Parque de Mar Puerto Barón - Revistas UV

Anuncio
3DUTXHGH0DU3XHUWR%DUyQ
%25,6,9(/,&
! (VFXHODGH$UTXLWHFWXUD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVRERULVLYHOLF#HDGFO
3$%/29É648(=
! 0DJLVWHU$UTXLWHFWXUD\'LVHxRPHQFLyQ1iXWLFR\0DUtWLPR3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVRSDEORYDVTXH]#JPDLOFRP
8QLYHUVLGDGGH9DOSDUDtVR
)DFXOWDGGH$UTXLWHFWXUD
5HYLVWD0iUJHQHV
(VSDFLR$UWH6RFLHGDG
3DUTXHGH0DU3XHUWR%DUyQ
6HSWLHPEUH9RO1ž
3iJLQDVD
,661HOHF
,661LPS
5HFHSFLyQPD\R
$FHSWDFLyQDJRVWR
5(680(1
/RVSULQFLSDOHVSXHUWRVGHOPXQGRKDQVXIULGRXQFDPELRUDGLFDODSDUWLUGHODLQYHQFLyQGHOFRQWDLQHU6H
KDUDFLRQDOL]DGRHOXVRGHOVXHOR\VHKDQGHPROLGRORV´PXURVµTXHORVHSDUDEDQGHODFLXGDG(OSXHUWRGH
9DOSDUDtVRJHVWLRQDFRQXQDHPSUHVDGHUHWDLOXQPDOOHQSXHUWR%DUyQ(O0XQLFLSLRORDSUXHED\XQDSDUWH
LPSRUWDQWHGHODFLXGDGDQtDORUHFKD]D
(O DQWHSUR\HFWR DOWHUQDWLYR TXH DTXt VH SUHVHQWD SUHWHQGH FRQWULEXLU DO GHEDWH VREUH XQD REUD XELFDGD HQ
XQOXJDUHPEOHPiWLFRGHODFLXGDGHQTXHHVWiHQMXHJRHOGHVWLQRPDUtWLPRGH9DOSDUDtVR(OERUGHFRVWHUR
SUiFWLFDPHQWHHVWiYHGDGRFRPRHVSDFLRS~EOLFR\HOSRUFHQWDMHGHiUHDYHUGHHVGHORVPiVEDMRVGH&KLOH
9DOSDUDtVRHVWiHQFULVLV
(ODQWHSUR\HFWRSURSRQHXQSDUTXHPDUtWLPRFRQXQDGREOHLQVWDQFLDPRGHODUODWLHUUDGHOSDUTXHFRPRiUHD
YHUGHGHUHFUHDFLyQ\GHSRUWHV\SHUPLWLUODHQWUDGDFRQWURODGDGHOPDUSDUDJHQHUDUHVSDFLRVKDELWDEOHVGH
QDYHJDFLyQ\EDxR3DUTXHFRQDFFHVRVGHVGHODFLXGDG\GHVGHHOPDUFRQHGLILFLRVYtQFXORVHQWUHHOFHUUR
%DUyQ\HOSDUTXH\HGLILFLRVIORWDQWHVTXHQRDOWHUHQODVUDVDQWHVYLVXDOHVeVWRVSHUPLWLUiQODVXVWHQWDELOLGDG
\YLDELOLGDGHFRQyPLFDGHOSUR\HFWR&RQVROLGDUHQ%DUyQXQSDUTXHLVODSURWHJLGRSDUDTXHVXJHQWHVHSXHGD
EHQHILFLDUGHHVWHH[WUDRUGLQDULRELHQTXHOHUHJDODHO2FpDQR3DFtILFRD9DOSDUDtVR
3$/$%5$6&/$9(
SDUTXHPDUtWLPR9DOSDUDtVRGHVWLQRJHVWLyQFRQIOLFWR
3XHUWR%DUyQVHDSDUN
$%675$&7
0DLQSRUWVLQWKHZRUOGKDYHIDFHGDUDGLFDOFKDQJHVLQFHWKHFRQWDLQHUZDVLQYHQWHG7KHXVHRIWKHODQGKDV
EHHQUDWLRQDOL]HGDQGWKH´ZDOOVµWKDWVHSDUDWHGWKHPIURPWKHFLW\KDYHEHHQGHPROLVKHG/RFDODXWKRULWLHV
DUHQHJRWLDWLQJZLWKDUHWDLOFRPSDQ\WKHEXLOGLQJRIDVKRSSLQJPDOO:KLOHWKHORFDOJRYHUQPHQWVXSSRUWVWKH
SURMHFWDJUHDWSDUWRIWKHSRSXODWLRQLVDJDLQVWLW
7KHDOWHUQDWLYHSURMHFWSURSRVHGKHUHDLPVWRWDNHSDUWRQWKHGHEDWHDERXWDFRQVWUXFWLRQORFDWHGLQDQHP
EOHPDWLFSODFHLQWKHFLW\7KHIXWXUHRI9DOSDUDtVRDVDSURPHQDGHLVDWULVN7KHFRDVWOLQHLVQRORQJHUDSXEOLF
VSDFHDQGWKHSHUFHQWDJHRIJUHHQDUHDVLVRQHRIWKHORZHVWLQ&KLOH9DOSDUDtVRLVLQFULVLV
7KHDOWHUQDWLYHSURMHFWSURSRVHVDSURPHQDGHZLWKDGRXEOHREMHFWLYHWRVKDSHWKHODQGDVDJUHHQDUHDIRU
VSRUWVDQGUHFUHDWLRQDQGDOORZDFRQWUROOHGHQWUDQFHRIWKHVHDWRFUHDWHLQKDELWDEOHVSDFHVIRUQDYLJDWLRQ
DQGVZLPPLQJ7KHVHDSDUNZLOOEHDFFHVVLEOHIURPWKHFLW\DVZHOODVIURPWKHVHDZLWKEXLOGLQJVWKDWZLOO
FRQQHFW&HUUR%DUyQDQGWKHSDUNVDQGÁRDWLQJEXLOGLQJVWKDWZLOOQRWLQWHUIHUHZLWKWKHYLHZ7KHVHEXLOGLQJV
ZLOOPDNHWKHYLDELOLW\RIWKHSURMHFWSRVVLEOH7KHREMHFWLYHLVWRFRQVROLGDWHDSURWHFWHGLVODQGSDUNLQ%DUyQVR
WKDWWKHFRPPXQLW\FDQEHQHÀWIURPWKLVH[WUDRUGLQDU\JLIWJLYHQE\WKH3DFLÀF2FHDQWRWKHFLW\RI9DOSDUDtVR
.(<:25'6
VHDSDUN9DOSDUDtVRGHVWLQ\PDQDJHPHQWFRQÁLFW
3DUFGH0HU3XHUWR%DUyQ
5e680e
/HVSULQFLSDX[SRUWVGXPRQGHRQWVRXIIHUWXQFKDQJHPHQWUDGLFDOjSDUWLUGHO·LQYHQWLRQGXFRQWDLQHU2QD
UDWLRQDOLVpO·XWLOLVDWLRQGXVROHWRQDGpPROLOHV©SDURLVªTXLOHVpSDUDLHQWGHODYLOOH/HSRUWGH9DOSDUDLVRJqUH
DYHFXQHHQWUHSULVHUHWDLOG·XQPDOOjSRUW%DUyQ/D0XQLFLSDOLWpO·DSSURXYHHWXQHSDUWLHLPSRUWDQWHGHOD
FLWR\HQQHWpOHUHMHWWH
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
/·DYDQWSURMHWDOWHUQDWLITXLHVWLFLSUpVHQWpSUpWHQGFRQWULEXHUDXGpEDWVXUXQH±XYUHVLWXpHGDQVXQOLHX
HPEOpPDWLTXHGHODYLOOHRODGHVWLQDWLRQPDULWLPHGH9DOSDUDtVRHVWHQMHX/HERUGF{WLHUHVWSUDWLTXHPHQW
IHUPpHQWDQWTX·HVSDFHSXEOLFHWOHSRXUFHQWDJHG·HVSDFHYHUWHVWXQGHVSOXVIDLEOHVGHVYLOOHVGX&KLOL9DO
SDUDLVRHVWHQFULVH
/·DYDQWSURMHWSURSRVHXQSDUFPDULWLPHDYHFXQHGRXEOHLQVWDQFHPRGHOHUODWHUUHGXSDUFFRPPHXQHVSDFH
YHUWGHUpFUpDWLRQHWVSRUWVHWDLQVLSHUPHWWUHO·HQWUpHFRQWU{OpHGHODPHUSRXUSURGXLUHGHVHVSDFHVKDEL
WDEOHVQDYLJDWLRQHWGHEDLQ8QSDUFDYHFGHVDFFqVGHSXLVODYLOOHHWGHSXLVODPHUDYHFGHVOLHQVHQWUHOD
FROOLQH%DURQHWOHSDUFHWOHVEkWLPHQWVÁRWWDQWVTXLQ·DOWqUHQWSDVOHVUDVDQWHVYLVXHOOHV&HX[FLSHUPHWWURQW
ODGXUDELOLWpHWODYLDELOLWppFRQRPLTXHGXSURMHW&RQVROLGHUXQSDUFvOHSURWpJpj%DUyQSRXUTXHVHVJHQV
SXLVVHQWSURÀWHUGHFHELHQH[WUDRUGLQDLUHGRQQHUSDUO·2FpDQ3DFLÀTXHj9DOSDUDtVR
0276&/e6
SDUFPDULWLPH9DOSDUDtVRGHVWLQJHVWLRQFRQÁLW
25,*(1(/352<(&72
/RVSXHUWRVGHOPXQGRKDQVXIULGRXQFDPELRUDGLFDODSDUWLUGH
ODLQYHQFLyQGHOFRQWDLQHU(VWRKDUDFLRQDOL]DGRHOXVRGHOVXHOR
SRUWXDULR UHGXFLHQGR GUiVWLFDPHQWH VX VXSHUÀFLH \ SHUPLWLHQGR
´GHUULEDUHOPXURµTXHVHSDUDEDHOSXHUWRGHODFLXGDG(VWRVHVSD
FLRVJDQDGRVVHKDQFRQYHUWLGRHQHVSDFLRVS~EOLFRVGHSULPHUD
LPSRUWDQFLD GH ODV FLXGDGHV SRUWXDULDV GHO PXQGR (O SXHUWR GH
9DOSDUDtVRQRKDVLGRDMHQRDHVWDUHDOLGDG\KR\GHEDWHVXGHVWLQR
HQUHODFLyQDVXVHUFLXGDG
(QHVWHVHQWLGRODFLXGDGGH9DOSDUDtVRWLHQHQHJDGDODUHODFLyQ
FRQVXERUGH\HOSXHUWR(VWHKHFKRKDLPSXOVDGRODHODERUDFLyQ
GHSUR\HFWRV\SODQHVPDHVWURVHQHOVHFWRUGRQGHVHHPSOD]DHO
0XHOOH%DUyQFRQHOREMHWLYRGHYLQFXODUODFLXGDGFRQHOPDUSDUD
ODUHFUHDFLyQ\HOJRFHGHWRGRVVXVKDELWDQWHV$QWHHVWDVLWXDFLyQ
VHSURFXUDHODERUDUXQSUR\HFWRTXHLQYROXFUDDODVVLJXLHQWHVHQ
WLGDGHV(PSUHVD3RUWXDULDGH9DOSDUDtVRHO(VWDGRDWUDYpVGHOD
0XQLFLSDOLGDGGH9DOSDUDtVR0230LQLVWHULRGH9LYLHQGD0HUYDO
3XHUWR9DOSDUDtVR'HSRUWLYR
$&78$/,'$''(/352<(&72
'HODVSURSXHVWDVTXHVHKDQSUHVHQWDGRVHKDHVFRJLGR\VHGLV
FXWHODFRQVWUXFFLyQGHXQ0DOOFHQWURFRPHUFLDOHQHO0XHOOH%D
UyQSURSXHVWDGHOJUXSR´3OD]D9DOSDUDtVR6$µ(VWDVLWXDFLyQTXH
KDSURYRFDGRPDOHVWDUHQGLVWLQWRVVHFWRUHV\RUJDQL]DFLRQHVGHOD
FLXGDGWDQWRSRUHOLPSDFWRFRPHUFLDO\YHKLFXODUTXHVHJHQHUDUtD
HQOD]RQDFRPRSRUVXSURSXHVWDDUTXLWHFWyQLFD(OORVPDQLÀHVWDQ
8Q0DOOHVXQHGLÀFLRFRQVWUXLGRSDUDPLUDUKDFLDDGHQWURQRSDUD
UHFRQRFHU\HORJLDUHOERUGHFRVWHURGRQGHVHHPSOD]D(VWRHVXQD
FRQWUDGLFFLyQFRQODDSHUWXUDGHHVWHOXJDUFRPRHVSDFLRS~EOLFR
(Q WRUQR D HVWH GHEDWH OD RSLQLyQ FLXGDGDQD HVWi GLYLGLGD HQWUH
ORVTXHVHRSRQHQDODFRQVWUXFFLyQGHXQPDOOHQHVWRVWHUUHQRV
\ORVTXHORSURPXHYHQ6LQHPEDUJRHQORVSUR\HFWRVDOWHUQDWLYRV
WRGRVFRQVLGHUDQHOPDOO
(VWHDQWHSUR\HFWRSUHWHQGHDSRUWDUFRQXQDGREOHRSFLyQWUDWDUHO
OXJDUQRVyORGHVGHODWLHUUDVLQRWDPELpQGHVGHHOPDU\TXHSHU
PLWDGLOXFLGDUTXpHVORPiVFRQYHQLHQWHSDUDODFLXGDGDEULHQGR
HOGHEDWHDQXHYDVRSFLRQHV
,03257$1&,$'(5(62/9(5(/352<(&72
3XHUWR%DUyQGHEHVHUKR\XQRGHORVWHUUHQRVPiVLPSRUWDQWH\
VLJQLÀFDWLYRGHODFLXGDGGH9DOSDUDtVRDSRUVXXELFDFLyQESRU
OD PDJQLWXG GH iUHD GHVSHMDGD F SRU SRVHHU DSUR[LPDGDPHQWH
PWVGHERUGHFRVWHURGSRUODFRQYHUJHQFLDGHVXVYtDVGH
FLUFXODFLyQ
/DFLXGDGGH9DOSDUDtVRWLHQHXQGHiUHDYHUGHSRUKDELWDQ
WHORQRUPDOHVXQHQ9DOGLYLDHVXQ\SUiFWLFDPHQWH
QHJDGR VX DFFHVR DO ERUGH FRVWHUR /D FLXGDG QR KD FRQVWLWXLGR
DOJR IXQGDPHQWDO SDUD VXV KDELWDQWHV FRPR HV OD UHFUHDFLyQ HO
GHSRUWHJUDWXLWRFRWLGLDQRORVHVSDFLRVFXOWXUDOHV
3RU HVWR TXHUHPRV H[SRQHU HVWH DQWHSUR\HFWR FRPR XQD SURSR
VLFLyQ DELHUWD TXH SXHGD VHU GHEDWLGD D WRGRV ORV QLYHOHV \ TXH
SXHGDVHUPHMRUDGDFRPSOHWDGDRUHFKD]DGD
2EMHWLYR*HQHUDO
&UHDFLyQ GHO HVSDFLR GH ERUGH FRVWHUR S~EOLFR 3DUTXH GH 0DU
3XHUWR%DUyQ
([WHQGHUHOVXHORKDELWDEOHGHODFLXGDGDWUDYpVGHXQERUGHSHU
PHDEOHSUR\HFWDQGRXQDHQWUDGDGHPDU\HQWUDGDVGHODFLXGDG
KDFLDHOPDUDWUDYpVGHHOHPHQWRVDUTXLWHFWyQLFRVÀMRV\PyYLOHV
HQTXHHOPRYLPLHQWRGHODVPDUHDVODVFRUULHQWHVHOROHDMH\ORV
SRVLEOHVWVXQDPLVVRQUHTXHULPLHQWRVHVHQFLDOHVTXHGHEHDERU
GDUHODQWHSUR\HFWR
2EMHWLYRV(VSHFtÀFRV
'HVGHHOPDU&RQVWLWXLUHQ%DUyQXQPDULQWHULRUSURWHJLGRXQ
PDUKDELOLWDGRDP~OWLSOHVRSFLRQHVSDUDTXHVXVFLXGDGDQRVVH
EHQHÀFLHQGHHVWHH[WUDRUGLQDULRELHQTXHUHJDODHO2FpDQR3DFt
ÀFRD9DOSDUDtVRGDQGRFDELGDDXQDPDULQDS~EOLFDXQSXHUWR
GHHPEDUFDFLRQHVPHQRUHV\GHWXULVPRXQDFDOHWDXQH[WHQVR
! )LJXUD0XHOOH%DUyQ)RWRJUDItDDXWRUHV
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
EDOQHDULRFRQSOD\DODSUiFWLFDGHGHSRUWHVQiXWLFRVND\DNUHPR
FDQRDZLQGVXUI\SHVFDGHSRUWLYD
'HVGHWLHUUD([WHQGHUHOWUD]DGRXUEDQRGHOEDUULR$OPHQGUDO
FRQHFWiQGRORÁXLGDPHQWHDO3DUTXHGH0DU3XHUWR%DUyQHYLWDQGR
REVWiFXORV\PXURVWUDQVYHUVDOHVUHGLVHxiQGRVHODVFLUFXODFLRQHV
YLDOHV \ GDQGR FDELGD D ODV iUHDV YHUGHV GHO SDUTXH FRQ SLFQLF
SDVHRVFLFORYtDVWURWH\FDQFKDVGHGHSRUWHVI~WEROEiVTXHWERO
YyOHLEROWHQLV
6HPDQWLHQHOD%RGHJD6LPyQ%ROtYDUGHFODUDGRLQPXHEOHGH
FRQVHUYDFLyQKLVWyULFDSRUHOYDORUDUTXLWHFWyQLFRGHVXHVWUXFWXUD
WULDUWLFXODGD(YLWDUTXHVHDXQREVWiFXORYLVXDO\ItVLFRSHUPLWLHQ
GR DOEHUJDU XQ SURJUDPD DELHUWR PXVHRV H[SRVLFLRQHV FRQFLHU
WRVDFXDULRVOLEUHUtDVUHVWDXUDQWHVKRWHOSDUDHYHQWRVFRPHUFLR
GDGR QXHVWUD PiV SURIXQGD PHWDItVLFD HVSDFLDO GH KR\
KHPRVSHUGLGRODIRUPDKHPRVSHUGLGRHOPDUHQ9DOSD
UDtVRS
‡ (QVHSXEOLFDHOSRHPD$PHUHLGD\VHSURGXFHODSURFOD
PDFLyQGHODpSLFDDPHULFDQDHQTXHHO´2FpDQR3DFtÀFRµ\HO
´0DU ,QWHULRU GH $PpULFDµ H[WHQVLyQ GHVKDELWDGD \ VLQ IXQGD
FLyQ GHO LQWHULRU GH $PpULFD GHO VXU VRQ ORV GRV JUDQGHV GHV
FRQRFLGRVTXHQXHVWURFRQWLQHQWHQRKDDVXPLGRFRPRSRVLEOH
GHVWLQRDPHULFDQR
‡ (QSUHVHQWDPRVHO3UR\HFWRGHODDYHQLGDGHOPDU3UR\HF
WRDOWHUQDWLYRDOD9tD(OHYDGD023FRPRHOHPHQWRJHQHUDGRU
GHXQDQXHYDHVWUXFWXUDXUEDQDGHOERUGHFRVWHURSDUD9LxDGHO
0DU\9DOSDUDtVR
HQODVDODVODWHUDOHVGHOVHJXQGRSLVR
>«@3ULPHUHOHPHQWRXUEDQRGHODFLXGDG
/RVREMHWRVSDWULPRQLDOHVTXHVHUHVFDWHQGHODVH[FDYDFLRQHVDU
TXHROyJLFDVSRGUtDQFRQVWLWXLUHOPXVHRKLVWyULFRGH9DOSDUDtVRHQ
XQRGHVXVPyGXORV
9DOSDUDtVRFLXGDGTXHVHFRORFDIUHQWHDO2FpDQR3DFtÀFR
SDUDWHVWLPRQLDUHOGHVWLQR0DUtWLPRGHQXHVWUD3DWULDFXL
GDQGRQRDEDQGRQDQGRODRULOODGHOPDU$$99
'LVHxDU XQRV HGLÀFLRV TXH IRUPHQ SDUWH HVSDFLDO GHO SDUTXH
FRQXQXVRPL[WRDSDUDHODUULHQGRRYHQWDDSULYDGRVORFDOHV
GHSDUWDPHQWRRÀFLQDVKRWHOEHVSDFLRS~EOLFRSURSLRGHOSDUTXH
SOD]DVWHFKDGDVDFFHVRVIXQLFXODUHV
(GLÀFLRV TXHSHUPLWDQFRQWULEXLUDODYLDELOLGDG GHOSUR\HFWR\VX
PDQWHQFLyQVLQLPSHGLUODVYLVXDOHV\RFXSDQGRPHQRVGHXQ
GHODVXSHUÀFLHGHOSDUTXH
)81'$0(1726
6REUHHOGHVWLQRPDUtWLPR
‡ (QVHSXEOLFDOD7HVLVGHO3DFtÀFRHQGRQGHVHIXQGDPHQ
WDQODV´FDUHQFLDVµKLVWyULFDV\DFWXDOHVGH&KLOH\$PpULFDGHQR
KDEHUDVXPLGRODUHDOLGDGGHO2FpDQR3DFtÀFR
+R\QDFLRQHVVRPRVDMHQDVDOSDFtÀFRORVDQGHVVRQ
PXUDOOD\HORFpDQRXQPDUQRUWHDPHULFDQR\UXVR6yOR
FRQHOPDULQWHULRUWHQGUHPRVRFpDQRÓQLFDPHQWHTXLH
QHV DVXPHQ VX FRQWLQHQWDOLGDG VH SUR\HFWDQ ³KR\³ DO
2FpDQR 3DFtÀFR 1L $VLD QL $XVWUDOLD QL $PpULFD /DWLQD
SRUHVWROODPDPRVDORFpDQRFDUHQFLDTXHIDOWD\QRVOOD
PD$$99
1XHVWUD(VFXHODGH$UTXLWHFWXUD\'LVHxRGHVGHVXUHIXQGDFLyQHQ
KD SODQWHDGR HQ VXV IXQGDPHQWRV TXH 9DOSDUDtVR \ &KLOH
QRKDQDVXPLGRODUHDOLGDGGHO2FpDQR3DFtÀFRFDUHQFLDFRPR
XQHOHPHQWRGHWHUPLQDQWHHQVXGHVWLQR'HVWLQRHQWHQGLGRFRPR
XQDYROXQWDGTXHHVGLULJLGDDXQDGHWHUPLQDFLyQDXQÀQDXQD
PLVLyQ $ FRQWLQXDFLyQ UHDOL]DPRV XQ HVWUDFWR GH ORV SULQFLSDOHV
SUR\HFWRVWHVLV\WHRUtDVDORODUJRGHHVWRVDxRVVREUHHO3DFtÀFR
TXHQRVGDQEDVHVSDUDHVWHDQWHSUR\HFWRTXHSUHVHQWDPRV
‡ (QVHSXEOLFD0DULWRULRGHORVDUFKLSLpODJRVGHOD3DWDJR
QLD2FFLGHQWDO
‡ (QVHSXEOLFDHO(VWXGLR8UEDQtVWLFRSDUDXQD3REODFLyQ
2EUHUDHQ$FKXSDOODV
(O0DULWRULRHVXQFRQFHSWRGHiUHDJHRJUiÀFDTXHFRQMX
JDODFRPXQLFDELOLGDGODULTXH]DHODUUDLJR\ODHQHUJtD
3RUSULPHUDYH]VHSODQWHDTXHHOGHVWLQRGH9DOSDUDtVRHVWiHQHO
PDU(OSUR\HFWR\VXWHVLVFUHDXQDHVWUXFWXUDXUEDQDGHFRQH[LyQ
GLUHFWDGH$FKXSDOODVFRQHOERUGHPDUtWLPR
3DUD SREODU KD\ TXH IXQGDU HQ OD FRPSOHMLGDG GHO iUHD
³´PDULWRULRµ³~QLFDPDQHUDGHFRQVWLWXLUFLXGDG)XQGDU
FRQXQVRORÀQQRHVSREODUSXHGHVHUGHIHQGHUH[SORWDU
HWF 6ROR QRV FRQGXFH D HVWDEOHFHU IDFWRUtDV R FDPSD
PHQWRV6iQFKH]
(OXUEDQLVWDGHVFXEUHHOGHVWLQRGHODFLXGDG\ODFRORFD
HQHOHVSDFLRSDUDTXHODFLXGDG\VXVKDELWDQWHVYLYDQVX
GHVWLQR&UX]
¢3HURWLHQH9DOSDUDtVRXQGHVWLQR"S
9DOSDUDtVRKDROYLGDGRHOPDUTXL]iVODGXUH]DGHOPDUOR
KDKHFKRYDFLODU
/D RULOOD GHO PDU HVWi YHGDGD OD JHQWH PDULQHUD TXH YH
OOHJDUORVEXTXHVGHVGHORVFHUURVQRSXHGHOOHJDUKDVWD
HO ERUGH GHO DJXD OD JHQWH GH WLHUUD QR SXHGH WRPDUVH
HQ QLQJXQD WHUUD]D QLQJ~Q UHIUHVFR QDGLH SXHGH QXQFD
PRMDUVHORVSLHVHQHODJXDS
6H KD SHUGLGR OD RULOOD VH KD SHUGLGR HO PLVWHULR GH OD
XQLyQGHODJXDFRQODWLHUUDGHODJXDFRQODURFDFRQHO
PRORGHODJXD\DUHQD\FXDQGRKHPRVSHUGLGRHOERUGH
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
0DULWRULRFRQFHSWRDQiORJRDWHUULWRULR/DSDODEUDQDFH
HQ9DOSDUDtVRDSURSyVLWRGHXQHVWXGLRVREUHODUD]yQGH
VHUGHODORFDOL]DFLyQGHVXVFLXGDGHVFRVWHUDV
7DOFRPRVHIXQGDHQHOWHUULWRULRVXUJHHOPDULWRULRFRPR
FRQFHSFLyQGHPDJQLWXGGHPDU
‡ (QUHDOL]DPRV\H[SRQHPRVS~EOLFDPHQWHHO3UR\HFWRGHO
(VWHURGH9LxDGHO0DUSXEOLFDGRDGHPiVHQODUHYLVWD&$
/D REUD SURSXHVWD GHMD HQWUDU DO LQWHULRU GH OD FLXGDG HO
DJXDGHPDU6HTXLHUHWUDQVIRUPDUHOHVWHURHQXQEUD
]RGHPDU/DREUDSURSRQHTXHHVWH(OHPHQWR8UEDQRVH
FRQYLHUWDHQODFROXPQDYHUWHEUDOWUDQVIRUPDGRUD\UHQR
YDGRUD GH OD FLXGDG OOHYDQGR OD YLGD GHO PDU DO LQWHULRU
PLVPRGHHOODFRQVXIDXQD\VXVHPEDUFDFLRQHVSHVTXH
UDVGHSRUWLYDV\WXUtVWLFDV$$99
‡ (QVHSXEOLFDHOOLEUR$\VpQ&DUWDGHOPDUQXHYRYLVLyQGH
$\VpQFRPRWLHUUDGHOD´WUDSDQDQGDµTXHVHJ~QVXHWLPRORJtD
HVWUDPSDHQJDxR\FiUFHO\TXHD~QQRUHVXHOYHHVWDQRPLQD
FLyQDSHVDUGHKDEHUHQWUDGRDOVLJOR;;,
!,661HOHFWUyQLFR
!,661LPSUHVR
‡ (QSXEOLFDPRV(O3DFtÀFRHVXQPDUHUyWLFR
>«@HOPDULQWHULRUQRVHYDDUHYHODUQXQFD(VWRORGLFH
$PHUHLGDGHVSXpVGHVXSURSLDWUDYHVtDPLHQWUDVQRVH
UHYHOHHO2FpDQR3DFtÀFR(OPDULQWHULRUQRVHYDDUHYHODU
QXQFD(VWRFUHR\RKDVLGRROYLGDGR«
>«@HOXQRSRUHORWURHO3DFtÀFRSRUHO´PDULQWHULRUµ\HO
´PDU LQWHULRUµ SRU HO 3DFtÀFR $PpULFD YD D DGTXLULU PXQ
GLDOLGDG VROR SRU HO 3DFtÀFR 7LHQH HO $WOiQWLFR \ QR WLHQH
PXQGLDOLGDG6LJXHVLHQGRXQDIDFWRUtD,RPPL
‡ (QSXEOLFDPRVXQDUWtFXORHQODUHYLVWD&$´1XHVWUD/DWL
WXG3DWDJRQLDµHVXQDYLVLyQGHOD3DWDJRQLD2FFLGHQWDODSDUWLU
GHODWHRUtDGHPDULWRULR\VXSRVLELOLGDGIXQGDFLRQDO
HODUFKLSLpODJRPDULWRULRIXHVHxDODGRFRPRWLHUUDLQKyV
SLWD\ODWHRUtD%XWODQGODGLYLGLyHQKDELWDEOHHLQKDELWD
EOH'DUZLQODWLOGyGHGHVLHUWRYHUGHHLQ~WLOS
$OVREUHSRQHU$PpULFD$XVWUDOFRQHOQRUWHGH(XURSDD
LJXDOHVODWLWXGHVSRGHPRVYHULÀFDUFLXGDGHVSOHQDVFRPR
ÉPVWHUGDP %HUOtQ *ODVJRZ 'XEOtQ \ RWUDV LJXDOPHQWH
SOHQDVHVWiQHQODWLWXGHVPiVH[WUHPDV+HOVLQNL(VWRFRO
PR2VOR%DL[DV,YHOLF
‡ (QSXEOLFDPRV&KLOHHVXQ$UFKLSLpODJR
´$UFKLµ VLJQLÀFD PXFKRV LQQXPHUDEOHV WDOYH] LQÀQLWRV
´3LpODJRµVLJQLÀFDRFpDQR\PDUSHURWDPELpQDELVPRVH
LQPHQVLGDGHV8QDUFKLSLpODJRQRHVXQFRQMXQWRGHLVODV
VLQR XQ FRQMXQWR GH PDUHV < HVD GLIHUHQFLD HV UDGLFDO
&KLOHHVXQDUFKLSLpODJRSRUTXHVHHQFXHQWUDURGHDGRSRU
XQFRQMXQWRGHPDUHV(O2FpDQR3DFtÀFR(OPDUSUHVHQ
FLDO(OPDULQWHULRUGH$PpULFD(OPDUQXHYRGH$\VHQ(O
$WOiQWLFR5H\HV
‡ (QFUHDPRVHOSRVWJUDGRHQ´$UTXLWHFWXUD\'LVHxRPHQ
FLyQ 1iXWLFR \ 0DUtWLPRµ &RPR UHFODPR GH QXHVWUD SURSLD LQ
WHULRULGDG \ SDUD VHU FRQVHFXHQWHV FRQ QXHVWURV SRVWXODGRV
IXQGDPRVHVWHSRVWJUDGR(OFXHUSRGHSURIHVRUHVORFRQVWLWX\H
XQHTXLSRGHLQJHQLHURVPDUtWLPRFLYLOHVKLGUiXOLFRVGHÁXLGRV
QDYDODUTXLWHFWRQDYDOXQRFHDQyJUDIR\ODSODQWDGHDUTXLWHF
WRV\GLVHxDGRUHVGHOPDJtVWHU$GHPiVFXHQWDFRQORVHTXLSRV
GHODERUDWRULRVSDUDORVGLVWLQWRVHQVD\RVGHPRGHORVKLGUiXOL
FRV(VWHVRSRUWHQRVSHUPLWHSODQWHDUHOSUHVHQWHDQWHSUR\HFWR
([SRQHPRV DOJXQRV H[WUDFWRV GH WHVLV TXH QRV OLJDQ DO SUHVHQWH
DQWHSUR\HFWR
²7HVLVGHJUDGR10´&RQFHSFLyQGHODJXDFRPRHOHPHQ
WRDUTXLWHFWyQLFRGHUHYLWDOL]DFLyQ3UR\HFWR-DUGtQGHODJXDHQHO
HVWHUR0DUJDPDUJDGH9LxDGHO0DUµ
$FWXDOL]DFLyQGHOSUR\HFWRGHPHGLDQWHGUDJDGRVGHOHVWHUR
VHLQWURGXFHHODJXDGHPDU\XQVHJXQGRWUDPRGHGiUVHQDVHVFD
ORQDGDV\HVFOXVDVTXHFRQWUROHQORVÁXMRV\SHUPLWDQUHVJXDUGR
DQWHFUHFLGDV
/DGHVSURWHFFLyQGHO3XHUWRGH9DOSDUDtVR\HOLPSDFWRXU
EDQRHQVXSRVLEOHH[SDQVLyQUHTXLHUHQSODQWHDUXQQXH
YRWHUPLQDOPDUtWLPRFRPSOHPHQWDULR/DGHVHPERFDGXUD
GHO UtR $FRQFDJXD HV HO OXJDU DSURSLDGR SRU XELFDFLyQ
HQFODYH\SURWHFFLyQQDWXUDO6R]D
²7HVLVGHJUDGR10´'HVWLQR0DUtWLPR\FLXGDG5HFXSH
UDFLyQGHOERUGHFRVWHURHQWUH9LxDGHO0DU\9DOSDUDtVRµ
6HWUDWDGHWUHVWHVLVFRUUHVSRQGLHQWHDFDGDWUDPR&DOHWD$EDUFD
&XUYDORV0D\RV&XUYDORV0D\RV<RODQGD<RODQGD%DUyQ$FWXD
OL]DHOSUR\HFWR$YHQLGDGHO0DUGH(VWHSUR\HFWRLQWURGXFH
HO DJXD FDOPD DO ERUGH FRVWHUR HQ IRUPD GH GiUVHQDV SLVFLQDV
FDQDOHV$JXDTXHHVFRQWHQLGDDWUDYpVGHPRGHODUODWLHUUD
/DDYHQLGD(VSDxDHVXQWXERFRQWLQXRTXHRFXSDHODQ
FKR WRWDO GHO ERUGH LPSLGH GHWHQHUVH DO DXWRPyYLO \ OH
QLHJDDOSHDWyQDFFHGHUDODSOD\D/DYtDHOHYDGD023
UHGXMR&DOHWD$EDUFDHOLPLQyODSOD\D3RFD2OD\DUUDVy
FRQHOEDOQHDULR5HFUHR\VXSLVFLQD%DH]D
²7HVLVGHJUDGR10´(OPDUFRPRWHUULWRULRKDELWDEOHHQ
9DOSDUDtVR%DUyQ\<RODQGD0XVHRGHOPDU3DFtÀFR6XUµ
0HGLDQWHXQPRGHORPDUtWLPRGHSUXHEDUHDOL]DGRHQHOVHFWRU%D
UyQ\<RODQGDVHGHPRVWUyODKLSyWHVLVGHTXHHOPXHOOH%DUyQHVXQ
SXHUWRGHVSURWHJLGRDOVXIULUIURQWDOPHQWHORVHPEDWHVGHODVRODV
(ODJXDFRPRHOHPHQWRXUEDQR
(QHORULJHQGHODVFLXGDGHVVLHPSUHHVWXYRSUHVHQWHHODJXDSDUD
DEDVWHFHUVHGHHOODHQHOFRQVXPRGRPpVWLFR\VHUXQHOHPHQWR
GHFLUFXODFLyQ/XHJRHUDQFLXGDGHVSXHUWRVODFXVWUHVRÁXYLDOHV
(Q(JLSWRHOIDUDyQ5DPVpVIXQGyXQDJUDQFLXGDGHQXQRGHORV
GHOWDVGHO1LOR(QHOWUDQVFXUVRGHOWLHPSRHOGHOWDFDPELyVXFXU
VR GHMDQGR VLQ UtR OD FLXGDG 5DPVpV PDQGy WUDVODGDU OD FLXGDG
DOQXHYRFXUVRORTXHLPSOLFDEDFDPELDUGHOXJDUORVJLJDQWHVFRV
PXURVGHSLHGUDFRQTXHHVWDEDFRQVWUXLGD
&RQODLQYHQFLyQGHODFDxHUtDHODEDVWHFLPLHQWRGHDJXDGRPpVWL
FRQRGHSHQGLyQHFHVDULDPHQWHGHOUtR\FRQODLQYHQFLyQGHRWURV
PHGLRVGHFLUFXODFLyQSRUWLHUUDRSRUDLUHGHMyGHVHUHO~QLFRPHGLR
SDUDODFLUFXODFLyQ+R\SULQFLSDOPHQWHHQ(XURSD\HQODVJUDQGHV
FLXGDGHVHVXQHVSDFLRGHSDVHRGHFRQWHPSODFLyQ\XQHOHPHQWR
GH VHJXULGDG SDUD HYLWDU FUHFLGDV H LQXQGDFLRQHV /DV DJXDV TXH
VXUFDQODFLXGDGVHKDQWUDQVIRUPDGRHQXQ´HOHPHQWRXUEDQRµ
5HFRUUHU FRQWHPSODWLYDPHQWH ODV FLXGDGHV HXURSHDV HQ XQ DXWR
PyYLOHVFDVLLPSRVLEOH(QWUHHOUHTXHULPLHQWRGHODYHORFLGDG\
ODÁXLGH]HVGLItFLOGHWHQHUVHDFRQWHPSODUDOJRTXHQRVOODPDOD
DWHQFLyQ QR VH SXHGH SDVHDU HQ DXWRPyYLO /RV REVWiFXORV SUR
SLRV GH HOOD FUXFHV VHPiIRURV SHDWRQHV QR SHUPLWHQ FLUFXODU
OHQWDPHQWH(QFDPELRDERUGDUHPEDUFDFLRQHVGHSDVHRSRUORV
PDUHVUtRVRODJRVSHUPLWHQXQDQDYHJDFLyQVLQREVWiFXORVWUDQ
TXLODVHUHFRQRFHODFLXGDG\VHODSXHGHFRQWHPSODUUHODMDGDPHQ
WHVLQODVWHQVLRQHVGHOWUiÀFRGHWLHUUD
0HGLDQWHURPSHRODVVXPHUJLGRVGHUHVJXDUGRLQYLVLEOHV
REVHUYDUGHVGHHOLQWHULRUGHOHVWHURHOKRUL]RQWHPDULQR
/DVDJXDVJHQHUDQERUGHVFUHDQHVSDFLRVDPSOLRVOHMDQtDVGLV
WDQFLDVYDFtRVFRVWDQHUDVKLWRVFLXGDGDQRVUHIHUHQFLDV
TXHWUDHODGLPHQVLyQGHYDVWHGDGRFHiQLFD\FRQFLHQFLD
GH´EUD]RGHPDUµ6DRQD
9DOSDUDtVRODPHQWDEOHPHQWHDERYHGyODDYHQLGD$UJHQWLQD
² 7HVLV GH JUDGR 10 ´3XHUWR HQ DJXDV LQWHULRUHV SURWH
JLGD3XHUWRSDUTXHKXPHGDOHQODGHVHPERFDGXUDGHOUtR$FRQ
FDJXDµ
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
(O XUEDQLVPR GH ODV JUDQGHV FLXGDGHV LQFRUSRUD HO DJXD FRPR
HOHPHQWR FRQVWLWXWLYR XUEDQRSLpQVHVHHQ9HQHFLD3DUtV \ HOUtR
6HQD+DPEXUJR\VXVDJXDVÁXYLDOHV\ODFXVWUHV(QODVFLXGDGHV
QyUGLFDVGH&RSHQKDJHQ(VWRFROPR2VOR\+HOVLQNLHODJXD\OD
WLHUUDVHHQWUHOD]DQ+RODQGDHVDWUDYHVDGRSRUXQDUHGGHFDQDOHV
QDYHJDEOHV/RPLVPRODFLXGDGGHO7LJUHHQ$UJHQWLQDTXHKDFH
GHOGHOWDGHO3DUDQiXQDFLXGDGHODFRQFDQDOHVGHFLUFXODFLyQ
(Q&KLOHWDPELpQVRQHOHPHQWRVSRWHQFLDGRUHVGHODFLXGDGQXHV
WUDFLXGDGSXHUWRGH9DOSDUDtVRTXHOXFKDSRUUHFXSHUDUVXRULOOD
ODVFLXGDGHVEDOQHDULRVGH9LxDGHO0DU/D6HUHQDTXHKDDFHU
FDGRODFLXGDGDOPDUODFLXGDGÁXYLDOGH9DOGLYLDODVFLXGDGHVOD
FXVWUHVGH3XHUWR9DUDV3XFyQ\9LOODUULFD6RQFLXGDGHVHOHJLGDV
SDUDHOGHVFDQVR\HOWXULVPR
! )LJXUD&RSHQKDJHQVHFRQWHPSODODFLXGDGSDVHDQGRSRUORV
FDQDOHVXUEDQRV)RWRJUDItDDXWRU
7LHUUD\DJXDORÀMR\ORPyYLOFRQWLQHQWH\FRQWHQLGR6HGLFHHO
DJXD WRPD OD IRUPD GHO HOHPHQWR TXH OR FRQWLHQH GHO VyOLGR (O
DJXDHVXQÁXLGRÁX\H&RQVWUXLPRVODIRUPDGHODJXDDWUDYpVGH
GDUIRUPDDODWLHUUDGiUVHQDFDQDOPDULQDSXHUWREDOQHDULRFD
OHWDSOD\D3XHGHQVHUDJXDVTXLHWDVDJXDVFRQFRUULHQWHDJXDV
WXUEXOHQWDVUiSLGRVVDOWRV6HODVSXHGHFRQWURODUHQXQFDQDO
VXELU R EDMDU VX QLYHO FRQ FRPSXHUWDV SURWHJHU HO ERUGH FRVWHUR
PHGLDQWH URPSHRODV R PXURV WDPELpQ SURYLVWRV GH FRPSXHUWDV
FHUUDUHQWUDGDVGHPDUPHGLDQWHEDUUHUDVGHSURWHFFLyQ
&RQFOXVLyQHVDWUDYpVGHODWLHUUDGHOVyOLGRTXHVHFRQVWUX\HOD
IRUPDGHODJXD
1RVHSXHGHFRPSHWLUFRQHOPDUDELHUWRFRPRHVQXHVWUR3DFtÀFR
! )LJXUD&RSHQKDJHQSDVHRÁXYLDO\SHDWRQDO)RWRJUDItDDXWRU
(QHOWHPSHVWXRVRPDUGHOQRUWHORVLPSRUWDQWHV3XHUWRVGH5RW
WHUGDP$PEHUHV\+DPEXUJRHVWiQXELFDGRVHQODVFXHQFDVGH
ORVUtRV0RVD(VFDOGD\(OEDUHVSHFWLYDPHQWH3XHUWRVFRPSOHWD
PHQWH SURWHJLGRV GH RODV \ WHPSRUDOHV FRQ UHVHUYDV VXÀFLHQWHV
SDUDVLWLRVGHDWUDTXH\IXWXUDVDPSOLDFLRQHV
/DWHQGHQFLDPXQGLDOGHORVSXHUWRVDSDUWLUGHODV2OLPStDGDVGH
%DUFHORQDHV´GHUULEDUVXVPXURVµHLQWHJUDUORVDOHVSDFLRFLXGD
GDQR$VtVHWUDQVIRUPDQDFRJLHQGRSDVHRVPDULQDVPLUDGRUHV
UHVWDXUDQWHV
6yORKD\FLXGDGFXDQGRFRH[LVWHQHORFLR\HOQHJRFLRVLQR
HVXQFDPSDPHQWRRIDFWRUtD$PHUHLGD,,
(Q (XURSD \ HQ PXFKDV OXJDUHV GHO PXQGR HO ERUGH FRVWHUR HV
HOHVSDFLRS~EOLFRGHWRGRVVXVFLXGDGDQRV(VGHWRGRV\QRHV
GHQDGLH1RVHSXHGHFRQVWUXLUHQHVHERUGHQRHVXQHVSDFLR
LQPRELOLDULR$OJXQRVGLFHQHVHOHVSDFLRSDWULPRQLRGHWRGRVORV
KRPEUHV1RVSRQHHQFRQWDFWRFRQWRGRVORVFRQWLQHQWHV
/DPHQWDEOHPHQWH HO ERUGH PDUtWLPR GH 9DOSDUDtVR VH DVHPHMD
PiV D XQ VHFWRU LQGXVWULDO GH SRVWJXHUUD +HPRV GHVYDORUL]DGR
QXHVWUR PDU /R KHPRV FRQWDPLQDGR \D SUiFWLFDPHQWH QR WHQH
PRVSHVFDHVSHOLJURVREDxDUVHHQQXHVWUDVSRFDVSOD\DV
6REUHJHVWLyQXUEDQD
(QODGpFDGDGHOIUHQWHDODFRQJHVWLyQYHKLFXODU%RVWRQFRQV
WUX\HXQDGHODVSULPHUDVYtDVHOHYDGDVHQHOPXQGR&RQHOGHYHQLU
GHOWLHPSRVHVDWXUD\DSDUHFHHOGHWHULRURDOTXHKDVLGRH[SXHVWD
ODFLXGDGFRUWiQGRODHQGRVFRQWDPLQDQGRVXDLUH\VXDF~VWLFD
(Q OD GpFDGD GHO HO VHFUHWDULR GH WUDQVSRUWH )UDQN 6DOEXFFL
SURSRQHXQFDPELRUHYROXFLRQDULRSURFODPDKD\TXHGHPROHUORV
HUURUHV XUEDQRV UHHPSOD]iQGRORV SRU DXWRSLVWDV VXEWHUUiQHDV \
SDUTXHV (Q XQ SURGLJLR LQJHQLHULO VH FRQVWUX\HQ ORV W~QHOHV VLQ
GHWHQHUHOWUiÀFR$VtODFLXGDGHVUHRULJLQDGD(OPXURTXHVLJQLÀ
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
FDEDODYtDHOHYDGD\TXHVHSDUDEDODFLXGDGGHOPDUHVGHPROLGR
\WUDQVIRUPDGRHQXQSDUTXH
/RVFLXGDGDQRVGH%RVWRQUHFREUDQHOPDUHOSDVHRDSLHQXHYDV
iUHDVYHUGHV\YXHOYHQDGLVIUXWDUGHVXKHUPRVDFLXGDG
(Q6mR3DXORXQDGHODVFLXGDGHVPiVFRQJHVWLRQDGDVGHOPXQ
GR OD LQIUHVWUXFWXUD GH WUiQVLWR DYHQLGDV DXWRSLVWDV PHWUR IH
UURFDUULOVyORORJUDQSDOLDUXQWHUFLRGHODVQHFHVLGDGHVFRQHOOR
VHSURGXFHQWDFRVGHKDVWDFLQFRKRUDV+R\ODVDXWRULGDGHVORV
XUEDQLVWDV\ORVDUTXLWHFWRVFULWLFDQODIDOWDGHSUHYLVLyQTXHGHELy
WRPDUVHKDFHWUHLQWDDxRV
&RPRVHH[SOLFyHQHOFDStWXORVREUHHOGHVWLQRPDUtWLPROD(VFXHOD
GH$UTXLWHFWXUD\'LVHxRGHOD38&9GHVDUUROOyXQSUR\HFWRGHOD$YH
QLGDGHO0DUHQHODxRSDUDODXQLyQGH9DOSDUDtVR\9LxDGHO
0DU3UR\HFWRTXHHUDFRQWUDSDUWLGDDOGHOD9tD(OHYDGDGHO0LQLVWH
ULRGH2EUDV3~EOLFDVTXHSURSRQtDXQDQXHYDYtDH[SUHVDHOHYDGD
HQSLORWHVVREUHHOERUGHPDUtWLPRTXHKR\HVOD$YHQLGD(VSDxD
! )LJXUD(O3XHUWRGH5RWWHUGDPXELFDGRHQHOLQWHULRUSURWHJLGRGHO
UtR0RVD(VXQDH[WHQVLyQGHNLOyPHWURVFRQNLOyPHWURVGHERUGH
SRUWXDULRFRQVWUXLGR)XHQWH(ODERUDFLyQSURSLD
3RUSULPHUDYH]VHGHVHQFDGHQyHQ&KLOHXQDDFFLyQS~EOLFDHQ
GHIHQVDGH9DOSDUDtVR\9LxDGHO0DUDQWHXQDREUDTXHDMXLFLRGH
OD(VFXHODDWHQWDEDFRQWUDODSURSLDFLXGDG(OVORJDQTXHSUHVLGtD
ODH[SRVLFLyQHUD/DWLHUUDGH&KLOHHVHOPDU
)XHXQDDFFLyQTXHPRYLOL]yDWRGDOD(VFXHODFRQH[SRVLFLRQHV
S~EOLFDV HQ 9DOSDUDtVR \ WDPELpQ HQ 6DQWLDJR JHQHUiQGRVH XQD
SROpPLFDS~EOLFDDWUDYpVGHH[SRVLFLRQHVHQODUDGLRWHOHYLVLyQ
\GLDULRV
+R\ OD FLXGDGDQtD HVWi FRQVFLHQWH GH VXV GHUHFKRV FRPR VH KD
GHPRVWUDGRFRQODRSRVLFLyQDOPDOO%DUyQ
(OOLEUR9DOSDUDtVR5HFODPDGRGH3DEOR$QGXH]D\3DEOR$UDYHQD
FRQWLHQHOD´0LQXWD(MHFXWLYDµTXHXQFRQMXQWRGHRUJDQL]DFLRQHV
FLXGDGDQDVSUHVHQWyDORVLQVSHFWRUVGH81(6&2HOSDVDGRGH
1RYLHPEUHDSURSyVLWRGHO0DOO%DUyQ
>«@ 5HVXOWD LQTXLHWDQWH YHU FyPR OD JHVWLyQ SDWULPRQLDO
GHODFLXGDG³HQWUHJDGDDSULYDGRVVLQODUHJXODFLyQUH
TXHULGD³DUDWRVSDUHFHGHUHFKDPHQWHLUHQ´FRQWUDµGH
9DOSDUDtVRS
0iVDGHODQWHDJUHJDQ&XDQGRODVHPSUHVDVSRUWXDULDVGHOSDtV
QR HVWiQ HQ FRQGLFLRQHV GH UHQWDU ORV UHFLQWRV SRUWXDULRV FRQ HO
QHJRFLRPDUtWLPRSRUWXDULRODDOWHUQDWLYDPiVIiFLOHVODTXHKR\
! )LJXUD3ODQRGHODDXWRSLVWDVXEWHUUiQHDGHODFLXGDGGH%RVWRQ
$QWHULRUUPHQWHRFXSDGDSRUXQDYtDHOHYDGDKR\GHPROLGD\FRQYHUWLGDHQ
SDUTXH\DFFHVRDOPDU)XHQWH(ODERUDFLyQSURSLD
VHTXLHUHKDFHUHQODFLXGDGHQWUHJDUODDOUHWDLO9tDGHÀQDQFLD
PLHQWRIiFLOS
>«@ 'H FRQFUHWDUVH HO SUR\HFWR FRPHUFLDO HQ %DUyQ VH
KDUtD LPSDUDEOH HO XVR LQPRELOLDULR LQWHQVLYR HQ HO iUHD
QRUWHGHODEDKtDGHVGHFDOOH(GZDUGVKDVWD<RODQGD/DV
IXHU]DVFLXGDGDQDVGHVPRUDOL]DGDVSRUODLQVWDODFLyQGHO
UHWDLOQRSRGUtDQIUHQDUHO´WVXQDPLµFRQVWUXFWLYRTXHHV
DEVROXWDPHQWHSUHYLVLEOHS
>«@1RVHVDEHHQWRQFHVFXiOHVHODSRUWHXUEDQRGHXQ
SUR\HFWRDVtGHLQGLYLGXDOLVWD\DXWiUTXLFR$QGXH]D$UD
YHQD
2WURPRGRGHGHVYDORUL]DUHOERUGHFRVWHURHVWDSDUORFRQXQPDOO
(VQHJDUVXGHVWLQRHVWUDQVIRUPDUHOPDUHQXQDHVSDOGD
/RVPDOOVHQRWURVSDtVHVHVWiQHQODVDIXHUDVGHODFLXGDG7UDWDQ
GHHYLWDUTXHVHDOWHUHODHVFDODXUEDQD\VHFRQJHVWLRQHHOWUiÀFR
FRPRKDRFXUULGRFRQ3XHUWR0RQWW&DVWUR3XHUWR9DUDV(Q9LxD
VHKDQGHWHULRUDGRODVWUDGLFLRQDOHVFDOOHVGHOSDVHR\GHOFRPHU
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
FLR8QPDOOSXHGHHVWDUHQFXDOTXLHUSDUWHXQSXHUWRRXQSDUTXH
GHPDUQRGLFHODFLXGDGDQtD
/DREUDTXHVHSUHWHQGHQDFHVLHVTXHQDFHVLQHOFRQVHQWLPLHQWR
PD\RULWDULRGHVXVFLXGDGDQRV6LVHFRQVWUX\HQRVHUiXQDREUDGHOD
TXHSXHGDQHQRUJXOOHFHUVH8QDREUDHQTXHODFLXGDGVHDEUDDOPDU
TXHOHGpVHQWLGRDHVWDFLXGDGTXHHVVXSDWULPRQLR\GHOFXDOQR
HVWiDJUDGHFLGR(VSDFLRTXHGpFDELGDDODUHFUHDFLyQDODFXOWXUD
SRUVREUHHODSHWLWRLQPRELOLDULR\HOQHJRFLRSDVDMHURHLQPHGLDWLVWD
1RHVWDPRVHQFRQWUDTXHSDUWLFXODUHV\HPSUHVDVSXHGDQSDUWLFL
SDUHQHVWHSUR\HFWR\DTXHHVOD~QLFDPDQHUDGHÀQDQFLDUORSHUR
VHGHEHFRQFHELUFRPRXQJUDQHVSDFLRS~EOLFR$SDUWLUGHORS~EOL
! )LJXUD)RWRJUDItDGHODPDTXHWDGHOPDOO%DUyQSURSXHVWRSRU
ODHPSUHVD´3OD]D9DOSDUDtVR6RFLHGDG$QyQLPDµ6HSXHGHDSUHFLDUOD
RFXSDFLyQLQYDVLYDGHOOXJDUGHVYDORUL]DQGRHOERUGHFRVWHUR\JHQHUDQGR
XQDHVSDOGDDOPDU)XHQWH(ODERUDFLyQSURSLD
FRVHSXHGHQFRQVWLWXLUORVHVSDFLRVSULYDGRV1RFRUUHVSRQGHTXH
XQPDOOORDEVRUYDWRGR\VHDDGPLQLVWUDGRFRPRXQHVSDFLRSULYDGR
1RVHSXHGHHQWUHJDUDORVSDUWLFXODUHVQLPHQRVDXQDHPSUHVDGH
UHWDLOHOHVSDFLRS~EOLFRXUEDQR&RUUHVSRQGHDOHVWDGRYHODUSRUHO
HVSDFLRTXHHVGHWRGRV(Q&KLOHGHELHUDH[LVWLUXQDUHIRUPDXUED
QD8QDHQWLGDGTXHHVWpSRUVREUHORVLQWHUHVHVSDUWLFXODUHVORVLQ
WHQGHQWHV\ORVDOFDOGHV\TXHHVWXGLDSODQLÀFD\FRQWURODODFLXGDG
WDO FRPR OR IXH OD &2508 &RUSRUDFLyQ GH 0HMRUDPLHQWR 8UEDQR
HQODGpFDGDGHO3ROtWLFDVGHFRQWLQXLGDGDODUJRSOD]RQRGH
GLVFRQWLQXLGDGFRPRVRQORVSHUtRGRVSUHVLGHQFLDOHV&KLOHUHTXLHUH
XQDYLVLyQ\SUR\HFWRGHSDtVHQSHUPDQHQFLDHQHOWLHPSR6RQGH
PDVLDGDVODVDXWRULGDGHV\RUJDQLVPRVTXHHVWiQFRPSURPHWLGDV
FRQHOPXHOOH%DUyQ\HV\KDVLGRPX\GLItFLOSRQHUODVGHDFXHUGR
/DFLXGDGDQtDRSLQDTXHODWUDJHGLDGHOLQFHQGLRGH9DOSDUDtVRVH
GHEHDVXDEDQGRQR$EDQGRQRGHVGHVXRULJHQ/DVSREODFLRQHV
GHODVFXPEUHVGHQXHVWUDFLXGDGDSHQDVDOFDQ]DQDVHUXQFDP
SDPHQWR /D FLXGDG UHDFFLRQD PRYLGD SRU OD FRPSDVLyQ 3HQVD
! )LJXUD&URTXLVGHO&HQWUR&XOWXUDO3OD]D(VSDxDGHODUTXLWHFWR&D
WDOiQ2ULHO%RKLJDV5RVDULR$UJHQWLQD/DFRH[LVWHQFLDGHOHVSDFLRS~EOLFR
\SULYDGR)XHQWH(ODERUDFLyQSURSLD
PRV HV OD RSRUWXQLGDG SDUD UHIXQGDUOR WRGR SHUR FRPSUREDPRV
TXH QR VH HVWi SUHSDUDGR SDUD HVWDV FDWiVWURIHV (PSLH]D OD UH
FRQVWUXFFLyQVREUHORPLVPRHQODVPLVPDVFRQGLFLRQHV0HGLD
JXDVGHHPHUJHQFLD/RSURYLVRULRTXHVHWRUQDGHÀQLWLYR
1RHVFRQFHELEOHTXH9DOSDUDtVRQRWHQJDPDUQLSDUTXHV(QODV
JUDQGHV FLXGDGHV VH ´GHVFDQVDµ HQ OD SURSLD FLXGDG 6XV FLXGD
GDQRVVHHQRUJXOOHFHQGHOOXJDUHQTXHYLYHQVRQ´JXtDVµGHVX
FLXGDGSDUDORVSDULHQWHV\DPLJRVTXHORVYLVLWDQ
(VWHOXJDUGHEHVHUHO´&HQWUDO3DUNµGH9DOSDUDtVR&XiQWRYDOGUi
XQWHUUHQRHQHO&HQWUDO3DUNGH1XHYD<RUN(VHHVHORUJXOORGH
XQQHR\RUNLQRQRVHKDQGHMDGRVHGXFLUSRUHODSHWLWRLQPRELOLDULR
GHHVRVWHUUHQRV¢/RVSRUWHxRVVHGHMDUiQVHGXFLU"+DVWDDKRUD
KDQGDGRODSHOHD
9tFWRU *XEELQV SUHPLR QDFLRQDO GH DUTXLWHFWXUD QRV VHxDOD 5H
DÀUPDU XQ GHVWLQR \ SUHFLVDU XQ QXHYR URO UHTXLHUH GH LQWHUYHQ
FLRQHVPD\RUHV\GHGHFLVLyQ\FRUDMHWDOFRPRODWXYLHURQQXHV
WURVDQFHVWURVTXHIXHURQFDSDFHVGHUHOOHQDUHO$OPHQGUDOSDUD
DXPHQWDU HO SODQ GH 9DOSDUDtVR KDFHU HO FDPLQR GH &LQWXUD ORV
DVFHQVRUHV\HOPLVPRSXHUWR*UDQGHVREUDVSURGXFWRGHODLQL
FLDWLYDGHJUDQGHVKRPEUHV*XEELQV
/RVHVWiQGDUHVXUEDQRVDFWXDOHV
/D $YHQLGD GHO 0DU GH SODQWHDED TXH pVWH HUD HO SULPHU
HOHPHQWRXUEDQRGHODFLXGDGHOHPHQWRFRPSOHMRSRUWDQWR\QR
VRODPHQWHXQDDXWRSLVWD+DFHDxRV&KLOHYLYtDRWUDUHDOLGDG
HFRQyPLFD\YHKLFXODUKR\ODVDXWRSLVWDVFRQFHVLRQDGDVXUEDQDV
VRQPiVHÀFLHQWHV\UHQWDEOHV(QHVDpSRFDHUDLPSHQVDEOHKXQ
GLUHOIHUURFDUULOFRPRKR\ORKDKHFKR9LxDGHO0DURFRQFHELUOD
FRVWDQHUDQRUWHHQ6DQWLDJR\HOPHWUR
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
! )LJXUD)UDJPHQWRGHXELFDFLyQ\FRUWHVGHORVFDXFHVGH9DOSDUDtVRTXHGHVHPERFDQHQHOSDUTXHSURSXHVWR)XHQWH&DUWDGHFRQWDPLQDFLyQEDKtD
GH9DOSDUDtVR(VWHEDQ0RUDOHV&RQVXHOR&DVWUR/XLVÉOYDUH]
'HOSDWULPRQLRKLVWyULFR
(OVXEVXHORGHPXHOOH%DUyQHVXQVLWLRGHFODUDGRSDWULPRQLRDU
TXHROyJLFR/XHJRODH[WUDFFLyQGHODWLHUUDSDUDFRQVWUXLUODVREUDV
PDUtWLPDVGHEHVHUPRWLYRGHHVWXGLRV\VXSHUYLJLODQFLDDUTXHR
OyJLFD \ OD HMHFXFLyQ UHDOL]DGD SRU H[SHUWRV FRQ WRGRV ORV FXLGD
GRVTXHDPHULWDXQDLQWHUYHQFLyQGHHVWDQDWXUDOH]D/RVREMHWRV
SDWULPRQLDOHVTXHVHUHVFDWHQSRGUtDQIRUPDUXQPXVHRHQXQD
SDUWHGHOHGLÀFLR
3URQXQFLDPLHQWR GHO 6HUHPL GH 9LYLHQGD \ 8UEDQLVPR 0DWtDV
$YVRORPRYLFK
>«@&XDQGRHVWRVLQPXHEOHVVHGHFODUDQVHUHFRJHXQD
VHULHGHDWULEXWRV\YDORUHVTXHMXVWLÀFDQODVUD]RQHVTXH
GHWHUPLQDURQODGHÀQLFLyQGHOLQPXHEOHFRPRGHFRQVHU
YDFLyQKLVWyULFD
! )LJXUD)RWRJUDItDGHODPDTXHWDSUHOLPLQDUGHO3DUTXHGH0DU
3XHUWR%DUyQ)XHQWH(ODERUDFLyQSURSLD
>«@DUTXLWHFWXUD\SDWULPRQLRFRQHO´SUR\HFWRHVWUXFWXUDOµ
\FRQHO´VLVWHPDGHHYDFXDFLyQDQWHWVXQDPLµ
>«@GHDFXHUGRDORTXHHVWDEOHFHODÀFKDGHO35&HVWiUH
ODFLRQDGDFRQHOODUJR\WDPDxRGHOLQPXHEOHGHPH
WURV\FRQODHVWUXFWXUDGHPDUFRVGHKRUPLJyQDUPDGR
>«@'HVGHHOSXQWRGHYLVWDDUTXLWHFWyQLFRDPERVIDFWR
UHVHVWiQUHFRJLGRVHQHOSUR\HFWRGHUHIDFFLyQ\DTXHHO
YDORUGHOHGLÀFLRHVSULQFLSDOPHQWHVXiUHDLQWHULRU(QOD
SURSXHVWDVHSODQWHDTXHORVPDUFRVGHKRUPLJyQDUPDGR
VHDDODYLVWDGHVWDFDQGRHVWDFDUDFWHUtVWLFDGHOHGLÀFLR
>@(OVLVWHPDGHUHIRU]DPLHQWRQRHVDWUDYpVGHHOHPHQ
WRV VREUHSXHVWRV VLQR PHGLDQWH WpFQLFDV PRGHUQDV QR
LQYDVLYDVDODHVWUXFWXUDGHOHGLÀFLR$YVRORPRYLFK
(O0DUWXWLQR
'HORS~EOLFR\ORSULYDGR
(QODFLXGDGGH5RVDULR$UJHQWLQDHQHOERUGHGHOUtR3DUDQiH[LV
WHXQFRPSOHMROODPDGR&HQWUR&XOWXUDO3OD]D(VSDxDGHODUTXLWHFWR
FDWDOiQ2ULHO%RKLJDV(GLÀFLRFRQHFWRUGHODFRVWDQHUDFRQODSOD]D
XELFDGDDXQDFRWDPiVDOWD6HDFFHGHDOHGLÀFLRGHVGHODFRVWD
QHUDPHGLDQWHXQIURQWLVGHHVFDOHUDVDQÀWHDWURTXHFRQGXFHDGRV
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
! )LJXUD3ODQRJHQHUDOGHODQWHSUR\HFWR)XHQWH(ODERUDFLyQSURSLD
! )LJXUD3ODQRVGHORVHGLÀFLRVTXHFRQHFWDQHOFHUUR%DUyQFRQHO
3DUTXH)XHQWH(ODERUDFLyQSURSLD
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
FDO]DGDVHQODVD]RWHDVGHORVHGLÀFLRV\FRQHFWDHQHOSDUTXHDELHUWR
DWRGRS~EOLFR/RVHGLÀFLRVTXHVRQSULYDGRVFUHDQXQSDWLRLQWHULRU
S~EOLFRGRQGHIXQFLRQDXQFROHJLR\DOWHUQDWLYDPHQWHXQFHQWURGHH[
SRVLFLRQHV\HYHQWRV(VWHJUDQHMHPSORGHDUTXLWHFWXUDKDFHSRVLEOH
TXHFRH[LVWDQORS~EOLFR\ORSULYDGRHQSHUIHFWDDUPRQtD
/RVHGLÀFLRVGHO3DUTXHGHPDU%DUyQHVWiQSHQVDGRVSDUDHVWD
FRH[LVWHQFLD
'HODHYDFXDFLyQGHODJXDGHODFLXGDG
/RVFDXFHV
$OSDUTXHPDUtWLPRYLHUWHQODVDJXDVOOXYLDVDWUDYpVGHORVFDXFHV
GH$YHQLGD$UJHQWLQD$YHQLGD8UXJXD\6LPyQ%ROtYDU6DQ,JQDFLR
$YHQLGD)UDQFLD\0RUULVTXHVHRULJLQDQHQORVFHUURV\TXHEUDGDV
GH9DOSDUDtVR\HYLWDQODVLQXGDFLRQHV\DQHJDPLHQWRVHQHOSODQ
6HUHFXHUGDODJUDQLQXQGDFLyQGHODxRFXDQGRODVDJXDV
GHVERUGDURQHQ%DUyQVREUHSDVDQGRHQPiVGHXQPHWURHOQLYHO
GHODFDOOH(QHVDRFDVLRQLQXQGyORVVXEWHUUiQHRVGHOD8QLYHUVL
GDG&DWyOLFDGH9DOSDUDtVR
$FWXDOPHQWHVHHVWiQUHDOL]DQGRREUDVSDUDPHMRUDUODHQWUHJDGHO
DJXDDOPDUHQHOVHFWRUGH%DUyQ/DOLFLWDFLyQFRQWHPSODHOPHMR
UDPLHQWRGHOFDXFHHQWRGRHOODUJRGHOD$YHQLGD$UJHQWLQD
5HDOL]DGDXQDYLVLWDDOFDXFHFRPSUREDPRVHOHQRUPHGHWHULRUR
GHODHVWUXFWXUDGHODORVDFRQODHQÀHUUDGXUDR[LGDGDDODYLVWD
TXHFRQVLGHUDPRVDOWDPHQWHSHOLJURVD8QDVHULHGHPDFKRQHV\
REUDVSURYLVRULDVGHDSXQWDODPLHQWRUHSUHVHQWDQREVWiFXORVSDUD
HOQRUPDOHVFXUULPLHQWRGHODVDJXDVOOXYLDVHQFDVRGHFUHFLGDV
OLPLWDQGRGUiVWLFDPHQWHVXFDSDFLGDGGHHYDFXDFLyQ&RQWULEX\HQ
D HOOR ORV VHGLPHQWRV \ PXOWLSOHV REMHWRV GHVKHFKDGRV (O KHFKR
GHHVWDUHOFDXFHEDMRWLHUUDRFXOWRLPSLGHWHQHUFRQFLHQFLDGH
VXSRWHQFLDOSHOLJUR
(ODQWHSUR\HFWRFRQVLGHUDHOLPLQDUODORVDGHOEDQGHMyQFHQWUDOGH
OD$YHQLGD$UJHQWLQDKDVWD3HGUR0RQWW\UHEDMDUHOQLYHOGHOVXHOR
GHOFDXFHSHPLWLHQGRTXHHOPDUHQWUHDOLQWHULRUGHODFLXGDGH[
WHQGLHQGRHOSHUtPHWURGHOSDUTXH
&RQHVWRVHDPSOtDHOiUHDGHHYDFXDFLyQGHODJXDVHHYLWDHOURFH
GHODORVD\VHWUDQVIRUPDHQFDQDODELHUWR$OHVWDUSURWHMLGRGHODV
RODVSRGUiÁXLUVLQREVWiFXORVDOPDU
7VXQDPLV
(QFDVRGHRFXUUHQFLDGHWVXQDPLVHFLHUUDQODVGRVFRPSXHUWDV
PD\RUHVGHOSDUTXH\ODVFXDWURPHQRUHV(YLWDQGRTXHHODJXDHQ
WUHDOSDUTXH\ODFLXGDGGLVLSiQGRVHVXHQHUJtDSRUORVURPSHRODV
GHOERUGHFRVWHURTXHVHUiQUHIRU]DGRV
+,3Ð7(6,6
/DVSDUWLGDVGHOSUR\HFWR
'HVGHHOPDU
3HUPLWLUODHQWUDGDFRQWURODGDGHOPDUSDUDJHQHUDUGiUVHQDVOD
JXQDVFDQDOHV\SOD\DVGDQGRFDELGDDOSURJUDPDFRQWHPSODGR
7RGDViUHDVSURWHJLGDVHQFDVRGHWVXQDPLVRWHPSRUDOHVPHGLDQ
WHFRPSXHUWDV\URPSHRODV(VWRPHGLDQWHH[FDYDFLRQHV\FRQVROL
GDFLyQGHVXVERUGHV/DWLHUUDH[WUDtGDSHUPLWLUiFUHDUXQUHOOHQR
SDUDOHORDOPXHOOHSDUDFRQVROLGDUODGiUVHQD\FUHDUXQDSODWDIRU
PDGHWLHUUDSDUDGDUFDELGDDODVFDQFKDVGHGHSRUWHV
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
'HVGHWLHUUD
3URORQJDU ORQJLWXGLQDOPHQWH ODV SULQFLSDOHV DYHQLGDV GHO $OPHQ
GUDOKDVWDHOERUGHFRVWHURDWUDYHVDQGRODERGHJD6LPyQ%ROtYDU
6%PHGLDQWHSyUWLFRV(OIHUURFDUULO\ORVDXWRPyYLOHVVHKXQGHQ
EDMRWLHUUDMXQWRFRQQXHYRVHVWDFLRQDPLHQWRV,QFRUSRUDQGRDVt
OD$Y%UDVLODOSDUTXH
'HODERGHJD6%LQPXHEOHGHFRQVHUYDFLyQKLVWyULFD
0DQWHQHUVXHVWUXFWXUDYROYLHQGRWUDVO~FLGRHOHGLÀFLRPHGLDQWHXQD
IDFKDGDYLGULDGDSDUDQRLQWHUIHULUHOKRUL]RQWHGHPDUHYLWDQGRTXH
VHDXQDHVSDOGDHQWUHODFLXGDG\HOSDUTXH3HUPLWLUTXHODHQWUDGD
GHPDUJHQHUHXQFDQDOHQWUHOD$YHQLGD%UDVLO\ODERGHJD6%IRU
PDQGRXQDSOD\DLQWHULRUGHDSUR[LPDGDPHQWHPHWURVGHODUJR
6HSODQWHDQGRVWLSRVGHHGLÀFLRV
D(GLÀFLRVGHPDUÁRWDQWHVXELFDGRVHQORVERUGHVFRVWHURVLQWHULR
UHVFX\DDOWXUDQRVRSUHSDVHODFRWDGHOSDUTXH\TXHVHHOHYHQFRQ
ODVPDUHDV6RQHGLÀFLRVSHQVDGRVSDUDUHVWDXUDQWHVRFRPHUFLR
E (GLÀFLRV HVFDORQDGRV XELFDGRV HQ ORV DFDQWLODGRV GHO FHUUR
%DUyQHQODGLUHFFLyQGHVXVDYHQLGDV\SURORQJiQGRVHKDFLDHO
SDUTXH\HOERUGHFRVWHUR(GLÀFLRVFRQHFWRUHVGHOFHUUR\HOSDUTXH
PHGLDQWHHVFDOHUDVIXQLFXODUHV\UDPSDV
0(72'2/2*Ì$
/DPHWRGRORJtDGHSUXHEDGHODKLSyWHVLVHVIXQGDPHQWDOPHQWHH[
SHULPHQWDOPHGLDQWHXQPRGHORKLGUiXOLFRDHVFDODUHGXFLGDHQXQD
SODWDIRUPDGHHQVD\RVPDUtWLPRVHQXQFDQDOGHRODV\HQXQFDQDO
GHDJXDVDELHUWDV(TXLSDPLHQWRTXHSRVHHHOODERUDWRULRGHOPDJtV
WHU10GHSHQGLHQWHGHOD(VFXHODGH$UTXLWHFWXUD\'LVHxRGHOD
38&90HWRGRORJtDVHPHMDQWHDOTXHXVDHO/DERUDWRULRGH+LGUiX
OLFD1DFLRQDOXELFDGRHQ3HxDÁRU\FX\RH[GLUHFWRUHVHOSURIHVRU
GHOPDJtVWHU6HxRU$OHMDQGUR/ySH]TXLHQDVHVRUDHVWRVHQVD\RV
6HTXLHUHHQVD\DU
HOFRQWUROGHOROHDMHODVFRUULHQWHVPDULQDV\ODR[LJHQDFLyQDO
TXHHVWDUiQH[SXHVWDVODVREUDVKLGUiXOLFDVGHOSDUTXH
HOIXQFLRQDPLHQWRGHORVURPSHRODV\FRPSXHUWDVGHVHJXULGDG
HOFRPSRUWDPLHQWRGHODVREUDVDQWHXQWVXQDPL
ODHYDFXDFLyQGHORVFDXFHVGHDJXDOOXYLDTXHYDQDOPDU\FRP
SURPHWHQODVHJXULGDGGHODFLXGDG\GHOSDUTXHSULQFLSDOPHQWHHO
GH$YHQLGD$UJHQWLQD
5(68/7$'26
'HVGHHOPDU
(O3DUTXHGHPDU3XHUWR%DUyQHVXQDLVOD(VXQ3DUTXHLVODHQ
HOPDU
(OERUGHFRVWHURVHH[WLHQGHDOLQWHULRUGHOSDUTXH\JHQHUD
XQDJUDQSOD\DGHPWV
PWVGHFDQDOHVQDYHJDEOHV
PWVGHiUHDSDUDPDULQDS~EOLFD
PWVGHiUHDSDUDSXHUWRGHHPEDUFDFLRQHVPHQRUHV
\GHSHVFDGRUHV
6HWLHQHQYDULRVDFFHVRVGHVGHHOPDU(VWRVDFFHVRVFRPSXHU
WDVSXHGHQFHUUDUVHHQFDVRGHWHPSRUDOHVRWVXQDPLV
FRPSXHUWDGHOPXHOOHPWVGHDQFKR
FRPSXHUWDVGHORVFDQDOHVPWVGHDQFKR
FRPSXHUWDSRQLHQWHPWVGHDQFKR
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
! )LJXUD3ODQRVGHORVHGLÀFLRVÁRWDQWHV)XHQWH(ODERUDFLyQSURSLD
! )LJXUD3ODQRVGHUHPRGHODFLyQGHOHGLÀFLR6LPyQ%ROLYDU)XHQWH(ODERUDFLyQSURSLD
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
! )LJXUD&RUWHGHODLQWHUVHFFLyQGHORVFDXFHVFRQHOPHWURWUHQ\ODVYtDVXUEDQDV)XHQWH(ODERUDFLyQSURSLD
6HWLHQHXQPDUDELHUWRDODVRODVGHPWVGHERUGH\XQPDU
SURWHJLGRGHRODVFRQPWVGHERUGHLQWHULRU
(QORVERUGHVGHORVFDQDOHVVHXELFDQXQRVHGLÀFLRVÁRWDQWHVGH
PWV GH DOWXUD \ VXV WHUUD]DV VRQ FDO]DGDV FRQHFWDGDVFRQ ODV
FDOOHVGHO$OPHQGUDO
6RQPyGXORVGH[[PWVDSSFRQPWVGHVX
SHUÀFLHSDUDUHVWDXUDQWHV\FRPHUFLR/RVHVSDFLRVS~EOLFRVVXPDQ
PWV
'HVGHWLHUUD
/D FLXGDG HQ HO VHFWRU GHO $OPHQGUDO VH FRQHFWD DO SDUTXHLVOD
SURORQJDQGROD$YHQLGD)UDQFLD6DQ,JQDFLR0RUULV\5DZVRQKDV
WDHOPDU
&DO]DGDVFRQPWVGHH[WHQVLyQ
/DERGHJD6%GHMDGHVHUXQPXUR\QRWDSDHOPDU(VWUDVO~FLGD
DWUDYHVDGDSRUODVFDOOHV\DYHQLGDVPHGLDQWHSyUWLFRV(OHVSD
FLRGHVWLQDGRDFRPHUFLRHVGHPWV
(O&HUUR%DUyQVHFRQHFWDDOSDUTXHPHGLDQWHWUHVHGLÀFLRVHVFD
GHVHLVPHWURV0HGLFLyQHVWDGtVWLFDVGHODPD\RUDOWXUDGHRODDO
FDQ]DGDHQHOVHFWRU6HSUREDUiFRQDOWDPDUHD\EDMDPDUHD
\VXLQFLGHQFLDHQHOERUGHFRVWHUR6HHQVD\DUiQORVROHDMHV
FRQODVFRPSXHUWDVDELHUWDV\FHUUDGDV
0HGLDQWHXQDSODWDIRUPDVXSHUSXHVWDVREUHHOQLYHOGHOPDUFRQ
WHQLHQGRDJXDDXQDDOWXUDGHWVXQDPLVXSXHVWDGHPWVSURPH
GLRGHDFXHUGRDOWVXQDPLGHO)\VHOHYDQWDUiXQDFRPSXHUWD
LQVWDQWiQHDPHQWHSDUDSURYRFDUODLQXQGDFLyQ
6HSUREDUiFRQODVFRPSXHUWDVDELHUWDV\FHUUDGDV
5HVXOWDGRGHORVHQVD\RV
(VWRVVRQUHVXOWDGRVSUHOLPLQDUHVTXHPLGHQXQDSULPHUDIDFWLELOL
GDGGHODVKLSyWHVLV6HVHJXLUiQUHDOL]DQGRHQVD\RVSDUDHODMXVWH
\SHUIHFFLyQGHODVREUDVSODQWHDGDVHQHODQWHSUR\HFWR
(VWRV HQVD\RV DUURMDQ PHGLGDV IXQGDPHQWDOPHQWH FXDOLWDWLYDV
&RQ XQ SUR\HFWR GH PD\RU GHVDUUROOR VH GHEHQ FXDQWLÀFDU ODV
REUDVTXHVHSURSRQHQ
(QVD\RGHO
ORQDGRVTXHVLJXHQHOHMHGHODVFDOOHV7RFRUQDO1HOVRQ\$FHYHGR
&RPSRUWDPLHQWRVGHORVHQVD\RVFRQRODVGHVHLVPHWURV\DOWDPDUHD
(GLÀFLRVFRQHVSDFLRVS~EOLFRVSOD]DVLQWHULRUHVIXQLFXODUHV
FDOHUDVPHFiQLFDVFRQPWV
$'iUVHQDGHOPXHOOH%DUyQ
(GLÀFLRVFRQHVSDFLRVSULYDGRVGHSDUWDPHQWRVRÀFLQDVKRWHO
FRQPWV
(VWDFLyQ SDUD HO IHUURFDUULO \ SDUDGHUR GH EXVHV FRQ PWV
(O SDUTXH SRVHH HVWDFLRQDPLHQWRV GH DXWRPyYLOHV FRQ
XQDVXSHUÀFLHGHPWV
ÉUHDGHGHSRUWHVFRQPWV
ÉUHDVYHUGHVFRQPWV
(16$<26'(/02'(/2(13/$7$)250$0$5Ì7,0$
'HVFULSFLyQGHOPRGHORHKLSyWHVLVGHOSURJUDPDGHHQVD\RV
6HFRQIHFFLRQyXQPRGHORDHVFDODTXHDEDUFDWRGRHOSHUt
PHWURGHOSDUTXHFRQODEDWLPHWUtDFRVWHUDKDVWDODFRWDGHSUR
IXQGLGDGFRQXQDH[WHQVLyQGHPWVPDUDGHQWURSURPHGLR
'HVGHHVWDH[WHQVLyQVHHQVD\DUiQODVRODVFRQXQDOWXUDPi[LPD
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
6LQURPSHRODVHODJXDSHQHWUD\JHQHUDWXUEXOHQFLDVHQHOLQWH
ULRU9HU)LJXUD$
&RQ URPSHRODV VH LPSLGH TXH SHQHWUH OD ROD DO LQWHULRU GH OD
GiUVHQDVLQQHFHVLGDGGHFHUUDUODFRPSXHUWD(QHOFDEH]DOGHO
URPSHRODVHSURGXFHXQDSHTXHxDGLIUDFFLyQ9HU)LJXUD$
%(QORVFDQDOHV)UDQFLD6DQ,JQDFLR\5DZVRQFRQODVFRPSXHU
WDV DELHUWDV VH LPSLGLy OD SHQHWUDFLyQ GH OD ROD PHGLDQWH WUHV
URPSHRODVVXPHUJLGRVXELFDGRVDPHWURVDJXDVDIXHUDGHOD
GHVHPERFDGXUDGHORVFDQDOHV/DIRUPDFXUYDSHUPLWLyHQIUHQWDU
\GLVLSDUODROD9HU)LJXUD%
&(QODFRPSXHUWDSRQLHQWHVHYHULÀFyTXHDOWpUPLQRGHOURPSHR
ODHOROHDMHSHQHWUDUHERWDHQHOPXUR\VHUHÁHMDQKDFLDHOLQWHULRU
GHOFDQDO(VWRKDFHQHFHVDULRUHSODQWHDUODKLSyWHVLV\UHPRGHODU
HOURPSHRODVSRQLHQWH9HU)LJXUD&
3DUDHVWHHQVD\RQRVHDOFDQ]yDSUREDUHOHIHFWRWVXQDPL
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
! )LJXUD5HVXOWDGRVGHORVHQVD\RVGHODERUDWRULRGHODVREUDVKLGUiXOLFDVGHOSDUTXH)XHQWH(ODERUDFLyQSURSLD
!5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
&21&/86,21(6
(OGHVWLQRPDUtWLPR
6LVHTXLVLHUDSURFODPDUXQGHVWLQRPDUtWLPRSDUD&KLOHVHUtDQH
FHVDULR TXH VH FRQYLHUWD HQ XQ SUR\HFWR SDtV HQ TXH HVWXYLHUDQ
LQYROXFUDGRVWRGRVORVHVWDPHQWRVGHODQDFLyQ
3HUR&KLOH¢HVFRQVFLHQWHTXHVXGHVWLQRHVWiHQHOPDU"&UHHPRV
TXHQR(OSRHPD$PHUHLGDSODQWHDTXHGHVWLQRHVXQDÀGHOLGDGDO
RULJHQ9DOSDUDtVR\ODVFLXGDGHVSXHUWRV\FRVWHUDVQRKDQQDFLGRGH
XQDIXQGDFLyQTXHOHVGDGHVWLQDFLyQ/DV/H\HVGH,QGLDVVHUHVHUYD
EDQHOERUGHFRVWHURDOD&RURQDHUDODIUDQMDGHO5H\(OODVPDQGDEDQ
IXQGDUHQORSODQRHQHOYDOOHHQORIDYRUDEOH+R\HVWDPRVFRQVFLHQ
WHVGHQXHVWUDVFDUHQFLDVPDUtWLPDV(OWUiÀFRPDUtWLPRSRU&KLOH\
SRUHO3DFtÀFRFDVLQRH[LVWH(OSDtVQRWLHQHXQDFDUUHWHUDTXHXQD
ODV FLXGDGHV GHO ERUGH FRVWHUR QL TXH QRV FRQHFWH FRPSOHWDPHQWH
FRQOD3DWDJRQLD\HOH[WUHPRDXVWUDO$OJXLHQGLMRKD\TXH´HQVDQFKDU
\DODUJDU&KLOHµKD\TXHDQH[DUOHODVPLOODVGHOWHUULWRULRPDUtWL
PRKDFHUODVHIHFWLYDPHQWHSDUWHGH&KLOH8QLQYHVWLJDGRUGHQXHVWUD
8QLYHUVLGDGDWUDYpVGHXQSUR\HFWR)RQGHI\HODSR\RGHOD$UPDGD
GHVFXEULyKLGUDWRVGHPHWDQRHQQXHVWURVXEVXHORPDULQRFRQUHVHU
YDVHQHUJpWLFDVSDUDPiVGHDxRVORVUHVXOWDGRVGHVFDQVDQHQ
ORVDUFKLYRV/RVFXOWLYRVPDULQRVOHKDQHQWUHJDGRD&KLOHHQRUPHV
GLYLVDVDSHVDUGHODSpVLPDDGPLQLVWUDFLyQGHORVUHFXUVRV\HODOWR
JUDGRGHFRQWDPLQDFLyQTXHKDGHMDGR
+DFHUSUHVHQWH>«@\HVHPDUTXHWUDQTXLORWHEDxDWHSURPHWH
IXWXURHVSOHQGRU
%,%/,2*5$)Ì$
$962/2029,&+,´,QIRUPHIDYRUDEOHSDUDUHIDFFLyQ
GH%RGHJD6LPyQ%ROtYDUµ9DOSDUDtVR$UWtFXORHQGLDULR
0DUWXWLQR
$1'8(=$3$5$9(1$39DOSDUDtVR5HFODPDGR9DOSD
UDtVR3HUVHR
%$/&(//6,$\VpQ&DUWDGHO0DU1XHYR6DQWLDJR)UtR6XU
%$(=$''HVWLQRPDUtWLPR\FLXGDG9LxDGHO0DU7,*
7HVLVGH*UDGR10
%$(=$$9,$/-85,%(-,9(/,&%´5HQRYDFLyQGHO
HVWHURGH9LxDGHO0DUµ5HYLVWD&$1ž6DQWLDJR&ROH
JLRGH$UTXLWHFWRV
&58=$´$FKXSDOODVµ5HYLVWD$QDOHV1ž9DOSDUDtVR8&9
*8%%,169´6REUHHOGHVWLQRGH9DOSDUDtVR\HOERUGHFRVWHURµ
HQZZZJXEELQVDUTXLWHFWRVFOSXEOLFDFLRQHV
*$5&Ì$&$1&/,1,1&XOWXUDVKtEULGDV(VWUDWHJLDVSDUD
HQWUDU\VDOLUGHODPRGHUQLGDG0p[LFR'HEROVLOOR
,9(/,&%%$,;$6-´1XHVWUD/DWLWXG3DWDJRQLDµ5HYLVWD
2WUDSUXHEDSDOSDEOHGHHVWHGHVDSHJRDOPDUORFRQVWLWX\HHVWD
JHVWLyQGHODVDXWRULGDGHVGHDSUREDUXQPDOOHQHOPXHOOH%DUyQ
(VWDHVODPHQWDEOHPHQWHXQD´DSURSLDFLyQLQGHELGDµGHODFLXGDG
FRPR OR FRQVLJQD HVWD FRQYRFDWRULD 8Q WHUULWRULR QR SXHGH VHU
FRPSUHQGLGRVyORGHVGHORPDWHULDOVLQRGHORLQPDWHULDOTXHWRFD
DORVRFLDODORFXOWXUDOFRPRQRVORSODQWHD$OLFLD/LQGyQ
>«@(OORHYLWDUtDLQWHUYHQFLRQHVLQDGHFXDGDVLQKRVSLWDOD
ULDV EUXWDOHV DQRGLQDV R VLQ FXDOLGDG \ HVWDQGDUL]DFLyQ
TXH GHVJUDFLDGDPHQWH VH PXOWLSOLFDQ GHVHQIUHQDGD
PHQWH3DTXRW
(OOtPLWH
1XHVWUDSRVWXUDHVTXHODVREUDVGHOERUGHFRVWHURGHEHQVHUHOSUL
PHU\PiVLPSRUWDQWHHOHPHQWRXUEDQRGHODFLXGDGTXHHVWHERUGH
FRH[LVWDFRQODFRPSOHMLGDGGHUHTXHULPLHQWRVFLXGDGDQRVVLQHQWUDU
HQOLWLJLRFRQRWUDVREUDV\HPSUHVDV\VLQDEDQGRQDUODDUTXLWHFWXUD\
HOXUEDQLVPRTXHGHEHQFDELGDDWRGRVORVKDELWDQWHVGH9DOSDUDtVR
(O2FpDQR3DFtÀFRHVXQPDUDELHUWRDYHFHVYLROHQWRHOHQFXHQ
WURHQWUHWLHUUD\PDUUHTXLHUHSURWHFFLRQHVTXHÀMDQQRUPDOPHQWH
XQOtPLWHUtJLGR(QHVWHFDVRHOOtPLWHHQWHQGLGRFRPRREVWiFXOR
FRPRQHJDFLyQGHXQDFFHVR(VWHDQWHSUR\HFWRTXLHUHORJUDUXQD
WUDQVSDUHQFLDGHHVWHOtPLWHXQDDELHUWDLQYLWDFLyQXQDSHUPHDEL
OLGDGHQWUHWLHUUD\DJXD
&RQVLGHUDPRV TXH HO DJXD HV XQ HOHPHQWR XUEDQR +D\ TXH YHU
HOPDUQRVyORGHWLHUUDVLQRWDPELpQGHVGHHODJXDPLVPD+D\
TXHURPSHUHOOtPLWHHVWULFWRHQWUHWLHUUD\DJXDKD\TXHKDFHUHVWH
OtPLWHSHUPHDEOHFRPRXQDUFKLSLpODJR(ODJXDHQWUDDODWLHUUDOD
WLHUUDHQWUDDODJXD/DWLHUUDUHPRGHODGDSDUDGDUFDELGDDODJXD
/HFRUUHVSRQGHDORVDUTXLWHFWRVXUEDQLVWDV\GLVHxDGRUHVGHPDU
\WLHUUDPRVWUDUODVERQGDGHV\PDUDYLOODVGHODJXD\HQWUHJDUODVD
VXVKDELWDQWHVSDUDVXJRFH\HVSDUFLPLHQWR(ODJXDFRPREDxR
FRPRQDYHJDFLyQFRPRSHVFDFRPRDFXDULRFRPRFDVFDGDVGH
R[LJHQDFLyQ\VRQLGRFRPREULOOROX]UHÁHMRVPRYLPLHQWRRODV
3DUTXHGH0DU3XHUWR%DUyQ!%RULV,YHOLF3DEOR9iVTXH]
&$1ž6DQWLDJR&ROHJLRGH$UTXLWHFWRV
,200,*´(O3DFtÀFRHVXQPDUHUyWLFRµ9LxDGHO0DU
7DOOHUGH,QYHVWLJDFLyQ*UiÀFDHDG38&9
-2//<9´(OPDUFRPRWHUULWRULRKDELWDEOHHQ9DOSDUDtVRµ
9LxDGHO0DU7,*7HVLVGH*UDGR10
/,1'Ð1$OLFLD´/DFRQVWUXFFLyQVRFLDOGHORVSDLVDMHVLQYLVL
EOHVGHOPLHGRµ,Q1RJXp-RDQHG/DFRQVWUXFFLyQVRFLDOGHO
SDLVDMHSS0DGULG(GLWRULDOELEOLRWHFDQXHYD6/
BBBBB´/DFLXGDG\ODYLGDXUEDQDDWUDYpVGHORVLPDJLQD
ULRVXUEDQRVµ(85(6DQWLDJR9RO1žSS
0(<(5+%2%%,1.,1,-+8,66'HOWD8UEDQLVP7KH
1HWKHUODQGV&KLFDJR$3$
0(<(5+0255,6':$**211(5'´1HZ2UOHDQV
1HWKHUODQGV&RPPRQ&KDOOHQJHVLQ8UEDQL]HG'HOWDVµ
0DJD]LQH'XWFK'LDORJXHV'HOIW681
3$48277KLHUU\/·HVSDFHSXEOLF3DULV/D'pFRXYHUWH
352)(625(6($'38&9´/D$YHQLGDGHO0DUµ9LxDGHO
0DU7,*
BBBBB´7HVLVGHO3DFtÀFRµ9LxDGHO0DU7,*([SRVLFLyQ
DxRV
6É1&+(=-´0DULWRULRGHORVDUFKLSLpODJRVGHOD3DWDJR
QLD2FFLGHQWDOµ9LxDGHO0DU7,*
6$21$0´&RQFHSFLyQGHODJXDFRPRHOHPHQWRDUTXLWHFWyQL
FRGHUHYLWDOL]DFLyQµ9LxDGHO0DU7,*7HVLVGH*UDGR10
62=$$´3XHUWRHQDJXDVLQWHULRUHVSURWHJLGD$FRQFD
JXDµ9LxDGHO0DU7,*7HVLVGHJUDGR10
†
5HYLVWD0iUJHQHV1ž9RO!6HSWLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
Descargar