHUDQ]D GH YLGD HO QLYHO GH OD HGXFDFLyQ \ OD UHQWD SHU FiSLWD
PiVDGHODQWHOD218LQWURGXMRHO,'+DMXVWDGRSRUODGHVLJXDOGDG 
(O LQIRUPH GH OD ULTXH]D LQFOXVLYD GH OD 218 TXH WLHQH HQ
FXHQWD HO FDSLWDO PDQXIDFWXUDGR HO FDSLWDO KXPDQR \ HO FDSLWDO
QDWXUDO DMXVWDGRV SRU IDFWRUHV FRPR ODV HPLVLRQHV GH GLy[LGR GH
FDUERQR
(O tQGLFH GHO SODQHWD IHOL] FUHDGR SRU OD 1HZ (FRQRPLFV
)RXQGDWLRQHQHOTXHVHWLHQHHQFXHQWDODVHQVDFLyQVXEMHWLYDGH
ELHQHVWDU GH ORV FLXGDGDQRV OD HVSHUDQ]D GH YLGD OD GHVLJXDOGDG
GH ORV LQJUHVRV \ OD KXHOOD HFROyJLFD VHJ~Q HVWH tQGLFH (( 88
FRQVLJXH  SXQWRV VREUH  \ RFXSD HO SXHVWR Q~PHUR FLHQWR
RFKRGHORVFLHQWRFXDUHQWDSDtVHVHVWXGLDGRV 
(O tQGLFH GH VRVWHQLELOLGDG DOLPHQWDULD GHVDUUROODGR SRU HO
&HQWUR %DULOOD SDUD OD $OLPHQWDFLyQ \ OD 1XWULFLyQ TXH DQDOL]D
FLQFXHQWD \ RFKR IDFWRUHV SDUD PHGLU OD VHJXULGDG DOLPHQWDULD HO
ELHQHVWDU\ODVRVWHQLELOLGDGHFROyJLFD
/D KXHOOD HFROyJLFD WDO FRPR OD GHVDUUROOy OD *OREDO )RRWSULQW
1HWZRUN TXH FDOFXOD OD VXSHUILFLH GH WLHUUD TXH VH SUHFLVD SDUD
SURGXFLUORVUHFXUVRVQHFHVDULRVFRQHOILQGHPDQWHQHUHOULWPRGH
FRQVXPR GH XQD FLXGDG R GH XQ SDtV GHWHUPLQDGRV (O UHVXOWDGR
VLHPSUHHVPXFKRPD\RUTXHODVXSHUILFLHGHORVWHUULWRULRVSROtWLFRV
HYDOXDGRVH[FHSWRHQ&XED\HQXQRVSRFRVSDtVHVPiV
<ODIDPRVDIHOLFLGDGLQWHULRUEUXWDGH%XWiQTXHHYDO~DWUHLQWD
\WUHVIDFWRUHVSDUDFDOFXODUODFDOLGDGHQWpUPLQRVGHFDQWLGDG
7RGRV HVWRV tQGLFHV VRQ LQWHQWRV GH UHWUDWDU OD FLYLOL]DFLyQ GH
QXHVWUD pSRFD XWLOL]DQGR WpUPLQRV GHO GLVFXUVR KHJHPyQLFR HV
GHFLU HFRQyPLFRV D PHQXGR FRQ OD LQWHQFLyQ GH SURYRFDU XQD
WUDQVIRUPDFLyQDOPiVSXURHVWLORGHOMXGRGHODSURSLDGLVFLSOLQDGH
OD HFRQRPtD DOWHUiQGROD SDUD KXPDQL]DUOD SDUD DMXVWDUOD D OD
ELRVIHUDHWFpWHUD£1RHVXQPDOLPSXOVR
3HURWDPELpQHVLPSRUWDQWHTXHDYHFHVYROYDPRVDVDFDUHVWH
DVXQWR GHO UHLQR GH OD FXDQWLILFDFLyQ \ OR OOHYHPRV DO UHLQR GH OR
KXPDQR \ OR VRFLDO TXH QRV SUHJXQWHPRV SRU VX YHUGDGHUR
VLJQLILFDGR SRU VX REMHWLYR UHDO +D\ TXH UHIOH[LRQDU VREUH ORV
D[LRPDV TXH KHPRV DFHSWDGR FRPR IXQGDPHQWR GH QXHVWUR PRGR
GH YLGD \ FRPSUHQGHU OD UHDOLGDG GH RWUDV FXOWXUDV \ GHO SURSLR
SODQHWD(VQHFHVDULRTXHOHVYHDPRVODFDUDDRWUDVSHUVRQDVTXH
VDOJDPRVDODFDOOH\PLUHPRVDQXHVWURDOUHGHGRU
(VWiEDPRV IUHQWH DO ODJR HQ %ULVVDJR HQ OD RULOOD VXL]D GHO ODJR
0DJJLRUH FHOHEUDQGR XQD ILHVWD HQ HO MDUGtQ GH OD FDVD GH &LQ]LD
TXH VH H[WHQGtD KDVWD HO HVWUHFKR SDUTXH TXH VHSDUDED VX
SURSLHGDG GHO ODJR &LQ]LD KDEtD FRQWUDWDGR D XQ IDPRVR FKHI TXH
FRFLQDED FRORFDQGR XQ VRSOHWH GHEDMR GH XQDV JUDQGHV VDUWHQHV
TXH VRVWHQtD HQ HO DLUH XQD EDQGD FRQ VHFFLyQ GH PHWDOHV XQ
SHTXHxR HVSHFWiFXOR \ FRVDV DVt (UD XQD ILHVWD HQ OD TXH QR
IDOWDEDGHQDGDOOHQDGHJHQWHIHOL]RULHQWDGDKDFLDODJHQWHMRYHQ
SRUTXHHVRHUDORTXHOHJXVWDEDD&LQ]LD
3HUR OD HVWUHFKD IUDQMD GH SDUTXH TXH VHSDUDED VX MDUGtQ GHO
ODJR HUD XQ HVSDFLR S~EOLFR \ PLHQWUDV GLVIUXWiEDPRV GH OD ILHVWD
YLPRVDXQWLSRTXHVHKDEtDGHWHQLGRHQODRULOOD\QRVREVHUYDED
FRQDWHQFLyQ'HEtDGHVHUXQUDTXHUR\DTXHOOHYDEDHQODPDQR
XQWUR]RGHPDGHUDTXHODFRUULHQWHKDEtDHPSXMDGRKDVWDODRULOOD
(OHTXLSRGHVHJXULGDGGH&LQ]LDQRVGLMRTXHQRSRGtDLPSHGLUTXH
HVWXYLHUD DOOt $XQTXH HQ UHDOLGDG SRGUtD KDEHUVH RFXSDGR GH pO VL
KXELHUDTXHULGRSHURVHODYyODVPDQRVSRUTXHVHKDEUtDEXVFDGR
SUREOHPDV FRQ OD SROLFtD ORFDO SRU KDEHU UHSUHQGLGR D XQD SHUVRQD
VLPSOHPHQWHSRUHVWDUHQXQDSOD\DS~EOLFD(VRHVORTXHOHVGLMR
XQR GH ORV PLHPEURV GHO HTXLSR GH VHJXULGDG FXDQGR OH SHGLPRV
TXHHFKDUDGHDOOtDOWLSR(UDXQKRPEUHPX\GHOJDGR\FRQDVSHFWR
GHVDOLxDGR \ QR GHMDED GH PLUDUQRV GH XQD PDQHUD TXH UHVXOWDED
RIHQVLYDFRPRXQRGHHVRVTXHYDQFRQOD%LEOLDHQODPDQRGDQGR
OHFFLRQHVGHPRUDOLGDG
$VtTXHDOILQDOXQRVFXDQWRVEDMDPRVSDUDRFXSDUQRVGHORTXH
GHEHUtDKDEHUVLGRODWDUHDGHOHTXLSRGHVHJXULGDG\OHSHGLPRVDO
WLSRTXHVHODUJDUD(GPXQGOOHYyODLQLFLDWLYDFRPRVLHPSUHHUDHO
PiV HQIDGDGR GH WRGRV \ ORV GHPiV OR VHJXLPRV SRUTXH FXDQGR
(GPXQGVHHQIDGDEDSRGtDVHUPX\GLYHUWLGR
(O WLSR QR VH PRYLy QL XQ FHQWtPHWUR GH GRQGH HVWDED FXDQGR
YLR TXH tEDPRV KDFLD pO 1R GLMR QL PX /D VLWXDFLyQ HUD XQ SRFR
UDUDPHGDEDPDODHVSLQD
(GPXQGPLUyDORVRMRVDOWLSR\OHGLMRTXHVHIXHUDGHDOOt
(O KRPEUH OH UHVSRQGLy DOJR DVt FRPR TXH pUDPRV XQRV
FDEURQHV TXH HVWiEDPRV GHVWUX\HQGR HO PXQGR FRQ QXHVWUDV
ILHVWHFLWDV
(GPXQGVHHFKyDUHtU\OHVROWy
²¢&UHHVTXHSRUTXHW~VHDVXQYLUWXRVRGHEHUtDQGHVDSDUHFHU
ORVSDVWHOHV\ODFHUYH]D"
7RGRVQRVHFKDPRVDUHtUSHURHOWLSRJROSHyD(GPXQGFRQHO
WUR]R GH PDGHUD TXH WHQtD HQ OD PDQR DQWHV GH TXH WXYLpUDPRV
WLHPSR GH UHDFFLRQDU (GPXQG VH GHVSORPy FRPR XQ iUERO QL
VLTXLHUD OHYDQWy ODV PDQRV QL QDGD VLPSOHPHQWH SXP FD\y DO
VXHOR,QFRQVFLHQWH
(O WLSR QRV DPHQD]y FRQ HO WUR]R GH PDGHUD \ QRV TXHGDPRV
KHODGRV/XHJRQRVORODQ]yVHPHWLyHQHOODJR\QDGyKDVWDTXH
GHVDSDUHFLy HQ OD QRFKH 1R VDEtDPRV TXp KDFHU« 1DGLH TXHUtD
SHUVHJXLU D QDGR D DTXHO PDMDUHWD HQ SOHQD QRFKH DGHPiV
HVWiEDPRVSUHRFXSDGRVSRU(GPXQG/DFDtGDKDEtDVLGRPX\IHD
<D GLJR FRPR XQ iUERO WDODGR 3RU ILQ OOHJDURQ ORV PLHPEURV GHO
HTXLSRGHVHJXULGDGGH&LQ]LDSHURHOORVVRORTXHUtDQDFRUGRQDUHO
SHUtPHWURWDPSRFRSHUVLJXLHURQDODJUHVRU([DPLQDURQD(GPXQG
\ VDFDURQ FRUULHQGR ORV PyYLOHV 8QRV FLQFR PLQXWRV GHVSXpV
DSDUHFLy XQD DPEXODQFLD \ VH OR OOHYy 8Q SDU GH KRUDV PiV WDUGH
QRVHQWHUDPRV1RGiEDPRVFUpGLWR(GPXQGKDEtDPXHUWR
$GHOH (OLD \ %RE :KDUWRQ DVLVWtDQ D XQD UHXQLyQ GHO &RPLWp
&LHQWtILFRSDUDOD,QYHVWLJDFLyQHQOD$QWiUWLGD 6&$5SRUVXVVLJODV
HQ LQJOpV  XQD RUJDQL]DFLyQ FLHQWtILFD LQWHUQDFLRQDO FUHDGD SDUD
FRRUGLQDUODLQYHVWLJDFLyQHQOD$QWiUWLGDGHVSXpVGHO$xR*HRItVLFR
,QWHUQDFLRQDOGH\GHO7UDWDGR$QWiUWLFRILUPDGRHQ&RQ
HO SDVR GH ORV DxRV HO 6&$5 VH KD FRQYHUWLGR HQ XQR GH ORV
yUJDQRV GH JRELHUQR GH IDFWR GH OD $QWiUWLGD MXQWR FRQ OD 1)6
HVWDGRXQLGHQVH \ ORV SURJUDPDV GH LQYHVWLJDFLyQ GH OD $QWiUWLGD
EULWiQLFRV \ GH RWUDV QDFLRQDOLGDGHV VREUH WRGR ORV GH $UJHQWLQD \
&KLOH(VWHDxRODUHXQLyQGHO6&$5VHFHOHEUDEDHQ*LQHEUDDVt
TXH $GHOH \ %RE TXH KDEtDQ KHFKR DPLVWDG HQ HO PLQLVWHULR VROR
WXYLHURQTXHWRPDUXQWUHQSRUODPDxDQDSDUDOOHJDUDHOOD
$KRUDVHHQFRQWUDEDQHQHOEDUFRQYLVWDVDOODJRGHODVHJXQGD
SODQWD GHO KRWHO GRQGH VH FHOHEUDED OD UHXQLyQ $ WUDYpV GH OD
YHQWDQDTXHKDEtDMXQWRDVXPHVDSRGtDQYHUODIDPRVDIXHQWHTXH
OHYDQWDED HQ HO DLUH VX FROXPQD GH DJXD $O VXU XQRV QXEDUURQHV
VyOLGRV FRPR ODV PHVDV GH PiUPRO GHO EDU IORWDEDQ DOWRV VREUH HO
LPSRQHQWH 0RQW %ODQF $GHOH \ %RE GLVIUXWDEDQ GH ODV YLVWDV \ GH
VXVEHELGDVFXDQGRXQJODFLyORJRHVWDGRXQLGHQVHVHDFHUFyDHOORV
6H OODPDED 3HWH *ULIIHQ \ DUUDVWUDED GHO EUD]R D RWUR KRPEUH D
TXLHQ$GHOH\%REQRFRQRFtDQ\TXH3HWHSUHVHQWyFRPR6ODZHN
RWUR JODFLyORJR $GHOH \ 6ODZHN KDEtDQ OHtGR DOJXQRV DUWtFXORV
HVFULWRV SRU HO RWUR H LQFOXVR KDEtDQ FRLQFLGLGR HQ DOJXQRV
FRQJUHVRVGHOD8QLyQ$PHULFDQDGH*HRItVLFDSHURQRVHKDEtDQ
FRQRFLGRSHUVRQDOPHQWHKDVWDHVHPRPHQWR
 $SDUHFLy XQ FDPDUHUR FDUJDGR FRQ XQD EDQGHMD FRQ ODV
EHELGDVTXH*ULIIHQKDEtDSHGLGRFXDWURFRSDVGH'UDPEXLH\XQD
MDUUDGHDJXDFRQFXDWURYDVRVYDFtRV
²£$K'UDPEHUV²H[FODPy$GHOHFRQXQDVRQULVDOLJHUDPHQWH
JDpOLFD
(UDHOOLFRUTXHORVQHR]HODQGHVHVEHEtDQVLHPSUHHQORV9DOOHV
6HFRV LQIRUPDURQ D %RE PLHQWUDV WRPDEDQ ORV SULPHURV VRUERV
&XDQGR %RE OR SUREy H KL]R XQD PXHFD *ULIIHQ H[SOLFy TXH XQ
EDUFR OOHQR FDMDV GHO GXOFH \ H[WUDxR EUHEDMH VH KDEtD TXHGDGR
WLUDGRHQ/\WWHOWRQDOTXHEUDUODFRPSDxtDQDYLHUDODVFDMDVKDEtDQ
SHUPDQHFLGR DOPDFHQDGDV DOOt \ DxR WUDV DxR HQYLDEDQ XQDV
FXDQWDV DO VXU SRU SRFR GLQHUR $Vt TXH EULQGDURQ SRU ORV 9DOOHV
6HFRV\VHSXVLHURQFyPRGRVHQODVVLOODV
&XDQGR OH SUHJXQWDURQ 6ODZHN FRQWy TXH KDEtD SDVDGR FLQFR
DxRVHQORV9DOOHV6HFRV$GHOHGLMRTXHHOODKDEtDYLYLGRRFKRDxRV
HQORVJODFLDUHV3HWHVRQULy\ORVGHUURWyDWRGRVFRQORVGRFHDxRV
GH VX YLGD TXH KDEtD SDVDGR HQ HO KLHOR 6XV ULYDOHV UiSLGDPHQWH
VHxDODURQ TXH pO HUD PiV YLHMR \ HVR OH GDED YHQWDMD FRQ OR FXDO
HVWXYRGHDFXHUGRGHLQPHGLDWR6ODZHNH[SOLFyTXHVHKDEtDKHFKR
JODFLyORJRSRUTXHFUHtDTXHHUDXQWUDEDMRTXHOHLEDFRPRDQLOORDO
GHGR D VX SHUVRQDOLGDG LQWURYHUWLGD $GHOH ULR \ DVLQWLy FRQ OD
FDEH]D
²/DPD\RUtDVRPRVDVt²GLMR
²£<RQR²H[FODPy3HWH²£$PtPHJXVWDODILHVWDSHURODV
PHMRUHVILHVWDVHVWiQHQHOKLHOR²*LUyODPDQRKDFLD6ODZHNFRPR
SDUD VRQVDFDUOH DOJR² 9HQJD 6ODZHN FXpQWDOHV WX LGHD 0H
SDUHFHTXHWLHQHQTXHRtUOD
6ODZHNIUXQFLyHOFHxRLQFyPRGRSHURKDEOy
²2V KDEpLV HQWHUDGR GH ORV GDWRV QXHYRV TXH VH KDQ KHFKR
S~EOLFRVKR\¢YHUGDG"
7RGRVDVLQWLHURQ
²(O PXQGR WHQGUi XQ SUREOHPD VL VH FXPSOHQ ORV SURQyVWLFRV
GHOULWPRGHVXELGDGHOQLYHOGHOPDU
/DDILUPDFLyQHUDLQFXHVWLRQDEOH\WRGRVPRVWUDURQVXDFXHUGR
 ²3RU OR WDQWR ²LQWHUYLQR 3HWH KDFLHQGR GH DSXQWDGRU GH
6ODZHN² KH RtGR D DOJXQDV SHUVRQDV VXJHULU OD LGHD GH ERPEHDU
WRGRHOKLHORGHUUHWLGRDODPHVHWDSRODU¢QRHVDVt"
%RE QHJy FRQ OD FDEH]D DO RtU DTXHOOR /D LGHD QR HUD QXHYD
H[SOLFy (O ,QVWLWXWR 3RVWGDP OD KDEtD FRQWHPSODGR HQ FLHUWR
PRPHQWR \ ODV FRQFOXVLRQHV GH VX HVWXGLR QR IXHURQ PX\
KDODJHxDVODFDQWLGDGGHHQHUJtDHOpFWULFDTXHVHQHFHVLWDEDSDUD
ERPEHDU WDQWD DJXD HQ OD ]RQD RULHQWDO GHO FDVTXHWH DQWiUWLFR HUD
DSUR[LPDGDPHQWH HO  SRU FLHQWR GH WRGD OD HOHFWULFLGDG SURGXFLGD
HQHOSODQHWD
²(VGHPDVLDGRFRQVXPRHQHUJpWLFR²FRQFOX\y%RE
6ODZHNUHVRSOy
²/DHQHUJtDHVORGHPHQRV(OSRUFLHQWRGHODHOHFWULFLGDG
SURGXFLGD VH GHGLFD D KDFHU ELWFRLQHV DVt TXH SRGUtD YHUVH FRPR
XQDJDQJDGHGLFDUHOSRUFLHQWRSDUDVROXFLRQDUHOSUREOHPDGHOD
VXELGD GHO QLYHO GHO PDU (O YHUGDGHUR SUREOHPD HV GH QDWXUDOH]D
ItVLFD¢+DEpLVKHFKRORVFiOFXORV"
²¢1R"
²'LJDPRV TXH HO QLYHO GHO PDU VXEH XQ FHQWtPHWUR (VR VRQ
WUHVPLOVHLVFLHQWRVNLOyPHWURVF~ELFRVGHDJXD
$GHOH\%REVHPLUDURQHVSDQWDGRV*ULIIHQVRQUHtD
6ODZHNDVLQWLyFXDQGRYLRVXVFDUDV\FRQWLQXy
²([DFWR (VR HV VHLVFLHQWDV YHFHV WRGR HO SHWUyOHR TXH VH
H[WUDH HQ XQ DxR (V LQYLDEOH FRQVWUXLU OD LQIUDHVWUXFWXUD QHFHVDULD
SDUD XQD FRVD DVt < KDEUtD TXH XWLOL]DU HQHUJtD UHQRYDEOH VL QR
HPLWLUtDPRV PiV GLy[LGR GH FDUERQR 3RVWGDP FDOFXOy TXH SDUD
SURGXFLU WRGD HVD HQHUJtD VHUtDQ QHFHVDULRV GLH] PLOORQHV GH
DHURJHQHUDGRUHV < KDEUtD TXH FDQDOL]DU HO DJXD SRU WXEHUtDV OR
FXDOLPSOLFDPiVWXEHUtDVGHODVTXHVHKDQIDEULFDGRMDPiV<HQ
~OWLPR OXJDU HO PD\RU GH ORV SUREOHPDV HO DJXD WLHQH TXH
FRQJHODUVHFXDQGRODGHSRVLWHPRVHQVXQXHYDXELFDFLyQ'LJDPRV
TXHDXPHQWDPRVODSURIXQGLGDGGHORVSR]RVGRQGHODLQWURGXFLPRV
XQPHWURFDGDDxRSRUTXHQRFUHRTXHVHSXHGDOOHJDUPiVKRQGR
VLQ HQFRQWUDU QXHYRV SUREOHPDV« (VR VLJQLILFDUtD XQD VXSHUILFLH
FHUFDQDDODPLWDGGHODH[WHQVLyQGHOD$QWiUWLGDRULHQWDO
²(VH[FHVLYRHQWRGRVORVDVSHFWRV²DSXQWy$GHOH
&RQWLQXDURQ EHELHQGR 'UDPEHUV PLHQWUDV UHIOH[LRQDEDQ HQ
VLOHQFLR
²9DPRV 6ODZHN FXpQWDOHV WX LGHD 9HQJD ²GLMR ILQDOPHQWH
*ULIIHQ
6ODZHNDVLQWLy
²/D UHDOLGDG GHO SUREOHPD HV TXH ORV JODFLDUHV HVWiQ
GHVSUHQGLpQGRVH GH ORV FDVTXHWHV SRODUHV GLH] YHFHV PiV UiSLGR
TXHDQWHV
²6t
²/D FDXVD HV TXH FDGD YHUDQR DXPHQWD OD FDQWLGDG GH DJXD
GH GHVKLHOR HQ OD VXSHUILFLH GH ORV FDVTXHWHV SRU FXOSD GHO
FDOHQWDPLHQWRJOREDO(VDDJXDFDHSRUORVPROLQRVJODFLDUHVKDVWD
TXH OOHJD D OD SDUWH LQIHULRU GHO JODFLDU GRQGH TXHGD DWUDSDGD /D
FRQVHFXHQFLDHVTXHHOHYDOLJHUDPHQWHHOKLHOR\OROXEULFDSDUDTXH
ODPDVDKHODGDVHGHVOLFHSRUHOOHFKRGHURFDDOPHQRVHQDOJXQDV
]RQDVHODJXDQRUPDOPHQWHOOHJDDFDVLWRGRVORVULQFRQHV(OKLHOR
SHVD WDQWR TXH KDVWD DKRUD DSODVWDED WRGR OR TXH WHQtD GHEDMR \
YROYtD D DVHQWDUVH HQ HO OHFKR GH URFD 0LO PHWURV GH JURVRU VRQ
PXFKDVWRQHODGDVGHSHVR3RUORWDQWRHOJODFLDUVHGHVOL]DEDSRU
HO OHFKR ILUPH KLHOR FRQWUD URFD $ YHFHV LQFOXVR VH TXHGDED
GHWHQLGRVREUHODURFD$WDVFDGR8QDOWRSRUFHQWDMHGHOPRYLPLHQWR
JODFLDU D HVDV DOWXUDV FRQVLVWH HQ XQD SURIXQGD GHIRUPDFLyQ GHO
KLHORQRHQXQGHVSUHQGLPLHQWR
$GHOH\3HWHDVHQWtDQPLHQWUDVHVFXFKDEDQD6ODZHN(OURVWUR
GH $GHOH KDEtD HPSH]DGR D DGTXLULU XQD H[SUHVLyQ SHQVDWLYD
*ULIIHQWHQtDXQDVRQULVDGHRUHMDDRUHMD
²¢<"²SUHJXQWy%RE
6ODZHNYDFLOy\*ULIIHQHVSHWy
²£9HQJD
 ²(VWi ELHQ +D\ TXH ERPEHDU HO DJXD GH GHEDMR GH ORV
JODFLDUHV +DEUi TXH SHUIRUDU SR]RV FRPR \D KDFHPRV FXDQGR
TXHUHPRVHVWXGLDUORVODJRVVXEJODFLDUHVRODVSODWDIRUPDVGHKLHOR
'RPLQDPRVODWHFQRORJtDSDUDKDFHUOR\HVXQDRSHUDFLyQEDVWDQWH
VHQFLOOD$OERPEHDUHODJXDTXHKD\GHEDMRGHOJODFLDUHQUHDOLGDG
HO SURSLR SHVR GHO KLHOR KDUi VXELU HO DJXD SRU HO SR]R KDVWD XQD
DOWXUD TXH UHSUHVHQWD HO  SRU FLHQWR GH OD QHFHVDULD PHUDPHQWH
SRUODSUHVLyQTXHHMHUFH/RTXHIDOWDVHSRGUtDKDFHUFRQERPEDV
/XHJRHODJXDVHFDQDOL]DUtDSRUWXEHUtDVGHVGHHOJODFLDUKDVWDRWUD
XELFDFLyQHVWDEOH
²¢'H TXp FDQWLGDG GH DJXD HVWDPRV KDEODQGR" ²SUHJXQWy
%RE
²6XPDQGR WRGRV ORV JODFLDUHV TXL]i GH XQRV VHVHQWD
NLOyPHWURV F~ELFRV 6LJXH VLHQGR PXFKR SHUR QR VRQ WUHV PLO
VHLVFLHQWRV
²£1LWUHVFLHQWRVVHVHQWDPLO²DxDGLy$GHOH²4XHHVORTXH
UHSUHVHQWDUtDXQDVXELGDGHOQLYHOGHOPDUGHXQPHWUR
²([DFWR $GHPiV HO DJXD TXH VH DFXPXOD GHEDMR GH ORV
JODFLDUHV SURFHGH GH WUHV IXHQWHV (O DJXD TXH VH ILOWUD SRU ORV
PROLQRVJODFLDUHVHVORQRYHGRVR+DVWDDKRUDSRGtDPRVHQFRQWUDU
ODSURGXFLGDSRUODHQHUJtDJHRWpUPLFDDOIXQGLUGHVGHDEDMRXQSRFR
GHO KLHOR GH OD EDVH GHO JODFLDU 'XUDQWH PXFKR WLHPSR VDOYR HQ
SXQWRVPX\FRQFUHWRVHOKLHORIXQGLGRDVtHUDFDVLLQDSUHFLDEOH/D
WHUFHUD IXHQWH HV HO DJXD SURGXFLGD SRU HO FDORU JHQHUDGR SRU HO
PRYLPLHQWR GHO KLHOR HV GHFLU SRU IULFFLyQ /D HQHUJtD JHRWpUPLFD
HOHYDODWHPSHUDWXUDKDVWDFHUFDGHORVR&HQPXFKDV]RQDVGHOD
SDUWH LQIHULRU GHO JODFLDU PLHQWUDV TXH DUULED HQ OD VXSHUILFLH
H[WHULRU VH SXHGHQ DOFDQ]DU ORV  R& EDMR FHUR 'H PRGR TXH HO
FDORU JHRWpUPLFR VXHOH GLVSHUVDUVH HQ HO KLHOR D PHGLGD TXH
DVFLHQGHKDFLDODVXSHUILFLH\HOKLHORGHOIRQGRVHPDQWLHQHVyOLGR
6ROR SRU ORV SHORV SHUR HV OR TXH VXHOH VXFHGHU 3HUR DKRUD ORV
PROLQRV JODFLDUHV ILOWUDQ XQD DJXD TXH DFW~D FRPR OXEULFDQWH DVt
TXHDODXPHQWDUODYHORFLGDGDODTXHHOKLHORVHGHVOL]DSRUHOOHFKR
GH URFD WDPELpQ VH LQFUHPHQWD HO FDORU \ D PiV FDORU PiV KLHOR
GHUUHWLGR\PiVYHORFLGDG6LQHPEDUJRVLVHH[WUDMHUDHODJXDTXH
VH DFXPXOD GHEDMR GH ORV JODFLDUHV \ VH YROYLHUD D IUHQDU HO
GHVOL]DPLHQWR GHO KLHOR OD IULFFLyQ GHVFHQGHUtD \ \D QR VH IXQGLUtD
WDQWRKLHORDFDXVDGHOFDORUJHQHUDGR'HDFXHUGRFRQPLPRGHOR
VLVHERPEHDUDHQWUHXQDWHUFHUDSDUWH\ODPLWDGGHODJXDTXHKD\
GHEDMR GH ORV JODFLDUHV VH IUHQDUtD OR VXILFLHQWH HO GHVOL]DPLHQWR
SDUD UHGXFLU HO FDORU JHQHUDGR GH HVD PDQHUD HOLPLQDUtDPRV HO
SUREOHPD RULJLQDO TXH HV OD DSDULFLyQ GHO DJXD /RV JODFLDUHV VH
GHWHQGUtDQ VH DVHQWDUtDQ HQ HO OHFKR URFRVR \ UHFXSHUDUtDQ VX
YHORFLGDG GH GHVOL]DPLHQWR DQWHULRU 3RU OR WDQWR VROR KDEUtD TXH
ERPEHDUDOUHGHGRUGHWUHLQWDNLOyPHWURVF~ELFRVGHDJXDGHGHEDMR
GHORVJODFLDUHVPiVJUDQGHVGHOD$QWiUWLGD\GH*URHQODQGLD
²¢'H FXiQWRV JODFLDUHV H[DFWDPHQWH HVWDPRV KDEODQGR" ²
SUHJXQWy3HWH
²'LJDPRVTXHGHORVFLHQPiVJUDQGHV1RVRQPXFKRV
²¢&XiQWDV ERPEDV SRU JODFLDU VH QHFHVLWDUtDQ" ²LQTXLULy
%RE
²(V LPSRVLEOH VDEHUOR &DGD JODFLDU HV XQ FDVR GLIHUHQWH
6HUtDXQH[SHULPHQWR\KDEUtDTXHLUSUREDQGR
²&DUR²DVHYHUy%RE
²¢&RPSDUDGRFRQTXp"²H[FODPy3HWH
$GHOHULR
²-UJHQGLMRPLOELOORQHVGHGyODUHV
6ODZHNDVLQWLy\IUXQFLyODERFDFRQJHVWRVROHPQH
²(VWRVDOGUtDPiVEDUDWR
7RGRVVHHFKDURQDUHtU
²'LPH 6ODZHN ¢SRU TXp QR KDV SUHVHQWDGR HVWD LGHD HQ OD
VHVLyQGHKR\"²TXLVRVDEHU$GHOH²3UHFLVDPHQWHWUDWDEDVREUH
ODDFHOHUDFLyQGHOGHVSUHQGLPLHQWRGHORVJODFLDUHV
6ODZHNVHDSUHVXUyDQHJDUFRQODFDEH]D
²1R HV OR PtR &XDQGR XQ FLHQWtILFR VH PHWH HQ OD
JHRLQJHQLHUtD GHMD GH VHU FLHQWtILFR \ VH FRQYLHUWH HQ SROtWLFR
(PSLH]D D UHFLELU FRUUHRV LQVXOWDQWHV WLUDQ SLHGUDV D VX YHQWDQD
GHMDQ GH WRPDUVH HQ VHULR VX WUDEDMR« (VDV FRVDV 1R HVWR\
SUHSDUDGR SDUD GDU HVH JLUR D PL FDUUHUD <R VROR TXLHUR YROYHU DO
KLHOR PLHQWUDV PH VLJDQ FRQVLGHUDQGR ItVLFDPHQWH DSWR SDUD ODV
H[SHGLFLRQHV
²3HURHOGHVWLQRGHODFLYLOL]DFLyQ«²LQVLVWLy%RE
6ODZHNVHHQFRJLyGHKRPEURV
²(VHHVYXHVWURWUDEDMR¢QR"3HQVDEDTXHLEDDGHMDURVHVR
FODUR2TXHDOPHQRVLEDDKDFHUOR3HWH
²*UDFLDV6ODZHN²GLMR3HWH²(UHVXQYHUGDGHURJODFLyORJR
²/RVR\
²&UHRTXHGHEHUtDPRVFHOHEUDUORFRQRWUDURQGDGH'UDPEHUV
²(VWR\GHDFXHUGR
 
/HOOHYyDOJ~QWLHPSRFRQVHJXLUXQDUPD1RIXHIiFLO$OILQDOUREy
XQULIOH\PXQLFLyQGHODUPDULRGHXQVXL]RXQRGHHVRVGRQGHORV
VXL]RVVROtDQJXDUGDUVXVULIOHVUHJODPHQWDULRV)XHGHXQDVHQFLOOH]
UD\DQD HQ OR DEVXUGR HO SDtV HUD WDQ VHJXUR TXH PX\ SRFD JHQWH
FHUUDED ODV SXHUWDV FRQ OODYH 1DWXUDOPHQWH ORV VXL]RV WHQtDQ OD
RUGHQGHPDQWHQHUVXVULIOHVUHJODPHQWDULRVJXDUGDGRVEDMROODYH\
WRGRV OD REHGHFtDQ SHUR DOJXQRV HUDQ PiV GHVFXLGDGRV FRQ VXV
DUPDVGHFD]D\pOGLRFRQXQRGHHVRV
(VWDEDSUHSDUDGRSDUDDFWXDU
,QYHVWLJyDODVSHUVRQDVTXHOHLQWHUHVDEDQ8QDGHHOODVWHQtD
SUHYLVWRDVLVWLUDXQDFRQIHUHQFLDHQ'EHQGRUIHQPDU]R
$VtTXHDVFHQGLyODFROLQDGH=ULFKEHUJFRQHOULIOHPHWLGRHQ
XQDPRFKLOD\OOHJyDXQDSDUFDPLHQWRGHYDULDVSODQWDVTXHKDEtD
FHUFD GHO HGLILFLR GRQGH VH FHOHEUDED OD FRQIHUHQFLD 6XELy D OD
~OWLPDSODQWDGHODSDUFDPLHQWR\VDOLyDODD]RWHD6HDSRVWyHQXQ
OXJDU GHVGH GRQGH YHtD OD HQWUDGD SULQFLSDO GHO HGLILFLR 0RQWy HO
ULIOH OR DSR\y VREUH XQ PRQWyQ GH WUR]RV GH PDGHUD TXH UHXQLy
DSUHVXUDGDPHQWH \ REVHUYy OD HQWUDGD D WUDYpV GH OD PLUD
WHOHVFySLFD
6XREMHWLYRVXELySRUODDPSOLDHVFDOLQDWDGHOHGLILFLR\VHYROYLy
SDUDGHFLUOHDOJRDXQD\XGDQWH9HVWtDXQWUDMHD]XOFDPLVDEODQFD
\FRUEDWDURMD$OSDUHFHUHVWDEDFRQWDQGRDOJRJUDFLRVR
)UDQN REVHUYy DO KRPEUH FRQ OD FUX] GH OD PLUD WHOHVFySLFD
VXSHUSXHVWD 7UDJy VDOLYD \ YROYLy D DSXQWDU 1RWy HO FDORU HQ OD
FDUDHQODVPDQRV\HQORVSLHV(OKRPEUHILQDOPHQWHHQWUyHQHO
HGLILFLR
 )UDQN YROYLy D JXDUGDU HO ULIOH HQ OD PRFKLOD \ EDMy SRU OD
HVFDOHUD 'H QXHYR HQ HO ERVTXH GH OD FROLQD TXH VHSDUDED OD
FLXGDGVXEXUELDOGH=~ULFKWLUyHOULIOHMXQWRDXQiUERO/XHJREDMyOD
FROLQD\UHJUHVyDVXJXDULGD
+DEtDHVWDGRDSXQWRGHFRPHWHUXQDVHVLQDWRDOJRDVtFRPR
XQ FULPHQ GH JXHUUD 3HUR DTXHO KRPEUH HUD XQ FULPLQDO GHO FOLPD
3RFRV FULPLQDOHV GH JXHUUD KDEtDQ GHVWUXLGR WDQWDV YLGDV FRPR OR
KDUtDDTXHOLQGLYLGXR<VLQHPEDUJRQRKDEtDDSUHWDGRHOJDWLOOR1R
KDEtD VLGR FDSD] GH KDFHUOR 6X EODQFR HUD XQ KRPEUH TXH
GHGLFDED VX YLGD D XQ WUDEDMR TXH SURYRFDUtD OD H[WLQFLyQ GH PLOHV
GHHVSHFLHV\DFDEDUtDFRQPLOORQHVGHSHUVRQDV<VLQHPEDUJROR
KDEtDGHMDGRYLYLU
4XL]i QR HVWDED WDQ ORFR FRPR FUHtD 2 WDO YH] KDEtD SHUGLGR
WRWDOPHQWH HO MXLFLR 2 VLPSOHPHQWH QR KDEtD WHQLGR HO YDORU SDUD
KDFHUOR <D QXQFD HVWDED VHJXUR GH QDGD 7HQtD QiXVHDV \ OH
WHPEODEDWRGRHOFXHUSR6HVHQWtDFRPRVLVHKXELHUDVDOYDGRSRU
XQ SHOR GH TXH XQ DXWRE~V OR DUUROODUD (VR OR HQIXUHFLy FRPR
QXQFD (O GHVHR GH DVHVLQDU D XQD GH ODV SHUVRQDV TXH HVWDEDQ
GHVWUX\HQGR HO PXQGR VHJXtD YLYR 8Q +LMR GH .DOL DOOt HQ
2FFLGHQWH8QVLPSDWL]DQWH
+DEtD YLVWR PRULU JHQWH \ HVD H[SHULHQFLD OR KDEtD GHVWUR]DGR
SRU GHQWUR $Vt TXH TXL]i OD UHVSXHVWD FRUUHFWD QR HUD PDWDU PiV
SHUVRQDV $O KDFHU GDxR D DOJXLHQ KDFHPRV GDxR D PXFKD PiV
JHQWH OH KDEtD GLFKR XQR GH ORV SVLFyORJRV TXH OR KDEtDQ WUDWDGR
(UDXQDYHUGDGLQFXHVWLRQDEOH3HURHUDXQDDILUPDFLyQGHPDVLDGR
JHQHUDO GHPDVLDGR VHQFLOOD 1R VLHPSUH WHQtD SRU TXp VHU DVt
6HQWtD PX\ GHQWUR GH pO HO GHVHR GH PDWDU $ SHUVRQDV FRPR HVH
PDJQDWH GHO SHWUyOHR R FRPR DTXHO JLOLSROODV DO TXH KDEtD GHMDGR
LQFRQVFLHQWHGHXQJROSHFDSXOORVGHVFRQVLGHUDGRVRSHFHVJRUGRV
RXQSRFRGHDPEDVFRVDVSRUVXSXHVWR7DOYH]DOJ~QGtDPRULUtDQ
DVHVLQDGRV SRU ORV FUtPHQHV TXH FRPHWtDQ \ FRQ WRGR
PHUHFLPLHQWR3HURQRVHUtDpOHODVHVLQR1RORVHQWtDSRUHOWLSRDO
TXH KDEtD JROSHDGR SHUR KDEtD VLGR XQ DFFLGHQWH 'LVSDUDU D XQD
SHUVRQD QR HUD OR PLVPR TXH SHJDU D XQ FDSXOOR 7HQGUtD TXH
EXVFDU XQD DOWHUQDWLYD $XQTXH WRGDYtD TXHUtD PDWDU /H FRVWDED
SHQVDUHQRWUDFRVD
 
'H OD PLVPD PDQHUD TXH WRGRV HVWDPRV VXMHWRV D HUURUHV GH OD
SHUFHSFLyQ GHULYDGRV GH OD HVHQFLD GH QXHVWURV VHQWLGRV \ GH OD
UHDOLGDG ItVLFD WDPELpQ HVWDPRV VXMHWRV D DOJXQRV HUURUHV GH OD
FRJQLFLyQ LQVWDODGRV HQ QXHVWUR FHUHEUR GXUDQWH HO SHULRGR GH OD
HYROXFLyQ KXPDQD H LQHYLWDEOHV D SHVDU GH TXH FRQRFHPRV VX
H[LVWHQFLD
/DV LOXVLRQHV SHUFHSWLYDV VRQ VHQFLOODV +D\ FLHUWRV GLEXMRV HQ
EODQFR \ QHJUR HQ ORV TXH VLQ HPEDUJR HO RMR KXPDQR GLVWLQJXH
FRORUHV FXDQGR VH SODVPDQ HQ XQ WUR]R FLUFXODU GH SDSHO \ HVWH
SDSHO ILMDGR D XQ SDOR VH KDFH JLUDU &XDQGR VH GHVFLHQGH OD
YHORFLGDG GH ORV JLURV HYLGHQWHPHQWH VROR VH YHQ HO EODQFR \ HO
QHJUR GH ORV GLEXMRV VL VH YXHOYH D DXPHQWDU ORV FRORUHV
UHDSDUHFHQDQWHQXHVWURVRMRV$VtVRQODVFRVDV
(O HVFRU]R HV RWUD GLVWRUVLyQ SHUFHSWLYD TXH QR SRGHPRV
FRUUHJLU &XDQGR HVWDPRV HQ HO IRQGR GH XQ EDUUDQFR \ PLUDPRV
DUULEDGDODLPSUHVLyQGHTXHODDOWXUDGHOEDUUDQFRSRQJDPRVSRU
FDVR XQRV WUHVFLHQWRV PHWURV QR YDUtD (VWR VH GD DXQTXH QRV
HQFRQWUHPRVDOSLHGHODSDUHGGHODFDUDQRUWHGHO(LJHU\VHSDPRV
TXH PLGH XQRV GRV PLO PHWURV GH DOWXUD 6ROR DO DOHMDUQRV YDULRV
NLOyPHWURVSRUHMHPSORVLODREVHUYDPRVGHVGHODRULOODGHOODJRGH
7XQ SRGHPRV DSUHFLDU OD YHUGDGHUD H LPSRQHQWH DOWXUD GH OD
1RUGZDQG GHO (LJHU -XVWR D ORV SLHV GH OD SDUHG HV LPSRVLEOH
KDFHUVHXQDLGHD
7RGR HO PXQGR DFHSWD HVWDV LOXVLRQHV ySWLFDV XQD YH] TXH VH
GHPXHVWUDQ VRQ LQQHJDEOHV 6LQ HPEDUJR ORV HUURUHV FRJQLWLYRV
H[LJHQPiVSUXHEDV/RVLQYHVWLJDGRUHVGH ODFLHQFLDFRJQLWLYDGH
ODOyJLFD\GHODHFRQRPtDFRQGXFWLYDKDQFRPHQ]DGRDFODVLILFDU\
D GDU QRPEUH D HVRV HUURUHV FRJQLWLYRV VROR GHVGH WLHPSRV PX\
UHFLHQWHV\ODVGLVSXWDVHQWUHHOORVVRQIUHFXHQWHV1RREVWDQWHVH
KD GHPRVWUDGR FRQ LQILQLGDG GH SUXHEDV TXH H[LVWHQ HUURUHV
LQHYLWDEOHV D ORV TXH VH OHV KDQ GDGR QRPEUHV FRPR VHVJR
FRJQLWLYR QRTXLHUHVGHVYLDUWHGHWXMXLFLRLQLFLDORGHORTXHWHKDQ
GLFKR  FRPRGLGDG FRJQLWLYD FUHHV TXH HV PiV SUREDEOH TXH VHD
YHUGDGHUD XQD H[SOLFDFLyQ TXH FRPSUHQGHV TXH XQD TXH QR  /D
OLVWDHVODUJD«(QLQWHUQHWVHSXHGHHQFRQWUDUXQH[FHOHQWHJUiILFR
FLUFXODUFRQORVHUURUHVFRJQLWLYRVXQDUXHGDGHORVHUURUHVTXHORV
HQXPHUD \ ORV RUJDQL]D HQ FDWHJRUtDV 3XHGHQ HQFRQWUDUVH HQWUH
RWURVODOH\GHORVQ~PHURVSHTXHxRVODIDODFLDGHODWDVDEDVHOD
KHXUtVWLFD GH GLVSRQLELOLGDG OD VLPLOLWXG DVLPpWULFD ODV LOXVLRQHV GH
SUREDELOLGDG OD HOHFFLyQ GH SXQWR GH YLVWD OD VHJUHJDFLyQ GHO
FRQWH[WR OD SpUGLGD R HO DXPHQWR GH DVLPHWUtD OD IDODFLD GH OD
FRQMXQFLyQ OD OH\ GH WLSLVPR OD FDXVDOLGDG HUUyQHD OD DVLPHWUtD
FDXVDHIHFWR HO HIHFWR GH FHUWLGXPEUH OD SUXGHQFLD LUUDFLRQDO OD
WLUDQtD GHO FRVWR KXQGLGR ODV FRUUHODFLRQHV LOXVRULDV HO H[FHVR GH
FRQILDQ]DLQMXVWLILFDGR«(OSURSLRJUiILFRHVXQHMHPSORFXULRVRGH
HVWH~OWLPRVHVJRSXHVWRTXHDILUPDVDEHUFyPRSHQVDPRV\ORTXH
HVRQRQRUPDO
&RPR RFXUUH FRQ ODV LOXVLRQHV GH OD SHUFHSFLyQ HO KHFKR GH
VDEHU TXH ORV HUURUHV FRJQLWLYRV H[LVWHQ QR QRV D\XGD D HYLWDUORV
FXDQGRVHSUHVHQWDQFRQXQSUREOHPDQXHYR0iVELHQDOFRQWUDULR
VRQXQRVHUURUHVPX\FRQVLVWHQWHV\WRGDVODVSHUVRQDVHQODVTXH
VHKDQOOHYDGRDFDERSUXHEDVWLHQGHQDFRPHWHUORVUHSHWLGDPHQWH
DGHPiV VRQ LQGHSHQGLHQWHV GH ORV IDFWRUHV SHUVRQDOHV H
LQFRUUHJLEOHV HQ HO VHQWLGR GH TXH FRQRFHUORV QR FRQWULEX\H D TXH
ORVHYLWHPRVQLDGHVFRQILDUGHQXHVWURVUD]RQDPLHQWRVFXDQGRQRV
HQFRQWUDPRV HQ RWUDV VLWXDFLRQHV 6LHPSUH FRQILDPRV PiV GH OR
TXH VHUtD FRQYHQLHQWH HQ QXHVWUD FDSDFLGDG GH UDFLRFLQLR 'H
KHFKR HO H[FHVR GH FRQILDQ]D QR VROR HQ XQ DVXQWR HQ HO TXH
VRPRV H[SHUWRV VLQR HQ JHQHUDO HV XQD GH ODV LOXVLRQHV PiV
FRPXQHV TXH H[SHULPHQWDPRV 6LQ GXGD HVWH DQiOLVLV HV RWUR
HMHPSOR¢GHYHUGDGVDEHPRVDOJRVREUHHVWHWHPD"
 £6DQWR&LHOR¢&XiOHVHOVLJQLILFDGRGHHVWRVGHVFXEULPLHQWRV
UHFLHQWHV VREUH OD FLHQFLD FRJQLWLYD" +D\ TXLHQ GLFH TXH VROR
GHPXHVWUDQ TXH HO VHU KXPDQR HVWi QHJDGR SDUD OD HVWDGtVWLFD
2WURV DILUPDQ TXH VX LPSRUWDQFLD HV FRPSDUDEOH D OD GHO
GHVFXEULPLHQWRGHOVXEFRQVFLHQWH
&RQVLGHUHPRV GH QXHYR OD HVHQFLD GH OD LGHRORJtD HVD FRVD
WDQ QHFHVDULD TXH QRV SHUPLWH FODVLILFDU HO IOXMR PDVLYR GH
LQIRUPDFLyQ TXH UHFLELPRV ¢/D LGHRORJtD SRGUtD VHU WDPELpQ XQD
LOXVLyQFRJQLWLYDXQDHVSHFLHGHILFFLyQQHFHVDULD"
6t SRU VXSXHVWR 7HQHPRV TXH FUHDU \ XWLOL]DU XQD LGHRORJtD
SDUDSRGHUIXQFLRQDU\ORKDFHPRVSHQVDQGRTXHHVSURSHQVDDXQ
Q~PHURLQFDOFXODEOHGHHUURUHVVLVWpPLFRVLQFOXVRSRGUtDPRVGHFLU
TXHIDFWXDOHV1XQFDKHPRVVLGRVHUHVUDFLRQDOHV7DOYH]ODFLHQFLD
VHD XQ LQWHQWR GH VHU UDFLRQDOHV 4XL]i WDPELpQ OD ILORVRItD < SRU
VXSXHVWR OD ILORVRItD GHPXHVWUD FRQ PXFKD IUHFXHQFLD TXH QR
SRGHPRVOOHJDUDSHQVDUKDVWDHOIRQGRGHODVFRVDVQRSRGHPRV
KDFHUTXHODOyJLFDIXQFLRQHFRPRXQVLVWHPDFHUUDGRHWF
< UHFRUGHPRV WDPELpQ TXH HQ OR TXH OOHYDPRV GH GHEDWH
VLHPSUH HVWDPRV UHILULpQGRQRV D XQD PHQWH QRUPDO VDQD /R TXH
VXFHGH FXDQGR HPSH]DQGR FRPR OR KDFHPRV GHVGH XQD SRVLFLyQ
RULJLQDOWDQLQHVWDEOHVHSLHUGHODFRUGXUDORSRVSRQHPRVSDUDRWUR
GHEDWH%DVWHVHxDODUGHPRPHQWRVRORXQDFRVDHODVXQWRSXHGH
SRQHUVHPX\IHR