Apunte teórico

Anuncio
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
7HPD,QWHUQHW
,QWURGXFFLyQ4XHHV,QWHUQHW"
,QWHUQHW HV XQD UHG GH UHGHVFRPSXHVWDSRUPLOHVGH/$1
V 0$1
V \:$1
VIRUPDGD SRUWRGR
WLSRGHFRPSXWDGRUDVTXHVHFRPXQLFDQPHGLDQWHHOSURWRFROR7&3,3
,QWHUQHWVHFRQRFHWDPELpQFRPR³ODUHGGHUHGHV´RVLPSOHPHQWH³/D5HG´
0iV SUHFLVDPHQWH SRGHPRV GHFLU TXH ,QWHUQHW HV XQD UHG GH FRPXQLFDFLRQHV KHWHURJpQHD \ GH
H[WHQVLyQPXQGLDOTXHSHUPLWHVRSRUWDUGLIHUHQWHVVHUYLFLRVRXVRV
3HURDGHPiV,QWHUQHWHV
x
x
x
x
x
x
x
x
8QVLVWHPDGHFRPXQLFDFLyQSDUDPLOORQHVGHSHUVRQDVGHWRGRHOPXQGR
8QDIXHQWHGHLQIRUPDFLyQ\GHUHFXUVRVGHWRGRWLSR
&DXFHGHFRODERUDFLyQHQWUHJUXSRVGHLQYHVWLJDFLyQ
&HQWURGHDYDQFH\GHVDUUROORGHODWHFQRORJtDPXQGLDO
(VXQIRURJHQHUDOGHGLVFXVLyQVREUHSUiFWLFDPHQWHFXDOTXLHUWHPD
$FFHVRDPLOODUHVGHELEOLRWHFDVPXVHRVEDVHVGHGDWRVHWF
8QHVFDSDUDWHYLUWXDO
&DPSRSDUDQXHYRVQHJRFLRV
$OFRQHFWDUVHPLOORQHVGHFRPSXWDGRUDVGHWRGRHOPXQGRODVYHQWDMDVVRQLQQXPHUDEOHVVREUHWRGRHQOR
TXHKDFHDODSRVLELOLGDGGH FRPSDUWLUUHFXUVRV3HURWDPELpQHVWDKHWHURJHQHLGDGWUDHDSDUHMDGDJUDQGHV
GLILFXOWDGHV WpFQLFDV GHELGR D TXH ODV FRPSXWDGRUDV FRQHFWDGDV VRQ GH GLIHUHQWHV WLSRV FRQ GLVWLQWRV
VLVWHPDVRSHUDWLYRV\DGHPiVODVUHGHVLQWHUFRQHFWDGDVWDPELpQSXHGHQVHU GLIHUHQWHV
3RUWRGDVHVWDVUD]RQHVH[LVWHQGLIHUHQWHVWHFQRORJtDVHVWiQGDUHV\GHILQLFLRQHVTXHUHTXLHUHQHOHVWXGLR
GHORVFRQFHSWRVPiVEiVLFRV
&RQFHSWRVEiVLFRV
$UTXLWHFWXUD&OLHQWH6HUYLGRU
/RVVHUYLFLRVTXHVHXWLOL]DQHQ,QWHUQHWVHEDVDQHQODDUTXLWHFWXUD&OLHQWH6HUYLGRU(VGHFLUTXHH[LVWHQ
GRVFRPSXWDGRUDVFRQIXQFLRQHVGLIHUHQWHV
ƒ
ƒ
&OLHQWH/DFRPSXWDGRUDTXHVROLFLWDXQVHUYLFLRSHWLFLyQ3RUHMHPSORHQYLDUXQPHQVDMHGHFRUUHR
HOHFWUyQLFRREXVFDULQIRUPDFLyQHQXQDSiJLQDZHE
6HUYLGRU /D FRPSXWDGRUD TXH SURSRUFLRQD HO VHUYLFLR 3URFHVD OD SHWLFLyQ GHO FOLHQWH \ JHQHUD OD
UHVSXHVWDDGHFXDGD3RUHMHPSORUHFLEH\HQYtDDGHFXDGDPHQWHORVFRUUHRVHOHFWUyQLFRVySURFHVDODV
SHWLFLRQHVGHFRQVXOWDDXQDFXHQWDEDQFDULD
,QWUDQHW
(V XQD UHG GH FRPSXWDGRUDV TXH XWLOL]D ODV PLVPDV WHFQRORJtDV \ VHUYLFLRV TXH ,QWHUQHW GLVSRQLEOH
VRODPHQWH HQWUH ORV PLHPEURV GH XQD FRPSDxtD X RUJDQL]DFLyQ /DV ,QWUDQHWV XWLOL]DQ HO SURWRFROR
7&3,3 WHFQRORJtD GH ,QWHUQHW SHUPLWLHQGR D ODVHPSUHVDVLQWHUFDPELDULQIRUPDFLyQSULYDGDGHIRUPD
FRQILGHQFLDO8QD,QWUDQHWSXHGHFRQHFWDUVHWDPELpQD,QWHUQHWHVSHFLILFDQGRODGLUHFFLyQDGHFXDGDSDUD
DFFHGHUDODLQIRUPDFLyQGHFXDOTXLHUUHG3RUWDQWRVHSXHGHQDSOLFDUDODV,QWUDQHWVWRGRVORVFRQFHSWRV
FXDQGR VHKDEOHJHQpULFDPHQWHGH,QWHUQHW/DV,QWUDQHWVVXHOHQVHUPXOWLSODWDIRUPD\VXVRIWZDUHUHVXOWD
PiVEDUDWRHQFRPSDUDFLyQFRQODVUHGHVWUDGLFLRQDOHV
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
3URWRFROR7&3,3
8QSURWRFROR HVHOFRQMXQWRGHUHJODV\HVSHFLILFDFLRQHVWpFQLFDVTXHSHUPLWHQODFRPXQLFDFLyQHQWUHGRV
QRGRVGHPDQHUDFRQILDEOH
(OSURWRFROREiVLFRXWLOL]DGRHQ,QWHUQHWHVHOIRUPDGRSRU 7&3 7UDQVPLVVLRQ&RQWURO3URWRFROH,3
,QWHUQHW3URWRFRO3XHGHQXWLOL]DUVHRWURVSURWRFRORVHQ,QWHUQHWSHURGHEHQEDVDUVHHQHVWRV
(VWHSURWRFRORUHTXLHUHTXHFDGDFRPSXWDGRUDRQRGRGHODUHGHVWpLGHQWLILFDGRGHIRUPDXQtYRFDFRQXQ
Q~PHURGHQRPLQDGRGLUHFFLyQ,3
'LUHFFLRQHV,3
(VWDVGLUHFFLRQHVODVRWRUJDQEDMRSHWLFLyQODVUHGHVGHPD\RUHQWLGDGDODVGHPHQRUSDUDSRGHUOOHYDU
XQ FRQWURO VREUH ODV GLUHFFLRQHV RWRUJDGDV \ ODV OLEUHV \ QR WHQHU SUREOHPDVGHGXSOLFDFLyQ(Q~OWLPD
LQVWDQFLDHORUJDQLVPRTXHVHHQFDUJDGHOFRQWUROGHGLUHFFLRQHVHVHO1,& 1HWZRUN,QIRUPDWLRQ&HQWHU
7RGR SURJUDPD R DSOLFDFLyQ HQ ,QWHUQHW QHFHVLWD FRQRFHU HO Q~PHUR ,3 GH OD FRPSXWDGRUD FRQ OD TXH
TXLHUHFRPXQLFDUVH
&DGDGLUHFFLyQ,3HVWiGDGDSRUXQQ~PHURELQDULRGHELWV
(M
(VHQ~PHURELQDULRVHGLYLGHHQRFWHWRVTXHFRQYHUWLGRVDEDVHGDQOXJDUDQ~PHURVHQWUH\
HVWRVFXDWURQ~PHURVVHSDUDGRVSRUSXQWRGDQOXJDUDODH[SUHVLyQQXPpULFDGHODGLUHFFLyQ,3
(M
&DGD Q~PHUR LGHQWLILFD XQD VXEUHG ORV GH OD L]TXLHUGD VRQ UHGHV GH PD\RU WDPDxR PLHQWUDV TXH D OD
GHUHFKDDSDUHFHQODVGHPHQRUHQWLGDGKDVWDOOHJDUDO~OWLPRQ~PHURTXHHVSHFLILFDHOGHODFRPSXWDGRUD
SDUWLFXODU
'LUHFFLyQ,QWHUQHW
1HWZRUN
+RVW
6LVWHPDGHQRPEUHVGHGRPLQLR'16
(Q,QWHUQHWGRPLQLR HVHOiPELWRGHQWURGHXQDUHGHQHOTXHHVWiXELFDGRXQFRQMXQWRGHFRPSXWDGRUDV
FDGDXQRFRQVXGLUHFFLyQ,3
(O VLVWHPD '16 SHUPLWH GHILQLU QRPEUHV GH IRUPD MHUiUTXLFD PHGLDQWH FDWHJRUtDV R VXEGRPLQLRV
VHSDUDGRVSRUSXQWRV
(O'16VXUJHSDUDIDFLOLWDUODPHPRUL]DFLyQGHODVGLUHFFLRQHV,3(VXQDWUDGXFFLyQGHXQDGLUHFFLyQ,3
QXPpULFDHQXQDGLUHFFLyQDOIDEpWLFD PiVIiFLOGHUHFRUGDU
/RVQRPEUHVHVWiQIRUPDGRVSRUFRQMXQWRVGHSDODEUDVVHSDUDGDVSRUSXQWRV&DGDSDODEUDUHSUHVHQWDXQ
VXEGRPLQLR TXHHVWiLQFOXLGRDVXYH]HQXQGRPLQLRPD\RU6HWUDWDGHXQDHVWUXFWXUDMHUiUTXLFDHQODV
TXHORVGRPLQLRVVHYDQHVFULELHQGRHQRUGHQGHLPSRUWDQFLD
(OVXEGRPLQLRGHPiVDOWRQLYHOHVHOTXHVHHQFXHQWUDDOH[WUHPRGHUHFKRGHODGLUHFFLyQ\VHOHFRQRFH
FRPR GRPLQLR UDt] (O GRPLQLR UDt] LQGLFD HO WLSR GH RUJDQL]DFLyQ R SDtV D OD TXH GLFKD GLUHFFLyQ
SHUWHQHFH
3DUD HO EXHQ IXQFLRQDPLHQWR GH ODV FRPXQLFDFLRQHV HQ OD UHG H[LVWHQ FRPSXWDGRUDV VHUYLGRUHV GH
QRPEUHV TXH VH HQFDUJDQ GH WUDGXFLU´ OD QRPHQFODWXUD KXPDQD DOIDEpWLFD D OD LQIRUPiWLFD
QXPpULFD
(O '16 HV XQD EDVH GH GDWRV GLVWULEXLGD GH IRUPD MHUiUTXLFD SRU WRGD OD UHG HQ HVRV VHUYLGRUHV GH
QRPEUHV
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
(VWDMHUDUTXtDSHUPLWHGLVWULEXLUODUHVSRQVDELOLGDGGHJDUDQWL]DUTXHQRH[LVWHQQRPEUHVUHSHWLGRVGHQWUR
GHOPLVPRQLYHORGRPLQLR\DTXHHODGPLQLVWUDGRUGHFDGDQLYHOHVUHVSRQVDEOHGHOUHJLVWURGHQRPEUHV
GHQWURGHVXQLYHO\JDUDQWL]DTXHpVWRVVHDQ~QLFRV
/DVDXWRULGDGHVGHFDGDGRPLQLRUDt]HQFDUJDGDVGHDVLJQDUGLUHFFLRQHV\QRPEUHVGHGRPLQLRVRQORV
1,&
V 1HWZRUN,QIRUPDWLRQ&HQWHUV
(MHPSOR H[DXQQHHGXDU
³H[D´ HVXQVHUYLGRUTXHSHUWHQHFHDOD/$1GHOD)DFXOWDGGH&LHQFLDV([DFWDVTXHDVXYH]VHLQFOX\H
HQODUHGGHOD811(\pVWDDWRGDVODVXQLYHUVLGDGHVGHOSDtV
XQQHHVHOQRPEUHGHOGRPLQLRSULQFLSDO
HGXLGHQWLILFDDODVLQVWLWXFLRQHVHGXFDWLYDV
DUQRPEUHGHOGRPLQLRVXSHULRURUDt]
$OJXQRVGHORVFyGLJRVHQORVTXHVHDJUXSDQORVQRPEUHVGHGRPLQLRHQ,QWHUQHW
'RPLQLRGH2UJDQL]DFLRQHV
'RPLQLR 3URSyVLWR
2UJDQL]DFLRQHV FRPHUFLDOHV
FRP
,QVWLWXFLRQHVHGXFDWLYDV
HGX
,QVWLWXFLRQHVJXEHUQDPHQWDOHV
JRY
,QVWLWXFLRQHVLQWHUQDFLRQDOHV
,QW
,QVWLWXFLRQHVTXHUHJXODQ\GDQVHUYLFLRDODUHG
QHW
,QVWLWXFLRQHVQROXFUDWLYDV
RUJ
(MHPSOR
FRFDFRODFRP
XQQHHGX
ZKLWHKRXVHJRY
ODKD\DLQW
LQWHUQLFQHW
LVRFRUJ
'RPLQLRGHSDtVHV
&DGDSDtVVHUHSUHVHQWDSRUGRVFDUDFWHUHVGHDFXHUGRFRQHOFyGLJRLQWHUQDFLRQDOGHORVSDtVHVVHJ~QORV
HVWiQGDUHVGHOD,62 ,QWHUQDWLRQDO6WDQGDUW2IILFH
DU $UJHQWLQD
HV (VSDxD
FO &KLOH
2UJDQLVPRVTXHVH HQFDUJDQGHODFRRUGLQDFLyQGHODUHG
D1,&1HWZRUN,QIRUPDWLRQ&HQWHU6HHQFDUJDGHODDVLJQDFLyQGHGLUHFFLRQHV7RGDVHVWDViUHDVVH
KDFHQGHXQPRGRGHVFHQWUDOL]DGRHVGHFLUSRUiUHDVJHRJUiILFDVKWWSZZZLQWHUQLFQHW
E ,62& ,QWHUQHW 6RFLHW\)RUPDGD SRU PLHPEURV YROXQWDULRV VLQ iQLPR GH OXFUR \ FX\R SURSyVLWR
SULQFLSDOHVSURPRYHUHOLQWHUFDPELRGHLQIRUPDFLyQJOREDODWUDYpVGHODWHFQRORJtD,QWHUQHW6HHQFDUJD
GHODDGPLQLVWUDFLyQWpFQLFD\GLUHFFLyQGH,QWHUQHW
KWWSZZZLVRFRUJ
F,$%,QWHUQHW$UFKLWHFWXUH%RDUG7RPDODVGHFLVLRQHVDFHUFDGHORVHVWiQGDUHVGHFRPXQLFDFLyQ
HQWUHODVGLIHUHQWHVSODWDIRUPDVKWWSZZZLDERUJ
3URYHHGRUGHVHUYLFLRVGH,QWHUQHW,QWHUQHW6HUYLFH3URYLGHU R,63
%iVLFDPHQWH KD\ GRV IRUPDV GH FRQHFWDUVH D ,QWHUQHW GHVGH XQD FRPSXWDGRUD FRQH[LyQ GLUHFWD \
FRQH[LyQUHPRWD
ƒ
ƒ
&RQH[LyQGLUHFWD 7LHQHFDUiFWHUSHUPDQHQWHH[LVWHXQDFRQH[LyQFRQVWDQWHD,QWHUQHW\VXHOHVHU
XWLOL]DGD SRU HPSUHVD FRQ PXFKRV XVXDULRV $O VHU SHUPDQHQWH OD FRQH[LyQ HV LQPHGLDWD \ QR
UHTXLHUHGHQLQJ~QSURFHVRGHLQLFLRGHFRQH[LyQYDOLGDFLyQGHXVXDULRVHWF
&RQH[LyQUHPRWD7LHQHFDUiFWHUWHPSRUDO\SRUORWDQWRFDGDYH]TXHVHGHVHDDFFHGHUD,QWHUQHWVH
GHEHUHDOL]DUHOLQLFLRGHODFRQH[LyQ\YDOLGDFLyQGHOXVXDULRTXHLQWHQWDDFFHGHU
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
3DUD TXH XQ XVXDULR SXHGD DFFHGHU UHPRWDPHQWH GHEH XWLOL]DU ORV VHUYLFLRV GH XQ ,63 R 3URYHHGRU GH
6HUYLFLRVGH,QWHUQHW(VWHHVXQDHPSUHVDTXHWLHQHXQDFRQH[LyQGLUHFWDD,QWHUQHW
/D FRPXQLFDFLyQ HQWUH HO FOLHQWH UHPRWR \ HO ,63 VXHOH UHDOL]DUVH D WUDYpV GH OD OtQHD WHOHIyQLFD
FRQYHQFLRQDO 57% y 5HG GH 7HOHIRQtD %iVLFD TXH UHTXLHUH HO XVR GH PyGHPV 2WUD SRVLELOLGDG HV
XWLOL]DUOtQHDVGHDOWDYHORFLGDGFRPROD5'6,5HG'LJLWDOGH6HUYLFLRV,QWHJUDGRV
3DUDRSHUDUFRQXQ,63HOXVXDULRGHEHVROLFLWDUXQDFXHQWDHVWDFXHQWDWLHQHXQQRPEUH\XQDSDODEUD
FODYHSDVVZRUGSDUDVXDXWHQWLFDFLyQ
&DGD,63HVWiFRPXQLFDGRVLPXOWiQHDPHQWHFRQ,QWHUQHW\FRQRWURV,63DWUDYpVGHHQODFHVWHOHIyQLFRVR
FDQDOHVGHVDWpOLWHV7RGRVORV,63GHOPXQGRHVWiQFRPXQLFDGRVFRQODPLVPDUHG\HOWUiILFRGHFDGD
,63VHGLYLGH\SHUVRQDOL]DDWUDYpVGHURXWHUV GLVSHUVRVSRU HOPXQGRHQWHUR
/RVURXWHUV WLHQHQODIXQFLyQGHLQWHUFRPXQLFDUUHGHVGHXQDPLVPDWRSRORJtDRGHWRSRORJtDVGLVWLQWDV
FRPR(WKHUWQHWFRQ$70)'',;HWF
&XDQGRXQURXWHU UHFLEHXQSDTXHWHORGHVPRQWDSDUDREWHQHUXQPHQVDMHGHOSDTXHWH\HVWHPHQVDMHVH
UHHQVDPEODKDVWDTXHVHFRQYLHUWHQXHYDPHQWHHQXQSDTXHWH\VHORHQYtDDODSUy[LPDUHG(QUHVXPHQ
ORV URXWHUV VH XWLOL]DQ HQ WRGD OD UHG ,QWHUQHW SDUD LQWHUFRPXQLFDU ORV FLUFXLWRV GH FRPXQLFDFLyQ \ DO
PLVPRWLHPSRGLYLGLUHOWUiILFRHQWUHODVUHGHV3RUORWDQWRORVSURYHHGRUHV,63SRVHHQWDPELpQURXWHU
SDUDLQWHUFRPXQLFDUORVPyGHPVTXHUHFLEHQODVFRPXQLFDFLRQHVGHVXVFOLHQWHVFRQHOFDQDOGH,QWHUQHW
(OSURYHHGRUSXHGHFRQWHQHUFRPSRQHQWHVSDUDDFHOHUDUHODFFHVR\SHUVRQDOL]DUODXWLOL]DFLyQGHOFDQDO
GH,QWHUQHW3UR[\RSDUDEORTXHDUHODFFHVRGHXVXDULRVLQGHVHDEOHV
7LSRGHFRQH[LyQ
/RVWLSRVGHFRQH[LyQGLVSRQLEOHVVRQODWUDGLFLRQDOFRQH[LyQWHOHIyQLFD FRQRFLGDFRPR'LDOXSTXH
SHUPLWHYHORFLGDGHVOLPLWDGDVDODVGHOPyGHPVDFWXDOPHQWH.ESV$OJXQRVSURYHHGRUHVTXHRIUHFHQ
RWUDV RSFLRQHV GH FRQH[LyQ PiV YHORFHV FRPR OD FRQH[LyQ GH EDQGD DQFKD PHGLDQWH ORV VLJXLHQWHV
VHUYLFLRV$'6/FDEOHPyGHPH,QWHUQHWVLQFDEOHV
D $'6/ HVWD WHFQRORJtDWUDQVIRUPDODOtQHDGH FREUHXWLOL]DGDSDUDODWHOHIRQtDEiVLFDHQXQDOtQHD
GLJLWDOGHDFFHVRD,QWHUQHWDDOWDYHORFLGDGLQGHSHQGLHQWHGHOWHOpIRQR&RQVLVWHHQLQWURGXFLUFDQDOHV
HQODOtQHDWHOHIyQLFDXQRSDUDODYR]RWURGHYHORFLGDGPHGLD.ESV\ELGLUHFFLRQDO\RWURGHDOWD
YHORFLGDG .ESV R NESV TXH VyOR IXQFLRQD HQ GLUHFFLyQ DO XVXDULR (VWR SHUPLWH KDEODU SRU
WHOpIRQRSRUHOSULPHUFDQDO\QDYHJDUSRUOD:HEDWUDYpVGHORVRWURVGRV
E &DEOH PyGHP 3URYLVWRV SRU HPSUHVDV GH WHOHYLVLyQ SRU FDEOH 8WLOL]D SDUD OD WUDQVPLVLyQ FDEOH
FRD[LDO R ILEUD ySWLFD ([LVWH XQD YDULHGDG PiV OHQWD \ HFRQyPLFD TXH FRPELQD HO XVR GHO FDEOH
WHOHIyQLFR\HOGHFDEOHFRD[LOSDUDEDMDUODLQIRUPDFLyQ
F ,QWHUQHW LQDOiPEULFR /D FRQH[LyQ VH KDFH D WUDYpV GH XQD SHTXHxD DQWHQD TXH VH FRORFD HQ HO
EDOFyQ R WHUUD]D 6H QHFHVLWD SODFD GH UHG /D LQIRUPDFLyQ VH WUDQVPLWH SRU HO DLUH D WUDYpV GH
UDGLRIUHFXHQFLDKDVWDOOHJDUDODVWRUUHVGHWUDQVPLVLyQ\UHFHSFLyQGHOSURYHHGRU
'LUHFFLRQHV85/
85/ HVHODFUyQLPRGH8QLYHUVDO5HVRXUFH/RFDWRUVHVGHFLUORFDOL]DGRUGHUHFXUVRVXQLYHUVDO(VXQD
QRWDFLyQ HVWiQGDU SDUD GLUHFFLRQDO FXDOTXLHU UHFXUVR HVWp GRQGH HVWp /D VLQWD[LV TXH VH HPSOHD HV OD
VLJXLHQWH
PpWRGRBDFFHVR!ORFDOL]DFLyQBUHFXUVR!
0pWRGRGHDFFHVR3XHGHVHUODGHXQSURWRFRORGHWHUPLQDGRKWWSIWSHWFyGHXQVHUYLFLRGHWHUPLQDGR
PDLOWRQHZVHWF
/RFDOL]DFLyQGHOUHFXUVR(VWDGHSHQGHGHOPpWRGRGHDFFHVR
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
D 6L HO PpWRGR GH DFFHVR HV XQ SURWRFROR GH FRPXQLFDFLRQHV KWWS R IWS OD ORFDOL]DFLyQ H[DFWD GHO
UHFXUVRYHQGUiGDGDSRUODGLUHFFLyQ,3RHOQRPEUHGHGRPLQLRGHODPiTXLQDTXHFRQWLHQHDOUHFXUVR
\ODUXWDFRPSOHWDGHODPiTXLQDKDVWDOOHJDUDOUHFXUVR3RUHMHPSOR
KWWSZHEQRYHGDGHVQRYHGDGHVSKS
KWWWSZZZXQQHHGXDUZHEQRYHGDGHVQRYHGDGHVSKS
E 6L HO PpWRGR GH DFFHVR LQGLFD XQD GLUHFFLyQ GH FRUUHR OD ORFDOL]DFLyQ H[DFWDV FRUUHVSRQGHUtD D OD
GLUHFFLyQGHFRUUHRHOHFWUyQLFR3RUHMHPSOR
PDOLWRLQWURGXFFLyQ#H[DXQQHHGXDU
3ULQFLSDOHVVHUYLFLRVGH,QWHUQHW
&RPR VH GLMR ,QWHUQHW HV XQD JUDQ UHG GH FRPXQLFDFLRQHV TXH SHUPLWH OOHJDU D FXDOTXLHU ULQFyQ GHO
PXQGRSHURORYHUGDGHUDPHQWHLQWHUHVDQWHGHHVWDUHGHVWiHQHOXVRRVHUYLFLRVTXHRIUHFH
&DGDVHUYLFLRGH,QWHUQHWHPSOHDXQFRQMXQWRGHWHFQRORJtDVSURJUDPDV\XWLOLGDGHV TXHHVWiQRULHQWDGDV
D UHDOL]DU XQD VROD WDUHD WUDQVPLVLyQ GH PHQVDMHV OHFWXUD GH SiJLQDV UHPRWDV UHDOL]DFLyQ GH
YLGHRFRQIHUHQFLDVHWF/RVVHUYLFLRVGH,QWHUQHWPiVXWLOL]DGRVVRQ
ƒ
&RUUHRHOHFWUyQLFRHPDLO
ƒ
7UDQVIHUHQFLDGHILFKHURV)73
*UXSRVGHQRWLFLDV1HZV
ƒ
ƒ
ƒ
:RUG:LGH:HE:::
&RQYHUVDFLyQP~OWLSOHHQWUHXVXDULRV,5&\ &KDW
&RUUHRHOHFWUyQLFRHPDLO
(VXQRGHORVVHUYLFLRVPiVXWLOL]DGRVSXHVWRTXHHVVHQFLOORGHPDQHMDU\PX\UiSLGR3HUPLWHHQYLDU
PHQVDMHV D \ GHVGH FXDOTXLHU FRPSXWDGRUD FRQHFWDGD D ,QWHUQHW /RV PHQVDMHV SXHGHQ VHU HQYLDGRV \
UHFLELGRVVLQTXHHOGHVWLQDWDULRHVWpQHFHVDULDPHQWHFRQHFWDGRD,QWHUQHWHQHVHPRPHQWRFRPXQLFDFLyQ
RIIOLQH
3DUDHQYLDUXQPHQVDMHGHFRUUHRHOHFWUyQLFRHVQHFHVDULRTXHH[LVWDQORVVLJXLHQWHVHOHPHQWRV
(O GHVWLQDWDULR \ HO UHPLWHQWH GHEHQ WHQHU GHILQLGDV FXHQWDV GH FRUUHR HQ DOJ~Q VHUYLGRU GH FRUUHR
HOHFWUyQLFR'HHVWDIRUPDFDGDXVXDULRWHQGUiXQDGLUHFFLyQGHFRUUHRYiOLGD~QLFDHQWRGR,QWHUQHW
IRUPDGRSRUHOQRPEUHGHODFXHQWDHOVtPERORVHSDUDGRU#\HOQRPEUHGHOVHUYLGRUGHFRUUHR
XVXDULR!#GRPLQLRBVHUYLGRUFRUUHR!
(MHPSORLQWURGXFFLyQ#H[DXQQHHGXDU
(O EX]yQ GHO GHVWLQDWDULR HQ HO VHUYLGRU GH FRUUHR GHEH WHQHU HVSDFLR OLEUH SDUD DOEHUJDU HO PHQVDMH
5HFRUGHPRVTXHHOEX]yQHVXQHVSDFLRGHGLVFRFRQXQDGHWHUPLQDGDFDSDFLGDG
3DUDHQYLDURUHFLELUFRUUHRVVHUHTXLHUHTXHODFRPSXWDGRUDHVWpFRQHFWDGDD,QWHUQHW\WHQHUXQSURJUDPD
HVSHFLDO GHQRPLQDGR FOLHQWH GH FRUUHR HOHFWUyQLFR SRU HMHPSOR HO 2XWORRN ([SUHVV (XGRUD R HO
1HWVFDSH0HVVHQJHU'HVGHHVHSURJUDPDGHEHUiFRQILJXUDUHOSHUILOGHXVXDULRHVGHFLULQGLFDUFXiOHV
HOVHUYLGRUGHFRUUHRTXHXWLOL]D\HOQRPEUHGHODFXHQWD(VWRSHUPLWHTXHHOXVXDULRSXHGDOHHUVXFRUUHR
GHVGH FXDOTXLHU FRPSXWDGRUD HQ OD TXH FRQILJXUH VX SHUILO GH XVXDULR HQ XQ SURJUDPD GH JHVWLyQ GH
FRUUHRHOHFWUyQLFR
:RUG:LGH:HE:::
(VWH VHUYLFLR WDPELpQ GHQRPLQDGR :HE SHUPLWH DFFHGHU D GRFXPHQWRV HQOD]DGRV \ GLVWULEXLGRV
PXQGLDOPHQWH /D SRWHQFLD GH HVWRV GRFXPHQWRV UHVLGHHQTXHVRQ³KLSHUWH[WRV´HVGHFLUTXHSXHGHQ
FRQWHQHUHQODFHVDRWURVGRFXPHQWRVDOPDFHQDGRVHQFXDOTXLHUSDUWHGHOPXQGR3RUHVWDFDUDFWHUtVWLFD
VHODFRQRFHWDPELpQFRPR³WHODUDxDPXQGLDO´
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
(OXVRGHHVWHVHUYLFLRHVORTXHUHDOPHQWHDSRSXODUL]DGR,QWHUQHW\DTXHSHUPLWHDFFHGHUDWRGRWLSRGH
LQIRUPDFLyQGLVSRQLEOHHQWRGRVORVVHUYLGRUHVGHOPXQGR
/RVGRFXPHQWRVGHQRPLQDGRVSiJLQDVZHEVHDOPDFHQDQHQVHUYLGRUHVZHE\SXHGHQVHUORFDOL]DGRV
PHGLDQWHVXGLUHFFLyQ85/
8QD SiJLQD :HE R GRFXPHQWR +70/ +\SHUWH[W 0DUNXS /DQJXDJH R /HQJXDMH GH 0DUFDV GH
+LSHUWH[WR HVXQILFKHURGHWH[WRQRIRUPDWHDGRILFKHUR$6&,,TXHKDFHXVRGHFyGLJRVHVSHFLDOHV
OODPDGDV³HWLTXHWDV´(VWDVHWLTXHWDVLQVHUWDVHQHOWH[WRGHWHUPLQDQODIRUPDHQTXHVHYLVXDOL]DUDQORV
GDWRVHQXQQDYHJDGRU
8QD SiJLQD:HE SXHGHLQFOXLUWUHVWLSRVGHLQIRUPDFLyQWH[WRJUiILFRVHKLSHUWH[WR 8QKLSHUWH[WR HV
WH[WRUHVDOWDGRTXHHOXVXDULRSXHGHDFWLYDUSDUDFDUJDURWUDSiJLQD:HE
/DGLIHUHQFLDHQWUHXQGRFXPHQWRKLSHUWH[WR\XQGRFXPHQWRQRUPDOFRQVLVWHHQTXHHOSULPHURFRQWLHQH
DGHPiV GH OD LQIRUPDFLyQ XQD VHULH GH HQODFHV R FRQH[LRQHV FRQ RWURV GRFXPHQWRV UHODFLRQDGRV GH
PDQHUDTXHHOOHFWRUSXHGHSDVDUGHXQWHPDDRWUR\YROYHUDOGRFXPHQWRRULJLQDOHQHOPRPHQWRHQTXH
OHLQWHUHVH
/RVHQODFHV HVWiQIRUPDGRVSRUXQHOHPHQWRGHHQODFH TXHHVGHVWDFDGRGHOUHVWRSRUHMHPSORHQOD
:HEXQWH[WRVXEUD\DGR\FRQXQFRORUHVSHFLDO\XQGHVWLQRTXHSXHGHVHURWURKLSHUWH[WRXRWURQRGR
QRKLSHUWH[WXDO/DDFWLYDFLyQGHOHOHPHQWRGHHQODFHSRUHMHPSORSXOVDQGRHOERWyQGHOUDWyQVREUHpO
SURYRFDODYLVXDOL]DFLyQGHODLQIRUPDFLyQGHOGHVWLQR(VWHSURFHVRVHFRQRFHFRPRQDYHJDFLyQ SRUOD
LQIRUPDFLyQ
/RV KLSHUWH[WRV FRQVWLWX\HQ XQD YHUGDGHUD UHYROXFLyQ HQ OD FRQFHSFLyQ GHO DOPDFHQDPLHQWR \
SUHVHQWDFLyQGHODLQIRUPDFLyQ\DTXHIDFLOLWDQ
x $OPDFHQDPLHQWRGHXQJUDQYROXPHQGHLQIRUPDFLyQ
x )DFLOLGDGGHDFFHVR\FRQVXOWD
x 3UHVHQWDFLyQGHXQDIRUPDDJUDGDEOHLQFOXVRGLYHUWLGD
x (VWUXFWXUDFLyQQROLQHDOGHODLQIRUPDFLyQ
x $GTXLVLFLyQGHFRQRFLPLHQWRVGHPDQHUDPiVSDUWLFLSDWLYD
x ,QWHUDFFLyQHQWUHODLQIRUPDFLyQ\TXLpQODFRQVXOWD
&UHDUSiJLQDVHQOD:HELPSOLFD
'LVHxDUODSiJLQDPHGLDQWHHOOHQJXDMH+70/
&RORFDUGLFKDSiJLQDHQXQVHUYLGRUSDUDTXHVHDDFFHVLEOHDOUHVWRGHXVXDULRVGHODUHG
+DFHUS~EOLFDODSiJLQD
x
x
x
3ULQFLSDOHVYHQWDMDVGHOVHUYLFLR:HE
3HUPLWHFRPELQDUWH[WR\JUiILFRVFRQPXFKDIDFLOLGDG
/RVKLSHUHQODFHVSHUPLWHQFDUJDUSiJLQDVGHFXDOTXLHURWURVHUYLGRUFRQHFWDGRD,QWHUQHWGD
LJXDOTXHHVWpORFDOL]DGRHQ(VSDxDRHQ$XVWUDOLD
/DFUHDFLyQGHSiJLQDV:HEHVEDVWDQWHVHQFLOODPHGLDQWHHOOHQJXDMH+70/
/RV XVXDULRV TXH TXLHUDQ DFFHGHU D ODV SiJLQDV ZHE WLHQHQ TXH WHQHU XQD FRPSXWDGRUD FRQHFWDGD D
,QWHUQHW \ XQ SURJUDPD HVSHFLDO GHQRPLQDGR FOLHQWH ZHE GHQRPLQDGR WDPELpQ H[SORUDGRU ZHE R
QDYHJDGRU ZHE(VWRVSURJUDPDVVRQFDSDFHVGHWUDGXFLUODVHOFyGLJRGHOOHQJXDMH+70/+\SHU7H[W
0DUNXS/HQJXDMHR/HQJXDMHGH0DUFDFLyQGH+LSHWH[WRTXHHVHOTXHFRQWLHQHQODVSiJLQDVZHE
/DWUDQVIHUHQFLDGHSiJLQDVZHEHQWUHHOVHUYLGRU\HOFOLHQWHVHUHDOL]DVLJXLHQGRODVQRUPDVGHOSURWRFROR
KWWS +\SHU7H[W7UDQVIHU3URWRFRO R3URWRFRORGH7UDQVIHUHQFLDGH+LSHWH[WR
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
1DYHJDGRUHV
3DUD FRPXQLFDUVH FRQ XQ VHUYLGRU ORV XVXDULRV ILQDOHV HMHFXWDQ SURJUDPDVFOLHQWHV %URZVHUV R
QDYHJDGRUHVGHQRPLQDGRVDVtSRUTXHVROLFLWDQHOVHUYLFLRDOVHUYLGRU
(QHOFDVRGH,QWHUQHWHOQDYHJDGRUHVWDQVyORXQDLQWHUIDVHTXHIDFLOLWDODYLVXDOL]DFLyQ GHORVVHUYLFLRV
TXH SXHGH SRQHU D GLVSRVLFLyQ HO VHUYLGRU DO TXH VH HVWi DFFHGLHQGR /RV QDYHJDGRUHV DFFHGHQ D ODV
SiJLQDVZHETXHSRQHQDGLVSRVLFLyQVHUYLFLRVWDOHVFRPRFRUUHRHOHFWUyQLFRE~VTXHGDGHGRFXPHQWRV\
DFFHVRDDUFKLYRV
,QWHUQHW HV XQD WHFQRORJtD DELHUWD \ D VX YH] HVWDQGDUL]DGD SRU OR WDQWR WRGRV ORV VHUYLFLRV TXH VH
HQFXHQWUDQ GLVSRQLEOHV HQ OD UHG VRQ FRPSDWLEOHV FRQ ORV QDYHJDGRUHV H[LVWHQWHV 6LQ HPEDUJR HQ
DOJXQRV VLWLRV :HE HV QHFHVDULR XWLOL]DU 3OXJLQV TXH VH DGLFLRQDUiQ DO QDYHJDGRU SDUD IDFLOLWDU OD
YLVXDOL]DFLyQGHLPiJHQHV'VRQLGRVSHOtFXODVHLQFOXVRODFRPXQLFDFLyQSRUPHGLRGHVRQLGRVFRPRVL
VHWUDWDVHGHXQWHOpIRQRRXQDYLGHRFRQIHUHQFLD
(MHPSORGHSURJUDPDVQDYHJDGRUHVVRQ,QWHUQHW([SORUHU1HWVFDSH2SHUDHWF
%XVFDGRUHV
(OFUHFLPLHQWRGH,QWHUQHWUHTXLHUHPHMRUDUORVVLVWHPDVGHE~VTXHGDGHODLQIRUPDFLyQWDQWRFXDOLWDWLYD
FRPRFXDQWLWDWLYDPHQWH&RQVWDQWHPHQWHDSDUHFHQQXHYRVEXVFDGRUHVRQXHYRVVHUYLFLRVHQEXVFDGRUHV
\D FRQRFLGRV TXH VRQ PX\ ~WLOHV WDQWR SDUD EXVFDU FRPR SDUD PDQLSXODU OD LQIRUPDFLyQ VHJ~Q ODV
QHFHVLGDGHVGHOXVXDULR
(VWDVKHUUDPLHQWDVVRQSRWHQWHVSURJUDPDVTXHUHFRUUHQODUHGUHFRSLODQGRORVWH[WRVTXHVHHQFXHQWUDQ
HQ ODV SiJLQDV \ KDFLHQGR OLVWDGRV SDUD FUHDU ODV JUDQGHV EDVHV GH GDWRV VREUH ODV TXH GHVSXpV ORV
LQWHUQDXWDVVHOODPDDVtDODVSHUVRQDVTXHQDYHJDQSRU,QWHUQHW UHDOL]DQODVE~VTXHGDV/DFDOLGDGGH
ORVEXVFDGRUHVVHPLGHSRUHOQ~PHURGHYHFHVTXHDFWXDOL]DQODLQIRUPDFLyQUHJLVWUDGD\SRUODFDQWLGDG
GHLQIRUPDFLyQ TXHJXDUGDQHQFDGDVLWLRYLVLWDGR([LVWHQGRVWLSRVEiVLFRVGHEXVFDGRUHVORV tQGLFHV
WHPiWLFRV \ORVPRWRUHVGHE~VTXHGD
D ËQGLFHVWHPiWLFRV
7DPELpQGHQRPLQDGRVGLUHFWRULRVFDWiORJRV REXVFDGRUHVSRUFDWHJRUtDV(VWHWLSRGHEXVFDGRUHVWUDWD
GHUHFRJHUHQVXVEDVHVGHGDWRVWRGDODLQIRUPDFLyQTXHVHKDOODHQODUHG\HQDOJXQDVRFDVLRQHVIXHUDGH
HOOD/XHJRGHSURFHVDUODODSUHVHQWDQDOLQWHUQDXWDHQIRUPDRUGHQDGD(QORVGLUHFWRULRVORVUHFXUVRV
HVWiQ HVWUXFWXUDGRV HQ PDWHULDV \ VXEPDWHULDV OR TXH SHUPLWH YHU GH IRUPD RUGHQDGD HO YROXPHQ GH
LQIRUPDFLyQTXHH[LVWHVREUHXQWHPDGHWHUPLQDGR&XDQGRHOXVXDULRGHVHHEXVFDULQIRUPDFLyQGHEHUi
HQWUDUHQXQDGHWHUPLQDGDFDWHJRUtDHLUDYDQ]DQGRHQWUHHOiUEROGHVXEFDWHJRUtDVHQTXHVHGLYLGHKDVWD
OOHJDU D XQD SiJLQD TXH FRQWHQJD HQODFHV GLUHFWRV D ODV SiJLQDV :HE 5HVXOWD FRQYHQLHQWH GH XWLOL]DU
FXDQGRVHEXVFDQSiJLQDVGHRUJDQLVPRVRILFLDOHVHQWLGDGHVHPSUHVDVRVLWLRV:HETXHVHDQFRQRFLGRV
E 0RWRUHVGHE~VTXHGD
7DPELpQ VH ORV GHQRPLQD URERWV GH E~VTXHGD (O XVXDULR LQWURGXFH XQD R PiV SDODEUDV FODYHV \ HO
EXVFDGRU VH HQFDUJD GH UDVWUHDU D WUDYpV GH OD :HE \PRVWUDUDTXHOODVSiJLQDVTXHFRQWLHQHFRQFHSWRV
UHTXHULGRV(VWDKHUUDPLHQWDSURSRUFLRQDLQIRUPDFLyQPiVQRYHGRVDDFWXDOL]DGD\GHWDOODGD&RQYLHQH
XWLOL]DUORVPRWRUHVGHE~VTXHGDFXDQGRVHTXLHUDHQFRQWUDUXQGDWRFRQFUHWR
/DGLIHUHQFLDIXQGDPHQWDOHQWUHDPERVHVTXHORVtQGLFHVPDQWLHQHQVXVEDVHVGHGDWRVPDQXDOPHQWHHV
GHFLUTXHVHVLUYHQGHODLQIRUPDFLyQTXHSHULyGLFDPHQWHLQWURGXFHQHPSOHDGRVHLQWHUQDXWDVDOGDUGH
DOWDSiJLQDVZHE/RVPRWRUHVGHE~VTXHGDHPSOHDQPpWRGRVDXWRPDWL]DGRVSDUDFRQVHJXLUORV
/RV DFLHUWRV VRQ ORV GRFXPHQWRV TXH VH DMXVWDQ R VH DFHUFDQ GH XQD X RWUD IRUPD D ORV FULWHULRV
HVWDEOHFLGRVHQODE~VTXHGD
$OJXQDVKHUUDPLHQWDVPX\XWLOL]DGDVVRQ
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
<DKRR6HWUDWDGHXQGLUHFWRULRFRPSOHWRGH,QWHUQHW8QDPSOLR\H[SHUWRHTXLSRGHGRFXPHQWDOLVWDVOR
PDQWLHQH VLHPSUH DFWXDOL]DGR $XQTXH QR HV XQ PRWRU GH E~VTXHGD SHUPLWH HPSOHDU RSHUDGRUHV
ERROHDQRVIUDVHVEXVFDUSRU85/RSRUWLWXORSDODEUDVLQFRPSOHWDVHWF
,QFOX\H DGHPiV XQ YLVXDOL]DGRU GH LPiJHQHV OODPDGR <DKRR 3LFWXUH *DOOHU\ TXH EDVD VX
IXQFLRQDPLHQWRHQWHFQRORJtDVGH~OWLPDJHQHUDFLyQTXHSHUPLWHQEXVFDULPiJHQHVHQODVEDVHVGHGDWRV
SRUSDODEUDVFODYHVVLPSOHVRIUDVHVOLWHUDOHV
KWWSZZZ\DKRRFRPKWWSJDOOHU\\DKRRFRP
([FLWH(VRWURGHORVJUDQGHVtQGLFHVWHPiWLFRVTXHVHHQFXHQWUDHQODUHG$OLJXDOTXH<DKRRUHIXHU]D
VXHVWUXFWXUDFRQDOJXQDVRSFLRQHVGHE~VTXHGD6LQHPEDUJRDSRUWDXQQXHYRUHFXUVR&XDQGRVHUHDOL]D
XQDE~VTXHGDUHODFLRQDDXWRPiWLFDPHQWHORVWpUPLQRVTXHVHKDQLQFOXLGRFRQRWURVTXHQRUPDOPHQWHVH
UHODFLRQDQ FRQ HVWRV D ORV TXH WDPELpQ LQFOX\H FRPR SDODEUDV FODYHV D EXVFDU (V GHFLU DQDOL]D
HVWDGtVWLFDPHQWH ORV WHPDV FRLQFLGHQWHV HQ XQD SiJLQD ZHE (O VLVWHPD HPSOHDGR SDUD FRQVHJXLUOR HV
,QWHOOLJHQW&RQFHS([WUDFWLRQ,&(/DVFDWHJRUtDVGHOtQGLFHHQ([FLWHUHFLEHQHOQRPEUHGHFDQDOHV
KWWSZZZH[FLWHFRP
*RRJOH(VXQPRWRUGHE~VTXHGD\HQHVWRVPRPHQWRVHVHOPiVXWLOL]DGRGH,QWHUQHW
ZZZJRRJOHFRP
$OWDYLVWD
(VXQEXVFDGRUGHOWLSRPRWRUGHE~VTXHGD6XHPSOHRHVPX\IiFLO\RIUHFHXQDOWRQLYHOGHDFLHUWRV
$OWDYLVWDRIUHFHXQDWUDGXFFLyQDXWRPiWLFDRQOLQHGHSiJLQDVZHEHQYDULRVLGLRPDV
KWWSZZZDOWDYLVWDFRP
/\FRV ,PSOHPHQWD XQ VLVWHPD DXWRPiWLFR TXH OH GD OD ELHQYHQLGD DO XVXDULR HQ VX LGLRPD \ SDUD HOOR
GHWHFWDOD,3GHSURFHGHQFLDGHOXVXDULR3DUDFDGDE~VTXHGDUHDOL]DGDLQFOX\HXQYDORUSRUFHQWXDOTXH
LQGLFDHOQLYHOGHDFLHUWRFRQVHJXLGR
KWWSZZZO\FRVFRP
F 0XOWLEXVFDGRUHV
(VWRV ~OWLPRV QR WLHQHQ XQD EDVH GH GDWRV SURSLD OR TXH KDFHQ HV EXVFDU OD SiJLQD HQ XQRV FXDQWRV
PRWRUHV GH E~VTXHGD H tQGLFHV \ FRPELQDU ORV UHVXOWDGRV GH OD E~VTXHGD HQ HVRV EXVFDGRUHV &RPR
HMHPSORV GH PXOWLEXVFDGRUHV SRGHPRV GHVWDFDU 0HWD EXVFDGRU GH GHVDUUROORZHE HQ FDVWHOODQR R
0HWDFUDZOHUHQLQJOpV
G 2WUDVFODVLILFDFLRQHV
$SDUWHGHODFODVLILFDFLyQDQWHULRUGHORVEXVFDGRUHVWDPELpQVHSXHGHQGLVWLQJXLUGHRWUDVIRUPDV
ƒ 3RU VX iPELWR ORV KD\ LQWHUQDFLRQDOHV QDFLRQDOHV LQFOXVR GH UHJLRQHV PiV SHTXHxDV FRPR
SURYLQFLDVRFLXGDGHV
ƒ 3RUHOWHPD H[LVWHQEXVFDGRUHVJHQpULFRVGRQGHSRGHPRVHQFRQWUDUWRGRWLSRGHSiJLQDV\WDPELpQ
ORVKD\WHPiWLFRVGRQGHVRORKD\SiJLQDVTXHWUDWDQVREUHXQDWHPiWLFDHVSHFtILFD
7UDQVIHUHQFLDGHDUFKLYRV)73
(VWHVHUYLFLRSHUPLWHH[WUDHUILFKHURVGHVHUYLGRUHVHVSHFLDOL]DGRVHVGHFLUVHUYLGRUHV)736H EDVDHQHO
SURWRFRORGHOPLVPRQRPEUH)LOH7UDQVIHU3URWRFRO R3URWRFRORGH7UDQVIHUHQFLDGH)LFKHURV(VPX\
~WLOSDUDGHVFDUJDUILFKHURVGHWRGRWLSRDSOLFDFLRQHVGHOLEUHGLVWULEXFLyQJUiILFRVYLGHRVP~VLFDHWF
HQODMHUJDLQIRUPiWLFDVHUtD³EDMDUOR´GH,QWHUQHW7DPELpQHVSRVLEOHGHVFDUJDUDUFKLYRVGHVGHSiJLQDV
ZHESHURHVWDWUDQVIHUHQFLDHVPHQRVVHJXUD\PiVOHQWD
3DUDUHDOL]DUODWUDQVIHUHQFLDFRUUHFWDPHQWHHVQHFHVDULRTXHWDQWRHOFOLHQWHHOTXHUHFLEHHODUFKLYR
FRPRHOVHUYLGRUHOTXHSURSRUFLRQDORVDUFKLYRVWHQJDQLQVWDODGRVORVSURJUDPDVHVSHFtILFRVFOLHQWH
)73\VHUYLGRU)73UHVSHFWLYDPHQWH
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
([LVWHQGRVWLSRVGH)73VHJ~QVHUHTXLHUDDXWRUL]DFLyQRQRSDUDLQJUHVDUHQHOVHUYLGRUUHPRWR
ƒ
ƒ
)73 (QHVWHFDVRVHUHTXLHUHDXWRUL]DFLyQ'HEHPRVLQJUHVDUDOVHUYLGRUFRQXQQRPEUHGHXVXDULR\
VXSDODEUDFODYHFRUUHVSRQGLHQWH
)73 DQyQLPR 1R VH UHTXLHUH DXWRUL]DFLyQ (Q UHDOLGDG VH XWLOL]D XQ XVXDULR HVSHFLDO OODPDGR
DQRQ\PXVTXHQRWLHQHFODYH\VHFRQHFWDSRUGHIHFWR
*UXSRVGH1RWLFLDV1HZV
/RV JUXSRV GH QRWLFLDV WDPELpQ OODPDGRV JUXSRV GH GHEDWH GLVFXVLyQ R VLPSOHPHQWH 1HZV SHUPLWHQ
DJUXSDUPHQVDMHVHQFDWHJRUtDV\WHPDVHVSHFLDOL]DGRVGHIRUPDTXHWRGDVODVSHUVRQDVTXHDFFHGHQDpO
SXHGHQ OHHU R DxDGLU PHQVDMHV 6H FRPSRUWD FRPR XQ WDEOyQ GH DQXQFLRV HVSHFLDOL]DGR HQ XQ WHPD
SDUWLFXODU
3DUD DFFHGHU D HVWH VHUYLFLR GHEHPRV FRQHFWDUQRV D XQ VHUYLGRU GH QHZV XWLOL]DQGR XQ SURJUDPD
DGHFXDGRHVGHFLUXQFOLHQWHQHZV
([LVWHQGRVWLSRVGHJUXSRVS~EOLFRVHVGHFLUDORVTXHSRGHPRVVXVFULELUQRVOLEUHPHQWH\SULYDGRV
SDUDORVTXHQHFHVLWDUHPRVXQQRPEUHGHXVXDULR\FODYH
6HVXHOHXWLOL]DUHOPLVPRSURJUDPDSDUDPDQHMDUPHQVDMHGHQHZV \PHQVDMHGHFRUUHRHOHFWUyQLFRSHUR
VRQVHUYLFLRVGLVWLQWRV/DVSULQFLSDOHVGLIHUHQFLDVHQWUHDPERVVRQ
ƒƒ 'LVWLQWRV SURWRFRORV (O FRUUHR HOHFWUyQLFR XWLOL]D 323 \ 6073PLHQWUDVTXH QHZVXVDHO1173
3URWRFRORGH7UDQVIHUHQFLDVGH1RWLFLDVGH5HG
ƒƒ 7LHPSR GH HMHFXFLyQ GHO VHUYLFLR (O HQYtR GH FRUUHR HOHFWUyQLFR HV SUiFWLFDPHQWH LQPHGLDWR
PLHQWUDVTXHXQPHQVDMHGHQHZVVXHOHWDUGDUXQRVGtDVHQDSDUHFHUHQHOJUXSR
ƒƒ 3ULYDFLGDG /RVPHQVDMHGHFRUUHRHOHFWUyQLFRVRQGHFDUiFWHUSULYDGR6LQHPEDUJRORVPHQVDMHVD
JUXSRVGHQRWLFLDVSXHGHQVHUS~EOLFRVRSULYDGRV
&RQYHUVDFLyQP~OWLSOHHQWUHXVXDULRV,5&y&KDW
(VWH VHUYLFLR SHUPLWH TXH XQ XVXDULR FRQHFWDGR D ,QWHUQHW SXHGD GLDORJDU HQ WLHPSR UHDO FRQ YDULDV
SHUVRQDVDOPLVPRWLHPSR6HVXHOHGHQRPLQDU&KDW FRQYHUVDFLyQy,5& ,QWHUQHW5HOD\&KDWTXHHV
HOSURWRFRORTXHXWLOL]DHVWHVHUYLFLR
3DUDXWLOL]DUHVWHVHUYLFLRGHEHQFRQVLGHUDUVHORVVLJXLHQWHVFRPSRQHQWHV
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
'LVSRQHU GH XQ SURJUDPD FOLHQWH ,5& SRU HMHPSOR ,&4 1HHW0HHWLQJ P,5& HWF GHVGH HO FXDO
FRQHFWDUVHDXQVHUYLGRU,5&
/RVVHUYLGRUHVSURSRUFLRQDQYDULRVFDQDOHV RVDODVFDGDXQRGHORVFXDOHVSXHGHWHQHUYDULRVWHPDV
/RVFDQDOHVSXHGHQVHUS~EOLFRVVLWLHQHQDFFHVROLEUHRSULYDGRVVLSLGHQFRQWUDVHxDSDUDVXDFFHVR
$OJXQRVVHUYLGRUHVSHUPLWHQFUHDUXQFDQDOS~EOLFRRSULYDGRHV~WLOSDUDFRQFHUWDUHQWUHYLVWDVHQWUH
YDULRVLQWHUORFXWRUHVTXHSXHGHQHVWDUJHRJUiILFDPHQWHPX\GLVWDQWHV
$O FRQHFWDUVH D XQ FDQDO VH UHTXLHUH XQD LGHQWLILFDFLyQ FRQ XQ VHXGyQLPR R 1LFN (VWH VHUi HO
QRPEUHSRUHOTXHVHFRQRFHUiDFDGDXQRGHORVLQWHUORFXWRUHV
(O PpWRGR GH FRQYHUVDFLyQ PiV XVXDO VH EDVD HQ LQWURGXFLU OtQHDV GH WH[WR 6LQ HPEDUJR DOJXQRV
FDQDOHVSHUPLWHQWDPELpQFRQYHUVDFLyQPHGLDQWHYR]HLQFOXVRPHGLDQWHLPiJHQHVUHTXLHUHGHXQD
ZHEFDP
(QXQDVHVLyQDGHPiVGHFRQYHUVDUSRGHPRVHQYLDUDUFKLYRV GRFXPHQWRVYLGHRVP~VLFDHWFGH
IRUPDLQPHGLDWD
(Q DOJXQRV FDQDOHV H[LVWH XQ PRGHUDGRU TXH SXHGH GHFLGLU H[SXOVDU D DOJXLHQ GHO FDQDO VL OR
FRQVLGHUDRSRUWXQR
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
7HPD,QWHUQHW
,QWURGXFFLyQDOD,QIRUPiWLFD
¢4XpHVODPHQVDMHUtDLQVWDQWiQHD"
/RVSURJUDPDVGHPHQVDMHUtDLQVWDQWiQHDVRQXWLOL]DGRVSDUD³FKDWHDU´ \QRQHFHVDULDPHQWHXWLOL]DQHO
SURWRFROR,5& VLQRUHGHVSURSLHWDULDVGHORVGLIHUHQWHVVRIWZDUHV TXHRIUHFHQHVWHVHUYLFLR
/D 0HQVDMHUtD ,QVWDQWiQHD HV XQ SXQWR LQWHUPHGLR HQWUH ORV VLVWHPDV GH FKDW \ ORV PHQVDMHVGHFRUUHR
HOHFWUyQLFRODVKHUUDPLHQWDVGHPHQVDMHUtDLQVWDQWiQHDVRQSURJUDPDVJHQHUDOPHQWHJUDWXLWRV\IiFLOHV
GHXVDU\PLHQWUDVKD\XQDFRQH[LyQD,QWHUQHWVLHPSUHHVWiQDFWLYRV
(OVHUYLFLRGHPHQVDMHUtDLQVWDQWiQHDRIUHFHXQDYHQWDQDGRQGHVHHVFULEHHOPHQVDMHHQWH[WRSODQRR
DFRPSDxDGRGHLFRQRVRHPRWLFRQV ILJXUDTXHUHSUHVHQWDQHVWDGRVGHiQLPR\VHHQYtDQDXQRRYDULRV
GHVWLQDWDULRVTXLHQHVUHFLEHQORVPHQVDMHVHQWLHPSRUHDOHOUHFHSWRUOROHH\SXHGHFRQWHVWDUHQHODFWR
/RVPHQVDMHVVHLQWHUFDPELDQHQWUHDTXHOODVSHUVRQDVFRQWDFWRVTXHVHKDQDXWRUL]DGRPXWXDPHQWHSDUD
FRPXQLFDUVH(QHVWRHVGLVWLQWRGHO,5&FKDWHQGRQGHXQRHQWUDDXQVDOyQ\KDEODFRQFXDOTXLHUDVLQ
VDEHUTXLHQHVWiDORWURODGR
$OFRQHFWDUQRVDOVHUYLGRUpVWHDXWRPiWLFDPHQWHQRVLQIRUPDVLQXHVWURVFRQWDFWRVHVWiQFRQHFWDGRVR
QR\DVXYH]OHVLQIRUPDDHOORVGHQXHVWUDSUHVHQFLDHVWR~OWLPRVHSXHGHHYLWDUKDFLHQGRTXHXQRVH
FRQHFWHFRPRVLIXHUDLQYLVLEOHHV GHFLUYLHQGRDORVGHPiVSHURVLQTXHOHYHDQDXQR
&XDQGRDOJXLHQGHVHDFRPXQLFDUVHFRQRWUDSHUVRQDVHOHFFLRQDHOFRQWDFWRFRUUHVSRQGLHQWHGHVXOLVWDGH
FRQWDFWRVFRQHFWDGRV\OHHQYtDHOPHQVDMH
$ODV~OWLPDVYHUVLRQHVVHOHVKDQDxDGLGRXQDVHULH GHDSOLFDFLRQHVH[WUDFRPRODSRVLELOLGDGGHHQWDEODU
FRQYHUVDFLRQHV WHOHIyQLFDV XWLOL]DQGR OD LQIUDHVWUXFWXUD GH ,QWHUQHW \ HO FRPSDUWLU GLIHUHQWHV WLSRV GH
DUFKLYRV\SURJUDPDVLQFOXLGRVMXHJRVHQOtQHD
/DPHQVDMHUtDLQVWDQWiQHDKDJDQDGRSRSXODULGDG HQIRUPDDUUDVDGRUD(QORV~OWLPRVDxRVHOQ~PHURGH
XVXDULRV GH FXDOTXLHUD GH ORV SULQFLSDOHV VHUYLFLRV ,QVWDQW 0HVVHQJHU GH $2/ 061 0HVVHQJHU GH
0LFURVRIW<DKRR0HVVHQJHU H,&4VHKDLQFUHPHQWDGRHQIRUPDVXVWDQFLDODOFDQ]DQGRFDVLHOQ~PHUR
WRWDOGHXVXDULRVGH,QWHUQHW
,QGHSHQGLHQWHPHQWH GH VL D\XGDQ D LQFUHPHQWDU OD SURGXFWLYLGDG R GHWHULRUDUOD ORV VLVWHPDV GH
PHQVDMHUtD LQVWDQWiQHD VRQ XQD KHUUDPLHQWD GH WUDEDMR \ XQD IRUPD GH FRPXQLFDFLyQ SHUVRQDO KR\
LPSUHVFLQGLEOH SDUD PXFKDV SHUVRQDV \ HPSUHVDV TXH YHUtDQ DIHFWDGDV VXV DFWLYLGDGHV VL FDUHFLHUDQ GH
HOORVGDGRTXHSRVLELOLWDQODFRPXQLFDFLyQDXQFRVWRPtQLPR
/LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(
Descargar