Revista Viceversa 2

#$31¬2#$+ 2,.-3 ^ 2(, &$-#$+ 2'¬-(-* +$) -#1." +#$1³-$-31$+.28¬-$2' #$+ 2$+5 "$-31 +
+ 5.9#$+ 13(23 , 9³-(".~4"'41 "" 8+ 31 23$,/.1 +(# ##$+#.+.1 31 5]2#$+ ,$,.1(
" # 4-.2.,.24- '(23.1( 5(5($-3$".,.4-,42$.5(5($-3$+ 13("4+ "(³-#$4- ,$,.1( /¶!+(" $-$+/$1¶
9LFH HUVD
"R>ABOKLPAB3O>?>GLPL?OB(KQBO@RIQRO>IFA>A
#BPABQRPLGLP
@LKQRSLW
$+5 +.1#$+ /1(,$1
2$-3$-"( $- 8, 1
(O SUR\HFWR 9LGHRWHFD GH ODV
&XOWXUDV9'&LQLFLDWLYDGHO
9LFHPLQLVWHULR GH ,QWHUFXOWX
UDOLGDG EXVFD SURPRYHU HO
HMHUFLFLR GH OD FLXGDGDQªD
LQWHUFXOWXUDO D WUDY¦V GH OD
SURGXFFL°Q GH REUDV DXGLRYL
VXDOHV SDUWLFLSDWLYDV FRQ
QL®RVQL®DV\DGROHVFHQWHVGH
FRPXQLGDGHVLQGªJHQDV\DIUR
GHVFHQGLHQWHV \ GH OD GLIX
VL°QSDUDWRGDODFRPXQLGDG
HGXFDWLYD GH REUDV GRFXPHQ
WDOHV \ YLGHRV SDUWLFLSDWLYRV
GH UHSUHVHQWDFL°Q FXOWXUDO
SURGXFLGRVSRURUJDQL]DFLRQHV
\SURGXFWRUHVLQGHSHQGLHQWHV
+>SLWABI
>OQFPQ>>J>WqKF@L
(QHOPDUFRGHODH[SRVLFL°Q
Ò'HVXODUJROODQWRVHIRUP°
HO $PD]RQDV 1DUUDWLYDV
DPD]°QLFDV QR UHSUHVHQWDGDV
HQ OD KLVWRULD SHUXDQDÓ
UHDOL]DGD EDMR OD FXUDGXUªD
GH &KULVWLDQ %HQGD\žQ \
*LXOLDQD9LGDUWHHQHO&HQWUR
&XOWXUDO5LFDUGR3DOPDGHOD
0XQLFLSDOLGDG GH 0LUDIORUHV
ODBKQFK>
+LPGqSBKBPV
I>PJBJLOF>P
-XDQ \ &HOLQD SRQHQ HQ
HYLGHQFLDORTXHPXFKDVYHFHV
FXHVWDWHQHUHQFXHQWDFXDQGR
VHSLHQVDHQODWUDQVPLVL°QGH
ODVH[SHULHQFLDVSDVDGDVDODV
QXHYDV JHQHUDFLRQHV PžV TXH
UHFHSWRUHV SDVLYRV GH XQD
KLVWRULDSDUDHOORV
VHGHVDUUROO°HO MXHYHVGH
RFWXEUH GH HO FRQYHUVD
WRULR Ò/D YR] GHO DUWLVWD
DPD]°QLFR &RQVWUX\HQGR
KLVWRULDGHVGHODVLPžJHQHVÓ
(VWH GLžORJR FRQW° FRQ OD
SDUWLFLSDFL°Q GH XQR GH ORV
FXUDGRUHV GH OD PXHVWUD
&KULVWLDQ%HQGD\žQODLQYHV
WLJDGRUD
ONRFQB@QRO>"EF@E>
IL@ELILBKI>
>ONRFQB@QRO>
/D DUTXLWHFWXUD FKLFKD SRGHU HQXPHUDUODV (O
DXQTXH VXHQH LU°QLFR KD GHVG¦Q\ODHVFDVDSUHRFXSD
VLGR VLHPSUH XQ WHPD SRFR FL°QSRUSDUWHGHORVDUTXL
SRSXODUHQHOPXQGRDFDG¦ WHFWRVSDUDFRQODDUTXLWHF
PLFR &RQ WDQ VROR GDU XQ WXUD SRSXODU UHIOHMD OD
YLVWD]RDODOLVWDGHSXEOL DFWLWXGJHQHUDOTXHWXYRHO
FDFLRQHV DFHUFD GH WHPDV OLPH®RSDUDFRQHOPLJUDQWH
DILQHVFRPRSRUHMHPSOROD (O SURSLR FRQFHSWR GH OR
DUTXLWHFWXUD YHUQDFXODU SRSXODUVHKL]RGLIªFLOGH
SRGUHPRV QRWDU TXH EDVWDQ PDQHMDU /D LUUXSFL°Q GHO
ORVGHGRVGHODVPDQRVSDUD SXHEORHQODFLXGDGGHOR
UXUDOHQORXUEDQRKL]RTXH
ORV FRQFHSWRV DOJXQD YH]
WDQ FODUDPHQWH GHILQLGRV
SHUGLHUDQSUHFLVL°Q(VDVª
TXH/LPDVHHVFLQGHHQGRV
ODSULPHUDRILFLDORFFLGHQ
WDOFULROOD\
9ROXPHQ-XQLR
+LP@>JFKLPAB
I>FKQBDO>@FqK
VI>BU@IRPFqK
COLMBOR>KLP
>JBAF>ALPABI
PFDIL7(7
(OOHPDÒGHVGHWXVRMRVFRQ
WX YR]Ó VLQWHWL]D QXHVWUR
PHQVDMH TXH HO SURWDJRQLVWD
HV HO QL®R TXH OH KDEOD D
RWURV FRPR ¦O XVDQGR VXV
OHQJXDMHV VXV UHFXUVRV VXV
UHFXHUGRV\DIHFWRV
(OSUR\HFWRIRPHQWDODVFRPSH
WHQFLDV DXGLRYLVXDOHV HQ OD
QXHYD JHQHUDFL°Q VREUH WRGR
HQ FRPXQLGDGHV LQGªJHQDV \
DIURGHVFHQGLHQWHV
¶OEJDF
',9(56,'$'
'HVGHWXVRMRVFRQWXYR]
%HUQDUGR&iFHUHV
/RVFDPLQRVGHODLQWHJUDFLyQ
\ODH[FOXVLyQ$IURSHUXDQRV
DPHGLDGRVGHOVLJOR;,;
-HV~V&RVDPDOyQ\0DULEHO$UUHOXFHD
3UHVHQWDFLyQ
$UTXLWHFWXUD&KLFKD
ORFKRORHQODDUTXLWHFWXUD
'DYLG3H]R
/DYR]GHODUWLVWD
DPD]yQLFR
)LRUHOOD/ySH]
(175(9,67$6
/DYLJHQFLDGHOHQVD\RORLQWHOHFWXDO
\ODPHPRULD
(QWUHYLVWDD*XVWDYR)DYHUyQ
-RVp&DUORV$JHUR
‹&DUORV*DVWHOXPHQGL
(OYDORUGHODSULPHUDVHQWHQFLDHQD\PDUD
(QWUHYLVWDD9LFHQWH$ODQRFDHOWUDGXFWRU
(GXDUGR%XUJD
(OLQGLR\HOSRGHUHQHO3HU~
(QWUHYLVWDD(QULTXH0D\HU
3DEOR6DQGRYDO
$UJHQWLQD
ORVMyYHQHV\ODVPHPRULDV
6DQGUD5DJJLR
0HPRULDGHVDUUROOR\SRVWFRQÀLFWR
&KXVFKL$\DFXFKR
(GXDUGR7RFKH
3DWULFLD%DOEXHQD3DODFLRV
9LFHPLQLVWUDGH,QWHUFXOWXUDOLGDG
5RFtR0XxR])ORUHV
'LUHFWRUDGHOD'LUHFFLyQ*HQHUDOGH
&LXGDGDQtD,QWHUFXOWXUDO
(GLWRUHVJHQHUDOHV
-RVp&DUORV$JHUR
3DEOR6DQGRYDO
&DGDXQRVRPRVXQDKLVWRULD
YLYLHQWHFRPRXQPXVHR
YLYLHQWH
/DDUWLFXODFLyQGHXQD
PHPRULDS~EOLFDHQHO3HU~
3RQFLDQR'HO3LQR
$VLVWHQFLDGHHGLFLyQ
.DULQD&KDSSHOO
1HNVRQ3LPHQWHO
&RUUHFFLyQGHWH[WRV
*LXOOLDQD(OL]DEHWK5DPtUH]/LxDQ
'LVHxR\GLDJUDPDFLyQ
5HQ]R(VSLQHO\/XLVGHOD/DPD
9LFHYHUVD1ƒ
-XQLRGH/LPD±3HU~
9LFHYHUVDHVXQDSXEOLFDFLyQGHO0LQLVWHULRGH
&XOWXUD
'HWUiVGHODVPRQWDxDV
,PDJHQGHODVKiQLQND$OHMDQGUR&DOGHUyQ
HQWUHORV<iQHVKDGHODVHOYDFHQWUDO
1DWDOt'XUDQG
8FKXUDFFD\
/DWUDVWHPSRUDOLGDGGHO
GRORUDWUDYpVGHODPHPRULD
)UDQ].UDMQLN
&XDGHUQRVGHWUDEDMRVREUH,QWHUFXOWXUDOLGDG
'LDQD$OYDUH]&DOGHUyQ*DOOR
0LQLVWUDGH&XOWXUD
'(%$7(1281$6,1208&+$60(025,$6
9LFHYHUVD
£-XVWLFLDSDUD$FFRPDUFD
0HPRULD\SURWHVWDHQHO
FDUQDYDOD\DFXFKDQR
5HQ]R$URQL
0LQLVWHULRGH&XOWXUD
$Y-DYLHU3UDGR6DQ%RUMD
/LPD±3HU~
7HOpIRQR
ZZZFXOWXUDJRESH
3XHGHQHVFULELUQRVD
WRGDVODVVDQJUHV#FXOWXUDJRESH
ZZZWRGDVODVVDQJUHVSHUXODPXODSH
(Q HVWD VHJXQGD HQWUHJD GH 9LFHYHUVD HO
0LQLVWHULRGH&XOWXUDPDQWLHQHVXFRPSUR
PLVR HQ FRORFDU FRPR SDUWH GHO GHEDWH
S~EOLFRORVWHPDVTXHGDQIRUPDDODGLYHU
VLGDG FXOWXUDO /HMRV GH XQD FHOHEUDFLyQ
OLJHUD GH ODV SOXUDOLGDGHV LQYLWDPRV D XQD
UHÀH[LyQ FUtWLFD DFHUFD GH ODV GLIHUHQFLDV
FXOWXUDOHV\ORVFDPELRVTXHHMHUFHQHQORV
DVXQWRVS~EOLFRV
(VWHQ~PHURFRPSDUWHH[SHULHQFLDVGRQGHOD
GLYHUVLGDGHQWUDHQMXHJRVHSRQHHQPRYL
PLHQWR\QRVSHUPLWHVDOLUGHORVGLVFXUVRV
JHQHUDOHV SDUD FRQRFHUOD GHVGH SURFHVRV R
KHFKRVHVSHFt¿FRV(QXQDSULPHUDSDUWHQRV
SUHJXQWDPRVVREUHODFRQVWUXFFLyQGHQXHV
WUDV UHSUHVHQWDFLRQHV \ HO PRGR HQ TXH
HODERUDPRV \ FRPSDUWLPRV QXHVWUDV
LPiJHQHV VREUH ORV RWURV VXV KLVWRULDV \
WDPELpQVREUHQXHVWURSURSLRHVSDFLRItVLFR
$UWtFXORVFRPRORVGH3H]RVREUHODDUTXLWHF
WXUD FKROD GH %HUQDUGR &iFHUHV VREUH ODV
YLGHRWHFDV )LRUHOOD /ySH] VREUH XQD
PXHVWUDGHDUWHLQGtJHQD\$UUHOXFHD\&RVD
PDOyQVREUHKLVWRULDFXOWXUD\HVWHUHRWLSRHQ
ORVDIURSHUXDQRVQRVOOHYDQKDFLDHVDUHÀH
[LyQ
8QVHJXQGREORTXHFRQWUHVHQWUHYLVWDVQRV
SODQWHD FXHVWLRQHV FHQWUDOHV FRPR OD ODUJD
GXUDFLyQGHORVFDPELRVVRFLDOHVHQHOFDPSR
DSDUWLUGHXQDFRQYHUVDFLyQFRQHOLQYHVWL
JDGRU (QULTXH 0D\HU XQD FUtWLFD DJXGD DO
PXQGROHWUDGRGHVYLQFXODGRGHORVSURFHVRV
VRFLDOHVSODQWHDGRSRUHOFUtWLFROLWHUDULR\
HVFULWRU *XVWDYR )DYHUyQ \ OD RSLQLyQ GHO
FDWHGUiWLFR9LFHQWH$ODQRFDVREUHODLPSRU
WDQFLD GHO WUDGXFWRU \ OD SULPHUD VHQWHQFLD
HPLWLGDHQD\PDUDHQQXHVWURSDtV
3DUDWHUPLQDUHQHOWHUFHUEORTXHVHSURIXQ
GL]DXQRGHORVWHPDVIXQGDPHQWDOHVSDUDHO
DUUDLJRGHQXHYDVVXEMHWLYLGDGHV\FLXGDGD
QtDDTXHOORTXHHQWHQGHPRVFRPRPHPRULD
GHORVSXHEORV
(O0LQLVWHULRGH&XOWXUDFRPSUHQGHTXHOD
YDORUDFLyQGHLGHQWLGDGHVQDUUDWLYDVSURSLDV
\HOHPHQWRVFRQVHUYDGRV FRPRUHOHYDQWHV
SRUSHUVRQDVFRPXQLGDGHVSXHEORV\FROHF
WLYRVVRQFODYHDOPRPHQWRGHWHQGHUSXHQWHV
GH UHFRQRFLPLHQWR TXH QRV RULHQWDQ KDFLD
XQDFRQVLGHUDFLyQSRVLWLYD\HOUHVSHWRSRU
TXLHQHVFRQYLYHQFRQQRVRWURV
1RV SDUHFH RSRUWXQR DSUR[LPDUQRV D ODV
PHPRULDVHQSOXUDOSRUTXHVRQPXFKRVORV
TXH UHFXHUGDQ TXLHQHV FDOODQ VLJQL¿FDQ R
GDQ YDORU D HVWRV UHFXHUGRV \ WDPELpQ VRQ
PXFKRVORVWLHPSRV\OXJDUHVTXHRULJLQDQ
DTXHOOR TXH OODPDPRV GH IRUPD DEVWUDFWD
PHPRULDKLVWyULFD
(VWDVQRVRQFXHVWLRQHVVHQFLOODVSHURQRV
LPSXOVDQDSHQVDUVHULDPHQWHVREUHHOVLJQL
¿FDGRGHODGLYHUVLGDGFXOWXUDOFXDQGRHVWR
WDPELpQ LPSOLFD HQFDUQDU H[SHULHQFLDV
FRPSOHMDV (VSHUDPRV TXH HVWH Q~PHUR
JHQHUHXQDPSOLRGLiORJR\GHEDWH
6
',9(56,'$'
%FTEFUVTPKPT
DPOUVWP[
%HUQDUGR&iFHUHV9HJDV
&RRUGLQDGRUGH9LGHRWHFDGHODV&XOWXUDV'LUHFFLyQGH'LYHUVLGDG&XOWXUDO\(OLPLQDFLyQGHOD'LVFULPLQDFLyQ5DFLDO
(OSUR\HFWR9LGHRWHFDGHODV&XOWXUDV9'&LQLFLDWLYDGHO9LFHPLQLVWHULRGH,QWHUFXOWXUDOLGDGEXVFDSURPRYHUHOHMHUFLFLRGHOD
FLXGDGDQtDLQWHUFXOWXUDODWUDYpVGHODSURGXFFLyQGHREUDVDXGLRYLVXDOHVSDUWLFLSDWLYDVFRQQLxRVQLxDV\DGROHVFHQWHVGHFRPXQL
GDGHVLQGtJHQDV\DIURGHVFHQGLHQWHV\GHODGLIXVLyQSDUDWRGDODFRPXQLGDGHGXFDWLYDGHREUDVGRFXPHQWDOHV\YLGHRVSDUWLFLSDWLYRV
GHUHSUHVHQWDFLyQFXOWXUDOSURGXFLGRVSRURUJDQL]DFLRQHV\SURGXFWRUHVLQGHSHQGLHQWHV
‹3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
(OOHPD³GHVGHWXVRMRVFRQWXYR]´VLQWH
WL]DQXHVWURPHQVDMHTXHHOSURWDJRQLVWD
HV HO QLxR TXLHQ KDEOD D RWURV FRPR pO
XVDQGRVXOHQJXDMHUHFXUVRVUHFXHUGRV\
DIHFWRV
(O SUR\HFWR IRPHQWD ODV FRPSHWHQFLDV
DXGLRYLVXDOHV HQ OD QXHYD JHQHUDFLyQ
VREUH WRGR HQ FRPXQLGDGHV LQGtJHQDV \
DIURGHVFHQGLHQWHV GHVDUUROODQGR WDOOHUHV
GHH[SUHVLyQDXGLRYLVXDOFX\RVSURGXFWRV
DFWXDOPHQWH VH GLIXQGHQ D WUDYpV GH
<RX7XEH UHGHV VRFLDOHV SUR\HFFLRQHV
S~EOLFDV \ TXH SURQWR WHQGUiQ PD\RU
DOFDQFHPHGLDQWHQXHVWUDSiJLQDZHE\ODV
LQVWLWXFLRQHV HGXFDWLYDV DOLDGDV HQ WRGDV
ODVUHJLRQHVGHOSDtV
(VFDUDFWHUtVWLFDGHOHVFHQDULRFRQWHPSR
UiQHRTXHDTXHOORTXHORVPHGLRVDXGLRYL
VXDOHVPXHVWUDQWLHQHPiVRSRUWXQLGDGHV
GHFRQVWLWXLUVHHQSDUWHGHOGHEDWHS~EOLFR
(QHVWHVHQWLGRODWHOHYLVLyQGHVHxDODpUHD
VLJXH VLHQGR HO PHGLR PiV LQÀX\HQWH \
GHVGHKDFHXQRDxRVORVFRQWHQLGRVDXGLR
YLVXDOHVVRQORVPD\RULWDULRVHQHOLQWHU
FDPELRGLDULRGHOD,QWHUQHW$WUDYpVGHORV
WDOOHUHVGHH[SUHVLyQDXGLRYLVXDOGH9'&
TXHUHPRV TXH ORV QLxRV QLxDV \ DGROHV
FHQWHVGHFRPXQLGDGHVLQGtJHQDV\DIUR
GHVFHQGLHQWHVPHMRUHQVXFRQVXPR\XVR
FUtWLFR\FUHDWLYRGHHVWHHVSDFLRFRPXQL
FDFLRQDO\DVtVXFDSDFLGDGGHSDUWLFLSDU
GH ORV QXHYRV HVSDFLRV GH IRUPDFLyQ GH
RSLQLRQHV
7DOHVHOFDVRGHOWDOOHUGH3HUFFDSDPSD
GRQGHORVQLxRVVHWXUQDQODFiPDUDSDUD
JUDEDUVH UHVSRQGLHQGR D SUHJXQWDV HQ
¿FKDV TXH VH KDQ VRUWHDGR HQWUH HOORV
+HUQiQGHDxRVUHVSRQGH
³¢&XiOHVHOOXJDUPiVLPSRUWDQWHGHWX
FRPXQLGDG" 0L UHVSXHVWD VHUtD HV HO
OXJDU PiV LPSRUWDQWH FDVD FRPXQDO
SRUTXHWRGDODJHQWHVHUH~QHDOOtSDUD
TXHGLDORJXHQ´
(VWD GHFODUDFLyQ HV SDUWH GH XQR GH ORV
YLGHRVHGLWDGRVSRUHOJUXSRGHDGROHV
FHQWHVSDUWLFLSDQWHVGHO WDOOHUGHVHPD
QDV/RVYLGHRVHQVXVYHUVLRQHV¿QDOHVVH
SUR\HFWDQDQWHVXVIDPLOLDUHV\RWURVPLHP
EURVGHODFRPXQLGDG3UHVWLJLDGDGHVGHOD
SDQWDOODODGHFODUDFLyQYDOLGDVDQDPHQWH
HODXWRHVWLPD\UHQXHYDWUDGLFLRQHVGHPR
FUiWLFDV 6H SXHGHQ YHU GHFODUDFLRQHV GH
RUJXOORSRUVX3HUFFDSDPSDSRUHOSRGHU
GHOFDPSRSDUDDOLPHQWDUDVXVIDPLOLDV\D
ODV FLXGDGHV 0HVHV GHVSXpV ORV YLGHRV
UHDOL]DGRVHQ3HUFFDSDPSDOOHJDUDQDODV
HVFXHODVGHWRGRHOSDtV\VHUiQYLVWRVSRU
GLYHUVRV S~EOLFRV D WUDYpV GH FDQDOHV \
HYHQWRV GH GLIXVLyQ SUHYLVWRV SRU HO
9ROYHUDOtQGLFH
SUR\HFWR<VHFRQWULEXLUiTXL]iDIRUWD
OHFHUHOGHVDUUROORFRQLGHQWLGDG
(Q OD FRPXQLGDG DVKiQLQND GH 3XHUWR
2FRSD6DWLSR-XQtQXQJUXSRGHHVWX
GLDQWHV GH VHFXQGDULD TXH SDUWLFLSD GHO
WDOOHU9'&GHFLGHLQYHVWLJDUTXpSDVyHQ
ORVDxRVGHYLROHQFLDSROtWLFDHQVXVFRPX
QLGDGHV&RQIURQWDQDORVDGXOWRVDFHUFD
GHXQWHPDGLItFLOGHWUDWDUSDUDODVIDPLOLDV
LQGtJHQDVTXHVHFRQYLUWLHURQHQHOGH
ODVYtFWLPDV\GHORVVXIULPLHQWRVGHHVH
SHULRGR LQWHUFDPELDQ ORV UHWD]RV GH
PHPRULDTXHVHKDQ¿OWUDGRKDVWDHOORV
0L PDPi PH KDEtD FRQWDGR TXH OH
KDEtDQ PDWDGR D VX PDPi TXH OH
KDEtDQ GLVSDUDGR HQ OD FDEH]D 6H
HVWDEDEDxDQGRPLPDPi\HVFXFKyXQ
GLVSDUR\DPLVKHUPDQRVOHVGLMRHVFi
SDWH \ VH HVFDSDURQ \ QR VDEtDQ TXp
FRVD KDEtD SDVDGR 'H DOOt FXDQGR
YROYLHURQYLHURQDVXPDPiPXHUWD´
6XYLGHRHVDKRUDSDUWHGHOD9LGHRWHFDGH
ODV&XOWXUDVFRQLQGLFDFLRQHVHQHO'9'\
¿FKDV SHGDJyJLFDV HQ ODV TXH VH UHFR
PLHQGD VX XVR SDUD HO 9,, FLFOR GH OD
HGXFDFLyQEiVLFDUHJXODUƒ\ƒGHVHFXQ
GDULD
&RQ HVWH FXLGDGR VH LPSOHPHQWDQ ORV
PDOHWLQHV SDUD ODV HVFXHODV 9'& TXH
FRQWLHQHQ '9' FRQ SURGXFWRV DXGLRYL
VXDOHVGHUHSUHVHQWDFLyQFXOWXUDOWDQWRORV
FUHDGRV HQ QXHVWURV WDOOHUHV FRPR ORV
SURFHGHQWHVGHODULFDSURGXFFLyQDXGLRYL
6
',9(56,'$'
VXDOQDFLRQDOSDUWLFLSDWLYD\GRFXPHQWDO
FRQVXV¿FKDVSHGDJyJLFDVHQODVTXHVH
SURSRQHQDFWLYLGDGHVSUHYLDV\SRVWHULRUHV
DODYLVXDOL]DFLyQ/RVPDOHWLQHVOOHJDUiQD
ODV HVFXHODV TXH DGRSWDQ HVWH DxR OD
DPSOLDFLyQKRUDULDï
*UDFLDV D XQ FRQYHQLR ¿UPDGR FRQ HO
0LQLVWHULRGH(GXFDFLyQHVWRVPDOHWLQHV
VHFRQYLHUWHQHQXQDKHUUDPLHQWDSDUDOD
MRUQDGDHVFRODUFRPSOHWDTXHSURSRQHDO
FLQHIyUXPFRPRKHUUDPLHQWDSHGDJyJLFD
GRQGH PDHVWURV \ HVWXGLDQWHV WUDEDMHQ
VREUHODEDVHGHDFWLYLGDGHVSURSXHVWDVHQ
ODV ¿FKDV SHGDJyJLFDV SRU HMHPSOR FRQ
KLVWRULDV IDPLOLDUHV LQYHVWLJDFLyQ HQ OD
PHPRULD ORFDO UHVFDWH GH WHFQRORJtDV R
SUiFWLFDV SURGXFWLYDV HQWUHYLVWDV HQ
SURIXQGLGDGDVDELRV\DXWRULGDGHVWUDGL
FLRQDOHVUHFUHDFLyQJUi¿FD\PXVLFDOGH
WUDGLFLRQHVPLOHQDULDVRHOYtQFXORFRQODV
IXHQWHVFOiVLFDVHQWUHRWUDV
(Q3HU~XQKRPEUHJDQDHQSURPHGLR
PiVTXHODVPXMHUHVORVLQGtJHQDV
JDQDQPHQRV0DJULWK0HQD
5 H 7Z L W W H D G R G H V G H O D F X H Q W D
#*5$'(3HU~GHPDU]R
6LELHQHO(VWDGRSHUXDQRVHIXQGDVREUHOD
LJXDOGDGGHGHEHUHV\GHUHFKRVSDUDWRGRV
VXV FLXGDGDQRV VLQ GLVWLQFLyQ GLYHUVRV
SULYLOHJLRVWRGDYtDEHQH¿FLDQLQWHUHVHVGH
FLHUWRVJUXSRV\pOLWHVXUEDQDV\SDWULDUFD
OHVHQWUHHOORVHODFFHVRDOSRGLRGHORV
GLVFXUVRV\ODHVIHUDS~EOLFDSHURHQORV
QXHYRVHVFHQDULRVGHODVWHFQRORJtDVGHOD
FRPXQLFDFLyQ \ SDQWDOODV P~OWLSOHV GHO
VLJOR ;;, HVWD VLWXDFLyQ HPSLH]D D
UHVTXHEUDMDUVH(QORVHQWRUQRVYLUWXDOHVR
GLJLWDOHV OD UHSUHVHQWDFLyQ FDQDOL]D
FUHFLHQWHPHQWH GHPDQGDV LQGLYLGXDOHV \
GH FROHFWLYRV SRU GHUHFKRV KXPDQRV
FXOWXUDOHV GH JpQHUR \ DPELHQWDOHV
6LPXOWiQHDPHQWH OD H[WHQVLyQ GH HVWH
QXHYR DPELHQWH PHGLiWLFR ±TXH SHUPLWH
FRQYRFDU GLYHUVRV JUXSRV GH OD HVIHUD
S~EOLFD±HVDODYH]XQDRSRUWXQLGDGGHVGH
HO(VWDGRSDUDLQFRUSRUDUODVQDUUDWLYDV\
UHSHUWRULRV GH QXHVWUD GLYHUVLGDG D OD
HGXFDFLyQ \ DO LPDJLQDULR GH ODV FLXGD
GDQDV\FLXGDGDQRV
3RQHUHQGHEDWHLQWHUFXOWXUDOHOGHUURWHUR
GHOGHVDUUROORLPDJLQDUQXHYDVIRUPDVGH
UXUDOLGDG GHQWUR GH ORV SDUiPHWURV WUDGL
FLRQDOHV H¿FLHQWHV LPDJLQDUVH QXHYDV
PDQHUDV GH KDELWDU UHODFLRQDUVH \
SURGXFLUHQODVFLXGDGHVHYLWDUVREUHWRGR
TXH OR TXH WRPy D ODV FXOWXUDV PLOHQLRV
DSUHQGHU\DGRSWDUVHSLHUGDHQXQDRGRV
JHQHUDFLRQHVDHVRDVSLUDPRVFRQWULEXLU
9LGHRWHFDGHODV&XOWXUDVSODWDIRUPDGH
FUHDFLyQ \ GLIXVLyQ DXGLRYLVXDO EXVFD
D\XGDU D TXH OD FRPXQLGDG HGXFDWLYD
JDUDQWLFH HO GHUHFKR D OD UHSUHVHQWDFLyQ
DXGLRYLVXDOSURSLDIXQGDPHQWDOSDUDTXH
FXDOTXLHU FRPXQLGDG FXOWXUDO HQIUHQWH
PHMRUORVSURFHVRVGHJOREDOL]DFLyQVRFLDO
HFRQyPLFDFXOWXUDOSROtWLFD
³1RVRWURV WDPELpQ DTXt VDEHPRV
PXFKDV FRVDV \ WDPELpQ HV ERQLWD
QXHVWUD LPDJHQ \ QXHVWUD FXOWXUD HV
OLQGD\WDPELpQORTXHKDEODPRVQRVR
WURVKDEODPRVHQTXHFKXD´(VWXGLDQWH
GHVHFXQGDULDHQHOFHQWURSREODGRGH
3HUFFDSDPSD&&GH6DQ-XDQGH'LRV
/LUFD\+XDQFDYHOLFD
(OSUHMXLFLR\ODFRQVWDQWHGLVFULPLQDFLyQ
VH VRVWLHQHQ VREUH OD LQFHUWLGXPEUH TXH
JHQHUDHOGHVFRQRFHUDOJRRDDOJXLHQ(O
SUHMXLFLR HV XQD GHIHQVD SULPDULD FRQWUD
HVWH WLSR GH LJQRUDQFLD TXH QR HV XQ
GHIHFWR HV XQD FRQGLFLyQ (O (VWDGR
SHUXDQR FRPR PXFKRV HQ HO PXQGR
DVXPHHQODHGXFDFLyQHOFRPEDWHFRQWUD
HVD FRQGLFLyQ TXH VH GHEH HUUDGLFDU
&XDQGRGHSUHMXLFLRVpWQLFRVRUDFLDOHVVH
WUDWD HV GHEHU GHO 0LQLVWHULR GH &XOWXUD
SURPRYHUHOFRQRFLPLHQWR\HODXWRUHFR
QRFLPLHQWRFXOWXUDO DWUDYpVGHODHGXFD
FLyQ FRPR HVWUDWHJLD SDUD HOLPLQDU HVDV
IRUPDVGHGLVFULPLQDFLyQ9'&HVXQRGH
ORV SUR\HFWRV FRQ TXH HO 0LQLVWHULR GH
&XOWXUD SURPXHYH TXH HVH FDPELR Vt
RFXUUDHQXQDJHQHUDFLyQ
'HVGHPDU]RGHOHVFXHODVS~EOLFDVGHWRGDVODVUHJLRQHVLQLFLDQOD-RUQDGD(VFRODU&RPSOHWD-(&³XQPRGHORGHVHUYLFLRHGXFDWLYRTXHEXVFDPHMRUDUODFDOLGDGDPSOLDQGRODVRSRUWXQLGDGHVGHDSUHQGL]DMHGH
ORVDVHVWXGLDQWHVGHLQVWLWXFLRQHVHGXFDWLYDVS~EOLFDVGH6HFXQGDULD´/D-(&LQFUHPHQWDUiKRUDVSHGDJyJLFDVVHPDQDOHVEHQH¿FLDQGRDORVHVWXGLDQWHVFRQPiVWLHPSRHQiUHDVFRPR0DWHPiWLFD,QJOpV(GXFDFLyQ
SDUDHO7UDEDMRHQWUHRWUDV9HUKWWSMHFSHUXHGXFDSH"S 9ROYHUDOtQGLFH
‹3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
‹3UR\HFWR9LGHRWHFDGHODV&XOWXUDV
6
',9(56,'$'
"SRVJUFDUVSB$IJDIB
-PDIPMPFOMBBSRVJUFDUVSBï
'DYLG3H]R
1DFLyHQ/LPDHQ5HDOL]yHVWXGLRVXQLYHUVLWDULRVHQOD)DFXOWDGGH$UTXLWHFWXUD8UEDQLVPR\$UWHVGHOD8QLYHUVLGDG1DFLRQDOGH,QJHQLHUtD+DSUHVHQWDGROD
WHVLVGHLQYHVWLJDFLyQ,GHQWLGDG\FKLFKD8QHVWXGLRVREUHODDUTXLWHFWXUDSRSXODU&RODERUDHQODUHYLVWDHOHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG
KWWSZZZLQWHUFXOWXUDOLGDGRUJFRQDUWtFXORVVREUHDUTXLWHFWXUDFKLFKDHLGHQWLGDG$FWXDOPHQWHODERUDHQODR¿FLQDGHODUTXLWHFWR2VFDU%RUDVLQR3HVFKLHUD
‹7RPDGRGHKWWSZZZLQWHUFXOWXUDOLGDGRUJ
/D DUTXLWHFWXUD FKLFKD DXQTXH VXHQH
LUyQLFR KD VLGR VLHPSUH XQ WHPD SRFR
SRSXODUHQHOPXQGRDFDGpPLFR&RQWDQ
VRORGDUXQYLVWD]RDODOLVWDGHSXEOLFD
FLRQHV DFHUFD GH WHPDV D¿QHV FRPR SRU
HMHPSOR OD DUTXLWHFWXUD YHUQDFXODU
SRGUHPRVQRWDUTXHEDVWDQORVGHGRVGHODV
PDQRVSDUDSRGHUHQXPHUDUODV(OGHVGpQ
\ODHVFDVDSUHRFXSDFLyQSRUSDUWHGHORV
DUTXLWHFWRV SDUD FRQ OD DUTXLWHFWXUD
SRSXODUUHÀHMDODDFWLWXGJHQHUDOTXHWXYR
HOOLPHxRSDUDFRQHOPLJUDQWH
(OSURSLRFRQFHSWRGHORSRSXODUVHKL]R
GLItFLOGHPDQHMDU/DLUUXSFLyQGHOSXHEOR
HQODFLXGDGGHORUXUDOHQORXUEDQRKL]R
TXH ORV FRQFHSWRV DOJXQD YH] WDQ FODUD
PHQWH GH¿QLGRV SHUGLHUDQ SUHFLVLyQ (V
DVtTXH/LPDVHHVFLQGHHQGRVODSULPHUD
R¿FLDO RFFLGHQWDOFULROOD \ OD ³RWUD´
PDUJLQDOVHUUDQDDQGLQD
'HHVWDPDQHUDDOKDEODUGHDUTXLWHFWXUD
SRSXODUQRVHVDEtDFRQFHUWH]DVLVHHVWDED
KDFLHQGR UHIHUHQFLD D OD DUTXLWHFWXUD
YHUQDFXODURDODTXHVHHVWDEDPDVL¿FDQGR
HQ ODV FLXGDGHV \ D OD TXH HQ DOJ~Q
PRPHQWRVHOHDVLJQyHOWpUPLQRGHDUTXL
WHFWXUD FKLFKD (V DTXt HQWRQFHV TXH VH
LPSRQHODQHFHVLGDGGHGH¿QLUVLQQLQJ~Q
WLSRGHDPELJHGDGTXpHVORFKLFKDHQOD
DUTXLWHFWXUD
3HUR ¢D TXp OODPDPRV DUTXLWHFWXUD
FKLFKD" (V PiV ¢SRU TXp OD OODPDPRV
FKLFKD"(OWpUPLQRFKLFKDHVWiPX\OLJDGR
DHVWDRWUD/LPDDORPLJUDQWHDORFKROR\
DORSRSXODU3HURSRURWURODGRWDPELpQ
VH OH VXHOH DVRFLDU D OR KXDFKDIR LQDFD
EDGRGHVRUGHQDGRPDOKHFKRLQIRUPDO
GHOLQFXHQFLDO HWFpWHUD HV GHFLU FRQWLHQH
XQVLJQL¿FDGRQHJDWLYR(VDVtTXHDGHPiV
GH XQD DUTXLWHFWXUD FKLFKD VH KDEOD
WDPELpQ GH XQD SUHQVD FKLFKD XQD
HFRQRPtDFKLFKDFUpGLWRFKLFKDPRGHU
QLGDGFKLFKDHWFpWHUD
(Q XQ SULQFLSLR HO WpUPLQR FKLFKD VH
YLQFXOyDODP~VLFDTXHKDFtDHOPLJUDQWH
TXHHUDXQDPL[WXUDGHGLIHUHQWHVULWPRV
TXHVROtDQHVFXFKDUVHHQODFLXGDGWDOHV
FRPR OD JXDUDFKD OD FXPELD R HO URFN
SVLFRGpOLFR FRQ ULWPRV GH SURFHGHQFLD
DQGLQD /R TXH FDUDFWHUL]y D OD P~VLFD
FKLFKDIXHODFDSDFLGDGGHVtQWHVLV3HUR
KD\ TXH UHPDUFDU TXH HVWH WpUPLQR QR
QDFLyGHQWURVLQRTXHIXHDFXxDGRSH\RUD
WLYDPHQWH GHVGH IXHUD GH OD FXOWXUD GHO
PLJUDQWHSRUHOVHFWRUFULROORFRPRSDUWH
GHXQGLVFXUVRTXHEXVFDEDH[DJHUDUORV
DVSHFWRVQHJDWLYRVGHOPLJUDQWH6HWUDWy
5HFXSHUDGRGHODUHYLVWDFXOWXUDOHOHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG$QR1ƒ1RYLHPEUH/LPD3HU~
9ROYHUDOtQGLFH
GHKDFHUGHODLQIRUPDOLGDG\HOGHVRUGHQ
OD HVHQFLD GH HVWD FXOWXUD DGHPiV GH
YLQFXODUOD FRQ HO HOHPHQWR OXPSpQ (O
GLVFXUVR FULROOR IRPHQWy HVWD LPDJHQ
FRPR UHDFFLyQ DQWH OD PDVLYD SUHVHQFLD
GHOFKRORHQODFLXGDG
0DV OD SDODEUD FKLFKD FDOy 'XUDQWH HO
SURFHVR GH DGDSWDFLyQ GHO PLJUDQWH HO
WpUPLQR IXH JUDGXDOPHQWH VLHQGR DVLPL
ODGRDHVWDFXOWXUD\KR\\DQRSXHGHHVWDU
GLVRFLDGR GH HVWD 6HJ~Q $UWXUR 4XLVSH
ORFKLFKDDIDOWDGHXQQRPEUH
DGHFXDGRHQFDUQDHOVLQFUHWLVPRFXOWXUDO
GHORV~OWLPRVFLQFXHQWDDxRVODPL[WXUD
GHWRGDVODVFXOWXUDVGHOSDtVDQLGDGDVHQ
QXHVWUD FDSLWDO $VLPLVPR FRQFOX\H
GLFLHQGR ³/D FXOWXUD FKLFKD GHEH VHU
FRQVLGHUDGD FRPR XQD PDQLIHVWDFLyQ GH
XQ FRQMXQWR GH VLWXDFLRQHV TXH FRUUHV
SRQGHQDXQDVRFLHGDGHQWUDQVIRUPDFLyQ
XQWUiQVLWRGHXQDVRFLHGDGDULVWRFUiWLFD
FULROOD D XQD TXH UHVXPH HQ Vt PLVPD OD
UHDOLGDGSOXULFXOWXUDO´
&RPR PHQFLRQDED DO LQLFLR HO PXQGR
DFDGpPLFR \ SURIHVLRQDO QR KD VDELGR
FyPR HQIRFDU HO WHPD GH OD DUTXLWHFWXUD
FKLFKD VDOYR WDO YH] FRQVLGHUiQGROD XQD
FXULRVLGDG DQHFGyWLFD PiV TXH QDGD XQ
JUDFLRVR \ SRFR IHOL] FRQMXQWR GH
HOHPHQWRV GHFRUDWLYRV QR KDELpQGRVH
UHDOL]DGRPD\RUHVLQWHQWRVSRUHVWXGLDUOD
VDOYRFDVRVPX\DLVODGRV
6HGHEHFRPHQ]DUGLFLHQGRTXHODDUTXL
WHFWXUD FKLFKD HV XQ IHQyPHQR HVHQFLDO
PHQWH XUEDQR \ SURGXFWR GH ORV PRYL
PLHQWRVPLJUDWRULRVGHOFDPSRDODFLXGDG
HV GHFLU HV DTXHOOD TXH HO PLJUDQWH HO
6
',9(56,'$'
FKROR HULJH HQ OD FLXGDG 6HJ~Q -RUJH
%XUJDHQODDUTXLWHFWXUDFKLFKDDFW~DHO
GREOHFyGLJRXQDGREOHOHFWXUDTXH\X[WD
SRQHORUXUDO\ORXUEDQRORYHUQiFXOR\OR
PRGHUQRORRUQDPHQWDO\ORSUiFWLFROR
KLVWRULFLVWD\ORIXWXULVWDORSURYLQFLDQR\
ORPHWURSROLWDQRORWUDGLFLRQDO\ORDFWXDO
ORDUWHVDQDO\ORLQGXVWULDO
/DDUTXLWHFWXUDFKLFKDGHEHVHUHQWHQGLGD
FRPRSDUWHGHOSURFHVRGHFKROL¿FDFLyQ
TXH$QtEDO4XLMDQRGH¿QLyFRPRDTXHOHQ
HOTXHGHWHUPLQDGDVFDSDVGHODSREODFLyQ
LQGtJHQD FDPSHVLQD YDQ DEDQGRQDQGR
DOJXQRV GH ORV HOHPHQWRV GH OD FXOWXUD
LQGtJHQD \ VLPXOWiQHDPHQWH DGRSWDQGR
DOJXQRV GH ORV TXH WLSL¿FDQ OD FXOWXUD
RFFLGHQWDO FULROOD &RQ HVWRV HOHPHQWRV
YDQ HODERUDQGR XQ HVWLOR GH YLGD TXH VH
GLIHUHQFLD DO PLVPR WLHPSR GH ODV GRV
FXOWXUDV IXQGDPHQWDOHV GH QXHVWUD VRFLH
GDG VLQ SHUGHU SRU HVR VX YLQFXODFLyQ
RULJLQDOFRQHOODV'XUDQWHHOSURFHVRHO
LQGtJHQDVXPLVRVHUYLODE~OLFRSDVLYR
GHFDQWDUiHQHOFKRORDFKRUDGRDJUHVLYR
DFULROODGR
6LHQGR HQWRQFHV OD DUTXLWHFWXUD FKLFKD
REUD GHO PLJUDQWH GHO FKROR HVWH LQWHU
SUHWDODDUTXLWHFWXUDOLPHxDTXHHQFXHQWUD
D VX OOHJDGD \ WDPL]D ORV HOHPHQWRV TXH
FRQVLGHUD HQFLHUUDQ HO VLJQL¿FDGR GH
PRGHUQLGDG\WUDGLFLyQ/DVXPDGHHVWRV
YDORUHV DUURMD FRPR UHVXOWDGR OR TXH pO
FRQVLGHUDUHSUHVHQWDD/LPD(VXQDDUTXL
WHFWXUD KtEULGD HQ OD TXH VH SURGXFH XQD
HVTXHPiWLFD DPELYDOHQFLD (Q SULPHU
OXJDU OD LQÀXHQFLD XUEDQD HQ OD TXH VH
D~QDQGRVDVSHFWRVHOGHODPRGHUQLGDG\
HO SURJUHVR KHFKRV FRQFUHWR HQ IRUPDV
PDTXLQLVWDV \ OD WUDGLFLyQ LQVSLUDGD HQ
HOHPHQWRVDUTXLWHFWyQLFRVGHRULJHQFROR
QLDO(QVHJXQGROXJDUODUDLJDPEUHLQGt
JHQD OD FXDO QR VH WUDGXFLUi HQ IRUPDV
DUTXLWHFWyQLFDVH[WHUQDVVLQRHQODRUJDQL
]DFLyQLQWHUQDGHODYLYLHQGDSURGXFWRGH
XQ HVWLOR GH YLGD TXH FRQVHUYD PXFKRV
DVSHFWRVSURSLRVGHO$QGH
'HDTXtVHGHVSUHQGHTXHHOGXDOLVPRHQOD
DUTXLWHFWXUDFKLFKDQRORHVWDQWRGHELGRD
TXH HQ UHDOLGDG EHEH GH WUHV IXHQWHV OD
PRGHUQD OD WUDGLFLRQDO \ OD DQGLQD /DV
GRVSULPHUDVVRQGHSURFHGHQFLDXUEDQD\
VHUHYHODQHQODIDFKDGDPLHQWUDVTXHOD
~OWLPDWLHQHXQRULJHQUXUDO\VHPDQL¿HVWD
HQHOLQWHULRUGHODYLYLHQGD(VDTXtTXH
VXUJH XQD SUHJXQWD ¢FXiQGR HV TXH OD
DUTXLWHFWXUD FKLFKD FRPLHQ]D D PDQLIHV
WDUVHHQODFLXGDG"/DKLVWRULDGHODDUTXL
WHFWXUD FKLFKD HV OD VXPD GH SHTXHxRV
DFRQWHFLPLHQWRV DQyQLPRV FRPSOHWD
PHQWHLQWXLWLYRV\H[HQWRVGHXQSURSyVLWR
GHGHOLQHDUSDUiPHWURVSRUORTXHQRHV
SRVLEOH IHFKDU R GHFLU FRQ H[DFWLWXG
FXiQGR FRPHQ]y WRGR PDV HV SRVLEOH
DVHJXUDUTXHHQODGpFDGDGHORVRFKHQWD\D
HUDRVWHQVLEOHVXPDGXUDSUHVHQFLDHQHO
SDLVDMHXUEDQR
4XLHQHV HVWpQ OLJDGRV DO FDPSR GH OD
DUTXLWHFWXUD R GHO DUWH UHFRUGDUiQ ODV
SXJQDVSUHYLDVDOPDQL¿HVWRGHOD$JUXSD
FLyQ(VSDFLRHQODVTXHVHFRQIURQWDEDQ
ORVFRQFHSWRVGHOLQLFLDOPHQWHLPLWDGRHV
SRVWHULRUPHQWHFRSLDGR(VWRVHOHPHQWRV
VHFRQVWLWX\HURQFRPRVXFHGiQHRVGHORV
EDOFRQHVFRORQLDOHV\GHODWUDGLFLyQTXH
LQVSLUDQHVWRV'HDFXHUGRDOHVTXHPDGH
3DEOR %RQWD OD ¿JXUD HVFDUFKDGD VH
FRQVWLWX\HHQXQLQGLFLRLQWHQFLRQDO
3HUR HO DGRUQR HVFDUFKDGR HPSLH]D D
HYROXFLRQDU (VWRV FDPELRV FXOPLQDUiQ
SRU LQWHJUDU OD HVWpWLFD GH OD ¿JXUD D OD
IXQFLyQ 6H LQWHQWD RWRUJDU D OD ¿JXUD
VLPEyOLFD XQ XVR $O SULQFLSLR OD ¿JXUD
FUHFH HQ GLPHQVLRQHV OOHJDQGR D FXEULU
PXURVHQWHURV8QHVWDGLRLQWHUPHGLRQRV
PXHVWUDFyPRDSDUHFHHOYDQRHQHOLQWH
ULRUGHOD¿JXUDHQPDUFDQGRHVWDDDTXHO
)LQDOPHQWH YHUHPRV FyPR HPSLH]DQ D
DSDUHFHU SXHUWDV \ YHQWDQDV TXH LPLWDQ
HVWDV IRUPDV H LQFOXVR RWUDV GH PD\RU
FRPSOHMLGDG
,QFRQVFLHQWHPHQWH HO SURSLHWDULR GH OD
YLYLHQGD HMHFXWD DTXHO SRVWXODGR TXH
D¿UPDTXHHOIXQFLRQDOLVPRSXHGHDFWXDU
FRPR DQWLNLWVFK /D IXQFLyQ OHJLWLPD GH
DOJXQDPDQHUDHOFDSULFKRIRUPDO
6LELHQHVFLHUWRTXHVXXVRHQODGHFRUD
FLyQ GH ODV IDFKDGDV IXH DEXQGDQWH \
H[XEHUDQWHWDPELpQUHVXOWDFLHUWRTXHIXH
HVHHOPRWLYRSRUHOTXHFDHUtDHQGHVXVR
8QGHWDOOHLPSRUWDQWHDPHQFLRQDUHVTXH
WDO DEXQGDQFLD VH FRQVWDWD VROR HQ ODV
]RQDVSRSXODUHVGHODFLXGDG(ODGRUQRVH
GHVDUUROOy\GLYHUVL¿FyGHPDQHUDQRWDEOH
HQODVYLYLHQGDVSHUWHQHFLHQWHVDGLVWULWRV
WUDGLFLRQDOPHQWHSRSXODUHV
(O LFRQR HQWRQFHV HPSLH]D D SHUGHU VX
VLJQL¿FDGR0iVH[DFWRVHUtDGHFLUTXHHO
LFRQRYDFDPELDQGRGHVLJQL¿FDGR<HV
TXH\DQRHQFDUQDPiVHOHVStULWXVHxRULDO
GHOD&RORQLDVLQRTXHHPSLH]DDLGHQWL¿
FDUVHFRQHOQXHYROLPHxR\FRQORSRSXODU
/D¿JXUDHVFDUFKDGDVHFRQYLHUWHHQXQD
VHxDOSHURFRQXQVLJQL¿FDGRGLVWLQWRGHO
TXH HQ XQ FRPLHQ]R VH OH TXLVR GDU (Q
UHDOLGDG GHQWUR GHO PLVPR HVTXHPD GH
%RQWDHODGRUQRDGTXLHUHODFDWHJRUtDGH
SVHXGRVHxDO1RH[LVWHODLQWHQFLyQGHWDO
VLJQL¿FDGRSHURHOS~EOLFRHQJHQHUDODVt
ORDVXPH
3RURWURODGRODPDVL¿FDFLyQGHOXVRGHO
DGRUQROROOHYyDVXGHVXVR/DVSDODEUDV
9ROYHUDOtQGLFH
GH -XDQ 3DEOR %RQWD VRQ
EDVWDQWHH[SOLFDWLYDVDOUHVSHFWR³(OXVR
UHSHWLGR GH XQD VHxDO SXHGH FRQGXFLU
¿QDOPHQWH D VX REVROHVFHQFLD &XDQGR
XQDIRUPDVHWRUQDREVROHWDSXHGHGHVH
PDQWL]DUVHHVGHFLUSHUGHUVXVLJQL¿FDGR
\DEDQGRQDUVHVXXVR´
8QGHWDOOHLQWHUHVDQWHVHHQFXHQWUDHQTXH
WDPELpQ HV SRVLEOH LGHQWL¿FDU HO URPER
FRQDOJXQDV¿JXUDVJHRPpWULFDVGHFRUWH
SUHKLVSiQLFR (O LQWHUpV UDGLFD HQ TXH HO
URPER KDEUtD SRGLGR WHQHU XQD GREOH
OHFWXUDKLVSDQLVWDHLQGtJHQDTXHSRWHQ
FLDUDVXYDORUVLPEyOLFR\TXHQRVSHUPLWH
SODQWHDU HO SUREOHPD GHVGH HO SXQWR GH
YLVWDVLQFUpWLFR(VFXULRVRTXHMXVWDPHQWH
HOURPERVHDXQLFRQRPX\SRGHURVRTXH
WUDVFLHQGH OD DUTXLWHFWXUD \ TXH KD\D
FRQVHJXLGR VREUHYLYLU HQ OD RUQDPHQWD
FLyQ SRSXODU D SHVDU GH TXH HO DGRUQR
HVFDUFKDGRHQVt³\DSDVyGHPRGD´
8QD YH] TXH HO FKROR VH DSURSLD GH OD
FLXGDG HVWD RUQDPHQWDFLyQ HV GHMDGD GH
ODGR 1R WLHQH REMHWR VHJXLU HPSOHDQGR
VtPERORV TXH HQ XQ FRPLHQ]R VLUYLHURQ
SDUDODDGDSWDFLyQSXHVWRTXHHOPLJUDQWH
\DHVWiSOHQDPHQWHLQVWDODGRGHQWURGHOD
FLXGDG 8QD QXHYD HVWpWLFD DSDUHFH /D
UHFDUJDGDLFRQRJUDItDGHODIDFKDGDVHYLR
UHHPSOD]DGD SRU XQD GH WHQGHQFLD PiV
SUDJPiWLFD VLPSOH SUiFWLFD (V DVt TXH
DSDUHFHQIDFKDGDVTXHVHFDUDFWHUL]DQSRU
HOXVRGHFRORUHVEULOODQWHVIXHUWHVSULPD
ULRV 7RQRV FRPR HO D]XO HOpFWULFR HO
PDJHQWDHOYHUGHHVPHUDOGDHODPDULOOR
HWFpWHUDIXHURQORVPiVHVFRJLGRVSRUORV
SURSLHWDULRV SDUD SLQWDU VXV IDFKDGDV
(VWRVWLHQHQXQDIXHUWHVLPLOLWXGFRQORV
FRORUHVXWLOL]DGRVHQORVGLIHUHQWHVORFDOHV
FRPHUFLDOHVKRVWDOHVGLVFRWHFDVGH]RQDV
SRSXODUHV \ QL TXp GHFLU FRQ ORV FRORUHV
TXHVHHPSOHDQHQORVD¿FKHVFKLFKDTXH
SURPRFLRQDQWRGRWLSRGHHYHQWRV
‹7RPDGRGHOEORJ$UTXLWHFWXUDFKLFKDTXHWRPDODLPDJHQGH%XUJD-RUJH
$UTXLWHFWXUDYHUQiFXODSHUXDQD8QDQiOLVLVWLSROyJLFR/LPD&ROHJLR
GH$UTXLWHFWRVGHO3HU~KWWSDUTXLWHFWXUDFKLFKDEORJVSRWFRP
DUTXLWHFWXUDFKLFKD\DUTXLWHFWXUDKWPO
‹7RPDGRGHKWWSZZZLQWHUFXOWXUDOLGDGRUJ
6
',9(56,'$'
3RU RWUR ODGR DSDUHFHQ IDFKDGDV UHYHV
WLGDVHQWHUDPHQWHFRQFHUiPLFR/DIiFLO
OLPSLH]DGHOPDWHULDO/LPDHVXQDFLXGDG
GRQGH ODV OOXYLDV VRQ PX\ HVFDVDV \ HO
SROYR\HOHVPRJGDQHVHDVSHFWRVXFLRD
ODV HGL¿FDFLRQHV (VR DFDUUHD WHQHU TXH
KDFHUXQFRQWLQXRPDQWHQLPLHQWRTXHOD
PD\RUtD GH JHQWH QR UHDOL]D (Q YH] GH
HVWR SUH¿HUH HQFKDSDU VX IDFKDGD SDUD
HYLWDUHVWDUOLPSLDQGRRSLQWDQGRHQUHSH
WLGDVRFDVLRQHV
/DJUDQYDULHGDGGHVHULHVTXHORVIDEUL
FDQWHVODQ]DQDOPHUFDGRDQLPDD~QPiVD
ODJHQWH(VDVtTXHSRGHPRVYHUIDFKDGDV
HQFKDSDGDV FRQ FHUiPLFRV FRQ DFDEDGRV
GHPiUPROSLHGUDHWFpWHUD\RUODGDVFRQ
OLVWHOORVVLWXDGRVHQXELFDFLRQHVHVWUDWpJL
FDV3RUVXSUDFWLFLGDGIiFLOOLPSLH]D\VX
DSDULHQFLD EULOOR WH[WXUD HWFpWHUD OD
ORVHWDHPSLH]DDVLPEROL]DUORPRGHUQR
/DRUQDPHQWDFLyQYXHOYHDDSDUHFHUHQOD
IDFKDGDHVWDYH]SDUDPHWUDGDDOPDQHMR
GH ODV ORVHWDV FHUiPLFDV 1XHYDPHQWH
SRGHPRVDSUHFLDUOD¿JXUDGHOURPERSHUR
\D QR HVFDUFKDGR VLQR KHFKR FHUiPLFR
(VWRQRVGLFHPXFKRGHODIXHU]DGHHVWH
VtPERORSHURHVH\DHVXQWHPDDSDUWH
$ OD SDU GH HVWD QXHYD HVWpWLFD DSDUHFHQ
WDPELpQQXHYDVWLSRORJtDVIXQFLRQDOHV(O
SURFHVRGHDVHQWDPLHQWRTXHFRPHQ]yFRQ
ODEDUULDGDHOXVRGHOPRGHORFKDOHWOOHYy
¿QDOPHQWH D EXVFDU FRQVHJXLU HO PD\RU
Q~PHUR GH YLYLHQGDV HQ XQ VROR ORWH
PHGLDQWH LQVWUXPHQWRV WDOHV FRPR OD
VXEGLYLVLyQGHORWHVSHURVREUHWRGRFRQOD
FRQVWUXFFLyQHQDOWXUD/DYLYLHQGDXQLID
PLOLDU GHYLHQH HQ PXOWLIDPLOLDU 3DUD OD
FRQVHFXFLyQGHHVWDODFRQ¿JXUDFLyQGHOD
YLYLHQGD LQFOX\H XQD HVFDOHUD H[WHULRU
(VWRVFDPELRVDSDUHFHQHQWUDGDODGpFDGD
GHORVQRYHQWD
/DHVFDOHUDH[WHULRUVHKDFRQYHUWLGRHQXQ
HOHPHQWRUHFXUUHQWHHQODVIDFKDGDVGHODV
YLYLHQGDVGH/LPD\HQHOPHGLRPiVH¿FD]
SDUDODREWHQFLyQGHXQPD\RUQ~PHURGH
XQLGDGHVGHYLYLHQGD6HDODLPSURYLVDGD
HVFDOHUDPHWiOLFDGHFDUDFROROD\DSODQL¿
FDGDGHVGHHOLQLFLRGHODFRQVWUXFFLyQVH
HULJHGHODQWHGHODYLYLHQGDFRQYLUWLpQGRVH
HQSDUWHLQVHSDUDEOHGHHOOD
/D HVFDOHUD H[WHULRU KD JHQHUDGR XQD
QXHYD WLSRORJtD GH IDFKDGD SDUD OD
YLYLHQGD OLPHxD /D YHUWLFDOLGDG GRPLQD
HQHOODDORTXHVHVXPDXQDRUQDPHQWD
FLyQEDVWDQWHHVFXHWDTXHOHGDXQDPD\RU
HVFDODDVHPHMiQGRVHDXQHGL¿FLR
'HO FDUiFWHU SUDJPiWLFR TXH WXYR DO
FRPLHQ]R YD DGTXLULHQGR RWUR GH WLSR
LFyQLFR < HV TXH DO LJXDO TXH HO RUQD
PHQWRHVFDUFKDGRGHODVIDFKDGDVODUHFX
UUHQFLDFRQTXHVHOHXWLOL]DGHWHUPLQDTXH
DGTXLHUDXQVLJQL¿FDGR/DSRVLELOLGDGGH
SRGHUGHVWLQDUXQDYLYLHQGDHQFDGDSLVR
GHWHUPLQD TXH HVWD SXHGD WHQHU PD\RU
Q~PHUR GH KDELWDFLRQHV PHMRUHV FRQGL
FLRQHV GH LOXPLQDFLyQ \ YHQWLODFLyQ
DPELHQWHVPiVDPSOLRVHWFpWHUD/DHVFD
OHUD H[WHULRU GD D HQWHQGHU TXH HQ HO
LQPXHEOH VH GDQ HVWDV FRQGLFLRQHV GH
FRQIRUWSRUORTXHFRQHOWLHPSRODPLVPD
HVFDOHUDH[WHULRUVHDGXHxDGHWDODFHSFLyQ
(QHVWRVFDPELRVWDPELpQSRGHPRVYHU
FyPRORVSDWURQHVFXOWXUDOHVGHOPLJUDQWH
GDQIRUPDDODYLYLHQGD/DVUHODFLRQHVGH
SDUHQWHVFRFRPSDGUD]JRSDUHQWHVFRVRQ
PX\PDUFDGDVHQHO$QGH(OKHFKRGHTXH
ODIDPLOLDYLYDFHUFDFUHDXQDVHQVDFLyQGH
VHJXULGDG$OPLVPRWLHPSRVHDVHJXUDHO
SRUYHQLU GH ORV KLMRV VLQ FRQWDU TXH
WDPELpQSXHGHSUHVWDUVHSDUDHODOTXLOHUR
ODYHQWDGHODVGLIHUHQWHVXQLGDGHVLQPREL
OLDULDV HV GHFLU VH FRQFLEH OD YLYLHQGD
FRPRPHGLRGHLQJUHVRHFRQyPLFR
&RQFOX\HQGR OD DUTXLWHFWXUD FKLFKD VH
WUDQVIRUPD \ UHLQYHQWD D Vt PLVPD GH
PDQHUDFRQVWDQWH¢4XpHVORTXHGDGHOD
FOiVLFDIDFKDGDFKLFKD"(QUHDOLGDGXQR
SXHGHHQFRQWUDUIDFKDGDVFRQHVWDVFDUDF
WHUtVWLFDVDOUHFRUUHUODVFDOOHVGHORVGLIH
UHQWHV GLVWULWRV OLPHxRV SHUR HVWDV KDQ
VLGRUHDOL]DGDV\DKDFHXQEXHQSXxDGRGH
DxRV /DV FRQVWUXFFLRQHV GH ORV ~OWLPRV
DxRVHVSHFt¿FDPHQWHGHOD~OWLPDGpFDGD
\DFDVLQRXWLOL]DQODRUQDPHQWDFLyQ\DQR
VH HVWLOD /RV FDPELRV REHGHFHQ D XQ
SURFHVRTXHVHKDGHVFULWR\TXHPXHVWUDHO
FDPLQR VHJXLGR SRU HO PLJUDQWH HQ VX
DGDSWDFLyQDODFLXGDG
'H OD PLVPD PDQHUD OD RUJDQL]DFLyQ
IXQFLRQDO GH OD YLYLHQGD FKLFKD KD LGR
HYROXFLRQDQGR GHVDUUROODQGR HVTXHPDV
TXHQRVHKDQYLVWRDQWHVHQODFLXGDG\TXH
VRQ SHUIHFWDPHQWH FRQVHFXHQWHV FRQ OD
DFWXDOUHDOLGDGLQPRELOLDULDGH/LPD\GH
FXDOTXLHUFLXGDGHQHO3HU~
(OFKRORKDFRQVHUYDGRORHVHQFLDOGHODV
UHODFLRQHVPHGXODUHVTXHIXHURQSDUWHGH
ODYLGDGHOLQGtJHQDHQHO$QGH\HVWDVKDQ
PROGHDGR VXV PDQHUDV GH KDFHU FLXGDG
GHVGHODEDUULDGDKDVWDODYLYLHQGDSDUWL
FXODU
7UDVWUHLQWDDxRVGHVHUSURWDJRQLVWDGHOD
HVFHQD XUEDQD OLPHxD OD DUTXLWHFWXUD
FKLFKDVHGLIHUHQFLDGHPDQHUDQRWRULDGH
ODTXHIXHHQXQFRPLHQ]R(VWRQRVGLFH
DOJRODPiVFDUDWUDGLFLRQDOPRGHUQDGH
TXH VH UHYHVWtD KD FDtGR UHYHODQGR XQD
DUTXLWHFWXUD FRKHUHQWH FRQ HO QXHYR
FRQWH[WRXQRHQHOTXHHOFKRORQRHVPiV
HOVHUPDUJLQDOTXHQHFHVLWDGHPiVFDUDV
SDUDSURWHJHUVH\VtHOSURWDJRQLVWDVRFLDO
HFRQyPLFR \ SROtWLFR GH OD VRFLHGDG
SHUXDQD
/DDUTXLWHFWXUDFKLFKDVHKDGHVDUUROODGR
VLQDUTXLWHFWRV(OGLYRUFLRHQWUHHODUTXL
WHFWR \ HO SURSLHWDULR GH OD YLYLHQGD
SRSXODU HV RVWHQVLEOH /D DUTXLWHFWXUD
FKLFKDWLHQHVXVYLUWXGHV\SHFDGRV1RVR
WURVFRPRDUTXLWHFWRVHVWDPRVHQODREOL
JDFLyQ GH DEDQGRQDU QXHVWUD SRVWXUD
HOLWLVWD YDORUDU HQ OD PHGLGD H[DFWD ODV
YLUWXGHVFRUUHJLUORVHUURUHV\FRQWULEXLU
FRQ QXHVWUD IRUPDFLyQ D FRQVROLGDU XQD
DUTXLWHFWXUDH¿FLHQWH\VDWLVIDFWRULD
3RUVXSDUWHHOFKROR\VXFXOWXUDVHKDQ
FLPHQWDGR VREUH OD PDUJLQDOLGDG \ OD
LQIRUPDOLGDGPDVHVWDVLWXDFLyQWLHQHXQ
OtPLWH WUDV HO FXDO QR SXHGH KDEHU PiV
GHVDUUROOR /D FLXGDG FRQ HO WLHPSR KD
WHQLGR TXH FRPHQ]DU D DGDSWDUVH D OD
QXHYDUHDOLGDG\DFRPRGDUODVQRUPDVGH
DFXHUGRDDTXHOOD(OFKRORGHEHWDPELpQ
FRPHQ]DU D IRUPDOL]DUVH FRQ SURWDJR
QLVPR HQ OD YLGD VRFLDO SROtWLFD HFRQy
PLFD \ FXOWXUDO 'HEH GHMDU DWUiV ORV
FRPSOHMRV DVXPLU FRQ VHJXULGDG HVWH
QXHYR URO \ FRQ¿DU HQ VX DSRUWH SDUD
QXHVWURGHVDUUROORFRPRVRFLHGDG
%LEOLRJUDItDFLWDGD
%217$-XDQ3DEOR
6LVWHPDVGHVLJQL¿FDFLyQHQDUTXLWHFWXUD8QHVWXGLRGHODDUTXLWHFWXUD\VXLQWHUSUHWDFLyQ%DUFHORQD
(GLWRULDO*XVWDYR*LOL6$3S
48,63(/È=$52$UWXUR
³/DFXOWXUDFKLFKDHQHO3HU~´5HYLVWD(OHFWUyQLFD&RQVWUX\HQGR1XHVWUD,QWHUFXOWXUDOLGDG1R9RO
'LVSRQLEOH HQ KWWSZZZLQWHUFXOWXUDOLGDGRUJQXPHURFDUWLFBFKLBB4XLVSHB/D]DUR
$UWXURSGI
9ROYHUDOtQGLFH
6
',9(56,'$'
-PTDBNJOPTEFMBJOUFHSBDJØO
ZMBFYDMVTJØO
"GSPQFSVBOPTBNFEJBEPTEFMTJHMP9*9
‹7RPDGRGHZZZVHUYLQGLRUJ
-HV~V&RVDPDOyQ\0DULEHO$UUHOXFHD
)UDJPHQWRGHOOLEUR/DSUHVHQFLDDIURGHVFHQGLHQWHHQHO3HU~VLJORV;9,;;GH-HV~V&RVDPDOyQ\
0DULEHO$UUHOXFHDVHUiSXEOLFDGRSRUHO0LQLVWHULRGH&XOWXUDHVWHDxR
+XPDUHGD3URFHVLyQGHO6HxRUGHORV0LODJURVÏOHRKWWSVZZZSLQWHUHVWFRPSLQ
(QHVWHWUDEDMRVRORYDPRVDWHQHUHQFXHQWDDDTXHOODV¿JXUDVTXHGHVDUUROODURQVXDFWLYLGDGDUWtVWLFDGHSRUWLYDRFXOWXUDODQWHVGH
9ROYHUDOtQGLFH
/D LQWURGXFFLyQ GH ORV HOHPHQWRV FXOWX
UDOHVDIURSHUXDQRVHQODFXOWXUDQDFLRQDO
WXYR XQ HIHFWR GLYHUJHQWH 3RU XQ ODGR
SHUPLWLy VX LQFRUSRUDFLyQ HQ HO SDtV
DPSOLDQGR VX GH¿QLFLyQ SHUR SRU RWUR
ODGR DFDUUHy HO SHOLJUR GH HVWHUHRWLSDU D
ORV DIURSHUXDQRV HQ HVDV SUiFWLFDV FRPR
VXV ~QLFDV SRVLELOLGDGHV GH GHVDUUROOR H
LQWHJUDFLyQ (Q HVWH WUDEDMR TXLVLpUDPRV
HQIDWL]DUXQSDUGHDVSHFWRVKLVWyULFRVGH
HVRVFDPLQRVODP~VLFD\HOGHSRUWH
6HKDD¿UPDGRKDVWDHOFDQVDQFLRTXHOD
SREODFLyQDIURSHUXDQDDOLJXDOTXHRWUDV
WLHQHXQDWHQGHQFLDQDWXUDOSDUDODLQWHU
SUHWDFLyQ PXVLFDO ³UDFLDOL]DQGR´ QXHYD
PHQWHODVKDELOLGDGHVGHODVSHUVRQDV(Q
UHDOLGDG OD IUHFXHQWH SUHVHQFLD GH OD
SREODFLyQ DIURSHUXDQD HQ HVWDV DFWLYL
GDGHVHVPiVXQUHÀHMRGHODLQHTXLGDGHQ
ODV RSRUWXQLGDGHV GH YLGD SURGXFWR GHO
HVFDVR DFFHVR D OD HGXFDFLyQ \ HPSOHR
DGHFXDGR(QFDPELRODP~VLFDWLHQHXQ
FDUiFWHU PiV ³GHPRFUiWLFR´ DELHUWR D
SHUVRQDV TXH VLQ IRUPDFLyQ PXVLFDO
DFDGpPLFD\JUDFLDVDODKDELOLGDGDGTXL
ULGD GH GLYHUVDV PDQHUDV SXHGHQ DEULUVH
SDVR HQ VRFLHGDGHV GLVFULPLQDWRULDV 7DO
FDUDFWHUtVWLFDVHQRWDHQHOWLSRGHLQVWUX
PHQWRV\GHVWUH]DV³WtSLFDV´GHORVDIURSH
UXDQRV HVSHFLDOPHQWH D SULQFLSLRV GHO
VLJOR;;ODVYRFHVHOEDLOH\ODSHUFXVLyQ
/DLPSRUWDQFLDGHHVWH~OWLPRHOHPHQWRHV
UHYHODGRUDHVSHFLDOPHQWHHQODVP~VLFDV
GH RULJHQ DIURGHVFHQGLHQWH OD SHUFXVLyQ
VXHOHWHQHUXQOXJDUWUDVFHQGHQWDOHLQFOXVR
VXVHMHFXWDQWHVVXHOHQHVWDUSRUGHODQWHGH
RWURV LQVWUXPHQWRV SRVLFLRQDQGR SRVLWL
6
',9(56,'$'
SUREOHPDV GH VDOXG VH UHWLUy HQ \
PXULyXQDxRGHVSXpVGHWXEHUFXORVLV
8QSDUGHFDVRVGHSRUWLYRVSXHGHQD\XGDU
DFRPSUHQGHUODUHODFLyQHQWUHH[FOXVLyQ\
p[LWRHQORVGHSRUWHV3RUHMHPSORXQDGH
ODVSULPHUDV¿JXUDVGHOER[QDFLRQDOIXH
-RVp³%RP%RP´&RURQDGR
eOQDFLyHOGHHQHURGHHQODORFD
OLGDGGH&KLQFKD,FD3HU~]RQDGHJUDQ
SUHVHQFLD DIURGHVFHQGLHQWH (Q VX
IDPLOLD GHFLGLy WUDVODGDUVH DO EDUULR GH
REUHURVGH/D9LFWRULD/LPDXQRGHORV
HVSDFLRV XUEDQRV TXH DOEHUJDEDQ D ODV
QXHYDVPDVDVGHWUDEDMDGRUHVPXFKRVGH
HOORV LQPLJUDQWHV TXH ODERUDEDQ HQ OD
FDSLWDO (O ER[HR KDEtD OOHJDGR D SULQFL
SLRVGHOVLJOR;;DODFDSLWDOSHUXDQD\OD
D¿FLyQ SRU HO QXHYR GHSRUWH VH H[WHQGLy
UiSLGDPHQWH HQWUH ORV WUDEDMDGRUHV \
VHFWRUHV SRSXODUHV 3UHFLVDPHQWH HQ /D
9LFWRULDFHUFDGHODSOD]D0DQFR&iSDF
VH LQVWDOy GHVGH OD GpFDGD GH XQD
FDUSD TXH RIUHFtD FRPEDWHV GH ER[
GHSRUWH TXH -RVp DGPLUy GHVGH QLxR \
FRPHQ]yDSUDFWLFDUGHVGHORVDxRV/R
HQWUHQy *XLOOHUPR 3HxDOR]D XQR GH ORV
SUHSDUDGRUHV PiV LPSRUWDQWHV GH OD
KLVWRULD GHO ER[ SHUXDQR 6LHQGR D~Q
DGROHVFHQWHFRQVLJXLyVHQGRVWULXQIRVHQ
6DQWLDJRGH&KLOH\IXHFDPSHyQ
GHOWRUQHRVHOHFWLYRSDUDODV2OLPSLDGDVGH
%HUOtQ /DPHQWDEOHPHQWH SRU VX
FRUWDHGDGQRSXGRDVLVWLUDODFRPSHWHQ
FLDUHVXUJLHQGRVXIDPDDOORJUDUHOWtWXOR
GH FDPSHyQ ODWLQRDPHULFDQR LQYLFWR GH
SHVRSOXPDHQFRQWDQVRORDxRV
GH HGDG GHUURWDQGR VLQ DWHQXDQWHV DO
DUJHQWLQR (PLOLR 7URWWD HQ OD FLXGDG GH
/LPD3HU~&RQHVWRVp[LWRVVHFRQYLUWLy
HQHOSULPHUtGRORDIURGHVFHQGLHQWHGHORV
D¿FLRQDGRVDOER[
$O SRFR WLHPSR LQFXUVLRQy HQ HO ER[HR
SURIHVLRQDOFRQXQUHJLVWURGHFRPED
WHVYLFWRULDVSRU.2GHUURWDV
SRU.2\HPSDWHV &RQVLGHUDGRXQ
ER[HDGRUWpFQLFRGHPRYLPLHQWRVUiSLGRV
\ SRVHHGRU GH XQ MDE GH L]TXLHUGD PX\
H¿FD] REWXYR HO WtWXOR QDFLRQDO HQ OD
FDWHJRUtD SHVR OLJHUR HO GH MXQLR GH
/XHJRFRQWLQXyVXFDUUHUDSRUHOVXU
GHOFRQWLQHQWHFRPEDWLHQGRFRQWUDGHVWD
FDGRVER[HDGRUHVFRPRHODUJHQWLQR7LWR
6RULDDTXLHQGHUURWySRUSXQWRVHOGH
IHEUHURGHHQHO/XQD3DUN%XHQRV
$LUHV \ FRQWUD HO FKLOHQR +XPEHUWR
³3HORGXUR´ %XFFLRQH HQ 6DQWLDJR GH
&KLOHFRQTXLHQHPSDWyHQXQDSHOHDD
URXQGV (Q$UJHQWLQD VH FDVy FRQ (OED
6RWHOR SHUR VX YLGD GHVRUGHQDGD \
ERKHPLD WXYR FRPR FRQVHFXHQFLD XQ
JUDYHGHWHULRURGHVXVDOXG$~QDVtLQWHQWy
FRQWLQXDU VX FDUUHUD HQ /LPD \ HQ HO
H[WUDQMHUR&XOPLQyVXWUD\HFWRULDHQIUHQ
WDQGR D $UPDQGR <ixH] ³.LG &RORP
ELD´HQ1LFDUDJXD\&RORPELDHQ
'HUHJUHVRQXHYDPHQWHDO3HU~ODVHQIHU
PHGDGHV OR DJRELDURQ 6LQ PiV SHOHDV \
FRQVXVUHFXUVRVGLODSLGDGRVFD\yUiSLGD
PHQWHHQHOROYLGR\ODPLVHULD)DOOHFLyHO
GHPD\RGHFRQHVFDVRVDxRV
FXPSOLGRVOXHJRGHXQDGRORURVDDJRQtD
YtFWLPDGHIDOODVHQHOKtJDGRULxRQHV\
FRUD]yQ 6X KXPLOGH HQWLHUUR SDVy GHVD
SHUFLELGRSDUDODJUDQPD\RUtDGHSHUXD
QRV SHUR SURQWR HO FRPSRVLWRU 3HGUR
(VSLQHOOHGHGLFyXQDFDQFLyQHQULWPRGH
SROND³%RP%RP&RURQDGR´TXHSHUHQ
QL]yODPHPRULDGHHVWHQRWDEOHER[HDGRU
2WUD¿JXUDLPSRUWDQWHIXH$QWRQLR)URQ
WDGRER[HDGRUSHUXDQRQDFLGRHQ
OD KDFLHQGD &KLFOtQ HQ ODV DIXHUDV GH OD
FLXGDGGH7UXMLOOR/D/LEHUWDGHOGH
RFWXEUHGH&RPHQ]ySUDFWLFDQGRHO
I~WERO HQ VX LQIDQFLD SHUR OXHJR GH XQD
SHOHD FDOOHMHUD IXH FRQYRFDGR FRQ RWURV
MyYHQHVDODVFODVHVGHER[TXHLPSDUWtDHQ
OD KDFLHQGD $UPDQGR )RJOLD XQ LQPL
JUDQWH LWDOLDQR FRQWUDWDGR SRU OD IDPLOLD
/DUFRSURSLHWDULDGHOIXQGRSDUDHQVHxDU
ER[ HQ OD KDFLHQGD GHSRUWH TXH SURQWR
‹&DUORV*DVWHOXPHQGL
YDPHQWH D TXLHQHV HQ RWURV HVSDFLRV QR
HVWDUtDQHQSULPHUOXJDU
(QWUH ODV ¿JXUDV KLVWyULFDV GH OD P~VLFD
DIURSHUXDQD VH HQFXHQWUD VLQ GXGD
3RU¿ULR9iVTXH]1DFLGRHQ
$XFDOODPDVHPXGyD/LPDHQODGpFDGD
GH \ WUDEDMy FRPR FRQVHUMH HQ HO
FDQyGURPR GHO .HQQHO 3DUN )HOGPDQ
DOSHUGHUVXWUDEDMRSRUHOFLHUUHGHO
SDUTXH IXH FRQWUDWDGR FRPR SURIHVRU GH
EDLOHV QHJURV SHUXDQRV HQ OD SULPHUD
DFDGHPLDGHIRONORUHGH/LPDFUHDGDSRU
HO JRELHUQR HQ $ SDUWLU GH HVH
PRPHQWRGRQ3RU¿ULRVHFRQYLUWLyHQXQ
UHIHUHQWH GH OD FXOWXUD DIURSHUXDQD
VLUYLHQGR GH LQIRUPDQWH FODYH SDUD ODV
UHFUHDFLRQHV KLVWyULFDV SRVWHULRUHV WDOHV
FRPROD3HxD³3DQFKR)LHUUR´FUHDGDSRU
-RVp'XUDQG6XKDELOLGDGFRQODJXLWDUUD
HOFDMyQHOFDQWR\ODVGpFLPDVFRQWULEX
\HURQ HQRUPHPHQWH SDUD OD FUHDFLyQ GHO
DFHUYRFXOWXUDODIURSHUXDQR
/RVGHSRUWHVOOHJDURQHQHVWHWLHPSRFRQ
HOREMHWLYRGHGLVFLSOLQDU\FLYLOL]DUDORV
VHFWRUHV SRSXODUHV SHUR UiSLGDPHQWH
IXHURQ UHLQWHUSUHWDGRV GHVGH GHEDMR GH
DFXHUGRDORVLQWHUHVHVSRSXODUHV5iSLGD
PHQWHXQRGHORVFOXEHVIXQGDGRHQ
SRU DGROHVFHQWHV GH GLIHUHQWHV RUtJHQHV
pWQLFRV$OLDQ]D/LPDVHFRQYLUWLyHQXQR
GH ORV VtPERORV GH OD SUHVHQFLD DIURSH
UXDQDHQHOiPELWRGHSRUWLYR/DVUD]RQHV
SRUODVFXDOHVVHLGHQWL¿FyDOFOXEFRQHVWH
RULJHQIXHURQORVIXHUWHVYtQFXORVHQWUHORV
GHSRUWLVWDV\D¿FLRQDGRVFRQORVREUHURV\
WUDEDMDGRUHV FRPR WDPELpQ OD PXGDQ]D
GHOFOXEGHODFDOOHGH&RWDEDPEDVD/D
9LFWRULDHVSDFLRGHJUDQSUHVHQFLDDIURSH
UXDQD 3DQ¿FKL 6HUtD GH D
TXHHVWDUHODFLyQFRQORVDIURGHVFHQ
GLHQWHV VH KDUtD PiV LQWHQVD HVSHFLDO
PHQWHDSDUWLUGHODDSDULFLyQGHVXJUDQ
¿JXUD KLVWyULFD $OHMDQGUR ³0DQJXHUD´
9LOODQXHYD(OI~WERODOLJXDO
TXHODP~VLFDSHUPLWLyDPXFKRVDIURSH
UXDQRV PRYLOL]DUVH VRFLDOPHQWH QR HUD
QHFHVDULR WHQHU HGXFDFLyQ R IRUPDFLyQ
EDVWDED WHQHU OD KDELOLGDG QHFHVDULD SDUD
VHUSDUWHGHORVHTXLSRVGHI~WERO9LOOD
QXHYDQDFLyHQHO5tPDFOXHJRVHPXGyD
%DUULRV $OWRV \ VH LQFRUSRUy D $OLDQ]D
/LPDGHVWDFDQGRGHVGHKDVWD
)XHSDUWHGHOHTXLSRTXHFRPSLWLyHQODV
2OLPSLDGDVGH%HUOtQ\GHOIDPRVR
³URGLOOR QHJUR´ XQR GH ORV PHMRUHV
HTXLSRV KLVWyULFRV GH $OLDQ]D /LPD TXH
HVWXYRLQYLFWRSRUPiVGHWUHVDxRV\TXH
JDQyVHLVWtWXORVQDFLRQDOHV
6X GHVRUGHQDGD YLGD OH FDXVy VHULRV
9ROYHUDOtQGLFH
‹&DUORV*DVWHOXPHQGL
6
',9(56,'$'
DGTXLULyJUDQSRSXODULGDGHQWUHORVWUDED
MDGRUHV \ VHFWRUHV SRSXODUHV 'HVGH
WLHPSRVFRORQLDOHVOD]RQDQRUWHGHO3HU~
VH KDEtD HVSHFLDOL]DGR HQ HVWD DFWLYLGDG
HPSOHDQGRPDQRGHREUDHVFODYDSULPHUR
\ OXHJR WUDEDMDGRUHV FKLQRV FRQWUDWDGRV
/DSUiFWLFDGHOGHSRUWHHUDXQDGHODVHVWUD
WHJLDV TXH OD IDPLOLD GHVDUUROOy FRQ HO
REMHWLYR GH DWUDHU PDQR GH REUD SDUD OD
SURGXFFLyQ GH D]~FDU \ D SULQFLSLRV GHO
VLJOR ;; HO VDODULR \ ODV FRQGLFLRQHV GH
YLGD TXH RIUHFtD OD KDFLHQGD HUDQ ORV
PHMRUHV DWUDFWLYRV SDUD ¿MDU OD PDQR GH
REUDHQODKDFLHQGD
$QWRQLR)URQWDGROODPDGRIDPLOLDUPHQWH
³$QWXFR´UHYHOySURQWRVXVGRWHVSDUDHO
ER[HR (Q VH FRURQy &DPSHyQ
1DFLRQDO$PDWHXUHQODFDWHJRUtDSOXPD
&RQXQDDOWXUDGHPXQSHVRDSUR[L
PDGRGHNJ\XQDHQYHUJDGXUDGH
FPIXHFDPSHyQ6XGDPHULFDQR$PDWHXU
HQ OD FDWHJRUtD GH SHVR OLJHUR HQ /LPD3HU~\HQODGHSHVRPHGLRHQ
0RQWHYLGHR 8UXJXD\ &RQVLGHUDGR
FRPRXQER[HDGRUWpFQLFRDQWHVTXHXQR
GHJUDQSHJDGDIXHXQRGHORVSULPHURV
JUDQGHV tGRORV GHO GHSRUWH SHUXDQR HQ
JHQHUDO\GHOER[HQSDUWLFXODU(Q
FRPHQ]yVXFDUUHUDFRPRER[HDGRUSURIH
VLRQDO HQ OD TXH QR WXYR WDQWRV p[LWRV
FRPRHQODpSRFDGHDPDWHXU3DUWLFLSyHQ
SHOHDV GH ODV FXDOHV JDQy SRU
.2 SHUGLy FXDWUR WUHV SRU .2 \
HPSDWyODVGRVUHVWDQWHV)XHSURWDJRQLVWD
GHXQRGHORVLQFLGHQWHVPiVUHFRUGDGRV
FXDQGR HO ER[HDGRU GRPLQLFDQR &DUORV
3pUH] FRQRFLGR FRPR HO ³=XUGR GHO
+LJXDPR´ORGHUULEyGHXQWHUULEOHJROSH
HQHOKtJDGRHQOD3OD]DGH$FKR/LPDHO
GHMXQLRGHHQHOWHUFHUDVDOWRGHORV
GLH] SDFWDGRV /D FDUUHUD ER[tVWLFD GH
)URQWDGR SDUHFtD WHUPLQDGD SHUR VX
SURPRWRU 0D[ $JXLUUH SDFWy XQD
UHYDQFKD HQ OD TXH VDOLy YLFWRULRVR SRU
SXQWRVHQODPLVPDSOD]DHOGHDJRVWR
GH/XHJRGHHVHWULXQIRVHHQIUHQWyD
YDULDV¿JXUDVGHOER[LQWHUQDFLRQDOFRPR
HO XUXJXD\R 3LODU %DVWLGDV HO DUJHQWLQR
)UDQFLVFR$QWRQLR/XFHUR³.LGFDFKHWD
GD´\HVSHFLDOPHQWHHOSHVRPHGLRHVWD
GRXQLGHQVH-DPHV7XIWV³$UWLH7RZQH´
DQWHTXLHQSHUGLyHOGHQRYLHPEUHGHO
1XHYH DxRV GHVSXpV 7XIWV VHUtD
GHUURWDGR SRU HO JUDQ ER[HDGRU SHUXDQR
0DXUR 0LQD )URQWDGR LQWHQWy VHU
FDPSHyQVXGDPHULFDQRSURIHVLRQDOSHUR
SHUGLyHQODFLXGDGGH%XHQRV$LUHVHQHO
FROLVHR /XQD 3DUN IUHQWH D XQR GH ORV
PHMRUHV ER[HDGRUHV DUJHQWLQRV (GXDUGR
/DXVVHHOGHPD\RGH)LQDOPHQWH
VH UHWLUy OXHJR GH XQD YLFWRULD DQWH HO
SHUXDQR )ULGROLQR 9LOFD HQ OD FLXGDG GH
7UXMLOORHOGHHQHURGH&RPRKRPH
QDMHDVXFDUUHUDHOULQJGHER[GHO(VWDGLR
0DQVLFKH GH7UXMLOOR OOHYD HO QRPEUH GH
³$QWXFR)URQWDGR´
&RPRVHSXHGHREVHUYDUHQODKLVWRULDGH
HVWRVGHSRUWLVWDVKD\UDVJRVFRPXQHV1R
WHQtDQ JUDQGHV SRVLELOLGDGHV GH DVFHQGHU
VRFLDOPHQWHSRUPHGLRGHODHGXFDFLyQX
R¿FLRVPHMRUSDJDGRV6XFDSLWDOVLPEy
OLFRIXHHOXVRGHVXFXHUSRVXKDELOLGDG\
IRUWDOH]DItVLFDQRWDEOHSDUDORJUDUp[LWRV
GHSRUWLYRV 6LQ HPEDUJR HVWH p[LWR WXYR
XQ LPSDFWR SDUDGyMLFR WDPELpQ HVWHUHR
WLSy D ORV DIURSHUXDQRV FRPR SRUWDGRUHV
GH FLHUWDV KDELOLGDGHV LQQDWDV TXH ORV
³UDFLDOL]DEDQ´ \ FRQGHQDEDQ D FLHUWRV
OXJDUHVVRFLDOHVTXHQRSRGtDQWUDVSDVDU
/DFRQVROLGDFLyQGHORV
HVWHUHRWLSRVUDFLDOHV
/RVFDPLQRVGHVDUUROODGRVSRUORVDIURSH
UXDQRV D OR ODUJR GH OD KLVWRULD FRQ HO
REMHWRGHDVFHQGHUVRFLDOPHQWH\VREUH
SDVDU ODV EDUUHUDV GH OD GLVFULPLQDFLyQ
UDFLDO\GHFODVHJHQHUDURQXQDUHDOLGDG
GREOH 6LUYLHURQ SDUD ORJUDU TXH VXV
GHVFHQGLHQWHVFRQVLJDQXQDPHMRUFDOLGDG
GH YLGD 3RU HMHPSOR ODV PXMHUHV GHGL
FDGDVDODFRFLQDUHLYLQGLFDURQVXVSUiF
WLFDV FXOLQDULDV GH RULJHQ WUDGLFLRQDO
WUDVPLWLGDVJHQHUDFLRQDOPHQWH\TXHOHV
SHUPLWtDQ REWHQHU HPSOHRV GRPpVWLFRV
FXDQGRQRFRQWDEDQFRQPD\RUHGXFDFLyQ
H LQFOXVR WHQtDQ TXH HQFDUJDUVH GH ODV
WDUHDV GRPpVWLFDV GH VX SURSLR KRJDU
7DPELpQHOWUDEDMRFRPRYHQGHGRUDVOHV
SHUPLWtD FRQVHJXLU HO VXVWHQWR HQ XQ
PHGLR HQ HO TXH WHQtDQ TXH DSUHQGHU D
GHIHQGHUVH GH ODV DJUHVLRQHV GH RWUDV
YHQGHGRUDV DXWRULGDGHV \ WUDQVH~QWHV
$VtFRPRORVYLDMHURVORKLFLHURQQRWDU
HOHYDURQ VXV YRFHV \ DGTXLULHURQ XQ
OHQJXDMH TXH OHV SHUPLWtD UHSOLFDU FXDO
TXLHU WLSR GH LQVXOWR 3RU ~OWLPR ODV
PXMHUHVDSUHQGLHURQDOXFLUGHFHQWHVSRU
PHGLR GHO FRQWURO GH VXV FXHUSRV VRPH
WLGRV D XQD PLUDGD TXH H[DFHUEDED VX
VH[XDOLGDG
3RURWURODGRORVKRPEUHVDIURSHUXDQRV
DSURYHFKDURQ HO FDSLWDO TXH HQ PXFKRV
FDVRVHUDHO~QLFRGHOTXHGLVSRQtDQVX
IRUWDOH]DItVLFDVXVKDELOLGDGHVDUWtVWLFDV
\ PXVLFDOHV TXH OHV SHUPLWtDQ DFFHGHU D
SUHVWLJLR VRFLDO +LVWyULFDPHQWH ORV
VHFWRUHV SRSXODUHV DIURSHUXDQRV KDQ
GHIHQGLGRHVWRVYDORUHVSRUVXXVRSUiF
WLFRDXQTXHVLQGXGDUHSURGXFHQPXFKRV
GHORVYDORUHVGRPLQDQWHV'HVGHDEDMR
ODV SREODFLRQHV DIURSHUXDQDV DSURYH
FKDURQHOODGRSRVLWLYRGHORVHVWHUHRWLSRV
UDFLDOHV GH KRPEUHV \ PXMHUHV /DV
~OWLPDVXWLOL]DURQQRVRORORVYDORUHVGHO
WUDEDMR\OHDOWDGTXHWHQtDQVXRULJHQHQOD
UHODFLyQ HVFODYLVWD FRORQLDO WDPELpQ
DSURYHFKDURQ DTXHOORV TXH OHV DWULEXtDQ
FRTXHWHUtD JUDFLD \ VHQVXDOLGDG FRQ HO
REMHWR GH SRVLFLRQDUVH HQ DFWLYLGDGHV
FRPRODGDQ]D\HOFDQWR3RUHOODGRGHORV
KRPEUHVVHDSURYHFKyOD³UDFLDOL]DFLyQ´
GHODP~VLFDFRQVLGHUDGDPiVDXWpQWLFD
HQIXQFLyQGHORVRUtJHQHVGHORVLQWpUSUH
WHVORFXDOOHVSHUPLWLyDFFHGHUDGLYHUVRV
\PHMRUHVHVFHQDULRV7DPELpQVHEHQH¿
FLDURQ GH ORV HVWHUHRWLSRV UHODFLRQDGRV
FRQVXIRUWDOH]DItVLFDSURYHQLHQWHVGHOD
HVFODYLWXG FRQVLJXLHQGR LQJUHVDU DO
PHUFDGR ODERUDO \ RWUDV DFWLYLGDGHV
JUDFLDVDHVWDLPDJHQ
/DPHQWDEOHPHQWH ORV HVWHUHRWLSRV GH
RULJHQ HVFODYLVWD QR VROR SRUWDEDQ
HOHPHQWRV SRWHQFLDOPHQWH SRVLWLYRV
WDPELpQLQFOXtDQIDFWRUHVQHJDWLYRVFRPR
ODRFLRVLGDGWRUSH]DHPEULDJXH]SHOLJUR
VLGDG \ VH[XDOLGDG DQLPDOL]DGD (Q
DOJXQRV FDVRV HVWRV HOHPHQWRV VLUYLHURQ
SDUDFRQVHJXLUSHTXHxDVYHQWDMDVFRWLGLD
QDVWDOHVFRPRPRPHQWRVGHGHVFDQVR\
ORJUDUKXLUGHOWUDEDMRItVLFRGHVJDVWDQWH
HWF&XDQGROOHJDPRVDOVLJOR;;DOJXQDV
GH HVDV SUiFWLFDV IXHURQ LQWHUSUHWDGDV GH
PRGRGLIHUHQWHHQPHGLRGHXQDVRFLHGDG
TXH³UDFLDOL]y´ODVSUiFWLFDVGHODVSHUVR
QDVFRQVROLGDQGRHODVSHFWRQHJDWLYRGH
ORVDIURSHUXDQRV
$FWXDOPHQWH QRV SDUHFH PX\ LPSRUWDQWH
UHFRQRFHU HO HVIXHU]R KLVWyULFR GH ORV
DIURSHUXDQRV SDUD DVFHQGHU VRFLDOPHQWH
HQPHGLRGHXQDUHDOLGDGTXHQRRIUHFtD
PD\RUHV SRVLELOLGDGHV 3RU PHGLR GH
GLYHUVDVHVWUDWHJLDV\GHXQDIRUPDFRQV
WDQWH FRQWULEX\HURQ VLOHQFLRVDPHQWH FRQ
HOSURJUHVRGHVXVIDPLOLDV\ODFRQVWUXF
FLyQGHODQDFLyQ
%LEOLRJUDItDFLWDGD
)(/'0$1+HLGL&DURO\Q
5LWPRV ³QHJURV´ GHO 3HU~ 5HFRQVWUX\HQGR OD KHUHQFLD PXVLFDO GHO 3HU~ /LPD ,QVWLWXWR GH (VWXGLRV
3HUXDQRV,QVWLWXWRGH(WQRPXVLFRORJtD
3$1),&+,$OGR
³$IULFDQtDEDUULRVSRSXODUHV\FXOWXUDFULROODDLQLFLRVGHOVLJOR;;´/RDIULFDQRHQODFXOWXUDFULROOD/LPD
)RQGR(GLWRULDOGHO&RQJUHVRGHO3HU~SS
9ROYHUDOtQGLFH
6
',9(56,'$'
-BWP[EFMBSUJTUBBNB[ØOJDP
)LRUHOOD/ySH]
(QHOPDUFRGHODH[SRVLFLyQ³'HVXODUJR
OODQWR VH IRUPy HO$PD]RQDV 1DUUDWLYDV
DPD]yQLFDVQRUHSUHVHQWDGDVHQODKLVWRULD
SHUXDQD´UHDOL]DGDHOMXHYHVGHRFWXEUH
GH EDMR OD FXUDGXUtD GH &KULVWLDQ
%HQGD\iQ\*LXOLDQD9LGDUWHHQHO&HQWUR
&XOWXUDO 5LFDUGR 3DOPD GH OD 0XQLFLSD
OLGDG GH 0LUDÀRUHV VH GHVDUUROOy HO
FRQYHUVDWRULR³/DYR]GHODUWLVWDDPD]y
QLFR &RQVWUX\HQGR KLVWRULD GHVGH ODV
LPiJHQHV´(OGLiORJRFRQWyFRQODSDUWL
FLSDFLyQ GH XQR GH ORV FXUDGRUHV GH OD
PXHVWUD&KULVWLDQ%HQGD\iQODLQYHVWLJD
GRUD 0DUtD (XJHQLD <OOLD \ ORV MyYHQHV
DUWLVWDV%UXV5XELR\5HPEHU<DKXDUFDQL
GRVGHODV¿JXUDVPiVUHSUHVHQWDWLYDVGHO
DUWHDPD]yQLFRSHUXDQR(QODVVLJXLHQWHV
OtQHDV XQ LQIRUPH FRPSOHWR GH DTXHOOD
LPSRUWDQWHFRQYHUVDFLyQ
PXQGRVLHPSUHIXH³¢SRUTXpQRKDFHUXQR
PLVPRVXVSURSLDVKLVWRULDV"´<DVtORKD
KHFKR VLHPSUH FRQWDUQRV D WUDYpV GH VX
REUDODKLVWRULDGHVXSXHEORJUD¿FDUWRGR
HOOR FRPR SURGXFWR GH OD QHFHVLGDG GH
H[SORUDU XQD IRUPD DUWtVWLFD ³FRQRFHU D
WUDYpV GHO DUWH LQQRYDGRU \ FUtWLFR´ ODV
KLVWRULDVtQWLPDV\GHLQWHUFDPELRFROHF
WLYR3RUHOORSURIXQGL]yHQORTXHGHQR
PLQD HO ³FXHUSR DUWtVWLFR LQWHUFXOWXUDO´
HQWHQGLGR FRPR DTXHOOD SODWDIRUPD TXH
SHUPLWH D OD REUD FRPXQLFDU \ JHQHUDU
UHÀH[LRQHV IXVLRQHV HTXLOLEULRV HQWUH
GLVWLQWDVFRVPRYLVLRQHVRLQWHUSUHWDFLRQHV
GHODUHDOLGDG
¢([LVWHHODUWHFRQWHPSRUiQHR
LQGtJHQD DPD]yQLFR" ¢&yPR
SXHGHH[LVWLU\SUHYDOHFHU"
'HL]TDGHU&KULVWLDQ%HQGD\iQ%UXV5XELR0DUtD(XJHQLD<OOLD\5HPEHU<DKXDUFDQL
/D KLVWRULD D WUDYpV GH ORV
LPDJLQDULRV SURSLFLDGRV SRU
ODVDUWHVYLVXDOHV
(OWHPDFHQWUDOIXHHOSDSHOGHODUWLVWDHQOD
FRQVWUXFFLyQ GH OD KLVWRULD \ OD FXOWXUD
DPD]yQLFD (O PRGHUDGRU IXH &KULVWLDQ
%HQGD\iQDUWLVWDFXUDGRU\JHVWRUFXOWX
UDOTXLHQHQORV~OWLPRVDxRVKDUHDOL]DGR
XQ LPSRUWDQWH WUDEDMR GH UHFXSHUDFLyQ \
UHYDORUL]DFLyQ GHO DUWH DPD]yQLFR
SHUXDQR%HQGD\iQPDQLIHVWyVXSUHRFX
SDFLyQSRUHOJUDQGHVFRQRFLPLHQWRGHOD
KLVWRULDGHOD$PD]RQtD\ORVVXFHVRVPiV
LPSRUWDQWHVDFDHFLGRVHQORV~OWLPRVDxRV
HQDTXHOODLPSRUWDQWHUHJLyQGHOSDtV
(QWRUQRDODpSRFDGHOFDXFKR%HQGD\iQ
D¿UPy TXH H[LVWH XQ GHVFRQRFLPLHQWR
VREUH HO H[WHUPLQLR TXH WUDMR OD ¿HEUH
H[WUDFWLYDGHOFDXFKRD¿QHVGHOVLJOR;,;
HLQLFLRVGHO;;ORTXHJHQHUDXQDSHUFHS
FLyQHTXLYRFDGDTXHLPSLGHDFHUFDUQRVD
OD UHDOLGDG GH ORV SXHEORV DPD]yQLFRV \
FRQVWUXLU XQD KLVWRULD PiV DXWpQWLFD 6LQ
HPEDUJRUHFDOFyTXHH[LVWHQH[SHULHQFLDV
GHUHFXSHUDFLyQGHODPHPRULDKLVWyULFDGH
OD FXOWXUD DPD]yQLFD SULQFLSDOPHQWH D
WUDYpVGHODWUDGLFLyQRUDO8QDODERUHQOD
TXH KDQ FRQWULEXLGR QXPHURVRV DUWLVWDV
UHQRYDQGRHODUWHDPD]yQLFR\FRPSOHML
]DQGRDVXYH]ORVGLVFXUVRVTXHFLUFXODQ
VREUHODKLVWRULDGHOD$PD]RQtDSHUXDQD
$GHPiV UHFDOFy TXH HV LPSRUWDQWH TXH
WRGDE~VTXHGDVREUHODKLVWRULDLQFRUSRUH
HOLPDJLQDULR
%UXV 5XELR &KXUD\ SLQWRU DXWRGLGDFWD
GHVFHQGLHQWHGHODVHWQLDV+XLWRWR0XUXL
\ %RUD IXH XQR GH HVWRV DUWLVWDV TXH
WDPELpQSDUWLFLSyHQODFRQYHUVDFLyQ(Q
XQDHPRWLYDLQWHQFLyQGHWUDQVPLWLUQRVVX
YLVLyQ VREUH HO WHPD HO DUWLVWD D¿UPy
FRQWXQGHQWH ³OD KLVWRULD GHO FDXFKR QRV
GHMyPDUFDGRV´
/D SUHJXQWD FUXFLDO TXH OOHYy D 5XELR D
FUHDU\WUDQVPLWLUVXSDUWLFXODUYLVLyQGHO
͙ĞdžŝƐƚĞŶĞdžƉĞƌŝĞŶĐŝĂƐĚĞƌĞĐƵƉĞƌĂĐŝſŶ
ĚĞůĂŵĞŵŽƌŝĂŚŝƐƚſƌŝĐĂĚĞůĂĐƵůƚƵƌĂ
ĂŵĂnjſŶŝĐĂ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĂƚƌĂǀĠƐĚĞůĂ
ƚƌĂĚŝĐŝſŶŽƌĂů͕ƵŶĂůĂďŽƌĞŶůĂƋƵĞŚĂŶ
ĐŽŶƚƌŝďƵŝĚŽŶƵŵĞƌŽƐŽƐĂƌƟƐƚĂƐ͕ƌĞŶŽǀĂŶĚŽ
ĂƐşĞůĂƌƚĞĂŵĂnjſŶŝĐŽLJĐŽŵƉůĞũŝnjĂŶĚŽĂƐƵ
ǀĞnjůŽƐĚŝƐĐƵƌƐŽƐƋƵĞĐŝƌĐƵůĂŶƐŽďƌĞůĂŚŝƐƚŽƌŝĂ
ĚĞůĂŵĂnjŽŶşĂƉĞƌƵĂŶĂ͘͟
9ROYHUDOtQGLFH
5XELRVHSODQWHDHVWDVSUHJXQWDV\FRQVL
GHUDLPSRUWDQWHTXHQRTXHGHQVRORHQHO
iPELWRDFDGpPLFR3DUD5HPEHU<DKXDU
FDQLMRYHQGHRULJHQKXLWRWRUHFRQRFLGR
DUWLVWD \ HVFULWRU DPD]yQLFR HVWDV
SUHJXQWDVOROOHYDURQDSODQWHDUHOUROTXH
MXHJDQ ORV DUWLVWDV DO UHLYLQGLFDU XQ DUWH
FUtWLFR\WUDQVIRUPDGRU<DKXDUFDQLTXLHQ
KDSUHVHQWDGRKDVWDHOPRPHQWRH[SR
VLFLRQHV LQGLYLGXDOHV UHFRUGy VX YLVLWD D
/D&KRUUHUDSREODGRORFDOL]DGRDRULOODV
GHO UtR ,JDUDSDUDQi HQ &RORPELD UHVDO
WDQGRTXHVXHQFXHQWURFRQODVIDPLOLDVGH
ORV SXHEORV DIHFWDGRV SRU OD EDUEDULH
FDXFKHUDIXHXQKLWRTXHDVHQWyHQVXYLGD
HOFRPSURPLVR³QRGHEHPRVROYLGDUODV
EUXWDOHV KLVWRULDV GH ORV FDXFKHURV TXH
PDVDFUDURQDIDPLOLDVLQGtJHQDVGXUDQWHHO
DXJH GH OD H[SORWDFLyQ HQ ODV ~OWLPDV
GpFDGDVGHOVLJOR;,;\SULPHUDGHO;;´
(OMRYHQDUWLVWDWDPELpQFRQWyGHWDOOHVGH
FyPRMXQWRDVXSDGUH6DQWLDJR<DKXDU
FDQLWUDEDMyGXUDQWHVHPDQDVHQXQJUDQ
PXUDOGHDSUR[LPDGDPHQWH[PHWURV
HQ/D&KRUUHUDHOFXDOIXHWLWXODGR(OJULWR
6
',9(56,'$'
‹+DUU\3LQHGR
<DKXDUFDQL FRQVLGHUD TXH XQ EXHQ LQGt
JHQDHV³DTXHOTXHQRVRORVDEHGHKLVWRULD
ODGH¿HQGHODYLYHVLQRTXHWDPELpQWLHQH
HOWDOHQWRGHWUDQVPLWLUOD´
7UDQVPLWLU OD FRVPRYLVLyQ GH
OD FRPXQLGDG GHVGH OD LGHQ
WLGDGLQGtJHQD
%UXV5XELR&KXUD\3DVDSRUWH$PD]yQLFR(VWDSLQWXUDUHFRJHODVH[SHULHQFLDVGHODUWLVWDGXUDQWHVXYLDMHD3DULVHOTXHUHDOL]yDOREWHQHUHOVHJXQGRSXHVWR
GHO;,9&RQFXUVR1DFLRQDO3DVDSRUWHSDUDXQ$UWLVWDRUJDQL]DGRSRUOD$OLDQ]D)UDQFHVD\OD(PEDMDGDGH)UDQFLDHQHODxR
‹6(59,1',
ƌƵƐZƵďŝŽŶŽƐŚĂďůĂĚĞů͞ĐƵĞƌƉŽ
ĂƌơƐƟĐŽŝŶƚĞƌĐƵůƚƵƌĂů͕͟ĞŶƚĞŶĚŝĚŽĐŽŵŽ
ĂƋƵĞůůĂƉůĂƚĂĨŽƌŵĂƋƵĞƉĞƌŵŝƚĞĂůĂŽďƌĂ
ĐŽŵƵŶŝĐĂƌLJŐĞŶĞƌĂƌƌĞŇĞdžŝŽŶĞƐ͕ĨƵƐŝŽŶĞƐ͕
ĞƋƵŝůŝďƌŝŽƐ͕ĞŶƚƌĞĚŝƐƟŶƚĂƐĐŽƐŵŽǀŝƐŝŽŶĞƐŽ
ŝŶƚĞƌƉƌĞƚĂĐŝŽŶĞƐĚĞůĂƌĞĂůŝĚĂĚ͘͟
0XUDOGH6DQWLDJR\5HPEHU<DKXDUFDQL(OJULWRGHORVKLMRVGHODFRFDHOWDEDFR\OD\XFDGXOFH
³&RQODFRFD\HOWDEDFRDWUDYpVGHODUJDVVHVLRQHVHQODPDORFDFHQWURFHUHPRQLDOVHHQVHxDQORV
YDORUHVpWLFRVTXHGHEHQJXLDUODYLGDGHODVSHUVRQDV/D\XFDGXOFHSRUVXSDUWHVLPEROL]DDODPXMHU\HV
XQHOHPHQWRIXQGDPHQWDOSDUDHOHTXLOLEULRVRFLDO´
GHORVKLMRVGHODFRFDHOWDEDFR\OD\XFD
GXOFH³1RVUHXQLPRVFRQOtGHUHVWUDGLFLR
QDOHVTXHGHEDWLHURQVREUHFXiOGHEHUtDVHU
HOFRQWHQLGR\VLJQL¿FDGRGHOPXUDO´/D
REUDHVXQDVHFXHQFLDTXHYDGHL]TXLHUGDD
GHUHFKD QDUUDQGR HO WUiQVLWR VHJXLGR SRU
ODV VRFLHGDGHV LQGtJHQDV GH OD UHJLyQ
GHVGHXQHVWDGRGHSD]DXQRGHYLROHQFLD
WHUURU\PXHUWHJHQHUDGRSRUORVFDXFKHURV
\¿QDOPHQWHDXQIXWXURHQHOFXDOUHFX
SHUDQVXOLEHUWDG\ODDEXQGDQFLD3RUHOOR
EŽĚĞďĞŵŽƐ
ŽůǀŝĚĂƌůĂƐďƌƵƚĂůĞƐ
ŚŝƐƚŽƌŝĂƐĚĞůŽƐ
ĐĂƵĐŚĞƌŽƐƋƵĞ
ŵĂƐĂĐƌĂƌŽŶĂ
ĨĂŵŝůŝĂƐŝŶĚşŐĞŶĂƐ
ĚƵƌĂŶƚĞĞůĂƵŐĞĚĞůĂ
ĞdžƉůŽƚĂĐŝſŶĞŶƚƌĞůĂƐ
ƷůƟŵĂƐĚĠĐĂĚĂƐĚĞů
ƐŝŐůŽy/yLJƉƌŝŵĞƌĂ
ĚĞůƐŝŐůŽyy͘͟
9ROYHUDOtQGLFH
3RU VX SDUWH OD KLVWRULDGRUD GH DUWH
PXVHyORJD \ FXUDGRUD 0DUtD (XJHQLD
<OOLDUHDOL]yXQUHSDVRGHDOJXQDVREUDV
SLFWyULFDV TXH FRQVLGHUD UHOHYDQWHV HQ OD
KLVWRULD GHO DUWH FRQWHPSRUiQHR DPD]y
QLFRPRVWUDQGRTXHGHVGHLQLFLRVGHOVLJOR
;;\DVHHYLGHQFLDEDQHQHVWRVWUDEDMRV
ORV SULPHURV PDOWUDWRV GH OD pSRFD GHO
FDXFKRXQSHULRGRGHODKLVWRULDTXHKD
TXHGDGRHQODREUDGHPXFKRVDUWLVWDV$
SDUWLU GH HVWH UHFXHQWR HQ HO FXDO VH
HQFXHQWUDQORVWUDEDMRVGH5XELR\<DKXDU
FDQL D¿UPD TXH FDGD REUD KD HVWDGR
PDUFDGDSRUHOFRQWH[WRKLVWyULFRYLYLGR\
TXHODVGLIHUHQWHVHWDSDVSLFWyULFDVUHÀHMDQ
DGHPiVXQPRPHQWRHQODYLGDGHODUWLVWD
<OOLDPDQLIHVWyTXHH[LVWHXQGHVFRQRFL
PLHQWRGHODUWHDPD]yQLFRSHUXDQRDSHVDU
GH TXH HQ ORV ~OWLPRV DxRV QXPHURVRV
DUWLVWDVKDQORJUDGRSRVLFLRQDUVH\OOHJDUD
PXFKRV HVSDFLRV GRQGH RWURV QR KDQ
SRGLGR0HQFLRQDDGHPiVTXHHOORVWLHQHQ
XQDHQFUXFLMDGDFDUDFWHUtVWLFDODGHWUDQV
PLWLU OD FRVPRYLVLyQ GH VX FRPXQLGDG
GHVGH VX SURSLD LGHQWLGDG LQGtJHQD XQ
SURFHVRTXHVLELHQRFXUUHDWRGRVORVDUWLV
WDVFRQVLGHUDTXHLQFLGHGHPDQHUDSDUWL
FXODUHQHOORV(QHVWHSHULRGRGHUHFRQRFL
PLHQWR <OOLD UHVDOWD HO WUDEDMR GH
%HQGD\iQ SRU KDEHU FRQWULEXLGR D HVWD
YLVLELOLGDGFRQVLGHUDTXHpOHVXQSHUVR
QDMH IXQGDPHQWDO HQ HO DUWH DPD]yQLFR
SHUXDQRQRVRORFRPRDUWLVWDVLQRWDPELpQ
SRUDEULUODVSXHUWDVDRWURVDUWLVWDVVLPLOD
UHV&RQFOX\yVHxDODQGRTXH~OWLPDPHQWH
KD\PXFKRSRUGHFLUHQHODUWHDPD]yQLFR
6LQ GXGD HO DUWH DPD]yQLFR HPSLH]D D
JDQDUPiVHVSDFLRVGHGLiORJRHQHOGHEDWH
GHODVDUWHVHQODFLXGDGFDSLWDOGHELGRDVX
FDUDFWHUtVWLFR\VLQJXODUSRGHUGHFRQYR
FDWRULD -XHJDQ HQ HVWH SURFHVR XQ URO
SURWDJyQLFRORVSURSLRVDUWLVWDVDPD]yQL
FRVVXVYDORUHVHVWpWLFRV\HOFRPSURPLVR
SRUFRQWULEXLUDUHFXSHUDUQDUUDWLYDVVLOHQ
FLDGDVXQWRGRTXHFRPSOHML]DHOGLVFXUVR
R¿FLDOGHODKLVWRULDGHOD$PD]RQtDHQHO
FXDO VH LQFOX\HQ LPSRUWDQWHV FRQÀLFWRV
VRFLDOHV\SROtWLFRVTXHFRQWLQ~DQYLJHQWHV
HQODDFWXDOLGDG
6
(175(9,67$
-BWJHFODJBEFMFOTBZP
MPJOUFMFDUVBMZMBNFNPSJB
&OUSFWJTUBB(VTUBWP'BWFSØO
3RU-RVp&DUORV$JHUR
*XVWDYR)DYHUyQHVSURIHVRUDVRFLDGRHQHO%RZGRLQ&ROOHJHGH%UXQVZLFN0DLQHHQ(VWDGRV8QLGRV(VHVFULWRU\FUtWLFROLWHUDULRSHUXDQRTXHKDORJUDGRUHFRQRFL
PLHQWRGHQWUR\IXHUDGHOSDtVVLHQGRVXQRYHOD(O$QWLFXDULRXQDUHFLHQWH\IUHVFDQRYHGDG)DYHUyQHVWDPELpQXQDJXGR\DFWLYROtGHUGHRSLQLyQGHVWDFDQVXVUHÀH
[LRQHVHQWHPDVFRPRODYLROHQFLDFDPELRVHQODSROtWLFDSHUXDQD\ODWLQRDPHULFDQDDVtFRPRHODQiOLVLVTXHKDFHGHVGHODSHUVSHFWLYDGHODVKXPDQLGDGHVHOSHULRGLVPR\
ODFLHQFLDSROtWLFD$FWXDOPHQWHFRODERUDFRQHOGLDULR/D5HS~EOLFDDWUDYpVGHXQDFROXPQDVHPDQDO
-RVp&DUORV$JHUR3DUHFHKDEHUFLHUWD
SpUGLGD GH SHVR GHO HQVD\R HQ OD YLGD
LQWHOHFWXDOGHOSDtV7HQHPRVHQODPHQWH
ORV WUDEDMRV GH /XLV /RD\]D )ORUHV
*DOLQGR 6HEDVWLiQ 6DOD]DU %RQG\ \
SDUHFHTXHHOLQWHUFDPELRVHULRGHLGHDV
KDGLVPLQXLGRTXHWRGRVHKDEDQDOL]DGR
SURIXQGDPHQWH 4XL]i HVWDPRV DQWH XQ
FLHUWR FDPELR GH VHQVLELOLGDG GRQGH OD
QHFHVLGDGGHUHÀH[LRQDUGHPDQHUDPiV
RPHQRVKROtVWLFDFRPRORKLFLHUD0DULi
WHJXL\RWURVKDSHUGLGRFHQWUDOLGDG
*XVWDYR )DYHUyQ &UHR TXH QRV SDVD
FRPR FRQ HO I~WERO IXLPRV D YDULRV
PXQGLDOHVHQORVDxRVVHWHQWD\GHFLPRVHO
3HU~KDVLGRXQSDtVIXWEROtVWLFR\HQORV
~OWLPRVDxRVQRWDQWR/HHPRVDORVHQVD
\LVWDV GH XQD SULPHUD ROD GH ORV DxRV
WUHLQWD \ D XQD VLJXLHQWH ROD HQWUH ORV
VHWHQWD\RFKHQWD\SHQVDPRVTXHHO3HU~
KDHVWDGRGH¿QLGRSRUORVHQVD\LVWDV0H
GDODLPSUHVLyQGHTXHQRHVDVt/RTXH
SDVDHVTXHWHUPLQDPRVKDEODQGRFRPRVL
GHVGH HO ,QFD *DUFLODVR KDVWD TXH PXULy
)ORUHV *DOLQGR WRGR KXELHUD VLGR XQD
FUHVWD GH ROD GHO HQVD\R SHUXDQR \ OD
YHUGDG HV TXH HO HQVD\R QXQFD IXH XQD
IRUPDGHPDVLDGRSHUXDQDHQHOVHQWLGRGH
TXHKDWHQLGRDOWLEDMRV\KDWHQLGRVRORXQ
SDUGHPRPHQWRVIXHUWHV
<HVWRVPRPHQWRVHVWHODUHVFUHRTXHHVWX
YLHURQ UHODFLRQDGRV FRQ YDULDV FRVDV HO
HQVD\R IXH HO LGLRPD GH GHEDWH SROtWLFR
HQWUH ORV DxRV YHLQWH \ WUHLQWD SDUD OD
PHQWHQRKD\GHEDFOHSXHGHTXHHVWHPRV
PHMRU VDOYR ORV KLVWRULDGRUHV TXH WHUPL
QDEDQVXFDUUHUDHQHVDpSRFD
KWWSSHUXSHHVSHFWDFXORVDQWLFXDULRJXVWDYRIDYHURQHORJLDGRWKHQHZ\RUNWLPHV
L]TXLHUGD\ODGHUHFKD\DOPLVPRWLHPSR
TXH PHQFLRQDV D 0DULiWHJXL GHVGH OD
GHUHFKD DOJXLHQ SXHGH PHQFLRQDU D
%HODXQGH5LYD$JHUR*DUFtD&DOGHUyQ
HWFpWHUD \ WDPELpQ D ORV DSULVWDV /D
SULPHUDUHWLUDGDGHOFDPSRGHOHQVD\RHVOD
GH OD GHUHFKD (O HQVD\R VH FRQYLUWLy
GHVSXpVHQXQPHGLRPX\DSUHFLDEOHSHUR
VRORSDUDORVLQWHOHFWXDOHVGHL]TXLHUGD
-&$¢3RUTXpHVWRVFLFORV"
*) (V GLItFLO VDFDU FRQFOXVLRQHV DFHUFD
GHSRUTXpSDVDHVR(QWUHRWUDVFRVDVFUHR
TXH HV FDVL XQ UHJUHVR D OR QDWXUDO D OR
QRUPDO OD UHJOD HV TXH QR H[LVWDQ HVWRV
JUDQGHV HQVD\LVWDV < VL XQR DVRFLD XQD
pSRFD FRQ XQR R GRV HQVD\LVWDV TXLHUH
GHFLU TXH HVH QR HV XQ SDtV GH JUDQGHV
HQVD\LVWDV8QJpQHURQRSXHGHVHUJUDQGH
GHQWURGHODKLVWRULDGHXQSDtVVLHVWiGH¿
QLGRSRUODSUHVHQFLDGHXQSDUGHSHUVR
QDV /R TXH SDVD HV TXH ORV HQVD\LVWDV
KLFLHURQOLEURVTXHVRQFODYHV(QWRQFHV
SUHVHQFLDVFRPRODGH0DULiWHJXLR)ORUHV
*DOLQGR QRV GHMDQ OD LPSUHVLyQ GH XQ
JpQHURGHJUDQÀRUHFLPLHQWR
3RURWURODGRFUHRTXHKD\FLHUWRJUDGRGH
LQMXVWLFLD FRQ RWURV HQVD\LVWDV SHUXDQRV
LPSRUWDQWHVHQODDFWXDOLGDGJHQWHFRPR
(IUDtQ.ULVWDOHQHOFDPSRGHODOLWHUDWXUD
0DULR9DUJDV/ORVDTXHVLJXHHVFULELHQGR
\SXEOLFDQGRJHQWHFRPR1HOVRQ0DQUL
TXH \ KDVWD KDFH PX\ SRFR &DUORV ,YiQ
'HJUHJRUL (VRV VRQ HQVD\LVWDV GH HVWD
pSRFDGHQXHVWUDpSRFDTXHHVWiQDKt6L
XQR FRPSDUD HVR FRQ ORV HQVD\LVWDV
SHUXDQRVGHORVDxRVFLQFXHQWDSUREDEOH
9ROYHUDOtQGLFH
-&$ +D\ XQD IXHUWH WHQGHQFLD DQWL
LQWHOHFWXDO 8Q VHQWLGR FRP~Q TXH QRV
GLFHGHVGHODVDXWRULGDGHVKDVWDODJHQWH
GH D SLH TXH QR HV PRPHQWR GH DQGDU
GiQGROHYXHOWDVDODVFRVDVQRHVWLHPSR
GHSHQVDU4XHHVWR\DORKL]RODL]TXLHUGD
GXUDQWHPiVGHWUHLQWDDxRV\QRVLUYLy
SDUD QDGD (V XQ MXLFLR VREUH OD ODERU
LQWHOHFWXDO\DSHQVDURQ\\DIUDFDVDURQ
HO 3HU~ QR PHMRUy HPSHRUy HQWRQFHV
DKRUDOHWRFDHOWXUQRDORVTXHKDFHQ\QR
KDEODQHVHOPRPHQWRGHORVHFRQRPLV
WDVGHORVJHUHQWHV
*)8QDSULPHUDGLIHUHQFLDHQWUHORTXH
SDVDHQJUDQSDUWHGHOPXQGR\ORTXHSDVD
HQHO3HU~HVTXHDIXHUDODLQWHOHFWXDOLGDG
GHGHUHFKDVLJXHH[LVWLHQGR$FiHOIHQy
PHQRDQWLLQWHOHFWXDOHVWDQDFHQWXDGRHQ
ODGHUHFKDTXHHVFRPRXQDUWtFXORGHIH
(QODGHUHFKDHVGHPDVLDGRVRVSHFKRVRVHU
LQWHOHFWXDOXQRSXHGHFRQWDUFRQORVGHGRV
GHODPDQRODJHQWHTXHWLHQHXQD¿JXUD
S~EOLFD\TXHDOPLVPRWLHPSRVHDLQWHOHF
WXDOKDVWDHOSXQWRGHTXHFXDQGRXQRVH
HVIXHU]DSRUSHQVDUHQLQWHOHFWXDOHVGHOD
GHUHFKD SHUXDQD XQR WHUPLQD DUPDQGR
OLVWDVGHJHQWHTXHHQFLUFXQVWDQFLDVQDWX
UDOHV QR SHQVDUtD TXH OR VRQ /R TXH
WHQHPRVVRQSHUVRQDMHVFRQDFWLWXGDULVWR
FUiWLFD SRVH LQWHOHFWXDO SHUR TXH QR OR
6
VRQQDGLHSXHGHDVRFLDUORVFRQODJHQHUD
FLyQGHDOJXQDLGHDORVSXHGHQDVRFLDUFRQ
PRPHQWRVWXUELRVGHDOJ~QJRELHUQRSHUR
QRFRQXQDLGHD
(V SHQRVR SHUR XQR WRGDYtD YH LQWHOHF
WXDOHVGHGHUHFKDHQHOUHVWRGHOPXQGR
TXHWUDWDQGHDUWLFXODUGLVFXUVRVGHGHUH
FKD GHVGH OD PiV H[WUHPD KDVWD OD PiV
FRP~Q < HQ (XURSD VREUH WRGR XQD
HVSHFLH GH FHQWUR GHUHFKD FLHUWRV
GLVFXUVRV TXH EXVFDQ FRQFLOLDUVH FRQ OD
FHQWURL]TXLHUGD1XHVWUDVLWXDFLyQHVWDQ
JUDYHTXHXQRWHUPLQDYLHQGRDFXDOTXLHU
SHUVRQD LQWHOLJHQWH FRPR XQ LQWHOHFWXDO
SRUTXH HQ HO 3HU~ EDVWD TXH VH VHD XQ
SHULRGLVWDDUWLFXODGRSDUDVHULGHQWL¿FDGR
FRPRXQLQWHOHFWXDO6tFUHRTXHSDUWHGH
ODLGHDHV\DKXERWLHPSRSDUDSHQVDU\
DKRUDKD\TXHKDFHUFRVDV/DPHQWDEOH
PHQWHHVHHVXQGLVFXUVRTXHKDHQWUDGR
WDPELpQHQODL]TXLHUGD
-&$ 6LQ HPEDUJR HV XQ OLEUR HO
,QIRUPH )LQDO GH OD &RPLVLyQ GH OD
9HUGDG \ 5HFRQFLOLDFLyQ XQR GH ORV
WHPDVTXHPiVWHQVLyQKDQJHQHUDGRHQ
HOHVSDFLRS~EOLFR3RUORPHQRVORKDQ
KHFKRFDGDFLHUWRWLHPSR
JHQWH YLQFXODGD D &DUORV ,YiQ 'HJUHJRUL
FRPR)pOL[5HiWHJXL\(GXDUGR*RQ]DOHV
TXLHQHVOXHJRWUDEDMDUtDQHQHO,QVWLWXWRGH
'HUHFKRV +XPDQRV GH OD 8QLYHUVLGDG
&DWyOLFD JHQWH TXH WUDEDMD DKRUD HQ HO
&HQWUR,QWHUQDFLRQDOSDUDOD-XVWLFLD7UDQ
VLFLRQDO GH 1XHYD <RUN \ TXH OLGLD FRQ
FDVRV GH UHSDUDFLRQHV JXHUUDV FLYLOHV \
FRPLVLRQHVGHODYHUGDGHQWRGRHOSODQHWD
6RQH[SHUWRVUHOHYDQWHVGHQWURGHOFDPSR
GHOGLVFXUVRGHGHUHFKRVKXPDQRVLQWHUQD
FLRQDOPHQWH
(O ,QIRUPH )LQDO GH OD &RPLVLyQ GH OD
9HUGDGSRURWURODGRWLHQHHOPpULWRGHVHU
XQ SURGXFWR GH ORV HQVD\LVWDV H LQWHOHF
WXDOHV TXH SRU SULPHUD YH] HQ HO 3HU~
FRQYLHUWHQ HO GLVFXUVR GH ORV GHUHFKRV
KXPDQRV HQ HO FHQWUR GH XQ GLVFXUVR GH
L]TXLHUGD HVR HV LPSRUWDQWH < SRU
SULPHUD YH] DGHPiV FDXVDQ OD DELHUWD
UHDFFLyQGHWRGDODGHUHFKD\GHWRGRHO
HVSHFWURSROtWLFRGHVGHHOFHQWURKDVWDOD
H[WUHPD GHUHFKD FRQWUD HO ,QIRUPH )LQDO
GHOD&RPLVLyQ
0L LPSUHVLyQ HV TXH HO LQIRUPH QR HV
DWDFDGRVRODPHQWHSRUODVFRVDVTXHREMHWL
YDPHQWH GLFH <R FUHR TXH OD UHDFFLyQ
FRQWUDHOLQIRUPH¿QDOWDPELpQHVSDUWHGH
ODUHDFFLyQDQWLLQWHOHFWXDOHVSDUWHGHOD
LGHDGHDKHVWDVVRQWRQWHDUtDVTXHVHOHV
KDQ RFXUULGR D FLQFR LQWHOHFWXDOHV GH
L]TXLHUGD \ QRVRWURV QR WHQHPRV QLQJ~Q
EXHQPRWLYRSDUDHVFXFKDUORV\SDUDSUHV
WDUOHVDWHQFLyQ
3HUR LJXDO PH JXVWD UHFRUGDU HVH OLEUR
SRUTXHHQHOIRQGRHVXQJUDQHQVD\RVREUH
HO3HU~GHORVDxRVRFKHQWD\QRYHQWD\HV
SURGXFLGR SRU HQVD\LVWDV TXH SRU RWUR
ODGRKDQSURGXFLGRPXFKRVHQVD\RVFDGD
XQRSRUVXFXHQWD0HGDODLPSUHVLyQTXH
KD\FRPRXQDUFRVLW~TXLHUHVWUD]DUHO
FDPLQRGHODSURVDGHHQVD\RVRFLDOHQHO
3HU~ SXHGHV VHU SHVLPLVWD \ WUD]DUOR GH
0DULiWHJXL KDVWD HO DELVPR R SXHGHV
KDFHUOR GH 0DULiWHJXL KDVWD XQD VHULH GH
GLVFtSXORVGH0DULiWHJXLTXHSURGXMHURQHO
LQIRUPH¿QDOGHOD&RPLVLyQ\ODYLJHQFLD
GHHVHLQIRUPHHVXQDOXFKDSRUHOWUDEDMR
LQWHOHFWXDOHQHO3HU~+D\PXFKDVFRVDV
TXHGHVDSDUHFHUtDQVLHVHLQIRUPHHVWLUDGR
D OD EDVXUD SHUPDQHQWHPHQWH XQD HV
QXHVWUD ¿GHOLGDG \ FRPSURPLVR FRQ ORV
GHUHFKRV KXPDQRV SHUR RWUD FXULRVD
PHQWHHVQXHVWUDFRQ¿DQ]DHQHOWUDEDMR
LQWHOHFWXDO
<HQWpUPLQRVSUiFWLFRVHO,QIRUPH)LQDO
WLHQHXQYDORU³SRWHQFLDO´SRUTXHVHUtDXQ
OLEURUDURHQODKLVWRULDSHUXDQDVLOOHJDUDD
LPSRQHUVHVL¿QDOPHQWHVXVLGHDVIXHUDQ
UHVSHWDGDV6HUtDXQFDVRLQVyOLWRTXHXQ
OLEURFRPRHVWHOOHJDUDDWHQHUXQDFRQVH
FXHQFLD ¿UPH VyOLGD \ FRQFUHWD HQ OD
KLVWRULDGHO3HU~
-&$3HVHDVXLPSRUWDQFLDHOLQIRUPH
GHOD&95QRWLHQHHOSHVRTXHGHEHUtD
6XV HIHFWRV VLJXHQ VLHQGR SXHVWRV HQ
FXHVWLyQ (Q HO FDVR GHO /XJDU GH OD
0HPRULDVHGLVFXWHVLYDOHGHDOJRUHFRU
GDU \ PiV HVSHFt¿FDPHQWH VL QR VHUtD
FRQYHQLHQWHDFRJHURWUDVIXHQWHVRLQFRU
SRUDUHOSXQWRGHYLVWDGHWRGRVORVDFWRUHV
‹&DUORV*DVWHOXPHQGL
*)<RVLHPSUHGLJRHOOLEURIXQGDPHQWDO
SHUXDQR GH ORV ~OWLPRV YHLQWH DxRV HV
SUREDEOHPHQWH HO ,QIRUPH )LQDO GH OD
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
(VH HV XQ OLEUR TXH IXH FRQVWUXLGR SRU
JHQWHTXHYLHQHGHXQRGHORVVHFWRUHVGH
HQVD\LVWDV GHO FXDO HVWDPRV KDEODQGR
(175(9,67$
TXH WXYLHURQ DOJR TXH YHU FRQ OD H[SH
ULHQFLDGHORVDxRVGHYLROHQFLD
*) (Q ODV FRPLVLRQHV GH OD YHUGDG D
QDGLHVHOHRFXUUH\DDKRUDKD\TXHSRQHU
DOUHSUHVHQWDQWHGHORVQD]LV(VRHVORTXH
ODV FRPLVLRQHV GH OD YHUGDG QR TXLHUHQ
WHQHU YLQFXODFLRQHV SDUWLGDULDV R VHU
YLVWDV FRPR XQ LQIRUPH KHFKR GHVGH HO
JUXSRTXHIXHDWDFDGRPXFKRPHQRVXQ
LQIRUPHKHFKRGHVGHHOJUXSRTXHDWDFy
(VRHVORTXHOHJLWLPDDOD&RPLVLyQGHOD
9HUGDG\DVXWUDEDMR(OGLVFXUVRGHORV
SDUWLGRVSROtWLFRVTXHVHYHQLQWHUSHODGRV
SRU HO ,QIRUPH )LQDO GH OD &95 HV TXH
MXVWDPHQWHHVDIDOWDGH³UHSUHVHQWDFLyQ´
HVODTXHOHTXLWDOHJLWLPLGDGDOLQIRUPH
SRUTXHFXDQGRHOORVSLHQVDQHQHOLQIRUPH
GHOD&RPLVLyQGHOD9HUGDGORYHQFRPR
HVWiQ DFRVWXPEUDGRV D YHU D ODV FRPL
VLRQHV GHO &RQJUHVR HVWD FRPLVLyQ QR
SXVR FLQFR PLHPEURV GH PL SDUWLGR
HQWRQFHVQRHVOHJtWLPD$EVXUGR6REUH
WRGRFXDQGRXQROHHHOLQIRUPH\SXHGHV
FRQVWDWDU FyPR KD VLGR SURGXFLGR FRQ
FRQYRFDWRULDVDELHUWDVHQWUHYLVWDVGLUHF
WDVPXFKDJHQWHKDFLHQGRWUDEDMRVHULR\
WpFQLFRTXHGLItFLOPHQWHSXHGHVHUFRQVL
GHUDGRXQWUDEDMRGHL]TXLHUGDGHGHUHFKD
R GH FHQWUR EDVDGR HQ HQWUHYLVWDV FRQ
SHUVRQDV UHDOHV TXH VH SDUDURQ IUHQWH D
JHQWHUHDO\KDEODURQTXHHVWiQJUDEDGDV
\TXHFXDOTXLHUDSXHGHYHU
(OKHFKRHVTXpFXDQGRVHGLFHTXHHVWRV
TXLQFHPLOWHVWLPRQLRVQRVRQHQYHUGDG
DOJR D OR TXH GHEHPRV SUHVWDU DWHQFLyQ
SRUTXH QR KXER XQ UHSUHVHQWDQWH GH PL
SDUWLGR HQ OD FRPLVLyQ OR TXH VH HVWi
KDFLHQGRHVGHVSUHFLDUDODVYtFWLPDV
-&$+D\XQHVIXHU]RGHVGHORVKLVWR
ULDGRUHV GHO HMpUFLWR TXH KD DELHUWR OD
SRVLELOLGDGGHFRODERUDUFRQHO/XJDUGH
OD 0HPRULD (OORV HVWiQ UHFRJLHQGR ODV
H[SHULHQFLDVGHORVVROGDGRVGHORVUHFOX
WDVGHORVR¿FLDOHVTXHVRQPX\GLYHUVDV
SRQLHQGR pQIDVLV HQ LQFOXLU HQ HVWD
KLVWRULDGHODYLROHQFLDSROtWLFDHOSDGHFHU
GHHOORVXQSDGHFHUTXHQDGLHKDDWHQ
GLGR0HSDUHFHTXHHVXQDYDQFHSRUTXH
GLFHQ OD &RPLVLyQ GH OD 9HUGDG HV XQ
SXQWRGHDSR\RIXQGDPHQWDOSHURIDOWy
HVWDSDUWH¢FyPRORVLHQWHV"
*) 0DO SRUTXH QR FUHR TXH VHD PX\
GLVWLQWR GH OR TXH KD VLGR HO GLVFXUVR GH
PXFKD JHQWH GH ORV LQVWLWXWRV DUPDGRV
GHVGHODVSULPHUDVGHQXQFLDVVREUHYLROD
FLRQHV GH GHUHFKRV KXPDQRV HV EiVLFD
PHQWHODUHVSXHVWDTXHKDVLGRGDGDGHVGH
9ROYHUDOtQGLFH
6
(175(9,67$
FUtPHQHVGHQDGLHVLQRTXHVHUHFRQR]FD
DOJRGHORTXHYLYLHURQ
*)'HDFXHUGR3HUREXHQDSDUWHGHOD
IDOWD GH UHFRQRFLPLHQWR GH ODV YtFWLPDV
PLOLWDUHV YLHQH GHO UHFKD]R GH ORV
JRELHUQRVSHUXDQRVDUHFRQRFHUODVUHFR
PHQGDFLRQHVGHOD&RPLVLyQGHOD9HUGDG
3RUTXH HVWD QR GLFH TXH KD\ TXH GDUOH
UHSDUDFLyQVRORDORVFLYLOHVVLQRTXHKDEOD
GHODVUHSDUDFLRQHVDODVYtFWLPDVHQJHQH
UDO<HVRHVDOJRTXHGLIHUHQWHVJUXSRVGH
SRGHU KDQ PDQLSXODGR PLQXFLRVDPHQWH
SDUDWHUPLQDUFRQVWUX\HQGRXQD&RPLVLyQ
GHOD9HUGDGTXHVHJ~QHOORVGLFHTXHKD\
TXHSDJDUOHVDWRGRVORVVHQGHULVWDVDOJ~Q
WLSR GH UHSDUDFLyQ &RVD PX\ GLVWLQWD
KXELHUDRFXUULGRVLORVJRELHUQRVKXELHUDQ
DVXPLGRODVUHFRPHQGDFLRQHVGHO,QIRUPH
)LQDOSXHVDVtODSDUWLFLSDFLyQGHODJHQWH
GHODVIXHU]DVDUPDGDV\DHVWDUtDUHFRQR
FLGDSDUDELHQ\SDUDPDO
-&$3HQVDQGRHQRWUDFRVDHVWDFULVLV
SROtWLFD\pWLFDSHUPDQHQWHHVWDQRUPD
OLGDGTXHSDUHFHFtQLFDFDGDYH]PiV\DO
PLVPRWLHPSRHVWHDXJHGHDQiOLVLVGHVGH
ODFLHQFLDSROtWLFD¢QRWHSDUHFHXQSRFR
SDUDGyMLFR" /D UDFLRQDOLGDG GH ORV
YRWDQWHVSDUHFLHUDVHUODIyUPXODPiJLFD
SDUDFRPSUHQGHUGHXQWLUyQODFRPSOH
MLGDG SROtWLFD DOHMiQGROD GH XQD GLVFX
VLyQVREUHODPRUDOGHHVWDVSUiFWLFDV
KWWSODIRUWDOH]DGHODVROHGDGEORJVSRWFRPQRYHODGHJXVWDYRIDYHURQHODQWLFXDULRKWPO
KDFH PXFKR EXHQR WLHQHQ TXH HQWHQGHU
TXHHVWDJHQWHTXHPDWyDORVVHWHQWDKDEL
WDQWHV GH HVWH SXHEOR OR KL]R SRU XQD
WHUULEOHSUHVLyQHPRFLRQDO1RVp\RFUHR
TXHHODOHJDWRGHLQRFHQFLDSRUHVWUpVQRHV
XQ DSRUWH PD\RU /D &RPLVLyQ GH OD
9HUGDG WDPSRFR KDEOD DFHUFD GHO HVWUpV
EDMRHOFXDOYLYtDQORVVHQGHULVWDV\REYLD
PHQWHQRPHLQWHUHVDTXHHVRVHYXHOYDXQ
WySLFRGHFRQYHUVDFLyQQRPHLQWHUHVDTXH
DOJXLHQ DSDUH]FD SRU DKt GLFLHQGR
*XVWDYR)DYHUyQGLFHTXHHOHVWUpVEDMRHO
FXDOYLYtDQORVVHQGHULVWDVGHEHWRPDUVHHQ
FXHQWD3HURVLODLGHDHVTXHVHWRPHHQ
FXHQWDHOHVWUpVWHUULEOHODSUHVLyQWHUULEOH
TXH VRSRUWDED OD JHQWH GHO HMpUFLWR
HQWRQFHV ¢TXp LPSLGH TXH DOJXQRV RWURV
HPSLHFHQDVHPLMXVWL¿FDUODVDFFLRQHVGH
FLHUWRVVHFWRUHVGH6HQGHUR/XPLQRVREDMR
ODLGHDGHTXHIXHURQIRU]DGRVDFRPEDWLU
IXHURQUHFOXWDGRVDODIXHU]DHVWDEDQHQWUH
ODHVSDGD\ODSDUHGHWF"&UHRTXHHVDQR
HVXQDLGHDIUXFWtIHUD
(VGHFLUXQRSXHGHVHUPX\HPSiWLFRFRQ
³HORWURODGR´VLTXLHUH3HUR¿QDOPHQWH
OR TXH WXYLPRV IXH XQ FRQÀLFWR GRQGH
KXERDVHVLQRVHQWRGDVSDUWHV\ODVMXVWL¿
FDFLRQHVHPRFLRQDOHVGHXQJUXSRQRPH
SDUHFHQ TXH WHQJDQ PD\RU FDELGD /D
&RPLVLyQQRKDKHFKRDOJRHTXLYDOHQWHD
OR TXH HO HMpUFLWR R ODV IXHU]DV DUPDGDV
TXLHUHQ TXH VH KDJD FRQ HOORV KDFLD HO
³RWURODGR´/RTXHVHHVWiGLFLHQGRHVXQD
FRVDELHQIDOVDHVGHFLUTXHOD&RPLVLyQ
VRODPHQWHVHKDEUtD¿MDGRHQXQODGRGHOD
KLVWRULD\QRKDEXVFDGRHORWURODGRGHOD
KLVWRULD 1R HV YHUGDG ¢4Xp FRVD HVWi
LPSOLFDQGR" ¢TXp OD &RPLVLyQ OR TXH
KL]R IXH LU GRQGH $ELPDHO *X]PiQ \
SHGLUOHFXiOIXHVXRSLQLyQ"
-&$(OSXQWRQRHVODMXVWL¿FDFLyQ/R
TXHQRVLQWHQWDQGHFLUHVWRVKLVWRULDGRUHV
GHO HMpUFLWR HV TXH QR EXVFDQ MXVWL¿FDU
*)&UHRTXHWRGRHVRWLHQHXQODGRSRVL
WLYR<HVTXHSRUORPHQRVWHQHPRVDVFR
$~Q &XDQGR KDFH GpFDGDV HO SUHVLGHQWH
GH OD UHS~EOLFD HUD HO FDXGLOOR TXH PiV
FDEH]DVKDEtDFRUWDGR\QDGLHVRxDEDTXH
KDEUtD TXH YRWDU SDUD HOHJLU D XQ SUHVL
GHQWHODUHDFFLyQQRHUDFRPRODGHKR\
HUDPiVFRPR\RQRYRWpSRUpOGLRXQ
JROSHGH(VWDGR\RVLHPSUHVXSHTXHLEDD
VHU DVt SHUR DKRUD KD\ FLHUWR QLYHO GH
FRPSURPLVRMXVWDPHQWHSRUTXHQRVRWURV
FRORFDPRVDOSUHVLGHQWHDKt
/RTXHHVFRPSOHWDPHQWHQHJDWLYRHVTXH
HOFtUFXORQRVHURPSDQXQFD\ORRWURHV
TXHHVWiHQFDOOHFLHQGRDORVYRWDQWHVFDGD
YH]KD\XQPD\RUQ~PHURGHHOHFWRUHVTXH
HVWiQGLVSXHVWRVDYRWDUSRUODFRUUXSFLyQ
SRUTXH\DQRWLHQHQQLQJ~QDVFRSRUTXH
HVWiQ JHQHUDQGR ORV DQWLFXHUSRV DO DVFR
TXHVLQWLHURQDOJXQDYH]PXFKDJHQWHTXH
KDFH YHLQWH DxRV KDEUtD SHQVDGR MDPiV
YR\ D YRWDU SRU DOJXLHQ TXH HV ODGUyQ R
DVHVLQR\DKRUDYRWDSRUXQGHOLQFXHQWHR
SRURWUR
7DPELpQ HQWLHQGR TXH KD\ PXFKD JHQWH
TXHYRWDSRUSROtWLFRVFRUUXSWRVVLJXLHQGR
9ROYHUDOtQGLFH
FLHUWDUDFLRQDOLGDGFRPRGLFHQORVSROLWy
ORJRVSHURDYHFHVHVDUDFLRQDOLGDGHVOD
GHDOJXLHQTXHGLFHSUH¿HURXQODGUyQTXH
FRQVWUX\DSXHQWHVHQYH]GHXQDSHUVRQD
KRQUDGDTXHQRFRQVWUX\HQDGD'HFLUTXH
KD\ XQD UDFLRQDOLGDG GHWUiV GH HVWR QR
H[SOLFD QDGD QR H[SOLFD DEVROXWDPHQWH
QDGD
*UDQSDUWHGHODSROLWRORJtDHVFRPRXQD
VRFLRORJtD VLPSOL¿FDGD XQD HVSHFLH GH
VRFLRORJtDULWXDO&RPRXQQDUUDGRUFLHJR
R FRPR XQ QDUUDGRU ]RPEL %URPHR
PXFKRGHHVWRFRQDPLJRV,PDJtQDWHDXQ
QDUUDGRU]RPELXQORFXWRUGHSRUWLYRTXH
HVWiQDUUDQGRXQDSHOHDGH0XKDPPDG$OL
GHVGHODSDQWDOODGHXQWHOHYLVRU\ODHVWi
GHVFULELHQGR \ HQ DOJ~Q PRPHQWR VLQ
GDUVHFXHQWDDSODVWDHOFRQWUROUHPRWR\
SDVDGHODSHOHDGH0XKDPPDG$OLDXQD
SHOHDGH&DFKDVFiQ\pOQRVHGDFXHQWD\OD
VLJXHQDUUDQGRH[DFWDPHQWHLJXDO
0HGDODLPSUHVLyQGHTXHDOJRDVtOHKD
SDVDGR D ORV SROLWyORJRV (VWXGLDQ SDUD
GHFLUDOJRGHFLHUWDVFRVDVHQODVTXHXQURO
LPSRUWDQWH HV OD DJHQFLD GH OD VRFLHGDG
FLYLO \ ORV GLVFXUVRV LGHROyJLFRV TXH VH
LQWHUFDPELDQGHQWURGHHVDVRFLHGDG\GH
UHSHQWH VH HQFXHQWUDQ FRQ XQD VRFLHGDG
GRQGH ORV GLVFXUVRV LGHROyJLFRV HVWiQ
HVWUDQJXODGRVQRH[LVWHQRKDQVLGRH[SXO
VDGRV < HQWRQFHV HOORV TXLHUHQ VHJXLU
KDEODQGRDFHUFDGHORVSDUWLGRVSROtWLFRV
FRPRVLIXHUDQSDUWLGRVSROtWLFRV8QRYHD
JHQWH QRUPDOPHQWH O~FLGD FRPR 6WHYHQ
/HYLWVN\ SRU HMHPSOR R 0DUWtQ 7DQDND
TXHFDVLFDVLSLGHQTXHHOIXMLPRULVPRR
WDQWRV RWURV JUXSRV YLQFXODGRV FRQ OD
FRUUXSFLyQVHOHJLWLPHQGHDOJXQDPDQHUD
\XQRVHSUHJXQWD¢SDUDTXpQHFHVLWDPRV
HVR"6LW~ORVLQFRUSRUDVOHJLWLPiQGRORVDO
VLVWHPDSDUWLGDULRSHUXDQRVLHVTXHHVWH
FRPRWDOH[LVWHORTXHHVWiVKDFLHQGRHV
FUHDUXQPRQVWUXRELHQH[WUDxR\ORTXH
HVWiQOODPDQGROHJLWLPDFLyQHQYHUGDGQR
HV OHJLWLPDFLyQ HV XQD H[FXVD HV XQD
PiVFDUD
8Q DPLJR VRFLyORJR PH GLMR TXH OR TXH
IDOWDHQHVHWLSRGHDQiOLVLVHVXQDFRVDTXH
XQJUXSRGHVRFLyORJRVDIULFDQRV\IUDQ
FHVHVYLHQHQWUDEDMDQGRSDUDHOWHPDDIUL
FDQRGHVGHKDFHPiVGHYHLQWHDxRV<TXH
HVLQFRUSRUDUGHQWURGHVXDQiOLVLVODWUDQV
IRUPDFLyQ GH ORV HVWDGRV QDFLRQDOHV HQ
ERWLQHV (VWR HV UHOHYDQWH HQ FXDQWR ORV
JUXSRV TXH OXFKDQ SRU HO SRGHU QR HVWiQ
OXFKDQGRPiVSRUHOFRQWUROSROtWLFRGHXQD
VRFLHGDGVLQRTXHHVWiQOXFKDQGRGLUHFWD
PHQWHSRUHOGLQHUR$SDUWLUGHHVWDFRQVWD
WDFLyQLQFRUSRUDQGHQWURGHVXDQiOLVLVOD
FRUUXSFLyQ \ KDFHQ DGHPiV XQ DQiOLVLV
6
VR¿VWLFDGRGHHOOD
1RVHWUDWDGHGHFLUTXHFDGDYH]WHQHPRV
PiV SROtWLFRV FRUUXSWRV +D\ PRPHQWRV
³QRUPDOHV´HQTXHWLHQHVXQVLVWHPDSROt
WLFR\GHQWURXQDJUDQFDQWLGDGGHFRUUXS
WRV 3HUR KD\ XQ SXQWR HQ TXH WLHQHV XQ
VLVWHPDSROtWLFR\XQDFRUUXSFLyQJHQHUDOL
]DGD \ OXHJR KD\ XQ SXQWR HQ TXH HO
VLVWHPDSROtWLFRGHMDGHHVWDU\HVDPDVD
TXHRUJDQL]DODFRUUXSFLyQORUHHPSOD]DHV
ORTXHRFXUULySUREDEOHPHQWHHQ0p[LFR
SRUHMHPSORSHURHVXQIHQyPHQRTXHKD
RFXUULGRHQGHFHQDVGHHVWDGRDIULFDQRV
(VXQDFRVDTXHORVVRFLyORJRV\SROLWy
ORJRV SHUXDQRV VH QLHJDQ D KDFHU $Fi
LQFOXVR FXDQGR W~ YHV TXH KD\ SROtWLFRV
FX\D WUD\HFWRULD HV GHVGH HO SULQFLSLR
KDVWD HO ¿QDO VRODPHQWH XQ SURQWXDULR
SROLFLDO ORV DQDOLVWDV ORV WUDWDQ FRPR VL
HVRVIXHUDQGHVYLDFLRQHVGHODQRUPDHV
FXULRVR6LW~SLHQVDVHQDOJXQRVGHQXHV
WURV³OtGHUHV´\TXLWDVGHVXELRJUDItDODV
FRVDVTXHWHQJDQTXHYHUFRQDOJXQDIRUPD
GHFRUUXSFLyQORVFUtPHQHVFLHUWRWLSRGH
OH\HVSDUDIDFLOLWDUODYLGDDFLHUWRVJUXSRV
GHSRGHURORVURERVORVHVFiQGDORVORV
DEXVRVGHSRGHUODYLROHQFLDHWF VLW~
TXLWDVHVRQRWHTXHGDSUiFWLFDPHQWHQDGD
-&$ 'HEH VHU FRPSOLFDGR SDUD ORV
SROLWyORJRVDFHSWDUTXHVXGLVFLSOLQDWLHQH
TXH UHRUJDQL]DUVH HQ WRUQR GH RIUHFHU
XQDH[SOLFDFLyQVLVWHPiWLFDGHOFULPHQR
GHODUHGLVWULEXFLyQGHOFULPHQ
*),PDJtQDWHODKLVWRULDGH&RORPELD\
SUR\pFWDOD FRPR ¿FFLyQ KDFLD HO IXWXUR
LPDJLQD TXH HQ OXJDU GH LQ¿OWUDU FDGD
SDUWLGR FRQ QDUFRWUD¿FDQWHV FRPR HV HO
FDVRGH0p[LFRHQDOJ~QPRPHQWRHOORV
GLMHUDQ ³QR QHFHVLWDPRV SDUWLGRV
SRGHPRV LU VRORV´ HVR HV OR TXH HVWi
SDVDQGR HQ QXHVWUR SDtV 6L GH SURQWR
PDxDQD JDQDUD ODV HOHFFLRQHV HO SDUWLGR
QDUFR GHO 3HU~ ¢VHJXLUtDV WUDWDQGR GH
EXVFDUFXiOHVVXGLVFXUVRSROtWLFR"¢WUDWD
UtDVGHDQDOL]DUVXLGHRORJtD\OXHJRSHGLU
TXH VH OHJLWLPH" (V FRPSOHWDPHQWH
DEVXUGRQRWLHQHQLSLHVQLFDEH]D
-&$ 5HJUHVDQGR D ORV OLEURV 6H
SURGXFH EDVWDQWH HQ SURYLQFLD SHUR HQ
JHQHUDOODLQGXVWULDHGLWRULDOQDFLRQDOHV
PX\ SREUH ODV XQLYHUVLGDGHV TXH
GHELHUDQ VHU DPSDUR GH ORV PRPHQWRV
FUtWLFRVRGHQVRVSDUDGLVFXWLUQRIXQFLR
QDQDOFRQWUDULRHVWiQHQFRODSVRWRWDO\
QRKD\PiVHVSDFLRVHO,(3KDFHORTXH
SXHGH SHUR WDPSRFR HV TXH SURGX]FD
PLOHVGHOLEURV3LHQVRHQRWURVSDtVHVGH
(175(9,67$
OD UHJLyQ \ OD GLIHUHQFLD HV GHPDVLDGR
JUDQGH¢2HOWHPDQRWLHQHWDQWDLPSRU
WDQFLDHQHVWHFRWLGLDQRDQWLLQWHOHFWXDO"
*)6tWLHQHPXFKDLPSRUWDQFLD/DLGHD
GH TXH ODV ~QLFDV LQGXVWULDV TXH WLHQHQ
VHQWLGR VRQ ODV TXH SURGXFHQ PXFKR
GLQHURVHYXHOYHFDGDYH]PiVJHQHUDO\
QRHVVRORXQDLGHDGHODGHUHFKDVLQRHV
XQDLGHDTXHPXFKDJHQWHGHODL]TXLHUGD
WDPELpQWLHQH
&RVDV FRPR OD LQGXVWULD HGLWRULDO R OD
FDOLGDGGHOVLVWHPDHGXFDWLYRGHODHGXFD
FLyQ GH OD SURGXFFLyQ HGLWRULDO GH OD
SURGXFFLyQLQWHOHFWXDOHWFQRVRQFRVDV
TXH ULQGHQ HQ PHWiOLFR \ VREUH WRGR QR
LQPHGLDWDPHQWH HQWRQFHV VRQ PDUJLQD
GDVGHMDGDVGHODGR0LHQWUDVHOFDPLQR
VHD HVWH GLVFXUVR FUHR TXH OR TXH HVWi
SDVDQGRVHJXLUiLJXDO
$KRUDDOJRTXHHVLQWHUHVDQWHHVTXHKR\
ORVSHUXDQRVQRSURGXFHQPHQRVGHORTXH
SURGXFtDQHQGpFDGDVSDVDGDVVREUHWRGR
\RWHKDEORGHPLFDPSRGHODOLWHUDWXUD\
VREUHWRGRDQLYHODFDGpPLFR1RFUHRTXH
HO3HU~DQWHVKD\DSURGXFLGRWDQWRFRPR
DKRUD OR TXH SDVD HV TXH FDVL WRGR VH
SURGXFHDIXHUDODPD\RUSDUWHGHORVLQWH
OHFWXDOHVSHUXDQRVSXEOLFDQDIXHUD
(Q HO 3HU~ FRPR ELHQ GLFHV HVWi HO ,(3
SXHGHVSXEOLFDUFRQOD8QLYHUVLGDG&DWy
OLFDFRQOD8QLYHUVLGDG6DQ0DUFRVRFRQ
YDULDV RWUDV SHTXHxDV XQLYHUVLGDGHV SHUR
VDELHQGRTXHWXOLEURYDDVHUUHJDODGRSRU
ODVDXWRULGDGHVDFLHUWDVSHUVRQDVTXHQROR
YDQDOHHUQXQFD1RWHQHPRVELEOLRWHFDVR
ORVOLEURVTXHOOHJDQDHOODVQRVRQOHtGRV
(Q (VWDGRV 8QLGRV XQD ELEOLRWHFD HV
JDUDQWtDGHTXHDOJXLHQLUi\VDFDUiHOOLEUR
SDUDOHHUORSHURXQOLEURHQODELEOLRWHFD
SHUXDQDHVJDUDQWtDGHTXHQDGLHOROHHUi
6LWHSRQHVDEXVFDUJHQWHLQWHUHVDQWHTXH
HVFULEH VREUH OLWHUDWXUD GHVGH HO WHUUHQR
DFDGpPLFR\RQRWHQJRQLQJXQDGXGDGH
TXH HV PXFKD PiV GH OD TXH KD KDELGR
MDPiVHQHO3HU~\WUDEDMDQGRHQXQQLYHO
VXPDPHQWH LQWHUHVDQWH 3RU RWUR ODGR
FXDQGRW~PHKDEODVGHORVJUDQGHVHQVD
\LVWDV SHUXDQRV GH ORV DxRV WUHLQWD R
FXDUHQWD SRU HMHPSOR YHPRV TXH
HQWRQFHV QR H[LVWtD OD FUtWLFD OLWHUDULD
SHUXDQD QR KDEtD QDGLH TXH SXGLHUD
HVFULELU XQ DUWtFXOR GH FUtWLFD OLWHUDULD
DFDGpPLFD TXH QR IXHUD OHtGR FRPR XQ
WRQWRHQHOUHVWRGHOPXQGRRSRUORPHQRV
FRPR LQWXLWLYR KDVWD WDO SXQWR TXH ORV
HQVD\RVOLWHUDULRVPiVLQWHUHVDQWHVVRQGH
JHQWHFRPR0DULiWHJXLSRUTXHFXDOTXLHU
FRVDTXHpOKDFtDORKDFtDELHQSHURQRHUD
DOJXLHQ SUHSDUDGR SDUD HVFULELU FUtWLFD
OLWHUDULD SRUTXH QR HVWDED IDPLOLDUL]DGR
FRQODWHRUtDOLWHUDULD
3HURDOPLVPRWLHPSRTXHQXHVWURHQVD\R
EULOODED FRQ DOJXQDV SHUVRQDV HQ ODV
GpFDGDVGHORV\OXHJRHQORVKDEtD
XQDPDVDFUtWLFDGHJHQWHTXHSDUWLFLSDED
GH ORV GHEDWHV HVFULELHQGR HQ XQ EXHQ
QLYHO$KRUD QR SDVD HVR KD\ JHQWH TXH
KDFHFRVDVHQXQQLYHOVXPDPHQWHLQWHUH
VDQWHSHURMDPiVYHUiVXQDGHHVDVSXEOL
FDFLRQHVHQXQDOLEUHUtDSHUXDQD
(QWRQFHVIDOWDQHVDVFRVDVDOJXQDVSROt
WLFDV GH SHVR \ VROXFLRQHV EXURFUiWLFDV
FRPR LPSRUWDU XQD SHTXHxD FDQWLGDG GH
OLEURV SUHRFXSDUVH GH TXH VL KD\ DOJ~Q
SHUXDQR TXH KD SXEOLFDGR HQ (VWDGRV
8QLGRV WDPELpQ SXEOLTXH DFi TXH VH
WUDGX]FDVXREUD\VHKDJDQODVJHVWLRQHV
QHFHVDULDVSDUDTXHHVHOLEUROOHJXHD/LPD
)LQDOPHQWHJUDQSDUWHGHODLQWHOHFWXDOLGDG
SHUXDQDVHHVWiFRQYLUWLHQGRHQXQDLQWH
OHFWXDOLGDGSDULDTXHSXEOLFDHQXQDUHS~
EOLFDGHODVOHWUDV\QRWLHQHIURQWHUDVFRQHO
3HU~RSRUORPHQRVDGXDQDV$GHPiVWH
GDV FXHQWD TXH HO SUREOHPD QR HV TXH OD
SHUVRQDHVWpIXHUDGHOSDtVSRUTXHFXDQGR
XQFRORPELDQRSXEOLFDXQOLEURHQ0DGULG
R :DVKLQJWRQ HVH OLEUR HV UHVHxDGR HQ
UHYLVWDV\SHULyGLFRVFRORPELDQRVDFiQR
SDVDHVR(OSUREOHPDQRHVGyQGHHVWiHO
LQWHOHFWXDOHOSUREOHPDHVTXHORLQWHOHF
WXDO\ORVOLEURVQRLQWHUHVDQDTXtDGHQWUR
0(025,$6'(/
&$623(58$12'(
(67(5,/,=$&,Ï1
)25=$'$
5(6(f$
'DQGRLQLFLRDODVHULH
³/DSDODEUDGHOPXGR´GHOD
%LEOLRWHFD1DFLRQDOGHO3HU~
9LROHWD%DUULHQWRV6LOYD
0HPRULDVGHOFDVRSHUXDQRGHHVWHULOL
]DFLyQIRU]DGDHVXQDFRPSLODFLyQGH
DUWtFXORV \ WHVWLPRQLRV GH PXMHUHV
DIHFWDGDV\SHUVRQDOPpGLFRHQ/LPD
$\DFXFKR\3LXUDUHFRJLGRVSRU$OH
MDQGUD%DOOyQ(OOLEURVHXQHDODFDGH
QD GH LQYHVWLJDFLRQHV KHFKDV GHQXQ
FLDQGR OD HVWHULOL]DFLyQ IRU]DGD GH
PXMHUHVHQWUH\DUHVXOWDVGH
ODDSOLFDFLyQGHO3URJUDPD1DFLRQDOGH
6DOXG 5HSURGXFWLYD \ 3ODQL¿FDFLyQ
)DPLOLDUGHOJRELHUQRGH$OEHUWR)XML
PRUL
/RVDUWtFXORVGH&KULVWLQD(ZLJ*RQ
]DOR*LDQHOOD*DEULHOOD&LWURQL\*LX
OLD7DPD\RVRQUHYHODGRUHVGHYLROHQ
FLDVGHO(VWDGRFRQWUDFLXGDGDQDV\GH
FDUHQFLDV GHO VLVWHPD MXUtGLFR \ GHO
VLVWHPD GH GHUHFKRV KXPDQRV TXH
SHUPLWHQKDVWDKR\TXHODVYtFWLPDVQR
WHQJDQMXVWLFLDQLUHSDUDFLyQ
/RVWH[WRV\ODLQYHVWLJDFLyQGHQXQFLDQ
XQDUHDOLGDGGHHQRUPHVFRQVHFXHQFLDV
SDUDODVUHODFLRQHV(VWDGRLQGLYLGXRGH
HVWHSDtV
(O(VWDGRDSOLFySROtWLFDVFRHUFLWLYDV
VREUHXQDSREODFLyQGHPXMHUHVGHXQD
GHWHUPLQDGDFRQGLFLyQVRFLDODQGLQDV
SREUHV \ GH XQ VHFWRU PiV UXUDO TXH
XUEDQR
(VWDV SROtWLFDV IXHURQ GLVHxDGDV DO
LQWHULRU GHO (VWDGR \ SULRUL]DURQ D OD
HVWHULOL]DFLyQ FRPR PpWRGR DQWLFRQ
FHSWLYR
6XEURJDQGRODYROXQWDGGHODVPXMH
UHV HO (VWDGR GHFLGLy SRU HOODV /DV
PXMHUHVQRIXHURQLQIRUPDGDVVHGLV
9ROYHUDOtQGLFH
SXVR VREUH VX FDSDFLGDG UHSURGXFWLYD
VLQWHQHUHQFXHQWDHOYDORUVLPEyOLFRGH
ODPLVPDSDUDHOHQWRUQRVRFLRFXOWXUDO
GHHOODV\VLQFRQWDUFRQODDXWRUL]DFLyQ
GHFDGDXQD/DFLHQFLD\ODYROXQWDGGHO
(VWDGRSRGUtDQWXWHODUPHMRUVXELHQHV
WDU
(O (VWDGR GHVFRQRFLy ORV GHUHFKRV
UHSURGXFWLYRV GH VXV FLXGDGDQDV HV
GHFLUHOGHUHFKRDGHFLGLUVLWHQHURQR
GHVFHQGHQFLD 8Q YDFtR HQ HO GHUHFKR
SHQDOOLPLWDODHVWHULOL]DFLyQDVHUFDVWL
JDGDSRUHOGHOLWRGH³OHVLRQHV´FXDQGR
ORTXHVHDIHFWDLUUHSDUDEOHPHQWHHVXQD
FDSDFLGDG GH OD SHUVRQD KXPDQD OD
FDSDFLGDGGHUHSURGXFLUVH
(O(VWDGRWUDWyGHXQDPDQHUDDEXVLYD
DODVPXMHUHV³FRPRVLIXHUDQFX\HV´
QRVRORHQHOPRPHQWRGHVXDWHQFLyQ
PpGLFDVLQRTXHDWDFyVXPDWHULDOLGDG
LQWHUHVDEDQVRORVXVFXHUSRV
/RV WHVWLPRQLRVUHFRJLGRVSRU %DOOyQ
UHYHODQ OD VLWXDFLyQ TXH DWUDYLHVDQ ODV
HVWHULOL]DGDVPXFKDVYHFHVLQFDSDFLWD
GDVSDUDXQWUDEDMRItVLFRDOTXHVHGHGL
FDEDQ FRPR FDPSHVLQDV R DUWHVDQDV
4XHGDURQ WDPELpQ LQFDSDFLWDGDV SDUD
JR]DU GH XQD YLGD VH[XDO DVt FRPR
HQYHMHFLGDVSUHPDWXUDPHQWH+LVWRULDV
GH YLGD DQyQLPDV TXH GH¿QLWLYDPHQWH
WHQGUiQTXHFDPELDUODKLVWRULDGHHVWH
SDtV
0HPRULDVGHO&DVR3HUXDQRGH(VWHUL
OL]DFLyQ)RU]DGD$OHMDQGUD%$//21
FRPS%LEOLRWHFD1DFLRQDOGHO3HU~
SS
6
(175(9,67$
&MJOEJPZFMQPEFS
FOFM1FSÞ
&OUSFWJTUBB&OSJRVF.BZFS
3RU3DEOR6DQGRYDO
'LUHFFLyQ*HQHUDOGH&LXGDGDQtD,QWHUFXOWXUDO
(QULTXH0D\HUHVSURIHVRUHPpULWRGHDQWURSRORJtDGHOD8QLYHUVLGDGGH<DOH\XQDUHIHUHQFLDLQWHOHFWXDOHQORVHVWXGLRVGHDQWURSRORJtDDQGLQD3RUPXFKRVDxRVWUDEDMy
HQHO,QVWLWXWR,QGLJHQLVWD,QWHUDPHULFDQRHQ0p[LFR(QHO3HU~VHGHVHPSHxyFRPRSURIHVRUHQOD3RQWL¿FLD8QLYHUVLGDG&DWyOLFD\FRPRLQYHVWLJDGRUGHO,QVWLWXWRGH
(VWXGLRV3HUXDQRV,(3(QWUHVXVSXEOLFDFLRQHVFRQWDPRVFRQDOJXQRVWH[WRVHPEOHPiWLFRV&XHQWRVIHRVGHODUHIRUPDDJUDULD&DVDFKDFUD\GLQHURHFRQRPtDV
GRPpVWLFDV\HFRORJtDGHORV$QGHV\FRPRFRPSLODGRU5HFLSURFLGDGHLQWHUFDPELRHQORVDQGHV\(O,QGLR\HOSRGHUHQHO3HU~
3DEOR 6DQGRYDO ¢&XiQGR SXEOLFDURQ HQ
³(O,QGLR\HOSRGHUHQHO3HU~´FXiO
HUDODLPDJHQTXHVHWHQtDHQHVHPRPHQWR
VREUHHOLQGtJHQD\VXUHODFLyQFRQHO(VWDGR"
&XDQGROOHJXpDO3HU~DLQLFLRVGHORV-RVp
0DWRV 0DU PH SUHJXQWy ³¢7LHQHV DOJR SDUD
SXEOLFDU SDUD HO ,(3"´ 3RU HVDV IHFKDV
)HUQDQGR)XHQ]DOLGDKDEtDHVFULWRDOJRHTXLYD
OHQWHTXHHVHORWURDUWtFXORFHQWUDOGHOOLEUR
GRQGH VRVWLHQH TXH WDPSRFR H[LVWH OR LQGLR
$PERV FRLQFLGtDPRV HQ TXH LQGLR HUD XQD
SDODEUDWRQWDORTXHH[LVWtDQHUDQFDPSHVLQRV
<RVRVWHQtDTXHWRGRHVUHODWLYRHUDFRQWH[WXDO
SXHVOHGLFHVLQGLRDODVLJXLHQWHSHUVRQDGHWX
HQWRUQRSRUTXHWLHQHXQHVWDWXVXQSRFRLQIH
ULRUHVDHUDODSRVLFLyQGH)XHQ]DOLGD\ODPtD
1R KDEtD LQGLRV QR HUD FXHVWLyQ GH UD]DV \
WDPSRFR HUD FXHVWLyQ GH VHJXLU UHSOLFDQGR HO
LQGLJHQLVPRGH/XLV9DOFiUFHOTXHFDUDFWHUL
]DEDORVLQGLRVFRPRSHUWHQHFLHQWHVDSXHEORV
RSULPLGRV \ GHJUDGDGRV SRU OD H[SORWDFLyQ
FRORQLDO
(QULTXH 0D\HU (O HIHFWR SULQFLSDO GH HVD
SXEOLFDFLyQIXHUHÀHMRGHODUHYROXFLyQL]TXLHU
GLVWDGHODpSRFDGHOJHQHUDO9HODVFR$OYDUDGR
GH HOLPLQDU GHO GLVFXUVR R¿FLDO \ FRWLGLDQR
WRGRVORVFRQWHQLGRVFXOWXUDOHVHLGHQWLWDULRV\
UDFLDOHVGHOXVRGHODSDODEUDLQGLRFRQHOTXHVH
UHIHUtD D ODV SREODFLRQHV DLVODGDV UXUDOHV
TXHFKXDKDEODQWHVQROHWUDGDV\DWUDVDGDVGHOD
VLHUUD\VHOYDSHUXDQD(O,QGLR\HO3RGHUHQID
WL]DED TXH VHU LQGLR HUD XQD UHODFLyQ VRFLDO
GHVLJXDO \ YDULDEOH VHJ~Q HO FRQWH[WR GH ODV
FRUUHODFLRQHV UHJLRQDOHV GH SRGHU &RLQFLGLy
FRQ HO GLVFXUVR GH9HODVFR HO GH MXQLR GH
TXHHOLPLQyODSDODEUDLQGLRGHOGLVFXUVR\
ORVXVWLWX\ySRUFDPSHVLQRFRQORFXDOWDPELpQ
VH SDVy GH XQ PRGHOR HVWDPHQWDOUDFLDO D XQ
PRGHORGHFODVHVVRFLDOHV8QFRURODULRGHHVH
HVWUXFWXUDOLVPR IXH OD HOLPLQDFLyQ GH ORV
DVSHFWRV FXOWXUDOHV GH QXHVWUR DQiOLVLV GH
FDPSR TXH IXH DOJR GH OR TXH QRV DFXVy HO
DQWURSyORJR $OHMDQGUR 2UWL] 'LMR ³XVWHGHV
WLHQHQODFXOSDSRUGHVWHUUDUDORVLQGLRV´2WUR
FRURODULRGHELGRDOIHUYRUQDFLRQDOLVWDGHHVD
pSRFDIXHODQHJDFLyQTXHHQHO3HU~H[LVWLHVH
UDFLVPRUHVSHFWRGHORTXHKR\UHFRQR]FRPL
JUDQHUURU
36¢&yPRHQIUHQWDURQXVWHGHVHVDWHQVLyQ
VDELHQGR TXH LEDQ D FRQWUDFRUULHQWH GH XQ
WLSRGHDJHQGDGHDQWURSRORJtDLQGLJHQLVWD"
(03RUHVRVDxRV\RHUDHVWXGLDQWHGH-RKQ
0XUUD\pOWHQtDVXSRVLFLyQVREUHORVDQGHV\
ORVLQGtJHQDV0XUUDGHFtD³(VRGHVHULQGLRHV
XQDLGLRWH]QRHVOR
LQGLR
VLQRHVOR
DQGLQR
6HWUDWDGHXQDFLYLOL]DFLyQTXHKDVLGRFRORQL
]DGDSRUXQDSHTXHxDFRVWUDGHHXURSHRV\XQ
JUXSLWRGHJHQWHORFDOTXHVHKDHXURSHL]DGR\
TXHSLHQVDQTXHVRQOD
GLYLQDSRPDGD
'HEDMR
KWWSODELWDFRUDGHKREVEDZPEORJVSRWFRPFXHQWRVIHRVGHODUHIRUPDDJUDULDKWPO
(OLQGLR\HOSRGHUHQHO3HU~,QVWLWXWRGH(VWXGLRV3HUXDQRV/LPD(VFULEHQHQHVWHOLEUR(QULTXH0D\HU)HUQDQGR)XHQ]DOLGD)UDQoRLV%RXUULFDXG*DEULHO(VFREDU\-RVp0DWRV0DU
6HUH¿HUHDODUWtFXOR³3RGHU5D]D\(WQLDHQHO3HU~&RQWHPSRUiQHR´
9ROYHUDOtQGLFH
6
GHHVDFRVWUDKD\XQDFLYLOL]DFLyQRULJLQDO
QRRFFLGHQWDODQWLJXDSXMDQGRYLYLHQGR
SDWDOHDQGRUHVLVWLHQGRHWFHWF´(VDHUD
VXSRVLFLyQ
3HUROR³$QGLQR´GH0XUUDQRHUDHOLQGL
JHQLVPR R¿FLDO FRQ HO FXDO VH DVRFLD D
9DOFiUFHORDO,QVWLWXWR,QGLJHQLVWD,QWHUD
PHULFDQR GRQGH OOHJXp D WUDEDMDU (V OR
TXH HO YDOVH ³D\HU PRQWDxD KR\ VROR
HVFRPEURV´ GLFH HVFXHWDPHQWH (Q HO
,QVWLWXWR ,QGLJHQLVWD 3HUXDQR \ HO ,QWHUD
PHULFDQR VH WUDEDMDED FRQ OD LGHD GH
PRGHUQL]DUORV GH RFFLGHQWDOL]DUORV
0XUUD \$UJXHGDV HQ FDPELR VH DFHUFDQ
PiVDO
3HU~3URIXQGR
DOVXEVWUDWRLQGtJH
QDDQGLQRGHWRGRV\HQWRGDVODVSDUWHV
GHOSDtVRORTXHPiVWDUGH-RVp0DWRV0DU
DGRSWDFRPR
GHVERUGHSRSXODU
6LPSOL¿
FDQGR OD UHVSXHVWD VHUtD HVD 0H YROYt
0XUULVWD\ERWpDODEDVXUDD(O,QGLR\HO
3RGHU
3RU HVRV DxRV OD GLVFXVLyQ HVWDED HQ HO
WHPDGHODPRYLOLGDGVRFLDOHQODV]RQDV
UXUDOHV\$QtEDO4XLMDQRKDEODEDVREUHOD
FKROL¿FDFLyQ 0iV TXH GH LQGLRV VH
KDEODEDGHODFXHVWLyQFDPSHVLQDGHVGHHO
PDU[LVPR \ GHVGH OD DQWURSRORJtD TXH
SODQWHDED(ULF:ROI(ODPELHQWHLQWHOHF
WXDOLQWHUQDFLRQDOVHFHQWUDEDHQODVFODVHV
VRFLDOHVGHVGHHOPDU[LVPR7RGRHVRVH
WUDGXMRGHDOJXQDPDQHUDHQODWHVLVGHOD
³PDWUL]FRORQLDO´GH)XHQ]DOLGDGRQGHVH
VRVWHQtD TXH OR TXH VH OODPD LQGLR HV
SURGXFWRGHODFRORQLDQRUHVXOWDGRGHXQ
SDVDGRLQFDLFR
'HERGHFLUTXHPXFKDGHPLUHÀH[LyQHQ
HOHQVD\R(O,QGLR\HO3RGHUVHGHEHDODV
OHFWXUDV TXH KLFH GH ODV QRYHODV GH &LUR
$OHJUtD\-RVp0DUtD$UJXHGDVDVtFRPRGH
YDULRV WUDEDMRV HWQRJUi¿FRV HVFULWRV SRU
RWURV \D TXH KDVWD HVH PRPHQWR \R QR
KDEtD KHFKR WUDEDMR GH FDPSR SHUR Vt
UHYLVpWRGRORTXHVHKDEtDHVFULWRKDVWDHVH
PRPHQWR HQ OD DQWURSRORJtD QRUWHDPHUL
FDQDVREUHLQGLRVPHVWL]RV\UD]DHQORV
DQGHV(VDUHYLVLyQHV~WLOKDVWDKR\
(175(9,67$
UHVDQWHV<RIXLDHVWXGLDUDQWURSRORJtDDOD
8QLYHUVLGDG GH &RUQHOO UHFOXWDGR GHVGH
,QJODWHUUD SRU $OODQ +ROPEHUJ \ HVWDED
FRQYHQFLGR TXH WDPELpQ TXHUtD WUDEDMDU
DOJRDVtFRPRORGHOSUR\HFWR9LFRVSDUD
PHMRUDUODYLGDGHORVLQGtJHQDVGHVGHOD
PLUDGDGHOGHVDUUROOR(QWRQFHVPHIXLD
&RUQHOOUHFXHUGRTXHOOHJXpHQVHWLHPEUH
GH\PHGLMHURQTXHSRFRDQWHV$OODQ
+ROPEHUJKDEtDPXHUWRGHOHXFHPLD\VX
SXHVWR GH SURIHVRU KDEtD TXHGDGR YDFtR
(QWRQFHVDQGXYHDODGHULYDSRUGRVDxRV
KDVWDTXH&RUQHOOFRQWUDWyD-RKQ0XUUD
<R QL VDEtD TXLpQ HUD -RKQ 0XUUD KDEtD
HVWXGLDGR HQ ,QJODWHUUD \ Vt VDEtD VREUH
ÈIULFD6XGiIULFDHWF<FXDQGROOHJy-RKQ
0XUUDD&RUQHOOPHTXHGpLQFUHtEOHPHQWH
SDVPDGR DSDELODGR LQWHUHVDGR IDVFL
QDGR£DTXtHVWiODVROXFLyQTXHEXVFDED
HVWR Vt HV YHUGDG 'RV DxRV HVWXGLp FRQ
0XUUD\FRQ&pVDU)RQVHFDTXLHQYHQtD
FRPRSDUWHGHOHTXLSRGHVXSUR\HFWRHQ
HWQRKLVWyULFR HQ OD UHJLyQ GH +XiQXFR
(QWUH DPERV PH ODYDURQ OD FDEH]D \ IXL
FRPSOHWDPHQWH FDPELDGR GH GLUHFFLyQ
&XDQGR OOHJXp DO 3HU~ PH FDOL¿FDURQ GH
PXUULVWD\SRUWDEDQGHUDVGH0XUUDGHOR
FXDOPHHQRUJXOOH]FRKDVWDKR\
6REUH $UJXHGDV WHQJR GRV FRVDV TXH
GHFLU 3ULPHUR QXQFD OR FRQRFt SRUTXH
PLHQWUDVHVWDEDKDFLHQGRWUDEDMRGHFDPSR
HQ<DQDKXDQFDVHVXLFLGyDSHVDUTXH\R
WHQtD XQD FDUWD GH SUHVHQWDFLyQ GH -RKQ
0XUUDVHJXQGR<ROHt(O]RUURGHDUULED\
HO]RUURGHDEDMR\PHTXHGpWRWDOPHQWH
IDVFLQDGR (Q &RUQHOO -RUJH 8ULRVWH
0XUUD )UDQN 6DORPyQ \ \R KDEtDPRV
OHtGR'LRVHV\KRPEUHVGH+XDURFKLUtTXH
IXHWUDGXFLGRSRU$UJXHGDVHQ\IXH
WRGDXQDIDVFLQDFLyQ0XUUDGHFXDQGRHQ
FXDQGRQRVFRQWDEDGHWDOOHVGHODFRUUHV
SRQGHQFLDTXHPDQWHQtDFRQ$UJXHGDVGH
VXV HQIHUPHGDGHV VXIULPLHQWRV \ VXV
DQJXVWLDV1RVFRQWDEDGHFyPR$UJXHGDV
HVWDED KDFLHQGR WUDEDMR GH FDPSR HQ OD
FLXGDGGH&KLPERWHFRQMHIHVGHODQFKDV
DQFKRYHWHUDVSURFHGHQWHVGH3XQR\HVR
PH SDUHFLy IDVFLQDQWH $GHPiV RWUD
LQÀXHQFLD SXHGH VHU TXH \R VLHPSUH KH
SHQVDGR TXH ORV QRYHOLVWDV VRQ PHMRUHV
HWQyORJRV TXH QRVRWURV PLVPRV HQ HVH
VHQWLGR$UJXHGDV \ &LUR$OHJUtD IXHURQ
LQÀXHQFLDVLQGLVFXWLEOHV
36¢3RUTXpHQWRQFHVSHUVLVWHODLGHDGH
TXH$UJXHGDVEXVFDEDODSHUYLYHQFLDGH
OD LGHQWLGDG LQGtJHQD FXDQGR HQ UHDOL
GDGVLXQROHHVXVHWQRJUDItDVRVXVQRYH
ODVpOHVWiKDEODQGRGHFDPELRFXOWXUDO
WRGRHOWLHPSR"
(0 1R PH YR\ D UHPRQWDU DO IDPRVR
GHEDWH HQ HO ,(3 ,QVWLWXWR GH (VWXGLRV
3HUXDQRVTXHWRGRHOPXQGRFLWDSRUTXH
\RQRHVWXYH\DGHPiVSRUTXHKD\GHPD
VLDGDV LQWHUSUHWDFLRQHV /R TXH SXHGR
GHFLUHVTXHHQHODPELHQWHGHODVFLHQFLDV
VRFLDOHVGHHVHPRPHQWR$UJXHGDVIXHPDO
HQWHQGLGRSRUGRVFDPLQRVSRUVXWDUGtD
SHURDELHUWDD¿OLDFLyQDOL]TXLHUGLVPRTXH
JHQHUyXQDIXHUWHRSRVLFLyQ\FDXVyDVSH
UH]DVSRUTXHpOPLVPRKDEODEDLQGLUHF
WDPHQWH GH ODV SHUPDQHQFLDV GHO LQGLR
SXHVHVFULEHVREUHFyPRORVLQGLRVFDQWDQ
FyPRMXHJDQFyPROORUDQ\TXHOD~QLFD
IRUPDGHHQWHQGHUDORVLQGLRVHUDGHVGHODV
HQWUDxDVGHVGHVXVVHQWLPLHQWRVSHUVRQD
OHVeOPLVPRGLFHTXHVHVLHQWHPHMRUFRQ
ODRUGHxDGRUDGHYDFDVTXHFRQRWURVORV
EODQFRV $UJXHGDV VDEtD PX\ ELHQ TXH
HVWDV¿JXUDVWLHQHQXQDJUDQSRWHQFLDHQ
QXHVWUR SDtV FRQ ODV FXDOHV PXFKRV
SHUXDQRVVLHQWHQXQDLGHQWL¿FDFLyQSVLFR
OyJLFD $UJXHGDV WLHQH XQ JUDQ PHULWR
FRPR SURPRWRU GH ODV PDQLIHVWDFLRQHV \
SHUPDQHQFLDV FXOWXUDOHV SRUTXH FRPR
GLUHFWRU GH OD VHFFLyQ GH )RONORUH GHO
0LQLVWHULR GH (GXFDFLyQ \ GH OD UHYLVWD
)RONORUH $PHULFDQR HQWUH ORV \ SURPRYtDXQGLVFXUVRGHUHVFDWHGHH[SUH
VLRQHV FXOWXUDOHV SRSXODUHV DQGLQDV
DXQTXHGHERDJUHJDUTXHLEDPiVDOOiGHOD
SUHVHUYDFLyQ eO HV TXLHQ SURPXHYH D
=HQRELR'DJKDSDUDTXHJUDEHGLVFRVFRQ
VXV KXD\QRV \ PXOL]DV +R\ HQ GtD ODV
36 (Q HVWH FRQWH[WR ¢FyPR LQÀX\HURQ
-RVp0DUtD$UJXHGDV\-RKQ0XUUDGRV
SHUVRQDMHV FHQWUDOHV GH OD DQWURSRORJtD
DQGLQD"
(0<RIXLDEVROXWDPHQWHWUDJDGRHQJX
OOLGRGLJHULGRPDFKXFDGRPDVWLFDGRSRU
-RKQ0XUUDEDMRFLUFXQVWDQFLDVELHQLQWH
KWWSGXNHXSUHVVW\SHSDGFRPDDHIDGHGESL
$QtEDO4XLMDQRSUHVHQWDHQODWHVLV/DHPHUJHQFLDGHOJUXSRFKROR\VXVLPSOLFDFLRQHVHQODVRFLHGDGSHUXDQDHVTXHPDGHHQIRTXHDSUR[LPDWLYR7HVLVGH'UHQ/HWUDV81060)DFXOWDGGH/HWUDV/LPD
3XEOLFDGRFRPR³/RFKROR\HOFRQÀLFWRFXOWXUDOHQHO3HU~´HQ$QtEDO4XLMDQR'RPLQDFLyQ\FXOWXUD/RFKROR\HOFRQÀLFWRFXOWXUDOHQHO3HU~/LPD0RVFD$]XO(GLWRUHV
)HUQDQGR)XHQ]DOLGD³/DPDWUL]FRORQLDOGHODFRPXQLGDGGHLQGtJHQDVSHUXDQDXQDKLSyWHVLVGHWUDEDMR´5HYLVWDGHO0XVHR1DFLRQDO7RPRSS
9pDVH*XLOOHUPR5RFKDEU~QHG³¢+HYLYLGRHQYDQR"/DPHVDUHGRQGDVREUH7RGDVODVVDQJUHVGHOGHMXQLRGH´/LPD,QVWLWXWRGH(VWXGLRV3HUXDQRV3RQWL¿FLD8QLYHUVLGDG&DWyOLFDGHO3HU~
9ROYHUDOtQGLFH
6
(175(9,67$
LGHQWLGDGHVDVXPLGDVVHQXWUHQGHFRQWH
QLGRFXOWXUDODFXGLHQGRDORVDUFKLYRVGH
$UJXHGDV\ORVIROFORULVWDV
(0 /RV RFKHQWD FRPLHQ]DQ FRQ ORV
VHWHQWD5HFXHUGDTXHHOJHQHUDO9HODVFR
GHFtD TXH OD SDODEUD LQGtJHQD KDEtD VLGR
DEROLGD\DOPLVPRWLHPSRSRULQÀXHQFLD
GHO ¿OyVRIR $XJXVWR 6DOD]DU %RQG\
R¿FLDOL]DHOTXHFKXDFRPROHQJXDQDFLR
QDO/DVGRVPHGLGDVIXHURQUHFLELGDVFRQ
HQRUPHIHOLFLGDGHQHO3HU~GHHVRVDxRV
5HFXHUGR TXH ORV PR]RV GH ORV UHVWDX
UDQWHV GHFtDQ ³£TXp ELHQ DKRUD SXHGR
KDEODU HQ TXHFKXD´ /D SDODEUD LQGLR
GHVDSDUHFLy GHO PDSD SROtWLFR QDGLH OD
XVDEDVDOYRSDUDHOLQVXOWR6LTXLHUHVLQWHU
QDFLRQDOL]DU HVWD GLVFXVLyQ HV FDVL OD
PLVPDKLVWRULDGHORVDIURGHVFHQGLHQWHVHQ
(VWDGRV 8QLGRV TXH SDVDQ GH QHJURV
D
DIURDPHULFDQRV
SXHV ORV WpUPLQRV VH
GHVJDVWDQ \ KD\ TXH LQYHQWDUVH QXHYRV
+D\ DOJXQRV TXH VRQ LQWHJUDFLRQLVWDV \
WUDWDQGHPHWHUDWRGRVHQHOPHVWL]DMHGH
WRGDV ODV VDQJUHV KD\ RWURV TXH
SURPXHYHQ OD UHVLVWHQFLD FXOWXUDO DQGLQD
DQWH XQ RFFLGHQWH WRWDOL]DQWH /R TXH
SURPXHYH9HODVFRHVTXHPXFKDJHQWHVH
GHVKDJD GHO HVWLJPD GH VHU QRPEUDGRV
FRPR LQGLRV \ DVXPLU TXH OD PDQHUD
FRUUHFWDGHQRPEUDUORVHVFRPRFDPSHVL
QRV(UDVLPSOHPHQWHXQDQXHYDHWLTXHWD
$KRUDKD\TXHGHFLUWDPELpQRWUDFRVDTXH
SDVyHQODHUDGH9HODVFR(PSLH]DODDSUR
SLDFLyQRUHLQYHQFLyQGHODFXOWXUDDQGLQD
SRUSDUWHGHO(VWDGRPiVRPHQRVDOHVWLOR
SURSXHVWR SRU 0XUUD \ $UJXHGDV /DV
IHULDVGHDUWHVDQtDVHOODPDEDQ,QNDUUL\VH
RWRUJy HO 3UHPLR 1DFLRQDO GH $UWH D
-RDTXtQ /ySH]$QWD\ TXH JHQHUy FLHUWRV
SUREOHPDV+D\XQJUXSRGHLQWHOHFWXDOHV
OLPHxRVTXHVHVXEHQDOFRFKHGH9HODVFR
FRPR 0DULR 5D]]HWR \ DOJXQRV DUWLVWDV
SOiVWLFRVFRPR9tFWRU'HOItQ(O6LVWHPD
1DFLRQDO GH $SR\R D OD 0RYLOL]DFLyQ
6RFLDO6,1$026VHDSURSLDGHWRGDHVD
LFRQRJUDItD DQGLQD SDUD H[SUHVDU VX
FDUiFWHU UHYROXFLRQDULR ¢4Xp PiV"
(QWUDPRVDO0XQGLDOGH0p[LFRHQ
ODFHUYH]D&ULVWDOHVSHUXDQD,QND.RODHUD
‹&DUORV*DVWHOXPHQGL
36¢&yPRFDPELDHQWUHORVLQWHOHFWXDOHV
ODLGHDVREUHHOLQGLR\HOFDPSHVLQRSRU
ORVDxRVRFKHQWD"8VWHGKDHVFULWR\UHÀH
[LRQDGR VREUH HO LPSDFWR TXH JHQHUy
6HQGHUR /XPLQRVR HQWUH OD FRPXQLGDG
DQWURSROyJLFD
GHVDERUQDFLRQDO\\DHVWiOLVWRHO£YLYDHO
3HU~FDUDMR6HYLYHXQHVFHQDULRGHHIHU
YHVFHQFLD QDFLRQDOLVWD (QWRQFHV OR
DQGLQRHVLQFRUSRUDGRSRUHVWH(VWDGRGH
FRUWH VRYLHWL]DQWH \ SHVDGR \ FRQ
6,1$026 FRPR VX URVWUR PiV YLVLEOH
(Q HO DHURSXHUWR -RUJH &KiYH] VROR VH
WRFDED P~VLFD QDFLRQDO SHUR DEXQGD OD
PDULQHUD\HVFDVHDHOKXD\QR
2WURJUDQORJURGHODpSRFDGH9HODVFRHV
OD LQFOXVLyQ GH ORV FRPSOHWDPHQWH ROYL
GDGRV JUXSRV LQGtJHQDV GH OD VHOYD
SHUXDQDDXQHVTXHPDSURWHFFLRQLVWDSRU
SDUWHGHO(VWDGR(V6WHIDQR9DUHVHTXLHQ
VHDFRSODUiSLGDPHQWHD6,1$026SRUVX
DPLVWDGFRQ&DUORV'HOJDGR\GHVDUUROOD
WRGD OD SROtWLFD HVWDWDO KDFLD ORV JUXSRV
LQGtJHQDV VHOYiWLFRV VREUH ORV FXDOHV D
QDGLH QXQFD VH OH KDEtD RFXUULGR KDFHU
QDGD1RKDEtDSROtWLFDVREUHORVLQGtJHQDV
DPD]yQLFRV (QWRQFHV GHVGH HO (VWDGR
6WHIDQR9DUHVH\$OEHUWR&KLULIVHLQYHQ
WDURQORTXHGHEtDVHUSRUSULPHUDYH]XQD
SROtWLFDHVWDWDOKDFLDORVJUXSRVQDWLYRVGHO
WUySLFR(OUHVXOWDGRHVTXHKR\WHQHPRV
PXFKDV FRPXQLGDGHV ³QDWLYDV´ UHFRQR
FLGDVSRUHO(VWDGR\VXFRUUHODWRODVIHGH
UDFLRQHVGHLQGtJHQDVQDFLRQDOHVGHSDUWD
PHQWDOHV SURYLQFLDOHV \ ORFDOHV GH ORV
LQGLRV QDWLYRV
D ORV FXDOHV SHUWHQHFHQ
'LVFXOSD XQD LUUHYHUHQFLD SHUR \R
WDPELpQVR\³QDWLYR´GH+XDQFD\RDSHVDU
GHO FRORU GH PL SLHO \ PL DVFHQGHQFLD
MXGtRHXURSHD
(ORWURFRQWH[WRVRQ%ROLYLD\(FXDGRUHQ
ORVPLVPRVDxRVGHODHIHUYHVFHQFLDYHODV
TXLVWD SHUXDQD (Q %ROLYLD HPSLH]DQ ORV
PRYLPLHQWRVLQGtJHQDVFRQWHVWDWDULRV\HQ
(FXDGRU VH IRUPD XQD DOLDQ]D HQWUH ORV
LQGLRVVHOYiWLFRVTXHHVWDEDQPiVDYDQ]D
GRV JUDFLDV DO DSR\R GH ORV VDFHUGRWHV
FDWyOLFRV TXH D\XGDURQ D ORV 6KXDU \ VX
IHGHUDFLyQ/D)HGHUDFLyQ6KXDUVHYXHOYH
LQWHUQDFLRQDOPHQWH UHFRQRFLGD LQWHUH
VDQWH\OLGHUDXQDDOLDQ]DFRQORVFDPSH
VLQRV VHUUDQRV \ IRUPD HVH PRYLPLHQWR
LQGtJHQDTXHDTXtHQHO3HU~QRH[LVWHQLHQ
%ROLYLDWDPSRFR)UHQWHDHVWRODUHDFFLyQ
LQWHOHFWXDO\SROtWLFDHQJHQHUDOHQHO3HU~
IXH ³QR TXLHUR YHU QR TXLHUR PH GD
PLHGR´ \ VXV LQWHOHFWXDOHV GHVGH ODV
21*
V VRQ WLOGDGRV GH VHU ³SHUURV GH
KRUWHODQR´ TXH D]X]DQ HO GLYLVLRQLVPR
&XDQGR HQWUD 2;)$0 \ GLFH TXH KD\
LQGLRV HQ HO 3HU~ FDVL WRGRV UHDFFLRQDQ
³IXHUDJULQJRVGHO3HU~´SRVLFLyQTXHVH
PDQWLHQHXQSRFRKDVWDDKRUD
36 ¢4Xp DFWRUHV FUHH XVWHG TXH
HPSLH]DQDOHYDQWDUODLGHDGHOLQGtJHQD
HQHO3HU~"
(0/DVRUSUHVDHVTXHODIXHU]DGHORV
PRYLPLHQWRVLQGtJHQDVSURYLHQHGHVGHORV
JUXSRVVHOYiWLFRV\QRGHORVFRPXQHURVGH
OD VLHUUD FRPR VH HVSHUDED SRU HO SHVR
GHPRJUi¿FRGHORVVHUUDQRV<DPHUHIHUt
DORVDQWHFHGHQWHVHFXDWRULDQRV\EROLYLD
QRV(QXQVLPSRVLRHQ%XHQRV$LUHVHQ
HQ HO TXH VXVWLWXt D &DUORV ,YiQ
'HJUHJRULSRUTXHHOHVWDEDPDOGHVDOXG
D¿UPp TXH XQD ¿JXUD GH OLGHUD]JR LQGt
JHQDGHJUDQHVWDWXUDHLQWHUQDFLRQDOPHQWH
UHFRQRFLGR FRPR HO $ZDM~Q (YDULVWR
1XQNXDQJDOLDGRDPRYLPLHQWRVVLPLODUHV
GH %UDVLO HO &DULEH $XVWUDOLD 1XHYD
=HODQGD &DQDGi \ (XURSD QR WHQtD VX
FRQWUDSDUWHFRQXQRSURYHQLHQWHGHJUXSRV
GHODVLHUUD(QFRQWUDVWHORVVHUUDQRVGHO
3HU~ TXH VH KDEtDQ DIHUUDGR DO PRGHOR
FODVLVWD\KDEtDQIRUPDGRSRWHQWHVIHGHUD
FLRQHVFDPSHVLQDVFRPROD&RQIHGHUDFLyQ
&DPSHVLQDGHO3HU~&&3QRSURGXMHURQ
VHPHMDQWH OtGHU SROtWLFR GH FRUWH LQWHUQD
FLRQDO&RQHOFRUUHUGHORVDxRVODVIHGH
UDFLRQHVFDPSHVLQDVSHUXDQDVVHGHVPRUR
QDURQ SHUR ORV PRYLPLHQWRV LQGtJHQDV
FUHFLHURQ +R\ ORV VHUUDQRV SHUXDQRV
DOLDGRV DOPRYLPLHQWR LQGLR QR WLHQHQ OD
EDWXWDGLULJHQFLDO
(QWRQFHV KD\ TXH UHFRQRFHU TXH HVDV
FRUULHQWHV WLHQHQ XQ YtQFXOR TXH YLHQH
GHVGHIXHUD'XUDQWHPLWUDEDMRHQ0p[LFR
HQHO,QVWLWXWR,QGLJHQLVWD,QWHUDPHULFDQR
FRQRFtD*XLOOHUPR%RQ¿O%DWDOODTXLHQ
SXEOLFy OLEURV FRPR ³8WRStD \ 5HYROX
FLyQ(O3HQVDPLHQWR3ROtWLFR&RQWHPSR
UiQHRGH/RV,QGLRVHQ$PpULFD/DWLQD´
+XERPXFKRVTXHHPSXMDURQHVWDDJHQGD
SRVWLQGLJHQLVWD\ODOOHYDURQDOQLYHOGHODV
1DFLRQHV8QLGDVSRUXQODGR\DOD2,7
SRUHORWUR4XL]iYDOJDODSHQDUHVDOWDUXQ
DQWHFHGHQWH\HVHOFDVRGHORVSDOHVWLQRV
TXLHQHVORJUDURQHQODV1DFLRQHV8QLGDV
XQ UHFRQRFLPLHQWR FRPR 1DFLyQ VLQ
(VWDGRPXFKRDQWHVGHOSDUFLDOUHFRQRFL
PLHQWR GHO HVWDGR 3DOHVWLQR GH KR\
$OJXQRV OtGHUHV HQ $PpULFD /DWLQD
SHQVDURQTXHHVDHUDODUXWDSRVLEOHSDUD
ORVLQGtJHQDVHQHVWDSDUWHGHOPXQGR(Q
HO,QVWLWXWR,QGLJHQLVWD,QWHUDPHULFDQRHQ
0p[LFR RUJDQL]DPRV GRV R WUHV GLVFX
VLRQHVVREUHHVWHWHPD\QRVFUXFL¿FDURQ
SXHVQRHQWHQGtDPRVORVQXHYRVYLHQWRV
pUDPRVUHWUyJUDGRV\HVWiEDPRVFRPSOHWD
(QULTXH0D\HU³8FKXUDFFD\\HO3HU~SURIXQGRGH0DULR9DUJDV/ORVD´HQ&DUORV,YiQ'HJUHJRUL3DEOR6DQGRYDO3DEOR)6HQGyQHGV1RKD\SDtVPiVGLYHUVR&RPSHQGLRGH$QWURSRORJtDSHUXDQD,,/LPD,(3
*XLOOHUPR%RQ¿O%DWDOOD8WRStD\5HYROXFLyQ(O3HQVDPLHQWR3ROtWLFR&RQWHPSRUiQHRGHORV,QGLRV$PpULFD/DWLQD1XHYD,PDJHQ(GLWRULDO6$0p[LFR')
9ROYHUDOtQGLFH
6
PHQWHIXHUDGHIRFR (O,QVWLWXWR,QGLJH
QLVWD,QWHUDPHULFDQR\DQRH[LVWH5HFRU
GDQGRHOGHVDVWUHSRVWHULRUDO%DJXD]RGHO
DxR VH SXHGH D¿UPDU TXH GHVGH OD
GHUHFKD \ YDULRV VHFWRUHV GH OD VRFLHGDG
SHUXDQD GH KR\ KD\ WRGDYtD IXHUWH UHVLV
WHQFLD D UHFRQRFHU OR LQGtJHQD FRPR
FXOWXUD\FRPRLGHQWLGDGGHLJXDOYDOLGH]
FRQRWURVVHFWRUHVGHQXHVWUDVRFLHGDG
36(QWRQFHVVLODSDODEUDLQGtJHQDHVGH
DOJ~QPRGRDPELYDOHQWH¢FXiOHVVRQHVDV
RWUDVGLVFULPLQDFLRQHVFRQODVFXDOHVOD
JHQWHVtVHUHFRQRFH"
(0 <R PH UHPRQWR DO DUJXPHQWR GH
0DULVROGHOD&DGHQDPHSDUHFHH[FHOHQWH
ORTXHGLFHHQVXOLEUR6XFHGHTXHHQHO
3HU~ VH KDQ GHVDUUROODGR LQVWUXPHQWRV
PLOLPpWULFRVGHFODVL¿FDFLyQSUHFLVDSDUD
ORV DFWRV GH GLVFULPLQDFLyQ 7RGR HO
PXQGRGLVFULPLQDFRQWUDWRGRHOPXQGR<
VRPRV QRVRWURV ORV PD\RUHV H[SHUWRV HQ
HODERUDUORVPiVFRPSOHMRV\EXURFUiWLFRV
VLVWHPDV GH GLVFULPLQDFLyQ (QWRQFHV
FODUR TXH OD GLVFULPLQDFLyQ HV DEVROXWD
PHQWHFLHUWDHVRHVDOJRREYLRSHUR¢SRU
TXp OODPDUOR QHFHVDULDPHQWH UDFLVPR"
3LHQVRTXHUHFLpQHQORV~OWLPRVDxRVVH
HVWi HVWXGLDQGR FRQ VHULHGDG HVWH WHPD
6RVWHQJRTXHHOUDFLVPRHVXQDIRUPDGH
GLVFULPLQDFLyQTXL]iVODPDVSHUQLFLRVD
SHURQRHVFLHUWRTXHWRGDIRUPDGHGLVFUL
PLQDFLyQHVUDFLVPR(Q%UDVLOSURKtEHQOD
GLVFULPLQDFLyQ SRU UD]D FRORU HWQLD
UHOLJLyQ\RULJHQUHJLRQDO/RUHJLRQDOHV
PX\SDUHFLGRDQXHVWURSDtVSRUTXHLJXDO
TXHHQHO3HU~ULGLFXOL]DU\GLVFULPLQDUD
ORVPLJUDQWHVGHUHJLRQHVGHSULPLGDVGHO
SDtVHVPiVFRP~QTXHGLVFULPLQDUSRUHO
FRORU GH OD SLHO DXQTXH IUHFXHQWHPHQWH
DPERV HVWLJPDV VH VXSHUSRQHQ HQ OD
SHUVRQDGLVFULPLQDGD
(175(9,67$
8QLGRV UHFRQRFH D OD QDFLyQ LQGtJHQD \
¿UPDQXQWUDWDGRGHLJXDODLJXDODTXtQR
VXFHGLyHVR
(O VHJXQGR DVXQWR HV FyPR GH¿HQGHV OD
LGHQWLGDG LQGtJHQD VL ORV SURSLRV DFWRUHV
GHFLGHQ QR XVDU KXDUDFKDV R VXV WUDMHV
³WUDGLFLRQDOHV´(OGHEDWHHQWRQFHVVHDEUH
FXDQGRGLVFXWHVFyPRVHSDVyGHORVFULWH
ULRV REMHWLYRV D ORV FULWHULRV GH DXWR
UHSUHVHQWDFLyQ R GH ORV GHUHFKRV LQGLYL
GXDOHVDORVGHUHFKRVFROHFWLYRV/DVGRV
FRVDVQRVRQWDQIiFLOHV
36¢3LHQVDHQWRQFHVTXHVHJXLPRVDWUD
SDGRVHQORVFXHQWRVIHRVGHODUHIRUPD
DJUDULD SDUDIUDVHDQGR XQ OLEUR TXH KD
HVFULWR"
(0%XHQRVHSDUHPRVODUHIRUPDDJUDULD
\ KDEOHPRV GHO FDUiFWHU GHO SHUXDQR (O
FXHQWRIHRHVXQDERQLWD¿JXUDOLWHUDULDTXH
HQFDQWD D ORV OHFWRUHV SRUTXH FXDQGR
TXHUHPRV GHSULPLUQRV OHHPRV HVWDV
FRVDV3HURQRVRWURVORVSHUXDQRVWDPELpQ
VRPRV HPSUHQGHGRUHV FUHDWLYRV
FDQWDPRVKXD\QRVYDPRVDEDLODUHOGtDGH
ORVPXHUWRVDODWXPEDGHQXHVWURVIDPL
OLDUHV\ODJHQWHVHUtH'LUtDTXHYLYLPRVHQ
H[FHVRPHGLRGHSUHVLYRVHQFLHUWRVHFWRU
LQWHOHFWXDO3HUR\RGLJRTXHQRVRPRVDVt
VRPRVGHWRGRGHSULPLGRV\QRGHSULPL
GRV FRQWHQWRV \ QR FRQWHQWRV \ SRU
VXSXHVWR TXH OD UHIRUPD DJUDULD IXH
FRQÀLFWLYD \ FODUR TXH OD FXHVWLyQ GH OD
PLQHUtDHVD~QPiVFRQÀLFWLYD
/RFLHUWRHVTXHHQWLHPSRVGH)XMLPRULHO
JRELHUQRDEDQGRQyDORVFDPSHVLQRV\D
ORVLQGtJHQDV6LTXLHUHVFRPRFRORIyQGH
HVWDFRQYHUVDFLyQWHGR\PLUHVXPHQGHOD
KLVWRULDGHORVRUJDQLVPRVHVWDWDOHVSURWHF
WRUHVGHLQGtJHQDV
¢&XiQGRHPSLH]DHOLQWHUpVGHO(VWDGRSRU
HOORV" (PSLH]D FRQ OD FRQVWLWXFLyQ GH
$XJXVWR%/HJXtDTXHFUHDOD'LUHFFLyQ
GH$VXQWRV ,QGtJHQDV DGVFULWR DO 0LQLV
WHULRGH-XVWLFLD\&XOWRRVHDTXHVHKDJD
MXVWLFLD\TXHVHYXHOYDQFDWyOLFRV3DVDHO
WLHPSR \ OOHJD OD OH\ GH OD FRQVFULSFLyQ
YLDO GRQGH HO PHVWL]R SDJD XQ VRO \ HO
LQGLRWLHQHTXHDSRUWDUFRQWUDEDMR\VHYD
WUDEDMDUDODFDUUHWHUDXQDUHLQYHQFLyQGH
ODPLWD(QHVHPRPHQWRODWXWHODGHORV
36¢4XLpQHVHOLQGtJHQD\TXLpQQRHVHO
LQGtJHQD"
(0(QHO3HU~HO(VWDGR\FLHUWDV21*
KDQFRSLDGRPRGHORVSROtWLFRVGHJHVWLyQ
GH OR pWQLFR TXH WLHQH FRPR UHIHUHQWHV D
(XURSD ,QGLD ÈIULFD (VWDGRV 8QLGRV
¢3HURSRUTXpVHJXLUHVDUXWD"&LHUWDPHQWH
HQ(VWDGRV8QLGRVODVFRVDVVRQWRWDOPHQWH
GLIHUHQWHVORVLQGtJHQDVVRQJHQWHTXHIXH
GHUURWDGDSHURTXHHVWDEOHFLyVXUHODFLyQ
FRQ XQ WUDWDGR DFi IXHURQ VLPSOHPHQWH
FRQTXLVWDGRV (O JRELHUQR GH (VWDGRV
KWWSPRYLPLHQWRLQGLDQLVWDNDWDULVWDEORJVSRWFRP
HOLQGLR\HOSRGHUHQHOSHUXIHUQDQGRKWPO
0DULVROGHOD&DGHQD,QGtJHQDVPHVWL]RVUD]D\FXOWXUDHQHO&XVFR,(3/LPD
(QULTXH0D\HU&XHQWRVIHRVGHODUHIRUPDDJUDULDSHUXDQD,(3&(3(6/LPD
9ROYHUDOtQGLFH
LQGtJHQDVSDVDGHO0LQLVWHULRGH-XVWLFLD\
&XOWR DO 0LQLVWHULR GH 7UDEDMR 1R
VRUSUHQGHHVHWUDVSDVRSRUTXHHQHVDpSRFD
KD\PXFKDVSURWHVWDVSRUWUDEDMRIRU]DGR
HQ KDFLHQGDV \ HQ FDSLWDOHV GH GLVWULWR
FRQWUDORVFXDOHVORVLQGtJHQDVVHUHEHODQ
SURWHVWDQ\UHFODPDQ/OHJDQORVGLULJHQWHV
GH ODV FRPXQLGDGHV D ODV SXHUWDV GHO
(VWDGR\GLFHQ³4XHUHPRVLQVFULELUQRVHQ
HOUHJLVWURGHFRPXQLGDGHVLQGtJHQDV´\
ODV FRPXQLGDGHV HPSLH]DQ D DXPHQWDU \
DXPHQWDU3HURDODKRUDGHLQVFULELUVHHQ
HO UHJLVWUR GH FRPXQLGDGHV ORV LQGLRV
WDPELpQTXLHUHQGHIHQGHUVXVWLHUUDVFRPX
QDOHV \ OD WXWHOD GH ORV LQGLRV SDVD GHO
0LQLVWHULR GH 7UDEDMR DO GH $JULFXOWXUD
SRU VHU HVH PLQLVWHULR TXH WLHQH WDPELpQ
TXHYHUFRQDVXQWRVGHSURSLHGDGUXUDO6H
DEUHXQDR¿FLQDGHFRPXQLGDGHVFDPSH
VLQDV \ DVt ORV LQGtJHQDV HQFXHQWUDQ VX
SURWHFFLyQHQHO0LQLVWHULRGH$JULFXOWXUD
&RQODUHIRUPD$JUDULDFRPRVHWUDWDEDGH
UHGLVWULEXLUWLHUUDVOD'LUHFFLyQGH$VXQWRV
&DPSHVLQRVVHDGVFULEHGHQWURGHORUJDQL
JUDPDGHOD2¿FLQDGH5HIRUPD$JUDULD
3HURFRQHOLQYHQWRGH6,1$026QXHYD
PHQWHORVDVXQWRVGHLQGtJHQDVPXGDQGH
PLQLVWHULR\VHYDQD6,1$026 'DGR
TXHHVWHRUJDQLVPRSURYRFyPXFKDUHVLV
WHQFLDHOJRELHUQRGH0RUDOHV%HUP~GH]
ORFLHUUD/DUHIRUPDDJUDULDVHGHVKDFH\
GHVGHORVRFKHQWDHPSLH]DQDFHUUDUWRGR
OR TXH WLHQH TXH YHU FRQ HVR LQFOXVR OD
R¿FLQD GH UHIRUPD DJUDULD /RV FDPSH
VLQRVHLQGtJHQDVVHTXHGDURQHQHODLUH6H
TXHGDQVLQLQWHUORFXWRUQRWLHQHQR¿FLQD
GRQGH WRFDU QR WLHQHQ QLQJ~Q WLSR GH
HQFDUJDGR QLQJ~Q ³SURWHFWRU GH LQGLRV´
<DQRVpFRQH[DFWLWXGFXDQGRSHURHQOD
pSRFD GH 7ROHGR WHUPLQDQ DGVFULWRV DO
0LQLVWHULRGHOD0XMHU\DKRUDHVWiQHQHO
0LQLVWHULRGH&XOWXUD\FRQHO9LFHPLQLV
WHULRGH,QWHUFXOWXUDOLGDG
$VtPLJUDQHQODEXURFUDFLDNDINLDQDORV
LQWHUHVHV SURWHFWRUHV VREUH LGHQWLGDGHV
RULJLQDULDVGHO3HU~&RPRQyPDGHVUHFR
UUHQGHXQPLQLVWHULRDRWURVLQHQFRQWUDU
DVLGHUR SHUPDQHQWH TXH ORV UHSUHVHQWH R
TXHD\XGHDHQFDPLQDUSROtWLFDVVHQVDWDV
1LKDEODUTXHHQHVWDVGHSHQGHQFLDVPLQLV
WHULDOHVQLQJXQRGHORVGLUHFWRUHVWRGDYtD
HVRVHDXWRLGHQWL¿TXHFRPRLQGtJHQD6LQ
HPEDUJRWRGRHVWHWHPDWLHQHXQSRWHQFLDO
HQRUPH TXH QR VH GHEH GHVDSURYHFKDU
9HUHPRV FXiOHV VHUiQ ORV FDPLQRV TXH
FDPSHVLQRV H LQGtJHQDV DVXPLUiQ HQ HO
IXWXUR
6
(175(9,67$
&MWBMPSEFMBQSJNFSB
TFOUFODJBFO"ZNBSB
&OUSFWJTUBB7JDFOUFBMBOPDBFMUSBEVDUPS
3RU(GXDUGR%XUJD%DUUDQWHV
/LFHQFLDGRHQ&LHQFLDVGHOD&RPXQLFDFLyQ9LFHPLQLVWHULRGH,QWHUFXOWXUDOLGDG
9LFHQWH$ODQRFD$URFXWLSDIRUPDSDUWHGHOJUXSRGHWUDGXFWRUHVHLQWpUSUHWHVGHO0LQLVWHULRGH&XOWXUD1DFLyKDFHDxRVHQOD(VWDQFLD$OSDFR\RGLVWULWRGH,ODYH
SURYLQFLDGHO&ROODRUHJLyQ3XQR(VGRFHQWHHQOD8QLYHUVLGDG1DFLRQDOGHO$OWLSODQR'RFWRUHQ'HUHFKRV+XPDQRV\'HVDUUROORSRUOD8QLYHUVLGDG3DEORGH2ODYLGHGH
6HYLOOD(VSDxD\0DJtVWHUHQ/LQJtVWLFD$QGLQD\(GXFDFLyQSRUOD8QLYHUVLGDG1DFLRQDOGHO$OWLSODQR
3HUWHQH]FR JUDFLDV DO 0LQLVWHULR GH
&XOWXUD DO JUXSR GH WUDGXFWRUHV H LQWpU
SUHWHVGHOD/H\GH&RQVXOWD3UHYLD5HFL
ELPRVXQDFDSDFLWDFLyQHQOD$FDGHPLDGH
OD 0DJLVWUDWXUD SDUD VHU WUDGXFWRUHV H
LQWpUSUHWHVHQHO3RGHU-XGLFLDO*UDFLDVD
HOOR IXLPRV LQYLWDGRV SRU HO MXH] -XOLR
&KXFX\D HQ ,ODYH SDUD OD WUDGXFFLyQ H
LQWHUSUHWDFLyQGHXQDVHQWHQFLDTXHHVWDED
\DFDVLHQVXHWDSD¿QDO3DUWLFLSDPRVGH
HVD DFWLYLGDG GRV WUDGXFWRUHV TXLHQHV
HVWDPRVDFUHGLWDGRVDSDUWLUGHHVWRVGRV
HVSDFLRVGHFDSDFLWDFLyQTXHRUJDQL]yHO
0LQLVWHULRGH&XOWXUDSRUPHGLRGHO9LFH
PLQLVWHULRGH,QWHUFXOWXUDOLGDG
¢4Xp FDSDFLWDFLRQHV KD WHQLGR FRQ HO
0LQLVWHULRGH&XOWXUD"
+HWHQLGRGRVFDSDFLWDFLRQHVXQDSULPHUD
HWDSDKDVLGRSDUDHOWHPDGHODWUDGXFFLyQ
H LQWHUSUHWDFLyQ GH OD /H\ GH &RQVXOWD
3UHYLD FRQ SURIHVRUHV GH OD 8QLYHUVLGDG
1 D F L R Q D O 0 D \ R U G H 6 D Q 0 D U F R V
81060 3RQWL¿FLD 8QLYHUVLGDG &DWy
OLFDGHO3HU~38&3\GHRWUDVXQLYHUVLGD
GHV 7DPELpQ SDUWLFLSDPRV HQ PXFKDV
WUDGXFFLRQHV VREUH WRGR SDUD LQVWLWXFLR
QHV$OJXQDVYHFHVHOSURFHVRKDVLGRXQ
SRFRFRPSOHMR\RWUDVYHFHVPiVVHQFLOOR
/D VHJXQGD FDSDFLWDFLyQ IXH RUJDQL]DGD
SRUOD2¿FLQD1DFLRQDOGH-XVWLFLDGH3D]\
-XVWLFLD ,QGtJHQD 21$-83 FRQMXQWD
PHQWHFRQHO9LFHPLQLVWHULRGH,QWHUFXOWX
UDOLGDGSDUDVHUWUDGXFWRUHVHLQWpUSUHWHV
HQHOSRGHUMXGLFLDO
6RQ HVDV GRV FDSDFLWDFLRQHV TXH KHPRV
WHQLGRVLQHPEDUJR\RVR\GRFHQWHHQOD
8QLYHUVLGDG 1DFLRQDO GHO $OWLSODQR
0DJtVWHUHQ/LQJtVWLFD$QGLQD\(GXFD
FLyQ3RUORWDQWRKD\FLHUWRFRQRFLPLHQWR
$GHPiVWHQJRXQGRFWRUDGRHQ'HUHFKRV
+XPDQRV\'HVDUUROOR
‹7RPDGRGHZZZVHUYLQGLRUJ
¢&yPRKDVLGRHOSURFHVRGHWUDGXFFLyQ\
VXH[SHULHQFLDGHQWURGHpO"
¢4Xp SLHQVD UHVSHFWR DO WUDEDMR GHO
0LQLVWHULRGH&XOWXUDHQODIRUPDFLyQGH
WUDGXFWRUHVHLQWpUSUHWHV"
(OWHPDGHOHQJXDVHVLPSRUWDQWHDOLJXDO
TXH HO WHPD GH OD FXOWXUD 6H WLHQH TXH
VHJXLU LQFLGLHQGR HQ OD IRUPDFLyQ GH
SURIHVLRQDOHVTXHVHGHGLFDQDODWUDGXF
FLyQ +D\ TXH LQFRUSRUDU D JHQWH GH OD
$PD]RQtD TXH WLHQH OHQJXDV QDWLYDV \
RULJLQDULDV )DOWD XQD JUDQ ODERU HQ HVH
VHQWLGR 3LHQVR TXH HO 0LQLVWHULR GH
&XOWXUDKDKHFKRVXSDUWH\ORUHFRQR]FR
GHVGHWRGRSXQWRGHYLVWD
(V OD SULPHUD UHVROXFLyQ UHGDFWDGD HQ
XQDOHQJXDLQGtJHQDDxRVGHVSXpVGH
VHU GHFODUDGRV HO TXHFKXD \ HO DLPDUD
FRPR OHQJXDV R¿FLDOHV GHO 3HU~ ¢3RU
TXpFUHHTXHGHPRUyWDQWRHQGDUVHHVWD
VHQWHQFLD"
/DVHQWHQFLDIXHHPLWLGDHOGHPDU]RGH
SRUHOMXH]-XOLR&pVDU&KXFX\DeO
VHxDOyTXHDOJXLHQWHQtDTXHGDUHOSULPHU
SDVR GH HVFULELU XQD VHQWHQFLD HQ XQD
OHQJXDLQGtJHQD
(QHOWHPDGHMXVWLFLDHQHOSDtVKD\GRV
FRVDVIXQGDPHQWDOHV8QDSULPHUDHVTXH
HO VLVWHPD GH GHUHFKR IRUPDO WHUPLQD
WHQLHQGR VLHPSUH XQ SURFHGLPLHQWR
EDVWDQWH OHQWR 6LQ HPEDUJR \R KH VLGR
DXWRULGDG GH PL FRPXQLGDG KH VLGR
7HQLHQWH*REHUQDGRU (VWHWLSRGHFDVRV
HQ OD SUiFWLFD DQFHVWUDO HV UiSLGR VH
UHVXHOYHHQHODFWRPLVPR
(OWHPDGHODMXVWLFLDHQHOSDtVQRHVVROR
XQDFXHVWLyQGHOHQJXDVVLQRWDPELpQHV
XQDVXQWRSROtWLFRTXHVHWLHQHTXHDYDQ]DU
&UHR TXH WDPELpQ KD\ TXH UHFRQRFHU \
IHOLFLWDU DO MXH] SRU DWUHYHUVH D HPLWLU OD
VHQWHQFLD <R KH HVFXFKDGR D DOJXQRV
DERJDGRVRMXULVWDVHQPLSXHEORTXHGLFHQ
TXH HV XQ UHWURFHVR 6L JHQWH TXH WLHQH
9ROYHUDOtQGLFH
IRUPDFLyQHQGHUHFKR\HQMXULVSUXGHQFLD
WLHQHHVHFRQFHSWRFUHRTXHHVQHFHVDULR
UHQRYDUODVHVWUXFWXUDVFXUULFXODUHVGHQWUR
GHO VLVWHPD XQLYHUVLWDULR HQ HO SDtV /RV
FXUUtFXORV TXH WLHQHQ ODV XQLYHUVLGDGHV
HVWiQ HQ UHWURFHVR SRUTXH HVWiQ HQFDVL
OODGRVHQYHUDOGHUHFKR\DODQRUPDFRPR
HVWULFWDPHQWH LQVWUXPHQWDOHV 7RGR HVH
HQIRTXH ¿ORVy¿FR MXUtGLFR LGHROyJLFR
SROtWLFR HVWi GHVIDVDGR HVWi HQ ORV DxRV
\6LQHPEDUJRODSUiF
WLFDDQFHVWUDOGHDGPLQLVWUDFLyQGHMXVWLFLD
SXHVHVPiVGLUHFWD\VHFRQWH[WXDOL]DHQ
ORVSXHEORV\HQODVFRPXQLGDGHV,QGXGD
EOHPHQWHHOWHPDHVFXOWXUDO¿ORVy¿FR\
DQWURSROyJLFR TXHQRVHWRPDHQFXHQWD
SDUDQDGDHQODVXQLYHUVLGDGHV
6
¢4XpFUHHTXHSDVyDKRUDSDUDTXHHVWH
MXH]VHDWUHYLHUDDHPLWLUODVHQWHQFLD"
&UHRTXHWRGRHVXQSURFHVR\WLHQHTXH
YHU PXFKR HO SUHVLGHQWH GH OD FRUWH HQ
3XQR HO 'U +HUQiQ /D\PH <HSHV FRQ
TXLHQ PXFKDV YHFHV FRQYHUVDPRV GHED
WLPRV\VHYDHQWHQGLHQGRTXHODVXQLYHUVL
GDGHV GH GRQGH HJUHVDURQ HVWRV PDJLV
WUDGRVQREULQGDQXQDIRUPDFLyQVyOLGDHQ
HOWHPDGHOGHUHFKR\HQHOSURFHVRVHYDQ
GDQGR FXHQWD \ DVXPLHQGR DFWLWXGHV GH
XQDUHDOMXVWLFLDXQDMXVWLFLDHQGRQGHHO
WHPDGHODOHQJXDHVLPSRUWDQWH6HJXUD
PHQWHHQXQIXWXURKDEUtDTXHSHQVDUHQXQ
WULEXQDO TXH OHJLWLPH ODV SUiFWLFDV GH
MXVWLFLDHQODVFRPXQLGDGHVGHXQDPDQHUD
PiVH¿FD]\UHDO
¢4Xp GL¿FXOWDGHV VH KDQ SUHVHQWDGR HQ
VX H[SHULHQFLD FRPR WUDGXFWRU H LQWpU
SUHWH"
$QRVRWURVQRVFRQYRFDQSDUDVHUWUDGXF
WRUHV SRU OD DPLVWDG \ WDPELpQ SRU OD
FRQ¿DQ]D TXH QRV WLHQH HO 'U /D\PH
<HSHVSUHVLGHQWHGHOD&RUWH6XSHULRUGH
-XVWLFLDGH3XQR+DQVLGRPX\FRUWRVORV
GtDV TXH QRV KDQ GDGR SDUD WUDGXFLU (O
DLPDUD WLHQH YDULDQWHV \ HO WHPD GH OD
WUDGXFFLyQ\ODOHFWXUDVRQFRPSOLFDGRV
6LQ HPEDUJR HV QXHVWUD SULPHUD H[SH
ULHQFLD HQ HVWH SURFHVR \ HQ HO IXWXUR
LUHPRV VXSHUDQGR PXFKDV OLPLWDFLRQHV
TXHVHJXUDPHQWHYDQDVHUREVHUYDGDV
¢4XpDVSHFWRVFRQVLGHUDTXHD~QGHEHQ
VHUPHMRUDGRV"
+D\TXHGDUOHOHJLWLPLGDGDORVWULEXQDOHV
GHMXVWLFLDTXHHVWiQHQODVFRPXQLGDGHV
GDUOHXQVHQWLGRMXUtGLFR\TXHWRGRVORV
RSHUDGRUHVGHMXVWLFLDFRQR]FDQHVR3RU
HMHPSOR KD\ XQ GHVFRQRFLPLHQWR GH OD
OH\GHOHQJXDVLQFOXVRGHODPLVPDFRQV
WLWXFLyQGHOGHUHFKRHQHOXVRGHODOHQJXD
HQORVSURFHVRVMXGLFLDOHV\GHOGHUHFKRD
OD DXWRLGHQWL¿FDFLyQ (Q WDQWR KD\ XQD
WDUHDXUJHQWHGHLQFRUSRUDUHVWRVWHPDVHQ
ORV FXUUtFXORV GH ORV VLVWHPDV GH IRUPD
FLyQ DFDGpPLFD 6L QR UHVROYHPRV HVR
FUHR TXH YDPRV D VHJXLU FRQ HVH
SUREOHPD
¢4Xp VLHQWH SHUVRQDOPHQWH DQWH HVWD
VHQWHQFLD"
/DWUDGXFFLyQQRHVXQSURFHVRTXHVROD
PHQWHHVWiHQODSDUWH¿QDOSRUHOFRQWUD
ULR GHEH VHJXLU XQ SURFHVR GH LQLFLR HQ
(175(9,67$
TXH HO LPSXWDGR R WDPELpQ HO TXH
GHQXQFLD WLHQH TXH SDUWLU GH FHUR 6RQ
FRVDVTXHVHJXUDPHQWHDWHQWDQFRQWUDOD
GLJQLGDGHQHVWHFDVRGHODTXHKDVLGR
DEXVDGD VLQ HPEDUJR YHR TXH KD\
DOJXQDVFRVDVHOHPHQWRVGHWUDPSDMXUt
GLFDHQTXHORVGRVFRUUHQHOULHVJR 1R
WRGDWUDGXFFLyQHVH[DFWD\HQHVHSURFHVR
KD\FDWHJRUtDVTXHVRQQXHYDV8QDFRVD
HV WUDWDU HO KHFKR GHVGH XQD SHUVSHFWLYD
HVWULFWDPHQWHOLQJLVWDSHURFUHRTXHHQ
ODSUiFWLFDHVGLVWLQWD
(V XQ SURFHVR HQ TXH \R PH VLHQWR
FRQWHQWRVLQHPEDUJRKD\FLHUWDVFRVDV
HGXFDFLyQGHYDORUHVTXHHVODHVSHUDQ]D
SDUDHOSDtV
(V XQD FXHVWLyQ GH WUDGXFFLyQ VHJXUD
PHQWH KD\ DOJXQDV FDWHJRUtDV TXH VRQ
WDE~HV SDUD HO PXQGR DLPDUD VLQ
HPEDUJR YDPRV DYDQ]DQGR HQ HVR
WDPELpQ 7HQHPRV TXH VDOLU HQ DOJ~Q
PRPHQWR HV SRVLEOH HVWDU VHQWDGR SDUD
DGPLQLVWUDUMXVWLFLDQXHVWURVMXHFHVHVWiQ
FDSDFLWDGRV &UHR TXH GHEH KDEHU PiV
-XOLR &pVDU &KXFX\D \ PiV +HUQiQ
/D\PH<HSHVHQHOSDtVSDUDHQWHQGHUHO
WHPDGHODLQMXVWLFLDTXHH[LVWHHQHO3HU~
TXH GHEHPRV LU PHMRUDQGR \ KDFLHQGR
LQFLGHQFLDHQORVMXHFHV\¿VFDOHV
¢4Xp FRQVLGHUD TXH VLJQL¿FD SDUD OD
JHQWHGH3XQRSDUDORVDLPDUDV"
<RGLUtDTXHQRWLHQHXQJUDQVLJQL¿FDGR
SHURKD\TXHVHJXLUWUDEDMDQGR6HJXUD
PHQWHHVWDVSUiFWLFDVVHGDQHQODVFRPX
QLGDGHVFRQORVMXHFHVGHSD]HOSUREOHPD
HVTXHQRVHGLIXQGHPXFKR'HEHUtDPRV
DSUHQGHUGHVGHODVFRPXQLGDGHVQRVROD
PHQWH HO WHPD GH OD DGPLQLVWUDFLyQ GH
MXVWLFLDVLQRWDPELpQHOWHPDGHOHQJXDV
5(6(f$
9(5&,1(3(58$12&21
/262-269(1'$'26
$SXQWHVVREUHODYHUVLyQDFFHVLEOHGH-XOLDQD
1DWDOLD$PHV
'LUHFFLyQGHO$XGLRYLVXDOOD)RQRJUDItD\ORV1XHYRV0HGLRV
0LQLVWHULRGH&XOWXUD
-XOLDQDFOiVLFRGHOFLQHSHUXD
QRHVXQDGHODVFUHDFLRQHVHPEOHPiWL
FDV GHO *UXSR &KDVNL GLULJLGD SRU
)HUQDQGR(VSLQR]D\$OHMDQGUR/HJDV
SL OD FLQWD SURWDJRQL]DGD SRU 5RVD
,VDEHO0RU¿QRQDUUDHQFODYHUHDOLVWDOD
KLVWRULD GH XQD QLxD TXH DEDQGRQD VX
KRJDUSDUDGLVIUD]DUVHGHKRPEUH\GH
HVWDPDQHUDSRGHUFDQWDUHQORVEXVHV
MXQWR D VX KHUPDQR HQ HO JUXSR TXH
PDQHMD HO DEXVLYR 'RQ 3HGUR 9HLQWL
FLQFRDxRVGHVSXpVWUDVVHUSUHPLDGDHQ
GLYHUVRVIHVWLYDOHVUHFRUUHUORVFLQHV\
VHUWUDQVPLWLGDDWUDYpVGHORVFDQDOHVGH
VHxDODELHUWD-XOLDQDHVXQRGHORV¿O
PHVQDFLRQDOHVPiVUHFRUGDGRV\TXHUL
GRVSRUHOS~EOLFRSHUXDQR
3HUR -XOLDQD HV WDPELpQ OD SULPHUD
SHOtFXOD SHUXDQD TXH VH DGDSWD D XQD
YHUVLyQDFFHVLEOHSDUDSHUVRQDVFLHJDV\
VRUGDVDWUDYpVGHODLQFOXVLyQGHDXGLR
GHVFULSFLyQ \ VXEWLWXODGR HQULTXHFLGR
&RLQFLGLHQGR FRQ HO YLJpVLPR TXLQWR
DQLYHUVDULRGHVXHVWUHQR\FRQORVGLH]
DxRVGHOD5HGGH0LFURFLQHVHO*UXSR
&KDVNL LPSXOVy OD SURGXFFLyQ GH HVWD
YHUVLyQFRQWDQGRFRQODODERUGHHVSH
FLDOLVWDVGHOD8QLYHUVLGDG1DFLRQDOGH
,QJHQLHUtD\OD5HG0HOLVD
(OHVWUHQRGHODYHUVLyQDFFHVLEOHSDUD
SHUVRQDVFLHJDV\VRUGDVGH-XOLDQDVH
GLR HQ HO PDUFR GH OD ,9 0XHVWUD GH
&LQH\'HUHFKRV+XPDQRVGHOD5HGGH
0LFURFLQHVGHO*UXSR&KDVNLODFXDOVH
OOHYyDFDERHQPLFURFLQHVGHQXHYH
FLXGDGHVGHOSDtV7XYHODRSRUWXQLGDG
GH LU D OD IXQFLyQ TXH VH UHDOL]y HQ HO
&HQWUR &XOWXUDO 5LFDUGR 3DOPD D OD
FXDOVHLQYLWyDGLYHUVDVRUJDQL]DFLRQHV
TXH WUDEDMDQ SRU ORV GHUHFKRV GH ODV
SHUVRQDVFRQGLVFDSDFLGDG
0HLQYLWDURQDYHUODSHOtFXODFRQXQD
YHQGDHQORVRMRV$FHSWpGHHVWDPDQH
UD SXGH ³YHU´ OD SHOtFXOD D WUDYpV GH OD
DXGLR GHVFULSFLyQ OD FXDO H[SOLFDED ORV
GHWDOOHVGHORTXHRFXUUtDHQODSDQWDOODVLQ
LQWHUUXPSLU ORV GLiORJRV (O H[FHOHQWH
WUDEDMRWpFQLFRPHSHUPLWLyVHJXLUODQDUUD
FLyQ SHUR OD YHQGD HQ ORV RMRV PH KL]R
UHÀH[LRQDUGHPDQHUDPiVSURIXQGDVREUH
OD SHOtFXOD \ VREUH OD H[SHULHQFLD GH HVWD
IXQFLyQ
(VFRJHU XQD SHOtFXOD FRPR -XOLDQD SDUD
DGDSWDUODD XQD YHUVLyQ DFFHVLEOHHV UHDO
PHQWHVLJQL¿FDWLYDODFLQWDWUDWDMXVWDPHQ
WHVREUHHOWHPDGHODLQFOXVLyQ\DTXHOD
SURWDJRQLVWDVXIUHP~OWLSOHVWLSRVGHPDUJL
QDFLyQDQWHORVFXDOHVUHDFFLRQDGHPDQHUD
GHVD¿DQWH/DSHOtFXODH[SORUDWHPDVFRPR
HO DEDQGRQR LQIDQWLO OD SREUH]D \ HO
PDFKLVPRGLYHUVDVIRUPDVGHH[FOXVLyQH
LQYLVLELOL]DFLyQGHJUXSRVVRFLDOHVTXHKR\
HQGtDFRQVWLWX\HQSUREOHPiWLFDVSHQGLHQ
WHVSDUDHOSDtV/RPLVPRRFXUUH FRQOD
LQFOXVLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG
DTXLHQHVHVWDEDGHGLFDGDHVWDSUR\HFFLyQ
DO YHQGDUPH ORV RMRV SXGH FRPSDUWLU OD
H[SHULHQFLD FLQHPDWRJUi¿FD FRQ HOORV
SRQLpQGRPH EUHYHPHQWH HQ VX OXJDU (V
HVWDDFFLyQGHSRQHUVHHQHOOXJDUGHORWUROD
TXHQRVSHUPLWHFRQVWUXLUGLiORJRVFLXGDGD
QRV SDUD UHFRQRFHU QXHVWURV GHUHFKRV \
QHFHVLGDGHVGHPDQHUDKRUL]RQWDO\JHQHUDU
VROXFLRQHVDORVSUREOHPDVTXHQRVDIHFWDQ
$OOOHJDUDO~OWLPRWHUFLRGHODSHOtFXODPH
TXLWpODYHQGD3RUXQODGRTXHUtDREVHUYDU
HOVXEWLWXODGRHQULTXHFLGR\VXVFDUDFWHUtV
WLFDV ODV FXDOHV UHSURGXFHQ QR VROR ORV
GLiORJRVVLQRWDPELpQORVUXLGRVODP~VLFD
GHIRQGR\KDVWDODWRQDOLGDGGHODYR]GH
ORV SHUVRQDMHV GH PDQHUD PX\ FRQFLVD
TXH YHtD SRU SULPHUD YH] HQ XQD SHOtFXOD
SHUXDQD
3HURSRURWURODGRIXLFRQVFLHQWHGHTXHPH
VDTXp OD YHQGD SRUTXH SRGtD KDFHUOR
3XHGRYHUSXHGRRtUSXHGRDSUHFLDUXQD
9ROYHUDOtQGLFH
‹6XVDQD3DVWRU
SHOtFXODHQWRWDOGRPLQLRGHPLVVHQWL
GRV<QRVRORDJUDGHFtHVWHKHFKRVLQR
TXHWDPELpQUHFRQRFtTXHKD\PXFKDV
SHUVRQDV FRQ GLVFDSDFLGDG TXH OXFKDQ
SRUYLYLUXQDYLGDGLJQDORFXDOLQFOX\H
GLPHQVLRQHV GH WUDEDMR GH RFLR GH
DFFHVR\GHRSRUWXQLGDGHVGHPDQHUD
LQWHJUDO
)LQDOPHQWHWDPELpQSHQVpTXHPXFKRV
VLJXHQ YLHQGR HO FLQH SHUXDQR ± \ SRU
TXpQRODUHDOLGDGSHUXDQDTXHVHPXHV
WUD HQ -XOLDQD ± FRQ ORV RMRV VHPL
YHQGDGRVFRQSUHMXLFLRVRDPHGLDVVLQ
UHFRQRFHU OD JUDQ GLYHUVLGDG \ ULTXH]D
TXHH[LVWHHQODH[SUHVLyQGHORVFUHDGR
UHVQDFLRQDOHV5HGXFLUHOUDQJRFUHDWLYR
GH OD SURGXFFLyQ DUWtVWLFD ORFDO D ODV
REUDVTXH³VXHQDQ´PiVQRQRVSHUPLWH
DSUHFLDUODYDULHGDGGHSURSXHVWDVWHPi
WLFDVJpQHURV\HVWLORVTXHH[LVWHQHQHO
3HU~3DUDKDEODUGHXQYHUGDGHURp[LWR
GHOFLQHSHUXDQRHVQHFHVDULRIRPHQWDU
ODGLYHUVLGDGGHODFFHVRDODVREUDVSDUD
TXHORVHVSHFWDGRUHVWDPELpQFRQR]FDQ
P~OWLSOHV PDQHUDV GH UHWUDWDU QXHVWUD
UHDOLGDG 6L -XOLDQD YHLQWLFLQFR DxRV
GHVSXpV VLJXH KDEOiQGRQRV WDQ DOWR \
FODURHVSRUTXHHOFLQHSHUXDQRKDWHQL
GR\WLHQHD~QPXFKRSRUFRQWDU
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
6DIVSBDDBZ
-BUSBTUFNQPSBMJEBEEFMEPMPSBUSBWÏTEFMBNFNPSJB
)UDQ].UDMQLN
+DEODU GH PHPRULD HQ 8FKXUDFFD\ HV
KDEODU GHO SUHVHQWH &RPR SHULRGLVWD
VLHPSUH PH LQWULJy VDEHU TXp RFXUULy
DTXHOODWDUGHGHOGHHQHURGHORV
GHWDOOHVGHODEUXWDOPDWDQ]DGHRFKRSHULR
GLVWDVHQXQDFRPXQLGDGGHKDELWDQWHV
HQODVDOWXUDVGH+XDQWDVXPDGRDOSRVWH
ULRUDVHVLQDWRVLVWHPiWLFRGHXFKXUDF
FDtQRVHQDxRVSRVWHULRUHV
(VWH HV D~Q XQ FDStWXOR RVFXUR HQ OD
KLVWRULDGHOSDtVVLQHPEDUJRHQOXJDUGH
VLTXLHUDLQWHQWDUGHVHQWUDxDUHVWHDQWLJXR
PLVWHULR \ VRxDU DEVXUGDPHQWH FRQ XQ
3XOLW]HUIXLFRQXQWHUULEOHYDFtRH[LVWHQ
FLDOSURGXFWRGHXQDH[SHULHQFLDSHUVRQDO
GH SpUGLGD \ GRORU )XH MXVWDPHQWH HVH
VHQWLPLHQWR YLVFHUDO OR TXH PH RULHQWy D
REVHUYDU FyPR DTXHOORV VXFHVRV GH
YLROHQFLD SROtWLFD SDVDGRV FREUDQ YLGD D
WUDYpVGHODPHPRULD\DWUDYLHVDQODYLGD
FRWLGLDQDGHWRGDXQDJHQHUDFLyQGHSREOD
GRUHV TXH GHFLGLHURQ UHWRUQDU D 8FKX
UDFFD\DSDUWLUGHOXHJRGHGLH]DxRV
GHH[LOR\DODYH]SUHJXQWDUPH¢FyPRVH
FRQYLYHKR\FRQHVHGRORU"
(O SUHVHQWH HQVD\R IRWRJUi¿FR UHDOL]DGR
HQWUH \ H[SORUD HO FDUiFWHU
9ROYHUDOtQGLFH
WUDVWHPSRUDO GHO GRORU SURGXFLGR SRU OD
YLROHQFLDSROtWLFDHQ8FKXUDFFD\WRPDQGR
FRPRSXQWRGHSDUWLGDHOGREOHUROGHVXV
SURWDJRQLVWDV HQ OD KLVWRULD UHFLHQWH GHO
3HU~ODFRQGLFLyQVLPXOWiQHDGHYtFWLPD\
YLFWLPDULR 3RU XQ ODGR KDEODPRV GH
VDEHUVH KHUHGHURV GH XQ HVWLJPD JHQHUD
FLRQDOTXHSURYRFyODGHVWUXFFLyQGHOYDORU
GH LGHQWLGDG \ SRU RWUR KDEODPRV GHO
6
tQWLPR YDFtR TXH JHQHUD OD PXHUWH HQ
PDQRV GH OD YLROHQFLD SROtWLFD $PEDV
LQWHUDFWXDQGR\UHGH¿QLHQGRODFRQVWUXF
FLyQ GH PHPRULD HQ 8FKXUDFFD\ \ VX
SURFHVR WDQWR LQWHUQR FRPR H[WHUQR GH
UHFRQFLOLDFLyQ
(V LPSRUWDQWH GHVWDFDU TXH HVWH WUDEDMR
PDQL¿HVWDXQDPLUDGDVXEMHWLYD\SHUVRQDO
VREUH ODV FRQVHFXHQFLDV GHO FRQÀLFWR
DUPDGRGHLJXDOPRGRODVP~OWLSOHVLQWHU
SUHWDFLRQHV GH VX VLJQL¿FDGR HVWDUiQ HQ
IXQFLyQDODH[SHULHQFLDGHFDGDHVSHFWD
GRU
/XHJR GH XQD H[SRVLFLyQ IRWRJUi¿FD
UHDOL]DGDHQOD3OD]DGHOD3D]HQODFRPX
QLGDG GH 8FKXUDFFD\ PXFKRV GH ORV
SREODGRUHVLGHQWL¿FDURQODXWLOL]DFLyQGHO
EODQFR\QHJURDOLJXDOTXHODVSULPHUDV
LPiJHQHV GH OD VHULH IRWRJUi¿FD FRPR
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
HOHPHQWRV ³KLULHQWHV´ TXH SURSRQHQ
³PLUDU KDFLD DWUiV´ DVt PLVPR KDFLD HO
¿QDOGHOHQVD\RVHSURSRQHODYLVXDOL]D
FLyQ GH XQ ³QXHYR 8FKXUDFFD\´ FRPEL
QDQGR GLFKD DWDGXUD H[LVWHQFLDO FRQ HO
GLVFXUVRGH³UHQRYDFLyQGHODYLGD´H[SUH
VDGRSRUORVSREODGRUHV
8FKXUDFFD\HVWDQVRORXQHMHPSORGHOR
PXFKRTXHQRVIDOWDDXQSRULQYHVWLJDUHQ
WHPDVGHYLROHQFLDSROtWLFDHQHO3HU~VL
ELHQ OD H[SRVLFLyQ <X\DQDSDT &95
UHSUHVHQWD XQ JUDQ HMHUFLFLR GH OD
YLVXDOL]DFLyQGHKRUURUDWUDYpVGHODIRWR
JUDItDQRGHEHPRVROYLGDUTXHDTXHOORHV
HOSXQWRGHSDUWLGDGHWUDEDMRVTXHGHVDUUR
OOHQDSURIXQGLGDGHOYtQFXORWHVWLPRQLDO
GHWHUULEOHVHUURUHVSDVDGRVFRQHOGHYHQLU
DFWXDO GH QXHVWUD FRPXQLGDG SDUD HYLWDU
UHSHWLUODKLVWRULD
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
"SHFOUJOB
-PTKØWFOFTZMBTNFNPSJBT
6DQGUD5DJJLR
+LVWRULDGRUD'RFHQWHHLQYHVWLJDGRUDGHODIDFXOWDGGH+XPDQLGDGHV
\&LHQFLDVGHOD(GXFDFLyQGHOD8QLYHUVLGDG1DFLRQDOGH/D3ODWD\GHOD8QLYHUVLGDG
1DFLRQDO$UWXUR-DXUHWFKH'LUHFWRUD*HQHUDOGHOD&RPLVLyQ3URYLQFLDOSRUOD0HPRULD
³6tPHSDUHFHLPSRUWDQWHSDUDVDEHUXQSRFRGHODGLFWDGXUDRVHDSDUDWHQHUFXOWXUDGHWXSURSLRSDtVSHURKD\YHFHVTXH
KDEODQWDQWRTXHQRWHTXHGDQDGDSRUTXHWHFDQVDQ«´&HOLQDDxRV%UDJDGRSURYLQFLDGH%XHQRV$LUHV$UJHQWLQD
³>XQDPDHVWUDGH&RQVWUXFFLyQGH&LXGDGDQtD@PHGHFtDTXHHQODpSRFDPLOLWDUKXERXQDpSRFDEXHQDSHURPLVDPLJRVQRVH
TXHGDQFRQHVRSRUTXH\RGHVGHHOSULPHUJUDGRTXHYHQJRMRGLHQGRDVtHQWRQFHVDKRUDPHEXVFDQDPtSDUDKDEODU«<PH
FUHHQDPt´-XDQDxRVGH0D\RSURYLQFLDGH%XHQRV$LUHV$UJHQWLQD
-XDQ \&HOLQDSRQHQHQHYLGHQFLDORTXH
PXFKDV YHFHV FXHVWD WHQHU HQ FXHQWD
FXDQGRVHSLHQVDHQODWUDQVPLVLyQGHODV
H[SHULHQFLDVSDVDGDVDODVQXHYDVJHQHUD
FLRQHVPiVTXHUHFHSWRUHVSDVLYRVGHXQD
KLVWRULD SDUD HOORV OHMDQD HQ HO WLHPSR
SXHGHQFRQYHUWLUVHHQYHUGDGHURVHPSUHQ
GHGRUHV GH PHPRULD &RQ HVWD SUHPLVD
KDFH DxRV GHVGH OD &RPLVLyQ SRU OD
0HPRULDGHODSURYLQFLDGH%XHQRV$LUHV
GH $UJHQWLQD VH ODQ]DED HO 3URJUDPD
-yYHQHV\PHPRULD5HFRUGDPRVSDUDHO
IXWXUR 'HVGH DTXHO KDVWD KR\ KDQ
WUDQVLWDGR OD H[SHULHQFLD PiV GH HVWXGLDQWHV VHFXQGDULRVï /D SURSXHVWD
FRQVLVWHHQLQYHVWLJDUHOSDVDGRUHFLHQWHGH
ODFRPXQLGDGGRQGHHVWiLQVHUWDODHVFXHOD
GXUDQWHWRGRHOFLFOROHFWLYRHVFRODU1RVH
¿MDQ OtPLWHV WHPSRUDOHV SUHFLVRV VyOR VH
LQVLVWHHQODHVFDODORFDO\TXHHOWHPDVH
LQVFULEDHQXQDPSOLRHMH³DXWRULWDULVPR\
GHPRFUDFLD´
(QORVSULPHURVWLHPSRVODFXHVWLyQGHOD
GLFWDGXUD HQ VXV GLVWLQWDV
GLPHQVLRQHVGRPLQDEDHOHVSHFWURGHORV
SUREOHPDV GH LQYHVWLJDFLyQ HOHJLGRV
DXQTXHQXQFDIXHOD~QLFD6LQHPEDUJR
SRFRDSRFRFRPHQ]yDGDUVHXQDPD\RU
GLYHUVLGDG \ ORV SUREOHPDV GHO SUHVHQWH
KWWSZZZGLDJRQDOHVFRPFROXPQLVWDVQRHVYHUGDGTXHORVVHFXHVWUDURQSRUHOEROHWRKWPO"UQG IXHURQRFXSDQGRXQHVSDFLRFDGDYH]PiV
UHOHYDQWHGHVGHODYLROHQFLDGHODVIXHU]DV
SROLFLDOHV VREUH ORV MyYHQHV OD YLROHQFLD
GH JpQHUR ORV SUREOHPDV VRFLR DPELHQ
WDOHVTXHSDGHFHQHQVXVFRPXQLGDGHVOD
SREUH]DODH[FOXVLyQHQWUHWDQWRVRWURV
/DGLIXVLyQHVPiVERFDDERFDTXHSRUODV
YtDV LQVWLWXFLRQDOHV SURSLDV GHO VLVWHPD
HGXFDWLYRRORVPHGLRVGHFRPXQLFDFLyQ
DVt FDGD DxR VH VXPDQ XQ PiV GH
HTXLSRV SDUWLFLSDQWHV (O ~OWLPR DxR
IXHURQPiVGHHTXLSRVGHLQYHVWLJD
FLyQ TXH FRQYRFDURQ D MyYHQHV
8QEXHQSRUFHQWDMHGHHOODVSHUPDQHFHQ
HQHO3URJUDPDGXUDQWHDxRVDOJXQDVKDQ
WHQLGR XQD DVLVWHQFLD SHUIHFWD GHVGH HO
LQLFLR1LGRFHQWHVQLHVWXGLDQWHVFXHQWDQ
FRQ WRGR HO HVSDFLR \ HO WLHPSR LQVWLWX
(O3URJUDPDVHKDLGRH[WHQGLHQGRWDPELpQDRWUDVSURYLQFLDV&KDFR6DQWLDJRGHO(VWHUR&KXEXW(QWUH5tRV&yUGRED\FLXGDGGH%XHQRV$LUHV
9ROYHUDOtQGLFH
FLRQDO HQ OD HVFXHOD SDUD GHVDUUROODU HO
SUR\HFWR DO FRQWUDULR WUDEDMDQ KRUDV D
FRQWUDWXUQRHLQFOXVR¿QHVGHVHPDQD\
IHULDGRVD~QDVtHOLQWHUpVQRGLVPLQX\H
WRGRORFRQWUDULRFUHFHDxRDDxR¢$TXp
VH GHEH WDQWR HQWXVLDVPR" 1R YR\ D
LQWHQWDU GDU XQD UHVSXHVWD DFDEDGD VyOR
VHxDODU TXH OR GLVWLQWLYR GHO 3URJUDPD
GHQWUR GH ODV GHQRPLQDGDV ³SROtWLFDV GH
PHPRULD´ HV OD FHQWUDOLGDG GHO SURWDJR
QLVPR MXYHQLO 3RGUtD FRQMHWXUDUVH FRQ
FLHUWD FHUWH]D GH TXH HVWH HV HO SULQFLSDO
PRWLYRGHTXHXQDLQLFLDWLYDSHUPDQH]FD
WDQWRVDxRVVLQSHUGHUFDSDFLGDGGHFRQYR
FDWRULDVLQRWRGRORFRQWUDULR
/DSURSXHVWDGHO3URJUDPDQRHV³WUDQV
PLWLUODVH[SHULHQFLDVSDVDGDVDODVQXHYDV
JHQHUDFLRQHV´VLQRVXPDUODVDOSURFHVRGH
HODERUDFLyQVRFLDOGHODH[SHULHQFLDKLVWy
ULFD UHFLHQWH PDUFDGD D IXHJR SRU OD
~OWLPDGLFWDGXUDPLOLWDU(QHVWHVHQWLGRHV
PiV TXH XQD SURSXHVWD QRYHGRVD SDUD
HQVHxDU FLHQFLDV VRFLDOHV HV VREUH WRGR
XQD LQWHUYHQFLyQ SROtWLFD SDUD SURPRYHU
XQ WUDEDMR VREUH HO SDVDGR TXH ORJUH
DPSOLDUORVPDUFRVGHODPHPRULDVRFLDO
LQFRUSRUDQGRODVSUHJXQWDV\ODVUHVSXHV
WDV GH ODV QXHYDV JHQHUDFLRQHV &RPR
VHxDODPRV DO SULQFLSLR SDUWtDPRV GHO
6
HQFRQWUDQGRORVHVODERQHVSHUGLGRVGHXQD
KLVWRULDTXHQROHVIXHFRQWDGDRTXHQHFH
VLWDQUHSRQHUGHRWUDIRUPD
$SDUWLUGHODVSDODEUDVGHODVYLHMDVJHQH
UDFLRQHVHOORVYDQWHMLHQGRODXUGLPEUHGH
ODKLVWRULD3HURODVYRFHVTXHFXHQWDQQR
VRQVyORDTXHOODVTXHKDQRFXSDGRHOOXJDU
FHQWUDOHQHOUHODWRGHOSDVDGRUHFLHQWHORV
IDPLOLDUHV\DIHFWDGRVGLUHFWRVGHODUHSUH
VLyQHVSHFLDOPHQWHGHORVGHVDSDUHFLGRV\
ORVVREUHYLYLHQWHV3RUHOFRQWUDULRHQOD
HVFHQDYDQHPHUJLHQGRRWURVSURWDJRQLV
WDV SXHV ODV QXHYDV JHQHUDFLRQHV QHFH
VLWDQ WUDPLWDU HVD H[SHULHQFLD GDQGR
FXHQWDGHODVP~OWLSOHVSHUVSHFWLYDV
³YHUODVGLVWLQWDVRSLQLRQHVWUDWDUGH
HQWHQGHU WDPELpQ D OD RWUD SHUVRQD
TXHFDSD]TXHORYHGHVGHRWURSXQWR
GH YLVWD HQWRQFHV DFHSWDU WDPELpQ
RWUDV«RWUDVLQWHUSUHWDFLRQHVGHOR
TXH SDVy >«@ SRUTXH PH LQWHUHVD
VDEHUSRUDKtSRUTXpORVGHVDSDUH
FtDQSRUTXpPXFKDJHQWHVHWXYR
TXHLUGHOSDtV\YHUQRVpDQDOL]DU
SRUDKtTXpSRVWXUDWDPELpQWHQtDQ
ORVPLOLWDUHVSDUDOOHJDUDWRGRHVR
TXHKLFLHURQ´
3DXOD-XQtQSURYLQFLD
GH%XHQRV$LUHV
(Q OD PD\RUtD GH ODV LQYHVWLJDFLRQHV ORV
³YHFLQRV´ HV GHFLU HO GH ³DO ODGR´ HV
FRQYRFDGRDKDEODU(QRFDVLRQHVFXHQWDQ
ORTXHYLHURQXQRSHUDWLYRGHVHFXHVWUR
XQIDOVRHQIUHQWDPLHQWR(QRWUDVFXHQWDQ
OR TXH YLYLHURQ H[SHULHQFLDV RUJDQL]D
WLYDVHQODIiEULFDRHOEDUULRODUHSUHVLyQ
OD GHVRFXSDFLyQ HO PLHGR 7DPELpQ VXV
UHODWRV UHSRQHQ HQ SDODEUDV OR TXH SDVD
KR\ OD SREUH]D ORV SUREOHPDV HQ HO
WUDEDMRHQHOEDUULRHQODHVFXHOD
(QHVWDSUROLIHUDFLyQGHYRFHVODGLDWULED
GHOSDVDGRQDUUDGDHQWpUPLQRVELQDULRVGH
YtFWLPDVYVYLFWLPDULRVVHKDFHFRPSOHMD
HPHUJLHQGRXQDWUDPDVRFLDORSDFDGDTXH
IXHODTXHFRQ¿JXUyHOSDVDGRYLROHQWRGH
QXHVWURSDtV(OUHODWRFDQyQLFRIRUPXODGR
HQ HO ,QIRUPH 1XQFD 0iV GHVFULEtD HVD
WUDPD XELFDQGR D OD VRFLHGDG FRPR
YtFWLPDOLVD\OODQDGHO(VWDGRWHUURULVWD
6LQHPEDUJRKXERVHFWRUHVHLQGLYLGXRV
TXHGLHURQVXFRQVHQWLPLHQWRTXHFRODER
UDURQFRQHODFFLRQDUGHO(VWDGRHLQFOXVR
TXH VH EHQH¿FLDURQ FRQ VX DFFLRQDU
0XFKRVGHHOORVD~QKR\VLJXHQSHQVDQGR
TXH OD UHSUHVLyQ HMHUFLGD HVWXYR ELHQ
0XFKRV GH HOORV KRPEUHV \ PXMHUHV
FRUULHQWHV QL IDQiWLFRV QL PLOLWDQWHV QL
FXDGURV HPSUHVDULDOHV QL HFOHVLDOHV /RV
MyYHQHVORVHQFXHQWUDQHQHOEDUULRHQOD
‹&DUORV*DVWHOXPHQGL
VXSXHVWR GH WRGD SHGDJRJtD FUtWLFD ORV
DOXPQRV VRQ VXMHWRV DFWLYRV GHO DFWR
HGXFDWLYRQRGHVWLQDWDULRVSDVLYRV<DVt
IXHHO3URJUDPDKDVLGRDSURSLDGR\UHVLJ
QL¿FDGRSRUORVMyYHQHV+D\PDUFDVTXH
ORUHYHODQ8QDGHHOODVHVODLQQRYDFLyQHQ
ODVWHPiWLFDVSURSXHVWDV/RVHVWXGLDQWHV
HQOD]DQHOSDVDGR\HOSUHVHQWHGHPRGRV
GLYHUVRV HQFRQWUDQGR SXHQWHV LQHVSHUD
GRV6LVXSXQWRGHSDUWLGDHVODGLVFULPL
QDFLyQTXHSHVDVREUHHOORVSRUKDELWDUXQ
EDUULRHVWLJPDWL]DGRSRUODYLROHQFLD\OD
SREUH]D ORJUDQ UHHODERUDU VX LGHQWLGDG
GHVFXEULHQGRVXKLVWRULDGHRUJDQL]DFLyQ\
VROLGDULGDGVLOHQFLDGDSRUPXFKRWLHPSR
8QDUUR\RGHDJXDVVHUYLGDVDOTXHFDVL\D
VHDFRVWXPEUDURQSXHVDVtIXHGHVGHTXH
QDFLHURQHVUHGHVFXELHUWRFRPRXQFXUVR
GH DJXD FDVL FULVWDOLQD TXH H[LVWtD GHVGH
KDFHDxRV'HVSXpVYLQRODDXVHQFLDGHO
(VWDGRODDFFLyQGHSUHGDGRUDGHOPHGLR
DPELHQWH GH ODV HPSUHVDV SULYDGDV HO
HPSREUHFLPLHQWRGHORVVHFWRUHVSRSXOD
UHV/DVSODFDVUHFRUGDWRULDVDPXUDGDVHQ
ODV SDUHGHV GH OD HVFXHOD OHV SURYRFDQ
FLHUWDVSUHJXQWDVTXHLQWHUSHODQODVPDUFDV
GH OD PHPRULD GHMDGDV SRU ODV JHQHUD
FLRQHVDQWHULRUHVTXLpQHVVRQORVUHFRUGD
GRVTXLpQIDOWDTXLpQQRGHEHUtDHVWDUð(Q
ORVP~OWLSOHVUHODWRVXQD\RWUDYH]YDQ
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
HVFXHODHQODFDOOHHQVXIDPLOLD
'HHVWHPRGRORVMyYHQHVQRVyORUHFLEHQ
ORSUHYLVWR"VLQRTXHH[KXPDQHVFDUEDQ
EXVFDQORRFXOWRORVLOHQFLDGRGHVFXEUHQ
(VRVKRPEUHV\PXMHUHVFRUULHQWHVTXHORV
MyYHQHVYDQFRQRFLHQGRWRPDQXQOXJDUHQ
OD KLVWRULD VXSRQHQ RSFLRQHV PRGRV
GLIHUHQWHV GH DFWXDU \ FRQVHFXHQFLDV \
UHVSRQVDELOLGDGHVSRUHVRVDFWRV
<HQHVWHLU\YHQLUGHOSUHVHQWHDOSDVDGR
VHYDTXHEUDQGRODSHUFHSFLyQGHOWLHPSR
FRPR SUHVHQWH FRQWLQXR \ SRU WDQWR OD
QDWXUDOL]DFLyQ GH OR TXH VXFHGH DTXt \
DKRUD < DO PLVPR WLHPSR HPHUJH OD
SUHJXQWD VREUH OD SURSLD UHVSRQVDELOLGDG
HQORTXHSDVD
'LFH/DXUDXQDDGROHVFHQWHGHDxRV
³\RFUHRTXHSDUDHVRVLUYHWHQHUPHPRULD
\ FRQRFHU HO SDVDGR SDUD SRGHU GHFLGLU
FRVDVHQHOSUHVHQWH¢QR"<SRGHUWRPDU
GHFLVLRQHVVDELDV´
(OSDVDGRQRHQVHxDQLGHMDOHJDGRVTXH
KD\TXHGHVFXEULUQLVHxDODHOFDPLQR/D
DFFLyQ FRQPHPRUDWLYD QR VDOYD GH OD
UHSHWLFLyQQLDXJXUDXQIXWXURPHMRU(O
SDVDGRHVXQSDWULPRQLRGHH[SHULHQFLDV
FRQHOTXHXQDVRFLHGDGFXHQWD/DPHPR
ULD HQWHQGLGD FRPR FRQVWUXFFLyQ FRPR
DFWR FRPR WUDEDMR QR FRPR FRQWHQLGR
SXHGHVHUJHQHUDGRUDGHQXHYDVH[SHULHQ
FLDVRDPSOLDFLyQGHORVKRUL]RQWHVGHODV
PLVPDV
(QVRFLHGDGHVFRPRODVQXHVWUDVDWUDYH
VDGDVSRUSDVDGRVYLROHQWRV\FRQÀLFWLYRV
HO VDOGDU ODV FXHQWDV FRQ HVH SDVDGR \
UHFRQ¿JXUDU OD FRPXQLGDG SROtWLFD
TXHEUDGDQRGHEHHPSXMDUQRVDOFLHUUHGH
ODKLVWRULDDWUDYpVGHODE~VTXHGDGHXQ
UHODWRVXSXHVWDPHQWHFRQVHQVXDGR\WUDQ
TXLOL]DGRU7RGRORFRQWUDULRODVSROtWLFDV
GHODPHPRULDGHEHQVHUSXHUWDVDELHUWDV
RSRUWXQLGDGHVGHQXHYDVH[SHULHQFLDV\OD
WUDQVPLVLyQ GHEH HQWHQGHUVH FRPR HVH
GHUHFKR TXH WLHQHQ ODV QXHYDV JHQHUD
FLRQHV D OD PHPRULD FRPR SURFHVR GH
DSURSLDFLyQ GH VX SDVDGR FRQ VXV
UHFKD]RV\YDOLGDFLRQHV
(O3URJUDPD³-yYHQHV\PHPRULD´ HVXQ
FDVRTXHSRQHHQHYLGHQFLDTXHHVSRVLEOH
VHJXLUHVHFDPLQR
(QHOH[&ROHJLR1DFLRQDOGH0RUyQXQDORFDOLGDGGHODSURYLQFLDGH%XHQRV$LUHVSRULQLFLDWLYDGHXQJUXSRGHDOXPQRVVHTXLWyODSODFDTXHUHFRUGDEDDXQDQWLJXRGLUHFWRUTXHKR\HVLQGLFDGRFRPRFRODERUDGRUGHOD
GLFWDGXUD(QOD0HGLDGH6DQ0DUWtQRWUDORFDOLGDGERQDHUHQVHOXHJRGHYDULRVDxRVGHLQYHVWLJDFLyQDFHUFDGHTXLpQHVHUDQORVTXH¿JXUDEDQHQODSODFDHQFRQPHPRUDFLyQGHORVGHVDSDUHFLGRVGHODHVFXHOD
GHVFXEULHURQTXHIDOWDEDQQRPEUHVHQWUHHOORVHOGH1RUPD$UURVWLWRXQDPLOLWDQWHPRQWRQHUDPX\FRQRFLGDTXHIXHSDUWHGHODFRQGXFFLyQQDFLRQDOGHHVDRUJDQL]DFLyQJXHUULOOHUDH[DOXPQDGHODHVFXHODGHVDSDUHFLGD
GHOD(VFXHODGH0HFiQLFDGHOD$UPDGD(60$&RQHVWDRPLVLyQGHVFXEULHURQWDPELpQORVVLOHQFLRVTXHVRQSDUWHFRQVWLWXWLYDGHODVPHPRULDVGHODGLFWDGXUD
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
$BEBVOPTPNPTVOBIJTUPSJB
WJWJFOUFDPNPVONVTFPWJWJFOUF–
-BBSUJDVMBDJØOEFVOBNFNPSJBQÞCMJDBFOFM1FSÞ
3RQFLDQR'HO3LQR+
+DFHWLHPSRKHPRVH[LJLGRTXHH[LVWDXQOXJDUGHODPHPRULD
XQDUHSDUDFLyQVLPEyOLFDFRPRDIHFWDGR&LHUWRTXHFDGDXQR
GHQRVRWURVVRPRVXQDKLVWRULDYLYLHQWHFRPRXQPXVHRYLYLHQWH
SHURFXDQGRQRVRWURVIDOOH]FDPRVHVDKLVWRULDYDDTXHGDUDFiHQHOPXVHR
-RUJH5RMDV+XDPiQ'LULJHQWHGH)UHSRDYLSK+XDQWD
‹&DUORV*DVWHOXPHQGL
3DUD-RUJH5RMDVFRPRSDUDPXFKRVRWURV
SHUXDQRVODYLROHQFLDGHORVDxRVQRHV
XQD KLVWRULD DEVWUDFWD QL XQD H[SHULHQFLD
TXHSHUWHQH]FDH[FOXVLYDPHQWHDOSDVDGR
(V XQD ³KLVWRULD YLYLHQWH´ 8QD KLVWRULD
TXHDFWLYDORVUHFXHUGRV\ODLGHQWLGDG\
TXHHVWiSUHVHQWHHQODYLGDFRQFUHWDGHOD
JHQWH8QDKLVWRULDTXHVHHQFDUQDHQVXV
YLGDV \ FXHUSRV ±HQ XQ VHQWLGR OLWHUDO \
VLPEyOLFR²ODTXHVHH[SHULPHQWD³FRPR
XQPXVHRYLYLHQWH´
¢4XpKDFHTXHHVDPHPRULDVHDXQD³KLV
WRULDYLYLHQWH´"¢(VHOGHEHUGHUHFRUGDU
FRPR LPSHUDWLYR PRUDO R VRQ RWUDV ODV
QHFHVLGDGHV \ XUJHQFLDV ODV TXH OOHYDQ D
ODVSHUVRQDV DPDQWHQHUYLYDHVDPHPR
ULDRVRQDPEDVFRVDVDODYH]"¢<TXp
KDFH TXH HVDV PHPRULDV GH OD JXHUUD
GLVSXWDGDV HQWUH DFWRUHV TXH OH RWRUJDQ
GLIHUHQWHV VHQWLGRV VHD HQ HO IRQGR XQD
KLVWRULD SRFR R QDGD UHOHYDQWH SDUD HO
(VWDGR\JUDQSDUWHGHODVRFLHGDG"
3HQVDU OD PHPRULD HQ SOXUDO SHUPLWH
HQWHQGHUODVGLIHUHQFLDV\GLVSXWDVTXHVH
GDQHQWUHVHFWRUHVFRQGLIHUHQWHVVHQWLGRV
GHOSDVDGR(VLPSRUWDQWHHQWHQGHUTXHHVH
SDVDGRQRHVFXDOTXLHUDWLHQHTXHYHUFRQ
XQDKLVWRULDGHYLRODFLRQHVDORVGHUHFKRV
KXPDQRVTXHEXVFDQVHUMX]JDGRV(VHVD
YHUGDGGXUD\ODFRQÀLFWLYLGDGTXHJHQHUD
VXHQFDUDPLHQWRORTXHPDUFDHOSUHVHQWH
<HVLQHOXGLEOH
(QWRQFHVPiVTXHQHJDURVLOHQFLDUHVDV
GLIHUHQFLDVGHSXQWRVGHYLVWDHVDPXOWL
SOLFLGDGGHPHPRULDV\HVDWHQVLyQHQWUH
LQWHUSUHWDFLRQHV SXHGH VHU PiV SURGXF
WLYRWRPDUODFRPSOHMLGDG\FRQWHVWDFLyQ
SROtWLFDFRPRXQSLODUIXQGDPHQWDOGHOD
GHPRFUDFLD WDO FXDO OR SURSRQH /HLJK
3D\QHFRQODLGHDGH³FRH[LVWHQFLDFRQWHQ
FLRVD´3D\QH
3HURKD\RWURGHVDItRTXHWHQHPRVHQHO
3HU~ SRVLEOHPHQWH PD\RU TXH HV OD
GLVWDQFLDTXHSHUVLVWHHQWUHDTXHOSHTXHxR
JUXSRDIHFWDGRVSRUODYLROHQFLDVHFWRUHV
GHODVRFLHGDGFLYLOTXHRWRUJDXQYDORUD
HVH SDVDGR \ XQD PD\RUtD TXH QR VLHQWH
HVWDKLVWRULDUHFLHQWHFRPRVX\DQLFRPR
UHOHYDQWH<TXHQRFUHHTXHVHD~WLOSDUDHO
SDtV LQFRUSRUDU \ UHÀH[LRQDU FRPR SDUWH
GH VX LGHQWLGDG DTXHOORV HOHPHQWRV GH
KRUURUTXHKDVLGR\D~QSXHGHVHUFDSD]GH
JHQHUDU
8QSURFHVRGHFRQVXOWD
IUHQWHDORVGHVDItRVSDUD
XQSUR\HFWRGHOXJDUGH
ODPHPRULDQDFLRQDO
6RQPXFKRVORVGHVDItRVSDUDXQSUR\HFWR
GHJUDQHQYHUJDGXUDFRPRXQOXJDUGHOD
PHPRULD QDFLRQDO TXH SUHWHQGH DOEHUJDU
HVWDKLVWRULDGHVGHXQDSURSXHVWDFtYLFD\
SHGDJyJLFDFXOWXUDO6HWUDWDHQSULQFLSLR
GH XQD PHPRULD TXH HV LQFyPRGD SDUD
PXFKRV\TXHGHVSLHUWDDQLPDGYHUVLRQHV
\VRVSHFKDV
7RPDQGRHQFRQVLGHUDFLyQHVWDDWPyVIHUD
GHLQGLIHUHQFLD\VRVSHFKDVVHGLVHxyFRQ
OD GLUHFFLyQ GHO /XJDU GH OD 0HPRULD OD
7ROHUDQFLD\OD,QFOXVLyQ6RFLDO/80XQ
SURFHVRGHFRQVXOWDSDUDGLVFXWLUHOIXQGD
PHQWR FRQFHSWXDO GHO SUR\HFWR \ GH VX
SURSXHVWD GH JXLyQ PXVHRJUi¿FR 6H
KLFLHURQ RQFH JUXSRV IRFDOHV HQ /LPD \
FDWRUFHUHXQLRQHVSDUWLFLSDWLYDVHQ$\DFX
FKR/LPD\-XQtQUHJLRQHVHPEOHPiWLFDV
SRU OD LQWHQVLGDG FRQ TXH VXIULHURQ OD
YLROHQFLDð /D LQIRUPDFLyQ GHWDOODGD OD
SRGUiQ OHHU HQ HO OLEUR PHQFLRQDGR TXH
SXEOLFD DGHPiV ODV UHODWRUtDV UHVXPLGDV
GRQGHVHDSUHFLDQODVH[SHFWDWLYDVSXHVWDV
GH HVWRV GLIHUHQWHV DFWRUHV HQ HO /80
SHURVREUHWRGRORTXHOHGHPDQGDQ
'HVGHORVHVWXGLRVVREUHMXVWLFLDWUDQVLFLR
QDOXQOXJDUGHPHPRULDHVHULJLGRSDUD
FRQPHPRUDU\UHVDUFLUVLPEyOLFDPHQWHD
ODVYtFWLPDV$OJRIXQGDPHQWDOSHQVDQGR
HQXQDSHGDJRJtDGHOUHFRQRFLPLHQWRTXH
QRWULYLDOLFHODSpUGLGD\HOVXIULPLHQWRGH
ODV YtFWLPDV 6LQ HPEDUJR DXQTXH
FRPSDUWLPRV HVWD LGHD FHQWUDO FRQVLGH
UDPRVTXHHVLQVX¿FLHQWHSDUDXQDUHDOLGDG
FRPRODQXHVWUDVLVHFRQVLGHUDTXHQRVH
FRQPHPRUDDOJRTXHSDUDODVRFLHGDGQR
HV GLJQR GH UHFRQRFLPLHQWR< HV HVR OR
TXH SUHYDOHFH HQ HO 3HU~ OD LQGLIHUHQFLD
IUHQWH D HVDV YLGDV \ PHPRULDV DXQ
(VWDVUHÀH[LRQHVFRUUHVSRQGHQDDOJXQRVSXQWRVWUDWDGRVHQHOOLEUR&DGDXQRXQOXJDUGHPHPRULD)XQGDPHQWRVFRQFHSWXDOHVGHO/XJDUGHOD0HPRULDOD7ROHUDQFLD\OD,QFOXVLyQ6RFLDO/80
/RVJUXSRVGHLQWHUpVTXHSDUWLFLSDURQGHOSURFHVRGHFRQVXOWDIXHURQ2UJDQL]DFLRQHVGHYtFWLPDVFLYLOHV\GHODV))$$\313PRYLPLHQWRGH''++DXWRULGDGHVPLHPEURVGHODV))$$\313SHULRGLVWDVDUWLVWDV\
HPSUHVDULRV
9ROYHUDOtQGLFH
6
GHVSXpVGHKDEHUWHQLGRKDFHPiVGHXQD
GpFDGDXQD&RPLVLyQGHOD9HUGDG3HURHV
LQVX¿FLHQWH WDPELpQ SRUTXH MXVWDPHQWH
SDUD ODV GLIHUHQWHV RUJDQL]DFLRQHV GH
YtFWLPDV FRQ TXLHQHV QRV UHXQLPRV VXV
GHPDQGDV QR VH UHVWULQJHQ VROR D OD
YLROHQFLDVXIULGD(VORTXHQRVKLFLHURQ
VDEHU WDQWR HQ HO SURFHVR GH FRQVXOWD
FRPRPX\UHFLHQWHPHQWHHQHOSURFHVRGH
GHYROXFLyQGHORVUHVXOWDGRV\ODSUHVHQWD
FLyQGHOQXHYRJXLyQPXVHRJUi¿FRñ
3DUD ODV RUJDQL]DFLRQHV GH YtFWLPDV OD
YLROHQFLD FRQVWLWX\H XQD H[SHULHQFLD TXH
KDPDUFDGRVXVYLGDV3HURHVXQDH[SH
ULHQFLD TXH VH VXPD D RWUDV GH LQMXVWLFLD
TXH YLHQHQ GH PiV DWUiV \ RWUDV TXH VH
UHSURGXFHQHQHOSUHVHQWH(QSDODEUDVGH
ORV GLULJHQWHV GH 2UHMD GH 3HUUR
$\DKXDQFR \ RWURV SXHEORV DOHMDGRV GH
$\DFXFKR GXUDPHQWH DIHFWDGRV SRU OD
YLROHQFLDDOLJXDOTXHGHORVDVKiQLQNDVOD
DXVHQFLD GH HVFXFKD \ ROYLGR GH HVWDV
SREODFLRQHV SRU SDUWH GHO (VWDGR HV XQD
SUiFWLFDODUJD\TXHQRFDPELDVXVWDQFLDO
PHQWH HQ HO SUHVHQWH 8QD SUiFWLFD TXH
ODFHUDORVUHFXHUGRV\DFWLYDODDJHQGDGH
VXVOXFKDV3DVDORPLVPRFRQODDXVHQFLD
GHMXVWLFLDTXHVHDJUDYDHQODLPSXQLGDG
GH ORV MXLFLRV SRU ORV FUtPHQHV \ YLROD
FLRQHVDORVGHUHFKRVKXPDQRV
([SHULHQFLDV\SDUWLFLSDFLyQ
SUREDUHOVXIULPLHQWRSHUR
WDPELpQODYLGD
/D YROXQWDG GH ROYLGR R GH VLOHQFLDU HO
SDVDGR LQFyPRGR QR HV DOJR QXHYR HQ
QXHVWUD KLVWRULD (V XQD SUiFWLFD TXH VH
HQWLHQGHGHQWURGHPDUFRVLQWHUSUHWDWLYRV
DQWLJXRVGHXQDFRPXQLGDGQDFLRQDOTXH
H[FOX\HRGLVFULPLQD(VSDUWHGHXQDODUJD
WUDGLFLyQ GH ROYLGR R ³PiV ELHQ XQD
FRVWXPEUHGHUHSULPLUPHPRULDVVXEDOWHU
QDV´FRPRGHFtD&DUORV,YiQ'HJUHJRUL
(QHVHFRQWH[WRVHHQWLHQGHQODVH[LJHQ
FLDV GH HVWDV SREODFLRQHV GH KDFHU GHO
/80XQOXJDUTXHFRQWULEX\DDGHPRVWUDU
OD YLROHQFLD TXH HVWD HV XQD H[SHULHQFLD
TXHYLYLHURQ\VXIULHURQHQFDUQHSURSLD
SRUHVRHOVHQWLGRGHVHUFDGDXQRXQOXJDU
GHPHPRULD3HURHOSUREDUWLHQHPiVGHXQ
VHQWLGR QR VROR QRV UHPLWH D OD LGHD GH
HYLGHQFLDU ORV KHFKRV IUHQWH D XQD
VRFLHGDG LQFUpGXOD TXH QR DFHSWD OR
SDVDGR(OSUREDUHVVREUHWRGRXQDFWRGH
D¿UPDFLyQ GH XQD H[SHULHQFLD \ XQD
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
LGHQWLGDGXQDWRPDGHSRVLFLyQIUHQWHDOD
QHJDFLyQ\ODLQGLIHUHQFLD8QVHQWLGRGH
WUDVFHQGHQFLDGHODVOXFKDVSRUODD¿UPD
FLyQFLXGDGDQD3RUORPLVPRHOSUREDUHV
XQDDJHQGDTXHVHLQVFULEHHQRWUDPXFKR
PiVDPSOLD\DQWLJXDGHXQDE~VTXHGDGH
UHFRQRFLPLHQWR LQFOXVLyQ \ FLXGDGDQtD
3RUWXJDO GH DOFDQ]DU XQ OXJDU
YDORUDGRHQHO(VWDGRQDFLyQ
/DPHPRULDHQWHQGLGDDVtQRVHUHVWULQJH
DO DFWR GH UHFRUGDU \ FRQPHPRUDU HO
SDVDGR \ D ODV YtFWLPDV 1RV UHPLWH
WDPELpQ D HVDV OXFKDV PiV DPSOLDV \
SURIXQGDVTXHIRUPDQSDUWHGHXQUHFODPR
SRUORJUDUFLXGDGDQtD<HVHHVXQRGHORV
YDORUHVFHQWUDOHVGHHVWHUHFRUGDUDFWLYR
TXHDOFRQHFWDUHOSDVDGRFRQHOSUHVHQWH
QRV SHUPLWH YLVOXPEUDU HO VHQWLGR pWLFR
TXHSXHGHFXPSOLUODPHPRULD
3RU HOOR OD SURSXHVWD GHO /80 SDVD SRU
FRQYHUWLUVHHQXQOXJDUYLYRGHPHPRULD\
GH UHFRQRFLPLHQWR FLXGDGDQR HQ XQ SDtV
PDUFDGR SRU OD H[FOXVLyQ \ HO ROYLGR<
HVWRUHTXLHUHWRPDUFRPRSXQWRGHDSR\R
OD H[SHULHQFLD FRQFUHWD GH ODV SHUVRQDV
HQFDUQDUORVGLVFXUVRV\FXHVWLRQDUQXHV
WURVVHQWLGRVFRPXQHVDSDUWLUGHODVYLGDV
GH KRPEUHV PXMHUHV FRPXQLGDGHV R
ORFDOLGDGHVGLYHUVDV
(VSRUHVWRTXHHOJXLyQTXHVHYLHQHWUDED
MDQGRSDUDVXPXHVWUDSHUPDQHQWHDSHOD
HQ XQD GH VXV VHFFLRQHV D FRPSDUWLU OD
KLVWRULD GH WUHV FRPXQLGDGHV WDQWR
DQGLQDV FRPR DPD]yQLFDV TXH KDUiQ
YLVLEOHV HO KRUURU TXH YLYLHURQ SHUR
WDPELpQD¿UPDUiQVXVGLIHUHQWHVWUD\HFWR
ULDVGHYLGD\GHOXFKDVSRUHOUHFRQRFL
PLHQWRFLXGDGDQR
/D PXHVWUD EXVFD WDPELpQ RIUHFHU XQD
GLYHUVLGDGGHKLVWRULDVSHUVRQDOHVTXHQRV
UHPLWHQ D OD FRPSOHMD YLGD GH VHFWRUHV
VRFLDOHV\SROtWLFRVFRPRORVJUHPLRVORV
HPSUHVDULRVORVPDHVWURVODVDXWRULGDGHV
ORFDOHV ORV FDPSHVLQRV R ODV SDUWLFXODUL
GDGHVGHODVUHJLRQHVGRQGHHVWDVSHUVRQDV
YLYtDQGXUDQWHHOSHULRGRGHYLROHQFLD(O
REMHWLYR HV SRGHU LQWHUSHODU HVH VHQWLGR
FRP~QLQVWDODGRGHYHUODYLROHQFLDFRPR
XQD H[SHULHQFLD TXH SDVy ³DOOi´ DMHQD D
XQROHMDQDDQXHVWURLPDJLQDULRGHFRPX
QLGDGDOJRTXHSDUHFHPX\IXHUWH\H[WHQ
GLGRHVSHFLDOPHQWHGHVGHFLHUWRVVHFWRUHV
GH SRGHU HQ /LPD 3RU HOOR EXVFD UHFR
QRFHU D ODV UHJLRQHV \ SREODFLRQHV PiV
DIHFWDGDVSHURQRTXHGDUVHHQHOODVEXVFD
UHFRQRFHUDODVYtFWLPDVSHURVLQSUHWHQGHU
FRQYHUWLUVXVYRFHVHQYHUGDGHVXQtYRFDV
/D PXHVWUD SHUPDQHQWH TXH VH TXLHUH
SUHVHQWDUHQHO/80 WDPSRFRSUHWHQGH
FHUUDU HO GHEDWH VREUH HO SDVDGR GH OD
YLROHQFLD 3RU HO FRQWUDULR SDUWH SRU
DVXPLU HVD GLYHUVLGDG SRU UHFRQRFHU ODV
GLVSXWDVHQWUHODVPHPRULDVSRUTXHFRPR
SURSRQH'D6LOYDHVODGLVUXSFLyQ
\HOFRQÀLFWRORTXHSURGXFHODUHÀH[LyQ\
H[LJH XQD PD\RU VR¿VWLFDFLyQ HQ ORV
PRGRVGHDYDQ]DUKDFLDXQDFRPSUHQVLyQ
GH HVH SDVDGR \ GH HVDV PHPRULDV 1R
REVWDQWH WDPELpQ HV GHVGH HVDV GLVSXWDV
TXHSXHGHSHQVDUVHHVWHOXJDUFRPRXQRGH
HQFXHQWURV\DSUHQGL]DMHVGHHVIXHU]RV\
FRPSURPLVRV TXH GHEHQ VHU UHQRYDGRV
VLHPSUH
(VDVtFRPRHO/80EXVFDFRQWULEXLUDOD
VRFLHGDG D¿UPDQGR HO GLVFXUVR GH ORV
GHUHFKRVKXPDQRVGHVGHODGHPRVWUDFLyQ
YLVLELOL]DFLyQUHFRQRFLPLHQWRFLXGDGDQR
HQVXPDFRQWULEXLUDDPSOLDUORVVHQWLGRV
GHODGHPRFUDFLD
8QDSUHJXQWDDELHUWDFRQODFXDOWHUPLQDU
/DIXQGDPHQWDFLyQFRQFHSWXDO\HOQXHYR
JXLRQ GH OD PXVHRJUDItD GHO /80 VRQ
SURGXFWRVTXHVHKDQHODERUDGRHQGLiORJR
SHUPDQHQWH UHÀH[LYR \ FUtWLFR FRQ ORV
DFWRUHVPiVIXHUWHPHQWHLQWHUHVDGRVHQXQ
SUR\HFWRFRPRHVWHGRQGHVHSUHVHQWD\
FRQPHPRUD OR VXIULGR HQ HO SHULRGR GH
YLROHQFLD0iVDOOiGHORVFRQWHQLGRVTXH
VHEXVFDRIUHFHUTXHVLHPSUHVHUiQGHEDWL
EOHVHVGHJUDQYDORUHOHVIXHU]RSXHVWRHQ
HO SURFHVR PLVPR HQ HVWH HMHUFLFLR SRU
KDFHUGHO/80XQDH[SHULHQFLDDELHUWDDO
GLiORJR \ DO DSUHQGL]DMH $KRUD TXHGD
HVSHUDUSDUDVDEHUORTXHVLJQL¿FDUiHVWH
HVSDFLR XQD YH] FRQFOXLGR \ DELHUWR DO
S~EOLFR 0LHQWUDV WDQWR SHUPDQHFH OD
UHVSRQVDELOLGDG GH LU WHMLHQGR PiV HVRV
YtQFXORVHQWUHORVGLYHUVRVDFWRUHV\TXH
HVWDV RUJDQL]DFLRQHV VH DUWLFXOHQ H LQWHU
YHQJDQ VH DSURSLHQ H LQVFULEDQ GH
VHQWLGRV HVWH /80 HQ HVH SURFHVR TXH
OOHYDDTXHXQ³HVSDFLR´VHFRQYLHUWDHQXQ
³OXJDU´ \ TXH SURGX]FD R IUDFDVH HQ
SURGXFLUORTXH-HOtQ\/DQJODQGOODPDQOD
³VHPDQWL]DFLyQ GH ORV HVSDFLRV PDWHULD
OHV´-HOLQ\/DQJODQG
%LEOLRJUDItDFLWDGD
'(/3,123RQFLDQR\-RVp&DUORV$*h(52
&DGDXQRXQOXJDUGHPHPRULD)XQGDPHQWRVFRQFHSWXDOHVGHO/XJDUGHOD0HPRULDOD7ROHUDQFLD\OD
,QFOXVLyQ6RFLDO/LPD/80
'$6,/9$/XGPLOD
³(VDVPHPRULDV«¢QRVSHUWHQHFHQ"5LHVJRVGHEDWHV\FRQÀLFWRVHQORVVLWLRVGHPHPRULDHQWRUQRDORV
S U R \ H F W R V S ~ E O L F R V V R E U H O R V X V R V G H O S D V D G R U H F L H Q W H H Q $ UJ H Q W L Q D ´ 5 H Y L V D G R H Q KWWSPHPRULDLGHVRUJDU¿OHV7(;72/8'0,/$)252SGI
-(/,1(OL]DEHWK\9LFWRULD/$1*/$1'
³,QWURGXFFLyQ/DVPDUFDVWHUULWRULDOHVFRPRQH[RHQWUHSDVDGR\SUHVHQWH´HQ(OL]DEHWK-HOLQ\9LFWRULD
/DQJODQGFRPSV0RQXPHQWRVPHPRULDOHV\PDUFDVWHUULWRULDOHV(VSDxD6LJOR;;,(GLWRUHV665&
3$<1(/HLJK
8QVHWWOLQJ$FFRXQWV1HLWKHU7UXWKQRU5HFRQFLOLDWLRQLQ&RQIHVVLRQVRI6WDWH9LROHQFH'XUKDP'XNH
8QLYHVLW\3UHVV
32578*$/7DPLD
³/XJDUHVGHPHPRULDHQHO3HU~%DWDOODVSRUHOUHFRQRFLPLHQWR´HQ1RKD\PDxDQDVLQD\HU%DWDOODV
SRUODPHPRULD\FRQVROLGDFLyQGHPRFUiWLFDHQ3HU~/LPD,(3
3RUHMHPSORHQODYLVLWDTXHKLFLHURQDO/80ORVOtGHUHVGHODFRPXQLGDGGH3XWLVOXHJRGHTXHOHVH[SOLFDUDQODPDQHUDHQTXHHOFDVRGH3XWLVSRGUtDLUSUHVHQWDGRHQODPXHVWUDSHUPDQHQWHGHO/80HOORVSODQWHDURQTXHVX
KLVWRULDQRGHELHUDUHVWULQJLUVHVRORDOKRUURUGHODPDVDFUHTXHVXIULHUDQHOGHGLFLHPEUHGHXQDGHODVSHRUHVSHUSHWUDGDVSRUODV))$$VLQRTXHVHPRVWUDUDWDPELpQODKLVWRULDTXHSUHFHGH\ODVGLIHUHQWHVLQLFLDWLYDV
\UHVSXHVWDVSRVWHULRUHVFRPRODUHIXQGDFLyQ\HOUHSREODPLHQWRGHOSXHEORODVOXFKDVSRUODGLVWULWDOL]DFLyQHQVXPDHVIXHU]RVTXHEXVFDQOOHQDUGHYLGDHVDKLVWRULDGHPXHUWH
1DWDOLD,JXLxH]-RUJH9LOODFRUWD9tFWRU9LFK\3RQFLDQR'HO3LQRVRQHOHTXLSRGHFXUDGRUHVGHODPXHVWUDSHUPDQHQWHGHO/80
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
.FNPSJBEFTBSSPMMP
ZQPTUDPOnJDUP
$IVTDIJ"ZBDVDIP
(O FRQÀLFWR DUPDGR LQWHUQR TXH YLYLy HO
3HU~HQWUH\IXHHOHSLVRGLRGH
YLROHQFLD PiV LQWHQVR \ SURORQJDGR GH
WRGDODKLVWRULDUHSXEOLFDQD$\DFXFKRIXH
HO GHSDUWDPHQWR TXH FRQFHQWUy OD PD\RU
FDQWLGDGGHPXHUWRV\GHVDSDUHFLGRVPiV
GHOUHSRUWDGRVDOD&RPLVLyQGHOD
9HUGDG \ 5HFRQFLOLDFLyQ &95 -XQWR
FRQ $\DFXFKR HQ ORV GHSDUWDPHQWRV GH
-XQtQ+XiQXFR+XDQFDYHOLFD$SXUtPDF
\ 6DQ 0DUWtQ OD &95 UHJLVWUy FHUFD GHO
GHODVYtFWLPDVTXHOHIXHURQUHSRU
WDGDVHQORVWHVWLPRQLRV
(QWRQFHVXQDVSHFWRDWHQHUHQFXHQWDHV
TXHHOFRQÀLFWRDUPDGRLQWHUQRWXYROXJDU
SULQFLSDOPHQWHHQORVPiUJHQHVUXUDOHV\
XUEDQRVGHXQ(VWDGRTXHH[SXVRDQWLJXDV
HLQVXSHUDGDVGHELOLGDGHVLODVIUDFWXUDV
HVWUXFWXUDOHVH[SUHVDGDVHQSREUH]DGHVL
JXDOGDG H[FOXVLRQHV \ GLVFULPLQDFLRQHV
UHJLRQDOHV UDFLDOHV pWQLFRFXOWXUDOHV
JHQHUDFLRQDOHV\GHJpQHURLLVXVJUDYHV
OLPLWDFLRQHV FRPR (VWDGR QDFLRQDO TXH
GHEHJDUDQWL]DUODVHJXULGDGGHVXVFLXGD
GDQRVVLQYLROHQWDUORVGHUHFKRVUHFRQRFL
GRV \ LLL OD LQH[LVWHQWH OHJLWLPLGDG GHO
RUGHQFRQVWLWXFLRQDO\ODSRFD¿UPH]DGHO
HVWDGR GH GHUHFKR FXHVWLRQDGRV DPSOLD
PHQWHHQODVRFLHGDGSHUXDQD
'HHVWDPDQHUDXQSDWUyQGRPLQDGRSRU
XQD LPSRUWDQWH EUHFKD GH GHVLJXDOGDG VH
H[SUHVDEDQRVyORHQWpUPLQRVGHLQJUHVRV
VLQR WDPELpQ HQ OD GLVWULEXFLyQ GH SRGHU
SROtWLFR \ VLPEyOLFR $ HOOR VH DxDGtDQ
RWUDVEUHFKDVHQWUH/LPDODFLXGDGFDSLWDO
\ ODV SURYLQFLDV HQWUH ODV UHJLRQHV QDWX
UDOHVGHOSDtVFRVWDVLHUUD\VHOYDHQWUH
ORVJUXSRVpWQLFRVFXOWXUDOHV\UDFLDOHV
‹&DUORV*DVWHOXPHQGL
(GXDUGR7RFKH
+LVWRULDGRU&HQWURGH(VWXGLRV\3URPRFLyQGHO'HVDUUROOR'(6&2
2EYLDPHQWH HVWD VLWXDFLyQ SURGXMR
FUHFLHQWHV WHQVLRQHV TXH QR IXHURQ
UHVXHOWDVSRUXQDLQVWLWXFLRQDOLGDGHVWDWDO
PX\ GHELOLWDGD TXH DGHPiV QR WXYR
PDQHUD GH PDQHMDU ORV UiSLGRV \
SURIXQGRVSURFHVRVGHPRGHUQL]DFLyQTXH
VH KDEtDQ GHVHQFDGHQDGR HQ HO SDtV
GXUDQWH OD VHJXQGD PLWDG GHO VLJOR ;;
(VWRVVRQODVJUDQGHVPLJUDFLRQHVFDPSR
FLXGDGODXQLYHUVDOL]DFLyQGHODFFHVRDOD
HGXFDFLyQODH[SDQVLyQGHORVPHGLRVGH
FRPXQLFDFLyQ \ OD GHQVL¿FDFLyQ GH ODV
UHGHVVRFLDOHVDWUDYpVGHODPXOWLSOLFDFLyQ
GHRUJDQL]DFLRQHVVLQGLFDOHV\FDPSHVLQDV
TXH IXHURQ UHFRQRFLGDV SRU HO (VWDGR
SHUXDQRVREUHWRGRDSDUWLUGHORVDxRV
(VWRV\RWURVSURFHVRVIXHURQGHVJDVWDQGR
ODV EDVHV GHO RUGHQ WUDGLFLRQDO SHUR VLQ
VROXFLyQGHFRQWLQXLGDGORTXHJHQHUyXQD
FUHFLHQWHIUXVWUDFLyQ
6REUHHVWDVUHGHVVRFLDOHVXQUHVXOWDGRGH
OD YLROHQFLD IXH TXH HO VHJXQGR JUXSR
RFXSDFLRQDOPiVJROSHDGRSRUHO3DUWLGR
&RPXQLVWD GHO 3HU~ 6HQGHUR /XPLQRVR
3&36/ OXHJR GH ORV FDPSHVLQRV
HVWXYRFRQIRUPDGRSRUODVGLYHUVDVDXWRUL
GDGHV ORFDOHV \ GLULJHQWHV VRFLDOHV TXH
H[LVWtDQ HQ ODV ]RQDV GRQGH HO FRQÀLFWR
DUPDGRLQWHUQRWXYROXJDUDOFDOGHVUHJL
GRUHV VXESUHIHFWRV JREHUQDGRUHV
WHQLHQWHV JREHUQDGRUHV MXHFHV GH SD]
GLULJHQWHV ORFDOHV HWF 'H DFXHUGR FRQ
ORV WHVWLPRQLRV UHFLELGRV DSUR[LPDGD
PHQWHSHUVRQDVHVGHFLUHOGH
ODV YtFWLPDV IDWDOHV SURYRFDGDV SRU HO
3&36/UHSRUWDGDVDOD&95IXHURQDXWR
ULGDGHVGHHVWHWLSR(VWRFRQVWLWX\yVHJ~Q
OD&95³XQGXURJROSHDODFDSDFLGDGGH
LQWHUPHGLDFLyQSROtWLFDGHODV]RQDVDIHF
WDGDVSRUHOFRQÀLFWRDUPDGRLQWHUQR(V
HYLGHQWHTXHWRGDXQDJHQHUDFLyQGHUHSUH
VHQWDQWHV H LQWHUPHGLDULRV SROtWLFRV
ORFDOHV KD VLGR HOLPLQDGD LQWHQFLRQDO
PHQWHSRUHO3&36/HQVXHVWUDWHJLDGH
JHQHUDUXQYDFtRGHSRGHUTXHSXHGDVHU
SRVWHULRUPHQWH OOHQDGR SRU VXV SURSLRV
FXDGURV´
'H RWUR ODGR HVWXYR OD GHVWUXFFLyQ GH
LQIUDHVWUXFWXUD (Q OD &RPLVLyQ
(VSHFLDOGHO6HQDGRHQFDUJDGDGHLQYHV
WLJDUVREUHODVFDXVDVGHODYLROHQFLDSROt
WLFD \ OD SDFL¿FDFLyQ SUHVLGLGD SRU HO
VHQDGRU (QULTXH %HUQDOHV FRQFOX\y TXH
ORVFRVWRVHFRQyPLFRVRFDVLRQDGRVSRUORV
JUXSRVVXEYHUVLYRVDQLYHOQDFLRQDODVFHQ
G t D Q D S U R [ L P D G D P H Q W H D 8 6 \TXHODPDJQLWXGGHOGDxR
HUDHTXLYDOHQWHDOGHOWRWDOGHODGHXGD
H[WHUQDDHVHDxR\DOGHO3%,
'HDFXHUGRDRWURVHVWLPDGRVHQWUH
\ODVXEYHUVLyQKDEUtDRFDVLRQDGROD
SpUGLGDGHGRVPLOPLOORQHVGHGyODUHVDO
GHVWUXLUODHVWUXFWXUDGHODVWRUUHVGHHOHF
WULFLGDG GH DOWD WHQVLyQ 2WUR HVWXGLR
HGLWDGR SRU HO ,QVWLWXWR &RQVWLWXFLyQ \
6RFLHGDGHQHODxROOHJyDHVWLPDUHQ
86 PLOORQHV GH GyODUHV ODV
SpUGLGDVHFRQyPLFDVSDUDHOSDtVGXUDQWH
HOSHULRGR
'HWHQJiPRQRV HQ HVWRV DVSHFWRV /RV
SURFHVRV\UHÀH[LRQHVVREUHODFRQVWUXF
FLyQ GH PHPRULDV HQ WRUQR DO FRQÀLFWR
LQWHUQR QR KDQ UHSDUDGR HQ HOORV FRQ OD
LPSRUWDQFLDTXHPHUHFHQ0iVDOOiGHORV
GDWRV JHQHUDOHV H[SXHVWRV QR SDUHFH
KDEHUVH OHYDQWDGR LQIRUPDFLyQ ORFDO TXH
KD\DGDGRFXHQWDGHODPDJQLWXGTXHWXYR
OD GHVWUXFFLyQ GH LQIUDHVWUXFWXUD HQ HO
&RPLVLyQ(VSHFLDOGHO6HQDGRVREUHODVFDXVDVGHODYLROHQFLD\DOWHUQDWLYDVGHSDFL¿FDFLyQHQHO3HU~9LROHQFLD\3DFL¿FDFLyQ6HQDGRGHOD5HS~EOLFD&$-'(6&2/LPD
'(6&2&HQWURGH(VWXGLRV\3URPRFLyQGHO'HVDUUROOR9LROHQFLDSROtWLFDHQHO3HU~7RPR,\,,/LPD
-DLPH&DUEDMDO3pUH]\3HUF\8ULDUWH2WR\D(FRQRPtD\YLROHQFLD,QVWLWXWR&RQVWLWXFLyQ\6RFLHGDG/LPD
9ROYHUDOtQGLFH
6
PXQGRUXUDO\ORVLPSDFWRVTXHRFDVLRQy
$GHPiV GH ORV FRVWRV HFRQyPLFRV HQ Vt
HVWD VLWXDFLyQ LQYROXFUD OR SHUGLGR HQ
WpUPLQRVGHJHVWLyQHVGHFLUODGHQVDUHG
VRFLDOTXHVHKDEtDRUJDQL]DGRSDUDHOXVR
\PDQWHQLPLHQWRGHODUHIHULGDLQIUDHVWUXF
WXUD OD TXH WHUPLQy GHVDUWLFXODGD FRPR
SURGXFWR GLUHFWR GH OD YLROHQFLD /D
SUHJXQWD TXH VXUJH HV ¢FyPR VH GLR OD
UHFXSHUDFLyQ VRFLDO SDUD YROYHU D SURGX
FLU"
/OHYDU D FDER HVWD RSHUDFLyQ UHTXHUtD
WUDEDMRVGHODPHPRULDFRPRGLUtD(OL]D
EHWK -HOLQ (O GH GLFLHPEUH HQ HO
(QFXHQWUR9RFHVSRUHO&OLPDGXUDQWHOD
&23TXHGyHQHYLGHQFLDORVHVIXHU]RV
KHFKRVSRUODVVRFLHGDGHVORFDOHVSDUDOD
UHJHQHUDFLyQ GHO WHMLGR VRFLDO TXH
EXVFDEDQSRQHUQXHYDPHQWHHQPDUFKDORV
SURFHVRV SURGXFWLYRV \ DGHPiV
DGHFXDUORV D ORV QXHYRV GHVDItRV TXH
SODQWHD HO &DPELR &OLPiWLFR FXDQGR VH
SUHPLy D OD$VRFLDFLyQ %DUWRORPp$ULV
SD\OOD $%$ GH $\DFXFKR HQ HO
&RQFXUVR %XHQDV 3UiFWLFDV IUHQWH DO
&DPELR&OLPiWLFRHQHOPHGLRUXUDOHQHO
PDUFR GHO 3UHPLR 1DFLRQDO $PELHQWDO
RUJDQL]DGR SRU HO 0LQLVWHULR GHO
$PELHQWH0,1$0
/D H[SHULHQFLD GH $%$ HQ 4XLVSLOODFWD
&KXVFKLHVUHYHODGRUDUHVSHFWRDODUHFX
SHUDFLyQGHLQIUDHVWUXFWXUD\ODUHDUWLFXOD
FLyQGHOWHMLGRVRFLDOSDUDTXHODVRFLHGDG
³YXHOYD´ D IXQFLRQDU HQ OD GLPHQVLyQ
SURGXFWLYD6LQHPEDUJRGHEHWHQHUVHHQ
FXHQWDSDUDXQDFRUUHFWDDSUHFLDFLyQGHOR
UHDOL]DGR SRU $%$ TXH D OD PX\ SRFD
OLWHUDWXUD TXH KD\ UHVSHFWR D ORV DQWHFH
GHQWHVVREUHODVVRFLHGDGHV\HFRQRPtDV
ORFDOHVTXHIXHURQEODQFRGHORVDFWRUHVGH
ODYLROHQFLDSROtWLFDVHVXPDHOKHFKRGHOR
SUiFWLFDPHQWH LQH[LVWHQWH TXH VRQ ODV
HYDOXDFLRQHVSRVWFRQÀLFWRTXHSHUPLWDQ
IRUPDUQRVXQDLGHDGHODVGLPHQVLRQHVGHO
GDxR \ ODV OyJLFDV GH ODV LQWHUYHQFLRQHV
TXHD\XGHDVXSHUDUOR
(QHVWHSDQRUDPDWDQH[LJXRGHVWDFDODV
FRQRFLGtVLPDV FRQWULEXFLRQHV GH %LOOLH
-HDQ ,VEHOO SUHFLVDPHQWH VREUH &KXVFKL
GHVGHVXDUWtFXORGHTXHIRUPDSDUWH
GH OD FRPSLODFLyQ TXH KLFLHUD *LRUJLR
$OEHUWL\(QULTXH0D\HUVREUHODUHFLSUR
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
FLGDG\HOLQWHUFDPELRHQORV$QGHVKDVWD
VXOLEURDSDUHFLGRHQ\UHHGLWDGRHQ
VLHQGR WUDGXFLGR DO FDVWHOODQR
UHFLpQHQ
6REUHHVWH~OWLPR3DEOR)6HQGyQSXEOLFy
XQDGHQVDUHVHxDFUtWLFDHQHOTXHVLQWHWL]D
OD GHVFULSFLyQ GH ,VEHOO VREUH &KXVFKL
SUHYLRDOFRQÀLFWRLQWHUQRVLHQGRHOIDFWRU
GHWHUPLQDQWH OD KDELOLGDG FRPXQDO GHVD
UUROODGDSDUDUHVLVWLUORVFDPELRV
³/DHVWUHFKDLQWHJUDFLyQGHODH[SOR
WDFLyQ HFROyJLFD \ OD RUJDQL]DFLyQ
SROtWLFD \ VRFLDO FRQ ORV SURFHVRV
ULWXDOHVHVWDQWRXQDIRUWDOH]DFRPR
XQDGHELOLGDGFRQWUDODLQWURPLVLyQ
GHOPXQGRH[WHUQR(OODUHVLVWLUiORV
FDPELRV PLHQWUDV ODV UHODFLRQHV
HVWUXFWXUDOHV ²ODV YDULDFLRQHV GH
ORVWHPDVGHOGXDOLVPR²IXQFLRQHQ
SDUDFRQVHUYDUHOFLHUUHHFRQyPLFR\
VRFLDO3HURFRQXQVLVWHPDWDQLQWH
JUDGR XQ FDPELR HQ XQD GH ODV
HVWUXFWXUDV SURYRFDUi WUDQVIRUPD
FLRQHVHQWRGDVODVGHPiV/RVFRPX
QHURV GLFHQ 'HIHQGHUQRV HV
GHIHQGHU QXHVWUDV WUDGLFLRQHV
6L
SRGUiQKDFHUHVWRHQHOIXWXURRQR
GHSHQGH GHO UHVXOWDGR GHO SURFHVR
GLDOpFWLFR HQWUH ORV SULQFLSLRV
HVWUXFWXUDOHV \ ORV HYHQWRV KLVWyUL
FRV´
&RPR SRGUi VXSRQHUVH HVWD PDQHUD GH
RUJDQL]DUVH GHELy KDEHU WHQLGR DOWRV
LPSDFWRV FRQ OD DSDULFLyQ GH 6HQGHUR
/XPLQRVR 0iV DXQ FXDQGR ODV SDUWHV
FRQVWLWX\HQWHV PDQWHQtDQ XQ SUHFDULR
HTXLOLEULR HQ EDVH D WHQVLRQHV SURQWDV D
FRQYHUWLUVHHQFRQÀLFWRVDELHUWRV6HxDOD
,VEHOOHQODQRWDDJUHJDGDDODUHHGLFLyQGH
VXOLEURHQTXHHOFLQFRSRUFLHQWRGH
OD SREODFLyQ GH &KXVFKL \ 4XLVSLOODFWD
IXHURQUHSRUWDGDVFRPRGHVDSDUHFLGDVSRU
$PQLVWtD,QWHUQDFLRQDO
³/RV GRV SXHEORV WLHQHQ XQD ODUJD
KLVWRULDGHLQWHUDFFLRQHVYLROHQWDVHO
SULPHU FRQÀLFWR TXH SXGH GRFX
PHQWDUIXHHQ«HVPX\SRVLEOH
TXHORVDUUHVWRVPDVLYRVGHTXLVSL
OODFWHxRVHOGHPD\RGHKD\D
VLGR PRWLYDGR SRU DFXVDFLRQHV GH
FKXVFKLQRV FRPR XQD PDQHUD GH
DWDFDUDVXVYLHMRVHQHPLJRV´
/DVUHODFLRQHVHQWUHODVLWXDFLyQSUHYLD\HO
GHVHQODFHYLROHQWRGXUDQWHORVDxRVHQ
&KXVFKL4XLVSLOODFWD PDQWLHQHQ PXFKRV
DVSHFWRV GHVFRQRFLGRV \ QR SRGUtDPRV
DUULHVJDUXQLQYHQWDULRGHSHUPDQHQFLDV\
FDPELRV VRFLDOHV VLQ FDHU HQ HO LQPHQVR
ULHVJRGHODFRQMHWXUD(QWRGRFDVRORTXH
WHQHPRVDSDUWLUGHORVSUR\HFWRVGH$%$
HV TXH GHVGH KDFH PiV GH YHLQWH DxRV
PHGLDQWHIDHQDVFRPXQDOHVODFRPXQLGDG
FDPSHVLQDGH4XLVSLOODFFWDXELFDGDHQWUH
DPVQPLQLFLyODFULDQ]DGH
ODJXQDVLPSXOVDQGRODSUiFWLFDGHVLHPEUD
\FRVHFKDGHDJXDGHOOXYLD
&RQHVWDSUiFWLFDORVFRPXQHURVGH4XLV
SLOODFFWDEXVFDQUHVSRQGHUDOSUREOHPDGH
HVFDVH]GHDJXDHQODVFRPXQLGDGHVDG\D
FHQWHVDODVFXHQFDVGHORVUtRV3DPSDV\
&DFKL0DQWDUR SURYRFDGR HQWUH RWURV
IDFWRUHV SRU ODV EDMDV WDVDV GH UHFDUJD
KtGULFD \ OD UiSLGD GHVDSDULFLyQ GH ORV
QHYDGRVTXHDOLPHQWDQVXVIXHQWHVSULPD
ULDVFRPRHIHFWRGHOFDPELRFOLPiWLFRTXH
WDPELpQ WUDH FRPR LPSDFWR QHJDWLYR HO
DXPHQWR GH OD DJUHVLYLGDG GHO JUDQL]R \
VHYHULGDGGHODVKHODGDV
$%$IXHIXQGDGDHQDXWRGH¿QLpQ
GRVH FRPR XQ 1~FOHR GH $¿UPDFLyQ
&XOWXUDO$QGLQD1$&$DVHQWDGDHQOD
FRPXQLGDGGH4XLVSLOODFWD&KXVFKLFX\R
SURSyVLWR IXH FRQVWUXLU XQD SURSXHVWD GH
GHVDUUROORFRPXQDOGHRULJHQFDPSHVLQR
LQGtJHQDHQHVFHQDULRVGHSRVWYLROHQFLD
'HVGH VX SHUVSHFWLYD OD YLROHQFLD KDEtD
TXHEUDGRODVUHODFLRQHV\DSDUWLUGHHOOR
HPSH]DURQ D SODQWHDUVH SULQFLSLRV SDUD
RUJDQL]DU OD JHVWLyQ GHO WHUULWRULR VXEUD
\DQGR³ODLPSRUWDQFLDGHODDIHFWLYLGDGHQ
ODVUHODFLRQHVSDUDHOGHVDUUROORVHPEUDU
GHWRGRSRUWRGRVSDUDDOLPHQWDUDWRGRV´
(Q HVD OtQHD OD SURSXHVWD GHEtD YROYHU
VREUH ³ORV YDORUHV TXH SURYLHQHQ GH
QXHVWUD FXOWXUD DQFHVWUDO´ EXVFDQGR
VXSHUDU OD GLVFULPLQDFLyQ OD H[FOXVLyQ
GHVWUXFFLyQGHYDORUHV\SpUGLGDGHiQLPR
UHVXPLGRHQODFRQVLJQD³KD\TXHFUHHU
SDUD YHU´ (Q VXPD GHEtD DSUHQGHUVH D
DFWXDUORFDOPHQWHSDUDVXSHUDUODGHVWUXF
FLyQGHOSDVDGR\HQIUHQWDUORVUHWRVDFWXD
OHV
&RPR SXHGH GHGXFLUVH HO FDPSR GH
DFFLyQ GH OD LQWHUYHQFLyQ GH $%$ HV OD
FXOWXUD \ DJULFXOWXUD FDPSHVLQD DQGLQD
FX\RVFRPSRQHQWHVGHVGHVXSHUVSHFWLYD
SXHGHQ JDUDQWL]DU VRVWHQLELOLGDG GH OD
GLYHUVLGDG\YDULDELOLGDGJHQpWLFD\FXOWX
UDO SHVH D GHVDUUROODUVH HQ FRQGLFLRQHV
H[WUHPDV 'H HVWD PDQHUD DFW~DQ HQ
FXDWUR OtQHDV GH DFFLyQ HQ ODV TXH OD
PHPRULDGHMDGHVHUUHFXHUGR\SDVDDVHU
DFWLYLGDG
‡ OD UHJHQHUDFLyQ GH VDELGXUtDV \
FRVPRYLVLyQFDPSHVLQD
‡ ODUHJHQHUDFLyQGHHFRVLVWHPDVDQGL
QRV
‡ ODFULDQ]DGHODELRGLYHUVLGDG
‡ HOIRUWDOHFLPLHQWRGHODRUJDQL]DFLyQ
VRFLDO
(Q HVH VHQWLGR HO SURJUDPD GH $%$
FRQWHPSODDVSHFWRVFRPRODUHFXSHUDFLyQ
GHODGLYHUVLGDGJHQpWLFDYLYLHQGDVVDOX
GDEOHVUHFXSHUDFLyQGHiUHDVGHFXOWLYR
PHMRUDPLHQWR GH SDVWRV FRQWURO GHO
WUDEDMRLQIDQWLO\GHODVPXMHUHVUHFXSHUD
FLyQGHOSDLVDMHDGHPiVGHODVLHPEUD\
FRVHFKDGHDJXD
+DVWD HO PRPHQWR HVWRV SUR\HFWRV KDQ
FRQWULEXLGR GHFLVLYDPHQWH SRU HMHPSOR
HQODUHFXSHUDFLyQGHODGLYHUVLGDG\YDULD
ELOLGDG GH VHPLOODV XQD FXHVWLyQ PX\
LPSRUWDQWH SRUTXH ORV HOHPHQWRV GHO
PDQHMRVRFLDO\WpFQLFRGHHVWHFDSLWDOIXH
GHVWUXLGRSRUODYLROHQFLDSROtWLFD\SRVWH
ULRUPHQWHSRUODDSOLFDFLyQGHSUR\HFWRV
TXHQRFRQWHPSODEDQQLODIUDJLOLGDGGHORV
HFRVLVWHPDV QL ODV FDUDFWHUtVWLFDV GH OD
RUJDQL]DFLyQ VRFLDO TXH GHEtD JHVWLRQDU
HVWRVUHFXUVRV
(OFDVRGH$%$DGHPiVGHSUHVHQWDUQRV
XQHMHPSORGHFyPRVXSHUDUORVHIHFWRVGH
OD YLROHQFLD PHGLDQWH SUiFWLFDV TXH
UHFRQVWLWX\HQ OD JHVWLyQ GH UHFXUVRV \ OD
SURGXFFLyQ WDPELpQ PXHVWUD ORV OtPLWHV
TXH LPSRQH HO FRQWH[WR HQWUH HOORV OD
LQH[LVWHQFLD GH DGHFXDGRV FULWHULRV TXH
IDFLOLWHQ HO GLiORJR LQWHUFXOWXUDO (Q HVH
VHQWLGRHVSRUGHPiVH[LJXDODLQYHUVLyQ
HQ OD UHFXSHUDFLyQ \ SRWHQFLDPLHQWR GH
VDEHUHV \ WHFQRORJtDV DQFHVWUDOHV TXH
SURSRQJDQXQUHODFLyQPiVDUPyQLFDHQWUH
UHFXUVRVQDWXUDOHV\VRFLHGDGGHODPLVPD
PDQHUDTXHSHUPLWDQVXSHUDUVLWXDFLRQHV
JHQHUDGDV SRU FRQWH[WRV DOWDPHQWH
FRQÀLFWLYRV
(OL]DEHWK-HOLQ/RVWUDEDMRVGHODPHPRULD6LJOR;;,0DGULG
%LOOLH-HDQ,VEHOO³3DUHQWHVFRDQGLQR\UHFLSURFLGDG.XNDTORVTXHQRVDPDQ´(Q*LRUJLR$OEHUWL\(QULTXH0D\HUFRPSLODGRUHV5HFLSURFLGDGHLQWHUFDPELRHQORV$QGHV3HU~3UREOHPD,(3/LPD
%LOOLH-HDQ,VEHOO7R'HIHQG2XUVHOYHV(FRORJ\DQGULWXDOLQDQ$QGHDQYLOODJH:DYHODQG3UHVV,QF3URVSHFW+HLJKWV,OUHHGLWDGRHQ
%LOOLH-HDQ,VEHOO3DUDGHIHQGHUQRV(FRORJtD\ULWXDOHQXQSXHEORDQGLQR&HQWUR%DUWRORPpGHODV&DVDV&XVFR
3DEOR)6HQGyQ³(FRORJtDULWXDO\SDUHQWHVFRHQORV$QGHV1RWDVDXQGHEDWHQRSHULPLGR´(Q'HEDWH$JUDULR$QiOLVLV\$OWHUQDWLYDV&HQWUR3HUXDQRGH(VWXGLRV6RFLDOHV&(3(6/LPDSS
,GHPS
,VEHOO1RWHSS;,,;,,,³7KHWZRYLOODJHVKDYHDORQJKLVWRU\RIYLROHQWLQWHUDFWLRQVWKH¿UVWFRQÀLFWWKDW,ZDVDEOHWRGRFXPHQWZDVLQVHHSDJHV,WKLQNWKDWLWLVYHU\SRVVLEOHWKDWWKHPDVVLYHDUUHVWVRI
4XLVSLOODTWHQRVRQ0D\ZDVPRWLYDWHGE\DFFXVDWLRQVORGJHGE\&KXVFKLQRVDVDPHDQVRIDWWDFNLQJWKHLUROGHQHPLHV´
9HUKWWSVJUXSRSHUXFRSODPXODSHUHFRQRFHQSUDFWLFDGHVLHPEUD\FRVHFKDGHDJXDHQD\DFXFKRJUXSRSHUXFRS
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
5(6(f$
$&$%$//2
$QRWDFLRQHVVREUHVHUSRHWDHLQWHOHFWXDO
\ORVPHGLRVGHGLIXVLyQPDVLYDHQ(O&DEDOOR5RMR
'LDQD$PD\D
&DVDGHOD/LWHUDWXUD3HUXDQD0LQLVWHULRGH(GXFDFLyQ
/DV UHYLVWDV OLWHUDULDV VRQ XQD IXHQWH
LPSRUWDQWHSDUDHOUDVWUHRGHODVGLQiPL
FDVVRFLDOHV\FXOWXUDOHVGHXQGHWHUPL
QDGRHVSDFLR\PRPHQWRSXHVDOVHUXQ
SURGXFWRFROHFWLYRUHFUHDQODVUHODFLR
QHVTXHVHYDQFRQVWUX\HQGRHQHOiPEL
WRFXOWXUDO\TXHYDQDUHÀHMDUVHHQHO
FRQWHQLGR\QRPEUHVLPSOLFDGRVHQOD
UHYLVWDHGLWRUHVFRODERUDGRUHVHQWUH
YLVWDGRVHWF$VLPLVPR\DSHVDUGH
ODFHQWUDOLGDGGH/LPDHQODSURGXFFLyQ
HGLWRULDOHQJHQHUDOHODQiOLVLVGHHVWDV
RIUHFHWDPELpQXQDPLUDGDLQWHJUDOGHO
SDtVFRPRFDQWHUDGHSUR\HFWRVGHFRQV
WUXFFLyQ \ UHSUHVHQWDFLyQ GH LGHQWL
GDGHV
/DVUHYLVWDVVRQHQWDQWRKDFHQ0iVDOOi
GH VX IRUPDWR XQD UHYLVWD VXSRQH XQ
PRGRGHLQWHUYHQFLyQVRFLDOXQDUHYLVWD
HV SRU HOOR XQ GLVFXUVR FROHFWLYR GH
PHGLDFLyQ FRQVFLHQWH HQWUH HO VLVWHPD
OLWHUDULRFXOWXUDO\HOVLVWHPDVRFLDO'H
DFXHUGRDHOORXQDUHYLVWDSXHGHVHUHQ
ODSUiFWLFDXQDVHULHGHOLEURVFROHFWLYRV
XQVXSOHPHQWRFXOWXUDORXQSHULyGLFR
3RURWURODGRXQDUHYLVWDQRVRORFRQV
WUX\H R SUR\HFWD LGHQWLGDGHV HQ VXV
OHFWRUHVVLQRTXHDSHVDUGHVXFDUiFWHU
FROHFWLYRLQFOX\HWDPELpQODDXWRUUHSUH
VHQWDFLyQ GH OD LGHQWLGDG GHO VXMHWR
OHWUDGR(VQHFHVDULRHQWRQFHVUHÀH[LR
QDUVREUHHOSDSHOTXHHVWHVXMHWRFROHF
WLYR VH DVLJQD HQ VX TXHKDFHU FRPR
HGLWRUFRODERUDGRUHQWUHYLVWDGRUUHSRU
WHURSDUDFRPSUHQGHUODVGHPiVLGHQWL
GDGHVFRQVWUXLGDVHQXQDSXEOLFDFLyQ
$VtSXHVHQORV~OWLPRVFLQFXHQWDDxRV
ORV VXSOHPHQWRV FXOWXUDOHV KDQ VLGR
~WLOHVSDUDSHQVDUODFRQVWUXFFLyQGHOD
LGHQWLGDGGHOLQWHOHFWXDO8QRGHHOORV
IXH (O &DEDOOR 5RMR VXSOHPHQWR GH (O 'LDULR GH 0DUND
GLULJLGRGXUDQWHWUHVDxRVSRUHOSRHWD
$QWRQLR &LVQHURV /D LPSRUWDQFLD GHO
VXSOHPHQWRUDGLFDHQODVLVWHPiWLFD
E~VTXHGDGHLGHQWLGDGVHJ~QVHREVHUYD
HQVXVFRQWHQLGRV\HQHODOFDQFHTXH
WXYR PLO HMHPSODUHV GLVWULEXLGRV
FDGDGRPLQJRHQHOFRQWH[WRSROtWL
FRHQHOTXHDSDUHFLy~OWLPRVPHVHVGHO
*RELHUQR 5HYROXFLRQDULR GH ODV )XHU
]DV$UPDGDVORTXHH[SOLFDHOGHEDWH
VREUH HO SDSHO GHO VXMHWR OHWUDGR HQ OD
UHFXSHUDFLyQ GH OD GHPRFUDFLD $Vt
SXHV (O &DEDOOR 5RMR FRQVWLWX\H XQD
PXHVWUD GH OR TXH :DOWHU %HQMDPLQ
GHQRPLQDGRFXPHQWRVGHFXOWXUDSXHV
QRVSHUPLWHQDQDOL]DUODVFDUDFWHUtVWLFDV
\SULQFLSDOHVWHQVLRQHVHQODFRQVWUXF
FLyQGHLGHQWLGDGHVSDUWLFXODUPHQWHODV
TXHFRQFLHUQHQDOFDPSRLQWHOHFWXDO
/D¿JXUDGHOLQWHOHFWXDOIXHPX\LPSRUWDQ
WHGXUDQWHODVGpFDGDVGHODOVREUH
WRGRHQORVGLVFXUVRVGHORVPRYLPLHQWRVGH
L]TXLHUGD (VWRVHQHOFRQWH[WRGHODSRSX
ODUL]DFLyQ GH ORV PHGLRV GH SURGXFFLyQ
HGLWRULDO UHWRPDURQ OD LGHD GH OD FXOWXUD
LPSUHVDFRPRPHGLRSDUDODWRPDGHFRQ
FLHQFLD \ IRUPDFLyQ GH RSLQLyQ &DUORV
$JXLUUHVHxDOD³(VWDFXOWXUDSROtWL
FDGHL]TXLHUGD\VXFRQH[LyQFRQHOPXQGR
GHODLPSUHQWDWXYLHURQXQLPSDFWRQRWDEOH
QRVRORHQODLGHQWL¿FDFLyQTXHVHSURGXMR
HQODSHUFHSFLyQJHQHUDOHQWUHVHULQWHOHF
WXDO\VHUGHL]TXLHUGDVLQRWDPELpQHQOD
UHODWLYD YLJRUL]DFLyQ GH OD SUHVHQFLD GHO
LQWHOHFWXDOS~EOLFR´
(OGLVFXUVRGH0DUNDODUHYLVWDHOGLDULR\
HOVXSOHPHQWRVRQXQHMHPSORGHHVWDPLUD
GD(QHVWDOtQHDHVVLJQL¿FDWLYRHOFRQWHQL
GRGHOSULPHUQ~PHURGH(O&DEDOOR5RMR
DSDUHFLGRHOGHPD\RGH/DSRUWD
GDTXHOXFHHOGLEXMRGH&ULVWLQD*iOYH]GH
XQJDORSDQWHFDEDOORURMRDQXQFLDHOWHPD
S U L Q F L S D O G H O Q ~ P H U R ³ - D Y L H U
+HUDXG´ 1R VH WUDWD GH XQD
HGLFLyQ PRQRJUi¿FD VLQ HPEDUJR ODV
HQWUHYLVWDVDOPDHVWURGHOSRHWD:DVKLQJ
WRQ'HOJDGRDVtFRPRHOHQVD\RGH0DUFR
0DUWRVVREUHVXSRHVtDLQFLGHQHQODFHQ
WUDOLGDG GHO DXWRU FRPR LQWHOHFWXDO FRPR
DOJXLHQTXHH[SOLFDpWLFDPHQWHVXSURGXF
FLyQ HVWpWLFD \ OD UHODFLRQD D ORV GHEDWHV
S~EOLFRV\DOHMHUFLFLRSROtWLFR
8QRVIUDJPHQWRVGHGLFDGRVDFRPHQWDUOD
FR\XQWXUDSROtWLFDHQODVHFFLyQ³(VWHSDtV´
GHOPLVPRQ~PHURLQFLGHHQHVWDUHODFLyQ
³(OLGHQWL¿FDUODSRHVtDFRQORVKXHYRVGHO
JDOORHVXQKiELWRRVFXURGHODVGHUHFKDV
1DGDPiVIDOVR<DYHFHVSRFDVYHFHVKD\
L]TXLHUGDVTXHDFHSWDQHVDYR]QDFLGDHQ
ODVFDYHUQDVFRQWUDODFUHDFLyQ\ODYHU
GDG1RQRVGHMHPRVHQWUDPSDU´S
(OGHEDWHSRUHOOXJDUGHORVSRHWDVHQOD
HVIHUDS~EOLFDKDRFXUULGRGHVGHORVFOiVL
FRV 3DUD QR LU GHPDVLDGR OHMRV GLUHPRV
TXHHQHO3HU~HOWHPDFREUyDXJHHQOD
GpFDGDGHOHQODVGLVFXVLRQHVHQWRUQRD
ODVHWLTXHWDVGHSRHVtDSXUD\SRHVtDVRFLDO
\WXYRVXSXQWRGHTXLHEUHFRQHODVHVLQDWR
GH-DYLHU+HUDXGHQ(VWHHVXQGHEDWH
TXHVHUHWRPD\DFWXDOL]DHQYDULRVQ~PH
URV GH (O &DEDOOR 5RMR 6H WUDWD GH XQD
SUHRFXSDFLyQFRQVWDQWHVREUHUROTXHFRP
SHWH D SRHWDV \ D VXMHWRV OHWUDGRV HQ OD
VRFLHGDG(VXQDSUHRFXSDFLyQSRUVXLGHQ
WLGDG6HH[SOLFDDVtODVHQWUHYLVWDVDGLYHU
VDV ¿JXUDV GHO iPELWR DFDGpPLFR SHUR
VREUHWRGRVXSDUWLFLSDFLyQFRPRFRODERUD
GRUHVGHOVXSOHPHQWR
KWWSZZZUHYLVWDLGHHOHFRPLGHHOHFRQWHQW
FDEDOORLOXVWUH
(Q HO Q~PHUR HQ XQD HQWUHYLVWD D
$OEHUWR(VFREDU³/DFUtWLFDOLWHUDULDFRPR
QHFHVLGDG´0LWR7XPL±UHGDFWRUSULQFLSDO
GHO VXSOHPHQWR± LQGDJD VREUH HO URO GHO
FUtWLFROLWHUDULRHQUHODFLyQFRQODVRFLHGDG
(VFREDUSURSRQHDTXtXQDLGHDWUDVYHUVDODO
GLVFXUVRGH(O&DEDOOR5RMRHOOXJDUGHVGH
HO FXDO VH SLHQVD OD UHÀH[LyQ FUtWLFD HQ
UHODFLyQFRQORVOHFWRUHVQRHVSHFLDOL]DGRV
³±¢1RFUHHTXHORVOLEURVGHFUtWLFDOLWHUD
ULD VRODPHQWH ORV OHHQ ORV HVWXGLDQWHV GH
OLWHUDWXUD\ORVTXHSHUWHQHFHQDHVHFtUFXOR
PX\ UHVWULQJLGR GH ORV TXH SURGXFHQ OD
OLWHUDWXUD\TXHORVOHFWRUHVGH$UJXHGDV
HOJUDQS~EOLFRTXHH[FHGHHVWHFtUFXORQR
OHHOLEURVGHFUtWLFD"
±&ODURSHURORTXHHVWiLPSOLFDGRHQVX
SUHJXQWD HV VL OD FUtWLFD VH GHEH KDFHU D
WUDYpVGHOLEURVRDWUDYpVGHORVPHGLRVGH
FRPXQLFDFLyQPDVLYD/DFUtWLFDOLWHUDULD
WLHQHODPLVPDPLVLyQGHFXDOTXLHUHIHFWR
HGXFDWLYRSDUDVtPLVPR\SDUDRWURV(O
HVWXGLRGHODOLWHUDWXUDHVXQDD¿FLyQTXH
SXHGHVHU~WLOQRVRODPHQWHSDUDHOJRFHHQ
HO VHQWLGR HVWpWLFR VLQR WDPELpQ SDUD
FRUUHJLU\SHQHWUDUHQODUHDOLGDG´S
(QHOQ~PHUR$QWRQLR&LVQHURVUHVDOWD
HVWDUHODFLyQHQWUHHOHVFULWRUHOLQWHOHFWXDO
\HOOHFWRUDOQDUUDUODLQWHUYHQFLyQGHXQ
DJULFXOWRUGH&D\DOWtHQXQDFKDUODDODTXH
DTXHOIXHUDLQYLWDGRHQ&KLFOD\R
³&RPSDxHUR&LVQHURV\RTXLHURDJUDGH
FHUOHSRUHVHPDUDYLOORVRUHJDORGHWRGRV
ORVGRPLQJRV6XVXSOHPHQWRHVODELEOLRWH
FDGHPLVKLMRV\VHUiODGHPLVQLHWRVSRU
TXHORFROHFFLRQR*UDFLDVSRUHVDELEOLR
WHFDGHORVTXHQRWHQHPRVSODWDSDUDFRP
SUDU OLEURV SRU HVD ELEOLRWHFD SDUD ORV
SREUHV´S
0iVD~QODSiJLQDFHQWUDOGHOPLVPRQ~PH
URUHSURGXFHHQJUDQIRUPDWRDFDVRSHQVD
GRSDUDVXXVRFRPRPXUDOXQIUDJPHQWR
GHO GLVFXUVR 6REUH OD GHVREHGLHQFLD GH
:LOOLDP)DXONQHUDOUHFLELUHO3UHPLR1REHO
GH/LWHUDWXUDHQ)DXONQHUHVFULWRUGH
¿FFLyQSRHWD\SHULRGLVWDSDUHFHVLQWHWL]DU
HOGLVFXUVRGHOVXSOHPHQWR
³6XSULYLOHJLR>HOGHOHVFULWRU@FRQVLVWHHQ
OD D\XGD TXH SXHGH SUHVWDU DO KRPEUH
SDUDTXHSHUGXUHHOHYDQGRVXFRUD]yQ\
UHFRUGiQGROHTXpVRQHOYDORUHOKRQRU
ODHVSHUDQ]DODGLJQLGDGODFRPSDVLyQ
ODSLHGDG´S
6HWUDWDHQWRQFHVGHHGXFDUDWUDYpVGH
ORVPHGLRVGHFRPXQLFDFLyQPDVLYDVLQ
TXHHVWRVXSRQJDFRPRYHQtDVXFHGLHQ
GRGHVGHODGpFDGDGHOH[FOXLUWHPDV
SRU FRQVLGHUiUVHORV LOHJLEOHV SDUD HO
OHFWRUQRHVSHFLDOL]DGR$VtSXHVHQODV
SiJLQDVGHOVXSOHPHQWRVHFRQ¿JXUDDO
VXMHWROHWUDGRSRUVXFDUiFWHUSHGDJyJL
FR SHUR HQWHQGLGR FRPR DOJXLHQ TXH
PRWLYD OHFWXUDV IRUPDV GH HQWHQGHU OD
VRFLHGDG \ EXVFD SUREOHPDWL]DUODV (V
ORTXHHOPLVPR&LVQHURVOODPDXVDQGR
XQD FDWHJRUtD GH$QWRQLR *UDPVFL XQ
LQWHOHFWXDORUJiQLFR
7RGRORDQWHULRUVLQHPEDUJRQRGHMDGH
ODGRHOGHEDWH\ODVSHUVSHFWLYDVSDUWLFX
ODUHV TXH HVWH LPSOLFD /D ¿JXUD GHO
LQWHOHFWXDO FRPR IRUPDGRU GH RSLQLyQ
LPSOLFD GDU HVSDFLR D PLUDGDV GLVWLQWDV
$FDVRUHWRPDQGRODHVWpWLFDGHODGpFDGD
GHOFXDQGRVHSURSRQtDODSROpPLFD
FRPRFRQRFLPLHQWR\FRPRPHGLRSDUD
ODIRUPDFLyQGHXQGLVFXUVRQDFLRQDOHO
VXSOHPHQWR(O&DEDOOR5RMRLQFRUSRUDHQ
VXGLVFXUVRODQHFHVLGDGGHODFRQIURQWD
FLyQGHLGHDV\GHOGLiORJR'HDKtHQWRQ
FHV OD SXEOLFDFLyQ GH FRQYHUVDFLRQHV
FUyQLFDVGHGHEDWHVHQWUHRWURV1DWXUDO
PHQWHHVWHQRHVXQIRUPDWRH[FOXVLYRGH
0DUND VLQR XQD HVWpWLFDpWLFD FRP~Q D
ODVSXEOLFDFLRQHVSHULyGLFDVGHODGpFDGD
$VtVXFHGHSRUHMHPSORHQ+XHVR+~PH
UR5HYLVWDGH&UtWLFD/LWHUDULD/DWLQRD
PHULFDQD $PDXWD (O ]RUUR GH DEDMR
HQWUHRWUDV(VWRQRVSHUPLWHREVHUYDUGH
PDQHUDJOREDOFyPRGXUDQWHORVDxRV
VHHPLWLyXQGLVFXUVRTXHPXOWLSOLFDEDODV
YRFHV\H[SOLFLWDEDVXFDUiFWHUFROHFWLYR
'HVGH HVWD LGHQWLGDG P~OWLSOH \ QDGD
GRJPiWLFDVHGDSDVRDODUHÀH[LyQVREUH
SURGXFWRVGHFRQVXPRPDVLYRFRPRHO
FLQHODVDOVDHOURFNHODMHGUH]ODFKL
FKD HO WHDWUR FDOOHMHUR HQWUH RWURV (Q
VXPDWRGRHOORWLHQHTXHYHUFRQODQHFH
VLGDGGHSHQVDUODVLGHQWLGDGHVHQFRQ
MXQWRVLHPSUHHQSXJQD\GHEDWH
&DEUtDSRU~OWLPRVHxDODUODVVXJHUHQ
WHVVLPLOLWXGHV\GLIHUHQFLDVTXHSRGUtDQ
KDOODUVH HQWUH HVWH VXSOHPHQWR \ RWUR
PXFKRPiVWDUGtR\QDFLGRHQRWURHVSD
FLRHOGHO(VWDGRDXQTXHWDPELpQHQHO
FRQWH[WRGHUHFXSHUDFLyQGHODGHPRFUD
FLD (VWH VXSOHPHQWR IXH ,GHQWLGDGHV
GHHOGLDULR(O3HUXDQR\
GLULJLGRSRU(QULTXH&RUWH]
(OSUHVHQWHWH[WRUHWRPDDOJXQDVGHODVLGHDVWUDEDMDGDVFRQ-DLPH9DUJDV/XQDHQHOFRQWH[WRGHODH[SRVLFLyQ6RxDUKDFHUOHHU&LHQDxRVGHUHYLVWDVOLWHUDULDVSUHVHQWDGDHQOD&DVDGHOD/LWHUDWXUD3HUXDQDHQ
MXOLRRFWXEUHGH
6HUGHL]TXLHUGDHQHO3HU~GHORVRFKHQWDWLHQHVLJQL¿FDGRV\PDWLFHVGLVWLQWRVDORVDFWXDOHVTXHSRUFXHVWLRQHVGHHVSDFLRQRDERUGDUHPRV
(OVXSOHPHQWRDSDUHFLyVHPDQDVDQWHVGHODVHOHFFLRQHVTXHWHQGUtDQFRPRJDQDGRUD)HUQDQGR%HODXQGH(QWUHORVWHPDVPiVFHUFDQRVDOQXHVWURFDEHGHVWDFDUODH[SHFWDWLYDJHQHUDGDSRUODGHYROXFLyQGHORV
PHGLRVGHLQIRUPDFLyQDVXVGXHxRV
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
`+VTUJDJBQBSB"DDPNBSDB
.FNPSJBZQSPUFTUBFOFMDBSOBWBMBZBDVDIBOP
5HQ]R$URQL
+LVWRULDGRU(VWXGLDQWHGHGRFWRUDGRHQ+LVWRULD8QLYHUVLW\RI&DOLIRUQLD'DYLV
(OGHPDU]RGHODFRPSDUVDGHOD
SURYLQFLD GH 9LOFDVKXDPiQ VH FRURQy
FDPSHRQD GHO ;;9,, &RQFXUVR GH
FRPSDUVDV GHO FDUQDYDO ³9HQFHGRUHV GH
$\DFXFKR´ HQ OD PRQXPHQWDO 3OD]D GH
$FKR'XUDQWHPLQXWRVGHDFWXDFLyQ
HVFHQL¿Fy SULQFLSDOPHQWH OD PDVDFUH GH
FDPSHVLQRVGHOGLVWULWRGH$FFRPDUFD
HMHFXWDGDSRUXQDSDWUXOODGHO(MpUFLWRHO
GHDJRVWRGH/DLGHDGHHVFHQL
¿FDUHVWHHYHQWRVXUJLyHQODFRPSDUVDGH
OD$VRFLDFLyQ+LMRVGHO'LVWULWRGH$FFR
PDUFD $+,'$ XQD LQVWLWXFLyQ PDWUL]
FRQ VHGH HQ /LPD TXH DJORPHUD D
SHTXHxDV RUJDQL]DFLRQHV GH PLJUDQWHV
DFFRPDUTXLQRVDVtFRPRDOD$VRFLDFLyQ
GH)DPLOLDUHV$IHFWDGRVSRUOD9LROHQFLD
3ROtWLFD GHO 'LVWULWR GH $FFRPDUFD
$)$39'$ IXQGDGD D PHGLDGRV GH OD
GpFDGDGH/DHVFHQL¿FDFLyQVHYLHQH
UHDOL]DQGRGHVGHHODxRFXDQGRORV
DFFRPDUTXLQRV H[LJtDQ OD H[WUDGLFLyQ
GHVGH ORV ((88 GHO 0D\RU U 7HOPR
+XUWDGRSULQFLSDOUHVSRQVDEOHGHODPDVD
FUH/DDFWXDFLyQWXYRXQDEXHQDDFRJLGD
SRUODDXGLHQFLDFRQPDVLYDSDUWLFLSDFLyQ
GH ORV PLJUDQWHV VREUHYLYLHQWHV \ VXV
KLMRV TXH QDFLHURQ HQ /LPD GXUDQWH \
GHVSXpVGHOSHULRGRGHODYLROHQFLDSROtWLFD
&RQHVWHDFWRFDUQDYDOHVFR
ORV D\DFXFKDQRV UHFODPDQ DO (VWDGR
MXVWLFLD\UHSDUDFLyQSRUODYLRODFLyQDORV
GHUHFKRVKXPDQRV
(VWHEUHYHDUWtFXORH[SORUDODPHPRULD\
UHSUHVHQWDFLyQGHHVWDPDVDFUH\UHVSRQGH
D ODV VLJXLHQWHV SUHJXQWDV EiVLFDV ¢3RU
TXp ORV DFFRPDUTXLQRV HVFHQL¿FDQ XQD
H[SHULHQFLDWUDXPiWLFDHQXQFRQFXUVRGH
FRPSDUVDVGHFDUQDYDOHQ/LPD"¢&yPRD
WUDYpV GH ORV FRPSRQHQWHV DUWtVWLFRV GH
HVWH FRQFXUVR ORV DFFRPDUTXLQRV \ VXV
KLMRVTXHQDFLHURQHQ/LPDUHPHPRUDQ\
UHSUHVHQWDQHOHYHQWR"&RPR\DKDVHxD
ODGRHODQWURSyORJRD\DFXFKDQR0DULDQR
$URQpV VH UHFXHUGD HVWH DFRQWHFLPLHQWR
³FRQ WDQWD FODULGDG´ ±³FRPR VL IXHVH
D\HU´±³SRUODFDQWLGDGGHYtFWLPDV\OD
SUHVHQFLDGHQLxRV\DQFLDQRV´$VLPLVPR
SRU ³OD PDVLYD FDPSDxD GH LQIRUPDFLyQ
GHVDUUROODGDSRUODSUHQVDGHDTXHOHQWRQ
FHV>TXH@LQÀX\yFRQVLGHUDEOHPHQWHSDUD
TXH GLFKR DFRQWHFLPLHQWR TXHGDVH
JUDEDGRHQODPHPRULDGHORVDFFRPDUTXL
QRV´$URQpV$JUHJDUtDDOR
VHxDODGR SRU $URQpV OD E~VTXHGD GH
MXVWLFLD\UHSDUDFLyQSRUSDUWHGHORVIDPL
OLDUHVGHODVYtFWLPDV\GHORVVREUHYLYLHQ
WHVTXHPiVUHFLHQWHPHQWHORVFRQGXMRD
RUJDQL]DU RWUDV IRUPDV GH UHFRUGDU \
‹5HQ]R$URQL
(OFRQFXUVRGHFRPSDUVDVGHOFDUQDYDO³9HQFHGRUHVGH$\DFXFKR´HVRUJDQL]DGRSRUOD)HGHUDFLyQ'HSDUWDPHQWDOGH,QVWLWXFLRQHV3URYLQFLDOHVGH$\DFXFKR)(',3$IXQGDGRHQTXHDJUXSDDODVSURYLQFLDVTXH
FRQIRUPDQSROtWLFDPHQWHODUHJLyQGH$\DFXFKRHQWUHHOORVDOD)HGHUDFLyQGH,QVWLWXFLRQHVGHOD3URYLQFLDGH9LOFDVKXDPiQ),3529,/TXHDVXYH]DJORPHUDDLQVWLWXFLRQHVGLVWULWDOHVFRPROD$VRFLDFLyQ+LMRVGHO
'LVWULWRGH$FFRPDUFD$+,'$
6REUHODGLQiPLFDGHORVKHFKRVGHODPDVDFUHYpDVHHO,QIRUPH)LQDOGHOD&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQWRPR9,,&DVR$FFRPDUFDSS
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
SURWHVWDUFRPRVRQODVSUiFWLFDVDUWtVWLFDV
\FXOWXUDOHVGHODPHPRULD
$QWHV GH DQDOL]DU OD HVFHQL¿FDFLyQ \ VX
FRQWHQLGR HV QHFHVDULR H[SOLFDU OD GLQi
PLFDGHODRUJDQL]DFLyQGHODFRPSDUVDGHO
FDUQDYDOD\DFXFKDQR/RVDXWRUHVGHOOLEUR
£&KD\UDT (O &DUQDYDO $\DFXFKDQR
$ELOLR 9HUJDUD \ &KDOHQD 9iVTXH]
GH¿QHQ ODV FRPSDUVDV FRPR XQ ³DUWH
LQWHJUDO´TXH³FRQVWLWX\HQHOPHGLRVRFLR
DUWtVWLFR SURSLFLR SDUD OD UHDOL]DFLyQ GH
DUWH WRWDO P~VLFD GDQ]D SRHVtD WHDWUR
&DGD iUHD VH SUHVHQWD GHVDUUROODQGR
OHQJXDMHV HVSHFt¿FRV HQ LQWHUUHODFLyQ \
GHSHQGHQFLD HO XQR GHO RWUR´ (V GHFLU
³FDGD iUHD DUWtVWLFD QR VH H[SOLFD HQ Vt
PLVPDXQDH[SOLFDDODRWUD\YLFHYHUVD
3RU HVWR HO FRQFHSWR GH DUWH WRWDO
GHEH
HQWHQGHUVHFRPR
DUWHLQWHJUDO
SRUHOTXH
ODSUHVHQFLDVLPXOWiQHDGHODViUHDVDUWtV
WLFDV DGTXLHUH XQD VLJQL¿FDFLyQ HVWpWLFD
PiVFRPSOHMD\SURIXQGD´(Q
HVHVHQWLGRYHPRVHQXQDFRPSDUVDHVSH
Ft¿FDPHQWHHQHOFDUQDYDOD\DFXFKDQROD
SUHVHQWDFLyQ GH XQ PDUFR PXVLFDO OD
FRUHRJUDItD \ OD GUDPDWL]DFLyQ GH XQ
HYHQWR&DGDXQDGHHVWDVSDUWHVDUWtVWLFDV
FRQMXJD XQD SHUIRUPDQFH FRPSOHMD SDUD
XQS~EOLFRPDVLYRTXHERUGHDQORV
HVSHFWDGRUHV 5HVSRQGLHQGR D HVWH
S~EOLFR ODV FRPSDUVDV SDUWLFLSDQWHV VH
HVIXHU]DQHQOOHYDUSRUORPHQRVEDLOD
ULQHV
0~VLFD
(OPDUFRPXVLFDOGHODFRPSDUVDGH$FFR
PDUFD HVWDED FRPSXHVWR SRU WUHV R PiV
P~VLFRVTXHWRFDEDQODJXLWDUUDODPDQGR
OLQDODTXHQD\HOWDPERU$FRPSDxDQDORV
P~VLFRVGRVRWUHVPXMHUHVFDQWDQWHV/RV
LQVWUXPHQWRV VRQ WUDGLFLRQDOHV JHQHUDO
PHQWH XVDGRV HQ ODV ¿HVWDV DQGLQDV (Q
HVWRVFRQFXUVRVQRHVWiSHUPLWLGRHOXVRGH
ORV LQVWUXPHQWRV HOHFWUyQLFRV 6HJ~Q HO
UHJODPHQWR GHO FRQFXUVR WDQWR ORV P~VL
FRV ODV FDQWDQWHV FRPR ORV EDLODULQHV
GHEHQ HVWDU YHVWLGRV FRQ HO WUDMH WtSLFD
PHQWH XVDGR HQ OD FRPXQLGDG GH RULJHQ
/RV P~VLFRV \ ODV FDQWDQWHV KDFHQ HO
DUUHJOR H LQWHUSUHWDFLyQ PXVLFDO
$VLPLVPR FRPSRQHQ FDQFLRQHV SDUD
SUHVHQWDU HQ HO FRQFXUVR \ HQWRQDQ ODV
OHWUDVDOULWPRGHOHVWLORGHOFDUQDYDODFFR
PDUTXLQR3UHYLRDOFRQFXUVRORVP~VLFRV\
ODVFDQWDQWHVHQVD\DQMXQWRFRQORVEDLODUL
QHV
(OVD %DOGHyQ DxRV YRFDOLVWD GHO
FRQMXQWRPXVLFDOGHODFRPSDUVDGH$FFR
PDUFDIXHXQDGHODVVREUHYLYLHQWHVGHOD
PDVDFUH7HQtDDxRVGXUDQWHORVKHFKRV
'HVGH VX HVFRQGLWH YLR FyPR PDWDURQ D
VXVDEXHORV\DVXWtR$OHMDQGUR%DOGHyQ
³0X\IHRORKDQPDWDGROHKDEtDFRUWDGR
OD PDQR ORV GRV EUD]RV ODV URGLOODV ORV
SLHVHOFXHOORORKDQFHUFHQDGR´GLMRHVWR
FXDQGR OH SUHJXQWp SRU OD OHWUD GH OD
FDQFLyQ ³0DWDQ]D HQ $FFRPDUFD´
$xDGLy ³FXDQGR FDQWDPRV HVWD FDQFLyQ
UHFRUGDPRV D QXHVWURV IDPLOLDUHV TXH
SHUGLHURQ VX YLGD HQ HVH DxR PXMHUHV
QLxRVDQFLDQRVHVXQGRORUSDUDQRVR
WURV+DVWDDKRUDHVWDPRVEXVFDQGRMXVWL
FLDHVWDPRVHQMXLFLRSHURQRKD\QDGD«
DVtVHJXLUHPRVOXFKDQGR´(QPHPRULDGH
HVWH DFRQWHFLPLHQWR FRQFOX\y ³FRPSR
QHPRV ODV FDQFLRQHV UHFRUGDQGR OR TXH
YLPRV HQ OD PDWDQ]D SUHJXQWDQGR D
TXLHQHV KDQ VLGR WHVWLJRV ¢FyPR IXH"
¢&yPR KD VLGR"´ (QWUHYLVWD HQ /LPD
/D FLWDGD FDQFLyQ WLHQH XQ
IRQGRPXVLFDOOORURVR\WULVWH(QORV PLQXWRVGHDFWXDFLyQKD\YDULDVFDQFLRQHV
GH GLIHUHQWHV HVWLORV FDUQDYDOHVFRV \
SURSyVLWRV WHPiWLFRV SHUR FDVL WRGDV
WLHQHQ XQ FRQWHQLGR WHVWLPRQLDO HQ
TXHFKXD
7D\WDPDPDOOD\ZDxXNXQNLPi
/ODTWDPDVLQOOD\FKLQNDUTXQNLPi
¢,PDWDTTXFKD\NLTDPSDTDNDUTD"
%DODSXQWDPSLZDxXOODQD\NLSDT
3DGUHPDGUHPtDKDEtDVPXHUWR
&RPSXHEODQRPtRKDEtDVGHVDSDUHFLGR
¢4XpFXOSDDOJXQDKDVWHQLGRW~"
3DUDTXHPXHUDVHQODSXQWDGHODEDOD
,QRFHQWHNXQDPZDxXUTXQNLFKLN
0DQDTXFKD\XTPLFKLQNDUTXQNLFKLN
¢,PDWDTTXFKD\NLTDPSDTDNDUTD"
5DXUDTQLQDSLUXSDOODQD\NLSDT
*HQWHLQRFHQWHPXULHURQ
6LQFXOSDDOJXQDKDQGHVDSDUHFLGR
¢4XpFXOSDKDQWHQLGRXVWHGHV"
3DUDTXHPXHUDVHQPHGLRGHOIXHJR
$ODQDOL]DUHOFRQWHQLGRGHRWUDFDQFLyQHO
HWQRPXVLFyORJR-RQDWKDQ5LWWHUGHQRPLQD
DHVWDVFDQFLRQHVTXHQDUUDQ³H[SHULHQFLDV
ORFDOHV \ ODV DFWLWXGHV KDFLD OD JXHUUD´
FRPR³FDQFLRQHVWHVWLPRQLDOHV´
&LHUWRODVFDQFLRQHVWHVWLPRQLDOHV\VX
FRQWHQLGRFRQPHPRUDQQRVyORODH[SH
ULHQFLDELRJUi¿FDGHORVFDQWDXWRUHVVLQR
WDPELpQODH[SHULHQFLDFROHFWLYDGXUDQWHHO
FRQWH[WRGHODYLROHQFLD\SRVWYLROHQFLD
$VLPLVPR ODV FDQFLRQHV SXHGHQ VHU XQ
YHKtFXOR GH SURWHVWD VRFLDO ³&RPR QR
HQFRQWUDPRV OD MXVWLFLD SHQVDPRV TXH
QRVRWURVWHQHPRVTXHKDFHUXQDSURWHVWDD
WUDYpVGHQXHVWUDVFDQFLRQHV´GLMR)ORULiQ
3DODFLRVDxRVKLMRGHXQDODVYtFWLPDV
GH OD PDVDFUH (QWUHYLVWD HQ /LPD
&RUHRJUDItD
/DFRUHRJUDItDHQHOFDVRGHODFRPSDUVD
GH $FFRPDUFD GHVDUUROODGD SULQFLSDO
PHQWHSRUORVDGROHVFHQWHV\MyYHQHVKLMRV
GH ORV PLJUDQWHV \ VREUHYLYLHQWHV GH OD
JXHUUD6HJ~Q)ORULiQ3DODFLRVODPD\RUtD
GHORVGDQ]DULQHVVRQKLMRVTXHKDQQDFLGR
HQ/LPD\XQDPLQRUtDTXHKDQDFLGRHQHO
PLVPRSXHEORGHVSXpVGHODPDVDFUH3DUD
pOODVHQVLELOLGDGTXHORVXQHDHVWRVMyYH
QHVHVHOGRORUGHVXVSDGUHVSRUODSpUGLGD
GHVXVVHUHVTXHULGRV³+D\PXFKRVKLMRV
QDFLGRV DFi HQ /LPD VRQ SDUWH GH HVWD
FRUHRJUDItDWDPELpQVRQSDUWHGHODMXQWD
GLUHFWD \ D OD YH] VRQ UHVSRQVDEOHV GH
RUJDQL]DUHOFDUQDYDO´LQGLFy(QWUHYLVWD
HQ/LPD
/RVDFFRPDUTXLQRVFRQFXHUGDQHQLQFRU
SRUDU OD GLQiPLFD GH OD PDVDFUH HQ OD
FRUHRJUDItD GH OD FRPSDUVD SRUTXH
³HVWDPRV LQGLJQDGRV DO QR HQFRQWUDU
MXVWLFLD GHVSXpV GH DxRV´ UHVDOWy
)ORULiQ3DODFLRV(VHOPHQRUGHKHUPD
QRV6XPDGUHIDOOHFLyPX\MRYHQSRUXQD
HQIHUPHGDG PLHQWUDV VX SDGUH $OELQR
3DODFLRV4XLVSHIXHDVHVLQDGRMXQWRFRQ
VX PDGUDVWUD HQ OD PDVDFUH (Q OD HQWUH
YLVWDSUHYLDDOFRQFXUVRPHKDEOyGHXQD
³FRUHRJUDItDGHODPDWDQ]D´HQHOVHQWLGR
GHXQDGUDPDWL]DFLyQGHXQDWUDJHGLDHQ
VLQWRQtD FRQ XQD GDQ]D FDUQDYDOHVFD
HMHFXWDGRSULQFLSDOPHQWHSRUORVMyYHQHV
(QIDWL]y³HOFDUQDYDOHVMXHJR\SURWHVWD
SDUDQRVRWURV\ORKDFHPRVFRQQXHVWUD
P~VLFD FDQWR \ FRUHRJUDItD GH OD
F R P S D U V D ´ ( Q W U H Y L V W D H Q / L P D (VFHQL¿FDFLyQ
3DUDORVDFFRPDUTXLQRVHODFWRGHGUDPD
WL]DUWHDWUDOL]DU XQ HYHQWR R ODV SUiFWLFDV
GH WUDGLFLyQ FXOWXUDO DQGLQD HV GHQRPL
QDGRHVFHQL¿FDFLyQ6LELHQODUHSUHVHQWD
FLyQGHODPDVDFUHHVXQHOHPHQWRFHQWUDO
HQ OD HVFHQL¿FDFLyQ WDPELpQ UHSUHVHQ
WDURQ\UHFUHDURQODIRUPDGHYLGDFRPXQDO
TXH D~Q VH SUDFWLFD HQ$FFRPDUFD WDOHV
FRPRHODUDGRGHODWLHUUDODVLHPEUD\OD
FRVHFKD(QHVWHDPELHQWHLPDJLQDULRORV
MyYHQHVGDQ]DQIRUPDQGR¿JXUDVJHRPp
WULFDVPLHQWUDVORVDGXOWRV\QLxRVUHFUHDQ
HO WUDEDMR GRPpVWLFR \ DJUtFROD 3HUR HO
GHVDUUROORQRUPDOGHHVWDFHOHEUDFLyQIXH
LQWHUUXPSLGR SRU HO VRQLGR GHO WHUURU D
PRGRGHGLVSDURVGHEDODTXHVHSURSDJy
GHVGH HO HVWUDGR D WUDYpV GH UHSHWLGRV
JROSHV DO PLFUyIRQR FRQ OD SDOPD GH OD
PDQR8QDSDWUXOODGHPLOLWDUHVLQJUHVyDO
HVFHQDULRGHOFDUQDYDOUHXQLyDODJHQWH
DSXQWDQGR VX DUPD D TXLHQHV LQWHQWDURQ
HVFDSDU /R TXH VLJXLy HV XQ GUDPD GHO
DFRQWHFLPLHQWRYLYLGR &RPHQ]yFRQXQ
GLiORJR HQ TXHFKXD HQWUH GRV PXMHUHV
LQWHUSUHWDGRSRUODVYRFDOLVWDV
6RItD0DPD0DUJDULWDDQRFKHKH
VRxDGRPX\IHR$KRUDHVWiQYLQLHQGRORV
PLOLWDUHVSRUODSDPSDGH3LWHFF£9DPRV
DHVFRQGHUQRV£1RVSXHGHQPDWDU
0DUJDULWD¢3RUTXpQRVYDQDPDWDUD
QRVRWURVVLQFDXVDDOJXQD"6LTXLHUHV
HVFyQGHWHW~WRQWDPHQWHSHUR\RPHYR\
DTXHGDUHQPLFDVD
3URVLJXLy OD RUGHQ GH OD WURSD SRU HO
HQWRQFHVVXEWHQLHQWH7HOPR+XUWDGR
7HOPR+XUWDGR£$WHQFLyQWURSD6ROGD
GRVMXQWDUDWRGDVODVSHUVRQDVTXH
HQFXHQWUHQSDUDXQDUHXQLyQ7RGDVODV
SHUVRQDVGHEHQVHUFRQGXFLGDVDODFDVD
GHWHMDVTXHHVWiXELFDGRHQHOOXJDU
GHQRPLQDGR/ORFFOODSDPSDeVHHO
RUGHQ¢(QWHQGLGR"
7URSD6tWHQLHQWH7HOPR+XUWDGR
/RVPLOLWDUHVJROSHDURQDORVSREODGRUHV\
ORVFRQGXMHURQDODVXSXHVWDFKR]DGHWHMDV
0LHQWUDV WDQWR 7HOPR +XUWDGR MXQWR FRQ
XQ VXEDOWHUQR VH WRSy FRQ XQD SDUHMD GH
DQFLDQRV \ OH SLGLy DFRPSDxDUOR D OD
UHXQLyQ (O DQFLDQR UHVSRQGLy HQ VX
6REUHYDULDVIRUPDVGHSURGXFFLyQDUWtVWLFDGHODYLROHQFLDSROtWLFDHQHO3HU~YpDVHHOUHFLHQWHOLEURHGLWDGRSRU&\QWKLD(0LOWRQ$UWIURPD)UDFWXUHG3DVW
9pDVHORVVLJXLHQWHVYLGHRVHQ<RX7XEHKWWSVZZZ\RXWXEHFRPZDWFK"Y J+IYQ4<HF!PLQXWRVDKWWSVZZZ\RXWXEHFRPZDWFK"Y ]HGG&:F,!PLQXWRVD
9ROYHUDOtQGLFH
6
LGLRPDQDWDOSHURSDUDHOPLOLWDUTXHQR
HQWLHQGH HO TXHFKXD VX UHVSXHVWD IXH XQ
LQVXOWR
7HOPR+XUWDGR£2\HDQFLDQRDFRPSi
xDPHDODUHXQLyQHQ/ORFFOODSDPSD
$QFLDQR(VSpUHPHSRUIDYRU9R\D
OOHJDUDPLFDVDDGHMDUPLEXUULWR\OD
FDUJD/XHJRLUpDODDVDPEOHD
7HOPR+XUWDGR¢4XpPHKDVGLFKR"
0HKDVLQVXOWDGR0XHUHYLHMRWHUUXFR
SXP«
$QFLDQD¢3RUTXpKDVPDWDGRDPL
PDULGRGHVJUDFLDGRVROGDGR"
7HOPR+XUWDGR7~WDPELpQPXHUHYLHMD
WHUUXFDSXP«
'HDFXHUGRFRQHOKLVWRULDGRU&DUORV$JXL
UUHHOWpUPLQR³WHUUXFR´HVXQVXVWLWXWRGH
WHUURULVWDTXHLQLFLDOPHQWHHUDUHIHULGRD
ORV VLPSDWL]DQWHV R SDUWLGDULRV GH 6/
GXUDQWH HO SHULRGR OD YLROHQFLD SROtWLFD
OXHJR VH DPSOLy D RWURV VHFWRUHV GH OD
SREODFLyQFRPRXQHVWLJPDLQFOX\HQGRD
ORV GHIHQVRUHV GH GHUHFKRV KXPDQRV
HVSHFLDOPHQWH GXUDQWH OD GLFWDGXUD GH
$OEHUWR )XMLPRUL HQ OD GpFDGD GH $JXLUUH
'HVSXpVGHODVHVLQDWRGHORVDQFLDQRVHQ
ODVLJXLHQWHHVFHQD7HOPR+XUWDGRRUGHQy
DVXWURSDPDWDU\TXHPDUHOFXHUSRGHODV
YtFWLPDV³6ROGDGRVDSXQWHQVXVDUPDV
GLVSDUHQSXP«SXP«SXP«4XHPHQOD
FDVDSDUDTXHQRTXHGHQLQJ~QUDVWURQL
KXHOOD´ 'HVSXpV GH HVWH DFWR HO PLOLWDU
RUGHQy OD UHWLUDGD ³£$WHQFLyQ WURSD
£5HWLUDGD£0DUFKHQ´/RTXHVLJXLyIXH
HOIXQHUDO\HQWLHUURGHORVPXHUWRVDFRP
SDxDGRFRQHOFDQWRUHOLJLRVR³6DQ*UHJR
ULR´)LQDOPHQWH$EHO*RPH]DxRV
GHOHJDGR GH OD FRPSDUVD FODPy SRU OD
MXVWLFLD HQ PHPRULD GH ODV YtFWLPDV GH
$FFRPDUFD³'HHVWDPDQHUDKDQPXHUWR
QXHVWURVSDGUHV\PDGUHVQXHVWURVSDLVD
QRVLQRFHQWHV3RUHVRKDVWDHOPRPHQWR
ORV DFFRPDUTXLQRV HVWDPRV SLGLHQGR
MXVWLFLD 7RGRV SXHV H[LMDPRV MXVWLFLD HQ
PHPRULDGHWRGRVORVPXHUWRV\GHVDSDUH
FLGRV GH $FFRPDUFD 3DUD WRGRV HOORV
£-XVWLFLD SDUD $FFRPDUFD £$FFRPDUFD
YLYH £$FFRPDUFD QR VH ULQGH´ (QWUH
YLVWDHQ/LPD
'HVSXpV GHO FRQFXUVR KDEOp FRQ )ORULiQ
3DODFLRVTXLHQSHUVRQL¿FyHQODHVFHQL¿
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
FDFLyQ DO MHIH GH OD SDWUXOOD VXEWHQLHQWH
7HOPR +XUWDGR (VWDED YHVWLGR FRQ HO
XQLIRUPH YHUGH ERWDV \ SDVDPRQWDxD
QHJUD FRQ OHQWH SRODUL]DGR (O URVWUR
SLQFHODGR GH FRORU QHJUR \ YHUGH /H
SUHJXQWp¢FyPRHUDSRVLEOHUHPHPRUDUDO
MHIH GH OD SDWUXOOD PLOLWDU TXH PDQGy D
PDWDUQRVyORDVXSDGUHVLQRWDPELpQDOD
JHQWHGHVXSXHEOR"&RQVXPDFDXWHODPH
GLMR ³3DUD Pt UHDOPHQWH KDFHU HVWR HV
DOJR« /ODQWR UHFRUGDU HVH PRPHQWR
SHUGHUDPLVVHUHVTXHULGRVHVDOJRGHPD
VLDGRFKRFDQWHSDUDPt<RKDJRHOSDSHO
GHO PLOLWDU SDUD KDFHU YHU D OD RSLQLyQ
S~EOLFD FyPR IXH PDVDFUDGR QXHVWUR
SXHEOR´(QWUHYLVWDHQ/LPD
HQORVHQVD\RV\HQORVFRQFXUVRV´(QWUH
YLVWDHQ/LPD
&RQFOXVLyQ
(O3HU~HVXQDVRFLHGDGTXHD~QVHUHFX
SHUDGHODVFRQVHFXHQFLDVGHODYLROHQFLD
SROtWLFDGRQGHODSURGXFFLyQFXOWXUDOGHOD
PHPRULDGHDTXHOODH[SHULHQFLDYDPXFKR
PiVDOOiGHORVWHVWLPRQLRVRUDOHV\FRQV
WUXFFLRQHV GH PHPRULDOHV &RPR HQ OD
H[SHULHQFLD FROHFWLYD GH ORV DFFRPDU
TXLQRV \ ORV D\DFXFKDQRV OD UHPHPRUD
FLyQGHOSDVDGRUHFLHQWHÀX\HDWUDYpVGHO
FDQWRODP~VLFD\ODGDQ]DHQHOTXHLQWHU
YLHQHQQRVyORORDF~VWLFRRODOHWUDGHOD
FDQFLyQWHVWLPRQLDOYLQFXODGDDXQDFRQV
WUXFFLyQ VRQRUD VLQR WDPELpQ HO FXHUSR
PLVPRFRPRPDWHULDSULPDGHODPHPR
ULD 6L ELHQ HO WH[WRFDQFLyQ FRQGHQVD OD
QDUUDWLYD GHO DFRQWHFLPLHQWR YLYLGR \
UHFRUGDGR VLQ HPEDUJR OR TXH OH GD
FRQVLVWHQFLD \ GHQVLGDG HV OD GLPHQVLyQ
GDQFtVWLFD\GUDPiWLFDGHODHVFHQL¿FDFLyQ
HQ HO TXH UHQXHYDQUHFUHDQ XQD KLVWRULD
WUiJLFD /R TXH SHUPLWH OD P~VLFD \ OD
GDQ]DHVODHYRFDFLyQGHODPHPRULDFRPR
QDUUDWLYD WHVWLPRQLDO SDUD GLJQL¿FDU OD
YLGDGHORVPXHUWRV\ORVYLYRVSDUDUHPH
PRUDU\H[LJLUMXVWLFLD
7UDQVPLVLyQ
LQWHUJHQHUDFLRQDO
/DSDUWLFLSDFLyQGHORVMyYHQHVIXHIXQGD
PHQWDO SDUD ORV DFFRPDUTXLQRV SRUTXH
FUHHQTXHODVJHQHUDFLRQHVVXEVLJXLHQWHV
SXHGHQFRQWLQXDUUHFODPDQGRODDQVLDGD
MXVWLFLDTXHWDOYH]QROOHJXHQDSDOSDU
GDGRTXHORVVREUHYLYLHQWHVHQSRFRDxRV
PiVGHMDUiQGHH[LVWLU3RUHVRVLHQWHQTXH
HVVXGHEHUWUDVPLWLU\VHQVLELOL]DUDVXV
KLMRVPHGLDQWHODVSUiFWLFDVFXOWXUDOHVGHO
FDUQDYDO (Q HVH VHQWLGR H[LVWHQ FLHUWRV
HVSDFLRVPXWXRV\ÀXLGRVTXHSHUPLWHQOD
LQWHUDFFLyQ HQWUH JHQHUDFLRQHV D HO
HVSDFLRIDPLOLDUGRQGHÀX\HODFRPXQL
FDFLyQPiVLQWLPDHQWUHSDGUHVHKLMRVE
HO HVSDFLR LQVWLWXFLRQDO PH UH¿HUR D OD
$VRFLDFLyQ +LMRV GH $FFRPDUFD HVSH
FLDOPHQWHDVXORFDOLQVWLWXFLRQDOGRQGH
VHGLVFXWH\VHSURPXHYHODRUJDQL]DFLyQ
GHGLIHUHQWHVDFWLYLGDGHVVRFLDOHV\FXOWX
UDOHV HQWUH ORV DFFRPDUTXLQRV \ F HO
HVSDFLR GHO FDUQDYDO FRPR HVSDFLR
S~EOLFRGRQGHKD\³MXHJR\SURWHVWD´(Q
HVWRVHVSDFLRVORVMyYHQHVKDQFUHFLGRVH
KDQ FRQRFLGR H LQFOXVR KDQ LQLFLDGR
QRYLD]JRV \ PDWULPRQLRV 8QR GH HVWRV
MyYHQHVHV$EHO*yPH]HORJLDGRSRUVX
H[FHOHQWH OLGHUD]JR FRPR OtGHU GH OD
FRPSDUVDGH$FFRPDUFDHQORV~OWLPRV
DxRV$XQTXHQDFLyHQ$FFRPDUFDFRPR
PXFKRVMyYHQHVDQGLQRVWDQSURQWRFRPR
WHUPLQyVXHGXFDFLyQVHFXQGDULDPLJUyD
/LPD&XDQGRRUJDQL]yDORVMyYHQHVSDUD
SDUWLFLSDUHQHOFRQFXUVRGHOFDUQDYDOGHO
DxRPXFKRVGHHOORVQLVHFRQRFtDQ
³0XFKRVMyYHQHVTXHQLVLTXLHUDFRQRFHQ
$FFRPDUFD SHUR VRQ KLMRV GH DFFRPDU
TXLQRV FRPHQ]DURQ D DFRSODUVH H
LQFOXVR KXER XQD VRUSUHVD TXH PXFKRV
MyYHQHVKDVWDVHOOHJDURQDFRQRFHUDOOt
‹&DUORV*DVWHOXPHQGL
%LEOLRJUDItDFLWDGD
$*8,55(&DUORV
³7HUUXFRGHP«,QVXOWR\HVWLJPDHQODJXHUUDVXFLDSHUXDQD´HQ+LVWyULFD;;;9
$521e60DULDQR
³(OSURFHVRGHGHVPLOLWDUL]DFLyQHQ$\DFXFKR´HQ/XGZLJ+XEHUHGLWRU&HQWUDOLVPR\
GHVFHQWUDOL]DFLyQHQ$\DFXFKR/LPD,(3
$521,5HQ]R
6HQWLPLHQWRGHSXPSLQ0~VLFDPLJUDFLyQ\PHPRULDHQ/LPD3HU~7HVLVSDUDRSWDUHOJUDGRGH
0DHVWURHQ$QWURSRORJtD0p[LFR81$0
0,/721&\QWKLD
$UWIURPD)UDFWXUHG3DVW0HPRU\DQG7UXWK7HOOLQJLQ3RVW6KLQLQJ3DWK3HUX'XUKDP\/RQGRQ
'XNH8QLYHUVLW\3UHVV
9È648(=&KDOHQD\$ELOLR9(5*$5$
&KD\UDT(OFDUQDYDOD\DFXFKDQR$\DFXFKR&('$37$5($
5,77(5-RQDWKDQ
³&DUQLYDORI0HPRU\6RQJVRI3URWHVWDQG5HPHPEUDQFHLQWKH$QGHV´HQ6PLWKVRQLDQ:RONZD\V
0DJD]LQH(QOtQHDKWWSZZZIRONZD\VVLHGXPDJD]LQHBVSULQJBVXPPHUIURPBWKHB¿HOGDVS[
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
%FUSÈTEFMBTNPOUB×BT
*NBHFOEFMBTIÈOJOLB"MFKBOESP$BMEFSØO
FOUSFMPT:ÈOFTIBEFMBTFMWBDFOUSBM
1DWDOt'XUDQG*XHYDUD
$QWURSyORJDLQYHVWLJDGRUDGHO,)($
$ OR ODUJR GHO WLHPSR ODV FXOWXUDV ORV
GLYHUVRVSXHEORVKDQWUDVPLWLGRVXKLVWRULD
GH PDQHUD RUDO SXHV OD UHSUHVHQWDFLyQ
QDUUDWLYDDQWHVGHHVFULELUVHVHFXHQWD\VH
R\HVHGLFH\VHHVFXFKDVHUHFLWDYHUEDO
PHQWHDORWURRDORVRWURVHQWDOVHQWLGROD
RUDOLGDG KD XWLOL]DGR GLYHUVRV FyGLJRV
FRPRORVPLWRVODVOH\HQGDVORVFXHQWRV
KLVWyULFRV KHFKRV YHUtGLFRV HQWUHPH]
FODGRVFRQVXFHVRVIDQWiVWLFRV
/D RUDOLGDG FREUD VHQWLGR HQ HO DFWR GH
FRQWDUSXHVHVSDODEUDYLYDODTXHWLHQHTXH
VHUSURQXQFLDGD\UHJLVWUDGDHQODPHPRULD
GHVXVQDUUDGRUHV/DHVFULWXUDHVXQDSRVL
ELOLGDGGHFRQVWDWDFLyQSXHV WUDGXFLHQGR
OR DXGLEOH VH SRVLELOLWD VX FRQVHUYDFLyQ
VLHQGR XQD GH ODV IRUPDV SRU ODV TXH OD
PHPRULD FROHFWLYD GH XQD FRPXQLGDG
KDEODQWHSXHGHGLIXQGLUVH\OOHJDUDRWUDV
FXOWXUDV D RWURV SXHEORV TXH SRGUiQ
FRPSUHQGHUOD\UHLQWHUSUHWDUOD
(QHOVLJXLHQWHWH[WRQRVFRQFHQWUDUHPRV
HQOD¿JXUDGH$OHMDQGUR&DOGHUyQ\FRPR
D WUDYpV GH VX ¿JXUD HO SXHEOR \iQHVKD
UHFXHUGD HO SURFHVR GH YLROHQFLD SROtWLFD
RFXUULGRHQODVHOYDFHQWUDO
KLVWRULDV RUDOHV TXH QDUUDQ GLYHUVRV
KHFKRVGHVGHODFUHDFLyQGHOPXQGRD
PDQRV GH <DWR <RV KDVWD KLVWRULDV GH
HQYLDGRV GLYLQRV FRPR OD GH <RPSRU
6DQWRPiVFRQRFLGRHQODKLVWRULDR¿FLDO
FRPR-XDQ6DQWRV$WDKXDOSD6RQKLVWR
ULDVTXHPDUFDQGHDOJXQDPDQHUDODYLGD
FRWLGLDQD GH VXV KDELWDQWHV (Q ORV
~OWLPRV WLHPSRV YLHQHQ HODERUDQGR
QXHYDV VHUUSDUxDWV XQD HQ SDUWLFXODU
OODPDODDWHQFLyQ\HVODTXHVHKDWHMLGR
DOUHGHGRU GH OD ¿JXUD GH $OHMDQGUR
&DOGHUyQ
'RVKLVWRULDVRUDOHV\OD
FRQVWUXFFLyQGHVHUUSDUxDWV
'RV PLWRV \iQHVKDV DQWLJXRV H LPSRU
WDQWHVVRQORVGH(QFR,QFD\VXVKLMRV
7~SDF<XSDQF\+XDVFDU\ODKLVWRULDGH
<RPSRU6DQWRR-XDQ6DQWRV$WDKXDOSD
&RQRFHUORVQRVSHUPLWLUiSURIXQGL]DUHQ
ODFRQVWUXFFLyQDFWXDOGHODPHPRULDD
WUDYpVGHODKLVWRULDGH$OHMDQGUR&DOGH
UyQFRPSDUDQGR\DQDOL]DQGRODVGLIH
UHQFLDV\VLPLOLWXGHVHQWUHODVKLVWRULDV
DQWLJXDV\ODVFRQWHPSRUiQHDV
/DPHPRULDSDUDORV\iQHVKDV
/RV\iQHVKDVFRPRPXFKRVRWURVSXHEORV
GHODDPD]RQLDWLHQHQXQDIRUPDSDUWLFXODU
GH UHFRUGDU HO SDVDGR D WUDYpV GH
FDQFLRQHV VRVPxDWV ODV FXDOHV FXHQWDQ
KLVWRULDVVREUHORVYDORUHVPRUDOHV\D
WUDYpV GH ODV VHUUSDUxDWV R QDUUDFLyQ GH
KLVWRULDVRUDOHV
6HUUSDUxDWVSURYLHQHGHOYHUERVHUUSDUHWH
xHWV HO FXDO VLJQL¿FD ³KDEODU UHODWDU R
SUHGLFDU´ 6DQWRV *UDQHUR 6RQ
(QF,QFD<XSDF<XSDQF\
+XDVFDU
/DKLVWRULDGH(QFR,QFDHVSDUDDOJXQRV
LQYHVWLJDGRUHVODPXHVWUDPiVFODUDGHOD
SUHVHQFLD,QFDLFDHQODVHOYDFHQWUDOHQ
JHQHUDO \ HQ SDUWLFXODU GH OD UHODFLyQ
FRQORV\iQHVKDVTXHSDUHFHKDEHUVLGR
XQD UHODFLyQ DVLPpWULFD GH VXERUGLQD
FLyQ\FDUJDGDGHWHQVLRQHV\FRQÀLFWRV
VRFLDOHV
9ROYHUDOtQGLFH
³(QFQDFLyHQORVWLHPSRVTXHODVPXMHUHVQRGDEDQDODOX]QLxRVVLQRD
GHPRQLRVMR
FXOHEUDV\SHUURV'HELGRDTXHQRGDEDQDOX]QLxRVWHQtDQ
PLHGRDTXHGDUVHHPEDUD]DGDV+DEtDXQVDFHUGRWHTXHWHQtDXQDKLMDOD
HQFHUUyHQHOSLVRPiVDOWRGHVXFDVD\ODYLJLOySDUDTXHQRVHHQFRQWUDVH
FRQKRPEUHDOJXQRTXHGDVHHPEDUD]DGD\GLHVHDOX]DQLPDOHV\GHPR
QLRV
6LQHPEDUJRXQDQRFKHGHFDPLQRDXQDUEXVWRFRQHO¿QGHRULQDUODKLMD
GHOVDFHUGRWHKDOOyDXQKRPEUHUHFRVWDGRVREUHODHVFDOHUD'HVSXpVGHXQD
ODUJDGLVFXVLyQODPXMHUEDMy\SDVyVREUHpO)XHDVtTXHODPXMHUTXHGy
HPEDUD]DGD6HORFRQWyDVXVSDGUHVTXLHQHVTXHGDURQPX\VRUSUHQGLGRV
SRUTXHQRKDEtDQYLVWRDQDGLHVXELHQGRDOSLVRGHDUULED6XVSDGUHVVHGHGL
FDURQDFXLGDUOD
&XDQGRODPXFKDFKDTXHHVWDEDDSXQWRGHGDUDOX]VDOLyGHODFDVDDPHGLD
QRFKHVLQFRQWiUVHORDVXVSDGUHV+DOOyXQDJUDQSHxD\GHEDMRGHHOODGLRD
OX] &XDQGR DPDQHFLy VXV SDGUHV VH GLHURQ FXHQWD GH VX DXVHQFLD \ VH
SXVLHURQDEXVFDUOD/DHQFRQWUDURQ\YLHURQTXHKDEtDGDGRDOX]DXQQLxR
HUD(QF'HVGHHQWRQFHVODVPXMHUHVFRPHQ]DURQDGDUDOX]QLxRV
(OQLxROORUDEDVLQSDUDU\ODJHQWHQRVDEtDTXpKDFHUSDUDGHMDVHGHOORUDU
8QDDQFLDQDTXHWHQtDXQPDQRMRGHSOXPDVGHRFOODUUHPODWDQDJUDGHVLHWH
FRORUHVHQYROYLyD(QFHQHOODVHLQPHGLDWDPHQWHHOQLxRVHFDOOy(QWRQFHV
ODVSHUVRQDVHPSH]DURQDUHFROHFWDUPiVSOXPDVGHSiMDURVGHFRORUHVSDUD
WHMHUOHD(QFXQDW~QLFDFRQHOODV&XDQGRODW~QLFDHVWXYROLVWDOOHYDURQD
(QFDODFDVDGHVXVDEXHORV7RGRVEDLODEDQ\FDQWDEDQDOULWPRGHODP~VLFD
VDJUDGDFRVKDPxDWVFHOHEUDQGRHOQDFLPLHQWRGH(QF
&XDQGROHSXVLHURQODW~QLFDDOQLxR(QFHPSH]yDFUHFHUUiSLGDPHQWH3DVy
XQDxR\(QF\DHUDXQDGXOWRHUDXQKRPEUHSRGHURVR\ODJHQWHORUHVSH
WDED/XHJR(QFVHFDVyFRQ<DFKRU3DOODODKLMDGH<DWR
<RVXQGtD<DWR<RV
OODPyDVXKLMDGHYXHOWDDOFLHOR(QFODVLJXLy\DOKDFHUORLQDGYHUWLGDPHQWH
DEULyODSXHUWDTXHPDQWHQtDOHMRVDORVKRPEUHVEODQFRV
(QFFRQWLQXyEXVFDQGRD3DOODGHMDQGRWUDVGHVtDVXVGRVKLMRV+XiVFDU\
<XSD<XSDQFSDUDTXHGHWXYLHVHQDORVKRPEUHVEODQFRV+XiVFDUSLGLy
D\XGD D VX KHUPDQR PD\RU SDUD FHUUDU OD HQWUDGD SRU OD TXH VDOtDQ ORV
KRPEUHVEODQFRVSHUR<XSD<XSDQFVHUHKXVyD D\XGDUOR/RVKRPEUHV
EODQFRVFDSWXUDURQDORVGRVKHUPDQRV(FKDURQDOIXHJRD<XSD<XSDQF\
DOOtVHFRQYLUWLyHQRUFRFHOPRFKXHOR7DPELpQDUURMDURQDOIXHJRD+XiV
FDUSHURpVWHORJUyHYLWDUFDHUHQHOIXHJR\VHFRQYLUWLyHQDUFRLULV´(QWUH
YLVWDD7$
6
<RPSRU6DQWR±(OHPLVDULR
GLYLQR
/DKLVWRULDGH<RPSRU6DQWRHVODKLVWRULD
GHXQSHUVRQDMHVXPDPHQWHFRQRFLGRHQ
OD KLVWRULD SHUXDQD OD GH -XDQ 6DQWRV
$WDKXDOSD/DKLVWRULDR¿FLDOQRVGLFHTXH
IXH XQ FDXGLOOR PHVWL]R QDFLGR HQ HO
&X]FRSUREDEOHPHQWHHODxRHOFXiO
GLULJLyXQDLPSRUWDQWHUHEHOLyQLQGtJHQD
HQHO9LUUHLQDWRGHO3HU~(QFLFORSHGLDGH
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
‹1DWDOt'XUDQG
+LVWRULD GHO 3HU~ FX\R SULQFLSDO
ORJURIXHQRKDEHUSHUPLWLGRTXHORVHVSD
xROHV HQWUDUDQ D WHUULWRULR DPD]yQLFR
DVKiQLQND\iQHVKD\VKLSLER1XQFDVH
VXSR TXH SDVy FRQ pO VH SUHVXPH TXH
PXULyHQDOJXQDEDWDOOD(OSHUVRQDMHGH
-XDQ6DQWRVVHDGHFXySHUIHFWDPHQWHDODV
FRQFHSFLRQHVPHVLiQLFDVGHODVHWQLDVGH
ODVHOYDFHQWUDO3DUDORV\iQHVKDVHUDXQ
HQYLDGRGH<RPSRU5RUQXHVWUR3DGUHHO
6RO
6HJ~QODFRQFHSFLyQ\iQHVKDFXDQGR<XSDF<XSDQF\ +XDQVFDUQRSXGLHURQ
FHUUDUHOFHUURYLQLHURQORVHVSDxROHVDPDWDUQRV\HPSH]DURQDDEXVDUQRVYLRODU
QRVPDWDUQRVHPSH]DURQDSROLWL]DUORVFDGDXQRDVKiQLQNDV\iQHVKDVDFDxH
SRFDxRVFDVKLERVFDGDXQRWHQtDVXOtPLWH\VLXQRSDVDEDSRUHOODGRGHORWUROR
PDWDEDQDSDUWHTXHHVWDPRVSHOHDGRVHQWUHLQGtJHQDVYLQLHURQORVHVSDxROHV\
IXHSXUDYLROHQFLD
<RPSRU6DQWRHVKXPDQRFRPRQRVRWURVVRODPHQWHSRUTXHHOYLQRDGHIHQGHUQRV
VHOHGLRHOWtWXORGH<RPSRUSRUTXHQRVRWURVHVWDPRVSHOHDGRVHQWUHDVKiQLQNDV
FRQLERSHURVLQHPEDUJRHVWH<RPSRU6DQWROOHJyHQWRQFHVHPSH]yDHQWUHWHQHU
QRVpOVDEtDORVLGLRPDV\iQHVKDDVKiQLQNDHQWRQFHVHPSH]yDKDFHUQRVMXJDU
FDQWDUHPSH]yKDFHUQRVMXHJRVFRQSDQFDSDQFDFRQRQGDDVtQRVHQWUHWHQtD
HQWRQFHVOODPyDDVKiQLQNDVD\iQHVKDVDDJXDM~QQRVKDKHUPDQDGRQRVKD
XQLGRQRVKDKHFKRSXHEOR\\DKDKDELGRXQDDPLVWDG\DQRKDEtDXQUHQFRU
HQWUHWRGRVQRVDEHPRVFXiQWRVKDQSDVDGRGHHVRSRUTXHODKLVWRULDHVRUDOOD
FRVDHVTXH\DQRVKHPRVIDPLOLDUL]DGRWRGRVORVLQGtJHQDVDFiHQODVHOYDFHQWUDO
6XPDGUH<DFKRU3DOODUORPDQGyDOOtDOPHGLRGHODWLHUUDHQ³0HWUDUR´DKtLEDD
HVWDUDKtKDHVWDGRDKtQRVKDUHXQLGRDWRGRVKDKHFKRVXWHPSORQRVKDFtD
FDQWDUMXJDUHQWUHWHQHUQRVFRQOD¿QDOLGDGTXHQRVKDJDDPLVWDUXQDYH]DPLV
WDGRVKDSODQL¿FDGRKDEtDXQJUXSRGHFHQWLQHODVTXHHVWDEDKDFLHQGRKLHUURXQD
YH]\DQRVKHPRVKHUPDQDGRWRGRXQGtDQRVGLMRDVtFRPRKHPRVMXJDGRKHPRV
FDQWDGRDVtYDPRVDGHIHQGHUSHURFRPRKDQGHVREHGHFLGRpOWDPELpQQRVDEtD
TXHDOTXHKDHOHJLGRFRPRVXEUD]RGHUHFKRHVXQEUXMR³SVL\H´TXHHVXQEUXMR\
pOQRVDEtDTXHHUDVXDPLJRLQWLPRTXHpOKDHOHJLGR)LQDOPHQWH\DQRVKDQ
OOHYDGRDWRGRVDGHIHQGHUQXHVWURVGHUHFKRVFRPRLQGtJHQDVIUHQWHDORVHVSDxR
OHVFRPRHO\DKDEtDHVWDGRDKt\VDEtDORVVHFUHWRVGHODJXHUUDHPSH]DURQD
DJDUUDUJHQWHTXHVRQIXHUWHVFRPR\iQHVKDVDVKiQLQNDVFRQFHQWUDGRVFXUDGRV
SDUDODJXHUUDRUJDQL]yELHQSRUKDFHUHVROHGHFLPRV<RPSRUSRUTXHTXLpQKD
WHQLGRHOSRGHUGHKDFHUHVRVLHVWDPRVSHOHDGRVPDWiQGRQRVHQWUHLQGtJHQDV
)LQDOPHQWHORVH[SXOVDPRVHOORVFRPRQRVGRPLQDQSRUDUPDVDGHPiVXQGtDHQ
HO~OWLPRMXHJRSDUWLFLSDVXDPLJREUXMRDpOQDGLHORSHVFDED\HOEUXMRGH
UHSHQWHOHGLFH\RVLWHSHVFRFRPRQDGLHOHSHVFDD<RPSRU6DQWRHOEUXMRVDFyGH
VXPRUUDOSDUHFHDFKRWHHPSH]yDXQWDUKDEtDVLGRXQKXHVR\YHUGDGOHGLRD
<RPSRU6DQWRORGLRIXHUWHGHDKtHVORTXHORKDKHULGRFRPRORKDKHULGRpOVH
HVFDSyHOEUXMRHQWRQFHV<RPSRU6DQWR\DHVWDEDSRUPRULUVHEXVFDDPLDPLJR
OHVGLMRSHURQROHGLJDQQDGDTXHHVWR\HQIHUPRTXHVLJRDWHQGLHQGRDODJHQWH
PDQGyDD¿ODUXQPDFKHWHGHGRV¿ORVHQWRQFHVVHIXHURQDEXVFDUOR\ORWUDMHURQ
YLQRGRQGHHVWDPLKHUPDQRGLMRHOEUXMRHVWiVXELHQGRODHVFDOHUDORHVWDEDQ
HVSHUDQGRFRQHOPDFKHWHD¿ODGRQLELHQVHDSDUHFLyORFRUWyVXFDEH]D\VHYROy
FRPRSLFDÀRUVHKDKHFKRVHYROYLyXQSLFDÀRUPDODJHURTXHOODPDPRVHQOD
VHOYDHQWRQFHVHUDXQEUXMR3DUDORV\iQHVKDVHO<RPSRU6DQWRVHGHVDSDUHFLyHQ
VXWDULPDTXHHVWDEDHQIHUPRPiVVLVDEHPRVTXHpOUHJUHVRDVXPDGUHSDUDORV
\iQHVKDVQRKD\XQVLWLRGRQGHHQWHUUDURQD<RPSRU6DQWRVLQRGLFHTXHSDUDORV
\iQHVKDVTXHVHUHJUHVyDVXPDGUHDKtVHGHVDSDUHFLyVRODPHQWHORTXHGHMyHVVX
FXVKPD\ORWHQtDPRVFDQWDQGRPXFKRWLHPSRSHURHVDFXVKPDQRVODUREDURQORV
KHUPDQRV QRPDWVLJXHQJD QRV OD UREDURQ DKt WHUPLQD OD KLVWRULD GH <RPSRU
6DQWR´(QWUHYLVWDD(%
/DVGRVKLVWRULDVWLHQHQHQFRP~QTXHQRV
KDEODQGH SHUVRQDMHVTXHKDQH[LVWLGR\
TXHVDEHPRVSRUGRFXPHQWRVKLVWyULFRV
FRPR FDUWDV HVFULWDV SRU H[SORUDGRUHV
TXH HVWXYLHURQ HQ OD ]RQD \iQHVKD
WDPELpQQRVPXHVWUDQTXHDSDUWLUGHXQ
KHFKR UHDO ODV KLVWRULDV YDQ FREUDQGR
PDWLFHVPiJLFRVPHFDQLVPRTXHD\XGDD
UHIRU]DU VX UHFXHUGR )LQDOPHQWH YHPRV
FRPR HQ ODV KLVWRULDV OHV RWRUJDQ XQ
FDUiFWHUGLYLQRDHVWRVSHUVRQDMHV
$OHMDQGUR&DOGHUyQVX
LPSRUWDQFLD\ODFRQVWUXFFLyQ
GHQXHYDVVHUUSDUxDWV
(QODGpFDGDGHHOIUHQWHGHOD6HOYD
&HQWUDOGHO057$ KL]R VXLQJUHVRD OD
]RQDGHO3DOFD]~GDQGRLQLFLRDXQDpSRFD
TXH URPSLy HO RUGHQ VRFLDO GHO SXHEOR
\iQHVKD'RVVRQORVKHFKRVTXHSULQFL
SDOPHQWH VH UHFXHUGDQ OD PXHUWH GH
$OHMDQGUR&DOGHUyQ\ODFRQIRUPDFLyQGHO
HMHUFLWRDVKiQLQNDDPERVKHFKRVUHODFLR
QDGRV+DQSDVDGRPiVGHDxRVGHOD
PXHUWH GH &DOGHUyQ \ VXV SDVRV VLJXHQ
SUHVHQWHV+HUHFRJLGRKLVWRULDVGLYHUVDV
&RUQHVKDOtGHUUHOLJLRVR\SROtWLFR\iQHVKD
9ROYHUDOtQGLFH
VHUUSDUxDWVDOJXQRVFRUQHVKDVKDQDFFH
GLGR D UHVSRQGHU PLV SUHJXQWDV D
FRQWDUPHQXHYDVKLVWRULDVODKLVWRULDGHO
DVKiQLQND
/DPXHUWHGH&DOGHUyQHVFODYHHQODFRQV
WUXFFLyQ GH VHUUSDUxDWV SXHV VX PXHUWH
IXH HO FRPLHQ]R GH OD JXHUUD HQWUH HO
057$HOHMpUFLWRDVKiQLQND\HOHMpUFLWR
SHUXDQRYLpQGRVHORV\iQHVKDVHQPHGLR
GHHVWDOXFKD$HVWRVHDJUHJDDOJRVXPD
PHQWHLPSRUWDQWHQXQFDVHHQFRQWUyVX
FXHUSRVLWXDFLyQLQTXLHWDQWHTXHJHQHUD
OD FUHDFLyQ GH ODV VHUUSDUxDWV SXHV ORV
\iQHVKDVQHFHVLWDQXQFXHUSRItVLFRSDUD
VDEHU TXp VXFHGLy FRQ XQD SHUVRQD
DGHPiVGHTXHVLJXLHQGRD-HOLQVLHPSUH
VHQHFHVLWDXQFXHUSRSDUDORJUDUDFHSWDU
XQD PXHUWH SDUD YHODU \ KDFHU HO GXHOR
-HOLQ
/DVHQWUHYLVWDVQRVSHUPLWLHURQLGHQWL¿FDU
GLYHUVDV YHUVLRQHV VREUH HO VHFXHVWUR GH
$OHMDQGUR &DOGHUyQ SRU SDUWH GH XQD
FROXPQDGHO 057$$QDOL]DPRVGRV GH
HOODVTXHWLHQHQHOPLVPRFRPLHQ]RSHUR
TXH FDPELDQ D SDUWLU GH OD KXLGD GH
&DOGHUyQGHOFDPSDPHQWRGH(O&KDSD
UUDO
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
3ULPHUDYHUVLyQYHUVLyQGH3XHUWR/LEUH
6HJXQGDYHUVLyQ6DQWD,VDEHO
³+D\YDULDVYHUVLRQHVGHOSDUDGHURGH$OHMDQGUR&DOGHUyQSHURH[DFWDPHQWH
QRVDEHPRVGyQGHHVWi6DEHPRVTXHORVDVKiQLQNDVVHOHYDQWDURQDEXVFDUOR
DSDUWHGHpOKDEtDQGRVPiVDVKiQLQNDVTXHKDQPDWDGRD$OHMDQGUR&DOGH
UyQ³VHORKDQPXHUWR´HOORVTXHUtDQYHUGRQGHORKDQHQWHUUDGRTXHUtDQ
HQFRQWUDUHOFDGiYHUHQWRQFHVVXKLMRHO$OFLGHV&DOGHUyQVHOHYDQWD\TXLHUH
UHVFDWDUVLTXLHUDHOFDGiYHUSHURQRHQFXHQWUDQDGDQLHOSRVRGRQGHKDEtD
VLGRHQWHUUDGR%DMRWLHUUDORWHQtDQFRPRGHQWURGHOVXHORQRVHOHYHtDQDGD\
DKtOHWLUDEDQODFRPLGD(VDHVODUD]yQSRUODTXHGLFHQVHKDOHYDQWDGRHO
HMpUFLWRDVKiQLQND(OKLMRQRVFXHQWDTXHHVWDEDpOHVWDEDHVWXGLDQGRHQ/LPD
HQWRQFHVFXDQGRVHHQWHUDTXHKDPXHUWRVXSDGUHKDYHQLGR\QRpOQRWHQtDOD
LQWHQFLyQGHKDFHUHVHOHYDQWDPLHQWRVLQRWDQVyORUHVFDWDUHOFDGiYHUGHVX
SDGUHUH~QHDVXIDPLOLDDUHVFDWDUHOFDGiYHUGHVXSDGUH\GHDKtVXVDPLJRV
OHGLFHQQRYDPRVDLUDVtYDPRVDRUJDQL]DUQRV+D\TXHOHYDQWDUQRVSRUTXp
VLQRKDFHPRVHVRYDQDHVWDUVLHPSUHHQHO9DOOH\FRPR\DKDQPDWDGRD
QXHVWURMHIHYDQDGRPLQDUQRVHQWRQFHVVHKDQLGRFUHDQGRIXHU]D\GHFL
GLHURQ OHYDQWDUVH HQWRQFHV HOORV DYDQ]DURQ \ VH KDQ YHQLGR KDFLD DFi GH
SXHEORHQSXHEOR\FDGDYH]LEDQYLQLHQGRPiV\DO¿QDOORVDVKiQLQNDVKDQ
LGR\ORVDVKpQLQNDVVHOHVKDQVXPDGRWDPELpQ
3HURHOHMpUFLWRDVKiQLQNDKDVLGRELHQFUXHOORVDVKiQLQNDVQRVHOHVPROHVWD
\VRQDPLJRVSHURHOGtDTXHVHOHVPROHVWDFRPRHVWDYH]TXHYLHURQORTXHOH
SDVyDVXMHIHHQWRQFHVWHQtDQTXHDFWXDU<ORVIXHURQFRQVXVDUPDVWUDGLFLR
QDOHVVXVÀHFKDVODQ]DVSDORVDOJXQRVWHQtDQHVFRSHWDVSHURPiVWHQtDQ
ÀHFKDVFXUDGDV\VHSUHSDUDURQHQHOPRQWHSDUDHQWUDUDODJXHUUDOXHJRVH
SLQWDEDODFDUD\ODVPDQRV\DVtHQWUDEDQHQODVFRPXQLGDGHV
3HURSRUJXVWRVHOHYDQWDURQQRPiVQRVHHQIUHQWDURQQXQFDFRQORVQHJURV
\OOHJDURQDVXFDPSDPHQWRGHVSXpVGHODEDWDOODGHO&KDSDUUDOQXQFDOR
HQFRQWUDURQDO&DOGHUyQGLFHQTXHFXDQGRKXERHVDJXHUUD&DOGHUyQVHIXH
ORJUyHVFDSDUVHYDULRVORKDQYLVWRHQ/LPDGLFHTXHHVWiSHURGLVWLQWR\DHV
WLHQHRWUDHVSRVD\WDPELpQKLMRVFKLTXLWRVSHURQRTXLHUHTXHQDGLHORYHD
SRUTXHWLHQHPLHGRGHORVWXSDFKRV
&DOGHUyQKX\HWRGRVXFLR\FDPLQDGtDVHQWHURVKDVWDTXHORJUDYHUODFDUUH
WHUDKDEtDFDPLQDGRVLQFHVDUKDVWDOOHJDUD/D0HUFHGDOOOHJDUKX\HUXPER
DOQRUWHGHOSDtVGRQGHQRORUHFRQR]FDQYLYHHQXQDFDVDRVFXUDSRUPLHGRD
TXHORV057,67$6ORHQFXHQWUHQQRYHDVXVKLMRVQLPXFKRPHQRVDVX
HVSHVDDXQTXHGLFHQTXH\DVHYROYLyDFDVDUD~QDVtQRORJUDVDOLUGHVXFDVD
SRUPLHGRDTXHORHQFXHQWUHQ\ORPDWHQ(QWUHYLVWDD(3
³«/RVFRPSDxHURVORV QHJURVWRPDURQ&LXGDG&RQVWLWXFLyQYHQtDQDFi
FRPRVLIXHUD\DVXFDVDDVtEDMDEDQ\WRGDQRFKHDQGDEDQ\DQLVHSRGtD
SHVFDUSRUTXHHOORVWRGDODVQRFKHVSHVFDEDQ\\DQRTXHGDEDQDGDGHDKt
FXDQGR\DKDVLGRPiVIXHUWHHOKLMRGH$OHMDQGURHO$OFLGHV&DOGHUyQVHKD
OHYDQWDGR
&XHQWDQTXHHO$OHMDQGUR&DOGHUyQHVWDEDHQXQDUHXQLyQHQHOSXHVWRGHVDOXG
FXDQGROHKDQGLFKRORYDPRVDHQMXLFLDUORUHFRJLHURQHQXQDPRWRURMD\DKtOR
OOHYDURQD&LXGDGGH&LXGDGOROOHYDURQDVXFDPSDPHQWRGHO&KDSDUUDODKt
HVWDEDFDVLXQPHV\DQXHVWURVKHUPDQRVDVKiQLQNDVHQWRQFHVHPSH]DURQD
EXVFDUOR\DVtTXHDQGDEDQSRUDUULEDSRUDEDMRHO$OFLGHVVXKLMRPD\RUSDUD
TXHSXHGDUHVFDWDUDVXSDSiEXVFDED\QRORSRGtDQXELFDUKDVWDTXHYLQRHO
HMpUFLWR\WRGRSDUDTXHSXHGDQXELFDUD$OHMDQGUR&DOGHUyQVHGLRHOOHYDQWD
PLHQWRGHORVDVKiQLQNDVWRGRORTXHHV3LFKLV3DOFD]~&XUD\DFX\PiVDOOi
3HURQXQFDORHQFRQWUDURQKDVWDHOGtDGHKR\SRUTXHFXDQGRKXERHOOHYDQWD
PLHQWR GHO &KDSDUUDO YLHURQ FDGiYHUHV SHUR QR HQFRQWUDURQ HO FXHUSR GH
$OHMDQGUR&DOGHUyQGLFHQTXHORWLHQHQHQFHUUDGRHQXQDFXHYDHQPHGLRGH
GRV&HUURVDOOiPiVDOOiGHO&KDSDUUDODKtYLYHGHVQXGRFRQVXSHORODUJR
VXFLRORFR\DVHKDYXHOWRSHURQDGLHVHKDSRGLGRDFHUFDUSRUTXHHVWiFXVWR
GLDGRSRUGRVGHO057$TXHQRORGHMDQHVFDSDU2WURVGLFHQTXHHVWiFDPL
QDQGRHQHOPRQWHORKDQYLVWRHVWiOHMRVDOOiSRUGRQGHYLYHQORVMDJXDUHV
EXHQRHVRGLFHQDTXtHQODFRPXQLGDG´(QWUHYLVWDD15
&RQVWUXFFLyQGHXQDQXHYD
PHPRULDHKLVWRULDV\iQHVKDV
‹1DWDOt'XUDQG
/DV VHUUSDUxDWV VH EDVDQ HQ SHUVRQDMHV
UHDOHVTXH VH VDEH TXH H[LVWLHURQHQ XQ
WLHPSRGHWHUPLQDGRVRQ SHUVRQDMHVFRQ
XQFDUiFWHUGLYLQR\FRQSRGHUHVVREUHQD
WXUDOHVSRGHUHVTXHORVKDFHQVXSHULRUHV
SHUR TXH GHEHQ FXPSOLU FLHUWDV QRUPDV
PRUDOHV \ VL ODV WUDQVJUHGHQ VRQ FDVWL
JDGRV SRU DOJ~Q VHU VXSHULRU FRPR <DWR
<RVRSRUDOJ~QHVStULWXGHOERVTXH
/DV KLVWRULDV QDUUDGDV SRU ORV \iQHVKDV
VREUHHVWRVSHUVRQDMHVQRVKDEODQGH XQ
WLHPSRSUHFLVRGHOXJDUHVGRQGHRFXUUHQ
ORV DFRQWHFLPLHQWRV 1RV GLFHQ DGHPiV
TXHDPERVSHUVRQDMHVGHVDSDUHFHQPLVWH
ULRVDPHQWH VLQ GHMDU UDVWUR YLVLEOH HQ OD
WLHUUD(QHOFDVRGH(QFVXEHDOFLHORGH
<DWR <RV \ HV FDVWLJDGR SRU ORV HUURUHV
FRPHWLGRVFRQWUDORVSREODGRUHV\iQHVKDV
\QXQFDPiVVHYXHOYHDVDEHUGHpO(QHO
FDVR GH <RPSRU 6DQWR GHVSXpV GH VHU
HQYHQHQDGRSRUVXDPLJRXQEUXMR\GH
KDEHUFREUDGRYHQJDQ]DWDPELpQGHVDSD
UHFHVLQGHMDUUDVWURVRODPHQWHTXHGDVX
W~QLFDFRPRHYLGHQFLDGHTXHH[LVWLy
(QWUH\HQFRQWUDPRVXQQXHYR
SHUVRQDMHTXHVHVXPDDODODUJDWUDGLFLyQ
GHKLVWRULDV\iQHVKDV6HWUDWDGHXQOtGHU
DVKiQLQNDGHQRPEUH$OHMDQGUR&DOGHUyQ
UHVSRQVDEOHGHJHQHUDUXQQXHYRGHVRUGHQ
VRFLDO GHELGR DO LQWHQWR GH UHVFDWDUOR \
UHFXSHUDUVXFXHUSR'HVSXpVGHODLQWH
JUDFLyQHQWUHORVGLYHUVRVSXHEORVDPD]y
QLFRVTXHVHGLRFRQ<RPSRU6DQWRYLQR
XQD pSRFD GH VHSDUDFLyQ \ OXFKD HQWUH
\iQHVKDV \ DVKiQLQNDV OD TXH FRQFOX\y
FRQ OD IRUPDFLyQ GHO HMpUFLWR DVKiQLQND
SDUDH[SXOVDUDORVPLHPEURVGHO057$
GH VX WHUULWRULR TXH SURGXMR XQD QXHYD
DOLDQ]DHQWUHHVWRVGRVSXHEORV
)XHURQWUHVOtGHUHVGH$1$3VHFXHVWUDGRVSRUHO057$$OHMDQGUR&DOGHUyQ&KDXFD\&DYHUR'HORVWUHVHO~QLFRTXHORJUyHVFDSDUIXH&DYHURTXLpQIDOOHFLyGHFDXVDVQDWXUDOHVHODxR
/RV\iQHVKDVGHQRPLQDEDQDORVPLHPEURVGHO057$FRPRORVQHJURVRWXSDFKRVSXHVHQHO3DOFD]XVHHQFRQWUDEDODGHQRPLQDGDFROXPQD³$PpULFD´FDUDFWHUtVWLFDSRUVXURSDFRPSOHWDPHQWHQHJUD\XVDUSDVDPRQWDxDV
/DFROXPQD$PpULFDHVWDEDFRPSXHVWDSRUPLHPEURVGHO057$\DOLDGRVGH$PpULFD/DWLQD
9ROYHUDOtQGLFH
6
(V GLItFLO TXH XQD SHUVRQD \iQHVKD
UHVSRQGDFRQIDFLOLGDGUHVSHFWRGHTXpIXH
ORTXHVXFHGLyHQDTXHOORVDxRVSRUPiV
TXH IXHUDQ SDUWLFLSDQWHV GLUHFWRV GHO
FRQÀLFWR DUPDGR LQWHUQR 3HUR VL VH
FDPELD OD SUHJXQWD SRU ¢TXLpQ HV
$OHMDQGUR &DOGHUyQ" WRGRV WHQGUiQ XQD
UHVSXHVWDTXHGDUXQDKLVWRULDTXHFRQWDU
VREUHTXLpQHVVREUHORTXHVXFHGtDHQHVD
pSRFD\WDPELpQVREUHVXSDUDGHURDFWXDO
/RVUHFXHUGRVGHORV\iQHVKDVQRVHYDQ
HVWUXFWXUDQGR FRPR HQ ODV VRFLHGDGHV
RFFLGHQWDOL]DGDVTXHWUDWDQGHFRQVHUYDU
OD KLVWRULD UHFXUULHQGRD IHFKDV DFWRUHV
KLWRV PXVHRV R GLYHUVRPDWHULDOJUi¿FR
TXH SHUPLWH XQD UHFRQVWUXFFLyQ EDMR HO
VXSXHVWRGHVHUFHUFDQDDODUHDOLGDG/RV
\iQHVKDVUHFXHUGDQD WUDYpVGH KLVWRULDV
TXHDFWLYDQODPHPRULDFDGDYH]GRQGHHO
UHDOLVPRQRHVIXQGDPHQWDOVLQRODVLPER
ORJtDUHFUHDGDHQFDGDRSRUWXQLGDGGRQGH
FDGDKLVWRULDRFXSDXQOXJDUItVLFRGHWHU
PLQDGRTXHOHGDVHQWLGRFRPRVXJLHUH
3LHUUH 1RUD UHVSHFWR GH ORV OXJDUHV GH
PHPRULD HQ HO FDVR GH <RPSRU 6DQWR
0HWUHDUR HQ HO FDVR GH &DOGHUyQ (O
&KDSDUUDO (Q OD KLVWRULD GH $OHMDQGUR
&DOGHUyQORVHQWUHYLVWDGRVWHQtDQFRQRFL
PLHQWRGH OD XELFDFLyQGH (O &KDSDUUDO
FRQWDEDQ OD KLVWRULD SOHQD GH GHWDOOHV
VREUH HO VLWLR DXQTXH KR\ VHD XQD ]RQD
GRQGHQLQJ~Q\iQHVKDVHDWUHYHDYLYLU\
HVWpLQKDELWDGD
&DGD SREODGRU FRQRFH OD KLVWRULD GH
$OHMDQGUR&DOGHUyQ\TXpHVORTXHKL]R
SXHV HQ YLGD JDQy SUHVWLJLR VRFLDO SRU
KDEHU VLGR XQR GH ORV IXQGDGRUHV GH OD
$VRFLDFLyQ GH 1DFLRQDOLGDGHV $VKi
QLQNDVGHO3HU~$1$3(UDXQDSHUVRQD
XQL¿FDGRUD R FRQFHUWDGRUD FXDOLGDGHV
TXH SDUD ORV \iQHVKDV VRQ YDOLRVDV 6X
GHVDSDULFLyQHQ PDQRVGH ORV PLHPEURV
GHO057$KDWHQLGRXQJUDQVLJQL¿FDGR
SRUTXHIXHXQRGHORVSULQFLSDOHVPRWLYRV
GHO OHYDQWDPLHQWR DVKiQLQND \ GH OD
PXHUWHGHPXFKRVGHHOORV/DQHFHVLGDG
GHO SXHEOR GH UHFRUGDU HVWH DFRQWHFL
PLHQWRJHQHUyXQDQXHYDVHUUSDUxDWVOD
TXH VHJXLUi SDVDQGR GH JHQHUDFLyQ HQ
JHQHUDFLyQ
&RQFOXVLRQHV
/RVROYLGRVHQODVFRPXQLGDGHV\iQHVKDV
KDQDGTXLULGRPD\RUSUHVHQFLDORTXHVH
DSUHFLD HQ HO GHVFRQRFLPLHQWR GH ODV
QXHYDVJHQHUDFLRQHVGH\iQHVKDVVREUHOD
DQWLJXDSUHVHQFLDGHO057$HQOD]RQD
6LJXLHQGR D 5LFRHXU ³SDUD DEUD]DU HO
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
IXWXUR KD\ TXH ROYLGDU HO SDVDGR HQ XQ GLYLQRGRQGH HO KRPEUHYD PiV DOOi GH TXHQXQFDUHFXSHUDQHOFXHUSRGH&DOGH
JHVWR GH LQDXJXUDFLyQ GH FRPLHQ]R GH HVWH PXQGR YD FRQ WRGR \ FXHUSR DO UyQODKLVWRULDVHJXLUiWUDQVIRUPiQGRVH\
UHFRPLHQ]R´ 5LFRHXU ORV PXQGRGRQGHPRUDQORVHVStULWXV\VLHV FDPELDQGRFRQHOWLHPSR
PD\RUHV QR KDQ TXHULGR FRQWDU HVWD
KLVWRULD D ORV MyYHQHV SXHV HOORV VRQ HO
IXWXUR\ORVFRQVLGHUDQORV³LQRFHQWHV´
ORVTXHWLHQHQTXHUHFRPHQ]DUODKLVWRULD
GHOSXHEOR
/DULYDOLGDGDQFHVWUDOHQWUHDVKiQLQNDV\
\iQHVKDV VH UHSURGXMR HQ HO FRQÀLFWR
DUPDGRLQWHUQRSXHVDOOOHJDUHOHMpUFLWR
DVKiQLQND D UHFXSHUDU HO FXHUSR GH
$OHMDQGUR&DOGHUyQOD YLROHQFLDTXH \D
GHSRUVLHVWDEDGHVDWDSRUODSUHVHQFLDGHO
057$ FREUy VX Pi[LPD H[SUHVLyQ
SURYRFDQGRKHFKRVWHUULEOHVFRPRIXHHO
REOLJDUDFRPXQLGDGHVHQWHUDVDVDOLUGHVX
FRPXQLGDGSDUDFRPSUREDUTXHQRH[LV
WtDQ PLOLWDQWHV GHO 057$ HQ HOODV
WHQHUORV HQ XQD HVSHFLH GH FDPSR GH
FRQFHQWUDFLyQHQ+DVZDOGGRQGHKL]RVX
EDVHHOHMpUFLWRDVKiQLQNDRLQWHUURJDUORV
HQ HO LGLRPD DVKiQLQND FXDQGR HOORV
KDEODEDQ HQ \iQHVKD OR TXH KL]R FDVL
LPSRVLEOH HO HQWHQGLPLHQWRHQWUH DPERV
JUXSRV
6LQGXGDHVWHHYHQWRDFUHFHQWyODVULYDOL
GDGHVDQFHVWUDOHVSHURWDPELpQKL]RTXH
OD¿JXUDGH$OHMDQGUR&DOGHUyQVHWRUQDUD
HPEOHPiWLFD \ SRU PiV TXH HO 057$
DVXPLyODUHVSRQVDELOLGDGSRUVXPXHUWH\
TXHOD&RPLVLyQGHOD9HUGDG\5HFRQFL
OLDFLyQHQVX,QIRUPH¿QDOWDPELpQFRUUR
ERUyHVWDYHUVLyQORV\iQHVKDVVHQLHJDQD
FUHHUHQVXPXHUWH(VHQHVWHSXQWRGRQGH
OD KLVWRULD GH &DOGHUyQ GHMD GH VHU XQ
UHODWRUHDOLVWD\SDVDDFRQYHUWLUVHHQXQ
SHUVRQDMH GLJQR GH VHU FRQWDGR HQ XQD
VHUUSDUxDWVSXHVpOSDUDORV\DQHVKDVTXH
OR UHFXHUGDQ KDEUtD ORJUDGR KXLU GH XQ
ERPEDUGHR GRQGH QR TXHGy YLYR FDVL
QLQJ~QPLHPEURGHO057$
2WURSXQWRLQWHUHVDQWHHQHODQiOLVLVGHOD
KLVWRULDGH&DOGHUyQHVODLPSRUWDQFLDGHO
FXHUSRWDQWRSDUDORV\iQHVKDVFRPRSDUD
ORV DVKiQLQNDV (Q HO FDVR GH ORV DVKi
QLQNDV VX OHYDQWDPLHQWR HPSLH]D SRU OD
UHFXSHUDFLyQ GH HVWH FXHUSR SDUD SRGHU
HQWHUUDUOR \ TXH GHVFDQVH HQ SD] (Q HO
%LEOLRJUDItDFLWDGD
FDVR GH ORV \iQHVKDV DO QR HQFRQWUDUVH (QFLFORSHGLDGH+LVWRULDGHO3HU~/LPD(GLWRULDO%UXxR
HVWH FXHUSR FRPLHQ]DQ D WHMHU UHODWRV -(/,1(OL]DEHWK
&ODVHV\0RYLPLHQWRV6RFLDOHVHQ$PpULFD/DWLQDSHUVSHFWLYDV\UHDOLGDGHV%XHQRV$LUHV&HQWURGH
VREUH VX SRVLEOH SDUDGHUR WRGRV HOORV (VWXGLRVGH(VWDGR\6RFLHGDG&HGHV
OHMRVGHO WHUULWRULR\iQHVKD/R FLHUWRHV /RVWUDEDMRVGHODPHPRULD%XHQRV$LUHV6LJOR9HLQWLXQRGH(VSDxD\GHDUJHQWLQDHGLWRUHV
125$3LHUUH
TXH WDQWR \iQHVKDV FRPR DVKiQLQNDV /HV/LHX[GHVPpPRLUH0RQWHYLGHR(GLFLRQHV7ULOFH
HVSHUDQTXHXQGtD&DOGHUyQUHWRUQHDOD 5,&2(853DXO
+LVWRULD0HPRULD\2OYLGR0DGULG(GLWRULDO7URWWD
FRPXQLGDG\FXHQWHVXSURSLDKLVWRULD(O 6$1726*5$1(52)HUQDQGR
(OSRGHUGHODPRUSRGHUFRQRFLPLHQWR\PRUDOLGDGHQWUHORV$PXHVKDGHOD6HOYD&HQWUDOGHO3HU~
KDEHUGHVDSDUHFLGROHSXHGHGDUD&DOGH 4XLWR%LEOLRWHFD$E\D<DOD
UyQFRPROHGLRD(QF\D<RPSRU6DQWR 9$5(6(6WHIDQR
/D 6DO GH ORV &HUURV 5HVLVWHQFLDV \ XWRStDV HQ OD$PD]RQtD 3HUXDQD /LPD )RQGR (GLWRULDO GHO
HQ VX pSRFD XQ FDUiFWHU GLYLQR R VHPL &RQJUHVRGHO3HU~
‹&DUORV*DVWHOXPHQGL
9ROYHUDOtQGLFH
6
'(%$7(61RXQDVLQRPXFKDVPHPRULDV
5(6(f$
(1680$12326(23$5$
(;35(6$50,08(57(
6,120,9,'$
5RVD9HUD
,QVWLWXWRGH(VWXGLRV3HUXDQRV
(Q LQJUHVp D 6DQ 0DUFRV 0LV
UHFXHUGRVGH6DQ0DUFRVVRQPXFKRV
\HVWiQPX\YLYRV+D\URVWURVSDLVD
MHV\IUDVHVTXHDPHQXGRYXHOYHQDPt
XQD\RWUDYH]8QDGHHVWDVORFXFLRQHV
IXH XQD SUHJXQWD ¢FyPR QR VDEHV
TXLpQHV&DUORV,YiQ'HJUHJRUL"0HOD
KL]RXQDPLJRFXDQGRDGYLUWLyTXHQR
UHDFFLRQpDQWHODQRWLFLDTXHPHHVWDED
GDQGR&DUORV,YiQ'HJUHJRULQRVYDD
GLFWDUHOFXUVRGHDQWURSRORJtDSHUXD
QDeOREYLDPHQWHHVWDEDHPRFLRQDGR
\R QR H[KLEtD HPRFLyQ DOJXQD (O
PXQGRGHODDQWURSRORJtDDOLJXDOTXH
&DUORV ,YiQ 'HJUHJRUL PH UHVXOWDED
DMHQR6LQHPEDUJRODDOHJUtD\HPR
FLyQ GH PL DPLJR GXUy SRFR SXHV
&DUORV,YiQ'HJUHJRULQRQRVHQVHxy
DTXHO DxR SXHV VROLFLWy OLFHQFLD /R
DQHFGyWLFRHVTXH&DUORV,YiQ'HJUH
JRULQXQFDOOHJyDHQVHxDUQRVGXUDQWH
HVRVFLQFRODUJRVDxRVGHIRUPDFLyQHQ
6DQ0DUFRV
6LQHPEDUJRPLDPLJRVHODVLQJHQLy
SDUD LQJUHVDU GHVSXpV D VXV FODVHV
FRPR DOXPQR OLEUH /XHJR WXYH TXH
WROHUDU VX URVWUR GH DOHJUtD FRQ VX
H[SUHVLyQWHODSHUGLVWH<RKDEtDGHFL
GLGR QR DFRPSDxDUOR FHJDGD SRU XQ
WRQWRUHVHQWLPLHQWRSXHVQROHSHUGR
QDED DO SURIHVRU 'HJUHJRUL TXH QRV
KD\DGHMDGRGHHQVHxDUHQPiVGHXQD
RFDVLyQ )LQDOPHQWH DFFHGt OD LQVLV
WHQFLDGHPLDPLJRIXHWDOTXHGHFLGt
DFRPSDxDUOR D XQD GH ODV FODVHV GHO
SURIHVRU'HJUHJRUL$O¿QDOGHDTXHOOD
FODVH PH SUHJXQWy ¢4Xp WH SDUHFLy"
5HFXHUGRKDEHUOHVRQUHtGRSHURQROH
UHVSRQGt0HJXDUGpDTXHOODUHVSXHVWD
SRUPXFKRWLHPSR
(OOHQJXDMHGHODDQWURSRORJtDQRVyOR
PHUHVXOWDEDH[WUDxRFXDQGRLQJUHVpD
6DQ0DUFRVVLQRTXHDOPLVPRWLHPSR
HO3HU~WDPELpQPHUHVXOWDEDDMHQRPH
VHQWtD±\FUHRTXHD~QPHVLHQWRXQD
H[WUDxD HQ PL SURSLR SDtV +DEtD
YDFtRVTXHHPSHFpDOOHQDUDOOtPLVPR
HQWUHDTXHOORVPXURVOOHQRVGHFLFDWUL
FHV\FRQORVWH[WRVTXHWHQtDTXHOHHU
/RV WH[WRV GH &DUORV ,YiQ IXHURQ ±\
VRQD~QGHYLWDOLPSRUWDQFLDHQHVWD
HWDSDGHPLYLGD1RVyORSRUODSURVDVHQFL
OODVLQRSRUTXHHVLPSRVLEOHGHVYLQFXODUVX
REUDFRQYDULRVPRPHQWRVGHVXYLGD0iV
TXHHQWHQGHUDO3HU~DWUDYpVGHVXREUDOR
TXH\RDSUHQGtIXHDHVFXFKDU
/DREUDGH&DUORV,YiQQRVSHUPLWHGHVDUUR
OODUHVDFDSDFLGDGGHHVFXFKDUSHURVREUH
WRGRQRVSHUPLWHYHUODVFRVDVHQWRGDVX
FRPSOHMLGDG(VDVtTXHHQYROXPHQWLWXOD
GR4XpGLItFLOHVVHU'LRV&DUORV,YiQQRV
SUHVHQWD D 6HQGHUR /XPLQRVR 6/ FRPR
XQDFWRUSROtWLFR&RQHOORLQWHQWDURPSHU
FRQDTXHOODVSRVWXUDVTXHRSWDQSRUYHUORV
IHQyPHQRV VRFLDOHV GH PDQHUD PDQLTXHD
±HOPDOYVHOELHQRTXHSUHWHQGHQGHVKLV
WRUL]DU D DOJXQRV DFWRUHV GHO FRQÀLFWR
DUPDGRLQWHUQRHWLTXHWiQGRORVGHORFRV\R
PRQVWUXRVVLPSOL¿FiQGRORVFRPRXQPHUR
IHQyPHQRGHOLQFXHQFLDO±FRPRVLVHWUDWDVH
GHXQDVLPSOHEDQGDGHGHOLQFXHQWHV3DUD
&DUORV,YiQ6/QRVyORWLHQHFDUiFWHUSROtWL
FRVLQRTXHDGHPiVWDPSRFRHVXQSUR\HF
WRDQGLQLVWDSRUORWDQWRWDPELpQKD\TXH
URPSHUFRQHVHFDUiFWHUHVHQFLDOLVWDVREUH
HOTXHKDQJLUDGRDOJXQDVOHFWXUDV\GLVFXU
VRVDFDGpPLFRVVREUH6/(QODLQWURGXF
FLyQGHHVWHYROXPHQHOPLVPR&DUORV,YiQ
QRVVHxDODGHPDQHUDFODUDFXiOHVVRQORV
REMHWLYRVGHOSUHVHQWHYROXPHQLSROLWL]DU
LLSHUXDQL]DULLLGHVLQGLDQL]DULYGHVSUR
OHWDUL]DU\YGLIHUHQFLDUD6/GHOUHVWRGHOD
L]TXLHUGD ODWLQRDPHULFDQD 'HJUHJRUL
±
¢&yPRHPSUHQGHUWDOHPSUHVD"/OHYDUODD
FDERLPSOLFDVHUFUtWLFRFRQODDFDGHPLD\
FRQVLJRPLVPR3RUORWDQWRHQHVWHWH[WR
WHQHPRVQRVyORDODJXGRDFDGpPLFRVLQR
VREUHWRGRDOLQWHUORFXWRUTXHQREXVFDOD
FRPSODFHQFLD GH VXV FROHJDV (V FUtWLFR
±KD\ TXLHQHV GLUiQ TXH HV GXUR HQ WDQWR
EXVFDXQGLiORJRYDOLRVRFRQORVGHPiVVLQ
HPEDUJRSDUWHGHXQDFUtWLFDGHVXVSURSLRV
WH[WRVKDFLpQGRQRVVDEHUSRUTXpHVFULELy
VREUHHVWRVWHPDV
³6L FRPHQFp D HVWXGLDU HVWRV SUREOHPDV
IXHSXHVSDUDWUDWDUGHVDOLUGHPLHVWXSRU
\DSUHKHQGHUORTXHKDEtDSDVDGRSRUPLV
QDULFHV VLQ TXH OR DGYLUWLHUD GXUDQWH PLV
DxRVHQ$\DFXFKRWDPELpQSDUDWUDVPLWLU
DTXLHQTXLVLHUDHVFXFKDUPHORSRFRTXH
VDEtDVREUH6/´'HJUHJRUL
0iVDGHODQWHQRVDGYLHUWH
³$HVWDVDOWXUDVTXHGDFODURTXHQRSUHWHQ
GR XQD REMHWLYLGDG SRVLWLYLVWD SRU OR
GHPiVVLHPSUHLOXVRULD(OOHFWRUGLUiVLKH
ORJUDGRWRPDUODVX¿FLHQWHGLVWDQFLDFRPR
SDUD RIUHFHU PDWHULDOHV TXH SXHGDQ VHU
~WLOHV SDUD OD FRPSUHVLyQ GHO IHQyPHQR
HVWXGLDGR´2SFLW
$PEDV D¿UPDFLRQHV QRV KDEODQ GH FyPR
ORVVXFHVRVSRUORVTXHDWUDYHVyHVWHSDtVOR
PDUFDURQ SURIXQGDPHQWH 3RU RWUR ODGR
SRGHPRVYHUHQHVWDVOtQHDVQRVyORDODFD
GpPLFRFUtWLFRVLQRDOGRFHQWHFRPSURPH
WLGRFRQVXYRFDFLyQSRUODHQVHxDQ]D)XH
XQGRFHQWHTXHQXQFDGHMyGHHQVHxDU\DO
PLVPR WLHPSR QXQFD GHMy GH DSUHQGHU
UHFXHUGRFyPRUHSHWtDHQQXHVWUDV~OWLPDV
FRQYHUVDFLRQHV OD VLJXLHQWH IUDVH QXQFD
GHMHVGHDSUHQGHU6XWUiQVLWRSRUOD8QL
YHUVLGDG 6DQ &ULVWyEDO GH +XDPDQJD OR
PDUFDUtDQ SURIXQGDPHQWH 6LHQWR ±SXHGR
HTXLYRFDUPHTXHHVDTXtGRQGHLQLFLDVX
LQWHUpV SRU OD IXHU]D PRYLOL]DGRUD GH OD
HGXFDFLyQHQJHQHUDO SXHVSXGRSUHVHQ
FLDUFyPRVHIXHJHVWDQGRHVHSURFHVRGH
PDVL¿FDFLyQHGXFDWLYDHQODGpFDGDGHORV
\/DHVFXHOD±SULPDULD\VHFXQGDULD
\OXHJRODXQLYHUVLGDGVHUiQHVSDFLRVYLWD
OHVSDUDFRQTXLVWDUHOIXWXUR 7DPELpQ6/
IXHYLVWRSRUORVMyYHQHVUXUDOHVFRPRXQ
SRVLEOH FDQDO GH SURJUHVR \ PRYLOLGDG
VRFLDO2SFLW&DUORV,YiQKDUHVDOWDGR
HO FDUiFWHU SROtWLFR GH 6/ SHUR OR KDFH
SRQLHQGR HO pQIDVLV HQ RWUR FDUiFWHU HO
LQWHOHFWXDO \ SHGDJyJLFR 3RU OR WDQWR
&DUORV,YiQSRQGUipQIDVLVHQODLPSRUWDQ
FLDGHODHGXFDFLyQSDUDHQWHQGHUHOQDFL
PLHQWR\ODH[SDQVLyQGH6/(QODGLUHF
FLyQGH6/HQFRQWUDPRVHQVXPD\RUtD D
LQWHOHFWXDOHVPHVWL]RVTXLHQHVQRVyOR
UHFODPDQUHFRQRFLPLHQWRGHVXVSDUHV
VLQRTXHEXVFDQFRORFDUVHSRUHQFLPD
GH HOORV \ GH ORV GHPiV 2SFLW $GHPiVHVWRVHVSDFLRVHGXFDWLYRVVRQ
YHUWLFDOHV\H[FOX\HQWHV1RVyORHVXQD
HGXFDFLyQ DXWRULWDULD \ SDWHUQDOLVWD
VLQRTXHHVWDPELpQHWQRFLGDSXHVQR
UHVSHWD\YDORUDODGLYHUVLGDGFXOWXUDO
5HVDOWDUODYLJHQFLDGHODREUDGH&DUORV
,YiQHVDOJRTXHSDUDPtQRWLHQHVHQWL
GRSXHVORVWHPDVTXHKDDERUGDGRDOR
ODUJRGHVXYLGD\GHWRGDVXREUDQR
VyOR VRQ LPSRUWDQWHV \ YLJHQWHV VLQR
TXH VRQ WDPELpQ XUJHQWHV GH DWHQGHU
$TXtQRSRGHPRVROYLGDUDODFDGpPLFR
FRPSURPHWLGRFRQVXSDtV
9DOHODSHQDDTXtXQDGLJUHVLyQSHUVR
QDO +DFH PX\ SRFR KLFH WUDEDMR GH
FDPSRHQXQD]RQDGXUDPHQWHDIHFWDGD
SRUODYLROHQFLDHQODGpFDGDGHO+DQ
SDVDGR \D PiV GH DxRV GH DTXHOOD
FUXHQWDJXHUUD\SXGHFRQVWDWDUORSRFR
TXH KD KHFKR HO (VWDGR SRU UHSDUDU
KHULGDV\FRQHOORFXUDUVXKLVWyULFDH
LUUHYHUVLEOHDPQHVLD$TXHOODFRPXQL
GDGFDPSHVLQDTXHYLVLWpVLJXHLJXDOGH
GHVDWHQGLGDTXHHQORVDxRVFRQXQ
SUHFDULR VHUYLFLR GH OX] DJXD \ GHVD
JH $VLPLVPR OD HVFXHOD SULPDULD \
VHFXQGDULD VH HQFXHQWUD WRWDOPHQWH
GHVDWHQGLGDHOSURJUDPD4DOL:DUPD
RIUHFHDSHQDVXQGHVD\XQRSREUH \OD
VHFXQGDULDQRFXHQWDFRQVHUYLFLRVGH
HQHUJtD HOpFWULFD HQ VXV VDORQHV 3RU
RWURODGRODVGRVFDOOHVSULQFLSDOHVGHOD
FRPXQLGDGOOHYDQHOQRPEUHGH.HLNR
6RItD )XMLPRUL ±HV OD FDOOH HQ OD TXH
HVWiQXELFDGDVODSRVWDPpGLFDODPXQL
FLSDOLGDG\ODHVFXHOD\$OEHUWR)XML
PRUL )XMLPRUL HV OD FDOOH SRU OD TXH
LQJUHVDQORVFRPHUFLDQWHVSDUDODIHULD
GHORVMXHYHV\WRGRYLVLWDQWHTXHOOHJXH
DODFRPXQLGDG
&UHRTXHHVWHSDLVDMHJUD¿FDVLPEyOLFD
PHQWHHOROYLGRHQHOTXHVHHQFXHQWUDQ
YDULDVFRPXQLGDGHVHQHVWHSDtV3HUR
DO PLVPR WLHPSR UHSUHVHQWD FyPR
DOJXQRVSROtWLFRVKDQLQVFULWRVXVQRP
EUHVHQVXDIiQGHFDSLWDOL]DUYRWRVHQ
XQSDtVWDQIUDJPHQWDGR
3DUDIUDVHRDTXpOSRHPDGHOLQPRUWDO9DOOHMRWLWXODGR(QVXPDQRSRVHRSDUDH[SUHVDUPLYLGDVLQRPLPXHUWH,QYHUWtGRVFRQFHSWRVYLGD\PXHUWHSXHVVLHQWRTXH&DUORV,YiQH[SUHVyVXYLGDDORODUJRGHWRGDVXREUD
(OWtWXORFRPSOHWRGHHVWHYROXPHQHV4XpGLItFLOHVVHU'LRV(O3DUWLGR&RPXQLVWDGHO3HU~±6HQGHUR/XPLQRVR\HOFRQÀLFWRDUPDGRLQWHUQRHQHO3HU~±,(3UD(G6HWUDWHGHOSULPHU
YROXPHQGHODVREUDVHVFRJLGDVHQVHUSXEOLFDGR5HFXHUGRPX\ELHQHOURVWURGH&DUORV,YiQFXDQGROHOOHYDURQHVHWH[WRKDEtDQRVyORIHOLFLGDGSHURXQDH[WUDxDFHUWH]DGHTXHKDEtDYDOLGRODSHQD
3ULPHULDVHFXQGDULD\XQLYHUVLWDULD
³'HO0LWRGH,QNDUUtDO0LWRGHO3URJUHVRSREODFLRQHVDQGLQDVFXOWXUDHLGHQWLGDGQDFLRQDO´HQ'HOPLWRGH,QNDUUtDOPLWRGHOSURJUHVR0LJUDFLyQ\FDPELRVFXOWXUDOHV&DUORV,YiQ'HJUHJRUL2EUDVHVFRJLGDV
,,,,(33J
'XUDQWHPLHVWDQFLDVyORORVYLRIUHFHUJDOOHWDVGHVRGDHQHOGHVD\XQR
(QHOWRPR9,,GHODV2EUDVHVFRJLGDVWLWXODGR(OVXUJLPLHQWRGH6HQGHUR/XPLQRVR$\DFXFKR±,(3&DUORV,YiQHVFULEHXQFDStWXORWLWXODGR³¢4XLpQVHDFXHUGDGH$\DFXFKR"´GyQGHQRVGLFH
TXHSRUPRPHQWRV$\DFXFKRSDUHFHHVWDUXELFDGRHQXQSODQRDSDUWHHQGRQGHSDUHFHQRLQWHUFHSWDUVHFRQHOUHVWRGHOSDtV&UHRTXHKD\DOJRGHFLHUWRHQHVWR$\DFXFKR\RWUDVUHJLRQHVQRVyORHVWiQGLVWDQWHVHQHO
LPDJLQDULRGHODVFLHQFLDVVRFLDOHVVLQRTXHWDPELpQHQHOGHODSROtWLFD
9ROYHUDOtQGLFH