Scribd Logo
Upload

Welcome to Scribd!

  • Las Diosas de Cada Mujer - Jean Shinoda Bolen

    Uploaded by

    Victoria Alverde
    41 views484 pages
    This document summarizes a book titled "Goddesses in Every Woman: A New Psychology of Women" by Jean Shinoda Bolen. The book explores how ancient goddesses from mythology can help modern women understand their personalities and overcome restrictive dichotomies imposed by patriarchal societies. It presents seven archetypal goddesses as complex personality types that each woman possesses aspects of. By identifying their dominant goddesses, women can gain insight into their internal patterns and overcome limitations imposed by dichotomies like masculine/feminine or mother/lover. The book aims to show women the wholeness and complexity within themselves rather than limiting stereotypes.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document summarizes a book titled "Goddesses in Every Woman: A New Psychology of Women" by Jean Shinoda Bolen. The book explores how ancient goddesses from mythology can help modern women understand their personalities and overcome restrictive dichotomies imposed by patriarchal societies. It presents seven archetypal goddesses as complex personality types that each woman possesses aspects of. By identifying their dominant goddesses, women can gain insight into their internal patterns and overcome limitations imposed by dichotomies like masculine/feminine or mother/lover. The book aims to show women the wholeness and complexity within themselves rather than limiting stereotypes.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    41 views484 pages

    Las Diosas de Cada Mujer - Jean Shinoda Bolen

    Uploaded by

    Victoria Alverde
    This document summarizes a book titled "Goddesses in Every Woman: A New Psychology of Women" by Jean Shinoda Bolen. The book explores how ancient goddesses from mythology can help modern women understand their personalities and overcome restrictive dichotomies imposed by patriarchal societies. It presents seven archetypal goddesses as complex personality types that each woman possesses aspects of. By identifying their dominant goddesses, women can gain insight into their internal patterns and overcome limitations imposed by dichotomies like masculine/feminine or mother/lover. The book aims to show women the wholeness and complexity within themselves rather than limiting stereotypes.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 484

    ¢3RU TXp DOJXQDV PXMHUHV YDORUDQ DQWH WRGR HO PDWULPRQLR \ OD

    IDPLOLD PLHQWUDV TXH RWUDV DWULEX\HQ PiV LPSRUWDQFLD D OD


    LQGHSHQGHQFLD \ D OD SURSLD UHDOL]DFLyQ" ¢3RU TXp XQD PXMHU VH
    FRPSRUWD VHJ~Q VHD HO HQWRUQR FRPR H[WUDYHUWLGD R LQWURYHUWLGD"
    eVWDV \ RWUDV PXFKDV SUHJXQWDV UHFLEHQ XQD LQVyOLWD \ IDVFLQDQWH
    UHVSXHVWDHQHOSUHVHQWHOLEUR6XFHGHTXHFXDQWRPiVFRPSOHMDHV
    XQD PXMHU PiV SUREDEOH HV TXH WHQJD GHQWUR GH Vt PXFKDV GLRVDV
    DFWLYDV OD WDUHD FRQVLVWH HQ GHFLGLU FXDO GH HOODV FXOWLYDU \ FXDO
    VXSHUDU
    ([SOLFD TXH FXDQGR XQD PXMHU FRPSUHQGH VXV SURSLRV SDWURQHV
    LQWHUQRV SXHGH OOHJDU D VXSHUDU WRGD XQD VHULH GH GLFRWRPtDV
    UHVWULFWLYDV WDOHV FRPR PDVFXOLQRIHPHQLQR PDGUHDPDQWH
    SURIHVLRQDODPDGHFDVDHWF«
    (VWRV SDWURQHV LQWHUQRV WRPDQ IRUPD GH VLHWH GLRVDV DUTXHWtSLFDV
    TXH VRQ RWURV WDQWRV WLSRV GH SHUVRQDOLGDG 6H WUDWD GH TXH FDGD
    PXMHU LGHQWLILTXH D VXV GLRVDV GRPLQDQWHV TXH YDQ GHVGH OD
    DXWyQRPD $UWHPLVD \ OD IUtD $WHQHD KDVWD OD QXWULWLYD 'pPHWHU \ OD
    FUHDWLYD $IURGLWD SDVDQGR SRU +HUD GLRVD GHO PDWULPRQLR R
    3HUVpIRQH UHLQD GHO PXQGR VXEWHUUiQHR R +HVWLD SURWRWLSR GH OD
    PXMHUSDFLHQWH 
    -HDQ 6KLQRGD%ROHQ

    /DVGLRVDVGHFDGDPXMHU
    8QDQXHYDSVLFRORJtDIHPHQLQD

    H3XEU
    7LWLYLOOXV
    7tWXOR RULJLQDO *RGGHVVHV LQ HYHU\ZRPDQ
    -HDQ6KLQRGD%ROHQ 
    7UDGXFFLyQ $OIRQVR &RORGUyQ

    (GLWRU GLJLWDO 7LWLYLOOXV


    H3XE EDVH U
    $PLPDGUH0HJXPL<DPDJXFKL6KLQRGD0'
    TXHWXYRODGHWHUPLQDFLyQGHD\XGDUPHDFUHHU
    ²FRPRHOODQRSXGRKDFHU²
    VLQWLHQGRTXH\RHUDDIRUWXQDGDSRUVHUXQDQLxD
    \TXHSRGtDKDFHUFXDOTXLHUFRVD
    DODTXHDVSLUDVHFRPRPXMHU
    35Ï/2*2
    0HJXVWDUtDLQYLWDUWHDOHHUHVWHOLEURHVSHFLDOPHQWHVLHUHVXQD
    GH HVDV OHFWRUDV WDO YH] FRPR \R PLVPD UHDFLD D HVWH WHPD $ ILQ
    GH FXHQWDV ¢FyPR SXHGHQ ODV GLRVDV PLWROyJLFDV GH XQ SDVDGR
    SDWULDUFDO D\XGDUQRV D DQDOL]DU QXHVWUD UHDOLGDG DFWXDO R D DOFDQ]DU
    XQIXWXURLJXDOLWDULR"
    /R PLVPR TXH OR PiV SUREDEOH HV TXH FRPSUHPRV OLEURV
    UHFRPHQGDGRV SRU DPLVWDGHV GH FRQILDQ]D PL LQVSLUDFLyQ SDUD OHHU
    HVWHPDQXVFULWRYLQRGHOKHFKRGHFRQRFHUDVXDXWRUD
    &RQRFtD D OD GRFWRUD -HDQ 6KLQRGD %ROHQ FXDQGR HVWDED
    RUJDQL]DQGR³3VLTXLDWUtDVSDUD(5$´XQJUXSRGHPXMHUHV\KRPEUHV
    GH OD $VRFLDFLyQ $PHULFDQD GH 3VLTXLDWUtD FX\D H[SHULHQFLD
    SURIHVLRQDOOHVKDEtDOOHYDGRDFUHHUTXHHOWUDWDPLHQWRLJXDODQWHOD
    OH\ HUD HVHQFLDO SDUD OD VDOXG PHQWDO GH ODV PXMHUHV (Q
    FRQVHFXHQFLDDSR\DURQODDSUREDFLyQGHOD/H\VREUHOD,JXDOGDGGH
    'HUHFKRV
    7RGRVORVJUXSRVVRQHOUHVXOWDGRGHPXFKDVHQHUJtDVSHUR-HDQ
    IXHFODUDPHQWHODRUJDQL]DGRUDHIHFWLYDHLQVSLUDGDGHpVWH1RVyOR
    WXYR OD YLVLyQ GH IRUPDU HVWH JUXSR \ DYLYy OD LPDJLQDFLyQ GH VXV
    FROHJDVWDPELpQVLJXLyWRGRVORVGHWDOOHVGHOSURFHVRGHIRUMDUXQD
    RUJDQL]DFLyQ QDFLRQDO \ FRKHUHQWH D SDUWLU GH SHUVRQDV RFXSDGDV \
    GLVSDUHV(QHVWHSURFHVRHVWXYRDWHQWDDKDFHUGHSXHQWHHQWUHODV
    GLIHUHQFLDV JHQHUDFLRQDOHV UDFLDOHV \ SURIHVLRQDOHV SDUD UHXQLU
    LQIRUPDFLyQ H[DFWD \ UHOHYDQWH \ GHMDU LQFOXVR DO DGYHUVDULR PiV
    UHVLVWHQWHFRQGLJQLGDG\DOJXQDQXHYDFRPSUHQVLyQ
    2EVHUYDUD-XDQHQDFFLyQQRGHMDQLQJXQDGXGDGHTXHHVXQD
    RUJDQL]DGRUDSUiFWLFD\H[SHUWDHQHODTXt\DKRUDXQDERQGDGRVD
    UHYROXFLRQDULD FX\D FDOPD FXUDWLYD \ HVStULWX GH DFHSWDFLyQ VRQ
    WHVWLPRQLR GHO PXQGR PHMRU TXH XQD UHYROXFLyQ IHPLQLVWD SRGUtD
    WUDHU(OODFRQWULEX\yDFUHDUXQQ~FOHRGHFDPELRGHQWURGHXQDGH
    ODVPiVSUHVWLJLRVDVHLQIOX\HQWHVRUJDQL]DFLRQHVSURIHVLRQDOHVWRGR
    HOOR FRPR PXMHU \ PXMHU HQ PLQRUtD GHQWUR GH XQD SURIHVLyQ
    FRQVWLWXLGD SRU XQ  GH KRPEUH SRU DxDGLGXUD EODQFRV HQ VX
    DEUXPDGRUD PD\RUtD \ JHQHUDOPHQWH OLPLWDGRV SRU ODV WHRUtDV
    SUHGRPLQDQWHPHQWH PDVFXOLQDV GH )UHtG &XDQGR VH HVFULED OD
    KLVWRULD GH OD $VRFLDFLyQ $PHULFDQD GH 3VLTXLDWUtD \ WDO YH] OD
    KLVWRULD GH OD UHVSRQVDELOLGDG VRFLDO GH ORV SVLTXLDWUDV HQ JHQHUDO
    FUHR TXH ODV DFFLRQHV GH HVWD SHTXHxD PXMHU GH KDEODU SDXVDGR
    FRQVWLWXLUiQXQDLPSRUWDQWHIXHU]D
    &XDQGROHtDORVSULPHURVFDStWXORVGH /DVGLRVDVGHFDGDPXMHU
    SRGtD RtU OD YR] GLJQD GH FRQILDQ]D GH -HDQ HQ FDGD XQD GH ODV
    IUDVHVGHVXSURVDFODUD\VHQFLOODSHURWRGDYtDWHQtDGXGDVVREUHOD
    SRVLELOLGDG GH TXH DSDUHFLHUD HQ ODV VLJXLHQWHV GLRVDV DOJR GH
    SUHGHVWLQDFLyQURPiQWLFDRLQKLELWRULD&RPR-XQJ\ORVTXHVLWXDURQ
    HVWRV DUTXHWLSRV HQ HO LQFRQVFLHQWH FROHFWLYR DFDEDURQ HQ ODV
    SRODULGDGHVH[FOX\HQWHVPDVFXOLQRIHPHQLQR²LQKLELHQGRDVtWDQWRD
    ORV KRPEUHV FRPR D ODV PXMHUHV GH OD WRWDOLGDG \ GHMDQGR D pVWDV
    HQ HO LQHYLWDEOHPHQWH PHQRV JUDWLILFDQWH ILQDO GHO HVSHFWUR² PH
    SUHRFXSDEDODPDQHUDHQTXHHVWRVDUTXHWLSRVSXGLHUDQVHUXVDGRV
    SRUORVGHPiVRODPDQHUDHQTXHODVPLVPDVPXMHUHVSXGLHUDQVHU
    HVWLPXODGDV SDUD VHU VLPSOHV LPLWDGRUDV \ HQ FRQVHFXHQFLD SDUD
    DFHSWDUVXVOLPLWDFLRQHV
    )XH OD PLVPD H[SOLFDFLyQ GH FDGD XQD GH ODV GLRVDV OR TXH QR
    VyORWUDQTXLOL]yPLVLQTXLHWXGHVVLQRWDPELpQPHDEULyQXHYDVYtDV
    GHFRPSUHQVLyQ
    (Q SULPHU OXJDU H[LVWHQ VLHWH DUTXHWLSRV FRPSOHMRV TXH GHEHQ
    VHUH[DPLQDGRV\FRPELQDGRVGHGLIHUHQWHVPDQHUDV\FDGDXQRGH
    HOORVWLHQHHQVtPLVPRLQILQLGDGGHYDULDQWHV(OORVQROOHYDQPXFKR
    PiV DOOi GH ODV VLPSOLVWDV GLFRWRPtDV YLUJHQSXWD \ PDGUHDPDQWH
    TXHDIOLJHQDODVPXMHUHVHQORVSDWULDUFDGRV6tH[LVWHQGLRVDVTXH
    VH LGHQWLILFDQ WRWDOPHQWH PHGLDQWH VX UHODFLyQ FRQ XQ KRPEUH
    SRGHURVR²DOILQ\DOFDERYLYtDQEDMRHOSDWULDUFDGRFRPRYLYLPRV
    QRVRWUDV² SHUR WDPELpQ PXHVWUDQ VX SRGHU VHD VXEUHSWLFLD R
    DELHUWDPHQWH<WDPELpQH[LVWHQPRGHORVGHDXWRQRPtDTXHWRPDQ
    PXFKDVIRUPDVGHVGHXQDIRUPDVH[XDORLQWHOHFWXDODXQDIRUPD
    SROtWLFD R HVSLULWXDO &RPR PHQRV IUHFXHQWH H[LVWHQ HMHPSORV GH
    PXMHUHVTXHVHUHVFDWDQ\VHXQHQHQWUHVt
    (Q VHJXQGR OXJDU HVWRV DUTXHWLSRV FRPSOHMRV SXHGHQ
    FRPELQDUVH H LQYRFDUVH VHJ~Q ODV QHFHVLGDGHV H[LJLGDV SRU OD
    VLWXDFLyQGHXQDPXMHURODSDUWHPHQRVGHVDUUROODGDGHVtPLVPD6L
    SXHGHWHQHUWDQWRLPSDFWRHQODVYLGDVGHODVPXMHUHVXQYLVOXPEUH
    HQORVPHGLRVGHFRPXQLFDFLyQGHOPRGHORGHUROTXHGHVHPSHxDQ
    ¢FXiQWRPiVSURIXQGRSXHGHVHUDFWLYDU\VDFDUXQDUTXHWLSRGHQWUR
    GHHOODV"
    3RU ~OWLPR QR H[LVWH QLQJ~Q SUHFHSWR SDUD FRQIRUPDUQRV D XQ
    HVWHUHRWLSRROLPLWDUQRVDXQDGLRVDRYDULDV7RGDVMXQWDVLQWHJUDQ
    HO FtUFXOR FRPSOHWR GH ODV FXDOLGDGHV KXPDQDV 6LQ GXGD FDGD XQD
    GH HOODV VXUJH GH OD IUDJPHQWDFLyQ GH XQD GLRVD OD *UDQ 'LRVD HO
    VHU KXPDQR IHPHQLQR WRWDO TXH YLYLy DOJXQD YH] HQ ORV WLHPSRV
    SUHSDWULDUFDOHV ²DO PHQRV HQ OD UHOLJLyQ \ HQ OD LPDJLQDFLyQ² 7DO
    YH] HQWRQFHV FRPR DKRUD LPDJLQDU OD WRWDOLGDG IXH HO SULPHU SDVR
    SDUDUHDOL]DUOD
    &RPR PtQLPR HVWDV GLRVDV DUTXHWtSLFDV FRQVWLWX\HQ XQ ~WLO
    UHFRUGDWRULR SDUD GHVFULELU \ DQDOL]DU PXFKDV SDXWDV GH
    FRPSRUWDPLHQWR \ UDVJRV GH SHUVRQDOLGDG &RPR Pi[LPR
    FRQVWLWX\HQ YtDV SDUD FRQVWUXLU YLVLRQHV LQYRFDQGR DVt IXHU]DV
    QHFHVDULDV \ FXDOLGDGHV GHQWUR GH QRVRWUDV &RPR OD SRHWLVD \ HO
    QRYHOLVWD $OLFH :DOWHU HYLGHQFLD GH PRGR FRQPRYHGRU HQ (O FRORU
    S~USXUDLPDJLQHPRVD'LRV\OHRODHQGRVDPRV²DpORDHOOD²ODV
    FXDOLGDGHVTXHQHFHVLWDPRVSDUDVREUHYLYLU\HYROXFLRQDU
    (O PD\RU YDORU GH HVWH OLEUR UDGLFD HQ ORV PRPHQWRV GH
    UHFRQRFLPLHQWR TXH SURSRUFLRQD /D DXWRUD ORV OODPD PRPHQWRV GH
    ³£DMi´ HVH VHJXQGR OOHQR GH FRPSUHQVLyQ LQWHUQD HQ HO TXH
    HQWHQGHPRV H LQWHULRUL]DPRV HQ HO TXH UHFRQRFHPRV TXH KHPRV
    H[SHULPHQWDGRSRUQRVRWURVDVPLVPRVDVKHPRVVHQWLGRFRQILDQ]D
    DFDXVDGHHVDYHUGDG\HQWRQFHVKHPRVVLGROOHYDGRVDVXQSDVR
    PiV DGHODQWH KDFLD XQD FRPSUHQVLyQ GH ³FODUR DKRUD HQWLHQGR SRU
    TXp´
    &DGD OHFWRUD DSUHQGHUi DOJR GLIHUHQWH \ HVH ³£DMi´ GHEH VHU HO
    QXHVWUR3DUDPtHOSULPHURVHSURGXMROH\HQGRVREUH$UWHPLVDTXH
    VHXQtDDRWUDVPXMHUHV\TXHUHVFDWyDVXPDGUHDXQTXHQRTXHUtD
    VHU FRPR HOOD 6LHQWR UHFRQRFLPLHQWR \ WDPELpQ RUJXOOR SRU VHU
    FLWDGD FRPR HMHPSOR GH HVWH DUTXHWLSR TXH HV LQIUHFXHQWH HQ XQD
    VRFLHGDGSDWULDUFDO3HURWDPELpQVXSHTXHQRKDEtDGHVDUUROODGROD
    DXVHQFLD GH PLHGR DO FRQIOLFWR QL OD DXWRQRPtD UHDO GH $UWHPLVD
    3HUVpIRQH UHIOHMD VHQWLPLHQWRV TXH OD PD\RUtD GH QRVRWUDV
    H[SHULPHQWDPRV VLHQGR DGROHVFHQWHV 6X IXHU]D R GHELOLGDG
    FRQVWLWX\yRWUR³£DMi´HVDFRQRFLGDFDSDFLGDGSDUDHVSHUDUTXHVH
    QRVSUR\HFWHODLPDJHQ\H[SHFWDWLYDVGHDIXHUDVHDGHXQKRPEUH
    R GH OD VRFLHGDG HVH SUREDUVH PXFKDV LGHQWLGDGHV 7DPELpQ OR
    IXHURQODOHFWXUDFRQVWDQWH\HOKiELWRGHYLYLUGHQWURGHODFDEH]D
    TXHHVWDQWtSLFRGH$WHQHDODFRQFLHQFLDGLIXVD\UHFHSWLYDGH+HUD
    'HPpWHU\3HUVpIRQH\ODYDORUDFLyQGH$IURGLWDGHODLQWHQVLGDG\
    GHODHVSRQWDQHLGDGVREUHODSHUPDQHQFLDHQODVUHODFLRQHV\HQHO
    WUDEDMRFUHDWLYR
    2WUDVGLRVDVQRVHQVHxDQFXDOLGDGHVGHODVTXHQRVWUDVPLVPDV
    FDUHFHPRV \ TXH QHFHVLWDPRV GHVDUUROODU R FXDOLGDGHV TXH YHPRV
    HQ ODV SHUVRQDV TXH QRV URGHDQ \ TXH QR FRPSUHQGHPRV $SUHQGt
    GH OD PDQHUD FRQWHPSODWLYD GH +HVWLD GH DIURQWDU ODV WDUHDV
    FRWLGLDQDVFyPRpVWDVSXHGHQSRUHMHPSORRUGHQDUVH\FODULILFDUVH
    VHJ~Q ODV SULRULGDGHV FXDQGR VH FXPSODQ FRQ XQD YLVLyQ PiV
    VLPEyOLFD\HVSLULWXDO(QYLGLpD$WHQHD\$UWHPLVDSRUVXFRQFLHQFLD
    FHQWUDGD \ FRPSUHQGt PHMRU D ORV PXFKRV KRPEUHV TXH KDQ
    DSUHQGLGRDQR³ILMDUVH´RSRQHUOX]HQPXFKDVFRVDVGHODSHULIHULD
    GHODYLVLyQ$SUHQGtGHOHMHPSORGHHVDVGRVGLRVDVLQGHSHQGLHQWHV
    TXH HO FRQIOLFWR \ OD KRVWLOLGDG SXHGHQ VHU QHFHVDULRV H LQFOXVR
    SRVLWLYRV\TXHQRGHEHQWRPDUVHGHPDQHUDSHUVRQDO
    (OVHQVLEOHDQiOLVLVGHODDXWRUDGHORVDUTXHWLSRVORVVDFDGHVX
    PDUFR SDWULDUFDO GH VLPSOHV KD]DxDV \ QRV ORV GHYXHOYH FRPR
    PXMHUHVUHDOHVPiVDPSOLDVTXHODYLGDSHURFUHtEOHV
    3RU HMHPSOR GHVGH DKRUD FXDQGR DxRUH XQD GH HVDV
    FRQYHUVDFLRQHV PiJLFDV \ HVSRQWiQHDV HQ ODV TXH WRGR YD PXFKR
    PiVDOOiTXHODVXPDGHVXVSDUWHVFRQFDGDSHUVRQDLPSURYLVDQGR
    FRPR VH KDFH HQ OD P~VLFD WDO YH] SLHQVH HQ ODV FXDOLGDGHV GH
    $IURGLWD&XDQGRQHFHVLWHUHWLUDUPHDODWLHUUD\DODFRQWHPSODFLyQ
    +HVWLD SXHGH JXLDUPH &XDQGR FDUH]FD GHO YDORU SDUD HQIUHQWDU HO
    FRQIOLFWRSRUPtPLVPDRHQQRPEUHGHRWUDVPXMHUHV$UWHPLVDHV
    XQDEXHQDPXMHUSDUDUHFRUGDU
    <D QR LPSRUWD TXp HV OR TXH YLHQH DQWHV VL OD UHDOLGDG R OD
    LPDJLQDFLyQ GH OD UHDOLGDG &RPR HVFULEH -HDQ +XVWRQ HQ 7KH
    3RVLEOH +XPDQ ³6LHPSUH KH SHQVDGR HQ XQ PLWR FRPR DOJR TXH
    QXQFDH[LVWLySHURTXHVLHPSUHHVWiVXFHGLHQGR´
    $KRUD TXH QRV HQFDPLQDPRV KDFLD HO DEDQGRQR GH ODV
    VRFLHGDGHVGHVLJXDOHVGLRVHV\GLRVDVSXHGHQOOHJDUDVHUODPLVPD
    FRVD $O PLVPR WLHPSR HVWH OLEUR QRV RIUHFH QXHYDV VHQGDV SDUD
    H[SORUDUQXHYDVPDQHUDVGHVHU\GHGHYHQLU
    7DOYH]HQFXHQWUHVXQPLWRTXHHYRTXHODUHDOLGDGGHQWURGHWL

    *ORULD6WHLUQHP
    $*5$'(&,0,(1726
    &DGD FDStWXOR GH HVWH OLEUR WLHQH PXFKRV SDUWLFLSDQWHV DQyQLPRV ²
    SDFLHQWHV DPLJRV FROHJDV² TXH HMHPSOLILFDQ DVSHFWRV GH FDGD
    DUTXHWLSRGHODGLRVDRSURSRUFLRQDQUHYHODFLRQHVGHORVPLVPRV/D
    PD\RUtD GH ODV GHVFULSFLRQHV VRQ SRU HOOR PH]FODV GH PXFKDV
    PXMHUHV TXH KH FRQRFLGR HQ FLUFXQVWDQFLDV PX\ GLYHUVDV VREUH
    WRGR D OR ODUJR GH YHLQWH DxRV GH SUiFWLFD SVLTXLiWULFD (V XQ
    SULYLOHJLR TXH FRQItHQ HQ Pt SHUVRQDV TXH PH UHYHODQ VXV
    LQWLPLGDGHVSHUPLWLpQGRPHHQWHQGHUPHMRUVXSVLFRORJtD\DWUDYpV
    GH HOOD OD SVLFRORJtD GH RWUDV SHUVRQDV LQFOXLGD \R PLVPD /DV
    SHUVRQDVTXHVRQPLVSDFLHQWHVVRQPLVPHMRUHVPDHVWUDV$WRGDV
    HOODVJUDFLDV
    +HVLGR³EHQGHFLGD´\³VREUHFDUJDGD´SRUPXFKRVHGLWRUHVFDGD
    XQR GH ORV FXDOHV FRQWULEX\y DO GHVDUUROOR GH HVWH OLEUR \ D PL
    HYROXFLyQ FRPR HVFULWRUD GXUDQWH ORV WUHV DxRV TXH WUDEDMp HQ HO
    PDQXVFULWR PH DSRUWDURQ FRPHQWDULRV H LQVWUXFFLRQHV SDUD OD
    HGLFLyQ GH .ULVWHQ *ULPVWDG .LP &KHUPLQ 0DULO\Q /DQGDX -HUHP\
    7DUFKHU 6WHSKDQLH %HUQVWHLQ \ /LQGD 3XUULQJWRQ D ORV TXH UHFXUUt
    SDUDHGLWDU\FRUUHJLU(QPHGLRGHVXVSXQWRVGHYLVWDGLVFUHSDQWHV
    WDPELpQDSUHQGtDFRQILDUHQPLSURSLDYR]\HQPLSURSLDYLVLyQOR
    FXDOHQVtPLVPRFRQVWLWX\yXQDOHFFLyQ\FRQGXMRDXQFDPELRHQ
    ORVHGLWRUHV(QHVWHDVSHFWRIXHGHHVSHFLDOLPSRUWDQFLDHODOLHQWR
    GH.LP&KHUQLP
    7DPELpQ H[SUHVR PL DJUDGHFLPLHQWR D 1HQF\ %HUU\ TXH WUDEDMy
    FRQSURIHVLRQDOLGDG\UDSLGH]HQHOPHFDQRJUDILDGR\WUDWDPLHQWRGHO
    WH[WR SRU RUGHQDGRU FDGD YH] TXH OH SHGt D\XGD D PLV DJHQWHV
    OLWHUDULRV -RKQ %URFNPQ \ .DWLQND 0DWVRQ TXH DxDGLHURQ VXV
    SHUVSHFWLYDGHH[SHUWRVDOGLItFLOSURFHVRGH³GDUDOX]HOOLEUR´\D
    PL HGLWRU &OD\WRQ &DUOVRQ GH +DUSHU  5RZ TXLHQ PHGLDQWH VX
    LQWXLFLyQ \ FRQVLGHUDFLyQ HVSHFLDO HQ PL SULPHU OLEUR 7KH 7DR RI
    3V\FKRORJ\FUH\yHQPt\HQ/DVGLRVDVGHFDGDPXMHU
    /RV PLHPEURV GH PL IDPLOLD IXHURQ SDUWLGDULRV LQFRQGLFLRQDOHV
    PLHQWUDV WUDEDMDED HQ HVWH OLEUR HQ PHGLR GH HOORV <R KDEtD
    GHFLGLGR KDFtD WLHPSR TXH VL WHQtD TXH HVFULELU OR KDUtD VLQ
    VHSDUDUPH GH HOORV \ VLQ FHUUDU XQD SXHUWD HQWUH QRVRWURV (VWDUtD
    GLVSRQLEOH \ SUHVHQWH DO PLVPR WLHPSR TXH QHFHVLWDUtD VX
    FRQVLGHUDFLyQ0LPDULGR-LP\PLVKLMRV0HORG\\$QG\HVWXYLHURQ
    FRQPLJR D OR ODUJR GH WRGR HVWH SUR\HFWR $GHPiV GHO DSR\R
    HPRFLRQDOGHYH]HQFXDQGR-LPPHD\XGyPLHQWUDVHVFULEtDFRQVX
    RMR SURIHVLRQDO GH HGLWRU DQLPiQGRPH D FRQILDU HQ PLV SURSLRV
    LQVWLQWRV D FRQVHUYDU HMHPSORV H LPiJHQHV TXH HYRFDQ
    VHQWLPLHQWRV
    < PL DJUDGHFLPLHQWR GH WRGR FRUD]yQ D PXFKDV SHUVRQDV FX\R
    DSR\R SDUD WHUPLQDU /DV GLRVDV GH FDGD PXMHU OOHJy HQ PRPHQWRV
    VLQFUyQLFRV FDGD YH] TXH HVWDED GHVDQLPDGD \ QHFHVLWDED TXH VH
    PH UHFRUGDVH TXH HVWH OLEUR SRGtD VHUYLU GH D\XGD D ORV GHPiV0L
    WDUHD FRQVLVWtD HQ SHUVHYHUDU KDVWD TXH HO OLEUR HVWXYLHVH DFDEDGR
    8QD YH] SXEOLFDGR VDEtD TXH WHQGUtD YLGD SURSLD \ OOHJDUtD D WRGD
    SHUVRQDDODTXHWXYLHVHTXHOOHJDU
    'H OD VHPLOOD FUHFH XQD UDt] GHVSXpV XQ EURWH GHO EURWH ODV
    KRMDVGHODSOiQWXODGHODVKRMDVHOSHG~QFXORDOUHGHGRUGHpVWH
    ODVUDPDVDUULEDGHOWRGRODIORU«1RSRGHPRVGHFLUTXHODVHPLOOD
    FDXVDHOFUHFLPLHQWRQLTXHWDQVLTXLHUDHOVXHORORKDJD3RGHPRV
    GHFLU TXH ODV SRWHQFLDOLGDGHV GHO FUHFLPLHQWR UHVLGHQ HQ OD VHPLOOD
    HQ ODV IXHU]DV PLVWHULRVDV GH OD YLGD TXH FXDQGR VH IDYRUHFHQ
    DGHFXDGDPHQWHWRPDQGHWHUPLQDGDVIRUPDV

    &HQWHULQJLQ3RWWHU\
    3RHWU\DQGWKH3HUVRQ
    0&5LFKDUGV
    ,1752'8&&,Ï1 +$< ',26$6 (1
    &$'$ 08-(5
    7RGD PXMHU WLHQH XQ SDSHO IXQGDPHQWDO HQ HO GHVDUUROOR GH OD
    KLVWRULD GH VX SURSLD YLGD &RPR SVLTXLDWUD KH RtGR FLHQWRV GH
    KLVWRULDV SHUVRQDOHV \ PH GR\ FXHQWD GH TXH H[LVWHQ GLPHQVLRQHV
    PtWLFDVHQFDGDXQDGHHOODV$OJXQDVPXMHUHVYLHQHQDYHUPHFRPR
    SVLTXLDWUD FXDQGR HVWiQ GHVPRUDOL]DGDV R QR IXQFLRQDQ RWUDV
    FXDQGR SHUFLEHQ VDELDPHQWH TXH HVWiQ DWUDSDGDV HQ XQD VLWXDFLyQ
    TXH QHFHVLWDQ HQWHQGHU \ FDPELDU (Q FXDOTXLHUD GH ORV GRV FDVRV
    PHSDUHFHTXHODVPXMHUHVQHFHVLWDQODD\XGDGHXQWHUDSHXWDSDUD
    DSUHQGHUFyPRVHUPHMRUHVSURWDJRQLVWDVRKHURtQDVHQODVKLVWRULDV
    GH VX SURSLD YLGD 3DUD OOHJDU D HOOR ODV PXMHUHV WLHQHQ TXH WRPDU
    RSFLRQHV FRQVFLHQWHV TXH PROGHHQ VXV YLGDV /R PLVPR TXH ODV
    PXMHUHVVROtDQVHULQFRQVFLHQWHVGHORVSRGHURVRVHIHFWRVTXHWHQtDQ
    HQ HOODV ORV HVWHUHRWLSRV FXOWXUDOHV SXHGHQ WDPELpQ VHU
    LQFRQVFLHQWHV GH ODV SRGHURVDV IXHU]DV LQWHUQDV TXH LQIOX\HQ HQ OR
    TXH KDFHQ \ FyPR VH VLHQWHQ (VWDV IXHU]DV ODV LQWURGX]FR HQ HVWH
    OLEUREDMRODIRUPDGHGLRVDVJULHJDV
    (VWRV SRGHURVRV SDWURQHV LQWHUQRV ²R DUTXHWLSRV² VRQ
    UHVSRQVDEOHV GH ODV SULQFLSDOHV GLIHUHQFLDV HQWUH ODV PXMHUHV 3RU
    HMHPSORDOJXQDVPXMHUHVQHFHVLWDQODPRQRJDPLDHOPDWULPRQLRR
    ORVKLMRVSDUDVHQWLUVHUHDOL]DGDV\VXIUHQ\VHHQFROHUL]DQFXDQGROD
    PHWD HVWi PiV DOOi GH VX DOFDQFH 3DUD HOODV ORV SDSHOHV
    WUDGLFLRQDOHVWLHQHQSOHQRVHQWLGRGHVGHHOSXQWRGHYLVWDSHUVRQDO
    7DOHV PXMHUHV VH GLIHUHQFLDQ PDUFDGDPHQWH GH RWUR WLSR GH PXMHU
    TXHYDORUDDOPi[LPRVXLQGHSHQGHQFLDFXDQGRVHFHQWUDHQORJUDU
    PHWDV TXH VRQ LPSRUWDQWHV SDUD HOOD R WDPELpQ GH RWUR WLSR TXH
    EXVFD LQWHQVLGDG HPRFLRQDO \ QXHYDV H[SHULHQFLDV \ TXH HQ
    FRQVHFXHQFLD FDPELD GH XQD UHODFLyQ R HVIXHU]R FUHDWLYR D RWUR
    3HUR RWUR WLSR GH PXMHU EXVFD OD VROHGDG \ FRQVLGHUD TXH OD
    HVSLULWXDOLGDG HV OR TXH PiV OH LPSRUWD /R TXH OOHQD D XQ WLSR GH
    PXMHUHV SXHGH QR WHQHU VHQWLGR SDUD RWUR GHSHQGLHQGR GH FXiO HV
    OD³GLRVD´TXHHVWiDFWLYDHQHOODV
    (VPiVH[LVWHQPXFKDV³GLRVDV´HQXQDVRODPXMHU&XDQWRPiV
    FRPSOLFDGD HV pVWD PiV SUREDEOH HV TXH KD\D PXFKDV ³GLRVDV´
    DFWLYDVHQHOOD<ORTXHHVVDWLVIDFWRULRSDUDXQDSDUWHGHVtPLVPDV
    SXHGHVHULUUHOHYDQWHSDUDRWUDSDUWH
    (OFRQRFLPLHQWRGHODV³GLRVDV´SURSRUFLRQDDODVPXMHUHVPHGLRV
    GH HQWHQGHUVH D Vt PLVPDV \ GH HQWHQGHU VXV UHODFLRQHV FRQ
    KRPEUHV\PXMHUHVFRQVXVSDGUHVDPDQWHVHKLMRV(VWRVSDWURQHV
    GH GLRVDV WDPELpQ RIUHFHQ UHYHODFLRQHV GH OR TXH HV PRWLYDGRU
    LQFOXVR LUUHVLVWLEOH  IUXVWUDQWH R VDWLVIDFWRULR SDUD DOJXQDV PXMHUHV
    \QRSDUDRWUDV
    (OFRQRFLPLHQWRGHODV³GLRVDV´WDPELpQDSRUWDLQIRUPDFLyQ~WLOD
    ORVKRPEUHV/RVKRPEUHVTXHTXLHUHQHQWHQGHUPHMRUDODVPXMHUHV
    SXHGHQXWLOL]DUORVSDWURQHVGHODVGLRVDVSDUDDSUHQGHUTXHH[LVWHQ
    GLIHUHQWHVWLSRVGHPXMHUHV\ORTXHSXHGHQHVSHUDUGHORVPLVPRV
    7DPELpQ D\XGDQ D ORV KRPEUHV D HQWHQGHU D PXMHUHV FRPSOHMDV R
    TXHSDUHFHQFRQWUDGLFWRULDV
    (O FRQRFLPLHQWR GH ODV ³GLRVDV´ WDPELpQ RIUHFH D ORV WHUDSHXWDV
    TXH WUDEDMDQ FRQ PXMHUHV ~WLOHV SHUFHSFLRQHV FOtQLFDV GH ORV
    FRQIOLFWRV LQWHUSHUVRQDOHV H LQWUDSVtTXLFRV GH VXV SDFLHQWHV /RV
    SDWURQHV GH ODV GLRVDV D\XGDQ D H[SOLFDU ODV GLIHUHQFLDV GH
    SHUVRQDOLGDG DSRUWDQ LQIRUPDFLyQ VREUH HO SRWHQFLDO GH ODV
    GLILFXOWDGHV SVLFROyJLFDV \ GH ORV VtQWRPDV SVLTXLiWULFRV 7DPELpQ
    LQGLFDQ ODV PDQHUDV HQ TXH SXHGH HYROXFLRQDU XQD PXMHU FRQ XQ
    GHWHUPLQDGRSDWUyQGHGLRVD
    (VWH OLEUR GHVFULEH XQD QXHYD SHUVSHFWLYD SVLFROyJLFD GH ODV
    PXMHUHV EDVDGR HQ LPiJHQHV GH PXMHUHV ²SURSRUFLRQDGDV SRU ODV
    GLRVDVJULHJDV²TXHKDQSHUPDQHFLGRYLYDVHQODLPDJLQDFLyQGHOD
    KXPDQLGDG D OR ODUJR GH WUHV PLO DxRV (VWD SVLFRORJtD IHPHQLQD
    GLVFUHSDGHWRGDVODVWHRUtDVTXHGHILQHQFRPRPXMHU³QRUPDO´DOD
    PXMHU TXH VH DGDSWD D XQ PRGHOR SDWUyQ GH SHUVRQDOLGDG R
    HVWUXFWXUD SVLFROyJLFD ³FRUUHFWRV´ (V XQD WHRUtD EDVDGD HQ OD
    REVHUYDFLyQGHODGLYHUVLGDGGHODVYDULHGDGHVQRUPDOHVTXHH[LVWHQ
    HQWUHODVPXMHUHV
    0XFKR GH OR TXH KH DSUHQGLGR VREUH ODV PXMHUHV IXH GHQWUR GH
    XQ FRQWH[WR SURIHVLRQDO HQ PL FRQVXOWD GH SVLTXLDWUD \ DQDOLVWD
    MXQJXLDQD VXSHUYLVDQGR DOXPQRV \ HQVHxDQGR FRPR SURIHVRUD GH
    SVLTXLDWUtD FOtQLFD HQ OD 8QLYHUVLGDG GH &DOLIRUQLD \ FRPR DQDOLVWD
    VXSHUYLVRUD HQ HO ,QVWLWXWR &* -XQJ GH 6DQ )UDQFLVFR 3HUR OD
    SVLFRORJtDIHPHQLQDTXHGHVDUUROORHQHVWDVSiJLQDVSURFHGHGHDOJR
    PiVTXH~QLFDPHQWHODH[SHULHQFLDSURIHVLRQDO*UDQSDUWHGHORTXH
    VpSURYLHQHGHVHUPXMHUGHVHPSHxDQGRSDSHOHVGHPXMHUVHUKLMD
    HVSRVD \ PDGUH GH XQ KLMR \ XQD KRMD 0L FRQRFLPLHQWR DXPHQWy
    WDPELpQDWUDYpVGHFRQYHUVDFLRQHVFRQPXMHUHVDPLJDV\HQJUXSRV
    GH PXMHUHV (Q DPEDV VLWXDFLRQHV VH UHIOHMDQ HQWUH Vt DVSHFWRV GH
    HOODV PLVPDV QRV YHPRV UHIOHMDGDV HQ ODV H[SHULHQFLDV GH RWUD
    PXMHU \ QRV KDFHPRV FRQVFLHQWHV GH DOJ~Q DVSHFWR GH QRVRWUDV
    PLVPDV GHO TXH QR QRV GiEDPRV FXHQWD SUHYLDPHQWH DVt FRPR GH
    ORVTXHWHQHPRVHQFRP~QFRPRPXMHUHV
    0L FRQRFLPLHQWR GH OD SVLFRORJtD IHPHQLQD WDPELpQ VH KD
    GHVDUUROODGRDSDUWLUGHODH[SHULHQFLDGHVHUPXMHUHQHVWDpSRFDGH
    OD KLVWRULD (Q  HPSHFp FRPR PpGLFR LQWHUQR PL SHULRGR GH
    SUiFWLFDV HQ SVLTXLDWUtD (Q HO PLVPR DxR GRV DFRQWHFLPLHQWRV
    GHVHPERFDURQHQHOPRYLPLHQWRGHODVPXMHUHVGHORVDxRV(Q
    SULPHU OXJDU %HWW\ )ULHGDQ SXEOLFy 7KH )HPLQLQH 0\VWLTXH
    DUWLFXODQGR HO YDFtR \ OD LQVDWLVIDFFLyQ GH ODV PXMHUHV TXH KDEtDQ
    YLYLGR SDUD \ D WUDYpV GH ORV GHPiV )ULHGDQ GHVFULELy OD IXHQWH GH
    VXLQIHOLFLGDGFRPRXQSUREOHPDGHLGHQWLGDGFX\RQ~FOHRFRQVLVWtD
    HQ XQD DWURILD R HQ XQD HYDVLyQ GHO GHVDUUROOR 6RVWHQtD TXH VX
    SUREOHPD HV DOLPHQWDGR SRU QXHVWUD FXOWXUD TXH QR SHUPLWH D ODV
    PXMHUHV DFHSWDU R VDWLVIDFHU VX QHFHVLGDG EiVLFD GH GHVDUUROOR \
    UHDOL]DU VX SRWHQFLDO FRPR VHUHV KXPDQRV 'HQXQFLDQGR ORV
    HVWHUHRWLSRVFXOWXUDOHVORVGRJPDVIUHXGLDQRV\ODPDQLSXODFLyQGH
    ODV PXMHUHV SRU ORV PHGLRV GH FRPXQLFDFLyQ VX OLEUR SUHVHQWDED
    LGHDVFX\RWLHPSRKDEtDOOHJDGRLGHDVTXHFRQGXMHURQDXQDHIXVLyQ
    GHODUDELDUHSULPLGDDOPRYLPLHQWRGHOLEHUDFLyQGHODVPXMHUHV\
    SRVWHULRUPHQWH D OD IRUPDFLyQ GH 12: 1DWLRQDO 2UJDQL]DWLRQ IRU
    :RPHQ>@
    (VH PLVPR DxR  OD &RPLVLyQ GHO 3UHVLGHQWH -RKQ )
    .HQQHG\ VREUH HO (VWDWXV GH ODV 0XMHUHV SXEOLFy VX LQIRUPH
    GRFXPHQWDQGR ODV GHVLJXDOGDGHV GHO VLVWHPD HFRQyPLFR GH ORV
    (VWDGRV 8QLGRV /DV PXMHUHV QR HVWDEDQ VLHQGR SDJDGDV OR PLVPR
    TXHORVKRPEUHVSRUUHDOL]DUODVPLVPDVWDUHDVDODVPXMHUHVVHOHV
    HVWDED GHQHJDQGR RSRUWXQLGDGHV GH HPSOHRV \ GH SURPRFLyQ (VWD
    LQMXVWLFLD QRWRULD FRQVWLWX\y XQD SUXHED VXSOHPHQWDULD GH FyPR
    HVWDEDQGHVYDORUL]DGRV\OLPLWDGRVORVSDSHOHVGHODPXMHU
    $Vt SXHV HPSHFp SVLTXLDWUtD HQ HO PLVPR SHULRGR HQ HO TXH ORV
    (VWDGRV 8QLGRV VH HQFRQWUDED HQ HO XPEUDO GHO PRYLPLHQWR GH ODV
    PXMHUHV\PLWRPDGHFRQFLHQFLDIXHDXPHQWDQGRDORODUJRGHORV
    DxRV  0H GL FXHQWD GH ODV GHVLJXDOGDGHV \ GH OD GLVFULPLQDFLyQ
    FRQWUD ODV PXMHUHV \ DSUHQGt GH ODV SDXWDV FXOWXUDOHV GHWHUPLQDGDV
    SRUORVKRPEUHVSUHPLDEDQRFDVWLJDEDQDODVPXMHUHVSRUDEUD]DUR
    UHFKD]DU ORV SDSHOHV HVWHUHRWLSDGRV &RPR FRQVHFXHQFLD PH XQt D
    XQ SXxDGR GH FRPSDxHUDV IHPLQLVWDV HQ OD 6RFLHGDG GH 3VLTXLDWUtD
    GHO1RUWHGH&DOLIRUQLD\HQOD$VRFLDFLyQ$PHULFDQDGH3VLTXLDWUtD

    9LVLyQ ELQRFXODU GH OD SVLFRORJtD GH ODV


    PXMHUHV
    'XUDQWH HO PLVPR SHULRGR HQ HO TXH HVWDED DGTXLULHQGR XQD
    SHUVSHFWLYD IHPLQLVWD HVWDED KDFLpQGRPH VLPXOWiQHDPHQWH DQDOLVWD
    MXQJXLDQD 'HVSXpV GH FRPSOHWDU PL SHULRGR FRPR PpGLFR LQWHUQR
    HQ SVLTXLDWUtD HQ  HQWUp HQ HO ,QVWLWXWR &* -XQJ GH 6DQ
    )UDQFLVFRFRPRDOXPQDGHOSURJUDPDGHIRUPDFLyQ\UHFLEtHOWtWXOR
    GH DQDOLVWD HQ  0L YLVLyQ VREUH OD SVLFRORJtD IHPHQLQD VH
    GHVDUUROOy LQLQWHUUXPSLGDPHQWH GXUDQWH HVWH SHULRGR LQFRUSRUDQGR
    SHUFHSFLRQHVIHPLQLVWDVDODSVLFRORJtDDUTXHWtSLFDMXQJXLDQD
    0H VHQWtD FRPR VL HVWXYLHUD KDFLHQGR HO SXHQWH HQWUH GRV
    PXQGRVFXDQGRPHDYHQWXUDED\HQGR\YLQLHQGRHQWUHORVDQDOLVWDV
    MXQJXLDQRV\ODVSVLTXLDWUDVIHPLQLVWDV0LVFROHJDVMXQJXLDQRVQRVH
    SUHRFXSDEDQ GHPDVLDGR GH OR TXH RFXUUtD HQ HO PXQGR SROtWLFR \
    VRFLDO /D PD\RUtD SDUHFtD VyOR YDJDPHQWH FRQVFLHQWH GH OD
    UHOHYDQFLDGHOPRYLPLHQWRGHODVPXMHUHV0LVDPLJDVIHPLQLVWDVHQ
    SVLTXLDWUtD VL HV TXH SHQVDEDQ HQ Pt FRPR DQDOLVWD MXQJXLDQD OR
    KDFtDQSDUDFRQVLGHUDUHVWHDVSHFWRELHQFRPRXQLQWHUpVSHUVRQDO
    PtVWLFRRHVRWpULFRRELHQFRPRXQDVXEHVSHFLDOLGDGUHVSHWDGDTXH
    QRWHQtDQDGDTXHYHUFRQORVSUREOHPDVGHODVPXMHUHV$SHVDUGH
    WRGR KDFLHQGR GH ODQ]DGHUD GHVFXEUt TXH VH SURGXFH XQD QXHYD
    SURIXQGLGDG GH FRPSUHQVLyQ FXDQGR VH SRQHQ MXQWDV GRV
    SHUVSHFWLYDVMXQJXLDQD\IHPLQLVWD/DVGRVSURSRUFLRQDQXQDYLVLyQ
    ELQRFXODUGHODVPXMHUHV
    /D SHUVSHFWLYD MXQJXLDQD PH KD KHFKR FRQVFLHQWH GH TXH ODV
    PXMHUHVHVWiQLQIOXLGDVSRUSRGHURVDVIXHU]DVLQWHUQDVRDUTXHWLSRV
    TXH SXHGHQ VHU SHUVRQLILFDGDV SRU ODV GLRVDV JULHJDV < OD
    SHUVSHFWLYD IHPLQLVWD PH KD SURSRUFLRQDGR XQD FRPSUHQVLyQ GH
    FyPRODVIXHU]DVH[WHUQDVR HVWHUHRWLSRV²ORVSDSHOHVDORVTXHOD
    VRFLHGDG HVSHUD TXH OD PXMHU VH DGDSWH² UHIXHU]DQ DOJXQRV
    SDWURQHVGHGLRVDV\UHSULPHQRWURV&RPRFRQVHFXHQFLD\RYHRD
    FDGD PXMHU FRPR XQD ³PXMHU LQWHUPHGLD´ LPSXOVDGD GHVGH GHQWUR
    SRUDUTXHWLSRVGHGLRVDV\GHVGHIXHUDSRUHVWHUHRWLSRVFXOWXUDOHV
    8QD YH] TXH OD PXMHU VH YXHOYH FRQVFLHQWH GH ODV IXHU]DV TXH
    LQIOX\HQHQHOODREWLHQHHOSRGHUTXHHVHFRQRFLPLHQWRSURSRUFLRQD
    /DV ³GLRVDV´ VRQ IXHU]DV SRGHURVDV H LQYLVLEOHV TXH PROGHDQ OD
    FRQGXFWDHLQIOX\HQHQODVHPRFLRQHV(OFRQRFLPLHQWRDFHUFDGHODV
    ³GLRVDV´GHQWURGHODVPXMHUHVFRQVWLWX\HXQQXHYRWHUULWRULRSDUDHO
    DXPHQWRGHODFRQFLHQFLDVREUHODVPXMHUHV&XDQGRXQDPXMHUVDEH
    TXp ³GLRVDV´ VRQ ODV IXHU]DV GRPLQDQWHV GHQWUR GH HOOD DGTXLHUH
    DXWRFRQRFLPLHQWRVREUHODIXHU]DGHFLHUWRVLQVWLQWRVODVSULRULGDGHV
    \ ODV FDSDFLGDGHV \ WDPELpQ ODV SRVLELOLGDGHV GH HQFRQWUDU XQ
    SURSyVLWR SHUVRQDO GH ODV RSFLRQHV TXH WRPD \ TXH RWUDV SHUVRQDV
    SXHGHQQRHVWLPXODU
    /RV SDWURQHV GH GLRVDV DIHFWDQ WDPELpQ D ODV UHODFLRQHV FRQ ORV
    KRPEUHV$\XGDQDH[SOLFDUDOJXQDVGHODVGLILFXOWDGHV\DILQLGDGHV
    TXH GHWHUPLQDGDV PXMHUHV WLHQHQ FRQ GHWHUPLQDGRV KRPEUHV
    ¢(VFRJHQKRPEUHVSRGHURVRV\WULXQIDGRUHVHQHOPXQGR"¢/LVLDGRV
    \FUHDWLYRV"¢,QIDQWLOHV"¢4Xp³GLRVD´HVHOLPSXOVRLQDGYHUWLGRTXH
    HPSXMD D XQD PXMHU KDFLD XQ WLSR SDUWLFXODU GH KRPEUH" 'LFKRV
    SDWURQHVLQIOX\HQHQODVHOHFFLyQ\HVWDELOLGDGGHODVUHODFLRQHV
    /RV SDWURQHV GH UHODFLyQ WDPELpQ OOHYDQ OD LPSURQWD GH GLRVDV
    FRQFUHWDV 3DGUHKLMD KHUPDQRKHUPDQD PDGUHKLMR DPDQWH
    DPDQWHRPDGUHKLMDFDGDSDUHMDUHSUHVHQWDXQDFRQILJXUDFLyQTXH
    FRUUHVSRQGHGHPDQHUDQDWXUDDXQDGLRVDFRQFUHWD
    &DGD PXMHU SRVHH GRQHV ³RWRUJDGRV SRU OD GLRVD´ TXH KD GH
    DFHSWDU FRQ DJUDGHFLPLHQWR \ VREUH ORV TXH WLHQH TXH DSUHQGHU
    &DGDPXMHUWLHQHWDPELpQULHVJRV³RWRUJDGRVSRUODGLRVD´TXHGHEH
    UHFRQRFHU \ VXSHUDU SDUD FDPELDU 1R SXHGH UHVLVWLUVH D YLYLU XQ
    SDWUyQGHWHUPLQDGRSRUHODUTXHWLSRGHXQDGLRVDVXE\DFHQWHTXHHV
    FRQVFLHQWHGHTXHGLFKRSDWUyQH[LVWH\GHTXHWUDWDGHUHDOL]DUVHD
    WUDYpVGHHOOD

    /RV PLWRV FRPR KHUUDPLHQWDV GH FRPSUHQVLyQ


    LQWHUQD
    (OSULPHUYtQFXORLPSRUWDQWHTXHYLHQWUHORVSDWURQHVPLWROyJLFRV
    \ODSVLFRORJtDGHODVPXMHUHVPHORSURSRUFLRQy(ULFK1HXPDQQXQ
    DQDOLVWDMXQJXLDQRHQVXOLEUR $PRUDQG3V\FKH1HXPDQQXWLOL]DED
    ODPLWRORJtDFRPRLQVWUXPHQWRSDUDGHVFULELUODSVLFRORJtDIHPHQLQD
    <RPHGLFXHQWDGHTXHODFRPELQDFLyQGH1HXPDQQGHOPLWR\GHO
    FRPHQWDULR SVLFROyJLFR HUD XQD SRGHURVD ³KHUUDPLHQWD GH
    FRPSUHQVLyQLQWHUQD´
    (Q HO PLWR JULHJR GH $PRU \ 3VLTXH SRU HMHPSOR OD SULPHUD
    WDUHD GH 3VLTXH FRQVLVWtD HQ VHOHFFLRQDU XQ HQRUPH PRQWyQ GH
    VHPLOODV PH]FODGDV FRORFDQGR FDGD FODVH GH VHPLOOD HQ XQ PRQWyQ
    GLIHUHQWH 6X UHDFFLyQ LQLFLDO D HVWD WDUHD OR PLVPR TXH D ODV WUHV
    VLJXLHQWHV IXH GH GHVHVSHUDFLyQ 0H GL FXHQWD GH TXH HVWH PLWR
    HQFDMDED FRQ QXPHURVDV SDFLHQWHV TXH HVWDEDQ GHEDWLpQGRVH HQ
    PHGLRGHYDULDVWDUHDVLPSRUWDQWHV8QDGHHOODVHUDXQDHVWXGLDQWH
    GHOLFHQFLDWXUDTXHVHVHQWtDDEUXPDGDSRUXQWUDEDMRWULPHVWUDODO
    QRVDEHUFyPRSRGUtDRUJDQL]DUWRGRHOPDWHULDOGLVSRQLEOH2WUDHUD
    XQD MRYHQ PDGUH GHSULPLGD TXH WHQtD TXH UHVROYHU FyPR RUJDQL]DU
    VX WLHPSR VHOHFFLRQDU VXV SULRULGDGHV \ HQFRQWUDU OD PDQHUD GH
    VHJXLUSLQWDQGR$OLJXDOTXH3VLTXHFDGDPXMHUHUDOODPDGDDKDFHU
    GHORTXHVHVHQWtDFDSD]GHKDFHUDXQTXHHQXQDGLUHFFLyQTXHHOOD
    PLVPD KDEtD HOHJLGR $PEDV FREUDURQ iQLPRV D SDUWLU GH XQ PLWR
    TXH UHIOHMDED VX VLWXDFLyQ OHV SURSRUFLRQDED XQD FRPSUHQVLyQ
    LQWHUQDGHODPDQHUDHQTXHUHDFFLRQDEDQDODVQXHYDVH[LJHQFLDV\
    GLHURQXQVHQWLGRPiVDPSOLRDVXVHVIXHU]RV
    &XDQGR XQD PXMHU VLHQWH TXH H[LVWH XQD GLPHQVLyQ PtWLFD HQ
    DOJR TXH HVWi HPSUHQGLHQGR HVH FRQRFLPLHQWR DIHFWD H LQVSLUD
    FHQWURV FUHDWLYRV HQ HOOD PLVPD /RV PLWRV HYRFDQ VHQWLPLHQWRV H
    LPDJLQDFLyQ\WRFDQWHPDVTXHIRUPDQSDUWHGHODKHUHQFLDFROHFWLYD
    GH OD KXPDQLGDG /RV PLWRV JULHJRV ²\ WRGRV ORV GHPiV PLWRV \
    FXHQWRV GH KDGDV TXH VH FXHQWDQ WRGDYtD WUDV PLOHV GH DxRV²
    FRQWLQ~DQVLHQGRFRUULHQWHV\SHUVRQDOPHQWHUHOHYDQWHVSRUTXHKD\
    HQ HOORV XQD UHVRQDQFLD GH YHUGDG VREUH OD H[SHULHQFLD KXPDQD
    FRPSDUWLGD
    &XDQGR VH LQWHUSUHWD D XQ PLWR SXHGH WHQHU FRPR UHVXOWDGR
    LQWHOHFWXDORLQWXLWLYDPHQWHTXHVHFDSWHXQDFRPSUHQVLyQ8QPLWR
    HV FRPR XQ VXHxR TXH UHFRUGDPRV LQFOXVR FXDQGR QR OR
    FRPSUHQGHPRV SRUTXH HV VLPEyOLFDPHQWH LPSRUWDQWH 6HJ~Q HO
    PLWyORJR -RVHSK &DPSEHOO ³HO VXHxR HV HO PLWR SHUVRQDOL]DGR \ HO
    PLWR HV HO VXHxR GHVSHUVRQDOL]DGR´>@ 1R HV GH H[WUDxDU TXH
    LQYDULDEOHPHQWHORVPLWRVSDUH]FDQYDJDPHQWHIDPLOLDUHV
    &XDQGRVHLQWHUSUHWDFRUUHFWDPHQWHXQVXHxRODSHUVRQDTXHOR
    KD VRxDGR WLHQH XQ YLVOXPEUH GH FRPSUHQVLyQ LQWHUQD ²XQD
    ³£DMi´²FXDQGRODVLWXDFLyQDODTXHVHUHILHUHHOVXHxRVHFODULILFD
    (O ³VRxDGRU´ FDSWD \ FRQVHUYD HO FRQRFLPLHQWR REWHQLGR GH PDQHUD
    LQWXLWLYD
    &XDQGRDOJXLHQWLHQHXQDUHVSXHVWDGH³£DMi´DODLQWHUSUHWDFLyQ
    GHXQPLWRHOPLWRHQFXHVWLyQHVWiVLPEyOLFDPHQWHHPLWLHQGRDOJR
    TXHHVSHUVRQDOPHQWHLPSRUWDQWHSDUDODSHUVRQDeVWDFDSWDDOJR\
    YH XQD YHUGDG D WUDYpV GH HOOR (VH QLYHO SURIXQGR GH FRPSUHQVLyQ
    VH KD SURGXFLGR HQ S~EOLFRV D ORV TXH PH KH GLULJLGR FXDQGR KH
    UHODWDGR PLWRV H LQWHUSUHWDGR D FRQWLQXDFLyQ VX VLJQLILFDGR (V XQD
    PDQHUD GH DSUHQGHU TXH WRFD XQD FXHUGD VHQVLEOH HQ OD TXH OD
    WHRUtD VREUH OD SVLFRORJtD GH ODV PXMHUHV VH YXHOYH ELHQ
    DXWRFRQRFLPLHQWR R ELHQ FRQRFLPLHQWR VREUH PXMHUHV VLJQLILFDWLYDV
    FRQODVTXHWLHQHQUHODFLyQORVKRPEUHV\ODVPXMHUHVGHOS~EOLFR
    (PSHFp D XWLOL]DU OD PLWRORJtD HQ VHPLQDULRV VREUH OD SVLFRORJtD
    GH ODV PXMHUHV KDFLD ILQDOHV GH ORV DxRV VHVHQWD \ SULQFLSLR GH ORV
    VHWHQWDSULPHURHQHO&HQWUR0pGLFRH,QVWLWXWR3VLTXLiWULFR/DQJOH\
    3RUWHU GH OD 8QLYHUVLGDG GH &DOLIRUQLD \ GHVSXpV HQ OD 8QLYHUVLGDG
    GH &DOLIRUQD HQ 6DQWD &UX] \ HQ HO ,QVWLWXWR &* -XQJ GH 6DQ
    )UDQFLVFR'XUDQWHODVLJXLHQWHGpFDGD\PHGLDGDUFRQIHUHQFLDVPH
    SURSRUFLRQy XQD RSRUWXQLGDG VXSOHPHQWDULD GH GHVDUUROODU PLV
    SHQVDPLHQWRV \ ODV UHVSXHVWDV GHO S~EOLFR HQ 6HDWWOH 0LQQHDSROLV
    'HQYHU .DQVDV &LW\ +RXVWRQ 3yUWODQG )RUW :D\QH :DVKLQJWRQ
    '&7RURQWR1XHYD<RUN\HQHOiUHDGHODEDKtDGH6DQ)UDQFLVFR
    HQGRQGHYLYtD(QWRGRVORVOXJDUHVHQGRQGHGDEDFRQIHUHQFLDVOD
    UHVSXHVWD HUD OD PLVPD FXDQGR XWLOL]DED PLWRV MXQWR FRQ HMHPSORV
    GHFDVRVFOtQLFRVH[SHULHQFLDVSHUVRQDOHV\FRPSUHQVLRQHVLQWHUQDV
    SURFHGHQWHV GHO PRYLPLHQWR GH ODV PXMHUHV VH SURGXFtDQ
    FRPSUHQVLRQHVQXHYDV\SURIXQGDV
    +DEtDHPSH]DGRFRQHOPLWRGHOD3VLTXHXQPLWRTXHKDEODGH
    PXMHUHVTXHSRQHQODVUHODFLRQHVHQSULPHUOXJDU'HVSXpVFRQWDED
    XQ VHJXQGR PLWR ²XQR FX\R VLJQLILFDGR KDEtD GHVDUUROODGR² TXH
    GHVFULEtDDPXMHUHVTXHVHVHQWtDQHVWLPXODGDVPiVTXHDEUXPDGDV
    FXDQGR KDEtD REVWiFXORV TXH VXSHUDU R WDUHDV TXH UHDOL]DU D OD
    SHUIHFFLyQ \ TXH HQ FRQVHFXHQFLD WHQtDQ EXHQRV UHVXOWDGRV HQ OD
    HVFXHOD \ VH GHVHQYROYtDQ ELHQ HQ HO PXQGR /D KHURtQD PLWROyJLFD
    HUD $WDODQWD FRUUHGRUD \ FD]DGRUD TXH WULXQIy HQ ORV GRV SDSHOHV
    YHQFLHQGR D KRPEUHV TXH LQWHQWDEDQ GHUURWDUOD (UD XQD PXMHU
    KHUPRVDTXHIXHFRPSDUDGDFRQ$UWHPLVDGLRVDJULHJDGHODFD]D\
    GHODOXQD
    (VWD PDQHUD GH HQVHxDU LQYLWDED QDWXUDOPHQWH D SODQWHDU
    FXHVWLRQHVVREUHRWUDVGLRVDV\DVtHPSHFpDOHHU\DSUHJXQWDUPH
    VREUHVXDOFDQFH\VREUHORTXHUHSUHVHQWDEDQ(PSHFpDWHQHUPLV
    SURSLDV UHDFFLRQHV GH ³£DMi´ 3RU HMHPSOR XQD PXMHU FHORVD \
    YHQJDWLYDHQWUyHQPLFRQVXOWD\UHFRQRFtHQHOODDODHQFROHUL]DGD\
    KXPLOODGD +HUD GLRVD GHO PDWULPRQLR \ HVSRVD GH =HXV /RV
    GHYDQHRV GH VX HVSRVR SURYRFDURQ ORV UHSHWLGRV HVIXHU]RV GH OD
    GLRVDSDUDHQFRQWUDU\GHVWUXLUD³ODRWUDPXMHU´
    $TXHOODSDFLHQWHHUDXQDPXMHUTXHDFDEDEDGHGHVFXEULUTXHVX
    PDULGRHVWDEDWHQLHQGRXQDDYHQWXUD'HVGHHQWRQFHVKDEtDHVWDGR
    REVHVLRQDGD FRQ OD RWUD PXMHU 7HQtD IDQWDVtDV GH YHQJDQ]D OD
    HVSLDED\HVWDEDWDQDWUDSDGDFRQODREVHVLyQGHVHUHFXiQLPHTXH
    VHVHQWtDHQORTXHFHU/RPLVPRTXHHUDWtSLFRGH+HUDVXFyOHUDQR
    HVWDED GLULJLGD KDFLD VX PDULGR TXH HUD TXLHQ OH KDEtD PHQWLGR \
    VLGRLQILHO)XHPX\~WLOSDUDPLSDFLHQWHHOYHUTXHODLQILGHOLGDGGH
    VX PDULGR KDEtD HYRFDGR HQ HOOD XQD UHVSXHVWD GH +HUD $KRUD
    HQWLHQGR SRU TXp VH VHQWtD ³SRVHtGD´ SRU VX FyOHUD \ FyPR pVWD OH
    HVWDED GHVWUX\HQGR 3XGR FRPSUHQGHU TXH QHFHVLWDED HQIUHQWDU D
    VXPDULGRFRQVXFRQGXFWD\KDFHUIUHQWHDORVSUREOHPDVPDULWDOHV
    TXH H[LVWtDQ HQWUH ORV GRV HQ OXJDU GH FRQYHUWLUVH HQ XQD +HUD
    YHQJDWLYD
    'HVSXpVXQDFROHJDKDEOyLQHVSHUDGDPHQWHFRQWUDOD(QPLHQGD
    VREUHOD,JXDOGDGGH'HUHFKRVTXH\RHVWDEDDSR\DQGR(QPHGLR
    GH ORV VHQWLPLHQWRV GH GRORU \ GH UDELD WXYH GH UHSHQWH XQD
    FRPSUHQVLyQ LQWHUQD GH ³£DMi´ VREUH OD VLWXDFLyQ 6H WUDWDED GH XQ
    FKRTXH GH WLSRV EDVDGR HQ ODV GLRVDV GH QXHVWUDV SVLTXHV
    UHVSHFWLYDV (Q DTXHO PRPHQWR VREUH DTXHO WHPD \R HVWDED
    DFWXDQGR\VLQWLHQGRFRPR$UWHPLVDDUTXHWLSRGHOD*UDQ+HUPDQD
    SURWHFWRUD GH ODV PXMHUHV 0L RSRQHQWH SRU HO FRQWUDULR HUD FRPR
    $WHQHDODKLMDTXHKDEtDVXUJLGR\DFUHFLGDGHODFDEH]DGH=HXV\
    HUD SRU OR WDQWR OD GLRVDSDWURQD GH ORV KpURHV GHIHQVRUD GHO
    SDWULDUFDGR\HQJUDQPHGLGD³KLMDGHVXSDGUH´
    (Q RWUD RFDVLyQ HVWDED OH\HQGR DFHUFD GHO VHFXHVWUR GH 3DWW\
    +HDUVW 0H GL FXHQWD GH TXH HO PLWR GH 3HUVpIRQH OD GRQFHOOD TXH
    IXHUDSWDGDYLRODGD\PDQWHQLGDHQFDXWLYLGDGSRU+DGHVVHxRUGHO
    PXQGRVXEWHUUiQHRHVWDEDVLHQGRUHSUHVHQWDGRXQDYH]PiVHVWD
    YH]HQORVWLWXODUHVGHORVSHULyGLFRV(QDTXHOODpSRFD+HDUVWHUD
    XQDHVWXGLDQWHGHOD8QLYHUVLGDGGH&DOLIRUQLDXQDKLMDSURWHJLGDGH
    GRVDFWXDOHV\ULFRV³GLRVHVROtPSLFRV´)XHVHFXHVWUDGD²OOHYDGDDO
    PXQGR VXEWHUUiQHR GHO OtGHU GHO (MpUFLWR 6LPELyWLFR GH /LEHUDFLyQ²
    HQFHUUDGDHQXQDUPDULRRVFXUR\YLRODGDUHSHWLGDPHQWH
    (Q SRFR WLHPSR HVWDED YLHQGR D ODV ³GLRVDV HQ FDGD PXMHU´
    'HVFXEUt TXH HO VDEHU TXp ³GLRVD´ HVWDED SUHVHQWH DKRQGDED PL
    FRPSUHQVLyQ GH ORV VXFHVRV FRWLGLDQRV DVt FRPR GH ORV
    DFRQWHFLPLHQWRV PiV JUDYHV 3RU HMHPSOR ¢TXp GLRVD SXHGH HVWDU
    PRVWUDQGR VX LQIOXHQFLD FXDQGR XQD PXMHU SUHSDUD \ UHDOL]D WDUHDV
    GRPpVWLFDV"
    0H GL FXHQWD GH TXH H[LVWtD XQD SUXHED VHQFLOOD FXDQGR HO
    PDULGR GH XQD PXMHU VH DXVHQWD GXUDQWH XQD VHPDQD ¢FyPR VH
    FRPSRUWDpVWDUHVSHFWRDODVFRPLGDVSDUDVtPLVPD\TXHOHVXFHGH
    D OD FDVD" &XDQGR XQD PXMHU +HUD DEUHYLDFLyQ GH ³HVWD GLRVD
    FRQFUHWD FRQVWLWX\H OD LQIOXHQFLD GRPLQDQWH´  R XQD PXMHU $IURGLWD
    FHQD VROD SUREDEOHPHQWH VH WUDWD GH XQ DVXQWR WULVWH \
    GHVFRUD]RQDGRUWDOYH]UHTXHVyQHQYDVDGR&XDQGRHVWiVRODSDUD
    HOODFXDOTXLHUFRVDTXHKD\DHQODQHYHUDHVVXILFLHQWHHQPDUFDGR
    FRQWUDVWHFRQODVEXHQDVRHODERUDGDVFRPLGDVTXHSUHSDUDFXDQGR
    VX PDULGR HVWi HQ FDVD (OOD FRFLQD SDUD pO 3RU VXSXHVWR KDFH OR
    TXH D pO OH JXVWD HQ OXJDU GH OR TXH HOOD SUHILHUH SRUTXH HV XQD
    EXHQDHVSRVDTXHRIUHFHEXHQDVFRPLGDV +HUD HVWiPRWLYDGDSRU
    VL QDWXUDOH]D PDWHUQDO GH FXLGDUOH 'HPpWHU  KDFH OR TXH pO GHVHD
    3HUVpIRQH  R LQWHQWD VHUOH DWUDFWLYD $IURGLWD  3HUR VL +HVWLD HV OD
    GLRVDTXHOHLQIOX\HXQDPXMHUSRQGUiODPHVD\VHSURSRUFLRQDUiD
    VtPLVPDXQDDXWpQWLFDFRPLGDFXDQGRHVWiVROD<ODFDVDHVWDUiHQ
    VXEXHQRUGHQKDELWXDO6LVRQODVRWUDVGLRVDVODVUHVSRQVDEOHVGHOD
    PRWLYDFLyQ GH KDFHU ODV WDUHDV GRPpVWLFDV OR PiV SUREDEOH HV TXH
    pVWDV VHDQ GHVFXLGDGDV KDVWD TXH YXHOYD HO PDULGR 8QD PXMHU
    +HVWLDSRQGUiIORUHVQXHYDVSDUDVtPLVPDTXHQXQFDYHUiVXPDULGR
    DXVHQWH6XDSDUWDPHQWRRVXFDVDWLHQHHODLUHGHVXKRJDUSRUTXH
    HVHOODODTXHYLYHDOOt\QRSRUTXHKDFHODVFRVDVSDUDRWUDSHUVRQD
    $ FRQWLQXDFLyQ VXUJLy OD SUHJXQWD ³¢(QFRQWUDUtDQ WDPELpQ RWUDV
    SHUVRQDV ~WLO \ DSURYHFKDEOH HVWD PDQHUD GH FRQRFHU OD SVLFRORJtD
    GH ODV PXMHUHV PHGLDQWH ORV PLWRV"´ /D UHVSXHVWD YLQR PLHQWUDV
    GDED FRQIHUHQFLDV VREUH ³'LRVDV HQ FDGD PXMHU´ /RV S~EOLFRV
    HVWDEDQ ³HQFKXIDGRV´ LQWHUHVDGRV FRPHQWDEDQ HO HQWXVLDVPR GH
    XWLOL]DU OD PLWRORJtD FRPR XQD KHUUDPLHQWD GH FRPSUHQVLyQ LQWHUQD
    (UDXQDPDQHUDSDUDWRGRHOPXQGRGHHQWHQGHUDODVPXMHUHVXQ
    PpWRGR HPRFLRQDOPHQWH FRQPRYHGRU $ PHGLGD TXH FRPSDUWtD ORV
    PLWRVODJHQWHRtDYHtD\VHQWtDORTXH\RHVWDEDGLFLHQGRFXDQGR
    LQWHUSUHWDED HVRV PLWRV OD JHQWH WHQtD UHDFFLRQHV GH ³£DMi´ 7DQWR
    KRPEUHV FRPR PXMHUHV FDSWDEDQ HO VLJQLILFDGR GH ORV PLWRV FRPR
    XQDYHUGDGSHUVRQDOFRPSUREDQGRDOJRTXH\DFRQRFtDQ\GHORTXH
    HQDTXHOORVPRPHQWRVVHKDFtDQFRQVFLHQWHV
    7DPELpQ KDEODED HQ HQFXHQWURV GH RUJDQL]DFLRQHV SURIHVLRQDOHV
    \GLVFXWtDPLVLGHDVFRQSVLTXLDWUDV\SVLFyORJRV3DUWHVGHHVWHOLEUR
    IXHURQ GHVDUUROODGRV SUHYLDPHQWH FRPR H[SRVLFLRQHV DQWH OD
    $VRFLDFLyQ ,QWHUQDFLRQDO GH 3VLFRORJtD $QDOtWLFD OD $FDGHPLD
    $PHULFDQD GH 3VLFRDQiOLVLV OD $VRFLDFLyQ $PHULFDQD GH 3VLTXLDWUtD
    HO ,QVWLWXWR SDUD OD 0XMHU GH OD $VRFLDFLyQ $PHULFDQD GH
    2UWRSVLTXLDWUtD \ OD $VRFLDFLyQ GH 3VLFRORJtD 7UDQVSHUVRQDO 0LV
    FROHJDVKDOODURQFOtQLFDPHQWH~WLOHVWHHQIRTXH\DSUHFLDURQODQXHYD
    SHUFHSFLyQ LQWHUQD HQ ORV SDWURQHV FDUDFWHUROyJLFRV \ ORV VtQWRPDV
    SVLTXLiWULFRV TXH XQD FRPSUHVLyQ GH ODV ³GLRVDV´ SXHGH
    SURSRUFLRQDU 3DUD OD PD\RUtD GH HOORVHOODV IXH OD SULPHUD
    H[SRVLFLyQVREUHODSVLFRORJtDGHODVPXMHUHVTXHKDEtDQRtGRGDUD
    XQDDQDOLVWDMXQJXLDQD
    6yOR PLV FROHJDV MXQJXLDQRVDV HUDQ FRQVFLHQWHV GH TXH \R
    HVWDED \ HVWR\  SURSRQLHQGR QXHYDV LGHDV VREUH OD SVLFRORJtD
    IHPHQLQD TXH GLILHUHQ GH DOJXQRV FRQFHSWRV GH -XQJ DVt FRPR
    LQWHJUDQGR SHUVSHFWLYDV IHPHQLQDV MXQWR FRQ SVLFRORJtD DUTXHWtSLFD
    $XQTXH HVWH OLEUR HVWi HVFULWR SDUD XQ S~EOLFR QR HVSHFLDOL]DGR HO
    OHFWRUVRILVWLFDGRMXQJXLDQRWDOYH]DGYLHUWDTXHXQDSVLFRORJtDGHODV
    PXMHUHVEDVDGDHQORVDUTXHWLSRVIHPHQLQRVGHVDItDODDSOLFDELOLGDG
    GH OD WHRUtD GH iQLPXViQLPD GH -XQJ YpDVH HO FDStWXOR  ³/DV
    GLRVDV YtUJHQHV´  0XFKRV HVFULWRUHV MXQJXLDQRV KDQ HVFULWR VREUH
    ORV GLRVHV \ ODV GLRVDV JULHJRV FRPR ILJXUDV DUTXHWtSLFDV (VWR\ HQ
    GHXGD FRQ HOORV SRU KDEHU DSRUWDGR VX FRQRFLPLHQWR \
    FRPSUHQVLRQHV LQWHUQDV \ SRU HOOR FLWR VXV WUDEDMRV FDStWXORV GH
    QRWDV 6LQHPEDUJRDOVHOHFFLRQDUVLHWHGLRVDVJULHJDV\FODVLILFDUODV
    HQWUHVJUXSRVHVSHFtILFRVVHJ~QVXIXQFLRQDPLHQWRSVLFROyJLFRKH
    FUHDGR XQD QXHYD WLSRORJtD DVt FRPR XQ LQVWUXPHQWR GH
    FRPSUHQVLyQ GH ORV FRQIOLFWRV LQWUDSVtTXLFRV WRGR HO OLEUR  'HQWUR
    GHHVWDWLSRORJtDKHDxDGLGRHOFRQFHSWRGHFRQFLHQFLDGH$IURGLWD
    FRPR XQ WHUFHU PRGR GH FHQWUDU OD FRQFLHQFLD \ OD DWHQFLyQ GLIXVD
    TXH KDQ VLGR \D GHVFULWDV HQ OD WHRUtD MXQJXLDQD YpDVH HO FDStWXOR
    ³/DVGLRVDVDOTXtPLFDV´ 
    6H LQWURGXFHQ GRV QXHYRV FRQFHSWRV SVLFROyJLFRV DGLFLRQDOHV
    SHURQRPX\HODERUDGRV\DTXHGHVDUUROODUORVPiVKDEUtDVXSXHVWR
    XQDGHVYLDFLyQGHOWHPDGHHVWHOLEUR
    (QSULPHUOXJDUODV³GLRVDV´SURSRUFLRQDQXQDH[SOLFDFLyQGHODV
    FRQWUDGLFFLRQHV HQWUH HO FRPSRUWDPLHQWR GH ODV PXMHUHV \ OD WHRUtD
    GH -XQJ GH ORV WLSRV SVLFROyJLFRV 6HJ~Q ORV WLSRV SVLFROyJLFRV GH
    -XQJ VH VXSRQH TXH XQD SHUVRQD HV GH DFWLWXG H[WUDYHUWLGD R
    LQWURYHUWLGDXWLOL]DHOVHQWLPLHQWRRHOSHQVDPLHQWRSDUDDILUPDUVX
    DFWLWXG \ SHUFLEH PHGLDQWH OD LQWXLFLyQ R OD VHQVDFLyQ D WUDYpV GH
    ORV FLQFR VHQWLGRV  $GHPiV VH VXSRQH TXH XQD GH HVWDV FXDWUR
    IXQFLRQHV HO SHQVDPLHQWR HO VHQWLPLHQWR OD LQWXLFLyQ \ OD
    VHQVDFLyQ HVODPiVFRQVFLHQWHPHQWHGHVDUUROODGDHQODTXHPiVVH
    FRQItDFXDOTXLHUDTXHVHDpVWDVHSUHVXSRQHTXHODRWUDPLWDGHVOD
    PHQRV FRQVFLHQWH R HQ OD TXH PHQRV VH FRQItD /DV H[FHSFLRQHV DO
    PRGHOR MXQJXLDQR GH ³R XQD FRVD R OD RWUD 2 PiV GHVDUUROODGR
    FRQVFLHQWHPHQWH R PHQRV GHVDUUROODGR´ KDQ VLGR GHVFULWDV SRU ODV
    SVLFyORJDV MXQJXLDQDV -XQH 6LQJHU \ 0DU\ /RRPLV <R FUHR TXH ORV
    DUTXHWLSRV GH ODV GLRVDV SURSRUFLRQDQ XQD H[SOLFDFLyQ D ODV
    H[FHSFLRQHVHQODVPXMHUHV
    3RUHMHPSORFXDQGRXQDPXMHU³FDPELDGHPDUFKD´\YDGHXQD
    IDFHWD GH Vt PLVPD D RWUD SXHGH FDPELDU GH XQ SDWUyQ GH GLRVD D
    RWUR HQ XQD VLWXDFLyQ SRU HMHPSOR HV OD $WHQHD H[WUDYHUWLGD \
    OyJLFD TXH SUHVWD DWHQFLyQ D ORV GHWDOOHV HQ RWUD HV XQD +HVWLD
    LQWURYHUWLGD \ KRJDUHxD SDUD OD TXH ³OD SURFHVLyQ YD SRU GHQWUR´
    (VWH FDPELR H[SOLFD OD GLILFXOWDG TXH WLHQH XQD PXMHU PXOWLIiFHWLFD
    GH GHWHUPLQDU D TXp DUTXHWLSR MXQJXLDQR SHUWHQHFH 2 WDO YH] HVWp
    HQRUPHPHQWHDWHQWDDORVGHWDOOHVHVWpWLFRV TXH$IURGLWDLQIOX\H \
    QR GDUVH FXHQWD GH TXH HO KRUQR HVWi HQFHQGLGR R OD ERPERQD GH
    JDV HVWi FDVL YDFtD GHWDOOHV TXH D $WHQHD QR VH OH HVFDSDUtDQ  /D
    ³GLRVD´ SUHSRQGHUDQWH H[SOLFD FyPR XQD IXQFLyQ HQ HVWH FDVR OD
    VHQVDFLyQ SXHGHSDUDGyMLFDPHQWHVHUDOPLVPRWLHPSRLQFRQVFLHQWH
    \ HVWDU DOWDPHQWH GHVDUUROODGD YpDVH HO FDStWXOR  ³¢4Xp GLRVD
    FRQVLJXHODPDQ]DQDGHRUR"´ 
    (QVHJXQGROXJDUDSDUWLUGHODREVHUYDFLyQFOtQLFDPHKHGDGR
    FXHQWDGHTXHHOSRGHUGHODUTXHWLSRGHXQDGLRVDGHDUUROODUHOHJR
    GH XQD PXMHU \ SURGXFLUOH VtQWRPDV SVLTXLiWULFRV VH LJXDOD FRQ HO
    SRGHU KLVWyULFDPHQWH DWULEXLGR D HVD GLRVD ²SRGHU FX\D LQIOXHQFLD
    KDGLVPLQXLGRGHVGHOD*UDQ'LRVDGHODDQWLJXD(XURSDDWUDYpVGH
    ODV IDVHV GH ODV GLRVDV JULHJDV YpDVH FDStWXOR  ³/DV GLRVDV FRPR
    LPiJHQHVLQWHUQDV´ 
    $XQTXH HVWH OLEUR IRUPXOD WHRUtDV \ SURSRUFLRQD LQIRUPDFLyQ ~WLO
    SDUDWHUDSHXWDVHVWDHVFULWRSDUDWRGDSHUVRQDTXHTXLHUDHQWHQGHU
    PHMRUDODVPXMHUHV²HQHVSHFLDODTXHOODVPXMHUHVTXHHVWiQPiV
    FHUFDGHHOODTXHOHVRQPiVTXHULGDVRTXHOHGHMDQPiVSHUSOHMD
    ²\SDUDODVPXMHUHVFRQHOREMHWRGHTXHGHVFXEUDQGHQWURGHVt
    DODVGLRVDV
      /$6 ',26$6 &202 ,0È*(1(6
    ,17(51$6
    $PLDPLJD$QQOHSXVLHURQHQORVEUD]RVXQIUiJLOEHEpXQD³EHEp
    D]XO´ FRQ XQ GHIHFWR FDUGtDFR FRQJpQLWR $QQ HVWDED FRQPRYLGD
    PLHQWUDV VRVWHQtD D DTXHOOD SHTXHxD UHFLpQ QDFLGD \ OH PLUDED D OD
    FDUD7DPELpQVLQWLyXQLQWHQVRGRORUHQHOFHQWURGHOSHFKREDMRHO
    HVWHUQyQ(QXQRVSRFRVLQVWDQWHVHOOD\DTXHOEHEpKDEtDQIRUMDGR
    XQ YtQFXOR 'HVSXpV $QQ YLVLWy D OD SHTXHxD FRQ UHJXODULGDG \
    PDQWHQtD HO FRQWDFWR WRGR HO WLHPSR TXH OH HUD SRVLEOH /D FULDWXUD
    QR VREUHYLYLy D XQD RSHUDFLyQ GH FRUD]yQ 6yOR YLYLy XQRV PHVHV
    SHUR FDXVy XQD SURIXQGD LPSUHVLyQ HQ $QQ (Q DTXHO SULPHU
    HQFXHQWURKDEtDHYRFDGRXQDLPDJHQLQWHUQDHPSDSDGDGHHPRFLyQ
    TXHVHGHSRVLWyHQORPiVSURIXQGRGHVXSVLTXH
    (Q$QWKRQ\6WHYHQVHVFULWRU\SVLTXLDWUDHVWXGLyORVOD]RV
    GH FDULxR GH OD LQIDQFLD HQ HO &HQWUR GH %HEpV 0HWHUD FHUFD GH
    $WHQDV /R TXH REVHUYy TXH VXFHGtD HQWUH ODV QRGUL]DV \ HVWDV
    FULDWXUDV KXpUIDQDV HUD DQiORJR D OD H[SHULHQFLD GH $QQ 'HVFXEULy
    TXH VH HVWDEOHFtD XQ YtQFXOR HVSHFLDO HQWUH XQ EHEp \ XQD QRGUL]D
    GHWHUPLQDGDDWUDYpVGHXQDGHOHLWH\DWUDFFLyQUHFtSURFRVSURFHVR
    SDUHFLGRDOGHHQDPRUDUVH
    /DV REVHUYDFLRQHV GH 6WHYHQ FRQWUDGLFHQ OD ³WHRUtD GHO DPRU
    LQWHUHVDGR´TXHSRVWXODTXHORVOD]RVVHFUHDQHQWUHPDGUHHKLMRD
    FDXVDGHORVFXLGDGRV\GHOVXVWHQWR6WHYHQGHVFXEULyTXHDOPHQRV
    GH XQ WHUFLR GH ORV EHEpV VH HQFDULxDEDQ FRQ QRGUL]DV TXH QR OHV
    KDEtDQ SURSRUFLRQDGR FXLGDGRV UXWLQDULRV R PX\ SRFRV DQWHV GH
    TXH VH HVWDEOHFLHVH HO YtQFXOR GH DIHFWR 'HVSXpV LQYDULDEOHPHQWH
    OD QRGUL]D KDFtD PXFKR PiV SRU OD FULDWXUD QRUPDOPHQWH SRUTXH
    OOHJDED D UHVSRQGHU UHFtSURFDPHQWHDO FDULxR SHUR WDPELpQ SRUTXH
    HO EHEp VROtD UHFKD]DU VHU DWHQGLGR SRU RWUD QRGUL]D FXDQGR OD
    ³VX\D´HVWDEDFHUFD>@
    $OJXQDV QXHYDV PDGUHV H[SHULPHQWDQ XQ FDULxR LQPHGLDWR SRU
    VXV UHFLpQ QDFLGRV EURWD HQ HOODV XQ DPRU ILHUDPHQWH SURWHFWRU \
    XQDWHUQXUDSURIXQGDKDFLDHVDFULDWXUDFXDQGRWLHQHQHQVXVEUD]RV
    DOLQGHIHQVREHEpDOTXHDFDEDQGHGDUDOX]1RVRWURVGHFLPRVTXH
    HO EHEp HYRFD HO DUTXHWLSR GH PDGUH HQ WDOHV PXMHUHV 3DUD RWUDV
    QXHYDV PDGUHV VLQ HPEDUJR HO DPRU PDWHUQDO VH GHVDUUROOD D OR
    ODUJRGHYDULRVPHVHV\VHKDFHHYLGHQWHFXDQGRHOEHEpWLHQHRFKR
    RQXHYHPHVHV
    &XDQGR WHQHU XQ EHEp QR DFWLYD ³OD PDGUH´ HQ XQD PXMHU OD
    PXMHU VXHOH VDEHU TXH QR HVWi VLQWLHQGR OR TXH RWUDV PDGUHV
    VLHQWHQ R DOJR TXH HOOD PLVPD KD VHQWLGR SRU RWUR QLxR (O EHEp
    HFKDHQIDOWDXQDFRQH[LyQYLWDOFXDQGRQRHVDFWLYDGRHODUTXHWLSR
    GH³ODPDGUH´\VLJXHDQKHODQGRTXHVHHVWDEOH]FD DXQTXHFRPR
    RFXUUtDFRQODVQRGUL]DVGHORUIDQDWRJULHJRHVWHSDWUyQDUTXHWtSLFR
    PDGUHKLMRSXHGHVHUUHDOL]DGRDWUDYpVGHXQDPXMHUTXHQRVHDOD
    PDGUH ELROyJLFD  < HO DQKHOR GH HVWH FDULxR SXHGH FRQWLQXDU
    GXUDQWHODpSRFDDGXOWD8QDPXMHUGHFXDUHQWD\QXHYHDxRVTXH
    HVWDED HQ XQ JUXSR GH PXMHUHV FRQPLJR OORUDED PLHQWUDV KDEODED
    GH OD PXHUWH GH VX PDGUH SRUTXH HVWDQGR VX PDGUH \D PXHUWD
    QXQFDSRGUtDGHVDUUROODUVHHVDGHVHDGDFRQH[LyQ
    /RPLVPRTXH³ODPDGUH´HVXQDPDQHUDGHVHUSURIXQGDPHQWH
    VHQWLGD TXH XQ QLxR SXHGH DFWLYDU HQ XQD PXMHU FDGD QLxR HVWi
    ³SURJUDPDGR´SDUDEXVFDUXQDPDGUH7DQWRHQODPDGUHFRPRHQHO
    KLMR \ SRU OR WDQWR HQ WRGRV ORV VHUHV KXPDQRV  OD LPDJHQ GH OD
    PDGUH VH DVRFLD D XQD FRQGXFWD PDWHUQDO \ D OD HPRFLyQ (VWD
    LPDJHQ LQWHUQD DFWLYD HQ OD SVLTXH ²XQD LPDJHQ TXH GHWHUPLQD
    LQFRQVFLHQWHPHQWH HO FRPSRUWDPLHQWR \ ODV UHVSXHVWDV² HV XQ
    DUTXHWLSR
    ³/D 0DGUH´ HV VyOR XQR GH ORV PXFKRV DUTXHWLSRV ²R SDSHOHV
    ODWHQWHVHLQWHUQDPHQWHSUHGHWHUPLQDGRV²TXHSXHGHQDFWLYDUVHHQ
    XQDPXMHU&XDQGRUHFRQRFHPRVORVGLIHUHQWHVDUTXHWLSRVSRGHPRV
    YHU FRQ PiV FODULGDG OR TXH HVWi DFWXDQGR HQ QRVRWURVDV \ HQ ORV
    GHPiV(QHVWHOLEURLQWURGXFLUpDUTXHWLSRVTXHHVWiQDFWLYRVHQODV
    SVLTXHV GH ODV PXMHUHV \ TXH HVWiQ SHUVRQLILFDGRV FRPR GLRVDV
    JULHJDV 3RU HMHPSOR 'HPpWHU OD GLRVD PDWHUQDO HV XQD
    HQFDUQDFLyQ GHO DUTXHWLSR GH OD PDGUH /DV RWUDV VRQ 3HUVpIRQH OD
    KLMD +HUD ODHVSRVD $IURGLWD ODDPDQWH $UWHPLVD ODKHUPDQD\
    ULYDO  $WHQHD OD HVWUDWHJD  \ +HVWLD OD PDQWHQHGRUD GHO KRJDU 
    &RPR QRPEUHV SDUD ORV DUTXHWLSRV SRU VXSXHVWR ODV GLRVDV VRQ
    ~WLOHV~QLFDPHQWHFXDQGRODVLPiJHQHVVHDMXVWDQDORVVHQWLPLHQWRV
    GHODPXMHU\DTXHORVDUTXHWLSRVQRWLHQHQUHDOPHQWHQRPEUHV
    &*-XQJLQWURGXMRHOFRQFHSWRGHDUTXHWLSRVHQODSVLFRORJtDeO
    FRQVLGHUDED ORV DUTXHWLSRV FRPR SDXWDV GH FRPSRUWDPLHQWR
    LQVWLQWLYRFRPSUHQGLGDVHQXQLQFRQVFLHQWHFROHFWLYR(OLQFRQVFLHQWH
    FROHFWLYR HV OD SDUWH GHO LQFRQVFLHQWH TXH QR HV LQGLYLGXDO VLQR
    XQLYHUVDOFRQFRQWHQLGRV\PRGRVGHFRPSRUWDPLHQWRTXHVRQPiV
    RPHQRVORVPLVPRVHQWRGDVSDUWHV\HQWRGDVODVSHUVRQDV>@

    /DV GLRVDV FRPR DUTXHWLSRV


    $ODPD\RUtDGHQRVRWURVVHQRVHQVHxyDOJRDFHUFDGHORVGLRVHV
    \GLRVDVGHOPRQWH2OLPSRHQDOJ~QPRPHQWRHQODHVFXHOD\KHPRV
    YLVWR HVWDWXDV \ SLQWXUDV GH HOORV /RV URPDQRV YHQHUDEDQ HVWDV
    PLVPDVYHOHLGDGHVGLULJLpQGRVHDHOODVFRQVXVQRPEUHVODWLQRV/RV
    GLRVHV GHO 2OLPSR WHQtDQ DWULEXWRV KXPDQRV VX FRQGXFWD
    UHDFFLRQHV HPRFLRQDOHV DSDULHQFLD \ DSDULHQFLD \ PLWRORJtD QRV
    SURSRUFLRQDQ SDWURQHV TXH VH DVHPHMDQ D OD FRQGXFWD \ DFWLWXGHV
    KXPDQDV 7DPELpQ QRV VRQ IDPLOLDUHV SRUTXH VRQ DUTXHWtSLFRV HV
    GHFLU UHSUHVHQWDQ PRGHORV GH VHU \ GH DFWXDU TXH UHFRQRFHPRV D
    SDUWLUGHOLQFRQVFLHQWHFROHFWLYRTXHWRGRVFRPSDUWLPRV
    /RV PiV IDPRVRV GH HOORV HUDQ ORV GRFH GLRVHV GHO 2OLPSR VHLV
    GLRVHV ²=HXV 3RVHLGyQ +DGHV $SROR $UHV +HIHVWRV² \ VHLV
    GLRVDV²+HVWLD'HPpWHU+HUD$UWHPLVD$WHQHD\$IURGLWD8QDGH
    ODV GRFH +HVWLD GLRVD GHO +RJDU  IXH VXVWLWXLGD SRU 'LRQLVRV GLRV
    GHOYLQR FDPELDQGRDVtHODUTXHWLSRKRPEUHPXMHUHQVLHWHGLRVHV
    \ FLQFR GLRVDV /RV DUTXHWLSRV GH ODV GLRVDV TXH GHVFULER HQ HVWH
    OLEURVRQODVVHLVGLRVDVGHO2OLPSR+HVWLD'HPpWHU+HUD$UWHPLVD
    $WHQHD \ $IURGLWD² PiV 3HUVpIRQH FX\D PLWRORJtD QR VH SXHGH
    VHSDUDUGHODGH'HPpWHU
    +H GLYLGLGR HVWDV VLHWH GLRVDV HQ WUHV FDWHJRUtDV ODV GLRVDV
    YtUJHQHV ODV GLRVDV YXOQHUDEOHV \ ODV GLRVDV DOTXtPLFDV R
    WUDQVIRUPDGRUDV  /DV GLRVDV YtUJHQHV IXHURQ SXHVWDV MXQWDV HQ OD
    DQWLJXD*UHFLD/DVRWUDVGRVFDWHJRUtDVVRQFODVLILFDFLRQHVPtDV/DV
    IRUPDV GH FRQFLHQFLD ORV SDSHOHV IDYRUHFLGRV \ ORV IDFWRUHV
    PRWLYDGRUHVVRQODVFDUDFWHUtVWLFDVTXHGLVWLQJXHQDFDGDJUXSR/DV
    DFWLWXGHVKDFLDORVGHPiVODQHFHVLGDGGHFDULxR\ODLPSRUWDQFLDGH
    ODVUHODFLRQHVVRQWDPELpQFODUDPHQWHGLIHUHQWHVHQFDGDFDWHJRUtD
    /DV GLRVDV TXH UHSUHVHQWDQ ODV WUHV FDWHJRUtDV UHTXLHUHQ VHU
    H[SUHVDGDVSRUDOJ~QODGRHQODYLGDGHXQDPXMHUTXHpVWDSXHGD
    DPDUSURIXQGDPHQWHWUDEDMDUFRQVHQWLGR\VHUVHQVXDO\FUHDWLYD
    (O SULPHU JUXSR TXH VH HQFRQWUDUi HQ HVWDV SiJLQDV VRQ ODV
    GLRVDV YtUJHQHV $UWHPLVD $WHQHD \ +HVWLD $UWHPLVD D OD TXH ORV
    URPDQRV OODPDURQ 'LDQD  HV OD GLRVD GH OD FD]D \ GH OD OXQD 6XV
    GRPLQLRVHUDQODVWLHUUDVYtUJHQHV(UDODDUTXHUDGHGLVSDURFHUWHUR
    \ OD SURWHFWRUD GH OD MXYHQWXG GH WRGDV ODV FRVDV YLYLHQWHV $WHQHD
    FRQRFLGD FRPR 0LQHUYD SRU ORV URPDQRV  HUD OD GLRVD GH OD
    VDELGXUtD \ OD DUWHVDQtD SDWURQD GH $WHQDV FLXGDG TXH WRPy VX
    QRPEUH \ SURWHFWRUD GH QXPHURVRV KpURHV 1RUPDOPHQWH VH OD
    UHSUHVHQWD OOHYDQGR XQD DUPDGXUD \ HUD FRQRFLGD FRPR OD PHMRU
    HVWUDWHJDHQODVEDWDOODV+HVWLDODGLRVDGHO+RJDU ODGLRVDURPDQD
    9HVWD  HUD OD PHQRV FRQRFLGDV GH WRGDV ODV GLRVDV GHO 2OLPSR
    (VWDED SUHVHQWH HQ ODV FDVDV \ HQ ORV WHPSORV FRPR IXHJR HQ HO
    FHQWURGHOKRJDU
    /DV GLRVDV YtUJHQHV UHSUHVHQWDQ OD FXDOLGDG GH LQGHSHQGHQFLD \
    DXWRVXILFLHQFLDHQODVPXMHUHV3RUHOFRQWUDULRGHODVGHPiVGLRVDV
    GHO 2OLPSR HVWDV WUHV QR SRGtDQ HQDPRUDUVH /RV DSHJRV
    HPRFLRQDOHV QR OHV GHVYLDEDQ GH OR TXH FRQVLGHUDEDQ LPSRUWDQWH
    1R HUDQ YLFWLPL]DGDV \ QR VXIUtDQ &RPR DUTXHWLSRV H[SUHVDQ OD
    QHFHVLGDG GH DXWRQRPtD HQ ODV PXMHUHV \ OD FDSDFLGDG TXH pVWDV
    WLHQHQ GH FHQWUDU VX FRQFLHQFLD HQ OR TXH WLHQH VHQWLGR
    SHUVRQDOPHQWH SDUD HOODV $UWHPLVD \ $WHQHD UHSUHVHQWDQ OD DFWLWXG
    GH LU GLUHFWDPHQWH D ORV REMHWLYRV \ HO SHQVDPLHQWR OyJLFR TXH
    KDFHQGHHOODVORVDUTXHWLSRVRULHQWDGRVKDFLDHOORJUR+HVWLDHVHO
    DUTXHWLSRFX\DDWHQFLyQHVWiHQIRFDGDKDFLDGHQWURKDFLDHOFHQWUR
    HVSLULWXDO GH OD SHUVRQDOLGDG GH XQD PXMHU (VWDV WUHV GLRVDV VRQ
    DUTXHWLSRV IHPHQLQRV TXH SHUVLJXHQ VXV PHWDV GH PDQHUD DFWLYD
    $PSOtDQQXHVWURFRQFHSWRGHORVDWULEXWRVIHPHQLQRVSDUDLQFOXLUOD
    FRPSHWHQFLD\ODDXWRVXILFLHQFLD
    $O VHJXQGR JUXSR ²+HUD 'HPpWHU \ 3HUVpIRQH² OH OODPy ODV
    GLRVDVYXOQHUDEOHV+HUD FRQRFLGDFRPR-XQRSRUORVURPDQRV HUD
    ODGLRVDGHOPDWULPRQLR(UDODHVSRVDGH=HXVHOGLRVTXHUHLQDED
    VREUHORVGLRVHVGHO2OLPSR'HPpWHU ODGLRVDURPDQD&HUHV HUDOD
    GLRVDGHODVFRVHFKDV(QVXPLWRSULQFLSDOVHHQIDWL]DEDVXSDSHOGH
    PDGUH3HUVpIRQH HQODWtQ3URVHUSLQD HUDODKHUPDQDGH'HPpWHU
    /RVJULHJRVODOODPDEDQWDPELpQ.RUp³ODGRQFHOOD´
    /DVWUHVGLRVDVYXOQHUDEOHVUHSUHVHQWDQORVSDSHOHVWUDGLFLRQDOHV
    GHODHVSRVDODPDGUH\ODKLMD6RQORVDUTXHWLSRVRULHQWDGRVKDFLD
    ODVUHODFLRQHVFX\DVLGHQWLGDGHV\ELHQHVWDUGHSHQGHQGHWHQHUXQD
    UHODFLyQ VLJQLILFDWLYD ([SUHVDQ OD QHFHVLGDG GH ODV PXMHUHV GH
    DILOLDFLyQ\YLQFXODFLyQ(VWiQDUPRQL]DGDVFRQRWUDVSHUVRQDV\VRQ
    YXOQHUDEOHV (VWDV WUHV GLRVDV VRQ YLRODGDV UDSWDGDV GRPLQDGDV R
    KXPLOODGDV SRU GLRVHV PDVFXOLQRV &DGD XQD VXIULy D VX PDQHUD DO
    URPSHUVHRGHVKRQUDUVHXQDUHODFLyQDIHFWLYD\PRVWUDURQVtQWRPDV
    VLPLODUHV D ORV GH XQD HQIHUPHGDG SVLFROyJLFD &DGD XQD GH HOODV
    WDPELpQ HYROXFLRQy \ SXHGH SURSRUFLRQDU D ODV PXMHUHV XQD
    FRPSUHQVLyQ LQWHUQD GH OD QDWXUDOH]D \ SDXWD GH ODV SURSLDV
    UHDFFLRQHV TXH GHEHQ DEDQGRQDUVH \ HO SRWHQFLDO SDUD HO
    FUHFLPLHQWRLQWHUQRPHGLDQWHHOVXIULPLHQWRLQKHUHQWHDFDGDXQRGH
    HVWRVWUHVDUTXHWLSRVGHGLRVDV
    $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D PiV FRQRFLGD SRU VX
    QRPEUHURPDQRFRPR9HQXV VHHQFXHQWUDSRUGHUHFKRSURSLRHQOD
    FDWHJRUtDGHODVGLRVDVDOTXtPLFDV(UDODPiVEHOODHLUUHVLVWLEOHGH
    ODVGLRVDV7XYRPXFKDVDYHQWXUDV\QXPHURVDGHVFHQGHQFLDGHVXV
    QXPHURVDV UHODFLRQHV &UHDED DPRU \ EHOOH]D DWUDFFLyQ HUyWLFD
    VHQVXDOLGDG VH[XDOLGDG \ QXHYD YLGD (QWDEODED UHODFLRQHV SRU
    GHFLVLyQSURSLD\QXQFDIXHYLFWLPL]DGD$VtSXHVVLHPSUHPDQWXYR
    VX DXWRQRPtD FRPR GLRVD YLUJHQ \ WXYR UHODFLRQHV FRPR GLRVD
    YXOQHUDEOH 6X FRQFLHQFLD HUD UHFHSWLYD \ DO PLVPR WLHPSR HVWDED
    FRQFHQWUDGDORTXHSHUPLWtDXQLQWHUFDPELRHQGRVGLUHFFLRQHVTXH
    OH DIHFWDED WDQWR HOOD FRPR D OD RWUD SHUVRQD (O DUTXHWLSR GH
    $IURGLWD PRWLYD D ODV PXMHUHV D SHUVHJXLU LQWHQVDPHQWH ODV
    UHODFLRQHVPiVTXHODSHUPDQHQFLDDYDORUDUHOSURFHVRFUHDWLYR\D
    HVWDUDELHUWDVDFDPELDU

    (O iUERO GH OD IDPLOLD
    3DUD DSUHFLDU PHMRU TXLpQHV VRQ ODV GLRVDV \ TXp UHODFLRQHV
    WLHQHQ FRQ RWUDV GHLGDGHV VLWXpPRVODV SULPHUR HQ VX FRQWH[WR
    PLWROyJLFR (Q HVWR HVWDPRV HQ GHXGD FRQ +HVLRGR  DxRV
    DSUR[LPDGDPHQWHDGH& TXHIXHHOSULPHURTXHLQWHQWyFODVLILFDU
    GHPDQHUDRUGHQDGDODVQXPHURVDVWUDGLFLRQHVUHODWLYDVDORVGLRVHV
    6XSULQFLSDOREUDOD7HRJRQtDHVXQUHODWRGHORULJHQ\GHVFHQVRGH
    ORVGLRVHV>@
    $OSULQFLSLRVHJ~Q+HVLRGRH[LVWtDHO&DRVHOSXQWRGHSDUWLGD
    'HO &DRV VXUJLy *HD 7LHUUD  HO RVFXUR 7iUWDUR ODV PiV EDMDV
    SURIXQGLGDGHVGHOPXQGRVXEWHUUiQHR \(URV DPRU 
    *HDFRQHOJpQHURIHPHQLQRGH7LHUUDGLRDOX]DXQKLMR8UDQR
    TXHWDPELpQIXHFRQRFLGRFRPRHO&LHOR'HVSXpVVHXQLyDpOSDUD
    FUHDUHQWUHRWURVDORVGRFHWLWDQHVUHPRWRV\SULPRUGLDOHVSRGHUHV
    GH OD QDWXUDOH]D TXH IXHURQ YHQHUDGRV HQ OD DQWLJXD *UHFLD (Q OD
    JHQHDORJtD GH ORV GLRVHV GH +HVLRGR ORV WLWDQHV FRQVWLWXtDQ XQD
    WHPSUDQD GLQDVWtD JREHUQDQWH SDGUHV \ DEXHORV GH ORV GLRVHV GHO
    2OLPSR
    3HUR8UDQRODSULPHUDILJXUDSDWULDUFDORSDWHUQDGHODPLWRORJtD
    JULHJD VH VHQWtD UHVHQWLGR SRU ORV KLMRV TXH KDEtD HQJHQGUDGR FRQ
    *HD GH PDQHUD TXH ORV HQWHUUDED HQ HO FXHUSR GH HOOD HQ FXDQWR
    QDFtDQ (VWR FDXVy JUDQ GRORU \ FRQJRMD D *HD TXH OODPy HQ VX
    D\XGD D VXV KLMRV ORV WLWDQHV 7RGRV WHQtDQ PLHGR GH LQWHUYHQLU
    H[FHSWR HO PHQRU &URQRV OODPDGR 6DWXUQR SRU ORV URPDQRV  TXH
    UHVSRQGLyDVXOODQWRGHVROLFLWXGGHD\XGD\DUPDGRFRQODKR]TXH
    HOODOHKDEtDGDGR\HOSODQTXHWDPELpQHOODKDEtDXUGLGRVHWXPEy
    DODHVSHUDGHVXSDGUH
    &XDQGR8UDQROOHJySDUD\DFHUFRQ*HDGHUUDPiQGRVHFRQHOOD
    &URQRV WRPy OD KR] FRUWy ORV JHQLWDOHV GH VX SDGUH \ ORV DUURMy DO
    PDU &URQRV VH FRQYLUWLy HQWRQFHV HQ HO 'LRV PDVFXOLQR PiV
    SRGHURVR -XQWR D ORV WLWDQHV JREHUQy HO XQLYHUVR \ FUHy QXHYDV
    GHLGDGHV 0XFKDV UHSUHVHQWDEDQ HOHPHQWRV SUHVHQWHV HQ OD
    QDWXUDOH]D FRPR ORV UtRV ORV YLHQWRV \ HO DUFR LULV 2WURV HUDQ
    PRQVWUXRVTXHSHUVRQLILFDEDQHOPDORFLHUWRVSHOLJURV
    &URQRV VH HPSDUHMy FRQ VX KHUPDQD WLWiQ 5HD 'H VX XQLyQ
    QDFLy OD SULPHUD JHQHUDFLyQ GH ORV GLRVHV GHO 2OLPSR +HVWLD
    'HPpWHU+HUD+DGHV3RVHLGyQ\=HXV
    8QD YH] PiV HO SURJHQLWRU SDWULDUFDO ²HVWD YH] &URQRV²
    LQWHQWyHOLPLQDUDVXVKLMRV3UHYHQLGRGHTXHHVWDEDGHVWLQDGRDVHU
    GHVWURQDGR SRU VX SURSLR KLMR \ GHWHUPLQDGR D TXH HVWR QR
    VXFHGLHUD VH WUDJy D FDGD XQR GH VXV KLMRV QDGD PiV QDFHU VLQ
    VLTXLHUDPLUDUVLHOUHFLpQQDFLGRHUDQLxRRQLxD(QWRWDOVHFRPLyD
    WUHVKLMDVDGRVKLMRV
    $EDWLGDSRUHOGRORUDQWHHOGHVWLQRGHVXVKLMRVHKLMDV\HQFLQWD
    GH QXHYR 5HD UHFXUULy D *HD \ D 8UDQR SDUD TXH OH D\XGDUDQ D
    VDOYDUDO~OWLPR\FDVWLJDUDQD&URQRVSRUKDEHUFDVWUDGRD8UDQR\
    KDEHUVHFRPLGRDFLQFRKLMRV6XVSDGUHVOHDFRQVHMDURQLUD*UHFLD
    FXDQGR OOHJDVH HO PRPHQWR GHO SDUWR \ HQJDxDU D &URQRV
    HQYROYLHQGR XQD SLHGUD HQ ORV SDxDOHV (Q VX DSUHVXUDPLHQWR
    &URQRVVHWUDJyODSLHGUDSHQVDQGRTXHHUDHOEHEp
    (VWH ~OWLPR QLxR VDOYDGR IXH =HXV TXH QDWXUDOPHQWH GHVWURQy
    SRVWHULRUPHQWH D VX SDGUH \ OOHJy D JREHUQDU VREUH ORV PRUWDOHV \
    VREUH ORV GLRVHV 'HVSXpV GH VHU FULDGR HQ VHFUHWR HQJDxy D VX
    SDGUHSDUDTXHYRPLWDVHDVXVKHUPDQRV\KHUPDQDV&RQODD\XGD
    GH pVWRV =HXV VH HPEDUFy HQ XQD ODUJD OXFKD SRU OD VXSUHPDFtD
    TXH WHUPLQy FRQ OD GHUURWD GH &URQRV \ GH ORV WLWDQHV \ FRQ VX
    UHFOXVLyQHQODVPD]PRUUDVGHO7iUWDUR
    7UDV VX YLFWRULD ORV WUHV GLRVHV KHUPDQRV ²=HXV 3RVHLGyQ \
    +DGHV² HFKDURQ VXHUWHV SDUD GLYLGLUVH HO XQLYHUVR =HXV JDQy HO
    FLHOR 3RVHLGyQ HO PDU \ +DGHV HO PXQGR VXEWHUUiQHR $XQTXH VH
    VXSRQtD TXH OD WLHUUD \ HO PRQWH 2OLPSR FRQVWLWXtDQ XQ WHUULWRULR
    FRPSDUWLGR =HXV FRQVLJXLy H[WHQGHU VX OH\ D HVWDV ]RQDV /DV WUHV
    KHUPDQDV ²+HVWLD 'HPpWHU \ +HUD² QR SRVHtDQ GHUHFKRV GH
    SURSLHGDGFRQIRUPHDODQDWXUDOH]DSDWULDUFDOGHODUHOLJLyQJULHJD
    0HGLDQWH VXV UHODFLRQHV VH[XDOHV =HXV HQJHQGUy OD QXHYD
    JHQHUDFLyQ GH GHLGDGHV $UWHPLVD \ $SROR GLRV GHO VRO  HUDQ KLMRV
    GH =HXV \ /DWRQD $WHQHD HUD KLMD GH =HXV \ 0HWLV 3HUVpIRQH KLMD
    GH'HPpWHU\ =HXV+HUPHV HOGLRVPHQVDMHUR HUDKLMRGH=HXV\
    0DLD PLHQWUDV TXH $UHV GLRV GH OD JXHUUD  \ +HIHVWRV GLRV GH OD
    IRUMD  HUDQ KLMRV GH VX UHDO FRQVRUWH +HUD ([LVWHQ GRV KLVWRULDV
    VREUHHORULJHQGH$IURGLWDHQXQDHVODKLMDGH=HXV\'LRQHHQ
    RWUDHUDDQWHULRUD=HXV=HXVHQJHQGURD'LRQLVRVHQXQDUHODFLyQ
    FRQXQDPXMHUPRUWDO6HPHOH
    $O ILQDO GHO OLEUR VH GD XQD OLVWD GH SHUVRQDMHV UHV~PHQHV
    ELRJUiILFRVGHGLRVHV\GLRVDVHQRUGHQDOIDEpWLFRFRPRD\XGDSDUD
    PDQWHQHUVHDOWDQWRGHTXLpQHVTXLpQHQODPLWRORJtDJULHJD

    +LVWRULD \ PLWRORJtD
    /D PLWRORJtD TXH GLR OXJDU DO QDFLPLHQWR GH ODV GLRVDV \ GLRVHV
    JULHJRV VXUJLy GH DFRQWHFLPLHQWRV KLVWyULFRV (V XQD PLWRORJtD
    SDWULDUFDO TXH H[DOWD D =HXV \ D ORV KpURHV \ TXH UHIOHMD HO
    HQFXHQWUR \ HO VRPHWLPLHQWR GH SXHEORV TXH WHQtDQ UHOLJLRQHV
    EDVDGDV HQ OD PDGUH SRU SDUWH GH LQYDVRUHV TXH SRVHtDQ GLRVHV
    JXHUUHURV\WHRORJtDVEDVDGDVHQHOSDGUH
    0DULMD *LPEXWDV SURIHVRUD GH DUTXHRORJtD HXURSHD HQ OD
    8QLYHUVLGDGGH&DOLIRUQLDHQORVÈQJHOHVGHVFULEHOD³9LHMD(XURSD´
    OD SULPHUD FLYLOL]DFLyQ GH (XURSD>@ 5HPRQWiQGRVH DO PHQRV 
    DxRV WDO YH] LQFOXVR  DxRV  DQWHV GHO VXUJLPLHQWR GH OD
    UHOLJLyQ PDVFXOLQD OD 9LHMD (XURSD HUD XQD FXOWXUD ³PDWULIRFDO´
    VHGHQWDULDSDFtILFDDPDQWHGHODVDUWHV\OLJDGDDODWLHUUD\DOPDU
    TXH UHQGtD FXOWR D OD *UDQ 'LRVD /DV SUXHEDV HQWUHVDFDGDV GH ORV
    \DFLPLHQWRV DUTXHROyJLFRV IXQHUDULRV PXHVWUDQ TXH OD 9LHMD (XURSD
    HUDXQDVRFLHGDGQRHVWUDWLILFDGDHLJXDOLWDULDTXHIXHGHVWUXLGDSRU
    XQD LQILOWUDFLyQ GH SXHEORV LQGRHXURSHRV VHPLQyPDGDV TXH VH
    GHVSOD]DEDQ D FDEDOOR GHVGH ORV OHMDQRV QRUWH \ HVWH (VWRV
    LQYDVRUHV HUDQ ³SDWULIRFDOHV´ PyYLOHV DPDQWHV GH OD JXHUUD
    RULHQWDGRVLGHROyJLFDPHQWHKDFLDHOFLHORHLQGLIHUHQWHVDODUWH
    /RV LQYDVRUHV VH FRQVLGHUDEDQ D Vt PLVPRV FRPR XQ SXHEOR
    VXSHULRU D FDXVD GH VX FDSDFLGDG SDUD FRQTXLVWDU D ORV DQWHULRUHV
    SREODGRUHVFXOWXUDOPHQWHPiVGHVDUUROODGRVTXHUHQGtDQFXOWRDOD
    *UDQ 'LRVD &RQRFLGD FRQ PXFKRV QRPEUHV ²$VWDUWp ,VKWDU
    ,QDQQD 1XW ,VLV $VWRUHWK $X 6HW +DWKRU 1LQD 1DPPX \ 1LQJDO
    HQWUH RWURV² OD *UDQ 'LRVD HUD YHQHUDGD FRPR OD IXHU]D IHPHQLQD
    SURIXQGDPHQWH FRQHFWDGD FRQ OD QDWXUDOH]D \ OD IHUWLOLGDG
    UHVSRQVDEOH GH OD FUHDFLyQ \ GH OD GHVWUXFFLyQ GH OD YLGD /D
    VHUSLHQWHODSDORPDHOiUERO\ODOXQDHUDQVXVVtPERORVVDJUDGRV
    6HJ~QHOKLVWRULDGRUGHPLWRV5REHUW*UDYHVDQWHVGHODOOHJDGDGH
    ODV UHOLJLRQHV SDWULDUFDOHV OD *UDQ 'LRVD IXH FRQVLGHUDGD FRPR
    LQPRUWDO LQPXWDEOH \ RPQLSRWHQWH 7HQtD DPDQWHV QR SDUD TXH OH
    SURSRUFLRQDVHQ KLMRV VLQR SRU SODFHU /D SDWHUQLGDG QR VH KDEtD
    LQWURGXFLGRWRGDYtDHQHOSHQVDPLHQWRUHOLJLRVR\QRH[LVWtDQGLRVHV
    PDVFXOLQRV >@
    6XFHVLYDV RODV GH LQYDVRUHV GH LQGRHXURSHRV LQLFLDURQ HO
    GHVWURQDPLHQWR GH OD *UDQ 'LRVD /DV IHFKDV GH FRPLHQ]R GH ODV
    PLVPDVVRQVLWXDGDVSRUGLYHUVDVDXWRULGDGHVHQWUHORVDxRV\
    DGH&/DVGLRVDVQRIXHURQFRPSOHWDPHQWHVXSULPLGDVVLQR
    TXHIXHURQLQFRUSRUDGDVDODUHOLJLyQGHORVLQYDVRUHV
    /RV LQYDVRUHV LPSXVLHURQ VX FXOWXUD SDWULDUFDO \ VX UHOLJLyQ
    JXHUUHUDDORVSXHEORVFRQTXLVWDGRV/D*UDQ'LRVDVHFRQYLUWLyHQOD
    HVSRVD VXERUGLQDGD GH ORV GLRVHV LQYDVRUHV \ ORV DWULEXWRV R HO
    SRGHUTXHRULJLQDOPHQWHSHUWHQHFtDQDODGLYLQLGDGIHPHQLQDIXHURQ
    H[SURSLDGRV \ GDGRV D OD GHLGDG PDVFXOLQD (Q ORV PLWRV DSDUHFLy
    SUR SULPHUD YH] OD YLRODFLyQ \ VXUJLHURQ PLWRV HQ ORV TXH KpURHV
    PDVFXOLQRVPDWDEDQVHUSLHQWHVVtPERORVGHOD*UDQ'LRVD<FRPR
    VHUHIOHMDHQODPLWRORJtDORVDWULEXWRVVtPERORV\SRGHUTXHHQRWUR
    WLHPSRVHSRQtDQHQXQDVROR*UDQ'LRVDVHGLYLGLHURQHQWUHPXFKDV
    GLRVDV/DPLWyORJD-DQH+DUULVRQVHxDODTXHOD'LRVD*UDQ0DGUHVH
    IUDJPHQWy HQ PXFKDV GLRVDV PHQRUHV FDGD XQD GH ODV FXDOHV
    UHFLELy DWULEXWRV TXH HQ RWUR WLHPSR SHUWHQHFLHURQ D DTXpOOD +HUD
    REWXYR HO ULWXDO GHO PDWULPRQLR VDJUDGR 'HPpWHU VXV PLVWHULRV
    $WHQHDVXVVHUSLHQWHV$IURGLWDVXVSDORPDV$UWHPLVDVXIXQFLyQ
    GH³VHxRUDGHODVFRVDVGHODQDWXUDOH]D´ GHODYLGDQDWXUDO >@
    6HJ~Q 0HUOLQ 6WRQH DXWRUD GH :KHQ *RG :DV D :RPDQ HO
    GHVWURQDPLHQWR GH OD *UDQ 'LRVD LQLFLDGR SRU ORV LQYDVRUHV
    LQGRHXURSHRV IXH FRPSOHWDGR GHILQLWLYDPHQWH SRU ODV UHOLJLRQHV
    KHEUHD FULVWLDQD \ PXVXOPDQD TXH VXUJLHURQ SRVWHULRUPHQWH /D
    GHLGDG PDVFXOLQD WRPy HO OXJDU SUHGRPLQDQWH /DV GLRVDV VH
    PDUFKLWDURQ HQ XQ VHJXQGR SODQR VLJXLpQGROHV ODV PXMHUHV HQ
    VRFLHGDG6WRQHVHxDOD³7DOYH]QRVHQFRQWUHPRVSUHJXQWiQGRQRVD
    QRVRWUDVPLVPDVKDVWDTXpSXQWRODVXSUHVLyQGHORVULWRVIHPHQLQRV
    KD VXSXHVWR HQ UHDOLGDG OD VXSUHVLyQ GH ORV GHUHFKRV GH ODV
    PXMHUHV´>@

    'LRVDV KLVWyULFDV \ DUTXHWLSRV


    /D*UDQ'LRVDIXHYHQHUDGDFRPRODFUHDGRUD\ODGHVWUXFWRUDGH
    ODYLGDUHVSRQVDEOHGHODIHUWLOLGDG\GHVWUXFWLYLGDGGHODQDWXUDOH]D
    < OD *UDQ 'LRVD H[LVWH WRGDYtD FRPR DUTXHWLSR HQ HO LQFRQVFLHQWH
    FROHFWLYR<RKHVHQWLGRFRQIUHFXHQFLDODSUHVHQFLDGHOD*UDQ'LRVD
    VREUHFRJHGRUD HQ PLV SDFLHQWHV 8QD GH PLV SDFLHQWHV GHO SHULRGR
    SRVWHULRU DO SDUWR VH LGHQWLILFDED FRQ OD *UDQ 'LRVD HQ VX DVSHFWR
    WHUULEOH *ZHQ HUD XQD MRYHQ PDGUH TXH VH KDEtD YXHOWR SVLFyWLFD
    WUDVHOQDFLPLHQWRGHVXKLMR&RQYHQFLGDGHTXHKDEtDFRQVXPLGRHO
    PXQGR SDGHFtD GH DOXFLQDFLRQHV \ HVWDED GHSULPLGD 'HDPEXODED
    SRUODVDODGHOKRVSLWDOKXQGLGDHQVXFXOSDELOLGDG\GRORU&XDQGR
    \R DFRPSDVDED HO SDVR SDUD KDFHUOH FRPSDxtD VROtD GHFLUPH TXH
    HOODKDEtD³HQJXOOLGR\GHVWUXLGRHOPXQGR´'XUDQWHVXHPEDUD]RVH
    KDEtDLGHQWLILFDGRFRQOD*UDQ'LRVDHQVXDVSHFWRSRVLWLYRFRPROD
    FUHDGRUD GH YLGD 'HVSXpV WUDV HO SDUWR VH VHQWtD FRPR OD *UDQ
    'LRVD TXH WHQtD HO SRGHU GH GHVWUXLU OR TXH FUHDED \ TXH OR KDEtD
    GHVWUXLGR6XFRQYLFFLyQHPRFLRQDOHUDWDQLQWHQVDTXHLJQRUDEDODV
    SUXHEDVGHTXHHOPXQGRWRGDYtDH[LVWtD
    (O DUTXHWLSR WDPELpQ YLYH WRGDYtD HQ VX DVSHFWR SRVLWLYR 3RU
    HMHPSOR OD *UDQ 'LRVD FRPR VRVWHQHGRUD GH YLGD HV OD LPDJHQ
    PDQWHQLGD SRU XQD SHUVRQD TXH HVWi FRQYHQFLGD GH TXH VX YLGD
    GHSHQGH GHO QDFLPLHQWR GHO YtQFXOR FRQ XQD PXMHU FRQFUHWD /D
    PXMHU³VHWRPDSRU´OD'LRVD(VWRHVXQHVSHMLVPREDVWDQWHFRP~Q
    &XDQGRODSpUGLGDGHHVWDUHODFLyQHVWDQGHYDVWDGRUDTXHFRQGXFH
    DDOJXLHQDVXLFLGDUVHODYLGDGHSHQGHOLWHUDOPHQWHGHHOOD
    ,JXDODQGR HO SRGHU FRQWHQLGR HQ OD *UDQ 'LRVD FXDQGR HUD
    YHQHUDGDOD*UDQ'LRVDDUTXHWtSLFDWLHQHHOHIHFWRPiVSRGHURVRGH
    FXDOTXLHUDGHORVDUTXHWLSRVHVFDSD]GHHYRFDUPLHGRVLUUDFLRQDOHV
    \ GH GLVWRUVLRQDU OD UHDOLGDG /DV GLRVDV JULHJDV HUDQ PHQRV
    SRGHURVDV TXH OD *UDQ 'LRVD \ PiV HVSHFLDOL]DGDV &DGD XQD GH
    HOODVWHQtDVXSURSLRUHLQR\SRGHUTXHHVWDEDOLPLWDGRDGLFKRUHLQR
    (Q OD SVLTXH GH ODV PXMHUHV WDPELpQ ODV GLRVDV JULHJDV VRQ IXHU]DV
    PHQRV SRGHURVDV TXH OD *UDQ 'LRVD VX SRGHU SDUD VREUHSDVDU
    HPRFLRQDOPHQWH\SDUDGLVWRUVLRQDUODUHDOLGDGHVPHQRU
    'H ODV VLHWH GLRVDV JULHJDV TXH UHSUHVHQWDQ ORV SULQFLSDOHV
    DUTXHWLSRV FRPXQHV HQ ODV PXMHUHV $IURGLWD 'HPpWHU \ +HUD
    SRVHHQ HO PD\RU SRGHU SDUD GLFWDU OD FRQGXFWD eVWDV WUHV HVWiQ
    UHODFLRQDGDV PiV GH FHUFD FRQ OD *UDQ 'LRVD TXH ODV RWUDV FXDWUR
    $IURGLWD HV XQD YHUVLyQ PHQRU GH OD *UDQ 'LRVD HQ VX IXQFLyQ GH
    GLRVD GH OD IHUWLOLGDG 'HPpWHU HV XQD YHUVLyQ PHQRU GH OD *UDQ
    'LRVD HQ VX IXQFLyQ GH PDGUH +HUD HV XQD YHUVLyQ PHQRU GH OD
    *UDQ'LRVDFRPRUHLQDGHORVFLHORV6LQHPEDUJRDXQTXHFDGDXQD
    GH HOODV HV ³PHQRU´ TXH OD *UDQ 'LRVD UHSUHVHQWDQ ODV IXHU]DV
    LQVWLQWLYDV HQ OD SVLTXH TXH SXHGHQ VHU LUUHVLVWLEOHV FXDQGR ³H[LJHQ
    ORTXHOHVFRUUHVSRQGH´FRPRYHUHPRVHQFDStWXORVSRVWHULRUHV
    /DVPXMHUHVTXHDFW~DQLPSXOVDGDVSRUFXDOTXLHUDGHHVWDVWUHV
    GLRVDV GHEHQ DSUHQGHU D UHVLVWLU SRUTXH VHJXLU FLHJDPHQWH HO
    PDQGDWR GH $IURGLWD 'HPpWHU R +HUD SXHGH DIHFWDU GH PDQHUD
    DGYHUVDDODYLGDGHXQDPXMHU(VWRVDUTXHWLSRV²DOLJXDOTXHVXV
    GLRVDV FRUUHVSRQGLHQWHV HQ OD *UHFLD DQWLJXD² QR FRQVLGHUDEDQ ORV
    PHMRUHVLQWHUHVHVGHODVPXMHUHVPRUWDOHVRGHVXVUHODFLRQHVFRQ
    ORV GHPiV /RV DUTXHWLSRV H[LVWHQ IXHUD GHO WLHPSR GHVLQWHUHVDGRV
    GHODVUHDOLGDGHVGHODYLGDRGHODVQHFHVLGDGHVGHXQDPXMHU
    7UHV GH ORV UHVWDQWHV FXDWUR DUTXHWLSRV ²$UWHPLVD $WHQHD \
    3HUVpIRQH²HUDQGLRVDV³GRQFHOODV´TXHSHUWHQHFtDQDODJHQHUDFLyQ
    GHODVKLMDV(VWDVWUHVFRQVWLWXtDQXQDJHQHUDFLyQPiVVHSDUDGDGH
    OD *UDQ 'LRVD &RPR DUTXHWLSRV VRQ FRQVHFXHQWHPHQWH PHQRV
    DEUXPDGRUDV SHUR LQIOX\HQ GH PDQHUD LPSRUWDQWH HQ ORV SDWURQHV
    GHFDUiFWHU
    < +HVWLD OD PiV DQFLDQD OD PiV VDELD \ OD PiV YHQHUDGD GH
    WRGDV ODV GLRVDV HYLWDED WRWDOPHQWH HO SRGHU 5HSUHVHQWD XQ
    FRPSRQHQWHHVSLULWXDOTXHXQDPXMHUKDFHELHQHQKRQUDU

    'LRVDV JULHJDV \ PXMHUHV FRQWHPSRUiQHDV


    /DVGLRVDVJULHJDVVRQLPiJHQHVGHPXMHUHVTXHKDYLYLGRHQOD
    LPDJLQDFLyQ GH OD KXPDQLGDG GXUDQWH PiV GH WUHV PLO DxRV /DV
    GLRVDV VRQ SDWURQHV R UHSUHVHQWDFLRQHV GH FyPR VRQ ODV PXMHUHV
    FRQ PiV SRGHU \ GLYHUVLGDG GH FRPSRUWDPLHQWRV GH ORV TXH VH KD
    SHUPLWLGRHMHUFHUKLVWyULFDPHQWHDODVPXMHUHV6RQEHOODV\IXHUWHV
    (VWiQPRWLYDGDVSRUORTXHOHVLPSRUWDFRPRVRVWHQJRHQHVWHOLEUR
    UHSUHVHQWDQ SDWURQHV LQWUtQVHFRV R DUTXHWLSRV TXH SXHGHQ
    FRQIRUPDUHOFXUVRGHODYLGDGHXQDPXMHU
    (VWDV GLRVDV VH GLIHUHQFLDQ XQDV GH RWUDV &DGD XQD WLHQH VXV
    UDVJRVSRVLWLYRV\SRWHQFLDOPHQWHQHJDWLYRV6XVPLWRVPXHVWUDQOR
    TXH HV LPSRUWDQWH SDUD HOODV \ H[SUHVDQ FRQ PHWiIRUDV OR TXH XQD
    PXMHUTXHVHOHVSDUH]FDSXHGHKDFHU
    3RUPLSDUWHWDPELpQKHOOHJDGRDSHQVDUHQODVGLRVDVJULHJDV
    GHOPRQWH2OLPSR²FDGDXQDGHODVFXDOHVHUD~QLFD\DOJXQDVGH
    HOODV DQWDJyQLFDV HQWUH Vt² FRPR XQD PHWiIRUD GH OD GLYHUVLGDG \
    GHO FRQIOLFWR LQWHULRU GH ODV PXMHUHV TXH VRPRV FRPSOHMDV \
    PXOWLIDFpWLFRV 7RGDV ODV GLRVDV VH KDOODQ SRWHQFLDOPHQWH HQ FDGD
    PXMHU&XDQGRYDULDVGLRVDVFRPSLWHQSRUHOGRPLQLRGHODSVLTXHGH
    XQD PXMHU pVWD QHFHVLWD GHFLGLU TXp DVSHFWR GH HOOD PLVPD TXLHUH
    H[SUHVDU\FXDQGR'HRWUDPDQHUDVHUiHPSXMDGDSULPHURHQXQD
    GLUHFFLyQ\GHVSXpVHQRWUD
    /DV GLRVDV JULHJDV WDPELpQ YLYtDQ FRPR QRVRWUDV HQ XQD
    VRFLHGDG SDWULDUFDO 'LRVHV PDVFXOLQRV JREHUQDEDQ OD WLHUUD ORV
    FLHORVHORFpDQR\HOPXQGRVXEWHUUiQHR&DGDGLRVDLQGHSHQGLHQWH
    VH DGDSWDED D HVWD UHDOLGDG D VX PDQHUD VHSDUiQGRVH GH ORV
    KRPEUHVMXQWiQGRVHDORVKRPEUHVFRPRXQRGHHOORVRUHWLUiQGRVH
    KDFLD VX SURSLR LQWHULRU &DGD GLRVD YDORUDED XQD UHODFLyQ FRQFUHWD
    HUD YXOQHUDEOH \ UHODWLYDPHQWH GpELO HQ FRPSDUDFLyQ FRQ ORV GLRVHV
    PDVFXOLQRV TXH SRGtDQ QHJDUOH OR TXH HOOD TXHUtD \ GRPLQDUOD $Vt
    SXHV ODV GLRVDV UHSUHVHQWDQ SDWURQHV TXH UHIOHMDQ OD YLGD GH XQD
    FXOWXUDSDWULDUFDO
     ± $&7,9$1'2 /$6 ',26$6
    (Q OD *UHFLD DQWLJXD ODV PXMHUHV VDEtDQ TXH VX YRFDFLyQ R VX
    IXQFLyQHQODYLGDODVVLWXDEDEDMRHOGRPLQLRGHXQDGLRVDFRQFUHWD
    DODFXDOYHQHUDEDQODVWHMHGRUDVQHFHVLWDQHOSDWURFLQLRGH$WHQHD
    ODV MyYHQHV VH KDOODQ EDMR OD SURWHFFLyQ GH $UWHPLVD ODV PXMHUHV
    FDVDGDVYHQHUDEDQD+HUD/DVPXMHUHVUHQGtDQFXOWR\SUHVHQWDEDQ
    RIUHQGDVDQWHORVDOWDUHVGHODVGLRVDVFX\DD\XGDQHFHVLWDEDQ/DV
    PXMHUHV TXH GDEDQ D OX] UH]DEDQ D $UWHPLVD SDUD TXH OHV OLEHUDVH
    GHO GRORU LQYLWDEDQ D +HVWLD D VXV FKLPHQHDV SDUD FRQYHUWLU VXV
    FDVDVHQKRJDUHV/DVGLRVDVHUDQGHLGDGHVSRGHURVDVDODVTXHVH
    UHQGtD KRPHQDMH FRQ ULWXDOHV YHQHUDFLyQ RIHUWDV \ VDFULILFLRV /DV
    PXMHUHVGDEDQWDPELpQDODVGLRVDVORTXHOHVFRUUHVSRQGtDSRUTXH
    WHPtDQODFyOHUDGLYLQD\HOMXVWRFDVWLJRVLQRORKDFtDQ
    'HQWURGHODVPXMHUHVFRQWHPSRUiQHDVODVGLRVDVH[LVWHQFRPR
    DUTXHWLSRV\SXHGHQ²FRPRHQODDQWLJXD*UHFLD²FRQVHJXLUORTXH
    OHVFRUUHVSRQGH\UHFODPDUSRWHVWDGVREUHVXVV~EGLWRV,QFOXVRVLQ
    VDEHU D TXp GLRVD HVWi VRPHWLGD XQD PXMHU SXHGH QR REVWDQWH
    ³SUHVWDU´ ILGHOLGDG D XQ DUTXHWLSR FRQFUHWR GXUDQWH XQ WLHPSR R
    GXUDQWHWRGDVXYLGD
    3RU HMHPSOR GXUDQWH OD DGROHVFHQFLD XQD PXMHU SXHGH KDEHU
    HVWDGR FRPSOHWDPHQWH ORFD SRU ORV FKLFRV SXHGH TXH KD\ WHQLGR
    UHODFLRQHV VH[XDOHV WHPSUDQDV \ KDEHU FRUULGR HO ULHVJR GH
    HPEDUD]RV QR GHVHDGRV VLQ VDEHU TXH HVWDED EDMR OD LQIOXHQFLDGH
    $IURGLWD GLRVD GHO $PRU FX\R LPSXOVR KDFLD OD XQLyQ \ OD
    SURFUHDFLyQ SXHGH FRJHU GHVSUHYHQLGD D XQD MRYHQ LQPDGXUD 2
    SXHGHKDEHUHVWDGREDMRODSURWHFFLyQGH$UWHPLVDTXHYDORUDEDHO
    FHOLEDWR\DGRUDEDODYLGDQDWXUDO\TXHWDOYH]KD\DVLGRXQDMRYHQ
    ORFDSRUORVFDEDOORVRXQD³JLUOVFRXW´GHPRFKLOD2TXL]iKD\DVLGR
    XQD MRYHQ $WHQHD FRQ OD QDUL] PHWLGD VLHPSUH HQ XQ OLEUR R
    SDUWLFLSDQGR HQ XQ FRQFXUVR GH FRQRFLPLHQWRV PRWLYDGD SRU OD
    GLRVD GH OD VDELGXUtD SDUD REWHQHU UHFRQRFLPLHQWR \ EXHQDV QRWDV
    2 GHVGH TXH MXJDED FRQ VXV SULPHUDV PXxHFDV WDO YH] IXHVH XQD
    'HPpWHU HQ FLHUQHV IDQWDVHDQGR VREUH FXiQGR SRGUtD WHQHU VX
    SURSLR EHEp 2 TXL]i IXHUD FRPR OD GRQFHOOD 3HUVpIRQH FRJLHQGR
    IORUHVHQHOSUDGRXQDMRYHQVLQPHWDVGHILQLGDDODHVSHUDGHTXH
    DOJRRDOJXLHQODHQWXVLDVPHQ
    7RGDVODVGLRVDVVRQSDWURQHVSRWHQFLDOHVHQODSVLTXHGHWRGDV
    ODV PXMHUHV DXQTXH HQ FDGD PXMHU FRQFUHWD DOJXQRV GH HVWRV
    SDWURQHVHVWiQDFWLYDGRV HQHUJHWL]DGRVRGHVDUUROODGRV \RWURVQR
    /D IRUPDFLyQ GH ORV FULVWDOHV IXH XQD DQDORJtD GH OD TXH -XQJ VH
    VLUYLySDUDD\XGDUDH[SOLFDUODGLIHUHQFLDHQWUHSDWURQHVDUTXHWtSLFRV
    TXHVRQXQLYHUVDOHV \DUTXHWLSRVDFWLYDGRV TXHHVWiQIXQFLRQDQGR
    HQ QRVRWURV  XQ DUTXHWLSR HV FRPR HO SDWUyQ LQYLVLEOH TXH
    GHWHUPLQD OD FRQILJXUDFLyQ \ HVWUXFWXUD TXH DGRSWDUi XQ FULVWDO
    FXDQGRVHIRUPD>@8QDYH]TXHHOFULVWDOFREUDVXIRUPDUHDOPHQWH
    HOSDWUyQ\DUHFRQRFLEOHHVDQiORJRDODUTXHWLSRDFWLYDGR
    /RVDUTXHWLSRVSXHGHQWDPELpQVHUFRPSDUDGRVFRQORV³FyGLJRV´
    FRQWHQLGRVHQODVVHPLOODV(OFUHFLPLHQWRGHODVVHPLOODVGHSHQGHGH
    OD FODVH GH WLHUUD \ GH ODV FRQGLFLRQHV FOLPiWLFDV GH OD SUHVHQFLD R
    DXVHQFLD GH FLHUWRV QXWULHQWHV GHO FXLGDGR DPRURVR R GH OD
    GHVDWHQFLyQ SRU SDUWH GH ORV KRUWHODQRV GHO WDPDxR \ SURIXQGLGDG
    GHODVPDFHWDV\GHODUHVLVWHQFLDGHODPLVPDYDULHGDGGHTXHVH
    WUDWH
    'HO PLVPR PRGR TXp GLRVHV R GLRVDV SXHGHQ HVWDU SUHVHQWHV
    YDULRVDOPLVPRWLHPSR VHDFWLYDQHQXQDGHWHUPLQDGDPXMHUHQXQ
    PRPHQWR HVSHFtILFR GHSHQGH GHO HIHFWR FRPELQDGR GH XQD
    SOXUDOLGDG GH HOHPHQWRV TXH LQWHUDFW~DQ HQWUH Vt SUHGLVSRVLFLyQ GH
    ODPXMHUIDPLOLD\FXOWXUDKRUPRQDVRWUDVSHUVRQDVFLUFXQVWDQFLDV
    QRHOHJLGDVDFWLYLGDGHVHVFRJLGDV\IDVHVGHODYLGD
    /D SUHGLVSRVLFLyQ LQWUtQVHFD
    /RV EHEpV QDFHQ FRQ UDVJRV GH SHUVRQDOLGDG ²DFWLYRV
    YROXQWDULRVRV SOiFLGRV FXULRVRV FDSDFHV GH SDVDU HO WLHPSR VRORV
    VRFLDEOHV² TXH VH FRPSDJLQDQ PiV FRQ DOJXQRV DUTXHWLSRV GH
    GLRVDV TXH FRQ RWURV &XDQGR XQD QLxD SHTXHxD WLHQH GRV R WUHV
    DxRV \D PXHVWUD FXDOLGDGHV WtSLFDV GH GHWHUPLQDGDV GLRVDV /D
    SHTXHxDVXPLVDTXHHVWiFRPSOHWDPHQWHVDWLVIHFKDKDFLHQGRORTXH
    VXPDGUHGHVHDHVPX\GLIHUHQWHGHODSHTXHxDTXHHVWiOLVWDSDUD
    VDOLU SRU VX FXHQWD D H[SORUDU VXV DOUHGHGRUHV WDQ GLIHUHQWH FRPR
    3HUVpIRQHGH$UWHPLVD

    (O HQWRUQR IDPLOLDU \ ODV GLRVDV


    /DV HVSHUDQ]DV GH OD IDPLOLD GH OD QLxD DSR\DQ D XQDV GLRVDV \
    VXSULPHQ RWUDV 6L ORV SDGUHV HVSHUDQ TXH ODV KLMDV GHEHQ GH VHU
    ³GXOFHVFRPRHOD]~FDU\ODPLHO´R³ODSHTXHxDD\XGDGHVXPDGUH´
    HQWRQFHVHVWiQSUHPLDQGR\UHIRU]DQGRODVFXDOLGDGHVGH3HUVpIRQH
    \ GH 'HPpWHU 8QD KLMD TXH VDEH OR TXH TXLHUH \ TXH HVSHUD WHQHU
    ORV PLVPR SULYLOHJLRV \ RSRUWXQLGDGHV TXH VX KHUPDQR SXHGH TXH
    VHDOODPDGD³WHVWDUXGD´FXDQGRVyORHVWiVLHQGRVXPLVPD$UWHPLVD
    SHUVLVWHQWH R SXHGH TXH VH OH GLJD TXH VH ³FRPSRUWH FRPR XQD
    FKLFD´FXDQGRVLPSOHPHQWHHVWiVLHQGRVXSURSLD$WHQHDTXHDFW~D
    FRPR XQ PXFKDFKR PiV $GHPiV HQ OD DFWXDOLGDG XQD QLxD
    SHTXHxD SXHGH HQFRQWUDUVH HQ XQ SDWUyQ LQYHUVR GH DSUREDFLyQ
    GHVDSUREDFLyQ SXHGH TXH VHD GLVXDGLGD GH TXHGDUVH HQ FDVD
    MXJDQGR D ³VHU PDPi´ R ³DPD GH FDVD´ TXH WDO YH] VHD OR TXH
    TXLHUHKDFHU (QVXOXJDUVHODLQVFULEHSDUDMXJDUDOI~WERO\VHOD
    PDWULFXOD HQ OD HGXFDFLyQ SUHHVFRODU TXH HV GRQGH VXV SDGUHV
    TXLHUHQTXHSURVSHUH 
    (O SDWUyQ GH OD GLRVD LQWUtQVHFR D OD QLxD LQWHUDFW~D FRQ ODV
    HVSHUDQ]DVIDPLOLDUHV1RSRUTXHODIDPLOLDGHVDSUXHEHDODGLRVDHQ
    FXHVWLyQ OD QLxD GHMDUi GH VHQWLU FRPR VLHQWH DXQTXH SXHGH TXH
    DSUHQGD D QR DFWXDU GH PDQHUD QDWXUDO \ TXH VX DXWRHVWLPD VXIUD
    SRUHOOR6L³VXGLRVD´VHHQFXHQWUDIDYRUHFLGDHQVXIDPLOLDSXHGH
    TXH WDPELpQ VH SURGX]FDQ LQFRQYHQLHQWHV 3RU HMHPSOR XQD QLxD
    TXH WLHQGD D VHJXLU D ORV GHPiV SRU VHU IXQGDPHQWDOPHQWH FRPR
    3HUVpIRQHSXHGHWHQHUGLILFXOWDGHVHQVDEHUORTXHTXLHUHWUDVDxRV
    GH VHU JUDWLILFDGD SRU DJUDGDU D ORV GHPiV < OD $WHQHD HQ FLHUQHV
    TXH VDOWD GH XQD FODVH D RWUD VXSHULRU UHIXHU]D VXV FDSDFLGDGHV
    LQWHOHFWXDOHVDH[SHQVDVGHODDPLVWDGFRQVXVFRPSDxHUDV&XDQGR
    HO SDWUyQ LQWUtQVHFR \ OD IDPLOLD ³FRQVSLUDQ´ SDUD KDFHU TXH XQD
    PXMHUVHDFRPRGHDXQDGLRVDVXHYROXFLyQVHYXHOYHXQLODWHUDO
    6LODIDPLOLDUHFRPSHQVD\DOLHQWDDODQLxDSDUDTXHGHVDUUROOHOR
    TXH YLHQH GH PDQHUD QDWXUDO pVWD VH VLHQWH ELHQ FRQVLJR PLVPD D
    PHGLGDTXHKDFHORTXHUHDOPHQWHOHLPSRUWD/RFRQWUDULROHRFXUUH
    DODQLxDFX\RSDWUyQGHGLRVDVHHQFXHQWUDFRQODGHVDSUREDFLyQGH
    VX IDPLOLD /D RSRVLFLyQ QR FDPELD HO SDWUyQ LQWUtQVHFR VLQR TXH
    VLPSOHPHQWHKDFHTXHODQLxDVHHQFXHQWUHPDOFRQVLJRPLVPDSRU
    WHQHU ORV UDVJRV H LQWHUHVHV TXH WLHQH < OD KDFH VHQWLUVH IDOVD VL
    DSDUHQWDVHUGLVWLQWDGHORTXHHV

    (O HIHFWR GH OD FXOWXUD HQ ODV GLRVDV


    ¢4Xp ³GLRVDV´ DSR\D OD FXOWXUD D WUDYpV GH ORV SDSHOHV TXH
    SHUPLWHGHVHPSHxDUDODVPXMHUHV"/RVHVWHUHRWLSRVGHPXMHUHVFRQ
    LPiJHQHV SRVLWLYDV R QHJDWLYDV GH DUTXHWLSRV GH GLRVDV (Q ODV
    VRFLHGDGHVSDWULDUFDOHVORV~QLFRVUROHVDFHSWDEOHVVXHOHQVHUORVGH
    OD GRQFHOOD 3HUVpIRQH  OD HVSRVD +HUD  \ OD PDGUH 'HPpWHU  $
    $IURGLWDVHODFRQGHQDFRPR³ODSXWD´R³ODWHQWDGRUD´TXHVRQXQD
    GHVYDORUL]DFLyQ GH OD VHQVXDOLGDG \ GH OD VH[XDOLGDG GH HVWH
    DUTXHWLSR 8QD +HUD TXH VH DILUPD D Vt PLVPD R VH HQIDGD VH
    FRQYLHUWH HQ ³OD DUStD´ < DOJXQDV FXOWXUDV GHO SDVDGR \ DFWXDOHV
    QLHJDQ DFWLYDPHQWH OD H[SUHVLyQ GH LQGHSHQGHQFLD LQWHOLJHQFLD R
    VH[XDOLGDGHQODVPXMHUHVGHPDQHUDTXHUHSULPHQFXDOTXLHULQGLFLR
    GH$UWHPLVD$WHQHDR$IURGLWD
    (Q OD &KLQD DQWLJXD SRU HMHPSOR OD FRVWXPEUH GH YHQGDU ORV
    SLHVDODVPXMHUHVVLJQLILFDEDTXHHOODVTXHGDEDQItVLFDPHQWHWXOOLGDV
    HLJXDOPHQWHOLPLWDGDVSVLFROyJLFDPHQWHSRUUROHVTXHQRSHUPLWtDQ
    OD LQGHSHQGHQFLD (Q HVDV FRQGLFLRQHV GHWHUPLQDGDV GLRVDV VyOR
    SRGtDQ YLYLU HQ ORV PLWRV (Q VX QRYHOD 7KH :RPDQ :DUULRU>@
    0D[LQH+LQJ.LQJVWRQHVFULELyVREUHODGHVYDORUL]DFLyQ\GHJUDGDFLyQ
    GH ODV PXMHUHV FKLQDV TXH KD SHUGXUDGR KDVWD OD DFWXDOLGDG (Q
    FRQWUDVWH UHFRPSRQtD HO PLWR GH XQD IXHUWH PXMHUJXHUUHUD \
    KHURtQDFKLQD(OPLWRPRVWUDEDTXHDXQTXHHOSDWUyQGHXQDGLRVD
    QR SXGLHUD VREUHYLYLU HQ OD YLGD UHDO GH XQD PXMHU HVD GLRVD SRGtD
    WRGDYtDH[SUHVDUVHHQFXHQWRVGHKDGDVPLWRV\VXHxRVGHPXMHUHV
    /DVYLGDVGHODVPXMHUHVHVWiQPROGHDGDVSRUORVUROHVWROHUDEOHV
    \ ODV LPiJHQHV LGHDOL]DGDV GH FDGD pSRFD (VWRV HVWHUHRWLSRV
    IDYRUHFHQDDOJXQRVSDWURQHVGHGLRVDVVREUHRWURV(QORV(VWDGRV
    8QLGRV GXUDQWH ODV ~OWLPDV GpFDGDV VH KDQ SURGXFLGR FDPELRV
    IXQGDPHQWDOHV HQ ³OR TXH VH HVSHUD TXH GHEH VHU XQD PXMHU´ 3RU
    HMHPSOR OD ROD GH QDFLPLHQWRV VXEVLJXLHQWH D OD VHJXQGD JXHUUD
    PXQGLDO UHVDOWy HO PDWULPRQLR \ OD PDWHUQLGDG )XH XQD pSRFD GH
    UHDOL]DFLyQ SDUD ODV PXMHUHV TXH SRVHtDQ HO LQVWLQWR PDWHUQDO GH
    'HPpWHU 3HUR IXH XQD pSRFD GLItFLO SDUD ODV PXMHUHV $WHQHD R
    $UWHPLVD TXH WHQtDQ FXULRVLGDG LQWHOHFWXDO TXH HUDQ FRPSHWLWLYDV \
    TXHUtDQ H[SUHVDU OR PHMRU GH Vt PLVPDV R HO ORJUR GH REMHWLYRV HQ
    FXDOTXLHUWDUHDGLIHUHQWHDODGHFUHDUXQDIDPLOLD/DVPXMHUHVLEDQ
    DOFROHJLRSDUDREWHQHUVXWtWXORGHHVWXGLRVVHFXQGDULRV\XQDYH]
    FDVDGDV VROtDQ DEDQGRQDU ORV HVWXGLRV (O ³HVStULWX GH IDPLOLD´ HQ
    YHFLQGDG HUD HO LGHDO /DV PXMHUHV DPHULFDQDV QR VH GHWHQtDQ DO
    WHQHUGRVKLMRVVLQRWUHVFXDWURFLQFRRVHLV+DFLDHOtQGLFH
    GHQDWDOLGDGHQORV(VWDGRV8QLGRVLJXDOyDOGHOD,QGLDSRUSULPHUD
    \~QLFDYH]
    9HLQWH DxRV GHVSXpV ORV DxRV  IXHURQ OD GpFDGD GHO
    PRYLPLHQWRIHPLQLVWD DxRVH[FHOHQWHVSDUD$UWHPLVD\$WHQHD /RV
    WLHPSRVIXHURQIDYRUDEOHVSDUDODVPXMHUHVPRWLYDGDVSDUDWULXQIDU
    /DV IHPLQLVWDV \ ODV PXMHUHV SURIHVLRQDOHV WRPDURQ HO HVFHQDULR
    (VWXGLDURQ PXFKDV PiV PXMHUHV TXH QXQFD SDUD FRQVHJXLU
    GRFWRUDGRV\OLFHQFLDWXUDVHQDGPLQLVWUDFLyQGHHPSUHVDVPHGLFLQD
    \GHUHFKR6HURPSLHURQFDGDYH]PiVODVSURPHVDVGHPDWULPRQLR
    ³KDVWD TXH OD PXHUWD QRV VHSDUH´ \ GLVPLQX\y OD WDVD GH
    QDFLPLHQWRV0LHQWUDVWDQWRODVPXMHUHVPRWLYDGDVSRUODQHFHVLGDG
    GH +HUD GH VHU FRPSDxHUD \ OD GH 'HPpWHU GH WHQHU KLMRV
    IXQFLRQDEDQHQXQFOLPDFDGDYH]PiVLQVRSRUWDEOH
    &XDQGR GHWHUPLQDGRV SDWURQHV DUTXHWtSLFRV HQ DOJXQDV PXMHUHV
    HQFXHQWUDQHODPSDURGHODFXOWXUDHVDVPXMHUHVSXHGHQKDFHUORV
    TXH LQWHUQDPHQWH WLHQH VHQWLGR SDUD HOODV \ SXHGHQ UHFLELU OD
    DSUREDFLyQ H[WHUQD (O DSR\R LQVWLWXFLRQDO FXHQWD PXFKR 3RU
    HMHPSOR ODV PXMHUHV FRQ XQD PHQWH OyJLFD LQQDWD QHFHVLWDQ WHQHU
    DFFHVR D OD HGXFDFLyQ VXSHULRU SDUD GHVDUUROODUVH LQWHOHFWXDOPHQWH
    /DV PXMHUHV FRQ XQ HQIRTXH HVSLULWXDO WLSR +HVWLD SURJUHVDQ HQ
    FRPXQLGDGHVUHOLJLRVDV

    (O HIHFWR GH ODV KRUPRQDV HQ ODV GLRVDV


    &XDQGR ODV KRUPRQDV FDPELDQ GH PDQHUD HVSHFWDFXODU ²HQ OD
    SXEHUWDGGXUDQWHHOHPEDUD]R\FRQODPHQRSDXVLD²VHUHIXHU]DQ
    DOJXQRV DUTXHWLSRV D H[SHQVDV GH RWURV 'XUDQWH OD SXEHUWDG ODV
    KRUPRQDV UHVSRQVDEOHV GHO GHVDUUROOR JHQLWDO \ GH ORV SHFKRV
    SXHGHQ HVWLPXODU OD VHQVXDOLGDG \ OD VH[XDOLGDG TXH VRQ
    FDUDFWHUtVWLFDV GH $IURGLWD $OJXQDV QLxDV FXDQGR VH GHVDUUROODQ
    ItVLFDPHQWH VH FRQYLHUWHQ HQ MyYHQHV PXMHUHV $IURGLWD RWUDV
    GHVDUUROODQ ORV SHFKRV \ HPSLH]DQ VXV PHQVWUXDFLRQHV SHUR QR
    GLULJHQ VX LQWHUpV KDFLD ORV FKLFRV (O FRPSRUWDPLHQWR QR HVWi
    GHWHUPLQDGR ~QLFDPHQWH SRU ODV KRUPRQDV VLQR PHGLDQWH OD
    LQWHUDFFLyQGHpVWDVFRQORVDUTXHWLSRVGHODVGLRVDV
    (O HPEDUD]R HVWLPXOD XQ DXPHQWR PDVLYR GH OD KRUPRQD
    SURJHVWHURQD TXH PDQWLHQH ILVLROyJLFDPHQWH HO HPEDUD]R /DV
    GLIHUHQWHV PXMHUHV WDPELpQ UHDFFLRQDQ GH PDQHUD GLIHUHQWH D HVWH
    DXPHQWR$OJXQDVTXHGDQVDWLVIHFKDVHPRFLRQDOPHQWHDPHGLGDTXH
    VXV FXHUSRV VH HQVDQFKDQ FRQ HO QLxR \ VH VLHQWHQ FRPR OD
    HQFDUQDFLyQ GH 'HPpWHU OD GLRVD PDGUH 2WUDV SDUHFHQ ROYLGDUVH
    FDVLGHOHPEDUD]R\GLItFLOPHQWHIDOWDQDXQVRORGtDGHWUDEDMR
    /D PHQRSDXVLD ²HO ILQDO GH OD PHQVWUXDFLyQ SURGXFLGD SRU XQD
    UHGXFFLyQ GHO HVWUyJHQR \ GH OD SURJHVWHURQD² HV RWUR GH ORV
    SHULRGRVGHFDPELRKRUPRQDO/DPDQHUDHQTXHUHDFFLRQDDOPLVPR
    WLHPSR XQD PXMHU GHSHQGH GH QXHYR GH OD GLRVD TXH HVWp DFWLYD
    3RU FDGD 'HPpWHU DIOLJLGD TXH SDGHFH XQD GHSUHVLyQ SRU HO ³QLGR
    YDFtR´ SDUHFH TXH H[LVWHQ ²FRPR VHxDOy OD DQWURSyORJD 0DUJDUHW
    0HDG² RWUDV PXMHUHV FRQ XQD ROHDGD GH (30 R ³HQWXVLDVPR
    SRVPHQRSiXVLFR´ HQ LQJOpV 30= ³SRVWPHQRSDXVDO ]HVW´  (VWH
    DXPHQWR SXHGH VXFHGHU FXDQGR XQD GLRVD HQHUJHWL]DGD GH QXHYR
    SXHGHDKRUDWRPDUVXOLJDUHVSHUDGRGXUDQWHWDQWRWLHPSR
    ,QFOXVR GXUDQWH ORV SHUtRGRV PHQVWUXDOHV DOJXQDV PXMHUHV
    H[SHULPHQWDQ ³XQ FDPELR GH GLRVD´ FXDQGR KRUPRQDV \ DUTXHWLSRV
    LQWHUDFW~DQ\SURGXFHQXQLPSDFWRHQVXVSVLTXHV/DVPXMHUHVTXH
    VRQ VHQVLEOHV D HVWRV FDPELRV QRWDQ TXH GXUDQWH OD SULPHUD PLWDG
    GHO FLFOR SDUHFHQ PiV FRQHFWDGDV FRQ ODV GLRVDV LQGHSHQGLHQWHV
    HVSHFLDOPHQWH$UWHPLVDR$WHQHDFRQVXHQIRTXHH[WUDYHUWLGR\GH
    HQWUDGD\VDOLGDGHOPXQGR'HVSXpVGXUDQWHODVHJXQGDPLWDGGHO
    FLFOR FXDQGR DXPHQWD OD SURJHVWHURQD ²KRUPRQD IDFLOLWDGRUD GHO
    HPEDUD]R² SHUFLEHQ TXH VXV WHQGHQFLDV ³SDUD FRQVWUXLU HO QLGR´
    SDUHFHQ PiV IXHUWHV \ TXH VXV VHQWLPLHQWRV KRJDUHxRV \
    GHSHQGLHQWHV VH YXHOYHQ PiV SURQXQFLDGRV (Q HVRV PRPHQWRV ODV
    LQIOXHQFLDV PiV IXHUWHV VRQ ODV GH 'HPpWHU +HUD 3HUVpIRQH R
    +HVWLD>@
    (VWRVFDPELRVKRUPRQDOHV\GHGLRVDVSXHGHQSURGXFLUFRQIOLFWRV
    \ FRQIXVLyQ D PHGLD TXH HV SULPHUR XQD GLRVD OD TXH FREUD
    UHOHYDQFLD \ GHVSXpV RWUD 8Q PRGHOR FOiVLFR HV OD PXMHU
    LQGHSHQGLHQWH $UWHPLVD TXH YLYH FRQ XQ KRPEUH UHVLVWHQWH DO
    PDWULPRQLR R FRQ XQ KRPEUH TXH VLHQWH TXH QR WLHQH PDGHUD GH
    PDULGR9LYLUMXQWRVFRQVWLWX\HXQFRPSURPLVRTXHOHFRQYLHQHKDVWD
    TXH VH SURGXFH HO FDPELR KRUPRQDO (Q DOJ~Q PRPHQWR GH OD
    VHJXQGD SDUWH GHO FLFOR OD QHFHVLGDG GH +HUD GH VHU FRPSDxHUD
    UHFLEHDSR\RKRUPRQDO(OQRHVWDUFDVDGDDJLWDHQHVRVPRPHQWRV
    VHQWLPLHQWRV GH UHVHQWLPLHQWR R GH UHFKD]R TXH FRQGXFHQ D XQD
    SHOHD PHQVXDO R D XQD PLQLGHSUHVLyQ TXH FRQ WRGD SUHGLFWLELOLGDG
    WHUPLQDQFXDQGRDFDEDHOSHULRGR

    /DV SHUVRQDV \ ORV DFRQWHFLPLHQWRV DFWLYDQ ODV


    GLRVDV
    8QD GLRVD SXHGH YROYHUVH DFWLYD \ EURWDU D OD YLGD FXDQGR HO
    DUTXHWLSR HV SURYRFDGR SRU XQD SHUVRQD R XQ DFRQWHFLPLHQWR 3RU
    HMHPSORXQDPXMHUGHVFXEUHTXHODVLWXDFLyQGHGHVDPSDURGHRWUD
    SHUVRQD HV XQ LUUHVLVWLEOH HVWtPXOR SDUD GHMDU GH KDFHU OR TXH HVWi
    KDFLHQGR\VHUXQD'HPpWHUVROtFLWD(VWHFDPELRSXHGHSURGXFLUXQ
    HIHFWR QHJDWLYR HQ VX WUDEDMR SRU VHU OR TXH VXHOR GHMDU GH ODGR
    (PSOHD GHPDVLDGR WLHPSR HQ OODPDGDV WHOHIyQLFDV SHUVRQDOHV
    HVFXFKDQGRORVSUREOHPDVGHORVGHPiV&RQGHPDVLDGDIUHFXHQFLD
    VH SUHFLSLWD DIXHUD HQ PLVLRQHV GH FDULGDG SRQLpQGRVH DO ERUGH VH
    VHU GHVSHGLGD 2WUD PXMHU SXHGH GHVFXEULU TXH XQD PDUFKD
    IHPLQLVWDOHWUDQVIRUPDHQXQD$UWHPLVDKHFKD\GHUHFKDGLVSXHVWD
    D YHQJDU LQWUXVLRQHV HQ HO WHUULWRULR GH ODV PXMHUHV DO VHQWLU XQD
    ROHDGD GH KHUPDQGDG \ IXHU]D < ORV DVXQWRV HFRQyPLFRV SXHGHQ
    FRQYHUWLU VLQ HPEDUJR D RWUD PXMHU GH VHU XQD SHUVRQD
    GHVSUHRFXSDGD \ RULHQWDGD KDFLD ODV UHODFLRQHV SHUVRQDOHV HQ XQD
    $WHQHD TXH OXFKD SRU HO ³PtQLPR DFHSWDEOH´ PX\ ULJXURVD HQ ORV
    FRQWUDWRVHQFXDQWRDODSDUWHTXHOHFRUUHVSRQGH
    &XDQGR XQD PXMHU VH HQDPRUD HO FDPELR DPHQD]D D ODV
    SULRULGDGHVLQWHUQDPHQWHHQHOQLYHODUTXHWtSLFRSXHGHTXH\DQR
    VHPDQWHQJDQORVYLHMRVSDWURQHV&XDQGRVHDFWLYD$IURGLWDSXHGH
    GHVYDQHFHUVH OD LQIOXHQFLD GH $WHQHD KDFLHQGR TXH VX SURPRFLyQ
    SURIHVLRQDOVHDPHQRVLPSRUWDQWHTXHVXQXHYRDPRU2SXHGHTXH
    ORV YDORUHV SURPDWULPRQLR GH +HUD VHDQ VXSHUDGRV VL VH SURGXFH
    XQDLQILGHOLGDG
    6L HO DVSHFWR QHJDWLYR GH XQD GLRVD VH DFWLYD SRU ODV
    FLUFXQVWDQFLDV DSDUHFHQ VtQWRPDV SVLTXLiWULFRV /D SpUGLGD GH XQ
    KLMR R GH XQD UHODFLyQ VLJQLILFDWLYD SXHGH FRQYHUWLU D XQD PXMHU HQ
    XQD DIOLJLGD PDGUH 'HPpWHU TXH GHMD GH IXQFLRQDU \ VH VLHQWH
    VLPSOHPHQWH SURIXQGDPHQWH GHSULPLGD H LQDOFDQ]DEOH 2 OD
    SUR[LPLGDGGHVXPDULGRDXQDPXMHUDWUDFWLYD²VHDXQDFRPSDxHUD
    GH WUDEDMR XQD HPSOHDGD R XQD YHFLQD² SXHGH LQYRFDU D OD +HUD
    FHORVDKDFLHQGRTXHXQDPXMHUVHYXHOYDGHVFRQILDGD\SDUDQRLFD
    TXHYHHQJDxRVHLQILGHOLGDGGRQGHQRODVKD\

    (O ³KDFHU´ DFWLYD ODV GLRVDV


    (O GLFKR ³KDFHU HV KDFHUVH´ H[SUHVD FyPR SXHGHQ HYRFDUVH R
    GHVDUUROODUVHODVGLRVDVPHGLDQWHHOFXUVRHOHJLGRGHXQDDFFLyQ3RU
    HMHPSOR OD SUiFWLFD GH OD PHGLWDFLyQ SXHGH DFWLYDU R IRUWDOHFHU
    JUDGXDOPHQWHODLQIOXHQFLDGH+HVWLDODGLRVDLQWURYHUWLGD\HQIRFDGD
    KDFLD GHQWUR &RPR ORV HIHFWRV GH OD PHGLWDFLyQ PLVPD VLQ
    VXEMHWLYRV OD ~QLFD SHUVRQD TXH VXHOH QRWDU OD GLIHUHQFLD HV OD
    PLVPD PXMHU 3XHGH TXH PHGLWH XQDV GRV YHFHV DO GtD \ TXH
    HQWRQFHV VH RFXSH GH VXV TXHKDFHUHV FRWLGLDQRV VLQWLpQGRVH PiV
    ³FHQWUDGD´ GLVIUXWDQGR GH PRPHQWRV GH ELHQHVWDU WUDQTXLOR
    FDUDFWHUtVWLFRV GH +HVWLD $ YHFHV ORV GHPiV WDPELpQ QRWDQ OD
    GLIHUHQFLDFRPRSDVyFRQHOSHUVRQDOGHRILFLQDGHXQDVXSHUYLVRUD
    GHDVLVWHQWHVVRFLDOHVTXHVHGLRFXHQWDGHTXHFXDQGRPHGLWDED
    pVWDWHQtDPHQRVSULVDV\VHYROYtDPiVFDOPDGD\FRPSDVLYD
    (Q FRQWUDVWH FRQ ORV HIHFWRV JUDGXDOHV GH OD PHGLWDFLyQ XQD
    PXMHUTXHWRPDGURJDVSVLFROGpOLFDVSXHGHDOWHUDUVXSHUFHSFLyQGH
    PDQHUD SUHFLSLWDGD $XQTXH ORV HIHFWRV VXHOHQ VHU SDVDMHURV
    SXHGHQSURGXFLUVHFDPELRVGXUDGHURVGHSHUVRQDOLGDG3RUHMHPSOR
    VLXQDPXMHUTXHHVGRPLQDGDSRU$WHQHD²ODGLRVDSUDJPiWLFDGH
    PHQWDOLGDG OyJLFD² WRPD XQD GURJD SVLFRGpOLFD SXHGH GHVFXEULUVH
    GLVIUXWDQGR GH VXV VHQWLGRV SDUD YDULDU /R TXH HV PiV LQWHQVR \
    EHOOR VH TXHGD FRPSOHWDPHQWH DEVRUWD HQ OD P~VLFD VH VLHQWH
    VHQVXDO\TXHHOODHVPXFKRPiVTXHVXPHQWH7DOYH]$IURGLWDVH
    OH KDJD IDPLOLDU \ GLVIUXWH GH H[SHULHQFLDV LQWHQVDV HQ HO SUHVHQWH
    LQPHGLDWR2SXHGHTXHFRQWHPSOHODVHVWUHOODVVHQWLUVHXQDFRQOD
    QDWXUDOH]DRVHUSRUXQDYHU$UWHPLVDGLRVDGHODOXQDODFD]DGRUD
    FX\R UHLQR HUD OD QDWXUDOH]D 2 TXL]i OD H[SHULHQFLD GH OD GURJD OH
    OOHYH DO ³PXQGR VXEWHUUiQHR HQ GRQGH YLYD OD H[SHULHQFLD GHO
    FRQWHQLGRLQWDQJLEOHHLUUDFLRQDOGHOLQFRQVFLHQWH7DOYH]VHGHSULPD
    WHQJD DOXFLQDFLRQHV R TXHGH DWHUURUL]DGD VL VX H[SHULHQFLD VH
    DVHPHMDDOVHFXHVWURGH3HUVpIRQHHQHOPXQGRVXEWHUUiQHR
    8QD PXMHU TXH HOLMD FRQWLQXDU VX HGXFDFLyQ PiV DOOi GHO
    EDFKLOOHUDWRIDYRUHFHHOGHVDUUROORGHODVFXDOLGDGHVGH$WHQHD8QD
    PXMHU TXH HOLMD WHQHU XQ EHEp LQYLWD D IRUWDOHFHU OD SUHVHQFLD GH OD
    PDWHUQDO 'HPpWHU < DSXQWDUVH D XQD H[FXUVLyQ FRQ PRFKLOD HQ
    SOHQDQDWXUDOH]DSURSRUFLRQDPiVH[SUHVLyQD$UWHPLVD

    ,QYRFDQGR D ODV GLRVDV


    0XFKRVGHORVKLPQRVKRPpULFRVVRQLQYRFDFLRQHVDODVGHLGDGHV
    JULHJDV3RUHMHPSORXQKLPQRKRPpULFRSXHGHFUHDUODLPDJHQGH
    XQD GLRVD HQ OD PHQWH GH TXLHQ OR HVFXFKD DO GHVFULELU VX
    DSDULHQFLD DWULEXWRV \ KD]DxDV (QWRQFHV VH OD LQYLWD D HVWDU
    SUHVHQWHDHQWUDUHQXQKRJDUDGDUXQDEHQGLFLyQ/RVJULHJRVGH
    OD DQWLJHGDG VDEtDQ DOJR TXH QRVRWURV SRGHPRV DSUHQGHU ODV
    GLRVDVSXHGHQVHULPDJLQDGDV\GHVSXpVLQYRFDGDV
    (Q ORV FDStWXORV VREUH ODV GLRVDV FRQFUHWDV ORVDV OHFWRUDV WDO
    YH] GHVFXEUDQ TXH QR HVWiQ IDPLOLDUL]DGRVDV FRQ DOJXQD GH HOODV
    7DO YH] VH HQFXHQWUHQ FRQ TXH XQ DUTXHWLSR TXH OHV VHD
    HQRUPHPHQWH ~WLO QR HVWp GHVDUUROODGR VXILFLHQWHPHQWH R TXH
    DSDUHQWHPHQWH OHV ³IDOWH´ GHQWUR GH Vt (V SRVLEOH ³LQYRFDU´ GLFKD
    ³GLRVD´ KDFLHQGR FRQVFLHQWHPHQWH XQ HVIXHU]R SDUD YHU VHQWLU R
    WHQHU OD VHQVDFLyQ GH VX SUHVHQFLD ²YLVXDOL]DUOD PHGLDQWH OD
    LPDJLQDFLyQ² \ GHVSXpV SHGLU VX IXHU]D VLQJXODU +H DTXt XQRV
    HMHPSORVGHLQYRFDFLRQHV

    ł  $WHQHD D\~GDPH D SHQVDU FRQ FODULGDG HQ HVWD


    VLWXDFLyQ
    ł3HUVpIRQHD\~GDPHDSHUPDQHFHUDELHUWD\UHFHSWLYD
    ł+HUDD\~GDPHDFRPSURPHWHUPH\VHUILHO
    ł'HPpWHUHQVpxDPHDVHUSDFLHQWH\JHQHURVDD\~GDPH
    DVHUXQDEXHQDPDGUH
    ł$UWHPLVDPDQWpQPHFHQWUDGDHQHVHREMHWLYROHMDQR
    ł$IURGLWDD\~GDPHDDPDU\DGLVIUXWDUPLFXHUSR
    ł  +HVWLD KyQUDPH FRQ WX SUHVHQFLD GDPH SD] \
    VHUHQLGDG

    /DV GLRVDV \ ODV HWDSDV GH OD YLGD


    8QDPXMHUSXHGHDWUDYHVDUPXFKDVIDVHVHQVXYLGD&DGDHWDSD
    GHVXYLGDSXHGHWHQHUVXSURSLDGLRVDRGLRVDVPiVLQIOX\HQWHV2
    SXHGH SDVDU WRGD VX YLGD FRQ XQ SDWUyQ GH GLRVD D OR ODUJR GH ODV
    VXFHVLYDV HWDSDV &XDQGR ODV PXMHUHV FRQVLGHUDQ HO SDVDGR GH VXV
    YLGDV VXHOHQ UHFRQRFHU FXiQGR XQD R YDULDV GLRVDV HUDQ PiV
    LPSRUWDQWHVRLQIOX\HQWHVTXHRWUDV
    &RPR MRYHQ DGXOWD XQD PXMHU WDO YH] KD\D HVWDGR FHQWUDGD HQ
    VXHGXFDFLyQFRPR\RFXDQGRHVWXGLDEDPHGLFLQD(ODUTXHWLSRGH
    $UWHPLVD PH PDQWHQtD FHQWUDGD HQ PL PHWD 0LHQWUDV WDQWR
    LQYRFDEDODVFDSDFLGDGHVGH$WHQHDSDUDDSUHQGHUSURFHGLPLHQWRV\
    KHFKRV TXH FRQGXMHUDQ D HVWDEOHFHU GLDJQyVWLFRV EDVDGRV HQ
    GHVFXEULPLHQWRV FOtQLFRV \ GH ODERUDWRULR &RPR FRQWUDVWH PLV
    FRPSDxHUDV GH FXUVR TXH VH FDVDURQ LQPHGLDWDPHQWH GHVSXpV GH
    DFDEDU ORV HVWXGLRV \ WXYLHURQ KLMRV HVWDEDQ LQYRFDQGR D +HUD \ D
    'HPpWHU
    /DPLWDGGHODYLGDHVXQDpSRFDGHWUDQVLFLyQTXHVXHOHPDUFDU
    HOFRPLHQ]RGHXQFDPELRGHGLRVD(QDOJ~QPRPHQWRDPLWDGGH
    ORV WUHLQWD R D PLWDG GH ORV FXDUHQWD SDOLGHFH OD LQWHQVLGDG GHO
    DUTXHWLSRSUHGRPLQDQWHGHORVDxRVDQWHULRUHVORFXDOSHUPLWHTXH
    HPHUMDQRWUDVGLRVDV5HVXOWDQHYLGHQWHVORVUHVXOWDGRVGHOHVIXHU]R
    SXHVWRHQORTXHRFXSDVHDXQDPXMHUHQVXVSULPHURVDxRVGHYLGD
    DGXOWD PDWULPRQLR H KLMRV SURIHVLyQ HVIXHU]RV FUHDWLYRV XQ
    KRPEUH R XQD FRPELQDFLyQ GH WRGR HOOR $SDUHFH PiV HQHUJtD
    GLVSRQLEOHSDUDRWUDFRVDORFXDOFRQVWLWX\HXQDLQYLWDFLyQSDUDTXH
    RWUDVGLRVDVHMHU]DQVXLQIOXHQFLD¢/HLQIOXLUi$WHQHDSDUDTXHDFDEH
    XQD OLFHQFLDWXUD" 2 ¢SUHYDOHFHUi HO GHVHR GH 'HPpWHU GH WHQHU XQ
    KLMRHQXQPRPHQWRHQTXHVHWUDWDGH³DKRUDRQXQFD´"
    $ FRQWLQXDFLyQ YLHQH RWUD WUDQVLFLyQ WDUGtD HQ OD YLGD HQ OD TXH
    ODV GLRVDV SXHGHQ FDPELDU GH QXHYR (O SHULRGR GH OD
    SRVPHQRSDXVLDSXHGHDQXQFLDUXQFDPELRORPLVPRTXHHOHVWDGR
    GHYLXGHGDGODMXELODFLyQRVHQWLUVHYLHMD¢'HVFXEULUiODYLXGDTXH
    GHEH PDQHMDU GLQHUR SRU SULPHUD YH] XQD $WHQHD ODWHQWH \ VH
    HQFRQWUDUi FRQ TXH HV FDSD] GH HQWHQGHU GH LQYHUVLRQHV" ¢6H KD
    FRQYHUWLGR OD VROHGDG QR GHVHDGD HQ XQ FyPRGR UHWLUR LQWHUQR
    SRUTXH VH FRQRFH DKRUD D +HVWLD" 2 ¢VH KD YXHOWR DKRUD OD YLGD
    YDFtD\VLQVHQWLGRSRUTXH'HPpWHUQRWLHQHDQDGLHDTXLHQQXWULU"
    &RPR HQ FXDOTXLHU RWUD HWDSD GH OD YLGD HO UHVXOWDGR SDUD FDGD
    PXMHU GHSHQGH GH OD GLRVD TXH VHD DFWLYDGD HQ OD SVLTXH ODV
    UHDOLGDGHVGHVXVLWXDFLyQ\ODVHOHFFLRQHVTXHKDJD
     ± /$6 ',26$6 9Ë5*(1(6
    $57(0,6$ $7(1($ < +(67,$
    /DV WUHV GLRVDV YtUJHQHV GH OD PLWRORJtD JULHJD VRQ $UWHPLVD GLRVD
    GH OD FD]D \ GH OD OXQD $WHQHD GLRVD GH OD VDELGXUtD \ GH OD
    DUWHVDQtD \ +HVWLD GLRVD GHO KRJDU \ GH ORV WHPSORV (VWDV WUHV
    GLRVDV SHUVRQLILFDQ ORV DVSHFWRV LQGHSHQGLHQWHV DFWLYRV \ GH QR
    UHODFLyQGHODSVLFRORJtDIHPHQLQD$UWHPLVD\$WHQHDVRQDUTXHWLSRV
    RULHQWDGRV KDFLD IXHUD \ KDFLD HO ORJUR PLHQWUDV TXH +HVWLD VH
    HQIRFD VX DWHQFLyQ KDFLD GHQWUR /DV WUHV UHSUHVHQWDQ LPSXOVRV
    LQWHUQRV HQ ODV PXMHUHV SDUD GHVDUUROODU WDOHQWRV LU HQ SRV GH
    LQWHUHVHV UHVROYHU SUREOHPDV FRPSHWLU FRQ ORV GHPiV H[SUHVDUVH
    GH PDQHUD DUWLFXODGD FRQ SDODEUDV R PHGLDQWH IRUPDV DUWtVWLFDV
    SRQHU VX HQWRUQR HQ RUGHQ R OOHYDU YLGDV FRQWHPSODWLYDV &XDOTXLHU
    PXMHU TXH KD\D TXHULGR DOJXQD YH] ³XQ HVSDFLR SDUD Vt PLVPD´ VH
    VLHQWD HQ VX FDVD HQ SOHQD QDWXUDOH]D GLVIUXWH GHVFXEULHQGR FyPR
    IXQFLRQD DOJXQD FRVD R DSUHFLH OD VROHGDG SRVHH DOJ~Q SDUHQWHVFR
    FRQXQDGHHVWDVGLRVDVYtUJHQHV
    (ODVSHFWRGHGLRVDVYtUJHQHVHVHVDSDUWHGHXQDPXMHUTXHQR
    HV SRVHtGD R TXH ³QR HV SHQHWUDGD´ SRU XQ KRPEUH TXH TXHGD
    LQFyOXPH SRU OD QHFHVLGDG TXH WLHQH GH XQ KRPEUH R OD GH VHU
    YDOLGDGD SRU pO TXH H[LVWH FRPSOHWDPHQWH VHSDUDGD GH pO SRU
    GHUHFKRSURSLR&XDQGRXQDPXMHUYLYHWRGDVXYLGDXQDUTXHWLSRGH
    YLUJHQ TXLHUH GHFLU TXH XQD SDUWH VLJQLILFDWLYD GH HOOD HV
    SVLFROyJLFDPHQWHYLUJLQDOTXHQRVHItVLFD\OLWHUDOPHQWHYLUJHQ
    (O WpUPLQR YLUJHQ VLJQLILFD LQPDFXODGR SXUR LQFRUUXSWR QR
    XVDGR VLQ FXOWLYDU QR WRFDGR H LQH[SORUDGR ³SRU HO KRPEUH´ FRPR
    HQWLHUUDYLUJHQRVHOYDYLUJHQRQRSURFHVDGRSUHYLDPHQWHFRPRHQ
    XQDODQD YLUJHQ$FHLWH YLUJHQHVDFHLWHKHFKRDSDUWLUGHODSULPHUD
    SUHQVD GH DFHLWXQDV X RWUDV VHPLOODV H[WUDtGR VLQ FDORU
    PHWDIyULFDPHQWH QR WRFDGR SRU HO FDORU GH OD HPRFLyQ R GH OD
    SDVLyQ  (O PHWDO YLUJHQ HV HO TXH HVWi HQ VX IRUPD SULPLWLYD VLQ
    DOHDFLRQHVQLPH]FODVFRPRHQHORURYLUJHQ'HQWURGHXQVLVWHPD
    UHOLJLRVR \ GH XQ SHULRGR KLVWyULFR GRPLQDGR SRU ORV GLRVHV
    PDVFXOLQRV$UWHPLVD$WHQHD\+HVWLDVREUHVDOHQFRPRH[FHSFLRQHV
    1XQFD VH FDVDURQ QXQFD IXHURQ GRPLQDGDV VHGXFLGDV YLRODGDV R
    KXPLOODGDV SRU GLRVHV R PRUWDOHV PDVFXOLQRV 3HUPDQHFLHURQ
    ³LQWDFWDV´LQYLRODGDV$GHPiVVyORHVWDVWUHVHQWUHWRGRVORVGLRVHV
    GLRVDV \ PRUWDOHV IXHURQ LQFRQPRYLEOHV SRU HO LUUHVLVWLEOH SRGHU GH
    $IURGLWDODGLRVDGHODPRUSDUDLQIODPDUODSDVLyQ\DJLWDUHODQKHOR
    HUyWLFR\ORVVHQWLPLHQWRVURPiQWLFRV1ROHVFRQPRYtDQHODPRUOD
    VH[XDOLGDGQLHOHQDPRUDPLHQWR

    (O DUTXHWLSR GH OD GLRVD YLUJHQ


    &XDQGR HO DUTXHWLSR GH OD GLRVD YLUJHQ ²$UWHPLVD $WHQHD R
    +HVWLD² HV XQ DUTXHWLSR GRPLQDQWH OD PXMHU HV FRPR HVFULELy OD
    DQDOLVWD MXQJXLDQD (VWKHU +DUGLQJ HQ VX OLEUR :RPHQ¶V 0\VWHULHV
    ³FRPSOHWDHQVtPLVPD´ 8QD SDUWH LPSRUWDQWH GH VX SVLTXH ³QR
    SHUWHQHFHDQDGLH´3RUORWDQWRFRPRHVFULELy+DUGLQJ³8QDPXMHU
    TXH HV YLUJHQ FRPSOHWDHQVtPLVPD KDFH OR TXH KDFH QR SRU
    DOJ~Q GHVHR GH DJUDGDU QR SDUD JXVWDU R VHU DSUREDGD QL VLTXLHUD
    SRU Vt PLVPD QR SRU DOJ~Q GHVHR GH REWHQHU SRGHU VREUH RWUD
    SHUVRQDSDUDFDSWDUVXLQWHUpVRVXDPRUVLQRSRUTXHORTXHKDFH
    HV YHUGDG 6X DFFLyQ SXHGH VHU HIHFWLYDPHQWH QR FRQYHQFLRQDO
    3XHGH TXH WHQJD TXH GHFLU TXH QR FXDQGR VHUtD PiV IiFLO \ PiV
    DGHFXDGRFRQYHQFLRQDOPHQWHKDEODQGRGHFLUVt3HURFRPRYLUJHQ
    QR HVWi LQIOXLGD SRU ODV FRQVLGHUDFLRQHV TXH KDFHQ D OD PXMHU QR
    YLUJHQ FDVDGD R QR RULHQWDU VXV YHODV \ DGDSWDUVH D OD
    FRQYHQLHQFLD´>@
    6L XQD PXMHU HV FRPSOHWDHQVtPLVPD HVWDUi PRWLYDGD SRU OD
    QHFHVLGDG GH VHJXLU VXV SURSLRV YDORUHV LQWHUQRV GH KDFHU OR TXH
    WLHQH VHQWLGR SDUD HOOD R OH OOHQD FRQ LQGHSHQGHQFLD GH OR TXH
    SLHQVHQORVGHPiV
    'HVGHHOSXQWRGHYLVWDSVLFROyJLFRODGLRVDYLUJHQHVHVDSDUWH
    GH XQD PXMHU TXH QR KD VLGR WDOODGD QL SRU ODV H[SHFWDWLYDV
    FROHFWLYDV VRFLDOHV \ FXOWXUDOHV GHWHUPLQDGDV SRU ORV KRPEUHV  GH
    ORTXHGHEHVHUXQDPXMHUQLSRUXQMXLFLRPDVFXOLQRVREUHHOOD(O
    DVSHFWR GH OD GLRVD YLUJHQ HV XQD SXUD HVHQFLD GH OR TXH HV XQD
    PXMHU\GHORTXHHOODYDORUD3HUPDQHFHVLQWDFKDHLQFRQWDPLQDGD
    SRUTXH QR OR UHYHOD SRUTXH OR PDQWLHQH VDJUDGR \ QR YLRODGR R
    SRUTXH OR H[SUHVD VLQ QLQJXQD PRGLILFDFLyQ SDUD FRQIRUPDUOR D ODV
    SDXWDVPDVFXOLQDV
    (ODUTXHWLSRGHODYLUJHQSXHGHPDQLIHVWDUVHFRPRHVDSDUWHGH
    XQD PXMHU TXH HV IHPLQLVWD HQ VHFUHWR R DELHUWDPHQWH 3XHGH VHU
    H[SUHVDGR FRPR XQD DPELFLyQ FX\D SHUVHFXFLyQ HV GHVDOHQWDGD HQ
    ODV PXMHUHV FRPR HO GHVHR GH OD DYLDGRUD $PHOLD +HUDW GH YRODU D
    GRQGH QLQJ~Q SLORWR KDEtD YRODGR DQWHV QXQFD 2 SXHGH VHU OD
    FUHDWLYLGDGGHODPXMHUFRPRSRHWLVDSLQWRUDP~VLFDFUHDQGRDUWH
    TXH VH GHVDUUROOD D SDUWLU GH VX SURSLD H[SHULHQFLD FRPR PXMHU
    FRPR OD SRHVtD VH $ULHQQH 5LFK ODV SLQWXUDV GH -XG\ &KLFDJR RODV
    EDODGDV TXH FRPSRQH \ FDQWD +ROO\ 1HDU 2 SXHGH VHU H[SUHVDGD
    FRPRXQDSUiFWLFDGHPHGLWDFLyQRFRPRD\XGDHQORVSDUWRV
    0XFKDV PXMHUHV VH UH~QHQ SDUD FUHDU IRUPDV TXH VRQ ³GH
    PXMHUHV´/RVJUXSRVGHPXMHUHVSDUDHOGHVDUUROORGHODFRQFLHQFLD
    HOFXOWRDODGLRVDHQODFLPDGHODVPRQWDxDVODVFOtQLFDVPpGLFDV
    GH DXWRD\XGD GH PXMHUHV R ODV UHXQLRQHV VRFLDOHV GH YHFLQDV VRQ
    H[SUHVLRQHVGHDUTXHWLSRGHODGLRVDYLUJHQPDQLIHVWiQGRVHDWUDYpV
    GHJUXSRVGHPXMHUHV
    &DOLGDG GH OD FRQFLHQFLD FRPR XQD OX]
    LQWHQVDPHQWH FRQFHQWUDGD
    &DGD XQD GH ODV WUHV FDWHJRUtDV GH GLRVDV YLUJHQ YXOQHUDEOH \
    DOTXtPLFD  WLHQH XQD FDOLGDG GH FRQFLHQFLD FDUDFWHUtVWLFDV /D
    FRQFLHQFLD FHQWUDGD VREUH DOJR WLSLILFD D ODV GLRVDV YtUJHQHV>@ /DV
    PXMHUHVTXHVRQFRPR$UWHPLVD$WHQHD\+HVWLDSRVHHQHOWDOHQWR
    GHFRQFHQWUDUVXDWHQFLyQHQORTXHHVLPSRUWDQWHSDUDHOODV7LHQHQ
    OD FDSDFLGDG GH FRQFHQWUDUVH HQ OR TXH KDFHQ &XDQGR OR KDFHQ
    SXHGHQ H[FOXLU IiFLOPHQWH FXDOTXLHU FRVD DMHQD GH OD WDUHD TXH
    WLHQHQHQWUHODVPDQRVRODPHWDDODUJRSOD]R
    <R FRQVLGHUR OD FRQFLHQFLD FHQWUDGD VREUH DOJR DQiORJD D XQ
    LQWHQVR UD\R GH OX] HQIRFDGR GLULJLGR YROXQWDULDPHQWH TXH VyOR
    LOXPLQDDTXHOORTXHHQIRFDGHMDQGRWRGRORTXHTXHGDIXHUDGHVX
    UDGLR HQ OD RVFXULGDG R HQ ODV VRPEUDV 7LHQH XQD FDOLGDG GH IRFR
    UHIOHFWRU(QVXIRUPDPiVFRQFHQWUDGDODFRQFLHQFLDFHQWUDGDVREUH
    DOJR SXHGH LQFOXVR VHU FRPR XQ UD\R OiVHU WDQ SHQHWUDQWH R
    PLQXFLRVDPHQWH DQDOL]DGRUD HQ VX FDSDFLGDG GH H[DPLQDU TXH
    SXHGH VHU LQFUHtEOHPHQWH SUHFLVD R GHVWUXFWLYD GHSHQGLHQGR GH OD
    LQWHQVLGDGRREMHWLYRGHVXHQIRTXH
    &XDQGR XQD PXMHU SXHGH FRQFHQWUDUVH HQ UHVROYHU XQ SUREOHPD
    R DOFDQ]DU XQ PHUD VL VHU LQWHUUXPSLGD SRU ODV QHFHVLGDGHV GH ORV
    TXH OH URGHDQ VLQ SUHVWDU VLTXLHUD DWHQFLyQ D VXV SURSLDV
    QHFHVLGDGHV GH FRPLGD \ VXHxR SRVHH XQD FDSDFLGDG SDUD OD
    FRQFHQWUDFLyQFRQVFLHQWHTXHFRQGXFHDODVUHDOL]DFLRQHV3UHVWDVX
    ³DWHQFLyQQRGLYLGLGD´DFXDOTXLHUFRVDVREUHODTXHHVWpWUDEDMDQGR
    7LHQH XQD PHQWH ³GLULJLGD HQ XQD VROD GLUHFFLyQ´ TXH OH SHUPLWH
    KDFHU DTXHOOR HQ OR TXH SRQH VX PHQWH &XDQGR VH FRQFHQWUD HQ
    PHWDVH[WHUQDVRFXDOTXLHUWDUHDLQPHGLDWD²FRPRHVFDUDFWHUtVWLFR
    GH$UWHPLVD\$WHQHD²HOFHQWURGHLQWHUpVHVWiRULHQWDGRKDFLDHO
    ORJUR
    'DQLHOOH6WHHOGHFX\DVGLHFLVLHWHQRYHODVVHKDQYHQGLGRPiVGH
     PLOORQHV GH HMHPSODUHV HQ GLHFLRFKR OHQJXDV HV XQ HMHPSOR GH
    HVWHWLSRGHFRQFLHQFLDFHQWUDGDHQDOJR(OODVHGHVFULEHDVtPLVPD
    FRPR ³XQD VXSHUWULXQIDGRUD´ \ GLFH ³(V DOJR PX\ LQWHQVR 6XHOR
    WUDEDMDUYHLQWHKRUDVSRUGtDGXUPLHQGRGHGRVDFXDWURKRUDV(VWR
    FRQWLQ~DVLHWHGtDVSRUVHPDQDGXUDQWHVHLVVHPDQDV´>@ KDVWDTXH
    ODQRYHODHVWiWHUPLQDGD 
    &XDQGR OD FRQFHQWUDFLyQ HVWi GLULJLGD KDFLD GHQWUR KDFLD XQ
    FHQWURHVSLULWXDO²TXHHVHOFHQWURGHGLUHFFLyQGH+HVWLD²ODPXMHU
    HQODTXHHVSRGHURVRHVWHDUTXHWLSRSXHGHPHGLWDUGXUDQWHODUJRV
    SHULRGRV VLQ VHU GLVWUDtGD SRU HO PXQGR TXH OH URGHD QL SRU OD
    LQFRPRGLGDGGHPDQWHQHUXQDSRVWXUDGHWHUPLQDGD

    3DWURQHV GH VHU \ DFWXDU


    /DVPXMHUHVTXHVLJXHQVXVSURSLDVLQFOLQDFLRQHVSDUDFRQYHUWLUVH
    HQ QDGDGRUDV GH FRPSHWLFLyQ IHPLQLVWDV DFWLYDV FLHQWtILFDV
    HVWDGtVWLFDV HMHFXWLYDV GH HPSUHVD DPDV GH FDVD MLQHWHV TXH
    HQWUDQ HQ FRQYHQWRV R DVKUDPV VRQ HMHPSORV GH ODV FXDOLGDGHV GH
    ODV GLRVDV YtUJHQHV 3DUD GHVDUUROODU VXV WDOHQWRV \ FRQFHQWUDUVH HQ
    REWHQHU OR TXH WLHQH XQ YDORU SHUVRQDO SDUD HOODV ODV PXMHUHV
    YtUJHQHVVXHOHQHYLWDUGHVHPSHxDUSDSHOHVWUDGLFLRQDOHVGHPXMHU(O
    GHVDItR HV FyPR KDFHUOR HV GHFLU FyPR VHU DXWpQWLFDV FRQVLJR
    PLVPDV\DGDSWDUVHDYLYLUHQXQ³PXQGRPDVFXOLQR´
    (QPLWRORJtDFDGDXQDGHODVWUHVGLRVDVYtUJHQHVVHHQIUHQWDEDQ
    DXQGHVDItRVLPLODU\KDOODURQXQDVROXFLyQGLIHUHQWH
    $UWHPLVD GLRVD GH OD FD]D UHQXQFLy D OD FLXGDG HYLWDED HO
    FRQWDFWR FRQ ORV KRPEUHV \ SDVDED VX WLHPSR HQ SOHQD QDWXUDOH]D
    FRQ VX JUXSR GH QLQIDV 6X PDQHUD GH DGDSWDUVH IXH OD VHSDUDFLyQ
    GHORVKRPEUHV\GHVXLQIOXHQFLD(VWHPpWRGRHVDQiORJRDODGH
    ODV PXMHUHV DFWXDOHV TXH VH XQHQ D JUXSRV SDUD HO GHVDUUROOR GH OD
    FRQFLHQFLD \ VH KDFHQ IHPLQLVWDV EXVFDQGR GHILQLUVH \ GHILQLU VXV
    SURSLDV SULRULGDGHV R TXH WUDEDMDQ HQ FROHFWLYRV GLULJLGRV SRU
    PXMHUHV \ HQ DVXQWRV TXH FXEUHQ VXV QHFHVLGDGHV /DV PXMHUHV
    $UWHPLVD WDPELpQ HVWiQ UHSUHVHQWDGDV SRU ³LQGLYLGXDOLVWDV
    DFpUULPDV´ TXH VH ODV DUUHJODQ \ TXH KDFHQ OR TXH OHV LQWHUHVD VLQ
    DSR\R SHUVRQDO R DSUREDFLyQ SRU SDUWH GH ORV KRPEUHV QL WDPSRFR
    GHRWUDVPXMHUHV
    3RU FRQWUDVWH $WHQHD GLRVD GH OD VDELGXUtD VH XQtD D ORV
    KRPEUHVFRPRLJXDORVXSHULRUHQODVFRVDVTXHHVWRKDFtDQ(UDOD
    FDEH]D PiV IUtD HQ PHGLR GH OD EDWDOOD \ OD PHMRU HVWUDWHJD 6X
    DGDSWDFLyQIXHOD LGHQWLILFDFLyQFRQORVKRPEUHVVHKL]RFRPRXQR
    PiV GH HOORV (O HMHPSOR GH $WHQHD KD VLGR VHJXLGR SRU PXFKDV
    PXMHUHV TXH VH KDQ LQFRUSRUDGR DO PXQGR HPSUHVDULDO R TXH KDQ
    WULXQIDGRHQRFXSDFLRQHVWUDGLFLRQDOPHQWHPDVFXOLQDV
    3RU ~OWLPR +HVWLD OD GLRVD GHO KRJDU VLJXLy VX FDPLQR GH
    LQWURYHUVLyQSDUDDGDSWDUVHPHGLDQWHHODOHMDPLHQWRGHORVKRPEUHV
    6HUHSOHJyKDFLDGHQWURVHKL]RDQyQLPDHQDSDULHQFLD\VHODGHMR
    VROD /D PXMHU TXH DGRSWD HVWD PDQHUD GH VHU PLQLPL]DGD OD
    LPSRUWDQFLDGHVXIHPLQLGDGSDUDQRDWUDHUHOLQWHUpVQRGHVHDGRGH
    ORVYDURQHVHYLWDVLWXDFLRQHVFRPSHWLWLYDV\YLYHWUDQTXLODPHQWHDO
    WLHPSR TXH VH LQFOLQD PiV KDFLD ORV TXHKDFHUHV FRWLGLDQRV R OD
    PHGLWDFLyQTXHGDQVHQWLGRDVXYLGD
    'HOPLVPRPRGRFXDQGRPiVFRQFHQWUDGDHVWiXQDPXMHUHQVX
    SURSLR FDPLQR PiV SUREDEOH HV TXH QR VH YHD DIHFWDGD
    SURIXQGDPHQWH SRU ORV GHPiV (VWD FRQFHQWUDFLyQ SXHGH VHSDUDUOD
    GH VX YLGD HPRFLRQDO H LQVWLQWLYD DO LJXDO TXH VXV YtQFXORV FRQ ORV
    GHPiV 3VLFROyJLFDPHQWH KDEODQGR D PHQRV TXH KD\D VLGR
    ³SHQHWUDGD´ QDGLH KD ORJUDGR ³OOHJDU D HOOD´ 1DGLH OH LPSRUWD
    UHDOPHQWH\QRVDEHORTXHHVLQWLPLGDGHPRFLRQDO
    $VtVLXQDPXMHUVHLGHQWLILFDFRQHOSDWUyQGHXQDGLRVDYLUJHQ
    SXHGH TXH OOHYH XQD YLGD XQLODWHUDO \ IUHFXHQWHPHQWH VROLWDULD VLQ
    QLQJ~Q RWUR ³UHDOPHQWH VLJQLILFDWLYR´ 6LQ HPEDUJR DXQTXH XQD
    GLRVD SHUPDQHFH OLPLWDGD D VX SDSHO XQD PXMHU KXPDQD SXHGH
    GHVDUUROODUVH \ FDPELDU D OR ODUJR GH VX YLGD $XQTXH GH PDQHUD
    LQQDWD VHD VHPHMDQWH D XQD GLRVD YLUJHQ WDO YH] GHVFXEUD WDPELpQ
    OR TXH +HUD WLHQH TXH HQVHxDU VREUH ODV UHODFLRQHV UHVSRQVDEOHV
    VLHQWD ODV OODPDGDV GH LQVWLQWR PDWHUQDO \ DSUHQGD GH 'HPpWHU R
    SXHGHHQDPRUDUVH\GHVFXEULUGHPDQHUDLQHVSHUDGDTXH$IURGLWDHV
    WDPELpQXQDSDUWHGHHOOD

    /D QXHYD WHRUtD
    $O GHVFULELU D $UWHPLVD D $WHQHD \ D +HVWLD FRPR SDWURQHV
    IHPHQLQRVSRVLWLYRV\DFWLYRVHVWR\GHVDILDQGRORVSUHVXSXHVWRVTXH
    WUDGLFLRQDOPHQWH PDQWLHQH OD SVLFRORJtD 6HJ~Q VL HO SXQWR GH YLVWD
    HV IUHXGLDQR R MXQJXLDQR HQ OD SVLFRORJtD IHPHQLQD ODV FXDOLGDGHV
    FDUDFWHUtVWLFDV GH ODV GLRVDV YtUJHQHV KDQ VLGR GHILQLGDV FRPR
    VtQWRPDVSDWROyJLFRVRFRPRH[SUHVLRQHVGHXQHOHPHQWRPDVFXOLQR
    QR WRWDOPHQWH FRQVFLHQWH (VWDV WHRUtDV KDQ LQKLELGR OD FRQGXFWD \
    GDxDGR OD DXWRHVWLPD GH PXMHUHV TXH HQFDMDQ HQ ORV SDWURQHV GH
    GLRVDV YtUJHQHV 0XFKDV PXMHUHV IDPLOLDUL]DGDV FRQ OD WHRUtD
    IUHXGLDQDVHKDQFRQVLGHUDGRDVtPLVPDVFRPRDOJRQRQDWXUDOSRU
    HMHPSOR SRUTXH SUHIHUtDQ WHQHU XQD SURIHVLyQ D WHQHU XQ EHEp <
    PXFKDV PXMHUHV IDPLOLDUL]DGDV FRQ ODV WHRUtDV MXQJXLDQDV KDQ
    GXGDGR HQ H[SUHVDU VXV LGHDV SRU VDEHU TXH -XQJ FUHtD TXH OD
    FDSDFLGDGGHSHQVDUGHODVPXMHUHVGHPDQHUDREMHWLYDHUDLQIHULRU
    \HVWDEDVRPHWLGDDFUHHQFLDV
    /D WHRUtD GH 6LJPXQG )UHtG VREUH OD SVLFRORJtD IHPHQLQD HVWDED
    FHQWUDGDHQHOSHQHeOGHVFULEtDDODVPXMHUHVHQIXQFLyQGHORTXH
    QRWHQtDQGHVGHHOSXQWRGHYLVWDDQDWyPLFRHQOXJDUGHGHVFULELUODV
    HQ IXQFLyQ GH OR TXH Vt WHQtDQ HQ VXV FXHUSRV R HQ VXV SVLTXHV
    6HJ~QHOFULWHULRGH)UHtG>@HOKHFKRGHQRWHQHUSHQHVFRQYHUWtDD
    ODVPXMHUHVHQOLVLDGDVHLQIHULRUHV&RPRFRQVHFXHQFLDpOFRQVLGHUD
    TXH ODV PXMHUHV QRUPDOHV SDGHFtDQ HO GHVHR GH WHQHU SHQH HUDQ
    PDVRTXLVWDV \ QDUFLVLVWDV \ WHQtDQ XQ VXSHUHJR SRFR GHVDUUROODGR
    HVGHFLUXQDFRQFLHQFLDLQIHULRU 
    /D WHRUtD SVLFRDQDOtWLFD MXQJXLDQD LQWHUSUHWy FRPR VLJXH HO
    FRPSRUWDPLHQWRIHPHQLQR
    ł8QDPXMHUTXHHVFRPSHWHQWH\TXHWLHQHFRQILDQ]DHQ
    VtPLVPDTXHUHDOL]DDOJRHQHOPXQGR\TXHPXHVWUDFyPR
    GLVIUXWD OD RSRUWXQLGDG GH DFWXDOL]DU VX LQWHOLJHQFLD \
    FDSDFLGDGHVHVWiH[KLELHQGRXQ³FRPSOHMRGHPDVFXOLQLGDG´
    6HJ~Q)UHtGDFW~DFRPRVLFUH\HUDTXHQRKDVLGRFDVWUDGD
    FXDQGR HQ UHDOLGDG OR KD VLGR 1LQJXQD PXMHU TXLHUH
    UHDOPHQWHVREUHVDOLUSRUTXHODQHFHVLGDGGHVREUHVDOLUHVXQ
    VtQWRPDGHXQFRPSOHMRGHPDVFXOLQLGDGXQDQHJDFLyQGHOD
    ³UHDOLGDG´
    ł8QDPXMHUTXHTXLHUHXQQLxRORTXHUHDOPHQWHTXLHUH
    HV XQ SHQH \ VXEOLPD HVWH GHVHR VXVWLWX\HQGR VX GHVHR GH
    SHQHSRUHOGHVHRGHOQLxR
    ł  8QD PXMHU TXH VH VLHQWH VH[XDOPHQWH DWUDtGD SRU ORV
    KRPEUHV HV SRUTXH GHVFXEULy TXH VX PDGUH QR WHQtD SHQH
    (Q OD WHRUtD IUHXGLDQD OD KHWHURVH[XDOLGDG GH XQD PXMHU VH
    UHPRQWD D HVH PRPHQWR WUDXPiWLFR HQ HO TXH VLHQGR XQD
    QLxDGHVFXEUtDTXHQRWHQtDSHQH\GHVSXpVDYHULJXDEDTXH
    VXPDGUHWDPSRFRORWHQtDGHPDQHUDTXHGHVYLDEDODOLELGR
    GHVGHVXPDGUHKDFLDVXSDGUHTXHVtORWHQtD 
    ł  'HVGH HO SXQWR GH YLVWD IUHXGLDQR XQD PXMHU
    VH[XDOPHQWH DFWLYD FRPR VH VXSRQH TXH GHEHQ VHU ORV
    KRPEUHV QR SXHGH GLVIUXWDU GH VX VH[XDOLGDG \ H[SUHVDU VX
    QDWXUDOH]D VHQVXDO (Q OXJDU GH HOOR VH FRPSRUWD GH XQD
    PDQHUDFRPSXOVLYDLQWHQWDQGRDOLYLDUVXVDQVLHGDGHVVREUHOD
    FDVWUDFLyQ

    /D WHRUtD GH &* -XQJ VREUH OD SVLFRORJtD GH ODV PXMHUHV>@ IXH
    PXFKR PiV ³DPDEOH´ KDFLD ODV PXMHUHV TXH OD GH )UHXG HQ HO
    VHQWLGR GH TXH -XQJ QR SHUFLEtD D ODV PXMHUHV VyOR FRPR KRPEUHV
    FDUHQWHV-XQJHODERUyODKLSyWHVLVGHODH[LVWHQFLDGHXQDHVWUXFWXUD
    SVtTXLFD TXH FRUUHVSRQGtD D OD GLIHUHQWH FRPSRVLFLyQ FURPRVyPLFD
    GHKRPEUHV\PXMHUHV'HVGHHVWDSHUVSHFWLYDODVPXMHUHVSRVHHQ
    XQD SHUVRQDOLGDG FRQVFLHQWH IHPHQLQD \ XQ FRPSRQHQWH PDVFXOLQR
    ²OODPDGRHODQLPXV²HQVXLQFRQVFLHQWHPLHQWUDVTXHORVKRPEUHV
    SRVHHQ XQD SHUVRQDOLGDG FRQVFLHQWH PDVFXOLQD \ XQD DQLPD
    IHPHQLQDHQVXLQFRQVFLHQWH
    3DUD -XQJ UHFHSWLYLGDG SDVLYLGDG FDSDFLGDG GH QXWULU \
    VXEMHWLYLGDG FDUDFWHUL]DEDQ OD SHUVRQDOLGDG IHPHQLQD -XQJ HVWLPy
    FRPR DWULEXWRV PDVFXOLQRV OD UDFLRQDOLGDG OD HVSLULWXDOLGDG \ OD
    FDSDFLGDGSDUDDFWXDUGHPDQHUDGHFLVLYDHLPSHUVRQDOeOFRQVLGHUy
    D ORV KRPEUHV FRPR HVSHFLDOPHQWH GRWDGRV HQ HVWRV FDPSRV /DV
    PXMHUHVFRQUDVJRVVLPLODUHVGHSHUVRQDOLGDGSRUPX\GHVDUUROODGRV
    TXH ORV WXYLHUDQ HVWDEDQ HQ LQIHULRULGDG GH FRQGLFLRQHV SRUTXH QR
    HUDQ KRPEUHV VL XQD PXMHU SHQVDED FRUUHFWDPHQWH R HUD
    FRPSHWHQWH HQ HO PXQGR VLPSOHPHQWH WHQtD XQ iQLPXV PDVFXOLQR
    ELHQ GHVDUUROODGR \ SRU GHILQLFLyQ HUD PHQRV FRQVFLHQWH TXH ORV
    KRPEUHV\SRUORWDQWRLQIHULRUDHOORV(OiQLPRVWDPELpQSRGtDVHU
    KRVWLO LPSXOVDGR SRU HO SRGHU H LUUDFLRQDOPHQWH REVWLQDGR
    FDUDFWHUtVWLFDV TXH -XQJ \ ORV DFWXDOHV MXQJXLDQRV  WLHQGHQ D
    GHVWDFDUDOGHVFXEULUFyPRIXQFLRQDQHOiQLPXV
    $XQTXH -XQJ QR FRQVLGHUDED D ODV PXMHUHV FRPR FDUHQWHV SRU
    QDWXUDOH]D ODV YHtD LQWUtQVHFDPHQWH PHQRV FUHDWLYDV \ PDQRV
    FDSDFHVGHVHUREMHWLYDVRGHHPSUHQGHUDFFLRQHVTXHORVKRPEUHV
    (Q JHQHUDO -XQJ WHQGtD D YHU D ODV PXMHUHV HQ UHODFLyQ FRQ ORV
    KRPEUHVRDVXVHUYLFLRHQOXJDUGHFRQVLGHUDUODVFRQQHFHVLGDGHV
    SURSLDV H LQGHSHQGLHQWHV 3RU HMHPSOR HQ OR FRQFHUQLHQWH D OD
    FUHDWLYLGDG FRQVLGHUDED D ORV KRPEUHV FRPR FUHDGRUHV \ D ODV
    PXMHUHVFRPRDVLVWHQWHHQHOSURFHVRFUHDWLYRGHpVWRV³8QKRPEUH
    GDDOX]VXWUDEDMRFRPRXQDWRWDOFUHDFLyQDSDUWLUGHVXQDWXUDOH]D
    IHPHQLQDLQWHUQD´\³HOODGRPDVFXOLQRLQWHUQRGHXQDPXMHUJHQHUD
    VHPLOODVFUHDWLYDVTXHWLHQHHOSRGHUGHIHUWLOL]DUHOODGRIHPHQLQRGHO
    KRPEUH´>@
    6X SRVLFLyQ WHyULFD GHVDOHQWy ORV HVIXHU]RV GH ODV PXMHUHV SDUD
    WULXQIDU -XQJ HVFULELy ³$O HPSUHQGHU XQD SURIHVLyQ PDVFXOLQD
    HVWXGLDU \ WUDEDMDU FRPR XQ KRPEUH OD PXMHU HVWi KDFLHQGR DOJR
    TXHQRHVWiWRWDOPHQWHGHDFXHUGRFRQVXQDWXUDOH]DIHPHQLQDVLHV
    TXHQRHVWiGLUHFWDPHQWHGDxiQGROD´>@
    3DWURQHV GH GLRVDV
    &XDQGR VH FRQVLGHUD D ODV GLRVDV FRPR SDWURQHV GHO
    FRPSRUWDPLHQWR QRUPDO IHPHQLQR XQD PXMHU TXH VH SDUHFH GH
    PDQHUD QDWXUDO PiV D OD VDELD $WHQHD R D OD FRPSHWLWLYD $UWHPLVD
    TXHDODEXHQDHVSRVD+HUDRDODPDWHUQDO'HPpWHUHVDSUHFLDGD
    HQ VX VHU IHPHQLQR DXQTXH VHD DFWLYD REMHWLYD HQ VXV
    DVHYHUDFLRQHV R HVWp RULHQWDGD KDFLD HO p[LWR (V DXWpQWLFD FRQ OD
    IRUPD FRPR OD GLRVD FRQFUHWD D OD TXH PiV VH SDUHFH 1R SDGHFH
    QLQJ~Q FRPSOHMR GH PDVFXOLQLGDG FRPR GLDJQRVWLFDUtD )UHtG \ QR
    HVWiLGHQWLILFDGDFRQHOiQLPXVQLHVPDVFXOLQDHQVXDFWLWXGFRPR
    VXJHULUtD-XQJ
    &XDQGRXQDPXMHUWLHQHD$WHQHD\D$UWHPLVDFRPRSDWURQHVGH
    GLRVDV SXHGH TXH QR VHDQ IDFHWDV GH VX SHUVRQDOLGDG DWULEXWRV
    FRPRODGHSHQGHQFLDODUHFHSWLYLGDGRODFDSDFLGDGGHQXWULUeVWDV
    VRQ ODV FXDOLGDGHV TXH QHFHVLWD GHVDUUROODU SDUD VHU XQD SHUVRQD
    FDSD] GH PDQWHQHU UHODFLRQHV YROYHUVH YXOQHUDEOH GDU \ UHFLELU
    DPRU\ELHQHVWDUDVtFRPRIDYRUHFHUHOGHVDUUROORGHORVGHPiV
    (O IRFR LQWHUQR \ FRQWHPSODWLYR GH +HVWLD OD PDQWLHQH D XQD
    GLVWDQFLD HPRFLRQDO GH ORV GHPiV $XQTXH VHD LQGHSHQGLHQWH VX
    FDOLGH] WUDQTXLOD HV QXWULHQWH \ FRPSDVLYD /R TXH QHFHVLWD
    GHVDUUROODU \ TXH YDOH WDPELpQ SDUD $UWHPLVD \ $WHQHD HV OD
    FDSDFLGDGGHLQWLPLGDGSHUVRQDO
    (VWDV WDUHDV GH GHVDUUROOR GLILHUHQ GH ODV QHFHVLGDGHV GH
    HYROXFLyQGHODVPXMHUHVTXHVHSDUHFHQD+HUD'HPpWHU3HUVpIRQH
    R $IURGLWD (VWRV FXDWUR SDWURQHV GH GLRVDV SUHGLVSRQHQ D ODV
    PXMHUHVDODVUHODFLRQHVODVSHUVRQDOLGDGHVGHHVWHWLSRGHPXMHUHV
    HQFDMDQ FRQ OD GHVFULSFLyQ MXQJXLDQD GH ODV PXMHUHV 1HFHVLWDQ
    DSUHQGHU FyPR SHUPDQHFHU FHQWUDGDV VREUH DOJR REMHWLYDV \
    FDSDFHV GH DILUPDUVH FRQ IXHU]D FXDOLGDGHV TXH QR HVWiQ
    IXHUWHPHQWH GHVDUUROODGDV GH PDQHUD LQQDWD HQ GLFKRV SDWURQHV
    (VWDV PXMHUHV QHFHVLWDQ GHVDUUROODU HO iQLPXV R DFWLYDU ORV
    DUTXHWLSRVGH$UWHPLVD\GH$WHQHDHQVXVYLGDV
    &XDQGRHV+HVWLDHODUTXHWLSRGRPLQDQWHHQXQDPXMHUWLHQHHQ
    FRP~QFRQODVPXMHUHVRULHQWDGDVKDFLDODVUHODFLRQHVOHQHFHVLGDG
    GH GHVDUUROODU VX iQLPXV R GH WHQHU $UWHPLVD \ D $WHQHD FRPR
    DUTXHWLSRVDFWLYRVVLHVTXHTXLHUHVHUHILFD]HQHOPXQGR

    ¢ÈQLPXV PDVFXOLQR R DUTXHWLSR IHPHQLQR"


    /RVVHQWLPLHQWRVVXEMHWLYRV\ORVSHUVRQDMHVTXHDSDUHFHQHQORV
    VXHxRV D\XGDQ D GLVWLQJXLU VL HO IRFR DFWLYR GH XQD PXMHU HVWi
    DVRFLDGR D XQ iQLPXV PDVFXOLQR R D XQ SDWUyQ IHPHQLQR GH GLRVD
    3RU HMHPSOR VL XQD PXMHU VLHQWH TXH OD SDUWH GH HOOD TXH HV FDSD]
    GH KDFHU DILUPDFLRQHV FRQ IXHU]D HV DOJR DMHQR D Vt PLVPD ²HV
    GHFLU VLHQWH FRPR VL WXYLHUD XQ YDUyQ GHQWUR GH HOOD DO TXH UHFXUUH
    HQ VLWXDFLRQHV GLItFLOHV TXH OH H[LJHQ ³VHU UXGD´ R ³SHQVDU FRPR XQ
    KRPEUH´ \ QR VLHQWH QLQJXQD GH ODV FRVDV ³FRPR SURSLDV ²
    HQWRQFHVHVVXiQLPXVHOTXHVXUJHSDUDGLFKDRFDVLyQ\OHD\XGD
    $OLJXDOTXHVHUHFXUUHDXQPRWRUDX[LOLDUFXDQGRVHUHTXLHUHPiV
    SRWHQFLDHOiQLPXVHVPDQWHQLGRHQUHVHUYD(VWHPRGRGHUHVHUYD
    H[LVWH HVSHFLDOPHQWH VLQ QLQJXQD GXGD HQ PXMHUHV HQ ODV TXH
    +HVWLD +HUD 'HPpWHU 3HUVpIRQH R $IURGLWD VRQ ORV SDWURQHV PiV
    IXHUWHV
    3HUR FXDQGR VRQ $WHQHD \ $UWHPLVD DVSHFWRV ELHQ GHVDUUROODGRV
    GH VX SHUVRQDOLGDG XQD PXMHU SXHGH DILUPDUVH FRQ IXHU]D GH
    PDQHUDQDWXUDOSHQVDUFRUUHFWDPHQWHVDEHUORTXHTXLHUHUHDOL]DUR
    FRPSHWLU FyPRGDPHQWH (VWDV FXDOLGDGHV OHMRV GH VHU DMHQDV VH
    VLHQWHQFRPRH[SUHVLRQHVLQWUtQVHFDVGHODSHUVRQDTXHHOODHVFRPR
    PXMHU\QRFRPRODVFXDOLGDGHVGHXQiQLPXVPDVFXOLQRTXHKDFH
    ODVFRVDVSRU³HOOD´
    /RVVXHxRVFRQVWLWX\HQHOVHJXQGRPpWRGRGHGLVWLQJXLUXQWLSR
    $UWHPLVD R $WHQHD GH XQ iQLPXV ,QGLFDQ VL HVWDV GLRVDV YtUJHQHV
    FRQHORULJHQGHODDFWLWXGDFWLYDGHXQDPXMHURVLVXVFXDOLGDGHV
    FRPR OD FDSDFLGDG GH DILUPDUVH R SHUVHJXLU REMHWLYRV GHEHQ
    DWULEXLUVHDODVSHFWRPDVFXOLQRGHODPXMHU
    &XDQGR$UWHPLVD\$WHQHDVRQORVDUTXHWLSRVSUHGRPLQDQWHVOD
    VRxDGRUD VXHOH HVWDU H[SORUDQGR VROD XQ WHUUHQR GHVFRQRFLGR 6H
    KDOOD HQ HO SDSHO GH SURWDJRQLVWD TXH OXFKD FRQ REVWiFXORV HVFDOD
    PRQWDxDV R VH DYHQWXUD HQ XQ SDtV H[WUDQMHUR R HQ XQ SDLVDMH
    VXEWHUUiQHR3RUHMHPSOR³(VWR\DOYRODQWHGHPLFRFKHFRQYHUWLEOH
    FRUULHQGRGHQRFKHDWRGDYHORFLGDGSRUXQDFDUUHWHUDUXUDO\HQGR
    PiVUiSLGDTXHFXDOTXLHUDTXHVHDTXHPHHVWiSHUVLJXLHQGR´³VR\
    XQD IRUDVWHUD HQ XQD H[WUDxD FLXGDG VHPHMDQWH D ORV MDUGLQHV
    FROJDQWHV GH %DELORQLD ³HV FRPR VHU DJHQWH GREOH QR VH VXSRQH
    TXH GHED HVWDU DOOt \ VHUtD SHOLJURVR TXH FXDOTXLHUD GH ORV TXH PH
    URGHDQVHGLHVHFXHQWDGHTXLpQVR\´
    /DV GLILFXOWDGHV R IDFLOLGDGHV GHO YLDMH FRQWDGDV HQ VXV VXHxRV
    WLHQHQ XQD FRUUHODFLyQ FRQ ORV REVWiFXORV LQWHUQRV \ H[WHUQRV D ORV
    TXH VH HQIUHQWD D OD VRxDGRUD FXDQGR LQWHQWD FRPSRUWDUVH FRQ
    GHWHUPLQDFLyQ \ VHU XQD SHUVRQD HIHFWLYD HQ HO PXQGR /R PLVPR
    TXH HQ VXV VXHxRV VH VLHQWH QDWXUDO FXDQGR GHWHUPLQD VX SURSLR
    FDPLQR(VWiVLHQGRVXVHUDFWLYRFRQODPHQWHSXHVWDHQVtPLVPD
    &XDQGRODVFXDOLGDGHVGHDILUPDFLyQHVWiQHQVXVSULPHUDVIDVHV
    GH GHVDUUROOR XQD VRxDGRUD VXHOH HVWDU DFRPSDxDGD SRU RWUR
    SHUVRQDMH (VWH FRPSDxHUR GHEH VHU YDUyQ R PXMHU XQD SUHVHQFLD
    YLVWD LQGLVWLQWDPHQWH R XQD SHUVRQD FODUDPHQWH GHILQLGR \
    UHFRQRFLEOH (O VH[R GHO FRPSDxHUR FRQVWLWX\H XQ FRPHQWDULR
    VLPEyOLFR TXH D\XGD D GLIHUHQFLDU VL HVWDV FDSDFLGDGHV HPHUJHQWHV
    VRQ YLVWDV FRPR ³PDVFXOLQDV´ iQLPXV  R ³IHPHQLQDV´ GLRVDV
    YtUJHQHV 
    3RUHMHPSORVLODVRxDGRUDHVWiGHVDUUROODQGRVXVFXDOLGDGHVGH
    $UWHPLVDR$WHQHD\VHHQFXHQWUDHQVXVSULPHURVDxRVHGXFDWLYRV
    R SURIHVLRQDOHV VX FRPSDxHUD GH VXHxRV PiV FRQVWDQWH VXHOH VHU
    XQD LQGHILQLGD PXMHU GHVFRQRFLGD VLQ UDVJRV GLIHUHQFLDGRV 0iV
    DGHODQWH VX FRPSDxHUD SRGUtD VHU XQD PXMHU FX\D WUD\HFWRULD
    HGXFDWLYDRSURIHVLRQDOHVFRPRODGHODVRxDGRUDVyORTXHXQSRFR
    PiVGHVDUUROODGDRXQDFRPSDxHUDGHFXUVRTXHFRQWLQXyDOJRGHVt
    PLVPDHQHOPXQGR
    &XDQGR HO FRPSDxHUR HQ XQD DYHQWXUD VRxDGD HV XQ KRPEUH R
    XQ PXFKDFKR OD VRxDGRUD VXHOH VHU XQD PXMHU WUDGLFLRQDO TXH VH
    LGHQWLILFDFRQODVGLRVDVYXOQHUDEOHVRFRPRVHUYHUiPiVDGHODQWH
    FRQ +HVWLD R $IURGLWD 3DUD HVWDV PXMHUHV ORV KRPEUHV VLPEROL]DQ
    DFFLyQ \ SRU OR WDQWR GHILQHQ HQ VXV VXHxRV ODV FXDOLGDGHV GH
    DILUPDFLyQRFRPSHWLWLYDVFRPRPDVFXOLQDV
    $VtSXHVFXDQGRXQDPXMHUHQWUDGXELWDWLYDPHQWHHQHOPXQGR
    GHO WUDEDMR R HQ HO ERVTXH DFDGpPLFR D\XGDGD SRU XQ iQLPXV R
    DVSHFWR PDVFXOLQR GH Vt PLVPD HVH DVSHFWR SXHGH HVWDU
    UHSUHVHQWDGR HQ VXV VXHxRV SRU XQ KRPEUH WHQXHPHQWH SHUFLELGR
    WDO YH] XQ PXFKDFKR MRYHQ R XQ DGROHVFHQWH TXH HVWi WRGDYtD HQ
    IDVH GH GHVDUUROOR  TXH VH HQFXHQWUD FRQ HOOD HQ XQ OXJDU
    GHVFRQRFLGR \ FRQ IUHFXHQFLD SHOLJURVR 'HVSXpV GH TXH HOOD KD
    UHFLELGR VX WtWXOR R KD VLGR SURPRFLRQDGD \ VH VLHQWH FRQ PiV
    FRQILDQ]D HQ VXV FDSDFLGDGHV OD EDVH GHO VXHxR VH YXHOYH PiV
    DPLVWRVD \ VX VtPEROR SUREDEOHPHQWH VH FRQYLHUWD HQ XQ KRPEUH
    FRQRFLGR R TXH SDUHFH IDPLOLDU HQ HO VXHxR 3RU HMHPSOR ³0H
    HQFXHQWUR HQ XQ YLDMH ODUJR \ FRPSOLFDGR HQ DXWRE~V FRQ PL YLHMR
    QRYLR´ R ³HVWR\ HQ XQ FRFKH FRQGXFLGR SRU XQ KRPEUH TXH DKRUD
    QRSXHGRLGHQWLILFDUSHURHQHOVXHxRHVDOJXLHQDOTXHFRQR]FRPX\
    ELHQ´
    /DQXHYDWHRUtDTXHKHHODERUDGRHQHVWHOLEURHVWiEDVDGDHQOD
    H[LVWHQFLD GH ORV SDWURQHV DUTXHWtSLFRV XQ FRQFHSWR TXH LQWURGXMR
    -XQJ 1R KH GHVFDUWDGR HO PRGHOR GH OD SVLFRORJtD IHPHQLQD TXH
    -XQJ GHVFULELy KH YLVWR TXH HQFDMD FRQ DOJXQD SHUR QR FRQ WRGDV
    ODV PXMHUHV /RV FDStWXORV VREUH ODV GLRVDV YXOQHUDEOHV \ $IURGLWD
    DILQDQ XQ SRFR PiV HO PRGHOR MXQJXLDQR PLHQWUDV TXH ORV WUHV
    VLJXLHQWHV FDStWXORV ²VREUH $UWHPLVD $WHQHD \ +HVWLD²
    SURSRUFLRQDQQXHYRVSDWURQHVTXHYDQPiVDOOiGHORVFRQFHSWRVGH
    -XQJ
     ± $57(0,6$ ',26$ '( /$ &$=$
    < '( /$ /81$ 5,9$/ < +(50$1$

    $UWHPLVD OD GLRVD
    $UWHPLVDFRQRFLGDSRUORVURPDQRVFRPR'LDQDHUDGLRVDGHOD
    FD]D\GLRVDGHOD/XQD/DHVEHOWD\DGRUDEOHKLMDGH=HXV\/DWRQD
    HUUDED SRU ORV ERVTXHV PRQWDxDV \ SUDGRV VDOYDMHV HQ DOHJUH
    FRPSDxtDGHVXJUXSRGHQLQIDV\SHUURVFD]DGRUHV9HVWLGDFRQXQD
    FRUWDW~QLFDDUPDGDFRQXQDUFRGHSODWDXQFDUFDMGHIOHFKDVDVX
    HVSDOGD HUD OD DUTXHUD GH GLVSDUR FHUWHUR &RPR GLRVD GH OD OXQD
    WDPELpQVHODSUHVHQWDFRPRSRUWDGRUDGHODOX]OOHYDQGRDQWRUFKDV
    HQVXVPDQRVRFRQODOXQD\ODVHVWUHOODVURGHDQGRVXFDEH]D
    &RPR GLRVD GH OD YLGD QDWXUDO HQ HVSHFLDO GH OD MRYHQ YLGD
    QDWXUDO VH OD DVRFLDED D PXFKRV DQLPDOHV QR GRPpVWLFRV TXH
    VLPEROL]DQ VXV FDOLGDGHV (O FLHUYR OD JDPD OD OLHEUH \ OD FRGRUQL]
    VLPEROL]DQVXQDWXUDOH]DKXLGL]D/DOHRQDUHSUHVHQWDEDVXUHDOH]D\
    VXGHVWUH]DHQODFD]D\HOILHURRVRVXDVSHFWRGHVWUXFWLYR(ORVR
    HUD XQ VtPEROR DGHFXDGR GH VX SDSHO SURWHFWRU GH ODV MyYHQHV ODV
    MyYHQHV SXEHVFHQWHV JULHJDV VH FRQVDJUDEDQ D $UWHPLVD \ EDMR VX
    SURWHFFLyQVHODVOODPDEDDUWRNL\³RVDV´GXUDQWHHVHSHULRGRWRGDYtD
    LQGLIHUHQFLDGR HQ VXV YLGDV  )LQDOPHQWH HO FDEDOOR VDOYDMH HUUDED
    DPSOLDPHQWH FRQ VXV FRPSDxHURV FRPR OR KDFtD $UWHPLVD FRQ VXV
    QLQIDV
    *HQHDORJtD \ PLWRORJtD
    $UWHPLVD IXH OD KHUPDQD JHPHOD QDFLGD HQ SULPHU OXJDU GH
    $SROR GLRV GHO VRO 6X PDGUH /DWRQD HUD XQD GHLGDG GH OD
    QDWXUDOH]D KLMD GH GRV WLWDQHV HO SDGUH GH $UWHPLVD \ $SROR IXH
    =HXVTXHUHLQDEDHQWUHORVGLRVHVGHO2OLPSR
    &XDQGR OH OOHJy HO PRPHQWR D /DWRQD GH GDU D OX] D VXV KLMRV
    VXUJLHURQJUDQGHVGLILFXOWDGHV(QQLQJXQDSDUWHDGRQGHDFXGtDHUD
    ELHQ UHFLELGD SRUTXH WRGRV WHPtDQ OD FyOHUD YHQJDWLYD GH +HUD OD
    HVSRVDOHJDOGH=HXV)LQDOPHQWHHQFRQWUyUHIXJLRHQODiULGDLVODGH
    'HORVGRQGHGLRDOX]D$UWHPLVD
    (QFXDQWRQDFLy$UWHPLVDD\XGyD/DWRQDGXUDQWHODSURORQJDGD
    \GLILFXOWRVDODERUGHDOXPEUDPLHQWRGH$SROR'XUDQWHQXHYHGtDV\
    QXHYH QRFKHV /DWRQD VXIULy DWURFHV GRORUHV D FDXVD GH ODV
    YHQJDWLYDV PDTXLQDFLRQHV GH +HUD $UWHPLVD TXH KDEtD VHUYLGR GH
    SDUWHUD D VX PDGUH WDPELpQ IXH FRQVLGHUDGD SRU HVWD UD]yQ XQD
    GLRVD GHO QDFLPLHQWR /DV PXMHUHV VH GLULJtDQ D HOOD FRPR
    ³DX[LOLDGRUD HQ HO GRORU D OD TXH QLQJ~Q GRORU DIHFWD´ /H UH]DEDQ
    SDUD DFDEDU FRQ HO GRORU DFHOHUDQGR HO QDFLPLHQWR GHO KLMR R
    SURSRUFLRQiQGROHVXQ³PXHUWHGXOFH´FDXVDGDSRUVXVIOHFKDV>@
    &XDQGR$UWHPLVDWHQtDWUHVDxRV/DWRQDODOOHYRDO2OLPSRSDUD
    TXH FRQRFLHVH D =HXV \ D VXV SDULHQWHV GLYLQRV (Q VX +LPQR D
    $UWHPLVDHOSRHWD&DOtPDFRODGHVFULEHVHQWDGDHQHOUHJD]RGHVX
    HQFDQWDGRSDGUH=HXV³TXHVHLQFOLQy\ODDFDULFLyGLFLHQGRFXDQGR
    ODV GLRVDV PH GDQ KLMDV FRPR pVWD OD FyOHUD GH OD FHORVD +HUD PH
    LQTXLHUDPX\SRFR0LSHTXHxDWHQGUiVWRGRORTXHGHVHHV>@
    $UWHPLVDSLGLyDUFR\IOHFKDVXQDMDXUtDGHVDEXHVRVFRQORVTXH
    FD]DU QLQIDV SDUD DFRPSDxDUOD XQD W~QLFD VXILFLHQWHPHQWH FRUWD
    SDUD SRGHU FRUUHU FRQ HOOD SXHVWD PRQWDxDV \ QDWXUDOH]D VDOYDMH
    FRPR VXV GRPLQLRV HVSHFLDOHV \ FDVWLGDG HWHUQD WRGR OR FXDO OH
    FRQFHGLyVXSDGUHDGHPiVGHOSULYLOHJLRGHHOHJLUORWRGRHOODPLVPD
    $UWHPLVDVHIXHDOERVTXH\DOUtRDHVFRJHUODVQLQIDVPiVEHOODV
    6H DGHQWUy EDMR HO PDU SDUD HQFRQWUDU D ORV FtFORSHV DUWHVDQRV GH
    3RVHLGyQ SDUD IRUMDU VX DUFR \ VXV IOHFKDV GH SODWD < SRU ~OWLPR
    FRQHODUFRHQODPDQRVHJXLGDGHVXVQLQIDVEXVFyD3DQPHGLR
    KRPEUHPHGLRFDEUDGHLGDGGHODQDWXUDOH]DTXHWRFDEDODIODXWD\
    OHSLGLyDOJXQRVGHVXVPHMRUHVVDEXHVRV&RPRHVWDEDFD\HQGROD
    QRFKH LPSDFLHQWH SRU SUREDU VXV QXHYRV UHJDORV FD]y D OD OX] GH
    ODVDQWRUFKDV
    (Q ORV PLWRV $UWHPLVD DFWXDED UiSLGDPHQWH \ GH PDQHUD
    GHFLVLYDHQDX[LOLRGHDTXpOORVTXHVROLFLWDEDQVXD\XGD7DPELpQHUD
    UiSLGDSDUDFDVWLJDUDTXLHQHVOHRIHQGtDQ
    (Q FLHUWD RFDVLyQ FXDQGR VX PDGUH /DWRQD HVWDED GH FDPLQR D
    'HOIRVSDUDYLVLWDUD$SRORHOJLJDQWH7LFLRLQWHQWyYLRODUOD$UWHPLVD
    DFXGLy UiSLGDPHQWH HQ D\XGD GH VX PDGUH \ GLVSDUDQGR
    PRUWDOPHQWHD7LFLRFRQVXDUFR\VXIOHFKDORPDWy
    (QRWUDRFDVLyQODDUURJDQWHHLJQRUDQWH1tREHFRPHWLyHOHUURU
    GH LQVXOWDU D /DWRQD YDQDJORULiQGRVH GH TXH HOOD 1tREH KDEtD
    WHQLGR PXFKRV KLMRV H KLMDV KHUPRVDV PLHQWUDV TXH /DWRQD VyOR
    WHQtD GRV /DWRQD UHFXUULy D $UWHPLVD \ D $SROR SDUD YHQJDU HVWD
    DIUHQWD OR TXH KLFLHURQ GLOLJHQWHPHQWH &RQ VXV DUFRV \ IOHFKDV
    $SROR PDWy D ORV VHLV KLMRV GH 1tREH \ $UWHPLVD D ODV VHLV KLMDV
    1tREHIXHFRQYHUWLGDHQXQDOORURVDFROXPQDGHSLHGUD
    (V GLJQR GH VHxDODU HO TXH $UWHPLVD DFXGLHVH UHSHWLGDPHQWH HQ
    D\XGD GH VX PDGUH 1R VH FRQRFH D QLQJXQD RWUD GLRVD SRU HVWH
    KHFKR2WUDVPXMHUHVWDPELpQUHFXUULHURQDHOODFRQp[LWR/DQLQID
    GHORVERVTXHV$UHWXVDOODPyD$UWHPLVDFXDQGRHVWDEDDSXQWRGH
    VHUYLRODGD$UHWXVDKDEtDYXHOWRGHXQDFDFHUtDGHVQXGD\HVWDED
    UHIUHVFiQGRVH QDGDQGR FXDQGR HO GLRV GHO UtR OD GHVHy HQWRQFHV
    SHUVLJXLyDODQLQIDGHVQXGDTXHKX\yDWHUURUL]DGD$UWHPLVDR\yVX
    OODQWR OD UHVFDWy HQ XQD QXEH GH QLHEOD \ OD FRQYLUWLy HQ XQ
    PDQDQWLDO
    $UWHPLVD HUD LPSODFDEOH FRQ TXLHQHV OD RIHQGtDQ FRPR SRU
    HMHPSOR FXDQGR GHVFXEULy D $FWHyQ FRPHWLHQGR VX JUDQ HUURU
    PLHQWUDV SDVHDED SRU HO ERVTXH HO FD]DGRU $FWHyQ OOHJy
    DFFLGHQWDOPHQWH D XQD SR]D HVFRQGLGD HQ GRQGH GH HVWDEDQ
    EDxDQGR OD GLRVD \ VXV QLQIDV \ VH TXHGy PLUDQGR HPEREDGR
    2IHQGLGDSRUVXLQWUXVLyQ$UWHPLVDVDOSLFyDJXDDODFDUDGH$FWHyQ
    WUDQVIRUPiQGROHHQXQFLHUYR6HFRQYLUWLyHQWRQFHVHQSUHVDGHVXV
    SURSLRVSHUURVGHFD]DTXHVDOLHURQHQVXSHUVHFXFLyQ$WHUURUL]DGR
    LQWHQWyKXLUSHURIXHDOFDQ]DGR\GHVSHGD]DGRDPRUGLVFRV
    $UWHPLVDWDPELpQPDWRDRWURFD]DGRUDOTXHDPDED2ULyQ6X
    PXHUWH IXH SURYRFDGD LQDGYHUWLGDPHQWH SRU $SROR TXH VH VHQWtD
    RIHQGLGR SRU HO DPRU GH $UWHPLVD KDFLD 2ULyQ 8Q GtD FXDQGR
    SDVDED VREUH HO PDU $SROR YLR D 2ULyQ FX\D FDEH]D DVRPDED SRU
    HQFLPD GHO DJXD $SROR HQFRQWUy D $UWHPLVD D FLHUWD GLVWDQFLD OH
    VHxDOy XQ REMHWR RVFXUR HQ HO RFpDQR \ OH GLMR TXH QR SRGtD KDFHU
    EODQFR$JXLMRQHDGDSRUHOGHVDItRGHVXKHUPDQR\VLQVDEHUTXH
    HVWDED DSXQWDQGR D OD FDEH]D GH 2ULyQ GLVSDUy XQD IHFKD TXH OH
    PDWy 3RVWHULRUPHQWH $UWHPLVD FRORFy D 2ULyQ HQWUH ODV HVWUHOODV \
    OHGLRXQRGHVXVVDEXHVRV6LULRODHVWUHOODGHO&DQ0D\RUSDUDTXH
    OHDFRPSDxDUDDORODUJRGHORVFLHORV$VtSXHVHO~QLFRKRPEUHDO
    TXHDPyVHFRQYLUWLyHQXQDYtFWLPDGHVXQDWXUDOH]DFRPSHWLWLYD
    $XQTXHHVPiVFRQRFLGDFRPRODGLRVDGHODFD]D$UWHPLVDIXH
    WDPELpQODGLRVDGHODOXQD6HHQFRQWUDEDFRPRHQVXSURSLDFDVD
    SRUODQRFKHUHFRUULHQGRVXVWHUULWRULRVVDOYDMHVDODOX]GHODOXQDR
    GH ODV DQWRUFKDV (Q VX DVSHFWR GH GLRVD GH OD OXQD $UWHPLVD IXH
    UHODFLRQDGDVRQ6HOHQH\+pFDWH/DVWUHVIXHURQFRQVLGHUDGDVFRPR
    XQD WULQLGDG OXQDU 6HOHQH JREHUQDED HO FLHOR $UWHPLVD OD OXQD \
    +pFDWHHOH[WUDxR\PLVWHULRVRPXQGRVXEWHUUiQHR

    $UWHPLVD HO DUTXHWLSR
    $UWHPLVD FRPR GLRVD GH OD FD]D \ GLRVD GH OD OXQD HUD XQD
    SHUVRQLILFDFLyQGHOHVStULWXIHPHQLQRLQGHSHQGLHQWH(ODUTXHWLSRTXH
    KDFHSRVLEOHTXHXQDPXMHUEXVTXHVXVSURSLDVPHWDVHQHOWHUUHQR
    TXHHOODPLVPDHOLMD

    'LRVD YLUJHQ
    &RPR GLRVD YLUJHQ $UWHPLVD HUD LQPXQH DO HQDPRUDPLHQWR 1R
    IXH VHGXFLGD QL YLRODGD FRPR OR IXHURQ 3HUVpIRQH \ 'HPpWHU \
    QXQFD IXH OD PLWDG GH OD SDUHMD GH XQ PDULGR FRPR HVSRVD
    $UWHPLVD FRPR GLRVD YLUJHQ UHSUHVHQWD XQ VtPEROR GH LQWHJULGDG
    XQDXQLGDGHQVtPLVPDXQDDFWLWXGGH³SXHGRFXLGDUGHPtPLVPD´
    TXH SHUPLWH D XQD PXMHU IXQFLRQDU SRU VXV SURSLRV PHGLRV FRQ
    DXWRFRQILDQ]D \ HVStULWX GH LQGHSHQGHQFLD (VWH DUTXHWLSR KDFH
    SRVLEOHHOTXHXQDPXMHUVHVLHQWDFRPSOHWDVLQXQKRPEUH&RQpO
    SXHGHVHJXLUVXVSURSLRVLQWHUHVHV\WUDEDMDUHQORTXHOHJXVWDVLQ
    QHFHVLGDGGHODDSUREDFLyQPDVFXOLQD6XLGHQWLGDG\VHQWLGRGHVX
    SURSLD YDOtD HVWiQ EDVDGRV HQ OR TXH HV \ OR TXH KDFH \ QR HQ HO
    KHFKRGHVLHVWiFDVDGDRQR\FRQTXLpQ/DLQVLVWHQFLDHQTXHVHOH
    GLULMDQFRPR³VHxRULWD´H[SUHVDODFXDOLGDGWtSLFDGHXQDGLRVDYLUJHQ
    $UWHPLVDTXHKDFHKLQFDSLpHQODLQGHSHQGHQFLD\HQODDXWRQRPtD
    UHVSHFWRDORVKRPEUHV

    /D DUTXHUD FHQWUDGD HQ VX PHWD


    &RPR GLRVD GH OD FD]D HQ SHUVHFXFLyQ GH OD SUHVD HOHJLGD
    $UWHPLVD OD DUTXHUD SRGtD DSXQWDU D FXDOTXLHU EODQFR FHUFDQR R
    OHMDQR \ VDEtD TXH VXV IOHFKDV DOFDQ]DUtDQ LQGHIHFWLEOHPHQWH VXV
    EODQFRV (O DUTXHWLSR GH $UWHPLVD SURSRUFLRQD D ODV PXMHUHV OD
    FDSDFLGDGLQQDWDSDUDFHQWUDUVHLQWHQVDPHQWHHQFXDOTXLHUFRVDTXH
    VHDLPSRUWDQWHSDUDHOODV\SDUDQRVHUGLVWUDtGDVGHODGLUHFFLyQTXH
    HOLJHQQLSRUODVQHFHVLGDGHVGHORVGHPiVQLSRUVXFRPSHWLWLYLGDG
    $ OR PiV FRPSHWLU DXPHQWD OD DQLPDFLyQ GH ³OD FD]D´ (O HQIRTXH
    VREUH OD PHWD \ OD SHUVHYHUDQFLD D SHVDU GH ORV REVWiFXORV GHO
    FDPLQR R GHO FDUiFWHU HVTXLYR GH OD SUHVD FRQ FXDOLGDGHV GH
    $UWHPLVDTXHFRQGLFHQDORJURV\p[LWRV(VWHDUTXHWLSRSRVLELOLWDGDU
    HQHOEODQFRHOHJLGR

    $UTXHWLSR GHO PRYLPLHQWR IHPLQLVWD


    $UWHPLVD UHSUHVHQWD FXDOLGDGHV LGHDOL]DGDV SRU HO PRYLPLHQWR
    IHPLQLVWDUHDOL]DFLyQ\FRPSHWHQFLDLQGHSHQGHQFLDGHORVKRPEUHV
    \ GH ODV RSLQLRQHV PDVFXOLQDV \ SUHRFXSDFLyQ SRU ODV PXMHUHV \
    MyYHQHV HVFRJLGDV FRPR YtFWLPDV H LQGHIHQVDV $UWHPLVD OD GLRVD
    D\XGyDVXPDGUH/DWRQDDGDUDOX]OHVDOYyDHOOD\D$UHWXVDGH
    VHUYLRODGDV\FDVWLJyDOIUXVWUDGRYLRODGRU7LFLR\DOLQWUXVRFD]DGRU
    $FWHyQ)XHODSURWHFWRUDGHODVMyYHQHVHVSHFLDOPHQWHGHODVQLxDV
    SUHDGROHVFHQWHV
    (VWRV LQWHUHVHV GH $UWHPLVD VRQ VLPLODUHV D ORV LQWHUHVHV GHO
    PRYLPLHQWR IHPLQLVWD TXH GHVHPERFDURQ HQ OD RUJDQL]DFLyQ GH
    FOtQLFDV GH PXMHUHV YLRODGDV FODVHV GH DXWRGHIHQVD D\XGD D ODV
    PXMHUHVVH[XDOPHQWHDFRVDGDV\UHIXJLRVSDUDPXMHUHVPDOWUDWDGDV
    (O PRYLPLHQWR IHPLQLVWD KD KHFKR KLQFDSLp HQ ORV SDUWRV VHJXURV \
    HQ ODV FRPDGURQDV VH KD SUHRFXSDGR GHO LQFHVWR \ GH OD
    SRUQRJUDItD \ HVWi PRWLYDGR SRU VX GHVHR GH SUHYHQLU GHO GDxR D
    PXMHUHV\QLxRV\HQFDVWLJDUDORVFDXVDQWHVGHGLFKRGDxR

    /D KHUPDQD
    $UWHPLVD OD GLRVD HVWDED DFRPSDxDGD SRU XQ JUXSR GH QLQIDV
    GHLGDGHV PHQRUHV TXH VH DVRFLDQ FRQ ODV PRQWDxDV ORV ERVTXHV \
    ORVUtRV9LDMDEDQFRQHOODH[SORUDQGR\FD]DQGRXQYDVWRVWHUULWRULRV
    VDOYDMHVODVPRGDVRODVLGHDVGHORTXHODVPXMHUHV³GHEHQKDFHU´
    \HVWDEDQPiVDOOiGHOFRQWUROGHORVKRPEUHVRGHODVSUHIHUHQFLDV
    PDVFXOLQDV HUDQ FRPR ³KHUPDQDV´ FRQ $UWHPLVD FRPR OD ³*UDQ
    +HUPDQD´ TXH ODV FRQGXFtD \ D OD TXH SRGtDQ UHFXUULU SDUD VHU
    D\XGDGDV 3RU HO KHFKR GH TXH $UWHPLVD FRQVWLWX\H XQD LQVSLUDFLyQ
    DUTXHWtSLFD QR HV GH H[WUDxDU TXH HO PRYLPLHQWR IHPLQLVWD KD\D
    HQIDWL]DGROD³KHUPDQGDG´GHODVPXMHUHV
    *ORULD 6WHLQHP IXQGDGRUD \ HGLWRUD GH OD UHYLVWD 0V HV XQD
    PXMHU FRQWHPSRUiQHD TXH SHUVRQLILFD DVSHFWRV GHO DUTXHWLSR GH
    $UWHPLVD6WHLQHPVHKDFRQYHUWLGRHQXQDSHUVRQDOLGDGPtWLFDPiV
    DOOi GH VX SURSLD YLGD SDU ODV SHUVRQDV TXH SUR\HFWDQ HQ HOOD OD
    LPDJHQGHGLRVD$ODYLVWDS~EOLFDVHKDOOD*ORULD6WHLQHPOtGHUGHO
    PRYLPLHQWRIHPLQLVWD\HQORVRMRVGHODPHQWHVHKDOODXQDHVEHOWD
    \JUiFLO$UWHPLVDGHSLHHQPHGLRGHVXVFRPSDxHUDV
    /DVPXMHUHVTXHVHDOLQHDQFRQODVPHWDV\ODVDVSLUDFLRQHVGHO
    PRYLPLHQWR IHPLQLVWD VXHOHQ DGPLUDU D *ORULD 6WHLQHP FRPR
    SHUVRQLILFDFLyQ GH $UWHPLVD D LGHQWLILFDUVH FRQ HOOD (VWD
    LGHQWLILFDFLyQVHSURGXMRHVSHFLDOPHQWHDSULQFLSLRVGHORVDxRV
    FXDQGRXQDJUDQFDQWLGDGGHPXMHUHVOOHYDEDQVXPLVPDPDUFDGH
    JDIDVGHDYLDGRULPLWDEDQVXHVWLORGHFRUWHGHSHORGLYLGLGRSRUOD
    PLWDG\IORWDQGROLEUHPHQWHDOYLHQWR
    'LH] DxRV GHVSXpV OD LPLWDFLyQ VXSHUILFLDO IXH VXVWLWXLGD SRU
    LQWHQWRV GH VHU OR PLVPR TXH HOOD PXMHUHV DWUDFWLYDV FRQ SRGHU H
    LQGHSHQGHQFLDSHUVRQDOHV
    /D PtVWLFD GH $UWHPLVD TXH URGHDED HO SDSHO \ DSDULHQFLD GH
    6WHLQHPVHYHUHIRU]DGDSRUVXHVWDGRGHVROWHUDDXQTXHKDHVWDGR
    XQLGDVHQWLPHQWDOPHQWHFRQYDULRVKRPEUHVQRVHKDFDVDGRFRPR
    FRUUHVSRQGH D XQD PXMHU TXH UHSUHVHQWD D XQD GLRVD YLUJHQ
    ³FRPSOHWDHQVtPLVPD´TXHQRSHUWHQHFHDQLQJ~QKRPEUH´
    6WHLQHP HVWi GHQWUR GH OD WUDGLFLyQ GH $UWHPLVD HQ OD TXH ODV
    PXMHUHVUHFXUUHQDHOODHQE~VTXHGDGHD\XGDTXHHOODSURSRUFLRQD
    FRPR XQD JUDQ KHUPDQD <R VHQWt VX DSR\R GH SULPHUD PDQR
    FXDQGR OH SHGt DFXGLU D ORV HQFXHQWURV DQXDOHV GH OD $VRFLDFLyQ
    $PHULFDQDGH3VLTXLDWUtDSDUDTXHDSR\DVHDTXLHQHVTXHUtDPRVTXH
    OD $3$ $PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ  UHVSDOGDVH HO ERLFRW GHO
    PRYLPLHQWR IHPLQLVWD D ORV (VWDGRV TXH QR KDEtDQ UDWLILFDGR OD /H\
    GH ,JXDOGDG GH 'HUHFKRV <R HVWDED IDVFLQDGD DO YHU FXiQWR SRGHU
    VHOHDWULEXtDD*ORULD6WHLQHPSRUPXFKRVKRPEUHVTXH³ODKDEtDQ
    LQVXOWDGR´\TXHUHDFFLRQDEDQGHVSXpVFRPRVLIXHUDQDFRPSDUWLUHO
    GHVWLQR GH $FWHyQ $OJXQRV SVLTXLDWUDV YDURQHV TXH VH RSXVLHURQ D
    HOOD H[SUHVDURQ UHDOPHQWH VXV PLHGRV LQIXQGDGRV  GH TXH SRGtDQ
    VHU DUUXLQDGRV HFRQyPLFDPHQWH R GH TXH SRGtDQ LQFOXVR SHUGHU HO
    GLQHURFRQFHGLGRDODLQYHVWLJDFLyQVLHVWD³GLRVD´OOHJDEDDHMHUFHU
    VXSRGHUSDUDFDVWLJDUOHV\GHVWUXLUOHV
    /D $UWHPLVD TXH YXHOYH D OD QDWXUDOH]D
    (Q VX DILQLGDG FRQ OD QDWXUDOH]D VDOYDMH \ QR GRPHVWLFDGD
    $UWHPLVDHVHODUTXHWLSRUHVSRQVDEOHGHODXQLGDGFRQVLJRPLVPD\
    FRQODQDWXUDOH]DTXHVLHQWHQDOJXQDVPXMHUHVFXDQGRVHDGHQWUDQ
    FRQXQDPRFKLODHQWUHPRQWDxDVERVFRVDVGXHUPHQEDMRODOXQD\
    ODV HVWUHOODV FDPLQDQ SRU XQD SOD\D GHVLHUWD R FRQWHPSODQ HO
    GHVLHUWR\VHVLHQWHQHQFRPXQLyQHVSLULWXDOFRQORTXHOHVURGHD
    /\QQ 7KRPDV DO HVFULELU 7KH %DFNSDFNLQJ :RPDQ GHVFULEH ODV
    SHUFHSFLRQHVGHXQDPXMHUTXHDSUHFLDODQDWXUDOH]DVDOYDMHDWUDYpV
    GHVXQDWXUDOH]DGH$IURGLWD

    ([LVWHSDUDODVSULQFLSLDQWHVJUDQGH]D\VLOHQFLRDJXDSXUD
    \ DLUH OLPSLR 7DPELpQ HVWi HO UHJDOR GH OD GLVWDQFLD« OD
    RSRUWXQLGDG GH SHUPDQHFHU DOHMDGD GH ODV UHODFLRQHV \ GHO
    ULWXDO FRWLGLDQR« \ HO UHJDOR GH OD HQHUJtD /D QDWXUDOH]D
    VDOYDMH QRV LQIXQGH VX PDUFD HVSHFLDO GH HQHUJtD 5HFXHUGR
    HVWDUWHQGLGDXQDYH]FHUFDGHOUtR6QDNHHQ,GD]R\WRPDU
    FRQFLHQFLDGHTXHQRSRGtDGRUPLU«IXHU]DVGHODQDWXUDOH]D
    PHWHQtDHQVXPDQR)XLVXPHUJLGDHQXQDGDQ]DGHLRQHV\
    iWRPRV 0L FXHUSR HVWDED UHVSRQGLHQGR D OD DWUDFFLyQ
    RPQLSUHVHQWHGHODOXQD>@

    ³9LVLyQ D OD OX] GH OD OXQD´


    /D FODULGDG GHO HQIRTXH WLSR ³RMRHQHOEODQFR´ GH
    $UWHPLVD OD FD]DGRUD HV XQR GH ORV PRGRV GH ³YHU´ TXH VH
    DVRFLDFRQ$UWHPLVD/D³YLVLyQDODOX]GHODOXQD´HVWDPELpQ
    FDUDFWHUtVWLFDGH$UWHPLVDFRPRGLRVDGHODOXQD9LVWRDODOX]
    GH OD OXQD XQ SDLVDMH TXHGD WUDQVIRUPDGR ORV GHWDOOHV VRQ
    GLIXVRVEHOORV\IUHFXHQWHPHQWH0LVWHULRVRV/DSURSLDYLVLyQ
    VH HOHYD KDFLD ORV FLHORV HVWUHOODGRV R KDFLD XQD YDVWD YLVLyQ
    SDQRUiPLFDGHODQDWXUDOH]D$ODOX]GHODOXQDXQDSHUVRQD
    FRQHFWDGDFRQ$UWHPLVDVHFRQYLHUWHHQXQDSDUWH²VLQ\R²
    GHODQDWXUDOH]DHQHOODPLVPD\XQDFRQHOODGXUDQWHDOJ~Q
    WLHPSR
    (Q VX OLEUR :RPHQ LQ :LOGHUQHVV &KLQD *DOODQG KDFH
    KLQFDSLp HQ TXH FXDQGR ODV PXMHUHV FDPLQDQ HQ SOHQD
    QDWXUDOH]D VDOYDMH WDPELpQ KDFLD GHQWUR ³,U D OD QDWXUDOH]D
    VDOYDMH LPSOLFD D OD QDWXUDOH]D VDOYDMH GHQWUR GH QRVRWUDV
    3XHGHGHTXHVHDHOYDORUPiVSURIXQGRGHHVDH[SHULHQFLD
    HO UHFRQRFLPLHQWR GH QXHVWUD SHUWHQHQFLD DO PXQGR
    QDWXUDO´>@ (V FDUDFWHUtVWLFR HO TXH ODV PXMHUHV TXH VLJXHQ D
    $UWHPLVD \ SHQHWUDQ HQ OD QDWXUDOH]D GHVFXEUHQ TXH VH
    YXHOYHQ PiV UHIOH[LYDV &RQ IUHFXHQFLD VXV VXHxRV VRQ PiV
    YtYLGRVGHORQRUPDOORFXDOFRQWULEX\HDTXHPLUHQKDFLDVX
    LQWHULRU9HQWHUULWRULRLQWHUQR\VXHxDQFRQVtPERORV³DODOX]
    GHODOXQD´SRUGHFLUORGHDOJXQDPDQHUDHQFRQWUDVWHFRQOD
    UHDOLGDGWDQJLEOHTXHVHDSUHFLDDSOHQDOX]GHOGtD

    (O FXOWLYR GH $UWHPLVD
    /DV PXMHUHV LGHQWLILFDGDV FRQ $UWHPLVD UHFRQRFHQ
    LQPHGLDWDPHQWH VX DILQLGDG FRQ HVWD GLRVD 2WURV WLSRV GH
    PXMHUHV WDPELpQ SXHGHQ WRPDU FRQFLHQFLD GH VX QHFHVLGDG
    GHFRQRFHUOD3HURRWUDVPXMHUHVVDEHQTXH$UWHPLVDH[LVWH\
    VH GDQ FXHQWD TXH VH FRQYLHUWHQ HQ XQD SDUWH FRQ PD\RU
    LQIOXHQFLD HQ HOODV PLVPDV ¢&yPR SRGHPRV FXOWLYDU D
    $UWHPLVD R IRUWDOHFHU HVWH DUTXHWLSR" ¢< FyPR SRGHPRV
    HVWLPXODUHOGHVDUUROORGH$UWHPLVDHQQXHVWUDVKLMDV"
    $ YHFHV HO REMHWLYR GH GHVDUUROODU OD QDWXUDOH]D GH
    $UWHPLVDH[LJHPHGLGDVGUiVWLFDV3RUHMHPSORXQDHVFULWRUD
    GH WDOHQWR FX\R WUDEDMR WHQtD VHQWLGR SDUD HOOD OR
    DEDQGRQDEDXQD\RWUDYH]FDGDYH]TXHHQWUDEDXQKRPEUH
    HQ VX YLGD &XDOTXLHU KRPEUH HUD LQLFLDOPHQWH HPEULDJDGRU
    0X\SURQWRVHFRQYHUWtDHQXQDQHFHVLGDG6XYLGDJLUDEDHQ
    WRUQRDpO\VLpVWHVHYROYtDGLVWDQWHRODUHFKD]DEDHOODVH
    SRQtD FDGD YH] PiV IUHQpWLFD 'HVSXpV GH TXH XQD DPLJD OH
    FRPHQWDVH TXH HUD DGLFWD D ORV KRPEUHV VH GLR FXHQWD GHO
    SDWUyQ GH FRQGXFWD \ GHFLGLy TXH VL TXHUtD HVFULELU HQ VHULR
    WHQtDTXH³SDVDUHOPRQR´\DEVWHQHUVH´GHORVKRPEUHVSRU
    XQ SHULRGR GH WLHPSR 6H IXH GH OD FLXGDG \ YHtD VyOR
    RFDVLRQDOPHQWH D YLHMRV DPLJRV PLHQWUDV TXH FXOWLYDED OD
    VROHGDGHOWUDEDMR\$UWHPLVDGHQWURGHVt
    8QD PXMHU TXH VH FDVD VLHQGR MRYHQ VXHOH SDVDU GH VHU
    KLMD D VHU HVSRVD GHVGH HO SXQWR GH YLVWD DUTXHWtSLFR GH
    3HUVpIRQH D +HUD  \ SXHGH TXH GHVFXEUD \ YDORUHV ODV
    FXDOLGDGHV GH $UWHPLVD VyOR GHVSXpV GH XQ GLYRUFLR FXDQGR
    YLYD VROD SRU SULPHUD YH] HQ VX YLGD 8QD PXMHU DVt WDO YH]
    YD\DGHYDFDFLRQHVVROD\VHGHFXHQWDGHTXHSXHGHSDVDUOR
    ELHQ R TXL]iV GHVFXEUD OD VDWLVIDFFLyQ GH FRUUHU YDULRV
    NLOyPHWURVFDGDPDxDQDRGLVIUXWHVLHQGRSDUWHGHXQJUXSR
    GHDSR\RDPXMHUHV
    2SXHGHTXHXQDPXMHUWHQJDXQDVHULHGHUHODFLRQHVVH
    VLHQWDVLQYDORUHQORVLQWHUYDORVHQORVTXHHVWiVLQKRPEUH\
    GHVDUUROOHD$UWHPLVDVyORGHVSXpVGH³KDEHUUHQXQFLDGRDORV
    KRPEUHV´ \ OOHJXH VHULDPHQWH D OD FRQFOXVLyQ GH QR FDVDUVH
    QXQFD&XDQGRWHQJDHOYDORUGHDIURQWDUHVWDSRVLELOLGDG\GH
    RUJDQL]DU VX YLGD DOUHGHGRU GH ORV DPLJRV \ GH OR TXH OH
    LPSRUWDUHDOPHQWHWDOYH]VLHQWDXQDVHQVDFLyQGHWRWDOLGDG\
    GH XQLGDG FRQVLJR PLVPD XQ LQHVSHUDGR ELHQHVWDU TXH
    SURFHGHGHOKHFKRGHGHVDUUROODUHODUTXHWLSRGH$UWHPLVD
    /RV SURJUDPDV HQ OD QDWXUDOH]D SDUD PXMHUHV HYRFDQ D
    $UWHPLVD HVSHFLDOPHQWH DTXpOORV TXH FRPELQDQ XQD
    H[SHULHQFLD GH JUXSR FRQ XQD MRUQDGD KHURLFD HQ VROHGDG
    &XDQGR DOJXQDV PXMHUHV UHDOL]DQ H[FXUVLRQHV SDUD ³URPSHU
    OtPLWHV´ R JUXSRV SDUD PXMHUHV HQ E~VTXHGD GH XQD YLVLyQ
    HVWiQ FXOWLYDQGR HO DUTXHWLSR GH $UWHPLVD ,JXDOPHQWH
    FXDQGRQXHVWUDVKLMDVSDUWLFLSDQHQGHSRUWHVGHFRPSHWLFLyQ
    DFXGHQ D FDPSDPHQWRV SDUD FKLFDV YLDMDQ SDUD H[SORUDU
    QXHYRV OXJDUHV YLYHQ HQ PHGLR GH FXOWXUDV H[WUDQMHUDV D
    WUDYpVGHSURJUDPDVGHLQWHUFDPELRVHVWXGLDQWLOHVRVHXQHQ
    DO &XHUSR GH OD 3D] REWLHQHQ H[SHULHQFLDV TXH SXHGHQ
    GHVDUUROODUDOD$UWHPLVDDXWRVXILFLHQWH

    $UWHPLVD OD PXMHU
    /DV FXDOLGDGHV GH $UWHPLVD DSDUHFHQ PX\ WHPSUDQR
    +DELWXDOPHQWH XQD EHEp $UWHPLVD HV OD TXH FRQWHPSOD
    DEVRUWD REMHWRV QXHYRV OD TXH HV DFWLYD HQ OXJDU GH SDVLYD
    /D JHQWH VXHOH FRPHQWDU VX FDSDFLGDG GH FRQFHQWUDUVH HQ
    XQD WDUHD HVFRJLGD SRU HOOD ³7LHQH XQ DVRPEURVR SRGHU GH
    FRQFHQWUDFLyQ SDUD WHQHU GRV DxRV´ R ³HV XQD QLxD
    REVWLQDGD´ R ³WHQ FXLGDGR FRQ ORV TXH SURPHWHV SRUTXH
    WLHQH XQD PHPRULD GH HOHIDQWH \ QR ROYLGDUi WH REOLJDUi D
    FXPSOLU´ /D LQFOLQDFLyQ GH $UWHPLVD D H[SORUDU QXHYRV
    WHUULWRULRV HPSLH]D QRUPDOPHQWH FXDQGR VH ODV DUUHJOD SDUD
    OHYDQWDUVH \ VDOWDU OD EDUDQGLOOD GH OD FXQD R VH VDOH GHO
    SHTXHxRSDUTXH\VHLQWURGXFHHQXQPXQGRPiVJUDQGH
    $UWHPLVD SRVHH XQD WHQGHQFLD D VHQWLU LQWHQVDPHQWH VXV
    FDXVDV \ VXV SULQFLSLRV 3XHGH TXH DFXGD HQ GHIHQVD GH
    DOJXLHQ PiV SHTXHxR R SXHGH TXH DILUPH IHUYLHQWHPHQWH
    ³£HVRQRHVMXVWR´DQWHVGHHPEDUFDUVHHQDOJXQDFDPSDxD
    SDUDHQGHUH]DUDOJ~QHQWXHUWR/DVQLxDV$UWHPLVDTXHFUHFHQ
    HQ KRJDUHV TXH IDYRUHFHQ D ORV KLMRV ²GDQGR D ORV FKLFRV
    PiV SULYLOHJLRV R DWULEX\pQGROHV PHQRV WDUHDV GRPpVWLFDV²
    QRDFHSWDQGyFLOPHQWHHVWDGHVLJXDOGDGFRPRDOJR³GDGR´/D
    IHPLQLVWD HQ FLHUQHV VXHOH YLVOXPEUDUVH SULPHUR FRPR OD
    KHUPDQDSHTXHxDTXHSLGHLJXDOGDG

    /RV SDGUHV
    8QD PXMHU $UWHPLVD TXH VLJXH FRQ VHJXULGDG VX SURSLR
    FDPLQRVLQWLpQGRVHDOPLVPRWLHPSRELHQVREUHTXLpQHVHOOD
    FRPRSHUVRQD\FRQWHQWDGHVHUXQDPXMHUIUHFXHQWHPHQWH
    KDWHQLGRFRPRSDGUHVHOHTXLYDOHQWHGHXQD/DWRQDDPRURVD
    \ GH XQ =HXV TXH DSUXHED SDUD D\XGDUOD D ³UHDOL]DU´ VX
    SRWHQFLDOGH$UWHPLVD3DUDTXHXQDPXMHU$UWHPLVDFRPSLWD
    \ WULXQIH FRQ p[LWR \ VLQ FRQIOLFWR HV H[WUHPDGDPHQWH
    LPSRUWDQWHODDSUREDFLyQSDWHUQD
    0XFKRVSDGUHVTXHDSR\DQDVXVKLMDVVRQFRPR=HXVHQ
    HO KHFKR GH SURYHHU ORV ³GRQHV´ TXH OH D\XGDUiQ D KDFHU OR
    TXH TXLHUH KDFHU 7DO YH] HVRV GRQHV VHDQ LQWDQJLEOHV
    LQWHUHVHV R VLPLOLWXGHV FRPXQHV TXH HO SDGUH UHFRQRFH \
    DOLHQWD2SXHGHQVHUGRQHVPiVWDQJLEOHVFRPROHFFLRQHVR
    PDWHULDOHV HVSHFLDOHV 3RU HMHPSOR OD FDPSHRQD GHO WHQLV
    &KULV (YHUW /OR\G IXH HQWUHQDGD SRU VX SDGUH WHQLVWD
    SURIHVLRQDO TXH OH UHJDOy VX SULPHUD UDTXHWD FXQDGR VyOR
    WHQtDVHLVDxRV
    1RREVWDQWHFXDQGRXQDKLMD$UWHPLVDWLHQHXQDPDGUH\
    XQ SDGUH QR WUDGLFLRQDOHV OD YLGD \D QR VH SDUHFH D OD GHO
    PRQWH 2OLPSR QR H[LVWtD DOJR HTXLYDOHQWH HQ OD PLWRORJtD
    JULHJD &XDQGR SDGUH \ PDGUH FRPSDUWHQ HQ SODQR GH
    LJXDOGDG HO FXLGDGR GH ORV KLMRV \ ODV WDUHDV GRPpVWLFDV \
    FDGD XQR WLHQH XQD SURIHVLyQ OD KLMD $UWHPLVD WLHQH XQ
    PRGHOR SDUD HYROXFLRQDU TXH OH SHUPLWH YDORUDU \ GHVDUUROODU
    VXV FXDOLGDGHV GH $UWHPLVD (V PiV SXHGH KDFHUOR VLQ
    FRQVLGHUDUTXHGLFKDVFXDOLGDGHVVRQLQFRPSDWLEOHVWDQWRFRQ
    ODPDWHUQLGDGFRPRFRQODVUHODFLRQHV
    /RV SUREOHPDV VXUJHQ FXDQGR ORV SDGUHV FULWLFDQ R
    UHFKD]DQDXQDKLMD$UWHPLVDSRUQRVHUODQLxDTXHHVSHUDQ
    TXHVHD8QDPDGUHTXHTXLHUHXQDEHEpSOiFLGD\PLPRVD\
    TXH HQ VX OXJDU WLHQH XQD FULDWXUD DFWLYD GHO WLSR ³QR PH
    HQFLHUUHVFRQXQDFHUFD´SXHGHVHQWLUVHGHFHSFLRQDGDFRQOD
    EHEpRUHFKD]DGDSRUpVWD8QDPDGUHTXHHVSHUDTXHVXKLMD
    VLJD SDVR D SDVR VX FDPLQR VH DSUHVXUH D SHGLUOH D\XGD \
    DFHSWH FRPSODFLHQWH OR TXH ³VX PDGUH VDEH PHMRU TXH HOOD´
    QR YHUi FXPSOLGDV VXV HVSHUDQ]DV SRU WHQHU XQD KLMD
    $UWHPLVD ,QFOXVR D ORV WUHV DxRV ³OD SHTXHxD VHxRULWD
    LQGHSHQGLHQWH´ QR TXLHUH TXHGDUVH HQ FDVD FRQ PDPi
    SUHILHUHMXJDUFRQQLxRVPD\RUHVTXHHOODHQODHTXLQDGHOD
    FDOOH<QROHJXVWDOOHYDUYHVWLGRVFRQYRODQWHVRHVWDUPRQD
    SDUDODVDPLJDVGHVXPDGUH
    0iV DGHODQWH FXDQGR $UWHPLVD TXLHUD KDFHU DOJR SDUD OR
    TXHQHFHVLWDHOSHUPLVRGHORVSDGUHVSXHGHTXHVHWURSLHFH
    FRQ XQD QHJDWLYD 6L ORV FKLFRV SXHGHQ KDFHU DOJR \ HOOD QR
    ³SRUVHUFKLFD´WDOYH]SURWHVWHUXLGRVDPHQWH<SXHGHTXHVH
    UHWLUHUHVHQWLGDVLVXSURWHVWDQRVLUYHSDUDQDGD/DQHJDWLYD
    \ OD GHVDSUREDFLyQ TXL]i GDxHQ VX HVWLPD \ FRQILDQ]D HQ Vt
    PLVPD HVSHFLDOPHQWH VL VX DGPLUDGR SDGUH OD FULWLFD SRU QR
    VHU XQD VHxRULWD \ QR OD WUDWD QXQFD FRPR D ³VX QLxD
    HVSHFLDO´ DO WLHPSR TXH VH PXHVWUD GHVSHFWLYR R FUtWLFR
    UHVSHFWRDVXVLGHDVFDSDFLGDGHVRDVSLUDFLRQHV
    (Q OD SUiFWLFD SURIHVLRQDO RLJR OR TXH VXFHGtD FXDQGR
    GLFKRVSDGUHVVHRSRQtDQDVXVKLMDV$UWHPLVD(UDWtSLFRTXH
    OD KLMD PDQWXYLHVH XQD DFWLWXG GHVDILDQWH KDFLD IXHUD SHUR
    TXH HVWXYLHVH KHULGD SRU GHQWUR 6H PRVWUDED IXHUWH QR
    DIHFWDGD SRU OR TXH VX SDGUH SHQVDED HVSHUDQGR OD KRUD
    SURSLFLD HQ OD TXH HOOD SRGUtD VHU LQGHSHQGLHQWH /DV
    FRQVHFXHQFLDVYDUtDQHQLQWHQVLGDG\JUDYHGDGSHURVLJXHQHO
    PLVPRSDWUyQODFRQVHFXHQFLDHVXQDPXMHUTXHVHVLHQWHHQ
    FRQIOLFWR VREUH VX FRPSHWHQFLD \ TXH VXHOH VDERWHDUVH D Vt
    PLVPDVXVSURSLDVGXGDVVRQVXVSHRUHVHQHPLJRV$XQTXH
    HQ OD VXSHUILFLH UHVLVWtD FRQ p[LWR HO SRGHU GH VX SDGUH SDUD
    OLPLWDUVXVDVSLUDFLRQHVLQFRUSRUDEDODDFWLWXGFUtWLFDGHpVWH
    GHQWUR GH VX SVLTXH (Q OR PiV SURIXQGR OXFKD FRQ
    VHQWLPLHQWRV GH QR VHU OR VXILFLHQWHPHQWH EXHQD GXGD
    FXDQGR VH OH RIUHFHQ QXHYDV RSRUWXQLGDGHV UHDOL]D PHQRV
    FRVDV GH OD TXH HV FDSD] H LQFOXVR FXDQGR WULXQID VLJXH
    VLQWLpQGRVH LQDGHFXDGD (VWH SDWUyQ HV SURGXFLGR
    FXOWXUDOPHQWHSRUIDPLOLDV\FXOWXUDVTXHSRQHQPiVYDORUHQ
    ORV KLMRV TXH HQ ODV KLMDV \ TXH HVSHUDQ TXH pVWDV VHDQ
    HVWHUHRWtSLFDPHQWHIHPHQLQDV
    8QD PXMHU $UWHPLVD TXH DVLVWtD D XQ VHPLQDULR TXH \R
    GHED FRPHQWy ³0L PDGUH TXHUtD XQD 3HUVpIRQH XQD
    SHTXHxD µKLMD GH OD PDGUH¶ FRPSODFLHQWH  \ PL SDGUH TXHUtD
    XQ KLMR /R TXH WXYLHURQ IXL \R´ $OJXQDV PDGUHV GH KLMDV
    $UWHPLVDWDPELpQUHFKD]DQ\FULWLFDQDVXVKLMDVSRUSHUVHJXLU
    PHWDV TXH HOODV QR YDORUDQ (VWD GHVDSUREDFLyQ QR VXHOH
    GLVXDGLU D VXV KLMDV SHUR GH WRGRV PRGRV SURGXFH HO HIHFWR
    GH VRFDYDU 6LQ HPEDUJR HO SHVR GH OD QHJDWLYLGDG GH VX
    PDGUH VXHOH VHU PHQRU TXH HO GH VX SDGUH SRU OD PD\RU
    DXWRULGDGTXHWLHQHQpVWRV
    2WUD GLILFXOWDG FRP~Q KLMDPDGUH TXH WLHQHQ ODV KLMDV
    $UWHPLVD VH SURGXFH FRQ ODV PDGUHV TXH HOODV FRQVLGHUDQ
    SDVLYDV \ GpELOHV 3XHGH TXH VXV PDGUHV KD\DQ VLGR
    GHSUHVLYDV YtFWLPDV GHO DOFRKRO R GH XQ PDO PDWULPRQLR R
    VLPSOHPHQWHLQPDGXUDV&XDQGRGHVFULEHQODVUHODFLRQHVFRQ
    VXVPDGUHVPXFKDVKLMDV$UWHPLVDTXHIRUPDQSDUWHGHHVWD
    FRQILJXUDFLyQPDGUHKLMDGLFHQ³<RKDFtDGHSDGUH\PDGUH´
    &XDQGRVHKDEODXQSRFR PiVVXUJHVXWULVWH]DSRUQRWHQHU
    PDGUHV PiV IXHUWHV \ QR SRGHU KDFHU PiV SDUD FDPELDU OD
    YLGD GH VXV PDGUHV 0LHQWUDV TXH OD GLRVD $UWHPLVD VLHPSUH
    HUDFDSD]GHD\XGDUDVXPDGUH/DWRQDORVHVIXHU]RVGHODV
    KLMDV $UWHPLVD SDUD UHVFDWDU D VXV PDGUHV VXHOHQ VHU
    LQIUXFWXRVRV
    /D GHVYDORUL]DFLyQ \ OD IDOWD GH UHVSHWR SRU VXV PDGUHV
    DXPHQWDVODVFXDOLGDGHVGHGLRVDYLUJHQGHODVKLMDV$UWHPLVD
    'HFLGLGDV D QR SDUHFHUVH D VXV PDGUHV VXSULPHQ ORV
    VHQWLPLHQWRV GH GHSHQGHQFLD HYLWDQ H[SUHVDU OD
    YXOQHUDELOLGDG \ VH SURPHWHQ VROHPQHPHQWH D Vt PLVPDV VHU
    LQGHSHQGLHQWHV
    &XDQGR XQD KLMD $UWHPLVD FDUHFH GH UHVSHWR SRU XQD
    PDGUHFX\RVSDSHOHVKDQVLGRORVWUDGLFLRQDOHVVHHQFXHQWUD
    HQ XQD VLWXDFLyQ GLItFLO $O UHFKD]DU OD LGHQWLILFDFLyQ FRQ VX
    PDGUH QRUPDOPHQWH VH HQFXHQWUD D Vt PLVPD UHFKD]DQGR OR
    TXH VH FRQVLGHUD FRPR IHPHQLQR GXO]XUD UHFHSWLYLGDG \
    DWUDFFLyQKDFLDHOPDWULPRQLR\ODPDWHUQLGDG6HYHLQYDGLGD
    SRUVHQWLPLHQWRVGHLQDGHFXDFLyQHVWDYH]HQHOWHUUHQRGH
    VXLGHQWLILFDFLyQIHPHQLQD

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD


    DGXOWD
    /DFKLFD$UWHPLVDHVWtSLFDPHQWHXQDFRPSHWLGRUDQDWXUDO
    FRQ SHUVHYHUDQFLD YDORU \ YROXQWDG GH JDQDU 6H HVIRU]DUi
    KDVWDHOOtPLWHHQSHUVHFXFLyQGHFXDOTXLHUDTXHVHDODPHWD
    TXH WHQJD GHODQWH 7DO YH] VHD XQD JLUO VFRXW TXH KDFH
    H[FXUVLRQHV VXEH PRQWDxDV GXHUPH DO DLUH OLEUH PRQWD D
    FDEDOORPDQHMDHOKDFKDSDUDSRUWDUOHxDSDUDORVIXHJRVGH
    FDPSDPHQWRRFRPRODPLVPD$UWHPLVDVHFRQYLHUWHHQXQD
    EXHQD DUTXHUD /D DGROHVFHQWH $UWHPLVD LQFRQIXQGLEOH HV OD
    MRYHQ ³ORFD SRU ORV FDEDOORV´ FX\R PXQGR JLUD DOUHGHGRU GH
    ORV PLVPRV /D KHURtQD GH OD SHOtFXOD FOiVLFD 1DFLRQDO 9HOYHW
    SHUVRQLILFDVX$UWHPLVDDGROHVFHQWHDUTXHWtSLFD
    /D DGROHVFHQWH $UWHPLVD HV XQD FKLFD FRQ XQD YHQD GH
    LQGHSHQGHQFLD \ XQD LQFOLQDFLyQ SRU OD H[SORUDFLyQ 6H
    DYHQWXUDHQORVERVTXHVVXEHPRQWDxDVRTXLHUHVDEHUTXp
    HVORTXHKD\GHWUiVGHFDGDFRVD6XVHVOyJDQHVVRQ³QRPH
    HQFLHUUHV´\³QRPHSLVHV´&RPRFKLFDHVPHQRVFRQIRUPLVWD
    RFRQWHPSRUL]DGRUDTXHVXVFRPSDxHUDVSRUTXHHVWiPHQRV
    PRWLYDGD SRU HO DQVLD GH DJUDGDU D ORV GHPiV \ SRUTXH
    QRUPDOPHQWH VREH OR TXH TXLHUH 6LQ HPEDUJR SXHGH TXH
    HVWD VHJXULGDG UHERWH VREUH HOOD ORV GHPiV WDO YH] OD
    FRQVLGHUHQ³FDEH]RWD´³REVWLQDGD´\³SRFRIHPHQLQD´
    &XDQGRGHMDODFDVDSRUOD8QLYHUVLGDGODPXMHU$UWHPLVD
    GLVIUXWD OD HXIRULD GH OD LQGHSHQGHQFLD \ HO GHVDItR
    FRPSHWLWLYR GH FXDOTXLHU FRVD TXH OH LQWHUHVD 1RUPDOPHQWH
    HQFXHQWUD XQ JUXSR FRQ HO PLVPR HVStULWX SDUD KDFHU
    DFWLYLGDGHV HQ FRP~Q 6L HV SROtWLFD WDO YH] VHD FDQGLGDWD
    SDUDXQSXHVWR
    < VL HV DILFLRQDGD DO PDQWHQLPLHQWR ItVLFR WDO YH] FRUUD
    PXFKRV NLOyPHWURV SRU GtD GHOHLWiQGRVH HQ VX IXHU]D \
    HOHJDQFLD GLVIUXWDQGR HO HVWDGR UHIOH[LYR TXH DOFDQ]D VX
    PHQWHFXDQGRFRUUH 7RGDYtDWHQJRTXHHQFRQWUDUXQDPXMHU
    TXHKD\DFRUULGRXQPDUDWyQ\TXHQRKD\DWHQLGRXQDIXHUWH
    YHQDGH$UWHPLVDGHQWURTXHHVHORULJHQGHODFRPELQDFLyQ
    GHHQIRTXHVREUHXQDPHWDLQWHQVLGDGYROXQWDG\HVStULWXGH
    FRPSHWLFLyQQHFHVDULRVSDWDHOOR 3XHGHHQFRQWUDUVHWDPELpQ
    D $UWHPLVD HQ ODV HVTXLDGRUDV TXH GLULJHQ VX DVFHQVR
    PRQWDxD GHEDMR GH PDQHUD LQVWLQWLYD VLHPSUH LQFOLQDGDV
    KDFLD GHODQWH HQ XQD DFWLWXG ItVLFD \ SVLFROyJLFD TXH DYDQ]D
    VLQGXGDUHVWLPXODGDSRUODVGLILFXOWDGHV

    7UDEDMR
    /DPXMHU$UWHPLVDVHHVIXHU]DHQORVWUDEDMRVTXHWLHQHQ
    XQ YDORU VXEMHWLYR SDUD HOOD /D FRPSHWLFLyQ OD HVWLPXOD \
    KDVWD XQ SXQWR  OD RSRVLFLyQ QR OH LQWLPLGD /D PXMHU
    $UWHPLVDTXHKDDEUD]DGRXQDSURIHVLyQDVLVWHQFLDORMXUtGLFD
    QRUPDOPHQWH WLHQH XQ LGHDO TXH LQIOX\y HQ VX HOHFFLyQ 6L
    WUDEDMD HQ HO FDPSR GH ORV QHJRFLRV SUREDEOHPHQWH
    HPSH]DUtDFRQXQSURGXFWRHQHOTXHFUHtDRWDOYH]FRQXQ
    SURGXFWR TXH OH D\XGDED D FRQVHJXLU KDFHU DOJR TXH TXHUtD
    KDFHU 6L VH HQFXHQWUD HQ HO FDPSR GH OD FUHDFLyQ OR PiV
    SUREDEOH HV TXH HVWp H[SUHVDQGR XQD YLVLyQ SHUVRQDO 6L
    DEUD]yODSROtWLFDHVDERJDGDGHDOJXQDFDXVDJHQHUDOPHQWH
    FRQHOPHGLRDPELHQWHRFRQWHPDVIHPLQLVWDV(Op[LWRHQHO
    PXQGR²IDPDSRGHURGLQHUR²SXHGHOOHJDUOHVLDTXHOORHQ
    ORTXHVREUHVDOHHVDOJRTXHHOPXQGRUHFRPSHQVD
    6LQ HPEDUJR ORV LQWHUHVHV TXH PXFKDV PXMHUHV $UWHPLVD
    SHUVLJXHQ QR WLHQHQ YDORU FRPHUFLDO \ QR DERFDQ D XQD
    SURIHVLyQ QL DXPHQWDQ OD IDPD R HO SHFXOLR SHUVRQDO 3RU HO
    FRQWUDULRDYHFHVHVHLQWHUpVHVWDQSHUVRQDORWDQIXHUDGH
    ORV FDPLQRV WULOODGRV DEVRUEH WDQWR WLHPSR TXH HVWi
    JDUDQWL]DGD XQD IDOWD GH p[LWR HQ HO PXQGR \ XQD IDOWD GH
    UHODFLRQHV3HURODE~VTXHGDHVJUDWLILFDQWHGHVGHHOSXQWRGH
    YLVWD SHUVRQDO SDUD HO HOHPHQWR $UWHPLVD HQ OD PXMHU 3RU
    HMHPSOR OD DERJDGD GH FDXVDV SHUGLGDV OD UHIRUPDGRUD
    LPSRSXODU OD ³YR] TXH JULWD HQ HO GHVLHUWR´ D OD TXH QDGLH
    SDUHFHSUHVWDUDWHQFLyQHVPX\SUREDEOHTXHVHDXQDPXMHU
    $UWHPLVDORPLVPRTXHODDUWLVWDTXHFRQWLQ~DWUDEDMDQGRVLQ
    DSR\RVQRp[LWRHFRQyPLFR (QHOFDVRGHODDUWLVWD$IURGLWD
    FRQ VX LQIOXHQFLD VREUH OD FUHDWLYLGDG \ VX pQIDVLV VREUH OD
    H[SHULHQFLDVHMXQWDFRQ$UWHPLVD 
    &RPR OD PXMHU WLSR $UWHPLVD HV XQD PXMHU QDGD
    WUDGLFLRQDO HV SRVLEOH TXH VXUMDQ FRQIOLFWRV GHQWUR GH Vt
    PLVPD \ FRQ ORV GHPiV TXH SDUDOLFHQ VXV HVIXHU]RV /R TXH
    TXLHUHKDFHUTXL]iHVWpSRUHMHPSOR³PiVDOOiGHVXVSURSLRV
    OtPLWHV´ VL VX IDPLOLD FRQVLGHUD TXH VXV DVSLUDFLRQHV VRQ
    LQDSURSLDGDV SDUD XQD KLMD (V SRVLEOH TXH OD HOHFFLyQ GH OD
    SURIHVLyQTXHTXLHUHVHJXLUKD\DHVWDGRFHUUDGDDODVPXMHUHV
    KDVWD KDFH SRFR 6L ³QDFLy GHPDVLDGR SURQWR´ SDUD HO
    PRYLPLHQWRIHPLQLVWDSXHGHTXHKD\DVLGRGHUURWDGDSRUORV
    REVWiFXORV\ODIDOWDGHDSR\R\WDOYH]VHKD\DTXHEUDGRVX
    HVStULWXGH$UWHPLVD

    5HODFLRQHV FRQ RWUDV PXMHUHV FRPR


    KHUPDQDV
    /DV PXMHUHV $UWHPLVD WLHQHQ XQ VHQWLPLHQWR GH
    FRPSDxHULVPR FRQ RWUDV PXMHUHV $O LJXDO TXH OD PLVPD
    'LRVD TXH VH URGHy GH FRPSDxHUDVQLQID ODV PXMHUHV
    $UWHPLVD VXHOHQ FRQVLGHUDU VX DPLVWDG FRQ RWUDV PXMHUHV
    FRPR DOJR LPSRUWDQWH (VWH SDWUyQ GH FRPSRUWDPLHQWR VH
    UHPRQWDDODHVFXHODHOHPHQWDO7LHQHQ³VXVPHMRUHVDPLJDV´
    FRQ ODV TXH KDQ FRPSDUWLGR WRGR OR TXH KD VLGR VLJQLILFDWLYR
    HQ VXV YLGDV \ SRVWHULRUPHQWH HVWDV DPLVWDGHV SXHGHQ
    DEDUFDUYDULDVGpFDGDV
    (Q HO PXQGR ODERUDO ODV PXMHUHV $UWHPLVD VH DOtDQ FRQ
    IDFLOLGDG FRQ ³DVRFLDFLRQHV GH DQWLJXDV DOXPQDV´ (O DSR\R D
    JUXSRVODLQWHUFRQH[LyQFRQRWUDVPXMHUHV\ODVUHODFLRQHVGH
    JXtDUHVSHFWRDPXMHUHVPiVMyYHQHVHQHOSURSLRiPELWRGH
    pVWDVVRQH[SUHVLRQHVQDWXUDOHVGHODUTXHWLSRGHODKHUPDQD
    ,QFOXVRODVPXMHUHV$UWHPLVDTXHVRQLQGLYLGXDOLVWDV\TXH
    HYLWDQ ORV JUXSRV FDVL VLHPSUH GHILHQGHQ ORV GHUHFKRV GH OD
    PXMHU (VWD SRVWXUD SXHGH TXH UHIOHMH XQD DILQLGDG FRQ VXV
    PDGUHV D WUDYpV GH ODV FXDOHV GHVDUUROODURQ FRQFLHQFLD \
    VLPSDWtD UHVSHFWR DO GHVWLQR GH ODV PXMHUHV HQ HO PXQGR 2
    SXHGHTXHODSRVWXUDHVWpUHODFLRQDGDFRQODVDVSLUDFLRQHVQR
    YLYLGDV \ IUXVWUDGDV GH VXV PDGUHV 'XUDQWH ORV DxRV 
    PXFKDV PXMHUHV $UWHPLVD HVWDEDQ KDFLHQGR \ VLHQGR OR TXH
    VXV SURSLDV PDGUHV WDO YH] KDEtDQ TXHULGR KDFHU \ VHU SHUR
    QRSXGLHURQ&XDQGRpVWDVHUDQMyYHQHVDGXOWDVORVDxRVGH
    OD ROD GH EHEpV GH ORV DxRV GH SRVJXHUUD GH OD 6HJXQGD
    *XHUUD 0XQGLDO QR SHUPLWLHURQ GHPDVLDGD H[SUHVLyQ D
    $UWHPLVD(QDOJXQDSDUWHGHOSDVDGRGHXQDPXMHU$UWHPLVD
    SXHGH HQFRQWUDUVH IUHFXHQWHPHQWH OD H[LVWHQFLD GH XQD
    PDGUHFRPSUHQVLYD\TXH³DSODXGtD´DVXKLMDIHPLQLVWD
    3RUQDWXUDOH]DODPD\RUtDGHODVPXMHUHV$UWHPLVDWLHQHQ
    LQFOLQDFLRQHVIHPLQLVWDVSRUTXHODVFDXVDVDGRSWDGDVSRUODV
    IHPLQLVWDVWRFDQXQDFXHUGDLQWHUQDGHUHVSRQVDELOLGDGHV/D
    PXMHU $UWHPLVD VXHOH VHQWLU TXH HV LJXDO D ORV KRPEUHV KD
    FRPSHWLGR FRQ HOORV \ PXFKDV YHFHV KD VHQWLGR HO SDSHO
    HVWHUHRWLSDGR TXH VH HVSHUDED GH HOOD GHVHPSHxDVH HUD
    DQWLQDWXUDO (VFRQGHU VXV FDSDFLGDGHV ²³QR GHMHV TXH HO
    KRPEUH VHSD OR OLVWD TXH HUHV´ R ³GHMD JDQDU DO KRPEUH HQ
    XQD GLVFXVLyQ R HQ XQ SDUWLGR GH WHQLV ´² YD FRQWUD VX
    QDWXUDOH]D
    6H[XDOLGDG
    8QD PXMHU $UWHPLVD SXHGH SDUHFHUVH D OD GLRVD HQ HO
    PDQWHQLPLHQWR GH VX HWHUQD FDVWLGDG SHUPDQHFLHQGR VX
    VH[XDOLGDG VLQ GHVDUUROOR QL H[SUHVLyQ 6LQ HPEDUJR HV UDUR
    HVWH SDWUyQ GH FRPSRUWDPLHQWR HQ ORV WLHPSRV DFWXDOHV /R
    PiVSUREDEOHHVTXH\DDGXOWDXQDPXMHUWLSR$UWHPLVDKD\D
    DGTXLULGR H[SHULHQFLD VH[XDO FRPR SDUWH GH VX WHQGHQFLD D
    H[SORUDU\DLQWHQWDUQXHYDVDYHQWXUDV
    /DVH[XDOLGDGGHXQDPXMHU$UWHPLVDSXHGHSDUHFHUODGH
    XQKRPEUHWUDGLFLRQDORULHQWDGRKDFLDHOWUDEDMR3DUDDPERV
    ODVUHODFLRQHVVRQVHFXQGDULDV/DLPSOLFDFLyQHQODSURIHVLyQ
    ORVSUR\HFWRVFUHDWLYRVRODFDXVDVRQORIXQGDPHQWDO(OVH[R
    VHFRQYLHUWHDVtHQXQGHSRUWHUHFUHDWLYRRHQXQDH[SHULHQFLD
    ItVLFD HQ OXJDU GH VHU XQD H[SUHVLyQ ItVLFD GH OD LQWLPLGDG \
    GHO FRPSURPLVR HPRFLRQDO PRWLYDFLyQ TXH SURSRUFLRQD
    +HUD  R XQ LQVWLQWR SURIXQGDPHQWH H[SUHVLYR GH VX SURSLD
    QDWXUDOH]DVHQVXDO SDUDODTXHQHFHVLWDD$IURGLWD 
    6L HV OHVELDQD XQD PXMHU $UWHPLVD IRUPD SDUWH
    QRUPDOPHQWHGHXQDFRPXQLGDGRUHGOHVELDQD$XQTXHWDQWR
    ODV PXMHUHV KHWHURVH[XDOHV FRPR KRPRVH[XDOHV WLHQHQ
    UHODFLRQHV LQWHQVDV H LPSRUWDQWHV FRQ DPLJDV OD PXMHU
    $UWHPLVD OHVELDQD SXHGH TXH FRQVLGHUH OD LQWLPLGDG VH[XDO
    FRPR RWUD GLPHQVLyQ GH OD DPLVWDG PiV TXH FRPR OD UD]yQ
    GHODUHODFLyQ
    /DPXMHU$UWHPLVDOHVLRQDWDOYH]WHQJDELHQXQDDPDQWH
    TXHHVFRPRVXSURSLDLPDJHQXQDUHODFLyQFDVLGHJHPHODV
    LGpQWLFDV R ELHQ HVWp DWUDtGD SRU XQD SHUVRQD FRPR XQD
    QLQID PiV GXOFH PiV ³IHPHQLQD´ TXH HOOD FRQ XQD
    SHUVRQDOLGDG PHQRV PDUFDGD &RPR VX HTXLYDOHQWH
    KHWHURVH[XDO HYLWD UHODFLRQHV HQ ODV TXH HOOD VH HQFXHQWUH
    FRQWHQLGD R GRPLQDGD SRU XQD SDUHMD ³SDWHUQDOPDWHUQDO´ R
    HQ OD TXH VH HVSHUH TXH HOOD TXH MXHJXH HO SDSHO GH SDGUH
    PDGUH

    0DWULPRQLR
    (O PDWULPRQLR VXHOH HVWDU PX\ OHMRV GH OD PHQWH GH OD
    PXMHU $UWHPLVD HQ VXV SULPHURV DxRV GH DGXOWD HVWi
    DEVRUELGD SRU HO WUDEDMR R SRU RWUDV FDXVDV $GHPiV
    ³DVHQWDUVH´ QR WLHQH JUDQ DWUDFFLyQ SDUD XQD $UWHPLVD
    VLHPSUH HQ PRYLPLHQWR 6L HV DWUDFWLYD \ SRSXODU H[LVWHQ
    SRVLELOLGDGHVGHTXHKD\DDOWHUQDGRLQGLVWLQWDPHQWHVDOLHQGR
    FyPRGDPHQWH FRQ XQD JUDQ YDULHGDG GH KRPEUHV \ QR VyOR
    FRQXQR3XHGHLQFOXVRTXHKD\DYLYLGRSUHIHUHQWHPHQWHFRQ
    XQKRPEUHSDUDFDVDUVH4XL]iKD\DSHUPDQHFLGRVROWHUD
    &XDQGR VH FDVD VX SDUHMD VXHOH VHU XQ FRPSDxHUR GH
    XQLYHUVLGDG XQ FROHJD GH WUDEDMR R XQ FRPSHWLGRU 6X
    PDWULPRQLRVXHOHWHQHUXQDFDOLGDGGHLJXDOGDG(VSUREDEOH
    TXH VLJD PDQWHQLHQGR VX QRPEUH GH VROWHUD \ TXH QR OR
    FDPELHSRUHOGHVXPDULGRFXDQGRVHFDVD

    5HODFLRQHV FRQ KRPEUHV FRPR KHUPDQRV


    /DGLRVD$UWHPLVDWXYRXQKHUPDQRJHPHOR$SRORHOGLRV
    PXOWLIDFpWLFR GHO VRO (UD VX HTXLYDOHQWH PDVFXOLQR VX UHLQR
    HUDODFLXGDGHOGHHOODODQDWXUDOH]DVDOYDMHHOVROHUDGHpO
    ODOXQDGHHOODORVUHEDxRVGRPHVWLFDGRVOHSHUWHQHFtDQDpO
    ORVDQLPDOHVVDOYDMHVDHOODpOHUDHOGLRVGHODP~VLFDHOOD
    HUD OD LQVSLUDFLyQ GH ODV GDQ]DV HQ FRUUR HQ ODV PRQWDxDV
    &RPRGLRVGHO2OLPSRSHUWHQHFLHQWHDODVHJXQGDJHQHUDFLyQ
    $SROR SHUWHQHFtD D OD JHQHUDFLyQ GH ORV KLMRV \ QR D ORV
    SDGUHV3RUXQDSDUWHVHOHDVRFLDEDDODUDFLRQDOLGDG\DODV
    OH\HV SRU RWUD FRPR GLRV GH OD SURIHFtD VL VDFHUGRWLVD
    SURIHWL]DED HQ 'HOIRV  VH OH DVRFLDED FRQ OR LUUDFLRQDO $O
    LJXDOTXHVXKHUPDQD$SRORHUDDQGUyJLQRFDGDXQRSRVHtD
    DOJXQDV FXDOLGDGHV R LQWHUpV TXH VXHOHQ DVRFLDUVH DO VH[R
    RSXHVWR
    /DSDUHMDGHJHPHORV$UWHPLVD$SRORHVHOPRGHORTXHVH
    REVHUYDFRQPiVIUHFXHQFLDHQODVUHODFLRQHVTXHODVPXMHUHV
    $UWHPLVD PDQWLHQHQ FRQ KRPEUHV \D VHDQ DPLJRV FROHJDV
    GHWUDEDMRRPDULGRV$GHPiVODPXMHU$UWHPLVDVXHOHHVWDU
    DWUDtGD SRU XQ KRPEUH FX\D SHUVRQDOLGDG WHQJD DVSHFWR
    HVWpWLFR FUHDWLYR FXUDWLYR R PXVLFDO (O WUDEDMR GH pO SXHGH
    HQFRQWUDUVH ELHQ HQ SURIHVLRQHV DVLVWHQFLDOHV R ELHQ HQ HO
    FDPSR GH OD FUHDWLYLGDG +DELWXDOPHQWH HV VX LJXDO GHVGH HO
    SXQWR GH YLVWD LQWHOHFWXDO FRQ LQWHUHVHV FRPSDUWLGRV R
    FRPSOHPHQWDULRV 8Q HMHPSOR GH UHODFLyQ $UWHPLVD$SROR HV
    OD GH -DQH )RQGD DFWUL] DFWLYLVWD \ GHIHQVRUD GHO EXHQ
    PDQWHQLPLHQWRItVLFRGHOFXHUSR FRQXQPDULGR7RP+D\GHQ
    SROtWLFRSURJUHVLVWD 
    $XQDPXMHU$UWHPLVDQROHVHGXFHQHQDEVROXWRKRPEUHV
    GRPLQDQWHV QL UHODFLRQHV GHO WLSR ³\R 7DU]iQ WX -DQH´
    7DPSRFR OH LQWHUHVDQ ODV UHODFLRQH GHO WLSR PDGUHKLMR (YLWD
    KRPEUHV TXH LQVLVWDQ HQ VHU HO FHQWUR GH VX YLGD 7HQLHQGR
    XQDSRVLFLyQSVLFROyJLFDPHQWHIXHUWHDOLJXDOTXHODGLRVDOD
    WHQtDItVLFDPHQWHVHVLHQWHULGtFXODLQWHQWDQGRKDFHUHOSDSHO
    GH³PXMHUFLWD´
    8QD UHODFLyQ $UWHPLVD$SROR VXHOH FRPSDJLQDUVH FRQ
    LQWHUHVHV H[WHUQRV FRPXQHV 3XHGH TXH DPERV VHDQ
    HVTXLDGRUHV R FRUUHGRUHV \ DILFLRQDGRV DO PDQWHQLPLHQWR
    ItVLFR 8QD PXMHU $UWHPLVD D OD TXH OH JXVWDQ ODV DFWLYLGDGHV
    DODLUHOLEUHSXHGHVHQWLUTXHIDOWDXQHOHPHQWRHVHQFLDOHQVL
    UHODFLyQ VL QR SXHGH FRPSDUWLU FRQ VX FRPSDxHUR ODV
    H[FXUVLRQHV HO HVTXt R FXDOTXLHU RWUD DILFLyQ GH HVWD
    QDWXUDOH]D
    /D UHODFLyQ $UWHPLVD$SROR SXHGH GHVHPERFDU HQ XQ
    PDWULPRQLR GH FRPSDxHURV VLQ UHODFLyQ VH[XDO HQ HO TXH
    FDGD XQR HV HO PHMRU DPLJR GHO RWUR $OJXQDV PXMHUHV
    $UWHPLVD LQFOXVR GH FDVDQ SRU HMHPSOR FRQ KRPEUHV
    KRPRVH[XDOHV\YDORUDQODLQGHSHQGHQFLDTXHFDGDPLHPEUR
    GHODSDUHMDFRQFHGHDORWUR8QDPXMHU$UWHPLVDSXHGHTXH
    VLJDVLHQGRODPHMRUDPLJDGHVXH[PDULGRTXHDEDQGRQDVX
    PDWULPRQLR GH ³KHUPDQDKHUPDQR´ DO HQDPRUDUVH GH XQD
    PXMHUGHRWURWLSR
    3DUD TXH XQD PXMHU $UWHPLVD WHQJR XQ HOHPHQWR VH[XDO
    SURIXQGRHLPSRUWDQWHHQVXPDWULPRQLRWLHQHTXHLQIOXLURWUD
    GLRVD $IURGLWD < SDUD TXH HO PDWULPRQLR VHD XQD UHODFLyQ
    PRQyJDPD \ FRPSURPHWLGD WDPELpQ +HUD GHEH HVWDU
    SUHVHQWDHQODPXMHU6LQHVWDVGRVRWUDVGLRVDVXQDUHODFLyQ
    $UWHPLVD$SROR VH FRQYLHUWH UiSLGDPHQWH HQ XQD UHODFLyQ
    HQWUHKHUPDQR\KHUPDQD
    $GHPiVGHOSDWUyQGHUHODFLRQHVGHLJXDOGDGHOVHJXQGR
    SDWUyQ FRP~Q GH UHODFLyQ SDUD ODV PXMHUHV $UWHPLVD HV OD
    LPSOLFDFLyQFRQKRPEUHVTXHODHQULTXHFHQLQWHULRUPHQWH7DO
    WLSRGHKRPEUHHVODSHUVRQDTXHOD³KDFHGDUVHFXHQWD´eOOD
    HQVHxD D VHU FRQVLGHUDGD \ VHQVLEOH UHVSHFWR D ORV
    VHQWLPLHQWRV<VXHOHVHUpOHO~QLFRTXHTXLHUHWHQHUXQKLMR
    HQFRP~Q
    5HODFLRQHV PHQRV FRPSDWLEOHV R FRPSOHPHQWDULDV
    LQLFLDGDV SRU $UWHPLVD VXHOHQ UHVXPLU FRQIOLFWRV WHPSUDQRV
    SDGUHKLMD8QPDULGRFRQHOTXHWLHQHHVWHWLSRGHUHODFLRQHV
    QR DSR\D VXV DVSLUDFLRQHV OD FULWLFD \ OD VRFDYD /R PLVPR
    TXH VH FRPSRUWD FRQ VX SDGUH HOOD VH PXHVWUD GHVDILDQWH \
    FRQWLQ~D FRQ VX SURIHVLyQ 3HUR VX SURSLD HVWLPD VH YH
    DIHFWDGD R WDPELpQ VX HVStULWX HV PDFKDFDGR \ ILQDOPHQWH
    VHDGDSWDDODLGHDGHFyPRWLHQHHOODTXHVHU
    2 HPXODQGR HO PLWR GH $UWHPLVD \ 2ULyQ XQD PXMHU
    $UWHPLVD SXHGH TXH VH HQDPRUH GH XQ KRPEUH IXHUWH \ VHU
    LQFDSD] GHVSXpV GH PDQWHQHU HO DVSHFWR FRPSHWLWLYR IXHUD
    GH OD UHODFLyQ OR FXDO DFDED PDWiQGROD 6L pO ORJUD DOJR GH
    UHFRQRFLPLHQWR\ HQOXJDUGHDOHJUDUVHSRUpO HOODHUHVLHQWH
    SRU VX p[LWR H LQWHQWD TXLWDUOH LPSRUWDQFLD VX HVStULWX GH
    FRPSHWHQFLD DFDEDUi HURVLRQDQGR HO DPRU TXH pO WLHQH SRU
    HOOD 2 SXHGH VHU HO HVStULWX GH FRPSHWHQFLD GHO KRPEUH HO
    TXH H[WLQJD VX DPRU 3RU HMHPSOR WDO YH] pO UHDFFLRQH D ORV
    ORJURV GH HOOD FRPR VL OH HVWXYLHUD VXSHUDQGR R JDQDQGR 6L
    DPERV VRQ LQFDSDFHV GH GHMDU GH FRPSHWLU ORV GHVDItRV GH
    FXDOTXLHU FODVH TXH VXUMDQ HQWH HOORV GHVGH OD SUiFWLFD GHO
    HVTXt KDVWD XQD SDUWLGD GH FDUWDV SUREDEOHPHQWH VH
    FRQYLHUWDQHQXQDVXQWRH[WUDRUGLQDULDPHQWHVHULR
    /RV KRPEUHV SDUD ORV TXH XQD $UWHPLVD HV ³VX WLSR GH
    PXMHU´VXHOHQVHUDWUDtGRVSRUHOODFRPRDOPDDItQRJHPHOD
    XQ HTXLYDOHQWH IHPHQLQR GH HOORV PLVPR 2 SXHGH TXH VH
    VLHQWDQ DWUDtGRV SRU VX HVStULWX LQGHSHQGLHQWH \ FDSD] GH
    DILUPDFLyQ DVt FRPR SRU VX IXHU]D GH YROXQWDG TXH WDO YH]
    QR HVWpQ GHO WRGR GHVDUUROODGRV HQ Vt PLVPRV 4XL]i VHDQ
    FDXWLYDGRV SRU XQD LPDJHQ GH SXUH]D TXH FRUUHVSRQGH D XQ
    LGHDOHQVtPLVPRV
    (O PRWLYR GH ³DOPDV JHPHODV´ VH KD\D VXE\DFHQWH HQ HO
    WLSR GH DWUDFFLyQ PiV KDELWXDO (Q HVWH FDVR HO KRPEUH HV
    DWUDtGR SRU VX HTXLYDOHQWH IHPHQLQR XQD SHUVRQD TXH HV VX
    LJXDO\FRQODTXHVHVLHQWHQDWXUDODOJXLHQTXHSXHGHWHQHU
    D VX ODGR FXDQGR LQWHQWD FRQVHJXLU ORV REMHWLYRV TXH
    FRQVWLWX\HQXQUHWRSDUDpO
    (O KRPEUH TXH YH HQ $UWHPLVD FXDOLGDGHV TXH DGPLUD \
    TXH pO QR WLHQH GHVDUUROODGDV VXHOH VHQWLUVH DWUDtGR SRU VX
    IXHU]DGHYROXQWDG\HVStULWXGHLQGHSHQGHQFLD/DFRORFDHQ
    XQ SHGHVWDO SRU FXDOLGDGHV TXH JHQHUDOPHQWH VRQ
    FRQVLGHUDGDV ³QR IHPHQLQDV´ (OOD OH UHVXOWD EHOOD SRU VX
    IXHU]D LQWHULRU 6X PXMHU LGHDOL]DGD VH SDUHFH D :RQGHU
    :RPDQ TXH VH GLVIUD]y GH 'LDQD HO QRPEUH URPDQR GH
    $UWHPLVD 
    &XDQGR PL KLMR WHQtD RFKR DxRV FRQWLQXDPHQWH RtD D VX
    DPLJR KDEODU DGPLUDWLYDPHQWH GH ODV DWUHYLGDV KD]DxDV GH
    XQDQLxDeOYHtDDVXDPLJDFRPRIUDQFD\9DOHQWHXQDQLxD
    FRQODTXHSRGtDFRQWDUSDUDDFXGLUDVDOYDUOH³6LDOJXLHQVH
    PHWLHUD HQ OtRV FRQPLJR SRGUtD OODPDUOD \ YHQGUtD
    LQPHGLDWDPHQWH´&RPRSVLTXLDWUDKHRtGRHOPLVPRWRQRGH
    DGPLUDFLyQHVHPLVPRRUJXOORGHGHYRFLyQFXDQGRKRPEUHV
    TXH WLHQHQ D $UWHPLVD FRPR XQD LPDJHQ LGHDO KDEODQ GH ODV
    KD]DxDV\UHDOL]DFLRQHVGHODVPXMHUHVDODVTXHTXLHUHQ
    8QDWHUFHUDFODVHGHKRPEUHHVWiDWUDtGRSRUODSXUH]DGH
    $UWHPLVD VX YLUJLQLGDG H LGHQWLILFDFLyQ FRQ OD QDWXUDOH]D
    SUtVWLQD (Q OD PLWRORJtD JULHJD HVWD DWUDFFLyQ HUD
    SHUVRQLILFDGD SRU +LSyOLWR XQ -RYHQ DSXHVWR TXH GHGLFy VX
    YLGD GH FHOLEDWR D OD GLRVD $UWHPLVD 6X FDVWLGDG RIHQGLy D
    $IURGLWDODGLRVDGHO$PRUTXHGHVHQFDGHQyXQDFDGHQDGH
    WUiJLFRV DFRQWHFLPLHQWRV XQ PLWR TXH GHVFULELUp HQ HO
    FDStWXOR GHGLFDGR D $IURGLWD  $ HVWH WLSR GH KRPEUHV ²
    DWUDtGRV SRU PXMHUHV TXH SDUHFHQ VHU WDQ SXUDV FRPR
    $UWHPLVD²OHVGLVJXVWDODVH[XDOLGDGWHUUHQDO&RPRHOMRYHQ
    +LSyOLWR SXHGHQ TXH VH HQFXHQWUHQ DO ILQDO GH VX
    DGROHVFHQFLD R HQ OD SULPHUD HWDSD GH OD YLGD GH DGXOWRV \
    TXHVHDQYtUJHQHV

    +LMRV
    /D PXMHU $UWHPLVD GLItFLOPHQWH HV HO WLSR GH ³0DGUHV
    7LHUUD´ \ HVWDU HPEDUD]DGD R FULDU XQ EHEp QR OH OOHQD 'H
    KHFKR HO HPEDUD]R SXHGH TXH OH UHSXJQH D OD PXMHU
    $UWHPLVDDODTXHOHJXVWDWHQHUXQDILJXUDDWOpWLFDHVEHOWD\
    MXYHQLO 1R VLHQWH QLQJ~Q IXHUWH LPSXOVR LQVWLQWLYR GH VHU
    PDGUH SDUD TXH VH Gp pVWH WLHQHQ TXH HVWDU SUHVHQWH
    'HPpWHU SHUROHJXVWDQORVQLxRV
    &XDQGR XQD PXMHU $UWHPLVD WLHQH KLMRV VXHOH VHU XQD
    EXHQDPDGUH FRPRODRVDTXHHVVXVtPEROR (VHOWLSRGH
    PDGUH TXH IRPHQWD OD LQGHSHQGHQFLD TXH HQVHxD D VXV
    FDFKRUURVDDUUHJOiUVHODVSRUVtPLVPRVSHURTXHSXHGHVHU
    IHUR]HQVXGHIHQVD$OJXQRVKLMRVGHPXMHUHV$UWHPLVDHVWiQ
    FRQYHQFLGRV GH TXH VXV PDGUHV OXFKDUtDQ SRU HOORV KDVWD OD
    PXHUWH
    /DV PXMHUHV $UWHPLVD VH HQFXHQWUDQ D JXVWR VLQ WHQHU
    KLMRVSURSLRV\SRQLHQGRVXSHFXOLDUHQHUJtDGHPDGUHV²TXH
    SXHGHVHUFRPRODGHXQDMRYHQWtD²DOVHUYLFLRGHORVKLMRV
    GH RWUDV SHUVRQDV /D RSRUWXQLGDG VH OD SURSRUFLRQD HO VHU
    PRQLWRUDV GH JLUO VFRXWV PDGUHV DGRSWLYDV R PLHPEURV GH
    ³%LJ 6LVWHUV RI $PHULFD´ (Q HVWRV SDSHOHV VH SDUHFHQ D OD
    GLRVD$UWHPLVDTXHSURWHJtDDODVQLxDVTXHVHHQFRQWUDEDQ
    HQHOXPEUDOGHFRQYHUWLUVHHQPXMHUHV
    /DV PDGUHV GH $UWHPLVD QR PLUDQ KDFLD DWUiV FRQ
    DxRUDQ]D +DFLD OD pSRFD HQ TXH VXV KLMRV HUDQ EHEpV R
    FULDWXUDVGHSHQGLHQWHV(QYH]GHHOORPLUDQKDFLDDGHODQWH
    KDFLD HO PRPHQWR HQ TXH VXV KLMDVRV VHUiQ PiV
    LQGHSHQGLHQWHV/RVQLxRV\QLxDVDORVTXHOHVJXVWDH[SORUDU
    GHVFXEUHQ TXH VXV PDGUHV $UWHPLVD VRQ FRPSDxHUDV
    HQWXVLDVWDV 8QD PDGUH $UWHPLVD HVWi HQFDQWDGD FXDQGR VX
    KLMDROOHJDDFDVDFRQXQDFXOHEUDGHOMDUGtQ\GLVIUXWD\HQGR
    GHFDPSLQJRHVTXLDQGRFRQVXVQLxDVRV
    3HURVHEDUUXQWDQGLILFXOWDGHVFXDQGRXQDPXMHU$UWHPLVD
    WLHQH XQ KLMRD SDVLYRD $O LQWHQWDU IRPHQWDU VX
    LQGHSHQGHQFLD GHPDVLDGR SURQWR OD VLWXDFLyQ HPSHRUD SDUD
    HOQLxRDDXPHQWDQGRHO³FXHOJXH´\DTXHSXHGHVHQWLUVHTXH
    QR HVWi D OD DOWXUD GH ODV FLUFXQVWDQFLDV SDUD YLYLU VHJ~Q ODV
    SDXWDVGHVXPDGUH$UWHPLVD

    (Q OD PHGLDQD HGDG
    8QD PXMHU $UWHPLVD HQWUH WUHLQWD \ FLQFR \ FLQFXHQWD \
    FLQFRDxRVSXHGHHQFRQWUDUVHHQXQD³FULVLVGHORVFXDUHQWD´
    VL QR WLHQH DVSHFWRV GH RWUDV GLRVDV $UWHPLVD FRQVWLWX\H XQ
    SDWUyQ PX\ FRPSDWLEOH FRQ XQD MRYHQ RULHQWDGD KDFLD OD
    FRQVHFXFLyQ GH REMHWLYRV TXH SHUVLJXH FRQ ILUPH]D OD PHWD
    TXH KD HOHJLGR 3HUR D PLWDG GH OD YLGD SXHGH RFXUULU XQ
    FDPELR(QHVRVPRPHQWRVTXHGDPHQRV³QDWXUDOH]DVDOYDMH
    VLQ PDSD´ SRU H[SORUDU 2 ELHQ KD FRQVHJXLGR UHDOL]DU ODV
    PHWDVTXHVHVHxDOyDVtPLVPDKDDOFDQ]DGRXQWHFKRRKD
    IUDFDVDGR
    /DPLWDGGHODYLGDGHXQDPXMHU$UWHPLVDSXHGHWDPELpQ
    PDUFDU HO FRPLHQ]R GH XQ SHULRGR PiV UHIOH[LYR DO YROYHUVH
    KDFLD DGHQWUR PiV LQIOXLGD SRU $UWHPLVD FRPR GLRVD GH OD
    OXQD TXH SRU $UWHPLVD FRPR GLRVD GH OD FD]D 3XHGH TXH
    VXHxRV \ IDQWDVtDV PHQRSiXVLFRV HVWLPXOHQ D XQD PXMHU
    $UWHPLVD H[WUDYHUWLGD D XQ YLDMH LQWHUQR 'XUDQWH HO YLDMH VH
    HQIUHQWD D ORV IDQWDVPDV GH VX SDVDGR \ VXHOH GHVFXEULU
    VHQWLPLHQWRVRDQKHORVGXUDQWHPXFKRWLHPSRLJQRUDGRV(VWH
    LPSXOVR GH OD PHQRSDXVLD KDFLD OD LQWURYHUVLyQ HVWi
    UHODFLRQDGR FRQ +pFDWH OD YLHMD EUXMD TXH HUD OD GLRVD GH OD
    OXQD RVFXUD GH ORV IDQWDVPDV \ GH OR PLVWHULRVR +HFiWH \
    $UWHPLVD HUDQ DPEDV GLRVDV GH OD OXQD TXH YDJDEDQ SRU OD
    7LHUUD/DFRQH[LyQGHODVGRVGLRVDVSXHGHREVHUYDUVHHQODV
    PXMHUHV $UWHPLVD PD\RUHV TXH VH DYHQWXUDQ HQ ORV WHUUHQRV
    GHODSVLTXHODSVLFRORJtD\ORHVSLULWXDOFRQODPLVPDDFWLWXG
    GHH[SORUDFLyQTXHWHQtDQFXDQGRHUDQPXMHUHVPiVMyYHQHV
    FRQRWUDVPHWDV

    /D WHUFHUD HGDG
    1R HV IUHFXHQWH SDUD XQD PXMHU HO TXH VXV FXDOLGDGHV
    $UWHPLVD SHUGXUHQ GXUDQWH OD YHMH] 6X DFWLYLGDG MXYHQLO
    QXQFD FHVD 1R VH GHWLHQH VX PHQWH R VX FXHUSR ²FRQ
    IUHFXHQFLDDPERV²HVWiQHQPRYLPLHQWR(VXQDYLDMHUDTXH
    H[SORUDQXHYRVSUR\HFWRVRSDtVHVH[WUDQMHURV 0DQWLHQHXQD
    DILQLGDG FRQ OD JHQWH MRYHQ \ XQD FDSDFLGDG GH SHQVDU FRQ
    XQD PHQWH MRYHQ TXH HYLWD VHQWLUVH ³FXDUHQWRQD´ FXDQGR
    WLHQH ORV FXDUHQWD R ³YLHMD´ GXUDQWH HO SHULRGR GH OD WHUFHUD
    HGDG
    'RVPXMHUHVGHOQRUWHGH&DOLIRUQLDORFDOPHQWHFRQRFLGDV
    SHUVRQLILFDQ HVWH DVSHFWR GH $UWHPLVD 8QD (OLVDEHWK
    7HUZLOOLJHU SURIHVRUD QDWXUDOLVWD TXH \D KD FXPSOLGR ORV
    VHWHQWDOOHYDJUXSRVGHHVFRODUHVDSUDGRVERVTXHV\UtRV\
    PRQWDxDV &RQ H[FLWDFLyQ FRQWHPSOD DWHQWDPHQWH XQD VHWD
    UDUDPHGLRHVFRQGLGDFHUFDGHODVUDtFHVGHXQiUERODJDUUD
    XQD ERQLWD FXOHEUD VHxDOD ODV SODQWDV FRPHVWLEOHV GH OD
    ODGHUD GH OD FROLQD \ KDFH FLUFXODU OHFKXJD VLOYHVWUH SDUD TXH
    OD SUXHEHQ $O PLVPR WLHPSR FRPSDUWH VX HQWXVLDVPR
    FRQHFWiQGRVHFRQVXFHVLYDVJHQHUDFLRQHVGHQLxRVDVtFRPR
    FRQDGXOWRVUHFHSWLYRVDORVPLODJURVGHODQDWXUDOH]D
    8QDVHJXQGD$UWHPLVDDQFLDQDTXHHVFRPRXQDGXHQGH
    HV)UDQFHV+RUQFX\DE~VTXHGDODKDOOHYDGRDOLQWHULRUGHOD
    QDWXUDOH]D KXPDQD &RQ VHWHQWD DxRV VH GRFWRUy HQ
    3VLFRORJtDFRQVHWHQWD\FLQFRSXEOLFy ,:DQW2QH7KLQJ>@
    OLEUR DXWRELRJUiILFR TXH WUD]D VX E~VTXHGD \ VHxDOD OR TXH
    KDOOyTXHWHQtDXQYDORUSHUPDQHQWH
    *HRUJLD 2¶.HHIIH OD DUWLVWD PiV FRQRFLGD GH $PpULFD
    FRQWLQXy VLHQGR XQ HMHPSOR GH $UWHPLVD FXDQGR \D KDEtD
    FXPSOLGR QRYHQWD DxRV FRPR OR KDEtD VLGR WRGD VX YLGD
    7HQtD XQD SDVLyQ \ XQD DILQLGDG HVSLULWXDO SRU HO VXURHVWH
    VDOYDMH FRPELQDGD SRU XQD LQWHQVLGDG GH SURSyVLWR FRQ HO
    TXHDOFDQ]yODVPHWDVGHVXYLGD8QDFLWDGH2¶.HHIIHGLFH
    ³6LHPSUHKHVDELGRORTXHTXHUtDSHURODPD\RUtDGHODJHQWH
    QR VDEH OR TXH TXLHUH´>@ (OOD VXJHUtD TXH VX p[LWR SRGtD
    KDEHUVH GHELGR D XQD YHQD GH YLWDOLGDG TXH OH KDEtD KHFKR
    ³DJDUUDUVH D FXDOTXLHU FRVD TXH VH SUHVHQWDUD \ TXH OH
    LQWHUHVDUD´ (O ODGR GH $UWHPLVD GH 2¶.HHIIH FODUDPHQWH
    DSXQWDED FHUWHUDPHQWH D XQ EODQFR \ FRQVHJXtD OR TXH
    SUHWHQGtD
    (Q  2¶.HHIIH D ORV  DxRV IXH OD ~QLFD PXMHU YLYD
    LQFOXLGD HQ (O %DQTXHWH GH OD DUWLVWD -XG\ &KLFDJR XQD
    FRPSRVLFLyQHQSRUFHODQD\ERUGDGRVHQKRPHQDMHDWUHLQWD\
    QXHYH PXMHUHV LPSRUWDQWHV GH OD KLVWRULD (O SODWR WRVD GH
    2¶.HHIIHDOPDUJHQGHOVHUYLFLRGHPHVD\PiVJUDQGHTXH
    ORV GHPiV VLPEROL]D VHJ~Q OD YLVLyQ GH &KLFDJR ³OD
    DVSLUDFLyQFDVLORJUDGDGH2¶.HHIIHGHVHUFRPSOHWDPHQWHVX
    SURSLDPXMHU´>@

    'LILFXOWDGHV SVLFROyJLFDV
    /D GLRVD $UWHPLVD HUUDED SRU VX WHUULWRULR HVFRJLGR HQ
    FRPSDxtDGHTXLHQHOODHOHJtDKDFLHQGRORTXHOHJXVWDED$O
    FRQWUDULRGHODVGLRVDVTXHHUDQYLFWLPL]DGDV$UWHPLVDQXQFD
    VXIULy 6LQ HPEDUJR KDFtD GDxR D TXLQHV OH RIHQGtDQ R
    DPHQD]DEDQ D TXLHQHV HVWDEDQ EDMR VX SURWHFFLyQ
    ,JXDOPHQWHODVGLILFXOWDGHVSVLFROyJLFDVTXHVHDVRFLDQFRPR
    FDUDFWHUtVWLFDV GH ODV PXMHUHV $UWHPLVD QRUPDOPHQWH
    SURGXFHQ VXIULPLHQWR D ORV GHPiV HQ OXJDU GH GRORU D Vt
    PLVPD

    /D LGHQWLILFDFLyQ FRQ $UWHPLVD


    9LYLU³FRPR$UWHPLVD´HQSRVGHXQDPHWDRFHQWUDGDHQ
    HO WUDEDMR SXHGH VHU PX\ VDWLVIDFWRULR SDUD XQD PXMHU
    $UWHPLVD \ FRQVWLWX\H XQD FDUDFWHUtVWLFD VX\D HO SRGHU QR
    VHQWLUXQDFDUHQFLDHQVXYLGDHVSHFLDOPHQWHVLHVFDSD]GH
    LQYHUWLU VX FRQVLGHUDEOH HQHUJtD HQ XQ WUDEDMR TXH WHQJD XQ
    SURIXQGRVLJQLILFDGRSDUDHOOD(VSUREDEOHTXHOOHYHXQHVWLOR
    GHYLGDDFWLYR\TXHORVGLVIUXWH8QD³EDVHKRJDUHxD´QRHV
    LPSRUWDQWH SDUD HOOD 1L HO PDWULPRQLR QL ORV KLMRV VRQ
    QHFHVLGDGHV XUJHQWHV FRQ LQGHSHQGHQFLD GH OD SUHVLyQ TXH
    HMHU]DQ OD IDPLOLD \ OD VRFLHGDG D PHQRV TXH +HUD \R
    'HPpWHUVHDQVLHPSUHDUTXHWLSRVSRGHURVRVHQHOOD$XQTXH
    HFKDHQIDOWDODLQWLPLGDGHPRFLRQDOFHUFDQD\FRPSURPHWLGD
    KD PDQWHQLGR ODV UHODFLRQHV GH KHUPDQGDG FRQ DPLJRV \
    DPLJDV\SXHGHGLVIUXWDUGHODFRPSDxtDGHORVKLMRVGHRWUDV
    SHUVRQDV
    ,GHQWLILFDUVH FRQ $UWHPLVD FRQILJXUD HO FDUiFWHU GH XQD
    PXMHU'HVSXpVQHFHVLWDWHQHUGHVDItRV\YHUVHLPSOLFDGDHQ
    LQWHUHVHV TXH OH VHDQ SHUVRQDOPHQWH JUDWLILFDQWHV (Q FDVR
    FRQWUDULRHODUTXHWLSRTXHGDIUXVWUDGR\HQ~OWLPDLQVWDQFLD
    GHSULPLGRpVWDIXHODVLWXDFLyQGHPXFKDVPXMHUHV$UWHPLVD
    HQ ORV DxRV GH OD ROD GH EHEpV GXUDQWH OD SRVJXHUUD GH OD
    6HJXQGD *XHUUD 0XQGLDO TXH LQWHQWDURQ DGDSWDUVH
    LQIUXFWXRVDPHQWHDORVSDSHOHVTXHHVWDEDQGLVSRQLEOHVSDUD
    HOODV
    5HFRUGDQGRORGHVWUXFWLYDTXHSXHGHVHUODGLRVD$UWHPLVD
    FRQ ORV GHPiV QR HV VRUSUHQGHQWH GDUVH FXHQWD GH TXH OD
    LGHQWLILFDFLyQ LQFRQVFLHQWH GH XQD PXMHU FRQ $UWHPLVD SXHGH
    H[SUHVDUVH D WUDYpV GH DFFLRQHV TXH GDxDQ \ KLHUHQ D RWUDV
    SHUVRQDV(VWDVSRWHQFLDOLGDGHVQHJDWLYDVVHHQXPHUDQHQORV
    DSDUWDGRVVLJXLHQWHV

    'HVSUHFLR SRU OD YXOQHUDELOLGDG


    0LHQWUDV H[LVWD XQ HOHPHQWR GH ³SHUVHFXFLyQ´ SRU VX
    SDUWHXQDPXMHU$UWHPLVDSXHGHLQWHUHVDUVHSRUXQKRPEUH
    3HUR VL pVWH OD DERUGD HPRFLRQDOPHQWH TXLHUH FDVDUVH FRQ
    HOOD R VH KDFH GHSHQGLHQWH GH HOOD VH H[WLQJXH OD H[FLWDFLyQ
    GHOD³FD]D´(VPiVSXHGHSHUGHULQWHUpVRVHQWLUGHVSUHFLR
    SRU pO VL PXHVWUD ³GHELOLGDG´ DO QHFHVLWDUOD &RPR
    FRQVHFXHQFLDXQDPXMHU$UWHPLVDWDOYH]WHQJDXQDVHULHGH
    UHODFLRQHV TXH IXQFLRQHQ ELHQ PLHQWUDV HO KRPEUH PDQWHQJD
    FLHUWDGLVWDQFLDHPRFLRQDO\QRHVWpVLHPSUHGLVSRQLEOH(VWH
    SDWUyQSXHGHVXUJLUVLXQDPXMHUVHLGHQWLILFDFRQHOHOHPHQWR
    GH GLRVD YLUJHQ ³FRPSOHWDHQVtPLVPD´ \ QLHJD VX SURSLD
    YXOQHUDELOLGDG \ QHFHVLGDG GHO RWUR 3DUD FDPELDU GHEH
    GHVFXEULUTXHHODPRU\ODFRQILDQ]DGHRWUDSHUVRQDHVSHFLDO
    HVDOJRPX\SUHFLDGRSDUDHOOD
    +DVWD TXH OR GHVFXEUD GHVGH HO SXQWR GH YLVWD GHO
    KRPEUH HOOD HV FRPR XQD VLUHQD PHGLD SDUWD HV XQD
    KHUPRVD PXMHU \ OD RWUD PHGLD HV IUtD H LQKXPDQD /D
    DQDOLVWDMXQJXLDQD(VWKHU+DUGLQJKL]RDOJXQDVREVHUYDFLRQHV
    VREUHHVWHDVSHFWRGHXQDPXMHUGLRVDYLUJHQODIULDOGDGGH
    OD OXQD \ OD LQKXPDQLGDG GH OD GLRVD GH OD OXQD VLPEROL]DQ
    HVWHDVSHFWRGHODQDWXUDOH]DIHPHQLQD$SHVDUGHVXIDOWDGH
    FDOLGH] \ GH VX LQVHQVLELOLGDG D FDXVD GH VX PLVPD
    LQGLIHUHQFLD SXHGH TXH HVWH HURWLVPR LPSHUVRQDO HQ XQD
    PXMHU VHD HQ SDUWH OR TXH PXFKDV YHFHV DWUDH D XQ
    KRPEUH´>@
    <XQDPXMHU$UWHPLVDSXHGHVHUFUXHOFRQXQKRPEUHTXH
    ODDPDXQDYH]KDSHUGLGRHOLQWHUpVHQpO7DOYH]OHUHFKDFH
    \OHWUDWHFRPRDXQLQWUXVRQRGHVHDGR

    /D FyOHUD GHVWUXFWLYD HO MDEDOt GH


    &DOLGRQLD
    /D GLRVD $UWHPLVD WHQtD XQ DVSHFWR GHVWUXFWLYR TXH HUD
    VLPEROL]DGR PHGLDQWH HO MDEDOt VDOYDMH XQR GH ORV DQLPDOHV
    TXH HUDQ VDJUDGRV SDUD HOOD 6HJ~Q OD PLWRORJtD VROWDED DO
    FDPSRDOMDEDOtGH&DOLGRQLDFXDQGRHUDRIHQGLGD
    &RPR VH GHVFULEH HQ %XOOILQFK¶V 0\WKRORJ\ ³ORV RMRV GHO
    MDEDOt EULOODEDQ LQ\HFWDGRV HQ VDQJUH \ IXHJR VXV FHUGDV VH
    HUL]DEDQ FRPR ODQ]DV DPHQD]DQWHV VXV FROPLOORV HUDQ FRPR
    ORV GH ORV HOHIDQWHV LQGLRV (O WULJR TXH HVWDED FUHFLHQGR HUD
    SLVRWHDGR ODV FHSDV \ ORV ROLYRV GHVWUR]DGRV ORV UHEDxRV \
    ODV SLDUDV HUDQ DUUDVWUDGDV D XQD FRQIXVLyQ VDOYDMH SRU HO
    HQHPLJR DVHVLQR´>@ eVWD HV XQD LPDJHQ YtYLGD GH
    GHVWUXFFLyQ HQORTXHFLGD XQD PHWiIRUD GH OD PXMHU $UWHPLVD
    TXHKDWRPDGRHQVHQGHURGHODJXHUUD
    /D FyOHUD GH $UWHPLVD VyOR HV VXSHUDGD SRU OD GH +HUD
    $XQTXH OD LQWHQVLGDG GHO VHQWLPLHQWR GH DPEDV GLRVDV VH
    PDQLILHVWD FRPR HTXLSDUDEOH VRQ GLIHUHQWHV OD GLUHFFLyQ GHO
    HQIDGR\ODSURYRFDFLyQ8QDPXMHU+HUDVHHQFROHUL]DFRQ³OD
    RWUD PXMHU´ 8QD PXMHU $UWHPLVD HV PiV SUREDEOH TXH VH
    HQIDGH FRQ HO KRPEUH R ORV KRPEUHV HQ JHQHUDO SRU
    GHVSUHFLDUODRSRUQRWUDWDUFRQUHVSHWRDOJRTXHHOODYDORUD
    3RU HMHPSOR OD WRPD GH FRQFLHQFLD HQ  GHO
    PRYLPLHQWR IHPLQLVWD FRQGXMR QRUPDOPHQWH D FDPELRV
    FRQVWUXFWLYRV 3HUR FRPR PXFKDV PXMHUHV $UWHPLVD VH
    KLFLHURQFRQVFLHQWHVGHODVOLPLWDFLRQHVLQMXVWDVGHODVRFLHGDG
    \ GH ODV DFWLWXGHV GHVYDORUL]DGRWDV KDFLD ODV PXMHUHV HQ
    JHQHUDO DFWXDURQ FRQ XQD LQWHQVD KRVWLOLGDG TXH FRQ
    IUHFXHQFLD QR JXDUGDED QLQJXQD SURSRUFLyQ FRQ OD
    SURYRFDFLyQ FRQFUHWD GH TXH VH WUDWDVH /RV REVHUYDGRUHV
    SUXGHQWHV VH TXLWDEDQ VHQVDWDPHQWH GH HQ PHGLR FXDQGR
    XQD MDEDOLQD GH &DOLGRQLD £VH HQFRQWUDED FRQ XQ &HUGR
    0DFKLVWD $GHPiV PXFKDV PXMHUHV WDPELpQ KHULGDV \
    ³KHFKDV WUL]DV´ SRU PXMHUHV $UWHPLVD TXH VH GHVERFDEDQ
    GHVSXpVGHODVVHVLRQHVGHWRPDGHFRQFLHQFLD
    (Q HO PLWR GHO MDEDOt GH &DOLGRQLD OD PLVPD $WDODQWD TXH
    FRPSLWLyHQXQDFDUUHUDFRQ+LSyPHQHVVHHQIUHQWyFRQXQD
    ODQ]DHQODPDQRDOMDEDOtTXHODHPEHVWtD(OMDEDOt\DKDEtD
    GHVWUR]DGR FRQ ORV FROPLOORV \ PDWDGR D PXFKRV KpURHV
    YDURQHVTXHKDEtDQLQWHQWDGRYHQFHUOR6XSLHOHUDPiVGXUD
    TXH XQD DUPDGXUD $KRUD GHSHQGtD GH HOOD R GHWHQtD D OD
    EHVWLD R HUD GHVWUXLGD (OOD HVSHUy KDVWD TXH HO MDEDOt FDVL
    HVWDEDVREUHHOODDSXQWyFXLGDGRVDPHQWH\OHDUURMyODODQ]D
    DXQRMR VXSXQWRYXOQHUDEOH SDUDGDUHQHOEODQFR
    /DFyOHUDGHVWUXFWLYDGHODPXMHU$UWHPLVDVyORSXHGHVHU
    GHWHQLGD SRU OR TXH KL]R $WDODQWD /D PXMHU $UWHPLVD GHEH
    HQIUHQWDUVH D VX SURSLD FDSDFLGDG GH GHVWUXFFLyQ 'HEH
    FRQVLGHUDUODFRPRXQDSDUWHGHVtPLVPDTXHGHEHGRPLQDUVH
    DQWHVGHTXHFRQVXPD\GHVWUX\DVXVUHODFLRQHV
    6H QHFHVLWD YDORU SDUD HQIUHQWDU DO MDEDOt LQWHUQR \D TXH
    HQIUHQWDUORVLJQLILFDTXHODPXMHUGHEHYHUFXiQWRGDxRVHKD
    KHFKR D Vt PLVPD \ D ORV GHPiV /D KXPLOGDG HV OD OHFFLyQ
    TXH OH GHYXHOYH OD KXPDQLGDG VH YXHOYH FRPSOHWDPHQWH
    FRQVFLHQWH GH TXH HOOD WDPELpQ HV XQD LPSHUIHFWD PXMHU
    KXPDQD\QRXQDGLRVDYHQJDWLYD

    ,QDFFHVLELOLGDG
    $UWHPLVD KD VLGR OODPDGD OD ³PX\ GLVWDQWH $UWHPLVD´>@
    /D GLVWDQFLD HPRFLRQDO HV XQD FDUDFWHUtVWLFD GH OD PXMHU
    $UWHPLVD TXH HVWi WDQ FRQFHQWUDGD VLQ GLVWUDHUVH HQ VXV
    SURSLRVREMHWLYRVTXHQRVHGDFXHQWDGHORVVHQWLPLHQWRVGH
    ODVSHUVRQDVTXHODURGHDQ&RPRFRQVHFXHQFLDGHVXIDOWDGH
    DWHQFLyQ ODV SHUVRQDV TXH OD TXLHUHQ VH VLHQWHQ
    LQVLJQLILFDQWHV\H[FOXLGDV\TXHGDQKHULGDVRVHHQIDGDQFRQ
    HOOD
    8QDYH]PiVHOODWLHQHTXHORJUDUXQDDWHQFLyQFRQVFLHQWH
    DQWHV GH SRGHU FDPELDU (Q HVWH SXQWR XQD PXMHU $UWHPLVD
    QHFHVLWDRtUORTXHGLFHQORVGHPiV\KDFHUFDVRGHHOOR$VX
    YH]ORVGHPiVGHEHUtDQHVIRU]DUVHSRUHVSHUDUKDVWDTXHHOOD
    \DQRHVWpFRQFHQWUDGDHQVXSUR\HFWRPX\TXHULGR\SXHGD
    GLULJLUOHVVXDWHQFLyQ 6LLQWHUUXPSHQHQHOPRPHQWRHQTXH
    HOOD HVWi DEVRUELGD HQ OR TXH HVWi KDFLHQGR OD IULFFLyQ HV
    LQHYLWDEOHDPHQRVTXHODPXMHU$UWHPLVDVHD\DFRQVFLHQWH
    GH OR TXH VXHOH KDFHU \ DSUHFLH TXH VH OH UHFXHUGH HQ TXp
    HVWi FD\HQGR GH QXHYR  $UWHPLVD HUD XQD GLRVD GHO HVWLOR
    ³DKRUD OD YHV \ DKRUD QR OD YHV´ TXH SRGtD GHVDSDUHFHU
    OLWHUDOPHQWH HQ HO ERVTXH OR PLVPR TXH SXHGH YHUVH D ORV
    DQLPDOHV VDOYDMHV HQ XQ PRPHQWR \ KDEHU GHVDSDUHFLGR DO
    VLJXLHQWH LQVWDQWH &XDQGR OD GLVWDQFLD HPRFLRQDO FRQVWLWX\H
    XQ HIHFWR FRODWHUDO LQDGYHUWLGR GH OD LQWHQVD FRQFHQWUDFLyQ
    SXHGHPLWLJDUHVWDWHQGHQFLDXQGHVHRVLQFHURGHSHUPDQHFHU
    HQFRQWDFWR\DFFHVLEOHFRQDTXHOODVSHUVRQDVTXHLPSRUWDQ
    (VWH UHPHGLR YDOH SDUD VHU DSOLFDGR UHJXODUPHQWH GtD D GtD
    DVtSDUDORV³DFWRVGHGHVDSDULFLyQ´SHULyGLFRV
    ,QPLVHULFRUGLD
    $UWHPLVD VROtD VHU GHVSLDGDGD 3RU HMHPSOR HO FD]DGRU
    $FWHyQLUUXPSLyHQVXVGRPLQLRVVLQGDUVHFXHQWD\QRWXYRHO
    EXHQVHQWLGRGHVDEHUTXHFRQWHPSODUHPEREDGRDODVGLRVDV
    GHVQXGDV HUD XQD RIHQVD FDSLWDO $Vt SXHV $UWHPLVD OH
    FRQYLUWLy HQ XQ FLHUYR TXH IXH GHVSHGD]DGR SRU ORV SURSLRV
    SHUURV GH FD]D GH $FWHyQ < FXDQGR OD HQJUHtGD 1tREH
    GHVSUHFLy D /DWRQD PDGUH GH $UWHPLVD \ $SROR ORV GRV
    JHPHORV DO XQtVRQR GHIHQGLHURQ ²VLQ SLHGDG² HO KRQRU GH
    /DWRQD
    (OXOWUDMHDODVRIHQVDVUHFLELGDVODOHDOWDGDORVGHPiVOD
    IXHU]D SDUD H[SUHVDU XQ SXQWR GH YLVWD \ XQD SURSHQVLyQ D
    HQWUDU HQ DFFLyQ SXHGHQ VHU FDUDFWHUtVWLFDV SRVLWLYDV GH
    $UWHPLVD \ GH ODV PXMHUHV WLSR $UWHPLVD 3HUR OR GHVSLDGDGR
    GHOFDVWLJRTXHLPSRQHQSXHGHVHUHVSDQWRVRORVGRFHKLMRV
    GH1tREHIXHURQPDWDGRVSRUORVDUTXHURVJHPHORVSDUDTXH
    DTXpOODQRSXGLHUDWHQHUQDGDGHORTXHYDQDJORULDUVH
    /DIDOWDGHSLHGDGVXHOHVXUJLUFXDQGRXQDPXMHU$UWHPLVD
    MX]JD ODV DFFLRQHV GH ORV GHPiV HQ WpUPLQRV GH ³EODQFR R
    QHJUR´VLQPDWLFHV&RQHVWDSHUVSHFWLYDQRVyORXQDDFFLyQ
    HVFRPSOHWDPHQWHPDODREXHQDVLQRTXHODSHUVRQDTXHOD
    KDFH WDPELpQ OR HV $Vt SXHV XQD PXMHU $UWHPLVD VH VLHQWH
    MXVWLILFDGDFXDQGRVHYHQJDRFDVWLJD
    3DUD FDPELDU HVWD DFWLWXG QHFHVLWD GHVDUUROODU OD
    FRPSDVLyQ \ OD HPSDWtD TXH SXHGHQ OOHJDU FRQ OD PDGXUH]
    0XFKDVPXMHUHV$UWHPLVDHQWUDQHQODYLGDDGXOWDVLQWLpQGRVH
    VHJXUDV GH Vt PLVPDV H LQYXOQHUDEOHV 6LQ HPEDUJR FXDQGR
    DGTXLHUHQ H[SHULHQFLD GH OD YLGD VX FRPSDVLyQ SXHGH
    DXPHQWDU D PHGLGD TXH WDPELpQ HOODV YDQ VXIULHQGR VRQ
    PDOLQWHUSUHWDGDVRVXIUHQGHFHSFLRQHV6LXQDPXMHU$UWHPLVD
    DSUHQGHDVHQWLUVHYXOQHUDEOH\VHYXHOYHPiVFRPSUHQVLYDVL
    GHVFXEUH TXH ODV SHUVRQDV VRQ PiV FRPSOHMDV GH OR TXH
    KDEtD SHQVDGR \ VL SHUGRQD D ORV GHPiV \ VH SHUGRQD D Vt
    PLVPD SRU FRPHWHU HUURUHV HQWRQFHV HVWDV OHFFLRQHV
    DSUHQGLGDVGHODYLGDODKDUiQPiVFRPSDVLYD

    /D HOHFFLyQ FUXFLDO VDFULILFDU R VDOYDU D


    ,ILJHQLD
    8Q ~OWLPR PLWR VREUH $UWHPLVD QRV KDEOD VREUH XQD
    HOHFFLyQ VLJQLILFDWLYD SDUD OD PXMHU $UWHPLVD (V HO PLWR GH
    ,ILJHQLD \ OD HOHFFLyQ LPSOLFD HO SDSHO GH $UWHPLVD R ELHQ
    FRPRODVDOYDGRUDRELHQFRPRODFDXVDGHVXPXHUWH
    (Q OD KLVWRULD GH OD JXHUUD GH 7UR\D ODV QDYHV JULHJDV VH
    FRQFHQWUDURQ HQ HO SXHUWR GH ÈXOLGH DQWHV GH QDYHJDU KDFLD
    7UR\D $OOt OD IORWD HVWXYR HQFDOPDGD QR VH OHYDQWy QLQJ~Q
    YLHQWRSDUDKHQFKLUODVYHODV&RQYHQFLGRGHTXHODFDOPDHUD
    REUD GH ORV GLRVHV $JDPHQyQ FRPDQGDQWH GH ODV IXHU]DV
    JULHJDV  FRQVXOWy DO DGLYLQR GH OD H[SHGLFLyQ (O DGLYLQR
    GHFODUyTXH$UWHPLVDKDEtDVLGRRIHQGLGD\TXHVyORSRGtDVHU
    DSODFDGD PHGLDQWH HO VDFULILFLR GH ,ILJHQLD OD KLMD GH
    $JDPHQyQ$OSULQFLSLRpVWHVHUHVLVWLySHURFXDQGRSDVyXQ
    WLHPSR \ ORV KRPEUHV HVWDEDQ FDGD YH] PiV FROpULFRV H
    LQJREHUQDEOHV HQJDxy D VX HVSRVD &OLWHPQHVWUD SDUD TXH OH
    HQYLDVH D ,ILJHQLD FRQ HO SUHWH[WR GH TXH LED D FDVDUOD FRQ
    $TXLOHVHOKpURHJULHJR3HURHQOXJDUGHHOORIXHSUHSDUDGD
    SDUDHOVDFULILFLRVXYLGDDFDPELRGHYLHQWRVIDYRUDEOHVTXH
    SXGLHUDQOOHYDUODIORWDDODEDWDOOD
    /R TXH VXFHGLy D FRQWLQXDFLyQ KD VLGR UHODWDGR HQ GRV
    YHUVLRQHV 6HJ~Q XQD GH HOODV OD PXHUWH GH ,ILJHQLD IXH
    OOHYDGDDFDERWDOFRPRSHGtD$UWHPLVD6HJ~QODRWUDYHUVLyQ
    $UWHPLVD LQWHUFHGLy MXVWR HQ HO PRPHQWR GHO VDFULILFLR
    VXVWLWX\HQGR D ,ILJHQLD SRU XQ FLHUYR \ OOHYiQGRVHOD D
    7iXULGHHQHO4XHUVRQHVRFRPRVDFHUGRWLVD
    (VWRV GRV ILQHV SXHGHQ UHSUHVHQWDU GRV HIHFWRV SRVLEOHV
    SDUD$UWHPLVD3RUXQDSDUWHUHVFDWDORVYDORUHVIHPHQLQRV\
    DODVPXMHUHVGHOSDWULDUFDGRTXHGHVYDORUL]D\RSULPHWDQWR
    ORVYDORUHVFRPRDODVPXMHUHV3RURWUDSDUWHFRQVXLQWHQVR
    HQIRTXH VREUH VXV PHWDV WDPELpQ SXHGH H[LJLU TXH XQD
    PXMHU GHVYDORULFH \ VDFULILTXH OR TXH VH KD FRQVLGHUDGR
    WUDGLFLRQDOPHQWH ³IHPHQLQR´ ODV FXDOLGDGHV GH UHFHSWLYLGDG
    VXVWHQWR UHODFLyQ FRQ ORV GHPiV GLVSRQLELOLGDG SRU KDFHU
    VDFULILFLRV SRU HO ELHQ DMHQR 7RGD PXMHU $UWHPLVD
    SUREDEOHPHQWHWLHQHXQDSDUWHGHHOODTXHHVFRPR,ILJHQLD
    XQD SDUWH MRYHQ KHUPRVD FRQILDGD TXH UHSUHVHQWD VX
    YXOQHUDELOLGDG VX GLVSRVLFLyQ SDUD OD LQWLPLGDG \ VX
    GHSHQGHQFLD GH ORV GHPiV ¢5HVFDWDUi \ SURWHJHUi HVWH
    DVSHFWR GH Vt PLVPD SDUD TXH SXHGD GHVDUUROODUVH LQFOXVR
    FXDQGR DFW~D HQ OD YLGD HQ SRV GH ODV FRVDV TXH WLHQHQ
    LPSRUWDQFLD SDUD HOOD" ¢2 VHUi QHFHVDULR TXH PDWH OD SDUWH
    TXHWLHQHGH,ILJHQLDGHQWURGHVtSDUDHVWDUWDQFRQFHQWUDGD
    \VHUWDQGXUD\FODUDFRPROHVHDSRVLEOH"

    0DQHUDV GH GHVDUUROODUVH
    3DUD GHVDUUROODUVH PiV DOOi GH $UWHPLVD XQD PXMHU GHEH
    GHVDUUROODUVXSRWHQFLDOPHQRVFRQVFLHQWHRULHQWDGRKDFLDODV
    UHODFLRQHV \ OR UHFHSWLYR 1HFHVLWD YROYHUVH YXOQHUDEOH SDUD
    DSUHQGHU D DPDU \ D SUHRFXSDUVH SURIXQGDPHQWH SRU RWUD
    SHUVRQD 6L HVWR VXFHGH SXHGH TXH VH KDJD GHQWUR GH XQD
    UHODFLyQQRUPDOPHQWHFRQXQKRPEUHTXHODTXLHUHDYHFHV
    FRQRWUDPXMHURWHQLHQGRXQKLMR
    $PHQXGRHVWHDYDQFHSXHGHRFXUULUVyORGHVSXpVGHTXH
    XQDPXMHU$UWHPLVDKD³SHUVHJXLGR´XQDVHULHGHREMHWLYRV\
    GH KDEHUORV ORJUDGR R QR WUDV OD H[FLWDFLyQ GH OD FD]D OD
    FDUUHUD R TXH OD SHUVHFXFLyQ VH KD\D DJRWDGR 8Q KRPEUH
    TXH OD TXLHUD WDO YH] WHQJD TXH HVSHUDU KDVWD HQWRQFHV \
    KDVWD TXH SXHGD FRQVHJXLU DOJR GH D\XGD SRU SDUWH GH
    $IURGLWD
    (O PLWR GH $WDODQWD XQD PHWiIRUD SDUD HO
    GHVDUUROOR SVLFROyJLFR
    $WDODQWD IXH XQD KHURtQD FX\R YDORU \ FDSDFLGDGHV FRPR
    FD]DGRUD \ FRUUHGRUD HUDQ LJXDOHV D ODV GH FXDOTXLHU
    KRPEUH>@ +DEtD VLGR DEDQGRQDGD HQ OD FXPEUH GH XQD
    PRQWDxD FXDQGR QDFLy IXH HQFRQWUDGD \ DPDQWDGD SRU XQD
    RVD \ FUHFLy KDVWD KDFHUVH XQD KHUPRVD PXMHU 8Q FD]DGRU
    OODPDGR 0HOHDJUR VH KL]R VX DPDQWH \ FRPSDxHUR (VWD
    SDUHMD GH LJXDOHV OOHJDURQ D VHU FD]DGRUHV ELHQ FRQRFLGRV
    IDPRVRV HQ WRGD *UHFLD HVSHFLDOPHQWH SRU VX SDUWLFLSDFLyQ
    HQ OD FD]D GHO MDEDOt GH &DOLGRQLD 0HOHDJUR PXULy HQ VXV
    EUD]RV SRFR GHVSXpV $ FRQWLQXDFLyQ $WDODQWD GHMy ODV
    PRQWDxDVSRUODVTXHKDEtDQHUUDGRMXQWRVSDUDHQIUHQWDUVH
    DVXSDGUH\VHUUHFRQRFLGDFRPRKHUHGHUDGHVXWURQR
    (QWRQFHVPXFKRVSUHWHQGLHQWHVOOHJDURQDSHGLUVXPDQR
    SHUR HOOD ORV UHFKD]y D WRGRV &XDQGR VXUJLy HO FODPRU
    SRSXODUGHTXHHVFRJLHVHHQWUHHOORVGLMRTXHVHFDVDUtDFRQ
    HOKRPEUHTXHSXGLHUDYHQFHUODHQXQDFDUUHUDDSLH6LpVWH
    JDQDEDVHFDVDUtDFRQpOVLQRSHUGHUtDODYLGD6HFHOHEUy
    FDUUHUDWUDVFDUUHUD\ODYHOR]$WDODQWDVLHPSUHJDQDED
    )LQDOPHQWHHOQDGDDWOpWLFR+LSyPHQHVTXHODDPDEDGH
    YHUGDG GHFLGLy SDUWLFLSDU HQ OD FDUUHUD DXQTXH
    SUREDEOHPHQWH OH FRVWDUD OD YLGD /D QRFKH DQWHULRU D OD
    FDUUHUDOHSLGLyD\XGDD$IURGLWDGLRVDGHODPRUeVWDR\yVX
    SOHJDULD \ OH GLR WUHV PDQ]DQDV GH RUR SDUD TXH ODV XWLOL]DVH
    HQODFDUUHUD

    3ULPHUD PDQ]DQD &RQFLHQFLD GHO SDVR GHO


    WLHPSR
    (Q ORV LQLFLRV GH OD FDUUHUD +LSyPHQHV DUURMR VX
    SULPHUD PDQ]DQD DO SDVR GH $WDODQWD eVWD TXHGR
    DEVRUELGD SRU VX EHOOH]D UHVSODQGHFLHQWH \ GLVPLQX\y
    VX SDVR SDUD UHFRJHUOD +LSyPHQHV OD DGHODQWy HQ
    FDUUHUD PLHQWUDV TXH HOOD FRQWHPSODED ILMDPHQWH OD
    PDQ]DQDHQVXPDQR5HIOHMDGDHQHOODYLRVXSURSLR
    URVWUR GLVWRUVLRQDGR SRU ODV FXUYDV GH OD PDQ]DQD
    ³eVWH HV HO DVSHFWR TXH WHQGUp FXDQGR VHD YLHMD´
    SHQVySDUDVt
    0XFKDV PXMHUHV DFWLYDV QR VRQ FRQVFLHQWHV GHO
    SDVR GHO WLHPSR KDVWD DOJ~Q PRPHQWR GH OD PLWDG GH
    VX YLGD FXDQGR VH GHVYDQHFHQ ORV GHVDItRV GH OD
    FRPSHWLFLyQ R OD SHUVHFXFLyQ GH PHWDV 3RU SULPHUD
    YH]HQVXYLGDVHGDQFXHQWDGHTXHQRVRQODHWHUQD
    MXYHQWXG \ UHIOH[LRQDQ VREUH HO FXUVR TXH OOHYDQ VXV
    YLGDV\DGyQGHODVHVWiQOOHYDQGR
    6HJXQGD PDQ]DQD &RQFLHQFLD GH OD
    LPSRUWDQFLD GHO DPRU
    'HVSXpV+LSyPHQHVODQ]yODVHJXQGDPDQ]DQDHQ
    HO FDPLQR GH $WDODQWD eVWD HVWDED GH QXHYR
    FRQFHQWUDGD HQ OD FDUUHUD TXH VLQ HVIXHU]R OH HVWDED
    JDQDQGR &XDQGR VH GHWXYR SDUD UHFRJHU OD VHJXQGD
    PDQ]DQDHPSH]DURQDVXUJLUOHUHFXHUGRVGH0HOHDUJR
    VXDPDQWHIDOOHFLGR/DVDxRUDQ]DVGHFHUFDQtDItVLFD\
    HPRFLRQDO VRQ DJLWDGDV SRU $IURGLWD &XDQGR VH
    FRPELQDQ FRQ OD FRQFLHQFLD GH TXH HO WLHPSR SDVD HO
    IRFR GH DWHQFLyQ KDELWXDO GH XQD PXMHU WLSR $UWHPLVD
    VHGHVYtDKDFLDXQDQXHYDUHFHSWLYLGDGDODPRU\DOD
    LQWLPLGDG
    7HUFHUD PDQ]DQD ,QVWLQWR GH SURFUHDFLyQ \
    FUHDWLYLGDG
    /D OtQHD GH OOHJDGD HVWDED \D D OD YLVWD FXDQGR
    $WDODQWD VH DSUR[LPDED D +LSyPHQHV <D HVWDED D
    SXQWR GH VREUHSDVDUOH \ JDQDUOH FXDQGR +LSyPHQHV
    GHMy FDHU OD WHUFHUD PDQ]DQD $WDODQWD GXGy SRU XQ
    LQVWDQWH¢WHQtDTXHFUX]DUODOtQHDGHOOHJDGD\JDQDU
    OD FDUUHUD R WRPDU OD PDQ]DQD \ SHUGHU" $WDODQWD
    HVFRJLyUHFRJHUODPDQ]DQDHQHOPRPHQWRMXVWRHQHO
    TXH+LSyPHQHVFUX]DEDODPHWDSDUDJDQDUODFDUUHUD
    \D$WDODQWDFRPRHVSRVD

    (O LQVWLQWR GH SURFUHDFLyQ GH $IURGLWD IDYRUHFLGR SRU


    'HPpWHU  FDOPD D PXFKDV PXMHUHV DFWLYDV FHQWUDGDV HQ OD
    FRQVHFXFLyQ GH REMHWLYRV HQ ORV DxRV DQWHULRUHV D ORV
    FXDUHQWD 0XFKDV YHFHV D ODV PXMHUHV RULHQWDGDV KDFLD XQD
    SURIHVLyQ ODV VRUSUHQGH OD XUJHQFLD LPSHULRVD GH WHQHU XQ
    KLMR
    (VWD WHUFHUD PDQ]DQD GH RUR WDPELpQ SXHGH UHSUHVHQWDU
    DOJR GLVWLQWR D OD FUHDWLYLGDG ELROyJLFD /D FRQVHFXFLyQ GH
    REMHWLYRV WDO YH] VH YXHOYD PHQRV LPSRUWDQWH GHVSXpV GH OD
    PLWDG GH OD YLGD (Q VX OXJDU OD FDSDFLGDG GH SURFUHDU VH
    GLULJH D WUDQVIRUPDU OD H[SHULHQFLD HQ DOJXQD IRUPD GH
    H[SUHVLyQSHUVRQDO
    6L HO FRQRFLPLHQWR GH $IURGLWD OOHJD D WUDYpV GHO DPRU GH
    RWUDSHUVRQDHQWRQFHVODXQLODWHUDOLGDGGHODPXMHU$UWHPLVD
    SRU PXFKR TXH KD\D VLGR VDWLVIDFWRULD WDO YH] Gp SDVR D OD
    SRVLELOLGDG GH WRWDOLGDG 3XHGH YROYHUVH KDFLD GHQWUR SDUD
    UHIOH[LRQDU VREUH OR TXH HV LPSRUWDQWH SDUD HOOD \ HVWDU
    RULHQWDGD KDFLD HO LQWHULRU OR PLVPR TXH HQIRFDGD KDFLD HO
    H[WHULRU 6H YXHOYH FRQVFLHQWH GH WHQHU QHFHVLGDGHV GH
    LQWLPLGDG WDQWR FRPR GH LQGHSHQGHQFLD 8QD YH] FRQRFH HO
    DPRU HOOD ²FRPR $WDODQWD² WHQGUi PRPHQWRV HQ ORV TXH
    GHEHUiGHFLGLUTXpHVORPiVLPSRUWDQWHSDUDVtPLVPD
     ± $7(1($
    ',26$ '( /$ 6$%,'85Ë$ < '( /$
    $57(6$1Ë$ (675$7(*$ ( +,-$
    '(/ 3$'5(

    $WHQHD OD GLRVD
    $WHQHD HUD OD GLRVD JULHJD GH OD VDELGXUtD \ GH OD DUWHVDQtD
    FRQRFLGD SRU ORV URPDQRV FRPR 0LQHUYD $O LJXDO TXH $UWHPLVD
    $WHQHDIXHXQDGLRVDYLUJHQGHGLFDGDDODFDVWLGDG\DOFHOLEDWR(UD
    OD PDMHVWXRVD \ EHOOD GLRVD JXHUUHUD SURWHFWRUD GH VXV KpURHV
    HOHJLGRV\GHODFXLGDGTXHKDEtDWRPDGRVXQRPEUH$WHQDV(UDOD
    ~QLFD GLRVD GHO 2OLPSR TXH VH UHSUHVHQWDED SRUWDQGR XQD FRUD]D
    FRQODYLVHUDGHVX\HOPRHFKDGDKDFLDDWUiVSDUDUHYHODUVXEHOOH]D
    XQHVFXGRHQHOEUD]R\XQDODQ]DHQODPDQR
    &RQIRUPHDVXSDSHOFRPRGLRVDTXHSUHVLGtDODHVWUDWHJLDGHODV
    EDWDOODVHQWLHPSRVGHJXHUUD\ODVDUWHVGRPpVWLFDVHQWLHPSRVGH
    SD] WDPELpQ VH OD UHSUHVHQWDED HQ XQD ODQ]D HQ OD PDQR \ XQ
    FXHQFR R XQ KXVR HQ OD RWUD (UD OD SURWHFWRUD GH ODV FLXGDGHV
    SDWURQD GH ODV IXHU]DV PLOLWDUHV \ GLRVD GH ORV WHMHGRUHV KHUUHURV
    DOIDUHURV \ VDVWUHV /RV JULHJRV DWULEX\HURQ D $WHQHD HO KDEHU
    GRQDGRDODKXPDQLGDGODEULGDSDUDUHWHQHUHOFDEDOORODLQVSLUDFLyQ
    DORVFRQVWUXFWRUHVGHQDYHVSDUDHMHUFHUVXDUWH\ODHQVHxDQ]DGH
    FyPR KDFHU HO DUDGR HO UDVWULOOR OD \XQWD GH EXH\HV \ HO FDUUR (O
    ROLYR IXH VX UHJDOR HVSHFLDO D $WHQDV UHJDOR TXH FRQGXMR DO FXOWLYR
    GHODVDFHLWXQDV
    $WHQHD IXH UHSUHVHQWDGD IUHFXHQWHPHQWH FRQ XQ E~KR SiMDUR
    DVRFLDGRDORVRMRVSURPLQHQWHV\DODVDELGXUtDGRVGHVXVUDVJRV
    FDUDFWHUtVWLFRV 'RV VHUSLHQWHV HQWUHOD]DGDV VH GHMDEDQ YHU HQ XQ
    GLEXMRGHVXHVFXGRRHQODRUODGHVXW~QLFD
    &XDQGR $WHQHD HUD SLQWDGD FRQ RWUD ILJXUD pVWD HUD
    LQYDULDEOHPHQWH XQ YDUyQ 3RU HMHPSOR VH OD YHtD DO ODGR GH =HXV
    VHQWDGRHQODSRVLFLyQGHXQJXHUUHURPRQWDQGRJXDUGLDDOODGRGH
    VX UH\ R VH OD VLWXDED GHWUiV R DO ODGR GH $TXLOHV R GH 8OLVHV ORV
    SULPHURVKpURHVGHOD,OtDGD\GHOD2GLVHD
    /DVDSWLWXGHVPDUFLDOHV\GRPpVWLFDVDVRFLDGDVD$WHQHDDEDUFDQ
    ODSODQLILFDFLyQ\ODHMHFXFLyQDFWLYLGDGHVTXHH[LJHQXQDPDQHUDGH
    SHQVDU GHFLGLGD (VWUDWHJLD VHQWLGR SUiFWLFR \ UHVXOWDGRV WDQJLEOHV
    VRQ FDUDFWHUtVWLFDV GH VX VDELGXUtD SHFXOLDU $WHQHD YDORUD HO
    SHQVDPLHQWR UDFLRQDO \ GHILHQGH HO GRPLQLR GH OD YROXQWDG \ GHO
    LQWHOHFWR VREUH HO LQVWLQWR \ OD QDWXUDOH]D HQ FRQWUDVWH FRQ
    $UWHPLVD ORVDOYDMHGHEHVHUGRPHVWLFDGR\VRPHWLGR

    *HQHDORJtD \ PLWRORJtD
    /DHQWUDGDGH$WHQHDFRPRFRPSDxHUDGHORVGLRVHVGHO2OLPSR
    IXH HVSHFWDFXODU 6XUJLy GH OD FDEH]D GH =HXV FRPR XQD PXMHU
    WRWDOPHQWH GHVDUUROODGD SRUWDQGR XQD FRUD]D UHVSODQGHFLHQWH GH
    RURXQDDILODGDODQ]DHQODPDQR\HPLWLHQGRXQSRGHURVRJULWRGH
    JXHUUD (Q DOJXQDV YHUVLRQHV OD GHVFULSFLyQ GH VX QDFLPLHQWR VH
    DVHPHMDUtD D XQD FHViUHD =HXV VXIUtD XQ DJXGR GRORU GH FDEH]D
    PLHQWUDVSURVHJXtDHO³SURFHVR´\IXHD\XGDGRSRU+HIHVWRVHOGLRV
    GH OD IRUMD TXH OH JROSHy OD FDEH]D FRQ XQ KDFKD GH GREOH ILOR
    DEULHQGRXQDYtDSDUDHPHUJLHVH$WHQHD
    $WHQHD VH FRQVLGHUDED D Vt PLVPD GHVFHQGLHQWH GH XQ VROR
    SURJHQLWRU=HXVDOTXHDVRFLySDUDVLHPSUH(OODIXHODPXMHU³PDQR
    GHUHFKD´GHVXSDGUHOD~QLFDGLRVDGHO2OLPSRDODTXHpOFRQILyVX
    UD\R\VXpJLGDVtPERORVGHVXSRGHU
    /D GLRVD QR UHFRQRFLy D VX PDGUH 0HWLV GH KHFKR $WHQHD
    SDUHFtDVHULQFRQVFLHQWHGHWHQHUXQDPDGUH&RPRFXHQWD+HVtRWR
    0HWLV IXH OD SULPHUD FRQVRUWH UHDO GH =HXV \ XQD GLRVD GH GHO
    RFpDQRFRQRFLGDSRUVXVDELGXUtD&XDQGR0HWLVHVWDEDHPEDUD]DGD
    GH $WHQHD =HXV OD HQJDxy KDFLpQGROD SHTXHxD \ WUDJiQGRVHOD 6H
    KDEtDSUHGLFKRTXH0HWLVWHQGUtDGRVQLxRVPX\HVSHFLDOHVXQDKLMD
    LJXDO D =HXV HQ YDORU \ VDELR FRQVHMR \ XQ KLMR XQ PXFKDFKR
    FRQTXLVWDGRUGHWRGRVORVFRUD]RQHVTXHOOHJDUtDDVHUUH\GHGLRVHV
    \KRPEUHV>@$OWUDJDUVHD0HWLV=HXVWRUFLyHOGHVWLQR\VHDSRGHUy
    GHVXVDWULEXWRVFRPRVLIXHVHQSURSLRV(QVXPLWRORJtD$WHQHDIXH
    ODSURWHFWRUDFRQVHMHUDSDWURQD\DOLGDGDGHORVKpURHV/DOLVWDGH
    DTXpOORV D ORV TXH D\XGy FRQVWLWXLUtD XQD HVSHFLH GH ³4XLpQ HV
    4XLpQ´GHKpURHV
    (QWUHHOORVHVWXYR3HUVHRTXHPDWyDOD0HGXVD*RUJRQDDTXHOOD
    PXMHUPRQVWUXRVDTXHWHQtDVHUSLHQWHVSRUFDEHOORVJDUUDVDILODGDV
    \RMRVGHPLUDGDILMDTXHFRQYHUWtDDORVKRPEUHVHQSLHGUD$WHQHD
    VXJLULyXQDWUDPSDGHHVSHMRVPHGLDQWHODFXDO3HUVHRSRGtDPLUDUHO
    UHIOHMR GH OD *RUJRQD HQ VX HVFXGR \ HYLWDU PLUDUOD GLUHFWDPHQWH
    'HVSXpVJXLyVXPDQR\VXHVSDGDPLHQWUDVGHFDSLWDEDD0HGXVD
    $WHQHD WDPELpQ D\XGR D -DVyQ \ ORV DUJRQDXWDV D FRQVWUXLU VX
    QDYHDQWHVGHSDUWLUSDUDFDSWXUDUHOYHOORFLQRGHRUR3URSRUFLRQyD
    %HOHURIRQWHXQDEULGDGHRURFRQODTXHSXGRGRPHVWLFDUDOFDEDOOR
    DODGR 3HJDVR \ WDPELpQ DFXGLy HQ D\XGD GH +HUDFOHV HO URPDQR
    +pUFXOHV HQVXVGRFHWUDEDMRV
    'XUDQWHODJXHUUDGH7UR\D$WHQHDSDUWLFLSyPX\DFWLYDPHQWHD
    IDYRUGHORVJULHJRV3URWHJLyDVXVIDYRULWRVHQHVSHFLDOD$TXLOHV
    HO PiV SRGHURVR \ IRUPLGDEOH JXHUUHUR JULHJR 3RVWHULRUPHQWH
    D\XGRD2GLVHD 8OLVHV HQVXODUJRYLDMHGHUHJUHVRDOKRJDU
    $GHPiV GH DSR\DU D KpURHV FRQFUHWRV \ GH VHU OD GLRVD GHO
    2OLPSR VLWXDGD PiV FHUFD GH =HXV $WHQHD VH SXVR GHO ODGR GHO
    SDWULDUFDGR(PLWLyHOYRWRGHFLVLYRDIDYRUGH2UHVWHVHQODSULPHUD
    HVFHQD DQWH ORV WULEXQDOHV GH OD OLWHUDWXUD RFFLGHQWDO 2UHVWHV KDEtD
    PDWDGR D VX PDGUH &OLPHPQHVWUD  SDUD YHQJDU HO DVHVLQDWR GH VX
    SDGUH $JDPHQyQ $SRORKDEOyHQGHIHQVDGH2UHVWHVDOHJyTXHOD
    PDGUH HUD VyOR TXLHQ DOLPHQWDED OD VHPLOOD SODQWDGD SRU HO SDGUH
    SURFODPyHOSULQFLSLRGHTXHHOYDUyQSUHYDOHFHVREUHODPXMHU\FLWy
    FRPRSUXHEDHOQDFLPLHQWRGH$WHQHDTXHQLVLTXLHUDKDEtDQDFLGR
    GHO~WHUR GHXQDPXMHU(OYRWRGHOMXUDGR HVWDEDLJXDODGRFXDQGR
    $WHQHD HPLWLy VX YRWR GHFLVLYR 6H SXVR DO ODGR GH $SROR OLEHUy D
    2UHVWHV \ VLWXy ORV SULQFLSLRV SDWULDUFDOHV SRU HQFLPD GH ORV OD]RV
    PDWHUQRV
    (QODPLWRORJtDGH$WHQHDVyORXQDKLVWRULDPX\FRQRFLGDLPSOLFD
    D XQD PXMHU PRUWDO (V OD GH $UDFQp D OD TXH $WHQHD FRQYLUWLy HQ
    DUDxD $WHQHD FRPR GLRVD GH OD DUWHVDQtD IXH GHVDILDGD D XQD
    FRPSHWLFLyQ GH KDELOLGDG SRU XQD WHMHGRUD SUHVXQWXRVD OODPDGD
    $UDFQp $PEDV WUDEDMDURQ FRQ FHOHULGDG \ KDELOLGDG &XDQGR ORV
    WDSLFHV HVWXYLHURQ DFDEDGRV $WHQHD DGPLUy HO WUDEDMR SHUIHFWR GH
    VXFRPSHWLGRUDSHURODSXVRIXULRVDTXH$UDFQpVHKXELHUDDWUHYLGR
    D LOXVWUDU ORV HQJDxRV DPRURVRV GH =HXV (Q HO WDSL] /HGD HVWDED
    DFDULFLDQGRXQFLVQHXQDPHWDPRUIRVLVGH=HXVTXHKDEtDHQWUDGR
    FRPR XQ FLVQH HQ HO GRUPLWRULR GH OD UHLQD FDVDGD SDUD KDFHU HO
    DPRUFRQHOOD2WUDLPDJHQHUDODGH'iQDHDODTXH=HXVIHFXQGy
    HQ IRUPD GH OOXYLD GH RUR XQD WHUFHUD LPDJHQ UHSUHVHQWDED D
    (XURSD UDSWDGD SRU =HXV PHWDPRUIRVHDGR HQ XQ PDJQtILFR WRUR
    EODQFR
    (O WHPD GHO WDSL] IXH OD SHUGLFLyQ GH $UDFQp $WHQHD HVWDED WDQ
    LQGLJQDGDSRUORTXHKDEtDUHSUHVHQWDGR$UDFQpTXHKL]RSHGD]RVHO
    WDSL] LPSXOVDQGR D $UDFQp D DKRUFDUVH 'HVSXpV DSLDGiQGRVH XQ
    SRFR $WHQHD SHUPLWLy TXH $UDFQp YLYLHUD SHUR WUDQVIRUPDGD HQ
    DUDxD FRQGHQDGD SDU VLHPSUH D FROJDU GH XQ KLOR \ D WHMHU (Q
    ELRORJtD ODV DUDxDV VRQ FODVLILFDGDV FRPR DUiFQLGRV SRU HO QRPEUH
    GH DTXHOOD GHVDIRUWXQDGD MRYHQ  +D\ TXH VHxDODU TXH $WHQHD
    GHIHQVRUD D XOWUDQ]D GH VX SDGUH OH FDVWLJR SRU KDFHU S~EOLFR HO
    FRPSRUWDPLHQWR LOtFLWR \ HQJDxRVR GH VX SDGUH PiV TXH SRU OD
    LPSHUWLQHQFLDGHOGHVDItRPLVPR

    $WHQHD HO DUTXHWLSR
    &RPR GLRVD GH OD VDELGXUtD $WHQHD HUD FRQRFLGD SRU VXV
    HVWUDWHJLDV GH YLFWRULD \ VXV VROXFLRQHV SUiFWLFDV &RPR DUTXHWLSR
    $WHQHD HV HO SDWUyQ VHJXLGR SRU ODV PXMHUHV OyJLFDV TXH VRQ
    JREHUQDGDVSRUVXVFDEH]DVPiVTXHSRUVXVFRUD]RQHV
    $WHQHD HV XQ DUTXHWLSR IHPHQLQR PXHVWUD TXH SHQVDU
    FRUUHFWDPHQWH FRQVHUYDU OD FDEH]D HQ HO FDORU GH XQD VLWXDFLyQ
    HPRFLRQDO \ GHVDUUROODU EXHQDV WiFWLFDV HQ PHGLR GHO FRQIOLFWR VRQ
    UDVJRV QDWXUDOHV SDUD DOJXQDV PXMHUHV 8QD PXMHU DVt HVWi VLHQGR
    FRPR $WHQHD QR DFWXDQGR ³FRPR XQ KRPEUH´ 6X DVSHFWR
    PDVFXOLQR R iQLPXV QR HVWi SHQVDGR SRU HOOD HOOD HVWi SHQVDQGR
    FODUD \ FRUUHFWDPHQWH SRU Vt PLVPD (O FRQFHSWR GH $WHQHD HV XQ
    DUTXHWLSR GHO SHQVDPLHQWR OyJLFR TXH GHVDItD OD SUHPLVD MXQJXLDQD
    GH TXH OD DFFLyQ GH SHQVDU HV HIHFWXDGD SDUD XQD PXMHU SRU VX
    iQLPXV PDVFXOLQR TXH VH SUHVXPH TXH HV GLVWLQWR GH VX HJR
    IHPHQLQR&XDQGRXQDPXMHUUHFRQRFHODPDQHUDSHQHWUDQWHHQTXH
    IXQFLRQD VX PHQWH FRPR XQD FXDOLGDG IHPHQLQD UHODFLRQDGD FRQ
    $WHQHDSXHGHGHVDUUROODUXQDLPDJHQSRVLWLYDGHVtPLVPDHQOXJDU
    GHWHPHUVHUPDVFXOLQD HVGHFLULQDGHFXDGD 
    &XDQGR $WHQHD UHSUHVHQWD VyOR XQRV GH ORV YDULRV DUTXHWLSRV
    DFWLYRV HQ XQD PXMHU FRQFUHWD ²HQ OXJDU GH XQ ~QLFR SDWUyQ
    GRPLQDQWH² HQWRQFHV HVH DUTXHWLSR SXHGH VHU XQ DOLDGR GH RWUDV
    GLRVDV 3RU HMHPSOR VL HVWi PRWLYDGD SRU +HUD HQ QHFHVLWDU XQ
    FRPSDxHURSDUDVHQWLUVHFRPSOHWD$WHQHDSXHGHHQWRQFHVD\XGDUD
    GHILQLU OD VLWXDFLyQ \ GHVDUUROODU XQD HVWUDWHJLD SDUD FRQVHJXLUOH XQ
    KRPEUH 2 VL $UWHPLVD HV OD LQVSLUDFLyQ TXH JXtD D XQ FROHFWLYR GH
    VDOXGIRUPDGRSRUPXMHUHVRDXQFHQWURGHHVWXGLRVGHODPXMHUHO
    p[LWR GHO SUR\HFWR SXHGH GHSHQGHU GH OD SHUVSLFDFLD SROtWLFD GH
    $WHQHD (Q PHGLR GH XQD WRUPHQWD HPRFLRQDO VL XQD PXMHU SXHGH
    LQYRFDUD$WHQHDFRPRDUTXHWLSRGHQWURGHVtPLVPDODUDFLRQDOLGDG
    SXHGHD\XGDUOHDHQFRQWUDURDFRQVHUYDUVXHTXLOLEULR

    'LRVD YLUJHQ
    /DV FXDOLGDGHV LQYXOQHUDEOHV H LQWDFWDV GHVFULSWLYDV GH $UWHPLVD
    SXHGHQ WDPELpQ DSOLFDUVH D $WHQHD &XDQGR $WHQHD JRELHUQD OD
    SVLTXHGHXQDPXMHUpVWD²DOLJXDOTXHODVPXMHUHVTXHVHSDUHFHQ
    D$UWHPLVDRD+HVWLD²HVWiPRWLYDGDSRUVXVSURSLDVSULRULGDGHV$O
    LJXDO TXH HO DUTXHWLSR $UWHPLVD $WHQHD SUHGLVSRQH D XQD PXMHU D
    HQIRFDUVH HQ OR TXH OH LPSRUWD HQ OXJDU GH HQIRFDUVH HQ ODV
    QHFHVLGDGHVGHORVGHPiV
    $WHQHDGLILHUHGH$UWHPLVD\GH+HVWLDHQTXHHVODGLRVDYLUJHQ
    TXHEXVFDODFRPSDxtDGHORVKRPEUHV(QOXJDUGHVHSDUDUVHRGH
    UHWLUDUVH GLVIUXWD HVWDU HQ PHGLR GH OD DFFLyQ \ GHO SRGHU
    PDVFXOLQRV (O HOHPHQWR GH GLRVD YLUJHQ OH D\XGD D HYLWDU ORV
    HQUHGRV HPRFLRQDOHV R VH[XDOHV FRQ ORV KRPEUHV FRQ ORV FXDOHV
    WUDEDMD HVWUHFKDPHQWH 3XHGH VHU FRPSDxHUD FROHJD R FRQILGHQWH
    GH KRPEUH VLQ GHVDUUROODU VHQWLPLHQWRV HUyWLFRV R LQWLPLGDG
    HPRFLRQDO
    $WHQHD HPHUJLy D OD FRPSDxtD GH ORV GLRVHV GHO 2OLPSR FRPR
    XQD DGXOWD \D FUHFLGD (UD UHSUHVHQWDGD HQ VX PLWRORJtD
    LQWHUHViQGRVH SRU ORV DVXQWRV LPSRUWDQWHV GHO PXQGR (O DUTXHWLSR
    GH $WHQHD UHSUHVHQWD DVt XQD YHUVLyQ PiV YLHMD PiV PDGXUD GH
    XQD GLRVD YLUJHQ TXH OD GH $UWHPLVD /D RULHQWDFLyQ UHDOLVWD GH
    $WHQHD KDFLD HO PXQGR WDO FRPR HV VX DFWLWXG SUDJPiWLFD VX
    DGHFXDFLyQ D ODV SDXWDV ³DGXOWDV´ HVWR HV D ODV WUDGLFLRQDOPHQWH
    PDQWHQLGDV  \ OD DXVHQFLD GH URPDQWLFLVPR R GH LGHDOLVPR
    FRPSOHWDQ HVWD LPSUHVLyQ GH $WHQHD FRPR HO HStWRPH GHO ³DGXOWR
    VHQVDWR´

    /D HVWUDWHJD
    /D VDELGXUtD GH $WHQHD HUD OD GHO JHQHUDO GHVSOHJDQGR VXV
    IXHU]DVRGHOPDJQDWHGHORVQHJRFLRVVXSHUDQGRHQODWiFWLFDDVXV
    FRPSHWLGRUHV )XH OD PHMRU HVWUDWHJD GXUDQWH OD JXHUUD GH 7UR\D
    6XVWiFWLFDVHLQWHUYHQFLRQHVJDQDURQYLFWRULDVSDUDORVJULHJRVHQHO
    FDPSR GH EDWDOOD (O DUTXHWLSR GH $WHQHD SURVSHUD HQ ORV iPELWRV
    FRPHUFLDODFDGpPLFRFLHQWtILFRPLOLWDURSROtWLFR
    3RU HMHPSOR $WHQHD SXHGH PDQLIHVWDUVH HQ XQD PXMHU FRQ XQ
    ³PDVWHU´ HQ DGPLQLVWUDFLyQ GH HPSUHVDV TXH DVRFLDGD FRQ XQ
    PHQWRUSRGHURVRVHDEUHFDPLQRHQODHVFDODHPSUHVDULDO(OUiSLGR
    DVFHQVRGH0DU\&XQQLQJKDPDODYLFHSUHVLGHQFLDGHOD&RUSRUDFLyQ
    %HQGL[ FRPR OD WDOHQWRVD SURWHJLGD GHO SUHVLGHQWH \ FRQVHMHUR
    GHOHJDGR GHO FRQVHMR GH DGPLQLVWUDFLyQ VLJXLy XQD WUD\HFWRULD
    $WHQHD &XDQGR VX UHODFLyQ UHFLELy XQD DWHQFLyQ GHVIDYRUDEOH
    GLPLWLy SDUD VLWXDUVH ODWHUDOPHQWH HQ XQD SRVLFLyQ LPSRUWDQWH FRQ
    6FKHQOH\ RWUR FDUJR LPSRUWDQWH GHQWUR GH OD HPSUHVD (VWH VDELR
    PRYLPLHQWR SRGtD VHU FRQVLGHUDGR FRPR HO HTXLYDOHQWH GH XQD
    UHWLUDGD HVWUDWpJLFD \ XQD DFFLyQ GHFLVLYD OOHYDGD D FDER EDMR HO
    IXHJRGHORVGLVSDURV
    /DSHUVSLFDFLDGH$WHQHDSHUPLWHDXQDPXMHUUHFRUUHUVXFDPLQR
    GH PDQHUD HILFD] HQ VLWXDFLRQHV HQ TXH VRQ LPSRUWDQWHV ODV
    FRQVLGHUDFLRQHV SROtWLFDV R HFRQyPLFDV 7DO YH] XWLOLFH VX FDSDFLGDG
    SDUDSHQVDUFRQDUUHJORDXQDHVWUDWHJLDSDUDFRQWLQXDUVXVSURSLRV
    SUR\HFWRVRFRPRFRPSDxHUDFRQVHMHUDGHXQKRPEUHDPELFLRVRHQ
    DVFHQVR(QFXDOTXLHUDGHORVGRVFDVRVHODUTXHWLSRGH$WHQHDULJH
    HQ PXMHUHV TXH FRQRFHQ FXiO HV HO ³PtQLPR DFHSWDEOH´ FX\D
    LQWHOLJHQFLD HVWi RULHQWDGD KDFLD OR SUiFWLFR \ OR SUDJPiWLFR \ VXV
    DFFLRQHV QR HVWiQ GHWHUPLQDGDV SRU HPRFLRQHV R LQIOXLGDV SRU HO
    VHQWLPLHQWR 7HQLHQGR D $WHQHD HQ VX SVLTXH XQD PXMHU FDSWD OR
    TXHKDGHKDFHUVH\DYHULJXDFyPRUHDOL]DUORTXHGHVHD
    /D GLSORPDFLD ²TXH LPSOLFD HVWUDWHJLD SRGHU \ PDQLREUDV GH
    GLVLPXOR²HVXQUHLQRHQHO$WHQHDEULOOD&ODUH%RWK/XFH²EHOOH]D
    IDPRVD HVFULWRUD GH REUDV WHDWUDOHV FRQJUHVLVWD HPEDMDGRUD HQ
    ,WDOLD\JHQHUDODKRQRUDULDGHO(MpUFLWRGHORV(VWDGRV8QLGRV²WHQtD
    HVWDV FXDOLGDGHV GH $WHQHD (UD DGPLUDGD \ FULWLFDGD SRU VX
    DPELFLyQ \ SRU VHUYLUVH GH VX LQWHOLJHQFLD \ GH VXV DOLDQ]DV SDUD
    DEULUVH FDPLQR D WUDYpV GHO PXQGR PDVFXOLQR (VWDED FDVDGD FRQ
    +HQU\5/XFHIXQGDGRUGHODUHYLVWD7LPH\XQYHUGDGHUR=HXVHQ
    VXSURSLRUHLQR $ORVRMRVGHVXVDGPLUDGRUHV&ODUH%RRWKPHUHFtD
    VHUHORJLDGDSRUVX³VDQJUHIUtD´HQVLWXDFLRQHVGLItFLOHVDXQTXHVXV
    GHWUDFWRUHVVHUHIHUtDQDHOODFRPRXQDPXMHU³IUtD´HLQWULJDQWH>@
    ,JXDOPHQWHODPXMHUTXHHVFRPR$WHQHDHVDTXpOODTXHHVWiHQ
    SRVHVLyQ GH XQ GRFWRUDGR \ HV HILFD] HQ ORV PHGLRV XQLYHUVLWDULRV
    /RJUDU XQ SXHVWR SHUPDQHQWH H[LJH OOHYDU D FDER LQYHVWLJDFLRQHV
    FRQVHJXLUTXHODVSXEOLTXHQIRUPDUSDUWHVGHFRPLWpVUHFLELUEHFDV
    VDELHQGR GH TXp YD HO MXHJR \ KDFLHQGR PpULWRV 3DUD VHJXLU
    DGHODQWH ODV PXMHUHV OR PLVPR TXH ORV KRPEUHV QHFHVLWDQ
    PHQWRUHVPHFHQDV\DOLDGRV/DFDSDFLGDGLQWHOHFWXDOVRORQREDVWD
    HVWiQ LQYROXFUDGDV FRQVLGHUDFLRQHV WiFWLFDV \ SROtWLFDV 4Xp PDWHULD
    HVWXGLD HQVHxD R LQYHVWLJD HQ TXp XQLYHUVLGDG VH HVWDEOHFH \ TXp
    FiWHGUDRPHQWRUHOLJHWRGRHOORGHVHPSHxDXQSDSHOGHFLVLYRSDUD
    FRQVHJXLU OD EHFD \ OD SRVLFLyQ UHTXHULGDV SDUD GHVHPSHxDU HO
    WUDEDMR
    3DUDUHDOL]DUORTXHKDUHDOL]DGR5RVDO\Q<DORZSUHPLR1yEHOGH
    TXtPLFD SRU VXV GHVFXEULPLHQWRV HQ VXV H[SHULPHQWRV VREUH
    LQPXQLGDGUDGLROyJLFD ODXWLOL]DFLyQGHORVLVyWRSRVUDGLRDFWLYRVSDUD
    PHGLU OD FDQWLGDG GH KRUPRQDV \ RWURV HOHPHQWRV TXtPLFRV HQ HO
    FXHUSR  VH GHEH VHU XQD EULOODQWH $WHQHD (OOD KD H[SUHVDGR VX
    DOHJUtD GH WUDEDMDU FRQ VXV PDQRV \ VX FHUHEUR FRPELQDQGR OD
    VDELGXUtD\ORVDVSHFWRVDUWHVDQDOHVGH$WHQHD <DORZWXYRTXHVHU
    XQD ILQD HVWUDWHJD SDUD LGHDU ODV VHFXHQFLDV GH ODERUDWRULR TXH
    FRQGXMHURQ D VXV GHVFXEULPLHQWRV KDELOLGDG TXH WDPELpQ OH WXYR
    TXHVHU~WLOFXDQGRVXUJtDQFXHVWLRQHVGHSROtWLFDSURIHVLRQDO

    /D DUWHVDQD
    &RPRGLRVDGHODDUWHVDQtD$WHQHDVHLPSOLFDEDHQKDFHUFRVDV
    TXH HUDQ D OD YH] ~WLOHV \ HVWpWLFDPHQWH DJUDGDEOHV (UD PiV
    FRQRFLGD SRU VXV KDELOLGDGHV FRPR WHMHGRUD HQ ODV TXH PDQRV \
    PHQWHGHEHQWUDEDMDUMXQWDV3DUDHODERUDUXQWDSL]RXQWHMLGRXQD
    PXMHU GHEH GLVHxDU XQ SODQ GH OR TXH YD KDFHU \ GHVSXpV YXHOWD
    WUDV YXHOWD FUHDUOR PHWyGLFDPHQWH (VWD DFWLWXG HV XQD H[SUHVLyQ
    GHODUTXHWLSRGH$WHQHDTXHFRQFHGHLPSRUWDQFLDDODSUHYLVLyQOD
    SODQLILFDFLyQHOGRPLQLRGHXQDDUWHVDQtD\ODSDFLHQFLD
    /DV PXMHUHV SLRQHUDV TXH KLODEDQ HO KLOR WHMtDQ YHVWLGRV \
    HODERUDEDQ SUiFWLFDPHQWH OR TXH OOHYDEDQ ORV PLHPEURV GH VX
    IDPLOLD HQFDUQDEDQ D $WHQHD HQ VX UHLQR GRPpVWLFR &RGR D FRGR
    FRQ VXV PDULGRV FXOWLYDEDQ OD WLHUUD VDOYDMH VRPHWLHQGR OD
    QDWXUDOH]D D PHGLGD TXH DPSOLDEDQ ODV IURQWHUDV KDFLD HO 2HVWH
    6REUHYLYLU\WULXQIDUUHTXLHUHQUDVJRV$WHQHD

    /D KLMD GHO SDGUH


    &RPR DUTXHWLSR GH OD ³KLMD GHO SDGUH´ $WHQHD UHSUHVHQWD OD
    PXMHUTXHFDVLGHPDQHUDQDWXUDOJUDYLWDDOUHGHGRUGHORVKRPEUHV
    SRGHURVRV TXH WLHQHQ DXWRULGDG UHVSHWDELOLGDG \ SRGHU KRPEUHV
    TXHHQFDMDQHQHODUTXHWLSRGHOSDGUHSDWULDUFDORGHO³MHIH´$WHQHD
    SUHGLVSRQHDODPXMHUDFUHDUUHODFLRQHVGHWXWRUtDFRQKRPEUHVTXH
    FRPSDUWHQ FRQ HOOD LQWHUHVHV FRPXQHV \ YLVLRQHV VLPLODUHV GH ODV
    FRVDV (OOD HVSHUD XQD OHDOWDG HQ DPERV VHQWLGRV &RPR OD PLVPD
    $WHQHDXQDYH]OHRWRUJDVXILGHOLGDGHVVXPiVDUGLHQWHGHIHQVRUD
    R VX ³PDQR GHUHFKD´ GHOHJDGD SDUD XWLOL]DU VX DXWRULGDG \ SDUD
    FRQVHUYDUVXVSUHUURJDWLYDV
    0XFKDV VHFUHWDULDV HMHFXWLYDV TXH GHGLFDQ VXV YLGDV D VXV MHIHV
    VRQ PXMHUHV $WHQHD 6X OHDOWDG KDFLD VX JUDQ KRPEUH HVFRJLGR HV
    LQGHVWUXFWLEOH &XDQGR SLHQVR HQ 5RVHPDU\ :RRGV VHFUHWDULD
    SHUVRQDO GH 5LFKDUG 1L[RQ \ HQ HVRV GLHFLRFKR PLQXWRV ERUUDV GH
    ODV FLQWDV PDJQHWRIyQLFDV GH :DWHUJDWH PH SUHJXQWR VL QR HVWDED
    SUHVHQWH OD PDQR GH $WHQHD HQ WRGR HOOR 6p TXH KDEUtD VLGR XQD
    DFWLWXG GH $WHQHD HO KDEHU WHQLGR OD ³VDELGXUtD´ GH KDEHUVH
    GHVKHFKRGHDTXHOODSUXHED\FRPR$WHQHDHOKDEHUODERUUDGRVLQ
    VHQWLUVHFXOSDEOH
    /D FXDOLGDG GH KLMD GHO SDGUH KDFH GH XQD PXMHU $WHQHD XQD
    GHIHQVRUDGHOGHUHFKR\GHORVYDORUHVSDWULDUFDOHVTXHIRPHQWDQOD
    WUDGLFLyQ \ OD OHJLWLPLGDG GHO SRGHU GHO YDUyQ /DV PXMHUHV $WHQHD
    VXHOHQDSR\DUHO VWDWXTXR\DFHSWDUODVQRUPDVHVWDEOHFLGDVFRPR
    OtQHDV GH FRQGXFWD VH UHVLVWHQ DO FDPELR $WHQHD WLHQH SRFD
    VLPSDWtDSRUODVSHUVRQDVSHUGHGRUDVRSULPLGDVRUHEHOGHV
    3RUHMHPSOR3K\OOLV6FKODIO\²FRQXQPDVWHUGH5DGFOLIIH\PXMHU
    H[WUDRUGLQDULDPHQWH ELHQ RUJDQL]DGD \ HVWUXFWXUDGD² HQFDEH]y OD
    RSRVLFLyQ D OD (QPLHQGD VREUH OD ,JXDOGDG GH 'HUHFKRV $QWHV GH
    TXHHQFDEH]DVHGLFKDRSRVLFLyQVXUDWLILFDFLyQ SRUSDUWHGHWRGRV
    ORV(VWDGRV SDUHFtDLQHYLWDEOH'XUDQWHVXVSULPHURVGRFHPHVHVGH
    YLJHQFLDHODxRDQWHVGHTXH3K\OOLV6FKODIO\FUHDVHVXRUJDQL]DFLyQ
    6723 (5$ HQ RFWXEUH GH  OD (5$ KDEtD UHFLELGR WUHLQWD
    UDWLILFDFLRQHV
    3HUR XQD YH] HOOD ODQ]y VXV WURSDV D OD EDWDOOD VH GHWXYR HVWH
    LPSXOVR'XUDQWHORVVLJXLHQWHVRFKRDxRVVyORFLQFRHVWDGRVPiVOD
    UDWLILFDURQ \ FLQFR GH ORV WUHLQWD HVWDGRV TXH OD KDEtDQ UDWLILFDGR
    UHVFLQGLHURQVXUDWLILFDFLyQ6FKODIO\FX\RELyJUDIRODOODPy ODQRYLD
    GH OD PD\RUtD VLOHQFLRVD>@ HV XQD $WHQHD FRQWHPSRUiQHD HQ HO
    SDSHO GH XQD DUTXHWtSLFD KLMD GHO SDGUH TXH GHILHQGH ORV YDORUHV
    SDWULDUFDOHV

    (O MXVWR PHGLR
    &XDQGR HO DUTXHWLSR $WHQHD HV SRGHURVR OD PXMHU PXHVWUD XQD
    WHQGHQFLD QDWXUDO D DFWXDU VLHPSUH FRQ PRGHUDFLyQ D YLYLU GHQWUR
    GHO³MXVWRPHGLR´TXHHUDHOLGHDODWHQLHQVH/RV H[FHVRVVXHOHQVHU
    HO UHVXOWDGR GH LQWHQVRV VHQWLPLHQWRV R QHFHVLGDGHV R GH XQD
    QDWXUDOH]D DSDVLRQDGD UHFWD WHPHURVD R FRGLFLRVD WRGDV HOODV
    DQWLWpWLFDVUHVSHFWRDODUDFLRQDO$WHQHD(OMXVWRPHGLRWDPELpQHV
    IDYRUHFLGR SRU OD WHQGHQFLD GH $WHQHD D GLULJLU ORV DFRQWHFLPLHQWRV
    WRPDUQRWDGHORVHIHFWRV\FDPELDUHOFXUVRGHODDFFLyQHQFXDQWR
    UHVXOWDLPSURGXFWLYD

    /D $WHQHD DFRUD]DGD
    $WHQHDOOHJyDO2OLPSRYHVWLGDFRQXQDHVSOpQGLGDFRUD]DGHRUR
    <GHKHFKRHVWDU³DFRUD]DGD´HVXQUDVJRGH$WHQHD/DVGHIHQVDV
    LQWHOHFWXDOHV HYLWDQ D XQD PXMHU DVt VHQWLU GRORU WDQWR HO SURSLR
    FRPR HO GH ORV GHPiV (Q PHGLR GHO UHPROLQR HPRFLRQDO R GH XQD
    GXUD EDWDOOD SHUPDQHFH LPSHUPHDEOH D ORV VHQWLPLHQWRV PLHQWUDV
    REVHUYD HWLTXHWD \ DQDOL]D OR TXH HVWi RFXUULHQGR \ GHFLGH OR TXH
    KDUiDFRQWLQXDFLyQ
    (Q XQ PXQGR FRPSHWLWLYR HO DUTXHWLSR GH $WHQHD WLHQH XQD
    YHQWDMD FODUD VREUH $UWHPLVD /D PXMHU $UWHPLVD VH VHxDOD PHWDV \
    FRPSLWH SHUR QR WLHQH FRUD]D FRPR QR OD WHQtD OD GLRVD $UWHPLVD
    TXHYHVWtDFRQXQDFRUWDW~QLFD6LHODUTXHWLSRGHXQDPXMHUHVHO
    GH$UWHPLVDPiVTXHHOGH$WHQHDVHWRPDSHUVRQDOPHQWHFXDOTXLHU
    KRVWLOLGDGRHQJDxRLQHVSHUDGRV3XHGHVHQWLUVHKHULGDXRIHQGLGD\
    WDOYH]VHYXHOYDHPRFLRQDO\PHQRVHIHFWLYD(QODPLVPDVLWXDFLyQ
    $WHQHDYDORUDIUtDPHQWHORTXHHVWiVXFHGLHQGR

    (O FXOWLYR GH $WHQHD
    /DVPXMHUHVTXHQRVRQFRPR$WHQHDGHPDQHUDLQQDWDSXHGHQ
    FXOWLYDU HVWH DUTXHWLSR HGXFiQGROR R WUDEDMiQGROR /D HGXFDFLyQ
    UHTXLHUH HO GHVDUUROOR GH ODV FXDOLGDGHV GH $WHQHD &XDQGR XQD
    PXMHU VH WRPD HQ VHULR OD HVFXHOD GHVDUUROOD KiELWRV GLVFLSOLQDGRV
    GH HVWXGLR /DV PDWHPiWLFDV ODV FLHQFLDV OD JUDPiWLFD OD
    LQYHVWLJDFLyQ \ OD HVFULWXUD H[LJHQ FXDOLGDGHV GH $WHQHD
    &RPSRUWDUVH ³GH PDQHUD SURIHVLRQDO´ LPSOLFD TXH XQD PXMHU HV
    REMHWLYD LPSHUVRQDO \ HVWi FDSDFLWDGD 8QD PXMHU TXH VLHQWH
    SURIXQGDVLPSDWtDKDFLDORVGHPiVSXHGHTXHHQWUHSRUHMHPSORHQ
    HOFDPSRGHODPHGLFLQDRGHODHQIHUPHUtD\WDOYH]GHVFXEUDTXH
    KD HQWUDGR HQ HO WHUULWRULR GH $WHQHD \ TXH QHFHVLWH DSUHQGHU OD
    REVHUYDFLyQ GHVDSDVLRQDGD HO SHQVDPLHQWR OyJLFR \ KDELOLGDGHV
    FRQFUHWDV
    7RGD HGXFDFLyQ HVWLPXOD HO GHVDUUROOR HV GH HVWH DUTXHWLSR
    $SUHQGHUKDFKRVREMHWLYRVSHQVDUFRQFODULGDGSUHSDUDUH[iPHQHV
    \UHDOL]DUORVWRGRVHOORVVRQHMHUFLFLRVTXHHYRFDQD$WHQHD
    $WHQHDWDPELpQSXHGHGHVDUUROODUVHSRUQHFHVLGDG8QDQLxDHQ
    XQKRJDUSRFRSDFtILFRSXHGHDSUHQGHUDRFXOWDUVXVVHQWLPLHQWRV\
    SRQHUVHXQDFRUD]DSURWHFWRUD7DOYH]VHYXHOYDLQVHQVLEOH\DMHQDD
    VXVSURSLRVVHQWLPLHQWRV\DTXHQRVHVLHQWHVHJXUDGHRWURPRGR
    3XHGHTXHDSUHQGDDREVHUYDU\DFUHDUHVWUDWHJLDVSDUDVREUHYLYLU
    $WHQHD VH DFWLYD VLHPSUH TXH XQD PXMHU HVFRJLGD FRPR YtFWLPD
    HPSLH]DDSODQLILFDUPDQHUDGHVREUHYLYLURGHOLEHUDUVH
    :DOWHU)2WWRDXWRUGH 7KH+RPHULF*RGV>@OODPyD$WHQHDOD
    GLRVD ³VLHPSUH FHUFDQD´ $FXGtD LQPHGLDWDPHQWH UHVSDOGDQGR D VXV
    KpURHV \ HUD LQYLVLEOH SDUD ORV GHPiV 6XVXUUDED VXJHUHQFLDV
    DFRQVHMDEDODPRGHUDFLyQ\OHVSURSRUFLRQDEDXQPDUJHQGHYHQWDMD
    VREUH VXV ULYDOHV (O DUTXHWLSR GH DWHQHD QHFHVLWD VHU LQYLWDGR ³D
    DFHUFDUVH´VLHPSUHTXHXQDPXMHUWLHQHTXHSHQVDUFRQFODULGDGHQ
    PHGLR GH XQD VLWXDFLyQ HPRFLRQDO R VLHPSUH TXH HQ VX SURSLR
    iPELWRGRFHQWHRSURIHVLyQFRPSLWHFRQXQKRPEUHHQLJXDOGDGGH
    FLUFXQVWDQFLDV

    $WHQHD OD PXMHU
    ([LVWHFLHUWRWLSRGHPXMHUDPHULFDQDHVWDEOH\H[WUDYHUWLGDTXH
    SDUHFH VHU OD TXH SHUVRQLILFD PHMRU D $WHQHD EDMR VX GLVIUD]
    FRWLGLDQR(VSUiFWLFDVLQFRPSOLFDFLRQHVQRSHQGLHQWHGHVtPLVPD
    \ FRQILDGD DOJXLHQ TXH FRQVLJXH TXH VH KDJDQ ODV FRVDV VLQ
    DOKDUDFDV /D PXMHU $WHQHD VXHOH WHQHU EXHQD VDOXG QR WLHQH
    FRQIOLFWRV PHQWDOHV \ HV ItVLFDPHQWH DFWLYD FRPR FRUUHVSRQGH D VX
    LGHQWLILFDFLyQ FRQ $WHQHD TXH HQ VX DVSHFWR GH $WHQHD +LJLD HUD
    GLRVDGHODVDOXG (QPLLPDJLQDFLyQSXHGRYHUODFRPRXQDGHHVDV
    PXMHUHV GH EXHQ SDUHFHU ELHQ DVHDGD TXH WLHQH WRGD VX YLGD XQ
    DVSHFWR³GHEXHQWRQR´/DSVLTXHGHXQDPXMHU$WHQHDHVVLPLODUDO
    DVSHFWR QR FRQYHQFLRQDO GH ORV YHVWLGRV ³GH EXHQ WRQR´ SUiFWLFRV
    GXUDGHURVGHFDOLGDGSHUPDQHQWH\QRLQIOXLGRVSRUORVFDPELRVGH
    PRGD
    (O DVSHFWR HOHJDQWH ³GH EXHQ WRQR´ SXHGH WHQHUOR OD PXMHU
    XUEDQD GHO H[WUDUUDGLR OD YDULDQWH GH OD PXMHU GH ORV EDUULRV
    ³FpQWULFRV´HVODEOXVD\HOWUDMHGHVDVWUHTXHOOHYDQODVPXMHUHVTXH
    WUDEDMDQFRQp[LWRHQORVQHJRFLRV$PEDVYHUVLRQHVODLQIRUPDOGHO
    H[WUDUUDGLR \ OD GH ORV QHJRFLRV HQ HO FHQWUR GH OD FLXGDG HVWiQ
    LQIOXLGDV SRU %URRN %URWKHUV HVD PRGD LQJOHVD GH FODVH DOWD TXH
    WLHQH HO IDYRU GH PXFKRV KRPEUHV GH QHJRFLRV \ HVWXGLDQWHV
    HOHJDQWHV /RV FXHOORV UHGRQGRV D ORV 3HWHU 3DQ \ ODV FDPLVDV FRQ
    ERWRQHV KDVWD DEDMR FRQVWLWX\HQ URSD DSURSLDGD SDUD ODV PXMHUHV
    $WHQHDTXHFXOWLYDQXQDVH[XDOLGDGVLQHGDG

    /D MRYHQ $WHQHD
    8QDQLxD$WHQHDFRPSDUWHODFDSDFLGDGGHFRQFHQWUDFLyQGHXQD
    MRYHQ $UWHPLVD D OD TXH DxDGH XQD LQFOLQDFLyQ GHFLGLGDPHQWH
    LQWHOHFWXDO 3RU HMHPSOR D ORV WUHV DxRV $WHQHD WDO YH] VHD XQD
    OHFWRUD DXWRGLGDFWD &XDOTXLHUD TXH VHD OD HGDG XQD YH] TXH KD
    GHVFXELHUWRORVOLEURVSUREDEOHPHQWHVLHPSUHWHQGUiODQDUL]PHWLGD
    HQ XQR &XDQGR QR HVWi OH\HQGR SHUVLJXH D VX SDGUH
    SUHJXQWiQGROH³SRUTXpSDSL´R³SDSL¢FyPRIXQFLRQDHVWR"´ROR
    TXH HV PiV WtSLFR D~Q ³SDSL £HQVpxDPHOR´ 1RUPDOPHQWH QR
    SUHJXQWD ³PDPL ¢SRU TXp"´ ²D PHQRV TXH WHQJD XQD PDGUH
    $WHQHD TXH OH Gp ODV UHVSXHVWDV OyJLFDV TXH EXVFD ² /D QLxD
    $WHQHD HV FXULRVD EXVFD OD LQIRUPDFLyQ TXLHUH VDEHU FyPR
    IXQFLRQDQODVFRVDV

    /RV SDGUHV
    &XDQGRXQDKLMD$WHQHDFUHFHFRPRODQLxDIDYRULWDGHXQSDGUH
    FRQ p[LWR RUJXOORVR GH TXH HOOD ³VH OH SDUH]FD´ OH D\XGD D TXH
    GHVDUUROOH VXV WHQGHQFLDV QDWXUDOHV &XDQGR VX PRGHOR GH URO OH
    RWRUJDVXEHQGLFLyQODFRQILDQ]DHQVXVFDSDFLGDGHVHQVX³GHUHFKR
    GH QDFLPLHQWR´ 8QD KLMD DVt HYROXFLRQD VHJXUD \ VLQ FRQIOLFWRV SRU
    VHU EULOODQWH \ DPELFLRVD 3RU FRQVLJXLHQWH FXDQGR HV \D DGXOWD
    SXHGH HMHUFH VX SRGHU IiFLOPHQWH PDQWHQLHQGR VX DXWRULGDG \
    GHPRVWUDQGRVXVFDSDFLGDGHV
    3HUR QR WRGDV ODV PXMHUHV $WHQHD WLHQHQ SDGUHV =HXV TXH OD
    IDYRUH]FDQ &XDQGR QR ORV WLHQHQ XQ HOHPHQWR HVHQFLDO GHO
    GHVDUUROOR HV HO VHQWLPLHQWR GH DXVHQFLD $OJXQDV PXMHUHV $WHQHD
    WLHQHQ SDGUHV FRQ PXFKR p[LWR 2WUDV WLHQHQ SDGUHV PX\
    WULXQIDGRUHVGHPDVLDGRRFXSDGRVSDUDSUHVWDUOHVDWHQFLyQ(QRWURV
    FDVRV ORV SDGUHV WLSR =HXV LQVLVWHQ HQ TXH ODV KLMDV VH FRPSRUWHQ
    FRPR QLxDV WUDGLFLRQDOHV SXHGH TXH GLJDQ GH PDQHUD VHGXFWRUD
    ³QR OOHQHV WX SUHFLRVD FDEH]D GH GDWRV´ R TXH ODV UHSUHQGDQ
    GLFLHQGR ³HVWR QR HV DOJR FRQ OR TXH GHEHQ MXJDU ODV QLxDV
    SHTXHxDV´ R ³HVWR QR WH LQWHUHVD VRQ QHJRFLRV´ &RPR
    FRQVHFXHQFLD WDO YH] FUH]FD FRQ HO VHQWLPLHQWR GH TXH HOOD HV
    LQDFHSWDEOH WDO FRPR HV \ FRQ IUHFXHQFLD FDUH]FD GH FRQILDQ]D HQ
    VXV FDSDFLGDGHV LQFOXVR DXQTXH QR KD\D VLGR GLUHFWDPHQWH
    GHVDQLPDGDSDUDHQWUDUDHQFDPSRSURIHVLRQDORFRPHUFLDO
    &XDQGRXQDPXMHU$WHQHDWLHQHXQSDGUHTXHQRVHSDUHFHSDUD
    QDGDD=HXV²TXL]iVXQIUDFDVDGRHQORVQHJRFLRVXQDOFRKyOLFRXQ
    SRHWD GHVFRQRFLGR R XQ QRYHOLVWD LQpGLWR² VX GHVDUUROOR FRPR
    $WHQHDVXHOHYHUVHFRUWDGR7DOYH]QRDVSLUHDDOFDQ]DUPHWDVTXH
    SRGUtDKDEHUUHDOL]DGR(LQFOXVRDSDUH]FDFRPRWULXQIDGRUDDQWHORV
    GHPiV VXHOH VHQWLUVH FRPR XQD LPSRVWRUD D SXQWR VH ³VHU
    GHVFXELHUWD´
    $ PHQRV TXH HOODV PLVPDV VHDQ PXMHUHV $WHQHD OD PD\RUtD GH
    ODVPDGUHVGHKLMDV$WHQHDVHVLHQWHQQRDSUHFLDGDVRFRPRVLVXV
    KLMDVSHUWHQHFLHUDQDXQDHVSHFLHFRPSOHWDPHQWHGLIHUHQWHGHVHUHV
    3RUHMHPSORFXDOTXLHUPXMHULQFOLQDGDDODVUHODFLRQHVVHHQFRQWUDUi
    SUREDEOHPHQWH FRQ TXH FDUHFH GH UHODFLyQ FRQ VX KLMD $WHQHD
    &XDQGR KDEOD DFHUFD GH JHQWH \ VHQWLPLHQWRV OD KLMD QR HVWi
    LQWHUHVDGD(QYH]GHHOORVVXKLMDTXLHUHVDEHUFyPRIXQFLRQDDOJR
    \ GHVFXEUH TXH VX PDGUH QR WLHQHQ OD PHQRU LGHD QL HO GHVHR GH
    VDEHUOR&RPRFRQVHFXHQFLDGHVXVGLIHUHQFLDVODKLMD$WHQHDSXHGH
    TXHWUDWDDVXPDGUHGHLQFRPSHWHQWH8QDPDGUHDVtVHxDODEDTXH
    VXKLMD³WHQtDGLH]DxRV\SDUHFtDTXHWHQtDWUHLQWD´(OVORJDQGHVX
    KLMD SDUHFtD VHU ³3RU IDYRU PDGUH Vp SUiFWLFD´ (VD PDGUH
    FRQWLQXDEDGLFLHQGRTXH³DYHFHVPLKLMDPHKDFHVHQWLUFRPRVLHOOD
    IXHUDODDGXOWD\\RIXHUD£XQDQLxDUHWDUGDGD´
    ,JXDOPHQWH LQYDOLGDQWH SXHGH VHU OD H[SHULHQFLD GH XQD KLMD
    $WHQHDFRQXQDPDGUHTXHGDODLPSUHVLyQGHTXHDVXKLMDODSDVD
    DOJR (VD PDGUH SXHGH KDFHU FRPHQWDULRV FRPR ³£VyOR HUHV XQD
    PiTXLQDGHFDOFXODU´R³LQWHQWDDSDUHQWDUTXHHUHVXQDQLxD´
    /DPXMHUTXHGHVDUUROODVXVFXDOLGDGHVGH$WHQHD\TXHHVXQD
    JUDQ WULXQIDGRUD FRQ XQD VyOLGD DXWRHVWLPD QRUPDOPHQWH WLHQH
    SDGUHVGHOPRGHOR=HXV0HWLV>@ SDGUHFRQp[LWRHQSULPHUSODQR\
    PDGUHQXWULHQWHHQVHJXQGRSODQR \KDWHQLGRODSRVLFLyQGH³KLMR
    SULPRJpQLWR´ HQ OD IDPLOLDU &RQ IUHFXHQFLD GLFKD SRVLFLyQ OOHJy SRU
    DXVHQFLD 7DO YH] IXHUD KLMD ~QLFD R OD PD\RU GH YDULDV QLxDV 2
    SXHGH TXH VX KHUPDQR SDGHFLHUD XQD GHILFLHQFLD PHQWDO R ItVLFD R
    FRQVWLWX\HUD XQD JUDYH GHFHSFLyQ SDUD VX SDGUH &RPR
    FRQVHFXHQFLD HOOD IXH HO UHFLSLHQWH GH ODV DVSLUDFLRQHV GH VXSDGUH
    UHVSHFWR DO KLMR \ ³HO FRPSDxHUR´ FRQ HO TXH FRPSDUWtD VXV
    LQWHUHVHV
    8QD $WHQHD FRQ XQD LPDJHQ SRVLWLYD GH VL PLVPD TXH QR WLHQH
    SUREOHPDVSRUHOKHFKRGHWHQHUDPELFLyQSRGUtDVHUWDPELpQODKLMD
    GH XQ SDGUH \ XQD PDGUH SURIHVLRQDOHV DPERV R OD KLMD GH XQD
    PDGUHFRQp[LWR&UHFHWHQLHQGRXQDPDGUHFRPRPRGHORGHURO\HO
    DSR\RSDWHUQRPDWHUQRSDUDVHUHOODPLVPD

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    /DVQLxDV$WHQHDPLUDQEDMRHOFDSyGHORVDXWRPyYLOHV6RQODV
    TXH VDEHQ DUUHJODU ODV FRVDV 6RQ ODV QLxDV HQ ODV FODVHV GH
    LQIRUPiWLFD TXH LQPHGLDWDPHQWH \ FRQ LOXVLyQ FDSWDQ FyPR
    IXQFLRQDQORVRUGHQDGRUHV\VHIDPLOLDUL]DQUiSLGDPHQWHFRQODMHUJD
    LQIRUPiWLFD 3XHGHQ HQWUDU HQ OD SURJUDPDFLyQ GH ORV RUGHQDGRUHV
    FRPRXQSDWRHQHODJXDSRUTXHSLHQVDQGHPDQHUDFODUDROLQHDO
    FRQ DWHQFLyQ D ORV GHWDOOHV 6RQ ODV MyYHQHV TXH DSUHQGHQ VREUH HO
    PHUFDGRGHYDORUHVDKRUUDQHLQYLHUWHQ
    0X\ IUHFXHQWHPHQWH XQD QLxD WLSR $WHQHD SLHQVD TXH ³OD
    PD\RUtD GH ODV QLxDV VRQ WRQWDV R WRUSHV´ H[SUHVDQGR OD PLVPD
    DFWLWXG TXH ORV PXFKDFKRV SDUHFHU WHQHU HQ OD SUHDGROHVFHQFLD (V
    PiVSUREDEOHTXHXQDQLxD$WHQHDVHLQWHUHVHHQFODVLILFDUXQELFKR
    UDUR TXH QR VH DVXVWH GHO PLVPR 4XHGD GHVFRQFHUWDGD FXDQGR
    RWUDVQLxDVWLHQHQUHVSXHVWDVGHOWLSRSHTXHxDVHxRULWD3LWXID&RPR
    FRUUHVSRQGHDXQDQLxDTXHVLJXHORVSDVRVGH$WHQHDTXHFDVWLJy
    D $UDFQp QLQJXQD DUDxD ³D VX HVSDOGD´ KDUi VDOLU FRUULHQGR D OD
    VHxRULWD$WHQHD
    /DVMyYHQHV$WHQHDSXHGHQVREUHVDOLUHQFRVWXUDWHMLGRRSXQWR
    GH DJXMD 3XHGHQ GLVIUXWDU KDFLHQGR GLIHUHQWHV DUWHVDQtDV \ WDO YH]
    FRPSDUWD HVWRV LQWHUHVHV FRQ VX PDGUH X RWUDV MyYHQHV GH
    PHQWDOLGDGWUDGLFLRQDOFRQODVTXHGHRWURPRGRVXHOHWHQHUSRFR
    HQFRP~Q(OODPiVTXHpVWDVWDOYH]GLVIUXWHHOGHVDItRGHFUHDUXQ
    SDWUyQ \ GHVDUUROODU XQD KDELOLGDG \ SXHGH TXH QR HVWp PRWLYDGD
    SRU KDFHU YHVWLGRV D ODV PXxHFDV R OLQGDV FRVDV SDUD HOOD 'LVIUXWD
    GHODGHVWUH]DGHORVUHVXOWDGRV(OVHQWLGRSUiFWLFR\XQDSUHFLRSRU
    ODFDOLGDGODPRWLYDQSDUDKDFHUVHVXSURSLDURSD
    /DV QLxDV $WHQHD QR VXHOHQ VHU QLxDV SUREOHPiWLFDV PLHQWUDV
    TXH PXFKDV QLxDV OR VRQ /DV HVFHQDV GH JULWRV \ OODQWRV VXHOHQ
    HVWDU QRWRULDPHQWH DXVHQWHV /RV FDPELRV KRUPRQDOHV GLItFLOPHQWH
    DIHFWDQ HO FRPSRUWDPLHQWR R HVWDGRV GH KXPRU GH HVWH WLSR GH
    QLxDV3XHGHTXHSDVHVXVGtDVGHXQFROHJLRFRQFKLFRVTXHVRQVXV
    LJXDOHV GHVGH HO SXQWR GH YLVWD LQWHOHFWXDO 7DO YH] VH DSXQWH D XQ
    FOXE GH DMHGUH] SDUWLFLSH HQ OD PHPRULD DQXDO GH OD HVFXHOD R
    FRPSLWD HQ HO FRQFXUVR GH FLHQFLDV 3XHGH TXH DGRUH ODV
    PDWHPiWLFDV \ VREUHVDOJD HQ HOODV R TXH GHGLTXH VX WLHPSR D OD
    TXtPLFDODItVLFDRHOODERUDWRULRGHLQIRUPiWLFD
    /DV QLxDV WLSR $WHQHD H[WUDYHUWLGDV \ VRFLDOPHQWH FRQVFLHQWHV
    XWLOL]DQ VXV SRGHUHV GH REVHUYDFLyQ XWLOL]DQ VXV SRGHUHV GH
    REVHUYDFLyQILMiQGRVHHQTXpSRQHUVHRTXpDOLDQ]DVVRFLDOHVGHEHQ
    PDQWHQHU &RPHQWDQ VXV FDSDFLGDGHV SDUD FRPSHWLU VRFLDOPHQWH \
    VHUSRSXODUHVDXQTXHVLQ³LPSOLFDUVHGHOWRGR´
    /DV PXMHUHV $WHQHD SODQLILFDQ HO IXWXUR /D PD\RUtD GH HOODV
    GHGLFDQEDVWDQWHWLHPSRDSHQVDUTXpHVORTXHKDUiQDODFDEDUORV
    HVWXGLRVVHFXQGDULRV6LWLHQHQSRVLELOLGDGHVHFRQyPLFDVSDUDLUDOD
    XQLYHUVLGDGFRQVLGHUDUiQODVXQLYHUVLGDGHVTXHHVWiQDVXDOFDQFH\
    HVFRJHUiQ VHQVDWDPHQWH SRU Vt PLVPDV ,QFOXVR VX VXV IDPLOLDV QR
    SXHGHQ D\XGDUOHV D LU D OD XQLYHUVLGDG HQFRQWUDUi OD PDQHUD GH
    DEULUVHFDPLQRFRQEHFDVRFUpGLWRV/DHTXLYDOHQWHHQPXMHUGHXQ
    +RUDWLR$OJHUHVFDVLVLHPSUHXQDPXMHU$WHQHD
    /DPD\RUtDGHODVPXMHUHV$WHQHDHQFXHQWUDQPX\OLEHUDGRUDOD
    XQLYHUVLGDG +DELHQGR HVFRJLGR XQD IDFXOWDG DGHFXDGD SDUD HOODV D
    FDXVD GH VXV SURJUDPDV HGXFDWLYRV \ GH OD FRPSRVLFLyQ GH VX
    FXHUSR HVWXGLDQWLO VH VXPHUJHQ HQ HOOD PiV OLEUHV GH VHU HOODV
    PLVPDV GH OR TXH HUD SRVLEOH GXUDQWH HO EDFKLOOHUDWR (V WtSLFR TXH
    ODV PXMHUHV $WHQHD HVFRMDQ FROHJLRV PD\RUHV PL[WRV SRU VX
    FRPSDWLELOLGDG FRQ ORV KRPEUHV \ VX DOWD FRQVLGHUDFLyQ UHVSHFWR D
    ORVPLVPRV

    7UDEDMR
    /D PXMHU $WHQHD LQWHQWD KDFHU DOJR GH Vt PLVPD 7UDEDMD GXUR
    SDUD FRQVHJXLU VXV PHWDV \ DFHSWD OD UHDOLGDG WDO FRPR HV $Vt ORV
    DxRVDGXOWRVVRQSURGXFWLYRVSDUDHOOD(QHOPXQGRGHOSRGHU\GH
    ORV ORJURV VX XWLOL]DFLyQ GH OD HVWUDWHJLD \ GHO SHQVDPLHQWR OyJLFR
    PXHVWUDQ VX SDUHQWHVFR FRQ $WHQHD (Q HO KRJDU VREUHVDOH HQ ODV
    DUWHV GRPpVWLFDV TXH FRQVWLWX\HQ WDPELpQ HO UHLQR GH $WHQHD 
    XWLOL]DQGR VX PHQWH SUiFWLFD \ VX RMR HVWpWLFR SDUD OOHYDU XQ KRJDU
    HILFLHQWH
    6L OD QLxD $WHD WLHQH TXH LU GLUHFWDPHQWH GHO EDFKLOOHUDWR DO
    WUDEDMR FRQ IUHFXHQFLD VH SUHSDUD SDUD HVWD QHFHVLGDG WRPDQGR
    FXUVRV GH HGXFDFLyQ HQ ORV QHJRFLRV \ WUDEDMRV GH YHUDQR SRUTXH
    SUHVHQWDQ EXHQDV RSRUWXQLGDGHV /DV PXMHUHV $WHQHD QR MXHJDQ D
    &HQLFLHQWDV QR HVSHUDQ D VHU UHVFDWDGDV SRU HO PDWULPRQLR
    )DQWDVHDUVREUHTXH³DOJ~QGtDOOHJDUiPLSUtQFLSH´HVDOJRDMHQRD
    VXHVWLOR
    6LVHFDVD\OOHYDXQKRJDUVXHOHVHUXQDJHVWRUDHILFD]<DVHD
    SDUDODVFRPSUDVHOODYDGRGHURSDRODOLPSLH]DGHODFDVDWLHQHXQ
    VLVWHPDTXHIXQFLRQD(QODFRFLQDSRUHMHPSORFDGDFRVDHVWiHQ
    VX VLWLR 1DGLH WLHQH TXH HQVHxDU D XQD PXMHU $WHQHD FyPR
    SODQLILFDU OD RUJDQL]DFLyQ OH OOHJD GH PDQHUD QDWXUDO 1RUPDOPHQWH
    ODV FRPSUDV XQD VHPDQD SRU GHODQWH \ SUHYp ODV FRPLGDV
    DSURYHFKiQGRVH GH ODV RIHUWDV /D PXMHU $WHQHD HQFXHQWUD
    HVWLPXODQWHV ODV WDUHDV TXH VXSRQHQ YLYLU DMXVWiQGRVH D XQ
    SUHVXSXHVWR\JDVWDUHOGLQHURDGHFXDGDPHQWH
    /D PXMHU $WHQHD SXHGH VHU XQD PDHVWUD H[FHOHQWH ([SOLFD ODV
    FRVDVFRQFODULGDG6LHOWHPDH[LJHLQIRUPDFLyQSUHFLVDHVSUREDEOH
    TXHORGRPLQH6XIXHUWHSXHGHVHUH[SOLFDUSURFHVRVFRPSOHMRVTXH
    VH GHVDUUROODQ SDVR D SDVR /D PDHVWUD $WHQHD HV FRQ WRGD
    SRVLELOLGDG OD PiV H[LJHQWH (V XQD GH HVDV PDHVWUDV TXH QR
    DGPLWHQ H[FXVDV TXH HVSHUDQ \ FRQVLJXHQ ORV PHMRUHV UHVXOWDGRV
    1R VH GHMD HQJDxDU SRU KLVWRULDV WULVWHV QL RWRUJD FDOLILFDFLRQHV
    LQPHUHFLGDV (QVHxD PHMRU D HVWXGLDQWHV TXH VXSRQHQ XQ UHWR
    LQWHOHFWXDO SDUD HOOD )DYRUHFH D ORV HVWXGLDQWHV DYHQWDMDGRV \ SDVD
    PiV WLHPSR FRQ HOORV TXH FRQ ORV TXH YDQ UHWUDVDGRV DO FRQWUDULR
    TXH XQD PDHVWUD PDWHUQDO WLSR 'HPpWHU TXH VH HQWUHJD PiV D ORV
    TXHQHFHVLWDQPiVD\XGD 
    &RPR DUWHVDQD XQD PXMHU $WHQHD KDFH REMHWRV HVWpWLFDPHQWH
    DJUDGDEOHV7LHQHWDPELpQFDEH]DSDUDORVQHJRFLRV\VHSUHRFXSD
    WDQWR GH PRVWUDU \ YHQGHU VX WUDEDMR FRPR KDFHUOR 7UDEDMD ELHQ
    FRQVXVPDQRV\FXDOTXLHUDTXHVHDODDUWHVDQtDVHHQRUJXOOHFHGH
    GRPLQDU OD WpFQLFD UHTXHULGD \ GHO EXHQ DFDEDGR GH VX SURGXFWR
    3XHGHKDFHUYDULDQWHVGHOPLVPRREMHWRGLVIUXWDQGRFRQHOOR
    8QDPXMHU$WHQHDHQHOFDPSRDFDGpPLFRHVSUREDEOHPHQWHXQD
    EXHQD LQYHVWLJDGRUD &RQ VX HQIRTXH OyJLFR \ VX DWHQFLyQ D ORV
    GHWDOOHV OHV HV IiFLO SRU QDWXUDOH]D KDFHU H[SHULPHQWRV R UHXQLU
    GDWRV6XVFDPSRVGHLQWHUpVVXHOHQVHUORVTXHYDORUDQODFODULGDG
    GH SHQVDPLHQWR \ OD XWLOL]DFLyQ GH ODV SUXHEDV 7LHQGH D VHU EXHQD
    HQ PDWHPiWLFDV \ FLHQFLDV \ SXHGH TXH HQWUH HQ HO iPELWR
    ILQDQFLHUR MXUtGLFR GH OD LQJHQLHUtD R GH OD PHGLFLQD ²SURIHVLRQHV
    WUDGLFLRQDOPHQWHGHKRPEUHV²(QGRQGHVHVLHQWHFRPSOHWDPHQWH
    DVXVDQFKDVVLHQGRXQDGHODVSRFDVPXMHUHVHQVXFDPSR
    5HODFLRQHV FRQ PXMHUHV GLVWDQWHV R
    GHVFDUWDGDV
    8QD PXMHU $WHQHD VXHOH FDUHFHU GH DPLJDV FHUFDQDV XQ SDWUyQ
    GHFRPSRUWDPLHQWRTXHSXHGHKDEHUVLGRDGYHUWLGRDOUHGHGRUGHOD
    SXEHUWDG FXDQGR QR FUHDED YtQFXORV GH DPLVWDG tQWLPD R LQFOXVR
    DQWHV (Q OD DGROHVFHQFLD OD PD\RUtD GH ODV DPLJDV FRPSDUWHQ VXV
    PLHGRVRVFXURVVHFUHWRVDQKHORV\DQVLHGDGHVVREUHHOFDPELRTXH
    H[SHULPHQWDQ VXV FXHUSRV ODV GLILFXOWDGHV FRQ ORV SDGUHV \ ORV
    IXWXURV LQFLHUWRV 3DUD DOJXQDV MyYHQHV ODV SULQFLSDOHV DQVLHGDGHV
    VRQSUHRFXSDFLRQHVVREUHORVPXFKDFKRVHOVH[R\ODVGURJDV2WUDV
    HVWiQHQPHGLRGHDOWLEDMRVFUHDWLYRVRSRpWLFRVRSUHRFXSDGDVFRQ
    SHQVDPLHQWRV VREUH OD PXHUWH OD ORFXUD HO PLVWLFLVPR R FRQIOLFWRV
    GH WLSR UHOLJLRVR 7RGRV VRQ WHPDV SDUD GLVFXWLU FRQ DPLJDV TXH
    WLHQHQ LQWHUHVHV VLPLODUHV QR FRQ XQD REVHUYDGRUD QR URPiQWLFD R
    UDFLRQDOLVWDHVFpSWLFDFRPRHVODMRYHQ$WHQHD
    $GHPiV HQ OD PLWRORJtD JULHJD $WHQHD WXYR DOJXQD YH] XQD
    DPLJDTXHHUDFRPRXQDKHUPDQDOODPDGD,RGDPDR3DODV/DVGRV
    QLxDV HVWDEDQ MXJDQGR XQ MXHJR GH FRPSHWLFLyQ TXH DFDEy
    PRUWDOPHQWH FXDQGR OD ODQ]D GH $WHQHD KLULy PRUWDOPHQWH D VX
    DPLJDPDWiQGROD 8QDGHODVYHUVLRQHVVREUHHORULJHQGHOQRPEUH
    ³3DODV$WHQHD´VHUHODFLRQDFRQODPHPRULDGHVXDPLJD &RPRHQ
    HOPLWRVLODIDOWDGHVLPSDWtDGHODQLxD$WHQHDQRPDWDVXSRWHQFLDO
    GH DPLVWDG FRQ RWUDV QLxDV SXHGH TXH OR KDJD VX QHFHVLGDG GH
    JDQDU(QODYLGDUHDOODDPLJDGHXQDPXMHU$WHQHDSXHGHVHQWLUVH
    KXQGLGD FXDQGR HVWR ROYLGD OD LPSRUWDQFLD GH VX UHODFLyQ \ HQ VX
    OXJDU VH FRQFHQWUD HQ JDQDU ²D YHFHV PHGLDQWH HO HQJDxR²
    UHYHODQGRXQDSDUWHGHVXSHUVRQDOLGDGTXHPDWDODDPLVWDG
    8QD IDOWD GH UHODFLyQ FRQ RWUDV PXMHUHV VXHOH HPSH]DU HQ OD
    QLxH] FRQ OD DGPLUDFLyQ SRU VXV SDGUHV \ VX DILQLGDG FRQ HOORV \R
    FRQ OD GLIHUHQFLD GH SHUVRQDOLGDG H LQWHOLJHQFLD UHVSHFWR D VXV
    PDGUHV (VWD WHQGHQFLD VH XQH D XQD IDOWD GH DPLVWDGHV IHPHQLQDV
    tQWLPDV&RPRFRQVHFXHQFLDODVPXMHUHV$WHQHDQRVHVLHQWHQHQVX
    SLHOFRPRKHUPDQDVGHRWUDVPXMHUHVQLGHODVIHPLQLVWDVDODVTXH
    SXHGHQ SDUHFHUVH VXSHUILFLDOPHQWH HVSHFLDOPHQWH VL VRQ PXMHUHV
    FRQFDUUHUD$VtSXHVHVWD³KHUPDQGDG´HVXQFRQFHSWRDMHQRDOD
    PD\RUtDGHODVPXMHUHV$WHQHD
    (Q PLWRORJtD IXH $WHQHD TXLHQ HPLWLy HO YRWR GHFLVLYR SDUD HO
    SDWULDUFDGR HQ HO MXLFLR GH 2UHVWHV (Q ORV WLHPSRV DFWXDOHV KD
    VROLFLWDGR VHU XQD PXMHU $WHQHD OD TXH KDEODQGR HQ FRQWUD GH OD
    DFFLyQ DILUPDWLYD OD HQPLHQGD VREUH OD LJXDOGDG GH 'HUHFKRV R HO
    GHUHFKR DO DERUWR OD TXH KD VLGR GHFLVLYD SDUD GHUURWDU ODV
    SRVLFLRQHV IHPLQLVWDV 5HFXHUGR OR HIHFWLYD TXH HUD $WHQHD FXDQGR
    \RHUDXQDGHIHQVRUDGHOD(5$8QDPXMHU$WHQHDVHOHYDQWySDUD
    KDEODU FRQ XQ JULWR GH OODPDGD ³£6R\ XQD PXMHU \ HVWR\ FRQWUD
    (5$´ < OD RSRVLFLyQ PD\RULWDULDPHQWH PDVFXOLQD \
    PD\RULWDULDPHQWHVLOHQFLRVDVHSXVRGHVXSDUWH&DGDYH]HUDXQD
    HTXLYDOHQWH ORFDO GH 3K\OOLV 6FKODIO\ ²HQ VX GREOH SDSHO GH
    GHIHQVRUD GHO VWDWX TXR SDWULDUFDO \ GH VX RSRVLFLyQ KDELWXDO FRPR
    FROHJD GH ODV PXMHUHV² FRQ OD TXH ORV KRPEUHV VH VHQWtDQ PiV D
    JXVWR
    /DKLVWRULDGH$UDFQp ODWHMHGRUDFRQYHUWLGDHQDUDxDSRU$WHQHD
    SRU KDEHUVH DWUHYLGR D KDFHU S~EOLFDV ODV VHGXFFLRQHV \ YLRODFLRQHV
    GH =HXV  HV RWUR PLWR FRQ SDUDOHOLVPRV DFWXDOHV 8QD HVWXGLDQWH R
    XQDVHFUHWDULDWDOYH]SUHVHQWHXQDTXHMDGHDFRVRVH[XDOFRQWUDHO
    SURIHVRURVXMHIH2XQDKLMDTXL]iGHVFXEUDHOLQFHVWRHQODIDPLOLD
    \ DWUDLJD OD DWHQFLyQ KDFLD OD FRQGXFWD GH VX D YHFHV GRPLQDQWH
    SDGUH 2 SXHGH TXH XQD SDFLHQWH LQIRUPH GH TXH VX SVLTXLDWUD KD
    DFWXDGRGHPDQHUDFRQWUDULDDODpWLFDWHQLHQGRUHODFLRQHVFRQHOOD
    (VDVPXMHUHVFRPR$UDFQpVRQ³$OJXLHQLQH[LVWHQWH´TXHH[SRQHOD
    FRQGXFWDGHXQDKRPEUHSRGHURVRTXHHQSULYDGRVHDSURYHFKDGH
    VX SRVLFLyQ GRPLQDQWH SDUD LQWLPLGDU VHGXFLU R DSODVWDU D PXMHUHV
    YXOQHUDEOHV
    8QDPXMHU$WHQHDVXHOHHQIDGDUVHFRQODPXMHUTXHVHTXHMDHQ
    YH]GHHQIDGDUVHFRQWUDHOKRPEUHFRQWUDHOTXHVHGLULJHODTXHMD
    3XHGHTXHUHSURFKHDODYtFWLPDIHPHQLQDSRUSURYRFDUORVXFHGLGR
    2 GH PDQHUD PiV WtSLFD WRGDYtD FRPR OD PLVPD GLRVD VH LQGLJQD
    SRUTXH OD PXMHU KD\D KHFKR SXEOLFD XQD DFFLyQ TXH VRPHWH DO
    KRPEUHDFUtWLFDV
    /DV IHPLQLVWDV UHDFFLRQDQ HQFROHUL]DGDV DQWH OD FDUUHUD OOHQD GH
    p[LWRVGHODVPXMHUHV$WHQHDTXHSRUXQDSDUWHDGRSWDQSRVLFLRQHV
    HVWDEOHFLGDV \ SDWULDUFDOHV VREUH WHPDV SROtWLFRV TXH DIHFWDQ D
    PXMHUHV\TXHSRURWUDFRQVLJXHQREWHQHUORVPi[LPRVEHQHILFLRV
    GH OD LQIOXHQFLD GH ORV PRYLPLHQWRV IHPLQLVWDV HQ HGXFDFLyQ
    RSRUWXQLGDGHV \ SURPRFLyQ SURIHVLRQDO /D SULPHUD PXMHU TXH
    DGTXLHUHODHQWUDGDRHOUHFRQRFLPLHQWRHQXQDVLWXDFLyQGRPLQDGD
    SRUYDURQHVVXHOHVHUXQDPXMHUTXHODVIHPLQLVWDVGHVFULEHQFRPR
    XQD ³DEHMD UHLQD´ (VWH WLSR GH PXMHU QR D\XGD D TXH VXV
    ³KHUPDQDV´ VDOJDQ DGHODQWH (Q UHDOLGDG KDFHQ TXH HO DYDQFH
    JHQHUDFLRQDOVHPiVGLItFLO

    5HODFLRQHV FRQ KRPEUHV VyOR ORV KpURHV


    SXHGHQ VHU FDQGLGDWRV
    /D PXMHU $WHQHD JUDYLWD DOUHGHGRU GH KRPEUHV FRQ p[LWR
    'XUDQWH ORV HVWXGLRV VXSHULRUHV HVWDED DWUDtGD SRU OD HVWUHOOD GH OD
    IDFXOWDG (Q ORV QHJRFLRV VH YH DWUDtGD KDFLD HO KRPEUH TXH
    DVFLHQGH \ TXH OOHJDUi D VHU XQ GtD HO GLUHFWRU GH OD HPSUHVD (OOD
    SRVHH XQD DVWXWD KDELOLGDG SDUD GHWHFWDU D ORV JDQDGRUHV (VWi
    DWUDtGDSRUHOSRGHUELHQEXVFiQGRORSDUDVtPLVPD²FRQIUHFXHQFLD
    FRQD\XGDGHXQPHQWRUYDUyQFRQp[LWR²RPiVWUDGLFLRQDOPHQWH
    FRPR FRPSDxHUD HVSRVD VHFUHWDULD HMHFXWLYD R DOLDGD GH XQ
    KRPEUHFDSD]\DPELFLRVR
    3DUD ODV PXMHUHV $WHQHD FRPR VHxDODED HO H[VHFUHWDULR GH
    HVWDGR+HQU\.LVLQJHU ³HOSRGHUHVHOPHMRUDIURGLVtDFR´
    /DV PXMHUHV WLSR $WHQHD QR VRSRUWDQ D ORV ³LQ~WLOHV´ 6RQ
    LPSDFLHQWHV FRQ ORV VRxDGRUHV QR OHV LPSUHVLRQDQ ORV KRPEUHV HQ
    E~VTXHGDGHFRVDVTXHQRVHDQPXQGDQDV\QRWLHQHQVLPSDWtDSRU
    ORV KRPEUHV TXH SRVHHQ GHPDVLDGD FRPSDVLyQ SDUD DFWXDU GH
    PDQHUDGHFLVLYD1RSLHQVDQTXHORVSRHWDVDUWLVWDVTXHVHPXHUHQ
    GH KDPEUH HQ EXKDUGLOODV VHDQ SHUVRQDMHV URPiQWLFRV QL OHV
    VHGXFHQORVHWHUQRVDGROHVFHQWHVGLVIUD]DGRVGHKRPEUHV3DUDXQD
    PXMHU$WHQHD³JUDQFRUD]yQ´³QHXUyWLFR´R³VHQVLEOH´VRQDGMHWLYRV
    SDUDGHVFULELUDORV³SHUGHGRUHV´&XDQGRVHWUDWDGHKRPEUHVVyOR
    ORVKpURHVSXHGHQVHUFDQGLGDWRV
    8QDPXMHU$WHQHDVXHOHHVFRJHUDVXKRPEUH3XHGHTXHORKDJD
    UHFKD]DQGR FLWDV X RSRUWXQLGDGHV ODERUDOHV FRQ KRPEUHV TXH QR
    DOFDQ]DQ VXV SDXWDV GH p[LWR R GH SRVLELOLGDGHV GH p[LWR R
    HFKiQGROHHORMRDXQKRPEUHFRQFUHWRFRQXQDHVWUDWHJLDWDQVXWLO
    TXHpVWHQRVHGpFXHQWDFUH\HQGRTXHHVpOTXLHQODHOLJLyDHOOD
    4XL]iVHDHOODODTXHVDTXHODOX]HOWHPDGHOPDWULPRQLRRGHXQD
    DVRFLDFLyQ GH WUDEDMR FRQ HO LQVWLQWR GH ODV IUDVHV QHFHVDULDV HQ HO
    WLHPSRTXHWLHQHXQDQHJRFLDGRUDTXHFRQRFHDVXKRPEUH
    6L OR TXH TXLHUH HV VHU VX SURWHJLGD HQ ORV QHJRFLRV R VX
    VHFUHWDULD HQFXHQWUD OD RSRUWXQLGDG SDUD LPSUHVLRQDUOH FRQ VXV
    FDSDFLGDGHV\HOPXFKRWUDEDMRTXHUHDOL]D8QDYH]FHUFDOXFKDSRU
    KDFHUVH LQGLVSHQVDEOH SDUD pO XQ SDSHO TXH OH SURSRUFLRQD D HOOD
    VDWLVIDFFLyQHPRFLRQDO\ODERUDO6HU³ODHVSRVDGHOGHVSDFKR´R³OD
    VHJXQGD GH D ERUGR´ SURSRUFLRQD D OD PXMHU $WHQHD XQD VHQVDFLyQ
    GHSRGHU\DOPLVPRWLHPSRXQDDVRFLDFLyQFRQXQ³JUDQKRPEUH´
    HOHJLGRDOTXHWDOYH]RWRUJXHVXOHDOWDGGXUDQWHWRGDVXYLGD
    8QD PXMHU $WHQHD DGRUD GLVFXWLU VREUH HVWUDWHJLD \ HVWDU
    HQWHUDGDHQVHFUHWRGHORTXHVHFXHFHHQWUHEDVWLGRUHV6XRSLQLyQ
    \ FRQVHMR SXHGHQ VHU PX\ SHUFHSWLYRV \ ~WLOHV DVt FRPR
    SRWHQFLDOPHQWHGLUHFWRV9DORUDDORVKRPEUHVTXHSHUVLJXHQORTXH
    TXLHUHQ TXH VRQ IXHUWHV GHFLGLGRV \ JDQDGRUHV HQ ODV DFWXDOHV
    OXFKDV GH SRGHU 3DUD DOJXQDV PXMHUHV $WHQHD FXDQWR PiV UHVXOWH
    VHUVXKRPEUHFRPR³HODVWXWR8OLVHV´PHMRU

    6H[XDOLGDG
    8QDPXMHU$WHQHDYLYHHQVXPHQWH\QRVXHOHHVWDUHQFRQWDFWR
    FRQ VX FXHUSR &RQVLGHUD HO FXHUSR FRPR XQD SDUWH XWLOLWDULD GH Vt
    PLVPD GH OD TXH HV LQFRQVFLHQWH GH Vt PLVPD GH OD TXH HV
    LQFRQVFLHQWHKDVWDTXHVHKLHUHRVHSRQHHQIHUPD(VWtSLFRTXHQR
    VHD XQD PXMHU VHQVXDO R ³VH[\´ QL GDGD D IOLUWHRV QL DYHQWXUDV
    URPiQWLFDV
    /HJXVWDQORVKRPEUHVFRPRDPLJRVRPHQWRUHVPiVTXHFRPR
    DPDQWHV$GLIHUHQFLDGH$UWHPLVDUDUDYH]FRQVLGHUDHOVH[RFRPR
    XQ GHSRUWH UHFUHDWLYR R XQD DYHQWXUD $O LJXDO TXH OD PXMHU
    $UWHPLVD QHFHVLWD GH $IURGLWD R GH +HUD FRPR DUTXHWLSRV DFWLYRV
    SDUD TXH OD VH[XDOLGDG VH FRQYLHUWD HQ XQD H[SUHVLyQ GH DWUDFFLyQ
    HUyWLFD R GH FRPSURPLVR HPRFLRQDO 'H RWUR PRGR HO VH[R IRUPD
    ³SDUWH GH XQ DFXHUGR´ LQWUtQVHFR D XQD UHODFLyQ FRQFUHWD R GH XQ
    DFWR FDOFXODGR (Q DPERV FDVRV XQD YH] TXH GHFLGH VHU
    VH[XDOPHQWHDFWLYDVXHOHDSUHQGHUFyPRKDFHUPX\ELHQHODPRU
    8QD PXMHU $WHQHD VXHOH SHUPDQHFHU FpOLEH GXUDQWH ODUJRV
    SHULRGRVGHVXYLGDDGXOWDPLHQWUDVFRQFHQWUDVXVHVIXHU]RVHQVX
    SURIHVLyQ6LHVXQDVHFUHWDULDHMHFXWLYDRXQDDX[LOLDUDGPLQLVWUDWLYD
    GHGLFDGD D XQ KRPEUH TXH HOOD KD GHFLGLGR SXHGH SHUPDQHFHU
    FRPRXQD³HVSRVDGHOGHVSDFKR´FpOLEH
    6LXQDPXMHUFDVDGDVHLGHQWLILFDFRQ$WHQHDVXDFWLWXGKDFLDOD
    VH[XDOLGDG SXHGH VHU DSUR[LPDGDPHQWH OD PLVPD TXH VX DFWLWXG
    KDFLD RWUDV IXQFLRQHV FRUSRUDOHV DOJR TXH VH KDFH UHJXODUPHQWH \
    HV VDOXGDEOH SDUD HOOD 7DPELpQ IRUPD SDUWH GH VX SDSHO FRPR
    HVSRVD
    $WHQHDSDUHFHELHQUHSUHVHQWDGDHQWUHODVPXMHUHVOHVELDQDVDO
    FRQWUDULRGHORTXHSRGUtDHVSHUDUVH GDGDVODVOHDOWDGHVSDWULDUFDOHV
    GH$WHQHDVXDILQLGDGFRQORVKpURHV\VXIDOWDGHVHQWLPLHQWRVGH
    KHUPDQGDG IHPHQLQD  /D PXMHU OHVELDQD $WHQHD SRVHH XQD
    WHQGHQFLD D WHQHU XQD SDUHMD FRQILJXUDGD HQ HO PLVPR PROGH TXH
    HOOD7DOYH]DPEDVVHDQSURIHVLRQDOHVWULXQIDGRUDVTXHHPSH]DURQ
    FRPRFROHJDVDQWHVGHFRQYHUWLUVHHQDPDQWHV
    (Q VXV UHODFLRQHV ODV PXMHUHV OHVELDQDV $WHQHD WDO YH] DGPLUHQ
    VXV FXDOLGDGHV ³KHURLFDV´ \ HO p[LWR GH OD SDUHMD R WDO YHV VHDQ
    DWUDtGDVSRUVXLQWHOHFWR(OFRPSDxHULVPR\ODOLEHUWDGPiVTXHOD
    SDVLyQ ODV PDQWLHQHQ MXQWDV OD UHODFLyQ VH[XDO HQWUH HOODV TXL]i
    YD\D GLVPLQX\HQGR KDVWD GHVDSDUHFHU 3UREDEOHPHQWH PDQWLHQHQ
    VHFUHWDODQDWXUDOH]DKRPRVH[XDOGHVXUHODFLyQIUHQWHDORVGHPiV
    (VWD UHODFLyQ VXHOH VHU GH ODUJD GXUDFLyQ \ VREUHYLYH D ODV
    VHSDUDFLRQHVFDXVDGDVSRUH[LJHQFLDVSURIHVLRQDOHV

    0DWULPRQLR
    &XDQGRODVPXMHUHVQRWHQtDQPXFKDVRSRUWXQLGDGHVGHWULXQIDU
    HQ VXV SURSLDV FDUUHUDV OD PD\RUtD GH ODV PXMHUHV $WHQHD ORJUDURQ
    ³EXHQRV PDWULPRQLRV´ 6H FDVDURQ FRQ KRPEUHV PX\ WUDEDMDGRUHV
    RULHQWDGRV KDFLD HO p[LWR D ORV FXDOHV UHVSHWDEDQ (QWRQFHV FRPR
    DKRUDHVPiVSUREDEOHTXHHOPDWULPRQLRGHXQDPXMHU$WHQHDVHD
    XQDDVRFLDFLyQGHFRPSDxHULVPRTXHXQDXQLyQDSDVLRQDGD
    ([LVWHQ SUREDELOLGDGHV GH TXH HOOH OH HQWLHQGD SHUIHFWDPHQWH \
    GH TXH DPERV VHDQ FRPSDWLEOHV (OOD HV VX DOLDGD \ EXHQD
    FRPSDxHUDXQDHVSRVDYLWDOPHQWHLQWHUHVDGDHQVXFDUUHUDRHQVXV
    QHJRFLRVTXHSODQLILFDUiFRQpOODHVWUDWHJLDGHFyPRDYDQ]DU\TXH
    WUDEDMDUiDVXODGRVLHVQHFHVDULR$OLJXDOTXH$WHQHDTXHUHWXYRD
    $TXLOHVFXDQGRHQFROHUL]DGRHVWDEDDSXQWRGHHPSXxDUVXHVSDGD
    FRQWUD VX MHIH $JDPHQyQ SXHGH KDFHUOH GHVLVWLU VDELDPHQWH GH
    DFWXDUGHPDQHUDSUHPDWXUDRLPSXOVLYD
    6L VX HVSRVR HV PD\RU \ ELHQ VLWXDGR HQ HO PRPHQWR GHO
    PDWULPRQLR \ VL HVWi LPSOLFDGR HQ DFFLRQHV PX\ FRPSOLFDGDV R
    WpFQLFDV HO SULQFLSDO SDSHO GH XQD HVSRVD $WHQHD VHUi HO GH XQD
    DOLDGDVRFLDO6XWDUHDHQHVHFDVRHVVHUXQIDFWRUHVHQFLDOGHQODV
    UHODFLRQHVEXHQDDQILWULRQD\VXPDQRGHUHFKDHQODPDQWHQLPLHQWR
    GHLPSRUWDQWHVDOLDQ]DVVRFLDOHV
    $SDUWH GH DFRQVHMDU D VX PDULGR R GH VHU XQ IDFWRU GH
    HVSDUFLPLHQWRSDUDKDFHUTXHDYDQFHVXFDUUHUDVXHOHOOHYDUODFDVD
    FRQJUDQGRPLQLR/HHVIiFLOODSLVWDGHOSUHVXSXHVWR\GHODVWDUHDV
    SUHVWDQGR DWHQFLyQ D ORV GHWDOOHV \ HQIRTXHV SUiFWLFRV 7DPELpQ
    WRPD VREUH Vt OD HGXFDFLyQ GH ORV KLMRV R KHUHGHURV FRPR SDUWHGH
    VXDVRFLDFLyQ
    /DFRPXQLFDFLyQHQWUHXQDHVSRVD$WHQHD\VXPDULGRDFHUFDGH
    ORVDFRQWHFLPLHQWRVVXHOHVHUH[FHOHQWH3HURODFRPXQLFDFLyQVREUH
    ORV VHQWLPLHQWRV SXHGH VHU SUiFWLFDPHQWH LQH[LVWHQWH ELHQ SRUTXH
    pO DO LJXDO TXH HOOD ORV SDVH SRU DOWR R ELHQ SRUTXH pO KD\D
    DSUHQGLGRTXHHOODQRHQWLHQGHGHVHQWLPLHQWRV
    7DQWR ODV PXMHUHV +HUD FRPR ODV PXMHUHV $WHQHD HVWiQ DWUDtGDV
    SRU KRPEUHV FRQ SRGHU \ DXWRULGDG VHPHMDQWHV D =HXV 6LQ
    HPEDUJRORTXHHOODVHVSHUDQGHpO\ODQDWXUDOH]DGHOYtQFXORTXH
    FDGD WLSR GH PXMHU WLHQH FRQ pO HV DOJR PX\ GLIHUHQWH 8QD PXMHU
    +HUDKDFHGHXQKRPEUHVXGLRVSHUVRQDO\UHVSRQVDEOHGHOOHQDUOD
    SRUTXH HO DIHFWR TXH VLHQWH SRU pO FRQVLVWH HQ XQD FRQH[LyQ
    SURIXQGDHLQVWLQWLYD&XDQGRVHHQWHUDGHTXHpOOHHVLQILHOTXHGD
    KHULGD HQ OR PiV SURIXQGR \ VH HQIXUHFH FRQWUD OD RWUD PXMHU TXH
    DGTXLHUHXQDJUDQLPSRUWDQFLDDVXVRMRV
    (QFRQWUDVWHXQDPXMHU$WHQHDHVSUiFWLFDPHQWHLPSHUPHDEOHD
    ORV FHORV VH[XDOHV &RQVLGHUD VX PDWULPRQLR FRPR XQD DVRFLDFLyQ
    PXWXDPHQWHEHQHILFLRVD6XHOHVHUOHDO\HVSHUDUOHDOWDGTXHSXHGH
    QR HTXLSDUDU D ILGHOLGDG VH[XDO 7DPELpQ HQFXHQWUD GLItFLO FUHHU TXH
    SXHGDVHUUHHPSOD]DGDSRUXQDDWUDFFLyQSDVDMHUD
    -DFTXHOLQH .HQQHG\ 2QDVVLV UHVXOWD VHU XQD PXMHU $WHQHD 6H
    FDVyFRQHOVHQDGRU-RKQ).HQQHG\TXHOOHJyDVHUSUHVLGHQWHGH
    ORV (VWDGRV 8QLGRV 3RVWHULRUPHQWH VH FRQYLUWLy HQ OD HVSRVD GH
    $ULVWyWHOHV 2QDVVLV IDPRVR SRU VHU XQR GH ORV KRPEUHV PiV ULFRV
    EUXVFRV\SRGHURVRVGHOPXQGR6HVDEHTXHDPERVKRPEUHVWHQtD
    DYHQWXUDV H[WUDPDWULPRQLDOHV .HQQHG\ HUD XQ PXMHULHJR FRQ
    PXOWLWXG GH UHODFLRQHV VHQWLPHQWDOHV \ 2QDVVLV WXYR XQD UHODFLyQ
    FRPSOHWDPHQWHS~EOLFD\GHODUJDGXUDFLyQFRQODHVWUHOODGHySHUD
    0DUtD &DOODV $ PHQRV TXH -DFTXHOLQH .HQQHG\ 2QDVVLV IXHUD XQD
    FRQVXPDGD DFWUL] QR SDUHFH TXH IXHUD YHQJDWLYD KDFLD ODV RWUDV
    PXMHUHV6XDSDUHQWHIDOWDGHFHORV\GHUDELDXQLGDDVXHOHFFLyQ
    GH KRPEUHV SRGHURVRV VRQ FDUDFWHUtVWLFDV GH XQD PXMHU $WHQHD
    0LHQWUDV HO PDWULPRQLR HQ Vt PLVPR QR VH YHD DPHQD]DGR XQD
    PXMHU $WHQHD SXHGH UDFLRQDOL]DU \ DFHSWDU OD H[LVWHQFLD GH XQD
    TXHULGD
    $ YHFHV VLQ HPEDUJR XQD PXMHU $WHQHD PHQRVSUHFLD
    H[DJHUDGDPHQWH HO VLJQLILFDGR GHO LQWHUpV GH VX PDULGR SRU RWUD
    PXMHU $Kt WLHQH XQ iQJXOR PXHUWR LQFyOXPH HOOD PLVPD SRU OD
    SDVLyQ QR SXHGH FDOFXODU OD LPSRUWDQFLD TXH WLHQH SDUD RWUD
    SHUVRQD 7DPELpQ FDUHFH GH VLPSDWtD R GH FRPSDVLyQ SRU
    VHQWLPLHQWRVYXOQHUDEOHVRYDORUHVHVSLULWXDOHVTXHSXHGHQWHQHUXQ
    VLJQLILFDGRHVSHFLDOSDUDVXPDULGR(VWDIDOWDGHFRPSUHQVLyQSXHGH
    FRJHUOD GHVSUHYHQLGD \ QR SUHSDUDGD FXDQGR VLQ TXH HOOD OR
    HVSHUDVH VX PDULGR TXLHUH GLYRUFLDUVH GH HOOD \ FDVDUVH FRQ RWUD
    PXMHU
    &XDQGRODGHFLVLyQGHGLYRUFLDUVHODWRPDODPXMHU$WHQHDSXHGH
    VHU FDSD] GH GHVSUHQGHUVH GH VX PDULGR DO TXH WLHQH JUDQ FDULxR
    FRQ UHODWLYDPHQWH SRFD HPRFLyQ R SHQD eVWD HUD FLHUWDPHQWH OD
    LPSUHVLyQTXHGDEDXQDFRUUHGRUDGHEROVDGHWUHLQWD\XQDxRVTXH
    FRQRFt )RUPDED SDUWH GH XQ PDWULPRQLR HQ HO TXH DPERV HUDQ
    LJXDOPHQWH SURIHVLRQDOHV KDVWD TXH VL PDULGR HMHFXWLYR GH
    SXEOLFLGDGIXHGHVSHGLGReVWHVHSXVRDYDJDUSRUODFDVDHQOXJDU
    GH EXVFDU DJUHVLYDPHQWH XQ WUDEDMR \ HOOD VH YROYLy JUDGXDOPHQWH
    LQIHOL] \ OH SHUGLy HO UHVSHWR $O FDER GH XQ DxR HOOD OH GLMR TXH
    TXHUtDGLYRUFLDUVH6XDFWLWXGIXHPX\VLPLODUDODGHXQKRPEUHGH
    QHJRFLRV TXH GHVSLGH D XQ HPSOHDGR LQFDSD] GH KDFHUVH FDUJR GH
    ODV UHVSRQVDELOLGDGHV GH VX SXHVWR R TXH VXVWLWX\H D XQ WUDEDMDGRU
    FXDQGR DSDUHFH RWUR HPSOHDGR PHMRU SDUD HO SXHVWR (OOD HVWDED
    PX\UHWLFHQWHDGHFtUVHOR\HQFRQWUyPX\GRORURVDODFRQIURQWDFLyQ
    TXH VH SURGXMR SHUR VX FRQFOXVLyQ GH IRQGR HUD TXH pO WHQtD TXH
    LUVH<XQDYH]FXPSOLGDODGHVDJUDGDEOHWDUHDVHVLQWLyDOLYLDGD
    7DQWR VL HV HOOD OD LQVWLJDGRUD GHO GLYRUFLR FRPR VL QR OR HV OD
    PXMHU $WHQHD VREUHOOHYD PX\ ELHQ OD VLWXDFLyQ /RV DFXHUGRV VRQ
    QHJRFLDGRVQRUPDOPHQWHVLQUHQFRURHQFDUQL]DPLHQWR1RVHVLHQWH
    SHUVRQDOPHQWH DSODVWDGD LQFOXVR VL pO OD GHMD SRU RWUD 3XHGH TXH
    TXHGH HQ EXHQRV WpUPLQRV FRQ XQ H[ PDULGR \ WDO YH] KDVWD
    FRQWLQ~HXQDDVRFLDFLyQFRPHUFLDO
    (OPDWULPRQLRHQHOTXHDPERVVRQSURIHVLRQDOHV\HQHOTXHHO
    HVSRVR \ HVSRVD HVWiQ PX\ LPSOLFDGRV HQ VXV UHVSHFWLYDV FDUUHUDV
    FRQVWLWX\H XQ IHQyPHQR UHODWLYDPHQWH QXHYR /DV PXMHUHV $WHQHD
    SXHGHQWHQHUPiVp[LWRTXHODPD\RUtDGHODVPXMHUHVHQHVWHWLSR
    GH PDWULPRQLR 6H QHFHVLWD OD PHQWH GH $WHQHD SDUD SODQLILFDU \
    OOHYDU DGHODQWH OD ORJtVWLFD GH WHQHU GRV DVRFLDGRV ODERUDOHV FRQ
    PHWDVDODUJRSOD]R\FRQKRUDULRVTXHSXHGHQQRVHUORVKDELWXDOHV
    GH QXHYH D FLQFR PDQWHQHU OD SUHVHQFLD VRFLDO \ WRGR OR TXH
    DFRPSDxD D SHUVRQDV SURIHVLRQDOHV R FRQ XQD PRYLOLGDG
    DVFHQGHQWH /DV PXMHUHV $WHQHD WLHQGHQ D VHU PiV FRQVHUYDGRUDV
    VREUH ORV UROHV WUDGLFLRQDOHV \ HV PHQRV SUREDEOH TXH SUHVHQWHQ
    H[LJHQFLDVGHLJXDOGDGSRUSXURSULQFLSLR3RUFRQVLJXLHQWHODPXMHU
    $WHQHD HQ XQ PDWULPRQLR HQ TXH DPERV VRQ SURIHVLRQDOHV VXHOHQ
    VXSHUYLVDU HO KRJDU VXHOH FRQWUDWDU DVLVWHQWDV HILFDFHV \ GD OD
    LPSUHVLyQ GH VX FDUUHUD VLUYLHQGR DO PLVPR WLHPSR GH DOLDGD \
    FRQILGHQWHDSUHFLDGDSRUVXPDULGR

    +LMRV
    &RPRPDGUHODPXMHU$WHQHDHVSHUDGLItFLOPHQWHDTXHVXVQLxRV
    FUH]FDQ KDVWD WHQHU OD HGDG HQ OD TXH HOOD SXHGD KDEODUOHV KDFHU
    SUR\HFWRV FRQ HOORV \ OOHYDUOHV D YHU OR TXH KD\ TXH YHU (V OR
    FRQWUDULR GH XQD ³0DGUH 7LHUUD 'HPpWHU TXH EXVFD LQVWLQWLYDPHQWH
    VHU XQD PDGUH OH HQFDQWD WHQHU QLxRV HQ ORV EUD]RV \ GHVHD TXH
    QXQFD FUH]FDQ (Q FRQWUDVWH XQD PXMHU $WHQHD HVWDUtD GLVSXHVWD D
    ³DOTXLODU XQ ~WHUR´ LQPHGLDWDPHQWH HQ FXDQGR HVWR IXHUD SRVLEOH
    FRQ WDO GH WHQHU DVHJXUDGD OD PDWHUQLGDG GHO QLxR < VH VLUYH GH
    PDGUHV ³DGRSWLYDV´ FRQWUDWDQGR DPDV GH FDVD \ QLxHUDV SDUD TXH
    FXLGHQDVXVKLMRVSRUHOOD
    /DPDGUH$WHQHDEULOODVLWLHQHKLMRVFRPSHWLWLYRVH[WUDYHUWLGRVH
    LQWHOHFWXDOPHQWHFXULRVRV(QHODFWXDUVRQVXVKpURHVHQFLHUQHVOR
    TXH VDFDQ GH HOOD OD FDSDFLGDG GH HQVHxDU DFRQVHMDU LQVSLUDU \
    DQLPDUOHV D FyPR VREUHVDOLU (V DSWD SDUD UHIRU]DU HO
    FRPSRUWDPLHQWRPDVFXOLQRHVWHUHRWtSLFRHQVXVKLMRVGiQGROHVPX\
    SURQWRHOPHQVDMHGHTXH³ORVKRPEUHVIXHUWHVQROORUDQ´
    /DV PDGUHV $WHQHD WDPELpQ WLHQHQ p[LWR FRQ ODV KLMDV TXH VRQ
    FRPR HOODV ODV KLMDV LQGHSHQGLHQWHV TXH FRPSDUWHQ HQ VXV PDGUHV
    HO HQIRTXH OyJLFR GH ODV FRVDV (VWDV PXMHUHV SXHGHQ VHU PRGHORV
    GHFRQGXFWD\PHQWRUDVSDUDODVKLMDVTXHVRQFRPRHOODV$OJXQDV
    PDGUHV$WHQHDVLQHPEDUJRWLHQHQKLMDVTXHVRQPX\GLIHUHQWHVD
    HOODV (VWDV KLMDV SRU HMHPSOR SXHGHQ HVWDU SRU QDWXUDOH]D LQQDWD
    PiV LQWHUHVDGDV HQ OR TXH VLHQWHQ ODV SHUVRQDV TXH HQ FyPR
    IXQFLRQDQ ODV FRVDV \ SXHGHQ QR DILUPDUVH D Vt PLVPDV QL VHU
    LQWHOHFWXDOHV &RQ XQD KLMD WUDGLFLRQDO XQD PDGUH $WHQHD OR KDFH
    SHRU3XHGHTXHOHGLYLHUWDDFHSWH\WROHUHXQDKLMDTXHQRHVFRPR
    HOOD2SXHGHGHVFDUWDUDODKLMDDIDYRUGHOKLMR(QFXDOTXLHUDGHORV
    GRVFDVRVODKLMDVLHQWHXQDGLVWDQFLDHPRFLRQDO\WLHQHODVHQVDFLyQ
    GHTXHQRHVYDORUDGDWDOFRPRHV
    /DPXMHU$WHQHDHQFXHQWUDGLItFLOWUDWDUFRQKLMRVRKLMDVTXHVRQ
    IiFLOPHQWHDIHFWDGRVSRUORVVHQWLPLHQWRV/DVLWXDFLyQHVPiVGLItFLO
    SRUVXSXHVWRSDUDORVKLMRVDV6LDFHSWDQODVSDXWDVGHVXPDGUH
    SUREDEOHPHQWH FUHFHUiQ GHVYDORUL]iQGRVH D Vt PLVPRVDV SRU VHU
    OORURQHVHQODLQIDQFLD\SRUVHUKLSHUVHQVLEOHVHQODYLGDDGXOWD6X
    PHQWH SUiFWLFD WDPELpQ OD KDFH VHU LPSDFLHQWH FRQ XQD KLMRD
    VRxDGRUDTXHWLHQHIDQWDVtDV
    8QDPDGUH$WHQHDHVSHUDTXHVXVKLMRVKDJDQORTXHVHHVSHUD
    GH HOORV VH HOHYHQ SRU HQFLPD GH ORV DFRQWHFLPLHQWRV TXH VXVFLWDQ
    HPRFLRQHVHQVXVYLGDV\TXHVHDQFRPRHOOD³EXHQRVVROGDGRV´

    (Q OD PHGLDQD HGDG
    /DPXMHU$WHQHDVXHOHFRQVLGHUDUTXHORVDxRVGHODPLWDGGHVX
    YLGDVRQORVPHMRUHV&RQVXFDSDFLGDGSDUDYHUODVFRVDVFRPRVRQ
    UDUD YH] VH KDFH LOXVLRQHV FRQ ODV TXH WHQJD GHVSXpV TXH
    GHVLOXVLRQDUVH 6L WRGR PDUFKD FRQIRUPH D OR SODQHDGR VX YLGD VH
    GHVHQYXHOYHGHXQDPDQHUDRUGHQDGD
    $ PLWDG GH OD YLGD XQD PXMHU $WHQHD VXHOH WRPDU WLHPSR SDUD
    DVHQWDUVXVLWXDFLyQ&RQVLGHUDWRGDVODVRSFLRQHV\GHVSXpVHIHFW~D
    XQDWUDQVLFLyQRUGHQDGDDODVLJXLHQWHIDVH6LHOWUDEDMRFRQVWLWX\H
    VXSULQFLSDOLQWHUpVVHKDOODHQPLWDGGHVXFDUUHUD\SXHGHYHUHQ
    HVHPRPHQWRVXWUD\HFWRULDKDVWDGyQGHSXHGHHOHYDUVHKDVWDTXp
    SXQWR HV VHJXUD VX VLWXDFLyQ D GyQGH OD SXHGH OOHYDU XQD UHODFLyQ
    FRQ XQ PHQWRU 6L HV PDGUH FXDQGR VXV KLMRV KDQ FUHFLGR HV
    SUREDEOH TXH VH KD\D HPEDUFDGR HQ SUR\HFWRV D ORV TXH SXHGH
    GHGLFDUPiVWLHPSRSXHVWRTXHVXVKLMRVODQHFHVLWDQPHQRV
    6LQHPEDUJRORVDxRVGHODPHGLDQDHGDGGHXQDPXMHU$WHQHD
    SXHGHQ GHVHPERFDU LQHVSHUDGDPHQWH HQ XQD FULVLV 7DO YH] VH
    HQFXHQWUHHQPHGLRGHXQDFULVLVPDWULPRQLDOTXHSXHGHVDFXGLUVX
    HFXDQLPLGDG \ H[SRQHUOD D VHQWLPLHQWRV PiV SURIXQGRV &RQ
    IUHFXHQFLD OD FULVLV GH VX PDULGR LQVWLJD OD VX\D (O PDWULPRQLR
    DJUDGDEOH TXH KD FRQVWLWXLGR XQD DOLDQ]D GH p[LWR SDUD ORV GRV
    SXHGH TXH VHD DKRUD LQVDWLVIDFWRULR SDUD pO 7DO YH] VLHQWD OD
    DXVHQFLDGHODSDVLyQHQVXPDWULPRQLR\TXL]iVHVLHQWDDWUDtGRSRU
    RWUD PXMHU TXH OH HVWLPXOD GHVGH HO SXQWR GH YLVWD URPiQWLFR \
    HUyWLFR6LXQDPXMHUFRQWLQ~DVLHQGRILHODVXQDWXUDOH]DGH$WHQHD
    VXUHVSXHVWDVHUiHQIUHQWDUVHDODVLWXDFLyQGHPDQHUDVHQVDWD6LQ
    HPEDUJR D PLWDG GH OD YLGD SXHGH DFWLYDUVH RWUDV GLRVDV \ SRU
    SULPHUD YH] HQ VX YLGD SXHGH TXH UHDFFLRQHV GH PDQHUD
    LPSUHGHFLEOH
    /DPHQRSDXVLDQRHVXQDFDXVDGHDIOLFFLyQSDUD$WHQHDSRUTXH
    HOOD QXQFD VH GHILQLy D Vt PLVPD SULQFLSDOPHQWH FRPR PDGUH
    7DPSRFRODEHOOH]D\ODMXYHQWXGVRQHVHQFLDOHVSDUDODDXWRHVWLPD
    GH OD PXMHU $WHQHD TXH HVWi EDVDGD HQ OD LQWHOLJHQFLD OD
    FRPSHWHQFLD\FRQIUHFXHQFLDHQODFDSDFLGDGGHVHULQGLVSHQVDEOH
    $Vt SXHV HQYHMHFHU QR HV XQD SpUGLGD SDUD OD PD\RUtD GH ODV
    PXMHUHV $WHQHD 3RU HO FRQWUDULR SRU VHU PiV SRGHURVD ~WLO R
    LQIOX\HQWHHQORVDxRVGHPLWDGGHVXYLGDTXHFXDQGRHUDMRYHQVX
    FRQILDQ]D\ELHQHVWDUSXHGHQLQFOXVRVHUUHIRU]DGRVHQHVWHSHULRGR
    HQ HO TXH RWUDV PXMHUHV HVWiQ DQVLRVDV SRU SDUHFHU PiV YLHMDV \
    YROYHUVHPHQRVGHVHDEOHV

    (Q OD WHUFHUD HGDG
    /D PXMHU $WHQHD FDPELD PX\ SRFR D OR ODUJR GH GpFDGDV
    &RQWLQ~DVLHQGRXQDPXMHUSUiFWLFDOOHQDGHYLGD\GHHQHUJtDPX\
    SDUWLFLSDWLYD SULPHUR HQ HO KRJDU \ HQ HO WUDEDMR \ GHVSXpV
    IUHFXHQWHPHQWH FRPR YROXQWDULD HQ DVRFLDFLRQHV FLXGDGDQDV 6XHOH
    VHUGHIHQVRUDGHODVLQVWLWXFLRQHVWUDGLFLRQDOHV\SUREDEOHPHQWHGH
    ODV PX\ FRQVHUYDGRUDV /D PXMHU FDVDGD $WHQHD GH FODVH PHGLD \
    FODVH DOWD HV OD SLHGUD DQJXODU GHO YROXQWDULDGR HQ RUJDQL]DFLRQHV
    EHQpILFDV\HQLJOHVLDV$\XGDDRUJDQL]DUDODVDVLVWHQWHVVDQLWDULDV
    ODVREUDVEHQpILFDVGH8QLWHG:D\\GHOD&UX]5RMDGHVHPSHxDQGR
    FDGDYH]XQSDSHOPiVGHVWDFDGRDPHGLGDTXHHQYHMHFH
    &XDQGRVXVKLMDVRVVHKDFHQPD\RUHV\VHPDUFKDQGHFDVDOD
    PXMHU $WHQHD QR OORUD SRU HO QLGR YDFtR (V HQWRQFHV FXDQGR WLHQH
    PiV WLHPSR SDUD KDFHU SUR\HFWRV HVWXGLDU R WUDEDMDU HQ OR TXH OH
    JXVWD6XVUHODFLRQHVFRQVXVKLMRVDGXOWRVVXHOHQVHUDPLVWRVDV3RU
    KDEHUOHV DQLPDGR D VHU LQGHSHQGLHQWHV \ DXWRVXILFLHQWHV \ QR
    KDEHUVH HQWURPHWLGR QXQFD HQ VXV DVXQWRV QR KDEHU IDFLOLWDGR OD
    GHSHQGHQFLD OD PD\RUtD GH VXV KLMDVRV \ QLHWDVRV QR WLHQHQ
    SUREOHPDV FRQ HOOD +DELWXDOPHQWH OD UHVSHWDQ \ FRQ IUHFXHQFLD OD
    TXLHUHQ $XQTXH VXHOH VHU SDUFD HQ GHPRVWUDFLRQHV GH DIHFWR \ QR
    H[SUHVDPXFKRVXVVHQWLPLHQWRVPDQWLHQHHOFRQWDFWRFRQODIDPLOLD
    \ODFRPXQLFDFLyQVREUHODVFRVDVTXHSDVDQHLJXDOPHQWHREVHUYD
    ODVILHVWDV\WUDGLFLRQHVIDPLOLDUHV
    (Q VXV ~OWLPRV DxRV PXFKDV PXMHUHV $WHQHD VH FRQYLHUWHQ HQ
    UHVSHWDEOHV SLODUHV GH OD FRPXQLGDG $OJXQDV UHVXOWDQ ³VHxRUDV GH
    HGDGHQ]DSDWLOODVGHSRUWLYDV´PXMHUHVFRQFDEH]DSDUDORVQHJRFLRV
    TXH KDQ VLGR ULGLFXOL]DGDV SRU SODWHDU FXHVWLRQHV SHUWLQHQWHV HQ ODV
    DVDPEOHDV GH DFFLRQLVWDV 1R VRQ GHVFRQFHUWDGDV SRU HO
    SHQVDPLHQWR LQVHQVDWR R FRQIXVR GH RWUDV SHUVRQDV \ VX
    SHUVLVWHQFLD HV HVSHFLDOPHQWH HPEDUD]RVD SDUD ORV KRPEUHV
    LQYHVWLGRVGHDXWRULGDG
    &XDQGR OOHJD OD YLXGH] QRUPDOPHQWH XQD PXMHU $WHQHD VH KD
    DQWLFLSDGR 6DEH TXH VX HVSHUDQ]D GH YLGD HV PD\RU TXH OD GHO
    KRPEUH\SRUKDEHUVHSUREDEOHPHQWHFDVDGRFRQXQKRPEUHPD\RU
    TXH HOOD QR VH HQFXHQWUD GHVSUHYHQLGD R QR SUHSDUDGD SRU OD
    YLXGH](VXQDYLXGDTXHPDQHMDVXSURSLRGLQHURTXHLQYLHUWHHQHO
    PHUFDGRGHYDORUHVRTXHFRQWLQ~DSRUVtPLVPDHOQHJRFLRIDPLOLDU
    )UHFXHQWHPHQWH XQD PXMHU $WHQHD YLXGD R VROWHURQD YLYH VROD
    PDQWHQLHQGR DO PLVPR WLHPSR XQD YLGD DFWLYD \ RFXSDGD /D
    FXDOLGDG GH GLRVD YLUJHQ FRPSOHWDHQVtPLVPD OH VLUYH ELHQ HQ VXV
    ~OWLPRVDxRVHQORVTXHHOODHVDXWRVXILFLHQWH\HVWiDFWLYDORPLVPR
    TXHFXDQGRHUDMRYHQ

    'LILFXOWDGHV SVLFROyJLFDV
    /D UDFLRQDO $WHQHD QXQFD SHUGLy VX FDEH]D VX FRUD]yQ R VX
    DXWRFRQWURO 9LYtD GHQWUR GHO MXVWR PHGLR \ QXQFD IXH VREUHSDVDGD
    SRU OD HPRFLyQ R SRU VHQWLPLHQWRV LUUDFLRQDOHV /D PD\RUtD GH ODV
    GHPiV GLRVDV H[FHSWR +HVWLD  YROFDEDQ VXV HPRFLRQHV VREUH ORV
    GHPiV FDXViQGROHV VXIULPLHQWR R HUDQ HVFRJLGDV FRPR YtFWLPDV \
    VXIUtDQ /DV PXMHUHV TXH VRQ FRPR HOODV SUREDEOHPHQWH SRVHHQ HO
    SRWHQFLDOGHFDXVDUVXIULPLHQWRRGHVXIULU$WHQHDHUDGLIHUHQWHHUD
    LQYXOQHUDEOH LQFRQPRYLEOH IUHQWH D OD HPRFLyQ LUUDFLRQDO R
    DEUXPDGRUD \ VXV DFFLRQHV HUDQ GHOLEHUDGDV PiV TXH LPSXOVLYDV
    3XHVWRTXHODPXMHUTXHVHSDUHFHD$WHQHDFRPSDUWHVXVDWULEXWRV
    WDPSRFRHVXQDYtFWLPDGHORVGHPiVQLGHVXVSURSLDVHPRFLRQHV
    6XVSUREOHPDVVXUJHQGHVXVSURSLRVUDVJRVFDUDFWHULDOHVGHOOHYDU
    SVLFROyJLFDPHQWH OD ³pJLGD \ OD FRUD]D´ 8QD HYROXFLyQ XQLODWHUDO
    SXHGH FRUWDUOH GH ORV DVSHFWRV GH Vt PLVPD TXH QR QHFHVLWD
    GHVDUUROODU

    /D LGHQWLILFDFLyQ FRQ $WHQHD


    9LYLU ³FRPR $WHQHD´ VLJQLILFD YLYLU HQ OD FDEH]D \ DFWXDU
    UHVXHOWDPHQWH HQ HO PXQGR 8QD PXMHU TXH YLYH GH HVWD PDQHUD
    OOHYDXQDH[LVWHQFLDXQLODWHUDOYLYHSDUDVXWUDEDMR$XQTXHGLVIUXWD
    GH OD FRPSDxtD GH ORV GHPiV FDUHFH GH LQWHQVLGDG HPRFLRQDO
    DWUDFFLyQ HUyWLFD LQWLPLGDG SDVLyQ R p[WDVLV 7DPELpQ OH HVWi
    DKRUUDGR HO VXIULPLHQWR OD SURIXQGD GHVHVSHUDFLyQ \ HO VXIULPLHQWR
    TXHSXHGHVREUHYHQLUDODYLQFXODFLyQFRQORVGHPiVRDOKHFKRGH
    QHFHVLWDUORV /D LGHQWLILFDFLyQ H[FOXVLYD FRQ OD $WHQHD UDFLRQDO FRUWD
    D XQD PXMHU GH OD HQWHUD JDPD H LQWHQVLGDG GH ODV HPRFLRQHV
    KXPDQDV6XVVHQWLPLHQWRVHVWiQELHQPRGXODGRVSRU$WHQHDHVWiQ
    OLPLWDGRVDXQDPHGLDGHLQWHQVLGDG$VtSXHVVHFRUWDDVtPLVPD
    GH WHQHU VLPSDWtD FRQ ORV VHQWLPLHQWRV SURIXQGRV GH FXDOTXLHU
    SHUVRQDGHVHQWLUVHDIHFWDGDSRUHODUWHRODP~VLFDTXHH[SUHVHQ
    VHQWLPLHQWRLQWHQVRV\GHVHUFRQYLGDSRUODH[SHULHQFLDPtVWLFD
    $O YLYLU HQ VX FDEH]D OD PXMHU $WHQHD SLHUGH OD H[SHULHQFLD GH
    HVWDUSOHQDPHQWHHQVXFXHUSR6DEHSRFRGHVHQVXDOLGDG\DFHUFD
    GH FyPR VH VLHQWH FXDQGR VH IXHU]D HO FXHUSR KDVWD VXV OtPLWHV
    $WHQHD PDQWLHQH D XQD PXMHU ³SRU HQFLPD´ GHO QLYHO LQVWLQWLYR GH
    PDQHUD TXH QR VLHQWH OD IXHU]D FRPSOHWD GH ORV LQVWLQWRV PDWHUQDO
    VH[XDORGHSURFUHDFLyQ
    3DUD HYROXFLRQDU PiV DOOi GH $WHQHD XQD PXMHU WLHQH TXH
    GHVDUUROODURWURVDVSHFWRVGHVtPLVPD3XHGHKDFHUORJUDGXDOPHQWH
    VL VH GD FXHQWD GH TXH $WHQHD OD OLPLWD \ VL HVWi UHFHSWLYD D ODV
    SHUVSHFWLYDV GH ORV GHPiV &XDQGR ODV GHPiV SHUVRQDV KDEODQ GH
    HPRFLRQHV \ H[SHULHQFLDV TXH OHV VRQ SURIXQGDPHQWH VLJQLILFDWLYDV
    SHUR TXH VRQ GHVFRQRFLGDV SDUD HOOD QHFHVLWD KDFHU XQ HVIXHU]R
    SDUD LPDJLQDU GH TXp HVWiQ KDEODQGR 7LHQH TXH UHFRQRFHU VX
    DFWLWXG GH H[LJLU VLHPSUH SUXHEDV \ VX GLVWDQFLD HVFpSWLFD GH ORV
    GHPiV\GHVtPLVPDFRPRXQSRWHQFLDOWRGDYtDQRGHVDUUROODGRGH
    SURIXQGLGDGHVSLULWXDORHPRFLRQDO
    8QD PXMHU WLSR $WHQHD D YHFHV HYROXFLRQD PiV DOOi GH HVWH
    DUTXHWLSR LQHVSHUDGD R WUDXPiWLFDPHQWH EDMR OD SUHVLyQ GH
    FLUFXQVWDQFLDV TXH OD GHVERUGDQ FRQ VHQWLPLHQWRV SURFHGHQWHV GHO
    LQFRQVFLHQWH3RUHMHPSORSXHGHTXHVXKLMRVHYHDDPHQD]DGRSRU
    OD HQIHUPHGDG R DOJXLHQ OH KD\D KHFKR GDxR 6L VXUJH XQ LQVWLQWR
    SURWHFWRUGHVGHVXVSURIXQGLGDGHVDUTXHWtSLFDVWDQIHUR]FRPRXQD
    PDGUHRVDHQFROHUL]DGDGHVFXEUHTXHHVWHDVSHFWRGH$UWHPLVDHV
    SDUWHGHHOOD2VLVXDJUDGDEOHPDWULPRQLRHVDPHQD]DGRSRURWUD
    PXMHU WDO YH] VH YHD OOHYDGD SRU ORV VHQWLPLHQWRV KHULGRV \
    YHQJDWLYRV GH +HUD HQ OXJDU GH PDQWHQHUVH FRPR XQD $WHQHD
    UDFLRQDO TXH VH FRPSRUWD FRPR GH FRVWXPEUH 2 SXHGH TXH WRPH
    XQDGURJDSVLFRGpOLFD\VHYHDVXPHUJLGDHQXQHVWDGRDOWHUDGRGH
    FRQFLHQFLDTXHODVREUHFRJHRODDVXVWD
    (O HIHFWR 0HGXVD
    8QDPXMHU$WHQHDWLHQHODFDSDFLGDGGHLQWLPLGDUDORVGHPiV\
    GHVXSULPLUODHVSRQWDQHLGDGYLWDOLGDG\FUHDWLYLGDGGHODVSHUVRQDV
    TXHQRVRQFRPRHOODeVWHHVHOHIHFWR0HGXVD
    (VVXSHWRODGLRVD$WHQHDOOHYDEDXQVtPERORGHVXSRGHU²OD
    pJLGD XQD SLHO GH FDEUD GHFRUDGD FRQ OD FDEH]D GH OD *RUJRQD OD
    FDEH]DGH0HGXVD²eVWDHUDXQPRQVWUXRFRQVHUSLHQWHVHQOXJDU
    GH FDEHOORV FX\D WHUURUtILFD DSDULHQFLD FRQYHUWtD HQ SLHGUD D WRGRV
    ORVTXHILMDEDQODPLUDGDHQHOOD/D*RUJRQDHVWDPELpQXQDVSHFWR
    GHODPXMHU$WHQHD0HWDIyULFDPHQWHHOODWLHQHWDPELpQHOSRGHUGH
    GHVYLWDOL]DU OD H[SHULHQFLD GH ORV GHPiV GH VXSULPLU OD YLGD FRQ OD
    FRQYHUVDFLyQ GH FRQYHUWLU XQD UHODFLyQ HQ XQ FXDGUR HVWiWLFR $
    WUDYpV GH VX FRQFHQWUDFLyQ HQ KHFKRV \ GHWDOOHV VX QHFHVLGDG GH
    SUHPLVDVOyJLFDV\GHUDFLRQDOLGDGSXHGHFRQYHUWLUXQDFRQYHUVDFLyQ
    HQ XQD VHFD HQXPHUDFLyQ GH GHWDOOHV 2 SXHGH VHU
    GHYDVWDGRUDPHQWH LQVHQVLEOH \ FDPELDU HVSHFWDFXODUPHQWH GH HVWD
    PDQHUD XQ DPELHQWH GH VHU SURIXQGDPHQWH SHUVRQDO D VHU
    VXSHUILFLDO \ GLVWDQWH &RQ VX DFWLWXG FUtWLFD \ VXV FXHVWLRQHV
    DQDOL]DGRUDV SXHGH LQLQWHQFLRQDGD H LQFRQVFLHQWHPHQWH GLVPLQXLU
    ODH[SHULHQFLDVXEMHWLYDGHRWUDSHUVRQD3XHGHFDUHFHUGHHPSDWtD
    SRU WHPDV HVSLULWXDOHV R PRUDOHV TXH RWURV FRQVLGHUDQ GH YLWDO
    LPSRUWDQFLDVHULQWROHUDQWHFRQORVSUREOHPDVTXHWLHQHODJHQWHHQ
    VXV UHODFLRQHV \ FUtWLFD KDFLD FXDOTXLHU WLSR GH GHELOLGDG (VWD IDOWD
    GHHPSDWtDHVPDWDGRUD
    &XDQGR OD RFDVLyQ HV SXUDPHQWH VRFLDO HVWH HIHFWR 0HGXVD
    GHVYLWDOL]DGRU SXHGH VLPSOHPHQWH DEXUULU R HQRMDU 6LQ HPEDUJR
    FXDQGR OD PXMHU $WHQHD HVWi HQ XQD SRVLFLyQ GH DXWRULGDG \ GH
    HPLWLU MXLFLRV SXHGH XWLOL]DU HO SRGHU WRWDO GH OD 0HGXVD *RUJRQD
    SDUD DWHUURUL]DU \ SHWULILFDU 3RU HMHPSOR SXHGH HVWDU OOHYDQGR D
    FDERXQDHQWUHYLVWDFRQFRQVHFXHQFLDVJUDYHV&XDQGRXQDSHUVRQD
    HVHVFXGULxDGDSRUOD³$WHQHDFRQHORMRGH*RUJRQD´VHVLHQWHDQWH
    ODPLUDGDILMD\PDJQLILFDGRUDGHXQDPHQWHDQDOtWLFDHLPSHUVRQDO
    FX\DV FXHVWLRQHV SDUHFHQ GLULJLUVH VLQ UHVSLUR KDFLD ODV
    LQDGHFXDFLRQHV GHVFXELHUWDV 7HQLpQGRVHODV TXH KDEHU FRQ OR TXH
    SXHGH VHU XQ LQWHOHFWR DQDOtWLFR \ XQ FRUD]yQ GH SLHGUD OD SHUVRQD
    SXHGHVHQWLUVH³FRQYHUWLGDHQSLHGUD´
    8QDFROHJDPHGHVFULELyXQDYH]ODGHVDIRUWXQDGDH[SHULHQFLDGH
    HQFRQWUDVHFRQOD0HGXVD*RUJRQDHQVXFLWDGHHYDOXDFLyQSDUDXQ
    DVFHQVR SURIHVLRQDO $KRUD HVWD FROHJD HV XQD WHUDSHXWD TXH
    WUDEDMD PX\ ELHQ FRQ SDFLHQWHV JUDYHPHQWH SHUWXUEDGRV
    ,QWXLWLYDPHQWHGRWDGDSDUDFRPSUHQGHUHOVLJQLILFDGRVLPEyOLFR\ODV
    HPRFLRQHV TXH \DFHQ WUDV HO FRPSRUWDPLHQWR LUUDFLRQDO WUDEDMD
    PDUDYLOORVDPHQWH FRQ ORV SDFLHQWHV 6LQ HPEDUJR DO GHVFULELU HVD
    HQWUHYLVWD XQD PXMHU $WHQHD ³6HQWt TXH PL PHQWH VH TXHGDED HQ
    EODQFR3RUXQPRPHQWRPHTXHGpOLWHUDOPHQWHVLQKDEODQRSRGtD
    SHQVDUFRUUHFWDPHQWHQLHQFRQWUDUODVSDODEUDV«1RVDOtELHQSDUDGD
    HQDEVROXWR´/DPD\RUtDGHODVYHFHVFXDQGRXQDSHUVRQDVHVLHQWH
    FRQYHUWLGDHQSLHGUDSRUHOH[DPHQHVFXGULxDGRU\FUtWLFRGHDOJXLHQ
    TXH WLHQH HO SRGHU GH GHVWUXLU XQ DVFHQVR SURIHVLRQDO R XQD
    SRVLELOLGDG GH IRUPDFLyQ HVH DOJXLHQ HV XQ KRPEUH TXH WLHQH HO
    DUTXHWLSRGH=HXV\³OOHYDODpJLGD´3HURDPHGLGDTXHODVPXMHUHV
    WLHQHQPiVDFFHVRDOSRGHUODpJLGDSXHGHTXHVHDOOHYDGDFDGDYH]
    PHQRV SRU PXMHUHV < VL DFW~DQ FRPR $WHQHD SXHGHQ SURGXFLU HO
    HIHFWR0HGXVD
    &RQIUHFXHQFLDODPXMHU$WHQHDTXHHVWiSURGXFLHQGRHVHHIHFWR
    0HGXVD HV LQFRQVFLHQWH GH VX SRGHU QHJDWLYR 1R HV VX LQWHQFLyQ
    LQWLPLGDU \ DWHUURUL]DU 6LPSOHPHQWH WDO FRPR OR YH HOOD HVWi
    FXPSOLHQGR ELHQ FRQ VX WUDEDMR UHXQLU ORV KHFKRV H[DPLQDU ODV
    SUHPLVDV FRPSUREDU FyPR VX HVWUXFWXUD HO PDWHULDO \ FyPR OR
    DSR\DQ ODV SUXHEDV 3HUR VLQ VDEHUOR SXHGH HVWDU UHDOL]DQGR OD
    REVHUYDFLyQ GH *RHWKH GH TXH DVHVLQDPRV FXDQGR DQDOL]DPRV
    PLQXFLRVDPHQWH &RQ VX DFWLWXG REMHWLYD \ VXV FXHVWLRQHV LQFLVLYDV
    GHVFXLGD HO HVIXHU]R SRU FUHDU OD UHODFLyQ $Vt SXHV HOLPLQD HO
    SRWHQFLDOGHYHUGDGHUDFRPXQLFDFLyQHQHOTXHSXHGHFRPSDUWLUVHHO
    FRUD]yQGHFXDOTXLHUDVXQWRRHODOPDGHXQDSHUVRQD
    $ YHFHV KDEOR FRQ DOJXQD SDFLHQWH TXH HV SXUR HQIRTXH
    LQWHOHFWXDO TXH PH GD XQ LQIRUPH IiFWLFR GH VX YLGD XQD
    HQXPHUDFLyQ GH DFRQWHFLPLHQWRV VLQ HPRFLyQ GHMDQGR GH ODGR ORV
    VHQWLPLHQWRV &RQVLGHUR TXH WHQJR TXH KDFHU XQ HVIXHU]R SDUD
    SHUPDQHFHU HQ UHODFLyQ FRQ HOOD OXFKDQGR SDUD YHQFHU HO
    DEXUULPLHQWR FXDQGR QR KD\ ³YLGD´ QLQJXQD LQWHQVLGDG GH
    VHQWLPLHQWRDxDGLGDDORVDFRQWHFLPLHQWRV/RTXHQRWLHQHYLGDHQ
    HOOD WLHQH XQ HIHFWR GH DWRQWDPLHQWR VREUH Pt &XDQGR PH VLHQWR
    ³FRQYLUWLpQGRPHHQSLHGUD´VpSRUILQTXHpVWHHVHOSUREOHPDTXH
    HOODLQWURGXFHHQWRGDUHODFLyQ(VSRUHVWRSRUORTXHVXYLGDFDUHFH
    GH LQWLPLGDG \ VXHOH VHU VROLWDULD &XDQGR XQD PXMHU HVWi
    PHWDIyULFDPHQWH OOHYDQGR OD FRUD]D FRQ OD pJLGD GH 0HGXVD HQ VX
    SHWR QR HVWD PRVWUDQGR QLQJXQD YXOQHUDELOLGDG 6XV GHIHQVDV ELHQ
    DFRUD]DGDVHVWiQDOWDV\VXDXWRULGDG\PLUDGDFUtWLFDPDQWLHQHQD
    ORVGHPiVDGLVWDQFLDGHVGHHOSXQWRGHYLVWDHPRFLRQDO
    6L VH GHVDQLPD SRU HO HIHFWR GH 0HGXVD TXH SURGXFH HQ ORV
    GHPiV XQD PXMHU $WHQHD KDUtD ELHQ HQ UHFRUGDU TXH HO SHWR GH OD
    *RUJRQDHUDDOJRTXH$WHQHDSRGtDSRQHUVH\TXLWDUVH'HODPLVPD
    PDQHUD VL XQD PXMHU $WHQHD ³VH TXLWD OD FRUD]D \ OD pJLGD´ \D QR
    SURGXFLUiHOHIHFWR0HGXVD6XpJLGDGH0HGXVDSDUWHFXDQGR\DQR
    VH FRQVWLWX\D HQ WULEXQDO SDUD MX]JDU D ORV GHPiV UHFODPDQGR
    LQWHUQDPHQWH VX DXWRULGDG SDUD YDORUDU R LQYDOLGDU OR TXH RWUDV
    SHUVRQDV VLHQWHQ SLHQVDQ R YLYHQ &XDQGR VH GD FXHQWD GH TXH
    WLHQH DOJR TXH DSUHQGHU GH ODV SHUVRQDV \ DOJR TXH FRPSDUWLU FRQ
    HOODV\VHUHODFLRQDHQWRQFHVFRPRXQDLJXDOVHKDEUiGHVSUHQGLGR
    GHVXSHWRGH*RUJRQD\VXHIHFWR0HGXVD

    $VWXFLD ³+D] FXDOTXLHU FRVD TXH IXQFLRQH´


    /D PXMHU $WHQHD TXH WLHQH XQ REMHWLYR TXH DOFDQ]DU R XQ
    SUREOHPD TXH UHVROYHU VH LQWHUHVD FDVL H[FOXVLYDPHQWH HQ ³¢FyPR
    SXHGR KDFHUOR"´ \ HQ ³¢IXQFLRQDUi"´ 3XHGH VHU DVWXWD R DFWXDU VLQ
    HVFU~SXORVSDUDFRQVHJXLUVXVREMHWLYRVRGHUURWDUDVXVULYDOHV
    (VWDDVWXFLDIXHFDUDFWHUtVWLFDGHODGLRVD$WHQHD3RUHMHPSORHQ
    OD FRQIURQWDFLyQ FXOPLQDQWH GH OD JXHUUD GH 7UR\D HQWUH HO KpURH
    JULHJR $TXLOHV \ HO KpURH PiV QREOH WUR\DQR +pFWRU $WHQHD XWLOL]y
    GHFLGLGDPHQWH ³WiFWLFDV VXFLDV´ SDUD D\XGDU D TXH $TXLOHV JDQDVH
    (QJDxyD+pFWRUSDUDTXHFUH\HVHTXHVXKHUPDQRHVWDEDDVXODGR
    FRPRSRUWDGRUGHVXODQ]DFXDQGRVHHQIUHQWyD$TXLOHV(QWRQFHV
    GHVSXpV GH KDEHU ODQ]DGR VX ~QLFD ODQ]D \ KDEHUVH YXHOWR SDUD
    FRJHU RWUD GH VX ³KHUPDQR´ +pFWRU GHVFXEULy TXH HVWDED VROR \
    VXSRTXHVXILQHVWDEDSUy[LPR
    /D 'LRVD QR VH SUHRFXSy GH SUHJXQWDUVH ³¢HV MXVWR"´ R ³¢HV
    pWLFR"´ /R TXH OH LPSRUWDED HUD TXH VH WUDWDED GH XQD HVWUDWHJLD
    HIHFWLYD (O ODGR RVFXUR GH XQD PXMHU $WHQHD HVWi UHODFLRQDGR FRQ
    HVWHDVSHFWRGH$WHQHD
    &XDQGRMX]JDHOFRPSRUWDPLHQWRGHRWUDVSHUVRQDVVXSULQFLSDO
    FULWHULR HV OD HILFDFLD 1R IRUPD SDUWH GH VX PDQHUD GH SHQVDU HO
    SUHRFXSDUVHGHYDORUHVGHOVHQWLPLHQWRFRPRMXVWRRLQMXVWREXHQR
    RPDOR$VtSXHVWLHQHGLILFXOWDGHVSDUDHQWHQGHUSRUTXpODJHQWH
    VH HQRMD SRU XQD FRQGXFWD LQPRUDO R FRQWUDULD D OD pWLFD
    HVSHFLDOPHQWH FXDQGR QR OHV DIHFWD SHUVRQDOPHQWH 7DPSRFR
    HQWLHQGH SRU TXp DOJXLHQ VH PROHVWDUtD HQ GLVFXWLU DFHUFD GH ORV
    ³SULQFLSLRV PRUDOHV GHO DVXQWR´ R VREUH OD OLFLWXG GH ORV PHGLRV
    XWLOL]DGRVSDUDDOFDQ]DUHOILQGHVHDGR
    $VtVLHUDHVWXGLDQWHHQORVDxRVFXDQGRVXVFRPSDxHURV\
    FRPSDxHUDV WRPDEDQ ODV FDOOHV SDUD SURWHVWDU FRQWUD OD JXHUUD GHO
    9LHWQDP R OD LQYDVLyQ GH &DPER\D R HVWDEDQ LQGLJQDGRV SRU ODV
    UHYHODFLRQHV GHO FDVR :DWHUJDWH FRQ WRGD SRVLELOLGDG D HOOD QR OH
    DIHFWDED 2WUDV SHUVRQDV WDO YH] OD FRQVLGHUHQ LQGLIHUHQWH GHVGH HO
    SXQWRGHYLVWDPRUDOFXDQGRHQUHDOLGDG²ILHODVXIRUPD$WHQHD²
    QRODKDFtDDFWXDUHOFRQWDJLRGHORVVHQWLPLHQWRVDMHQRVQLHVWDED
    LQTXLHWDSRUORVSURSLRV3RUHOFRQWUDULRHOODSHUPDQHFtDHQODFODVH
    RHQHOODERUDWRULRSHUVLJXLHQGRVXVSURSLDVPHWDVSURIHVLRQDOHV

    9tDV GH GHVDUUROOR SHUVRQDO


    'HVDUUROODUVH PiV DOOi GH ORV OtPLWHV GH XQD GLRVD D WUDYpV GHO
    FXOWLYR GH RWUDV HV XQD SRVLELOLGDG TXH WRGRV ORV WLSRV GH GLRVDV
    FRPSDUWHQ 3HUR XQD PXMHU $WHQHD SRVHH YDULDV GLUHFFLRQHV
    HVSHFtILFDVFX\RVHJXLPLHQWRWDPELpQSXHGHFRQVLGHUDU

    9ROYHUVH KDFLD DGHQWUR


    /D PXMHU $WHQHD TXH DFW~D HQ HO PXQGR H[WHUQR SXHGH YHUVH
    DWUDSDGD HQ MXHJRV GH SRGHU FRPHUFLDOHV MXUtGLFRV R SROtWLFRV \
    SXHGH GHVFXEULU TXH HVWi VLHPSUH WUDEDMDQGR ³KDEODQGR GH
    QHJRFLRV´ROOHYiQGRVHWUDEDMRGHODRILFLQDDFDVD3XHGHTXHVLHQWD
    GHVSXpV GH XQ WLHPSR TXH VX PHQWH QXQFD HVWi HQ FDOPD TXH ³OD
    PiTXLQD HVWi VLHPSUH HQ PDUFKD´ &XDQGR VH GD FXHQWD GH OR
    DEVRUEHQWHTXHHVVXWUDEDMR\VLHQWHODQHFHVLGDGGHPiVHTXLOLEULR
    $WHQHD FRPR GLRVD GH OD DUWHVDQtD OH SURSRUFLRQD XQD YtD SDUD
    UHWLUDUVXPHQWHGHODDFWLYLGDG
    /D DUWHVDQtD PiV DSUHFLDGD GH WRGDV SDUD $WHQHD HUD HO WHMHU
    8QDPXMHUGHQHJRFLRV$WHQHRPHGLMRFXDQGRHPSH]yDWHMHU³(V
    OD DFWLYLGDG PiV FDOPDQWH TXH KD\D SRGLGR LPDJLQDU HQWUR HQ HO
    ULWPRGHOWHODUPLPHQWHVHDEVRUEH\HVYDFLDGDDOPLVPRWLHPSR
    PLV PDQRV HVWiQ RFXSDGDV \ DO ILQDO WHQJR XQ PDUDYLOORVR DGRUQR
    SDUDFROJDUHQODSDUHG´
    2WUDPXMHU$WHQHDSXHGHTXHGHVFXEUDTXHFRVHODOLEHUDGHVXV
    SUHRFXSDFLRQHV SURIHVLRQDOHV (QFXHQWUD TXH KDFHU VXV SURSLRV
    YHVWLGRV HV DO PLVPR WLHPSR SUiFWLFR \ FUHDWLYR /H DJUDGD XWLOL]DU
    ORVPHMRUHVPDWHULDOHV\WHQHUFRPRSURGXFWRILQDOXQYHVWLGRRXQ
    DEULJRFRQFXDOLGDGGHGLVHxRTXHOHKDEUtDFRVWDGRGLH]YHFHVPiV
    GH OR TXH SDJy SRU HO PDWHULDO (V LQILQLWDPHQWH SDFLHQWH FXDQGR
    FRVH\PHGLRHQVHULROROODPD³WHUDSLD´SRUTXHOHSHUPLWHHVFDSDU
    GHVXVSUREOHPDVGHWUDEDMR\DOFDQ]DURWURHVWDGRPHQWDO
    (ODERUDUYDVLMDVGHFHUiPLFDHQXQWRUQRHVWDPELpQRWUDPDQHUD
    GHHQWUDUHQFRQWDFWRFRQHVWHDVSHFWRGH$WHQHD'HKHFKRWRGDV
    ODV DUWHVDQtDV SURSRUFLRQDQ D ODV PXMHUHV $WHQHD XQ HTXLOLEULR
    LQWHUQRDOHQIRTXHVREUHHOPXQGRH[WHUQR
    /D UHFXSHUDFLyQ GH OD QLxD
    /DGLRVD$WHQHDQXQFDIXHXQDQLxDQDFLyFRPRSHUVRQDDGXOWD
    (VWD PHWiIRUD HVWi OHMRV GH KDEHU VLGR HOLPLQDGD HQ OD H[SHULHQFLD
    UHDO GH XQD PXMHU $WHQHD 'HVGH ORV PRPHQWRV GH VX PiV WLHUQD
    LQIDQFLD TXH SXHGD UHFRUGDU VH DFXHUGD GH ³LQYHQWDU FRVDV´ R GH
    ³VHUKiELOFRQFDGDFRVD´3HURXQDQLxDSHTXHxDKDEODGRUDFRQXQD
    PHQWH IDFWXDO VXHOH SHUGHU ]RQDV HQWHUDV GH H[SHULHQFLD VXEMHWLYD
    TXH PiV DGHODQWH SXHGH TXHUHU FXDQGR HV DGXOWD 7DO YH] QHFHVLWH
    GHVFXEULU HQ HOOD OD QLxD TXH QXQFD IXH XQD QLxD TXH SXHGD VHU
    FRQIXQGLGDRPDUDYLOODGDSRUDOJRQXHYR
    3DUD UHFXSHUDU VX VHU LQIDQWLO XQD PXMHU $WHQHD GHEH GHMDU GH
    HQIRFDU ODV H[SHULHQFLDV QXHYDV FRPR OR KDUtD XQD ³SHUVRQD DGXOWD
    VHQVDWD´ TXH HV OR TXH KD KHFKR GHVGH TXH HUD QLxD  (Q YH] GH
    HOOR GHEH HQIRFDU OD YLGD FRPR VL IXHUD XQD QLxD FRQ ORV RMRVPX\
    DELHUWRV \ FDGD FRVD IXHUD QXHYD \ SRU GHVFXEULU &XDQGR XQD QLxD
    HVWi IDVFLQDGD SRU DOJR QXHYR OR DFHSWD WRGR $ GLIHUHQFLD GH
    $WHQHDQRWLHQHXQDQRFLyQSUHFRQFHELGDGHORTXHGHEHUtDVHUQR
    HV HVFpSWLFD \ QR SRQH HWLTXHWDV IDPLOLDUHV TXH VH DMXVWDQ D FDGD
    FRVD\ODVOLPD&XDQGRDOJXLHQHVWiKDEODQGRGHDOJRTXHHOODQRKD
    H[SHULPHQWDGR XQD PXMHU $WHQHD GHEH DSUHQGHU D HVFXFKDU \ D
    LPDJLQDU OR PHMRU TXH SXHGD WDQWR OD VLWXDFLyQ FRPR ORV
    VHQWLPLHQWRV GHVFULWRV &XDQGR VH KDOOD HQ PHGLR GH XQ PRPHQWR
    HPRFLRQDO WLHQH TXH LQWHQWDU SHUPDQHFHU HQ pO \ SHUPLWLU TXH ORV
    GHPiVOHD\XGHQ3DUDYROYHUDGHVFXEULUVXQLxDSHUGLGDWLHQHTXH
    UHtUOORUDU\GHMDUVHDEUD]DU

    (O GHVFXEULPLHQWR GH VX PDGUH
    6HJ~QODPLWRORJtD$WHQHDHUDKLMDVLQPDGUHTXHVHHQRUJXOOHFtD
    GH WHQHU VyOR XQ SDGUH VX SDGUH =HXV 1R WHQtD FRQFLHQFLD GH VX
    PDGUH 0HWLV D OD TXH =HXV VH KDEtD WUDJDGR 0HWDIyULFDPHQWH ODV
    PXMHUHV$WHQHD³FDUHFHQGHPDGUH´HQPXFKRVVHQWLGRVQHFHVLWDQ
    GHVFXEULUDODPDGUH\YDORUDUODSDUDSHUPLWLUVHDVtPLVPDVTXHOHV
    KDJDGHPDGUH
    8QD PXMHU $WHQHD VXHOH KDEHU GHVSUHFLDGR D VX SURSLD PDGUH
    1HFHVLWD GHVFXEULU OD IXHU]D GH VX PDGUH FRQ IUHFXHQFLD DQWHV GH
    TXHSXHGDYDORUDUQLQJXQDFDUDFWHUtVWLFDGHVXPDGUHHQHOODPLVPD
    6XHOHFDUHFHUGHFRQH[LyQFRQXQDUTXHWLSRPDWHUQDO SHUVRQLILFDGR
    SRU OD GLRVD 'HPpWHU  XQD FRQH[LyQ TXH GHEH VHQWLU HQ Vt PLVPD
    FRQ HO ILQ GH H[SHULPHQWDU OD PDWHUQLGDG GH PDQHUD SURIXQGD H
    LQVWLQWLYD &KULVWLQH 'RZQLQJ DXWRUD GH 7KH *RGGHVV OODPD D HVWD
    WDUHD ³UHFRUGDU D $WHQHD´ TXH HOOD GHVFULEH FRPR ³GHVFXEULU VX
    UHODFLyQFRQORIHPHQLQRODPDGUH\0HWLV´>@
    (V ~WLO SDUD XQD PXMHU $WHQHD DSUHQGHU TXH ORV YDORUHV
    PDWULDUFDOHV IHPHQLQRV TXH HVWDEDQ HQ SUiFWLFD DQWHV GH TXH OD
    PLWRORJtD JULHJD DGRSWDVH VX IRUPD DFWXDO IXHURQ WUDJDGRV SRU OD
    FXOWXUD SDWULDUFDO TXH SUHYDOHFH KR\ GtD 6X FXULRVLGDG LQWHOHFWXDO
    SXHGHOOHYDUODGHODKLVWRULDRODSVLFRORJtDKDFLDODVLGHDVIHPLQLVWDV
    'HVGHHVWDQXHYDSHUVSHFWLYDSXHGHHPSH]DUDSHQVDUGHPDQHUD
    GLIHUHQWH VREUH VX SURSLD PDGUH \ VREUH RWUDV PXMHUHV \ GHVSXpV
    VREUH Vt PLVPD 'H HVWD PDQHUD PXFKDV PXMHUHV $WHQHD KDQ
    OOHJDGRDVHUIHPLQLVWDV8QDYH]TXHXQDPXMHU$WHQHDFDPELDVX
    PDQHUDGHSHQVDUFDPELDVXUHODFLyQFRQORVGHPiV
     ± +(67,$
    ',26$ '(/ +2*$5 < '( /26
    7(03/26 08-(5 6$%Ë$ < 7Ë$
    62/7(5$

    +HVWLD OD GLRVD
    +HVWLD IXH OD GLRVD GHO KRJDU R PiV HVSHFtILFDPHQWH GHO IXHJR
    DUGLHQGR HQ XQ KRJDU FLUFXODU (V OD PHQRV FRQRFLGD GH ODV GLRVDV
    GHO 2OLPSR +HVWLD \ VX HTXLYDOHQWH URPDQR 9HVWD QR HUDQ
    UHSUHVHQWDGDVHQIRUPDKXPDQDSRUSLQWRUHVRHVFXOWRUHV(QYH]GH
    HOORVHVHQWtDVXSUHVHQFLDHQODOODPDYLYDHQHOFHQWURGHODFDVD
    GHO WHPSOR \ GH OD FLXGDG (O VtPEROR GH +HVWLD HUD HO FtUFXOR 6XV
    SULPHURV KRJDUHV IXHURQ UHGRQGRV DVt FRPR VXV WHPSORV 1R
    TXHGDED FRQVDJUDGD QLQJXQD FDVD QL WHPSOR KDVWD OD HQWURQL]DFLyQ
    GH+HVWLD&XDQGRHOODHVWDEDSUHVHQWHWUDQVIRUPDEDDPERVOXJDUHV
    HQHVSDFLRVVDJUDGRV+HVWLDHUDDSDUHQWHPHQWHXQDSUHVHQFLDTXH
    VH VHQWtD HVSLULWXDOPHQWH \ WDPELpQ XQ IXHJR VDJUDGR TXH
    SURSRUFLRQDEDLOXPLQDFLyQFDORU\OXPEUHSDUDFRFLQDU

    *HQHDORJtD \ PLWRORJtD
    +HVWLD IXH OD SULPHUD KLMD QDFLGD GH 5HD \ &URQRV HUD OD
    KHUPDQD PD\RU GH OD SULPHUD JHQHUDFLyQ GH GLRVHV GHO 2OLPSR WtD
    VROWHUD GH OD VHJXQGD JHQHUDFLyQ 3RU GHUHFKR GH QDFLPLHQWR HUD
    XQD GH ODVRV GRFH GLRVDVHV SULQFLSDOHV GHO 2OLPSR DXQTXH QR
    SRGtD HQFRQWUiUVHOD HQ HO PRQWH 2OLPSR \ QR SURWHVWy FXDQGR
    'LRQLVLRVGLRVGHOYLQRDXPHQWyVXLPSRUWDQFLD\ODVXVWLWX\yFRPR
    XQD GH ORV GRFH &RPR QR SDUWLFLSDED HQ ORV DPRUtRV \ HQ ODV
    JXHUUDVTXHVDOSLFDURQODPLWRORJtDHVODPHQRVFRQRFLGDHQWUHORV
    SULQFLSDOHV GLRVHV \ GLRVDV 3HUR HUD PX\ YHQHUDGD \ UHFLEtD ODV
    PHMRUHVRIUHQGDVKHFKDVSRUORVPRUWDOHVDORVGLRVHV
    /D EUHYH PLWRORJtD GH +HVWLD VH HQFXHQWUD UHVXPLGD HQ WUHV
    KLPQRV KRPpULFRV 6H OD GHVFULEH FRPR ³HVD YHQHUDEOH YLUJHQ
    +HVWLD´ XQD GH ODV WUHV TXH $IURGLWD HV LQFDSD] GH VXE\XJDU
    SHUVXDGLUVRPHWHURLQFOXVR³GHVSHUWDUOHXQDGXOFHDxRUDQ]D´>@
    $IURGLWD KL]R TXH 3RVHLGyQ GLRV GHO PDU  \ $SROR GLRV GHO VRO
    VH HQDPRUDUDQ GH +HVWLD $PERV OD SUHWHQGtDQ SHUR +HVWLD OHV
    UHFKD]y FRQ ILUPH]D KDFLHQGR YRWR VROHPQH GH SHUPDQHFHU YLUJHQ
    SDUD VLHPSUH 'HVSXpV FRPR H[SOLFD HO +LPQR D $IURGLWD ³=HXV OH
    FRQFHGLyXQEHOORSULYLOHJLRHQOXJDUGHXQUHJDORGHERGDVWHQHUXQ
    VLWLRHQHOFHQWURGHOKRJDUSDUDUHFLELUODVPHMRUHVRIUHQGDV$HOOD
    VHOHULQGHFXOWRHQWRGRVORVWHPSORVGHORVGLRVHV\HQWUHWRGRVORV
    PRUWDOHV HV XQD GLRVD YHQHUDGD´>@ /RV GRV KLPQRV KRPpULFRV D
    +HVWLD VRQ LQYRFDFLRQHV SDUD LQYLWDUOD D HQWUDU HQ OD FDVD R HQ HO
    WHPSOR

    &XOWR \ ULWXDOHV
    $GLIHUHQFLDGHRWURVGLRVHV\GLRVDV+HVWLDQRHUDFRQRFLGDSRU
    VXV PLWRV R UHSUHVHQWDFLRQHV 3RU HO FRQWUDULR HO VLJQLILFDGR GH
    +HVWLDVHHQFXHQWUDHQULWXDOHVVLPEROL]DGRVSRUHOIXHJR3DUDTXH
    XQDFDVDVHFRQYLUWLHVHHQKRJDUVHUHTXHUtDODSUHVHQFLDGH+HVWLD
    &XDQGR XQD SDUHMD VH FDVDED OD PDGUH GH OD QRYLD HQFHQGtD XQD
    DQWRUFKDHQVXSURSLRKRJDU\ODOOHYDEDDQWHODSDUHMDUHFLpQFDVDGD
    SDUDDOXPEUDUVXSULPHUKRJDU(VWHDFWRFRQVDJUDEDODQXHYDFDVD
    7UDV HO QDFLPLHQWR GH XQ KLMR WHQtD OXJDU XQ VHJXQGR ULWXDO GH
    +HVWLD &XDQGR HO QLxR R QLxD WHQtD FLQFR DxRV VH OH KDFtD JLUDU
    DOUHGHGRU GHO KRJDU SDUD VLPEROL]DU VX DGPLVLyQ HQ OD IDPLOLD $
    FRQWLQXDFLyQVHFHOHEUDEDXQEDQTXHWHIHVWLYR\VDJUDGR
    ,JXDOPHQWH FDGD FLXGDGHVWDGR JULHJD WHQtD XQ KRJDU FRP~Q
    FRQ XQ IXHJR VDJUDGR HQ OD VDOD SULQFLSDO (Q GLFKD VDOD VH
    HQWUHWHQtD RILFLDOPHQWH D ORV KXpVSHGHV < FDGD QXHYD FRORQLD
    WRPDED HO IXHJR VDJUDGR GH VX FLXGDG GH RULJHQ SDUD HQFHQGHU HO
    IXHJRGHODQXHYDFLXGDG
    $VtSXHVVLHPSUHTXHXQDQXHYDSDUHMDRXQDQXHYDFRORQLDVH
    DYHQWXUDEDQDHVWDEOHFHUXQQXHYRKRJDU+HVWLDOHVDFRPSDxDEDHQ
    IRUPDGHIXHJRVDJUDGRYLQFXODQGRHODQWLJXRKRJDUFRQHOQXHYR
    VLPEROL]DQGR TXL]iV OD FRQWLQXLGDG \ OD UHODFLyQ OD FRQFLHQFLD
    FRPSDUWLGD\ODLGHQWLGDGFRP~Q
    3RVWHULRUPHQWH HQ 5RPD +HVWLD IXH YHQHUDGD FRPR OD GLRVD
    9HVWD$OOtHOIXHJRVDJUDGRGH9HVWDXQtDDORVFLXGDGDQRVGH5RPD
    HQ XQD IDPLOLD (Q VXV WHPSORV HO IXHJR VDJUDGR HUD DWHQGLGR SRU
    ODVYtUJHQHVYHVWDOHVDODVTXHVHH[LJtDHQFDUQDUODYLUJLQLGDG\HO
    DQRQLPDWRGHODGLRVD(QXQVHQWLGRHUDUHSUHVHQWDFLRQHVKXPDQDV
    GH OD GLRVD HUDQ LPiJHQHV YLYDV GH +HVWLD TXH WUDVFHQGtDQ OD
    HVFXOWXUDRODSLQWXUD>@
    /DV QLxDV HOHJLGDV SDUD VHU YtUJHQHV YHVWDOHV HUDQ OOHYDGDV DO
    WHPSOR FXDQGR HUDQ PX\ SHTXHxDV KDELWXDOPHQWH DQWHV GH KDEHU
    FXPSOLGR VHLV DxRV 9HVWLGDV GH LJXDO PRGR FRQ HO FDEHOOR FRUWDGR
    FRQR QXHYDV LQLFLDGDV VH VXSULPtD H[WHUQDPHQWH WRGR OR TXH
    SXGLHUD KDFHUOHV GLVWLQWDV H LQGLYLGXDOHV (UDQ DSDUWDGDV GH ODV
    GHPiV SHUVRQDV \ VH HVSHUDED GH HOODV TXH YLYLHVHQ FRPR +HVWLD
    WHQLHQGRIDWDOHVFRQVHFXHQFLDVHOQRSHUPDQHFHUYtUJHQHV
    8QDYLUJHQYHVWDOTXHKXELHUDWHQLGRUHODFLRQHVVH[XDOHVFRQXQ
    KRPEUHKDEUtDSURIDQDGRDODGLRVD(QFDVWLJRHUDHQWHUUDGDYLYD
    VHSXOWDGDHQXQDSHTXHxDFXHYDEDMRWLHUUDFRQOX]DFHLWHFRPLGD
    \VLWLRSDUDGRUPLU/DWLHUUDVREUHODPLVPDHUDQLYHODGDFRPRVLQR
    KXELHUD QDGD GHEDMR 'H HVWD PDQHUD VH HOLPLQDED OD YLGD GH XQD
    YLUJHQ YHVWDO FXDQGR pVWD KDEtD GHMDGR GH SHUVRQLILFDU D OD GLRVD
    FXEULpQGROD GH WLHUUD GHO PLVPR PRGR TXH VH H[WLQJXHQ ODV EUDVDV
    DUGLHQWHVGHXQKRJDU
    +HVWLD IXH HPSDUHMDGD IUHFXHQWHPHQWH FRQ +HUPHV HO
    PHQVDMHURGHORVGLRVHVFRQRFLGRSDUDORVURPDQRVFRPR0HUFXULR
    eVWH HUD XQD GHLGDG HORFXHQWH H LQJHQLRVD SURWHFWRU \ JXtD GH ORV
    YLDMHURV GLRV GHO KDEOD \ SDWUyQ GH ORV FRPHUFLDQWHV \ GH ORV
    ODGURQHV 6X SULPLWLYD UHSUHVHQWDFLyQ IXH XQD SLHGUD HQ IRUPD GH
    FROXPQDOODPDGD³KHUPD´(QODVFDVDVHOKRJDUUHGRQGRGH+HVWLD
    VH KDOODED GHQWUR PLHQWUDV TXH OD FROXPQD IiOLFD GH +HUPHV
    SHUPDQHFtDHQHOH[WHULRUSDUDDWUDHUODIHUWLOLGDG\DOHMDUHOPDO(Q
    ORVWHPSORVWDPELpQHVWDVGHLGDGHVHVWDEDQDVRFLDGDVHQWUHVt(Q
    5RPD SRU HMHPSOR HO VDQWXDULR GH 0HUFXULR VH HULJtD D OD GHUHFKD
    GHODVHVFDOHUDVTXHFRQGXFtDQDOWHPSORGH9HVWD
    $Vt SXHV +HVWLD \ +HUPHV HVWDEDQ UHODFLRQDGRV DXQTXH
    VHSDUDGRV HQ FDVDV \ WHPSORV &DGD XQR FXPSOtD XQD IXQFLyQ
    GLVWLQWD \ YDORUDGD +HVWLD SURSRUFLRQDED HO VDQWXDULR HQ GRQGH ODV
    SHUVRQDVVHXQtDQSDUDIRUPDUXQDIDPLOLDHOOXJDUSDUDIRUPDUXQ
    KRJDU+HUPHVHUDHOSURWHFWRUGHODSXHUWD\HOJXtD\FRPSDxHUR
    HQ HO PXQGR HQ GRQGH HV LPSRUWDQWH OD FRPXQLFDFLyQ FRQRFHU HO
    SURSLRFDPLQRVHULQWHOLJHQWH\WHQHUEXHQDVXHUWH

    +HVWLD HO DUTXHWLSR
    /D SUHVHQFLD GH OD GLRVD +HVWLD HQ OD FDVD \ HQ HO WHPSOR HUD
    IXQGDPHQWDO HQ OD YLGD FRWLGLDQD &RPR SUHVHQFLD DUTXHWtSLFD HQ OD
    SHUVRQDOLGDGGHXQDPXMHU+HVWLDHVLJXDOPHQWHLPSRUWDQWH\DTXH
    SURSRUFLRQDVXVHQWLGRGHLQWHJULGDG\GHWRWDOLGDG

    'LRVD YLUJHQ
    +HVWLDHUDODPD\RUGHODVWUHVGLRVDVYtUJHQHV$OFRQWUDULRTXH
    $UWHPLVD \ $WHQHD QR VH DYHQWXUDED HQ HO PXQGR SDUD H[SORUDU OD
    QDWXUDOH]DVDOYDMHRHVWDEOHFHUVHHQXQDFLXGDG3HUPDQHFtDGHQWUR
    GHODFDVDRGHOWHPSORFRQWHQLGDGHQWURGHOKRJDU
    6XSHUILFLDOPHQWHODDQyQLPD+HVWLDSDUHFHWHQHUSRFRHQFRP~Q
    FRQOD$UWHPLVDUiSLGDHQHODFWXDURFRQOD$WHQHDDJXGDGHPHQWH
    \ DFRUD]DGD GH RUR 3HUR ODV WUHV GLRVDV YtUJHQHV FRPSDUWtDQ
    FXDOLGDGHV HVHQFLDOHV H LQWDQJLEOHV D SHVDU GH WHQHU GLIHUHQWHV
    HVIHUDVGHLQWHUpVRPDQHUDVGHDFWXDU&DGDXQDGHHOODVSRVHtDOD
    FXDOLGDG GH VHU FRPSOHWD HQ Vt PLVPD TXH FDUDFWHUL]D D ODV GLRVDV
    YtUJHQHV 1LQJXQD IXH HVFRJLGD FRPR YtFWLPD SRU GHLGDGHV R
    PRUWDOHV PDVFXOLQRV 7RGDV WHQtDQ OD FDSDFLGDG GH HQIRFDUVH VREUH
    ORTXHOHVLPSRUWDED\FRQFHQWUDUVHHQHOORVLQVHUGLVWUDtGDVSRUODV
    QHFHVLGDGHV GH ORV GHPiV R SRU QHFHVLWDU HOODV PLVPDV D RWUDV
    SHUVRQDV

    &RQFLHQFLD HQIRFDGD KDFLD DGHQWUR


    (ODUTXHWLSRGH+HVWLDFRPSDUWHODFRQFLHQFLDFRQFHQWUDGDGHODV
    RWUDV GLRVDV YtUJHQHV (Q ODWtQ OD SDODEUD ³KRJDU´ HV IRFXV  6LQ
    HPEDUJR OD GLUHFFLyQ KDFLD HO LQWHULRU GHO HQIRTXH HV GLIHUHQWH
    $WHQHD \ $UWHPLVD RULHQWDGDV KDFLD OR H[WHUQR VH IRFDOL]DQ HQ
    FRQVHJXLUREMHWLYRVROOHYDUDFDERSODQHV+HVWLDVHFRQFHQWUDHQVX
    H[SHULHQFLD VXEMHWLYD LQWHUQD 3RU HMHPSOR FXDQGR PHGLWD HVWi
    FRPSOHWDPHQWHDEVRUWD
    /DPDQHUDGHSHUFLELUGH+HVWLDVHSURGXFHPLUDQGRKDFLDGHQWUR
    \VLQWLHQGRGHPDQHUDLQWXLWLYDTXpHVORTXHSDVD(VWHPpWRGRGH
    +HVWLDQRVSHUPLWHHQWUDUHQFRQWDFWRFRQQXHVWURVYDORUHVSRQLHQGR
    EDMR HO IRFR GH OR TXH WLHQH VLJQLILFDGR GHVGH HO SXQWR GH YLVWD
    SHUVRQDO0HGLDQWHHVWHIRFRLQWHUQRSRGHPRVSHUFLELUODHVHQFLDGH
    ODVLWXDFLyQ7DPELpQSRGHPRVREWHQHUXQDFRPSUHQVLyQLQWHUQDGHO
    FDUiFWHUGHODVGHPiVSHUVRQDV\YHUODSDXWDRVHQWLUHOVLJQLILFDGR
    GH VXV DFFLRQHV (VWD SHUVSHFWLYD LQWHUQD SURSRUFLRQD FODULGDG HQ
    PHGLR GH OD PLUtDGD FRQIXVD GH GHWDOOHV D ORV TXH VH HQIUHQWDQ
    QXHVWURVFLQFRVHQWLGRV
    /D+HVWLDLQWHUQDSXHGHWDPELpQGHVDSHJDUVHHPRFLRQDOPHQWH\
    QRSUHVWDUDWHQFLyQDODVSHUVRQDVTXHODURGHDQPLHQWUDVDWLHQGHD
    VXV SURSLDV SUHRFXSDFLRQHV 8QD YH] PiV HVWH GHVDSHJR HV
    FDUDFWHUtVWLFRGHODVWUHVGLRVDVYtUJHQHV(VPiVSRUDxDGLGXUDGH
    VXWHQGHQFLDGHDSDUWDUVHGHODFRPSDxtDGHORVGHPiVODFXDOLGDG
    GH +HVWLD GH ³VHU FRPSOHWD HQ Vt PLVPD´ EXVFD OD WUDQTXLOLGDG
    VHUHQDTXHVHHQFXHQWUDPiVIiFLOPHQWHHQVROHGDG

    0DQWHQHGRUD GHO IXHJR GHO KRJDU


    +HVWLD FRPR GLRVD GHO KRJDU HV HO DUTXHWLSR DFWLYR HQ ODV
    PXMHUHVTXHFRQVLGHUDQTXHOOHYDUODFDVDHVXQDDFWLYLGDGOOHQDGH
    VHQWLGR PiV TXH XQD SHQRVD REOLJDFLyQ &RQ +HVWLD PDQWHQHU HO
    KRJDU HV XQ PHGLR D WUDYpV GHO TXH XQD PXMHU SRQH OD FDVD \ VH
    SRQH D Vt PLVPD HQ RUGHQ 8QD PXMHU DGTXLHUH XQ VHQWLGR GH
    DUPRQtDLQWHUQDFXDQGRUHDOL]DODVWDUHDVFRWLGLDQDVHVWiHQFRQWDFWR
    FRQHVWHDVSHFWRGHODUTXHWLSRGH+HVWLD
    $WHQGHU ORV GHWDOOHV GHO KRJDU HV XQD DFWLYLGDG TXH FHQWUD
    HTXLYDOHQWHDODPHGLWDFLyQ6LVHH[SUHVDUDGHPDQHUDDUWLFXODGDHQ
    EDVHDVXSURFHVRLQWHUQRXQDPXMHU+HVWLDSRGUtDHVFULELUXQOLEUR
    WLWXODGR =HQ \ HO DUWH GH OOHYDU OD FDVD (OOD UHDOL]D ODV WDUHDV GHO
    KRJDUSRUTXHOHLPSRUWDQHQVtPLPDV\SRUTXHOHDJUDGDKDFHUODV
    2EWLHQHXQDSD]LQWHUQDGHORTXHKDFHDOLJXDOTXHXQDPXMHUHQ
    XQDRUGHQUHOLJLRVDSDUDTXLHQFDGDDFWLYLGDGHVKHFKD³DOVHUYLFLR
    GH'LRV´6L+HVWLDHVHODUTXHWLSRGHXQDPXMHUFXDQGRpVWDDFDED
    VXVWDUHDVVHVLHQWHELHQSRUGHQWUR3RUFRQWUDVWH$WHQHDSRVHHXQ
    VHQWLGR GH UHDOL]DFLyQ \ $UWHPLVD VLPSOHPHQWH TXHGD DOLYLDGD GH
    TXHODREOLJDFLyQKD\DWHUPLQDGROLEHUiQGRVHSDUDKDFHURWUDFRVD
    &XDQGRHVWiSUHVHQWH+HVWLDXQDPXMHUYDKDFLHQGRVXVWDUHDV
    FDVHUDVFRQXQDVHQVDFLyQGHTXHKD\PXFKRWLHPSRSDUDKDFHUODV
    1RWLHQHXQRMRHQHOUHORMSRUTXHQRHVWiFXPSOLHQGRXQKRUDULRQL
    ³LQYLUWLHQGRWLHPSR´3RUFRQVLJXLHQWHVHKDOODHQORTXHORVJULHJRV
    OODPDEDQ HO WLHPSR NDLUyV HVWi ³SDUWLFLSDQGR HQ HO WLHPSR´ OR FXDO
    HV SVLFROyJLFDPHQWH HQULTXHFHGRU FRPR OR VRQ FDVL WRDV ODV
    H[SHULHQFLDV HQ ODV TXH SHUGHPRV OD QRFLyQ GHO WLHPSR  &XDQGR
    ODYD R SOLHJD OD URSD ODYD ORV SODWRV \ SRQH RUGHQ HQ ODV FRVDV
    VLHQWHTXHVHDEVRUEHVLQSULVDV\OOHQDGHSD]HQFDGDXQDGHODV
    WDUHDV
    /DVPXMHUHVTXHDOLPHQWDQHOIXHJRGHOKRJDUVHPDQWLHQHQHQOD
    UHWDJXDUGLD FRQVHUYDQGR HO DQRQLPDWR 6XHOHQ VHU FRQVLGHUDGDV
    FRPRDOJRTXHVHGDSRUVHQWDGR\QRVRQSHUVRQDOLGDGHVIDPRVDV
    QLRFXSDQHVSDFLRHQWUHODVQRWLFLDV

    0DQWHQHGRUD GHO IXHJR GHO WHPSOR


    (O DUTXHWLSR GH +HVWLD IORUHFH HQ ODV FRPXQLGDGHV UHOLJLRVDV
    HVSHFLDOPHQWH HQ DTXpOODV TXH FXOWLYDQ HO VLOHQFLR /DV yUGHQHV
    FRQWHPSODWLYDV FDWyOLFDV \ ODV UHOLJLRQHV RFFLGHQWDOHV FX\D SUiFWLFD
    HVSLULWXDO VH EDVD HQ OD PHGLWDFLyQ SURSRUFLRQD EXHQRV VRSRUWHV
    SDUDODVPXMHUHV+HVWLD
    /DV YtUJHQHV YHVWDOHV \ ODV PRQDV FRPSDUWHQ HO SDWUyQ
    DUTXHWtSLFR GH +HVWLD /DV MyYHQHV TXH HQWUDQ HQ FRQYHQWRV
    DEDQGRQDQ VXV LGHQWLGDGHV SUHYLDV 6XV QRPEUHV VRQ FDPELDGRV \
    QR XWLOL]DQ PiV VXV DSHOOLGRV 6H YLVWHQ GH OD PLVPD PDQHUD VH
    HVIXHU]DQSRUVHUGHVLQWHUHVDGDVYLYLUXQDYLGDGHFHOLEDWR\GHGLFDU
    VXVYLGDVDOVHUYLFLRUHOLJLRVR
    $PHGLGDTXHODVUHOLJLRQHVRULHQWDOHVDWUDHQDPiVRFFLGHQWDOHV
    SXHGHQ HQFRQWUDUVH D PXMHUHV TXH HQFDUQDQ +HVWLD WDQWR HQ
    DVKUDPV FRPR HQ FRQYHQWRV $PEDV GLVFLSOLQDV FHQWUDQ HO IRFR
    HVHQFLDO LQWHUQR HQ OD RUDFLyQ R HQ OD PHGLWDFLyQ 2WUR SXQWR GH
    IRFDOL]DFLyQ VHFXQGDULR HVWi SXHVWR HQ HO PDQWHQLPLHQWR GH OD
    FRPXQLGDG OLPSLH]D TXHVHKDFHFRQODDFWLWXGGHTXHHVWDWDUHD
    WDPELpQHVXQDIRUPDGHRUDFLyQ
    /D PD\RUtD GH ODV +HVWLDV GH ORV WHPSORV WDPELpQ VRQ PXMHUHV
    DQyQLPDV VLQ HVWRUEDU SDUWLFLSDQ HQ ORV ULWXDOHV HVSLULWXDOHV \ GH
    OLPSLH]D FRWLGLDQRV GH VXV FRPXQLGDGHV UHOLJLRVDV /DV PXMHUHV
    QRWDEOHVPLHPEURVGHHVWDVFRPXQLGDGHVFRPELQDQ+HVWLDFRQRWURV
    SRGHURVRVDUTXHWLSRV3RUHMHPSORODPtVWLFDVDQWD7HUHVDGH-HV~V
    FRQRFLGD SRU VXV HVFULWRV H[WiWLFRV FRPELQDED XQ DVSHFWR GH
    DIURGLWD FRQ +HVWLD /D SUHPLR 1yEHO PDGUH 7HUHVD GH &DOFXWD
    SDUHFH XQD FRPELQDFLyQ GH OD 'HPpWHU PDWHUQDO \ GH +HVWLD /DV
    PDGUHV VXSHULRUDV HVSLULWXDOPHQWH PRWLYDGDV \ DGPLQLVWUDGRUDV
    HILFDFHVVXHOHQWHQHUIXHUWHVUDVJRVGH$WHQHDDGHPiVGH+HVWLD
    /RV DVSHFWRV GH KRJDU \ GH WHPSOR GH +HVWLD VH PDQLILHVWDQ
    MXQWRVFXDQGRORVULWXDOHVUHOLJLRVRVVHFHOHEUDQHQHOKRJDU3RGUtD
    SRU HMHPSOR YLVOXPEUDUVH D +HVWLD DO REVHUYDU D XQD PXMHU MXGtD
    SUHSDUDQGRODFHQD6HGHU&XDQGRSRQHODPHVDTXHGDHQWUHJDGDD
    OD WDUHD VDJUDGD XQD FHUHPRQLD ULWXDO WDQ WRWDOPHQWH VLJQLILFDWLYD
    FRPRHOLQWHUFDPELRVLOHQFLRVRHQWUHHOPRQDJXLOOR\HOVDFHUGRWHHQ
    XQDPLVDFDWyOLFD

    /D DQFLDQD VDELD
    &RPR KHUPDQD PD\RU GH OD SULPHUD JHQHUDFLyQ GH GLRVHV GHO
    2OLPSR \ WtD VROWHUD GH OD VHJXQGD JHQHUDFLyQ +HVWLD RFXSDED OD
    SRVLFLyQ GH XQ IDPLOLDU PD\RU UHVSHWDGR 3HUPDQHFtD IXHUD R SRU
    HQFLPD GH ODV LQWULJDV \ ULYDOLGDGHV GH VXV SDULHQWHV \ HYLWDED
    GHMDUVHDWUDSDUHQODVSDVLRQHVGHOPRPHQWR&XDQGRHVWHDUTXHWLSR
    HVWiSUHVHQWHHQXQDPXMHUORVDFRQWHFLPLHQWRVQRWLHQHQHOPLVPR
    LPSDFWRHQHOODTXHHQRWUDVSHUVRQDV
    &RQ+HVWLDFRPRSUHVHQFLDLQWHUQDXQDPXMHUQRHVWi³DSHJDGD´
    DODJHQWHORVUHVXOWDGRVODVSRVHVLRQHVHOSUHVWLJLRRHOSRGHU6H
    VLHQWH FRPSOHWD WDO FRPR HV 6X HJR QR HVWi HQ MXHJR &RPR VX
    LGHQWLGDG QR HV LPSRUWDQWH QR HVWi DWDGD D ODV FLUFXQVWDQFLDV
    H[WHUQDV $Vt QR VH UHJRFLMD QL TXHGD DEUXPDGD SRU QDGD TXH
    SXHGDRFXUULU3RVHH

    /DOLEHUWDGLQWHUQDGHOGHVHRSUiFWLFR
    ODOLEHUDFLyQGHODDFFLyQ\GHOVXIULPLHQWROLEHUDFLyQGH
    ODFRPSDVLyQLQWHUQD
    \H[WHUQDSHURURGHDGD
    SRU XQD JUDFLD GH EXHQ MXLFLR XQD EODQFD OX] WUDQTXLOD \
    HQPRYLPLHQWR
    76(OLRW
    7KH7RXU4XDUWHWV>@

    (O GHVDSHJR GH +HVWLD SURSRUFLRQD D HVWH DUTXHWLSR XQD FDOLGDG


    GH³VDELDDQFLDQD´(VFRPRXQIDPLOLDUPD\RUTXHORKDYLVWRWRGR\
    OR KD DWUDYHVDGR VLQ TXH GLVPLQX\D VX iQLPR \ FRQ VX FDUiFWHU
    WHPSODGRSRUODH[SHULHQFLD
    +HVWLD HUD YHQHUDGD HQ ORV WHPSORV GH WRGR ORV GHPiV GLRVHV
    &XDQGR +HVWLD FRPSDUWH HO ³WHPSOR´ R OD SHUVRQDOLGDG  FRQ RWUDV
    GHLGDGHVDUTXHWLSRVSURSRUFLRQDVXVDELDSHUVSHFWLYDDVXVILQHV\
    SURSyVLWRV $Vt XQD PXMHU +HUD TXH UHDFFLRQD FRQ GRORU DO
    GHVFXEULU OD LQILGHOLGDG GH VX FRPSDxHUR QR HV WDO YXOQHUDEOH VL
    WDPELpQ WLHQH +HVWLD FRPR DUTXHWLSR /RV H[FHVRV GH WRGRV ORV
    GHPiV DUTXHWLSR VRQ PHMRUDGRV SRU HO FRQVHMR VHQVDWR GH +HVWLD
    XQD SUHVHQFLD VHQWLGD TXH SRUWD XQD YHUGDG X RIUHFH XQD
    FRPSUHQVLyQLQWHUQDHVSLULWXDO

    (O 6HU FRQH[LyQ FRQ HO FHQWUR LQWHUQR


    LOXPLQDFLyQ HVSLULWXDO \ VHQWLGR HQ OD YLGD
    +HVWLDHVXQDUTXHWLSRGHFRQH[LyQFRQHOFHQWURLQWHUQR(V³HO
    SXQWR WUDQTXLOR´ TXH GD VLJQLILFDGR D OD DFWLYLGDG OD UHIHUHQFLD
    LQWHUQDTXHSHUPLWHDXQDPXMHUHVWDUDILDQ]DGDHQPHGLRGHOFDRV
    H[WHUQRGHOGHVRUGHQRGHOMDOHRRUGLQDULRFRWLGLDQR&RQ+HVWLDHQ
    VXSHUVRQDOLGDGODYLGDGHXQDPXMHUVLJQLILFDGR
    (O KRJDU FLUFXODU GH +HVWLD FRQ HO IXHJR VDJUDGR HQ HO FHQWUR
    WLHQH IRUPD GH PDQGDOD XQD LPDJHQ HQ OD PHGLWDFLyQ TXH HV
    VtPEROR GH WRWDOLGDG \ GH XQLYHUVDOLGDG -XQJ HVFULELy VREUH HO
    PDQGDOD

    6XPRWLYRIXQGDPHQWDOHVODSUHPRQLFLyQGHXQFHQWURGH
    SHUVRQDOLGDGXQDHVSHFLHGHSXQWRFHQWUDOHQHOLQWHULRUGHOD
    SVLTXH FRQ HO TXH WRGD HVWi UHODFLRQDGR SRU HO TXH FDGD
    FRVD VH RUGHQD \ TXH HV HQ Vt PLVPR IXHQWH GH HQHUJtD /D
    HQHUJtD GHO SXQWR FHQWUDO VH PDQLILHVWD HQ OD FRPSXOVLyQ \
    XUJHQFLD FDVL LUUHVLVWLEOH GH GHYHQLU OR TXH VH HV OR PLVPR
    TXH FDGD RUJDQLVPR FXDOHVTXLHUD TXH VHDQ ODV
    FLUFXQVWDQFLDV HV OOHYDGR D DVXPLU OD IRUPD FDUDFWHUtVWLFD GH
    VX QDWXUDOH]D (VWH FHQWUR QR HV VHQWLGR R SHQVDGR FRPR HO
    HJRVLQRVHSXHGHH[SUHVDUVHDVtFRPRHOVHU>@

    (O6HUHVORTXHH[SHULPHQWDPRVLQWHUQDPHQWHFXDQGRVHQWLPRV
    XQDUHODFLyQFRQODXQLGDGTXHQRVFRQHFWDFRQODHVHQFLDGHFDGD
    FRVDTXHHVWiIXHUDGHQRVRWURV(QHVWHQLYHOHVSLULWXDO³FRQH[LyQ´
    \ ³GHVDSHJR´ VRQ SDUDGyMLFDPHQWH OD PLVPD FRVD &XDQGR QRV
    VHQWLPRV HQ FRQWDFWR FRQ XQD IXHQWH LQWHUQD GH FDORU \ OX]
    PHWDIyULFDPHQWHFDOHQWDGRVHLOXPLQDGRVSRUXQIXHJRHVSLULWXDO 
    HVWH ³IXHJR´ FDOLHQWD D DTXHOODV SHUVRQDV TXH DPDPRV HQ QXHVWURV
    KRJDUHV \ QRV PDQWLHQH HQ FRQWDFWR FRQ RWUDV SHUVRQDV TXH HVWiQ
    OHMRV
    (OIXHJRVDJUDGRGH+HVWLDVHHQFRQWUDEDHQHOKRJDUIDPLOLDU\
    GHQWUR GH ORV WHPSORV /D GLRVD \ HO IXHJR HUDQ XQR YLQFXODQGR
    IDPLOLDV FRQ IDPLOLDV FLXGDGHVHVWDGR FRQ FRORQLDV +HVWLD HUD HQ
    YtQFXOR HVSLULWXDO GH FRQH[LyQ HQWUH WRGDV HOODV &XDQGR HVWH
    DUTXHWLSRSURSRUFLRQDXQDFRQH[LyQHQHOFHQWURLQWHUQR\XQHVWDGR
    GHFRQH[LyQFRQORVGHPiVHVXQDH[SUHVLyQGHO6HU

    +HVWLD \ +HUPHV GXDOLGDG DUTXHWtSLFD


    /D FROXPQD \ HO DQLOOR HQ IRUPD GH FtUFXOR KDQ OOHJDGR D
    UHSUHVHQWDU ORV SULQFLSLRV PDVFXOLQR \ IHPHQLQR (Q OD DQWLJXD
    *UHFLD OD FROXPQD HUD KD ³KHUPD´ TXH SHUPDQHFtD IXHUD GH OD
    SXHUWD GH OD FDVD HQ UHSUHVHQWDFLyQ GH +HUPHV PLHQWUDV TXH HO
    KRJDU FLUFXODU GHQWUR GH HOOD VLPEROL]DED D +HVWLD (Q OD ,QGLD \ HQ
    RWUDVSDUWHVGH2ULHQWHODFROXPQD\HOFtUFXORHVWiQ³HPSDUHMDGRV´
    (O OLQJDP IiOLFR YHUWLFDO SHQHWUD HO \RQL IHPHQLQR R DQLOOR TXH VH
    VLW~D HQFLPD FRPR HQ HO MXHJR LQIDQWLO GH DQLOODV /D FROXPQD \ HO
    FtUFXORVHXQLHURQPLHQWUDVTXHORVJULHJRV\URPDQRVPDQWXYLHURQ
    HVWRVGRVVtPERORVGH+HUPHV\+HVWLDHQUHODFLyQSHURVHSDUDGRV
    3DUDDFHQWXDUPiVHVWDVHSDUDFLyQ+HVWLDHVXQDGLRVDYLUJHQTXH
    QXQFDVHUiSHQHWUDGD\DOPLVPRWLHPSRODPD\RUHQWUHODVGLRVDV
    GHO2OLPSR(VODWtDVROWHUDGH+HUPHVTXHIXHFRQFHELGRFRPRHO
    PiV MRYHQ GH ORV GLRVHV GHO 2OLPSR XQD XQLyQ DOWDPHQWH
    LPSUREDEOH
    'HVGH ORV WLHPSRV GH ORV JULHJRV ODV FXOWXUDV RFFLGHQWDOHV
    SXVLHURQHODFHQWRHQODGXDOLGDGHQODVHSDUDFLyQRGLIHUHQFLDFLyQ
    HQWUHPDVFXOLQR\IHPHQLQRPHQWH\FXHUSRORJRV\HURVDFWLYR\
    UHFHSWLYR TXH GHVSXpV VH FRQYLUWLHURQ UHVSHFWLYDPHQWH HQ ORV
    YDORUHVVXSHULRUHLQIHULRU&XDQGR+HUPHV\+HVWLDHUDQYHQHUDGRV
    HQ KRJDUHV \ WHPSORV ORV YDORUHV IHPHQLQRV KHVWLDQRV HUDQ VL
    DFDVR ORV PiV LPSRUWDQWHV HOOD UHFLEtD ORV PiV DOWRV KRQRUHV  (Q
    DTXHOWLHPSRH[LVWtDXQDGXDOLGDGFRPSOHPHQWDULD'HVGHHQWRQFHV
    +HVWLD KD VLGR ROYLGDGD \ GHVYDORUL]DGD <D QR VH PDQWLHQHQ VXV
    IXHJRVVDJUDGRV\ORTXHUHSUHVHQWDED\DQRVHYHQHUD
    &XDQGR VH ROYLGDQ \ GHMDQ GH KRQUDUVH ORV YDORUHV IHPHQLQRV
    KHVWLDQRV VH GLVPLQX\H R VH SLHUGH OD LPSRUWDQFLD GHO VDQWXDULR
    LQWHUQR²HVHLUKDFLDGHQWURSDUDHQFRQWUDUSD]\VHQWLGRDODVFRVDV
    ² \ GH OD IDPLOLD FRPR OXJDU VDJUDGR \ IXHQWH GH FDOLGH] 3RU
    DxDGLGXUD GHVDSDUHFH HO VHQWLGR GH UHODFLyQ VXE\DFHQWH FRQ ORV
    GHPiVDOLJXDOTXHODQHFHVLGDGSDUDORVFLXGDGDQRVGHXQDFLXGDG
    GH XQ SDtV R GH OD WLHUUD GH HVWDU XQLGRV SRU XQ YtQFXOR HVSLULWXDO
    FRP~Q

    +HVWLD \ +HUPHV UHODFLyQ PtVWLFD


    (Q XQ QLYHO PtVWLFR ORV DUTXHWLSRV GH +HVWLD \ +HUPHV VH
    UHODFLRQDURQ PHGLDQWH OD LPDJHQ GHO IXHJR VDJUDGR HQ HO FHQWUR
    +HUPHV0HUFXULRHUDHOHVStULWXDOTXtPLFRGH0HUFXULRUHSUHVHQWDGR
    HQ ODV YLVLRQHV FRPR IXHJR HOHPHQWDO (VWH IXHJR HUD FRQVLGHUDGR
    FRPRODIXHQWHGHOFRQRFLPLHQWRPtVWLFRVLWXDGRVLPEyOLFDPHQWHHQ
    HOFHQWURGHOD7LHUUD
    +HVWLD\+HUPHVUHSUHVHQWDQODVLGHDVDUTXHWtSLFDVGHOHVStULWX\
    GHODOPD+HUPHVHVHOHVStULWXTXHSRQHDODOPDVREUHHOIXHJR(Q
    HVWH FRQWH[WR +HUPHV HV FRPR HO YLHQWR TXH VRSOD ODV EUDVDV
    DUGLHQWHVHQHOFHQWURGHOKRJDUDYLYiQGRODV'HODPLVPDPDQHUD
    ODV LGHDV SXHGHQ HQFHQGHU VHQWLPLHQWRV SURIXQGRV R ODV SDODEUDV
    SXHGHQKDFHUFRQVFLHQWHORTXHKDVWDHVHPRPHQWRVHKDFRQRFLGR
    GH PDQHUD LQDUWLFXODGD LOXPLQDQGR OR TXH KD VLGR WHQXHPHQWH
    SHUFLELGR

    (O FXOWLYR GH +HVWLD
    +HVWLD SXHGH HQFRQWUDUVH HQ OD WUDQTXLOD VROHGDG \ H HO VHQWLGR
    GH RUGHQ TXH SURYLHQH GH ³KDFHU ODV IDHQDV GRPpVWLFDV GH PDQHUD
    FRQWHPSODWLYD´ 'H HVWH PRGR OD PXMHU SXHGH HVWDU DEVRUWD
    WRWDOPHQWH HQ FDGD WDUHD VLQ SULVDV DO KDFHUOD FRQ WLHPSR SDUD
    GLVIUXWDU GH OD DUPRQtD UHVXOWDQWH ,QFOXVR HQ HO DPD GH FDVD PiV
    DOHMDGD GH +HVWLD SXHGHQ UHFRUGDUVH PRPHQWRV HQ ORV TXH HVWi
    JREHUQDGD SRU HVWH DUTXHWLSR 3RU HMHPSOR XQ GtD HPSOHDGR HQ
    SRQHURUGHQHQXQDUPDULRSXHGHLPSOLFDUJXDUGDU\GHVKDFHUVHGH
    URSDRUGHQDQGRDOPLVPRWLHPSRODVFRVDV\SRQLHQGRRUGHQGHQWUR
    GH XQD PLVPD $O ILQDO HO DPD GH FDVD WLHQH XQ DUPDULR RUGHQDGR
    TXH UHIOHMD TXLpQ HV HOOD \ KD SDVDGR RWUR EXHQ GtD 2 XQD PXMHU
    SXHGH H[SHULPHQWDU D +HVWLD HQ HO SODFHU \ VDWLVIDFFLyQ GH UHYLVDU
    YLHMDVIRWRVFODVLILFDUODVHWLTXHWDUODV\SRQHUODVHQXQiOEXP
    /DVPXMHUHVTXHQRVRQPXMHUHV+HVWLDSXHGHQGHFLGLUSDVDUVX
    WLHPSR ³FRQ +HVWLD´ OD SDUWH LQWHUQD WUDQTXLOD \ FHQWUDGD GH Vt
    PLVPDV 3DUD KDFHUOR WLHQHQ TXH WRPDUVH HO WLHPSR \ HQFRQWUDU HO
    HVSDFLR ²HVSHFLDOPHQWH VL VRQ PXMHUHV RULHQWDGDV KDFLD ORV RWURV
    FX\DV YLGDV VH HQFXHQWUDQ GHVERUGDQWHV GH DFWLYLGDG \ GH
    UHODFLRQHV\TXHHVWiQRUJXOORVDVDOPLVPRWLHPSRTXHVHTXHMDQ
    GH³QRWHQHUQLXQPRPHQWROLEUH´
    ,QYLWDU D +HVWLD D IRUPDU SDUWH GH ODV WDUHDV GRPpVWLFDV
    FRWLGLDQDV FXDQGR pVWD QR VXHOH HVWDU SUHVHQWH FRPLHQ]D FRQ HO
    LQWHQWRGHFDPELDUKDFLDXQDDFWLWXGWLSR+HVWLD'HVSXpVGHGHFLGLU
    XQD WDUHD OD PXMHU GHEH GHGLFDUOH XQ WLHPSR DPSOLR 3RU HMHPSOR
    GREODUODURSDHVXQDFDUJDUHSHWLWLYDSDUDPXFKDVPXMHUHVTXHOD
    KDFHQDWRGDSULVD\FRPRDOJRIDVWLGLRVR$GRSWDQGRXQDDFWLWXGGH
    +HVWLDXQDPXMHUSXHGHFHOHEUDUODRSRUWXQLGDGGHGREODUODURSD
    FRPR XQ PRPHQWR SDUD FDOPDU VX PHQWH 3DUD TXH +HVWLD HVWp
    SUHVHQWHXQDPXMHUWLHQHTXHFRQFHQWUDUVHHQXQDWDUHDFDGDYH]
    XQD ]RQD R XQD KDELWDFLyQ FDGD YH] FXDOTXLHU FRVD TXH UHVXOWH
    IiFLOPHQWH UHDOL]DEOH HQ HO WLHPSR GLVSRQLEOH 'HEH TXHGDU WDQ
    DEVRUWDHQKDFHUODWDUHDFRPRVLHVWXYLHUDUHDOL]DQGRODFHUHPRQLD
    MDSRQHVD GHO Wp FRQ XQ VHQWLPLHQWR GH VHUHQLGDG HQ FDGD
    PRYLPLHQWR6yORHQWRQFHVXQDFDOPDLQWHULRUSHUPDQHQWHVXVWLWXLUi
    HO SDUORWHR RUGLQDULR GH OD PHQWH /DV SDXWDV TXH GHEHQ FXPSOLUVH
    VRQODVVX\DVSDUWLFXODUHV\ODPDQHUDGHKDFHUHVWiHQDUPRQtDFRQ
    ORTXHWLHQHVHQWLGRSDUDHOOD(QHVWRHOODHVXQDGLRVDYLUJHQQROD
    VLUYLHQWH GH ODV QHFHVLGDGHV R SDXWDV DMHQDV QL HVWi GRPLQDGDSRU
    HOUHORM
    /D PHGLWDFLyQ DFWLYD IRUWDOHFH HVWH DUTXHWLSR LQWURYHUWLGR \
    HQIRFDGR KDFLD DGHQWUR 8QD YH] HPSH]DGD OD PHGLWDFLyQ VXHOH
    FRQYHUWLUVH HQ XQD SUiFWLFD FRWLGLDQD SRUTXH SURSRUFLRQD XQ
    VHQWLPLHQWR GH WRWDOLGDG \ XQD FRQH[LyQ FRQ HO FHQWUR LQWHUQR XQD
    IXHQWHLQWHULRUGHSD]HLOXPLQDFLyQGHDFFHVRD+HVWLD
    3DUD DOJXQDV PXMHUHV OD SRHVtD VXUJH FXDQGR VH VLHQWH OD
    SUHVHQFLDGH+HVWLD0D\6DUWRQDXWRUD\SRHWLVDGLFHTXHSDUDHOOD
    HVH WLSR GH HVFULWXUD ³HV SRVLEOH ~QLFDPHQWH FXDQGR HVWR\ HQ XQ
    HVWDGR GH JUDFLD FXDQGR ORV FDQDOHV SURIXQGRV HVWiQ DELHUWRV \
    FXDQGRHVWR\SURIXQGDPHQWHFRQPRYLGD\HQHTXLOLEULRHQWRQFHVOD
    SRHVtD OOHJD FRPR XQ GRQ PiV DOOi GH PL YROXQWDG´>@ (VWi
    GHVFULELHQGR XQD H[SHULHQFLD GHO DUTXHWLSR GHO 6HU TXH VLHPSUH VH
    VLHQWHPiVDOOiGHOHJR\GHOHVIXHU]RXQGRQGHODJUDFLD
    (O HQFXHQWUR FRQ +HVWLD D WUDYpV GH OD VROHGDG
    QR HOHJLGD
    &DVLWRGRHOPXQGRH[SHULPHQWDHQVXYLGDSHULRGRVQRHOHJLGRV
    GHVROHGDG'LFKRVSHULRGRVVXHOHQFRPHQ]DUFRQXQVHQWLPLHQWRGH
    SpUGLGD GRORU LQFRPXQLFDFLyQ \ DxRUDQ]D GH HVWDU FRQ RWUDV
    SHUVRQDV3RUHMHPSORHOPDULGRGHODHVFULWRUDLQGHSHQGLHQWH$UGLV
    :KLWPDQ OH GLR XQ EHVR UiSLGR \ VH SUHFLSLWy KDFLD OD SXHUWD WXYR
    XQDWDTXHGHFRUD]yQ\QXQFDYROYLyDOKRJDU6LHWHDxRVPiVWDUGH
    HOOD HVFULEtD DFHUFD GH DOJXQDV UHFRPSHQVDV LQHVSHUDGDV GH OD
    VROHGDG6XVSDODEUDVHYRFDQVHQWLPLHQWRVDVRFLDGRVFRQ+HVWLD

    &RPRHOSULPHUILQRUD\RGHVROGHVSXpVGHODOOXYLDH[LVWH
    XQDH[LJXDDXQTXHFUHFLHQWHFDOLGH]TXHHVWDQFDUDFWHUtVWLFD
    GH OD VROHGDG QR HOHJLGD FRPR OR HV OD SHQD PLVPD (V
    UHDYLYDGDSRUODPHPRULD«WDPELpQSRUXQVHQWLGRFUHFLHQWH
    GH OD SURSLD LGHQWLGDG &XDQGR YLYLPRV URGHDGRV GH JHQWH
    DOJR GH OD SDVLyQ \ GH OD FRPSUHQVLyQ LQWHULRU TXH QRV VRQ
    QDWXUDOHV VH HVFXUUH D WUDYpV GHO WDPL] GH ODV FKDUODV
    LQVXVWDQFLDOHV (Q WXV PRPHQWRV PiV DWUHYLGRV FUHHV TXH OR
    TXHHVWiSDVDQGRHVODREUDGHILQLWLYDKXPDQDODIRUPDFLyQ
    GHODOPD(OSRGHUGHODYLGDSURFHGHGHGHQWURYDDOOt5H]D
    PHGLWD$OFDQ]DHVRVOXJDUHVOXPLQRVRVGHQWURGHWL>@

    +HVWLD OD PXMHU
    8QD PXMHU +HVWLD FRPSDUWH DWULEXWRV GH OD GLRVD HQ VHU XQD
    SHUVRQD WUDQTXLOD \ IiFLO GH FDUiFWHU FX\D SUHVHQFLD FUHD XQD
    DWPyVIHUD GH FDORU \ GH RUGHQ SDFtILFR 6XHOH VHU XQD PXMHU
    LQWURYHUWLGD TXH GLVIUXWD GH OD VROHGDG 5HFLHQWHPHQWH YLVLWp D XQD
    PXMHU WLSR +HVWLD HQ VX FDVD H LQPHGLDWDPHQWH VHQWt OD FRQH[LyQ
    HQWUH VX SHUVRQDOLGDG HO DPELHQWH \ OD GLRVD GHO KRJDU /D FDVD
    HVWDED OLPSLD DOHJUH \ RUGHQDGD +DEtD IORUHV HPEHOOHFLHQGR OD
    PHVD \ XQ SDQ UHFLpQ KHFKR HVWDED HQIULiQGRVH $OJR LQWDQJLEOH
    KDFtD TXH VH VLQWLHUD OD FDVD FRPR XQ WUDQTXLOR VDQWXDULR XQ OXJDU
    OOHQR GH SD] TXH PH UHFRUGDED HO &HQWUR =HQ GH 0RQWDxD HQ
    7DVVDMDUD &DOLIRUQLD HQ GRQGH HO PXQGR H[WHUQR VH DWHQ~D \
    SHUVLVWHXQDFDOPDLQWHPSRUDO

    /RV SULPHURV DxRV


    /DMRYHQ+HVWLDVHSDUHFHPXFKRDXQDMRYHQ3HUVpIRQHDPEDV
    VRQQLxDVDJUDGDEOHV³IiFLOHV´,QFOXVRORV³WHUULEOHVGRVDxRV´YDQ\
    YLHQHQ FRQ DSHQDV XQ DVRPR GH WR]XGH] R DXWRDILUPDFLyQ HQ
    FXDOTXLHUD GH HOODV 6LQ HPEDUJR H[LVWHQ VXWLOHV GLIHUHQFLDV HQWUH
    HVWDVGRVQLxDVSHTXHxDV3HUVpIRQHWRPDVXVFODYHVGHORVGHPiV\
    HVWi GHVHRVD GH DJUDGDU +HVWLD SXHGH KDFHU OR TXH ORV GHPiV OH
    GLFH TXH KDJD \ UHVXOWD VHU LJXDOPHQWH FRPSODFLHQWH SHUR FXDQGR
    VH OH GHMH VROD MXHJD VDWLVIHFKD VLQ GLUHFFLyQ /D SHTXHxD +HVWLD
    SRVHHXQDFXDOLGDGWUDQTXLOD\DXWRVXILFLHQWH6LVHKDFHGDxRRVH
    HQIDGD SUREDEOHPHQWH LUi D VX KDELWDFLyQ SDUD HQFRQWUDU FRQVXHOR
    HQ OD VROHGDG R DFXGLUi D VX PDGUH $ YHFH OD JHQWH VH VLHQWH
    DWUDtGD SRU XQD SUHVHQFLD LQWHULRU TXH HOOD SRVHH XQD FXDOLGDG GH
    ³DOPDYLHMD´HQODQLxDTXHLQGLFDVDELGXUtDRWUDQTXLOLGDG
    8QDQLxD+HVWLDKDFHSRFRSRUOODPDUODDWHQFLyQKDFLDVtPLVPD
    R SDUD HYRFDU IXHUWHV UHDFFLRQHV GH ORV GHPiV &XDQGR SRQH VX
    KDELWDFLyQ HQ RUGHQ SXHGH TXH UHFLED KDODJRV SRU HOOR &XDQGRVH
    PDQWLHQHHQVtPLVPDSXHGHTXHVHDDQLPDGDDXQLUVHDODIDPLOLD
    RDVDOLUDOPXQGR

    /RV SDGUHV
    /D GLRVD +HVWLD IXH OD SULPRJpQLWD GH 5HD \ &URQRV VLHQGR OD
    SULPHU HQ VHU WUDJDGD SRU &URQRV \ OD ~OWLPD HQ VHU YRPLWDGD $Vt
    SXHV SDVy PiV WLHPSR TXH QLQJXQR GH VXV KHUPDQRV \ KHUPDQRV
    FDXWLYDHQORVLQWHVWLQRVRVFXURV\RSULPHQWHVGHVXSDGUH\IXHOD
    ~QLFDTXHSHUPDQHFLyHQHOORVVROD6XLQIDQFLDQRIXHXQDLQIDQFLD
    IHOL]&URQRVHUDXQSDGUHWLUiQLFRTXHQRWHQtDVHQWLPLHQWRVFiOLGRV
    KDFLDVXVKLMRV5HDHUDLQHILFD]\FDUHFtDGHSRGHU\QRKL]RQDGD
    SDUD GHWHQHU HO PDO WUDWR TXH UHFLEtDQ VXV KLMRV KDVWD TXH QDFLy HO
    ~OWLPR 'H WRGRV ORV KLMRV H KLMDV +HVWLD HUD OD TXH PiV VH
    HQIUHQWDEDDODVLWXDFLyQDVXSURSLRPRGR\GHWRGDVODVPDQHUDV
    SRVLEOHV
    $OJXQDV PXMHUHV +HVWLD TXH KH YLVWR HQ PL SUiFWLFD WHUDSpXWLFD
    KDQWHQLGRLQIDQFLDVSDUDOHODVDODGHODGLRVDPDORVWUDWRVSDGUHV
    WLUiQLFRV\PDGUHVLQHILFDFHV \FRQIUHFXHQFLDGHSULPLGDV 0XFKDV
    HVWDEDQ D VX SURSLR FDUJR D OR ODUJR GH OD XQD LQIDQFLD HQ KRJDUHV
    HQORTXHQRVHWHQtDHQFXHQWDODVQHFHVLGDGHVGHORVKLMRV\HQORV
    TXHFXDOTXLHUH[SUHVLyQLQGLYLGXDOHUD³WUDJDGD´SRUODQHFHVLGDGGH
    GRPLQLRGHOSDGUH(QHVWDFODVHGHHQWRUQRODPD\RUtDGHORVKLMRV
    HPXODQ D VXV SDGUHV ORV PiV IXHUWHV HVSHFLDOPHQWH ORV FKLFRV
    SXHGHQ DEXVDU GH ORV PiV SHTXHxRV R WLUDQL]DUOHV R SXHGHQ
    HVFDSDUVHGHFDVDRDILFLRQDUVHDODFDOOH(QWUHODVKLMDVSXHGHTXH
    DOJXQD KHUPDQD LPSRWHQWH DXQTXH PDWHUQDO VLJD HO PRGHOR GH
    'HPpWHUHLQWHQWHFXLGDUDVXVKHUPDQRVPHQRUHVRVLJDHOPRGHOR
    GH+HUD\VHHQFDULxHFRQXQQRYLRHQFXDQWRWLHQHHGDGSDUDHOOR
    6LQ HPEDUGR HV SUREDEOH TXH OD KLMD WLSR +HVWLD UHFKDFH OD
    HPRFLyQ UHWLUiQGRVH KDFLD GHQWUR SDUD SURFXUDUVH FRQVXHOR HQ
    PHGLRGHOGRORUODYLGDFRQIOLFWLYDGHODIDPLOLDRXQHQWRUQRHVFRODU
    TXHVLHQWHDMHQR&RQIUHFXHQFLDVHVLHQWHDOLHQDGDRDLVODGDGHVXV
    KHUPDQRV OR PLVPR TXH GH VXV SDGUHV \ YHUGDGHUDPHQWH HV
    GLIHUHQWHGHHOORV,QWHQWDSDVDUGHVDSHUFLELGDSRVHHXQDSDVLYLGDG
    HQODVXSHUILFLH\XQVHQWLPLHQWRLQWHUQRGHFHUWH]DGHVHUGLIHUHQWH
    GH WRGRV ORV TXH OD URGHDQ ,QWHQWD QR SODQWHDU SUREOHPDV HQ
    FXDOTXLHUVLWXDFLyQ\FXOWLYDODVROHGDGHQPHGLRGHORVGHPiV3RU
    FRQVLJXLHQWH VH YXHOYH YLUWXDOPHQWH XQD ³QR SHUVRQD´ FRPR OD
    PLVPDGLRVD
    3RU FRQWUDVWH XQD KLMD WLSR +HVWLD GH XQD IDPLOLD RUGLQDULD GH
    FODVH PHGLD FRQ SDGUHV TXH OD DSR\HQ SXHGH QR SDUHFHU WDQ
    +HVWLD'HVGHODJXDUGHUtDVHODD\XGDSDUDTXH³YHQ]DVXWLPLGH]´
    TXHHVFRPRORVGHPiVVXHOHQHWLTXHWDUVXDFWLWXGGHUHFRJLPLHQWR
    KDFLDGHQWUR'HHVWHPRGRGHVDUUROODXQDSHUVRQDOLGDGVRFLDOPHQWH
    DGDSWDEOH XQD PDQHUD GH VHU DJUDGDEOH \ VRFLDEOH 6H OD DQLPD
    SDUDTXHWHQJDEXHQRVUHVXOWDGRVHQODHVFXHODSDUWLFLSHGHVGHHO
    EDOOHW KDVWD HO I~WERO SDUD FKLFDV VHD PDWHUQDO FRQ ORV QLxRV
    SHTXHxRV \ DFHSWH FLWDV FXDQGR HVWi HQ OD XQLYHUVLGDG 3HUR
    SDUH]FD OR TXH SDUH]FD HQ OD VXSHUILFLH LQWHUQDPHQWH HV ILHO D
    +HVWLD SRVHH XQD FXDOLGDG GH LQGHSHQGHQFLD \ GHVDSHJR XQD
    HFXDQLPLGDGHPRFLRQDOTXHSURFHGHGHHVWDUFHQWUDGD

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    /D DGROHVFHQWH +HVWLD VH DXVHQWD GH ORV GUDPDV VRFLDOHV ODV
    JUDQGHV SDVLRQHV \ ODV DOLDQ]DV FDPELDQWHV GH VXV FRPSDxHUDV (Q
    HVWR VH SDUHFH D OD GLRVD +HVWLD TXH QR SDUWLFLSy HQ ODV LQWULJDV
    URPiQWLFDV QL HQ ODV JXHUUDV TXH RFXSDEDQ D RWUDV GLRVDV \ GLRVHV
    GHO 2OLPSR &RPR FRQVHFXHQFLD SXHGH VHU XQD SHUVRQD DLVODGD
    VRFLDOPHQWHTXHSHUPDQHFHHQODSHULIHULDGHODDFFLyQXQDSHUVRQD
    QR SDUWLFLSDQWH TXH DSDUHFH D OD YLVWD GH ORV GHPiV FRPR
    DXWRVXILFLHQWH \ DLVODGD SRU SURSLD HOHFFLyQ 2 VL KD GHVDUUROODGR
    RWUDV IDFHWDV GH VX SHUVRQDOLGDG SXHGH TXH WHQJD DPLJDV \ VH
    LPSOLTXH HQ VX FHQWUR HGXFDWLYR \ HQ DFWLYLGDGHV VRFLDOHV 6XV
    DPLJRV DSUHFLDQ VX FDOPD \ FDOLGH] WUDQTXLODV DXQTXH D YHFHV VH
    H[DVSHUHQFRQHOODSRUQRWRPDUSDUWHGHXQDGLVFXVLyQRSRUTXHOHV
    JXVWDUtDTXHIXHVHPiVFRPSHWLWLYD
    3DUD +HVWLD OD DGROHVFHQFLD SXHGH VHU XQ SHULRGR GH
    SURIXQGL]DFLyQ GH OD FRQYLFFLyQ UHOLJLRVD 3XHGH FRQGXFLUOD D VX
    ~QLFR FRQIOLFWR GLUHFWR FRQ VXV SDGUHV VL SUHWHQGH VHJXLU XQD
    YRFDFLyQ UHOLJLRVD $XQTXH DOJXQDV IDPLOLDV FDWyOLFDV HVWiQ
    HQFDQWDGDV FXDQGR XQD KLMD VH VLHQWH OODPDGD D VH PRQMD PXFKDV
    RWUDVVHVLHQWHQFRQVWHUQDGDVVLWRPDVXIHGHPDVLDGRHQVHULR0iV
    UHFLHQWHPHQWHODV+HVWLDVKDQVLGRDWUDtGDVKDFLDGLYHUVDVUHOLJLRQHV
    RULHQWDOHV TXH KDQ IORUHFLGR HQ ORV (VWDGRV 8QLGRV GHVGH 
    &XDQGR ODV KLMDV WLSR +HVWLD VRQ DWUDtGDV D ORV DVKUDPV FDQWDQ HQ
    OHQJXDV H[WUDQMHUDV \ VH SRQHQ QXHYRV QRPEUHV PXFKRV SDGUHV
    UHDFFLRQDQ DODUPDGRV \ HUUyQHDPHQWH SUHVXSRQHQ TXH VHUi IiFLO
    FDPELDU ODV FRQYLFFLRQHV GH VXV SDFtILFDV \ GXOFHV KLMDV +HVWLD (Q
    YH] GH HOOR FRQ OD FHUWH]D \ OD GHWHUPLQDFLyQ GLULJLGD KDFLD XQ
    REMHWLYR WtSLFDV GH XQD GLRVD YLUJHQ ODV KLMDV +HVWLD KDFHQ
    QRUPDOPHQWH OR TXH OHV LQWHUHVD KDFHU HQ YH] GH FRPSODFHU ORV
    GHVHRVGHVXVSDGUHV
    /DPXMHU+HVWLDTXHYDDODIDFXOWDGVXHOHDSUHFLDUHODQRQLPDWR
    GH XQD JUDQ XQLYHUVLGDG \ OD RSRUWXQLGDG GH WHQHU XQD KDELWDFLyQ
    SDUDVtPLVPD1RREVWDQWHQRHVSUREDEOHTXHXQDPXMHUTXHVHD
    ~QLFDPHQWH+HVWLDWHQJDXQDUD]yQSHUVRQDOSDUDLUDODXQLYHUVLGDG
    \D TXH HO GHVDItR LQWHOHFWXDO EXVFDU XQ PDULGR R SUHSDUDUVH SDUD
    XQD SURIHVLyQ QR VRQ SUHRFXSDFLRQHV GH +HVWLD 3DUD HVWDV
    PRWLYDFLRQHV HV QHFHVDULR TXH HVWpQ SUHVHQWHV RWUDV GLRVDV /D
    PD\RUtDGHODVPXMHUHV+HVWLDTXHDVLVWHQDODXQLYHUVLGDGORKDFHQ
    SRUTXH RWURV DUTXHWLSRV VRQ WDPELpQ LPSRUWDQWHV R SRUTXH RWUDV
    SHUVRQDVHVSHUDQTXHORKDJDQ

    7UDEDMR
    (OOXJDUGHWUDEDMRFRPSHWLWLYRQRJUDWLILFDDODVPXMHUHV+HVWLD
    8QD PXMHU +HVWLD FDUHFH GH DPELFLyQ \ GH LPSXOVR QR SUHWHQGH
    UHFRQRFLPLHQWRQLYDORUDHOSRGHU\VRQDMHQDVDHOODVODVHVWUDWHJLDV
    SDUD VHJXLU DGHODQWH &RPR FRQVHFXHQFLD HV SUREDEOH HQFRQWUDUOD
    HQXQDRILFLQDFRQXQHPSOHRWUDGLFLRQDOGHPXMHUHQGRQGHFDVLHV
    LQYLVLEOH \ DVXPLGD FRPR DOJR TXH VH GD SRU VXSXHVWR R HV
    DSUHFLDGD FRPR ³XQD MR\D´ TXH WUDEDMD FRQVWDQWHPHQWH \ VLHPSUH
    HVWi GLVSRQLEOH VH PDQWLHQH DO PDUJHQ GH OD SROtWLFD \ GH ORV
    FRWLOOHRVGHODRILFLQD\SURSRUFLRQDXQDPELHQWHGHRUGHQXFDOLGH]
    8QD PXMHU +HVWLD GLVIUXWD VLUYLHQGR FDIp \ DxDGLHQGR XQ WRTXH
    IHPHQLQRDODRILFLQD
    /DVPXMHUHV+HVWLDSXHGHQVREUHVDOLUHQSURIHVLRQHVTXHH[LJHQ
    FDOPD \ SDFLHQFLD 3RU HMHPSOR OD PRGHOR IDYRULWD GH XQ IRWyJUDIR
    HVXQDPXMHU+HVWLDSRUTXHKD\DOJRHQVXVRMRVTXH³PLUDQKDFLD
    GHQWUR´ DO LJXDO TXH XQD WUDQTXLOLGDG \ XQD HOHJDQFLD HVSRQWiQHDV
    TXH UHFXHUGDQ D XQ ³JDWR LQWHJUDGR HQ Vt PLVPR´ FRPSOHWDPHQWH
    DEVRUWRHQVXSRVWXUD
    0XFKDVPXMHUHV+HVWLDWDPELpQORKDFHQELHQDORWURODGRGHODV
    OHQWHV/DSDFLHQFLD\ODFDOPDVRQFXDOLGDGHVTXHFRPSHQVDQDXQ
    IRWyJUDIR TXH GHEH HVSHUDU HO PRPHQWR DGHFXDGR HO JHVWR
    H[SUHVLYRRODFRPSRVLFLyQHVSRQWiQHD+HVWLDSXHGH³KDFHUHTXLSR´
    GRQ RWURV DUTXHWLSRV GHQWUR GH XQD PXMHU DxDGLHQGR DVt XQD
    FXDOLGDGGH+HVWLDDVXWUDEDMR3RUHMHPSORODPHMRUSURIHVRUDGH
    MDUGtQ GH LQIDQFLD GH OD TXH KH RtGR KDEODU SDUHFH VHU XQD
    FRPELQDFLyQ GH OD PDWHUQDO 'HPpWHU \ GH +HVWLD 6XV FRPSDxHUDV
    VHPDUDYLOODQGHORUGHQVXE\DFHQWHTXHSDUHFHFUHDUDVXDOUHGHGRU
    VLQHVIXHU]RDOJXQR³1XQFDHVWiUHYHQWDGD3XHGHTXHORVQLxRVVH
    VHUHQHQ HQ VX SUHVHQFLD OR ~QLFR TXH Vp HV TXH WUDQVIRUPD GH
    DOJXQDPDQHUDXQDKDELWDFLyQOOHQDGHFUtRVTXHHVWiQFRPSLWLHQGR
    SRUDWUDHUODDWHQFLyQHQXQJUXSRYLYR\FiOLGR1XQFDSDUHFHWHQHU
    SULVD FXDQGR SUHVWD VX DWHQFLyQ SRU DTXt GD XQ EHVR SRU DOOi R
    VXJLHUHXQOLEURRXQMXHJR\ORVQLxRVVHFDOPDQ´

    5HODFLyQ FRQ ODV PXMHUHV


    /DVPXMHUHV+HVWLDVXHOHQWHQHUXQDVSRFDVEXHQDVDPLJDVFRQ
    ODVTXHOHVJXVWDHVWDUGHYH]HQFXDQGR([LVWHQSUREDELOLGDGHVGH
    TXHHVWDVPXMHUHVWHQJDQSRUVXSDUWHDOJXQDVFXDOLGDGHVGH+HVWLD
    \ PLUHQ D VX DPLJD +HVWLD FRPR XQ VDQWXDULR GRQGH VX SURSLR
    DVSHFWR KHVWLDQR SXHGH PDQLIHVWDUVH 8QD PXMHU +HVWLD QR
    SDUWLFLSDUiHQFRWLOOHRVQLHQGLVFXVLRQHVLQWHOHFWXDOHVRSROtWLFDV6X
    GRQFRQVLVWHHQHVFXFKDUFRQXQFRUD]yQFRPSDVLYRSHUPDQHFLHQGR
    FHQWUDGD HQ PHGLR GH FXDOTXLHU SHUWXUEDFLyQ TXH XQD DPLJD OH
    WUDLJD SURSRUFLRQDQGR XQ OXJDU FiOLGR D WUDYpV GH VX KRJDU GH
    IXHJR
    6H[XDOLGDG
    &XDQGR XQD PXMHU WLHQH HO DUTXHWLSR GH +HVWLD FRPR DUTXHWLSR
    GRPLQDQWH OD VH[XDOLGDG QR HV PX\ LPSRUWDQWH SDUD HOOD (V
    LQWHUHVDQWH TXH HVWR UHVXOWD VHU FLHUWR LQFOXVR VL WLHQHQ RUJDVPRV
    7DQWR ODV PXMHUHV WLSR +HVWLD FRPR VXV PDULGRV KDQ GHVFULWR FyPR
    SDUDHOODVODVH[XDOLGDGHVWiGRUPLGDKDVWDTXHVHLQLFLDODUHODFLyQ
    VH[XDO 'HVSXpV GHFtD VX PDULGR ³HOOD UHVSRQGH GH PDQHUD
    VDOYDMH´ 8QD PXMHU +HVWLD HVWDED FDVDGD FRQ XQ KRPEUH TXH
    LQLFLDEDODUHODFLyQVH[XDO³XQDYH]DOPHVFXDGRHVWiDFWLYR\XQD
    YH] FDGD GRV PHVHV HQ FDVR FRQWUDULR´ GHVFXEULy TXH WHQtD
    RUJDVPRV LQFOXVR FRQ PX\ SRFDV FDULFLDV SUHYLDV 'LVIUXWDED OD
    UHODFLyQ VH[XDO ³FXDQGR VH GDED´ \ ³HVWDED SHUIHFWDPHQWH
    VDWLVIHFKD´HQVXDXVHQFLD(QHVWDVPXMHUHVSUHYDOHFHHOSDWUyQGH
    +HVWLD /D VH[XDOLGDG GH $IURGLWD HV DFFHVLEOH FXDQGR VH HYRFD
    PLHQWUDVVHKDFHHODPRUSHURHVWiDXVHQWHHQRWURFDVR
    /D PXMHU +HVWLD GH XQ VROR RUJDVPR FRQVLGHUD OD VH[XDOLGDG
    FRPR ³XQD H[SHULHQFLD DJUDGDEOH \ FiOLGD´ TXH GLVIUXWD
    SURSRUFLRQiQGRVHOD DO PDULGR ³0H DJUDGD FXDQGR HQWUD GHQWUR GH
    Pt0HVLHQWRFHUFDGHpO\FRQWHQWDSRUpO´3DUDVXPDULGRHOVH[R
    FRQHOODHV³FRPROOHJDUDFDVD´R³DXQVDQWXDULR´
    8QDPXMHU+HVWLDHQXQDUHODFLyQOHVELDQDVLJXHODPLVPDSDXWD
    (OVH[RQRHVLPSRUWDQWH6LVXFRPSDxHUDWDPELpQHVVH[XDOPHQWH
    PiV UHFHSWLYD TXH DFWLYD \ DPEDV HVSHUDQ TXH OD RWUD LQLFLH OD
    UHODFLyQ VH[XDO VX UHODFLyQ SXHGH SDVDU PHVHV R LQFOXVR DxRV VLQ
    H[SUHVLyQVH[XDO

    0DWULPRQLR
    8QD PXMHU +HVWLD HQFDMD HQ OD LGHD DQWLFXDGD GH ³XQD EXHQD
    HVSRVD´/OHYDELHQODFDVD1RHDPELFLRVDUHVSHFWRDVtPLVPDRD
    VXPDULGRDVtQXQFDFRPSLWHFRQpOQLOHFULWLFD1RWLHQHDYHQWXUDV
    H[WUDPDWULPRQLDOHV QL HV SURPLVFXD $XQTXH OD ILGHOLGDG GH VX
    PDULGRQRHVGHLPSRUWDQFLDFUXFLDOSDUDHOODFRPRORHVSDUD+HUD
    HV FRPR pVWD HQ HO PDQWHQLPLHQWR GH OD ILGHOLGDG 1R H[LVWH
    WHQWDFLyQGHVHULQILHOPLHQWUDVQRVHYHDDIHFWDGDSRU$IURGLWD
    8QD HVSRVD +HVWLD SXHGH SDUHFHU XQD HVSRVD GHSHQGLHQWH
    YLYLHQGRDJXVWRFRQHOSDSHOWUDGLFLRQDO6LQHPEDUJRVXDSDULHQFLD
    SXHGH VHU HQJDxRVD \D TXH HOOD PDQWLHQH XQD DXWRQRPtD LQWHUQD
    3DUWHGHHOODVLJXHVLHQGRVLOHQFLRVDPHQWHXQDGLRVDYLUJHQFRPSOHWD
    HQVtPLVPD1RQHFHVLWDDXQKRPEUHSDUDVHQWLUVHHPRFLRQDOPHQWH
    UHDOL]DGD6LQpOODYLGDVHUtDGLIHUHQWHSHURQRSHUGHUtDHOVHQWLGR
    GHVXVYLGDRVXVPHWDV
    /D³GHVFULSFLyQGHODWDUHD´GHODVPXMHUHVFDVDGDVWUDGLFLRQDOHV
    SDUHFHGLIHULUVHJ~QTXpGLRVDVHDODPiVDFWLYD(OpQIDVLVGH+HUD
    HVWi SXHVWR HQ OD ³HVSRVD´ HO GH 'HPpWHU HQ ³OD PDGUH´ HO GH
    $WHQHDHQOOHYDUODFDVDWUDQTXLOD\HILFD]PHQWHORTXHKDFHTXHVX
    GHVLJQDFLyQ VHUtD ³PDGUH GH IDPLOLD´ +HVWLD FDOLILFDUtD VX SURSLD
    RFXSDFLyQFRPR³DPDGHFDVD´

    5HODFLRQHV FRQ ORV KRPEUHV


    /DV PXMHUHV +HVWLD DWUDHQ KRPEUHV TXH VRQ VHGXFLGRV SRU ODV
    PXMHUHVWUDQTXLODVQRSRUILDGDV\DXWRVXILFLHQWHV\TXHSXHGHQVHU
    EXHQDV HVSRVDV 7DOHV KRPEUHV VH YHQ D Vt PLVPR HQ HO SDSHO
    WUDGLFLRQDO GH FDEH]DV GH IDPLOLD TXH DSRUWDQ HO SDQ D FDVD /RV
    KRPEUHVTXHTXLHUHQPXMHUHVDWUDFWLYDVPXMHUHVTXHVHDQPDGUHV
    OHV LQVSLUHQ R VHDQ FRPSDxHUDV TXH OHV WLUHQ VLHPSUH KDFLD DUULED
    EXVFDQHQRWUDSDUWH
    &RQIUHFXHQFLDXQDPXMHU+HVWLDDWUDHKRPEUHVTXHPLUDQDODV
    PXMHUHV ELHQ FRPR D OD 9LUJHQ R FRPR SXWDV 7DOHV KRPEUHV
    FODVLILFDQ D ODV PXMHUHV FRPR ³EXHQDV´ VL QR WLHQHQ H[SHULHQFLD
    VH[XDO TXH QR HVWiQ LQWHUHVDGDV HQ OD UHODFLyQ VH[XDO \ SRU
    FRQVLJXLHQWH SLDGRVDV /DV FODVLILFDQ FRPR ³PDODV´ R ³VXHOWDV´ VL
    HVWiQ DWUDtGDV SRU ORV KRPEUHV \ FRUUHVSRQGHQ HQ ODV UHODFLRQHV
    VH[XDOHV(VWDFODVHGHKRPEUHVVHFDVDFRQPXMHUHVGHOSULPHUWLSR
    \WLHQHQDYHQWXUDVFRQHOVHJXQGR&DVDGDFRQXQKRPEUHDVt+HVWLD
    SXHGH SHUPDQHFHU LJQRUDQWH GH ORV SODFHUHV GH OD VH[XDOLGDG
    SRUTXH VX PDULGR QR TXLHUH XQD HVSRVD VH[XDOPHQWH VHQVLEOH FRQ
    GHVHRVSURSLRV
    0XFKRVPDWULPRQLRVWUDGLFLRQDOHVVDWLVIHFKRVVRQXQLRQHVGHXQ
    PDULGR +HUPHV TXH HV XQ HPSUHVDULRKRPEUHGHQHJRFLRVYLDMHUR
    FRPXQLFDGRU TXH QHJRFLD iJLOPHQWH HQ HO PXQGR H[WHUQR \ XQD
    PXMHU +HVWLD TXH PDQWLHQH HQFHQGLGRV ORV IXHJRV GHO KRJDU
    )UHFXHQWHPHQWHHVWHDUUHJORIXQFLRQDPX\ELHQSDUDORVGRV&DGD
    XQRHQFXHQWUDXQDJUDQVDWLVIDFFLyQHQORTXHKDFHFRPRLQGLYLGXR
    \HVWDVDWLVIDFFLyQD\XGDLQGLUHFWDPHQWHODVDFWLYLGDGHVGHORWUReO
    DSUHFLDQRWHQHUTXHSUHRFXSDUVHGHOIUHQWHGRPpVWLFRSRUTXHHOOD
    VH RFXSD PX\ ELHQ GH pVWH QR OR KDFH SRU pO \ VLHPSUH OH
    SURSRUFLRQD XQ KRJDU FiOLGR \ WUDQTXLOR HQWUH VXV LQFXUVLRQHV DO
    PXQGR /H DJUDGD VX FRPELQDFLyQ GH SHUVRQD FDVHUD \ HVStULWX
    LQGHSHQGLHQWH
    3RU VX SDUWH HOOD DSUHFLD OD DXWRQRPtD TXH WLHQH SDUD GHFLGLU
    FyPRHVHOKRJDU\OHJXVWDHOVRVWpQHFRQyPLFRTXHOHSURSRUFLRQD
    WLHPSR \ HVSDFLR SDUD KDFHU OR TXH UHDOPHQWH OH LPSRUWD $GHPiV
    XQ HVSRVR +HUPHV HVWi VLHPSUH DFWLYR FUHDQGR QXHYRV SUR\HFWRV
    QHJRFLDQGRWUD]DQGRQXHYRVFDPLQRVFRQILDQGRHQVXSHUVSLFDFLDH
    LQVWLQWRV \ HQ JHQHUDO HQ HO PXQGR H[WHUQR FRQILDGR
    SULQFLSDOPHQWHHQVtPLVPR1RQHFHVLWDQLTXLHUHDXQDHVSRVD+HUD
    R$WHQHDSDUDTXHOHD\XGHDRIUHFHUXQDLPDJHQRXQDHVWUDWHJLD
    $Vt QR VXHOH WHQHU OD H[SHFWDWLYD GH TXH VX PXMHU OH DFRPSDxH HQ
    YLDMHV GH QHJRFLRV R WHQJD TXH VRSRUWDU ILHVWDV \ FyFWHOHV OR FXDO
    HQFDMDPX\ELHQFRQVXHVSRVD+HVWLD
    (OOD SUHILHUH HQWUHWHQHUVH HQ FDVD HQ GRQGH SURSRUFLRQD OD
    DWPyVIHUD GH ODV FRVDV SDUD WHQHU FRPSDxtD KDFH OD FRPLGD \
    SHUPDQHFHHQVHJXQGRSODQRPLHQWUDVVXPDULGRPiVH[WUDYHUWLGR
    SXHGH OOHYDU OD FRQYHUVDFLyQ \ UHODFLRQDUVH GLUHFWDPHQWH FRQ VXV
    LQYLWDGRV 6XV KRUDV GH WUDEDMR SDVDGDV SUHSDUiQGROR VH GDQ SRU
    VHQWDGDV \ WDO YH] TXHGH VLQ DJUDGHFLPLHQWR HO YDORU GH VX
    FRQWULEXFLyQDODDPHQLGDGGHODYHODGD/RPLVPRTXHODGLRVDHO
    GHVWLQRGHXQDPXMHU+HVWLDSDUHFHVHUHOGHSHUPDQHFHUDQyQLPD
    DSHVDUGHVHUIXQGDPHQWDO

    +LMRV
    8QDPXMHU+HVWLDSXGHVHUXQDH[FHOHQWHPDGUHHVSHFLDOPHQWH
    VLWDPELpQSRVHHHQVXSVLTXHDOJRGH'HPpWHU3XHGHVHUWDPELpQ
    XQSRFRLQGLIHUHQWHFXDQGRVHUHWLUDKDFLDGHQWUR\VXDPRUWDOYH]
    VHDXQSRFRLPSHUVRQDO\FDUHQWHGHH[SUHVLyQ3HURVXHOHDWHQGHUD
    ORV KLMRV FRQ DPRU \ XQD DWHQFLyQ WROHUDQWH 1R WLHQH JUDQGHV
    DPELFLRQHV SDUD VXV KLMRV \ OHV SHUPLWH SRU FRQVLJXLHQWH VHU HOORV
    PLVPRV 3RU VXSXHVWR OHV DWLHQGH ELHQ \ OHV SURSRUFLRQD XQ
    DPELHQWH FiOLGR \ VHJXUR &RPR SHUVRQDV DGXOWDV HQ WHUDSLD QR
    WLHQHQSUREOHPDVLPSRUWDQWHVTXHUHVROYHUFRQVXVPDGUHV
    6LQHPEDUJRQRHVGHPXFKDXWLOLGDGFXDQGRVHWUDWDGHD\XGDU
    D VXV KLMRV D HQIUHQWDUVH D FLHUWRV PDWLFHV VRFLDOHV R D VLWXDFLRQHV
    FRPSHWLWLYDV /R PLVPR VXFHGH FXDQGR VH WUDWD GH DSR\DUOHV HQ VX
    GHVDUUROORSURIHVLRQDORHQSUR\HFWRVDPELFLRVRV

    (Q OD PHGLDQD HGDG
    $PLWDGGHODYLGDHOFXUVRGHpVWDVXHOHSDUHFHUHVWDELOL]DGRHQ
    XQD PXMHU +HVWLD 6L HVWi FDVDGD HV XQD DPD GH FDVD TXH HVWi
    FRQWHQWDFRQVXSDSHO6LQRVHFDVySXHGHTXHWHQJDHODXUDGHOD
    ³VROWHURQD´ R GH OD ³WtD VROWHUD´ SRUTXH QR OH LPSRUWD VX HVWDGR GH
    VROWHUD\QRVDOHDODFD]DGHXQKRPEUH6LWUDEDMDHQXQDRILFLQDR
    YLYHHQXQ DVKUDPRHQXQFRQYHQWRHVFRPRXQD³LQVWDODFLyQILMD´
    TXHWUDQTXLODPHQWHFXPSOHFRQVXODERU
    /DPHGLDQDHGDGSXHGHVHUHOSHULRGRSDUDTXHXQDPXMHU+HVWLD
    HQWUH IRUPDOPHQWH HQ XQ FRQYHQWR R HQ XQ DVKUDP FDPELH GH
    QRPEUH\GHGLTXHVLYLGDDXQDGHWHUPLQDGDYtDHVSLULWXDO3DUDHOOD
    FRQVWLWX\H XQD WUDQVLFLyQ QDWXUDO XQ FRPSURPLVR FDGD YH] PiV
    SURIXQGRUHVSHFWRDXQDGHYRFLyQ\DSUDFWLFDGD3DUDORVIDPLOLDUHV
    OD GHFLVLyQ SXHGH VHU WRWDOPHQWH LQHVSHUDGD SRUTXH OD VLOHQFLRVD
    +HVWLDQXQFDOHVUHYHOyODLPSRUWDQFLDGHHVWHDVSHFWRGHVXYLGD

    (Q OD WHUFHUD HGDG
    6LHPSUH KD\ DOJR ³YLHMR \ VDELR´ HQ XQD PXMHU +HVWLD SRVHH OD
    FDSDFLGDGGHHQYHMHFHUDUPRQLRVDPHQWH6HDGDSWDELHQDYLYLUVROD
    \SXHGHTXHKD\DYLYLGRDVtWRGDVXYLGD(QHOSDSHODUTXHWtSLFRGH
    OD WtD VROWHUD WDO YH] OD OODPHQ ORV RWURV PLHPEURV GH OD IDPLOLD
    FXDQGRQHFHVLWHQD\XGD
    /DV GRV SULQFLSDOHV FULVLV HPRFLRQHV D ODV TXH VH HQIUHQWDQ ODV
    PXMHUHV WUDGLFLRQHV VRQ OD GHO ³QLGR YDFtR´ \ OD GH OD YLXGH] 6LQ
    HPEDUJR DXQTXH OD PD\RUtD GH ODV PXMHUHV +HVWLD VRQ HVSRVDV \
    PDGUHV QR WLHQHQ XQD JUDQ QHFHVLGDG GH GHVHPSHxDU QLQJXQR GH
    DPERV SDSHOHV 3RU FRQVLJXLHQWH OD SpUGLGD GH HVWRV UROHV QR
    DFDEDQ SDUD HOODV HQ XQD GHSUHVLyQ FRPR SXHGH RFXUULU FRQ ODV
    PXMHUHV'HPpWHUR+HUD/RTXHHVGLItFLOSDUDODVPXMHUHV+HVWLDHV
    HQIUHQWDUVH DO PXQGR H[WHULRU 6L VH FRQYLHUWHQ HQ ³DPDV GH FDVD´
    GHVSOD]DGDV D FDXVD GHO GLYRUFLR R GH OD YLXGH] \ QR WLHQHQ XQD
    SHQVLyQHFRQyPLFDVXHOHQHVWDUPX\PDOSUHSDUDGDVSRUQDWXUDOH]D
    \SRUH[SHULHQFLDDVDOLUDIXHUD\WHQHUp[LWRHQHOPXQGR$VtSXHV
    WDOYH]SDVHQDHQJURVDUODVILODVGHORVSREUHVYHUJRQ]DQWHV
    8QD PXMHU +HVWLD PD\RU TXL]i WHQJD TXH VREUHYLYLU GH OD
    6HJXULGDG6RFLDOSHUQRQRKDHPSREUHFLGRHQDEVROXWRVXHVStULWX
    &RQIUHFXHQFLDYLYHVRODHQVXV~OWLPRVDxRVVLQODPHQWRVVREUHVX
    YLGDQLWHPRUHVUHVSHFWRDODPXHUWH

    'LILFXOWDGHV SVLFROyJLFDV
    &RPR DUTXHWLSR GH OD VDELGXUtD LQWHULRU +HVWLD FDUHFH GH
    QHJDWLYLGDG $Vt QR HV VRUSUHQGHQWH TXH QR SUHVHQWH ORV SDWURQHV
    KDELWXDOHVSRWHQFLDOHVGHODSDWRORJtD1RHVWXYRFRPSURPHWLGDFRQ
    RWUDVGHLGDGHVQLFRQRWURVPRUWDOHVSDWUyQGHGHVDSHJRTXHSXHGH
    KDFHU TXH XQD PXMHU SHUPDQH]FD VROD R DLVODGD 6LQ HPEDUJR ODV
    PD\RUHVGLILFXOWDGHVSDUDODVPXMHUHV+HVWLDHVWiQUHODFLRQDGDVFRQ
    OR TXH IDOWDED HQ +HVWLD 'H WRGRV ORV GLRVHV \ GLRVDV GHO PRQWH
    2OLPSR HUD OD TXH QR VH UHSUHVHQWDED HQ IRUPD KXPDQD \D TXH
    FDUHFtDGHLPDJHQ\GHUHSUHVHQWDFLyQ<QXQFDHVWXYRLQYROXFUDGD
    HQ LQWULJDV R FRQIOLFWRV URPiQWLFRV SRUTXH FDUHFtD GH SUiFWLFD \
    KDELOLGDGHVSDUDDEULUVHFDPLQRHQHVWRViPELWRV

    /D LGHQWLILFDFLyQ FRQ +HVWLD


    9LYH FRPR ³XQD +HVWLD´ VLJQLILFD SHUPDQHFHU YROXQWDULDPHQWH
    YHODGDDQyQLPDFRPRXQDQRHQWLGDGTXHVLQHPEDUJRWLHQHXQD
    SRVLFLyQ IXQGDPHQWDO HQ HO KRJDU 0XFKDV PXMHUHV FRQRFHQ ODV
    GHVYHQWDMDVGHHVWHSDSHO6XWUDEDMRVHGDSRUVHQWDGR\DOPLVPR
    WLHPSR QDGLH WRPD HQ FRQVLGHUDFLyQ VXV VHQWLPLHQWRV (V
    FDUDFWHUtVWLFR TXH XQD PXMHU +HVWLD FDUH]FD GH FDSDFLGDG GH
    DILUPDFLyQ \ TXH QR KDEOH VL VH VLHQWH GHVFDUWDGD R GHVYDORUL]DGD
    /DV WDUHDV GRPpVWLFDV TXH SXHGHQ VHU XQD IXHQWH GH SODFHU
    VLOHQFLRVR\GHRUGHQLQWHUQRSLHUGHQVXVHQWLGRVLHQFXDQGRHVWiQ
    KHFKDVRWUDVSHUVRQDVHVWURSHDQHORUGHQ\SURGXFHQGHVRUGHQ/D
    +HVWLDTXHPDQWLHQHHOIXHJRHQHOKRJDUSXHGH³TXHPDUVH´FXDQGR
    VLHQWHTXHVXVHVIXHU]RVQRWLHQHQVHQWLGRRVRQLQ~WLOHVSDUDHOOD
    /DLGHQWLILFDFLyQFRQOD+HVWLDHPRFLRQDOPHQWHLQGLIHUHQWHDKRJD
    OD H[SUHVLyQ GLUHFWD GH ORV VHQWLPLHQWRV HQ XQD PXMHU 8QD PXMHU
    WLSR+HVWLDH[SUHVDGHPDQHUDLQGLUHFWDVXDPRU\VXSUHRFXSDFLyQ
    SRU ORV GHPiV D WUDYpV GH DFWRV OODQRV GH DWHQFLyQ (O GLFKR ³OD
    SURIHVLyQ YD SRU GHQWUR´ GHVFULEH ORV VHQWLPLHQWRV LQWURYHUWLGRV GH
    +HVWLD TXH \DFHQ EDMR OD VXSHUILFLH &RPR XQD PXMHU +HVWLD QRHV
    PX\H[SUHVLYDODVSHUVRQDVTXHOHLPSRUWDQSXHGHQLJQRUDUTXHHOOD
    H[LVWH 7HQLHQGR ORV YDORUHV GH +HVWLD OD VROHGDG SXHGH KDFHUVH
    PX\ H[WUHPDGD VX ODV SHUVRQDV TXH HOOD TXLHUH SURIXQGDPHQWH QR
    VH GDQ FXHQWD GH FyPR HOOD OD VLHQWH \ OD YLYH 7DPELpQ HV WULVWH
    FXDQGR DOJXLHQ TXLHUH VHU DPDG SRU XQD PXMHU +HVWLD HV DPDGR
    SHURQXQFDHVWiVHJXURGHHOOR6XFDOLGH]SDUHFHLPSHUVRQDO\IUtD
    FXDQGR QR VH H[SUHVH FRQ SDODEUDV QL EHVRV \ SXHGH QR HVWDU
    GLULJLGD H[SUHVDPHQWH KDFLD ODV SHUVRQDV TXH DPD SDUD
    GHVDUUROODUVH PiV DOOi GH +HVWLD XQD PXMHU WLHQH TXH DSUHQGHU D
    H[SUHVDU VXV VHQWLPLHQWRV GH PDQHUD TXH ODV SHUVRQDV TXH TXLHUH
    SXHGDQVDEHUOR

    'HVYDORUL]DFLyQ GH +HVWLD
    'HQWUR GH XQ FRQYHQWR R HQ OD LQVWLWXFLyQ GHO PDWULPRQLR ²
    FXDQGRDPEDVH[LVWtDQFRPRFRPSURPLVRVSDUDWRGDODYLGD²KDEtD
    XQVLWLRVHJXURSDUDTXHSURVSHUDUDHOHVStULWXGH+HVWLD3HURVLQOD
    VHJXULGDG\ODHVWDELOLGDGGHODVLQVWLWXFLRQHVSDUDWRGDODYLGDXQD
    PXMHU +HVWLD SXHGH HVWDU HQ GHFLGLGD GHVYHQWDMD 6H VLHQWH FRPR
    XQDWRUWXJDVLQFDSDUD]yQGHODTXHVHHVSHUDTXHFRPSLWDHQXQD
    FDUUHUD GH UDWDV 3RU QDWXUDOH]D +HVWLD QR HV XQD DUULELVWD QL XQD
    WUHSDGRUDQROHLQWHUHVDQODVFDXVDVSROtWLFDV\FDUHFHGHDPELFLyQ
    1R HVWi HQ HO PXQGR LQWHQWDQGR GHMDU VX KXHOOD HQ pO \ QR VH
    SUHRFXSD SRU HVWDU HQ pO $Vt SXHV FRQ PXFKD IDFLOLGDG OD
    GHVYDORUL]DQ\ODPLUDQSRUHQFLPDGHOKRPEURORVWULXQIDGRUHVODV
    SHUVRQDVTXHWRGRORKDFHQELHQ\ORViUELWURVVRFLDOHVTXHPLGHQD
    ODJHQWHFRQIRUPHDSDXWDVWDQJLEOHV\FRQVLGHUDQFRQFDUHQFLDV
    /D GHVYDORUL]DFLyQ WLHQH XQ HIHFWR QHJDWLYR HQ OD DXWRHVWLPD GH
    OD PXMHU +HVWLD 3XHGH VHQWLUVH IXHUD GH VLWXDFLyQ LQDGDSWDGD H
    LQFRPSHWHQWH VL DGRSWD ODV SDXWDV GH ORV GHPiV \ ODV DSOLFD D Vt
    PLVPD

    9tDV GH GHVDUUROOR SHUVRQDO


    /DVGLILFXOWDGHVGHXQDPXMHU+HVWLDVXUJHQFXDQGRVHDYHQWXUD
    IXHUDGHOVDQWXDULRGHODFDVDRGHOWHPSORSDUDKDFHUVXFDPLQRHQ
    HO PXQGR &RPR SHUVRQD LQWURYHUWLGD FRQIURQWDGD FRQ HO SDVR PiV
    UiSLGR²\FRQIUHFXHQFLDFRPSHWLGR²GHORVGHPiVHVWDUiIXHUDGH
    OXJDUKDVWDTXHGHVDUUROOHDVSHFWRVGHVXSHUVRQDOLGDG
    /D IRUPDFLyQ GH XQD SHUVRQD VRFLDOPHQWH
    DGDSWDEOH
    /D SDODEUD SHUVRQD TXH VLJQLILFD ³PiVFDUD´ HQ ODWtQ  KDFtD
    UHIHUHQFLD HQ RWUR WLHPSR D ODV PiVFDUDV TXH VH OOHYDQ HQ HO
    HVFHQDULRSDUDLGHQWLILFDUGHPDQHUDLQPHGLDWDHOSDSHOTXHHODFWRU
    HVWDED KDFLHQGR (Q SVLFRORJtD MXQJXLDQD XQD SHUVRQD HV OD
    PiVFDUD GH OD DGDSWDFLyQ VRFLDO TXH XQD SHUVRQD SUHVHQWD DO
    PXQGR (V HO PRGR FRPR QRV SUHVHQWDPRV D ORV GHPiV \ FyPR
    VRPRV YLVWRV SRU HO PXQGR 8QD SHUVRQD FRQ XQD PiVFDUD TXH
    IXQFLRQD ELHQ HV FRPR XQD PXMHU FRQ DPSOLR JXDUGDUURSD GHO TXH
    SXHGH HVFRJHU OR DSURSLDGR SDUD OOHYDU HQ FDGD RFDVLyQ \ SDUD VX
    SHUVRQDOLGDG SRVLFLyQ \ HGDG &yPR QRV FRPSRUWDPRV OR TXH
    YHPRVFyPRLQWHUDFWXDPRVFRQORVGHPiVFyPRQRVLGHQWLILFDPRV
    D QRVRWURV PLVPRV VRQ WRGDV SDUWHV GH QXHVWUD SHUVRQD HQ
    VHQWLGRMXQJXLDQR 
    3RUVXSURSLDQDWXUDOH]DDXQDPXMHU+HVWLDQROHLQWHUHVDQODV
    FXHVWLRQHV GHO QLYHO SHUVRQD TXLpQ HV TXLpQ R FyPR FDXVDU EXHQD
    LPSUHVLyQ 6LQ HPEDUJR D PHQRV TXH VH UHWLUH D XQ FRQYHQWR \
    QXQFD VH DYHQWXUH D VDOLU GH pO WHQGUi TXH LQWHUDFWXDU FRQ ORV
    GHPiV FKDUODU GH FRVDV LQVXVWDQFLDOHV VHU HQWUHYLVWDGD YDORUDGD
    FRPR FXDOTXLHU RWUD SHUVRQD HQ XQD FXOWXUD FRPSHWLWLYD (VWDV
    FDSDFLGDGHVQROHOOHJDQGHPDQHUDQDWXUDO\WLHQHTXHDSUHQGHUODV
    (VWHSURFHVRVXHOHVHUPX\GRORURVR&XDQGRWLHQHTXHDVLVWLUDXQD
    UHXQLyQ GH PXFKDV SHUVRQDV VLHQWH TXH QR SRVHH XQD SHUVRQD
    DGHFXDGD FRPR VL QR WXYLHUD ³QDGD TXH SRQHUVH´ (VWRV DSXURV VH
    UHIOHMDQHQSHVDGLOODVHQODVTXHVHHQFXHQWUDGHVQXGDRVyORYHVWLGD
    DPHGLDV$YHFHVHQFRUUHVSRQGHQFLDPHWDIyULFDFRQXQVXHxRVH
    SUHVHQWDGHVSURWHJLGDUHYHODGHPDVLDGRGHVtPLVPDHVGHPDVLDGR
    KRQUDGDORTXHSHUPLWHYHUDODJHQWHORTXHRWURVRFXOWDUtDQHQOD
    PLVPDVLWXDFLyQ
    8QD PXMHU +HVWLD TXH GHEH DSDUHFHU SDUD XQD HQWUHYLVWD R
    HYROXFLyQ GHEH PROGHDU FRQVFLHQWHPHQWH XQD SHUVRQD SRQLHQGR
    WDQWDFRQFLHQFLDHQHOORFRPRORKDUtDHQXQGLVFXUVR ORFXDOSRGUtD
    FRQVLGHUDUVH FRPR XQD SHUVRQD ³HQ SOHQD UHSUHVHQWDFLyQ´  7LHQH
    TXH WHQHU XQD LPDJHQ WDQ FODUD FRPR OH VHD SRVLEOH GH ³TXLpQ´ VH
    VXSRQH TXH VHD HQ FDGD VLWXDFLyQ \ GHEH HVWDU SUHSDUDGD SDUD
    SUREDU XQD VHULH GH SHUVRQDV KDVWD TXH GHVFXEUH XQ HVWLOR TXH OH
    VHDQDWXUDOXQDYH]TXH³VHORKDSXHVWR´VXILFLHQWHVYHFHV

    /D DGTXLVLFLyQ GH OD FDSDFLGDG GH H[SUHVDUVH


    FRQ ILUPH]D SRU PHGLR GH $UWHPLVD GH $WHQHD
    R GH XQ iQLPXV
    0iV DOOi GH OD SHUVRQD XQD PXMHU +HVWLD QHFHVLWD DGTXLULU XQD
    FDSDFLGDG SDUD H[SUHVDUVH FRQ ILUPH]D WLHQH TXH WHQHU HQ VX
    SHUVRQDOLGDGXQDVSHFWRDFWLYRVLYDDLQWHUDFWXDUFRQORVGHPiVRD
    KDFHUVH FDUJR GH Vt PLVPD HQ HO PXQGR /D GLRVD +HVWLD QR GDED
    FRGD]RVSDUDREWHQHUHOSRGHUQLFRPSHWtDSRUPDQ]DQDVGHRUR6H
    PDQWHQtDDOPDUJHQHQODVUHODFLRQHVHYLWDEDHOPRQWH2OLPSRQR
    DSR\yODJXHUUDGH7UR\D\QRSDWURFLQyUHVFDWyFDVWLJyQLDFXGLy
    HQ D\XGD GH QLQJ~Q PRUWDO $ GLIHUHQFLD GH OD GLRVD XQD PXMHU
    +HVWLD HV XQD SHUVRQD PiV HQWUH OD JHQWH TXH GHEH DYHQWXUDUVH
    IXHUD GH ODV SDUHGHV GH OD FDVD R GHO WHPSOR \ TXH HVWi PX\ PDO
    SUHSDUDGD SDUD HVWD H[SHULHQFLD D PHQRV TXH RWUDV SDUWHV GH VX
    SVLTXH SXHGDQ D\XGDUOH D VHU DFWLYD H[SUHVLYD \ D H[SUHVDUVH FRQ
    ILUPH]D $UWHPLVD \ $WHQHD ORV DUTXHWLSRV IHPHQLQRV DFWLYRV
    SXHGHQ SURSRUFLRQDU DFFHVR D HVWDV FXDOLGDGHV DO LJXDO TXH SXHGH
    KDFHUORHOiQLPXVGHODPXMHURSDUWHPDVFXOLQDGHVXSHUVRQDOLGDG
    /DVFXDOLGDGHVGH$UWHPLVD\GH$WHQHDKDQSRGLGRGHVDUUROODUVH
    VL OD PXMHU +HVWLD SDUWLFLSDED HQ DFWLYLGDGHV FRPSHWLWLYDV
    FDPSDPHQWRVGHYHUDQRJUXSRVGHPXMHUHVGHSRUWHVDODLUHOLEUHR
    VDFDED EXHQRV UHVXOWDGRV HQ ORV HVWXGLRV 8QD QLxD TXH
    DUTXHWtSLFDPHQWH HV +HVWLD GHVFXEUH SURQWR HQ VX YLGD TXH GHEH
    DGDSWDUVHDHVWDUHQPHGLRGHODJHQWH\HQIUHQWDUVHDRFDVLRQHVGH
    H[WUDYHUVLyQ(QHOFXUVRGHHVWHGHVFXEULPLHQWRSXHGHTXHHYRTXH
    \ FXOWLYH RWURV DUTXHWLSRV (O UHVXOWDGR HV TXH SXHGH LQFRUSRUDU ODV
    FXDOLGDGHVGH$UWHPLVDR$WHQHDHQVXSHUVRQDOLGDG
    8QD PXMHU +HVWLD SXHGH VHQWLU TXH HO Q~FOHR GH VX VHU ²
    IHPHQLQRKRJDUHxROD+HVWLDLQWHUQDPHQWHVLOHQFLRVD²SHUPDQHFH
    VLQVHUDIHFWDGRSRUVXVH[SHULHQFLDVH[WHUQDV(QYH]GHHOORSXHGH
    VHQWLU TXH HQ HO SURFHVR GH DGDSWDFLyQ DO PXQGR FRPSHWLWLYR \
    VRFLDO GHVDUUROOD XQD DFWLWXG PDVFXOLQD R iQLPXV 8Q iQLPXV ELHQ
    GHVDUUROODGR HV FRPR XQ YDUyQ LQWHUQR DO TXH SXHGH UHTXHULU SDUD
    TXH KDEOH SRU HOOD FXDQGR QHFHVLWD H[SUHVDUVH FRQ FODULGDG R FRQ
    ILUPH]D 3HUR SRU FRPSHWHQWH TXH VHD HOOD OR VLHQWH ³DMHQR´ D Vt
    PLVPD FRPRXQ³QR\R´ 
    /D UHODFLyQ GH XQD PXMHU +HVWLD FRQ VX iQLPXV HV
    IUHFXHQWHPHQWH FRPR XQD UHODFLyQ LQWHUQD +HVWLD+HUPHV VLHQGR
    DQiORJRV VX VLJQLILFDGR \ VLWXDFLyQ D OD GH ORV KRJDUHV JULHJRV $
    +HVWLD OD UHSUHVHQWDED HO KRJDU FLUFXODU HQ HO FHQWUR GH OD FDVD
    PLHQWUDV TXH OD ³KHUPD´ R FROXPQD TXH UHSUHVHQWDED D +HUPHV VH
    VLWXDEDSXHUWDVDIXHUD+HUPHVHUDHOGLRVSURWHFWRUTXHSHUPDQHFtD
    HQ HO XPEUDO DVt FRPR HO GLRV TXH DFRPSDxDED D ORV YLDMHURV
    &XDQGR WDQWR +HVWLD FRPR +HUPHV FRQVWLWX\HQ DVSHFWRV LQWHUQRV
    +HVWLD SXHGH SURSRUFLRQDU XQD PDQHUD LQWHUQD \ SHUVRQDO GH VHU \
    VX iQLPXV +HUPHV OH DSRUWD XQD PDQHUD H[WHUQD GH WUDWDU
    HILFD]PHQWHFRQHOPXQGR
    8QDPXMHUTXHVLHQWHTXHVXiQLPXV+HUPHVPHGLDHQWUHHOOD\
    HO PXQGR WLHQH HO VHQWLPLHQWR GH SRVHHU XQ DVSHFWR PDVFXOLQR
    GHQWUR GH Vt TXH XWLOL]D FXDQGR VH DYHQWXUD D VDOLU DO PXQGR \ D
    WUDYpV GHO FXDO SXHGH H[SUHVDUVH FRQ FODULGDG \ ILUPH]D (O iQLPXV
    WDPELpQ KDFH VX SDSHO GH FHQWLQHOD JXDUGDQGR FRQ ILUPH]D VX
    LQWLPLGDG\PDQWHQLHQGRDUD\DLQWUXVLRQHVQRGHVHDGDV6LWLHQHXQ
    iQLPXV +HUPHV HOOD SXHGH VHU PX\ HILFD] \ DVWXWD \ FDSD] GH
    FXLGDU GH Vt PLVPD HQ VLWXDFLRQHV FRPSHWLWLYDV 6LQ HPEDUJR
    FXDQGR HO iQLPXV HV HO RULJHQ GH OD FDSDFLGDG GH H[SUHVDUVH FRQ
    ILUPH]D GH XQD PXMHU ³pO´ QR HVWi VLHPSUH SUHVHQWH R GLVSRQLEOH
    3RUHMHPSORSXHGHUHVSRQGHUDOWHOpIRQRHVSHUDQGRKDEODUFRQXQ
    DPLJR \ HQ VX OXJDU HVFXFKDU XQ DJUHVLYR YHQGHGRU TXH SUHJXQWD
    FXHVWLRQHVLQWUXVLYDVRXQDLQVLVWHQWHDOPDFDULWDWLYDTXHHVSHUDTXH
    HOOD KDJD YROXQWDULDGR (Q HVWRV FDVRV VX iQLPXV KD VLGR SLOODGR
    GHVSUHYHQLGR\HOODVHTXHGDSHUSOHMDVLQVDEHUTXHKDFHU
    6XVDQ *ULII\ JDQDGRUD GHO SUHPLR (PPD GH WHDWUR SRHWLVD \
    DXWRUD GH :RPDQ DQG 1DWXUH FRQVLGHUD TXH OD DOLDQ]D +HUPHV
    +HVWLD H[SOLFD GRV DVSHFWRV PX\ GLIHUHQWHV GH HOOD (Q OD FDVD HV
    XQD SUHVHQFLD VXDYH XQD +HVWLD TXH DUUHJOD GHWDOOHV HQ OD FRFLQD
    WRGRHOGtDTXHKDFHGHVXKRJDUXQFLHOR(VWDPLVPD6XVDQ*ULIILQ
    SULYDGDFRQWUDVWDFRQODHGLWRUDGHDJXGDFODULGDGUiSLGDGHPHQWH
    \SROtWLFDPHQWHiJLOGH 5DPSDUWVTXHHQVXDVSHFWRS~EOLFRSXHGH
    VHU³PHUFXULDQD´WDQLQWHOLJHQWHFRPRYROiWLO

    (O PDQWHQLPLHQWR GHO SURSLR FHQWUR


    SHUPDQHFHU ILHO D +HVWLD
    $SROR \ 3RVHLGyQ LQWHQWDURQ DPERV WRPDU OD YLUJLQLGDG GH
    +HVWLD VX LQFROXPLGDG FRPSOHWD HQ Vt PLVPD 6LQ HPEDUJR HQ YHV
    GH VXFXPELU D VXV GHVHRV HOOD KL]R XQ YRWR GH FDVWLGDG $ OR TXH
    +HVWLD VH UHVLVWLy DO UHFKD]DU D $SROR \ D 3RVHLGyQ HV
    PHWDIyULFDPHQWH VLJQLILFDWLYR \ FRUUHVSRQGH D ODV IXHU]DV
    LQWHOHFWXDOHV \ HPRFLRQDOHV TXH SXHGHQ VDFDU D XQD PXMHU GH VX
    FHQWUR
    +HVWLDUHSUHVHQWDHO6HUXQFHQWURLQWXLWLYDPHQWHFRQRFLGRSDUD
    OD SHUVRQDOLGDG GH XQD PXMHU TXH GD VHQWLGR D VX YLGD (VWD
    FRQH[LyQ KHVWLDQD FRQ VX FHQWUR SXHGH VHU LQYDOLGDGD VL HOOD
    ³VXFXPEH DQWH $SROR´ $SROR HUD HO GLRV GHO VRO \ ³DSROtQHR´ KD
    OOHJDGRDVHUHTXLSDUDGRFRQORJRVODYLGDLQWHOHFWXDOODSULPDFtDGH
    OD OyJLFD \ GHO UD]RQDPLHQWR 6L $SROR SHUVXDGH D XQD PXMHU SDUD
    TXH HQWUHJXH VX YLUJLQLGDG pVWD VRPHWHUi VX H[SHULHQFLD LQWHUQD H
    LQWXLWLYDPHQWHVHQWLGDDOHVFUXWLQLRGHODLQYHVWLJDFLyQFLHQWtILFD$Vt
    VH LQYDOLGD OR TXH SXHGH VHQWLU SHUR QR H[SUHVDU HQ SDODEUDV VH
    GHVFDUWD OR TXH FRQRFH FRPR PXMHU LQWHULRUPHQWH VDELD D PHQRV
    TXH VH DSR\H FRQ SUXHEDV HYLGHQWHV &XDQGR VH SHUPLWH DO
    HVFHSWLFLVPR³PDVFXOLQR´FLHQWtILFRSHQHWUDUODH[SHULHQFLDHVSLULWXDO
    \ SHGLU ³SUXHEDV´ OD LQYDVLyQ YLROD LQYDULDEOHPHQWH HO VHQWLGR GH
    LQFROXPLGDG\GHVLJQLILFDGRGHODPXMHU
    $OWHUQDWLYDPHQWH VL XQD PXMHU +HVWLD HV ³DUUHEDWDGD SRU
    3RVHLGyQ´ HVWi VLHQGR VRPHWLGD SRU HO GLRV GHO PDU 3RVHLGyQ
    UHSUHVHQWDHOSHOLJURGHVHUDKRJDGDSRUORVVHQWLPLHQWRVRFHiQLFRV
    RSRUFRQWHQLGRVTXHPDQDQGHOLQFRQVFLHQWH&XDQGRHVWDPDUHDOD
    DPHQD]DSXHGHVRxDUTXHXQDHQRUPHRODVHOHYLHQHHQFLPD(QOD
    YLGD UHDO OD SUHRFXSDFLyQ SRU XQD VLWXDFLyQ HPRFLRQDO SXHGH
    DSDUWDUOD GH VHQWLUVH FHQWUDGD 6L HO UHPROLQR OD FRQGXFH D OD
    GHSUHVLyQ OD LQIOXHQFLD DFXiWLFD GH 3RVHLGyQ SXHGH WHPSRUDOPHQWH
    ³DSDJDUHOIXHJRHQHOFHQWURGHOKRJDUGH+HVWLD´
    &XDQGR VH YH DPHQD]DGD SRU $SROR R 3RVHLGyQ XQD PXMHU
    +HVWLDQHFHVLWDEXVFDUVXLQWHJULGDGHQODVROHGDG(QODWUDQTXLOLGDG
    VLOHQFLRVD SXHGH HQFRQWUDU OD PDQHUD LQWXLWLYD XQD YH] PiV VX
    FDPLQRGHYXHOWDDOFHQWUR
     ± /$6 ',26$6 98/1(5$%/(6
    +(5$ '(0e7(5 < 3(56e)21(
    /DVWUHVGLRVDVYXOQHUDEOHVVRQ+HUDGLRVDGHOPDWULPRQLR'HPpWHU
    GLRVD GH ODV FRVHFKDV \ 3HUVpIRQH FRQRFLGD FRPR OD NRUp R
    GRQFHOOD\FRPRODUHLQDGHOPXQGRVXEWHUUiQHR(VWDVWUHVGLRVDV
    SHUVRQLILFDQ DUTXHWLSRV TXH UHSUHVHQWDQ ORV SDSHOHV WUDGLFLRQHV GH
    ODVPXMHUHVHVSRVDPDGUHHKLMD6RQODVGLRVDVRULHQWDGDVKDFLDOD
    UHODFLyQ FX\D LGHQWLGDG \ ELHQHVWDU GHSHQGHQ GH WHQHU UHODFLRQHV
    VLJQLILFDWLYDV([SUHVDQODQHFHVLGDGGHDILOLDFLyQGHODVPXMHUHV
    (Q VXV PLWRORJtDV HVWDV WUHV GLRVDV IXHURQ YLRODGDV UDSWDGDV
    GRPLQDGDV R KXPLOODGDV SRU GLRVHV PDVFXOLQRV /DV WUHV VXIULHURQ
    FXDQGR VH URPSLy R GHVKRQUy XQD UHODFLyQ VHQWLPHQWDO /DV WUHV
    H[SHULPHQWDURQ OD LPSRWHQFLD < ODV WUHV UHVSRQGLHURQ GH PDQHUD
    FDUDFWHUtVWLFD +HUD FRQ UDELD \ FHORV 'HPpWHU \ 3HUVpIRQH FRQ
    GHSUHVLyQ &DGD XQD GH HOODV PDQLIHVWy VtQWRPDV TXH VH SDUHFtDQ
    SVLFROyJLFDPHQWH D OD HQIHUPHGDG /DV PXMHUHV HQ ODV TXH H[LVWHQ
    HVWDV GLRVDV FRPR DUTXHWLSRV LJXDOPHQWH YXOQHUDEOHV (O
    FRQRFLPLHQWRGH+HUD'HPpWHU\3HUVpIRQHSXHGHQSURSRUFLRQDUD
    ODV PXMHUHV FRPSUHQVLRQHV LQWHUQDV VREUH OD QDWXUDOH]D GH VX
    QHFHVLGDG GH UHODFLRQHV \ GHO SDWUyQ GH VXV UHDFFLRQHV D ODV
    SpUGLGDV
    &XDQGR +HUD 'HPpWHU R 3HUVpIRQH VRQ ORV DUTXHWLSRV
    GRPLQDQWHV HO LPSXOVR TXH ODV PRWLYD HV OD UHODFLyQ PiV TXH HO
    ORJUR OD DXWRQRPtD R XQD QXHYD H[SHULHQFLD (O HQIRTXH GH OD
    DWHQFLyQHVWiSXHVWRHQORVGHPiVQRHQXQDPHWDH[WHUQDRHQXQ
    HVWDGR LQWHULRU 3RU OR WDQWR ODV PXMHUHV LGHQWLILFDGDV FRQ HVWDV
    GLRVDV HVWiQ DWHQWDV \ VRQ UHFHSWLYDV D ODV RWUDV SHUVRQDV (VWiQ
    PRWLYDGDVSRUODFRPSHQVDFLyQGHODVUHODFLRQHVDSUREDFLyQDPRU
    DWHQFLyQ \ SRU OD QHFHVLGDG GHO DUTXHWLSR GH HPSDUHMDUVH +HUD 
    QXWULU 'HPpWHU  R VHU GHSHQGLHQWH 3HUVpIRQH FRPR OD NRUp  3DUD
    HVWDVPXMHUHVGHVHPSHxDUSDSHOHVWUDGLFLRQDOHVGHPXMHUHVSXHGH
    HVWDUOOHQRGHVHQWLGR

    &DOLGDG GH FRQFLHQFLD FRPR XQD OiPSDUD TXH


    LUUDGLD OX] GLIXVD
    &DGD XQD GH ODV WUHV FDWHJRUtDV GH GLRVDV SRVHH XQD FDOLGDG
    FDUDFWHUtVWLFD GH FRQFLHQFLD /D FDOLGDG DVRFLDGD FRQ ORV DUTXHWLSRV
    GH GLRVDV YXOQHUDEOHV HV OD GH ³FRQFLHQFLD GLIXVD´ ,UHQH &ODUHPRQW
    GH &DVWLOOHMR XQD DQDOLVWD MXQJXLDQD GHVFULELy HVWD FRQFLHQFLD HQ
    VX OLEUR .QRZLQJ :RPDQ  FRPR ³XQD DFWLWXG GH DFHSWDFLyQ XQD
    FRQFLHQFLD GH OD XQLGDG GH WRGD OD YLGD \ XQD EXHQD GLVSRVLFLyQ
    SDUDODUHODFLyQ>@(VWDFXDOLGDGGHFRQFLHQFLDWLSLILFDDODVSHUVRQDV
    GHDPERVVH[RVRULHQWDGDVKDFLDODVUHODFLRQHV
    3LHQVRHQHVWDFODVHGHFRQFLHQFLDFRPRDQiORJDDODOX]GHXQD
    OiPSDUD GH FXDUWR GH HVWDU TXH LOXPLQD \ SUR\HFWD XQ FiOLGR EULOOR
    VREUHFDVDFRVDGHQWURGHVXLUUDGLDFLyQ6HWUDWDGHXQDDFWLWXGGH
    DWHQFLyQ JHQHUDOL]DGD TXH SHUPLWH D XQD SHUVRQD GDUVH FXHQWD GH
    PDWLFHV GH VHQWLPLHQWRV GDUVH FXHQWD GH ORV VRQLGRV GH IRQGR OR
    PLVPRTXHFXDOTXLHUFRVDTXHVHKDOODHQHOFHQWURGHODDWHQFLyQHQ
    SULPHU SODQR /D FRQFLHQFLD GLIXVD H[SOLFD HO WLSR GH FRQFLHQFLD
    H[SORUDWRULDTXHSHUPLWHDORVSDGUHVRtUHOOORULTXHRGHXQEHEpHQ
    PHGLRGHODOERURWRGHXQDFRQYHUVDFLyQRTXHSHUPLWHDODHVSRVD
    VDEHU VL VX PDULGR HVWi LQFyPRGR VH VLHQWH HQIHUPR R VRPHWLGR D
    XQD JUDQ SUHVLyQ HQ FXDQWR DWUDYLHVD OD SXHUWD D YHFHV LQFOXVR
    DQWHV GH TXH pO PLVPR VHD FRQVFLHQWH GH HOOR  (VWD FODVH GH
    FRQFLHQFLDUHFHSWLYD\GLIXVDSXHGHDEDUFDUR³UHSUHVHQWDUFRPRHQ
    XQD JHVWDOW´ WRGD OD VLWXDFLyQ 3RU FRQWUDVWH OD ³FRQFLHQFLD
    HQIRFDGD´ FDUDFWHUtVWLFD GH $UWHPLVD $WHQHD \ +HVWLD ²ODV WUHV
    GLRVDV YtUJHQHV² VH FRQFHQWUD HQ XQ HOHPHQWR FRQ H[FOXVLyQ GH
    FXDOTXLHUFRVD 
    &XDQGR \R WHQtD GRV KLMRV TXH DSHQDV KDEtDQ GHMDGR ORV
    SDxDOHVFDtHQODFXHQWDGHFyPRODFRQGXFWDGHODVPDGUHVSXHGH
    VHU PRGLILFDGD SRU VXV KLMRV HQ HO VHQWLGR GH PDQWHQHUODV HQ XQ
    HVWDGRGHFRQFLHQFLDGLIXVD/DPD\RUtDGHODVYHFHVFXDQGRHVWDED
    FHUFDGHPLVKLMRVHVWDEDFRQHFWDGDFRQHOORVHQXQHVWDGRPHQWDO
    UHFHSWLYR HQ HO TXH PL PHQWH QR HVWDED HQIRFDGD VREUH QDGD
    'HVFXEUt TXH FXDQGR FDPELDED GH DFWLWXG \ PH FRQFHQWUDED
    GHOLEHUDGDPHQWH HQ DOJR TXH QR IXHUD HOORV LQYDULDEOHPHQWH PH
    LQWHUUXPStDQ
    3RU HMHPSOR VL HVWDEDQ MXJDQGR WUDQTXLODPHQWH MXQWRV HQ OD
    KDELWDFLyQGHDOODGR\\RPHSRQtDDOLPSLDUHOIUHJDGHURRUGHQDU
    ODURSDRLQFOXVRDRMHDUDOJXQDUHYLVWDH[LVWtDXQDJUDQSRVLELOLGDG
    GH TXH SXGLHUD VHJXLU KDFLHQGR FXDOTXLHU DFWLYLGDG TXH QR H[LJLHUD
    PL DWHQFLyQ 3HUR VL GHFLGtD DSURYHFKDU HVH PRPHQWR WUDQTXLOR GH
    MXHJRSDUDOHHUXQSHULyGLFRRHVWXGLDUDOJRTXHH[LJLHVHPLDWHQFLyQ
    FRQFHQWUDGD UHVXOWDED TXH XQR R GRV PLQXWRV GHVSXpV XQRV
    SHTXHxRVSLHVVLHPSUHYHQtDQFRUULHQGRDLQWHUUXPSLU3DUHFtDFRPR
    VL ORV FUtRV WXYLHUDQ SHUFHSFLyQ H[WUDVHQVRULDO GH FXDQGR PL HVWDGR
    GH DWHQFLyQ KDFLD HOORV HUD VXVWLWXLGR SRU XQ HVWDGR PHQWDO GH
    UDGLRJUDILDUGHWDOOHVTXHORV³GHVFRQHFWDED´7UDWDUGHFRQFHQWUDUVH
    HQ PHGLR GH FRQWLQXDV LQWHUUXSFLRQHV HV IUXVWUDQWH (O VLJXLHQWH
    HIHFWR HUD GHVDQLPDU D OD FRQFLHQFLD HQIRFDGD PRGLILFDQGR DVt PL
    FRPSRUWDPLHQWRPHQWDO
    &XDQGRHPSH]DGDDFRPSUHQGHUODVLWXDFLyQLQWHQWDEDKDFHUXQ
    H[SHULPHQWR TXH RWUDV SHUVRQDV WDPELpQ SXHGHQ LQWHQWDU (VSHUD D
    TXHOOHJXHXQRGHHVRVPRPHQWRVGHFDOPDHQTXHXQSHTXHxRHVWi
    FRQWHQWR \ GHVSLHUWR KDFLHQGR DOJR VLQ WL 'DWH FXHQWD GH TXH
    SXHGHVRFXSDUWHHQDOJRTXHQRH[LJHFRQFHQWUDFLyQ(QWRQFHVPLUD
    HO UHORM \ FDPELD GH XQD FRQFLHQFLD GLIXVD D XQD FRQFLHQFLD
    FRQFHQWUDGDVREUHRWURWLSRGHWDUHD2EVHUYDFXiQWRWLHPSRSXHGHV
    FRQFHQWUDUWHHQHVDWDUHDDQWHVGHTXHWHLQWHUUXPSDHOSHTXHxR
    1RVyORORVQLxRVSHTXHxRVUHDFFLRQDQDVtFXDQGRODPXMHUPiV
    LPSRUWDQWHGHVXVYLGDVVHGHVFRQHFWDGHHOORVSDUDFRQFHQWUDUVHHQ
    DOJXQD WDUHD SHUVRQDO 0LV SDFLHQWHV PXMHUHV WDPELpQ KDQ GHVFULWR
    LQQXPHUDEOHV LQFLGHQWHV FRQ RWUDV SHUVRQDV 3RU HMHPSOR FXDQGR
    XQDPXMHURULHQWDGDKDFLDODVUHODFLRQHVVHPDWULFXODHQXQFXUVRR
    YXHOYH D OD XQLYHUVLGDG FRQ VX WtWXOR XQD IXHQWH LQHYLWDEOH GH
    WHQVLyQHQWUHHOODV\TXLHQHVYLYHQFRQHOOD²PDULGRDPDQWHQLxRV
    PD\RUHV² DO FRQVWLWX\HQ VXV LQWUXVLRQHV H LQWHUUXSFLRQHV FXDQGR
    HVWXGLD &RQ IUHFXHQFLD WLHQH GLILFXOWDGHV HQ FRQFHQWUDUVH SRU Vt
    PLVPD HQ VX WUDEDMR HO HVWDGR GH PHQWH UHFHSWLYR \ GLIXVR TXH
    SHUPLWHDXQDPXMHUDWHQGHUDORVGHPiVWDPELpQIDYRUHFHTXHVH
    GLVWUDLJDFRQIDFLOLGDG
    < FXDQGR UHDOPHQWH VH FRQFHQWUD HO KRPEUH GH VX YLGD SXHGH
    UHDFFLRQDUKDFLDVXWUDEDMRFRPRVLIXHUDVLULYDODSDUWiQGRODGHVt
    7DOYH]UHDFFLRQHVDODDXVHQFLDWHPSRUDOGH+HUDR'HPpWHUHQOD
    PXMHUTXHQROHHVWiFRUUHVSRQGLHQGRGHODPDQHUDKDELWXDO
    (V FRPR VL XQD FiOLGD OX] YLVLEOH KXELHUD VLGR DSDJDGD
    KDFLpQGROHVHQWLUYDJDPHQWHDQVLRVRHLQVHJXURTXHDOJRYDPDO<
    ODV FRVDV HPSHRUDQ GHVSXpV GH TXH pO HPSLH]D D HQWURPHWHUVH HQ
    HOODV³VLQQLQJXQDUD]yQHVSHFLDO´\DTXHODUHVSXHVWDQRUPDODODV
    LQWHUUXSFLRQHV GH OD FRQFHQWUDFLyQ VREUH DOJR HV OD LUULWDFLyQ $Vt
    SXHV SUREDEOHPHQWH HOOD UHDFFLRQHV FRQ LUULWDFLyQ R HQRMR
    MXVWLILFDQGRDVtDSDUHQWHPHQWHVXVVHQWLPLHQWRVGHUHFKD]R7RGDV
    ODVSDUHMDVGHODTXHKHVDELGRDOUHVSHFWR²HQODVTXHHOKRPEUH
    UHDOPHQWHDSR\DODVDVSLUDFLRQHVXQLYHUVLWDULDVRSURIHVLRQDOHVGHOD
    PXMHU \ HQ ODV TXH pO HV DOJXLHQ LPSRUWDQWH SDUD HOOD \
    YHUGDGHUDPHQWH TXHULGR² KDQ GHVFXELHUWR TXH HV PX\ ~WLO HVWH
    SDWUyQ GH FUHDFLyQ GH IULFFLRQHV (Q FXDQWR pO GHMD GH WRPDU FRPR
    DOJRSHUVRQDOHOFDPELRTXHHOODKDFHGHXQDFRQFLHQFLDGLIXVDDXQD
    FRQFLHQFLD FRQFHQWUDGD VREUH DOJR HO SDWUyQ GH VXV LQWHUUXSFLRQHV
    LQMXVWLILFDGDV\VXFRQVLJXLHQWHPLHGR\UHVHQWLPLHQWRVHWUDQVIRUPD
    \ODWHQVLyQVHGLVXHOYH
    9XOQHUDELOLGDG VXVFHSWLELOLGDG SDUD VHU
    YtFWLPDV \ FRQFLHQFLD GLIXVD
    /DVGLRVDVYXOQHUDEOHVIXHURQHVFRJLGDVFRPRYtFWLPDV+HUDIXH
    KXPLOODGD\HQJDxDGDSRUVXPDULGR=HXVTXHQRWHQtDHQFXHQWD
    VX QHFHVLGDG GH ILGHOLGDG (O YtQFXOR HQWUH 'HPpWHU \ VX KLMD IXH
    LJQRUDGRORPLVPRTXHVXVXIULPLHQWRFXDQGR3HUVpIRQHIXHUDSWDGD
    \ HQFHUUDGD HQ HO PXQGR VXEWHUUiQHR 7DQWR 'HPpWHU FRPR
    3HUVpIRQH IXHURQ YLRODGDV &RPR PXMHUHV KXPDQDV HQ VLWXDFLRQHV
    GH LQIHULRULGDG VXIULPLHQWR H LQGHIHQVLyQ ODV WUHV GLRVDV
    PDQLIHVWDURQVtQWRPDVSVLTXLiWULFRV
    /DV PXMHUHV TXH VH SDUHFHQ LQWHUQDPHQWH D HVWDV GLRVDV \ TXH
    SRVHHQXQDFRQFLHQFLDGLIXVDFRPRFODVHGHFRQFLHQFLDVRQWDPELpQ
    VXVFHSWLEOHV GH VHU HVFRJLGDV FRPR YtFWLPDV 3RU FRQWUDVWH ODV
    GLRVDV TXH VH DVRFLDQ FRQ OD FDSDFLGDG GH GHILQLU OtPLWHV \ TXH
    SHUVLJXHQ REMHWLYRV $UWHPLVD  R UHVXHOYHQ SUREOHPDV H LGHDQ
    HVWUDWHJLDV $WHQHD  \ TXH H[LJHQ XQD FRQFLHQFLD FRQFHQWUDGD VRQ
    ODV GLRVDV YLUJLQDOHV H LQYXOQHUDEOHV /DV PXMHUHV FRPR HOODV WLHQHQ
    PHQRVSUREDELOLGDGHVGHVHUYtFWLPDV
    3DUD HYLWDU VHU HVFRJLGD FRPR YtFWLPD XQD PXMHU WLHQH TXH
    SDUHFHU FRQILDGD \ HVWDU FRQFHQWUDGD 7LHQHQ TXH FDPLQDU
    HQpUJLFDPHQWHFRPRVLVHHVWXYLHUDDSUHVXUDQGRSDUDOOHJDUDDOJ~Q
    ODGR OD IDOWD GH REMHWLYRV R GH DWHQFLyQ DWUDH SUREOHPDV  $XQTXH
    XQD PXMHU UHFHSWLYD \ DERUGDEOH D\XGD D TXH ODV UHODFLRQHV \ HO
    KRJDUVHDQFiOLGRVOOHYDUHVDVFXDOLGDGHVDOPXQGRSXHGHFRQGXFLU
    D LQWURPLVLRQHV QR SHGLGDV &XDOTXLHU PXMHU TXH HVWp GH SLH VROD
    HVSHUDQGRRVHQWDGDVRODHQXQUHVWDXUDQWHRHQXQYHVWtEXORHVWi
    H[SXHVWD D TXH VH OH DFHUTXH DOJ~Q KRPEUH TXH SUHVXSRQH TXH
    FXDOTXLHU PXMHU TXH QR HVWp FODUDPHQWH HQ UHODFLyQ DO DOJXLHQ HV
    FDPSRVXVFHSWLEOHGHFRPHQWDULRVRGHDWHQFLyQ6LHOODHVUHFHSWLYD
    \ DFFHVLEOH VX DFWLWXG DPLVWRVD SXHGH LQYLWDU D SUHVXSRQHU TXH HV
    XQ REMHWR VH[XDOPHQWH GLVSRQLEOH $Vt SXHV SXHGH TXH UHFLED
    LQYLWDFLRQHV LQGHVHDGDV D WHQHU UHODFLRQHV VH[XDOHV R WDO YH] VH
    FRQYLHUWD HQ XQD YtFWLPD GH DFRVR VH[XDO R GH OD FyOHUD FXDQGR VH
    RSRQH 'RV IDFWRUHV OH SUHGLVSRQHQ D VH HVFRJLGD FRPR YtFWLPD OD
    OHFWXUD HTXLYRFDGD TXH KDFH HO KRPEUH VREUH VX UHFHSWLELOLGDG R
    FRUGLDOLGDG FRPR LQYLWDFLyQ VH[XDO \ HO SUHMXLFLR JHQHUD GH TXH
    FXDOTXLHU PXMHU VROLWDULD SXHGH VHU DERUGDGD \ GH TXH HVWi
    SRWHQFLDOPHQWH GLVSRQLEOH 2WUR IDFWRU TXH FRQWULEX\H D HOOR HV OD
    SUHVXQFLyQ VRFLDO GH TXH ODV PXMHUHV FRQVWLWX\HQ XQD SURSLHGDG
    (VWDSUHVXQFLyQSURKtEHDORVKRPEUHVKDFHUFRPHQWDULRVKDEODUGH
    PXMHUHV DFRPSDxDGDV R LQFOXVR ³PLUDUODV GH DUULED DEDMR´ FRPR
    VXHOHQKDFHUHQRWURFDVR
    /DVPXMHUHVTXHVRQFRPR'HPpWHU\3HUVpIRQHTXHVHVLHQWHQ
    YXOQHUDEOHV R GHVSURWHJLGDV VXHOHQ WHQHU VXHxRV GH DQVLHGDG
    3XHGHQ VRxDU FRQ KRPEUHV TXH LUUXPSHQ HQ VXV GRUPLWRULRV R HQ
    VXV FDVDV R FRQ KRPEUHV ODVFLYRV R DJUHVLYRV TXH ODV DPHQD]DQR
    ODV VLJXHQ $ YHFHV ORV KRPEUHV KRVWLOHV FRQ OR TXH VXHxDQ VRQ
    FRQRFLGRV KRPEUHV FX\DV FUtWLFDV WHPHQ KRPEUHV TXH ODV
    DWHPRUL]DQFRQPDORVWUDWRVItVLFRVRHVWDOOLGRVGHFyOHUD6LGXUDQWH
    ODLQIDQFLDXQDPXMHUVHVLQWLyGHVSURWHJLGDRVXIULyUHDOPHQWHPDORV
    WUDWRV ORV SHUVRQDMHV TXH OH DWDFDQ HQ ORV VXHxRV VXHOHQ SURFHGHU
    GHDTXHOODpSRFDRVXFHGHQHQHQWRUQRVFRQRFLGRVGHODLQIDQFLD
    1R WRGDV ODV PXMHUHV GHO WLSR GH GLRVDV RULHQWDV KDFLD ODV
    UHODFLRQHV \ YXOQHUDEOHV WLHQHQ VXHxRV HQ ODV TXH HOODV VRQ ODV
    YtFWLPDV $O LJXDO TXH ODV IDVHV GH ODV PLVPDV GLRVDV ODV PXMHUHV
    TXHVHSDUHFHQDpVWDVDWUDYLHVDQXQSHULRGRHQODYLGDHQHOTXHVH
    VLHQWHQ VHJXUDV \ QR DPHQD]DGDV 6XV VXHxRV SXHGHQ VHU
    LJXDOPHQWH DJUDGDEOHV 1R REVWDQWH DOJXQDV PXMHUHV VXHxDQ TXH
    VRQYtFWLPDVHQSHULRGRVGHERQDQ]DFRPRVLWXYLHUDQTXHUHFRUGDU
    VX YXOQHUDELOLGDG (Q FXDOTXLHU FDVR ORV VXHxRV GH ODV PXMHUHV
    YXOQHUDEOHV HVWiQ OOHQRV GH JHQWH \ VXHOHQ DFRQWHFHU GHQWUR GH
    HGLILFLRV WDPELpQ HYRFDQ UHFXHUGRV GH YtQFXORV HPRFLRQDOHV GHO
    SDVDGRRGHVFULEHQUHODFLRQHVDFWXDOHVHQWpUPLQRVVLPEyOLFRV

    3DWURQHV GH VHU \ GH DFWXDU


    &DGD XQD GH ODV WUHV GLRVDV YXOQHUDEOHV WLHQH GHQWUR GH VX
    PLWRORJtDXQDIDVHIHOL]\GHUHDOL]DFLyQXQDIDVHGXUDQWHODTXHIXH
    HVFRJLGD FRPR YtFWLPD VXIULy \ IXH VLQWRPiWLFD \ XQD IDVH GH
    UHVWDEOHFLPLHQWR\WUDQVIRUPDFLyQ&DGDXQDUHSUHVHQWDXQDIDVHHQ
    OD YLGD GH OD PXMHU TXH pVWD SXHGH DWUDYHVDU UiSLGDPHQWH R HQ OD
    TXHSXHGHSHUPDQHFHUSRUXQWLHPSR
    8QD PXMHU TXH GHVFXEUH TXH HV FRPR +HUD 'HPpWHU R
    3HUVpIRQH WDO YH] DSUHQGD PiV DFHUFD GH Vt PLVPD DFHUFD GH VXV
    IXHU]DV VXVFHSWLELOLGDGHV R SRWHQFLDOLGDGHV QHJDWLYDV
    FRPSUHQGLHQGRORVSDUDOHOLVPRVTXHH[LVWHQHQWUHHOOD\HVDVGLRVDV
    DUTXHWtSLFDV 6L SXHGH DSUHQGHU D SUHGHFLU VXV SURSLRV SUREOHPDV
    SXHGH DKRUUDUVH DOJ~Q VXIULPLHQWR 3RU HMHPSOR XQD PXMHU +HUD
    SXHGHHYLWDUPXFKRGRORUQRSHUPLWLpQGRVHVHUHPSXMDGDLQVHQVDWD
    \ SUHPDWXUDPHQWH KDFLD HO PDWULPRQLR 1HFHVLWD DSUHQGHU D MX]JDU
    HOFDUiFWHUGHXQKRPEUH\DGTXLULUODFDSDFLGDGGHDPDUDQWHVGH
    FDVDUVH SRUTXH VX GHVWLQR VHUi GHWHUPLQDGR SRU VX PDULGR
    ,JXDOPHQWH XQD PXMHU 'HPpWHU GHEH HVWDU FODUD VREUH ODV
    FLUFXQVWDQFLDVEDMRODVTXHVHTXHGDHPEDUD]DGD\WLHQHQTXHWRPDU
    SUHFDXFLRQHV SUHYLDPHQWH SRUTXH OD GLRVD HQ HOOD ²VHQWLGD FRPR
    XQ LQVWLQWR PDWHUQDO LUUHVLVWLEOH² QR VH SUHRFXSD SRU ODV
    FRQVHFXHQFLDV < XQD MRYHQ 3HUVpIRQH KDUi ELHQ HQ DEDQGRQDU HO
    KRJDUSRUODXQLYHUVLGDGRHOWUDEDMRSDUDWHQHUXQDRSRUWXQLGDGGH
    HYROXFLRQDUPiVDOOiGHODSRVLELOLGDGGHVHJXLUVLHQGRSDUDVLHPSUH
    XQDKLMDFRPSODFLHQWHGHVXPDGUH

    (YROXFLRQDU PiV DOOi GH ODV 'LRVDV YXOQHUDEOHV


    $XQTXH ODV GLRVDV YXOQHUDEOHV QR SHUVRQLILFDQ FXDOLGDGHV TXH
    FRQGXFHQ D OD FRQVHFXFLyQ GH REMHWLYRV OD PXMHU HQ OD TXH YLYHQ
    HVWRV DUTXHWLSRV SXHGH HYROXFLRQDU PiV DOOi GH HOODV 3XHGH
    GHVFXEULU VXV FXDOLGDGHV GH $WHQHD R ODV GH $UWHPLVD R WDO YH]
    GHVFXEUDTXHODFRPSHWHQFLD\ODFRPSHWLFLyQHQHOPXQGROHOOHJDQ
    DWUDYpVGHOGHVDUUROORGHORTXHHOODVLHQWHFRPRSDUWH³PDVFXOLQD´
    GHVtPLVPD<TXL]iH[SORUHODVGLPHQVLRQHHVSLULWXDOHV\VHQVXDOHV
    TXHVHDVRFLDQFRQ+HVWLDGLRVDGHOKRJDU\FRQ$IURGLWDGLRVDGHO
    DPRU
    /RV WUHV VLJXLHQWHV FDStWXORV DKRQGDQ XQ SRFR PiV HQ OD
    PLWRORJtD \ FDUDFWHUtVWLFDV GH +HUD 'HPpWHU \ 3HUVpIRQH &DGD
    FDStWXOR GHVFULEH ORV SDWURQHV DUTXHWtSLFRV TXH SHUVRQLILFD XQD GH
    ODV GLRVDV \ PXHVWUD FyPR XQD GLRVD LQIOX\H ODV YLGDV GH ODV
    PXMHUHV HQ ODV TXH YLYH \ FyPR DIHFWD D ODV SHUVRQDV TXH VH
    UHODFLRQDQFRQODVPLVPDVFRPRHVSRVRVSDGUHVDPLJRVDPDQWHV
    HKLMRV
    7RGDPXMHUTXHKDVHQWLGRDOJXQDYH]HOLPSXOVRGHFDVDUVHRGH
    WHQHUXQQLxRRTXHKDVHQWLGRTXHHVWDEDHVSHUDQGRTXHVXFHGLHUD
    DOJRTXHFDPELDVHVXYLGD²ORFXDOSXHGHDEDUFDUDFDVLWRGDVODV
    PXMHUHV² VH HQFRQWUDUi DItQ D XQD GH ODV GLRVDV YXOQHUDEOHV HQ
    DOJ~QPRPHQWRGHVXYLGD
     ± +(5$ ',26$ '(/
    0$75,021,2 $57Ë),&( '(/
    &203520,62 < (6326$

    +HUD OD GLRVD
    /D PDMHVWXRVD UHJLD \ EHOOD +HUD TXH ORV URPDQRV FRQRFLHURQ
    FRPR -XQR HUD OD GLRVD GHO PDWULPRQLR )XH FRQVRUWH GH =HXV
    -~SLWHU HOGLRVVXSUHPRGHO2OLPSRTXHJREHUQDEDVREUHHOFLHOR\
    OD WLHUUD 6H SLHQVD TXH VX QRPEUH VLJQLILFD ³*UDQ 6HxRUD´ IRUPD
    IHPHQLQDGHODSDODEUDJULHJD KHUR/RVSRHWDVJULHJRVVHUHIHUtDQD
    HOOD FRPR OD GH ORV ³RMRV ERYLQRV´ KDFLHQGR XQ FXPSOLGR D VXV
    JUDQGHV\KHUPRVRVRMRV6XVVtPERORVHUDQODYDFDOD9tD/iFWHD
    HO OLULR \ ORV ³RMRV´ GH OD FROD GH ODV SOXPDV LULGLVFHQWHV GHO SDYR
    UHDOTXHVLPEROL]DQODDFWLWXGGHGHVYHORGH+HUD/DYDFDVDJUDGD
    HUD XQD LPDJHQ DVRFLDGD GHVGH KDFtD WLHPSR FRQ OD GLRVD *UDQ
    0DGUHFRPRSURYHHGRUDGHDOLPHQWRPLHQWUDVTXHOD9tD/iFWHD²
    QXHVWUD JDOD[LD TXH SURFHGH GH OD SDODEUD JULHJD JDOD ³OHFKH
    PDWHUQD´² UHIOHMD OD FUHHQFLD DQWHULRU D ODV GHLGDGHV JULHJDV GH
    TXH OD 9tD /iFWHD SURYHQtD GH ORV SHFKRV GH OD *UDQ 'LRVD FRPR
    UHLQD GHO FLHOR 3RVWHULRUPHQWH HVWR VH LQFRUSRUy D OD PLWRORJtD GH
    +HUD FXDQGR OD OHFKH EURWy GH VXV VHQRV VH IRUPy OD 9tD /iFWHD
    /DV JRWDV TXH FD\HURQ DO VXHOR VH FRQYLUWLHURQ HQ OLULRV IORUHV TXH
    VLPEROL]DQ RWUD FUHHQFLD SUHKHOpQLFD HQ HO SRGHU DXWRIHUWLOL]DQWH GH
    ORVJHQLWDOHVIHPHQLQRV/RVVtPERORVGH+HUD \VXVFRQIOLFWRVFRQ
    =HXV  UHIOHMDQ HO SRGHU TXH HOOD WXYR DOJXQD YH] FRPR *UDQ 'LRVD
    FX\R FXOWR SUHFHGLy DO GH =HXV (Q OD PLWRORJtD JULHJD +HUD WHQtD
    GRV DVSHFWRV TXH FRQWUDVWDEDQ HQWUH Vt HUD VROHPQHPHQWH
    UHYHUHQFLDGD \ YHQHUDGD HQ ULWXDOHV FRPR XQD SRGHURVD GLRVD GHO
    PDWULPRQLR \ IXH GHQLJUDGD SRU +RPHUR FRPR YHQJDWLYD
    SHQGHQFLHUD\DUStDFHORVD

    *HQHDORJtD \ PLWRORJtD
    +HUDIXHKLMDGH5HD\GH&URQRV)XHWUDJDGDSRUVXSDGUHQDGD
    PiVQDFHUORPLVPRTXHFXDWURGHVXVKHUPDQRV&XDQGRVDOLyGH
    VXFDXWLYLGDGGHOLQWHULRUGH&URQRV\DHUDXQDMRYHQPXFKDFKD/D
    GRQFHOODIXHSXHVWDDOFXLGDGRGHGRVGHLGDGHVGHODQDWXUDOH]DTXH
    HUDQHTXLYDOHQWHVDSDGUHVDGRSWLYRVPD\RUHVGHDOWRUDQJR
    +HUD FUHFLy KDVWD OOHJDU D VHU XQD DGRUDEOH GLRVD $WUDMR ODV
    PLUDGDV GH =HXV TXH SRU HQWRQFHV KDEtD YHQFLGR D &URQRV \ D ORV
    WLWDQHV\VHKDEUtDFRQYHUWLGRHQHOVREHUDQRGHORVGLRVHV 1RWHQtD
    LPSRUWDQFLD HO TXH IXHUD VX KHUPDQR ORV GLRVHV GHO 2OLPSR WHQtDQ
    VXV SURSLDV OH\HV R DXVHQFLD GH HOODV HQ OR TXH UHVSHFWD D ODV
    UHODFLRQHV  3DUD HVWDU PiV FHUFD GH OD GRQFHOOD YLUJHQ =HXV VH
    WUDQVIRUPy HQ XQ WHPEORURVR \ FRQPRYHGRU SDMDULOOR GHO TXH +HUD
    VH FRPSDGHFLy 3DUD FDOHQWDU D OD FULDWXUD PXHUWD GH IUtR +HUD OR
    PDQWXYRMXQWRDVXSHFKR(QWRQFHV=HXVVHGHVSRMyGHVXGLVIUD]
    YROYLy D WRPDU VX DSDULHQFLD KXPDQD H LQWHQWy IRU]DUOD 6XV
    HVIXHU]RV IXHURQ LQIUXFWXRVRV (OOD UHVLVWLy VXV LPSXOVRV DPRURVRV
    KDVWDTXHpOOHSURPHWLyFDVDUVHFRQHOOD6HGLFHTXHODOXQDGHPLHO
    GXUyWUHVFLHQWRVDxRV
    &XDQGRDFDEyODOXQDGHPLHOVHDFDEyWRGRHOUHVWR=HXVYROYLy
    DVXVDFWLWXGHVSURPLVFXDVSUHPDULWDOHV KDEtDWHQLGRVHLVFRQVRUWHV
    GLIHUHQWHV\PXFKDGHVFHQGHQFLDDQWHVGHFDVDUVHFRQ+HUD 8QD\
    RWUD YH] =HXV HUD LQILHO \ SURYRFDED ORV FHORV YHQJDWLYRV GH VX
    HVSRVD WUDLFLRQDGD /D UDELD GH +HUD QR VH GLULJtD KDFLD VX PDULGR
    LQILHO SRU HO FRQWUDULR HVWDED GLULJLGD KDFLD ³OD RWUD PXMHU´ TXH
    IUHFXHQWHPHQWHKDEtDVLGRVHGXFLGDYLRODGDRHQJDxDGDSRU=HXV 
    KDFLDORVKLMRVFRQFHELGRVSRU=HXVRKDFLDREVHUYDGRUHVLQRFHQWH
    ([LVWHQ QXPHURVDV KLVWRULDV VREUH OD FyOHUD GH +HUD &XDQGR
    =HXV VH OOHYDED SRU OD IXHU]D D (JLQD D XQD LVOD SDUD YLRODUOD +HUD
    VROWy XQ PRQVWUXRVR GUDJyQ TXH GHVWUX\y OD PD\RUtD GH OD
    SREODFLyQ < FXDQGR VH HQFROHUL]y SRU HO QDFLPLHQWR GH 'LRQLVRV
    YROYLyORFRVDORVSDGUHVDGRSWLYRVHQXQHVIXHU]RLQIUXFWXRVRSDUD
    GHVWUXLUOH
    &DOLVWRIXHRWUDGHODVLQIRUWXQDGDVDWUDSDGDHQODEDWDOODHQWUH
    =HXV \ +HUD =HXV HQJDxy D &DOLVWR DGRSWDQGR OD DSDULHQFLD GH
    $UWHPLVDGLRVDGHODFD]D\VHGXFLpQGRODGHVSXpV+HUDUHDFFLRQy
    DQWH HVWD DYHQWXUD WUDQVIRUPDQGR D &DOLVWR HQ XQD RVD \ GHMDQGR
    TXHVXKLMDODPDWDUDVLQVDEHUOR3HUR=HXVFRORFyDPDGUHHKLMRHQ
    HOFLHORFRPRODVFRQVWHODFLRQHVGHOD2VD0D\RU\OD2VD0HQRU
    +HUD IXH KXPLOODGD SRU =HXV HQ PXFKDV DYHQWXUDV eVWH
    GHVKRQUyVXPDWULPRQLRTXHSDUDHOODHUDVDJUDGR\OHSURGXMRPiV
    GRORU DO IDYRUHFHU D ORV KLMRV WHQLGRV FRQ OD RWUD PXMHU 3DUDDxDGLU
    PiV HVFDUQLR D HVWD KHULGD pO PLVPR GLR D OX] D VX KLMD $WHQHD
    GLRVDGHODVDELGXUtDGHPRVWUDQGRTXHQRQHFHVLWDEDDVXHVSRVDQL
    VLTXLHUDSDUDHVWHPHQHVWHU
    +HUD WXYR YDULRV KLMRV (Q XQD UHDFFLyQ GH SDJDU OD PLVPD
    PRQHGDDOQDFLPLHQWRGH$WHQHD+HUDGHFLGLyVHUHOODVRORSDGUH\
    PDGUHGHXQKLMR&RQFLELyD+HIHVWRGLRVGHODIRUMD&XDQGRpVWH
    QDFLyFRQORVSLHVFRQWUDKHFKRV²XQKLMRDQRUPDODGLIHUHQFLDGHOD
    SHUIHFWD $WHQHD² +HUD OH UHFKD]y DUURMiQGROH IXHUD GHO PRQWH
    2OLPSR
    6HJ~Q DOJXQRV +HUD IXH WDPELpQ OD ~QLFD PDGUH \ SDGUH GH
    7LIHR XQ PRQVWUXRVR LQKXPDQR GHVWUXFWLYR ³WHPLEOH \ IXQHVWR´ <
    $UHVGLRVGHODJXHUUDIXHKLMRGH+HUD\=HXV pVWHOHGHVSUHFLDED
    SRUTXH SHUGtD OD FDEH]D HQ HO DUGRU GH OD EDWDOOD  +HUD WDPELpQ
    WXYR GRV KLMDV QR PX\ EULOODQWHV +HEH OD MRYHQ HVFDQFLDGRUD \
    (LOHLWLULD KRMD GHO QDFLPLHQWR TXH FRPSDUWtD HVWD IXQFLyQ FRQ
    $UWHPLVD ODVSDUWXULHQWDVODLQYRFDEDQFRPR$UWHPLVD(LOHLWLULD 
    +HUD VROtD UHDFFLRQDU D FDGD QXHYD KXPLOODFLyQ FRQ DOJXQD
    DFFLyQ 3HUR VX UDELD \ VX VHQWLPLHQWR GH YHQJDQ]D QR HUDQ VXV
    ~QLFDVUHVSXHVWDV2WUDVYHFHVVHUHWLUDED/RVPLWRVFXHQWDQGHODV
    SHUHJULQDFLRQHV GH +HUD KDVWD ORV FRQILQHV GH OD WLHUUD \ GHO PDU
    GXUDQWH ODV TXH VH HQYROYtD HQ OD PiV SURIXQGD RVFXULGDG
    VHSDUiQGRVHGH=HXV\GHORVGHPiVGLRVHVGHO2OLPSR(QXQRGH
    ORVPLWRV+HUDUHJUHVyDODVPRQWDxDVHQODVTXHKDEtDSDVDGRVXV
    IHOLFHVGtDVGHMXYHQWXG&XDQGR=HXVYLRTXHHOODQRWHQtDLQWHQFLyQ
    GH YROYHU LQWHQWy SURYRFDU VXV FHORV DQXQFLDQGR TXH LED D FDVDUVH
    FRQ XQD SULQFHVD ORFDO 'HVSXpV DUUHJOy XQD IDOVD FHUHPRQLD FRQ
    XQDHVWDWXDIHPHQLQD(VWDEURPDGLYLUWLyD+HUDTXHOHSHUGRQy\
    UHJUHVyDOPRQWH2OLPSR
    $XQTXHODPLWRORJtDJULHJDUHFDOFDODVKXPLOODFLRQHV\HOFDUiFWHU
    YHQJDWLYRGH+HUDSRUFRQWUDVWHVXFXOWRHUDPX\YHQHUDGR
    (Q VXV ULWXDOHV +HUD WHQtD WUHV HStWHWRV \ WUHV FRUUHVSRQGLHQWHV
    VDQWXDULRVHQORVTXHVHODYHQHUDEDGXUDQWHHODxR(QSULPDYHUD
    HOODHUD+HUD 3DUWKHQRV +HUDODGRQFHOODR+HUDODYLUJHQ 6HOH
    UHQGtDFXOWRFRPR+HUD 7HOHLDHQYHUDQR\RWRxR +HUDODSHUIHFWD
    R +HUD OD UHDOL]DGD  \ HQ LQYLHUQR VH FRQYHUWtD HQ +HUD &KHUD
    +HUDODYLXGD >@
    (VWRVWUHVDVSHFWRVGH+HUDUHSUHVHQWDEDQORVWUHVHVWDGRVGHOD
    YLGD GH XQD PXMHU UHFRQVWUXLGRV VLPEyOLFDPHQWH HQ GLYHUVRV ULWRV
    (QSULPDYHUDVHVXPHUJtDHQXQEDxRXQDLPDJHQTXHUHSUHVHQWDED
    D +HUD UHVWDEOHFLHQGR VLPEyOLFDPHQWH VX YLUJLQLGDG (Q YHUDQR
    ORJUDED OD SHUIHFFLyQ HQ XQ ULWXDO GH ERGD (Q LQYLHUQR RWUR ULWXDO
    UHFDOFDEDXQDGLVSXWDFRQVHSDUDFLyQGH=HXVTXHPDUFDEDODIDVH
    GH+HUDODYLXGDGXUDQWHODTXHHOODSHUPDQHFtDHVFRQGLGD

    +HUD HO DUTXHWLSR
    +HUD FRPR GLRVD GHO PDWULPRQLR IXH UHYHUHQFLDGD \
    YLOLSHQGLDGDKRQUDGD\KXPLOODGD(OODPiVTXHQLQJXQDRWUDGLRVD
    SRVHH DWULEXWRV PDUFDGDPHQWH SRVLWLYRV \ QHJDWLYRV /R PLVPR
    RFXUUH FRQ HO DUTXHWLSR GH +HUD IXHU]D LQWHQVDPHQWH SRGHURVD GH
    DOHJUtD\GRORUHQODSHUVRQDOLGDGGHXQDPXMHU

    /D HVSRVD
    3ULPHUR\DQWHWRGRHODUTXHWLSRGH+HUDUHSUHVHQWDDODPXMHU
    TXH DQKHOD FDVDUVH 8QD PXMHU TXH WHQJD XQ IXHUWH DUTXHWLSR GH
    +HUD VH VLHQWH IXQGDPHQWDOPHQWH LQFRPSOHWD VLQ XQD SDUHMD (VWi
    PRWLYDGD SRU XQ LQVWLQWR ³RWRUJDGR SRU OD GLRVD´ KDFLD HO
    PDWULPRQLR 6X GRORU GH SHUPDQHFHU VLQ SDUHMD SXHGH VHU XQD
    H[SHULHQFLD WDQ SURIXQGD H KLULHQWH FRPR OD GH XQD PXMHU VLQ KLMRV
    FX\DQHFHVLGDGPiVXUJHQWHHVODGHWHQHUXQEHEp
    &RPR SVLTXLDWUD VR\ PX\ FRQVFLHQWH GHO VXIULPLHQWR TXH VLHQWH
    XQDPXMHU+HUDFXDQGRQRWLHQHXQKRPEUHVLJQLILFDWLYRHQVXYLGD
    0XFKDV PXMHUHV KDQ FRPSDUWLGR VX GRORU SULYDGR FRQPLJR 8QD
    DERJDGD GHFtD VROOR]DQGR ³7HQJR WUHLQWD \ QXHYH DxRV \ QR WHQJR
    PDULGR \ HVWR\ WDQ DYHUJRQ]DGD´ 8QD DWUDFWLYD HQIHUPHUD
    GLYRUFLDGD GH WUHLQWD \ GRV DxRV FRQIHVDED FRQ WULVWH]D ³6LHQWR
    FRPR VL WXYLHUD XQ JUDQ DJXMHUR HQ PL SVLTXH R WDO YH] VH XQD
    KHULGD TXH QXQFD VH FXUH £'LRV PtR HVWR\ VROD &UHR TXH VDOJR
    EDVWDQWH SHUR QLQJXQR GH ORV KRPEUHV TXH HQFXHQWUR TXLHUH
    FRPSURPHWHUVHHQVHULR´
    &XDQGR XQD PXMHU FRQ XQD QHFHVLGDG FRPSXOVLYD GH WHQHU XQD
    SDUHMD VH HQFXHQWUD HQYXHOWD HQ XQD UHODFLyQ VHULD VDWLVIDFH JUDQ
    SDUWH GHO DQKHOR FUHDGR SRU HO DUTXHWLSR GH +HUD 3HUR WRGDYtD
    VLHQWH HO GHVHR DSUHPLDQWH GH FDVDUVH 1HFHVLWD HO UHVSHWR \ OD
    KRQRUDELOLGDG TXH FRQOOHYD SDUD HOOD HO PDWULPRQLR \ TXLHUD VHU
    UHFRQRFLGD FRPR ³VHxRUD GH $OJXLHQ´ 1R TXLHUH VLPSOHPHQWH YLYLU
    MXQWRDDOJXLHQLQFOXVRDXQDHGDGHQODTXHHVWDFODVHGHDUUHJORV
    QR HVWi HVWLJPDWL]DGD $Vt OXFKD SRU FRQVHJXLU HO UHFRQRFLPLHQWR
    H[WHUQR FRQVLGHUD TXH XQD JUDQ ERGD HQ XQD LJOHVLD HV
    LQILQLWDPHQWHSUHIHULEOHDYRODUD5HQRRDFXGLUDO$\XQWDPLHQWR
    &XDQGR +HUD HV VX DUTXHWLSR XQD QRYLD SXHGH VHQWLUVH FRPR
    XQD GLRVD HO GtD GH VX ERGD 3DUD HOOD HO PDWULPRQLR LQPLQHQWH
    HYRFD OD DQWLFLSDFLyQ GH OD UHDOL]DFLyQ \ GH OD SHUIHFFLyQ OR FXDO OD
    OOHQDGHDOHJUtDeVDHVODQRYLDUDGLDQWHOOHQDGH+HUD
    /D DQWHULRU SULPHUD GDPD 1DQF\ 5HDJDQ HQFDUQD HO DUTXHWLSR
    GHHVSRVD/DVHxRUD5HDJDQGHMyFODURTXHVHUODPXMHUGH5RQDOG
    5HDJDQ HUD VX SULRULGDG SULQFLSDO &XDQGR GHVFULEtD OD LPSRUWDQFLD
    GH VX PDWULPRQLR KDEODED SRU WRGDV ODV PXMHUHV TXH HQFDUQDQ D
    +HUDHQHOLQWHULRUGHXQIHOL]PDWULPRQLR
    (QORTXHDPtUHVSHFWDQXQFDYLYtUHDOPHQWHKDVWDTXHHQFRQWUp
    D 5RQQLH 2K Vp TXH HVWR QR HV XQD FRQIHVLyQ PX\ SRSXODU
    DFWXDOPHQWH 6H VXSRQH TXH XQD GHEH VHU WRWDOPHQWH
    LQGHSHQGLHQWH WDO YH] WHQHU XQ PDULGR DO ODGR FRPR DOJR GH
    FRQYHQLHQFLD3HURQRSXHGRHYLWDUVHQWLUFRPRVLHQWR5RQQLHHVOD
    UD]yQGHPLIHOLFLGDG6LQpOVHUtDPX\GHVJUDFLDGD\QRWHQGUtDXQ
    YHUGDGHURSURSyVLWRQLXQDGLUHFFLyQHQPLYLGD>@
    /DQXHVWUDHVXQDFXOWXUDTXHKDVWDPX\UHFLHQWHPHQWHVHKDFtD
    HFRGHOSXQWRGHYLVWDGH1DQF\5HDJDQ³FDVDUVH´VHFRQVLGHUDEDOD
    PD\RU UHDOL]DFLyQ GH XQD PXMHU ,QFOXVR DKRUD FXDQGR VRQ
    LPSRUWDQWHV OD HGXFDFLyQ \ ODV PHWDV SURIHVLRQDOHV OD PD\RUtD GH
    ODVPXMHUHVQRSXHGHQHVFDSDUDOKHFKRGHVHQWLUVHSUHVLRQDGDVSRU
    ODV H[SHFWDWLYDV FXOWXUDOHV GH ³HVWDEOHFHUVH \ FDVDUVH´ $Vt SXHV HO
    DUTXHWLSRGH+HUDUHFLEHXQHQRUPHDSR\R$GHPiVSUHYDOHFHXQD
    PHQWDOLGDG GH ³DUFD GH 1Rp´ VH HVSHUD TXH OD JHQWH VH SRQJD HQ
    SDUHMDVFRPRORV]DSDWRVRORVFDOFHWLQHV&RQHVWDQRUPDVRFLDOVH
    KDFH VHQWLU D ODV VROHWHUDV TXH HVWiQ SHUGLHQGR HO WUHQ 'H HVWD
    PDQHUD HO DUTXHWLSR GH +HUD TXHGD UHIRU]DGR SRU FRQVHFXHQFLDV
    QHJDWLYDV FXDQGR XQD PXMHU QR VH DPROGD D +HUD DVt FRPR SRU OD
    YDOLGDFLyQSRVLWLYDTXHVHSURGXFHFXDQGRVtVHDPROGD
    /D SUXHED GH TXH +HUD SXHGH QR VHU H[FOXVLYDPHQWH XQD
    UHDFFLyQ GH XQD FXOWXUD SDWULDUFDO ²XQD FXOWXUD TXH GHVYDORUL]D D
    XQDPXMHUKDVWDTXHKDVLGRHVFRJLGDSRUXQKRPEUH \FXDQWRPiV
    SRGHURVR PHMRU ² HV VXJHULGD SRU OD H[LVWHQFLD GHO PLVPR LPSXOVR
    HQ PXFKDV PXMHUHV OHVELDQDV 0XFKDV OHVELDQDV WLHQHQ OD PLVPD
    QHFHVLGDGXUJHQWHGHWHQHUVXSDUHMD\HOPLVPRGHVHRDSUHPLDQWH
    GHXQDFHUHPRQLDULWXDOTXHSURSRUFLRQHXQUHFRQRFLPLHQWRH[WHUQR
    GH HVWDU HQ SDUHMD &RQ WRGD FHUWH]D OD PXMHU OHVELDQD TXH
    SHUVRQLILFDD+HUDQRHVWiUHVSRQGLHQGRDODSUHVLyQFXOWXUDORDODV
    H[SHFWDWLYDVIDPLOLDUHVTXHWLHQGHQDFRQGHQDUODUHODFLyQPiVTXH
    DSR\DUOD

    /D FDSDFLGDG GH FRPSURPLVR
    (O DUTXHWLSR GH +HUD SURSRUFLRQD OD FDSDFLGDG GH YLQFXODUVH GH
    VH OHDO \ ILHO GH VRSRUWDU \ DWUDYHVDU GLILFXOWDGHV FRQ XQD SDUHMD
    &XDQGR+HUDHVODIXHU]DPRWLYDGRUDHOFRPSURPLVRGHXQDPXMHU
    QRHVFRQGLFLRQDO8QDYH]FDVDGDHOODHQWLHQGHSHUPDQHFHUDVt³HQ
    ODGLFKD\HQODDGYHUVLGDG´
    6LQ +HUD XQD PXMHU SXHGH DWUDYHVDU XQD VHULH GH UHODFLRQHV
    FRUWDVDEDQGRQiQGRODVFXDQGRVXUJHQODVLQHYLWDEOHVGLILFXOWDGHVR
    FXDQGR GHVDSDUHFH OD PDJLD LQLFLDO GHO HQDPRUDUVH 3XHGH TXH
    QXQFDVHHQDPRUH\VHVLHQWDELHQUHVSHFWRDVXHVWDGRGHVROWHUD
    2 WDO YH] KDJD WRGRV ORV PRYLPLHQWRV ²JUDQ ERGD HQ OD LJOHVLD \
    WRGRORGHPiV²SHURQRVHVLHQWDFRQHFWDGDHQORYLWDODPDQHUD
    GH+HUDFRQHOKRPEUHFRQHOTXHVHKDFDVDGR
    &XDQGR ODV PXMHUHV VH FDVDQ VLQ +HUD ³IDOWD DOJR´ pVWDV IXHURQ
    ODV SDODEUDV H[DFWDV XWLOL]DGDV SRU XQD GH PLV SDFLHQWHV XQD
    IRWyJUDIDGHFXDUHQWD\FLQFRDxRVTXHFDUHFtDGHOVHQWLGRSURIXQGR
    GH FRQH[LyQ FRQ VX PDULGR ³0H JXVWD EDVWDQWH \ KH VLGR EXHQD
    HVSRVD ²GHFtD² SHUR FRQ IUHFXHQFLD SLHQVR TXH YLYLU VROD PH
    FRQYHQGUtD PiV 6L ODV PXMHUHV IOLUWHDQ FRQ pO FXDQGR \R HVWR\
    SUHVHQWH pO ODV LQFLWD D YHFHV FUHR TXH HV SRU Pt (VSHUD TXH PH
    YXHOYD D FDVD FHORVD \ GHVSXpV VH LQFRPRGD SRUTXH \R QR PH
    LQFRPRGR 6XSRQJR TXH VRVSHFKD TXH pO QR HV DOJR HVHQFLDO SDUD
    Pt OR FXDO HV YHUGDG (Q HO IRQGR QR VR\ HQ DEVROXWR XQD HVSRVD
    GHYRWDDXQTXHPLFRPSRUWDPLHQWRFRPRHVSRVDHVWiIXHUDGHWRGD
    SRVLELOLGDG GH FUtWLFD´ 'HVJUDFLDGDPHQWH SDUD DPERV LQFOXVR
    GHVSXpV GH YHLQWH DxRV GH PDWULPRQLR +HUD VHJXtD VLQ VHU XQ
    DUTXHWLSRDFWLYR
    (O PDWULPRQLR VDJUDGR
    'RV GH ORV WUHV VLJQLILFDGRV GHO PDWULPRQLR FRQVLVWHQ HQ OD
    VDWLVIDFFLyQ GH XQD QHFHVLGDG LQWHUQD GH HVWDU HQ SDUHMD \ HQ HO
    UHFRQRFLPLHQWR H[WHUQR GH VHU PDULGR \ PXMHU (O DUTXHWLSR GHO
    PDWULPRQLR VH H[SUHVD WDPELpQ HQ XQ WHUFHU QLYHO PtVWLFR FRPR XQ
    HVIXHU]R SRU FRQVHJXLU OD WRWDOLGDG D WUDYpV GHO ³PDWULPRQLR
    VDJUDGR´ /DV FHUHPRQLDV UHOLJLRVDV GH ERGD TXH UHFDOFDQ OD
    QDWXUDOH]D VDJUDGD GHO PDWULPRQLR ²FDUDFWHUL]iQGROR FRPR XQD
    XQLyQ HVSLULWXDO R XQ VDFUDPHQWR D WUDYpV GH ORV TXH SXHGH VHU
    FDQDOL]DGD OD JUDFLD² VRQ UHFRQVWUXFFLRQHV FRQWHPSRUiQHDV GH ORV
    ULWXDOHVVDJUDGRVGH+HUD
    8QD FRPSUHQVLyQ LQWHUQD GH HVWH DVSHFWR VDJUDGR GHO DUTXHWLSR
    GH +HUD PH OOHJy SRU H[SHULHQFLD GLUHFWD <R IXL HGXFDGD FRPR
    SURWHVWDQWH GH UXWLQD 1LQJ~Q PLVWHULR R PDJLD DFRPSDxDEDQ
    QXHVWURV ULWXDOHV UHOLJLRVRV (O VDFUDPHQWR GH OD FRPXQLyQ HUD
    FHOHEUDGR FRQ ]XPR GH XYD :HOFK DVt SXHV IXH LQHVSHUDGR \
    SURIXQGDPHQWHFRQPRYHGRUSDUDPtGHVFXEULUTXHPLFHUHPRQLDGH
    PDWULPRQLR HQ OD FDWHGUDO GH OD *UDFLD GH 6DQ )UDQFLVFR IXH XQD
    VREUHFRJHGRUDH[SHULHQFLDLQWHUQD6HQWtTXHHVWDEDSDUWLFLSDQGRGH
    XQ SRGHURVR ULWXDO TXH LQYRFDED OR VDJUDGR« WXYH OD VHQVDFLyQ GH
    H[SHULPHQWDUDOJRPiVDOOiGHODUHDOLGDGRUGLQDULDDOJRQXPLQRVR
    TXH HV XQD FDUDFWHUtVWLFD GH OD H[SHULHQFLD DUTXHWtSLFD &XDQGR
    UHFLWp PLV SURPHVDV GH PDWULPRQLR PH VHQWt FRPR VL HVWXYLHUD
    SDUWLFLSDQGRHQULWRVVDJUDGRV
    &XDQGR HO PDWULPRQLR VDJUDGR VXFHGH HQ XQ VXHxR VH SURGXFH
    XQFDPELRVLPLODUHQLQWHQVLGDG/RTXHUHFXHUGDHVORVREUHFRJHGRU
    GHODH[SHULHQFLD/DJHQWHVXHOHXWLOL]DUPHWiIRUDVGHOFDPSRGHOD
    HQHUJtD R GH OD HOHFWULFLGDG SDUD LQWHQWDU H[SUHVDU OR TXH VLHQWH
    FXDQGR VH FRQHFWD FRQ OD SHUVRQD TXH DSDUHFtD FRPR OD SDUHMD
    VDJUDGDHQVXVVXHxRV3RUVLPEROL]DUXQDXQLyQLQWUDSVtTXLFDHQWUH
    PDVFXOLQR \ IHPHQLQR HO VXHxR HV XQD H[SHULHQFLD GH WRWDOLGDG
    &XDQGR HO VRxDGRU HV DEUD]DGR SRU VX SDUHMD VDJUDGD VLHQWH XQD
    PH]FODGHVHQWLPLHQWRHUyWLFRELHQDYHQWXUDQ]D\XQLyQ(OVXHxRHV
    ³QXPLQRVD´ TXH VLJQLILFD TXH WLHQHQ XQ HIHFWR HPRFLRQDO
    LQH[SUHVDEOH PLVWHULRVR \ GLYLQR VREUH OD SHUVRQD TXH VXHxD  /D
    SHUVRQDTXHORKDVRxDGRVHGHVSLHUWDVDFXGLGD\FRQPRYLGD³)XH
    XQ VXHxR PiV UHDO SDUD Pt TXH OR TXH VHQWt FXDQGR PH GHVSHUWp
    1XQFD OR ROYLGDUp &XDQGR PH WXYR HQ VXV EUD]RV PH VHQWt
    PDUDYLOORVD)XHFRPRXQDUHXQLyQPtVWLFD1RSXHGRH[SOLFDUORIXH
    XQD VHQVDFLyQ GH SURIXQGD SD] \ DO PLVPR WLHPSR XQD VHQVDFLyQ
    HOHFWUL]DQWH (VWH VXHxR IXH XQ DFRQWHFLPLHQWR IXQGDPHQWDO HQ PL
    YLGD´
    (Q HVWD H[SHULHQFLD SXUDPHQWH LQWHUQD GHO PDWULPRQLR VDJUDGR
    ODSURWDJRQLVWDGHOVXHxRVHYLYHDVtPLVPDFRPR+HUDODSHUIHFWD
    RUHDOL]DGD)UHFXHQWHPHQWHHVWRWLHQHXQHIHFWRDSDFLJXDQWHVREUH
    HOLPSXOVRGHVHUXQDSDUHMD\ODQHFHVLGDGGHHVWDUFDVDGD

    /D PXMHU GHVGHxDGD HO SDWUyQ QHJDWLYR GH


    +HUD
    /D GLRVD +HUD QR H[SUHVy VX FyOHUD FRQWUD =HXV SRU VXV
    LQILGHOLGDGHV S~EOLFDV &DQDOL]y HQ VX LUD YHQJDWLYD FRQWUD OD RWUD
    PXMHU R ORV KLMRV HQJHQGUDGRV SRU =HXV HO GRORU TXH VLQWLy GH VHU
    UHFKD]DGD SRU pO \ GH VHU KXPLOODGD SRU VXV DYHQWXUDV
    VHQWLPHQWDOHV (O DUTXHWLSR GH +HUD SUHGLVSRQH D ODV PXMHUHV D
    GHVSOD]DU OD FXOSD GH VX SDUHMD ²GH OD TXH HV HPRFLRQDOPHQWH
    GHSHQGLHQWH²VREUHORVGHPiV<ODVPXMHUHVWXSR+HUDUHDFFLRQDQ
    DODSpUGLGD\DOGRORUFRQUDELD\DFWLYLGDG PiVTXHFRQGHSUHVLyQ
    FRPR HV WtSLFR GH 'HPpWHU \ GH 3HUVpIRQH  (Q PL WUDEDMR FRPR
    DQDOLVWD KH GHVFXELHUWR TXH OD DFWLWXG GH YHQJDQ]D HV XQD HVSHFLH
    GHMXHJRGHSUHVWLGLJLWDFLyQTXHKDFHTXHXQDPXMHU+HUDVHVLHQWD
    SRGHURVDHQYH]GHUHFKD]DGD
    -HDQ +DUULV HV XQD SHUVRQLILFDFLyQ FRQWHPSRUiQHD GH OD +HUD
    GHVGHxDGD/DSRGHURVDGLUHFWRUDGHODHOLWLVWD(VFXHOD0DGHLUDIXH
    FRQGHQDGDSRUHODVHVLQDWRGHVXDPDQWHGHWRGDODYLGDHOLQYHQWRU
    GH OD ³GLHWD 6FDUVGDOH´ HO GRFWRU +HUPDQ 7DUQRYHU 6H VDEtD TXH
    +DUULV KDEtD HVWDGR IXULRVD GH FHORV SRU OD SUHIHUHQFLD GH 7DUQRYHU
    SRUXQDMRYHQULYDODODTXHHOODFRQVLGHUDEDFRQPHQRVHGXFDFLyQ
    HVWXGLRV \ FODVH TXH HOOD )XH GHFODUDGD FXOSDEOH GHO DVHVLQDWR
    GHVSXpVGHTXHVHUHYHODVHVXLQWHQVRRGLRKDFLDODRWUDPXMHUHQ
    XQD H[WHQVD FDUWD HVFULWD D 7DUQRYHU DQWHV GH OD PXHUWH GH pVWH
    (VFULELy

    +DVVLGRORPiVLPSRUWDQWHGHPLYLGDHOVHUKXPDQRPiV
    LPSRUWDQWHGHPLYLGD\HVWRQRFDPELDUiMDPiV0HVLJXHV
    FRQWURODQGRPHGLDQWHODDPHQD]DGHKDFHUPHVDOLUGHWXYLGD
    ²XQDDPHQD]DIiFLOFRQODTXHVDEHVTXHQRSRGUtDYLYLU²\
    DVt SHUPDQH]FR VROD HQ FDVD PLHQWUDV W~ KDFHV HO DPRU FRQ
    DOJXLHQ TXH FDVL PH KD GHVWUXLGR +H VLGR KXPLOODGD
    S~EOLFDPHQWHXQD\RWUDYH]

    $ SHVDU GH VXV UHDOL]DFLRQHV \ GH VX SUHVWLJLR +DUULV HVWDED


    FRQYHQFLGD GH TXH QR YDOtD QDGD VLQ 7DUQRYHU +DEtD PDQWHQLGR
    FRQWLQXDPHQWHTXHODPXHUWDIXHDFFLGHQWDO$OLJXDOTXH+HUDTXH
    QXQFDFRQVLGHUyD=HXVUHVSRQVDEOHGHVXVFRUUHUtDVDPRURVDVHVWD
    DILUPDFLyQSRGtDVHUFLHUWDPHQWHYHUGDGHUD\DTXH+DUULVQRSRGtD
    LPDJLQDUYLYLUVLQpO>@

    (O FXOWLYR GH +HUD
    /D QHFHVLGDG GH VHU PiV FRPR +HUD OOHJD D DOJXQDV PXMHUHV
    FRPR XQD UHDOL]DFLyQ HQ ORV SULPHURV DxRV GH OD PLWDG GH VX YLGD
    SDUDHQWRQFHVKDQWHQLGRXQDVHULHGHUHODFLRQHVRKDQHVWDGRWDQ
    FHQWUDGDV HQ VXV FDUUHUDV TXH HO PDWULPRQLR QR KD VLGR XQD
    SULRULGDG SDUD HOODV +DVWD HQWRQFHV KDQ SUHVWDGR DWHQFLyQ D OD
    LQFOLQDFLyQ GH $IURGLWD D FDPELDU GH XQD UHODFLyQ D RWUD R D OD
    WHQGHQFLD GH 3HUVpIRQH D HYLWDU FRPSURPLVRV R D OD DFWLWXG GH
    $UWHPLVD \ GH $WHQHD D FHQWUDUVH HQ DOFDQ]DU VXV PHWDV 2 ODV
    GLRVDV KDQ FUX]DGR VXV SURSyVLWRV \ OD QHFHVLGDG DSUHPLDQWH GH
    +HUD GH WHQHU XQD SDUHMD KD VLGR IUXVWUDGD SRU OD HOHFFLyQ GH ORV
    KRPEUHV TXH XQD PXMHU KD KHFKR HOHFFLyQ LQIOXLGD SRU ODV GHPiV
    GLRVDV
    &XDQGR XQLUVH FRPR SDUHMD QR HV XQ LQVWLQWR SRGHURVR WHQGUi
    TXH VHU FXOWLYDGR FRQVFLHQWHPHQWH (VWR VyOR VXHOH VHU SRVLEOH
    FXDQGR XQD PXMHU YH OD QHFHVLGDG GH FRQWUDHU XQ FRPSURPLVR \
    WLHQHODYROXQWDGGHFXPSOLUOR\FXDQGRVHOHRIUHFHODRSRUWXQLGDG
    GHKDFHUOR6LDPDDXQKRPEUHTXHQHFHVLWDRH[LJHILGHOLGDGHOOD
    WLHQH TXH HOHJLU HQWUH pO R OD PRQRJDPLD 7LHQHQ TXH GHFLGLU HO
    FRUWDU FRQ OD SURPLVFXLGDG GH $IURGLWD R OD LQGHSHQGHQFLD GH
    $UWHPLVD \ IDYRUHFHU D +HUD 8QD GHFLVLyQ FRQVFLHQWH GH VHU XQD
    HVSRVD WLSR +HUD SXHGH IRUWDOHFHU OD FRQH[LyQ GH XQD PXMHU FRQ HO
    DUTXHWLSR
    6L OD UHODFLyQ FRQ KRPEUHV QR FDVDGRV LPSLGH D XQD PXMHU
    YROYHUVH XQD HVSRVD QHFHVLWD GHVHQFDQWDUVH GHO WLSR GH KRPEUHV
    SRU TXH KD HVWDGR DWUDtGD \ GHO WUDWR TXH KD UHFLELGR GH HOORV
    7DPELpQWLHQHTXHYROYHUDDILUPDUVXDFWLWXGKDFLDORVKRPEUHVGH
    YDORUHVWUDGLFLRQDOHVSRUTXHWDOYH]VHOHKD\DQLQFXOFDGRSUHMXLFLRV
    FRQWUD HVRV KRPEUHV TXH UHDOPHQWH TXLHUHQ FDVDUVH \ WHQHU XQD
    IDPLOLD&XDQGRFDPELDVXLPDJHQGHORTXHHVXQKRPEUHGHVHDEOH
    \ VH DFRPRGD DO WLSR GH KRPEUH TXH SXHGH FRPSURPHWHUVH
    HQWRQFHVSXHGHTXHDSDUH]FDODXUJHQFLDGH+HUDDUHDOL]DUVHFRPR
    HVSRVD

    +HUD OD PXMHU
    /D+HUDDFWXDOHVIiFLOPHQWHUHFRQRFLEOH&RPRODQRYLDUDGLDQWH
    TXHFDPLQDSRUHOSDVLOORKDFLDHOQRYLRTXHODHVSHUDHVODDOHJUH
    +HUD TXH GLVIUXWD GH DQWHPDQR VX UHDOL]DFLyQ &RPR HVSRVD
    WUDLFLRQDGD TXH GHVFXEUH TXH VX PDULGR WLHQH RWUD UHODFLyQ \ VH
    HQFROHUL]D FRQ OD RWUD PXMHU HV +HUD OD DUStD /D PXMHU +HUD HVWi
    HQFDUQDGD SRU LQQXPHUDEOHV PXMHUHV TXH KDQ VLGR ³OD VHxRUD´ ²
    FDUDFWHUtVWLFDPHQWHYLUJHQDQWHVGHOPDWULPRQLRRDOPHQRVKDVWDHO
    FRPSURPLVR²\ GHVSXpVODHVSRVDOHDOGXUDQWHGpFDGDVKDVWDTXH
    VHFRQYLHUWHHQODYLXGDTXHYLYHGHOD6HJXULGDG6RFLDO
    8QD PXMHU +HUD GLVIUXWD KDFLHQGR GH VX PDULGR HO FHQWUR GH VX
    YLGD7RGRHOPXQGRVDEHTXHVXPDULGRHVORSULPHUR/RVKLMRVGH
    XQD PXMHU +HUD VH GDQ FXHQWD SHUIHFWDPHQWH GHO RUGHQ GHO
    XQLYHUVR OR PHMRU JXDUGDGR VLHPSUH SDUD pO 2WUDV SHUVRQDV
    WDPELpQVHGDQFXHQWDLQPHGLDWDPHQWHGHODVLWXDFLyQHOODOHVGHMD
    ³HQVXVSHQVR´KDVWDTXHFRQVXOWHFRQpO
    0XFKDV PXMHUHV IXQGLGDV HQ HO PROGH GH +HUD SRVHHQ XQD
    FXLGDG GH PDWURQD \ VRQ SHUFLELGDV SRU WRGR HO PXQGR FRPR
    ³WRWDOPHQWH FDVDGDV´ < PXFKDV RWUDV PXMHUHV WLHQHQ D +HUD FRPR
    XQR GH ORV YDULRV DVSHFWRV GH VX SHUVRQDOLGDG (Q OD VXSHUILFLH WDO
    YH] QR SDUH]FDQ PXMHUHV +HUD SHUR D PHGLGD TXH YDQ VDELHQGR
    FRVDV VREUH HOOD UHFRQRFHQ TXH +HUD OHV HV XQ SHUVRQDMH LQWHUQR
    PX\IDPLOLDU

    ,QIDQFLD
    $ODHGDGGHFXDWURRFLQFRDxRVSXHGHHQFRQWUDUVHDODMRYHQ
    +HUD MXJDQGR ³D SDSiV \ PDPiV´ \ GLFLHQGR D VX FRPSDxHUR GH
    MXHJRV VHxDOiQGROH OD SXHUWD ³7~ HUHV HO SDSi \ YDV D WUDEDMDU´
    <HQGR \ YLQLHQGR FRPR XQD ³SHUVRQD PD\RU´ OLPSLD \ SRQH HQ OD
    PHVD XQD FRPLGD GH HQVDODGD GH KLHUED \ WDUWDV GH EDUUR
    UHSUHVHQWDQGR SRU DQWLFLSDGR HO SXQWR FXOPLQDQWH GHO GtD GH +HUD
    TXH VH SURGXFH FXDQGR OOHJD D FDVD \ VH VLHQWD SDUD OD FHQD 3RU
    FRQWUDVWH OD MRYHQ 'HPpWHU SDUD OD TXH VHU PDPi HV HO SULQFLSDO
    DFRQWHFLPLHQWRSDVHDHQXQFDUULWRDVXVPXxHFDV\SDVDODVKRUDV
    YLVWLHQGRDOLPHQWDGR\DFRVWDQGRDVX³EHEp´ 
    3HURDORVVHLVRVLHWHDxRVFXDQGRQLxRV\QLxDVVHVHSDUDQHQ
    VXVSURSLRVJUXSRVGHMXHJR\ODPD\RUtDGHODVQLxDVSLHQVDQTXHOD
    PD\RUtDGHORVQLxRVVRQ³XQDVFR´HQFRQWUDUDFKLTXLOORVSDUDMXJDU
    ³D SDSiV \ PDPiV´ HV FDVL LPSRVLEOH 6LHPSUH KD\ FDVRV GLVSHUVRV
    GH³HPSDUHMDPLHQWR´LQFOXVRHQSULPHUJUDGRSHURSDUDODPD\RUtD
    HO SUy[LPR YLVOXPEUH GH +HUD OOHJD GHVSXpV FXDQGR ORV FUtRV ³VH
    YXHOYHQMXLFLRVRV´

    /RV SDGUHV
    /RVSDGUHVGH+HUDIXHURQ&URQRV\5HDXQSDGUHGLVWDQWHTXH
    VH WUDJy D VXV KLMRV DPHQD]DGR SRU OD SRVLELOLGDG GH TXH XQR GH
    HOORVOHGHVWURQDVH\XQDPDGUHLPSRWHQWHTXHQRSRGUtDSURWHJHU
    GH pO D VXV KLMRV &URQRV \ 5HD QRV SURSRUFLRQDQ XQD LPDJHQ
    QHJDWLYD \ H[DJHUDGD GH XQ PDWULPRQLR SDWULDUFDO HO PDULGR HV XQ
    KRPEUH SRGHURVR \ GRPLQDQWH TXH QR WROHUD QLQJXQD FRPSHWHQFLD
    SRUSDUWHGHVXVKLMRVQLSHUPLWHDVXHVSRVDWHQHUQXHYRVLQWHUHVHV
    /D HVSRVD UHVLVWH SDVLYDPHQWH PDQWHQLpQGROH DO PDUJHQ GH VXV
    VHFUHWRV\VLUYLpQGRVHGHOHQJDxR+HUDIXHOD~QLFDGHODVKHUPDQDV
    TXH IXHURQ WUDJDGDV TXH WXYR GRV SDUHMDV GH SDGUHV 8QD YH]
    OLEHUDGD GH VXV SDGUHV IXH FULDGD HQ XQD VLWXDFLyQ LGtOLFD SRU GRV
    GHLGDGHVGHODQDWXUDOH]DFRPRSDGUHVDGRSWLYRV
    (O WHPD GH ODV GRV SDUHMDV GH SDGUHV ²R GRV PRGHORV GH
    PDWULPRQLR² HV XQ WHPD IDPLOLDU SDUD PXFKDV PXMHUHV +HUD (Q
    PHGLRGHXQDVLWXDFLyQIDPLOLDUSRFRLGHDOTXHKDFHTXHRWURVQLxRV
    VH YXHOYDQ SHVLPLVWDV R FtQLFRV UHVSHFWR DO PDWULPRQLR +HUD VH
    DJDUUD D XQD LPDJHQ LGHDOL]DGD GHO PDWULPRQLR \ OR EXVFD SDUD Vt
    FRPR XQ DYtD SDUD VDOLU GH XQD PDOD VLWXDFLyQ IDPLOLDU (Q PHMRUHV
    FLUFXQVWDQFLDV XQD KLMD +HUD YH HQ HO PDWULPRQLR HVWDEOH GH VXV
    SDGUHVORTXHTXLHUHSDUDVtPLVPD

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    /D+HUDDGROHVFHQWHHVPiVIHOL]VXWLHQHXQDUHODFLyQHVWDEOH(V
    ODFODVHGHFKLFDTXHOOHYDFRQRUJXOORHODQLOORGHVXFKLFRFROJDGR
    HQHOFXHOORFRQXQDJDUJDQWLOODVXHxDGHVSLHUWDFRQXQDJUDQERGD
    \SLHQVDXQD\RWUDYH]HQVXQRPEUHHVFULELHQGRHQVXFXDGHUQR
    ³6HxRUD GH %RE 6PLWK´ ³6HxRUD GH ³5REHUW 6PLWK´ ³6HxRUD GH
    (GZLQ6PLWK´
    3DUD HOOD WHQHU XQ VHQWLPLHQWR HVWDEOH HV GH XQD LPSRUWDQFLD
    FUXFLDO6LYDDXQFROHJLRSULYDGFDURGHODVDIXHUDVGHODFLXGDG\
    TXH VH DXWRYDORUD FRPR HOLWLVWD HV LPSRUWDQWH OD SRVLFLyQ TXH pO
    RFXSH GHOHJDGR GH FODVH PLHPEUR GHO HTXLSR SUHXQLYHUVLWDULR GH
    I~WERO R VRFLR GH XQ FOXE GH PRGD 6L DFXGH D XQD DFDGHPLD GH
    FHQWURGHODFLXGDGSXHGHYDULDUNDFRQGLFLyQVRFLDOSHURHOSDWUyQ
    HV HO PLVPR ,QWHQWD HPSDUHMDUVH FRQ XQ MRYHQ GH FODVH DOWD \
    DQKHOD OD VHJXULGDG HPRFLRQDO GHULYDGD GH OD UHODFLyQ 8QD YH]
    FRQVWLWX\HODPLWDGGHXQDSDUHMD³DODPRGD´RUJDQL]DUHXQLRQHV\
    ILHVWDV PLUDQGR SRU HQFLPD GHO KRPEUR D ORV PRUWDOHV QR
    HPSDUHMDGRV GHVGH ODV DOWXUDV GHO 2OLPSR (VWH PLVPR SDWUyQ GH
    FRPSRUWDPLHQWR SHUVLVWH D OR ODUJR GH OD XQLYHUVLGDG \
    SRVWHULRUPHQWH
    $OJXQDV PXMHUHV +HUD VH FDVDQ GXUDQWH ORV HVWXGLRV
    XQLYHUVLWDULRV R LQPHGLDWDPHQWH GHVSXpV GH DFDEDUORV SHUR OR
    PD\RUtD GH ORV DPRUtRV XQLYHUVLWDULRV VH URPSHQ \ HO ILQDO GH HVWD
    SULPHUDUHODFLyQVHULHVXHOHVHUWDPELpQODSULPHUDKHULGDHPRFLRQDO
    JUDYHGHODMRYHQ+HUD
    +HUD FRQVLGHUD OD 8QLYHUVLGDG FRPR HO OXJDU \ HO PRPHQWR GH
    HQFRQWUDU XQD SDUHMD 6L HV EULOODQWH \ FDSD] VXHOH VDOLU DGHODQWH
    SDUD GHFHSFLyQ GH VXV SURIHVRUHV TXH VXSRQtDQ HQ HOOD VH WRPDED
    VXV FDSDFLGDGHV PiV HQ VHULR SDUD REWHQHU PHMRUHV UHVXOWDGRV 
    /RVHVWXGLRVQRVRQLPSRUWDQWHVHQVtPLVPRSDUDXQDPXMHU+HUD
    3XHGHTXHVyORVHDXQDSDUWHGHVXHVSHUDGDFRQGLFLyQVRFLDO
    &RPR HO PDWULPRQLR HV OD PRWLYDFLyQ SRU OD TXH DFXGLy D OD
    XQLYHUVLGDG VX DQVLHGDG FUHFH VL FRQ HO SDVR GHO WLHPSR QR VH
    PDWHULDOL]D XQ PDULGR &RPR HVWXGLDQWH D PHGLDGRV GH ORV DxRV
    FLQFXHQWD UHFXHUGR D ODV PXMHUHV WLSR +HUD ³GHVFROJDGDV´ TXH
    GXUDQWHORVSULPHURVFXUVRVVHYROYtDQFDGDYH]PiVDQVLRVDV\TXH
    XQD YH] YHWHUDQDV VLQ SDUHMD WHQtDQ XQ DLUH GH GHVHVSHUDFLyQ SRU
    FRQVLGHUDUVH SUHGHVWLQDGDV D FRQYHUWLUVH HQ YLHMDV VROWHURQDV
    3UHJXQWDV LQGHOLFDGDV GH IDPLOLDUHV TXH SUHJXQWDEDQ ³¢FXiQGR WH
    YDV D FDVDU"´ UHVXOWDQ HQRUPHPHQWH GRORURVDV SXHVWR TXH XQD
    PXMHU+HUDQRFDVDGDVLHQWHXQYDFtRLQWHUQR\XQDIDOWDGHVHQWLGR
    DVXYLGDTXHVHDPSOtDQDFDXVDGHODVH[SHFWDWLYDVGHODVGHPiV
    SHUVRQDVTXHWDPELpQSRQHQHODFHQWRHQHOPDWULPRQLR

    7UDEDMR
    (O WUDEDMR HV XQ DVSHFWR VHFXQGDULR GH OD YLGD SDUD OD PXMHU
    +HUD OR PLVPR TXH LU D OD XQLYHUVLGDG &XDOTXLHUD TXH VHD VX
    HGXFDFLyQ FDUUHUD WtWXOR R SURIHVLyQ FXDQGR +HUD FRQVWLWX\H XQD
    IXHU]D SRGHURVD HQ OD SVLTXH GH XQD PXMHU VX WUDEDMR HV DOJR TXH
    KDFHHQOXJDUGHXQSDUWHLPSRUWDQWHGHORTXHHOODHV
    8QDPXMHU+HUDSXHGHVHUPX\EXHQDHQORTXHKDJD\REWHQHU
    UHFRQRFLPLHQWR \ SURPRFLyQ 6LQ HPEDUJR VL QR HVWi FDVDGD QDGD
    GHWRGRHVWRSDUHFHWHQHUPXFKDLPSRUWDQFLDSDUDHOOD(QOD~QLFD
    HVFDODTXHFXHQWDDVXVSURSLRVRMRVKDIDOODGRFRQLQGHSHQGHQFLD
    GHVXVORJURV
    2WUDV GLRVDV VXHOHQ HVWDU SUHVHQWHV HQ XQD PXMHU TXH VH
    GHVHQYXHOYH ELHQ HQ HO PXQGR ODERUDO 3HUR VX HV +HUD HO SDWUyQ
    GRPLQDQWH QR VLHQWH TXH VX WUDEDMR WHQJD PD\RU LPSRUWDQFLD 6L
    HVWi FDVDGD VXERUGLQDUi GH PDQHUD QDWXUDO VX FDUUHUD D OD GH VX
    PDULGR \ HPSOHDUi VXV KRUDV GH WUDEDMR \ VXV RSRUWXQLGDGHV SDUD
    SURPRFLRQDU ODV QHFHVLGDGHV GH pO 6yOR VXSHUILFLDOPHQWH
    SHUPDQHFHUiFRPRVLODPXMHU+HUDHVWXYLHUDHQXQPDWULPRQLRGH
    SURIHVLRQDOHVLJXDOHVVXYHUGDGHUDFDUUHUDHVVXPDWULPRQLR
    (Q HVWD pSRFD HQ TXH DPERV VRQ SURIHVLRQDOHV \ HQ OD TXH
    VXHOHQ QHFHVLWDUVH GRV FKHTXHUDV PXFKDV GH ODV HVSRVDV TXH
    WUDEDMDQ VRQ PXMHUHV +HUD 6LQ HPEDUJR OD PXMHU +HUD VLHPSUH
    GLFH³$GRQGHYD\DVWHVHJXLUp´1XQFDSURSRQGUiXQDVHSDUDFLyQ
    JHRJUiILFDWHPSRUDOHQODTXHGHEHQWXUQDUVHORVILQHVGHVHPDQD
    SDUD HVWDU MXQWRV 1L WDPSRFR LQVLVWLUi HQ TXH VX SURIHVLyQ HV WDQ
    LPSRUWDQWHFRPRODGHpO3DUDTXHRFXUUDHVWRWLHQHTXHLQWHUYHQLU
    RWUDGLRVD
    5HODFLRQHV FRQ PXMHUHV OD HVSHFLH
    GHVYDORUL]DGD
    8QDPXMHU+HUDQRVXHOHGDUPXFKDLPSRUWDQFLDDODDPLVWDGFRQ
    RWUDV PXMHUHV \ JHQHUDOPHQWH QR WLHQH XQD DPLJD GHO DOPD
    3UHILHUH HVWDU FRQ VX HVSRVR \ KDFHU ODV FRVDV FRQ pO 6L WLHQH XQD
    DPLVWDGtQWLPD\GXUDGHUDFRQXQDPXMHUODVFDXVDQWHVGHHOORVRQ
    RWUDVGLRVDV
    6LQRHVWiFDVDGDVLHQWHTXHHQFRQWUDUKRPEUHVFDVDGHURVWLHQH
    XQD LPSRUWDQFLD SULPRUGLDO 7DO YH] GH SRQJD GH DFXHUGR FRQ RWUD
    PXMHU SDUD LU D OXJDUHV FRPR EDUHV SRU HMHPSOR HQ OR TXH XQD
    PXMHUVRODSRGUtDQRHQFRQWUDUVHDJXVWR3RURXQDYH]VHHQFXHQWUD
    HQXQDUHODFLyQHVWDEOHWLHQHSRFRWLHPSRSDUDODVDPLJDVVROWHUDV
    DODVTXHVXHOHGHMDUGHODGR
    8QDPXMHU+HUDPDQWLHQHGHPDQHUDQDWXUDOODFRVWXPEUHVRFLDO
    FRP~Q HQWUH FLHUWDV PXMHUHV GH FDQFHODU SODQHV SUHYLDPHQWH
    WUD]DGRV SDUD YLVLWDU D DPLJDV VL XQ KRPEUH OH SLGH TXH VDOJDFRQ
    pO 8QD YH] FDVDGD HVWD DFWLWXG VH H[WLHQGH KDVWD HO KHFKR GH
    LQWHUUXPSLUVXDPLVWDGFRQPXMHUHV
    8QD PXMHU +HUD FDVDGD VH UHODFLRQD FRQ RWUDV PXMHUHV FDVDGDV
    FRPR SDUWH GH XQD SDUHMD 2 ELHQ FRQVLGHUD XQD DPHQD]D D ODV
    PXMHUHV VLQ FRPSURPLVR HQ FXDQGR HO PDULGR PDQLILHVWD OD PHQRU
    PXHVWUD GH DWHQFLyQ KDFLD HOODV R ELHQ ODV GHVFDUWD FRPR VLPSOHV
    PXMHUHV VLQ XQ KRPEUH DO ODGR 'HVSXpV GHO PDWULPRQLR WRGD VX
    DFWLYLGDG VRFLDO OD UHDOL]D FRPR SDUWH GH VX SDUHMD &XDQGR XQD
    PXMHU +HUD FDVDGD KDFH FRVDV RWUDV PXMHUHV OD DFWLYLGDG HVWi
    FDUDFWHUtVWLFDPHQWHUHODFLRQDGDFRQODSURIHVLyQRODVDFWLYLGDGHVGH
    VX PDULGR /DV RUJDQL]DFLRQHV EHQpILFDV FRQILUPDQ HVWD WHQGHQFLD
    (Q pVWDV OD SRVLFLyQ GHO PDULGR VXHOH GHWHUPLQDU HO FDUJR YRWDGR
    SRU HOHFFLyQ GH OD HVSRVD $O YRWDU SRU ODV UHVSRQVDEOHV GH GLFKDV
    RUJDQL]DFLRQHV ODV PXMHUHV +HUD LQHYLWDEOHPHQWH FRQVLGHUDQ HO
    HVWDWXVTXHWLHQHQVXVPDULGRV
    &XDQGRXQDPXMHU+HUDWLHQHFRQWDFWRFRQRWUDVPXMHUHVHQXQ
    FRQWH[WRGHSDUHMDVHOYtQFXORHQWUHHOODVVXHOHVHUPiVXQDDOLDQ]D
    DPLVWRVD TXH XQD DPLVWDG SHUVRQDO 3RU HOOR XQD PXMHU +HUD
    DEDQGRQD IiFLOPHQWH D OD ³DPLJD´ YLXGD R GLYRUFLDGD \
    IUHFXHQWHPHQWHWUDVODUJRVDxRVGHFRQWDFWRVXQDYH]TXHODDPLJD
    VH TXHGD VLQ SDUHMD /DV PXMHUHV +HUD VH GLVWDQFLDQ HQWUH Vt
    UHIRU]DQGRVXFRQYLFFLyQLQWHUQDGHTXHXQDPXMHUQRHVQDGDVLQVX
    PDULGR 0XFKDV YLXGDV VH KDQ WUDVODGDGR D ]RQDV JHRJUiILFDV FRQ
    PiV VRO QR SRU HO FOLPD VLQR SRU HQRMR \ SRU RUJXOOR DO GHVFXEULU
    TXH \D QR KDEtD OXJDU SDUD HOODV HQ VX DQWHULRU FtUFXOR GH DPLJDV
    FHUFDQDV

    5HODFLRQHV FRQ KRPEUHV H[SHFWDWLYDV GH


    UHDOL]DFLyQ
    &XDQGRVHUHQGtDFXOWRDODGLRVD+HUDHQORVWHPSORVJULHJRV\
    VH YROYtD D UHSUHVHQWDU ULWXDOPHQWH HO PDWULPRQLR GH =HXV \ +HUD
    =HXVHUDOODPDGR =HXV7HOHLRVTXHVLJQLILFD³=HXVHOTXHOOHYDDOD
    UHDOL]DFLyQ´ 8QD PXMHU +HUD DFWXDO FRORFD HQ XQ PDULGR OD
    H[SHFWDWLYDDUTXHWtSLFDGHTXHpOODUHDOL]DUi
    8QD PXMHU +HUD SRU XQ KRPEUH FRPSHWHQWH \ FRQ p[LWR
    GHILQLFLyQ TXH VXHOH GHSHQGHU GH OD FODVH VRFLDO D OD TXH HOOD
    SHUWHQH]FD \ GH OD IDPLOLD TXH WHQJD /RV DUWLVWDV PXHUWRV GH
    KDPEUH ORV SRHWDV VHQVLEOHV \ ORV JHQLRV DFDGpPLFRV QR VRQ SDUD
    HOOD $ ODV PXMHUHV +HUD QR OHV LQWHUHVDQ ORV KRPEUHV TXH VXIUHQ D
    FDXVDGHVXDUWHRGHVXVSULQFLSLRVSROtWLFRV
    6LQ HPEDUJR D YHFHV ODV PXMHUHV +HUD Vt SDUHFHQ
    SDUWLFXODUPHQWHVXVFHSWLEOHVDODFRPELQDFLyQTXHFRQTXLVWyD+HUD
    =HXV VH WUDQVIRUPy SULPHUR HQ XQ WHPEORURVR SDMDULOOR DQWHV GH
    UHYHODUVHFRPRHOGLRVSULQFLSDO/RPiVIUHFXHQWHHVTXHXQDPXMHU
    +HUD FRQ HVWD FRPELQDFLyQ GH SREUH SHTXHxD FULDWXUD FRQ
    QHFHVLGDGHV GH FDORU TXH HOOD SURSRUFLRQD  \ JUDQ KRPEUH
    SRGHURVR 0XFKRV KRPEUHV TXH WLHQHQ JUDQ p[LWR HQ HO PXQGR
    IUHFXHQWHPHQWH WLHQHQ FRPR =HXV XQ FRPSRQHQWH GH QLxR
    SHTXHxRHPRFLRQDOPHQWHLQPDGXURTXHSXHGHFRQPRYHUDODPXMHU
    +HUD FXDQGR VH FRPELQD FRQ HO SRGHU TXH HOOD HQFXHQWUD WDQ
    DWUDFWLYReOWDOYH]FDUH]FDGHDPLJRVtQWLPRVQRVHKD\DHQWHUDGR
    GHO GRORU SHUVRQDO GH ORV GHPiV \ QR KD\D GHVDUUROODGR XQD
    FDSDFLGDGSDUDODVLPSDWtD
    /D LQPDGXUH] HPRFLRQDO GHO KRPEUH WDPELpQ HV XQD GH ODV
    FDXVDVGHVXE~VTXHGDGHYDULHGDGPiVTXHGHSURIXQGLGDGHQVXV
    UHODFLRQHV FRQ ODV PXMHUHV \ GH OD WHQGHQFLD D WHQHU DYHQWXUDV
    VHQWLPHQWDOHVTXHODPXMHU+HUDQRSXHGHWROHUDU3XHGHTXHpOVHD
    XQ KRPEUH GH QHJRFLRV TXH GLVIUXWD SDVDQGR XQD QRFKH IXHUD
    FXDQGRVDOHSRUDVXQWRVGHWUDEDMRIXHUDGHODFLXGDG'LVIUXWDGHOD
    FRQTXLVWD \ OD H[FLWDFLyQ GH VH[R SRU SULPHUD YH] FRQ XQD QXHYD
    PXMHULPDJLQDQGRTXHVLVXHVSRVDQRVHHQWHUDQROHKDFHGDxR
    2GLD FRQYHUVDU VREUH ODV UHODFLRQH R GLVFXWLU VREUH VX
    FRPSRUWDPLHQWRDVtTXHXQDPXMHU+HUDHYLWDDPEDVFRVDV
    6L XQD PXMHU +HUD VH FDVD FRQ XQ KRPEUH TXH UHVXOWD VHU XQ
    PDULSRVyQ\XQPHQWLURVRFRPR=HXV\VLHOODOHWRPDODSDODEUD²
    FRVD PX\ FDUDFWHUtVWLFD GH ODV PXMHUHV +HUD TXH TXLHUHQ WHQHU
    VHJXULGDG² VHUi KHULGD XQD \ RWUD YH] 0XFKDV PXMHUHV WLSR +HUD
    HVWiQ HQ LQIHULRULGDG GH FRQGLFLRQHV SRUTXH WLHQHQ GLILFXOWDGHV HQ
    DILUPDUVXFDUiFWHUVXE\DFHQWHRHQGDUVHFXHQWDGHORVSDWURQHVGH
    FRPSRUWDPLHQWRHQMXHJR&XDQGRMX]JDQDODJHQWHHVWDVPXMHUHV
    SHUFLEHQ ODV VXSHUILFLHV PiV TXH ODV SRVLELOLGDGHV FRPR FXDQGR VH
    PLUD XQD FDVD HQ YHQWD \ VH YH OR TXH KD\ HQ HOOD \ QR TXp HV OR
    TXHHUDRHQTXpSRGUtDFRQYHUWLUVH )LQDOPHQWHODGHFHSFLyQGHOD
    PXMHU+HUD\HOGRORUVRQSURSRUFLRQDOHVDODGLVFUHSDQFLDHQWUHVXV
    HVSHUDQ]DV GH UHDOL]DFLyQ \ OD UHDOLGDG \ HO DELVPR SXHGH VHU
    HQRUPH

    6H[XDOLGDG
    8QD PXMHU +HUD SUHVXSRQH TXH VH[XDOLGDG \ PDWULPRQLR YDQ
    MXQWRV $Vt SXHV WDO YH] KD\D SHUPDQHFLGR YLUJHQ KDVWD TXH VH
    FRPSURPHWLy R VH FDVy 6LQ H[SHULHQFLD DQWHV GHO PDWULPRQLR
    GHSHQGH GH VX PDULGR SDUD HVWLPXODU VX VH[XDOLGDG 6L pVWH QR OR
    KDFH QR REVWDQWH WHQGUi UHODFLRQHV VH[XDOHV UHJXODUPHQWH FRPR
    SDUWH GH VX SDSHO SURIXQGDPHQWH DVXPLGR GH HVSRVD /D LGHD GHO
    ³VH[RGHELGR´SUREDEOHPHQWHVXUJLySRUSULPHUDYH]FRQODVPXMHUHV
    +HUD
    1RHVUDURTXHXQDPXMHU+HUDQRWHQJDRUJDVPRVDOSULQFLSLRGH
    VX PDWULPRQLR (O TXH HVWD VLWXDFLyQ SHUPDQH]FD VLQ FDPELRV D OR
    ODUJRGHORVDxRVGHSHQGHGHTXHHODUTXHWLSRGH$IURGLWDHVWpRQR
    DFWLYDGRGHQWURGHOPDWULPRQLR

    0DWULPRQLR
    /D PXMHU +HUD FRQVLGHUD VX GtD GH ERGD FRPR HO GtD PiV
    VLJQLILFDWLYRGHVXYLGD(VHGtDDGTXLHUHXQQXHYRQRPEUH 1XQFD
    FRQVHUYD VX SURSLR QRPEUH SRUTXH FRQVLGHUD TXH pVH HV
    HVWULFWDPHQWHXQ³QRPEUHGHVROWHUD´ $SDUWLUGHHVHPRPHQWRVH
    FRQYLHUWHHQODHVSRVDORTXHVDWLVIDFHXQLPSXOVRTXHVLHQWHGHVGH
    VXVSULPHURVUHFXHUGRV
    /D $PpULFD PHGLD HV XQD FLUFXQVWDQFLD HQ OD TXH SURVSHUDQ
    PXFKDVPXMHUHV+HUD0DULGRV\PXMHUHVSDVDQVXVILQHVGHVHPDQD
    \ VXV YDFDFLRQHV (O PDULGR GH PDUFKD D WUDEDMDU \ YXHOYH D FDVD
    SDUDFHQDUVLHPSUHDODPLVPDKRUD6XVDPLJRVVRQKRPEUHVFRQ
    ORTXHWDOYH]SDVHHOWLHPSR5HVSHWDDVXPXMHUHVSHUDGHHOODTXH
    FXPSODELHQVXWDUHDGHHVSRVD\DVXPHTXHHVWiFDVDGRSDUDWRGD
    OD YLGD /D UXWLQD VX YLGD VRFLDO MXQWRV \ ORV SDSHOHV TXH FDGD XQR
    PDQWLHQH FRQWULEX\H D OD HVWDELOLGDG GHO PDWULPRQLR \ D OD
    VDWLVIDFFLyQTXHpVWHSURSRUFLRQDDXQDPXMHU+HUD
    /D YLGD HPSUHVDULDO HV RWUD VLWXDFLyQ TXH SXHGH FRQYHQLU D XQD
    PXMHU+HUD3XHGHVXELUODHVFDODMHUiUTXLFDFRQVXPDULGRPXGDUVH
    JHRJUiILFDPHQWH R HVFDODU RWUR SHOGDxR \ GHMDU DWUiV IiFLOPHQWH D
    DTXHOODV SHUVRQDV FX\R DVFHQVR QR HV WDQ UiSLGR &RPR HO YtQFXOR
    TXHWLHQHFRQVXPDULGRHVODIXHQWHSULQFLSDOGHOVHQWLGRGHVXYLGD
    \FRPRVXVUHODFLRQHVFRQORVGHPiVVRQGpELOHVOHHVIiFLOYROYHUVH
    D WUDVODGDU FRQ pO 3RU FRQWUDVWH ODV PXMHUHV FRQ IXHUWHV OD]RV GH
    DPLVWDGVXIUHQODSpUGLGD\ODVROHGDGFRQFDGDWUDVODGR\ORPLVPR
    OHVRFXUUHDODVPXMHUHVFX\RSURSLRWUDEDMRHVLPSRUWDQWHSDUDHOODV
    \TXHGHEHQHPSH]DUGHQXHYRDFDGDQXHYRWUDVODGR
    (OHVWDGRGHIHOLFLGDGGHXQDPXMHU+HUDGHSHQGHGHODGHYRFLyQ
    TXH VX HVSRVR WHQJD SRU HOOD GH OD LPSRUWDQFLD TXH pO Gp DO
    PDWULPRQLR \ GHO DSUHFLR TXH WHQJD SRU HOOD 3HUR HOOD VH VLHQWH
    DWUDtGD SRU KRPEUHV FRQ p[LWR PXFKRV GH ORV FXDOHV OR WLHQHQ
    SRUTXH HVWiQ GHGLFDGRV DO WUDEDMR R FDVDGRV FRQ VX SURIHVLyQ 3RU
    HOOR WDO YH] HOOD GHVFXEUD TXH HV LQIHOL] D SHVDU GH HVWDU FDVDGD H
    LQFOXVR DXQTXH QXQFD VXUMD XQD LQILGHOLGDG VH[XDO (O PDWULPRQLR
    TXL]i QR OOHQH FRPSOHWDPHQWH D OD PXMHU +HUD FXDQGR pVWH QR HV
    PX\LPSRUWDQWHSDUDVXPDULGR
    8Q PDULGR FRQWHPSRUiQHR WLSR =HXV VXHOH VHUYLUVH GHO
    PDWULPRQLR SULQFLSDOPHQWH FRPR SDUWH GH VX IDFKDGD VRFLDO 6H KD
    FDVDGRFRQXQDPXMHUGHVXSURSLDFODVHVRFLDORGHXQDFODVHVRFLDO
    VXSHULRU \ SXHGH DSDUHFHU FRQ HOOD D VX ODGR FXDQGR ODV
    FLUFXQVWDQFLDVORH[LMDQ(VWHDFRPRGRSXHGHVHUXQPDWULPRQLRGH
    FRQYHQLHQFLD SDUD pO \ XQ GHVDVWUH SHUVRQDO SDUD HOOD 6L FXDOTXLHU
    RWURDUTXHWLSRIXHUDGRPLQDQWHHQHOODSRGUtDVHUFDSD]GHDFHSWDU
    HO PDWULPRQLR IRUPDO VLQ JUDQ HQWXVLDVPR 3HUR XQD PXMHU +HUD VH
    VLHQWH KHULGD SRU HVWD IDOWD GH LPSOLFDFLyQ eO VXHOH HVWDU DEVRUELGR
    SRURWURVLQWHUHVHVKDELWXDOPHQWHUHODFLRQDGRVFRQHOSRGHU²FRPR
    WUDQVDFFLRQHV FRPHUFLDOHV \ DOLDQ]DV SROtWLFDV² \ QR FRPSDUWH FRQ
    HOOD VXV SULQFLSDOHV SUHRFXSDFLRQHV &RPR FRQVHFXHQFLD HOOD VLHQWH
    XQYDFtRHPRFLRQDOHQVXFHQWUR
    7DO YH] LQWHQWH FRPSHQVDU HVWH VHQWLPLHQWR GH YDFtR R
    HQWHUUDUOR  PHGLDQWH XQ IUHQHVt GH DFWLYLGDG VRFLDO TXH SUHWHQGH
    SUHVHQWDU XQD LPDJHQ S~EOLFD GH SDUHMD SHUIHFWD (VWD LPDJHQ
    HQFDMD FRQ EDVWDQWHV SDUHMDV VRFLDOPHQWH SURPLQHQWHV TXH
    SUHVHQWDQ XQD LPDJHQ DSDUHQWH HQ DFRQWHFLPLHQWRV VRFLDOHV FRPR
    QRFKHVLQDXJXUDOHVGHySHUDRHOFRWLOOyQGHODIXQGDFLyQEHQpILFDGH
    DX[LOLDUHV GH HQIHUPHUtD 3HUR OD DFWLWXG GH DUPRQtD TXH ORV
    FDUDFWHUL]D HQ S~EOLFR OHV IDOWD HQ SULYDGR 3RU VXSXHVWR WDOHV
    PDWULPRQLRV GH FRQYHQLHQFLD QR HVWiQ OLPLWDGRV D XQD FODVH VRFLDO
    GHWHUPLQDGDSXHGHQHQFRQWUDUVHHQWRGRVORVQLYHOHVVRFLDOHV
    &RQLQGHSHQGHQFLDGHODVLQVDWLVIDFFLRQHVGHVXPDWULPRQLRXQD
    PXMHU +HUD HV 'H WRGRV ORV WLSRV GH GLRVDV OD PHQRV LQFOLQDGD D
    SHGLU XQ GLYRUFLR &RPR OD GLRVD +HUD TXH IXH KXPLOODGD \
    HQJDxDGD XQD PXMHU +HUD SXHGH VRSRUWDU ORV PDORV WUDWRV 6H
    VLHQWH FDVDGD HQ OR PiV SURIXQGR GH VX Q~FOHR LQWHUQR &RQVLGHUD
    LQFRQFHELEOHHOGLYRUFLRLQFOXVRFXDQGROHVXFHGHDHOOD
    6LVXPDULGRTXLHUHGHMDUODSRURWUD\VHORGLFHODPXMHU+HUDVH
    UHVLVWHSURIXQGDPHQWHDRtUORTXHpOOHHVWiGLFLHQGR(OPDWULPRQLR
    HVSDUDHOODXQDH[SHULHQFLDDUTXHWtSLFDHQVXPHQWHVLHPSUHVHUi
    XQD HVSRVD ,QFOXVR GHVSXpV GH SURGXFLGR HO GLYRUFLR XQD PXMHU
    +HUD TXL]i VH VLJD FRQVLGHUDQGR FDVDGD \ VXIUD FDGD YH] TXH VHOH
    UHFXHUGDTXHQRORHVWi(VWDUHDFFLyQFUHDSUREOHPDVDORVGHPiV\
    HVFDXVDGHGRORUSDUDVtPLVPD
    7DO YH] SDVH PXFKDV KRUDV FRQ HO SVLTXLDWUD OXFKDQGR FRQ
    GLILFXOWDGHV FX\D SRVWD SXHGH HQFRQWUDUVH HQ OD IXHUWH LQIOXHQFLD
    DUTXHWtSLFD TXH WLHQH HO PDWULPRQLR R +HUD  VREUH XQD PXMHU
    LQFOXVRGHVSXpVGHTXHVHKDDFDEDGRHOPDWULPRQLR(QPLSUiFWLFD
    GHWHUDSHXWDKHFRPSUREDGRHOHIHFWRGH+HUDHQWRGDVODVPXMHUHV
    DIHFWDGDV 3RU HMHPSOR OD SDFLHQWH SXHGH VHU OD PXMHU +HUD
    GLYRUFLDGD TXH IOXFW~D HQWUH HO GRORU \ OD UDELD VLQWLHQGR TXH HOOD
    VLJXH VLHQGR OD HVSRVD OHJtWLPD 2 SXHGH TXH HO SDFLHQWH VHD HO H[
    PDULGR TXH VH VLHQWH DFRVDGR SRU ODV OODPDGDV GLDULDV GH VX H[
    PXMHU 2 WDO YH] VHD OD QXHYD HVSRVD UHVHQWLGD HQIDGDGD DQWH OD
    LQWUXVLyQ GH OD H[ PXMHU HQ VX YLGD HQ FRP~Q R SRU OD FRQIXVLyQ
    FUHDGD SRU pVWD VL LQVLVWH HQ XWLOL]DU HO QRPEUH GH VX H[ PDULGR HQ
    IDFWXUDV\RWURVGRFXPHQWRV

    +LMRV
    8QD PXMHU WLSR +HUD VXHOH WHQHU KLMRV SRUTXH HVWD IXQFLyQ HV
    SDUWH GHO URO GH HVSRVD 6LQ HPEDUJR QR WHQGUi PXFKR LQVWLQWR
    PDWHUQDO D PHQRV TXH 'HPpWHU VHD WDPELpQ XQ DUTXHWLSR
    LPSRUWDQWHHQHOOD7DPSRFRGLVIUXWDUiKDFLHQGRFRVDVFRQVXVKLMRV
    DQRVHUTXHWDPELpQHVWpQSUHVHQWHHQHOOD$UWHPLVDR$WHQHD
    6LXQDPXMHU+HUDWLHQHKLMR\QRSXHGHFUHDUXQOD]RDUTXHWtSLFR
    PDGUHKLMR pVWRV VHQWLUiQ HVWD FDUHQFLD FRPR XQD IDOWD GH DPRU \
    SURWHFFLyQ ,QFOXVR VL HV HVSRVD \ PDGUH D WLHPSR FRPSOHWR \ HVWi
    ItVLFDPHQWH PX\ SUHVHQWH HQ VXV YLGDV HOORV VHQWLUiQ XQD IDOWD GH
    SUR[LPLGDG\DOJRGHDEDQGRQRHPRFLRQDO
    &XDQGRXQDPXMHU+HUDGHEHGHFLGLUHQWUHVXPDULGRRVXVKLMRV
    QRUPDOPHQWH VDFULILFDUi ORV PHMRUHV LQWHUHVHV GH pVWRV SDUD
    FRQYHUVDU FRQ VX HVSRVR (Q PL SUiFWLFD GH WHUDSHXWD YHR FRQ
    IUHFXHQFLD DGXOWRV TXH IXHURQ FULDGRV HQ IDPLOLDV FRQ HVWUXFWXUDV
    WUDGLFLRQDOHV HQ ODV TXH HO SDGUH HUD HO FDEH]D GH IDPLOLD HO TXH
    JDQDEDHOSDQ\XQSHTXHxRWLUDQR7DOHVSDFLHQWHVVHQWtDQTXHOD
    PDGUH OHV QXWUtD DSR\DED SHUR TXH QXQFD DFWXDED FRPR
    DPRUWLJXDGRU HQWUH PDULGR H KLMRV eVWRV HVWDEDQ VLHPSUH VRORV HQ
    VXV HQIUHQWDPLHQWRV FRQ VX SDGUH FRQ LQGHSHQGHQFLD GH OR
    LUUD]RQDEOHRDEVXUGRTXHpVWHOOHJDVHDSRQHUVH
    $O SULQFLSLR GH VXV DQiOLVLV GLFKRV SDFLHQWHV VHQWtDQ TXH OD
    GLILFXOWDGTXHWHQtDQFRQVXVSDGUHVHVWDEDHQSULPHUDOtQHDFXDQGR
    UHFXHUGDQODVSDUWHVGRORURVDVGHVXLQIDQFLD$OJXQDVYHFHVVLHQWHQ
    XQDQHFHVLGDGGHHQIUHQWDUVHFRQVXVSDGUHVHQHOSUHVHQWH\VLHV
    SRVLEOHGHREWHQHUDOJ~QUHFRQRFLPLHQWRRGLVFXOSDFRQUHVSHFWRD
    ORVDFRQWHFLPLHQWRVGHOSDVDGR(QHVWHSXQWRVXUJHDODFRQFLHQFLD
    ODSDUWHGHVHPSHxDGDSRUVXVPDGUHV
    8QD SDFLHQWH SURIHVLRQDO GH WUHLQWD DxRV TXH KDEtD EDWDOODGR
    FRQ VX SDGUH GXUDQWH WRGD VX DGROHVFHQFLD GHFtD ³1XQFD QDGD GH
    OR TXH \R KDFtD HUD VXILFLHQWHPHQWH EXHQR $ VXV RMRV HVWDED ORFD
    SRUKDFHUORTXHKDFtDRHUDGHPDVLDGRLQFRPSHWHQWHSDUDKDFHUOR
    HQFXDOTXLHUDGHORVGRVFDVRVPHKXPLOODED 6HEXUODEDGHRTXH
    HUD LPSRUWDQWH SDUD Pt \ HQ RFDVLRQHV GHVWUX\y FRVDV TXH \R
    DSUHFLDED´(QODDFWXDOLGDGTXHUtDDOJ~QUHFRQRFLPLHQWRGHSDUWHGH
    VX SDGUH SRU VXV ORJURV WHQtD XQ WtWXOR XQLYHUVLWDULR \ HMHUFtD XQD
    FDUUHUD  7DPELpQ TXHUtD KDFHUOH VDEHU OR GDxLQD TXH KDEtD VLGR VX
    FRQGXFWD
    8Q GtD OODPy D VXV SDGUHV TXH VLHPSUH HVWDEDQ MXQWRV &RPR
    HUD KDELWXDO HVWDEDQ HQ GRV H[WHQVLRQHV WHOHIyQLFDV GLVWLQWDV QL
    VLTXLHUDSXHGHUHFRUGDUKDEHUSRGLGRKDEODUXQDVRODYH]FRQXQVLQ
    TXH HVWXYLHUD HO RWUR  (OOD OH KL]R DOJXQRV FRPHQWDULRV
    FRQFUHWDPHQWH TXH WHQtD ³DOJR LPSRUWDQWH´ \ TXH TXHUtD TXH OH
    HVFXFKDVHVLQVHULQWHUUXPSLGD'HWDOOyDJUDYLRVVLQLQFRPRGDUVHQL
    HQIDGDUVH eO OD VRUSUHQGLy KDFLHQGR OR TXH OH SHGtD HVFXFKDUOD
    VLPSOHPHQWH 1R REVWDQWH VX PDGUH UHDFFLRQy FRPR VL OD KLMD OH
    HVWXYLHUD IDOWDQGR DO UHVSHWR ³£1R WLHQHV GHUHFKR D KDEODU D WX
    SDGUH GH HVWD PDQHUD´ &XDQGR OD PDGUH LQWHUYLQR GH HVWH PRGR
    SURSRUFLRQyDVXKLMDXQDFRPSUHQVLyQLQWHUQDGHOSDSHOTXHKDEtD
    GHVHPSHxDGRVLHPSUHFRPRPDGUH
    (VWDUHDFFLyQHUDWtSLFDPHQWHGH+HUD6XOHDOWDGHVWDEDMXQWRD
    VXPDULGR¢&yPRVHDWUHYtDXQDKLMDDHQIUHQWDUVHDpO"eOHV=HXV
    HOVREHUDQRDEVROXWR¢&yPRVHDWUHYHXQDKLMDDKDFHUOHVHQWLUPDO"
    eOHVPX\YXOQHUDEOHFRPRORHUDHOWHPEORURVRSDMDULOORQHFHVLWDGR
    GHFDORU\GHODSURWHFFLyQGH+HUD

    (Q OD PHGLD HGDG
    (O TXH ORV DxRV GH OD PLWDG GH OD YLGD VHDQ SOHQDPHQWH
    HQULTXHFHGRUHVGHSHQGHGHTXHODPXMHU+HUDHVWpFDVDGD\GHFRQ
    TXLpQORHVWpeVWRVVRQORVPHMRUHVDxRVSDUDODVPXMHUHV+HUDTXH
    IRUPDQ SDUWH GH PDWULPRQLRV HVWDEOHV FRQ KRPEUHV TXH WLHQHQ
    FLHUWRp[LWR\SRVLFLyQ\TXHDSUHFLDQDVXVUHVSHFWLYDVHVSRVDV3RU
    FRQWUDVWH XQD PXMHU +HUD VROWHUD GLYRUFLDGD R YLXGD VH VLHQWH
    GHVJUDFLDGD
    'XUDQWH HVWRV DxRV ORV PDWULPRQLRV VXHOHQ SDGHFHU WHQVLRQHV
    TXH XQD PXMHU +HUD QR VXHOH PDQHMDU GHPDVLDGR ELHQ &XDQGR VX
    PDWULPRQLR WLHQH GLILFXOWDGHV XQD PXMHU +HUD VXHOH HPSHRUDU OD
    VLWXDFLyQ FRQ VX SRVHVLYLGDG \ VXV FHORV 6L SRU SULPHUD YH] HQ VX
    YLGD GH FDVDGD OOHJD D VDEHU R VRVSHFKDU OD LPSRUWDQFLD TXH RWUD
    PXMHUWLHQHSDUDVXPDULGRSXHGHVXUJLUXQDDFWLWXGGHYHQJDQ]D
    HQWRGDVXIHDOGDGTXHQXQFDKDEtDYLVWRDQWHVSRQLHQGRD~QPiV
    HQSHOLJURHOPDWULPRQLRTXHHVWDQIXQGDPHQWDOSDUDHOOD

    (Q OD WHUFHUD HGDG
    3DUDODPXMHU+HUDTXHOOHJyDVHU+HUDODSHUIHFWDDSDUWLUGH
    +HUDODGRQFHOODFRQYHUWLUVHHQ+HUDODYLXGDFRQVWLWX\HHOSHULRGR
    PiV GLItFLO GH VX YLGD 0LOORQHV GH PXMHUHV TXH VREUHYLYHQ D VXV
    PDULGRV VH HQFXHQWUDQ HQ HVWD SRVLFLyQ $O HQYLXGDU ODV PXMHUHV
    +HUD QR VyOR SLHUGHQ D VXV PDULGRV VLQR TXH WDPELpQ SLHUGHQ VX
    SDSHO GH HVSRVD TXH OH SURSRUFLRQDED VX VHQWLGR HQ OD YLGD \ VX
    LGHQWLGDG6HVLHQWHQLQVLJQLILFDQWHV
    $ OD PXHUWH GH VX PDULGR XQD PXMHU +HUD TXH QR KD\D
    GHVDUUROODGR RWURV DVSHFWRV GH Vt PLVPD SXHGH LU GHO GXHOR D OD
    GHSUHVLyQ FUyQLFD D OD GHULYD \ VROLWDULD (VWD UHODFLyQ HV OD
    FRQVHFXHQFLD GH VXV SUHFLDV DFWLWXGHV \ DFFLRQHV OLPLWDGDV 8QD
    PXMHU +HUD QR VXHOH HVWDU HVSHFLDOPHQWH FHUFD GH VXV KLMRV SRU
    KDEHUDQWHSXHVWRVLHPSUHDVXPDULGR1RWLHQHEXHQRVDPLJRVSRU
    KDEHU OOHYDGR VX YLGD VRFLDO KDFLpQGROR WRGR FRPR SDUWH GH XQD
    SDUHMD<FRPRVHVHxDOySUHYLDPHQWHSXHGHHQFRQWUDUVHH[FOXLGD
    GHVXFtUFXORVRFLDOORPLVPRTXHHOODSRUVXSDUWHWHQGtDDH[FOXLU
    DODVRWUDVPXMHUHVVROWHUDV
    /D FDOLGDG GH YLGD GH XQD YLXGD +HUD GHSHQGH HQ HVRV
    PRPHQWRV GH OD SUHVHQFLD GH RWUDV GLRVDV \ GH OD VLWXDFLyQ
    HFRQyPLFD HQ TXH VH OD GHMy $OJXQDV PXMHUHV +HUD QXQFD VH
    UHFXSHUDQGHODSpUGLGDGHVXVPDULGRV
    /DV PXMHUHV +HUD DIRUWXQDGDV HQWUDQ HQ OD YHMH] FRQ VXV
    PDULGRVFHOHEUDQGRMXQWRVVXDQLYHUVDULRGHERGDVGHRUR(OODVVH
    FXHQWDQ HQWUH ODV PXMHUHV ELHQDYHQWXUDGDV KDQ SRGLGR UHDOL]DU HO
    DUTXHWLSRSDUWLFXODUTXHGDVLJQLILFDGRDVXVYLGDV

    'LILFXOWDGHV SVLFROyJLFDV
    +HUD FRQVWLWX\H XQD LQIOXHQFLD LQQHJDEOH HQ OD YLGD GH PXFKDV
    PXMHUHV DOJXQDV GLRVDV SXHGHQ VHU PHQRV HQULTXHFHGRUDV FXDQGR
    VH PDQLILHVWDQ SRVLWLYDPHQWH HQ OD YLGD SHUR WDPELpQ VRQ PHQRV
    GHVWUXFWLYDV TXH +HUD HQ VXV DVSHFWRV QHJDWLYRV $Vt SXHV HV
    HVSHFLDOPHQWH LPSRUWDQWH SDUD XQD PXMHU WLSR +HUD HQWHQGHU ODV
    GLILFXOWDGHV TXH LPSOLFD PDQWHQHU HO DUTXHWLSR \D TXH +HUD SXHGH
    VHUXQDIXHU]DLUUHVLVWLEOH

    /D LGHQWLILFDFLyQ FRQ +HUD


    3DUDXQDPXMHUYLYLU³FRPR+HUD´HVORPLVPRTXHLGHQWLILFDUVH
    FRQ HO SDSHO GH HVSRVD HO TXH HVWH SDSHO SURSRUFLRQH VHQWLGR \
    VDWLVIDFFLyQ R DFDEH HQ GRORU \ FyOHUD GHSHQGH GH OD FDOLGDG GHO
    PDWULPRQLR\GHODILGHOLGDGGHOKRPEUH
    &XDQGRVXLPSXOVRTXHGDVLQUHVSXHVWDFRQVHJXLUXQKRPEUHHV
    OD SUHRFXSDFLyQ SULQFLSDO GH +HUD \ QR WHQHU SDUHMD VX SULQFLSDO
    IXHQWHFDXVDGHSHVDU0LHQWUDVEXVFDDVXFRPSDxHURVXHOHHVWDU
    LPSOLFDGDHQORVHVWXGLRVRHQHOWUDEDMRWLHQHDPLJRV\YDDVLWLRV
    GLVWLQWRVWRGRHOORFRQODHVSHUDQ]DGHHQFRQWUDUXQPDULGR
    8QD YH] FDVDGD XQD PXMHU +HUD VXHOH FRQVWUHxLU VX YLGD \
    DFRPRGDUVHDVXURO\DORVLQWHUHVHVGHVXPDULGR6LpVWHQHFHVLWD
    VX DSR\R HFRQyPLFR PLHQWUDV DFDED ORV HVWXGLRV VHUi HOOD OD TXH
    WUDEDMH 6L pO TXLHUH XQD HVSRVD D WLHPSR FRPSOHWR HOOD GHMDUi VX
    HPSOHR R QR WHUPLQDUi VXV HVWXGLRV 6L HOOD WDPELpQ WUDEDMD HVWi
    GLVSRQLEOH SDUD WUDVODGDUVH VL pO TXLHUH FDPELDU GH OXJDU &RQ
    IUHFXHQFLDQRFRQVHUYDODVDPLVWDGHVKHFKDVDQWHVGHOPDWULPRQLR\
    ORVLQWHUHVHVTXHWHQtDDQWHVGHHQFRQWUDUDVXPDULGR
    8QKRPEUHTXHVHHQFXHQWUDDXQDPXMHU+HUDSXHGHGHVFXEULU
    TXHGHVSXpVGHODERGDHOODQRHVODPXMHUFRQODTXHVHFDVy$QWHV
    GH TXH VH OLPLWDUD D Vt PLVPD SDUD HQFDMDU HQ HO SDSHO GH HVSRVD
    WHQtD LQWHUHVHV PiV DPSOLRV ,QFOXVR OD UHODFLyQ VH[XDO
    SUHPDWULPRQLDOHUDPXFKRPHMRU(QFDPELRHQHODVSHFWRVH[XDOQR
    HVLQIUHFXHQWH\SXHGHUHPRQWDUVHDODQRFKHGHERGDV&XDQGRXQD
    PXMHU+HUDVHFDVDSXHGHTXHGLVPLQX\DGHPDQHUDHVSHFWDFXODUOD
    LQIOXHQFLDGHWRDVODVGHPiVGLRVDV
    /DVPXMHUHVWLSR+HUDWDPELpQIORUHFHQGHVSXpVGHOPDWULPRQLR
    /DQRYLDUDGLDQWHVHFRQYLHUWHHQODHVSRVDIHOL]6LVXPDULGRHVXQ
    =HXV TXH OD TXLHUH HO PDWULPRQLR VHUi HO FHQWUR SURIXQGDPHQWH
    VLJQLILFDWLYR GH VX YLGD $VSHFWRV GH RWUDV GLRVDV SXHGHQ HQFRQWUDU
    VX H[SUHVLyQ DXQTXH VLHPSUH GH PDQHUD VHFXQGDULD HQ UHODFLyQ D
    VXSDSHOGHHVSRVD
    (OTXHXQDPXMHU+HUDUHVWULQMDRQRVXVDFWLYLGDGHVGHVSXpVGHO
    PDWULPRQLR \ OLPLWH VX URO D VHU +HUD GHSHQGH GH OD IXHU]D GHO
    DUTXHWLSR HQ OR ELHQ TXH HVWXYLHUDQ GHVDUUROODGDV RWUDV IDFHWDV GH
    VX SHUVRQDOLGDG HQWHV GHO PDWULPRQLR \ HQ HO DSR\R ²R IDOWD GHO
    PLVPR²TXHVXPDULGROHSURSRUFLRQHSDUDHYROXFLRQDUPiVDOOiGH
    +HUD/RVPDULGRVSRVHVLYRV\FHORVRVTXHHVSHUDQTXHVXVPXMHUHV
    VHDPROGHQDVXVH[LJHQFLDVDFW~DQGHDFXHUGRFRQHODUTXHWLSRGH
    +HUDSDUDUHGXFLUDXQDPXMHUDVHUH[FOXVLYDPHQWH+HUD

    ([SHFWDWLYDV IUXVWUDGDV
    &XDQGR XQD PXMHU VH LGHQWLILFD FRQ +HUD FRQ IUHFXHQFLD
    SUHVXSRQH TXH WDQWR HOOD FRPR VX PDULGR VHUiQ WUDQVIRUPDGRV SRU
    HO PDWULPRQLR HVSHUDQGR LQFRQVFLHQWHPHQWH TXH VX PDULGR VH
    FRQYLHUWD HQ =HXV 7HOHLRV R HO =HXV TXH UHDOL]D 'HVSXpV GH OD
    FHUHPRQLD TXL]iV HVWp SURIXQGD H LUUDFLRQDOPHQWH GHFHSFLRQDGD \
    VLHQWDTXHpOODHQJDxyFRPRVLOHKXELHUDSURPHWLGRLPSOtFLWDPHQWH
    D HOOD DOJR TXH QR FXPSOLy 'H KHFKR QR REVWDQWH HO FXOSDEOH QR
    HUDpOVLQRODH[SHFWDWLYDDUTXHWtSLFDGH =HXV7HOHLRVTXHHOODKDEtD
    SUR\HFWDGRHQpO
    0XFKDV PXMHUHV +HUD SUR\HFWDQ XQD LPDJHQ GH XQ PDWULPRQLR
    LGHDOL]DGRHQXQKRPEUH\GHVSXpVVHYXHOYHQFUtWLFDV\VHHQIDGDQ
    FXDQGRpOQRFRUUHVSRQGHDODVH[SHFWDWLYDV7DOHVPXMHUHVSXHGHQ
    YROYHUVH ³DUStDV´ YLVLyQ GH +RPHUR GH OD GLRVD +HUD  FXDQGR OH
    LQVWDV D TXH FDPELH 2WUR WLSR GH PXMHU SXHGH YHU DO KRPEUH FRQ
    PiV FODULGDG GHVGH HO SULQFLSLR \ WDO YH] QR HVSHUH TXH HO
    PDWULPRQLROHWUDQVIRUPHRTXL]iVHDFDSD]GHDEDQGRQDUOH

    $WUDSDGD HQWUH HO DUTXHWLSR \ OD FXOWXUD


    /DV PXMHUHV +HUD SXHGHQ VHU SURSXOVDGDV DO PDWULPRQLR H
    LJXDOPHQWH TXHGDUVH DWUDSDGDV HQ pO D FDXVD GH IXHU]DV
    DUTXHWtSLFDV TXH DFW~DQ DO XQtVRQR (O DUTXHWLSR HV DSR\DGR SRU OD
    PtVWLFDIHPHQLQDR³UHDOL]DFLyQDWUDYpVGHORVGHPiV´TXHHVFULELy
    %HWW\ )ULHGDQ $PEDV IXHU]DV SURPHWHQ LPSOtFLWDPHQWH HO ILQDO IHOL]
    GH ORV FXHQWRV GH KDGDV ³\ YLYLHURQ SDUD VLHPSUH IHOLFHV´ 8QD YH]
    FDVDGD XQD PXMHU +HUD PiV TXH QLQJ~Q RWUR WLSR GH PXMHU  VH
    VLHQWH XQLGD HQ OD GLFKD \ HQ OD DGYHUVLGDG &XDQGR HV ³HQ OD
    DGYHUVLGDG´ HO DUTXHWLSR +HUD IUHFXHQWHPHQWH FRQ HO DSR\R GH OD
    FXOWXUDVHRSRQHDTXHVDOJDGHXQPDOPDWULPRQLR/DVFUHHQFLDV
    UHOLJLRVDV \ ODV HVSHUDQ]DV GH OD IDPLOLD SXHGHQ ³FRQVSLUDU´ SDUD
    PDQWHQHUDXQDPXMHUDWDGDDXQDOFRKyOLFRRDDOJXLHQTXHJROSHD
    DVXHVSRVD

    2SULPLGD X RSUHVRUD
    'DGDV ODV FRQVHFXHQFLDV GH LGHQWLILFDUVH FRQ +HUD HV FODUR TXH
    HVWH DUTXHWLSR SXHGH RSULPLU D ODV PXMHUHV 8QD PXMHU +HUD QR
    FDVDGD SXHGH VHQWLU TXH HVWi LQFRPSOHWD \ TXH HV XQ IUDFDVR R
    SXHGHVHULPSXOVDGDKDFLDXQPDOPDWULPRQLR8QDPXMHUFDVDGDWDO
    YH] VHD LQFDSD] GH DEDQGRQDU XQ PDO PDWULPRQLR \ VH YH
    QHJDWLYDPHQWHDIHFWDGD4XL]iVHFRQYLHUWDHQXQDPXMHUFULWLFRQDH
    LQVDWLVIHFKD TXH VH VLHQWH DPDUJDGD FXDQGR VX PDULGR OD GHIUDXGD
    DOQRYLYLUFRQIRUPHDODVH[SHFWDWLYDVGH+HUD2TXL]iVHFRQYLHUWD
    HQ XQD HVSRVD FROpULFD \ FHORVD VL VX PDULGR HV LQILHO R VL LPDJLQD
    TXH OR HV 2 WDO YH] QR SXHGD VDOLU GH XQ PDWULPRQLR TXH HV
    H[FHVLYDPHQWHGDxLQRSDUDHOOD
    /DGLRVD+HUDVXIULyPiVTXHQLQJXQDRWUDGLRVDH[FHSWXDQGRD
    'HPpWHU FX\RVXIULPLHQWRIXHGHGLIHUHQWHFODVH 3HURHOODWDPELpQ
    SHUVLJXLy D RWUDV SHUVRQDV SDUD YHQJDUVH VLHQGR DVt OD PiV
    GHVWUXFWLYD GH WRGDV ODV GLRVDV 7DO FRPR VH PDQLILHVWD SRU ODV
    PXMHUHV GH KR\ HQ GtD OD DFWLWXG RSUHVRUD YDUtD GHVGH WHQHU XQD
    DFWLWXG FUtWLFD KDFLD ORV GHPiV KDVWD FRPSRUWDUVH GH XQD PDQHUD
    DELHUWDPHQWHGHVWUXFWLYD
    /DV PXMHUHV +HUD MX]JDQ D ODV GHPiV PXMHUHV \ ODV FDVWLJDQ ²
    KDELWXDOPHQWHH[FOX\pQGRODV\FRQGHQiQGRODVDORVWUDFLVPRMXQWRD
    VXVKLMRV²SRUQRDGDSWDUVHDODVSDXWDVGH+HUD7DOHVPXMHUHVVRQ
    ORV iUELWURV VRFLDOHV 6RQ HVSHFLDOPHQWH FRQWUDULDV D $IURGLWD
    6LHPSUHTXHSXHGHQH[FOX\HQDODVPXMHUHVDWUDFWLYDV\VHQVXDOHV
    DOUHGHGRU H ODV TXH VH MXQWDQ ORV KRPEUHV D ODV PXMHUHV
    GLYRUFLDGDV \ D ODV VROWHUDV TXH PDQWLHQHQ UHODFLRQHV VH[XDOHV \D
    TXH WRGDV HOODV SXHGHQ UHVXOWDU DWUDFWLYDV SDUD VXV SDUHMDV
    FRQYLUWLpQGRVH SRU OR WDQWR HQ XQD DPHQD]D SRWHQFLDO 3HUR VX
    DFWLWXGFUtWLFDWDPELpQDEDUFDDODVPXMHUHVTXHQRFRQVWLWX\HQXQD
    DPHQD]D SHUVRQDO SRU HMHPSOR PDQWLHQHQ XQD DFWLWXG PiV FUtWLFD
    TXHGHVLPSDWtDKDFLDODVPDGUHVVROWHUDV\KDFLDODVYtFWLPDVGHOD
    YLRODFLyQ 3DUD +HUD HO ~QLFR SDSHO UHDOPHQWH DFHSWDEOH HV HO GH
    HVSRVDGHXQKRPEUHFRQp[LWR
    0XFKR GHVSXpV GH TXH \R HPSH]DVH D FRQVLGHUDUPH IHPLQLVWD
    GHVFXEUt GHQWUR GH Pt XQ SDWUyQ LQFRQVFLHQWH WLSR +HUD GH
    GHVYDORUL]DU D RWUDV PXMHUHV FXDQGR HVWDED DVLVWLHQGR D XQ DFWR
    VRFLDOFRQPLPDULGR(O³FOLF´GHUHFRQRFLPLHQWRYLQRFXDQGRPHGL
    FXHQWD GH TXH EXVFDED OD FRPSDxtD GH SDUHMDV FXDQGR DVLVWtD D
    UHXQLRQHV FRQ pO HYLWDQGR ³PXMHUHV VLQ FRPSURPLVR´ FX\D
    FRPSDxtD GLVIUXWDED PXFKR FXDQGR HVWDED VROD &XDQGR REVHUYp
    HVWHSDWUyQFRQFUHWRGH+HUDPHDYHUJRQFpGHPLFRPSRUWDPLHQWR
    QDGD IHPLQLVWD $O PLVPR WLHPSR PH KLFH PiV KXPLOGH DO FDHU HQ
    FXHQWD GH TXH SUHYLDPHQWH PH VHQWtD VXSHULRU D ODV PXMHUHV +HUD
    FXDQGR XQ DVSHFWR QHJDWLYR GH +HUD WDPELpQ HUD GH KHFKR XQD
    SDUWH GH Pt 'HVSXpV GH HVWH GHVFXEULPLHQWR DPSOLp PL FDPSR GH
    HOHFFLyQUHVSHFWRDFRQTXLHQHVWDU<GHVSXpVGHVFXEUtTXH\RWHQtD
    DOJRHQFRP~QFRQ³ODVHxRUDGHVXPDULGR´DODTXHVLHPSUHKDEtD
    GHVSUHFLDGR WDPELpQ SHUGt XQD DFWLWXG FUtWLFD GH OD TXH PH
    GHVHPEDUDFp

    (O VtQGURPH GH 0HGHD
    (O WpUPLQR ³VtQGURPH GH 0HGHD´ GHVFULEH DFHUWDGDPHQWH D OD
    PXMHUYHQJDWLYDGH+HUDTXHVHVLHQWHWUDLFLRQDGD\UHFKD]DGD\TXH
    OOHJDDDFWLWXGHVH[WUHPDVSDUDYHQJDUVH(OPLWRGH0HGHDHVXQD
    PHWiIRUDTXHGHVFULEHODFDSDFLGDGGHODPXMHU+HUDSDUDSRQHUVX
    FRPSURPLVRFRQXQKRPEUHSRUGHODQWHGHFXDOTXLHURWUDFRVD\VX
    FDSDFLGDG SDUD OD YHQJDQ]D FXDQGR GHVFXEUH TXH VX FRPSURPLVR
    FDUHFHGHYDORUDORVRMRVGHpO
    (QODPLWRORJtDJULHJD0HGHDIXHODPXMHUPRUWDOTXHPDWyDVXV
    SURSLRVKLMRVSDUDYHQJDUVHGHVXKRPEUHSRUKDEHUODDEDQGRQDGR
    &RQVWLWX\H ³XQ FDVR FOtQLFR´ GH XQD PXMHU TXH IXH SRVHtGD SRU HO
    DVSHFWRGHVWUXFWLYRGH+HUD
    0HGHDHUDODKLMDVDFHUGRWLVDGHOUH\GH&yOTXLGD(OYHOORFLQRGH
    RURTXH-DVyQ\ORVDUJRQDXWDVSUHWHQGtDQWRPDUSHUWHQHFtDDHVWH
    UHLQR -DVyQ QHFHVLWDED D\XGD SDUD DSRGHUDUVH GH pO \D TXH HO
    YHOORFLQR HVWDED PX\ ELHQ FXVWRGLDGR +HUD \ $WHQHD VXV SDWURQHV
    GH GLRVDV SUHYDOHFLHURQ VREUH $IURGLWD SDUD KDFHU TXH 0HGHD VH
    HQDPRUDUDGH-DVyQ\OHD\XGDUDDUREDUHOYHOORFLQRGHRUR-DVyQ
    URJy D 0HGHD TXH OH D\XGDVH SURPHWLpQGROH FDVDUVH FRQ HOOD \
    MXUDQGR SHUPDQHFHU FRQ HOOD ³KDVWD TXH HO KDGR GH OD PXHUWH QRV
    HQYXHOYD´ $Vt SXHV SRU VX SDVLyQ \ OHDOWDG KDFLD -DVyQ 0HGHD OH
    D\XGy D UREDU HO YHOORFLQR $O KDFHUOR WUDLFLRQy D VX SDGUH \ D VX
    SDtV\FDXVyODPXHUWHGHVXKHUPDQR
    -DVyQ\0HGHDVHHVWDEOHFLHURQHQ&RULQWR\WXYLHURQGRVKLMRV
    &RPRH[WUDQMHUDODSRVLFLyQGH0HGHDHUDVLPLODUDODGHXQDXQLyQ
    FRQVHQVXDO(ORSRUWXQLVWD-DVyQDSURYHFKyODRFDVLyQSDUDFDVDUVH
    FRQ &UH~VD KLMD GH &UHyQ UH\ GH &RULQWR &RPR FRQGLFLyQ SDUD HO
    PDWULPRQLR-DVyQDFHSWyTXH0HGHD\VXVKLMRVIXHVHQGHVWHUUDGRV
    +HULGD SRU OD SHUILGLD GH -DVyQ \ KXPLOODGD SRU YHU UHGXFLGRV D
    QDGDVXVVDFULILFLRV\ORVFUtPHQHVFRPHWLGRVHQVXQRPEUH0HGHD
    DGRSWy XQD DFWLWXG KRPLFLGD (Q SULPHU OXJDU UHJDOy D VX ULYDO XQ
    YHVWLGRHQYHQHQDGR&XDQGR&UH~VDVHORSXVRHOHIHFWRIXHFRPR
    VXVHKXELHUDSXHVWRXQPDQWRGHQDSDOPTXHTXHPy\GHVWUX\yVX
    FDUQH$FRQWLQXDFLyQ0HGHDVHHQFRQWUyHQFRQIOLFWRHQWUHHODPRU
    SRU VXV KLMRV \ VX GHVHR GH YHQJDQ]D /D IXULD \ HO RUJXOOR \SDUD
    YHQJDUVHGH-DVyQPDWyDVXVKLMRV
    0HGHD VH FRPSRUWy GH XQD PDQHUD PRQVWUXRVD DXQTXH IXH
    FODUDPHQWH YtFWLPD GH VX LUUHVLVWLEOH DPRU SRU -DVyQ 0LHQWUDV TXH
    DOJXQDV PXMHUHV SXHGHQ GHSULPLUVH R LQFOXVR WHQHU WHQGHQFLDV
    VXLFLGDV GHVSXpV GH KDEHU VLGR UHFKD]DGDV \ GHVGHxDGDV 0HGHD
    FRQVSLUy GH PDQHUD DFWLYD \ OOHYy D FDER VX YHQJDQ]D 6X UHODFLyQ
    FRQ -DVyQ HUD HO FHQWUR GH VX YLGD 7RGR OR TXH KDFtD HUD HO
    UHVXOWDGRGHDPDUOHRSHUGHUOH0HGHDHVWDEDREVHVLRQDGDSRVHtGD
    \ HQORTXHFLGD SRU OD QHFHVLGDG GH VHU OD FRPSDxHUD GH -DVyQ 6X
    SDWRORJtD GH OD LQWHQVLGDG GHO LQVWLQWR GH +HUD \ GH KDEHU VLGR
    HQJDxDGD
    $XQTXH SRU VXHUWH VRQ UDUDV ODV UHSHWLFLRQHV OLWHUDOHV GHO PLWR
    GH 0HGHD HQ XQ QLYHO PHWDIyULFR VRQ PX\ FRPXQHV &XDQGR XQD
    PXMHUVHXQHDXQKRPEUHPHGLDQWHODGREOHLQWHUYHQFLyQGH+HUD\
    GH $IURGLWD FRPR OH VXFHGLy D 0HGHD VX LQVWLQWR GH HPSDUHMDUVH
    SRU pO OD IXHU]DQ D SRQHU OD UHODFLyQ SRU HQFLPD GH FXDOTXLHU RWUD
    FRVD'HMDUiVXIDPLOLDWUDLFLRQDUiVXVYDORUHV\³PDWDUi´ORVOD]RV
    IDPLOLDUHV VL HV QHFHVDULR $O LJXDO TXH 0HGHD PXFKDV PXMHUHV
    FUHHQ HQ ODV SURPHVDV PDULWDOHV GH GHYRFLyQ HWHUQD \ KDFHQ
    HQRUPHVVDFULILFLRVSRUVXKRPEUHVyORSDUDVHUGHVSXpVXWLOL]DGDV\
    DEDQGRQDGDVSRUDPELFLRVRV-DVRQHVVLQHVFU~SXORV
    &XDQGR XQD SDUHMD YLYH HO GUDPD GH 0HGHD \ GH -DVyQ SXHGH
    TXH HOOD QR TXHPH QL GHVJDUUH OLWHUDOPHQWH D OD RWUD PXMHU SRU OD
    TXH pO OD DEDQGRQD SHUR IUHFXHQWHPHQWH WLHQH IDQWDVtDV R KDFH
    LQWHQWRVHPRFLRQDOPHQWHHTXLYDOHQWHV3RUHMHPSOR³0HGHD´WDOYH]
    LQWHQWHGHVWUXLUODUHSXWDFLyQGHODRWUDPXMHUFRQPHQWLUDVRLQFOXVR
    LQWHQWDQGROLWHUDOPHQWHKDFHUOHGDxR
    <VL²GHQXHYRLJXDODQGRHOPLWRGH0HGHD\-DVyQ²VXGHVHR
    GH YHQJDQ]D HV PD\RU TXH VX DPRU SRU VXV SURSLRV KLMRV \ SRU OR
    TXHHVPHMRUSDUDHOORVWDOYH]LQWHQWHGHVWUXLUODUHODFLyQGHpVWRV
    FRQpO3XHGHTXHVHOOHYHOHMRVDVXVKLMRVSDUDTXHpOQRORVSXHGD
    YHU 2 TXL]i VXV YLVLWDV D ORV QLxRV HQ DFRQWHFLPLHQWRV WDQ
    WUDXPiWLFRV TXH pO DEDQGRQH VXV HVIXHU]RV GH SHUPDQHFHU HQ
    UHODFLyQFRQHOORV
    +D\TXHVHxDODUTXHILHOD+HUDHQVXDVSHFWRPiVGHVWUXFWLYR
    0HGHDQRGLRPXHUWHD-DVyQ'HODPLVPDPDQHUDOD+HUDKRVWLO\
    UHFKD]DGDVXHOHKDFHUGDxRDRWURVHQYH]GHSHUMXGLFDUDOKRPEUH
    TXHODGHMy(VSHFLDOPHQWHKDFHGDxRDORVKLMRV

    9tDV GH GHVDUUROOR SHUVRQDO


    5HFRQRFHUODLQIOXHQFLDGH+HUD\HQWHQGHUVXVVXVFHSWLELOLGDGHV
    HV HO SULPHU SDVR SDUD WUDVFHQGHUOD 0XFKDV PXMHUHV SXHGHQ
    FRQVLGHUDUVXVUHODFLRQHVSDVDGDV\GDUVHFXHQWDUHWURVSHFWLYDPHQWH
    GH TXH HVWDEDQ GHPDVLDGR GHVHRVDV GH FDVDUVH 6L ³+HUD´ KXELHUD
    SUHYDOHFLGR \ VL KXELHUD WHQLGR OD RSRUWXQLGDG WDOHV PXMHUHV VH
    KDEUtDQFDVDGRFRQVXDPLJRPiVHVWDEOHGHODXQLYHUVLGDGRFRQHO
    TXH WXYLHURQ XQD DYHQWXUD GH YHUDQR R OR TXH HV LJXDO FRQ
    FXDOTXLHUKRPEUHTXHQRFRQRFLHUDQPX\ELHQ
    &XDQGR XQD PXMHU HVWi ERMR OD LQIOXHQFLD GH +HUD HV SUREDEOH
    TXHVHFDVHFRQHOSULPHUKRPEUHUHVSHWDEOHTXHVHORSLGDRFRQ
    FXDOTXLHU KRPEUH GLVSRQLEOH FRQ HO TXH VDOJD VLQ GHWHQHUVH D
    FRQVLGHUDU TXp HV OR TXH VHUtD PHMRU SDUD HOOD +DUtD ELHQ HQ
    UHVLVWLUVH DO PDWULPRQLR KDVWD TXH FRQRFLHUD EDVWDQWH D VX PDULGR
    ¢4Xp FODVH GH FDUiFWHU WLHQH" ¢4Xp JUDGR GH PDGXUH] HPRFLRQDO
    SRVHH" ¢+DVWD TXH SXQWR HVWi GLVSXHVWR D HVWDEOHFHUVH" ¢(V
    LPSRUWDQWH OD ILGHOLGDG SDUD pO" ¢&yPR VH VLHQWH FRQVLJR PLVPR
    FRPR SHUVRQD" ¢+DVWD TXp SXQWR VRQ FRPSDWLEOHV ORV GRV"
    5HVSRQGHUDHVWDVSUHJXQWDVFRQKRQUDGH]HVDOJRHVHQFLDOSDUDOD
    IHOLFLGDGIXWXUDGHXQDPXMHU+HUD8QDYH]FDVDGDGHSHQGHUiGHO
    FDUiFWHU GHO KRPEUH FRQ HO TXH VHFDVH \ GH VX FDSDFLGDG GH DPRU
    SRU HOOD eO GHFLGLUi TXp FODVH GH SHUVRQD WLHQH TXH VHU HOOD XQD
    +HUDUHDOL]DGDFROpULFDRGHVLOXVLRQDGD

    (YROXFLRQDU PiV DOOi GH +HUD


    $XQTXHXQEXHQPDWULPRQLRHVORTXHGDPiVVHQWLGRDODYLGD
    GHXQDPXMHU+HUDOLPLWDUVHDVHUXQDHVSRVDVLJQLILFDTXHWDOYH]
    HVWpOLPLWDQGRVXGHVDUUROORSHUVRQDO\ODFDSDFLGDGGHDGDSWDUVHVL
    ODPXHUWHRHOGLYRUFLRDFDEDQFRQHVWHURO'HPDQHUDLQFRQVFLHQWH
    SXHGHTXHVHVRPHWDDTXHVHDVXPDULGRTXLHQHOLMDVXVDPLJRV\
    DFWLYLGDGHV\TXHOHSHUPLWDDpOGHFLGLUFyPRGHEHSDVDUVXYLGD
    6LQ HPEDUJR WDPELpQ SXHGH YROYHUVH FRQVFLHQWH GH VX SDWUyQ GH
    FRPSRUWDPLHQWR\GDUVHFXHQWDGHTXHKDGHVFXLGDGRRWUDVIDFHWDV
    GHVtPLVPDTXHSXHGHQHQULTXHFHUVXSURSLDYLGD\VXPDWULPRQLR
    (Q XQ PDWULPRQLR WUDGLFLRQDO HO PDULGR \ OD PXMHU VRQ PLWDGHV
    GH XQ WRGR FDGD XQR FXPSOH XQ SDSHO FXOWXUDOPHQWH GHWHUPLQDGR
    (VWD HVSHFLDOL]DFLyQ GH WDUHDV QR HVWLPXOD D OD WRWDOLGDG GHQWUR GH
    FDGDSHUVRQD7RGRORTXHODFXOWXUDFRQVLGHUD³PDVFXOLQR´QRHVWi
    GHVDUUROODGR HQ OD PXMHU 8QD PXMHU +HUD FDH IiFLOPHQWH HQ HVWH
    SDWUyQ3XHGHTXHLQFOXVRVHHQRUJXOOH]FDGHPDQHUDSHUYHUVDGHQR
    VDEHUQDGDGHDXWRPyYLOHVRGHQ~PHURVRGHQRVDEHUFyPRWUDWDU
    FRQ JHQWH HQ HO PXQGR GH ORV QHJRFLRV SRUTXH VX PDULGR OOHYD D
    FDER WRGDV HVWDV WDUHDV SRU DPERV $Vt VL VH OH SHUPLWH +HUD
    WDPELpQ UHVWULQJH ODV FRPSHWHQFLDV GH XQD PXMHU 3HUR XQD PXMHU
    WDPELpQ SXHGH GHWHQHUVH \ HPSH]DU D UHIOH[LRQDU VREUH HO SDWUyQ
    TXH ULJH VX PDWULPRQLR 3XHGH GDUVH FXHQWD GH TXH HOOD HVWi
    PROGHDGDSDUDXQSDSHOTXHHQHOPHMRUGHORVFDVRVODOLPLWD\HQ
    HOSHRUODGHVWUX\H(VWDWRPDGHFRQFLHQFLDHVHOSULPHUSDVRTXH
    OH SRVLELOLWD UHVLVWLU D +HUD H LU PiV DOOi GH HVWH SDWUyQ ~QLFR 8QD
    PXMHU +HUD GHEH DOLQHDUVH FRQVFLHQWH \ UHSHWLGDPHQWH FRQ RWUDV
    GLRVDVTXHOHSHUPLWDQGHVDUUROODUVHPiVDOOiGHOSDSHOGHHVSRVD
    (O PDWULPRQLR FRPR H[SHULHQFLD GH
    FUHFLPLHQWR SHUVRQDO
    8QD PXMHU +HUD LQVHJXUD HV DOWDPHQWH VXVFHSWLEOH D ORV FHORV
    &RQ PX\ SRFD SURYRFDFLyQ VRVSHFKD LQILGHOLGDG \ VH VLHQWH
    GHVYDORUL]DGD \ KXPLOODGD HQ S~EOLFR SRU OD IDOWD GH DWHQFLyQ GH VX
    PDULGR 6L VXV UHDFFLRQHV QR HVWiQ MXVWLILFDGDV OH YXHOYH GLVWDQWH
    FRQ VXV DFXVDFLRQHV R ELHQ LQWHQWD KDFHUOH PiV VHQVLEOH DO HIHFWR
    TXH pO OH SURGXFH < HO PDWULPRQLR VH GHWHULRUD FRQILUPDQGR VXV
    WHPRUHV R ELHQ DPERV PDULGR \ PXMHU HYROXFLRQDQ FDGD YH] PiV
    XQLGRV
    3RU HMHPSOR VX PDULGR SXHGH DSUHQGHU D UHVSRQGHU FRQ OD
    FRPSDVLyQ D VX QHFHVLGDG GH VDEHU GyQGH HVWi HQ OXJDU GH
    UHVSRQGHU FRQ UHVHQWLPLHQWR \ UHWHQLHQGR LQIRUPDFLyQ 6L SXHGH
    UHVSRQGHU GH HVWD PDQHUD DXPHQWDUi OD FRQILDQ]D GH HOOD 8Q
    PDULGRGHHVWHWLSRGHFtD³$KRUDOHGLJRFXiQGRSXHGHHVSHUDUPH\
    VLKD\FDPELRGHSODQHVOHWHOHIRQHRHQOXJDUGHGHMDUOHDODPHUFHG
    GHOGHPRQLRGHORVFHORVTXHDWRUPHQWDQVXLPDJLQDFLyQ´/DPXMHU
    +HUDGHEHGHFLGLUXQD\RWUDYH]HQTXLpQFRQILDUHQHVD+HUDOOHQD
    GH VRVSHFKDV TXH HVWi GHQWUR GH HOOD R HQ VX PDULGR 3DUD FUHFHU
    SHUVRQDOPHQWH GHEH UHVLVWLUVH D +HUD \ RWRUJDU FRQILDQ]D D VX
    PDULGRUHVSHFWRDVXDSR\R\ILGHOLGDG

    7UDQVIRUPDU OD UDELD \ HO GRORU HQ REUDV


    FUHDWLYDV OD VROXFLyQ GH +HIHVWRV
    &XDQGR XQD PXMHU +HUD IRUPD SDUWH GH XQ PDO PDWULPRQLR R
    GHEHOXFKDUSDUDOLEHUDUVHGHVHUOD+HUDYHQJDWLYD\HOHJLGDFRPR
    YtFWLPD HO PLWR GH +HUD +HIHVWRV GLRV GH OD IRUMD VXJLHUH XQD
    VROXFLyQ eO VLPEROL]D XQD IXHU]D SRWHQFLDO LQWHUQD TXH OD PLVPD
    GLRVD UHFKD]DED SHUR TXH WRGDYtD HVWi GLVSRQLEOH SDUD ODV PXMHUHV
    +HUD +HUD IDYRUHFLy D VX KLMR $UHV GLRV GH OD JXHUUD ³'H WDO
    PDGUHWDOKLMRODIXULDLQFRQWURODGDGH$UHVHQHOFDPSRGHEDWDOOD
    UHIOHMDEDODDFWLWXGYHQJDWLYD\IXHUDGHFRQWUROGH+HUD 
    +HIHVWRV ²FRQRFLGR FRPR 9XOFDQR SRU ORV URPDQRV² WHQtD VX
    IRUMD GHQWUR GH XQ YROFiQ 6LPEyOLFDPHQWH pO UHSUHVHQWD OD
    SRVLELOLGDG GH TXH OD IXULD GHO YROFiQ SXHGH VHU FRQWHQLGD \
    WUDQVPXWDGDHQHQHUJtDSDUDHODERUDUDUPDGXUDV\REUDVGHDUWH
    8QD+HUDUHFKD]DGD\HQIDGDGDSXHGHHVFRJHUHQWUHFRQVXPLUVH
    SRUVXSURSLDUDELDRFRQWHQHUVXVLPSXOVRVKRVWLOHV\UHIOHMDUORVHQ
    VXVSRVLEOHVHOHFFLRQHV6LHVFDSD]GHYHUFyPRVHHVWiSDUDOL]DQGR
    \ OLPLWDQGR SRU VX SURSLD UDELD \ VXV FHORV SXHGH FDQDOL]DU VX
    HQIDGR HQ HO WUDEDMR 3RGUtD OLWHUDOPHQWH VHJXLU HO HMHPSOR GH
    +HIHVWRV FX\D HVSRVD $IURGLWD OH IXH UHSHWLGDPHQWH LQILHO  \
    FRQYHUWLUVH HQ DUWHVDQD 3RGUtD WUDEDMDU FRQ DUFLOOD FRFLHQGR HQ HO
    KRUQR OR TXH KDJD \ HQ HVH PLVPR SURFHVR TXHGDU WUDQVIRUPDGD
    PHWDIyULFDPHQWH WUDQVIRUPDGD SRU HO IXHJR GH VXV HPRFLRQHV HQ
    XQD DUWHVDQD HQ OXJDU GH FRQVXPLUVH R VHU GHVWUXLGD 2 SRGUtD
    FDQDOL]DUODLQWHQVLGDGGHVXVVHQWLPLHQWRVSLQWDGRRHVFULELHQGR(O
    WUDEDMR GH FXDOTXLHU WLSR PHQWDO R 0DQXHO SXHGH VHUYLU FRPR
    LQVWUXPHQWRSDUDVXEOLPL]DUODUDELD<ODVXEOLPDFLyQHVPXFKRPiV
    VDQDTXHSHUPLWLUTXHODUDELDVHDOLPHQWHDVtPLVPD\ODGHVWUX\D

    $ILUPDU OD SRVLELOLGDG GH UHFRQFLOLDFLyQ


    UHDOLGDG FRQWUD HO PLWR
    8QDPXMHU+HUDQHFHVLWDVDEHUTXHXQDYH]TXHVXKRPEUHODKD
    DEDQGRQDGR WHQGUi GLILFXOWDG HQ FUHHU HQ HVWD SpUGLGD (Q XQD
    VLWXDFLyQ DVt WLHQH GLILFXOWDGHV HQ DFHSWDU OD UHDOLGDG \
    SUREDEOHPHQWHFUHDHQXQILQDOPtWLFRTXHpOFRPR=HXVODHFKDUi
    HQIDOWD\YROYHUi8QDPXMHU+HUDQRSXHGHSHUPLWLUVHGHVHFKDUOD
    HYLGHQFLD WLHQHQ TXH DFHSWDU OD UHDOLGDG HQ OXJDU GH QHJDUOD
    6RODPHQWH FXDQGR GHMD GH HVSHUDU XQD HYHQWXDO UHFRQFLOLDFLyQ
    SXHGHHPSH]DUHOGXHORHPSH]DUDUHFXSHUDUVH\FRQWLQXDUFRQVX
    YLGD
    0XFKDVPXMHUHV+HUDHVSHUDQTXHXQPDULGRTXHVHKDLGRFRQ
    RWUD PXMHU SXHGD UHJUHVDU (Q XQR GH ORV PLWRV GH +HUD HVWD
    UHFRQFLOLDFLyQVtVXFHGHSHURVyORGHVSXpVGHTXHHOODVHDFDSD]GH
    GHMDU D =HXV (Q HO PLWR FRPR VH VHxDOy DQWHULRUPHQWH =HXV
    DFXGLyDVXUHWLURGHPRQWDxD\SDUWLFLSyHQXQDFHUHPRQLDGHERGD
    FRQ XQD HVWDWXD GLVIUD]DGD FRPR PXMHU $ +HUD OH GLYLUWLy HVWD
    HVFHQD\DFRQWLQXDFLyQVHGLRODUHFRQFLOLDFLyQ
    $TXt HVWiQ SUHVHQWHV YDULRV HOHPHQWRV SVLFROyJLFRV LPSRUWDQWHV
    $QWHWRGRSDUDUHFRQFLOLDUVH+HUDUHQXQFLyPiVTXH=HXV7DPELpQ
    DEDQGRQyVXVHVSHUDQ]DVGHTXHpOSXGLHUDFDPELDU\GHMRHOSDSHO
    GH OD +HUD HVFRJLGD FRPR YtFWLPD \ YHQJDWLYD $ VX YH] =HXV
    GHVFXEULyTXH+HUDHUDYHUGDGHUDPHQWHLPSRUWDQWHSDUDpO\OHKL]R
    OOHJDUHVWHPHQVDMH7DOYH]VyORGHVSXpVGHWRGRHVWRSXGR+HUD
    GLYHUWLUVH SRUTXH ILQDOPHQWH UHFRQRFLy TXH QLQJXQD RWUD PXMHU OH
    KDEtD LPSRUWDQGR YHUGDGHUDPHQWH GXUDQWH WRGD OD UHODFLyQ
    FRQ\XJDO &DGD XQD GH VXV DYHQWXUDV VHQWLPHQWDOHV FRPR OD GH OD
    HVWDWXD  KDEtD VLGR XQ VtPEROR SDUD pO PiV TXH XQD UHODFLyQ
    LPSRUWDQWH
    /DYLGDLPLWDDYHFHVHVWHILQDOIHOL]SHURQRKDELWXDOPHQWH8QD
    PXMHUTXHFRPSUXHEHTXHODVHSDUDFLyQQRKDFDPELDGRHOFRUD]yQ
    GHVXHVSRVRTXHQRKDUHJUHVDGRVLQRTXHSRUHOFRQWUDULRHVWi
    LPSOLFDGRREYLD\SURIXQGDPHQWHFRQFXDOTXLHURWUDRTXHVHVLHQWH
    DOLYLDGR GH KDEHUVH DOHMDGR GH HOOD (QWRQFHV HOOD WLHQH TXH KDFHU
    IUHQWH D OD UHDOLGDG 6yOR HQWRQFHV SXHGH OORUDU OD SpUGLGD \
    FRQWLQXDUFRQVXYLGD

    5HFLFODUVH D Vt PLVPD
    /D SRVLELOLGDG GH FRPSOHWDU XQ FtUFXOR \ HPSH]DU GH QXHYR HV
    LQWUtQVHFDDODPLWRORJtDGH+HUD&RPRVHxDOpDQWHULRUPHQWHHQHO
    FLFORDQXDOGHFXOWRODGLRVDIXH+HUDODGRQFHOODHQSULPDYHUD+HUD
    OD UHDOL]DGD HQ YHUDQR \ HQ RWRxR \ +HUD OD YLXGD FDGD LQYLHUQR
    &DGD SULPDYHUD VH OD UHWRUQDED D OD YLUJLQLGDG \ HO FtUFXOR
    FRPHQ]DED GH QXHYR 0HGLDQWH OD FRPSUHQVLyQ GH HVWD SRVLELOLGDG
    DUTXHWtSLFDXQDPXMHU+HUDTXHIRUPDSDUWHGHXQPDOPDWULPRQLR
    SXHGH ³HQYLXGDU´ HPRFLRQDOPHQWH DEDQGRQDQGR XQD UHODFLyQ TXH
    VyOROHSURSRUFLRQDYDFtRPDORVWUDWRVRLQILGHOLGDG3XHGHHQWRQFHV
    HPSH]DU GH QXHYR \ HVFRJHU HVWD YH] FRQ VHQVDWH] (Q XQ QXHYR
    PDWULPRQLR VX LPSXOVR GH VHU HVSRVD SXHGH VDWLVIDFHUVH GH XQD
    PDQHUDSRVLWLYD
    (O FLFOR WDPELpQ SXHGH YLYLUVH FRPR XQD H[SHULHQFLD LQWHUQD VL
    XQD PXMHU DEDQGRQD OD QHFHVLGDG GH VHU HVSRVD R OD HVSHUDQ]D GH
    UHDOL]DUVH PHGLDQWH HO SDSHO GH HVSRVD 8QD DEXHOD YLXGD SRU
    HMHPSOR VRxy TXH KDEtD HPSH]DGR D WHQHU PHQVWUXDFLRQHV GH
    QXHYR²GLH]DxRVGHVSXpVGHVXPHQRSDXVLD²\VHGLRFXHQWDGH
    TXHHOVXHxRFRQVWLWXtDXQDDILUPDFLyQVLPEyOLFDH[DFWD6LQWLpQGRVH
    FRPSOHWD \ HQ HO XPEUDO GH XQD QXHYD IDVH GH VX YLGD HUD
    SVLFROyJLFDPHQWHODGRQFHOODXQDYH]PiV
     ± '(0e7(5 ',26$ '( /$6
    &26(&+$6 1875,'25$ < 0$'5(

    'HPpWHU OD GLRVD
    'HPpWHU GLRVD GH ODV FRVHFKDV SUHVLGtD ODV UHFROHFFLRQHV
    DEXQGDQWHV /RV URPDQRV OD FRQRFLHURQ FRPR &HUHV GH GRQGH
    SURYLHQH QXHVWUD SDODEUD FHUHDO  6H OD GHVFULEH HQ HO +LPQR D
    'HPpWHU GH +RPHUR FRPR ³HVD VREUHFRJHGRUD GLRVD GH KHUPRVR
    FDEHOOR« FRQ VX HVSDGD GH RUR´>@ SUREDEOH OLFHQFLD SRpWLFD SDUD
    UHSUHVHQWDU XQD HVSLJD GH WULJR PDGXUR TXH HUD VX SULQFLSDO
    VtPEROR  6H OD UHSUHVHQWDED FRPR XQD EHOOD PXMHU GH FDEHOOR
    GRUDGR \ YHVWLGD FRQ XQD W~QLFD D]XO R PiV IUHFXHQWHPHQWH HQ
    HVFXOWXUDV FRPRXQDPDWURQDVHQWDGD
    3DUWH GHO QRPEUH GH 'HPpWHU PHWHU SDUHFH VLJQLILFDU ³PDGUH´
    SHUR QR HVWi FRPSOHWDPHQWH FODUR D TXp VH UHILHUH HO ³GH´ R
    SUHYLDPHQWH HO ³GD´ 6H OD YHQHUDED FRPR D XQD GLRVD PDGUH
    FRQFUHWDPHQWHFRPRPDGUHGHODVFRVHFKDV\PDGUHGHODGRQFHOOD
    3HUVpIRQH ODURPDQD3URVHUSLQD 
    /D YLGD GH 'HPpWHU FRPHQ]y GH OD PLVPD WULVWH PDQHUD TXH OD
    GH+HUD)XHODVHJXQGDKLMDGH5HD\GH&URQRV\ODVHJXQGDHQ
    VHU WUDJDGD SRU pVWH 'HPpWHU IXH OD FXDUWD FRQVRUWH UHDO GH =HXV
    -~SLWHU TXHWDPELpQHUDKHUPDQRVX\R
    3UHFHGLy D +HUD TXH IH OD Q~PHUR VLHWH \ OD ~OWLPD GH ODV
    KHUPDQDV 'H VX XQLyQ FRQ =HXV OD ~QLFD KLMD WHQLGD FRQ pO
    3HUVpIRQHDODTXH'HPpWHUHVWXYRDVRFLDGDHHOPLWR\HQHOFXOWR
    /DKLVWRULDGH'HPpWHU\GH3HUVpIRQH²EHOODPHQWHFRQWDGDHQ
    HOODUJR+LPQRD'HPpWHUGH+RPHUR²VHFHQWUDHQODUHVSXHVWDGH
    'HPpWHU DO UDSWR GH 3HUVpIRQH SRU HO KHUPDQR GH DTXpOOD +DGHV
    GLRV GHO PXQGR VXEWHUUiQHR (VWH VH FRQYLUWLy HQ OD EDVH GH ORV
    PLVWHULRV HOHXVLQRV TXH GXUDQWH PiV GH GRV PLO DxRV IXHURQ ORV
    ULWXDOHV PiV VDJUDGRV H LPSRUWDQWHV GH OD DQWLJXD *UHFLD>@ (VWH
    FXOWRWHUPLQyHQHOVLJOR 9DGH&FRQODGHVWUXFFLyQGHOVDQWXDULRV
    GH(OHXVLVSRUORVLQYDVRUHVJRGRV

    (O UDSWR GH 3HUVpIRQH
    3HUVpIRQH HVWDED FRJLHQGR IORUHV HQ XQ SUDGR FRQ VXV
    FRPSDxHUDV FXDQGR IXH DWUDtGD SRU XQ QDUFLVR DVRPEURVDPHQWH
    EHOOR $O DFHUFDVH SDUD FRJHUOR HO VXHOR VH DEULy DQWH HOOD 'H ODV
    SURIXQGLGDGHVGHODWLHUUDHPHUJLy+DGHVHQVXFDUURGHRURWLUDGR
    SRUFDEDOORVQHJURV\ODDUUHEDWy\VHVXPHUJLyHQHODELVPRFRQOD
    PLVPDUDSLGH]FRQODTXHKDEtDOOHJDGR3HUVpIRQHVHGHEDWLy\JULWy
    SLGLHQGRD\XGDD=HXVSHURQDGLHOHD\XGy
    'HPpWHU HVFXFKy ORV HFRV GH ORV JULWRV GH 3HUVpIRQH \ VDOLy
    FRUULHQGRHQVXD\XGD%XVFyGXUDQWHQXHYHGtDV\QXHYHQRFKHVD
    VX KLMD UDSWDGD SRU WRGD OD WLHUUD \ SRU WRGRV ORV PDUHV 1R VH
    GHWXYRQLHQXQLQVWDQWHSDUDFRPHURSDUDODYDUVHGXUDQWHWRGDVX
    IUHQpWLFDE~VTXHGD
    2WUR PLWR DxDGH TXH FXDQGR 'HPpWHU HVWDED EXVFDQGR
    LQIUXFWXRVDPHQWH D VX KLMD UDSWDGD IXH YLVWD \ GHVHDGD SRU
    3RVHLGyQ >1HSWXQR@ GLRV GHO PDU TXH VH ODQ]y HQ VX SHUVHFXFLyQ
    (OOD LQWHQWy HYLWDUOH WUDQVIRUPiQGRVH HQ XQD \HJXD \ PH]FOiQGRVH
    FRQXQDPDQDGDGHFDEDOORV3RVHLGyQTXHQRFD\yHQHOHQJDxR
    VH FRQYLUWLy HQ XQ FDEDOOR VHPHQWDO OD HQFRQWUy HQ PHGLR GH OD
    PDQDGD\ODYLROy 
    $O DWDUGHFHU GHO GpFLPR GtD 'HPpWHU HQFRQWUy D +pFDWH GLRVD
    GHODOXQDRVFXUD\GHODVHQFUXFLMDGDVTXHOHVXJLULyDFXGLUMXQWDVD
    +HOLRVKLMRVGHOVRO XQDGHLGDGGHODQDWXUDOH]DTXHFRPSDUWtDHVWH
    WtWXOR FRQ $SROR  +HOLRV OHV LQIRUPy TXH HUD +DGHV TXLHQ KDEtD
    UDSWDGRD3HUVpIRQH\GHTXHODKDEtDOOHYDGRDOPXQGRVXEWHUUiQHR
    SDUD VHU VX QRYLD SRU IXHU]D $GHPiV DxDGLy TXH HO UDSWR \ OD
    YLRODFLyQ GH 3HUVpIRQH KDEtDQ VLGR FDVWLJDGRV SRU =HXV 3LGLy D
    'HPpWHU TXH GHMDVH GH OORUDU \ DFHSWDVH OR TXH KDEtD VXFHGLGR DO
    ILQ\DOFDER+DGHV³QRHUDXQ\HUQRWDQLQVLJQLILFDQWH´
    'HPpWHU UHFKD]y HVWH FRQVHMR 6H VHQWtD XOWUDMDGD \ WUDLFLRQDGD
    SRU =HXV \ WDPELpQ DIOLJLGD 6H PDUFKy GHO PRQWH 2OLPSR
    GLVIUD]DGDGHYLHMD\YDJyGHLQFyJQLWRSRUFLXGDGHV\FDPSRV8Q
    GtDOOHJRD(OHXVLVVHVHQWyMXQWRDOSR]RGRQGHIXHHQFRQWUDGDSRU
    ODV KLMDV GH &HOHR UH\ GH HVD FLXGDG $OJR GH VX SRUWH \ GH VX
    EHOOH]D ODV KDEtD DWUDtGR KDFLD HOOD &XDQGR 'HPpWHU OHV GLMR TXH
    HVWDEDEXVFDQGRWUDEDMRFRPRQLxHUDODOOHYDURQDVXFDVDDQWHVX
    PDGUH 0HWDQLUD \D TXH WHQtDQ XQ KHUPDQR UHFLpQ QDFLGR DO TXH
    TXHUtDQPXFKROODPDGR'HPRIRRQWH
    %DMRORVFXLGDGRVGH'HPpWHU'HPRIRRQWHFUHFLyFRPRXQGLRV
    /HDOLPHQWyFRQ DPEURVLD HOPDQMDUGHORVGLRVHV \HQVHFUHWROR
    PDQWXYR HQ XQ IXHJR TXH OH KDEUtD KHFKR LQPRUWDO VL QR KXELHUD
    VLGR SRU OD LQWHUUXSFLyQ GH 0HWDQLUD TXH HPSH]y D JULWDU WHPLHQGR
    SRU OD YLGD GH VX KLMR 'HPpWHU UHDFFLRQy FRQ IXULD UHJDxy D
    0HWDQLUD SRU VX HVWXSLGH] \ OH UHYHOy VX YHUGDGHUD LGHQWLGDG $O
    PDQLIHVWDU TXH HUD 'HPpWHU OD GLRVD FDPELy GH WDPDxR \ IRUPD
    UHYHODQGRVXEHOOH]DGLYLQD6XVFDEHOORVGRUDGRVFD\HURQVREUHVXV
    KRPEURVVXIUDJDQFLD\VXUHVSODQGRUOOHQDURQODFDVDGHOX]
    'HPpWHU RUGHQy HQWRQFHV TXH VH FRQVWUX\HUD XQ WHPSOR SDUD
    HOOD (Q pO VH LQVWDOy VH VHQWy VROD FRQ VX SHVDU SURGXFLGR SRU OD
    DXVHQFLD GH VX KLMD UDSWDGD \ VH QHJy D FXPSOLU VXV IXQFLRQHV
    &RPR FRQVHFXHQFLD QDGD SRGtD QDFHU QL FUHFHU /D KDPEUXQD
    DPHQD]DED FRQ H[WLQJXLU OD UD]D KXPDQD SULYDQGR D ORV GLRVHV \
    GLRVDVGHO2OLPSRGHVXVRIUHQGDV\VDFULILFLRV
    $OILQDO=HXVVHGLRSRUHQWHUDGR3ULPHURHQYLyDVXPHQVDMHUD
    ,ULV D LPSORUDU D 'HPpWHU TXH YROYLHVH 'HVSXpV FRPR 'HPpWHU
    SHUPDQHFtD LQDPRYLEOH FDGD GHLGDG HO 2OLPSR DFXGLy D VX YH]
    OOHYiQGROH UHJDORV \ SUHVHQWiQGROH KRQRUHV )XULRVD 'HPpWHU KL]R
    VDEHUDFDGDXQDGHHOODVTXHQRSRQGUtDHOSLHHQHOPRQWH2OLPSR
    QL SHUPLWLUtD TXH QDGD FUHFLHUD KDVWD TXH 3HUVpIRQH OH IXHUD
    GHYXHOWD
    3RU~OWLPR=HXVUHVSRQGLy(QYLyD+HUPHVHOGLRVPHQVDMHURD
    +DGHV RUGHQiQGROH TXH GHYROYLHUD D 3HUVpIRQH SDUD TXH ³VX
    PDGUHDOYHUODFRQVXVSURSLRVRMRVDEDQGRQDUDVXFyOHUD´+HUPHV
    EDMyDOPXQGRVXEWHUUiQHR\HQFRQWUyD+DGHVVHQWDGRHQXQGLYiQ
    MXQWRDXQD3HUVpIRQHGHSULPLGD
    $OHVFXFKDUTXHHUDOLEUHSDUDLUVH3HUVpIRQHVHUHJRFLMy\VDOWy
    OOHQDGHDOHJUtDSDUDDFRPSDxDUD+HUPHV3HURDQWHV+DGHVOHGLR
    DOJXQRVJUDQRVGHJUDQDGDTXHHOODFRPLy
    +HUPHVWRPySUHVWDGRHOFDUURGH+DGHVSDUDOOHYDUD3HUVpIRQH
    DVXKRJDU/RVFDEDOORVYRODURQYHORFHVGHVGHHOPXQGRVXEWHUUiQHR
    DOPXQGRVXSHULRUGHWHQLpQGRVHIUHQWHDOWHPSORHQHOTXH'HPpWHU
    HVWDED HVSHUDQGR &XDQGR pVWD OHV YLR 'HPpWHU DFXGLy FRUULHQGR
    FRQ ORV EUD]RV H[WHQGLGRV SDUD DEUD]DU D VX KLMD TXH D VX YH] VH
    ODQ]yFRQLJXDODOHJUtDDORVEUD]RVGHVXPDGUH(QWRQFHV'HPpWHU
    OH SUHJXQWy DQVLRVDPHQWH VL KDEtD FRPLGR DOJR HQ HO PXQGR
    VXEWHUUiQHR 6L QR KDEtD FRPLGR QDGD 3HUVpIRQH OH KDEtD VLGR
    GHYXHOWD tQWHJUDPHQWH 3HUR FRPR KDEtD FRPLGR ORV JUDQRV GH OD
    JUDQDGD GHEHUtD SDVDU GRV WHUFLRV GHO DxR FRQ 'HPpWHU \ ORV
    UHVWDQWHVPHVHVHQHOPXQGRVXEWHUUiQHRFRQ+DGHV
    8QD YH] PDGUH H KLMD MXQWDV 'HPpWHU GHYROYLy OD IHUWLOLGDG \ HO
    FUHFLPLHQWRDODWLHUUD'HVSXpVSURSRUFLRQyORVPLVWHULRVHOHXVLQRV
    eVWRV HUDQ FHUHPRQLDV UHOLJLRVDV VREUHFRJHGRUDV TXH VH SURKLEtD
    UHYHODU D ORV QR LQLFLDGRV 0HGLDQWH GLFKRV PLVWHULRV ODV SHUVRQDV
    REWHQtDQ XQD UD]yQ SDUD YLYLU FRQ DOHJUtD \ PRULU VLQ PLHGR D OD
    PXHUWH

    'HPpWHU HO DUTXHWLSR
    'HPpWHU HV HO DUTXHWLSR GH OD PDGUH 5HSUHVHQWD HO LQVWLQWR
    PDWHUQDOUHDOL]DGRDWUDYpVGHOHPEDUD]RRPHGLDQWHHOVXPLQLVWUR
    GH DOLPHQWR ItVLFR SVLFROyJLFR R HVSLULWXDO D ORV GHPiV (VWH
    SRGHURVR DUTXHWLSR SXHGH GLFWDU HO FXUVR TXH WRPH OD YLGD GH XQD
    PXMHUWHQHUXQLPSDFWRVLJQLILFDWLYRVREUHODVGHPiVSHUVRQDVGHVX
    YLGDRSUHGLVSRQHUODKDFLDODGHSUHVLyQVLORUHFKD]DRVHIUXVWUDVX
    QHFHVLGDGGHQXWULU

    /D PDGUH
    (O DUTXHWLSR GH OD PDGUH HVWDED UHSUHVHQWDGR HQ HO PRQWH
    2OLPSRSRU'HPpWHUFX\RVSDSHOHVPiVLPSRUWDQWHVHUDQHOGHVHU
    PDGUH GH3HUVpIRQH \SURYHHGRUDGHDOLPHQWRV FRPRGLRVDGHODV
    FRVHFKDV  \ VXVWHQWR HVSLULWXDO ORV PLVWHULRV GH (OHXVLV  $XQTXH
    RWUDV GLRVDV WDPELpQ HUDQ PDGUHV FRPR +HUD \ $IURGLWD  VX KLMD
    IXH OD UHODFLyQ PiV VLJQLILFDWLYD GH 'HPpWHU 7DPELpQ HUD OD PiV
    QXWULGRUDGHWRGDVODVGLRVDV
    8QDPXMHUTXHSRVHDXQIXHUWHDUTXHWLSRGH'HPpWHUDQKHODVHU
    PDGUH8QDYH]TXHHVPDGUHTXHpVDHVXQDIXQFLyQTXHODOOHQD
    &XDQGR 'HPpWHU HV HO DUTXHWLSR PiV IXHUWH HQ OD SVLTXH GH XQD
    PXMHUVHUPDGUHHVHOURO\ODIXQFLyQPiVLPSRUWDQWHGHVXYLGD/D
    LPDJHQ GH OD PDGUH \ HO KLMR ²QRUPDOPHQWH UHSUHVHQWDGR HQ
    2FFLGHQWH FRPR OD 9LUJHQ \ HO 1LxR² FRUUHVSRQGH D XQD LPDJHQ
    LQWHUQDTXHODFRQPXHYHSURIXQGDPHQWH
    (O DUTXHWLSR GH OD PDGUH PRWLYD D ODV PXMHUHV D QXWULU D ORV
    GHPiV D VHU JHQHURVD \ D GDU VDWLVIDFFLyQ FRPR FXLGDGRUDV \
    SURYHHGRUDV $Vt HO DVSHFWR QXWULGRU GHO DUTXHWLSR GH 'HPpWHU
    SXHGHH[SUHVDUVHDWUDYpVGHODVSURIHVLRQHVGHD\XGD²GRFHQWHV
    FXLGDGRV SUHHVFRODUHV FRQVHMHUDV R FXDOTXLHU HPSOHR HQ HO TXH
    D\XGDUDORVGHPiVHVSDUWHGHODIXQFLyQ²\HQFXDOTXLHUUHODFLyQ
    HQ OD TXH SXHGH VHU XQD SHUVRQD QXWULGRWD (O DUTXHWLSR QR HVWi
    UHVWULQJLGRDVHUPDGUH

    (O LQVWLQWR PDWHUQDO
    (QHODVSHFWRELROyJLFR'HPpWHUUHSUHVHQWDHOLQVWLQWRPDWHUQDO
    ²HO GHVHR GH TXHGDUVH HPEDUD]DGD \ GH WHQHU XQ EHEp² TXH
    DOJXQDVPXMHUHVKDQDQKHODGRUHDOL]DUGHVGHVLHPSUH
    (ODUTXHWLSRHVXQDIXHU]DLUUHVLVWLEOHSDUDTXHGDUVHHPEDUD]DGD
    8QDPXMHUSXHGHVHUPX\FRQVFLHQWHGHORIXHUWHTXHHVHOLQVWLQWR\
    WDO YH] GHFLGD FXiQGR TXLHUH UHDOL]DU HVWH SURIXQGR GHVHR 3HUR VL
    HVWi LQFRQVFLHQWHPHQWH PRWLYDGD SRU 'HPpWHU TXL]i VH HQFXHQWUH
    HPEDUD]DGD³SRUDFFLGHQWH´
    /R TXH VXFHGH FXDQGR GHVFXEUH XQ HPEDUD]R QR SODQLILFDGR
    KDVWDTXHSXQWRHVSRGHURVRHVWHDUTXHWLSRHQXQDPXMHUFRQFUHWD
    &XDQGR HV FODUDPHQWH HO DERUWR HO UHVXOWDGR PiV VHQVDWR R
    UHVSRQVDEOH XQD PXMHU QR'HPpWHU SXHGH GHFLGLU DERUWDU \ D
    FRQWLQXDFLyQVHQWLUVHDOLYLDGD<DSDUWLUGHHVWHSXQWRWHQGUiPXFKR
    FXLGDGRHQQRTXHGDUVHGHQXHYRHPEDUD]DGDDFFLGHQWDOPHQWH3RU
    HO FRQWUDULR FXDQGR 'HPpWHU HMHUFH XQD JUDQ LQIOXHQFLD \ DXQTXH
    WDO YH] VHD HO DERUWR OR TXH PiV FRQYHQJD D HVD PXMHU pVWD HV
    LQFDSD] GH OOHYDUOR D FDER (O DERUWR YD HQ FRQWUD GH XQ SURIXQGR
    LPSHUDWLYRLQWHUQRGHWHQHUXQKLMR&RPRFRQVHFXHQFLDSXHGHTXH
    WHQJD DO KLMR HQ OXJDU GH DERUWDU DOWHUDQGR DVt WRGR HO FXUVRGH VX
    YLGD
    6LGHFLGHDERUWDUVHQWLUiDJLWDFLyQ\XQFRQIOLFWRLQWHUQRGXUDQWH
    \ GHVSXpV GHO SURFHVR GH GHFLVLyQ \ HO SURFHVR GH OOHYDUOR D FDER
    6HQWLUi SHVDGXPEUH HQ OXJDU GH DOLYLR R XQD PH]FOD GH DPERV
    VHQWLPLHQWRV )LQDOPHQWH SXHGH SHQVDUVH TXH GHVSXpV GH KDEHU
    DWUDYHVDGRSRUWDQWDLQIHOLFLGDGHVWHWLSRGHPXMHUVHDVHJXUDUiGH
    TXH QR OH VXFHGH RWUD YH] 3HUR FRQ IUHFXHQFLD WDPELpQ VXFHGH OR
    FRQWUDULRSDVDSRUFLFORVGHHPEDUD]RDJLWDFLyQDERUWRGHSUHVLyQ
    SRUTXHHOLPSXOVRGHHVWDUHPEDUD]DGDXQDYH]IUXVWUDGRVHYXHOYH
    WRGDYtDPiVIXHUWH
    (O LQVWLQWR PDWHUQDO GH 'HPpWHU QR VH OLPLWD D VHU PDGUH
    ELROyJLFDRDDOLPHQWDUH[FOXVLYDPHQWHDVXVSURSLRVKLMRV6HUXQD
    PDGUHSRVVXVWLWXFLyQRXQD³QLxHUDSRUKRUDV´SHUPLWHDPXFKDV
    PXMHUHVFRQWLQXDUH[SUHVDQGRVXDPRUPDWHUQRFXDQGRVXVSURSLRV
    KLMRV VH KDQ KHFKR PD\RUHV R VH KDQ LGR GH FDVD /D PLVPD GLRVD
    HMHUFLyHVWHSDSHOFRQ'HPRIRRQWH(PLOLH$SSOHJDWHXQDPXMHUGH
    6DQ'LHJRTXHKDUHFLELGRXQHVSHFLDOUHFRQRFLPLHQWRFRPRPDGUH
    DGRSWLYD SHUVRQLILFD HVWH DVSHFWR GH 'HPpWHU>@ &XLGD GH EHEpV
    PH[LFDQRVTXHHVWiQWDQPDODOLPHQWDGRVRHQIHUPRVTXHSHOLJUDVX
    VXSHUYLYHQFLD OOHYiQGRORV D VX FDVD GRQGH VH YXHOYHQ SDUWH GH VX
    SURSLD IDPLOLD LQWHJUDGD SRU WUHV KLMRV \ XQD KLMD DGRSWDGD 6H OD
    FRQRFH FRPR XQD ³VHJXQGD PDPi´ $SSOHJDWH ²DO LJXDO TXH OD
    IDPRVD 'H%ROWV TXH KD DGRSWDGR QLxRV GLVPLQXLGRV GH PXFKDV
    UD]DV² UHERVD GH LQVWLQWR PDWHUQDO \ GH XQD FDSDFLGDG GH QXWULU \
    DSR\DUHOFUHFLPLHQWRDPEDVFXDOLGDGHVWtSLFDVGH'HPpWHU

    3URYHHGRUD GH DOLPHQWR
    $OLPHQWDU D ORV GHPiV FRQVWLWX\H RWUD VDWLVIDFFLyQ SDUD XQD
    PXMHU 'HPpWHU (QFXHQWUD HQRUPHPHQWH VDWLVIDFWRULR QXWULU D VX
    SURSLDRKLMDROHDJUDGDSUHSDUDUJUDQGHVFRPLGDVSDUDODIDPLOLD\
    ORVLQYLWDGRV*R]DFRQVXFRPLGDGLVIUXWDGHODFDOLGH]GHVHQWLUVH
    FRPR XQD GLRVD PDGUH PiV TXH FRPR XQ ³FKHI JRXUPHW´ FRPR
    SRGUtD VHU HO FDVR GH $WHQHD  6L WUDEDMD HQ XQ RILFLQD GLVIUXWD
    VLUYLHQGR FDIp D ORV GHPiV HQ PDUFDGR FRQWUDVWH FRQ XQD PXMHU
    $UWHPLVDTXHVHVLHQWHGHVYDORUL]DGD\VHQLHJDDKDFHUORDPHQRV
    TXHORVKRPEUHVVHWXUQHQHQHVWDVODERUHV 
    'HPpWHU FRPR GLRVD GH ODV FRVHFKDV SURSRUFLRQy D OD
    KXPDQLGDG OD FDSDFLGDG GHO FXOWLYDU \ HUD UHVSRQVDEOH GH OD
    DEXQGDQFLD GH IUXWRV GH OD QDWXUDOH]D 'H OD PLVPD PDQHUD ODV
    PXMHUHV TXH VH DSDUWDQ DO FDPSR SDUD FXOWLYDU VXV SURSLRV
    DOLPHQWRV FRFHU HO SDQ HQYDVDU IUXWDV \ FRPSDUWLU VX DEXQGDQFLD
    FRQORVGHPiVHVWiQH[SUHVDQGRHODVSHFWRGH0DGUH1DWXUDOH]DGH
    'HPpWHU

    0DGUH SHUVLVWHQWH
    /D SHUVLVWHQFLD PDWHUQDO HV RWUR GH ORV DWULEXWRV GH 'HPpWHU
    7DOHVPDGUHVVHQLHJDQDFHGHUFXDQGRHVWiHQMXHJRHOELHQHVWDUGH
    VXV KLMRV 0XFKDV FODVHV GH HGXFDFLyQ HVSHFLDO SDUD QLxRV
    GLVPLQXLGRV H[LVWHQ SRUTXH XQD PDGUH 'HPpWHU KD OXFKDGR
    SUHYLDPHQWHSRUORTXHVXKLMRQHFHVLWDED<ODVPDGUHVDUJHQWLQDV
    GH KLMRV H KLMDV GHVDSDUHFLGRV VRQ FRPR 'HPpWHU HQ VX
    SHUVHYHUDQFLD/ODPDGDV 0DGUHVGHODSOD]DGH0D\RVHQHJDEDQD
    UHQGLUVH DQWH OD SpUGLGD GH VXV KLMDVRV \ FRQWLQXDEDQ SURWHVWDQGR
    FRQWUD OD GLFWDGXUD DXQTXH HUD SHOLJURVR KDFHUOR 2EVWLQDFLyQ
    SDFLHQFLD \ SHUVHYHUDQFLD VRQ FXDOLGDGHV GH 'HPpWHU TXH ²FRPR
    WULVWHPHQWH GHVFXEULy =HXV² SXHGHQ LQIOXLU D XQ KRPEUH R D
    LQVWLWXFLRQHVSRGHURVDV

    0DGUH JHQHURVD
    6HJ~QVXPLWRORJtD'HPpWHUHUDODPDGUHPiVJHQHURVD'RQyD
    OD KXPDQLGDG OD DJULFXOWXUD \ ODV FRVHFKDV D\XGR D FULDU D
    'HPRIRRQWH \OHKDEUtDKHFKRLQPRUWDO HLQVWLWX\RORVPLVWHULRVGH
    (OHXVLV(VWDVH[SUHVLRQHVGHDEXQGDQFLDVHHQFXHQWUDQHQPXMHUHV
    'HPpWHU $OJXQDV SURSRUFLRQDQ GH PDQHUD QDWXUDO DOLPHQWRV
    WDQJLEOHV\FXLGDGRVItVLFRVDOJXQDVRWUDVRIUHFHQDSR\RHPRFLRQDO
    \ SVLFROyJLFR PLHQWUDV TXH RWUDV GDQ DOLPHQWR HVSLULWXDO 0XFKDV
    PXMHUHV TXH KDQ VLGR OtGHUHV HVSLULWXDOHV IDPRVDV KDQ WHQLGR
    FXDOLGDGHV GH 'HPpWHU \ KDQ VLGR FRQVLGHUDGDV SRU VXV
    VHJXLGRUDVHV FRPR ILJXUDV PDWHUQDOHV OD VDQWD JDQDGRUD GHO
    SUHPLR1yEHOGHOD3D]PDGUH7HUHVDGH&DOFXWD0DU\%DNHU+HGt
    TXH IXQGy OD UHOLJLyQ GH OD &LHQFLD &ULVWLDQD OD PXMHU FRQRFLGD
    VLPSOHPHQWHFRPR³0DGUH´OtGHUHVSLULWXDOGH DVKUDPGH$XURELQGR
    HQOD,QGLD
    (VWRVWUHVQLYHOHVGHGDULJXDODQORTXHODVPXMHUHV'HPpWHUGDQ
    DVXVSURSLRVKLMRV3ULPHURORVKLMRVGHSHQGHQGHVXVPDGUHVSDUD
    FXLGDU GH VXV QHFHVLGDGHV ItVLFDV 'HVSXpV VH YXHOYHQ KDFLD VXV
    PDGUHVHQE~VTXHGDGHDSR\RHPRFLRQDO\GHFRPSUHQVLyQ<SRU
    ~OWLPR SXHGH TXH EXVTXHQ HQ VXV PDGUHV VDELGXUtD HVSLULWXDO D
    PHGLGD TXH VH HQIUHQWDQ D HQJDxRV R SHQDV SDUD HQFRQWUDU DOJ~Q
    VHQWLGRHQODYLGD

    /D PDGUH DIOLJLGD VXVFHSWLELOLGDG GH


    GHSULPLUVH
    &XDQGRHODUTXHWLSRGH'HPpWHUFRQVWLWX\HXQDIXHU]DSRGHURVD
    \ XQD PXMHU QR SXHGH UHDOL]DUOR WDO YH] SDGH]FD OD FDUDFWHUtVWLFD
    GHSUHVLyQ GHO ³KXHFR GHMDGR SRU HO QLGR YDFtR´ 8QD PXMHU TXH
    DQKHOD WHQHU XQ KLMR SXHGH VHU HVWpULO R WDO YH] HO KLMR PXHUD
    DEDQGRQD HO KRJDU 2 WDO YH] VH WHUPLQH VX WUDEDMR FRPR PDGUH
    VXVWLWXWLYDHHFKHGHPHQRVDVXVFOLHQWHVRHVWXGLDQWHV(QWRQFHV
    PiV TXH HQFROHUL]DUVH R GLULJLUVH GH PDQHUD DFWLYD FRQWUD ODV
    SHUVRQDV TXH FRQVLGHUD UHVSRQVDEOHV TXH HV OD PDQHUD GH
    UHDFFLRQDUGH+HUD ODPXMHUWLSR'HPpWHUWLHQGHDKXQGLUVHHQOD
    GHSUHVLyQ6HDIOLJH\VLHQWHVXYLGDFDUHQWHGHVHQWLGR\YDFtD
    /DGRFWRUD3DXOLQH%DUWSURIHVRUDGH6RFLRORJtDHQODXQLYHUVLGDG
    GH,OOLQRLVHVFULELyXQDUWtFXORVREUHODVPXMHUHV'HPpWHUGHSULPLGDV
    WLWXODGR0RWKHU3RUWQR\¶V&RPSODLQW>@%DUWHVWXGLyORVFDVRVGHPiV
    GH TXLQLHQWDV PXMHUHV TXH KDEtDQ VLGR KRVSLWDOL]DGDV SRU SULPHUD
    YH]HQWUHORVFXDUHQWD\ORVFLQFXHQWD\QXHYHDxRV'HVFXEULyTXH
    ODV PiV GHSULPLGDV HUDQ ODV PDGUHV H[WUHPDGDPHQWH JHQHURVDV \
    PX\LPSOLFDGDVTXHSHUGtDQVXSDSHOGHPDGUH
    $QWHV GH VX HQIHUPHGDG HVWDV PXMHUHV HUDQ ³VXSHUSDGUHV´ FRQ
    XQ ODUJR KLVWRULDO GH VDFULILFLRV $OJXQDV IUDVHV GH HVWDV PXMHUHV
    GHSULPLGDV UHYHODEDQ VX LPSOLFDFLyQ HPRFLRQDO HQ SURSRUFLRQDU
    FRVDV SDUD ORV GHPiV \ HO YDFtR TXH VHQWtDQ FXDQGR VXV KLMRV GH
    LEDQ 8QD PXMHU GHFtD ³1DWXUDOPHQWH FRPR PDGUH RGLDV TXH WX
    KLMDGHMHHOKRJDU4XLHURGHFLUTXHVHSURGXFtDHQpOXQJUDQYDFtR´
    2WUD FRPHQWDED ³<R HUD XQD PXMHU PX\ HQpUJLFD 7HQtD XQD JUDQ
    FDVD \ WHQtD PL IDPLOLD 0L KLMD VH HQRUJXOOHFtD GH TXH \R KXELHUD
    KHFKRGLH]FXUVRVHQOXJDUGHRFKR´3UHJXQWDGDVGHTXpVHVHQWtDQ
    PiV RUJXOORVDV WRGDV HVWDV PXMHUHV UHVSRQGtDQ ³'H PLV KLMRV´
    1LQJXQD PHQFLRQDED FXDOTXLHU RWUR ORJUR SURSLR &XDQGR SHUGtDQ
    VXVUROHVGHPDGUHV/DYLGDSHUGtDVHQWLGRSDUDHOODV
    &XDQGR XQD PXMHU VH GHSULPH HQWUH ORV FLQFXHQWD \ VHVHQWD
    DxRV VH HQIDGD SRUTXH VXV KLMRV DGXOWRV HVWiQ HPRFLRQDO \
    ItVLFDPHQWH GLVWDQWHV VH FRQYLHUWHQ HQ XQD 'HPpWHU DIOLJLGD (VWi
    REVHVLRQDGDFRQVXVHQWLPLHQWRGHSpUGLGD\OLPLWDVXVLQWHUHVHV6X
    FUHFLPLHQWRSVLFROyJLFRVHGHWLHQH³3RVHtGD´SRUHODVSHFWRGROLHQWH
    GHO DUTXHWLSR GH 'HPpWHU HV SUiFWLFDPHQWH LQGLVWLQJXLEOH GH RWUDV
    PXMHUHV TXH VXIUHQ LJXDOPHQWH 7DOHV SDFLHQWHV GHSULPLGDV
    PXHVWUDQ VtQWRPDV TXH VRQ PX\ VLPLODUHV VXV H[SUHVLRQHV IDFLDOHV
    GHSULPLGDV OD PDQHUD GH VHQWDUVH GH PDQWHQHUVH HQ SLH GH
    FDPLQDU\GHPLUDUODPDQHUDFRPRH[SUHVDQHOGRORU\KDFHQTXH
    ORV GHPiV VH VLHQWDQ D OD GHIHQVLYD FXOSDEOHV HQIDGDGRV R
    LPSRWHQWHV

    /D PDGUH GHVWUXFWLYD
    &XDQGR OD 'HPpWHU DIOLJLGD GHMy GH IXQFLRQDU QDGD FUHFLy \ OD
    KDPEUXQD DPHQD]y FRQ GHVWUXLU D OD KXPDQLGDG ,JXDOPHQWH HO
    DVSHFWRGHVWUXFWLYRGH'HPpWHUVHH[SUHVDUHWHQLHQGRORTXHRWURV
    QHFHVLWDQ SRUFRQWUDVWHFRQ+HUD\$UWHPLVDTXHVRQDFWLYDPHQWH
    GHVWUXFWLYDVHQVXFyOHUD 8QDQXHYDPDGUHJUDYHPHQWHGHSULPLGD
    \ TXH QR IXQFLRQD SXHGH VHU XQD SHOLJUR SDUD OD YLGD GH VX UHFLpQ
    QDFLGRHOSHUVRQDOGHODVDODGHHPHUJHQFLDRXQSHGLDWUDSRGUtDQ
    GLDJQRVWLFDU ³IDOWD GH LPSXOVR´ (O EHEp QR KD JDQDGR SHVR HVWi
    DSiWLFR\WDOYH]DSDUHQWHPHQWHGHPDFUDGR/DIDOWDGHLPSXOVRVH
    SURGXFH FXDQGR XQD PDGUH UHWLHQH HO FRQWDFWR ItVLFR \ HPRFLRQDO
    FRQVXUHFLpQQDFLGRDVtFRPRHODOLPHQWRTXHQHFHVLWD
    /DVPDGUHVTXHVHQLHJDQDKDEODUVXVSHTXHxRVGXUDQWHGtDVR
    LQFOXVR ODUJRV SHULRGRV GH WLHPSR R TXH DtVODQ D VXV EHEpV OHV
    LQIOLJHQ XQ GDxR SVLFROyJLFR FRQ HVWD IRUPD GH UHWHQFLyQ 7DOHV
    PDGUHV VXHOHQ HVWDU JUDYHPHQWH GHSULPLGDV \ SUHVHQWDQ VtQWRPDV
    GHKRVWLOLGDG
    0XFKR PiV IUHFXHQWHV TXH HVWDV GRV IRUPDV H[WUHPDV GH
    UHWHQFLyQ VRQ ODV PDGUHV WLSR 'HPpWHU TXH UHWLHQHQ OD DSUREDFLyQ
    FXDQGRFUHFHQVXVKLMRV\VHYDQLQGHSHQGL]DQGRGHHOODV0LHQWUDV
    TXH OD GHSUHVLyQ GH OD PDGUH HV PHQRV HYLGHQWH HQ HVWDV
    FLUFXQVWDQFLDV UHWHQHU OD DSUREDFLyQ TXH LQ QLxR R QLxD QHFHVLWDQ
    SDUD VX DXWRHVWLPD  WDPELpQ HVWi FRQHFWDGR FRQ OD GHSUHVLyQ (OOD
    YLYH OD DXWRQRPtD GHO KLMRD TXH YD FUHFLHQGR FRPR XQD SpUGLGD
    SURSLD 6H VLHQWH PHQRV QHFHVLWDGD \ UHFKD]DGD \ FRPR UHVXOWDGR
    SXHGHHVWDUGHSULPLGD\HQIDGDGD

    (O FXOWLYR GH 'HPpWHU
    6LQGDUVHFXHQWDGHHOORODVPXMHUHVHVWiQFXOWLYDQGRD'HPpWHU
    H LQYLWDQGR DO DUTXHWLSR D KDFHUVH PiV DFWLYR FXDQGR FRQVLGHUDQ
    VHULDPHQWHVLWHQHUXQKLMRRQR0LHQWUDVVHGHFLGHQVHILMDQHQODV
    PXMHUHV HPEDUD]DGDV TXH SDUHFtDQ LQYLVLEOHV SUHYLDPHQWH \ TXH
    DKRUDSDUHFHQHVWDURPQLSUHVHQWHV VHILMDQHQORVEHEpVVDOHQDO
    HQFXHQWUR GH JHQWH FRQ QLxRV \ SUHVWDQ DWHQFLyQ D HVWRV ~OWLPRV
    WRGDV HVWDV DFWLYLGDGHV VRQ OR TXH ODV PXMHUHV 'HPpWHU KDFHQ GH
    PDQHUDQDWXUDO /DVPXMHUHVFXOWLYDQD'HPpWHULPDJLQiQGRVHDVt
    PLVPDVHPEDUD]DGDV\WHQLHQGRQLxRV&XDQGRVHILMDQHQPXMHUHV
    HPEDUD]DGDVWLHQHQQLxRVHQVXVEUD]RV\SUHVWDQDpVWRVWRGDVX
    DWHQFLyQ HO DUTXHWLSR SXHGH VHU HYRFDGR HQ HOODV 3XHGHQ
    SURGXFLUVHHVIXHU]RVSDUDFRPSUREDUODIXHU]DGHOLQVWLQWRPDWHUQDO
    VLHDUTXHWLSRHVIiFLOPHQWHHYRFDEOHSHURQRHQRWURFDVR
    8QD PXMHU SXHGH EXVFDU FDPELDU VXV PHFDQLVPRV \ VHU PiV
    PDWHUQDOKDFLDXQQLxRFRQFUHWRRSXHGHSUHWHQGHUVHUTXHULGDSRU
    XQQLxRHQSDUWLFXODUHOQLxRVDFD RKDFHFULVWDOL]DU HODUTXHWLSRHQ
    XQD PXMHU 0RWLYDGD SRU VXV VHQWLPLHQWRV SRU HO KLMR VH HVIRU]DUi
    SRUVHUPiVSDFLHQWHRVHUPiVSHUVHYHUDQWHHQEHQHILFLRGHpVWH$
    PHGLGD TXH UHVXOWH VHU PiV PDWHUQDO \ WUDEDMD SRU VHUOR HO
    DUTXHWLSRGH'HPpWHUFUHFHGHQWURGHHOOD
    'HPpWHU OD PXMHU
    8QDPXMHU'HPpWHUHVVREUHWRGR\DQWHWRGRPDWHUQDO(QVXV
    UHODFLRQHV HV QXWULGRWD \ SURWHFWRUD ~WLO \ JHQHURVD 6XHOH VHU XQD
    6HxRUD GH OD $EXQGDQFLD SURSRUFLRQDQGR WRGR OR TXH VH QHFHVLWD
    VRSD GH SROOR XQ DEUD]R GH DSR\R GLQHUR SDUD VDFDU D IORWH D XQ
    DPLJRXQDLQYLWDFLyQSHUPDQHQWHSDUD³YROYHUDFDVDFRQODPDGUH´
    8QD PXMHU 'HPpWHU WLHQH IUHFXHQWHPHQWH HO DXUD GH OD 7LHUUD
    0DGUH(VVyOLGD\HILFD]/RVGHPiVODGHVFULEHQFRPRDOJXLHQTXH
    ³WLHQH ORV SLHV HQ HO VXHOR´ SXHVWR TXH YD KDFLHQGR OR TXH KD GH
    KDFHUVH FRQ XQD PH]FOD GH FDOLGH] \ GH VHQWLGR SUiFWLFR 6XHOH VHU
    JHQHURVD GLUHFWD DOWUXLVWD \ OHDO D SHUVRQDV \ SULQFLSLRV KDVWD HO
    SXQWRGHTXHDOJXQRVSXHGHQFRQVLGHUDUODREVWLQDGD3RVHHIXHUWHV
    FRQYLFFLRQHV \ HV GLItFLO KDFHUOH FDPELDU GH RSLQLyQ FXDQGR DOJR R
    DOJXLHQHVLPSRUWDQWHSDUDHOODHVWiLQYROXFUDGR

    /D MRYHQ 'HPpWHU
    $OJXQDV QLxDV SHTXHxDV VRQ FODUDPHQWH 'HPpWHU HQ FLHUQHV
    ³SHTXHxDV PDGUHV´ TXH PHFHQ PXxHFDVEHEpV HQ VXV EUD]RV OD
    SHTXHxD+HUDSUHILHUH%DUELH\.HQ\ODVSHTXHxDV$WHQHDWDOYH]
    WHQJDQXQDFROHFFLyQGHPXxHFDVKLVWyULFDVHQXQDXUQDGHFULVWDO 
    $ OD MRYHQ 'HPpWHU WDPELpQ OH JXVWD WHQHU HQ ORV EUD]RV EHEpV GH
    YHUGDG\DORVQXHYHRGLH]DxRVHVWiGHVHRVDGHFXLGDUDORVEHEpV
    GHORVYHFLQRV

    /RV SDGUHV
    /D UHODFLyQ GH ODV PXMHUHV 'HPpWHU WLHQHQ FRQ VXV SDGUHV
    SXHGHQHQWHQGHUVHPHMRUVLFRQVLGHUDPRVSULPHURODUHODFLyQTXHOD
    GLRVD'HPpWHUWXYRFRQORVVX\RV'HPpWHUODGLRVDHUDKLMDGH5HD
    \ QLHWD GH *HD *HD HUD OD 0DGUH 7LHUUD SULPRUGLDO GH OD TXH
    SURYHQtD WRGD OD YLGD LQFOXLGR HO GLRV GHO FLHOR 8UDQR TXH VH
    FRQYLUWLyHQVXPDULGR5HDWDPELpQIXHFRQRFLGDFRPRXQDGLRVDGH
    OD WLHUUD DXQTXH HV PiV FRQRFLGD SRU VHU OD PDGUH GH OD SULPHUD
    JHQHUDFLyQGHGLRVHVROtPSLFRV
    &RPR GLRVD GH ODV FRVHFKDV 'HPpWHU FRQWLQ~D HO OLQDMH GH ODV
    GLRVDV UHODFLRQDGDV FRQ OD IHUWLOLGDG 3RVHH RWUDV VLPLOLWXGHV FRQ VX
    PDGUH \ WDPELpQ FRQ VX DEXHOD 3RU HMHPSOR ODV WUHV VXIULHURQ
    FXDQGR VXV UHVSHFWLYRV PDULGRV KLFLHURQ GDxR D VXV KLMDVRV (O
    PDULGR GH *HD HQWHUUy D VXV KLMDVRV HQ HO FXHUSR GH HOOD FXDQGR
    QDFLHURQ(OPDULGRGH5HDVHWUDJyDVXVKLMDVRVUHFLpQQDFLGRV<
    HOGH'HPpWHUSHUPLWLyTXHVXKLMDHVWXYLHUDVHFXHVWUDGDGHQWURGHO
    PXQGRVXEWHUUiQHR/RVWUHVSDGUHVELROyJLFRVPRVWUDURQVXIDOWDGH
    VHQWLPLHQWRVSDWHUQRV
    (VWDVGLRVDVPDGUHVVXIULHURQGXUDQWHWUHVJHQHUDFLRQHV0HQRV
    SRGHURVDV TXH VXV PDULGRV 1R SXGLHURQ SRQHU IUHQR DO GDxR TXH
    pVWRVFDXVDURQDVXVKLMDVRV6LQHPEDUJRVHQHJDURQDDFHSWDUHO
    DWURSHOOR \ SHUVLVWLHURQ KDVWD TXH DTXpOODVRV IXHURQ OLEHUDGRV $O
    FRQWUDULR TXH +HUD FX\R SULQFLSDO YtQFXOR HUD OD UHODFLyQ HVSRVD
    PDULGRHOYtQFXORPiVSRGHURVRGHHVWDVGLRVDV0DGUHV7LHUUDHUDHO
    GHPDGUHKLMDR
    /D YLGD UHDO UHSLWH HO PLWR GH 'HPpWHU FXDQGR PXMHUHV
    PDWHUQDOHV VH FDVDQ FRQ KRPEUHV QDGD SDWHUQDOHV (Q HVWD
    VLWXDFLyQ XQD KLMD 'HPpWHU FUHFH PX\ LGHQWLILFDGD FRQ VX PDGUH \
    GHVFRQHFWDGD GH VX SDGUH /D DFWLWXG GHO SDGUH KDFLD VXV KLMDVRV
    SXHGH DEDUFDU GHVGH HO GHVLQWHUpV KDVWD OD FRPSHWLWLYLGDG \ HO
    UHVHQWLPLHQWR R LQFOXVR ORV PDORV WUDWRV VL OHV YH FRPR ULYDOHV TXH
    ORJUDQ HO DIHFWR GH VX HVSRVD (Q XQ KRJDU GH HVWH WLSR VXIUH OD
    DXWRHVWLPD GH OD MRYHQ 'HPpWHU TXH DFDED GHVDUUROODQGR XQD
    DFWLWXG GH YtFWLPD 2 TXL]iV ODV FXDOLGDGHV PDWHUQDOHV GH XQD KLMD
    'HPpWHU SURGX]FD OD LQYHUVLyQ GH SDSHOHV HQ HO FDVR GH SDGUHV
    LQPDGXURVRLQFRPSHWHQWHV(QFXDQWRWLHQHVXILFLHQWHHGDGWDOYH]
    FXLGHGHVXVSDGUHVRVHFRQYLHUWDHQXQDPDGUHSRUVXVWLWXFLyQGH
    VXVKHUPDQRVPHQRUHV
    3RU FRQWUDVWH VL XQD MRYHQ 'HPpWHU WLHQH XQ SDGUH FDULxRVR \
    FRQ XQD DFWLWXG GH DSUREDFLyQ FUHFHUi VLQWLHQGR VX DSR\R D VX
    GHVHRGHVHUWDPELpQXQDEXHQDPDGUH&RQVLGHUDUiDORVKRPEUHV
    GH XQD PDQHUD SRVLWLYD \ WHQGUi HVSHUDQ]DV FODUDV GH WHQHU XQ
    PDULGR 6X H[SHULHQFLD GH OD LQIDQFLD QR UHIRU]DUi VX SURFOLYLGDG
    DUTXHWtSLFDDFRQYHUWLUVHHQYtFWLPD

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    $O OOHJDU D OD SXEHUWDG TXLHQ IXH XQD EHEp VH FRQYLHUWH D Vt
    PLVPD HQ XQD SRVLELOLGDG ELROyJLFD FXDQGR HO LPSXOVR DUTXHWtSLFR
    PDWHUQR UHFLEH HO HPSXMH GH ODV KRUPRQDV (QWRQFHV DOJXQDV
    MyYHQHV'HPpWHUHPSLH]DQDDQKHODUTXHGDUHPEDUD]DGDV6LRWURV
    DVSHFWRVGHVXYLGDHVWiQYDFtRV\HOODPLVPDHVSRFRPiVTXHXQD
    KLMD GHVDWHQGLGD XQD MRYHQ 'HPpWHU TXH KD VLGR IRU]DGD
    VH[XDOPHQWH \ VH TXHGD HPEDUD]DGD WDO YH] DFHSWH FRQ JXVWR HO
    KLMR 8QD DGROHVFHQWH GH FDWRUFH DxRV HPEDUD]DGD GHFtD HQ XQ
    DOEHUJXHSDUDPDGUHVVROWHUDV³0LHQWUDVTXHRWUDVQLxDVGHPLHGDG
    GHVHDEDQ ELFLFOHWDV \R VLHPSUH TXLVH WHQHU XQ EHEp SURSLR (VWR\
    FRQWHQWDGHHVWDUHPEDUD]DGD´
    6LQ HPEDUJR D PD\RUtD GH ODV DGROHVFHQWHV 'HPpWHU QR VH
    TXHGDQHPEDUD]DGDV$OQRWHQHUHOGHVHRSURIXQGRGHIRUPDUSDUWH
    GHXQDSDUHMDRORVLPSXOVRVHUyWLFRVGH$IURGLWD'HPpWHUQRHVWi
    PRWLYDGDSDUDWHQHUH[SHULHQFLDVVH[XDOPHQWHWHPSUDQDV
    0XFKDV 'HPpWHU VH FDVDQ MyYHQHV (Q IDPLOLDV REUHUDV D YHFHV
    VHDQLPDDODMRYHQDFDVDUVHLQPHGLDWDPHQWHGHVSXpVGHWHUPLQDU
    ORV HVWXGLRV VHFXQGDULRV (VWH HPSXMH SXHGH HQFDMDU FRQ OD SURSLD
    SURFOLYLGDG GH ODV MyYHQHV 'HPpWHU D WHQHU XQD IDPLOLD PiV TXH D
    REWHQHUXQDHGXFDFLyQRXQWUDEDMR
    6LXQDPXMHUMRYHQWLSR'HPpWHUQRVHFDVD\HPSLH]DDIRUPDU
    XQD IDPLOLD FRPHQ]DUi D WUDEDMDU R LUi D OD XQLYHUVLGDG (Q OD
    XQLYHUVLGDG SUREDEOHPHQWH KDUi FXUVRV D SUHSDUDUVH SDUD DEUD]DU
    XQD SURIHVLyQ GH D\XGD D ORV GHPiV 8QD PXMHU 'HPpWHU QR HV
    WtSLFDPHQWH DPELFLRVD LQWHOHFWXDO R FRPSHWLWLYD HQ SRV GH WtWXORV
    DXQTXH SXHGH REWHQHU EXHQRV UHVXOWDGRV VL HV EULOODQWH \ HVWi
    LQWHUHVDGD HQ VXV FODVHV (O VWDWXV ²TXH ODV PXMHUHV +HUD
    FRQVLGHUDQ DOJR LPSRUWDQWH² QR WLHQH LPSRUWDQFLD SDUD XQD
    'HPpWHU 6XV DPLJDV VXHOHQ VHU HVFRJLGDV HQ XQ DPSOLR DEDQLFR
    VRFLDO\UDFLDO'HMDUiORTXHWHQJDTXHKDFHUSDUDTXHXQHVWXGLDQWH
    H[WUDQMHUR FRQ GLILFXOWDGHV VH VLHQWD D JXVWR R SDUD D\XGDU D XQ
    HVWXGLDQWHGLVPLQXLGRRVRFLDOPHQWHLQDGDSWDGR

    7UDEDMR
    /D QDWXUDOH]D PDWHUQDO GH OD PXMHU 'HPpWHU OD SUHGLVSRQH SDUD
    DEUD]DU SURIHVLRQHV GH HQWUHJD \ D\XGD D ORV GHPiV (VWi DWUDtGD
    SRU ODV WDUHDV ³WUDGLFLRQDOPHQWH IHPHQLQDV´ FRPR OD HQVHxDQ]D HO
    WUDEDMRVRFLDORHOSUHHVFRODU&XDQGR'HPpWHUHVWiSUHVHQWHD\XGDU
    D OD JHQWH D VHQWLUVH ELHQ R D FUHFHU LQWHUQDPHQWH FRQVWLWX\H XQD
    VDWLVIDFFLyQ\XQDPRWLYDFLyQVXE\DFHQWH/DVPXMHUHVTXHVHKDFHQ
    WHUDSHXWDVRSHGLDWUDVVXHOHQHVWDUH[SUHVDQGRDOJXQDVLQFOLQDFLRQHV
    GH'HPpWHUHQVXHOHFFLyQSURIHVLRQDO0XFKDVPXMHUHVYROXQWDULDV
    HQ ORV MDUGLQHV GH LQIDQFLD HVFXHODV HOHPHQWDOHV KRVSLWDOHV \
    UHVLGHQFLDV VDQLWDULDV WDPELpQ HVWiQ SRQLHQGR HQ IXQFLRQDPLHQWR
    VXVWHQGHQFLDVGH'HPpWHU
    $OJXQDVPXMHUHVWLSR'HPpWHUVHFRQYLHUWHQHQILJXUDVFODYHHQ
    RUJDQL]DFLRQHVTXHUHFLEHQVXHQHUJtDPDWHUQDO3RUUHJODJHQHUDO
    OD PXMHU 'HPpWHU HQ WDO VLWXDFLyQ HV SHUVRQDOPHQWH LPSUHVLRQDQWH
    7DO YH] KD\D WHQLGR OD YLVLyQ \ KD\D IXQGDGR OD RUJDQL]DFLyQ KD\D
    SXHVWRXQDFRQVLGHUDEOHHQHUJtDHQHOOD\KD\DVLGRSHUVRQDOPHQWH
    UHVSRQVDEOHGHVXp[LWRGXUDQWHORVSULPHURVDxRV
    /DV PXMHUHV WLSR 'HPpWHU TXH VH HQFXHQWUDQ HQ SRVLFLRQHV GH
    OLGHUD]JR \ FRPR ³PDGUHV IXQGDGRUDV´ TXL]i EXVTXHQ FRQVHMR SRU
    YDULDVUD]RQHVODRUJDQL]DFLyQSXHGHUHTXHULUWDQWRHVIXHU]RTXHOD
    GHMH YLUWXDOPHQWH VLQ WLHPSR QL HQHUJtD SDUD QDGD PiV (O DQKHOR
    SHUVRQDOGHXQDSDUHMD VLWDPELpQ+HUDHVWiSUHVHQWH \GHXQKLMR
    SURSLR SHUPDQHFH VLQ VHU VDWLVIHFKR 6XUJHQ FRQIOLFWRV GHQWUR GH
    HOOD\HQWUHHOOD\ODVSHUVRQDVDODVTXHVXSHUYLVDSRUTXHHVXQD
    SHUVRQD FRQ DXWRULGDG TXH VH YH D Vt PLVPD \ HV YLVWD SRU ORV
    GHPiV FRPR XQD SHUVRQD HQULTXHFHGRUD 3RU HMHPSOR OH HV GLItFLO
    GHVSHGLURHQIUHQWDUVHDXQHPSOHDGRLQFRPSHWHQWHSRUTXHVLHQWH
    SHQD SRU OD SHUVRQD \ FXOSDELOLGDG SRU FDXVDU GRORU $GHPiV ORV
    HPSOHDGRV HVSHUDQ TXH HOOD PLUH SRU HOORV SHUVRQDOPHQWH
    HVSHUDQ]DV TXH QRUPDOPHQWH QR VXHOHQ WHQHU GH ORV VXSHUYLVRUHV
    YDURQHV \TXHGDQUHVHQWLGRV\VHHQIDGDQVLHOODQRORKDFH

    5HODFLRQH FRQ PXMHUHV


    /DV PXMHUHV 'HPpWHU QR FRPSLWHQ FRQ RWUDV PXMHUHV SRU
    KRPEUHV R SRU ORJURV &XDOTXLHU HQYLGLD R FHORV GH RWUDV PXMHUHV
    HVWDUi HQ UHODFLyQ FRQ ORV QLxRV 8QD PXMHU 'HPpWHU VLQ KLMRV VH
    FRPSDUD D Vt PLVPD GH PDQHUD GHVIDYRUDEOH FRQ PXMHUHV GH VX
    HGDG TXH VRQ PDGUHV 6L QR SXHGH WHQHU KLMRV ELROyJLFDPHQWH
    SXHGH TXH VH VLHQWD DPDUJDGD SRU OD IDFLOLGDG FRQ OD TXH RWUDV
    PXMHUHV VH TXHGDQ HPEDUD]DGDV HVSHFLDOPHQWH VH DERUWDQ
    'XUDQWHODWHUFHUDHGDGVLVXVKLMDVRVPD\RUHVYLYHQOHMRVRHVWiQ
    HPRFLRQDOPHQWH GLVWDQWHV GH HOOD HQYLGLDUi D OD PDGUH TXH WLHQH
    FRQWDFWR IUHFXHQWH FRQ VXV KLMDVRV (Q HVWD IDVH GH OD YLGD OD
    HQYLGLD SXHGH HPHUJHU GH QXHYR D OD VXSHUILFLH WUDV YHLQWLFLQFR
    DxRVHVWDYH]UHVSHFWRDORVQLHWRV
    /DV PXMHUHV 'HPpWHU WLHQHQ VHQWLPLHQWRV PH]FODGRV VREUH HO
    IHPLQLVPR \ HO PRYLPLHQWR IHPLQLVWD 0XFKDV PXMHUHV 'HPpWHU VH
    VLHQWHQUHVHQWLGDVFRQWUDODVIHPLQLVWDVSRUTXHpVWDVGHVYDORUL]DQHO
    SDSHOGHODPDWHUQLGDGTXLHUHQVHUPDGUHVDWLHPSRFRPSOHWR\VH
    VLHQWHQ DKRUD SUHVLRQDGDV SDUD WUDEDMDU IXHUD GHO KRJDU 3RU RWUD
    SDUWH ODV PXMHUHV 'HPpWHU DSR\DQ FRQ IXHU]D PXFKRV WHPDV
    IHPLQLVWDVSRUHMHPSORODSURWHFFLyQGHORVQLxRVFRQWUDORVPDORV
    WUDWRV\ODH[LVWHQFLDGHUHIXJLRVSDUDODVPXMHUHVPDOWUDWDGDV
    +DELWXDOPHQWH ODV PXMHUHV 'HPpWHU WLHQHQ VyOLGDV DPLVWDGHV
    FRQRWUDVPXMHUHV'HPpWHU0XFKDVGHHVWDVDPLVWDGHVVHUHPRQWDQ
    DO WLHPSR HQ HO TXH IXHURQ PDGUHV MXQWDV 0XFKDV FRQItDQ PiV HQ
    VXV DPLJDV TXH HQ VXV PDULGRV SDUD REWHQHU DSR\R HPRFLRQDO R
    D\XGDPDWHULDO3RUHMHPSORXQDPXMHUGHFtD³&XDQGR\RHVWDEDHQ
    HOKRVSLWDOPLDPLJD5XWKVHKDFtDFDUJRGHORVFUtRVPLHQWUDVTXH
    -RH PL PDULGR VH LED D FHQDU D IXHUD FDGD QRFKH« GXUDQWH GRV
    VHPDQDVHOODDOLPHQWyDQXHYHFULDWXUDV²VXVFXDWUR\PLVFLQFR²
    \ D WUHV DGXOWRV« <R KXELHUD KHFKR OR PLVPR SRU HOOD´ 'H XQD
    PDQHUDTXHHVWtSLFDHVWDPXMHUORGLVSXVRWRGRSDUDVHUD\XGDGD
    HQOXJDUGHHVSHUDUTXHVXPDULGRVHKLFLHVHFDUJRGHODFDVD\GH
    ORVQLxRVHQVXDXVHQFLD
    'HQWUR GH ODV IDPLOLDV ODV PDGUHV H KLMDV TXH VRQ PXMHUHV
    'HPpWHU SXHGHQ PDQWHQHUVH FHUFDQDV GXUDQWH JHQHUDFLRQHV (VWDV
    IDPLOLDVSRVHHQGHFLGLGDPHQWHXQPRGHORPDWULDUFDO<ODVPXMHUHV
    GH OD IDPLOLD VDEHQ WRVR OR TXH VXFHGH D WRGR HO FODQ PXFKR PiV
    TXHORVPLVPRVPDULGRV
    (VWH PRGHOR PDGUHKLMD WDPELpQ SXHGH GXSOLFDUVH FRQ ODV
    FRPSDxHUDV 8QD PXMHU SXHGH DGRSWDU HO SDSHO PDWHUQDO GH
    'HPpWHU FRQ XQD DPLJD WLSR 3HUVpIRQH LQGHFLVD \ VLQ H[SHULHQFLD
    2 VL DPEDV VRQ WLSR 'HPpWHU TXH WLHQHQ HQ FRP~Q FXDOLGDGHV GH
    3HUVpIRQHWDOYH]VHKDJDQPDGUHVUHFtSURFDPHQWHSRUWXUQR\HQ
    RWUDV RFDVLRQHV SXHGHQ DPEDV VHU 'HPpWHU FRPSDUWLHQGR GHWDOOHV
    GH VXV YLGDV \ KDEODQGR GH VXV DOHJUtDV \ GLILFXOWDGHV 2 SXHGHQ
    YROYHUDPEDVGHQXHYRDVHU3HUVpIRQHVMXJXHWRQDV\ULVXHxDV
    /DV SDUHMDV OHVELDQDV HQFDMDQ D YHFHV HQ XQ PRGHOR 'HPpWHU
    3HUVpIRQHHQHOTXHHOELHQHVWDUGHODPXMHU'HPpWHUGHSHQGHGHOD
    LQWHJULGDG GH XQD UHODFLyQ FRQ XQD DPDQWH PiV MRYHQ R PHQRV
    PDGXUD 0LHQWUDV HVWiQ MXQWDV OD PXMHU 'HPpWHU VH VLHQWH
    SURGXFWLYD\IpUWLO6XWUDEDMR\VXFUHDWLYLGDGFRPRFRQVHFXHQFLDGH
    HVWDU FRQ XQD PXMHU TXH HV FRPR XQD GLRVD SDUD HOOD 3XHGH TXH
    VHD SRVHVLYD FRQ 3HUVpIRQH VL WHPH TXH SXHGH SHUGHUOD < WDO YH]
    DFUHFLHQWHODGHSHQGHQFLD\ODH[FOXVLYLGDGTXHFRQHOWLHPSRGDxD
    ODUHODFLyQ
    6LQ HPEDUJR XQD PXMHU 3HUVpIRQH HV XQD SHUVRQDOLGDG MRYHQ H
    LQGLIHUHQFLDGDWRGRHQHOODHVWiLQGLIHUHQFLDGR\SRUIRUPDU(VXQD
    PXMHU UHFHSWLYD \ IHPHQLQD FX\D SUHIHUHQFLD VH[XDO SXHGH VHU WDQ
    PDOHDEOH FRPR WRGR HO UHVWR HQ HOOD 3RU HMHPSOR DXQTXH HVWp
    PDQWHQLHQGR XQD UHODFLyQ OHVELDQD SXHGH YHUVH DWUDtGD WDPELpQ
    KDFLD XQ KRPEUH 6L XQD PXMHU WLSR 3HUVpIRQH GHMD D VX DPDQWH
    'HPpWHU FXDQGR HPHUJH VX KHWHURVH[XDOLGDG HQ UHVSXHVWD D ODV
    DWHQFLRQHV GH XQ KRPEUH OD PXMHU 'HPpWHU VH VLHQWH FRPR VL HO
    PLVPRPLWRKXELHUDVLGRUHSUHVHQWDGRGHQXHYR,QHVSHUDGDPHQWH
    VX 3HUVpIRQH KD VLGR ³UDSWDGD SRU +DGHV´ OR FXDO FRQVWLWX\H XQD
    SpUGLGDDEUXPDGRUD

    5HODFLRQHV FRQ ORV KRPEUHV


    8QDPXMHU'HPpWHUDWUDHDORVKRPEUHVTXHVLHQWHQDILQLGDGFRQ
    PXMHUHV PDWHUQDOHV (V DOJR FDUDFWHUtVWLFR GH XQD PXMHU 'HPpWHU
    TXH QR VHD HOOD OD TXH KDJD OD HOHFFLyQ 5HVSRQGH D OD QHFHVLGDG
    TXH WLHQHQ XQ KRPEUH GH HOOD \ SXHGH LQFOXVR TXH HVWp FRQ XQ
    KRPEUH SRUTXH OH GD SHQD /DV PXMHUHV WLSR 'HPpWHU QR WLHQHQ
    JUDQGHV HVSHUDQ]DV VREUH ORV KRPEUHV /R PiV FRP~Q HV TXH
    SLHQVHQTXH³ORVKRPEUHVVRQFRPRQLxRV´
    8Q WLSR PX\ FRP~Q GH SDUHMD HQ HO TXH OD PXMHU HV 'HPpWHU
    HQFDMD FRQ HO SDWUyQ GH OD *UDQ 0DGUH HPSDUHMDGD FRQ VX KLMR
    DPDQWH (VWD UHODFLyQ DUTXHWtSLFD PDGUHKLMR QR VH UHILHUH D XQD
    GLIHUHQFLD HQ DxRV DXQTXH SXHGH TXH HO KRPEUH VHD PiV MRYHQ
    +DELWXDOPHQWH HV XQ KRPEUH VHQVLEOH \ FRQ WDOHQWR TXH VH VLHQWH
    SRFR DSUHFLDGR R LQFRPSUHQGLGR SRU ORV GHPiV TXH QR YDORUDQ VX
    VLQJXODULGDG FRPR HOOD OD YDORUD  \ TXH QR WROHUDQ VX
    LUUHVSRQVDELOLGDG FRPRKDFHHOOD 0iVTXHXQKRPEUHHVXQQLxR
    LQPDGXUR FRQ XQ VHQWLPLHQWR GH VLQJXODULGDG (OOD HVWi GH DFXHUGR
    FRQVXDXWRDILUPDFLyQ\FRQWLQXDPHQWHWROHUDVHFRQGXFWDUHVSHFWR
    DHOODTXHORVGHPiVFRQVLGHUDQHJRtVWD\GHVFRQVLGHUDGD
    (Q RSLQLyQ GH HOOD HO PXQGR HV FUXHO FRQ pO 'HEHUtD KDFHU
    H[FHSFLRQHVFRQpOFRPRKDFHHOOD6XIDOWDGHFRQVLGHUDFLyQVXHOH
    KHULUOD \ HQIDGDUOD SHUR VL HQ HVWDV RFDVLRQHV pO OH GLFH FXiQWR OD
    DSUHFLDRTXHHOODHVOD~QLFDSHUVRQDGHVXYLGDTXHUHDOPHQWHVH
    SUHRFXSDSRUpOWRGRHVROYLGDGRGHQXHYR
    &RPRODPDGUHGHXQKLMRELHQSDUHFLGRTXHVHSUHJXQWDFyPR
    SXGRKDEHUGDGRDOX]DHVHGLRVWDQMRYHQODPXMHU'HPpWHUTXH
    GHVHPSHxDHOSDSHOGH*UDQ0DGUHUHVSHFWRDVXKLMRDPDQWHSXHGH
    HVWDU VREUHFRJLGD DQWH VX DSDULHQFLD R WDOHQWR  3XHGH TXH GLJD
    FRPRPHGLMRXQDPXMHU³eOPHSDUHFtDFRPRODHVWDWXDGH'DYLG
    GH0LJXHOÈQJHO(UDIHOL]FXLGiQGROH/HPLPpKDVWDFRQYHUWLUOHHQ
    XQGHVDVWUH´/RGHFtDFRQRUJXOORPiVTXHFRQDPDUJXUD
    /DVFXDOLGDGHVPDWHUQDOHVGHXQDPXMHU'HPpWHU\VXGLILFXOWDG
    GH GHFLU QR OD KDFHQ YXOQHUDEOH D VHU XWLOL]DGD SRU XQ ³VRFLySDWD´
    RWUR WLSR GH KRPEUH TXH SXHGH HQFRQWUDUVH FRQ IUHFXHQFLD HQ ODV
    UHODFLRQHV GH ODV PXMHUHV 'HPpWHU $ SULPHUD YLVWD OD UHODFLyQ
    'HPpWHUVRFLySDWDSXHGHSDUHFHUVHDODGHOD*UDQ0DGUHFRQODGHO
    KLMRDPDQWH ²GH KHFKR H[LVWH DOJ~Q VRODSDPLHQWR² SHUR HO KLMR
    DPDQWHWLHQHODFDSDFLGDGGHDPDUVHUOHDORWHQHUUHPRUGLPLHQWRV
    (O VRFLySDWD FDUHFH GH HVWDV FDSDFLGDGHV OR FXDO HVWDEOHFH XQD
    GLIHUHQFLD HVHQFLDO (O VRFLySDWD DFW~D VREUH OD SUHVXQFLyQ GH TXH
    VXV QHFHVLGDGHV OH MXVWLILFDQ SDUD UHFLELU (V LQFDSD] GH LQWLPLGDG
    HPRFLRQDO R GH VHQWLPLHQWRV GH DSUHFLR 6X DFWLWXG SRGUtD
    VLPEROL]DUVH FRQ OD SUHJXQWD ³¢4Xp KDV KHFKR SRU Pt
    ~OWLPDPHQWH"´2OYLGDODJHQHURVLGDGRORVVDFULILFLRVDQWHULRUHVSRU
    SDUWH GH OD PXMHU 'HPpWHU DVt FRPR VX SURSLR FRPSRUWDPLHQWR GH
    H[SORWDGRU ([DJHUD VXV QHFHVLGDGHV \ HV HVH HVWDGR GH QHFHVLGDG
    HOTXHVXVFLWDODUHVSXHVWDJHQHURVDGH'HPpWHU/DUHODFLyQFRQXQ
    VRFLySDWD SXHGH DWDU OD YLGD HPRFLRQDO GH XQD PXMHU 'HPpWHU
    GXUDQWHDxRV\SXHGHHPSREUHFHUODHFRQyPLFDPHQWH
    2WUDSDUHMDWtSLFDGHXQDPXMHU'HPpWHUHVHOKRPEUHTXHTXLHUH
    ³XQDFKLFDH[DFWDPHQWHFRPRODVHTXHFDVyFRQSDSi´&XDQGRHUD
    XQ SHTXHxR (GLSR WDO YH] VyOR HVWXYR KDFLHQGR KRQRU D DTXHO
    SHULRGRGHVXYLGDHUDHOQLxRSHTXHxRGHFXDWURRFLQFRDxRVTXH
    TXHUtDFDVDUVHFRQVXPDPi$KRUDHVXQKRPEUHDGXOWRTXHEXVFD
    XQD PXMHU PDWHUQDO TXH VHD XQD EXHQD PDGUH SDUD pO 4XLHUD TXH
    HOODVHDQXWULGRWDFiOLGDTXHVHDDFFHVLEOHDVXVQHFHVLGDGHV\TXH
    OHFXLGHOHSUHSDUHODFRPLGDFRPSUHVXURSD\FXLGHGHpOYLJLOH
    TXH YD\D DO PpGLFR \ DO GHQWLVWD FXDQGR QHFHVLWD LU \ RUJDQLFH VX
    YLGDVRFLDO
    'HWRGRVORVKRPEUHVDWUDtGRVSRUODVFXDOLGDGHVGH'HPpWHUHO
    ³KRPEUH GH IDPLOLD´ HV HO ~QLFR PDGXUR \ JHQHURVR (VWH WLSR GH
    KRPEUH VH KDOOD IXHUWHPHQWH PRWLYDGR SRU VX GHVHR GH WHQHU XQD
    IDPLOLD\YHHQODPXMHU'HPpWHUXQDSDUHMDTXHFRPSDUWHHOPLVPR
    VXHxR $GHPiV GH VHU ³XQ EXHQ SDSi´ SDUD VXV KLMRV HV HO ~QLFR
    TXH HVWi PDGXUR WDPELpQ SDUD FXLGDU GH HOOD 6L HOOD WLHQH
    GLILFXOWDGHVHQVDEHUGHFLUQRDSHUVRQDVTXHSRGUtDQDSURYHFKDUVH
    GHVXEXHQDQDWXUDOH]DGH'HPpWHUSXHGHD\XGDUODDYDOHUVHSRUVt
    PLVPD
    (OKRPEUHGHIDPLOLDWDPELpQODD\XGDDUHDOL]DUVHDWUDYpVGHOD
    FULDQ]D GH ORV KLMRV /RV RWURV WUHV WLSRV VH YHQ DPHQD]DGRV SRU OD
    LGHD GH DTXpOORV \ SXHGHQ LQVLVWLU HQ TXH HOOD DERUWH HQ FDVR GH
    TXHGDUVH HPEDUD]DGD (VWD LQVLVWHQFLD OD KDUi HQWUDU HQ XQD FULVLV
    UHVSHFWRDVXQDWXUDOH]DPDWHUQDORELHQUHFKD]DDOKRPEUHGHOTXH
    KDFH GH PDGUH R ELHQ UHFKD]D OD PDWHUQLGDG /D HOHFFLyQ OD KDFH
    VHQWLUFRPRXQDPDGUHDODTXHVHOHGLHVHDHOHJLUVDFULILFDUDXQR
    GHVXVGRVKLMRV

    6H[XDOLGDG
    &XDQGR 'HPpWHU HV HO DUTXHWLSR GH GLRVD TXH SUHGRPLQD HQ OD
    SHUVRQDOLGDG GH XQD PXMHU VX VH[XDOLGDG QR VXHOH VHU PX\
    LPSRUWDQWH 'HPpWHU QR SRVHH QRUPDOPHQWH XQ IXHUWH LPSXOVR
    VH[XDO 6XHOH VHU XQD SHUVRQD FiOLGD DIHFWLYD IHPHQLQD D OD TXH
    VDWLVIDFHQ WDQWR ORV DEUD]RV \ FDULFLDV FRPR KDFHU HO DPRU XQD
    PXMHU ³FDULxRVD´ PiV TXH XQD PXMHU SURYRFDWLYD 0XFKDV PXMHUHV
    'HPpWHU WLHQHQ XQD DFWLWXG SXULWDQD UHVSHFWR DO VH[R 3DUD HOODV
    pVWH VLUYH SDUD OD SURFUHDFLyQ QR SDUD REWHQHU SODFHU $OJXQDV OR
    FRQVLGHUDQ FRPR SDUWH GH OR TXH XQD HVSRVD SURYHH GHQWUR GHO
    FRQWH[WR GH GDU \ GH QXWULU HOOD SURSRUFLRQD OR TXH VX PDULGR
    QHFHVLWD<PXFKDVPXMHUHV'HPpWHUPDQWLHQHQSDUDVtPLVPDVXQ
    VHFUHWROOHQRGHFXOSDELOLGDGSDUDHOODVHODFWRItVLFRPiVVHQVXDOHV
    GDUHOSHFKRDVXVEHEpV\QRKDFHUHODPRUFRQVXVPDULGRV

    0DWULPRQLR
    3DUD XQD PXMHU 'HPpWHU HO PDWULPRQLR HQ Vt PLVPR QR HV XQD
    SULRULGDG SULPRUGLDO FRPR SDUD +HUD /D PD\RUtD GH ODV PXMHUHV
    'HPpWHU TXLHUHQ FDVDUVH SULQFLSDOPHQWH SDUD WHQHU KLMRV $ PHQRV
    TXHHODUTXHWLSRGH$IURGLWDRGH+HUDHVWpQDFWLYRVHQHOODODPXMHU
    'HPpWHUFRQVLGHUDHOPDWULPRQLRFRPRXQDVLPSOHHWDSDQHFHVDULD
    TXH SUHSDUD HO FDPLQR SDUD ORV KLMRV \ TXH FRQVWLWX\H OD PHMRU
    VLWXDFLyQSDUDWHQHUORV

    +LMDVRV
    8QDPXMHU'HPpWHUVLHQWHXQDQHFHVLGDGSURIXQGDGHVHUPDGUH
    ELROyJLFD 4XLHUH GDU D OX] \ FULDU VX SURSLDR 7DPELpQ SXHGH VHU
    XQDQRGUL]DPDGUHDGRSWLYDRPDGUDVWUDSHURVLQRSXHGHWHQHUXQ
    KLMR SURSLR TXHGDUi LQVDWLVIHFKR XQ SURIXQGR DQKHOR VX\R \ VH
    VHQWLUiHVWpULO 3RUFRQWUDVWHPXFKDVPXMHUHV$UWHPLVDR$WHQHDVH
    FRQWHQWDQ FRQ KHUHGDU XQD IDPLOLD \D KHFKD FDViQGRVH FRQ XQ
    KRPEUHTXH\DWLHQHKLMRV
    7RGDVODVPXMHUHV'HPpWHUVHSHUFLEHQDVtPLVPDVFRPREXHQDV
    PDGUHV TXH VLHPSUH WLHQHQ SUHVHQWH OR PHMRU SDUD VXV KLMRV 6LQ
    HPEDUJR GHVGH HO SXQWR GH YLVWD GHO LPSDFWR TXH WLHQHQ VREUH
    pVWRV ODV PXMHUHV 'HPpWHU SDUHFHQ VHU FDSDFHV GH VHU PDGUHV
    HVWXSHQGDVRWHUULEOHVSHURHQWRGRFDVRDEVRUEHQWHV
    &XDQGR VXV KLMRV DGXOWRV OH PDQLILHVWDQ UHVHQWLPLHQWR OD PXMHU
    'HPpWHU VH VLHQWH SURIXQGDPHQWH KHULGD \ FRQIXVD 1R SXHGH
    HQWHQGHUSRUTXpVXVKLMRVODWUDWDQPDOPLHQWUDVTXHRWUDVPDGUHV
    WLHQHQ KLMRV TXH ODV DSUHFLDQ \ ODV TXLHUHQ 7DPSRFR SXHGH YHU HQ
    TXp KD\D SRGLGR FRQWULEXLU D ODV GLILFXOWDGHV GH VXV KLMRV 6yOR HV
    FRQVFLHQWH GH VXV LQWHQFLRQHV SRVLWLYDV QR GH ORV HOHPHQWRV
    QHJDWLYRVTXHHQYHQHQDURQVXUHODFLyQFRQHOORV
    (O TXH XQD PDGUH 'HPpWHU KD\D WHQLGR R QR XQ DIHFWR SRVLWLYR
    VREUHVXVKLMRV\VHDFRQVLGHUDGDSRUpVWRVGHXQDPDQHUDSRVLWLYD
    GHSHQGH GH TXH IXHUD FRPR OD GLRVD 'HPpWHU ³DQWHV GHO UDSWR´ R
    ³GHVSXpVGHOUDSWR´$QWHVGHOUDSWRGH3HUVpIRQH'HPpWHUFRQILDED
    HQ TXH WRGR HUD SHUIHFWR FXDQGR 3HUVpIRQH MXJDED HQ HO SUDGR  \
    OOHYDEDDFDERVXVSURSLDVDFWLYLGDGHV'HVSXpVGHOUDSWR'HPpWHU
    HVWDEDGHSULPLGD\HQIDGDGDDEDQGRQyHOPRQWH2OLPSR\GHMyGH
    IXQFLRQDU
    /DIDVH³DQWHVGH´DGRSWDPXFKDVIRUPDVHQODYLGDUHDO3DUDOD
    PXMHU TXH VH HQIUHQWD D XQ ³QLGR YDFLy´ FXDQGR VX ~OWLPDR KLMDR
    GHMD HO KRJDU HQWRQFHV FRPR VL VX VHQWLGR GH OD YLGD KXELHUD VLGR
    ³VHFXHVWUDGR´ODIDVH³DQWHVGH´FRQVLVWtDHQODYLGDGHIDPLOLDXQLGD
    \ HQ FRRSHUDFLyQ TXH OOHYDED GXUDQWH ORV ~OWLPRV YHLQWLFLQFR DxRV
    3DUD OD PXMHU FX\D KLMD OH GHVDItD D YLYLU FRQ XQ KRPEUH TXH OD
    PDGUHFRQVLGHUDXQ+DGHVVHFXHVWUDGRUODIDVH³DQWHVGH´VHGDED
    FXDQGRVXKLMDSDUHFtDXQDH[WHQVLyQGHVtPLVPDTXHFRPSDUWtDORV
    PLVPRVYDORUHV\HVSHUDQ]DVGHIXWXUR
    $OJXQDV PDGUHV 'HPpWHU VLHPSUH WHPHQ TXH DOJR PDOR SXHGD
    RFXUULUDVXKLMD(VWDVPDGUHVSXHGHQDFWXDUFRPRVLVHDQWLFLSDVHQ
    D OD SRVLELOLGDG GH ³XQ UDSWR´ GHVGH HO PRPHQWR HQ TXH QDFH
    DTXpOOD (Q FRQVHFXHQFLD OLPLWDQ OD LQGHSHQGHQFLD GH OD KLMD \
    GHVDOLHQWDQ VXV UHODFLRQHV FRQ ORV GHPiV (Q HO Q~FOHR GH OD
    DQVLHGDGTXHOHVLQGXFHDDFWXDUGHHVWDPDQHUDVHKDOODODWHPLGD
    SpUGLGDGHODIHFWRGHODKLMD
    /DVFLUFXQVWDQFLDVWDPELpQSXHGHQVHUUHVSRQVDEOHVGHDFWLYDUHO
    ODGR QHJDWLYR GH 'HPpWHU 8QD PXMHU FRQWDED TXH WUDV HO
    QDFLPLHQWRGHVXKLMDGXUDQWHVHLVDxRVYLYLyFRPRVLVHKDOODUDHQ
    XQHVWDGRGHJUDFLD(OPXQGRHUDXQOXJDUVHJXUR\ODPDWHUQLGDG
    HUD DOJR GLYHUWLGR \ FRPSOHWDPHQWH VDWLVIDFWRULR (QWRQFHV RFXUULy
    XQ KHFKR WDQ SHUWXUEDGRU \ UHSHQWLQR FRPR +DGHV HPHUJLHQGR GH
    XQD DEHUWXUD GH OD WLHUUD 8QD WDUGH OD PDGUH GHMy D VX KLMD DO
    FXLGDGRGHXQDQLxHUDSRUKRUDV/DKLMDIXHDODFDVDGHXQYHFLQR
    TXH DEXVy VH[XDOPHQWH GH HOOD $ FRQWLQXDFLyQ OD QLxD HVWDED
    DQJXVWLDGD \ WHPHURVD WHQtD SHVDGLOODV \ PDQLIHVWDED DSUHQVLyQ
    KDFLDORVKRPEUHVLQFOXLGRVXSDGUH
    /D PDGUH HVWDED IXULRVD \ GRORULGD \ VH VHQWt FXOSDEOH SRU QR
    KDEHU HVWDGR DOOt SDUD LPSHGLU HO LQFLGHQWH $QWHV KDEtD VLGR
    JHQHURVD FRQILDGD \ XQ SRFR LQIRUPDO HQ VX HVWLOR GH VHU PDGUH
    'HVSXpVVHVLQWLyFXOSDEOH\UHVSRQVDEOHGHOLQFLGHQWHLQVHJXUDGH
    VtPLVPD\SDGHFtDODDQJXVWLDGHTXHDOJRPDORSXGLHUDVXFHGHUGH
    QXHYR 6H VLQWLy H[FHVLYDPHQWH FRQWURODGRUD \ SURWHFWRUD
    'HVDSDUHFLHURQ VX DOHJUtD \ VX HVSRQWDQHLGDG VX VHQWLPLHQWR GH
    YLYLUHQXQPXQGRVHJXUR\GHFRQILDQ]DHQVtPLVPD
    8QD PDGUH 'HPpWHU SXHGH VHQWLUVH FXOSDEOH GH FXDOTXLHU
    DFRQWHFLPLHQWR TXH WHQJD XQ HIHFWR DGYHUVR HQ VXV KLMDVRV +DVWD
    TXH WHQJD XQD FRPSUHQVLyQ LQWHUQD VREUH VXV HVSHUDQ]DV SRFR
    UHDOLVWDV GH VHU XQD PDGUH SHUIHFWD HVSHUD VHU RPQLVFLHQWH \
    WRGRSRGHURVDFDSD]GHSUHYHUORVDFRQWHFLPLHQWRV\GHSURWHJHUD
    VXVKLMDVRVGHFXDOTXLHUGRORU
    &RQODLQWHQFLyQGHSURWHJHUDVXVKLMDVRVXQDPXMHU'HPpWHU
    SXHGHYROYHUVHH[FHVLYDPHQWHFRQWURODGRUD9LJLODFDGDPRYLPLHQWR
    LQWHUFHGH HQ VX QRPEUH \ WRPD HO UHOHYR FXDQGR H[LVWH DOJXQD
    SRVLELOLGDG GH TXH VH KDJDQ GDxR &RPR FRQVHFXHQFLDV ODVRV
    KLMDVRVSHUPDQHFHQGHSHQGLHQWHVGHHOODSDUDWUDWDUFRQODJHQWH\
    HQIUHQWDUVHDORVSUREOHPDVFRWLGLDQRV
    $ YHFHV ODVRV KLMDVRV GH XQD PDGUH 'HPpWHU FRQWURODGRUD
    SHUPDQHFH SDUD VLHPSUH FHUFD 'HOOD FRQ VX FRUGyQ XPELOLFDO
    SVLFROyJLFR FDVL LQWDFWR 'RPLQDGRV SRU VX SHUVRQDOLGDG VLJXHQ
    VLHQGRORVQLxRVRQLxDVGHPDPiFXDQGRVRQ\DEDVWDQWHDGXOWRV
    3XHGH TXH DOJXQDVRV GH HOODVRV QR VH FDVHQ QXQFD &XDQGR OR
    KDFHQ VXHOHQ PDQWHQHU YtQFXORV IDPLOLDUHV PiV IXHUHV TXH ORV
    FRQ\XJDOHV3RUHMHPSORXQKLMRGH'HPpWHUSXHGHHVWDUVLHPSUHD
    GLVSRVLFLyQGHVXPDGUHSDUDGHVDOLHQWRGHVXHVSRVDFX\RVGHVHRV
    VLHPSUH TXHGDQ HQ VHJXQGR SODQR 2 WDO YH] XQD KLMD GH 'HPpWHU
    QXQFDDFFHGDDDXVHQWDUVHGXUDQWHXQDVODUJDVYDFDFLRQHVSRUTXH
    QRSXHGHGHMDUDVXPDGUHSRUWDQWRWLHPSR
    (QXQHVIXHU]RSRUOOHYDUVXVSURSLDVYLGDVDOJXQDVRVGHODVRV
    KLMDVRV GH XQD PDGUH 'HPpWHU VXSHUFRQWURODGRUD SXHGHQ URPSHU
    FRQ HOOD \ PDUFKDUVH GH FDVD FUHDQGR XQD GLVWDQFLD JHRJUiILFD \
    HPRFLRQDOHQWUHHOORV6XHOHQKDFHUORFXDQGRODPDGUHKDLQWHQWDGR
    LQFRQVFLHQWHPHQWHKDFHUOHVTXHVHVLHQWDQREOLJDGDVRVFXOSDEOHVR
    GHSHQGLHQWHV
    2WUR PRGR QHJDWLYR GH PDGUH 'HPpWHU HV OD PDGUH TXH QR
    SXHGH GHFLU TXH QR D VXV KLMRV 6H YH D Vt PLVPD FRPR OD PDGUH
    GHVLQWHUHVDGDJHQHURVD\SURYHHGRUDTXHGDVLQFHVDU(VWDPDGUH
    'HPpWHU TXLHUH TXH VXV KLMDVRV WHQJDQ WRGR OR TXH GHVHDQ GHVGH
    TXH VRQ PX\ SHTXHxRV 6L HVWR HV PiV FDUR GH OR TXH SXHGH
    SHUPLWLUVHKDUiVDFULILFLRVSDUDFRQVHJXLUORRVHVHQWLUiFXOSDEOH(V
    PiVIDOWDDVXREOLJDFLyQGHHVWDEOHFHUOtPLWHVGHFRQGXFWD'HVGH
    TXHJDWHDQFRQVLHQWHHQGDUOHVWRGRRTXHTXLHUDQDOLPHQWDQGRDVt
    VXHJRtVPR&RPRFRQVHFXHQFLDVXVKLMDVRVFUHFHUVLQWLpQGRVHFRQ
    GHUHFKRDXQDFRQVLGHUDFLyQHVSHFLDO\PX\PDOSUHSDUDGDVRVSDUD
    DGDSWDUVH6XVSUREOHPDVGHFRPSRUWDPLHQWRVXUJHQHQODHVFXHOD
    VXV FRQIOLFWRV FRQ OD DXWRULGDG SHUWXUEDQ VXV HPSOHRV (Q VXV
    LQWHQWRV GH VHU ³EXHQD PDGUH´ TXH OR GD WRGR WDO WLSR GH PDGUH
    SXHGHFRQYHUWLUVHHQORFRQWUDULR

    (Q OD PHGLDQD HGDG
    (OSHULRGRGHODPLWDGGHODYLGDHVXQSHULRGRLPSRUWDQWHSDUD
    ODV PXMHUHV 'HPpWHU 6L XQD QR KD WHQLGR XQD KLMRD HVWi
    SUHRFXSDGD DO GDUVH FXHQWD GH TXH VX UHORM ELROyJLFR HVWi
    DFHUFiQGRVHDOOtPLWHGHODSRVLELOLGDGGHTXHGDUVHHPEDUD]DGD/DV
    PXMHUHV 'HPpWHU FDVDGDV SODQWHDQ OD FXHVWLyQ GH WHQHU XQ EHEp D
    HVSRVRV UHWLFHQWHV \ YLVLWDQ D HVSHFLDOLVWDV HQ IHUWLOLGDG VL WLHQHQ
    SUREOHPDV GH FRQFHSFLyQ R DERUWRV HVSRQWiQHRV 3XHGH TXH
    FRQVLGHUHQ OD SRVLELOLGDG GH OD DGRSFLyQ < ODV PXMHUHV QR FDVDGDV
    FRQWHPSODQODSRVLELOLGDGGHFRQYHUWLUVHHQPDGUHVVROWHUDV
    ,QFOXVRVLXQDPXMHU'HPpWHUWLHQHKLMDVRVVXVDxRVGHODPLWDG
    GHODYLGDVRQLJXDOPHQWHFUXFLDOHVDXQTXHSXHGHVHULQFRQVFLHQWH
    GHODLPSRUWDQFLDGHRUJDQL]DUHOUHVWRGHVXYLGD6XVKLMDVRVHVWiQ
    FUHFLHQGR \ FDGD SDVR TXH GDQ KDFLD OD LQGHSHQGHQFLD SRQH D
    SUXHEDVXFDSDFLGDGSDUDUHQXQFLDUDODGHSHQGHQFLDTXHWLHQHQGH
    HOOD 7DPELpQ SXHGH VHQWLU HQ HVH SHULRGR HO LPSXOVR D WHQHU XQD
    KLMRDWDUGtRD8QDPXMHUYLQRDYHUPHHQPHGLRGHODFULVLVGHORV
    DxRV GH OD PHGLDQD HGDG VXV KLMRV HVWDEDQ HVWXGLDQGR \ D HOOD D
    ORVFXDUHQWDDxRVOHKDEtDOOHJDGRHOPRPHQWRGHYROYHUDHVWXGLDU
    VL TXHUtD WUDVFHQGHU HO DUTXHWLSR GH 'HPpWHU 'HVFXEULy TXH WHQtD
    PLHGR GH IUDFDVDU HQ REWHQHU XQD OLFHQFLDWXUD \ TXH WHQHU RWUDR
    KLMDR HUD ~QLFDPHQWH OD H[FXVD TXH HOOD PLVPD VH SRQtD SDUD QR
    DFHSWDU D PDWULFXODUVH (QWRQFHV SXGR VHSDUDU HO GHVHR GH WHQHU
    RWUREHEpGHOPLHGRDIUDFDVDUFRPRHVWXGLDQWH\SXGRFRQFHQWUDUVH
    HQH[SORUDUHVWDLQTXLHWXG&XDQGRODDFODUyDFXGLyDXQDIDFXOWDG
    HVWXGLyXQWHPDTXHOHJXVWDED\DKRUDHVXQDEXHQDSURIHVRUD
    /DIXQGDGRUDGHXQDRUJDQL]DFLyQHQODPLWDGGHVXYLGDSXHGH
    HQIUHQWDUVH D XQD FULVLV FXDQGR DTXpOOD VH KDFH VXILFLHQWHPHQWH
    JUDQGH SDUD TXH RWURV FRGLFLHQ VX SRVLFLyQ \ SRGHU $ PHQRV TXH
    WDPELpQ WHQJD OD PHQWH GH HVWUDWHJD GH $WHQHD \ TXH VHSD DFWXDU
    GH PDQHUD SROtWLFD HMHFXWLYRV DPELFLRVRV SXHGHQ ³VHFXHVWUDU´ OD
    RUJDQL]DFLyQTXHHOODGLRDOX]\JHVWLRQyGXUDQWHODSULPHUDHWDSD
    eVWDSpUGLGDODVXPHUJLUiSDUDFRQYHUWLUVHHQXQD5HPHWHUFROpULFD\
    DWRUPHQWDGD
    ,QFOXVRVLQRVHSURGXFHQOXFKDVGHSRGHURVLVXSHUDHVWDFULVLV
    VH OH SODQWHDQ HQ HVRV PRPHQWRV SUREOHPDV SHUVRQDOHV OR PLVPR
    TXHDWRGDVODPXMHUHV'HPpWHUTXHKDQSXHVWRVXHQHUJtDPDWHUQDO
    HQVXWUDEDMR

    (Q OD WHUFHUD HGDG
    'XUDQWHORV~OWLPRVDxRVGHVXYLGDODVPXMHUHV'HPpWHUVXHOHQ
    HQWUDU HQ XQD GH HVWDV GRV FDWHJRUtDV PXFKDV HQFXHQWUDQ PX\
    JUDWLILFDQWH HVWD IDVH GH VX YLGD 6RQ PXMHUHV DFWLYDV RFXSDGDV ²
    FRPR OR HVWXYLHURQ VLHPSUH² TXH KDQ DSUHQGLGR GH OD YLGD \ TXH
    VRQ DSUHFLDGDV SRU ORV GHPiV SRU VX VDELGXUtD SUiFWLFD \ SRU VX
    JHQHURVLGDG 6RQ PXMHUHV 'HPpWHU TXH KDQ DSUHQGLGR D DFWXDU GH
    PRGR TXH ODV SHUVRQDV QR VH DWHQ D HOODV R VH DSURYHFKHQ 3RU HO
    FRQWUDULRWDOHVPXMHUHVKDQIRUWDOHFLGRVXLQGHSHQGHQFLD\HOPXWXR
    UHVSHWR /RV KLMRV QLHWRV FOLHQWHV HVWXGLDQWHV R SDFLHQWHV TXH
    DEDUFDQ YDULDV JHQHUDFLRQHV SXHGHQ TXHUHUODV \ UHVSHWDUODV 6RQ
    FRPR OD GLRVD 'HPpWHU DO ILQDO GH VX PLWR FXDQGR FRQFHGLy D OD
    KXPDQLGDGVXVGRQHV\HUDH[WUDRUGLQDULDPHQWHYHQHUDGD
    (O GHVWLQR RSXHVWR OH VREUHYLHQH D XQD PXMHU 'HPpWHU TXH VH
    FRQVLGHUD D Vt PLVPD YtFWLPD /D IXHQWH GH LQIHOLFLGDG SURFHGH
    KDELWXDOPHQWHGHODVGHFHSFLRQHV\GHODVHVSHUDQ]DVIUXVWUDGDVGH
    ORVDxRVGHODPLWDGGHODYLGD(QODWHUFHUDHGDGLGHQWLILFDGDFRQ
    OD 'HPpWHU DWRUPHQWDGD WUDLFLRQDGD \ FROpULFD TXH VH VHQWy HQ VX
    WHPSORVLQSHUPLWLUTXHFUHFLHUDQDGDQRKDFHQDGDFRQVXV~OWLPRV
    DxRVGHYLGDH[FHSWRHQYHMHFHU\DPDUJDUVHFDGDYH]PiV

    'LILFXOWDGHV SVLFROyJLFDV
    /D GLRVD 'HPpWHU HUD XQD SUHVHQFLD SULPRUGLDO &XDQGR GHMDED
    GH IXQFLRQDU OD YLGD GHMDED GH GHVDUUROODUVH \ WRGRV ORV GLRVHV GH
    2OLPSR EDMDEDQ HQ WURSHO D TXH UHVWDXUDVH OD IHUWLOLGDG &RPR QR
    SXGR LPSHGLU HO UDSWR GH 3HUVpIRQH R IRU]DU VX UHWRUQR LQPHGLDWR
    IXH XQD YtFWLPD VXV UXHJRV IXHURQ LJQRUDGRV \ SDGHFLy XQD
    GHSUHVLyQ /DV GLILFXOWDGHV D ODV TXH VH HQIUHQWDQ ODV PXMHUHV
    'HPpWHUWLHQHQWHPDVVLPLODUHVVHUHOHJLGDVFRPRYtFWLPDVSRGHU\
    FRQWUROH[SUHVLyQGHFyOHUD\GHSUHVLyQ

    /D LGHQWLILFDFLyQ FRQ 'HPpWHU


    8QDPXMHUTXHVHLGHQWLILFDFRQ'HPpWHUDFW~DFRPRXQDGLRVD
    DEXQGDQWH \ PDWHUQDO FRQ XQD FDSDFLGDG LOLPLWDGD GH SURYHHU 1R
    SXHGHGHFLUQRFXDQGRDOJXLHQUHTXLHUHGHVXDWHQFLyQRVXD\XGD
    (VWHUDVJRGH'HPpWHUKDFHTXHXQDPXMHUSHUPDQH]FDDOWHOpIRQR
    FRQ XQ DPLJR GHSULPLGR PiV WLHPSR GHO TXH HOOD GHVHDUtD R TXH
    DFHSWHVHUODPDGUHKRJDUHxDFXDQGRQROHJXVWDRTXHUHQXQFLHD
    VXWDUGHOLEUHSDUDD\XGDUDDOJXLHQHQOXJDUGHUHVHUYDUVHWLHPSR
    SDUDVtPLVPD7DPELpQHVWiSUHVHQWH'HPpWHUHQODWHUDSHXWDTXH
    FRQFHGH D VX FOLHQWH DQJXVWLDGR XQD KRUD H[WUD TXH HUD VX ~QLFR
    WLHPSR GH GHVFDQVR HQ HO FDUJDGR KRUDULR FRWLGLDQR FX\R ILQDO GH
    MRUQDGD HV LQYDULDEOHPHQWH LQWHUUXPSLGR SRU ODUJDV OODPDGDV
    WHOHIyQLFDV\FX\RVKRQRUDULRVGHVFHQGHQWHVVLHPSUHVHKDOODQHQOD
    SDUWHPiVEDMDGHODVHVFDODVDODULDO$OILQDOHVWHLQVWLQWRGHQXWULU
    SXHGH DJRWDU D XQD PXMHU TXH VH HQFXHQWUD HQ XQD SURIHVLyQ
    DVLVWHQFLDO \ SXHGH OOHYDUOD D ³TXHPDUVH´ \ D TXH PDQLILHVWHQ
    VtQWRPDVGHIDWLJD\DSDWtD
    &XDQGR XQD PXMHU LQVWLQWLYDPHQWH GLFH TXH Vt D FXDOTXLHUD TXH
    QHFHVLWH DOJR GH HOOD VH HQFXHQWUD UiSLGDPHQWH GHPDVLDGR
    FRPSURPHWLGD (OOD QR HV XQD IXHQWH QDWXUDO H LOLPLWDGD DXQTXH
    RWUDVSHUVRQDV\VX'HPpWHULQWHUQDHVSHUHQGHHOODORTXHVHD8QD
    PXMHU'HPpWHUGHEHKDFHUIUHQWHDODGLRVDXQD\RWUDYH]VLHVTXH
    TXLHUH WRPDU D FDUJR VX SURSLD YLGD (Q OXJDU GH XQ LQVWLQWLYR ³Vt´
    TXHHVODUHVSXHVWDGH'HPpWHUGHEHVHUFDSD]GHHVFRJHUFXiQGR
    FyPR\DTXLpQGDU3DUDHVWRGHEHDSUHQGHUDGHFLUTXHQRWDQWRD
    ODSHUVRQDTXHQHFHVLWDDOJRGHHOODFRPRDODGLRVDGHQWURGHHOOD

    (O LQVWLQWR PDWHUQDO
    6L HVWH DUTXHWLSR WLHQH YtD OLEUH XQD PXMHU 'HPpWHU WDO YH]
    WDPSRFRVHDFDSD]GHGHFLUTXHQRDTXHGDUVHHPEDUD]DGD3RUHO
    KHFKRGHTXHODPDWHUQLGDGHVXQLPSHUDWLYRLQWHUQRSDUDHOODTXL]i
    FKRTXH LQFRQVFLHQWHPHQWH FRQ HO DUTXHWLSR GH 'HPpWHU ³ROYLGH´
    FXiQGR HV IpUWLO R ³VH GHVFXLGH´ HQ HO FRQWURO GH OD SRVLELOLGDG GH
    TXHGDUVH HPEDUD]DGD $Vt SXHV SXHGH TXH VH TXHGH HPEDUD]DGD
    FXDQGRODVFLUFXQVWDQFLDVQRVHDQODVLGHDOHV
    8QD PXMHU 'HPpWHU GHEH VHU FDSD] GH HVFRJHU FXiQGR \ FRQ
    TXLpQ TXLHUH WHQHU XQ EHEp 7LHQH TXH UHFRQRFHU TXH VX 'HPpWHU
    LQWHUQD QR VH LQWHUHVD SRU ODV UHDOLGDGHV GH VX YLGD QL VH SUHRFXSD
    GHO PRPHQWR DGHFXDGR 6L TXLHUH TXH HO HPEDUD]R VH SURGX]FD
    FXDQGR SDUD HOOD HV VX PRPHQWR GHEH UHVLVWLUVH D 'HPpWHU \
    FRQWURODUODVSRVLELOLGDGHVGHTXHGDUVHHPEDUD]DGD
    (O FDQVDQFLR ORV GRORUHV GH FDEH]D \ PHQVWUXDOHV ORV VtQWRPDV
    GH~OFHUDODVXELGDGHODSUHVLyQVDQJXtQHD\ORVGRORUHVGHHVSDOGD
    VRQFRUULHQWHVHQODVPXMHUHV'HPpWHUDODVTXHHVGLItFLOGHFLUTXH
    QR R H[SUHVDU VX HQIDGR FXDQGR WLHQHQ H[FHVLYR WUDEDMR \ HVWiQ
    VREUHFDUJDGDV FRQ GHPDVLDGDV UHVSRQVDELOLGDGHV R GHPDVLDGRV
    KLMDVRV(OPHQVDMHTXHHVWRVVtQWRPDVOHGDQGHPDQHUDLQGLUHFWD
    HV ³£(VWR\ UHQGLGD PH HQFXHQWUR EDMR GHPDVLDGD SUHVLyQ \ WHQJR
    GRORUHVQRPHSLGiLVKDFHUPiV´7DPELpQFRQVWLWX\HQH[SUHVLRQHV
    GH XQD SHTXHxD GHSUHVLyQ FUyQLFD TXH DSDUHFH FXDQGR XQD PXMHU
    QRSXHGHSURWHVWDUHILFD]PHQWHUHSULPHVXHQIDGR\HVWiUHVHQWLGD
    FRQWUDXQDVLWXDFLyQSURGXFLGDSRUHOSURFHGHUGH'HPpWHU

    (O HVIXHU]R GH OD GHSHQGHQFLD
    /DFDSDFLGDGVXSHUDEXQGDQWHGHXQDPXMHU'HPpWHUSDUDKDFHU
    GHPDGUHVHYHYLFLDGDSRUVXQHFHVLGDGGHTXHVXKLMDROHQHFHVLWH
    SRU VX DQVLHGDG FXDQGR HVWi ³IXHUD GH VX YLVWD´ 5HIRU]DUi GH
    GHSHQGHQFLD \ PDQWHQGUi DO SHTXHxRD ³FRVLGRD D VXV IDOGDV´
    3XHGH WDPELpQ TXH OR KDJD HQ RWUDV UHODFLRQHV 3RU HMHPSOR KDFH
    GH PDGUH GHO ³QLxR GHSHQGLHQWH´ FXDQGR KDFH GH PDGUH GH VX
    ³SREUHFLWR´DPDQWH\FXLGDDO³QLxRDQJXVWLDGR´HQVXDPLJR
    &RQ VXV LQWHQWRV SRU VHU LQGLVSHQVDEOH ³PDPi VDEH FyPR
    KDFHUOR´ RGHFRQWURODUORWRGR ³GpMDPHKDFHUORSRUWL´ XQDPXMHU
    DVt KDFH TXH ORV GHPiV VH FRPSRUWHQ FRPR QLxRV (VWD WHQGHQFLD
    UHIXHU]D ORV VHQWLPLHQWRV GH LQVHJXULGDG H LQDGHFXDFLyQ HQ RWUD
    SHUVRQD (Q OD FRFLQD SRU HMHPSOR SXHGH DQLPDU D VX KLMD
    DGROHVFHQWH D TXH DSUHQGD D FRFLQDU 3HUR OD VXSHUYLVD GH FHUFD \
    GHVSXpVDOILQDOVLHPSUHDxDGHORV~OWLPRVWRTXHV$FXDOTXLHUFRVD
    TXHKDJDVXKLMDODPDGUHOHGDHOPHQVDMHGH³QRORKDVKHFKROR
    VXILFLHQWHPHQWH ELHQ´ \ GH ³PH QHFHVLWDV SDUD KDFHUOR
    FRUUHFWDPHQWH´(QXQDVLWXDFLyQODERUDORFXUUHORPLVPR(OODHVOD
    VXSHUYLVRUD HGLWRUD R PHQWRUD TXH ³VDEH PHMRU TXH QDGLH´ FyPR
    GHEHKDFHUVHHOWUDEDMRSRQLpQGRVHWDOYH]DKDFHUORHOODPLVPDOR
    FXDO DKRJD OD RULJLQDOLGDG \ OD DXWRFRQILDQ]D HQ VX ³QLxDR´ \
    DXPHQWDVXSURSLDFDUJDGHWUDEDMR
    6L ODV SHUVRQDV GH VX YLGD OD QHFHVLWDQ OD REVHVLYD PXMHU
    'HPpWHUVHVLHQWHVHJXUD6LDTXpOODVDXPHQWDQVXLQGHSHQGHQFLD\
    VX FRPSHWHQFLD HOOD SXHGH VHQWLUVH DPHQD]DGD 3DUD VHJXLU
    UHFLELHQGR IDYRUHV \ SDUD VHU UHFHSWRUD GH VX FDULxR \
    SUHRFXSDFLyQ VXHOH VHU QHFHVDULR SHUPDQHFHU HQ XQ URO GH
    GHSHQGHQFLD
    (O TXH XQD PXMHU 'HPpWHU UHIXHUFH OD GHSHQGHQFLD R SRU HO
    FRQWUDULRFUHHXQDVHQVDFLyQGHVHJXULGDGHQODTXHODRWUDSHUVRQD
    SXHGD GHVDUUROODUVH \ SURVSHUDU GHSHQGH GH TXH HOOD PLVPD WHQJD
    XQDVHQVDFLyQGHDEXQGDQFLDRGHHVFDVH]6LWLHQHPLHGRGHSHUGHU
    D OD RWUD SHUVRQD R GH TXH VX ³QLxDR´ QR VHD ³VXILFLHQWHPHQWH
    EXHQDR´SXHGHYROYHUVHSRVHVLYDFRQWURODGRUD\FRQVWULFWLYD(VWD
    LQVHJXULGDGODFRQYLHUWHHQXQDPDGUHDVIL[LDQWHRTXHHVWiVLHPSUH
    YLJLODQGR
    8QD MRYHQ PDGUH TXH FRQRFt HQ PL SUiFWLFD GH DQDOLVWD VH GLR
    FXHQWD VLHQGR VX KLMD WRGDYtD XQ EHEp GH TXH HOOD HUD HO WLSR GH
    PDGUH TXH PX\ GLItFLOPHQWH SHUPLWLUtD FUHFHU D KLMD /D SULPHUD
    EDWDOOD VH SUHVHQWy FXDQGR OOHJy HO PRPHQWR GH HPSH]DU FRQ
    DOLPHQWRVSDUDEHEpV(OODOHKDEtDGDGRHOSHFKR\KDEtDGLVIUXWDGR
    OD H[FOXVLYLGDG GH OD UHODFLyQ \ GH OD GHSHQGHQFLD GH VX EHEp
    &XDQGROOHJyHOPRPHQWRGHLQWURGXFLUDOLPHQWRVVyOLGRVVXPDULGR
    SHQVDED FRQ LOXVLyQ HQ DOLPHQWDU D VX KLMD FRQ FXFKDUD OR TXH
    KDEUtDVLGRXQQXHYRSDVRIXQGDPHQWDOHQODIRUPDFLyQGHOYtQFXOR
    SDGUHKLMD $IRUWXQDGDPHQWH OD PDGUH DOWUXLVWD HQ HOOD VDEtD TXH
    KDEtDOOHJDGRHOPRPHQWRGHHPSH]DUFRQORVDOLPHQWRVVyOLGRV\GH
    FRPSDUWLU PiV D OD QLxD FRQ VX PDULGR D SHVDU G TXH OD PDGUH
    SRVHVLYDTXHKDEtDHQHOODTXHUtDUHVLVWLUDODUJDQGRHOWLHPSRWRGROR
    TXH IXHUD SRVLEOH 6X GHVHR GH KDFHU OR PHMRU SDUD OD QLxD IXH HO
    TXH JDQy 3HUR D~Q DVt VH VLQWLy WUDQVLWRULDPHQWH FRPR XQD
    'HPpWHUHQGXHORDSHQiQGRVHSRUODSpUGLGD
    /DV SRVHVLYDV PXMHUHV 'HPpWHU HYROXFLRQDQ FXDQGR DEDQGRQDQ
    VXQHFHVLGDGGHPDQWHQHUGHSHQGLHQWHVDORVGHPiV\FRVLGRVDVXV
    IDOGDV $O KDFHUOR OD GHSHQGHQFLD UHFtSURFD SXHGH FRQYHUWLUVH HQ
    PXWXRDPRU\DSUHFLR

    &RQGXFWD DJUHVLYDSDVLYD
    8QDPXMHU'HPpWHUTXHHVLQFDSD]GHGHFLUQRFRQVHJXLUiYHUVH
    VREUHFDUJDGD (QWRQFHV SXHGH OOHJDU D HVWDU DJRWDGD R DSiWLFD
    UHVHQWLGD R HQIDGDGD 6L VH VLHQWH H[SORWDGD HV WtSLFR TXH QR OR
    H[SUHVH GLUHFWDPHQWH PRVWUDQGR OD PLVPD IDOWD GH VHJXULGDG D VX
    IDYRUTXHVLKXELHUDGLFKRTXHVtFXDQGRGHEHUtDKDEHUGLFKRQR(Q
    OXJDU GH H[SUHVDU VX HQIDGR R GH LQVLVWLU HQ TXH DOJR FDPELH XQD
    PXMHU WLSR 'HPpWHU SUREDEOHPHQWH GHVFDUWDUi VXV VHQWLPLHQWRV
    FRPR SRFR JHQHURVRV \ WUDEDMDUi PiV GXUDPHQWH SDUD FRQVHJXLU
    TXHWRGRTXHGHKHFKR
    &XDQGR LQWHQWD VXSULPLU VXV YHUGDGHURV VHQWLPLHQWRV \ pVWRV
    OOHJDQ D VDEHUVH GH DOJXQD PDQHUD HPSLH]D D PDQLIHVWDU XQD
    FRQGXFWD DJUHVLYDSDVLYD (QWRQFHV ROYLGD ³VDOLUVH XQ SRFR GH VXV
    KiELWRV´ \ QR FRPSUD HO SURGXFWR TXH OH SLGLy TXH OH FRPSUDVH OD
    YHFLQDGHDOODGRQRFXPSOHORVSOD]RVDORVTXHVHFRPSURPHWLyR
    OODJDWDUGHDXQDUHXQLyQLPSRUWDQWH'HHVWDPDQHUDDEDQGRQDODV
    REOLJDFLRQHV TXH VH VXSRQtD TXH FXPSOLHVH H[SUHVD
    LQFRQVFLHQWHPHQWH VX KRVWLOLGDG FRQ XQD FRQGXFWD QDGD
    FRPSODFLHQWH\DILUPDVXLQGHSHQGHQFLD6HUtDPXFKRPHMRUVXIXHUD
    FDSD] GH GHFLGLU TXH QR DO SULQFLSLR SRUTXH OD FRQGXFWD DJUHVLYD
    SDVLYDOHKDFHSDUHFHULQFRPSHWHQWH\VHQWLUVHFXOSDEOH
    /D LQWHQFLRQDOLGDG KDFH TXH OD PLVPD DFFLyQ VHD
    VLJQLILFDWLYDPHQWH GLIHUHQWH 1HJDUVH GLUHFWDPHQWH D KDFHU OR TXH
    DOJXLHQ HVSHUD GH WL \ GHFLU SRU TXp FRQVWLWX\H XQ PHQVDMH FODUR
    XQDDFFLyQDJUHVLYDSDVLYDHVXQPHQVDMHFRQIXVRFRGLILFDGRHQXQ
    DFWRKRVWLO6LODRWUDSHUVRQDVHSUHRFXSDGHWXVQHFHVLGDGHVXQD
    H[SOLFDFLyQ FODUD HV VXILFLHQWH 5HVSDOGDU GLFKD H[SOLFDFLyQ FRQ XQD
    DFFLyQ VXHOH VHU QHFHVDULR FXQDGR OD RWUD SHUVRQD HV XQD
    H[SORWDGRUD \ HVSHUD VDOLUVH FRQ OD VX\D D WXV H[SHQVDV =HXV QR
    SUHVWyDWHQFLyQD'HPpWHUKDVWDTXHpVWD³VHSXVRHQKXHOJD´
    +DVWDTXH'HPpWHUVHQHJyDVHJXLUIXQFLRQDQGRFRPRGLRVDGH
    ODV FRVHFKDV =HXV QR SUHVWy DWHQFLyQ D VX VXIULPLHQWR &XDQGR VX
    QHJDWLYD D GHMDU TXH DOJR FUHFLHUD DPHQD]y D OD WLHUUD FRQ OD
    KDPEUXQD VH SUHRFXSy \D TXH SHOLJUDED OD H[LVWHQFLD GH ORV
    PRUWDOHVSDUDKRQUDUDORVGLRVHVVLHOODSHUVLVWtDHQVXDFWLWXG6yOR
    HQWRQFHV OH KL]R FDVR \ HQYLy D +HUPHV D WUDHU D 3HUVpIRQH GH
    YXHOWDGHOPXQGRVXEWHUUiQHR8QDYH]TXHXQDPXMHU'HPpWHUVH
    KDFHFRQVFLHQWHGHVXVQHFHVLGDGHV TXHHOODPLVPDVXSULPH \GH
    VX LUULWDFLyQ SRUTXH GLFKDV QHFHVLGDGHV VRQ GHVFDUWDGDV SRU ORV
    GHPiVSXHGHFRQVLGHUDUVHJXLUHOHMHPSORGH'HPpWHU3RUHMHPSOR
    XQD HPSOHDGD PDO SDJDGD \ FRQ H[FHVR GH WUDEDMR SXHGH H[SRQHU
    VX FDVR FRQ YLVWDV D REWHQHU XQ DXPHQWR GH VXHOGR \ XQD D\XGD
    DGLFLRQD \ QR VH HVFXFKDGD KDVWD TXH GHMD FODUR D VX MHIH TXH QR
    HVWiGLVSXHVWDDFRQWLQXDUORPLVPRTXHDQWHV

    'HSUHVLyQ HO QLGR YDFtR \ HO VHQWLPLHQWR GH


    YDFXLGDG
    &XDQGRXQDPXMHU'HPpWHUSLHUGHXQDUHODFLyQHQODTXHKDVLGR
    OD ILJXUD PDWHUQD QR VyOR SLHUGH HVD UHODFLyQ \ HFKD HQ IDOWD D OD
    SHUVRQD VLQR TXH WDPELpQ SLHUGH VX SDSHO GH PDGUH TXH OH KDEtD
    GDGRXQDVHQVDFLyQGHSRGHUGHLPSRUWDQFLD\GHVHQWLGRDVXYLGD
    /D H[SUHVLyQ ³GHSUHVLyQ GHO QLGR YDFtR´ GHVFULEH OD UHDFFLyQ GH
    ODV PXMHUHV TXH KDQ GHGLFDGR VXV YLGDV D VXV KLMDVRV VyOR SDUD
    YHUOHV SDUWLU GHVSXpV /DV PXMHUHV 'HPpWHU TXH KDQ WHQLGR XQD
    UHODFLyQDPRURVDTXHVHWHUPLQDSXHGHQUHDFFLRQDUWDPELpQGHHVWD
    PDQHUDDOLJXDOTXHODVTXHKDQ³KHFKRGHPDGUHV´GHXQSUR\HFWR
    GXUDQWH DxRV VyOR SDUD YHUOR IUDFDVDU R VHU WRPDGR SRU RWUDV
    SHUVRQDVFRQHOWLHPSR(VWHWLSRGHGLILFXOWDGHVGHRUJDQL]DFLyQOD
    GHMDQFRQHOVHQWLPLHQWRGHHVWHULOLGDG\GHKDEHUVLGR³HVWDIDGDV´
    &XDQGRHODUTXHWLSRVHHQFXHQWUDHQHOPi[LPRGHVXLQWHQVLGDG
    XQD PXMHU 'HPpWHU GHSULPLGD VH YXHOYH LQFDSD] GH IXQFLRQDU \
    QHFHVLWD XQD KRVSLWDOL]DFLyQ SVLTXLiWULFD 3XHGH FRQYHUWLUVH HQ XQD
    SHUVRQLILFDFLyQGHODGLRVDDWRUPHQWDGDTXHEXVFDLQIUXFWXRVDPHQWH
    D 3HUVpIRQH SRU WRGD OD VXSHUILFLH GH OD WLHUUD /R PLVPR TXH
    'HPpWHU WDO YH] QR FRPD GXHUPD QL VH ODYH 7DO YH] GHDPEXOH GH
    DFi SDUD DOOi PRYLpQGRVH VLQ GHVFDQVR WRGR HO WLHPSR
    UHWRUFLpQGRVH ODV PDQRV DWRUPHQWDGD \ VXPLGD HQ XQD SURIXQGD \
    FRQYXOVD GHSUHVLyQ 2 WDO YH] VH TXHGH VHQWDGD LQPyYLO ²FRPR
    'HPpWHUHQ(OHXVLV²DEVWUDtGD\VLQGDUVLJQRVGHUHVSXHVWD7RGR
    OHSDUHFHGHVRODGRU\HVWpULOHOPXQGRHVWiGHVSURYLVWRGHVHQWLGR
    1R VLHQWH OD FXDOLGDG YHUGH GH FUHFLPLHQWR HQ VX iULGD YLGD (VWD
    UHDFFLyQ FRQVWLWX\H XQD JUDYH GHSUHVLyQ DSiWLFD (Q DPEDV
    UHDFFLRQHV FRQYXOVLYD R DSiWLFD OD KRVWLOLGDG VH HQFXHQWUD
    VXE\DFHQWH HQ VX GHSUHVLyQ HVWi HQRMDGD SRUTXH VH OD KD TXLWDGR
    XQDFDXVDTXHGDEDVHQWLGRDVXYLGD
    &XDQGR XQD 'HPpWHU TXH VH DWRUPHQWD HV KRVSLWDOL]DGD SRU
    VXSXHVWRTXHQHFHVLWDD\XGDSURIHVLRQDO3HURVLKXELHUDVDELGRTXH
    HUD WDQ VXVFHSWLEOH D XQD GHSUHVLyQ GHO ³QLGR YDFtR´ \ VL KXELHUD
    WRPDGR FXDWUR PHGLGDV PHQWDOHV SUHYHQWLYDV VX UHDFFLyQ KXELHUD
    VLGRPXFKRPHQRVJUDYH$SUHQGHUFyPRH[SUHVDODFyOHUDHQOXJDU
    GHUHSULPLUODUHGXFHODGHSUHVLyQ$SUHQGHUDGHFLUTXHQRD\XGDD
    HYLWDUTXHGDUSVLFROyJLFDPHQWHHVWpULO\GHSULPLGDSRUKDEHUHVWDGR
    GHPDVLDGRHQWRGR\VHQWLUVHQRDSUHFLDGD\PDUWLUL]DGD$SUHQGHUD
    ³GHVDSHJDUVH \ GHMDU FUHFHU´ OH DKRUUD HO GRORU DJXGR GH WHQHU
    KLMDVRV R SHUVRQDV D ODV TXH VXSHUYLVD SHUVRQDO EDMR VX
    UHVSRQVDELOLGDGRFOLHQWHV UHVHQWLGDVRVFRQHOOD\FRQQHFHVLGDGGH
    URPSHU\DSDUWDUVH'HVDUUROODURWUDVGLRVDVGHQWURGHVtSURSRUFLRQD
    LQWHUHVHVVXSOHPHQWDULRVPiVDOOiGHKDFHUGHPDGUH

    0DQHUDV GH GHVDUUROODUVH
    $ ODV PXMHUHV WLSR 'HPpWHU OHV HV IiFLO UHFRQRFHU HO PRGHOR
    PDWHUQDO TXH HQFDUQDQ LQFOXLGD OD GLILFXOWDG GH GHFLU TXH QR 6LQ
    HPEDUJR FRQ GHPDVLDGD IUHFXHQFLD OOHJDQ D XQ SXQWR FLHJR HQ HO
    PRPHQWR GH FRQVLGHUDU VXV VHQWLPLHQWRV \ FRPSRUWDPLHQWRV
    QHJDWLYRV KDFLD ORV GHPiV &RPR HVWRV VHQWLPLHQWRV \ HVWDV
    DFFLRQHV VRQ OR TXH PiV QHFHVLWDQ VHU FDPELDGRV HO GHVDUUROOR GH
    XQDPXMHU'HPpWHUVHYHLPSHGLGRKDVWDTXHHVFDSD]GHYHUWRGR
    HO FXDGUR /DV PXMHUHV 'HPpWHU WLHQHQ EXHQDV LQWHQFLRQHV TXH
    XQLGDV D OD QHFHVLGDG GH YHUVH D Vt PLVPDV FRPR EXHQDV PDGUHV
    EORTXHDQ VX UHFHSWLYLGDG D HVWH WLSR GH LQVWURVSHFFLyQ (VWDV
    PXMHUHVVXHOHQHVWDUH[FHVLYDPHQWHDODGHIHQVLYD&RQWUDUUHVWDQODV
    FUtWLFDVFRQDILUPDFLRQHVDFHUFDGHVXVEXHQDVLQWHQFLRQHV ³\RVyOR
    TXHUtD D\XGDU´  R FRQ XQD OLVWD GH PXFKDV DFFLRQHV SRVLWLYDV \
    JHQHURVDVTXHGHKHFKROOHYDQDFDER
    'H OD PLVPD PDQHUD TXH OD PXMHU 'HPpWHU WLHQH GLILFXOWDGHV
    SDUD GHFLU TXH QR SRUTXH VH LGHQWLILFD FRQ OD EXHQD PDGUH TXH
    VLHPSUH GD WDPELpQ VH UHVLVWH D UHFRQRFHU VX LUULWDFLyQ FRQWUD ODV
    SHUVRQDVDODVTXHDPD3RUODVPLVPDVUD]RQHVQLHJDODSRVLELOLGDG
    GH HVWDU DGRSWDQGR XQD FRQGXFWD DJUHVLYDSDVLYD \ GH VHU
    VXSHUFRQWURODGRUD R GH UHIRU]DU OD GHSHQGHQFLD 6LQ HPEDUJR Vt
    VDEH TXH HVWi GHFHSFLRQDGD SRU QR VHU DSUHFLDGD \ HV FDSD] GH
    DGPLWLU TXH VH VLHQWH GHSULPLGD 6L HVWi GLVSXHVWD D H[SORUDU HVWDV
    SLVWDV SXHGH SHUPLWLU TXH VH YXHOYD FRQVFLHQWH HO FRQRFLPLHQWR GH
    VXVUDVJRVQHJDWLYRVGH'HPpWHU5HFRQRFHUORVFRQVWLWX\HHOPD\RU
    REVWiFXOR&DPELDUVXFRQGXFWDHVODWDUHDPiVVHQFLOOD

    &RQYHUWLUVH HQ VX SURSLD EXHQD PDGUH


    8QD PXMHU 'HPpWHU QHFHVLWD ³XWLOL]DU´ D 'HPpWHU HQ VX SURSLR
    EHQHILFLRHQYH]GHUHVSRQGHUDORVGHPiVFRPRVLHOODPLVPDIXHUD
    'HPpWHU &XDQGR VH OH SLGH WRPDU RWUD UHVSRQVDELOLGDG WLHQH TXH
    DSUHQGHUDFHQWUDUHQVtPLVPDODSUHRFXSDFLyQSRUFXLGDUTXHFRQ
    WDQWDIDFLOLGDGVLHQWHSRUORVGHPiV3XHGHSUHJXQWDUVHDVtPLVPD
    ³¢(V HVR DOJR TXH UHDOPHQWH TXLHUR KDFHU"´ \ ³¢WHQJR VXILFLHQWH
    WLHPSR\HQHUJtD"´&XDQGRQRKDVLGRELHQWUDWDGDKDGHUHFREUDU
    ODVHJXULGDGGHPHUHFHUPHMRUWUDWDPLHQWR\DQLPDUVHDVtPLVPDD
    KDFHUORVDEHU
    7UDVFHQGHU D 'HPpWHU
    $PHQRVTXHXQDPXMHU'HPpWHUKDJDFRQVFLHQWHPHQWHVLWLRHQ
    VX YLGD SDUD RWUDV UHODFLRQHV GLVWLQWDV D ODV ³UHODFLRQHV 'HPpWHU´
    SXHGH TXHGDUVH HQFHUUDGD HQ XQ ~QLFR PRGHOR VLHQGR ³VyOR
    'HPpWHU´ 6L HV XQD PXMHU FDVDGD FRQ KLMRV ¢KDUi HO HVIXHU]R GH
    VDOLUFRQVXPDULGRVLQVXVKLMRV"¢6HUHVHUYDUiDOJRGHWLHPSRSDUD
    XQD DFWLYLGDG HQ VROLWDULR FRPR FRUUHU PHGLWDU SLQWDU R WRFDU XQ
    LQVWUXPHQWR PXVLFDO" 2 VL HV XQD 'HPpWHU WtSLFD ¢QXQFD YD D
    HQFRQWUDU WLHPSR SDUD HOOR" 6L HV XQD PXMHU SURIHVLRQDO WLSR
    'HPpWHUWRGDVXHQHUJtDSRGUtDLUDOWUDEDMR7DOYH]GLULMDXQMDUGtQ
    GH LQIDQFLD R XQ SURJUDPD SURIHVLRQDO \ GHGLTXH WRGR VX WLHPSR \
    HQHUJtD D HOOR OOHJDQGR D FDVD WRWDOPHQWH DJRWDGD DO ILQDO GH FDGD
    GtD 8QD SURIHVLRQDO WLSR 'HPpWHU WLHQH TXH UHVLVWLUVH D VHU
    WRWDOPHQWH ³VyOR 'HPpWHU´ OR PLVPR TXH XQD PXMHU 'HPpWHU FRQ
    FLQFR KLMRV 6L QR WUDQVFLHQGH D 'HPpWHU DXPHQWD OD SRVLELOLGDG GH
    XQDGHSUHVLyQWLSR³QLGRYDFtR´FXDQGR\DQLODQHFHVLWHQ\GHVFXEUD
    TXHDOILQDOQRHVLQGLVSHQVDEOH

    5HFXSHUDUVH GH OD GHSUHVLyQ
    8QD PXMHU 'HPpWHU TXH VH FRQYLHUWH HQ XQD 'HPpWHU
    DWRUPHQWDGD \ GHSULPLGD KD VXIULGR XQD SpUGLGD VLJQLILFDWLYD eVWD
    SXHGHFRQVLVWLUHQDOJRGHXQJUDQYDORUHPRFLRQDOSDUDHOODXQURO
    XQ WUDEDMR XQ LGHDO FXDOTXLHU FRVD TXH GLHVH VHQWLGR D VX YLGD \
    DKRUD \D QR OR WHQJD $O LJXDO TXH RFXUUH FRQ FDGD XQD GH ODV
    PLWRORJtDV GH ORV GLRVHV WDPELpQ HV SRVLEOH SDUD XQD PXMHU
    TXHGDUVH ³HVWDQFDGD´ HQ FXDOTXLHU IDVH R DYDQ]DU D WUDYpV GH XQ
    PRGHORGHPLWR\HYROXFLRQDU3XHGHTXHDOJXQDVPXMHUHV'HPpWHU
    GHSULPLGDV QXQFD VH UHFXSHUHQ \ TXH VX H[LVWHQFLD TXHGH YDFtD
    DPDUJDGD\HVWpULO
    3HUR OD UHFXSHUDFLyQ \ HO FUHFLPLHQWR SHUVRQDO VRQ SRVLEOHV (O
    PLVPR PLWR SUHVHQWD GRV VROXFLRQHV (Q SULPHU OXJDU WUDV FRQRFHU
    TXH 3HUVpIRQH KDEtD VLGR UDSWDGD 'HPpWHU DEDQGRQy HO PRQWH
    2OLPSRSDUDHUUDUSRUWRGDODWLHUUD(Q(OHXVLVODGLRVDDWRUPHQWDGD
    \ GHSULPLGD IXH UHFLELGD HQ XQ KRJDU HQ HO TXH VH FRQYLUWLy HQ OD
    QRGUL]D GH 'HPRIRRQWH /H DOLPHQWy FRQ QpFWDU \ DPEURVtD \ OH
    KDEUtD FRQYHUWLGR HQ XQ VHU LQPRUWDO VL QR KXELHUD LQWHUYHQLGR VX
    PDGUH 0HWDQLUD $Vt SXHV VH HQIUHQWy D VX SpUGLGD PHGLDQWH HO
    DPRU \ HO FXLGDGR GH RWUD SHUVRQD 3DUD XQD PXMHU 'HPpWHU
    DWRUPHQWDGD DUULHVJDUVH D WHQHU RWUD UHODFLyQ HV XQD YtD GH
    UHFXSHUDFLyQ\XQDPDQHUDGHYROYHUDIXQFLRQDU
    (Q VHJXQGR OXJDU UHXQLUVH GH QXHYR FRQ 3HUVpIRQH OOHYy D
    'HPpWHUDUHFXSHUDUVH/DPDGUHDWRUPHQWDGDVHUHXQLyFRQVXKLMD
    HWHUQDPHQWHGRQFHOOD\GHMyGHHVWDUGHSULPLGDIXQFLRQyGHQXHYR
    FRPRGLRVDGHORVFHUHDOHV\GHORVIUXWRV\UHVWDXUyODIHUWLOLGDG\HO
    FUHFLPLHQWRVREUHODWLHUUD
    0HWDIyULFDPHQWH HVWR HV OR TXH WHUPLQD FRQ XQD GHSUHVLyQ HO
    UHWRUQR GHO DUTXHWLSR GH OD MXYHQWXG (O &yPR RFXUUH HV FRQ
    IUHFXHQFLDDOJRPLVWHULRVR6XHOHVXFHGHUDOOODQWR\DODFyOHUD3DVD
    HO WLHPSR 'HVSXpV VH DJLWD XQ EURWH GH VHQWLPLHQWR 7DO YH] OD
    PXMHU QRWD OR EHOOR TXH HV XQ FLHOR D]XO R HV FRQPRYLGD SRU OD
    FRPSDVLyQGHDOJXLHQ2OHHQWUDODXUJHQFLDGHFRPSOHWDUXQDWDUHD
    GXUDQWH PXFKR WLHPSR DEDQGRQDGD 'HVGH HO SXQWR GH YLVWD
    HPRFLRQDO pVWRV VRQ SHTXHxRV VLJQRV GH SULPDYHUD 3RFR GHVSXpV
    GHORVSULPHURVVLJQRVGHOUHWRUQRGHODYLGDODPXMHUHVGHQXHYR
    HOOD PLVPD OOHQD XQD YH] PiV GH YLWDOLGDG \ JHQHURVLGDG VH KD
    UHXQLGRFRQHVDSDUWHGHVtPLVPDTXHHVWDEDDXVHQWH
    3HUR HV SRVLEOH DOJR PiV TXH OD VLPSOH UHFXSHUDFLyQ /D PXMHU
    'HPpWHUSXHGHWDPELpQHPHUJHUGHXQSHULRGRGHVXIULPLHQWRFRQ
    XQD PD\RU VDELGXUtD \ FRPSUHQVLyQ HVSLULWXDO &RPR H[SHULHQFLD
    LQWHUQDHOPLWRGH'HPpWHU\GH3HUVpIRQHKDEODGHXQDFDSDFLGDG
    GHGHVDUUROODUVHDWUDYpVGHOVXIULPLHQWR8QDPXMHU'HPpWHUSXHGH
    DFHSWDUGHVSXpVFRPRODPLVPD'HPpWHUODH[LVWHQFLDGHFDPELRV
    KXPDQRVHVWDFLRQDOHV3XHGHDGTXLULUXQDVDELGXUtDGHODWLHUUDTXH
    UHIOHMD OD QDWXUDOH]D 8QD PXMHU DVt DSUHQGH TXH OH HV SRVLEOH YLYLU
    VXSHUDQGR FXDOTXLHU KHFKR TXH OH VXFHGD \ VDELHQGR TXH
    H[DFWDPHQWH OR PLVPR TXH OD SULPDYHUD VLJXH DO LQYLHUQR OD
    H[SHULHQFLDKXPDQDFDPELDQWHVLJXHFLHUWRVPRGHORV
     ± 3(56e)21( /$ '21&(//$ <
    5(,1$ '(/ 081'2
    68%7(55È1(2
    08-(5 5(&(37,9$ ( +,-$ '( /$
    0$'5(

    3HUVpIRQH OD GLRVD
    $ODGLRVD3HUVpIRQHDODTXHORVURPDQRVOODPDURQ3URVHUSLQDR
    &RUD VH OD FRQRFH PiV D WUDYpV GHO +LPQR D 'HPpWHU GH +RPHUR
    TXH GHVFULEH VX UDSWR SRU +DGHV )XH YHQHUDGD GH GRV PDQHUDV
    ³FRPR GRQFHOOD´ R OD .RUp TXH VLJQLILFD ³MRYHQ DGROHVFHQWH´  \
    FRPRUHLQDGHOPXQGRVXEWHUUiQHR/D.RUpHUDXQDHVEHOWD\EHOOD
    GLRVD MRYHQ DVRFLDGD D ORV VtPERORV GH IHUWLOLGDG OD JUDQDGD HO
    FHUHDOHOPDt]DVtFRPRHOQDUFLVRODIORUTXHVHGXFtD&RPRUHLQD
    GHO PXQGR VXEWHUUiQHR 3HUVpIRQH HV XQD GLRVD PDGXUD TXH UHLQD
    VREUH ODV DOPDV PXHUWDV JXtD D ORV YLYRV TXH YLVLWDQ HO PXQGR
    VXEWHUUiQHRXSLGHSDUDVtORTXHGHVHD
    $XQTXH3HUVpIRQHQRHUDXQDGHODVORGRFHGLRVDVHVSULQFLSDOHV
    GHO 2OLPSR HUD HO FHQWUR GH ORV PLVWHULRV HOHXVLQRV TXH
    FRQVWLWX\HURQ OD SULQFLSDO UHOLJLyQ GH ORV JULHJRV GXUDQWH GRV PLO
    DxRVDQWHVGHODOOHJDGDGHOFULVWLDQLVPR(QORVPLVWHULRVGH(OHXVLV
    ORVJULHJRVH[SHULPHQWDEDQHOUHWRUQRRODUHQRYDFLyQGHODYLGDWUDV
    OD PXHUWH PHGLDQWH OD YXHOWD DQXDO GH 3HUVpIRQH GHVGH HO PXQGR
    VXEWHUUiQHR

    *HQHDORJtD \ PLWRORJtD
    3HUVpIRQH IXH OD ~QLFD KLMD GH 'HPpWHU \ GH =HXV /D PLWRORJtD
    JULHJD JXDUGD XQ VLOHQFLD QDGD KDELWXDO VREUH ODV FLUFXQVWDQFLDV GH
    VXFRQFHSFLyQ
    $O FRPLHQ]R GHO PLWR GH 'HPpWHU3HUVpIRQH FRQWDGR HQ GHWDOOH
    HQ HO FDStWXOR DQWHULRU  3HUVpIRQH HUD XQD PXFKDFKD VLQ
    SUHRFXSDFLRQHV TXH FRJtD IORUHV \ MXJDED FRQ VXV DPLJDV 'H
    UHSHQWHDSDUHFLy+DGHVFRQVXFDUURTXHDEULyODWLHUUD\WRPRSRU
    ODIXHU]DDODGRQFHOODTXHUHDFFLRQyJULWDQGR\UHJUHVyFRQHOODDO
    PXQGRVXEWHUUiQHRSDUDTXHIXHVHVXQRYLDSRUODIXHU]D'HPpWHU
    QR DFHSWy OD VLWXDFLyQ GHMy HO PRQWH 2OLPSR VLJXLy LQWHQWDQGR HO
    UHWRUQRGH3HUVpIRQH\ILQDOPHQWHIRU]yD=HXVDSUHVWDUDWHQFLyQD
    VXVGHVHRV
    'HVSXpV =HXV HQYLy D +HUPHV HO GLRV PHQVDMHUR D EXVFDU D
    3HUVpIRQH +HUPHV OOHJy DO PXQGR VXEWHUUiQHR \ HQFRQWUy
    GHVFRQVRODGD D 3HUVpIRQH 3HUR VX GHVHVSHUDFLyQ VH FRQYLUWLy HQ
    DOHJUtDFXDQGRGHVFXEULyTXH+HUPHVKDEtDYHQLGRDSRUHOOD\TXH
    +DGHV OD LED D GHMDU SDUWLU 6LQ HPEDUJR DQWHV GH TXH OH
    DEDQGRQDVH +DGHV OH GLR DOJXQRV JUDQRV GH JUDQDGD \ HOOD ORV
    FRPLy $ FRQWLQXDFLyQ PRQWy HQ HO FDUUR FRQ +HUPHV TXH OH OOHYy
    UiSLGDPHQWHDQWH'HPpWHU
    'HVSXpVGHTXHODPDGUHHKLMDUHXQLGDVVHDEUD]DUDQOOHQDVGH
    DOHJUtD'HPpWHUSUHJXQWyFRQDQVLHGDGVLKDEtDFRPLGRDOJRHQHO
    PXQGRVXEWHUUiQHR3HUVpIRQHFRQWHVWyTXHKDEtDFRPLGRJUDQRVGH
    JUDQDGD SRUTXH +DGHV OD KDEtD IRU]DGR ³GH PDQHUD YLROHQWD \
    FRQWUD VX YROXQWDG´ D FRPHUORV OR FXDO QR HUD YHUGDG  'HPpWHU
    DFHSWy HVWD YHUVLyQ TXH GLR SLH DO VLJXLHQWH PRGHOR FtFOLFR VL
    3HUVpIRQH QR KXELHUD FRPLGR QDGD KDEUtD VLGR FRPSOHWDPHQWH
    GHYXHOWD D 'HPpWHU VLQ HPEDUJR SRU KDEHU FRPLGR ORV JUDQRV GH
    JUDQDGD DTXpOOD GHEHUtD SDVDU XQ WHUFLR GHO DxR HQ HO PXQGR
    VXEWHUUiQHRFRQ+DGHV\ORVGRVWHUFLRVUHVWDQWHVHQHOPXQGRGH
    DUULEDFRQ'HPpWHU
    0iV DGHODQWH 3HUVpIRQH VH FRQYLUWLy HQ OD UHLQD GHO PXQGR
    VXEWHUUiQHR 6LHPSUH TXH ORV KpURHV R ODV KHURtQDV GH OD PLWRORJtD
    JULHJD GHVFHQGtDQ DO UHLQR GH DEDMR 3HUVpIRQH HVWDED DOOt SDUD
    UHFLELUOHV\VHUVXJXtD 1DGLHODHQFRQWUyDXVHQWH1XQFDKDEtDXQ
    VLJQR HQ OD SXHUWD LQGLFDQGR ³6H KD LGR D FDVD FRQ VX PDGUH´ D
    SHVDU GH TXH HO PLWR GH 3HUVpIRQH'HPpWHU GHFtD TXH HOOD OR KDFtD
    GRVWHUFLRVGHODxR 
    (Q OD 2GLVHD HO KpURH 8OLVHV  YLDMy DO PXQGR VXEWHUUiQHR HQ
    GRQGH 3HUVpIRQH OH PRVWUy ODV DOPDV GH ODV PXMHUHV GH IDPD
    OHJHQGDULD(QHOPLWRGH3VLTXH\(URVOD~OWLPDWDUHDGH3VLTXHIXH
    OD GH GHVFHQGHU DO PXQGR VXEWHUUiQHR FRQ XQD FDMD SDUD TXH
    3HUVpIRQHODOOHQDUDFRQXQJHQWRGHEHOOH]DSDUD$IURGLWD(O~OWLPR
    GH ORV GRFH WUDEDMRV GH +HUDFOHV +pUFXOHV  WDPELpQ OH FRQGXMR
    KDVWD3HUVpIRQH+HUDFOHVWHQtDTXHREWHQHUHOSHUPLVRSDUDOOHYDUVH
    D &DQFHUEHUR HO IHUR] SHUUR JXDUGLiQ GH WUHV FDEH]DV DO TXH
    VRPHWLy\HQFDGHQy
    3HUVpIRQH FRQWHQGLy FRQ $IURGLWD SRU OD SRVHVLyQ GH $GRQLV HO
    EHOOR MRYHQ TXH HUD DPDGR SRU ODV GRV GLRVDV $IURGLWD KDEtD
    HQFHUUDGRD$GRQLVHQXQDUFD\VHORHQYLyD3HUVpIRQHSDUDTXHOR
    JXDUGDVH HQ VHJXULGDG 3HUR DO DEULU HO DUFD OD UHLQD GHO PXQGR
    VXEWHUUiQHR VH TXHGy SUHQGDGD GH VX EHOOH]D \ VH QHJy D
    GHYROYHUOR3HUVpIRQHOXFKDEDHQDTXHOPRPHQWRFRQWUDRWUDGHLGDG
    SRGHURVDSRUODSRVHVLyQGH$GRQLVORPLVPRTXH'HPpWHU\+DGHV
    OR KDEtDQ KHFKR SRU HOOD /D GLVSXWD IXH HOHYDGD DQWH =HXV TXH
    GHFLGLyTXH$GRQLVGHEtDSDVDUXQWHUFLRGHODxRFRQ3HUVpIRQHRWUR
    WHUFLRFRQ$IURGLWD\HORWURWHUFLRGHEtDTXHGDUDVXOLEUHDUELWULR

    3HUVpIRQH HO DUTXHWLSR
    $O FRQWUDULR GH +HUD \ 'HPpWHU TXH UHSUHVHQWDQ SDWURQHV
    DUTXHWtSLFRVYLQFXODGRVDIXHUWHVVHQWLPLHQWRVLQVWLQWLYRV3HUVpIRQH
    FRPRSDWUyQGHSHUVRQDOLGDGQRVLHQWHHVWHLPSXOVR6LHV3HUVpIRQH
    TXLHQSURSRUFLRQDODHVWUXFWXUDGHODSHUVRQDOLGDGSUHGLVSRQHDXQD
    PXMHUDQRDFWXDUVLQRDGHMDUVHDFWXDUHQIXQFLyQGHORVGHPiVD
    VHUFRPSODFLHQWHHQODDFFLyQSHURSDVLYDHQVXDFWLWXG3HUVpIRQH
    OD GRQFHOOD WDPELpQ KDFH TXH XQD PXMHU SDUH]FD HWHUQDPHQWH
    MRYHQ
    /D GLRVD 3HUVpIRQH WHQtD GRV DVSHFWRV FRPR OD .RUp \ FRPR
    UHLQD GHO PXQGR VXEWHUUiQHR (VWD GXDOLGDG WDPELpQ HVWi SUHVHQWH
    FRPR GRV SDWURQHV DUTXHWtSLFRV /DV PXMHUHV SXHGHQ VHU
    LQIOXHQFLDGDV SRU XQR R SRU ORV DVSHFWRV SXHGHQ GHVDUUROODUVH D
    WUDYpVGHOXQRRGHORWURRSXHGHQWHQHUDDPERVSUHVHQWHVHQVXV
    SVLTXHV

    /D .RUp OD GRQFHOOD DUTXHWtSLFD


    /D .RUp HUD OD ³GRQFHOOD VLQ QRPEUH´ UHSUHVHQWD D OD MRYHQ
    DGROHVFHQWH TXH QR VDEH ³TXLpQ HV´ \ WRGDYtD QR HV FRQVFLHQWH GH
    VXV GHVHRV \ GH VXV SURSLDV IXHU]DV /D PD\RUtD GH ODV MyYHQHV
    DWUDYLHVDQXQDIDVHGHVHU³OD.RUp´DQWHVGHFDVDUVHRGHGHFLGLUVH
    SRU XQD SURIHVLyQ 2WUDV PXMHUHV SHUPDQHFHQ GRQFHOODV GXUDQWH
    WRGDVXYLGD1RVHFRPSURPHWHQFRQXQDUHODFLyQXQWUDEDMRRXQ
    REMHWLYRGHIRUPDFLyQDXQTXHGHKHFKRSXHGDQWHQHUXQDUHODFLyQ
    XQ WUDEDMR HVWDU KDFLHQGR HO EDFKLOOHUDWR R LQFOXVR HVWXGLDU HQ XQD
    IDFXOWDG +DJDQ OR TXH KDJDQ QR SDUHFH TXH VHD ³GH YHUGDG´ 6X
    DFWLWXG HV OD GH OD HWHUQD DGROHVFHQWH LQGHFLVDV VREUH TXLpQ R TXp
    TXLHUHQ VHU FXDQGR ³FUH]FDQ´ D OD HVSHUD GH TXH DOJXLHQ R DOJR
    WUDQVIRUPHVXVYLGDV

    +LMDV GH OD PDGUH
    3HUVpIRQH \ 'HPpWHU UHSUHVHQWDQ XQ SDWUyQ FRP~Q PDGUHKLMD
    HQ HO TXH XQD KLMD HVWi GHPDVLDGR FHUFDQD D XQD PDGUH SDUD
    GHVDUUROODU XQ LQGHSHQGLHQWH VHQWLPLHQWR GH Vt PLVPD (O OHPD GH
    HVWHWLSRGHUHODFLyQHV³PDGUHVDEHPiV´
    /D KLMD WLSR 3HUVpIRQH TXLHUH DJUDGDU D VX PDGUH 6X GHVHR OD
    LPSXOVD D VHU ³XQD EXHQD FKLFD´ REHGLHQWH FRPSODFLHQWH \ FRQ
    IUHFXHQFLDGHIHQGLGDR³SURWHJLGD´GHODH[SHULHQFLDTXHFRPSRUWD
    HO PiV PtQLPR ULHVJR (VWH PRGHOR WLHQH VX HFR HQ OD ULPD GH OD
    0RWKHU*RRVH

    ³0DGUH¢SXHGRQDGD"´
    ³&ODURTXHVtKLMDDPDGD
    &XHOJDWXVYHVWLGRVHQODUDPDGHOQRJDO
    SHURGHODJXDDOHMDGD

    $XQTXH OD PDGUH SDUHFH VHU IXHUWH H LQGHSHQGLHQWH HVWD


    DSDULHQFLD VXHOH VHU HQJDxRVD 3XHGH TXH UHIXHUFH OD GHSHQGHQFLD
    GHVXKLMDSDUDPDQWHQHUODFHUFD2WDOYH]QHFHVLWHTXHVXKLMDVHD
    XQDH[WHQVLyQGHVtPLVPDDWUDYpVGHODFXDOYLYHSRUGHOHJDFLyQ
    8QHMHPSORFOiVLFRGHHVWHWLSRGHUHODFLyQHVODPDGUHGLUHFWRUDGH
    HVFHQD\ODKLMDDFWUL]
    $ YHFHV HO SDGUH HV HO WLSR GH SDGUH GRPLQDQWH \ HQWUHPHWLGR
    TXH KDFH TXH VX KLMD VHD FDGD YH] PiV GHSHQGLHQWH 6X DFWLWXG
    VXSHUFRQWURODGRUDSXHGHWDPELpQVHUHQJDxRVD\HQFXEULUXQDSHJR
    HPRFLRQDOGHPDVLDGRFHUFDQRUHVSHFWRDVXKLMD
    $GHPiV GH OD GLQiPLFD IDPLOLDU OD FXOWXUD HQ OD TXH YLYLPRV
    WDPELpQ FRQGLFLRQD D OD QLxD D HTXLSDUDU OD IHPLQLGDG FRQ OD
    FRQGXFWD SDVLYD \ GHSHQGLHQWH 6H OHV HVWLPXOD SDUD TXH VHDQ
    &HQLFLHQWDVTXHDJXDUGDQDTXHYHQJDHO3UtQFLSH\%ODQFDQLHYHVD
    ODHVSHUDGHVHUGHVSHUWDGDV/DSDVLYLGDG\ODGHSHQGHQFLDVRQORV
    SUREOHPDV HVHQFLDOHV GH PXFKDV PXMHUHV SRUTXH HO HQWRUQR
    UHIXHU]D HO DUTXHWLSR \ GH HVWH PRGR GHMDQ GH GHVDUUROODUVH RWURV
    DVSHFWRVGHODSHUVRQDOLGDG

    ³0XMHU iQLPD´
    0(VWKHU+DUGLQJXQDGLVWLQJXLGDDQDOLVWDMXQJXLDQDHPSH]yVX
    OLEUR 7KH :D\ RI DOO :RPHQ GHVFULELHQGR HO WLSR GH PXMHU TXH HV
    ³WRGRSDUDWRGRVORVKRPEUH´(VWHWLSRHVOD³PXMHUiQLPD´TXH³VH
    SRQH JXDSD SDUD pO VH DGDSWD D VXV GHVHRV OH HQFDQWD \ KDFH OR
    TXD D pO OH JXVWD´ ³1R HV EDVWDQWH FRQVFLHQWH GH Vt PLVPD FRPR
    SDUDSRGHUGDUXQDLPDJHQGHFyPRHVVXYLGDVXEMHWLYD´³1RVXHOH
    WHQHU FRQFLHQFLD GH Vt PLVPD QR VH DQDOL]D D Vt PLVPD QL H[DPLQD
    VXV PRWLYRV VLHPSUH HV HQ XQD JUDQ PHGLGD HV LQFDSD] GH
    H[SUHVDUVH´>@
    +DUGLQJ GHVFULELy OD IDFLOLGDG FRQ OD TXH XQD ³PXMHU iQLPD´
    UHFLEHODSUR\HFFLyQGHODLPDJHQFRQVFLHQWHGHPXMHU GLFKDiQLPD
    SRU SDUWH GH XQ KRPEUH \ VH DPROGD D HVWD LPDJHQ +DUGLQJ
    GHVFULEH TXH ³HV FRPR XQ FULVWDO FRQ PXFKDV FDUDV TXH FDPELD
    DXWRPiWLFDPHQWH VLQ QLQJ~Q DFWR GH YROLFLyQ SRU VX SDUWH«
    PHGLDQWHHVWDDGDSWDFLyQVHSUHVHQWDDODYLVWDSULPHURXQDIDFHWD
    \ GHVSXpV RWUD \ HVD IDFHWD TXH UHIOHMD PHMRU VX iQLPD HV OD TXH
    VLHPSUHVHSUHVHQWDDQWHHOREVHUYDGRU´>@
    /DUHFHSWLYLGDGLQQDWDGHXQDPXMHUWLSR3HUVpIRQHODKDFHPX\
    PDOHDEOH 6L SHUVRQDV VLJQLILFDWLYDV SUR\HFWDQ XQD LPDJHQ R
    HVSHUDQ]DVVREUHHOODQRVHUHVLVWHGHVGHHOSULQFLSLR6XSDWUyQGH
    FRPSRUWDPLHQWR HV VHU FRPR XQ FDPDOHyQ SDUD ³SUREDUVH´
    FXDOTXLHUFRVDTXHORVGHPiVHVSHUHQGHHOOD(VHVWDFXDOLGDGTXH
    OD SUHGLVSRQH D VHU XQD ³PXMHU iQLPD´ LQFRQVFLHQWHPHQWH VH
    DPROGD D OR TXH HO KRPEUH TXLHUH TXH VHD &RQ XQR HV XQD
    HQWXVLDVWD WHQLVWD TXH HQFDMD HQ HO FOXE GH WHQLV ORFDO HQ OD
    VLJXLHQWHUHODFLyQVHHQFXHQWUDHQFLPDGHODPRWRGHpOULJLHQGRSRU
    OD DXWRSLVWD HQ XQD PRGHOR SDUD HO WHUFHUR TXH OD SXQWD FRPR
    LQFRQVFLHQWHHLQJHQXDORTXHHOODHVUHDOPHQWHDORVRMRVGHpO

    0XMHUQLxD
    $QWHV GH VX UDSWR 3HUVpIRQH HUD XQD PXMHUQLxD TXH QR HUD
    FRQVFLHQWHGHVXDWUDFFLyQVH[XDOQLGHVXEHOOH]D(VWDFRPELQDFLyQ
    DUTXHWtSLFDGHVH[XDOLGDG\GHLQRFHQFLDLPSUHJQDODFXOWXUDGHORV
    (VWDGRV8QLGRVHQGRQGHODPXMHUTXHHVFRQVLGHUDGDGHVHDEOHHV
    XQD JDWLWD VH[XDO XQD PXMHU FRQ OD SRVH GH ORV GHVQXGRV GH OD
    UHYLVWD 3OD\ER\ (Q OD SHOtFXOD /D SHTXHxD SRU HMHPSOR %URRNH
    6KLHOGV UHSUHVHQWDED OD PXMHUQLxD DUTXHWtSLFD XQD QLxD YLUJHQ \
    GHVHDEOHGHGRFHDxRVHQXQSURVWtEXORFX\DYLUJLQLGDGHUDYHQGLGD
    DO PHMRU SRVWRU (VWD LPDJHQ IXH FRQWLQXDGD HQ VXV VLJXLHQWHV
    SHOtFXODV (O ODJR D]XO \ $PRU VLQ ILQ \ HQ VXV DQXQFLRV SDUD ORV
    ³WHMDQRV´&DOYLQ.OHLQ$OPLVPRWLHPSRORVPHGLRVGHFRPXQLFDFLyQ
    ODGHVFULEtDQFRPRXQDKLMDGHODPDGUHWLSR3HUVpIRQHSURWHJLGD\
    REHGLHQWHTXHJREHUQDEDFRQILUPH]DVXFDUUHUD\VXYLGD
    8QD PXMHU 3HUVpIRQH QR QHFHVLWD VHU MRYHQ R VH[XDOPHQWH
    LQH[SHUWD SDUD FDUHFHU GH XQ VHQWLPLHQWR GH Vt PLVPD FRPR XQD
    PXMHU VHQVXDO R VH[XDO 0LHQWUDV VLJD VLHQGR SVLFROyJLFDPHQWH OD
    .RUpVXVH[XDOLGDGQRHVWiGHVSLHUWD$XQTXHOHJXVWDDWUDHUDORV
    KRPEUHVFDUHFHGHSDVLyQ\SUREDEOHPHQWHHVDQRUJiVPLFD
    (Q-DSyQD~QPiVTXHHQORV(VWDGRV8QLGRVODPXMHULGHDOVH
    SDUHFHD3HUVpIRQH(VVLOHQFLRVDUHFDWDGDFRPSODFLHQWHVDEHTXH
    QXQFDGHEHGHFLUGLUHFWDPHQWHQRHVHGXFDGDSDUDHYLWDUSHUWXUEDU
    OD DUPRQtD FRQ GHVDFXHUGRV R VLHQGR GHVDJUDGDEOH /D PXMHU
    MDSRQHVD LGHDO SHUPDQHFH FRQ HQFDQWR HQ VHJXQGR SODQR SHUR VH
    DQWLFLSDDODVQHFHVLGDGHVGHORVKRPEUHV\H[WHUQDPHQWHDFHSWDVX
    GHVWLQR

    *XtD GHO PXQGR VXEWHUUiQHR


    $XQTXH OD SULPHUD H[SHULHQFLD GH 3HUVpIRQH FRQ HO PXQGR
    VXEWHUUiQHR IXH FRPR YtFWLPD GH XQ VHFXHVWUR PiV DGHODQWH VH
    FRQYLUWLyHQODUHLQDGHOPXQGRVXEWHUUiQHRHQODJXtDSDUDORVTXH
    OR YLVLWDED $O LJXDO TXH HQ HO PLWR HVWH DVSHFWR GHO DUTXHWLSR GH
    3HUVpIRQH VH GHVDUUROOD FRPR UHVXOWDGR GH OD H[SHULHQFLD \ GHO
    FUHFLPLHQWRSHUVRQDO
    6LPEyOLFDPHQWHHOPXQGRVXEWHUUiQHRSXHGHUHSUHVHQWDUFDSDV
    PiVSURIXQGDVGHODSVLTXHXQOXJDUHQGRQGHORVUHFXHUGRV\ORV
    VHQWLPLHQWRVKDQVLGR³HQWHUUDGRV´ HOLQFRQVFLHQWHSHUVRQDO \HQHO
    TXH VH HQFXHQWUDV ODV LPiJHQHV ORV PRGHORV ORV LQVWLQWRV \ ORV
    VHQWLPLHQWRVTXHVRQDUTXHWtSLFRV\TXHODKXPDQLGDGFRPSDUWH HO
    LQFRQVFLHQWH FROHFWLYR  &XDQGR VH H[SORUDQ HVWDV ]RQDV HQ HO
    DQiOLVLV VH SURGXFHQ LPiJHQHV GHO PXQGR VXEWHUUiQHR HQ ORV
    VXHxRV /D SHUVRQD TXH VXHxD SXHGH HVWDU HQ XQ VyWDQR
    IUHFXHQWHPHQWHFRQPXFKRVSDVLOORV\KDELWDFLRQHVTXHVRQDYHFHV
    FRPR ODEHULQWRV 2 WDO YH] VH HQFXHQWUH HQ XQ PXQGR VXEWHUUiQHR
    HQ XQD FXHYD SURIXQGD HQ GRQGH HQFXHQWUD JHQWH REMHWRV R
    DQLPDOHV\HVWiVREUHFRJLGDDWHPRUL]DGDRLQWHUHVDGDVHJ~QWHPD
    RQRHVWHUHLQRGHQWURGHHOOD
    3HUVpIRQHODUHLQD\JXtDGHOPXQGRVXEWHUUiQHRUHSUHVHQWDOD
    FDSDFLGDGGHLU\YHQLUHQWUHODUHDOLGDGEDVDGDHQHOHJRRPXQGR
    ³UHDO´ \ HO LQFRQVFLHQWH R OD UHDOLGDG DUTXHWtSLFD GH OD SVLTXH
    &XDQGR HVWi DFWLYR HO DUTXHWLSR GH 3HUVpIRQH SDUD XQD PXMHU HV
    SRVLEOH PHGLDU HQWUH ORV GRV QLYHOHV H LQWHJUDUORV DPERV HQ VX
    SHUVRQDOLGDG 7DPELpQ SXHGH VHUYLU FRPR JXtD SDUD ORV GHPiV TXH
    ³YLVLWDQ´HOPXQGRVXEWHUUiQHRHQVXVVXHxRV\IDQWDVtDVRD\XGDU
    DODVSHUVRQDVTXHVRQ³VHFXHVWUDGDV´\TXHSLHUGHQHOFRQWDFWRFRQ
    ODUHDOLGDG
    (Q ,QHYHU3URPLVHG\RXD5RVH*DUGHQ+DQQDK*UHHQHVFULELy
    VX KLVWRULD DXWRELRJUiILFD GH OD HQIHUPHGDG KRVSLWDOL]DFLyQ \
    UHFXSHUDFLyQ GH XQD DGROHVFHQWH HVTXL]RIUpQLFD GH GLHFLVpLV DxRV
    TXH VH UHWLUy GH OD UHDOLGDG DO FDXWLYHULR GH XQ UHLQR LPDJLQDULR
    *UHHQ WXYR TXH UHFRUGDU GH PDQHUD YtYLGD VX H[SHULHQFLD SDUD
    GHVFULELUOD ,QLFLDOPHQWH ³HO UHLQR GH <U´ IXH VX UHIXJLR XQ PXQGR
    GH IDQWDVtD TXH WHQtD VX SURSLR ³FDOHQGDULR VHFUHWR´ VX SURSLD
    OHQJXD \ FDUDFWHUHV 3HUR PiV DGHODQWH HVWH PXQGR ³VXEWHUUiQHR´
    VH FRQYLUWLy HQ XQD UHDOLGDG WHUURUtILFD (OOD OOHJR D HVWDU SULVLRQHUD
    GHO PLVPR \ D QR SRGHUOR DEDQGRQDU ³QR SRGtD YHU H[FHSWR
    FRQWRUQRV JULV VREUH JULV SODQRV VLQ GLPHQVLRQHV FRPR HQ XQD
    LPDJHQ´>@(VWDMRYHQHUDXQD3HUVpIRQHUDSWDGD
    ([SDFLHQWHV SVLTXLiWULFRV FRPR 3HUVpIRQH SXHGHQ DVLVWLU D
    RWURVSDUDDWUDYHVDUHOPXQGR VXEWHUUiQHR,QHYHU3URPLVHG\RXD
    5RVH *DUGHQ GH +DQQDK *UHHQ OD QRYHOD GH 6LOYLD 3ODWK 7KH %HOO
    -DU\VXSRHVtDMXQWRFRQODVFDQFLRQHVGH'RUHH3UHYLQKDQVHUYLGR
    SDUDJXLDUDRWUDVSHUVRQDVTXHHUDQDUUDVWUDGDVDODVSURIXQGLGDGHV
    \ QHFHVLWDEDQ D\XGD SDUD GDU XQ VHQWLGR D VX H[SHULHQFLD (VWDV
    PXMHUHV HUDQ SDFLHQWHV SVLTXLiWULFDV KRVSLWDOL]DGDV TXH VH
    UHFXSHUDEDQ\HVFULEtDQDFHUFDGHVXV³UDSWRV´GHQWURGHOPXQGRGH
    OD GHFLVLyQ \ GH OD ORFXUD 7DPELpQ FRQR]FR WHUDSHXWDV PDJQtILFDV
    TXH FXDQGR HUDQ MyYHQHV KDEtDQ VLGR KRVSLWDOL]DGDV D FDXVD GH
    HQIHUPHGDGHV SVLTXLiWULFDV 'XUDQWH XQ WLHPSR KDEtDQ
    ³SHUPDQHFLGR FDXWLYDV´ SRU HOHPHQWRV GHO LQFRQVFLHQWH \ KDEtDQ
    SHUGLGR HO FRQWDFWR FRQ OD UHDOLGDG RUGLQDULD *UDFLDV D VX
    H[SHULHQFLD GH SULPHUD PDQR VREUH ODV SURIXQGLGDGHV \ D VX
    UHFXSHUDFLyQ GHVSXpV SRGtD VHU HVSHFLDOPHQWH ~WLOHV D ORV GHPiV
    (VWDVSHUVRQDVFRQRFHQFyPRFDPLQDUHQHOPXQGRVXEWHUUiQHR
    3RU ~OWLPR DOJXQDV FRQRFHQ D 3HUVpIRQH OD JXtD VLQ KDEHU
    WHQLGR OD H[SHULHQFLD GH VHU XQD .RUp FDXWLYD (VWR HV DVt SDUD
    PXFKDVWHUDSHXWDVTXHWUDEDMDQFRQORVVXHxRV\ODVLPiJHQHVTXH
    VXUJHQ HQ OD LPDJLQDFLyQ GH VXV SDFLHQWHV eVWDV SRVHHQ XQD
    UHFHSWLYLGDGKDFLDHOLQFRQVFLHQWHVLQKDEHUVLGRSUHVDVGHpO6DEHQ
    GHPDQHUDLQWXLWLYD\HVWiQIDPLOLDUL]DGDVFRQHOUHLQRVXEWHUUiQHR
    3HUVpIRQHODJXtDIRUPDSDUWHGHODSVLTXHGHHVWDSHUVRQDHVHO
    DUTXHWLSR TXH SURGXFH HO VHQWLGR GH IDPLOLDULGDG TXH VLHQWH OD
    SHUVRQD FXDQGR HQFXHQWUD HO OHJXDMH VLPEyOLFR ORV ULWXDOHV OD
    ORFXUDODVYLVLRQHVRODH[SHULHQFLDPtVWLFDH[WiWLFD

    6tPEROR GH OD SULPDYHUD
    3HUVpIRQH OD .RUp R OD ³GRQFHOOD VLQ QRPEUH´ HV DOJR IDPLOLDU
    SDUD PXFKDV PXMHUHV HQ OD IDVH GH VXV YLGDV HQ ODV TXH HUDQ
    MyYHQHVLQGHFLVDV\HVWDEDQOOHQDVGHSRVLELOLGDGHV(UDHOPRPHQWR
    HQ HO TXH HVSHUDEDQ TXH DOJR R DOJXLHQ GLHVH IRUPD D VXV YLGDV
    DQWHV GH TXH RWUR DUTXHWLSR FXDOTXLHU RWUR  VH DFWLYDVH H LQLFLDVH
    RWUD QXHYD IDVH (Q ODV HVWDFLRQHV GH OD YLGD GH XQD PXMHU
    3HUVpIRQHUHSUHVHQWDODSULPDYHUD
    /R PLVPR TXH OD SULPDYHUD VLJXH FtFOLFDPHQWH DO SHULRGR GH
    EDUEHFKR SUHFHGLGR SRU OD FRVHFKD \ D ORV HVWpULOHV PHVHV GH
    LQYLHUQRWUD\HQGRFDORUPiVOX]\XQQXHYRUHYHUGHFHU3HUVpIRQHHV
    UHDFWLYDGDHQODVPXMHUHVWUDVXQWLHPSRGHGHSpUGLGD\GHSUHVLyQ
    &DGDYH]TXH3HUVpIRQHYXHOYHDVXUJLUDODVXSHUILFLHHQODSVLTXH
    GH XQD PXMHU SXHGH YROYHU D VHU UHFHSWLYD D QXHYDV LQIOXHQFLDV \
    FDPELRV
    3HUVpIRQHHVODMXYHQWXGODYLWDOLGDG\HOSRWHQFLDOSDUDXQQXHYR
    FUHFLPLHQWR/DVPXMHUHVTXHWLHQHQD3HUVpIRQHFRPRSDUWHGHHOODV
    SXHGHQSHUPDQHFHUUHFHSWLYDVDOFDPELR\MyYHQHVHQHVStULWXWRGD
    ODYLGD

    (O FXOWLYR GH 3HUVpIRQH
    /D UHFHSWLYLGDG GHO DUTXHWLSR GH 3HUVpIRQH HV OD FXDOLGDG TXH
    PXFKDV PXMHUHV QHFHVLWDQ FXOWLYDU (VWR HV HVSHFLDOPHQWH DVt SDUD
    ODVPXMHUHVWLSR$WHQHD\WLSR$UWHPLVDFHQWUDGDVTXHVDEHQORTXH
    TXLHUHQ \ DFW~DQ FRQ GHFLVLyQ 1R DFW~DQ FRQ HILFDFLD FXDQGR
    HQFXHQWUDQ XQD IDOWD GH FODULGDG DFHUFD GH FyPR \ GH FXiQGR
    SURFHGHU R FXDQGR GXGDQ DFHUFD GH FXiO HV OD SULRULGDG HVHQFLDO
    3DUD DFWXDU GH PDQHUD HILFD] QHFHVLWDQ FXOWLYDU OD FDSDFLGDG GH
    3HUVpIRQH GH HVSHUDU D TXH OD VLWXDFLyQ FDPELH R D TXH ORV
    VHQWLPLHQWRVVHFODULILTXHQ
    /DFDSDFLGDGGHVHUDELHUWD\IOH[LEOH RPDOHDEOH TXHWLSLILFDD
    3HUVpIRQH DYHFHVKDVWDODH[DJHUDFLyQ VRQDWULEXWRVTXHWDPELpQ
    VXHOHQQHFHVLWDUGHVDUUROODUODVPXMHUHVWLSR'HPpWHU\WLSR+HUDVL
    TXHGDQ DWUDSDGDV HQ VXV H[SHFWDWLYDV +HUD  R HQ VX
    FRQYHQFLPLHQWRGHTXHHOODVVDEHQKDFHUORPHMRU 'HPpWHU 
    3DUD FXOWLYDU ODV FXDOLGDGHV GH 3HUVpIRQH HO SULPHU SDVR HV
    DWULEXLU XQ YDORU SRVLWLYR D OD UHFHSWLYLGDG 3XHGH GHVDUUROODUVH XQD
    DFWLWXGUHFHSWLYDKDFLDRWUDVSHUVRQDVHVFXFKDQGRORTXHWLHQHQTXH
    GHFLU LQWHQWDQGR FRQVLGHUDU ODV FRVDV GHVGH VX SHUVSHFWLYD \
    UHWHQLpQGRVHGHHPLWLUMXLFLRVFUtWLFRV RSUHMXLFLRV 
    7DPELpQSXHGHGHVDUUROODUVHXQDDFWLWXGUHFHSWLYDKDFLDODSURSLD
    SVLTXH 8Q SULPHU SDVR QHFHVDULR HV OD EHQHYROHQFLD KDFLD XQD
    PLVPD HQ YH] GH VHU LPSDFLHQWH \ DXWRFUtWLFD FRQVLJR PLVPD 
    HVSHFLDOPHQWHGXUDQWHORVSHULRGRVHQORVTXHXQDPXMHUVLHQWHTXH
    ³HVWi HQ EDUEHFKR´ 0XFKDV PXMHUHV DSUHQGHQ TXH ORV SHULRGRV GH
    EDUEHFKR SXHGHQ VHU WUHJXDV TXH SUHFHGHQ DO EURWH GH DFWLYLGDG R
    FUHDWLYLGDG VyOR GHVSXpV GH TXH KDQ DSUHQGLGR D DFHSWDUORV FRPR
    XQDIDVH\QRFRPRXQSHFDGR
    &XOWLYDUORVVXHxRVVXHOHUHVXOWDUPX\JUDWLILFDQWH(OHVIXHU]RGH
    UHFRUGDUORV \ GH HVFULELUORV FDGD PDxDQD PDQWLHQH YLYDV ODV
    LPiJHQHV &XDQGR VH KDFH VXUJHQ FRQ IUHFXHQFLD FRPSUHQVLRQHV
    LQWHUQDV GH VX VLJQLILFDGR 7DPELpQ SXHGH VHU GHVDUUROODGD OD
    SHUFHSFLyQ H[WUDVHQVRULDO SRU PXFKDV SHUVRQDV FXDQGR LQWHQWDQ
    FDSWDUODVLPiJHQHVTXHVHSUHVHQWDQGHPDQHUDHVSRQWiQHDHQVXV
    PHQWHV\DSUHQGHUDVHUUHFHSWLYDVDODVPLVPD

    3HUVpIRQH OD PXMHU
    3HUVpIRQH OD PXMHU WLHQH XQD FXDOLGDG GH MXYHQWXG 'H KHFKR
    SXHGH SDUHFHU PiV MRYHQ GH OR TXH HV R SXHGH TXH WHQJD DOJR GH
    ³LQIDQWLO´ HQ VX SHUVRQDOLGDG XQD HVSHFLH GH ³FXLGD GH Pt´ TXH
    SXHGHSHUPDQHFHUHQODPHGLDQDHGDG\SRVWHULRUPHQWH3LHQVRHQ
    OD PXMHU 3HUVpIRQH FRPR DOJXLHQ TXH WLHQHQ XQD FXDOLGDG
    FLPEUHDQWH TXH VH SOLHJD SDUD DGDSWDUVH D ODV FLUFXQVWDQFLDV R
    FXDQGR HVWi DQWH SHUVRQDOLGDGHV PiV IXHUWHV ,U SULPHUR HQ XQD
    GLUHFFLyQ \ GHVSXpV HQ RWUD VHJ~Q FyPR ³VRSOH HO YLHQWR´ VDOWD
    KDFLD DWUiV FXDQGR VXUJH XQD IXHU]D GHODQWH SHUPDQHFLHQGR
    LQFyOXPH GH DOJXQD PDQHUD D H[SHULHQFLDV VLJQLILFDWLYDV D PHQRV
    TXHVHFRPSURPHWDHQDOJRTXHODFDPELH

    /D MRYHQ 3HUVpIRQH
    /D WtSLFD SHTXHxD 3HUVpIRQH HV XQD ³QLxD EXHQD´ WUDQTXLOD VLQ
    SUHWHQVLRQHVODFODVHGHQLxDTXHVXHOHHVWDUYHVWLGDGHURVD\FRQ
    YRODQWHVFRPRXQDPXxHFD6XHOHVHUXQDQLxDGHEXHQDFRQGXFWD
    TXHTXLHUHDJUDGDUKDFHORTXHGLFHQ\VHSRQHORTXHHOLJHQSDUD
    HOOD
    8QDPDGUHKLSHUVROtFLWDDJUDYDODSURSLDWHQGHQFLDGHODSHTXHxD
    3HUVpIRQHDVHUSUXGHQWH\FRPSODFLHQWHVLGHVGHODLQIDQFLDWUDWDD
    VX KLMD FRPR D XQD IUiJLO PXxHFD TXH QHFHVLWD SURWHFFLyQ \
    VXSHUYLVLyQ &XDQGR HVWi PiV SUHRFXSDGD GH TXH VX SHTXHxD QLxD
    SXHGDFDHUVH\KDFHUVHGDxRTXHHQFDQWDGDFXDQGRVXKLMDGDVXV
    SULPHURV SDVRV EDOEXFHDQGR HVWi HQYLDQGR HO SULPHUR GH ORV
    PXFKRVPHQVDMHVVLPLODUHVTXHHTXLSDUDHOLQWHQWDUDOJRQXHYR²\
    SRU WDQWR OD GLILFXOWDG² FRQ HO ULHVJR \ OD SUHRFXSDFLyQ &XDQGR
    UHSUHQGHDVXKLMDSRULQWHQWDUDOJRSRUVtVRODGLFLpQGROH³GHEHUtDV
    KDEHUPHFRQVXOWDGRSULPHUR´VXPHQVDMHHQUHDOLGDGHV³HVSpUDPH
    SDUDTXHWHD\XGH´(OFRQVHMRWiFLWRHV³VLJXHVLHQGRGHSHQGLHQWH´
    ([LVWHQ PXFKDV SUREDELOLGDGHV GH TXH XQD MRYHQ 3HUVpIRQH VHD
    XQD QLxD WtPLGD TXH VH PXHVWUD UHVHUYDGD SRU QDWXUDOH]D SRUTXH
    SUHILHUH REVHUYDU SULPHUR \ XQLUVH DO JUXSR GHVSXpV 3UHILHUH PLUDU
    SULPHURGHVGHIXHUDKDVWDVDEHUFyPRYDQODVFRVDV\FXiOHVVRQODV
    UHJODVHQOXJDUGHPHWHUVHGHOOHQRHQDOJR\DSUHQGHUDODSULPHUD
    FRPRORKDUtDXQDQLxDH[WUDYHUWLGD1HFHVLWDLPDJLQDUVHDVtPLVPD
    KDFLHQGRDOJRDQWHVGHGHFLGLUVLTXLHUHRQRSDUWLFLSDUHQHOOR3HUR
    VX PDGUH VXHOH WHUJLYHUVDU VX LQWURYHUVLyQ QDWXUDO WRPiQGROD SRU
    WLPLGH]$OHPSXMDUODSDUDKDFHUDOJRDQWHVGHHVWDUSUHSDUDGDSDUD
    HOOR XQD PDGUH H[WUDYHUWLGD \ ELHQLQWHQFLRQDGD QR GHMD D VX KLMD
    3HUVpIRQH HO WLHPSR SDUD GHVFXEULU FXiOHV VRQ VXV YHUGDGHUDV
    SUHIHUHQFLDV 3UHVLRQDGD SDUD GHFLGLUVH UiSLGDPHQWH XQD MRYHQ
    3HUVpIRQHKDUiORTXHDJUDGDDORGHPiVHQOXJDUGHUHVLVWLUVH\GH
    HVWDPDQHUDDSUHQGHDVHUSDVLYD
    3RUFRQWUDVWHVLODD\XGDQXQDMRYHQ3HUVpIRQHWDPELpQSXHGH
    DSUHQGHUDFRQILDUHQVXSURSLDYtDLQWHULRUSDUDVDEHUTXpHVORTXH
    TXLHUH KDFHU *UDGXDOPHQWH DSUHQGH D FRQILDU HQ VX HVWLOR GH
    UHFHSWLYLGDGLQWHUQD\HPSLH]DDILDUVHGHVXFDSDFLGDGSDUDWRPDU
    GHFLVLRQHVVHJ~QVXPDQHUDGHVHU\HQHOPRPHQWRDGHFXDGR6XV
    SUHIHUHQFLDV OH KDQ OOHJDGR GH XQD PDQHUD VXEMHWLYD \ pVWDV VRQ
    DGHFXDGDVSDUDHOODDXQTXHQRSXHGHDILUPDUVXVUD]RQHVSRUTXH
    VLHQWHSRUGHQWURORTXHWLHQHQTXHKDFHU\QRSXHGHH[SOLFDUVHGH
    XQDPDQHUDOyJLFD

    /RV SDGUHV
    8QD KLMD 3HUVpIRQH VXHOH VHU XQD ³QLxD SHTXHxD GH VX PDPi´
    LQPRYLOL]DGD HQ VX PRGHOR GH UHODFLyQ FRQ VX PDGUH WLSR 'HPpWHU
    3HUVpIRQH (VWH WLSR GH PDGUH VXHOH WUDWDU D OD KLMD FRPR XQD
    H[WHQVLyQGHVtPLVPDORFXDOFRQWULEX\HDVXSURSLDDXWRHVWLPDRD
    GLVPLQXLUOD (VWH PRGHOR SXHGH WHQHU FRPR UHVXOWDGR XQD UHODFLyQ
    HQODTXHODSVLTXHGHODPDGUH\ODGHODKLMDVHVRODSDQ/DPDGUH
    GHFLGH ODV ILHVWDV GH VX KLMD VXV OHFFLRQHV GH SLDQR R GH GDQ]D H
    LQFOXVRHOLJHDVXVDPLJDVFRPRVLHVWXYLHUDKDFLHQGRGHPDGUHGH
    Vt PLVPD 3URSRUFLRQD D VX KLMD OR TXH HOOD PLVPD TXHUtD R HFKDED
    HQ IDOWD FXDQGR HUD QLxD VLQ FRQVLGHUDU TXH VX KLMD SXHGH WHQHU
    QHFHVLGDGHVGLIHUHQWHV
    8QDKLMD3HUVpIRQHQRKDFHPXFKRSDUDFRQWUDGHFLUODLPSUHVLyQ
    GHTXHTXLHUHODVPLVPDVFRVDVTXHVXPDGUHTXLHUHSDUDHOOD3RU
    SURSLD QDWXUDOH]D HV UHFHSWLYD \ FRPSODFLHQWH \ VLHPSUH GHVHD
    DJUDGDU (QFDPELRODVSHTXHxDV$WHQHDV\$UWHPLVDVDODHGDGGH
    GRV DxRV GLFHQ FODUDPHQWH TXH QR D ORV YHVWLGRV TXH QR TXLHUHQ
    SRQHUVH R D ORV HVIXHU]RV GH GLVWUDHUODV GH DOJR TXH HVWpQ
    LQWHQWDQGRKDFHU 
    8QD PDGUH $WHQHD RULHQWDGD KDFLD VX SURIHVLyQ TXH WHQJD XQD
    KLMD3HUVpIRQHWDOYH]VHSUHJXQWH¢&yPRKHSRGLGROOHJDUDWHQHU
    XQD SHTXHxD SULQFHVD DVt" 3XHGH TXH GLVIUXWH HQ XQ PRPHQWR GH
    VHUODPDGUHGHHVWDQLxD\HVWDUIUXVWUDGDHQRWURPRPHQWRSRUOD
    DSDUHQWHLQGHFLVLyQ\ODLQFDSDFLGDGGHVXKLMDSDUDH[SOLFDUORTXH
    HVWi SDVDQGR /D IUXVWUDFLyQ GH XQD PDGUH $UWHPLVD HV GLIHUHQWH
    3XHGH DFHSWDU FRQ PiV IDFLOLGDG ORV VHQWLPLHQWRV VXEMHWLYRV GH VX
    KLMD VX LUULWDFLyQ VH GLULJH PiV ELHQ KDFLD OD IDOWD GH YROXQWDG GH
    pVWD/DH[KRUWDDTXHVHOHYDQWHSRUVtPLVPDFXDQGRFDH7DQWROD
    PDGUH $UWHPLVD FRPR OD PDGUH $WHQHD SXHGHQ D\XGDU D VXV KLMDV
    3HUVpIRQH D GHVDUUROODU ODV FXDOLGDGHV TXH HOODV YDORUDQ R HQ FDVR
    FRQWUDULROHVLQIXQGLUiQXQVHQWLPLHQWRGHLQDGHFXDFLyQ
    0XFKDV3HUVpIRQHMyYHQHVQRWLHQHQUHODFLRQHVFHUFDQDVFRQVXV
    PDGUHV 3XHGH TXH HO SDGUH KD\D VLGR GHVDOHQWDGR SRU OD
    SRVHVLYLGDG GH XQD PDGUH 'HPpWHU TXH TXHUtD XQD UHODFLyQ PX\
    H[FOXVLYD FRQ OD KLMD 2 VL HUD XQ PDULGR WUDGLFLRQDO TXH VH
    HQRUJXOOHFtD GH QR FDPELDU QXQFD XQ SDxDO WDO YH] HVFRJLHUD
    SHUPDQHFHUDOPDUJHQFRPRKDFHQDOJXQRVKRPEUHVTXHGHMDQTXH
    ODKLMDVHDHGXFDGDSRUODPDGUHSHURSRQHQXQLQWHUpVHVSHFLDO\
    DFWLYRHQHOKLMR
    ,GHDOPHQWHXQDMRYHQ3HUVpIRQHGHEHUtDKDEHUWHQLGRSDGUHVTXH
    UHVSHWDVHQVHPDQHUDLQWHUQDGHVHUORTXHHUDLPSRUWDQWHSDUDHOOD
    \ FRQILDU HQ VXV FRQFOXVLRQHV 6RQ SDGUHV TXH KDQ DSUHQGLGR D
    YDORUDUODLQWURYHUVLyQHQVtPLVPRV

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    /D H[SHULHQFLD HVFRODU GH OD MRYHQ 3HUVpIRQH VXHOH VHU OD
    FRQWLQXDFLyQ GH ORV SULPHURV DxRV GH VX YLGD &RPR KD FUHFLGR HQ
    XQDUHODFLyQWLSR³PDPiORVDEHWRGR´VXPDGUHYDGHFRPSUDVFRQ
    HOOD HOLJH VXV YHVWLGRV H LQIOX\H HQ OD HOHFFLyQ GH VXV DPLJRV
    LQWHUHVHV \ FLWDV ,JXDOPHQWH DO YLYLU SRU VXVWLWXFLyQ OD H[SHULHQFLD
    GH VX KLMD WDO YH] GHYRUH ORV GHWDOOHV GH VXV FLWDV \ DFWLYLGDGHV \
    HVSHUHTXHpVWDFRQItHHQHOOD\FRPSDUWDVXVVHFUHWRV
    6LQ HPEDUJR ODV DGROHVFHQWHV QHFHVLWDQ FRQVHUYDU DOJXQRV
    VHFUHWRV \ PDQWHQHU DOJR GH LQWLPLGDG (Q HVWD IDVH GH VX
    FUHFLPLHQWR XQ SDGUH R XQD PDGUH H[FHVLYDPHQWH HQWURPHWLGRV
    SHUWXUEDQ HO GHVDUUROOR GH XQD LGHQWLGDG VHSDUDGD $O FRPSDUWLU VX
    SURSLD H[SHULHQFLD XQD KLMD DGROHVFHQWH SHUPLWH D VX PDGUH
    FRORUHDU OR TXH GHEHUtD VHU VX SURSLD H[SHULHQFLD /DV DQJXVWLDV
    RSLQLRQHVGHVXPDGUHLQIOX\HQVXVSHUFHSFLRQHV
    (V WtSLFR TXH XQD PXMHU 3HUVpIRQH GH FODVH PHGLD R FODVH DOWD
    YD\DQDODXQLYHUVLGDGSRUTXHHVGRQGHVHVXSRQHTXHWLHQHQTXHLU
    ODV MyYHQHV GH VX FODVH \ FRQGLFLyQ VRFLDO HO HTXLYDOHQWH
    FRQWHPSRUiQHR GH ORV SUDGRV HQ GRQGH MXJDEDQ 3HUVpIRQH \ VXV
    DPLJDV /D IRUPDFLyQ VXHOH VHU XQ SDVDWLHPSR SDUD HVH WLSR GH
    MyYHQHVSHURQRXQUHTXLVLWRSUHYLRGHWLSRRFXSDFLRQDO/HFXHQWD
    KDFHUODVWDUHDV\ORVHMHUFLFLRV\DTXHVHGLVWUDHFRQIDFLOLGDG\R
    FDUHFHGHFRQILDQ]D(VWtSLFRTXHSUXHEHYDULDVFDUUHUDVSRVLEOHV6L
    VHODVDUUHJODSDUDFRQWLQXDUXQDGHHOODVFRQIUHFXHQFLDORKDFHSRU
    GHVFDUWHRSRUVHJXLUODYtDGHPHQRUUHVLVWHQFLDPiVTXHSRUXQD
    HOHFFLyQDFWLYD

    7UDEDMR
    3XHGH TXH OD PXMHU 3HUVpIRQH VH TXHGH HQ
    XQD ³HVWXGLDQWH SURIHVLRQDO´ R SXHGH TXH VH
    SRQJD D WUDEDMDU <D VHD DO DFDEDU ORV HVWXGLRV
    VHFXQGDULRV R ORV HVWXGLRV XQLYHUVLWDULRV
    WLHQGH D WHQHU XQD VHULH GH WUDEDMRV PiV TXH D
    SHUPDQHFHU HQ XQD SURIHVLyQ R HQ XQD FDUUHUD
    \ JUDYLWD DOUHGHGRU GH GRQGH VH HQFXHQWUD VX
    IDPLOLD R VXV DPLJDV &DPELD GH XQ WUDEDMR D
    RWUR FRQ OD HVSHUDQ]D GH TXH XQR GH HOORV VHD
    HO TXH UHDOPHQWH OH LQWHUHVH 2 WDO YH] VHD
    GHVSHGLGD SRU QR FXPSOLU ORV SOD]RV
    HVWDEOHFLGRV R SRU IDOWDU GHPDVLDGR DO WUDEDMR
    /DV PXMHUHV 3HUVpIRQH WLHQHQ PHMRUHV
    UHVXOWDGRV HQ WUDEDMRV TXH QR H[LJHQ
    LQLFLDWLYD FRQVWDQFLD R FDSDFLGDGHV GH
    VXSHUYLVLyQ (V PX\ HILFD] FXDQGR WLHQHQ XQ
    MHIH DO TXH TXLHUH DJUDGDU \ TXH OH DVLJQD
    WDUHDV SDUD FXPSOLU LQPHGLDWDPHQWH (Q WDUHDV
    D ODUJR SOD]R 3HUVpIRQH VXHOH LUODV DSOD]DQGR
    $FW~D FRPR VL HVSHUDVH VHU UHVFDWDGD GH OD
    WDUHD D UHDOL]DU R FRPR VL WXYLHUD WRGR HO
    WLHPSR GHO PXQGR SDU OOHYDUOD D FDER &XDQGR
    UHVXOWD TXH QR VXFHGH QLQJXQD GH ODV GRV
    FRVDV VH HQFXHQWUD GHVSUHYHQLGD $ OR PiV
    FRQVLJXH TXH HO WUDEDMR TXH KD KHFKR HQ XQD
    HVIXHU]R GH ~OWLPR PLQXWR WUDV SDVDU WRGD OD
    QRFKH HQ YHOD
    $XQTXH HO WUDEDMR QXQFD HV LPSRUWDQWH
    SDUD XQD PXMHU TXH VH SDUHFH D OD .RUp OD
    VLWXDFLyQ FDPELD WRWDOPHQWH VL PDGXUD KDVWD
    FRQYHUWLUVH HQ OD UHLQD GHO PXQGR VXEWHUUiQHR
    (QWRQFHV HV SUREDEOH TXH HQWUH HQ XQ FDPSR
    FUHDWLYR SVLFROyJLFR R HVSLULWXDO SRU HMHPSOR
    WUDEDMDU FRPR DUWLVWD SRHVtD WHUDSHXWD R
    SHUVRQD SVtTXLFD +DJD OR TXH KDJD
    KDELWXDOPHQWH HV DOJR SURIXQGDPHQWH
    SHUVRQDO \ FRQ IUHFXHQFLD KHWHURGR[R WUDEDMD
    GH XQD PDQHUD HQRUPHPHQWH SHUVRQDO
    QRUPDOPHQWH VLQ ORV WtWXORV DFDGpPLFRV
    ³DGHFXDGRV´

    5HODFLRQHV FRQ ODV PXMHUHV


    8QD MRYHQ 3HUVpIRQH VH HQFXHQWUD D JXVWR
    FRQ RWUDV PXMHUHV MyYHQHV TXH VRQ FRPR HOOD
    6XHOH VHU XQD KHUPDQD GH OD KHUPDQGDG
    IHPHQLQD GXUDQWH ORV HVWXGLRV VHFXQGDULRV \
    XQLYHUVLWDULRV \ VXHOH SDUWLFLSDU HQ QXHYDV
    VLWXDFLRQHV PiV HQ FRPSDxtD GH RWUDV MyYHQHV
    TXH SRU Vt VROD
    6L HV JXDSD DWUDH FRQ IUHFXHQFLD DPLJDV
    TXH QR VH FRQVLGHUDQ GHPDVLDGR IHPHQLQDV
    TXH SUR\HFWDQ HQ HOOD VX SURSLD IHPLQLGDG QR
    GHVDUUROODGD \ TXH GHVSXpV OD WUDWDQ FRPR D
    DOJXLHQ HVSHFLDO 6X KD VLGR WUDWDGD FRPR XQD
    SHUVRQD IUiJLO \ PX\ SUHFLDGD GXUDQWH WRGD VX
    YLGD FRQVLGHUDUi HVWH WUDWDPLHQWR FRPR DOIR
    TXH VH OH GHEH 6X DPLJD PiV tQWLPD VXHOH VHU
    XQD MRYHQ FRQ XQD IXHUWH SHUVRQDOLGDG (O
    DUTXHWLSR GH 3HUVpIRQH HYRFD UHVSXHVWDV
    PDWHUQDOHV HQ ODV FRPSDxHUDV \ HQ ODV
    PXMHUHV GH PD\RU HGDG TXH OD KDFHQ IDYRUHV
    \ PLUDQ SRU HOOD

    5HODFLRQHV FRQ KRPEUHV TXH SUHILHUHQ D ODV


    MyYHQHV
    &RQ ORV KRPEUHV XQD PXMHU 3HUVpIRQH HV
    XQD PXMHUQLxD FRQ XQD DFWLWXG GH MRYHQ
    SHUPDQHQWH \ GH QR DXWRDILUPDFLyQ (QFDMD HQ
    HO PRGHOR GH 3HUVpIRQH OD .RUp FRPR OD
    PHQRV GLIHUHQFLDGD \ DPHQD]DQWH GH WRGDV ODV
    GLRVDV /R H[SUHVD FXDQGR GLFH ³+DJDPRV OR
    TXH TXLHUDV´
    7UHV FODVHV GH KRPEUHV VRQ DWUDtGRV KDFLD
    ODV PXMHUHV 3HUVpIRQH KRPEUHV TXH VRQ WDQ
    MyYHQHV H LQH[SHUWRV FRPR HOOD ³KRPEUHV
    UXGRV´ TXH VRQ DWUDtGRV SRU VX LQRFHQFLD \
    IUDJLOLGDG \ KRPEUHV TXH VH HQFXHQWUDQ
    LQFyPRGRV FRQ PXMHUHV ³PDGXUDV´
    /D HWLTXHWD ³DPRU MXYHQLO´ HQFDMD FRQ OD
    SULPHUD FDWHJRUtD (Q HVWH WLSR GH UHODFLRQHV
    GXUDQWH ORV HVWXGLRV VHFXQGDULRV \
    XQLYHUVLWDULRV DPERV MyYHQHV H[SORUDQ FRPR
    LJXDOHV HO HVWDU FRQ HO VH[R RSXHVWR
    /D VHJXQGD FDWHJRUtD HPSDUHMD D 3HUVpIRQH
    ²³OD MRYHQ DJUDGDEOH GH XQD EXHQD IDPLOLD
    DUTXHWtSLFD´² FRQ XQ KRPEUH UXGR FULDGR HQ OD
    FDOOH eVWH HVWi IDVFLQDGR SRU VX FKLFD
    SURWHJLGD \ SULYLOHJLDGD WDQ RSXHVWD D pO $ VX
    YH] HOOD TXHGD FDXWLYDGD SRU VX PDJQHWLVPR
    SHUVRQDO DXUD VH[XDO \ SHUVRQDOLGDG
    GRPLQDQWH
    /D WHUFHUD FDWHJRUtD HVWHUHRWtSLFD DEDUFD
    KRPEUHV TXH SRU UD]RQHV GLYHUVDV VH
    HQFXHQWUDQ LQFyPRGRV FRQ ³PXMHUHV
    PDGXUDV´ (O WLSR GH UHODFLyQ ³PD\R
    GLFLHPEUH´ HQWUH XQ KRPEUH PDGXUR \ XQD
    PXMHU PiV MRYHQ SRU HMHPSOR FRQVWLWX\H XQD
    H[DJHUDFLyQ GH HVWH PRGHOR DUTXHWtSLFR
    SDWULDUFDO 6H VXSRQH TXH HO KRPEUH GHEH VHU
    PD\R FRQ PiV H[SHULHQFLD PiV DOWR PiV
    IXHUWH \ PiV OLVWR TXH OD HVSRVD 6H VXSRQH
    TXH OD PXMHU KD GH VHU PiV MRYHQ FRQ PHQRV
    H[SHULHQFLD PiV SHTXHxD PiV IUiJLO FRQ
    PHQRV IRUPDFLyQ \ PHQRV LQWHOLJHQWH 4XLHQ
    HQFDMD PiV HQ HVWD WLSRORJtD HV XQD MRYHQ
    3HUVpIRQH $GHPiV 3HUVpIRQH HV WRWDOPHQWH
    GLVWLQWD D OD LPDJHQ TXH PXFKRV KRPEUHV
    WLHQHQ GH OD ³PDGUH´ ²FRPR PXMHU SRGHURVD \
    GLItFLO GH FRPSUHQGHU² TXH FRQVWLWX\H XQD GH
    ODV UD]RQHV SRU OD TXH D DOJXQRV KRPEUHV OHV
    JXVWD ODV FKLFDV PiV MyYHQHV TXH HOORV &RQ
    XQD PXMHU 3HUVpIRQH XQ KRPEUH VLHQWH TXH
    SXHGH VHU SHUFLELGR FRPR XQ KRPEUH SRGHURVR
    \ GRPLQDQWH FX\DV LGHDV \ DXWRULGDG QR VRQ
    GHVDILDGDV 7DPELpQ VLHQWH TXH SXHGH VHU
    LQRFHQWH VLQ H[SHULHQFLD R LQFRPSHWHQWH VLQ
    VHU FULWLFDGR SRU HOOR
    /D UHODFLyQ FRQ XQ KRPEUH SXVH VHU HO
    PHGLR D WUDYpV GHO TXH XQD PXMHU 3HUVpIRQH VH
    VHSDUD GH XQD PDGUH GRPLQDQWH (QWRQFHV
    DWUDYLHVD XQD IDVH HQ OD TXH HV 3HUVpIRQH ³HO
    LQVWUXPHQWR´ HO REMHWR D SRVHHU HQ XQD OXFKD
    GH SRGH HQWUH VX PDGUH \ XQ KRPEUH 6H
    HQDPRUD GH XQD KRPEUH TXH QR JXVWD D VX
    PDGUH DOJXLHQ GLIHUHQWH GHO ³MRYHQ DPDEOH´
    FRQ TXH pVWD SHQVDED $ YHFHV 3HUVpIRQH
    HVFRJH D XQ KRPEUH GH XQD FODVH VRFLDO
    GLIHUHQWH R LQFOXVR GH RWUD UD]D 3XHGH TXH OD
    PDGUH SRQJD REMHFLRQHV D VX SHUVRQDOLGDG GHO
    WLSR´HV GHVFRQVLGHUDGR \ UXGR´ R ³HV
    GHVDJUDGDEOH« VLHPSUH WLHQHQ TXH OOHYDU OD
    FRQWUDULD´ 7DO YH] pO VHD OD SULPHUD SHUVRQD
    TXH QR KD WUDWDGR D VX KLMD FRPR XQD
    ³SULQFHVD PLPDGD´ \ TXH QR OD DJXDQWD
    FXDQGR MXHJD HVWH SDSHO 6X PDGUH VH TXHGD
    KRUURUL]DGD &RQILDGD HQ TXH SXHGH LQIOXLU HQ
    VX KLMD KDELWXDOPHQWH FRPSODFLHQWH OD PDGUH
    UHSUXHED VX HOHFFLyQ 6H TXHMD GH OD
    SHUVRQDOLGDG GHO FDUiFWHU R GHO SDVDGR GHO
    KRPEUH SRQLHQGR HQ FXHVWLyQ D YHFHV WDPELpQ
    HO MXLFLR OD FRPSHWHQFLD \ OD PRUDOLGDG GH VX
    KLMD &RQ IUHFXHQFLD OD PDGUH UHFRQRFH TXH pO
    HV XQ DGYHUVDULR SRWHQFLDO GH KHFKR VX
    FDSDFLGDG SDUD RSRQHUVH D VX PDGUH HUD XQD
    GH ODV UD]RQHV SRU ODV TXH OD KLMD 3HUVpIRQH VH
    YLR DWUDtGD SRU pO
    $KRUD SRU SULPHUD YH] HQ VX YLGD OD KLMD
    3HUVpIRQH SXHGH HVWDU UHxLGD FRQ VX PDGUH \
    VXV QRUPDV GH FRQGXFWD GH EXHQD FKLFD
    4XL]i VX PDGUH R VX IDPLOLD OH SURKtEDQ YHU DO
    KRPEUH TXH KD HVFRJLGR 7DO YH] HOOD OR DFHSWH
    HQ OXJDU GH GHVDILDUOHV DELHUWDPHQWH \ OH YHD
    D HVFRQGLGDV 2 SXHGH TXH LQWHQWH FRQYHQFHU D
    VX PDGUH GH VXV EXHQDV FXDOLGDGHV
    'HVSXpV GH XQ FLHUWR WLHPSR GH OXFKD HO
    KRPEUH VXHOH SHGLUOH TXH VH HQIUHQWH D VX
    PDGUH R DEDQGRQH VX LQWHQWR GH FRQVHJXLU VX
    DSUREDFLyQ 7DO YH] OH SLGD TXH VH FDVH TXH
    YLYD FRQ pO R TXH FDPELH GH OXJDU FRQ pO R TXH
    GHMH GH WHQHU FRQWDFWR FRQ VX PDGUH $WUDSDGD
    HQWUH ORV GRV HOOD YXHOYH FRQ VX PDGUH \ MXHJD
    HO SDSHO GH KLMD UHFXSHUDGD \ FRPSODFLHQWH R
    FRPSDUWH VX GHVWLQR FRQ pO \ FRQVXPD OD
    UXSWXUD
    6L HOOD VH VHSDUD OLWHUDO R VLPEyOLFDPHQWH GH
    VX PDGUH SXHGH KDEHU HPSH]DGR VX SURFHVR
    GH FRQYHUWLUVH HQ XQ VHU KXPDQR VHSDUDGR \
    DXWyQRPR /R KDFH D ULHVJR GH FDPELDU XQD
    PDGUH GRPLQDQWH SRU XQ KRPEUH GRPLQDQWH
    SHUR QRUPDOPHQWH SRU KDEHU GHVDILDGR D VX
    PDGUH KD FDPELDGR \ QR HV OD SHUVRQD
    FRPSODFLHQWH TXH IXH HQ RWURV WLHPSRV  /D
    UHFRQFLOLDFLyQ FRQ VX PDGUH SXHGH OOHJDU PiV
    DGHODQWH GHVSXpV GH KDEHU REWHQLGR
    LQGHSHQGHQFLD HPRFLRQDO

    6H[XDOLGDG
    8QD PXMHU TXH VH HQFXHQWUD HQ OD IDVH GH
    3HUVpIRQH OD GRQFHOOD HV FRPR OD %HOOD
    'XUPLHQWH R FRPR %ODQFDQLHYHV FRQ VX
    VH[XDOLGDG GRUPLGD R LQFRQVFLHQWH D OD HVSHUD
    GHO SUtQFLSH TXH OOHJXH D GHVSHUWDUODV 0XFKDV
    3HUVpIRQHV VRQ GHVSHUWDGDV D OD VH[XDOLGDG
    PiV WDUGH 'HVFXEUHQ HQWRQFHV TXH VRQ
    PXMHUHV DSDVLRQDGDV \ RUJiVPLFDV
    GHVFXEULPLHQWR TXH WLHQHQ XQ HIHFWR SRVLWLYR
    HQ VX DXWRHVWLPD $QWHV VH VHQWtDQ FRPR QLxDV
    TXH VH GLVIUD]DQ GH PXMHUHV (VWH DVSHFWR GH
    3HUVpIRQH VH H[SRQH PiV DGHODQWH HQ HVWH
    PLVPR FDStWXOR 

    0DWULPRQLR
    (O PDWULPRQLR HV DOJR TXH OH ³VXFHGH´ FRQ
    IUHFXHQFLD D XQD PXMHU 3HUVpIRQH 4XHGD
    ³VHFXHVWUDGD´ GHQWUR GHO PDWULPRQLR FXDQGR
    XQ KRPEUH TXLHUH FDVDUVH \ OD FRQYHQFH SDUD
    TXH GLJD ³Vt´ 6L HV XQD WtSLFD 3HUVpIRQH WDO
    YH] QR HVWp VHJXUD GH TXH TXLHUD FDVDUVH (V
    DUUDVWUDGD SRU OD LQVLVWHQFLD \ FHUWLGXPEUH GHO
    KRPEUH \ HV LQIOXLGD SRU HO SUHVXSXHVWR
    FXOWXUDO GH TXH FDVDUVH HV OR TXH VH VXSRQH
    TXH GHEH KDFHU /DV PXMHUHV WLSR 3HUVpIRQH
    SRU QDWXUDOH]D SHUVRQDOLGDGHV
    ³WUDGLFLRQDOPHQWH IHPHQLQDV´ &HGHQ DQWH OD
    SHUVRQD PiV IXHUWH VRQ PiV UHFHSWLYDV TXH
    DFWLYDV \ QR VRQ FRPSHWLWLYDV QL DJUHVLYDV /RV
    KRPEUHV ODV HOLJHQ \ QR DO UHYpV
    8QD YH] FDVDGD OD PXMHU 3HUVpIRQH TXL]i
    DWUDYLHVH IDVHV DQiORJDV DO PLWR GHO 3HUVpIRQH
    \ VH FRQYLHUWD HQ OD QRYLD IRU]DGD X REMHWR
    HQWUH VX PDULGR \ VX PDGUH 3XHGH TXH HO
    PDWULPRQLR VH YXHOYD WDPELpQ XQD VLWXDFLyQ
    QR EXVFDGD GH WUDQVIRUPDFLyQ D WUDYpV GH OD
    FXDO OD HWHUQD MRYHQ R GRQFHOOD VH FRQYLHUWH HQ
    XQD PDWURQD FDVDGD XQD PDGUH R XQD PXMHU
    VH[XDO FXDQGR DTXpO DFWLYD ORV DUTXHWLSRV GH
    +HUD 'HPpWHU R $IURGLWD
    8Q PDULGR UHFLpQ FDVDGR GHVFULEtD ORV
    GRORURVRV GUDPDV HQWUH pO \ VX HVSRVD WLSR
    3HUVpIRQH ³0H WUDWD FRPR VL \R IXHUD HO
    UHVSRQVDEOH GH KDEHU DUUXLQDGR VX YLGD
    FXDQGR WRGR OR TXH \R KDEtD KHFKR HUD
    HQDPRUDUPH GH HOOD \ TXHUHU FDVDUPH
    LQPHGLDWDPHQWH /D VHPDQD SDVDGD
    QHFHVLWDED HQWUHJDU XQ LPSUHVR HQ HO EDQFR
    HQ XQ GtD FDUJDGR GH FLWDV \ OH SHGt TXH OR
    KLFLHUD SRU Pt PH DFXVy GH WUDWDUOD FRPR XQD
    FULDGD 6yOR KDFHPRV HO DPRU FXDQGR VR\ \R HO
    TXH LQLFLD OD UHODFLyQ \ GHVSXpV DFW~D FRPR VL
    \R IXHUD XQ ³YLRODGRU´ (VWDED FRQIXVR
    HQIDGDGR \ GHSULPLGR SRU OR TXH RFXUUtD HQWUH
    ORV GRV 3HQVDED TXH HOOD OH WUDWDED FRPR VL
    IXHUD XQ DQLPDO LQVHQVLEOH \ RSUHVLYR VH
    VHQWtD KHULGR H LPSRWHQWH SRUTXH VX HVSRVD
    UHDFFLRQDED FRQR VL HOOD IXHUD XQD 3HUVpIRQH
    FDXWLYD \ pO +DGHV HO VHFXHVWUDGRU TXH OD
    WXYLHUD SULVLRQHUD
    /DV PXMHUHV 3HUVpIRQH TXH VRQ QRYLDV VLQ
    TXHUHUOR UHDOPHQWH VyOR KDFHQ XQ FRPSURPLVR
    SDUFLDO 6H FDVDQ FRQ UHVHUYDV PHQWDOHV 8QD
    GH HOODV GHFtD ³<R YLYtD FRQ DOJXQDV
    FRPSDxHUDV GH KDELWDFLyQ´ \ WHQtD XQ WUDEDMR
    DEXUULGR eO QR HUD HO SUtQFLSH D]XO FRQ HO TXH
    KDEtD VRxDGR SHUR TXHUtD ODV PLVPDV FRVDV
    TXH \R FUHtD WHQHU ²XQD FDVD \ XQD IDPLOLD² \
    HUD XQ KRPEUH IRUPDO DVt TXH OH GLMH ³Vt´ (VWD
    3HUVpIRQH HVWDED VyOR SDUFLDOPHQWH
    FRPSURPHWLGD FRQ VX HVSRVR 'HVGH HO SXQWR
    GH YLVWD HPRFLRQDO VyOR SDVDED SDUWH GH VX
    WLHPSR FDVDGD \ HO UHVWR IDQWDVHDQGR VREUH
    RWURV KRPEUHV

    +LMRV
    $XQTXH SXHGH TXH XQD PXMHU 3HUVpIRQH
    WHQJD KLMRV QR VH VHQWLUi DXWpQWLFDPHQWH
    PDGUH D PHQRV TXH DOJR GH 'HPpWHU VH KD\D
    DFWLYDGR HQ HOOD 3XHGH VHJXLU VLHQGR XQD KLMD
    TXH SLHQVD HQ VX SURSLD PDGUH FRPR HQ XQD
    ³PDGUH UHDO´ \ GH Vt PLVPD FRPR HQ DOJXLHQ
    TXH HVWi MXJDQGR VLPSOHPHQWH HO SDSHO 8QD
    PDGUH ³HQWURPHWLGD´ TXH FRPR DEXHOD WRPD
    HO FRQWURO GH VX QLHWR KDFH TXH OD KLMD
    3HUVpIRQH VH VLHQWD LQFRPSHWHQWH DFHQWXDQGR
    DVt VX GLILFXOWDG GH VHU XQD YHUGDGHUD PDGUH
    7DO YH] OH GLJD ´7~ QR VDEHV FRPR FXLGDU D XQ
    EHEp TXH QHFHVLWD WDQWR £GpMDPHOR D Pt´ 2
    ³1R WLHQHV EDVWDQWH OHFKH SDUD HO EHEp WDO YH]
    GHEHUtDV SDVDU DO ELEHUyQ´ (VWRV FRPHQWDULRV
    WtSLFRV PLQDQ OD DXWRFRQILDQ]D GH OD KLMD
    /RV KLMRV GH XQD PXMHU 3HUVpIRQH
    UHDFFLRQDQ D HOOD GH YDULDV PDQHUDV 8QD KLMD
    WLHQH XQD YROXQWDG PiV IXHUWH H LGHDV PiV
    FODUDV TXH VX PDGUH 3HUVpIRQH SXHGH TXH
    DFDEH GLFLHQGR D VX PDGUH OR TXH pVWD WLHQH
    TXH KDFHU HQ OXJDU GH TXH RFXUUD D OD LQYHUVD
    &XDQGR FUHFH ²D YHFHV FRQ VyOR GRFH DxRV²
    SXHGH TXH XQD KLMD LQYLHUWD ORV SDSHOHV FRQ
    XQD PDGUH 3HUVpIRQH GHSHQGLHQWH &XDQGR
    VRQ DGXOWDV \ PLUDQ KDFtD DWUiV UHFRUGDQGR VX
    LQIDQFLD \ VX DGROHVFHQFLD PXFKDV GH HVWDV
    KLMDV GLFHQ ³<R QR WXYH XQD PDGUH \R HUD OD
    PDGUH´ 6L DPEDV PDGUH H KLMD VLQ 3HUVpIRQH
    WDO YHV VH YXHOYDQ PX\ SDUHFLGDV
    HVSHFLDOPHQWH VL YLYHQ MXQWDV \ VH KDFHQ
    PXWXDPHQWH GHSHQGLHQWHV OD XQD GH OD RWUD $
    PHGLGD TXH SDVDQ ORV DxRV SXHGH TXH
    SDUH]FDQ KHUPDQDV LQVHSDUDEOHV
    /DV PDGUHV 3HUVpIRQH GH KLMRV VHJXURV G Vt
    PLVPR SXHGHQ VHQWLUVH ³GHVERUGDGDV´ SRU
    HOORV ,QFOXVR FXDQGR HPSLH]DQ D GDU ORV
    SULPHURV SDVRV ORV QLxRV SHTXHxRV SXHGHQ
    LQWLPLGDUODV \D TXH FXDQGR pVWRV LQVLVWHQ \ VH
    HQIDGDQ OHV SDUHFHQ YHUVLRQHV HQ SHTXHxR GH
    KRPEUHV SRGHURVRV &RPR HV DOJR DMHQR D XQD
    PXMHU 3HUVpIRQH XWLOL]DU HO SRGHU HQ QLQJ~Q
    WLSR GH UHODFLyQ HV LPSUREDEOH TXH PXHVWUH D
    XQ QLxR GH HVWH WLSR ³TXLpQ HV HO TXH PDQGD´
    3XHGH TXH FHGD DQWH VXV GHPDQGDV QR
    HVWDEOH]FD ORV OtPLWHV \ VH VLHQWD LPSRWHQWH \
    WUDWDGD FRPR XQD YtFWLPD 2 WDO YH] VH
    HQFXHQWUH XQD PDQHUD LQGLUHFWD GH FDPELDU HO
    IRFR GH DWHQFLyQ GDUOH PLPRV SDUD TXH
    FDPELH GH KXPRU HQJDWXVDUOH SDUD TXH YDUtH
    HO REMHWR GH VXV GHVHRV GLVWUDHU VX DWHQFLyQ R
    GLVJXVWDUOH \ KDFHU TXH VH VLHQWD FXOSDEOH R
    DYHUJRQ]DGR
    $OJXQRV KLMRV H KLMDV GH PDGUHV WLSR
    3HUVpIRQH HYROXFLRQDQ SRVLWLYDPHQWH SRU
    WHQHU PDGUHV UHVSHWXRVDV TXH OHV TXLHUHQ \
    DGPLUDQ VX HVStULWX GH LQGHSHQGHQFLD TXH HV
    WDQ GLIHUHQWH GHO VX\R 8QD PDGUH 3HUVpIRQH
    SXHGH WDPELpQ QXWULU OD LPDJLQDFLyQ GH VXV
    KLMDVRV \ VX FDSDFLGDG GH MXHJR
    FRPSDUWLHQGR FRQ HOORV HVWRV DVSHFWRV GH Vt
    PLVPD 6L HOOD PLVPD KD HYROXFLRQDGR PiV DOOi
    GH 3HUVpIRQH OD .RUp SXHGH FRQGXFLUOHV D TXH
    YDORUHQ OD YLGD LQWHUQD FRPR XQD IXHQWH GH
    FUHDWLYLGDG

    (Q OD PHGLDQD HGDG
    $XQTXH HO DUTXHWLSR GH 3HUVpIRQH OD .RUp
    SHUPDQHFH HWHUQDPHQWH MRYHQ OD PXMHU
    HQYHMHFH &XDQGR SLHUGH VX OR]DQtD SXHGH
    REVHVLRQDUVH FRQ FDGD DUUXJD \ OD OtQHD GH OD
    FDUD 6XUJHQ HQWRQFHV EDUUHUDV UHDOHV TXH OH
    KDFHQ WRPDU FRQFLHQFLD GH TXH ORV VXHxRV TXH
    HQ RWUR WLHPSR WXYR FRPR DOJR SRVLEOH HVWiQ
    DKRUD PiV DOOi GH VX DOFDQFH 8QD GHSUHVLyQ
    GH OD PHGLDQD HGDG SXHGH SURGXFLUVH FXQHDGR
    HVDV UHDOLGDGHV VH OH KDFHQ REYLDV
    6L SHUPDQHFH LGHQWLILFDGD FRQ ³OD GRQFHOOD´
    SXHGH TXH VH HVIXHUFH SRU QHJDU OD UHDOLGDG
    7DO YH] VH KDJD XQ ³OLIWLQJ´ IDFLDO FXDQGR VH
    FRQFHQWUD HQ LQWHQWDU PDQWHQHU OD LOXVLyQ GH
    MXYHQWXG 3XHGH TXH VX SHLQDGR \ VXV YHVWLGRV
    VHDQ PiV DGHFXDGRV SDUD XQD PXMHU PXFKR
    PiV MRYHQ TXL]iV WRGR OR TXH KDJD VHD HQ
    YDQR HQ VX LQWHQWR GH SDUHFHU JXDSD \ TXH
    FRQ HO SDVR GH ORV DxRV VX FRPSRUWDPLHQWR
    VHD FDGD YH] PHQRV DGHFXDGR 3DUD HVWH WLSR
    GH PXMHU OD GHSUHVLyQ HVWi VLHPSUH D IORU GH
    SLHO
    6L \D QR HVWi LGHQWLILFDGD FRQ 3HUVpIRQH OD
    .RUp HQ OD PHGLDQD HGDG ²SRUTXH WRPy
    UHVSRQVDELOLGDGHV R WXYR H[SHULHQFLDV TXH OD
    FDPELDURQ² HYLWDUi OD GHSUHVLyQ (Q FDVR
    FRQWUDULR pVWD VHUi XQD HQFUXFLMDGD HVHQFLDO
    HQ VX YLGD TXH SXHGH WHQHU HIHFWRV SRVLWLYRV R
    QHJDWLYRV 3XHGH PDUFDU HO FRPLHQ]R GH XQD
    GHSUHVLyQ SHUPDQHQWH TXH OD GHMH GHUURWDGD
    WRGD VX YLGD 2 SXHGH PDUFDU HO ILQDO GH XQD
    SURORQJDGD DGROHVFHQFLD \ HO FRPLHQ]R GH OD
    PDGXUH]
    /D WHUFHUD HGDG
    6L D OR ODUJR GH VX YLGD XQD PXMHU 3HUVpIRQH
    KD HYROXFLRQDGR GH .RUp D ORV VHVHQWD \ FLQFR
    DxRV R D~Q PiV DGHODQWH SXHGH WHQHU OD
    SUHVHQFLD UHJLD GH XQD DQFLDQD VDELD TXH
    FRQRFH ORV PLVWHULRV TXH GDQ VHQWLGR D OD YLGD
    \ D OD PXHUWH +D WHQLGR H[SHULHQFLDV PtVWLFDV
    R SVtTXLFDV \ KD DELHUWR XQD IXHQWH GH
    HVSLULWXDOLGDG HQ OR SURIXQGR GH Vt PLVPD TXH
    GLVXHOYH VXV PLHGRV D HQYHMHFHU \ D PRULU 6L
    KD PDGXUDGR KD WRPDGR UHVSRQVDELOLGDGHV \
    KD GHVDUUROODGR RWURV DVSHFWRV GH Vt PLVPD
    SHUR FRQVHUYy VX FRQH[LyQ FRQ 3HUVpIRQH OD
    .RUp XQD SDUWH GH Vt SHUPDQHFH HWHUQDPHQWH
    MRYHQ GH HVStULWX
    (Q VXV ~OWLPRV DxRV WDPELpQ HV SRVLEOH TXH
    DSHQDV TXHGH XQ UDVJR GH 3HUVpIRQH HQ XQD
    PXMHU TXH HPSH]y VX YLGD VLJXLHQGR HVWH
    PRGHOR SHUR TXH HQ VX MXYHQWXG R HQ VX
    PHGLDQD HGDG VH OH DFWLYy HO PRGHOR GH +HUD
    GH 'HPpWHU R GH $IURGLWD 6L VH VLJXH HO SHRU
    GH ORV JXLRQHV SRVLEOHV GH 3HUVpIRQH WDO YH]
    VH KD\D UHFXSHUDGR GH XQD GHSUHVLyQ \ KD\D
    SHUPDQHFLGR GHVGH HQWRQFHV GHUURWDGD SRU OD
    YLGD R DSDUWDGD GH OD UHDOLGDG FDXWLYD HQ VX
    SURSLR PXQGR VXEWHUUiQHR

    'LILFXOWDGHV SVLFROyJLFDV
    /D GLRVD 3HUVpIRQH IXH XQD KLMD
    GHVSUHRFXSDGD KDVWD TXH IXH UDSWDGD \
    YLRODGD SRU +DGHV \ GXUDQWH XQ WLHPSR VH
    FRQYLUWLy HQ XQD QRYLD D SHVDU VX\R LQGHIHQVD
    \ FDXWLYD $XQTXH IXH OLEHUDGD JUDFLDV D ORV
    HVIXHU]RV GH VX PDGUH FRPLy DOJXQRV JUDQRV
    GH JUDQDGD OR TXH OH YDOLy WHQHU TXH SDVDU XQD
    SDUWH GHO DxR VREUH OD WLHUUD FRQ 'HPpWHU \
    RWUD SDUWH HQ HO PXQGR VXEWHUUiQHR FRQ
    +DGHV 6yOR PiV DGHODQWH OOHJy D
    LQGHSHQGL]DUVH FRPR UHLQD \ JXtD GHO PXQGR
    VXEWHUUiQHR &DGD XQD GH ODV IDVHV ELHQ
    GLIHUHQFLDGDV GHO PLWR WLHQH VX
    FRUUHVSRQGLHQWH SDUDOHOLVPR HQ OD YLGD UHDO $O
    LJXDO TXH OD GLRVD ODV PXMHUHV 3HUVpIRQH
    SXHGHQ HYROXFLRQDU D WUDYpV GH HVWDV IDVHV \
    PDGXUDU UHVSRQGLHQGR D OR TXH OHV VXFHGH
    3HUR WDPELpQ SXHGHQ HVWDQFDUVH HQ XQD GH
    HOODV
    $ GLIHUHQFLD GH +HUD \ GH 'HPpWHU TXH
    UHSUHVHQWDQ IXHUWHV LQVWLQWRV D ORV TXH XQD
    PXMHU WLHQH TXH UHVLVWLU FRQ IUHFXHQFLD SDUD
    FUHFHU LQWHUQDPHQWH 3HUVpIRQH LQIOX\H HQ TXH
    XQD PXMHU VHD SDVLYD \ FRPSODFLHQWH $Vt
    IiFLOPHQWH HV GRPLQDGD SRU ORV GHPiV 'H
    HQWUH ODV VLHWH GLRVDV OD PiV LQGLIHUHQFLDGD \
    OD TXH PHQRV IRUPD WLHQH VH FDUDFWHUL]D SRU
    XQD IDOWD GH GLUHFFLyQ \ GH LPSXOVR 'H WRGDV
    HOODV QR REVWDQWH WDPELpQ HV OD TXH SUHVHQWD
    PiV YtDV SRVLEOHV GH FUHFLPLHQWR SHUVRQDO

    /D LGHQWLILFDFLyQ FRQ 3HUVpIRQH OD .RUp


    9LYLU FRPR OD .RUp VLJQLILFD VHU OD HWHUQD
    QLxD TXH QR VH FRPSURPHWH D QDGD QL FRQ
    QDGLH SRUTXH HOHJLU GH XQD PDQHUD FRQFUHWD
    HOLPLQD ODV RWUDV SRVLELOLGDGHV $GHPiV HVWH
    WLSR GH PXMHU WLHQH OD VHQVDFLyQ GH WHQHU DQWH
    Vt WRGR HO WLHPSR GHO PXQGR SDUD GHFLGLUVH DVt
    TXH HVSHUD KDVWD TXH DOJR OH KDJD DFWXDU 9LYH
    HQ OD 7LHUUD GH 1XQFD -DPiV FRPR :HQG\ FRQ
    3HWHU 3DQ \ ORV QLxRV SHUGLGRV MXJDQGR VLQ
    UXPER HQ OD YLGD 6L TXLHUH FUHFHU WLHQHQ TXH
    YROYHU D OD YLGD UHDO 3RU VXSXHVWR :HQG\
    HOLJLy YROYHU 6H GHVSLGLy GH 3HWHU 3DQ \
    UHJUHVy D WUDYpV GH OD YHQWDQD D OD KDELWDFLyQ
    GH OD LQIDQFLD TXH KDEtD DEDQGRQDGR KDFtD
    WDQWR WLHPSR VDELHQGR TXH HQWRQFHV
    HQYHMHFHUtD (O XPEUDO TXH KD GH DWUDYHVDU XQD
    PXMHU 3HUVpIRQH HV SVLFROyJLFR
    3DUD FUHFHU XQD PXMHU 3HUVpIRQH GHEH
    DSUHQGHU D FRPSURPHWHUVH \ YLYLU GH DFXHUGR
    FRQ VXV FRPSURPLVRV 7LHQH GLILFXOWDG HQ GHFLU
    TXH Vt \ FXPSOLU FRQ OR TXH DFHSWy KDFHU
    &XPSOLU SOD]RV DFDEDU ORV HVWXGLRV FDVDUVH
    FULDU XQ KLMR R SHUPDQHFHU HQ XQ WUDEDMR FRQ
    ORV FRPHWLGRV GLItFLOHV SDUD DOJXLHQ TXH TXLHUH
    MXJDU HQ OD YLGD (O FUHFLPLHQWR H[LJH TXH
    OXFKH FRQWUD OD LQGHFLVLyQ OD SDVLYLGDG \ OD
    LQHUFLD GHEH GHFLGLUVH \ FRQWLQXDU
    FRPSURPHWLGD FXDQGR OD HOHFFLyQ GHMD GH VHU
    GLYHUWLGD
    (QWUH ORV WUHLQWD \ ORV FXDUHQWD OD UHDOLGDG
    VH LQWURGXFH HQ OD LOXVLyQ TXH VH KDFH XQD
    PXMHU 3HUVpIRQH GH VHU HWHUQDPHQWH MRYHQ
    3XHGH HPSH]DU D VHQWLU TXH DOJR QR IXQFLRQD
    6HJ~Q HO UHORM ELROyJLFR VH OH HVWi SDVDQGR HO
    WLHPSR GH SRGHU WHQHU XQD KLMR 7DO YH] VH Gp
    FXHQWD GH TXH VX WUDEDMR QR WLHQH IXWXUR R
    SXHGH TXH VH PLUH DO HVSHMR \ YHD TXH HVWi
    HQYHMHFLHQGR &XDQGR YH D ODV DPLJDV GH VX
    HQWRUQR FDH HQ OD FXHQWD GH TXH pVWDV KDQ
    PDGXUDGR \ OH KDQ GHMDGR DWUiV 7LHQHQ
    PDULGRV \ IDPLOLDV R HVWiQ ELHQ DVHQWDGDV HQ
    VXV UHVSHFWLYDV FDUUHUDV SURIHVLRQDOHV /R TXH
    KDFHQ WLHQH UHDOPHQWH LPSRUWDQFLD SDUD RWUDV
    SHUVRQDV \ GH DOJXQD PDQHUD FODUD DXQTXH
    LQWDQJLEOH VH GLIHUHQFLDQ GH HOOD SRUTXH OD
    YLGD OHV KD DIHFWDGR \ OHV KD PDUFDGR VX
    KXHOOD
    0LHQWUDV ODV DFWLWXGHV GH XQD PXMHU VHDV
    ODV GH 3HUVpIRQH OD .RUp QXQFD VH FDVD R OR
    KDFH SHUR VLQ FRPSURPHWHUVH ³GH YHUGDG´ 6H
    UHVLVWLUi DO PDWULPRQLR SRUTXH OR YH GHVGH OD
    SHUVSHFWLYD DUTXHWtSLFD GH OD GRQFHOOD SDUD OD
    TXH HO PRGHOR GH PDWULPRQLR HTXLYDOH D OD
    PXHUWH 'HVGH HO SXQWR GH YLVWD GH 3HUVpIRQH
    HO PDWULPRQLR FRQVLVWLy HQ HO UDSWR SRU SDUWH
    GH +DGHV HO SRUWDGRU GH OD PXHUWH (VWD YLVLyQ
    GHO PDWULPRQLR \ GHO PDULGR HUD WRWDOPHQWH
    GLIHUHQWH GHO PRGHOR RSXHVWR GH +HUD GHO
    PDWULPRQLR FRPR VDWLVIDFFLyQ \ GH OD
    HVSHUDQ]D GH pVWD VREUH VX PDULGR =HXV FRPR
    SRUWDGRU GH OD UHDOL]DFLyQ /D PXMHU +HUD WLHQH
    TXH FRQRFHU DO KRPEUH \ UHVLVWLUVH D KDFHU XQ
    PDO PDWULPRQLR D FDXVD GH ODV HVSHUDQ]DV
    SRVLWLYDV TXH FRPSRUWD HO DUTXHWLSR (Q FDVR
    FRQWUDULR TXHGDUi GHVLOXVLRQDGD FXDQGR HO
    PDWULPRQLR QR VHD VDWLVIDFWRULR (Q FODUR
    FRQWUDVWH OD PXMHU 3HUVpIRQH GHEH RSRQHUVH
    DO SUHVXSXHVWR VLQ IXQGDPHQWR GH TXH HO
    PDWULPRQLR HV VLHPSUH XQ UDSWR R OD PXHUWH
    FRQWUD ORV TXH VH GHEH OXFKDU R TXH KD\ TXH
    VXIULU

    /RV HVFROORV GH 3HUVpIRQH GHIHFWRV GH


    FDUiFWHU
    &XDQGR 3HUVpIRQH VH UHXQLy GH QXHYR FRQ
    'HPpWHU OD SULPHUD SUHJXQWD TXH VX PDGUH OH
    KL]R IXH ³¢+DV FRPLGR DOJR HQ HO PXQGR
    VXEWHUUiQHR"´ 3HUVpIRQH OH UHVSRQGLy TXH
    KDEtD FRPLGR DOJXQRV JUDQRV GH JUDQDGD \
    PLQWLy GLFLHQGR TXH ORV KDEtD FRPLGR SRUTXH
    +DGHV OH KDEtD REOLJDGR D HOOR 3HUVpIRQH KL]R
    OR TXH TXLVR VLQ SHUWXUEDU OD LPDJHQ TXH VX
    PDGUH WHQtD GH HOOD $O GDU OD LPSUHVLyQ GH TXH
    QR FRQWURODED VX SURSLR GHVWLQR \ TXH SRU HOOR
    QR SRGtD UHVSRQVDELOL]iUVHOH UHDOPHQWH
    GHWHUPLQy VX SURSLD VXHUWH $O FRPHUVH ODV
    VHPLOODV 3HUVpIRQH JDUDQWL]y TXH SDVDUtD
    SDUWH GH VX WLHPSR VRQ +DGHV
    (O FDUiFWHU WDLPDGR OD PHQWLUD \ OD
    PDQLSXODFLyQ FRQVWLWX\HQ SUREOHPDV
    SRWHQFLDOHV GH FDUiFWHU SDUD ODV PXMHUHV
    3HUVpIRQH $O VHQWLUVH LQGHIHQVDV \
    GHSHQGLHQWHV GH RWUDV SHUVRQDV PiV
    SRGHURVDV SXHGHQ DSUHQGHU D FRQVHJXLU OR
    TXH TXLHUHQ GH PDQHUD LQGLUHFWD 3XHGHQ
    HVSHUDU D TXH OOHJXH HO PRPHQWR RSRUWXQR
    DSDUD DFWXDU R XWLOL]DU OD DGXODFLyQ 7DO YH]
    VyOR GLJDQ XQD SDUWH GH OD YHUGDG R PLHQWDQ
    WRWDOPHQWH DQWHV GH HQIUHQWDUVH GLUHFWDPHQWH
    D RWUD SHUVRQD
    /DV PXMHUHV WLSR 3HUVpIRQH VXHOHQ HYLWDU HO
    HQIDGR 1R TXLHUHQ TXH OD JHQWH VH HQIXUH]FD
    FRQ HOODV 6H VLHQWHQ GHSHQGLHQWHV GH OD
    JHQHURVLGDG \ GH OD EXHQD YROXQWDG GH
    DTXHOODV SHUVRQDV D ODV TXH SHUFLEHQ FRQ PiV
    SRGHU 3RU HOOR VXHOHQ WUDWDU D VXV PDGUHV
    SDGUHV PDULGRV HPSOHDGRUHV \ PDHVWURV
    FRPR SDWURQHV FX\RV IDYRUHV WLHQHQ TXH
    JDQDUVH
    (O QDUFLVLVPR WDPELpQ HV RWUR HVFROOR TXH
    VRUWHDU SDUD JDQDUVH DOJXQDV PXMHUHV
    3HUVpIRQH 3XHGHQ OOHJDU D HVWDU WDQ
    DQVLRVDPHQWH FHQWUDGDV HQ Vt PLVPDV TXH
    SLHUGHQ VX FDSDFLGDG SDUD UHODFLRQDUVH FRQ ORV
    GHPiV 6XV SHQVDPLHQWRV HVWiQ GRPLQDGRV
    SRU FXHVWLRQHV VREUH Vt PLVPDV ³¢4Xp DVSHFWR
    WHQJR" ¢VR\ VXILFLHQWHPHQWH OLVWD" ¢SDUH]FR
    LQWHOLJHQWH"´ < VX HQHUJtD VH GLULJH KDFLD HO
    PDTXLOODMH \ OD URSD (VWH WLSR GH PXMHUHV SDVD
    PXFKR WLHPSR GHODQWH GHO HVSHMR /D JHQWH
    VyOR H[LVWH SDUD GDUOHV UHIOHMRV GH HOODV
    PLVPDV SDUD SURSRUFLRQDUOHV VXSHUILFLHV
    UHIOHFWDQWHV HQ ODV TXH PLUDUVH

    (Q HO PXQGR VXEWHUUiQHR OD HQIHUPHGDG


    SVLFROyJLFD
    'XUDQWH XQD SDUWH GH VX PLWR ²FXDQGR
    HVWXYR FDXWLYD HQ HO PXQGR VXEWHUUiQHR²
    3HUVpIRQH IXH XQD GRQFHOOD WULVWH TXH QR FRPtD
    QL VRQUHtD (VWD IDVH HV DQiORJD DO SHULRGR GH
    HQIHUPHGDG SVLFROyJLFD TXH GHEHQ DWUDYHVDU
    DOJXQDV PXMHUHV 3HUVpIRQH
    8QD PXMHU 3HUVpIRQH HV VXVFHSWLEOH GH
    VXIULU XQD GHSUHVLyQ FXDQGR HVWi GRPLQDGD \
    OLPLWDGD SRU SHUVRQDV TXH PDQWLHQHQ VX
    GHSHQGHQFLD GH HOORV 8QD SHUVRQD TXH QR VH
    H[SUHVD DFXPXOD VX FyOHUD R VXV GLIHUHQFLDV
    HQ OXJDU GH H[SUHVDUODV R GH FDPELDU OD
    VLWXDFLyQ GH XQD PDQHUD DFWLYD (Q OXJDU GH
    HOOR VH DJDUUD D VXV VHQWLPLHQWRV QHJDWLYRV \
    VH GHSULPH HO HQIDGR YXHOWR KDFLD GHQWUR ²
    TXH HV UHSUHVLyQ² VH FRQYLHUWH HQ GHSUHVLyQ 
    0DV DGHODQWD ORV VHQWLPLHQWRV GH DLVODPLHQWR
    LQDGHFXDFLyQ \ DXWRFUtWLFD FRQWULEX\HQ D VX
    GHSUHVLyQ
    &XDQGR XQD PXMHU 3HUVpIRQH VH GHSULPH VH
    WUDWD GH XQD GHSUHVLyQ QR HVSHFWDFXODU FDVL
    RFXOWD FRPR HO WUDEDMR GH OD FDUFRPD HQ OD
    PDGHUD 6X SHUVRQDOLGDG TXH VH YD
    UHWUD\HQGR UHWURFHGH WRGDYtD PiV VX
    SDVLYLGDG VH DFHQW~D \ VXV HPRFLRQHV VH
    YXHOYHQ LQDFFHVLEOHV (OOD SDUHFH HQGHEOH \ VLQ
    VXVWDQFLD /R PLVPR TXH 3HUVpIRQH DO
    SULQFLSLR FXDQGR IXH VHFXHVWUDGD HQ HO PXQGR
    VXEWHUUiQHR QR FRPH \ QR WLHQH QDGD TXH
    GHFLU /D IDOWD GH VXVWDQFLD VH YXHOYH ItVLFD \
    SVLFROyJLFDPHQWH PiV PDUFDGD D PHGLGD TXH
    SDVD HO WLHPSR 2EVHUYDU D XQD 3HUVpIRQH
    GHSULPLGD HV FRPR PLUDU XQD IORU PDUFKLWD
    (Q FDPELR XQD PXMHU 'HPpWHU GHSULPLGD
    QR SDVD GHVDSHUFLELGD \ HMHUFH XQ JUDQ HIHFWR
    VREUH WRGRV ORV TXH OD URGHDQ $QWHV GH HVWDU
    GHSULPLGD SXHGH KDEHU VLGR XQD SHUVRQD
    HVHQFLDO FRQ PXFKD HQHUJtD \ SRU OR WDQWR VH
    SURGXFH XQ FDPELR HVSHFWDFXODU HQ VX
    FRPSRUWDPLHQWR FXDQGR HVWi GHSULPLGD
    PLHQWUDV TXH XQD PXMHU WLSR 3HUVpIRQH QXQFD
    WRPy UHVSRQVDELOLGDGHV \ VLPSOHPHQWH VH
    PDUFKLWD XQ SRFR PiV FXDQGR HVWi GHSULPLGD
    $GHPiV XQD 'HPpWHU GHSULPLGD KDFH TXH
    WRGRV ORV TXH OD URGHDQ VH VLHQWDQ FXOSDEOHV
    LPSRWHQWHV R VH HQIDGHQ SRU HO UHSURFKH
    LPSOtFLWR TXH VXVFLWD 3RU FRQWUDVWH XQD
    3HUVpIRQH GHSULPLGD QR SURGXFH HVWRV
    VHQWLPLHQWRV HQ ORV GHPiV (Q YH] GH HOOR
    pVWRV VH VLHQWHQ VHSDUDGRV GH HOOD TXH HV
    TXLHQ VH VLHQWH FXOSDEOH PHUHFHGRUD GH
    UHSURFKH H LPSRWHQWH &RQ IUHFXHQFLD VH VLHQWH
    LQDGHFXDGDPHQWH FXOSDEOH SRU DOJR TXH GLMR
    SHQVy R KL]R (Q FRQVHFXHQFLD XQD 'HPpWHU
    GHSULPLGD FRQVWLWX\H XQD SUHVHQFLD HQRUPH HQ
    HO FHQWUR GHO KRJDU PLHQWUDV TXH XQD
    3HUVpIRQH GHSULPLGD SDUHFH TXH GHVDSDUHFH
    HQ ODV KDELWDFLRQHV LQWHULRUHV
    $OJXQDV 3HUVpIRQHV VH UHWLUDQ D XQ PXQGR
    VRPEUtR GH LPiJHQHV LQWHUQDV UHIOH[LRQHV \
    YLGD LPDJLQDULD XQ PXQGR DO TXH VyOR HOODV
    WLHQHQ DFFHVR 8QD PXMHU SXHGH KDEHU SDVDGR
    GHPDVLDGR WLHPSR VROD R UHWLUDGD HQ HVH
    PXQGR SDUD OLEHUDUVH GH XQD PDGUH
    ³HQWURPHWLGD´ R GH XQ SDGUH DEXVLYR 8QD GH
    PLV SDFLHQWHV WLSR 3HUVpIRQH GHFtD ³<R WHQtD
    PLV OXJDUHV HVSHFLDOHV D GRQGH LED D
    HVFRQGHUPH GHWUiV GH OD JUDQ VLOOD PDUUyQ
    TXH HVWDED HQ OD HVTXLOD GH OD KDELWDFLyQ EDMR
    PL iUERO SUHIHULGR FX\DV UDPDV WRFDEDQ HO
    VXHOR \ PH RFXOWDEDQ D OD YLVWD GH FXDOTXLHUD«
    3DVDED KRUDV HQWHUDV DOOt FXDQGR HUD QLxD
    VRxDQGR FDVL VLHPSUH LPDJLQDQGR TXH HVWDED
    HQ FXDOTXLHU RWUR OXJDU H[FHSWR HQ DTXHOOD
    FDVD FRQ DTXHOOD JHQWH´
    $ YHFHV VX SUHRFXSDFLyQ UHVSHFWR D VX
    PXQGR LQWHUQR OD FRUWD GH OD JHQWH \ HOOD VH
    UHWLUD D VX PXQGR FXDQGR HO PXQGR UHDO
    SDUHFH GHPDVLDGR GLItFLO R H[LJHQWH 6LQ
    HPEDUJR HQ DOJ~Q SXQWR OR TXH SDUHFtD XQ
    VDQWXDULR SXHGH FRQYHUWLUVH HQ XQD SULVLyQ /R
    PLVPR TXH /DXUD HQ OD REUD GH 7HQQHVVHH
    :LOOLDPV (O ]RR GH FULVWDO XQD PXMHU 3HUVpIRQH
    SXHGH HQFHUUDUVH HQ VX PXQGR GH IDQWDVtD \
    VHU LQFDSD] GH YROYHU D OD UHDOLGDG RUGLQDULD
    $O DSDUWDUVH SDXODWLQDPHQWH GH OD UHDOLGDG
    DOJXQDV 3HUVpIRQHV SDUHFHQ FDHU HQ OD
    SVLFRVLV YLYHQ HQ XQ PXQGR OOHQR GH LPiJHQHV
    VLPEyOLFDV \ VLPEROLVPR HVRWpULFR \ WLHQHQ
    SHUFHSFLRQHV GLVWRUVLRQDGDV GH Vt PLVPDV
    $OJXQDV YHFHV OD HQIHUPHGDG SVLFyWLFD SXHGH
    VHUYLU FRPR XQD PHWDPRUIRVLV XQ FDPLQR SDUD
    TXH WDOHV PXMHUHV URPSDQ ODV OLPLWDFLRQHV \
    ODV SURKLELFLRQHV TXH HVWDEDQ FRQVWULxHQGR
    VXV YLGDV $O YROYHUVH WHPSRUDOPHQWH
    SVLFyWLFDV SXHGHQ DFFHGHU D XQD JDPD PiV
    DPSOLD GH VHQWLPLHQWRV \ D XQD WRPD GH
    FRQFLHQFLD PiV SURIXQGD GH Vt PLVPDV
    3HUR ODV SHUVRQDV SVLFyWLFDV FRUUHQ HO
    ULHVJR GH TXHGDU FDXWLYDV HQ HO PXQGR
    VXEWHUUiQHR $OJXQDV PXMHUHV 3HUVpIRQH
    FRPR 2IHOLD HQ OD WUDJHGLD +DPOHW GH
    6KDNHVSHDUH HYLWDQ OR TXH HVWi VXFHGLHQGR
    UHDOPHQWH YROYLpQGRVH SVLFyWLFDV FXDQGR OD
    UHDOLGDG HV GHPDVLDGR GRORURVD 1R REVWDQWH
    RWUDV PXFKDV DWUDYLHVDQ OD H[SHULHQFLD FRQ OD
    D\XGD GH XQD WHUDSLD \ DSUHQGHQ D
    HYROXFLRQDU D H[SUHVDUVH DILUPiQGRVH \ D
    YROYHUVH LQGHSHQGLHQWHV
    'HVSXpV TXH 3HUVpIRQH HPHUJLHUD GHO
    PXQGR VXEWHUUiQHR +pFDWH IXH VX FRPSDxHUD
    SHUPDQHQWH 'LRVD GH OD OXQD RVFXUD \ GH ODV
    HQFUXFLMDGDV JREHUQDED VREUH ORV UHLQRV
    PLVWHULRVRV GH ORV IDQWDVPDV \ GH ORV HVStULWXV
    OD EUXMHUtD \ OD PDJLD /D PXMHU 3HUVpIRQH TXH
    VDOH GH XQD HQIHUPHGDG SVLFyWLFD SXHGH TXH
    REWHQJD XQ GLVFHUQLPLHQWR UHIOH[LYR TXH
    LQWX\H HO VLJQLILFDG VLPEyOLFR GH ORV
    DFRQWHFLPLHQWRV 0XFKDV YHFHV FXDQGR VH
    UHFXSHUD \ YXHOYH DO PXQGR GHVGH HO KRVSLWDO
    WLHQHQ XQD FRQFLHQFLD GH RWUD GLPHQVLyQ TXH
    SXHGH VLPEROL]DUVH FRPR HO WHQHU D +pFDWH SRU
    FRPSDxHUD

    9tDV GH FUHFLPLHQWR SHUVRQDO


    3DUD KDFHU XQ FRPSURPLVR XQD PXMHU
    3HUVpIRQH WLHQH TXH OXFKDU FRQ OD .RUp TXH KD\
    GHQWUR GH Vt 'HEH GHFLGLU FDVDUVH \ GHFLU TXH
    Vt VLQ FUX]DU PHQWDOPHQWH ORV GHGRV 6L OR
    KDFH HO PDWULPRQLR SXHGH WUDQVIRUPDUOD
    JUDGXDOPHQWH \ FRQYHUWLUOD GH XQD QLxD HWHUQD
    HQ XQD PXMHU PDGXUD 6L VH HPEDUFD HQ XQD
    FDUUHUD SURIHVLRQDO WDPELpQ WLHQH TXH DGTXLULU
    XQ FRPSURPLVR \ SHUPDQHFHU HQ HOOD SDUD VX
    FUHFLPLHQWR SHUVRQDO \ SDUD WULXQIDU
    8QD PXMHU 3HUVpIRQH SXHGH LU PiV DOOi GH
    3HUVpIRQH OD .RUp VL WLHQH TXH HQIUHQWDU OD
    YLGD SRU Vt PLVPD \ FXLGDU Vt 3DUD PXFKDV
    KLMDV SULYLOHJLDGDV OD SULPHUD YH] TXH HV
    SRVLEOH HVWD LQGHSHQGHQFLD HV GHVSXpV GH
    GLYRUFLDUVH +DVWD HQWRQFHV KDQ KHFKR
    H[DFWDPHQWH OR TXH VH HVSHUDED GH HOODV (UDQ
    KLMDV SURWHJLGDV TXH VH FDVDURQ FRQ KRPEUHV
    MyYHQHV DGHFXDGRV (Q SDUWH VH GLYRUFLDQ
    SRUTXH FRQVLGHUDQ HO PDWULPRQLR FRPR XQD
    HVSHFLH GH FDXWLYHULR 1R IXHURQ
    WUDQVIRUPDGDV SRU HO PDWULPRQLR HQ YH] GH
    HOOR VH GDQ FXHQWD GHVSXpV GH TXH HO GLYRUFLR
    VH FRQYLHUWH HQ VX ULWR GH SDVR $OJXQDV
    PXMHUHV 3HUVpIRQH VyOR VRQ FDSDFHV GH
    HYROXFLRQDU FXDQGR HFKDQ HQ IDOWD D DOJXLHQ
    TXH KDJD ODV FRVDV SRU HOOD R DOJXLHQ D TXLHQ
    FXOSDU /D QHFHVLGDG VH FRQYLHUWH HQ VX
    PDHVWUD FXDQGR WLHQHQ TXH HQIUHQWDUVH D
    JULIRV TXH JRWHDQ FXHQWDV EDQFDULDV \ D OD
    QHFHVLGDG GH WUDEDMDU
    8QD PXMHU 3HUVpIRQH SXHGH HYROXFLRQDU HQ
    YDULDV GLUHFFLRQHV GLIHUHQWHV TXH FRQVWLWX\HQ
    SRWHQFLDOHV LQWUtQVHFRV GHO DUTXHWLSR TXH VH
    H[SRQHQ D FRQWLQXDFLyQ  PHGLDQWH OD
    DFWLYDFLyQ GH RWURV DUTXHWLSRV GH GLRVDV
    GHVFULWRV D OR ODUJR GH HVWH OLEUR  R HO
    GHVDUUROOR GH VX iQLPXV GHVFULWR HQ HO
    FDStWXOR VREUH $IURGLWD 

    9ROYHUVH XQD PXMHU DSDVLRQDGD \ VH[XDO


    /D PXMHU 3HUVpIRQH SXHGH VHU XQD PXMHU
    LQVHQVLEOH D OD UHODFLyQ VH[XDO TXH VH VLHQWH
    YLRODGD R VLPSOHPHQWH XQD PXMHU
    FRPSODFLHQWH FXDQGR HVWi HQ HOOD (VWH WLSR GH
    PXMHU SXHGH TXH GLJD ³&XDQGR SDVD XQD
    VHPDQD Vp TXH HVWi HQRMDGR FRQPLJR D FDXVD
    GH OD UHODFLyQ VH[XDO´ ³PLHQWUDV OR KDFHPRV
    SLHQVR HQ UHFHWDV GH FRFLQD´ ³DOJXQDV YHFHV
    UHDOPHQWH WHQJR GRORU GH FDEH]D´ R ³PH
    GLVJXVWD KDFHUOR´ 3HUR WDPELpQ SXHGH
    WUDQVIRUPDUVH HQ XQD VHxRUD VHQVXDO \
    VH[XDOPHQWH DWUDFWLYD +H RtGR FRPR HVWD
    WUDQVIRUPDFLyQ VXFHGH FRQ IUHFXHQFLD HQ
    PXMHUHV TXH KD YLVWR HQ PL FRQVXOWD R HQ ODV
    HVSRVDV GH KRPEUHV TXH PH KDQ KDEODGR GH
    HOOR
    'H KHFKR XQD LQLFLDFLyQ VH[XDO TXH SRQH D
    XQD PXMHU HQ FRQWDFWR FRQ VX SURSLD
    VH[XDOLGDG HV XQ SRWHQFLDO GHO DUTXHWLSR GH
    3HUVpIRQH DFRUGH FRQ OD PLWRORJtD 8QD YH]
    3HUVpIRQH IXH OD UHLQD GHO PXQGR VXEWHUUiQHR
    WXYR XQD FRQH[LyQ R XQ YtQFXOR FRQ $IURGLWD
    GLRVD GHO $PRU \ GH OD EHOOH]D 3HUVpIRQH
    SXHGH UHSUHVHQWDU HO DVSHFWR VXEWHUUiQHR GH
    $IURGLWD VX VH[XDOLGDG HV PiV LQWURYHUWLGD R
    XQD VH[XDOLGDG GXUPLHQWH 6HJ~Q OD PLWRORJtD
    $GRQLV IXH DPDGR WDQWR SRU $IURGLWD FRPR SRU
    3HUVpIRQH < DPEDV GLRVDV WXYLHURQ
    LJXDOPHQWH FRPR VtPEROR OD JUDQDGD
    $GHPiV OD DFHSWDFLyQ GH 3HUVpIRQH GH ORV
    JUDQRV GH JUDQDGD GDGRV SRU +DGHV
    VLJQLILFDURQ TXH HOOD UHWRUQDUtD
    YROXQWDULDPHQWH D pO 0HGLDQWH HVWH DFWR
    GHMDED GH VHU QRYLD D VX SHVDU 6H FRQYLUWLy HQ
    VX HVSRVD \ HQ OD UHLQD GHO PXQGR
    VXEWHUUiQHR GHMDQGR GH VHU FDXWLYD (Q OD YLGD
    UHDO D YHFHV WUDV DxRV GH PDWULPRQLR XQD
    HVSRVD 3HUVpIRQH GHMD GH VHQWLU TXH HVWi
    SULVLRQHUD GH XQ PDULGR RSUHVLYR \ HJRtVWD FRQ
    HO TXH KD HVWDGR FDVDGR FRQ UHVHQWLPLHQWR
    (PSLH]D D VHQWLU GH RWUD PDQHUD VyOR FXDQGR
    HV FDSD] GH YHUOH FRPR XQ KRPEUH YXOQHUDEOH
    GHFHQWH H LPSHUIHFWR \ SXHGH DSUHFLDUOH \
    DPDUOH &XDQGR FDPELD VX SHUFHSFLyQ SXHGH
    TXH pO VHSD SRU SULPHUD YH] GHVGH TXH VH
    FDVDURQ TXH HOOD HVWi FRQ pO SDUD TXHGDUVH \
    TXH DGHPiV OH TXLHUH (Q HVWH QXHYR
    FRQFHSWR GH FRQILDQ]D \ GH DPR WDO YH] HOOD
    WHQJD RUJDVPRV SRU SULPHUD YH] \ OH YHD FRPR
    D 'LRQLVRV HO HYRFDGRU GH OD SDVLyQ PiV TXH
    FRPR D +DGHV HO VHFXHVWUDGRU
    (Q OD *UHFLD DQWLJXD HO HVStULWX
    HPEULDJDGRU GH 'LRQLVRV HOHYD D ODV PXMHUHV D
    DOWXUDV H[WiWLFDV eVWH HUD YHQHUDGR HQ ODV
    ILHVWDV GH ODV PRQWDxDV SRU ODV PXMHUHV
    JULHJDV TXH DEDQGRQDQ SHULyGLFDPHQWH VXV
    UHVSHWDEOHV SDSHOHV WUDGLFLRQDOHV VXV KRJDUHV
    \ FDVDV SDUD SDUWLFLSDU HQ RUJtDV UHOLJLRVDV
    'LRQLVRV ODV WUDQVIRUPDED HQ DSDVLRQDGDV
    DPDQWHV /D WUDGLFLyQ \ HO PLWR YLQFXODQ D
    +DGHV \ D 'LRQLVRV VH GHFtD TXH pVWH GRUPtD
    HQ OD FDVD GH 3HUVpIRQH GXUDQWH VXV
    UHDSDULFLRQHV \ HQ ORV LQWHUYDORV HQWUH ODV
    PLVPDV (O ILOyVRIR +HUiFOLWR GLMR ³+DGHV \
    'LRQLVRV SRU OR TXH >ODV PXMHUHV@ VH YXHOYHQ
    ORFDV \ VH OOHQDQ GH FyOHUD VRQ OR PLVPR´>@
    8QD PXMHU 3HUVpIRQH FRQWHPSRUiQHD SXHGH
    WHQHU HO PLVPR HQFXHQWUR ³GLRQLVtDFR´
    SDUDOHOR 8QD PXMHU FRQWDED ³&XDQGR GHMp D
    PL PDULGR VDOt D EXVFDU OR TXH KDED HVWDGR
    HFKDQGR HQ IDOWD GXUDQWH PL PDWULPRQLR
    'HVFXEUt TXH HQ JUDQ PHGLGD OR TXH PH
    IDOWDED VH GHEtD D PL PDQHUD GH VHU WHQVD \
    ELHQ HGXFDGD PH YL D Pt PLVPD FRPR OD
    VHxRULWD 5HPLOJDGD´ (Q XQ FDIp FRQRFLy D XQ
    KRPEUH TXH VH FRQYLUWLy HQ VX DPDQWH (UD
    PX\ VHQVXDO \ OD D\XGy D WRPDU FRQFLHQFLD GH
    ³WHUPLQDFLRQHV QHUYLRVDV TXH DQWHV QL VLTXLHUD
    VDEtD TXH H[LVWLHVHQ´

    (O GHVFXEULPLHQWR GH XQD FDSDFLGDG SDUD OD


    H[SHULHQFLD UHOLJLRVD H[WiWLFD
    /D DILQLGDG DUTXHWtSLFD GH OD GLRVD
    3HUVpIRQH FRQ +pFDWH \ 'LRQLVRV SXHGH
    SURSRUFLRQDU XQD FODYH SDUD ODV FXDOLGDGHV
    H[WiWLFDV \ QXPLQRVDV GH VDFHUGRWLVD TXH
    GHVDUUROODQ DOJXQDV PXMHUHV 3HUVpIRQH eVWDV
    TXHGDQ HPEULDJDGDV SRU HO ULWXDO \ VH VLHQWHQ
    SRVHtGDV SRU XQ GLRV R XQD GLRVD 'HQWUR GHO
    FULVWLDQLVPR SXHGHQ VHU ³FDULVPiWLFDV´ TXH
    ³WLHQHQ HO GRQ GH ODV OHQJXDV´ FXDQGR OHV JXtD
    HO HVStULWX +R\ GtD FRQ HO UHQDFLPLHQWR GHO
    FXOWR D OD GLRVD HQ HO TXH ODV GDQ]DV HQ HVSLUDO
    HYRFDQ HO HVStULWX GH OD GLRVD DOJXQDV PXMHUHV
    TXH SDUHFHQ 3HUVpIRQHV RUGLQDULDV GXUDQWH HO
    GtD VH FRQYLHUWHQ HQ PLVWHULRVDV DPDQWHV
    VHJXLGRUDV GH +pFDWH R GH 'LRQLVRV GXUDQWH OD
    QRFKH

    (O GHVDUUROOR GHO SRWHQFLDO GH PHGLXPV R


    SHUVRQDV SVtTXLFDV
    3HUVpIRQH FRPR JXtD GH ORV PRUWDOHV TXH
    YLVLWDEDQ HO PXQGR VXEWHUUiQHR SDUD KDEODU D
    ODV VRPEUDV GH OD PXHUWH WHQtD XQD IXQFLyQ
    PHWDIyULFDPHQWH VLPLODU D OD GH ODV PHGLXPV
    TXH GLULJHQ VHVLRQHV \ SHUPLWHQ D ORV HVStULWXV
    GH ORV PXHUWRV KDEODU D WUDYpV GH HOODV HO
    FDUiFWHU GLIXVR GH VX SHUVRQDOLGDG FRQ VX
    UHFHSWLYLGDG JHQHUDOL]DGD \ IDOWD GH FHQWUR GH
    HQIRTXH WDPELpQ IDFLOLWD OD UHFHSFLyQ GH
    SHUFHSFLRQHV H[WUDVHQVRULDOHV 3DUD
    GHVDUUROODU OD FDSDFLGDG SVtTXLFD XQD PXMHU
    3HUVpIRQH KD GH WUDVFHQGHU VX LGHQWLILFDFLyQ
    FRQ OD .RUp SDUD HQFRQWUDU HO HOHPHQWR
    3HUVpIRQH+pFDWH TXH QR WLHQH PLHGR GH OR
    PLVWHULRVR HQFXHQWUD VX KRJDU HQ HO PXQGR
    VXEWHUUiQHR \ VDEH GH PDQHUD LQWXLWLYD
    FXiQGR VH HQFXHQWUD HQ XQD HQFUXFLMDGD
    SHOLJURVD \ GHEH EXVFDU XQD UXWD PiV VHJXUD

    9ROYHUVH XQD JXtD GHO PXQGR VXEWHUUiQHR


    8QD YH] TXH XQD PXMHU 3HUVpIRQH
    GHVFLHQGH DO LQWHULRU GH VXV SURSLDV
    SURIXQGLGDGHV H[SORUD HO UHLQR UHFyQGLWR GHO
    PXQGR DUTXHWtSLFR \ QR WHPH YROYHU D
    H[DPLQDU GH QXHYR OD H[SHULHQFLD SXHGH
    KDFHU GH PHGLDGRUD HQWUH OD UHDOLGDG RUGLQDULD
    \ OD QR RUGLQDULD +D WHQLGR H[SHULHQFLDV
    LUUDFLRQDOHV VREUHFRJHGRUDV R WHUULEOHV
    YLVLRQHV R DOXFLQDFLRQHV R XQ HQFXHQWUR
    HVSLULWXDO QXPLQRVR 6L SXHGH WUDQVPLWLU OR TXH
    KD DSUHQGLGR D WUDYpV GH HOODV SXHGH
    FRQYHUWLUVH HQ XQD JXtD SDUD ORV GHPiV 3RU
    HMHPSOR FXDQGR HVWXGLDED PL HVSHFLDOLGDG GH
    SVLTXLDWUtD XQ OLEUR HVFULWR SRU ³5HQHH´
    $XWRELRJUDSK\ RI D 6FKL]RSKUHQLF *ULO PH
    SURSRUFLRQy YtYLGDV FRPSUHQVLRQHV LQWHUQDV
    GH OD H[SHULHQFLD VXEMHWLYD GH VHU SVLFyWLFD>@
    8QD PXMHU 3HUVpIRQH TXH KD HVWDGR HQ HO
    PXQGR VXEWHUUiQHR \ KD YXHOWR WDPELpQ
    SXHGH VHU XQD WHUDSHXWDJXtD FRQ FDSDFLGDG
    SDUD FRQHFWDU D RWUDV SHUVRQDV FRQ VXV SURSLDV
    SURIXQGLGDGHV JXLiQGRODV D HQFRQWUDU HO
    VLJQLILFDGR VLPEyOLFR \ OD FRPSUHQVLyQ GH OR
    TXH HQFXHQWUD HQ HOODV
     ± /$6 ',26$6 $/48Ë0,&$6

    $IURGLWD
    $ $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D OD VLW~R HQ XQD
    FDWHJRUtD SRU GHUHFKR SURSLR FRPR OD GLRVD DOTXtPLFD XQD
    FDOLILFDFLyQ DGHFXDGD SDUD HO SURFHVR PiJLFR R SRGHU GH
    WUDQVIRUPDFLyQ TXH HOOD SRU Vt VROD SRVHtD 6HJ~Q OD PLWRORJtD
    JULHJD$IURGLWDHUDXQDSUHVHQFLDVREUHFRJHGRUDTXHKDFtDTXHORV
    PRUWDOHV\ODVGHLGDGHV DH[FHSFLyQGHODVWUHVGLRVDVYtUJHQHV VH
    HQDPRUDVHQ\FRQFLELHUDQQXHYDYLGD&RQ3LJPDOLyQFRQYLUWLyXQD
    HVWDWXD HQ XQD PXMHU YLYD SRU HO FRQWUDULR $WHQHD FRQYHUWtD D ODV
    SHUVRQDVHOSLHGUD (UDHOODTXLHQLQVSLUDEDODSRHVtD\ORVGLVFXUVRV
    SHUVXDVLYRV\VLPEROL]DHOSRGHUWUDQVIRUPDGRU\FUHDWLYRGHODPRU
    $XQTXH WLHQHQ DOJXQDV FDUDFWHUtVWLFDV FRPXQHV FRQ ODV GLRVDV
    YtUJHQHV \ FRQ ODV 'LRVDV YXOQHUDEOHV QR SHUWHQHFH D QLQJXQR GH
    HVWRVGRVJUXSRV&RPRODGLRVDTXHWXYRPiVUHODFLRQHVVH[XDOHV
    GHILQLWLYDPHQWH$IURGLWDQRIXHXQDGLRVDYLUJHQDSHVDUGHTXHVH
    SDUHFtD D $UWHPLVD $WHQHD \ +HVWLD HQ KDFHU OR TXH OH SODFtD
    7DPSRFRIXHXQD'LRVDYXOQHUDEOHDSHVDUGHTXHVHSDUHFtDD+HUD
    'HPpWHU R 3HUVpIRQH HQ HVWDU YLQFXODGD D GHLGDGHV PDVFXOLQDV \R
    HQWHQHUKLMDVRV6LQHPEDUJRDGLIHUHQFLDGHHOODV$IURGLWDQXQFD
    IXH HVFRJLGD FRPR YtFWLPD \ QR VXIULy FRPR WDO (Q WRGDV VXV
    UHODFLRQHVORVVHQWLPLHQWRVGHGHVHRIXHURQUHFtSURFRVQXQFDIXHOD
    YtFWLPDGHODSDVLyQLQGHVHDGDGHXQKRPEUHSRUHOOD9DORUDEDPiV
    OD H[SHULHQFLD HPRFLRQDO FRQ ORV GHPiV TXH VX LQGHSHQGHQFLD GH
    HOORV TXHHUDORTXHPRWLYDEDDODVGLRVDVYtUJHQHV RORVYtQFXORV
    SHUPDQHQWHV TXHFDUDFWHUL]DEDQDODVGLRVDVYXOQHUDEOHV 
    (QWDQWRTXHODGLRVDDOTXtPLFD$IURGLWDWLHQHHQFRP~QDOJXQDV
    VLPLOLWXGHV FRQ ODV RWUDV GRV FDWHJRUtDV DXQTXH HV LQWUtQVHFDPHQWH
    GLIHUHQWH GH DPEDV 3DUD $IURGLWD ODV UHODFLRQHV VRQ LPSRUWDQWHV
    SHUR QR FRPR FRPSURPLVRV D ODUJR SOD]R FRQ RWUDV SHUVRQDV
    FDUDFWHUtVWLFRV GH ODV GLRVDV YXOQHUDEOHV  $IURGLWD EXVFD FRQVXPDU
    UHODFLRQHV\JHQHUDUQXHYDYLGD(VWHDUTXHWLSRSXHGHH[SUHVDUVHD
    WUDYpV GH OD UHODFLyQ ItVLFD D WUDYpV GH XQ SURFHVR FUHDWLYR /R TXH
    EXVFD HOOD GLILHUH GH OR TXH EXVFDQ ODV GLRVDV YtUJHQHV SHUR VH
    SDUHFHDHOODVHQTXHHVFDSD]GHFHQWUDUVHHQORTXHSDUDHOODWLHQH
    SHUVRQDOPHQWHVHQWLGRORVGHPiVQRSXHGHQDSDUWDUODGHVXPHWD
    < HQ FXDQWR TXH OR TXH HOOD YDORUD HV SXUDPHQWH VXEMHWLYR \ QR
    SXHGHPHGLUVHHQWpUPLQRVGHp[LWRRGHUHFRQRFLPLHQWR$IURGLWDHV
    SDUDGyMLFDPHQWH  PX\ VLPLODU D OD DQyQLPD H LQWURYHUWLGD +HVWLD
    TXHDSDUHQWHPHQWHHVODGLRVDPHQRVSDUHFLGDD$IURGLWD
    &XDOTXLHU SHUVRQD R FXDOTXLHU FRVD TXH VHD LPSUHJQDGD GH
    EHOOH]D SRU $IURGLWD HV LUUHVLVWLEOH 6H SURGXFH XQD DWUDFFLyQ
    PDJQpWLFDVHSURGXFHXQD³TXtPLFD´HVSHFLDOHQWUHGRVSHUVRQDV\
    GHVHDQ OD XQLyQ SRU HQFLPD GH FXDOTXLHU RWUD FRVD 6LHQWHQ XQ
    LPSXOVRGHDFHUFDUVHGHOOHJDUDOFRLWRDODFRQVXPDFLyQGHODFWR
    ³FRQRFHU´ DO RWUR VHJ~Q HO WpUPLQR EtEOLFR $XQTXH HVWH tPSHWX
    SXHGH VHU SXUDPHQWH VH[XDO HO HPSXMH VXHOH VHU PiV SURIXQGR \
    UHSUHVHQWDXQLPSXOVRSVLFROyJLFR\HVSLULWXDO(OWpUPLQRFRLWDHVWi
    UHODFLRQDGRFRQFRPXQLFDFLyQRFRPXQLyQFRQVXPDFLyQVXJLHUHXQD
    LQFLWDFLyQ D OD UHDOL]DFLyQ R SHUIHFFLyQ XQLyQ HV IXQGLUVH MXQWRV
    FRPRXQDPLVPDSHUVRQD\FRQRFHUHVHQWHQGHUUHDOPHQWHDORWUR
    (O GHVHR GH FRQRFHU \ VH FRQRFLGR HV OR TXH SURGXFH $IURGLWD 6L
    HVWH GHVHR FRQGXFH D OD LQWLPLGDG ItVLFD GH HOOD SXHGH VHJXLUVH OD
    IHFXQGDFLyQ \ XQD QXHYD YLGD 6L OD XQLyQ HV WDPELpQ GH PHQWH
    FRUD]yQ \R HVStULWX VH FUHD XQ QXHYR FUHFLPLHQWR HQ ODV HVIHUDV
    SVLFROyJLFDHPRFLRQDORHVSLULWXDO
    &XDQGR$IURGLWDLQIOX\HHQXQDUHODFLyQVXHIHFWRQRVHOLPLWDD
    ORURPiQWLFRRDORVH[XDO(ODPRUSODWyQLFRODFRQH[LyQGHODOPD
    ODDPLVWDGSURIXQGDODUHODFLyQODFRPSUHQVLyQHPSiWLFDVRQWRGDV
    HOODV H[SUHVLRQHV GHO DPRU $OOt GRQGH VH JHQHUH FUHFLPLHQWR VH
    DSR\HXQDYLVLyQVHGHVDUUROOHHOSRWHQFLDOVHDOLHQWHXQDFKLVSDGH
    FUHDWLYLGDG ²FRPR VXFHGH HQ OD DFWLYLGDG GH KDFHU GH PHQWRUD
    FRQVHMHURDSDGUHVRODDFWLYLGDGGHGLUHFFLyQHQVHxDQ]DHGLFLyQ
    SVLFRWHUDSLD\DQiOLVLV²DOOtHVWi$IURGLWDLQIOX\HQGRHQODVSHUVRQDV
    LQYROXFUDGDV

    &DOLGDG GH OD FRQFLHQFLD FRPR ³D OD OX] GH ODV


    FDQGLOHMDV´
    /D FDOLGDG GH OD FRQFLHQFLD TXH VH DVRFLD FRQ $IURGLWD HV ~QLFD
    /DV GLRVDV YtUJHQHV VH DVRFLDQ FRQ OD FRQFLHQFLD FHQWUDGD \ VRQ
    DUTXHWLSRV TXH SRVLELOLWDQ TXH ODV PXMHUHV VH FRQFHQWUHQ HQ ORTXH
    WLHQH LPSRUWDQFLD SDUD HOODV /D UHFHSWLYLGDG GH ODV GLRVDV
    YXOQHUDEOHV HVWi LJXDODGD SRU VX FRQFLHQFLD GLIXVD 3HUR $IURGLWD
    WLHQHXQDFXDOLGDGGHFRQFLHQFLDSURSLDTXH\ROODPRFRQFLHQFLDGH
    $IURGLWD HVWi FHQWUDGD SHUR HV UHFHSWLYD HVWH WLSR GH FRQFLHQFLD
    LQFRUSRUDHOREMHWRGHODDWHQFLyQSHURWDPELpQVHYHDIHFWDGDSRU
    pVWH
    /DFRQFLHQFLDGH$IURGLWDVHFHQWUDPiV\HVPiVLQWHQVDTXHOD
    FRQFLHQFLD GLIXVD GH ODV GLRVDV YXOQHUDEOHV 3HUR HV XQD FRQFLHQFLD
    PiV UHFHSWLYD \ DWHQWD DO REMHWR GH VX DWHQFLyQ TXH OD FRQFLHQFLD
    FHQWUDGDGHODVGLRVDVYtUJHQHV$VtSXHVQRHVQRFRPRODOiPSDUD
    GHXQFXDUWRGHHVWDUTXHLOXPLQDWRGRORTXHFDHGHQWURGHOUDGLR
    GHVXEULOORFRQXQDOX]FiOLGD\VXDYHQLFRPRXQIRFRRXQUD\R
    OiVHU &RQVLGHUR TXH OD FRQFLHQFLD GH $IURGLWD HV FRPR ODV OXFHV GH
    XQWHDWURTXHLOXPLQDQHOHVFHQDULR/RTXHPDQWHQHPRVDODOX]GH
    ODV FDQGLOHMDV UHIXHU]D GUDPDWL]D R PDJQLILFD HO LPSDFWR GH OD
    H[SHULHQFLD VREUH QRVRWURV ,QFRUSRUDPRV OR TXH YHPRV \ OR TXH
    RtPRV\UHDFFLRQDPRVDHOOR(VWDLOXPLQDFLyQHVSHFLDOFRQWULEX\HD
    H[WDVLDUQRVDQWHXQDVLQIRQtDFRQPRYHUQRVDQWHXQDREUDGHWHDWUR
    R ODV SDODEUDV GH XQ RUDGRU ORV VHQWLPLHQWRV ODV VHQVDFLRQHV ODV
    LPSUHVLRQHV\ORVUHFXHUGRVVDOHQGHQRVRWURVHQUHVSXHVWDDORTXH
    YHPRV\RtPRV$VXYH]ORTXHHVWiQHQHVFHQDSXHGHOOHJDUDVHU
    LQVSLUDGRSRUODDXGLHQFLD\GLQDPL]DGRVSRUODUHODFLyQTXHVLHQWHQ
    TXHVHGLULJHKDFLDHOOR
    /R TXH HVWi ³D OD OX] GH ORV IRFRV´ DEVRUEH QXHVWUD DWHQFLyQ
    6RPRVDUUDVWUDGRVVLQHVIXHU]RKDFLDORTXHYHPRV\SHUPDQHFHPRV
    UHODMDGRVHQQXHVWUDFRQFHQWUDFLyQ9HDPRVORTXHYHDPRVEDMROD
    OX] GRUDGD GH OD FRQFLHQFLD GH $IURGLWD VH YXHOYH IDVFLQDQWH HO
    URVWURRHOFDUiFWHUGHXQDSHUVRQDXQDLGHDDFHUFDGHODQDWXUDOH]D
    GHO XQLYHUVR R OD FXDOLGDG WUDQVO~FLGD \ OD IRUPD GH XQD WD]D GH
    SRUFHODQD
    &XDOTXLHUD TXH VH KD\D HQDPRUDGR DOJXQD YH] GH XQD SHUVRQD
    GHXQOXJDUXQDLGHDRXQREMHWRHQIRFDVXDWHQFLyQVREUHHOORVFRQ
    ODFRQFLHQFLDGH$IURGLWD3HURQRWRGRVORVTXHXWLOL]DQODFRQFLHQFLD
    GH $IURGLWD HVWiQ HQDPRUDGRV (O PRGR ³HQDPRUDG´ GH $IURGLWD GH
    FRQVLGHUDUDODRWUDSHUVRQDFRPRVLpVWDIXHUDIDVFLQDQWH\EHOODHV
    FDUDFWHUtVWLFRGHODVPXMHUHVTXHSHUVRQLILFDQHODUTXHWLSR\HVXQD
    PDQHUDQDWXUDOGHUHODFLRQDUVH\GHWHQHULQIRUPDFLyQSDUDPXFKDV
    PXMHUHV \ KRPEUHV  D ODV TXH OHV JXVWD OD JHQWH \ HQIRFDQ
    GHOLEHUDGDPHQWHWRGDVXDWHQFLyQVREUHpVWD
    /DVPXMHUHVGHHVWHWLSRLQFRUSRUDQDODVSHUVRQDVGHODPLVPD
    PDQHUD TXH XQ FRQRFHGRU GH YLQRV FRQVLGHUD \ WRPD QRWD GH ODV
    FDUDFWHUtVWLFDVGHXQEXHQYLQRQXHYR3DUDDSUHFLDUWRWDOPHQWHHVWD
    PHWiIRUDSXHGHLPDJLQDUVHDXQHQyORJRGLVIUXWDQGRGHOSODFHUGH
    IDPLOLDUL]DUVHFRQXQYLQRGHVFRQRFLGR(VWDSHUVRQD HOODRpO DO]D
    ODFRSDDODOX]SDUDREVHUYDUHOFRORU\ODFODULGDGGHOYLQR,QKDODHO
    ³ERXTXHW´\WRPDXQOLJHURVRUERSDUDDSUHFLDUHOFDUiFWHU\FXHUSR
    GHOYLQRDGHPiVVDERUHDHOJXVWRTXHTXHGDGHVSXpV3HURVHUtDXQ
    HUURU SHQVDU TXH OD ³DWHQFLyQ DPRURVD´ \ HO LQWHUpV TXH KD SXHVWR
    HQHOYLQRVLJQLILFDTXHHOYLQRHQFXHVWLyQVHDHVSHFLDOGHYDORUR
    LQFOXVRTXHOHKD\DJXVWDGR
    eVWD HV OD HTXLYRFDFLyQ TXH VXHOHQ FRPHWHU ODV SHUVRQDV TXH
    UHVSRQGH D XQD PXMHU TXH XWLOL]D OD FRQFLHQFLD GH $IURGLWD $O FDHU
    HQ HO EULOOR GH VX DWHQFLyQ OD VLHQWHQ FDXWLYDGRUD FRPR VL HOOD
    DFWLYDPHQWH OHV KLFLHUD UHDFFLRQDU GH XQD PDQHUD DILUPDWLYD HQ
    OXJDU GH REMHWLYD R FUtWLFD  eVWH HV H HVWLOR TXH HOOD WLHQH GH VHU
    DXWpQWLFD\GHLQYROXFUDUVHGHPDQHUDPRPHQWiQHDHQWRGRORTXH
    OHLQWHUHVD(OHIHFWRVREUHORVGHPiVSXHGHVHUGHVHGXFFLyQSHUR
    WDPELpQVHUHTXtYRFRVLVXPDQHUDGHLQWHUDFWXDUFUHDODLPSUHVLyQ
    GHTXHHOODHVWiDWUDtGDRHQDPRUDGDFXDQGRHQUHDOLGDGQRORHVWi

    /D FRQFLHQFLD GH $IURGLWD FUHDWLYLGDG \


    FRPXQLFDFLyQ
    0L SURSLR GHVFXEULPLHQWR GH OD FRQFLHQFLD GH DIURGLWD FRPHQ]y
    FRQ OD REVHUYDFLyQ GH TXH QL ³OD FRQFLHQFLD FHQWUDGD´ QL ³OD
    FRQFLHQFLD GLIXVD´ GHVFULEtD OR TXH \R KDFtD HQ PL WUDEDMR
    SVLFRWHUDSpXWLFR $O FRPSDUDU PLV REVHUYDFLRQHV FRQ DUWLVWDV \
    HVFULWRUHV GHVFXEUt TXH HQ XQ WUDEDMR FUHDWLYR HQWUDED HQ
    IXQFLRQDPLHQWR XQD WHUFHUD PRGDOLGDG D OD TXH OOHJXH D OODPDU ³OD
    FRQFLHQFLDGH$IURGLWD´
    (Q XQD VHVLyQ GH WHUDSLD REVHUYp TXH YDULRV SURFHVRV HVWiQ HQ
    PDUFKD VLPXOWiQHDPHQWH (VWR\ DEVRUWD HVFXFKDQGR D PL SDFLHQWH
    TXH FDSWD WRGD PL DWHQFLyQ \ FRPSDVLyQ $O PLVPR WLHPSR PL
    PHQWHHVWiDFWLYDKDFLHQGRDVRFLDFLRQHVHQUHODFLyQDORTXHHVWR\
    R\HQGR 0H YLHQHQ DO HVStULWX FRVDV TXH \D FRQR]FR GH OD SHUVRQD
    WDO YH] XQ VXHxR GHO SDVDGR TXH Vp VREUH VX IDPLOLD XQ KHFKR
    DQWHULRURDFRQWHFLPLHQWRVGHHVWHPRPHQWRGHVXYLGDTXHSXHGHQ
    VHU VLJQLILFDWLYRV  $ YHFHV VXUJH XQD LPDJHQ R VH SUHVHQWD XQD
    PHWiIRUD2SXHGRWHQHUXQDUHVSXHVWDHPRFLRQDOSURSLDUHVSHFWRD
    OR TXH VH GLFH R D OD PDQHUD GH H[SUHVDUOR TXH WRPR HQ
    FRQVLGHUDFLyQ 0L PHQWH WUDEDMD DFWLYDPHQWH SHUR GH XQD PDQHUD
    UHFHSWLYD HVWLPXODGD SRU PL DEVRUWD FRQFHQWUDFLyQ HQ OD RWUD
    SHUVRQD
    /RTXHUHVSRQGRHQXQDVHVLyQGHDQiOLVLVHVFRPRSDUWHGHXQ
    JUDQ PRVDLFR XQ GHWDOOH LPSRUWDQWH GH XQD LPDJHQ PXFKR PiV
    DPSOLD ²VyOR SDUFLDOPHQWH FRPSOHWDGD² GH HVD SHUVRQD TXH KDFH
    XQD WHUDSLD FRQPLJR \ TXH HV DOJXLHQ FRQ TXLHQ HVWR\ LQYROXFUDGD
    HQ XQ SURFHVR UHFtSURFR 6L HVWDPRV FRPSURPHWLGRV HQ XQ WUDEDMR
    GH WUDQVIRUPDFLyQ VH JHQHUD HQWUH QRVRWUDV XQ FDPSR HPRFLRQDO
    VXILFLHQWHPHQWHSRGHURVRFRPRSDUDTXHQRVDIHFWHDODVGRV&RPR
    VHxDODED -XQJ HO DQiOLVLV LPSOLFD OD WRWDOLGDG GH DPEDV
    SHUVRQDOLGDGHV7DQWRODVDFWLWXGHVFRQVFLHQWHVFRPRORVHOHPHQWRV
    LQFRQVFLHQWHV GHO GRFWRUD \ GHO ²R GH OD SDFLHQWH² HVWiQ
    LPSOLFDGRVHQXQSURFHVRHQHOTXHDPERVDVVHYHQSURIXQGDPHQWH
    DIHFWDGRVDV ³4XH VH HQFXHQWUHQ GRV SHUVRQDOLGDGHV HV FRPR
    PH]FODU GRV VXVWDQFLDV TXtPLFDV GLIHUHQWHV VH SURGXFH FXDOTXLHU
    FODVHGHFRPELQDFLyQDPEDVTXHGDQWUDQVIRUPDGDV´>@
    $OGHGLFDUPHDODWHUDSLDJUDGXDOPHQWHWRPpFRQFLHQFLDGHTXH
    ²DGHPiVGHGHODFRQFLHQFLDGH$IURGLWDLQWHUDFWLYD\UHFHSWLYDTXH
    IDFLOLWD HO FDPELR \ HO FUHFLPLHQWR² \R WDPELpQ WHQtD XQD GLVWDQFLD
    HPRFLRQDO ySWLPD 6L PLV VHQWLPLHQWRV VRQ GHPDVLDGR LQWHQVRV RVL
    PH LGHQWLILFR PXFKR FRQ PL SDFLHQWH SLHUGR DOJXQD REMHWLYLGDG
    HVHQFLDO 6L HVWR\ GHPDVLDGR GLVWDQWH \ FDUH]FR GH DPRU SRU PL
    SDFLHQWH SLHUGR XQD FRQH[LyQ HPSiWLFD FUXFLDO VLQ OD FXDO QR KD\
    VXILFLHQWH HQHUJtD WUDQVIRUPDGRUD SDUD SURGXFLU XQ FDPELR PiV
    SURIXQGR &RPR FRUUHVSRQGH D $IURGLWD TXH SRVHtD OD
    LQYXOQHUDELOLGDG GH XQD GLRVD YLUJHQ \ OD LPSOLFDFLyQ GH XQD GLRVD
    YXOQHUDEOHODFRQFLHQFLDGH$IURGLWDWLHQHDPEDVFXDOLGDGHV
    /D FRQFLHQFLD GH $IURGLWD HVWi SUHVHQWH HQ WRGR HO WUDEDMR
    FUHDWLYR LQFOX\HQGR HO TXH VH KDFH HQ VROHGDG (O GLiORJR GH
    ³UHODFLyQ´VHHQFXHQWUDHQHVHFDVRHQWUHODSHUVRQD\HOWUDEDMRGHO
    FXDO HPHUJH DOJR 3RU HMHPSOR REVHUYHPRV HO SURFHVR GH XQD
    SLQWRUD FRQFHQWUDGD HQ VX SLQWXUD \ HQ VX OLHQ]R 6H SURGXFH XQ
    LQWHUFDPELR GH DEVRUFLyQ OD DUWLVWD UHDFFLRQD R HV UHFHSWLYD D ORV
    DFFLGHQWHV FUHDWLYRV GH OD SLQWXUD \ HO SLQFHO HPSLH]D GH PDQHUD
    DFWLYD FRQ WUD]RV HQpUJLFRV ORV PDWLFHV \ HO FRORU \ GHVSXpV
    UHVSRQGHDORTXHYHTXHYDUHVXOWDGR6HWUDWDGHXQDLQWHUDFFLyQ
    ODHVSRQWDQHLGDGVHFRPELQDFRQODSURIHVLRQDOLGDG6HWDWDGHXQD
    LQWHUDFFLyQHQWUHODDUWLVWD\HOOLHQ]R\FRPRUHVXOWDGRVHFUHDDOJR
    TXHSUHYLDPHQWHQRH[LVWtD
    (V PiV PLHQWUDV OD SLQWRUD VH FHQWUD HQ HO GHWDOOH TXH WLHQH
    IUHQWHDHOODWDPELpQPDQWLHQHODSHUFHSFLyQGHWRGRHOOLHQ]RHQVX
    FRQFLHQFLD 'H YH] HQ FXDQGR UHWURFHGH \ YH GH PDQHUD REMHWLYD
    DTXHOOR HQ OR TXH KD HVWDGR LQYROXFUDGD GH XQD PDQHUD WDQ
    VXEMHWLYD 6H HQFXHQWUD DEVRUWD H LPSOLFDGD SHUR WDPELpQ GH
    DOJXQDPDQHUDREMHWLYDPHQWHGHVDSHJDGD
    7DQWR HQ OD EXHQD FRPXQLFDFLyQ FRPR HQ HO SURFHVR FUHDWLYR
    H[LVWH XQD LQWHUDFFLyQ 3RU HMHPSOR XQD FRQYHUVDFLyQ SXHGH VHU
    EDQDO VLQ VHQWLGR KLULHQWH R SXHGH VHU XQD IRUPD GH DUWH WDQ
    HVSRQWiQHD FRQPRYHGRUD \ PDUDYLOORVD FRPR VHVLRQHV GH
    LPSURYLVDFLyQPXVLFDORGHMD]]FXDQGRHODOPDDO]DHOYXHORFRQOD
    P~VLFD \ UHPRQWD D DOWXUDV H[WiWLFDV HQ DOJ~Q PRPHQWR HQ XQ
    SURIXQGRDFRUGH/DLQWHUDFFLyQHVHVSRQWiQHDHQODIRUPDSHURVX
    VXVWDQFLD SXHGH VHU KRQGD \ FRQPRYHGRUD /DV SHUVRQDV TXH
    FRQYHUVDQ VLHQWHQ H[FLWDFLyQ \ XQD VHQVDFLyQ GH GHVFXEULU FRVDV
    QXHYDV FXDQGR FDGD XQD ODQ]D XQD UHVSXHVWD D OD RWUD $PEDV
    H[SHULPHQWDQ OD FRQFLHQFLD GH $IURGLWD TXH SURSRUFLRQD HO FDPSR
    GHHQHUJtDRWHOyQGHIRQGRSDUDTXHVHSURGX]FDODFRPXQLFDFLyQR
    ODFUHDWLYLGDG$GyQGHSXHGDOOHJDUODP~VLFDRFyPRVHGHVDUUROOH
    ODFRQYHUVDFLyQQRHVDOJRTXHVHFRQR]FDGHVGHHOSULQFLSLRQLTXH
    HVWpSODQLILFDGR(OGHVFXEULPLHQWR²HOQDFLPLHQWRGHDOJRQXHYR²
    HVXQHOHPHQWRFODYHHQODFUHDWLYLGDG\HQODFRPXQLFDFLyQ
    $OOt GRQGH OD FRQFLHQFLD GH $IURGLWD HVWi SUHVHQWH VH JHQHUD
    HQHUJtD ORV DPDQWHV LUUDGLDQ ELHQHVWDU \ IXHU]D DFUHFHQWDGD OD
    FRQYHUVDFLyQ VH KDFH YLYD HVWLPXODQGR ORV SHQVDPLHQWRV \ ORV
    VHQWLPLHQWRV&XDQGRGRVSHUVRQDVVHHQFXHQWUDQGHYHUGDGDPEDV
    UHFLEHQ HQHUJtD GHO HQFXHQWUR \ VLHQWHQ PiV YLWDOLGDG GH OD TXH
    WHQtDQ SUHYLDPHQWH FRQ LQGHSHQGHQFLD GHO FRQWHQLGR GHO PLVPR
    TXH HQ OD WHUDSLD SXHGH VXVFLWDU WHPDV PX\ GRORURVRV (O WUDEDMR
    UHQXHYDODVIXHU]DVHQOXJDUGHDJRWDUODV$EVRUWRVHQODVSHUVRQDV
    FRQODVTXHHVWDPRVRHQORTXHKDFHPRVSHUGHPRVFRQFLHQFLDGHO
    WLHPSRFDUDFWHUtVWLFDTXH$IURGLWDWLHQHHQFRP~QFRQ+HVWLD

    3RUWDGRUDV GH YLVLyQ
    3DUD KDFHU TXH XQ VXHxR VH YXHOYD UHDOLGDG KD\ TXH WHQHU
    SULPHUR XQ VXHxR FUHHU HQ pO \ WUDEDMDU SRU UHDOL]DUOR
    1RUPDOPHQWH HV HVHQFLDO TXH RWUD SHUVRQD TXH VHD VLJQLILFDWLYD
    SDUD QRVRWURV FUHD TXH HVH VXHxR HV SRVLEOH HVD SHUVRQD HV XQD
    SRUWDGRUD GH YLVLyQ FX\D IH VXHOH VHU FUXFLDO 'DQLHO /HYLQVRQ HQ
    6HDVRQVRID0DQ¶V/LIHGHVFULEHODIXQFLyQGHXQD³PXMHUHVSHFLDO´
    HQ OD IDVH GH WUDQVLFLyQ GH XQD MRYHQ KDFLD HO PXQGR DGXOWR
    /HYLQVRQ DVHJXUD TXH WDO PXMHU WLHQH XQD FRQH[LyQ HVSHFLDO FRQ OD
    UHDOL]DFLyQ GHO VXHxR GH DTXpO /H D\XGD D GDU IRUPD DO VXHxR \
    KDFHUORUHDOLGDG/RFRPSDUWHOREHQGLFHFUHHHQHOMRYHQFRPRHO
    KpURH GHO PLVPR VH XQH D pO HQ VX YLDMH GH GHVFXEULPLHQWR \ OH
    SURSRUFLRQDXQVDQWXDULRHQHOTXHSXHGHLPDJLQDUVXVDVSLUDFLRQHV
    \DOLPHQWDUVXVHVSHUDQ]DV>@
    (VWDPXMHUHVSHFLDOHVVLPLODUDODGHVFULSFLyQGH7RQL:ROIGHOD
    ³PXMHU KHWDULD´>@ TXH YLHQH GH OD DQWLJXD SDODEUD JULHJD TXH
    GHVLJQDED D OD FRUWHVDQD TXH WHQtD HGXFDFLyQ \ FXOWXUD \ HUD
    H[FHSFLRQDOPHQWHOLEUHUHVSHFWRDODVPXMHUHVGHDTXHOORVWLHPSRV
    HUDHQDOJXQRVDVSHFWRVFRPRODJHLVKDMDSRQHVD XQWLSRGHPXMHU
    FX\DV UHODFLRQHV FRQ ORV KRPEUHV WLHQHQ FXDOLGDGHV HUyWLFDV \ GH
    FRPSDxtD 3XHGH VHU OD PXMHU TXH LQVSLUD R PXVD 6HJ~Q :ROI OD
    ³KHWDULD´ IHUWLOL]D HO ODGR FUHDWLYR GH XQ KRPEUH \ OH D\XGD D
    UHDOL]DUOR7RQL:ROIDQDOLVWDMXQJXLDQD\DQWLJXDSDFLHQWHGH-XQJ
    IXH VX FROHJD \ VHJ~Q DOJXQDV SHUVRQDV WDPELpQ VX DPDQWH (OOD
    IXH WDO YH] OD ³PXMHU HVSHFLDO´ SDUD -XQJ XQD PXMHU KHWDLUD TXH
    LQVSLUyODWHRUtDMXQJXLDQD
    $YHFHVXQDPXMHUSRVHHHOGRQGHDWUDHUDYDULRVRDPXFKRV
    KRPEUHV KDFLD HOOD TXH OD YHQ FRPR VX ³PXMHU HVSHFLDO´ WLHQH OD
    FDSDFLGDG GH SHUFLELU VXV SRWHQFLDV FUHHU HQ VXV VXHxRV H
    LQVSLUDUOHVSDUDUHDOL]DUORV/RX6DORPp$QGUHDVSRUHMHPSORIXHOD
    PXMHUHVSHFLDOPXVDFROHJD\FRPSDxHUDHUyWLFDGHYDULRVKRPEUHV
    IDPRVRV\FUHDWLYRVHQWUHORVTXHVHHQFRQWUDURQ5LONH1LHW]VFKH\
    )UHXG>@
    /DVPXMHUHVDOLJXDOTXHORVKRPEUHVQHFHVLWDQLPDJLQDUTXHVX
    VXHxRHVSRVLEOH\WHQHUDRWUDSHUVRQDTXHOHVFRQVLGHUHDHOODV\
    FRQVLGHUH VX VXHxR FRQ OD FRQFLHQFLD GH $IURGLWD SRWHQFLDGRUD GHO
    FUHFLPLHQWR 6H HVSHFXOD VREUH SRU TXp H[LVWHQ WDQ SRFDV PXMHUHV
    DUWLVWDVIDPRVDVJUDQGHV³FKHIV´GHFRFLQDGLUHFWRUDVGHRUTXHVWDR
    ILOyVRIDV GH UHQRPEUH HQWUH ODV UD]RQHV TXH VH GDQ SRGUtD VHU
    SRUTXHHVDVPXMHUHVFDUHFHQGHSRUWDGRUHVGHOVXHxR/DVPXMHUHV
    KDQ DOLPHQWDGR HO VXHxR SDUD ORV KRPEUHV PLHQWUDV TXH pVWRV HQ
    JHQHUDOQRKDDOLPHQWDGRHOVXHxRGHPDVLDGRELHQSDUDODVPXMHUHV
    GHVXYLGD
    (VWH HVWDGR GH FRVDV HV XQD FRQVHFXHQFLD SDUFLDO GH ORV UROHV
    HVWHUHRWtSLFRV TXH KDQ OLPLWDGR OD LPDJLQDFLyQ \ VXSULPLGR ODV
    RSRUWXQLGDGHV GH ODV PXMHUHV 3HUR ORV REVWiFXORV WDQJLEOHV
    GLILFXOWDGHV GHO WLSR ³PXMHUHV DEVWHQHUVH´  HVWiQ GLVPLQX\HQGR DO
    WLHPSRTXHDXPHQWDQORVPRGHORVGHUROHV

    (O HIHFWR 3LJPDOLyQ
    &UHR TXH ODVRV SRUWDGRUDVHV GH YLVLyQ WHUDSHXWDV PHQWRUHV
    PDHVWURVRSDGUHV\PDGUHVFRQ³PDQRSDUDODVSODQWDV´EDMRODVRV
    TXHRWUDVSHUVRQDVSXHGDQIORUHFHU\GHVDUUROODUVXVGRQHVHYRFDQ
    OR TXH HO SVLFyORJR LQYHVWLJDGRU 5REHUW 5RVHQWKDO OODPy HO HIHFWR
    3LJPDOLyQ>@ (VWH WpUPLQR GHVFULEH HO SRGHU GH ODV HVSHUDQ]DV
    SRVLWLYDV HQ OD FRQGXFWD GH ORV GHPiV 6H OODPD DVt SRU 3LJPDOLyQ
    TXH VH HQDPRUy GH OD HVFXOWXUD TXH KDEtD UHDOL]DGR GH OD PXMHU
    SHUIHFWDXQDHVWDWXDDODTXH$IURGLWDGLRYLGD\TXHVHFRQYLUWLyHQ
    *DODWHD ,JXDOPHQWHHQODREUDGHWHDWURGH*HRUJH%HUQDG6KDZ
    3LJPDOLyQ +HQU\ +LJJLQV WUDQVIRUPD D XQD MRYHQ IORULVWD GH ORV
    EDUULRVEDMRVGH/RQGUHVHQXQDHOHJDQWHGDPDGHODTXHGHVSXpV
    VHHQDPRUD(VWDREUDGH%HUQDG6KDZLQVSLUyODREUDGH%URDGZD\
    GH-D\/HUQHU0\)DLU/DG\ 
    5RVHQWKDO GHVFXEULy TXH ORV HVWXGLDQWHV YLYHQ VHJ~Q ODV
    HVSHUDQ]DVTXHORVSURIHVRUHVWLHQHQVREUHHOORV HQHOHVWtPXOR\HQ
    HO GHViQLPR  (VWXGLR JUXSRV DLVODGRV GH HVFRODUHV FX\DV QRWDV
    DFDGpPLFDV HPSHRUDEDQ FXDQWR PiV WLHPSR SHUPDQHFtDQ HQ OD
    HVFXHOD 7DOHV QLxDVRV VXHOHQ WHQHU PDHVWURV TXH OHV KDQ
    FRQYHQFLGRTXHODVRVQLxDVRVQRSXHGHQDSUHQGHU5RVHQWKDOLGHy
    XQ SUR\HFWR GH LQYHVWLJDFLyQ SDUD GHWHUPLQDU TXp HV SULPHUR VL OD
    HVSHUDQ]D R ORV UHVXOWDGRV &RQFOX\y TXH QXHVWUDV HVSHUDQ]DV
    HMHUFHQ XQD H[WUDRUGLQDULD LQIOXHQFLD HQ ORV GHPiV GH OD TXH QR
    VROHPRVGDUQRVFXHQWD
    &XDQGR OHt HO HVWXGLR GH 5RVHQWKDO SHQVp VREUH PL SDFLHQWH
    -DQH TXH SURFHGtD GH XQ KRJDU KLVSRQRSDUODQWH \ GH OD TXH VH
    SHQVy DO SULQFLSLR TXH HVWDED UHWUDVDGD HQ OD HVFXHOD (PSH]y HO
    FXDUWRFXUVRSRUGHWUiVGHVXVFRPSDxHUDVGHFODVHWDQFRQYHQFLGD
    FRPR VXV DQWHULRUHV SURIHVRUDV GH TXH QR HUD EULOODQWH 3HUR VX
    SURIHVRUD GH FXDUWR FXUVR OD YLR EDMR XQD SHUVSHFWLYD GLIHUHQWH OD
    HVWLPXOy \ OH SUHVHQWy GHVDItRV FRQILDQGR HQ TXH -DQH SRGUtD
    VXSHUDUORV(VWDDWHQFLyQFRQYLUWLyDHVWDQLxDGHQXHYHDxRVHQXQD
    GHODVSULPHUDVGHODFODVHFDSD]GHH[SUHVDUVH\GHVHQWLUVHELHQ
    FRQVLJR PLVPD $xRV GHVSXpV -DQH WDPELpQ KL]R GH SURIHVRUD SRU
    YRFDFLyQFDSD]GHYHU\GHVDFDUHOPHMRUSRWHQFLDOGHVXVDOXPQDV
    (O HIHFWR 3LJPDOLyQ GH $IURGLWD WDPELpQ VH UHODFLRQD FRQ OR TXH
    SLHQVR TXH HV SDUWH GH VX DOTXLPLD (Q OD (XURSD PHGLHYDO OD
    DOTXLPLDHUDXQSURFHVRItVLFRHQHOTXHVHPH]FODEDQVXVWDQFLDVHQ
    XQ LQWHQWR GH WUDQVIRUPDU PHWDOHV LQIHULRUHV HQ RUR DVt FRPR XQD
    WHQWDWLYD SVLFROyJLFD \ HVRWpULFD GH WUDQVIRUPDU OD SHUVRQDOLGDG GHO
    DOTXLPLVWD 1RVRWUDVRV H[SHULPHQWDPRV OD DOTXLPLD GH $IURGLWD
    FXDQGR QRV VHQWLPRV DWUDtGDVRV SRU RWUD SHUVRQD \ QRV
    HQDPRUDPRVODVHQWLPRVFXDQGRVRPRVWRFDGDVRVSRUHOSRGHUGH
    OD WUDQVIRUPDFLyQ \ GH OD FUHDWLYLGDG OD FRQRFHPRV FXDQGR
    DSUHFLDPRV OD FDSDFLGDG TXH WHQHPRV GH HPEHOOHFHU \ GDU YDORU D
    DTXHOOR VREUH OR TXH SRQHPRV QXHVWUD DWHQFLyQ SRUTXH HVWD
    LPSUHJQDGRGHQXHVWURDPRU&XDOTXLHUFRVDTXHVHDRUGLQDULD\QR
    GHVDUUROODGD HV OD VXVWDQFLD ³LQIHULRU´ GH OD YLGD FRWLGLDQD TXH
    SXHGH FRQYHUWLUVH HQ ³RUR´ PHGLDQWH OD LQIOXHQFLD DOTXtPLFD \
    FUHDWLYD GH $IURGLWD OR PLVPR TXH OD HVWDWXD GH *DODWHD TXH IXH
    FRQYHUWLGDHQXQDPXMHUYLYD\UHDOJUDFLDVDODPRU
     ± $)52',7$ ',26$ '(/ $025
    < '( /$ %(//(=$ 08-(5
    &5($7,9$ < $0$17(

    $IURGLWD OD GLRVD
    $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D D OD TXH ORV URPDQRV
    OODPDURQ 9HQXV HUD OD PiV EHOOD GH WRGDV ODV GLRVDV /RV SRHWDV
    KDEODQGHODEHOOH]DGHVXURVWUR\GHVXIRUPDGHVXFDEHOORGRUDGR
    \ GH VXV RMRV UHVSODQGHFLHQWHV GH VX VXDYH SLHO \ GH VXV
    PDUDYLOORVRVSHFKRV3DUD+RPHURHUD³XQDDPDQWHGHODVULVDV´\
    UHERVDEDXQDLUUHVLVWLEOHHQFDQWR(UDHOWHPDIDYRULWRGHHVFXOWRUHV
    TXH OD UHSUHVHQWDURQ SDUFLDOPHQWH YHVWLGD R HQ XQD HVWDGR GH
    GHVQXGH] TXH UHYHODED VX FXHUSR JUiFLO OD 9HQXV GH 0LOR \ OD
    $IURGLWD GH &QLGRV TXH QRV KD OOHJDGR VyOR D WUDYpV GH FRSLDV
    URPDQDVVRQODVPiVIDPRVDVHQWUHRWUDVPXFKDV 
    ³'RUDGD´ IXHO HO HStWHWR PiV IUHFXHQWH XWLOL]DGR SRU ORV JULHJRV
    SDUD GHVFULELU D $IURGLWD SDUD HOORV VLJQLILFDED ³KHUPRVD´  6HJ~Q
    3DXO )ULHGULFK FRQRFLGR H[SHUWR VREUH $IURGLWD PLHO GRUDGD
    GLVFXUVR GRUDGR VHPHQ GRUDGR VRQ H[SUHVLRQHV OLQJtVWLFDPHQWH
    FRQHFWDGDVTXHVLPEROL]DQORVYDORUHVPiVSURIXQGRVGH$IURGLWDGH
    SURFUHDFLyQ \ FUHDFLyQ YHUEDO>@ 6H OD DVRFLDED FRQ ODV SDORPDV
    HVDVDYHVGHODPRUTXHVHDUUXOODQ\FRQORVFLVQHVFRQRFLGRVSRU
    VX EHOOH]D \ PDQHUD GH HPSDUHMDUVH FRQ ODV IORUHV HVSHFLDOPHQWH
    FRQ ODV URVDV UHJDOR WUDGLFLRQDO GH ORV DPDQWHV FRQ GXOFHV
    IUDJDQFLDV \ IUXWRV HVSHFLDOPHQWH FRQ ODV PDQ]DQDV GRUDGDV \ ODV
    VHQVXDOHV JUDQDGDV GH FRORU URMR SDVLyQ XQ VtPEROR TXH HUD
    WDPELpQFRPSDUWLGRSRU3HUVpIRQH 

    *HQHDORJtD \ PLWRORJtD
    ([LVWHQGRVYHUVLRQHVVREUHHOQDFLPLHQWRPLWROyJLFR\HORULJHQ
    GH$IURGLWD+HVtRWR\+RPHURFXHQWDQGRVKLVWRULDVFRQWUDGLFWRULDV
    HQWUHVt
    (Q OD YHUVLyQ GH +RPHUR $IURGLWD WXYR XQ QDFLPLHQWR
    FRQYHQFLRQDO(UDVLPSOHPHQWHODKLMDGH=HXV\GHODQLQIDGHOPDU
    'LRQH
    (Q OD YHUVLyQ GH +HVtRWR $IURGLWD QDFLy FRPR FRQVHFXHQFLD GH
    XQD DFFLyQ EUXWDO &URQRV TXH PiV DGHODQWH OOHJDUtD D VHU HO
    VREHUDQR GH ORV WLWDQHV \ HO SDGUH GH OD SULPHUD JHQHUDFLyQ GH ORV
    GLRVHV GHO 2OLPSR  WRPy XQD KR] FRUWy ORV JHQLWDOHV GH VX SDGUH
    8UDQR\ORVDUURMyDOPDU(VSXPDEODQFDVHHVSDUFLyDVXDOUHGHGRU
    FRPR HVSHUPD TXH VH PH]FOy FRQ HO PDU GH GRQGH QDFLy $IURGLWD
    TXHHPHUJLyGHHVWDFRQFHSFLyQRFHiQLFDFRPRXQDGLRVDDGXOWD
    /D LPDJHQ GH $IURGLWD HPHUJLHQGR GHO PDU IXH LQPRUWDOL]DGD
    GXUDQWHHO5HQDFLPLHQWRSRU%RWWLFHOOLHQ (OQDFLPLHQWRGH9HQXV²D
    YHFHVOODPDGRLUUHYHUHQWHPHQWH 9HQXVVREUHODPHGLDFRQFKD²6X
    OLHQ]RPXHVWUDXQDILJXUDJUiFLO\GHOLFDGDGHVQXGD\GHSLHVREUH
    XQD FRQFKD PDULQD HPSXMDGD KDFLD OD FRVWD SRU ORV GLRVHV DODGRV
    GHOYLHQWRHQPHGLRGHXQDOOXYLDGHURVDV
    6HGLFHTXH$IURGLWDGHVHPEDUFySULPHURHQODLVODGH&LWHUHVR
    &KLSUH 'HVSXpV DFRPSDxDGD SRU (URV DPRU  H +LPHURV 'HVHR 
    IXHHVFROWDGDDQWHODDVDPEOHDGHODVRVGLRVDVHV\UHFLELGDFRPR
    XQDGHHOODVRV
    0XFKRV GH ORV GLRVHV IDVFLQDGRV SRU VX EHOOH]D SLGLHURQ VX
    PDQR HQ PDWULPRQLR $ GLIHUHQFLD GH RWUDV GLRVDV TXH QR KDEtDQ
    HVFRJLGR D VXV FRPSDxHURV QL D VXV DPDQWHV 3HUVpIRQH IXH
    UDSWDGD+HUDIXHVHGXFLGD'HPpWHUIXHYLRODGD $IURGLWDIXHOLEUH
    GHHVFRJHU(OLJLRD+HIHVWRVHOGLRVFRMRGHORVDUWHVDQRVGHOIXHJR
    \GHODIRUMD'HHVWHPRGRHOKLMRUHFKD]DGRGH+HUDVHFRQYLUWLy
    HQ HO PDULGR GH $IURGLWD DO TXH pVWD HQJDxy IUHFXHQWHPHQWH
    PDQWHQLHQGR UHODFLRQHV FRQ RWURV  $IURGLWD \ +HIHVWRV QR WXYLHURQ
    KLMRV 6X PDWULPRQLR SXHGH UHSUHVHQWDUVH FRPR OD XQLyQ GH OD
    EHOOH]D\GHODDUWHVDQtDGHODFXDOQDFLyHODUWH
    (Q VXV UHODFLRQHV DPRURVDV $IURGLWD VH HPSDUHMy FRQ GLRVHV
    PDVFXOLQRV GHO 2OLPSR GH OD VHJXQGD JHQHUDFLyQ OD JHQHUDFLyQ GH
    ORV KLMRV HQ OXJDU GH FRQ OD JHQHUDFLyQ TXH UHSUHVHQWDED D ORV
    SDGUHV FRQVWLWXLGD SRU =HXV 3RVHLGyQ \ +DGHV $IURGLWD HVWXYR
    VHQWLPHQWDOPHQWH XQLGD D $UHV GLRV GH OD JXHUUD FRQ HO TXH
    PDQWXYRXQDODUJDUHODFLyQ\FRQHOTXHWXYRYDULDVRVKLMDVRV2WUR
    GHVXVDPDQWHVIXH+HUPHVHOPHQVDMHURGHORVGLRVHVTXHJXLDED
    D ODV DOPDV DO PXQGR VXEWHUUiQHR \ TXH HUD HO SDWUyQ GH ORV
    YLDMHURV DWOHWDV ODGURQHV \ FRPHUFLDQWHV \ WDPELpQ GLRV GH OD
    FRPXQLFDFLyQ LQYHQWRU GH ORV LQVWUXPHQWRV PXVLFDOHV \ HO
    HPEXVWHURGHO2OLPSR
    $IURGLWD \ $UHV WXYLHURQ XQD KLMD +DUPRQtD $UPRQtD  \ GRV
    KLMRV 'HLPRV 7HUURU  \ )RERV 0LHGR  TXH DFRPSDxDEDQ D VX
    SDGUHHQODVEDWDOODV$IURGLWD\$UHVUHSUHVHQWDQODXQLyQGHODVGRV
    SDVLRQHV PiV LQFRQWURODEOHV HO DPRU \ OD JXHUUD TXH HQ SHUIHFWR
    HTXLOLEULRSRGtDQSURGXFLUOD$UPRQtD
    (O KLMR GH OD XQLyQ GH $IURGLWD FRQ +HUPHV IXH HO 'LRV ELVH[XDO
    +HUPDIURGLWR TXH KHUHGy OD EHOOH]D GH DPERV SDGUHV OOHYDED HO
    QRPEUH GH DPERV \ WHQtD ODV FDUDFWHUtVWLFDV VH[XDOHV GH ORV GRV
    &RPR VtPEROR +HUPDIURGLWR SXHGH UHSUHVHQWDU OD ELVH[XDOLGDG OD
    DWUDFFLyQHUyWLFDKDFLDORVGRVVH[RV RODDQGUyJLQD ODH[LVWHQFLDHQ
    XQD PLVPD SHUVRQD GH FXDOLGDGHV \ FDSDFLGDGHV WUDGLFLRQDOPHQWH
    FRQVLGHUDGDVFRPRPDVFXOLQDVRIHPHQLQDV 
    6HJ~QDOJXQDVOH\HQGDV(URVGLRVGHODPRUIXHRWURGHORVKLMRV
    GH $IURGLWD $O LJXDO TXH RFXUUH FRQ HOOD ODV OH\HQGDV VREUH VXV
    FRPLHQ]RV PLWROyJLFRV \ VX DSDULFLyQ HQ HO FRVPRV VRQ
    FRQWUDGLFWRULRV +HVtRWR FXHQWD TXH (URV HUD XQD IXHU]D SULPRUGLDO
    HQ OD FUHDFLyQ TXH HVWDED SUHVHQWH DQWHV GH ORV WLWDQHV \ GH ORV
    GLRVHVGHO2OLPSR(URVWDPELpQIXHFRQVLGHUDGRFRPRXQGLRVTXH
    DFRPSDxDED D $IURGLWD FXDQGR pVWD VXUJLy GHO PDU 6LQ HPEDUJR
    PLWRV SRVWHULRUHV OR GHVFULEHQ FRPR XQ KLMR VLQ SDGUH GH $IURGLWD
    /RVJULHJRVUHSUHVHQWDURQKDELWXDOPHQWHD(URVFRPRXQMRYHQYLULO
    OR PLVPR TXH ORV URPDQRV TXH OR OODPDURQ $PRU (O (URV TXH
    HPSH]y PLWROyJLFDPHQWH FRPR XQD IXHU]D SULPRUGLDO IXH UHGXFLGR
    FRQ HO WLHPSR KDVWD VHU UHSUHVHQWDGR KR\ GtD FRPR XQ EHEp HQ
    SDxDOHVFRQXQDUFR\XQFDUFDMFRQRFLGRFRPR&XSLGR

    $IURGLWD \ ORV PRUWDOHV


    /DV UHODFLRQHV GH $IURGLWD FRQ ORV KRPEUHV PRUWDOHV WDPELpQ
    IXHURQ LPSRUWDQWHV HQ VX PLWRORJtD (Q DOJXQRV PLWRV DFXGLy HQ
    D\XGD GH KRPEUHV TXH OH LPSORUDEDQ VX D\XGD 3RU HMHPSOR
    $IURGLWDUHVSRQGLyDODVRUDFLRQHVGH+LSyPHQHVHQODYtVSHUDGHVX
    FDUUHUD FRQ $WDODQWD /H GLR WUHV PDQ]DQDV GH RUR \ OH DFRQVHMy
    FyPR XWLOL]DUODV OR FXDO VDOYy VX YLGD \ OH D\XGy D FRQVHJXLU OD
    HVSRVDDODTXHDPDED
    &RPR VH VHxDOy DQWHULRUPHQWH $IURGLWD WDPELpQ ILJXUDED HQ OD
    OH\HQGDGH3LJPDOLyQUHVGH&KLSUH3LJPDOLyQHVFXOSLyXQDHVWDWXD
    GH PDUILO GH OD PXMHU LGHDO \ FXDQWR PiV OD PLUDED PiV VH
    HQDPRUDEDGHVXSURSLDFUHDFLyQ(QXQIHVWLYDOHQKRQRUD$IURGLWD
    OH URJy TXH OH RWRUJDVH XQD HVSRVD VLPLODU D VX HVWDWXD /D
    UHVSXHVWD GH $IURGLWD D VXV SOHJDULDV IXH *DODWHD FRQ OD FXDO VH
    FDVy
    /DGLRVDGHODPRU\GHODEHOOH]DWDPELpQWXYRPXFKDVUHODFLRQHV
    DPRURVDVFRQKRPEUHVPRUWDOHV3RUHMHPSORFXDQGR$IURGLWDYLRD
    $QTXLVHV DSDFHQWDQGR VX JDQDGR HQ OD ODGHUD GH XQD PRQWDxD
    TXHGy FDXWLYD GH VX GHVHR SRU pO XQ PRUWDO FRQ XQ ³FXHUSR PX\
    VLPLODUDOGHXQGLRV´VHJ~QOHGHVFULELy+RPHUR +DFLpQGRVHSDVDU
    SRU XQD EHOOD GRQFHOOD DJLWy OD SDVLyQ GH pO FRQ VXV SDODEUDV \ OH
    VHGXMR
    'HVSXpVFXDQGRVHGXUPLyVHGHVSRMyGHVXGLVIUD]GHPRUWDO\
    GHVSHUWyDVXDPDQWHGRUPLGR/HUHYHORTXHHOODLEDDFRQFHELUDO
    KLMR GH DPERV (QHDV TXH VHUtD IDPRVR FRPR OHJHQGDULR IXQGDGRU
    GH5RPD\OHDGYLUWLyTXHQRUHYHODVHDQDGLHTXHHOODHUDODPDGUH
    GH VX KLMR 6H FXHQWD TXH $QTXLVHV EHELy GHVSXpV GHPDVLDGR \ VH
    YDQDJORULyGHVXDYHQWXUDFRQ$IURGLWDSRUORTXHIXHJROSHDGRSRU
    XQUD\RTXHORGHMyOLVLDGR
    2WUR DPDQWH PRUWDO IDPRVR IXH $GRQLV XQ MRYHQ \ DSXHVWR
    FD]DGRU $IURGLWD WHPt SRU VX YLGD \ OH DGYLUWLy TXH HYLWDVH ORV
    DQLPDOHVIHURFHVSHURHOLPSXOVRGHODFD]D\VXDXGDFLDSXGLHURQ
    PiV TXH VX FRQVHMR 8Q GtD PLHQWUDV HVWDED FD]DQGR VXV SHUURV
    SHUVLJXLHURQDXQRVRVDOYDMH$GRQLVKLULyDODQLPDOFRQVXODQ]DOR
    TXHSURYRFyTXHpVWHHQORTXHFLGRSRUHOGRORUVHYROYLHVHFRQWUDpO
    \ORGHVSHGD]DVH
    7UDV VX PXHUWH VH SHUPLWLy D $GRQLV YROYHU D $IURGLWD GHVGH HO
    PXQGRVXEWHUUiQHRGXUDQWHXQDSDUWHGHODxR $IURGLWDORFRPSDUWtD
    FRQ3HUVpIRQH (VWHPLWRGHOFLFORGHPXHUWH\UHWRUQRFRQVWLWX\yOD
    EDVH GHO FXOWR D $GRQLV 6X UHWRUQR DQXDO D $IURGLWD VLPEROL]DED OD
    YXHOWDDODIHUWLOLGDG
    /DV PXMHUHV WDPELpQ VH YHtDQ SRGHURVDPHQWH DIHFWDGDV SRU
    $IURGLWD 2EOLJDGD D VHJXLU ORV GLFWDGRV GH $IURGLWD LQFDSD] GH
    UHVLVWLU HO VHU DUUDVWUDGD KDFLD GRQGHTXLHUD $IURGLWD GHFUHWDUD XQD
    PXMHU PRUWDO SRGtD HQFRQWUDUVH HQ PHGLR GH XQ HQRUPH SHOLJUR
    FRPRPXHVWUDHOPLWRGH0LUUD
    +LMD GH XQ VDFHUGRWH GH $IURGLWD 0LUUD VH HQDPRUy
    DSDVLRQDGDPHQWH GH VX SDGUH 6HJ~Q YDULDV YHUVLRQHV GH HVWD
    KLVWRULD $IURGLWD SURGXMR HVWD SDVLyQ SURKLELGD EXHQ SRUTXH OD
    PDGUH GH 0LUUD VH YDQDJORULDED GH TXH VX KLMD HUD PiV EHOOD TXH
    $IURGLWD PLVPD R ELHQ SRUTXH 0LUUD KDEtD GHVFXLGDGR VX FXOWR (Q
    FXDOTXLHUFDVRVHDSUR[LPyDVXSDGUHGLVIUD]DGD\HQODRVFXULGDG
    VH FRQYLUWLy HQ VX DPDQWH VHFUHWD 'HVSXpV GH YDULRV HQFXHQWURV
    FODQGHVWLQRVpOGHVFXEULyTXHDTXHOODPXMHUVHGXFWRUDHUDVXSURSLD
    KLMD/OHQRGHKRUURU\GHSHVDGXPEUHHLPSXOVDGRSRUODQHFHVLGDG
    GH FDVWLJDUOD SRU OR TXH KDEtDQ GLVIUXWDGR MXQWRV LQWHQWy PDWDUOD
    (OODKX\y(QHOPRPHQWRHQHOTXHVXSDGUHLEDDDOFDQ]DUODURJyD
    ORV GLRVHV TXH OD VDOYDVHV 6X SOHJDULD IXH LQVWDQWiQHDPHQWH
    HVFXFKDGDVXKLMDIXHFRQYHUWLGDHQXQIUDJDQWHiUEROGHPLUUD
    )HGUD IXH RWUD YtFWLPD GHO SRGHU GH $IURGLWD )XH OD
    GHVDIRUWXQDGDPDGUDVWUDGH+LSyOLWRXQDSXHVWRMRYHQTXHVHKDEtD
    GHGLFDGRD$UWHPLVD\DXQDYLGDGHFHOLEDWR$IURGLWDXWLOL]yD)HGUD
    FRPRLQVWUXPHQWRGHVXFRQWUDULHGDGSRU+LSyOLWRTXHVHQHJDEDD
    KRQUDU D OD GLRVD GHO DPRU \ VXV ULWRV $IURGLWD KL]R TXH )HGUD
    TXHGDUDSHUGLGDPHQWHHQDPRUDGDGHVXKLMDVWUR
    6HJ~Q HO PLWR )HGUD LQWHQWy UHVLVWLU OD SDVLyQ OXFKR FRQWUD VX
    GHVHR LOtFLWR \ FD\y HQIHUPD 3RU ILQ XQD FULDGD GHVFXEULy OD FDXVD
    GH VX GHVJUDFLD \ DERUGy DO MRYHQ HQ VX QRPEUH eO VH VLQWLy WDQ
    XOWUDMDGR \ KRUURUL]DGR SRU OD VXJHUHQFLD GH WHQHU XQD UHODFLyQ
    DPRURVD FRQ VX PDGUDVWUD TXH HVWDOOy HQ XQD YLROHQWD GLDWULED
    FRQWUD HOOD TXH VH HQFRQWUDED VXILFLHQWHPHQWH FHUFD FRPR SDUD
    SRGHURtUOH
    +XPLOODGD VH DKRUFy GHMDQGR XQD QRWD HQ OD TXH DFXVDED
    IDOVDPHQWH D +LSyOLWR GH KDEHUOD YLRODGR &XDQGR VX SDGUH 7HVR
    UHJUHVy\HQFRQWUyDVXHVSRVDPXHUWD\ODQRWDLQYRFyD3RVHLGyQ
    GLRVGHOPDUSDUDTXHPDWDVHDVXKLMR&XDQGR+LSyOLWRFRQGXFtDVX
    FDUURDORODUJRGHOFDPLQRGHODFRVWD3RVHLGyQHQYLyHQRUPHVRODV
    \XQPRQVWUXRPDULQRSDUDHVSDQWDUDORVFDEDOORV(OFDUURYROFyH
    +LSyOLWR PXULy DUUDVWUDGR 'H HVWD PDQHUD $IURGLWD VH KDEtD
    YHQJDGRDH[SHQVDVGH)HGUD
    3VLTXLV \ $WDODQWD HUDQ GRV PXMHUHV PRUWDOHV TXH IXHURQ
    WUDQVIRUPDGDV SRU OD LQIOXHQFLD GH $IURGLWD (Q HO PLWR GH (URV \
    3VLTXLVpVWDWHQtDODGHVJUDFLDGHVHUWDQEHOODTXHORVKRPEUHVOD
    OODPDEDQ ³XQD VHJXQGD $IURGLWD´ $Vt SXHV OH EULQGDEDQ OD
    UHYHUHQFLD \ UHVSHWR GHELGRV D OD GLRVD \ HVWR DFDEy RIHQGLHQGR D
    $IURGLWD
    (Q HVWH PLWR 3VLTXLV DFXGLy D OD GLRVD HQ FX\D LUD KDEtD
    LQFXUULGR$IURGLWDOHSXVRWDUHDVLUUHDOL]DEOHVFDGDXQDGHODVFXDOHV
    SDUHFtD HQ SULQFLSLR PiV DOOi GH VXV FDSDFLGDGHV (Q FDGD XQD GH
    HOODV FRQ D\XGD GH RULJHQ LQHVSHUDGR 3VLTXLV VDOLy DLURVD $IURGLWD
    VLUYLyGHDJHQWHWUDQVIRUPDGRUDOSURSRUFLRQDUODVWDUHDVFRQODVTXH
    3VLTXLV ²XQD PRUWDO TXH WHQtD ODV FDUDFWHUtVWLFDV GH ODV GLRVDV
    YXOQHUDEOHV²SXGRHYROXFLRQDU
    $IURGLWDWDPELpQDFWXyFRPRDJHQWHWUDQVIRUPDGRUHQHOPLWRGH
    $WDODQWD XQD PRUWDO TXH IXH FRPSDUDGD FRQ OD GLRVD YLUJHQ
    $UWHPLVD &RPR \D KD TXHGDGR VHxDODGR $WDODQWD SHUGLy XQD
    FDUUHWDSHGHVWUH\REWXYRXQPDULGRFXDQGRGHFLGLyUHFRJHUODVWUHV
    PDQ]DQDVGHRURGH$IURGLWD

    $IURGLWD HO DUTXHWLSR
    (O DUTXHWLSR GH $IURGLWD ULJH HO GLVIUXWH GHO DPRU OD EHOOH]D OD
    VH[XDOLGDG \ OD VHQVXDOLGDG GH ODV PXMHUHV (O UHLQR GH OD DPDQWH
    HMHUFHXQDSRGHURVDDWUDFFLyQHQPXFKDVPXMHUHVFRPRIXHU]DFRQ
    XQD SHUVRQDOLGDG GH PXMHU $IURGLWD SXHGH VHU WDQ H[LJHQWH FRPR
    +HUD \ 'HPpWHU ORV RWURV GRV SRGHURVRV DUTXHWLSRV LQVWLQWLYRV 
    $IURGLWD LPSXOVD D ODV PXMHUHV D UHDOL]DU ODV IXQFLRQHV FUHDWLYD \
    SURFUHDWLYD

    /D DPDQWH
    &XDOTXLHU PXMHU TXH VH HQDPRUD GH DOJXLHQ TXH D VX YH] HVWi
    HQDPRUDGR GH HOOD HV HQ HVH PRPHQWR XQD SHUVRQLILFDFLyQ GHO
    DUTXHWLSRGH$IURGLWD7UDQVIRUPDGDWHPSRUDOPHQWHDSDUWLUGHXQD
    FRP~QPRUWDOHQODGLRVDGHODPRUVHVLHQWHDWUDFWLYD\VHQVXDOXQD
    DPDQWHDUTXHWtSLFD
    &XDQGR $IURGLWD HVWi SUHVHQWH FRPR DUTXHWLSR SULQFLSDO HQ OD
    SHUVRQDOLGDG GH XQD PXMHU VH HQDPRUD FRQ IUHFXHQFLD \ IDFLOLGDG
    7LHQH³HVR´²TXHGLVWLQJXtDDODHVWUHOODGHOFLQHPXGR&ODUD%RZ²
    FRQFUHWDPHQWHDWUDFWLYRVH[XDO3RVHHXQPDJQHWLVPRSHUVRQDOTXH
    DWUDH D RWUDV SHUVRQDV GHQWUR GH XQ FDPSR FDUJDGR HUyWLFDPHQWH
    TXH SRWHQFLD OD WRPD GH FRQFLHQFLD VH[XDO 6XEH HO ³YROWDMH´ \
    DPERV VH VLHQWHQ DWUDFWLYRV \ YLEUDQWHV FXDQGR VRQ FDXWLYDGRV HO
    XQRSRUHORWUR
    &XDQGRVHGHJUDGDODVHQVXDOLGDG\ODVH[XDOLGDGHQODVPXMHUHV
    ²FRPR HQ ODV FXOWXUDV MXGHRFULVWLDQD PXVXOPDQD \ RWUDV FXOWXUDV
    SDWULDUFDOHV² OD PXMHU TXH HQFDUQD D ³$IURGLWD OD DPDQWH´ HV
    FRQVLGHUDGD FRPR XQD WHQWDGRUD R XQD SURVWLWXWD $Vt SXHV HVWH
    DUTXHWLSRVLVHH[SUHVDSXHGHHQIUHQWDUDXQDPXMHUFRQODVSDXWDV
    JHQHUDOHV GH PRUDOLGDG /DV PXMHUHV WLSR $IURGLWD SXHGHQ VHU
    FRQGHQDGDV DO RVWUDFLVPR 3RU HMHPSOR HQ OD QRYHOD FOiVLFD
    1DWKDQLHO+DZWKRUQHVREUHOD,QJODWHUUDSXULWDQD /DOHWUDHVFDUODWD
    +HVWHU 3U\QQH IXH REOLJDGR D OOHYDU XQD JUDQ ³$´ URMD SRU KDEHU
    FRPHWLGRDGXOWHULR<XQDDFWUL],QJULG%HUJPDQIXHFRQGHQDGDSRU
    OD RSLQLyQ S~EOLFD \ REOLJDGD DO H[LOLR D FDXVD GH VXV DPRUHV \
    VXEVLJXLHQWH PDWULPRQLR FRQ HO GLUHFWRU GH FLQH LWDOLDQR 5REHUW
    5RVVHOOLQL(QORVWLHPSRVEtEOLFRVWDOHVPXMHUHVHUDQODSLGDGDV\HQ
    ORVSDtVHVLVOiPLFRVDFWXDOHVODSHQDVLJXHVLHQGRODPXHUWH

    (QDPRUDUVH
    &XDQGR GRV SHUVRQDV VH HQDPRUDQ FDGD XQD YH D OD RWUD EDMR
    XQD LQWHQVD OX] HVSHFLDO OD OX] GRUDGD GH $IURGLWD  \ VH VLHQWH
    DUUDVWUDGD KDFLD OD EHOOH]D GHO RWUR +D\ XQD PDJLD TXH IORWD HQ HO
    DLUH VH HYRFD XQ HVWDGR GH HQFDQWDPLHQWR \ HPEHOHVR $PEDV VH
    VLHQWHQEHOODVHVSHFLDOHVFRQPiVVLPLOLWXGDXQGLRVRDXQDGLRVD
    HQ VX HVWDGR RUGLQDULR GH VHU (O FDPSR GH HQHUJtD HQWUH DPERV
    TXHGD HPRFLRQDOPHQWH FDUJDGR \ VH SURGXFH XQD ³HOHFWULFLGDG´
    HUyWLFDTXHDVXYH]FUHDXQDDWUDFFLyQPDJQpWLFDUHFtSURFD(QHO
    HVSDFLR ³GRUDGR´ TXH OHV URGHD ODV LPSUHVLRQHV VHQVRULDOHV VH
    YXHOYHQ PiV LQWHQVDV R\HQ OD P~VLFD FRQ PiV FODULGDG ODV
    IUDJDQFLDV SXHGHQ GLVWLQJXLUVH PHMRU VH DFUHFLHQWD HO JXVWR \ HO
    WDFWRGHODPDQWH
    6LQHPEDUJR&XDQGRXQDSHUVRQDVHHQDPRUDGHDOJXLHQTXHQR
    GHYXHOYH HVH DPRU VH VLHQWH SRVHtGD SRU XQ FUXHO GHVHR \ SRU
    DQKHORVIUXVWUDGRV8QD\RWUDYH]VHVLHQWHDWUDtGDKDFLDODSHUVRQD
    DPDGD \ XQD \ RWUD YH] HV UHFKD]DGD /D LQWHQVLGDG ²TXH HV
    PDUDYLOORVDFXDQGRHODPRUHVFRUUHVSRQGLGR²HQHVWHFDVRSRUHO
    FRQWUDULRLQWHQVLILFDHOGRORU

    /D DFWLYDFLyQ GH $IURGLWD
    /RPLVPRTXHH[LVWHQGRVYHUVLRQHVPtWLFDVVREUHHOQDFLPLHQWR
    GH $IURGLWD WDPELpQ H[LVWHQ GRV YtDV D WUDYpV GH ODV FXDOHV HVWH
    DUTXHWLSRHQWUDHQODFRQFLHQFLD
    /D SULPHUD HV XQD HVSHFWDFXODU LQLFLDFLyQ HQ OD TXH $IURGLWD
    HPHUJH GH UHSHQWH GH ODV DJXDV GHO LQFRQVFLHQWH VREUHFRJHGRUD \
    HQWRGDVXSOHQLWXGFRPRXQDSUHVHQFLDOOHQDGHDXWRULGDG&XDQGR
    VHVLHQWHORVH[XDOFRPRXQDUHVSXHVWDLQVWLQWLYDTXHQRWLHQHQDGD
    TXH YHU FRQ DPDU DO KRPEUH TXH H[FLWD D XQD PXMHU R LQFOXVR VH
    WUDWD GH XQD VH[XDOLGDG ³FRUWDGD´ GH OD SUR[LPLGDG HPRFLRQDO
    PHWDIyULFDPHQWHVLPLODUDODYHUVLyQGH+HVtRGRVREUHHOQDFLPLHQWR
    GH$IURGLWDHQHOPDU
    (Q VXV VHVLRQHV SVLFRWHUDSpXWLFDV PXFKDV PXMHUHV KDEODQ GHO
    LPSDFWR DEUXPDGRU GH XQD UHVSXHVWD VH[XDO LQLFLDO H LQHVSHUDGD
    ³0H HPEDUJR XQ GHVHR TXH QL VLTXLHUD VDEtD TXH WHQtD )XH
    PDUDYLOORVR \ DWHPRUL]DQWH DO PLVPR WLHPSR´ 8QD YH] TXH KDQ
    VHQWLGR HO SRGHU GH $IURGLWD PXFKDV MyYHQHV VH VLHQWHQ DWUDtGDV
    KDFLD OD LQWLPLGDG VH[XDO 2WUDV \D FRQVFLHQWHV GH OR TXH SXHGH
    VXFHGHU HYLWDQ H[SRQHUVH 'RV GH PLV SDFLHQWHV PXMHUHV PH
    SURSRUFLRQDURQHMHPSORVGHHVWDVUHVSXHVWDVRSXHVWDV8QDGHHOODV
    LQYHVWLJyPiV³5HFRUGpFyPRKDFtDFRPRTXHGLVIUXWDEDGHODFLWD
    FXDQGR HQ UHDOLGDG OR TXH TXHUtD HUD OD SDUWH VH[XDO GH OD PLVPD´
    /D RWUD OHYDQWy EDUUHUDV ³0H VXPHUJt HQ HO HVWXGLR UHFKDFp WRGDV
    ODV FLWDV H LQVLVWt HQ LU D XQ FROHJLR VyOR SDUD FKLFDV 3ODQHp
    FRQVHUYDUPH HQ XQD HVSHFLH GH FRQYHQWR PHQWDO KDVWD TXH
    HVWXYLHUD D VDOYR FDVDGD 0LHQWUDV WDQWR HVWDUtD PHMRU IXHUD GHO
    DOFDQFHGHWRGDWHQWDFLyQ´'HVSXpVGHODSULPHUDYH]XQDPXMHUGH
    HVWHWLSRVDEHTXHSXHGHVHUDWUDtGDKDFLDHOFRQWDFWRVH[XDOSRUXQ
    GHVHRTXHODLPSXOVDDUHSHWLUODH[SHULHQFLDXQDYH]TXHVXFXHUSR
    HVWiGHVSLHUWR\VXDWHQFLyQVHGLULJHHUyWLFDPHQWHKDFtDHOKRPEUH
    4XLHUHHQWRQFHVIXQGLUVHFRQpOVHWUDQVSRUWDGDSRUODSDVLyQKDFLD
    OD OLEHUDFLyQ GHO RUJDVPR OOHYDGD VREUH OD FUHVWD GH XQD H[FLWDFLyQ
    VH[XDODFUHFHQWDGDKDVWDHOFLPDVHQHOTXHVXLQGLYLGXDOLGDGTXHGH
    VXPHUJLGDHQODH[SHULHQFLDRUJiVPLFDWUDQVSHUVRQDO
    /D VHJXQGD YtD D WUDYpV GH OD FXDO HVWH DUTXHWLSR FREUD YLGD HV
    XQD UHODFLyQ 3RGUtD VHU FRQVLGHUDGD DQiORJD D OD YHUVLyQ RUGLQDULD
    GH +RPHUR VREUH HO QDFLPLHQWR GH $IURGLWD \ GH VX FUHFLPLHQWR
    SRVWHULRU FRPR KLMD GH =HXV \ GH OD QLQID PDUtWLPD 'LRQH (O
    DXPHQWRGHODFRQILDQ]D\GHODPRUMXQWRFRQODUHGXFFLyQSDXODWLQD
    GH OD LQKLELFLyQ SUHFHGH D OD HYRFDFLyQ R ³QDFLPLHQWR´ GH $IURGLWD
    DQXQFLDGR SRU HO SULPHU RUJDVPR DO KDFHU HO DPRU \ SRU XQ QXHYR
    GHVHRGHLQWLPLGDGItVLFD8QDPXMHUFDVDGDTXHKDEtDWHQLGRYDULRV
    DPDQWHV DQWHV GH FDVDUVH \ TXH KDEtD SDVDGR GRV DxRV GH
    PDWULPRQLRDQWHVGHWHQHUXQRUJDVPRVHPDUDYLOODEDGLFLHQGR³(V
    FRPRVLPLFXHUSRVXSLHUDDKRUDFyPR´

    (O LQVWLQWR GH SURFUHDFLyQ
    $IURGLWDUHSUHVHQWDHOLPSXOVRGHDVHJXUDUODFRQWLQXDFLyQGHOD
    HVSHFLH$OLJXDOTXHHODUTXHWLSRFRQHFWDGRFRQHOLPSXOVRVH[XDO\
    HO SRGHU GH OD SDVLyQ $IURGLWD SXHGH FRQYHUWLU D XQD PXMHU HQ XQ
    UHFLSLHQWHGHSURFUHDFLyQVLQRSUDFWLFDHOFRQWUROGHQDWDOLGDG
    $ GLIHUHQFLD GH XQD PXMHU EDMR OD LQIOXHQFLD GH 'HPpWHU TXH
    PDQWLHQH UHODFLRQHV VH[XDOHV SRUTXH TXLHUH XQ EHEp XQD PXMHU
    LQIOXLGD SRU $IURGLWD WLHQH XQ EHEp D FDXVD GH VX GHVHR SRU XQ
    KRPEUHRVXGHVHRGHWHQHUH[SHULHQFLDVH[XDORURPiQWLFD$IURGLWD
    VXVXUUDQRXWLOL]DUPHGLRVDQWLFRQFHSWLYRVSRUTXHSRGUtDGHVYLUWXDU
    OD SDVLyQ GHO PRPHQWR R FRQYHUWLUtD HO SULPHU DFWR HQ XQD UHODFLyQ
    FRUSRUDOSUHPHGLWDGD+DFHUFDVRDODGLRVDDXPHQWDHOULHVJRGHXQ
    HPEDUD]RQRGHVHDGR

    &UHDWLYLGDG
    $IURGLWDFRQVWLWX\HXQDWUHPHQGDIXHU]DSDUDHOFDPELR$WUDYpV
    GHHOODIOX\HODDWUDFFLyQODXQLyQODIHUWLOL]DFLyQODLQFXEDFLyQ\HO
    QDFLPLHQWR GH XQD QXHYD YLGD &XDQGR VH GD HVWH SURFHVR HQ XQ
    SODQRSXUDPHQWHItVLFRHQWUHXQKRPEUH\XQDPXMHUVHFRQFLEHXQ
    EHEp<ODVHFXHQFLDWDPELpQHVODPLVPDHQFXDOTXLHURWURSURFHVR
    FUHDWLYR DWUDFFLyQ XQLyQ IHUWLOL]DFLyQ LQFXEDFLyQ QXHYD FUHDFLyQ
    (OSURGXFWRGHHVWDFUHDFLyQSXHGHVHUWDQDEVWUDFWRFRPRODXQLyQ
    LQVSLUDGD GH GRV LGHDV TXH SRVWHULRUPHQWH GDQ OX] D XQD QXHYD
    WHRUtD
    (Q WUDEDMR VXUJH GH XQD LPSOLFDFLyQ LQWHQVD \ DSDVLRQDGD FDVL
    FRPRFRQXQDPDQWHODDUWLVWDLQWHUDFW~DFRQ³ORRWUR´SDUDFUHDUHO
    VHUGHDOJRQXHYR(VWR³RWUR´SXHGHVHUXQDSLQWXUDXQDIRUPDGH
    GDQ]D XQD FRPSRVLFLyQ PXVLFDO XQD HVFXOWXUD XQ SRHPD R XQ
    PDQXVFULWR XQD QXHYD WHRUtD R LQYHQWR TXH GXUDQWH XQ WLHPSR HV
    FRPSOHWDPHQWH DEVRUEHQWH \ IDVFLQDQWH /D FUHDWLYLGDG WDPELpQ HV
    XQ SURFHVR ³VHQVXDO´ SDUD PXFKDV SHUVRQDV HV XQD H[SHULHQFLD
    VHQVRULDOGHOPRPHQWRTXHDEDUFDHOWDFWRHOVRQLGRODVLPiJHQHV
    HO PRYLPLHQWR \ D YHFHV LQFOXVR HO ROIDWR \ HO JXVWR 8Q DUWLVWD
    VXPHUJLGR HQ XQ SURFHVR FUHDWLYR OR PLVPR TXH XQD DPDQWH
    PXFKDV YHFHV GHVFXEUH TXH WRGRV ORV VHQWLGRV VRQ SRWHQFLDGRV \
    TXHUHFLEHLPSUHVLRQHVGHODSHUFHSFLyQDWUDYpVGHPXFKRVFDQDOHV
    0LHQWUDV WUDEDMD HQ XQD LPDJHQ YLVXDO XQD IUDVH YHUEDO R XQ
    PRYLPLHQWRGHGDQ]DSXHGHQLQWHUDFWXDUP~OWLSOHVLPSUHVLRQHVSDUD
    FUHDUHOUHVXOWDGRILQDO
    $OLJXDOTXH$IURGLWDODDPDQWHSXHGHDFWXDUHQVHULHDWUDYpV
    GH PXFKRV DVXQWRV GHO FRUD]yQ $IURGLWD FRPR IXHU]D FUHDWLYD
    SXHGH LPSOLFDU D XQD PXMHU HQ XQ LQWHQVR HVIXHU]R FUHDWLYR WUDV
    RWUR &XDQGR ILQDOL]D XQ SUR\HFWR VXUJH RWUD SRVLELOLGDG TXH OD
    IDVFLQD
    $YHFHVDPERVDVSHFWRVHOFUHDWLYR\HOURPiQWLFRGH$IURGLWD
    HVWiQ SUHVHQWHV HQ OD PLVPD PXMHU (QWRQFHV pVWD VH FRPSURPHWH
    HQ UHODFLRQHV LQWHQVDV FDPELDQGR GH XQD D RWUD \ GHMiQGRVH
    DEVRUEHUSRUVXWUDEDMRFUHDWLYR(VWHWLSRGHPXMHUVLJXHFXDOTXLHU
    FRVDRDFXDOTXLHUSHUVRQDTXHOHIDVFLQH\TXHSXHGHTXHOOHYHXQD
    YLGDQDGDFRQYHQFLRQDOFRPRKLFLHURQODEDLODULQD,VDGRUD'XQFDQ\
    ODHVFULWRUD*HRUJH6DQG

    (O FXOWLYR GH $IURGLWD
    $IURGLWD HV HO DUTXHWLSR PiV LQYROXFUDGR HQ OD H[SHULHQFLD
    VHQVXDO R VHQVRULDO 3RU HOOR FXOWLYDU XQD DJXGH]D GH SHUFHSFLyQ \
    XQD DWHQFLyQ FHQWUDGD HQ HO DTXt \ DKRUD LQYLWDQ OD SUHVHQFLD GH
    $IURGLWD /RV DPDQWHV HVWiQ FRQHFWDGRV GH PDQHUD QDWXUD FRQ HO
    JXVWRIUDJDQFLD\EHOOH]DUHFtSURFDVODHVWLPXODFLyQPXVLFDO\WiFWLO
    UHIXHU]D VX SODFHU /RV WHUDSHXWDV VH[XDOHV HQVHxDQ PpWRGRV SDUD
    ³FHQWUDUVH HQ OD VHQVDFLyQ´ R ³GDUVH SODFHU´ TXH DOLHQWDQ D XQD
    SDUHMDDVXPHUJLUVHHQHOPRPHQWRQRSUHRFXSDUVHSRUXQREMHWLYR
    RDDSUHQGHUFyPRGLVIUXWDUGHVHQVDFLRQHVSODFHQWHUDV
    /DV DFWLWXGHV FUtWLFDV \ GH FXOSDELOLGDG HULJHQ REVWiFXORV DO
    GLVIUXWH GH KDFHU HO DPRU \ GH KDFHU DUWH 7DOHV REVWiFXORV VXUJHQ
    FXDQGR ODV SHUVRQDV VLHQWHQ XQD SURKLELFLyQ FRQWUD HO SODFHU HO
    MXHJR \ RWUDV DFWLYLGDGHV ³QR SURGXFWLYDV´ OR PLVPR TXH FRQWUD HO
    VH[R0XFKDJHQWHMX]JDODE~VTXHGDGHODPRU\GHODEHOOH]DFRPR
    DOJR IUtYROR FXDQGR PHQRV R SHFDPLQRVR HQ FDVR FRQWUDULR 3RU
    HMHPSOR ORV DUTXHWLSRV GH $UWHPLVD \ GH $WHQHD VH FHQWUDQ HQ
    UHDOL]DUVXVREMHWLYRVSUHGLVSRQLHQGRDODVPXMHUHVTXHORVWLHQHQD
    GHVYDORUL]DUHOGLVIUXWHGHOPRPHQWRSURSLRGH$IURGLWDeVWDSRUVX
    SDUWH DPHQD]D FRQ IUHFXHQFLD ODV SULRULGDGHV GH ORV DUTXHWLSRV GH
    +HUD \ GH 'HPpWHU ²OD PRQRJDPLD R HO SDSHO GH PDGUH² GH
    PDQHUDTXHHVWD~OWLPDVXHOHWHQHUDFWLWXGHVFUtWLFDVKDFLD$IURGLWD
    3RU~OWLPRODLQWURYHUVLyQGHORVDUTXHWLSRVGH3HUVpIRQH\GH+HVWLD
    KDFHQTXHHVWDVPXMHUHVWHQJDQXQDDFWLWXGGHPHQRUUHVSXHVWDD
    ODVDWUDFFLRQHV³H[WHUQDV´
    &XDQGRODVPXMHUHVYHQHOYDORUGH$IURGLWDHLQWHQWDQGHVDUUROODU
    HVWHDVSHFWRHQHOODVPLVPDVGDQXQSDVRPHQWDOIXQGDPHQWDOSDUD
    DFWLYDU HVWH DUTXHWLSR 'HVSXpV QHFHVLWDQ GDUVH WLHPSR \ OD
    RSRUWXQLGDG SDUD TXH VH GHVDUUROOH $IURGLWD 3XHGH TXH XQD SDUHMD
    QHFHVLWH WRPDU YDFDFLRQHV OHMRV GH VXV KLMRV HQ XQ OXJDU UHODMDGR
    HQGRQGHSXHGDQGLVIUXWDUGHVtPLVPRVKDEODU\KDFHUHODPRU2
    WDOYH]DSUHQGDDGDU\DUHFLELUPHQVDMHV2TXL]iWRPHFODVHVGH
    GDQ]DGHOYLHQWUHFRPRXQPHGLRGHHVWDUDJXVWRFRQVXFXHUSR\
    GLVIUXWDUGHOPLVPRUHTXLVLWRSUHYLRSDUDJR]DUKDFLHQGRHODPRU
    &XOWLYDU XQ LQWHUpV SRU HO DUWH OD SRHVtD OD GDQ]D R OD P~VLFD
    VLUYHDXQREMHWLYRVLPLODUHQHOFDPSRHVWpWLFR3XHGHGHVDUUROODUVH
    OD FDSDFLGDG GH SRGHU HVWDU FRPSOHWDPHQWH DEVRUWD HQ XQD
    H[SHULHQFLD YLVXDO DXGLWLYD R NLQHVWpVLFD 8QD YH] TXH VH HVWi
    VXPHUJLGDHQHOODSXHGHRFXUULUXQDLQWHUDFFLyQHQWUHXQDPLVPD\
    HOPHGLRHVWpWLFRDSDUWLUGHODFXDOSXHGHVXUJLUDOJRQXHYR

    $IURGLWD OD PXMHU
    'HVGH ORV WLHPSRV HQ TXH OD GLRVD $IURGLWD VXUJLy GHO PDU HQ
    WRGDVXJORULDGHVQXGDPXMHUHVGHOtQHDVFXUYDVSHORUXELR\³VH[\´
    FRPR ODV HVWUHOODV GH FLQH -HDQ +DUORZ /DQD 7XUQHU \ 0DULO\Q
    0RQURHKDQSHUVRQLILFDGRDODGLRVDGHODPRU$YHFHVHVWHWLSRGH
    GLRVDVHKDFHHYLGHQWHDWUDYpVGHODIRUPDFRQVXSHORUXELR\WRGR
    OR GHPiV SHUR HV PiV WtSLFR TXH XQD PXMHU $IURGLWD VHD PiV
    UHFRQRFLEOHSRUVXDWUDFWLYRTXHH[FOXVLYDPHQWHSRUVXDSDULHQFLD(O
    DUTXHWLSR GH $IURGLWD FUHD XQ FDULVPD SHUVRQDO ²XQ PDJQHWLVPR R
    HOHFWULFLGDG² TXH FRPELQDGR FRQ DWULEXWRV ItVLFR KDFH GH XQD
    PXMHU³XQD$IURGLWD´
    &XDQGR $IURGLWD IRUPD SDUWH DFWLYD GH XQD PXMHU FRUULHQWH pVWD
    QR DWUDH D ORV KRPEUHV GHVGH HO RWUR ODGR GHO VDOyQ 6LQ HPEDUJR
    TXLHQHV VH DFHUFDQ OD HQFXHQWUDQ HQFDQWDGRUD \ FDXWLYDGRUD
    0XFKDV PXMHUHV GH DVSHFWR PiV ELHQ RUGLQDULR FRQ FXDOLGDGHV GH
    $IURGLWD DWUDHQ D ORV GHPiV FRQ OD FDOLGH] PDJQpWLFD GH VXV
    SHUVRQDOLGDGHV\VXVHQVXDOLGDGQDWXUDO\HVSRQWiQHD(VWDV³-XDQDV
    FRUULHQWHV´ VLHPSUH SDUHFHQ WHQHU KRPEUHV HQ VXV YLGDV PLHQWUDV
    TXH VXV KHUPDQDV ELHQ GRWDGDV \ REMHWLYDPHQWH JXDSDV SXHGHQ
    TXHGDUVH VHQWDGDV HVSHUDQGR XQD OODPDGD GH WHOpIRQR R XQD
    LQYLWDFLyQ D EDLODU SUHJXQWiQGRVH ³¢4Xp WLHQH HOOD TXH QR WHQJD
    \R"´
    /D MRYHQ $IURGLWD
    &XDQGRHUDQLxDODSHTXHxD$IURGLWDWDOYH]IXHVHXQDLQRFHQWH
    VHGXFWRUD 3XHGH KDEHU WHQLGR XQD PDQHUD GH UHVSRQGHU D ORV
    KRPEUHV XQ LQWHUpV SRU HOORV \ XQD VHQVXDOLGDG LQFRQVFLHQWH TXH
    KDFtDQ TXH ORV DGXOWRV FRPHQWDVHQ ³(VSHUDG D TXH FUH]FD \ VHUi
    XQD URPSHFRUD]RQHV´ 'LVIUXWDED VLHQGR HO FHQWUR GH DWHQFLyQ OH
    JXVWDED OOHYDU ERQLWRV YHVWLGRV \ TXH OD PLPDUDQ HQ H[FHVR
    1RUPDOPHQWH QR VXHOH VHU XQD QLxD WtPLGD \ SXHGH TXH LQFOXVR OD
    KD\DQ OODPDGR ³SHTXHxD DFWUL]´ SRU VXV UHSUHVHQWDFLRQHV
    HVSRQWiQHDV \ RWURV HVIXHU]RV SRU OODPDU OD DWHQFLyQ TXH \D
    HQWRQFHVFDXWLYDEDQDORVSUHVHQWHV
    +DFLDORVRFKRRQXHYHDxRVPXFKDVQLxDV$IURGLWDWLHQHQSULVD
    SRU FUHFHU YHVWLUVH HOHJDQWHPHQWH \ OOHYDU PDTXLOODMH 'HVSXpV VH
    SHOHDQ SRU ORV FKLFRV \ VRQ TXLQFHDxHUDV IDQV GH FDQWDQWHV
    PDVFXOLQRV FRQ DWUDFWLYR VH[XDO R GH JUXSRV GH URFN $OJXQDV
    MyYHQHV$IURGLWDVRQ³SHTXHxDVQLQIDV´SUHFR]PHQWHFRQVFLHQWHVGH
    VX VH[XDOLGDG GLVIUXWDQ OD VHQVDFLyQ GH SRGHU \ GH DWUDFFLyQ TXH
    WLHQHQ FXDQGR KRPEUHV PD\RUHV TXH HOODV UHVSRQGHQ D VXV DOHJUHV
    FRTXHWHRV

    /RV SDGUHV
    $OJXQRV SDGUHVPDGUHV DFLFDODQ D VXV ERQLWDV KLMDV SDUD VHU
    SHTXHxDV $IURGLWDV $FHQW~DQ VX DWUDFWLYR KDFHQ TXH EHVHQ D ORV
    PD\RUHV ODV LQVFULEHQ HQ FRQFXUVRV GH EHOOH]D \ HQ JHQHUDO VH
    FHQWUDQ HQ VX DWUDFWLYR IHPHQLQR SRU HQFLPD GH RWURV DWULEXWRV \
    FDSDFLGDGHV
    3HUR FXDQGR OD QLxD DOFDQ]D OD SXEHUWDG \ OD SRVLELOLWD GH WHQHU
    UHODFLRQHV VH[XDOHV VXV SDGUHV SXHGHQ UHVSRQGHU GH XQD PDQHUD
    PX\ GLIHUHQWH 3XHGH VXUJLU XQ SDWUyQ GH FRPSRUWDPLHQWR PX\
    FRP~Q\GHVWUXFWLYRORVSDGUHVOHDOLHQWDQGHPDQHUDHQFXELHUWDD
    VHU VH[XDOPHQWH DFWLYD SHUR GHVSXpV OD FDVWLJDQ (VWD VLWXDFLyQ
    SHUPLWHDORVSDGUHVDVHUDOPLVPRWLHPSR³YR\HXUV´\JXDUGLDQHV
    GHODPRUDO
    /RV SDGUHV SXHGHQ UHDFFLRQDU DQWH OD VH[XDOLGDG HPHUJHQWH GH
    VXV KLMDV $IURGLWD GH YDULDV PDQHUDV 0XFKRV SDGUHV UHVSRQGHQ DO
    FUHFLHQWH DWUDFWLYR GH VXV KLMDV SURYRFDQGR LQDGYHUWLGD R
    LQFRQVFLHQWHPHQWHUXLGRVRVFRQIOLFWRVTXHFUHDQXQDGLVWDQFLDItVLFD
    \ HPRFLRQDO HQWUH Vt &RQ IUHFXHQFLD ODV KLMDV SDUHFHQ FRODERUDU HQ
    ODV GLVSXWDV OR FXDO LPSLGH D DPERV YROYHUVH FRQVFLHQWH GH VXV
    VHQWLPLHQWRV LQFHVWXRVRV $OJXQRV SDGUHV VH YXHOYHQ DELHUWDPHQWH
    HVWULFWRV \ VH QLHJDQ HQ UHGRQGR D SHUPLWLU TXH VXV KLMDV WHQJDQ
    FLWDV R VH PHWHQ HQ WRGR FRQ XQ DIiQ GH FRQWURO ³LQYHVWLJDQGR´ D
    VXVKLMDVDFHUFDGHVXVFLWDV\DSOLFDQGR³HOWHUFHUJUDGR´DFXDOTXLHU
    VROLFLWDQWH PDVFXOLQR 3HUR RWURV SDGUHV PDQWLHQHQ XQD DFWLWXG GH
    VHGXFFLyQ
    /DV PDGUHV WDPELpQ WLHQHQ XQD JDPD YDULDGDV GH UHDFFLRQHV
    IUHQWH D VXV KLMDV WLSR $IURGLWD $OJXQDV VH YXHOYHQ HVWULFWDV \
    FRQWURODGRUDV UHDFFLRQDQGR GH PDQHUD H[FHVLYD D OD P~VLFD
    TXLQFHDxHUD \ D ORV HVWLORV GH YHVWLUVH DXQTXH VXV KLMDV VH HVWpQ
    FRPSRUWDQGR GH PDQHUD DSURSLDGD UHVSHFWR D VX HGDG 7DOHV
    PDGUHV SXHGHQ LPSRQHU VX SURSLR ³FyGLJR YHVWLPHQWDULR´ TXH
    HQIDWL]D HO FXEULUVH \ TXLWD LPSRUWDQFLD D PRVWUDUVH DWUDFWLYD
    SXGLHQGROOHJDUDSURKLELUPXFKDVGHODVDFWLYLGDGHVGHVXVKLMDV7DO
    YH] H[DPLQHQ D WRGRV ORV DPLJRV \ DPLJDV GH pVWDV R FRPR
    REVHUYDEDWULVWHPHQWHXQDPXMHUWUDWHQDVXVKLMRVRDVXVKLMDV²R
    D DPERV² FRPR ³PDQtDFRV VH[XDOHV HQ SRWHQFLD´ $O LJXDO TXH ORV
    SDGUHV WDPELpQ ODV PDGUHV SXHGHQ GHVDUUROODU XQD ³PHQWDOLGDG
    FDUFHODULD´KDFLDVXVKLMDV$IURGLWD
    /D DFWLWXG HQWURPHWLGD SXHGH VHU PiV FRP~Q HQ ODV PDGUHV GH
    ODVKLMDV$GHPiVGHODDFWLWXGPRWLYDGDSRUODQHFHVLGDGGH³YLJLODU´
    D VXV DWUDFWLYDV KLMDV ODV PDGUHV YLYHQ D YHFHV SRU SURFXUDFLyQ D
    WUDYpVGHVXVKLMDV\TXLHUHQVDEHUORVGHWDOOHVDFHUFDGHVXVFLWDV
    3DUD FRPSODFHU D WDOHV PDGUHV ODV KLMDV KDQ VH VHU PX\ SRSXODUHV
    HQWUHORVFKLFRV
    2WUDV PDGUHV UHDFFLRQDQ GH PDQHUD FRPSHWLWLYD D OD $IURGLWD
    HPHUJHQWH HQ VXV KLMDV $PHQD]DGDV SRU HO DWUDFWLYR GH pVWDV \
    FHORVDV GH VX MXYHQWXG GHVSUHFLDQ D ODV MyYHQHV KDFHQ
    FRPSDUDFLRQHV GHVIDYRUDEOHV IOLUWHDQ FRQ VXV QRYLRV \ GH PLO
    PDQHUDV HQ JHQHUDO \ HQ ORV GHWDOOHV YDQ PLQDQGR OD IHPLQLGDG
    DGXOWD HQ FLHUQHV GH VXV KLMDV (Q HO FXHQWR GH %ODQFDQLHYHV OD
    PDGUDVWUD GH pVWD SUHJXQWDED FRQVWDQWHPHQWH ³(VSHMLWR HVSHMLWR
    ¢TXLpQHVODPiVEHOODGHWRGDV"´(VWHFXHQWRGHKDGDVUHSUHVHQWD
    DODPDGUHFRPSHWLWLYD\DPHQD]DGD \HQFRQVHFXHQFLDKRVWLO 
    /RVSDGUHVPiVYDOLRVRVSDUDVXVKLMDVQRVREUHYDORUDQQLSRQHQ
    H[FHVLYR DFHQWR HQ ODV FXDOLGDGHV GH $IURGLWD \ QR ODV WUDWDQ FRPR
    OLQGRVREMHWRV7DQWRHOSDGUHFRPRODPDGUHDILUPDQHODWUDFWLYRGH
    VXV KLMDV GH OD PLVPD PDQHUD SRVLWLYD HQ TXH YDORUDQ RWUDV
    FXDOLGDGHV FRPR OD LQWHOLJHQFLD OD DPDELOLGDG R VX WDOHQWR SDUD HO
    DUWH(QFXHQWRDODFXHVWLyQGHODVFLWDVWDPELpQOHGDQFRQVHMRV\
    VyOR OH SRQHQ ORV OtPLWHV DSURSLDGRV D OD HGDG \ PDGXUH] GH VXV
    KLMDV/DDWUDFFLyQSRUORVKRPEUHVVyORVHWUDWDFRPRXQDFXHVWLyQ
    GH KHFKR GH OD TXH ODV MyYHQHV KDQ GH WRPDU FRQFLHQFLD \ QR VHU
    UHSURFKDGDVSRUHOOR 

    $GROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD


    /D DGROHVFHQFLD \ SULPHURV DxRV GH YLGD DGXOWD VRQ SHULRGRV
    FUXFLDOHVSDUDODPXMHU$IURGLWDTXHSXHGHYHUVHDWUDSDGDHQWUHOD
    DJLWDFLyQSURGXFLGDHQVXLQWHULRUSRU$IURGLWD\ODVUHDFFLRQHVGHORV
    GHPiVGDGDODGREOHPRUDOH[LVWHQWHODMRYHQSUHXQLYHUVLWDULDTXH
    WLHQH HO GHVHR GH H[SHULPHQWDU OD VH[XDOLGDG WDQ IXHUWH FRPR HO
    MRYHQ GHEH VRVSHVDU ODV FRQVHFXHQFLDV (O UHVXOWDGR SRGUtD VHU
    ODEUDUVH XQD PDOD UHSXWDFLyQ GLVPLQXLU VX DXWRHVWLPD \ WHQHU XQD
    LPDJHQ QHJDWLYD GH Vt PLVPD VL DFW~D VLJXLHQGR VXV LPSXOVRV
    $GHPiV ODV ³EXHQDV FKLFDV´ KDEUiQ GH HYLWDUOD PLHQWUDV TXH ORV
    FKLFRV TXH VyOR SLHQVDQ HQ PDQWHQHU XQD UHODFLyQ VH[XDO WDO YH]
    PHURGHHQ D VX DOUHGHGRU SHUR QR OD FRQVLGHUDUiQ ³VXILFLHQWHPHQWH
    DFHSWDEOH´ FRPR SDUD VHU XQD QRYLD ILMD R SDUD HO EDLOH GH ILQ GH
    FXUVR
    ([LVWHQWDPELpQRWURVSUREOHPDVFRQHODUTXHWLSRGHXQD$IURGLWD
    LQFRQWURODGD 8Q HPEDUD]R LQGHVHDGR HV XQD GH ODV SRVLELOLGDGHV
    8QD$IURGLWDDFWLYDFRUUHHOULHVJRGHH[SRQHUVHDHQIHUPHGDGHVGH
    WUDQVPLVLyQ VH[XDO 2WUD FRPSOLFDFLyQ PpGLFD FRQVLVWH HQ HO DOWR
    ULHVJRGHSDGHFHUXQFiQFHUFHUYLFDODOILQDOGHVXYLGD
    $ ODV MyYHQHV VH ODV D\XGD SRFR UHVSHFWR D FyPR PDQHMDU D OD
    LQVLVWHQWH $IURGLWD LQWHULRU /D H[SUHVLyQ VH[XDO HV XQD HOHFFLyQ
    HVHQFLDO TXH WLHQH VHULDV FRQVHFXHQFLDV $OJXQDV VXSULPHQ VX
    VH[XDOLGDG DXQTXH ODV TXH WLHQHQ IXHUWHV FRQVWULFFLRQHV UHOLJLRVDV
    SXHGH VHQWLUVH GH WRGDV PDQHUDV FXOSDEOHV UHSURFKiQGRVH D Vt
    PLVPDV SRU WHQHU VHQWLPLHQWRV ³LQDFHSWDEOHV´ 2WUDV H[SUHVDQ VX
    VH[XDOLGDG GHQWUR GH XQD UHODFLyQ HVWDEOH HOHFFLyQ TXH IXQFLRQD
    ELHQ VL +HUD FRQVWLWX\H WDPELpQ XQD SDUWH LPSRUWDQWH GH OD
    SHUVRQDOLGDGDXQTXHTXHWHQJDFRPRFRQVHFXHQFLDXQPDWULPRQLR
    WHPSUDQR
    6L$WHQHD\$IURGLWDVRQHOHPHQWRVSRGHURVRVHQXQDMRYHQpVWD
    SXHGHXWLOL]DUXQDFRPELQDFLyQGHHVWUDWHJLD\GHVH[XDOLGDGTXHHV
    DXWRSURWHFWRUD8QDGHHVWDVPXMHUHVGHFtD³8QDYH]TXHVXSHTXH
    PH HQDPRUDED \ PH GHVHQDPRUDED IiFLOPHQWH \ TXH WHQtD XQ
    IXHUWH LPSXOVR VH[XDO TXH LED D OD SDU QR PH WRPp HQ VHULD OR GHO
    HQDPRUDPLHQWR/RTXHWRPpHQVHULRIXHHOFRQWUROGHODQDWDOLGDG
    TXLpQHUDHOFKLFR\PDQWHQHUHQSULYDGRHVWDSDUWHGHPLYLGD´
    &XDQGR XQD PXMHU $IURGLWD YD D OD XQLYHUVLGDG SUREDEOHPHQWH
    ORV DVSHFWRV VRFLDOHV VHUiQ ORV PiV LPSRUWDQWHV SDUD HOOD 7DO YH]
    HOLMD XQ ³FROHJLR PD\RU IHVWLYR´ PiV FRQRFLGR SRU VXV DFWLYLGDGHV
    VRFLDOHVTXHSRUODVDFDGpPLFDV
    +DELWXDOPHQWH QR VH FHQWUD HQ REMHWLYRV SURIHVLRQDOHV D ODUJR
    SOD]R R HQ XQD FDUUHUD 6X LQWHUpV HQ XQD FDUUHUD SURIHVLRQDO HQ
    FLHUQHV VH GHVYDQHFH DQWH OD SHUVSHFWLYD GH WHQHU TXH FXPSOLU
    UHTXLVLWRV SUHYLRV GLILFXOWRVRV TXH QR OH LQWHUHVDQ HQ DEVROXWR (V
    FDSD] GH VXPHUJLUVH HQ XQ WUDEDMR XQLYHUVLWDULR VyOR VL OH OOHJD D
    IDVFLQDU HO WHPD OR TXH RFXUUH FRQ PiV IUHFXHQFLD HQ XQ FDPSR
    FUHDWLYRTXHLPSOLTXHLQWHUDFFLRQHVFRQRWUDVSHUVRQDV3RUHMHPSOR
    SXHGH TXH VHD XQD DFWUL] GH SDSHOHV SULQFLSDOHV \ TXH GHVHPSHxH
    XQ SDSHO WUDV RWUR (Q FDVD RFDVLyQ VH VXPHUJH HQ VX SDSHO
    LQYRFDQGRVXSURSLDSDVLyQLQQDWDSXGLHQGROOHJDUDVtDFRQYHUWLUVH
    HQODHVWXGLDQWHGHDUWHGUDPiWLFRPiVGHVWDFDGDGHVXIDFXOWDG

    7UDEDMR
    (O WUDEDMR TXH QR LPSOLFD HPRFLRQDOPHQWH D XQD PXMHU $IURGLWD
    QR OH LQWHUHVD /H JXVWD OD YDULHGDG \ OD LQWHQVLGDG ODV WDUHDV
    UHSHWLWLYDV FRPR ODV GRPpVWLFDV DGPLQLVWUDWLYDV R GH ODERUDWRULR OH
    DEXUUHQ6yORGDWRGRGHVtFXDQGRSXHGHHQWUHJDUVHSRUFRPSOHWR
    GHXQDPDQHUDFUHDWLYD$VtSXHVHVSRVLEOHHQFRQWUDUODHQHODUWH
    ODP~VLFDODHVFULWXUDODGDQ]DRHOWHDWURRELHQFRQSHUVRQDVTXH
    VRQ HVSHFLDOHV SDUD HOOD SRU HMHPSOR FRPR PDHVWUD WHUDSHXWD
    HGLWRUD &RPR FRQVHFXHQFLD R ELHQ RGLD VX WUDEDMR \ UHDOL]D
    SUREDEOHPHQWHXQDODERUPHGLRFUHRELHQORDGRUD\QRVHORSLHQVD
    GRV YHFHV SDUD GHGLFDUOH XQ WLHPSR R XQ HVIXHU]R H[WUD &DVL
    VLHPSUH SUHILHUH XQD WDUHD TXH FRQVLGHUH LQWHUHVDQWH D XQ WUDEDMR
    PHMRUSDJDGRSHURFRQPHQRVDWUDFWLYRSXHGHORJUDUHOp[LWRFRPR
    UHVXOWDGRGHKDFHUDOJRTXHOHIDVFLQHSHURDGLIHUHQFLDGH$WHQHD
    R$UWHPLVDQRSODQLILFDHOp[LWRGHVXODERU

    5HODFLRQHV FRQ KRPEUHV


    /DVPXMHUHV$IURGLWDJUDYLWDQDOUHGHGRUGHKRPEUHVTXHQRVRQ
    QHFHVDULDPHQWH EXHQRV SDUD HOODV R FRQ HOODV $ PHQRV TXH RWUDV
    GLRVDVHMHU]DQVXLQIOXHQFLDVXHOHFFLyQGHKRPEUHVVXHOHVHUVLPLODU
    D ODV HOHFFLRQHV GH $IURGLWD KRPEUHV FUHDWLYRV FRPSOHMRV FRQ
    EUXVFRV FDPELRV GH KXPRU R HPRFLRQDOHV FRPR +HIHVWRV $UHV \
    +HUPHV 7DOHV KRPEUHV QR DPELFLRQDQ FLPDV SURIHVLRQDOHV QL
    SRVLFLRQHVGHDXWRULGDGQLGHVHDQHVWDUDODFDEH]DGHXQKRJDUQL
    VHUPDULGRVRSDGUHV
    (O WLSR +HIHVWRV LQWURYHUWLGR H LQWHQVR SXHGH TXH WHQJD XQD
    FyOHUD UHSULPLGD TXH VXEOLPD HQ HO WUDEDMR FUHDWLYR $O LJXDO TXH HO
    GLRVGHODIRUMDSXHGHVHUXQDUWLVWD\DOPLVPRWLHPSRXQWXOOLGR
    HQWpUPLQRVHPRFLRQDOHV 6XUHODFLyQFRQVXVSDGUHVSXHGHKDEHU
    VLGR WDQ PDOD FRPR OD GH +HIHVWRV eO WDPELpQ SXHGH KDEHU VLGR
    UHFKD]DGRSRUVXPDGUHFXDQGRQRYLYtDFRQIRUPHDODVHVSHUDQ]DV
    TXH pVWD WHQtD VREUH pO \ KDEHU VLGR FRUWDGR GH OD UHODFLyQ FRQ VX
    SDGUH(QFRQVHFXHQFLDSXHGHWHQHUXQDUHODFLyQGHDPRURGLRFRQ
    ODVPXMHUHVFRQODVTXHHVWiUHVHQWLGRSRUVHUSDUDpOHQRUPHPHQWH
    LPSRUWDQWHV \ DO PLVPR WLHPSR LQGLJQDV GH FRQILDQ]D $GHPiV
    TXL]iVHVLHQWDPX\SRFRFHUFDQRDORVKRPEUHVUHVSHFWRDORVTXH
    VHVLHQWHLQIHULRU\FRPRXQH[WUDxR
    &RQ IUHFXHQFLD HO KRPEUH WLSR +HIHVWRV LQWHQVDPHQWH
    LQWURYHUWLGR VH HQFXHQWUD DEVROXWDPHQWH LQFyPRGR HQ VLWXDFLRQHV
    VRFLDOHV DO QR HVWDU GRWDGR SDU OD FKDUOD GH VRFLHGDG 3RU HOOR ORV
    GHPiV QR SURORQJDQ VX FRPSDxtD /D PXMHU $IURGLWD SXHGH VHU OD
    H[FHSFLyQ &RQ VX WDOHQWR SDUD FHQWUDU VX WRWDO DWHQFLyQ HQ OD
    SHUVRQDFRQODTXHHVWiSXHGHDWUDHUOH\HQFRQWUDUOHIDVFLQDQWH
    6LQWLpQGRVH DWUDFWLYR \ DWUDtGR SRU HOOD HO KRPEUH +HIHVWRV
    UHVSRQGH FRQ VX LQWHQVLGDG FDUDFWHUtVWLFD \ HV SUREDEOH TXH VH
    HQFLHQGDXQDFRQH[LyQDSDVLRQDGDHQWUHDPERV(OODHVDWUDtGDSRU
    ODLQWHQVLGDGGHVXVVHQWLPLHQWRV\UHVSRQGHHQODPLVPDPRQHGDD
    VX IXHJR HPRFLRQDO TXH SXHGH DKX\HQWDU D RWUDV PXMHUHV (OOD
    DEUD]D OD QDWXUDOH]D SURIXQGDPHQWH HUyWLFD GH pO TXH SXHGH
    SHUPDQHFHU GRUPLGD GXUDQWH DOJXQRV SHULRGRV VXEOLPDGD HQ VX
    WUDEDMR MXQWR FRQ VX FyOHUD 6L pO HV XQ DUWHVDQR R XQ DUWLVWD HOOD
    WDPELpQSXHGHYHUVHDWUDtGDSRUORVEHOORVREMHWRVTXHpOFUHD\DO
    GHMDUVHDWUDHUSXHGHLQVSLUDUVXFUHDWLYLGDG
    /RVSUREOHPDVGHDPDUDXQKRPEUHWLSR+HIHVWRVVRQPXFKRV
    \ GHSHQGHQ GH OD FODVH GH VHQWLPLHQWRV TXH JXDUGD EDMR HO
    HQYROWRULR\GHVXVDOXGSVLFROyJLFD(QXQH[WUHPRSXHGHTXHVHD
    XQ YROFiQ UHSULPLGR SRWHQFLDOPHQWH SDUDQRLFR XQ VROLWDULR FX\R
    WUDEDMR WDO YH] QR REWHQJD UHFRQRFLPLHQWR SRU VHU WDQ VROLWDULR \
    KRVWLO$GHPiVHVSUREDEOHTXHHODWUDFWLYRGHXQDPXMHU$IURGLWDR
    ODDWUDFFLyQTXHHMHUFHVREUHORVGHPiVOHGLVSDUHQVHQWLPLHQWRVGH
    FyOHUD GH LQIHULRULGDG \ PLHGR D OD SpUGLGD 6L HV YHUGDGHUDPHQWH
    FRPR+HIHVWRVSXHGHVHUFDSD]GHPDQWHQHUVXVFHORVEDMRFRQWURO
    6LQHPEDUJRHVWDUFHUFDGHXQKRPEUHDVtEDMRHVWDVFLUFXQVWDQFLDV
    HV FRPR HVWDU HQ OD ODGHUD GH XQ YROFiQ DFWLYR SUHJXQWiQGRVH
    FXDQGRODSUy[LPDHUXSFLyQSXHGHPDQGDUORWRGRSRUORVDLUHV
    $OJXQDV FRPELQDFLRQHV WLSR +HIHVWRV$IURGLWD IXQFLRQDQ
    H[FHOHQWHPHQWH (Q HVWH FDOGR HO KRPEUH +HIHVWRV HV XQ KRPEUH
    LQWURYHUWLGR\FUHDWLYRTXHWLHQHXQDYDULHGDGJDPDGHVHQWLPLHQWRV
    HQ OXJDU GH HVWDU SUHGRPLQDQWHPHQWH HQIDGDGR  HQ VX
    FDUDFWHUtVWLFD PDQHUD GH VHU WtSLFDPHQWH LQWHQVR \ FRQWHQLGR
    ([SUHVD HVWDV HPRFLRQHV D WUDYpV GH VX WUDEDMR \ GH DOJXQDV
    UHODFLRQHV LPSRUWDQWHV /D DPD SURIXQGD \ DSDVLRQDGDPHQWH SHUR
    QRGHXQPDQHUDSRVHVLYD6XLQWHQVLGDGODPDQWLHQHGHVGHHOSXQWR
    GH YLVWD HPRFLRQDO \ VX FRPSURPLVR FRQ HOOD OH SURSRUFLRQD OD
    HVWDELOLGDGTXHQHFHVLWD
    2WURWLSRGHKRPEUHQRUPDOPHQWHDWUDtGRKDFLDODPXMHU$IURGLWD
    HVYROiWLOFRPR$UHV GLRVGHODJXHUUDKLMRGH+HUD\GH=HXV /D
    KLVWRULD GH OD YLGD UHDO GH HVWD FODVH GH KRPEUH SXHGH SDUHFHUVH
    PXFKR D OD FRQILJXUDFLyQ PLWROyJLFD GH OD IDPLOLD GH $UHV IXH
    HGXFDGR SRU XQD PDGUH DPDUJDGD GHVSXpV GH TXH VX SDGUH OHV
    DEDQGRQDVH D ORV GRV HV XQ KRPEUH HPRFLRQDO DSDVLRQDGR \
    IDQIDUUyQTXHWLHQHPDQHUDVGH³VXSHUPDFKR´$OKDEHUFDUHFLGRGH
    XQ SDGUH UHDO TXH OH VLUYLHUD GH PRGHOR GH FRPSRUWDPLHQWR \
    GLVFLSOLQD\DFRVWXPEUDGRDFRQVHJXLUFXDOTXLHUFRVDGHVXPDGUH
    HVLPSDFLHQWH\WLHQHSRFRDJXDQWHDODIUXVWUDFLyQ/HJXVWDHVWDUDO
    PDQGRGHODVLWXDFLyQDXQTXHSXHGHSHUGHUODFDEH]DFXDQGRVHYH
    SUHVLRQDGRORFXDOQROHKDFHVHUXQEXHQOtGHU
    /D FRPELQDFLyQ $IURGLWD$UHV HV XQD PH]FOD LQIODPDEOH $PERV
    WLHQHQHQFRP~QXQDSURSHQVLyQDYLYLUHODTXt\DKRUD$PEDVVRQ
    SHUVRQDV UHDFWLYDV PiV TXH UHIOH[LYDV VRQ SHUVRQDV GHO
    WLSR´DFWXHPRV DKRUD \ SHQVpPRVOR GHVSXpV´ 6LHPSUH TXH VH
    MXQWDQ ODV FKLVSDV HUyWLFDV GH VXV ILHURV WHPSHUDPHQWRV SURGXFHQ
    LQWHUDFFLRQHVLQFHQGLDULDV+DFHQWDQWRODJXHUUDFRPRHODPRU(VWD
    FRPELQDFLyQ SURGXFH ODV WtSLFDV SHOHDV GH DPDQWHV GH FRQWLQXDV
    UXSWXUDV\UHFRQFLOLDFLRQHV
    $IURGLWD \ $UHV QR FRQVWLWX\HQ LQJUHGLHQWHV GH XQD UHODFLyQ
    HVWDEOH $GHPiV GH VXV FyOHUDV HPRFLRQDOHV HO PDFKLVPR
    MDFWDQFLRVRGH$UHVVXHOHRULJLQDUVLWXDFLRQHVHFRQyPLFDVSUHFDULDV
    (V LQFDSD] GH SHQVDU SODQLILFDQGR R GH VHU SUXGHQWH HQ HO
    DFDORUDPLHQWRGHOPRPHQWRSXHGHGHFLURKDFHUDOJRTXHOHFXHVWH
    VX SXHVWR GH WUDEDMR 6L DGHPiV GH WRGR HOOR OD PXMHU WLHQHQ XQD
    WHQGHQFLD WLSR $IURGLWD D OD LQILGHOLGDG ²R FXDQWR PHQRV D
    ³IOLUWHDU´² HVWR DPHQD]D VX PDVFXOLQLGDG \ GLVSDUD VX VHQWLPLHQWR
    GH SRVHVLYLGDG (QWRQFHV SXHGH YROYHUVH YLROHQWR \ VX HVWDOOLGR GH
    FyOHUDSXHGHVHUEUXWDOSURGXFLHQGRWHUURU\UHFHOR
    6LQHPEDUJRDSHVDUGHVXVIXHJRVGHDUWLILFLRHVSRVLEOHSDUD
    DOJXQDV SDUHMDV $UHV$IURGLWD UHVLVWLU OD VLWXDFLyQ \ YLYLU HQ XQD
    UHODWLYD DUPRQtD (Q WDO WLSR GH SDUHMD pO VXHOH WHQHU XQD
    SHUVRQDOLGDG$UHV²LPSXOVLYDHPRFLRQDOPHQWHLQWHQVD\FRPEDWLYD
    SRUQDWXUDOH]D²SHURSRUSURFHGHUGHXQDIDPLOLDPiVDFRPRGDGD
    QRHVHVHQFLDOPHQWHKRVWLO<HOODWLHQHVXILFLHQWH+HUDGHQWURGHVt
    SDUDGHVDUUROODUXQYtQFXORHVWDEOHFRQpO
    8QKRPEUHTXHVHFRPSRUWDFRPRHOHWHUQRMRYHQWDPELpQDWUDH
    D PXFKDV PXMHUHV WLSR $IURGLWD TXH SDUHFHQ WHQHU XQD LQFOLQDFLyQ
    SRUKRPEUHVLQPDGXURVFRPSOHMRVFHQWUDGRVHQORVXEMHWLYR\FRQ
    XQSRWHQFLDOFUHDWLYR(OORVVHSDUHFHQDOGLRVPHQVDMHUR+HUPHVHO
    PiVMRYHQGHORVGLRVHVGHO2OLPSR(OODHQFXHQWUDHOODGRDPDEOHGH
    pO HQ VXV SDODEUDV HPEULDJDGRUDV ²HVSHFLDOPHQWH FXDQGR pO WLHQH
    XQDQDWXUDOH]DSRpWLFD²\HVWiIDVFLQDGDSRUVXFDSDFLGDGGHSDVDU
    UiSLGDPHQWHGHODVDOWXUDVDODVSURIXQGLGDGHV WDQWRGHVGHHOSXQWR
    GH YLVWD HPRFLRQDO FRPR VRFLDO  (O WLSR GH KRPEUH +HUPHV SXHGH
    VHU WUDPSRVR DOJR HVWDIDGRU TXH OH HQFDQWD GHMDU ERTXLDELHUWDV D
    PHQWHV ³LQIHULRUHV´ 6X SRWHQFLDO HV LQPHQVR IUHFXHQWHPHQWH OOHQR
    GH WDOHQWRV DXQTXH HV LQGLVFLSOLQDGR FDULVPiWLFR \ QR VH
    FRPSURPHWH HQ HO WUDEDMR QL UHVSHFWR D HOOD (V WtSLFR TXH HQWUH \
    VDOJDHQODYLGDGHHOOD2EOLJDUORDFRQFUHWDUDOJRHVFRPRLQWHQWDU
    UHWHQHU HO PHUFXULR eO KDEOD FRQ ³WDO YH]´ \ IDQWDVHD FRQ OD
    SRVLELOLGDGGHFDVDUVHRGHYLYLUMXQWRV3HURHOODKHUtDPHMRUHQQR
    FRQWDUFRQHOORSRUTXHpOHVHO~OWLPRGHORVKRPEUHVTXHOOHJDUtDD
    FRPSURPHWHUVH/DUHODFLyQVH[XDOFRQpOHVLPSUHGHFLEOH\OOHQDGH
    GHQVLGDG (V XQ DPDQWH HQFDQWDGRU \ VHQVLEOH XQ 0HWHU 3DQ
    MXJXHWyQTXHQXQFDFUHFLy
    /DV FRPELQDFLRQHV $IURGLWD+HUPHV HQFDMDQ PX\ ELHQ FRQ
    DOJXQDV PXMHUHV $IURGLWD SRUTXH DPERV WLHQHQ HQ FRP~Q OD
    LQWHQVLGDG GHO DTXt \ DKRUD \ XQD DXVHQFLD GH FRPSURPLVR 1R
    REVWDQWH VL $IURGLWD \ +HUD VRQ DUTXHWLSRV IXHUWHV HQ DPERV SDUD
    HOOD VH WUDWD GH XQD SDUHMD PX\ GRORURVD (VWH WLSR GH PXMHU VH
    DSHJDUi SURIXQGDPHQWH D pO \ VHUi DWRUPHQWDGD SRU ORV FHORV /D
    VH[XDOLGDG HQWUH HOORV HV LQWHQVD (OOD HV PRQyJDPD \ TXLHUH
    FDVDUVHSHURQRUPDOPHQWHGHEHOOHJDUDXQDFXHUGRDSURSLDGRDOD
    QHFHVLGDGTXHpOWLHQHGHPRYHUVHOLEUHPHQWH
    1R REVWDQWH XQ KRPEUH +HUPHV PDGXUR HV FDSD] GH
    FRPSURPHWHUVH HQ XQ WUDEDMR \ HQ XQD UHODFLyQ FRPR VH KD
    VHxDODGR SUHYLDPHQWH SXHGH FDVDUVH FRQ XQD PXMHU WLSR +HVWLD 
    SUREDEOHPHQWH HV XQ KRPEUH GH QHJRFLRV R XQ FRPXQLFDGRU PiV
    TXH XQ MRYHQ HWHUQDPHQWH KX\HQGR 6L HV DVt OD SDUHMD $IURGLWD
    +HUPHV SXHGH VHU XQD H[FHOHQWH SDUHMD 6X UHODFLyQ SXHGH
    VREUHYLYLU D ORV ³IOLUWHRV´ \ D ODV DYHQWXUDV VHQWLPHQWDOHV SRUTXH
    QLQJXQRGHORVGRVHVFHORVRQLSRVHVLYR$GHPiVODUHODFLyQSXHGH
    UHVLVWLUSRUTXHDPERVGLVIUXWDQGHODFRPSDxtD\GHOHVWLORGHORWUR
    (OODVHDGDSWDPX\ELHQDVXPDQHUDGHVHUVLHPSUHHQPRYLPLHQWR
    TXH HV FRPSDWLEOH FRQ OD VX\D SURSLD $PERV SXHGHQ HVWDU
    LPSOLFDGRV LQWHQVDPHQWH HO XQR FRQ HO RWUR HQ XQ PRPHQWR \ VH
    LQGHSHQGLHQWHVDFRQWLQXDFLyQORFXDOOHVHQFDMDDDPERV

    0DWULPRQLR
    6L$IURGLWDHVXQRGHORVYDULRVDUTXHWLSRVIXHUWHV\HVWiLQFOXLGD
    +HUD HQWRQFHV VX SUHVHQFLD IRUWDOHFH \ YLWDOL]D HO PDWULPRQLR FRQ
    VH[XDOLGDG \ SDVLyQ 1R REVWDQWH D PHQXGR HV GLItFLO SDUD XQD
    PXMHU $IURGLWD FRQVHJXLU XQ PDWULPRQLR PRQyJDPR GXUDGHUR $
    PHQRV TXH RWUDV GLRVDV HMHU]DQ VX LQIOXHQFLD SDUD PDQWHQHU D
    $IURGLWDGHQWURGHOPDWULPRQLRRTXHpVWHHVWpFRQVWUXLGRSRUXQD
    FRPELQDFLyQ DIRUWXQDGD SUREDEOHPHQWH VHJXLUi XQ SDWUyQ GH
    UHODFLRQHV HQ VHULH 3RU HMHPSOR OD DFWUL] (OLVDEHWK 7D\ORU FX\D
    LPDJHQ S~EOLFD HV OD GH XQD $IURGLWD FRQWHPSRUiQHD KD WHQLGR XQ
    URVDULRGHPDWULPRQLRV

    5HODFLRQHV FRQ PXMHUHV OD GDPD HQJDxDGD


    8QD PXMHU $IURGLWD SXHGH VHU HQJDxDGD SRU RWUD PXMHU HQ
    HVSHFLDO SRU PXMHUHV WLSR +HUD &XDQWR PHQRV FRQVFLHQWH HV R
    PHQRV VH UHVSRQVDELOL]D GHO HIHFWR TXH SURGXFH HQ ORV KRPEUHV
    PiV SXHGH VHU XQ HOHPHQWR SHUWXUEDGRU 3RU HMHPSOR SXHGH TXH
    YD\DDXQDILHVWD\HQWDEOHFRQYHUVDFLRQHVFRQFDUJDHUyWLFDFRQORV
    KRPEUHVPiVLQWHUHVDQWHVGHODPLVPD'HHVWDPDQHUDHVWLPXODORV
    FHORV ORV VHQWLPLHQWRV GH LQDGHFXDFLyQ \ HO PLHGR D OD SpUGLGD GH
    ODV PXMHUHV TXH YHQ FyPR VXV KRPEUHV UHDFFLRQDQ DQWH HOOD FDGD
    YH]PiVDQLPDGRVDPHGLGDTXHODDOTXLPLDTXHVHSURGXFHIRUPD
    XQDXUDGRUDGDDOUHGHGRU
    &XDQGR ODV PXMHUHV HQ HVSHFLDO OD +HUD FHORVD R OD +HUD
    YHQJDWLYD  VH HQIDGDQ FRQ OD PXMHU $IURGLWD pVWD VXHOH TXHGDU
    VRUSUHQGLGD (V UDUR TXH VRSRUWH OD PDOD YROXQWDG GH ODV GHPiV
    PXMHUHV\FRPRQRHVSRVHVLYDQLFHORVDVXHOHWHQHUGLILFXOWDGHVHQ
    LPDJLQDUODFDXVDGHODKRVWLOLGDGTXHSURGXFH
    8QD PXMHU $IURGLWD WLHQH FRQ IUHFXHQFLD XQ DPSOLR FtUFXOR GH
    DPLJDV QLQJXQDGHHOODVWLSR+HUD \FRQRFLGDVTXHGLVIUXWDQGHVX
    HVSRQWDQHLGDG\DWUDFWLYR0XFKDVGHHOODVWLHQHQHQFRP~QFRQHOOD
    FXDOLGDGHV GH $IURGLWD 2WUDV SDUHFHQ DFWXDU FRPR DFRPSDxDQWHV
    TXH VLPSOHPHQWH GLVIUXWDQ GH VX FRPSDxtD R TXH YLYHQ SRU
    SURFXUDFLyQ D WUDYpV GH VXV DYHQWXUDV DPRURVDV 6LQ HPEDUJR VXV
    DPLVWDGHV GXUDQ ~QLFDPHQWH VL VXV DPLJDV QR VH RIHQGHQ
    SHUVRQDOPHQWHFXDQGRHOODHVLQIRUPDOFRQORVSODQHVTXHKDFHQHQ
    FRP~Q
    8QD PXMHU $IURGLWD OHVELDQD VH GLIHUHQFLD GH XQD KHWHURVH[XDO
    VyOR HQ VX SUHIHUHQFLD VH[XDO (OOD WDPELpQ DSRUWD OD FRQFLHQFLD GH
    $IURGLWDDODVUHODFLRQHV\HQWRQFHVDVXYH]HOODPLVPDUHVSRQGHD
    OD DOTXLPLD TXH JHQHUD 6H LPSOLFD LQWHQVDPHQWH HQ ODV UHODFLRQHV
    VH HQDPRUD FRQ IUHFXHQFLD \ FRPR FRQVHFXHQFLD PDQWLHQH
    KDELWXDOPHQWH XQD VHULH GH UHODFLRQHV LPSRUWDQWHV 4XHULHQGR
    H[SHULPHQWDU ³WRGR OR TXH OD YLGD SXHGH RIUHFHU´ VXHOH WHQHU
    UHODFLRQHVFRQKRPEUHV\FRQPXMHUHV1RREOLJDGDDYLYLUFRQIRUPH
    DORTXHORVKRPEUHVHVSHUDQGHODVPXMHUHVXQD$IURGLWDOHVELDQD
    HMHUFHVXSUHUURJDWLYDGHHVFRJHUDVXVDPDQWHVWDOYH]PiVTXHVX
    KRPyORJD KHWHURVH[XDO (O HVWLOR GH YLGD DOWHUQDWLYR TXH OD
    FRPXQLGDGOHVELDQDRIUHFHHQFDMDFRQVXIDOWDGHFRQYHQFLRQDOLVPR
    GHWRGDODYLGD
    /DVPXMHUHVOHVELDQDVDYHFHVGHVFXEUHQD$IURGLWDHQVtPLVPDV
    DWUDYpVGHODUHODFLyQFRQRWUDVPXMHUHVFRPRVXJHUtD5XWK)DONHQ
    VX OLEUR :RPHQ /LYLQJ>@ (Q pO GHVFULEtD OD FRQWHPSODFLyQ GH OD
    EHOOH]DHQRWUDPXMHU\HOVHQWLPLHQWRGHVHQWLUVHKHUPRVDWRFDUD
    RWUDPXMHU\VHQWLUFRPRVLKXELHUDVLGRWRFDGDHOODPLVPD6HJ~QVX
    GHVFULSFLyQ FDGD PXMHU ³UHIOHMDED´ D OD RWUD SHUPLWLHQGR TXHFDGD
    XQDHQFRQWUDVHVXSURSLDVHQVXDOLGDGIHPHQLQD

    +LMRV
    /DV PXMHUHV $IURGLWD TXLHUHQ D ORV QLxRV \ YLFHYHUVD 8Q QLxRD
    VLHQWHTXHHVWHWLSRGHPXMHUOHPLUDRORPLUDRODPLUDVLQXQRMR
    FUtWLFRRMX]JDGRU6DFDORVVHQWLPLHQWRV\FDSDFLGDGHVGHOQLxRDGH
    WDO PDQHUD TXH pVWHD VH VLHQWH JXDSRD \ DFHSWDGRD FRQ
    IUHFXHQFLD LQIXQGH XQ VHQWLPLHQWR GH VHU HVSHFLDO TXH SXHGH
    SURSRUFLRQDUOHFRQILDQ]D\D\XGDUOHDGHVDUUROODUVXVFDSDFLGDGHV\
    WDOHQWRV (OOD SXHGH HQWUDU HQ XQ HVStULWX GH MXHJR \ DFWXDU FRQ
    PXFKD IDFLOLGDG 3DUHFH HQFDQWDU D ODVRV QLxDVRV TXH VH SRUWHQ
    ELHQ H LQVSLUDUOHV VX HQWXVLDVPR FRQWDJLRVR SRU FXDOTXLHU FRVD TXH
    HOOD OH LQWHUHVH eVWDV VRQ FXDOLGDGHV PDUDYLOORVDV HQ XQD PDGUH
    /DVRV KLMDVRV GH ODV PXMHUHV $IURGLWD SURVSHUDQ \ GHVDUUROODQ VX
    LQGLYLGXDOLGDG VL WDPELpQ VH KDOODQ SUHVHQWHQ HQ HOOD ODV FXDOLGDGHV
    GH'HPpWHU
    8QD PDGUH $IURGLWD SXHGH FDXWLYDU D VXV KLMDVRV TXH OD YHQ
    KHUPRVD \ HQFDQWDGRUD SHUR FXDQGR IDOWD 'HPpWHU  VL QR
    FRQVLGHUD VXV QHFHVLGDGHV GH VHJXULGDG \ FRQVWDQFLD HPRFLRQDOHV
    VHUi LQFRQVWDQWH OR FXDO WLHQH FRQVHFXHQFLDV QHJDWLYDV VREUH HOORV
    6XVKLMDVRVVHGHOHLWDQHQXQPRPHQWRDOUHFLELUVXDWHQFLyQWRWDO\
    DFRQWLQXDFLyQVHTXHGDQWULVWHV\GHVFRQFHUWDGDVRVFXDQGRpVWDVH
    GLULJH KDFLD RWUR ODGR 8QD GH PLV SDFLHQWHV WHQtD XQD PDGUH
    $IURGLWD TXH OD GHMDED GXUDQWH ODUJRV SHULRGRV GH WLHPSR FRQ OD
    VHxRUD GH OD OLPSLH]D 'HVFULEtD VXV OOHJDGDV D FDVD TXH HUDQ WDQ
    HVSHFLDOHV³0DGUHLUUXPStDHQFDVDFRQORVEUD]RVWHQGLGRVKDFLDPt
    SDUD VDOXGDUPH 0H VHQWtD OD SHUVRQD PiV LPSRUWDQWH GHO PXQGR´
    6X PDGUH WUDtD FRQ HOOD ³ORV UD\RV GHO VRO´ HUD FRPR VL XQD GLRVD
    KXELHUD UHJUHVDGR 1R LPSRUWDED TXH PL SDFLHQWH KXELHUD HVWDGR
    UHVHQWLGD D FDXVD GH VX DXVHQFLD QL WDQ VLTXLHUD TXH KXELHUD
    DFRJLGR OD QRWLFLD GH VX UHJUHVR FRQ KRVTXHGDG WRGR HUD ROYLGDGR
    WDQ SURQWR FRPR VH VXPHUJtD HQ HO EULOOR FDULVPiWLFR GH VX PDGUH
    $IURGLWD &UHFLy VLQ VDEHU FXiOHV HUDQ VXV FDSDFLGDGHV TXH HUDQ
    H[WUDRUGLQDULDV  \ WXYR TXH HQIUHQWDUVH D VHQWLPLHQWRV GH IDOWD GH
    HVWLPD \ GH GHSUHVLyQ TXH VH DVHPHMDEDQ D ORV VHQWLPLHQWRV TXH
    WHQtDFXDQGRVXPDGUHHVWDEDDXVHQWH
    &XDQGRODDWHQFLyQLQFRQVWDQWHHLQWHQVDGHXQDPDGUH$IURGLWD
    VH FHQWUD HQ VX KLMR pVWD DIHFWD D VXV IXWXUDV UHODFLRQHV FRQ ODV
    PXMHUHV DVt FRPR D VX DXWRHVWLPD \ D VX SRWHQFLDO GH GHSUHVLyQ
    &UHD XQD LQWLPLGDG HVSHFLDO HQWUH HOORV TXH VHGXFH DO KRPEUH HQ
    FLHUQHVTXHKD\HQVXKLMR\OHDWUDHKDFLDHOODYROFDQGRVXDWHQFLyQ
    KDFLD FXDOTXLHU RWUD FRVD D FRQWLQXDFLyQ 8Q ULYDO GH VX DIHFWR ²
    IUHFXHQWHPHQWHXQKRPEUHRDYHFHVFXDOTXLHURWUDIDVFLQDFLyQ²OD
    VHSDUD GHMiQGROH FRQ HO VHQWLPLHQWR GH LQDGHFXDFLyQ GHVRODGR
    LPSRWHQWH HQIDGDGR \ D YHFHV KXPLOODGR (O KLMR VLHQWH XQD
    ULYDOLGDGSHUVRQDOXQDFRPSHWHQFLDHQODTXHUHSHWLGDPHQWHSLHUGH
    IUHQWH D ORV KRPEUHV TXH HQWUDQ HQ OD YLGD GH VX PDGUH
    VHQWLPLHQWRVGHORVTXHVHVDOYDQODPD\RUtDGHODVPXMHUHV&RPR
    DGXOWR DQKHOD UHFXSHUDU OD LQWHQVLGDG \ HO VHQWLPLHQWR GH VHU
    HVSHFLDOTXHVLQWLyHQRWURWLHPSRFRQVXPDGUHVyORTXHHVWDYH]
    TXLHUHVHUpOTXLHQWHQJDHOFRQWURO%DVDGRHQODH[SHULHQFLDGHVX
    LQIDQFLDFRQVXPDGUHGHVFRQItDGHODILGHOLGDGGHODVPXMHUHV\WDO
    YH]VHDLQFDSD]GHFRQVHUYDUVXDIHFWR

    (Q OD PHGLDQD HGDG
    /D LQHYLWDELOLGDG GH HQYHMHFHU SXHGH TXH VHD XQD UHDOLGDG
    GHYDVWDGRUDSDUDODPXMHU$IURGLWDVLVXDWUDFWLYRKDVLGRVXSULQFLSDO
    IXHQWH GH JUDWLILFDFLyQ 8QD YH] HVWi SHQGLHQWH GH HOOR R TXH HVWi
    REVHVLRQDGD SRUTXH VX EHOOH]D VH PDUFKLWD VX DWHQFLyQ SXHGH
    H[SHULPHQWDUFDPELRVLPSLGLpQGROHFRQFHQWUDUVHWRWDOPHQWHHQRWUD
    SHUVRQD7DOYH]QRVHGpFXHQWDGHTXHODFXDOLGDGGH$IURGLWDHVOR
    TXHDWUDtDDODJHQWHKDFLDHOODPXFKRPiVTXHVXEHOOH]DItVLFD
    $PLWDGGHVXYLGDXQDPXMHU$IURGLWDWDPELpQVHYXHOYHLQIHOL]
    SRU OD HOHFFLyQ GH VXV SDUHMDV 3XHGH TXH FDLJD HQ OD FXHQWD GH
    FXiQWDVYHFHVVHKDYLVWRDWUDtGDSRUKRPEUHVQRFRQYHQFLRQDOHV\
    D YHFHV LQDGHFXDGDPHQWH SDUD HOOD 4XL]i TXLHUD HQWRQFHV
    DVHQWDUVH SRVLELOLGDG TXH WDO YH] KD\D GHVFDUWDGR KDVWD HVH
    PRPHQWR
    6LQ HPEDUJR OD PHGLDQD HGDG QR HV XQ SHULRGR GLItFLO SDUD ODV
    PXMHUHV $IURGLWD TXH HVWiQ LQYROXFUDGDV HQ XQ WUDEDMR FUHDWLYR HV
    WtSLFRTXHWDOHVPXMHUHVPDQWHQJDQVXHQWXVLDVPR\WRGDYtDVHGHQ
    GH OOHQR DO WUDEDMR TXH OHV LQWHUHVD $KRUD WLHQHQ PiV H[SHULHQFLD
    SDUD VDFDU LQVSLUDFLyQ GH OD PLVPD \ WLHQHQ PiV GHVDUUROODGDV VXV
    KDELOLGDGHVSDUDH[SUHVDUVH

    (Q OD WHUFHUD HGDG
    $OJXQDV PXMHUHV $IURGLWD PDQWLHQHQ OD FDSDFLGDG GH YHU OD
    EHOOH]D\GHHQDPRUDUVHXQSRFRGHFXDOTXLHUFRVDRSHUVRQDVREUH
    ODV TXH FHQWUHQ VX DWHQFLyQ (QYHMHFHQ FRQ JUDFLD \ YLWDOLGDG 6X
    LQWHUpVSRUORVGHPiVRVXFRPSURPLVRFRQXQWUDEDMRFUHDWLYRVLJXH
    VLHQGRODSDUWHPiVLPSRUWDQWHGHVXVYLGDV0DQWLHQHQXQDDFWLWXG
    MRYHQ D PHGLGD TXH FDPELDQ GH XQD H[SHULHQFLD D RWUD \ GH XQD
    SHUVRQD D RWUD VLQ GDUVH FXHQWD GH HOOR IDVFLQDGDV FRQ HO IXWXUR
    LQPHGLDWR3RUVHUMyYHQHVGHFRUD]yQDWUDHQDORVGHPiVKDFtDVt\
    WLHQHQ DPLVWDGHV GH WRGDV ODV HGDGHV 3RU HMHPSOR ,PRJHQH
    &XQQLQJKDPLQFOXVRDVXVQRYHQWDDxRVHUDXQDIRWyJUDIDXQSRFR
    GXHQGHTXHFDSWDEDODEHOOH]DTXHYHtDDWUDYpVGHODVFiPDUDV\D
    VXYH]RWURVODIRWRJUDILDEDQDHOOD

    'LILFXOWDGHV SVLFROyJLFDV
    1RHVFRVDIiFLOWHQHUD$IURGLWDFRPRXQDUTXHWLSRFRPSXOVLYR
    /H JXVWDQ ORV KRPEUHV \ OHV DWUDH KDFLD HOOD FRQ VX DWUDFWLYR \ VX
    LQWHUpVSRUHOORV6XDFWLWXGGHDWHQFLyQHVVHGXFWRUDKDFHTXHXQ
    KRPEUH VH VLHQWD HVSHFLDO \ VH[XDOPHQWH DWUDFWLYR 6X DWHQFLyQ
    LQYLWD D TXH pVWH UHVSRQGD GH PDQHUD UHFtSURFD FUHDQGR XQD
    DWUDFFLyQHUyWLFDHQWUHORVGRVTXHFRQGXFHDOGHVHRGHOOHJDUDXQD
    LQWLPLGDGVH[XDO6LHOODVHLGHQWLILFDFRQ$IURGLWDOOHYDUiDFDERVX
    GHVHR VLQ FRQVLGHUDU ODV FRQVHFXHQFLDV 3HUR pVWDV SXHGHQ VHU OD
    FRQGHQD VRFLDO XQD VHULH GH UHODFLRQHV VXSHUILFLDOHV XQD SRVLEOH
    H[SORWDFLyQ SRU ORV KRPEUHV TXH VyOR SUHWHQGHU WHQHU XQD UHODFLyQ
    VH[XDO FRQ HOOD \ QDGD PiV \ OD VXEVLJXLHQWH SpUGLGD GH OD
    DXWRHVWLPD 7LHQH TXH VDEHU FyPR FRQWHQHU D $IURGLWD HQ DOJXQDV
    FLUFXQVWDQFLDV \ FyPR HQ RWUDV FRPR HVFRJHU VHQVDWDPHQWH
    ³FXiQGR \ FRQ TXLpQ´ \ FyPR QR VHU HPSXMDGD SRU HO DUTXHWLSR D
    VLWXDFLRQHVGHVWUXFWLYDV
    6X PDQHUD FiOLGD \ DWHQWD GH UHODFLRQDUVH WDPELpQ SXHGH VHU
    WHUJLYHUVDGD SRU KRPEUHV TXH HUUyQHDPHQWH SUHVXSRQHQ TXH HOOD
    HVWi HVSHFLDOPHQWH LQWHUHVDGD R DWUDtGD VH[XDOPHQWH SRU HOORV (Q
    HVWH FDVR FXDQGR HOOD OHV UHFKD]D SXHGH TXH OD FRQVLGHUHQ FRPR
    XQD URPSHFRUD]RQHV R XQD PXMHU SURYRFDWLYD \ TXH OH UHSURFKHQ
    KDEHUDWUDtGRVREUHVtVXDWHQFLyQ(OORVSXHGHQVHQWLUVHHQJDxDGRV
    \UHVHQWLGRV\TXL]iVVHHQIDGHQ\DGRSWHQDFWLWXGHVKRVWLOHV&RPR
    REMHWR GH XQ HQFDSULFKDPLHQWR LQGHVHDGR \ GH XQ UHFKD]R LUULWDGR
    XQDPXMHU$IURGLWDSXHGHVHQWLUVHKHULGD\TXHGDFRQIXQGLGDDFHUFD
    GH TXp HV OR TXH KD KHFKR SDUD VXVFLWDU WDOHV UHVSXHVWDV &XDQGR
    XQD PXMHU $IURGLWD WRPD FRQFLHQFLD GH HVWH SDWUyQ GH
    FRPSRUWDPLHQWRSXHGHDSUHQGHUDHQIULDUHODUGRUHQFLHUQHVGHXQ
    KRPEUH FX\DV HVSHUDQ]DV QR GHVHD DOHQWDU 3XHGH LQGLFDUOH VX QR
    GLVSRQLELOLGDGKDFLDpORDGRSWDUXQDVPDQHUDVPiVLPSHUVRQDOHV

    1HJiQGRVH D $IURGLWD
    &XDQGR XQD PXMHU $IURGLWD HV HGXFDGD HQ XQD DWPyVIHUD TXH
    FRQGHQD OD VH[XDOLGDG HQ ODV PXMHUHV TXL]i LQWHQWH VRIRFDU VX
    LQWHUpVSRUORVKRPEUHVDWHQXDUVXDWUDFWLYR\VHFRQVLGHUHSHUYHUVD
    SRUVHQWLPLHQWRVGHWLSRVH[XDO3HURODFXOSDELOLGDG\HOFRQIOLFWRGH
    H[SUHVDU VX QDWXUDOH]D GH $IURGLWD OD OOHYD D VHQWLUVH GHSULPLGD X
    REVHVLRQDGD < VL VH ODV DUUHJOD WDQ ELHQ FRPR SDUD SRGHU VXSULPLU
    VXVH[XDOLGDG\VXVHQVXDOLGDGGHVXFRQFLHQFLDSHUGHUiHOFRQWDFWR
    FRQ XQD SDUWH HVHQFLDO GH VX \R UHDO MXQWR FRQ VX YLWDOLGDG \
    HVSRQWDQHLGDG

    'HVYHQWDMDV GH YLYLU HQ HO SUHVHQWH


    /DV PXMHUHV $IURGLWD WLHQGHQ D YLYLU HQ HO SUHVHQWH LQPHGLDWR
    WRPDQGR OD YLGD FRPR VL QR H[LVWLHUD QDGD PiV TXH OD H[SHULHQFLD
    VHQVRULDO$ODVLUVHDOPRPHQWRXQDPXMHUGHHVWHWLSRSXHGHDFWXDU
    FRPR VL VXV DFFLRQHV QR SURGXMHUDQ FRQVHFXHQFLDV HQ HO IXWXUR \R
    QR H[LVWLHUDQ OHDOWDGHV TXH SXGLHUDQ HQWUDU HQ FRQIOLFWR (VWD
    RULHQWDFLyQYDPiVDOOiGHXQDDYHQWXUDLPSXOVLYDTXHSHUWXUEDUiD
    WRGDV ODV SHUVRQDV DIHFWDGDV 3RU HMHPSOR SXHGH TXH FRPSUHPRV
    KHUPRVRVREMHWRVIXHUDGHVXSUHVXSXHVWRRVXHOH³GHMDUSODQWDGD´
    DODJHQWH+DFHSODQHVFRQJUDQHQWXVLDVPR\WRGDODLQWHQFLyQGHO
    PXQGR GH OOHYDUORV D FDER 3HUR FXDQGR OOHJD HO PRPHQWR SXHGH
    KDOODUVHDEVRUELGDHQFXDOTXLHURWUDFRVDRSHUVRQD
    $XQTXH ODV OHFFLRQHV VRQ GRORURVDV OD H[SHULHQFLD HQ OD PHMRU
    PDHVWUDSDUDXQDPXMHU$IURGLWD$SUHQGHTXHODVSHUVRQDVTXHGDQ
    KHULGDV \ VH HQIDGDQ FXDQGR ODV WUDWD VHJ~Q OD Pi[LPD ³VL WH KH
    YLVWRQRPHDFXHUGR´&XDQGRQRFRQVLGHUDVXVLWXDFLyQHFRQyPLFD
    DQWHVGHFRPSUDUGHPDQHUDLPSXOVLYDWRGRORTXHVHOHSRQHDQWH
    OD YLVWD VH HQFXHQWUD FRQ IDFWXUDV IXHUD GH VXV SRVLELOLGDGHV\ FRQ
    FDUWDV GH DSUHPLR 5HSLWH SDXWDV GH FRPSRUWDPLHQWR TXH OH
    SURGXFHQ GRORU D Vt PLVPD \ D ORV GHPiV KDVWD TXH DSUHQGH D
    UHVLVWLUVHDODWLUDQtDGHODTXt\DKRUDTXHKDHVWDGRJREHUQDQGRVX
    YLGDFRPRVXYLGDQRH[LVWLHUDPDxDQD
    &XDQGR XQD PXMHU $IURGLWD DSUHQGH D UHIOH[LRQDU HQ ODV
    FRQVHFXHQFLDV DQWHV GH DFWXDU DFWXDUi DOJR PHQRV LPSXOVLYDPHQWH
    \ VH FRPSRUWDUi FRQ PiV UHVSRQVDELOLGDG 6LQ HPEDUJR ODV
    SULRULGDGHV HPRFLRQDOHV FRQWLQXDUiQ WHQLHQGR PiV SHVR TXH ODV
    FRQVLGHUDFLRQHVSUiFWLFDV7DOYH]FRQWLQ~HKLULHQGRDRWUDVSHUVRQDV
    FRQ VX FRPSRUWDPLHQWR LQFOXVR FXDQGR UHIOH[LRQD DQWHV GH DFWXDU
    \DTXHHQ~OWLPDLQVWDQFLDFRQWLQ~DVLJXLHQGRVXFRUD]yQ

    9tFWLPDV GHO DPRU


    /RV KRPEUHV SXHGHQ FRQYHUWLUVH HQ YtFWLPDV FXDQGR XQD PXMHU
    $IURGLWDOHVTXLHUH\OHVDEDQGRQD(OODVHHQDPRUDPX\IiFLOPHQWH
    FDGDYH]VLQFHUDPHQWHFRQYHQFLGDGHTXHKDHQFRQWUDGRHOKRPEUH
    SHUIHFWR (Q HO PRPHQWR PiJLFR pO SXHGH TXH VH VLHQWD FRPR XQ
    GLRV HQDPRUDGR GH XQD GLRVD KDVWD TXH HV DEDQGRQDGR \
    UHHPSOD]DGR &RPR FRQVHFXHQFLD HOOD GHMD WUDV Vt XQD VHULH GH
    KRPEUHV KHULGRV UHFKD]DGRV GHSULPLGRV R HQIDGDGRV TXH VH
    VLHQWHQXWLOL]DGRV\GHVHFKDGRV
    8QD PXMHU $IURGLWD SXHGH DWUDYHVDU XQD VHULH GH LQWHQVDV
    DYHQWXUDVDPRURVDVDUUDVWUDGDFDGDYH]SRUODPDJLD RH[SHULHQFLD
    DUTXHWtSLFD  GH HVWDU HQDPRUDGD 3DUD DFDEDU FRQ HVWH SDWUyQ GH
    FRPSRUWDPLHQWR GHEH DSUHQGHU D DPDU D DOJXLHQ FRQ WRGDV VXV
    LPSHUIHFFLRQHV DOJXLHQ TXH HV XQ VHU KXPDQR LPSHUIHFWR \ QR XQ
    GLRV 3ULPHUR GHEH GHVHQFDQWDUVH GH ORV IDOVRV HQFDSULFKDPLHQWRV
    QRUPDOPHQWH VyOR OD H[SHULHQFLD SXHGH SURGXFLU HVWH WLSR GH
    GHVHQFDQWR 6yOR HQWRQFHV SXHGH HVWDU HQ UHODFLyQ XQ SHULRGR GH
    WLHPSR VXILFLHQWHPHQWH ODUJR FRPR SDUD DFHSWDU ORV GHIHFWRV
    KXPDQRV GH VX SDUHMD \ GH Vt PLVPD \ GHVFXEULU ODV GLPHQVLRQHV
    KXPDQDVGHODPRU

    /D ³PDOGLFLyQ´ GHO DPRU


    (O SRGHU GH OD GLRVD $IURGLWD GH KDFHU DPDU D ORV GHPiV SRGUtD
    VHUGHVWUXFWLYR3RUHMHPSORDYHFHVLPSXOVDEDDXQDPXMHUDDPDU
    DDOJXLHQTXHQRFRUUHVSRQGtDRQRSRGtDFRUUHVSRQGHUOHDVXDPRU
    2FUHDEDXQDSDVLyQYHUJRQ]RVDRLOtFLWDTXHKDEUtDGHFRQGXFLUDO
    FRQIOLFWRRDODKXPLOODFLyQ\TXHPiVDGHODQWHGHVWUXtDDODPXMHU
    RGHVWUXtDVXVFXDOLGDGHVSRVLWLYDV0LUUD)HGUD\0HGHDIXHURQWUHV
    PXMHUHV PLWROyJLFDV TXH IXHURQ PDOGHFLGDV GH HVWD PDQHUD &RPR
    FRQVHFXHQFLD³HQIHUPDURQ´GHDPRU&XDQGR$IURGLWDVHHQIDGyFRQ
    3VLTXLV SODQHy KDFHU TXH VH HQDPRUDVH GHO ³PiV YLO GH ORV
    KRPEUHV´ /D GLRVD HUD FRPSOHWDPHQWH FRQVFLHQWH GH TXH HO DPRU
    SRGtDFDXVDUVXIULPLHQWR
    /DV PXMHUHV XQLGDV LQIHOL]PHQWH D XQD SDUHMD SRU VX DPRU
    SRGUtDQ VHU YtFWLPDV DFWXDOHV GH $IURGLWD $OJXQDV UHFXUUHQ D
    DVLVWHQFLDSVLTXLiWULFDSDUDDOLYLDUVXVVXIULPLHQWRV'RVSDWURQHVGH
    FRPSRUWDPLHQWR WtSLFRV KDQ VXUJLGR HQ OD SUiFWLFD GH PL SURIHVLyQ
    (Q HO SULPHUR OD PXMHU HVWi HQDPRUDGD GH XQ KRPEUH TXH OD
    PDOWUDWDRTXHODGHVSUHFLD(OODVXERUGLQDFXDOTXLHURWUDFRVDGHVX
    YLGDSRUODV³PLJDMDV´GHDWHQFLyQTXHGHYH]HQFXDQGRREWLHQHGH
    pO 6X FRPSURPLVR SXHGH VHU GH FRUWD GXUDFLyQ R KDEHUVH
    SURORQJDGR GXUDQWH GpFDGDV (V WtSLFR TXH VH HQFXHQWUH
    DWRUPHQWDGDSRUODUHODFLyQ\SRUVXVHVIXHU]RVGHFRQYHQFHUVHDVt
    PLVPD GH TXH UHDOPHQWH pO OD TXLHUH D SHVDU GH ODV SUXHEDV TXH
    WLHQH HQ FRQWUD (VWi GHSULPLGD \ HV LQIHOL] DXQTXH HV PX\
    DPELYDOHQWH UHVSHFWR D FDPELDU GH VLWXDFLyQ 3HUR SDUD VHQWLUVH
    PHMRUWHQGUtDTXHDFDEDUFRQHVDUHODFLyQGHVWUXFWLYDTXHWLHQHXQ
    HQJDQFKHGHQDWXUDOH]DDFWLYDVREUHHOOD
    (O VHJXQGR SDWUyQ GH FRPSRUWDPLHQWR UHVXOWD WRGDYtD PiV
    GHVHVSHUDQ]DGRU(QpOODPXMHUHVWiHQDPRUDGDGHXQKRPEUHTXH
    GHMD FODUR TXH QR TXLHUH WHQHU QDGD TXH YHU FRQ HOOD /D HYLWD
    VLHPSUHTXHSXHGH\VHVLHQWHDWRVLJDGRSRUVXDPRUQRUHTXHULGR
    7DPELpQHQHVWHFDVRVXLPSOLFDFLyQUHVSHFWRDpOSXHGHH[WHQGHUVH
    DORODUJRGHPXFKRVDxRVLPSLGLpQGRODUHDOPHQWHODSRVLELOLGDGGH
    WHQHUQLQJXQDRWUDUHODFLyQ3HUVLJXLpQGROHDpOSXHGHTXHOHKD\D
    VHJXLGRDRWUDFLXGDG FRPRKL]RXQDGHPLVSDFLHQWHV RTXHKD\D
    VLGR GHWHQLGD SRU DOODQDPLHQWR GH PRUDGD R HFKDGD D IXHU]D GH OD
    FDVDGHpO
    /LEHUDUVHVHHVWDPDOGLFLyQGH$IURGLWDHVGLItFLO3DUDFDPELDUOD
    PXMHU WLHQH TXH YHU OD GHVWUXFWLYLGDG GH VX DSHJR HPRFLRQDO \
    TXHUHUTXHODUHODFLyQVHDFDEH6XSRQHXQWUHPHQGRHVIXHU]RSDUD
    HYLWDU OD WHQWDFLyQ GH YHUOH \ YROYHUVH D FRPSURPHWHU FRQ pO 3HUR
    WLHQH TXH KDFHUOR DQWHV GH SRGHU GLULJLU VXV HPRFLRQHV KDFLD
    FXDOTXLHURWURODGR

    9tDV GH GHVDUUROOR SHUVRQDO


    (O FRQRFLPLHQWR DFHUFD GH VX SDWUyQ DUTXHWtSLFR FRQVWLWX\H XQD
    LQIRUPDFLyQPX\~WLOSDUDWRGRWLSRGHPXMHUHVHVSHFLDOPHQWHSDUD
    ODV PXMHUHV WLSR $IURGLWD /HV D\XGD D VDEHU TXH HV VX QDWXUDOH]D
    ³GDGDSRUODGLRVD´HOHQDPRUDUVHIiFLOPHQWHVHQWLUDWUDFFLyQHUyWLFD
    \ SRVHHU XQ IXHUWH LPSXOVR VH[XDO TXH RWUDV PXMHUHV QR WLHQHQ
    6DEHUHVWRD\XGDDODVPXMHUHV$IURGLWDDOLEHUDUVHGHODFXOSDELOLGDG
    GHVHUTXLHQHVVRQ$OPLVPRWLHPSRGHEHQYROYHUVHFRQVFLHQWHVGH
    TXH VRQ HOODV ODV TXH WLHQHQ TXH FXLGDU GH VXV SURSLRV LQWHUHVHV
    SRUTXHODGLRVDQRORKDFHSRUHOODV
    $XQTXH RWURV DUTXHWLSRV GH GLRVDV SXHGHQ QR VHU SURPLQHQWHV
    HQXQDPXMHU$IURGLWDHVWiQKDELWXDOPHQWHSUHVHQWHVDOPHQRVHQ
    IRUPD ODWHQWH 3XHGHQ DXPHQWDU VX LQIOXHQFLD FRQ FLHUWDV
    H[SHULHQFLDVGHYLGDH[SXOVDQGRRPRGLILFDQGRHOSRGHUGH$IURGLWD
    VREUH VX SVLTXH 6L XQD PXMHU $IURGLWD GHVDUUROOD FDSDFLGDGHV R
    DGTXLHUH XQD IRUPDFLyQ HV SUREDEOH TXH $UWHPLVD \ $WHQHD
    DXPHQWHQ VX LPSRUWDQFLD 6L VH FDVD \ WLHQHQ XQ KLMR +HUD \
    'HPpWHU SXHGHQ HMHUFHU XQD LQIOXHQFLD HVWDELOL]DGRUD 6L GHVDUUROOD
    HODUTXHWLSRGH+HVWLDDWUDYpVGHODPHGLWDFLyQSXHGHTXHUHVLVWD
    PiVIiFLOPHQWHHOWLUyQGHODDWUDFFLyQHUyWLFD3RU~OWLPRHOFXOWLYR
    GHODLQWURYHUVLyQGH3HUVpIRQHSXHGHKDFHUTXHXQDPXMHU$IURGLWD
    YLYD XQD H[SHULHQFLD VH[XDO HQ OD IDQWDVtD HQ OXJDU GH YLYLUOD HQ OD
    UHDOLGDG
    &XDQGRXQDPXMHU$IURGLWDVHYXHOYHFRQVFLHQWHGHVXSDWUyQGH
    FRPSRUWDPLHQWR \ GHFLGH PRGLILFDUOR GH PDQHUD TXH HOOD PLVPD R
    ODV SHUVRQDV D ODV TXH TXLHUH QR TXHGHQ KHULGDV VH SURGXFH XQ
    FDPELRIXQGDPHQWDO/HHVSRVLEOHDSDUWLUGHHVHPRPHQWRWRPDU
    GHFLVLRQHV \ SUHYHU \ PRGLILFDU ODV FRQVHFXHQFLDV XQD YH] SXHGH
    DYHULJXDUFXiOHVFRQVXVSULRULGDGHV\SRQHUODVHQSUiFWLFD(OPLWR
    GH 3VLTXLV GHVFULEH XQ FDPLQR GH GHVDUUROOR TXH OD PXMHU $IURGLWD
    SXHGHVHJXLU

    (O PLWR GH 3VLTXLV XQD PHWiIRUD GHO GHVDUUROOR


    SVLFROyJLFR
    (O PLWR GH (URV $PRU  \ 3VLTXLV KD VLGR XWLOL]DGR FRPR XQD
    DQDORJtD GH OD SVLFRORJtD GH OR IHPHQLQR SRU YDULRV DQDOLVWDV
    MXQJXLDQRVHVSHFLDOPHQWHSRU(ULFK1HXPDQQHQVXOLEUR$PRUDQG
    3VLTXLV \ 5REHUW -RQVRQ HQ 6KH 3VLTXLV HV XQD PXMHU PRUWDO
    HPEDUD]DGDTXHTXLHUHUHXQLUVHFRQVXHVSRVR(URVGLRVGHODPRUH
    KLMRGH$IURGLWD3VLTXLVVHGDFXHQWDGHTXHWLHQHTXHVRPHWHUVHD
    XQD $IURGLWD HQRMDGD \ DQWDJRQLVWD VL HV TXH TXLHUH UHFRQFLOLDUVH
    DOJXQD YH] FRQ (URV DVt TXH VH SUHVHQWD SHUVRQDOPHQWH DQWH OD
    'LRVD3DUDSUREDUOD$IURGLWDOHHQFDUJDFXDWURWDUHDV
    /DV FXDWUR WDUHDV GH $IURGLWD WLHQHQ XQ LPSRUWDQWH VLJQLILFDGR
    VLPEyOLFR &DGD XQD GH HOODV UHSUHVHQWD XQD FDSDFLGDG TXH ODV
    PXMHUHVKDQGHGHVDUUROODU&DGDYH]TXH3VLTXLVUHDOL]DXQDWDUHD
    DGTXLHUH XQD FDSDFLGDG TXH QR WHQtD DQWHV FDSDFLGDG HTXLSDUDGD
    HQ SVLFRORJtD MXQJXLDQD FRQ HO iQLPXV R DVSHFWR PDVFXOLQR GH OD
    SHUVRQDOLGDGGHXQDPXMHU$XQTXHHVWDVFDSDFLGDGHVVHFRQVLGHUHQ
    ³PDVFXOLQDV´ HQ PXMHUHV TXH FRPR 3VLTXLV QHFHVLWDQ KDFHU XQ
    HVIXHU]RSDUDOOHYDUODVDFDERFRQVWLWX\HQDWULEXWRVQDWXUDOHVGHODV
    PXMHUHV$UWHPLVD\$WHQHD
    &RPR ILJXUD PLWROyJLFD 3VLTXLV HV XQD DPDQWH FRPR $IURGLWD 
    XQD HVSRVD FRPR +HUD  \ XQD PDGUH HPEDUD]DGD 'HPpWHU  (V
    PiVDORODUJRGHOPLWRWDPELpQGHVFLHQGHDOPXQGRVXEWHUUiQHR\
    UHJUHVD GH HVWD PDQHUD WDPELpQ VH SDUHFH D 3HUVpIRQH  /DV
    PXMHUHV TXH SRQHQ HQ SULPHU OXJDU ODV UHODFLRQHV \ UHDFFLRQDQ
    LQVWLQWLYD R HPRFLRQDOPHQWH D ORV GHPiV KDQ GH GHVDUUROODU ODV
    FDSDFLGDGHVVLPEROL]DGDVSRUFDGDXQDGHODVWDUHDV6yORHQWRQFHV
    SXHGHQDILUPDUVXVRSFLRQHV\DFWXDUGHPDQHUDGHFLVLYDDIDYRUGH
    VXVPHMRUHVLQWHUHVHV

    3ULPHUD WDUHD VHOHFFLRQDU ODV VHPLOODV

    $IURGLWD FRQGXFH D 3VLTXLV D XQD KDELWDFLyQ \ OH PXHVWUD XQ


    HQRUPH PRQWyQ GH VHPLOODV PH]FODGDV HQWUH Vt ²GH WULJR FHEDGD
    PLMR DPDSROD JDUEDQ]RV OHQWHMDV \ KDEDV² \ OH GLFH TXH GHEH
    FODVLILFDUODV DQWHV GHO DWDUGHFHU FDGD XQD HQ VX SURSLR PRQWyQ /D
    WDUHD SDUHFH LPSRVLEOH KDVWD TXH XQD PXOWLWXG GH KXPLOGHV
    KRUPLJDV DFXGHQ HQ VX D\XGD FRORFDQGR FDGD FODVH GH VHPLOOD
    JUDQRSRUJUDQRHQVXSURSLRPRQWyQ
    'HPDQHUDVLPLODUFXDQGRXQDPXMHUWRPDXQDGHFLVLyQFUXFLDO
    FRQ IUHFXHQFLD GHEH FODVLILFDU SULPHUR XQD PDUDxD VH VHQWLPLHQWRV
    FRQIOLFWLYRV \ GH OHDOWDGHV TXH FRPSLWHQ HQ Vt /D VLWXDFLyQ HV D
    PHQXGR HVSHFLDOPHQWH FRQIXVD FXDQGR $IURGLWD DQGD SRU PHGLR
    ³6HOHFFLRQDUODVVHPLOODV´HVSXHVXQDWDUHDLQWHUQDTXHH[LJHTXH
    XQD PXMHU PLUH KRQUDGDPHQWH GHQWUR GH Vt H[DPLQH VXV
    VHQWLPLHQWRV PRWLYDFLRQHV \ YDORUHV \ VHSDUH OR TXH HV UHDOPHQWH
    LPSRUWDQWHGHORTXHHVLQVLJQLILFDQWH
    &XDQGR XQD PXMHU DSUHQGH D SHUPDQHFHU HQ XQD VLWXDFLyQ
    FRQIXVD \ QR DFW~D KDVWD TXH VXUJH OD FODULGDG KD DSUHQGLGR D
    FRQILDU HQ ³ODV KRUPLJDV´ (VWRV LQVHFWRV FRQVWLWX\HQ XQD DQDORJtD
    GHOSURFHVRLQWXLWLYRGHORVWUDEDMRVTXHHVWiQPiVDOOiGHOFRQWURO
    FRQVFLHQWH $Vt SXHV OD FODULGDG SXHGH OOHJDU D WUDYpV GH ORV
    HVIXHU]RVFRQVFLHQWHVSDUDDILUPDUVHGHPDQHUDVLVWHPiWLFDROyJLFD
    \ DVLJQDU ODV SULRULGDGHV D ORV PXFKRV HOHPHQWRV LQYROXFUDGRV HQ
    XQDGHFLVLyQ

    6HJXQGD WDUHD FRQ VHJXLU DOJXQDV YHGLMDV GH RUR

    $ FRQWLQXDFLyQ $IURGLWD RUGHQD D 3VLTXLV TXH DGTXLHUD DOJXQDV


    YHGLMDVGHODODQDRURGHORVWHUULEOHV%DUEHULVGHOVRO6RQDQLPDOHV
    FRQ FXHUQRV HQRUPHV \ DJUHVLYRV TXH VH HQFXHQWUDQ HQ PHGLR GH
    XQFDPSROXFKDQGRHQWUHVt6L3VLTXLVWHQtDTXHFDPLQDUHQPHGLR
    GH HOORV H LQWHQWDU FRJHU VX ODQD SUREDEOHPHQWH VHUtD SLVRWHDGD D
    DSODVWDGD 8QD YH] PiV OD WDUHV SDUHFH LPSRVLEOH KDVWD TXH XQRV
    YHUGHV MXQFRV OH D\XGDQ DFRQVHMiQGROH TXH HVSHUH KDVWD OD SXHVWD
    GH VRO FXDQGR ORV FDUQHURV VH GLVSHUVHQ SDUD GHVFDQVDU (QWRQFHV
    SXHGHFRJHUPHFKRQHVGHODQDGHRURGHODV]DU]DVFRQWUDODVTXH
    ORVFDUQHURVVHKDEtDQUHVWUHJDGR
    6LPEyOLFDPHQWH HO YHOORFLQR GH RUR UHSUHVHQWD HO SRGHU SRGHU
    TXH XQD PXMHU QHFHVLWD DGTXLULU VLQ VHU GHVWUXLGD HQ HO LQWHQWR GH
    FRQVHJXLU XQD SDUWH GHO PLVPR &XDQGR XQD PXMHU $IURGLWD R XQR
    GHORVWLSRVGHGLRVDVYXOQHUDEOHV VDOHDOPXQGRFRPSHWLWLYRGRQGH
    RWURVOXFKDQDJUHVLYDPHQWHSRUHOSRGHU\ODSRVLFLyQSXHGHTXHGDU
    KHULGD R GHVLOXVLRQDGD VL QR UHFRQRFH ORV SHOLJURV 7DO YH] VH
    HQGXUH]FD \ VH YXHOYD FtQLFD VX \R VROtFLWR \ FRQILDGR TXL]i VH
    FRQYLHUWDHQXQDYtFWLPD³SLVRWHDGD´8QD$WHQHDDFRUD]DGDSXHGH
    HVWDUHQPHGLRGHXQFDPSRGHEDWDOODGLUHFWDPHQWHLQYROXFUDGDHQ
    HVWUDWHJLDV \ SROtWLFD SHUR XQD PXMHU TXH HV FRPR 3VLTXLV KDFH
    PHMRU HQ REVHUYDU HVSHUDU \ DGTXLULU JUDGXDOPHQWH SRGHU GH
    PDQHUDLQGLUHFWD
    $GTXLULUHOYHOORFLQRGHRURVLQGHVWUXLUD3VLTXLVHVXQDPHWiIRUD
    UHVSHFWRDODWDUHDGHFRQVHJXLUSRGHU\VHJXLUVLHQGRXQDSHUVRQD
    FRPSDVLYD (Q PL SUiFWLFD SVLTXLiWULFD PH HQFXHQWUR FRQ TXH
    PDQWHQHU HVWD WDUHD HQ OD FDEH]D HV PX\ ~WLO SDUD WRGD PXMHU TXH
    HVWi DSUHQGLHQGR D DILUPDUVH D Vt PLVPD (Q FDVR FRQWUDULR DO
    FHQWUDUVH~QLFDPHQWHHQH[SUHVDUVXVQHFHVLGDGHVRVXHQIDGRVXV
    FRQYHUVDFLRQHV VH YXHOYHQ FRQIURQWDFLRQHV DOLHQDQWHV TXH QR OD
    D\XGDQ D FRQVHJXLU OR TXH TXLHUH \ TXH OD SUHVHQWDQ EDMR XQD OX]
    FUXGD\GHVWUXFWLYD

    7HUFHUD WDUHD OOHQDU HO IUDVFR GH FULVWDO

    3DUDODWHUFHUDWDUHD$IURGLWDFRORFDXQSHTXHxRIUDVFRGHFULVWDO
    HQ OD PDQR GH 3VLTXLV \ OH GLFH TXH GHEH OOHQDUOR FRQ DJXD GHO UtR
    SURKLELGR(VWHUtRFDHHQFDVFDGDVGHVGHXQPDQDQWLDOVLWXDGRHQOD
    FLPD GH OD PRQWDxD PiV DOWD GH OD PiV SURIXQGD VLPD GHO PXQGR
    VXEWHUUiQHR DQWHV GH VXUJLU D WUDYpV GH OD WLHUUD SDUD EURWDU GH
    QXHYR SRU HO PDQDQWLDO 0HWDIyULFDPHQWH HVWH UtR UHSUHVHQWD OD
    FRUULHQWHFLUFXODUGHODYLGDHQODTXH3VLTXLVGHEHVXPHUJLUVHSDUD
    OOHQDUHOIUDVFR
    &XDQGR PLUD ILMDPHQWH OD FRUULHQWH KHODGD HQFDMRQDGD HQ HO
    IRQGR GH XQ DILODGR FDxyQ \ FXVWRGLDGD SRU GUDJRQHV OD WDUHD GH
    OOHQDU VX IUDVFR SDUHFH LPSRVLEOH HVWD YH] XQ iJXLOD DFXGH HQ VX
    D\XGD(OiJXLODVLPEROL]DODFDSDFLGDGGHYHUHOSDLVDMHGHVGHXQD
    SHUVSHFWLYDGLVWDQWH\DEDWLUVHVREUHVXSUHVDFXDQGRHVQHFHVDULR
    (VWR QR HV HO PRGR KDELWXDO GH SHUFLELU SDUD XQD PXMHU FRPR
    3VLTXLVTXHHVWiWDQSHUVRQDOPHQWHLQYROXFUDGDTXH³ORViUEROHVQR
    OHGHMDQYHUHOERVTXH´
    (VHVSHFLDOPHQWHLPSRUWDQWHSDUDODVPXMHUHV$IURGLWDSRQHUXQ
    SRFRGHGLVWDQFLDHPRFLRQDOHQVXVUHODFLRQHVSDUDYHUORVSDWURQHV
    GHFRPSRUWDPLHQWRHQVXWRWDOLGDG\FDSWDULPSRUWDQWHVGHWDOOHVTXH
    OH KDUiQ SRVLEOH FDSWDU OR TXH HV VLJQLILFDWLYR (QWRQFHV SXHGH
    DVLPLODU\PROGHDUODIRUPDTXHSXHGHWRPDUVXYLGD

    &XDUWD WDUHD DSUHQGHU D GHFLU TXH QR

    3DUD VX FXDUWD \ ~OWLPD WDUHD $IURGLWD RUGHQD D 3VLTXLV TXH


    GHVFLHQGD DO PXQGR VXEWHUUiQHR FRQ XQD SHTXHxD FDMD SDUD TXH
    3HUVpIRQHODOOHQHFRQHOXQJHQWRGHODEHOOH]D3VLTXLVHTXLSDUDOD
    WDUHD FRQ OD PXHUWH (VWD YHV HV XQD WRUUH FODULYLGHQWH OD TXH OH
    DFRQVHMD
    (VWD WDUHD HV DOJR PiV TXH OD SUXHED GH YDORU \ GHWHUPLQDFLyQ
    WUDGLFLRQDO GHO KpURH \D TXH $IURGLWD OD KD KHFKR SDUWLFXODUPHQWH
    GLItFLO 6H OR GLFH D 3VLTXLV HQ HQFRQWUDUi SHUVRQDV HQ VLWXDFLyQ
    PLVHUDEOH TXH OH SHGLUiQ D\XGD \ TXH HQ WUHV RFDVLRQHV GHEHUi
    ³HQGXUHFHU VX FRUD]yQ D OD FRPSDVLyQ´ LJQRUDU VXV UXHJRV \
    FRQWLQXDUVXFDPLQR6LQRORKDFHSHUPDQHFHUiSDUDVLHPSUHHQHO
    PXQGRVXEWHUUiQHR
    (VWDEOHFHU XQ REMHWLYR \ PDQWHQHUOR IUHWH D ODV SHWLFLRQHV GH
    D\XGDHVHVSHFLDOPHQWHGLItFLOSDUDFXDOTXLHUPXMHUH[FHSWRSDUDODV
    PXMHUHV WLSR GLRVD YLUJHQ /DV PDWHUQDOHV 'HPpWHU \ ODV VHUYLFLDOHV
    3HUVpIRQH VRQ ODV TXH WLHQHQ XQD PD\RU DFWLWXG GH UHVSXHVWD D ODV
    QHFHVLGDGHVGHORVGHPiVPLHQWUDVTXHODVPXMHUHV+HUD\$IURGLWD
    WLHQHQXQDDFWLWXGLQWHUPHGLD
    /D WDUHD TXH FXPSOH 3VLTXLV FXDQGR GLFH TXH QR WUHV YHFHV HV
    SDUD HMHUFLWDU OD FDSDFLGDG GH GHFLVLyQ 0XFKDV PXMHUHV SHUPLWHQ
    TXH VH OHV LPSRQJD \ SHUPLWHQ DVt TXH ODV GHVYtHQ GH KDFHU DOJR
    SDUDHOODVPLVPDV1RSXHGHQOOHYDUDFDERQLQJXQDFRVDTXHKD\DQ
    SODQHDGRQRDOJRTXHHVORPHMRUSDUDHOODVDPHQRVTXHDSUHQGDQ
    D GHFLU TXH QR 7DQWR VL VH WUDWD GH XQD SHUVRQD TXH QHFHVLWD
    FRPSDxtD R FRPRGLGDG FRPR VL QHFHVLWD OD DWUDFFLyQ GH XQD
    UHODFLyQ FDUJDGD GH HURWLVPR KDVWD TXH XQD PXMHU VHD FDSD] GH
    GHFLUTXHQRDDTXHOORDORTXHVHDSDUWLFXODUPHQWHVXVFHSWLEOHQR
    SRGUiGHWHUPLQDUHOFXUVRGHVXSURSLDYLGD
    $ WUDYpV GH ODV FXDWUR WDUHDV 3VLTXLV HYROXFLRQD GHVDUUROOD
    FDSDFLGDGHV \ IXHU]DV FXDQGR VH SRQHQ D SUXHED VX YDORU \
    GHWHUPLQDFLyQ3HURDSHVDUGHWRGRORTXHDGTXLHUHGHQXHYRVX
    QDWXUDOH]D \ VXV SULRULGDGHV EiVLFDV SHUPDQHFHQ LQPXWDEOHV VLJXH
    YDORUDQGRXQDUHODFLyQGHDPRUORDUULHVJDWRSRSRUHOOD\JDQD
     ± ¢48e ',26$ &216,*8( /$
    0$1=$1$ '( 252"
    /DULYDOLGDGORVFRQIOLFWRV\ODVDOLDQ]DVHQWUHGLRVDVVXFHGHQGHQWUR
    GH OD SVLTXH GH XQD PXMHU FRPR VXFHGLHURQ XQD YH] HQ HO PRQWH
    2OLPSR¢$FXiOGHHOODVVLJXHXQDPXMHU"¢$FXiOLJQRUD"¢&XiOHV
    VX YHUGDGHUR JUDGR GH HOHFFLyQ" (VWRV SHUVRQDMHV LQWHUQRV
    UHSUHVHQWDQ SRGHURVRV SDWURQHV DUTXHWtSLFRV FRPSLWHQ SRU
    H[SUHVDUVHDOLJXDOTXHODVPLVPDVGLRVDVJULHJDVVHGLVSXWDURQHQ
    RWUR WLHPSR OD PDQ]DQD GH RUR HO SUHFLR GHFLGLGR SRU HO MXLFLR GH
    3DULV

    (O MXLFLR GH 3DULV
    7RGDV ODV GLRVDV \ GLRVHV GHO 2OLPSR H[FHSWR (ULV GLRVD GH OD
    GLVFRUGLD \ GH ORV FRQIOLFWRV XQD 'LRVD VHFXQGDULD  IXHURQ
    LQYLWDGDVRVDODVILHVWDVQXSFLDOHVGH3HOHRUH\GH7HVDOLD\7HWLV
    OD EHOOD QLQID GHO PDU (ULV VH SUHVHQWy VLQ VHU LQYLWDGD D HVWH JUDQ
    DFRQWHFLPLHQWR \ VH YHQJy SRU HVWH GHVDLUH ,QWHUUXPSLy ODV
    FHOHEUDFLRQHVDUURMDQGRHQWUHORVSUHVHQWHVXQDPDQ]DQDGHRURFRQ
    OD LQVFULSFLyQ ³D OD PiV KHUPRVD´ /D PDQ]DQD URGy SRU HO VXHOR H
    LQPHGLDWDPHQWH IXH UHFODPDGD SRU +HUD $WHQHD \ $IURGLWD &DGD
    XQD GH HOODV VHQWtD TXH DTXpOOD HUD VX\D SRU PpULWR \ GHUHFKR
    SURSLRV 3RU VXSXHVWR SXGLHURQ GHFLGLU HQWUH HOODV TXLpQ HUD OD PiV
    KHUPRVD DVt TXH UHFXUULHURQ D =HXV SDUD TXH pO GHFLGLHUD eVWH
    GHFOLQy WRPDU XQD GHFLVLyQ GLULJLpQGRODV HQ FDPELR D TXH
    HQFRQWUDVHDOSDVWRU3DULVXQPRUWDOFRQEXHQRMRSDUDODVPXMHUHV
    KHUPRVDVTXHWHQGUtDTXHHOHJLU
    /DVWUHVGLRVDVHQFRQWUDURQD3DULVYLYLHQGRXQDYLGDEXFyOLFDHQ
    XQD PRQWDxD GH QLQIDV HQ ODV ODGHUDV GHO PRQWH ,GD &DGD XQD GH
    ODVWUHVEHOODVGLRVDVLQWHQWySRUVXSDUWHLQIOXLUHQVXGHFLVLyQFRQ
    XQVRERUQR+HUDOHRIUHFLySRGHUVREUHWRGRVORVUHLQRVGH$VtDVLpO
    OHFRQFHGtDODPDQ]DQD$WHQHDOHSURPHWLyODYLFWRULDHQWRGDVODV
    EDWDOODV $IURGLWD OH RIUHFLy ODV PiV EHOODV PXMHUHV GHO PXQGR 6LQ
    GXGDUOR3DULVGHFODUyD$IURGLWDFRPRODPiVEHOOD\OHFRQFHGLyOD
    PDQ]DQDGHRURLQFXUULHQGRDVtHQHOHWHUQRRGLRGH+HUD\$WHQHD
    (VWH MXLFLR GH 3DULV GHVHPERFy SRVWHULRUPHQWH HQ OD JXHUUD GH
    7UR\D3DULVHOSDVWRUHUDSUtQFLSHGH7UR\D/DPXMHUPiVEHOODGHO
    PXQGRHUD+HOHQDODHVSRVDGH0HQHODRXQRGHORVUH\HVJULHJRV
    3DULVUHFRJLyVXUHFRPSHQVDUDSWDQGRD+HOHQDHVSRVDGH0HQHODR
    \ OOHYiQGRVHOD FRQ pO GH YXHOWD D 7UR\D (VWH DFWR SURYRFy XQD
    JXHUUDHQWUHORVJULHJRV\ORVWUR\DQRVTXHGXUyGLH]DxRV\DFDEy
    FRQODGHVWUXFFLyQGH7UR\D
    &LQFR GLRVDV \ GLRVHV GHO 2OLPSR VH SXVLHURQ GH ODGR GH ORV
    JULHJRV+HUD\$WHQHD FX\DWRPDGHSDUWLGRDIDYRUGHORVJULHJRV
    HVWDED WHxLGD SRU VX DQLPRVLGDG KDFLD 3DULV  MXQWR FRQ 3RVHLGyQ
    +HUPHV \ +HIHVWRV &XDWUR GLRVHV \ GLRVDV WRPDURQ SDUWLGR SRU ORV
    WUR\DQRV$IURGLWD$SROR$UHV\$UWHPLVD
    (O MXLFLR GH 3DULV WDPELpQ LQVSLUy DOJXQDV GH ODV PiV JUDQGHV
    REUDV GH OD OLWHUDWXUD \ GHO WHDWUR GH OD FLYLOL]DFLyQ RFFLGHQWDO /RV
    DFRQWHFLPLHQWRV GHVHQFDGHQDGRV SRU DTXHOOD GHFLVLyQ IXHURQ
    LQPRUWDOL]DGRV HQ OD ,OtDGD OD 2GLVHD \ OD (QHLGD ODV WUHV JUDQGHV
    HSRSH\DVFOiVLFDV DVtFRPRHQODVWUDJHGLDVGH(VTXLOR6yIRFOHV\
    (XUtSLGHV

    /D DFWXDOL]DFLyQ GHO MXLFLR GH 3DULV


    7RGD PXMHU FRQWHPSRUiQHD VH HQIUHQWD D VX SURSLR -XLFLR GH
    3DULV SHUVRQDO /DV FXHVWLRQHV VRQ ODV PLVPDV TXH ODV TXH VH
    SODQWHDURQ D ORV LQYLWDGRV GHO 2OLPSR´¢&XiO GH ODV GLRVDV FRQVLJXH
    ODPDQ]DQDGHRUR"´\³¢TXLpQHVHOMXH]"´

    ¢&XiO GH ODV GLRVDV FRQVLJXH OD PDQ]DQD GH


    RUR"
    (Q HO PLWR VyOR WUHV GH ODV GLRVDV SUHVHQWHV UHFODPDURQ OD
    PDQ]DQD SDUD HOODV pVWRV IXHURQ +HUD $WHQHD \ $IURGLWD 1R
    REVWDQWHHQODSVLTXHLQGLYLGXDOGHXQDPXMHUODVULYDOHVSXHGHQVHU
    GLIHUHQWHV 7DO YH] VyOR GRV FRPSLWHQ SRU OD PDQ]DQD R WUHV R
    FXDWUR SXHGHQ GDUVH FXDOTXLHUD GH ODV FRPELQDFLRQHV GH FRQIOLFWR
    HQWUH ODV VLHWH GLRVDV  'HQWUR GH FDGD PXMHU ORV DUTXHWLSRV
    DFWLYDGRV OXFKDQ IUHFXHQWHPHQWH SRU OD VXSUHPDFtD R FRPSLWHQ SRU
    GRPLQDU
    6HJ~Q HOPLWRRULJLQDO¢4XpVLJQLILFDHOHJLUD³ODPiVKHUPRVD´
    DOULYDOL]DU+HUD$WHQHD\$IURGLWDSRUWHQHUODSUHPLQHQFLDVREUHODV
    RWUDV GRV" $O FRQVLGHUDU OR TXH VLPEROL]DQ HVWDV WUHV GLRVDV TXHGp
    VRUSUHQGLGD FXDQGR PH GL FXHQWD GH TXH SXHGHQ UHSUHVHQWDU ODV
    WUHV GLUHFFLRQHV SULQFLSDOHV TXH SXHGH WRPDU OD YLGD GH XQD PXMHU
    DVSHFWRVTXHSXHGHQHVWDUIUHFXHQWHPHQWHHQFRQIOLFWRHQHOLQWHULRU
    GHXQDPXMHU+HUDSRQHHOPDWULPRQLRHQSULPHUOXJDUDVtORKDUtD
    OD PXMHU TXH VH LGHQWLILFD FRQ ODV PHWDV GH +HUD $WHQHD YDORUD HO
    XVRGHOLQWHOHFWRSDUDUHDOL]DUODPDHVWUtDXQDPXMHUTXHODYHQHUD
    FRPR OD PiV KHUPRVD FRQVLGHUDUtD VX FDUUHUD HQ SULPHU OXJDU
    $IURGLWD IDYRUHFH OD EHOOH]D HO DPRU \ OD SDVLyQ MXQWR FRQ OD
    FUHDWLYLGDG FRPR ORV YDORUHV GHILQLWLYRV \ OD PXMHU TXH HVWi GH
    DFXHUGRFRQHOODFRORFDUiODYLWDOLGDGGHVXYLGDVXEMHWLYDSRUHQFLPD
    GHODVUHODFLRQHVHVWDEOHV\GHORVORJURV
    (VWDV GHFLVLRQHV VRQ IXQGDPHQWDOPHQWH GLIHUHQWHV SRUTXH FDGD
    XQD GH HVWDV WUHV GLRVDV VH HQFXHQWUD HQ XQD FDWHJRUtD GLIHUHQWH
    +HUDHVXQDGLRVDYXOQHUDEOH$WHQHDXQDGLRVDYLUJHQ\$IURGLWDHV
    XQD GLRVD DOTXtPLFD (Q ODV YLGDV GH ODV PXMHUHV KDELWXDOPHQWH
    SUHGRPLQD XQR GH ORV WUHV HVWLORV UHSUHVHQWDGRV SRU HVWDV
    FDWHJRUtDV
    ¢4XLpQ MX]JD" ¢4XLpQ GHFLGH FXiO GH ODV GLRVDV
    FRQVLJXH OD PDQ]DQD GH RUR"
    6HJ~Q HO PLWR XQ PRUWDO WRPy OD GHFLVLyQ (Q ODV FXOWXUDV
    SDWULDUFDOHVORVKRPEUHVVRQTXLHQHVODVWRPDQ<SRUVXSXHVWRVL
    VRQ ORV KRPEUHV TXLHQHV GHFLGHQ FXiO GHEH VHU HO OXJDU GH ODV
    PXMHUHV OD HOHFFLyQ TXHGD OLPLWDGD D OR TXH OHV FRQYLHQH 3RU
    HMHPSOR ODV WUHV ³.´ ².LQGHU .FKH .LUFKH² QLxRV FRFLQD H
    LJOHVLD  GHILQLHURQ HQ RWURV WLHPSRV ORV OtPLWHV GH OD PD\RUtDGH ODV
    YLGDVGHODVPXMHUHVDOHPDQDV
    (QXQQLYHOSHUVRQDOODFXHVWLyQ³¢FXiOGHODVGLRVDVFRQVLJXHOD
    PDQ]DQD GH RUR"´ GHVFULEH XQD ULYDOLGDG TXH FRQWLQ~D KR\ GtD
    (PSH]DQGR FRQ ORV SDGUHV \ GHPiV IDPLOLDUHV \ FRQWLQXDQGR FRQ
    ODV SURIHVRUDV FRPSDxHUDV GH FODVH DPLJDV QRYLRV PDULGRV H
    LQFOXVR FRQ ORV KLMRV (O MXLFLR GH 3DULV FRQWLQ~D WRGDYtD \ WRGR HO
    PXQGRUHSDUWHRUHWLHQH³PDQ]DQDVGHRUR´UHFRPSHQVDQGRFRQVX
    DSUREDFLyQORTXHOHDJUDGDODQLxDTXHWLHQHXQDVSHFWRVLOHQFLRVR
    \VROLWDULRHQVXSHUVRQDOLGDG JUDFLDVD+HVWLD \DOPLVPRWLHPSR
    HVXQDMXJDGRUDGHWHQLVFRPSHWLWLYD GHELGRWDOYH]DODLQIOXHQFLD
    GH$UWHPLVDRGH$WHQHD \FX\DVFXDOLGDGHVPDWHUQDOHV 'HPpWHU
    VDOHQ FRQ VXV SULPRV SHTXHxRV GHVFXEULUi TXH FRQVLJXH PiV
    DSUREDFLyQ SRU XQDV FRVDV TXH SRU RWUDV ¢/H DODED VX SDGUH SRU
    KDEHU MXJDGR XQD EXHQD SDUWLGD GH WHQLV R SRU FRPSRUWDUVH FRPR
    XQD SHTXHxD PDGUH" ¢4Xp HV OR TXH YDORUD VX PDGUH" ¢(V OD VX\D
    XQD IDPLOLD LQWURYHUWLGD TXH VXSRQH TXH VXV PLHPEURV SDVHQ HO
    WLHPSRWUDQTXLODPHQWHRFXSDGRVHQVXVSURSLRVDVXQWRV"¢2VHWUDWD
    GH XQD IDPLOLD H[WUDYHUWLGD TXH SLHQVD TXH FXDOTXLHUD TXH TXLHUD
    HVWDU VROR HV XQD SHUVRQD H[WUDxD" ¢6H VXSRQH TXH XQD QLxD VH
    UHWHQJD QR PXHVWUH VX YHUGDGHUD FDSDFLGDG \ GHMH VLHPSUH TXH HO
    KRPEUHJDQH"¢4XpKDFHUHVSHFWRDORTXHHVSHUDQORVGHPiV"
    6L XQD PXMHU GHMD TXH RWURV GHFLGDQ OR TXH HV LPSRUWDQWH SDUD
    HOOD YLYLUi FRQIRUPH D OR TXH HVSHUDQ VXV SDGUHV GH HOOD \ VH
    DGHFXDUi D VXV SUHMXLFLRV GH FODVH VRFLDO VREUH FyPR WLHQH TXH
    DFWXDU (Q VX YLGD /DV GLRVDV TXH KDQ GH VHU FXOWLYDGDV VHUiQ
    GHWHUPLQDGDVSRUORVGHPiV
    6LXQDPXMHUGHFLGHSRUVtPLVPD³FXiOGHODVGLRVDVFRQVLJXHOD
    PDQ]DQD GH RUR´ EDVDQGR GLFKD GHFLVLyQ HQ OD IXHU]D TXH WLHQH
    GHQWUR GH Vt HVD GLRVD HQWRQFHV FXDOTXLHU FRVD TXH GHFLGD WHQGUi
    XQ VHQWLGR SDUD HOOD 3XHGH TXH VHD DSR\DGD R QR SRU VX IDPLOLD \
    SRUODFXOWXUDSHURVXGHFLVLyQVHUiDXWpQWLFD

    'LRVDV HQ FRQIOLFWR OD PHWiIRUD GHO FRPLWp


    (QHOLQWHULRUGHXQDPXMHUODVGLRVDVSXHGHQFRPSHWLUHQWUHVtR
    SXHGHTXHJRELHUQHXQDGHHOODV&DGDYH]TXHODPXMHUGHEHWRPDU
    XQD GHFLVLyQ IXQGDPHQWDO WDO YH] VH SURGX]FD XQD FRQWLHQGD HQWUH
    ODV GLIHUHQWHV GLRVDV SDUD FRQVHJXLU OD PDQ]DQD GH RUR 6L RFXUUH
    HVWR¢HVODPXMHUODTXHGHFLGHHQWUHODVSULRULGDGHVORVLQVWLQWRV\
    ORVPRGHORVGHFRPSRUWDPLHQWRHQOXFKD"¢2VRQODVGLRVDVTXLHQHV
    GHFLGHQSRUHOODHOFDPLQRTXHHPSUHQGH"
    -RVHSK :KHOOZULJKW DQDOLVWD MXQJXLDQR \ XQR GH PLV PHQWRUHV
    DILUPDTXHORTXHRFXUUHGHQWURGHQXHVWUDFDEH]DVHDVHPHMDDXQ
    FRPLWpHQHOTXHVHVLHQWDQYDULRVDVSHFWRVGHQXHVWUDSHUVRQDOLGDG
    DOUHGHGRU GH XQD PHVD PDVFXOLQRV \ IHPHQLQRV MyYHQHV \ YLHMRV
    DOJXQRV UXLGRVRV \ H[LJHQWHV RWURV VLOHQFLRVRV \ UHVHUYDGRV 6L
    VRPRVDIRUWXQDGRVXQHJRVDOXGDEOHVHVLHQWDHQODFDEHFHUDGHOD
    PHVD\SUHVLGHHOFRPLWpGHFLGLHQGRFXiQGR\TXLpQLQLFLDVXWXUQR
    RWRPDODSDODEUD(OSUHVLGHQWHGHXQFRPLWpPDQWLHQHHORUGHQDO
    VHUXQSDUWLFLSDQWH\REVHUYDGRUDOPLVPRWLHPSRTXHXQHMHFXWLYR
    HILFD]FXDOLGDGHVHQFRP~QFRQXQHJRTXHIXQFLRQHELHQ&XDQGR
    HOHJRIXQFLRQDDGHFXDGDPHQWHHOUHVXOWDGRHVXQFRPSRUWDPLHQWR
    DSURSLDGR
    3UHVLGLU HO FRPLWp QR HV XQD WDUHD IiFLO HVSHFLDOPHQWH FXDQGR
    H[LVWHQ GLRVDV GHQWUR GH FDGD PXMHU TXH H[LJHQ \ UHFODPDQ HO
    SRGHU D YHFHV HQ DELHUWR FRQIOLFWR HQWUH Vt &XDQGR HO HJR GH XQD
    PXMHU QR SXHGH PDQWHQHU HO RUGHQ HO DUTXHWLSR GH XQD GH ODV
    GLRVDVSXHGHLQWHUYHQLU\GRPLQDUODSHUVRQDOLGDG(QHVWHFDVRHVD
    GLRVD JRELHUQD PHWDIyULFDPHQWH D OD PXMHU PRUWDO 2 SXHGH
    SURGXFLUVH HO HTXLYDOHQWH LQWHUQR D XQD JXHUUD ROtPSLFD FXDQGR
    HQWUDQHQFRQIOLFWRHOHPHQWRVDUTXHWtSLFRVLJXDOPHQWHSRGHURVRV
    &XDQGRXQDSHUVRQDVHKDOODHQPHGLRGHXQFRQIOLFWRLQWHUQRHO
    UHVXOWDGRGHSHQGHGHFyPRWUDEDMHQHQFRODERUDFLyQORV³PLHPEURV´
    GHO FRPLWp GH HVD SHUVRQD FRQFUHWD &RPR WRGRV ORV FRPLWpV HO
    IXQFLRQDPLHQWR GHO JUXSR GHSHQGH GH VX SUHVLGHQWH \ GH VXV
    PLHPEURV TXLpQHV VRQ KDVWD TXp PHGLGD HV FRRSHUDWLYR R
    FRQWHQFLRVRHOSURFHVRGHOJUXSR\TXpJUDGRGHRUGHQPDQWLHQHHO
    SUHVLGHQWH

    (O SURFHVR DUPRQLRVR HO HJR IXQFLRQD ELHQ FRPR SUHVLGHQWH


    \ WRGDV ODV GLRVDV WLHQHQ OD RSRUWXQLGDG GH VHU RtGDV

    /D SULPHUD SRVLELOLGDG HV TXH H[LVWD XQ SURFHVR DUPRQLRVR


    SUHVLGLGR SRU HQ HJR TXH REVHUYD \ TXH SXHGH WRPDU GHFLVLRQHV
    FODUDVEDVDGRHQXQDLQIRUPDFLyQDGHFXDGD(OHJRHVFRQVFLHQWHGH
    ORV HOHPHQWRV FRQVWLWXWLYRV \ GH VXV GLIHUHQWHV PRWLYDFLRQHV \
    QHFHVLGDGHV 6H HVFXFKDQ WRGRV ORV DVSHFWRV UHOHYDQWHV GH OD
    SHUVRQDOLGDG VH WRPD HQ FRQVLGHUDFLyQ OD UHDOLGDG \ VH WROHUD OD
    WHQVLyQ &RPR FDGD GLRVD H[SUHVD XQ LQVWLQWR YDORU R DVSHFWR
    SDUWLFXODU GH OD SVLTXH GH XQD PXMHU OD WRWDOLGDG GH OD
    SHUVRQDOLGDG  OD H[WHQVLyQ GH OR TXH WLHQHQ TXH GHFLU XQD GLRVD
    GHSHQGH GH OR SRGHURVR TXH VHD HVH DUTXHWLSR FRQFUHWR GH OR
    LQYROXFUDGR TXH HVWp HQ HO DVXQWR GH TXH VH WUDWH \ GH TXp
    FDQWLGDGHV GH WXUQRV SDUD KDEODU OH FRQFHGD HO HJR HO GLUHFWRU GHO
    FRPLWp 
    3RUHMHPSORSXHGHWUDWDUVHGHXQDGHFLVLyQGHXQDPXMHUVREUH
    TXpKDFHUXQGRPLQJR+HVWLDIDYRUHFHODVROHGDG\SURSRQHXQGtD
    WUDQTXLOR\FDVHUR+HUDVLHQWHTXHWLHQHODREOLJDFLyQGHYLVLWDUDORV
    SDULHQWHV GH VX PDULGR $WHQHD OH UHFXHUGD TXH WLHQHQ XQ WUDEDMR
    SRU DFDEDU SDUD FRQVROLGDU XQD SURSXHVWD $UWHPLVD DERJD SRU LU D
    XQDFRQIHUHQFLDIHPLQLVWD
    2ELHQODGHFLVLyQSXHGHYHUVDUVREUHTXpKDFHUFRQODVHJXQGD
    SDUWHGHODYLGD(QHVWHFDVRFDGDDVSHFWRGHODSHUVRQDOLGDGFDGD
    GLRVD SXHGH WHQHU LQWHUHVHV SDUWLFXODUHV HQ HO UHVXOWDGR 3RU
    HMHPSOR ¢HV HO PRPHQWR ³DKRUD TXH ORV KLMRV KDQ FUHFLGR´ GH
    WHUPLQDU FRQ XQ PDWULPRQLR LQVDWLVIDFWRULR" (Q HVWD FXHVWLyQ
    'HPpWHU SXHGH TXH LQFOLQH OD EDODQ]D 7HQtD XQD DOLDQ]D FRQ +HUD
    SDUD SHUPDQHFHU HQ XQD VLWXDFLyQ GHVJUDFLDGD ³D FDXVD GH ORV
    KLMRV´ ¢8QLUi DKRUD VXV IXHU]DV D ODV GH $UWHPLVD SDUD VHU
    LQGHSHQGLHQWH"
    ¢2HVHOPRPHQWRGHYROYHUDHVWXGLDURGHKDFHUXQFDPELRGH
    SURIHVLyQVLJXLHQGRDVtD$WHQHDRD$UWHPLVD"
    ¢2KDEUiOOHJDGRILQDOPHQWHHOWXUQRGHHVFXFKDUD'HPpWHU\D
    +HUD"¢+DFRQFHQWUDGRODPXMHUWRGDVVXVHQHUJtDVHQGHVDUUROODUVX
    FDUUHUD \ HQ OOHJDU D VHU XQD H[FHOHQWH SURIHVLRQDO \ KDELHQGR
    OOHJDGR D OD PLWDG GH OD YLGD D VX GHVWLQR R D XQ WHFKR VLHQWH OD
    HPHUJHQFLD GHO LQVWLQWR PDWHUQDO JUDFLDV D 'HPpWHU" ¢2 VDEH TXH
    HVWi VROD REVHUYD FRQ HQYLGLD D ODV SDUHMDV \ GHVHD HVWDU FDVDGD
    FXDQGRKDVWDODIHFKDVHKDEtDQHJDGRDVHJXLUD+HUD"
    ¢2HVODGLRVDTXHIDOWDODPiVWUDQTXLODGHWRGDV"¢+DOOHJDGRHO
    WXUQR GH +HVWLD FXDQGR OD PHGLDQD HGDG WUDH FRQVLJR XQD
    QHFHVLGDGGHUHIOH[LyQ\GHE~VTXHGDGHYDORUHVHVSLULWXDOHV"
    /DPHGLDQDHGDGSXHGHDGRSWDUXQDQXHYDFRQILJXUDFLyQGHODV
    GLRVDV R OD QXHYD SUHHPLQHQFLD GH XQD GH HOODV (VWH FDPELR GH
    SRWHQFLDOVXFHGHHQFDGDXQDGHODVSULQFLSDOHVQXHYDVHWDSDVGHOD
    YLGD²DGROHVFHQFLDYLGDDGXOWDMXELODFLyQPHQRSDXVLD²DVtFRPR
    HQODPHGLDQDHGDG&XDQGROOHJDXQWLHPSRGHWUDQVLFLyQVLHOHJR
    HVWi D FDUJR GH XQ SURFHVR DUPRQLRVR UHIOH[LYR \ FRQVLHQWH OD
    PXMHU FRQVLGHUD ODV SULRULGDGHV ODV OHDOWDGHV ORV YDORUHV \ ORV
    IDFWRUHVGHODUHDOLGDG1RIXHU]DXQDUHVROXFLyQGHODVRSFLRQHVHQ
    FRQIOLFWR OD UHVROXFLyQ OOHJD GHVSXpV GH TXH ORV SUREOHPDV VH KDQ
    FODULILFDGR(VWHSURFHVRSXHGHWRPDUFLQFRPLQXWRVFXDQGRGHFLGH
    TXp KDFHU XQ GRPLQJR 2 SXHGH WRPDU FLQFR DxRV FXDQGR OR TXH
    HVWiFRQVLGHUDQGRHVXQFDPELRIXQGDPHQWDOHQVXYLGD
    3RU HMHPSOR KH YLVWR PXMHUHV OXFKDQGR GXUDQWH DxRV SDUD
    UHVROYHUODFXHVWLyQGHWHQHURQRKLMRV(VWDVPXMHUHVVHSUHJXQWDQ
    TXpKDFHUFRQVXLQVWLQWRPDWHUQDO\TXpKDFHUFRQVXSURIHVLyQ<
    TXpGHEHKDFHUVLVXPDULGR\HOODHVWiQHQGHVDFXHUGRVLXQRGH
    ORVGRVTXLHUHXQQLxR\HORWURQR¢4XpGHEHKDFHUFXDQGR\DKD
    SDVDGR GH ORV WUHLQWD DxRV \ OD PDWHUQLGDG FRPLHQ]D D VHU XQD
    SRVLELOLGDGOLPLWDGDHQHOWLHPSR"
    7RGDV HVWDV FXHVWLRQHV LQYDGLHURQ D OD DUWLVWD *HRUJLD 2¶.HHIHH
    TXHQXQFDWXYRXQKLMR3RUODELRJUDItDGH/DXUD/LVOHVDEHPRVTXH
    2¶.HHIIH KDEtD VHQWLGR GHVGH VX LQIDQFLD XQ LPSXOVR LQWHUQR GH VHU
    DUWLVWD 7DPELpQ VDEHPRV TXH FXDQGR WHQtD XQRV YHLQWLFLQFR DxRV
    FRQILUPRDXQDDPLJD³9R\DWHQHUXQDKLMRHQFDVRFRQWUDULRPL
    YLGDQRVHUiFRPSOHWD´>@
    &XDQGR³ODFXHVWLyQGHORVKLMRV´HUDXQSUREOHPDIXQGDPHQWDO
    HVWDED SURIXQGDPHQWH HQDPRUDGD GH $OIUHG 6WLHJOLW] FRQ HO TXH
    FRQYLYLy SULPHUR \ VH FDVy GHVSXpV eO HUD XQD GH ODV IXHU]DV PiV
    LQIOX\HQWHV GHO DUWH PRGHUQR 6X JDOHUtD \ VXV RSLQLRQHV VREUH HO
    DUWH \ ORV DUWLVWDV FUHDEDQ OD IDPD GH pVWRV 6WLHJOLW] HVWDED
    FRQYHQFLGR GH TXH 2¶.HHIIH QR VHUtD QXQFD PDGUH SRUTXH HVWR OD
    GHVYLDUtD GH VX SLQWXUD 7UHLQWD DxRV PD\RU TXH HOOD \ VLHQGR \D
    SDGUHGHKLMRVPD\RUHV6WLHJOLW]WDPSRFRTXHUtDYROYHUDVHUSDGUH
    GHQXHYR
    (OFRQIOLFWRGHQWURGHHOOD\FRQpOVREUHODFXHVWLyQGHORVKLMRV
    TXHHPSH]yHQFRQWLQXyGXUDQWHFLQFRDxRVDSDUHQWHPHQWH\
    VyOR VH UHVROYLy GHVSXpV GH TXH GRV DFRQWHFLPLHQWRV LQFOLQDURQ OD
    EDODQ]DGHXQODGR(QVHH[KLELHURQFLHQGHVXVFXDGURV7DO
    YH]SRUSULPHUDYH]WXYRODFRQILUPDFLyQH[WHUQDGHTXHHUDSRVLEOH
    UHDOL]DUHOVXHxRGHVHUXQDDUWLVWDFRQp[LWR(OPLVPRDxRODKLMD
    GH 6WLHJOLW] GLR D OX] D XQ KLMR \ GHVSXpV FD\y HQ XQD JUDYH
    GHSUHVLyQSRVWSDUWRGHODTXHQXQFDVHUHFXSHURWRWDOPHQWH
    (O LQWHUpV SRU 6WLHJOLW] SRU VX UHODFLyQ \ SRU VX FDUUHUD FRPR
    DUWLVWDDOLQHDURQPXFKDVSDUWHVGH2¶.HHIIHFRQWUDXQIXHUWHLQVWLQWR
    PDWHUQR+HUD$IURGLWD$UWHPLVD\$WHQHDVHSXVLHURQWRGDVMXQWDV
    HQFRQWUDGH'HPpWHU
    $XQTXH HVWD SRVLFLyQ FRP~Q GH HVWDV GLRVDV MXQWR FRQ ODV
    FLUFXQVWDQFLDV LQFOLQDURQ OD GHFLVLyQ GH QR WHQHU XQ KLMR 2¶.HHIIH
    WXYRTXHDEDQGRQDUODSRVLELOLGDGGHVHUPDGUHVLQVHQWLUVHSRUHOOR
    UHVHQWLGD HQ RWUR FDVR HVWD FXHVWLyQ R FXDOTXLHU RWUD  QR TXHGD
    SOHQDPHQWH UHVXHOWD &XDQGR XQD SHUVRQD VLHQWH TXH QR WXYR
    HOHFFLyQ\TXHIXHIRU]DGDDDEDQGRQDUDOJRLPSRUWDQWHSRUDOJXQD
    FLUFXQVWDQFLD LQWHUQD R SRU XQD FRPSXOVLyQ LQWHULRU VH VLHQWH
    HQIDGDGDLPSRWHQWH\GHSULPLGD(OUHVHQWLPLHQWRPLQDVXYLWDOLGDG
    \ODLPSLGHFRQFHQWUDUVHSRUFRPSOHWRHQORTXHHVWiKDFLHQGRSRU
    PXFKRVHQWLGRTXHWHQJDODWDUHDHQFXHVWLyQ3DUDTXH2¶.HHIH R
    SDUD FXDOTXLHU PXMHU  SXGLHUD H[SHULPHQWDU OD SpUGLGD GH DOJR
    LPSRUWDQWH \ GHVSXpV VXPHUJLUVH HQ XQ WUDEDMR FUHDWLYR HO HJR
    WHQtD TXH VHU DOJR PiV TXH XQ REVHUYDGRU SDVLYR TXH SXVLHUD GH
    DFXHUGRODIXHU]DGHGHFLVLyQGHORVGLIHUHQWHVDUTXHWLSRV7LHQHTXH
    DVXPLU HO UHVXOWDGR 3DUD KDFHUOR XQD PXMHU KD GH VHU FDSD] GH
    GHFLU ³YH OR TXH VR\ \ FXiOHV VRQ ODV FLUFXQVWDQFLDV $ILUPR HVWDV
    FXDOLGDGHVFRPRSDUWHGHPt\DFHSWRODUHDOLGDGWDOFRPRHV´6yOR
    HQWRQFHVSXHGHOLEHUDUVHODHQHUJtDGHXQSUREOHPDSDUDVHUXVDGD
    HQFXDOTXLHURWUDFRVD

    /D DPELYDOHQFLD GH RVFLODU HO HJR HV LQHILFD] FXDQGR GLRVDV


    HQ FRPSHWHQFLD OXFKDQ SRU REWHQHU HO GRPLQLR

    $XQTXH XQ SURFHVR DUPRQLRVR HV OD PHMRU UHVROXFLyQ SRU


    GHVJUDFLDQRHVHO~QLFRPRGRFRPRSXHGHVROXFLRQDUVHHOFRQIOLFWR
    LQWHUQR6LHOHJRVHSRQHSDVLYDPHQWHGHODGRGHFXDOTXLHUDGHODV
    SDUWHV TXH WHPSRUDOPHQWH WLHQH HO SRGHU GH HOOR UHVXOWD XQ SDWUyQ
    GH FRPSRUWDPLHQWR RVFLODQWH FXDQGR SULPHUR ³JDQD´ XQD SDUWH \
    REWLHQHORTXHTXLHUH\GHVSXpVODRWUD
    3RUHMHPSORXQDPXMHUFDVDSXHGHHVWDUPX\LQGHFLVDUHVSHFWR
    DWHUPLQDUFRQXQDUHODFLyQ VDELHQGRTXHVLQRDFDEDFRQHOODVHUi
    HOILQGHVXPDWULPRQLR 3XHGHTXHVLHQWDTXHVXFRQIOLFWRLQWHUQR
    HV LUUHVROXEOH H LQDFDEDEOH FRPR SDUHFLy HQ RWUR WLHPSR OD JXHUUD
    GH7UR\D8QDPXMHUFRQXQHJRLQHILFD]WHUPLQDUHSHWLGDPHQWHXQD
    UHODFLyQ VHQWLPHQWDO SDUD YROYHU D VHU DUUDVWUDGD D HOOD XQD \ RWUD
    YH]
    /DJXHUUDGH7UR\DHVXQDPHWiIRUDDGHFXDGDSDUDGHVFULELUHVWD
    VLWXDFLyQ +HOHQD HO SUHPLR SRU HO TXH OXFKDED HUD FRPR XQ HJR
    SDVLYRHQPHGLRGHXQFRQIOLFWRPDWULPRQLDODPRURVR8QHJRSDVLYR
    HV UHWHQLGR FRPR UHKpQ FRPR SRVHVLyQ SULPHUR GH XQD SDUWH \
    GHVSXpVGHRWUD
    /DVIXHU]DVJULHJDVLQWHQWDEDQGHYROYHUD+HOHQDDVXPDULGR'H
    VXSDUWHVHHQFRQWUDEDQORVGHIHQVRUHVGHOPDWULPRQLR/DSULQFLSDO
    IXH +HUD GLRVD GHO PDWULPRQLR TXH LQVLVWLy HQ TXH FRQWLQXDVH OD
    OXFKDKDVWDTXH7UR\DIXHGHVWUXLGD\+HOHQDGHYXHOWDDVXPDULGR
    0HQHODR7DPELpQD\XGDQGRDORVJULHJRVHVWXYR+HIHVWRVGLRVGH
    ODIRUMDTXHKL]RODDUPDGXUDSDUD$TXLOHV/DVLPSDWtDGH+HIHVWRV
    SRU OD SRVLFLyQ JULHJD HV FRPSUHQVLEOH SXHVWR TXH HUD HO PDULGR
    HQJDxDGR GH $IURGLWD 2WUR DOLDGR GH ORV JULHJRV IXH 3RVHLGyQ HO
    GLRVSDWULDUFDOTXHYLYtDEDMRHOPDU7DPELpQ$WHQHDGHIHQVRUDGH
    ORV GHUHFKRV GH SDWULDUFDGR VH SXVR QDWXUDOPHQWH GH ODGR GHO
    PDULGROHJDO
    (VWDVRV GLRVDVHV GHO 2OLPSR UHSUHVHQWDQ DFWLWXGHV GHQWUR GH
    XQD PXMHU TXH DFW~DQ HQ HOOD SDUD FRQVHUYDU HO PDWULPRQLR FRPR
    XQD SURPHVD VDJUDGD \ FRPR XQD LQVWLWXFLyQ OHJDO FRQYHQFLGRV GH
    TXH OD HVSRVD HV XQD SRVHVLyQ GHO PDULGR SRU OR TXH VLQWLHURQ
    VLPSDWtDSRU0HQHODR
    $IURGLWD GLRVD GHO DPRU \ JDQDGRUD GH OD PDQ]DQD GH RUR VH
    SXVRSRUVXSXHVWRGHOODGRGH7UR\D(VLQWHUHVDQWHTXHWDPELpQOR
    KLFLHUDQ $UWHPLVD \ $SROR ORV JHPHORV DQGUyJLQRV TXH SXHGHQ
    VLPEROL]DU ORV UROHV QR HVWHUHRWLSDGRV GH ORV KRPEUHV \ GH ODV
    PXMHUHV\TXHVRQSRVLEOHV~QLFDPHQWHFXDQGRVHGHVDItDHOSRGHU
    GHOSDWULDUFDGR(OFXDUWRGLRVGHO2OLPSRTXHWRPySRVLFLyQDIDYRU
    GH7UR\DIXH$UHVGLRVGHODJXHUUDTXH DOLJXDOTXH3DULV KDFtDHO
    DPRUFRQODHVSRVDGHRWURKRPEUH$UHVHUDHODPDQWHGH$IURGLWD
    (VWDVRV FXDWUR GLRVDVHV GHO 2OLPSR UHSUHVHQWDQ HOHPHQWRV R
    DFWLWXGHVHQODSVLTXHGHXQDPXMHUTXHVXHOHQWRPDUSDUWHHQXQD
    UHODFLyQ VHQWLPHQWDO 5HSUHVHQWDQ OD SDVLyQ VH[XDO \ HO DPRU
    5HSUHVHQWDQ OD DXWRQRPtD \ OD LQVLVWHQFLD HQ TXH VX VH[XDOLGDG OH
    SHUWHQHFH \ QR HV XQD SRVHVLyQ GH PDWULPRQLR QL GH VX PDULGR
    (VWDVRV FXDWUR VH UHEHODQ FRQWUD ORV SDSHOHV WUDGLFLRQDOHV \ VRQ
    LPSXOVLYRV 'H HVWD PDQHUD XQHQ VXV IXHU]DV HQ XQD DYHQWXUD
    VHQWLPHQWDO TXH SXHGH FRQVLGHUDUVH XQD GHFODUDFLyQ GH JXHUUD
    FRQWUDVXPDULGR
    6LHOHJRGHXQDPXMHUVXSRQHSDVLYDPHQWHGHOODGRGHOJDQDGRU
    PRPHQWiQHRGHOFRQIOLFWRDPRURVR\GHODFRPSHWLFLyQH[WHUQDSRU
    FRQVHJXLUOD HOOD RVFLODUi GH XQR D RWUR GH ORV GRV KRPEUHV GHO
    WULiQJXOR(VWDDPELYDOHQFLDSHUMXGLFDDPEDVUHODFLRQHV\DWRGDVODV
    SHUVRQDVLQYROXFUDGDV

    (O FRPLWp FDyWLFR HO HJR TXHGD VREUHSDVDGR SRU ODV GLRVDV


    HQ FRQIOLFWR

    &XDQGRVXUJHQIHURFHVFRQIOLFWRVHQODSVLTXHGHXQDPXMHU\HO
    HJR QR SXHGH PDQWHQHU HO RUGHQ QL VLTXLHUD HV SRVLEOH TXH SXHGD
    HPSH]DU XQ SURFHVR DUPRQLRVR 6XUJHQ PXFKDV YRFHV GH ODV TXH
    UHVXOWDXQDFDFRIRQtDGHOUXLGRLQWHUQR&RPRVLODVGLRVDVHVWXYLHUDQ
    JULWDQGRHQDOWRVXVLQWHUHVHVLQWHQWDQGRFDGDXQDGHHOODVDKRJDU
    ODYR]GHODVGHPiV(OHJRGHXQDPXMHUQRSXHGHGLVWLQJXLUORTXH
    HVWi GLFLHQGR FDGD YR] GHQWUR GH HOOD PLHQWUDV FUHFH LQWHUQDPHQWH
    XQDJUDQSUHVLyQ/DPXMHUHQODTXHVHSURGXFHHVWHFDRVVHVLHQWH
    FRQIXVD \ SUHVLRQDGD D KDFHU DOJR HQ HO PRPHQWR HQ HO TXH QR
    SXHGHPDQWHQHUXQDFODULGDGGHSHQVDPLHQWR
    8QDYH]WXYHXQSDFLHQWH³FRPLWpFDyWLFR´\TXHHVWDEDDSXQWR
    GH GHMDU D VX PDULGR 1R KDEtD RWUR KRPEUH \ VH WUDWDED GH XQ
    PDWULPRQLR TXH RWURV LGHDOL]DEDQ 0LHQWUDV IXH HOOD OD TXH
    FRQVLGHUDED VHSDUDUVH SRGtD RtU ORV PXFKRV SXQWRV GH YLVWD TXH
    FRPSHWtDQ HQWUH Vt GH XQD PDQHUD PiV R PHQRV UDFLRQDO 3HUR
    FXDQGR OH GLMR D VX PDULGR OR TXH HVWDED UHIOH[LRQDQGR \ GHMy GH
    VRVSHVDUFDGDDVSHFWRGHODFXHVWLyQHVWDOOyHOFDRVLQWHUQR'HFtD
    TXHVHQWtDFRPRVL³WXYLHUDXQDODYDGRUDIXQFLRQDQGRGHQWURGHPL
    FDEH]D´ R FRPR VL ³HVWXYLHUD GHQWUR GH HOOD´ $VSHFWRV G Vt PLVPD
    UHDFFLRQDEDQ DODUPDGRV \ DWHPRUL]DGRV D OR TXH FRQVWLWXtD XQD
    GHFLVLyQDXWpQWLFDDXQTXHOOHQDGHULHVJRV
    3RUXQWLHPSRHVWXYRLQPRYLOL]DGDVXHJRHVWXYRWHPSRUDOPHQWH
    DEUXPDGR3HURPiVTXHDEDQGRQDU\YROYHUKDFLDDWUiVVHDJDUUy
    D OD QHFHVLGDG GH SRQHU ODV FRVDV HQ FODUR \ SHUPDQHFLy FRQ
    DOJXQDVDPLJDVKDVWDTXHOOHJRDWHQHUFLHUWDFODULGDG3RFRDSRFR
    VXHJRUHFXSHUyVXSRVLFLyQKDELWXDO\HVFXFKyODVYRFHVGHDODUPD
    \ GH PLHGR $O ILQDO GHMy D VX PDULGR 8Q DxR PiV WDUGH SRU ILQ
    HVWXYRVHJXUDGHKDEHUWRPDGRODGHFLVLyQDGHFXDGD
    (QWDOVLWXDFLyQHV~WLOKDEODUDDOJXLHQGHORVPLHGRVHLPSXOVRV
    FRQIOLFWLYRV R HVFULELUORV SDUD HPSH]DU HO SURFHVR GH DFODUDU ODV
    SRVLEOHV VROXFLRQHV HQ OXFKD &XDQGR VH GHVFRPSRQH HQ
    SUHRFXSDFLRQHV GLIHUHQWHV XQD DJORPHUDFLyQ GH SUREOHPDV SXHGH
    TXHHOHJRQRVHVLHQWDDEUXPDGR
    (O ³FRPLWp FDyWLFR´ HV FRQ IUHFXHQFLD DOJR WHPSRUDO XQ FRUWR
    ODSVRTXHVLJXHDXQDUHODFLyQFDyWLFDLQLFLDORDDOJRTXHVHSHUFLEH
    FRPRQXHYR\DPHQD]DGRU3RFRGHVSXpVHOHJRUHVWDXUDHORUGHQ
    6LQ HPEDUJR VL QR OR KDFH HO FDRV PHQWDO SXHGH OOHYDU D TXH VH
    SURGX]FD XQ GHUUXPEDPLHQWR SVLFROyJLFR (O HVStULWX FRQWLQ~D OOHQR
    GHHPRFLRQHVSHQVDPLHQWRVHLPiJHQHVTXHFRPSLWHQHQWUHVtVH
    KDFH LPSRVLEOH SHQVDU GH PDQHUD OyJLFD \ OD SHUVRQD GHMD GH
    IXQFLRQDU

    0LHPEURV IDYRUHFLGRV \ PLHPEURV FHQVXUDGRV GHO FRPLWp HO


    SUHVLGHQWH FRQ XQD DFWLWXG SDUFLDO IDYRUHFH D DOJXQDV
    GLRVDV \ VH QLHJD D UHFRQRFHU D RWUDV

    &RPR SUHVLGHQWH XQ HJR FRQ XQD DFWLWXG SDUFLDO UHFRQRFH


    ~QLFDPHQWH D FLHUWRV PLHPEURV GHO FRPLWp 6LOHQFLD D RWURV TXH
    H[SUHVDQQHFHVLGDGHVVHQWLPLHQWRVRSXQWRVGHYLVWDTXHFRQVLGHUD
    LQDFHSWDEOHVQRSHUPLWLHQGRTXHVHH[SUHVHQ&HQVXUDWRGRORTXH
    QR TXLHUH PLUDU R HVFXFKDU GH PDQHUD TXH HQ OD VXSHUILFLH QR
    SDUHFH TXH H[LVWD FRQIOLFWR DOJXQR $OJXQDV GLRVDV R LQFXVR XQD
    VROD PDQWLHQHQ D YHFHV HO ³HVWDWXV GH GLRVD IDYRUHFLGD´
    SUHGRPLQDQGR HQWRQFHV VXV SXQWRV GH YLVWD eVWDV VRQ ODV GLRVDV
    FRQODVTXHVHLGHQWLILFDHOHJR
    0LHQWUDV WDQWR VH VXSULPHQ R UHSULPHQ OD SHUVSHFWLYD \ ODV
    SULRULGDGHV GH ODV GLRVDV GHVIDYRUHFLGDV 3XHGHQ VHU DFDOODGDV R
    LQFOXVR HVWDU SUHVHQWHV HQ HO FRPLWp 6X LQIOXHQFLD VH VLHQWH ³IXHUD
    GH OD VDOD GH UHXQLRQHV GHO FRPLWp´ IXHUD GH OD FRQFLHQFLD 
    $FFLRQHV VtQWRPDV SVLFRVRPiWLFRV \ FLHUWRV HVWDGRV GH KXPRU
    SXHGHQVHUH[SUHVLRQHVGHHVWDVGLRVDVFHQVXUDGDV
    ³5HDFFLRQDU GH PDQHUD SDVLYD´ HV XQD FRQGXFWD
    LQFRQVFLHQWHPHQWH PRWLYDGD TXH UHGXFH OD WHQVLyQ FUHDGD SRU ORV
    VHQWLPLHQWRV FRQIOLFWLYRV 3RU HMHPSOR XQD PXMHU FDVDGD %iUEDUD
    VH VLHQWH UHVHQWLGD SRUTXH 6XVDQD OD KHUPDQD GH VX PDULGR
    SUHVXSRQHTXHVLHPSUHSXHGHFRQVHJXLUTXHHOODODOOHYHHQFRFKH
    %iUEDUDQRSXHGHGHFLUTXHQRVLQVHQWLUVHHJRtVWD\FXOSDEOH\QR
    SXHGHHQIDGDUVHSRUTXHHOHQIDGRHVDOJRLQDFHSWDEOH$VtVXHJR
    DFWXDQGRFRPRSUHVLGHQWHVHSRQHGHODGRGH+HUD\GH'HPpWHU
    ODV GLRVDV TXH LQVLVWHQ HQ TXH VHD XQD EXHQD HVSRVD TXH FXLGH GH
    ORVIDPLOLDUHVGHVXPDULGR\HQTXHVHDXQDSHUVRQDVLHPSUHGDQGR
    DORVGHPiV\FXLGDQGRGHHOORV6HYDDFXPXODQGRDVtXQDWHQVLyQ
    LQWHUQDTXHHOODGHVFDUJD³UHDFFLRQDQGRGHPDQHUDSDVLYD´%iUEDUD
    ³ROYLGD´ OD FLWD SDUD UHFRJHU D 6XVDQD (QIUHQWDUVH D 6XVDQD GH
    PDQHUD GHOLEHUDGD KDEUtD VLGR XQ FRPSRUWDPLHQWR PX\ KRVWLO DOJR
    TXH $UWHPLVD R $WHQHD SRGUtDQ GHIHQGHU TXH VH KLFLHUD LQFOXVR D
    SURSyVLWR 6LQ HPEDUJR PHGLDQWH HO ³ROYLGR´ %iUEDUD ³H[SUHVD´ VX
    KRVWLOLGDG\GLVXDGHD6XVDQDGHVXKiELWR3HUR%iUEDUDWRGDYtDHV
    ³LQRFHQWH´ UHVSHFWR D VX SURSLR HQIDGR \ D VX DILUPDFLyQ GH
    LQGHSHQGHQFLD
    8QD GH PLV SDFLHQWHV SURSRUFLRQDED RWUR HMHPSOR PiV
    VLJQLILFDWLYRGH³UHDFFLRQDUGHPDQHUDSDVLYD´7HQtDTXHDFXGLUDXQ
    HQVD\R SDUD XQ SDSHO VHFXQGDULR GH XQD LPSRUWDQWH SHOtFXOD (O
    GLUHFWRU OD KDEtD YLVWR \ KDEtD SHQVDGR TXH HOOD SRGUtD VHU SHUIHFWD
    SDUDHVHSDSHODVtTXHOHKDEtDSHGLGRTXHORLQWHQWDVH6HWUDWDED
    GHXQDJUDQRSRUWXQLGDG(VWDDFWUL]GHWUHLQWDDxRVHUDPLHPEURGH
    XQD SHTXHxD FRPSDxtD GH WHDWUR \ YLYtD FRQ VX GLUHFWRU 'XUDQWH
    WUHVDxRVKDEtDQWHQLGRXQDUHODFLyQGHUXSWXUDV\UHFRQFLOLDFLRQHV
    (QDOJXQDSDUWHGHVtPLVPDVDEtDTXHpOQRSRGUtDVRSRUWDUTXH
    HOODWXYLHUDPiVp[LWRTXHpO3HURKDEtDUHSULPLGRHVWDLQIRUPDFLyQ
    MXQWRFRQRWUDVFRPSUHQVLRQHVLQWHUQDVTXHODSURWHJtDQGHYHUOHWDO
    FRPR pO HUD HQ UHDOLGDG &XDQGR OOHJy OD RSRUWXQLGDG GH SDUWLFLSDU
    HQ DTXHOOD SHOtFXOD VH SUHSDUy SDUD HO HQVD\R HQVD\y KDVWD HO
    ~OWLPRPLQXWR\OOHJyDHVWDUWDQDEVRUWDTXH³SHUGLyODFRQFLHQFLD
    GHOWLHPSR´)DOOyODFLWD
    $Vt ³H[SUHVy´ VX DPELYDOHQFLD DXQTXH GHVHDED DTXHO SDSHO \
    FRQVFLHQWHPHQWH KL]R WRGRV ORV HVIXHU]RV SRVLEOHV SRU FRQVHJXLUOR
    $UWHPLVD OH SURSRUFLRQDED OD DPELFLyQ \ $IURGLWD OH D\XGDED D
    H[SUHVDU VX WDOHQWR 3HUR LQFRQVFLHQWHPHQWH HOOD WHQtD PLHGR GH
    FRQVHJXLU DTXHO SDSHO \ GH SRQHU D SUXHED OD UHODFLyQ +HUD KDEtD
    SXHVWRHQSULPHUOXJDUODUHODFLyQ\'HPpWHUSURWHJtDDOKRPEUHGH
    VHQWLUVHDPHQD]DGRRLQDGHFXDGR6XGHFLVLyQGHQRSUHVHQWDUVHD
    GHVHPSHxDU DTXHO SDSHO IXH WRPDGD IXHUD GHO FDPSR GH OD
    FRQVFLHQFLD
    /RV VtQWRPDV SVLFRVRPiWLFRV SXHGHQ VHU H[SUHVLRQHV GH GLRVDV
    FHQVXUDGDV 3RU HMHPSOR OD PXMHU LQGHSHQGLHQWH TXH WLHQH
    FXDOLGDGHVGH$WHQHDTXHQXQFDSLGHD\XGDQLSDUHFHQHFHVLWDUGH
    QDGLHSXHGHFUHDUVH~OFHUDVRDWDTXHVGHDVPD7DOYH]pVHVHDHO
    ~QLFRFDPLQRTXHVXHJRSXHGHSHUPLWLUDOD3HUVpIRQHGHSHQGLHQWH
    GH FRQVHJXLU DOJR GH DWHQFLyQ \ FXLGDGRV PDWHUQDOHV 2 HO WLSR GH
    PXMHU 0DGUH 7LHUUD TXH OR GD WRGR SXHGH OOHJDU D WHQHU
    KLSHUWHQVLyQ OiELO 6X SUHVLyQ VDQJXtQHD VH GLVSDUD KDFLD DUULED D
    SDUWLU GH FRQVWDQWHV QRUPDOHV QRUPDOPHQWH FXDQGR HOOD VH
    FRPSRUWDGHXQDPDQHUDHVSHFLDOPHQWHJHQHURVD$XQTXHSXHGHQR
    WHQHU VXILFLHQWHV HOHPHQWRV GH $UWHPLVD SDUD SHUPDQHFHU FHQWUDGD
    HQ VXV SURSLDV SULRULGDGHV VLHQWH WHQVLyQ \ UHVHQWLPLHQWR FXDQGR
    FRQ WDQWD SURQWLWXG SRQH ODV QHFHVLGDGHV GH ORV GHPiV HQ SULPHU
    OXJDU
    &LHUWRV HVWDGRV GH KXPRU SXHGHQ UHYHODU WDPELpQ OD H[LVWHQFLD
    GH GLRVDV FHQVXUDGDV /D DFWLWXG GLVWDQWH HQ OD TXH FDH XQD
    IHOL]PHQWH FDVDGD FXDQGR R\H QRWLFLDV GH DPLJDV TXH WRPDURQ
    FDPLQRV GLIHUHQWHV SXHGH UHSUHVHQWDU ODV HPRFLRQHV GH FLHUWDV
    GLRVDV YtUJHQHV (VD YDJD LQVDWLVIDFFLyQ VHQWLGD SRU OD PXMHU
    SURIHVLRQDOFXDQGRWLHQHHOSHULRGRSRGUtDVHUGHELGDDXQD'HPpWHU
    LQVDWLVIHFKD

    (O FDPELR GH HQJUDQDMH FXDQGR YDULDV GLRVDV


    ³VH WXUQDQ´
    /DV PXMHUHV VH GHVFULEHQ D Vt PLVPDV D PHQXGR FRPR TXH VRQ
    ³PiVGHXQDVRODSHUVRQD´FXDQGRYDULDVGLRVDVVHWXUQDUHQSRVHHU
    OD LQIOXHQFLD GRPLQDQWH 3RU HMHPSOR &DURO\Q YHQGH PiV GH XQ
    PLOOyQGHGyODUHVDODxRHQVHJXURVVHRFXSDGHPLOHVGHGHWDOOHV\
    YDDFWLYDPHQWHHQE~VTXHGDGHFOLHQWHV(QHOWUDEDMRHVXQDPH]FOD
    HILFLHQWHGH$WHQHD\$UWHPLVD(QFDVDODWLJUHVDGHORVQHJRFLRVVH
    FRQYLHUWHHQXQDVROLWDULDJDWLWDTXHVHSDVHDWUDQTXLODPHQWHSRUOD
    FDVD \ HO MDUGtQ FRPR XQD LQWURYHUWLGD +HVWLD GLVIUXWDQGR GH OD
    VROHGDG
    /HVOLH HV OD SHUVRQD TXH WLHQHQ ODV LGHDV HQ VX DJHQFLD GH
    SXEOLFLGDG 6XV SUHVHQWDFLRQHV VRQ EULOODQWHV 6L FUHDWLYLGDG \ VX
    FDSDFLGDG GH SHUVXDVLyQ KDFHQ GH HOOD XQD SHUVRQD PX\ HILFD] (V
    XQD PH]FOD GLQiPLFD GH $UWHPLVD \ GH $IURGLWD TXH IiFLOPHQWH VH
    WUDQVIRUPD HQ XQD 3HUVpIRQH FRPSODFLHQWH FXDQGR HVWi FRQ VX
    PDULGR
    $PEDVPXMHUHVVRQFRQVFLHQWHVGHTXHVHFRPSRUWDQFRPRGRV
    SHUVRQDV GLIHUHQWHV FXDQGR FDPELDQ GH HQJUDQDMH \ YDQ GH XQD
    IDFHWD GH VX SHUVRQDOLGDG D RWUD ORV FDPELRV GLDULRV VRQ
    QDWXUDOPHQWH SHUIHFWRV SDUD HOODV (Q FDGD VLWXDFLyQ VH VLHQWHV
    DXWpQWLFDV FRQVLJR PLVPDV R FRQ ODV GLRVDV TXH ³VH WXUQDQ´ HQ
    H[SUHVDUVHHQHOODV
    &RQRFLHQGRORVFDPELRVTXHVHSURGXFHQHQVXVSHUVRQDOLGDGHV
    ODV GHFLVLRQHV SVLFROyJLFDV WLSR ³XQD FRVD X RWUD´ FRQIXQGHQ R
    GLYLHUWHQ D PXFKDV PXMHUHV TXH VRQ PX\ FRQVFLHQWHV GH TXH ODV
    UHVSXHVWDV GHSHQGHQ GH FyPR VH VLHQWDQ 7DQWR VL GHVFULEHQ ODV
    UHDFFLRQHVGHVX\RODERUDOFRPRODVGHVX\RGRPpVWLFRODPDGUHR
    ODDUWLVWDHQHOODVHVFyPRUHDFFLRQDQFXDQGRHVWiQVRODVRFXDQGR
    HVWiQ HQ SDUHMD LQIOXLUi HQ VXV UHVSXHVWDV 0XFKDV YHFHV ODV
    UHVSXHVWDV \ SRU OR WDQWR HO SHUILO GH OD SHUVRQDOLGDG SDUHFHQ
    GHSHQGHUGH³TXpGLRVD´GHODPXMHUHVWiVLHQGRH[DPLQDGD&RPR
    VHxDODEDXQDSVLFyORJD³6R\PX\H[WUDYHUWLGDHQXQDILHVWD\QRVH
    WUDWDGHTXHPHSRQJDXQDPiVFDUDRXQDFDUDGHILHVWD£VHWUDWD
    GH Pt PLVPD GLVIUXWDQGR 3HUR VX PH YLHVHLV FXDQGR HVWR\
    LQYHVWLJDQGR VR\ XQD SHUVRQD PX\ GLIHUHQWH´ (Q XQD VLWXDFLyQ HV
    XQD $IURGLWD EXUEXMHDQWH H[WUDYHUWLGD HPRFLRQDOPHQWH DELHUWD \
    VHQVXDO(QODRWUDHVXQD$WHQHDFXLGDGRVDOOHYDQGRDFDERGHXQD
    PDQHUD PHWLFXORVD XQ SUR\HFWR TXH HOOD KD SODQLILFDGR \ GHO TXH
    WLHQHQTXHUHXQLUSUXHEDVSDUDYHULILFDUOR
    &XDQGR H[LVWH XQ DUTXHWLSR SULQFLSDO GH GLRVD TXH GRPLQD OD
    SHUVRQDOLGDG GH XQD PXMHU VXV WHVW GH WLSR SVLFROyJLFR VXHOHQ
    FRQFRUGDU FRQ OD WHRUtD MXQJXLDQD 6HUi FRQVHFXHQWHPHQWH R ELHQ
    H[WUDYHUWLGD UHDFFLRQDQGR GLUHFWDPHQWH D ORV DFRQWHFLPLHQWRV
    H[WHUQRV \ D OD JHQWH  R ELHQ LQWURYHUWLGD UHVSRQGLHQGR D ODV
    LPSUHVLRQHV LQWHUQDV TXH WLHQH  XWLOL]DUi HO SHQVDPLHQWR
    VRVSHVDQGR ODV FRQVLGHUDFLRQHV UDFLRQDOHV  R ORV VHQWLPLHQWRV
    VRVSHVDQGR ORV YDORUHV  SDUD HYDOXDU D ODV SHUVRQDV \ D ODV
    VLWXDFLRQHV \ FRQILDUi HQ OD LQIRUPDFLyQ REWHQLGD D WUDYpV GH ORV
    FLQFRVHQWLGRVRELHQHQODLQWXLFLyQ$YHFHVVyORXQDGHODVFXDWUR
    IXQFLRQHV SHQVDPLHQWR VHQWLPLHQWR VHQVDFLyQ H LQWXLFLyQ  HVWi
    ELHQGHVDUUROODGD
    &XDQGRH[LVWHQGRVRPiVDUTXHWLSRVGHGLRVDVGRPLQDQWHVXQD
    PXMHUQRVHDMXVWDIRU]RVDPHQWHDXQDUTXHWLSRSVLFROyJLFR3XHGH
    VHULQWURYHUWLGD\H[WUDYHUWLGRGHSHQGLHQGRGHODVFLUFXQVWDQFLDV²\
    GH OD GLRVD TXH SUHYDOH]FD² XQD $UWHPLVD R XQD 'HPpWHU
    H[WUDYHUWLGDVSXHGHQ³REWHQHUODPDQ]DQDGHRUR´HQXQDVLWXDFLyQ
    SHURSDVDUDVHUOD+HVWLDROD3HUVpIRQHLQWURYHUWLGDVHQRWUD
    6HJ~Q OD WHRUtD MXQJXLDQD HO SHQVDPLHQWR \ HO VHQWLPLHQWR VRQ
    IXQFLRQHV GH H[SUHVLyQ OD VHQVDFLyQ \ OD LQWXLFLyQ VRQ IXQFLRQHV
    SHUFHSWLYDV &XDQGR XQD GH HVWDV FXDWUR IXQFLRQHV HV OD PiV
    GHVDUUROODGD OD RSXHVWD VX SDUHMD FRQWUDULD  HV WHyULFDPHQWH OD
    PHQRVFRQVFLHQWH/DWHRUtDVHPDQWLHQHFXDQGRXQPRGHORGHGLRVD
    HVVXE\DFHQWHDWRGDODSHUVRQDOLGDGXQDPXMHU$WHQHDSLHQVDFRQ
    JUDQFODULGDGSHURVXFDSDFLGDGSDUDPDQLIHVWDUYDORUHVUHODWLYRVD
    ORVVHQWLPLHQWRVHVWtSLFDPHQWHLQH[LVWHQWH6LQHPEDUJRSXHGHTXH
    pVWHQRVHDHOFDVRFXDQGRH[LVWHPiVGHXQDGLRVDLQIOX\HQWH3RU
    HMHPSOR VL $UWHPLVD VH XQH D $WHQHD XQ DUTXHWLSR DFWLYDGR HO
    VHQWLPLHQWR\HOSHQVDPLHQWRSXHGHQHVWDUGHVDUUROODGRVLJXDOPHQWH
    RFDVLHQRSRVLFLyQDORTXHDILUPDODWHRUtD
    %DMR HVWDV FLUFXQVWDQFLDV ²FXDQGR ODV GLRVDV FRRSHUDQ \ VH
    WXUQDQ SDUD H[SUHVDUVH GHQWUR GH XQD PXMHU² ³FXiO GH ODV GLRVDV
    FRQVLJXHODPDQ]DQDGHRUR´GHSHQGHGHODVFLUFXQVWDQFLDV\GHOD
    WDUHDLQPHGLDWD

    &RQFLHQFLD \ WRPD GH GHFLVLRQHV


    &XDQGRXQDPXMHU DWUDYpVGHODREVHUYDFLyQGHOHJR VHYXHOYH
    FRQVFLHQWHGHORVDUTXHWLSRVGHODVGLRVDV\GHVDUUROODVXDSUHFLRSRU
    ODPHWiIRUDGHOFRPLWpSDUDDSOLFDUODHQORVSURFHVRVLQWHUQRVSRVHH
    GRVKHUUDPLHQWDVGHSHUFHSFLyQLQWHUQDPX\~WLOHV3XHGHHVFXFKDU
    FRQ XQ RtGR VHQVLEOH VXV SURSLDV YRFHV LQWHUQDV UHFRQRFHU ³TXLpQ´
    HVWi KDEODQGR \ YROYHUVH FRQVFLHQWH GH ODV GLRVDV TXH OH LQIOX\HQ
    &XDQGRUHSUHVHQWDQDVSHFWRVFRQIOLFWLYRVGHVtPLVPDTXHWLHQHTXH
    UHVROYHU SXHGH FRQHFWDU FRQ ODV QHFHVLGDGHV \ SUHRFXSDFLRQHV GH
    FDGDGLRVD\GHFLGLUGHVSXpVSRUVtPLVPDTXpHVORPiVLPSRUWDQWH
    6L DOJXQDV GLRVDV QR VH H[SUHVDQ \ VRQ GLItFLOHV GH UHFRQRFHU
    VXSRQLpQGRVH VX SUHVHQFLD ~QLFDPHQWH D WUDYpV GH OD DSDULFLyQ GH
    FLHUWRV KHFKRV GH XQ VtQWRPD SVLFRVRPiWLFR R GH XQ GHWHUPLQDGR
    HVWDGRGHKXPRUSXHGHQHFHVLWDUWLHPSR\DWHQFLyQSHUFLELUTXLpQHV
    VRQ7HQHUXQDLGHDGHORVSDWURQHVGHFRPSRUWDPLHQWRDUTXHWtSLFRV
    \FRQRFHUHODEDQLFRH[LVWHQWHGHGLRVDVSXHGHD\XGDUDLGHQWLILFDUD
    ODVTXHQHFHVLWDQVHUUHFRQRFLGDV
    3XHVWRTXHWRGDVODVGLRVDVFRQVWLWX\HQSDWURQHVLQQDWRVHQWRGD
    PXMHU SXHGH TXH XQD PXMHU FRQFUHWD FDLJD HQ OD FXHQWD GH OD
    QHFHVLGDGGHIDPLOLDUL]DUVHPiVFRQXQDGLRVDHQSDUWLFXODU(QHVWH
    FDVRSXHGHQWHQHUp[LWRORVHVIXHU]RVSDUDGHVDUUROODURIRUWDOHFHUOD
    LQIOXHQFLDGHpVWD3RUHMHPSORFXDQGR'DQDHVWDEDWUDEDMDQGRHQ
    VXWHVLVVROtDVHUOHGLItFLOKDFHUHOHVIXHU]RQHFHVDULRSDUDLQYHVWLJDU
    HQODELEOLRWHFD3HURLPDJLQDUVHDVtPLVPDFRPR$UWHPLVDRFRPR
    XQD FD]DGRUD OH SURSRUFLRQDED HO LPSXOVR QHFHVDULR SDUD LU D OD
    OLEUHUtD\EXVFDUORVDUWtFXORVTXHQHFHVLWDED/DLPDJHQGHVtPLVPD
    FRPR$UWHPLVDDFWLYDEDODHQHUJtDTXHQHFHVLWDEDSDUDODWDUHD
    ,PDJLQDU DFWLYDPHQWH D ODV GLRVDV SXHGH D\XGDU D XQD PXMHU
    VDEHU TXp DUTXHWLSRV DFW~DQ HQ VX SVLTXH 3XHGH YLVXDOL]DU D XQD
    GLRVD\GHVSXpVXQDYH]WLHQHQXQDYtYLGDLPDJHQHQVXPHQWHYHU
    VL SXHGH WHQHU XQD FRQYHUVDFLyQ FRQ OD LPDJHQ YLVXDOL]DGD
    6LUYLpQGRVH GH OD ³LPDJLQDFLyQ DFWLYD´ ²FRPR VH FRQRFH HVWH
    SURFHVR GHVFXELHUWR SRU -XQJ² WDO YH] GHVFXEUD TXH SXHGH
    SODQWHDU FXHVWLRQHV \ REWHQHU UHVSXHVWDV 6L HVWi VLQWRQL]DGD GH
    PDQHUD UHFHSWLYD SDUD RtU XQD UHVSXHVWD TXH HOOD QR LQYHQWH GH
    PDQHUDLQFRQVFLHQWHXQDPXMHUTXHXWLOL]DODLPDJLQDFLyQDFWLYDVH
    HQFXHQWUD FRQ IUHFXHQFLD HQWDEODQGR FRQVLJR PLVPD XQD YHUGDGHUD
    FRQYHUVDFLyQ TXH DXPHQWD VX FRQRFLPLHQWR GH XQD ILJXUD
    DUTXHWtSLFDTXHHVSDUWHGHVtPLVPD
    &XDQGR XQD PXMHU SXHGH FRQHFWDU FRQ GLIHUHQWHV SDUWHV GH Vt
    PLVPD \ SXHGH HVFXFKDU REVHUYDU R VHQWLUVH GLVFUHSDU GH ODV
    SULRULGDGHV \ GH ODV OHDOWDGHV HQ FRPSHWHQFLD SXHGH FODVLILFDUODV \
    PHGLU OD LPSRUWDQFLD TXH WLHQHQ SDUD HOOD (QWRQFHV SXHGH WRPDU
    GHFLVLRQHV FRQVFLHQWHV FXDQGR VXUJHQ FRQIOLFWRV GHFLGH TXp
    SULRULGDGHV GHEHQ SUHYDOHFHU \ TXp DFFLRQHV HPSUHQGHU &RPR
    FRQVHFXHQFLD VXV GHFLVLRQHV UHVXHOYHQ FRQIOLFWRV LQWHUQRV HQ OXJDU
    GH LQVWLJDU JXHUUDV LQWHULRUHV 3DVR D SDVR VH FRQYLHUWH DVt HQ XQD
    SHUVRQDFDSD]GHWRPDUGHFLVLRQHVFRQVFLHQWHVTXHGHFLGHFDGDYH]
    FXiOGHODVGLRVDVFRQVLJXHODPDQ]DQDGHRUR
     ± +$< 81$ +(52Ë1$ (1 &$'$
    08-(5
    ([LVWHXQDKHURtQDSRWHQFLDOHQFDGDPXMHUeVWDHVODGDPDSULQFLSDO
    GH OD SURSLD KLVWRULD GH VX YLGD HQ XQ YLDMH TXH HPSLH]D FRQ VX
    QDFLPLHQWR \ FRQWLQ~D D OR ODUJR GH VX YLGD 0LHQWUDV UHFRUUH VX
    LWLQHUDULRSHUVRQDOHQFRQWUDUiVLQGXGDVXIULPLHQWRVHQWLUiVROHGDG
    YXOQHUDELOLGDG LQFHUWLGXPEUH \ VH HQFRQWUDUi FRQ OtPLWHV 3XHGH
    TXH VH HQFXHQWUH WDPELpQ XQ VHQWLGR D VX YLGD GHVDUUROOH VX
    FDUiFWHUH[SHULPHQWHHODPRU\DOJUDFLD\DSUHQGDODYLVLyQ
    /D KHURtQD WRPD IRUPD D WUDYpV GH VXV GHFLVLRQHV GH VX
    FDSDFLGDGSDUDODIH\HODPRU\GHVXDSWLWXGSDUDDSUHQGHUGHOD
    H[SHULHQFLD \ FRPSURPHWHUVH &XDQGR VXUJHQ GLILFXOWDGHV VL
    FRQVLGHUD OR TXH SXHGH KDFHU GHFLGH OR TXH KDUi \ VH FRPSRUWD
    FRQIRUPH D VXV YDORUHV \ VHQWLPLHQWRV HVWi DFWXDQGR FRPR OD
    SURWDJRQLVWDKHURtQDGHVXSURSLRPLWR
    $XQTXHODYLGDHVWiOOHQDGHFLUFXQVWDQFLDVQRHOHJLGDVVLHPSUH
    H[LVWHQ PRPHQWRV GH GHFLVLyQ SXQWRV QRGXODUHV TXH GHFLGHQ ORV
    DFRQWHFLPLHQWRVRPRGLILFDQHOFDUiFWHU3DUDVHUXQDKHURtQDHQVX
    SURSLRYLDMHKHURLFRXQDPXMHUGHEHHPSH]DUFRQODDFWLWXGGHTXH
    FDGD FRGD TXH VH HOLJH WLHQH LPSRUWDQFLD R LQFOXVR DFWXDU DO
    SULQFLSLR³FRPRVLODWXYLHUD´ (QHOSURFHVRGHYLYLUDSDUWLUGHHVWD
    SUHPLVD DOJR VXFHGH XQD PXMHU VH FRQYLHUWH HQ XQD SHUVRQD TXH
    WRPD GHFLVLRQHV XQD KHURtQD TXH PROGHD OR TXH OOHJDUi D VHU 2
    ELHQFUHFHRELHQHVGLVPLQXLGDSRUORTXHKDFHRQRKDFH\SRUODV
    DFWLWXGHVTXHPDQWLHQH
    0LVSDFLHQWHVPHKDQHQVHxDGRTXHQRHUDQORVDFRQWHFLPLHQWRV
    TXHOHVVXFHGLHURQORTXHOHVKLFLHURQWDOFRPRVRQVLQRTXHHUDOR
    TXHRFXUUtDGHQWURGHHOODVORTXHPDUFDEDODGLIHUHQFLD/RTXHHOODV
    VHQWtDQ ²\ FyPR UHDFFLRQDEDQ LQWHUQD \ H[WHUQDPHQWH² PiV TXH
    HOJUDGRGHDGYHUVLGDGTXHHQFRQWUDEDQHUDORTXHGHWHUPLQDEDHO
    WLSRGHSHUVRQDVHQTXHVHFRQYHUWtDQ3RUHMHPSORKHHQFRQWUDGR
    SHUVRQDV TXH VREUHYLYHQ D OD QLxH] VDWXUDGDV GH SULYDFLRQHV
    FUXHOGDG SDOL]DV R DEXVRV VH[XDOHV $GHPiV QR VH KLFLHURQ FRPR
    ORVDGXOWRVTXHORVPDOWUDWDURQ WDOFRPRSRGUtDKDEHUVHHVSHUDGR 
    $ SHVDU GH WRGD VX PDOD H[SHULHQFLD VHQWtDQ FRPSDVLyQ SRU ORV
    GHPiVWDQWRHQVXQLxH]FRPRFXDQGROHVHQFRQWUp/DH[SHULHQFLD
    WUDXPiWLFD GHMy VX KXHOOD QR KDEtDQ VDOLGR LOHVDV SHUR SXGLHURQ
    KDFHUTXHVREUHYLYLHUDQODHVHQFLDGHODFRQILDQ]DXQDFDSDFLGDGGH
    DPDU \ GH WHQHU HVSHUDQ]D \ XQ VHQWLGR GH \R &XDQGR HVWDED
    VXSRQLHQGR HO SRUTXp HPSHFp D FRPSUHQGHU OD GLIHUHQFLD HQWUH OD
    KHURtQD\ODYtFWLPD
    6LHQGR QLxDV FDGD XQD GH HVWDV SHUVRQDV VH YLR GH DOJXQD
    PDQHUDFRPRSURWDJRQLVWDGHXQWHUULEOHGUDPD&DGDXQDWHQtDXQ
    PLWRLQWHUQRXQDYLGDHQODIDQWDVtDRFRPSDxHUDVLPDJLQDULDV8QD
    KLMD D OD TXH XQ SDGUH DEXVLYR SHJDED \ KXPLOODED \ TXH QR HUD
    SURWHJLGD SRU VX GHSULPLGD PDGUH VH FRQWDED D Vt PLVPD TXH HOOD
    QRHUDPLHPEURGHHVWDIDPLOLDLQFXOWDGHOLQWHULRUGHOSDtVVLQRTXH
    UHDOPHQWH HUD XQD SULQFHVD TXH HVWDED VLHQGR SUREDGD FRQ HVWDV
    SUXHEDV ULJXURVDV 2WUD QLxD D OD TXH VH SHJDED \ GH OD TXH VH
    DEXVDED VH[XDOPHQWH \ TXH VLHQGR \D DGXOWD QR HQFDMDED HQ HO
    PROGH ODVQLxDV\QLxRVDTXLHQHVVHSHJDPiVDGHODQWHSHJDQD
    VXV KLMRV  VH HVFDSD D XQ PXQGR GH IXHUWHV IDQWDVtDV HQ HO TXH OD
    YLGDHUDFRPSOHWDPHQWHGLIHUHQWH8QDWHUFHUDSHQVDEDTXHHUDXQD
    JXHUUHUD (VWDV QLxDV VLJXLHURQ DGHODQWH \ SODQHDURQ FyPR SRGHU
    HVFDSDU GH VXV IDPLOLDV FXDQGR WXYLHUD VXILFLHQWH HGDG SDUD HOOR
    (QWUH WDQWR GHFLGLHURQ FyPR UHDFFLRQDU 8QD GH HOODV FRQWDED ³<R
    QR GHMDED TXH QDGLH PH YLHVH OORUDU´ SRU HO FRQWUDULR FDPLQDED
    KDVWDHOSLHGHODPRQWDxD\DOOtOORUDEDIXHUDGHODYLVWDGHWRGRHO
    PXQGR 2WUDGHFtD³<RSHQVDEDHQTXHPLPHQWHDEDQGRQDEDPL
    FXHUSR&RQHOODPLLEDDFXDOTXLHURWUROXJDUHQFXDQWRpOHPSH]DED
    DWRFDUPH´
    (VWDV QLxDV HUDQ KHURtQDV \ WRPDEDQ GHFLVLRQHV 0DQWXYLHURQ
    XQDSHUFHSFLyQVREUHVtPLVPDVDOPDUJHQGHFyPRVHODVWUDWDED
    9DORUDEDQ OD VLWXDFLyQ GHFLGtDQ FyPR UHDFFLRQDU HQ HO SUHVHQWH \
    KDFtDQSODQHVSDUDHOIXWXUR
    &RPR KHURtQDV QR HUDQ VHPLGLRVHV IXHUWHV QL SRGHURVRV FRPR
    $TXLOHV R +HUDFOHV TXH HQ OD PLWRORJtD JULHJD HUDQ PiV IXHUWHV \
    HVWDEDQ PiV SURWHJLGRV TXH ORV VLPSOHV PRUWDOHV FRPR ORV
    VXSHUKpURHV GH ORV ³FRPLFV´ R ORV SHUVRQDMHV TXH HQFDUQD -RKQ
    :D\QH  (VWDV QLxDV HUDQ SUHFRFHV KHURtQDV KXPDQDV HUDQ PiV
    FRPR +DQVHO \ *UHWHO TXH WXYLHURQ TXH XWLOL]DU VX DVWXFLD FXDQGR
    IXHURQ DEDQGRQDGRV HQ HO ERVTXH R FXDQGR OD EUXMD HQJRUGDED D
    +DQVHO SDUD FRPpUVHOR (UDQ FRPR ORV FRQHMRV TXH VLJXLHURQ XQD
    YLVLyQKDVWDVXQXHYRKRJDUHQODQRYHODGH5LFKDUG$GDP/DFROLQD
    GH :DWHUVKLS HUDQ SHTXHxRV \ GpELOHV TXH VH PDQWHQtDQ FRQ HO
    PLWR LQWHUQR GH TXH VL UHVLVWtDQ \ FRQWLQXDEDQ OOHJDUtDQ PiV
    DGHODQWHDXQOXJDUPHMRU
    $\ODFX\RYLDMHKHURLFRODOOHYDDWUDYpVGHODVQRYHODVGH-XDQ
    0$XHO (OFODQGHORVRGHODVFDYHUQDV\ (OYDOOHGHORVFDEDOORVHV
    XQDKHURtQDPtWLFDHQODSUHKLVWyULFD(XURSDGHOD(GDGGH+LHOR/D
    pSRFD\ORVGHWDOOHVVRQGLIHUHQWHV\HVSHFWDFXODUHVSHURORVWHPDV
    VRQQRWDEOHPHQWHVLPLODUHVDORVTXHDIURQWDQODVKHURtQDVKXPDQDV
    FRQWHPSRUiQHDV 8QD \ RWUD YH] $\OD GHEH GHFLGLU TXp KDFHU
    HQIUHQWDGD D XQ REVWiFXOR R D XQ SHOLJUR (V XQD KXpUIDQD GHO
    QHROtWLFR HGXFDGD HQ XQD FXOWXUD &UR0DJQRQ TXH OD GHVSUHFLD \
    OLPLWD OR TXH HV FDSD] GH KDFHU SRU VHU PXMHU 6X DSDULHQFLD
    FDSDFLGDGSDUDODFRPXQLFDFLyQ\HOOODQWRVXYDORU\VXFDSDFLGDG
    SDUDSHQVDUVHSRQtDQHQFRQWUDGHHOODHQDTXHOODFXOWXUD3HURVX
    YDORU VXUJH HQ UHVSXHVWD D FLUFXQVWDQFLDV QR HOHJLGDV SRU HOOD /R
    TXH OOHJD D VHU XQD RGLVHD HQ (O YDOOH GH ORV FDEDOORV QR HPSH]y
    FRPR XQD E~VTXHGD KHURLFD WDO FRPR HV WtSLFR GH ORV YLDMHV
    HPSUHQGLGRVSRUORVKpURHVKXPDQRV VLQRFRPRXQLWLQHUDULRSDUD
    HQFRQWUDU D RWUDV SHUVRQDV SDUHFLGDV D HOOD 'H PDQHUD VLPLODU HQ
    ODVKLVWRULDVGHPXMHUHVGHODYLGDUHDODOLJXDOTXHHQORVPLWRVGH
    KHURtQDV ORV YtQFXORV HPRFLRQDOHV R GH DILOLDFLyQ FRQ ORV GHPiV
    FRQVWLWX\HQORVHOHPHQWRVFODYH8QDKHURtQDHVDOJXLHQTXHDPD\
    DSUHQGH D DPDU (V DOJXLHQ TXH YLDMD FRQ RWUD X RWUDV SHUVRQDV R
    TXH LQWHQWD XQLUVH R MXQWDUVH FRQ DOJXLHQ SDUD FRQWLQXDU VX
    E~VTXHGD

    (O FDPLQR
    ([LVWHQ ELIXUFDFLRQHV FUXFLDOHV HQ FDGD FDPLQR HQ ODV TXH VH
    QHFHVLWD WRPDU XQD GHFLVLyQ ¢4Xp FDPLQR WRPDU" ¢4Xp GLUHFFLyQ
    VHJXLU"¢&RQWLQXDUXQLWLQHUDULRGHDFXHUGRFRQORVSURSLRVSULQFLSLRV
    RVHJXLUDORVGHPiV"¢6HUKRQUDGDRPHQWLU"¢,UDODXQLYHUVLGDGR
    WUDEDMDU" ¢7HQHU HO KLMR R DERUWDU" ¢'HMDU OD UHODFLyQ R SHUPDQHFHU
    HQ HOOD" ¢&DVDUVH R GHFLU TXH QR D XQ KRPEUH FRQFUHWR" ¢$FXGLU
    LQPHGLDWDPHQWH DO PHGLFR DO GHVFXEULU XQ EXOWR HQ HO SHFKR R
    GHMDUOR HVWDU" ¢$EDQGRQDU ORV HVWXGLRV R HO WUDEDMR \ SUREDU DOJR
    QXHYR" ¢7HQHU XQD DYHQWXUD VHQWLPHQWDO \ SRQHU HQ SHOLJUR HO
    PDWULPRQLR" ¢5HQXQFLDU R SHUVHYHUDU" ¢4Xp GHFLVLyQ WRPDU" ¢4Xp
    FDPLQR"¢$TXpFRVWH"
    5HFXHUGR XQD YLYD OHFFLyQ GH XQ FXUVR XQLYHUVLWDULR VREUH
    HFRQRPtD TXH GXUDQWH DxRV KH SRGLGR DSOLFDU HQ SVLTXLDWUtD HO
    YHUGDGHURFRVWHGHFXDOTXLHUFRVDHVDTXHOORDORTXHUHQXQFLDPRV
    SDUDREWHQHUOD(VHOFDPLQRQRWRPDGR$FHSWDUODUHVSRQVDELOLGDG
    GHWRPDUODGHFLVLyQHVDOJRIXQGDPHQWDO\QRVLHPSUHIiFLO/RTXH
    GHILQHDODKHURtQDHVTXHHOODORKDFH
    /D PXMHU QR KHURtQD SRU HO FRQWUDULR VH DFRPRGD D OD GHFLVLyQ
    GHFXDOTXLHURWUDSHUVRQD(QOXJDUGHGHFLGLUGHPDQHUDDFWLYDVLHV
    HVRORTXHTXLHUHKDFHUGDVXFRQVHQWLPLHQWRFRQSRFRHQWXVLDVPR
    /R TXH UHVXOWD D PHQXGR HV XQD YtFWLPD IDEULFDGD SRU HOOD PLVPD
    TXH GLFH GHVSXpV GH XQD DFFLyQ  ³5HDOPHQWH QR TXHUtD KDFHUOR
    (UDLGHDWX\D´ ³7RGDODFXOSDGHTXHQRVHQFRQWUHPRVHQHVWHOtR
    HVWX\DRGHTXHQRVKD\DPRVWUDVODGDGRRGHPLLQIHOLFLGDG´ 2
    SXHGH VHQWLUVH HVFRJLGD FRPR YtFWLPD \ DFXVDU ³£6LHPSUH HVWDPRV
    KDFLHQGRORTXHWLTXLHUHV´VLQUHFRQRFHUTXHHOODQXQFDWRPyXQD
    SRVLFLyQ QR VH PDQWXYR ILUPH 'HVGH OD FXHVWLyQ PiV VLPSOH FRPR
    ³¢TXp TXLHUHV KDFHU HVWD QRFKH"´ ²D OD GH TXH HOOD FRQWHVWD ³OR
    TXH W~ TXLHUDV´² 6X KiELWR GH FRQGHVFHQGHQFLD SXHGH LU
    DXPHQWDQGRKDVWDOOHJDUDOSXQWRGHTXHORTXHKDFHFRQVXYLGDVH
    OHHVFDSHGHODVPDQRV
    ([LVWH WDPELpQ RWUR PRGHOR GH KHURtQD (V YLYLGR SRU OD PXMHU
    TXH SHUPDQHFH HQ XQD HQFUXFLMDGD VLQ FODULGDG DFHUFD GH OR TXH
    VLHQWH R LQFyPRGD SDUD WRPDU GHFLVLRQHV R VLQ TXHUHU WRPDUODV
    SRUTXHQRTXLHUHDEDQGRQDUQLQJXQDGHODVSRVLEOHVDFFLRQHV6XHOH
    VHU XQD PXMHU EULOODQWH OOHQD GH WDOHQWRV TXH MXHJD FRQ OD YLGD
    HVFDSiQGRVH GH UHODFLRQHV TXH VH YXHOYHQ GHPDVLDGR VHULDV SDUD
    HOOD R GH SURIHVLRQHV TXH H[LJHQ PXFKR WLHPSR R HVIXHU]R 3RU
    VXSXHVWR VX DFWLWXG LQGHFLVD HV HQ UHDOLGDG XQD GHFLVLyQ GH QR
    DFWXDU3XHGHHVSHUDUGLH]DxRVDJXDUGDQGRHQODHQFUXFLMDGDDQWHV
    GHTXHVHKDJDFRQVFLHQWHGHTXHODYLGDOHHVWiSDVDQGRGHODGR
    $Vt SXHV ODV PXMHUHV QHFHVLWDQ FRQYHUWLUVH HQ KHURtQDV TXH
    WRPDQ GHFLVLRQHV HQ OXJDU GH VHU SDVLYDV R YtFWLPDVPiUWLUHV R
    SHRQHV PRYLGRV SRU RWUDV SHUVRQDV R SRU ODV FLUFXQVWDQFLDV
    &RQYHUWLUVH HQ XQD KHURtQD HV XQD SRVLELOLGDG LOXPLQDGRUD SDUD ODV
    PXMHUHV TXH KDQ VLGR LQWHUQDPHQWH JREHUQDGDV SUR DUTXHWLSRV GH
    GLRVDVYXOQHUDEOHV$ILUPDUVHDVtPLVPDVHVXQDWDUHDKHURLFDSDUD
    ODVPXMHUHVTXHKDQVLGRWDQFRPSODFLHQWHVFRPR3HUVpIRQHRTXH
    KDQVLWXDGRHQSULPHUOXJDUDVXKRPEUHFRPRODKDUtD+HUDRTXH
    KDQFRQVLGHUDGRODVQHFHVLGDGHVGHFXDOTXLHUSHUVRQDDQWHVTXHODV
    SURSLDV FRPR KDFH 'HPpWHU $ILUPDUVH WDPELpQ YD HQ FRQWUD GH OD
    HGXFDFLyQTXHUHFLELHURQ
    $GHPiV OD QHFHVLGDG GH FRQYHUWLUVH HQ XQD KHURtQD TXH WRPD
    GHFLVLRQHV FRQVWLWX\H XQ FKRTXH SDUD PXFKDV PXMHUHV TXH
    HUUyQHDPHQWHDVXPHQTXH\DORHUDQ&RPRGLRVDVYtUJHQHVTXL]iV
    KD\DQ HVWDGR WDQ ³DFRUD]DGDV´ FRPR $WHQHD KD\DQ VLGR WDQ
    LQGHSHQGLHQWHV GH ODV RSLQLRQHV GH ORV KRPEUHV FRPR $UWHPLVD R
    WDQ DXWRVXILFLHQWHV \ VROLWDULDV FRPR +HVWLD 6XV WDUHDV KHURLFDV
    FRQVLVWHQHQDUULHVJDUVHDPDQWHQHUUHODFLRQHVtQWLPDVRDYROYHUVH
    HPRFLRQDOPHQWHYXOQHUDEOHV3DUDHOODODGHFLVLyQTXHH[LJHYDORUHV
    OD GH FRQILDU HQ RWUD SHUVRQD OD GH QHFHVLWDU D DOJXLHQ R OD GH VHU
    UHVSRQVDEOHGHFXDOTXLHURWUDSHUVRQD([SUHVDUVHRDFHSWDUULHVJRV
    HQHOPXQGRSXHGHVHUIiFLOSDUDHVWDVPXMHUHVSHURHOPDWULPRQLR
    \ODPDWHUQLGDGOHH[LJHQWHQHUXQDJUDQYDOHQWtD
    /DKHURtQDTXHWRPDGHFLVLRQHVGHEHUHSHWLUODSULPHUDWDUHDGH
    3VLTXLVGH³FODVLILFDUODVVHPLOODV´FDGDYH]TXHVHHQFXHQWUDHQXQD
    HQFUXFLMDGD\GHEHGHFLGLUTXpKDFHU7LHQHTXHKDFHUXQDOWRSDUD
    FODULILFDU VXV SULRULGDGHV \ PRWLYDFLRQHV DVt FRPR ODV SRVLEOHV
    VDOLGDV GH XQD VLWXDFLyQ 1HFHVLWD YHU FXiOHV VRQ ODV RSFLRQHV FXiO
    VHUtD HO FRVWH HPRFLRQDO D GyQGH OH FRQGXFLUiQ ODV GHFLVLRQHV TXp
    HVORTXHLQWXLWLYDPHQWHOHLQWHUHVDPiV%DViQGRVHHQORTXHHV\OR
    TXHFRQRFHGHEHWRPDUXQDGHFLVLyQVREUHHOFDPLQRDVHJXLU
    $TXt YXHOYR D WRFDU GH QXHYR XQ WHPD TXH GHVDUUROOp HQ PL
    SULPHU OLEUR 7KH 7DR RI 3V\FKRORJ\ OD QHFHVLGDG GH HVFRJHU XQ
    ³FDPLQR FRQ FRUD]yQ´ 3LHQVR TXH XQD GHEH OLEHUDU \ GHVSXpV
    DFWXDU GHEH UDGLRJUDILDU FDGD HOHFFLyQ HQ OD YLGD FRQ XQ
    SHQVDPLHQWR UDFLRQDO SHUR EDVDU GHVSXpV OD GHFLVLyQ HQ VL HO
    FRUD]yQ SXHGH HVWDU OOHQR HQ DTXHOOR TXH VH GHFLGH R QR 1LQJXQD
    RWUDSHUVRQDSXHGHGHFLUQRVVLHOFRUD]yQHVWiRQRLQYROXFUDGR\OD
    OyJLFDQRSXHGHSURSRUFLRQDUXQDUHVSXHVWD
    )UHFXHQWHPHQWH FXDQGR XQD PXMHU VH HQIUHQWD D XQD HOHFFLyQ
    GHO WLSR ³XQD GH ODV GRV FRVDV´ TXH YD D DIHFWDU PXFKR VX YLGD
    DOJXLHQ H[WHUQR D HOOD OD HVWi REOLJDQGR D GHFLGLUVH ³£&iVDWH £WHQ
    XQKLMR´£YHQGHODFDVD£FDPELDGHWUDEDMR£GpMDOR£WUDVOiGDWH
    £GLTXHVt£GLTXHQR0XFKDVYHFHVXQDPXMHUWLHQHTXHGHFLGLUVH\
    SRQHUVXFRUD]yQHQXQDROODDSUHVLyQFUHDGDSRUODLPSDFLHQFLDGH
    FXDOTXLHU RWUD SHUVRQD 3DUD VHU DOJXLHQ TXH WRPD GHFLVLRQHV
    QHFHVLWD LQVLVWLU HQ WRPDUODV D VX GHELGR WLHPSR VDELHQGR TXH VH
    WUDWDGHVXYLGD\TXHHVHOODODTXHKDEUiGHYLYLUODFRQWRGDVVXV
    FRQVHFXHQFLDV
    3DUDTXHVHGHVDUUROOHODFODULGDGWDPELpQWLHQHTXHUHVLVWLUVHD
    OD SUHVLyQ LQWHUQD GH WHQHU TXH GHFLGLUVH FRQ SUHFLSLWDFLyQ $O
    SULQFLSLR $UWHPLVD R $IURGLWD +HUD R 'HPpWHU SXHGHQ UHVXOWDU
    GRPLQDQWHV FRQ VX LQWHQVLGDG FDUDFWHUtVWLFD R FRQ VX UHVSXHVWD
    LQVWLQWLYD 3XHGHQ LQWHQWDU H[FOXLU ORV VHQWLPLHQWRV GH +HVWLD OD
    LQWURVSHFFLyQ GH 3HUVpIRQH R OD FDOFXODGD PDQHUD GH SHQVDU GH
    $WHQHD 3HUR HVWDV ~OWLPDV GLRVDV FXDQGR VH ODV HVFXFKD
    SURSRUFLRQDQ XQD LPDJHQ PiV FRPSOHWD \ SHUPLWHQ D OD PXMHU
    DVXPLUGHFLVLRQHVTXHWRPDQHQFRQVLGHUDFLyQWRGRVORVDVSHFWRVGH
    VtPLVPD

    (O YLDMH
    &XDQGR XQD PXMHU LQLFLD XQ YLDMH FRPR KHURtQD VH HQIUHQWD D
    WDUHDV REVWiFXORV \ SHOLJURV (O FyPR UHVSRQGD DQWH HOORV \ OR TXH
    KDJD OD FDPELDUi $ OR ODUJR GHO FDPLQR LUi GHVFXEULHQGR OR TXH OH
    LQWHUHVD\VLWLHQHRQRHOYDORUGHSRQHUHQSUiFWLFDORTXHVDEH6X
    FDUiFWHU\VXFRPSDVLyQVHUiQSXHVWRVDSUXHED6HHQFRQWUDUiFRQ
    DVSHFWRVRVFXURV\VRPEUtRVGHVXSHUVRQDOLGDGDYHFHVDOPLVPR
    WLHPSR TXH VH KDFHQ PiV HYLGHQWHV VXV IXHU]DV \ TXH DXPHQWD OD
    FRQILDQ]D HQ Vt PLVPD R FXDQGR HO PLHGR VH DSRGHUD GH HOOD
    3UREDEOHPHQWH FRQRFHUi OD GHVHVSHUDFLyQ FXDQGR H[SHULPHQWH
    SpUGLGDV OLPLWDFLRQHV R GHUURWDV (O LWLQHUDULR GH OD KHURtQD HV XQ
    YLDMHGHGHVFXEULPLHQWR\GHVDUUROORGHLQWHJUDFLyQGHDVSHFWRVGH
    VtPLVPDHQXQDSHUVRQDOLGDGFRPSOHWDDXQTXHFRPSOHMD

    5HFODPDQGR HO SRGHU GH OD VHUSLHQWH


    &DGD KHURtQD GHEH UHFODPDU HO SRGHU GH OD VHUSLHQWH 3DUD
    HQWHQGHUODQDWXUDOH]DGHODWDUHDGHEHPRVYROYHUDODVGLRVDV\D
    ORVVXHxRVIHPHQLQRV
    0XFKDV HVWDWXDV GH +HUD PXHVWUDQ VHUSLHQWHV HQWUHOD]DGDV HQ
    VXV YHVWLGRV PLHQWUDV TXH $WHQHD HUD UHSUHVHQWDGD FRQ VHUSLHQWHV
    HQURVFDGDV DOUHGHGRU GH VX HVFXGR /DV VHUSLHQWHV KDEtDQ VLGR ORV
    VtPERORV GH ODV JUDQGHV GLRVDV SUHJULHJDV GH OD YLHMD (XURSD \
    VLUYHQFRPRUHFRUGDWRULRVVLPEyOLFRV RUHVLGXRV GHOSRGHUTXHXQD
    YH] WXYR OD GHLGDG IHPHQLQD 8QD IDPRVD UHSUHVHQWDFLyQ WHPSUDQD
    GH XQD GHLGDG &UHWD  D GH &  HUD XQD GLRVD PXMHU FRQ
    ORV SHFKRV GHVQXGRV ORV EUD]RV HVWLUDGRV \ XQD VHUSLHQWH HQ FDGD
    PDQR
    /D VHUSLHQWH DSDUHFH IUHFXHQWHPHQWH HQ VXHxRV GH PXMHUHV
    FRPRXQVtPERORGHVFRQRFLGR\VREUHFRJHGRUDOTXHODSURWDJRQLVWD
    GHO VXHxR VH DSUR[LPD FDXWHORVDPHQWH FXDQGR HPSLH]D D GDUVH
    FXHQWD GH TXH SXHGH VHQWLU VX SURSLR SRGHU VREUH VX YLGD 3RU
    HMHPSOR HO VXHxR GH XQD PXMHU FDVDGD GH WUHLQWD DxRV TXH LED D
    VHSDUDUVH OHJDOPHQWH HQ EUHYH \ TXH YLYtD VROD ³0H HQFXHQWUR HQ
    XQ VHQGHUR FXDQGR GH UHSHQWH PLUR KDFLD GHODQWH \ YHR TXH pVWH
    SDVD GHEDMR GH XQ JUDQ iUERO 8QD HQRUPH VHUSLHQWH KHPEUD VH
    HQFXHQWUD SDFtILFDPHQWH HQUROODGD DOUHGHGRU GH OD UDPD PiV EDMD
    6pTXHQRHVYHQHQRVD\QRVLHQWRUHSXOVLyQGHKHFKRHVKHUPRVD
    SHURGXGR´0XFKRVVXHxRVFRPRpVWHOOHJDQDODPHQWHFXDQGROD
    SURWDJRQLVWDGHOVXHxRVLHQWHUHVSHFWRSRUHOSRGHUGHODVHUSLHQWHR
    HVFRQVFLHQWHGHOPLVPRHQOXJDUGHWHPHUORFRPRDOJRSHOLJURVR
    ³+D\XQDVHUSLHQWHHQURVFDGDHQFLPDGHPLHVFULWRULR«´³YHRDXQD
    VHUSLHQWH HQUROODGD HQ HO SRUFKH«´ ³WUHV VHUSLHQWHV VH HQFXHQWUDQ
    HQPLKDELWDFLyQ«´
    6LHPSUH TXH ODV PXMHUHV HPSLH]DQ D UHFODPDU VX SURSLD
    DXWRULGDG WRPDQ GHFLVLRQHV R VH YXHOYHQ FRQVFLHQWHV GH WHQHU XQ
    QXHYR VHQWLGR GH VX SURSLR SRGHU SROtWLFR SVtTXLFR R SHUVRQDO VRQ
    FRPXQHV ORV VXHxRV GH ODV VHUSLHQWHV /D VHUSLHQWH SDUHFH
    UHSUHVHQWDU HVWD QXHYD IXHU]D &RPR VtPEROR UHSUHVHQWD HO SRGHU
    TXH HQ RWUR WLHPSR WXYLHURQ ODV GLRVDV DVt FRPR HO SRGHU IiOLFR R
    PDVFXOLQR UHSUHVHQWDWLYR GH ODV FXDOLGDGHV GHO iQLPXV &RQ
    IUHFXHQFLDODSURWDJRQLVWDGHOVXHxRVHGDFXHQWDGHVLVHWUDWDGH
    XQDVHUSLHQWHPDFKRRKHPEUDORFXDOD\XGDDFODULILFDUODFODVHGH
    SRGHUTXHDTXpOODVLPEROL]D
    &RLQFLGLHQGR FRQ HVWRV VXHxRV XQD YH] GHVSLHUWD OD PXMHU TXH
    KDWHQLGRHOVXHxRSXHGHTXHKD\DGHHQIUHQWDUVHDFXHVWLRQHVTXH
    VH VXVFLWDQ GHVSXpV GH KDEHU LQLFLDGR XQ QXHYR SDSHO HQ XQD
    SRVLFLyQ GH DXWRULGDG R GH DXWRQRPtD SRU HMHPSOR ³¢SXHGR VHU
    HILFD]"´³¢TXpFDPELRVSURGXFLUiHQPtHVHSDSHO"´³VLPHPXHVWUR
    HQpUJLFD ¢PH TXHUUi WRGDYtD OD JHQWH"´ ³¢DPHQD]DUi HVWH SDSHO
    PLVUHODFLRQHVPiVLPSRUWDQWHV"´/RVVXHxRVGHPXMHUHVTXHQXQFD
    KDEtDQ WHQLGR XQD VHQVDFLyQ GH VX SRWHQFLDO SXHGHQ GHFLU TXH
    GXFKDV PXMHUHV GHEHQ DERUGDU FRQ SUHFDXFLyQ FRPR VL VH
    HQFRQWUDUDQDQWHXQDVHUSLHQWHTXHQRFRQRFHQ
    3LHQVR HQ PXMHUHV TXH REWLHQHQ XQD VHQVDFLyQ GH VX SURSLR
    SRGHU\DXWRULGDG²TXH³UHFODPDQHOSRGHUGHODVHUSLHQWH´²TXH
    IXH SHUGLGR SRU ODV GHLGDGHV IHPHQLQDV \ ODV PXMHUHV GH OD
    KXPDQLGDGFXDQGRODVUHOLJLRQHVSDWULDUFDOHVGHVSRMDURQDODVGLRVDV
    GH VX SRGHU H LQIOXHQFLD H[SXOVDURQ D OD VHUSLHQWH FRPR HOHPHQWR
    GLDEyOLFRGHOMDUGtQGHOHGpQ\FRQYLUWLHURQDODVPXMHUHVHQXQVH[R
    LQIHULRU3LHQVRHQXQDLPDJHQTXHUHSUHVHQWDSDUDPtODSRVLELOLGDG
    GH TXH PXFKDV PXMHUHV YXHOYDQ D HPHUJHU FRQ SRGHU EHOOH]D \
    FDSDFLGDGHVGHQXWULU/DLPDJHQHVXQDKHUPRVDPXMHURGLRVDGH
    WHUUDFRWD TXHVHSLHQVDUHSUHVHQWDD'HPpWHU\VHHQFXHQWUDHQHO
    0XVHR GH ODV 7HUPDV GH 5RPD  TXH VXUJH GH OD WLHUUD FRQ XQD
    HVSLJDGHWULJRIORUHV\XQDVHUSLHQWHHQFDGDPDQR

    5HVLVWLpQGRVH DO SRGHU GH OD RVD


    /D KHURtQD TXH WRPD GHFLVLRQHV D GLIHUHQFLD GH VX KRPyORJR
    PDVFXOLQR SXHGH VHU DPHQD]DGD SRU HO SRGHURVR LPSXOVR GHO
    LQVWLQWR PDWHUQDO 8QD PXMHU SXHGH TXHGDUVH HPEDUD]DGD HQ XQ
    PRPHQWRLQRSRUWXQRRHQFLUFXQVWDQFLDVDGYHUVDVVLQRHVFDSD]GH
    UHVLVWLUVH D $IURGLWD R D 'HPpWHU &XDQGR HVWR VXFHGH SXHGH
    GHVYLDUVH GH XQ FDPLQR GHFLGLGR OD TXH HV FDSD] GH WRPDU
    GHFLVLRQHVVHYHFDXWLYDGHVXLQVWLQWR
    3RU HMHPSOR FRQRFt D XQD HVWXGLDQWH OLFHQFLDGD TXH FDVL SHUGLy
    GH YLVWD VXV SURSLRV REMHWLYRV FXDQGR VH VLQWLy DWUDSDGD SRU
    QHFHVLGDG GH TXHGDUVH HPEDUD]DGD (VWDED FDVDGD \ WUDEDMDED HQ
    XQD WHVLV GRFWRUDO FXDQGR VH REVHVLRQy FRQ OD LGHD GH WHQHU XQ
    EHEp (Q DTXHOOD pSRFD WXYR XQ VXHxR (Q pO XQD JUDQ RVD DVtDHO
    EUD]R GH OD PXMHU HQWUH VXV GLHQWHV \ QR OD GHMDED PDUFKDUVH /D
    PXMHULQWHQWDEDLQIUXFWXRVDPHQWHOLEHUDUVH(QWRQFHVOODPyDYDULRV
    KRPEUHVHQVXD\XGDSHURQRREWXYRQLQJ~QUHVXOWDGR(QHOVXHxR
    HOOD HUUDED KDVWD OOHJDU D OD HVWDWXD GH XQD PDGUH RVD \ VXV
    FDFKRUURV UHPLQLVFHQFLD GH XQD HVWDWXD GH %XIDQR TXH VH KDOODHQ
    HO 0HGLFDO &HQWHU GH 6DQ )UDQFLVFR &XDQGR SXVR VX PDQR HQ OD
    HVWDWXDODRVDOHGHMySDUWLU
    &XDQGR HOOD SHQVDED VREUH HO VXHxR VHQWtD TXH OD RVD
    VLPEROL]DEDHOLQVWLQWRPDWHUQDO/DVRVDVVRQPX\EXHQDVPDGUHV
    TXH DOLPHQWDQ \ SURWHJHQ ILHUDPHQWH D VXV YXOQHUDEOHV FDFKRUURV
    &XDQGR\DFUHFLGRVOHVOOHJDHOWLHPSRGHLQGHSHQGL]DUVHODPDGUH
    RVD LQVLVWH UXGDPHQWH HQ TXH VXV UHPRORQDV FUtDV OD DEDQGRQHQ \
    VDOJDQ DO PXQGR D YLYLU SRU Vt PLVPDV (VWH VtPEROR GH OD
    PDWHUQLGDG KDEtD HQJDQFKDGR D OD SURWDJRQLVWD GHO VXHxR \ QR OD
    GHMDUtDSDUWLUKDVWDTXHWRFyXQDLPDJHQGHODRVDPDWHUQDO
    3DUD OD SURWDJRQLVWD GHO VXHxR HO PHQVDMH GH pVWH HUD FODUR 6L
    SRGtD SURPHWHU PDQWHQHUVH HQ HO LQWHQWR GH WHQHU XQ KLMR FXDQGR
    REWXYLHVHVXWtWXOR VyORGRVDxRVGHVSXpV HQWRQFHVTXL]iSXGLHUD
    GHVDSDUHFHUVXREVHVLyQSRUTXHGDUVHHPEDUD]DGD<VHJXUDPHQWH
    GHVSXpVGHTXHHOOD\VXPDULGRGHFLGLHURQWHQHUXQQLxR\HOODVH
    FRPSURPHWLy LQWHUQDPHQWH D TXHGDUVH HPEDUD]DGD HQ FXDQWR
    REWXYLHVH HO WtWXOR OD REVHVLyQ GHVDSDUHFLy 'H QXHYR SXGR
    FRQFHQWUDUVHHQVXVHVWXGLRVLQWHUUXPSLGRVSRUODLGHDGHTXHGDUVH
    HPEDUD]DGD (Q FXDQWR UHWXYR OD LPDJHQ HO LQVWLQWR SHUGLy VX
    GRPLQLR VREUH HOOD 6XSR TXH VL TXHUtD WHQHU XQD SURIHVLyQ \ XQD
    IDPLOLD WHQtD TXH UHVLVWLUVH DO SRGHU GH OD RVD KDVWD TXH SXGLHUD
    REWHQHUVXGRFWRUDGR
    /RV DUTXHWLSRV H[LVWHQ IXHUD GHO WLHPSR VLQ WHQHU HQ FXHQWD ODV
    UHDOLGDGHV GH OD YLGD GH XQD PXMHU R VXV QHFHVLGDGHV &XDQGR ODV
    GLRVDVHMHUFHQXQDLQIOXHQFLDODPXMHUFRPRKHURtQDGHEHGHFLUVtR
    QR R ³QR DKRUD´ D VXV SHWLFLRQHV 6L QR WRPD XQD GHFLVLyQ
    FRQVFLHQWHXQSDWUyQGHFRPSRUWDPLHQWRLQVWLQWLYRRDUTXHWtSLFROD
    GRPLQDUi8QDPXMHUWLHQHTXH³UHVLVWLUVHDOSRGHUGHODRVD´SHUR
    WDPELpQKRQUDUODLPSRUWDQFLDTXHpVWHWLHQHQHQHOODVLHVDWUDSDGD
    SRUHOLQVWLQWRPDWHUQDO
    0DQWHQLHQGR D UD\D D OD PXHUWH \ D OD
    GHVWUXFFLyQ
    (QORVPLWRVKHURLFRVFDGDSURWDJRQLVWDOOHJDLQYDULDEOHPHQWHD
    WHQHUTXHHQIUHQWDUVHFRQWUDDOJRGHVWUXFWLYRRSHOLJURVRTXHVXUJH
    HQVXFDPLQR\TXHSRGUtDGHVWUXLUOD
    3RU HMHPSOR XQD DERJDGD VRxy TXH VDOtD GH OD LJOHVLD GH VX
    LQIDQFLDHUDDWDFDGDSRUGRVSHUURVQHJURVVDOYDMHV6HDEDODQ]DURQ
    VREUHHOODLQWHQWDQGRPRUGHUODHQHOFXHOOR³SDUHFtDFRPRVLIXHUDQ
    GLUHFWRVDSRUOD\XJXODU´&XDQGROHYDQWyHOEUD]RSDUDSURWHJHUVH
    GHODWDTXHVHGHVSHUWyGHODSHVDGLOOD
    $FWXDOPHQWH GHVGH TXH KDEtD HPSH]DGR D WUDEDMDU HQ XQD
    RILFLQD HVWDED FDGD YH] PiV UHVHQWLGD SRU OD PDQHUD FRPR OD
    WUDWDEDQ/RVKRPEUHVSUHVXSRQtDQTXHHOODHUDVyORXQDVHFUHWDULD
    $XQTXH VDEtDQ TXLpQ HUD HOOD VH VHQWtD IUHFXHQWHPHQWH
    PHQRVSUHFLDGD R DSDUWDGD GH ODGR $ VX YH] VH YROYLy FUtWLFD \
    KRVWLO
    $O SULQFLSLR HO VXHxR OH SDUHFtD XQD UHSUHVWDFLyQ H[DJHUDGD GH
    FyPR VH VHQWtD ³DWDFDGD´ FRQWLQXDPHQWH 'HVSXpV HPSH]y D
    FRQVLGHUDUVLH[LVWtDDOJRHQHOODSDUHFLGRDORVSHUURVVDOYDMHV3HQVy
    VREUH OR TXH OH HVWDED VXFHGLHQGR HQ VX WUDEDMR \ TXHGy
    VREUHFRJLGD \ SHUWXUEDGD SRU VX SURSLD FRPSUHQVLyQ ³£0H HVWR\
    FRQYLUWLHQGR HQ XQD SHUUD KRVWLO´ 5HFRUGDED VX DFWLWXG FDULWDWLYD \
    ORVWLHPSRVPiVIHOLFHVDVRFLDGRVDODLJOHVLDGHVXQLxH]\VXSRTXH
    ³VH KDEtD VDOLGR´ GH DTXHO OXJDU (O VXHxR WXYR VX LPSDFWR /D
    SHUVRQDOLGDGGHVXSURWDJRQLVWDFRUUtDHOULHVJRUHDOGHVHUGHVWUXLGD
    SRUODKRVWLOLGDGTXHVHQWtD\GLULJtDKDFLDORVGHPiV(QUHDOLGDGOR
    PLVPR TXH HQ HO VXHxR HUD HOOD OD TXH HVWDED HQ SHOLJUR \ QR OD
    JHQWHKDFLDODTXHGLULJtDVXUHVHQWLPLHQWR
    'HO PLVPR PRGR SXHGHQ VHU GHVWUXFWLYRV ORV DVSHFWRV R OD
    VRPEUDGHXQDGLRVD(OODGRFHORVRYHQJDWLYR\UHVHQWLGRGH+HUD
    SXHGH VHU YHQHQRVR 8QD PXMHU TXH HV SRVHtGD SRU HVWRV
    VHQWLPLHQWRV \ TXH OR VDEH IOXFW~D HQWUH VHU YHQJDWLYD \ OD
    SRVLELOLGDGGHTXHGDUKRUURUL]DGDSRUORTXHKDKHFKR\VHQWLGR$O
    LJXDO TXH OD KHURtQD HQ VXV EDWDOODV FRQ OD GLRVD WDO YH] WHQJD
    VXHxRV HQ ORV TXH HV DWDFDGD SRU VHUSLHQWHV TXH LQGLFDQ TXH HO
    SRGHU TXH UHSUHVHQWDQ HV SHOLJURVR SDUD OD SURWDJRQLVWD GH ORV
    PLVPRV  (Q XQ VXHxR GH HVWH WLSR XQD VHUSLHQWH YHQHQRVD VH
    ODQ]DEDDOFRUD]yQGHSURWDJRQLVWDGHOVXHxRHQRWURXQDVHUSLHQWH
    KXQGtD ORV FROPLOORV HQ VX SLHUQD \ QR OD GHMDED SDUWLU (Q OD YLGD
    UHDO DPEDV PXMHUHV HVWiQ LQWHQWDQGR VXSHUDU XQD WUDLFLyQ
    FRPSRUWDPLHQWRGH³ODVHUSLHQWHHQODKLHUED´ \VHHQIUHQWDEDQDO
    SHOLJURGHYHUVHVREUHSDVDGDVSRUVHQWLPLHQWRVYHQHQRVRV FRPRHO
    VXHxRGHORVSHUURVVDOYDMHVHVHVXHxRWHQtDGRVQLYHOHVVLPEyOLFRV
    HUDXQDPHWiIRUDGHORTXHOHHVWDEDSDVDQGRH[WHUQDPHQWH\GHOR
    TXHHVWDEDVXFHGLHQGRGHQWURGHHOOD 
    &XDQGRHOSHOLJURSDUDODSURWDJRQLVWDGHOVXHxRVHSUHVHQWDHQ
    IRUPD KXPDQD FRPR KRPEUHV R PXMHUHV KRUULEOHV TXH DWDFDQ HO
    SHOLJUR SURFHGH IUHFXHQWHPHQWH GH XQ FULSWLFLVPR KRVWLO R GH XQ
    SDSHO GHVWUXFWLYR PLHQWUDV TXH ORV DQLPDOHV VXHOHQ UHSUHVHQWDU
    VHQWLPLHQWRV R LQVWLQWRV  3RU HMHPSOR XQD PXMHU KDEtD YXHOWR D
    HVWXGLDU FXDQGR VXV KLMRV VH HQFRQWUDEDQ \D HQ OD HVFXHOD
    HOHPHQWDO VRxy TXH XQD PXMHU ³HQRUPH PDWURQD GH SULVLyQ´ VH
    LQWHUSRQtD HQ VX FDPLQR /D LPDJHQ TXH WHQtD TXH VREUHSDVDU
    SDUHFtDSHUVRQLILFDUORVMXLFLRVQHJDWLYRVGHVXPDGUHVREUHHOODDVt
    FRPRHOUROPDWHUQRFRQHOTXHHOODPLVPDVHLGHQWLILFDEDHOVXHxR
    H[SUHVDEDTXHVXLGHQWLILFDFLyQOHHQFDUFHODED
    /RV MXLFLRV KRVWLOHV GH SHUVRQDMHV LQWHUQRV VXHOHQ VHU
    GHVWUXFWLYRV SRU HMHPSOR ³QR SXHGHV KDFHUOR SRUTXH HUHV PDOD
    KRJDUHxD LQFRPSHWHQWH WRUSH VLQ WDOHQWRV«´ 6HD FXDO VHD OD
    OHWDQtDHQFDGDFDVRFRQFUHWRORTXHVHGLFHHV³QRWLHQHVGHUHFKR
    DDVSLUDUDPiV´\VRQPHQVDMHVTXHSXHGHQGHUURWDUDXQDPXMHU\
    DKRJDUVXFRQILDQ]D\VXVEXHQDVLQWHQFLRQHV(VWHWLSRGHDWDTXHV
    FUtWLFRV YLHQHQ UHSUHVHQWDGRV D PHQXGR HQ ORV VXHxRV FRPR
    KRPEUHV DPHQD]DQWHV (VWD DFWLWXG FUtWLFD LQWHUQD HTXLYDOH
    KDELWXDOPHQWHDODRSRVLFLyQXKRVWLOLGDGTXHODPXMHUHQFXHQWUDHQ
    VXHQWRUQRODVFUtWLFDVHVWiVUHSLWLHQGRFRPRXQORULWRORVPHQVDMHV
    GHVXIDPLOLDRGHVXFXOWXUD
    &RQWHPSODQGRGHVGHHOSXQWRGHYLVWDSVLFROyJLFRFDGDHQHPLJR
    R GLDEOR HQIUHQWDGR SRU XQD KHURtQD HQ XQ VXHxR R HQ XQ PLWR
    UHSUHVHQWDDOJRGHVWUXFWLYRSULPLWLYRVXEGHVDUUROODGRGLVWRUVLRQDGR
    R PDOYDGR GH OD SVLTXH KXPDQD TXH LQWHQWD VREUHSDVDUOD \
    GHUURWDUOD /DV PXMHUHV TXH VRxDEDQ FRQ SHUURV VDOYDMHV \
    VHUSLHQWHV SHOLJURVDV YLHURQ TXH PLHQWUDV HVWDEDQ OXFKDQGR FRQWUD
    DFWRV KLULHQWHV X KRVWLOHV GLULJLGRV KDFLD HOODV SRU RWURV HVWDEDQ
    LJXDOPHQWH DPHQD]DGDV SRU OR TXH VXFHGtD GHQWUR GH HOODV (O
    HQHPLJRRGHPRQLRSXHGHVHUXQDSDUWHQHJDWLYDGHVXSVLTXHXQ
    HOHPHQWR GH VRPEUD TXH DPHQD]D FRQ GHUURWDU OR TXH HQ HOOD HV
    FRPSDVLyQ\FRPSHWHQFLDVXHQHPLJRSXHGHHVWDUHQODSVLTXHGH
    RWURV LQGLYLGXRV TXH TXLHUHQ GDxDUOD GRPLQDUOD KXPLOODUOD R
    FRQWURODUOD R FRPR VXHOH VHU HO FDVR HOOD SXHGH HVWDU DPHQD]DGD
    SRUDPERV
    3RUHMHPSORHQ (OFODQGHORVRGHODVFDYHUQDVODVFDSDFLGDGHV
    GH $\OD HVWLPXODQ OD DQLPRVLGDG GH %URXG MHIH GH XQ EUXWDO \
    RUJXOORVDFODQTXHODKXPLOOD\ODYLROD (Q/DFROLQDGH:DWHUVKLS
    ORV FRQHMRV SLRQHURV WHQtDQ TXH HQIUHQWDUVH DO *HQHUDO X FRQHMR
    WXHUWRIDVFLVWD\GHVHRVRGHSRGHU<ORVYDOLHQWHV³REYLDV´GHSLHV
    SHOXGRV\HVWDWXUDLQIDQWLOGH (OVHxRUGHORVDQLOORVVHVXEOHYDEDQ
    FRQWUD HO SRGHU GLDEyOLFR GH =XUUyQ GH 0RUGHU \ VXV KRUULEOHV
    HVSHFWURVGHODQLOOR

    6REUHYLYLU D ODV SpUGLGDV \ DO GRORU


    /DV SpUGLGDV \ OD GHVHVSHUDFLyQ FRQVWLWX\HQ RWUR WHPD HQ ODV
    YLGDVGHODVPXMHUHV\HQORVPLWRVGHKHURtQDV(QDOJXQDSDUWHGHO
    FDPLQR DOJXLHQ PXHUH R GHEH VHU GHMDGR DWUiV /D SpUGLGD GH XQD
    UHODFLyQ MXHJD XQ SDSHO VLJQLILFDWLYR HQ ODV YLGDV GH ODV PXMHUHV
    SRUTXHODPD\RUtDGHHOODVVHGHILQHQDVtPLVPDVSRUVXVUHODFLRQHV
    \QRSRUVXVUHDOL]DFLRQHV&XDQGRDOJXLHQPXHUHODVDEDQGRQDVH
    YD R VH HQHPLVWD FRQ HOODV VH SURGXFH HQ FRQVHFXHQFLD XQD GREOH
    SpUGLGD OD SpUGLGD GH OD UHODFLyQ HQ Vt PLVPD \ OD SpUGLGD GH OD
    UHODFLyQFRPREDVHGHLGHQWLGDG
    0XFKDV PXMHUHV TXH KDQ VLGR SDUHMDV GHSHQGLHQWHV HQ XQD
    UHODFLyQ VH GHVFXEUHQ D Vt PLVPDV UHFRUULHQGR HO FDPLQR GH OD
    KHURtQD VyOR WUDV KDEHU VXIULGR XQD SpUGLGD 3RU HMHPSOR HVWDQGR
    3VLTXLV HPEDUD]DGD IXH DEDQGRQDGD SRU VX PDULGR (URV (Q VXV
    LQWHQWRV GH UHXQLUVH FRQ pO HPSUHQGLy ODV WDUHDV GH ODV TXH SXGR
    HYROXFLRQDU/DVPXMHUHVGLYRUFLDGDV\ODVYLXGDVGHFXDOTXLHUHGDG
    TXHWHQJDQTXHWRPDUGHFLVLRQHV\YLYLUSRUVXFXHQWDSRUSULPHUD
    YH]HQVXVYLGDV3RUHMHPSORODPXHUWHGHXQDPDQWH\FRPSDxHUR
    LPSXOVyD$WDODQWDDUHJUHVDUDOUHLQRGHVXSDGUHGRQGHVHFHOHEUy
    ODFDUUHUDDSLHeVWDHTXLYDOHDODFDUUHUDGHPXMHUHVTXHHPSLH]DQ
    DHVWXGLDUXQDSURIHVLyQGHVSXpVGHODSpUGLGDGHXQDUHODFLyQ$KtOD
    IXHREOLJDGDDGHMDUHOFODQGHORVRGHODVFDYHUQDVVLQVXKLMR'XUD
    SXGLHQGROOHYDUVH~QLFDPHQWHVXVUHFXHUGRV\VXGRORU
    0HWDIyULFDPHQWH VXFHGH XQD PXHUWH SVLFROyJLFD VLHPSUH TXH
    QRVYHPRVREOLJDGDVDGHMDUDOJRRDDOJXLHQ\WHQHPRVTXHVXIULUOD
    SpUGLGD (VWD PXHUWH SVLFROyJLFD SXHGH FRQVLVWLU HQ XQ DVSHFWR GH
    QRVRWUDV PLVPDV XQ YLHMR SDSHO XQD SRVLFLyQ SURIHVLRQDO R VRFLDO
    DQWHULRURODEHOOH]DXRWUDVFXDOLGDGHVTXHDKRUD\DQRHVWiQ\SRU
    ODVTXHKD\TXHJXDUGDUGXHORWDPELpQSXHGHVHUXQVXHxRTXHVH
    KDGHVYDQHFLGRRXQDUHODFLyQURWDSRUODPXHUWHRSRUODGLVWDQFLD
    TXHQRVGHMDDIOLJLGDV
    ¢(PHUJHUi OD KHURtQD HQ OD PXMHU \ VREUHYLYLUi D OD SpUGLGD"
    ¢3XHGH HVWDU WULVWH \ FRQWLQXDU DGHODQWH" ¢2 DEDQGRQDUi VH
    DPDUJDUiRTXHGDUiGHUURWDGDSRUXQDGHSUHVLyQHLQWHUUXPSLUiVX
    LWLQHUDULRHQHVWHSXQWR"6LFRQWLQ~DHVWDUiHVFRJLHQGRHOFDPLQRGH
    XQDKHURtQD

    $WUDYHVDU HO SDVDMH RVFXUR \ HVWUHFKR


    /DPD\RUtDGHORVYLDMHVKHURLFRVLPSOLFDQDWUDYHVDUDOJ~QOXJDU
    RVFXUR D WUDYpV GH FDYHUQDV HQ ODV PRQWDxDV GHO PXQGR
    VXEWHUUiQHRRGHSDVDMHVODEHUtQWLFRVKDVWDHPHUJHUILQDOPHQWHDOD
    OX]2WDOYH]LPSOLTXHQYLDMDUDWUDYpVGHXQDUHJLyQ\HUPDRGHXQ
    GHVLHUWRKDVWDXQDWLHUUDYHUGH(VWHLWLQHUDULRHVVLPLODUDDWUDYHVDU
    XQD GHSUHVLyQ (Q ORV PLWRV FRPR HQ OD YLGD OD YLDMHUD WLHQH TXH
    VHJXLU DGHODQWH FRQWLQXDU IXQFLRQDQGR KDFHU OR TXH GHEH VHU
    KHFKRSHUPDQHFHUHQFRQWDFWRFRQVXVFRPSDxHUDVRDUUHJOiUVHODV
    VRODQRGHWHQHUVHQLDEDQGRQDU LQFOXVRFXDQGRVHVLHQWDSHUGLGD 
    PDQWHQHUODHVSHUDQ]DHQODRVFXULGDG
    /D RVFXULGDG SXHGH UHSUHVHQWDU HVRV VHQWLPLHQWRV RVFXURV \
    UHSULPLGRV GH FyOHUD GHVHVSHUDFLyQ UHVHQWLPLHQWR UHSURFKH
    YHQJDQ]D WUDLFLyQ PLHGR \ FXOSDELOLGDG  (V OD QRFKH RVFXUD GHO
    DOPD HQ OD TXH OD DXVHQFLD GH OX] R GH YLGD DPRURVD SDUHFH VLQ
    VHQWLGRXQDEURPDFyVPLFD$IOLJLUVH\SHUVRQDUVXHOHVHUODVDOLGD
    'HVSXpVSXHGHQYROYHUODYLWDOLGDG\ODOX]
    (V ~WLO GDUVH FXHQWD GH TXH HQ ORV PLWRV \ HQ ORV VXHxRV OD
    PXHUWH \ HO UHQDFLPLHQWR VRQ PHWiIRUDV GH SpUGLGDV GHSUHVLyQ \
    UHFXSHUDFLyQ&RQXQDYLVLyQUHWURVSHFWLYDPXFKRVGHHVRVSHULRGRV
    VRPEUtRVVHFRQYLHUWHQHQULWRVGHSDVRHQSHULRGRVGHVXIULPLHQWR
    D WUDYpV GH ODV FXDOHV XQD PXMHU KD DSUHQGLGR DOJR GH YDORU \ KD
    FUHFLGR LQWHUQDPHQWH 2 SXHGH KDEHU VLGR GXUDQWH XQ WLHPSR ²OR
    PLVPR TXH 3HUVpIRQH HQ HO PXQGR VXEWHUUiQHR² XQD SULVLRQHUD
    WHPSRUDOTXHVHFRQYLHUWHPiVDGHODQWHHQXQDJXtDSDUDORVGHPiV

    /D HYRFDFLyQ GH OD IXQFLyQ WUDVFHQGHQWH


    (Q ORV FOiVLFRV PLWRV KHURLFRV WUDV KDEHU VDOLGR D EXVFDU KDEHU
    HQFRQWUDGR \ VXSHUDGR SHOLJURV GUDJRQHV \ RVFXULGDG OD
    SURWDJRQLVWD LQYDULDEOHPHQWH VH TXHGD HVWDQFDGD LQFDSD] GH
    DYDQ]DU R UHWURFHGHU 3XHGHQ H[LVWLU EDUUHUDV LPSRVLEOHV HQ
    FXDOTXLHUDGHODVGRVGLUHFFLRQHV2SXHGHTXHQHFHVLWHUHVROYHUXQ
    DFHUWLMR DQWHV GH TXH VH DEUD HO FDPLQR ¢4Xp SXHGH KDFHU
    HQWRQFHV FXDQGR OR TXH FRQRFH GH PDQHUD FRQVFLHQWH QR HV
    VXILFLHQWH" ¢< FXDQGR OD DPELYDOHQFLD GH OD VLWXDFLyQ HV WDQ IXHUWH
    TXHSHUHFHLPSRVLEOHWRPDUXQDGHFLVLyQ"¢4XpKDFHUFXDQGRVHYH
    DWUDSDGDHQWUHODHVSDGD\ODSDUHG"
    &XDQGR OD KHURtQD TXH WRPD GHFLVLRQHV VH HQFXHQWUD HQ XQD
    VLWXDFLyQ SRFR FODUD HQ OD TXH FDGD FDPLQR R HOHFFLyQ SDUHFH
    SRWHQFLDOPHQWH GHVDVWURVR R FXDQGR PHQRV XQD YtD VLQ VDOLGD HO
    SULPHUGHVDItRDOTXHVHHQIUHQWDHVHOGHVHJXLUVLHQGRHOODPLVPD
    (QFDGDFULVLVHVWiWHQWDGDDFRQYHUWLUVHHQODYtFWLPDHQOXJDUGH
    VHJXLU VLHQGR OD KHURtQD 6L SHUPDQHFH DXWpQWLFD D OD KHURtQD HQ Vt
    PLVPD VDEH TXH VH HQFXHQWUD HQ XQ OXJDU GLItFLO \ TXH SXHGH VHU
    GHUURWDGDSHURVHDIHUUDDODSRVLELOLGDGGHTXHDOJRSXHGHFDPELDU
    6LVHFRQYLHUWHHQXQDYtFWLPDVHORUHSURFKDUiDRWURVRDODPDOD
    VXHUWH EHEHUi R VH GURJDUi VH DWDFDUi D Vt PLVPD FRQ XQD FUtWLFD
    GHPROHGRUD DEDQGRQDUi SRU FRPSOHWR VX LWLQHUDULR R SHQVDUi
    LQFOXVR HQ VXLFLGDUVH 7DPELpQ WDO YH] DEGLTXH FRPR KHURtQD
    TXHGDQGRLQPRYLOL]DGDRDFW~HGHPDQHUDLUUDFLRQDOPRYLGDSRUOD
    KLVWHULD R VDFXGLGD SRU HO SiQLFR KDVWD TXH DOJXLHQ VH KDJD FDUJR
    GHODVLWXDFLyQ
    7DQWR HQ ORV PLWRV FRPR HQ OD YLGD FXDQGR XQD KHURtQD VH
    HQFXHQWUDHQXQGLOHPDWRGRORTXHSXHGHKDFHUHVVHUHOODPLVPD
    SHUPDQHFHU ILHO D VXV SULQFLSLRV \ OHDOWDGHV KDVWD TXH
    LQHVSHUDGDPHQWH DOJR DFXGD HQ VX D\XGD 3HUPDQHFHU HQ OD
    VLWXDFLyQ FRQ OD HVSHUDQ]D GH TXH SXHGD OOHJDU DOJXQD UHVSXHVWD
    SUHSDUDU HO HVFHQDULR LQWHUQR SDUD OR TXH -XQJ OODPDED ³OD IXQFLyQ
    WUDVFHQGHQWH´ &RQ HVWD H[SUHVLyQ VH UHILHUH D DOJR TXH VXUJH GHO
    LQFRQVFLHQWHSDUDUHVROYHUHOSUREOHPDRPRVWUDUHOFDPLQRDOHJR R
    KHURtQD TXHQHFHVLWDD\XGDGHDOJRTXHHVWpPiVDOOiGHpO RGH
    HOOD 
    3RUHMHPSORHQHOPLWRGH(URV\3VLTXLV$IURGLWDLPSXVRDHVWD
    ~OWLPDFXDWURWDUHDVTXHH[LJtDQGHHOODPiVGHORTXHVDEtDKDFHU
    (Q FDGD RFDVLyQ VH VLQWLy DO SULQFLSLR DEUXPDGD SHUR GHVSXpV OH
    OOHJyD\XGDPDWHULDORFRQVHMRSRUPHGLRGHODVKRUPLJDVXQMXQFDU
    YHUGH XQ iJXLOD \ XQD WRUUH 'H PDQHUD VLPLODU +LSyPHQHV VDEtD
    TXH WHQtD TXH FRPSHWLU HQ OD FDUUHUD SDUD REWHQHU OD PDQR GH
    $WDODQWD SRUTXH OD DPDED 3HUR WDPELpQ VDEtD TXH QR SRGtD FRUUHU
    FRQODVXILFLHQWHUDSLGH]SDUDJDQDU\SRUORWDQWRSRGtDSHUGHUVX
    YLGDDOLQWHQWDUOR/DYtVSHUDGHODFDUUHUDLPSORUyD\XGDD$IURGLWD
    TXH OH D\XGR D JDQDUOD REWHQLHQGR DVt OD PDQR GH $WDODQWD <
    FXDQGR ORV YDOLHQWHV FRQHMRV HQ /D FROLQD GH :DWHUVKLS VH
    HQFRQWUDEDQ HQ DSXURV DFXGLy HQ HO MXVWR PRPHQWR .HKDDU OD
    UXLGRVDJDYLRWDORPLVPRTXH*DQGDOIHOPDJRDFXGLyHQD\XGDGH
    ORV KREELWV 7RGDV HVWDV KLVWRULDV VRQ YDULDQWHV GH OD PLVPD WUDPD
    DUJXPHQWDO TXH OD GH ODV KLVWRULDV FOiVLFDV GHO 2HVWH HQ ODV TXH HO
    YDOLHQWH SHUR UHGXFLGR JUXSR GH SURWDJRQLVWDV R\H OD WURPSHWD \
    VDEHTXHODFDEDOOHUtDHVWiOOHJDQGRSDUDUHVFDWDUOHV
    (VWRV DUJXPHQWRV WLSR ³DOJXLHQ DFXGLUi DO UHVFDWH´ VRQ
    VLWXDFLRQHVDUTXHWtSLFDV(OWHPDGHOUHVFDWHVHGLULJHDXQDYHUGDG
    KXPDQDTXHXQDPXMHUFRPRKHURtQDWLHQHTXHVHJXLU&XDQGRVH
    HQFXHQWUD HQ XQD FULVLV LQWHUQD \ QR VDEH TXp KDFHU QR GHEH
    DEDQGRQDU R DFWXDU SRU PLHGR 3DUD PDQWHQHU HO GLOHPD HQ OD
    FRQFLHQFLD KD\ TXH HVSHUDU D TXH OOHJXH XQD QXHYD FRPSUHQVLyQ
    LQWHUQD R XQ FDPELR GH FLUFXQVWDQFLDV PHGLWDU R SHGLU FODULGDG
    LQYLWDQ D TXH VXUMD XQD VROXFLyQ GHO LQFRQVFLHQWH TXH SXHGD
    WUDVFHQGHUODVLWXDFLyQVLQVDOLGD
    3RUHMHPSORODPXMHUTXHWXYRHOVXHxRGHODRVDVHHQFRQWUDED
    HQ XQD FULVLV SHUVRQDO HQ PHGLR GH XQD WHVLV GRFWRUDO FXDQGR
    VXUJLyVXLPSXOVRGHWHQHUXQDEHEp(OLQVWLQWRPDWHUQDOODDJDUUy
    FRQ OD LQWHQVLGDG FRPSXOVLYD GH DOJR SUHYLDPHQWH UHSULPLGR \ TXH
    HQ DTXHO PRPHQWR UHFODPDED VX SDUWH $QWHV GHO VXHxR VH VHQWtD
    DWUDSDGDHQXQDVLWXDFLyQQRVDWLVIDFWRULDWDQWRVLGHFLGtDXQDFRVD
    FRPR OD RWUD 3DUD FDPELDU OD VLWXDFLyQ OD VROXFLyQ WHQtD TXH VHU
    VHQWLGD\QRSRGtDOOHJDUVHDHOODGHPDQHUDOyJLFD6yORFXDQGRHO
    VXHxR GHMy XQD KXHOOD HQ HOOD HQ XQ QLYHO DUTXHWtSLFR \ VXSR FRQ
    WRGDFHUWH]DTXHVHPDQWHQGUtDILUPHHQVXLQWHQFLyQGHWHQHUXQD
    EHEp SXGR GLJHULU WUDQTXLODPHQWH VX HPEDUD]R (O VXHxR IXH XQD
    UHVSXHVWD D VX GLOHPD TXH YHQtD D VX UHVFDWH GHVGH HO
    VXEFRQVFLHQWH (O FRQIOLFWR GHVDSDUHFLy FXDQGR HVWD H[SHULHQFLD
    VLPEyOLFDDKRQGyVXFRPSUHQVLyQ\OHSURSRUFLRQyXQDFRPSUHQVLyQ
    LQWHUQDLQWXLWLYDPHQWHVHQWLGD
    /D IXQFLyQ WUDVFHQGHQWH WDPELpQ SXHGH H[SUHVDUVH D WUDYpV GH
    DFRQWHFLPLHQWRVVLQFUyQLFRVHVDVPDJQtILFDVFRLQFLGHQFLDVHQWUHXQD
    VLWXDFLyQ LQWHUQD SVLFROyJLFD \ XQ DFRQWHFLPLHQWR H[WHULRU &XDQGR
    DFDHFH OD VLQFURQLFLGDG SXHGH SDUHFHU XQ PLODJUR SURGXFLHQGR
    FRVTXLOOHRV HQ OD HVSLQD GRUVDO 3RU HMHPSOR KDFH YDULRV DxRV XQD
    GHPLVSDFLHQWHVHPSH]yXQSURJUDPDGHDXWRD\XGDSDUDPXMHUHV
    6L FRQVHJXtD XQD FLHUWD FDQWLGDG GH GLQHUR SDUD XQD IHFKD
    GHWHUPLQDGD REWHQGUtD IRQGRV FRPSHQVDWRULRV GH XQD IXQGDFLyQ
    TXH JDUDQWL]DUtDQ DVt OD SXHVWD HQ PDUFKD \ SHUYLYHQFLD GHO
    SURJUDPD &XDQGR VH DSUR[LPDED HO SOD]R PDUFDGR WRGDYtD QR
    GLVSRQtD GH OD FDQWLGDG QHFHVDULD 3HUR VDEtD TXH VX SUR\HFWR HUD
    QHFHVDULR \ SRU HOOR QR VH GLR SRU YHQFLGD (QWRQFHV OOHJy XQ
    FKHTXHSRUFRUUHRSRUODFDQWLGDGH[DFWDTXHQHFHVLWDED6HWUDWDED
    GH XQ SDJR LQHVSHUDGR FRQ LQWHUHVHV GH XQ SUpVWDPR ROYLGDGR
    KDFtD \D WLHPSR \ TXH HOOD KDEtD FDQFHODGR GRV DxRV DQWHV FRPR
    XQDGHXGDLQFREUDEOH
    /D PD\RUtD GH ORV DFRQWHFLPLHQWRV VLQFUyQLFRV QR SURSRUFLRQDQ
    UHVSXHVWDVWDQWDQJLEOHVDXQGLOHPD3RUHOFRQWUDULRKDELWXDOPHQWH
    D\XGDQDUHVROYHUXQSUREOHPDSURSRUFLRQDQGRFODULGDGHPRFLRQDOR
    FRPSUHQVLyQ LQWHUQD VLPEyOLFD 3RU HMHPSOR \R HVWDED VLHQGR
    SUHVLRQDGDSRUXQDQWLJXRHGLWRUSDUDTXHHVWHOLEURIXHUDUHYLGDGR
    SRU XQD SHUVRQD FRQFUHWD FX\D WDUHD FRQVLVWLUtD HQ UHGXFLU
    FRQVLGHUDEOHPHQWHVXYROXPHQ\H[SUHVDUODVLGHDVHQXQHVWLORPiV
    GLYXOJDWLYR (O PHQVDMH GH ³QR HV VXILFLHQWHPHQWH EXHQR´ TXH \R
    KDEtD UHFLELGR GXUDQWH GRV DxRV KDEtD VLGR SVLFROyJLFDPHQWH
    KLULHQWH \ \R PH VHQWtD DEDWLGD 3DUWH GH Pt TXH VH VHQWtD FRPR
    XQD 3HUVpIRQH FRPSODFLHQWH  HVWDED OLVWD D GHMDU TXH FXDOTXLHU
    SHUVRQD OR KLFLHVH VyOR SDUD DFDEDU FRQ HO DVXQWR < PH LQIOXtD HO
    HVSHMLVPRGHTXHWRGRVDOGUtDELHQ'XUDQWHXQDVHPDQDFUXFLDO²
    WUDQVFXUULGD OD FXDO HO OLEUR WHQtD TXH VHU HQYLDGR DO HVFULWRU² XQ
    DFRQWHFLPLHQWRVLQFUyQLFRYLQRHQPLD\XGD8QDXWRUTXHYHQtDGH
    YLVLWD GHVGH ,QJODWHUUD \ FX\R OLEUR KDEtD VLGR UHHVFULWR EDMR
    FLUFXQVWDQFLDV VLPLODUHV KDEOy SRU FDVXDOLGDG D XQD DPLJD PtD
    DFHUFDGHVXH[SHULHQFLDDTXHOODPLVPDVHPDQD'HFtDHQYR]DOWDOR
    TXH\RQXQFDKDEtDH[SUHVDGRFRQSDODEUDVSHURVDEtDGHPDQHUD
    LQWXLWLYD TXH SRGtD VXFHGHU ³0H KDQ TXLWDGR HO DOPD GHO OLEUR´
    &XDQGR Rt HVWDV SDODEUDV VHQWt TXH PH KDEtD GDGR HO GRQ GH OD
    YLVLyQ LQWHUQD eO VLPEROL]DED OR TXH OH VXFHGHUtD D PL OLEUROR FXDO
    DFDEy FRQ PL DPELYDOHQFLD \ PH OLEHUy SDUD DFWXDU FRQ GHFLVLyQ
    'HFLGtPLSURSLRHGLWRU\SURFHGtDWHUPLQDUHOOLEURSRUPtPLVPD
    <R Rt HO PHQVDMH GH HVWH DFRQWHFLPLHQWR VLQFUyQLFR ELHQ DOWR \
    FODUR 'HVSXpV RFXUULHURQ KHFKRV TXH PH SURSRUFLRQDURQ PiV
    FRPSUHVLyQ LQWHUQD \ D\XGD $JUDGHFLGD SRU OD OHFFLyQ TXH VH PH
    KDEtD GDGR UHFRUGp HO DQWLJXR GLFKR FKLQR TXH H[SUHVD OD IH HQ OD
    VLQFURQLFLGDG\HQODIXQFLyQWUDVFHQGHQWH³&XDQGRHOGLVFtSXORHVWi
    SUHSDUDGRHOPDHVWUROOHJD´
    /D IXQFLyQ GH OD YLVLyQ LQWHUQD FUHDWLYD WDPELpQ HV VLPLODU D OD
    IXQFLyQ WUDVFHQGHQWH (Q XQ SURFHVR FUHDWLYR FXDQGR WRGDYtD QR
    H[LVWH XQD VROXFLyQ FRQRFLGD D XQ SUREOHPD OD DUWLVWDLQYHQWRUD
    VROXFLRQDGRUDGHOSUREOHPD WLHQH IH HQ TXH OD VROXFLyQ H[LVWH \
    SHUPDQHFHHQHVWDVLWXDFLyQKDVWDTXHOOHJDODVROXFLyQ/DSHUVRQD
    TXH FUHD VH VXHOH HQFRQWUDU HQ XQ HVWDGR GH WHQVLyQ DFUHFHQWDGD
    7RGR OR TXH SRGtD KDFHUVH R SHQVDUVH VH KD DJRWDGR (QWRQFHV OD
    SHUVRQD FRQItD HQ XQ SURFHVR GH LQFXEDFLyQ GHO TXH SXHGD VXUJLU
    DOJR QXHYR (O HMHPSOR FOiVLFR HV HO GHO TXtPLFR .HNXOp TXH
    GHVFXEULyODPROpFXODGHOEHQFHQR6HGHEDWtDFRQHOSUREOHPDSHUR
    FRSXGRUHVROYHUORKDVWDTXHVRxyFRQXQDVHUSLHQWHTXHVHPRUGtD
    OD FROD ,QWXLWLYDPHQWH VXSR TXH HVWD LPDJHQ OH SURSRUFLRQDED OD
    UHVSXHVWD ORV iWRPRV GHO FDUERQR VH GLVSRQHQ HQ XQD IRUPDFLyQ
    FLUFXODU (QWRQFHV KL]R OD SUXHED \ GHPRVWUy TXH HVWD KLSyWHVLV HUD
    FLHUWD

    'H YtFWLPD D KHURtQD


    3HQVDQGRVREUHHOYLDMHGHODKHURtQDPHKDVRUSUHQGLGRFyPR
    OD RUJDQL]DFLyQ GH $OFRKyOLFRV $QyQLPRV $$  WUDQVIRUPD D XQD
    SHUVRQDDOFRKyOLFDGHYtFWLPDHQKHURtQDRKpURH/RV$$HYRFDQOD
    IXQFLyQ WUDVFHQGHQWH \ HQ HIHFWR SURSRUFLRQDQ OHFFLRQHV GH FyPR
    FRQYHUWLUVHHQDOJXLHQTXHWRPDGHFLVLRQHV
    /D SHUVRQD DOFRKyOLFD FRPLHQ]D DFHSWDQGR TXH VH HQFXHQWUD HQ
    PHGLR GH XQ GLOHPD GHVHVSHUDQWH QR SXHGH FRQWLQXDU EHELHQGR \
    WDPSRFRSXHGHGHMDUGHEHEHU(QHVWHSXQWRGHVHVSHUDGDVHXQD
    D XQD KHUPDQGDG HQ OD TXH ODV SHUVRQDV TXH VH HQFXHQWUDQ
    KDFLHQGR HO PLVPR SURFHVR VH D\XGDQ XQDV D ODV RWUDV 6H OH GLFH
    TXHGHEHLQYRFDUXQSRGHUPiVJUDQGHTXHHOODSDUDVDOLUGHHVWD
    FULVLV
    /RV $$ LQVLVWHQ HQ OD QHFHVLGDG GH DFHSWDU OR TXH QR SXHGH
    FDPELDUVH GH FDPELDU OR TXH Vt SXHGH FDPELDUVH \ GH GLVWLQJXLU OD
    GLIHUHQFLD$OHQVHxDUDODSHUVRQDDLUDSDVRDSDVRORVSULQFLSLRV
    GH ORV $$ PXHVWUDQ OR TXH VH QHFHVLWD FXDQGR XQD SHUVRQD VH
    HQFXHQWUD HQ XQ HVWDGR HPRFLRQDO SUHFDULR \ QR SXHGH YHU
    FODUDPHQWH HO FDPLQR *UDGXDOPHQWH SDVR D SDVR DO DOFRKyOLFR VH
    FRQYLHUWHHQXQDSHUVRQDFDSD]GHWRPDUGHFLVLRQHV'HVFXEUHTXH
    H[LVWHDVXGLVSRVLFLyQXQSRGHUPD\RUTXHHOHJR6HHQFXHQWUDFRQ
    TXH ODV SHUVRQDV SXHGHQ D\XGDUVH HQWUH Vt \ SHUGRQDUVH
    UHFtSURFDPHQWH < FDH HQ OD FXHQWD GH TXH SXHGH VHU XQD SHUVRQD
    FRPSHWHQWH\FDSD]GHFRPSDVLyQSRUORVGHPiV
    'HO PLVPR PRGR HO YLDMH GH OD KHURtQD HV XQD E~VTXHGD GH
    LQGLYLGXDFLyQ5HFRUULHQGRHVWHFDPLQRODKHURtQDSXHGHHQFRQWUDU
    SHUGHU\UHGHVFXEULUORTXHWLHQHVHQWLGRSDUDHOODKDVWDTXHDILDQ]D
    HVWRVYDORUHVHQWRGDFODVHGHFLUFXQVWDQFLDVTXHODSRQHQDSUXHED
    7DO YH] VH HQFXHQWUH GH PDQHUD UHSHWLGD FRQ DTXHOOR TXH WUDWD GH
    VREUHSDVDUODKDVWDTXHILQDOPHQWHGHVDSDUHFHHOSHOLJURGHSHUGHU
    HOFHQWURGHVXVHU
    (Q PL GHVSDFKR WHQJR XQ FXDGUR GHO LQWHULRU GH XQD FRQFKD
    FRPSDUWLPHQWDGDGHQDXWLOXVTXHSLQWpKDFHPXFKRVDxRV$FHQW~D
    HOSDWUyQHQHVSLUDOGHODFRQFKD\VLUYHFRPRUHFRUGDWRULRGHTXH
    HOFDPLQRTXHWRPDPRVVXHOHVHUXQDIRUPDGHHVSLUDO&RQFOXLPRV
    FLFORV D WUDYpV GH SDXWDV GH FRPSRUWDPLHQWRV TXH QRV GHYXHOYHQ
    XQD \ RWUD YH] D ODV FHUFDQtDV GH FXDOTXLHUD TXH VHD QXHVWUD
    1pPHVLV \ TXH GHEHPRV HQIUHQWDU \ GRPLQDU 0XFKDV YHFHV HV HO
    DVSHFWR QHJDWLYR GH OD GLRVD HQ TXH SXHGH OOHYDUQRV D WUDVFHQGHU
    XQD LQFOLQDFLyQ D FDHU HQ ODV GHSUHVLRQHV GH 'HPpWHU R GH
    3HUVpIRQH XQ SUREOHPD FRQ ORV FHORV \ GHVFRQILDQ]D GH +HUD OD
    WHQWDFLyQ GH VHU XQD $IURGLWD SURPLVFXD R XQD $WHQHD VRQ
    HVFU~SXORV R XQD UXGD $UWHPLVD /D YLGD QRV SUHVHQWD UHSHWLGDV
    RSRUWXQLGDGHV SDUD HQIUHQWDU DTXHOOR TXH WHPHPRV DTXHOOR GH OR
    TXHWHPHPRVTXHKDFHUQRVFRQVFLHQWHVRDTXHOORGHORTXHWHQHPRV
    TXH DGTXLULU PDHVWUtD &DGD YH] UHFRUUHPRV HO FDPLQR GH OD HVSLUDO
    HQFLFORVKDVWDHOOXJDUTXHQRVSUHVHQWDODGLILFXOWDG\FRQVXHUWH
    DGTXLULPRVPiVFRQFLHQFLD\SRGHPRVUHVSRQGHUFRQPiVVDELGXUtD
    ODSUy[LPDYH]KDVWDTXHSRGHPRVSDVDUILQDOPHQWHDWUDYpVGHHVH
    OXJDU GH 1pPHVLV FRQ SD] \ HQ DUPRQtD FRQ QXHVWURV YDORUHV PiV
    SURIXQGRV\QRVHUHQDEVROXWRDIHFWDGDVGHPDQHUDQHJDWLYD

    (O ILQDO GHO YLDMH


    ¢4XpVXFHGHDOILQDOGHPLWR"(URV\3VLTXLVVHYXHOYHQDXQLUVX
    PDWULPRQLR HV FHOHEUDGR HQ HO PRQWH 2OLPSR \ 3VLTXLV WLHQHQ XQD
    KLMDOODPDGD$OHJUtD$WDODQWDUHFRJHODVPDQ]DQDVSLHUGHODFDUUHUD
    DSLH\VHFDVDFRQ+LSyPHQHV(OYLDMHGH$\ODDWUDYpVGHODHVWHSD
    HXURSHDSDUDHQFRQWUDUDSHUVRQDVVHPHMDQWHVDHOODDFDED²HQHVD
    SDUWH GH OD VDJD² HQ HO YDOOH GH ORV FDEDOORV FRQ -RQGDODU FRPR
    FRPSDxHUR\FRQODDOHJUHSURPHVDGHDFHSWDFLyQSRUSDUWHGHORV
    GHPiV +D\ TXH VHxDODU TXH GHVSXpV GH SUREDU VX YDORU \ VX
    FRPSHWHQFLD OD KHURtQD QR GHVDSDUHFH FDEDOJDQGR KDFLD OD SXHVWD
    GHVROFRPRHODUTXHWLSRGHOKpURHFRZER\7DPSRFRVHODGHVFULEH
    GHQWURGHOPROGHGHOKpURHFRQTXLVWDGRU8QLyQUHXQLyQ\KRJDUHV
    GRQGHDFDEDHOYLDMH
    (O LWLQHUDULR GH LQGLYLGXDFLyQ ²OD E~VTXHGD SVLFROyJLFD GH OD
    WRWDOLGDG² DFDED FRQ OD XQLyQ GH ORV RSXHVWRV HQ HO PDWULPRQLR
    LQWHUQRGHORVDVSHFWRV³PDVFXOLQR´\³IHPHQLQR´GHODSHUVRQDOLGDG
    TXH SXHGHQ VLPEROL]DUVH PHGLDQWH OD LPDJHQ RULHQWDO GHO \LQ \ GH
    \DQJ FRQWHQLGRV GHQWUR GH XQ FtUFXOR 'LFKR GH PDQHUD PiV
    DEVWUDFWD \ VLQ DVLJQDFLyQ GH JpQHURV HO YLDMH KDFLD OD WRWDOLGDG
    UHVXOWDGHWHQHUODFDSDFLGDGGHVHUDFWLYD\UHFHSWLYDDXWyQRPDH
    tQWLPDGHWUDEDMDU\GHDPDUeVWDVVRQSDUWHVGHQRVRWUDVPLVPDV
    TXH SRGHPRV OOHJDU D FRQRFHU D WUDYpV GH ODV H[SHULHQFLDV GH OD
    YLGD SDUWHV TXH VRQ LQWUtQVHFDV D WRDVRV QRVRWUDVRV eVWH HV HO
    SRWHQFLDOKXPDQRFRQHOTXHHPSH]DPRV
    (QORVFDStWXORVILQDOHVGHO (OVHxRUGHORVDQLOORVVHVXSHUDQODV
    ~OWLPDV WHQWDFLRQHV GH OOHYDU HO DQLOOR \ HO DQLOOR GH SRGHU HV
    GHVWUXLGR SDU VLHPSUH *DQDGD HVWD EDWDOOD FRQWUD HO PDO \
    FRPSOHWDGD VX KHURLFD WDUHD ORV KREELWV UHJUHVDQ DO FRQGDGR /RV
    FRQHMRV GH /D FROLQD GH :DWHUVKLS WDPELpQ VREUHYLYHQ D VX YLDMH
    KHURLFRSDUDUHJUHVDUDFDVDDVXQXHYD\SDFtILFDFRPXQLGDG76
    (OLRWHVFULEHHQ/RVFXDWURFXDUWHWRV>@

    1RGHMDUHPRVGHH[SORUDU
    \DOILQDOGHQXHVWUDE~VTXHGD
    OOHJDUHPRVDGRQGHHPSH]DPRV
    \FRQRFHUHPRVSRUSULPHUDYH]HOOXJDU

    7RGRVHVWRVILQDOHVQRSDUHFHQPX\HVSHFWDFXODUHVVRQVLPLODUHV
    DORVGHODYLGDUHDO/DSHUVRQDDOFRKyOLFDUHFXSHUDGDWDOYH]KD\D
    GHGHVFHQGHUDOLQILHUQRSDUDUHDSDUHFHUGHVSXpVFRPRXQDSHUVRQD
    VREULD RUGLQDULD /D KHURtQD TXH VH GHIHQGtD GH DWDTXHV KRVWLOHV
    UHFODPDEDVXSRGHU\OXFKDEDFRQGLRVDVSXHGHLJXDOPHQWHSDUHFHU
    XQDSHUVRQDRUGLQDULDHQSD]FRQVLJRPLVPD$OLJXDOTXHHOKREELW
    HQ VX KRJDU HQ HO FRQGDGR QR REVWDQWH QR VDEH VL ²QL FXiQGR²
    DSDUHFHUiXQDQXHYDDYHQWXUDSDUDSRQHUDSUXHEDVXPLVPRVHU
    &XDQGR OOHJD HO PRPHQWR GH GHVSHGLUPH GH PLV SDFLHQWHV XQD
    YH] ILQDOL]DG HO WUDEDMR TXH KHPRV KHFKR MXQWDVRV SLHQVR HQ Pt
    PLVPD FRPR DOJXLHQ TXH OHV KD DFRPSDxDGR HQ XQD SDUWH
    LPSRUWDQWH \ VLJQLILFDWLYD GH VX YLDMH (QWRQFHV OHV KD OOHJDGR HO
    PRPHQWR GH FRQWLQXDU SRU VX SURSLD FXHQWD 7DO YH] PH XQt D
    HOODVRVFXDQGRHVWDEDQHQWUHODHVSDGD\ODSDUHG7DOYH]OHVD\XGp
    D HQFRQWUDU HO FDPLQR TXH KDEtDQ SHUGLGR 4XL]i SHUPDQHFt FRQ
    HOODVRV GXUDQWH XQ WLHPSR HQ XQ SDVDMH RVFXUR 3ULQFLSDOPHQWHOHV
    D\XGpDYHUFRQPiVFODULGDG\DWRPDUVXVSURSLDVGHFLVLRQHV
    $ODFDEDUGHHVFULELU\OOHJDUDOILQDOGHHVWHOLEURHVSHURKDEHU
    VLGRYXHVWUDFRPSDxHUDSRUXQWLHPSR\KDEHUFRPSDUWLGRORTXHKH
    DSUHQGLGRFRQYRVRWUDVRVD\XGiQGRRVDVHUXQDSHUVRQDTXHWRPD
    GHFLVLRQHVHQVXSURSLRYLDMHSDUWLFXODU

    $PRUSDUDWRGDVRV
    $3e1',&( 48,e1 (6 48,e1 (1 /$
    0,72/2*Ë$ *5,(*$

    5HSDUWR GH SHUVRQDMHV
    ł$TXLOHVKpURHJULHJRGHODJXHUUDGH7UR\DTXHIXHDSR\DGR
    SRU$WHQHD

    ł  $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D FRQRFLGD FRPR


    9HQXVSRUORVURPDQRV(VSRVDLQILHOGH+HIHVWRVHOGLRVFRMRGHOD
    IRUMD WXYR PXFKDV DYHQWXUDV DPRURVDV \ QXPHURVD GHVFHQGHQFLD
    GHVXVDEXQGDQWHVUHODFLRQHV$UHVHOGLRVGHODJXHUUD+HUPHVHO
    PHQVDMHUR GH ORV GLRVHV \ $QTXLVHV SDGUH H (QHDV GHO TXH ORV
    URPDQRV GHFtDQ GHVFHQGHU  IXHURQ DOJXQRV GH VXV PiV QRWDEOHV
    DPDQWHVGLRVDDOTXtPLFD

    ł  $SROR OODPDGR LJXDOPHQWH $SROR SRU ORV URPDQRV DSXHVWR


    GLRV GHO VRO \ GH ODV DUWHV )XH XQR GH ORV GRFH GLRVHV GHO 2OLPSR
    KLMRGH=HXV\GH/DWRQD\+HUPDQRJHPHORGH$UWHPLVD$YHFHV
    WDPELpQOODPDGR+HOLRV

    ł$UHVR0DUWHFRPROHOODPDURQORVURPDQRVHUDHOEHOLFRVR
    GLRVGHODJXHUUD8QRGHORVGRFHGLRVHVGHO2OLPSR$UHVHUDKLMR
    GH=HXV\GH+HUD6HJ~Q+RPHURIXHUHSXGLDGRSRUVXSDGUHSRU
    SRQHUVH GHO ODGR GH VX PDGUH $UHV IXH XQR GH ORV DPDQWHV GH
    $IURGLWDFRQODTXHWXYRWUHVKLMRV
    ł$UWHPLVDDODTXHORVURPDQRVOODPDURQ'LDQDHUDODGLRVD
    GHODFD]D\GHODOXQDIXHXQDGHODVWUHVGLRVDVYtUJHQHVKLMDGH
    =HXV\GH/DWRQD\KHUPDQDJHPHODGH$SRORGLRVGHOVRO

    ł  $WDODQWD PXMHU PRUDO TXH GHVWDFy HQ OD FD]D \ OD FDUUHUD
    &RQODD\XGDGHODVWUHVPDQ]DQDVGHRURGH$IURGLWDIXHGHUURWDGD
    HQXQDFDUUHUDDSLHSRU+LSyPHQHVTXHODJDQySRUHVSRVD'LRVD
    YLUJHQ

    ł  $WHQHD FRQRFLGD FRPR 0LQHUYD SRU ORV URPDQRV (UD OD


    GLRVD GH OD VDELGXUtD \ GH OD DUWHVDQtD SDWURQD GH OD FLXGDG GH VX
    PLVPR QRPEUH $WHQDV \ SURWHFWRUD GH QXPHURVRV KpURHV
    +DELWXDOPHQWH VH OD UHSUHVHQWDED OOHYDQGR XQD DUPDGXUD \ VH OD
    UHFRQRFtD FRPR OD PHMRU HVWUDWHJD HQ HO FDPSR GH EDWDOOD 6ROR
    UHFRQRFLyDXQRGHVXVSDGUHV=HXVSHURWDPELpQHUDFRQVLGHUDGD
    KLMDGHODVDELD0HWLVODSULPHUDFRQVRUWHGH=HXV

    ł&URQRVR6DWXUQR QRPEUHURPDQR 7LWiQHKLMRPHQRUGH


    *HD\8UDQRTXHFDVWUyDVXSDGUH\VHFRQYLUWLyHQHOVHxRUGHORV
    GLRVHV0DULGRGH5HD\SDGUHGHVHLVGHODVRVGLRVDVHVGHO2OLPSR
    +HVWLD 'HPpWHU +HUD +DGHV 3RVHLGyQ =HXV  D TXLHQHV VH WUDJy
    UHFLpQQDFLGRV$VXYH]IXHGHUURFDGRSRU=HXVVXKLMRPHQRU

    ł  'HPpWHU FRQRFLGD FRPR &HUHV SDUD ORV URPDQRV 'HPpWHU


    HVODGLRVDGHODVFRVHFKDVRGHODDJULFXOWXUD(QVXSULQFLSDOPLWR
    VHDFHQW~DVXSDSHOFRPRPDGUHGH3HUVpIRQH'LRVDYXOQHUDEOH

    ł  'LRQLVRV FRQRFLGR FRPR %DFR SDUD ORV URPDQRV GLRV GHO


    YLQR \ GHO p[WDVLV FX\DV ILHOHV EXVFDEDQ DQXDOPHQWH OD FRPXQLyQ
    FRQpOHQODVPRQWDxDVPHGLDQWHIHVWLYLGDGHV\RUJtDV

    ł  (URV GLRV GHO $PRU FRQRFLGR WDPELpQ FRPR $PRU SDUD ORV
    URPDQRVHVSRVRGH3VLTXLV
    ł  *HD R *DLD GLRVD GH OD WLHUUD 0DGUH \ HVSRVD GH 8UDQR
    FLHOR SDGUHVDPERVGHORVWLWDQHV

    ł+DGHVR3OXWyQVHxRUGHOPXQGRVXEWHUUiQHRKLMRGH5HD\
    &URQRV PDULGRUDSWRU GH 3HUVpIRQH \ XQR GH ORV GRFH GLRVHV GHO
    2OLPSR

    ł  +pFDWH HUD OD GLRVD GH ODV HQFUXFLMDGDV TXH PLUDED HQ WUHV
    GLUHFFLRQHV 6H OH DVRFLDED FRQ OR LQFyJQLWR \ OR PLVWHULRVR \
    FRQVWLWXtD XQD SHUVRQLILFDFLyQ GH OD EUXMD VDELD +pFDWH WDPELpQ VH
    DVRFLDED D 3HUVpIRQH D OD TXH DFRPSDxy FXDQGR OD MRYHQ UHJUHVR
    GHOPXQGRVXEWHUUiQHR\WDPELpQDODGLRVDGHODOXQD$IURGLWD

    ł+HIHVWRVFRQRFLGRFRPR9XOFDQRSRUORVURPDQRVHVHOGLRV
    GHODIRUMD\HOSDWUyQGHORVDUWHVDQRV(UDHOPDULGRHQJDxDGRGH
    $IURGLWD \ HO KLMR FRMR R GH SLHV FRQWUDKHFKRV UHFKD]DGR SRU
    $IURGLWD

    ł+HUDFRQRFLGDWDPELpQFRPR-XQRSRUORVURPDQRV+HUDIXH
    ODGLRVDGHOPDWULPRQLRFRPRFRQVRUWHRILFLDO\HVSRVDGH=HXVHUD
    ODSULPHUDGLRVDGHO2OLPSRHQODMHUDUTXtDGHGLRVDV+LMDGH&URQRV
    \ GH 5HD HUD WDPELpQ KHUPDQD GH =HXV \ SHUWHQHFtD D OD SULPHUD
    JHQHUDFLyQ GH GLRVHV GHO 2OLPSR GHVFULWD SRU +RPHUR FRPR XQD
    DUStDFHORVDIXHYHQHUDGDFRPRGLRVDGHOPDWULPRQLR(VXQDGHODV
    WUHVGLRVDVYXOQHUDEOHVTXHSHUVRQLILFDHODUTXHWLSRGHODHVSRVD

    ł  +HUPHV PHMRU FRQRFLGR SRU VX QRPEUH URPDQR GH


    0HUFXULRHOPHQVDMHURGHORVGLRVHV'LRVSDWUyQGHOFRPHUFLROD
    FRPXQLFDFLyQ ORV YLDMHURV \ ORV ODGURQHV &RQGXFtD ODV DOPDV KDVWD
    +DGHV \ IXH HQYLDGR SRU =HXV D WUDHU GH YXHOWD D 3HUVpIRQH KDVWD
    'HPpWHU 7XYR XQD UHODFLyQ DPRURVD FRQ $IURGLWD \ HVWDED
    YLQFXODGRDORVULWXDOHVUHOLJLRVRVGH+HVWLDHQORVKRJDUHV\HQORV
    WHPSORV
    ł+HVWLDFRQRFLGDWDPELpQFRPRODGLRVDURPDQD9HVWDGLRVD
    YLUJHQ GHO IXHJR GHO KRJDU \ OD PHQRV FRQRFLGD GH ODV GLRVDV GHO
    2OLPSR 6X IXHJR KDFtD GH FDVDV \ WHPSORV OXJDUHV VDJUDGRV
    3HUVRQLILFDHODUTXHWLSRGHO\RVXSHULRU

    ł3DULV3ULQFLSHGH7UR\DRUWRUJyODPDQ]DQDGHRURTXHWHQtD
    ODLQVFULSFLyQ³DODPiVKHUPRVD´D$IURGLWDTXHOHRIUHFLyD+HOHQD
    OD PXMHU PiV KHUPRVD GHO PXQGR FRPR VRERUQR 3DULV VH OOHYy
    FRQVLJRD+HOHQDD7UR\DSURYRFDQGRDVtODJXHUUDGH7UR\D\DTXH
    DTXpOODHVWDEDFDVDGDFRQ0HQHODRXQRGHORVUH\HVJULHJRV

    ł  3HUVpIRQH DO TXH ORV JULHJRV VH UHIHUtDQ WDPELpQ FRPR OD


    .RUp R OD GRQFHOOD \ OODPDGD 3URVHUSLQD SRU ORV URPDQRV +LMD
    UDSWDGD GH 'HPpWHU TXH VH FRQYLUWLy HQ OD UHLQD GHO PXQGR
    VXEWHUUiQHR

    ł  3RVHLGyQ GLRV GHO PDU 'LRV GHO 2OLPSR PiV FRP~QPHQWH


    FRQRFLGR SRU VX QRPEUH URPDQR GH 1HSWXQR 9LROy D 'HPpWHU
    FXDQGRpVWDHVWDEDEXVFDQGRDVXKLMDUDSWDGD3HUVpIRQH

    ł3VLTXLVKHURtQDPRUWDOTXHOOHYyDFDERODVFXDWURWDUHDVGH
    $IURGLWD\DODTXHVHOHSHUPLWLyUHXQLUVHFRQVXHVSRVR(URV

    ł  5HD KLMD GH *HD \ GH 8UDQR KHUPDQD \ HVSRVD GH &URQRV
    0DGUHGH+HVWLD'HPpWHU+HUD+DGHV3RVHLGyQ\=HXV

    ł8UDQRFRQRFLGRWDPELpQFRPRHOFLHORSDGUHGHOFLHORRORV
    FLHORV (QJHQGUy FRQ *HD D ORV WLWDQHV \ IXH FDVWUDGR SRU VX KLMR
    &URQRVTXHDUURMyVXVJHQLWDOHVDOPDUGHORVFXDOHVQDFLy$IURGLWD
    VHJ~QXQDGHODVYHUVLRQHVVREUHHOQDFLPLHQWRGHpVWD 

    ł  =HXV OODPDGR -~SLWHU R -RYH SRU ORV URPDQRV VHxRU GHO


    FLHOR\ODWLHUUD\MHIHGHORVGLRVHVGHO2OLPSRKLMRPHQRUGH5HD\
    GH &URQRV GHVWURQy D ORV WLWDQHV \ HVWDEOHFLy OD VXSUHPDFtD GH ORV
    GLRVHVGHO2OLPSRFRPRVHxRUHVGHOXQLYHUVR(VSRVRPDULSRVyQGH
    +HUD WXYR PXFKDV HVSRVDV PXFKRV DPRUtRV \ QXPHURVRV
    GHVFHQGLHQWH GH HVWDV UHODFLRQHV VHQWLPHQWDOHV PXFKRV GH ORV
    FXDOHVSHUWHQHFLHURQDODVHJXQGDJHQHUDFLyQGHGLRVHVGHO2OLPSRR
    IXHURQKpURHVGHODPLWRORJtDJULHJD
    &XDGUR GH GLRVDV
    %,%/,2*5$)Ë$
    (VWDELEOLRJUDItDVHGLYLGHHQFXDWURVHFFLRQHV

    0LWRORJtD
    3VLFRORJtDGHORVDUTXHWLSRV 3VLFRORJtDDQDOtWLFDGH-XQJ
    3VLFRORJtDGHODV0XMHUHV DGHPiVGHODGH-XQJ \
    3VLFRORJtDJHQHUDO UHOHYDQWHSDUDHVWHOLEUR 

     0,72/2*Ë$

    %XOOILQFK¶V0\WKRORJ\0LGGOHVH[,QJODWHUUD+DPO\Q
    %XOOILQFK¶V 0\WKRORJ\ 7KH *UHHN DQG 5RPDQ )DEOHV ,OOXVWUDWHG
    5HFRSLODGR SRU %U\DQ +ROPH FRQ XQD LQWURGXFFLyQ GH -RVHSK
    &DPSEHOO1XHYD&RUN9LNLQJ3UHVV
    &DOtPDFR ³7R $UWHPLV´ (Q +\PQV DQG (SLJUDPV 7UDGXFLGR >DO
    LQJOpV@ SRU $ : 0DLU &DPEULGJH 0DVV +DUYDUG 8QLYHUVLW\
    3UHVV
    &DPSEHOO -RVHSK 7KH +HUR :LWK D 7KRXVDQG )DFHV  HG 6HULH
    %ROOLQJHQ3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV
    Ā³-RVHSK&DPEHOORQWKH*UHDW*RGGHVV´3DUDERODQž 
    (YVOLQ %HUQDUG ³$WDODQWD´ (Q +HURHV *RGV DQG 0RQVWHUV RI WKH
    *UHHN 0\WKV 1XHYD <RUN %DQWDP 3DWKILQGHU SXEOLFDGR FRQ
    DXWRUL]DFLyQ GH 6FKRODVWLF 0DJD]LQH  3XEOLFDGR
    RULJLQDOPHQWHHQ 
    )ULHGULFK 3DXO 7KH 0HDQLQJ RI $SKURGLWH &KLFDJR 8QLYHUVLW\ RI
    $SKURGLWH&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV
    *DUQHOO /5 >/HZLV 5LFKDUG@ 7KH &XOWV RI WKH *UHHN 6WDWHV 1HZ
    5RFKHOOH 1 < &DUDW]DV %URWKHUV  YRO  FDSV   
    +HUD YROFDSV $WHQHD YROFDSV
    $UWHPLVD YROFDSV $IURGLWD YROFDSV
     'HPpWHU.RUp YROFDSV +HVWLD  (VFULWRRULJLQDOPHQWH
    HQWUH\ 
    *LPEXWDV 0DULMD 7KH *RGGHVVHV DQG *RGV RI 2OG (XURSH 
    0\WKVDQG&XOW,PDJHV%HUNHOH\\/RV$QJHOHV 8QLYHUVLW\
    RI&DOLIRUQLD3UHVV
    *UDYHV 5REHUW 7KH *UHHN 0\WKV  YROV 1XHYD <RUN 3HQJXLQ
     3XEOLFDGRRULJLQDOPHQWHHQ 
    Ā 7KH :KLWH *RGGHVV 1XHYD &RUN )DUUDU 6WUDXV  *LURX[ 
    3XEOLFDGRRULJLQDOPHQWHHQ 
    *XWKULH:.&7KH*UHHNVDQG7KHLU*RGV%RVWRQ%HDFRQ3UHVV
    
    +DGDV 0RVHV HG *UHHN 'UDPD 1XHYD <RUN %DQWDP 
    3XEOLFDGRRULJLQDOPHQWHHQ 
    +DPLOWRQ(GLWK0\WKRORJ\%RVWRQ/LWWOH%URZQ
    +DUULVRQ -DQH (OOHQ 0\WKRORJ\ 1XHYD <RUN +DUFRXUW %UDFH
    -RYDQRYLFK 3XEOLFDGRHQ 
    +HVLRGR 7KHRJRQ\ (Q +HVLRG WUDGXFLGR >DO LQJOpV@ SRU 5LFKDUG
    /DWWLQPRUH $QQ $UERU 0LFKLJDQ 7KH 8QLYHUVLW\ RI 0LFKLJDQ
    3UHVV
    +RPHUR 7KH ,OLDG 7UDGXFLGR >DO LQJOpV@ SRU 5LFKDUG /DWWLQPRUH
    &KLFDJR8QLYHVLW\RI&KLFDJR3UHVV
    7KH+RPHULFK+\PQV7UDGXFLGR>DOLQJOpV@SRU&KDUOHV%RHU,UYLQJ
    7H[DVSULPDYHUDGH
    -DPHV ( 2 >(GZLQ 2OLYHU@ 7KH &XOW RI WKH 0RWKHU *RGGHVV
    /RQGUHV,QJODWHUUD7KDPHV+XGVRQ
    .HUqQ\L& 7KH+HURHVRIWKH*UHHNV/RQGUHV7KDPHV +XGVRQ
    
    Ā 7KH *RGV RI WKH *UHHNV 7UDGXFLGR >DO LQJOpV@ SRU 1RUPDQ
    &DPHURQ 1XHYD &RUN 7KDPHV  +XGVRQ  3XEOLFDGR
    RULJLQDOPHQWHHQ 
    .HUqQ\L .DUO $WLHQH 9LUJHQ DQG 0RWKHU 7UDGXFLGR >DO LQJOpV@ SRU
    0XUUD\6WHLQ,UYLQJ7H[DVSULPDYHUDGH
    Ā *RGGHVVHVRIWKH6XQDQG0RRQ7UDGXFLGR>DOLQJOpV@SRU0XUUD\
    6WHLQ,UYLQJ7H[DVSULPDYHUDGH
    0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUD $UW DQG 0XVLF
    1XHYD<RUN:LOH\
    0RQDJKDQ 3DWULFLD 7KH %RRN RI *RGGHVVHV DQG +HURLQHV 1XHYD
    <RUN'XWWRQ
    2WWR :DOWHU ) 7KH +RPHULF *RGV 1XHYD <RUN 7KDPHV  +XGVRQ
     3XEOLFDGRRULJLQDOPHQWHHQ 
    6SUHQWQDN&KDUOHQH/RVW*RGGHVVHVRI(DUO\*UHHFH$&ROOHFWLRQRI
    3UH+HOOHQLF 0\WKRORJ\ %RVWRQ %HDFRQ 3UHVV  3XEOLFDGR
    RULJLQDOPHQWHHQ 
    :DONHU%DUEDUD*7KH:RPDQ¶V(QF\FORSHGLDRI0\WKVDQG6HFUHWV
    6DQ)UDQFLVFR+DUSHU 5RZ
    =LPPHUPDQ -( 'LFWLRQDU\ RI &ODVVLFDO 0\WKRORJ\ 1XHYD <RUN
    %DQWDP%RRNV 3XEOLFDGRRULJLQDOPHQWHHQ 

     36,&2/2*Ë$ '( /26 $548(7,326 36&2/2*Ë$


    $1$/Ë7,&$ '( -81*

    %HUU\ 3DWULFLD ³7KH 5DSH RI 'HPHWHU3HUVHSKRQH DQG 1HXURVLV´


    6SULQJ  
    %UDGZD\.DWKHULQH³+HVWLDDQG$WKHQDLQWKH$QDO\VLVRI:RPHQ´
    ,QZDUG/LJWKQž  
    &ODUHPRQW GH &DVWLOOHMR ,UHQH .QRZLQJ :RPDQ 1XHYD <RUN
    3XWQDP¶V 6RQV  3XEOLFDGR SDUD OD &* )RXQGDWLRQ IRU
    $QDO\WLF3V\FKRORJ\
    'HPHWUDNRSRXORV 6WHSKDQLH $ ³+HVWLD *RGGHVV RI WKH +HDUWK
    1RWHVRQDQ2SSUHVVHG$UFKHW\SH´6SULQJ  
    Ā´/LIH6WDJH7KHRU\*HURQWRORJLFDO5HVHDUFKDQGWKH0\WKRORJ\RI
    WKH2OGHU:RPDQ,QGHSHQGHQFH$XWRQRP\DQG6WUHJWK´$QLPD
    Qž  
    'RZQLQJ&KULVWLQH³3HUVHSKRQHLQ+DGHV´$QLPDQž  
    Ā³&RPLQJWR7HUPVZLWK+HUD´4XDGUDQWQž  
    Ā *RGGHVV 0\WKRORJLFDO ,PDJHV RI WKH )HPLQLQH 1XHYD <RUN
    &URVVURDG
    Ā ³*RGGHVV 6HQW 0DGQHVV´ 3V\FKRORJLFDO 3HUVSHFWLYHV  Qž 
     
    Ā³&RPH&HOHEUDWHZLWK0H´$QLPDQž  
    (OLDV%XWWRQ .DUHQ ³$WKHQD DQG 0HGXVD $ :RPDQ¶V 0\WK´ $QLPD
    Qž  
    *ROGPEHUJ1DRPL5³$UFKHW\SDO7KHRU\DIWHU-XQJ´6SULQJ  
    +DOO 1RU 7KH 0RRQ DQG WKH 9LUJLQ 5HIOHFWLRQV RQ WKH $UFKHW\SDO
    )HPLQLQH1XHYD<RUN+DUSHU 5RZ
    +DUGLQJ 0 (VWHU 7KH :D\ RI $OO :RPHQ 1XHYD <RUN 3XWQDP¶V
     3XEOLFDGR SDUD OD &* -XQJ )RXQGDWLRQ IRU $QDO\WLFDO
    3V\FKRORJ\
    Ā :RPDQ¶V 0\VWHULHV $QFLHQW DQG 0RGHUQ 1XHYD <RUN %DQWDP
     3XEOLFDGRRULJLQDOPHQWHHQ 
    ² ³7KH 9DOXH DQG 0HDQLQJ RI 'HSUHVVLRQ´ 3V\FKRORJLFDO
    3HUVSHFWLYHVQž  
    +HLVOHU 9HUGD ³,QGLFLGXDWLRQ 7KURXJK 0DUULDJH´ 3V\FKRORJLFDO
    3HUVSHFWLYHVQž  
    +LOOPDQ-DPHV³$QLPD´6SULQJ  
    ²³$QLPD,,´6SULQJ  
    ² 7KH 'UHDP DQG WKH 8QGHUZRUOG 1XHYD <RUN +DUSHU  5RZ
    
    ² ³$QDNH DQG $WKHQH´ (Q )DFLQJ WKH *RGV HGLWDGR SRU -DPHV
    +LOOPDQ,UYLQJ7H[DVSULPDYHUDGH
    +LOOPDQ -DPHV HG )DFLQJ WKH *RGV ,UYLQJ 7H[DV SULPDYHUD GH
    
    -RKQVRQ 5REHUW 6KH 8QGHUVWDQGLQJ )HPLQLQH 3V\FKRORJ\ 1XHYD
    <RUN+DUSHU 5RZ 3XEOLFDGRRULJLQDOPHQWHHQ 
    -XQJ (PPD $QLPXV DQG $QLPD 1XHYD <RUN SULPDYHUD GH 
    3XEOLFDGRRULJLQDOPHQWHHQ 
    -XQJ & * 7RGDV ODV UHIHUHQFLDV D ODV REUDV FRPSOHWDV GH -XQJ VH
    KDQWRPDGRGHODVREUDVFRPSOHWDVGH&*-XQJHGLWDGDVSRU
    VLU+HUEHUW5HDG0LFKDHO)RUGKDP\*HUDOG$GOHUWUDGXFLGDV>DO
    LQJOpV@ SRU 5& +XOO (GLWRU HMHFXWLYR :LOOLDP 0F*XLUH 6HULH
    %ROOLQJHQ 3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV 
    ² 7KH3UDFWLFHRI3V\FKRWKHUDS\(Q &ROOHFWHG:RUNVRI&*-XQJ
    YRO
    ² 7ZR (VVD\V RQ $QDO\WLF 3V\FKRORJ\ (Q &ROOHFWHG :RUNV RI &*
    -XQJYRO
    ² $OFKHPLFDO 6WXGLHV (Q &ROOHWHG :RUNV RI &* -XQJ YRO 
    
    Ā $UFKHW\SHV RI WKH &ROOHFWLYH 8QFRQVFLXV (Q &ROOHFWLYH :RUNV RI
    &*-XQJYROSDUWH
    ² 3V\FKRORJLFDO 7\SHV (Q &ROOHFWHG :RUNV RI &* -XQJ YRO 
    
    -XQJ &* \ .HUqQ\L & (VVD\V RQ D 6FLHQFH RI 0\WKRORJ\ 7KH
    0\WKVRIWKH'LYLQH0DLGHQ7UDGXFLGR>DOLQJOpV@SRU5)&+XOO
    6HULH%ROOLQJHQ1XHYD<RUN+DUSHU 5RZ 3XEOLFDGR
    RULJLQDOPHQWHHQ 
    .HUqQ\L&=HXVDQG+HUD$UFKHW\SDO,PDJHRI)DWKHU+XVEDQGDQG
    :LIH 6HULH %ROOLQJHQ  3ULQFHWRQ 1- 3ULQFHWRQ 8QLYHUVLW\
    3UHVV
    Ā (OHXVLV $UFKHW\SDO ,PDJH RI 0RWKHU DQG 'DXJKWHU 1XHYD <RUN
    6FKRRFNHQ 3XEOLFDGRRULJLQDOPHQWHHQ 
    .HUqQ\L .DUO ³$ 0\WKRORJLFDO ,PDJH RI &KLOGKRRG $UWHPLV´ (Q
    )DFLQJ WKH *RGV HGLWDGR SRU -DPHV +LOOPDQ ,UYLQJ 7H[DV
    SULPDYHUDGH
    .LUVNH\ %DUEDUD ³+HVWLD $ %DFNJURXQG RI 3V\FKRORJLFDO )RFXVLQJ´
    (Q )DFLQJ WKH *RGV HGLWDGR SRU -DPHV +LOOPDQ ,UYLQJ 7H[DV
    SULPDYHUDGH
    .ROWXY%DUEDUD%ODFN³+HVWLD9HVWD´4XDGUDQWQž  
    .RWVFKLQJ(OLQHG3U\V³:RPDQKRRGLQ0\WKDQG/LIH´ ,QZDUG/LJWK
    Qž  
    ²³:RPDQKRRGLQ0\WKDQG/LIHSDUWH´ ,QZDUG/LJWKQž
    
    /DXE1RYDN.DUHQ³5HIOHFWLRQVRQ$UWDQG0\VWLFLVP´$QLPDQž
     
    /HRQDUG/LQGD6FKLHUVH 7KH:RXQGHG:RPDQ+HDOLQJWKH)DWKHU
    'DXJKWHU 5HODWLRQVKLS %RXOGHU &ROR 6KDPEKDOD 3XEOLFDWLRQV
     3XEOLFDGRRULJLQDOPHQWHHQ 
    /RFNKDUW5XVVHOO$³(URVLQ/DQJXDJH0\WKDQG'UHDP´4XDGUDQW
    Qž  
    /RRPLV 0DU\ ³$ 1HZ 3HUVSHFWLYH IRU -XQJ¶V 7\SRORJ\ 7KH 6LQJHU
    /RRPLV,QYHQWRU\RI3HUVRQDOLW\´-RXUQDORI$QDO\WLFDO3V\FKRORJ\
    Qž  
    /RRPLV 0DU\ \ 6LQJHU -XQH ³7HVWLQJ WKH %LSRODULW\ $VVXPSWLRQ LQ
    -XQJ¶V 7\SRORJ\ (Q -RXUQDO RI $QDO\WLFDO 3V\FKRORJ\  Qž 
     
    /XNH+HOHQ0³7KH3HUHQQLDO)HPLQLQH´3DUDERODQž  
    ²:RPDQ(DUWKDQG6SLULW1XHYD<RUN&URVVURDG
    0DODPXG5HQp³7KH$PD]RQ3UREOHP´6SULQJ  
    0DWWRRQ0DU\$QQ -XQJLDQ3V\FKRORJ\LQ3HUVSHFWLYH1XHYD<RUN
    )UHH3UHVV0DFPLOODQ
    0RRUH7RP³$UWHPLVDQGWKH3XHU´(Q 3XHU3DSHUV,UYLQJ7H[DV
    SULPDYHUDGH
    1HXPDQQ (ULFK 7KH *UHDW 0RWKHU $Q $QiOLVLV RI WKH $UFKHW\SH
    7UDGXFLGR >DO LQJOpV@ SRU 5DOSK 0DQKHLP /RQGUHV 5RXWOHGJH
    .HJDQ3DXO
    ² $PRU DQG 3V\FKH 7KH 3V\FKLF 'HYHORSPHQW RI WKH )HPLQLQH
    7UDGXFLGR >DO LQJOpV@ SRU 5DOSK 0DQKHLP 6HULH %ROOLQJHQ 
    1XHYD&RUN3DQWHyQ%RRNV
    ² ³7KH 3V\FKRORJLFDO 6WDWXV RI )HPLQLQH 'HYHORSPHQW´ 6SULQJ
     
    3HUHUD 6\OYLD %ULQWRQ 'HVFHQW WR WKH *RGGHVV $ :D\ RI ,QLWDWLRQ
    IRU :RPHQ 7RURQWR ,QQHU &LW\ %RRNV  5XSSUHFKW &DURO
    ³7KH0DUWLDO0DLGDQGWKH&KDOOHQJHRI$QGURJ\Q\ 1RWHVRQDQ
    8QEHIULHQGHG$UFKHW\SH ´6SULQJ  
    6FKPLGW /\QGD ³7KH %URWKHU6LVWHU 5HODWLRQVKLS LQ 0DUULDJH´
    -RXUQDORI$QDO\WLFDO3V\FKRORJ\Qž  
    6LQJHU-XQH$QGURJ\Q\1XHYD<RUN'RXEOHGD\
    ²³5LVHRIWKH$QGURJ\Q\3KHQRPHQD´$QLPDQž  
    6SUHQWQDN&KDUOHQH³3UREOHPVZLWK-XQJLDQ8VHVRI*UHHN*RGGHVV
    0\WKRORJ\´$QLPDQž  
    6WHLQ0XUUD\³+HUD%RXQGDQG8QERXQG´6SULQJ  
    ² ³7UDQVODWRU¶V $IWHUWKRXJKWV´ (Q .DUO .HUqQ\L $WKHQH 9LUJLQ DQG
    0RWKHU7UDGXFLGR>DOLQJOpV@SRU0XUUD\6WHLQ=XULFKSULPDYHUD
    GH
    6WHYHQV$QWKRQ\ $UFKHW\SHV$1DWXUDO+LVWRU\RQWKH6HOI1XHYD
    <RUN0RUURZ
    8ODQRY$QQ%HOIRUG³$UFKHW\SHVRIWKH)HPLQLQH´(Q 7KH)HPLQLQH
    LQ -XQJLDQ 3V\FKRORJ\ DQG &KULVWLDQ 7KHRORJ\ (YDQVWRQ ,,,
    1RUWKZHVWHUQ8QLYHUVLW\3UHVV
    :KHHOZULJKW -DQH :RPHQ DQG 0HQ 6DQ )UDQFLVFR &* -XQJ
    ,QVWLWXWHRI6DQ)UDQFLVFR
    :ROI 7RQL ³$ )HZ 7KRXJKWV RQ ,QGLYLGXDWLRQ LQ :RPHQ´ 6SULQJ
     
    =DEULVNLH3KLOLS³*RGGHVVHVLQ2XU0LGVW´4XDGUDQW  

     36,&2/2*Ë$ '( /$6 08-(5(6 3(563(&7,9$6


    ',67,17$6 $ /$6 '( -81*

    $SSOHJDUWK $GULHQQH ³6RPH 2EVHUYDWLRQV RQ :RUN ,QKLELWLRQV LQ


    :RPHQ´ -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
    Qž  
    %DUW 3DXOLQH % ³3RUWQR\¶V 0RWKHU¶V &RPSODLQW´ 7UDQV$FWLRQ
    QRYLHPEUHGLFLHPEUH 
    ² ³'HSUHVVLRQ LQ 0LGGOH$JHG :RPHQ´ (Q :RPHQ LQ 6H[LVW
    6RFLHW\UHFRSLODGRSRU9LYLDQ*RUQLFN\%DUEDUD.0RUDQ1XHYD
    <RUN%DVLF%RRNV
    %HQHGHN 7KHUHVH \ 5XELQVWHLQ %RULV % ³7KH 6H[XDO &\FOH LQ
    :RPHQ 7KH 5HODWLRQVKLS %HWZHHQ 2YDULDQ IXQFWLRQ DQG
    3V\FKRG\QDPLF 3URFHVVHV´ 3V\FKRVRPDWLF 0HGLFLQH 0RQRJUDSKV
     Qž  \    (GLWDGR SRU LQFOXVLyQ HQ 7KHUHVH %HQHGHN
    3V\FKRDQDO\WLF ,QYHVWLJDWLRQV 6HOHFWHG 3DSHUV ³7KH &RUUHODWLRQ
    %HWZHHQ 2YDULDQ $FWLYLW\ DQG 3V\FKRG\QDPLF 3URFHVV´ 1XHYD
    <RUN4XDGUDQJOH
    %HUQDUGH]%RQHVDWWL 7HUHVD ³:RPHQ DQG $QJHU &RQIOLFWXV ZLWK
    $JJUHVVLRQ LQ &RQWHPSRUDU\ :RPHQ´ -RXUQDO RI WKH $PHULFDQ
    0HGLFDO:RPHQ¶V$VVRFLDWLRQQž  
    %HVGLQH0DWWKHZ³0UV2HGLSXV´3V\FKRORJ\7RGD\ PDU]R 
    &DUPHQ (ODLQH 5XVVR 1DQF\ ) \ 0LOOHU -XDQ % ³,QHTXDOLW\ DQG
    :RPHQ¶V 0HQWDO +HDOWK $Q 2YHUYLHZ´ $PHULFDQ -RXUQDO RI
    3V\FKLDWU\Qž  
    &KHUQLQ .LP 7KH 2EVHVVLRQ 5HIOHFWLRQV RQ WKH 7\UDQQ\ RI
    6OHQGHUQHVV1XHYD<RUN+DUSHU 5RZ
    &KHVOHU3K\OOLV:RPHQ 0DGQHVV1XHYD<RUN'RXEOHGD\
    &KLFDJR-XG\7KURXJKWKH)ORZHU1XHYD<RUN'RXEOHGD\
    'RZOLQJ &ROHWWH 7KH &LQGHUHOOD &RPSOH[ :RPHQ¶V +LGGHQ )HDU RI
    ,QGHSHQGHQFH1XHYD<RUN6XPPLW%RRNV
    (ULNVRQ(ULN³,QQHUDQG2XWHU6SDFH5HIOHFWLRQVRQ:RPDQKRRG´
    'DHGDOXV  
    )UHHPDQ-RHG:RPHQ$)HPLQLVW3HUVSHFWLYHžHG1XHYD<RUN
    %DVLF%RRNV
    7KH )HPDOH ([SHULHQFH 'H ORV HGLWRUHV GH 3V\FKRORJ\ 7RGD\ 'HO
    0DU&DOLI&50
    )LHOG-RDQQD$/LIHRI2QH¶V2ZQ/RV$QJHOHV7DUFKHU
    )ULHGDQ%HWW\7KH)HPLQLQH0\VWLTXH1XHYD<RUN'HOO
    *DOODQG &KLQD :RPHQ LQ WKH :LOGHUQHVV 1XHYD <RUN +DUSHU
    5RZ
    *LOOLJDQ &DURO ,Q D 'LIIHUHQW 9RLFH 3V\FKRORJLFDO 7KHRU\ DQG
    :RPHQ¶V 'HYHORSPHQW &DPEULGJH 0DVV +DUYDUG 8QLYHUVLW\
    3UHVV
    *RUQLN 9LYLDQ \ 0RUDQ %DUEDUD . HGV :RPHQ LQ 6H[LVW 6RFLHW\
    1XHYD<RUN%DVLF%RRNV
    *UD\(OL]DEHWK'RGVRQ:K\WKH*UHHQ1LJJHU5HP\WKLQJ*HQHVLV
    :HOOHVOH\0DVV5RXQWDEOH3UHVV
    *UHHU *HUPDLQH 7KH )HPDOH (XQXFK 1XHYD <RUN 0DF*UDZ+LOO
    
    *ULIILQ 6XVDQ 5DSH 7KH 3RZHU RI &RQVFLRXVQHVV 1XHYD <RUN
    +DUSHU 5RZ
    +HLOEUXQ &DURO\Q * 7RZDUG D 5HFRJQLWLRQ RI $QGURJ\Q\ 1XHYD
    <RUN+DUSHU 5RZ
    ²5HLQYHQWLQJ:RPDQKRRG1XHYD<RUN1RUWRQ
    +HQQLQJ0DUJDUHW\-DUGLP$QQH 7KH0DQDJHULDO:RPDQ1XHYD
    <RUN6LPRQ 6FKXVWHU
    +RUQHU 0DWLQD ³:K\ %ULJKW :RPHQ )HDU 6XFFHVV´ (Q 7KH )HPDOH
    ([SHULHQFHGHORVHGLWRUHVGH 3V\FKRORJ\7RGD\'HO0DU&DOLI
    &50
    +RZHOO(OL]DEHW\%D\HV0DUMRULHHGV :RPHQDQG0HQWDO+HDOWK
    1XHYD<RUN%DVLF%RRNV
    .RHGW $QQ /HYLQH (OOHQ \ 5DSRQH $QLWD HGV 5DGLFDO )HPLQLVP
    1XHYD&RUN4XDGUDQJOH
    .ROEHQVFKODJ 0DGRQQD .LVV 6OHHSLQJ %HDXW\ *RRG%\H %UHDNLQJ
    WKH 6SHOO RI )HPLQLQH 0\WKV DQG 0RGHOV 1XHYD <RUN 'REOHGD\
     >3XEOLFDGR SRU (G .DLUyV %DUFHORQD  FRQ HO WtWXOR
    $GLyV%HOOD'XUPLHQWH@
    /DNRII5RELQ /DQJXDJHDQG:RPDQ¶V3ODFH1XHYD<RUN+DUSHU
    5RZ
    /HGHUHU:ROIJDQJ 7KH)HDURI:RPHQ1XHYD<RUN+DUFRXUW%UDFH
    -RYDQRYLFK
    /HUQHU+DUULHW(³(DUO\2ULJLQVRI(QY\DQG'HYDOXDWLRQRI:RPHQ
    ,PSOLFDWLRQVIRU6H[5ROH6WHUHRW\SHV´ %XOOHWLQRIWKH0HQQLQJHU
    &OLQLFQž  
    0DUWLQ'HO%DWWHUHG:LYHV1XHYD<RUN6LPRQ 6FKXVWHU
    0LOOHU -HDQ %DNHU 3V\FKRDQDO\VLV DQG :RPHQ 1XHYD <RUN
    %UXQQHU0D]HO  (GLFLyQ HQ U~VWLFD %DOWLPRUH 3HQJXLQ
     
    ² 7RZDUG D 1HZ 3V\FKRORJ\ RI :RPHQ %RVWRQ %HDFRQ 3UHVV
    
    1DGHOVRQ &DURO & 1RWPDQ 0DONDK 7 7KH :RPDQ 3DWLHQW 9RO 
    &RQFHSWV RI )HPLQLW\ DQG WKH /LIH &\FOH 1XHYD <RUN 3OHQXP
    3UHVV
    1RWPDQ 0DONDK \ 1DGHOVRQ &DURO & ³7KH 5DSH 9LFWLP
    3V\FKRG\QDPLF &RQVLGHUDWLRQV´ $PHULFDQ -RXUQDO RI 3V\FKLDWU\
    Qž  
    2FKV &DURO %HKLQG WKH VH[ RI *RG 7RZDUG D 1HZ &RQVFLRXVQHVV
    7UDQVFHQGLQJ 0DWULDUFK\ DQG 3DWULDUFK\ %RVWRQ %HDFRQ 3UHVV
    
    3HUVRQ (WKHO 6SHFWRU ³:RPHQ :RUNLQJ )HDUV RI )DLOXUH 'HYLDQFH
    DQG 6XFFHVV´ -RXUQDO RI WKH $PHULFDQ $FDGHP\ RI
    3V\FKRDQDO\VLVQž  
    5RKUEDXJK-RDQQD%XQNHUHG :RPHQ3V\FKRORJ\¶V3X]]OH1XHYD
    <RUN%DVLF%RRNV
    5RVVL$OLFH6³/LIH6SDQ7KHRULHVDQG:RPHQ¶V/LYHV´6LQJVQž
     
    5XELQ/LOOLDQ%:RPHQRID&HUWDLQ$JH7KH0LGOLIH6HDUFKIRU6HOI
    1XHYD<RUN+DUSHU 5RZ
    6FDUI 0DJJLH 8QILQLVKHG %XVLQHVV 3UHVVXUH 3RLQWV LQ WKH /LYHV RI
    :RPHQ1XHYD<RUN%DOODQWLQH%RRNV
    6HLGHQ$QQH0³2YHUYLHZ5HVHDUFKRQWKH3V\FKRORJ\RI:RPHQ
    3DUW  :RPHQ DQG )DPLOLHV :RUN DQG 3V\FKRWKHUDS\´
    $PHULFDQ-RXUQDORI3V\FKLDWU\Qž  
    6HLGHQEHUJ 5REHUW ³7KH 7UDXPD RI (YHQWOHVVQHVV´ (Q
    3V\FKRDQDO\VLV DQG :RPHQ HGLWDGR SRU -HDQ %DNHU 0LOOHU
    %DOWLPRUH3HQJXLQ
    6SUHQWQDN&KDUOHQHHG 7KH3ROLWLF¶VRI:RPHQ¶V6SLULWXDOLW\(VD\V
    RQ WKH 5LVH RI 6SLULWXDO 3RZHU :LWKLQ WKH )HPLQLVW 0RYHPHQW
    1XHYD<RUN'RXEOHGD\
    6WLQHV *UDKDP 7UDYLV &DURO \ -D\DUDWQH 7( ³7KH 4XHHQ %HH
    6\QGURPH (Q 7KH )HPDOH ([SHULHQFH GH ORV HGLWRUV GH
    3V\FKRORJ\7RGD\'HO0DU&DOLI&05
    6WHLQHP *ORULD 2XWUDJHRXV $FWV DQG (YHU\GD\ 5HEHOOLRQV 1XHYD
    <RUN+ROW5LQHKDUW :LQVWRQ
    6WRQH0HUOLQ:KHQ*RG:DVD:RPDQ1XHYD<RUN+DUFRXUW%UDFH
    -RYDQRYLFK
    6\PRQGV $OH[DQGULD ³9LROHQFH $JDLQVW :RPHQ 7KH 0\WK RI
    0DVLFKLVP´$PHULFDQ-RXUQDORI3V\FKRWKHUDS\Qž  
    7KRPDV /\QQ 7KH %DFNSDFNLQJ :RPDQ 1XHYD <RUN 'RXEOHGD\
    
    :HLVVPDQ 0\UQD 0 \ .DSODQ *HUDOG / ³6H[ 'LIIHUHQFHV DQG WKH
    (SLGHPLRORJ\ RI 'HSUHVVLRQ´ (Q *HQGHU DQG 'LVRUGHUHG
    %HKDYLRU HGLWDGR SRU ( 6 *RPEHUJ \ 9 )UDQNV 1XHYD <RUN
    %UXQQHU0D]HO
    :LVVWHLQ 1DRPL ³3V\FKRORJ\ &RQVWUXFWV WKH )HPDOH´ (Q 5DGLFDO
    )HPLQLVPHGLWDGRSRU$QQH.RHGW(OOHQ/HYLQH\$QLWD5DSRQH
    1XHYD<RUN4XDGUDQJOH 3XEOLFDGRWDPELpQHQ :RPDQLQ
    6H[LVW 6RFLHW\ HGLWDGR SRU 9LYLDQ *RUQLN \ %DUEDUD . 0RUDQ
    1XHYD<RUN%DVLF%RRNV 

     36,&2/2*Ë$ *(1(5$/ 5()(5(1&,$6 5(/(9$17(6 3$5$


    (67( /,%52

    (ULNVRQ (ULN &KLOKRRG DQG 6RFLHW\  HG 1XHYD <RUN 1RUWRQ
    
    )HLQVWHLQ$'DYLG³3HUVRQDO0\WKRORJ\DVD3DUDGLJPIRUD+ROLVWLF
    3XEOLF3V\FKRORJ\´ $PHULFDQ-RXUQDORI2UWKRSV\FKLDWU\Qž
     
    )UHXG6LJPXQG 7KH6WDQGDUG(GLWLRQRIWKH3V\FKRORJLFDO:RUNVRI
    6LJPXQG)UHXG(G-6WUDFKH\/RQGUHV+RJDUWK3UHVV
    *DUGQHU (DUO 5 \ +DOO 5LFKDUG & : ³7KH 3URIHVVLRQDO 6WUHVV
    6\QGURPH´3V\FKRVRPDWLFVQž  
    *HQGOLQ (XJHQH 7 )RFXVLQJ 1XHYD <RUN %DQWDP %RRNV 
    3XEOLFDGRRULJLQDOPHQWHHQ 
    +DUULV 0DUN ³7HFKLQJ ,V D )RUP RI /LYLQJ´ 3V\FKRORJ\ 7RGD\
    VHSWLHPEUH 
    -D\QHV-XOLDQ 7KH2ULJLQRI&RQVFLRXVQHVVLQWKH%UHDNGRZQRIWKH
    %LFDPHUDO0LQG%RVWRQ+RXJKWRQ0LIIOLQ 
    /HYLQVRQ 'DQLHO 7KH 6HDVRQV RI D 0DQ¶V /LIH 1XHYD <RUN
    %DOODQWLQH
    1HXJDUWHQ%HUQLFH/HG 0LGGOH$JHDQG$JLQJ$5HDGHULQ6RFLDO
    3V\FKRORJ\&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV
    0HW]QHU5DOSK.QRZ<RXU7\SH1XHYD<RUN'RXEOHGD\
    5RVHQWKDO5REHUW³7KH3\JPDOLRQ(IIHFWV/LYHV´ 3V\FKRORJ\7RGD\
    VHSWLHPEUH 
    5RVHQWKDO5REHUW\-DFREVRQ/HQRUH 3\JPDOLRQLQWKH&ODVVURRP
    7HDFKHU([SHFWDWLRQDQG3XSLO¶V,QWHOOHFWXDO'HYHORSPHQW1XHYD
    <RUN+ROW5LQHKDUW :LQVWRQ
    5LFKDUG 0& 0DU\ &DUROLQH  &HQWHULQJ 3RWWHU\ 3RHWU\ DQG WKH
    3HUVRQ 0LGGOHWRQ &RQQ :HVOZ\DQ 8QLYHUVLW\ 3UHVV 
    ,PSUHVRRULJLQDOPHQWHHQ 
    6DIDQ*HUDUG 'HV\ ³+RZ WR 8QEORN´ 3V\FKRORJ\ 7RGD\ HQHUR
     
    6KHHK\*DLO 3DVVDJHV3UHGLFWDEOH&ULVHVRI$GXOW/LIH1XHYD<RUN
    'XWWRQ
    7HQQRY 'RURWK\ /RYH DQG /LPHUHQFH 7KH ([SHULHQFH RI %HLQJ LQ
    /RYH%ULDUFOLII0DQRU1XHYD<RUN6WHLQ 'D\
    127$6
    6HFLWDQHQSULPHUOXJDUODVIXHQWHVSULQFLSDOHVGHFDGDFDStWXOR
    VHJXLGDVGHODVQRWDVQXPHUDGDV

    7RGDVODVUHIHUHQFLDVDODVREUDVFRPSOHWDVGH-XQJ GHVLJQDGDV
    FRQODDEUHYLDWXUD&: HVWiQWRPDGDVGH &ROOHFWHG:RUNVRI&*
    -XQJ HGLWDGDV SRU VLU +HUEHUW 5HDG 0LFKDHO )RUGKDP \ *HUKDUG
    $GOHU WUDGXFLGDV SRU 5&) +XOO HGLWRU HMHFXWLYR :LOOLDP 0F*XLUH
    6HULH%ROOLQJHQ 3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV 

    ,1752'8&&,Ï1 +$< ',26$6 (1 &$'$ 08-(5

    /HUQHU +DUULHW ( ³(DUO\ RULJLQV RI (QY\ DQG 'HYDOXDWLRQ RI


    :RPHQ ,PSOLFDWLRQV IRU 6H[ 5ROH 6WHUHRW\SHV´ %XOOHWLQ RI WKH
    0HQLQJHU&OLQLFQR  SS
    /RRPLV0DU\\6LQJHU-XQH³7HVWLQJWKH%LRSRODULW\$VVXPSWLRQ
    LQ-XQJ¶V7\SRORJ\´-RXUQDORI$QDOLW\F3V\FKRORJ\QR  
    0LOOHU-HDQ%DNHU 7RZDUGD1HZ3V\FKRORJ\RI:RPHQ%RVWRQ
    %HDFRQ3UHVV
    1HZPDQQ (ULFK $PRU DQG 3V\FKH 7KH 3V\JLF 'HYHORSPHQW RI
    WKH )HPLQLQH 7UDGXFLGR DO LQJOHV  SRU 5DOS 0DQKHLP 6HULH
    %ROOLQJHQ1XHYD<RUN3DQWKHRQ%RRNV

     /$6 ',26$6 &202 ,0È*(1(6 ,17(51$6


    -XQJ&*³$UFKHW\SHVRIWKH&ROOHFWLYH8QFRQVFLXV´  &:
    YROSULPHUDSDUWH  SS
    Ā ³7KH &RQFHSW RI WKH &ROOHFWLYH 8QVFRQVFLRXV´ &: YRO 
    SULPHUDSDUWHSS
    0DURKQ 6WHSKDQLH ³7KH *RGGHVV 5HVXUUHFWHG´ :RPHQHZV
    SXEOLFDGR SRU WKH )ULHQGV RI WKH 6DQ )UDQFLVFR &RPPLVLRQ RQ WKH
    6WDWXVRI:RPHQ Qƒ MXQLR 
    0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG
    0XVLF1XHYD<RUN:LOH\
    6SUHQWQDN &KDUOHQH HG 7KH 3ROLWLFV RI :RPHQ¶V 6SLULWXDOLW\
    (VD\VRQWKH5LVHRI6SLULWXDO3RZHU:LWKLQWKH)HPLQLVW0RYHPHQW
    1XHYD<RUN'RXEOHGD\
    6WRQH 0HUOLQ :KHQ *RG :DV D :RPDQ 1XHYD <RUN
    +DUYHVW+DUFRXUW %UDFH -DQRYLFK FRQ DXWRUL]DFLyQ GH 'LDO 3UHVV
    

     /$6 ',26$6 9Ë5*(1(6

    *XVWDLWLV5DVD³0RYLQJ)UHHO\WKURXJK1LJKWWLPH6WUHHWV´3DFLILF
    1HZV6HUYLFH$UWtFXOROLEUH (QFRQWUDGRSRUHMHPSORHQ &LW\
    RQ D +LOO 3UHVV 8QLYHUVLGDG GH &DOLIRUQLD 6DQWD &UX]  GH DEULO
     
    +DUGLQJ0(VWKHU³7KH9LUJHQ*RGGHVV´(Q:RPHQ¶V0\VWHULHV
    1XHYD<RUN%DQWDP%RRNVSXEOLFDGRFRQDXWRUL]DFLyQGH3XWQDP¶V
    SS
    .RWVFKLQJ (OLQHG 3U\V ³:RPDQKRRG LQ 0\WK DQG /LIH´ ,QZDUG
    /LJWKQž  
    Ā³:RPDQKRRGLQ0\WKDQ/LIHSDUWH´,QZDUG/LJKWQž
     
     $57(0,6$

    *XWKULH : . & ³$UWHPLV´ (Q 7KH *UHHNV DQG 7KHLU *RGV
    %RVWRQ%HDFRQ3UHVVSS
    .HUqQ\L & ³/HWR $SROORQ DQG $UWHPLV´ (Q 7KH *RGV RI WKH
    *UHHNV 7UDGXFLGR >DO LQJOpV@ SRU 1RUPDQ &DPHURQ 1XHYD <RUN
    7KDPHV +XGVRQ 3XEOLFDGRRULJLQDOPHQWHHQ 
    .HUqQ\L .DUW ³$ 0\WKRORJLFDO ,PDJH RI *LUOKRRG $UWHPLV´ (Q
    )DFLQJ WKH *RGV UHFRSLODGR SRU -DPHV +LOOPDQ ,UYLQJ 7H[DV
    SULPDYHUDGHSS
    0D\HUVRQ 3KLOLS ³$UWHPLV´ (Q &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH
    $UWDQG0XVLF1XHYD<RUN:LOH\SS
    0RRUH 7RP ³$UWHPLV DQG WKH 3XHU´ (Q 3XHU 3DSHUV ,UYLQJ
    7H[DVSULPDYHUDGHSS
    0DODPXG5HQp³7KH$PD]RQ3UREOHP´6SULQJ  SS
    2WWR :DOWHU ) ³$UWHPLV´ (Q 7KH +RPHULF *RGV 7UDGXFLGR GHO
    DOHPiQ>DOLQJOpV@SRU0RVHV+DGDV1XHYD<RUN7KDPHV +XGVRQ
    SXEOLFDGRFRQDXWRUL]DFLyQGH3DQWHyQ%RRNVSS
    6FKLPLGW /\QGD ³7KH %URWKHU6LVWHU 5HODWLRQVKLS LQ 0DUULDJH´
    -RXUQDORI$QDO\WLFDO3V\FKRORJ\Qž  
    =DEULVNLH3KLOLS7³*RGGHVVHVLQ2XU0LGVW´ 4XDGUDQW RWRxRGH
     SS

     $7(1($

    'RZQLQJ &KULVWLQH ³'HDU *UH\ (\HV $ 5HYDOXDWLRQ RI 3DOODV


    $WLHQH´(Q7KH*RGGHVV1XHYD<RUN&URVVURDGSS
    (OLDV%XWWRQ.DUHQ³$WKHQHDQG0HGXVD´$QLPDQž 6SULQJ
    (TXLQR[ 
    +LOOPDQ -DPHV ³2Q WKH 1HFHVVLW\ RI $EQRUPDO 3V\FKRORJ\
    $QDNHDQG$WKHQH´(Q )DFLQJWKH*RGV(GLWDGRSRU-DPHV+LOOPDQ
    ,UYLQJ7H[DVSULPDYHUDGHSS
    .HUqQ\L&³0HWLVDQG3DOODV$WKHQH´(Q7KH*RGVRIWKH*UHHNV
    7UDGXFLGR >DO LQJOpV@ SRU 1RUPDQ &DPHURQ 1XHYD <RUN 7KDPHV
    +XGVRQSS 3XEOLFDGRRULJLQDOPHQWHHQ 
    .HUqQ\L .DUW $WKHQH 9LUJHQ DQG 0RWKHU 7UDGXFLGR >DO LQJOpV@
    SRU0XUULD6WHLQ,UYLQJ7H[DV6SULQJ
    0D\HUVRQ 3KLOLS ³$WKHQD´ (Q &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUD
    $UWDQG0XVLF1XHYD<RUN:LOH\SSSS
    2WWR :DOWHU ) ³$WKHQD´ HQ 7KH +RPHULF *RGV 7UDGXFLGR >DO
    LQJOpV@ SRU 0RVHV +DGDV 1XHYD <RUN 7KDPHV  +XGVRQ FRQ
    DXWRUL]DFLyQGH3DQWHyQ%RRNVSS
    5XSSUHFKW&DURO6FKUHLHU³7KH0DUWLDO0DLGDQGWKH&KDOOHQJHRI
    $QGURJ\Q\´6SULQJ  SS
    6WHLQ 0XUUD\ ³7UDQVODWRU¶V $IWHUWKRXJWKV´ (Q .HUqQ\L .DUO
    $WKHQH 9LUJLQ DQG 0RWKHU 7UDGXFLGR >DO LQJOpV@ SRU 0XUUD\ 6WHLQ
    ,UYLQJ7H[DVSULPDYHUDGHSS

     +(67,$

    %UDGZD\ .DWKHULQH ³+HVWLD DQG $WKHQD LQ WKH $QDO\VLV RI


    :RPHQ´,QZDUG/LJWK  Qž
    'HPHWUDNRSRXORV6WHSKDQLH³+HVWLD*RGGHVVRI+HDUWK´6SULQJ
     SS(VWHDUWtFXORIXHPLIXHQWHSULQFLSDOSDUDUHGDFWRU
    OD SDUWH VREUH OD PLWRORJLD \ ORV ULWXDOHV GH +HVWLD 7KH +\PQ WR
    +HVWLD´ \ ³7KH 6HFRQG +\PQ WR +HVWLD´ HQ +RPHULF +\PQV
    7UDGXFLGR >DO LQJOpV@ SRU &KDUOHV %RHU (G 5HY ,UYLQJ 7H[DV
    SULPDYHUDGHSS
    -XQJ&*³7KH6SLULW0HUFXULRV3DUWQž0HUFXULRVDV)LUH´
    &:YROSS
    Ā³7KH6SLULWRI0HUFXULXV3DUWQž0HUFXULXVDQG+HUPHV´
    &:YROSS
    .LUNVH\ %DUEDUD ³+HVWLD $ %DFNJURXQG RI 3V\FKRORJLFDO
    )RFXVLQJ´ (Q )DFLQJ WKH *RGV (GLWDGR SRU -DPHV +LOOPDQ ,UYLQJ
    7H[DVSULPDYHUDGHSS
    .ROWXY %DUEDUD %ODFN ³+HVWLD9HVWD´ 4XDGUDQW  LQYLHUQR GH
     SS
    /XNH +HOHQ 0 ³*RGGHVV RI WKH +HUDW´ (Q :RPDQ (DUWK DQG
    6SLULW 1XHYD<RUN&URVVURDG SS
    0D\HUVRQ 3KLOLS ³+HVWLD 9HVWD ´ (Q &ODVVLFDO 0\WKRORJ\ LQ
    /LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\SS
    Ā´+HUPHV 0HUFXU\ ´ (Q &ODVVLFDO 0XWKRORJ\ LQ /LWHUDWXUH $UW
    DQG0XVLF 1XHYD<RUN:LOH\ SS

     +(5$

    'RZQLQJ &KULVWLQH ³&RPLQJ WR 7HUPV ZLWK +HUD´ 4XDGUDQW 


    Qž LQYLHUQRGH 
    .HUqQ\L & ³=HXV DQG +HUD´ \ ³+HUD´ $UHV DQG +HSKDLVWRV´ (Q
    7KH*RGVRIWKH*UHHNV7UDGXFLGR>DOLQJOpV@SRU1RUPDQ&DPHURQ
    1XHYD <RUN 7KDPHV  +XGVRQ  SS  
    3XEOLFDGRRULJLQDOPHQWHHQ 
    Ā =HXV DQG +HUD $UFKHW\SDO ,PDJH RI )DWKHU +XVEDQG DQG
    :LIH7UDGXFLGR>DOLQJOpV@SRU&KULVWRSKHU+ROPH6HULH%ROOLQJHQ
    3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV
    .HUqQ\L.DUO³7KH0XUGHHUHVV0HGHD(Q *RGGHVVHVRI6XQDQG
    0RRQ,UYLQJ7H[DVSULPDYHUDGHSS
    0D\HUVRQ 3KLOLS ³+HUD -XQR ´ (Q &ODVVLFDO 0\WKRORJ\ LQ
    /LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\SS
    Ā³0HGHD´(Q &ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH$UWDQG0XVLF
    1XHYD<RUN:LOH\SS
    6WHLQ 0XUUD\ ³+HUD %RXQG DQG 8QERXQG´ 6SULQJ   SS
     (VWH DUWtFXOR IXH PL SULQFLSDO IXHQWH SDUD UHGDFWRU HO
    DUTXHWLSR GH +HUD (O DUWtFXOR GH 6WHLQ DVRFLD HO LQVWLQWR GH
    HPSDUHMDPLHQWRFRQ+HUD\GHVFULEHVXVWUHVIDVHV
    =DEULVNLH 3KLOLS ³*RGGHVVHV LQ 2XU 0LGVW´ 4XDGUDQW RWRxR GH
     SS

     '(0e7(5

    'HPHWUDNRSRXORV 6WHSKDQLH ³/LIH 6WDJH 7KHRU\ *HURQWRORJLFDO


    5HVHDUFK DQG WKH 0\WKRORJ\ RI WKH 2OGHU :RPDQ ,QGHSHQGHQFH
    $XWRQRP\DQG6WUHQJWK´ $QLPDQž 6SULQJ(TXLQR[ 
    
    )ULHGULFK 3DXO ³7KH )LIWK 4XHHQ 7KH 0HDQLQJ RI 'HPHWHU´ \
    ³7KH +RPHULF +\PQ WR 'HPHWHU´ (Q 7KH 0HDQLQJ RI $SKURGLWH
    &KLFDJR8QLYHUVLW\RI&KLFDJR3UHVVSS³7KH+\PQ
    WR 'HPHWHU´ (Q 7KH +RPHULF +\PQV WUDGXFLGR >DO LQJOpV@ SRU
    &KDUOHV %RHU  HG UHY ,UYLQJ 7H[DV SULPDYHUD GH  SS 
    
    -XQJ &* ³3V\FKRORJLFDO $VSHFWV RI WKH 0RWKHU $UFKHW\SH´
     &:YROSDUWH  SS
    .HUqQ\L & (OHXVLV $UFKHW\SDO ,PDJH RI 0RWKHU DQG 'UDJKWHU
    7UDGXFLGR >DO LQJOpV@ SRU 5DOSK 0DQKHLP 1XHYD &RUN 6FKRFNHQ
    %RRNV SXEOLFDGR FRQ DXWRUL]DFLyQ GH 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
    ,PSUHVRSUHYLDPHQWHHQODVHULH%ROOLQJHQ  
    /XNH +HOHQ 0 ³0RWKHU DQG 'UDJKWHU 0\VWHULHV´ (Q :RPDQ
    (DUWKDQG6SLULW1XHYD&RUN&URVVURDGSS
    =DEULVNLH 3KLOLS ³*RGGHVVHV LQ 2XU 0LGVW´ 4XDGUDQW RWRxR GH
     SS

     3(56e)21(

    'RZOLQJ&ROHWWH 7KH&LQGHUHOOD&RPSUH[:RPHQ¶V+LGGHQ)HDU
    RI,QGHSHQGHQFH1XHYD<RUN6XPPLW%RRNV(OFRPSOHMRGH
    &HQLFLHQWDGHVFULEHXQSDWUyQGHFRPSRUWDPLHQWRWLSR3HUVpIRQH(O
    OLEUR RIUHFH XQD FRPSUHQVLyQ H[FHOHQWH GH FyPR OD IDPLOLD \ OD
    FXOWXUD UHIXHU]DQ HVWH DUTXHWLSR FRQ ³VREUHDWHQFLyQ DSUHQVLYD´ H
    LQKLELFLyQGHDVHUWLYLGDGHLQGHSHQGHQFLD
    'RZQLQJ&KULVWLQH³3HUVHSKRQHLQ+DGHV´ $QLPD  Qž
    'HVDSDUHFLGR(TXLQR[ 
    .DUqQ\L & (OHXVLV $UFKHW\SDO ,PDJH RI 0RWKHU DQG 'DXJKWHU
    WUDGXFLGR >DO LQJOpV@ SRU 5DOSK 0DQKHLP 1XHYD <RUN 6FKRFNHQ
    %RRNV UHLPSUHVR FRQ DXWRUL]DFLyQ GH 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
    ,PSUHVRSUHYLDPHQWHHQODVHULH%ROOLQJHQ  
    ³7KH+\PQWR'HPHWHU´ HOUDSWRGH3HUVpIRQH (Q7KH+RPHULF
    +\PQV WUDGXFLGR >DO LQJOpV@ SRU &KDUOHV %RHU  HG UHY ,UYLQJ
    7H[DVSULPDYHUDGHSS

     /$6 ',26$6 $/48Ë0,&$6

    7HQQRV 'RURWK\ /RYH DQG /LPHUHQFH 7KH ([SHULHQFH RI %HLQJ


    LQ/RYH1XHYD<RUN6WHLQ 'D\

     $)52',7$

    )ULHGHULFK 3DXO 7KH 0HDQLQJ RI $SKURGLWH &KLFDJR 8QLYHUVLW\


    RI&KLFDJR3UHVVeVWDIXHPLIXHQWHSULQFLSDOSDUDUHGDFWRUOD
    PLWRORJtD\HOVLPEROLVPRGH$IURGLWD
    -RKQVRQ 5REHUW 6KH 8QGHUVWDQGLQJ )HPHQLQH 3V\FKRORJ\
    1XHYD <RUN +DUSHU  5RZ  3XEOLFDGR RULJLQDOPHQWH HQ
     
    .HUqQ\L.DUO³7KH*ROHHQ2QH$SKURGLWH´ (Q*RGGHVVHVRIWKH
    6XQDQG0RRQ7UDGXFLGR>DOLQJOpV@SRU0XUUD\6WHLQ,UYLQJ7H[DV
    SULPDYHUDGHSS
    ³7KH +\PQ WR $SKURGLWH´ ³7KH 6HFRQG +\PQ WR $SKURGLWH´ \
    ³7KH 7KLUG +\PQ WR $SKURGLWH´ (Q 7KH +RPHULF +\PQV WUDGXFLGR
    >DOLQJOpV@SRU&KDUOHV%RHUHGUHY,UYLQJ7H[DV6SLQJ
    SS
    0D\HUVRQ 3KLOLS ³$SKURGLWH 9HQXV ´ (Q &ODVVLFDO 0\WKRORJ\ LQ
    /LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\SS
    1HXPDQQ(ULFK $PRUDQG3V\FKH7KH3V\FKLF'HYHORSPHQWRI
    WKH )HPLQLQH 7UDGXFLGR >DO LQJOpV@ SRU 5DOSK 0DQKHLP 6HULH
    %ROOLQJHQ 1XHYD<RUN3DQWKHRQ
    2WWR :DOWHU ) ³$SKURGLWH´ (Q 7KH +RPHULF *RGV WUDGXFLGR >DO
    LQJOpV@SRU0RVHV+DGDV1XHYD&RUN7KDPHV +XGVRQSXEOLFDGR
    FRQDXWRUL]DFLyQGH3DQWHyQ%RRNVSS
    =DEULVNLH 3KLOLS ³*RGGHVVHV LQ 2XU 0LGVW´ 4XDGUDQW RWRxR GH
     SS

     ¢48e ',26$ &216,*8( /$ 0$1=$1$ '( 252"

    -XQJ&*³3V\FKRORJLFDO7\SHV´&:YRO
    0D\HUVRQ 3KLOLS ³7KH 7URMDQ :DU´ (Q &ODVVLFDO 0\WKRORJ\ LQ
    /LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\SS

     +$< 81$ +(52Ë1$ (1 &$'$ 08-(5

    $GDPV 5LFKDUG :DWHUVKLS 'RZQ 1XHYD &RUN $YRQ %RRNV


    SXEOLFDGRFRQDXWRUL]DFLyQGH0DF0LOODQ
    $XHO -HDQ 0 7KH &ODQ RI WKH &DYH %HDU 1XHYD <RUN %DQWDP
    %RRNVFRQDXWRUL]DFLyQGH&URZQ3XEOLVKHUV
    Ā 7KH 9DOOH\ RI +RUVHV 1XHYD <RUN &URZQ 3XEOLVKHUV 
    7RONLHQ - 55 7KH )HOORZVKLS RI WKH 5LQJ 7ULORJ\ 1XHYD <RUN
    %DOODQWLQH%RRNVFRQDXWRUL]DFLyQGH+RXJKWRQ0LIIOLQ

    $3e1',&( 48,e1 (6 48,e1 (1 /$ 0,72/2*Ë$ *5,(*$

    =LPPHUPDQ-( 'LFWLRQDU\RI&ODVVLFDO0\UKRORJ\1XHYD<RUN
    %DQWDP%RRNVFRQDXWRUL]DFLyQGH+DUSHU 5RZ)XHQWHSDUD
    ODSURQXQFLDFLyQGHORVQRPEUHV>HQODYHUVLyQLQJOHVD@
    -HDQ6KLQRGD%ROHQ (VWDGRV8QLGRV HVGRFWRUDHQPHGLFLQD
    SVLTXLDWUD DQDOLVWD MXQJXLDQD DVt FRPR HVFULWRUD \ FRQIHUHQFLDQWH
    LQWHUQDFLRQDOPHQWHFRQRFLGDTXHH[WUDHIXHQWHVGHH[SHULHQFLDGHOD
    HVSLULWXDOLGDGHOIHPLQLVPR\ODSVLFRORJtDDQDOtWLFDODPHGLFLQD\OR
    SHUVRQDO
    (V 'LVWLQJXLVKHU/LIH)HOORZGHOD$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ\
    DQWLJXD SURIHVRUD GH SVLTXLDWUtD HQ OD 8QLYHUVLGDG GH &DOLIRUQLD HQ
    6DQ )UDQFLVFR DVt FRPR DQWLJXR PLHPEUR GH OD MXQWD GH OD 0V
    )XQGDWLRQ IRU :RPHQ \ GH OD ,QWHUQDWLRQDO 7UDQVSHUVRQDO
    $VVRFLDWLRQ
    5HFLELy HO 3LRQHHUV LQ $UW 6FLHQFH DQG WKH 6RXO RI +HDOLQJ $ZDUG
    GHO,QVWLWXWHIRU+HDOWKDQG+HDOLQJV\HVGLSORPDGDSRUHO$PHULFDQ
    %RDUGRV3V\FKLDWU\DQG1HXURORJ\
    $SDUHFLy HQ GRV DFODPDGRV GRFXPHQWDOHV OD FLQWD GH
    DQWLSUROLIHUDFLyQ QXFOHDU JDQDGRUD GHO SUHPLR GH OD DFDGHPLD
    :RPHQIRU $PHULFD )RU GH :RUOG \ *RGGHVV UHPHPEHUHG GH OD
    1DWLRQDO)LOP%RDUGRI&DQDGD
    1RWDV
    >@
     %HWW\ )ULHGDQ 7KH )HPLQLQH 0\VWLTXH 1XHYD <RUN 'HOO 
    
    >@
     -RVHSK &DPSEHOO 7KH +HUR ZLWK D 7KRXVDQG )DFHV VHJXQGD
    HGLFLyQ 6HULH %ROLQJHQ  3ULQFHWRQ 1- 3ULQFHWRQ 8QLYHUVLW\
    3UHVV   S (O KpURH GH ODV PLO FDUDV 0p[LFR )RQGR GH
    &XOWXUD(FRQyPLFD 
    >@
     $QWKRQ\ 6WHYHQV $UFKHW\SHV $ 1DWXUDO +LVWRU\ RI WKH 6HOI
    1XHYD<RUN0RUURZ SS
    >@
     &* -XQJ ³7KH FRQFHSW RI WKH &ROOHFWLYH 8QFRQVFLRXV´  
    &: YRO   SDUWH   S  \ ³$UFKHW\SHV RI WKH &ROOHFWLYH
    8QFRQVFLRXV´  &:YROSDUWH  SS
    >@
    +HVtRGR7KHRJRQ\HQ+HVLRGWUG5LFKDUG/DWWLPRUH $QQ$UERU
    0LFK7KH8QLYHUVLW\RI0LFKLJDQ3UHVV 
    >@
    0DULMD*LPEXWDV³:RPHQDQG&XOWXUHLQ*RRGGHVV2ULHQWHG2OG
    (XURSH´HQ 7KH3ROLWLFVRI:RPHQ¶V6SLULWXDOLW\(VVD\VRQWKH5LVH
    RI 6SLULWXDO 3RZHU WKH :RPHQ¶V 0RYHPHQW HG &KDUOHQH 6SUHQWQDN
    1XHYD<RUN'REOHGD\ SS
    >@
     5REHUW *UDYHV 7KH *UHHNV 0\WKV YRO  1XHYD <RUN 3HQJXLQ
     S
    >@
     -DQH (OOHQ +DUULVRQ 0\WKRORJ\ 1XHYD <RUN +DUFRXUW %UDFH
    -RYDQLFK>3XEOLFDGRRULJLQDOPHQWHHQ@ S
    >@
     0HUOLQ 6WRQH :KHQ *RG :DV D :RPDQ 1XHYD <RUN
    +DUYHVW+DUFRXUW %UDFH -RYDQRYLFK FRQ DXWRUL]DFLyQ GH 'LDO 3UHVV
     S
    >@
     &* -XQJ ³3V\FKRORJLFDO $VSHFWV RI WKH 0RWKHU $UFKHW\SH´
     &:YROSDUWH  S
    >@
    0D[LQH+RQJ.LQJVWRQ7KH:RPDQ:DUULRU 1XHYD<RUN9LQWDJH
    %RRNV5DQGRP+RXVH 
    >@
     (VWH FDPELR HQ ORV DUTXHWLSRV GH ODV GLRVDV GXUDQWH ORV FLFORV
    PHQVWUXDOHV HVWi EDVDGR HQ REVHUYDFLRQHV FOtQLFDV GH PL SUiFWLFD
    SVLTXLiWULFD 3DUD D\XGDU D GRFXPHQWDU XQD LQYHVWLJDFLyQ VREUH XQ
    FDPELR GH DFWLWXGHV LQGHSHQGLHQWHV \ DFWLYDV R DJUHVLYDV  D
    DFWLWXGHV GHSHQGLHQWHV \ SDVLYDV HQ FRUUHODFLyQ FRQ ORV FLFORV
    PHQVWUXDOHV YHU 7KHUHVH %HQHGHN ³7KH &RUUHODWLRQV %HWZHHQ
    2YDULDQ $FWLYLW\ DQG 3V\FKRG\QDPLF 3URFHVVHV´ HQ 7KHUHVH
    %HQHGHN HG 3V\FKRDQDO\WLF ,QYHVWLJDWLRQ 1XHYD &RUN
    4XDGUDQJOH1HZ<RUN7LPHV%RRN&R SS
    >@
     0 (VWHU +DUGLQJ ³7KH 9LUJLQ *RGGHVV´ HQ :RPHQ¶V 0\VWHULHV
    1XHYD <RUN %DQWDP %RRNV SXEOLFDGR FRQ DXWRUL]DFLyQ GH
    3XQWQDP¶V S
    >@
    ³/DFRQFLHQFLDFHQWUDGD´WDO\FRPRODGHVFULEH,UHQH&ODUHPRQW
    GH&DVWLOOHMRVHFRQVLGHUDXQDWULEXWRGHOiQLPXVRGHORVKRPEUHV
    ³(O SRGHU GH FRQFHQWUDFLyQ HV XQR GH ORV UHJDORV PiV JUDQGHV GHO
    KRPEUH SHUR QR HV XQD SUHUURJDWLYD VX\D HO iQLPXV GHVHPSHxD
    HVWHSDSHOSRUXQDPXMHU´³(VVyORFXDQGRHOODQHFHVLWDXQWLSRGH
    FRQFLHQFLDFHQWUDGDFXDQGRVHQHFHVLWDHOiQLPXV´'H&ODUHPRQWGH
    &DVWLOOHMR .QRZLQJ :RPDQ FDStWXOR  ³7KH $QLPXV)ULHQG RU )RH´
    1XHYD <RUN 3XWQDP¶V SDUD OD &* -XQJ )RXQGDWLRQ IRU $QDO\WLF
    3V\FKRORJ\ SS(VWR\HPSOHDQGRVXWHUPLQRORJtDSHUR
    GLILHUR GH VX VXSRVLFLyQ EDVDGD HQ HO PRGHOR GH -XQJ GH OD
    SVLFRORJtDGHODPXMHUVHJ~QHOFXDOODFRQFLHQFLDFHQWUDGDVLHPSUH
    HVXQDWULEXWRPDVFXOLQR
    >@
     0DUW\ 2OPVWHDG ³7KH 0LGDV 7RXFK RI 'DQLHOOH 6WHHO´ 8QLWHG
    8QLWHG$LUOLQHV)OLJWK3XEOLFDWLRQ PDU]RS
    >@
     (VWH VXPDULR GH WHRUtD SVLFRODQDOtWLFD GH OD SVLFRORJtD GH ODV
    PXMHUHV HVWi EDVDGR HQ ODV VLJXLHQWHV REUDV GH 6LJPXQG )UHXG GH
    7KH6WDQGDUG(GLWLRQRIWKH3V\FKRORJLFDO:RUNVRI6LJPXQG)UHXG
    HG - 6WUDFKH\ /RQGUHV +RJDUWK 3UHVV  UHIHULGR D FRQWLQXDFLyQ
    FRPR6WDQGDUG(GLWLRQ
    6LJPXQG )UHXG ³7KUHH (VVD\V RQ WKH 7KHRU\ RI 6H[XDOLW\´
     6WDQGDUG(GLWLRQYRO  SS
    Ā ³6RPH 3V\FKRORJLFDO &RQVHTXHQFHV RI WKH $QDWRPLFDO
    'LVWLQFWLRQ %HWZHHQ WKH 6H[HV´   6WDQGDUG (GLWLRQ YRO 
     SS
    Ā ³)HPDOH 6H[XDOLW\´   6WDQGDUG (GLWLRQ YRO   
    SS
    >@
    (VWHUHVXPHQGHODWHRUtDGHODSVLFRORJtDGHODVPXMHUHVGH-XQJ
    HVWiEDVDGRHQODVVLJXLHQWHVREUDV

    &* -XQJ ³$QLPXV DQG $QLPD   &: YRO    SS 
    
    Ā ³7KH 6\]J\ $QLPD DQG $QLPXV´   &: YRO  SDUWH
     SS
    Ā³:RPHQLQ(XURSH´  &:YRO  SS
    >@
    &*-XQJ&:YROS
    >@
    &*-XQJ&:YROS
    >@
     :DOWHU ) 2WWR ³$UWHPLV´ (Q 7KH +RPHULF *RGV WUDG 0RVHV
    +DGDV 1XHYD<RUN7KDPHV +XGVRQ SS
    >@
    &DOtPDFR³7R$UWHPLV´HQ +\PQVDQG(SLJUDPVWUG$:0DLU
    &DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV S
    >@
    /\QQ7KRPDV 7KH%DFNSDFNLQJ:RPDQ 1XHYD<RUN'RXEOHGD\
     S
    >@
     &KLQD *DOODQG :RPHQ Q WKH :LOGHUQHVV 1XHYD <RUN +DUSHU
    5RZ S
    >@
     )UDQFHV +RUQ , :DQW 2QH 7KLQJ 0DULQD GHO 5H\ &DOLI 7KH
    9RUVV 
    >@
    /DXULH/LVOH 3RUWDLWRIDQ$UWLVW$%LRJUDSK\RI*HRUJLD2¶.HHIIH
    1XHYD <RUN :DVKLQJWRQ 6TXDUH 3UHVV3RFNHW %RRNV6LPRQ
    6FKXVWHU SXEOLFDGR FRQ DXWRUL]DFLyQ GH 6HDYLHZ %RRNV   S
    
    >@
    /LVOHS
    >@
     0 (VWKHU +DUGLQJ :RPDQ¶V 0\VWHULHV 1XHYD <RUN %DQWDP
     S
    >@
     ³0HODHJHU DQG $WDODQWD´ HQ %XOOILQFK¶V 0\WKRORJ\ 0LGGOHVH[
    ,QJODWHUUD+DPO\Q S
    >@
     (VWD VHFFLyQ HVWi LQVSLUDGD HQ OD GHVFULSFLyQ GH $UWHPLVD GHO
    :DOWHU)2WWR
    >@
     +H XWLOL]DGR OD YHUVLyQ GH HVWH PLWR GH %HUQDUG (YVOLQ HQ
    ³$WDODQWD´GHQWURGH+HURHV*RGVDQG0RQVWHUVRIWKH*UHHN0\WKV
    7RURQWR %DQWDP 3DWKILQGHU SXEOLFDGR FRQ DXWRUL]DFLyQ GH 7RXU
    :LQGV3UHVV SS
    >@
     +HVtRGR 7KHRJRQ\ HQ +HVLRG WUG 5LFKDUG /DWWLQPRUH $QQ
    $UERU0LFK7KH8QLYHUVLW\RI0LFKLJDQ3UHVV S
    >@
    :LOIUHG6KHHG&ODUH%RRWK/XFH 1XHYD<RUN'XWWRQ 
    >@
     &DURO )HOVHQWKDO 7KH 6ZHHWKHDUW RI WKH 6LOHQW 0DMRULW\ 7KH
    %LRJUDSK\RI3K\OOLV6FKODIO\ 1XHYD<RUN'RXEOHGD\ 
    >@
     :DOWHU ) 2WWR ³$WKHQD´ HQ 7KH +RPHULF *RGV WUDG 0RVHV
    +DGDV 1XHYD<RUN7KDPHV +XGVRQFRQDXWRUL]DFLyQGH3DQWHyQ
    %RRNV 3
    >@
    3RUHMHPSORODVYHLQWLFLQFRPXMHUHVGHp[LWRVRFLDO WRDVDTXpOODV
    TXH DOFDQ]DURQ SXHVWRV FRPR SUHVLGHQWDV R YLFHSUHVLGHQWDV GH
    HPSUHVDV UHFRQRFLGDV D QLYHO QDFLRQDO  HVWXGLDGDV SRU +HQQLQJ \
    -DUGLP UHVSRQGtDQ D XQ PRGHOR GH $WHQHD (UDQ KLMDV GHO SDGUH
    KLMDV TXH FRPSDUWtDQ LQWHUHVHV \ DFWLYLGDGHV FRQ VXV SDGUHV
    WULXQIDGRUHV 3DUDOHODPHQWH D 0HWLV TXH IXH WUDJDGD SRU =HXV VXV
    PDGUHVHUDQPXMHUHVFX\DHGXFDFLyQLJXDODEDRLQFOXVRVXSHUDEDOD
    GHVXVPDULGRVDXQTXHYHLQWLFXDWURGHODVYHLQWLFLQFRHUDQDPDVGH
    FDVDODYLJpVLPRTXLQWDHUDSURIHVRUD/DUHODFLyQHQWUHSDGUHHKLMD
    VH UHFRUGy YLYDPHQWH FRPR OD PiV VLJQLILFDWLYD HO UHFXHUGR GH OD
    UHODFLyQ HQWUH PDGUH H KLMD HUD YDJR \ JHQHUDOL]DGR 0DUJDUHW
    +HQQLQJ \ $QQH -DUGLP ³&KLOGKRRG´ HQ 7KH 0DQDJHULDO :RPDQ
    1XHYD &RUN 3RFNHW %RRNV6LPRQ  6FKXVWHU   SS 
    
    >@
     &KLVWLQH 'RZQLQJ ³'HDU *UH\ (\HV $ 5HYDOXDWLyQ RI 3DOODV
    $WKHQH´HQ7KH*RGGHVV 1XHYD<RUN&URVVURDG S
    >@
    ³7KH+\PQWR$SKURGLWH,´HQ+RPHULF+\PQVWUG&KDUOHV%RHU
    HG5HY ,UYLQJ7H[DV6SLQJ S
    >@
    ³7KH+\PQWR$SKURGLWH,´S
    >@
     6WHSKDQLH 'HPDWUDNRSRXOXV ³+HVWLD *RGGHVV RI WKH +HDUWK´
    6SULQJ  SS
    >@
    76(OLRW )RXU4XDUWHWV 1XHYD<RUN+DUFRXUW%UDFH-RYDQRYLFK
    >VLQIHFKD@SXEOLFDGRRULJLQDOPHQWHHQ S
    >@
    &*-XQJ³&RQFHUQLQJ0DQGDOD6\PEROLVP´&:YROSDUWH
    S
    >@
    0D\6DUWRQ-RXUQDORID6ROLWXGH 1XHYD<RUN1RUWRQ SS
    
    >@
    $UGLV:KLWPDQ³6HFUHW-R\VRI6ROLWXGH´ 5HDGHU¶V'LJHVWQž
     DEULO 
    >@
     ,UHQH &ODUHPRQW GH &DVWLOOHMR .QRZLQJ :RPDQ 1XHYD <RUN
    3XWQDP¶SDUD&*-XQJ)XQGDWLRQIRU$QDO\WLFDO3V\FKRORJ\ 
    S
    >@
    0XUUD\6WHLQ³+HUD%RXQGDQG8QERXQG´6SULQJ  S
    
    >@
    1DQF\5HDJDQ4XHVW  6HQWLPLHQWRVSDUHFLGRVHQ1DQF\
    SRU1DQF\5HDJDQ\%LOO/LEE\ 1XHYD<RUN%HUNOH\ 
    >@
    'LDQD7ULOOLQJ0UV+DUULV7KH'HDWKRIWKH6FDUVGDOH'LHW'RFWRU
    1XHYD<RUN+DUFRXUW%UDFH-DYDQRYLFK 
    >@
    ³+\PQWR'HPHWHU´HQ7KH+RPHULF+\PQVWUG&KDUOHV%RHU
    HGUHY ,UYLQJ7H[DVSULPDYHUDGH S
    >@
    .HUqQ\L (OHXVLV$UFKHW\SDO,PDJHRI0RWKHUDQG'DXJKWHUWUDG
    5DOSK 0DQKHLP 1XHYD <RUN 6FKRFNHQ %RRNV SXEOLFDGR FRQ
    DXWRUL]DFLyQ GH 3ULQFHWRQ 8QLYHUVLW\ 3UHVV   ,PSUHVR
    SUHYLDPHQWHHQOD6HULH%ROOLQJHQ  
    >@
     6XVDQ ,VDDFV ³%DE\ 6DYLRU´ 3DUHQWV 0DJD]LQH VHSWLHPEUH
     SS
    >@
     3DXOLQH %DUW ³0RWKHU 3RUWQR\¶V &DPSODLQWV´ 7UDQV$FWLRQ
    QRYLHPEUHGLFLHPEUH SS
    >@
     0 (VWKHU +DUGLQJ ³$OO 7KLQJV WR $OO 0HQ´ HQ 7KH :D\ RI DOO
    :RPHQ 1XHYD <RUN 3XWQDP¶V SDUD &* -XQJ )RXQGDWLRQ IRU
    $QDO\WLF3V\FKRORJ\ S
    >@
    +DUGLQJS
    >@
     +DQQDK *UHHQ , 1HYHU 3URPLGHV <RX D 5RVH *DUGHQ 1XHYD
    <RUN6LJQHW%RRNV1HZ$PHULFDQ/LEUDU\FRQDXWRUL]DFLyQGH+ROW
    5LQHKDUW\:LQVWRQ 
    >@
     :DOWHU ) 2WWR '\RQLVXV 0\WK DQG &XOW WUDG FRQ XQD
    LQWURGXFFLyQ GH 5REHUW % 3DOPHV %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\
    3UHVV S
    >@
     $XWRELRJUDSK\ RI D 6FKL]RSKUHQLF *LUO FRQ XQD LQWHUSUHWDFLyQ
    DQDOtWLFD GH 0DUJXHULWH 6HFKHKD\H 7UDGXFLGR >DO LQJOpV@ SRU *UDFH
    5XELQ5DEVRQ 1XHYD &RUN 6LJQHW %RRNV1HZ $PHULFDQ /LEUDU\
    SXEOLFDGRFRQDXWRUL]DFLyQGH*UXQH 6WUDWWRQ 
    >@
    &*-XQJ³3UREOHPVRI0RGHUQ3V\FKRWKHUDS\´   &:YRO
      S
    >@
     'DQLHO - /HYLQVRQ 7KH 6HDVRQV RI 0DQ¶V /LIH 1XHYD <RUN
    %DOODQWLQH %RRNV SXEOLFDGR FRQ DXWRUL]DFLyQ GH $OIUHG $ .QRSI
     S
    >@
     7RQL :ROII ³$ IHZ 7KRXJKWV RQ WKH 3URFHVV RI ,QGLYLGXDWLRQ LQ
    :RPHQ´6SULQJ  SS
    >@
     + 3HWHUV 0\ 6LVWHU 0\ 6SRXVH $ %LRJUDSK\ RI /RX $QGUHDV
    6DORPH 1XHYD<RUN1RUWRQ 
    >@
    5REHUW5RVHQWKDO³7KH3\JPDOLRQ(IIHFW/LYHV´3V\FKRORJ\7RGD\
    VHSWLHPEUH   SS  7H[WR GHILQLWLYR 5REHUW 5RVHQWKDO \
    /HQRUH -DFREVRQ 3\JPDOLRQ LQ WKH &ODVVURRP 7HDFKHU ([SHFWDWLRQ
    DQG3XSLO¶V,QWHOOHFWXDO'HYHORSPHQW 1XHYD<RUN+ROW5LQHKDUW
    :LQVWRQ 
    >@
     3DXO )ULHGULFK 7KH0HDQLQJRI$SKURGLWH &KLFDJR 8QLYHUVLW\ RI
    &KLFDJR3UHVV S
    >@
     5XWK )DON :RPHQ /RYLQJ 1XHYD <RUN 5DQGRP +RXVH \
    %HUNHOH\%RRNZRUNV 
    >@
    /DXULH/LVOH 3RUWUDLWRIDQ$UWLVW$%LRJUDSK\RI*HRUJLD2¶.HHIIH
    1XHYD <RUN :DVKLQJWRQ 6TXDUH 3UHVV6LPRQ  6FKXVWHU FRQ
    DXWRUL]DFLyQGH6HDYLHZ%RRNV S
    >@
    76(OLRW )RXU4XDUWHWV 1XHYD<RUN+DUFRXUW%UHFH-RYDQRYLFK
    VLQIHFKD S

    You might also like