Adolesc 2 Lab.indd - Los Niños Cuentan

(OODERUDWRULR
d
CfTR
GH
GHSURYLVL¡Q
1DQDOL]DQGR
ODYLGDGH
FULVWR2
$GROHVFHQWHV
/LEURGHODOXPQR
RU`]VdTV_eVd
DGROHVFHQWHV
8QLGDG
/HFFLyQ
1eV_T`^aRdZ™_2
³(QHIHFWRWRGDODOH\VHUHVXPHHQXQ
VRORPDQGDPLHQWR$PDDWXSUyMLPR
FRPRDWLPLVPR´*iODWDV
%XUEXMDV
3DUiERODGHO%XHQ6DPDULWDQR
/HHU/XFDV
¥
4XpVLJQL¿FDYLYLUODYLGDFULVWLDQD"$YHFHVHVGLItFLOHQWHQGHUOR\QHFHVLWDPRV
SUHJXQWDUDVtFRPRORVGLVFtSXORVOHSUHJXQWDURQD-HV~VFXDQGRHVWXYRDTXt
HQODWLHUUD¢4XpOH\HVQHFHVLWDPRVVHJXLU"¢(VPiVLPSRUWDQWHDVHJXUDUVH
GHLUDODLJOHVLDWRGRHOWLHPSRRHVPiVLPSRUWDQWHDOHMDUVHGHOWDEDFR\HODOFRKRO"¢(VPiV
LPSRUWDQWHDEVWHQHUQRVGHDGRUDUDtGRORVRJXDUGDUQXHVWURFRUD]yQGHODOXMXULDRODDYDULFLD"
-HV~VFRQ¿UPyORTXHORVGLVFtSXORVSHQVDEDQTXHHUDPiVLPSRUWDQWHFRQODSDUiERODGHO
%XHQ6DPDULWDQR³$PDDO6HxRUWX'LRVFRQWRGRWXFRUD]yQ\FRQWRGDWXDOPD\FRQWRGDVWXV
IXHU]DV\FRQWRGDWXPHQWH\DPDDWXSUyMLPRFRPRDWLPLVPR´(VWDSDUiERODWUDWDODVHJXQGD
SDUWHGHHVWHPDQGDPLHQWRDPDUDRWURVFRPRDQRVRWURVPLVPRV3HUR¢FyPRVDEHPRVTXH
DPDPRVDORVGHPiV"-HV~VQRVGDXQHMHPSOR(QODSDUiERODGHO%XHQ6DPDULWDQRYHPRVD
XQKRPEUHTXHHVGHMDGRMXQWRDOFDPLQRPHGLRPXHUWR\WUHVKRPEUHVTXHSDVDQORHQFXHQWUDQ
DKt(VFXULRVR\DTXHHOSULPHUKRPEUHHVXQVDFHGRWHSHURQRKL]RQDGDSDUDD\XGDUOR
(VWHHVFRPRXQSDVWRUGHXQDLJOHVLDKR\HQGtDHVDOJXLHQTXHHVEXHQR\TXHWRGRVOR
UHFRQRFHQFRPRDOJXLHQTXHKDFHODVFRVDVFRUUHFWDVWRGRHOWLHPSR<FRPRDOJXLHQTXHJXtD
DRWURVHQODUHOLJLyQ3HURHQHVWDSDUiERODHOQRKDFHORFRUUHFWR(OGHFLGHQRLQYROXFUDUVH
/DVHJXQGDSHUVRQDTXHSDVySRUDKtIXHXQ/HYLWDWDPELpQHVXQDSHUVRQDUHOLJLRVDSHURFRQ
XQDFUHHQFLDGLIHUHQWH3RGUtDVHUFRPRDOJXLHQGHXQDGHQRPLQDFLyQGLIHUHQWHDODWX\DHOORV
WDPELpQVRQFULVWLDQRVSHURFUHHQXQSRTXLWRGLIHUHQWHDWL1RWD&RPRPDHVWURSRGUtDVWHQHU
PD\RULPSDFWRDTXtPHQFLRQDGRDOJXQDRWUDGHQRPLQDFLRQGLIHUHQWHDODWX\DFRPRHMHPSOR(O
WHUFHUKRPEUHTXHSDVyQRHUDGHOWRGRUHOLJLRVRSHURVHGHWXYRSDUD\XGDUDOKRPEUHKHULGR
FXLGyGHpO\SDJRVXKRVSHGDMHHQHOKRWHO(VWHWHUFHUKRPEUHQRVPXHVWUDDTXpVHSDUHFH
ODFRPSDVLyQ3ULPHURGHWHQHUQRV\VHQWLUODFRPSDVLyQVHJXQGRWRPDUDFFLyQ\D\XGDUDOD
SHUVRQD\WHUFHUR£HVWDUDOSHQGLHQWHKDVWDTXHWRGRHVWpUHVXHOWR(QHVWDSDUiEROD-HV~V
HVSHFt¿FDPHQWHQRVPXHVWUDDGRVKRPEUHVFULVWLDQRVTXHVHDVHJXUDEDQGHKDFHUWRGDVODV
FRVDVUHOLJLRVDV3HURFXDQGRVHYLHURQIUHQWHDDOJXLHQTXHWHQtDQHFHVLGDGQRORD\XGDURQ1R
KD\QDGDGHPDORFRQVHJXLUODVHQVHxDQ]DV\UHJODVGHQXHVWUDLJOHVLDSHURVLKD\DOJRGHPDOR
FXDQGR62/2KDFHPRVHVWDVFRVDV6LHVWDPRVVLJXLHQGRD'LRVGHEHPRVHVFXFKDUD-HV~V
FRQHVWDSDUiEROD'HEHPRVWUDWDUDORVGHPiVFRPRTXHUHPRVTXHQRVWUDWHQDQRVRWURV
GHEHPRVWHQHUFRPSDVLyQSRUODJHQWHFXDQGRHVWpQHQQHFHVLGDG\£+$&(5$/*2DOUHVSHFWR
1RGHEHPRVHQYROYHUQRVGHPDVLDGRHQODVUHJODVUHOLJLRVDV\GHMDUDXQODGRODVSULQFLSDOHV
HQVHxDQ]DVGH-HV~V'HEHPRVDPDUPiVD'LRV\SRQHUDRWURVSULPHUR£'HEHPRVPDQWHQHU
QXHVWURVRMRVDELHUWRVDOPXQGRTXHQRVURGHD\7(1&203$6,Ï1
¢4XpFRVDVSUiFWLFDVSRGHPRVKDFHUSDUDWUDWDUDRWURVFRPRTXHUHPRVTXHQRVWUDWHQ"
¢&XiOHVVRQDOJXQDVFRVDVTXHGHPXHVWUDQDPLVWDG"
7DUHD/XFDV
3iJLQDV\
¢4XpHVVHUXQKRPEUHYHUGDGHUR"
R^`dRTRdR
g
+R\GHEHVHVFRJHUXQDDFWLYLGDGTXHKDFHUGXUDQWHOD
VHPDQDSDUDDOJXLHQ<DTXHGHFLGDVFXDOHVFUtEHODSDUD
TXHQRVHWHROYLGH
FULVWRHV
&RPSDVLYR
6DOPR
/HFFLyQ
³$VtTXH\ROHVGLJR3LGDQ\VHOHVGDUiEXVTXHQ\HQFRQWUDUiQ
OODPHQ\VHOHVDEULUiODSXHUWD3RUTXHWRGRHOTXHSLGHUHFLEHHOTXH
EXVFDHQFXHQWUD\DOTXHOODPDVHOHDEUH´/XFDV
1YRS]R]V2
/D2UDFLyQ
/HHU/XFDV
QODOHFFLyQGHKR\QRVHQIRFDUHPRVHQXQDSDUWHLPSRUWDQWHGHQXHVWUDYLGDFULVWLDQD
£/$25$&,Ï10LUDUHPRVSXQWRVGHODRUDFLyQ6yORKDFHUODFyPRKDFHUOD\£6(5
3(56,67(17(HQHOOD
(OSULPHUSXQWRHVREYLR\HVTXHODRUDFLyQHVLPSRUWDQWH-HV~VVHWRPyWLHPSRSDUDRUDU
QRVRORHQRFDFLRQHVHVSHFLDOHVVLQRTXHWDPELpQODSUDFWLFDEDUHJXODUPHQWH&RPRFULVWLDQRV
GHEHPRVVHJXLUVXHMHPSOR\WRPDUWLHPSRSDUDRUDU/DVHJXQGDSDUWHGHHVWDOHFFLyQVHHQIRFD
HQ&Ï02RUDU/DRUDFLyQEiVLFDPHQWHHQXQDSOiWLFDFRQ'LRVSHURµ(O3DGUH1XHVWUR¶HO
FXDOHQFRQWUDPRVHQ0DWHR\/XFDVQRVGDXQEXHQHMHPSORGHFyPRKDFHUOR³3DGUHQXHVWUR
TXHHVWiVHQHOFLHORVDQWL¿FDGRVHDWXQRPEUHYHQJDWXUHLQRKiJDVHWXYROXQWDGHQODWLHUUD
FRPRHQHOFLHOR'DQRVKR\QXHVWURSDQFRWLGLDQR3HUGyQDQRVQXHVWUDVGHXGDVFRPRWDPELpQ
QRVRWURVKHPRVSHUGRQDGRDQXHVWURVGHXGRUHV<QRQRVGHMHVFDHUHQWHQWDFLyQVLQROtEUDQRV
GHOPDOLJQR´0DWHR/DSULPHUDSDUWHHVWiEiVLFDPHQWHDODEDQGRD'LRVSLGLHQGRTXH
6XVDQWLGDGVHPXHVWUHPiV\SLGLHQGRTXHHOSODQGH'LRVSUHYDOH]FDHQODWLHUUD'HVSXpV
ODRUDFLyQHQWUDHQODVSHWLFLRQHVSHUVRQDOHVSLGLHQGRTXH'LRVQRVD\XGHFRQQXHVWUDV
QHFHVLGDGHVEiVLFDVFRPRHODOLPHQWRGLDULR\TXHSRGDPRVUHFLELUSHUGyQSRUQXHVWURV
SHFDGRVSHUGRQDQGRDRWURV\TXH'LRVQRVSURWHMDGHODVWHQWDFLRQHV\GHOGLDEOR(VWRQRVGD
XQPRGHOREiVLFRGHFyPRRUDU/DWHUFHUDSDUWHGHODOHFFLyQGHKR\VHHQIRFDHQODLPSRUWDQFLD
GHSHUVHYHUDUHQODRUDFLyQ-HV~VOHVFRQWyDVXVGLVFtSXORVXQDKLVWRULDDFHUFDGHXQYHFLQR
PROHVWR(VWHKRPEUHQHFHVLWDEDFRPLGDSDUDVXYLVLWD\WRGDVODVWLHQGDVHVWiQFHUUDGDVDVt
TXHOHSLGHDVXYHFLQRTXHVHOHYDQWHHQODQRFKH\DWDUGHSDUDTXHORD\XGH(OKRPEUHQR
ORTXLHUHKDFHUSHURSRUFDXVDGHOD3(56,67(1&,$GHVXDPLJRVHULQGH\OHGDWRGRORTXH
QHFHVLWD%iVLFDPHQWH-HV~VHVWiGLFLHQGRTXHVHDPRV3(56,67(17(6DOSHGLUOHDeODVt
FRPRHVWHKRPEUHHQODKLVWRULD\£eOQRVYDDGDUWRGRORTXHQHFHVLWDPRV-HV~VORGHMDDXQ
PiVFODURFRQHVWRVYHUVRVFODYHV
³$VtTXH\ROHVGLJR3LGDQ\VHOHVGDUiEXVTXHQ\HQFRQWUDUiQOODPHQ\VHOHVDEULUiOD
SXHUWD3RUTXHWRGRHOTXHSLGHUHFLEHHOTXHEXVFDHQFXHQWUD\DOTXHOODPDVHOHDEUH´
/XFDV(QWRQFHVHVWHGtDKHPRVYLVWRSXQWRVLPSRUWDQWHV
£/DRUDFLyQ(VLPSRUWDQWHKDFHUOD
£6HJXLUHOHMHPSOR-HV~VQRVPXHVWUDFyPRKDFHUORFRQDODEDQ]D\SHWLFLRQHV
£(ODVXQWRGHODSHUVLVWHQFLD(PSXMD\SLGHSRUTXHHVRKDUiODGLIHUHQFLD
(VLPSRUWDQWHRUDUD'LRVHQWRQFHVWyPDWHHOWLHPSR\£+È%/$/(
<
¢&yPRSXHGRHVFXFKDUD'LRVFXDQGRPHKDEOD"
¢&yPRSXHGRHVWDUVHJXURGHTXHHVODYR]GH'LRV"
7DUHD/XFDV
3iJLQDV\
¢$TXpVHSDUHFHODSHUVLVWHQFLDHQODRUDFLyQ"
FULVWRHV
defUZ`ViecR/HH/XFDVSDUDHQFRQWUDURWUD
OHFFLyQLPSRUWDQWHDFHUFDGHODSHUVLVWHQFLDHQODRUDFLyQ
<
R^`dRTRdR
g
(VFRJHXQDRUDFLyQHVSHFt¿FDKDUiVHVDRUDFLyQ
6XPR6DFHUGRWH
WRGRVORVGtDVGHODVHPDQD<DTXHHVFRMDVWX
+HEUHRV
RUDFLyQHVFUtEHODHQWXOLEURSDUDTXHQRVHWHROYLGH
'HV¿OHGH
3LPLHQWDV
*ORERHQ
OD%RWHOOD
/HFFLyQ
1RccVaZ_eVeV2
³3RUWDQWRSDUDTXHVHDQERUUDGRVVXVSHFDGRV
DUUHSLpQWDQVH\YXpOYDQVHD'LRVD¿QGHTXHYHQJDQ
WLHPSRVGHGHVFDQVRGHSDUWHGHO6HxRU´
+HFKRV
3DUiERODGHO+LMR3UyGLJR
/HHU/XFDV
ODUUHSHQWLPLHQWRHVXQSXQWRSULQFLSDODORODUJRGHWRGDOD(VFULWXUD\QLQJ~QHVWXGLRGHOD
%LEOLDHVWDUtDFRPSOHWRVLQHO6LHVWiVYLYLHQGRODYLGDFULVWLDQDW~GHEHVH[SHULPHQWDUHO
DUUHSHQWLPLHQWR\QRVRORHOGtDTXHOHGLVWHWXYLGDD-HV~VVLQRGHXQDIRUPDFRQWLQXD
£'LRVDPDHODUUHSHQWLPLHQWR+HFKRV³3RUWDQWRSDUDTXHVHDQERUUDGRVVXVSHFDGRV
DUUHSLpQWDQVH\YXpOYDQVHD'LRVD¿QGHTXHYHQJDQWLHPSRVGHGHVFDQVRGHSDUWHGHO6HxRU´
'LRVQRVPDQGDDUUHSHQWLUQRVGHQXHVWUDPDOGDG-REeOSURPHWHUHVWDXUDUQRVFXDQGR
QRVDUUHSHQWLPRV-HUeOQRVHQVHxDTXHVLQRVDUUHSHQWLPRVSRGHPRV9,9,5(]
eOQRVSLGHTXHQRVDUUHSLQWDPRV\QRVYROYDPRVDQXHVWUDYLGDFULVWLDQDFRPRDOSULQFLSLR$S
\-HV~VQRVGLMRTXHVLQRQRVDUUHSHQWLPRV£SHUHFHUHPRV/F1RVRWURVGHEHPRV
SURGXFLUIUXWRVHQQXHVWUDYLGDTXHPXHVWUHQXQDUUHSHQWLPLHQWRFRQWLQXR0WWHQHPRV
TXHGHPRVWUDUQXHVWURDUUHSHQWLPLHQWRFRQKHFKRV+FKKD\UHJRFLMRHQHOFLHORFXDQGR
QRVDUUHSHQWLPRV/F\GHEHPRVDUUHSHQWLUQRVXQRVDRWURV/F'HWRGRVHVWRV
YHUVRV\PXFKRVPiVDGHPiVGHYDULDVKLVWRULDVTXHVHHQFXHQWUDQDORODUJRGHWRGDOD
(VFULWXUDSRGHPRVYHUTXHHODUUHSHQWLPLHQWRHVXQDSDUWHSULQFLSDOGHODYLGDFULVWLDQD£1DGLH
HVSHUIHFWR\WRGRVGHEHPRVUHFRQRFHUQXHVWUDVIDOODVDUUHSHQWLUQRV\GHMDUODVDWUiV(VWD
VHPDQDHVWDUHPRVPLUDQGRODSDUiERODGHO+LMR3UyGLJR(VXQHMHPSORPX\ERQLWRGHORTXH
HVDUUHSHQWLPLHQWR\ODUHVSXHVWDGH'LRVSDUDHO(VWHKLMRSHFDWRPDHOGLQHURGHVXSDSi\
ORVJDVWDUiSLGDPHQWHHQFRVDVPDODV(QWRQFHVpOVHHQFXHQWUDHQXQDVLWXDFLyQGRQGHHVWi
SDVDQGRKDPEUHV\QHFHVLGDGHV\GHFLGHDUUHSHQWLUVH\UHJUHVDUFRQVXSDGUH(OSULPHUSXQWR
TXHSRGHPRVYHUHVTXHQHFHVLWDPRVGDUQRVODYXHOWDFRPSOHWDPHQWHGHMDUORTXHHVWHPRV
KDFLHQGR\UHJUHVDUQRV1HFHVLWDPRVGHMDUHOSHFDGR\GDUOHFRPSOHWDPHQWHODHVSDOGD1R
KXELHUDVHUYLGRTXHHOKLMRSUyGLJROODPDUDSRUWHOpIRQRDVXSDSiSDUDDUUHSHQWLUVH\TXHGDUVH
GRQGHHVWDEDeOWXYRTXHGHMDUVXSHFDGR\UHJUHVDUDODFDVDGHVXSDGUH(OVHJXQGRSXQWR
TXHSRGHPRVYHUHQODHQVHxDQ]DGHOKLMRSUyGLJRHVTXHOOHJyFRQKXPLOGDGDGPLWLHQGRTXH
KDEtDKHFKRDOJRPDOR(VWRHVXQDSDUWHLPSRUWDQWHGHODUUHSHQWLPLHQWRDGPLWLUQXHVWUDVIDOWDV
0XFKDVYHFHVTXHUHPRVUHJUHVDUD'LRVSHURFXDQGRVRPRVFXHVWLRQDGRVQRSRGHPRVDGPLWLU
TXHHQYHUGDGKHPRVKHFKRDOJRPDOR£(VWRQRVLUYHDVt1RSXHGHVDUUHSHQWLUWH\KXPLOODUWH
VLQDGPLWLUTXHKDVKHFKRDOJRPDOR£+D\TXHUHFRQRFHUTXHKHPRVSHFDGR/DWHUFHUDFRVD
PDUDYLOORVDTXHSRGHPRVYHUHQHVWDSDUiERODHVFyPR'LRVUHVSRQGHDVXKLMReOOHPXHVWUD
PXFKRDPRU\DFHSWDFLyQ\£FHOHEUDVXDUUHSHQWLPLHQWRFRQXQD¿HVWDHVSHFLDO'LRVVLHQWH
ORPLVPRSRUWL\SRUPtFXDQGRQRVDUUHSHQWLPRV£eOQRVUHFLEHFRQORVEUD]RVDELHUWRV
£(QWRQFHVQRVRORPHPRULFHVORVGHWDOOHVGHHVWDSDUiERODVLQRDSOtFDODHQWXYLGD'LRVDPD
HODUUHSHQWLPLHQWR\QRVRORGHORVQXHYRVFULVWLDQRV(VWDOHFFLyQHVSDUDWL\SDUDPtSDUD
UHFRUGDUTXHFXDQGRQRVHQFRQWUDPRVFRPLHQGRFRPLGDGHFHUGRVSRGDPRVGDUQRVFXHQWDGH
TXHKHPRVVLGRDWUDSDGRVSRUHOSHFDGR£\TXHVtKD\PDQHUDGHVDOLUQRVGHDKt'HMDGHKDFHU
ORTXHHVWiVKDFLHQGRGDWHODYXHOWD\£UHJUpVDWHD'LRV/OHJDFRQKXPLOGDGDGPLWLHQGRTXH
KDVSHFDGR\HQFRQWUDUiVTXH£eOWHHVWiHVSHUDQGRFRQORVEUD]RVDELHUWRVSDUDUHFLELUWH\
WUDWDUWHFRPRXQKLMRRKLMDDPDGR
<
XPDHVWURWHJXLDUiHQOD
VLJXLHQWHDFWLYLGDG
K
7DUHD/XFDV
3iJLQDV\
R^`dRTRdR
g
$FRQWLQXDFLyQHQFRQWUDUiVXQDOLVWDGHSHFDGRVGH
XQRVVHDUUHSHQWLUiQHQFODVH\RWURVHQVXFDVD
FULVWRHV
3DGUH(WHUQR
,VDtDV
aVTRU`daRcRRccVaV_eZcdV
/D%LEOLDQRVKDEODGHQXHVWUDUHODFLyQFRQ'LRVXVDQGRLPiJHQHVGHODDJULFXOWXUD
³$EUDQVXUFRVHQWHUUHQRVQRODEUDGRV\QRVLHPEUHQHQWUHHVSLQRV«PDUTXHQVXFRUD]yQFRQODVHxDOGHO
SDFWR&LUFXQFtGHQVHSDUDKRQUDUDO6HxRUQRVHDTXHSRUODPDOGDGGHVXVREUDVPLIXURUVHHQFLHQGDFRPR
HOIXHJR\DUGDVLQTXHQDGLHSXHGDDSDJDUOR´-HUHPtDV
1XHVWUDYLGDHVFRPRXQWHUUHQRTXHQRKDVLGRWUDEDMDGRHVWiWDQGXURTXHQRSXHGHVVHPEUDUODVHPLOOD
\VLODVLHPEUDVQRGXUDPXFKRVLQRTXHPXHUH\DTXHQRWLHQHSURIXQGLGDG+D\TXHQRWDUWDPELpQTXHORV
DJULFXOWRUHVFRQWLQXDPHQWHHVWiQEDUEHFKDQGRHOWHUUHQRPHWLHQGRHODUDGRFDGDYH]HQORPiVSURIXQGR
SDUDYROWHDUODWLHUUD\TXHVHDPiVSURGXFWLYD\HOWHUUHQRQRVHHQGXUH]FDSRUHQFLPD(VWRSDVDWDPELpQHQ
QXHVWURVFRUD]RQHVFDGDYH]TXHQRVDUUHSHQWLPRV\OORUDPRVHQHODOWDU3HURFXDQGRHODUUHSHQWLPLHQWRQR
HVDOJRSURIXQGR\JHQXLQRKDFHPRVTXHQXHVWURFRUD]yQVHHQGXUH]FD\QRVYROYHPRVVXSHU¿FLDOHV
3DUDURPSHUFRQHVWDGXUH]DGHQXHVWURFRUD]yQQHFHVLWDPRVFDYDUSURIXQGRGHQWURGHQRVRWURVWDOFRPR
HODJULFXOWRUORKDFHFRQODWLHUUD
¢4XpVHUiORTXHQHFHVLWDPRVKDFHU"&DUORV)LQQH\XQIDPRVRSUHGLFDGRUGH,QJODWHUUDKDEOyGHHVWH
WHPDGXUDQWHORVDxRV)LQQH\GLMRTXHKDEtDSHUVRQDVTXHLQWHQWDEDQ³6(17,56(0$/´SRUVXV
SHFDGRV1DGLHSXHGHLQWHQWDUVHQWLUVHPDOSRUVXVSURSLDVIXHU]DV6LORWUDWDPRVWRPDPRVHOULHVJRGH
HQGXUHFHUQXHVWURFRUD]yQDXQPiVFDGDYH]3HURVtKD\DOJRTXHSRGHPRVKDFHU3RGHPRVSRQHUQXHVWUD
DWHQFLyQHQDOJRKDVWDTXHOOHJXHQORVVHQWLPLHQWRV/RTXHQHFHVLWDPRVKDFHUSDUDURPSHUHVHFRUD]yQ
GXUR\TXHVHKDJDEODQGRDQWH'LRVHVPLUDU\H[DPLQDUQXHVWURFRUD]yQ«VLQDSXUDUQRV«GHEHPRVYHU
KDFLDQXHVWURLQWHULRU'HEHPRVH[DPLQDUVLUHDOPHQWHHVWDPRVFDPLQDQGRFRQ'LRVFDGDGtDRHVWDPRV
FDPLQDQGRFRQHOGLDEOR6LHVWDPRVVLUYLHQGRD'LRVRDOGLDEOR\VLHVWDPRVEDMRHOFRQWUROGH'LRVRQR
(VWDHVXQDFODVHPX\HVSHFLDOTXHYDDFDPELDUWXYLGDVLSXHGHVUHFLELUODYLVLyQ\SXHGHVWHQHUXQ
DUUHSHQWLPLHQWRJHQXLQR
0LHQWUDVYDQOH\HQGRODOLVWDGHSHFDGRVStGHOHD'LRVTXHDEODQGHWXFRUD]yQ3tGHOHTXHWHGHXQ
YHUGDGHURDUUHSHQWLPLHQWRGHWDOPDQHUDTXHORSXHGDVVHQWLU
@_TcVUf]ZURU
5HFXHUGDORVPRPHQWRVHQORVFXDOHVKDVDFXVDGR
D'LRVGHPHQWLUSRUODPDQHUDHQTXHQRFUHHV
6XVSURPHVDV\GHFODUDFLRQHV'LRVKDSURPHWLGR
GDUHO(VStULWX6DQWRDORVTXHVHORSLGHQ
/XFDV$KRUD¢ORKDVFUHtGR"¢7LHQHV
ODH[SHFWDWLYDGHTXHeOWHYDDUHVSRQGHU"
¢9HUGDGTXHFXDQGRRUDVWHSRUHO(VStULWX6DQWR
SUiFWLFDPHQWHGLMLVWHHQWXFRUD]yQ<RQRFUHR
TXHORYD\DDUHFLELU´"6LQRFUHHVQLWLHQHVOD
H[SHFWDWLYDGHUHFLELUODVEHQGLFLRQHVTXH'LRVKD
SURPHWLGRORDFXVDVDeOGHPHQWLURVR
=R]eRUVR^`ca`c`ec`d
0LUDDOUHGHGRUDWXVDPLJRV\IDPLOLDUHV\
UHFXHUGDTXpWDQSRFDFRPSDVLyQKDVVHQWLGRSRU
HOORVKDVHVWDGRDKtSDUDGRVRODPHQWHYLpQGROHV
LUGLUHFWRDOLQ¿HUQR\SDUHFHTXHQRWHLPSRUWD
¢&XiQWRVGtDVKDQSDVDGRHQORVFXDOHVQLKDV
RUDGRSRUVXFRQGLFLyQQLWLHQHVXQGHVHRSRU
VXVDOYDFLyQ"¢<TXpSDVDFRQORVSHUGLGRV"
4XL]iVQLVLTXLHUDWHLQWHUHVDDSUHQGHUGHVX
FRQGLFLyQ0LUDHVWR\YHTXpWDQWRWHLQWHUHVDV
SRUORVSHUGLGRV\KRQHVWDPHQWHFXiOHVVRQWXV
VHQWLPLHQWRVKDFLDHOORV\VLGHVHDVVXVDOYDFLyQ
0LGHWXGHVLQWHUpVSRUVXVDOYDFLyQDOQHJDUWHD
SUDFWLFDUHOGDUSDUDTXHOHVOOHJXHHO(YDQJHOLR
¢7HKDVQHJDGRDXQDODVFRVDVEiVLFDVGHODYLGD
FRPRXQFDIpRXQUHIUHVFR"¢7HKDVOLPLWDGRHQ
WXYLGD\YLYLGRLQFRQYHQLHQWHVSDUDTXHHOORVVHDQ
VDOYRV"¢2UDVDGLDULRSRUHOORV"¢'DVGHWXGLQHUR
SDUDHO6HxRUFXDQGRYDVDRUDU"6LW~QRHVWiV
KDFLHQGRHVWDVFRVDV\QRKD\HQWLXQDDJRQtDSRU
ORVSHUGLGRV¢SRUTXpHUHVWDQKLSyFULWD\SUHWHQGHV
VHUXQFULVWLDQR"7XSURIHVLyQGHIHHVXQLQVXOWRD
-HVXFULVWR
=R]eRUVacV`TfaRcdVa`c]R
WR^Z]ZR
3LHQVDHQODPDQHUDHQTXHKDVYLYLGRGHODQWHGHWX
IDPLOLDFyPRKDVRUDGR\TXpHMHPSOROHVKDVGDGR
¢4XpKDFHVUHJXODUPHQWHSDUDPHMRUDUVXQLYHO
HVSLULWXDO"¢4XpGHEHUKDVGHVFXLGDGR"
=R]eRUVTfZURU`a`cdfac`aZR
gZUR
¢(QFXiQWRVFDVRVKDVHVWDGRWDQDSXUDGRHQWXV
DVXQWRVSHUVRQDOHVTXHQRWHKDVGDGRDODWDUHD
GHDUUHJODUWXVFXHQWDVFRQ'LRVFXiQWDVYHFHVKDV GHVFXLGDGRFRPSOHWDPHQWHHOYHUWXFRQGXFWD
HQWRQFHVEDMDVWXJXDUGLD\SHFDVDQWHHOPXQGR
DQWHODLJOHVLD\DQWH'LRV"
=R]eRUV_VXRcdVRd”^Zd^`
+D\PXFKDVSHUVRQDVTXHHVWiQGLVSXHVWRVSDUD
KDFHUFXDOTXLHUFRVDHQHOFULVWLDQLVPRTXHQR
UHTXLHUDQHJDUVHDVtPLVPRV3HURFXDQGRVH
UHTXLHUHTXHKDJDQDOJRGHQHJDUVHDVtPLVPRV
GLFHQµ£RKHVGHPDVLDGR¶(OORVSLHQVDQTXHHVWiQ
KDFLHQGRDOJRPX\JUDQGHSDUD'LRV\KDFHQ
PXFKDVFRVDVSHURQRHVWiQGLVSXHVWRVDGHMDU
DOJXQDFRPRGLGDGRELHQHVWDUSDUDVHUYLUDO6HxRU
1RHVWiQGLVSXHVWRVDVXIULUYHUJHQ]DVSRUHO
QRPEUHGH&ULVWR7DPSRFRHVWiQGLVSXHVWRVD
QHJDUVHDORVOXMRVGHODYLGDSDUDVDOYDUDOPXQGR
GHOLQ¿HUQR7DQOHMRVHVWiQHOORVGHUHFRUGDU
TXHHOQHJDUVHDVtPLVPRVHVXQDFRQGLFLyQGHO
GLVFLSXODGRTXHQRFRQRFHQORTXHHVQHJDUVHD
VtPLVPR5HDOPHQWHQXQFDVHKDQQHJDGRDVt
PLVPRVHQDOJRSRU&ULVWR\HO(YDQJHOLR£2KTXH
SURQWRHVDVSHUVRQDVHVWDUiQHQHOLQ¿HUQR
JZV_U``SdeˆTf]`aRcRbfV`ec`d
ecRSR[V_
4XL]iVKDVGHELOLWDGRVXLQÀXHQFLDSRU
LQVLQXDFLRQHVFRQWUDHOORV1RVRORKDVSULYDGRD
'LRVGHWXVWDOHQWRVSHURWDPELpQKDVDWDGRODV
PDQRVGHDOJXLHQPiV£4XHVLHUYRWDQPDOYDGR
HVHOTXHQRVRORQRKDFHQDGDSHURWDPELpQ
REVWDFXOL]DDORVGHPiV(VWRDOJXQDVYHFHVVH
KDFHWRPDQGRWLHPSRLQQHFHVDULRRWUDVYHFHV
GHVWUX\HQGRODFRQ¿DQ]DGHRWURVFULVWLDQRV$Vt
TXHW~KDVFDtGRHQHOMXHJRGH6DWDQiVQRVROR
VLHQGRXQRFLRVRSHURVLQGHMDUDRWURVWUDEDMDU
DV_eV^f_UR_R
¢&XiOKDVLGRHOHVWDGRGHVXFRUD]yQFRQ
UHVSHFWRDVXVSRVHVLRQHVPXQGDQDV"¢/DVKD
PLUDGRFRPRUHDOPHQWHVX\DV±FRPRVLWXYLHUD
XQGHUHFKRSDUDGLVSRQHUGHHOODVGHDFXHUGR
DVXSURSLDYROXQWDG"6LORKDKHFKRHVFUtEDOR
6LKDDPDGRHVDSRVHVLyQ\ODKDEXVFDGRSDUD
VXSURSLRELHQRSDUDVDWLVIDFHUODOXMXULDROD
DPELFLyQRXQHVStULWXPXQGDQRRJXDUGDUORSDUD
VXVIDPLOLDVXVWHGKDSHFDGR\GHEHDUUHSHQWLUVH
FcXf]]`
+D]XQDFROHFFLyQGHWRGRVORVPRPHQWRVTXH
SXHGDVGRQGHW~PLVPRGHWHFWHVTXHXVDVWHHO
RUJXOOR/DYDQLGDGHVXQDPDQHUDSDUWLFXODUGHO
RUJXOOR¢&XiQWDVYHFHVWHKDVGDGRFXHQWDGH
TXHHVWiVVLHQGRYDQLGRVRDHQWXDSDULHQFLD\
YHVWLGR"¢&XiQWDVYHFHVKDVWRPDGRPiVWLHPSR
HQDUUHJODUWXFXHUSRSDUDDVLVWLUDODLJOHVLDTXH
HQSUHSDUDUWXPHQWHSDUDDODEDUDO6HxRU"7HKDV
FXLGDGRPiVHQWXDSDULHQFLDH[WHUQDSDUDTXHOD
YHDHOKRPEUHPRUWDOTXHHQODDSDULHQFLDGHWX
DOPDSDUDTXHODYHDHO'LRVTXHEXVFDFRUD]RQHV
'HKHFKRWHKDVSXHVWRDWLPLVPRSDUDTXHRWURV
WHDODEHQHQYH]GHSUHSDUDUWHSDUDDODEDUD'LRV
+DVEXVFDGRGLYLGLUODDODEDQ]DGHODFDVDGH'LRV
TXLWDQGRODDWHQFLyQGHODJHQWHHQ'LRVSDUDTXH
YHDQWXERQLWDDSDULHQFLD(VHQYDQRSUHWHQGHU
DKRUDTXHQRWHLQWHUHVDORTXHODJHQWHSLHQVD
GHWL6HDKRQHVWRDFRQHVWR¢6HWRPDUtDXVWHG
WRGDVHVDVPROHVWLDVVLODVSHUVRQDVHVWXYLHUDQ
FLHJDV"
<_XR—`
(VFULEHWRGRVORVFDVRVHQORVTXHKDVHVWDGRFRQ
XQDSHUVRQD\OHKDVKHFKRDOJRTXHQRTXLVLHUDV
TXHDOJXLHQWHKLFLHUDDWL'LRVQRVKDGDGRXQD
UHJODHQHVWHFDVR³7RGDVODVFRVDVTXHTXLHUHV
TXHORVKRPEUHVWHKDJDQKiFHODVW~DHOORV´
(VWDHVODUHJOD<VLQRORVKDVKHFKRHUHVXQ
HQJDxDGRU5HFXHUGDODUHJODQRHVTXHVROR
KDJDVORTXHVDEHVTXHHOORVSRGUtDQSRUWL\D
TXHHVWRHVORPLVPRTXHKDFHQORVSHFDGRUHV/D
UHJODHV³+D]OHVORVTXLHUHVTXHHOORVWHKDJDQ´
?Za`TcVd”R
3RUHMHPSORHQVXVRUDFLRQHV\FRQIHVLRQHVD
'LRV(VFULEHORVFDVRVHQORVFXDOHVRUDVWHSRU
FRVDVTXHUHDOPHQWHQRTXHUtDV<ODHYLGHQFLD
HVTXHFXDQGRWHUPLQDVGHRUDUVHWHROYLGy
SRUORTXHHVWDEDVRUDQGR¢&XiQWDVYHFHV
KDVFRQIHVDGRSHFDGRVTXHQLVLTXLHUDTXHUtDV
GHMDUGHKDFHUQRWHQtDVHOSURSyVLWRGHGHMDUGH
UHSHWLUORV"6LKDVFRQIHVDGRSHFDGRVDXQFXDQGR
VDEtDVTXHLEDVDUHJUHVDU\YROYHUORVDKDFHU
I`SRcR;Z`d
3LHQVDHQORVPRPHQWRVHQORVFXDOHVKDV
PDOJDVWDGRWXWLHPSRJDVWDQGRODVKRUDVTXH
'LRVWHKDGDGRSDUDVHUYLUOH\JDQDUDOPDVHQ
HQWUHWHQLPLHQWRVYDQRVRFRQYHUVDFLRQHVQHFLDV
OH\HQGRQRYHODVRKDFLHQGRQDGDFDVRVHQORV
TXHKDVDSOLFDGRPDOWXVWDOHQWRVGRQGHKDV
JDVWDGRGLQHURHQWXVSURSLRVOXMRVRJDVWDGRHQ
FRVDVTXHQRQHFHVLWDEDVTXHQRFRQWULEXtDQDWX
VDOXGFRQIRUWRXWLOLGDG
/HFFLyQ
&HULOORV
GHDOWD
9HORFLGDG
1dVRXcRUVTZU`2
³'HQJUDFLDVDO6(f25SRUTXHpOHV
EXHQRVXJUDQDPRUSHUGXUDSDUD
VLHPSUH´6DOPR
-HV~VVDQDDGLH]/HSURVRV
/HHU/XFDV
JUDGHFLPLHQWRHVDOJRTXH'LRVDPD\EXVFDHQODJHQWH$JUDGHFLPLHQWRVLJQL¿FDTXH
DGPLWLPRVDOJRTXHQRKXELpUDPRVSRGLGRKDFHUSRUQRVRWURVPLVPRV\UHFRQRFHPRVOD
D\XGDTXHYLQRGHRWURV(QHVWHFDVR-HV~VIXHHOTXHVDQyDORVOHSURVRVSRUPHGLR
GHOSRGHUGH'LRV-HV~VQRIXHHQYLDGRDVDQDUORVSHURWXYRFRPSDVLyQGHHVWRVFXDQGR
HOORVFODPDURQDeO\eOORVVDQy
'HORVKRPEUHVTXHIXHURQVDQDGRVVRODPHQWHXQRUHJUHVyDGDUOHODVJUDFLDVD-HV~V¢4Xp
SDVyFRQORVRWURVQXHYH"(VIiFLOSDUDQRVRWURVMX]JDUDHVRVSRUVXIDOWDGHDJUDGHFLPLHQWR
SHURQRVRWURVORKDFHPRVWRGRHOWLHPSR'LRVFRQVWDQWHPHQWHQRVHVWiD\XGDQGRPLQLVWUDQGR\
VXSOLHQGRQXHVWUDVQHFHVLGDGHV\QRVRWURVQRVJR]DPRVGHTXHQXHVWUDVQHFHVLGDGHVKDVVLGR
VXSOLGDVSHURVHJXLPRVFRQQXHVWURGtDVLQXQVLPSOH³JUDFLDV´-HV~VVHxDODHQHVWDSDUiEROD
TXHHOKRPEUHDJUDGHFLGRHUDXQVDPDULWDQRRVHDXQH[WUDQMHUR
0XFKDVYHFHVODJHQWHTXHQRHVFULVWLDQDHVPiVDJUDGHFLGDFRQ'LRVTXHORVFULVWLDQRV(OORV
VHVLHQWHQDJUDGHFLGRVFXDQGR'LRVOHVKDFHDOJRHVSHFLDO\QRVRWURVFRPRFULVWLDQRVFRPR
TXHQRVDFRVWXPEUDPRVDTXH'LRVVHPXHYD\WUDEDMHHQQXHVWUDVYLGDV\QRVROYLGDPRVGH
VLPSOHPHQWHGHFLUOHJUDFLDV
¢4XpKL]R'LRVHQWXYLGDODVHPDQDSDVDGD"£'DOHJUDFLDVDeOSRUHOOR(VWDHVXQDOHFFLyQ
VHQFLOODSHURHVPX\LPSRUWDQWH£6($*5$'(&,'2
8
¢(QTXpFRVDVQRUPDOPHQWHVRPRVDJUDGHFLGRV"
¢4XpVHUtDDOJRFRPSOHWDPHQWHGLIHUHQWHPX\VLPSOHRH[WUDxRSRUOR
TXHSRGHPRVHVWDUDJUDGHFLGRV"
defUZ`ViecR
(QFXHQWUDYHUVRVHQORV6DOPRVTXHPHQFLRQHQHOGDUJUDFLDV
<
FULVWRHV
7DUHD/XFDV
3iJLQDV
(O0DHVWUR
-XDQ
R^`dRTRdR
g
/DWDUHDGHHVWDVHPDQDVHUiGHFLU³JUDFLDV´HQGLIHUHQWHVRFDVLRQHVGXUDQWH
ODVHPDQD
/HFFLyQ
³«&ULVWR-HV~VYLQRDOPXQGRDVDOYDUDORV
SHFDGRUHVGHORVFXDOHV\RVR\HOSULPHUR´
7LPRWHRE
1Rd”T`^`VcVd2
=DTXHRHOUHFDXGDGRUGH,PSXHVWRV
/HHU/XFDV
XFKRVGHQRVRWURVFRQRFHPRVODKLVWRULDGH=DTXHRHOKRPEUHTXHVHVXELyDXQiUERO
SDUDYHUD-HV~V¢3HURFXiQWRVGHXVWHGHVVDEHQTXHHVWHKRPEUHHUDPX\ULFR"
£7DPELpQHUDXQSHFDGRUeOQRLEDDODLJOHVLDQRD\XGDEDHQQDGDDORVFULVWLDQRV¢6H
SXHGHQLPDJLQDUDO3UHVLGHQWH0XQLFLSDOELHQYHVWLGRFRQVXWUDMHVXELpQGRVHDXQiUERO"$KRUD
LPDJtQDWHTXHHVWHKRPEUHULFRVHVXEHDXQiUEROSDUDYHUDXQKHUPDQRTXHOOHJDDODFLXGDG
SDUDWHQHUXQDFDPSDxDHYDQJHOtVWLFD¢1RHVHVWRUDUR"
=DTXHRHUDFKDSDUULWR\FRQPXFKRGLQHUR7DPELpQpOHUDSHFDGRU1RDVLVWtDDODLJOHVLD
UHJXODUPHQWH1RHUDDOJXLHQTXH-HV~VHVFRJHUtDSDUDDQGDUFRQpO1RHUDDOJXLHQTXHODJHQWH
SHQVDUDTXHPHUHFtDODDWHQFLyQGHXQSURIHWDIDPRVR/D(VFULWXUDGLFHTXH-HV~VYLQRDEXVFDU
\DVDOYDUORTXHVHKDEtDSHUGLGR=DTXHRHVWDEDSHUGLGRSHURWHQtDPXFKRLQWHUpVHQODVFRVDV
GH'LRVHVWRORGHPXHVWUDHOKHFKRGHTXHDXQTXHHUDULFRVHVXELyDXQiUEROSDUDYHUPHMRUD
-HV~VPLHQWUDVSDVDED
-HV~VTXLHUHOOHJDUDWLKR\DVtFRPRHUHV1RWLHQHVTXHFDPELDUXQPRQWyQGHFRVDVDQWHVGH
TXHeOWHHQFXHQWUHeOHVQXHVWUR6DOYDGRU\QRHVWiHVSHUDQGRTXHVHDVSHUIHFWRDQWHVGHTXH
WHDFHUTXHVDeOeOGHVHDUHXQLUVHFRQWLJRDVtFRPRHUHVSRUTXHeOWHDPD\WHFRQRFH\KD
YHQLGRSDUDVDOYDUWHeOTXLHUHHVWDUFRQWLJRFRPRORKL]RFRQ=DTXHR
-HV~VIXHDVXFDVDFHQyFRQpO\OD%LEOLDQRGLFHTXH-HV~VORKD\DSUHVLRQDGRROHKD\D
KDEODGRGHDOJR=DTXHRVRORVHVLQWLyPRYLGRSDUDGDU\GHFODUDTXHYDDGDUODPLWDGGHWRGR
ORTXHWLHQHDODJHQWHSREUH¢5HFXHUGDQTXHpOHUDPX\ULFR"£4XHGHFLVLyQWDQHQRUPHKDFHpO
DTXt
-HV~VTXLHUHOOHJDUFRQWLJR\FRQPLJRDVtFRPRVRPRVeOTXLHUHµMXQWDUVHFRQWLJRSDUDFHQDU\
TXHGDUVHHQWXFDVD¶eOHVWiEXVFDQGRODVFRVDVQRUPDOHV\QRWLHQHVTXHFDPELDUORTXHHUHV
SDUDTXH-HV~VTXLHUDOOHJDUFRQWLJReOWHFRQRFHDVtFRPRHUHV\WRGDYtDTXLHUHSDVDUWLHPSR
FRQWLJR
¢4XpGLFHVW~"¢$EULUiVODSXHUWDGHWXYLGDD-HV~VKR\"
0DHVWURV3RUIDYRUGLULMDQHQVXFODVHXQDRUDFLyQSDUDTXHDEUDQVXYLGDD-HV~VKR\
D
¢&XiOHVVRQDOJXQDVH[SHFWDWLYDVGHOPXQGRSDUDQXHVWURDVSHFWRH[WHUQR"
7DUHD/XFDV
¢'HHVDVH[SHFWDWLYDVFXiOHVVRQWDPELpQGH'LRVHQOD%LEOLD"
3iJLQDV\
+D]XQDOLVWDGHFRVDVGHWXSHUVRQDTXH'LRVWHKDGDGR\QRSXHGHVFDPELDU
defUZ`ViecR/HH6D\FRPHQWHQFyPRHVWDKLVWRULDGHOD%LEOLDVH
UHODFLRQDFRQHVWDOHFFLyQ
<
FULVWRHV
$PRU
-XDQ
R^`dRTRdR
g
(VWDVHPDQDGHEHUiVSURQXQFLDUXQDIUDVH
UHSHWLWLYDFDGDQRFKHDQWHVGHGRUPLU«³'LRVPH
DPDDVtFRPRVR\´
+XHYR
)ORWDQGR
/HFFLyQ
3DVD
%DLODGRUD
³/RVTXHYLYHQHQUHPRWRVOXJDUHVVHDVRPEUDQ
DQWHWXVSURGLJLRVGHORULHQWHDORFFLGHQWHW~
LQVSLUDVFDQFLRQHVGHDOHJUtD´6DOPR
18]ˆSR]V2
/DHQWUDGD7ULXQIDO
/HHU/XFDV
XDQGRQRVRWURVGHFLGLPRVDODEDUD'LRVQRUPDOPHQWHFDQWDPRVXQFDQWR
JULWDPRVXQDDODEDQ]DDeOOHYDQWDPRVODVPDQRVRQRVDUURGLOODPRV
$ODEDPRVD'LRVSRUTXHeOHVQXHVWUR5H\eOHVPiVJUDQGHTXHQRVRWURV
\eOKDKHFKRFRVDVPDUDYLOORVDVSDUDQRVRWURV/RDODEDPRVDeOSRU6XVPLODJURVSRU6X
SDODEUDSDUDQRVRWURV\SRUTXHeOHVGLJQRGHQXHVWUDDODEDQ]D¢$TXpVHSDUHFHODDODEDQ]D\
ODDGRUDFLyQ"¢4XpHVORTXHKDFHQHQVXLJOHVLD"
(OGtDGHODHQWUDGDWULXQIDOGH-HV~VD-HUXVDOpQIXHXQSRTXLWRGLIHUHQWHSRUTXHWRGRVHVWDEDQ
HQODFDOOH(VWDEDQHQS~EOLFR\KDEtDXQDPXOWLWXGGHJHQWHUHXQLGD-HV~VHQWUyD-HUXVDOpQ
PRQWDGRHQXQEXUURSDUDFXPSOLUODSURIHFtDGHVXHQWUDGDFRPRUH\\PLHQWUDVTXHHQWUDED
DODFLXGDGODJHQWHFRPHQ]yDDODEDUOH/DJHQWHXVyVXVPDQRVSDUDDGRUDUOHSXVRVXV
FKDPDUUDVHQHOVXHOR\KRMDVGHiUEROFRPRVLHVWXYLHUDQSRQLHQGRXQDµDOIRPEUDURMD¶SDUD
TXHeOSXGLHUDSDVDUSRUDKt/DJHQWHWDPELpQXVyVXVYRFHVSDUDJULWDUDODEDQ]DVD-HV~V
GHFODUiQGRORFRPRUH\\GiQGROHODJORULDDeO(UDLPSRUWDQWHTXHHOORVDODEDUDQD-HV~V
SRUTXH³VLHOORVQRORKDFtDQODVSLHGUDVLEDQDJULWDU´7RGRHO8QLYHUVRREVHUYDEDPLHQWUDVHO
5H\HQWUDEDDODFLXGDG\IXHQDWXUDOODDODEDQ]D/DDODEDQ]DHVQDWXUDOSDUDWL\SDUDPtKR\
DVtFRPRORIXHSDUDPXFKRVHQDTXHOGtD-HV~VKDOOHJDGR\DHQWUDGRHQQXHVWUDYLGDVKD
KHFKRPLODJURVSDUDTXHQRVRWURVORVYHDPRV\KDFDPELDGRDOPXQGR$OJRGHQWURGHQRVRWURV
VDEHTXHGHEHPRVJULWDUDODEDQ]DDO5H\GHUH\HV7DPELpQGHEHPRVGHMDUFRVDVDVXVSLHV
XVDQGRQXHVWUDVPDQRV\YR]SDUDEULQGDUOHDODEDQ]DDeO6LQRVRWURVQRORDODEDPRVDOJXLHQ
RDOJRORKDUiQ£3HUR'LRVVHUiDODEDGR1RUPDOPHQWHSHQVDPRVTXHODDODEDQ]DD'LRVVRQ
FDQWRVTXHOHFDQWDPRVDeOSHURWDPELpQSXHGHVHUPXFKRPiVTXHHVR/DDODEDQ]DLQFOX\H
FDQWRVJULWRVYLYLUFRUUHFWDPHQWHVDFUL¿FLRV\RIUHQGD6XYLGDGHVDFUL¿FLRHVXQDIRUPDGH
DGRUDU3HURDXQFXDQGRQRVRWURVDODEDPRVD'LRVFRQQXHVWUDVDFFLRQHVKD\WLHPSRVFXDQGR
GHEHPRV*5,7$5DODEDQ]DVDeO-HV~VHVGLJQRGHQXHVWUDDODEDQ]DeOHVQXHVWUR6HxRUeO
HVQXHVWUR5H\HQWRQFHV£$/È%$/(
0DHVWURV7RPDXQRVPLQXWRVSDUDJULWDUD-HV~VDKtHQVXFODVH3XHGHVJULWDUORPLVPRTXH
HOORVJULWDURQHQHVWDKLVWRULD³£%HQGLWRHOTXHYLHQHHQHOQRPEUHGHO6HxRU£+RVDQQDHQODV
DOWXUDV£3D]HQHOFLHOR\JORULDHQODVDOWXUDV´'H0DWHR\/XFDV
:
GDVHQXQEXHQWLHPSRHQDGRUDFLyQHQODFODVH
7DUHD/XFDV
3iJLQDV\
FULVWRHV
5H\(WHUQR
-HUHPtDV
R^`dRTRdR
g
7XWDUHDHVTXHDODEHVD'LRVHQODVHPDQD3XHGHVJULWDU
³$OHOX\D´FDGDGtDSXHGHVFDQWDUXQFDQWRHQODFDVDR
SXHGHVRUDUD'LRVGLFLpQGROHTXHWDQPDUDYLOORHV(VFRJHTXpHVOR
TXHYDVDKDFHU
/HFFLyQ
1DR_eV_eV]Z^aZ`2
³&UHDHQPtRK'LRVXQFRUD]yQOLPSLR\
UHQXHYDOD¿UPH]DGHPLHVStULWX´6DOPR
-HV~VHQHO7HPSOR
/HHU/XFDV
DKLVWRULDGHKR\HVGHFyPR-HV~VHQFRQWUyDODJHQWHKDFLHQGRGLQHUR\UREDQGRDRWURV
$'(1752GHOWHPSORODIRUPDHQTXHVHHQRMyVLQSHFDU\ORVVDFyDWRGRV(VWDVHULH
GH³(O/DERUDWRULRGH/XFDV´WLHQHXQHQIRTXHHVSHFt¿FRHQODDSOLFDFLyQGHYHUGDGHV
DQXHVWUDYLGD1RVRORHVWDUHPRVHVWXGLDQGRORTXH-HV~VKL]RHQHOWHPSORDTXHOGtDVLQR
YLHQGRODPDQHUDHQFyPRDSOLFDUORDQXHVWUDVYLGDV¢7~SXHGHVYHUXQDPDQHUDGHDSOLFDU
HVWDOHFFLyQ"8QDDSOLFDFLyQREYLDHVTXHGHEHPRVGHWUDWDUDQXHVWUDVLJOHVLDVFRQUHVSHWR
HOODVVRQOODPDGDV³&DVDVGH2UDFLyQ´(OHGL¿FLRGRQGHYDPRVDDODEDUD'LRVGHEHVHUWUDWDGR
ELHQHVWDUOLPSLR\TXHQRHVWHPRVUREDQGRRKDFLHQGRWUDPSDDGHQWUR(VWHGtDYDPRVDYHU
XQDDSOLFDFLyQTXHTXL]iVQRHVWDQREYLD(QFRQWUDPRVHQHO1XHYR7HVWDPHQWRTXHQXHVWURV
FXHUSRVVRQWHPSORGHO6HxRU&R'LRVQRHVWiEXVFDQGRHGL¿FLRVGRQGHYLYLUVLQRTXH
VHUHJRFLMDHQQRVRWURV6XVKLMRVeOTXLHUHHQWUDUDQXHVWURVFRUD]RQHV'HKHFKRHOFRUD]yQHV
ODSDUWHPiVLPSRUWDQWHGHWRGRHOFXHUSR³3RUVREUHWRGDVODVFRVDVFXLGDWXFRUD]yQSRUTXH
GHpOPDQDODYLGD´3U'RQGHTXLHUDTXHYDPRVODJHQWHHVWiSUHRFXSDGDHQFyPRQRV
YHPRVQXHVWUDURSDHOFRORUGHQXHVWUDSLHO\QXHVWURFRPSRUWDPLHQWRH[WHUQR3HURHVWRQR
HVORTXHOHLQWHUHVDD'LRVTXLHQHVODSHUVRQDSULQFLSDODODTXHGHEHPRVTXHUHULPSUHVLRQDU
\DJUDGDU³/DJHQWHVH¿MDHQODVDSDULHQFLDVSHUR\RPH¿MRHQHOFRUD]yQ´6E+D\
PXFKDVKLVWRULDVSRUWRGDOD%LEOLDTXHFRQ¿UPDQHVWHYHUVR\HVWHFRQFHSWR'LRVHVWiLQWHUHVDGR
HQQXHVWURVFRUD]RQHV/DYHUGDGHVTXHQXHVWURVFRUD]RQHVVHSXHGHQHQVXFLDU\RFXSDU
FRPRHVWDEDQORVYHQGHGRUHV\ODGURQHVHQHOWHPSORHOGtDTXH-HV~VORVVDFy3RGHPRVHVWDU
GHPDVLDGRHQIRFDGRVHQHOGLQHUR«PLQWLpQGRQRVDQRVRWURVPLVPRV«HQJDxDQGRGHXQD
PDQHUDHQTXHSHQVDPRVTXHQDGLHQRVYDDGHVFXEULU«\ODOLVWDFRQWLQ~D&RPR'LRVHVWi
PiVSUHRFXSDGRSRUQXHVWURVFRUD]RQHVTXHSRUFXDOTXLHURWUDFRVD\SRUTXHOD%LEOLDGLFHTXH
DKRUDVRPRVHOWHPSORGHO6HxRUODPHMRUPDQHUDGHDSOLFDUHVWDOHFFLyQDQXHVWUDVYLGDVKR\HV
£/,03,$1'218(67526&25$=21(6
(QyMDWHFRQWXSHFDGRHQyMDWHFRQODIRUPDHQTXHHVFRQGHVFRVDVGH'LRV\VDFDHVWRGHWL
3tGHOHD'LRVTXHWHGHXQFRUD]yQOLPSLRFRPRGLFHQXHVWURYHUVRSDUDPHPRUL]DU³&UHDHQ
PtRK'LRVXQFRUD]yQOLPSLR«´6DOPR1RGHMHVTXHODDPDUJXUDRHOHQRMRSURGX]FDQ
HVSDFLRVIHRVHQWXFRUD]yQ-HVXFULVWRTXLHUHKDELWDUWH\TXLHUHTXHWH£0$17(1*$6/,03,2
C
8QDGHODVFRVDVTXHSXHGHQUiSLGDPHQWHHQVXFLDUQXHVWURFRUD]yQHVHOFKLVPH
¢4XpHVHOFKLVPH"
¢4XpVXFHGHFXDQGRW~FRPLHQ]DVXQUXPRUVREUHDOJXLHQ\QRHVYHUGDGHUR"
7DUHD/XFDV
3iJLQDV\
¢&yPRWHVLHQWHVFXDQGRHQFXHQWUDVDRWURVFKLVPHDQGRVREUHWL"
defUZ`ViecR
/HH1PSDUDYHUXQHMHPSORGHFKLVPH\HOFDVWLJRGH'LRV
<
FULVWRHV
3LHGUD
3ULQFLSDO
3HGUR
R^`dRTRdR
g
7XWDUHDHVRUDUSRUXQFRUD]yQOLPSLRPLHQWUDV
OLPSLDVDOJRHQWXUHFiPDUD3RUHMHPSORSXHGHV
DUUHJODUWXFDPDPLHQWUDVTXHRUDVSRUODOLPSLH]DGHWX
FRUD]yQ
/RGR
3HJDMRVR
/HFFLyQ
³$ODYHUGDGQRPHDYHUJHQ]RGHO
HYDQJHOLRSXHVHVSRGHUGH'LRVSDUD
ODVDOYDFLyQGHWRGRVORVTXHFUHHQ´
5RPDQRVD
3DODEUDV
2FXOWDV
1_`eV
RgVcX¢V_TVd2
3HGURQLHJDD-HV~V
/HHU/XFDV
DPHV5HQZLFNIXHDFXVDGR\DUUHVWDGRSRUQHJDUVHDREHGHFHUODDXWRULGDG
GHOUH\\DTXHFRQWLQXySUHGLFDQGRHOHYDQJHOLRFXDQGROHRUGHQDURQTXHQR
ORKLFLHUDeOIXHVHQWHQFLDGRDPXHUWHSHUROHGLHURQXQDVHPDQDSDUDTXH
ORSHQVDUD(OUH\OHRIUHFLyGHMDUORYLYLUVLOHGDEDVXOHDOWDGDpOHQOXJDUGHD-HVXFULVWR6H
KDEtDUHXQLGRXQDPXOWLWXGGHSHUVRQDVSDUDYHUORTXHLEDDKDFHUHOGH)HEUHURGHHQ
(GLQEHUJK(VFRFLDeOOH\y$SRFDOLSVLV\FDQWyHO6DOPRRUyD'LRVHQIUHQWHGHWRGRV\
GHFLGLyQRQHJDUD-HVXFULVWReOVRORWHQtDDxRVFXDQGRORFROJDURQHQS~EOLFR8QPiUWLUHV
DOJXLHQTXHPXHUHSRUVXIHHQ'LRV\ORVHVWXGLRVPXHVWUDQTXHKDQVLGRPiVGHDOD
IHFKDSRUWRGRHOPXQGR(OSDUDUVHIUHQWHDRWURVFRQUHVSHFWRDVXFUHHQFLDHQ'LRVQRHVDOJR
IiFLOGHKDFHUSHURPXFKRVORKDQKHFKRDXQFXDQGRSLHUGDQVXVWUDEDMRVVHEXUOHQGHHOORVHQ
ODHVFXHODVHDQDPHQD]DGRVRPXHUDQ
1XHVWUDIHHQ-HVXFULVWRFRPRQXHVWUR6DOYDGRUQHFHVLWDVHUDVtGHIXHUWH3HGURSHQVyTXHpO
WHQtDXQDIHIXHUWHWDPELpQpOSHQVyTXHpOPRULUtDSRU-HVXFULVWRVLOHGDEDQODRSRUWXQLGDG
SHURFXQDGROOHJyHOWLHPSR£pOQHJyD&ULVWR(VWDVOiJULPDVWLHQHQTXHKDEHUVDOLGRGHVGHVX
FRUD]yQ\FRQPXFKRGRORU£4XHWUHPHQGRHVVDEHUTXHKDVQHJDGRDO~QLFR'LRVYHUGDGHUR
3HUR-HVXFULVWRQRVDPDWDQWRTXHQRVSHUGRQDDXQGHHVWR-HV~VVDEtDTXH3HGURLEDDIDOODU
\WRGDYtDORDPy\ORHQWUHQy'HVSXpV'LRVXVyD3HGURSDUDKDFHUWRGRWLSRGHPLQLVWHULRSDUD
6XUHLQR
¢3RUTXpWHQHPRVTXHSRQHUQRV¿UPHVHQQXHVWUDIH\QRDYHUJRQ]DUQRVGHHOOD"¢3RUTXpQR
SXGR-DPHV5HQZLFNVRORGHFLUOHDOUH\TXHORSRQtDDpOSRUHQFLPDGH'LRVUHJUHVDUDVXFDVD
\FRQWLQXDUSUHGLFDQGR"¢3RUTXpWXYRTXHPRULUSRUVXIH"
6DWDQiVHVWiDTXtHQODWLHUUD\WLHQHXQDFRVDLPSRUWDQWHSRUKDFHUPDWDUUREDU\GHVWUXLUQRV
eOTXLHUHVHSDUDUQRVGH'LRVSHUPDQHQWHPHQWH
8QDGHVXVWpFQLFDVIDYRULWDVHVTXHQRVDYHUJRQFHPRVGHQXHVWUR6DOYDGRUGHWDOPDQHUDTXH
QRGHMHPRVTXHRWURVVHSDQTXHVRPRVFULVWLDQRV\HQWRQFHVQRVHPSXMDDXQSXQWRGRQGHQRV
YHPRVIRU]DGRVDQHJDURUHFRQRFHUS~EOLFDPHQWHD&ULVWR
1RVLHQWDVYHUJHQ]DVLQRSiUDWHFRPRORVPLOHVGHPiUWLUHVDWUDYpVGHODKLVWRULDTXLHQHV
PDQWXYLHURQVXIH6LIDOODPRVFRPR3HGURQRVDUUHSHQWLPRV\YROYHPRVD-HV~VTXLHQQRV
SHUGRQD\QRVJXtD1RVRWURVWDPELpQSRGHPRVWHQHUODIXHU]DSDUDSDUDUQRVHQIUHQWHGHPXFKD
JHQWH\SURFODPDUQXHVWUDIHDVtFRPR3HGURORKL]RPiVWDUGHHQVXYLGD
A
¢4XpHVWHQHUYHUJHQ]D"
0HQFLRQDDOJXQDVRFDVLRQHVHQODVTXHKD]WHQLGRYHUJHQ]DGHKDFHUDOJR
7DUHD/XFDV
3iJLQDV\
¢&yPRKD]YHQFLGRODYHUJHQ]DHQWXYLGD"
defUZ`ViecR
/HHODKLVWRULDGH0RLVpV\VXOODPDGR
YLHQGRe[RGR
R^`dRTRdR
<
g
7XWDUHDHVWDVHPDQDHVOOHYDUXQD%LEOLDDODHVFXHODXQ
GtD\OHHUODSRUXQRVPLQXWRV
FULVWRHV
&RUGHUR
GH'LRV
-XDQ
/HFFLyQ
1;VfURaRXRUR2
³£$TXtWLHQHQDO&RUGHURGH'LRVTXHTXLWDHO
SHFDGRGHOPXQGR´-XDQE
/D&UXFL¿[LyQ
/HHU/XFDV
HVGHHOSULQFLSLRGHORVWLHPSRV'LRVFUHyDOKRPEUHFRQHOSURSyVLWRGHYLYLU\WHQHU
FRPXQLyQFRQpO6HVXSRQtDTXHODYLGDLEDDVHUVLQSHFDGR1RKDEUtDKDELGRWUDPSDV
URERVPHQWLUDVDSURYHFKDGRV«QLSROtWLFDQLPXHUWH
3HUROOHJyHOGtDIDWDOHQHO-DUGtQGHO(GpQHOKRPEUH\ODPXMHUFRPLHURQGHOiUEROSURKLELGR
VLHQGRWHQWDGRVSRUODVHUSLHQWHTXHHUDHOGLDEOR$TXHOGtDTXHHOKRPEUHSHFyHOSHFDGR\
ODPXHUWHHQWUDURQDOPXQGR/RVKXPDQRV\DQRSXGLHURQWHQHUFRPXQLyQFRQ'LRVFRPReO
ORKDEtDSODQHDGRRULJLQDOPHQWH/DUHODFLyQVHURPSLy&RPRXQDUUHJORWHPSRUDOODJHQWH
GHO$QWLJXR7HVWDPHQWRSRGtDVDFUL¿FDUHQRIUHQGDXQDRYHMDOLPSLDD'LRVFRPRSDJRSRUVXV
SHFDGRVSHURVROROHVVHUYtDSRUSRFRWLHPSRGHVSXpVWHQtDQTXHKDFHURWUDRIUHQGD/RV
VDFHUGRWHVVRORVHSRGtDQFRPXQLFDUFRQ'LRVXQDYH]DODxRFXDQGRHQWUDEDQHQHOOXJDU
6DQWtVLPR'LRVWXYRXQSODQPDUDYLOORVRTXHFDPELDUtDWRGRHVR(OSODQGH'LRVIXHHQYLDUD
VX+LMR-HV~VDOPXQGRFRPRXQKXPDQRSDUDYLYLUXQDYLGDSHUIHFWD\OXHJRVDFUL¿FDUVHDVt
PLVPRFRPRHO&RGHURSHUIHFWRSRUQXHVWURVSHFDGRV8QDYH]TXH-HV~VKLFLHUDHVWHVDFUL¿FLR
£TXHGDUtDPRVOLEUHVGHSHFDGR<DQRWHQGUtDPRVTXHVDFUL¿FDUFRUGHURVWRGRHOWLHPSR\
£SRGUtDPRVFRPXQLFDUQRVGLUHFWDPHQWHFRQ'LRVFDGDKRPEUHSRUVtPLVPR
¢3HURTXpWXYRTXHKDFHU-HV~V"eOVHGHMyDUUHVWDU\VHUHQMXLFLDGRDXQFXDQGRQRKDEtD
KHFKRQDGDPDOR/RFROJDURQHQXQDFUX]FRPRFDVWLJR\PXULy(QHOPRPHQWRHQTXHPXULy
-HV~VSDJySRUQXHVWURVSHFDGRV/D%LEOLDQRVHQVHxDTXHHOSDJRSRUHOSHFDGRHVODPXHUWH
7RGRVQRVRWURVKHPRVSHFDGR\DVHDPLQWLHQGRHQJDxDGRUREDQGRPDWDQGRWHQLHQGRFHORV
DPDUJXUD\PXFKRVRWURVSHFDGRV\PHUHFHPRVHOFDVWLJRSRUORTXHKHPRVKHFKR£(OFDVWLJR
SRUQXHVWURSHFDGRHVODPXHUWH
£3HURJUDFLDVD'LRVeOWXYRXQSODQGLIHUHQWH-HVXFULVWRVHRIUHFLyDSDJDUHOFDVWLJRSRU
QRVRWURV'LRVQRVRIUHFHHOUHJDORGHVDOYDFLyQDWUDYpVGHVX+LMR-HV~V£6LQRVRWURVOR
DFHSWDPRVSRGHPRVVHUOLEUHVGHQXHVWURSHFDGR
(VWRQRTXLHUHGHFLUTXHQXQFDYDPRVDSHFDUVRORVLJQL¿FDTXHDFWXDOPHQWHHVWDPRVOLEUHVGHO
FDVWLJRSRUQXHVWURVSHFDGRV£(VWRHVWDQDVRPEURVR1RKD\QDGDPiVTXHSRGDPRVKDFHU
SDUDJDQDUQXHVWUDVDOYDFLyQ-HV~V\DSDJyHOSUHFLRFRQ6XYLGD3RUTXHKHPRVSHFDGRW~
\\RWHQHPRVXQDJUDQGHXGDTXHSDJDU1XHVWURFDVWLJRHVODPXHUWHHWHUQD-HVXFULVWRYLQR
DODWLHUUDVRORSDUDYLYLUXQDYLGDSHUIHFWDWRPDUQXHVWUROXJDU\SDJDUHOSUHFLRSRUQXHVWURV
SHFDGRV6XPXHUWH3$*Ï/$'(8'$£\DKRUDVRPRVOLEUHV£*ORULDD'LRV
;
¢&yPRWHVHQWLUtDVVLWXVSDSiVWHGLMHUDQTXHHVWDVHPDQDW~YDVDVXIULUHO
FDVWLJRSRUORTXHKLFLHURQWXVKHUPDQRV"
7DUHD/XFDV
¢(QTXpRFDVLRQHVDOJXLHQKDSDJDGRXQDGHXGDSRUWL"
3iJLQDV\
¢4XpHVODVDOYDFLyQ"
defUZ`ViecR
/HH,VDtDV\FRPHQWHQGHORTXH-HV~VKL]RSRUFDGDXQRGHXVWHGHV
<
FULVWRHV
(O5HGHQWRU
6DOPR
R^`dRTRdR
g
£&RPRUHFXHUGRGHODGHXGDSDJDGDGHQXHVWURV
SHFDGRVEXVFDODGHXGDGHRWUR\SiJDOD4XL]iV
GXOFHV¿DGRVRDOJR
&DSDV
6HSDUDGDV
/HFFLyQ
3RGHU
([SORVLYR
1:V]ScR]`
³(VWXYHPXHUWRSHURDKRUDYLYRSRUORVVLJORVGHORV
VLJORV\WHQJRODVOODYHVGHODPXHUWH\GHOLQ¿HUQR´
$SRFDOLSVLVD
/D5HVXUUHFFLyQ
/HHU/XFDV
QDJUDQPXOWLWXGHVWDEDOOHJDQGRDOÈQJHOGHOD,QGHSHQGHQFLDPLHQWUDV
GDEDQJULWRVGHM~ELORTXHVHHVFXFKDEDQSRUWRGDVSDUWHV/DJHQWHHVWDED
FHOHEUDQGR«FRPLHQGRGXOFHV\JRORVLQDVVDOXGDQGRDSHUVRQDVTXHQL
VLTXLHUDFRQRFtDQEULQFDQGR\JULWDQGRFRQJR]R£0p[LFRDFDEDGHJDQDUOD&RSD0XQGLDO6XE
/D¿HVWDFRQWLQXDUtDWRGDODQRFKHPLHQWUDVWRGRVMXQWRVJULWDEDQ£6tVH3XGR
/DFHOHEUDFLyQTXHWRGRVORVPH[LFDQRVKLFLHURQHVHGtDHVXQJUDQHMHPSORSDUDQRVRWURV
GHOJR]RGHO'RPLQJRGHUHVXUUHFFLyQ/DUHVXUUHFFLyQGHQXHVWUR6HxRUHVXQRGHORVSXQWRV
SULQFLSDOHVTXHQRVVHSDUDQGHRWUDVUHOLJLRQHV1XHVWUR6DOYDGRUQRHVWiPXHUWRFRPRRWURV
£VLQRTXHUHVXFLWyGHODPXHUWH\HVWiYLYRKR\+D\PXFKDVUHOLJLRQHVFRQSURIHWDVRVDQWRV
SHURWRGRVHVWiQPXHUWRV(QOD%LEOLDWDPELpQKD\PXFKDVUHOLJLRQHVSHURHOORVDGRUDEDQD
tGRORVGHRURTXHUHSUHVHQWDEDQDOtGHUHVPXHUWRVXREMHWRVPXHUWRV(OORVLQYHQWDEDQUHOLJLRQHV
GHOVRORGHRWUDVFRVDV£SHURQRKD\QDGDFRPRQXHVWUDUHOLJLyQHQWRGRHOPXQGR£/RV
FULVWLDQRVDODEDPRVDXQ'LRVTXHHVWiYLYR-HV~VYLQRDODWLHUUDFRPRXQKRPEUHVDFUL¿FyVX
YLGDSRUQXHVWURVSHFDGRVPXULHQGRHQODFUX]£\DOWHUFHUGtDeOUHVXFLWyGHODPXHUWH
'HKHFKRFRPRQXHVWURYHUVRGHPHPRULDGLFH£-HV~VDKRUDWLHQHODVOODYHVGHODPXHUWH\
GHOLQ¿HUQR1LQJ~QKXPDQRSXHGHHQJDxDUDODPXHUWH(VXQSRGHUPiVIXHUWHTXHQRVRWURV
(QFXDOTXLHUPRPHQWRSRGHPRVHQFRQWUDUQRVHQXQDVLWXDFLyQSHOLJURVD\PRULU-HVXFULVWRVLQ
HPEDUJRHVVXSHULRUDODPXHUWHSRUTXHeOPXULy\UHVXFLWyeOQXQFDYROYHUiDPRULU
£(VWHHVXQFRQFHSWRWDQPDUDYLOORVRTXHYDOHODSHQDFHOHEUDUOR£(VWRHVDOJRPiVJUDQGHTXH
JDQDUOD&RSD0XQGLDOSRUTXHWRGDODUD]DKXPDQDDKRUDSXHGHWHQHUYLGDHWHUQD(VWRHVOD
FRVDPiVJUDQGHGHWRGRHOSODQHWD\DOJRTXHODJHQWHGHWRGDVODVQDFLRQHVSXHGHQFHOHEUDU
MXQWRV£3HURSDUHFHTXHQRVRWURVVDEHPRVFHOHEUDUPHMRUHOI~WERO£1RHVTXHWHQJDPRVTXH
FHOHEUDUPHQRVHOI~WEROSHURFHOHEUHPRVPiVODUHVXUUHFFLyQ£,QYRO~FUHQVHJULWHQEULQTXHQ
TXpGHQVHGHVSLHUWRVWRGDODQRFKHFRPDQPXFKDVJRORVLQDVYLVLWDPXFKRVIDPLOLDUHV\DPLJRV
JXDUGDPXFKRGLQHUR\JiVWDORGHXQDPDQHUDGLYHUWLGD£1XHVWUR6DOYDGRU-HVXFULVWRHVWiYLYR
SDJySRUQXHVWURVSHFDGRV\YDOHODSHQD&(/e%5$/2
L
¢&XiOHVODIHFKDTXHPiVFHOHEUDV\FyPRODFHOHEUDV"
¢&yPRFHOHEUDUtDVODUHVXUUHFFLyQGH-HV~V"
¢&XDOHVODGLIHUHQFLDHQWUH-HVXFULVWR0DKRPD\%XGD"
defUZ`ViecR
/HHe[RGR±SDUDYHUODFHOHEUDFLyQFRQ0RLVpV
<
R^`dRTRdR
g
/DWDUHDSDUDFDGDDOXPQRHVSODQHDUXQD¿HVWDSDUD
FHOHEUDUODUHVXUUHFFLyQHQVXFDVDFRPXQLGDGRFODVH\
£ORJUDUOR
7DUHD/XFDV
3iJLQDV\
FULVWRHV
/D
5HVXUUHFFLyQ
-XDQ
1_`UfUVd2
/HFFLyQ
³3RUTXHPHKDVYLVWRKDVFUHtGR²OHGLMR-HV~V²
GLFKRVRVORVTXHQRKDQYLVWR\VLQHPEDUJRFUHHQ´
-XDQ
-HV~VVHDSDUHFHDORV'LVFtSXORV
/HHU/XFDV
X\DGHQWURGHQRVRWURVTXHUHPRVFRPSODFHUDQXHVWURVSDSiV1RVVRxDPRVWUDEDMDQGR
HQXQSUR\HFWRFRQQXHVWURSDSiGRQGHpOQRVGLJDTXpWDQRUJXOORVRVHVLHQWHSRU
QXHVWURWUDEDMR7DPELpQTXHUHPRVTXHQXHVWURVPDHVWURVVHVLHQWDQRUJXOORVRV
GHQRVRWURV\QRVGHQFDOL¿FDFLRQHVPX\EXHQDV4XHUHPRVp[LWREXHQDVFDOL¿FDFLRQHV\
SRSXODULGDG4XHUHPRVKDFHUGLQHURFXDQGRFUH]FDPRV7RGRVORVKXPDQRVWHQHPRVXQGHVHR
HQQXHVWURLQWHULRUGHWHQHUp[LWR$OJXQDVYHFHVSDVDQFRVDVGLItFLOHVTXHQRVKDFHQUHQXQFLDUR
SHUGHUODHVSHUDQ]DSHURHOVXHxRHVHOp[LWR
¢&XiQWRVGHQRVRWURVVDEHPRVORTXHVHVLHQWHREWHQHUXQDJUDQFDOL¿FDFLyQHQDOJRLPSRUWDQWH
HQODHVFXHOD"¢&yPRUHSUHVHQWDUELHQXQDGDQ]DRVNHWFKHQODHVFXHOD"£(VPDUDYLOORVR
£1XHVWUDIHWDPELpQSXHGHUHFLELUFDOL¿FDFLRQHV3XHGHVHUXQDLGHDUDUDSDUDWLSRUTXHQDGLH
SXHGHYHUWXIH\QDGLHVDEHTXpFDOL¿FDFLyQWHWRFDSRUWXIH«£SHUR'LRVVLVDEH/DIHHVFUHHU
DXQFXDQGRQRSRGHPRVYHU'LRVTXLHUHTXHQRVRWURVFUHDPRVHQeODXQFXDQGRQRSRGDPRV
YHUOR'LRVTXLHUHTXHFUHDPRVHQVXVPDQGDPLHQWRV\ORVREHGH]FDPRVDXQFXDQGRQR
YHDPRVORVUHVXOWDGRV
/DKLVWRULDGHKR\HVDFHUFDGH7RPiVTXLHQEDWDOOySDUDFUHHUeOSLGLyTXH-HVXFULVWROHPRVWUDU
XQDSUXHED¢&XiQWRVGHXVWHGHVKDQHVFXFKDGRGHRWURVTXHTXLHUHQXQDSUXHEDGH'LRV"
/RDVRPEURVRGHHVWRHVTXH'LRVQRVHHQRMyFRQ7RPiV\OHPXHVWUDODSUXHEDTXHpO
TXLHUH+D\RWUDVKLVWRULDVHQOD%LEOLDTXHQRVPXHVWUDQTXH'LRVWXYRPLVHULFRUGLDFRQDOJ~Q
KXPDQRTXHTXLVRXQDSUXHED\eOVHODGLR*HGHyQ3HURWDPELpQKD\PXFKDVKLVWRULDVHQOD
%LEOLDTXHPXHVWUDQORFRQWHQWRTXHVHSRQH'LRVFXDQGROHFUHHPRVVLQSHGLUQLQJXQDSUXHED
$EUDKDP
6LW~TXLHUHVVDFDUEXHQDVFDOL¿FDFLRQHVHQWXIHWHQHUp[LWRGHOFXDO'LRVYDDHVWDURUJXOORVR«
HQWRQFHVQXHVWURWUDEDMRHVFUHHUHQ'LRVDXQFXDQGRQRSRGHPRVYHUOH3HURVLGXGDPRVFRPR
7RPiVSRGHPRVSHGLUOHD'LRV\DYHFHVeOQRVPRVWUDUiODSUXHEDTXHQHFHVLWDPRV£6HDPRV
FULVWLDQRVIXHUWHVTXHFUHHQHQ'LRV\VXVSULQFLSLRVVLQGXGDU
D
¢4XpFULWHULRVXVDUtDVSDUDFDOL¿FDUWXIH"
¢3RUTXpHVWDQGLItFLOVHUKRQHVWRFRQVLJRPLVPRDFHUFDGHFDOL¿FDUODIH"
7DUHD/XFDV
3iJLQDV\
¢4XHFDOL¿FDFLyQOHGDVD7RPiVHQVXIH\SRUTXp"
defUZ`ViecR
/HH5H\HVSDUDYHUODKLVWRULDGH1DDPiQ'HVSXpVFDOL¿FDVXIH
<
FULVWRHV
'LRVGH
OD9LGD
6DOPR
R^`dRTRdR
g
/DWDUHDHVWUDWDUGHFDOL¿FDUKRQHVWDPHQWHWXIH
3ULPHURORSXHGHVKDFHUHQODFODVH£'HVSXpV
WXWDUHDHVSHGLUOHVDWXVSDSiVOHWHGHQXQDFDOL¿FDFLyQ
SRUWXIH
*ORER
0iJLFR
/HFFLyQ
1XEHHQOD
%RWHOOD
³4XHULGRVKHUPDQRVOHVUXHJRFRPRDH[WUDQMHURV
\SHUHJULQRVHQHVWHPXQGRTXHVHDSDUWHQGHORV
GHVHRVSHFDPLQRVRVTXHFRPEDWHQFRQWUDODYLGD´
3HGUR
1VdaVcRV]
cVXcVd`2
/D$VFHQVLyQ
/HHU/XFDV
QGtDGRVPLVLRQHURVHVWDEDQUHJUHVDQGRDVXFDVDHQORV(VWDGRV8QLGRVGHVSXpVGH
KDEHUVHUYLGRD'LRV\DVXLJOHVLDHQÈIULFDSRUPiVGHDxRV(OORVHVSHUDEDQTXH
ODJHQWHHVWXYLHUDHVSHUiQGRORVSDUDDQLPDUORV\UHFLELUORVHQFDVDGHVSXpVGHOFDPSR
PLVLRQHUR$OPLVPRWLHPSRKDEtDDOJXQRVVROGDGRVTXHHVWDEDQUHJUHVDQGRDFDVDGHVSXpVGH
VXVHUYLFLRHQHOPDUSRUVRORDxRV+DEtDXQDPXOWLWXGHVSHUDQGRHOEDUFR\ORVPLVLRQHURV
HVWDEDQDQLPDGRVSRUYHUDVXVDPLJRV\DVXVIDPLOLDUHV3HURFXDQGRFDGDXQRIXHEDMDQGR
VHKL]RREYLRTXHWRGRVHVWDEDQDOOtSDUDUHFLELUDORVVROGDGRV\QRDORVPLVLRQHURV(OKRPEUH
OHPHQFLRQyDVXHVSRVDVXWULVWH]DGHQRWHQHUDQDGLHTXHORVUHFLELHUDDOUHJUHVDUDFDVDHOOD
OHGLMR³$PRUHVWRVVROGDGRVWLHQHQHVWDUHFHSFLyQSRUTXHHOORVHVWiQOOHJDQGRDFDVD3HUR
QRVRWURVWRGDYtDQROOHJDPRV(OFLHORHVQXHVWUDFDVD´
-HV~VHVHO+LMRGH'LRVTXLHQYLQRDODWLHUUDDYLYLUFRQQRVRWURV'LRVFRPRKXPDQReOYLYLy
WRGDVODVFRVDVTXHQRVRWURVKDFHPRVWRGDVODVWHQWDFLRQHVSDUDSHFDUSHURQRSHFy'HVSXpV
GHTXHPXULy\UHVXFLWy'LRVOROOHYyDFDVDDOFLHOR/D%LEOLDGLFHTXH-HVXFULVWRHVWiDKRUD
PLVPRHQHOFLHORVHQWDGRDODGHUHFKDGH'LRV\UHLQDQGR/D%LEOLDWDPELpQGLFHTXHXQGtD
-HVXFULVWRYDDUHJUHVDUSRUVX1RYLD(VWDHVODDQDORJtDGHQRVRWURVOD,JOHVLD-HVXFULVWRYDD
UHJUHVDUDODWLHUUDSDUDUHFRJHUQRVXQGtD\QRVOOHYDUiDFDVD
(VWRQRVD\XGDDPDQWHQHUQRVHQIRFDGRVDVtFRPRHVWDSDUHMDGHPLVLRQHURV«TXHHVWH
PXQGRQRHVQXHVWUDFDVD1RVRWURVKHPRVQDFLGRGHQXHYR\VRPRVQXHYDVFULDWXUDV/DV
FRVDVGHHVWHPXQGRQRWLHQHQQXHVWUDDWHQFLyQ\QRQRVSXHGHQGDUHOYHUGDGHURJR]R6RPRV
H[WUDQMHURVDTXtHQODWLHUUD£(QOXJDUGHSRQHUQRVFyPRGRVDTXtHQODWLHUUDPDQWHQJDPRV
QXHVWUDPHQWH\FRUD]yQHQIRFDGRVHQ-HVXFULVWRHVSHUDQGRVX5(*5(62
L
¢3RUTXpXQ'LRVGHDPRUPDQGDSHUVRQDVDOLQ¿HUQR"
¢&XiQGRFUHHVTXHUHJUHVDUi-HV~V"
defUZ`ViecR
/HH7HVDORQLFHQVHVSDUDYHUFyPRHVSHUDUHOUHJUHVR
<
7DUHD/XFDV\
+HFKRV
3iJLQDV\
FULVWRHV
5H\GH*ORULD
6DOPR
R^`dRTRdR
g
(VWDVHPDQDGHEHVGHSODQHDUXQGtDSDUDFRPHUDOJRGHRWURSDtVHVWRWHD\XGDUi
DUHFRUGDUTXHHUHVH[WUDQMHURDTXtHQODWLHUUD/RFRPLGDPiVH[WUDxDPHMRU
£3L]]D\DQRFXHQWD
/HFFLyQ
1]eVRjfUR2
³$VtPLVPRHQQXHVWUDGHELOLGDGHO(VStULWXDFXGHD
D\XGDUQRV´5RPDQRV
(O3HQWHFRVWpV
/HHU+HFKRV
PDJLQDTXHWXSDSiWHGDXQUHJDORHVSHFLDOHQWXFXPSOHDxRV£SHURWHQLHJDVDDEULUOR6HUtD
IHRKDFHUOHHVWRDpO¢YHUGDG"eOKL]RWRGRHOWUDEDMRSDUDUHJDOiUWHORSHURW~ORUHFKD]DVDXQ
FXDQGRQRVDEHVORTXHHV(VWRVXHQDVRUSUHQGHQWHSHURHVODPDQHUDHQTXHPXFKRVGH
QRVRWURVWUDWDPRVDO(VStULWX6DQWR
/D%LEOLDGLFHFODUDPHQWHTXHHO(VStULWX6DQWRHVXQUHJDORSDUDQRVRWURVHVDOJXLHQTXHIXH
HQYLDGRDODWLHUUDSDUDD\XGDUQRVDYLYLUXQDYLGDSLDGRVD&XDQGRQRVDEHPRVFyPRRUDUeO
QRVGDODSDODEUDRXQSODQ&XDQGRQRVDEHPRVFyPRD\XGDUDRWUDSHUVRQDSRGHPRVFRQ¿DU
HQeOSRUTXHeOVDEHH[DFWDPHQWHTXpKDFHU+D\PXFKDVVLWXDFLRQHVGRQGHQHFHVLWDPRV
DO(VStULWX6DQWRDXQHQQXHVWUDYLGDGLDULD$KRUDLPDJtQDWHTXHGHFLGHVLJQRUDUDWXPDPi
FRPSOHWDPHQWH3ODWLFDVFRQWXSDSiFRQWXVKHUPDQRVSHURFXDQGRWXPDPiHQWUDDOOXJDU
GRQGHHVWiVW~QLVLTXLHUDOHGLFHVµKROD¶<FXDQGRHOODWHKDEODODLJQRUDV\QRODHVFXFKDV
$GHPiVFXDQGRQHFHVLWDVD\XGDFRQWXVWDUHDVEXVFDVDOUHGHGRUDOJXLHQTXHWHD\XGH«DXQ
FXDQGRHOODHVWiGHSLHMXQWRDWL(VWRVHUtDPX\IHRKDFpUVHORDWXPDPi£3HURHVWRHVORTXH
HVWDPRVKDFLHQGRWRGRHOWLHPSRFRQHO(VStULWX6DQWR
eOVRORHVXQUHJDORGH'LRV£VLQRTXHHVWiYLYReOHVWiLJXDOGHYLYRTXHW~PDPi«VRORTXH
QRSRGHPRVYHUOReOHVWiFRQQRVRWURVWRGRVORVGtDVDXQFXDQGRORLJQRUDPRV\eODQKHOD
D\XGDUQRVHQWRGRWLSRGHVLWXDFLRQHV/DKLVWRULDEtEOLFDGHKR\QRVKDEODDFHUFDGHOSULPHUGtD
HQTXHHO(VStULWX6DQWRYLQRDODWLHUUD£/DJHQWHHVWDEDPX\DQLPDGD(OORVFDQWDEDQDODEDEDQ
\KDEODEDQHQOHQJXDV(OORVWHQtDQPiVSRGHU\PiVIXHU]DHVSLULWXDO(OORVQRWHQtDQPLHGRGH
FRPSDUWLUHOHYDQJHOLRRKDEODUHQS~EOLFR(OORVWHQtDQPiVDPRUORVXQRVDORVRWURV(OSODQGH
'LRVQRVRORIXHHQYLDUDO(VStULWX6DQWRDTXHOGtD£(OJUDQSODQLQFOXtDHQYLDUDO(VStULWX6DQWR
DODWLHUUDSDUDVHUHOD\XGDGRUGHFDGDXQRGHQRVRWURV¢&yPRKDFHeOSDUDHVWDUFRQFDGD
SHUVRQDDOUHGHGRUGHODWLHUUD"(VWRVHUtDLPSRVLEOHSDUDWL\SDUDPtSHURQDGDHVLPSRVLEOH
SDUD'LRVeOFRQRFHFXiQWRVFDEHOORVWHQHPRVHQQXHVWUDFDEH]DeOFRQRFHWXVSHQVDPLHQWRV
DQWHVGHTXHORVKDEOHV£(O(VStULWX6DQWRHVWiDTXtSDUDD\XGDUWHDVtTXHQRORLJQRUHV
@
¢4XpSXHGHVKDFHUHVWDVHPDQDSDUDUHFRQRFHUDO(VStULWX6DQWRHQYH]GH
LJQRUDUOR"
¢(QTXpRFDVLRQHVWHKDVVHQWLGRJXLDGRSRUHO(VStULWX6DQWR"
¢4XpGRQHVYHVTXHVHPDQL¿HVWDQHQWXLJOHVLD"
FULVWRHV
(PDQXHO
0DWHR
defUZ`ViecR
/HHDFHUFDGHORVGRQHVHVSLULWXDOHVHQ&RU\
<
R^`dRTRdR
g
/DWDUHDGHHVWDVHPDQDHVWDUiPX\GLItFLOSHURWDPELpQVHUiGHPXFKD
D\XGDSDUDWRGRV£&RPRHOHMHPSORHQODOHFFLyQORVQLxRVQHFHVLWDQ
WUDWDUGHLJQRUDUDVXPDPiSRUXQGtDFRPSOHWR2EYLDPHQWHQHFHVLWDQDYLVDU
DODVPDPiVGHDQWHPDQRSDUDTXHD\XGHQFRQVXSDUWLFLSDFLyQ(VWROHVGDUiD
ORVQLxRV\DODVPDPiVXQHMHPSORPX\FODURGHODPDQHUDHQTXHLJQRUDPRVDO
(VStULWX6DQWRGLDULDPHQWH
(OHFWULFLGDG
(VWiWLFD
3RScZV_U`]RSZS]ZR
V_TRdR4
]fTRd
dVXf_URaRceV
CVTTZ™_
‰'tD
]fTRd
/XFDV
'HVSXpVGHHVWRHO6HxRUHVFRJLyDRWURVVHWHQWD\GRVSDUD
HQYLDUORVGHGRVHQGRVGHODQWHGHpODWRGRSXHEOR\OXJDU
DGRQGHpOSHQVDEDLU©(VDEXQGDQWHODFRVHFKD²OHVGLMR²
SHURVRQSRFRVORVREUHURV3tGDQOHSRUWDQWRDO6HxRUGH
ODFRVHFKDTXHPDQGHREUHURVDVXFDPSR£9D\DQXVWHGHV
0LUHQTXHORVHQYtRFRPRFRUGHURVHQPHGLRGHORERV1R
OOHYHQPRQHGHURQLEROVDQLVDQGDOLDVQLVHGHWHQJDQD
VDOXGDUDQDGLHSRUHOFDPLQRª&XDQGRHQWUHQHQXQDFDVD
GLJDQSULPHUR³3D]DHVWDFDVD´6LKD\DOOtDOJXLHQGLJQR
GHSD]JR]DUiGHHOOD\VLQRODEHQGLFLyQQRVHFXPSOLUi
4XpGHQVHHQHVDFDVD\FRPDQ\EHEDQGHORTXHHOORV
WHQJDQSRUTXHHOWUDEDMDGRUWLHQHGHUHFKRDVXVXHOGR1R
DQGHQGHFDVDHQFDVDª&XDQGRHQWUHQHQXQSXHEOR\ORV
UHFLEDQFRPDQORTXHOHVVLUYDQ6DQHQDORVHQIHUPRVTXH
HQFXHQWUHQDOOt\GtJDQOHV³(OUHLQRGH'LRV\DHVWiFHUFD
GHXVWHGHV´3HURFXDQGRHQWUHQHQXQSXHEORGRQGHQRORV
UHFLEDQVDOJDQDODVSOD]DV\GLJDQ³$XQHOSROYRGHHVWH
SXHEORTXHVHQRVKDSHJDGRDORVSLHVQRVORVDFXGLPRV
HQSURWHVWDFRQWUDXVWHGHV3HURWHQJDQSRUVHJXURTXH\D
HVWiFHUFDHOUHLQRGH'LRV´/HVGLJRTXHHQDTXHOGtDVHUi
PiVWROHUDEOHHOFDVWLJRSDUD6RGRPDTXHSDUDHVHSXHEOR
4XpKDFHIDOWDSDUDOHYDQWDUODFRVHFKD"BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª£$\GHWL&RUD]tQ£$\GHWL%HWVDLGD6LVHKXELHUDQKHFKR
HQ7LUR\HQ6LGyQORVPLODJURVTXHVHKLFLHURQHQPHGLR
GHXVWHGHV\DKDFHWLHPSRTXHVHKDEUtDQDUUHSHQWLGR
FRQJUDQGHVODPHQWRV3HURHQHOMXLFLRVHUiPiVWROHUDEOH
HOFDVWLJRSDUD7LUR\6LGyQTXHSDUDXVWHGHV<W~
&DSHUQD~P¢DFDVRVHUiVOHYDQWDGDKDVWDHOFLHOR"1R
VLQRTXHGHVFHQGHUiVKDVWDHODELVPRª(OTXHORVHVFXFKD
DXVWHGHVPHHVFXFKDDPtHOTXHORVUHFKD]DDXVWHGHV
PHUHFKD]DDPt\HOTXHPHUHFKD]DDPtUHFKD]DDOTXH
PHHQYLyª&XDQGRORVVHWHQWD\GRVUHJUHVDURQGLMHURQ
FRQWHQWRV²6HxRUKDVWDORVGHPRQLRVVHQRVVRPHWHQHQ
WXQRPEUH²<RYHtDD6DWDQiVFDHUGHOFLHORFRPRXQUD\R
²UHVSRQGLypO²6tOHVKHGDGRDXWRULGDGDXVWHGHVSDUD
SLVRWHDUVHUSLHQWHV\HVFRUSLRQHV\YHQFHUWRGRHOSRGHU
GHOHQHPLJRQDGDOHVSRGUiKDFHUGDxR6LQHPEDUJRQR
VHDOHJUHQGHTXHSXHGDQVRPHWHUDORVHVStULWXVVLQR
DOpJUHQVHGHTXHVXVQRPEUHVHVWiQHVFULWRVHQHOFLHOR
(QDTXHOPRPHQWR-HV~VOOHQRGHDOHJUtDSRUHO(VStULWX
6DQWRGLMR©7HDODER3DGUH6HxRUGHOFLHOR\GHODWLHUUD
SRUTXHKDELHQGRHVFRQGLGRHVWDVFRVDVGHORVVDELRVH
LQVWUXLGRVVHODVKDVUHYHODGRDORVTXHVRQFRPRQLxRV
6t3DGUHSRUTXHHVDIXHWXEXHQDYROXQWDGª0L3DGUHPH
KDHQWUHJDGRWRGDVODVFRVDV1DGLHVDEHTXLpQHVHO+LMR
VLQRHO3DGUH\QDGLHVDEHTXLpQHVHO3DGUHVLQRHO+LMR
\DTXHODTXLHQHO+LMRTXLHUDUHYHOiUVHORª9ROYLpQGRVHD
VXVGLVFtSXORVOHVGLMRDSDUWH©'LFKRVRVORVRMRVTXHYHQ
ORTXHXVWHGHVYHQ/HVGLJRTXHPXFKRVSURIHWDV\UH\HV
TXLVLHURQYHUORTXHXVWHGHVYHQSHURQRORYLHURQ\RtUOR
TXHXVWHGHVR\HQSHURQRORR\HURQª
¢4XpOHVGLR-HV~VDORVGLVFtSXORVSDUDTXHQDGDOHV
KLFLHUDGDxR"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
(QHVWRVHSUHVHQWyXQH[SHUWRHQODOH\\SDUDSRQHUD
SUXHEDD-HV~VOHKL]RHVWDSUHJXQWD²0DHVWUR¢TXp
WHQJRTXHKDFHUSDUDKHUHGDUODYLGDHWHUQD"-HV~VUHSOLFy
²¢4XpHVWiHVFULWRHQODOH\"¢&yPRODLQWHUSUHWDVW~"
&RPRUHVSXHVWDHOKRPEUHFLWy²´$PDDO6HxRUWX
'LRVFRQWRGRWXFRUD]yQFRQWRGRWXVHUFRQWRGDVWXV
IXHU]DV\FRQWRGDWXPHQWH´\³$PDDWXSUyMLPRFRPR
DWLPLVPR´²%LHQFRQWHVWDGR²OHGLMR-HV~V²+D]HVR
\YLYLUiV3HURpOTXHUtDMXVWL¿FDUVHDVtTXHOHSUHJXQWyD
-HV~V²¢<TXLpQHVPLSUyMLPR"-HV~VUHVSRQGLy²
%DMDEDXQKRPEUHGH-HUXVDOpQD-HULFy\FD\yHQPDQRV
GHXQRVODGURQHV/HTXLWDURQODURSDORJROSHDURQ\VH
IXHURQGHMiQGRORPHGLRPXHUWR5HVXOWDTXHYLDMDEDSRU
HOPLVPRFDPLQRXQVDFHUGRWHTXLHQDOYHUORVHGHVYLy\
VLJXLyGHODUJR$VtWDPELpQOOHJyDDTXHOOXJDUXQOHYLWD
\DOYHUORVHGHVYLy\VLJXLyGHODUJR3HURXQVDPDULWDQR
TXHLEDGHYLDMHOOHJyDGRQGHHVWDEDHOKRPEUH\YLpQGROR
VHFRPSDGHFLyGHpO6HDFHUFyOHFXUyODVKHULGDVFRQ
YLQR\DFHLWH\VHODVYHQGy/XHJRORPRQWyVREUHVX
SURSLDFDEDOJDGXUDOROOHYyDXQDORMDPLHQWR\ORFXLGy
$OGtDVLJXLHQWHVDFyGRVPRQHGDVGHSODWD\VHODVGLR
DOGXHxRGHODORMDPLHQWR³&XtGHPHOR²OHGLMR²\ORTXH
JDVWHXVWHGGHPiVVHORSDJDUpFXDQGR\RYXHOYD´¢&XiO
GHHVWRVWUHVSLHQVDVTXHGHPRVWUyVHUHOSUyMLPRGHOTXH
FD\yHQPDQRVGHORVODGURQHV"²(OTXHVHFRPSDGHFLy
GHpO²FRQWHVWyHOH[SHUWRHQODOH\²$QGDHQWRQFHV\
KD]W~ORPLVPR²FRQFOX\y-HV~V(QFDVDGH0DUWD\
0DUtD
¢4XpOHGLMR-HV~VTXHKLFLHUDDOH[SHUWRGHODOH\"BBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
0LHQWUDVLEDGHFDPLQRFRQVXVGLVFtSXORV-HV~VHQWUyHQ
XQDDOGHD\XQDPXMHUOODPDGD0DUWDORUHFLELyHQVXFDVD
7HQtDHOODXQDKHUPDQDOODPDGD0DUtDTXHVHQWDGDDORV
SLHVGHO6HxRUHVFXFKDEDORTXHpOGHFtD0DUWDSRUVX
SDUWHVHVHQWtDDEUXPDGDSRUTXHWHQtDPXFKRTXHKDFHU
$VtTXHVHDFHUFyDpO\OHGLMR²6HxRU¢QRWHLPSRUWDTXH
PLKHUPDQDPHKD\DGHMDGRVLUYLHQGRVROD"£'LOHTXHPH
D\XGH²0DUWD0DUWD²OHFRQWHVWy-HV~V²HVWiVLQTXLHWD
\SUHRFXSDGDSRUPXFKDVFRVDVSHURVyORXQDHVQHFHVDULD
0DUtDKDHVFRJLGRODPHMRU\QDGLHVHODTXLWDUi
CfTRd
8QGtDHVWDED-HV~VRUDQGRHQFLHUWROXJDU&XDQGRWHUPLQy
OHGLMRXQRGHVXVGLVFtSXORV²6HxRUHQVpxDQRVDRUDU
DVtFRPR-XDQHQVHxyDVXVGLVFtSXORV
eOOHVGLMR²&XDQGRRUHQGLJDQª´3DGUHVDQWL¿FDGRVHD
WXQRPEUH9HQJDWXUHLQR'DQRVFDGDGtDQXHVWURSDQ
FRWLGLDQR
3HUGyQDQRVQXHVWURVSHFDGRVSRUTXHWDPELpQQRVRWURV
SHUGRQDPRVDWRGRVORVTXHQRVRIHQGHQ<QRQRVPHWDVHQ
WHQWDFLyQ´
ª6XSRQJDPRV²FRQWLQXy²TXHXQRGHXVWHGHVWLHQHXQ
DPLJR\DPHGLDQRFKHYD\OHGLFH³$PLJRSUpVWDPH
WUHVSDQHVSXHVVHPHKDSUHVHQWDGRXQDPLJRUHFLpQ
OOHJDGRGHYLDMH\QRWHQJRQDGDTXHRIUHFHUOH´<HOTXH
HVWiDGHQWUROHFRQWHVWD³1RPHPROHVWHV<DHVWiFHUUDGD
ODSXHUWD\PLVKLMRV\\RHVWDPRVDFRVWDGRV1RSXHGR
OHYDQWDUPHDGDUWHQDGD´
6HJ~Q-HV~V¢&XiOGHODVGRVKHUPDQDVKDEtDHVFRJLGROR
PHMRU"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
/HVGLJRTXHDXQTXHQRVHOHYDQWHDGDUOHSDQSRUVHU
DPLJRVX\RVtVHOHYDQWDUiSRUVXLPSHUWLQHQFLD\OHGDUi
FXDQWRQHFHVLWHª$VtTXH\ROHVGLJR3LGDQ\VHOHVGDUi
EXVTXHQ\HQFRQWUDUiQOODPHQ\VHOHVDEULUiODSXHUWD
3RUTXHWRGRHOTXHSLGHUHFLEHHOTXHEXVFDHQFXHQWUD\DO
TXHOODPDVHOHDEUH
ª¢4XLpQGHXVWHGHVTXHVHDSDGUHVLVXKLMROHSLGHXQ
SHVFDGROHGDUiHQFDPELRXQDVHUSLHQWH"¢2VLOHSLGHXQ
KXHYROHGDUiXQHVFRUSLyQ"3XHVVLXVWHGHVDXQVLHQGR
PDORVVDEHQGDUFRVDVEXHQDVDVXVKLMRV£FXiQWRPiVHO
3DGUHFHOHVWLDOGDUiHO(VStULWX6DQWRDTXLHQHVVHORSLGDQ
¢$TXLpQOHGDUiHO3DGUHHO(VStULWX6DQWR"BBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
(QRWUDRFDVLyQ-HV~VH[SXOVDEDGHXQKRPEUHDXQ
GHPRQLRTXHORKDEtDGHMDGRPXGR&XDQGRVDOLyHO
GHPRQLRHOPXGRKDEOy\ODJHQWHVHTXHGyDVRPEUDGD
3HURDOJXQRVGLMHURQ©eVWHH[SXOVDDORVGHPRQLRVSRU
PHGLRGH%HHO]HE~SUtQFLSHGHORVGHPRQLRVª2WURVSDUD
SRQHUORDSUXHEDOHSHGtDQXQDVHxDOGHOFLHOR&RPRpO
FRQRFtDVXVSHQVDPLHQWRVOHVGLMR©7RGRUHLQRGLYLGLGR
FRQWUDVtPLVPRTXHGDUiDVRODGR\XQDFDVDGLYLGLGDFRQWUD
VtPLVPDVHGHUUXPEDUi3RUWDQWRVL6DWDQiVHVWiGLYLGLGR
FRQWUDVtPLVPR¢FyPRSXHGHPDQWHQHUVHHQSLHVXUHLQR"
/RSUHJXQWRSRUTXHXVWHGHVGLFHQTXH\RH[SXOVRDORV
GHPRQLRVSRUPHGLRGH%HHO]HE~$KRUDELHQVL\RH[SXOVR
DORVGHPRQLRVSRUPHGLRGH%HHO]HE~¢ORVVHJXLGRUHV
GHXVWHGHVSRUPHGLRGHTXLpQORVH[SXOVDQ"3RUHVR
HOORVPLVPRVORVMX]JDUiQDXVWHGHV3HURVLH[SXOVRDORV
GHPRQLRVFRQHOSRGHUGH'LRVHVRVLJQL¿FDTXHKDOOHJDGR
DXVWHGHVHOUHLQRGH'LRVª&XDQGRXQKRPEUHIXHUWH\ELHQ
DUPDGRFXLGDVXKDFLHQGDVXVELHQHVHVWiQVHJXURV3HUR
VLORDWDFDRWURPiVIXHUWHTXHpO\ORYHQFHOHTXLWDODV
DUPDVHQTXHFRQ¿DED\UHSDUWHHOERWtQª(OTXHQRHVWi
GHPLSDUWHHVWiFRQWUDPt\HOTXHFRQPLJRQRUHFRJH
HVSDUFH
¢4XpVLJQL¿FDEDTXH-HV~VHVWXYLHUDH[SXOVDQGRGHPRQLRV
FRQHOSRGHUGH'LRV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª&XDQGRXQHVStULWXPDOLJQRVDOHGHXQDSHUVRQDYDSRU
OXJDUHViULGRVEXVFDQGRXQGHVFDQVR<DOQRHQFRQWUDUOR
GLFH³9ROYHUpDPLFDVDGHGRQGHVDOt´&XDQGROOHJDOD
HQFXHQWUDEDUULGD\DUUHJODGD/XHJRYD\WUDHRWURVVLHWH
HVStULWXVPiVPDOYDGRVTXHpO\HQWUDQDYLYLUDOOt$Vt
TXHHOHVWDGR¿QDOGHDTXHOODSHUVRQDUHVXOWDSHRUTXH
HOLQLFLDOª0LHQWUDV-HV~VGHFtDHVWDVFRVDVXQDPXMHU
GHHQWUHODPXOWLWXGH[FODPy²£'LFKRVDODPXMHUTXHWH
GLRDOX]\WHDPDPDQWy²'LFKRVRVPiVELHQ²FRQWHVWy
-HV~V²ORVTXHR\HQODSDODEUDGH'LRV\ODREHGHFHQ
&RPRFUHFtDODPXOWLWXG-HV~VVHSXVRDGHFLUOHV©eVWD
HVXQDJHQHUDFLyQPDOYDGD3LGHXQDVHxDOPLODJURVD
SHURQRVHOHGDUiPiVVHxDOTXHODGH-RQiV$VtFRPR
-RQiVIXHXQDVHxDOSDUDORVKDELWDQWHVGH1tQLYHWDPELpQ
ORVHUiHO+LMRGHOKRPEUHSDUDHVWDJHQHUDFLyQ/DUHLQD
GHO6XUVHOHYDQWDUiHQHOGtDGHOMXLFLR\FRQGHQDUiDHVWD
JHQWHSRUTXHHOODYLQRGHVGHORVFRQ¿QHVGHODWLHUUDSDUD
HVFXFKDUODVDELGXUtDGH6DORPyQ\DTXtWLHQHQXVWHGHVD
XQRPiVJUDQGHTXH6DORPyQ/RVQLQLYLWDVVHOHYDQWDUiQ
HQHOGtDGHOMXLFLR\FRQGHQDUiQDHVWDJHQHUDFLyQSRUTXH
HOORVVHDUUHSLQWLHURQDOHVFXFKDUODSUHGLFDFLyQGH-RQiV
\DTXtWLHQHQXVWHGHVDXQRPiVJUDQGHTXH-RQiVª1DGLH
HQFLHQGHXQDOiPSDUDSDUDOXHJRSRQHUODHQXQOXJDU
HVFRQGLGRRFXEULUODFRQXQFDMyQVLQRSDUDSRQHUODHQXQD
UHSLVDD¿QGHTXHORVTXHHQWUHQWHQJDQOX]7XVRMRVVRQ
ODOiPSDUDGHWXFXHUSR6LWXYLVLyQHVFODUDWRGRWXVHU
GLVIUXWDUiGHODOX]SHURVLHVWiQXEODGDWRGRWXVHUHVWDUi
HQODRVFXULGDG$VHJ~UDWHGHTXHODOX]TXHFUHHVWHQHU
QRVHDRVFXULGDG3RUWDQWRVLWRGRWXVHUGLVIUXWDGHOD
OX]VLQTXHQLQJXQDSDUWHTXHGHHQODRVFXULGDGHVWDUiV
FRPSOHWDPHQWHLOXPLQDGRFRPRFXDQGRXQDOiPSDUDWH
DOXPEUDFRQVXOX]ª
6HJ~Q-HV~V¢4XLpQHVVRQPiVGLFKRVRV"BBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
&XDQGR-HV~VWHUPLQyGHKDEODUXQIDULVHRORLQYLWyD
FRPHUFRQpODVtTXHHQWUyHQODFDVD\VHVHQWyDODPHVD
3HURHOIDULVHRVHVRUSUHQGLyDOYHUTXH-HV~VQRKDEtD
FXPSOLGRFRQHOULWRGHODYDUVHDQWHVGHFRPHU²5HVXOWD
TXHXVWHGHVORVIDULVHRV²OHVGLMRHO6HxRU²OLPSLDQHO
YDVR\HOSODWRSRUIXHUDSHURSRUGHQWURHVWiQXVWHGHV
OOHQRVGHFRGLFLD\GHPDOGDG£1HFLRV¢$FDVRHOTXHKL]R
ORGHDIXHUDQRKL]RWDPELpQORGHDGHQWUR"'HQPiVELHQD
ORVSREUHVGHORTXHHVWiGHQWUR\DVtWRGRTXHGDUiOLPSLR
SDUDXVWHGHVª£$\GHXVWHGHVIDULVHRVTXHGDQODGpFLPD
SDUWHGHODPHQWDGHODUXGD\GHWRGDFODVHGHOHJXPEUHV
SHURGHVFXLGDQODMXVWLFLD\HODPRUGH'LRV'HEtDQKDEHU
SUDFWLFDGRHVWRVLQGHMDUGHKDFHUDTXHOORª£$\GHXVWHGHV
IDULVHRVTXHVHPXHUHQSRUORVSULPHURVSXHVWRVHQODV
VLQDJRJDV\ORVVDOXGRVHQODVSOD]DVª£$\GHXVWHGHVTXH
VRQFRPRWXPEDVVLQOiSLGDVREUHODVTXHDQGDODJHQWH
VLQGDUVHFXHQWD8QRGHORVH[SHUWRVHQODOH\OHUHVSRQGLy
²0DHVWURDOKDEODUDVtQRVLQVXOWDVWDPELpQDQRVRWURV
&RQWHVWy-HV~V²£$\GHXVWHGHVWDPELpQH[SHUWRVHQOD
OH\$EUXPDQDORVGHPiVFRQFDUJDVTXHDSHQDVVHSXHGHQ
VRSRUWDUSHURXVWHGHVPLVPRVQROHYDQWDQQLXQGHGRSDUD
D\XGDUORVª£$\GHXVWHGHVTXHFRQVWUX\HQPRQXPHQWRV
SDUDORVSURIHWDVDTXLHQHVORVDQWHSDVDGRVGHXVWHGHV
PDWDURQ
HO+LMRGHOKRPEUHORUHFRQRFHUiGHODQWHGHORViQJHOHVGH
'LRV3HURDOTXHPHGHVFRQR]FDGHODQWHGHODJHQWHVHOH
GHVFRQRFHUiGHODQWHGHORViQJHOHVGH'LRV<WRGRHOTXH
SURQXQFLHDOJXQDSDODEUDFRQWUDHO+LMRGHOKRPEUHVHUi
SHUGRQDGRSHURHOTXHEODVIHPHFRQWUDHO(VStULWX6DQWR
QRWHQGUiSHUGyQª&XDQGRORVKDJDQFRPSDUHFHUDQWH
ODVVLQDJRJDVORVJREHUQDQWHV\ODVDXWRULGDGHVQRVH
SUHRFXSHQGHFyPRYDQDGHIHQGHUVHRGHTXpYDQDGHFLU
SRUTXHHQHVHPRPHQWRHO(VStULWX6DQWROHVHQVHxDUiOR
TXHGHEHQUHVSRQGHUª8QRGHHQWUHODPXOWLWXGOHSLGLy
0DHVWURGLOHDPLKHUPDQRTXHFRPSDUWDODKHUHQFLD
FRQPLJR²+RPEUH²UHSOLFy-HV~V²¢TXLpQPHQRPEUy
DPtMXH]RiUELWURHQWUHXVWHGHV"
¢4XpHUDORTXHORVIDULVHRVHVWDEDQGHVFXLGDQGR"BBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢4XpVXFHGHUiFRQORVTXHUHFRQR]FDQD-HV~VGHODQWHGH
ODJHQWH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
(QUHDOLGDGDSUXHEDQORTXHKLFLHURQVXVDQWHSDVDGRV
HOORVPDWDURQDORVSURIHWDV\XVWHGHVOHVFRQVWUX\HQORV
VHSXOFURV3RUHVRGLMR'LRVHQVXVDELGXUtD³/HVHQYLDUp
SURIHWDV\DSyVWROHVGHORVFXDOHVPDWDUiQDXQRV\
SHUVHJXLUiQDRWURV´3RUORWDQWRDHVWDJHQHUDFLyQVH
OHSHGLUiQFXHQWDVGHODVDQJUHGHWRGRVORVSURIHWDV
GHUUDPDGDGHVGHHOSULQFLSLRGHOPXQGRGHVGHODVDQJUHGH
$EHOKDVWDODVDQJUHGH=DFDUtDVHOTXHPXULyHQWUHHODOWDU
\HOVDQWXDULR6tOHVDVHJXURTXHGHWRGRHVWRVHOHSHGLUiQ
FXHQWDVDHVWDJHQHUDFLyQª£$\GHXVWHGHVH[SHUWRVHQOD
OH\SRUTXHVHKDQDGXHxDGRGHODOODYHGHOFRQRFLPLHQWR
8VWHGHVPLVPRVQRKDQHQWUDGR\DORVTXHTXHUtDQHQWUDU
OHVKDQFHUUDGRHOSDVR&XDQGR-HV~VVDOLyGHDOOtORV
PDHVWURVGHODOH\\ORVIDULVHRVUHVHQWLGRVVHSXVLHURQD
DFRVDUORDSUHJXQWDV(VWDEDQWHQGLpQGROHWUDPSDVSDUDYHU
VLIDOODEDHQDOJR
CfTRd
0LHQWUDVWDQWRVHKDEtDQUHXQLGRPLOODUHVGHSHUVRQDV
WDQWDVTXHVHDWURSHOODEDQXQDVDRWUDV-HV~VFRPHQ]yD
KDEODUGLULJLpQGRVHSULPHURDVXVGLVFtSXORV©&XtGHQVHGH
ODOHYDGXUDGHORVIDULVHRVRVHDGHODKLSRFUHVtD1RKD\
QDGDHQFXELHUWRTXHQROOHJXHDUHYHODUVHQLQDGDHVFRQGLGR
TXHQROOHJXHDFRQRFHUVH$VtTXHWRGRORTXHXVWHGHVKDQ
GLFKRHQODRVFXULGDGVHGDUiDFRQRFHUDSOHQDOX]\ORTXH
KDQVXVXUUDGRDSXHUWDFHUUDGDVHSURFODPDUiGHVGHODV
D]RWHDV
¢'HTXHVHWHQtDQTXHFXLGDUORVGLVFtSXORV"BBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª$XVWHGHVPLVDPLJRVOHVGLJRTXHQRWHPDQDORVTXH
PDWDQHOFXHUSRSHURGHVSXpVQRSXHGHQKDFHUPiV/HV
YR\DHQVHxDUPiVELHQDTXLpQGHEHQWHPHUWHPDQDOTXH
GHVSXpVGHGDUPXHUWHWLHQHSRGHUSDUDHFKDUORVDOLQ¿HUQR
6tOHVDVHJXURTXHDpOGHEHQWHPHUOH¢1RVHYHQGHQFLQFR
JRUULRQHVSRUGRVPRQHGLWDV"6LQHPEDUJR'LRVQRVHROYLGD
GHQLQJXQRGHHOORV$VtPLVPRVXFHGHFRQXVWHGHVDXQORV
FDEHOORVGHVXFDEH]DHVWiQFRQWDGRV1RWHQJDQPLHGR
XVWHGHVYDOHQPiVTXHPXFKRVJRUULRQHVª/HVDVHJXURTXH
DFXDOTXLHUDTXHPHUHFRQR]FDGHODQWHGHODJHQWHWDPELpQ
CVTTZ™_
‰'tD
/XFDV
ª£7HQJDQFXLGDGR²DGYLUWLyDODJHQWH²$EVWpQJDQVH
GHWRGDDYDULFLDODYLGDGHXQDSHUVRQDQRGHSHQGHGH
ODDEXQGDQFLDGHVXVELHQHV(QWRQFHVOHVFRQWyHVWD
SDUiEROD²(OWHUUHQRGHXQKRPEUHULFROHSURGXMRXQD
EXHQDFRVHFKD$VtTXHVHSXVRDSHQVDU³¢4XpYR\D
KDFHU"1RWHQJRGyQGHDOPDFHQDUPLFRVHFKD´3RU¿Q
GLMR³<DVpORTXHYR\DKDFHUGHUULEDUpPLVJUDQHURV\
FRQVWUXLUpRWURVPiVJUDQGHVGRQGHSXHGDDOPDFHQDU
WRGRPLJUDQR\PLVELHQHV<GLUp$OPDPtD\DWLHQHV
EDVWDQWHVFRVDVEXHQDVJXDUGDGDVSDUDPXFKRVDxRV
'HVFDQVDFRPHEHEH\JR]DGHODYLGD´3HUR'LRVOH
GLMR³£1HFLR(VWDPLVPDQRFKHWHYDQDUHFODPDUODYLGD
¢<TXLpQVHTXHGDUiFRQORTXHKDVDFXPXODGR"´ª$VtOH
VXFHGHDOTXHDFXPXODULTXH]DVSDUDVtPLVPRHQYH]GH
VHUULFRGHODQWHGH'LRV/XHJRGLMR-HV~VDVXVGLVFtSXORV
²3RUHVROHVGLJR1RVHSUHRFXSHQSRUVXYLGDTXp
FRPHUiQQLSRUVXFXHUSRFRQTXpVHYHVWLUiQ/DYLGD
WLHQHPiVYDORUTXHODFRPLGD\HOFXHUSRPiVTXHOD
URSD)tMHQVHHQORVFXHUYRVQRVLHPEUDQQLFRVHFKDQQL
WLHQHQDOPDFpQQLJUDQHURVLQHPEDUJR'LRVORVDOLPHQWD
£&XiQWRPiVYDOHQXVWHGHVTXHODVDYHV¢4XLpQGH
XVWHGHVSRUPXFKRTXHVHSUHRFXSHSXHGHDxDGLUXQD
VRODKRUDDOFXUVRGHVXYLGD"<DTXHQRSXHGHQKDFHUDOJR
WDQLQVLJQL¿FDQWH¢SRUTXpVHSUHRFXSDQSRUORGHPiV"
6HJ~Q-HV~V¢'HTXpGHEHPRVDEVWHQHUQRV"BBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª)tMHQVHFyPRFUHFHQORVOLULRV1RWUDEDMDQQLKLODQVLQ
HPEDUJROHVGLJRTXHQLVLTXLHUD6DORPyQFRQWRGRVX
HVSOHQGRUVHYHVWtDFRPRXQRGHHOORV6LDVtYLVWH'LRVD
ODKLHUEDTXHKR\HVWiHQHOFDPSR\PDxDQDHVDUURMDGD
DOKRUQR£FXiQWRPiVKDUiSRUXVWHGHVJHQWHGHSRFDIH
$VtTXHQRVHDIDQHQSRUORTXHKDQGHFRPHUREHEHU
GHMHQGHDWRUPHQWDUVH(OPXQGRSDJDQRDQGDWUDVWRGDV
HVWDVFRVDVSHURHO3DGUHVDEHTXHXVWHGHVODVQHFHVLWDQ
8VWHGHVSRUHOFRQWUDULREXVTXHQHOUHLQRGH'LRV\HVWDV
FRVDVOHVVHUiQDxDGLGDVª1RWHQJDQPLHGRPLUHEDxR
SHTXHxRSRUTXHHVODEXHQDYROXQWDGGHO3DGUHGDUOHVHO
UHLQR9HQGDQVXVELHQHV\GHQDORVSREUHV3URYpDQVHGH
EROVDVTXHQRVHGHVJDVWHQDFXPXOHQXQWHVRURLQDJRWDEOH
HQHOFLHORGRQGHQRKD\ODGUyQTXHDFHFKHQLSROLOODTXH
GHVWUX\D3XHVGRQGHWHQJDQXVWHGHVVXWHVRURDOOtHVWDUi
WDPELpQVXFRUD]yQª0DQWpQJDQVHOLVWRVFRQODURSD
ELHQDMXVWDGD\ODOX]HQFHQGLGD3yUWHQVHFRPRVLHUYRV
TXHHVSHUDQDTXHUHJUHVHVXVHxRUGHXQEDQTXHWHGH
ERGDVSDUDDEULUOHODSXHUWDWDQSURQWRFRPRpOOOHJXH\
WRTXH'LFKRVRVORVVLHUYRVDTXLHQHVVXVHxRUHQFXHQWUH
SHQGLHQWHVGHVXOOHJDGD&UpDQPHTXHVHDMXVWDUiODURSD
KDUiTXHORVVLHUYRVVHVLHQWHQDODPHVD\pOPLVPRVH
SRQGUiDVHUYLUOHV6tGLFKRVRVDTXHOORVVLHUYRVDTXLHQHVVX
VHxRUHQFXHQWUHSUHSDUDGRVDXQTXHOOHJXHDODPHGLDQRFKH
RGHPDGUXJDGD
¢4XpGHEHPRVKDFHUSDUDTXHVHQRVVHDQVXSOLGDVODV
FRVDVTXHQHFHVLWDPRV"BBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-HV~VGLULJLpQGRVHDODPXOWLWXG²&XDQGRXVWHGHVYHQ
TXHVHOHYDQWDXQDQXEHHQHORFFLGHQWHHQVHJXLGDGLFHQ
³9DDOORYHU´\DVtVXFHGH<FXDQGRVRSODHOYLHQWRGHO
VXUGLFHQ³9DDKDFHUFDORU´\DVtVXFHGH£+LSyFULWDV
8VWHGHVVDEHQLQWHUSUHWDUODDSDULHQFLDGHODWLHUUD\GHO
FLHOR¢&yPRHVTXHQRVDEHQLQWHUSUHWDUHOWLHPSRDFWXDO"
ª¢3RUTXpQRMX]JDQSRUXVWHGHVPLVPRVORTXHHVMXVWR"
6LWLHQHVTXHLUFRQXQDGYHUVDULRDOPDJLVWUDGRSURFXUD
UHFRQFLOLDUWHFRQpOHQHOFDPLQRQRVHDTXHWHOOHYHSRU
ODIXHU]DDQWHHOMXH]\HOMXH]WHHQWUHJXHDODOJXDFLO\HO
DOJXDFLOWHPHWDHQODFiUFHO7HGLJRTXHQRVDOGUiVGHDOOt
KDVWDTXHSDJXHVHO~OWLPRFHQWDYR
¢4XpQRVSLGH-HV~VHQHOYHUVR"BBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
‰'tD
(QDTXHOODRFDVLyQDOJXQRVTXHKDEtDQOOHJDGROHFRQWDURQ
/XFDV
D-HV~VFyPR3LODWRKDEtDGDGRPXHUWHDXQRVJDOLOHRV
3HURHQWLHQGDQHVWR6LXQGXHxRGHFDVDVXSLHUDDTXpKRUD
FXDQGRHOORVRIUHFtDQVXVVDFUL¿FLRV-HV~VOHVUHVSRQGLy
YDDOOHJDUHOODGUyQHVWDUtDSHQGLHQWHSDUDQRGHMDUORIRU]DU
©¢3LHQVDQXVWHGHVTXHHVRVJDOLOHRVSRUKDEHUVXIULGR
ODHQWUDGD$VtPLVPRGHEHQXVWHGHVHVWDUSUHSDUDGRV
DVtHUDQPiVSHFDGRUHVTXHWRGRVORVGHPiV"£/HVGLJR
SRUTXHHO+LMRGHOKRPEUHYHQGUiFXDQGRPHQRVORHVSHUHQ
TXHQR'HODPLVPDPDQHUDWRGRVXVWHGHVSHUHFHUiQ
²6HxRU²OHSUHJXQWy3HGUR²¢FXHQWDVHVWDSDUiERODSDUD
DPHQRVTXHVHDUUHSLHQWDQ¢2SLHQVDQTXHDTXHOORV
QRVRWURVRSDUDWRGRV"5HVSRQGLyHO6HxRU²¢'yQGHVH
GLHFLRFKRTXHIXHURQDSODVWDGRVSRUODWRUUHGH6LORp
KDOODXQPD\RUGRPR¿HO\SUXGHQWHDTXLHQVXVHxRUGHMD
HUDQPiVFXOSDEOHVTXHWRGRVORVGHPiVKDELWDQWHV
HQFDUJDGRGHORVVLHUYRVSDUDUHSDUWLUOHVODFRPLGDDVX
GH-HUXVDOpQ"£/HVGLJRTXHQR'HODPLVPDPDQHUD
GHELGRWLHPSR"'LFKRVRHOVLHUYRFX\RVHxRUDOUHJUHVDU
WRGRVXVWHGHVSHUHFHUiQDPHQRVTXHVHDUUHSLHQWDQª
ORHQFXHQWUDFXPSOLHQGRFRQVXGHEHU/HVDVHJXURTXHOR
(QWRQFHVOHVFRQWyHVWDSDUiEROD©8QKRPEUHWHQtDXQD
SRQGUiDFDUJRGHWRGRVVXVELHQHV3HUR£TXpWDOVLHVH
KLJXHUDSODQWDGDHQVXYLxHGRSHURFXDQGRIXHDEXVFDU
VLHUYRVHSRQHDSHQVDU³0LVHxRUWDUGDHQYROYHU´\OXHJR
IUXWRHQHOODQRHQFRQWUyQDGD$VtTXHOHGLMRDOYLxDGRU
FRPLHQ]DDJROSHDUDORVFULDGRV\DODVFULDGDV\DFRPHU
³0LUD\DKDFHWUHVDxRVTXHYHQJRDEXVFDUIUXWRHQHVWD
\EHEHU\HPERUUDFKDUVH(OVHxRUGHHVHVLHUYRYROYHUi
KLJXHUD\QRKHHQFRQWUDGRQDGD£&yUWDOD¢3DUDTXp
HOGtDHQTXHHOVLHUYRPHQRVORHVSHUH\DODKRUDPHQRV
KDGHRFXSDUWHUUHQR"´³6HxRU²OHFRQWHVWyHOYLxDGRU²
SHQVDGD(QWRQFHVORFDVWLJDUiVHYHUDPHQWH\OHLPSRQGUiOD
GpMHODWRGDYtDSRUXQDxRPiVSDUDTXH\RSXHGDFDYDU
FRQGHQDTXHUHFLEHQORVLQFUpGXORVª(OVLHUYRTXHFRQRFHOD
DVXDOUHGHGRU\HFKDUOHDERQR$VtWDOYH]HQDGHODQWHGp
YROXQWDGGHVXVHxRU\QRVHSUHSDUDSDUDFXPSOLUODUHFLELUi
IUXWRVLQRFyUWHOD´ª8QViEDGR-HV~VHVWDEDHQVHxDQGR
PXFKRVJROSHV(QFDPELRHOTXHQRODFRQRFH\KDFHDOJR
HQXQDGHODVVLQDJRJDV\HVWDEDDOOtXQDPXMHUTXHSRU
TXHPHUH]FDFDVWLJRUHFLELUiSRFRVJROSHV$WRGRHOTXH
FDXVDGHXQGHPRQLROOHYDEDGLHFLRFKRDxRVHQIHUPD
VHOHKDGDGRPXFKRVHOHH[LJLUiPXFKR\DOTXHVHOHKD
$QGDEDHQFRUYDGD\GHQLQJ~QPRGRSRGtDHQGHUH]DUVH
FRQ¿DGRPXFKRVHOHSHGLUiDXQPiV
&XDQGR-HV~VODYLRODOODPy\OHGLMR²0XMHUTXHGDV
OLEUHGHWXHQIHUPHGDG
¢3RUTXpWHQHPRVTXHHVWDUSUHSDUDGRV"
$OPLVPRWLHPSRSXVRODVPDQRVVREUHHOOD\DOLQVWDQWHOD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PXMHUVHHQGHUH]y\HPSH]yDDODEDUD'LRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª+HYHQLGRDWUDHUIXHJRDODWLHUUD\£FyPRTXLVLHUDTXH\D
HVWXYLHUDDUGLHQGR3HURWHQJRTXHSDVDUSRUODSUXHEDGH
XQEDXWLVPR\£FXiQWDDQJXVWLDVLHQWRKDVWDTXHVHFXPSOD
¢&UHHQXVWHGHVTXHYLQHDWUDHUSD]DODWLHUUD"£/HVGLJR
TXHQRVLQRGLYLVLyQ'HDKRUDHQDGHODQWHHVWDUiQGLYLGLGRV
FLQFRHQXQDIDPLOLDWUHVFRQWUDGRV\GRVFRQWUDWUHV6H
HQIUHQWDUiQHOSDGUHFRQWUDVXKLMR\HOKLMRFRQWUDVXSDGUH
ODPDGUHFRQWUDVXKLMD\ODKLMDFRQWUDVXPDGUHODVXHJUD
FRQWUDVXQXHUD\ODQXHUDFRQWUDVXVXHJUD/XHJRDxDGLy
6HJ~Q-HV~V¢4XpGHEHPRVKDFHUSDUDQRSHUHFHU"BBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
,QGLJQDGRSRUTXH-HV~VKDEtDVDQDGRHQViEDGRHOMHIH
GHODVLQDJRJDLQWHUYLQRGLULJLpQGRVHDODJHQWH²+D\
VHLVGtDVHQTXHVHSXHGHWUDEDMDUDVtTXHYHQJDQHVRV
GtDVSDUDVHUVDQDGRV\QRHOViEDGR²£+LSyFULWDV
²OHFRQWHVWyHO6HxRU²¢$FDVRQRGHVDWDFDGDXQRGH
XVWHGHVVXEXH\RVXEXUURHQViEDGR\ORVDFDGHOHVWDEOR
SDUDOOHYDUORDWRPDUDJXD"6LQHPEDUJRDHVWDPXMHUTXH
HVKLMDGH$EUDKDP\DTXLHQ6DWDQiVWHQtDDWDGDGXUDQWH
GLHFLRFKRODUJRVDxRV¢QRVHOHGHEtDTXLWDUHVWDFDGHQD
HQViEDGR"&XDQGRUD]RQyDVtTXHGDURQKXPLOODGRVWRGRV
VXVDGYHUVDULRVSHURODJHQWHHVWDEDHQFDQWDGDGHWDQWDV
PDUDYLOODVTXHpOKDFtD²¢$TXpVHSDUHFHHOUHLQRGH
'LRV"²FRQWLQXy-HV~V²¢&RQTXpYR\DFRPSDUDUOR"6H
SDUHFHDXQJUDQRGHPRVWD]DTXHXQKRPEUHVHPEUyHQ
VXKXHUWR&UHFLyKDVWDFRQYHUWLUVHHQXQiUERO\ODVDYHV
DQLGDURQHQVXVUDPDV
9ROYLyDGHFLU²¢&RQTXpYR\DFRPSDUDUHOUHLQRGH'LRV"
(VFRPRODOHYDGXUDTXHXQDPXMHUWRPy\PH]FOyFRQXQD
JUDQFDQWLGDGGHKDULQDKDVWDTXHIHUPHQWyWRGDODPDVD
¢&RQTXpFRPSDUy-HV~VHOUHLQRGH'LRV"BBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
&RQWLQXDQGRVXYLDMHD-HUXVDOpQ-HV~VHQVHxDEDHQORV
SXHEORV\DOGHDVSRUGRQGHSDVDED²6HxRU¢VRQSRFRV
ORVTXHYDQDVDOYDUVH"²OHSUHJXQWyXQR²(VIXpUFHQVH
SRUHQWUDUSRUODSXHUWDHVWUHFKD²FRQWHVWy²SRUTXH
OHVGLJRTXHPXFKRVWUDWDUiQGHHQWUDU\QRSRGUiQ7DQ
SURQWRFRPRHOGXHxRGHODFDVDVHKD\DOHYDQWDGRDFHUUDU
ODSXHUWDXVWHGHVGHVGHDIXHUDVHSRQGUiQDJROSHDUOD
SXHUWDGLFLHQGR³6HxRUiEUHQRV´3HURpOOHVFRQWHVWDUi
³1RVpTXLpQHVVRQXVWHGHV´(QWRQFHVGLUiQ³&RPLPRV\
EHELPRVFRQWLJR\W~HQVHxDVWHHQQXHVWUDVSOD]DV´3HUR
pOOHVFRQWHVWDUi³/HVUHSLWRTXHQRVpTXLpQHVVRQXVWHGHV
£$SiUWHQVHGHPtWRGRVXVWHGHVKDFHGRUHVGHLQMXVWLFLD´
ª$OOtKDEUiOODQWR\UHFKLQDUGHGLHQWHVFXDQGRYHDQHQ
HOUHLQRGH'LRVD$EUDKDP,VDDF-DFRE\DWRGRVORV
SURIHWDVPLHQWUDVDXVWHGHVORVHFKDQIXHUD+DEUiTXLHQHV
OOHJXHQGHORULHQWH\GHORFFLGHQWHGHOQRUWH\GHOVXUSDUD
VHQWDUVHDOEDQTXHWHHQHOUHLQRGH'LRV(QHIHFWRKD\
~OWLPRVTXHVHUiQSULPHURV\SULPHURVTXHVHUiQ~OWLPRV
(QHVHPRPHQWRVHDFHUFDURQD-HV~VXQRVIDULVHRV\OH
GLMHURQ²6DOGHDTXt\YHWHDRWUROXJDUSRUTXH+HURGHV
TXLHUHPDWDUWHeOOHVFRQWHVWy²9D\DQ\GtJDQOHDHVH
]RUUR³0LUDKR\\PDxDQDVHJXLUpH[SXOVDQGRGHPRQLRV
\VDQDQGRDODJHQWH\DOWHUFHUGtDWHUPLQDUpORTXHGHER
KDFHU´7HQJRTXHVHJXLUDGHODQWHKR\PDxDQD\SDVDGR
PDxDQDSRUTXHQRSXHGHVHUTXHPXHUDXQSURIHWDIXHUDGH
-HUXVDOpQª£-HUXVDOpQ-HUXVDOpQTXHPDWDVDORVSURIHWDV
\DSHGUHDVDORVTXHVHWHHQYtDQ£&XiQWDVYHFHVTXLVH
UHXQLUDWXVKLMRVFRPRUH~QHODJDOOLQDDVXVSROOLWRVGHEDMR
GHVXVDODVSHURQRTXLVLVWH3XHVELHQODFDVDGHXVWHGHV
YDDTXHGDUDEDQGRQDGD<OHVDGYLHUWRTXH\DQRYROYHUiQ
DYHUPHKDVWDHOGtDTXHGLJDQ³£%HQGLWRHOTXHYLHQHHQHO
QRPEUHGHO6HxRU´
¢$TXpGLFH-HV~VTXHQRVHVIRUFHPRV"BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
8QGtD-HV~VIXHDFRPHUDFDVDGHXQQRWDEOHGHORV
IDULVHRV(UDViEDGRDVtTXHpVWRVHVWDEDQDFHFKDQGRD
-HV~V$OOtGHODQWHGHpOHVWDEDXQKRPEUHHQIHUPRGH
KLGURSHVtD-HV~VOHVSUHJXQWyDORVH[SHUWRVHQODOH\\D
ORVIDULVHRV²¢(VWiSHUPLWLGRRQRVDQDUHQViEDGR"
3HURHOORVVHTXHGDURQFDOODGRV(QWRQFHVWRPyDOKRPEUH
ORVDQy\ORGHVSLGLy7DPELpQOHVGLMR
²6LXQRGHXVWHGHVWLHQHXQKLMRRXQEXH\TXHVHOHFDH
HQXQSR]R¢QRORVDFDHQVHJXLGDDXQTXHVHDViEDGR"
<QRSXGLHURQFRQWHVWDUOHQDGD$OQRWDUFyPRORVLQYLWDGRV
HVFRJtDQORVOXJDUHVGHKRQRUHQODPHVDOHVFRQWyHVWD
SDUiEROD
²&XDQGRDOJXLHQWHLQYLWHDXQD¿HVWDGHERGDVQR
WHVLHQWHVHQHOOXJDUGHKRQRUQRVHDTXHKD\DDOJ~Q
LQYLWDGRPiVGLVWLQJXLGRTXHW~6LHVDVtHOTXHORVLQYLWyD
ORVGRVYHQGUi\WHGLUi³&pGHOHWXDVLHQWRDHVWHKRPEUH´
(QWRQFHVDYHUJRQ]DGRWHQGUiVTXHRFXSDUHO~OWLPR
DVLHQWR0iVELHQFXDQGRWHLQYLWHQVLpQWDWHHQHO~OWLPR
OXJDUSDUDTXHFXDQGRYHQJDHOTXHWHLQYLWyWHGLJD
³$PLJRSDVDPiVDGHODQWHDXQOXJDUPHMRU´$VtUHFLELUiV
KRQRUHQSUHVHQFLDGHWRGRVORVGHPiVLQYLWDGRV7RGR
HOTXHDVtPLVPRVHHQDOWHFHVHUiKXPLOODGR\HOTXHVH
KXPLOODVHUiHQDOWHFLGR7DPELpQGLMR-HV~VDOTXHORKDEtD
LQYLWDGR²&XDQGRGHVXQDFRPLGDRXQDFHQDQRLQYLWHV
DWXVDPLJRVQLDWXVKHUPDQRVQLDWXVSDULHQWHVQLDWXV
YHFLQRVULFRVQRVHDTXHHOORVDVXYH]WHLQYLWHQ\DVt
VHDVUHFRPSHQVDGR0iVELHQFXDQGRGHVXQEDQTXHWH
LQYLWDDORVSREUHVDORVLQYiOLGRVDORVFRMRV\DORV
FLHJRV(QWRQFHVVHUiVGLFKRVRSXHVDXQTXHHOORVQR
WLHQHQFRQTXpUHFRPSHQVDUWHVHUiVUHFRPSHQVDGRHQOD
UHVXUUHFFLyQGHORVMXVWRV
¢4XpVXFHGHFRQORVTXHVHKXPLOODQ"BBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
$ORtUHVWRXQRGHORVTXHHVWDEDQVHQWDGRVDODPHVD
FRQ-HV~VOHGLMR²£'LFKRVRHOTXHFRPDHQHOEDQTXHWH
GHOUHLQRGH'LRV-HV~VOHFRQWHVWy²&LHUWRKRPEUH
SUHSDUyXQJUDQEDQTXHWHHLQYLWyDPXFKDVSHUVRQDV$
ODKRUDGHOEDQTXHWHPDQGyDVXVLHUYRDGHFLUOHVDORV
LQYLWDGRV³9HQJDQSRUTXH\DWRGRHVWiOLVWR´3HURWRGRV
VLQH[FHSFLyQFRPHQ]DURQDGLVFXOSDUVH(OSULPHUROHGLMR
³$FDERGHFRPSUDUXQWHUUHQR\WHQJRTXHLUDYHUOR7H
UXHJRTXHPHGLVFXOSHV´2WURDGXMR³$FDERGHFRPSUDU
FLQFR\XQWDVGHEXH\HV\YR\DSUREDUODV7HUXHJRTXH
PHGLVFXOSHV´2WURDOHJy³$FDERGHFDVDUPH\SRUHVR
QRSXHGRLU´(OVLHUYRUHJUHVy\OHLQIRUPyGHHVWRDVX
VHxRU(QWRQFHVHOGXHxRGHODFDVDVHHQRMy\OHPDQGy
DVXVLHUYR³6DOGHSULVDSRUODVSOD]DV\ORVFDOOHMRQHVGHO
SXHEOR\WUDHDFiDORVSREUHVDORVLQYiOLGRVDORVFRMRV
\DORVFLHJRV´³6HxRU²OHGLMROXHJRHOVLHUYR²\DKLFH
ORTXHXVWHGPHPDQGySHURWRGDYtDKD\OXJDU´(QWRQFHV
HOVHxRUOHUHVSRQGLy³9HSRUORVFDPLQRV\ODVYHUHGDV\
REOtJDORVDHQWUDUSDUDTXHVHOOHQHPLFDVD/HVGLJRTXH
QLQJXQRGHDTXHOORVLQYLWDGRVGLVIUXWDUiGHPLEDQTXHWH´
*UDQGHVPXOWLWXGHVVHJXtDQD-HV~V\pOVHYROYLy\OHV
GLMR
¢4XLpQHVVHUiQGLFKRVRV"BBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
©6LDOJXQRYLHQHDPt\QRVDFUL¿FDHODPRUDVXSDGUH\
DVXPDGUHDVXHVSRVD\DVXVKLMRVDVXVKHUPDQRV\
DVXVKHUPDQDV\DXQDVXSURSLDYLGDQRSXHGHVHUPL
GLVFtSXOR<HOTXHQRFDUJDVXFUX]\PHVLJXHQRSXHGHVHU
PLGLVFtSXORª6XSRQJDPRVTXHDOJXQRGHXVWHGHVTXLHUH
FRQVWUXLUXQDWRUUH¢$FDVRQRVHVLHQWDSULPHURDFDOFXODU
HOFRVWRSDUDYHUVLWLHQHVX¿FLHQWHGLQHURSDUDWHUPLQDUOD"
6LHFKDORVFLPLHQWRV\QRSXHGHWHUPLQDUODWRGRVORVTXH
ODYHDQFRPHQ]DUiQDEXUODUVHGHpO\GLUiQ³(VWHKRPEUH
\DQRSXGRWHUPLQDUORTXHFRPHQ]yDFRQVWUXLU´ª2
VXSRQJDPRVTXHXQUH\HVWiDSXQWRGHLUDODJXHUUDFRQWUD
RWURUH\¢$FDVRQRVHVLHQWDSULPHURDFDOFXODUVLFRQGLH]
PLOKRPEUHVSXHGHHQIUHQWDUVHDOTXHYLHQHFRQWUDpOFRQ
YHLQWHPLO"6LQRSXHGHHQYLDUiXQDGHOHJDFLyQPLHQWUDVHO
RWURHVWiWRGDYtDOHMRVSDUDSHGLUFRQGLFLRQHVGHSD]'H
ODPLVPDPDQHUDFXDOTXLHUDGHXVWHGHVTXHQRUHQXQFLH
DWRGRVVXVELHQHVQRSXHGHVHUPLGLVFtSXORª/DVDOHV
EXHQDSHURVLVHYXHOYHLQVtSLGD¢FyPRUHFXSHUDUiHO
VDERU"1RVLUYHQLSDUDODWLHUUDQLSDUDHODERQRKD\TXH
WLUDUODIXHUDª(OTXHWHQJDRtGRVSDUDRtUTXHRLJDª
¢4XpVHQHFHVLWDSDUDVHUGLVFtSXORGH-HV~V"BBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
]fTRd
/XFDV
0XFKRVUHFDXGDGRUHVGHLPSXHVWRV\SHFDGRUHVVH
DFHUFDEDQD-HV~VSDUDRtUORGHPRGRTXHORVIDULVHRV\ORV
PDHVWURVGHODOH\VHSXVLHURQDPXUPXUDU©(VWHKRPEUH
UHFLEHDORVSHFDGRUHV\FRPHFRQHOORVªeOHQWRQFHVOHV
FRQWyHVWDSDUiEROD©6XSRQJDPRVTXHXQRGHXVWHGHV
WLHQHFLHQRYHMDV\SLHUGHXQDGHHOODV¢1RGHMDODVQRYHQWD
\QXHYHHQHOFDPSR\YDHQEXVFDGHODRYHMDSHUGLGD
KDVWDHQFRQWUDUOD"<FXDQGRODHQFXHQWUDOOHQRGHDOHJUtD
ODFDUJDHQORVKRPEURV\YXHOYHDODFDVD$OOOHJDUUH~QH
DVXVDPLJRV\YHFLQRV\OHVGLFH³$OpJUHQVHFRQPLJR
\DHQFRQWUpODRYHMDTXHVHPHKDEtDSHUGLGR´/HVGLJR
TXHDVtHVWDPELpQHQHOFLHORKDEUiPiVDOHJUtDSRUXQ
VRORSHFDGRUTXHVHDUUHSLHQWDTXHSRUQRYHQWD\QXHYH
MXVWRVTXHQRQHFHVLWDQDUUHSHQWLUVHª2VXSRQJDPRV
TXHXQDPXMHUWLHQHGLH]PRQHGDVGHSODWD\SLHUGHXQD
¢1RHQFLHQGHXQDOiPSDUDEDUUHODFDVD\EXVFDFRQ
FXLGDGRKDVWDHQFRQWUDUOD"<FXDQGRODHQFXHQWUDUH~QH
DVXVDPLJDV\YHFLQDV\OHVGLFH³$OpJUHQVHFRQPLJR\D
HQFRQWUpODPRQHGDTXHVHPHKDEtDSHUGLGR´/HVGLJRTXH
DVtPLVPRVHDOHJUD'LRVFRQVXViQJHOHVSRUXQSHFDGRU
TXHVHDUUHSLHQWH
¢&yPRUHDFFLRQD'LRVFXDQGRXQSHFDGRUVHDUUHSLHQWH"BB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
8QKRPEUHWHQtDGRVKLMRV²FRQWLQXy-HV~V²(OPHQRUGH
HOORVOHGLMRDVXSDGUH³3DSiGDPHORTXHPHWRFDGHOD
KHUHQFLD´$VtTXHHOSDGUHUHSDUWLyVXVELHQHVHQWUHORV
GRV3RFRGHVSXpVHOKLMRPHQRUMXQWyWRGRORTXHWHQtD
\VHIXHDXQSDtVOHMDQRDOOtYLYLyGHVHQIUHQDGDPHQWH\
GHUURFKyVXKHUHQFLDª&XDQGR\DORKDEtDJDVWDGRWRGR
VREUHYLQRXQDJUDQHVFDVH]HQODUHJLyQ\pOFRPHQ]yD
SDVDUQHFHVLGDG$VtTXHIXH\FRQVLJXLyHPSOHRFRQXQ
FLXGDGDQRGHDTXHOSDtVTXLHQORPDQGyDVXVFDPSRV
DFXLGDUFHUGRV7DQWDKDPEUHWHQtDTXHKXELHUDTXHULGR
OOHQDUVHHOHVWyPDJRFRQODFRPLGDTXHGDEDQDORVFHUGRV
SHURDXQDVtQDGLHOHGDEDQDGD3RU¿QUHFDSDFLWy\VH
GLMR³£&XiQWRVMRUQDOHURVGHPLSDGUHWLHQHQFRPLGDGH
VREUD\\RDTXtPHPXHURGHKDPEUH7HQJRTXHYROYHUD
PLSDGUH\GHFLUOH3DSiKHSHFDGRFRQWUDHOFLHOR\FRQWUD
WL<DQRPHUH]FRTXHVHPHOODPHWXKLMRWUiWDPHFRPRVL
IXHUDXQRGHWXVMRUQDOHURV´$VtTXHHPSUHQGLyHOYLDMH\VH
IXHDVXSDGUHª7RGDYtDHVWDEDOHMRVFXDQGRVXSDGUHOR
YLR\VHFRPSDGHFLyGHpOVDOLyFRUULHQGRDVXHQFXHQWUR
ORDEUD]y\OREHVy(OMRYHQOHGLMR³3DSiKHSHFDGR
FRQWUDHOFLHOR\FRQWUDWL<DQRPHUH]FRTXHVHPHOODPH
WXKLMR´
¢&RQWUDTXLpQVHGLRFXHQWDTXHKDEtDSHFDGRHOKLMR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
3HURHOSDGUHRUGHQyDVXVVLHUYRV³£3URQWR7UDLJDQOD
PHMRUURSDSDUDYHVWLUOR3yQJDQOHWDPELpQXQDQLOORHQHO
GHGR\VDQGDOLDVHQORVSLHV7UDLJDQHOWHUQHURPiVJRUGR
\PiWHQORSDUDFHOHEUDUXQEDQTXHWH3RUTXHHVWHKLMRPtR
HVWDEDPXHUWRSHURDKRUDKDYXHOWRDODYLGDVHKDEtD
SHUGLGRSHUR\DORKHPRVHQFRQWUDGR´$VtTXHHPSH]DURQ
DKDFHU¿HVWDª0LHQWUDVWDQWRHOKLMRPD\RUHVWDEDHQHO
FDPSR$OYROYHUFXDQGRVHDFHUFyDODFDVDR\yODP~VLFD
GHOEDLOH(QWRQFHVOODPyDXQRGHORVVLHUYRV\OHSUHJXQWy
TXpSDVDED³+DOOHJDGRWXKHUPDQR²OHUHVSRQGLy²\WX
SDSiKDPDWDGRHOWHUQHURPiVJRUGRSRUTXHKDUHFREUDGR
DVXKLMRVDQR\VDOYR´,QGLJQDGRHOKHUPDQRPD\RUVH
QHJyDHQWUDU$VtTXHVXSDGUHVDOLyDVXSOLFDUOHTXHOR
KLFLHUD3HURpOOHFRQWHVWy³£)tMDWHFXiQWRVDxRVWHKH
VHUYLGRVLQGHVREHGHFHUMDPiVWXVyUGHQHV\QLXQFDEULWR
PHKDVGDGRSDUDFHOHEUDUXQD¿HVWDFRQPLVDPLJRV
£3HURDKRUDOOHJDHVHKLMRWX\RTXHKDGHVSLOIDUUDGRWX
IRUWXQDFRQSURVWLWXWDV\W~PDQGDVPDWDUHQVXKRQRU
HOWHUQHURPiVJRUGR´ª³+LMRPtR²OHGLMRVXSDGUH²
W~VLHPSUHHVWiVFRQPLJR\WRGRORTXHWHQJRHVWX\R
3HURWHQtDPRVTXHKDFHU¿HVWD\DOHJUDUQRVSRUTXHHVWH
KHUPDQRWX\RHVWDEDPXHUWRSHURDKRUDKDYXHOWRDOD
YLGDVHKDEtDSHUGLGRSHUR\DORKHPRVHQFRQWUDGR´ª
¢4XpKL]RHOSDGUHFXDQGROOHJyVXKLMR"BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
-HV~VFRQWyRWUDSDUiERODDVXVGLVFtSXORV©8Q
KRPEUHULFRWHQtDXQDGPLQLVWUDGRUDTXLHQDFXVDURQGH
GHUURFKDUVXVELHQHV$VtTXHORPDQGyDOODPDU\OHGLMR
³¢4XpHVHVWRTXHPHGLFHQGHWL"5LQGHFXHQWDVGHWX
DGPLQLVWUDFLyQSRUTXH\DQRSXHGHVVHJXLUHQWXSXHVWR´
(ODGPLQLVWUDGRUUHÀH[LRQy³¢4XpYR\DKDFHUDKRUDTXH
PLSDWUyQHVWiSRUTXLWDUPHHOSXHVWR"1RWHQJRIXHU]DV
SDUDFDYDU\PHGDYHUJHQ]DSHGLUOLPRVQD7HQJRTXH
DVHJXUDUPHGHTXHFXDQGRPHHFKHQGHODDGPLQLVWUDFLyQ
KD\DJHQWHTXHPHUHFLEDHQVXFDVD£<DVpORTXHYR\D
KDFHU´ª/ODPyHQWRQFHVDFDGDXQRGHORVTXHOHGHEtDQ
DOJRDVXSDWUyQ$OSULPHUROHSUHJXQWy³¢&XiQWROH
GHEHVDPLSDWUyQ"´³&LHQEDUULOHVGHDFHLWH´OHFRQWHVWy
pO(ODGPLQLVWUDGRUOHGLMR³7RPDWXIDFWXUDVLpQWDWHHQ
VHJXLGD\HVFULEHFLQFXHQWD´/XHJRSUHJXQWyDOVHJXQGR
³<W~¢FXiQWRGHEHV"´³&LHQEXOWRVGHWULJR´FRQWHVWy(O
DGPLQLVWUDGRUOHGLMR³7RPDWXIDFWXUD\HVFULEHRFKHQWD´
ª3XHVELHQHOSDWUyQHORJLyDODGPLQLVWUDGRUGHULTXH]DV
PXQGDQDV>SRUKDEHUDFWXDGRFRQDVWXFLD(VTXHORVGH
HVWHPXQGRHQVXWUDWRFRQORVTXHVRQFRPRHOORVVRQPiV
DVWXWRVTXHORVTXHKDQUHFLELGRODOX]3RUHVROHVGLJRTXH
VHYDOJDQGHODVULTXH]DVPXQGDQDVSDUDJDQDUDPLJRVD
¿QGHTXHFXDQGRpVWDVVHDFDEHQKD\DTXLHQHVORVUHFLEDQ
DXVWHGHVHQODVYLYLHQGDVHWHUQDVª(OTXHHVKRQUDGRHQ
ORSRFRWDPELpQORVHUiHQORPXFKR\HOTXHQRHVtQWHJUR
HQORSRFRWDPSRFRORVHUiHQORPXFKR3RUHVRVLXVWHGHV
QRKDQVLGRKRQUDGRVHQHOXVRGHODVULTXH]DVPXQGDQDV
¢TXLpQOHVFRQ¿DUiODVYHUGDGHUDV"<VLFRQORDMHQRQR
KDQVLGRKRQUDGRV¢TXLpQOHVGDUiDXVWHGHVORTXHOHV
SHUWHQHFH"
¢4XpSDVDUiVLQRVRPRVKRQUDGRV"BBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª1LQJ~QVLUYLHQWHSXHGHVHUYLUDGRVSDWURQHV
0HQRVSUHFLDUiDXQR\DPDUiDORWURRTXHUUiPXFKRD
XQR\GHVSUHFLDUiDORWUR8VWHGHVQRSXHGHQVHUYLUDOD
YH]D'LRV\DODVULTXH]DVª2tDQWRGRHVWRORVIDULVHRVD
TXLHQHVOHVHQFDQWDEDHOGLQHUR\VHEXUODEDQGH-HV~VeO
OHVGLMR©8VWHGHVVHKDFHQORVEXHQRVDQWHODJHQWHSHUR
'LRVFRQRFHVXVFRUD]RQHV'HQVHFXHQWDGHTXHDTXHOOR
TXHODJHQWHWLHQHHQJUDQHVWLPDHVGHWHVWDEOHGHODQWH
GH'LRVª/DOH\\ORVSURIHWDVVHSURFODPDURQKDVWD-XDQ
'HVGHHQWRQFHVVHDQXQFLDQODVEXHQDVQXHYDVGHOUHLQRGH
'LRV\WRGRVVHHVIXHU]DQSRUHQWUDUHQpO(VPiVIiFLOTXH
GHVDSDUH]FDQHOFLHOR\ODWLHUUDTXHFDLJDXQDVRODWLOGHGH
ODOH\ª7RGRHOTXHVHGLYRUFLDGHVXHVSRVD\VHFDVDFRQ
RWUDFRPHWHDGXOWHULR\HOTXHVHFDVDFRQODGLYRUFLDGD
FRPHWHDGXOWHULRª+DEtDXQKRPEUHULFRTXHVHYHVWtD
OXMRVDPHQW@\GDEDHVSOpQGLGRVEDQTXHWHVWRGRVORVGtDV$
ODSXHUWDGHVXFDVDVHWHQGtDXQPHQGLJROODPDGR/i]DUR
TXHHVWDEDFXELHUWRGHOODJDV\TXHKXELHUDTXHULGROOHQDUVH
HOHVWyPDJRFRQORTXHFDtDGHODPHVDGHOULFR+DVWDORV
SHUURVVHDFHUFDEDQ\OHODPtDQODVOODJDVª5HVXOWDTXH
PXULyHOPHQGLJR\ORViQJHOHVVHOROOHYDURQSDUDTXH
HVWXYLHUDDOODGRGH$EUDKDP7DPELpQPXULyHOULFR\OR
VHSXOWDURQ(QHOLQ¿HUQRHQPHGLRGHVXVWRUPHQWRVHOULFR
OHYDQWyORVRMRV\YLRGHOHMRVD$EUDKDP\D/i]DURMXQWRD
pO
¢4XpSDVDUiVLQRVRWURVVHUYLPRVDGRVSDWURQHV"BBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
$VtTXHDO]yODYR]\OROODPy³3DGUH$EUDKDPWHQ
FRPSDVLyQGHPt\PDQGDD/i]DURTXHPRMHODSXQWD
GHOGHGRHQDJXD\PHUHIUHVTXHODOHQJXDSRUTXH
HVWR\VXIULHQGRPXFKRHQHVWHIXHJR´3HUR$EUDKDPOH
FRQWHVWy³+LMRUHFXHUGDTXHGXUDQWHWXYLGDWHIXHPX\
ELHQPLHQWUDVTXHD/i]DUROHIXHPX\PDOSHURDKRUDD
pOOHWRFDUHFLELUFRQVXHORDTXt\DWLVXIULUWHUULEOHPHQWH
$GHPiVGHHVRKD\XQJUDQDELVPRHQWUHQRVRWURV\
XVWHGHVGHPRGRTXHORVTXHTXLHUHQSDVDUGHDTXtSDUD
DOOiQRSXHGHQQLWDPSRFRSXHGHQORVGHDOOiSDUDDFi´
ªeOUHVSRQGLy³(QWRQFHVWHUXHJRSDGUHTXHPDQGHV
D/i]DURDODFDVDGHPLSDGUHSDUDTXHDGYLHUWDDPLV
FLQFRKHUPDQRV\QRYHQJDQHOORVWDPELpQDHVWHOXJDUGH
WRUPHQWR´3HUR$EUDKDPOHFRQWHVWy³<DWLHQHQD0RLVpV
\DORVSURIHWDV£TXHOHVKDJDQFDVRDHOORV´³1ROHVKDUiQ
FDVRSDGUH$EUDKDP²UHSOLFyHOULFR²HQFDPELRVLVH
OHVSUHVHQWDUDXQRGHHQWUHORVPXHUWRVHQWRQFHVVtVH
DUUHSHQWLUtDQ´$EUDKDPOHGLMR³6LQROHVKDFHQFDVRD
0RLVpV\DORVSURIHWDVWDPSRFRVHFRQYHQFHUiQDXQTXH
DOJXLHQVHOHYDQWHGHHQWUHORVPXHUWRV´ª
CfTRd
/XHJRGLMR-HV~VDVXVGLVFtSXORV²/RVWURSLH]RVVRQ
LQHYLWDEOHVSHUR£D\GHDTXHOTXHORVRFDVLRQD0iV
OHYDOGUtDVHUDUURMDGRDOPDUFRQXQDSLHGUDGHPROLQR
DWDGDDOFXHOORTXHVHUYLUGHWURSLH]RDXQRVRORGHHVWRV
SHTXHxRV$VtTXH£FXtGHQVHª6LWXKHUPDQRSHFD
UHSUpQGHOR\VLVHDUUHSLHQWHSHUGyQDOR$XQVLSHFD
FRQWUDWLVLHWHYHFHVHQXQGtD\VLHWHYHFHVUHJUHVDD
GHFLUWH³0HDUUHSLHQWR´SHUGyQDOR
¢&XiQWDVYHFHVGLFH-HV~VTXHGHEHPRVSHUGRQDUDOTXH
SHFDFRQWUDQRVRWURV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
(QWRQFHVORVDSyVWROHVOHGLMHURQDO6HxRU²£$XPHQWD
QXHVWUDIH²6LXVWHGHVWXYLHUDQXQDIHWDQSHTXHxDFRPR
XQJUDQRGHPRVWD]D²OHVUHVSRQGLyHO6HxRU²SRGUtDQ
GHFLUOHDHVWHiUERO³'HVDUUiLJDWH\SOiQWDWHHQHOPDU´\
OHVREHGHFHUtDª6XSRQJDPRVTXHXQRGHXVWHGHVWLHQH
XQVLHUYRTXHKDHVWDGRDUDQGRHOFDPSRRFXLGDQGRODV
RYHMDV&XDQGRHOVLHUYRUHJUHVDGHOFDPSR¢DFDVRVH
OHGLFH³9HQHQVHJXLGDDVHQWDUWHDODPHVD´"¢1RVH
OHGLUtDPiVELHQ³3UHSiUDPHODFRPLGD\FiPELDWHGH
URSDSDUDDWHQGHUPHPLHQWUDV\RFHQRGHVSXpVW~SRGUiV
FHQDU´"¢$FDVRVHOHGDUtDQODVJUDFLDVDOVLHUYRSRUKDEHU
KHFKRORTXHVHOHPDQGy"$VtWDPELpQXVWHGHVFXDQGR
KD\DQKHFKRWRGRORTXHVHOHVKDPDQGDGRGHEHQGHFLU
³6RPRVVLHUYRVLQ~WLOHVQRKHPRVKHFKRPiVTXHFXPSOLU
FRQQXHVWURGHEHU´8QGtDVLJXLHQGRVXYLDMHD-HUXVDOpQ
-HV~VSDVDEDSRU6DPDULD\*DOLOHD&XDQGRHVWDEDSRU
HQWUDUHQXQSXHEORVDOLHURQDVXHQFXHQWURGLH]KRPEUHV
HQIHUPRVGHOHSUD&RPRVHKDEtDQTXHGDGRDFLHUWD
GLVWDQFLDJULWDURQ²£-HV~V0DHVWURWHQFRPSDVLyQGH
QRVRWURV$OYHUORVOHVGLMR²9D\DQDSUHVHQWDUVHDORV
VDFHUGRWHV5HVXOWyTXHPLHQWUDVLEDQGHFDPLQRTXHGDURQ
OLPSLRV8QRGHHOORVDOYHUVH\DVDQRUHJUHVyDODEDQGR
D'LRVDJUDQGHVYRFHV&D\yURVWURHQWLHUUDDORVSLHVGH
-HV~V\OHGLRODVJUDFLDVQRREVWDQWHTXHHUDVDPDULWDQR
GH'LRVQLFRQVLGHUDFLyQGHQDGLH(QHOPLVPRSXHEOR
KDEtDXQDYLXGDTXHLQVLVWtDHQSHGLUOH³+iJDPHXVWHG
MXVWLFLDFRQWUDPLDGYHUVDULR´'XUDQWHDOJ~QWLHPSRpOVH
QHJySHURSRU¿QFRQFOX\y³$XQTXHQRWHPRD'LRVQL
WHQJRFRQVLGHUDFLyQGHQDGLHFRPRHVWDYLXGDQRGHMD
¢&XiQWRVGHORVOHSURVRVUHJUHVDURQDGDUJUDFLDVSRUVX
GHPROHVWDUPHYR\DWHQHUTXHKDFHUOHMXVWLFLDQRVHD
VDQLGDG"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
TXHFRQVXVYLVLWDVPHKDJDODYLGDLPSRVLEOH´ª&RQWLQXy
HO6HxRU©7HQJDQHQFXHQWDORTXHGLMRHOMXH]LQMXVWR
‰'tD
¢$FDVR'LRVQRKDUiMXVWLFLDDVXVHVFRJLGRVTXHFODPDQ
/XFDV
DpOGtD\QRFKH"¢6HWDUGDUiPXFKRHQUHVSRQGHUOHV"/HV
²¢$FDVRQRTXHGDURQOLPSLRVORVGLH]"²SUHJXQWy-HV~V² GLJRTXHVtOHVKDUiMXVWLFLD\VLQGHPRUD1RREVWDQWH
¢'yQGHHVWiQORVRWURVQXHYH"¢1RKXERQLQJXQRTXH
FXDQGRYHQJDHO+LMRGHOKRPEUH¢HQFRQWUDUiIHHQOD
UHJUHVDUDDGDUJORULDD'LRVH[FHSWRHVWHH[WUDQMHUR"
WLHUUD"ª$DOJXQRVTXHFRQ¿DQGRHQVtPLVPRVVHFUHtDQ
/HYiQWDWH\YHWH²OHGLMRDOKRPEUH²WXIHWHKDVDQDGR
MXVWRV\TXHGHVSUHFLDEDQDORVGHPiV-HV~VOHVFRQWy
/RVIDULVHRVOHSUHJXQWDURQD-HV~VFXiQGRLEDDYHQLU
HVWDSDUiEROD©'RVKRPEUHVVXELHURQDOWHPSORDRUDU
HOUHLQRGH'LRV\pOOHVUHVSRQGLy²/DYHQLGDGHOUHLQR
XQRHUDIDULVHR\HORWURUHFDXGDGRUGHLPSXHVWRV(O
GH'LRVQRVHSXHGHVRPHWHUDFiOFXORV1RYDQDGHFLU
IDULVHRVHSXVRDRUDUFRQVLJRPLVPR³2K'LRVWHGR\
³£0tUHQORDFi£0tUHQORDOOi´'HQVHFXHQWDGHTXHHOUHLQRGH JUDFLDVSRUTXHQRVR\FRPRRWURVKRPEUHV²ODGURQHV
'LRVHVWiHQWUHXVWHGHV$VXVGLVFtSXORVOHVGLMR²/OHJDUi
PDOKHFKRUHVDG~OWHURV²QLPXFKRPHQRVFRPRHVH
HOWLHPSRHQTXHXVWHGHVDQKHODUiQYLYLUVLTXLHUDXQRGH
UHFDXGDGRUGHLPSXHVWRV$\XQRGRVYHFHVDODVHPDQD\
ORVGtDVGHO+LMRGHOKRPEUHSHURQRSRGUiQ/HVGLUiQ
GR\ODGpFLPDSDUWHGHWRGRORTXHUHFLER´(QFDPELRHO
³£0tUHQORDOOi£0tUHQORDFi´1RYD\DQQRORVVLJDQ3RUTXH
UHFDXGDGRUGHLPSXHVWRVTXHVHKDEtDTXHGDGRDFLHUWD
HQVXGtDHO+LMRGHOKRPEUHVHUiFRPRHOUHOiPSDJRTXH
GLVWDQFLDQLVLTXLHUDVHDWUHYtDDDO]DUODYLVWDDOFLHOR
IXOJXUDHLOXPLQDHOFLHORGHXQRDRWURH[WUHPR3HURDQWHV
VLQRTXHVHJROSHDEDHOSHFKR\GHFtD³£2K'LRVWHQ
pOWLHQHTXHVXIULUPXFKDVFRVDV\VHUUHFKD]DGRSRUHVWD
FRPSDVLyQGHPtTXHVR\SHFDGRU´ª/HVGLJRTXHpVWH\
JHQHUDFLyQª7DOFRPRVXFHGLyHQWLHPSRVGH1RpDVt
QRDTXpOYROYLyDVXFDVDMXVWL¿FDGRDQWH'LRV3XHVWRGR
WDPELpQVHUiFXDQGRYHQJDHO+LMRGHOKRPEUH&RPtDQ
HOTXHDVtPLVPRVHHQDOWHFHVHUiKXPLOODGR\HOTXHVH
EHEtDQ\VHFDVDEDQ\GDEDQHQFDVDPLHQWRKDVWDHOGtD
KXPLOODVHUiHQDOWHFLGRª
HQTXH1RpHQWUyHQHODUFDHQWRQFHVOOHJyHOGLOXYLR\ORV
GHVWUX\yDWRGRV
¢4XpGLFH-HV~VTXHKDUi'LRVDORVTXHFODPDQDeOGtD\
QRFKH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢6HJ~Q-HV~VFRPRVHUiQORVWLHPSRVFXDQGRYHQJDHO+LMR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GHO+RPEUH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
ª/RPLVPRVXFHGLyHQWLHPSRVGH/RWFRPtDQ\EHEtDQ
FRPSUDEDQ\YHQGtDQVHPEUDEDQ\HGL¿FDEDQ3HURHOGtD
HQTXH/RWVDOLyGH6RGRPDOORYLyGHOFLHORIXHJR\D]XIUH\
DFDEyFRQWRGRV
ª$VtVHUiHOGtDHQTXHVHPDQL¿HVWHHO+LMRGHOKRPEUH(Q
DTXHOGtDHOTXHHVWpHQODD]RWHD\WHQJDVXVFRVDVGHQWUR
GHODFDVDTXHQREDMHDEXVFDUODV$VtPLVPRHOTXHHVWp
HQHOFDPSRTXHQRUHJUHVHSRUORTXHKD\DGHMDGRDWUiV
£$FXpUGHQVHGHODHVSRVDGH/RW(OTXHSURFXUHFRQVHUYDU
VXYLGDODSHUGHUi\HOTXHODSLHUGDODFRQVHUYDUi/HVGLJR
TXHHQDTXHOODQRFKHHVWDUiQGRVSHUVRQDVHQXQDPLVPD
FDPDXQDVHUiOOHYDGD\ODRWUDVHUiGHMDGD'RVPXMHUHV
HVWDUiQPROLHQGRMXQWDVXQDVHUiOOHYDGD\ODRWUDVHUi
GHMDGD²¢'yQGH6HxRU"²SUHJXQWDURQ
¢4XpSDVDFRQHOTXHSURFXUDFRQVHUYDUVXYLGD"BBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
-HV~VOHVFRQWyDVXVGLVFtSXORVXQDSDUiERODSDUD
PRVWUDUOHVTXHGHEtDQRUDUVLHPSUHVLQGHVDQLPDUVH/HV
GLMR©+DEtDHQFLHUWRSXHEORXQMXH]TXHQRWHQtDWHPRU
‰'tD
/XFDV
7DPELpQOHOOHYDEDQQLxRVSHTXHxRVD-HV~VSDUDTXHORV
WRFDUD$OYHUHVWRORVGLVFtSXORVUHSUHQGtDQDTXLHQHVORV
OOHYDEDQ3HUR-HV~VOODPyDORVQLxRV\GLMR©'HMHQTXH
ORVQLxRVYHQJDQDPt\QRVHORLPSLGDQSRUTXHHOUHLQR
GH'LRVHVGHTXLHQHVVRQFRPRHOORV/HVDVHJXURTXHHO
TXHQRUHFLEDHOUHLQRGH'LRVFRPRXQQLxRGHQLQJXQD
PDQHUDHQWUDUiHQpOª&LHUWRGLULJHQWHOHSUHJXQWy
²0DHVWUREXHQR¢TXpWHQJRTXHKDFHUSDUDKHUHGDUOD
YLGDHWHUQD"²¢3RUTXpPHOODPDVEXHQR"²UHVSRQGLy
-HV~V²1DGLHHVEXHQRVLQRVROR'LRV<DVDEHVORV
PDQGDPLHQWRV³1RFRPHWDVDGXOWHULRQRPDWHVQRUREHV
QRSUHVHQWHVIDOVRWHVWLPRQLRKRQUDDWXSDGUH\DWX
PDGUH´²7RGRHVRORKHFXPSOLGRGHVGHTXHHUDMRYHQ
²GLMRHOKRPEUH$ORtUHVWR-HV~VDxDGLy²7RGDYtD
WHIDOWDXQDFRVDYHQGHWRGRORTXHWLHQHV\UHSiUWHOR
HQWUHORVSREUHV\WHQGUiVWHVRURHQHOFLHOR/XHJRYHQ
\VtJXHPH&XDQGRHOKRPEUHR\yHVWRVHHQWULVWHFLy
PXFKRSXHVHUDPX\ULFR$OYHUORWDQDÀLJLGR-HV~V
FRPHQWy²£4XpGLItFLOHVSDUDORVULFRVHQWUDUHQHOUHLQR
GH'LRV(QUHDOLGDGOHUHVXOWDPiVIiFLODXQFDPHOORSDVDU
SRUHORMRGHXQDDJXMDTXHDXQULFRHQWUDUHQHOUHLQRGH
'LRV/RVTXHORR\HURQSUHJXQWDURQ²(QWRQFHV¢TXLpQ
SRGUiVDOYDUVH"²/RTXHHVLPSRVLEOHSDUDORVKRPEUHV
HVSRVLEOHSDUD'LRV²DFODUy-HV~V²0LUD²OHGLMR
3HGUR²QRVRWURVKHPRVGHMDGRWRGRORTXHWHQtDPRVSDUD
VHJXLUWH²/HVDVHJXUR²UHVSRQGLy-HV~V²TXHWRGRHO
TXHSRUFDXVDGHOUHLQRGH'LRVKD\DGHMDGRFDVDHVSRVD
KHUPDQRVSDGUHVRKLMRVUHFLELUiPXFKRPiVHQHVWH
WLHPSR\HQODHGDGYHQLGHUDODYLGDHWHUQD
¢'HTXLpQHVHOUHLQRGH'LRV"BBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
(QWRQFHV-HV~VWRPyDSDUWHDORVGRFH\OHVGLMR©$KRUD
YDPRVUXPERD-HUXVDOpQGRQGHVHFXPSOLUiWRGRORTXH
HVFULELHURQORVSURIHWDVDFHUFDGHO+LMRGHOKRPEUH(Q
HIHFWRVHUiHQWUHJDGRDORVJHQWLOHV6HEXUODUiQGHpOOR
LQVXOWDUiQOHHVFXSLUiQ\GHVSXpVGHD]RWDUORORPDWDUiQ
3HURDOWHUFHUGtDUHVXFLWDUiª
/RVGLVFtSXORVQRHQWHQGLHURQQDGDGHHVWR/HVHUD
LQFRPSUHQVLEOHSXHVQRFDSWDEDQHOVHQWLGRGHORTXHOHV
KDEODED6XFHGLyTXHDODFHUFDUVH-HV~VD-HULFyHVWDEDXQ
FLHJRVHQWDGRMXQWRDOFDPLQRSLGLHQGROLPRVQD&XDQGRR\y
DODPXOWLWXGTXHSDVDEDSUHJXQWyTXpDFRQWHFtD²-HV~V
GH1D]DUHWHVWiSDVDQGRSRUDTXt²OHUHVSRQGLHURQ
²£-HV~V+LMRGH'DYLGWHQFRPSDVLyQGHPt²JULWyHO
FLHJR/RVTXHLEDQGHODQWHORUHSUHQGtDQSDUDTXHVH
FDOODUDSHURpOVHSXVRDJULWDUD~QPiVIXHUWH²£+LMR
GH'DYLGWHQFRPSDVLyQGHPt-HV~VVHGHWXYR\PDQGy
TXHVHORWUDMHUDQ&XDQGRHOFLHJRVHDFHUFyOHSUHJXQWy
-HV~V²¢4XpTXLHUHVTXHKDJDSRUWL"²6HxRUTXLHUR
YHU²£5HFLEHODYLVWD²OHGLMR-HV~V²7XIHWHKDVDQDGR
$OLQVWDQWHUHFREUyODYLVWD(QWRQFHVJORUL¿FDQGRD'LRV
FRPHQ]yDVHJXLUD-HV~V\WRGRVORVTXHORYLHURQGDEDQ
DODEDQ]DD'LRV
¢4XpSDVDEDFRQORVGLVFtSXORVFXDQGR-HV~VOHVKDEODED
GHWRGRORTXHLEDDSDGHFHU"BBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
-HV~VOOHJyD-HULFy\FRPHQ]yDFUX]DUODFLXGDG5HVXOWD
TXHKDEtDDOOtXQKRPEUHOODPDGR=DTXHRMHIHGHORV
UHFDXGDGRUHVGHLPSXHVWRVTXHHUDPX\ULFR(VWDED
WUDWDQGRGHYHUTXLpQHUD-HV~VSHURODPXOWLWXGVHOR
LPSHGtDSXHVHUDGHEDMDHVWDWXUD3RUHVRVHDGHODQWy
FRUULHQGR\VHVXELyDXQiUEROSDUDSRGHUYHUOR\DTXH
-HV~VLEDDSDVDUSRUDOOt
/OHJDQGRDOOXJDU-HV~VPLUyKDFLDDUULED\OHGLMR²
=DTXHREDMDHQVHJXLGD7HQJRTXHTXHGDUPHKR\HQWX
FDVD$VtTXHVHDSUHVXUyDEDMDU\PX\FRQWHQWRUHFLELyD
-HV~VHQVXFDVD$OYHUHVWRWRGRVHPSH]DURQDPXUPXUDU
©+DLGRDKRVSHGDUVHFRQXQSHFDGRUª3HUR=DTXHRGLMR
UHVXHOWDPHQWH²0LUD6HxRU$KRUDPLVPRYR\DGDUDORV
SREUHVODPLWDGGHPLVELHQHV\VLHQDOJRKHGHIUDXGDGR
DDOJXLHQOHGHYROYHUpFXDWURYHFHVODFDQWLGDGTXHVHD
²+R\KDOOHJDGRODVDOYDFLyQDHVWDFDVD²OHGLMR-HV~V²
\DTXHpVWHWDPELpQHVKLMRGH$EUDKDP3RUTXHHO+LMRGHO
KRPEUHYLQRDEXVFDU\DVDOYDUORTXHVHKDEtDSHUGLGR
¢&XiOIXHODUHFRPSHQVDSDUD=DTXHRSRUKDEHUVH
HVIRU]DGRSDUDHQFRQWUDUVHFRQ-HV~V"BBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
&RPRODJHQWHORHVFXFKDEDSDVyDFRQWDUOHVXQD
SDUiERODSRUTXHHVWDEDFHUFDGH-HUXVDOpQ\ODJHQWH
SHQVDEDTXHHOUHLQRGH'LRVLEDDPDQLIHVWDUVHHQ
FXDOTXLHUPRPHQWR$VtTXHOHVGLMRhQKRPEUHGHOD
QREOH]DVHIXHDXQSDtVOHMDQRSDUDVHUFRURQDGRUH\\
OXHJRUHJUHVDU/ODPyDGLH]GHVXVVLHUYRV\HQWUHJyD
FDGDFXDOXQDEXHQDFDQWLGDGGHGLQHUR/HVLQVWUX\y
³+DJDQQHJRFLRFRQHVWHGLQHURKDVWDTXH\RYXHOYD´3HUR
VXVV~EGLWRVORRGLDEDQ\PDQGDURQWUDVpOXQDGHOHJDFLyQ
DGHFLU³1RTXHUHPRVDpVWHSRUUH\´ª$SHVDUGHWRGR
IXHQRPEUDGRUH\&XDQGRUHJUHVyDVXSDtVPDQGyOODPDU
DORVVLHUYRVDTXLHQHVKDEtDHQWUHJDGRHOGLQHURSDUD
HQWHUDUVHGHORTXHKDEtDQJDQDGR6HSUHVHQWyHOSULPHUR
\GLMR³6HxRUVXGLQHURKDSURGXFLGRGLH]YHFHVPiV´
³£+LFLVWHELHQVLHUYREXHQR²OHUHVSRQGLyHOUH\²3XHVWR
TXHKDVVLGR¿HOHQWDQSRFDFRVDWHGR\HOJRELHUQRGH
GLH]FLXGDGHV´6HSUHVHQWyHOVHJXQGR\GLMR³6HxRUVX
GLQHURKDSURGXFLGRFLQFRYHFHVPiV´(OUH\OHUHVSRQGLy
³$WLWHSRQJRVREUHFLQFRFLXGDGHV´
¢4XpKL]RHOUH\FRQDTXHOORVTXHKLFLHURQSURGXFLUVX
GLQHUR"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª/OHJyRWURVLHUYR\GLMR³6HxRUDTXtWLHQHVXGLQHURORKH
WHQLGRJXDUGDGRHQYXHOWRHQXQSDxXHOR(VTXHOHWHQtD
PLHGRDXVWHGTXHHVXQKRPEUHPX\H[LJHQWHWRPDOR
TXHQRGHSRVLWy\FRVHFKDORTXHQRVHPEUy´(OUH\OH
FRQWHVWy³6LHUYRPDORFRQWXVSURSLDVSDODEUDVWHYR\D
MX]JDU¢$VtTXHVDEtDVTXHVR\PX\H[LJHQWHTXHWRPROR
TXHQRGHSRVLWp\FRVHFKRORTXHQRVHPEUp"(QWRQFHV
¢SRUTXpQRSXVLVWHPLGLQHURHQHOEDQFRSDUDTXHDO
UHJUHVDUSXGLHUDUHFODPDUORVLQWHUHVHV"´/XHJRGLMRDORV
SUHVHQWHV³4XtWHQOHHOGLQHUR\GpQVHORDOTXHUHFLELyGLH]
YHFHVPiV´³6HxRU²SURWHVWDURQ²£pO\DWLHQHGLH]YHFHV
PiV´(OUH\FRQWHVWy³/HVDVHJXURTXHDWRGRHOTXHWLHQH
VHOHGDUiPiVSHURDOTXHQRWLHQHVHOHTXLWDUiKDVWDOR
TXHWLHQH3HURHQFXDQWRDHVRVHQHPLJRVPtRVTXHQR
PHTXHUtDQSRUUH\WUiLJDQORVDFi\PiWHQORVGHODQWHGH
Pt´ª'LFKRHVWR-HV~VVLJXLyDGHODQWHVXELHQGRKDFLD
-HUXVDOpQ&XDQGRVHDFHUFyD%HWIDJXp\D%HWDQLD
MXQWRDOPRQWHOODPDGRGHORV2OLYRVHQYLyDGRVGHVXV
GLVFtSXORVFRQHVWHHQFDUJR©9D\DQDODDOGHDTXHHVWi
HQIUHQWH\DOHQWUDUHQHOODHQFRQWUDUiQDWDGRDXQEXUULWR
HQHOTXHQDGLHVHKDPRQWDGR'HViWHQOR\WUiLJDQORDFi
<VLDOJXLHQOHVSUHJXQWD³¢3RUTXpORGHVDWDQ"´GtJDQOH
³(O6HxRUORQHFHVLWD´ª)XHURQ\ORHQFRQWUDURQWDOFRPR
pOOHVKDEtDGLFKR
¢4XpSDVyFRQHOVLHUYRTXHQRKL]RSURGXFLUHOGLQHURGHO
UH\"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
&XDQGRHVWDEDQGHVDWDQGRHOEXUULWRORVGXHxRVOHV
SUHJXQWDURQ²¢3RUTXpGHVDWDQHOEXUULWR"²(O6HxRU
ORQHFHVLWD²FRQWHVWDURQ6HOROOHYDURQSXHVD-HV~V
/XHJRSXVLHURQVXVPDQWRVHQFLPDGHOEXUULWR\D\XGDURQD
-HV~VDPRQWDUVH$PHGLGDTXHDYDQ]DEDODJHQWHWHQGtD
VXVPDQWRVVREUHHOFDPLQR$ODFHUFDUVHpODODEDMDGDGHO
PRQWHGHORV2OLYRVWRGRVORVGLVFtSXORVVHHQWXVLDVPDURQ\
FRPHQ]DURQDDODEDUD'LRVSRUWDQWRVPLODJURVTXHKDEtDQ
YLVWR*ULWDEDQ²£%HQGLWRHO5H\TXHYLHQHHQHOQRPEUH
GHO6HxRU£3D]HQHOFLHOR\JORULDHQODVDOWXUDV$OJXQRV
GHORVIDULVHRVTXHHVWDEDQHQWUHODJHQWHOHUHFODPDURQ
D-HV~V²£0DHVWURUHSUHQGHDWXVGLVFtSXORV3HURpO
UHVSRQGLy/HVDVHJXURTXHVLHOORVVHFDOODQJULWDUiQ
ODVSLHGUDV&XDQGRVHDFHUFDEDD-HUXVDOpQ-HV~VYLR
ODFLXGDG\OORUySRUHOOD'LMR²£&yPRTXLVLHUDTXHKR\
VXSLHUDVORTXHWHSXHGHWUDHUSD]3HURHVRDKRUDHVWi
RFXOWRDWXVRMRV7HVREUHYHQGUiQGtDVHQTXHWXVHQHPLJRV
OHYDQWDUiQXQPXUR\WHURGHDUiQ\WHHQFHUUDUiQSRUWRGRV
ODGRV7HGHUULEDUiQDWL\DWXVKLMRVGHQWURGHWXVPXUDOODV
1RGHMDUiQQLXQDSLHGUDVREUHRWUDSRUTXHQRUHFRQRFLVWHHO
WLHPSRHQTXH'LRVYLQRDVDOYDUWH
¢4XpLEDDSDVDUFRQ-HUXVDOpQSRUQRKDEHUFRQRFLGRHO
WLHPSRHQTXH'LRVKDEtDYHQLGR"BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
/XHJRHQWUyHQHOWHPSOR\FRPHQ]yDHFKDUGHDOOtDORV
TXHHVWDEDQYHQGLHQGR©(VFULWRHVWi²OHVGLMR²³0LFDVD
VHUiFDVDGHRUDFLyQ´SHURXVWHGHVODKDQFRQYHUWLGRHQ
³FXHYDGHODGURQHV´ª7RGRVORVGtDVHQVHxDEDHQHOWHPSOR
\ORVMHIHVGHORVVDFHUGRWHVORVPDHVWURVGHODOH\\ORV
GLULJHQWHVGHOSXHEORSURFXUDEDQPDWDUOR6LQHPEDUJRQR
HQFRQWUDEDQODPDQHUDGHKDFHUORSRUTXHWRGRHOSXHEOROR
HVFXFKDEDFRQJUDQLQWHUpV
]fTRd
8QGtDPLHQWUDV-HV~VHQVHxDEDDOSXHEORHQHOWHPSOR\
OHVSUHGLFDEDHOHYDQJHOLRVHOHDFHUFDURQORVMHIHVGHORV
VDFHUGRWHV\ORVPDHVWURVGHODOH\MXQWRFRQORVDQFLDQRV
²'LQRVFRQTXpDXWRULGDGKDFHVHVWR²ORLQWHUURJDURQ²
¢4XLpQWHGLRHVDDXWRULGDG"²<RWDPELpQYR\DKDFHUOHV
XQDSUHJXQWDDXVWHGHV²UHSOLFypO²'tJDQPH(OEDXWLVPR
GH-XDQ¢SURFHGtDGHOFLHORRGHODWLHUUD"(OORVSXHVOR
GLVFXWLHURQHQWUHVt©6LUHVSRQGHPRV³'HOFLHOR´QRVGLUi
³¢3RUTXpQROHFUH\HURQ"´3HURVLGHFLPRV³'HODWLHUUD´
WRGRHOSXHEORQRVDSHGUHDUiSRUTXHHVWiQFRQYHQFLGRVGH
TXH-XDQHUDXQSURIHWDª$VtTXHOHUHVSRQGLHURQ²1R
VDEHPRVGHGyQGHHUD²3XHV\RWDPSRFROHVYR\DGHFLU
FRQTXpDXWRULGDGKDJRHVWR3DUiERODGHORVODEUDGRUHV
PDOYDGRV
¢(QTXpKDEtDFRQYHUWLGRODJHQWHHOWHPSOR"BBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
3DVyOXHJRDFRQWDUOHDODJHQWHHVWDSDUiEROD²8Q
KRPEUHSODQWyXQYLxHGRVHORDUUHQGyDXQRVODEUDGRUHV
\VHIXHGHYLDMHSRUODUJRWLHPSR/OHJDGDODFRVHFKD
PDQGyXQVLHUYRDORVODEUDGRUHVSDUDTXHOHGLHUDQ
SDUWHGHODFRVHFKD3HURORVODEUDGRUHVORJROSHDURQ
\ORGHVSLGLHURQFRQODVPDQRVYDFtDV/HVHQYLyRWUR
VLHUYRSHURWDPELpQDpVWHORJROSHDURQORKXPLOODURQ\
ORGHVSLGLHURQFRQODVPDQRVYDFtDV(QWRQFHVHQYLyXQ
WHUFHURSHURDXQDpVWHORKLULHURQ\ORH[SXOVDURQ
ª(QWRQFHVSHQVyHOGXHxRGHOYLxHGR³¢4XpYR\DKDFHU"
(QYLDUpDPLKLMRDPDGRVHJXURTXHDpOVtORUHVSHWDUiQ´
3HURFXDQGRORYLHURQORVODEUDGRUHVWUDWDURQHODVXQWR
³eVWHHVHOKHUHGHUR²GLMHURQ²0DWpPRVOR\ODKHUHQFLD
VHUiQXHVWUD´$VtTXHORDUURMDURQIXHUDGHOYLxHGR\OR
PDWDURQª¢4XpOHVKDUiHOGXHxR"9ROYHUiDFDEDUiFRQ
HVRVODEUDGRUHV\GDUiHOYLxHGRDRWURV$ORtUHVWROD
JHQWHH[FODPy²£'LRVQRORTXLHUD0LUiQGRORV¿MDPHQWH
-HV~VOHVGLMR²(QWRQFHV¢TXpVLJQL¿FDHVWRTXHHVWi
HVFULWRª´/DSLHGUDTXHGHVHFKDURQORVFRQVWUXFWRUHVKD
OOHJDGRDVHUODSLHGUDDQJXODU´"
7RGRHOTXHFDLJDVREUHHVDSLHGUDTXHGDUi
GHVSHGD]DGR\VLHOODFDHVREUHDOJXLHQORKDUiSROYR
¢4XpKLFLHURQORVODEUDGRUHVFRQHOKLMRGHOGXHxRGHOD
YLxD"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
/RVPDHVWURVGHODOH\\ORVMHIHVGHORVVDFHUGRWHV
FD\HQGRHQFXHQWDTXHODSDUiERODLEDGLULJLGDFRQWUDHOORV
EXVFDURQODPDQHUDGHHFKDUOHPDQRHQDTXHOPLVPR
PRPHQWR3HURWHPtDQDOSXHEOR(QWRQFHVSDUDDFHFKDUOR
HQYLDURQHVStDVTXH¿QJtDQVHUJHQWHKRQRUDEOH3HQVDEDQ
DWUDSDUD-HV~VHQDOJRTXHpOGLMHUD\DVtSRGHUHQWUHJDUOR
DODMXULVGLFFLyQGHOJREHUQDGRU²0DHVWUR²GLMHURQORV
HVStDV²VDEHPRVTXHORTXHGLFHV\HQVHxDVHVFRUUHFWR
1RMX]JDVSRUODVDSDULHQFLDVVLQRTXHGHYHUGDGHQVHxDV
HOFDPLQRGH'LRV¢1RVHVWiSHUPLWLGRSDJDULPSXHVWRV
DOFpVDURQR"3HUR-HV~VGiQGRVHFXHQWDGHVXVPDODV
LQWHQFLRQHVUHSOLFy²0XpVWUHQPHXQDPRQHGDURPDQD
¢'HTXLpQVRQHVWDLPDJHQ\HVWDLQVFULSFLyQ"²'HOFpVDU
²FRQWHVWDURQ²(QWRQFHVGHQOHDOFpVDUORTXHHVGHO
FpVDU\D'LRVORTXHHVGH'LRV1RSXGLHURQDWUDSDUOR
HQORTXHGHFtDHQS~EOLFR$VtTXHDGPLUDGRVGHVX
UHVSXHVWDVHFDOODURQ/XHJRDOJXQRVGHORVVDGXFHRV
TXHGHFtDQTXHQRKD\UHVXUUHFFLyQVHDFHUFDURQD
-HV~V\OHSODQWHDURQXQSUREOHPD²0DHVWUR0RLVpV
QRVHQVHxyHQVXVHVFULWRVTXHVLXQKRPEUHPXHUH\
GHMDDODYLXGDVLQKLMRVHOKHUPDQRGHHVHKRPEUHWLHQH
TXHFDVDUVHFRQODYLXGDSDUDTXHVXKHUPDQRWHQJD
GHVFHQGHQFLD3XHVELHQKDEtDVLHWHKHUPDQRV(OSULPHUR
VHFDVy\PXULyVLQGHMDUKLMRV(QWRQFHVHOVHJXQGR\HO
WHUFHURVHFDVDURQFRQHOOD\DVtVXFHVLYDPHQWHPXULHURQ
ORVVLHWHVLQGHMDUKLMRV3RU~OWLPRPXULyWDPELpQODPXMHU
¢&yPRVHTXHGDEDQORVVDFHUGRWHVTXHYHQtDQDWHQWDUD
-HV~VFXDQGReVWHOHVUHVSRQGtD"BBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
$KRUDELHQHQODUHVXUUHFFLyQ¢GHFXiOVHUiHVSRVDHVWD
PXMHU\DTXHORVVLHWHHVWXYLHURQFDVDGRVFRQHOOD"
²/DJHQWHGHHVWHPXQGRVHFDVD\VHGDHQFDVDPLHQWR²
OHVFRQWHVWy-HV~V²3HURHQFXDQWRDORVTXHVHDQGLJQRV
GHWRPDUSDUWHHQHOPXQGRYHQLGHURSRUODUHVXUUHFFLyQ
pVRVQRVHFDVDUiQQLVHUiQGDGRVHQFDVDPLHQWRQL
WDPSRFRSRGUiQPRULUSXHVVHUiQFRPRORViQJHOHV6RQ
KLMRVGH'LRVSRUTXHWRPDQSDUWHHQODUHVXUUHFFLyQ3HUR
TXHORVPXHUWRVUHVXFLWDQORGLRDHQWHQGHU0RLVpVPLVPR
HQHOSDVDMHVREUHOD]DU]DSXHVOODPDDO6HxRU³HO'LRVGH
$EUDKDPGH,VDDF\GH-DFRE´eOQRHV'LRVGHPXHUWRV
VLQRGHYLYRVHQHIHFWRSDUDpOWRGRVHOORVYLYHQ$OJXQRV
GHORVPDHVWURVGHODOH\OHUHVSRQGLHURQ²£%LHQGLFKR
0DHVWUR<\DQRVHDWUHYLHURQDKDFHUOHPiVSUHJXQWDV
3HUR-HV~VOHVSUHJXQWy²¢&yPRHVTXHGLFHQTXHHO
&ULVWRHVKLMRGH'DYLG"'DYLGPLVPRGHFODUDHQHOOLEURGH
ORV6DOPRVª´'LMRHO6HxRUDPL6HxRU
µ6LpQWDWHDPLGHUHFKDKDVWDTXHSRQJDDWXVHQHPLJRV
SRUHVWUDGRGHWXVSLHV¶³'DYLGOROODPD³6HxRU´¢&yPR
SXHGHHQWRQFHVVHUVXKLMR"
DVXVWHQ(VQHFHVDULRTXHHVRVXFHGDSULPHURSHURHO
¿QQRYHQGUiHQVHJXLGDª6HOHYDQWDUiQDFLyQFRQWUD
QDFLyQ\UHLQRFRQWUDUHLQR²FRQWLQXy²+DEUiJUDQGHV
WHUUHPRWRVKDPEUH\HSLGHPLDVSRUWRGDVSDUWHVFRVDV
HVSDQWRVDV\JUDQGHVVHxDOHVGHOFLHORª3HURDQWHVGH
WRGRHVWRHFKDUiQPDQRGHXVWHGHV\ORVSHUVHJXLUiQ/RV
HQWUHJDUiQDODVVLQDJRJDV\DODVFiUFHOHV\SRUFDXVD
GHPLQRPEUHORVOOHYDUiQDQWHUH\HV\JREHUQDGRUHV
$VtWHQGUiQXVWHGHVODRSRUWXQLGDGGHGDUWHVWLPRQLR
DQWHHOORV3HURWHQJDQHQFXHQWDTXHQRKD\SRUTXp
SUHSDUDUXQDGHIHQVDGHDQWHPDQRSXHV\RPLVPROHV
GDUpWDOHORFXHQFLD\VDELGXUtDSDUDUHVSRQGHUTXHQLQJ~Q
DGYHUVDULRSRGUiUHVLVWLUOHVQLFRQWUDGHFLUOHV8VWHGHVVHUiQ
WUDLFLRQDGRVDXQSRUVXVSDGUHVKHUPDQRVSDULHQWHV\
DPLJRV\DDOJXQRVGHXVWHGHVVHOHVGDUiPXHUWH7RGR
HOPXQGRORVRGLDUiSRUFDXVDGHPLQRPEUH3HURQRVH
SHUGHUiQLXQVRORFDEHOORGHVXFDEH]D6LVHPDQWLHQHQ
¿UPHVVHVDOYDUiQ
¢4XLpQHVVRQORVTXHVHVDOYDUiQ"BBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6HJ~Q-HV~VQXHVWUR'LRVHV'LRVGH«BBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª$KRUDELHQFXDQGRYHDQD-HUXVDOpQURGHDGDGH
HMpUFLWRVVHSDQTXHVXGHVRODFLyQ\DHVWiFHUFD(QWRQFHV
ORVTXHHVWpQHQ-XGHDKX\DQDODVPRQWDxDVORVTXH
‰'tD
HVWpQHQODFLXGDGVDOJDQGHHOOD\ORVTXHHVWpQHQHO
/XFDV
FDPSRQRHQWUHQHQODFLXGDGeVHVHUiHOWLHPSRGHOMXLFLR
0LHQWUDVWRGRHOSXHEORORHVFXFKDED-HV~VOHVGLMRDVXV
FXDQGRVHFXPSOLUiWRGRORTXHHVWiHVFULWR£$\GHODV
GLVFtSXORV²&XtGHQVHGHORVPDHVWURVGHODOH\/HVJXVWD
TXHHVWpQHPEDUD]DGDVRDPDPDQWDQGRHQDTXHOORVGtDV
SDVHDUVHFRQURSDVRVWHQWRVDV\OHVHQFDQWDTXHORVVDOXGHQ 3RUTXHKDEUiJUDQDÀLFFLyQHQODWLHUUD\FDVWLJRFRQWUD
HQODVSOD]DV\RFXSDUHOSULPHUSXHVWRHQODVVLQDJRJDV
HVWHSXHEOR&DHUiQD¿ORGHHVSDGD\ORVOOHYDUiQFDXWLYRV
\ORVOXJDUHVGHKRQRUHQORVEDQTXHWHV'HYRUDQORV
DWRGDVODVQDFLRQHV/RVJHQWLOHVSLVRWHDUiQD-HUXVDOpQ
ELHQHVGHODVYLXGDV\DODYH]KDFHQODUJDVSOHJDULDVSDUD
KDVWDTXHVHFXPSODQORVWLHPSRVVHxDODGRVSDUDHOORV
LPSUHVLRQDUDORVGHPiVeVWRVUHFLELUiQSHRUFDVWLJR
ª+DEUiVHxDOHVHQHOVROODOXQD\ODVHVWUHOODV(QOD
]fTRd
WLHUUDODVQDFLRQHVHVWDUiQDQJXVWLDGDV\SHUSOHMDVSRUHO
-HV~VVHGHWXYRDREVHUYDU\YLRDORVULFRVTXHHFKDEDQ
EUDPLGR\ODDJLWDFLyQGHOPDU6HGHVPD\DUiQGHWHUURUORV
VXVRIUHQGDVHQODVDOFDQFtDVGHOWHPSOR7DPELpQYLRD
KRPEUHVWHPHURVRVSRUORTXHYDDVXFHGHUOHDOPXQGR
XQDYLXGDSREUHTXHHFKDEDGRVPRQHGLWDVGHFREUH²/HV
SRUTXHORVFXHUSRVFHOHVWHVVHUiQVDFXGLGRV(QWRQFHV
DVHJXUR²GLMR²TXHHVWDYLXGDSREUHKDHFKDGRPiVTXH
YHUiQDO+LMRGHOKRPEUHYHQLUHQXQDQXEHFRQSRGHU\
WRGRVORVGHPiV7RGRVHOORVGLHURQVXVRIUHQGDVGHORTXH
JUDQJORULD&XDQGRFRPLHQFHQDVXFHGHUHVWDVFRVDV
OHVVREUDEDSHURHOODGHVXSREUH]DHFKyWRGRORTXHWHQtD FREUHQiQLPR\OHYDQWHQODFDEH]DSRUTXHVHDFHUFDVX
SDUDVXVXVWHQWR$OJXQRVGHVXVGLVFtSXORVFRPHQWDEDQ
UHGHQFLyQ
DFHUFDGHOWHPSORGHFyPRHVWDEDDGRUQDGRFRQKHUPRVDV
SLHGUDV\FRQRIUHQGDVGHGLFDGDVD'LRV3HUR-HV~VGLMR
¢3RUTXpGHEHPRVOHYDQWDUQXHVWUDVFDEH]DV\FREUDU
²(QFXDQWRDWRGRHVWRTXHYHQXVWHGHVOOHJDUiHOGtDHQ
iQLPR"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
TXHQRTXHGDUiSLHGUDVREUHSLHGUDWRGRVHUiGHUULEDGR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
²0DHVWUR²OHSUHJXQWDURQ²¢FXiQGRVXFHGHUiHVR\FXiO
VHUiODVHxDOGHTXHHVWiDSXQWRGHVXFHGHU"²7HQJDQ
‰'tD
FXLGDGRQRVHGHMHQHQJDxDU²OHVDGYLUWLy-HV~V²
/XFDV
9HQGUiQPXFKRVTXHXVDQGRPLQRPEUHGLUiQ³<RVR\´\
-HV~VWDPELpQOHVSURSXVRHVWDFRPSDUDFLyQ²)tMHQVH
³(OWLHPSRHVWiFHUFD´1RORVVLJDQXVWHGHV
HQODKLJXHUD\HQORVGHPiViUEROHV&XDQGREURWDQODV
CVTTZ™_
¢$TXLpQGLMR-HV~VTXHQRVLJXLpUDPRV"BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
&XDQGRVHSDQGHJXHUUDV\GHUHYROXFLRQHVQRVH
KRMDVXVWHGHVSXHGHQYHUSRUVtPLVPRV\VDEHUTXHHO
YHUDQRHVWiFHUFD,JXDOPHQWHFXDQGRYHDQTXHVXFHGHQ
HVWDVFRVDVVHSDQTXHHOUHLQRGH'LRVHVWiFHUFDª/HV
DVHJXURTXHQRSDVDUiHVWDJHQHUDFLyQKDVWDTXHWRGDV
HVWDVFRVDVVXFHGDQ(OFLHOR\ODWLHUUDSDVDUiQSHURPLV
SDODEUDVMDPiVSDVDUiQª7HQJDQFXLGDGRQRVHDTXHVH
OHVHQGXUH]FDHOFRUD]yQSRUHOYLFLRODHPEULDJXH]\ODV
SUHRFXSDFLRQHVGHHVWDYLGD'HRWUDPDQHUDDTXHOGtD
FDHUiGHLPSURYLVRVREUHXVWHGHVSXHVYHQGUiFRPRXQD
WUDPSDVREUHWRGRVORVKDELWDQWHVGHODWLHUUD(VWpQVLHPSUH
YLJLODQWHV\RUHQSDUDTXHSXHGDQHVFDSDUGHWRGRORTXH
HVWiSRUVXFHGHU\SUHVHQWDUVHGHODQWHGHO+LMRGHOKRPEUH
'HGtD-HV~VHQVHxDEDHQHOWHPSORSHURVDOtDDSDVDUOD
QRFKHHQHOPRQWHOODPDGRGHORV2OLYRV\WRGDODJHQWH
PDGUXJDEDSDUDLUDOWHPSORDRtUOR
¢3RUTXpQHFHVLWDPRVHVWDUYLJLODQGR\RUDQGR"BBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
]fTRd
/XFDV
6HDSUR[LPDEDOD¿HVWDGHORV3DQHVVLQOHYDGXUDOODPDGD
OD3DVFXD/RVMHIHVGHORVVDFHUGRWHV\ORVPDHVWURVGH
ODOH\EXVFDEDQDOJ~QPRGRGHDFDEDUFRQ-HV~VSRUTXH
WHPtDQDOSXHEOR(QWRQFHVHQWUy6DWDQiVHQ-XGDVXQR
GHORVGRFHDOTXHOODPDEDQ,VFDULRWHeVWHIXHDORVMHIHV
GHORVVDFHUGRWHV\DORVFDSLWDQHVGHOWHPSORSDUDWUDWDU
FRQHOORVFyPROHVHQWUHJDUtDD-HV~V(OORVVHDOHJUDURQ\
DFRUGDURQGDUOHGLQHUReODFHSWy\FRPHQ]yDEXVFDUXQD
RSRUWXQLGDGSDUDHQWUHJDUOHVD-HV~VFXDQGRQRKXELHUD
JHQWH&XDQGROOHJyHOGtDGHOD¿HVWDGHORV3DQHVVLQ
OHYDGXUDHQTXHGHEtDVDFUL¿FDUVHHOFRUGHURGHOD3DVFXD
-HV~VHQYLyD3HGUR\D-XDQGLFLpQGROHV²9D\DQDKDFHU
ORVSUHSDUDWLYRVSDUDTXHFRPDPRVOD3DVFXD²¢'yQGH
TXLHUHVTXHODSUHSDUHPRV"²OHSUHJXQWDURQ²0LUHQ
²FRQWHVWypO²DOHQWUDUXVWHGHVHQODFLXGDGOHVVDOGUiDO
HQFXHQWURXQKRPEUHTXHOOHYDXQFiQWDURGHDJXD6tJDQOR
KDVWDODFDVDHQTXHHQWUH\GtJDQOHDOGXHxRGHODFDVD
³(O0DHVWURSUHJXQWD¢'yQGHHVWiODVDODHQODTXHYR\D
FRPHUOD3DVFXDFRQPLVGLVFtSXORV"´eOOHVPRVWUDUiHQOD
SODQWDDOWDXQDVDODDPSOLD\DPXHEODGD3UHSDUHQDOOtOD
FHQD(OORVVHIXHURQ\HQFRQWUDURQWRGRWDOFRPROHVKDEtD
GLFKR-HV~V$VtTXHSUHSDUDURQOD3DVFXD
XQRVDRWURVTXLpQGHHOORVKDUtDHVWR7XYLHURQDGHPiV
XQDOWHUFDGRVREUHFXiOGHHOORVVHUtDHOPiVLPSRUWDQWH
-HV~VOHVGLMR²/RVUH\HVGHODVQDFLRQHVRSULPHQDVXV
V~EGLWRV\ORVTXHHMHUFHQDXWRULGDGVREUHHOORVVHOODPDQ
DVtPLVPRVEHQHIDFWRUHV1RVHDDVtHQWUHXVWHGHV$O
FRQWUDULRHOPD\RUGHEHFRPSRUWDUVHFRPRHOPHQRU\
HOTXHPDQGDFRPRHOTXHVLUYH3RUTXH¢TXLpQHVPiV
LPSRUWDQWHHOTXHHVWiDODPHVDRHOTXHVLUYH"¢1RORHV
HOTXHHVWiVHQWDGRDODPHVD"6LQHPEDUJR\RHVWR\HQWUH
XVWHGHVFRPRXQRTXHVLUYH
¢&XiOHUDOD¿HVWDTXHHVWDEDSRUFHOHEUDUVH"BBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&yPRGHEHPRVFRPSRUWDUQRVVHJ~Q-HV~V"BBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBB
‰'tD
/XFDV
$KRUDELHQXVWHGHVVRQORVTXHKDQHVWDGRVLHPSUHD
PLODGRHQPLVSUXHEDV3RUHVR\RPLVPROHVFRQFHGR
XQUHLQRDVtFRPRPL3DGUHPHORFRQFHGLyDPtSDUD
TXHFRPDQ\EHEDQDPLPHVDHQPLUHLQR\VHVLHQWHQ
HQWURQRVSDUDMX]JDUDODVGRFHWULEXVGH,VUDHOª6LPyQ
6LPyQPLUDTXH6DWDQiVKDSHGLGR]DUDQGHDUORVDXVWHGHV
FRPRVLIXHUDQWULJR3HUR\RKHRUDGRSRUWLSDUDTXHQR
IDOOHWXIH<W~FXDQGRWHKD\DVYXHOWRDPtIRUWDOHFHDWXV
KHUPDQRV²6HxRU²UHVSRQGLy3HGUR²HVWR\GLVSXHVWRD
LUFRQWLJRWDQWRDODFiUFHOFRPRDODPXHUWH
²3HGURWHGLJRTXHKR\PLVPRDQWHVGHTXHFDQWH
HOJDOORWUHVYHFHVQHJDUiVTXHPHFRQRFHV/XHJR
-HV~VGLMRDWRGRV²&XDQGRORVHQYLpDXVWHGHVVLQ
PRQHGHURQLEROVDQLVDQGDOLDV¢DFDVROHVIDOWyDOJR"
²1DGD²UHVSRQGLHURQ²$KRUDHQFDPELRHOTXH
WHQJDXQPRQHGHURTXHOROOHYHDVtPLVPRHOTXHWHQJD
XQDEROVD<HOTXHQDGDWHQJDTXHYHQGDVXPDQWR
\FRPSUHXQDHVSDGD3RUTXHOHVGLJRTXHWLHQHTXH
FXPSOLUVHHQPtDTXHOORTXHHVWiHVFULWR³<IXHFRQWDGR
HQWUHORVWUDQVJUHVRUHV´(QHIHFWRORTXHVHKDHVFULWR
GHPtVHHVWiFXPSOLHQGR²0LUD6HxRU²OHVHxDODURQ
ORVGLVFtSXORV²DTXtKD\GRVHVSDGDV²£%DVWD²OHV
FRQWHVWy-HV~VRUDHQHOPRQWHGHORV2OLYRV
CVTTZ™_
¢3RUTXpLEDDFDQWDUHOJDOORYHFHV"BBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
&XDQGROOHJyODKRUD-HV~V\VXVDSyVWROHVVHVHQWDURQD
ODPHVD(QWRQFHVOHVGLMR²+HWHQLGRPXFKtVLPRVGHVHRV
GHFRPHUHVWD3DVFXDFRQXVWHGHVDQWHVGHSDGHFHUSXHV
OHVGLJRTXHQRYROYHUpDFRPHUODKDVWDTXHWHQJDVXSOHQR
FXPSOLPLHQWRHQHOUHLQRGH'LRV/XHJRWRPyODFRSDGLR
JUDFLDV\GLMR²7RPHQHVWR\UHSiUWDQORHQWUHXVWHGHV/HV
GLJRTXHQRYROYHUpDEHEHUGHOIUXWRGHODYLGKDVWDTXH
YHQJDHOUHLQRGH'LRV7DPELpQWRPySDQ\GHVSXpVGHGDU
JUDFLDVORSDUWLyVHORGLRDHOORV\GLMR²(VWHSDQHVPL
FXHUSRHQWUHJDGRSRUXVWHGHVKDJDQHVWRHQPHPRULDGH
Pt'HODPLVPDPDQHUDWRPyODFRSDGHVSXpVGHODFHQD
\GLMR²(VWDFRSDHVHOQXHYRSDFWRHQPLVDQJUHTXHHV
GHUUDPDGDSRUXVWHGHV3HURVHSDQTXHODPDQRGHOTXHYD
DWUDLFLRQDUPHHVWiFRQODPtDVREUHODPHVD$ODYHUGDG
HO+LMRGHOKRPEUHVHLUiVHJ~QHVWiGHFUHWDGRSHUR£D\GH
DTXHOTXHORWUDLFLRQD(QWRQFHVFRPHQ]DURQDSUHJXQWDUVH
‰'tD
/XFDV
-HV~VVDOLyGHODFLXGDG\FRPRGHFRVWXPEUHVHGLULJLy
DOPRQWHGHORV2OLYRV\VXVGLVFtSXORVORVLJXLHURQ
&XDQGROOHJDURQDOOXJDUOHVGLMR©2UHQSDUDTXHQR
FDLJDQHQWHQWDFLyQª(QWRQFHVVHVHSDUyGHHOORVDXQD
EXHQDGLVWDQFLDVHDUURGLOOy\HPSH]yDRUDU©3DGUHVL
TXLHUHVQRPHKDJDVEHEHUHVWHWUDJRDPDUJRSHURQRVH
FXPSODPLYROXQWDGVLQRODWX\Dª(QWRQFHVVHOHDSDUHFLy
XQiQJHOGHOFLHORSDUDIRUWDOHFHUOR3HURFRPRHVWDED
DQJXVWLDGRVHSXVRDRUDUFRQPiVIHUYRU\VXVXGRUHUD
FRPRJRWDVGHVDQJUHTXHFDtDQDWLHUUD&XDQGRWHUPLQy
GHRUDU\YROYLyDORVGLVFtSXORVORVHQFRQWUyGRUPLGRV
DJRWDGRVSRUODWULVWH]D©¢3RUTXpHVWiQGXUPLHQGR"
²OHVH[KRUWy²/HYiQWHQVH\RUHQSDUDTXHQRFDLJDQ
HQWHQWDFLyQª7RGDYtDHVWDEDKDEODQGR-HV~VFXDQGRVH
DSDUHFLyXQDWXUED\DOIUHQWHLEDXQRGHORVGRFHHOTXH
VHOODPDED-XGDVeVWHVHDFHUFyD-HV~VSDUDEHVDUOR
SHUR-HV~VOHSUHJXQWy²-XGDV¢FRQXQEHVRWUDLFLRQDVDO
+LMRGHOKRPEUH"/RVGLVFtSXORVTXHORURGHDEDQDOGDUVH
FXHQWDGHORTXHSDVDEDGLMHURQ²6HxRU¢DWDFDPRVFRQ
ODHVSDGD"<XQRGHHOORVKLULyDOVLHUYRGHOVXPRVDFHUGRWH
FRUWiQGROHODRUHMDGHUHFKD²£'pMHQORV²RUGHQy-HV~V
(QWRQFHVOHWRFyODRUHMDDOKRPEUH\ORVDQy/XHJRGLMRD
ORVMHIHVGHORVVDFHUGRWHVDORVFDSLWDQHVGHOWHPSOR\DORV
DQFLDQRVTXHKDEtDQYHQLGRDSUHQGHUOR²¢$FDVRVR\XQ
EDQGLGRSDUDTXHYHQJDQFRQWUDPtFRQHVSDGDV\SDORV"
7RGRVORVGtDVHVWDEDFRQXVWHGHVHQHOWHPSOR\QRVH
DWUHYLHURQDSRQHUPHODVPDQRVHQFLPD3HUR\DKDOOHJDGR
ODKRUDGHXVWHGHVFXDQGRUHLQDQODVWLQLHEODV
¢3DUDTXpOHVGLMR-HV~VDVXVGLVFtSXORVTXHRUDUDQ"BBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
3UHQGLHURQHQWRQFHVD-HV~V\OROOHYDURQDODFDVDGHOVXPR
VDFHUGRWH3HGURORVVHJXtDGHOHMRV3HUROXHJRFXDQGR
HQFHQGLHURQXQDIRJDWDHQPHGLRGHOSDWLR\VHVHQWDURQ
DOUHGHGRU3HGURVHOHVXQLy8QDFULDGDORYLRDOOtVHQWDGRD
ODOXPEUHORPLUyGHWHQLGDPHQWH\GLMR²eVWHHVWDEDFRQpO
3HURpOORQHJy0XFKDFKD\RQRORFRQR]FR3RFRGHVSXpV
ORYLRRWUR\D¿UPy²7~WDPELpQHUHVXQRGHHOORV£1R
KRPEUHQRORVR\²FRQWHVWy3HGUR&RPRXQDKRUDPiV
WDUGHRWURORDFXVy²6HJXURTXHpVWHHVWDEDFRQpOPLUHQ
TXHHVJDOLOHR
²£+RPEUHQRVpGHTXpHVWiVKDEODQGR²UHSOLFy3HGUR
(QHOPLVPRPRPHQWRHQTXHGLMRHVRFDQWyHOJDOOR(O
6HxRUVHYROYLy\PLUyGLUHFWDPHQWHD3HGUR(QWRQFHV
3HGURVHDFRUGyGHORTXHHO6HxRUOHKDEtDGLFKR©+R\
PLVPRDQWHVGHTXHHOJDOORFDQWHPHQHJDUiVWUHVYHFHV
ª<VDOLHQGRGHDOOtOORUyDPDUJDPHQWH/RVKRPEUHVTXH
YLJLODEDQD-HV~VFRPHQ]DURQDEXUODUVHGHpO\DJROSHDUOR
/HYHQGDURQORVRMRV\OHLQFUHSDEDQ²£$GLYLQDTXLpQWH
SHJy<OHODQ]DEDQPXFKRVRWURVLQVXOWRV
¢&XiOIXHODUHDFFLyQGH3HGURDOGDUVHFXHQWDGHTXHKDEtD
QHJDGRD-HV~V"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
$ODPDQHFHUVHUHXQLHURQORVDQFLDQRVGHOSXHEORWDQWR
ORVMHIHVGHORVVDFHUGRWHVFRPRORVPDHVWURVGHODOH\H
KLFLHURQFRPSDUHFHUD-HV~VDQWHHO&RQVHMR²6LHUHVHO
&ULVWRGtQRVOR²OHH[LJLHURQ-HV~VOHVFRQWHVWy²6LVHOR
GLMHUDDXVWHGHVQRPHORFUHHUtDQ\VLOHVKLFLHUDSUHJXQWDV
QRPHFRQWHVWDUtDQ3HURGHDKRUDHQDGHODQWHHO+LMRGHO
KRPEUHHVWDUiVHQWDGRDODGHUHFKDGHO'LRV7RGRSRGHURVR
²¢(UHVW~HQWRQFHVHO+LMRGH'LRV"²OHSUHJXQWDURQD
XQDYR]²8VWHGHVPLVPRVORGLFHQ
²¢3DUDTXpQHFHVLWDPRVPiVWHVWLPRQLRV"²UHVROYLHURQ²
$FDEDPRVGHRtUORGHVXVSURSLRVODELRV
CfTRd
$VtTXHODDVDPEOHDHQSOHQRVHOHYDQWy\OROOHYDURQD
3LODWR<FRPHQ]DURQODDFXVDFLyQFRQHVWDVSDODEUDV
²+HPRVGHVFXELHUWRDHVWHKRPEUHDJLWDQGRDQXHVWUD
QDFLyQ6HRSRQHDOSDJRGHLPSXHVWRVDOHPSHUDGRU\
D¿UPDTXHpOHVHO&ULVWRXQUH\$VtTXH3LODWROHSUHJXQWy
D-HV~V²¢(UHVW~HOUH\GHORVMXGtRV"²7~PLVPROR
GLFHV²UHVSRQGLy(QWRQFHV3LODWRGHFODUyDORVMHIHVGH
ORVVDFHUGRWHV\DODPXOWLWXG²1RHQFXHQWURTXHHVWH
KRPEUHVHDFXOSDEOHGHQDGD3HURHOORVLQVLVWtDQ²&RQ
VXVHQVHxDQ]DVDJLWDDOSXHEORSRUWRGD-XGHD&RPHQ]y
HQ*DOLOHD\KDOOHJDGRKDVWDDTXt
¢4XpIXHORTXHGLMR3LODWRGHVSXpVGHKDEODUFRQ-HV~V"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
$ORtUHVWR3LODWRSUHJXQWyVLHOKRPEUHHUDJDOLOHR
&XDQGRVHHQWHUyGHTXHSHUWHQHFtDDODMXULVGLFFLyQ
GH+HURGHVVHORPDQGyDpO\DTXHHQDTXHOORVGtDV
WDPELpQ+HURGHVHVWDEDHQ-HUXVDOpQ$OYHUD-HV~V
+HURGHVVHSXVRPX\FRQWHQWRKDFtDWLHPSRTXHTXHUtD
YHUORSRUORTXHRtDDFHUFDGHpO\HVSHUDEDSUHVHQFLDU
DOJ~QPLODJURTXHKLFLHUD-HV~V/RDFRVyFRQPXFKDV
SUHJXQWDVSHUR-HV~VQROHFRQWHVWDEDQDGD$OOtHVWDEDQ
WDPELpQORVMHIHVGHORVVDFHUGRWHV\ORVPDHVWURVGHOD
OH\DFXViQGRORFRQYHKHPHQFLD(QWRQFHV+HURGHV\VXV
VROGDGRVFRQGHVSUHFLR\EXUODVOHSXVLHURQXQPDQWR
OXMRVR\ORPDQGDURQGHYXHOWDD3LODWR$QWHULRUPHQWH
+HURGHV\3LODWRQRVHOOHYDEDQELHQSHURHVHPLVPRGtD
VHKLFLHURQDPLJRV3LODWRHQWRQFHVUHXQLyDORVMHIHVGH
ORVVDFHUGRWHVDORVJREHUQDQWHV\DOSXHEOR\OHVGLMR²
8VWHGHVPHWUDMHURQDHVWHKRPEUHDFXVDGRGHIRPHQWDUOD
UHEHOLyQHQWUHHOSXHEORSHURUHVXOWDTXHORKHLQWHUURJDGR
GHODQWHGHXVWHGHVVLQHQFRQWUDUTXHVHDFXOSDEOHGHOR
TXHXVWHGHVORDFXVDQ<HVFODURTXHWDPSRFR+HURGHV
ORKDMX]JDGRFXOSDEOHSXHVWRTXHQRVORGHYROYLy&RPR
SXHGHQYHUQRKDFRPHWLGRQLQJ~QGHOLWRTXHPHUH]FDOD
PXHUWHDVtTXHOHGDUpXQDSDOL]D\GHVSXpVORVROWDUp
3HURWRGRVJULWDURQDXQDYR]²£/OpYDWHDpVH£6XpOWDQRV
D%DUUDEiV$%DUUDEiVORKDEtDQPHWLGRHQODFiUFHOSRU
XQDLQVXUUHFFLyQHQODFLXGDG\SRUKRPLFLGLR
¢$TXLpQSLGLyODJHQWHTXHVROWDUDQHQOXJDUGH-HV~V"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
3LODWRFRPRTXHUtDVROWDUD-HV~VDSHOyDOSXHEORRWUDYH]
SHURHOORVVHSXVLHURQDJULWDU²£&UXFLItFDOR£&UXFLItFDOR
3RUWHUFHUDYH]OHVKDEOy²3HUR¢TXpFULPHQKD
FRPHWLGRHVWHKRPEUH"1RHQFXHQWURTXHpOVHDFXOSDEOH
GHQDGDTXHPHUH]FDODSHQDGHPXHUWHDVtTXHOHGDUp
XQDSDOL]D\GHVSXpVORVROWDUp3HURDYR]HQFXHOOR
HOORVVLJXLHURQLQVLVWLHQGRHQTXHORFUXFL¿FDUD\FRQVXV
JULWRVVHLPSXVLHURQ3RU¿Q3LODWRGHFLGLyFRQFHGHUOHV
VXGHPDQGDVROWyDOKRPEUHTXHOHSHGtDQHOTXHSRU
LQVXUUHFFLyQ\KRPLFLGLRKDEtDVLGRHFKDGRHQODFiUFHO\
GHMyTXHKLFLHUDQFRQ-HV~VORTXHTXLVLHUDQ&XDQGRVH
OROOHYDEDQHFKDURQPDQRGHXQWDO6LPyQGH&LUHQHTXH
YROYtDGHOFDPSR\OHFDUJDURQODFUX]SDUDTXHODOOHYDUD
GHWUiVGH-HV~V/RVHJXtDPXFKDJHQWHGHOSXHEORLQFOXVR
PXMHUHVTXHVHJROSHDEDQHOSHFKRODPHQWiQGRVHSRUpO
-HV~VVHYROYLyKDFLDHOODV\OHVGLMR²+LMDVGH-HUXVDOpQ
QROORUHQSRUPtOORUHQPiVELHQSRUXVWHGHV\SRUVXVKLMRV
0LUHQYDDOOHJDUHOWLHPSRHQTXHVHGLUi³£'LFKRVDVODV
HVWpULOHVTXHQXQFDGLHURQDOX]QLDPDPDQWDURQ´
¢4XpOHVGLMR-HV~VDODVPXMHUHVTXHLEDQODPHQWiQGRVH
GHWUiVGHeO"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
ª(QWRQFHV³GLUiQDODVPRQWDxDVµ£&DLJDQVREUHQRVRWURV¶
\DODVFROLQDVµ£&~EUDQQRV¶³3RUTXHVLHVWRVHKDFHFXDQGR
HOiUEROHVWiYHUGH¢TXpQRVXFHGHUiFXDQGRHVWpVHFR"
7DPELpQOOHYDEDQFRQpODRWURVGRVDPERVFULPLQDOHV
SDUDVHUHMHFXWDGRV&XDQGROOHJDURQDOOXJDUOODPDGROD
&DODYHUDORFUXFL¿FDURQDOOtMXQWRFRQORVFULPLQDOHVXQRD
VXGHUHFKD\RWURDVXL]TXLHUGD²3DGUH²GLMR-HV~V²
SHUGyQDORVSRUTXHQRVDEHQORTXHKDFHQ0LHQWUDVWDQWR
HFKDEDQVXHUWHVSDUDUHSDUWLUVHHQWUHVtODURSDGH-HV~V
/DJHQWHSRUVXSDUWHVHTXHGyDOOtREVHUYDQGR\DXQORV
JREHUQDQWHVHVWDEDQEXUOiQGRVHGHpO²6DOYyDRWURV²
GHFtDQ²TXHVHVDOYHDVtPLVPRVLHVHO&ULVWRGH'LRVHO
(VFRJLGR7DPELpQORVVROGDGRVVHDFHUFDURQSDUDEXUODUVH
GHpO/HRIUHFLHURQYLQDJUH\OHGLMHURQ²6LHUHVHOUH\GH
ORVMXGtRVViOYDWHDWLPLVPR5HVXOWDTXHKDEtDVREUHpOXQ
OHWUHURTXHGHFtD©³eVWHHVHO5H\GHORVMXGtRV´ª
¢4XpGHFtDHOOHWUHURTXHSXVLHURQVREUH-HV~V"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
8QRGHORVFULPLQDOHVDOOtFROJDGRVHPSH]yDLQVXOWDUOR
²¢1RHUHVW~HO&ULVWR"£6iOYDWHDWLPLVPR\DQRVRWURV
3HURHORWURFULPLQDOORUHSUHQGLy²¢1LVLTXLHUDWHPRUGH
'LRVWLHQHVDXQTXHVXIUHVODPLVPDFRQGHQD"(QQXHVWUR
FDVRHOFDVWLJRHVMXVWRSXHVVXIULPRVORTXHPHUHFHQ
QXHVWURVGHOLWRVpVWHHQFDPELRQRKDKHFKRQDGDPDOR
/XHJRGLMR
²-HV~VDFXpUGDWHGHPtFXDQGRYHQJDVHQWXUHLQR
²7HDVHJXURTXHKR\HVWDUiVFRQPLJRHQHOSDUDtVR²OH
FRQWHVWy-HV~V'HVGHHOPHGLRGtD\KDVWDODPHGLDWDUGH@
WRGDODWLHUUDTXHGyVXPLGDHQODRVFXULGDGSXHVHOVROVH
RFXOWy<ODFRUWLQDGHOVDQWXDULRGHOWHPSORVHUDVJyHQ
GRV(QWRQFHV-HV~VH[FODPyFRQIXHU]D²£3DGUHHQWXV
PDQRVHQFRPLHQGRPLHVStULWX<DOGHFLUHVWRH[SLUy(O
FHQWXULyQDOYHUORTXHKDEtDVXFHGLGRDODEyD'LRV\GLMR
²9HUGDGHUDPHQWHHVWHKRPEUHHUDMXVWR(QWRQFHVORVTXH
VHKDEtDQUHXQLGRSDUDSUHVHQFLDUDTXHOHVSHFWiFXORDOYHU
ORRFXUULGRVHIXHURQGHDOOtJROSHiQGRVHHOSHFKR3HUR
WRGRVORVFRQRFLGRVGH-HV~VLQFOXVRODVPXMHUHVTXHOR
KDEtDQVHJXLGRGHVGH*DOLOHDVHTXHGDURQPLUDQGRGHVGH
OHMRV
¢4XpKL]RHOFHQWXULyQDOYHUWRGRORTXHKDEtDVXFHGLGR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
+DEtDXQKRPEUHEXHQR\MXVWROODPDGR-RVpPLHPEURGHO
&RQVHMRTXHQRKDEtDHVWDGRGHDFXHUGRFRQODGHFLVLyQQL
FRQODFRQGXFWDGHHOORV(UDQDWXUDOGHXQSXHEORGH-XGHD
OODPDGR$ULPDWHD\HVSHUDEDHOUHLQRGH'LRVeVWHVH
SUHVHQWyDQWH3LODWR\OHSLGLyHOFXHUSRGH-HV~V'HVSXpV
GHEDMDUORORHQYROYLyHQXQDViEDQDGHOLQR\ORSXVRHQ
XQVHSXOFURFDYDGRHQODURFDHQHOTXHWRGDYtDQRVH
KDEtDVHSXOWDGRDQDGLH(UDHOGtDGHSUHSDUDFLyQSDUD
HOViEDGRTXHHVWDEDDSXQWRGHFRPHQ]DU/DVPXMHUHV
TXHKDEtDQDFRPSDxDGRD-HV~VGHVGH*DOLOHDVLJXLHURQ
D-RVpSDUDYHUHOVHSXOFUR\FyPRFRORFDEDQHOFXHUSR
/XHJRYROYLHURQDFDVD\SUHSDUDURQHVSHFLDVDURPiWLFDV
\SHUIXPHV(QWRQFHVGHVFDQVDURQHOViEDGRFRQIRUPHDO
PDQGDPLHQWR
CfTRd
(OSULPHUGtDGHODVHPDQDPX\GHPDxDQDODVPXMHUHV
IXHURQDOVHSXOFUROOHYDQGRODVHVSHFLDVDURPiWLFDVTXH
KDEtDQSUHSDUDGR(QFRQWUDURQTXHKDEtDVLGRTXLWDGDOD
SLHGUDTXHFXEUtDHOVHSXOFUR\DOHQWUDUQRKDOODURQHO
FXHUSRGHO6HxRU-HV~V
¢4XpSUHSDUDURQODVPXMHUHVSDUDXQJLUHOFXHUSRGH
-HV~V"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CVTTZ™_
‰'tD
/XFDV
0LHQWUDVVHSUHJXQWDEDQTXpKDEUtDSDVDGRVHOH
SUHVHQWDURQGRVKRPEUHVFRQURSDVUHVSODQGHFLHQWHV
$VXVWDGDVVHSRVWUDURQVREUHVXURVWURSHURHOORVOHV
GLMHURQ²¢3RUTXpEXVFDQXVWHGHVHQWUHORVPXHUWRVDO
TXHYLYH"1RHVWiDTXt£KDUHVXFLWDGR5HFXHUGHQORTXH
OHVGLMRFXDQGRWRGDYtDHVWDEDFRQXVWHGHVHQ*DOLOHD
³(O+LMRGHOKRPEUHWLHQHTXHVHUHQWUHJDGRHQPDQRVGH
KRPEUHVSHFDGRUHV\VHUFUXFL¿FDGRSHURDOWHUFHUGtD
UHVXFLWDUi´(QWRQFHVHOODVVHDFRUGDURQGHODVSDODEUDVGH
-HV~V$OUHJUHVDUGHOVHSXOFUROHVFRQWDURQWRGDVHVWDV
FRVDVDORVRQFH\DWRGRVORVGHPiV/DVPXMHUHVHUDQ
0DUtD0DJGDOHQD-XDQD0DUtDODPDGUHGH-DFRER\
ODVGHPiVTXHODVDFRPSDxDEDQ3HURDORVGLVFtSXORVHO
UHODWROHVSDUHFLyXQDWRQWHUtDDVtTXHQROHVFUH\HURQ
3HGURVLQHPEDUJRVDOLyFRUULHQGRDOVHSXOFUR6HDVRPy
\YLRVyORODVYHQGDVGHOLQR/XHJRYROYLyDVXFDVD
H[WUDxDGRGHORTXHKDEtDVXFHGLGR$TXHOPLVPRGtDGRV
GHHOORVVHGLULJtDQDXQSXHEOROODPDGR(PD~VDXQRV
RQFHNLOyPHWURVGH-HUXVDOpQ,EDQFRQYHUVDQGRVREUHWRGR
ORTXHKDEtDDFRQWHFLGR6XFHGLyTXHPLHQWUDVKDEODEDQ
\GLVFXWtDQ-HV~VPLVPRVHDFHUFy\FRPHQ]yDFDPLQDU
FRQHOORVSHURQRORUHFRQRFLHURQSXHVVXVRMRVHVWDEDQ
YHODGRV
¢4XpSUHJXQWDOHVKLFLHURQORViQJHOHVDODVPXMHUHV"BBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
²¢4XpYLHQHQGLVFXWLHQGRSRUHOFDPLQR"²OHVSUHJXQWy
6HGHWXYLHURQFDEL]EDMRV\XQRGHHOORVOODPDGR&OHRIDV
OHGLMR²¢(UHVW~HO~QLFRSHUHJULQRHQ-HUXVDOpQTXHQR
VHKDHQWHUDGRGHWRGRORTXHKDSDVDGRUHFLHQWHPHQWH"
²¢4XpHVORTXHKDSDVDGR"²OHVSUHJXQWy²/RGH
-HV~VGH1D]DUHW(UDXQSURIHWDSRGHURVRHQREUDV\HQ
SDODEUDVGHODQWHGH'LRV\GHWRGRHOSXHEOR/RVMHIHVGH
ORVVDFHUGRWHV\QXHVWURVJREHUQDQWHVORHQWUHJDURQSDUD
VHUFRQGHQDGRDPXHUWH\ORFUXFL¿FDURQSHURQRVRWURV
DEULJiEDPRVODHVSHUDQ]DGHTXHHUDpOTXLHQUHGLPLUtDD
,VUDHO(VPiV\DKDFHWUHVGtDVTXHVXFHGLyWRGRHVWR
7DPELpQDOJXQDVPXMHUHVGHQXHVWURJUXSRQRVGHMDURQ
DVRPEUDGRV(VWDPDxDQDPX\WHPSUDQRIXHURQDO
VHSXOFURSHURQRKDOODURQVXFXHUSR&XDQGRYROYLHURQQRV
FRQWDURQTXHVHOHVKDEtDQDSDUHFLGRXQRViQJHOHVTXLHQHV
OHVGLMHURQTXHpOHVWiYLYR$OJXQRVGHQXHVWURVFRPSDxHURV
IXHURQGHVSXpVDOVHSXOFUR\ORHQFRQWUDURQWDOFRPRKDEtDQ
GLFKRODVPXMHUHVSHURDpOQRORYLHURQ²£4XpWRUSHVVRQ
XVWHGHV²OHVGLMR²\TXpWDUGRVGHFRUD]yQSDUDFUHHUWRGR
ORTXHKDQGLFKRORVSURIHWDV¢$FDVRQRWHQtDTXHVXIULUHO
&ULVWRHVWDVFRVDVDQWHVGHHQWUDUHQVXJORULD"(QWRQFHV
FRPHQ]DQGRSRU0RLVpV\SRUWRGRVORVSURIHWDVOHVH[SOLFy
ORTXHVHUHIHUtDDpOHQWRGDVODV(VFULWXUDV$ODFHUFDUVH
DOSXHEORDGRQGHVHGLULJtDQ-HV~VKL]RFRPRTXHLEDPiV
OHMRV3HURHOORVLQVLVWLHURQ²4XpGDWHFRQQRVRWURVTXH
HVWiDWDUGHFLHQGR\DHVFDVLGHQRFKH$VtTXHHQWUySDUD
TXHGDUVHFRQHOORV
¢3RUTXpOHVH[SOLFy-HV~VWRGRORVTXHORVSURIHWDVGHFtDQ
GHeOHQODV(VFULWXUDV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
/XHJRHVWDQGRFRQHOORVDODPHVDWRPyHOSDQOREHQGLMR
ORSDUWLy\VHORGLR(QWRQFHVVHOHVDEULHURQORVRMRV\OR
UHFRQRFLHURQSHURpOGHVDSDUHFLy6HGHFtDQHOXQRDORWUR
²¢1RDUGtDQXHVWURFRUD]yQPLHQWUDVFRQYHUVDEDFRQ
QRVRWURVHQHOFDPLQR\QRVH[SOLFDEDODV(VFULWXUDV"$O
LQVWDQWHVHSXVLHURQHQFDPLQR\UHJUHVDURQD-HUXVDOpQ
$OOtHQFRQWUDURQDORVRQFH\DORVTXHHVWDEDQUHXQLGRVFRQ
HOORV©£(VFLHUWR²GHFtDQ²(O6HxRUKDUHVXFLWDGR\VH
OHKDDSDUHFLGRD6LPyQª/RVGRVSRUVXSDUWHFRQWDURQ
ORTXHOHVKDEtDVXFHGLGRHQHOFDPLQR\FyPRKDEtDQ
UHFRQRFLGRD-HV~VFXDQGRSDUWLyHOSDQ-HV~VVHDSDUHFH
DORVGLVFtSXORV7RGDYtDHVWDEDQHOORVKDEODQGRDFHUFDGH
HVWRFXDQGR-HV~VPLVPRVHSXVRHQPHGLRGHHOORV\OHV
GLMR²3D]DXVWHGHV$WHUURUL]DGRVFUH\HURQTXHYHtDQD
XQHVStULWX²¢3RUTXpVHDVXVWDQWDQWR"²OHVSUHJXQWy²
¢3RUTXpOHVYLHQHQGXGDV"0LUHQPLVPDQRV\PLVSLHV
£6R\\RPLVPR7yTXHQPH\YHDQXQHVStULWXQRWLHQHFDUQH
QLKXHVRVFRPRYHQTXHORVWHQJR\R
'LFKRHVWROHVPRVWUyODVPDQRV\ORVSLHV&RPRHOORVQR
DFDEDEDQGHFUHHUORDFDXVDGHODDOHJUtD\GHODVRPEUROHV
SUHJXQWy²¢7LHQHQDTXtDOJRGHFRPHU"
\VHORFRPLyGHODQWHGHHOORV/XHJROHVGLMR²&XDQGR
WRGDYtDHVWDED\RFRQXVWHGHVOHVGHFtDTXHWHQtDTXH
FXPSOLUVHWRGRORTXHHVWiHVFULWRDFHUFDGHPtHQODOH\
GH0RLVpVHQORVSURIHWDV\HQORVVDOPRV(QWRQFHV
OHVDEULyHOHQWHQGLPLHQWRSDUDTXHFRPSUHQGLHUDQODV
(VFULWXUDV²(VWRHVORTXHHVWiHVFULWR²OHVH[SOLFy²
TXHHO&ULVWRSDGHFHUi\UHVXFLWDUiDOWHUFHUGtD\HQVX
QRPEUHVHSUHGLFDUiQHODUUHSHQWLPLHQWR\HOSHUGyQGH
SHFDGRVDWRGDVODVQDFLRQHVFRPHQ]DQGRSRU-HUXVDOpQ
8VWHGHVVRQWHVWLJRVGHHVWDVFRVDV$KRUDYR\DHQYLDUOHV
ORTXHKDSURPHWLGRPL3DGUHSHURXVWHGHVTXpGHQVHHQ
ODFLXGDGKDVWDTXHVHDQUHYHVWLGRVGHOSRGHUGHORDOWR
'HVSXpVORVOOHYy-HV~VKDVWD%HWDQLDDOOtDO]yODVPDQRV
\ORVEHQGLMR6XFHGLyTXHPLHQWUDVORVEHQGHFtDVHDOHMy
GHHOORV\IXHOOHYDGRDOFLHOR(OORVHQWRQFHVORDGRUDURQ
\OXHJRUHJUHVDURQD-HUXVDOpQFRQJUDQDOHJUtD<HVWDEDQ
FRQWLQXDPHQWHHQHOWHPSORDODEDQGRD'LRV
¢4XpHVORTXHGHEHPRVSUHGLFDUHQHOQRPEUHGH-HV~V"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'LD
YVTY`d
+HFKRV
&XDQGROOHJyHOGtDGH3HQWHFRVWpVHVWDEDQWRGRVMXQWRV
HQHOPLVPROXJDU'HUHSHQWHYLQRGHOFLHORXQUXLGRFRPR
HOGHXQDYLROHQWDUiIDJDGHYLHQWR\OOHQyWRGDODFDVD
GRQGHHVWDEDQUHXQLGRV6HOHVDSDUHFLHURQHQWRQFHVXQDV
OHQJXDVFRPRGHIXHJRTXHVHUHSDUWLHURQ\VHSRVDURQ
VREUHFDGDXQRGHHOORV7RGRVIXHURQOOHQRVGHO(VStULWX
6DQWR\FRPHQ]DURQDKDEODUHQGLIHUHQWHVOHQJXDVVHJ~Q
HO(VStULWXOHVFRQFHGtDH[SUHVDUVH
(VWDEDQGHYLVLWDHQ-HUXVDOpQMXGtRVSLDGRVRV
SURFHGHQWHVGHWRGDVODVQDFLRQHVGHODWLHUUD$ORtUDTXHO
EXOOLFLRVHDJROSDURQ\TXHGDURQWRGRVSDVPDGRVSRUTXH
FDGDXQRORVHVFXFKDEDKDEODUHQVXSURSLRLGLRPD
'HVFRQFHUWDGRV\PDUDYLOODGRVGHFtDQ¢1RVRQJDOLOHRV
WRGRVHVWRVTXHHVWiQKDEODQGR"¢&yPRHVTXHFDGDXQR
GHQRVRWURVORVR\HKDEODUHQVXOHQJXDPDWHUQD"3DUWRV
PHGRV\HODPLWDVKDELWDQWHVGH0HVRSRWDPLDGH-XGHD\
GH&DSDGRFLDGHO3RQWR\GH$VLDGH)ULJLD\GH3DQ¿OLD
GH(JLSWR\GHODVUHJLRQHVGH/LELDFHUFDQDVD&LUHQH
YLVLWDQWHVOOHJDGRVGH5RPDMXGtRV\SURVpOLWRVFUHWHQVHV
\iUDEHV£WRGRVSRULJXDOORVRtPRVSURFODPDUHQQXHVWUD
SURSLDOHQJXDODVPDUDYLOODVGH'LRV
'HVFRQFHUWDGRV\SHUSOHMRVVHSUHJXQWDEDQ¢4XpTXLHUH
GHFLUHVWR"2WURVVHEXUODEDQ\GHFtDQ/RTXHSDVDHVTXH
HVWiQERUUDFKRV
¢'HTXpIXHURQOOHQRVORVGLVFtSXORVHQGtDGH
3HQWHFRVWpV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢4XpFUH\HURQORVGLVFtSXORVTXHYHtDQFXDQGRVHOHV
DSDUHFLy-HV~V"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
‰'tD
/XFDV
/HGLHURQXQSHGD]RGHSHVFDGRDVDGRDVtTXHORWRPy
5BCMBQFSJ˜EJDBEFMB$MBTF
"TJTUFODJB
-FDUVSBEF-VDBT
7FSTPTEFNFNPSJB
5SBFS"NJHPTBMBDMBTF
$VNQMJS©7BNPTB$BTBª
.JOJTUFSJP1SP7JTJ˜O
(ODERUDGRSRU0LQLVWHULR3UR9LVLyQUHVHUYDPRVORVGHUHFKRV
/HVGDPRVSHUPLVRGHKDFHUFRSLDVGHOPDWHULDOSDUDVXV
QHFHVLGDGHVRSDUDEHQGLFLUDRWURVPLQLVWHULRVQRSDUDYHQGHU
7RGDOD(VFULWXUDWRPDGRGHOD1XHYD9HUVLyQ,QWHUQDFLRQDO
8VDGRFRQ3HUPLVR
,PSUHVRHQ+XDWDEDPSRHQODVRÀFLQDVGH0LQLVWHULR3UR9LVLyQ
£*UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO
'ZLJKW\.ULVWLQD.UDXVV*HUPiQ$OFiQWDU
5XEpQ&DQW~D\7DQL(GG\
3DUDPiVLQIRUPDFLyQFRQWiFWDQRVD
NULVWL#SURYLVPH[FRP
ROOiPDQRVD
0LQLVWHULR3URYLVLyQ
+XDWDEDPSR6RQRUD0p[LFR