PATRONES DE CONSUMO

Capítulo 2
PATRONES DE
CONSUMO
M a d r i g a l P a na & M ora M uñoz
99
ESTIMACIÓN DEL GASTO DISCRECIONAL
COSTA RICA 2004
-RKQQ\0DGULJDO3DQD06F›
*HUDOG0RUD0XxR]%DFKŸ
RESUMEN
(OREMHWLYRGHODUWtFXORHVLGHQWL¿FDUDSDUWLUGHOD(QFXHVWDGH,QJUHVRV\*DVWRVGHORV+RJDUHV
KRJDUHVRIDPLOLDVFRQODFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVGHVFULELUDOJXQDVGHVXV
FDUDFWHUtVWLFDV\HVWLPDUFXiQWRGLQHURSXHGHQJDVWDUHQXQSHUtRGRGHWHUPLQDGRXQPHV\XQDxR
3DUDORJUDUORHOJDVWRGLVFUHFLRQDOIXHGH¿QLGRDWUDYpVGHOLQJUHVRQHWRGHOKRJDULGHQWL¿FDQGRXQ
XPEUDODSDUWLUGHOFXDOXQDIDPLOLDSRVHHHVWDFDSDFLGDG(VSHFt¿FDPHQWHVHHVWDEOHFLyTXHXQD
IDPLOLDWLHQHODFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVFXDQGRSRVHHXQLQJUHVRQHWRTXHHV
DOPHQRVPiVDOWRTXHHOSURPHGLRGHKRJDUHVVLPLODUHVSUHYLDFODVL¿FDFLyQGHORVKRJDUHV
SRUQ~PHURGHPLHPEURV\]RQDGHUHVLGHQFLD3DUDYHUL¿FDUODHIHFWLYLGDGGHHVWDGHFLVLyQIXHURQ
UHDOL]DGRVGLYHUVRVDQiOLVLVTXHPRVWUDURQUHVXOWDGRVVDWLVIDFWRULRV
/RV UHVXOWDGRV PXHVWUDQ TXH HQ HO SDtV HO GH ORV KRJDUHV WLHQH OD FDSDFLGDG GH UHDOL]DU
JDVWRVGLVFUHFLRQDOHVDSUR[LPDGDPHQWHKRJDUHVHQWRGRHOWHUULWRULRQDFLRQDO/DVFLIUDV
PHQVXDOHV UHYHODQ TXH HO JDVWR GLVFUHFLRQDO GLVSRQLEOH SRU KRJDU HV GH FRORQHV OR TXH
HTXLYDOH D FRORQHV SHU FiSLWD 6H HVWLPD TXH HO PRQWR DJUHJDGR GH JDVWR GLVFUHFLRQDO
PHQVXDOGLVSRQLEOHHQHOSDtVHVGHPLOORQHVGHFRORQHV(QWpUPLQRVDQXDOHVHOLQJUHVR
GLVFUHFLRQDO GLVSRQLEOH SRU KRJDU HV GH PLOORQHV GH FRORQHV \ D QLYHO SHU FiSLWD HV GH PLOORQHVDSUR[LPDGDPHQWH(OPRQWRDJUHJDGRGHJDVWRGLVFUHFLRQDOGLVSRQLEOHHQHOSDtVSDUDXQ
DxRVHHVWLPDHQELOORQHVGHFRORQHVFLIUDHTXLYDOHQWHDOGHO3URGXFWR,QWHUQR%UXWRD
SUHFLRVGHPHUFDGRSDUDHODxR
JUSTIFICACIÓN
6HVDEHTXHHQODVVRFLHGDGHVH[LVWHQIDPLOLDVTXHKDQVXSHUDGRODVDWLVIDFFLyQGHVXVQHFHVLGDGHV
EiVLFDV\SRUHOORWLHQHQODFDSDFLGDGGHJDVWDUDYROXQWDGROLEUHPHQWHXQDSDUWHGHVXVLQJUHVRV
HQODFRPSUDGHELHQHVGXUDGHURVYLDMHVUHFUHDFLyQRHQWUHWHQLPLHQWR$GHPiVHQHOFDPSRGH
ODVQHFHVLGDGHVEiVLFDVVHKDREVHUYDGRTXHHQODVIDPLOLDVFRQXQXPEUDOGHELHQHVWDUPD\RU
DO SURPHGLR HO DJUHJDGR GH ORV JDVWRV HQ ELHQHV HVHQFLDOHV HV EDVWDQWH HVWDEOH HQ HO WLHPSR
GHELGRDTXHVXFRQVXPRJHQHUDOPHQWHHVWiGHWHUPLQDGRSRUODQHFHVLGDG\JXLDGRSRUODIXHU]D
GHODFRVWXPEUH.DWRQD/DH[SHULHQFLDWDPELpQGHPXHVWUDTXHGHVSXpVGHHVHXPEUDO
GHELHQHVWDUODVIDPLOLDVSURWDJRQL]DQXQSDSHOPiVDFWLYRHQFLHUWDViUHDVGHODHFRQRPtDSXHV
›8QLYHUVLGDGGH&RVWD5LFD(VFXHODGH(VWDGtVWLFD
Ÿ3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR318'
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
DGTXLHUHQELHQHVRVHUYLFLRVTXHHVWiQGHWHUPLQDGRVSRUHOGHVHRGHWHQHUORV\QRSRUODQHFHVLGDG
GHHOORVSDUDVREUHYLYLU(VWHKHFKRHVWUDVFHQGHQWDOSXHVDOWUDWDUVHGHELHQHV\VHUYLFLRVTXH
QR VRQ GH SULPHUD QHFHVLGDG \ TXH JHQHUDOPHQWH VRQ FRVWRVRV FRPR SRU HMHPSOR YHKtFXORV
HQWUHWHQLPLHQWRYLDMHVSDVHRVDUWtFXORVGHWHFQRORJtDGHSXQWD\URSDGHPDUFDHVGHHVSHUDU
TXHHODJUHJDGRGHJDVWRGLVFUHFLRQDOSRVHDXQYDORUHFRQyPLFRLPSRUWDQWHHQHOPHUFDGR
/RDQWHULRUKDFHSHQVDUHQODQHFHVLGDGGHFRQRFHUHOPRQWRGHJDVWRGLVFUHFLRQDOGLVSRQLEOHHQ
ODHFRQRPtDQDFLRQDOSRUTXHDVtVHVDEUiODFDQWLGDGGHGLQHURTXHODVIDPLOLDVSXHGHQJDVWDUR
DKRUUDUDYROXQWDGHQXQPRPHQWRGHWHUPLQDGRJHQHUDOPHQWHXQPHVRXQDxR$GHPiVHV~WLO
SRUTXH SXHGHQ GLULJLUVH HVWUDWHJLDV GH PHUFDGR D JUXSRV GH FRQVXPLGRUHV FRQ FDSDFLGDG SDUD
UHDOL]DUFRPSUDVQRWUDGLFLRQDOHV
(OSUHVHQWHDUWtFXORGHVFULEHXQDPHWRGRORJtDSDUDLGHQWL¿FDUKRJDUHVRIDPLOLDV2FRQODFDSDFLGDG
GHUHDOL]DUJDVWRVGLVFUHFLRQDOHVSUHVHQWDDOJXQDVGHVXVFDUDFWHUtVWLFDV\HVWLPDFXiQWRGLQHUR
SXHGHQJDVWDUGHVSXpVGHFXEULUVXVQHFHVLGDGHVEiVLFDV6HSUHVHQWDSRUHOORHQSULPHUOXJDUOD
HVWUDWHJLDPHWRGROyJLFDDGRSWDGD3RVWHULRUPHQWHVHYHUL¿FDTXHH[LVWDQGLIHUHQFLDVLPSRUWDQWHV
HQWUHORVKRJDUHVGHDFXHUGRFRQODFRQGLFLyQGHJDVWRGLVFUHFLRQDO6HJXLGDPHQWHVHSUHVHQWD
HOSRUFHQWDMHGHKRJDUHVFRQODFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHV\VXVGLIHUHQFLDVFRQ
UHVSHFWRDORVTXHQRWLHQHQHVDFDSDFLGDG(O~OWLPRDSDUWDGRPXHVWUDODVHVWLPDFLRQHVGHJDVWR
GLVFUHFLRQDOGLVSRQLEOHHVGHFLUORVPRQWRVGHGLQHURTXHSXHGHQJDVWDUDGLVFUHFLyQODVIDPLOLDV
METODOLOGÍA
La temática abordada
(VLPSRUWDQWHLQLFLDUPHQFLRQDQGRTXHHQODOLWHUDWXUDH[LVWHSRFRWUDEDMRDQDOtWLFRVREUHHOWHPD\
HQHOSDtVHVLQH[LVWHQWH$XQTXHODLGHDGHFDOFXODUHOJDVWRGLVFUHFLRQDOGHVGHXQDSHUVSHFWLYD
WHyULFD HV VLPSOH HO WpUPLQR ³JDVWR GLVFUHFLRQDO´ HV DOWDPHQWH VXEMHWLYR \ GLItFLO RSHUDFLRQDOL]DU
SXHVORTXHDOJXQRVFRQVLGHUDQXQDQHFHVLGDGFRQVWLWX\HXQOXMRSDUDRWURV3RUHMHPSORXQFDUUR
SXHGHVHUXQDQHFHVLGDGSDUDXQWUDEDMDGRUFDVDGR\FRQKLMRVSHTXHxRVSHURXQOXMRSDUDXQ
MRYHQVROWHURTXHQRWUDEDMD\ORXVDSDUDLUDFODVHV
(Q HO SUHVHQWH DUWtFXOR VH HYLWy GH¿QLU HO WpUPLQR ³QHFHVLGDG´ \ WDPELpQ VH GHVHFKy OD LGHD GH
HVWDEOHFHUUXEURVRDUWtFXORVGHJDVWRGLVFUHFLRQDOGHELGRDODFRPSOHMLGDGLQPHUVDHQODVGHFLVLRQHV
/DHVWUDWHJLDDGRSWDGDVHWRPyGHOHVWXGLRUHDOL]DGRFRQMXQWDPHQWHSRUHO86&RQVXPHU5HVHDUFK
&HQWHU7KH86&RQIHUHQFH%RDUG\7KH86%XUHDXRIWKH&HQVXV/LQGHQ*UHHQ\&RGHU
(QHVWDLQYHVWLJDFLyQTXHSRVWHULRUPHQWHIXHUHSOLFDGDHQ&DQDGi2ZHQVVHXWLOL]y
6HVDEHTXHHOPRPHQWRGHFRPSUDHVWiPHGLDWL]DGRSRUODVLWXDFLyQHFRQyPLFDGHODIDPLOLDORVSUHFLRVGH
PHUFDGR\WDVDVGHLQWHUpVGHORVSURGXFWRVDVtFRPRSRUVXVH[SHFWDWLYDVHFRQyPLFDVHQWUHRWURVIDFWRUHV
3DUDQXHVWURSURSyVLWRODIDPLOLDHVVLQyQLPRGHKRJDU
M a d r i g a l P a na & M ora M uñoz
XQXPEUDOGHOLQJUHVRFRPRSDUiPHWURSDUDHVWDEOHFHUODFRQGLFLyQGHORVKRJDUHVFRQUHVSHFWR
DO JDVWR GLVFUHFLRQDO &RQFUHWDPHQWH GH¿QLy JDVWR GLVFUHFLRQDO FRPR HO PRQWR GH LQJUHVR TXH
OH SHUPLWH D XQD IDPLOLD PDQWHQHU XQ QLYHO GH YLGD FRQIRUWDEOH PiV DOWR TXH HO SURPHGLR 3DUD
HVWDEOHFHU HVH XPEUDO ORV LQYHVWLJDGRUHV XVDURQ OD HQFXHVWD GHO 86 'HSDUWPHQW RI /DERU \
FRQFOX\HURQTXHSDUDORJUDUHOREMHWLYRHOSUHVXSXHVWRGHOKRJDUWHQtDTXHVHUDOPHQRVPiV
DOWRTXHHOSURPHGLRGHKRJDUHVVLPLODUHVVHJ~QFODVL¿FDFLyQSUHYLDGHORVKRJDUHVSRUQ~PHURGH
PLHPEURV\]RQDGHUHVLGHQFLD&RPRHOJDVWRGLVFUHFLRQDOIXHPHGLGRDWUDYpVGHOLQJUHVRpVWH
IXHGH¿QLGRFRPRHOLQJUHVRWRWDOPHQRVORVLPSXHVWRVERQL¿FDFLRQHVSRUGHVHPSOHR\RWURVSDJRV
REOLJDWRULRV\JDVWRVGHOKRJDUHQQHFHVLGDGHV'HHVWDPDQHUDORTXHTXHGDGHOLQJUHVRHVOD
SDUWHGLVFUHFLRQDOGLVSRQLEOHORTXHSXHGHVHUJDVWDGRRDKRUUDGRDFRQYHQLHQFLDGHORVPLHPEURV
GHORVKRJDUHV(VWDHVWUDWHJLDSDUDDERUGDUHOWHPDIXHVHJXLGDHQHOSUHVHQWHDUWtFXOR
'H¿QLFLRQHVGHLQJUHVR\GHJDVWRXWLOL]DGDV
/DHVWUDWHJLDVHJXLGDSDUDRSHUDFLRQDOL]DUODFRQGLFLyQGHJDVWRGLVFUHFLRQDOGHODVIDPLOLDVUHTXLHUH
HQSULPHUOXJDUFDOFXODUHOXPEUDOGHLQJUHVRGHOKRJDUTXHOHSHUPLWLUtDXQQLYHOGHYLGDFRQIRUWDEOH
PiVDOWRTXHHOSURPHGLR8QDYH]UHDOL]DGDHVWDWDUHD\DVDELHQGRTXpKRJDUHVWLHQHQODFRQGLFLyQ
GHJDVWRGLVFUHFLRQDOVHSURFHGHUtDDHVWLPDUHOQLYHOGHJDVWRVTXHWLHQHQHQGLIHUHQWHViUHDVGH
LQWHUpV\SRVWHULRUPHQWHHOJDVWRGLVFUHFLRQDOGLVSRQLEOH3DUDHOORHVQHFHVDULRGH¿QLUHOWLSRGH
LQJUHVR\GHJDVWRXWLOL]DGRVSDUDUHDOL]DUORVFiOFXORV
3DUDUHDOL]DUODVHVWLPDFLRQHVVHXWLOL]yHODUFKLYRGHGDWRVGHOD(QFXHVWDGH,QJUHVRV\*DVWRV
GHORV+RJDUHVUHDOL]DGDSRUHO,1(&\VHWUDEDMyFRQHOLQJUHVRQHWRWRWDOGHOKRJDUVLQYDORU
locativoHOTXHHVWiFRQVWLWXLGRSRUHOLQJUHVRGHVFRQWDQGRGHpVWHODVFRQWULEXFLRQHVVRFLDOHV
REOLJDWRULDV HO LPSXHVWR GH UHQWD RWURV LPSXHVWRV D OD ULTXH]D GHO KRJDU \ RWUDV WUDQVIHUHQFLDV
RWRUJDGDVSRUHOKRJDU/RTXHLQWHUHVDHVLGHQWL¿FDUHQHOKRJDUHOPRQWRGHORVLQJUHVRVFRQORV
TXHFXHQWDQHIHFWLYDPHQWHVXVPLHPEURVSDUDJDVWDURDKRUUDUDYROXQWDGSRUHVRVHH[FOX\HHO
YDORUORFDWLYR\VHLQFOX\HQORVLQJUHVRVRFDVLRQDOHV
(OJDVWRVHUH¿HUHDOYDORUGHORVELHQHV\VHUYLFLRVDGTXLULGRVHQHOPHUFDGRRUHFLELGRVSRUORV
KRJDUHV SDUD VDWLVIDFHU ODV QHFHVLGDGHV \ GHVHRV GH VXV PLHPEURV ,1(& /RV LQJUHVRV
TXHUHFLEHXQKRJDUVRQGHVWLQDGRVDJDVWRVGHFRQVXPR\GHQRFRQVXPRFRPRFRQWULEXFLRQHV
VRFLDOHV LPSXHVWRV R WUDQVIHUHQFLDV HQ GLQHUR ORV TXH FRQIRUPDQ HO JDVWR FRUULHQWH4 3DUD HO
SURSyVLWRHVWDEOHFLGRVHGHFLGLyTXHORPiVFRQYHQLHQWHHVWUDEDMDUFRQORVJDVWRVGHFRQVXPRHV
GHFLUORVJDVWRVUHODFLRQDGRVGLUHFWDPHQWHFRQORVELHQHV\VHUYLFLRVXVDGRVSDUDODVDWLVIDFFLyQ
GH QHFHVLGDGHV FRPR OR VRQ ORV UXEURV GH DOLPHQWDFLyQ YHVWLGR YLYLHQGD VDOXG WUDQVSRUWH
FRPXQLFDFLRQHVUHFUHDFLyQ\HGXFDFLyQ
(OYDORUORFDWLYRHVHOPRQWRTXHVHLPSXWDSRUKDELWDUFDVDSURSLD3DUDGHWDOOHVVREUHHVWHWySLFRYHU$QH[R$GH
&RQFHSWRV\'H¿QLFLRQHVR'RFXPHQWR0HWRGROyJLFRGHOD(1,*GHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV
6LDOJDVWRFRUULHQWHVHOHVXPDQODVWUDQVDFFLRQHVGHFDSLWDOODVWUDQVDFFLRQHV¿QDQFLHUDV\HOYDORULPSXWDGRGHOD
YLYLHQGDSURSLDVHREWLHQHHOJDVWRWRWDOGHOKRJDU
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
&iOFXORGHODOtQHDGHJDVWRGLVFUHFLRQDODWUDYpVGHORVLQJUHVRV
/D OtQHD GH JDVWR GLVFUHFLRQDO /*' HV HO XPEUDO GHO LQJUHVR D SDUWLU GHO FXDO XQ KRJDU SXHGH
FODVL¿FDUVHFRQODFRQGLFLyQGHWHQHUODFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHV6DELHQGRTXH
HOLQJUHVRGHSHQGHGHGLYHUVRVIDFWRUHVSDUDHOFiOFXORGHOD/*'VHWRPyHQFXHQWDHOQ~PHURGH
PLHPEURVGHOKRJDU\VXXELFDFLyQJHRJUi¿FDGHODVLJXLHQWHPDQHUD
6HDJUXSDURQORVKRJDUHVFRQ\PLHPEURVRPiV
‡ 6HXWLOL]DURQFXDWUR]RQDVJHRJUi¿FDV5HJLyQ&HQWUDO8UEDQD5HJLyQ&HQWUDO5XUDO5HVWRGHO
3DtV8UEDQR\5HVWRGHO3DtV5XUDO
‡
(OUHVXOWDGRFUX]DGRGHODVDJUXSDFLRQHVPHQFLRQDGDVDQWHULRUPHQWHGLRRULJHQDXQDPDWUL]TXH
SURGXFHWLSRVGHKRJDUWDO\FRPRVHSUHVHQWDHQHO&XDGUR'HpVWHSXHGHLQIHULUVHTXHHO
SDtVFXHQWDFRQFHUFDGHKRJDUHVGHORVFXDOHVHOHVWiXELFDGRHQOD5HJLyQ&HQWUDO
8UEDQDHOHQOD5HJLyQ&HQWUDO5XUDOHOHQHO5HVWRGHO3DtV8UEDQR\HOHQ
HO5HVWRGHO3DtV5XUDO/DGLVWULEXFLyQSRUFHQWXDOVHJ~QQ~PHURGHPLHPEURVGHOKRJDUPXHVWUD
TXH SUHGRPLQDQ ORV TXH WLHQHQ FLQFR PLHPEURV R PiV DXQTXH ORV SRUFHQWDMHV GH \ PLHPEURVWDPELpQVRQLPSRUWDQWHV\UHVSHFWLYDPHQWH/DHVWUXFWXUDSRUFHQWXDOGHO
Q~PHURGHPLHPEURVVHJ~QUHJLyQGHOSDtVUHYHODTXHODVIDPLOLDVPiVQXPHURVDVGHFLQFRRPiV
PLHPEURVHVWiQSULQFLSDOPHQWHHQODV]RQDVUXUDOHV(VWRQRHVGHH[WUDxDUVLVHWRPDHQFXHQWD
TXHHVWLPDFLRQHVQRLQFOXLGDVHQHO&XDGURLQGLFDQTXHHQHOSURPHGLRGHPLHPEURVSRUKRJDUHV
PD\RUHQODSDUWHUXUDOGHOSDtVTXHHQODXUEDQD\UHVSHFWLYDPHQWH
M a d r i g a l P a na & M ora M uñoz
/DFRQVWUXFFLyQGHOD/*'SDUWHGHOFiOFXORGHOSURPHGLRGHLQJUHVRQHWRWRWDOGHOKRJDUHQFDGD
XQRGHORVJUXSRVFRQVWUXLGRV&XDGUR&RPRSXHGHREVHUYDUVHH[LVWHXQSDWUyQTXHDSXQWD
KDFLDXQPD\RUSURPHGLRGHLQJUHVRQHWRPHQVXDOFRQIRUPHDXPHQWDHOQ~PHURGHPLHPEURVGHO
KRJDUSULQFLSDOPHQWHFXDQGRHOQ~PHURGHPLHPEURVHVGHXQRDFXDWUR7DPELpQHVHYLGHQWHTXH
ORVPRQWRVGHLQJUHVRYDUtDQVHJ~QODUHJLyQGHOSDtVSXHVORVPiVDOWRVHVWiQHQOD5HJLyQ&HQWUDO
8UEDQD\ORVPiVEDMRVHQHO5HVWRGHO3DtV5XUDOHQXQDUD]yQTXHHVFDVLGHOGREOH,QFOXVRORV
SURPHGLRVHVWLPDGRVSDUDHO5HVWRGHO3DtV8UEDQRVRQVXSHULRUHVDORVGHO5HVWRGHO3DtV5XUDO
DXQTXHHQXQDUD]yQPHQRU(QWUHOD5HJLyQ&HQWUDO5XUDO\ODGHO5HVWRGHO3DtV8UEDQRORV
SURPHGLRVVRQPiVFHUFDQRV/DYDULDFLyQREVHUYDGDMXVWL¿FyODFRQVWUXFFLyQGHORVJUXSRVGH
LQJUHVR
3DUDHOFiOFXORGHOD/*'HOSURPHGLRGHLQJUHVRQHWRWRWDOHQFDGDJUXSRIXHLQFUHPHQWDGRHQ
\FRQHOREMHWRGHLGHQWL¿FDUFXiOHVHOPRQWRGHDXPHQWRTXHPHMRUGH¿QHHO
JDVWRGLVFUHFLRQDO3RUHVWDUD]yQVHHVWDEOHFLyTXHXQKRJDUFRQJDVWRGLVFUHFLRQDOHVDTXHOTXH
SRVHHXQLQJUHVRQHWRWRWDOVXSHULRUDOPRQWRGH¿QLGRHQFDGDXQRGHODV/*'VHJ~QHOJUXSRGH
SHUWHQHQFLD
&RPRIXHURQHVWDEOHFLGDVFLQFRRSFLRQHVSDUDGH¿QLUOD/*'VHSURFHGLyDHVWLPDUSDUDFDGDXQD
GH HOODV \ SDUD FDGD UXEUR GH JDVWR ORV SURPHGLRV GH JDVWRV GH FRQVXPR HQ ORV KRJDUHV TXH
FDOL¿FDURQFRQJDVWRGLVFUHFLRQDO3DUDWHQHUXQDYLVLyQDSURSLDGDGHFXiOHVODPHMRURSFLyQVH
SURFHGLyDFODVL¿FDUDMXLFLRORVUXEURVHQORVTXHHVPHQRVSUREDEOHHQFRQWUDUHYLGHQFLDWiFLWDGH
JDVWRGLVFUHFLRQDO\HQORVTXHHVPiVSUREDEOHHQFRQWUDUODWDO\FRPRVHREVHUYDHQHO&XDGUR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
3DUDGHFLGLUFXiOGHODVFLQFRRSFLRQHVVHUiHVFRJLGDFRPRHOXPEUDOGHOLQJUHVRIXHURQFDOFXODGDV
ODVGLIHUHQFLDVDEVROXWDVVXFHVLYDVGHORVPRQWRVSURPHGLRGHJDVWRHQFDGDXQRGHORVUXEURV6H
DVXPHTXHODPD\RUGLIHUHQFLDDEVROXWDSDUDFDGDUXEURGHJDVWRHYLGHQFLDHOSXQWRDSDUWLUGHO
FXDOH[LVWHPD\RUVHJXULGDGGHTXHHOJDVWRVHDGLVFUHFLRQDO(OUD]RQDPLHQWRVXE\DFHQWHGHHVWH
SODQWHDPLHQWRHVWDEOHFHSDUDODVGLIHUHQWHVRSFLRQHVGH/*'TXHH[LVWHXQDDSDUWLUGHODFXDOHO
JDVWRGHMDGHVHUXQDQHFHVLGDG\EULQGDPD\RUVHJXULGDGGHFRQYHUWLUVHHQXQUXEURGLVFUHFLRQDO
/DGLIHUHQFLDDEVROXWDGHORVSURPHGLRVSDUDFDGDUXEURGHJDVWRPXHVWUDTXHHQDOJXQDGHODV
DOWHUQDWLYDVSODQWHDGDVHOJDVWRSURPHGLRWLHQHXQLQFUHPHQWRPD\RUORTXHHYLGHQFLDODSUHVHQFLD
GH JDVWRV GLVFUHFLRQDOHV 3DUD HO FDVR TXH QRV RFXSD ORV UXEURV HQ ORV TXH HV PiV SUREDEOH
HQFRQWUDUHYLGHQFLDGHJDVWRGLVFUHFLRQDOPXHVWUDQTXHODVPD\RUHVGLIHUHQFLDVDEVROXWDVGHORV
M a d r i g a l P a na & M ora M uñoz
SURPHGLRVVHHQFXHQWUDQFXDQGRHOLQJUHVRQHWRWRWDOPHQVXDOVHLQFUHPHQWDHQWUH\&RPR
HOQ~PHURPD\RUEULQGDPiVVHJXULGDGGHODSUHVHQFLDGHJDVWRGLVFUHFLRQDOHOPRQWRVHOHFFLRQDGR
IXHGH
/DV SUXHEDV UHDOL]DGDV DVXPLHQGR XQ XPEUDO GHO \ GH HQ YH] GH PRVWUDURQ
TXHODGLIHUHQFLDHQHOSRUFHQWDMHGHKRJDUHVFRQJDVWRGLVFUHFLRQDOHQHOSDtVHVGHGRVSXQWRV
SRUFHQWXDOHV 6H SUH¿ULy DGHPiV XVDU XQD /*' GH SDUD HIHFWRV GH UHDOL]DU HQ HO IXWXUR
FRPSDUDFLRQHVFRQORVSDtVHVGHOQRUWH
/D/*'TXHVHFDOFXODLQFUHPHQWDQGRHQHOLQJUHVRQHWRWRWDOGHOKRJDUPXHVWUDORVUHVXOWDGRV
TXHVHSUHVHQWDQHQHO&XDGUR$SDUWLUGHHVWHSXQWRODFRQGLFLyQGHJDVWRGLVFUHFLRQDOGHORV
KRJDUHVVHGHWHUPLQDIiFLOPHQWH3RUHMHPSORVLXQDIDPLOLDGHGRVSHUVRQDVHQOD5HJLyQ&HQWUDO
8UEDQDGHOSDtVWLHQHXQLQJUHVRQHWRWRWDOVXSHULRUD„HQWRQFHVVHFRQVLGHUDTXHWLHQH
FDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHV'HLJXDOPDQHUDVLXQDIDPLOLDGHFXDWURPLHPEURV
HQ HO 5HVWR GHO 3DtV 5XUDO WLHQH XQ LQJUHVR QHWR WRWDO VXSHULRU D „ HQWRQFHV FXPSOH OD
FRQGLFLyQ(QDPERVFDVRVVLHOPRQWRHVLJXDORPHQRUVHHVWDEOHFHTXHODIDPLOLDQRWLHQHJDVWRV
GLVFUHFLRQDOHV,JXDOPHQWHSDUDDPERVFDVRVHOLQJUHVRDGLFLRQDOTXHSRVHDQODVIDPLOLDVGHVSXpV
GH OD /*' FRQVWLWX\H HO JDVWR GLVFUHFLRQDO GLVSRQLEOH HV GHFLU HO PRQWR GH GLQHUR TXH SXHGHQ
JDVWDUGLVFUHFLRQDOPHQWH
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
RESULTADOS
5HODFLRQHVGHLQWHUpVVHJ~QFRQGLFLyQGHJDVWRGLVFUHFLRQDO
/D UHODFLyQ HQWUH HO LQJUHVR QHWR SURPHGLR PHQVXDO \ HO JDVWR SURPHGLR GH FRQVXPR PHQVXDO
VHJ~QFRQGLFLyQGHJDVWRGLVFUHFLRQDOQRVRORYHUL¿FDTXHOD/*'HVWDEOHFLGDSURGXFHGLIHUHQFLDV
LPSRUWDQWHVVLQRTXHH[LVWHQUHODFLRQHVGHLQWHUpV
(Q OR TXH UHVSHFWD D OD HIHFWLYLGDG GH OD /*' SXHGH PHQFLRQDUVH TXH ODV GLIHUHQFLDV GH ODV
PDJQLWXGHVGHORVPRQWRVSURPHGLRGHLQJUHVRV\JDVWRVGHDFXHUGRFRQODFRQGLFLyQGHJDVWR
GLVFUHFLRQDOVRQDOWDVVHJ~QHOQ~PHURGHPLHPEURV\ODUHJLyQGHOSDtV8QDIRUPDGHYHUHVWDV
GLIHUHQFLDVHVDQDOL]DQGRORVSURPHGLRV*Ui¿FR(VHYLGHQWHTXHODPDJQLWXGSURPHGLRGHORV
LQJUHVRV\ORVJDVWRVVHJ~QHOQ~PHURGHPLHPEURVGHOKRJDUHVPD\RUHQODVIDPLOLDVTXHWLHQHQ
FDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVTXHHQODTXHQRFXPSOHQFRQHVWDFRQGLFLyQ$GHPiV
SXHGHREVHUYDUVHTXHHQDPERVFDVRVHOLQJUHVRQHWR\HOJDVWRGHFRQVXPRVHLQFUHPHQWDQKDVWD
ODVIDPLOLDVGHFXDWURPLHPEURV\OXHJRGHFUHFH
M a d r i g a l P a na & M ora M uñoz
2WUDPDQHUDGHDQDOL]DUODVGLIHUHQFLDVGHDFXHUGRFRQODFRQGLFLyQGHJDVWRGLVFUHFLRQDOHVFDOFXODQGR
ODVUD]RQHVGHLQJUHVRQHWRSURPHGLR\GHJDVWRGHFRQVXPRSURPHGLRVHJ~QODFRQGLFLyQHQHVWXGLR
&XDGUR(QHVWHFDVRODVPDJQLWXGHVWDPELpQFRUURERUDQODVGLIHUHQFLDVHQWUHDPERVJUXSRV3RU
HMHPSORFXDQGRHOQ~PHURGHPLHPEURVGHOKRJDUHVXQRODUD]yQGHOLQJUHVRQHWRSURPHGLRHQWUHORV
TXHWLHQHQ\QRWLHQHQJDVWRGLVFUHFLRQDOHVGH„„\GLVPLQX\HHQIRUPDVRVWHQLGD
KDVWDTXHHOKRJDUWLHQHFLQFRPLHPEURVRPiV\OOHJDD,JXDOVXFHGHFRQODUD]yQGHOJDVWRGH
FRQVXPRSXHVHVGHFXDQGRHOKRJDUWLHQHXQPLHPEUR\GLVPLQX\HHQIRUPDVRVWHQLGDKDVWD
FXDQGRWLHQHFLQFRRPiVPLHPEURV
6HFRQVLGHUDTXHHOPRQWRGHODVUD]RQHVGHLQJUHVRV\JDVWRVHQFRQWUDGDVVRQVX¿FLHQWHPHQWHDOWDV
FRPRSDUDGLVFULPLQDUODFRQGLFLyQGHJDVWRGLVFUHFLRQDO$GHPiVODVWHQGHQFLDVHQFRQWUDGDVPXHVWUDQ
TXHORVLQJUHVRV\ORVJDVWRVGHODVIDPLOLDVFRQJDVWRVGLVFUHFLRQDOHVVRQSURSRUFLRQDOPHQWHPHQRUHV
FXDQGRVHLQFUHPHQWDHOQ~PHURGHPLHPEURV
8QDPDQHUDDGLFLRQDOGHYHUL¿FDUVLODVGLIHUHQFLDVVHJ~QFRQGLFLyQGHJDVWRGLVFUHFLRQDOVRQLPSRUWDQWHV
HVFDOFXODQGRODUD]yQHQWUHORVPRQWRVSURPHGLRVGHORVUXEURVGHJDVWRGHFRQVXPRDQXDOGHORV
KRJDUHVVHJ~QFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHV*Ui¿FR&XDGUR$QH[R/DVUD]RQHV
YDUtDQHQWUHHQHOFDVRGHDOLPHQWRV\EHELGDVQRDOFRKyOLFDVFRQVXPLGDVGHQWURGHOKRJDU\
FXDQGRVHUH¿HUHDVHUYLFLRGHKRWHOHV(ODQiOLVLVGHFDGDXQRGHORVUXEURVGHJDVWRVGHFRQVXPR
PXHVWUDFRPRVHHVSHUDTXHODVIDPLOLDVFRQJDVWRGLVFUHFLRQDOUHDOL]DQJDVWRVPD\RUHVTXHODVIDPLOLDV
VLQHVWDFRQGLFLyQ$GHPiVWDPELpQSXHGHGHGXFLUVHTXHHOJDVWRHVSURSRUFLRQDOPHQWHPHQRUFXDQGR
VHWUDWDGHQHFHVLGDGHVEiVLFDVFRPRDOLPHQWDFLyQ\DOTXLOHUGHYLYLHQGD\HVSURSRUFLRQDOPHQWHPD\RU
HQORVUXEURVGRQGHORVJDVWRVGLVFUHFLRQDOHVSXHGHQMXJDUXQSDSHOPiVGHFLVLYRSRUHMHPSORVHUYLFLR
GHKRWHOHVHGXFDFLyQVDOXGWUDQVSRUWH\UHFUHDFLyQ\FXOWXUD
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(VWLPDFLyQGHKRJDUHVFRQJDVWRGLVFUHFLRQDO\FDUDFWHUtVWLFDV
6HHVWLPDTXHHQHOSDtVHOGHORVKRJDUHVWLHQHODFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHV
&XDGUR(VWRHVDSUR[LPDGDPHQWHPLOKRJDUHVHQWRGRHOWHUULWRULRQDFLRQDO/DPD\RUtDGH
KRJDUHVTXHFXPSOHFRQHVWDFRQGLFLyQVHXELFDGDHQOD5HJLyQ&HQWUDO8UEDQDGHOSDtV
\OHVLJXHHQRUGHQGHLPSRUWDQFLDHO5HVWRGHO3DtV5XUDO(QODVGRVUHJLRQHVUHVWDQWHV
OD PDJQLWXG HV VLPLODU DSUR[LPDGDPHQWH 1R VH REVHUYDQ GLIHUHQFLDV LPSRUWDQWHV HQ OD
GLVWULEXFLyQGHKRJDUHVFRQ\VLQJDVWRGLVFUHFLRQDOHQWUHODVGLIHUHQWHVUHJLRQHVGHOSDtV7DPSRFR
H[LVWHQGHDFXHUGRFRQHOQ~PHURGHPLHPEURVGHOKRJDU
M a d r i g a l P a na & M ora M uñoz
&RPRHVGHHVSHUDUHOWDPDxRGHODYLYLHQGDSURGXFHGLIHUHQFLDVLPSRUWDQWHVSXHVODVIDPLOLDV
VLQ OD FDSDFLGDG GH UHDOL]DU JDVWRV GLVFUHFLRQDOHV UHVLGHQ HQ YLYLHQGDV PiV SHTXHxDV \ SRU HO
FRQWUDULRODVIDPLOLDVFRQHVWDFDSDFLGDGUHVLGHQHQYLYLHQGDVPiVJUDQGHV3RUHMHPSORPLHQWUDV
HOGHODVIDPLOLDVTXHQRFXPSOHQODFRQGLFLyQGHJDVWRGLVFUHFLRQDOWLHQHYLYLHQGDVGH
D P2 GH FRQVWUXFFLyQ HVWD PDJQLWXG HV GH HQ ODV TXH Vt OD FXPSOHQ 3RU HO FRQWUDULR
PLHQWUDVVRODPHQWHHOGHODVIDPLOLDVVLQFDSDFLGDGGHKDFHUJDVWRVGLVFUHFLRQDOHVUHVLGHHQ
YLYLHQGDVGHP2RPiVODPDJQLWXGHVGHHQODVIDPLOLDVFRQHVWDFDSDFLGDG
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
8QD PHGLFLyQ DSUR[LPDGD GHO QLYHO VRFLRHFRQyPLFR GH ORV KRJDUHV D WUDYpV GH OD WHQHQFLD GH
DUWHIDFWRVPXHVWUDTXHODVIDPLOLDVFRQJDVWRGLVFUHFLRQDOSUHGRPLQDQHQORVQLYHOHVPHGLRV\DOWRV
\UHVSHFWLYDPHQWH\TXHHQHOQLYHOEDMRHVPHQRU3RUHOFRQWUDULRODVIDPLOLDV
VLQFDSDFLGDGGHJDVWRGLVFUHFLRQDOHVWiQSULQFLSDOPHQWHHQHOQLYHOVRFLRHFRQyPLFREDMR\
HQHOPHGLR\ODPDJQLWXGHVEDMDHQHODOWR
(VWUXFWXUDGHOJDVWRGHFRQVXPR
/DHVWLPDFLyQGHOJDVWRWRWDOGHFRQVXPRQDFLRQDOSDUDHODxRDVFLHQGHDODFDQWLGDGGH
PLOORQHV GH FRORQHV PHQVXDOHV &XDGUR 'H HVH WRWDO ODV IDPLOLDV FRQ FDSDFLGDG GH
UHDOL]DUJDVWRVGLVFUHFLRQDOHVDFDSDUDQHOGHOFRQVXPR(QRWUDVSDODEUDVPLHQWUDVHO
GHODVIDPLOLDVTXHQRWLHQHQFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVDEDUFDHOGHOJDVWR
GHFRQVXPRWRWDOHOUHVWDQWHGHIDPLOLDVFRQHVDFDSDFLGDGWLHQHDSUR[LPDGDPHQWHHO
(VWDUHODFLyQHVPiVHYLGHQWHVLVHUHDOL]DQORVFiOFXORVFRQEDVHHQHOQ~PHURGHKRJDUHV\D
TXHPLHQWUDVHOJDVWRGHFRQVXPRPHQVXDOHVGHFRORQHVSRUKRJDUFXDQGRODVIDPLOLDV
QRWLHQHQFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVHOPRQWRDVFLHQGHDFRORQHVSDUD
ODVIDPLOLDVTXHVtWLHQHQHVDFRQGLFLyQ(VWRHTXLYDOHDTXHHOJDVWRGHFRQVXPRPHQVXDOGHODV
IDPLOLDVFRQFDSDFLGDGGHUHDOL]DUJDVWRVGLVFUHFLRQDOHVHVVXSHULRUDOGHODVIDPLOLDVTXHQR
FXPSOHQHVWDFRQGLFLyQ
M a d r i g a l P a na & M ora M uñoz
/D HVWUXFWXUD GHO JDVWR GH FRQVXPR PHQVXDO UHYHOD GLIHUHQFLDV LPSRUWDQWHV GH DFXHUGR FRQ OD
FRQGLFLyQGHJDVWRGLVFUHFLRQDO*Ui¿FR3RUXQDSDUWHODVIDPLOLDVVLQFDSDFLGDGGHUHDOL]DU
JDVWRVGLVFUHFLRQDOHVGHVWLQDQXQDSURSRUFLyQPD\RUGHOJDVWRDODDOLPHQWDFLyQ\DODVEHELGDV
YHUVXVHQIDPLOLDVFRQJDVWRGLVFUHFLRQDO\DODOTXLOHUGHYLYLHQGDV\VHUYLFLRV
YHUVXV3RURWUDSDUWHODVIDPLOLDVFRQHVWDFDSDFLGDGGHVWLQDQXQDPD\RUSURSRUFLyQGHO
JDVWRDOWUDQVSRUWHYHUVXVHQIDPLOLDVVLQJDVWRGLVFUHFLRQDODODFRPSUDGHPXHEOHV
\DFFHVRULRVGHOKRJDUYHUVXVDODUHFUHDFLyQ\DODFXOWXUDYHUVXVDOD
VDOXGYHUVXV\DODHGXFDFLyQYHUVXV
(OJDVWRGLVFUHFLRQDOGLVSRQLEOHGHORVKRJDUHV
&RPR\DVHPHQFLRQyODOtQHDGHJDVWRGLVFUHFLRQDODGRSWDGDHVGHXQPRQWRGHOVXSHULRU
DOSURPHGLRGHLQJUHVRQHWRGHOKRJDU$GHPiVVHFRQVLGHUyTXHHOJDVWRGLVFUHFLRQDOGLVSRQLEOH
HVHOPRQWRGHGLQHURTXHVXSHUDODOtQHDGHJDVWRGLVFUHFLRQDO3RUHMHPSORVLODOtQHDGHJDVWR
GLVFUHFLRQDOSDUDXQKRJDUHVSHFt¿FRHVGHFRORQHV\VXLQJUHVRQHWRHVGHFRORQHV
ORSULPHURTXHSXHGHFRQFOXLUVHHVTXHFXPSOHFRQODFRQGLFLyQGHSRVHHUJDVWRVGLVFUHFLRQDOHV(Q
VHJXQGROXJDUWDPELpQSXHGHHVWDEOHFHUVHTXHHOPRQWRGHJDVWRGLVFUHFLRQDOGLVSRQLEOHHVGHFLU
HOLQJUHVRTXHSXHGHJDVWDUVHVRQFRORQHVODGLIHUHQFLDHQWUH\PLOFRORQHV(VWR
SHUPLWHKDFHUXQDHVWLPDFLyQGHFXiQWRHVHODJUHJDGRGHJDVWRGLVFUHFLRQDOGLVSRQLEOHHQHOSDtV
SDUDXQPHVRXQDxRHQORVKRJDUHVTXHWLHQHQODFDSDFLGDGGHUHDOL]DUORV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
3DUDXQDOtQHDGHJDVWRGLVFUHFLRQDOGHOODVFLIUDVPHQVXDOHVUHYHODQTXHHOJDVWRGLVFUHFLRQDO
GLVSRQLEOHSRUKRJDUHVGHFRORQHVORTXHHTXLYDOHDFRORQHVSHUFiSLWD&XDGUR
6H HVWLPD TXH HO PRQWR DJUHJDGR GH JDVWR GLVFUHFLRQDO GLVSRQLEOH HQ HO SDtV HV GH PLOORQHVGHFRORQHVPHQVXDOHV
M a d r i g a l P a na & M ora M uñoz
(QWpUPLQRVDQXDOHVHOLQJUHVRGLVFUHFLRQDOGLVSRQLEOHSRUKRJDUHVGHPLOORQHVGHFRORQHV\
DQLYHOSHUFiSLWDHVGHPLOORQHVDSUR[LPDGDPHQWH(OPRQWRDJUHJDGRGHJDVWRGLVFUHFLRQDO
GLVSRQLEOHHQHOSDtVSDUDXQDxRVHHVWLPDHQELOORQHVGHFRORQHVFLIUDTXHFRQVWLWX\HHO
GHO3URGXFWR,QWHUQR%UXWRDSUHFLRVGHPHUFDGRSDUDHODxR
/D DGRSFLyQ GH XQD OtQHD GH JDVWR GLVFUHFLRQDO GLIHUHQWH SURGXFH FDPELRV HQ HO SRUFHQWDMH GH
KRJDUHVFRQJDVWRGLVFUHFLRQDO\HQODHVWLPDFLyQGHOJDVWRGLVFUHFLRQDOGLVSRQLEOHSULQFLSDOPHQWH
FXDQGRODVFLIUDVVRQDQXDOL]DGDV$XQTXHHOSRUFHQWDMHGHKRJDUHVFRQJDVWRGLVFUHFLRQDOPXHVWUD
GLIHUHQFLDVGHDSUR[LPDGDPHQWHGRVSXQWRVSRUFHQWXDOHVFXDQGRHOXPEUDOHVGH\GH
HVWRWLHQHXQLPSDFWRLPSRUWDQWHHQHODJUHJDGRGHOJDVWRGLVFUHFLRQDOGLVSRQLEOH'HDGRSWDUVH
XQ XPEUDO GHO HO DJUHJDGR DQXDO GH JDVWR GLVFUHFLRQDO GLVSRQLEOH VHUtD PD\RU HQ PLO
PLOORQHVGHFRORQHVDSUR[LPDGDPHQWH6LHOXPEUDOIXHUDGHODHVWLPDFLyQVHUtDPHQRUHQ
DSUR[LPDGDPHQWH PLO PLOORQHV GH FRORQHV (VWRV PRQWRV QR VRQ GHVSUHFLDEOHV \ UHYHODQ OD
FRPSOHMLGDGGHDGRSWDUSRUXQDOtQHDGHJDVWRGLVFUHFLRQDODSURSLDGDSDUDHOSDtV
/DHVWLPDFLyQGHOJDVWRGLVFUHFLRQDOGLVSRQLEOHGHDFXHUGRFRQODVFDUDFWHUtVWLFDVGHORVKRJDUHV
PXHVWUD GLIHUHQFLDV LPSRUWDQWHV &XDGUR (Q OD 5HJLyQ &HQWUDO 8UEDQD GHO SDtV HO SURPHGLR
PHQVXDOGHJDVWRGLVFUHFLRQDOGLVSRQLEOHHVGHFRORQHVSRUKRJDU(QWpUPLQRVDQXDOHV
HVWDFLIUDDOFDQ]DPLOORQHVGHFRORQHVXQPRQWRVLJQL¿FDWLYDPHQWHPD\RUDORVTXHSUHVHQWDQ
ODVRWUDVUHJLRQHV
(O3,%DSUHFLRVGHPHUFDGRHQPLOORQHVGHFRORQHVSDUDHODxRIXHGH)XHQWHZZZEFFU¿FU
,QGLFDGRUHVHFRQyPLFRV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
M a d r i g a l P a na & M ora M uñoz
/DVHVWLPDFLRQHVGHDFXHUGRFRQHOQ~PHURGHPLHPEURVGHOKRJDUPXHVWUDQTXHFXDQGRHOKRJDU
SRVHH WUHV PLHPEURV ORV SURPHGLRV GH JDVWR GLVFUHFLRQDO GLVSRQLEOH DOFDQ]DQ XQ Pi[LPR PLO FRORQHV PHQVXDOHV \ PLOORQHV DQXDOHV /DV GLIHUHQFLDV GH JDVWR GLVFUHFLRQDO GLVSRQLEOH
VHJ~QHOWDPDxRGHODYLYLHQGDVRQHYLGHQWHVSXHVORVPRQWRVVHLQFUHPHQWDQFRQIRUPHFUHFHQ
ORVPHWURVGHFRQVWUXFFLyQ(QODVYLYLHQGDVFRQPiVGHP2GHFRQVWUXFFLyQHOSURPHGLRGH
JDVWRGLVFUHFLRQDOGLVSRQLEOHHVGHPLOORQHVPHQVXDOHV\GHPLOORQHVDQXDOHVFLIUDV
YHFHVPiVDOWDVTXHODVREWHQLGDVHQODVYLYLHQGDVFRQPHQRVGHP2GHFRQVWUXFFLyQ8QSDWUyQ
VLPLODUVHREVHUYDFXDQGRODVHVWLPDFLRQHVVRQUHDOL]DGDVGHDFXHUGRFRQHOtQGLFHGHWHQHQFLDGH
DUWHIDFWRVGHORVKRJDUHVQLYHOVRFLRHFRQyPLFRSXHVORVPRQWRVSURPHGLRGHJDVWRGLVFUHFLRQDO
GLVSRQLEOHVRQFXDWURYHFHVPD\RUHVHQHOQLYHODOWRVLVHFRPSDUDFRQHOEDMR
(QWpUPLQRVGHODJUHJDGRGHOJDVWRGLVFUHFLRQDOGLVSRQLEOHSXHGHGHVWDFDUVHTXHOD5HJLyQ&HQWUDO
8UEDQD GHO SDtV DFXPXOD XQ ELOOyQ GH FRORQHV DQXDOHV HV GHFLU HO GHO JDVWR GLVFUHFLRQDO
GLVSRQLEOH$GHPiVHVQRWRULRTXHHQODVYLYLHQGDVFRQPiVGHP2GHFRQVWUXFFLyQHOJDVWR
GLVFUHFLRQDOGLVSRQLEOHHVDOWRPLOPLOORQHV(OQLYHOVRFLRHFRQyPLFRDOWRUHYHODTXHELOORQHV
GHFRORQHVDQXDOHVHVHOPRQWRGLVSRQLEOHFXDQGRFXPSOHQFRQHVDFDUDFWHUtVWLFDORTXHHTXLYDOH
DOGHOGLVSRQLEOHDJUHJDGRDQXDO
CONCLUSIONES
(ODUWtFXORFRQVWLWX\HXQDSURSXHVWDSDUDHVWLPDUHOJDVWRGLVFUHFLRQDOGLVSRQLEOHHQHOSDtV\FRQ
EDVHHQOD(QFXHVWDGH,QJUHVRV\*DVWRVGHORV+RJDUHVVHWXYRODSRVLELOLGDGGHSUHVHQWDU
XQD HVWUDWHJLD SRVLEOH SDUD ORJUDUOR 6LQ HPEDUJR HO HVWXGLR GH HVWD WHPiWLFD DSHQDV LQLFLD HQ
QXHVWURPHGLR
(O KHFKR PiVVREUHVDOLHQWHGHO DUWtFXORHVTXHGDGDODPHWRGRORJtDHPSOHDGDHQHO SDtV SDUD
HODxRHOJDVWRGLVFUHFLRQDOGLVSRQLEOHIXHGHDSUR[LPDGDPHQWHELOORQHVGHFRORQHVOR
TXHHVHTXLYDOHQWHDXQGHO3,%DSUHFLRVGHPHUFDGRSDUDHVHDxR(VWDFLIUDOHMRVGHVHU
GHVSUHFLDEOHMXVWL¿FDORVHVIXHU]RVSDUDORJUDUVXPHGLFLyQDLQWHUYDORVPHQRUHVGHWLHPSR\UHYHOD
TXHHOHVWXGLRGHOJDVWRGLVFUHFLRQDOGLVSRQLEOHGHEHSURIXQGL]DUVHHQHOIXWXUR
$OJXQDV VXJHUHQFLDV LQPHGLDWDV SDUD WRPDU HQ FXHQWD HQ HVWXGLRV SRVWHULRUHV VH GHVFULEHQ D
FRQWLQXDFLyQ
‡
(VLPSRUWDQWHSURIXQGL]DUHQHOXVRGHOLQJUHVRRGHOJDVWRSDUDGHWHUPLQDUFRQPD\RUSUHFLVLyQ
HOXPEUDORSXQWRGHFRUWHSDUDORVJDVWRVGLVFUHFLRQDOHV(VWRSHUPLWLUtDFXHVWLRQDUVLHO
XWLOL]DGR HQ HO SUHVHQWH WUDEDMR HV DSURSLDGR R VL SXHGH DSUR[LPDUVH PHMRU 8QD DOWHUQDWLYD
HV XWLOL]DU WpFQLFDV JUi¿FDV SDUD ORJUDUOR 2WUD RSFLyQ HV PHGLDQWH HO XVR GHO DQiOLVLV GH
FRQJORPHUDGRV
‡
‡
‡
‡
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(VQHFHVDULRDJUHJDUHQHODQiOLVLVGHOQ~PHURGHPLHPEURVGHOKRJDUHOQ~PHURGHSHUFHSWRUHV
GHLQJUHVRODERUDOHQHOKRJDU\ODGLVSRQLELOLGDGHQHOKRJDUGHLQJUHVRVGLIHUHQWHVDORVODERUDOHV
(VWRSRUTXHDOJXQDVLQFRQVLVWHQFLDVTXHSUHVHQWDQORVLQJUHVRVSURPHGLRSRUWDPDxRGHOKRJDU
HVGHHVSHUDUTXHHVWpQDVRFLDGRVFRQHOQ~PHURGHSHUFHSWRUHVGHLQJUHVRODERUDO$GHPiV
HV LPSRUWDQWH FRQRFHU VREUH ORV LQJUHVRV QR ODERUDOHV TXH HQ DOJXQRV FDVRV SRGUtDQ HVWDU
PDUFDQGRGLIHUHQFLDV\HVLPSRUWDQWHFRQRFHUOR
6H FRQVLGHUD LPSRUWDQWH HVWDEOHFHU GHQWUR GH ORV KRJDUHV FRQ JDVWR GLVFUHFLRQDO DOJXQD
WLSRORJtDTXHFRQWULEX\DDFRPSUHQGHUVXVFRPSRUWDPLHQWRVFRQUHVSHFWRDOJDVWR3DUDHOORHO
DQiOLVLVGHEHUtDLQFOXLUQRVRORYDULDEOHVPiVHVSHFt¿FDVUHODFLRQDGDVFRQHOJDVWRVLQRRWUDVTXH
FDUDFWHULFHQODYLYLHQGD\FDGDXQRGHORVPLHPEURVGHOKRJDU(VWRSRGUtDORJUDUVHXWLOL]DQGR
WpFQLFDVGHDQiOLVLVPXOWLYDULDEOHFRPRDQiOLVLVGHFRQJORPHUDGRV\UHJUHVLyQORJtVWLFD
5HODFLRQDGRFRQORDQWHULRUXQDYDULDEOHTXHDPHULWDPD\RUHVWXGLRGHQWURGHHVWHFRQWH[WRHV
HOWDPDxRGHODYLYLHQGD\DTXHHVHYLGHQWHTXHHOJDVWRGLVFUHFLRQDOHVWiDOWDPHQWHUHODFLRQDGR
FRQHVWDYDULDEOH/DLGHDSRGUtDEULQGDULQVXPRVLPSRUWDQWHVSDUDODVHVWUDWHJLDVGHPHUFDGR
GDGRTXHHOWDPDxRGHODYLYLHQGDSXHGHORFDOL]DUVHJHRJUi¿FDPHQWH
'DGRTXHWDPELpQVHGLVSRQHGHOD(QFXHVWDGH,QJUHVRV\*DVWRVGHHVLPSRUWDQWHUHDOL]DU
XQDFRPSDUDFLyQGHORVUHVXOWDGRVSDUDDQDOL]DUORVFDPELRVHQFRQWUDGRVHQHOWLHPSR
M a d r i g a l P a na & M ora M uñoz
REFERENCIAS BIBLIOGRÁFICAS
‡ 'RQQD - 2ZHQV 7UDFNLQJ GRZQ GLVFUHWLRQDU\ LQFRPH 3HUVSHFWLYHV 6SULQJ 9RO 1R $UWLFOH1R&DQDGi
‡,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV(QFXHVWD1DFLRQDOGH,QJUHVRV\*DVWRVGHORV+RJDUHV
3ULQFLSDOHVUHVXOWDGRV6DQ-RVp&RVWD5LFD0DU]R
‡.DWRQD*HRUJH7KH0DVV&RQVXPSWLRQ6RFLHW\0F*UDZ+LOO%RRN&RPSDQ\1HZ<RUN
‡/LQGHQ)*UHHQ*:DQG&RGHU-)$PDUNHWHUJXLGHWRGLVFUHWLRQDU\LQFRPHDMRLQWVWXG\S
FLWDGRSRU'RQQD-2ZHQV7UDFNLQJGRZQGLVFUHWLRQDU\LQFRPH3HUVSHFWLYHV6SULQJ9RO
1R$UWLFOH1R&DQDGi
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
Anexos
Cuadro Anexo 1: Promedio de gasto de consumo anual por condición de gasto discrecional según
grupos de gasto de consumo
(en colones)
Condición
Magnitud de diferencia
Grupos de gasto de consumo
Sin GD (SGD) Con GD(CGD) Total (T)
CGD / SGD
CGD / T
Alimentación y bebidas
En alimentos y bebidas no alcohólicas consumidas en hogar
546.422
907.157
617.350
1.7
1.5
Pan y cereales
126.313
163.604
133.645
1.3
1.2
Carne
98.076
186.551
115.472
1.9
1.6
Pescado
24.251
47.364
28.796
2.0
1.6
Leche . queso y huevos
84.900
141.048
95.940
1.7
1.5
Aceites y grasas
21.485
26.334
22.438
1.2
1.2
Frutas
24.790
72.794
34.229
2.9
2.1
Legumbres – Hortalizas
63.160
103.404
71.073
1.6
1.5
Azúcar y otros dulces
33.053
36.590
33.748
1.1
1.1
Otros productos alimenticios
30.560
45.475
33.492
1.5
1.4
Café. te y cacao
16.291
19.225
16.868
1.2
1.1
Gasto Refrescos
23.543
64.769
31.649
2.8
2.0
En bebidas alcohólicas consumidas en hogar
17.696
39.023
21.890
2.2
1.8
Bebidas Alcohólicas
3.497
22.619
7.257
6.5
3.1
Gasto Tabaco
14.199
16.404
14.633
1.2
1.1
Vestido y calzado
En prendas de vestir y calzado
140.370
450.846
201.416
3.2
2.2
Prendas de Vestir
98.188
344.551
146.629
3.5
2.3
Calzado
42.181
106.296
54.787
2.5
1.9
Vivienda alquilada y servicios
En alquiler en vivienda. agua. electric.. gas (sin locativo)
252.227
541.983
309.200
2.1
1.8
Alquiler
106.935
205.456
126.306
1.9
1.6
Conservación y reparación de la vivienda
12.932
34.986
17.268
2.7
2.0
Aguas y otros servicios
42.141
136.529
60.700
3.2
2.2
Servicio de electricidad y otros combustibles
90.219
165.011
104.925
1.8
1.6
Muebles y accesorios del hogar
En muebles y artículos para el hogar
157.068
685.358
260.942
4.4
2.6
Muebles y accesorios
32.639
149.830
55.681
4.6
2.7
Productos textiles para el hogar
10.217
37.748
15.630
3.7
2.4
Artefactos eléctricos para el hogar
37.732
85.979
47.218
2.3
1.8
Artículos de vidrio. vajillas y herramientas
11.841
42.669
17.903
3.6
2.4
Conservación del hogar
41.269
72.877
47.484
1.8
1.5
Servicio doméstico para el hogar
23.369
296.256
77.025
12.7
3.8
Salud
En salud
71.525
405.367
137.166
5.7
3.0
Productos. artefactos y equipo médicos
33.064
157.422
57.516
4.8
2.7
Servicios médicos y de hospital
38.461
247.944
79.650
6.4
3.1
Transporte
En transporte
232.657
1.246.129
431.928
5.4
2.9
Adquisición de vehículos
17.234
377.943
88.157
21.9
4.3
Repuestos. accesorios y mantenimiento de transporte
37.443
252.535
79.734
6.7
3.2
Combustible y lubricantes
60.581
374.261
122.257
6.2
3.1
Servicio de transporte
117.400
241.391
141.779
2.1
1.7
Comunicaciones
En comunicaciones
91.907
319.304
136.618
3.5
2.3
Servicio postal
45
236
83
5.3
2.9
Equipo telefónico y facsímil
6.312
30.239
11.017
4.8
2.7
Servicio telefónico y facsimil
85.550
288.829
125.519
3.4
2.3
Recreaciòn y cultura
En recreación y cultura
132.299
628.796
229.921
4.8
2.7
$XGLRYLVXDO\IRWRJUi¿FR
35.132
142.379
56.219
4.1
2.5
Otro equipo de recreación
26.915
113.144
43.870
4.2
2.6
Servicio de recreación
26.667
175.692
55.969
6.6
3.1
Periódicos. libros y otros
38.445
132.248
56.889
3.4
2.3
Paquetes turísticos
5.139
65.333
16.975
12.7
3.8
Educaciòn
En educación
48.536
329.406
103.761
6.8
3.2
Enseñanza formal
32.994
288.793
83.290
8.8
3.5
Enseñanza no atribuible a ningún nivel
15.542
40.614
20.472
2.6
2.0
Alimentos y bebidas fuera del hogar
En alimentos y bebidas no alcohólicas consumidas fuera del hogar
165.328
524.962
236.040
3.2
2.2
En bebidas alcohólicas consumidas fuera del hogar
10.899
51.504
18.883
4.7
2.7
Bienes y servicios diversos
Servicios de hoteles
1.826
34.401
8.231
18.8
4.2
En bienes y servicios diversos
139.648
483.533
207.263
3.5
2.3
Cuidados Personales
96.777
271.073
131.048
2.8
2.1
Efectos Personales
10.510
39.849
16.279
3.8
2.4
Seguros
5.839
54.664
15.439
9.4
3.5
Otros servicios diversos
26.522
117.947
44.498
4.4
2.7
Fuente: Instituto Nacional de Estadística y Censos. Archivo de datos Encuesta Nacional de Ingresos y Gastos de los Hogares 2004
M a d r i g a l P a na & M ora M uñoz
$QH[R&RQVWUXFFLyQGHOËQGLFHGH7HQHQFLDGH$UWHIDFWRV,7$
/DFRQVWUXFFLyQGHO,7$FRPRXQLQGLFDGRUGHODFRQGLFLyQVRFLRHFRQyPLFDGHORVKRJDUHVFRQVLGHUD
ODWHQHQFLDGHORVVLJXLHQWHVDUWtFXORV\VHUYLFLRVHQHOKRJDUDJXDFDOLHQWHSDUDWRGDODYLYLHQGD
WHOpIRQRFHOXODUWHOHYLVLyQSRUFDEOHFRPSXWDGRUD,QWHUQHWFiPDUDGHYLGHRHTXLSRGHVRQLGR
YHKtFXOR\VHUYLFLRGRPpVWLFR
/D FRPELQDFLyQ GH ORV DUWtFXORV \ VHUYLFLRV SDUD FDGD KRJDU VH UHDOL]y VXPDQGR $Vt XQ KRJDU
FRQWRGRVORVELHQHVFLWDGRVREWLHQHXQYDORUPi[LPRGH\HQFDVRFRQWUDULRXQYDORUGH/D
IyUPXODHVODVLJXLHQWH
GRQGH
,7$ ËQGLFHGH7HQHQFLDGH$UWHIDFWRV
;L DUWtFXORVRVHUYLFLRVSUHVHQWHVHQHOKRJDU
&RPRVHJXQGRSDVRORVYDORUHVGHO,7$IXHURQHVWDQGDUL]DGRVHQXQDHVFDODGHDHQODTXH
YDORUHVFHUFDQRVDFHURUHYHODQXQDFRQGLFLyQVRFLRHFRQyPLFDEDMD\ORVFHUFDQRVDXQDDOWD
3RVWHULRUPHQWH FRQ HO ¿Q GH DJUXSDU ORV KRJDUHV GH DFXHUGR FRQ OD FRQGLFLyQ VRFLRHFRQyPLFD
VHXVyHOSURFHGLPLHQWR&OXVWHU.0HDQVSDUDFRQVWUXLUJUXSRVDSDUWLUGHO,7$(OFXDGURTXH
VHSUHVHQWDPXHVWUDHOUHVXOWDGRGHORVFHQWURLGHVSDUDFDGDJUXSR\HOQ~PHURGHKRJDUHVVLQ
SRQGHUDU\SRQGHUDGR
7DO\FRPRSXHGHDSUHFLDUVHODFRQVWUXFFLyQGHORVJUXSRVSUHVHQWyXQDDPSOLDGLVFULPLQDFLyQGH
FDGDXQRGHORVJUXSRV
AGRADECIMIENTOS
/RVDXWRUHVDJUDGHFHQDO/LF3DEOR6DXPD\DO/LF-XDQ'LHJR7UHMRVGHOD(VFXHODGH(FRQRPtDGH
OD8QLYHUVLGDGGH&RVWD5LFDSRUORVFRQVHMRVEULQGDGRVGXUDQWHODUHDOL]DFLyQGHOSUHVHQWHWUDEDMR
7DPELpQVHSUREyODFRQVWUXFFLyQGHOtQGLFHSRQGHUDQGRORVDUWtFXORVSRUHOLQYHUVRGHVXSURSRUFLyQSHURORV
UHVXOWDGRVIXHURQVLPLODUHVSRUORTXHVHGHFLGLyKDFHUXVRGHOPpWRGRPiVVHQFLOOR
( O L ] R Q G R 9D U JDV;LULQDFKV
ANÁLISIS ECONÓMICO DE LA
ESTRUCTURA DEL GASTO EN LOS
HOGARES COSTARRICENSES1
Resumen
,QWURGXFFLyQ &RQ ORV PLFURGDWRV GH OD (1,* VH GD FRQWHQLGR HPStULFR D OD WHRUtD GHO
FRQVXPLGRU/RVUHVXOWDGRVVHFRQWUDVWDQFRQORVGHLQYHVWLJDFLRQHVSUHYLDV7ULVWiQ/L]DQR\
*HXUWVHWDO
2EMHWLYR&DUDFWHUL]DUODHVWUXFWXUDGHOJDVWRGHORVKRJDUHVFRVWDUULFHQVH
0HWRGRORJtD6HHVWLPDQFXUYDVGHGHPDQGD\GH(QJHOSDUDFDOFXODUODVHODVWLFLGDGHVSUHFLR
HLQJUHVR6HREWLHQHQODVHODVWLFLGDGHVFDOLGDGUHVXOWDGRGHDUWLFXODUODVFXUYDVGHGHPDQGD
\ODVGH(QJHO(OPpWRGRGHPtQLPRVFXDGUDGRVQROLQHDOHVVHXVDSDUDHVWXGLDUSURGXFWRV
DOLPHQWDULRV ORV TXH HO Q~PHUR PHQRU GH KRJDUHV UHSRUWDURQ QR FRQVXPLUORV $Vt PpWRGRV
PiVFRPSOHMRVVRQPHQRVDWLQHQWHV
5HVXOWDGRV /D HVWLPDFLyQ GH FXUYDV GH GHPDQGD SHUPLWLy FRQVWUXLU HODVWLFLGDGHV LQJUHVR \
SUHFLRGHORVDOLPHQWRVDQDOL]DGRVVRQLQHOiVWLFRVFRQUHVSHFWRDOSUHFLR7RGRVVRQ
LQHOiVWLFRVUHVSHFWRDOLQJUHVR6HXWLOL]DODHVSHFL¿FDFLyQORJORJFRQWpUPLQRVFXDGUiWLFRV/DV
HODVWLFLGDGHVLQJUHVRFDOFXODGDVDSDUWLUGHXQDFXUYDGH(QJHOVRQOLJHUDPHQWHGLVWLQWDVDODV
FDOFXODGDVFRQFXUYDVGHGHPDQGD/DVHODVWLFLGDGHVFDOLGDGDXQTXHFHUFDQDVDFHURVRQ
HVWDGtVWLFDPHQWHGLVWLQWDV\WRGDVWLHQHQHOVLJQRHVSHUDGR
'LVFXVLyQ/RVUHVXOWDGRVGHODSUHVHQWHLQYHVWLJDFLyQIXHURQREWHQLGRVDSDUWLUGHGDWRVGH
FRUWHWUDQVYHUVDOGRQGHHOLQJUHVRSHUPDQHQWHQRVHSXHGHFRQWUDVWDU6RQVHPHMDQWHVDORV
GHORVHVWXGLRVSUHYLRV/DVGLVFUHSDQFLDVPi[LPDVHQHODVWLFLGDGHV\VXDQiOLVLVFRQFRPLWDQWH
VHGDQFRQHOHVWXGLRGH7ULVWiQ\ODVPD\RUHVFRLQFLGHQFLDVFRQHOGH*HXUWVHWDO
$GULiQ(OL]RQGR$-XDQ5DIDHO9DUJDV\<DQLUD;LULQDFKV68QLYHUVLGDGGH&RVWD5LFD/RVDXWRUHVDJUDGHFHQOD
DVLVWHQFLDGH5XGROSK$UGyQ\.DUOD+HUQiQGH](VWDLQYHVWLJDFLyQFRQWyFRQHODSR\RGHXQDEHFDSDUFLDOVLQFRQGLFLRQHV
GHO333,GHOD0HUFN&RPSDQ\)RXQGDWLRQEUD]R¿ODQWUySLFRGH0HUFN&R,QF:KLWHKRXVH6WDWLRQ1HZ-HUVH\((
88
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
1. Introducción
/RVDXWRUHVFOiVLFRVH[KLELHURQXQDPDUFDGDSUHIHUHQFLDSRUUH¿QDUXQDWHRUtDGHOYDORUWUDEDMRHQ
FRQWUDSRVLFLyQDORTXHVHUtDXQDWHRUtDGHOYDORUEDVDGDHQHOFRPSRUWDPLHQWRGHOFRQVXPLGRU5LPD
7DOYH]ODV~QLFDVH[FHSFLRQHVIXHURQ6D\\6HQLRUTXLHQHVSRVWXODURQXQDSURSRUFLRQDOLGDG
HQWUHODXWLOLGDG\ORVSUHFLRV
/DSULPHUDJHQHUDFLyQGHPDUJLQDOLVWDVHQWUHHOORV-HYRQV:DOUDV\0HQJHUIXHURQTXLHQHVVH
HQFDUJDURQGHHQIDWL]DUHOSDSHOGHODXWLOLGDGPDUJLQDOHQRSRVLFLyQDOFRVWRGHSURGXFFLyQFRPR
GHWHUPLQDQWHGHOYDORUGHFDPELR³-HYRQVRSWySRUODVSUXHEDVHPStULFDV0HQJHUVHGHFLGLySRU
XQDOyJLFDGHGXFWLYDDEVWUDFWDPLHQWUDVTXH:DOUDVHPSOHyODVPDWHPiWLFDV´*XHUUHURVI
$XQTXHVXLQWHUpVSULQFLSDOIXHGHPRVWUDUHOHVWDEOHFLPLHQWRGHOHTXLOLEULRJHQHUDO:DOUDVGHGLFyOD
SULPHUDSDUWHGHVXDQiOLVLVDOSUREOHPDGHODVFXUYDVGHGHPDQGDLQGLYLGXDOSXHVORJUyGHPRVWUDU
IRUPDOPHQWHODUHODFLyQHQWUHXWLOLGDG\GHPDQGD0iVD~QVXDQiOLVLVSDUWHGHODREVHUYDFLyQGH
TXHODVXQLGDGHVIDPLOLDUHVVRQODVTXHSRVHHQXQFRQMXQWRGHUHFXUVRVTXHGHWHUPLQDQXQLQJUHVR
FRQHOFXDOSXHGHQHVFRJHUHQWUHGLYHUVRVELHQHV$UURZ3RVWHULRUPHQWHIXH0DUVKDOOTXLHQ
HVWXGLy ORV GHVHRV GHO FRQVXPLGRU \ VX VDWLVIDFFLyQ FRPR XQD SDUWH LPSRUWDQWH GH OD WHRUtD GHO
YDORU³&RQWULEX\yGHVGHORTXHOXHJRVHFRQRFHUtDFRPRHOSDUDGLJPDQHRFOiVLFRDOGHVDUUROORGH
ODWHRUtDGHODGHPDQGDVLQGHMDUGHODGRTXHODXWLOLGDGPDUJLQDOQRHVHOIDFWRUSUHSRQGHUDQWHHQ
ODGHWHUPLQDFLyQGHOYDORU´5LPD
&XDQGR OD WLSL¿FDFLyQ GH ODV GHFLVLRQHV GHO FRQVXPLGRU HV DJUHJDGD D QLYHO GH KRJDUHV FRQ
ORV VXSXHVWRV DGHFXDGRV \ REYLDQGR HO ³SUREOHPD GH OD DJUHJDFLyQ´ HV SRVLEOH H[WUDHU FLHUWDV
FRQFOXVLRQHVQDWXUDOHV
8QD GH HVWDV FRQFOXVLRQHV HV TXH ORV KRJDUHV FRQ QLYHOHV GH UHQWD SHU FiSLWD VLPLODUHV \ FRQ
FDUDFWHUtVWLFDVVRFLRHFRQyPLFDVUHODWLYDPHQWHKRPRJpQHDVWLHQGHQDGHVWLQDUXQDSRUFLyQVLPLODU
GH VXV LQJUHVRV D VDWLVIDFHU XQD PLVPD QHFHVLGDG 6DOFLQHV 6LQ HPEDUJR D¿UPDFLRQHV
FRPRODDQWHULRUHVWiQVXMHWDVDYHUL¿FDFLRQHVHPStULFDV
/RVWUDEDMRVHPStULFRVFRPRHVWHVRQ~WLOHVSDUDD\XGDUDHQWHQGHUODDVLJQDFLyQGHUHFXUVRVDO
LQWHULRUGHORVKRJDUHV(VGHSDUWLFXODULQWHUpVFDOFXODUGHPDQGDVFXUYDVGH(QJHOHODVWLFLGDGHV
HQHOPDUJHQSURSHQVLRQHVDFRQVXPLUDDKRUUDU\DWULEXWRVySWLPRVHQWUHRWURV/RVSDUiPHWURV
HVWLPDGRVHQHVWH\RWURVWUDEDMRVVLPLODUHVVRQ~WLOHVSDUDODFUHDFLyQGHPRGHORVHFRQyPLFRV
GHVDJUHJDGRV8QHMHPSORGHHOORVRQODVKLSyWHVLVVREUHHOFRQVXPR\HODKRUURGHORVKRJDUHV
TXHRFXSDQXQSDSHOFHQWUDOHQORVPRGHORVGHFUHFLPLHQWR//XFK3RZHOO:LOOLDPV
( O L ] R Q G R 9D U JDV;LULQDFKV
2. Materiales y Métodos
/DWpFQLFDGHORVPtQLPRVFXDGUDGRVRUGLQDULRVSDUDDMXVWDUFXUYDVGHGHPDQGDSRUFLHUWRVSURGXFWRV
SHUPLWHFRQRFHUXQDGLPHQVLyQGHODVGHFLVLRQHVGHFRQVXPRGHORVKRJDUHVFRVWDUULFHQVHVHQ
HOSHULRGR6HDMXVWDQFXUYDVGH(QJHOHQWHQGLGDVFRPRXQDUHODFLyQHQWUHFXDOTXLHU
FDWHJRUtDGHJDVWR\HOLQJUHVRHQXQFRUWHVHFFLRQDOGHKRJDUHVFRQGLVWLQWRVQLYHOHVGHLQJUHVR
8QDYH]HVWLPDGDVODVFXUYDVGHGHPDQGD\ODVGH(QJHOVHSURFHGHDFDOFXODUODVHODVWLFLGDGHV
SUHFLRHLQJUHVRUHVSHFWLYDPHQWH
0DWHULDOHV
/RVGDWRVDXWLOL]DGRVSURYLHQHQGHOD(QFXHVWD1DFLRQDOGH,QJUHVRV\*DVWRVGH&RVWD5LFD
(1,*26HHPSOHyODEDVHGHJDVWRFRUULHQWHGHORVKRJDUHVTXHUHVXPHHOJDVWRPHQVXDO
HQORVGLVWLQWRVELHQHV\VHUYLFLRVFODVL¿FDGRVDSRVWHULRULSRUHO,1(&)XHFRPELQDGDFRQODEDVH
GH FUHDFLyQ GH YDULDEOHV GHO KRJDU FRQ HO ¿Q GH DSURYHFKDU WRGD OD LQIRUPDFLyQ GHPRJUi¿FD \
VRFLRHFRQyPLFDTXHUHFROHFWyODHQFXHVWDSHURDXVHQWHHQODEDVHGHJDVWRFRUULHQWH
/D EDVH GH JDVWR FRUULHQWH GH ORV KRJDUHV UHFRSLOD WRGD DTXHOOD LQIRUPDFLyQ UHODFLRQDGD FRQ
ORV JDVWR IUHFXHQWHV GH ODV IDPLOLDV HQFXHVWDGDV (O JDVWR GH ORV KRJDUHV UHVXOWD GH PXOWLSOLFDU
OD FDQWLGDG FRPSUDGD GH FDGD ELHQ SRU VX SUHFLR $XQTXH XQR GH ORV REMHWLYRV IXQGDPHQWDOHV
GH OD HQFXHVWD HV DFWXDOL]DU HO SHU¿O GH JDVWR GH ORV KRJDUHV FRVWDUULFHQVHV SDUD DFWXDOL]DU ODV
SRQGHUDFLRQHVGHO,3&7DPELpQVHFRQVLGHUyYDOLRVRWDEXODUODFDQWLGDGGHPDQGDGDGHDOJXQRV
ELHQHV3RVWHULRUPHQWHHVWRVGDWRVSRGUtDQVHUXWLOL]DGRVHQHVWXGLRVQXWULFLRQDOHVSDUDGH¿QLUOD
FDQDVWDEiVLFDDOLPHQWDULD\GHPiV¿QHV
/DXQLGDGGHPHGLGD¿MDGDSDUDODUHFROHFFLyQGHORVGDWRVIXHPLOLJUDPRVVLHOSURGXFWRHVVyOLGR
RPLOLOLWURVVLVHWUDWDGHOtTXLGRV/RVGDWRVVHVXSRQHQ¿GHGLJQRV
'H¿QLFLyQGHODOFDQFHGHODLQYHVWLJDFLyQ
6L ELHQ (1,* UHJLVWUy FHUFD GH ELHQHV \ VHUYLFLRV GH FRQVXPR SHULyGLFR SRU SDUWH GH
ORVKRJDUHVHOREMHWLYRGHHVWDLQYHVWLJDFLyQHVPXFKRPiVHVSHFt¿FR/DSULPHUDGHOLPLWDFLyQ
HVUHGXFLUHODQiOLVLVDSURGXFWRVDOLPHQWLFLRV(VWRREHGHFHDGRVUD]RQHV3ULPHURSRUPRWLYRV
GHGLJLWDFLyQ\DJUHJDFLyQHO,1(&VRODPHQWHWDEXOyODFDQWLGDGFRQVXPLGDPHQVXDOPHQWHSDUD
SURGXFWRV DOLPHQWLFLRV (O SURFHVR GH YDOLGDFLyQ GH ODV FDQWLGDGHV WRPy FHUFD GH PHVHV
6HJXQGRSRUTXHSHUPLWHKDFHUFRPSDUDFLRQHVFRQLQYHVWLJDFLRQHVVLPLODUHVFRPRODGH/L]DQR
*RHUWVHWDOVI\ODGH7ULVWiQTXHVHSODQWHDQXQHMHUFLFLRVLPLODUSHURFRQGDWRV
GHO OD (QFXHVWD 1DFLRQDO GH ,QJUHVRV \ *DVWRV GH \ OD (QFXHVWD 1DFLRQDO GH ,QJUHVRV \
*DVWRV)DPLOLDUHVGHUHVSHFWLYDPHQWH
8QDGHVFULSFLyQPiVDPSOLDGHODPHWRGRORJtDGHOD(QFXHVWDGH,QJUHVRV\*DVWRVVHHQFXHQWUDHQ
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV´(QFXHVWD1DFLRQDOGH,QJUHVRV\*DVWRVGHORV+RJDUHV'RFXPHQWR
0HWRGROyJLFR´6DQ-RVp0DU]RSS
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(QVHJXQGDLQVWDQFLDVXUJLyODQHFHVLGDGGHGH¿QLUFXDOHVSURGXFWRVDOLPHQWLFLRVVHDQDOL]DUtDQ
3DUD HOOR VH HPSOHy XQ FULWHULR VLPLODU DO TXH XWLOL]D HO ,1(& HQ HO FiOFXOR GH OD FDQDVWD EiVLFD
DOLPHQWDULDLQFOXLUDTXHOORVSURGXFWRVTXHUHSUHVHQWDQPiVGHOGHOJDVWRGHORVKRJDUHV
(VWHFULWHULRIXHSRVWHULRUPHQWH¿OWUDGRSDUDREWHQHUORVSURGXFWRVTXHDGHPiVGHUHSUHVHQWDUPiV
GHOGHOJDVWRPHQVXDOGHORVKRJDUHVWDPELpQIXHUDFRQVXPLGRSRUPiVGHOGHKRJDUHV
GHODPXHVWUD$OFUX]DUDPERVFULWHULRVORVSURGXFWRVUHVXOWDQWHVIXHURQeVWRVVRQJDOOHWDV
GXOFHVVLQUHOOHQRSDQEDJXHWWH\VDODGRFRUULHQWHWRUWLOODVGHPDt]DUUR]HQWHURELVWHFGHUHV
FDUQHPROLGDDW~QHQODWDGROHFKHVHPLGHVFUHPDGDQDWLOODTXHVRWLHUQREODQFRDFHLWHGHVR\D
PDUJDULQDVLQVDOSOiWDQRPDGXURFHEROODFKLOHGXOFHIULMROHVQHJURVSDSDWRPDWHD]~FDUUHJXODU
FRQVRPpFXDOTXLHUFODVHWRVWDGDVGHPDt]FRQGLPHQWDGDVFDIpPROLGR\UHIUHVFRVJDVHRVRV4
&XUYDVGH(QJHO
3DUDODHVWLPDFLyQGHODVFXUYDVGH(QJHOVHHPSOHDXQDHVSHFL¿FDFLyQlog normal$QLYHOLQGLYLGXDO
XQDFXUYDGH(QJHOFDSWXUDODGHFLVLyQGHXQKRJDUH[LVWHXQQLYHOGHLQJUHVR\0SRUGHEDMRGHO
FXDOXQELHQRVHUYLFLRQRVHFRQVXPHSRUHQFLPDGHHVHXPEUDOVXFHGHORFRQWUDULR(OVXSXHVWR
FUXFLDOHVTXHODGLVWULEXFLyQGHORVXPEUDOHVHVLQGHSHQGLHQWHGHODGLVWULEXFLyQ\TXHDGHPiVHO
ORJDULWPRQDWXUDOGHORVXPEUDOHVHVQRUPDO
(VHVXSXHVWRHVDGHFXDGRFXDQGRFRPRHQHVWHFDVROD¿QDOLGDGHVODDJUHJDFLyQGHFXUYDVGH
(QJHOLQGLYLGXDOHV/DVSURSLHGDGHVGHFRQYROXFLyQGHODGLVWULEXFLyQ log normal resultan adecuadas
SDUDOLGLDUFRQHOSUREOHPDGHODDJUHJDFLyQ
(QODHVWLPDFLyQGHFXUYDVGH(QJHOODWHRUtDHFRQyPLFDSXUDHVGHFLUODWHRUtDGHOFRQVXPLGRU
DSRUWD SRFR YDORU DJUHJDGR 'LFKD WHRUtD RIUHFH XQ DQiOLVLV GH FyPR ORV LQGLYLGXRV GDGD XQD
IXQFLyQGHSUHIHUHQFLDVGH¿QLGDVREUHXQFRQMXQWRFHUUDGRDFRWDGR\FRQYH[RFRQSURSLHGDGHV
VLPpWULFD PRQyWRQD \ WUDQVLWLYD DVLJQDQ VX LQJUHVR HQWUH YDULRV ELHQHV \ VHUYLFLRV FRQ SUHFLRV
GDGRV
(O SDUDGLJPD XWLOLWDULVWD \ GHO DJHQWH UDFLRQDO QR SHUPLWH DOFDQ]DU FRQFOXVLRQHV ~WLOHV VREUH OD
IRUPDIXQFLRQDOGHODFXUYDGH(QJHOQLVREUHODVSURSLHGDGHVGHODHODVWLFLGDGLQJUHVR
3RURWUDSDUWHODIXHQWHGHORVGDWRVHQHVWHFDVRXQDHQFXHVWDGHLQJUHVRV\JDVWRVOHLPSRQH
FLHUWDVUHVWULFFLRQHVDODIRUPDGHODFXUYDVGH(QJHO/DUHVWULFFLyQSUHVXSXHVWDULDHVHOHMHPSOR
LQPHGLDWR/DVXPDGHWRGRVORVJDVWRVGHXQKRJDUGHEHVHUPHQRURLJXDODVXLQJUHVR6HGLFH
TXHHVPHQRUFXDQGRODFDWHJRUtDDKRUURQRHVWRPDGDHQFXHQWD
(VWRSHUPLWHSDUFLDOPHQWHHYDGLUODREMHFLyQGH*RHUWVHWDO(OGREOH³KXUGOH´TXHHOORVSURSRQHQHVFRPSOHMRHQOD
FDUDFWHUL]DFLyQGHORVDJHQWHV$OUHGXFLUORVFHURVGHODVGHFLVLRQHVGHORVFRQVXPLGRUHVHOSUREOHPDVHOLPLWD
/RVELHQHVGHFRQVXPRGXUDGHUR\ORVGHJDVWRGLVFUHFLRQDOIXHURQH[FOXLGRVGHODQiOLVLV1RREVWDQWHWDPELpQVH
UHFRQRFHTXHHVWRVSXHGHQVHUPRGHODGRVFRQXQDGLFRWyPLFDVHWLHQHRQRVHWLHQHGHWHUPLQDGRDWULEXWR3RVWHULRUPHQWH
HVWDYDULDEOHGHSHQGLHQWHSXHGHVHUDQDOL]DGDFRQUHJUHVLyQORJLWRSURELWVHJ~QFRQVLGHUHHOLQYHVWLJDGRU
( O L ] R Q G R 9D U JDV;LULQDFKV
/D H[LVWHQFLD GH XQD UHVWULFFLyQ SUHVXSXHVWDULD LPSOLFD TXH OD VXPD GH WRGRV ODV HODVWLFLGDGHV
LQJUHVR GHEH VHU LGpQWLFD D OD XQLGDG (Q OD (QFXHVWD 1DFLRQDO GH ,QJUHVRV \ *DVWRV SRU
HMHPSORFXDQGRHOEDODQFHHQWUHLQJUHVRV\JDVWRVGHXQDIDPLOLDGLVFUHSDEDHQPiVGHXQ
VHSURFHGtDDLQGDJDUHQHOKRJDURHQORVIRUPXODULRVSDUDMXVWL¿FDURFRUUHJLUODGLVFUHSDQFLD(Q
HVWHVHQWLGRORVGDWRVGHOD(1,*\DIXHURQSUHYLDPHQWHYDOLGDGRV
5HWRPDQGRHOWHPDGHODH[LVWHQFLDGHUHVWULFFLRQHVHQODHVWLPDFLyQGHFXUYDVGH(QJHOH[LVWHQ
RSLQLRQHVGLVWLQWDVDUHVSHFWR&UDPHUH[SRQHTXHVHKDQLGHDGRYDULRVVLVWHPDVGHJDVWR
DORVFXDOHVVHKDUiUHIHUHQFLDPiVDGHODQWHTXHLQFRUSRUDQHVDVUHVWULFFLRQHV(VWRVVLVWHPDVGH
JDVWRLPSRQHQTXHWRGDVODVFXUYDVGH(QJHOSDUDORVQELHQHVWHQJDQODPLVPDIRUPDIXQFLRQDO
(QHVWHFDVRGDGRTXHVHOLPLWDDHVWXGLDUHOFRPSRUWDPLHQWRGHOJDVWRGHOFRQVXPLGRUHQWUHORV
ELHQHV DOLPHQWLFLRV DQWHV OLVWDGRV QR QHFHVDULDPHQWH LPSRQH OD PLVPD IRUPD PDWHPiWLFD D OD
FXUYDVGH(QJHO6XFHGHTXHDOOLPLWDUHODQiOLVLVDDOJXQRVELHQHVODUHVWULFFLyQSUHVXSXHVWDULD\D
QRDSOLFDODVXPDGHOJDVWRHQORVELHQHVDQDOL]DGRVSDUDFDGDXQRGHORVKRJDUHVHVPHQRUDO
LQJUHVRGHOKRJDU
(OHFFLyQGHO0RGHOR
/DRSFLyQSDUDHVWLPDUODVFXUYDVGH(QJHOHVODPLVPDTXHpOSURSXVRHQ³/DSULPHUDOH\GH
(QJHOHVWDEOHFHTXHHOJDVWRHQDOLPHQWRVVHLQFUHPHQWDFRQHOLQJUHVRSHURDXQDWDVDPHQRU´
&UDPHU (VWD HVSHFL¿FDFLyQ WLHQH OD SDUWLFXODULGDG TXH OD HODVWLFLGDG LQJUHVR YDULD
LQYHUVDPHQWHFRQHOLQJUHVR
/DHFXDFLyQTXHVHHVWLPDHVODGHODGHUHFKD6LQHPEDUJRSUHVHQWDXQVHVJRLPSRUWDQWHTXH
WLHQHTXHYHUFRQODFRPSRVLFLyQGHOKRJDU/DHYLGHQFLDHPStULFDFRQ¿UPDHQYDULDVRFDVLRQHV
TXHODYDULDEOHLQJUHVRHVWiSRVLWLYDPHQWHFRUUHODFLRQDGDFRQHOQ~PHURGHPLHPEURVHQHOKRJDU
6XSRQLHQGRTXHHOPRGHORSREODFLRQDOHV
en donde fHVHOQ~PHURGHPLHPEURVHQHOKRJDU6LHQODHVWLPDFLyQGHODFXUYDGH(QJHOVHRPLWH
al variable fVHWLHQH
6HFRQFOX\HTXHFRQHVWLPDFLyQSRUPtQLPRVFXDGUDGRVRUGLQDULRVEjHVXQHVWLPDGRUVHVJDGRGHO
YHUGDGHURSDUiPHWURSREODFLRQDO
9HU&UDPHUSSSDUDPiVGHWDOOHV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
)LQDOPHQWHHOPRGHORGHFXUYDGH(QJHOFRUUHJLGR
HQGRQGH
c: FRQVWDQWH
I:HVHOLQJUHVRGHODIDPLOLD
f: HVHOQ~PHURGHPLHPEURVGHOKRJDU
DR:HVXQDYDULDEOHGLFRWyPLFDTXHWRPDHOYDORUGHXQRFXDQGRODREVHUYDFLyQSHUWHQHFHD]RQD
UXUDO\FHURGHORFRQWUDULR
Dj: VRQFLQFRYDULDEOHVGLFRWyPLFDVTXHDGTXLHUHQHOYDORUGHXQRFXDQGRODREVHUYDFLyQSHUWHQHFHD
ODVUHJLRQHV&KRURWHJD3DFt¿FR&HQWUDO%UXQFD+XHWDU$WOiQWLFR\+XHWDU1RUWHUHVSHFWLYDPHQWH
FHURGHORFRQWUDULR
/DHVWLPDFLyQVHKDFHSRUPtQLPRVFXDGUDGRVQROLQHDOHV
&XUYDVGH'HPDQGD
/DVFXUYDVGHGHPDQGDVRQHOSURGXFWRGHXQDWHRUtDGHOFRQVXPLGRUTXHGHVFULEHGHXQPRGR
VHQFLOOR HO FRPSRUWDPLHQWR GHO FRQVXPLGRU DQWH XQD YDULHGDG GH ELHQHV \ VHUYLFLRV FRQ SUHFLRV
GDGRV \ VXMHWR D XQD UHVWULFFLyQ SUHVXSXHVWDULD /D WHRUtD GH OD HOHFFLyQ VH DSR\R HQ DOJXQRV
VXSXHVWRVLPSRUWDQWHVSHURTXHUHVXOWDQUHVWULFWLYRV\GLItFLOHVGHDUPRQL]DUFRQORVGDWRV
/DHVWLPDFLyQGHFXUYDVGHGHPDQGDSDUDELHQHVDOLPHQWLFLRV\GHODJURQRHVQXHYDHQHOSDtV
/DVHQFXHVWDVGHLQJUHVRV\JDVWRVGH,1(&KDQVLGRDSURYHFKDGDVSRUGLYHUVRVDXWRUHVSDUD
HIHFWXDUHVWHWLSRGHHMHUFLFLRHFRQyPLFR3XHGHFRQVXOWDUVHORVWUDEDMRVGH7ULVWiQ\/L]DQR
TXLHQHVUHDOL]DURQHVWLPDFLRQHVVLPLODUHV
6HXWLOL]DQGRVPRGHORVWHyULFRVEiVLFRVSDUDODHVWLPDFLyQGHFXUYDVGHGHPDQGDORVVLVWHPDV
OLQHDOHV GH JDVWR \ HO GREOH ORJDUtWPLFR &DGD XQR GH HVWRV PRGHORV EDVH KD VLGR VRPHWLGR D
YDULDFLRQHVFRQHO¿QGHDMXVWDUHOPRGHORDORVGDWRV\DSDUWLFXODULGDGHVGHFDGDLQYHVWLJDFLyQ
'HQWURGHODVYDULDFLRQHVPiVFRQRFLGDGHVHVWiHOPRGHOR5RWWHUGDPHOPRGHORWUDQVORJHOPRGHORGHGHPDQGDV
FDVLLGHDOHV>$,'6@\ORVVLVWHPDVFXDGUiWLFRVGHGHPDQGDFDVLLGHDOHV>48$,'6@HQWUHRWURV
( O L ] R Q G R 9D U JDV;LULQDFKV
6LVWHPDVGH*DVWR/LQHDO
(OPRGHORGHVLVWHPDVGHJDVWROLQHDOIXHLQWURGXFLGRHQODOLWHUDWXUDSRUSULPHUDYH]SRU.OHLQ\
5XELQ(OPRGHORFRQVLVWHHQHVWLPDU
HQGRQGH
giHVHOJDVWRHQXQGHWHUPLQDGRELHQTXHHVXQDIXQFLyQGHOYHFWRUGHSUHFLRVSLPXOWLSOLFDGRSRU
XQYHFWRUGHFDQWLGDGHVPtQLPDVȜiTXHDGTXLHUHQODVIDPLOLDV$GHPiVVHLQFOX\HXQFRH¿FLHQWHȕ
TXHLQFRUSRUDHOSRUFHQWDMHGHFRQVXPRTXHUHSUHVHQWHHVHELHQGHOWRWDOGHLQJUHVRGHOKRJDU
$QLGR2UODQGRQL\4XLQWHURH[SOLFDQFRPR6WRQHSHUIHFFLRQySRVWHULRUPHQWHODHFXDFLyQ
GH.OHLQ\5XELQDOLPSRQHUODVUHVWULFFLRQHVGHDGLWLYLGDGKRPRJHQHLGDG\VLPHWUtD3URGXFWRGH
LPSRQHUGLFKDVUHVWULFFLRQHVVHWLHQHQ
3RUORTXHUHVSRQGHDOVXSXHVWRGHDGLWLYLGDG\KRPRJHQHLGDG/DGHVYHQWDMDGHHVWHPRGHORHVTXH
FRPRORVEHWDVVHHQFXHQWUDQHQWUHFHUR\XQRWHyULFDPHQWHQRH[LVWLUtDQELHQHVFRPSOHPHQWDULRV
QLELHQHVLQIHULRUHV&DEHGHVWDFDUTXHHVWHPRGHORQRKDSRGLGRVHUFRQFLOLDGRFRQORVGDWRVHQ
GLYHUVDVRFDVLRQHV
6LVWHPDVGH'HPDQGD&DVL,GHDOHV
/DHFXDFLyQDHVWLPDUHV
HQGRQGH
ZiVRQHOJDVWRHQGHWHUPLQDGRELHQFRPRSURSRUFLyQGHOLQJUHVR3HVXQtQGLFHGHSUHFLRVH,HV
HOLQJUHVRGHORVKRJDUHV/DLPSRVLFLyQGHODVSURSLHGDGHVGHKRPRJHQHLGDGVLPHWUtD\DGLWLYLGDG
UHVXOWDQHQODVVLJXLHQWHVUHVWULFFLRQHV
/RVVLVWHPDVGHGHPDQGDFDVLLGHDOHVVHGHULYDQGHODIXQFLyQGHJDVWRGHIRUPDVLPLODUDODIRUPXODFLyQGH.OHLQ\
5XELQ
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
/L]DQRFRQVLGHUDTXHODLPSRVLFLyQGHODVWUHVSURSLHGDGHVHVVXVWDQFLDOPHQWHUHVWULFWLYD\
TXHQLODKRPRJHQHLGDGQLODVLPHWUtDKDQVLGRYHUL¿FDGDVHPStULFDPHQWH
0RGHOR'REOH/RJDUtWPLFR
/DHFXDFLyQHVWLPDGDXVXDOPHQWHVHGHVSUHQGHGHDSOLFDUODWUDQVIRUPDFLyQORJDULWPRQDWXUDOD
XQDIXQFLyQGHGHPDQGD&REE'RXJODV
(OHFFLyQGHOPRGHOR
'HVSXpV GH DQDOL]DU ODV SRVLELOLGDGHV TXH RIUHFH OD WHRUtD VH RSWy SRU XQD YDULDQWH GHO PRGHOR
doble-log/RTXHXVXDOPHQWHVHFRQVLGHUDXQDGHODVYHQWDMDVGHOPRGHORGREOHORJDUtWPLFROD
HODVWLFLGDGFRQVWDQWHUHVXOWDXQDOLPLWDFLyQSDUDHOSUHVHQWHHVWXGLR/DDOWHUQDWLYDIXHLQFOXLUXQ
WpUPLQRFXDGUiWLFRGHLQJUHVRFRQHO¿QORJUDUTXHODHODVWLFLGDGLQJUHVRGHSHQGDGHOLQJUHVR\DVt
REWHQHUHODVWLFLGDGHVGLVWLQWDVSDUDORVTXLQWLOHVGHLQJUHVR
6LJXLHQGRD/L]DQRVHLQFOX\yXQWpUPLQRTXHUHFRJHODLQWHUDFFLyQHQWUHHOSUHFLRGHFDGD
SURGXFWRDOLPHQWLFLRFRQHOLQJUHVR/D¿QDOLGDGGHHVWR~OWLPRHVTXHODHODVWLFLGDGSUHFLRGHODV
GHPDQGDVWDPELpQVHDXQDIXQFLyQGHOLQJUHVR
/DHFXDFLyQHVWLPDGDHV
q: HVODFDQWLGDGSHUFiSLWDGHPDQGDGDSRUORVKRJDUHV/DFRUUHFFLyQSRUQ~PHURGHPLHPEURV
GHOKRJDUHVGLUHFWD
I: HV HO LQJUHVR SHU FiSLWD GH FDGD KRJDU 6H LQFOX\H XQ WpUPLQR OLQHDO \ RWUR DO FXDGUDGR 3DUD
SHUPLWLUTXHODHODVWLFLGDGLQJUHVRYDUtHFRQHOLQJUHVR
(O PRGHOR GREOH ORJDUtWPLFR KD VLGR DPSOLDPHQWH XWLOL]DGR SRU VXV ERQGDGHV 6X SULQFLSDO DWUDFWLYR HV TXH ORV
FRH¿FLHQWHV HVWLPDGRV GH ODV YDULDEOHV SXHGHQ VHU LQWHUSUHWDGRV GLUHFWDPHQWH FRPR HODVWLFLGDGHV TXH DGHPiV VRQ
FRQVWDQWHV (Q VHJXQGR OXJDU ORV DXPHQWRV \ GLVPLQXFLRQHV GH XQD YDULDEOH FRQ WUDQVIRUPDFLyQ ORJDUtWPLFD VRQ HQ
UHDOLGDGFDPELRVSRUFHQWXDOHV
( O L ] R Q G R 9D U JDV;LULQDFKV
p:HVXQVXFHGiQHRGHOSUHFLRGHOELHQ+D\TXHUHFDOFDUTXHQRVHWUDWDGHSUHFLRVGHPHUFDGRHV
HOSUHFLRXQLWDULRTXHUHVXOWDDOGLYLGLUHOJDVWRHQGHWHUPLQDGRELHQHQWUHODFDQWLGDGGHPDQGDGD
GHHVHELHQSRUHOFRQVXPLGRUDODPDQHUDGHORVGHÀDWRUHVLPSOtFLWRV
LSFHVXQtQGLFHGHSUHFLRVPHQVXDOSDUDSURGXFWRVDOLPHQWLFLRV(OGRFXPHQWRPHWRGROyJLFRGH
OD(1,*UHFDOFDTXH³ORVGDWRVGHJDVWRHLQJUHVRVHGHÀDWDURQOOHYiQGRORVDOSXQWRPHGLRGH
ODHQFXHVWDHOPHVGHRFWXEUHGHODSOLFDQGRORVFRH¿FLHQWHVSRUJUXSRVGHJDVWR´,1(&
FRQ HO REMHWLYR GH DQDOL]DU FXDO SRGUtD VHU HO HIHFWR GH OD LQÀDFLyQ GHO SHULRGR VREUH
HO LQJUHVR \ HO JDVWR (O DQiOLVLV GHWHUPLQy TXH XWLOL]DU HO JDVWR \ HO LQJUHVR D SUHFLRV FRUULHQWHV
GHOSHULRGRQRLQWURGXFHQLQJ~QVHVJRSRULQÀDFLyQ$SHVDUGHGLFKDDFODUDFLyQHOSURSyVLWRGH
LQFOXLUHO,3&FRPRYDULDEOHLQGHSHQGLHQWHHQODVUHJUHVLRQHVHVXWLOL]DUORFRPR³SUHFLRGHWRGRV
ORVGHPiVELHQHV´(VWDHVWUDWHJLDHVXWLOL]DGDFXDQGRQRVHLQFOX\HHOSUHFLRGHELHQHVVXVWLWXWRV
FRPSOHPHQWRVHQODVHVWLPDFLRQHV9
DR:HVXQDYDULDEOHGLFRWyPLFDTXHWRPDHOYDORUGHXQRVLODREVHUYDFLyQFRUUHVSRQGHDXQD]RQD
UXUDO\FHURGHORFRQWUDULR
Di:6RQFLQFRYDULDEOHVGLFRWyPLFDVTXHWRPDQHOYDORUGHXQRVLODREVHUYDFLyQFRUUHVSRQGHDODV
UHJLRQHV&KRURWHJD3DFt¿FR&HQWUDO%UXQFD+XHWDU$WOiQWLFR\+XHWDU1RUWH
İWpUPLQRGHHUURUHVWRFiVWLFRTXHVHVXSRQHUXLGREODQFR
$OLJXDOTXHFRQODVFXUYDVGH(QJHOODHVWLPDFLyQVHKDFHFRQPtQLPRVFXDGUDGRVQROLQHDOHV
$UWLFXODFLyQ&XUYDVGH(QJHO\&XUYDVGH'HPDQGDV
/DWHRUtDHFRQyPLFDWUDGLFLRQDOPHQWHQRVHKDSUHRFXSDGRSRUDUWLFXODUODVFXUYDVGH(QJHOFRQ
ODVFXUYDVGHGHPDQGD1RREVWDQWHDQLYHOGHHQFXHVWDVGHSUHVXSXHVWRVIDPLOLDUHVH[LVWHXQ
QH[R QDWXUDO HQWUH DPEDV (O JDVWR HQ HO NpVLPR ELHQ R VHUYLFLR WDEXODGR HQ XQD HQFXHVWD GH
SUHVXSXHVWRVIDPLOLDUHVHV
(OJDVWRHQHONpVLPRELHQHVHOUHVXOWDGRGHPXOWLSOLFDUODFDQWLGDGGHPDQGDGHOELHQSRUVXSUHFLR
/DFDQWLGDGGHPDQGDHVXQDIXQFLyQGHOLQJUHVRPLHQWUDVTXHHOSUHFLRQRORHV/DVHQFXHVWDVGH
SUHVXSXHVWRVIDPLOLDUHVVHLQWHUHVDQSRUHOJDVWRGHODVIDPLOLDV\SDUD¿QHVGHHVWLPDUFXUYDVGH
GHPDQGDVHREWLHQHYDORUHVXQLWDULRVDOGLYLGLUHOJDVWRHQWUHODFDQWLGDG'DGDODKHWHURJHQHLGDG
HQODVHOHFFLRQHVGHORVKRJDUHVSRUHMHPSORH[LVWHJUDQQ~PHURGHJDOOHWDVGXOFHVFRQUHOOHQRHQ
HOPHUFDGRHOUHVXOWDGRGHGLYLGLUHOJDVWRHQWUHODFDQWLGDGHQHONpVLPRELHQQRHVXQSUHFLRGH
PHUFDGRHVXQYDORUXQLWDULR(VWHYDORUXQLWDULRSXHGHLQWHUSUHWDUVHFRPRXQDPHGLGDFDOLGDG
(OFiOFXORGHHODVWLFLGDGHVFUX]DGDVQRHVWiGHQWURGHORVREMHWLYRVGHODSUHVHQWHLQYHVWLJDFLyQ
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
P(I)UHVXOWDVHUXQSURPHGLRSRQGHUDGRGHORVSUHFLRV3NTXHYDULDFRQHOLQJUHVRGHORVKRJDUHV
/RVSHVRVTXHDVLJQDFDGD3NGHSHQGHQGHODKRPRJHQHLGDGGHELHQHVHQFDGDFDWHJRUtD
3RUHIHFWRVSUiFWLFRVHO,1(&WDEXOyORVUHVXOWDGRVGHOD(1,*HQDOUHGHGRUGHELHQHV
\ VHUYLFLRV$XQTXH OD SUHVHQWH LQYHVWLJDFLyQ HVFRJH ORV ELHQHV DOLPHQWDULRV PiV KRPRJpQHRV
OD KHWHURJHQHLGDG HQ ODV FDWHJRUtDV GH JDVWR HVWi VLHPSUH SUHVHQWH /D SUHJXQWD HQWRQFHV HV
¢TXp FDWHJRUtDV GH ELHQHV VRQ ODV PiV KRPRJpQHDV" 3DUD UHVSRQGHU HVWD LQWHUURJDQWH H[LVWH
OD HODVWLFLGDG GH FDOLGDG$SOLFDQGR OD WUDQVIRUPDFLyQ ORJDULWPR QDWXUDO D OD UHODFLyQ DQWHULRU VH
REWLHQH
&XDQGR3KHVFRQVWDQWHVHWLHQH
(QWRQFHVFXDQGR3KFRQVWDQWHLHFXDQGRORVELHQHVHQODVFDWHJRUtDVRQKRPRJpQHRVVHFRQFOX\H
TXHODVHODVWLFLGDGLQJUHVRPHGLGD\DVHDFRQODFDQWLGDGGHPDQGDVRFRQHOJDVWRFXUYDVGH
(QJHOVRQLGpQWLFDV(QSDODEUDVPiVVLPSOHVHOFDPELRSRUFHQWXDOHQODFDQWLGDGGHPDQGDGDGH
XQDFDWHJRUtDGHELHQHVDQWHXQFDPELRHQHOLQJUHVRHVLGpQWLFRDOFDPELRSRUFHQWXDOHQHOJDVWR
HQXQDFDWHJRUtDGHELHQHVDQWHXQFDPELRGHLJXDOPDJQLWXGHQHOLQJUHVR
'HODIyUPXODDQWHULRUVHSXHGHGHVSHMDUODVLJXLHQWHH[SUHVLyQ
/DHODVWLFLGDGFDOLGDGHVODGLIHUHQFLDHQWUHODHODVWLFLGDGLQJUHVRFRPSXWDGDHQXQDFXUYDGH(QJHO
FRQUHVSHFWRDODHODVWLFLGDGLQJUHVRFRPSXWDGDHQXQDFXUYDGHGHPDQGDDPEDVFRQODPLVPD
HVSHFL¿FDFLyQ
$XQTXHHQODWHRUtDGHOFRQVXPLGRUQRVHOHGDLPSRUWDQFLDDODHODVWLFLGDGFDOLGDGSRUODVUD]RQHV
DQWHV H[SXHVWDV ORV UHVXOWDGRV HPStULFRV SXHGHQ JHQHUDOL]DUVH SDUD D¿UPDU TXH OD HODVWLFLGDG
FDOLGDG HV QRQHJDWLYD \ PD\RU FRQIRUPH PiV KHWHURJpQHRV VHDQ ORV ELHQHV HQ OD NpVLPD
FDWHJRUtD
9HU&UDPHUSSSDUDPiVGHWDOOHV
( O L ] R Q G R 9D U JDV;LULQDFKV
Resultados
3UHYLRDODHVWLPDFLyQGHODVFXUYDVGHGHPDQGD\GH(QJHOVHYHUL¿FyHOVXSXHVWRGHQRUPDOLGDG
HQ HO JDVWR H LQJUHVR GH ORV KRJDUHV 3DUD HIHFWRV GH HVWD YHUL¿FDFLyQ VH XWLOL]y OD YDULDEOH
LQJUHVRQHWRWRWDOGHKRJDUGHOD(1,*FRPRODYDULDEOHGHLQWHUpV3DUDHOFDVRGHOJDVWRVH
XWLOL]yODYDULDEOHJDVWRHQDOLPHQWRV\EHELGDVQRDOFRKyOLFDVGHOD(1,*
/RVJUi¿FRV33VXJLHUHQTXHODGLVWULEXFLyQGHOORJDULWPRQDWXUDOGHOJDVWR\GHOLQJUHVRHVQRUPDO
$GLFLRQDOPHQWH OD SUXHED QR SDUDPpWULFD GH QRUPDOLGDG GH .ROPRJRURY6PLUQRY >.6@ FRQ¿UPD
HVWHUHVXOWDGRHQDPERVFDVRVYHUFXDGURJUi¿FR\
/DV PXHVWUDV JUDQGHV VH EHQH¿FLDQ GH OD OH\ GH ORV JUDQGHV Q~PHURV PDV QR VXFHGH OR PLVPR HQ PXHVWUDV
UHGXFLGDV3RUHOORODLPSRUWDQFLDGHYHUL¿FDUHVWHVXSXHVWRHQXQDPXHVWUDGHKRJDUHV/DPHGLDHVHQWRQFHV
UHSUHVHQWDWLYD\VHSHUPLWHFLHUWDKRPRJHQHLGDGHQORVGDWRVGHLQJUHVR\JDVWRWUDQVIRUPDGRV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
( O L ] R Q G R 9D U JDV;LULQDFKV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
/DHVWLPDFLyQFRQODHVSHFL¿FDFLyQSURSXHVWDSRU(QJHOQRPRVWUyXQDMXVWHVDWLVIDFWRULR5
3RUHOORODHVSHFL¿FDFLyQSUHIHULGD\ODTXHVHXWLOL]yDWUDYpVGHWRGDODLQYHVWLJDFLyQHVODGREOH
ORJDUtWPLFDFRQWpUPLQRFXDGUiWLFR'HVSXpVGHWRGRHVWDHVSHFL¿FDFLyQWLHQHRWUDVYHQWDMDVDODV
PHQFLRQDGDVHQODPHWRGRORJtDFRPRORVRQORVSHVRVTXHOHDVLJQDDODYDULDEOHWUDQVIRUPDGD
&XDQGRVHXWLOL]DQPLFURGDWRVGHFRUWHWUDQVYHUVDOHVFDVLVHJXURTXHODVUHJUHVLRQHVFDOFXODGDV
SRUPtQLPRVFXDGUDGRVRUGLQDULRVYDQDPRVWUDUSUREOHPDVGHKHWHURVFHGDVWLFLGDG(OKHFKRHV
TXHODYDULDQ]DGHORVHUURUHVWLHQHXQDDVRFLDFLyQOLQHDOFRQDOJXQDGHODVYDULDEOHVH[SOLFDWLYDV
SRUORJHQHUDOHOLQJUHVR/DWpFQLFDPiVDFHSWDGDFRQVLVWHHQSRQGHUDUODPDWUL]GHYDULDEOHV
LQGHSHQGLHQWHVGHWDOPDQHUDTXHODYDULDQ]DGHODYDULDEOHGHSHQGLHQWHVHDFRQVWDQWH(VWiWpFQLFD
VHFRQRFHFRPRPtQLPRVFXDGUDGRVJHQHUDOL]DGRV(PSOHDQGRODWUDQVIRUPDFLyQORJDULWPRQDWXUDO
UHVXHOYHELHQHVWHSUREOHPD5HVXOWDTXHHOFRH¿FLHQWHGHYDULDFLyQVHYXHOYHFRQVWDQWHORTXH
SDUD¿QHVHPStULFRVHVDFHSWDEOH
( O L ] R Q G R 9D U JDV;LULQDFKV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
/RVUHVXOWDGRVGHODHVWLPDFLyQGHODVFXUYDVGHGHPDQGDVHSXHGHQREVHUYDUHQHOFXDGUR(O
VLJQRGHORVFRH¿FLHQWHVHQODPD\RUtDGHORVFDVRVHVHOTXHODWHRUtDSURSRQH/RVFRH¿FLHQWHV
HVWLPDGRVVRQWRGRVVLJQL¿FDWLYRVDXQ$GHPiVHOFULWHULRGH:KLWHUHFKD]DODH[LVWHQFLDGH
KHWHURVFHGDVWLFLGDGVHYHUDHQODVHVWLPDFLRQHVDXQGHVLJQL¿FDQFLD(ODMXVWHGHOPRGHORHQ
DOJXQRVFDVRVIXHEDMRHQWpUPLQRVGH5FRPRHQHOFDVRGHSDQEDJXHWWHRVDODGRFRUULHQWH
HO ELVWHF GH UHV OD PDUJDULQD VLQ VDO \ HO FKLOH GXOFH 1R REVWDQWH HVWH UHVXOWDGR QR GL¿HUH GH
LQYHVWLJDFLRQHVVLPLODUHVFRPRORHVHOFDVRGHOHVWXGLRGH%HWDQFRXUWTXLHQWUDEDMyFRQ
GDWRVGHOD(QFXHVWDGH&RVWRVGH9LGDGH&KLOH+RZH0XVJURYHTXLHQHVDQDOL]DQ
HOFDVRGH&RORPELD9HQH]XHOD(FXDGRU\3HU~\GH7ULVWiQSDUD&RVWD5LFD
/RVFXDGURV\PXHVWUDQODVHVWDGtVWLFDVGHVFULSWLYDVSUHYLDVDODREWHQFLyQGHODVFXUYDVGHGHPDQGD
( O L ] R Q G R 9D U JDV;LULQDFKV
(Q ORV WUDEDMRV GH %HWDQFRXUW \ GH +RZH 0XVJURYH VH HQVD\DQ HVWLPDFLRQHV
SDUDPHGLDVGHJUXSRVFRQORFXDOVHFRUULJHHQSDUWHODVUHJUHVLRQHVFRQEDMDERQGDGGHDMXVWH
1R REVWDQWH HVWD DSUR[LPDFLyQ QR IXH XWLOL]DGD SXHV UHVWULQJH FRQVLGHUDEOHPHQWH HO Q~PHUR GH
REVHUYDFLRQHVFRQHOTXHVHWUDEDMD
&RQUHVSHFWRDODVHODVWLFLGDGHVREWHQLGDVGHODFXUYDVGHGHPDQGDVHSXHGHFRQFOXLUTXHWRGDV
ODVHODVWLFLGDGHVSUHFLRVRQQHJDWLYDVWDOFRPRLQGLFDODWHRUtD'DGRHOFULWHULRGHHOHFFLyQTXH
VH XWLOL]y SDUD VHOHFFLRQDU ORV DOLPHQWRV D SULRUL VH HVSHUDED TXH ORV SURGXFWRV WXYLHUDQ SRFD
VHQVLELOLGDGDOSUHFLR'HKHFKRVRODPHQWHODVJDOOHWDVGXOFHVFRQUHOOHQRHOD]~FDUUHJXODU\ODV
EHELGDV JDVHRVDV UHVXOWDURQ VHU HOiVWLFDV FRQ UHVSHFWR DO SUHFLR FRQ SDUiPHWURV HVWLPDGRV GH
±\±
/DVHODVWLFLGDGHVGHORVGHPiVDOLPHQWRVUHVXOWDURQPHQRUHVDODXQLGDGSRUORTXHVHFRQVLGHUDQ
LQHOiVWLFRVFRQUHVSHFWRDOSUHFLR(QFRQWUDVWHDODVJDOOHWDVGXOFHVFRQUHOOHQR\DODVJDVHRVDV
ORVGHPiVSURGXFWRVUHVXOWDQVHUPiVQHFHVDULRVHQODGLHWDGHXQDIDPLOLD/RVDOLPHQWRVPHQRV
VHQVLEOHVDOSUHFLRIXHURQODFDUQHPROLGDHOELVWHFGHUHVHOFDIpPROLGR\ODPDUJDULQDVLQVDO
\±(VWHHVRWURUHVXOWDGRTXHQRVRUSUHQGHSXHVVRQDOLPHQWRVDOWDPHQWH
DUUDLJDGRVHQODGLHWDGHORVFRVWDUULFHQVHV
/DLQWHUSUHWDFLyQVHKDFHGHHVWDPDQHUDDQWHXQFDPELRSRUFHQWXDOGHXQHOSUHFLRODVEHELGDVJDVHRVDVOD
FDQWLGDGGHPDQGDGDGHODVPLVPDVVHUHGXFHHQXQ
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
( O L ] R Q G R 9D U JDV;LULQDFKV
(OJUi¿FRSHUPLWHXQDFRPSDUDFLyQFRQORVHVWXGLRVSUHYLRV6HLQFRUSRUDHOLQWHUYDORGHFRQ¿DQ]D
GHOGHHVWHHVWXGLR\VHOHVFRQIURQWDFRQORVHVWLPDGRVSXQWXDOHVGHORVHVWXGLRVSUHYLRV
8QDSULPHUDFRQVLGHUDFLyQHVTXHQRKD\QLQJXQDUD]yQSRUODTXHHVWDVHODVWLFLGDGHVWHQJDQTXH
VHULJXDOHV/RVSHUtRGRVHVWiQGLVWDQWHVHQHOWLHPSR\KD\FDUDFWHUtVWLFDVPHWRGROyJLFDVGHODV
HQFXHVWDVTXHKDFHQORVHVWXGLRVGLIHUHQWHV,QFOXVRODQDWXUDOH]DDOHDWRULDGHODVPXHVWUDVGD
OXJDUDGLIHUHQFLDV1RREVWDQWHHVDVFRQVLGHUDFLRQHVKD\XQDQRWDEOHFRQYHUJHQFLDGHUHVXOWDGRV
(VWRHVPiVFODURHQORVFDVRVGHODUUR]HOFDIpHODFHLWHGHVR\DODQDWLOODHOTXHVRWLHUQRORV
SDQHVODVEHELGDVJDVHRVDV\ODJDOOHWDGXOFH(OHVWXGLRFRQHOTXHKD\PD\RUFRLQFLGHQFLDHVHO
GHGH*HXUWVHWDO(VWRSXHGHREHGHFHUDFHUFDQtDHQHOWLHPSR\DOFULWHULRGHVHOHFFLyQGHORV
ELHQHV&RQHOHVWXGLRGH7ULVWiQKD\XQDQRWDEOHGLIHUHQFLDHQODHODVWLFLGDGGHOTXHVRIUHVFR
\HQJHQHUDOVXVHODVWLFLGDGHVVRQPD\RUHVTXHODVGHHVWHHVWXGLR(VWRHVFLHUWRSDUFLDOPHQWH
UHVSHFWRD/L]DQR
8Q VHJXQGR JUXSR GH ELHQHV OR FRQVWLWX\H HO ELVWHF HO DW~Q OD PDUJDULQD ORV IULMROHV OD FDUQH
PROLGDODOHFKHODVWRUWLOODVHOD]~FDUHOSOiWDQRPDGXURODSDSDHOFKLOHGXOFH\HOWRPDWH(Q
JHQHUDOKD\GLVFUHSDQFLDVVLJQL¿FDWLYDVHQWUHODVHVWLPDFLRQHVGHORVHVWXGLRVSUHYLRV\ODVTXH
VHREWLHQHQHQpVWH1RREVWDQWHKD\GLIHUHQFLDVHQODVGLVFUHSDQFLDV(QHOFDVRGHORVFXDWUR
SULPHURVELHQHV/L]DQRR*HXUWVHWDOREWLHQHQHODVWLFLGDGHVFRQVLGHUDEOHPHQWHPHQRUHVPiV
HOiVWLFRV7ULVWiQSRUVXSDUWHVHXELFDHQHORWURODGRGHOHVSHFWUR(VDREVHUYDFLyQHVYiOLGD
SDUDFDVLWRGRVORVRWURVELHQHVGHHVWHJUXSR
(O~OWLPRJUXSRORFRQVWLWX\HQODFHEROODHOFRQVRPp\ODVWRVWDGDVGHPDt]TXHVyORDSDUHFHQHQ
HVWHHVWXGLR
8QD REVHUYDFLyQ DGLFLRQDO HV TXH HQ HVWH HVWXGLR DUUR] ELVWHF IULMROHV DW~Q FDIp \ PDUJDULQD
PXHVWUDQ LQWHUYDORV GH FRQ¿DQ]D UHODWLYDPHQWH PD\RUHV HV GHFLU VRQ PHQRV SUHFLVRV 3RU HO
FRQWUDULRSOiWDQRSDSDFRQVRPpFKLOHWRPDWH\WRVWDGDPXHVWUDQLQWHUYDORVPX\UHGXFLGRVOR
TXHVXJLHUHPD\RUSUHFLVLyQGHODVKLSyWHVLVGHFRPSRUWDPLHQWRSURSXHVWDV
/DV HODVWLFLGDGHV LQJUHVR FDOFXODGDV D SDUWLU GH ODV FXUYDV GH GHPDQGDV TXH PLGHQ HO FDPELR
SRUFHQWXDOHQODFDQWLGDGGHPDQGDGHXQELHQDQWHXQFDPELRGHXQSXQWRSRUFHQWXDOHQHOSUHFLR
VHGHVDJUHJDURQSRUTXLQWLOHVGHLQJUHVR/RVUHVXOWDGRVGHODVHODVWLFLGDGHVLQJUHVRVHPXHVWUDQ
HQHOFXDGUR/DVHODVWLFLGDGHVVRQXQLIRUPHVHQWUHORVTXLQWLOHVGHLQJUHVRHVWRHVHQJHQHUDO
QRFDPELDQGHVLJQR/DHODVWLFLGDGHVLQJUHVRGHODGHPDQGDVHFODVL¿FDQHQELHQHVGH³OXMR´ORV
PX\QHFHVDULRV\ORVLQIHULRUHVVHJ~QpVWDVHDPD\RULJXDORPHQRUTXHODXQLGDG(QHO~OWLPR
FDVRODFDQWLGDGGHPDQGDGDGLVPLQX\HFRQIRUPHHOLQJUHVRDXPHQWD
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
'HORVDOLPHQWRVHVWXGLDGRVGHUHVXOWDURQLQHOiVWLFRVFXDQGRHVWRVQRVHGHVDJUHJDQSRU
QLYHOHVGHLQJUHVR(QHVWHVHQWLGRORVUHVXOWDGRVFDEHQGHQWURGHORHVSHUDGR6LQHPEDUJROODPD
ODDWHQFLyQHOFDVRGHORVIULMROHVQHJURVFX\DHODVWLFLGDGLQJUHVRHVQHJDWLYD(QRWUDVSDODEUDVHV
XQELHQLQIHULRUORTXHDSULPHUDYLVWDQRHVH[WUDxR/RTXHQRVHHVSHUDEDHVTXHODHODVWLFLGDG
DXPHQWDUDFRQHOLQJUHVRKDVWDKDFHUODSRVLWLYDDXQTXHFHUFDQDDFHURSDUDHOFXDUWR\TXLQWR
TXLQWLOGHLQJUHVR
(QJHQHUDOODVHODVWLFLGDGLQJUHVRGHORVDOLPHQWRVGLVPLQX\HFRQIRUPHpVWHDXPHQWDFRQH[FHSFLyQ
GHODVJDOOHWDVGXOFHVFRQUHOOHQRHOELVWHFGHUHVODFDUQHPROLGDORVIULMROHVQHJURVODVSDSDV\
ODVWRVWDGDVGHPDt]FRQGLPHQWDGDV&RQODVDOYHGDGGHORVIULMROHVQHJURV\ODVSDSDVORVGHPiV
DOLPHQWRVPXHVWUDQHVWDSDUWLFXODULGDGSRUTXHODFODVL¿FDFLyQHVPiVKHWHURJpQHD(VWHWHPDVH
HODERUDUiPiVDGHODQWH
( O L ] R Q G R 9D U JDV;LULQDFKV
(OD]~FDUUHJXODUHODUUR]HQWHUR\HOSDQEDJXHWWHRVDODGRFRUULHQWHVRQDOLPHQWRVTXHVH
YXHOYHQLQIHULRUHVSDUDHOTXLQWLOGHLQJUHVRVPiVDOWR(VWHHVXQUHVXOWDGRFRQVLVWHFRQORREWHQLGR
SRU/L]DQR
/DV HODVWLFLGDGHV LQJUHVR FDOFXODGDV D SDUWLU GH ODV FXUYDV GH (QJHO WDPELpQ FRQRFLGRV FRPR
FRH¿FLHQWHV GH (QJHO GDQ UHVXOWDGRV TXH HQ YDORU DEVROXWR VRQ VLPLODUHV D ODV HODVWLFLGDGHV
LQJUHVR FDOFXODGDV D SDUWLU GH GHPDQGDV YHU FXDGUR 1R REVWDQWH FRQ ODV FXUYDV GH (QJHO
VyORORVIULMROHVQHJURVUHVXOWDURQXQELHQLQIHULRUUHVXOWDGRTXHGL¿HUHFRQODVRWUDVHODVWLFLGDGHV
HVSHFLDOPHQWHVLVHGHVDJUHJDSRULQJUHVRV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
+D\TXHWHQHUFLHUWDFDXWHODDOFRPSDUDUXQDHODVWLFLGDGLQJUHVRGHULYDGDGHXQDFXUYDGHGHPDQGD
FRQRWURGHULYDGDGHXQDFXUYDGH(QJHO/DHODVWLFLGDGLQJUHVRGHXQDFXUYDGHGHPDQGDFRPR\DVH
PHQFLRQyVHLQWHUSUHWDFRPRHOFDPELRHQODFDQWLGDGGHPDQGDGHXQELHQDQWHXQFDPELRHQHOLQJUHVR
GHOKRJDU3RURWURODGRODHODVWLFLGDGLQJUHVRFDOFXODGDHQXQDFXUYDGH(QJHOVHLQWHUSUHWDFRPRHO
FDPELRSRUFHQWXDOHQHOJDVWRHQGHWHUPLQDGRELHQDQWHXQFDPELRSRUFHQWXDOHQHOLQJUHVRGHOKRJDU
/RV UHVXOWDGRV VH UHVXPHQ HQ HO FXDGUR 3XHGH YHUL¿FDUVH TXH WRGDV HVWDV HODVWLFLGDGHV VRQ QR
QHJDWLYDVDGHPiVDXPHQWDQFRQIRUPHHOLQJUHVRDXPHQWD(VWHHVXQUHVXOWDGRLQWXLWLYR
/D LQWHUSUHWDFLyQ HV DQWH XQ FDPELR SRUFHQWXDO GH XQ HQ HO LQJUHVR SHU FiSLWD GHO KRJDU HO SUHFLR GH ODV
WRVWDGDVGHPDt]FRQGLPHQWDGDVTXHVHFRQVXPHQDXPHQWDHQXQ(VWH~OWLPRYDORUDXQTXHFHUFDQRDFHURHV
HVWDGtVWLFDPHQWHGLVWLQWRGHFHURDXQQLYHOGHVLJQL¿FDQFLDGHO
( O L ] R Q G R 9D U JDV;LULQDFKV
&RPR SXHGH REVHUYDUVH OD HODVWLFLGDG DQWHULRU FRPR VX QRPEUH OR LQGLFD HV XQD PHGLGD GH
FDOLGDG&RQIRUPHDXPHQWDHOLQJUHVRGHORVKRJDUHVHVWRVSXHGHQSHUPLWLUVHFRQVXPLUELHQHVGH
PHMRUFDOLGDGTXHXVXDOPHQWHSHURQRQHFHVDULDPHQWHWLHQHQXQSUHFLRVXSHULRU
2WUD REVHUYDFLyQ LQWHUHVDQWH HV TXH ORV YDORUHV DVRFLDGRV D HVWRV SDUiPHWURV VRQ FHUFDQRV D
FHUR SHUR GH QXHYR HVWDGtVWLFDPHQWH GLVWLQWRV GH FHUR (VWR VXJLHUH SRU OD FRQVWUXFFLyQ GH OD
HODVWLFLGDGTXHQRH[LVWHKHWHURJHQHLGDGHQORVDOLPHQWRVHVWXGLDGRV/RDQWHULRUHVXQUHVXOWDGR
QRHVSHUDGRSXHVWRTXHDSULRULVHHVSHUDEDXQDKRPRJHQHLGDGLPSRUWDQWHHQORVDOLPHQWRVGDGR
TXHVRQFRQVLGHUDGRVFRPRORVELHQHVGHFRQVXPRPHQVXDOPiVEiVLFRV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
)LQDOPHQWHVHHQVD\yHOHMHUFLFLRSUiFWLFRGHGHWHUPLQDUXPEUDOHVGHLQJUHVRSHUFiSLWDSRUGHEDMR
GH ORV FXDOHV HO JDVWR R FDQWLGDG GHPDQGDGD GHO KRJDU HV FHUR 3DUD ORJUDU HVWH REMHWLYR VH
WXYLHURQ TXH UHDOL]DU DMXVWHV LQGLYLGXDOHV D DOJXQRV GH ORV DOLPHQWRV GDGDV ODV SDUWLFXODULGDGHV
GHORVDOLPHQWRVDQDOL]DGRV/RVUHVXOWDGRVGHHVWHHMHUFLFLRVHHQFXHQWUDQHQHOFXDGUR3XHGH
DSUHFLDUVHFRPRDOLPHQWRVEiVLFRV\DUUDLJDGRVHQODGLHWDGHORVKRJDUHVFRPRORVIULMROHVQHJURV
HODUUR]HOD]~FDU\HOFDIpPROLGRWLHQHORVXPEUDOHVPHQRUHV\FRORQHV
GHLQJUHVRSHUFiSLWDUHVSHFWLYDPHQWH2WURVDOLPHQWRVFRPRODVEHELGDVJDVHRVDVHOELVWHFGH
UHV\HOTXHVRWLHUQREODQFRVRQDOJXQRVGHORVSURGXFWRVFRQXPEUDOHVPiVDOWRV
\FRORQHVSHUFiSLWDUHVSHFWLYDPHQWHORFXDOHVXQUHVXOWDGRFRQVLVWHQWHFRQORHVSHUDGR
1R REVWDQWH DOJXQRV DOLPHQWRV FRPR ODV WRUWLOODV GH PDt] \ HO FKLOH GXOFH WLHQHQ XPEUDOHV GH
LQJUHVRUHODWLYDPHQWHDOWRVFXDQGRDSULRULVHHVSHUDEDQPHQRUHV(OSULPHURHVGH\HO
VHJXQGRGHFRORQHVGHLQJUHVRSHUFiSLWD
( O L ] R Q G R 9D U JDV;LULQDFKV
Discusión
/DSUHVHQWHLQYHVWLJDFLyQXWLOL]yORVPLFURGDWRVGHOD(QFXHVWD1DFLRQDOGH,QJUHVRV\*DVWRVGH
ORV +RJDUHV SDUD HVWLPDU GHPDQGDV \ FXUYDV GH (QJHO SDUD DOLPHQWRV (O PDUFR
PHWRGROyJLFRXWLOL]DGRSURYLHQHGHODWHRUtDQHRFOiVLFDGHOFRQVXPLGRUFX\RVIXQGDPHQWRVVRQDXQ
PiVDQWLJXRV(VSHFt¿FDPHQWHVHXWLOL]DQODVLGHDVGHHTXLOLEULRSDUFLDOGH0DUVKDOO
1R REVWDQWH WRGR HO GHVDUUROOR DQWHULRU H[LVWH XQD FUtWLFD LPSRUWDQWH D GLFKD WHRUtD \ VH FRQRFH
FRPR OD KLSyWHVLV GHO LQJUHVR SHUPDQHQWH (VWD FULWLFD SURYHQLHQWH GH$QGR 0RGLJOLDQL \ )ULHGPDQ VXUJH DO QRWDU TXH DOJXQDV IDPLOLDV FRQ LQJUHVR FRUULHQWH PHQRU TXH RWUDV
SHURFRQLQJUHVRSHUPDQHQWHPD\RUFRQVXPHQFDQWLGDGHVPD\RUHV/DH[SOLFDFLyQVXJHULGDHV
TXHPiVTXHHOLQJUHVRFRUULHQWHGHODVIDPLOLDVHVHOLQJUHVRSHUPDQHQWHGHODVIDPLOLDVHOTXH
GHWHUPLQDHOFRQVXPR(VWRQRHVPiVTXHXQRGHORVPRGHORVGHFRQVXPRLQWHUWHPSRUDOVXDYH
(OHVWXGLRGHVHDEOHGHXQSDQHOGHGDWRVKDEUtDSHUPLWLGRXQDDSUR[LPDFLyQHQHVDGLUHFFLyQSHUR
QRHVHVSHUDEOHTXHHVRVGDWRVOOHJDUiQDHVWDUGLVSRQLEOHVHQ&RVWD5LFD
(YLGHQWHPHQWHODVFRQFOXVLRQHVVREUHORVSDWURQHVGHFRQVXPRHQXQFRUWHWUDQVYHUVDOQRWRPDQ
HQ FXHQWD HO LQJUHVR SHUPDQHQWH SRU OR TXH HVWD HV XQD GH ODV SULQFLSDOHV OLPLWDFLRQHV GH OD
LQYHVWLJDFLyQ
([LVWHXQGHEDWHDOUHGHGRUGHODKLSyWHVLVGHOLQJUHVRSHUPDQHQWHFRPRGHWHUPLQDQWHGHOFRQVXPR
HQ FRQWUDSRVLFLyQ DO LQJUHVR FRUULHQWH (Q OD OLWHUDWXUD FRP~QPHQWH VH FRQVLGHUD XQD FRQGLFLyQ
VX¿FLHQWHSDUDYHUL¿FDUODKLSyWHVLVGHOFRQVXPRSHUPDQHQWHHOKHFKRTXHORVFRFLHQWHVFRQVXPR
LQJUHVRHVWpQQHJDWLYDPHQWHFRUUHODFLRQDGRVFRQHOLQJUHVRHQFRUWHVWUDQVYHUVDOHV
'LHEROG5XGHEXVFKXWLOL]DQUHSUHVHQWDFLRQHV$5,0$SDUDFRQVWUXLULQWHUYDORVGHFRQ¿DQ]D
SDUDORVLPSXOVRV\UHVSXHVWDVDOLQJUHVR%XVFDQHQFRQWUDUXQDH[SOLFDFLyQDORVLJXLHQWHEDMROD
KLSyWHVLVGHOFRQVXPRSHUPDQHQWHODYRODWLOLGDGHQHOFRQVXPRGHEHUtDVHUPD\RUTXHODYRODWLOLGDG
GHORVVKRFNVQRDQWLFLSDGRVHQHOLQJUHVR6LQHPEDUJRHVWDSUHGLFFLyQQRHVWiUHVSDOGDGDSRUORV
GDWRV(VDVXDYLGDGH[FHVLYDHQHOFRQVXPRVHFRQRFHFRPROD³SDUDGRMDGH'HDWRQ´
(QWRQFHV VL OD KLSyWHVLV GHO FRQVXPR SHUPDQHQWH WDPELpQ HVWi FXHVWLRQDGD FRPR SUHGLFWRU GHO
FRQVXPRGHORVKRJDUHV¢FXDOHQIRTXHHVVXSHULRUODVVHULHVGHWLHPSRRHOFRUWHWUDQVYHUVDO"
(VWD HV SUHFLVDPHQWH OD LQWHUURJDQWH TXH *URHQ 6DEHOKDXV EXVFDQ UHVSRQGHU (OORV
LQWHQWDQFRQFLOLDUORVUHVXOWDGRVREWHQLGRVHQFRUWHVWUDQVYHUVDOHVFRQORVGHGDWRVORQJLWXGLQDOHV
HQHOPDUFRGHODKLSyWHVLVGHOFRQVXPRSHUPDQHQWH'LFKRVDXWRUHVFRQFOX\HQTXHODFRUUHODFLyQ
QHJDWLYDHQWUHORVFRFLHQWHVFRQVXPRLQJUHVR\HOLQJUHVRHQFRUWHVWUDQVYHUVDOHVHVVX¿FLHQWH
SDUD D¿UPDU TXH HO FRQVXPR GHO SHULRGR FRUULHQWH QR HVWi H[SOLFDGR VRODPHQWH SRU HO LQJUHVR
FRUULHQWH KLSyWHVLV GHO LQJUHVR SHUPDQHQWH7DPELpQ HQFXHQWUDQ TXH QR H[LVWH XQD H[SOLFDFLyQ
UREXVWD SDUD ODV GLIHUHQFLDV REWHQLGDV DO FRPSUDU GDWRV ORQJLWXGLQDOHV \ GH FRUWH WUDQVYHUVDO
)LQDOPHQWHFRQFOX\HQTXHODVGLIHUHQFLDVDQWHVPHQFLRQDGDVVHRULJLQDQSRUXQDGHODVVLJXLHQWHV
FDXVDVDORVLQJUHVRVPHGLGRVHQXQFRUWHWUDQVYHUVDOVHYHQDIHFWDGRVSRUHUURUHVGHPHGLFLyQ
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
TXHHVWiQGLVWULEXLGRVPiVDOHDWRULDPHQWHTXHRWUDVIXHQWHVRTXHEH[LVWHQHUURUHVGHPHGLFLyQ
QRDOHDWRULRVTXHDIHFWDQWRGDVODVIXHQWHVGHGDWRVGHLQJUHVR
3DUD HVWH HVWXGLR ORV FRH¿FLHQWHV GH FRUUHODFLyQ SDUFLDO HQWUH ORV FRFLHQWHV FRQVXPRLQJUHVR
H LQJUHVR UHVXOWDURQ VHU WRGRV QHJDWLYRV \ VLJQL¿FDWLYRV D XQ $XQTXH ORV FRH¿FLHQWHV VRQ
QHJDWLYRVVXPDJQLWXGQRHVWDQIXHUWHSXHVHQYDORUDEVROXWRQRVXSHUDQ$VtHQORVGDWRV
KD\ LQGLFLRV SDUD FUHHU TXH HO LQJUHVR SHUPDQHQWH HV XQ GHWHUPLQDQWH LPSRUWDQWH GHO FRQVXPR
SHURQRGHXQDPDQHUDFRQWXQGHQWH
7RPDQGRHQFXHQWDODGLVFXVLyQDQWHULRU\DFHSWDQGRORVHUURUHV\VHVJRVLQKHUHQWHVDFXDOTXLHUWLSR
GHHQFXHVWDORVDXWRUHVRSLQDQTXHORVUHVXOWDGRVHVWiQHQODGLUHFFLyQFRUUHFWD/RVUHVXOWDGRV
QRVRQQLVXSHULRUHVQLLQIHULRUHVDORVTXHVHSRGUtDREWHQHUFRQVHULHVGHWLHPSRVLHVTXHH[LVWH
GLFKDIXHQWHVLQRTXHVRQORVUHVXOWDGRVTXHODIXHQWHGHORVGDWRVSHUPLWHH[WUDHU(QVXPDHO
XVRGHGDWRVWUDQVYHUVDOHVQRUHSUHVHQWDOLPLWDFLyQDOJXQD
( O L ] R Q G R 9D U JDV;LULQDFKV
Bibliografía
‡$QLGR'2UODQGRQL*4XLQWHUR0/³(VWXGLRGHO&RQVXPRD3DUWLUGHODV(QFXHVWDVGH
3UHVXSXHVWRV)DPLOLDUHV(O&DVRGHOD&LXGDGGH0pULGD9HQH]XHOD$JURDOLPHQWDULD
>5HYLVWDHQOtQHD@9ROQR(QHUR5HFXSHUDGRHOGHMXQLRGHGHKWWSZZZVFLHOR
RUJYHVFLHORSKS"VFULSW VFLBDUWWH[WSLG 6OQJ HVQUP LVR!
‡ $UURZ . $QiOLVLV *HQHUDO &RPSHWLWLYR )RQGR GH &XOWXUD (FRQyPLFD ƒ HG (VSDxRO
0p[LFRSS
‡ &UDPHU -6 (PSLULFDO (FRQRPHWULFV 1RUWK+ROODQG$PHULFDQ (OVHYLHU HG 1XHYD
<RUN
‡'HDWRQ$³7KH$QDO\VLVRI'HPDQGLQWKH8QLWHV.LQJGRP´(FRQRPHWULFD9RO1R
0DU]RSS
‡'LHEROG)5XGHEXVK*³,V&RQVXPSWLRQWRR6PRRWK"/RQJ0HPRU\DQGWKH'HDWRQ
3DUDGR[´7KH5HYLHZRI(FRQRPLFVDQG6WDWLVWLFV9RO1R)HEUHURSS
‡*XHUUHURVI&LFORGH3HQVDPLHQWR(FRQyPLFR5HFXSHUDGRHOGHMXOLRGHGHKWWS
ZZZJHVWLRSROLVFRPFDQDOHVHFRQRPLDDUWLFXORVQRFLFORSHKWP!
‡ *URHQ ) 6DEHOKDXV - ³&DQ 3HUPDQHQW±,QFRPH 7KHRU\ ([SODLQ &URVV6HFWLRQDO
&RQVXPSWLRQ3DWWHUQV"´7KH5HYLHZ RI (FRQRPLFV DQG 6WDWLVWLFV 9RO 1R $JRVWR SS ‡/L]DQR(³7KH,PSDFWRI3ROLF\5HIRUPRQ)RRG&RQVXPSWLRQLQ&RVWD5LFD´'LVHUWDFLyQ
'RFWRUDO7KH)OHWFKHU6FKRRORI/DZDQG'LSORPDF\7XIWV8QLYHUVLW\
‡ /OXFK & 3RZHOO$ :LOOLDPV 5 3DWWHUQV LQ +RXVHKROG 'HPDQG DQG 6DYLQJV 2[IRUG
8QLYHUVLW\3UHVV$:RUOG%DQN5HVHDUFK3XEOLFDWLRQHG:DVKLQJWRQ
‡5LPD,'HVDUUROORGHO$QiOLVLV(FRQyPLFR(GLWRULDO,UZLQHG(VSDxRO(VSDxD
‡6DOFLQHV9³/D1RUPDOLGDGHQHO*DVWRGHORV&RQVXPLGRUHVXQ$QiOLVLVGHORV+RJDUHVGH
(VSDxD´0RPHQWR(FRQyPLFR1R0DU]R$EULO5HFXSHUDGRHOGHPD\RGHOGHOVLWLR
ZHEGHODUHYLVWDKWWSZZZHMRXUQDOXQDPP[PRPHQWRBHFRQRPLFRQR02(SGI!
‡7ULVWiQ09³,QIRUPHSDUDOD2¿FLQDGH&RRUGLQDFLyQHQ&RVWD5LFDGHO,,&$VREUH$QiOLVLV
GHO &RQVXPR GH $OJXQRV 3URGXFWRV GH 2ULJHQ $JURSHFXDULR´ ,QVWLWXWR GH ,QYHVWLJDFLRQHV HQ
&LHQFLDV(FRQyPLFDV
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
PATRONES EN GASTO DE CONSUMO:
SEGMENTACIÓN DE LOS HOGARES
COSTARRICENSES DE ACUERDO CON
LA ESTRUCTURA DEL GASTO
$QD /tD -LPpQH] 9DOHULD /HQWLQL2
&DWKDOLQD*DUFtD-RUJH9LOODORERV4
RESUMEN
(VWDLQYHVWLJDFLyQVHKL]RFRQHO¿QGHFRQVWUXLUXQDWLSRORJtDGHORVKRJDUHVVHJ~QVXHVWUXFWXUDGH
JDVWR(VWDWLSRORJtDHVGHJUDQXWLOLGDGSDUDPHMRUDUHOHQIRTXHGHODVSROtWLFDVVRFLDOHV\HFRQyPLFDV\
HQHOFDPSRGHODLQYHVWLJDFLyQGHPHUFDGRVFRQVWLWX\HXQYDOLRVRDSRUWHSDUDODRULHQWDFLyQGHGLYHUVDV
HVWUDWHJLDVPHUFDGROyJLFDV3DUDODFRQVWUXFFLyQGHHVWDWLSRORJtDVHFRQVLGHUDURQYDULDEOHVUHODFLRQDGDV
FRQ HO JDVWR DVSHFWRV VRFLRGHPRJUi¿FRV FDUDFWHUtVWLFDV GH ODV MHIDWXUDV GHO KRJDU \ WHQHQFLD GH OD
YLYLHQGD\SRVHVLyQGHELHQHV\VHUYLFLRV(VWDVYDULDEOHVSURYLHQHQGHOD(QFXHVWD1DFLRQDOGH,QJUHVRV
\*DVWRVGHOWDQWRHODUFKLYRGHGDWRVSDUDKRJDUHVFRPRHOGHSHUVRQDVVXPLQLVWUDGRVSRU
HO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV6HFRUULyXQDQiOLVLVIDFWRULDOSDUDGH¿QLUODVGLPHQVLRQHV
GHOJDVWREiVLFR\GLVFUHFLRQDOFRPRSULQFLSDOHVGLVFULPLQDQWHV6HSURFHGLyDDSOLFDUXQDQiOLVLVGH
FRQJORPHUDGRV PHGLDQWH .0HDQV 6366 REWHQLHQGR FRPR OD PHMRU VROXFLyQ VHLV JUXSRV GHO
JDVWR/RVVHJPHQWRVVHLGHQWL¿FDURQGH$D)VLHQGR$ORVGHPD\RUQLYHOGHJDVWR\)ORVGHPHQRU
OBJETIVO DE LA INVESTIGACION
&RQVWUXLUXQDWLSRORJtDGHORVKRJDUHVFRVWDUULFHQVHVVHJ~QODHVWUXFWXUDGHOJDVWRSRUUXEURV
HIPOTESIS DE TRABAJO
(O SDWUyQ GH JDVWR GH ODV IDPLOLDV FRVWDUULFHQVHV HVWi DIHFWDGR SRU HO FLFOR GH YLGD HQ TXH VH
HQFXHQWUD ODV FDUDFWHUtVWLFDV GH OD MHIDWXUD OD HVWUXFWXUD GHO LQJUHVR \ HO QLYHO GH DKRUUR (VWH
HIHFWRYDUtDVHJ~QOD]RQDGHUHVLGHQFLDGHOKRJDUXUEDQR\UXUDO\9DOOH&HQWUDOR5HVWRGHO3DtV
8QLPHU5HVHDUFK,QWHUQDWLRQDO'LUHFWRUD*HQHUDO7pFQLFD5HJLRQDO/LFHQFLDGDHQ(VWDGtVWLFD
8QLPHU5HVHDUFK,QWHUQDWLRQDO'LUHFWRUDGH3UR\HFWRV\6XEGLUHFWRUDGHO/$06&0DHVWUtDHQ(FRQRPtD
8QLPHU5HVHDUFK,QWHUQDWLRQDO'LUHFWRUDGHO/$06&0DHVWUtDHQ(VWDGtVWLFD
8QLPHU5HVHDUFK,QWHUQDWLRQDO'LUHFWRUGH3UR\HFWRV%DFKLOOHUHQ(VWDGtVWLFD
$JUDGHFLPLHQWRV
$JUDGHFHPRVODLQYLWDFLyQGHO,1(&SDUDIRUPDUSDUWHGHO6LPSRVLR$OD/X]GHOD(1,*\DOSHUVRQDOGHO
8QLPHU5HVHDUFK,QWHUQDWLRQDOSRUHODSR\REULQGDGR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
METODOLOGIA
'DWRV
3DUDODVHJPHQWDFLyQGHORVKRJDUHVVHWRPyFRPREDVHODLQIRUPDFLyQGHOD(QFXHVWDGH,QJUHVRV
\*DVWRVGHOWDQWRHODUFKLYRGHGDWRVSDUDKRJDUHVFRPRHOGHSHUVRQDVVXPLQLVWUDGR
SRUHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV
(ODUFKLYRGHGDWRVGHKRJDUHVTXHFRQVWDGHUHJLVWURVVHHPSOHySDUDODPD\RUSDUWHGHO
DQiOLVLV'HpOVHREWXYLHURQODVYDULDEOHVGHVHJPHQWDFLyQGHOJDVWRFDUDFWHUtVWLFDVGHODVYLYLHQGDV
FODVL¿FDFLyQWHUULWRULDOUHJLyQ]RQDWLSRORJtDGHOKRJDUWHQHQFLDGHDUWHIDFWRV\VHUYLFLRVHQWUH
RWUDV
(ODUFKLYRGHSHUVRQDVUHJLVWURVVHXWLOL]ySDUDH[WUDHUODLQIRUPDFLyQGHORVMHIHVGHKRJDU
TXHVHUtDLQWHJUDGDDODEDVHGHKRJDUHV\TXHRSRUWXQDPHQWHVHXWLOL]DUtDSDUDODPD[LPL]DFLyQ
GHORVVHJPHQWRV\ODFRQVWUXFFLyQGHSHU¿OHV/DLQIRUPDFLyQH[WUDtGDFRUUHVSRQGHDOVH[RGHO
MHIHHGDGQLYHOHGXFDWLYROXJDUGHQDFLPLHQWRHVWDGRFRQ\XJDOFDWHJRUtDRFXSDFLRQDO\VHFWRU
LQVWLWXFLRQDO
(OHPSDWHGHODLQIRUPDFLyQHQWUHODVEDVHVGHGDWRVGHKRJDUHV\SHUVRQDVVHUHDOL]yFRQODD\XGD
GHWUHVYDULDEOHVGHLGHQWL¿FDFLyQFRP~QHQDPERVDUFKLYRVWDOHVHOFDVRGHOQ~PHURGHVHJPHQWR
Q~PHURGHYLYLHQGD\Q~PHURGHKRJDU
([SORUDFLyQGHGDWRV
/DH[SORUDFLyQGHGDWRVFRQVLVWLyHQXQDQiOLVLVXQLYDULDGRGHFDGDXQDGHODVYDULDEOHVGHORVDUFKLYRV
GHGDWRVGHWUDEDMR(VWHDQiOLVLVVHUHDOL]yFRQHOSURSyVLWRGHLGHQWL¿FDUSDWURQHVWHQGHQFLDV
YDORUHVH[WUHPRVEDVHVGHFiOFXORSpUGLGDGHPXHVWUDSRUHIHFWRGHSDVHVRVHFFLRQHVHVSHFLDOHV
\VREUHWRGRSDUDVHOHFFLRQDUODVYDULDEOHVTXHPHMRUVHDMXVWDURQDODQiOLVLVSURSXHVWR
$GHPiVGHORVSURSyVLWRVDQWHULRUHVODVGLVWULEXFLRQHVGHIUHFXHQFLDVQRVSHUPLWLHURQYLVXDOL]DU
ODVGLVWLQWDVIRUPDVHQTXHFDGDXQDGHHOODVSRGtDVHUWUDQVIRUPDGDSDUDORJUDUXQDRSWLPL]DFLyQ
GHORVUHVXOWDGRV
'HVSXpV GH KDFHU XQD H[SORUDFLyQ GH ORV GRV DUFKLYRV GH GDWRV VH GHFLGLy WUDEDMDU FRQ
DSUR[LPDGDPHQWHYDULDEOHV
6HOHFFLyQGHYDULDEOHV
3DUD IDFLOLWDU HO PDQHMR GH OD LQIRUPDFLyQ VH GH¿QLHURQ FXDWUR JUDQGHV JUXSRV GH YDULDEOHV ODV
UHODFLRQDGDVFRQHOJDVWRFRQDVSHFWRVVRFLRGHPRJUi¿FRVFRQODMHIDWXUDGHOKRJDU\FRQWHQHQFLD
GHYLYLHQGD\SRVHVLyQGHELHQHV\VHUYLFLRVHQHOKRJDU
$GLFLRQDOPHQWHDORVFXDWURJUXSRVDQWHULRUHVVHXWLOL]DURQRWUDVYDULDEOHVTXHIXHURQFRQVWUXLGDVD
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
SDUWLUGHODFRPELQDFLyQGHDOJXQDVGHHOODV(VWDVVRQQLYHOVRFLRHFRQyPLFRKDFLQDPLHQWRDKRUUR
HQHOKRJDUSREODFLyQPHQRUGHDxRVHQHOKRJDU\FXDWURLQGLFDGRUHVGHWHQHQFLDDUWHIDFWRV\
VHUYLFLRVHQHOKRJDU
(VWRVFXDWURJUXSRVGHYDULDEOHVSXHGHQVHUFODVL¿FDGRVWDPELpQVHJ~QVXDSOLFDFLyQ$VtSRU
HMHPSORODVYDULDEOHVUHODFLRQDGDVFRQHOJDVWRVRQODVYDULDEOHVGHVHJPHQWDFLyQPLHQWUDVTXH
ODVUHODFLRQDGDVFRQHOMHIHGHOKRJDUODYLYLHQGD\DVSHFWRVVRFLRGHPRJUi¿FRVIXQFLRQDUiQFRPR
YDULDEOHVFODVL¿FDWRULDVRGHSHU¿O
3DUD OD VHOHFFLyQ GH ODV YDULDEOHV GH VHJPHQWDFLyQ VH HPSOHy FRPR SULPHU FULWHULR TXH HVWDV
IXHUDQLQGHSHQGLHQWHVHQWUHVL\QRSURGXFWRGHUHODFLRQHVHQWUHGRVRPiVYDULDEOHV
7UDQVIRUPDFLyQGHYDULDEOHV
Variables de segmentación: relacionadas al gasto
/DVYDULDEOHVVHOHFFLRQDGDVSDUDODVHJPHQWDFLyQGHOJDVWRPHUHFLHURQXQWUDWDPLHQWRHVSHFLDO
$OVHUYDULDEOHVFRQWLQXDVIXHQHFHVDULREXVFDUXQDIRUPDVHQFLOODGHWUDVODGDUHVWDVYDULDEOHVDXQD
HVFDODRUGLQDOGHIRUPDWDOTXHODVQXHYDVFDWHJRUtDVGHOJDVWRIDFLOLWDUDQORVDQiOLVLVHVWDGtVWLFRV
SRVWHULRUHVIDFWRULDOHV\FRQJORPHUDGRV
(OFULWHULRHPSOHDGRSDUDODWUDQVIRUPDFLyQIXHHOGHORVTXLQWLOHVGHFDGDGLVWULEXFLyQGHJDVWR(Q
FDGDXQDGHODVYDULDEOHVGHOJDVWRVHWRPDURQORVSXQWRVGHFRUWHGHORVTXLQWLOHVSDVDQGRDVt
GHXQDGLVWULEXFLyQFRQWLQXDGHOJDVWRFRORQHVDXQDRUGLQDOTXLQWLOHV
&DEHVHxDODUTXHODVYDULDEOHV+RJB*DVWRPHQVXDOHQEHELGDVDOFRKyOLFDVFRQVXPLGDVHQHO
KRJDU\+RJB*DVWRPHQVXDOHQEHELGDVDOFRKyOLFDVFRQVXPLGDVIXHUDGHOKRJDUQRSUHVHQWDURQ
YDULDELOLGDG GHVSXpV GH KDEHU UHDOL]DGR OD UHFRGL¿FDFLyQ WRGRV ORV KRJDUHV VH DJUXSDEDQ HQ HO
SULPHUTXLQWLO0RVWUDUYDULDELOLGDGHVXQUHTXLVLWRLQGLVSHQVDEOHHQHODQiOLVLVGHIDFWRUHV
$XQTXHHVWDVGRVYDULDEOHVSUHVHQWDURQYDORUHVUHODWLYRVEDMRV\FRQSRFDYDULDELOLGDGVHFRQVLGHUy
LPSRUWDQWHPDQWHQHUODLQIRUPDFLyQTXHDSRUWDEDQSDUDHOPRGHOR3DUDWDOHVSURSyVLWRVVHSURFHGLy
DFRQVWUXLUODVVLJXLHQWHVYDULDEOHV
*DVWR PHQVXDO HQ DOLPHQWRV \ EHELGDV QR DOFRKyOLFDV \ DOFRKyOLFDV FRQVXPLGDV HQ HO
KRJDU +RJB+RJB
*DVWRPHQVXDOHQDOLPHQWRV\EHELGDVQRDOFRKyOLFDV\DOFRKyOLFDVFRQVXPLGDVIXHUDGHOKRJDU
+RJB+RJB
)LQDOPHQWHHOQ~PHURGHYDULDEOHVGHVHJPHQWDFLyQVHUHVXPHHQ
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
9DULDEOHVGHSHU¿O
(GDG/DHGDGGHOMHIHGHOKRJDUVHDJUXSyHQFDWHJRUtDVPHQRVGHDxRVGHDDxRV
GHDDxRVGHDDxRVDxRV\PiVHLJQRUDGR
/XJDUGHQDFLPLHQWR6HUHVXPLyHQFXDWURJUXSRVQDFLGRVHQ&RVWD5LFD1LFDUDJHQVHVRWUR
OXJDUHLJQRUDGR
5HJLyQ6HGLYLGLyHQ5HJLyQ&HQWUDO\5HVWRGHO3DtV
&RQVWUXFFLyQGHYDULDEOHVDGLFLRQDOHVGHDQiOLVLV16(KDFLQDPLHQWRDKRUURHQHOKRJDU
SREODFLyQPHQRUGHDxRVHQHOKRJDULQGLFDGRUHVGHWHQHQFLD
Nivel Socioeconómico (NSE)
3DUD HO SURSyVLWR GH QXHVWUD LQYHVWLJDFLyQ HUD IXQGDPHQWDO FRQWDU FRQ XQ LQGLFDGRU GHO QLYHO
VRFLRHFRQyPLFRGHORVKRJDUHV/D(QFXHVWDSRUVLPLVPDQRRIUHFHXQLQGLFDGRUSHUREULQGD
LQIRUPDFLyQVX¿FLHQWHSDUDORJUDUXQDHVWLPDFLyQDGHFXDGD
(O FULWHULR SULQFLSDO SDUD OD FRQVWUXFFLyQ GHO LQGLFDGRU GH 16( HUD OD SDUVLPRQLD &RPR IXHQWH
SULQFLSDO VH HPSOHy HO GRFXPHQWR ³(VWUDWL¿FDFLyQ GH KRJDUHV \ VHJPHQWRV SRU QLYHOHV GH
ingreso en el Censo 2000”0DGULJDO3DQDHQHOFXDOVHH[SRQHXQDUREXVWDPHWRGRORJtD
SDUDODHVWLPDFLyQGHO16(
(QHOHMHUFLFLRUHDOL]DGRSRU0DGULJDO3DQDVHXWLOL]yHOSURFHGLPLHQWR.0HGLDV6366SDUD
FODVL¿FDU ORV KRJDUHV XWLOL]DQGR FRPR ~QLFD YDULDEOH GH DQiOLVLV HO LQJUHVR SHU FiSLWD HVWLPDGR
PHGLDQWHXQDHFXDFLyQGHUHJUHVLyQOLQHDOP~OWLSOH(VWHHMHUFLFLRGLRFRPRUHVXOWDGRVHLVHVWUDWRV
ORVFXDOHVIXHURQUHVXPLGRVHQWUHVQLYHOHVVRFLRHFRQyPLFRV%DMR0HGLR$OWR
3DUDORJUDUODFODVL¿FDFLyQGHORVKRJDUHVHQODHQFXHVWDGH,QJUHVRV\*DVWRVVHDQDOL]DURQWUHV
HVFHQDULRV
6HWRPDURQORVVHLVFHQWURLGHVUHVXOWDQWHVGHOHMHUFLFLR.0HDQVGH0DGULJDO3DQD\VHSURFHGLyD
FDOFXODUODVGLIHUHQFLDVGHFDGDXQRGHHOORVFRQHOLQJUHVRSHUFiSLWDGHFDGDKRJDUGHOD(QFXHVWD
GH ,QJUHVRV \ *DVWRV 3DUD FODVL¿FDU D FDGD REVHUYDFLyQ VH UHFXUULy DO FULWHULR GH GLIHUHQFLDV
PtQLPDV(VGHFLUFDGDREVHUYDFLyQIXHFODVL¿FDGDHQHOHVWUDWRFRQHOFXDOSUHVHQWDEDODPtQLPD
GLIHUHQFLDHQWUHODVGLIHUHQFLDVFDOFXODGDV
0DGULJDO3DQD-RKQQ\&RVWD5LFDDODOX]GHO&HQVRGHO(VWUDWL¿FDFLyQGH+RJDUHV\6HJPHQWRVSRU
1LYHOHVGH,QJUHVRHQHO&HQVRGHO6DQ-RVp&RVWD5LFD
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
(VWHSURFHGLPLHQWRIXHGHVFDUWDGRGHELGRDTXHHVWHFiOFXORVREUHHVWLPDHOQLYHOVRFLRHFRQyPLFR
$OWR \ SRU HQGH VXEHVWLPD FRQVLGHUDEOHPHQWH ORV QLYHOHV 0HGLR \ %DMR \ UHVSHFWLYDPHQWH
&RPRXQVHJXQGRLQWHQWRVHGHFLGLyOOHYDUHOYDORUGHORVFHQWURLGHVDFRORQHVGHDEULOGHO
IHFKDHQTXHGLRLQLFLRHOWUDEDMRGHFDPSRGHOD(QFXHVWDGH,QJUHVRV\*DVWRV(VWHDMXVWHSRU
HIHFWRLQÀDFLRQDULRHVGH
(ODMXVWHLQÀDFLRQDULRFRUULJHGHIRUPDVLJQL¿FDWLYDODVREUHHVWLPDFLyQGHOQLYHOVRFLRHFRQyPLFRDOWR
6LQHPEDUJRHVHHVWUDWRFRQWLQ~DVLHQGRPD\RUDORHVSHUDGR
3RUORDQWHULRUVHGHFLGLyYDORUDUXQDWHUFHUDRSFLyQPHWRGROyJLFDTXHFRQVLVWLyHQUHSOLFDUHO
HMHUFLFLR.0HDQV6366FRQODYDULDEOHVLQJUHVRSHUFiSLWDGHOD(QFXHVWDGH,QJUHVRV
\*DVWRVREWHQLHQGRDVtQXHYRVFHQWURLGHVSDUDODFODVL¿FDFLyQ(VWD~OWLPDRSFLyQIXHODTXH
¿QDOPHQWHVHXWLOL]yHQHODQiOLVLV(OUHVXOWDGRIXHQLYHODOWRPHGLR\EDMR
Hacinamiento
(O tQGLFH GH KDFLQDPLHQWR FRUUHVSRQGH D OD UD]yQ GHO Q~PHUR GH SHUVRQDV SRU GRUPLWRULR \ VH
FDOFXOyGHODVLJXLHQWHPDQHUD
Índice de Hacinamiento =
Miembros del hogar
Total de dormitorios
=
Hog_70
Hog_24
/RV YDORUHV GHO LQGLFDGRU IXHURQ UHFRGL¿FDGRV HQ WUHV FDWHJRUtDV XQD R PHQRV SHUVRQDV SRU
GRUPLWRULRPiVGHXQDSHUVRQDSHURPHQRVGHGRVSHUVRQDVSRUGRUPLWRULR\GRVRPiVSHUVRQDV
SRUGRUPLWRULR
Ahorro en el hogar
(OtQGLFHGHDKRUURVHGHULYyGHVHLVYDULDEOHV
5HQWDSRUEHQH¿FLRVGLVWULEXLGRVSRUFRRSHUDWLYDV+RJB
5HQWDSRUGLYLGHQGRVGHDFFLRQHV+RJB
5HQWDSRULQWHUHVHVSRUSUpVWDPRVDWHUFHURV+RJB
5HQWDSRULQWHUHVHVSRUERQRVFpGXODVHWF+RJB
5HQWDSRULQWHUHVHVSRUGHSyVLWRV\IRQGRVGHLQYHUVLyQ+RJB
5HQWDSRUEHQH¿FLRVGLVWULEXLGRVSRUDVRFLDFLyQVROLGDULVWD+RJB
&DGDXQDGHHOODVIXHOOHYDGDDYDULDEOHVGLFRWyPLFDVHQGRQGHVLJQL¿FDTXHQRKDEtDEHQH¿FLRR
UHQWDGHULYDGD\TXHVLORKDEtD/DVXPDGHHVWDVVHLVYDULDEOHVGDEDSRUUHVXOWDGRXQLQGLFDGRU
FX\RVYDORUHVRVFLODEDQHQWUHHO\HO6LHOYDORUHUDVLJQL¿FDEDTXHQRKDEtDDKRUURHQHO
KRJDUPLHQWUDVTXHXQYDORULJXDORPD\RUDGHQRWDEDORFRQWUDULR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
Población menor de 12 años en el hogar
(OtQGLFHGHSREODFLyQPHQRUGHVHFDOFXOyGHODVLJXLHQWHPDQHUD
3REODFLyQPHQRUGHDxRV 0LHPEURVGHOKRJDU3REODFLyQGHDxRVRPiV +RJB±+RJB
6LHOLQGLFDGRUHVLJXDODVLJQL¿FDTXHQRKD\SHUVRQDVPHQRUHVGHDxRVHQHOKRJDUVLHVWHHV
PD\RURLJXDOTXHVLJQL¿FDTXHVLKD\SUHVHQFLDGHHVWHVHJPHQWRSREODFLRQDO
Indicadores de tenencia
/D WHQHQFLD GH DUWHIDFWRV \ VHUYLFLRV HQ HO KRJDU IXH UHVXPLGD HQ FXDWUR tQGLFHV TXH LQGLFDQ HO
Q~PHURGHDUWHIDFWRV\RVHUYLFLRVHQHOKRJDUHOORVVRQ
ËQGLFHGHWHQHQFLDWRWDO,QFOX\HODWHQHQFLDGHDUWHIDFWRV\RVHUYLFLRVHVWRVVRQUHIULJHUDGRUD
FRFLQD ODYDGRUD WHOHYLVLyQ D FRORU PLFURRQGDV GXFKD WHOpIRQR FHOXODU YHKtFXOR FRPSXWDGRUD
WHOpIRQR UHVLGHQFLDO HTXLSR GH VRQLGR DJXD FDOLHQWH SDUD WRGD OD YLYLHQGD VHUYLFLR GH LQWHUQHW
FiPDUDGHYLGHRVHUYLFLRGRPpVWLFRWHOHYLVLyQSRUFDEOH
3DUDHOFiOFXORGHOtQGLFHVHUHFRGL¿FyODWHQHQFLDFRPRXQR\ODDXVHQFLDFRPRFHUR/RVYDORUHV
GHOLQGLFDGRURVFLODQHQWUH\VLHQGRHOODDXVHQFLDGHWRGRVORVDUWtFXORV\VHUYLFLRV\OD
WHQHQFLDGHWRGRVHOORV
ËQGLFHGHWHQHQFLDEiVLFR$JUXSDFXDWURYDULDEOHVHOODVVRQWHQHQFLDGHUHIULJHUDGRUDFRFLQD
ODYDGRUD\WHOHYLVLyQDFRORU/RVYDORUHVGHOLQGLFDGRURVFLODQHQWUH\
ËQGLFHGHWHQHQFLDFRPSOHPHQWDULR6XPDORVYDORUHVGHWHQHQFLDPLFURRQGDVGXFKDWHOpIRQR
FHOXODUYHKtFXORFRPSXWDGRUDWHOpIRQRUHVLGHQFLDO\HTXLSRGHVRQLGR/RVYDORUHVGHOLQGLFDGRU
RVFLODQHQWUH\
ËQGLFHGHWHQHQFLDGHOXMR,QFOX\HODVYDULDEOHVGHWHQHQFLDGHDJXDFDOLHQWHSDUDWRGDODYLYLHQGD
VHUYLFLRGHLQWHUQHWFiPDUDGHYLGHRVHUYLFLRGRPpVWLFR\WHOHYLVLyQSRUFDEOH/RVYDORUHVGHO
LQGLFDGRURVFLODQHQWUH\
/D DJUXSDFLyQ GH HVWRV WUHV LQGLFDGRUHV EiVLFR FRPSOHPHQWDULR \ OXMR VH UHDOL]y PHGLDQWH XQ
DQiOLVLVIDFWRULDO6366
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
Análisis de datos
$QiOLVLV)DFWRULDO
(O6366RIUHFHODKHUUDPLHQWD)$&725TXHVLUYHSDUDLGHQWL¿FDUORVIDFWRUHVRGLPHQVLRQHVTXH
UHVXPHQODGHVFULSFLyQGHORVGDWRVPXOWLYDULDGRV
6HXWLOL]yHO$QiOLVLVGH&RPSRQHQWHV3ULQFLSDOHVSDUDODH[WUDFFLyQGHODGLPHQVLRQHVFRQURWDFLyQ
9DULPD[\QRUPDOL]DFLyQ.DLVHU
6HUHDOL]DURQYDULDVFRUULGDVYDULDQGRHOQ~PHURGHFRPSRQHQWHVRIDFWRUHVOOHJDQGRDXQDVROXFLyQ
ySWLPDGHFRPSRQHQWHV
Análisis de conglomerados
$SDUWLUGHORVWUHVFRPSRQHQWHVGH¿QLGRVHQHODQiOLVLVIDFWRULDOVHSURFHGLyDDSOLFDUXQ³&OXVWHU
$QiOLVLV´ .0HDQV 6366 HV GHFLU VH HPSOHDURQ FRPR YDULDEOHV GH DQiOLVLV \D QR ODV YDULDEOHVRULJLQDOHVGHVHJPHQWDFLyQVLQRORVWUHVIDFWRUHVUHVXOWDQWHVGHODDJUXSDFLyQ
,JXDOPHQWHTXHHQHOSURFHGLPLHQWRIDFWRULDOVHUHDOL]DURQYDULDVFRUULGDVYDULDQGRHOQ~PHURGH
FDWHJRUtDVRJUXSRVGHVHDGRVREWHQLHQGRHQFRQJORPHUDGRVODPHMRUVROXFLyQ3DUDOOHJDUD
HVWRVJUXSRVVHUHDOL]yXQSURFHGLPLHQWRGHRSWLPL]DFLyQFRQVLGHUDQGRODVVLJXLHQWHVYDULDEOHV
VH[RHGDGQLYHOGHHVFRODULGDGSDtVGHQDFLPLHQWRHVWDGRFRQ\XJDO\FRQGLFLyQGHDFWLYLGDGGHO
MHIHGHOKRJDUDVtFRPRWLSRGHKRJDUWLSRGHSRVHVLyQGHODFDVDWDPDxRGHODFDVDGLVSRVLFLyQ
GHDKRUURKDFLQDPLHQWRQLYHOVRFLRHFRQyPLFRUHJLyQ]RQD\SUHVHQFLDGHPHQRUHVGHDxRV
HQHOKRJDU
3HU¿OGHORVVHJPHQWRVWDEODVGHFRQWLQJHQFLD
)LQDOPHQWHVHUHDOL]DURQWDEODVGHFRQWLQJHQFLDHQWUHORVFRQJORPHUDGRVGHOJDVWR\ODVYDULDEOHVGH
FODVL¿FDFLyQFRQHOSURSyVLWRGHREWHQHUHOSHU¿OGHORVVHJPHQWRVDVtFRPRDQDOL]DUODHVWUXFWXUD
GHOJDVWR
RESULTADOS
3HU¿OGHORVVHJPHQWRV
/RV VHJPHQWRV UHVXOWDQWHV VRQ \ VXV SHU¿OHV VH GHVFULEHQ D FRQWLQXDFLyQ LQLFLDQGR GHVGH HO
VHJPHQWRFRQPHQRUJDVWRPHQVXDOSHUFiSLWDVHJPHQWR)KDVWDHOTXHUHDOL]DHOPD\RUJDVWR
VHJPHQWR$9HUJUi¿FR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
3DUD FDGD VHJPHQWR VH LQGLFD HQWUH SDUpQWHVLV HO SRUFHQWDMH GH KRJDUHV TXH UHSUHVHQWD \ VH
GHVFULEHQODVYDULDEOHVHQTXHHVWRVPXHVWUDQPD\RUGLIHUHQFLDFLyQFRQUHVSHFWRDOSURPHGLRGH
KRJDUHV KDFLHQGR UHIHUHQFLD D WUHV JUDQGHV UXEURV SHU¿O GHO MHIH GHO KRJDU FDUDFWHUtVWLFDV GHO
KRJDU\ODYLYLHQGD\DUWtFXORV\VHUYLFLRVFRQTXHFXHQWDQ
6HJPHQWR)
(QPD\RUSURSRUFLyQTXHHOSURPHGLRGHKRJDUHVORVMHIHVGHKRJDUVRQ
Mujeres,
De 50 años o más
Con estudios primarios o menos
Viudos-separados y solteros,
Que no trabajan o que son servidores domésticos
$ODQDOL]DUODVFDUDFWHUtVWLFDVHVWRVKRJDUHV\YLYLHQGDVHQHQFRQWUDPRVTXHHQPD\RUSURSRUFLyQ
TXHHOSURPHGLR
Residen en las zonas rurales y en el resto del país
Provienen de hogares unipersonales o monoparentales,
Son hogares pequeños (2 o menos personas) y sin niños menores de 12 años
Poseen casa propia que les ha sido donada o regalada ó habitan en casas cedidas por familiares
o amigos.
Viven en casas pequeñas (60 m2 o menos) mayormente independientes construidas de zócalo o madera
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
/RV KRJDUHV GH HVWH VHJPHQWR PXHVWUDQ DOJXQDV FDUHQFLDV LPSRUWDQWHV TXH ORV GLIHUHQFLDQ GHO
UHVWRGHODSREODFLyQ\DTXHHQSURSRUFLyQPX\VXSHULRUDOSURPHGLR
Carecen de baño, cocina, refrigeradora, lavadora y televisor a color así como de servicio de
agua por tubería dentro de la vivienda
Se abastecen de un acueducto rural o de pozos o ríos y sus desechos sanitarios desembocan
en un pozo/letrina
$GHPiV la proporción que cuenta con servicio de recolección de basura es menor que el resto
de los hogares.
6HJPHQWR(
(QHVWHVHJPHQWRHQFRQWUDPRVHQSURSRUFLyQPD\RUDOSURPHGLRFRQ
Jefaturas masculinas, menores de 40 años
Con estudios primarios o secundarios
Asalariados y conviviendo en unión libre
6XVKRJDUHV\YLYLHQGDVVREUHVDOHQGHOSURPHGLRSRUTXH
Son hogares extensos, con niños menores de 12 años, con más de un hogar/ familia por
vivienda
Viven en casas alquiladas y cedidas o prestadas por trabajo
Son casas pequeñas (menos de 60 m2) y con hacinamiento (más de 2 personas por
dormitorio).
(VWRVKRJDUHVPXHVWUDQDOJXQDVFDUHQFLDVGHFLHUWRVDUWtFXORV\VHUYLFLRVSRUHMHPSOR
(QPD\RUSURSRUFLyQTXHHOSURPHGLR
Carecen de baño, cocina, refrigeradora, lavadora y televisor; Evacúan los desechos sanitarios
en un pozo/letrina y
Consumen agua de pozos o ríos.
6HJPHQWR'
(QHVWRVKRJDUHVHQPD\RUSURSRUFLyQDOSURPHGLRHQFRQWUDPRVMHIHVGHKRJDU
De 50 años o más, con estudios secundarios
Casados
Trabajadores cuenta propia o patronos.
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(QPD\RUSURSRUFLyQDOSURPHGLRSURYLHQHQGH
Hogares sin niños menores de 12 años
&RQFDVDV
Propias totalmente pagadas
De tamaño pequeño y mediano (entre 61 a 150 m2)
3UHIDEULFDGDV\XELFDGDVHQHGL¿FLRVGHDSDUWDPHQWRV
$GHPiV son hogares que muestran hacinamiento (más de 2 personas por dormitorio)
(OORVSRVHHQDOJXQRVDUWtFXORVHQXQDSURSRUFLyQPRGHUDGDPHQWHPD\RUDOSURPHGLR(VWRVVRQ
Ducha
Microondas
Teléfono
Cámara de video y
Vehículo
6HJPHQWR&
(QPD\RUSURSRUFLyQTXHHOSURPHGLRGHKRJDUHVORVMHIHVGHKRJDUVRQ
Jefaturas masculinas
De 40 años o más
Con estudios secundarios
Casados
Trabajadores por cuenta propia y patronos
+DELWDQHQ
Casas propias totalmente pagadas e independientes
De tamaño mediano (101 a 200 m2)
Con poco hacinamiento (entre 1 y –de 2 personas por dormitorio) y
Fabricadas con block o ladrillo, en mayor proporción que el promedio
+D\DVSHFWRVDGLFLRQDOHVHQORVTXHGHVWDFDQORVKRJDUHVGHHVWHVHJPHQWR
Ellos ahorran en una proporción 30% más alta que el promedio
Cuentan con empleada doméstica que come en el hogar en una proporción 50% mayor al
promedio de hogares.
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
$GHPiVSRVHHQORVVLJXLHQWHVDUWtFXORVHQXQDSURSRUFLyQPRGHUDGDPHQWHPD\RUDOSURPHGLR
Ducha
Microondas
Teléfono
Equipo de sonido
Cámara de video
)LQDOPHQWH FDEH GHVWDFDU TXH OD SURSRUFLyQ GH KRJDUHV TXH SRVHHQ YHKtFXOR HQ HVWH VHJPHQWR
FHUFDGHXQVXSHULRUDODGHOSURPHGLR
6HJPHQWR%
/RVMHIHVGHKRJDUGHHVWHVHJPHQWRVREUHVDOHQHQODVVLJXLHQWHVFDUDFWHUtVWLFDV
Son adultos jóvenes (menores de 40 años) con estudios secundarios (bastante más que el
promedio) o universitarios (un poco más que el promedio)
Hay más divorciados y asalariados que en el promedio de hogares
(QHVWHVHJPHQWRKD\PDVKRJDUHVXELFDGRVHQ]RQDVXUEDQDV\HQPD\RUSURSRUFLyQDOSURPHGLR
HVWDVIDPLOLDV
Residen en casas propias que las están pagando, en casas alquiladas y en casas cedidas/
prestadas por trabajo
Viven en casas pequeñas y medianas (61 a 150 m2)
Con poco hacinamiento (entre 1 y – de 2 personas por dormitorio)
'LVWULEXLGDVHQ¿ODVRFRQWLJXDV\HODERUDGDVGHEORFNODGULOORRSUHIDEULFDGDV
(QHVWHVHJPHQWRVHDKRUUDSHURHOQLYHOGHDKRUURHVDSHQDVXQPiVDOWDTXHHOSURPHGLR
$OLJXDOTXHHQHOVHJPHQWR&HOORVSRVHHQHQSURSRUFLyQPRGHUDGDPHQWHVXSHULRUDOSURPHGLR
ORVVLJXLHQWHVDUWtFXORV
Ducha
Microondas
Teléfono
Equipo de sonido
Cámara de video en una
3HURFRQWUDULRDORVKRJDUHVGHORVVHJPHQWRV&\'HQORVTXHODSURSRUFLyQTXHSRVHHYHKtFXOR
HV EDVWDQWH VXSHULRU DO SURPHGLR HQ HVWH VHJPHQWR HVD SURSRUFLyQ HV VROR XQ VXSHULRU DO
SURPHGLR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(QHVWHVHJPHQWRORTXHVLVHQRWDHVXQDPHMRUtDHQUHODFLyQFRQODFREHUWXUDGHDOJXQRVVHUYLFLRV
\DTXHODSURSRUFLyQTXHFXHQWDFRQVHUYLFLRVDQLWDULRFRQHFWDGRDODDOFDQWDULOODRFORDFD\FRQ
VHUYLFLRGHUHFROHFFLyQGHEDVXUDDWUDYpVGHXQFDPLyQUHFROHFWRUHVPRGHUDGDPHQWHVXSHULRUD
ODGHOSURPHGLRGHORVKRJDUHV
6HJPHQWR$
(QHVWHVHJPHQWRVHHQFXHQWUDQORVKRJDUHVFRQPD\RUQLYHOGHJDVWRSHUFDSLWD\SRUHQGHFRQHO
PHMRUSHU¿OVRFLRGHPRJUi¿FR
/RVMHIHVGHKRJDUGHHVWHVHJPHQWRVHFDUDFWHUL]DQSRUWHQHUPHMRUQLYHOHGXFDWLYR\WUDEDMRVGH
PHMRUSHU¿O$VtGHQWURGHHVWHVHJPHQWRHQFRQWUDPRVMHIHVGHKRJDU
Con educación universitaria y que son patronos
(QSURSRUFLyQPD\RUDOSURPHGLRKD\MHIHVGHedad media (40 a 49 años); casados y divorciados
(VWHVHJPHQWRWLHQHXQDPD\RUSURSRUFLyQGH
Hogares concentrados en la región central y en las zonas urbanas
En hogares nucleares conyugales con baja proporción de niños menores de 12 años
+DELWDQHQPD\RUSURSRUFLyQTXHHOSURPHGLRHQ
Casas propias -aunque las están pagando
De tamaño mediano y en mayor proporción grande (101-200m2 y de más de 200 m2)
Construidas con block y ladrillo
8ELFDGDVHQHGL¿FLRVGHDSDUWDPHQWRV
Sin problemas de hacinamiento (menos de 1 persona por dormitorio)
6HGLIHUHQFLDQHQIRUPDLPSRUWDQWHGHORVJUXSRVDQWHULRUHVSRUTXH
En proporción extremadamente superior al promedio, cuentan con 1 o 2 servidoras domésticas
que comen en el hogar.
La proporción que ahorra es más de un 300% mayor a la que realiza esto en el promedio de los
hogares costarricenses.
(QHOFXDGURVHLQFOX\HXQUHVXPHQFRPSDUDWLYRGHORVSHU¿OHVDQWHVGHVFULWRV
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
3HU¿OGHOJDVWRGHORVVHJPHQWRV
(O QLYHO VRFLRHFRQyPLFR GHO KRJDU HO FLFOR GH YLGD HO QLYHO HGXFDWLYR OD FDQWLGDG GH SHUVRQDV
PHQRUHV\OD]RQDGHUHVLGHQFLDODWHQHQFLDGHDUWtFXORV\GHYLYLHQGDDIHFWDQORVWLSRVGHJDVWRV
GHODVIDPLOLDV
(QHOJUi¿FR\HQODWDEODUHVXPHQSXHGHREVHUYDUVHTXHHOVHJPHQWR$HOTXHPiVJDVWD
JDVWDYHFHVPiVTXHHOVHJPHQWR)HOTXHPHQRVJDVWD
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
/RVVHJPHQWRV&\%WLHQHQXQJDVWRSHUFiSLWDVLPLODUDOSURPHGLR\HQWUHVtVLQHPEDUJRHOWLSR
GHJDVWRTXHUHDOL]DQYDUtDQRWDEOHPHQWHDOPRPHQWRGHOVXFLFORGHYLGDHQTXHVHHQFXHQWUDQOD
FDQWLGDGGHSHUVRQDVHQODIDPLOLD\RWUDVFRQGLFLRQHVSURSLDVGHOKRJDU
/RVVHJPHQWRV)\(VRQORVTXHWLHQHQPHQRVJDVWRVSHUFiSLWDVLQHPEDUJRWDQWRVXWLSRGH
JDVWRFRPRFRPSRVLFLyQ\FDUDFWHUtVWLFDVGHOKRJDUVRQPX\GLIHUHQWHV/DFDQWLGDGGHSHUVRQDV
SRU KRJDU HV PD\RU TXHHOSURPHGLRHQHOVHJPHQWR(SRUORWDQWRDSHVDUTXHHVWHVHJPHQWR
ORFRPSRQHHOGHORVKRJDUHVUHSUHVHQWDHOGHODSREODFLyQ(VWHVHJPHQWRHVHOTXH
WLHQHPiVPHQRUHVHQHOKRJDUPLHQWUDVHOVHJPHQWR)HVXQRGHORVTXHWLHQHPHQRVQLxRV\HV
HOVHJPHQWRFX\RMHIHGHKRJDUWLHQHODHGDGPD\RUDOSURPHGLR(OGHORVKRJDUHVKDFHHO
GHOJDVWRWRWDOGHORVKRJDUHVVHJPHQWR$\HOGHORVKRJDUHVKDFHHOGHORV
JDVWRVVHJPHQWRV)\(9HUJUi¿FR
3HU¿OGHOJDVWRSRUFRQJORPHUDGRV
&RPR VH H[SXVR HQ ORV DVSHFWRV PHWRGROyJLFRV DO LQLFLR GH HVWH GRFXPHQWR ORV JDVWRV VH
FRQJORPHUDURQHQWUHVJUDQGHVUXEURVTXHGDGDVXQDWXUDOH]DVHGHQRPLQDURQEiVLFRVGLVFUHFLRQDOHV
\YROXQWDULRVTXHLQFOX\HQ
%iVLFRV $OLPHQWRV \ EHELGDV FRQVXPLGDV HQ HO KRJDU JDVWRV SHUVRQDOHV YHVWLGR \ FDO]DGR
VDOXGDOTXLOHUGHYLYLHQGDDJXDHOHFWULFLGDG\JDV
'LVFUHFLRQDOHV&RQWULEXFLRQHVVRFLDOHVREOLJDWRULDV7UDQVDFFLRQHV¿QDQFLHUDV7UDQVIHUHQFLDV
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
GHGLQHUR&RPXQLFDFLRQHV7UDQVSRUWH$OLPHQWRV\EHELGDVIXHUDGHOKRJDU,PSXHVWRV\OLFHQFLDV
5HFUHDFLyQ\&XOWXUD\(GXFDFLyQ
&RQWULEXFLRQHVVRFLDOHVYROXQWDULRVHOFXDODOXGHSUHFLVDPHQWHDHVWR
/RVWUHVVHJPHQWRVFRQPiVJDVWRVEiVLFRVVRQHOVHJPHQWR(HOVHJPHQWR&\HOVHJPHQWR$VLQ
HPEDUJRVXSURSRUFLyQYDUtDGHSHQGLHQGRGHOSURGXFWRHVSHFt¿FR/RVVHJPHQWRVTXHKDFHQPiV
JDVWRVGLVFUHFLRQDOHVVRQHOVHJPHQWR&VHJPHQWR%\HO$SHURVXFRPSRVLFLyQLQWHUQDWDPELpQ
YDUtD/RVVHJPHQWRV&\'GHVWDFDQSRUVXJDVWRHQODVFRQWULEXFLRQHVVRFLDOHV
(OVHJPHQWR)HVHOTXHPHQRVJDVWRVUHDOL]DVHJXLGRGHO(TXHKDFHPiVJDVWRVEiVLFRV9HU
JUi¿FR
/RV FXDGURV GH ORV DQH[RV PXHVWUDQ OD SDUWLFLSDFLyQ UHODWLYD GHO JDVWR SRU VHJPHQWR \ HO tQGLFH
GH YDULDFLyQ FRQ UHVSHFWR DO SURPHGLR 0HGLDQWH XQ VLVWHPD GH FRORUHV GHO ³VHPiIRUR´ SXHGH
REVHUYDUVH VL HVWRV JDVWRV VRQ VLJQL¿FDWLYDPHQWH PiV DOWRV TXH HO SURPHGLR YHUGH PiV EDMRV
URMRyLJXDOHVDPDULOOR6HFDOFXOyODGLIHUHQFLDHQWUHPXHVWUDVDOGHFRQ¿DQ]D9HUFXDGUR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
/RV VHJPHQWRV ) ( \ & GHEHQ GHVWLQDU PiV GH OD PLWDG GH VXV JDVWRV D OR EiVLFR DXQTXH HQ
WpUPLQRV DEVROXWRV HVWRV VRQ PXFKR PHQRUHV D ORV JDVWRV TXH UHDOL]D HO VHJPHQWR $ HQ HVWH
FRQJORPHUDGRGHJDVWRV(QWpUPLQRVUHODWLYRVORVVHJPHQWRV'%\$GHVWLQDQPiVGHVXVJDVWRV
DDTXHOORVGLVFUHFLRQDOHVTXHDVXVJDVWRVEiVLFRV9HUJUi¿FR
3HU¿OGHOJDVWRSRUJUDQGHVUXEURV
$OREVHUYDUORVJUDQGHVUXEURVTXHFRPSRQHQORVFRQJORPHUDGRVDQWHVDQDOL]DGRVVHHPSLH]DQD
QRWDUODVGLIHUHQFLDV/RVUXEURVGHOFXDGURVRQORVFRUUHVSRQGLHQWHVDODFODVL¿FDFLyQGHO,1(&
(QHOVHJPHQWR)HVGRQGHKD\SRFDVSHUVRQDVHQHOKRJDU\KDELWDQSULQFLSDOPHQWHHQ]RQDUXUDO
HO QLYHO DEVROXWR GH JDVWR HV HO PHQRU \ DVt WDPELpQ VX QLYHO VRFLRHFRQyPLFR 0XFKRV MHIHV GH
KRJDUQRWUDEDMDQ\KD\PiVSHUVRQDVGHPD\RUHGDG&DVLODPLWDGGHVXVJDVWRVVHGHVWLQDQD
DOLPHQWRVGHQWURGHOKRJDUSDJRGHVHUYLFLRV\DOTXLOHUGHODFDVD9HUJUi¿FR
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
(O VHJPHQWR ( WLHQH PiV JDVWRV TXH HO ) HQ WpUPLQRV DEVROXWRV SRU WHQHU PiV SHUVRQDV HQ HO
KRJDUFLFORGHYLGDLQLFLDQGRIDPLOLD/DPD\RUtDFXHQWDFRQPHQRUHVGHDxRVHQFDVD*DVWDQ
SULQFLSDOPHQWHHQFRPLGDVHUYLFLRVEiVLFRVDOTXLOHUYHVWLGR\DUWtFXORVGHKRJDU
(QHOVHJPHQWR'TXHVRQKRJDUHVGHQLYHOPHGLRDXQTXHFRQXQJDVWRPHQRUDOSURPHGLR\FRQ
PHQRVQLxRVHQHOKRJDU*DVWDQPiVTXHHOSURPHGLRHQWUDQVDFFLRQHV¿QDQFLHUDVWUDQVSRUWH
FRPHUIXHUD\FRPXQLFDFLRQHV9HUJUi¿FR
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
(OVHJPHQWR&TXHHVWiFRPSXHVWRSRUMHIHVGHKRJDUPD\RUHVFRQXQQLYHOHGXFDWLYRSULQFLSDOPHQWH
GHVHFXQGDULD\YLYHQHQKRJDUHVFRQPiVSHUVRQDVJDVWDQPiVTXHHOSURPHGLRHQDOLPHQWRV
WUDQVSRUWHYHVWLGRUHFUHDFLyQPXHEOHVFRPXQLFDFLRQHV\VDOXG
3RU~OWLPRHOWHUFHUVHJPHQWRGHOQLYHOVRFLRHFRQyPLFRPHGLRHOVHJPHQWR%FX\RVMHIHVGHKRJDU
VRQPiVMyYHQHV\GHQLYHOHGXFDWLYRPiVDOWR\YLYHQHQKRJDUHVFRQPHQRVSHUVRQDVJDVWDQPiV
HQ WUDQVDFFLRQHV ¿QDQFLHUDV WUDQVSRUWH FRPHU IXHUD FRPXQLFDFLRQHV FRQWULEXFLRQHV VRFLDOHV
WUDQVIHUHQFLDVGHGLQHUR\HGXFDFLyQ
(O VHJPHQWR $ WLHQH JDVWR PD\RU SRU VHU GH XQ QLYHO VRFLRHFRQyPLFR PiV DOWR 6X JDVWR VH YD
SULQFLSDOPHQWH HQ WUDQVDFFLRQHV ¿QDQFLHUDV TXH LQFOX\HQ HO SDJR GH FDVD WHQHQFLD GH ERQRV
IRQGRVGHLQYHUVLyQWUDQVSRUWHPXHEOHVUHFUHDFLyQWUDQVIHUHQFLDVGHGLQHURVDOXG\HGXFDFLyQ
SRUHOSDJRGHODHGXFDFLyQSULYDGD9HUJUi¿FR
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
3HU¿OGHOJDVWRGHQWURGHFDGDUXEUR
'HQWURGHFDGDXQRGHORVJUDQGHVUXEURVHOGHWDOOHGHOJDVWRWDPELpQGL¿HUHSRUVHJPHQWR9HU
FXDGUR$VDEHU
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
(OVHJPHQWR)HQSURPHGLRJDVWDPiVHQSDQ\FHUHDOHVOHFKHTXHVRKXHYRVDFHLWHV\JUDVDV
D]~FDU\FDIpHVPD\RU\PHQRVHQIUXWDV\UHIUHVFRV(OFDO]DGROHVUHSUHVHQWDXQJDVWRLPSRUWDQWH
HQ HO YHVWLU *DVWDQ PiV HQ PHGLFLQDV TXH OR TXH JDVWDQ HQ VHUYLFLRV PpGLFRV (O VHUYLFLR GH
WUDQVSRUWHHVXQJDVWRLPSRUWDQWH\JDVWDQPHQRVHQUHFUHDFLyQ
(OVHJPHQWR(HQSURPHGLRVXJDVWRHQFDUQHSHVFDGRDFHLWHV\JUDVDV\FDIpHVPD\RU\PHQRU
HOGHIUXWDV\UHIUHVFRV(ODOTXLOHUOHVUHSUHVHQWDXQJDVWRVXSHULRUDOSURPHGLRJHQHUDO*DVWDQ
PiVHQPHGLFLQDVTXHORTXHJDVWDQHQVHUYLFLRVPpGLFRV/DDGTXLVLFLyQGHYHKtFXOR\HOVHUYLFLR
WUDQVSRUWHHVXQJDVWRLPSRUWDQWH\JDVWDQPHQRVHQUHFUHDFLyQ
(O VHJPHQWR $ JDVWD PiV TXH HO SURPHGLR HQ OiFWHRV KXHYRV IUXWDV \ UHIUHVFRV \ PHQRV HQ
D]~FDU 3URSRUFLRQDOPHQWH VX JDVWR HQ DOTXLOHU \ VHUYLFLRV GHO KRJDU HV PD\RU GHQWUR GH JDVWR
GHVWLQDGRDHVHUXEUR*DVWDQSURSRUFLRQDOPHQWHPiVHQVHUYLFLRVPpGLFRVTXHHQPHGLFLQDV(O
PDQWHQLPLHQWRGHOWUDQVSRUWH\HOFRPEXVWLEOHSHVDQPiVTXHHOSURPHGLR\PHQRVHOVHUYLFLRGH
WUDQVSRUWH6XJDVWRHQVHUYLFLRGHWHOHIRQtDHVLPSRUWDQWH*DVWDQPiVHQVHUYLFLRVGHUHFUHDFLyQ
\PHQRVHQSHULyGLFRV\OLEURV
(OVHJPHQWR&JDVWDPiVTXHHOSURPHGLRHQDFHLWHVJUDVDVSHVFDGRIUXWDVD]~FDU/RVVHUYLFLRV
HOpFWULFRV SHVDQ PiV TXH HO SURPHGLR HQ ORV JDVWRV HQ YLYLHQGD TXH HO DOTXLOHU \ HO DJXD /D
FRQVHUYDFLyQGHOKRJDU\HOVHUYLFLRGRPpVWLFRFREUDQLPSRUWDQFLD7DPELpQODVEHELGDVDOFRKyOLFDV
IXHUD GHO KRJDU *DVWDQ SURSRUFLRQDOPHQWH PiV HQ VHUYLFLRV PpGLFRV TXH HQ PHGLFLQDV /D
DGTXLVLFLyQGHYHKtFXORPDQWHQLPLHQWRGHOWUDQVSRUWH\HOFRPEXVWLEOHSHVDQPiVTXHHOSURPHGLR
\PHQRVHOVHUYLFLRGHWUDQVSRUWH(QUHFUHDFLyQJDVWDQPHQRVHQSHULyGLFRV\OLEURV
(OVHJPHQWR%JDVWDPiVHQSDQFHUHDOHV\UHIUHVFRVPHQRVHQJUDVDVD]~FDUHV\FDIp(ODOTXLOHU
OHVUHSUHVHQWDXQJDVWRPD\RUDOSURPHGLRORPLVPRTXHHOPDQWHQLPLHQWRGHOFDUUR\ORVVHUYLFLRV
GHUHFUHDFLyQH[FHSWRSHULyGLFRV\OLEURV*DVWDQPiVTXHHOSURPHGLRHQHQVHxDQ]DIRUPDO
(OVHJPHQWR$JDVWDPiVHQFDUQHVSHVFDGRVUHIUHVFRVEHELGDVDOFRKyOLFDVPHQRVHQJUDVDV
D]~FDUHV\FDIp\SDQ0iVTXHHOSURPHGLRHQSUHQGDVGHYHVWLU\FDO]DGRDOTXLOHUFRQVHUYDFLyQ
GHODYLYLHQGD\VHUYLFLRV(QPXHEOHVVHUYLFLRGRPpVWLFREHELGDVDOFRKyOLFDVIXHUDGHOKRJDU
VHJXURVVHUYLFLRVPpGLFRVDGTXLVLFLyQGHYHKtFXOR\PDQWHQLPLHQWRHTXLSRWHOHIyQLFRVHUYLFLRVGH
UHFUHDFLyQSHULyGLFRVOLEURVSDTXHWHVWXUtVWLFRV\HQVHxDQ]DIRUPDO
&DEHUHVDOWDUTXHDXQTXHSDUDHOVHJPHQWR)$OLPHQWRV\EHELGDVUHSUHVHQWDHOGHVXJDVWR
PHQVXDOHOORVJDVWDQHQSURPHGLRXQDFXDUWDSDUWHGHORTXHJDVWDHOVHJPHQWR$HQHVWHUXEUR
TXLHQJDVWDVRORHOGHVXSUHVXSXHVWRHQHVWR
(QUHVXPHQHQDOLPHQWRV\EHELGDVHQHOKRJDUORVJDVWRVHQIUXWDVUHIUHVFRV\FDUQHVDXPHQWDQ
FRQHOQLYHOVRFLRHFRQyPLFR\ODVJUDVDVD]~FDUHVFDIp\WpDXPHQWDQDPHQRUQLYHO(OWLSRGH
JDVWR HQ VDOXG YDUtD D SDUWLU GHO QLYHO PHGLR GRQGH HO JDVWR HQ HO VHUYLFLR HPSLH]D D VXSHUDU HO
GHPHGLFLQDV(OJDVWRGLVFUHFLRQDOFRQWRGRORTXHHVWRDEDUFDHPSLH]DDQRWDUVHHQORVQLYHOHV
PHGLRV FRPLGDV DIXHUD GHO KRJDU WUDQVDFFLRQHV ¿QDQFLHUDV HWF (O WLSR GH UHFUHDFLyQ YDUtD
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
VLJQL¿FDWLYDPHQWHHQHOQLYHODSHVDUGHTXHHOQLYHOPHGLRWDPELpQJDVWDHQSURPHGLRPiVHQ
HVWHUXEURHOVHJPHQWRDOWRLQYLHUWHPiVHQOLEURVSHULyGLFRV\SDTXHWHVWXUtVWLFRV&RPXQLFDFLyQ
\ WUDQVSRUWH WDPELpQ YDUtD QRWDEOHPHQWH DO SDVDU DO QLYHO PHGLR FRQ UHVSHFWR D EDMR DXQTXH HO
EDMRSRUHMHPSORJDVWDGHPDQHUDLPSRUWDQWHHQHOVHUYLFLRGHOWUDQVSRUWHS~EOLFR\PHQRVHQ
PDQWHQHUXQYHKtFXORSRUTXHVXWHQHQFLDHVEDMD
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
- L Pp Q H ] / H QWLQL*DUFtD9LOODORERV
CONCLUSIONES
'HVSXpVGHDQDOL]DUORVGDWRVGHKRJDUHVTXHLQFOX\yYDULDEOHVGHOKRJDU]RQDGHFODVL¿FDFLyQ
SHU¿OGHOKRJDUYDULDEOHVVRFLRGHPRJUi¿FDVGHORVPLHPEURVGHOKRJDUVHHQFRQWUDURQVHJPHQWRV
FODUDPHQWHGLIHUHQFLDGRVVHJ~QVXSDWUyQGHJDVWR6HORJUyFRPSUREDUODKLSyWHVLVSODQWHDGDGH
TXHHOSDWUyQGHJDVWRVGHODVIDPLOLDVFRVWDUULFHQVHVHVWiDIHFWDGRSRUODVYDULDEOHVGHFLFORGH
YLGDGHODIDPLOLDFDUDFWHUtVWLFDVGHOMHIHGHOKRJDUHVWUXFWXUDGHOLQJUHVRYLVXDOL]DGRDWUDYpVGHO
QLYHOVRFLRHFRQyPLFRQLYHOGHDKRUUR]RQD\UHJLyQGHUHVLGHQFLD
3DUDHIHFWRVGHDQiOLVLVVHLGHQWL¿FDURQORVVHJPHQWRVFRQOHWUDVGHOD$DOD)GRQGHHOVHJPHQWR
$FRUUHVSRQGHDOTXHUHDOL]DPD\RUQLYHOGHJDVWRV\HO)HOGHPiVEDMRQLYHOHJDVWRV
$SHVDUGHTXHHOVHJPHQWR$FRQFHQWUDDOGHODSREODFLyQUHDOL]DHOGHOWRWDOGHJDVWRV
GHKRJDUHVGHOSDtV
3RURWURODGRORVVHJPHQWRV(\)UHSUHVHQWDQPiVGHODPLWDGGHORVKRJDUHVSHURVX
SHVRHQHOJDVWRGHORVKRJDUHVHVVRODPHQWHGHO(VWRVGRVVHJPHQWRVWLHQHQXQDHVWUXFWXUD
GHJDVWRVPX\EiVLFDFRPLGD\VHUYLFLRVS~EOLFRV(OVHJPHQWR(DGHPiVWLHQHJDVWRVHQURSD
(OVHJPHQWR)WLHQHPD\RUSURSRUFLyQGHKRJDUHVUHVLGHQWHVGH]RQDUXUDO\GHO5HVWRGHO3DtV
(OMHIHGHOKRJDUVXHOHHVWDULQDFWLYR\VHUGHPD\RUHGDG\DGHPiVHOKRJDUFXHQWDFRQSRFRV
PLHPEURV0LHQWUDVTXHHOTXHVLJXHVHJPHQWR(YLYHHQ]RQDVXUEDQDVFRQPiVPLHPEURVHQ
HOKRJDUFRQPiVQLxRVFRQPiVMHIHVGHKRJDUTXHWUDEDMDQDVDODULDGRV\TXHVRQPiVMyYHQHV
TXHHOSURPHGLR(QDPERVVHJPHQWRVORVMHIHVGHKRJDUWLHQHQEDMRQLYHOHGXFDWLYRHODKRUURHV
SUiFWLFDPHQWHQXOR\VXQLYHOVRFLRHFRQyPLFRHVWiPX\SRUGHEDMRGHOSURPHGLRGHORVKRJDUHV
(Q HO HVSHFWUR PHGLR GH JDVWRV HQFRQWUDPRV WDPELpQ ORV KRJDUHV GH QLYHO VRFLRHFRQyPLFR
PHGLR6LQHPEDUJRKD\GLIHUHQFLDVHQWUHORVWUHVJUXSRV(OVHJPHQWR'WLHQHHOPHQRUQLYHOGH
JDVWRVGHORVWUHV\PHQRUSUHVHQFLDGHQLxRVPHQRUHVGHDxRV(OVHJPHQWR&WLHQHPD\RU
SURSRUFLyQGHMHIDWXUDVPDVFXOLQDVGHPD\RUHGDG\XQORJUDDKRUUDU(QDPERVVHJPHQWRV
HOQLYHOHGXFDWLYRGHOMHIHHVPHGLRWLHQHQFDVD\YHKtFXORSURSLRV\ODERUDQFRPRFXHQWDSURSLD
\SDWURQRV(OVHJPHQWR%TXHHVHOGHPD\RUJDVWRHQHVWHJUXSRWLHQHMHIDWXUDVPiVMyYHQHV
FRQPD\RUQLYHOHGXFDWLYRXQDTXLQWDSDUWHFRQHGXFDFLyQXQLYHUVLWDULDFRQPD\RUSURSRUFLyQTXH
WUDEDMDDVDODULDGRV\UHVLGHQWHVGH]RQDVXUEDQDV$GHPiVYLYHQHQFDVDVSURSLDVTXHHVWiQ
SDJDQGRRODVHVWiQDOTXLODQGR6XQLYHOGHDKRUURVHVGH(VWRVWUHVVHJPHQWRVHVWiQHQ
FDSDFLGDGGHJDVWDUPiVDOOiGHOREiVLFRFRPRGHXGDVUHFUHDFLyQWHOpIRQRYHKtFXORHWFVLHQGR
HOQLYHO%HOTXHKDFHODPD\RUSURSRUFLyQGHJDVWRVGLVFUHFLRQDOHV
(OVHJPHQWR$TXHUHDOL]DHOPD\RUQLYHOGHJDVWRVHVDVXYH]HOGHPiVDOWRQLYHOVRFLRHFRQyPLFR
(VWiFRQFHQWUDGRHQ]RQDVXUEDQDV\HQOD5HJLyQ&HQWUDO7UHVGHFDGDFXDWURMHIHVFXHQWDQFRQ
HGXFDFLyQXQLYHUVLWDULD9LYHQHQFDVDSURSLDGHPD\RUWDPDxRSHURODHVWiQSDJDQGR0iVGHOD
6LP SRVLR& RVWD5LFDDODOX]GHOD(1,*
TXLQWDSDUWHORJUDDKRUUDU&DVLGRVWHUFHUDVSDUWHVQRWLHQHQLxRVPHQRUHVGHDxRV\XQWHUFLR
FXHQWD FRQ HPSOHDGD GRPpVWLFD TXH FRPH HQ HO KRJDU $O LJXDO TXH HO VHJPHQWR % GHVWLQD XQD
PD\RUSURSRUFLyQGHVXVJDVWRVDUXEURVGLVFUHFLRQDOHV(OVHJPHQWR$VREUHVDOHHQJDVWRVFRPR
WUDQVDFFLRQHV¿QDQFLHUDVYHKtFXORVUHFUHDFLyQVDOXG\HGXFDFLyQSULYDGD
+D\XQDELVPRHQWUHHOVHJPHQWR$\HO)(MHPSORGHHOORHVTXHPLHQWUDVHOJDVWRHQDOLPHQWRV
UHSUHVHQWDVRODPHQWHHOHQHOVHJPHQWR$HQWpUPLQRVDEVROXWRVHVWHJDVWRHVYHFHVORTXH
HOVHJPHQWR)JDVWDHQHVWHUXEURSDUDTXLHQHVUHSUHVHQWDXQDWHUFHUDSDUWHGHVXSUHVXSXHVWR
(QRWUDVSDODEUDVFRQORTXHJDVWDHQDOLPHQWRVXQDIDPLOLDGHOVHJPHQWR$FRPHQFXDWURIDPLOLDV
GHOVHJPHQWR)VLQWRPDUHQFXHQWDTXHODFDQDVWDGHDOLPHQWRVHVGLIHUHQWH