3 - Biblioteca Virtual en Salud de Cuba

(/)$17$60$'(/263$5$',*0$6
'U-RUJH%DFDOODR*DOOHVWH\
,QVWLWXWR GH &LHQFLDV %iVLFDV \ 3UHFOtQLFDV 9LFWRULD GH *LUyQ ,QVWLWXWR 6XSHULRU GH
&LHQFLDV0pGLFDVGH/D+DEDQD
HPDLOEDFDOODR#JLURQVOGFX EDFDOODR#LQIRPHGVOGFX
5(680(1
(ODUWtFXORVHKDUHGDFWDGRHQHVWLORGLDORJDOVLPXODXQGLiORJRILFWLFLRHQWUHHODXWRU\XQ
SURIHVRUSDUDH[DPLQDUODSURSLHGDGGHOHPSOHRIUHFXHQWHGHOWpUPLQRSDUDGLJPDVHQ
SDUWLFXODU HQ HO iPELWR GH OD DSOLFDFLyQ GH ORV PpWRGRV HVWDGtVWLFRV HQ OD LQYHVWLJDFLyQ
ELRPpGLFD/DPRGDOLGDGGLDORJDOSUHIHULGDSRUORVDQWLJXRV\DEDQGRQDGDFRPRPpWRGR
GH E~VTXHGD \ FRPXQLFDFLyQ GHO FRQRFLPLHQWR SRU OD FRPXQLGDG FLHQWtILFD
FRQWHPSRUiQHD HV HVSHFLDOPHQWH SURSLFLD SDUD HO DQiOLVLV GH WHPDV SROpPLFRV (Q HO
DUWtFXOR VH UHVXPHQ ODV LGHDV EiVLFDV TXH SODQWHD .XKQ HQ VX OLEUR 7KH 6WUXFWXUH RI
6FLHQWLILF 5HYROXWLRQV DFHUFD GHO SDSHO GH ORV OODPDGRV SDUDGLJPDV HQ HO GHVDUUROOR
FLHQWtILFR6HGHQXQFLDHOXVRLQGLVFULPLQDGRGHOWpUPLQR\VHDQDOL]DODSHUWLQHQFLDGHVX
DSOLFDFLyQ DO PRGR VLQJXODU GH FRQFHELU HO SODQWHR \ HO WUDWDPLHQWR HVWDGtVWLFRV GH ORV
SUREOHPDVGHODLQYHVWLJDFLyQPpGLFD
3DODEUDVFODYHSDUDGLJPDVHQODFLHQFLD7KRPDV.XKQPpWRGRVHVWDGtVWLFRVDQiOLVLV
GHGDWRV
¢3RUTXpODFLHQFLDKDVLGRWDQIDQWiVWLFDPHQWHH[LWRVD"+D\XQDUHVSXHVWDREYLD
\ VLPSOH TXH KDVWD XQ QLxR SXHGH HQWHQGHU +D VLGR H[LWRVD SRU OD PLVPD UD]yQ
TXH XQ SiMDUR HV H[LWRVR HQFRQWUDQGR FRPLGD \ IDEULFDQGR QLGRV (V H[LWRVD
SRUTXH ORV FHUHEURV KXPDQRV KDQ DSUHQGLGR PiV TXH ORV SiMDURV DFHUFD GH OD
HVWUXFWXUDGHOPXQGRVtGHXQPXQGRH[WHUQRLQGHSHQGLHQWHGHXVWHG\GHPt\
GH QXHVWURV VHVJRV FXOWXUDOHV 6L .XKQ SXGLHVH OOHJDU D DGPLWLU OD IXHU]D GH HVWD
KLSyWHVLV WDQ VLPSOH \ DQWLJXD VXV GLILFXOWDGHV QR H[LVWLUtDQ
0DUWLQ*DUGQHU
>@
$XWRU
0LHVWLPDGRSURIHVRU
<DHVLPSRVLEOHDVLVWLUDXQDUHXQLyQFLHQWtILFDVLQRtUKDEODUGHORVSDUDGLJPDV'HSRFR
>@
VLUYHUHFXUULUDOGLFFLRQDULR HOTXHWHQJRDPDQRLQFOX\HHQSULPHUOXJDUODDFHSFLyQ
FRORTXLDOHMHPSODURHMHPSOR\RWUDVGRVDFHSFLRQHVDSOLFDEOHVVyORHQHOFRQWH[WRGH
OD JUDPiWLFD R OD OLQJtVWLFD 6p TXH HQ HO iPELWR FLHQWtILFR HVWD SDODEUD WLHQH XQD
FRQQRWDFLyQ HVSHFLDO SHUR WHQJR OD LPSUHVLyQ GH TXH QR VLHPSUH VH HV ILHO D HVWD
FRQQRWDFLyQ \ TXH FDGD FXDO KDFH XQ XVR SHUVRQDO R LQHUFLDO GHO WpUPLQR TXH ORV
GHPiVDFHSWDQDFUtWLFDPHQWH
(OWHPDGHORVSDUDGLJPDVWLHQHSDUDPtXQLQWHUpVSDUWLFXODUGHVGHODySWLFDGHODQiOLVLV
HVWDGtVWLFR GH GDWRV $QWHV GH OD GpFDGD GHO HQ TXH )LVKHU VHQWy ODV EDVHV GH OD
LQIHUHQFLD HVWDGtVWLFD EDVDGD HQ ORV GLVHxRV GH H[SHULPHQWRV \ 1H\PDQ \ 3HDUVRQ
>@
LQDXJXUDURQ HO FDStWXOR GH ODV SUXHEDV GH KLSyWHVLV QR VH GDED D ORV SUREOHPDV HO
PLVPR HQIRTXH QL VH DUULEDED D ODV PLVPDV VROXFLRQHVVL HV TXH WLHQHVHQWLGR KDEODU
UHDOPHQWH GH VROXFLRQHV ¢6LJQLILFD HVWR TXH OR TXH OODPDPRV HVWDGtVWLFD LQIHUHQFLDO
UHSUHVHQWD XQ SDUDGLJPD HQ HO VHQWLGR WpFQLFR GH .XKQ R HQ FXDOTXLHU RWUR VHQWLGR
FRQYHQFLRQDO"
(QUHVXPHQPLTXHULGRSURIHVRU¢TXpVRQORVSDUDGLJPDV"\¢XVWHGFUHHTXHHOPRGR
KDELWXDO GH HQIRFDU HVWDGtVWLFDPHQWH ORV SUREOHPDV GH OD LQYHVWLJDFLyQ PpGLFD HQ ODV
FLHQFLDVEiVLFDVODFOtQLFDODHSLGHPLRORJtD\ODVDOXGS~EOLFDPHUHFHRVWHQWDUHOEODVyQ
GHXQSDUDGLJPD"
3URIHVRU;
&RQFXHUGR FRQWLJR HQ TXH HO WpUPLQR VH XVD OLEpUULPDPHQWH \ HQ TXH HV QHFHVDULR
GHOLPLWDUFRQSUHFLVLyQVXVHQWLGRVLQTXHHOORLPSOLTXHVXVFULELUORVSXQWRVGHYLVWDGHVX
FUHDGRU/RVHVWXGLRVRVKDQLGHQWLILFDGRQRPHQRVGHDFHSFLRQHVGLIHUHQWHVHQHO\D
>@
FOiVLFROLEURGH.XKQ 0LSURSLDH[pJHVLVQRDOFDQ]DWDOSURIXQGLGDGSHURFUHRKDEHU
FDSWDGRWUHVRFXDWURHOHPHQWRVHVHQFLDOHVGHVXGHILQLFLyQTXHFRQYLHQHGHVWDFDU
+D\ XQD DQpFGRWD PX\ LOXVWUDWLYD TXH YDOH FRPR LQWURGXFFLyQ LQIRUPDO DO WHPD GH ORV
SDUDGLJPDV-XOLDQ%LJHORZHOLQJHQLHURHOpFWULFRTXHDVLVWLyD-RKQYRQ1HXPDQQHQOD
FRQVWUXFFLyQ GH OD FRPSXWDGRUD -RKQQLDH HQ HO ,QVWLWXWR GH (VWXGLRV $YDQ]DGRV GH
3ULQFHWRQ HQ OD GpFDGD GH ORV YLDMy GHVGH 0DVVDFKXVHWWV D 3ULQFHWRQ SDUD VHU
HQWUHYLVWDGR SRU YRQ 1HXPDQQ FXDQGR DVSLUDED D VHU DFHSWDGR FRPR VX DVLVWHQWH $O
OOHJDUXQSHUURTXHDQGDEDSRUORVDOUHGHGRUHVGHODFDVDHQWUyFXDQGRYRQ1HXPDQQ
DEULyODSXHUWD\VHSXVRDKXVPHDUFRPRVXHOHQKDFHUORVHMHPSODUHVGHVXHVSHFLH1L
HO PDWHPiWLFR QL HO LQJHQLHUR OH SUHVWDURQ PXFKD DWHQFLyQ KDVWD TXH HO SULPHUR
DQWHSRQLHQGR OD FXULRVLGDG D OD FRUWHVtD SUHJXQWy D %LJHORZ VL VLHPSUH YLDMDED FRQ VX
SHUUR%LJHORZ UHSOLFy1RHVPLSHUUR\RSHQVDEDTXHHUDHOVX\R/DFLHQFLDFRPR
FXDOTXLHURWUDDFWLYLGDGKXPDQDDEXQGDHQHVHWLSRGHSUHVXSXHVWRVTXHFRQVWLWX\HQOD
EDVHGHORTXH.XKQGHQRPLQDSDUDGLJPDVFLHQWtILFRV
$0iVELHQPHSDUHFHTXHORTXH%LJHORZ\YRQ1HXPDQQFRPSDUWtDQHUDXQSUHMXLFLR
;6tUHDOPHQWHXQSDUDGLJPDHVHQJUDQPHGLGDXQSUHMXLFLRRPHMRUXQVLVWHPDGH
SUHMXLFLRVDVXPLGRVDQWHIDFWR TXHFRQGLFLRQDQWRGDXQDSHUVSHFWLYDSDUDDERUGDUORV
SUREOHPDVSDUDLQWHQWDUUHVROYHUORVHLQFOXVRSDUDSODQWHDUORV
$&XDQGRXQLQYHVWLJDGRUPHKDFHXQDFRQVXOWDHVWDGtVWLFDQRUPDOPHQWHHVSHUDXQD
UHVSXHVWDFRQXQDHVWUXFWXUD\HQXQOHQJXDMHSDUWLFXODUHV&XDOTXLHURWUDUHVSXHVWDOR
GHIUDXGD SUREDEOHPHQWH SRU HO WHPRU GH TXH QR FRUUHVSRQGD D ODV H[SHFWDWLYDV GH OD
FRPXQLGDGGHOHFWRUHVRSRWHQFLDOHVHYDOXDGRUHVGHVXWUDEDMR
; (VDDFWLWXGHQFXDGUDSHUIHFWDPHQWHFRQORTXH\ROODPDUtDXQHVWHUHRWLSR3RGUHPRV
YROYHU VREUH HO DVXQWR PiV DGHODQWH DKRUD KDJDPRV XQ SRFR GH KLVWRULD HQ 7KRPDV .XKQ D OD VD]yQ XQ MRYHQ SURIHVRU GH +DUYDUG SUHSDUy XQD VHULH GH
FRQIHUHQFLDVDFHUFDGHOGHVDUUROORGHODVWHRUtDVGHOD)tVLFD0HFiQLFDHQHOVLJOR;9,,
/DE~VTXHGDGHORVRUtJHQHVKLVWyULFRVOHOOHYyDOH[DPHQGHOD3K\VLFDGH$ULVWyWHOHV\
DSUHJXQWDUVHFyPRHUDSRVLEOHTXHDTXHOSHQVDGRUSURIXQGRFUHDGRUHQWUHRWUDVFRVDV
GHO PpWRGR GHGXFWLYR SXGLHUD HQJDxDUVH SDOPDULDPHQWH DFHUFD GH OD QDWXUDOH]D GHO
PXQGRItVLFRTXHSDUDHOHVWDJLULWDHVWDEDFRPSXHVWRGHGRVVXVWDQFLDVHOHVStULWX\OD
IRUPD\GHFXDWURFXDOLGDGHVHODLUHODWLHUUDHOIXHJR\HODJXD\TXHVHFRPSRUWDED
GH PRGR WDO TXH WRGR FXHUSR WHQGtD GH PRGR QDWXUDO D RFXSDU OD SRVLFLyQ TXH
FRUUHVSRQGtD D VX FXDOLGDG 8QD WDUGH GH YHUDQR PLHQWUDV FRQVXOWDED DQWLJXRV
YRO~PHQHV HQ OD ELEOLRWHFD .XKQ FUH\y KDEHU VLGR VRUSUHQGLGR DEUXSWDPHQWH SRU OD
H[SOLFDFLyQWRGRORTXHVHQHFHVLWDHVYHUHOPXQGRDWUDYpVGHORVRMRVGH$ULVWyWHOHV
HQ OXJDU GH SUR\HFWDU OD YLVLyQ DULVWRWpOLFD VREUH XQ PDUFR GH iWRPRV PROpFXODV \
QLYHOHV FXiQWLFRV GH HQHUJtD KD\ TXH DGRSWDU VX SURSLD ySWLFD 'H HVWH PRGR OD
KLSyWHVLV GH TXH WRGRV ORV FXHUSRV WLHQGHQ D XELFDUVH HQ HO OXJDU SUHDVLJQDGR SRU VX
SURSLDQDWXUDOH]DHQFXHQWUDREYLDFRQILUPDFLyQHQODDVFHQVLyQGHORVJDVHVHQODOOXYLD
>@
\ HQ OD FDtGD GH ORV FXHUSRV VyOLGRV (V GHFLU OD HYLGHQFLD HPStULFD QR HV
L
LQFRQVLVWHQWH FRQ OD KLSyWHVLV LQJHQXD GH $ULVWyWHOHV $ SDUWLU GH HVWD YLVLyQ .XKQ
GHVDUUROOyODLGHDGHTXHORVFLHQWtILFRVWUDEDMDQGHQWURGHXQSDUDGLJPDLQWHOHFWXDOTXH
FRQGLFLRQDHOPRGRHQTXHODQDWXUDOH]DHVSHUFLELGD
$¢<TXpHVHVWHSDUDGLJPDLQWHOHFWXDO"
;(VXQPDUFRGHSUHPLVDVFRPSDUWLGRSRUWRGDXQDFRPXQLGDGFLHQWtILFDDFHUFDGH
ORTXHFRQVWLWX\HXQSUREOHPDXQPpWRGR\XQDVXSXHVWD VROXFLyQ
$1RHQFXHQWURQDGDLUUDFLRQDOHQODGHILQLFLyQ\PHSDUHFHTXHGHVFULEHFRQEDVWDQWH
DSUR[LPDFLyQ OD GLVSRVLFLyQ PHQWDO GH ORV LQYHVWLJDGRUHV TXH PH FRQVXOWDQ /RV
SUREOHPDV VXHOHQ HVWDU IRUPXODGRV HQ ORV PLVPRV WpUPLQRV ODV VROXFLRQHV HVSHUDGDV
VXHOHQVHU ODV PLVPDV\ HO PpWRGRFRQGXFHQWH D HOODV HOHJLGRGHQWURGHXQUHSHUWRULR
LL
DPSOLRSHURKRPRJpQHRGHSURFHGLPLHQWRV
L
2FXUUH ORTXH DOJXQRVHSLVWHPyORJRVKDQGHQRPLQDGRLQIUDGHWHUPLQDFLyQGHODVWHRUtDVFLHQWtILFDV
TXH UHVXOWD GH OD FRPSDWLELOLGDG VLPXOWiQHD GH OD H[SHULHQFLD VHQVRULDO FRQ PiV GH XQD KLSyWHVLV
FLHQWtILFD6LELHQODREVHUYDFLyQ\ODH[SHULHQFLDDFRWDQHOUDQJRGHWRGDVODVFUHHQFLDVFLHQWtILFDVDGPLVLEOHV
HOODV QR DOFDQ]DQ D GHWHUPLQDU FRPSOHWDPHQWH FXDOTXLHU FXHUSR HVWDEOHFLGR GH FRQRFLPLHQWR (V ELHQ
FRQRFLGRHOHMHPSORVLJXLHQWHVLOODPDPRVYHUGXODXQREMHWRYHUGHKDVWDHOWLHPSRW\D]XODSDUWLUGH
W UHVXOWDTXH ODREVHUYDFLyQGHXQQ~PHUR FXDOTXLHUDGHHVPHUDOGDVYHUGHVHVLJXDOPHQWHFRPSDWLEOH
FRQ ODV GRV SURSRVLFLRQHV VLJXLHQWHV WRGDV ODV HVPHUDOGDV VRQ YHUGHV \ WRGDV ODV HVPHUDOGDV VRQ
YHUGXOHV
LL
/R TXH WHQtD HQ PHQWH DO KDFHU HVWD REVHUYDFLyQ HUD OD UHWyULFD EDVWDQWH UHGXFLGD TXH HPSOHDQ ORV
;9R\DLQWHQWDUKDFHUXQDFDUDFWHUL]DFLyQGHORVSDUDGLJPDVHQHOVHQWLGRHQTXHOD
FRQFLELy HO DXWRU GH OD LGHD \ GHVSXpV SRGUHPRV KDFHU XQ MXLFLR FUtWLFR GH WRGD VX
SURSXHVWD 8QD GH ODV FRVDV HVHQFLDOHVTXHSURSRUFLRQDHOSDUDGLJPDVRQORVFULWHULRV
SDUDHOHJLUORVSUREOHPDVTXHSRGUtDQWHQHUVROXFLyQEDMRVXVSRVWXODGRV6RQpVWRVHQ
UHDOLGDGORV~QLFRVSUREOHPDVTXHODFRPXQLGDGDGPLWHFRPRFLHQWtILFRVRTXHHVWLPXOD
DVXVPLHPEURVDHPSUHQGHU2WURVSUREOHPDVVRQUHFKD]DGRVFRPRSVHXGRSUREOHPDV
SRUTXHQRSXHGHQVHUHQXQFLDGRVHQWpUPLQRVGHODFHUYRFRQFHSWXDOQLUHVXHOWRVFRQHO
LQVWUXPHQWDO PHWRGROyJLFR TXH SURSRUFLRQD R DGPLWH HO SDUDGLJPD (O GHVDItR SDUD HO
FLHQWtILFR HV KDOODU XQD VROXFLyQ FX\D H[LVWHQFLD HV \D XQ SUHVXSXHVWR GHO SDUDGLJPD
TXH QRUPD VX SUiFWLFD FLHQWtILFD /RV FULWHULRV TXH OLPLWDQ HO HVSHFWUR GH VROXFLRQHV
DFHSWDEOHV \ ORV SDVRV TXH FRQGXFHQ D HVWDV VROXFLRQHV HVWiQ GDGRV GH DQWHPDQR
FRPRSDUWHGHOSDUDGLJPD/DFLHQFLDQRUPDOQREXVFDQRYHGDGHVIDFWXDOHVRWHyULFDV
SRUHOFRQWUDULRVXp[LWRGHSHQGHGHODWRWDODXVHQFLDGHQRYHGDGHV1RREVWDQWHWDOHV
QRYHGDGHV VXUJHQ FRPR SUXHED HORFXHQWH GH TXH OD FLHQFLD HV FDSD] GH JHQHUDU
PHFDQLVPRVDXWRFRUUHFWLYRV
3DUD .XKQ FLHQFLD QRUPDO HV OD LQYHVWLJDFLyQ EDVDGD HQ ORJURV FLHQWtILFRV SUHWpULWRV
TXH FLHUWD FRPXQLGDG UHFRQRFH FRPR IXQGDPHQWR GH WRGD SUiFWLFD FLHQWtILFD SRVWHULRU
(VWRV ORJURV FLHQWtILFRV TXH HQ OD pSRFD FRQWHPSRUiQHD VH UHVXPHQ HQ YDULRV WH[WRV
EiVLFRV GH FDGD FLHQFLD \ TXH HQ RWUDV pSRFDV HUDQ FRPSHQGLDGRV HQ UHFRQRFLGRV
FOiVLFRV OD 3K\VLFD GH $ULVWyWHOHV \ ORV 3ULQFLSLD GH 1HZWRQ SRU PHQFLRQDU VyOR GRV
HVWDEOHFHQODOHJLWLPLGDGGHORVSUREOHPDV\GHORVPpWRGRVSDUDDERUGDUORV\FRQHOORV
HO PDUFR GH DFFLyQ GH WRGD XQD JHQHUDFLyQ GH LQYHVWLJDGRUHV 6XV GRV DWULEXWRV
HVHQFLDOHV VRQ HQ SULPHU OXJDU VX FDSDFLGDG GH DWUDHU D WRGD XQD FRPXQLGDG \ GH
GLVWUDHUOD GH RWUDV RSFLRQHV FRQWHQGLHQWHV SDUD HMHUFHU OD DFWLYLGDG FLHQWtILFD \ HQ
VHJXQGR OXJDU VX FDSDFLGDG GH JHQHUDU SUREOHPDV TXH GHILQHQ WRGR HO TXHKDFHU
FLHQWtILFRIXWXUR.XKQOODPDSDUDGLJPDVDORVORJURVTXHSRVHHQHVWRVGRVDWULEXWRV\
TXHHVWDEOHFHQODVIURQWHUDVGHODFLHQFLDQRUPDO
/RVKRPEUHVTXHKDQDGTXLULGRODVEDVHVGHVXWUDEDMRFLHQWtILFRDSDUWLUGHORVPLVPRV
PRGHORV FRQFUHWRV VXHOHQ GHVDUUROODU VX WUDEDMR VLQ GHVDILDU ORV VXSXHVWRV
IXQGDPHQWDOHV GH HVRV PRGHORV (OORV GHILQHQ XQD FRPXQLGDG FLHQWtILFD KDFHQ
FLHQFLD QRUPDO FRPSDUWHQ HO PLVPR SDUDGLJPD \ HVWiQ FRPSURPHWLGRV FRQ ODV
PLVPDVQRUPDVSDUDVXSUiFWLFDFLHQWtILFD
/D FLHQFLD QRUPDO FRQVLVWH HQ XQD DFWXDOL]DFLyQ SHUPDQHQWH GHO SDUDGLJPD TXH VH
FRQVLJXH H[WHQGLHQGR HO FRQRFLPLHQWR GH ORV KHFKRV FRPSDWLEOHV FRQ pVWH H
LQFUHPHQWDQGR OD FRUUHVSRQGHQFLD HQWUH ORV KHFKRV \ ODV SUHGLFFLRQHV GHO SDUDGLJPD
6DOYRUDUDVH[FHSFLRQHVODRFXSDFLyQGHORVFLHQWtILFRVGXUDQWHWRGDVXFDUUHUDFRQVLVWH
HQ XQ LQWHQWR SRU IRU]DU ORV KHFKRV GHQWUR GHO PROGH UtJLGR TXH LPSRQH HO SDUDGLJPD
&XDQGR SHVH D WRGRV ORV HVIXHU]RV DTXHOODV QRYHGDGHV QR SXHGHQ DOLQHDUVH FRQ ODV
LQYHVWLJDGRUHVSDUDIRUPXODUORVSUREOHPDVHJ¢KD\GLIHUHQFLDHQWUHORVJUXSRV"¢KD\DVRFLDFLyQHQWUH
ODVYDULDEOHV"¢WDORFXDODWULEXWRHVXQIDFWRUGHULHVJRFRQUHVSHFWRDWDORFXDOGDxR"\HOHVWHUHRWLSRGH
VROXFLyQTXHHVSHUDQEDVDGRFDVLH[FOXVLYDPHQWHHQODVSUXHEDVGHVLJQLILFDFLyQ
H[SHFWDWLYDV \ FXDQGR HV LPSRVLEOH HYLWDU TXH VXEYLHUWDQ OD WUDGLFLyQ YLJHQWH HQ HO
HMHUFLFLRFLHQWtILFRDSDUHFHQODVLQYHVWLJDFLRQHVTXHWHUPLQDQSRUVXVWLWXLUXQFXHUSRGH
FRPSURPLVRV WHyULFRV SRU RWUR \ SRU HVWDEOHFHU QXHYDV EDVHV SDUD OD SUiFWLFD GH OD
FLHQFLD3DUD.XKQ
$ /H LQWHUUXPSR XQ PRPHQWR SURIHVRU +D\ DOJR TXH VDOWD D OD YLVWD \ TXH PH KDFH
SHQVDU HQ OD (VWDGtVWLFD FRPR XQD VXHUWH GH SDUDGLJPD PHWRGROyJLFR /RV
LQYHVWLJDGRUHV GHO iUHD PpGLFD TXH \D FRQRFHQ DOJR GH HVWDGtVWLFD R GLJDPRV PHMRU
TXH \D KDQ VLGR FRQWDPLQDGRV FRQ DOJXQRV GH VXV SUHMXLFLRV SODQWHDQ VXV SUREOHPDV
FRQFLELHQGR GH DQWHPDQR XQ WLSR GH VROXFLyQ H[SUHVDGD HQ XQ OHQJXDMH HVWDGtVWLFR
DUTXHWtSLFR /RV SURSLRV ELRHVWDGtVWLFRV SURFHGHPRV GH HVWH PRGR GH KHFKR QXHVWUD
KDELOLGDG VLQJXODU FRQVLVWH HQ IRUPXODU HVWDGtVWLFDPHQWH \ HQ VDEHU HQFRQWUDU XQD
VROXFLyQ HVWDGtVWLFD D ORV SUREOHPDV FRQ OR FXDO KHPRV FRQWULEXLGR D LPSRQHU XQ
SDUDGLJPD /DV KLSyWHVLV \ ORV REMHWLYRV FLHQWtILFRV QR VRQ QL WLHQHQ SRU TXp VHU
RULJLQDOPHQWH SODQWHDGRV HQ WpUPLQRV HVWDGtVWLFRV 3DUWH GH OR TXH ORV HVWDGtVWLFRV
LGHQWLILFDQFRPRVXKDELOLGDGSULQFLSDOFRQVLVWHHQODFRQYHUVLyQGHXQDKLSyWHVLVRGHXQ
REMHWLYRFLHQWtILFRHQODKLSyWHVLVRHOREMHWLYRHVWDGtVWLFRFRUUHVSRQGLHQWH$OHVWDEOHFHU
HVD FRUUHVSRQGHQFLD TXH QR YLHQH GDGD D SULRUL VLQR TXH FRQVWLWX\H XQD WRPD GH
SRVLFLyQ WHyULFD GHO LQYHVWLJDGRUVH VXHOHLPSRQHU XQD FDPLVD GH IXHU]DPHWRGROyJLFD
TXHVHSDUHFHPXFKRDORTXHXVWHGKDLGHQWLILFDGRFRPRXQSDUDGLJPD
;/RTXHRFXUUHHVTXHFDGDPHWRGRORJtDUHPLWHLQYDULDEOHPHQWHDXQDRQWRORJtDTXHOD
SUHVXSRQH'HDFXHUGRDODYLVLyQFRVPROyJLFDGH.XKQQRWHQGUtDVHQWLGRKDEODUGHXQ
SDUDGLJPD PHWRGROyJLFR (O UHFXUVR D WDO R FXDO PpWRGR GHVFDQVD HQ OR TXH XQR HVWp
GLVSXHVWR D DGPLWLU FRPR VROXFLyQ GH XQ SUREOHPD 3RU HOOR OD SULPHUD SUHJXQWD TXH
KDEUtDTXHSODQWHDUVHHV¢TXpFRQVLGHUDPRVRTXpLQWHUSUHWDPRVFRPRXQDVROXFLyQ"
&UHR TXH DTXt KD\ XQ HOHPHQWR FUXFLDO HQ TXH SRGUtD EDVDUVH QXHVWUR H[DPHQ FUtWLFR
3HURYROYDPRVD.XKQ\DVXVSDUDGLJPDVSRUTXHFUHRTXHD~QQRKHPRVH[DPLQDGR
ORV DVSHFWRV PiV SROpPLFRV 3DUD .XKQ OD LQYHVWLJDFLyQ HV XQ LQWHQWR DUGXR \
SHUPDQHQWH SRU XELFDU D OD QDWXUDOH]D HQ ORV PDUFRV FRQFHSWXDOHV LPSXHVWRV SRU OD
HGXFDFLyQSURIHVLRQDO*UDQSDUWHGHOp[LWRGH FXDOTXLHUHPSUHVDFLHQWtILFDGHSHQGHGH
ODHQHUJtD\GHOFRVWRTXHHVWpGLVSXHVWDDSDJDUXQDFRPXQLGDGFLHQWtILFDSRUGHIHQGHU
DTXHOORV PDUFRV FRQFHSWXDOHV \ GH OD PHGLGD HQ TXH FRQVLJD VXSULPLU FXDOTXLHU
QRYHGDGVXEYHUVLYD(QWLHPSRVGHFLHQFLDQRUPDOHOFLHQWtILFRVXHOHVHU\FRQUD]yQ
UHIUDFWDULRDOGLVFXUVRILORVyILFR\DODUHIOH[LyQDXWRFUtWLFD/DKLSHUWURILDGHOSDUDGLJPDOD
SUROLIHUDFLyQ GH FRQVWUXFFLRQHV WHyULFDV DOWHUQDWLYDV \ HO UHFXUVR DO GHEDWH VREUH ORV
IXQGDPHQWRV VRQ VLJQRV LQHTXtYRFRV GH XQD FULVLV GH XQD WUDQVLFLyQ GH OD FLHQFLD
QRUPDO D OD FLHQFLD H[WUDRUGLQDULD /RV KHFKRV TXH YLRODQ ODV H[SHFWDWLYDV GH XQ
SDUDGLJPD FRPLHQ]DQ D QR VHU DUFKLYDGRV FRPR VLPSOHV FRQWLQJHQFLDV R DUWHIDFWRV
LQVWUXPHQWDOHV FXDQGR KD\ XQ PDUFR FRQFHSWXDO TXH OHV JDUDQWL]D XQ HVWDWXWR GH
FRPSDWLELOLGDG
.XKQ QR KDFH H[SOtFLWR XQ FULWHULR SDUD GLVFHUQLU FXiOHV DQRPDOtDV R QRYHGDGHV VRQ
FDSDFHVGHHYRFDUXQDFULVLV3DUHFHVXJHULUTXHKD\XQSURFHVRDFXPXODWLYRTXHREOLJD
DKLSHUWURILDUDOSDUDGLJPDFRQXQQ~PHURFDGDYH]PD\RUGHDUWLFXODFLRQHVDGYHQWLFLDV
TXHKDFHQTXHODVUHJODVSDUDHOHMHUFLFLRGHXQDFLHQFLDQRUPDOVHWRUQHQFDGDYH]PiV
ERUURVDVHLUUHJXODUHV\DOPLVPRWLHPSRPiVGLItFLOHVGHDGPLWLU'XUDQWHHOSHUtRGRGH
WUDQVLFLyQ FRPLHQ]D D H[LVWLU XQD VXSHUSRVLFLyQ HQWUH ORV SUREOHPDV TXH SXHGHQ VHU
SODQWHDGRV\UHVXHOWRVGHQWURGHOPDUFRGHOSDUDGLJPDYLHMR\GHOSDUDGLJPDHPHUJHQWH
3HUR MXQWR D HVWD VXSHUSRVLFLyQ FRPLHQ]D D LQVLQXDUVH XQD HVHQFLDO GLIHUHQFLD /D
SUiFWLFD FLHQWtILFD FRPLHQ]D D HVWUXFWXUDUVH EDMR UHJODV GLIHUHQWHV \ VREUH WRGR
PHGLDQWHXQGLVFXUVRGLIHUHQWH(VWRVVXHOHQVHUORVHVWLJPDVLQHTXtYRFRVGHXQDFULVLV\
GHXQFDPELRGHSDUDGLJPD
$ &UHR TXH HQ OD (VWDGtVWLFD HVWi RFXUULHQGR R WDO YH] HV LQPLQHQWH TXH RFXUUD XQ
FDPELR HQ HO GLVFXUVR TXH DIHFWD QR WDQWR DO PRGR GH HQIRFDU ORV SUREOHPDV VLQR DO
PRGR GH SODQWHDUORV 3RU HMHPSOR QR WLHQH VHQWLGR SUHJXQWDUVH VL HO DWULEXWR ) HV XQ
IDFWRU GH ULHVJR HQ UHODFLyQ FRQ OD HQIHUPHGDG ( R VL ODV YDULDEOHV ; H < HVWiQ
DVRFLDGDVVLPSOHPHQWHSRUTXHOD(VWDGtVWLFDQRWLHQHUHFXUVRV SDUDUHVSRQGHUDHVDV
SUHJXQWDVQRKD\FyPRKDFHUORVLQWUDVFHQGHUHOiPELWRGHOD(VWDGtVWLFD
;$PLMXLFLRXQDGH ODVPD\RUHVGHELOLGDGHVGHODVWHVLVGH.XKQVHKDOODHQVXYLVLyQ
VREUHHOSURFHVRGHVXVWLWXFLyQGHXQSDUDGLJPDSRURWUR3DUDODYLVLyQWUDGLFLRQDOGHOD
KLVWRULDGHODFLHQFLDFXDOTXLHUSDUDGLJPDQXHYRHVFRQFHELEOHFRPRXQDDFWXDOL]DFLyQ
GH VX SUHGHFHVRU \ pVWH FRPR XQ FDVR SDUWLFXODU GH VX VXFHVRU 3DUD .XKQ VLQ
HPEDUJRORVSDUDGLJPDVGLILHUHQHQPiVGHXQKHFKRVXVWDQFLDOHOQXHYRSDUDGLJPDQR
VyORLPSOLFDXQDUHYLVLyQGHODVOH\HVVREUHHOREMHWRGHHVWXGLRVLQRXQDUHYLVLyQUDGLFDO
GHWRGDODFLHQFLDTXHODVJHQHUy\GHVXVLQVWUXPHQWRV(OQXHYRSDUDGLJPDHVODIXHQWH
GHORVPpWRGRVGHOPHFDQLVPRJHQHUDGRUGHSUREOHPDV\GHORVHVWiQGDUHVGHVROXFLyQ
TXHXQDFRPXQLGDGFLHQWtILFDHVWiGLVSXHVWDDDGPLWLUHQXQPRPHQWRKLVWyULFRGDGR/D
FLHQFLDQRUPDOTXHHPHUJHGHXQDUHYROXFLyQFLHQWtILFDQRHVVyORLQFRPSDWLEOHVLQR
WDPELpQLQFRQPHQVXUDEOH FRQODTXHODSUHFHGLyVRVWLHQH.XKQ(VWRTXLHUHGHFLUTXH
QR H[LVWHQ HVWiQGDUHV UHIHUHQFLDV R FULWHULRV XQLYHUVDOHV TXH KDJDQ FRPSDUDEOH D XQ
SDUDGLJPD FRQ VX SUHFHGHQWH SRUTXH HVRVPLVPRVHVWiQGDUHVUHIHUHQFLDVRFULWHULRV
VRQXQDSDUWHHVHQFLDOGHORTXHHOQXHYRSDUDGLJPDGHVFRQRFH\UHFKD]D'HDFXHUGR
DODYLVLyQNXKQLDQDGHODFLHQFLDFXDQGRKD\XQFDPELRGHSDUDGLJPDVKD\WDPELpQXQ
FDPELRHQODYLVLyQGHOPXQGR
$<DHVDDSUHFLDFLyQPHSDUHFHGHPDVLDGRUDGLFDO3RUORPHQRVHVWR\VHJXURGHTXH
QDGLH FRQILHUH D ORV SDUDGLJPDV HVH DOFDQFH FyVPLFR 3RU YDVWDV TXH VHDQ ODV
LPSOLFDFLRQHV GH PL PRGR GH FRQFHELU OD VROXFLyQ GH ORV SUREOHPDV TXH DIURQWR HQ PL
SUiFWLFD SURIHVLRQDO HOODV QR DIHFWDQ ORV SLODUHV EiVLFRV VREUH ORV TXH GHVFDQVD HVD
SUiFWLFD\PXFKRPHQRVRWUDVHVIHUDVGHOVDEHURGHOYLYLUTXHQDGDWLHQHQTXHYHUFRQ
PLVSUHIHUHQFLDVPHWRGROyJLFDV
; 0H DOHJUR TXH KD\DV DSUHFLDGR HVH SXQWR SROpPLFR HQ OD SURSXHVWD GH .XKQ <D
YHUiVTXHVHJ~QFUHR QRHVHO~QLFR/DREVHUYDFLyQHQODFLHQFLDQRHVSDUD.XKQXQD
DFFLyQQHXWUDO/DVSRVLEOHVGLYHUJHQFLDVHQWUHREVHUYDGRUHVQRVREUHYLHQHQVyORFRPR
UHVXOWDGRGHLQWHUSUHWDFLRQHVGLIHUHQWHVGHPDWHULDOHVSHUFHSWXDOHVLGpQWLFRVHODOFDQFH
\ ORV OtPLWHV GHODREVHUYDFLyQORVLQVWUXPHQWRVTXHODKDFHQSRVLEOH\KDVWDHOSURSLR
OHQJXDMHHQTXHVHFRPXQLFDYLHQHQGDGRVSRUXQDWHRUtDTXHIRUPDSDUWHHVHQFLDOGH
XQ SDUDGLJPD 7HRUtD \ SDUDGLJPD QR VRQ VLQyQLPRV HO SDUDGLJPD QR VyOR HVWi
FRPSXHVWR SRU XQ Q~FOHR FRJQRVFLWLYR HV GHFLU SRU XQD HSLVWHPRORJtD VLQR TXH
FRQWLHQHWDPELpQXQHOHPHQWRRQWROyJLFR\XQHOHPHQWRPHWRGROyJLFR
$ (VWD LPDJHQ HV PXFKR PiV GLItFLO GH DFHSWDU 6L DVt IXHVH VLQ DOWHUQDWLYDV OD
KXPDQLGDG KDEUtD HVWDGR FRQGHQDGD D SHUSHWXDU XQ ~QLFR H LQYDULDEOH SDUDGLJPD TXH
VHKLSHUWURILDUtDLQGHILQLGDPHQWH
;3RUHVR.XKQVHKDYLVWRREOLJDGRDDGPLWLUTXHHVWHSURFHVRGHFLHQFLDQRUPDOQRHV
WRWDOPHQWHPRQROtWLFR'HMDUHVTXLFLRVSRUORVTXHVHFXHODQREVHUYDFLRQHVFRQIOLFWLYDV\
MXLFLRV VXEYHUVLYRV TXH \D QR SXHGHQ LQMHUWDUVH HQ HO SDUDGLJPD YLHMR \ OR KDFHQ OLWHUDOPHQWHH[SORWDU\FDPELDUVXHVHQFLD$HVWROODPD.XKQXQDUHYROXFLyQFLHQWtILFD
/R TXH RFXUUH GXUDQWH XQD UHYROXFLyQ FLHQWtILFD QR SXHGH UHGXFLUVH D XQD PHUD
UHLQWHUSUHWDFLyQSRUTXHXQDLQWHUSUHWDFLyQSUHVXSRQHODH[LVWHQFLDGHXQDWHRUtD\XQD
WHRUtD HVXQDFRQVWUXFFLyQTXHQRHVWiFRPSXHVWDVRODPHQWHGHODGULOORVIDFWXDOHV8Q
FDPELRHQHOSDUDGLJPDFDPELDWDPELpQUDGLFDOPHQWHHOVLJQLILFDGR\ODVLPSOLFDFLRQHV
GH ORV DFWRV GH REVHUYDU \ PHGLU 3RU HVWH PRWLYR FRQVLGHUD .XKQ TXH HO LQWHUFDPELR
HQWUH UHSUHVHQWDQWHV GHO YLHMR \ HO QXHYR SDUDGLJPD HV YLUWXDOPHQWH LPSRVLEOH 8QD
PHWiIRUDGHWDOLQWHUFDPELRVHUtDXQWDEOHURVREUHHOFXDOXQRGHORVMXJDGRUHV PRYLHVH
ODVSLH]DVGHODMHGUH]\HORWURODVSLH]DVGHODVGDPDVFDGDXQRGHDFXHUGRDODVUHJODV
UHVSHFWLYDV GH DPERV MXHJRV 6HUtD LQFRQFHELEOH DUELWUDU HQ WDO SDUWLGD LPDJLQDULD \
PXFKRPHQRVHQFRQWUDUXQJDQDGRU\XQSHUGHGRU
$ (Q HVWH SXQWR WDPSRFRPH HVSRVLEOHHVWDUGHDFXHUGR3XHGRFRQFHGHUXQFLHUWR
UHODWLYLVPR VXERUGLQDGR D ODV SUHIHUHQFLDV PHWRGROyJLFDV GH FDGD FXDO SXHGR DGPLWLU
LQFOXVR OD H[LVWHQFLD GH FLHUWR PDUJHQ GH DUELWUDULHGDG HQ OD LGHQWLILFDFLyQ GH XQ
SUREOHPD SHUR QR SXHGR DFHSWDU OD LQH[LVWHQFLD GH SULQFLSLRV JHQHUDOHV TXH KDJDQ
SRVLEOH HPLWLU MXLFLRV GH YDORU FRPSDUDWLYRV HQWUH GLIHUHQWHV VROXFLRQHV GH XQ PLVPR
SUREOHPD QL TXH GRV LQYHVWLJDGRUHV FRQ SURSXHVWDV PHWRGROyJLFDV GLIHUHQWHV HVWpQ
IDWDOPHQWH FRQGHQDGRV D OD LQFRPXQLFDFLyQ 3RU HMHPSOR SDUD YDOLGDU XQ PpWRGR GH
HQVHxDQ]D $ SRGUtD HVFRJHU XQ HQIRTXH FXDQWLWDWLYR EDVDGR HQ FRPSDUDU PHGLDQWH
SURFHGLPLHQWRV HVWDGtVWLFRV HO UHQGLPLHQWR GH XQ JUXSR GH HVWXGLDQWHV TXH IXHURQ
DVLJQDGRVDOD]DUDHVHPpWRGRGHHQVHxDQ]DRDRWURWUDGLFLRQDO\DYDOLGDGR\%SRGUtD
SUHIHULUODUHDOL]DFLyQGHHQWUHYLVWDVDSURIHVRUHVH[SHUWRV\DORVSURSLRVHVWXGLDQWHV\
HO H[DPHQ FUtWLFR GH ORV SUHVXSXHVWRV SHGDJyJLFRV GH DPERV PpWRGRV &DGD XQR
SRGUtDKDFHULQFOXVRXQDGHIHQVDLUUHGXFWLEOHGHVXSURSXHVWD\DGXFLUSDUDHOORFULWHULRV
GH REMHWLYLGDG YDOLGH] R ILDELOLGDG 6LQ HPEDUJR D OD ODUJD VHUi SRVLEOH UHFXUULU D OD
SUiFWLFDFRPRiUELWURHQWUHODVGRVVROXFLRQHV
; &RQFXHUGR HQ TXH OD LQFRQPHQVXUDELOLGDG HQWUH SDUDGLJPDV TXH LQVLVWR HV XQD
WHVLV EiVLFD GH .XKQ QR HV VRVWHQLEOH +D\ XQD UD]yQ SULPRUGLDOPHQWH OyJLFD SDUD
GHVFDOLILFDUOD\HVTXHDFHSWDUODLPSOLFDUtDVXSRQHUTXHHVLPSRVLEOHWRGRGLiORJRHQWUH
GHIHQVRUHV GH OD YLVLyQ KLVWRULRJUiILFD GH OD FLHQFLD EDVDGD HQ ORV SDUDGLJPDV \
GHWUDFWRUHV X RSRVLWRUHV GH HVWD YLVLyQ FRQ OR FXDO OD SURSXHVWD GH ORV SDUDGLJPDV VH
FRQWUDHUtD D XQD WHUWXOLD FHUUDGD H LQWUDVFHQGHQWH HQWUH .XKQ \ VXV SRFRV ILHOHV
VHJXLGRUHV /D RWUD UD]yQ HV HPStULFD OD LQFRQPHQVXUDELOLGDG HQWUH SDUDGLJPDV
GHVHPERFD IDWDOPHQWH HQ HO FRURODULR GH TXH QR H[LVWH SURJUHVR HQ OD FLHQFLD FRPR
GHFLGLGDPHQWHSURSRQH.XKQ\\DHVRHVDOJRTXHGHVDItDDOSURSLRVHQWLGRFRP~QQLHO
SURSLR$ULVWyWHOHVVLYLYLHUDVHDIHUUDUtDDVXKLSyWHVLVH[SOLFDWLYDVREUHODFDtGDGHORV
FXHUSRV VyOLGRV \ OD DVFHQVLyQ GH ORV JDVHV VLPSOHPHQWH SRUTXH OD FLHQFLD KD
HYROXFLRQDGR\SURJUHVDGRKDFLDH[SOLFDFLRQHVPiVFRQYLQFHQWHV
$KRUDELHQHQUHODFLyQFRQWXHMHPSORFUHRTXHVLSDUWLPRVGHODWDXWRORJtDGHTXHWDO
SUREOHPDTXHGDUtDUHVXHOWRFXDQGRHOPpWRGRKD\DVLGRYDOLGDGRQLODSURSXHVWDGH$
QLODGH%QLSUREDEOHPHQWHODVXPDGHDPEDVFRQVWLWXLUtDQXQDYDOLGDFLyQGHOPpWRGR\
SRU WDQWR WDPSRFR VHUtDQ XQD VROXFLyQ GHO SUREOHPD SDUD TXLHQ WHQJD XQD GHILQLFLyQ
LLL
DPSOLDRH[LJHQWHGH ORTXHLPSOLFDYDOLGDU$\%QRVRQODV~QLFDVRSFLRQHV SHURHV
REYLRTXH$WLSLILFDORTXHSRGUtDPRVOODPDUXQDVROXFLyQHVWDGtVWLFDGHOSUREOHPD\%
XQDVROXFLyQFXDOLWDWLYDRPHMRUXQHQIRTXHHVWDGtVWLFR\XQHQIRTXHFXDOLWDWLYR
$/RTXHHTXLYDOHDDGPLWLUTXHWHQHPRVXQSUREOHPDFRQDOPHQRVGRVVROXFLRQHV\
HVR\DHPSLH]DDVRQDUFRQWUDGLFWRULR
;(QHOIRQGRQRKD\FRQWUDGLFFLyQ(OSDSHOGHOD FLHQFLDPRGHUQDHVHVHQFLDOPHQWHHO
>@
GHHQFRQWUDUSUREOHPDV\SODQWHDUORV /RGHUHVROYHUORVHVPXFKRPiVGLVFXWLEOH/D
FLHQFLDHVWHQVLyQSHUPDQHQWHPDVLSVRIDFWRXWySLFD KDFLDODVROXFLyQGHSUREOHPDV
LY
/RV SUREOHPDV VRQ LQDJRWDEOHV HQ H[WHQVLyQ \ HQ LQWHQVLyQ \ SRU WDQWR HQ XQ
VHQWLGR DEVROXWR LQVROXEOHV DXQTXH FRQWUDULDPHQWH D OR TXH VRVWLHQH .XKQ KD\ XQ
SURJUHVR (Q HVWH VHQWLGR VH H[WLQJXH OD DSDUHQWH SDUDGRMD GH TXH OD FLHQFLD VHD
HVHQFLDOPHQWHXQDDFWLYLGDGHVFUXWDGRUDHLGHQWLILFDGRUDGHSUREOHPDV
$1RDOFDQ]RDYHUODFRQH[LyQFRQPLHMHPSOR
;/DFRQH[LyQFRQVLVWHHQTXHODYDOLGDFLyQGHXQPpWRGRRGHFXDOTXLHUFRVDHVXQ
SUREOHPDLQDJRWDEOHTXHVWULFWXVHQVR QRHVSRVLEOHQXQFDGDUSRUUHVXHOWRDXQTXHHQ
WpUPLQRVSUiFWLFRVVHDSRVLEOHGHILQLUORTXHSRGUtDPRVOODPDUXQYROXPHQUD]RQDEOHGH
HYLGHQFLD YDOLGDWRULD PiV DOOi GHO FXDO VyOR ORV HVFpSWLFRV LQFXUDEOHV R ORV SXULVWDV
LPSHQLWHQWHVTXHUUtDQSURVHJXLU
$6LOHLQWHUSUHWRELHQORTXHXVWHGTXLHUHGHFLUHVTXHHOSUREOHPDGHODYDOLGDFLyQ\
SRUODVPLVPDVUD]RQHVORVSUREOHPDVGHODFLHQFLDWHQJDQRQRXQDVDOLGDHVWDGtVWLFD
QR WLHQHQ VROXFLyQ VL HQWHQGHPRV OD VROXFLyQ FRPR DOJR H[KDXVWLYR TXH FDQFHOD HO
SUREOHPD\ORGHMDDEVROXWD\GHILQLWLYDPHQWHDJRWDGR(VWRPHSDUHFHVLQHPEDUJRXQ
UHVXOWDGR WULYLDO TXH QR DSRUWD QDGDFDSLWDODOGHEDWHVREUHODLQFRQPHQVXUDELOLGDGTXH
HVWiEDPRVDQDOL]DQGR
;3XHGHVHUWULYLDOHQXQ VHQWLGRILORVyILFRSHURQRORHVHQXQVHQWLGRSUiFWLFR&UHR
TXHHVQHFHVDULRHUUDGLFDU GHXQDYH]SRUWRGDVODFUHHQFLDGHTXHDERUGDUSUREOHPDV
HQODFLHQFLDHVDOJRFRPRGHUULEDUiUEROHV7DOYH]SRGDUUDPDVDGYHQWLFLDVSXHGDVHU
3RU HMHPSOR SRGUtD SHQVDUVH HQ XQD DOWHUQDWLYD TXH QR VXSRQH UHFXUULU D OD FRPSDUDFLyQ FRQ FXDOTXLHU RWUR
PpWRGR VLQR D OD FRQILUPDFLyQ GH TXH HO PpWRGR SURSXHVWR VDWLVIDFH FLHUWRV FULWHULRV HVWDEOHFLGRV D SULRUL TXH
FRPELQDQHOHPHQWRVGHOGLVHxRGH$\GH%
LY
6RQLQDJRWDEOHVSRUTXHFUHFHQLQWHQVLyQ\VHDUWLFXODQH[WHQVLyQLQFHVDQWHPHQWH
LLL
XQDPHMRUPHWiIRUDD~QGHQWURGHOiPELWRGHODIORULFXOWXUD<HVWR\VHJXURGHTXHHVWH
KHFKRWLHQHSURIXQGDVLPSOLFDFLRQHVHQODSUiFWLFDFLHQWtILFD3RUHMHPSORVLQRVRWURVORV
HVWDGtVWLFRV IXpVHPRV FRQVHFXHQWHV FRQ HVH SULQFLSLR FRPSUHQGHUtDPRV \
HGXFDUtDPRV D ORV GHPiV HQ HVD FRPSUHQVLyQ TXH DO HOHJLU XQ HQIRTXH HVWDGtVWLFR
DXQTXH pVWH VHD FRUUHFWR QR HVWDPRV DSRUWDQGR QL OD VROXFLyQ QL RWUD VROXFLyQ GHO
SUREOHPD 6H GLVXHOYH DVt OD IDODFLD GH OD LQFRPXQLFDELOLGDG R OD LQFRQPHQVXUDELOLGDG
VLQ GHVFRQRFHU OD H[LVWHQFLD GH HQIRTXHV GLIHUHQWHV (Q RWURV WpUPLQRV D SDUWLU GH XQ
SUREOHPDELHQIRUPXODGRSXHGHKDEHUGLYHUVRVHQIRTXHVSHURQLQJXQRWLHQHHQSULQFLSLR
GHUHFKR GH H[FOXVLYLGDG PHWRGROyJLFD VLPSOHPHQWH SRUTXH QR H[LVWH QDGD D OR TXH
SXHGD OODPDUVH VROXFLyQ HQ OD TXH DOJ~Q PpWRGR SXHGD UHLYLQGLFDU HO SULYLOHJLR GH XQ
SURWDJRQLVPR
$9DOGUtDODSHQDTXHUHFDSLWXOiVHPRV0HJXVWDUtDUHWRPDUPLVLQWHUURJDQWHVLQLFLDOHV
¢&XiOHVVRQDVXMXLFLRORVUDVJRVGHILQLWRULRVGHXQ SDUDGLJPD"¢4XpFRPSDUWHXVWHG\
FRQ TXp GLVLHQWH HQ OD SURSXHVWD GH .XKQ" < SRU ~OWLPR ¢OR TXH FRP~QPHQWH
FRQRFHPRVSRUDQiOLVLVHVWDGtVWLFRFDOLILFDFRQSURSLHGDGFRPRXQSDUDGLJPD"
;$XQTXHHOSURSLR.XKQHQHQVD\RVSRVWHULRUHVDVXOLEURRULJLQDO RSWySRUDFRWDUHO
DOFDQFHGHOWpUPLQRSDUDGLJPDSDUDHYLWDUDOJXQDVGHODVFRQIXVLRQHVDTXHGLROXJDUVX
HPSOHR FRQ GLVWLQWDV DFHSFLRQHV D OR ODUJR GH VX WH[WR FOiVLFR KD\ YDULRV FRQFHSWRV
FODYHTXHFRQIRUPDQHVDUHFDSLWXODFLyQTXHPHSLGHV
>@
/RV PLHPEURV GH XQD FRPXQLGDG FLHQWtILFD SUDFWLFDQWHV GH OD PLVPD HVSHFLDOLGDG
PLHPEURV GH ODV PLVPDV VRFLHGDGHV FLHQWtILFDV LQGLYLGXRV FRQ LQWHUHVHV FLHQWtILFRV
FRPXQHV VXHOHQ FRPSDUWLU XQ OHQJXDMH SDUD OD FRPXQLFDFLyQ LQWUDJUXSDO \ XQD
UHODWLYD XQDQLPLGDG GH MXLFLR HQ PDWHULDV SURIHVLRQDOHV VXHOHQ KDEHU DEVRUELGR OD
PLVPDOLWHUDWXUD\KDEHUH[WUDtGREiVLFDPHQWH ODVPLVPDVFRQFOXVLRQHVGHVXOHFWXUD
(VWRV HOHPHQWRV GH HQWHQGLPLHQWR FRP~Q TXH LGHQWLILFDQ XQ UHSHUWRULR GH
SUREOHPDV TXH HVWDEOHFHQ ODV SDXWDV SDUD GLFKD LGHQWLILFDFLyQ \ ORV FULWHULRV
GH DFHSWDFLyQ GH VXV VROXFLRQHV FRQILJXUDQ XQ SDUDGLJPD 7RGD OD SUiFWLFD
FLHQWtILFD FRQ VXV FULWHULRV GH YDOLGH] VXV MXLFLRV GH REMHWLYLGDG \ VXV PRGRV
SDUWLFXODUHV GH LQWHUDFWXDU FRQ HO XQLYHUVR GH HVWXGLR VH HQFXHQWUD DUUDLJDGD
HQGLFKRSDUDGLJPD 3DUDGHFLUORGHRWURPRGRHOSODQWHRODVROXFLyQ\HOPpWRGR
HVWiQVXMHWRVDFLHUWDVQRUPDWLYDVLPSOtFLWDVLQYLRODEOHV.XKQFUHHTXHGHHVWHKHFKR
GHULYDODHVHQFLDOLQFRQPHQVXUDELOLGDGGHORVSDUDGLJPDV
(OGHVDUUROORFLHQWtILFRQRHVRSRUORPHQRVQRHVVLHPSUH XQSURFHVRDFXPXODWLYR
$WUDYLHVD SRU ODUJRV SHUtRGRV GH CFLHQFLD QRUPDO \ SRU SHUtRGRV WUDQVLFLRQDOHV GH
CFLHQFLDH[WUDRUGLQDULDTXHRFXUUHQFXDQGRXQSDUDGLJPDKDFHFULVLV\HVVXVWLWXLGR
SRURWUR
(VWD VXVWLWXFLyQ VH SURGXFH HQ PHGLR GH YHUGDGHUDV UHYROXFLRQHV FLHQWtILFDV TXH
GHVHPERFDQHQQXHYDV\UDGLFDOPHQWHGLIHUHQWHVYLVLRQHVGHODUHDOLGDG
&UHRTXHpVWRVVRQORVUDVJRVGHILQLWRULRV3XHGRFRPSDUWLUHOSXQWRGHYLVWDGHTXHOD
LQYHVWLJDFLyQ \ SUREDEOHPHQWH WDPELpQ DXQTXH FRQ RWURV FLFORV GH FDPELR \ RWUDV
PRGDOLGDGHV ODV SUHIHUHQFLDV HVWpWLFDV ORV MXLFLRV PRUDOHV \ ODV FRQFHSFLRQHV
DUWtVWLFDV RFXUUHGHDFXHUGRDFLHUWRVDUTXHWLSRVRHVWHUHRWLSRV
(OSODQWHRODVVROXFLRQHV\HOPpWRGRHVWDGtVWLFRVVRQHMHPSORVGHHVRVDUTXHWLSRV\OD
VLJQLILFDFLyQODUHSUHVHQWDWLYLGDG\ORVYDORUHVGH SVRQWDPELpQHMHPSORVGHFyPRHVH
DUTXHWLSRSDUWLFXODUVHFRPXQLFDDWUDYpVGHOOHQJXDMH
'H OD H[LVWHQFLD GH HVWRV DUTXHWLSRVQRVHGHULYDVXLQFRQPHQVXUDELOLGDG/DVXFHVLyQ
GH ORV DUTXHWLSRV QR HV XQ VLPSOH FDPELR GH PRGD H[LVWHQ SULQFLSLRV PiV SULPDULRV
D~Q TXH VXV HOHPHQWRV IXQGDFLRQDOHV TXH SHUPLWHQ HO GLiORJR HQWUH DGHSWRV GH
DUTXHWLSRVGLIHUHQWHVRDOPHQRVHODUELWUDMHHQWUHVXVp[LWRVUHODWLYRV/DLQFRPSUHQVLyQ
RODLQWUDQVLJHQFLDTXHDIORUDQSRUHMHPSORHQWUHLQYHVWLJDGRUHVVRFLDOHV\ELRPpGLFRV
R HQWUHFLHQWtILFRV IDFWXDOHV \ IRUPDOHVRFXUUHQLQQHJDEOHPHQWHSHURGLVWDQPXFKRGH
VHULUUHGXFWLEOHV(QULJRUHVLQFRUUHFWRKDEODUGHODVROXFLyQGHXQSUREOHPDFLHQWtILFR
FXDOTXLHUD SRU WDQWR QR H[LVWH DTXHOOR GH OR TXH DOJ~Q SDUDGLJPD SRGUtD UHFODPDU
SDWULPRQLR H[FOXVLYR \ HVWH VLPSOH KHFKR DPSXWD D ORV SDUDGLJPDV GH XQR GH VXV
HOHPHQWRVHVHQFLDOHV\FRQVWLWXWLYRV
/D QHJDFLyQ GH OD QRFLyQ GH SURJUHVR HV DEVXUGD DXQTXH RFDVLRQDOPHQWH SXHGD VHU
GLItFLODSUHFLDUORHQHWDSDVFRUWDV/DFDSDFLGDGGHOKRPEUHDFWXDOSDUDKDFHUIUHQWHDODV
LQIHFFLRQHV SDUD OD QDYHJDFLyQ DpUHD R SDUD SURWHJHUVH GH ORV GHVDVWUHV QDWXUDOHV R
LQFOXVRSDUDLQWHUSUHWDUODUHDOLGDGHVPX\VXSHULRUDODGHOKRPEUHGHOVLJOR;9,,\HVD
REYLD UHDOLGDG QR HV GHVPHQWLGD SRU ORV HIHFWRV OHWDOHV R DGYHUVRV GH OD LQYHVWLJDFLyQ
LUUHVSRQVDEOHRFRQILQHVLOHJtWLPRV
+D\ GHVFXEULPLHQWRV \ WHRUtDV YHUGDGHUDPHQWH UHYROXFLRQDULRV HQ OD KLVWRULD GH OD
FLHQFLDFRPRODWHRUtDGHODUHODWLYLGDGRODPHFiQLFDFXiQWLFDR HOGHVFXEULPLHQWRGHOD
IRUPD KHOLFRLGDO GHO $'1 \ VXV IXQFLRQHV TXH HQ FLHUWR VHQWLGR FRQILJXUDQ XQ PRGR
GLIHUHQWH GH HQWHQGHU OD UHDOLGDG SHUR QLQJXQR GH HOORV GHEH VX p[LWR D FULWHULRV
SDUFHODEOHV GHQWUR GH DOJ~Q SDUDGLJPD IXHUD GHO FXDO VXV PpULWRV QR IXHVHQ
UHFRQRFLEOHV 3RU HO FRQWUDULR VX p[LWR VH GHEH D XQD VHULH GH DWULEXWRV HO PiV
LPSRUWDQWH GH ORV FXDOHV DXQTXH QR HO ~QLFR HV XQD PD\RU FRPSDWLELOLGDG FRQ ORV
KHFKRV GH OD H[SHULHQFLD TXH WRGD OD FRPXQLGDGFLHQWtILFD FRPSDUWH FRPR FULWHULRV GH
DFHSWDFLyQ DXQTXH ORV FLHQWtILFRV GH OD pSRFD IXHVHQ FRQ UD]yQUHWLFHQWHV D
UHFRQRFHUORVHQODVHWDSDVLQDXJXUDOHVGHHVWDVQXHYDVWHRUtDV
+D\XQPRGRHVWDGtVWLFRGHDERUGDUORVSUREOHPDVHQHVSHFLDOGHQWURGHOiPELWRGHODV
FLHQFLDV PpGLFDV &UHR TXH WDPELpQ KD\ SODQWHRV HVWDGtVWLFRV GH ORV SUREOHPDV HV
GHFLUXQOHQJXDMHHVWDGtVWLFRSDUDHOSODQWHRTXHIUHFXHQWHPHQWHQRHVOD~QLFDRSFLyQ
VL PH DGPLWHV HVWD H[SUHVLyQ DQILEROyJLFD QL WDPSRFR OD PHMRU RSFLyQ \ KD\ SRU
VXSXHVWR XQ HVWLOR HVWDGtVWLFR SDUD FRQFHELU OD VROXFLyQ GH ORV SUREOHPDV TXH ORV
HVWDGtVWLFRVKHPRVFRQVHJXLGRHQFLHUWRPRGRLPSRQHUDOUHVWRGHORVFLHQWtILFRVHQORV
~OWLPRVyDxRV&UHRTXHHOSODQWHRHODERUGDMH\ORTXHSRGUtDHQWHQGHUVHFRPR
VROXFLyQ VRQ WUHV HOHPHQWRV TXH VH FRQGLFLRQDQ PXWXDPHQWH HO SODQWHR VH KDFH GH
PRGR TXH HO SUREOHPD VHD PDQHMDEOH FRQ HO DSDUDWR LQVWUXPHQWDO \ FRQFHSWXDO GH OD
(VWDGtVWLFD\TXHODVXSXHVWDVROXFLyQVHSXHGDDOFDQ]DUFRQGLFKRDSDUDWR(OGLVHxR\
HODQiOLVLVTXHVRQ SDUWHGHOPpWRGRHVWiQREYLDPHQWHFRQGLFLRQDGRVSRUHOSODQWHR\
DVtVXFHVLYDPHQWH6LQHPEDUJRHVWHKHFKRQRFRQILJXUDXQSDUDGLJPDHQHOVHQWLGRGH
.XKQ
$ 6LHQWR SURIHVRU TXH DXQTXH QR KHPRV DJRWDGR WRGR HO WHPD KHPRV GLVFXWLGR
DOJXQDV FRVDV EiVLFDV 0H JXVWDUtD HQ DOJ~Q PRPHQWR UHWRPDU HO DVXQWR GHO WUDEDMR
FLHQWtILFR FRPR E~VTXHGD\ SODQWHR GHSUREOHPDVSRUTXHHQHVHDVSHFWRKD\DOJXQRV
KHFKRVVLQJXODUHVHQOD(VWDGtVWLFDTXHGHEHUtDPRVWUDWDU1RREVWDQWHSDUDPtORPiV
LPSRUWDQWHHVTXHVXVtQWHVLVVREUHORVSDUDGLJPDVPHUDWLILFDTXHHOHPSOHRGHOWpUPLQR
VXHOHVHULPSUHFLVR\VXSHUILFLDO
5HIHUHQFLDVELEOLRJUiILFDV
*DUGQHU07KH1LJKWLV/DUJH1HZ<RUN6W0DUWLQ
V*ULIILQSS
'LFFLRQDULR(QFLFORSpGLFR&RORU&RPSDFW2FHDQR2FHDQR*UXSR(GLWRULDO6$
0DGULGSS
1H\PDQ-3HDUVRQ(62QWKHXVHDQGLQWHUSUHWDWLRQRIFHUWDLQWHVWFULWHULDIRU
SXUSRVHVRIVWDWLVWLFDOLQIHUHQFH%LRPHWULND
.XKQ767KH6WUXFWXUHRI6FLHQWLILF5HYROXWLRQV&KLFDJR8QLYHUVLW\RI
&KLFDJR3UHVV
/DXGDQ//DFLHQFLD\HOUHODWLYLVPR0DGULG$OLDQ]D(GLWRULDOSS
0H\HU05KHWRULFODQJXDJHDQGUHDVRQ8QLYHUVLW\3DUN7KH3HQQV\OYDQLD
6WDWH8QLYHUVLW\3UHVVSS
.XKQ767KHHVVHQWLDOWHQVLRQ&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV