%LRJUDItDV:DOW'LVQH\

OLVDQGURFKDSDUUR#JPDLOFRP _

:DOW'LVQH\
1DFLy HQ &KLFDJR ,OOLQRLV (VWDGRV 8QLGRV  HO  GH GLFLHPEUH GH  KLMR GH VX
SDGUH(OtDVTXHVHOHDWULEXtDDVFHQGHQFLDKLVSDQDVLWXDFLyQHQODTXHVHKDTXHVH
KD HVSHFXODGR VLHPSUH GH KHFKR DOJXQDV ULQFRQHV GH $OPHUtD (VSDxD  VH GD SRU
KHFKR TXH OD QDFLRQDOLGDG GH :DOW 'LVQH\ HV HVSDxROD \ VH WUDVODGR VLHQGR QLxR D
1RUWHDPpULFDSHURKR\HQGtDQRVHKDSRGLGRFRPSUREDUHVWHKHFKR

:DOWHUDHOPD\RUGHFXDWURKHUPDQRV 5R\5D\\+XEHUW 'HELGRDTXHVXVSDGUHV

FRQWDEDQ FRQ SRFRV UHFXUVRV :DOW WXYR TXH WUDEDMDU GHVGH PX\ QLxR UHSDUWLHQGR
SHULyGLFRV SDUD FRQWULEXLU FRQ ORV JDVWRV GH VX IDPLOLD \ FRPSDJLQDED HO WUDEDMR FRQ
ORVHVWXGLRVHQODHVFXHODGH%HOODV$UWHSHURQXQFDOOHJRDVHUXQEXHQGLEXMDQWH

$ORVDxRVGHHGDGLQJUHVDDOD&UX]5RMD\PDUFKDD(XURSDGXUDQWHODSULPHUDJXHUUDPXQGLDO
$VXUHJUHVRWUDEDMDHQSXEOLFLGDG\PDVWDUGHHVFRQWUDWDGRSRU3HVPHQ5XELQ&RPHUFLDO$UW6WXGLR
SDUGLEXMDUORVDQXQFLRV\GLVHxRVGHORJRWLSRV$OOtFRQRFH\KDFHFRQWDFWRFRQ8E,ZHUNVFRQHOTXH
FRQWLQXDVXFDUUHUDSURIHVLRQDOHQVROLWDULRSHUROXHJRDPERVLQWHQWDURQHVWDEOHFHUVHSRUVXFXHQWD
SHUR QR WXYLHURQ p[LWR 6X SULPHU FRQWDFWR HQ OH PXGR FHOXORLGH IXH D WUDYpV GH VX DGPLVLyQ HQ HO
.DQVDV&LW\)LOP$G6HUYLFHHQGyQGHVXSULQFLSDOODERUHUDODFUHDFLyQGHGLEXMRVDQLPDGRV3DUDHO
DxR GH  'LVQH\ MXQWR FRQ VX KHUPDQR \ ,ZHUNV PRQWDQ VX SURSLR QHJRFLR /DXJK2*UDP
&RUSRUDWLyQ

,QLFLDOPHQWH WXYLHURQ TXH DIURQWDU SUREOHPDV HFRQyPLFRV SHUR ORJUDQ VDOLU GHO SDVR JUDFLDV D XQ
ODUJRPHWUDMHEDVDGRHQODQRYHOD$OLFLDHQHO3DtVGHODV0DUDYLOODVHQHVWDSURGXFFLyQVHDOWHUDED
ORV GLEXMRV DQLPDGRV FRQ LPiJHQHV UHDOHV GH XQD QLxD &RQ HVWH WUDEDMR ORJUD FRQVHJXLU XQ
ILQDQFLDPLHQWR\VHLQVWDODHQ+ROO\ZRRGGRQGHDSHUWXUDORV(VWXGLRV'LVQH\DVXYH]FRQWUDWDXQ
HTXLSRGHDQLPDGRUHVTXHWUDEDMDEDMRODVLQVWUXFFLRQHVGH8E,ZHUNV

8QD YH] FUHDGR ORV (VWXGLRV 'LVQH\ FRPLHQ]D D FUHDU SHUVRQDMHV FRPR 2VZDOG WKH OXFN\ UDEELW
HVWHFRQHMRUHVXOWDXQDDQWLFLSDFLyQGHOTXHVHULDHOIXWXUR0LFNH\0RXVH(VWHVLPSiWLFRPXxHFRVH
FRQYLHUWHHQSURWDJRQLVWDGHGLVWLQWRVWUDEDMRVSHURVXFUHDGRUDEDQGRQDORVHVWXGLRV'LVQH\\FRQHO
VXSHUVRQDMHTXHSDUDDTXHOHQWRQFHVVHVXSRQtDVHUODIXHQWHGHLQJUHVRV

7RGRHVWHKHFKRFRQOOHYDDTXHODVLWXDFLyQVHFRPSOLTXHSHURXQJROSHGHVXHUWHFDPELDWRGDHVWD
VLWXDFLyQ8E,ZHUNVUHDOL]DYDULRVERVTXHMRVKDVWDOOHJDUDFUHDUXQRGHORVSHUVRQDMHVILFWLFLRVPDV
SRSXODUHV HQWUH HO SXEOLFR LQIDQWLO HO UDWyQ 0LFNH\ 0RXVH (VWH GLEXMR DQLPDGR FX\R DXWRU OH IXH
DWULEXLGRD'LVQH\QRVRORSDVRDVHUSURWDJRQLVWDGHVHULHV\SHOtFXODVVLQRTXHIXHREMHWRGHXQD
HVWXGLDGD RSHUDFLyQ GH PDUNHWLQJ TXH VH WUDGXMR HQ YHQWDV PDVLYDV GH REMHWRV FRQ OD LPDJHQ GH
0LFNH\0RXVHHQHOWUDQVFXUVRGHHVHDxRIXHURQQDFLHQGRSHUVRQDMHVFRPRHOSDWR'RQDOG0LQQLH
0RXVH \ 'DLV\ 7RGRV ORV FUHDWLYRV TXH SDUWLFLSDURQ HQ OD HODERUDFLyQ GH HVWRV GLEXMRV DQLPDGRV
WXYLHURQTXHGRQDUVXVGHUHFKRVD'LVQH\

8QR GH ORV DYDQFHV HQ TXH 'LVQH\ VH DGHODQWR IXH HO XVR GH OD FiPDUD PXOWLSODQR VLWXDQGR D VX
HPSUHVD HQ OD 1UR  GHO UDQNLQJ PXQGLDO 6X SULPHU ODUJRPHWUDMH IXH %ODQFD 1LHYHV \ ORV 6LHWHV
(QDQLWRV   VLJXLpQGROH 3LQRFKR  JDQDGRUD GH GRV RVFDU  )DQWDVtD   'XPER
 %DPEL ODSHOtFXODPDVHPEOHPiWLFDGHODFDVD 

'LVQH\ D FDXVD GH OD VHJXQGD *XHUUD 0XQGLDO KD SHUGLGR DFHSWDFLyQ HQ HO PHUFDGR (XURSHR \
GXUDQWHHVHSHULRGRDYDQ]DHQXQRGHVXVWHPDVUHFXUUHQWHVODPH]FODGHODLPDJHQUHDO\GLEXMR

KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBZGLVQH\BSULQWDVS 
 %LRJUDItDV:DOW'LVQH\

DQLPDGR3HOtFXODVFRPR7KHUHOXFWDQWGUDJyQ  6DOXGRVDPLJRV  

3DUDORVDxRV'LVQH\FRPLHQ]DXQDQXHYDHUDGHSHOtFXODFRPR/DFHQLFLHQWD  $OLFLDHQ

HOSDtVGHODPDUDYLOODV  3HURHODxRFODYHSDUD:DOW'LVQH\IXHHQFXDQGRHVWUHQRFRQ
JUDQp[LWRVXODUJRPHWUDMHHQIRUPDWR6FRSH/DGDPD\HOYDJDEXQGR\VREUHWRGRSRUTXHHVH
DxR LQDXJXUR 'LVQH\ODQGLD HQ ORV ÈQJHOHV XQ SDUTXH GH DWUDFFLRQHV WHPiWLFR EDVDGR HQ VXV
SHUVRQDMHV \ VXV SHOtFXODV TXH FRQ HO SDVR GHO WLHPSR VH FRQYHUWLUtDQ HQ OD IXHQWH SULQFLSDO GH
LQJUHVRVGHOD:DOW'LVQH\3URGXFWLRQV PX\SRUHQFLPDGHODVUHFDXGDFLRQHVGHSHOtFXODV 

'LVQH\HQORV~OWLPRVDxRVGHVXYLGDORJURFRQYHUWLUVHHQPXOWLPLOORQDULRSHURVXVDOXGQRHUDPX\
EXHQD \ HQ  PXHUH HQ OD PHVD GH RSHUDFLRQHV 6REUH VX PXHUWH VH FLUFXOD XQD OH\HQGD TXH
DVHJXUD TXH DQWHV GH PRULU VH VRPHWLy D XQ SURFHVR GH FULRQL]DFLyQ HQ HVSHUD GH HQFRQWUDU XQD
VROXFLyQVXHQIHUPHGDG

&RS\ULJKW‹OLGHUD]JR\PHUFDGHRFRP3ROtWLFDVGH3ULYDFLGDG
7RGRVORV'HUHFKRV5HVHUYDGRVDWHQFLRQOLGHUD]JR\PHUFDGHR#JPDLOFRP
-RKQGDQ\6ROXWLRQV&$5,)-

KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBZGLVQH\BSULQWDVS