El caso de las mujeres musulmanas
Anuncio
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD
(OFDVRGHODVPXMHUHVPXVXOPDQDV
ÕÌ
iÀÊiÌâ (Q WRGRV ORV (VWDGRVQDFLRQHV HXURSHRV OD GLVFULPLQDFLyQ GH PLQRUtDV pWQLFDV
1ÛiÀÃ`>`Ê`iÊÀ>>`>ÊÉÊ FXOWXUDOHVOLQJtVWLFDVUHOLJLRVDV\VH[XDOHVFXHQWDFRQXQDWULVWHWUD\HFWRULDKLVWyULFD
1ÛiÀÃ`>`Ê6iÀ>VÀÕâ>> TXHDPHQXGRVHUHPRQWDDORVLQLFLRVPLVPRVGHGLFKRV(VWDGRV\DVXYLROHQWR
SURFHVR GH ´LPDJLQDFLyQµ GH FRPXQLGDGHV $QGHUVRQ \ VX FRQFRPLWDQWH
LQVWLWXFLRQDOL]DFLyQKHJHPyQLFD$SHVDUGHGLFKDFRQWLQXLGDGKLVWyULFDODSHUFHSFLyQ
GHODVHVWUXFWXUDVSUiFWLFDV\DJHQFLDVGLVFULPLQDWRULDVHVD~QPX\UHFLHQWHGDGR
TXHKDVWDKDFHSRFRHODQiOLVLVGHODVUHODFLRQHVHQWUHPLQRUtDV\PD\RUtDWHQGtD
D UHGXFLUVH D ELQRPLRV WDOHV FRPR DVLPLODFLyQ YHUVXV VHJUHJDFLyQ R LQWHJUDFLyQ
YHUVXVH[FOXVLyQ
(QHVWDFRQWULEXFLyQSUHWHQGHPRVLOXVWUDU\DQDOL]DUSDUDHOFDVRGHO(VWDGR
HVSDxROODSHUVLVWHQFLDFRQWHPSRUiQHDGHGLVFULPLQDFLRQHVKLVWyULFDVWDO\FRPRODV
VXIUHQ\SHUFLEHQODVPXMHUHVPXVXOPDQDV$SDUWLUGHHVWHFDVRHVER]DUHPRVHO
VXUJLPLHQWRGHODVDFWXDOHV\D~QLQFLSLHQWHVSROtWLFDVGHDQWLGLVFULPLQDFLyQDQLYHO
HVWDWDOHVSDxRODVtFRPRDQLYHOHXURSHR$QWHVGHSUHVHQWDUHVWHFDVRVLQHPEDUJR
FRQVLGHUDPRVLPSUHVFLQGLEOHFRQWH[WXDOL]DUHOGHEDWHVREUHODGLVFULPLQDFLyQ\DQWL
GLVFULPLQDFLyQGHQWURGHGRVPDUFRVFRQFHSWXDOHVHVSHFtILFRVHOPXOWLFXOWXUDOLVPR
\ODVSROtWLFDVGHLGHQWLGDGSRUXQDSDUWH\ODVSROtWLFDVS~EOLFDVGHODGLIHUHQFLD
SRURWUD
' ( / $ ´ 3 2 / Ì 7 , & $ ' ( , ' ( 1 7 , ' $ ' µ $ / $ ´ 3 2 / Ì 7 , & $ ' (
5(&212&,0,(172µ
(OGHEDWHDFWXDODFHUFDGHODGLVFULPLQDFLyQ\DQWLGLVFULPLQDFLyQVHGHVHQFDGHQD
DSDUWLUGHOPXOWLFXOWXUDOLVPR\GHODQWLUUDFLVPRGHORVDxRVRFKHQWD'LHW]
(QGLFKDGpFDGDLQLFLDOPHQWHVREUHWRGRHQ(VWDGRV8QLGRV\HO5HLQR8QLGRXQ
&DPSRV FRQMXQWR DOWDPHQWH KHWHURJpQHR GH PRYLPLHQWRV FRQWHVWDWDULRV VXUJLGRV D SDUWLU
*XQWKHU'LHW]
GHO \D PtWLFR ´µ HPSUHQGH HO FDPLQR GH OD LQVWLWXFLRQDOL]DFLyQ VRFLDO SROtWLFD \ DFDGpPLFD /DV FRQIOXHQFLDV
SURJUDPiWLFDVGHHVWRV´QXHYRVµPRYLPLHQWRVVRFLDOHV²DIURDPHULFDQRVLQGtJHQDVFKLFDQRVIHPLQLVWDVJD\
OHVELDQRVHWF²VHKDQGDGRDFRQRFHUDSDUWLUGHHQWRQFHVEDMRHODPHQXGRDPELJXROHPDGHO´PXOWLFXOWXUDOLVPRµ
HVWHKHWHURJpQHRFRQMXQWRGHPRYLPLHQWRVDVRFLDFLRQHVFRPXQLGDGHV\²SRVWHULRUPHQWH²LQVWLWXFLRQHVTXH
FRQIOX\HQHQODUHLYLQGLFDFLyQGHOYDORUGHOD´GLIHUHQFLDµpWQLFD\RFXOWXUDODVtFRPRHQODOXFKDSRUODSOXUDOL]DFLyQ
GHODVVRFLHGDGHVTXHDFRJHQDGLFKDVFRPXQLGDGHV\PRYLPLHQWRV\SRUODLJXDOGDGGHGHUHFKRVGHpVWRVIUHQWH
DODVRFLHGDGGRPLQDQWH
/DHODERUDFLyQGHXQDLGHQWLGDGSURSLDHQXQSURFHVRGHUHFUHDFLyQGHSUiFWLFDVFXOWXUDOHV\GHDSURSLDFLyQGH
HVSDFLRVGHDXWRQRPtDFDUDFWHUtVWLFDIXQGDPHQWDOGHORV´QXHYRVPRYLPLHQWRVVRFLDOHVµGHFXxRPXOWLFXOWXUDOLVWD
WDPELpQHVXQD´FRQVWUXFFLyQKHJHPyQLFDµ/DFODX0RXIIHTXHEDMRGHWHUPLQDGDVFLUFXQVWDQFLDVSXHGH
FRQYHUWLUVHHQUHVRUWHGHXQDHVWUDWHJLD´FRQWUDKHJHPyQLFDµIUHQWHDORVSRGHUHVGRPLQDQWHV&RPR´IXHQWHVGH
VHQWLGRµODVQXHYDVLGHQWLGDGHVFRQVWUXLGDVDORODUJRGHXQDPRYLOL]DFLyQVRFLDO\SUR\HFWDGDVKDFLDHOIXWXUR
SXHGHQFRQIOXLUFRQLGHQWLGDGHVSUHH[LVWHQWHVSURGXFWRGHUHVLVWHQFLDVJHQHUDGDVDQWHULRUPHQWHSRU¶FRPXQLGDGHV·
FRQWUDKHJHPyQLFDV
´/DVQXHYDVLGHQWLGDGHVSUR\HFWRQRSDUHFHQVXUJLUGHDQWLJXDVLGHQWLGDGHVGHOD6RFLHGDGFLYLOGHODHUDLQGXVWULDO
VLQRGHOGHVDUUROORGHODVLGHQWLGDGHVGHUHVLVWHQFLDDFWXDOHVµ&DVWHOOV
3DUDORVPRYLPLHQWRVPXOWLFXOWXUDOLVWDV\GHDQWLGLVFULPLQDFLyQHODILDQ]DPLHQWRQRUPDWLYRGHHVWDVQXHYDV
LGHQWLGDGHVKDSDVDGRSRUXQDIDVHGH´UHHVHQFLDOL]DFLyQµGHGLIHUHQFLDVRULJLQDOPHQWHFRQVWUXLGDV'HIRUPD
SDUDOHODDOLQLFLRGHODLQVWLWXFLRQDOL]DFLyQHGXFDWLYDDFDGpPLFD\OXHJRSROtWLFDGHOPXOWLFXOWXUDOLVPRHVVREUH
WRGRHQHOFRQWH[WRGHORVHVWXGLRVpWQLFRV\FXOWXUDOHVGRQGHODVGLIHUHQFLDV´UDFLDOHVµ´pWQLFDVµ\R´FXOWXUDOHVµ
VHXWLOL]DQFRPRDUJXPHQWRVHQODOXFKDSRUHODFFHVRDORVSRGHUHVIiFWLFRV
$57,*26
´/DHVHQFLDOL]DFLyQLPSOLFDFDWHJRUL]DU\HVWHUHRWLSDUHVXQDIRUPDGHSHQVDU\DFWXDUTXHWUDWDDLQGLYLGXRVFRPR
VLHVWXYLHUDQ¶HVHQFLDOPHQWH·GHILQLGRVLHVXVXEMHWLYLGDGHVWiGHWHUPLQDGDSRUVXSHUWHQHQFLDDXQDFDWHJRUtD
HVSHFtILFDHQHVWHFDVRDVXJUXSRFXOWXUDOpWQLFR(QHOPXOWLFXOWXUDOLVPRSRUFRQVLJXLHQWHODFXOWXUDMXHJDHO
SDSHOTXHODUD]D\HOVH[RMXHJDQHQRWURVGLVFXUVRVµ*ULOOR
(QHVWDHVWUDWHJLDVHDFXGHDOSURWRWLSRGHOIHPLQLVPRFX\DQRFLyQGH´FXRWDVµGHDFFHVRDOSRGHUDORV
VHUYLFLRV H LQVWLWXFLRQHV HV UHWRPDGD SRU HO PXOWLFXOWXUDOLVPR SDUD JHQHUDU XQ VLVWHPD DOWDPHQWH FRPSOHMR GH
WUDWRGLIHUHQFLDOGHJUXSRVPLQRULWDULRV(OREMHWLYRGHHVWDSROtWLFDGH´DFFLyQDILUPDWLYDµDSOLFDGDSULPHURHQ
ORVyUJDQRVGHUHSUHVHQWDFLyQ\WRPDGHGHFLVLRQHVGHORVSURSLRVPRYLPLHQWRV\SRVWHULRUPHQWHWUDVODGDGDDO
iPELWRDFDGpPLFR\HGXFDWLYRFRQVLVWHHQSDOLDUODVSHUVLVWHQWHVGLVFULPLQDFLRQHVTXHSRUFULWHULRVGHVH[RFRORU
GHSLHOUHOLJLyQHWQLFLGDGHWFVXIUHQODVPLQRUtDVDWUDYpVGHXQDGHOLEHUDGDSROtWLFDGH´GLVFULPLQDFLyQSRVLWLYDµ
3LQFXV
$QWHODVFUtWLFDVIRUPXODGDVGHVGHHOiPELWRWDQWRDFDGpPLFR\HGXFDWLYRFRPRSROtWLFRDHVWHWUDWRGLIHUHQFLDO
\VXDOJRDUWLILFLDOGLVWLQFLyQHQWUHGLVFULPLQDFLRQHV´QHJDWLYDVµYHUVXV´SRVLWLYDVµHOPXOWLFXOWXUDOLVPRUHLYLQGLFD
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
OD GLIHUHQFLD QRUPDWLYD HQWUH ODV GLVFULPLQDFLRQHV KLVWyULFDPHQWH VXIULGDV SRU ORV PLHPEURV GH XQ FROHFWLYR
HVWLJPDWL]DGR SRU XQ ODGR \ ODV GLVFULPLQDFLRQHV TXH D QLYHO LQGLYLGXDO SXHGH JHQHUDU OD SROtWLFD GH ´DFFLyQ
DILUPDWLYDµSDUDGHWHUPLQDGRVPLHPEURVGHOJUXSRKHJHPyQLFRSRURWUR0RVOH\&DSDOGL
/ $ 6 3 2 / Ì 7 , & $ 6 ( 6 7$7$ / ( 6 ' ( / $ ' , ) ( 5 ( 1 & , $
3RUGHILQLFLyQ\FRPRUHVXOWDGRGHVXVSURSLDVSROtWLFDVGH´QDFLRQDOLVPRQDFLRQDOL]DQWHµ%UXEDNHUWRGRV
ORV(VWDGRVQDFLRQHVGHRULJHQHXURSHRRFFLGHQWDOWLHQGHQDSHUFLELUODGLYHUVLGDGFXOWXUDOFRPRXQGHVDItRDVX
VREHUDQtDOHJLWLPLGDG\SHUVLVWHQFLD(QFDGDFDVRSDUWLFXODUODVUHVSXHVWDVLQVWLWXFLRQDOHVDHVWHGHVDItRGHSHQGHQ
GHODHVSHFtILFDFRPELQDFLyQGHSURFHVRVVXEQDFLRQDOHVUHFRQRFLPLHQWRGHODVPLQRUtDVpWQLFDVDXWyFWRQDV
VXSUDQDFLRQDOHV LQWHJUDFLyQ KHPLVIpULFD R FRQWLQHQWDO HQ OD 8QLyQ (XURSHD SRU HMHPSOR \ WUDQVQDFLRQDOHV
SURFHVRVPLJUDWRULRV$VtSDUDHOFDPSRHGXFDWLYRXQRGHORVHVFDVRVHVWXGLRVFRPSDUDWLYRVGHODVSROtWLFDV
GHHGXFDFLyQLQWHUFXOWXUDOOOHYDGDVDFDERHQGLIHUHQWHVSDtVHVHXURSHRV\DPHULFDQRVUHYHODODH[LVWHQFLDGHXQ
UHGXFLGRFRQMXQWRUHFXUUHQWHGH´GHVDItRVµLQVWLWXFLRQDOHV
´/RVUDVJRVFRPXQHVHYLGHQFLDGRVDODQDOL]DUODVGLIHUHQWHVQDFLRQHVJLUDQHQWRUQRDFLQFRFXHVWLRQHVSULQFLSDOHV
DODWHQVLyQHQWUHSUHVHUYDFLyQFXOWXUDO\SOXUDOLVPRFXOWXUDOTXHDWDxHDSXHEORVLQGtJHQDVUHIXJLDGRVLQPLJUDQWHV
\TXHLPSOLFDODVUHODFLRQHVHQWUHSREODFLRQHVPD\RULWDULDV\PLQRULWDULDVHQGLYHUVRVFRQWH[WRVEODFRQVHUYDFLyQ
GLYHUVLGDG\IRUPDFLyQOLQJtVWLFDVFSUiFWLFDVFXUULFXODUHVTXHUHVXOWDQH[FOX\HQWHVHWQRFpQWULFDV\UHVWULFWLYDV
\TXHSRUWDQWRUHTXLHUHQVHUFRUUHJLGDVPHGLDQWHODDPSOLDFLyQODUHSUHVHQWDFLyQ\HOEDODQFHGODSUHSDUDFLyQ
\IRUPDFLyQGHOPDJLVWHULR\HFXHVWLRQHVGHSROtWLFDVQDFLRQDOHVµ&XVKQHU
/DVSROtWLFDVHGXFDWLYDVSRUHMHPSOR
/DVUHVSXHVWDVLQVWLWXFLRQDOHVDHVWRV´SUREOHPDVµR´GHVDItRVµLQWHUFXOWXUDOHVFRQVWLWX\HQXQFDPSRSULYLOHJLDGR
SDUDHOHVWXGLRHPStULFRGHOD´RWUHGDGµSUR\HFWDGDGHVGHHO(VWDGRQDFLyQKDFLD´VXµFLXGDGDQtDFRPRGHPXHVWUD
ODPHUDHQXPHUDFLyQGHDOJXQRVHMHPSORVSURYHQLHQWHVGHOiPELWRHGXFDWLYR
(Q HO FDVR HVSDxRO HO OODPDWLYR KHFKR GH TXH ODV LQVWLWXFLRQHV GHGLFDGDV D ODV SROtWLFDV S~EOLFDV GLVWLQJDQ
3RURWUDSDUWHHQODSUiFWLFDWRWDOLGDGGHSDtVHVODWLQRDPHULFDQRVODVSROtWLFDVGLIHUHQFLDOHVGHVDUUROODGDVDQWH
ODGLYHUVLGDGFXOWXUDOVHVXEVXPHQEDMRHOSURJUDPDGHOLQGLJHQLVPRTXHVHSURSRQHLQWHJUDUDORVJUXSRV
FRQVLGHUDGRVDXWyFWRQRV´PHVWL]DQGRµVXVSDXWDVFXOWXUDOHV\QDFLRQDOL]DQGRVXVLGHQWLGDGHVpWQLFDVVLQVLTXLHUD
SODQWHDUVHODQHFHVLGDGGH´LQWHUFXOWXUDOL]DUµDODVPLQRUtDVRPD\RUtDVLQPLJUDGDVGHRULJHQHXURSHRTXHKR\
UHSUHVHQWDQORVDFWRUHVQDFLRQDOL]DQWHVKHJHPyQLFRVHQFDGDXQRGHHVWRVSDtVHV
$57,*26
QtWLGDPHQWHHQWUHGRVWLSRVGLIHUHQWHVGHGLYHUVLGDGFXOWXUDO²DTXHOODSHUFLELGDDSDUWLUGHODVPLJUDFLRQHVVXU
QRUWH\DTXHOODUHSUHVHQWDGDSRUODSUHVHQFLD\SHUVLVWHQFLDGHOJUXSRpWQLFRJLWDQR²\GHVSOLHJXHQSROtWLFDV
FODUDPHQWHGLIHUHQFLDGDVSDUDFDGDXQRGHHVWRVGHVWLQDWDULRVLOXVWUDODSHUVLVWHQWHYLJHQFLDGHGHOLPLWDFLRQHV
pWQLFDVKLVWyULFDPHQWHFRQVWUXLGDVHQWRUQRDODVGLFRWRPtDVGHORPRURIUHQWHDORFULVWLDQRSRUXQODGR\GH
ORJLWDQRIUHQWHDORSD\RSRURWUR
*XQWKHU'LHW]
(OHVWXGLRFRPSDUDWLYRGHODVSROtWLFDVWDQWRGLVFULPLQDWRULDVFRPRGHDQWLGLVFULPLQDFLyQLOXVWUDDQWHVTXH
QDGDHOFDUiFWHUFRQVWUXLGRUHODWLYR\FRQWH[WXDOGHORVGLVFXUVRVLGHQWLWDULRVQDFLRQDOL]DQWHVVXE\DFHQWHV
´$OJXQRVDOHJDQTXHHVWDSUHVHQFLD>GHLQPLJUDQWHV@JHQHUDXQFRVWHLQDFHSWDEOHSDUDODSREODFLyQQDWLYDRWURV
DILUPDQTXHHOEDMRUHQGLPLHQWRHGXFDWLYRGHORVKLMRVGHLQPLJUDQWHVORVDPHQD]DUHOHJiQGRORVDXQSHUPDQHQWH
HVWDWXVVXERUGLQDGR$TXtODSUHRFXSDFLyQSRUFXHVWLRQHVGHFODVHVRFLDOVHSDUDOHOL]DFRQXQDSUHRFXSDFLyQ
SRUFXHVWLRQHVGHFXOWXUD/DSUHVHQFLDGHXQQ~PHURHOHYDGRGHLQPLJUDQWHVTXHVRQFXOWXUDOPHQWHGLVWLQWRV
DODPD\RUtD¢JHQHUDUiHOULHVJRGHGLVWRUVLRQDURGHFRUURPSHUDODVRFLHGDGDQILWULRQD"¢6HFRQYHUWLUiQORV
LQPLJUDQWHVHQXQDPLQRUtDQRDVLPLODEOHGHQWURGHODVRFLHGDGTXHFRQVWLWXLUiXQDDPHQD]DSDUDVXHVWDELOLGDG
\VXFDSDFLGDGGHDFWXDUGHIRUPDFRKHUHQWH"5HVXOWDLUyQLFRTXHWRGDVHVWDVLQTXLHWXGHVKDQVLGRIRUPXODGDV
HQORVDxRVFXDUHQWDGHOVLJOR;,;HQORV(VWDGRV8QLGRVFXDQGRORVSURWDJRQLVWDVGHODRSLQLyQS~EOLFDHVWDEDQ
SURIXQGDPHQWHSUHRFXSDGRVSRUORVLQPLJUDQWHVFDWyOLFRVDOHPDQHVHLUODQGHVHVHQWRQFHVFRQVLGHUDGRVFRPRXQD
VHULDDPHQD]DSDUDHOFDUiFWHUDPHULFDQR\SDUDHOVLVWHPDSROtWLFRGHPRFUiWLFR*OHQQGH-RQJ
'HOVLQItQGHSRVLEOHVFULWHULRVGH´GLVFULPLQDFLyQµLQVWLWXFLRQDOSDUDFDWHJRUL]DU\FRQHOOR´SUREOHPDWL]DUµ
DORV´RWURVµ²FRPRVRQSRUHMHPSORODHGDGHOJpQHURHORULJHQJHRJUiILFRODUHVLGHQFLDDFWXDOODOHQJXD
PDWHUQDODUHOLJLyQSUDFWLFDGDOD´FXOWXUDµODLGHQWLILFDFLyQ´pWQLFDµODFLXGDGDQtD\RQDFLRQDOLGDGODVSDXWDVGH
FRPSRUWDPLHQWRHOUHQGLPLHQWRHVFRODUHOQLYHOVRFLRHFRQyPLFRGHORVSDGUHVHWF-RQHV²ODVLQVWLWXFLRQHV
JHQHUDQXQDFRPELQDFLyQHVSHFtILFDGHFULWHULRVSDUDGHWHFWDURQHJDUODH[LVWHQFLDGH´GLYHUVLGDGHQHODXODµ$Vt
GHVGHHOGLVFXUVRLQVWLWXFLRQDOHVSDxROODSUREOHPDWL]DFLyQGHO´RWURµUHFXUUHDH[SOLFDFLRQHVPX\KHWHURJpQHDV
(OSXQWRGHSDUWLGDGHOD´GHWHFFLyQ´LQVWLWXFLRQDOGHORVSUREOHPDVHGXFDWLYRVDPHQXGRORFRQVWLWX\HHOFULWHULR
OLQJtVWLFR(QYH]GHHQIRFDUODGLYHUVLGDGOLQJtVWLFDUHDOPHQWHH[LVWHQWHHQWUHODSREODFLyQGHVWLQDWDULDGHOD
LQWHUYHQFLyQSHGDJyJLFDODLQVWLWXFLyQ²SURGXFWR\SURGXFWRUDGHO´KDELWXVPRQROLQJH´LPSHUDQWH*RJROLQ
²VXHOHEDVDUVH~QLFDPHQWHHQHOFULWHULRGHODOHQJXDPDWHUQDLHGHODLGHQWLILFDFLyQGHHGXFDQGRVFX\D
SULPHUDOHQJXDQRHVDTXHOODKHJHPyQLFDDQLYHOQDFLRQDO\RUHJLRQDO(OPRQROLQJLVPRLQVWLWXFLRQDOL]DGR
JHQHUDXQDYLVLyQDOWDPHQWHHVWHUHRWLSDGDGHODUHDOLGDGPXOWLOLQJH
(Q HVWH WLSR GH SUREOHPDWL]DFLRQHV LQVWLWXFLRQDOHV HO DUJXPHQWR OLQJtVWLFR VH VXHOH PH]FODU \R FRQIXQGLU
FRQRWURVIDFWRUHVPX\KHWHURJpQHRV3RUXQDSDUWHH[LVWHXQDWHQGHQFLDJHQHUDOL]DGDKDFLDODHTXLSDUDFLyQ
WDQWR GH ORV PLJUDQWHV FRPR GH ORV LQGtJHQDV FRPR WDOHV FRQ VXSXHVWRV SUREOHPDV HVFRODUHV 0H]FODQGR
FRQVWDQWHPHQWHYDULDEOHVGHSHQGLHQWHVHLQGHSHQGLHQWHVHQODVFRUUHVSRQGLHQWHV´HYDOXDFLRQHV´DFHUFDGHO
GHVDItRGHODGLYHUVLGDGFXOWXUDOODFRQGLFLyQPLJUDWRULDRLQGtJHQDHQVtVHFRQYLHUWHHQXQSUREOHPDSDUDOD
LQVWLWXFLyQHGXFDWLYD
$57,*26
(QHOFRQWH[WRHXURSHR\QRVyORGHVSXpVGHOGHVHSWLHPEUHGHODSUREOHPDWL]DFLyQGHOIHQyPHQR
PLJUDWRULRFRPRWDOFIUDEDMRDPHQXGRVHGUDPDWL]DFRQHOWRSRVGH+XQWLQJWRQDFHUFDGHODLQHYLWDELOLGDG
GHO´FKRTXH´FLYLOL]DFLRQDOHQWUHODVFXOWXUDV(QJUDQSDUWHGHOGLVFXUVRGHODVSHGDJRJtDVGHOD´RWUHGDG´OD
GLYHUVLGDGFXOWXUDOVHYLVXDOL]DGHIRUPDELSRODU\PHFDQLFLVWD
3RURWUDSDUWHDPHQXGRWDPELpQHVOD´FXHVWLyQUHOLJLRVD´\SUHIHUHQFLDOPHQWHODPHUDH[LVWHQFLDGHGLYHUVLGDG
UHOLJLRVDODTXHHVXWLOL]DGDSDUDLGHQWLILFDUXQSUHVXQWRSUREOHPDHVFRODU(VWHSUREOHPDQRVHIRUPXODDUDt]GH
XQDQiOLVLVHPStULFRGHODFRH[LVWHQFLD\FRQIOXHQFLDGHGLIHUHQWHVSUiFWLFDVUHOLJLRVDV\RFRQIHVLRQDOHVHQHO
iPELWRHVFRODUVLQRTXHVHSDUWHGHODVLPSOHSUHVHQFLDGHHGXFDQGRVFRQFUHGRVQRPLQDOPHQWHGLYHUJHQWHV
9HUORW'LHW](O6KRKRXPL3RUFRQVLJXLHQWHHVWD´FXHVWLyQUHOLJLRVD´HQHOGLVFXUVRLQVWLWXFLRQDO
DFDEDPH]FOiQGRVHFRQIDFWRUHVDSHQDVUHODFLRQDGRVFRQODGLYHUVLGDGUHOLJLRVD
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
3RU~OWLPRODRULJLQDULDIXQFLyQGLVFLSOLQDULDTXHFXPSOHQODVSHGDJRJtDVQDFLRQDOHVVHUHYHODHQODIUHFXHQWH
DVRFLDFLyQGHODGLYHUVLGDGFXOWXUDOFRQGHVDItRVGHWLSR´FRUUHFFLRQDOµ\´SROLFLDO´6HJ~QHVWDDUJXPHQWDFLyQHO
´GHVDUUDLJR´FXOWXUDOGHOPLJUDQWHVREUHWRGRDGROHVFHQWHGHIRUPDFXDVLDXWRPiWLFDJHQHUDFRPSRUWDPLHQWRV
´DQWLVRFLDOHV´TXHUHTXLHUHQGHXQDGHFLGLGDLQWHUYHQFLyQSHGDJyJLFD
/DFRPELQDFLyQGHHVWRVFULWHULRVGHSUREOHPDWL]DFLyQ\VXDSOLFDFLyQDVLVWHPDVHGXFDWLYRV\FRQWH[WRV
QDFLRQDOHV DOWDPHQWH KHWHURJpQHRV KD GHVHQFDGHQDGR XQD H[RUELWDQWH SUROLIHUDFLyQ GH HQIRTXHV PRGHORV \
SURJUDPDVSROtWLFRSHGDJyJLFRVSDUDWUDWDUODGLYHUVLGDG'LHW]/DDSDUHQWHSOXUDOLGDGGHHQIRTXHVUHVXOWD
ILFWLFLD VLQ HPEDUJR VL FRQWUDVWDPRV HPStULFDPHQWH ODV SURSXHVWDV SHGDJyJLFDVORV GLVFXUVRV LQVWLWXFLRQDOHV
QRUPDWLYRV\ODVSUiFWLFDVGHVXDSOLFDFLyQHVFRODUKD\PXFKDVSURSXHVWDVSHGDJyJLFDVTXHSUHWHQGHQ´LQQRYDUµ
VHU´FUHDWLYDVµDPHQXGREDVDGDVHQODVXSHUVWLFLyQGHTXHIXQFLRQDUiSHURTXHDFDEDQ´DGDSWDQGRµ\PLPHWL]DQGR
PRGHORV TXH VH HQFXHQWUDQ HQ YRJXH \ TXH KDEtDQ VLGR GHVDUUROODGRV HQ RWURV FRQWH[WRV (O SLRQHUR DQiOLVLV
FRQWUDVWLYRTXHHQHVWHVHQWLGRKDQUHDOL]DGR*OHQQGH-RQJGHPXHVWUDODFUXFLDOLPSRUWDQFLDTXHWLHQHHO
FRQWH[WRVRFLHWDOHLQVWLWXFLRQDOPiVDPSOLRHQODVSUiFWLFDVSROtWLFDVHVSHFtILFDPHQWHGHVDUUROODGDV3RUFRQVLJXLHQWH
HQVXSURFHVRGHLQVWLWXFLRQDOL]DFLyQODVGLIHUHQWHVSURSXHVWDVGHPXOWLFXOWXUDOL]DFLyQRLQWHUFXOWXUDOL]DFLyQVH
PDWHULDOL]DQHQIXQFLyQGHODVGLIHUHQWHVSRVLELOLGDGHVGHGHILQLUGHOLPLWDU\FRPELQDUODVHVIHUDVGH´ORS~EOLFRµ
\´ORSULYDGRµ
´([LVWHQGRVFRQFHSFLRQHVGLVWLQWDVGHFLXGDGDQtDHTXLWDWLYDFDGDXQDGHODVFXDOHVVHEDVDHQQRFLRQHVGLIHUHQWHV
GHDTXHOORTXHVHFRQVLGHUD¶ORS~EOLFR·\¶ORSULYDGR·(VWDVGRVFRQFHSFLRQHVSXHGHQUHVXPLUVHGHODVLJXLHQWH
PDQHUDHOGHUHFKRDDVLPLODUVHDODFXOWXUDPD\RULWDULDGRPLQDQWHHQODHVIHUDS~EOLFD\ODWROHUDQFLDGH¶GLIHUHQFLD·
HQODHVIHUDSULYDGDHOGHUHFKRDOUHFRQRFLPLHQWR\IRPHQWRGHODSURSLD¶GLIHUHQFLD·HWQLFLGDGPLQRULWDULDHWF
GHQWURGHODHVIHUDS~EOLFD\SULYDGD6LQHPEDUJRHVWDVFRQFHSFLRQHVQRVRQDOWHUQDWLYDVH[FOX\HQWHVHQHO
VHQWLGRGHTXHVLVHHOLJHXQDODRWUDKDGHVHUUHFKD]DGD'HKHFKRHOPXOWLFXOWXUDOLVPRH[LJLUiTXHVHSURPXHYDQ
DPEDVFRQFHSFLRQHVµ0RGRRG
´(O DQiOLVLV FRPSDUDWLYR UHYHOD OD FDSDFLGDG GH FDGD XQD GH ODV VRFLHGDGHV GHVDUUROODGDV GH LPSRQHU
LQGHSHQGLHQWHPHQWHGHOFRQWHQLGRREMHWLYRGHODFXOWXUDLQPLJUDQWHVXSURSLDYLVLyQGHODUHODFLyQLQWHUpWQLFD\OD
VROXFLyQGHDVLPLODFLyQRGHVHJUHJDFLyQTXHOHFRQYLHQHGHWDOPDQHUDTXHHVSUHFLVRIRUPXODUFRPRKLSyWHVLVXQ
SULQFLSLRGHRPQLSRWHQFLDGHODVRFLHGDGGHDFRJLGD/DDQWURSRORJtDGHPXHVWUDTXHHQFDGDXQDGHODVJUDQGHV
QDFLRQHVSRVWLQGXVWULDOHVH[LVWHXQDSDUWLFXODUPDWUL]LQFRQVFLHQWHTXHGHFLGHDFHUFDGHODYLVLyQLPSHUDQWHGHO
H[WUDQMHUR\FRQHOORHQGHILQLWLYDGHVXGHVWLQRµ7RGG
$57,*26
/D WLSRORJtD UHVXOWDQWH GH HVWDV SRVLEOHV FRPELQDFLRQHV HQWUH OR S~EOLFR \ OR SULYDGR QR HV VXEVXPLEOH
EDMRORVFRQYHQFLRQDOHVFRQFHSWRVGH´DVLPLODFLyQµYHUVXV´VHJUHJDFLyQµ*DUUHWD%RFKDFDVLQRTXHHQOD
PD\RUtDGHORVVLVWHPDVSROtWLFRVORVFRQWH[WRVQDFLRQDOHV\UHJLRQDOHVSHUPLWHQXQDPSOLRDEDQLFRGHVROXFLRQHV
LQWHUPHGLDV9HUORW(QVXDQiOLVLVFRQWUDVWLYRGHODV´UHDFFLRQHVµLQVWLWXFLRQDOHV\SROtWLFDVGHVSOHJDGDVHQ
)UDQFLD$OHPDQLDHO5HLQR8QLGR\(VWDGRV8QLGRVIUHQWHDODLQPLJUDFLyQ7RGGSRVWXODTXHGLFKDVSROtWLFDV
QDFLRQDOHVUHIOHMDQODH[LVWHQFLDGHFRQVWDQWHVHVWUXFWXUDOHVXELFDGDVHQHOVHQRGHODVRFLHGDGPD\RULWDULD
*XQWKHU'LHW]
5 $ & , 6 0 2 < ' , 6 & 5 , 0 , 1 $ & , Ð 1 ' ( 0 , 1 2 5 Ì $ 6 ( 1 ( 6 3$ f $
(OFDVRGH(VSDxDHVSDUWLFXODUPHQWHUHYHODGRUDOUHVSHFWR/DVLQVWLWXFLRQHVHVSDxRODVGHGLFDGDVDFWXDOPHQWHD
GLVHxDU´SROtWLFDVGHODGLIHUHQFLDµHQORViPELWRVHGXFDWLYRVODERUDOHV\RGHVHUYLFLRVVRFLDOHVSDUDFROHFWLYRV
PLQRULWDULRV RVFLODQ HQWUH GRV ´PDWULFHV LQFRQVFLHQWHVµ HQWUH XQ ´HWQLFLVPRµ LPSOtFLWR TXH DVHPHMD HO FDVR
HVSDxRODOPRGHOR´pWQLFRFXOWXUDOµGHQDFLRQDOLVPRFHQWURHXURSHR$OHPDQLD$XVWULD3RORQLDSRUXQDSDUWH\
XQ´XQLYHUVDOLVPRµH[SOtFLWRRULHQWDGRKDFLDHOPRGHORFtYLFRIUDQFpV
(QFRQFUHWRSRUXQDSDUWHSHUVLVWHHQODPHPRULDFROHFWLYDGHODVRFLHGDGPD\RULWDULD\GHVXVLQVWLWXFLRQHV
XQD MHUDUTXtD pWQLFD KLVWyULFDPHQWH FRQVWUXLGD GHVGH OD H[SXOVLyQ GH ODV PLQRUtDV MXGtD \ PXVXOPDQD HQ 6WDOODHUW(QGLFKDMHUDUTXtDH[SUHVDGDHQODVHQFXHVWDVGHRSLQLyQVREUH´SHUVRQDVGHRWUDVSDUWHVGHO
PXQGRµVHUHIOHMDD~QODGLFRWRPtDHQWUHHOKLVWyULFR´HQHPLJRH[WHULRUµ²HO´PRURµRDQGDOXVtPXVXOPiQ²\HO
´HQHPLJRLQWHULRUµ²HO´JLWDQRµ
&RPRGHPXHVWUD6WDOODHUWFRQGHWDOOHODLGHRORJtDGHOFDVWLFLVPR\GHOD´OLPSLH]DGHVDQJUHµLPSXHVWD
SRUHOWHPSUDQRH[SHULPHQWRKRPRJHQLH]DGRUGHORV5H\HV&DWyOLFRVHLQVWLWXFLRQDOL]DGDDWUDYpVGHOD6DQWD
,QTXLVLFLyQVLJXHSHUVLVWLHQGRLQFRQVFLHQWHPHQWHHQDFWLWXGHV\´IRELDVµTXHPXHVWUDODSREODFLyQPD\RULWDULD
FRQWHPSRUiQHDKDFLD´HORWURµ(VWDVIRELDVVRQHPStULFDPHQWHFRUURERUDGDVHQORVD~QHVFDVRVHVWXGLRVHPStULFRV
TXHDQDOL]DQDFWLWXGHVUDFLVWDV\SUiFWLFDVGLVFULPLQDWRULDVHQHO(VWDGRHVSDxRO7DQWRODVSLRQHUDVHQFXHVWDVGH
&DOYR%XH]DVFRPRORVUHFLHQWHVLQIRUPHVHODERUDGRVSRUOD&RPLVLyQ(XURSHDFRQWUDHO5DFLVPR
\OD,QWROHUDQFLD(&5,UHYHODQTXHHOSXHEORJLWDQR\ORVLQPLJUDQWHVPDJUHEtHVFRQVWLWX\HQORVGRV
FROHFWLYRVPiVGLUHFWD\YLVLEOHPHQWHH[SXHVWRVDDFWLWXGHVUDFLVWDV\SUiFWLFDVGLVFULPLQDWRULDV
3RURWUDSDUWHHVWHSHUVLVWHQWH´VHVJRpWQLFRFXOWXUDOµDQWLPXVXOPiQ\DQWLJLWDQRFRQWUDVWDFRQHOpQIDVLV
TXHFRQWLQXDPHQWHKDFHQODVLQVWLWXFLRQHVS~EOLFDVHQHOFDUiFWHUXQLYHUVDOLVWD\QRGLVFULPLQDWRULRGHVXVSROtWLFDV
SURJUDPDV\SUiFWLFDV'HVGHORVLQLFLRVGHODWUDQVLFLyQDODGHPRFUDFLDHO(VWDGRHVSDxROSUHWHQGHGHVDUUROODU
PHGLGDVS~EOLFDV\ODLFDVGHFRUWHLQWHJUDFLRQLVWDIUHQWHDODVPLQRUtDVUHOLJLRVDV\pWQLFDV3DUDGyMLFDPHQWHVLQ
HPEDUJRGLFKDVSROtWLFDVQRORJUDQGHVSUHQGHUVHGHVXIXHUWHOHJDGRFDWyOLFR\FDVWHOODQRWDOFRPRVHSHUFLEH
QXHYDPHQWH HQ HO iPELWR HGXFDWLYR ² OD SHUVLVWHQFLD GH XQ VLVWHPD HGXFDWLYR HQ JUDQ PHGLGD PDQWHQLGR SRU
LQVWLWXFLRQHVFDWyOLFDVSHURILQDQFLDGRSRUHO(VWDGRODLFR²DVtFRPRHQHOiPELWRGHODIHGHUDOL]DFLyQDVLPpWULFD
GHO´(VWDGRGHODV$XWRQRPtDVµ²FXDQWRPD\RUGLVWDQFLDFXOWXUDO\OLQJtVWLFDVHUHLYLQGLFDIUHQWHDODPD\RUtD
FDVWHOODQDPD\RUJUDGRGHDXWRQRPtDVHREWLHQH
$57,*26
5 $ & , 6 0 2 , 6 / $ 0 2 ) 2 % , $ < 6 ( ; , 6 0 2 & 2 1 7 5 $ 0 8 - ( 5 ( 6 0 8 6 8 / 0 $ 1 $ 6
(QORV~OWLPRVFLQFXHQWDDxRV(VSDxDKDH[SHULPHQWDGRXQFRQVLGHUDEOHLQFUHPHQWRHQODSREODFLyQLQPLJUDQWH
,]TXLHUGR&RUQHOLXVHQWUHODTXHORVPDJUHEtHVPXVXOPDQHVFRQIRUPDQXQSRUFHQWDMHVLJQLILFDWLYR
3DUDOHODPHQWHGHVGHHOILQDOGHOUpJLPHQIUDQTXLVWDVHHVWiSURGXFLHQGRXQDQRWDEOHWHQGHQFLDGHFRQYHUVLyQD
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
ODUHOLJLyQPXVXOPDQDHQFLXGDGHVDQGDOX]DVWDOHVFRPR&yUGREDR*UDQDGD8QLGRDHVWRVGRVIHQyPHQRVWDO
FRPRVHPHQFLRQDEDDUULEDODVDFWLWXGHVDQWLLVOiPLFDV\DQWLiUDEHVTXHUHIOHMDQXQDFRPELQDFLyQGHGLPHQVLRQHV
GHGLVFULPLQDFLyQpWQLFDUHOLJLRVD\QDFLRQDOLVWDSUHYDOHFHQHQDPSOLRVVHFWRUHVGHODVRFLHGDGHVSDxROD$6(3
(VWDVDFWLWXGHVGHKHFKRHVWiQSURIXQGDPHQWHDUUDLJDGDVHQHVWLJPDWL]DFLRQHVKLVWyULFDVGHO´RWUR´&RPR
PXHVWUD 6WDOODHUW GHVGH HO WHPSUDQR SUR\HFWR HVSDxRO GH (VWDGRQDFLyQ KD VLGR IXQGDGR HQ XQD
PH]FODGH´DUDERIRELD´pWQLFD\´LVODPRIRELD´UHOLJLRVDTXHVHOHJLWLPDUtDFRQ´OH\HVGHSXUH]DGHVDQJUH´TXH
FRQVWDQWHPHQWHVRODSDQ\IXQGHQWHUPLQRORJtDVXSXHVWDPHQWHELROyJLFDpWQLFD\UHOLJLRVD
(VWDLVODPRIRELDKLVWyULFDUHDSDUHFHFRQODSHUFHSFLyQGHODVPLJUDFLRQHVFRQWHPSRUiQHDVFRPR´UHWRUQRGH
ORVPRURVµR´PRULVFRVµ/DLVODPRIRELDUHHPHUJHQWHDIHFWDHVSHFLDOPHQWHDODVPXMHUHVPXVXOPDQDVGHTXLHQHV
ODPD\RUSDUWHGHODVRFLHGDGWLHQHXQDYLVLyQUHGXFLGDDODPDWHUQLGDG\REHGLHQFLDDOPDULGR'XUDQWHPXFKRV
VLJORVQRVyORHO,VODPFRPRWDOVLQRVREUHWRGRODVPXMHUHVPXVXOPDQDVIXHURQSHUFLELGDVLQVWUXPHQWDOL]DGDV
\PDOLQWHUSUHWDGDVFRPRODFDUDRSXHVWDGHODXWRUUHWUDWRGH2FFLGHQWHFRPRXQDFLYLOL]DFLyQJOREDOPRGHUQD\
VHFXODUL]DGD0DUWtQ0XxR],QGHSHQGLHQWHPHQWHGHVXHGDGSURIHVLyQHWQLDRFODVHVRFLDOGHRULJHQGHVX
FLXGDGDQtD\VXHVWDWXVQDWLYRRPLJUDWRULRODVPXMHUHVPXVXOPDQDVWLHQGHQDVHUUHSUHVHQWDGDVFRPRHOSURWRWLSR
GH´RWUHGDGµGH2FFLGHQWH6LQHPEDUJRHQHOWUDQVFXUVRGHODUHFLHQWHIHPLQL]DFLyQGHODPLJUDFLyQPDJUHEt\
SDUWLFXODUPHQWHPDUURTXtVRQSUHFLVDPHQWHODVPXMHUHVLQPLJUDQWHV²SHUFLELGDVGHIRUPDUHGXFFLRQLVWDFRPR
´ODPXMHUPXVXOPDQDµ²ODVTXHVHFRQYLHUWHQHQLPSRUWDQWHVSURWDJRQLVWDVGHOSURFHVRGHIRUPDFLyQGHQXHYDV
FRPXQLGDGHVVHDQpVWDVPXVXOPDQDVLQPLJUDQWHVRPDUURTXtHV
$SHVDUGHTXHVXVRUtJHQHVSROtWLFRVHLGHROyJLFRVVHDQFRPSOHWDPHQWHGLIHUHQWHVORVUHSUHVHQWDQWHVHVSDxROHV
GHODVLQVWLWXFLRQHVS~EOLFDV\GHODV21*FRLQFLGHQHQXQDSHUFHSFLyQKRPRJpQHD\EDVWDQWHHVWHUHRWLSDGDGHODV
PXMHUHVPXVXOPDQDVTXHDWLHQGHQ7RGRVORVUHSUHVHQWDQWHVPHQFLRQDQODGLIHUHQFLDTXHVXSXHVWDPHQWHH[LVWH
QRVRODPHQWHHQWUHHO,VODP\HOFULVWLDQLVPRVLQRWDPELpQHQWUHHO,VODP\ODPRGHUQLGDG,QFOXVRDTXHOORVTXH
UHFKD]DQODRSLQLyQVLPSOLVWDDFHUFDGHOVXSXHVWRFDUiFWHURSUHVLYRGHO,VODPIUHQWHDODVPXMHUHVPXVXOPDQDV
WLHQGHQDHVWDEOHFHUGLIHUHQFLDVFXOWXUDOHVHQWUHODVUHJLRQHVPXVXOPDQDVPiVDWUDVDGDVRVXEGHVDUUROODGDVSRU
XQODGR\ODVSDUWHVPiV´PRGHUQDV´GHOPXQGRPXVXOPiQSRURWURODGR/DVPXMHUHVPXVXOPDQDVVRQSHUFLELGDV
FRPRYtFWLPDV²UHDOHVRSRWHQFLDOHV²GHVXSURSLDUHOLJLyQ\GHVXVSUiFWLFDV´PDFKLVWDVµ(ODXWRULWDULVPRSROtWLFR
\ODRSUHVLyQUHOLJLRVDOHJLWLPDGDVFRQWUDODVPXMHUHV´VRQODVGRVFDUDVGHODPLVPDPRQHGDµFRPRLQGLFDXQ
DFWLYLVWDGHXQD21*
(VWDKRPRJHQHL]DFLyQREYLDHQODSHUFHSFLyQH[WHUQDH[SUHVDGDSRUPLHPEURVGHODVRFLHGDGPD\RULWDULD
QRPXVXOPDQDFRQWUDVWDSURIXQGDPHQWHFRQODHQRUPHGLYHUVLGDGGHDXWRGHILQLFLRQHV\GLVFXUVRVLGHQWLWDULRV
RIUHFLGRVSRUODVPXMHUHVPXVXOPDQDV/DLGHQWLGDGUHOLJLRVDH[SUHVDGDSRUODVPXMHUHVPXVXOPDQDVDOWDPHQWH
$57,*26
3HUFHSFLyQGHO,VODP
*XQWKHU'LHW]
LQIOXHQFLDGDSRUVXVRFLDOL]DFLyQVHKDJHQHUDGR\SHUILODGRHQODPD\RUtDGHpVWDVDQWHVGHPLJUDUD(VSDxD
(VWDVPXMHUHVGHRULJHQiUDEH²HQVXPD\RUtDPDUURTXtHV²SHUFLEHQHO,VODPFRPRXQDSDUWH´QRUPDOµGHVX
LGHQWLGDG\DXWRGHILQLFLyQ*HHUW]'HVGHODDGROHVFHQFLDODVSUHVFULSFLRQHV\ULWXDOHVUHOLJLRVRVFRPRODV
SUiFWLFDVRUDWRULDV\HOD\XQRFRQODVTXHVHWUDQVPLWHODKHUHQFLDFXOWXUDOIDPLOLDU\RFRPXQLWDULDHVWiQLQWHJUDGDV
GHQWURGHODVUXWLQDVGHODYLGDFRWLGLDQDGHODPXMHU/DPD\RUtDGHODVPXMHUHVHQWUHYLVWDGDVDVRFLDQODGLVWLQFLyQ
HQWUHUHOLJLyQPXVXOPDQD\FULVWLDQDDXQDPHUDFRLQFLGHQFLDJHRJUiILFD/DUHOLJLyQQRVHFRQVLGHUDIUXWRGHXQD
HOHFFLyQVLQRGHXQDKHUHQFLD
/DFRQH[LyQtQWLPDTXHVXSRQHODXQLGDGGHO,VODPFRPRXQVLVWHPDUHOLJLRVRSRUXQODGR\ORVRUtJHQHV
QDFLRQDOHV \ FXOWXUDOHV GH ODV PXMHUHV PXVXOPDQDV SRU RWUR ODGR VyOR HV FXHVWLRQDGD SRU GRV WLSRV GH
HQWUHYLVWDGDV
$57,*26
DTXHOODVPXMHUHVGHQDFLRQDOLGDGHVSDxROD\RUtJHQHVFXOWXUDOHV\UHOLJLRVRVFDWyOLFRVTXHKDQFRQYHUWLGRDO
,VODP
DTXHOODVPXMHUHVTXHKDQHPLJUDGRGHOQRUHVWHGH0DUUXHFRVRGHOQRUWHGH$UJHOLD\TXHVHLGHQWLILFDQDVt
PLVPDVHQWpUPLQRVpWQLFRVQRFRPRiUDEHVVLQRFRPRDPD]LJK
6LQH[FHSFLyQDOJXQDODVHVSDxRODVFRQYHUVDVRQHRPXVXOPDQDVDFHQW~DQODWHQVLyQHQWUHODVGLIHUHQFLDVGHO
,VODP\HOFULVWLDQLVPR/DVH[SHULHQFLDVSHUVRQDOHVGHFRQYHUVLyQUHOLJLRVDVHH[SUHVDQHQWpUPLQRVGH´OLEHUDFLyQµ
GHODWUDGLFLyQ(OSURFHVRGHFRQYHUVLyQVHUHFXHUGDFRPRXQDSURIXQGDFULVLVGHLGHQWLGDGSHUVRQDO\FRPRXQ
´GHVSHUWDUµGHXQSDVDGRVXSHUILFLDO\GHXQDUHOLJLRVLGDGPHUDPHQWHSUDJPiWLFD0XFKDVGHODVFDWyOLFDVFRQYLHUWHQ
DO,VODPHQHOSHULRGRGHWUDQVLFLyQGHODGLFWDGXUDIUDQTXLVWDDODGHPRFUDFLDSHULRGRGXUDQWHHOTXHSHUFLEHQDO
FDWROLFLVPRFRPRXQDUHOLTXLDYDFtDGHODpSRFDSUHPRGHUQD'HVGHHOSXQWRGHYLVWDGHODVQHRPXVXOPDQDVODV
DFWLWXGHVVH[LVWDV\DXWRULWDULDVKDFLDODVPXMHUHVVRQSDUWHGHODUHOLJLyQFDWyOLFD(O,VODPSRUHOFRQWUDULRSURPXHYH
XQUHVSHWRPXWXRHQWUHDPERVVH[RV&RPRSDUDODVFRQYHUVDVHO,VODPQRHVXQDSDUWHLQWHJUDOGHODWUDGLFLyQ
IDPLOLDUVRVWLHQHQTXHH[LVWHQGRVPDQHUDVGLIHUHQWHVGHSUDFWLFDUHO,VODPOD´UHOLJLyQSDUDORVLQPLJUDQWHVµSRU
XQODGRGRQGHODFXOWXUD\ODUHOLJLyQHVWiQVXSXHVWDPHQWH´PH]FODGDVµ\HO,VODP´GHVQXGRµSRURWURODGRTXH
QRGHEHVHUDVRFLDGRDQLQJXQDFXOWXUDHQSDUWLFXODU
/D GLYHUVLGDG UHJLRQDO \ ODV GLVWLQFLRQHV pWQLFDV TXH SUHYDOHFHQ GHQWUR GHO ,VODP /LSSPDQ VRQ
WHPDWL]DGDVWDPELpQSRUODVDPD]LJK\DVHDQGH$UJHOLDGH0DUUXHFRVRGH0HOLOOD(OODVWLHQGHQDFRLQFLGLUFRQ
ODVQHRPXVXOPDQDVHQTXHXQDJUDQSDUWHGHODVSUiFWLFDVUHOLJLRVDVGLVWLQWLYDVGHVXVFUHHQFLDV\UHJODVQR
WLHQHQRUtJHQHVPXVXOPDQHVVLQRiUDEHV3RURWURODGRHODIiQGHSUHVHQWDUHO,VODPFRPRXQD´PDQHUDGHYLYLUµ
FXOWXUDOPHQWH´QHXWUDµ\FRQWHPSRUiQHDVyORVHSXHGHREVHUYDUHQPXMHUHVMyYHQHVXUEDQDVGHFODVHPHGLD\DOWD
TXHHQODPD\RUtDGHORVFDVRVFXUVDQHVWXGLRVXQLYHUVLWDULRVHQ*UDQDGD7RGDVODVGHPiVPXMHUHVPXVXOPDQDV
TXHSURYLHQHQGHFRQWH[WRVUXUDOHVRGHFODVHVEDMDVXUEDQDVWLHQGHQDLGHQWLILFDUHO,VODPFRQODWUDGLFLyQ
8QRGHORVSXQWRVPiVGLVFXWLGRVHQODVUHODFLRQHVLQWHUUHOLJLRVDVHVHOVLJQLILFDGR\ODQHFHVLGDGGHOXVR
GHOKLMDE$SHVDUGHTXHHQ(VSDxDDSHQDVVHKD\DQGDGRFRQIOLFWRVFRPRORVVXUJLGRVHQRWURVSDtVHVHXURSHRV
SDUDODPD\RUtDGHODVPXMHUHVHOXVRGHOSDxXHORHVYLVWRFRPRXQREVWiFXORDODKRUDGHEXVFDUXQHPSOHRRGH
DOTXLODUXQSLVR/DVLQVWLWXFLRQHV\21*YHQHO´SUREOHPDGHOSDxXHORµFRPRXQLQGLFDGRUQRVyORGHDFWLWXGHV
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
UDFLVWDVVLQRWDPELpQGHOD´YROXQWDGGHLQWHJUDFLyQµ$XQTXHVHH[SUHVHVLHPSUHXQDWROHUDQFLDDFHUFDGHOXVR
GHO SDxXHOR DOJXQRV UHSUHVHQWDQWHV LQVWLWXFLRQDOHV DOHJDQ TXH OD PXMHU PXVXOPDQD QR GHEHUtD H[DJHUDU \ QR
GHEHUtD YHVWLUVH FRPR VL HVWXYLHUD HQ 0DUUXHFRV \D TXH GLILFXOWDUtD TXH ORV YHFLQRV FDWyOLFRV OD DFHSWHQ 8QD
WUDEDMDGRUDVRFLDOTXHWUDWDFRQPXMHUHVPXVXOPDQDVLQFOXVRRSLQDTXHDOJXQDVGHHOODVFXEUHQVXFDEH]DSDUD
DXWRDLVODUVH
3DUDHYLWDUHVWHWLSRGHGLVFULPLQDFLyQDOJXQDVPXMHUHVLQPLJUDQWHVVHTXLWDQHVWUDWpJLFDPHQWHHOSDxXHORHQ
FLHUWDVRFDVLRQHVDOJRTXHREYLDPHQWHQRLPSLGHODHTXLSDUDFLyQVXE\DFHQWHGHOSDxXHORFRQVXSXHVWDVGLVWLQFLRQHV
IHQRWtSLFDVFRQDFWLWXGHVLVODPRIyELFDV\FRQHOUHFKD]RDELHUWRKDFLDPDUURTXtHV0LHQWUDVTXHODPD\RUtDGHODV
PXMHUHVSHUFLEHQHOSDxXHORFRPRXQDSDUWHLQWHJUDOGHVXLGHQWLGDGQRVyORUHOLJLRVDVLQRWDPELpQGHJpQHUR\
GHHVDPDQHUDFRPRXQDSDUWHLQFXHVWLRQDEOHGHVXVWUDGLFLRQHVXQDPLQRUtDGHODVPXMHUHVIXQGDPHQWDOPHQWH
GHRULJHQDPD]LJKUHFKD]DHOXVRGHOSDxXHORLGHQWLILFiQGRORFRPRDOJRLPSXHVWRSRUORViUDEHV\VREUHWRGRSRU
ODVDFWLWXGHVPDFKLVWDVGHORVHVSRVRVPXVXOPDQHV3DUDHOODVODSUHVHUYDFLyQGHXQVtPERORUHOLJLRVRDUFDLFRTXH
QDGDWLHQHTXHYHUFRQGLIHUHQFLDVGHUHOLJLRVLGDGLPSLGHDODPXMHUPXVXOPDQDOLEHUDUVH(VWDLQWHUSUHWDFLyQTXH
HVDVRPEURVDPHQWHVLPLODUDODRSLQLyQS~EOLFDGHODPD\RUtDGHORVQRPXVXOPDQHVTXHYLFWLPL]DQDODVPXMHUHV
PXVXOPDQDVHVFRQWUDUUHVWDGDSRURWUDVPXMHUHVTXHHQIDWL]DQODYDULHGDGGHODVFRVWXPEUHVGHOSDxXHORWDQ
VXMHWDVDPRGDV\HOHFFLRQHVFRPRFXDOTXLHURWUDYHVWLPHQWD
1RREVWDQWHHQHOFRQWH[WRPLJUDWRULRHQODVRFLHGDGQRPXVXOPDQDDOJXQDVPXMHUHVHQWLHQGHQHOSDxXHOR
QRFRPRXQDFXHVWLyQGHPRGDRFRVWXPEUHVVLQRFRPRXQVtPERORHVWULFWDPHQWHUHOLJLRVRSDUDLGHQWLILFDUVH
FRPRQRFULVWLDQD²XQDDFWLWXGTXHHVFRPSDUWLGDSRUODVHVSDxRODVFRQYHUVDV(VWDWHQGHQFLDGHXVDUHOKLMDE
FRPRGLVWLQFLyQUHOLJLRVDRFRPR´PDUFDGRUpWQLFRµ(ULNVHQHQFRQWH[WRVLQWHUUHOLJLRVRVHVVLQHPEDUJR
UHFKD]DGDDELHUWDPHQWHSRURWUDVPXMHUHVPXVXOPDQDV'HVGHVXSXQWRGHYLVWDHOORFRQYLHUWHHOXVRGHOSDxXHOR
HQXQDFXHVWLyQVXSHUILFLDOGHSHUWHQHQFLDFRQIHVLRQDOVLQWHQHUHQFXHQWDQLODIHLQGLYLGXDOQLODDFWLWXGSHUVRQDO
FRQUHVSHFWRDODUHOLJLyQ
/D LPSUHVLyQ TXH WLHQHQ ODV HQWUHYLVWDGDV VREUH ORV HQWUDPDGRV LQVWLWXFLRQDOHV WDQWR GH ODV DJHQFLDV S~EOLFDV
JXEHUQDPHQWDOHVFRPRGHODV21*DODKRUDGHDWHQGHUDODSREODFLyQLQPLJUDQWH\RDODPLQRUtDUHOLJLRVDHV
VXPDPHQWHQHJDWLYD&DVLWRGDVODVPXMHUHVVHTXHMDQGHODPDQHUDFDyWLFD\EXURFUiWLFDHQTXHIXQFLRQDQHVWDV
LQVWLWXFLRQHV0XFKDVPXMHUHVHYLWDQVHUDWHQGLGDVSRUHVWDVLQVWLWXFLRQHV\DTXHOHVUHVXOWDQLQFRPSUHQVLEOHVH
LQHILFLHQWHVHQVXVIXQFLRQHVGHSUHVWDFLyQGHVHUYLFLRV7DQVyORDTXHOODVPXMHUHVTXHHVWiQSOHQDPHQWHLQWHJUDGDV
HQ OD VRFLHGDG GH DFRJLGD \ FRQRFHQ HO LGLRPD DFHSWDQ ORV VHUYLFLRV GH HVWDV LQVWLWXFLRQHV ÔQLFDPHQWH HQ
VLWXDFLRQHVGHH[WUHPDQHFHVLGDGFRPRHQIHUPHGDGHVODUHQRYDFLyQGHGRFXPHQWRVODUHJXODFLyQGHSDSHOHV
RDPHQD]DVGHGHSRUWDFLyQDFXGHQHQ~OWLPDLQVWDQFLDDUHFLELUXQDD\XGDSXQWXDO
(VWDDFWLWXGGHUHFKD]RHVWiMXVWLILFDGDHQYDULRVFDVRV²WDQWRSURYHQLHQWHVGHPXMHUHVLQPLJUDQWHVFRPRGH
FRQYHUVDV²SRUH[SHULHQFLDVGHGLVFULPLQDFLyQLQVWLWXFLRQDO\HQDOJXQRVFDVRVSRULQFLGHQWHVUDFLVWDV\RVH[LVWDV
GLUHFWRVLQIOLJLGRVSRUFXHUSRVRILFLDOHVFRPRODSROLFtD$SHVDUGHTXHDOJXQDVPXMHUHV²IXQGDPHQWDOPHQWH
$57,*26
¢'LVFULPLQDFLyQLQVWLWXFLRQDO"
*XQWKHU'LHW]
DTXHOODVTXHQXQFDKDQVXIULGRSHULRGRVGH´LOHJDOLGDGµR´LQGRFXPHQWDFLyQµ²QLHJDQFXDOTXLHUH[SHULHQFLDSHUVRQDO
GHUHFKD]RRPDOWUDWRSRUSDUWHGHLQVWLWXFLRQHVS~EOLFDVFDVLWRGDVODVPXMHUHVQHRPXVXOPDQDVKDFHQKLQFDSLp
HQTXHODVGLYHUVDVIRUPDVGHGLVFULPLQDFLyQRILFLDOVRQXQDUHVSXHVWDLQVWLWXFLRQDODODSHUFHSFLyQJHQHUDOL]DGD
GHORVFRQYHUVRV\ORVLQPLJUDQWHVFRPRORVQXHYRVLQYDVRUHVTXHYLHQHQDODUHFRQTXLVWDGH*UDQDGD
6HJ~QORVUHSUHVHQWDQWHVGHWRGDVODVLQVWLWXFLRQHV\GHPXFKDV21*ODSREODFLyQLQPLJUDQWHFRPRWDO
´HVXQSUREOHPDµ(QVXWUDEDMRGLDULRVHTXHMDQGHTXHODVPXMHUHVPXVXOPDQDVVRQ´VXPLVDVµ\VLHPSUHYDQ
DFRPSDxDGDV SRU VXV PDULGRV R SRU DOJ~Q SDULHQWH ORV FXDOHV ODV SULYDQ GH WHQHU VXV SURSLDV H[SHULHQFLDV \
GHH[SUHVDUVXVSRVLELOLGDGHVGHFRPXQLFDFLyQDVtFRPRGHHVWDEOHFHUXQFRQWDFWRSHUVRQDO\GLUHFWRFRQORV
PLHPEURV GH ODV LQVWLWXFLRQHV &RPR FRQVHFXHQFLD GH HVWD SHUFHSFLyQ TXH FRQYLHUWH D OD LQPLJUDFLyQ HQ XQ
SUREOHPDLQVWLWXFLRQDOFRPRWDOWDQWRODVLQVWLWXFLRQHVS~EOLFDVFRPRODV21*SDUHFHQFRLQFLGLUHQODVXSXHVWD
QHFHVLGDGGHVXEGLYLGLUORVGHSRUVtGpELOHV\HVFDVRVVHUYLFLRVVRFLDOHVHQXQVHFWRU´JHQHUDOLVWDµDELHUWRD
WRGRHOS~EOLFRQHFHVLWDGR\RWUR´RULHQWDGRDODVPLQRUtDVSDUWLFXODUHVµFRPR´ORVLQPLJUDQWHVµ\R´ORVJLWDQRVµ
'LHW](VWDGLYLVLyQVLQHPEDUJRFRPRDGPLWHHOSUHVLGHQWHGHXQD21*SURLQPLJUDQWHWLHQHXQLPSDFWR
QHJDWLYRHQFXDQWRDODFDQWLGDG\ODFDOLGDGGHVHUYLFLRV\DTXHDVtVRQVREUHWRGRORVLQPLJUDQWHVFRPRQR
FLXGDGDQRVORVTXHSDVDQGHORVVHUYLFLRVS~EOLFRVDORVSULYDGRVTXHLQWHQWDUiQSUHVWDUHVWRVVHUYLFLRVGHOD
IRUPDPiVSUHFDULD\EDUDWDSRVLEOH
$57,*26
(QWUHJpQHURUHOLJLyQ\HWQLFLGDGH[SHULHQFLDVGHGLVFULPLQDFLyQ\UDFLVPR
1XHVWUDWDUHDQRSXHGHQLGHEHFRQVLVWLUHQFRQWUDVWDUODYLVLyQVXEMHWLYDFRQXQSXQWRGHYLVWDVXSXHVWDPHQWH
´REMHWLYRµH[WHUQRSDUDGLVWLQJXLUHQWUHDTXHOORVIHQyPHQRVGHGLVFULPLQDFLyQVXSXHVWDPHQWH´UHDOHVµ\DTXHOORV
RWURVVyORSHUFLELGRVFRPRWDOHV1XHVWUDRSFLyQFRQWUDVWDSRUWDQWRFRQRWURVHQIRTXHVDFDGpPLFRV0ROOHU
7RJHE\)LOLSSLQSHURDVLPLVPRFRQHOSXQWRGHYLVWDGHYDULDVLQVWLWXFLRQHV\21*TXHWLHQGHQD
VXEUD\DUXQDVXSXHVWD´KLSHUVHQVLELOLGDGµFRPRFDXVDQWHGHODVHQVDFLyQGHGLVFULPLQDFLyQP~OWLSOHTXHSDGHFHQ
ODVPXMHUHVPXVXOPDQDVFRQVXOWDGDV
(VWDV PXMHUHV GHILQHQ \ HTXLSDUDQ OD GLVFULPLQDFLyQ FRQ VLWXDFLRQHV GH LQIHULRULGDG \ GHVLJXDOGDG FRQ
XQWUDWDPLHQWRDEXVLYR\DUELWUDULRFRQVFLHQWH\DPHQXGRH[SOtFLWRGHOTXHVRQREMHWRFRPRPLHPEURVGHXQD
PLQRUtD6HJ~QVXVUHODWRVODVGLVFULPLQDFLRQHVSHUFLELGDVVRQDQWHVTXHQDGDSHUVRQDOHV\VyORHQVHJXQGR
SODQRLQVWLWXFLRQDOHVHQFXDQWRDVXRULJHQeVWDVSXHGHQRVFLODUHQWUHPHURVFKLVWHV\WRSRLUHSHWLGRVKDVWDOD
VDFLHGDGHQVLWXDFLRQHVGHLQWHUDFFLyQFRWLGLDQDSDVDQGRSRUGLVWLQFLRQHVMXUtGLFDVHQWUHHVSDxROHV\IRUDVWHURV
KDVWDLQFOXVRDPHQD]DVRDWDTXHVDELHUWDPHQWHUDFLVWDV
$PHQXGRODVPXMHUHVPXVXOPDQDVQRFRQVLGHUDQVXILFLHQWHH[SOLFDUHVWRVLQFLGHQWHVDWULEX\pQGRORVDO
PHURGHVFRQRFLPLHQWR\GHVLQWHUpVPRVWUDGRSRUSDUWHGHODVRFLHGDGGHPD\RUtDQRPXVXOPDQDIUHQWHDHOODV
6RQVREUHWRGRODVPXMHUHVFRQYHUVDVTXLHQHVGHVWDFDQHOSDSHOQRFLYRGHVHPSHxDGRSRUORVPHGLRVPDVLYRVGH
FRPXQLFDFLyQHQODUHSURGXFFLyQFRQWLQXDGHXQDLPDJHQQHJDWLYDHVWHUHRWLSDGD\FRPSOHWDPHQWHVHVJDGDGHO
PXQGRiUDEHPXVXOPiQFRQWHPSRUiQHRHQHOFXDOVHPH]FODQ\VRODSDQSHUPDQHQWHPHQWHSUHMXLFLRVUHOLJLRVRV
pWQLFRVFXOWXUDOHV\GHJpQHUR
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
0XFKDV PXMHUHV VH PXHVWUDQ LQVXOWDGDV \ H[KDXVWDV SRU OD IUHFXHQFLD FRQ OD FXDO VH YHQ REOLJDGDV D
FRQWUDUUHVWDUDOXVLRQHVDO´PDFKRPXVXOPiQµ\DOD´PRUDVXPLVDµDO´iUDEHSpUILGR\DVWXWRµ\DOD´ODVFLYLGDGµ
GHODPXMHUiUDEH,QFOXVRWLHQHQTXHUHFWLILFDUFRQVWDQWHPHQWHHOH[WUDxRUXPRUVHJ~QHOFXDO´ORVPRURVµR´DOJ~Q
MHTXHVDXGtµHVWiQILQDQFLDQGROD´LQYDVLyQµGHODSHQtQVXODSDJiQGROHVDPXMHUHVPXVXOPDQDVHPEDUD]DGDVD
LQPLJUDU LOHJDOPHQWH HWF HWF $ GLIHUHQFLD GH ODV PXMHUHV LQPLJUDQWHV ODV QHRPXVXOPDQDV LQWHUSUHWDQ HVWRV
HVWHUHRWLSRVFRPRXQDH[SUHVLyQGHGLVFULPLQDFLRQHVHVWUXFWXUDOHVHLQVWLWXFLRQDOHVPiVSURIXQGDV(OODVDPHQXGR
WLHQHQTXHHQIUHQWDUVHDUHSURFKHVGH´GHVOHDOWDGµ\´WUDLFLyQQDFLRQDOµSRUKDEHUVH´VXPDGRDORVPRURVµHOOR
GHPRVWUDUtDODFRQWLQXLGDG\SHUVLVWHQFLDKLVWyULFDGHIRELDVDQWLJXDVH[SUHVDGDVHQODFXOWLYDGDDXWRSHUFHSFLyQ
PRQRFXOWXUDO\PRQRUHOLJLRVDGHODVRFLHGDGHVSDxRODPD\RULWDULD
/D FRQIXVLyQ \ PH]FOD SHUPDQHQWHV GH GLPHQVLRQHV QDFLRQDOHV pWQLFDV \ UHOLJLRVDV GH OD LGHQWLGDG GH
ODPLQRUtDSRUSDUWHGHODPD\RUtDFRQVROLGD\SURIXQGL]DVXSHUFHSFLyQGHO´RWURµFRPRDOJRHVWLJPDWL]DGR\
HVHQFLDOL]DGR 3DUD HVER]DU GH IRUPD VLVWHPiWLFD HVWDV GLIHUHQWHV GLPHQVLRQHV GLVFULPLQDWRULDV UHFXUULPRV HQ
ORVLJXLHQWHDXQDGLVWLQFLyQGREOHSRUXQDSDUWHHQWUHIRUPDVH[yJHQDV\HQGyJHQDVGHGLVFULPLQDFLyQ²LH
DFWLWXGHVGLVFULPLQDWRULDVFX\DIXHQWHSULQFLSDOVHXELFDIXHUDGHRGHQWURGHODFRPXQLGDGPXVXOPDQDGHODTXH
IRUPDQSDUWHODVPXMHUHVHVWXGLDGDV²\SRURWUDSDUWHSUiFWLFDVGLVFULPLQDWRULDVGHPRWLYDFLyQHWQRUHOLJLRVD
IUHQWHDGLVFULPLQDFLRQHVEDVDGDVHQUHODFLRQHVGHJpQHUR
(QHOiPELWRGHODVIRUPDVH[yJHQDVGHGLVFULPLQDFLyQHWQRUHOLJLRVDQXHVWURVGDWRVHVSHFLILFDQSRUORPHQRV
FLQFRGLPHQVLRQHVGLIHUHQWHVGHGLVWLQFLyQGHVLJXDOGDG\VXSXHVWDVXSHULRULGDGTXHVHFRPELQDQ\WHPDWL]DQD
WUDYpVGHHVWHUHRWLSRVJHQHUDOL]DGRV\GLULJLGRVFRQWUDODVPXMHUHVPXVXOPDQDV
(OVRODSDPLHQWRHQWUHGLVWLQFLRQHVUHOLJLRVDV\HWQRFXOWXUDOHVHQWRUQRDODPXMHU´PXVXOPDQDiUDEHPDJUHEt
PRUDµ QR VH OLPLWD D OD VRFLHGDG PD\RULWDULD 7DPELpQ DO LQWHULRU GH ODV HPHUJHQWHV FRPXQLGDGHV LQPLJUDQWHV
H[LVWHQIXHU]DVHQGyJHQDVTXHXWLOL]DQHLQYRFDQHO,VODPFRPRPDUFDGRUpWQLFRYLVjYLVODVRFLHGDGGHDFRJLGD
&RPRUHVXOWDGRGHVGHVXDSDULFLyQODVQDFLHQWHVFRPXQLGDGHVLQPLJUDQWHVVRQ´HWQLILFDGDVµWDQWRGHVGHIXHUD
FRPRGHVGHGHQWUR5RVyQ/RUHQWH(QHOFDVRGHODVPXMHUHVPXVXOPDQDVHOORLPSOLFDTXHGHWHUPLQDGRV
UDVJRVFXOWXUDOHVGHXQWLSRGHVRFLHGDGSDWULDUFDOOLPLWDGRVDFLHUWDVUHJLRQHVWUDGLFLRQHV\RFRVWXPEUHV²iUDEHV
DPD]LJKRGHRWURRULJHQFXOWXUDO²VRQWUDQVPLWLGDV\DGTXLULGDVFRPRVLIRUPDUDQSDUWHGHOOHJDGRGHILQLWRULRGHO
,VODPFRPRWDO-DZDG
$57,*26
ODOtQHDGLYLVRULDUHOLJLRVD\R´FLYLOL]DWRULDµ+XQWLQJWRQWUD]DGDHQWUHPXVXOPDQHV\FULVWLDQRVFDWyOLFRV
LHHQWUH2ULHQWH\2FFLGHQWH
ODGHOLPLWDFLyQpWQLFDHQWUH´iUDEHVµ\´FDVWHOODQRVµTXHVHUHPRQWDDFRQQRWDFLRQHVKLVWyULFDVHQWRUQRD´HOORVµ
\´QRVRWURVµ6WDOODHUW
OD SHUFHSFLyQ UDFLDOL]DGD GH XQD VXSXHVWD ELSRODULGDG HQWUH ´EODQFRVµ \ ´QREODQFRVµ VHDQ pVWRV ´PRURVµ
´VHPLWDVµ´QHJURVµHWF+DOO
ODGLVWLQFLyQ\GLVFULPLQDFLyQMXUtGLFDHQWUH´FLXGDGDQRVµ\´QRFLXGDGDQRVµ\DPDWHULDOL]DGDHQOD&RQVWLWXFLyQ
(VSDxROD
\HODELVPRSUHVHQWHHQHOLPDJLQDULRFROHFWLYRGHODRSLQLyQS~EOLFDHQWUHXQDPLQRUtD´LQPLJUDQWHµFX\DPHUD
H[LVWHQFLDVXSXHVWDPHQWHFRQVWLWX\H\DXQSUREOHPDSHUVH\ODVRFLHGDGPD\RULWDULD´VHGHQWDULDµHQFDUJDGD
GHUHVROYHUORVSUREOHPDVUHODFLRQDGRVFRQODVPLJUDFLRQHV'LHW]
*XQWKHU'LHW]
/DV IRUPDV H[yJHQDV GH GLVFULPLQDFLyQ GH JpQHUR KDQ VLGR \D PHQFLRQDGDV DUULED VXHOHQ EDVDUVH HQ
HVWHUHRWLSRV GLVWLQWLYRV VREUH KRPEUHV \ PXMHUHV PXVXOPDQHVFXPiUDEHV TXH WUD]DQ XQD SURIXQGD OtQHD
GLYLVRULDHQWUHDPERVVH[RV0LHQWUDVTXHHOKRPEUHPXVXOPiQiUDEHHVHVWLJPDWL]DGRFRPRSRWHQFLDOPHQWH
YLROHQWR FULPLQDO \ YHQJDWLYR OD PXMHU PXVXOPDQDiUDEH HV SHUFLELGD FRPR LQKHUHQWHPHQWH DPELJXD GHWUiV
GH OD ´PiVFDUDµ GHO SDxXHOR OD RULHQWDOLVWD PLUDGD PDVFXOLQD \ FULVWLDQD SUHWHQGH DGLYLQDU ODVFLYLGDG OXMXULD \
SURPLVFXLGDGSRWHQFLDO
6LQHPEDUJRDSDUWHGHHVWDVIXHQWHVH[WHUQDVYDULDVGHODVPXMHUHVPXVXOPDQDVHQWUHYLVWDGDVWLHQGHQD
GHILQLUDOJXQDVQRUPDV\SUiFWLFDV²´IHPHQLQDVµVHJ~QORVPLHPEURVPDVFXOLQRVGHVXFRPXQLGDG²FRPRIRUPDV
HQGyJHQDVGHGLVFULPLQDFLyQGHJpQHUR6REUHWRGRODVMyYHQHVPDUURTXtHVFULWLFDQHOWUDWRGHVLJXDO\ODVLQIHULRUHV
SHUVSHFWLYDVHGXFDWLYDVDVtFRPRODIDOWDGHOLEHUWDGSHUVRQDOTXHKDQHVWDGRVXIULHQGRDORODUJRGHVXDGROHVFHQFLD
HQFRPSDUDFLyQFRQVXVKHUPDQRV$TXHOODVPXMHUHVTXHFRQILUPDQODH[LVWHQFLDGHSUiFWLFDVGLVFULPLQDWRULDV
²YLJHQWHVVHDHQVXUHJLyQGHRULJHQVHDHQODFRPXQLGDGLQPLJUDQWHDFWXDO²DPHQXGRKDFHQKLQFDSLpHQTXH
QRHVHO,VODPHOTXHRULJLQDROHJLWLPDGLFKDVSUiFWLFDVGLVFULPLQDWRULDVVLQRODDSOLFDFLyQVHVJDGDHLQWHUHVDGDGH
ODVWUDGLFLRQHVLVOiPLFDV\GHODVLQWHUSUHWDFLRQHVFRUiQLFDVSRUSDUWHGHORVKRPEUHVPXVXOPDQHV-DZDG
8QDRSLQLyQVLPLODUHVH[SUHVDGDSRUODVQHRPXVXOPDQDVFX\DWHQGHQFLDDGLVRFLDUFRPSOHWDPHQWHHO,VODPGH
ORVFRQWH[WRVUHJLRQDOHVFRQFUHWRVGHORVSDtVHVGHPD\RUtDLVOiPLFD\DVHKDDQDOL]DGRDUULEDFRPRSDUWHGHVX
SDUWLFXODUSUR\HFWRGHLGHQWLGDGUHOLJLRVD3RU~OWLPRWDQWRODVPXMHUHVFRQYHUVDVFRPRODVLQPLJUDQWHVFRLQFLGHQ
HQLGHQWLILFDULQWHUHVHVPDVFXOLQRVFRPRIXHU]DVTXHVLHPSUH²HQGLIHUHQWHVUHJLRQHVUHOLJLRQHV\FXOWXUDV²KDQ
DFDEDGR´PDQLSXODQGRµ\UHLQWHUSUHWDQGRGLVWLQFLRQHVGHUROHVGHJpQHURTXHVXSXHVWDPHQWHSHUVHQRVRQ
GLVFULPLQDWRULDVSHURTXHGHIDFWRVHKDQFRQYHUWLGRHQIXHQWHVGHGLVFULPLQDFLyQGHJpQHUR$VtHOSUREOHPD
GHODVPXMHUHVHQHO,VODPQRHVXQDVXQWRUHOLJLRVRVLQRVRFLDOLHHOGHXQDUHOLJLyQXWLOL]DGDSRUXQDVRFLHGDG
SDWULDUFDO0DUWtQ0XxR]
$57,*26
+$&,$81$32/Ì7,&$'($17,',6&5,0,1$&,Ð1
/D SHUFHSFLyQ GLIHUHQFLDGD H LQWHUUHODFLRQDGD GH H[SHULHQFLDV SUiFWLFDV \ DFWLWXGHV GLVFULPLQDWRULDV GH RULJHQ
WDQWR H[yJHQR FRPR HQGyJHQR TXH H[SHULPHQWDQ SHUVRQDV PXVXOPDQDV QR HV FRPSDUWLGD SDUD QDGD SRU
ODV RUJDQL]DFLRQHV H LQVWLWXFLRQHV UHODFLRQDGDV FRQ HOODV 'HSHQGLHQGR GH VX SURFHGHQFLD JXEHUQDPHQWDO R
QRJXEHUQDPHQWDO DVt FRPR GH VXV SURWDJRQLVWDV PXVXOPDQHV R QRPXVXOPDQHV FDGD XQR GH HVWRV DFWRUHV
LQVWLWXFLRQDOHV WLHQGH D VyOR SHUFLELU XQD GH HVWDV IRUPDV \ IXHQWHV GHO IHQyPHQR PXOWLGLPHQVLRQDO GH ODV
GLVFULPLQDFLRQHV$VtHOUHSUHVHQWDQWHORFDOGHOGHSDUWDPHQWRGHLQPLJUDQWHVGHXQRGHORVVLQGLFDWRVPD\RULWDULRV
DUJXPHQWDTXHVRQORVKRPEUHV\QRODVPXMHUHVLQPLJUDQWHVODVTXHPiVGLVFULPLQDFLyQVXIUHQGDGRTXHHOORVVH
HQIUHQWDQDPD\RUHVSUREOHPDVDOHQFRQWUDUXQWUDEDMR'HVGHHVWHSXQWRGHYLVWDFRPSDUWLGRSRUJUDQSDUWHGH
ODVDVRFLDFLRQHVGHKRPEUHVLQPLJUDQWHVFRQVXOWDGDVDOUHVSHFWRODGLVFULPLQDFLyQTXHSDGHFHQORVPXVXOPDQHV
HVGHWLSR~QLFDPHQWHH[yJHQRSURYLHQHGHODVRFLHGDGPD\RULWDULD\HVGHQDWXUDOH]DUDFLVWDQRVH[LVWD
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
/DV LQVWLWXFLRQHV S~EOLFDV HVSDxRODV DO FRQWUDULR WLHQGHQ D KDFHU KLQFDSLp VREUH WRGR HQ HO RULJHQ
LQWHUQR HQGyJHQR GH SUiFWLFDV GLVFULPLQDWRULDV GLULJLGDV FRQWUD OD PXMHU PXVXOPDQD SRU PRWLYRV GH JpQHUR
TXH VXSXHVWDPHQWH VRQ HO UHVXOWDGR GH OD ´FXOWXUD GHO PDJUHEtµ (Q HVWD YLVLyQ OD GLVFULPLQDFLyQ QR JHQHUD
H[FOXVLyQVRFLDOVLQRTXHVRQDOFRQWUDULRHOHQFODXVWUDPLHQWRVRFLDO\ODDXWR´JXHWL]DFLyQµORVTXHJHQHUDQHO
UHFKD]RH[WHUQR$~QFXDQGRVHUHFRQRFHODH[LVWHQFLDGHDFWLWXGHVHLQFOXVRGHSUiFWLFDVUDFLVWDVHQHOVHQRGHOD
VRFLHGDGPD\RULWDULDORVUHSUHVHQWDQWHVGHVXVLQVWLWXFLRQHVHQJHQHUDOQLHJDQODH[LVWHQFLDGHFXDOTXLHUWLSRGH
UDFLVPRDOLQWHULRUGHVXVRUJDQLVPRVSRUORFXDOWDPSRFRSHUFLEHQQHFHVLGDGDOJXQDGHHYDOXDU\RPRQLWRUHDU
WDOHVSUiFWLFDV3DUDGyMLFDPHQWHVRQpVWRVORVPLVPRVUHSUHVHQWDQWHVLQVWLWXFLRQDOHVTXLHQHVHQODVHQWUHYLVWDV
VHDIHUUDQDORVDUULEDDQDOL]DGRVHVWHUHRWLSRV
/DSHUVSHFWLYDGHODV21*TXHWUDEDMDQGLUHFWDPHQWHHQHOiPELWRGHODLQPLJUDFLyQHVPXFKRPiVGLIHUHQFLDGD
\HTXLOLEUDGDDOUHVSHFWR$GLIHUHQFLDGHODVLQVWLWXFLRQHVJXEHUQDPHQWDOHVWRGDVODV21*FRQVXOWDGDVDGPLWHQ
TXHH[LVWHXQDLPSRUWDQWHGLVFULPLQDFLyQH[yJHQDGLULJLGDFRQWUDODVPXMHUHVLQPLJUDQWHV\RPXVXOPDQDV3DUD
HO FDVR GH ORV LQPLJUDQWHV OD IXHQWH GH GLFKD GLVFULPLQDFLyQ HV SHUFLELGD FRPR GH RULJHQ MXUtGLFRSROtWLFR (Q
HVWHVHQWLGRODVPXMHUHVPXVXOPDQDVLQPLJUDQWHVHVWiQH[SXHVWDVDSUiFWLFDVGHGLVFULPLQDFLyQMXUtGLFDSRUTXH
FDUHFHQGHORVGHUHFKRVFLXGDGDQRVEiVLFRVSRUHOORVXFRQGLFLyQGHLQPLJUDQWHV\QRFLXGDGDQDVQRVXJpQHUR
RVXUHOLJLyQGDQRULJHQDODGLVFULPLQDFLyQTXHSDGHFHQ(QVHJXQGROXJDUVLQHPEDUJRWDPELpQVHSHUFLEHXQD
IXHQWHLQWHUQDGHGLVFULPLQDFLyQHOWUDWRGHVLJXDOTXHVHJ~QODV21*FRQILHUH´HO,VODPµD´ODPXMHUµWDQWRHQVX
SDtVGHRULJHQFRPRHQVXFRPXQLGDGLQPLJUDQWHDFWXDOSURSLFLDSUiFWLFDVGLVFULPLQDWRULDVGHJpQHUR
/DQRGLVFULPLQDFLyQFRPRIXQGDPHQWRMXUtGLFR
(VWDVKHWHURJpQHDVH[SHULHQFLDV\SHUFHSFLRQHVGHSUiFWLFDVGLVFULPLQDWRULDVFRQWUDVWDQSRUXQDSDUWHFRQODV
GHILQLFLRQHV\SRVLFLRQHVRILFLDOHVDQWHODGLVFULPLQDFLyQ\SRURWUDSDUWHFRQODVHQVLELOL]DFLyQTXHPXHVWUDQORV
DFWRUHVJXEHUQDPHQWDOHV\QRJXEHUQDPHQWDOHVDQWHODGLVFULPLQDFLyQpWQLFDUDFLVWDUHOLJLRVD\GHJpQHUR$TXt
FDEHGLVWLQJXLUHQWUHPHGLGDVDFWLYDVGHDQWLGLVFULPLQDFLyQSRUXQODGR\SULQFLSLRVMXUtGLFRVGHQRGLVFULPLQDFLyQ
SRURWUR(QHOFDVRHVSDxROFRPRHQHOGHODSUiFWLFDWRWDOLGDGGH(VWDGRVPLHPEURGHOD8QLyQHXURSHDH[LVWH
XQDPSOLRDEDQLFRGHPHFDQLVPRVGHSURWHFFLyQMXUtGLFDFRQWUDDFWRVGLVFULPLQDWRULRV
/D&RQVWLWXFLyQ(VSDxRODGHLQFRUSRUDOD'HFODUDFLyQ8QLYHUVDOGHORV'HUHFKRV+XPDQRVSHUROLPLWD
HOSOHQRGLVIUXWHGHGLFKRVGHUHFKRVDVXVSURSLRVFLXGDGDQRVQRDORVH[WUDQMHURV
(VWDREOLJDFLyQFRQVWLWXFLRQDODODQRGLVFULPLQDFLyQHVFRPSOHPHQWDGDHQHODUWtFXORHQHOFXDOVHJDUDQWL]D
ODOLEHUWDGGHFXOWR\UHOLJLyQ6LQHPEDUJRQXHYDPHQWHFDEHUHVDOWDUXQDOLPLWDFLyQDXQTXHHO(VWDGRHVSDxROVH
DXWRGHILQHFRPRVHFXODUOD&RQVWLWXFLyQREOLJDDORVSRGHUHVS~EOLFRVDFRQVLGHUDUODFRQIHVLyQPD\RULWDULDHQOD
VRFLHGDGPHQFLRQDQGRH[SOtFLWDPHQWH²FRQWUDWRGDSUHWHQVLyQVHFXODU\ODLFD²DODUHOLJLyQFDWyOLFD
$57,*26
´/RVHVSDxROHVVRQLJXDOHVDQWHODOH\VLQTXHSXHGDSUHYDOHFHUGLVFULPLQDFLyQDOJXQDSRUUD]yQGHQDFLPLHQWR
UD]DVH[RUHOLJLyQRSLQLyQRFXDOTXLHURWUDFRQGLFLyQRFLUFXQVWDQFLDSHUVRQDORVRFLDOµ&RQVWLWXFLyQ(VSDxROD
>@
*XQWKHU'LHW]
´1LQJXQDFRQIHVLyQWHQGUiFDUiFWHUHVWDWDO/RVSRGHUHVS~EOLFRVWHQGUiQHQFXHQWDODVFUHHQFLDVUHOLJLRVDVGHOD
VRFLHGDGHVSDxROD\PDQWHQGUiQODVFRQVLJXLHQWHVUHODFLRQHVGHFRRSHUDFLyQFRQOD,JOHVLD&DWyOLFD\ODVGHPiV
FRQIHVLRQHVµ&RQVWLWXFLyQ(VSDxROD>@
$SDUWHGHOD&RQVWLWXFLyQWDQWRHO&yGLJR&LYLO\HO&yGLJR3HQDO/H\2UJiQLFDFRPRODOHJLVODFLyQ
DFHUFDGHORVGHUHFKRVGHORVWUDEDMDGRUHV\DFHUFDGHODOLEHUWDGUHOLJLRVDSURKLEHQH[SUHVDPHQWHODGLVFULPLQDFLyQ
SRUPRWLYRVGHUD]DUHOLJLyQRVH[R(QHOFDVRGHODSREODFLyQLQPLJUDQWHOD/H\GH([WUDQMHUtD/H\2UJiQLFD
UHIRUPDGDHQSDUDDGDSWDUODDODVFUHFLHQWHVUHVWULFFLRQHVPLJUDWRULDV´DUPRQL]DGDVµDQLYHOGHOD
8(LQFOX\HDVLPLVPRXQDSDUWDGR²FDStWXOR,9GHOWtWXOR,²TXHSURKLEHHOWUDWRGLVFULPLQDWRULRHQWUHH[WUDQMHURV
\FLXGDGDQRVQDFLRQDOHV²FRQODH[FHSFLyQGHWRGRORUHIHUHQWHDOSURFHVRPLJUDWRULRDVtFRPRDORVGHUHFKRV
IXQGDPHQWDOHVGHORVLQPLJUDQWHV´LQGRFXPHQWDGRVµ(1$5(80&
/DLQFLSLHQWHSHUVSHFWLYDGHODDQWLGLVFULPLQDFLyQ
$57,*26
$SHVDUGHORHVWLSXODGRHQHVWRVDUWtFXORVFRQVWLWXFLRQDOHV\OH\HVRUJiQLFDVKDVWDODIHFKDQRH[LVWHXQD
GHILQLFLyQHVSHFtILFDRILFLDOL]DGD\FRKHUHQWHQLGHODGLVFULPLQDFLyQQLGHODDQWLGLVFULPLQDFLyQ7DPSRFRH[LVWHQ
HQ (VSDxD DJHQFLDV R LQVWLWXFLRQHV HVSHFtILFDPHQWH GHGLFDGDV D LPSOHPHQWDU PHGLGDV GH DQWLGLVFULPLQDFLyQ
/D~QLFDHLQIOX\HQWHILJXUDFRQVWLWXFLRQDODOUHVSHFWRHVHO'HIHQVRUGHO3XHEOR(VWDHVSHFLHGHRPEXGVPDQVH
EDVDHQHODUWtFXORGHOD&RQVWLWXFLyQVHWUDWDGHXQDIXQFLyQFRQVXOWLYDFX\RSRUWDGRUHVGHVLJQDGRSRUODV
&RUWHVLHHOOHJLVODWLYRHVWDWDO'HIRUPDSDUDOHODYDULDV&RPXQLGDGHV$XWyQRPDVKDQLGRFUHDQGR'HIHQVRUHV
GHO 3XHEOR GHVLJQDGRV SRU VXV UHVSHFWLYRV SDUODPHQWRV UHJLRQDOHV /D SULQFLSDO WDUHD GHO 'HIHQVRU GHO 3XHEOR
FRQVLVWHHQVXSHUYLVDUHOGHVHPSHxRGHODVLQVWLWXFLRQHV\GHSHQGHQFLDVS~EOLFDVHQUHODFLyQFRQORVGHUHFKRV
IXQGDPHQWDOHVGHORVFLXGDGDQRV\HQLQIRUPDUSHULyGLFDPHQWHDOSDUODPHQWRVREUHFDVRVGHDEXVRVDGLFKRV
GHUHFKRV&RQVWLWXFLyQ(VSDxROD
$SDUWHGHODILJXUDGHO'HIHQVRUGHO3XHEORQRH[LVWHQLQVWLWXFLRQHVSDUWLFXODU\PRQRJUiILFDPHQWHGHGLFDGDV
DODLPSOHPHQWDFLyQGHSROtWLFDVDQWLGLVFULPLQDWRULDV(OGHEDWHHQWRUQRDODQHFHVLGDGGHLQWURGXFLUFULWHULRV\
SURFHGLPLHQWRV HVSHFtILFRV SDUD GHOLPLWDU DFWLYLGDGHV GLVFULPLQDWRULDV \ DQWLGLVFULPLQDWRULDV HQ OD OHJLVODFLyQ
HVSDxRODWDOFRPRVHKDLGRGHVDUUROODQGRHQOD~OWLPDGpFDGDHQRWURV(VWDGRVPLHPEURGHOD8QLyQ(XURSHD
6FKXOWH)DWKLDSHQDVHVWiLQLFLiQGRVH+DVWDODIHFKDGLFKRGHEDWHVHFLUFXQVFULEHDWUHViPELWRV
D~QDLVODGRVFX\RVVRODSDPLHQWRV\FRQIOXHQFLDVSUiFWLFDVDSHQDVVRQSHUFLELGDVRWHPDWL]DGDVSRUORVDFWRUHV
LQVWLWXFLRQDOHV
(QORUHIHUHQWHDODOHJLVODFLyQTXHDVHJXUDODLJXDOGDGGHRSRUWXQLGDGHVSDUDODPXMHUHOPDUFRMXUtGLFRDFWXDO
\VXVLQVWUXPHQWRVGHLPSODQWDFLyQFRQFUHWDLQFRUSRUDQ\DORVHVWiQGDUHVLQWHUQDFLRQDOHV81(6&2&RPLWp
SDUDOD(OLPLQDFLyQGHOD'LVFULPLQDFLyQFRQWUDOD0XMHULQFOX\HQGRODLQYHUVLyQGHODFDUJDGHODSUXHED
HQFDVRVGHGLVFULPLQDFLyQODERUDOSRUUD]yQGHVH[R
(OUDFLVPRVLJXHGHEDWLpQGRVHFRQUHODFLyQDDODVUHODFLRQHV\FRQIOLFWRVpWQLFRVVREUHWRGRJLWDQRSD\RV
SHUREDPHQXGRUHGXFLpQGRVHDVXID]PiVYLVLEOH\EUXWDOORVDWDTXHVYLROHQWRV&DOYR%XH]DV6DQ
5RPiQ(QHVWHiPELWRFRPLHQ]DQDLQWURGXFLUVHSURJUDPDVGHGLVFULPLQDFLyQSRVLWLYDWDOHVFRPREHFDV
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
\D\XGDVSDUD´HPSRGHUDUµDOFROHFWLYRJLWDQRHQHODFFHVRDOVLVWHPDHGXFDWLYRVXSHULRUDVtFRPRDOPHUFDGR
ODERUDO7DPELpQVHHVWiQLQWURGXFLHQGRLQLFLDWLYDVGHPRQLWRUHRGHDFWLWXGHV\DFWLYLGDGHVGLVFULPLQDWRULDVVREUH
WRGRHQORVPHGLRVGHFRPXQLFDFLyQREVHUYDWRULRVGHQRWLFLDVGHFRQWHQLGRVUDFLVWDV\QRUPDVGHRQWROyJLFDV
SDUDHOWUDWRGHOSXHEORJLWDQRHQODSUHQVDDWUDYpVGH´OLEURVGHHVWLORµ5DPtUH]+HUHGLD8QLyQ5RPDQt
(O~QLFRiPELWRHQHOFXDOVHKDWHPDWL]DGRGHIRUPDH[SOtFLWDODGLVFULPLQDFLyQGHSREODFLyQLQPLJUDQWHVHOLPLWD
DODVUHODFLRQHVODERUDOHV\DOWUDWRGHVLJXDOGHORVHPSOHDGRVLQPLJUDQWHVSRUSDUWHGHORVSDWURQRV&ROHFWLYR
,2(HQHVWHFDVRODSUHVLyQLQWHUQDFLRQDO\ODVDFWLYLGDGHVGHSUHVLyQQDFLRQDOHMHUFLGDVSRUORV
VLQGLFDWRV\H[LWRVDPHQWHFDQDOL]DGDVDWUDYpVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR2,7KDQUHVXOWDGR
GHLPSRUWDQFLDGHFLVLYDHQODVSHUWLQHQWHVUHIRUPDVDO(VWDWXWRGHORV7UDEDMDGRUHV&DFKyQ
(OJLURDFWXDOREVHUYDEOHHQ(VSDxDGHODPHUDFRQVWDWDFLyQGHORVSULQFLSLRVGHQRGLVFULPLQDFLyQDOGHVSOLHJXHGH
SROtWLFDVDFWLYDVGHDQWLGLVFULPLQDFLyQEDVDGDVHQORVDUULEDDQDOL]DGRVVXSXHVWRVGHOD´SROtWLFDGHOUHFRQRFLPLHQWRµ
GHODVPLQRUtDV\GHVXVGHUHFKRVWDQWRLQGLYLGXDOHVFRPRFROHFWLYRVHQFXHQWUDXQVRSRUWHLPSRUWDQWHHQHOQLYHO
VXSUDQDFLRQDO6REUHWRGRHQOD~OWLPDGpFDGDOD8QLyQ(XURSHDVHKDFRQYHUWLGRHQODDUHQDLQVWLWXFLRQDO\HO
PDUFRGHUHIHUHQFLDPiVGHFLVLYRSDUDLPSXOVDUUHIRUPDVMXUtGLFDV\SROtWLFDVTXHVLJQLILTXHQXQDYDQFHHQORV
iPELWRVGHOPXOWLFXOWXUDOLVPR\GHODDQWLGLVFULPLQDFLyQ
/DVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVTXHHQ(VSDxDWUDEDMDQHQHVWRViPELWRV²ODDUULEDPHQFLRQDGD
6265DFLVPROD$VRFLDFLyQ3UR'HUHFKRV+XPDQRVOD5HG$FRJHDVtFRPRXQDPSOLRDEDQLFRGHRUJDQL]DFLRQHV
GH LQPLJUDQWHV ² KDQ ORJUDGR HVWDEOHFHU LQFLSLHQWHV UHGHV WUDQVQDFLRQDOHV SDUD LQWHUFDPELDU LQIRUPDFLRQHV
SURJUDPiWLFDV\DOLDQ]DVDQLYHOFRPXQLWDULR(QHVWHVHQWLGRUHGHVGHODVRFLHGDGFLYLOWDOHVFRPROD(XURSHDQ
1HWZRUN$JDLQVW5DFLVP(1$5\(XURSHDQ5DFLVPDQG;HQRSKRELD,QIRUPDWLRQ1HWZRUN5$;(1\RUJDQLVPRV
PXOWLODWHUDOHVFRQIXHUWHSDUWLFLSDFLyQGH21*6²FRPRSRUHMHPSOROD&RPLVLyQ(XURSHDFRQWUDHO5DFLVPR\OD
,QWROHUDQFLD(&5,HQVXVVLJODVHQLQJOpVSRUSDUWHGHO&RQVHMRGH(XURSD\HO(XURSHDQ0RQLWRULQJ&HQWUHRQ
5DFLVPDQG;HQRSKRELD(80&SRUSDUWHGHOD8(VHKDQLGRFRQVWLWX\HQGRHQLQIOX\HQWHVJUXSRVGHSUHVLyQ
DQWHORVOHJLVODGRUHVHXURSHRV
/RV IUXWRV GLUHFWRV REWHQLGRV GH GLFKD ODERU GH PRYLOL]DFLyQ \ SUHVLyQ SROtWLFD TXH KD FXOPLQDGR HQ HO
²RILFLRVR²´$xR(XURSHRFRQWUDHO5DFLVPRµHQVHHVWiQPDWHULDOL]DQGRHQODSRVWHULRUQHJRFLDFLyQVREUH
HO7UDWDGRGHÉPVWHUGDPILUPDGRSRUORVJRELHUQRVQDFLRQDOHVHQ'LFKRWUDWDGRTXHFRQIRUPDHOPDUFR
MXUtGLFR PiV FRPSUHKHQVLYR GH OD DFWXDO 8QLyQ (XURSHD LQFOX\H HQ VX DUWtFXOR OD H[SUHVD SURWHFFLyQ GH ODV
PLQRUtDV\HQVXDUWtFXORODSURKLELFLyQGHWRGDGLVFULPLQDFLyQEDVDGDHQODUD]DHWQLFLGDGHQODUHOLJLyQHQOD
HGDGHQODGLVFDSDFLGDG\RHQODRULHQWDFLyQVH[XDO3DUDSRQHUHQSUiFWLFDHVWRVDUWtFXORVQRYHGRVRVQRVyOR
SRUVXFDUiFWHUH[SOtFLWRVLQRWDPELpQSRULQFOXLUXQDPSOLRDEDQLFRGHPRWLYRV\WLSRVGHGLVFULPLQDFLyQ²DSDUWH
GHODGLVFULPLQDFLyQVH[XDOLQFOXLGDHQRWURDUWtFXORGHOPLVPRWUDWDGR²OD&RPLVLyQ(XURSHDKDHODERUDGRWUHV
LQVWUXPHQWRVMXUtGLFRSROtWLFRVODDGRSFLyQGHXQD'LUHFWLYD&RPXQLWDULDVREUHOD´DSOLFDFLyQGHOSULQFLSLRGH
LJXDOGDGGHWUDWRGHODVSHUVRQDVLQGHSHQGLHQWHPHQWHGHVXRULJHQUDFLDORpWQLFRµ'LUHFWLYD&(OD
DGRSFLyQGHRWUD'LUHFWLYD&RPXQLWDULDVREUH´ODLJXDOGDGGHWUDWRHQHOHPSOHRµ'LUHFWLYD&(\ODSXHVWD
HQPDUFKDGHXQDPELFLRVR´3URJUDPDGH$FFLyQ&RPXQLWDULRSDUD&RPEDWLUOD'LVFULPLQDFLyQµ
$57,*26
(OPDUFRSROtWLFRMXUtGLFRGHOD8QLyQ(XURSHD
*XQWKHU'LHW]
$57,*26
/D'LUHFWLYD&RPXQLWDULDUHIHULGDDOHPSOHRTXHFRQWLQ~D\SURIXQGL]DODWUDGLFLyQGHSURWHFFLyQDOHPSOHDGR
SURWDJRQL]DGDGHIRUPDSLRQHUDDQLYHOGHODV1DFLRQHV8QLGDVSRUOD\DPHQFLRQDGD2,7FRQWHPSODSRUSULPHUD
YH]WRGDV\FDGDXQDGHODVUD]RQHVGHGLVFULPLQDFLyQLQFOX\HQGRODGLVFULPLQDFLyQSRUPRWLYRVUHOLJLRVRVSHUR
VHOLPLWD~QLFDPHQWHDOiPELWRODERUDO8QRGHVXVHOHPHQWRVPiVLPSRUWDQWHVHVTXHRIUHFHODSRVLELOLGDGGHTXH
HQORVUHVSHFWLYRVVLVWHPDVGHGHUHFKRODERUDOQDFLRQDOVHLQYLHUWDODFDUJDGHODSUXHED(VWHDVSHFWRHVGHFLVLYR
SDUDLPSRQHUXQDSROtWLFDHIHFWLYDGHDQWLGLVFULPLQDFLyQGDGRTXHODVYtFWLPDVGHWUDWRVGLVFULPLQDWRULRVHQVX
HPSHORDPHQXGRQRSXHGHQGHPRVWUDUTXHHVHOFUHGRUHOLJLRVRHOFRORUGHSLHOODGLVFDSDFLGDGRODRULHQWDFLyQ
VH[XDOODTXHKD\DLQIOXLGRHQGHWHUPLQDGRGHFLVLyQWRPDGDSRUHOSDWUyQ
'DGRTXHHVWD'LUHFWLYD&RPXQLWDULDVyORVHDSOLFDHQHOiPELWRODERUDOOD'LUHFWLYD&RPXQLWDULD´JHQHUDOLVWDµ
KDVLGRGHPD\RUWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDGHODVSROtWLFDVGHUHFRQRFLPLHQWR\GHHPSRGHUDPLHQWRGH
ODVPLQRUtDV6LQHPEDUJRGLFKD'LUHFWLYDVHOLPLWDDGLVFULPLQDFLRQHV´SRURULJHQUDFLDORpWQLFRµ(VWDOLPLWDFLyQ
UHIOHMDODLQIOXHQFLDTXHHQVXQHJRFLDFLyQKDWHQLGRODWUDGLFLyQGHOPXOWLFXOWXUDOLVPREULWiQLFRTXH\DGHVGH
FXHQWDFRQXQDOHJLVODFLyQVREUH´UHODFLRQHVHQWUHUD]DVµ\FRQXQD&RPPLVVLRQIRU5DFLDO(TXDOLW\VHJ~QOD
OyJLFDSURSLDGHOVLVWHPDEULWiQLFRGHDQWLGLVFULPLQDFLyQ\GHFRSDUWLFLSDFLyQGHODV´FRPXQLGDGHVpWQLFDVµHQOD
SROtWLFDPXQLFLSDOODHWQLFLGDG\HOFUHGRUHOLJLRVRDFDEDVLHQGRVXEVXPLGRVEDMRHOWpUPLQRDEDUFDGRUGH´UD]Dµ
(QHVWHVHQWLGRVHVXSRQHTXHORVGHPiV(VWDGRVPLHPEURVGHEHUtDQOHJLVODUDSDUWLUGHOD'LUHFWLYDQRVyORHQ
PDWHULD´UDFLDOµVLQRDVLPLVPRLQFOX\HQGRGLVFULPLQDFLRQHVSRUPRWLYRVGHHWQLFLGDG\UHOLJLyQ(1$5(VWH
DVSHFWRVHKDYXHOWRSDUWLFXODUPHQWHUHOHYDQWHGHVSXpVGHOGHVHSWLHPEUHGHFXDQGRVHSHUFLEHXQDXJH
QRWDQWRGH´UDFLVPRµVLQRGHLVODPRIRELDFIUDUULED
3RUFRQVLJXLHQWHODVDSRUWDFLRQHVPiVLPSRUWDQWHVTXHLQWURGXFHOD'LUHFWLYD&RPXQLWDULD&(VH
UHILHUHQWDQWRDORVFRQFHSWRVGH´GLVFULPLQDFLyQµ\´DQWLGLVFULPLQDFLyQµFRPRDORVLQVWUXPHQWRVFRQFUHWRVTXH
VHGHEHUiQGHVDUUROODUDQLYHOQDFLRQDO1LHVVHQ(&5,(1$5
(Q SULPHU OXJDU HO GLVFXUVR GH OD DQWLGLVFULPLQDFLyQ VH YLQFXOD GLUHFWD \ H[SOtFLWDPHQWH FRQ HO ´SULQFLSLR
GHLJXDOGDGGHWUDWRµLQFOXLGRHQHO7UDWDGRGHÉPVWHUGDPFRQHOORVREUHWRGRJUDFLDVDODLQIOXHQFLDGHO
OHJDGRXQLYHUVDOLVWDIUDQFpVVHSUHWHQGHHYLWDUUHGXFLUODDQWLGLVFULPLQDFLyQDXQ´PHURµPHFDQLVPRGHDXWR
HPSRGHUDPLHQWRGHODVPLQRUtDV\VHPDQWLHQHODSHUVSHFWLYDVRFLHWDOPiVDPSOLD
$GHPiVOD'LUHFWLYDGHILQHH[SOtFLWDPHQWHWDQWRODGLVFULPLQDFLyQGLUHFWD²FXDQGRSRUPRWLYRVGHRULJHQUDFLDO
RpWQLFRXQDSHUVRQDVHDWUDWDGDGHPDQHUDPHQRVIDYRUDEOHGHORTXHVHDKD\DVLGRRYD\DDVHUWUDWDGD
RWUDHQVLWXDFLyQFRPSDUDEOH'LUHFWLYD&RPXQLWDULD&(DUWD²FRPRODGLVFULPLQDFLyQLQGLUHFWD
²FXDQGRXQDGLVSRVLFLyQFULWHULRRSUiFWLFDDSDUHQWHPHQWHQHXWUDVLW~HDSHUVRQDVGHRULJHQUDFLDORpWQLFR
FRQFUHWRHQGHVYHQWDMDSDUWLFXODUUHVSHFWRDRWUDVSHUVRQDV'LUHFWLYD&RPXQLWDULD&(DUWE
2WURGHORVDVSHFWRVQRYHGRVRVHVHOSHUPLVRH[SUHVRTXHRWRUJDOD&RPLVLyQ(XURSHDDVXV(VWDGRVPLHPEURD
GHVDUUROODUHLPSOHPHQWDUPHGLGDVGH´DFFLyQSRVLWLYDµSDUD´SUHYHQLURFRPSHQVDUODVGHVYHQWDMDVTXHDIHFWHQ
DSHUVRQDVGHXQRULJHQUDFLDORpWQLFRFRQFUHWRµ'LUHFWLYD&RPXQLWDULD&(DUW
$VLPLVPRHVWDQRUPDWLYDFRPXQLWDULDLQFOX\HODREOLJDFLyQGHORV(VWDGRVPLHPEURGHUHIRUPDUVXOHJLVODFLyQ
YLJHQWHSDUDTXHVHSHUPLWDLQYHUWLUODFDUJDGHODSUXHED´SDUDJDUDQWL]DUTXHFRUUHVSRQGDDODSDUWHGHPDQGDGD
GHPRVWUDUTXHQRKDKDELGRYXOQHUDFLyQGHOSULQFLSLRGHLJXDOGDGGHWUDWRµ'LUHFWLYD&RPXQLWDULD&(
DUW
/D PLVPD 'LUHFWLYD &RPXQLWDULD SUHYp TXH ODV YtFWLPDV GH DFWRV GLVFULPLQDWRULRV REWHQJDQ OD SURWHFFLyQ
QHFHVDULDSDUDLPSHGLUTXHODGHQXQFLDGHODGLVFULPLQDFLyQ\ODFRUUHVSRQGLHQWHUHFODPDFLyQGHVXVGHUHFKRV
OHVSHUMXGLTXH'LUHFWLYD&RPXQLWDULD&(DUW
(QFDGD(VWDGRPLHPEURVHHVWDEOHFHUiQXQRRYDULRVRUJDQLVPRVTXHQRVyORYHODUiQSRUODVLWXDFLyQGHORV
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
GHUHFKRVKXPDQRV\GHODQRGLVFULPLQDFLyQ²FRPRHO2PEXGVPDQR'HIHQVRUGHO3XHEOR\DH[LVWHQWH²VLQR
TXHWDPELpQSURPRYHUiQDFWLYDHLQGHSHQGLHQWHPHQWHODLJXDOGDGGHWUDWR\ODSUHYHQFLyQGHFXDOTXLHUWLSRGH
GLVFULPLQDFLyQ'LUHFWLYD&RPXQLWDULD&(DUW
3RU~OWLPROD'LUHFWLYDFRQFOX\HHVWDEOHFLHQGRHOPHVGHMXOLRGHFRPRSOD]RPi[LPRSDUDTXHFDGD(VWDGR
PLHPEURDGRSWHODVUHIRUPDVOHJLVODWLYDV\DGPLQLVWUDWLYDVQHFHVDULDVSDUDSRQHUHQSUiFWLFDHVWDQRUPDWLYD
FRPXQLWDULD
'HVGHHOLQLFLRGHOSURFHVRGHDGDSWDFLyQOHJLVODWLYDQDFLRQDOHQORVGLIHUHQWHVFRQWH[WRVGHORV(VWDGRV
PLHPEURODUHVLVWHQFLDLQVWLWXFLRQDODODDGRSFLyQGHODQRUPDWLYDFRPXQLWDULDVHFHQWUDHQXQRVSRFRVDVSHFWRVGH
ODPLVPDHQVXFDUiFWHUJOREDO\QRVHFWRULDOHQVXLQFOXVLyQGHGLVFULPLQDFLRQHVUHDOL]DGDVQRVyORHQODHVIHUD
S~EOLFDGHO(VWDGRVLQRWDPELpQHQODVUHODFLRQHVODERUDOHVHQODLQYHUVLyQGHODFDUJDGHODFXOSDUHFKD]DGD
SRUGLYHUVRVMXULVWDV\HQODQHFHVLGDGGHHVWDEOHFHUXQRUJDQLVPRFXDVLDXWyQRPRDOPDUJHQGHOHQWUDPDGR
LQVWLWXFLRQDO \ EXURFUiWLFR H[LVWHQWH (Q XQ DQiOLVLV GH DJHQFLDV QDFLRQDOHV HVWDEOHFLGDV KDVWD OD IHFKD 3/6
5DPEROO0DQDJHPHQWGHPXHVWUDODHVFDVD\WHUJLYHUVDGDDSOLFDFLyQTXHYDULRV(VWDGRVPLHPEURUHDOL]DQGH
HVWD~OWLPDREOLJDFLyQVRQDQWHVTXHQDGDHO5HLQR8QLGRH,UODQGDDVtFRPRORV3DtVHV%DMRV\ORVHVFDQGLQDYRV
TXLHQHVORJUDQDGDSWDUIHKDFLHQWHPHQWHVXV\DH[LVWHQWHVRUJDQLVPRVDODQXHYD'LUHFWLYD
,QFXPSOLHQGRDELHUWDPHQWHODVGLVSRVLFLRQHVFRPXQLWDULDVHO(VWDGRHVSDxROKDVWDODIHFKDQRKDDSOLFDGRGH
IRUPDFRKHUHQWHOD'LUHFWLYD&RPXQLWDULD&(3DUDHOORHOJRELHUQRFHQWUDOVHDPSDUDHQHOKHFKRGHTXH
HQ(VSDxDYDULDVGHODVGLVSRVLFLRQHVGHGLFKDQRUPDWLYD\DVHHQFXHQWUDQYLJHQWHVHQHOPDUFRGHOH\HVRUJiQLFDV
FRPRODVDUULEDFLWDGDV(VWDGLVSHUVLyQOHJLVODWLYDVLQHPEDUJRGLILFXOWDVXDSOLFDFLyQ\VXWUDQVSDUHQFLDVREUH
WRGRFDUDDODVSRVLEOHVYtFWLPDVGHWUDWRVGLVFULPLQDWRULRV(QXQVHPLQDULRFHOHEUDGRUHFLHQWHPHQWHFRQPRWLYRGH
ODWUDQVSRVLFLyQGHOD'LUHFWLYDDORUGHQDPLHQWRHVSDxRO-DYLHU%HUQiOGH]UHSUHVHQWDQWHGHO0LQLVWHULRGH7UDEDMR
\$VXQWRV6RFLDOHVDGPLWtDTXHHOERUUDGRUGHOIXWXURSUR\HFWRGH/H\GH3URPRFLyQGHOD,JXDOGDGGH7UDWRVH
HQFRQWUDEDSDUDOL]DGRSRUSUREOHPDVGHFRPSHWHQFLD\PDQGDWR)6**
3RUHOORHOSULQFLSDOGHVDItRGHODV21*V\DVRFLDFLRQHVUHSUHVHQWDQWHVGHPLQRUtDVFRQVLVWHHQORJUDULPSDFWDU
HQHOSURFHVRGHHODERUDFLyQ\SXHVWDHQPDUFKDGHHVWHQXHYRPDUFRMXUtGLFRQDFLRQDO(QHVWHSURFHVRPXFKDV
RUJDQL]DFLRQHV VH YHQ OLPLWDGDV SRU XQD IDOWD GH LQIRUPDFLyQ \ GH FRQWDFWRV D QLYHO WUDQVQDFLRQDO $XQTXH ODV
UHFRPHQGDFLRQHVHODERUDGDVSRUUHGHV\DJHQFLDVPXOWLODWHUDOHV(&5,KDQVHUYLGRGHSXQWRGHSDUWLGDSDUD
HOGHEDWHpVWHD~QVHHQFXHQWUDHQVXIDVHLQLFLDO(OGtDDGtDGHODV21*VGHGLFDGDVDODDWHQFLyQGHLQPLJUDQWHV
RGHRWURVFROHFWLYRVGHVIDYRUHFLGRVLPSLGHTXHVHDQODVDVRFLDFLRQHVGHEDVHGHORVSURSLRVDIHFWDGRVODVTXH
SXHGDQSDUWLFLSDUHQHOSURFHVRSROtWLFRGHWRPDGHGHFLVLRQHV
6RVWHQHPRVTXHHQHOFRQWH[WRHXURSHRDFWXDOFDUDFWHUL]DGRSRUXQDFRQWLQXDGHILQLFLyQ\UHGHILQLFLyQ
GHLGHQWLGDGHVDPHQXGRH[FOX\HQWHV\MHUDUTXL]DGDVDVtFRPRGHGHOLPLWDFLRQHV\HQOD]DPLHQWRVPXWXRVHQWUH
JUXSRV\FROHFWLYRVODODERUDQWLGLVFULPLQDWRULD\HPSRGHUDGRUDTXHHVWHWLSRGHDVRFLDFLRQLVPRWUDQVQDFLRQDO
FRPLHQ]DDDSURYHFKDUHQORVQRYHGRVRVHVSDFLRVMXUtGLFRV\SROtWLFRVLQWHUQDFLRQDOHV\FRPXQLWDULRVODV21*V
\DVRFLDFLRQHVGHEDVHSXHGHQFRQWULEXLUGHFLVLYDPHQWHDIRUWDOHFHUODVD~QGpELOHVVRFLHGDGHVFLYLOHVORFDOHV
$57,*26
7HQGHQFLDVHQHOFDVRHVSDxRO
*XQWKHU'LHW]
$57,*26
&RPRQXHYRVDFWRUHVKtEULGRVTXHSDUWLFLSDQDODYH]GHGLIHUHQWHV\KHWHURJpQHRVKRUL]RQWHVFXOWXUDOHVORV
PLHPEURVGHODVGLYHUVDVPLQRUtDVDIHFWDGDVSRUSURFHVRVGHH[FOXVLyQ\GLVFULPLQDFLyQSURWDJRQL]DQSURFHVRV
GHDSUHQGL]DMHFRQVWLWXWLYRVGHXQQXHYRPRGHORGHVRFLHGDGFLYLOXQD´VRFLHGDGFLYLOUHIOH[LYDµ0HUNHO/DXWK
TXHJUDFLDVDORVUHFLpQLQLFLDGRVSURFHVRVGHLQWHUPHGLDFLyQUHIOH[LYLGDGHKLEULGDFLyQHQHOIXWXURSRGUiQ
RMDOiGHVHPERFDUHQXQD´VRFLHGDGFLYLODXWRFLYLOL]DQWHµ.OHJHU²FRPRLQVWDQFLDVTXHQRVyORVHDXWR
GHPRFUDWL]DQFDGDYH]PiV7RXUDLQHVLQRTXHFRQHOORWDPELpQGHPRFUDWL]DQ\FLXGDGDQL]DQDODKtEULGD
VRFLHGDGFLYLOHQVXWRWDOLGDGDQWLFLSDQGRFRQHOORHOSUtVPLFRFDUiFWHUSOXULFXOWXUDO\RSOXULpWQLFRGHODVIXWXUDV
VRFLHGDGHVHXURSHDV
ÕÌ
iÀÊiÌâÊjÊ`ÕÌÀÊiÊÌÀ«}>Ê«i>Ê1ÛiÀÃ`>`iÊ
`iÊ>LÕÀ}]Ê«ÀviÃÃÀÊÌÌÕ>ÀÊ`iÊÌÀ«}>Ê-V>Ê>Ê
1ÛiÀÃ`>`iÊ`iÊÀ>>`>ʭë>
>®ÊiÊ«iõÕÃ>`ÀÊÌÌÕ>ÀÊÊ
ÃÌÌÕÌÊ`iÊÛiÃÌ}>XªiÃÊiÊ`ÕV>XKÊ`>Ê1ÛiÀÃ`>`iÊ6iÀ>VÀÕâ>>Ê
­jÝV®°ÊiÃiÛÛiÊ«iõÕÃ>ÃÊÃLÀiÊÛiÌÃÊÃV>Ã]ÊiÌV`>`i]Ê
ÌiÀVÕÌÕÀ>`>`iÊÊiÊi`ÕV>XKÊVÊVÕ`>`iÃÊ`}i>ÃÊ­jÝV®ÊiÊ
VÊVÕ`>`iÃÊ}À>ÌiÃʭë>
>®°
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
1 2 7$ 6 6tQWHVLVGHXQWUDEDMRPiVDPSOLRHODERUDGRRULJLQDOPHQWHHQFRODERUDFLyQFRQ7DQLD*DUFtD(VSLQHOHLQFOX\HQGRDVLPLVPRHOFDVR
GHODGLVFULPLQDFLyQGHODVFRPXQLGDGHVJLWDQDVTXHVHUiSXEOLFDGRSUy[LPDPHQWHSRUOD$VRFLDFLyQSDUDHO$YDQFHGHODV&LHQFLDV
VRFLDOHVHQ*XDWHPDOD$9$1&62HQVXOLEUR'LVFULPLQDFLyQ\UDFLVPRHQIRTXHVFRPSDUDWLYRV
(QORVLJXLHQWHODVWUDGXFFLRQHVGHODVFLWDVWH[WXDOHVRULJLQDOPHQWHHQLQJOpVVRQQXHVWUDV
/DFRQWUDGLFWRULDUHODFLyQHQWUHUHJLRQDOLVPR´QDFLRQDOLVWDµHLQPLJUDFLyQVHDQDOL]DHQ'LHW]
(OWpUPLQRHVLQWURGXFLGRRULJLQDOPHQWHHQHOGHEDWHEULWiQLFRFIU5XQQ\PHGH7UXVW+DOOLGD\
&IU5DPtUH])HUQiQGH]HOFRQWH[WRPiVDPSOLRGHODVFDPELDQWHVSDXWDVPLJUDWRULDVHQODUHJLyQPHGLWHUUiQHDVHDQDOL]DQHQ
.LQJ
(QORVLJXLHQWHQRVEDVDPRVHQXQHVWXGLRGHFDVRUHDOL]DGR²FRQODFRODERUDFLyQGH(YD*RQ]iOH]%DUHD6RQLD0DUWtQ/DYL\-DYLHU
5RVyQ/RUHQWH²HQODFLXGDGDQGDOX]DGH*UDQDGDHQHOPDUFRGHOSUR\HFWR0XOWLOHYHO'LVFULPLQDWLRQ$JDLQVW0XVOLP:RPHQLQ(XURSH
UHDOL]DGRHQWUH\HQODVFLXGDGHVGH%HUOtQ&RSHQKDJXH)ORUHQFLD%LUPLQJKDP\*UDQDGDFIU%ODVFKNHFIUWDPELpQ
'LHW](O6KRKRXPL
$OOLHYLDQDOL]DHOSDSHOGHVHPSHxDGRHQJHQHUDOSRUORVFRQYHUVRVHQODUHLQWHUSUHWDFLyQGHO,VODP
/DLQIOXHQFLDGHODFXOWXUDHLGHQWLGDGDPD]LJKHQODVHSWHQWULRQDOUHJLyQGHO5LIPDUURTXtHVGHVFULWDHQ+DUW5DKD$KPHG
8QUHVXPHQGHHVWHFRQIOLFWRHQGLIHUHQWHVSDtVHVHXURSHRVHVSURSRUFLRQDGRSRU9HUORW(O*XLQGLSUHVHQWDODHYROXFLyQ
\GLYHUVLGDGGHODVLQWHUSUHWDFLRQHV\XVRVGHOSDxXHORHQORVUHVSHFWLYRVFRQWH[WRVGHRULJHQ
$57,*26
$ GLIHUHQFLD GH ODV UHFRPHQGDFLRQHV HPLWLGDV SRU OD &RPLVLyQ (XURSHD VXV 'LUHFWLYDV &RPXQLWDULDV VRQ GH DSOLFDFLyQ \ YLJHQFLD
REOLJDWRULDHQWRGRVORV(VWDGRVPLHPEURGHOD8(VXDOFDQFHMXUtGLFRDXWRPiWLFDPHQWHDQWHFHGHODOHJLVODFLyQQDFLRQDOSRUORFXDOOD
&RPLVLyQ(XURSHDVXHOHLQFOXLUXQSOD]RHQHOFXDOFDGDHVWDGRPLHPEURHVREOLJDGRDDGDSWDUVXSURSLDOHJLVODFLyQDODQXHYDQRUPDWLYD
FRPXQLWDULD
*XQWKHU'LHW]
5()(5(1&,$6%,%/,2*5$),&$6
$//,(9,61RXYHDX[3URWDJRQLVWHVGHO·,VODP(XURSHHQQDLVVDQFHG·XQHFXOWXUHHXURLVODPLTXH"/HU{OHGHV
FRQYHUWLV)ORUHQFH(XURSHDQ8QLYHUVLW\,QVWLWXWH
$1'(5621%,PDJLQHG&RPPXQLWLHVUHIOHFWLRQVRQWKHRULJLQDQGVSUHDGRIQDWLRQDOLVP/RQGRQ9HUVR
$6(3>$QiOLVLV6RFLROyJLFRV(FRQyPLFRV\3ROtWLFRV6$@$FWLWXGHVKDFLDORV,QPLJUDQWHV0DGULG0LQLVWHULRGH
7UDEDMR\$VXQWRV6RFLDOHV²2EVHUYDWRULR3HUPDQHQWHGHOD,QPLJUDFLyQ
%/$6&+.(-HG0XOWL/HYHO'LVFULPLQDWLRQ$JDLQVW0XVOLP:RPHQLQ(XURSH%HUOLQ(GLWLRQ3DUDEROLV
%58%$.(5 5 1DWLRQDOLVP 5HIUDPHG QDWLRQKRRG DQG WKH QDWLRQDO TXHVWLRQ LQ WKH 1HZ (XURSH &DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV
&$&+Ð1/3UHYHQLUHO5DFLVPRHQHO7UDEDMRHQ(VSDxD0DGULG,06(562
&$/92%8(=$67/RV5DFLVWDVVRQORV2WURVJLWDQRVPLQRUtDV\GHUHFKRVKXPDQRVHQORVWH[WRVHVFRODUHV
0DGULG(GLWRULDO3RSXODU
&$/92%8(=$67¢(VSDxD5DFLVWD"9RFHVSD\DVVREUHORVJLWDQRV%DUFHORQD$QWKURSRV
&$67(//60/D(UDGHOD,QIRUPDFLyQHFRQRPtDVRFLHGDG\FXOWXUD9RO,,(OSRGHUGHODLGHQWLGDG0DGULG
$OLDQ]D
&2/(&7,92,2(/D'LVFULPLQDFLyQ/DERUDODORV7UDEDMDGRUHV,QPLJUDQWHVHQ(VSDxD*LQHEUD2,7
&2/(&7,92,2($FWLYLGDGHVGH)RUPDFLyQ$QWLGLVFULPLQDWRULDHQ(VSDxD*LQHEUD2,7
&2167,78&,Ð1 (63$f2/$ ´&RQVWLWXFLyQ (VSDxRODµ (Q (GLWRULDO $UJXYDO HG 'HFODUDFLyQ 8QLYHUVDO GH ORV
'HUHFKRV+XPDQRV²&RQVWLWXFLyQ(VSDxROD²(VWDWXWR$XWRQyPLFRGH$QGDOXFtD0iODJD$UJXYDO
&251(/,86:$´6SDLQWKHXQHDV\WUDQVLWLRQIURPODERUH[SRUWHUWRODERULPSRUWHUµ(Q:$&RUQHOLXV3/
0DUWLQ-)+ROOLILHOGHGV&RQWUROOLQJ,PPLJUDWLRQDJOREDOSHUVSHFWLYHSS6WDQIRUG6WDQIRUG8QLYHUVLW\
3UHVV
&86+1(5.´,QWHUFXOWXUDO(GXFDWLRQIURPDQ,QWHUQDWLRQDO3HUVSHFWLYHFRPPRQDOLWLHVDQGIXWXUHSURVSHFWVµ(Q
.&XVKQHUHG,QWHUQDWLRQDO3HUVSHFWLYHVRQ,QWHUFXOWXUDO(GXFDWLRQSS0DKZDK1-²/RQGRQ/DZUHQFH
(UOEDXP
',(7= * (O 'HVDItR GH OD ,QWHUFXOWXUDOLGDG HO YROXQWDULDGR \ ODV RUJDQL]DFLRQHV QRJXEHUQDPHQWDOHV DQWH HO
UHWRGHODLQPLJUDFLyQ²HOFDVRGHODFLXGDGGH*UDQDGD*UDQDGD²%DUFHORQD/DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV
²)XQGDFLyQ´OD&DL[Dµ
$57,*26
BBBBB )URQWLHU +\EULGL]DWLRQ RU &XOWXUH &ODVK" 7UDQVQDWLRQDO PLJUDQW FRPPXQLWLHV DQG VXEQDWLRQDO LGHQWLW\
SROLWLFVLQ$QGDOXVLD6SDLQ6DQ'LHJR8&6'&HQWHUIRU&RPSDUDWLYH,PPLJUDWLRQ6WXGLHV
BBBBB 0XOWLFXOWXUDOLVPR ,QWHUFXOWXUDOLGDG \ (GXFDFLyQ XQD DSUR[LPDFLyQ DQWURSROyJLFD *UDQDGD ² 0p[LFR
(GLWRULDO8QLYHUVLGDGGH*UDQDGD²&,(6$6
',(7=*1(O6KRKRXPL´'RRUWR'RRU:LWK2XU0XVOLP6LVWHUVLQWHUFXOWXUDODQGLQWHUUHOLJLRXVFRQIOLFWVLQ
*UDQDGDµ6WXGL(PLJUD]LRQH
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
(&5,>(XURSHDQ&RPPLVVLRQ$JDLQVW5DFLVPDQG,QWROHUDQFH@5HSRUWRQ6SDLQ6WUDVERXUJ&RXQFLORI(XURSH
²(&5,
BBBBB5HFRPHQGDFLyQQVREUH/HJLVODFLyQ1DFLRQDOSDUDOD/XFKDFRQWUDHO5DFLVPR\OD'LVFULPLQDFLyQ5DFLDO
6WUDVERXUJ&RXQFLORI(XURSH²(&5,
BBBBB6HJXQGR,QIRUPHVREUH(VSDxD6WUDVERXUJ&RXQFLORI(XURSH²(&5,
(/*8,1',)9HLOPRGHVW\SULYDF\DQGUHVLVWDQFH2[IRUG1HZ<RUN%HUJ
(1$5 >(XURSHDQ 1HWZRUN $JDLQVW 5DFLVP@ 7RZDUV (TXDO 7UHDWPHQW WUDQVSRVLQJ WKH GLUHFWLYH ² DQDO\VLV DQG
SURSRVDOV%UXVVHOV(1$5
(5,.6(17+(WKQLFLW\DQG1DWLRQDOLVPDQWKURSRORJLFDOSHUVSHFWLYHV/RQGRQ%RXOGHU3OXWR
(80&>(XURSHDQ0RQLWRULQJ&HQWUHRQ5DFLVPDQG;HQRSKRELD@$QWL'LVFULPLQDWLRQ/HJLVODWLRQLQ(80HPEHU
6WDWHV6SDLQ9LHQQD(80&
)$7+,$´3ROLWLNJHJHQ'LVNULPLQLHUXQJ7UDGLWLRQHQ(QWZLFNOXQJHQXQG*HVHW]JHEXQJLQGHQ/lQGHUQGHU(8µ
(Q)ULHGULFK(EHUW6WLIWXQJ%URJHJHQ(WKQLVFKH'LVNULPLQLHUXQJHQHGV0LJUDWLRQXQG$QWLGLVNULPLQLHUXQJVSROLWLN
LQ(XURSD%HUOLQ)ULHGULFK(EHUW6WLIWXQJ%URJHJHQ(WKQLVFKH'LVNULPLQLHUXQJHQ
),/,33,1$'LVFULPLQDWLRQDQG:RUNHUV·([SHFWDWLRQV%RQQ,=$
)5(,5(3(GXFDomRFRPR3UiWLFDGD/LEHUGDGH5LRGH-DQHLUR3D]H7HUUD
)6**>)XQGDFLyQ6HFUHWDULDGR*HQHUDO*LWDQR@&RQFOXVLRQHVGHO6HPLQDULR´'LVFULPLQDFLyQ\FRPXQLGDGJLWDQD
ORVyUJDQRVHVSHFLDOL]DGRVGHSURPRFLyQGHODLJXDOGDGGHWUDWRµ0DGULG)6**
*$55(7$%2&+$&$-´0RGHORVGH,QWHJUDFLyQ6RFLDOGHODV0LQRUtDVeWQLFDVKDFLDXQ¶PRGHORLGHDO·GHVRFLHGDG
PXOWLFXOWXUDOµ(Q)-*DUFtD&DVWDxR$*UDQDGRV0DUWtQH]HGV(GXFDFLyQ¢LQWHJUDFLyQRH[FOXVLyQGHODGLYHUVLGDG
FXOWXUDO"*UDQDGD/DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV
*((57= & ,VODP 2EVHUYHG UHOLJLRXV GHYHORSPHQW LQ 0RURFFR DQG ,QGRQHVLD 1HZ +DYHQ <DOH 8QLYHUVLW\
3UHVV
*/(11&/(-GH-RQJ(GXFDWLQJ,PPLJUDQW&KLOGUHQVFKRROVDQGODQJXDJHPLQRULWLHVLQWZHOYHQDWLRQV
1HZ<RUN1<²/RQGRQ*DUODQG
*2*2/,1,'HUPRQROLQJXDOH+DELWXVGHUPXOWLOLQJXDOHQ6FKXOH0QVWHU²1HZ<RUN1<:D[PDQQ
*5,//2 5' 3OXUDOLVP DQG WKH 3ROLWLFV RI 'LIIHUHQFH VWDWH FXOWXUH DQG HWKQLFLW\ LQ FRPSDUDWLYH SHUVSHFWLYH
2[IRUG&ODUHQGRQ
+$//6´,QWURGXFWLRQZKRQHHGVLGHQWLW\"µ(Q6+DOO3GX*D\HGV4XHVWLRQVRI&XOWXUDO,GHQWLW\
/RQGRQ6$*(
+$//,'$<)´´,VODPRSKRELDµ5HFRQVLGHUHGµ(WKQLFDQG5DFLDO6WXGLHV
+$57'055DKD$KPHG/D6RFLHGDG%HUHEHUGHO5LI0DUURTXtVREUHODWHRUtDGHODVHJPHQWDULHGDGHQHO
0DJUHE*UDQDGD(GLWRULDO8QLYHUVLGDGGH*UDQDGD
$57,*26
+$%(50$6-/D,QFOXVLyQGHO2WURHVWXGLRVGHWHRUtDSROtWLFD%DUFHORQD3DLGyV
*XQWKHU'LHW]
+817,1*72163(O&KRTXHGH&LYLOL]DFLRQHV\OD5HFRQILJXUDFLyQGHO2UGHQ0XQGLDO%DUFHORQD3DLGyV
,=48,(5'2$/D,QPLJUDFLyQHQ(VSDxD0DGULG7URWWD
-$:$' +$ 7KH 5LJKWV RI :RPHQ LQ ,VODP DQ DXWKHQWLF DSSURDFK +DPSVKLUH 1HZ <RUN 0DFPLOODQ 6W
0DUWLQ·V3UHVV
-21(6&´1DWLRQ6WDWHDQG'LYHUVLW\µ(Q'&RXOE\-*XQGDUD&-RQHVHGV:RUOG<HDUERRNRI(GXFDWLRQ
,QWHUFXOWXUDO(GXFDWLRQ/RQGRQ²6WLUOLQJ9$.RJDQ3DJH
.,1*5´6RXWKHUQ(XURSHLQWKH&KDQJLQJ*OREDO0DSRI0LJUDWLRQµ(Q5.LQJ*/D]DULGLV&K7VDUGDQLGLVHGV
(OGRUDGRRU)RUWUHVV"0LJUDWLRQLQ6RXWKHUQ(XURSH+DPSVKLUH1HZ<RUN0DFPLOODQ6W0DUWLQ·V3UHVV
./(*(5+´=LYLOHU8QJHKRUVDP=LYLOLWlWVGHIL]LWHXQG=LYLOLWlVWVSRWHQWLDOHRGHU:DVKHLVVW¶=LYLOJHVHOOVFKDIW·"µ
)RUVFKXQJVMRXUQDO1HXH6R]LDOH%HZHJXQJHQ
/$&/$8(&K0RXIIH+HJHPRQtD\(VWUDWHJLD6RFLDOLVWDKDFLDXQDUDGLFDOL]DFLyQGHODGHPRFUDFLD0DGULG
6LJOR;;,
/,330$17:8QGHUVWDQGLQJ,VODPDQLQWURGXFWLRQWRWKH0XVOLPZRUOG1HZ<RUN0HULGLDQ
0$57Ì108f2=*´,VODPDQGWKH:HVWDQLQWHQWLRQDOGXDOLW\µ(Q*0DUWtQ0XxR]HG,VODP0RGHUQLVPDQG
WKH:HVWFXOWXUDODQGSROLWLFDOUHODWLRQVDWWKHHQGRIWKHPLOOHQQLXP/RQGRQ1HZ<RUN,%7DXULV
0(5.(/:+-/DXWK´6\VWHPZHFKVHOXQG=LYLOJHVHOOVFKDIWZHOFKH=LYLOJHVHOOVFKDIWEUDXFKWGLH'HPRNUDWLH"µ
$XV3ROLWLNXQG=HLWJHVFKLFKWH%
02'22'7´,QWURGXFWLRQ7KH3ROLWLFVRI0XOWLFXOWXUDOLVPLQWKH1HZ(XURSHµ(Q70RGRRG3:HUEQHUHGV
7KH3ROLWLFVRI0XOWLFXOWXUDOLVPLQWKH1HZ(XURSHUDFLVPLGHQWLW\DQGFRPPXQLW\/RQGRQ²1HZ<RUN=HG
02//(5%/7RJHE\3HUFHLYHG'LVFULPLQDWLRQDVWXG\DPRQJHWKQLFPLQRULWLHVLQ'HQPDUN&RSHQKDJHQ
'DQLVK%RDUGIRU(WKQLF(TXDOLW\
026/(<$1&DSDOGL$IILUPDWLYH$FWLRQVRFLDOMXVWLFHRUXQIDLUSUHIHUHQFH"/DQKDP5RZPDQ/LWWOHILHOG
1,(66(1-´'LH(XURSlLVFKH8QLRQXQGGHU.DPSIJHJHQGHQ5DVVLVPXVQDFKGHP9HUWUDJYRQ$PVWHUGDPµ(Q
)(6HG(XURSlLVFKH(LQZDGHUXQJVXQG)OFKWOLQJVSROLWLN%RQQ)(6
3,1&86 )/ ´7KH &DVH IRU $IILUPDWLYH $FWLRQµ (Q )/ 3LQFXV +- (KUOLFK HGV 5DFH DQG (WKQLF &RQIOLFW
FRQWHQGLQJYLHZVRQSUHMXGLFHGLVFULPLQDWLRQDQGHWKQRYLROHQFH%RXOGHU:HVWYLHZ
3/65$0%2//0$1$*(0(176SHFLDOLVHG%RGLHVWR3URPRWH(TXDOLW\DQGRU&RPEDW'LVFULPLQDWLRQILQDOUHSRUW
&RSHQKDJHQ3/65DPEROO0DQDJHPHQW
$57,*26
5$0Ì5(=)(51É1'(=$0LJUDFLRQHV*pQHURH,VODPPXMHUHVPDUURTXtHVHQ(VSDxD0DGULG$JHQFLD(VSDxROD
GH&RRSHUDFLyQ,QWHUQDFLRQDO
5$0Ì5(=+(5(',$-'¢3HULRGLVWDVFRQWUDHOUDFLVPR"/DSUHQVDHVSDxRODDQWHHOSXHEORJLWDQR
%DUFHORQD,06(562
526Ð1/25(17()-¢(OUHWRUQRGH7DULT"/DVFRPXQLGDGHVPXVXOPDQDVHQODFLXGDGGH*UDQDGD*UDQDGD
/DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV
5811<0('(75867,VODPRSKRELDDFKDOOHQJHIRUXVDOO/RQGRQ5XQQ\PHGH7UXVW
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
6$1520É17/RV0XURVGHOD6HSDUDFLyQHQVD\RVREUHDOWHURIRELD\ILODQWURStD0DGULG7HFQRV
6&+8/7( $ ´6WDDWOLFKH XQG JHVHOOVFKDIWOLFKH 0DVVQDKPHQ JHJHQ GLH 'LVNULPLQLHUXQJ YRQ $XVOlQGHUQ LQ
:HVWHXURSDµ$XV3ROLWLNXQG=HLWJHVFKLFKWH
67$//$(57 & (WQRJpQHVLV \ (WQLFLGDG HQ (VSDxD XQD DSUR[LPDFLyQ KLVWyULFRDQWURSROyJLFD DO FDVWLFLVPR
%DUFHORQD3UR\HFWR$
72''(/H'HVWLQGHV,PPLJUpVDVVLPLODWLRQHWVpJUpJDWLRQGDQVOHVGpPRFUDFLHVRFFLGHQWDOHV3DULVeGLWLRQV
GX6HXLO
7285$,1($´'HPRFUDF\IURPDSROLWLFVRIFLWL]HQVKLSWRDSROLWLFVRIUHFRJQLWLRQµ(Q/0DKHXHG6RFLDO
0RYHPHQWVDQG6RFLDO&ODVVHVWKHIXWXUHRIFROOHFWLYHDFWLRQ/RQGRQ
81(6&2&20,7e3$5$/$(/,0,1$&,Ð1'(/$',6&5,0,1$&,Ð1&2175$/$08-(5´&RQYHQFLyQVREUHOD
HOLPLQDFLyQGHWRGDVODVIRUPDVGHGLVFULPLQDFLyQFRQWUDODVPXMHUHV\UHFRPHQGDFLRQHVPDQLILHVWRKDFLDXQDFXOWXUD
GHODLJXDOGDGHQWUHPXMHUHV\KRPEUHVPHGLDQWHODHGXFDFLyQ0DGULG,QVWLWXWRGHOD0XMHUµ
81,Ð1520$1Ì(O3REOH*LWDQRPDQXDOSHUDSHULRGLVWHV%DUFHORQD8QLyQ5RPDQt
9(5/270´7KH+LMDELQ(XURSHDQ6FKRROVDFDVHIRUWKHFRXUWRUDFKDOOHQJHIRUWKHVFKRRO"µ(Q-GH*URRI
-)LHUVHGV7KH/HJDO6WDWXVRI0LQRULWLHVLQ(GXFDWLRQ/HXZHQ$PHUVIRRUW$FFR
$57,*26
9(5/270:HUNHQDDQLQWHJUDWLHKHWPLQGHUKHGHQHQKHWRQGHUZLMVEHOHLGLQGH)UDQVHHQ9ODDPVH*HPHHQVFKDS
YDQ%HOJLs/HXZHQ$FFR
*XQWKHU'LHW]
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
5(680(1
(QORV~OWLPRVTXLQFHDxRV(VSDxDKDH[SHULPHQWDGRXQPDUFDGRLQFUHPHQWRGHSREODFLyQLQPLJUDQWHHQWUHOD
FXDOGHVWDFDXQLPSRUWDQWHSRUFHQWDMHGHPDJUHEtHVPXVXOPDQHV'HIRUPDSDUDOHODGHVGHILQDOHVGHOIUDQTXLVPR
HQFLXGDGHVDQGDOX]DVFRPR*UDQDGD\&yUGREDVHKDREVHUYDGRXQDWHQGHQFLDGHFRQYHUVLyQDO,VODPSRUSDUWH
GHSREODFLyQDXWyFWRQD$PERVIHQyPHQRVYLHQHQDFRPSDxDGRVSRUDFWLWXGHVDQWLPXVXOPDQDV\DQWLPRUDV
TXHUHIOHMDQGLIHUHQWHVGLPHQVLRQHVGHGLVFULPLQDFLyQSUHYDOHFLHQWHVHQDPSOLRVVHFWRUHVGHODRSLQLyQS~EOLFD
HVSDxROD\TXHVHDUWLFXODQVREUHWRGRHQHVWHUHRWLSRV\DFWLWXGHVKLVWyULFDPHQWHDUUDLJDGRVTXHVRQHVJULPLGRV
IUHQWH D PXMHUHV PXVXOPDQDV WDQWR LQPLJUDQWHV FRPR FRQYHUVDV (Q OD SUHVHQWH FRQWULEXFLyQ WRPDPRV HVWH
HVWXGLRGHFDVRGHODGLVFULPLQDFLyQH[SUHVDGDFRQWUDODVPXMHUHVPXVXOPDQDVSDUDHQSULPHUOXJDUFRQWH[WXDOL]DU
HOLQFLSLHQWHGHEDWHVREUHODGLVFULPLQDFLyQ\DQWLGLVFULPLQDFLyQGHQWURGHGRVPDUFRVFRQFHSWXDOHVHVSHFtILFRV
HOPXOWLFXOWXUDOLVPR\ODVSROtWLFDVGHLGHQWLGDGSRUXQDSDUWH\ODVSROtWLFDVS~EOLFDVGHODGLIHUHQFLDSRURWUD
(QVHJXQGROXJDUDQDOL]DPRVHOFDVRHWQRJUiILFRPHQFLRQDGRDQWHVGHHVER]DUHOVXUJLPLHQWRGHODVDFWXDOHV
SROtWLFDVGHDQWLGLVFULPLQDFLyQDQLYHOHVWDWDOHVSDxRODVtFRPRDQLYHOHXURSHR
3$/$%5$6&/$9(GLVFULPLQDFLyQ²DQWLGLVFULPLQDFLyQ²LVODPRIRELD²,VODP²JpQHUR
'LVFULPLQDomRH$QWL'LVFULPLQDomRQD(VSDQKD2FDVRGDVPXOKHUHVPXoXOPDQDV
$57,*26
5(6802
1RV~OWLPRVTXLQ]HDQRVD(VSDQKDWHPH[SHULPHQWDGRXPIRUWHLQFUHPHQWRGDSRSXODomRLPLJUDQWHQDTXDOVH
GHVWDFDXPLPSRUWDQWHSHUFHQWXDOGHPXoXOPDQRVPDJUHELQRV3DUDOHODPHQWHGHVGHRVILQDLVGRIUDQTXLVPR
WHPVHREVHUYDGRHPFLGDGHVDQGDOX]DVFRPR*UDQDGDH&yUGREDXPDWHQGrQFLDGHFRQYHUVmRDR,VOmSRUSDUWH
GDSRSXODomRDXWyFWRQH$PERVRVIHQ{PHQRVVHID]HPDFRPSDQKDUSRUDWLWXGHVDQWLPXoXOPDQDVHDQWLPRXUDV
TXHUHIOHWHPGLIHUHQWHVGLPHQV}HVGHGLVFULPLQDomRGLVVHPLQDGDVHPDPSORVVHWRUHVGDRSLQLmRS~EOLFDHVSDQKROD
HTXHVHDUWLFXODPVREUHWXGRHPHVWHUHyWLSRVHDWLWXGHVKLVWRULFDPHQWHDUUDLJDGRVHVJULPLGRVIUHQWHjVPXOKHUHV
PXoXOPDQDV WDQWR LPLJUDQWHV TXDQWR FRQYHUWLGDV 1HVWH DUWLJR WRPDPRV R HVWXGR GH FDVR GD GLVFULPLQDomR
FRQWUDDVPXOKHUHVPXoXOPDVSDUDHPSULPHLUROXJDUFRQWH[WXDOL]DURLQFLSLHQWHGHEDWHVREUHGLVFULPLQDomRH
DQWLGLVFULPLQDomRGHQWURGHGRLVPDUFRVFRQFHSWXDLVHVSHFtILFRVRPXOWLFXOWXUDOLVPRHDVSROtWLFDVGHLGHQWLGDGH
GH XP ODGR H DV SROtWLFDV S~EOLFDV GD GLIHUHQoD GH RXWUR (P VHJXQGR OXJDU DQDOLVDPRV R FDVR HWQRJUiILFR
PHQFLRQDGRSDUDILQDOPHQWHHVERoDURVXUJLPHQWRGDVDWXDLVSROtWLFDVHVWDWDLVDQWLGLVFULPLQDomRQD(VSDQKDH
HPQtYHOHXURSHX
3$/$95$6&+$9(GLVFULPLQDomR²DQWLGLVFULPLQDomR²LVODPRIRELD²,VOm²JrQHUR
'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV
'LVFULPLQDWLRQDQG$QWL'LVFULPLQDWLRQLQ6SDLQ7KHFDVHRIPXVOLPZRPHQ
$%675$&7
$57,*26
,Q WKH ODVW \HDUV 6SDLQ KDV H[SHULHQFHG D PDUNHG LQFUHDVH RI LPPLJUDQW SRSXODWLRQV DPRQJ ZKLFK VWDQG
RXWDQLPSRUWDQWSHUFHQWDJHRI0DJUHE0XVOLQV,QDSDUDOOHOZD\VLQFHWKHODVWGD\VRI)UDQTXLVPRLWKDVEHHQ
REVHUYHGLQFLWLHVRI$QGDOXVLDVXFKDV*UDQDGDDQG&yUGREDDWHQGHQF\RIFRQYHUVLRQWR,VODPRQWKHSDUWRI
WKHDXWRFKWKRQRXVSRSXODWLRQ%RWKSKHQRPHQDKDYHEHHQDFFRPSDQLHGE\DQWL0XVOLPDQGDQWL0RRUDWWLWXGHV
WKDWUHIOHFWGLIIHUHQWGLPHQVLRQVRIGLVFULPLQDWLRQWKDWSUHYDLOLQODUJHVHFWRUVRI6SDQLVKSXEOLFRSLQLRQDQGWKDWDUH
IRXQGHGPRVWO\RQVWHUHRW\SHVDQGDWWLWXGHVZKLFKDUHKLVWRULFDOO\URRWHGDQGEUDQGHGWRZDUGV0XVOLPZRPHQ
ERWKLPPLJUDQWDQGFRQYHUWHG7KLVFDVHVWXG\RIGLVFULPLQDWLRQH[SUHVVHGDJDLQVW0XVOLPZRPHQDLPVLQWKH
ILUVWSODFHWRSODFHWKHLQFLSLHQWGHEDWHRQGLVFULPLQDWLRQDQGDQWLGLVFULPLQDWLRQLQVLGHWKHFRQWH[WRIWZRVSHFLILF
FRQFHSWXDOPDUNVPXOWLFXOWXUDOLVPDQGLGHQWLW\SROLFLHVRQWKHRQHKDQGDQGSXEOLFSROLFLHVRIGLIIHUHQFHRQWKH
RWKHU,QWKHVHFRQGSODFHZHDQDO\]HWKHHWKQRJUDSKLFFDVHMXVWPHQWLRQHGEHIRUHVNHWFKLQJRXWWKHDULVLQJRI
WRGD\VDQWLGLVFULPLQDWLRQSROLFLHVDWWKHOHYHORIWKH6SDQLVK6WDWHDVZHOODVDWWKH(XURSHDQOHYHO
.(<:25'6GLVFULPLQDWLRQ²DQWLGLVFULPLQDWLRQ²LVODPIRELD²,VODP²JHQGHU
