Guerra y Terrorismo - E-Prints Complutense

Anuncio
*8(55$<7(5525,602(/02'(/2'((&2120,$
'(35('$'25$'(/$*8(55$
0,.(/%8(6$
'RFXPHQWRGHWUDEDMR1ž0D\R
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
*8(55$<7(5525,602(/02'(/2'((&2120Ë$
'(35('$'25$'(*8(55$ 0,.(/%8(6$
&DWHGUiWLFRGH(FRQRPtD$SOLFDGD
,QVWLWXWRGH$QiOLVLV,QGXVWULDO\)LQDQFLHUR\'HSDUWDPHQWRGH(FRQRPtD$SOLFDGD,,
8QLYHUVLGDG&RPSOXWHQVHGH0DGULG
5(680(1
(QHVWHDUWtFXORVHHVWXGLDODRUJDQL]DFLyQGHODHFRQRPtDGHOWHUURULVPRFDUDFWHUL]iQGRODFRPRXQ
PRGHORGHHFRQRPtDGHSUHGDGRUDGHJXHUUD(VWHPRGHORVHFRQILJXUDGHXQDPDQHUDRSXHVWDDOGH
OD HFRQRPtD GH PRYLOL]DFLyQ TXH VH FRUUHVSRQGH FRQ OD FRQFHSFLyQ GH OD JXHUUD PRGHUQD (O
WHUURULVPRSHUVLJXHODPRYLOL]DFLyQSROtWLFDDWUDYpVGHODYLROHQFLDTXHVHHMHUFHVREUHODSREODFLyQ
FLYLO(OFRQWUROGHOWHUULWRULRVHORJUDDWUDYpVGHOPLHGRODGHVWUXFFLyQGHOFDSLWDO\ODYLRODFLyQGH
ORVGHUHFKRVKXPDQRV(QWDOHVFLUFXQVWDQFLDVSDUDREWHQHUORVUHFXUVRVPDWHULDOHV\ILQDQFLHURVTXH
QHFHVLWDQ ODV RUJDQL]DFLRQHV WHUURULVWDV GHVDUUROODQ DFWLYLGDGHV GH VDTXHR H[WRUVLyQ FRQWURO GHO
PHUFDGRQHJURWUiILFRLOtFLWRGHGURJDVDUPDVGLDPDQWHV\PDWHULDVSULPDVHPEDUJDGDVEODQTXHR
GH FDSLWDOHV \ REWHQFLyQ GH WUDQVIHUHQFLDV H[WHULRUHV /DV FRQVHFXHQFLDV GH HVWD HFRQRPtD
GHSUHGDGRUD VH SODVPDQ HQ XQD UHGXFFLyQ GHO FUHFLPLHQWR GH OD HFRQRPtD FRQ UHVSHFWRD VX QLYHO
SRWHQFLDOHQXQDDOWHUDFLyQGHODVDFWLYLGDGHVGHOVHFWRUS~EOLFRDODXPHQWDUVHHOJDVWRHQGHIHQVD\
VHJXULGDG HQ XQ LQFUHPHQWR GH OD LQIODFLyQ \ HQ XQ GHWHULRUR GH ODV FR QGLFLRQHV GH YLGD GH OD
SREODFLyQ
3DODEUDVFODYH 7HUURULVPR(FRQRPtDGHJXHUUD6DTXHR([WRUVLyQ7UiILFRVLOHJDOHV'HVDUUROOR
HFRQyPLFR
$%675$&7
,QWKLVDUWLFOHLWLVVWXGLHGWKHRUJDQL]DWLRQRIWKHWHUURULVPHFRQRP\FKDUDFWHULVLQJLWOLNHDPRG HORI
SUHGDWRU HFRQRP\PLOLWDU\7KLVPRGHOLVIRUPHGRIDZD\RSSRVHGWRWKH RQHRIWKH PRELOL]DWLRQ
HFRQRP\ WKDW ILWV ZLWK WKH FRQFHSWLRQ RI WKH PRGHUQ ZDU 7KH WHUURULVP SHUVHFXWHV WKH SROLWLFDO
PRELOL]DWLRQWKURXJKWKHYLROHQFHWKDWLVH[HUWHGRQWKHFLYLOSRSXODFH7KHFRQWURORIWKHWHUULWRU\LV
REWDLQHGWKURXJKWKHIHDUWKHGHVWUXFWLRQRIWKHFDSLWDODQGWKHYLRODWLRQRIWKHKXPDQULJKWV,QVXFK
FLUFXPVWDQFHV WR REWDLQ WKH PDWHULDO DQG ILQDQFLDO UHVRXUFHV WKDW QHHG WKH WHUURULVW RUJDQL]DWLRQV
GHYHORS DFWLYLWLHV RI VDFNLQJ H[WRUWLRQ FRQWURO RI WKH EODFN PDUNHW LOOLFLW GUXJ WUDIILF DUPV
GLDPRQGVDQGREVWUXFWHGUDZPDWHULDOVPRQH\ODXQGHULQJDQGREWDLQLQJRIRXWHUWUDQVIHUHQFHV7KH
FRQVHTXHQFHVRIWKLVSUHGDWRUHFRQRP\DUHVKDSHGLQDUHGXFWLRQRIWKHJURZWKRIWKHHFRQRP\ZLWK
UHVSHFWWRLWVSRWHQWLDOOHYHO LQDQDOWHUDWLRQRIDFWLYLWLHVRIWKHSXEOLFVHFWRUZKHQEHLQJLQFUHDVHG
WKH FRVW LQ GHIHQFH DQG VHFXULW\ LQ DQ LQFUHDVH RI WKH LQIODWLRQ DQG LQ D GHWHULRUDWLRQ RI WKH
FRQGLWLRQVRIOLIH RIWKHSRSXODWLRQ
.H\ZRUGV 7HUURULVP:DU¶VHFRQRP\6DFNLQJ([WRUWLRQ,OOLFLWWUDIILF(FRQRPLFGHYHORSPHQW
(VWHWUDEDMRVHLQVFULEHGHQWURGHOSUR\HFWR+6(ILQDQFLDGRSRUOD&RPXQLGDGGH0DGULG
(VWR\ HQ GHXGD FRQ 7KRPDV %DXPHUW SRU VX DWHQWD OHFWXUD GH OD SULPHUD YHUVLyQ GH HVWH WUDEDMR \ SRU VXV
VXJHUHQFLDV SDUD DPSOLDU DOJXQR GH ORV DVSHFWRV WUDWDGRV OR TXH PH KD SHUPLWLGR PHMRUDU VX FRQWHQLGR
/yJLFDPHQWHDVXPRODUHVSRQVDELOLGDGGHODVGHILFLHQFLDVTXHSXGLHUDQDGYHUWLUVHS RUORVOHFWRUHV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
(O WHUURULVPR HV XQD IRUPD GH DFWXDFLyQ SROtWLFD EDVDGD HQ HO HMHUFLFLR GH XQD
YLROHQFLD VLVWHPiWLFD SRU SDUWH GH ODV RUJDQL]DFLRQHV TXH OR DGRSWDQ FRQWUD ODV
SHUVRQDV\ORVELHQHVFRQODTXHVHSHUVLJXHHOORJURGHODDGKHVLyQGHODS REODFLyQDVX
FDXVDQRPHGLDQWHHOFRQYHQFLPLHQWRLGHROyJLFRVLQRSRUHOPLHGRKDVWDGREOHJDUOD
YROXQWDGGHORVFLXGDGDQRV\GHO(VWDGRHQRUGHQDDFHSWDUODVH[LJHQFLDVGHDTXHOODV
(VHQFLHUWDPDQHUDXQDIRUPDVLQJXODUGHJXHUUDFX\DVDFFLRQHVDUP DGDVVHGLVHxDQ\
HMHFXWDQFRQYLVWDVDFRQVHJXLUHOGHVLVWLPLHQWRGHODVRFLHGDGIUHQWHDODVSUHWHQVLRQHV
GHGRPLQDFLyQRGHSRGHUGHODVUHIHULGDVRUJDQL]DFLRQHV(VWDIRUPDGHJXHUUDFRPR
VHYHUiFRQGHWDOOHDFRQWLQXDFLyQDOFRQWUDULRGHODVHVWDEOH FLGDVFRQHOGHVDUUROORGHO
(VWDGR PRGHUQR HVSHFLDOPHQWH GHVSXpV GH ODV LQQRYDFLRQHV QDSROHyQLFDV QR WUDWD GH
SUHVHUYDUHOWHUULWRULRSURSLRSDUDDVHQWDUVREUHVXVXHORXQDVDFWLYLGDGHVGHSURGXFFLyQ
FRQODVTXHVRVWHQHUHOHVIXHU]REpOLFRVLQRTXHSURS LFLDVXGHVWUXFFLyQSDUDIDFLOLWDUOD
H[WUDFFLyQGHORVUHFXUVRVPDWHULDOHV\ILQDQFLHURVTXHUHTXLHUHVXPDQWHQLPLHQWR
/DJXHUUDPRGHUQD\ODHFRQRPtDGHODJXHUUD
/DFRQFHSFLyQPRGHUQDGHODJXHUUDKDFHGHpVWDXQDDFWLYLGDGVRFLDOVXMHWDDOD
SROtWLFD'HDFXHUGRFRQODGHILQLFLyQFOiVLFDGH&DUOYRQ&ODXVHZLW]©ODJXHUUD«HVXQ
DFWR GH YLROHQFLD SDUD REOLJDU DO FRQWUDULR D KDFHU QXHVWUD YROXQWDGª 6H WUDWD GH XQD
YLROHQFLDFRQFUHWDVLQJXODU\GLIHUHQFLDGDHQFDGDFDVR ²SXHV©OD JXHUUD\DQRHV XQ
SURFHVRLGHDOª²TXHVHFRQILJXUDFRPRXQLQVWUXPHQWRSROtWLFRHQPDQRVGHO(VWDGR
/D JXHUUD SRGUi FRQFHELUVH DVt FRPR ©OD SURVHFXFLyQ GHO WUiILFR SROtWLFR FRQ OD
LQWHUYHQFLyQGHRWURVPHGLRVª FRPR©XQLQVWUXPHQWRGHODSROtWLFDª TXHSUHVXSRQHOD
H[LVWHQFLD GH XQ (VWDGR QDFLRQDO HQ IXQFLyQ GH FX\RV LQWHUHVHV SXHGHQ GHOLPLWDUVH XQ
QRVRWURV \ XQ QXHVWUR HQHPLJR \ SXHGH FRQFUHWDUVHHQTXpFRQVLVWH QXHVWUDYROXQWDG
HVD YROXQWDG TXH HO (VWDGR TXLHUHLPSRQHUD VX DGYHUVDULR /D JXHUUD FRPRDFWLYLGDG
GHO (VWDGR QDFLRQDO KD H[SHULPHQWDGR XQD SURIXQGD WUDQVIRUPDFLyQ D OR ODUJR GHO
WLHPSRLQIOXLGDSRUODHYROXFLyQGHODVIRUPDVGHJRELHUQRODVWHFQRORJtDVGLVSRQLEOHV
\ODVIRUPDVGHPRYLOL]DFLyQGHUHFXUVRV 6LJXLHQGRHOHVTXHPDHODERUDGRSRU.DOGRU TXHVHUHFRJHHQHOFXDGUR
VH SXHGH GHVWDFDU D HVWH UHVSHFWR TXH FRQ OD IRUPDFLyQ GH ORV (VWDGRV DEVROXWLVWDV
YHUGDGHURVHPEULRQHVGHO(VWDGRPRGHUQRVHFRQVROLGDDORODUJRGHORVVLJORV;9,,\
;9,,, XQD QXHYD FRQFHSFLyQ GH OD JXHUUD FX\RV REMH WLYRV VH GHILQHQ HQ IXQFLyQ GH OD
UD]yQGH(VWDGR(VWHFRQFHSWRFX\DSDWHUQLGDGFDEHDWULEXLUD$UPDQG-HDQGX3OHVVLV
²HOFDUGHQDOGH5LFKHOLHXSULPHUPLQLVWURGHOD)UDQFLDGH/XLV;,,, ² HVWDEOHFLyTXH
©HO ELHQHVWDU GHO (VWDGR MXVWLILFDED FXDOHVTXLHUD PHGLRV TXH VH HPSOHDUDQ SDUD
SURPRYHUORª GH PDQHUD TXH D SDUWLU GH pO HO LQWHUpV QDFLRQDO VXVWLWX\y D OD LGHD
PHGLHYDOGHXQDPRUDOXQLYHUVDOFRPRHOHPHQWRUHFWRUGHODSROtWLFD\VHDFHSWyTXH
&IU&ODXVHZLW]SiJ
&IULELGHPSiJ
&IULELGHPSiJ
&IULELGHPSiJ
9pDVH.DOGRUFDStWXOR
&IU.LVVLQJHUSiJ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
SDUDORJUDUODSD]\ODVHJXULGDGFDGD(VWDGRGHEtDDF WXDUHQIXQFLyQGHVXVSDUWLFXODUHV
LQWHUHVHVLGHQWLILFDEOHVFRQORVGHVXVREHUDQR 7DOHVLQWHUHVHV²\SRUWDQWRORV
&XDGUR(YROXFLyQGHODJXHUUDHQHOPDUFRGHORV(VWDGRVQDFLRQDOHV
7LSRGHJRELHUQR
6LJOR;,;
(VWDGRDEVROXWLVWD
(VWDGRQDFLRQDO
5D]yQGH(VWDGR
x &RQIOLFWRVGLQiVWLFRV
x )LMDFLyQGHIURQWHUDV
0HUFHQDULRV
3URIHVLRQDOHV
$UPDVGHIXHJR
0DQLREUDVGHIHQVLYDV
$VHGLR
2EMHWLYRVGHOD
JXHUUD
7LSRGHHMpUFLWR
7pFQLFDPLOLWDU
(FRQRPtDGHOD
JXHUUD
6LJORV;9,,\;9,,,
)XHQWH.DOGRU
&DUJDVLPSRVLWLYDV
(PSUpVWLWRV
&RQIOLFWR QDFLRQDO
3URIHVLRQDOHV
6HUYLFLRREOLJDWRULR
)HUURFDUULO
7HOpJUDIR
0RYLOL]DFLyQUiSLGD
([SDQVLyQGHOD
DGPLQLVWUDFLyQ\OD
EXURFUDFLD
3ULQFLSLRVGHOVLJOR;;
&RDOLFLRQHVGH(VWDGRV
(VWDGRVPXOWLQDFLRQDOHV
,PSHULRV
&RQIOLFWRQDFLRQDOH
LGHROyJLFR
(MpUFLWRVGHPDVDV
3RWHQFLDGHIXHJRDJUDQ
HVFDOD
7DQTXHV\DYLRQHV
(FRQRPtDGHOD
PRYLOL]DFLyQ
)LQDOHVGHOVLJOR;;
3ROtWLFDGHEORTXHV
&RQIOLFWRLGHROyJLFR
(OLWHFLHQWtILFR ±PLOLWDU
(MpUFLWRSURIHVLRQDO
$UPDVQXFOHDUHV
&RPSOHMRPLOLWDU ±
LQGXVWULDO
REMHWLYRVGHODJXHUUD² VHLGHQWLILFDQEiVLFDPHQWHFRQODFRQWLQXLGDGGLQiVWLFDGHODV
FDVDV UHDOHV \ FRQ ORV OtPLWHV IURQWHUL]RV QDFLRQDOHV GH PDQHUD TXH VX GHIHQVD R VX
UHLYLQGLFDFLyQ VH FRQVLGHUDQ OHJtWLPDV LQFOXVR FXDQGR VH HPSOHDQ PHGLRV YLROHQWRV
SDUDVRVWHQHUODV1RREVWDQWHODOHJLWLPLGDGVHFLUFXQVFULEHHVWUHFKDPHQWHDO(VWDGRGH
IRUPDTXHFXDOTXLHUDJHQWHQRHVWDWDOTXHGDIXHUDGHHOOD6XUJHDVtXQDVSHFWRHVHQFLDO
GH OD FRQILJXUDFLyQ GHO (VWDGR PRGHUQR FRPR HV TXH VH OH DWULEX\D HO PRQRSROLR GHO
HMHUFLFLROHJtWLPRGHODYLROHQFLD8QHMHUFLFLRTXHSRURWUDSDUWHQRHVDUELWUDULRVLQR
TXH VH YH VXMHWR D GHWHUPLQDGDV UHJODV GH DFWXDFLyQ FX\R FXPSOLPLHQWR HV
LPSUHVFLQGLEOHSDUDTXHODJXHUUDTXHGHOHJLWLPDGD(VDVUHJODVDOXGHQDORVVLJXLHQWHV
DVSHFWRV
/D JXHUUD VyOR FRUUHVSRQGH D ORV (VWDGRV VREHUDQRV GH PDQHUD TXH
x
FXDOTXLHU RWUR HMHUFLFLR DUPDGR GH OD YLROHQFLD VH FRQVLGHUD XQD DFWLYLGDG
FULPLQDO
/D JXHUUD SRU RWUD SDUWH OD KDFHQ ORV VROGDGRV ²PHUFHQDULRV R
x
SURIHVLRQDOHV² TXH KDQ VLGR KDELOLWDGRV SDUD LQYROXFUDUVH HQ OD YLROHQFLD
DUPDGD HQ QRPEUH GHO (VWDGR /RV VROGDGRV KDQ GH HVWDU DVt GHELGDPHQWH
HQURODGRVHQHOHMpUFLWR\FRQWURODGRVSRUVXVPDQGRVKDQGHOXFKD UYHVWLGRVGH
XQLIRUPH ²\ SRU WDQWR GLIHUHQFLDGRV GH OD SREODFLyQ FLYLO ² SRUWDQGR VXV
DUPDVDODGHVFXELHUWD\REHGHFLHQGRODVyUGHQHVGLUHFWDVGHXQMHIHTXHSXHGD
DVXPLUODUHVSRQVDELOLGDGGHVXVDFFLRQHV
)LQDOPHQWHODVDFFLRQHVGHHVRVVROGDGRVKDQ GHVXMHWDUVHDOHPSOHRGH
x
PpWRGRV KRQRUDEOHV ²OR TXH H[FOX\H OD UHDOL]DFLyQ GH DFWRV UXLQHV FRPR OD
YLRODFLyQGHODVWUHJXDVRHOXVRGHODVDUPDVGHVSXpVGHVHUKHFKRSULVLRQHUR ²
9LGSDUDODIRUPDFLyQ\ODSUiFWLFDLQLFLDOGHODUD]yQGH(VWDGRHOFDStWXORWUHVGH .LVVLQJHU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
\ GHEHQ RULHQWDUVH FRQWUD ORV HQHPLJRV FRPEDWLHQWHV FRQWUD ORV VROGDGRV G HO
HMpUFLWRFRQWUDULRGHELHQGRGHMDUVHWUDQTXLODDODSREODFLyQFLYLOVLHPSUHTXHOR
SHUPLWDQODVQHFHVLGDGHVPLOLWDUHV
3DUD VRVWHQHU HO HVIXHU]R EpOLFR GHVDUUROODGR SRU HMpUFLWRV SHUPDQHQWHV ORV
(VWDGRV WXYLHURQ TXH DUWLFXODU ORV SURFHGLPLHQWRV QHFHVD ULRV SDUD DOOHJDU ORV UHFXUVRV
ILQDQFLHURV UHTXHULGRV 6H HVWDEOHFLy DVt XQD $GPLQLVWUDFLyQ FDSD] GH UHFDXGDU
LPSXHVWRV \ GH QHJRFLDU HPSUpVWLWRV RUJDQL]DQGR GH HVWD PDQHUD ODV ILQDQ]DV GHO
(VWDGRGHDFXHUGRFRQODVQHFHVLGDGHVGHXQJDVWRPLOLWDUTXHGX UDQWHHOVLJOR;9,,,
VXSRQtDHQWRUQRDWUHVFXDUWRVGHOJDVWRS~EOLFRWRWDO (QGHILQLWLYDODHFRQRPtDGHOD
JXHUUDJUDYLWDEDVREUHODDGPLQLVWUDFLyQGHOVLVWHPDILVFDOEDMRHOSULQFLSLRLPSOtFLWRGH
TXHDOVREHUDQROHFRUUHVSRQGtDODSURWHFFLyQGHVXV V~EGLWRV\DFDPELRpVWRVGHEtDQ
DVXPLUODFDUJDGHORVJDVWRVFRUUHVSRQGLHQWHV
&RQ OD FRQVROLGDFLyQ GHO (VWDGR QDFLRQDO \ OD H[SHULHQFLD GH ODV JXHUUDV
QDSROHyQLFDV HQWUH HO ILQDO GHO VLJOR ;9,,, \ HO FRPLHQ]R GHO ;,; DOJXQRV GH ORV
DVSHFWRVDQWHVHQXQFLDGRVFREUDURQXQQXHYRVLJQLILFDGR$VtORVREMHWLYRVGHODJXHUUD
VH DPSOLDURQ DO LGHQWLILFDUVH QXHYRV LQWHUHVHV QDFLRQDOHV HVSHFLDOPHQWH ORV
UHODFLRQDGRV FRQ HO DIiQ GH H[SDQVLyQ WHUULWRULDO R FRQ OD DPSOLDFLyQ GHO iUHD GH
LQIOXHQFLD LQWHUQDFLRQDO $GHPiV OD JXHUUD VH KL]R SRSXODU HQ HO VHQWLGR GH TXH HQ
HOODHPSH]y D SDUWLFLSDUWRGR HO SXHEOR DO KDFHUVH REOLJDWRULR HO VHUYLFLR PLOLWDU(VWD
LQQRYDFLyQ LQWURGXFLGD SRU 1DSROHyQ HQ )UDQFLD FRQGXMR D OD IRUPDFLyQ GH HMpUFLWRV
PX\ QXPHURVRV \ FRQ HOORV D OD QHFHVLGDG GH DUPDU WUDQVSRUWDU \ DEDVWHFHU D
FHQWHQDUHV GH PLOHV GH VROGDGRV 6REUH HVWD EDVH XQ LPSRUWDQWH FRQMXQWR GH DYDQFHV
WHFQROyJLFRV TXH VH GHVDUUROODURQ VREUH WRGR GXUDQWH OD VHJXQGD PLWDG GHO VLJOR ;,;
FRQWULEX\y D UHYROXFLRQDU OD WpFQLFD GH OD JXHUUD 6H WUDWD IXQGDPHQWDOPHQWH GH OD
LQFRUSRUDFLyQ GHO IHUURFDUULO D OD ORJtVWLFD SRU VX DSWLWXG SDUD HO WUDQVSRUWH PDVLYR GH
WURSDV \ SHUWUHFKRV ²OR TXH VH KL]R SRU SULPHUD YH] HQ ± GXUDQWH OD JXHUUD
IUDQFR±SUXVLDQD² GHO HPSOHR GHO WHOpJUDIR HQ ODV FRPXQLFDFLRQHV PLOLWDUHV ²OR TXH
VH GHULYy GH ODV LQQRYDFLRQHV LQWURGXFLGDV SRU :HUQHU YRQ 6LHPHQV HQ FRQ
RFDVLyQ GH OD JXHUUD HQWUH 3UXVLD \ 'LQDPDUFD ² DFHOHUDQGR DVt OD WUDQVPLVLyQ GH
yUGHQHV H LQIRUPDFLyQ \ GH OD DSOLFD FLyQ GH ODV WHFQRORJtDV PDQXIDFWXUHUDV D OD
SURGXFFLyQGHDUPDPHQWRORTXHHQORVFDVRVGH$OHPDQLD\*UDQ%UHWDxDVREUHWRGR
FRQODDGRSFLyQGHSURJUDPDVGHFRQVWUXFFLyQQDYDOGHJXHUUDGDUtDOXJDUDODDSDULFLyQ
GH XQ LQFLSLHQWH FRPSOHMR PLOLWDU ±LQGXVWULDO < D WRGR HOOR VH DxDGLy HQ HO SODQR
RUJDQL]DWLYRODIRUPDFLyQGHDOLDQ]DVPLOLWDUHVHVWDEOHVTXHSURSLFLDUtDQ\DHQHOVLJOR
;;HOGHVHQFDGHQDPLHQWRGHJXHUUDVGHDOFDQFHPXQGLDO
(Q HVWH FRQWH[WR GH FDPELR HQ OD FRQILJXUDFLyQ GH ODV DFWLYLGDG HV EpOLFDV VH
LQVFULEHODFRGLILFDFLyQGHGHODVOH\HVGHODJXHUUDORTXHGDUiOXJDUDODIRUPDFLyQGHO
GHUHFKR LQWHUQDFLRQDO KXPDQLWDULR eVWH FX\D GREOH ILQDOLGDG QR HV RWUD TXH OD
OLPLWDFLyQGHODFDSDFLGDGGHGHVWUXFFLyQEpOLFD\ODHYLWDFLyQGHFXD OTXLHUVXIULPLHQWR
9LG SDUD XQD H[WHQVD FRQVLGHUDFLyQ GH HVWH SXQWR .HQQHG\ FDStWXOR ,,, (VWH DXW RU VHxDOD FRQ
UHODFLyQD)UDQFLD HO,PSHULR+DEVEXUJR3UXVLD*UDQ%UHWDxD\5XVLDTXHODVILQDQ]DVIXHURQ©PXFKRPiV
LPSRUWDQWHVTXHFXDOTXLHUDGHODVPHMRUDVHVWULFWDPHQWHPLOLWDUHVSDUDH[SOLFDUODSRVLFLyQUHODWLYDRFXSDGDSRU
ODVJUDQGHVSRWHQFLDV HQWUH\ªFIU LELGHPSiJ
(Q .HQQHG\ FDStWXOR 9 VH H[DPLQDQ HVWRV \ RWURV HOHPHQWRV SDUD ORV FDVRV FRQFUHWRV GH (VWDGRV
8QLGRV$OHPDQLD)UDQFLD*UDQ%UHWDxD,WDOLD5XVLD$XVWULD ±+XQJUtD\-DSyQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
TXH UHVXOWH LQQHFHVDULR SDUD DOFDQ]DU ORV REMHWLYRV PLOLWDUHV VH YLR LPSXOVDGR
SULQFLSDOPHQWH D UDt] GH OD EDWDOOD GH 6ROIHULQR SRU HO JLQHEULQR -HDQ ±+HQUL 'XQDQW
IXQGDGRU GH OD &UX] 5RMD ,QWHUQDFLRQDO )XH HQ HIHFWR GHVSXpV GH OD IXQGDFLyQ GH
HVWD RUJDQL]DFLyQ HQ FXDQGR VH DFRUGy OD SULPHUD &RQYHQFLyQ GH *LQHEUD \ VH
UHFXSHUDURQ DVt ©ODV DQWLJXDV WUDGLFLRQHV PLOLWDUHV GHO KRQRU DSOLFiQGRODV D OD JXHUUD
GHPRFUiWLFDª \ VHH[WHQGLHURQ©ODV QRUPDVGHFRQGXFWDHQFXDQWRDODDV LVWHQFLDDORV
KHULGRV \ HO UHFXHUGR GH ORV PXHUWRV« DO KRPEUH FRP~Qª GDQGR OXJDU D OD
FRGLILFDFLyQ GHO ©KRQRU GH ORV JXHUUHURV HXURSHRVª \ D VX XQLYHUVDOL]DFLyQ $ HVD
&RQYHQFLyQ VHJXLUiQ KDVWD QXHVWURV GtDV FRPR PXHVWUD HO FXDGUR RWURV P~OWLSOHV
LQVWUXPHQWRV MXUtGLFRV FRQ HO ILQ GH UHJXODU HO WUDWDPLHQWR GH ORV SULVLRQHURV ORV QR
FRPEDWLHQWHVORVKHULGRV\HQIHUPRVHOFRQFHSWRGHQHFHVLGDGPLOLWDUODGHOLPLWDFLyQ
GH ODV DUPDV \ ODV WiFWLFDV SURKLELGDV OD VDQFLyQ GH ORV FULPLQDOHV GH JXHUUD HO
JHQRFLGLR\RWURVDVSHFWRV
&XDGUR(YROXFLyQGHOGHUHFKRLQWHUQDFLRQDOGHODJXHUUD
$xR
1RUPD
&RQYHQFLyQGH*LQHEUD
'HFODUDFLyQGH6DQ3HWHUVEXUJR
'HFODUDFLyQGH/D+D\D
3URWRFRORGH*LQHEUD
&RQYHQLRGH*LQHEUD
&RQYHQLRVREUHHO*HQRFLGLR
,&RQYHQLRGH*LQHEUD
,,&RQYHQLRGH*LQHEUD
,,,&RQYHQLRGH*LQHEUD
,9&RQYHQLRGH*LQHEUD
&RQYHQLRVREUH%LHQHV&XOWXUDOHV
&RQYHQFLyQVREUH$UPDV%LROyJLFDV
3URWRFRORDGLFLRQDO,
3URWRFRORDGLFLRQDO,,
&RQYHQLRVREUH$UPDV
&RQYHQFLRQDOHV
3URWRFROR,
3URWRFROR,,
3URWRFROR,,,
7ULEXQDO3HQDO,QWHUQDFLRQDOSDUD
<XJRVODYLD
7ULEXQDO3HQDO,QWHUQDFLRQDOSDUD
5ZDQGD
3HUVRQDOGH1DFLRQHV8QLGDV
3URWRFROR,9
3URWRFROR,,
7UDWDGRGH2WWDZD
(VWDWXWRGH5RPD
&RQYHQLRVREUH%LHQHV&XOWXUDOHV
&RQYHQLRVREUH'HUHFKRVGHO1L xR
(VWDWXWRGH1XUHPEHUJ
)XHQWH(ODERUDGRDSDUWLUGH*XWPDQ\5LHII
$VSHFWRVUHJXODGRV
+HULGRVGHODVIXHU]DVDUPDGDVHQFDPSDxD
5HQXQFLDDOHPSOHRGHSUR\H FWLOHVH[SORVLYRV
/H\HV\FRVWXPEUHVGHODJXHUUDWHUUHVWUH
3URKLELFLyQGHJDVHVDVIL[LDQWHV\YHQHQRVRV\PHGLRVEDFWHULROyJLFRV
+HULGRV\HQIHUPRVGHODVIXHU]DVDUPDGDVWH UUHVWUHV
(QMXLFLDPLHQWR\FDVWLJRGHFULPLQDOHVGHJXHUUD&DUWDGHO7ULEXQDO
0LOLWDU,QWHUQDFLRQDO
3UHYHQFLyQ\VDQFLyQGHOFULPHQGHJHQRFLGLR
+HULGRV\HQIHUPRVGH ODVIXHU]DVDUPDGDVHQFDPSDxD
+HULGRVHQIHUPRV\QiXIUDJRVGHODVIXHU]DVDUPDGDVHQHOPDU
7UDWDPLHQWRGHORVSULVLRQHURVGHJXHUUD
3URWHFFLyQGHORVFLYLOHVHQWLH PSRVGHJXHUUD
3URWHFFLyQGHELHQHVFXOWXUDOHVHQORVFRQIOLFWRVDUPDGRV
3URKLELFLyQGHDUPDVEDFWHULROyJLFDVELROyJLFDV\Wy[LFDV
3URWHFFLyQGHODV YtFWLPDVGHORVFRQIOLFWRVDUPDGRVLQWHUQDFLRQDOHV
3URWHFFLyQGHODVYtFWLPDVGHORVFRQIOLFWRVDUPDGRVQRLQWHUQDFLRQDOHV
3URKLELFLyQRUHVWULFFLyQGHOXVRGHDUPDVFRQYHQFLRQDOHVH[ FHVLYDPHQWH
QRFLYDVRGHHIHFWRVLQGLVFULPLQDGRV
)UDJPHQWRVQRORFDOL]DEOHV
(PSOHRGHPLQDVDUPDVWUDPSD\RWURVDUWHIDFWRV
(PSOHRGHDUPDVLQFHQGLDULDV
(QMXLFLDPLHQWRGHORVUHVSRQVDEOHVGHJHQRFLGLR\RWUDVYLRODFLRQHVGHO
GHUHFKRLQWHUQDFLRQDOHQ<XJRVODYLDDSDUWLUGH
(QMXLFLDPLHQWRGHORVUHVSRQVDEOHVGHJHQRFLGLR\RWUDVYLRODFLRQHVGHO
GHUHFKRLQWHUQDFLRQDOHQ5ZDQGD\ORVHVWDGRVYHFLQRVHQ
6HJXULGDGGHOSHUVRQDOGH1DFLRQHV8QLGDV
$UPDVOiVHUFHJDGRUDV
3URKLELFLyQGHOHPSOHRGHPLQDVDUPDVWUDPSD\RWURVDUWHIDFWRV
3URKLELFLyQGHPLQDVDQWLSHUVRQDOHV
(VWDWXWRGHO7ULEXQDO3HQDO,QWHUQDFLRQDO
6HJXQGRSURWRFRORGHO&RQYHQLRVREUH%LHQHV&XOWXUDOHV
3URWRFRORVREUHSDUWLFLSDFLyQGHORVQLxRVHQORVFRQIOLFWRVDUPDGRV
9LGSDUDXQDFRQVLGHUDF LyQJHQHUDOGHOGHUHFKRLQWHUQDFLRQDOKXPDQLWDULR%RXFKHW ±6DXOQLHU
6REUHHVWHSXQWRSXHGHYHUVH,JQDWLHIISiJV\VV\FRQDIiQGHVtQWHVLV,JQDWLHII
&IU,JQDWLHIISiJ
&IU,ELGHPSiJ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
<SRURWUDSDUWHODHFRQRPtDGHODJXHUUDDGTXLULyXQDFUHFLHQWHFRPSOHMLGDG
GH PDQHUD TXH DSR\iQGRVH HQ XQ DSDUDWR EXURFUiWLF R±DGPLQLVWUDWLYR FDGD YH] PiV
H[WHQVR VH RULHQWy QR VyOR KDFLD OD REWHQFLyQ GH ORV FDXGDOHV FRQ ORV TXH DIURQWDU HO
JDVWR EpOLFR VLQR WDPELpQ KDFLD OD SURGXFFLyQ \ GLVWULEXFLyQ GHO DUPDPHQWR \ ORV
SHUWUHFKRVPLOLWDUHV6XUJHDVtHOHPEULyQGHODHFRQRPtD GHPRYLOL]DFLyQTXHDGTXLULUi
VX SOHQD FRQILJXUDFLyQ FRQ HO GHVSXQWDU GHO VLJOR ;; 8QD HFRQRPtD TXH DVHQWDGD
ILUPHPHQWHVREUHHOWHUULWRULRQDFLRQDOEXVFDUiODDFWLYDFLyQGHWRGRVORVUHFXUVRV
QDFLRQDOHV²ILQDQFLHURVKXPDQRVWHFQROyJLFRVD JUDULRVHLQGXVWULDOHV² SDUDVRVWHQHU
OD JXHUUD \ TXH EDMR HO FRQFHSWR GH ©JXHUUD WRWDOª GHVDUUROODGR SRU HO JHQHUDO
/XGHQGRUII HQJORED XQD PXOWLSOLFLGDG GH DFWLYLGDGHV SURGXFWLYDV ORJtVWLFDV
DGPLQLVWUDWLYDV\GHSURSDJDQGDVXMHWDVDXQDSODQLILFDFLy QFHQWUDOL]DGD
(Q HO FXUVR GHO VLJOR ;; VXVWHQWDGRV VREUH OD H[SHULHQFLD GH GRV JXHUUDV
PXQGLDOHV \ GHO ODUJR SHUtRGR GH JXHUUD IUtD ²HQ HO TXH HO QLYHO SRWHQFLDO GH
HQIUHQWDPLHQWR HQWUH ORV EORTXHV IRUPDGRV SRU ODV QDFLRQHV GHPRFUiWLFDV \ ODV
FRPXQLVWDVOOHJyDH[WUHPRVKDVWDHQWRQFHVGHVFRQRFLGRV ² ORVHOHPHQWRVSUHFHGHQWHV
DFDEDURQ DGTXLULHQGR WRGR VX GHVDUUROOR $Vt OD MXVWLILFDFLyQ GH OD JXHUUD SRU ORV
LQWHUHVHVQDFLRQDOHVVHH[WHQGLyKDFLDORVGHODVFRDOLFLRQHVGH(VWDGRVKDVWDOOHJDUDOD
RUJDQL]DFLyQ GH EORTXHV PLOLWDUHV SHUPDQHQWHV ²FRPR HV HO FDVR GH OD 27$1 R GHO
3DFWR GH 9DUVRYLD² 3RU RWUD SDUWH D UDt] GH OD 6HJXQGD *XHUUD 0XQGLDO ²TXH IXH
FRQFHELGDSRUODVQDFLRQHVDOLDGDVFRPRXQDJXHUUDFRQWUDHOPDO ²ODILMDFLyQGHORV
REMHWLYRV GH OD DFFLyQ EpOLFD GHMy GH HVWDU GHWHUPLQDGD VyOR SRU ORV FRQIOLFWRV
QDFLRQDOHVSDUDGDUHQWUDGDDODVULYDOLGDGHVLGHROyJLFDV$GHPiVORVHMpUFLWRVIXHURQ
\D SDUD VLHPSUH HMpUFLWRV GH PDVDV TXH UHFOXWDEDQ D XQD PXOWLWXG GH VROGDGRV /DV
WHFQRORJtDV PLOLWDUHV ²EDVDGDV HQ FRPSOHMRV VLVWHPDV GH ODERUDWRULRV GH ,' ²
H[SHULPHQWDURQ XQ GHVDUUROOR VLQ SUHFHGHQWHV GDQGR OXJDU D VLVWHPDV GH DUPDV
FUHFLHQWHPHQWHVRILVWLFDGRV\FDGDYH]PiVHILFDFHVHQFXDQWRDVXSRWHQFLDGHVWUXFWRUD
²OR TXH VHJ~Q VH KD PRVWUDGR HQ HO FXDGUR UHTXLULy HQ FLHUWRV FDVRV FRPR ORV
UHIHULGRVDODUPDPHQWRTXtPLFR\ELROyJLFRODVPLQDVORVDUWHIDFWRVLQFHQGLDULRVRORV
OiVHUHV FHJDGRUHV GH DFXHUGRV LQWHUQDFLRQDOHV SDUD OLPLWDU R SURKLELU VX XVR \
SURGXFFLyQ R FRPR HQ HO DUPDPHQWR QXFOHDU SDUD LPSHGLU VX SUROLIHUDFLyQ ² < OD
HFRQRPtDGHJXHUUDVHDPSOLyKDFLDHOWLHPSRGHSD]FRQHOGHVDUUROORGHXQFRPSOHMR
PLOLWDU±LQGXVWULDO EDVDGR HQ OD SODQLILFDFLyQ D ODUJR SOD]R GH OD SURGXFFLyQ \
DGTXLVLFLyQ GH QXHYRV VLVWHPDV GH DUPDV FDSDF HV GH GDU UHVSXHVWD D ODV DPHQD]DV
SHUFLELGDV\DORVFDPELDQWHVGHVDItRVGHODHVWUDWHJLDEpOLFD
/DGLVROXFLyQGHORVSULQFLSLRVPRUDOHVGHODJXHUUDPRGHUQD
(Q HO FXUVR GHO FDVL PHGLR VLJOR TXH GLVFXUULy FRQ SRVWHULRULGDG D OD 6HJXQGD
*XHUUD 0XQGLDO GHQWUR GHO PDUFR HVWDEOHFLGR SRU OD *XHUUD )UtD DOJXQRV GH ORV
SULQFLSLRV\YDORUHVVRFLDOPHQWHDFHSWDGRVVREUHODJXHUUDHPSH]DURQDVHUGLVFXWLGRV\
HQ EXHQD PHGLGD UHSXGLDGRV D OD OX] GH OD H[SHULHQFLD YLYLGD (VH GHEDWH VXUJH GHO
KHFKR GH TXH ODV JUDQGHV JXHUUDV GHO VLJOR ;; IXHURQ JXHUUDV WRWDOHV HQ ODV TXH VH
LPSOLFDURQ ORV (VWDGRV QDFLRQDOHV D WUDYpV GH DPSOLDV FRDOLFLRQHV \ WDPELpQ ODV
VRFLHGDGHV FLYLOHV GDQGR DVt OXJDU D XQD FLHUWD HYDQHVFHQFLD GH OD IURQWHUD HQWUH OR
9pDVH/XGHQGRUIISiJV D
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
S~EOLFR\ORSULYDGR HQWUHHOiPELWRGHORPLOLWDU\GHORFLYLOHQWUHORVFRPEDWLHQWHV\
ORV QR FRPEDWLHQWHV /RV REMHWLYRV GH OD JXHUUD QR HVWXYLHURQ GHVGH HQWRQFHV
SULQFLSDOPHQWH FHQWUDGRV HQ HO WHUUHQR PLOLWDU VLQR TXH VH H[WHQGLHURQ VREUH ODV
DFWLYLGDGHV HFRQyPLFDV ODV LQIUDHVWUXFWXUDV ODV IiEULFDV \ ORV VLVWHPDV GH WUDQVSRUWH
TXHFRQVWLWXtDQHOIXQGDPHQWRORJtVWLFRGHORVHMpUFLWRV/DGHVWUXFFLyQGHHVRVPHGLRV
GHSURGXFFLyQVHFRQVLGHUyOHJtWLPDSRUVXFRQWULEXFLyQDOHVIXHU]REpOLFRDOLJXDOTXH
ODPDWDQ]DGHFLYLOHV²HPSH]DQGRSRUHOERPEDUGHRGH*XHUQLFD \DFDEDQGRSRUORV
GH +LURVKLPD \ 1DJDVDNL² VH MXVWLILFy SRU HVWLPDUVH TXH PLQDU OD PRUDO GH ORV
HQHPLJRVHUDXQDQHFHVLGDGPLOLWDU
(ODUPDQXFOHDU©DUPDDEVROXWDªGHXQDFDSDFLGDGGHVWUXFWLYDVLQSUHFHGH QWHV
SXVRHQHYLGHQFLDODSRVLELOLGDGGHODHOLPLQDFLyQGHFXDOTXLHUDWLVERGHKXPDQLGDGHQ
HO KHFKR GH OD JXHUUD 6X GHVDUUROOR FRPR KD GHVWDFDGR 7RGRURY QR IXH REUD GH ORV
(VWDGRV WRWDOLWDULRV VLQR GHO ©(VWDGR GHPRFUiWLFR SRU H[FHOHQFLD (VWDGRV 8QLG RV
TXLHQ OD SXVR D SXQWR« \ GHFLGLy LQPHGLDWDPHQWH XWLOL]DUODª GHELGR D XQ FRQMXQWR
FRPSOHMR GH UD]RQHV TXH WLHQHQ TXH YHU FRQ OD UHLYLQGLFDFLyQ GH OD SULPDFtD HQ HO
©UHSDUWRGHOPXQGRª©OD YHQJDQ]DªSRUODDFFLyQMDSRQHVDVREUH3HDUO+DUERU ²©XQD
DIUHQWD TXH KDEtD TXH ODYDUª² ©HO UDFLVPR DQWLMDSRQpVª \ HO ©HIHFWR GHO SURSLR
LPSXOVR TXH OOHYy D OD IDEULFDFLyQ GH OD ERPEDª GH PDQHUD TXH ©SXHVWR TXH HO
SUR\HFWRVHKDEtDLQLFLDGRKDEtDTXHOOHYDUORKDVWDHOILQª /DVFRQVHFXHQFLDVGHHVD
GHFLVLyQ VRQ FODUDV \ WHUULEOHV HO PDO \D QR VHUtD GHVGH HQWRQFHV XQ SDWULPRQLR
H[FOXVLYRGHODVSRWHQFLDVWRWDOLWDULDVXQUHVXOWDGRGHODE~VTXHGDGHOSRGHUDEVROXWR
VLQRTXHSRGtDGHVSUHQGHUVHWDPELpQGHODOXFKDFRQWUDHVHSRGHU<SRUHOORDXQTXH
©HO WRWDOLWDULVPR SXHGD SDUHFHUQRV« HO LPSHULR GHO PDO GH HOOR QR VH VLJXH« TXH OD
GHPRFUDFLDHQFDUQHVLHPSUH\HQWRGDVSDUWHVHOUHLQRGHOELHQª 3RU WDO PRWLYR HO DUPDPHQWR QXFOHDU DO LJXDO TXH RWURV VLVWHPDV GH DUPDV GH
GHVWUXFFLyQPDVLYDSRQHQHQFXHVWLy QODVLGHDV\FUHHQFLDVSUHFHGHQWHVVREUHODJXHUUD
(Q SDUWLFXODU D SDUWLU GH HOORV \D QR SXHGH DFHSWDUVH TXH HO LQWHUpV GHO (VWDGR
SURSRUFLRQH XQD MXVWLILFDFLyQ SDUD OD JXHUUD SXHV HO SRGHU GHVWUXFWRU TXH VH SRQH HQ
MXHJR KDFH TXH WUDV VX HPSOHR TXH GH DQXODGD FXDOTXLHUYHQWDMD LQFOXVR OD H[LVWHQFLD
GH OD SURSLD KXPDQLGDG SXHGH YHUVH DPHQD]DGD VL HO FRQIOLFWR QXFOHDU OOHJDUD D
GHVDUUROODUVH FRQ WRGD VX SRWHQFLD$GHPiV VL ORV FLYLOHVQR FRPEDWLHQWHVSDVDQD VHU
FRQVLGHUDGRV REMHWLYRV OHJtWLPRV HQWR QFHV TXHGD DQXODGR HO YLHMR SDUDGLJPD
HVWDEOHFLGR SRU HO KRQRU GH ORV JXHUUHURV \ OD JXHUUD VH FRQYLHUWH HQ XQ FULPHQ VLQ
UHJODV
3RURWUDSDUWHFRQODPDVLILFDFLyQGHORVHMpUFLWRV\ODIRUPDFLyQGHFRDOLFLRQHV
HVWDEOHVHOLQWHUpVGHO(VWDGRIXHPLQiQG RVHSURJUHVLYDPHQWHHQWDQWRTXHPRWLYDFLyQ
GH OD JXHUUD /D PRYLOL]DFLyQ GH PLOORQHV GH KRPEUHV HQ ORV FRQIOLFWRV UHTXHUtD XQD
MXVWLILFDFLyQ LGHROyJLFD FDSD] GH LQGXFLU XQD HOHYDGD PRUDO GH FRPEDWH HQWUH ORV
VROGDGRV 7DO MXVWLILFDFLyQ FRPR GHVWDFy - *O HQQ *UD\ SHUPLWtD ©HVWDEOHFHU XQD
LPDJHQGHOHQHPLJRFRQODTXHGLIHUHQFLDU«UDGLFDOPHQWH«HODFWRGHPDWDUFRQHO
9LG 6RXWKZRUWK \ SDUD XQD KLVWRULD RUDO D SDUWLU GH ORV WHVWLPRQLRV GH ORV LPSOLFDGRV 7KRPDV \
0RUJDQ±:LWWV
&IUSDUDORVHQWUHFRPLOODGRVGHHVWHSiUUDIR7RGRURYSiJVD
&IULELGHPSiJ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
GHDVHVLQDUª'HDFXHUGRFRQHVWHDXWRUDOGHVDSDUHFHU©ODV FRQYHQFLRQHVGHODpWLFD
PLOLWDUª \ FRQ HOODV ©ODV UHVWULFFLRQHV FRQ UHVSH FWR D OD PDQHUD GH DFDEDU FRQ OD
YROXQWDG GHO HQHPLJR« FRQ D\XGD GH OD SURSDJDQGD VH DOFDQ]y UiSLGDPHQWH XQD
PRUDOLGDGWHUULEOHPHQWHVLPSOLILFDGDª\VHDGPLWLyTXH©FXDOTXLHUDFWRTXHD\XGDUD«D
JDQDU OD JXHUUD HUD FRUUHFWR \ EXHQRª \ SDUD HOOR VH SUH FLVy ©XQD LPDJHQ WtSLFD GHO
HQHPLJR« FRQGLFLRQDGDSRUODQHFHVLGDGGHRGLDUOHVLQOtPLWHVª 'HHVWDPDQHUDHO
GLVFXUVR SDWULyWLFR HQYROYLy ODV DFFLRQHV GH OD (QWHQWH GXUDQWH OD 3ULPHUD *XHUUD
0XQGLDOHQWDQWRTXHODOXFKDFRQWUDHOPDOVLUYLySDUDOHYDQ WDUODPRUDOGHORVHMpUFLWRV
DOLDGRV GXUDQWH OD 6HJXQGD \ OD DILUPDFLyQ GH OD GHPRFUDFLD IUHQWH DO WRWDOLWDULVPR
UHSUHVHQWDGRSRUHOVLVWHPDVRYLpWLFRIXHHOVXVWUDWRVREUHHOTXHVHDVHQWyODKHJHPRQtD
QRUWHDPHULFDQDHQHOVHQRGHOD27$1PLHQWUDVGXUy OD*XHUUD)UtD6LQHPEDUJRHVWDV
PRWLYDFLRQHV LGHROyJLFDV DFDEDURQ SRU VHU UHFKD]DGDV EDMR HO LQIOXMR GH ORV
PRYLPLHQWRV SDFLILVWDV \ GH RWUDV RUJDQL]DFLRQHV HPHUJHQWHV GH OD VRFLHGDG FLYLO SHUGLHQGR VX VLJQLILFDGR HQ FRQIOLFWRV WDQ UHOHYDQWHV FRPR ORV GH 9LHWQDP R GH
$IJDQLVWiQ OR TXH FRQGXMR HQ DPERV FDVRV D OD GHUURWD PRUDO \ PLOLWDU GH
QRUWHDPHULFDQRV\VRYLpWLFRV
)LQDOPHQWH DXQTXH WDO YH] GH PDQHUD SDUDGyMLFD HO SURFHVR GH HYDQHVFHQFLD
UHDO GH ODV UHJODV GH OD JXHUUD LQGXFLGR SRU VX VLVWHPi WLFR LQFXPSOLPLHQWR HQ ORV
FRQIOLFWRV GHO VLJOR ;; IXH DFRPSDxDGR GH XQ LPSRUWDQWH GHVDUUROOR OHJLVODWLYR
LQWHUQDFLRQDO SDUD UHIRU]DUODV VHJ~Q VH KD PRVWUDGR DQWHV HQ HO FXDGUR < HQ HVWH
FRQWH[WRUHQDFLyHOGHEDWHDFHUFDGHODSRVLELOLGDGGHTXHOD JXHUUDPLVPDSXGLHUDVHU
LOHJtWLPD /D GLVFXVLyQ DFHUFD GH OD ©MXVWLFLDª R OHJLWLPLGDG GH OD JXHUUD YLHQH GH
DQWLJXR\VHVXVFLWyDSDUWLUGHODFRQWUDGLFFLyQH[LVWHQWHHQWUHHOOHJDGRLGHROyJLFRGH
5RPDWUDVODFDtGDGHOLPSHULR ²VHJ~QHOFXDOODJXHUUDQRWLHQHRWUDMXVWLILFDFLyQTXH
ODFRQTXLVWDGHOSRGHU² \ORVSULQFLSLRVPRUDOHVGHO&ULVWLDQLVPRSULPHUR\GHO,VODP
GHVSXpV/DDSRUWDFLyQVHPLQDODOGHEDWHIXHODGHVDQ$JXVWtQGH+LSRQDTXLHQHQ
/D FLXGDG GH 'LRV GHIHQGLy OD LGHD GH TXH ©OD JXHUUD« HV MXVWLILFDGD VyOR SRU OD
LQMXVWLFLDGHXQDJUHVRUªVLHQGRVX©REMHWLYR«ODSD]ª DXQTXHHQWHQGLyHVWD~OWLPD
FRPR OD SD] GH 'LRV OR TXH SHUPLWLy TXH VX GRFWULQD SXGLHUD LQWHUSUHWDUVH WDPELpQ
FRPR OHJLWLPDFLyQ GH ODV FUX]DGDV LQVSLUDGDV HQ OD UHOLJ LyQ (VWH GXDOLVPR DSDUHFtD
WDPELpQHQHO&RUiQSXHVDOPDQGDWRGHFRPEDWLUVyORHQGHIHQVDSURSLDVHDxDGtDFRQ
LQVLVWHQFLDODOODPDGDDXQD\LKDGRJXHUUDVDQWDFRQWUDORVLQILHOHVKDVWDVXVXPLVLyQR
VXFRPSOHWDGHVWUXFFLyQ 6LQHPEDUJR)UDQFLVFRGH 9LWRULD²\FRQpOGHODHVFXHOD
GH6DODPDQFDHQHOVLJOR;9,² YLQRDQHJDUODOHJLWLPLGDGGHFXDOTXLHUJXHUUDVDQWD\
UHFRQGXMR KDFLD OD SURSLD GHIHQVD HO DUJXPHQWR GH OD FDXVD MXVWD SDUD HPSUHQGHU
&IU*UD\SiJ3DUDHVWHWHPDHVHVSHFLDOPHQWHLQWHUHVDQWHHOFDStWXOR
&IU*UD\SiJ
9LGSDUDHVWH\RWURVDVSHFWRVUHODFLRQDGRV.DOGRUFDStWXOR
9LG&DUUFDStWXOR(Q:DO]HU\ VHDQDOL]DH[WHQVDPHQWHODFXHVWLyQGHODOHJLWLPLGDG
GH OD JXHUUD WDQWR HQ XQD SHUVSHFWLYD DEVWUDFWD FRPR HQ RWUD DSOLFDGD D FRQIOLFWRV FRQFUHWRV LQFOXLGR HO
WHUURULVPR
/DFLXGDGGH'LRV'HFLYLWDWH'HL VHHVFULELyHQWUHORVDxRV\ /DVFLWDVVHKDQUHFRJLGRGH&DUU
SiJ
8Q DQiOLVLV H[WHQVR GH OD GXDOLGDG GRFWULQDO GHO ,VODP FRQ UHVSHFWR D OD \LKDG HV HO GH (ORU]D D \
E9LGWDPELpQSDUDXQDFRQWH[WXDOL]DFLyQGHOWHPDHQHOPiVJHQHUDOGHODVUHODFLRQHVHQW UHODUHOLJLyQ\
HOWHUURULVPR(ORU]D%DOOHVWHU\%RUUHJXHUR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
DFFLRQHV DUPDGDV < WRGR HOOR DFDEy VLHQGR UHIRUPXODGR XQ VLJOR PiV WDUGH SRU HO
ILOyVRIR KRODQGpV +XJR *URWLXV HQ HO VLJXLHQWH HQXQFLDGR GH ORV FULWHULRV GH
SDUWLFLSDFLyQ HQ XQD JXHUUD MXVWD ©TXH KD\D XQD FDXVD MXVWD TXH KD\D OD GHELGD
DXWRULGDG SDUD LQLFLDU OD JXHUUD TXH KD\DXQD LQWHQFLyQ MXVWD GHO XVR GH OD IXHU]D SRU
SDUWH GH ORV EDQGRV HQ FRQIOLFWR TXH HO XVR GH OD IXHU]D VHD SURSRUFLRQDGR TXH OD
IXHU]DVHDHO~OWLPRUHFXUVRTXHVHOLEUHODJXHUUDFRQODPHWDGHODSD]\TXHKD\DXQD
HVSHUDQ]DGHp[LWRUD]RQDEOHª (VWDV LGHDV WHROyJLFR±SROtWLFDV LQVSLUDGRUDV GH XQ LQFLSLHQWH GHUHFKR
LQWHUQDFLRQDO VREUH OD JXHUUD DFDEDURQ SURQWR DUUXPEDGDV SRU HO HPSXMH GH ORV
PRGHUQRV(VWDGRV\SRUODSULPDFtDGHOD©UD]yQGH(VWDGRªeVWDQRIXHUHFKD]DGDGH
PDQHUD IRUPDO KDVWD HO 3DFWR GH .HOORJJ ±%ULDQG TXH VXVFULWR HQ SRU SDtVHV
SURVFULEtD OD JXHUUD FRPR LQVWUXPHQWR SROtWLFR \ FLUFXQVFULEtD VX OHJLWLPLGDG D OD
GHIHQVD SURSLD /DV JXHUUDV GH DJUHVLyQ VH GHILQtDQ DVt FRPR XQ DFWR LOHJDO SDUD ORV
(VWDGRV \ HVWH SULQFLSLR DFDEy VLHQGR DSOLFDGR HQ WD QWR TXH UHVSRQVDELOLGDG SHQDO
WDPELpQ D ORV LQGLYLGXRV SURPRWRUHV GH HVDV JXHUUDV D SDUWLU GH OD &DUWD GHO 7ULEXQDO
0LOLWDU ,QWHUQDFLRQDO GH 1XUHPEHUJ $ SDUWLU GH DKt HO LXV DG EHOOXP ODV UD]RQHV
OHJtWLPDVSDUDOLEUDUXQDJXHUUDVHVDQFLRQDURQHQOD&D UWDGHODV1DFLRQHV8QLGDVFX\R
DUWtFXOR VHJXQGR RUGHQy TXH ©HQ VXV UHODFLRQHV LQWHUQDFLRQDOHV ORV PLHPEURV GH OD
RUJDQL]DFLyQ VH DEVWHQGUiQ GH UHFXUULU D OD DPHQD]D R DO XVR GH OD IXHU]D FRQWUD OD
LQWHJULGDG WHUULWRULDO R LQGHSHQGHQFLD SROtWLFD GH WRGR ( VWDGRª \ FX\R DUWtFXOR SUHFLVyTXHWDOREOLJDFLyQQRPHQRVFDED©HO GHUHFKRLQPDQHQWHGHOHJtWLPDGHIHQVD«
HQ HO FDVR GH TXH XQ PLHPEUR GH ODV 1DFLRQHV 8QLGDV VHD REMHWR GH XQD DJUHVLyQ
DUPDGDª)LQDOPHQWHHOSULQFLSLRGHOHJLWLPLGDGGHODJXHUUDGHIHQ VLYDRGHUHVSXHVWDD
XQD DJUHVLyQ VH DPSOLy HQ SRU DFXHUGR GH VX $VDPEOHD *HQHUDO DO XVR GH OD
IXHU]DDSUREDGRSRUODSURSLD218 6LQHPEDUJRWRGRHVWHHVIXHU]RKDUHVXOWDGRHQFLHUWRPRGREDOGtR(OORSRUTXH
GXUDQWH HO ~OWLPR PHGLR VLJOR KDQ VLGR P~OWLSOHV ORV FRQIOLFWRV HQ ORV TXH DOJXQRV
(VWDGRVSHVHDODVSURKLELFLRQHVLQWHUQDFLRQDOHVVHKDQHPEDUFDGRHQDJUHVLRQHVPiVR
PHQRVQtWLGDV\HQODSUiFWLFDVHKDPDQWHQLGRFRPRVHxDOD7RGRURY©HOGREOHUDVHUR
VHJ~QHOFXDOODSROtWLFDLQWHULRU\ODH[WHULRUQRVHULJHQSRUORVPLVPRVSULQFLSLRV«
SXHVHQHOLQWHULRUODIXHU]DHVWiVRPHWLGDDOGHUHFKR«PLHQWUDVTXHHQHOH[WHULRUOD
IXHU]D ULJHODVUHODFLRQHVHQWUHSDtVHV\ VyOR VH YH OLPLWDGDSRUORVFRQWUDWRVTXHWDOHV
SDtVHVHVWDEOHFHQ«SHURTXHSXHGHQURPSHUHQFXDOTXLHUPRPHQWRª SXHVHOGHUHFKR
LQWHUQDFLRQDO FDUHFH GH FDSDFLGDG SDUD LPSRQHUVH PHGLDQWH HO XVR GH OD YLROHQFLD
OHJtWLPD < WDPELpQ SRUTXH FRQ OD GLVJUHJDFLyQ GHO RUGHQ PXQGLDO WUDV OD FDtGD GHO
0XURGH%HUOtQKDSUROLIHUDGRXQQXHYRWLSRGHFRQIOLFWRVEpOLFRVHQORVTXHFULVWDOL]DQ
ODVWHQGHQFLDVGLVJUHJDGRUDVGHODVUHJODVGHODJXHUUDXQDV©QXHYDVJXHUUDVª IUXWRGH
OD HPHUJHQFLD SROtWLFD GH LGHQWLGDGHV SDUWLFXODULVWDV ²\ SRU HOOR LPSXOVDGDV SRU
PRWLYDFLRQHVLGHROyJLFDV²TXHVHKDQEDVDGRHQHOXVRH[WHQVLYRGHOWHUURULVPR ²\
/DIRUPXODFLyQRULJLQDOGH*URWLXVDSDUHFHHQVXREUD 'HLXUHEHOOLDFSDFLV$TXtVHFLWDODVtQWHVLV
HIHFWXDGDSRU1DEXOVLSiJ
9LG5DWQHUSiJ
&IU7RGRURYSiJ
7RPRHOFRQFHSWRGH.DOGRU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
FRQ pO HQ OD QHJDFLyQ UDGLFDO GH OD GLVWLQFLyQ HQWUH FRPEDWLHQWHV \ QR FRPEDWLHQWHV
HQWUHORViPELWRVGHORPLOLWDU\ORFLYLO ²
©1XHYDVJXHUUDVªJXHUUDVWHUURULVWDV
6LJXLHQGR ODV SURSXHVWDV WHyULFDV \ DQDOtWLFDV HIHFWXDGDV SRU 0DU\ .DOGRU ODV
©QXHYDV JXHUUDVª TXH LUUXPSLHURQ FRQ IXHU]D DO GLOXLUVH OD *XHUUD )UtD ²VLQ TXH HOOR
LPSLGDUHFRQRFHUVXVUDVJRVHQFRQIOLFWRVSUHFHGHQWHVFRPRORVGHOFXHUQRGHÈIULFD
HQ6RPDOLD\(WLRStD ² VRQHOUHVXOWDGRGHXQD SROtWLFDGHDILUPDFLyQGHLGHQWLGDGHV
SRUSDUWHGHJUXSRVpWQLFRVRUHOLJLRVRVTXHVHFRQVLGHUDQDVtPLVPRVFRPRVXMHWRVGH
GHUHFKRVSROtWLFRV\TXHUHLYLQGLFDQHOHMHUFLFLRGHOSRGHUSRUPHGLRGHOHPSOHRGHOD
YLROHQFLD
(VD SROtWLFD HPHUJH GH OD HURVLyQ GH ORV (VWDGRV QDFLRQDOHV H LQFOXVR GH VX
GHVDSDULFLyQ $Vt HQ DOJXQRV SDtVHV HQ ORV TXH HO SURFHVR GH GHVFRORQL]DFLyQ GH ORV
DxRVFLQFXHQWD\VHVHQWDGHMyXQYDFtRDGPLQLVWUDWLYR\GHSRGHUHVRV(VWDGRVQDFLHURQ
EDMRHOVLJQRGHODGHELOLGDGGHPDQHUDTXHQXQFDKDQOOHJDGRDFRQVROLGDUVH(QRWURV
SULQFLSDOPHQWHHQWUHODVYLHMDVUHS~EOLFDVVRYLpWLFDVFRQHOILQGHOVLVWHPDFRPXQLVWDR
HQWUH ODV \XJRVODYDV FRQ HO GHVPDQWHODPLHQWR GHO UpJLPHQ GH 7LWR HO (VWDGR
SUHH[LVWHQWHDFDEyGHVFRPSRQLpQGRVHDQWHVGHGDUSDVRDQXHYDVHVWUXFWXUDVGHSRGHU
,QFOXVR HVWH IHQyPHQR VH UHJLVWUD WDPELpQ DXQTXH VLQ GXGD GH IRUPD DWHQXDGD HQ
DOJXQRV SDtVHV TXH VRQ PLHPEURV GH OD 8QLyQ (XURSHD HQ ORV FXDOHV H[LVWHQ JUXSRV
pWQLFR±QDFLRQDOLVWDV TXH UHLYLQGLFDQ SRU PHGLRV DUPDGRV XQ SRGHU WHUULWRULDOPHQWH
DFRWDGRFRPRHVHOFDVRGHOQDFLRQDOLVPRYDVFRHQ(VSDxDRGHOQDFLRQDOLVPRLUODQGpV
HQHO5HLQR8QLGR/RV(VWDGRVGpELOHVFRPRKDGHVWDFDGR/RUHWWD1DSROHRQLSXHGHQ
VHUXQ©YLYHURGHOWHUURULVPRªSXHVVXIUDFDVRGHMDXQYDFtRTXH©ORV JUXSRVDUPDGRV
YLHQHQ D OOHQDUª 'HQWUR GH HOORV VXHOHQ DSDUHFHU UHGHV GHOLQFXHQFLDOHV TXH UHVXOWDQ
IDYRUHFLGDV SRU OD LUUXSFLyQ GH OD HFRQRPtD SDUDOHOD R LQIRUPDO /DV RUJDQL]DFLRQHV
FULPLQDOHV ORV HQWUDPDGRV GH FRUUXSFLyQ HO PHUFDGR QHJUR \ ORV WUiILFRV LOtFLWRV GH
GURJDV\DUPDVVRQIHQyPHQRVTXHSUROLIHUDQFXDQGRODDXWRULGDGHVWDWDOVHGHVYDQHFH
< GHQWUR GH HVD HFRQRPtD SDUDOHOD DSDUHFHQ KRPEUHV GH QHJRFLRV TXH HPSOHDQ D XQ
JUDQ Q~PHUR GH SHUVRQDV RFXSiQGRODV HQ DFWLYLGDGHV GHOLFWLYDV \ HYHQWXDOPHQWH
DFDEDQ IRUPDQGR YHUGDGHURV HMpUFLWRV SDUWLFXODUHV GH KRPEUHV DUPDGRV SXGLpQGRVH
DILUPDUDVtFRPR©VHxRUHVGHODJXHUUDªTXHHMHUFHQXQOLGHUD]JRLGHQWLWDULR
/RV JUXSRV LGHQWLWDULRV EXVFDQ FRQ IUH FXHQFLD XQD DILUPDFLyQ GH VX SRGHU
PHGLDQWHODYLROHQFLDGHVDUUROODQGRXQDDFWLYLGDGEpOLFDPiVRPHQRVLQWHQVDTXHHQ
VX H[SUHVLyQ PiV FRPSOHMD OOHJD D DGRSWDU OD IRUPD GH OR TXH 0DU\ .DOGRU OODPD
5HFXpUGHVHTXHGHVSXpVGHVXLQGHSHQGHQFLDHQ6RPDOLDKDVXIULGRFRQWLQXDVVLWXDFLRQHVFRQIOLFWLYDV
LQWHUQDVSULQFLSDOPHQWHWUDVHOHVWDEOHFLPLHQWRGHXQUpJLPHQGHSDUWLGR~QLFR FRQOD&RQVWLWXFLyQGH<
HQ HO FDVR GH (WLRStD VH SXHGH GHFLU RWUR WDQWR WUDV OD DEROLFLyQ GH OD PRQDUTXtD HQ $GHPiV DPERV
SDtVHV HVWXYLHURQ HQWDEODURQ XQD JXHUUD HQWUH \ \ (WLRStD WXYR TXH KDFHU IUHQWH DO FRQIOLFWR
VHFHVLRQLVWD GH(ULWUHDGHVGHKDVWDODLQGHSHQGHQFLDGHHVWHWHUULWRULRHQ3DUDXQDUHYLVLyQGHORV
FRQIOLFWRVDUPDGRVHQHOFRQWLQHQWHDIULFDQRYpDVH6FKROO ±/DWRXU
6REUH OD FXHVWLyQ GH ODVLGHQWLGDGHV\ VX FRQYHUVLyQ HQ HO IXQGDPHQWR GHODYLROH QFLDYpDVHHOHQVD\RGH
0DDORXI3RURWUDSDUWHHOULHVJRGHOD©GHULYDLGHQWLWDULDªSDUDODGHPRFUDFLDVHGHVWDFDHQHOHStORJR
GH7RGRURY
&IU1DSROHRQLSiJV \
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
©JXHUUDHQUHGªSXHVHQHOODSDUWLFLSDXQHQWUDPDGRG HDFWRUHVHVWDWDOHV\QRHVWDWDOHV
TXHLQWHUDFW~DQHQWUHVtFRPRHVHOFDVRGHODVEDQGDVSDUDPLOLWDUHVGLULJLGDVSRUOtGHUHV
FDULVPiWLFRVORVVHxRUHVGHODJXHUUDDVHQWDGRVVREUHXQWHUULWRULROLPLWDGRODVFpOXODV
WHUURULVWDV ORV YROXQWDULRV LQWHUQDFL RQDOHV IDQDWL]DGRV ODV RUJDQL]DFLRQHV FULPLQDOHV
GHGLFDGDV D WUiILFRV LOtFLWRV ORV HMpUFLWRV UHJXODUHV \ ORV JUXSRV GH PHUFHQDULRV (VD
JXHUUDVHGHVHQYXHOYHIXHUDGHOFDQRQHVWDEOHFLGRSDUDODJXHUUDPRGHUQDVXUDt]HVWDQ
HVHQFLDOPHQWHLGHROyJLFDTXH QRLQYRFDXQLQWHUpVGH(VWDGRQRVHVRPHWHDODVUHJODV
TXH RUGHQDQ ODV FRQYHQFLRQHV LQWHUQDFLRQDOHV \ HO REMHWLYR GH VXV DWDTXHV HV OD
SREODFLyQFLYLO
/DVSULQFLSDOHVFDUDFWHUtVWLFDVGHHVWDQXHYDPRGDOLGDGEpOLFDODVKDVLQWHWL]DGR
.DOGRUVHxDODQGRORVLJXLHQWH
6RQ JXHUUDV TXH UH~QHQ MXQWR D ORV DFWRUHV QDFLRQDOHV LQYROXFUDGRV D
x
SDUWLFLSDQWHV IRUiQHRV TXH VH H[WLHQGHQ GHVGH ORV PHUFHQDULRV YROXQWDULRV
H[WUDQMHURV R VLPSDWL]DQWHV GH OD GLiVSRUD TXH SDUWLFLSDQ FRPR FRPEDWLHQWHV
KDVWDODVRUJDQL]DFLRQHVKXPDQLWDULDVGHD\XGDRODV21*¶VLQWHUQDFLRQDOHV
6X HVFHQDULR WHUULWRULDO WLHQH XQD GHOLPLWDFLyQ GLIXVD \ FRQ IUHFXHQFLD
x
FDPELDQWH HQ FXDQWR D VXV OtQHDV GH GHPDUFDFLyQ (Q PXFKDV RFDVLRQHV VRQ
JXHUUDV WUDQVIURQWHUL]DV TXH LQYROXFUDQ D SHU VRQDV TXH HPLJUDURQ GHO SDtV
LPSOLFDGR
(VWDIOXLGH]WHUULWRULDOHVWiFRQGLFLRQDGDHQEXHQDPHGLGDSRUHOKHFKR
x
GH TXH HO FRQIOLFWR VH GHVHQYXHOYH HQ ]RQDV HQ ODV TXH VH SURGXFH XQD
GHVFRPSRVLFLyQ GHO SRGHU HVWDWDO ]RQDV FRQ (VWDGRV IUiJLOHV R IDOOLGR V
UHFRQRFLGRV LQWHUQDFLRQDOPHQWH SHUR LQFDSDFHV GH FRQWURODU HO WHUULWRULR DO
KDEHUVHVRFDYDGRHQHOORVHOPRQRSROLRHQHOXVRGHODYLROHQFLDOHJtWLPD
6H WUDWD DGHPiV GH ©JXHUUDV DVLPpWULFDVª SXHV GHELGR D TXH HQ HOODV
x
LQWHUYLHQHQDFWRUHVFRQPX\GLIHUHQWHFDSDFLGDG\SRGHU ²FRPRSXHGHQVHUODV
EDQGDVWHUURULVWDV\ORVHMpUFLWRVUHJXODUHV ²QRH[LVWHHTXLSDUDFLyQRHTXLOLEULR
GHIXHU]DVHQWUHHOORV (VDDVLPHWUtDVHUHODFLRQDFRQHOKHFKRGHTXHVHWUDWDSRUORJHQHUDOGH
x
©JXHUUDV GH EDMD LQWHQVLGDGª GH JXHUUDV GH GHVJDVWH HQ ODV TXH VH EXVFD OD
SURORQJDFLyQGHOFRQIOLFWRHOPD\RUWLHPSRSRVLEOHDXQTXHSDUDHOORVLJXLHQGR
ODWiFWLFDSURSXJQDGDSRU0DR7VH ±WXQJVHSURGX]FDQUHWLUDGDVHVWUDWpJLFDV
3RU WDQWR HQ FXDQWR D VX FRQFHSFLyQ OD JX HUUD WHUURULVWD VH VLW~D HQ HO SROR
RSXHVWR DO SURSXJQDGR SRU OD FRQFHSFLyQ PRGHUQD TXH HQFDUQD &ODXVHZLW] GH
9LG.DOGRU\SDUDXQDVtQWHVLV.DOGRU DVtFRPR0QNOHUSiJVD
6HJ~QGHVWDFD0QNOHUSiJ
&IU0QNOHUSiJ
6H DOXGH DTXt D ODLGHDSURSXJQDGDSRU0DRHQ 6REUHODJXHUUDSURORQJDGD REUDHVFULWDHQEDMR OD
FLUFXQVWDQFLDGHODLQYDVLyQMDSRQHV DGH&KLQDVHJ~QODFXDO©HOREMHWLYRGHODJXHUUDQRHVRWURTXHFRQVHUYDU
ODV IXHU]DV SURSLDV \ GHVWUXLU ODV HQHPLJDVª 9LG SDUD PiV GHWDOOHV 0QNOHU /D LQIOXHQFLD GHO
PDRtVPRVREUHODVRUJDQL]DFLRQHVWHUURULVWDVGHL]TXLHUGDKDVLGRGHVWDFDGD SRU/DTXHXUFDStWXOR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
DFXHUGR FRQ HO FXDO OD FRQGXFFLyQ GH OD JXHUUD GHEH FRQIOXLU KDFLD XQD EDWDOOD
SULQFLSDO R GHFLVLYD HQ OD TXH VH SURGX]FD ©OD DQLTXLODFLyQ GH OD IXHU]D
HQHPLJDª < GH HVWD PDQHUD HO FRQIOLFWR VH GHVHQYXHOYH FRQ LQWHQVLGDG
YDULDEOH WDQWR SDUD RFDVLRQDU XQRV PD\RUHV FRVWHV DO RSRQHQWH ²SXHV HO
VRVWHQLPLHQWRGHODVIXHU]DVUHJXODUHV\ORVFXHUSRVGHVHJXULGDGUHTXLHUHXQRV
UHFXUVRVVXSHULRUHVDORV TXHHPSOHDQODVRUJDQL]DFLRQHVWHUURULVWDV\ORVJUXSRV
SDUDPLOLWDUHV ² FRPR SDUD DSURYHFKDU HO FRPSRQHQWH SXEOLFLWDULR GHO
WHUURULVPRFRQILQHVGHSURSDJDQGD 'DGDODYDULHGDGGHDFWRUHVTXHVHUH~QHQHQODVUHGHVGHFRPEDWLHQWHV
x
MXHJD XQ SDSHO HVHQFLDO HO GLVFXUVR TXH ORV DJOXWLQD /D JXHUUD WLHQH SDUD VXV
SURPRWRUHVXQDPRWLYDFLyQH[FOXVLYDPHQWHLGHROyJLFDHVWDEOHFLGDDSDUWLUGHOD
GHIHQVDGHXQDLGHQWLGDGpWQLFDRUHOLJLRVD
(O REMHWLYR GH OD JXHUUD HV OD PRYLOL]DFLyQ SROtWLFD /D YLROHQFLD VH
x
RULHQWD D OD H[SDQVLyQ GH OD SURSLD UHG H[WUHPLVWD PHGLDQWH OD DGKHVLyQ GH OD
SREODFLyQ LQYROXFUDGD (Q FRQFRUGDQFLD FRQ WDO REMHWLYR OD WiFWLFD EiVLFD GH
FRPEDWH XWLOL]DGD HV HO WHUURULVPR 3RU HOOR HVD DGKHVLyQ QR QDFH GHO
FRQYHQFLPLHQWRVLQRGHOPLHGR TXHVHH[WLHQGHHQWUHWRGRVORVKDELWDQWHVFXDQGR
VH HOLPLQDQ ORV DGYHUVDULRV SROtWLFRV TXH SXHGHQ REVWDFXOL]DU HO FRQWURO GH OD
VRFLHGDG (Q GHILQLWLYD VH UHFXUUH ©D OD YLROHQFLD« SDUD KDFHU LPSRVLEOH OD
SROtWLFD SDFtILFD \« VH SRQHQ FRPR REMHWLYRV D ORV FLYLOHV GHVDUPDGRV«
SDUDFDVWLJDUORVSRUVXDILOLDFLyQRSRUVXRULJHQpWQLFRª 'HDKtTXHHQHVWDV
JXHUUDVVHYLROHQVLVWHPiWLFDPHQWHORVGHUHFKRVKXPDQRVHQHVSHFLDOSRUPHGLR
GHOGHVDUUROOR GH DFFLRQHVGH OLPSLH]D pWQLFD\GHJHQRFLGLRHQWUHOD SREODFLyQ
FLYLO 1R VRUSUHQGH HQWRQFHV TXH OD JUDQ PD\RUtD GH ODV EDMDV HQ HVWRV
FRQIOLFWRVVHSURGX]FDQHQWUHORVQRFRPEDWLHQWHV
< ILQDOPHQWH OD JXHUUD VL HV H[LWRVD SDUD TXLHQHV OD SURPXHYHQ
x
FRQGXFH D OD FRQVWUXFFLyQ GH QXHYDVHQWLGDGHVHVWDWDO HV TXHHQ PXFKRV FDVRV
QR KDQ SDVDGR GH VHU XQ ©(VWDGR HPEULyQª VHJ~Q OD GHQRPLQDFLyQ GH
1DSROHRQL (VGHFLUXQ(VWDGRTXHFXHQWDFRQ©HOPRQRSROLRGHORVPHGLRVGH
YLROHQFLDHOWHUULWRULRXQVLVWHPDGHLPSXHVWRV\XQDEXURFUDFLDS~EOLFDªSHUR
TXH FDUHFH GH ©VREHUDQtD FRQVWLWXFLyQ LPSHULR GH OD OH\« OHJLWLPLGDG GH OD
DXWRULGDG \ FLXGDGDQtDª \ TXH HQ FRQVHFXHQFLD JUDYLWD HQ WRUQR D OD JXHUUD
SXHVHV©XQDHVWUXFWXUDFRQODTXHPDQWHQHUYLYDODOXFKDª /DV©QXHYDVJXHUUDVªVRQHQVtQWHVLVJXHUUDVWHUURULVWDVTXHFRQLQGHSHQGHQFLD
GH OD SURIXQGLGDG TXH KD\DQ DOFDQ]DGR SXHGHQ VHU FDWDORJDGDV GHQWUR GH XQD PLVPD
&IU&ODXVHZLW]SiJ6REUHODEDWDOODSULQFLSDOYLGORVFDStWXORVDGHOOLEURFXDUWRGHHVWD
REUD
9LG0QNOHUSiJ
9LG0QNOHUSiJ6REUHHVWHSXQWRYLGWDPELpQODLQW HUHVDQWHUHIOH[LyQGH,JQDWLHII
&IU,JQDWLHIISiJ
9LG1DSROHRQLFDStWXOR
&IU1DSROHRQLSiJ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
HQWLGDG FRQFHSWXDO (VWDV JXHUUDV FRPR VH YHUi D FRQWLQXDFLyQ KDQ GDGR OXJDU D XQ
VLQJXODUPRGHORGHHFRQRPtDEpOLFDFX\RVHOHPHQW RVVXVWDQWLYRVGHEHQVHUSXHVWRVGH
UHOLHYHSDUDTXHSXHGDGLVSRQHUVHGHODVQRFLRQHVUHTXHULGDVDODERUGDUHODQiOLVLVGHODV
FRQVHFXHQFLDVHFRQyPLFDVGHOWHUURULVPR
/DHFRQRPtDGHSUHGDGRUDGHJXHUUD
(O PRGHOR GH HFRQRPtD GHSUHGDGRUD GH JXHUUD VXE YLHUWH ORV SULQFLSLRV GH OD
HFRQRPtDGHPRYLOL]DFLyQDORVTXHDQWHULRUPHQWHVHKDKHFKRUHIHUHQFLDGHODPLVPD
PDQHUD TXH OD JXHUUD WHUURULVWD VXEYLHUWH ODV FRQYHQFLRQHV GH OD JXHUUD PRGHUQD $Vt
PLHQWUDVTXHHQpVWDODHFRQRPtDVHRUJDQL]DSDUDGHVSOHJ DUGHQWURGHOWHUULWRULRWRGD
OD SRWHQFLDOLGDG GH OD QDFLyQ HQ RUGHQ D OD REWHQFLyQ GHO DUPDPHQWR \ SHUWUHFKRV TXH
UHTXLHUHQ ORV HMpUFLWRV HQ OXFKD ²OR TXH LPSOLFD XQD UHRULHQWDFLyQ GH ODV DFWLYLGDGHV
SURGXFWRUDV GH ELHQHV \ VHUYLFLRV KDFLD HVD ILQDOLGDG ² HQ OD JXHUUD WHUURULVWD OD
HFRQRPtD VH FRQILJXUD FRPR XQ SURFHGLPLHQWR GH H[SROLR R UDSLxD GH ORV UHFXUVRV
H[LVWHQWHV HQ HO WHUULWRULR EDMR FRQWURO GH ODVRUJDQL]DFLRQHVTXH OD VRVWLHQHQ ²OR TXH
VXSRQHODGHVWUXFFLyQGHODEDVHSURGXFWLYDQDFLRQDO ²
<D VH KD VHxDODGR TXH HO REMHWLYR GH OD JXHUUD WHUURULVWD HV OD PRYLOL]DFLyQ
SROtWLFD GH PDQHUD TXH HO FRQWURO GHO WHUULWRULR VH ORJUD D WUDYpV GHO PLHGR \ QR SRU
PHGLR GH OD DGKHVLyQ LGHROyJLFD GH OD PD\RU SDUWH GH OD SREODFLyQ (OOR LQFOX\H HO
GHVSOD]DPLHQWR R H[SXOVLyQ GH TXLHQHV VH RSRQHQ D ODV RUJDQL]DFLRQHV WHUURULVWDV DVt
FRPRVXHOLPLQDFLyQSRUPHGLRGHODVHVLQDWRSXGLpQGRVHOOHJDUDH[WHQVDVRSHUDFLRQHV
GH OLPSLH]D pWQLFD $VLPLVPR SDUD IDFLOLWDU OD VXSUHVLyQ GH OD RSRVLFLyQ QR H[LVWH
LQFRQYHQLHQWHHQSURSLFLDUODGHVWUXFFLyQGHODVLQIUDHVWUXFWXUDVRGHOFDSLWDOSURGXFWLYR
SULYDGR QL HQ UHDOL]DU DWDTXHV VLVWHPiWLFRV D REMHWLYRV FLYLOHV SDUD FUHDU XQ FOLPD GH
LQVHJXULGDGQLHQHPSOHDUWpFQLFDVGHJXHUUDSVLFROyJLFDFRQWUDODSREODFLyQUHVLVWHQW H
QL HQ GHVHQFDGHQDU KDPEUXQDV QL HQ HVWLPXODU ODV YLRODFLRQHV \ DEXVRV VH[XDOHV
VLVWHPiWLFRV 6LQ HPEDUJR HOOR QR REVWD SDUD TXH HVDV RUJDQL]DFLRQHV FXOWLYHQ D VX
SREODFLyQGHUHIHUHQFLD ²HVGHFLUDOJUXSR©HQSUHWHQGLGREHQHILFLRGHOFXDOGHFODUDQ
OOHYDU D FDER FDPSDxDV GH YLROHQFLDª \ GHO TXH REWLHQHQ DSR\R SROtWLFR \ PLOLWDQWHV
FRQ ORV TXH UHQRYDU VX FDSLWDO KXPDQR ² PHGLDQWH OD FUHDFLyQ GH DVRFLDFLRQHV \
HQWLGDGHVGHDSR\RVRFLDO\HFRQyPLFRTXHFDQDOL]DQUHFXUVRVFRQORVTXHDVLVWLUDODV
IDPLOLDV GH ORV DFWLYLVWDV GHVDUUROODU GHWHUPLQDGRV VHUYLFLRV VRFLDOHV R SURSRUFLRQDU
HPSOHRV VLHPSUHVXMHWR WRGR HOOR D OD LQHVWDELOLGDG TXH VHGHULYDGHODLUUHJXODULGDG
TXHFDUDFWHUL]DDODREWHQFLyQGHLQJUHVRV
(QHVWDVFRQGLFLRQHVHOWHUULWRULRGHMDGH VHUXQDVyOLGDEDVHVREUHODTXHSXHGD
DVHQWDUVH XQ HVIXHU]R HFRQyPLFR RULHQWDGR KDFLD OD JXHUUD 7RGR OR FRQWUDULR FRQ OD
GHVWUXFFLyQ GHO FDSLWDO \ ODV LQIUDHVWUXFWXUDV DVt FRPR FRQ OD LQVHJXULGDG D OD TXH VH
VRPHWH D OD SREODFLyQ SRU PHGLR GHO WHUURULV PR OR TXH VH ORJUD HV UHEDMDU H LQFOXVR
SDUDOL]DU OD DFWLYLGDG HFRQyPLFD \ SRU WDQWR OD SRVLELOLGDG GH TXH OD SURGXFFLyQ VH
RUJDQLFHSDUDVRVWHQHUODJXHUUD<HQFRQVHFXHQFLDKDQGHKDELOLWDUVHRWUDVIRUPDVGH
REWHQHUORVUHFXUVRVPDWHULDOHV\ILQDQF LHURVTXHVHQHFHVLWDQSDUDVRVWHQHUHOHVIXHU]R
EpOLFR OR TXH GD OXJDU D XQD HFRQRPtD GHSUHGDGRUD GH JXHUUD FX\RV SULQFLSDOHV
&IU5HLQDUHVSiJ
9LGSDUDHOGHWDOOHHQORVFDVRVGH2ULHQWH0HGLR\&RORPELD1DSROHRQL FDStWXOR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
HOHPHQWRV FRQVWLWXWLYRV VRQ ORV TXH VH UHIOHMDQ HQ HO JUiILFR \ VH HQXPHUDQ D
FRQWLQXDFLyQ (Q SULPHU OXJDU SRU PHGLR GHO VDTXHR \ OD H[WRUVLyQ VH WUDQVILHUHQ
x
UHFXUVRV GHVGH OD SREODFLyQ FLYLO KDFLD ODV RUJDQL]DFLRQHV FRPEDWLHQWHV $ ORV
ULFRVVHOHVH[WRUVLRQDEDMRDPHQD]DVRVHOHVPDWDSDUDUREDUOHVVHWUDQVILHUHQ
SURSLHGDGHV SULYDGDV XQD YH] UHDOL]DGDV ODV RSHUDFLRQHV GH OLPSLH]D pWQLFD VH
SURSRUFLRQD ©SURWHFFLyQª D SHUVRQDV \ RUJDQL]DFLRQHV \ VH HVWDEOHFHQ
©LPSXHVWRV GH JXHUUDª SDUD DXWRUL]DU OD D\XGD KXPDQLWDULD $VLPLVPR DOJXQDV
RUJDQL]DFLRQHVWHUURULVWDVFXHQWDQFRQUHGHVGHGHOLQFXHQWHVHVSHFLDOL]DGRVHQHO
URERHOIUDXGHFRQWDUMHWDVGHFUpGLWRRORVDWUDFRV
(Q VHJXQGR WpUPLQR VH RUJDQL]D WDPELpQ OD WUDQVIHUHQFLD GH UHFXUVRV
x
KDFLDHVDVRUJDQL]DFLRQHVDWUDYpVGHOPHUFDGRQHJUR/RVDFWRUHVLPSOLFDGRVHQ
ODDFWLYLGDGEpOLFD\ODSREODFLyQFLYLOHVWDEOHFHQWUDQVD FFLRQHVSRUPHGLRGHHVH
PHUFDGR GHVGH SRVLFLRQHV GHVLJXDOHV GH PDQHUD TXH HVWD ~OWLPD UHVXOWD
SHUMXGLFDGD $Vt ODV DFFLRQHV GH OD JXHUUD WHUURULVWD SXHGHQ FRQGXFLU D
VLWXDFLRQHV GH GHVDEDVWHFLPLHQWR TXH VRQ VXSOLGDV SRU PHGLR GHO DFFHVR D XQ
PHUFDGR QHJUR FRQWURODGR SRU ODV IXHU]DV FRPEDWLHQWHV HQ HO TXH VH RSHUD D
SUHFLRVDQRUPDOPHQWHHOHYDGRVRVHUHDOL]DQWUXHTXHVGHELHQHVGXUDGHURVFRPR
YHKtFXORV R HOHFWURGRPpVWLFRV D FDPELR GH DUWtFXORV GH SULPHUD QHFHVLGDG
FRPRDOLPHQWRV7RGRHOORHQGHWULPH QWRGHODSREODFLyQFLYLO
(Q WHUFHU OXJDU ODV RUJDQL]DFLRQHV WHUURULVWDV SDUWLFLSDQ GLUHFWD R
x
LQGLUHFWDPHQWHHQODUHDOL]DFLyQGHWUiILFRVLOtFLWRV6RQIUHFXHQWHVORVFDVRVHQ
ORV TXH HVWDV RUJDQL]DFLRQHV VH LPSOLFDQ HQ HO FRPHUFLR GH HVWXSHIDFLHQWHV R
H[WUDHQGHpVWHXQDH[DFFLyQHQFRQFHSWRGHSDJRSRUORVVHUYLFLRVGHSURWHFFLyQ
TXHSURSRUFLRQDQDORVQDUFRWUDILFDQWHV ,JXDORFXUUHFRQHOFRQWUDEDQGRGH
ELHQHVGHFRQVXPRRORVWUiILFRVGHDUPDPHQWRGLDPDQWHV RPDWHULDVSULPDV
VXMHWDVDHPEDUJR$HOORGHEHDxDGLUVHODFRQVWLWXFLyQGHHPSUHVDVTXHUHDOL]DQ
QHJRFLRV DSDUHQWHPHQWH OHJDOHV SHUR TXH VH LPSOLFDQ HQ RSHUDFLRQHV GH
EODQTXHR GH ORV FDSLWDOHV REWHQLGRV SRU PHGLRV GHOLFWLYRV R GH HQWLGDGHV VLQ
ILQHVGHOXFURGHVWLQDGDVDUHFDXGDUDSR UWDFLRQHVYROXQWDULDVGHVLPSDWL]DQWHVR
DREWHQHUD\XGDVJXEHUQDPHQWDOHVWDQWRORFDOHVFRPRLQWHUQDFLRQDOHV < ILQDOPHQWH H[LVWH XQ LPSRUWDQWH IOXMR GH WUDQVIHUHQFLDV D ODV
x
RUJDQL]DFLRQHV DUPDGDV GHVGH HO H[WHULRU GH PDQHUD TXH VH FRPSOHPHQWDQ ORV
UHFXUVRV REWHQLGRV D SDUWLU GH ODV DFWLYLGDGHV GHSUHGDGRUDV LQWHUQDV DQWHV
DOXGLGDV $Vt ODV UHPHVDV GH ORV WUDEDMDGRUHV HPLJUDGRV DO H[WUDQMHUR
FRPSOHPHQWDQORVUHFXUVRVIDPLOLDUHVGHORVTXHGLVSRQHODSREODFLyQFLYLO\TXH
9LG.DOGRUSiJVD\0QNOHUSiJVD
9LG XQ H[DPHQ HVSHFLDOPHQWH FHQWUDGR HQ ODV RUJDQL]DFLRQHV WHUURULVWDV LVOiPLFDV 1DSROHRQL FDStWXORV\(QFXDQWRDOFDVRGHOWHUURULVPRFRORPEL DQRYLG9LOODPDUtQ,JXDOPHQWHWLHQHLQWHUpV
HOWUDEDMRGH7KDPP
6REUH HO PHUFDGR GH GLDPDQWHV FRQ REVHUYDFLRQHV LQWHUHVDQWH VREUH VX UHODFLyQ FRQ OD ILQDQFLDFLyQ GH
RUJDQL]DFLRQHVWHUURULVWDVYLG&RFNEXUQ
(Q1DSROHRQL FDStWXORV\VHH[SRQHQP~OWLSOHVHMHPSORVGHHVWHWLSRGHDFWLYLGDGHV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
VH FDQDOL]DQ D ORV DFWRUHV FRPEDWLHQWHV D WUDYpV GH OD H[WRUVLyQ \ HO PHUFDGR
QHJUR(VRVPLVPRVWUDEDMDGRUHVVXHOHQFRQWULEXLUDODUHFDXGDFLyQHQVXVSDtVHV
GH DFRJLGD GH IRQGRV GHVWLQDGRV DO VRVWHQLPLHQWR GH ORV JUXSRV DUPDGRV FX\R
RULJHQ HVWi HQ VX PLVPD HWQLD R FRQIHVLyQ UHOLJLRVD $GHPiV DXQTXH OD
ILQDQFLDFLyQGHOWHUURULVPRSRUSDUWHGHORVJRELHUQRVH[WUDQMHURVGHFD\yFRQHO
IDQDOGHOD*XHUUD)UtD QRHVLQIUHFXHQWHTXHVXEVLVWDQD\XGDVDGHWHUPLQDGRV
JUXSRV FRQWHQGLHQWHV R D ORV JRELHUQRV GH ORV SDtVHV HQ ORV TXH VH VLW~D HO
HVFHQDULRGHODJXHUUDWHUURULVWD<VHDQRWDQWDPELpQORVUHFXUVRVTXHFDQDOL]DQ
ODV21*¶VLQWHUQDFLRQDOHVEDMRODIRUPDGHD\XGD KXPDQLWDULDSDUWHGHODFXDO
VHGHVYtDPX\IUHFXHQWHPHQWHKDFLDODVRUJDQL]DFLRQHVFRPEDWLHQWHVSRUPHGLR
GHOURERHOSDJR GHLPSXHVWRVLUUHJXODUHVRODH[WRUVLyQ
*UiILFR/DHFRQRPtDGHSUHGDGRUDGHJXHUUDDFWRUHVDFWLYLGDGHV\IOXMRV
21*\2UJDQL]DFLRQHV
JXEHUQDPHQWDOHV
LQWHUQDFLRQDOHV
([SDWULDGRV\WUDEDMDGRUHV
HPLJUDQWHV
(QYtRVGH
SDUWLFXODUHV
$UPDV
'LQHUR
,PSXHVWRV
LUUHJXODUHV
%HQHILFLRV
UHSDWULDGRV
3REODFLyQFLYLO
7UiILFRVLOtFLWRV'URJDV
3HWUyOHR'LDPDQWHVHWF
3DJRVSRU
SURWHFFLyQ
*RELHUQRVH[WUDQMHURV
(VWDGRVSDWURFLQDGRUHV
*UDQGHVSRWHQFLDV
6DTXHR
([WRUVLyQ
6DTXHR
*RELHUQRVQDFLRQDOHV
0HUFDGRQHJUR
8QLGDGHVGHDXWRGHIHQVD
(MpUFLWRUHJXODU
$UPDV
'LQHUR
*UXSRVSDUDPLOLWDUHV
)XHQWH$GDSWDGRGH.DOGRU
(QUHVXPHQODHFRQRPtDGHODJXHUUDWHUURULVWDQRVHRUJDQL]DSDUDIDYRUHFHUOD
JHQHUDFLyQ LQWHUQD GH ORV UHFXUVRV ILQDQFLHURV \ PDW HULDOHV QHFHVDULRV SDUD HO
VRVWHQLPLHQWR GHO HVIXHU]R EpOLFR VLQR TXH SURSLFLD OD REWHQFLyQ GH HVRV UHFXUVRV D
SDUWLUGHODGHVWUXFFLyQGHODEDVHHFRQyPLFDLQWHUQDSRUPHGLRGHVXGHSUHGDFLyQ(VWH
SURFHVR GHSUHGDGRU SXHGH VHU PiV R PHQRV LQWHQVR \ SXHG H DOFDQ]DU XQD PD\RU R
PHQRUH[WHQVLyQWHUULWRULDOGHSHQGLHQGRGHODSURIXQGLGDGTXHDOFDQFHQHOFRQIOLFWRHQ
HOTXHWLHQHOXJDU
9LG1DSROHRQLFDStWXORV\
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
/DVFRQVHFXHQFLDVHFRQyPLFDV\VRFLDOHVGHODJXHUUDWHUURULVWD
/RV HIHFWRVHFRQyPLFRV\VRFLDOHVGHODVJXHUUDVWHUURU LVWDVVRQSRUORJHQHUDO
LQWHQVRV\SHUVLVWHQWHVFXDQGRORVFRQIOLFWRVDOFDQ]DQXQDFLHUWDSURIXQGLGDGORTXHQR
H[FOX\HODSRVLELOLGDGGHTXHVHFRQFUHWHQHQPHUDVSHUWXUEDFLRQHVWUDQVLWRULDVFXDQGR
VyOR VH SURGXFHQ DWHQWDGRV DLVODGRV VLQ FRQWLQXLGDG W HPSRUDO (VRV HIHFWRV VH GHULYDQ
SULPDULDPHQWH GH ODV GHVWUXFFLRQHV D ODV TXH GD OXJDU OD JXHUUD DXQTXH VH H[WLHQGHQ
PXFKRPiVDOOiGHOYDORUGHpVWDVGHELGRDTXHHOWHUURULVPRUHEDMDODVH[SHFWDWLYDVGH
ORV HPSUHVDULRV \ FRQVXPLGRUHV LQGXFLHQGR XQ FLFOR GHSUHVLYR HQ OD HFRQRPtD
FRUUHVSRQGLHQWH
'HVGH OD SHUVSHFWLYD HFRQyPLFD OD SULQFLSDO FRQVHFXHQFLD GH ORV FRQIOLFWRV
DUPDGRVHVODUHGXFFLyQGHOSRWHQFLDOGHFUHFLPLHQWR\FRQpOODFDtGDGHOQLYHOGHYLGD
GH OD SREODFLyQ DIHFWDGD /RV HVWXGLRV TXH VH KDQ UHDOL]DGR VREUH GHWHUPLQDGRV FDVRV
FRQFUHWRV RORVTXHKDQWHQLGRHQFXHQWDFRQMXQWDPHQWHXQDPXOWLSOLFLGDGGHJXHUUDV
WHUURULVWDV VRQ XQiQLPHV DO VHxDODU TXH pVWDV VRFDYDQ OD DFWLYLGDG SURGXFWLYD \
FRQGXFHQ D XQD FDtGD HQ ODV WDVDV GH LQFUHPHQWR G HO 3,% GH ORV SDtVHV LPSOLFDGRV
FXDQGRQRDODUHGXFFLyQGHHVWDYDULDEOHPDFURHFRQyPLFD(OFLFORHFRQyPLFRWtSLFR
GHOTXHVHKDFHXQDUHSUHVHQWDFLyQHQHOJUiILFRVHUHIOHMDHQXQDGLVPLQXFLyQGHOD
SURGXFFLyQ \D HQ HO SHUtRGR DQWHULRU DO FRQIOLFWR DUPDGR SXHV ODV WHQVLRQHV SROtWLFDV
WLHQHQXQLPSDFWRQHJDWLYRVREUHHOODHVDUHFHVLyQVHDFHQW~DQRWDEOHPHQWHGXUDQWHHO
FRQIOLFWR GH IRUPD TXH SXHGH DOFDQ]DU XQD JUDQ LQWHQVLGDG \ XQD YH] ILQDOL]DGD OD
JXHUUDSHUVLVWHGXUDQWHXQFLHUWRWLHPSRSDUD GDUSDVRGHVSXpVDXQDUHFXSHUDFLyQHQOD
VHQGD GHO FUHFLPLHQWR GHO 3,% (O VDOGR ILQDO GH WRGR HOOR QR HV VLQR XQ GHWHULRUR GHO
QLYHOGHYLGDGHDFXHUGRFRQODDSUR[LPDFLyQTXHDHVWHFRQFHSWRSURSRUFLRQDODFLIUD
GHO3,%SRUKDELWDQWH
(VWH UHVXOWDGR JOREDO VH JHVWD D SDUWLU GH OD QHJDWLYD LQFLGHQFLD TXH OD
LQHVWDELOLGDGYLQFXODGDDOWHUURULVPRWLHQHVREUHODVH[SHFWDWLYDVGHORVFRQVXPLGRUHV\
ORV LQYHUVRUHV $TXHOORV HQ XQ PDUFR GH LQFHUWLGXPEUH FUHFLHQWH UHGXFHQ VX JDVWR \
DSOD]DQ VXV DGTXLVLFLRQHV GH ELHQHV GXUDGHURV SRU PRWLYRV GH SUHFDXFLyQ < pVWRV DO
UHEDMDUVH ODV SUHYLVLRQHV GH GHPDQGD KDFHQ FDHU VXV SURJUDPDV GH LQYHUVLyQ
WUDQVILHUHQ DO H[WHULRU VXV UHFXUVRV \ HYHQWXDOPHQWH DEDQGRQDQHO PHUFDGR $HOORVH
DxDGHQ WDPELpQ ORV HIHFWRV QHJDWL YRV TXH VH GHULYDQ GH ODV GHVWUXFFLRQHV TXH
H[SHULPHQWD HO FDSLWDO ItVLFR ²ELHQ VH WUDWH GH LQIUDHVWUXFWXUDV ELHQ GH LQVWDODFLRQHV
SURGXFWLYDV² \ GH OD PHQRU DIOXHQFLD GH LQYHUVLRQHV H[WUDQMHUDV < HVWRV IHQyPHQRV
LQGXFHQ XQ GHVFHQVR GH OD GHPDQGD TXH DFD ED UHIOHMiQGRVH HQ HO GHVSORPH GHO
FUHFLPLHQWR HFRQyPLFR /RV HIHFWRV DFXPXODGRV D OR ODUJR GH XQ FRQIOLFWR DUPDGR
WtSLFRSXHGHQOOHJDUDVXSRQHUXQDVSpUGLGDVGHKDVWDHOSRUHQHO3,%DQXDO 9pDQVH VREUH *XLQHD 9HODUGH VREUH HO 3DtV 9DVFR $EDGLH \ *DUGHD]iEDO \ 0\UR HW DO
\VREUH(VWDGRV8QLGRV FRQRFDVLyQGHO ±686±*$2D/HQDLQ HWDO \2&'(
9LG 6WHZDUW +XDQJ \ :DQJ GRQGH VH DQDOL]DQ FDVRV GH FRQIOLFWRV *XSWD HW DO D \
ETXHVHEDVDQHQHOHVWXGLRGHJXHUUDVWHUURULVWDVHQSDtVHV\S DUDXQSDQRUDPD&ROOLHU HWDO
9LG&ROOLHU HWDO SiJ(QHOFDStWXORGHHVWHWUDEDMRVHH[SOLFDQFRQGHWDOOHORVPHFDQLVPRV
HFRQyPLFRVTXHFRQGXFHQDJHQHUDUFLFORVGHSUHVLYRVHQORVFDVRVGHJXHUUDWHUURULVWD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
*UiILFR&RQVHFXHQFLDVGHODJXHUUDWHUURULVWDHQHOFUHFLPLHQWR\HOELHQHVWDU
&UHFLPLHQWRUHDOGHO3,%HQSDtVHVFRQFRQIOLFWRVDUPDGRV\WHUURULVPR 7DVDV
DQXDOHVHQSRUFHQWDMH
$17(6
'85$17((/
&21)/,&72
'(638e6
1RWD3URPHGLRFRUUHVSRQGLHQWHDXQDPXHVWUDGHSDtVHV
3,%SRUKDELWDQWHHQSDtVHVVHOHFFLRQDGRVHQORVTXHVHKDQSURGXFLGR
FRQIOLFWRVDUPDGRV\WHUURULVPR
86'yODUHV
$QWHVGHOFRQIOLFWR
'HVSXpVGHOFRQIOLFWR
3HU~
(O6DOYDGRU 1LFDUDJXD
$QJROD
)XHQWHV*XSWD HWDO D\&ROOLHUHWDO 5'GHO
&RQJR
%XUXQGL
3RU RWUD SDUWH VH FRQVWDWD WDPELpQ TXH ODV JXHUUDV WHUURULVWDV WUDVWRFDQ
VHULDPHQWHHOIXQFLRQDPLHQWRGHOVHFWRUS~EOLFRHQORV(VWDGRDIHFWDGRV3RUXQDSDUWH
ORVLQJUHVRVHVWDWDOHVDOGHWHULRUDUVHODVUHQWDVH[SHULPHQW DQXQDDSUHFLDEOHUHGXFFLyQ
²TXHHQORVFDVRVDQDOL]DGRVSRU*XSWD HWDO DVHFRQFUHWDHQXQDFDtGDGHVGH
HODOSRUGHO3,%HQWUHHOSHUtRGRDQWHULRUDOFRQIOLFWR\HOSHUtRGRHQHOTXH
pVWHWLHQHOXJDU²SRURWUDHOJDVWRS~EOLFRVHLQFUHPHQWDGHIRUPDQRWDEOH ²ORTXH
HQ HVRV PLVPRVFDVRV VH UHIOHMD HQ XQ DXPHQWR GHVGH HO KDVWD HO SRU GHO
3,%² \ HQ WHUFHU OXJDU HVH JDVWR VH UHRULHQWD KDFLD ODV IXHU]DV DUPDGDV GHMDQGR
GHVDWHQGLGDV ODV IXQFLRQHV VRFLDOHV HVSHFLDOPHQ WH OD VDQLGDG \ OD HGXFDFLyQ /DV
FRQVHFXHQFLDV VRQ IiFLOHV GH YHU HO GpILFLW S~EOLFR VH LQFUHPHQWD GH PDQHUD
H[WUDRUGLQDULD KDVWD OtPLWHV GLItFLOPHQWH VRVWHQLEOHV ²GH IRUPD TXH HQ ORV FDVRV
DOXGLGRVDYDQ]D GHVGHXQQLYHOGHOSRUGHO3,%KDVWDRWU RGHOSRU²OR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
FXDOUHVWDFDSDFLGDGDODHFRQRPtDSDUDVXFUHFLPLHQWR\DGHPiVHOLQFUHPHQWRGHO
JDVWR PLOLWDU \ OD FDtGD GHO JDVWR HGXFDWLYR WLHQHQ WDPELpQ HIHFWRV SHUYHUVRV VREUH HO
SRWHQFLDOGHGHVDUUROOR /DFXHVWLyQGHOJDVWRHQGHIHQVD\VHJXULGDGPHUHFHXQFLHUWRGHWHQLPLHQWR&RQ
PRWLYR GH OD SURJUHVLyQ TXH HQ ORV DxRV QRYHQWD H[SHULPHQWy HO WHUURULVPR \ VREUH
WRGR D UDt] GH VX H[WHQVLyQ KDFLD ORV SDtVHV PiV GHVDUUROODGRV VH DVLVWLy HQ pVWRV D
SDUWLU GH D XQ FUHFLPLHQWR DSUHFLDEOH GH ORV JDVWRV PLOLWDUHV DVt FRPR GH ORV
GHVWLQDGRVDUHIRU]DUGHODVIXHU]DVSROLFLDOHV7DOWHQGHQFLDVHKDYLVWRDFHQWXDGDHQORV
DxRV PiV UHFLHQWHV HVSHFLDOPHQWH GHVSXpV GH ORV DWHQWDGRV GHO GH VHSWLHPEUH GH
HQ1XHYD<RUN\:DVKLQJWRQGHPDQHUDTXHGHKDSRGLGRDILUPDUTXHODHUDGHO
©GLYLGHQGRGHODSD]ª ²HQDOXVLyQDOSHUtRGRXOWHULRUDODFDtGDGHO0XURGH%HUOtQHQ
HOTXHVHUHGXMRFRQLQWHQVLGDGHOUHIHULGRJDVWR ² KDWHUPLQDGR3XHVELHQHVWHGHVYtR
GH UHFXUVRV KDFLD OD OXFKD FRQWUDWHUURULVWD SXHGH WHQHU XQ LPSDFWR QHJDWLYR VREUH HO
FUHFLPLHQWR HFRQyPLFR D ODUJR SOD]R SXHV VH DVRFLD D pO XQD PHQRU DFXPXODFLyQ GH
FDSLWDO \ XQD SURSRUFLyQ PiV UHGXFLGD GH HPSOHRV FLYLOHV FX\D SURGXFWLYLGDG HV PiV
DOWD TXH OD GH ORV PLOLWDUHV /RV HVWXGLRV HFRQRPpWULFRV VREUH HVWH WHPD QR VRQ VLQ
HPEDUJR GHO WRGR FRQFOX\HQWHV DXQTXHHOEDODQFHTXHVHSXHGHHVWDEOHFHUDSDUWLUGH
HOORVVHLQFOLQDKDFLDODRSLQLyQGHTXHGLFKRHIHFWRHVUHDOVLELHQWLHQHOXJDUGHXQD
PDQHUD PiV ELHQ DWHQXDGD $Vt XQR GH ORV WUDEDMRV PiV UHFLHQWHV GH ORV TXH VH
GLVSRQH VHxDODTXHXQDXPHQWRGHORVJDVWRVPLOLWDUHVHTXLYDOHQWHDXQSRUGHO
3,%UHGXFHHOSRWHQFLDOGHFUHFLPLHQWRHFRQyPLFRHQXQSRU
$GHPiV GHO JDVWR S~EOLFR HQ GHIHQVD \ VHJXULG DG WDPELpQ VH UHJLVWUD XQ
LQFUHPHQWRGHORVJDVWRVSULYDGRVHQHVWDPDWHULDSDUDSUHYHQLUHOWHUURULVPRORTXHVH
FRQFUHWDHQODFRQWUDWDFLyQGHSHUVRQDOHVSHFLDOL]DGR\HQODUHDOL]DFLyQGHLQYHUVLRQHV
GHVWLQDGDV D IDFLOLWDU OD YLJLODQFLD HVWDEOHFHU DO DUPDV R SURWHJHU ORV VLVWHPDV
LQIRUPiWLFRV 7DOHV JDVWRV DXQTXH PHMRUDQ HO ELHQHVWDU SHUVRQDO VH FRQFUHWDQ HQ
DFWLYLGDGHV FX\D SURGXFWLYLGDG HV PiV ELHQ EDMD \ HQ DOJXQRV FDVRV ²FRPR HQ ORV
DHURSXHUWRV\HVWDFLRQHVRHQHODFFHVRDHGLILFLRV\RILFLQDV ² RFDVLRQDQSpUGLGDVGH
WLHPSRTXHWDPELpQUHGXFHQODSURGXFWLYLGDGGHOWUDEDMR&RQWRGRVHWUDWDGHXQHIHFWR
GpELO GH PDQHUD TXH VH HVWLPD TXH OD GXSOLFDFLyQ GH WDOHVJDVWRV VyOR UHGXFH HO QLYHO
SRWHQFLDOGHO3,%HQXQSRUDOFDERGHVHLVDxRV (Q FRQMXQWR HO LQFUHPHQWR GHO JDVWR S~EOLFR \ SULYDGR SDUD DXPHQWDU OD
VHJXULGDG LQWHULRU \ FRPEDWLU HO WHUURULVPR VXSRQH XQD GHVYLDFLyQ GH UHFXUVRV KDFLD
DFWLYLGDGHV GH EDMD SURGXFWLYLGDG \ FRQ HOOR XQD UHEDMD HQ OD FDSDFLGDG SRWHQFLDO GH
GHVDUUROOR GH OD HFRQRPtD/D 2&'( KD HVWLPDGRFRQ XQ PRGHOR GH VLPXODFLyQ HQ HO
TXHVHWRPDFRPREDVHODHFRQRPtDQRUWHDPHULFDQDTXHFRQXQLQFUHPHQWRGHOSRU
GHO3,%HQHOJDVWRPLOLWDUILQDQFLDGRFRQODHPLVLyQGHGHXGDS~EOLFDXQDXPHQWR
GHO HPSOHR S~EOLFR HTXLYDOHQWH DO SRU GH OD SREODFLyQ DFWLYD \ XQD DO]D HQ HO
/RV PRGHORV HFRQ RPpWULFRV HVWLPDGRV SRU *XSWD HW DO D SiJV D DSRUWDQ XQD YHULILFDFLyQ
HPStULFD D HVWRV HIHFWRV SHUYHUVRV GHO FRPSRUWDPLHQWR GHO VHFWRU S~EOLFR \ VHxDODQ WDPELpQ HO LPSDFWR
QHJDWLYRJOREDOGHODJXHUUDWHUURULVWDVREUHHOQLYHOGH3,%SRUKD ELWDQWHGHORVSDtVHVHQFRQIOLFWR
9LG2&'(SiJ\/HQDLQ HWDO SiJV\
9LG6PLWK\'XQQH
9LG2&'(SiJ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
JDVWRSULYDGRGHVHJXULGDGGHOSRUGHO3,%HVFDORQDGRVDORODUJRGHWUHVDxRV
VH SURGXFHQ ORV VLJXLHQWHV HIHFWRV D FRUWR SOD]R HO HQVDQFKDPLHQWR GH OD GHPDQGD
HVWLPXOD XQD VXELGD GH OD SURGXFFLyQ GH PDQHUD TXH GXUDQWH HVRV WUHV HMHUFLFLRV HO
3,%FUHFHSRUHQFLPDGHOQLYHOGHUHIHUHQFLDSHURDOFDERGHHVHWLHPSRODHOHYDFLyQ
GH ORV WLSRV GH LQWHUpV HQ PiV GH SXQWRV EiVLFRV LQGXFLGD SRU HO HQGHXGDPLHQWR
S~EOLFR IUHQD OD DFXPXODFLyQ GH FDSLWDO DGHPiV OD SURGXFWLYLGDG GHO WUDEDMR VH YH
FHUFHQDGD HQ XQ SRU \ HO WLSR GH FDPELR UHDO VH LQFUHPHQWD HQ WRUQR DO SRU
\HQFRQVHFXHQFLDODSURGXFFLyQGHVFLHQGHGHPRGRTXHDOTXLQWRDxRVHUHJLVWUD
\D XQD FDtGD GHO SRU HQ HO 3,% FRQ UHVSHFWR D VX QLYHO GH UHIHUHQFLD (Q
GHILQLWLYD DXQTXH FRQ XQRV HIHFWRV QR GHPDVLDGR OODPDWLYRV SDUHFH HYLGHQWH TXH ODV
DFWLYLGDGHV FRQWUDWHUURULVWDV VH WUDGXFHQ HQ XQD UHEDMD GHO SRWHQFLDO GH GHVDUUROOR
HFRQyPLFRORTXHQRREVWDSDUDTXHSRURWUDSDUWHPHMRUHQODSHUFHSFLyQVXEMHWLYDGH
ELHQHVWDUGH ORVFLXGDGDQRV \ VHHYLWHDVtHOLPSDFWRQHJDWLYRTXHVREUHODHFRQRPtD
VLHPSUHWLHQHHODXPHQWRGHODLQFHUWLGXPEUH
3RURWURODGRPiVDOOiGHHVWRVHIHFWRVGHQDWX UDOH]DPDFURHFRQyPLFDWDPELpQ
VH KDQ DQDOL]DGR RWURV TXH VH FLUFXQVFULEHQ D GHWHUPLQDGRV VHFWRUHV GH OD HFRQRPtD
$VtFRQRFDVLyQGHORVDWDTXHVGHO±6HQ(VWDGRV8QLGRVVHKDDQDOL]DGRHOLPSDFWR
GHO WHUURULVPR VREUH HO VHFWRU DVHJXUDGRU GHVWDFiQGRV H TXH HO DXPHQWR GH OD
VLQLHVWUDOLGDG FRQGXFH D XQ LQFUHPHQWR GH ODV SULPDV FREUDGDV SRU ORV ELHQHV
DVHJXUDGRV DVt FRPR HQ FLHUWRV FDVRV DO UHFKD]R GH OD FREHUWXUD GHO ULHVJR
FRUUHVSRQGLHQWH (O SULPHUR GH HVRV HIHFWRV WLHQH XQD PD\RU LQFLGHQFLD VREUH D OJXQDV
LQGXVWULDV FRPR OD GHO WUDQVSRUWH ²VLQJXODUPHQWH HO DpUHR² OD FRQVWUXFFLyQ OD
HQHUJtD R OD WXUtVWLFD HVWLPiQGRVH TXH GLFKRV DWHQWDGRV FRQGXMHURQ D XQ DXPHQWR GHO
RUGHQGHOSRUHQODVSULPDVSRUUHVSRQVDELOLGDGFLYLORSRUSpUGLGDVHQORV ELHQHV
FRPHUFLDOL]DEOHV <HOVHJXQGRVHSURGXFHFRQPXFKDIUHFXHQFLDSXHVVRQSRFRVORV
SDtVHVHQORVTXHVHKDQHVWDEOHFLGRLQVWLWXFLRQHVFDSDFHVGHVROYHQWDUHVHSUREOHPDGH
H[FOXVLyQ GHO PHUFDGR 2WUR VHFWRU SDUD HO TXH FRQ UHVSHFWR D ORV SDtVHV
PHGLWHUUiQHRVVHKDQGHVWDFDGRORVQHJDWLYRVHIHFWRVGHOWHUURULVPRHVHOGHOWXULVPR
XQ VHFWRU VHQVLEOH DO LPSDFWR TXH ORV DWHQWDGRV WLHQHQ VREUH XQRV GHPDQGDQWHV TXH
SXHGHQFDPELDUGHGHVWLQRIiFLOPHQWH <ILQDOPHQWHDOXGLHQGRDORVFDVRVGH(VSDxD
\ *UHFLD VH KD GHVWDFDGR TXH HQWUH \ HO WHUURULVPR KD FDXVDGR XQD
UHGXFFLyQ GH ORV IOXMRV GH LQYHUVLyQ H[WUDQMHUD GLUHFWD UHFLELGRV SRU HVRV SDtVHV GH
PDQHUD TXH HQ HO SULPHUR VH KD SHUGLGR XQD FLIUD HTXLYDOHQWH DO SRU GH OD
)RUPDFLyQ %UXWD GH &DSLWDO )LMR \ HQ HO VHJXQGR RWUD TXH VH HOHYD KDVWD HO SRU
GHGLFKDYDULDEOHPDFURHFRQyPLFD 9LG2&'(SiJV \
9LG+LOOPDQ
(QWUHHOORVVHGHVWDFDQORV FDVRVGH(VSDxD ²GRQGHHO &RQVRUFLRGH&RPSHQVDFLyQGH6HJXURV FUHDGRHQ
VHKDFHFDUJRGHORVULHVJRVSRUWHUURULVPRGHVGHHOFRPLHQ]RGHORVDxRVVHWHQWD ²HO5HLQR8QLGR ²
GRQGH GHVGH H[LVWH XQ PHFDQLVPR GH UHDVHJXURV HO 3RRO 5H HVWDEOHFLG R FRQ RFDVLyQ GHO
UHFUXGHFLPLHQWR GH ORV DWDTXHV GHO ,5$ ² ÈIULFD GHO 6XU ²GRQGH GHVGH OD 6RXWK $IULFDQ 6SHFLDO
,QVXUDQFH $VVRFLDWLRQ DVHJXUD ORV ULHVJRV SROtWLFRV ² ,VUDHO ²GRQGH H[LVWH XQ IRQGR ILQDQFLDGR SRU XQ
LPSXHVWR VREUH ELHQHV LQPRELOLDULRV SDUD FXEULU ORV GDxRV SRU WHUURULVPR ² \ )UDQFLD ²SDtVHQ HO TXHFRQ
RFDVLyQGHO ±6OD&DLVVH&HQWUDOHGH5pDVVXUDQFH HPSH]yDKDFHUVHFDUJRGHHVWRVULHVJRV ²9LG2&'(
9LG'UDJRV\.XWDQ
9LG(QGHUV\6DQGOHU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
/RV HVWXGLRV VREUH ODV FRQVHFXHQFLDV HFRQyPLFDV GHO WHUURULVPR KDQ GHVWDFDGR
WDPELpQ TXH HQ HO FDVR GH FRQIOLFWRV LQWHQVRV \ FRQWLQXDGRV VH SURGXFH WDPELpQ XQ
HQFDUHFLPLHQWRGHORVELHQHV\VHUYLFLRVDOGHVHQFDGHQDUVHSURFHVRVLQIODFLRQLVWDVPX\
LQWHQVRV $Vt *XSWD HW DO D SDUWLHQGR GHO DQiOLVLV GH QXHYH FDVRV GH JXHUUDV
WHUURULVWDV HYDO~DQ OD WDVD DQXDO GH FUHFLPLHQWR GH ORV SUH FLRV DO FRQVXPR GXUDQWH HO
FRQIOLFWR HQ PiV GHO SRU XQ QLYHO TXH VH[WXSOLFD HO REVHUYDGR HQ ORV DxRV
DQWHULRUHV D OD FRQIODJUDFLyQ /D KLSHULQIODFLyQ HV XQ UHVXOWDGR DVRFLDGRD ODDFWLYLGDG
GHSUHGDGRUD GH ODV RUJDQL]DFLRQHV WHUURULVWDV D OD GHVWU XFFLyQ GH OD EDVH SURGXFWLYD
QDFLRQDO \ D OD H[WHQVLyQ GHO PHUFDGR QHJUR < VXV HIHFWRV VRQ GHYDVWDGRUHV SDUD OD
HFRQRPtD²SXHVLQXWLOL]DHOSDSHOGHODPRQHGDFRPRPHGLRGHLQWHUFDPELRKDFLHQGR
FUHFHUHOWUXHTXHFRPRIRUPDGHUHODFLyQGHPHUFDGR ² \SDUDODSREODFLyQ²SXHVKDFH
LQHOXGLEOHHOHPSREUHFLPLHQWRGHODPD\RUtDGHORVKDELWDQWHV ²
/D FDtGD GH OD DFWLYLGDG HFRQyPLFD ODV GHVWUXFFLRQHV D ODV TXH FRQGXFH OD
JXHUUD \ HO HPSREUHFLPLHQWR JHQHUDO VH HQFXHQWUDQ HQ OD EDVH GH ODV SULQFLSDOHV
FRQVHFXHQFLDVVRFLDOHVTXHVHKDQREVHUYDGRHQORVSDtVHVTXHVHKDQYLVWRHQYXHOWRVHQ
ORVFRQIOLFWRVGHQDWXUDOH]DWHUURULVWD(QWUHHOODVPHUHFHGHVWDFDUVHHQSULPHUOXJDUHO
WUDVODGRGHLPSRUWDQWHVVHJPHQWRVGHODSREODFLyQORTXHGDRULJHQDOIHQyPHQRGHORV
UHIXJLDGRV \ GH ORV GHVSOD]DGRV (OOR VH GHULYD GHO KHFKR GH TXH DO KDFHUVH OD JXHUUD
FRQWUDODSREODFLyQFLYLOpVWDWUDWDGHKXLUGHODFRQWLHQGD\ORKDFHPDVLYDPHQWH8Q
LQIRUPH GH 2[IDP GHVWDFD TXH GXUDQWH HO GHFHQLR GH HO SRU GH ODV
YtFWLPDVHQORVFRQIOLFWRVDUPDGRVKDQVLGRFLYLOHV <DVXYH]HO$OWR&RPLVLRQDGR
GH 1DFLRQHV 8QLGDV SDUD ORV 5HIXJLDGRV GHVWDFD TXH VL DO PHGLDU OD GpFDGD GH ORV
VHWHQWDVHFRQWDELOL]DEDQPLOORQHVGHSHUVRQDVUHIXJLDGDVRGHVSOD]DGDVYHLQWHDxRV
PiV WDUGH HVWD FLIUD VH KDEtD PXOWLSOLFDGR SRU VLHWH OOHJDQGR D ORV PLOORQHV GH
LQGLYLGXRV$OFRPHQ]DUHOVLJORDFWXDOHVWDRUJDQL]DFLyQLQWHUQDFLRQDOHYDOXDEDHQ
PLOORQHVHOQ~PHURGHUHIXJLDGRV\HQHOGHGHVSOD]DGRVLQWHUQDPHQWH VLHQGRORV
SULQFLSDOHVSDtVHVDIHFWDGRVORVTXHVHUHIOHMDQHQHOFXDGUR
2WUD GH ODV FRQVHFXHQFLDV VRFLDOHV GHULYDGDV GH OD JXHUUD WHUURULVWD HV HO
GHWHULRUR GH ODV FRQGLFLRQHV GH YLGD GH OD SREODFLyQ FLYLO OR TXH DIHFWD D VX
DOLPHQWDFLyQ \ D VX VDOXG $Vt WRPDQGR FRPR HMHPSOR HO FDVR GH 3DOHVWLQD FRQ
SRVWHULRULGDGDOGHVHQFDGHQDPLHQWRGHOD,QWLIDGDGH$O$TVDHQ ²XQRGHFX\RV
UDVJRV HVHQFLDOHV KD VLGR OD XWLOL]DFLyQ GHO WHUURULVPR FRQWUD ,VUDHO ² GH DFXHUGR FRQ
ORVGDWRVGLIXQGLGRVSRUOD$JHQFLDGH&RR SHUDFLyQ,QWHUQDFLRQDOGH(VWDGRV8QLGRVVH
DSUHFLD TXH GRV DxRV PiV WDUGH OD PLWDG GH ORV SDOHVWLQRV QHFHVLWDQ UHFLELU D\XGD
DOLPHQWDULD ²VLHQGRORVEHQHILFLDULRVGHO3URJUDPD0XQGLDOGH$OLPHQWRVGH
OD )$2 \ XQ PLOOyQ ORV DFRJLGRV EDMR OD $JHQFLD GH 1DFLRQHV 8QLGDV SDUD ORV
5HIXJLDGRV 3DOHVWLQRV² PiV GHO SRU GH ODV IDPLOLDV VH HQFXHQWUDQ
GHVDEDVWHFLGDV GH SURWHtQDV DQLPDOHV R GH IUXWDV \ OHJXPEUHV OD PDOQXWULFLyQ DIHFWD
DO SRU GH ORV QLxRV \ OD DQHPLD D RWUR SRU HVWD HQIHUPHGDG HVWi
WDPELpQH[WHQGLGDHQWUHHOSRUGHODVPXMHUHVHQHGDGIpUWLO 3HURPiVDOOiGH
HVWHFDVRFRQFUHWRORVHVWXGLRVTXHKDQWRPDGRHQFRQVLGHUDFLyQXQDPXOWLSOLFLGDGGH
9LG&DLUQV
3DUDPiVGHWDOOHYLG &ROOLHUHWDOSiJV \VV
/RVGDWRVVHKDQH[WUDtGRGHOUHSRUWDMHSXEOLFDGRSRU'HOD*XDUGLD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
SDtVHVFRQFRQIOLFWRVVHxDODQXQDUHGXFFLyQLPSRUWDQWHGHODHV SHUDQ]DGHYLGD ²FRQ
XQDFDtGDGHOSRUFDGDDxRGHJXHUUD ²XQDXPHQWRGHODPRUWDOLGDGLQIDQWLO
²TXHVHLQFUHPHQWDHQXQFRQIOLFWRWtSLFRGHFLQFRDxRVGHGXUDFLyQHQXQSRU
SRU HQFLPD GHO QLYHO GH EDVH SHUPDQHFLHQGR XQ SRU PiV D UULED GH HVWH QLYHO
GXUDQWH HO TXLQTXHQLR GH SRVJXHUUD ² \ XQ LQFUHPHQWR DFXVDGR GH OD PRUELOLGDG
RFDVLRQDGD SRU HQIHUPHGDGHV LQIHFFLRVDV ²HQWUH ODV TXH VH GHVWDFDQ HO VDUDPSLyQ OD
PDODULDODVGLDUUHDVODVDIHFFLRQHVHVSLUDWRULDV\HOVLGD ²
&XDGUR3ULQFLSDOHVSDtVHVGHRULJHQGHORVUHIXJLDGRV\GHVSOD]DGRVLQWHUQDPHQWH
0LOHVGHSHUVRQDVHQ
3DtV
$IJDQLVWiQ
%XUXQGL
,UDN
6XGiQ
$QJROD
6RPDOLD
%RVQLD±+HU]HJRYLQD
5HS~EOLFD'HPRFUiWLFDGHO&RQJR
(ULWUHD
&RORPELD
6UL/DQND
$]HUEDL\iQ
5XVLD
*HRUJLD
6HUYLD\0RQWHQHJUR
/LEHULD
)XHQWH81+&5
3HUtRGR
±
(QFXUVR
±
(QFXUVR
±
±
±
±
±
(QFXUVR
±
(QFXUVR
(QFXUVR
(QFXUVR
±
±
1žGHUHIXJLDGRV
±
±
±
±
±
±
±
1žGHGHVSOD]DGRV
LQWHUQDPHQWH
±
±
±
±
±
)LQDOPHQWH HO WHUURULVPR FDXVD VHYHURV G DxRV SVLFROyJLFRV HQWUH ORV TXH
VREUHYLYHQ D OD JXHUUD $XQTXH QR VH GLVSRQH GH PXFKRV HVWXGLRV DO UHVSHFWR Vt VH
SXHGH LQGLFDU TXH OD SUHYDOHQFLD GH ODV HQIHUPHGDGHV SVLFROyJLFDV HQWUH TXLHQHV KDQ
VLGR YtFWLPDV GHO WHUURU HV PX\ HOHYDGD $Vt HQ %RVQLD±+HU]HJRYLQD ODV
LQYHVWLJDFLRQHV HSLGHPLROyJLFDV OOHYDGDV D FDER HQWUH ORV UHIXJLDGRV VHxDODQ TXH OD
GHSUHVLyQDIHFWDDXQDSURSRUFLyQTXHVHVLW~DHQWUHHO\HOSRU\HOWUDVWRUQR
GH HVWUpVSRVWUDXPiWLFR7(73 VH PDQLILHVWD HQWUH HO \HO SRUGHORVFDVRV
DQDOL]DGRV 3RU VX SDUWH HQWUH ORV UHIXJLDGRV FDPER\DQRV ORV VtQWRPDV GH GHSUHVLyQ
DSDUHFHQ HQ XQ SRU GH ORVLQGLYLGXRV \ HO 7(37HQHOSRU(Q(VSDxD
HQWUH ODV YtFWLPDV GHO WHUURULVPR GH (7$ VH HVWLPD XQD SUHYDOHQF LD GH WUDVWRUQRV
SVLTXLiWULFRV GHO SRU HQWUHTXLHQHVKD VXIULGR GLUHFWDPHQWH DWHQWDGRV \ GHO
SRUHQWUHVXVIDPLOLDUHV \ODSUREDELOLGDGGHVXIULUHO7(37VHKDHVWLPDGRHQHO
9LG*XSWD HWDODSiJ
/DHVWLPDFLyQHVGH+RHIIOHU\5H\QDO ±4XHURO (Q&ROOLHUHW DO SiJV \VVSXHGHDPSOLDUVH
FRQDEXQGDQWHVGDWRVHVWHSXQWR
3RU GDxR SVLFROyJLFR VH HQWLHQGH HO FRQMXQWR GH OHVLRQHV SVtTXLFDV TXH VH GHULYDQ GH ODV UHDFFLRQHV
LQGLYLGXDOHV D ORV VXFHVRV TXH SRQHQ HQ SHOLJUR OD LQWHJULGDG ItVLFD R PRUDO GH ODV SHUVRQDV DVt FRPR ODV
VHFXHODVHPRFLRQDOHVTXHSHUVLVWHQDGLFKDVOHVLRQHV\PHQRVFDEDQODVDOXGPHQWDOGHTXLHQORSDGHFH9LG
SDUDHVWRVFRQFHSWRV\VXUHODFLyQFRQHOWHUURULVPR(FKHEXU~DFDStWXOR
9LG&ROOLHUHWDO SiJV \VV
&IU%DFDHWDO SiJV\
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
SRUVLWXiQGRVHHQOtQHDFRQRWURVGHOLWRVYLROHQWRV < WDPELpQHQ(VSDxDFRQ
UHVSHFWR DO DWHQWDGR GHO GH PDU]R GH HQ 0DGULG VH KD HVWLPDGR TXH HQ HO
SHUtRGR LQPHGLDWDPHQWH SRVWHULRU DO VXFHVR WUDXPiWLFR HQWUH ODV YtFWLPDV \ VXV
IDPLOLDUHVVHFRQWDELOL]DEDXQSRUFRQVtQWRPDVGHGHSUHVLyQ \RWURSRU
FRQ 7(37 HVWD SUHYDOHQFLD KDEtD GLVPLQXLGR KDVWD HO \ SRU UHVSHFWLYDPHQWHSDVDGRVVHLVPHVHVGHODWHQWDGR &IU(FKHEXU~DSiJ
&IU7REDOHWDO KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
5()(5(1&,$6%,%/,2*5$),&$6
$EDGLH$\*DUGHD]iEDO-³7KH(FRQRPLF&RVWVRI&RQIOLFW$&DVH6WXG \
RIWKH%DVTXH&RXQWU\´7KH$PHULFDQ(FRQRPLF5HYLHZYROQž0DU]R
%DFD(HWDO ³(O3UR\HFWR)pQL[XQHVWXGLRVREUHODVYtFWLPDVGHOWHUURULVPR
HQ(VSDxD5HVXOWDGRVSUHOLPLQDUHV´LQFOXLGRHQ%DFD\&DEDQDV
%DFD ( \ &DEDQDV 0/ /DV YtFWLPDV GH OD YLROHQFLD (VWXGLRV
SVLFRSDWROyJLFRV7ULDFDVWHOD0DGULG
%ODQFR $ 'HOÈJXLOD5 \ 6DEXFHGR -0(GV 0DGULG±08QDQiOLVLV
GHOPDO\VXVFRQVHFXHQFLDV (GLWRULDO7URWWD0DGULG
%RXFKHW±6DXOQLHU ) ³,QWURGXFFLyQ DO GHUHFKR LQWHUQDFLRQDO KXPDQLWDULR´
LQFOXLGRHQ*XWPDQ\5LHII
%XHVD 0 'LU (FRQRPtD GH OD VHFHVLyQ (O SUR\HFWR QDFLRQDOLVWD \ HO 3DtV
9DVFR,QVWLWXWRGH(VWXGLRV)LVFDOHV0DGULG
&DLUQV ( $ 6DIHU )XWXUH 5HGXFLQJ WKH +XPDQ &RVW RI :DU 2[IDP
3XEOLFDWLRQV2[IRUG
&DUU & /DV OHFFLRQHV GHO WHUURU 2UtJHQHV KLVWyULFRV GHO WHUURULVPR
LQWHUQDFLRQDO(GLFLRQHV%%DUFHORQD
&DVWHOOV 0 \ 6HUUD 1 (GV *XHUUD \ SD] HQ HO VLJOR ;;,8QDSHUVSHFWLYD
HXURSHD7XVTXHWV%DUFHORQD
&ODXVHZLW] & YRQ 9RP .ULHJH )HUGLQDQG 'PPOHU %HUOtQ 6H FLWD GH OD
HGLFLyQHVSDxROD'HODJXHUUD/D(VIHUDGHORV/LEURV0DGULG
&RFNEXUQ $ ³'LDPDQWHV 6X YHUGDGHUD KLVWRULD´ 1DWLRQDO *HRJUDSKLF
HGLFLyQHVSDxROD9ROQž0DU]R
&ROOLHU3HWDO %UHDNLQJWKH&RQIOLFW7UDS&LYLO:DUDQG'HYHORSPHQW3ROLF\
:RUOG%DQN±2[IRUG8QLYHUVLW\3UHVV:DVKLQJWRQ
'H OD *XDUGLD - ³3DOHVWLQD YLYH GH OD D\XGD KXPDQLWDUL D´ (O 3DtV GH
DJRVWR
'UDNRV.\.XWDQ$ 5HJLRQDOHIIHFWVRIWHUURULVPRQWRXULVPHYLGHQFHIURP
WKUHH0HGLWHUUDQHDQFRXQWULHV=HQWUXPIU(XURSlLVFKH,QWHJUDWLRQVIRUVFKXQJ :RUNLQJ3DSHUQž%
(FKHEXU~D ( 6XSHUDU XQ WUDXPD (O WUDWDPLHQWR GH ODV YtFWLPDV GH VXFHVRV
YLROHQWRV (GLFLRQHV3LUiPLGH0DGULG
(ORU]D$D³7HUURULVPRLVOiPLFRODVUDtFHVGRFWULQDOHV´LQFOXLGRHQ5HLQDUHV\
(ORU]D(GV
(ORU]D $ E ³$QDWRPtD GH OD \LKDG HQ HO &RUiQ \ ORV K DGLFHV´ LQFOXLGR HQ
5HLQDUHV\(ORU]D(GV
(ORU]D$%DOOHVWHU0\%RUUHJXHUR(³7HUURULVPR\UHOLJLyQ´LQFOXLGRHQ
%ODQFR'HOÈJXLOD\6DEXFHGR(GV
(QGHUV : \ 6DQGOHU 7 ³7HUURULVP DQG )RUHLJQ 'LUHFW ,QYHVW PHQW LQ 6SDLQ
DQG*UHHFH´.\NORVYROQž
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
*UD\ -* *XHUUHURV 5HIOH[LRQHV GHO KRPEUH HQ OD EDWDOOD ,QpGLWD (GLWRUHV
%DUFHORQD
*XSWD6HWDOD)LVFDO&RQVHTXHQFHVRI$UPHG&RQIOLFWDQG7HUURULVPLQ/RZ
DQG0LGGOH±,QFRPH&RXQWULHV ,0):RUNLQJ3DSHUQž:DVKLQJWRQ
*XSWD6HWDOE³(OHYDVLYRGLYLGHQGRGHODSD]´ )LQDQ]DV'HVDUUROORYRO
Qž'LFLHPEUH
*XWPDQ5\5LHII'&UtPHQHVGHJXHUUD(GLWRULDO'HEDWH%DUFHORQD
+LOOPDQ 5- 7HUURULVP ,QVXUDQFH 5LVLQJ 8QLQVXUHG ([SRVXUH WR $WWDFNV
+HLJKWHQV 3RWHQWLDO (FRQRPLF 9XOQHUDELOLWLHV 86 *HQHUDO $FFRXQWLQJ 2IILFH
:DVKLQJWRQ
+RHIIOHU $ \ 5H\QDO±4XHURO 0 0HDVXULQJ WKH &RVW RI &RQIOLFW 2[IRUG
8QLYHUVLW\2[IRUG
,JQDWLHII0(OKRQRUGHOJXHUUHUR*XHUUDpWQLFD\FRQFLHQFLDPRGHUQD 6XPD
GH/HWUDV0DGULG
,JQDWLHII 0 ³&RPLWp ,QWHUQDFLRQDO GH OD &UX] 5RMD´ LQFOXLGR HQ *XWPDQ \
5LHII
,JQDWLHII0³(OWHUURULVWDFRPRGLUHFWRUGHFLQH´ (O3DtVGHQRYLHPEUH
,JQDWLHII0(OPDOPHQRUeWLFDSROtWLFDHQXQDHUDGHWHUURU7DXUXV0DGULG
.DOGRU 0 /DV QXHYDV JXHUUDV 9LROHQFLD RUJDQL]DGD HQ OD HUD JOREDO
7XVTXHWV(GLWRUHV%DUFHORQD
.DOGRU0³+D]ODOH\\QRODJXHUUDODDSDULFLyQGHODVRFLHGDGFLYLOJOREDO´
LQFOXLGRHQ&DVWHOOV\6HUUD
.DOGRU 0 /D VRFLHGDG FLYLO JOREDO 8QD UHVSXHVWD D OD JXHUUD 7XVTXHWV
(GLWRUHV%DUFHORQD
.HQQHG\ 3 $XJH \ FDtGD GH ODV JUDQGHV SRWHQFLDV *OREXV &RPXQLFDFLyQ
0DGULG
.LVVLQJHU+'LSORPDFLD(GLFLRQHV%%DUFHORQD
/DTXHXU:8QDKLVWRULDGHOWHUURULVPR3DLGyV%DUFHORQD
/HQDLQ 3 HW DO 7KH HFRQRPLF FRQVHTXHQFHV RI WHUURULVP 2(&'±(FRQRPLFV
'HSDUWPHQW:RUNLQJ3DSHUVQž3DULV
/XGHQGRUII(0HLQH.ULHJVHULQQHUXQJHQ%HUOLQ
0DDORXI$,GHQWLGDGHVDVHVLQDV$OLDQ]D(GLWRULDO0DGULG
0LJXHO -- ³5HVXOWDGRV GH OD LQYHVWLJDFLyQ VREUH ODV FRQVHFXHQFLDV GH ORV
DWHQWDGRVGHO±0HQ0DGULG´&RPXQLFDGRGHSUHQVDGHOD6RFLHGDG(VSDxROD
SDUDHOHVWXGLRGHOD$QVLHGDG\HO(VWUpV0DGULGGHPDU]R
0QNOHU+'LHQHXHQ.ULHJH5HLQEHFNEHL+DPEXUJ+DPEXUJR
0\UR 5 HW DO ³&UHFLPLHQWR HFRQyPLFR \ FRQIOLFWR VRFLDO HQ HO 3 DtV 9DVFR´
LQFOXLGRHQ%XHVD'LU
1DEXOVL.³*XHUUDMXVWDHLQMXVWD´LQFOXLGRHQ*XWPDQ\5LHII
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
1DSROHRQL / <LKDG &yPR VH ILQDQFLD HO WHUURULVPR HQ OD QXHYD HFRQRPtD
(GLFLRQHV8UDQR%DUFHORQD
2&'(³&RQVpTXHQFHVpFRQRPLTXHVGXWHUURULVPH´ 3HUVSHFWLYHVeFRQRPLTXHV
GHO¶2&'(Qž3DUtV
5DWQHU65³$JUHVLyQ´LQFOXLGRHQ*XWPDQ\5LHII
5HLQDUHV)7HUURULVPR\DQWLWHUURULVPR(GLFLRQHV3DLGyV%DUFHORQD
5HLQDUHV)\(ORU]D$ (GV(OQXHYRWHUURULVPRLVODPLVWD'HO±6DO±
07HPDVGHKR\0DGULG
6FKROO±/DWRXU3$IULNDQLVFKH7RWHQNODJH0XQLFK
6FKPLGW$3&RXQWHULQJ7HUURULVPWKURXJK,QWHUQDWLRQDO&RRSHUDWLRQ0LOiQ
6PLWK 5 \ 'XQQH 3 0LOLWDU\ H[SHQGLWXUH JURZWK DQG LQYHVWPHQW %LUEHFN
&ROOHJHDQG0LGGOHVH[8QLYHUVLW\%XVLQHVV6FKRRO$EULO
6RXWKZRUWK+5/DGHVWUXFFLyQGH*XHUQLFD5XHGR,EpULFR3DUtV
6WHZDUW)+XDQJ&\:DQJ0³,QWHUQDO:DUVLQ'HYHORS LQJ&RXQWULHV$Q
(PSLULFDO 2YHUYLHZ RI (FRQRPLF DQG 6RFLDO &RQVHTXHQFHV´ LQFOXLGR HQ )
6WHZDUW HW DO :DU DQG 8QGHUGHYHORSPHQW YRO 2[IRUG 8QLYHUVLW\ 3UHVV
2[IRUG
7KDPP +* ³7KH 1H[XV EHWZHHQ $UPV 7UDGH 'UXJV DQG 7HUURULVP´
LQFOXLGRHQ 6FKPLGW
7KRPDV*\0RUJDQ±:LWWV0(OGtDHQTXHPXULy*XHUQLFD3OD]D-DQHV
(GLWRUHV%DUFHORQD
7RGRURY70HPRULDGHOPDOWHQWDFLyQGHOELHQ,QGDJDFLyQVREUHHOVLJOR;;
(GLFLRQHV3HQtQVXOD%DUFHORQD
7RGRURY7(OQXHYRGHVRUGHQPXQGLDO(GLFLRQHV3HQtQVXOD%DUFHORQD
86±*$2 5HYLHZ RI WKH HVWLPDWHV IRU WKH ,PSDFW RI WKH 6HSWHPEHU 7HUURULVW $WWDFNV RQ 1HZ <RUN 7D[ 5HYHQXHV 86 *HQHUDO $FFRXQWLQJ 2IILFH
:DVKLQJWRQ
9HODUGH - ³/D HFRQRPtD GHO WHUURU´ LQFOXLGR HQ * 6iHQ] GH %XUXDJD
+RPHQDMHDO3URIHVRU6DPSHGUR )XQGDFLyQ%DQFR([WHULRU0DGULG
9LOODPDUtQ /$ 1DUFRWHUURULVPR /D JXHUUD GHO QXHYR VLJOR (GLFLRQHV
1RZWLOXV0DGULG
:DO]HU0*XHUUDVMXVWDVHLQMXVWDV3DLGyV%DUFHORQD
:DO]HU05HIOH[LRQHVVREUHODJXHUUD3DLGyV%DUFHORQD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
Ò/7,0267Ë78/2638%/,&$'26
-XVWLILFDFLyQ GH OD SROtWLFD GH LQQRYDFLyQ GHVGH XQ HQIRTXH WHyULFR \
PHWRGROyJLFR-RRVW+HLMV
/RV VLVWHPDV QDFLRQDOHV GH LQQRYDFLyQ XQD UHYLVLyQ GH OD OLWHUDWXUD 0LNHO
1DYDUUR
(ODQiOLVLV\ODSROtWLFDGHFOXVWHUV0LNHO1DYDUUR
/RV VLVWHPDV UHJLRQDOHV GH LQQRYDFLyQ GHO 3DtV 9DVFR \ 1DYDUUD 0LNHO %XHVD
&HQWUDOLVDWLRQRUGLVSHUVLRQ"DVSDWLDODQDO\VLVRIWKHLPSDFWRIWKHVLQJOHPDUNHW
SURJUDPPHRQWKHDFWLYLW\RIXVPDQXIDFWXULQJDIILOLDWHV$QGUHZ0ROG
(O VLVWHPD UHJLRQDO GH LQQRYDFLyQ GH OD &RPXQLGDG GH 0DGULG 0LNHO %XHVD
(FRQRPtD GH OD VHFHVLyQ /RV FRVWHV GH OD µ1R(VSDxD¶ HQ HO 3DtV 9DVFR 0LNHO
%XHVD
7KHVSDQLVKSXEOLFILQDQFLDOVXSSRUWDFFHVLEOHIRUVPDOODQGPHGLXPVL]HGILUPV
RUJDQLVDWLRQVSURJUDPHVLQVWUXPHQWVDQGPHDVXUHV-RRVW+HLMV
/RV GHWHUPLQDQWHV GH OD FDSDFLGDG LQQRYDGRUD UHJLRQDO XQD DSUR[LPDFLyQ
HFRQRPpWULFDDOFDVRHVSDxRO5HFRSLODFLyQGHHVWXGLRV\SULPHURVUHVXOWDGRV 7KRPDV
%DXPHUW\-RRVW+HLMV
5HFXUVRV\UHVXOWDGRVGHORVVLVWHPDVGHLQQRYDFLyQHODERUDFLyQGHXQDWLSRORJtD
GHVLVWHPDVUHJLRQDOHVGHLQQRYDFLyQHQ(VSDxD0yQLFD0DUWtQH]3HOOLWHUR
0HGLGDGHODFDSDFLGDGLQQRYDGRUDGHODV&RPXQLGDGHV$XWyQRPDVFRQVWUXFFLyQ
GH XQ tQGLFH UHJLRQDO GH LQQRYDFLyQ 0yQLFD 0DUWtQH] 3HOOLWHUR \ 7KRPDV %DXPHUW
,QQRYDFLyQWHFQROyJLFD\FRPSHWLWLYLGDGDQiOLVLVPLFURHFRQyPLFRGHODFRQGXFWD
H[SRUWDGRUDHQ0p[LFR 6DOYDGRU(VWUDGD\-RRVW+HLMV
,QGLFDGRUHVGHODVRFLHGDGGHODLQIRUPDFLyQHQ(VSDxD 6DOYDGRU(VWUDGD
/RV FHQWURV WHFQROyJLFRV \ HO VLVWHPD UHJLRQDO GH LQQRYDFLyQ (O FDVR GHO 3DtV
9DVFR 0LNHO1DYDUUR$UDQFHJXL\$UDQW]D=XELDXUUH*RHQD
&LHQFLD \ 7HFQRORJtD HQ OD (VSDxD GHPRFUiWLFD OD IRUPDFLyQ GH XQ VLVWHPD
QDFLRQDOGHLQQRYDFLyQ0LNHO%XHVD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMR1ž
/DV HPSUHVDV GHO 3DtV 9DVFR DQWH OD VHFHVLyQ 0LNHO %XHVD -RRVW +HLMV 7KRPDV
%DXPHUW\0yQLFD0DUWtQH]3HOOLWHUR
'LIXVLyQ\DGLFLRQDOLGDGGHODVD\XGDVS~EOLFDVDODLQQRYDFLyQXQDHVWLPDFLyQ
EDVDGDHQ³SURSHQVLW\VFRUHPDWFKLQJ´/LOLDQD+HUUHUD\-RRVW+HLMV
5HODFLRQHVHLQWHUDFFLyQHQWUHORVDJHQWHVGHOVLVWHPDQDFLRQDOGHLQQRYDFLyQGH
(VSDxD UHVXOWDGRV GH OD HQFXHVWD,$,))(&<7 -RRVW +HLMV $QGUpV )HUQiQGH] 'tD]
3DWULFLD9DODGH]\$OLFLD&RURQLO
(YDOXDFLyQGHODHIHFWLYLGDGGHODSROtWLFDGHFRRSHUDFLyQHQODLQQRYDFLyQ
-RRVW+HLMV$QGUpV)HUQiQGH]'tD]3DWULFLD9DODGH]\$OLFLD&RURQLO
3DWURQHV UHJLRQDOHVGH XVR \ FRQVXPR GH 7,&6KDFLD XQ tQGLFH UHJLRQDO GH OD
6RFLHGDGGH OD,QIRUPDFLyQ6DOYDGRU(VWUDGD 'LVSRQLEOHHQtQJOHV
&RQILJXUDFLyQ HVWUXFWXUDO \ FDSDFLGDG GH SURGXFFLyQ GH FRQRFLPLHQWRV HQ ORV
VLVWHPDV UHJLRQDOHV GH LQQRYDFLyQ 8Q HVWXGLR GHO FDVR HVSDxRO 0LNHO %XHVD -RRVW
+HLMV0yQLFD0DUWtQH]3HOOLWHUR\7KRPDV%DXPHUW 'LVSRQLEOHHQtQJOHV
7KHGLVWULEXWLRQRI5'VXEVLGLHVDQGLWVHIIHFWRQWKHILQDORXWFRPHRILQQRYDWLRQ
SROLF\ -RRVW+HLMVDQG/LOLDQD+HUUHUD
(OSDSHOGHODVHPSUHVDVH[WUDQMHUDVHQHOGHVDUUROORWHFQROyJLFRGH(VSDxD-RRVW
+HLMV
7HFKQRORJLFDO EHKDYLRXU DQG H[SRUW SHUIRPDQFH D QRQ OLQHDU UHODWLRQVKLS
6DOYDGRU(VWUDGD\-RRVW+HLMV
8QLGDGGHPHUFDGR\VHFHVLyQHOFDVRGHOSDtV9DVFR 0LNHO%XHVD
*XHUUD \ 7HUURULVPR (O PRGHOR GH HFRQRPtD GHSUHGDGRUD GH OD JXHUUD 0LNHO
%XHVD
1RUPDVGHHGLFLyQSDUDHOHQYtRGHWUDEDMRV
7H[WR:RUGSDUD:LQGRZV
7LSRGHOHWUDGHOWH[WR7LPHV1HZ5RPDQ1RUPDO
(VSDFLDGRLQWHUOLQHDO6HQFLOOR
7LSRGHOHWUDGHODVQRWDVGHSLHGHSiJLQD7LPHV1HZ5RPDQ1RUPDO
1XPHUDFLyQGHSiJLQDV,QIHULRUFHQWUR
&XDGURV\JUiILFRVDJXVWRGHODXWRULQGLFDQGRSURJUDPDVXWLOL]DGRV
(QODSiJLQDGHQWURGHXQUHFXDGURVHQFLOORGHEHILJXUDUHOWtWXORHQQHJULOOD\ PD\~VFXODVDXWRUHQQHJULOOD\
PD\~VFXODVHLQVWLWXFLyQDODTXHSHUWHQHFHHODXWRUHQOHWUDQRUPDO\PLQ~VFXODV
(QODSULPHUDSiJLQDGHOWUDEDMRVHGHEHUiLQFOXLUXQ5HVXPHQHQHVSDxROHLQJOpVOtQHDVPi[LPR
DFRPSDxDGRGHSDODEUDVFODYH
/RVWUDEDMRVKDEUiQGHVHUHQYLDGRVHQSDSHO\HQVRSRUWHPDJQpWLFRDODGLUHFFLyQGHO,QVWLWXWRGH$QiOLVLV,QGXVWULDO\
)LQDQFLHUR
Descargar