El Informe Hite - Estudio de la Sexualidad Femenina Shere Hite 1

(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3UyORJR
$ODVPXMHUHVQRVHOHVKDSUHJXQWDGRQXQFDTXpSLHQVDQ\VLHQWHQDFHUFDGHO
VH[R/RVLQYHVWLJDGRUHVODQ]DGRVDODE~VTXHGDGHœQRUPDVHVWDGtVWLFDVKDQIRU
PXODGRWRGRWLSRGHSUHJXQWDVHUUyQHDVSRUWRGDXQDVHULHGHIDOVDVUD]RQHV\KDQ
WHUPLQDGR FRQ GHPDVLDGD IUHFXHQFLD GLFLHQGR D ODV PXMHUHV TXp GHEtDQ VHQWLU HQ
YH]GHSUHJXQWDUODVTXpHVORTXHVLHQWHQ/DVH[XDOLGDGIHPHQLQDVHKDFRQVLGHUD
GRHVHQFLDOPHQWHFRPRXQDUHVSXHVWDDODVH[XDOLGDGPDVFXOLQD\DOFRLWR(QUDUDV
RFDVLRQHV VH KD OOHJDGR D UHFRQRFHU TXH OD VH[XDOLGDG IHPHQLQD SXGLHUD WHQHU XQD
QDWXUDOH]DFRPSOHMDSRUVtPLVPDTXHIXHUDDOJRPiVTXHODPHUDOyJLFDFRQWUDSDU
WLGDGHORTXHQRVRWURVYHPRVFRPRODVH[XDOLGDGPDVFXOLQD
/R TXH HVWRV FXHVWLRQDULRV KDQ SUHWHQGLGR KDFHU HV SUHJXQWDU D ODV PXMHUHV
PLVPDV TXp VLHQWHQ TXp HV OR TXH OHV JXVWD \ TXp RSLQDQ GHO VH[R (VWR QR VH KD
KHFKRH[SOLFDQGRTXHOR~QLFRTXHFXHQWDHQWUHXQDPXMHU\ODVH[XDOLGDGœVDWLVIDF
WRULD HV OD FRPSUHQVLyQ SRU SDUWH GH pVWD GH VXV SURSLDV QHFHVLGDGHV ItVLFDV (O
œVH[RWDOFRPRQRVRWURVORGHILQLPRVHVSDUWHGHWRGRHOPDUFRFXOWXUDOHOOXJDU
GHXQDPXMHUHQORVGRPLQLRVGHOVH[RUHIOHMDVXSXHVWRHQHOUHVWRGHODVRFLHGDG
(QHVWHOLEURVHUHFRJHFXDQWRODVPXMHUHVTXHFRQWHVWDURQDORVFXHVWLRQDULRV
GLMHURQFRQVXVSURSLDVSDODEUDVDVXPDQHUD7RGRVHKDKHFKRFRQHOSURSyVLWRGH
IDPLOLDUL]DUQRVFRQQXHVWUDVH[XDOLGDGGHFRPSDUWLUODIRUPDHQTXHKHPRVH[SHUL
PHQWDGR QXHVWUD VH[XDOLGDG TXp SHQVDPRV GH HOOD \ YHU QXHVWUDV YLGDVSHUVRQDOHV
PiV FODUDPHQWHUHGHILQLHQGRDVtQXHVWUDVH[XDOLGDG\UHIRU]DQGRQXHVWUDLGHQWLGDG
FRPRPXMHUHV2WURGHORVREMHWLYRVGHODSUHVHQWHREUDHVWDPELpQHOGHHVWLPXODUHO
GHEDWHS~EOLFRHYDOXDQGRGHQXHYRODVH[XDOLGDG'HEHPRVHPSH]DUDLGHDUIRUPDV
PiV DPDEOHV JHQHURVDV \ SHUVRQDOHV GH UHODFLRQDPRV TXH VHDQ SRVLWLYDV \ FRQV
WUXFWLYDVSDUDHOIXWXUR
3RURWUDSDUWHHVWHOLEURSUHVHQWDXQDQXHYDWHRUtDGHODVH[XDOLGDGIHPHQLQD
TXH VH GHVDUUROOD JUDGXDOPHQWH FDStWXOR WUDV FDStWXOR WHRUtD TXH VH FRPSUHQGHUi
PHMRUOH\HQGRODREUDHQHOPLVPRRUGHQHQTXHDSDUHFHHVFULWD/DSULPHUDPLWDG
GHODREUDVHGHGLFDEiVLFDPHQWHDOWHPDGHORUJDVPRODVHJXQGDPLWDGHVXQDFUtWL
FDDODGHILQLFLyQ TXHGHOVH[RKDFHQXHVWUDFXOWXUD
/DH[SHULHQFLDTXHKDVXSXHVWRODUHFHSFLyQGHHVWDVFRQWHVWDFLRQHVKDVLGRHQ
ULTXHFHGRUDFiOLGDHLOXVWUDWLYDSDUDPt\HVSHURTXHORVHDSDUDWRGRVORVTXHOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
OHDQ/RTXHHVDVPXMHUHVKDQFRPSDUWLGRDQyQLPDPHQWHFRQWDQWRDPRU\KRQHV
WLGDGYLHQHGHODULTXH]DGHODH[SHULHQFLDIHPHQLQDTXHKDELWXDOPHQWHVHKDOODHV
FRQGLGDSHURTXHSUHILJXUDHOJUDQYDORU\SRWHQFLDOGHODVPXMHUHVSDUDHOIXWXUR
'LULJLUHVWHSUR\HFWRDORODUJRGHHVWRVFXDWUR~OWLPRVDxRVKDVLGRSDUDPt
XQSULYLOHJLR&RQJUDQM~ELORSUHVHQWRDKRUDVXVUHVXOWDGRV
6+(5(+,7(
)HEUHURGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&XHVWLRQDULR,9
0DU]R
1$7,21$/ 25*$1,=$7,21 )25 :20(1 1<& &+$37(5 ($67 67 1<&
,(ORUJDVPR
˜7LHQHXVWHGRUJDVPRV"(QFDVRQHJDWLYR˜TXpFUHHTXHFRQWULEXLUtDDSURGXFtU
VHORV"
˜(VLPSRUWDQWHSDUDXVWHGWHQHURUJDVPRV"˜*R]DUtDXVWHGORPLVPRHQODUHODFLyQ
VH[XDOVLQWHQHUORV"˜7LHQHDOJRTXHYHUWHQHURUJDVPRVFRQXQDEXHQDVH[XDOLGDG"
˜7LHQH XVWHG RUJDVPRV GXUDQWH OR VLJXLHQWH" 3RU IDYRU XWLOLFH ODV SDODEUDV
œVLHPSUHœKDELWXDOPHQWHœDOJXQDVYHFHVœHQUDUDVRFDVLRQHVRœQXQFD
PDVWXUEDFLyQBBBBBBBBBBBBB
FRLWRSHQHWUDFLyQYDJLQDOBBBBBBBBBBBBBB
HVWLPXODFLyQFOLWyULFDPDQXDOSRUVXSDUHMDBBBBBBBBBBBBBB
FySXODPiVHVWLPXODFLyQPDQXDOFOLWyULFDBBBBBBBBBBBBBBB
HVWLPXODFLyQRUDOSRUVXSDUHMDBBBBBBBBBBB
QXQFDWLHQHRUJDVPRVBBBBBBBBBBBBB
,QGLTXHWDPELpQFXiQWRVRUJDVPRVWLHQHKDELWXDOPHQWHGXUDQWHFDGDDFWLYLGDG
\FXiQWRWDUGDHQDOFDQ]DUORVBBBBBBBBBB(VSDFLRSDUDFRPHQWDULRVVLGHVHDIRU
PXODUORV
3RUIDYRUGHVFULEDORTXHHVXQRUJDVPRSDUDXVWHG˜4XpVHQVDFLRQHVFRUSRUDOHV
H[SHULPHQWD"
˜([LVWHPiVGHXQWLSRGHRUJDVPR"6LXVWHGH[SHULPHQWDHORUJDVPRGXUDQWHOD
SHQHWUDFLyQ YDJLQDOFRLWR ˜HV HO PLVPR R GLIHUHQWH GHO RUJDVPR VLQ SHQHWUDFLyQ"
˜(QTXpDVSHFWR"
/RVFXHVWLRQDULRV, ,,\,,,SXHGHQVHUKDOODGRVHQORV$SpQGLFHV
(VWH3UR\HFWRVHHQFXHQWUDUHODFLRQDGRFRQOD1DWLRQDORUJDQL]DWLRQ)RU:RPHQ©V1HZ<RUN&KDSWHU VyOR
HQHOVHQWLGRGHTXHFRPRPLHPEURGHODPLVPDVHPHDXWRUL]ySDUDHPSOHDUVXQRPEUH\VHxDVHQHOHQFD
EH]DPLHQWRGHORVFXHVWLRQDULRVDILQGHGDUDODVOHFWRUDVDOJXQDLGHDVREUHVXRULHQWDFLyQ1RKDEtDIRQGRV
LPSOLFDGRVVLELHQSDUWHGHFXDOTXLHUEHQHILFLRREWHQLGRSRGUiVHUFHGLGRDODPHQFLRQDGDHQWLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜&XiQGRHVWiXVWHGPiVH[FLWDGDDQWHVRGHVSXpVGHVXVRUJDVPRV"˜8WLOL]DUtDOD
SDODEUD œVDWLVIHFKD SDUD GHVFULELU VX VHQVDFLyQ WUDV HO RUJDVPR" ˜œ&DULxRVD"
˜œ*R]RVD"˜8QDœVHQVDFLyQGHELHQHVWDU"˜4XpH[SUHVLyQHPSOHDUtD"
˜(VXQVRORRUJDVPRItVLFDPHQWHVDWLVIDFWRULRSDUDXVWHG"˜6RQORVVXEVLJXLHQWHV
RUJDVPRVTXHSXHGDWHQHUPiVLQWHQVRVRPiVGpELOHV"'HXQRUJDVPRDRWUR˜KD\
TXHFDPELDURDOWHUDUOLJHUDPHQWHHOSXQWRGHHVWLPXODFLyQ"
'HVFULEDJUiILFDPHQWHFyPRSXHGHVHUHVWLPXODGRLGHDOPHQWHVXFXHUSRSDUDOOH
JDUDORUJDVPR
&XDQGRDOHVWDUDSXQWRGHH[SHULPHQWDUXQRUJDVPRpVWHQRVHSUHVHQWDDFRQ
VHFXHQFLDGHOFHVHGHODHVWLPXODFLyQRSRUXQDFDXVDVLPLODU˜VHVLHQWHIUXVWUDGD"
˜&XiQGRVXHOHVXFHGHUOHHVWR"
˜&XiOHVVRQVXVœVtQWRPDV&RUSRUDOHVHOPRPHQWRGHORUJDVPR"3RUHMHPSOR
˜VHSRQHVXFXHUSRUtJLGRHQWHQVLyQRVHPXHYH"˜4XpSRVLFLyQDGRSWDQVXVSLHU
QDV"˜&XiOHVVXH[SUHVLyQIDFLDO"
˜(V HO RUJDVPR DOJR TXH œOH VXFHGH D VX FXHUSR R VH WUDWD GH DOJR TXH XVWHG
PLVPDFUHDHQVXSURSLRFXHUSR"
,,$FWLYLGDGHVVH[XDOHV
˜4XpLPSRUWDQFLDDWULEX\HXVWHGDODPDVWXUEDFLyQ"˜+DYLVWRDOJXQDYH]DXQD
SHUVRQDPDVWXUEiQGRVH"˜4XpDVSHFWRRIUHFtD"˜3XHGHLPDJLQDUVHDODVPXMHUHVTXH
XVWHGDGPLUDPDVWXUEiQGRVH"
˜/HJXVWDPDVWXUEDUVH"˜)tVLFDPHQWH"˜3VLFROyJLFDPHQWH"˜&RQTXpIUHFXHQFLD"
BBBBBBBBBBB ˜/D OOHYD HVR DO RUJDVPR VLHPSUH KDELWXDOPHQWH D YHFHV HQ UDUDV
RFDVLRQHV R QXQFD" BBBBBBBBBBB ˜4Xp WLHPSR OH WRPDVH WRPD JHQHUDOPHQWH XV
WHG"BBBBBBBBBBBB˜&XiQWRVRUJDVPRVH[SHULPHQWDXVWHGKDELWXDOPHQWH"
˜&yPR VH PDVWXUED XVWHG" 'p SRU IDYRU XQD GHVFULSFLyQ GHWDOODGD 3RUHMHP
SOR˜XVDSDUDHVWLPXODUVHORVGHGRVODPDQRODFDPDHWF"˜'yQGHVHWRFDXVWHG
H[DFWDPHQWH"˜0DQWLHQHODVSLHUQDVMXQWDVRVHSDUDGDV"˜&XiOHVODVHFXHQFLDGHORV
KHFKRV"
˜(VWLPXODPDQXDOPHQWHVXVSDUHMDVVX]RQDFOLWyULFD"˜&yPR"˜&RQHOILQGH
OOHJDUDORUJDVPRRGHSURGXFLUXQDH[FLWDFLyQ"(QHOSULPHUFDVR˜OOHJDDORUJDVPR
VLHPSUH KDELWXDOPHQWH D YHFHV HQ UDUDV RFDVLRQHV R QXQFD" ˜(V HVWD IRUPD GH
VH[XDOLGDGLPSRUWDQWHSDUDXVWHG"
˜(VHVWLPXODGDXVWHGRUDOPHQWHFXQQLOLQJXVSRUVXVSDUHMDV"˜(VHVWDHVWL
PXODFLyQRUDOFOLWyULFDXRUDOYDJLQDORDPEDVFRVDVDODYH]"˜&RQHOILQGHOOHJDU
DO RUJDVPR R D OD H[FLWDFLyQ" (Q HO SULPHU FDVR ˜OOHJD DO RUJDVPR VLHPSUH KDEL
WXDOPHQWHDYHFHVHQUDUDVRFDVLRQHVRQXQFD"BBBBBBBBBBBBB˜/HJXVWDDXVWHG"
˜7LHQHLPSRUWDQFLDSDUDXVWHGODHVWLPXODFLyQGHORVSHFKRV"˜'HTXpWLSR"
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜/H JXVWD OD SHQHWUDFLyQ YDJLQDOFRLWR" ˜)tVLFDPHQWH" ˜3VLFROyJLFDPHQWH" ˜/D
OOHYDDORUJDVPRVLHPSUHKDELWXDOPHQWHDYHFHVHQUDUDVRFDVLRQHVRQXQFD"
6L WLHQH XVWHG RUJDVPR GXUDQWH OD SHQHWUDFLyQ YDJLQDOFRLWR ˜KD\ QRUPDOPHQWH
RWURVHVWtPXORVSUHVHQWHV"˜&yPRGLUtDXVWHGTXHHVVXPpWRGRGHREWHQHUHVWLPXOD
FLyQFOLWyULFDGXUDQWHHOFRLWRDXQODUJRMXHJRSUHYLRE HVWLPXODFLyQPDQXDOVL
PXOWiQHD GHO FOtWRULV H HVWLPXODFLyQ LQGLUHFWD GH OD SHQHWUDFLyQ G œDSODVWDUVH R
SUHVLRQDUVHMXQWRVGXUDQWHODSHQHWUDFLyQRHDOJ~QRWURPpWRGR"
6LXVWHGH[SHULPHQWDHORUJDVPRGXUDQWHHOFRLWR˜TXpFODVHGHPRYLPLHQWRVOH
JXVWDKDFHUSDUD LQFUHPHQWDUVXHVWLPXODFLyQVXDYHVRUXGRVOHQWRVRUiSLGRVSHQH
WUDFLyQFRPSOHWDRSDUFLDOLQWURGXFLU\UHWLUDUPDQWHQHUVHTXLHWDHWF"˜4XpSRVWX
UDV SUHILHUH SDUD HO RUJDVPR" ˜0DQWLHQH ODV SLHUQDV VHSDUDGDV R MXQWDV GXUDQWH HO
RUJDVPR"˜8WLOL]DORVP~VFXORVYDJLQDOHVRGHRWURVP~VFXORVSDUDSRGHUOOHJDUDO
RUJDVPR"
˜$OJXQD YH] VH VLHQWH XVWHG PDO ItVLFDPHQWH GXUDQWH HO FRLWR" ˜7LHQH KDELWXDO
PHQWHXQDœDGHFXDGDOXEULFDFLyQ"˜6HKDVHQWLGRDYHFHVSURJUHVLYDPHQWHPHQRV
H[FLWDGDFXDQWRPiVVHSURORQJDHOFRLWR"
˜(V OD UHODFLyQ HPRFLRQDO R SVLFROyJLFD PiV LPSRUWDQWH GXUDQWH OD SHQHWUDFLyQ
TXHHQHOFXUVRGHRWUDVIRUPDVGHVH[XDOLGDG"˜&XiOHVVXUHDFFLyQHPRFLRQDODQWH
ODSHQHWUDFLyQ"
˜/HUHVXOWDPiVIiFLOH[SHULPHQWDUXQRUJDVPRPHGLDQWH ODHVWLPXODFLyQFOLWyUL
FD FXDQGR QR KD\ FRLWR" 6L XVWHG WXYLHUD TXH HVFRJHU HQWH FRLWR \ OD HVWLPXODFLyQ
FOLWyULFDFRQVXSDUHMD˜SRUTXpVHGHFLGLUtD"˜3RUTXp"
˜/HJXVWDODSHQHWUDFLyQUHFWDO"˜'HTXpWLSR"
˜4Xp IRUPDV GH UHODFLyQ VH[XDO QR JHQLWDO VRQ LPSRUWDQWHV SDUD XVWHG" 3RU
HMHPSOR ˜DEUD]DUVH \ EHVDUVH" ˜KDEODUVH tQWLPDPHQWH" ˜PLUDUVH PXWXDPHQWH"
˜VRQUHtUVH" ˜ROHUVH" ˜/H JXVWDQ HVWDV DFWLYLGDGHV WDQWR FRPR OD VH[XDOLGDG JHQLWDO
FRUULHQWH"˜/DPHMRUVH[XDOLGDGHVODJHQLWDO"
,,,5HODFLRQHV
5HVSRQGDDORTXHOHDIHFWDRDIHFWyDXVWHG
6LHVWiXVWHGFDVDGD˜FXiQWRVDxRVOOHYDFRPRWDO"˜(VWiFRQWHQWDGHKDEHUVHFDVD
GR"˜4XpHIHFWRKDWHQLGRHVWRVREUHVXYLGDVH[XDO"˜+DYLYLGRH[SHULHQFLDVœH[
WUDPDWULPRQLDOHVGLJDFXiQWDV \GXUDQWHFXiQWRWLHPSR"(QFDVRDILUPDWLYR˜FXiO
IXHVXHIHFWRVREUHXVWHGFRPRLQGLYLGXR\VREUHVXPDWULPRQLR"˜)XHURQGHOWLSR
GHœPDWULPRQLRDELHUWRRGHVFRQRFLGDVSDUDVXPDULGR"˜4XpRSLQDGHOFRQFHSWR
GHœPDWULPRQLRDELHUWR"
6LHVVROWHUD ˜OHJXVWDVHUœVROWHUD"˜2HVGLItFLO"˜9HODVROWHUtDFRPRXQDIRUPD
GH YLGD WHPSRUDO R EiVLFD" ˜7LHQH DFWLYLGDGHV VH[XDOHV PX\ D PHQXGR" ˜'H TXp
FODVH"
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
6LWLHQHXVWHGUHODFLyQVH[XDOUHJXODUFRQDOJXLHQVLQPDWULPRQLR˜TXpFRPSDUD
FLRQHV KDFH FRQ RWURV HVWLORV GH YLGD SRU XVWHG SUREDGRV" ˜3UHIHULUtD FDVDUVH" ˜9H
XVWHGHVWRFRPRDOJRWHPSRUDORSHUPDQHQWH"˜6HVLHQWHDJXVWR"
6LHVXVWHGOHVELDQD VHUHODFLRQDVH[XDOPHQWHFRQPXMHUHVFRQWHVWHSRUIDYRUDODV
SUHJXQWDVSUHFHGHQWHVDSOLFDEOHVDVX FDVR\WDPELpQDODVVLJXLHQWHV˜FXiQWRVDxRV
OOHYDUHODFLRQiQGRVHItVLFDPHQWHFRQPXMHUHV"˜4XpFRPSDUDFLyQHVWDEOHFHUtDHQWUH
ODVUHODFLRQHVVH[XDOHVFRQRWUDVPXMHUHV\ODVVRVWHQLGDVFRQKRPEUHVRTXpFRP
SDUDFLyQ HVWDEOHFHUtD VL QR KD WHQLGR QXQFD UHODFLyQ KHWHURVH[XDO" ˜)tVLFDPHQWH"
˜3VLFROyJLFDPHQWH"3RUIDYRUH[SOLTXHFyPRUHODFLRQDUVHFRQRWUDPXMHUItVLFDPHQ
WH\DTXHHVWDLQIRUPDFLyQQRHVVLHPSUHIiFLOGHREWHQHU
6LXVWHGWRGDYtDYLYHHQFDVDFRQVXVSDGUHVHQIDPLOLD˜HQTXpIRUPDODDIHFWDQ
ODVUHJODVHQFRQWUDGHODVDFWLYLGDGHVVH[XDOHVGHODVPXMHUHVPiVMyYHQHV"˜/HVLU
YHQGHSURWHFFLyQ"˜/HFDXVDQDOJ~QSHUMXLFLR"˜/HSURGXFHQDOJXQDRWUDFRVD"˜/H
DJUDGDUtDTXHKXELHVHPHQRVUHVWULFFLRQHVHQFXDQWRDOVH[R"˜0iV"˜(VWiQ GLVSXHV
WRV VXV SDGUHV R SDULHQWHV D DERUGDU GH XQD PDQHUD UHDOLVWDORVWHPDVVH[XDOHVFRQ
XVWHG"˜<ORVDPLJRV"˜<ORVSURIHVRUHV"˜&RQVWLWX\HXQSUREOHPDSDUDXVWHGREWH
QHU LQIRUPDFLyQ" )LQDOPHQWH HQ HO FDVR GH TXH WHQJD UHODFLyQ VH[XDO FRQ DOJXLHQ
˜HVWiQHQWHUDGRVGHHVWRVXVSDGUHV"˜&yPRUHDFFLRQDURQDOHQWHUDUVH"6LXVWHGWR
GDYtDQRKDWHQLGRUHODFLyQVH[XDOFRQQDGLH˜FyPRVHLPDJLQDTXHVHUiODVH[XDOL
GDG"˜'HTXpVHQVDFLRQHVItVLFDVKDJR]DGRPiVKDVWDDKRUD"
6LHVWiXVWHGHQXQDHWDSDDVH[XDORFpOLEHHVGHFLUVLQRKDGHVDUUROODGRDFWLYLGD
GHV VH[XDOHV H[FHSWR TXL]i OD GH OD PDVWXUEDFLyQ ˜OH JXVWD HVWD IRUPD GH YLGD"
˜6HODUHFRPHQGDUtDDRWUDVPXMHUHV"˜'XUDQWHFXiQWRWLHPSRVHSURSRQHXVWHGVH
JXLUVLHQGRDVH[XDO"
˜4XpœHVWLORGHYLGDFRQVLGHUDTXHVHUtDPHMRUSDUDXVWHG"˜3URORQJDGRVSHULR
GRV GH PRQRJDPLD" ˜'RV WUHV R FXDWUR DPDQWHV UHJXODUHV" ˜5HODFLRQHV VH[XDOHV
IRUWXLWDV"˜SHULRGRV UHODWLYDPHQWH ODUJRV VLQ QLQJXQD FODVH GH UHODFLyQ VH[XDO" ˜,Q
WHUFDPELRVGHSDUHMDV"˜(VFRJHUtDRWURHVWLORGHYLGDWRGDYtDQRLQYHQWDGR"
1XPHUH SRU RUGHQ GH LPSRUWDQFLD HQ FXDQWR DO VH[R ORV VLJXLHQWHV FRQFHSWRV
DxDGLHQGRFRPHQWDGRVVLORGHVHD
SDVLyQ
LGLOLR
DPLVWDG
DPRUQRURPiQWLFRSURIXQGRFDULxR
FRPSURPLVRDODUJRSOD]RPDWULPRQLR
HQDPRUDPLHQWR
HFRQRPtD
KRVWLOLGDG\VHQWLPLHQWRVGHYLROHQFLD
'HVFULEDODSULPHUDYH]TXHVHHQDPRUy˜&yPRVHVHQWtD"˜&yPRVHGHVDUUROOy
WDO UHODFLyQ FyPR SURVSHUy R PXULy" (Q HO FDVR GH TXH XVWHG VH KD\D HQDPRUDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PiV GH XQD YH]˜FUHHTXHH[LVWHXQDSDXWDGHDFRQWHFLPLHQWRVHPRFLRQDOHVHQODV
UHODFLRQHVVH[XDOHVURPiQWLFDV"
˜&yPR KDQ VLGR VXV UHODFLRQHV PiV SURIXQGDV FRQ KRPEUHV \ PXMHUHV" ˜/H
SURGXMHURQVDWLVIDFFLyQRLQVDWLVIDFFLyQ"˜(PRFLRQDOPHQWH"˜)tVLFDPHQWH
˜4XpHVORTXHPiVDQVtDDOSHQVDUHQXQDUHODFLyQFRQRWUDVSHUVRQDV"
,9 (WDSDVYLWDOHV
˜4XpHGDGWHQtDXVWHGFXDQGRVHPDVWXUEySRUYH]SULPHUD"BBBBBBBBB ˜/OHJy
DO RUJDVPR" BBBBBBBBB ˜'HVFXEULy OD PDVWXUEDFLyQ SRU Vt PLVPD R VH OD HQVHxy
DOJXLHQRDOJR"
˜4XpHGDGWHQtDXVWHGFXDQGRH[SHULPHQWpVXSULPHURUJDVPRFRQRWUDSHUVRQD"
BBBBBBBBB˜(QHOFXUVRGHTXpDFWLYLGDG"BBBBBBBBB
˜4Xp VHQVDFLRQHV H[SHULPHQWy FRQ PRWLYR GH OD œSpUGLGD GH VX YLUJLQLGDG"
˜6XIULyGRORURKHPRUUDJLD"˜4XpHGDGWHQtDXVWHG"
˜5HFXHUGD XVWHG VXV VHQVDFLRQHV VH[XDOHV GXUDQWH OD LQIDQFLD" ˜(Q OD HVFXHOD
SULPDULD"˜'XUDQWHODVHJXQGDHQVHxDQ]D"'HVFUtEDODV
˜&UHHXVWHGTXHGHEHH[LVWLUXQDUHSUHVLyQVH[XDOGXUDQWHODLQIDQFLD\RODDGR
OHVFHQFLD"˜3RUTXp"˜3RUTXpQR"˜3RUTXpH[LVWHDFWXDOPHQWHWDOUHSUHVLyQ"
˜+D VHQWLGR XVWHG LQFOLQDFLRQHV GH WLSR VH[XDO SRU PLHPEURV GH VX IDPLOLD"
˜+HUPDQRV R KHUPDQDV" ˜3DGUHV" 'H WHQHU XVWHG KLMRV ˜KDQ PRVWUDGR pVWRV
UHVSXHVWDV VH[XDOHV FRQ PRWLYR GHFXDOTXLHUFRQWDFWRFRQVXSHUVRQD"˜/HKDQKH
FKRH[SHULPHQWDUHOORVVHQVDFLRQHVVH[XDOHV"˜&yPRKDUHDFFLRQDGRXVWHG"
˜7XYLHURQHOHPEDUD]R\HOSDUWRDVSHFWRVH[XDOHVSDUDXVWHG"
˜+DWHQLGRFRQWDFWRVVH[XDOHVFRQSHUVRQDVPiVMyYHQHVRPD\RUHVTXHXVWHG"
)tVLFDPHQWHRSVLFROyJLFDPHQWH˜IXHURQHVWDVH[SHULHQFLDVGLIHUHQWHVGHRWUDVYLYL
GDVDQWHULRUPHQWH"
˜(QTXpDVSHFWRDIHFWDODHGDGDOVH[R"&RQODHGDG˜VHLQFUHPHQWDRGLVPLQX\H
HOGHVHRVH[XDORELHQQRRFXUUHXQDFRVDQLRWUD"˜(OJRFHGHOVH[R"˜7LHQH HVWR
DOJRTXHYHUFRQODHGDGGHVXVSDUHMDV"
˜$IHFWDODPHQRSDXVLDœFDPELRGHYLGDDODVH[XDOLGDGItVLFDRSVLFROyJLFD
PHQWH"˜&yPR"˜+DDIHFWDGRDODVUHDFFLRQHVGHVXVSDUHMDVFRQUHVSHFWRDXV
WHG"
'HKDEHUVLGRVRPHWLGDDXQDKLVWHUHFWRPtD˜DIHFWyHVWRDVXVDFWLYLGDGHVRVHQ
VDFLRQHVVH[XDOHV"˜)tVLFDPHQWH"˜3VLFROyJLFDPHQWH"˜&yPR"
˜&XiOHVVXHGDGVXIRUPDFLyQHKLVWRULDO"+DEOHGHVXWUDEDMRGHVXHGXFDFLyQ
PHGLRHQTXHFUHFLyUD]DHWF&LWHWRGRDTXHOORTXHXVWHGFRQVLGHUDLPSRUWDQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
9)LQDO
˜6XVUHODFLRQHVItVLFDVVH[XDOHVFRQORVKRPEUHVKDQVHJXLGRDOJXQDVSDXWDVSDU
WLFXODUHV"˜&XiOHVHUDQ"˜(QTXpIRUPDKDQWHQLGRODPD\RUtDGHORVKRPEUHVUHOD
FLyQVH[XDOFRQXVWHG"
˜(VVXSDUHMDRSDUHMDVVHQVLEOHD ODHVWLPXODFLyQTXHXVWHGQHFHVLWD"(QFDVR
QHJDWLYR˜ODSLGHRVHHVWLPXODXVWHGPLVPD"˜/HUHVXOWDHPEDUD]RVR"
˜1HFHVLWDXVWHGDYHFHVPDVWXUEDUVHSDUDOOHJDUDORUJDVPRGHVSXpVGHœKDFHUHO
DPRU"
˜+DQRWDGRDPHQXGRTXHVXSDUHMDRSDUHMDVQRVHKDOODHPRFLRQDOPHQWHLP
SOLFDGRGXUDQWHHOLQWHUFDPELRVH[XDO"2ELHQ˜TXpUHVSXHVWDVHPRFLRQDOHVGHVFX
EUHXVWHGDPHQXGRHQVXSDUHMDRSDUHMDV"
˜)LQJH XVWHG D YHFHV HO RUJDVPR" ˜'XUDQWH TXp DFWLYLGDGHV VH[XDOHV" ˜(Q TXp
FRQGLFLRQHV"˜&RQTXpIUHFXHQFLD"
˜+DWHPLGRXVWHGDOJXQDYH]GHFLUTXHœQRDDOJXLHQSRUPLHGRDœKDFHUXQD
HVFHQDRHQIULDUOR"(QFDVRDILUPDWLYR˜TXpVLQWLyGXUDQWHHOLQWHUFDPELRVH[XDO"
˜/RGHILQLUtDFRPRXQDYLRODFLyQ"
˜4XpSLHQVDDFHUFDGHODSUiFWLFDGHODIHOODWLR HVWLPXODFLyQFRQODERFDGHOSH
QH"˜3DUDOOHJDUDORUJDVPR"˜4XpRSLQDDFHUFDGHODSUiFWLFDGHOFXQQLOLQJXV UHOD
FLyQVH[XDORUDOFRQRWUDPXMHU"
˜&UHHXVWHGTXHVXYDJLQD\]RQDJHQLWDOVRQIHDVREHOODV"˜+XHOHQELHQRPDO"
˜4XpRWUDV SDUWHVGHVXFXHUSROHJXVWDQROHGLVJXVWDQ"˜6HVLHQWHDJXVWRGHVQXGD
HQFRPSDxtDGHRWUDSHUVRQD"
˜'HMDXVWHGHQOLEHUWDGDVXLPDJLQDFLyQ"˜'XUDQWHODPDVWXUEDFLyQRGXUDQWH
VX UHODFLyQ VH[XDO FRQ RWUD SHUVRQD" ˜/R KDFH SDUD OOHJDU DO RUJDVPR R VyOR SRU
SXURSODFHU"˜3LHQVDHQVHFXHQFLDVDUJXPHQWDGDVRVyORYLVXDOL]DLPiJHQHVFRQFUH
WDV"˜&XiOHVVRQpVWDV"
˜4Xp RSLQD GHO VDGRPDVRTXLVPR GRPLQLRVXPLVLyQ" ˜/R KD H[SHULPHQWDGR
DOJXQDYH]"
˜4XpOLEURVVREUHWHPDVVH[XDOHVKDOHtGRXVWHG"˜4XpRSLQyGHHOORV"
˜4XpRSLQDGHODœUHYROXFLyQVH[XDO"
˜&UHHXVWHGTXHHOVH[RWLHQHDOJXQDLPSOLFDFLyQSROtWLFD"
˜+D\HQVXPHQWHDOJRGHORFXDOOHJXVWDUtDKDEODU\TXHQRKDVLGRPHQFLRQDGR
HQHVWHFXHVWLRQDULR"(QFDVRDILUPDWLYRDxiGDORDTXt
˜3RUTXpFRQWHVWDDHVWHFXHVWLRQDULR™*UDFLDV"˜'yQGHORFRQVLJXLy"˜/HKD
JXVWDGR"
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
4XLpQHVFRQWHVWDURQ
',675,%8&,¾1'(/&8(67,21$5,2
(VWHFXHVWLRQDULR\ODVWUHVYHUVLRQHVGLIHUHQWHVGHODVSiJLQDVKDQHVWDGRVLHQ
GRHQYLDGRVDPXMHUHVGHWRGRHOSDtVDSDUWLUGH6HWUDWDEDGHGHVFXEULUFyPR
ODV PXMHUHV YHQ VX SURSLD VH[XDOLGDG 6H UHDOL]y XQ JUDQ HVIXHU]R SDUD ORJUDU TXH
IXHUDQDSDUDUDPDQRVGHPXFKDV\GLVWLQWDVFODVHVGHPXMHUHVSDUDFRQVHJXLUWDP
ELpQ PXFKRV \ GLIHUHQWHV SXQWRV GH YLVWD HQ OD PHGLGD GH OR SRVLEOH /D SULPHUD
GLVWULEXFLyQVHUHDOL]ySRUHQYtRVQDFLRQDOHVDJUXSRVGHPXMHUHVHQWUHORVTXHILJX
UDEDQ VHFFLRQHV GH OD 1DWLRQDO 2UJDQL]DWLRQ IRU :RPHQ DJUXSDFLRQHV GHIHQVRUDV
GHOGHUHFKRDODERUWRFHQWURVGHPXMHUHVXQLYHUVLWDULDV\FLUFXODUHVGHPXMHUHV3R
FR GHVSXpV PHGLDQWH XQRV DQXQFLRV SXEOLFDGRV HQ 7KH9LOODJH9RLFH0DGHPRLVH
OOH %ULGHV \ UHYLVWDV 0V VH LQIRUPy D VXV OHFWRUDVTXHSRGtDQHVFULELUVROLFLWDQGR
ORVFXHVWLRQDULRV0iVDGHODQWHKXERDQXQFLRVWDPELpQTXHDSDUHFLHURQHQGRFHQDV
GH SXEOLFDFLRQHV UHOLJLRVDV $GHPiV OD UHYLVWD 2XL SXEOLFy HO FXHVWLRQDULR HQ VX
WRWDOLGDG TXH IXH FRQWHVWDGR SRU GH VXV OHFWRUDV )LQDOPHQWH HO OLEUR 6H[XDO
+RQHVW\%\:RPHQIRU:RPHQTXHFRQWLHQHFXDUHQWD\FLQFRFRQWHVWDFLRQHVFRP
SOHWDVGHODVUHFLELGDVSULPHUDPHQWHSHGtDDVXVOHFWRUDVTXHUHPLWLHUDQVXVUHVSXHV
WDVDSDUWLUGHVXSXEOLFDFLyQHQ(QWRWDOIXHURQGLVWULEXLGRVFLHQPLOFXHVWLR
QDULRVGHORVTXHIXHURQGHYXHOWRVFXPSOLPHQWDGRVDOJRPiVGHWUHVPLOPiVRPH
QRVHOSRUFHQWDMHGHUHVXOWDGRVKDELWXDOHVHQHVWDFODVHGHGLVWULEXFLyQGHFXHVWLRQD
ULRV
(OWUHLQWD\VLHWHSRUFLHQWRGHODVUHVSXHVWDVFRUUHVSRQGLHQWHVDO&XHVWLRQDULR,
SURYLHQHQ GH ODV OHFWRUDV GH OD UHYLVWD 2XL RWUR WHUFLR DSUR[LPDGDPHQWH FRUUHV
SRQGH D OD GLVWULEXFLyQJHQHUDOGHQWURGHOPRYLPLHQWRIHPLQLVWD\RWURWHUFLRSUR
YHQtD GH TXLHQHV HVFULELHURQ D UDt] GH OD SXEOLFDFLyQGHXQDUWtFXORHQ7KH9LOODJH
9RLFH HQ HO FXDO VH GHVFULEtD HO FXHVWLRQDULR $XQTXH HVRV JUXSRV WHQGtDQ D VHU
FRPSOHWDPHQWHGLVWLQWRVHQODVPDQHUDVGHH[SUHVDUVH\HQODSHUVSHFWLYDGHVXVL
WXDFLyQ FRPR VH DSUHFLDUi IiFLOPHQWH HQ ODV FLWDV ODV UHVSXHVWDV QR GLILHUHQ HQ
FXDQWRDVXFRQWHQLGREiVLFRHVWRHVFODVHGHPDVWXUEDFLyQHVWLPXODFLyQQHFHVDULD
3XEOLFDGRSRU:DUQHU3DSHUEDFN/LEUDU\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SDUDHORUJDVPRHWF/DVUHVSXHVWDVDO&XHVWLRQDULR,, LQFOX\HQDSDUWHODVUHVSXHV
WDV GH OD GLVWULEXFLyQ GHO PRYLPLHQWR IHPLQLVWD RWUDV GH ODV OHFWRUDV GH ODV UHYLVWD
0DGHPRLVHOOH%ULGHV \0V/RV&XHVWLRQDULRV,,,\,9 UHSUHVHQWDQXQDPH]FODGH
ODVGLVWULEXFLRQHVGHOPRYLPLHQWRIHPLQLVWD\GHODVSXEOLFDFLRQHVUHOLJLRVDV
/D HVWDGtVWLFD IDFLOLWDGD HQ HO OLEUR VH KDOOD JHQHUDOPHQWH GLYLGLGD HQ ODV WUHV
SREODFLRQHV HVWDGtVWLFDV &XHVWLRQDULRV , ,, \ ,,, FRPR XQD IRUPD GH GHPRVWUDU OD
tQWLPD VHPHMDQ]D HQWUH ORV UHVXOWDGRV GH FDGD JUXSR &RPR HO&XHVWLRQDULR,9 IXH
GLVWULEXLGRFXDQGRVHHVWDEDHIHFWXDQGR\DODWDEXODFLyQGHORVUHVXOWDGRVVRODPHQWH
ODV FRQWHVWDFLRQHV D ORV &XHVWLRQDULRV , ,, \ ,,, VRQ SUHVHQWDGDV HVWDGtVWLFDPHQWH
PXMHUHV HQ WRWDO VLQ HPEDUJR VH KDOODQ LQFOXLGDV HQ HO WH[WR UHVSXHVWDV DO
&XHVWLRQDULR ,9 $VLPLVPR ODV FRQWHVWDFLRQHV GH ODV PXMHUHV TXH OH\HURQ 6H[XDO
+RQHVW\ QRVHLQFOX\HURQHQODHVWDGtVWLFDSXHVWRTXHSRGtDQKDEHUHVWDGRLQIOXLGDV
SRUORTXHODVRWUDVPDQLIHVWDURQQRREVWDQWHRFDVLRQDOPHQWHILJXUDQFLWDVGHVXV
UHVSXHVWDV HQ HO WH[WR (O Q~PHUR WRWDO GH FRQWHVWDFLRQHV UHFLELGDV GH PXMHUHV GH
WRGDVODVSURFHGHQFLDVDVFHQGLyD
',675,%8&,¾1*(2*5·),&$'(/$6 5(638(67$6
6HJ~QORVPDWDVHOORVGHODVFDUWDVODVFRQWHVWDFLRQHVUHFLELGDVSURFHGtDQGHORV(V
WDGRVVLJXLHQWHV
7RWDO
GHO
(VWDGR
$ODEDPDFLXGDGGHV
FRQRFLGD
$ODVND FLXGDG GHV
FRQRFLGD
$QFKRUDJH
)DLUEDQNV
$UL]RQD FLXGDG GHV
FRQRFLGD
)ODJVWDII
/LWFKILHOG3DUN
0HVD
7HPSOH
7XFVRQ
$UNDQVDV
%HQWRQYLOOH
7RWDO
GHO
(VWDGR
&DOLIRUQLD FLXGDG
GHVFRQRFLGD
$ODPHGD
$OELRQ
$OKDPEUD
$OWDGHQD
$QDKHLP
$UOHWD
$WDVFDGHUR
%HOHI
%HOOIORZHU
%HUNHOH\
%HYHUO\+LOOV
%O\WKH
%RXOGHU&UHHN
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
&DPGHP
/LWWOH5RFN
:HVW+HOHQD
&DQRJD3DUN
&DUVRQ
&KXOD9LVWD
&ORYLV
&\SUHVV
'DQYLOOH
(O&DMDQ
(VFRQGLGR
)UHHPRQW
)UHVQR
*ROHWD
+D\ZDUG
+HPHW
,QGHSHQGHQFH
,QJOHZRRG
/D-ROOD
/DNHZRRG
/D0LUDGD
/RPD/LQGD
/RQJ%HDFK
/RV$QJHOHV
0DULQD
0HQGRFLQR
0HQOR3DUN
1RUWK+ROO\ZRRG
2DNODQG
3DFLILF3DOLVDGHV
3DFRLPD
3DOR$OWR
3DORV9HUGHV
3OHDVDQWR
3RUWHYLOOH
5HGZRRG&LW\
5LGJHFUHVW
5LYHUVLGH
5ROOLQJ+LOOV
6KHUH+LWH
7RWDO
GHO
(VWDGR
%RXOHYDUG
%XHQD3DUN
%XUEDQN
6DQ-RVp
6DQ3HGUR
6DQ5DIDHO
6DQWD%iUEDUD
6DQWD&ODUD
6DQWD&UX]
6DQWD0DUtD
6DQWD5RVD
6HDVLGH
6HS~OYHGD
6KHUPDQ2DNV
6WRFNWRQ
7DU]DQLD
7RUUDQFH
7XUORFN
9DFDYLOOH
9HQLFH
9LFWRUYLOOH
&RORUDGR FLXGDG
GHVFRQRFLGD
%RXOGHU
&ROOEUDQ
&RORUDGR6SULQJV
'HQYHU
*UHHOH\
+RW6SULQJV
/\RQV
6HFXULW\
:KHDW5LGJH
&RQQHFWLFXW FLXGDG
GHVFRQRFLGD
%ULGJHSRUW
'DQEXU\
)DLUILHOG
+DUWIRUG
0LGGOHWRZQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
6DFUDPHQWR
6DOLQDV
6DQ$QVHOPR
6DQ'LHJR
6DQ)UDQFLVFR
:HVW+DUWIRUG
:HVW5HGGLQJ
:LOOLPDQWLF
'HODZDUH FLXGDG
GHVFRQRFLGD
'RYHU
(OOHQGDOH
1HZDUN
:LOPRQJWRQ
)ORULGDFLXGDGGHV
FRQRFLGD
&OHDUZDWHU
&RUDO&DEOHV
&RUDO6SULQJV
'HOUD\%HDFK
)RUW/DXGHUGDOH
*DLQHVYLOOH
+ROO\ZRRG
,QGLDQ+DUERU%HDFK
/DNH3ODFLG
0LDPL
2FHDQ6KRUH
6W$XJXVWLQH
6RXWK'D\WRQD
7DPSD
*HRUJLD FLXGDG GHV
FRQRFLGD
$WODQWD
$XJXVWD
%UXQVZLFN
&DUUROWRQ
-RQHVERUR
0DULHWWD
5RPH
1HZ%ULWDLQ
1HZ+DYHQ
1RUZDON
6RXWKLQJWRQ
6WDPIRUG
%ORRPLQJWRQ
&DUERQGDOH
&KLFDJR
'XQGHH
(OJLQ
(YDQVWRQ
*UDQLWH&LW\
/D*UDQJH
/DNHYLHZ
/DZUHQFHYLOOH
/LVLH
0W6WHUOLQJ
1RUWK$XURUD
1RUWKODNH
2DN)RUHVW
2DN/DZQ
2DN3DUN
3DODWLQH
3DUN)RUHVW
3HRULD
5RFN,VODQG
5HVHOOH
6SULQJILHOG
:DXNHJDQ
,QGLDQDFLXGDGGHV
FRQRFLGD
%ORRPILHOG
(YDQVYLOOH
)RUW:D\QH
)UDQNIRUW
*DU\
+DPPRQG
+DQRYHU
,QGLDQiSROLV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
:DUQHU5RELQV
+DZDL
+RQROXO~
,GDKR
6W0DULHV
,OOLQRLV FLXGDG GHV
FRQRFLGD
*ULQQHOO&ROOHJH
.OHPPH
0W3OHDVDQW
.DQVDV FLXGDG GHV
FRQRFLGD
'RGJH&LW\
(GZDUGVYLOOH
.DQVDV&LW\
/DZUHQFH
0HUULDP
0RXQG&LW\
.HQWXFN\ FLXGDG
GHVFRQRFLGD
%HUHD
/H[LQJWRQ
5LFKPRQG
5XVVHOO6SULQJV
/XLVLDQDFLXGDGGHV
FRQRFLGD
$UFDGLD
%DOGZLQ
/D6WDWH8
0HWDLULH
0RQURH
1HZ%HGIRUG
1%HOOHUHD
2ULDQG
:DWHUIRUG
:LQWHU+DUERU
0DU\ODQG FLXGDG
GHVFRQRFLGD
$EHUGHHQ
/DID\HWWH
0RQWLFHOOR
3ULQFHWRQ
7HUUH+DXWH
,RZD FLXGDG GHV
FRQRFLGD
&HGDU5DSLGV
6KHUZRRG)RU
6SDUNV
7DNRPD3DUN
:KHDWRQ
0DVVDFKXVHWWV
FLXGDGGHVFRQRFLGD
$OOVWRQ
$PKHUVW
%RVWRQ
&DPEULGJH
&KHVWHU
'DUWPRXWK
*UHDW%DUULQJWRQ
+RO\RNH
/\QQ
1HZWRQ+LJKODQG
2UDQJH
3O\PRXWK
3URYLQFHWRZQ
6SULQJILHOG
:RUFHVWHU
:RUWKLQJWRQ
0LFKLJDQ FLXGDG
GHVFRQRFLGD
$QQ$UERU
%ULJKWRQ
&ODUNVWRQ
'HWURLW
)OLQW
*UDQG5DSLGV
.DODPD]RR
0XVNFJRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
$QQDSROLV
%DOWLPRUH
&KDSWLFR
&KHY\&KDVH
&ROOHJH3DUN
*DLWKHUVEXUJ
0W5DLQLHU
3LNHVYLOOH
5RFNYLOOH
2VVHR
5LFKILHOG
6W&ORXG
6W3DXO
9LUJLQLD
=LP
0LVVLVVLSSL
7XSHOR
0LVVRXULFLXGDGGHV
FRQRFLGD
%ULGJHWRQ
.DQVDV&LW\
/HPD\
6W/RXLV
0RQWDQD
%URZQLQJ
&OXWH
+HOHQD
1HEUDVND FLXGDG
GHVFRQRFLGD
$LQVZRUWK
$OGD
/LQFROQ
1RUWK3ODWWH
2PDKD
1HYDGD
5HQR
1HZ+DPSVKLUHFLX
GDGGHVFRQRFLGD
&ODUHPRQW
3RQWLDF
6RXWKILHOG
:HVWODQG
0LQQHVRWD FLXGDG
GHVFRQRFLGD
&RORJQH
,QWHUQDWLRQDO)DOOV
0LQQHDSROLV
0RUD
%LOOLQJERUR
%ORRPILHOG
&DPGHP
&UDQIRUG
(DVW%UXQVZLFN
(OL]DEHWK
)DQZRRG
)RUW'L[
*ODVVERUR
+DFNHQVDFN
+LJKWVWRQZ
-HUVH\&LW\
.HDUQ\
/DNHZRRG
/RQJ%UDQFK
0DGLVRQ
0DSOHZRRG
0HQGKDP
0LQGODQG3DUN
0RQWYDOH
0RRUHVWRQZ
1HZDUN
1HZ%UXQVZLFN
1HZ3URYLGHQFH
2OG%ULGJH
3DWHUVRQ
3DUV\SSDQ\
3HUWK$PER\
3ODLQILHOG
3ULQFHWRZQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
'XUKDP
)UDQFRQLD
+DQRYHU
.HHQH
/HEDQEQ
0DQFKHVWHU
1DVKXD
:KLWH5LYHU-FW
1 -HUVH\ FLXGDG
GHVFRQRFLGD
$WODQWLF&LW\
1XHYR 0H[LFR FLX
GDGGHVFRQRFLGD
$OEXUTXHUTXH
-HPH]6SULQJV
/RV·ODPRV
6RFRUUR
1XHYD <RUN FLX
GDGGHVFRQRFLGD
$OEDQ\
$QGRYHU
$WKRO
%DOGZLQ
%LQJKDPWRQ
%UDQWLQJKDP
%UHQWZRRG
%URQ[
%URRNO\Q
%XIIDOR
&HQWUDO,VOLS
&KD]\
&ROG6SULQJ
&RQHVXV
(DVW0HDGRZ
(DVW6HWDXNHW
(OPLUD
)RUHVW+LOOV
*OHQ+HDG
*UDQYLOOH
5DKZD\
5DULWDQ
5LGJHZRRG
6WRFNKROP
7HDQHFN
7UHQWRQ
9HQWQRU&LW\
9LSHODQG
:DVKLQJWRQ
:D\QH
:HVW2UDQJH
0RXQW0DULRQ
1HZ&LW\
1HZILHOG
1HZ3DOW]
1HZ5RFKHOOH
1HZ<RUN&LW\
1LDJDUD)DOOV
3RVWGDP
4XHHQV9LOODJH
5DQVRPYLOOH
5RFKHVWHU
5RFN+LOO
5RFNYLOOH&HQWUH
5RVO\Q+HLJKWV
5\H
6KRUHKRUQ
6LGQH\
6WDWHQ,VODQG
6\RVVHW
7UR\
8WLFD
:HVWEXU\
:LOVRQ
<RQNHUV
&DUROLQD GHO 1RUWH FLXGDGGHVFRQRFLGD
%XUOLQJWRQ
&KDSHO+LOO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
*UHDW1HFN
+LFNVYLOOH
+LJK)DOOV
+ROEURRN
+XGVRQ)DOOV
+XQWLJWRQ
,WKDFD
-DPDLFD
/RQJ,VODQG&LW\
0DWWLWXFN
0HFKDQLFYLOOH
0LGGOHWRZQ
0RQVH\
&ROXPEXV
'D\WRQ
(DVWODNH
.HQW
0DULHWWD
1&DQWRQ
2EHUOLQ
6SULQJILHOG
6WHXEHQYLOOH
7ROHGR
<RXQJVWRZQ
=DQHVYLOOH
2NODKRPD FLXGDG
GHVFRQRFLGD
7XOVD
2UHJRQ FLXGDG GHV
FRQRFLGD
$VKODQG
%HDYHUWRQ
-RKQ'D\
3RUWODQG
6KHGG
6SULQJILHOG
6XWKHUOLQ
:ROI&UHHN
*UHHQVERUR
*UHHQVEXUJ
'DNRWD GHO 1RUWH FLXGDGGHVFRQRFLGD
%LVPDUFN
9HUPLOOLRQ
2KLR FLXGDG GHV
FRQRFLGD
$NURQ
$WKHQD
%RZOLQJ*UHHQ
&LQFLQQDWWL
&OHYHODQG
0HKRRSDQ\
0RUULVYLOOH
1HIIV
1HZ&DVWOH
1RUWKEURRN
1%UDGGRFN
19HUVDLOOHV
)LODGHOILD
3LWWVEXUJK
3RUW0DWLOGD
3RWWVWRZQ
5DGQRU
6SULQJILHOG
6WDWH&ROOHJH
6XPQH\WRZQ
7HPSOH
:D\QH
:LOPHUGLQJ
:LQGEHU
5KRGH ,VODQG FLX
GDGGHVFRQRFLGD
&DUROLQD GHO 6XU FLXGDGGHVFRQRFLGD
&ROXPELD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
6KHUH+LWH
7RWDO
GHO
(VWDGR
3HQQV\OYDQLD FLX
GDGGHVFRQRFLGD
%ORRPVEXUJ
%R\HVWRZQ
&OLIWRQ+HLJKWV
'RZQLQJWRZQ
*OHQVLGH
*UHHWERUR
*UHHQ9LOOH
+DWERUR
+DYHUIRUG
+XQWLQJGRQ
-RKQVWRZQ
/DQFDVWHU
0DOYHUQ
0HGLD
*DOYHVWRQ
+RXVWRQ
6DQ$QWRQLR
8WDK
/D\WRQ
/RJDQ
9HUPRQWFLXGDGGHV
FRQRFLGD
%XUOLQJWRQ
0LGGOHEXU\
0RQWSHOLHU
3ODLQILHOG
3XWQH\
9LUJLQLD FLXGDG
GHVFRQRFLGD
$OH[DQGULD
&KDUORWWHVYLOOH
+DOLID[
/\QFKEXUJ
6SULQJILHOG
9LUJLQOD%HDFK
:DVKLQJWRQ FLXGDG
GHVFRQRFLGD
'DNRWDGHO6XUFLX
GDGGHVFRQRFLGD
6LRX[)DOOV
7HQQHVVHH
.QR[YLOOH
1DVKYLOOH
6HZDQHH
7XOODKRPD
7H[DVFLXGDGGHV
FRQRFLGD
$XVWLQ
&OHYHODQG
&ROOHJH6WDWLRQ
'DOODV
'HQWRQ
(O3DVR
)RUW:RUWK
:LVFRQVLQ FLXGDG
GHVFRQRFLGD
$XJXVWD
(OFKR
(OHYD
)W$WNLQVRQ
*UHHQ%D\
.DQVDVYLOOH
.HQRVKD
0DGLVRQ
0LOZDXNHH
5DFLQH
5LSRQ
:DXNHVKD
:\RPLQJ FLXGDG
GHVFRQRFLGD
&KH\HQQH
&DQDGiFLXGDGGHV
FRQRFLGD
&DOJDU\$OWD
&RXUWHQDQ\%&
*UDQG)RUNV%&
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
7RWDO
GHO
(VWDGR
%HOOHYXH
%HOOLQJKDP
&HQWUDOLD
&KHKDOLV
&KHQH\
(GPRQGV
(OOHQVEXUJ
(YHUHWW
0RVH/DNH
2O\PSLD
4XLOFHQH
6HDWWOH
6SRNDQH
6XQQ\VLGH
7DFRPD
7UL&LWLHV
7URXW/DNH
<DNLPD
$OHPDQLD
0H[LFR
3XHUWR5LFR
6KHUH+LWH
7RWDO
GHO
(VWDGR
/HWKEULGJH$OWD
/RQGRQ2QW
0RQWUHDO4XHE
1HZIRXQGODQG
1HZPDUNHW2QW
2WWDZD2QW
6DVN5HJLQD
6FDUERURXJK2QW
7RURQWR2QW
9DQFRXYHU%&
:HPEOH\
:LOORZGDOH2QW
:LQGVRU2QW
:LQQLSHJ0DQLWRED
$32
:DVKLQJWRQ'&
([WUDQMHUDV
$XVWUDOLD
)UDQFLD
6LQJDSXU
6XHFLD
727$/
GHVFRQRFLGDV
œ0$5,7$/67$786
/DVVLJXLHQWHVFDWHJRUtDVVHUHILHUHQDODVIRUPDVHQTXHODVPXMHUHVGHVFULEHQ
VXVSURSLDVYLGDV/DGLYLVLyQFDVDGDVROWHUDQRHV\DVXILFLHQWHSDUDODFODVLILFDFLyQ
GHODVUHODFLRQHVVH[XDOHV7DOSUHJXQWDQRILJXUyHQQLQJXQRGHORVFXHVWLRQDULRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&,
&,,
&,,,
¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥¥
¥¥¥¥
¥¥¥¥
¥¥¥¥
&DVDGDV
QRVHGDHOQ~PHURGHDxRV
&DVDGDV
DxRV
DxRV
DxRV
¤ DxRV
¤ DxRV
PiVGHDxRV
'LYRUFLDGDVDKRUDVROWHUDV
9LXGDVDKRUDVROWHUDV
6ROWHUDV
7LHQHQXQDPLJR
9LYHQFRQXQDPDQWH
&pOLEHV
7RWDO
1RFRQWHVWDQ
'HVFRPSRVLFLyQSRUSRUFHQWDMHV
SRUFHQWDMHVGHODVTXHFRQWHVWDURQDODSUHJXQWD
&,
¥¥¥¥¥
¥¥¥
&DVDGDV
'LYRUFLDGDV\YLXGDVDKRUDVROWHUDV
6ROWHUDV
7LHQHQXQDPLJR
9LYHQFRQDPDQWH
&pOLEHV
7RWDO
&RPSUHQGHWDPELpQUHODFLRQHVOHVELDQDV
&,,
¥¥¥¥
¥¥¥
&,,,
¥¥¥¥¥
¥¥¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
('$'5(/,*,¾1('8&$&,¾1<2&83$&,¾1
/DV HVWDGtVWLFDV DFHUFD GH OD HGDG FRQWH[WR UHOLJLRVR HGXFDFLyQ \ RFXSDFLyQ
VREUHHO&XHVWLRQDULR, QRH[LVWHQSXHVWRTXHWDOHVLQIRUPDFLRQHVQRVHVROLFLWDURQ
'DGR TXH WDQWRV UHVXOWDGRV GH HVWXGLRV KDQ GDGRODLPSUHVLyQGHFDWHJRUL]DU\HWL
TXHWDUDODJHQWHVREUHXQDEDVHVXSHUILFLDOWHQtDPRVODHVSHUDQ]DGHTXHDOQRKD
FHUHVWHWLSRGHSUHJXQWDVORVFXHVWLRQDULRVSRGUtDQWUDVFHQGHUDXQQLYHOPiVSUR
IXQGR GH FRPXQLFDFLyQ FRQ OD SHUVRQD TXH FRQWHVWDED &LHUWR Q~PHUR GH PXMHUHV
DSUHFLDURQHVWHWLSRGHDSUR[LPDFLyQ
œ&DVL QR Vp KDFHUPH D OD LGHD GH TXH QR VH PH SLGD OD HGDG PL H[SHULHQFLD
VH[XDO VLWXDFLyQ PDWULPRQLDO PL RFXSDFLyQ HWF )XH WRGR QRWDEOHPHQWH REMHWLYR
PX\LPSDUFLDO™0DJQtILFR
œ(OFXHVWLRQDULRHVWDEDELHQHQHOVHQWLGRGHTXHHYLWDEDSRUFRPSOHWRODVSUH
JXQWDVDFHUFDGHODHGDGFXiQWRWLHPSRKDFHTXHSUDFWLFDVHOFRLWR\VLHVFRQXQ
KRPEUH R PXFKRV /DV HVWDGtVWLFDV VRQ IiFLOHV GH FRQWHVWDU \ GH WRWDOL]DU SHUR WH
HPSXMDQWDPELpQDHVWHUHRWLSDUWHDWLPLVPDFRQODVRWUDVSUHJXQWDV
œ1RSUHJXQWDQHQQLQJ~QPRPHQWRVLWXYHKLMRVRKHHVWDGRFDVDGD™+XUUDSRU
XVWHGHV
œ+HFRQWHVWDGRHVWHFXHVWLRQDULRSRUTXHHVHOSULPHURTXHYHRTXHQRSDUWHGH
XQRVVXSXHVWRVSUHYLRVRPXHVWUD XQDSUHRFXSDFLyQGHVPHVXUDGDSRUHQFDVLOODUPHD
QLYHO VRFLROyJLFR SUHJXQWDQGR SRU HMHPSOR FRQ FXiQWRV KRPEUHV PH KH DFRVWDGR
FXiQWDH[SHULHQFLDWHQJR\WRGRHVHWLSRGHFRVDV
6LQHPEDUJRHQORV&XHVWLRQDULRV,,\,,,IXHVROLFLWDGDLQIRUPDFLyQDFHUFDGH
OD HGDG FRQWH[WR UHOLJLRVR HGXFDFLyQ \ RFXSDFLyQ REWHQLpQGRVH ORV UHVXOWDGRV UH
VHxDGRVDFRQWLQXDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(GDGHVGHODVTXHFRQWHVWDURQ
('$'
&,,
&,,,
('$'
&,,
&,,,
¥¥¥
¥¥¥
HGDGHV
HGDGHV
GHVFRQRFLGDV GHVFRQRFLGDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&RQWH[WRUHOLJLRVR
&DWyOLFDV
-XGtDV
3URWHVWDQWHV
1RFRQWHVWDURQ
7RWDO
&,,
&,,,
¥¥¥¥¥¥¥¥ ¥¥¥¥¥¥¥¥
¥¥¥
¥¥¥
$VLPLVPR PiV GHO GH WRGDV ODV PXMHUHV TXH FRQWHVWDURQ LQGLFDURQ TXH
KDEtDQVLGRHGXFDGDVHQODFUHHQFLDGHTXHHOVH[RHUDœPDORRDOPHQRVHVWHWHPD
QRIXHQXQFDPHQFLRQDGRDQWHHOODVLPSOLFDQGRTXHHUDHIHFWLYDPHQWHPDOR
1RVpHVSHFtILFDPHQWHODUD]DDODTXHSHUWHQHFtDQODVFRQVXOWDGDV\FRPRIXH
URQPX\SRFDVODVTXHVHLGHQWLILFDURQHQHVWHDVSHFWRODVFLIUDV FRUUHVSRQGLHQWHVQR
VHLQFOX\HQDTXt
(GXFDFLyQ
(QVHxDQ]D3ULPDULD
(QVHxDQ]D6HFXQGDULD
)UHFXHQWDURQDOJ~QFROOHJH
3HUWHQHFLHURQKDELWXDOPHQWHDXQFROOHJH
(VWXGLRVGHHQIHUPHUD
%DFKLOOHUHV HQ$UWHV%DFKLOOHUHVHQ&LHQFLDV
/LFHQFLDGDV(VFXHODGH/H\HV
&RQJUDGRœ0DVWHUV
&RQ'RFWRUDGR
+DQYLDMDGR
œ%LHQLQVWUXLGDV
7RWDO
&,,
&,,,
QR
FRQWHVWDURQ
QRFRQ
WHVWDURQ
¥¥¥¥¥ ¥¥¥¥
¥
¥¥
¥¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
2FXSDFLyQ
/RVWpUPLQRVVLJXLHQWHVIXHURQORVXWLOL]DGRVSRUODVFRUUHVSRQVDOHV
&RQWDEOH
$FWUL]
$X[LOLDUDGPLQLVWUDWLYR
$QXQFLDQWHHMHFXWLYR
)XHU]DV$pUHDV
$UWHVDQD
$UWLVWD
&RQVXOWRUDGHLQYHUVLRQHVHLPSXHVWRV
(PSOHDGDGHEDU
7HQHGRUGHOLEURV
&RUUHGRUDGHEROVD
7D[LVWD
&DMHUD
4XtPLFD
&XLGDGRGHQLxRV
'HSHQGLHQWD
$GPLQLVWUDGRUDGHFROHJLR
3URJUDPDGRUDGHRUGHQDGRUHV
5HSDUDGRUDGHRUGHQDGRUHV
(QWUHWHQLPLHQWR\FRQVHUYDFLyQ
'LVHxDGRUDGHYHVWLGRV
&RQVXOWRUD
$VHVRUDVVREUHDERUWRV
$VHVRUDVVREUHORFDOL]DFLyQGHHQIHUPHGDGHV
$VHVRUDVVREUHGURJDV
$VHVRUDVVREUHRULHQWDFLyQSURIHVLRQDO
$VHVRUDVVREUHSUREOHPDVGHOHPEDUD]R
$VHVRUDVVREUHWHUDSLDVH[XDO
$VHVRUDVVREUHODYRFDFLyQ
&ULSWRDQDOLVWD
%DLODULQD
9LJLODQWHGLXUQD
+LJLHQHGHQWDO
-HIDGHGHSDUWDPHQWR
&RUWDGRUDGHGLDPDQWHV
$GLHVWUDGRUDGHSHUURV
&,,
&,,,
¥¥¥¥¥¥¥¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&RPHUFLDQWHGHSURGXFWRVGHGURJXHUtD
'LUHFWRUDGHSXEOLFDFLRQHV
7UDEDMRVGHIiEULFD
(FRQRPLVWDDOLPHQWDFLyQ
7UDEDMDGRUDGHLQYHUQDGHUR
)XQFLRQDULDGHOJRELHUQR
$OPDFHQLVWDGHDOLPHQWRV
7UDEDMDGRUDGHKRVSLWDO
$PDGHFDVD
6HJXURV
'LVHxDGRUDGHLQWHULRUHV
3HUIRUDGRUD
%LEOLRWHFDULD
0DVDMLVWD
$FWLYLGDGHVHQHOFDPSRPpGLFR
7pFQLFRVDQLWDULR
0LFURELyORJD
3DVWRUDSURWHVWDQWH
0RGHOR
1HJRFLRPXVLFDO
0RQMDH[
7UDEDMRVYDULRV
3URSLHWDULDGHQHJRFLR
-HIDGHSHUVRQDO
7HUDSLDItVLFD
)tVLFD
(QFDUJDGDGHSUXHEDV
0XMHUSURIHVLRQDO
'LUHFWRUDGHSURJUDPDV
&RUUHFWRUDGHSUXHEDV
3VLTXLDWUD
3VLFyORJD
3VLFyPHWUD
5HODFLRQHVS~EOLFDV
5DGLFDOFROHFWLYR
(QIHUPHUDWLWXODGD
5HSRUWHUD
,QYHVWLJDFLyQ
(PSOHDGDVHFFLyQGHYHQWDV
5HSUHVHQWDQWHGHFRPHUFLR
&LHQWtILFD
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
6HFUHWDULD
2EUHUD
$VLVWHQWDVRFLDO
6RFLyORJD
(VFULWRUDGHFDQFLRQHV
)RQLDWUD
$]DIDWD
œ5DWDGHFDOOH
(VWXGLDQWH
&ROOHJH
(VFXHODVJUDGXDGDV
(QVHxDQ]D0HGLD
/H\HV
(QIHUPHUD
&RQ'RFWRUDGR
0HGLFLQD
1RHVWDFODUR
2SHUDGRUDGHFHQWUDOLWD
3URIHVRUD
&ROOHJH
(QVHxDQ]D6HFXQGDULD
3UXHEDGHVLVWHPDVHOHFWUyQLFRV
6LQHPSOHR
(PSOHDGDGHUHVWDXUDQWH
7UDEDMDQGRSDUDXQVHQDGRU
(VFULWRUD
7pFQLFDHQ5D\RV;
WRWDO
GHVFRPSRVLFLyQ
¥
¥
¥¥¥
¥
¥
¥
¥
¥
¥
¥¥¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ˜32548e&217(67$$(67(&8(67,21$5,2"˜+$67$48(38172 /(+$*867$
'2"
œ+H FXPSOLPHQWDGR HO FXHVWLRQDULR SRUTXH HVWLPR TXH \D HV KRUD GH TXH ODV
PXMHUHV SXHGDQ GHFLU OR TXH SLHQVDQ VREUH HO VH[R (Q FXDQWR D VL KD VLGR GH PL
DJUDGRVyORSXHGRGHFLUTXHKHH[SHULPHQWDGRXQJUDQDOLYLRDOSRGHUGHFLUSRUILQ
HVWDVFRVDVHQYR]DOWD(VWR\DXWpQWLFDPHQWHKDVWDHOPRxRGHOHHUORTXHORVKRP
EUHVWLHQHQTXHGHFLUVREUHPLVH[XDOLGDG
œ(O FXHVWLRQDULR HV PDJQtILFR 5HDOPHQWH KH GLVIUXWDGR PXFKR SHQVDQGR TXp
VHQWtD VREUH HVWH WLSR GH FRVDV /DV PXMHUHV QHFHVLWDPRV FRPXQLFDUQRV XQDV FRQ
RWUDVPXFKRPiVSRUTXHHVPXFKRORTXHSRGHPRVFRPXQLFDUQRVPXWXDPHQWH+H
DSUHQGLGRPXFKRVREUHPLVH[XDOLGDGGHODIRUPDPiVGXUDSHURQRWLHQHSRUTXp
VHUWDQGXUD&RPSDUWLHQGRHVPiVIiFLO
œ0HVLHQWRPX\DJUDGHFLGDSRUTXHDOILQKHSRGLGRGHFLUWRGRORTXHVLHQWR
DFHUFDGHOVH[R\GHPLYLGDVH[XDO1RGLVSRQJRGHQLQJXQDSHUVRQDTXHVHDFDSD]
GH FRPSUHQGHUPH \ DKRUD PH HQFXHQWUR D JXVWR UHDOPHQWH FRPR VL PH KXELHUD
GHVKHFKRGHXQDFDUJD/OHYDEDWDQWRWLHPSRHVSHUDQGRDOJRDVtTXHKXERPRPHQ
WRVHQTXHFUHtLEDDHVWDOODU
œ3RUTXHFUHRTXHGDUiOXJDUDKDOOD]JRVPX\VLJQLILFDWLYRV3XHVWRTXHODHQ
FXHVWDHVDQyQLPD\VHHIHFW~DSRUHVFULWRHQYH]GHVHUYHUEDOXQDSXHGHVHUDEVR
OXWDPHQWHVLQFHUDVLQH[SHULPHQWDUODPHQRUSUHRFXSDFLyQ$PLPHFRVWDUtDPXFKR
WUDEDMRGHFLUWRGDVHVDVFRVDVDRWUDSHUVRQD\HVWR\VHJXUDGHTXHVHUiQPXFKDVODV
PXMHUHV TXH RSLQHQ FRPR \R &UHR TXH HV WHUULEOHPHQWH LPSRUWDQWH SDUD WRGDV ODV
PXMHUHVVDEHUORTXHODPD\RUtDGHODVGHPiVH[SHULPHQWDQ\QRVyORORTXHODVPX
MHUHV PiVOLEHUDGDVVH[XDOPHQWHH[SHULPHQWDQFRPRODVTXHQROHVLPSRUWDUHODWDU
S~EOLFDPHQWH VXV H[SHULHQFLDV R TXH SRGUtDQ SUHVWDUVH D SUiFWLFDV GH ODERUDWRULR
1RFUHRTXHHVDVPXMHUHVPiVOLEUHVGHLQKLELFLRQHVUHSUHVHQWHQDODSREODFLyQIH
PHQLQDHQJHQHUDO<VLQRVRWUDVKHPRVGHD\XGDUDODVGHPiVKHPRVGHDYHULJXDU
TXpVLHQWHODPXMHUPHGLDHVDVPXMHUHVFRQODVTXHWRGDVSRGDPRVLGHQWLILFDPRV
œ+H FRQWHVWDGR DO FXHVWLRQDULR SRUTXH HVSHUR TXH GH XQD IRUPD X RWUD VLUYD
SDUDLOXVWUDUDGHWHUPLQDGDVPXMHUHVSDUDTXHQRWHQJDQTXHSDVDUSRUORPLVPRTXH
\RSDVpSDUDFRPSUHQGHUTXHQRVRQ¦IUtJLGDV§R¦LQDGHFXDGDV§SDUDVDEHUTXH¦QR
OHVSDVDQDGDUDUR§$XQTXHHQODDFWXDOLGDGVHHVFULEHPiVVREUHHOWHPDGHOVH[R
PXFKRV SVLTXLDWUDV SVLFyORJRV PpGLFRV HWF HVWiQ GHPDVLDGR HQFHUUDGRV HQ Vt
PLVPRV\VHKDOODQSRFRIRUPDGRVSDUDTXHSXHGDQUHVXOWDUGHDOJXQDXWLOLGDG,Q
FOXVR HQ DOJXQDV ]RQDV PHWURSROLWDQDV H[WHQVDV ORV MHIHV GH ORV GHSDUWDPHQWRV GH
3VLFRORJtDHQODVXQLYHUVLGDGHVSRUHMHPSORQRHVWLPDQTXHVHDLPSRUWDQWHRQHFH
VDULR SDUD ODV PXMHUHV RUJDVPDU 0L SURSLR GRFWRU PH GLMR KDFH VHLV DxRV TXH
PLV RUJDVPRV ¦YHQGUtDQ FXDQGR PHQRV PH OR HVSHUDUD§ $IRUWXQDGDPHQWH QR PH
VHQWpDHVSHUDUORV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+H GLVIUXWDGR PXFKR FXPSOLPHQWDQGR HVWH FXHVWLRQDULR 0H SHUPLWLy DYHUL
JXDUPXFKDVFRVDVDFHUFDGHPtPLVPDTXHDKRUDGHVSXpVGHKDEHUODVGHMDGRHVFUL
WDV YHR FRQ PDV FODULGDG &LHUWDPHQWH QR FUHtD TXH PH LED D WRPDU WDQWR WLHPSR
SHURYDOLyODSHQD'HVHDUtDTXHGDUPHFRQXQDFRSLDGHWRGRSHURSLHQVRTXHVLPL
PDULGR OD OH\HUD DOJ~Q GtD VH VHQWLUtD SURIXQGDPHQWH GROLGR \ QR SXHGR GDUOH HVH
GLVJXVWR\DTXHVLHPSUHVHKDSRUWDGRELHQFRQPLJR4XLVLHUDTXHpOWXYLHUDXQSR
FR PiV GH IHPLQLVWD SHUR DVt HV FRPR HVWiQ ODV FRVDV (VSHUR TXH PLV UHVSXHVWDV
UHVXOWHQ~WLOHV
œ+HFRQWHVWDGRSRUTXHGHVHRDSRUWDUDOJRDOFRQRFLPLHQWRFROHFWLYRGHQRVR
WUDV PLVPDV 8QD EXHQD PDQHUD GH DERUGDU HVWD FXHVWLyQ HVHPSH]DUSRUGHILQLUOD
VH[XDOLGDGIHPHQLQDVLQWHRUL]DU(QWRUQRDHVWRFRQItRPiVHQODVUHVSXHVWDVTXH
XVWHGHVSXHGDQREWHQHUHQODVTXHORVJLQHFyORJRV\HVSHFLDOLVWDVYDURQHVKDQREWH
QLGR VREUH OD VH[XDOLGDG GH ODV PXMHUHV 7RGDV QHFHVLWDPRV HVWDU LQIRUPDGDV SHUR
QROOHJDUHPRVDVDEHUMDPiVQDGDDEDVHGHORVHVWXGLRVUHDOL]DGRVSRUKRPEUHV0H
KDQJXVWDGRODVSUHJXQWDVPHKLFLHURQVHQWLUFRVDVSURIXQGDPHQWH
œ&UHR TXH QHFHVLWDED GHFLU D DOJXLHQ WRGR OR TXH UHDOPHQWH VLHQWR \ TXH HVWR
SXGLHUDVHUUHYHODGRDELHUWDPHQWH0LFRPSDxHURHVWiDOWDQWRGHPLVVHQWLPLHQWRV
SHUR QR GH WRGRV HOORV 0H JXVWDUtD VDEHUPiVVREUHHOWHPDVH[XDOSHURODPD\RU
SDUWHGHORVOLEURVTXHKDQFDtGRHQPLVPDQRVQRVRQPX\ UHYHODGRUHV1RGDQUHV
SXHVWDVDODVSUHJXQWDVPiVLPSRUWDQWHV(VSHURTXHWDOYDFtRTXHGDUiOOHQDGRFRQOD
SXEOLFDFLyQ GH HVWH OLEUR 1R KH HQFRQWUDGR WRGDYtD QLQJ~Q OLEUR R LQIRUPDFLyQ GH
HVWHWLSR1LQJXQDGHPLVDPLJDVFRQRFHWDPSRFRODVUHVSXHVWDV7RGDVPLVDPLJDV
DGROHFHQ GH OD PLVPD LJQRUDQFLD $ QXHVWUD HGDG WHQJR GLHFLRFKR DxRV FDVL GLH
FLQXHYHHQORTXHVHUHILHUHDODVFXHVWLRQHVVH[XDOHVHVWDPRVWRGDYtDDRVFXUDV
œ™+DVLGRHVWXSHQGR™7UDWDGHPLYLGDVH[XDO\QRGHFyPRFRPSODFHUDXQ
KRPEUH
œ$QWHV GH FRQRFHU HVWH FXHVWLRQDULR PH FRQWHQWDED FRQ TXH HO DFWR VH[XDO
WHUPLQDUDFRQODH\DFXODFLyQGHPLHVSRVRVLQWLpQGRPHDYHFHVGHIUDXGDGD$KRUD
H[LMRPiVDWHQFLyQ\PLPDULGRVHVLHQWHPX\IHOL]DOFRUUHVSRQGHUPH
œ0L HVSRVR KD OHtGR HO FXHVWLRQDULR SHUR QR PLV UHVSXHVWDV\YR\DLQWHQWDU
GLVFXWLUFRQpOODVSUHJXQWDVDXQTXHDOJXQDVGHHOODVSXHGHQUHVXOWDUGRORURVDV'H
WRGDVIRUPDVSULPHURKHTXHULGRFRQWHVWDUODVWRGDVVLQWHQHUQLQJ~QFRPHQWDULRVX
\R$KRUDHVSRVLEOHTXH ORJUHPRVDYHULJXDUDOJRPiVVREUHORTXHFDGDXQRGHQR
VRWURV GRV TXLHUH \ QHFHVLWD Vt ELHQ HO FXHVWLRQDULR QR IXH FRQIHFFLRQDGR FRQ HVWH
REMHWLYR
œ6LHQWR JUDQ DQJXVWLD SRU PLV SUREOHPDV VH[XDOHV \ XQD JUDQ FRQIXVLyQ 0H
GR\FXHQWDGHTXHPXFKDVGHODVFRVDVTXHKHDSUHQGLGRDFHUFDGHODVH[XDOLGDGKDQ
VLGR GLVWRUVLRQDGDV \ VH[LVWDV 3UHWHQGR GHVKDFHUPH GH PL LQ~WLO EDJDMH H LQWHQWDU
FRQ WRGDV PLV IXHU]DV HVFXFKDU OR TXH KD\ HQ Pt &UHR TXH \D HV KRUD GH TXH KD
JDPRVVDEHUDWRGRVHVRV¦PXFKRPDFKR§TXHHVWiQKDFLHQGRXQPLVHUDEOHWUDEDMR
SDUD KDFHU IHOLFHV D ODV PXMHUHV < VL D OR TXH DVSLUDQ HOORV HV D XQD SOHQD VDWLV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IDFFLyQHQHOWHUUHQRGHOVH[RSRUVXSDUWHKDEUiQGHREUDUPHMRUFRQQRVRWUDVSDUD
DOFDQ]DUWDOREMHWLYR
œ(OFXHVWLRQDULRPHKDSDUHFLGRXQDWHUDSLDHFRQyPLFDIDYRUHFHGRUDGHODLQ
WURVSHFFLyQ0HDOHJURGHKDEHUORFRQWHVWDGR*UDFLDVDpOPHKDVLGRSRVLEOHOLJDU
KHFKRVHQORVTXHQRKDEtDUHSDUDGRDQWHULRUPHQWHSHVHDTXHKHGHGLFDGRPXFKDV
KRUDVGHUHIOH[LyQDHVWRVWHPDV'HVSXpVGHFXPSOLPHQWDUHOFXHVWLRQDULRKHSHQ
VDGRHQYROYHUVREUHpOUHGDFWDUORH[SOLFDUOR\YDORUDUORWRGRGHQXHYRSHURSUR
EDEOHPHQWHQRPHVDOGUtDQDGDPHMRUODVHJXQGDYH]VLQRVRORDOJRGLVWLQWR'HVFX
EUR PXFKDV FRQWUDGLFFLRQHV FRQWUDGLFFLRQHV \ FRPSOHMLGDGHV HQ PLV LGHDV(VWLPR
TXHHOFXHVWLRQDULRIXHKHFKRSHQVDQGRHQODVPXMHUHVTXHKDQWHQLGRUHODFLRQHVVH
[XDOHVFRQQXPHURVDVSHUVRQDVHVWR\DODGHIHQVLYDSRUKDEHUHVWDGRFRQXQKRP
EUHVyORGXUDQWHWDQWRWLHPSR(QUHVXPHQPXFKtVLPDVJUDFLDV0LMRUQDGDKDEL
WXDO QR HV SUHFLVDPHQWH HVFULELU GLH] SiJLQDV VREUH PL VH[XDOLGDG \ KD VLGR DOJR
PX\SURYHFKRVR
œ'HVGHOXHJRVXVSUHJXQWDVPHREOLJDURQDSHQVDUKRQGDPHQWHHQPLSHUVRQD
0H VHQWtD OLJHUDPHQWH LQFRPRGD DO HVFULELU ODV UHVSXHVWDV SHQVDQGR TXH HQ HOODV
KDEtDFRVDVH[FHVLYDPHQWHSHUVRQDOHV'HQRKDEHUVHWUDWDGRGHXQDHQFXHVWDDQy
QLPDQXQFDKXELHUDSRGLGRFRQWHVWDUODV+HORJUDGRDSUHQGHUVREUHPtPiVFRVDVGH
ODVTXHXVWHGHVSXHGHQGHVFXEULU
œ/RTXHPHJXVWDPiVGHWRGRHVHOSHQVDUTXHHVWR\KDEODQGRSDUDRWUDVPX
MHUHV
œ(VWR\ PX\ VDWLVIHFKD GH QR WHQHU TXH ILUPDU HVWR SXHV EXHQD VH DUPDUtD GH
FDHUHOFXHVWLRQDULRHQFLHUWDVPDQRV1RSXHGRGHFLUTXHPHJXVWDUDFRQWHVWDUHVWDV
UHVSXHVWDV0HPRULUtDGHYHUJHQ]DVLWXYLHUDTXHKDFHUORHQSHUVRQD2EUDQGRGH
HVWDPDQHUDQRPHLPSRUWD+HSURFHGLGRDVtFRQHO~QLFRSURSyVLWRH[FOXVLYDPHQ
WHGHVHU~WLODODVGHPiV
œ/ORUp FXDQGR OHt SRU YH] SULPHUD HVWR +H PHQWLGR PXFKR GXUDQWH PXFKR
WLHPSR \D OR KDEtD FRPSUHQGLGR DVt SHUR TXLVH UHOOHQDU HO FXHVWLRQDULR SDUD IRU
]DUPHDPtPLVPDDSRQHUORWRGRVREUHHOSDSHO,QGXGDEOHPHQWHORJUDUiQXVWHGHV
D\XGDUDPXFKDVPXMHUHVSRUHVWHSURFHGLPLHQWR\ODSXEOLFDFLyQGHORVUHVXOWDGRV
GHODHQFXHVWDOHVSHUPLWLUiFRQVHJXLUTXHWDOD\XGDVHDPiVDPSOLD(VDVPXMHUHVVH
HQIUHQWDUiQFRQODVYHUGDGHVTXHQRVHDWUHYtDQDFRQIHVDUVHDVtPLVPDV
œ+HWHQLGRXQDH[SHULHQFLDGHPtPLVPDPLSDVDGR\PLVH[XDOLGDGDOFRQ
WHVWDU 6yOR SXHGR GHFLU TXH WUDH D OD PHQWH OD IDOWD GH iUHDV SDUD TXH ODV PXMHUHV
¦PDGXUDV§ DFWLYDV VH[XDOPHQWH SXHGDQ HQFRQWUDU VDWLVIDFFLyQ WDQWR GHQWUR FRPR
IXHUDGHODUHODFLyQDPRURVD
œ+HFXPSOLPHQWDGRHOFXHVWLRQDULRSRUTXHSLHQVRTXHVXVUHVXOWDGRVYDQDHV
WDUEDVDGRVHQXQD¦WHUJLYHUVDGDGLVWULEXFLyQ§GHWLSRVVXSHUOLEHUDOHVGHVXMHWRVSDU
WLGDULRV GH UDGLFDOHV UHIRUPDV 1DWXUDOPHQWH SDUD OOHJDU D XQ HTXLOLEULR XVWHGHV
QHFHVLWDEDQVDEHUGHJHQWHV¦UHFWDV§IHOL]PHQWHFDVDGDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H LPDJLQp TXH OD DSRUWDFLyQ GH XQD SHUVRQD H[WUHPDGDPHQWH OHQWD \ FRQ
YHQFLRQDOHQFXDQWRDOGHVDUUROORVH[XDOSRGtDVHUOHV~WLO'DGRPLFDUiFWHUKXEHGH
UHDOL]DUXQJUDQHVIXHU]RSDUDPRVWUDUPHVLQFHUDHQODVUHVSXHVWDV9DOLyODSHQD
œ'HVSXpVGHKDEHUPHREOLJDGRDHVFULELUH[WHQVDPHQWHPHSUHJXQWDQXVWHGHV
SRU TXp FRQWHVWR DO FXHVWLRQDULR ™$K <R SLHQVR TXH WRGDV ODV SHUVRQDV FRQ LQ
GHSHQGHQFLDGHVXHGDG\H[SHULHQFLDWLHQHQTXHVHUDELHUWDV\KRQHVWDV\DSUHQGHU
XQDVGHRWUDV0XFKDJHQWHMRYHQFUHHGRPLQDUHOFDPSRGHORVH[XDOFXDQGRODYHU
GDGHVTXHOHVTXHGDWRGDYtDPXFKRSRUDSUHQGHU
œ3RUTXHKHSHQVDGRTXHQRH[LVWtDQHVWDGtVWLFDVVXILFLHQWHVDFHUFDGHODVPXMH
UHV VHSWXDJHQDULDV QL WDPSRFR PXFKD FRPSUHQVLyQ HQ OR WRFDQWH D OD VLWXDFLyQ GH
ODVYLXGDV$PLHGDG\VLQUHVSRQVDELOLGDGHVQRGHVHRFDVDUPH6LQHPEDUJRFRQ
VHUYRHOLPSXOVRVH[XDO$xDGLUpTXHKDFHXQSDUGHDxRVVXIUtXQDLQWHUYHQFLyQTXL
U~UJLFD GH FRUD]yQ TXH PH KD UHMXYHQHFLGR FRPSOHWDPHQWH 'HVHR YLYLU KDVWD HO
OtPLWHPi[LPRGHPLVFDSDFLGDGHV
œ7HQJRXQDKLMDGHYHLQWLWUpVDxRVDODFXDOWRGDYtDGHERPXFKRHQORTXHVH
UHILHUHDGHFLUODYHUGDG(QFRQVHFXHQFLDFXDQWRKHGLFKRDHOODYDGHVWLQDGRDVt
FRPRDRWUDVPXMHUHVMyYHQHV
œ/HtXQDQXQFLRHQODSUHQVD\SHQVpTXHGHEtDQXVWHGHVFRQWDUFRQODRSLQLyQ
GHXQDPXMHUGHPHGLDQDHGDGHQORFRQFHUQLHQWHDVXVDFWLWXGHVVH[XDOHV0HKDQ
SDUHFLGRPX\LQWHUHVDQWHVVXVSUHJXQWDVPX\DSWDVSDUDLQGXFLUDODUHIOH[LyQ0H
FRVWyWUDEDMRUHVSRQGHUDDOJXQDVGHHOODVSRUTXHQXQFDPHODVKDEtDSODQWHDGR6LQ
HO RIUHFLPLHQWR GHO DQRQLPDWR QXQFD KXELHUD FRQWHVWDGR FRQ VLQFHULGDG 7DPSRFR
KDEUtDGHMDGRFRQVWDQFLDGHPLVRSLQLRQHVFXLGDGRVDPHQWHGHKDEHUVHWUDWDGRGHXQ
FXHVWLRQDULRGH¦HOHFFLyQP~OWLSOH§(QJHQHUDOPHKDUHVXOWDGRJUDWRYHUPLVUHDF
FLRQHVHQPXFKDVGHODVSUHJXQWDVSHURODVUHODWLYDVDODPDVWXUEDFLyQVHPHDQWRMD
URQLQTXLHWDQWHV$GLYLQRTXHHOORPXHVWUDWDQVyORTXHQRKHVXSHUDGRPLVVHQWL
PLHQWRV FRQ UHVSHFWR D HVR <VL QR KHVXSHUDGRPLVSUREOHPDV˜YR\SDViUVHORVD
PLVKLMRV"
œ&RQDQWHULRULGDGDOVX\RKDEtDOHtGRORVUHVXOWDGRVGHDOJXQRVFXHVWLRQDULRV
VREUH WHPDV VH[XDOHV (Q HOORV WRGDV /DV PXMHUHV SDUHFtDQ VHU PX\ IHOLFHV HVWDU
PX\ELHQDGDSWDGDVHQFRQWUiQGRVHHQSRVHVLyQGHXQMXVWRFRQWURO(VGHFLUWRGDV
H[SHULPHQWDEDQRUJDVPRV<RPHVHQWtDDLVODGDPDUJLQDGDFRPRXQDSHUVRQDUDUD
&RQWHVWp D VXV SUHJXQWDV SRUTXH TXHUtD TXH XVWHGHV VXSLHUDQ GH DOJXLHQ FRPR \R
PLVPDTXHHVWiWRGDYtDGHEDWLHQGRVHSHURTXHSUHVHQWDEDWDOODWDPELpQ
œ(VWH FXHVWLRQDULR HUD GLItFLO GH FXPSOLPHQWDU 0H VHQWt GHVRULHQWDGD DQWH pO
FRQIXVD 0H UHVLVWtD D HQIUHQWDUPH FRQ DOJR TXH SDUD Pt HV GLItFLO PLUDU IUHQWH D
IUHQWH $O FRQVLJQDU PLV UHVSXHVWDV QR PH VHQWt WDQ O~FLGD R VDWLVIHFKD FRPR PH
VLHQWR KDELWXDOPHQWH FXDQGR HVFULER 1RUPDOPHQWH OR YHR WRGR FODUR FXDQGR PH
GHFLGRSRQHUPLVSHQVDPLHQWRVSRUHVFULWR0HH[SUHVRELHQSURIXQGL]RHQPt(VWR
GH DKRUD KD VLGR RWUD FRVD PX\ GXUD FLHUWDPHQWH 3HUR KH TXHULGR VDEHU GH RWUDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PXMHUHVTXHVHHQFRQWUDEDQGRQGH\RHVWR\TXHDYDQ]DQSHQRVDPHQWHSRUHOPLVPR
ODEHULQWR\pVWHSDUHFtDVHUHO~QLFRPHGLRGHORJUDUPLSURSyVLWR
œ1RSXGLHQGRH[SHULPHQWDURUJDVPRVWRGRORUHODWLYRDOVH[RSUHVLGHIUHFXHQ
WHPHQWHPLVSHQVDPLHQWRVFRQVXPLHQGRPXFKDVGHPLVHQHUJtDV(OFXHVWLRQDULRDO
GHSDUDUPH OD RSRUWXQLGDG GH DLUHDU PLV IUXVWUDFLRQHV KD KHFKR TXH PH VLHQWD PH
MRU
œ&UHRTXHGHERPXFKRDOPRYLPLHQWRIHPLQLVWDHQORTXHVHUHILHUHDPLVDWLV
IDFFLyQ VH[XDO SURSLD TXH VLQ OD D\XGD GHO PLVPR TXL]i QXQFD KXELHUD OOHJDGR D
GHVFXEULU 3RU HVR UHVSRQGt DO FXHVWLRQDULR (VSHUR TXH FRQPRFLRQH ORV VXSXHVWRV
PDVFXOLQRVKDVWDVXVPLVPRVFLPLHQWRV
œ$QWH HO FXHVWLRQDULR PH SXVH QHUYLRVD HVSHFLDOPHQWH DO HQIUHQWDUPH FRQ
DTXHOODVSUHJXQWDVSDUDODVFXDOHVQRWHQJRUHVSXHVWDV3HURFUHRTXHFRQVWLWX\HXQ
LPSRUWDQWHFXHUSRGHFRQRFLPLHQWR(QFRQVHFXHQFLDPHREOLJXpDVHUVLQFHUD&UHR
ILUPHPHQWHTXHODHGXFDFLyQVH[XDOGHODVPXMHUHVVHUiXQRGHORVPDVLPSRUWDQWHV
IDFWRUHVGHQXHVWUDOLEHUDFLyQ7DOHVODUD]yQGHTXHOHVKD\DFRQWHVWDGR
œ+HFRQWHVWDGRSRUTXHHVWR\KDVWDODVQDULFHVGHODFDQWLGDGGHPHQWLUDVTXHVH
SXEOLFDQVREUHODVH[XDOLGDGGHODVPXMHUHVHVSHFLDOPHQWHODGHODVOHVELDQDV
œ+H FRQWHVWDGR SRUTXH PH ILJXUR TXH WRGDV ODVUHVSXHVWDVREWHQLGDVXQDYH]
FRPSLODGDV GDUiQ XQD LPDJHQ UHDOLVWD \ YHUGDGHUD GH OD VH[XDOLGDG IHPHQLQD 0H
LUULWDQWRGRVHVRVKRPEUHVTXHHVFULEHQDFHUFDGHODVPXMHUHV\GHFyPRGHEHPRVR
QRGHEHPRVVHQWLUQRV'HQLQJXQDIRUPDSXHGHQVDEHUFyPRQRVVHQWLPRV
Ϫ8I GHMHPRV TXH ODV PXMHUHV GLJDQ FyPR HV HQ OXJDU GH TXH WRGRV HVRV
KRPEUHVQRVGLJDQFyPR¦GHEHUtD§VHU
œ+HFXPSOLPHQWDGRHOFXHVWLRQDULRSRUTXHPHLQWULJDODLGHDGHTXHODVPXMH
UHVUHFRJLHUDQLQIRUPDFLyQVH[XDOGHODVPXMHUHV$PtPHSDUHFHTXHHVWHSUR\HFWR
RIUHFH XQDV SRVLELOLGDGHV UHDOPHQWH FRQVWUXFWLYDV \ HVSHUR TXH KD\D PiV LQGDJD
FLRQHVVLPLODUHVHQHOIXWXUR\TXHODVPXMHUHVHFKDUiQSRUODERUGDYLHMDVFUHHQFLDV
VREUH VX VH[XDOLGDG \ WUDWDUiQ GH DYHULJXDU OR TXH HVWi RFXUULHQGR UHDOPHQWH < OR
TXH SRGUtD RFXUULU 2MDOi QR VXUMD QDGLH DOXPEUDQGR XQ QXHYR MXHJR GH KLSyWHVLV
UHSUHVLYDV \ OLPLWDGDV FRPR ODV HODERUDGDV SRU ORV WHyULFRV IUHXGLDQRV \ MXGHRFULV
WLDQRV $O FRQWHVWDU D VXV SUHJXQWDV KH SUHWHQGLGR VDOLUPH GHILQLWLYDPHQWH GH ORV
WULOODGRVVHQGHURVGHOSDVDGR\WHQHUXQDLGHDPDVSUHFLVDGHTXpWLSRGHPXMHUVR\
VH[XDOPHQWHKDEODQGR™/HVGHVHRPXFKDVXHUWH
œ0H KD JXVWDGR VXFXHVWLRQDULR(VWXYHKDFLpQGRORGXUDQWHODVHPDQDSDVDGD
HQHOWUDEDMR\FRUUtDDFDVDDODVFLQFRHQSXQWRFDGDGtDFDOLHQWHFDOLHQWHFDOLHQWH
&RPR\DKHGLFKRPHKHYXHOWRPiV FUHDWLYDVH[XDOPHQWHJUDFLDVDVXVSUHJXQWDV
7DPELpQKHLQVLVWLGRHQDOFDQ]DUHOFOtPD[HQWDOVHQWLGRORFXDOUHVXOWDPDJQLILFR
œ(O FXHVWLRQDULR IXH D SDUDU D PLV PDQRV FRQ XQ HMHPSODUGH6H[XDO+RQHVW\
SHUWHQHFLHQWHDPLPDGUHSROtWLFD0HFRQPRYLy\IDVFLQyODGLYHUVLGDGGHODVUHV
SXHVWDV ™/DV PXMHUHV GLFLpQGROR WDO FRPR HV +DVWD HQWRQFHV QR PH KDEtD GDGR
FXHQWDHQWRGDVXGLPHQVLyQGHORDUURJDQWHVTXHVRQORVKRPEUHVDOH[SOLFDUQRVOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
TXHVHQWLPRVRGHEHPRVVHQWLU3HQVpHQWRGDVHVDVPXMHUHV TXHVHSUHJXQWDQVLDOJR
IDOODSRUTXHQRWLHQHQRUJDVPRSRUTXH\RWXYHHVHSUREOHPDGXUDQWHPXFKRVDxRV
(VWR\VHJXUDGHTXHPXFKDVPXMHUHVOH\HURQHOOLEUR\FRPSUHQGLHURQTXHGHVSXpV
GHWRGRQRHUDQDQRUPDOHV
œ(OVX\RPHSDUHFHXQFXHVWLRQDULRPX\EXHQR/DVGLIHUHQWHVSUHJXQWDVIDFL
OLWDQODRSRUWXQLGDGGHSHQVDUHQYDULRVDVSHFWRVGHOVH[RHVWXGLiQGRORGHVGHGLVWLQ
WRViQJXORV+D\XQDJUDQQHFHVLGDGGHHVWHWLSRGHHVWXGLRV(OOLEURPHIXHGHPX
FKRDSR\RHVSHFLDOPHQWHDODFODUDUPLVSURSLDVLQFHUWLGXPEUHVVREUHFXiQWRWLHPSR
VHHPSOHDHQDOFDQ]DURUJDVPRV\HOKHFKRGHTXH\RQRWHQtDRUJDVPRHQHOFRLWR
0HD\XGyHOFRPSUREDUTXHSDUHFHQH[LVWLUDPSOLDVGLIHUHQFLDVHQODVFDQWLGDGHVGH
HVWtPXOR\HOWLHPSRTXHODVPXMHUHVHPSOHDQHQWHQHURUJDVPRV\TXHPXFKDVPX
MHUHVQLVLTXLHUDWLHQHQRUJDVPRGXUDQWHHOFRLWRRVyORPX\UDUDPHQWH(OUHVXOWDGR
PiVLQPHGLDWRSDUDPtIXHTXHGHFLGtSHGLUOHDPLPDULGRTXHPHD\XGDUDDWHQHUXQ
RUJDVPRFXDQGR\RTXLVLHUDWHQHUXQRGXUDQWHHOFRLWRHQOXJDUGHQRSHGtUVHORSRU
TXHPHGDEDODVHQVDFLyQGHTXHHQFLHUWRPRGRSHGtDGHPDVLDGR
œ+HFRQWHVWDGRSRUTXHDQGDEDDWRUPHQWDGDSUHJXQWiQGRPHTXpHUDORTXHQR
PDUFKDED ELHQ HQ Pt 'HVSXpV GH KDEHU OHtGR ORV WHVWLPRQLRV GH ODV PXMHUHV HQ
6H[XDO+RQHVW\ HPSHFpDFRPSUHQGHUTXHHQPtQRKDEtDQDGDGHLUUHJXODUTXHOR
LUUHJXODU R HUUyQHR HUD UHDOPHQWH OD LQIRUPDFLyQ D TXH KDEtD WHQLGR DFFHVR PH
GLDQWHHVFULWRVRYHUEDOPHQWHHODERUDGDHQODPD\RUSDUWHGHORVFDVRVSRUPpGLFRV
\SVLTXLDWUDVYDURQHV
œ0H VHQWtD IDVFLQDGD DXQTXH QR VRUSUHQGLGD DO OHHU HQ 6H[XDO +RQHVW\ TXH
HUDQ PXFKDV ODV PXMHUHV TXH SUHIHUtDQ HO FXQQLOLQJXV D OD SHQHWUDFLyQ QRUPDO 0H
TXHGHVRUSUHQGLGDDOHQWHUDUPHGHTXHHUDQPXFKDVODVPXMHUHVTXHVHPDVWXUEDEDQ
\DOFRQRFHUODVPXFKDVIRUPDVHQTXHORKDFHQ\HYLGHQWHPHQWHVXSXVRXQDJUDQ
D\XGDSDUDPt(VWHOLEURHVWRWDOPHQWH~QLFR\ORUHFRPLHQGRDWRGDVODVPXMHUHV\
DORVKRPEUHV9DDWLUDUSRUWLHUUDWRGDXQDVHULHGHPLWRV1DGDPiVLQWHUHVDQWHD
PtMXLFLRTXHODWDUHDGHOHHUWRGDVHVDVFRQIHVLRQHV&UHRTXHHVODSULPHUD\~QLFD
YH]TXHODPD\RUtDGHODVPXMHUHVSRGHPRVGHFLUORWRGRWDOFRPRHVSRUTXHFRQODV
DPLJDVKD\JHQHUDOPHQWHXQDEDUUHUDTXHLPSLGHKDEODUGHHOORHOODWLHQHRUJDVPRV
\\RQR\DORVKRPEUHVLQGHSHQGLHQWHPHQWHGHOJHQXLQRLQWHUpVTXHDOJXQRVSD
UH]FDQWHQHUHQODDQDWRPtDIHPHQLQDQRVHOHVSXHGHGHFLUORTXHVHVLHQWHSRUTXH
HQILQSRUTXHWLHQHQXQDSLFKD\VHWLHQHXQDHVSHFLHGHIUHQRPHQWDOœ˜GHERGHFLU
OR"0XFKDVJUDFLDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$QiOLVLVGHODVUHVSXHVWDV
8QD GH ODV PXMHUHV TXH FRQWHVWDURQ HVFULELy œ(VWD OD PiV IDVFLQDQWH GH ODV
LQYHVWLJDFLRQHV VREUH HO VH[R HQ TXH KH SDUWLFLSDGR KDVWD DKRUD 1R REVWDQWH PH
DVDOWDXQDGXGD˜FyPRVHODVYDQDDUUHJODUSDUDFRPSLODUVXHVWXGLRGHXQDPDQHUD
SUHFLVD"&LHUWDPHQWHGHQRKDEHUKHFKR\RPLWHVLVGH0DVWHUVREUHODPHWRGROR
JtDGHFLHQFLDVVRFLDOHVWRGRPHKDEUtDUHVXOWDGRPXFKRPiVGLItFLOGHORTXHUHDO
PHQWHIXH+DKDELGRGLILFXOWDGHVSRUVXSXHVWR\VHKDWHQLGRTXHGHGLFDUDODVXQWR
PXFKR WLHPSR SHUR ORV UHVXOWDGRV FRQVHJXLGRV UHYHODQ TXH YDOtD OD SHQD OOHYDU D
FDERHOHVIXHU]R$ODQiOLVLVGHODVUHVSXHVWDVVHGHGLFDURQPiVGHWUHFHPLOKRUDVD
ODV TXH KD\ TXH DxDGLU ODV GLH] PLO SRU OR PHQRV HPSOHDGDV SRU ODV PXMHUHV TXH
FXPSOLPHQWDURQORVFXHVWLRQDULRV
(VSHFtILFDPHQWH OD LQIRUPDFLyQ VH DQDOL]y GH HVWH PRGR HQ SULPHU OXJDU VH
KL]RXQDJUDQILFKDSRUFDGDSUHJXQWDIRUPXODGD/DFRQWHVWDFLyQGHFDGDSHUVRQDD
OD SUHJXQWD TXH HUD DQDOL]DGD IXH FRSLDGD HQ OD ILFKD KDELWXDOPHQWH IRUPDGD SRU
PXFKDV KRMDV MXQWR DO Q~PHUR GH LGHQWLILFDFLyQ LQGLYLGXDO /RV PXFKRV GtDV TXH
UHTXLULyODWDUHDGHFRSLDUODVFRQWHVWDFLRQHVDFDGDSUHJXQWDIXHURQUHDOPHQWH
PX\ YDOLRVRV GHELGR D TXH SURSRUFLRQDURQ WLHPSR SDUD UHIOH[LRQDU VREUH ODV PLV
PDV8QDYH]SUHSDUDGDVODVILFKDVIXHUHODWLYDPHQWHVLPSOHDXQTXHWDPELpQUHTXL
ULyWLHPSRHOSURFHVRGHFODVLILFDUODVUHVSXHVWDV+DELWXDOPHQWHGXUDQWHHOSURFHVR
GHOFRSLDGRIXHURQVXUJLHQGRXQDVSDXWDVGHVXHUWHTXHODVFDWHJRUtDVHQPD\RUR
PHQRUJUDGRVHIRUPDURQSRUVtPLVPDV/XHJRVHWRWDOL]yHOQ~PHURGHPXMHUHVGH
FDGDFDWHJRUtDVHOHFFLRQiQGRVHFLWDVUHSUHVHQWDWLYDV7DOSURFHGLPLHQWRVHDSOLFyDO
PHGLRFHQWHQDUGHSUHJXQWDV
$GHPiVVHOOHYyXQDILFKDSULQFLSDOHQOD TXHVHFRGLILFyJUDQSDUWHGHODLQ
IRUPDFLyQSURYHQLHQWHGHRWUDVILFKDVLQGLYLGXDOHVSDUDFDGDPXMHULQFOX\pQGRVHHO
WLSRSUHIHULGRGHHVWLPXODFLyQWLSRGHPDVWXUEDFLyQQXPHURGHRUJDVPRVGHVHDGRV
HGDG\PXFKRVRWURVKHFKRV(VWDILFKDHPSOHDGDFRPRXQDHVSHFLHGHFRPSXWDGR
UD PDQXDO IXH OD EDVH GH FDVL WRGDV ODV GHFODUDFLRQHV TXH ILJXUDQ HQ ORV FDStWXORV
GHGLFDGRVDORUJDVPRDOFRLWR\DODHVWLPXODFLyQFOLWyULFD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
)LQDQFLDFLyQGHOSUR\HFWR
(QHVWHSUR\HFWRQRKXERQLQJXQDDVLJQDFLyQQL RWUDFODVHGHD\XGDHFRQyPL
FD 2ULJLQDOPHQWH QR VH QHFHVLWDURQ DPSOLRV IRQGRV SXHV OD LPSUHVLyQ UHVXOWDED
PX\ HFRQyPLFD 3RU IRUWXQD H[LVWH XQD SUHQVD OLEUH OD œ8QLW\ 3UHVV HQ 1XHYD
<RUN TXH HIHFW~D WUDEDMRV GH LPSUHVLyQ R FRPHUFLDO SRU OD FDQWLGDG TXH VH SXHGD
FHGHUVLHPSUHTXHHOPDWHULDOLPSUHVRVHDHQWUHJDGRJUDWXLWDPHQWH$VtSXHVLP
SULPtDOOtORVFLHQPLOFXHVWLRQDULRVHQYLDGRVFRQODD\XGDGHRWUDVPXMHUHVHQPX
FKRVFRORUHV\WDPELpQHQGLIHUHQWHVFODVHVGHSDSHO/OHJDPRVDDSURYHFKDULQFOX
VRXQDJUDQFDQWLGDGGHFDUWXOLQDVYLHMDVHPSOHDGDVHQHOMXHJRGHOELQJR$VtSXHV
KDVWDHOPRPHQWRGHLQLFLDUHODQiOLVLVGHODLQIRUPDFLyQHOJDVWRSULQFLSDOGHOSUR
\HFWRGHMDQGRDXQODGRHOSDSHO\ODVPRGHUDGDVVXPDVHQWUHJDGDVDODœ8QLW\3UH
VVIXHHOIUDQTXHR\DTXHPiVGHFXHVWLRQDULRVVHHQYLDURQSRUFRUUHR
&RQIRUPH IXH DPSOLiQGRVH HO SUR\HFWR VH KL]R HYLGHQWH TXH VXV UHVXOWDGRV
TXHGDUtDQPHMRUDODOFDQFHGHOS~EOLFRHQIRUPDGHOLEUR6H[XDO+RQHVW\E\:RPHQ
IRU :RPHQ FRQVWLWX\y XQ SULPHU LQWHQWR GH HQWUHJD GH ODV FRQWHVWDFLRQHV HQ IRUPD
GHXQQDGDFRVWRVROLEULWRHQU~VWLFD$KRUDELHQHVWDFODVHGHOLEURVHQJHQHUDOOOD
PDQPHQRVODDWHQFLyQTXHORVHQFXDGHUQDGRVHQWHOD\FDUWyQGHQWURGHODVVHFFLR
QHVSXEOLFLWDULDVRFULWLFDV$ODODUJDODVREUDVDVtSUHVHQWDGDVWLHQHQXQDVXSHULRU
GLIXVLyQ)LQDQFLHUDPHQWHKDEODQGR6H[XDO+RQHVW\ FRQWULEX\yPX\SRFRGHVGHHO
SXQWRGHYLVWDHFRQyPLFRDOSUR\HFWR3HUPLWLyWRGRORPiVTXHFRQWLQXDUDODHOD
ERUDFLyQGHORVLPSUHVRV\HOHQYtRSRUFRUUHRGHORVFXHVWLRQDULRV(VWR\HQGHXGD
FRQ 5HJLQD 5\DQ 6LQ VX GHVSLHUWD FRPSUHQVLyQ GHO SUR\HFWR VLQ VX IH HQ OD LP
SRUWDQFLD GH OD HPSUHVD GHVGH HO SULQFLSLR VLQ VX VHJXUR \ EXHQ MXLFLR HQ PXFKRV
DVSHFWRVGHOWUDEDMRODVUXHGDVGHOSURJUHVRLQGXGDEOHPHQWHKDEUtDQSDWLQDGRPX
FKDVYHFHVDORODUJRGHOFDPLQRSDUDGHWHQHUVHHQQXPHURVDVRFDVLRQHV
,QFLGHQWDOPHQWHWXYHWDPELpQTXHSHGLUGLQHURSUHVWDGRDDOJXQRVDPLJRVYD
ULRVGHORVFXDOHVFRQWUDMHURQGHXGDVDVXYH]SDUD SRGHUFRUUHVSRQGHUDPLVSHWLFLR
QHV(QHVWHLPSRUWDQWHFDSLWXORGHOSUR\HFWRKHGHFRQVLJQDUORVQRPEUHVGH&HFLOH
'HVGHOXHJRORVFXHVWLRQDULRVIXHURQVLHPSUHHQWUHJDGRVJUDWXLWDPHQWHORPLVPRTXH6H[XDO+RQHVW\TXH
\RHQYLDEDVLQFDUJRDOJXQRDTXLHQPHSHGtDXQHMHPSODU3RUGHVJUDFLDHOSUHVHQWHOLEURQRSXHGHVHURIUH
FLGR HQ LGpQWLFDV FRQGLFLRQHV SHUR VRQ PXFKDV ODV VHFFLRQHV GH OD 12: TXH HVWiQ UHFLELHQGR HMHPSODUHV
JUDWXLWDPHQWH D ILQ GH TXH WRGD SHUVRQD TXH VH LQWHUHVH SRU OD REUD VHD PLHPEUR R QR GH OD RUJDQL]DFLyQ
SXHGDWHQHUDFFHVRDODPLVPD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
5LFH0LFKDHO:LOVRQ\9LUJLQLRGHO7RURDTXLHQHVHVWR\PX\DJUDGHFLGD6LQHP
EDUJR FRPR ORV SUpVWDPRV KDQ GH VHU SDJDGRV\SXHVWRTXH ORVDQWLFLSRVVREUHHO
OLEURVRQHQVtPLVPRVRWUDHVSHFLHGHSUpVWDPRUHDOPHQWHVHUiHOS~EOLFRTXHFRP
SUHODREUDHOILQDQFLDGRUGHOSUR\HFWRHQXQSOD]RPDVRPHQRVODUJR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
0XMHUHVTXHSDUWLFLSDURQ
6RQPXFKDVODVSHUVRQDVTXHSDUWLFLSDURQHQHVWHSUR\HFWRDODVFXDOHVHVWR\
SURIXQGDPHQWHDJUDGHFLGD(VWR\HQGHXGDFRQ9HUyQLFDGL1DSROLSRUKDEHUDSRU
WDGRJUDWXLWDPHQWHVXJUDQLQWHOLJHQFLDVXWLHPSR\UHFXUVRVSHUVRQDOHVSRUHVSDFLR
GHGRVDxRVQRVRODPHQWHHQORTXHDIHFWDDODSUHSDUDFLyQ\DQiOLVLVGHODVILFKDV
VLQRWDPELpQHQPXFKRVRWURVDVSHFWRVFUtWLFRVGHODODERU$VLPLVPRIDFLOLWyIRQ
GRV HQ XQRV PRPHQWRV HQ TXH HUDQ PX\ QHFHVDULRV SRU OR FXDO OH GR\ ODV JUDFLDV
PiV H[SUHVLYDV '\ODQ /DQGLV QRV GLR WDPELpQ PXFKR GH VX WLHPSR LPSULPLHQGR
HQHUJtDDOSUR\HFWR\HVSHUDQGRGXUDQWHPiVGHXQDxRSDUDSRGHUVHUSDJDGD6LQ
OD D\XGD GH HVWDV GRV PXMHUHV HVWH OLEUR LQGXGDEOHPHQWH KDEUtD WDUGDGR GRV DxRV
PDV HQ DSDUHFHU 2WUDV PXMHUHV TXH WUDEDMDURQ HVIRU]DGDPHQWH GXUDQWH PXFKDV
KRUDV \ VHPDQDV REWHQLHQGR XQD FRPSHQVDFLyQ HFRQyPLFD PtQLPD IXHURQ &ODLUH
&RZGHU\ +HOHQ )HUUDLROL 0DULD )LQFKHQNR 'LDQH 0DOOHU 5XWK 0DWKHZV 6XVDQ
2OXS$QGUHD6HONLUN-XOLD6SHDUV\&DURO7LPNR'R\JUDFLDVDWRGDVHOODVSRUVX
FRODERUDFLyQVDOXGiQGRODVGHVGHDTXt
0XFKD PiV JHQWH D\XGy HQ RWUDV IRUPDV LQFOX\HQGR D 6\GHOOH %HLQHU -DQ
&UDZIRUG6WHIDQLH(ULFNVRQ+HDWKHU)ORUHQFH3ROO\.HOORJ+HOHQ.LUVFKQHU%DU
EDUD /RYH &DURO /RZHQEHUJ 1DRPL 0DQNHV 0HUFXUH )UDQFHV 0RXOGHU 7UXG\
5RVHQ -R\FH =LQGHU /DXUD 6SDGLFLQL /HH :DONHU 9LFNL :LOVRQ & . <HDUOH\\
6DUD=DUHP0HJXVWDUtDWDPELpQGDUODVJUDFLDVD'RURWK\&URXFKSRUVXJUDQDSR
\RSDUDHOSUR\HFWRGHVGHVXPLVPRLQLFLR$GHPiVHVWR\SURIXQGDPHQWHDJUDGHFL
GDD%DUEDUD6HDPDQSRUVXSURSLROLEUR)UHHDQG)HPDOH\SRUVXDSR\RHQWXVLDV
WD \ DOLHQWR GXUDQWH WRGR HO SHULRGR TXH GXUy HVWH SUR\HFWR TXH IXH XQD IXHQWH GH
JUDQD\XGDSDUDPt\XQHMHPSORUHDOGHKHUPDQGDGHQWUHPXMHUHV
+H GH GDU ODV JUDFLDV DVLPLVPR D ODV PXMHUHV TXH FRQIHFFLRQDURQ HVWH OLEUR
)XHURQPXMHUHVTXLHQHVVHHQFDUJDURQGHLPSULPLUORVFXHVWLRQDULRV\GHDQDOL]DUODV
UHVSXHVWDV2WUDVPX\ELHQGRWDGDVILJXUDQFRPRUHVSRQVDEOHVGHODSURGXFFLyQGH
ODREUD'HQXHYRKHGHPHQFLRQDUD5HJLQD5\DQVLQFX\DD\XGDQRVpTXpKXELH
UDVLGRGHOSUHVHQWHOLEUR1XQFDSRGUpVDOGDUODGHXGDGHJUDWLWXGTXHKHFRQWUDtGR
FRQHOOD(QFDGDPRPHQWRGHOSUR\HFWRVXVFUtWLFDVIXHURQGHJUDQYDORUVXHQWX
VLDVPR \ VXV YLVLRQHV GH FRQMXQWR FRQVWLWX\HURQ SDUD Pt IXHQWHV GH HQHUJtD \ HV
WLPXOR/LQG\+HVVGHVHPSHxyWDPELpQXQSDSHOLPSRUWDQWHKHGHHORJLDUVXWUDED
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
MRVXVLQWHOLJHQWHV\FXLGDGRVDVRULHQWDFLRQHVVREUHHOFRQWHQLGRGHODREUDTXHLQ
IOX\HURQ HQ OD IRUPD GHILQLWLYD GH OD PLVPD 0H IXH GH HQRUPH XWLOLGDG VX D\XGD
SUHVLGLGDSRUXQDJUDQFRUWHVtD3DUDHOODWDPELpQPLSURIXQGRDJUDGHFLPLHQWR6X]L
$UHQVEHUJVHHQFDUJyGHODJLJDQWHVFDWDUHDGHFRSLDUHO PDQXVFULWRODERUTXHKL]R
GHVSOHJDQGRXQDJUDQVHQVLELOLGDGGHVWUH]D\UHIOH[LyQ(OEHOORGLVHxRGHOOLEURVH
GHEH D &KULVWLQH $XOLFLQR )LQDOPHQWH GLUp TXH GH QR KDEHU VLGR SRU ODV PXMHUHV
TXHFRQWHVWDURQDORVFXHVWLRQDULRVQRKDEUtDKDELGROLEURDOJXQR8QFRUGLDOVDOXGR
SDUDHOODV\ODH[SUHVLyQGHPLPiVSURIXQGDHVWLPDFRQPLSHUVRQDO IHOLFLWDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
0DVWXUEDFLyQ
,1752'8&&,¾1
/DPDVWXUEDFLyQFRQVWLWX\HHQXQVHQWLGRPX\UHDOXQRGHORVPiVLPSRUWDQ
WHVWHPDVWUDWDGRVHQHVWHOLEUR\XQPRWLYRGHFHOHEUDFLyQ\DTXHHVXQDIiFLOIXHQ
WHGHRUJDVPRVSDUDODPD\RUtDGHODVPXMHUHV/DVTXHDSDUHFHQHQHVWHHVWXGLRGH
FODUDURQ TXH SRGtDQ PDVWXUEDUVH \ H[SHULPHQWDU HO RUJDVPR HQ XQRV PLQXWRV 8Q
GHFODUDURQTXHVHPDVWXUEDEDQHOGHHOODVSRGtDQH[SHULPHQWDUHORUJDV
PRIiFLOPHQWH\FRQUHJXODULGDGVLHPSUHTXHORGHVHDEDQ0XFKDVPXMHUHVXWLOL]D
URQ HO WpUPLQR œPDVWXUEDFLyQ FRPR VLQyQLPR GH RUJDVPR VXSRQtDQ TXH OD
PDVWXUEDFLyQLQFOXtDpVWH
/D IDFLOLGDG FRQ TXH ODV PXMHUHV RUJDVPDQ GXUDQWH OD PDVWXUEDFLyQ HV DOJR
TXH FLHUWDPHQWH VH FRQWUDGLFH FRQ ORV HVWHUHRWLSRV VREUH OD VH[XDOLGDG IHPHQLQD
6LHPSUHVHKDFUHtGRHIHFWLYDPHQWHTXHODVPXMHUHVVRQOHQWDVSDUDH[FLWDUVH\TXH
VyORSXHGHQRUJDVPDUGHXQPRGRLUUHJXODU7RGRSDUHFHLQGLFDUTXHODVH[XDOLGDG
IHPHQLQDHVULFD\IORUHFLHQWHDXQTXHSRUGHVJUDFLDHVWiVRWHUUDGD
/DIRUPDGHPDVWXUEDUVHODVPXMHUHVVXSRQHXQDGHODVPiVLPSRUWDQWHVFODYHV
FXDQGR VH WUDWD GH FRPSUHQGHUODVH[XDOLGDGIHPHQLQDGHVGHHOSXQWRGHYLVWDGHO
RUJDVPRSXHVWRTXHFDVLVLHPSUHVHUHDOL]DDVRODV\\DTXHHQODPD\RUSDUWHGH
ORVFDVRVQDGLHHVDGLHVWUDGRSDUDOOHYDUODDFDERODPDVWXUEDFLyQSURSRUFLRQDXQD
IXHQWHIHHGEDFN ELROyJLFDFDVLSXUD(VXQDGHODVSRFDVIRUPDVGHOFRPSRUWDPLHQWR
LQVWLQWLYR D TXH WHQHPRV DFFHVR $XQTXH DOJXQDV PXMHUHV QR VH PDVWXUEDURQ KDVWD
GHVSXpVGHKDEHUWHQLGRUHODFLRQHVVH[XDOHVFRQRWUDSHUVRQDHQVXPD\RUtDGHVFX
EULHURQODSUiFWLFDDWHPSUDQDHGDGœ1XQFDQHFHVLWpTXHQDGLHWXYLHUDTXHGHFLUPH
GyQGH KDEtD GH WRFDUPH SDUD FRQVHJXLU XQ RUJDVPR 1L VLTXLHUD UHFXHUGR FXiQGR
HPSHFpDPDVWXUEDUPH
(VPX\ VRUSUHQGHQWHTXHORVLQYHVWLJDGRUHVHQEXHQQ~PHURQRVHKD\DQVHQ
WLGRLQWHUHVDGRVSRUHOWHPDGHODPDVWXUEDFLyQ*HQHUDOPHQWHDERUGDQHOHVWXGLRGH
ODVH[XDOLGDGDWUDYpVGHOFRLWRFRQVLGHUDQGRODPDVWXUEDFLyQXQDFRVDVHFXQGDULD
%HWW\'RGVRQKDGHMDGRHVFULWRHQ/LEHUDWLQJ0DVWXUEDWLRQœ/DPDVWXUEDFLyQHVQXHVWUDYLGDVH[XDOSULPD
ULD(VODEDVHVH[XDO7RGRORTXHKDFHPRVPiVDOOiGHHVRHVVLPSOHPHQWHORTXHHVFRJHPRVSDUDVRFLDOL]DU
QXHVWUDYLGDVH[XDO3RUDxDGLGXUDORVSULPDWHVWDPELpQVHPDVWXUEDQPiVRPHQRVLQVWLQWLYDPHQWHGHVGHOD
SULPHUDHGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
\D TXH VHJ~Q VH DUJXPHQWD HO œLPSXOVR VH[XDO HV IXQGDPHQWDOPHQWH SDUD ILQHV
GHUHSURGXFFLyQ6LQHPEDUJRWRPDUHOFRLWRFRPRSXQWRGHSDUWLGDHVXQDVXSRVL
FLyQXQDVXSRVLFLyQTXHKDFRQGXFLGRDXQJHQHUDOPDOHQWHQGLGRVREUHODVH[XDOL
GDGIHPHQLQD6XSRQHUTXHHOFRLWRHVODH[SUHVLyQEiVLFDGHODVH[XDOLGDGIHPHQL
QDGXUDQWHHOFXDOODVPXMHUHVGHEHQH[SHULPHQWDUHORUJDVPR\OXHJRDQDOL]DUODV
œUHVSXHVWDV GH ODV PXMHUHV DO FRLWR HV H[DPLQDU HO SUREOHPD DO UHYpV /R TXH KD\
TXHKDFHUHVYHUORTXHHQUHDOLGDG H[SHULPHQWDQODVPXMHUHVTXpHVORTXHOHVSUR
GXFH SODFHU \ FXiQGR VLHQWHQ HO RUJDVPRGHVSXpVVHSXHGHQREWHQHUFRQFOXVLRQHV
(QRWUDVSDODEUDVORVLQYHVWLJDGRUHVGHEHQGHMDUGHGHFLUODVPXMHUHVORTXHGHEHQ
VHQWLU VH[XDOPHQWH \ HPSH]DU D SUHJXQWDUOHV TXp VLHQWHQ VH[XDOPHQWH +H DTXt OR
TXHVHKDLQWHQWDGRORJUDUFRQORVFXHVWLRQDULRV
(OKHFKRGHTXHODVPXMHUHVSXHGHQH[SHULPHQWDUHORUJDVPRGHIRUPDDJUDGD
EOHVLHPSUHTXHORGHVHDQPXFKDVPXMHUHVVLHQWHQYDULRVHQXQDVHVLyQPXHVWUD
PDVDOOiGHWRGDGXGDTXHODVPXMHUHVVDEHQFyPRGLVIUXWDUGHVXVFXHUSRVQRHV
QHFHVDULRTXHQDGLHVHORH[SOLTXH1RKD\QLQJ~QSUREOHPDHQODVH[XDOLGDGIHPH
QLQD HO GH OD œGLVIXQFLyQ HO SUREOHPD HV GH OD VRFLHGDG SRU VX GHILQLFLyQ GHO
VH[R \ SRU HO SDSHO VXERUGLQDGR TXH OD GHILQLFLyQ DVLJQD D ODV PXMHUHV &RPSDUWLU
QXHVWUD RFXOWD VH[XDOLGDG GLFLHQGR FyPR QRV PDVWXUEDPRV HV XQ SULPHU SDVR SDUD
WUDHUQXHVWUDVH[XDOLGDGDOPXQGR\SDUDUHGHILQLUHOVH[R\ODVUHODFLRQHVItVLFDVWDO
FRPRQRVRWUDVODVFRQRFHPRV
,035(6,21(6$&(5&$'(/$0$6785%$&,¾1
/DPDVWXUEDFLyQSDUHFHWHQHUPXFKDVFRVDVHQVXIDYRUSDUDUHFRPHQGDUOD¥
IiFLOHVHLQWHQVRVRUJDVPRVHVXQDLQDJRWDEOHIXHQWHGHSODFHU¥SHURSRUGHVJUD
FLDWRGRVVRPRVYtFWLPDVHQPD\RURPHQRUJUDGRGHXQD FXOWXUDTXHDILUPDTXHOD
JHQWH QR GHEH PDVWXUEDUVH (VWH SUHMXLFLR SURIXQGDPHQWH HQUDL]DGR VH UHIOHMD HQ
ODV SDODEUDV GH XQD PXMHU HQ RWURV DVSHFWRV ELHQ LPSXHVWD GH ODV LQIOXHQFLDV GH OD
FXOWXUDVREUHHOODœ/DVGHILQLFLRQHV\ODXWLOL]DFLyQGHODVSDODEUDVHQFLHUUDQXQSUR
EOHPD3UREDEOHPHQWHXQDGHODVIUDVHVPiVRIHQVLYDVFRQTXHPHKHHQFDUDGRHQ
PXFKR PXFKR WLHPSR HV OD GH HVWD SUHJXQWD VX\D ¦˜/D PDVWXUEDURQ D XVWHG OD
PD\RU SDUWH GH ORV KRPEUHV TXH FRQRFLy"§ (Q SDUWH PL GLILFXOWDG DTXt UDGLFD HQ
TXHGR\XQDFRQQRWDFLyQQHJDWLYDDODPDVWXUEDFLyQDOFRPSDUDUODFRQHOFRLWRHV
GHFLUSUHILHURHOFRLWRDODPDVWXUEDFLyQ,QWHUSUHWRODPDVWXUEDFLyQFRPRDOJRTXH
PHKDJRDPtPLVPDDVRODV/DFySXODHVORTXH\RKDJRFRQRWUDSHUVRQDLQGH
SHQGLHQWHPHQWHGHORTXHVXFHGDFRQHOOD&DOLILFDUGHHVWLPXODFLyQYDJLQDOODUHOD
FLyQVH[XDOFRQXQSHQH\OODPDUHVWLPXODFLyQPDQXDODODPDVWXUEDFLyQGHOFOtWRULV
HVDOJRTXHPHRIHQGHSHUVRQDOPHQWH\TXHPHLUULWD
/DEDVHGHHVWDVXSRVLFLyQVHDQDOL]DHQHOFDStWXORGHGLFDGRDOFRLWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
5HDOPHQWH HO WpUPLQR œPDVWXUEDUVH KD VLGR XWLOL]DGR PDO XWLOL]DGR HQ YHU
GDGFRPRXQHXIHPLVPRSDUDDOJXLHQTXHSUDFWLFDHQRWUDSHUVRQDODHVWLPXODFLyQ
PDQXDOFOLWyULFDFRQHOH[SUHVRSURSyVLWRGHFDOLEUDUODUHDFFLyQFRUUHVSRQGLHQWHD
WDOXVR(OVLJQLILFDGRIXHSHUIHFWDPHQWHFRPSUHQGLGRSRUODLQPHQVDPD\RUtDGHODV
PXMHUHVSHURHQRMDEDODLPSOLFDFLyQODUHODFLyQFRQXQDSDUHMDOHJLWLPL]DODDFWLYL
GDGFXDOTXLHUDTXHVHDpVWD\FRQHOQRPEUHGHPDVWXUEDFLyQVHGHJUDGD
+HPRV OOHJDGR D XQ SXQWR HQ QXHVWUR SHQVDPLHQWR FRPR VRFLHGDG HQ TXH VH
DFHSWDTXHODVPXMHUHVJRFHQFRQHOVH[RVLHPSUH\FXDQGRFXPSODPRVFRQQXHVWUR
SDSHOFRPRPXMHUHVHVGHFLUHOGHGDUSODFHUDORVKRPEUHVSDUWLFLSDUHQDFWLYLGD
GHV PXWXDV (V SRVLEOH TXH HQ HO IXWXUR SRGDPRV FUHHUQRV FRQ GHUHFKR D GLVIUXWDU
FRQ OD PDVWXUEDFLyQ WDPELpQ D WRFDU H[SORUDU \ JR]DU GH QXHVWURV FXHUSRV HQ OD
IRUPD TXH GHVHHPRV QR VRODPHQWH FXDQGR QRV HQFRQWUHPRV VRODV VLQR WDPELpQ
KDEOiQGRQRV HQ FRPSDxtD GH RWUD SHUVRQD œ/D LPSRUWDQFLD GH OD PDVWXUEDFLyQ
FRPRGLMRXQDPXMHUœHVUHDOPHQWHTXHUHUVH\RFXSDUVHGHXQDPLVPDGHXQDPD
QHUD WRWDO FRPR XQD IRUPD QDWXUDO GH UHODFLRQDUVH FRQ HO FXHUSR 6H WUDWD GH XQD
DFWLYLGDGQRUPDOTXHKDGHVHUOyJLFDPHQWHSDUWHGHODYLGDGHXQDPXMHU
œ˜/HJXVWDDXVWHGPDVWXUEDUVH"
/D PD\RUtD GH ODV PXMHUHV GHFODUDURQ TXH KDEtDQ GLVIUXWDGR FRQ OD PDVWXUEDFLyQ
ItVLFDPHQWHGHVSXpVGHWRGRFRQGXFtDDORUJDVPRSHURKDELWXDOPHQWHQRGHXQ
PRGRSVLFROyJLFR
3VLFROyJLFDPHQWH VH VLQWLHURQ VRODV FXOSDEOHV UHFKD]DGDV HJRtVWDV \ SRU OR
JHQHUDOPDODV+HDTXtRWUDVSDODEUDVIUHFXHQWHPHQWHFLWDGDVLQFyPRGDVDODGHUL
YD SDWpWLFDV DYHUJRQ]DGDV YDFtDV VXFLDV FRQFHQWUDGDV HQ Vt PLVPDV HVW~SLGDV
GLVJXVWDGDV&RPRGLMRXQDPXMHUœ3DUDPtODPDVWXUEDFLyQHVVROLWDULD LQIDQWLO
HJRtVWDWRGRDTXHOORHQVXPDTXHSUHIHULUtDTXHQRIRUPDUDSDUWHGHPLH[SHULHQFLD
VH[XDO $ YHFHV OD SUDFWLFR SHUR QR PH DWUHYHUtD D SURFODPDUOR S~EOLFDPHQWH
+XERRWUDVPXMHUHVTXHIDFLOLWDURQRSLQLRQHVVLPLODUHV
œ)tVLFDPHQWHGLVIUXWR FRQHOODHQHVSHFLDOVLQRWHQJRSULVD3VLFROyJLFDPHQ
WHPHDJUDGDHQRFDVLRQHVSHURVXHORVHQWLUPHGHPDVLDGRFRQVFLHQWHGHPtPLVPD
LQFRPRGD H LQFOXVR FXOSDEOH SDUD UHFXUULU D HVR 1R PH PDVWXUER PX\ D PHQXGR
SRUTXHVLHQWRTXHWHQJRFLHUWRVSUHMXLFLRVHQIDYRUGHOVH[RFRQRWUDSHUVRQD\YLYR
FRQXQKRPEUHPLHVSRVRGHOTXHFDVLQXQFDHVWR\VHSDUDGD\TXLHQKDELWXDOPHQ
WHGHVHDKDFHUHODPRUFXDQGRDPtWDPELpQPHDSHWHFH$YHFHVVLQHPEDUJRPH
JXVWD PDVWXUEDUPH \ VL QR OOHJR DO RUJDVPR GXUDQWH OD FySXOD PH PDVWXUER GHV
SXpV < D YHFHV OR KDFHPRV GH IRUPD TXH pO PH DEUD]D PLHQWUDV \R PH PDVWXUER
3HURHVRQRORKDFHPRVDPHQXGR6XHORPDVWXUEDUPHXQDYH]DOPHVFRPRPi[L
PR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6t PH JXVWD PDVWXUEDUPH 3VLFROyJLFDPHQWH QR HVWR\ VHJXUD 1R HV TXH
SLHQVH TXH HVWR\ KDFLHQGR DOJR ¦VXFLR§ VLQR TXH UHIXHU]D PLV WHPRUHV GH UHVXOWDU
¦IUtJLGD§7HPRHVWDUPX\LQIOXLGDSRUWRGDHVD¦OLWHUDWXUD§TXHDILUPDTXHVLXQDVH
PDVWXUEDSHURQRSXHGHH[SHULPHQWDUHORUJDVPRGXUDQWHHOFRLWRHVTXHHVWD¦GHV
YLDGD§ 6LHPSUH H[SHULPHQWR HO RUJDVPR DO PDVWXUEDUPH eVWH HV PiV LQWHQVR D
VRODV1RUPDOPHQWHVLHQWRHORUJDVPRXQDRGRVYHFHV
œ)tVLFDPHQWH PH JXVWD PDVWXUEDUPH 'HVGH HO SXQWR GH YLVWD SVLFROyJLFR
SLHQVRTXHHVDOJREXHQR\TXH¦QRWLHQHQDGDGHPDOR§SHURWDPELpQWHQJRSUHVHQ
WHTXHQRHVVRFLDOPHQWHDFHSWDEOHSRUODPD\RUtD6HDSRGHUDHQWRQFHVGHPtHOWH
PRUGHVHU¦GHVFXELHUWD§\GHYHUPHUHFKD]DGD
œ(PSHFpDPDVWXUEDUPHUHFLHQWHPHQWHWUDVXQDODUJDDEVWLQHQFLDGHVGHODLQ
IDQFLD 0H FRVWy WUDEDMR FRPHQ]DU 0H VHQWtD GHPDVLDGR DYHUJRQ]DGD \ XQ SRFR
HVW~SLGD )tVLFDPHQWH PH JXVWD SHUR HQ HO SODQR SVLFROyJLFR WRGDYtD H[SHULPHQWR
GLILFXOWDGHV1HFHVLWRGHMDUFRUUHUODIDQWDVtD0HPDVWXUERXQDYH]SRUVHPDQDED
MR HO JULIR GH OD EDxHUD /R KDJR VRODPHQWH SRU OOHJDU DO RUJDVPR 1HFHVLWR PHGLD
KRUDSDUDHOORSHURWUDWRGHSURORQJDUOR
œ0X\IUHFXHQWHPHQWHSLHQVRTXHHOVH[RQRHVXQFRPSRUWDPLHQWRWRWDOPHQWH
GHFRURVR6LHPSUHORGLVIUXWRPXFKRSHURGHVSXpVVLHQWRXQDLQGHILQLEOHLQTXLHWXG
LQFOXVR GHVSXpV GH PDVWXUEDUPH (VWD HV OD VHJXQGD YH] HQ PL YLGD TXH DGPLWR
KDEHUPH PDVWXUEDGR /D SULPHUD IXH FXDQGR OD SHUVRQD FRQ TXLHQ PH UHODFLRQR
VH[XDOPHQWHPHORSUHJXQWy
œ$GHFLUYHUGDGHVWR\XQSRFRDEXUULGDGHODPDVWXUEDFLyQ0H DJUDGDPiVHQ
HO DVSHFWR ItVLFR TXH HQ HO SVLFROyJLFR $ YHFHV PH PDVWXUER GRV YHFHV HQ XQGtD
OOHJDQGRQRUPDOPHQWHDORUJDVPR&UHRTXHHOSODFHUVHUtDPiVLQWHQVRFRQDOJXLHQ
$KRUDELHQODPD\RUtDGHORVKRPEUHVFRQVLGHUDQTXHHO¦MXHJRFRQXQRPLVPRQR
GHEHVHUFRPSDUWLGRDPHQRVTXHHODFRPSDxDQWHSURFHGDLJXDO+HYLVWRTXHODV
PDQRVGHORVKRPEUHVIUHFXHQWHPHQWHYDQDSDUDUDVXVyUJDQRVJHQLWDOHVFXDQGR
VHUHODMDQ6LQHPEDUJRPHKHYLVWRDOWRFDUPHFHQVXUDGDSRUPLFRPSDxHURTXLHQ
QRSRGtDDFHSWDUODLGHDGHTXHGHVSXpVGHTXHpOKXELHUDOOHJDGR\RHVWXYLHUDWRGD
YtDLQVDWLVIHFKDPLHQWUDVpOVHLED\DKDFLDHOEDxR
œ)tVLFDPHQWHVtSVLFROyJLFDPHQWHQR+D\XQDVHQVDFLyQGHVLPSOH]DOLJDGD
DO DFWR 3UHILHUR HVSHUDU OR ¦UHDO§ 6p TXH PLV DVRFLDFLRQHV GH VROHGDG UHFKD]R
FDVWLJRLQIDQWLO\ULGtFXORVRFLDOQRVRQUDFLRQDOHV3HURODVHQVDFLyQItVLFDWDPSRFR
HVUDFLRQDO\QRFRQWULEX\HDLOXVWUDUPH
œ)tVLFDPHQWH HVWi ELHQ /D FXHVWLyQ PHQWDO HV OR TXH PH LQFRPRGD 6LHPSUH
PHVLHQWREDUDWD\VXFLD3RUORWDQWRQRORKDJRPXFKR\FXDQGRORKDJROOHJRDO
RUJDVPR(QUHDOLGDGSURFXURFRQWHQHUPLVLPSXOVRV
œ6L PH JXVWD OD PDVWXUEDFLyQ )tVLFDPHQWH ODV œ~QLFDV YHFHV TXH PH UHVXOWD
LQFyPRGDHVFXDQGRWHQJRODYHMLJDGHODRULQDGHPDVLDGROOHQDHQGLFKRVFDVRVD
YHFHV VLHQWR IXHUWHV GRORUHV HQ PL XUHWUD 3VLFROyJLFDPHQWH UHJLVWUR DO]DV \ EDMDV
$OJXQDV GH PLV IDQWDVtDV VH[XDOHV QR VHUYLUtDQ SDUD XQDV SHOtFXODV GH JUDGR & <
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WLHQHQ DTXpOODV PXFKRV ¦SDVHV§ HQ XQD WHPSRUDGD 1R Vp GHFLU UHDOPHQWH FRQ TXp
IUHFXHQFLD PH PDVWXUER 0H SDUHFH TXH FDGD XQD R GRV VHPDQDV 6LHPSUH OOHJDED
DQWHVDORUJDVPRSHURHQRFDVLRQHVQRSRQJRPXFKRLQWHUpVHQHOOR0HKDRFX
UULGRTXHGDUPHGRUPLGDKDOOiQGRPHDPHGLDV(PSHFpDPDVWXUEDUPHDOUHGHGRUGH
ORVGRFHDxRVSHURWXYHTXHFXPSOLUORVYHLQWLGyVSDUDOOHJDUDKDFHUHODPRUDXWpQ
WLFDPHQWHFRQPLJRPLVPDVLHVTXHWDOH[SUHVLyQSXHGHWHQHUDOJ~QVHQWLGR+DVWD
HQWRQFHVKDEtDKDELGRPDVGHVDJUDGR\GLVJXVWRTXHWHUQXUD0HKDRFXUULGRPHGLD
GRFHQD GH YHFHV DSUR[LPDGDPHQWH WHQJR YHLQWLFLQFR DxRV DKRUD SHUR HVWR\ VH
JXUDGHTXHHVVLJQLILFDWLYR1XQFDPHKHPDVWXUEDGRHQSUHVHQFLDGHQDGLH
œ0HJXVWDODPDVWXUEDFLyQItVLFDPHQWHSHURQRSVLFROyJLFDPHQWH0HPDVWXU
ER XQDV WUHV YHFHV DO PHV 6LHPSUH OOHJR DO RUJDVPR VLHQGR VX LQWHQVLGDG LJXDO D
VRODVTXHHQFRPSDxtDGHDOJXLHQ3HURPHVLHQWRPiVFyPRGDVROD(OFRPSDxHUR
VH VLHQWH GROLGR SRUTXH IUHQWH D VX ~QLFR FOtPD[ XQD SXHGH H[SHULPHQWDU PXFKRV
RUJDVPRV 1R REVWDQWH QRUPDOPHQWH DFRPSDxDGD VLHQWR XQ RUJDVPR \ YDULRV VL
HVWR\VROD
œ(QSULPHUOXJDUQRVpVLWRGDVQRVDWHQHPRVDODPLVPDGHILQLFLyQ3DUDPt
HVRVLJQLILFDWHQHUUHODFLyQVH[XDOFRQXQDPLVPD\SLHQVRTXHHQFRQVHFXHQFLDKD
GH KDFHUVH D VRODV \ QR HQ SUHVHQFLD GH QDGLH )tVLFDPHQWH PH JXVWD OD PDVWXUED
FLyQSVLFROyJLFDPHQWHPHVLHQWRFXOSDEOH\¦VXFLD§DXQTXHUHFRQR]FDTXHQRGH
ELHUD SHQVDU PDO GH WDO DFWLYLGDG &UHR TXH HV WDQ YiOLGD FRPR FXDOTXLHU RWUDUHOD
FLyQVH[XDO\TXHPDQWHQHUVHDMHQDDOSURSLRFXHUSRQRHVEXHQR%XVFRHORUJDVPR
FXDQGR PH PDVWXUER \ HVR HV SUREDEOHPHQWH SRUTXH FRQVWLWX\H XQD H[SHULHQFLD
DFWLYDSDUDPtGDGRTXHHVGLItFLOWHQHUPRPHQWRVSDVLYRVFXDQGRVHHVWiDVRODV
œ)tVLFDPHQWHVt3VLFROyJLFDPHQWHQR(QUHDOLGDGQRKHYLYLGRWRGDYtDVXIL
FLHQWHWLHPSRFRQHOKHFKRGHTXHVt9LUJLQLDODVFKLFDVVHPDVWXUEDQ/RKDFtDD
PHQXGR HQ OD DGROHVFHQFLD GHVGH ORV RQFH D ORV FDWRUFH DxRV 6LHPSUH DFDEDED
UH]DQGR\SLGLHQGRIXHU]DVSDUDUHQXQFLDUDHVDDFWLYLGDG™/OHYDED XQDYLGDSHFD
PLQRVD3HURVLHPSUHOD¦IXHU]D§PHIDOODED\WHQtDTXHYROYHUDUH]DUSDUDTXH'LRV
QRPHIXOPLQDUDFRQXQUD\R0HGDEDFXHQWDGHTXHHUDXQDSHFDGRUD
œ&DGD YH] PH JXVWD PiV OD PDVWXUEDFLyQ ItVLFD \ SVLFROyJLFDPHQWH )tVLFD
PHQWH WRGR HV UiSLGR IiFLO \ VDWLVIDFWRULR 3VLFROyJLFDPHQWH PH VLHQWR XQ SRFR
VRODDYHFHVSHURDILQGHFXHQWDVDVtYLHQHDVHUHODPRUFRQXQDSHUVRQDTXHQR
WH DPD 0H PDVWXUER OD PD\RU SDUWH GH ODV QRFKHV DQWHV GH TXHGDUPH GRUPLGD
6LHPSUH H[SHULPHQWR XQ RUJDVPR SRU OR PHQRV \ VXHOR TXHGDUPH VDWLVIHFKD FRQ
PHGLDGRFHQD6LHPSUHVRQLJXDOGHLQWHQVRVDFRPSDxDGDRVROD
œ6L PH JXVWD PXFKR SHUR SLHQVR TXH VL PH PDVWXUER GHPDVLDGR D PHQXGR PH
FRVWDUi PiV WUDEDMR DOFDQ]DU PL PHWD GH UHODFLRQDUPH OLEUHPHQWH FRQ XQ KRPEUH
0H PDVWXUER FDVL D GLDULR FRQ XQ YLEUDGRU &DVL VLHPSUH OOHJR DO RUJDVPR SHUR
PDQXDOPHQWHORKHDSUHQGLGRKDFHPX\SRFRWLHPSRDVtTXHVyORRUJDVPR DYHFHV
&RQHOYLEUDGRUWDUGRGHFLQFRDYHLQWHPLQXWRVFRQODPDQRWUHLQWDR PiV6R\XQD
SHUVRQDGHPDVLDGRLQKLELGDD~QSDUDPDVWXUEDUPHHQSUHVHQFLDGHDOJXLHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OJXQDV PXMHUHV H[SHULPHQWDEDQ XQ VHQWLPLHQWR GH FXOSDELOLGDG DO PDVWXUEDUVH
SHURORJUDURQVXSHUDUHOPLVPR
œ6t ItVLFDPHQWH PH JXVWD PDVWXUEDUPH SHUR KDFH SRFR TXH HVWD DFWLYLGDG HV
GH PL JXVWR SVLFROyJLFDPHQWH $QWHV GH TXH RWUDV PXMHUHV HPSH]DUDQ D KDEODU GH
HOOD \R HVWDED FRQYHQFLGD GH TXH DOJR PDUFKDED PDO HQ Pt SRU QHFHVLWDUOD 0H
PDVWXUER KDELWXDOPHQWH GRV YHFHV SRU VHPDQD \ H[SHULPHQWR FRPR XQRV WUHVRU
JDVPRV FDGD YH] HQ HO HVSDFLR GH XQD KRUD 6LHQWR QR KDEHU DSUHQGLGR D PDVWXU
EDUPHKDVWDODHGDGDGXOWD(UDH[FHVLYDPHQWHPRMLJDWDHQPLMXYHQWXGSDUDH[SH
ULPHQWDU H LQYHQWDU \ WXYLHURQ TXH SDVDU DOJXQRV DxRV \D FRPR FDVDGD /R KDEUtD
SDVDGRPXFKRPHMRUHQODDGROHVFHQFLDGHKDEHUVDELGRPDVWXUEDUPH
œ)tVLFDPHQWH PH JXVWD PDVWXUEDUPH 0H VHQWtD XQ SRFR FXOSDEOH R IUtJLGD
SVLFROyJLFDPHQWHSHUR\DQRKD\QDGDGHHVR6LHPSUHPHOOHYDDORUJDVPR(VWHHV
PiV LQWHQVR D VRODV SHUR VH SURORQJD PiV FRQ DOJXLHQ 6LHQWR DOUHGHGRU GH RFKR
FXDQGRPHPDVWXUER+DEtDPXFKRWHPRULPSOLFDGRHQPLVSULPHUDVDFWLYLGDGHV\D
TXHPLPDGUHVLHPSUHDQGDEDGHSXQWLOODVLQWHQWDQGRVRUSUHQGHUPHLQIUDJDQWL
œ$OSULQFLSLRSHQVpTXHHUDPDORPDVWXUEDUVHSRUTXHKHVLGRHGXFDGDHQWDO
FUHHQFLD\SRUTXHQDGLHSXHGHVDFDUDFRODFLyQHOWHPD(QFRQVHFXHQFLDVXSRQJR
TXHWRGRHOPXQGRMX]JDHVDDFWLYLGDGSHUQLFLRVD6LQHPEDUJR\RGLVIUXWRPXFKR
SHUVRQDOPHQWHFRQHOOD\ODWHQJRSRUXQDSDUWHVDOXGDEOHGHPLYLGD
œ<D D ORV RQFH DxRV FRPHQFp D H[SHULPHQWDU XQ VHQWLPLHQWR GH FXOSDELOLGDG
DQWHODPDVWXUEDFLyQ6LHPSUHWHPtDYHUPHVRUSUHQGLGD$ORVGLHFLQXHYHWUDVXQD
VHVLyQSHQVpHVWRQRSXHGHVHUXQSHFDGR6LHPSUHPHVLHQWRPHMRUGHVSXpV\QR
KDJR GDxR D QDGLH QL D Pt PLVPD $Vt SXHV 'LRV QR SXHGH MX]JDUOR PDOR )XL D
FRQIHVDUPHFRQXQDQFLDQR\VHYHURVDFHUGRWHDOTXHFRQVXOWpHVWHDVXQWR6RUSUHQ
GLGD \ DOLYLDGD Rt GH VXV ODELRV TXH QR HUD XQ SHFDGR \ TXH WRGDV ODV PXMHUHV \
KRPEUHVORKDFtDQ+DEtDQVLGROOHYDGDVDFDERQXHYDVLQYHVWLJDFLRQHVHQHOWHUUHQR
SVLFROyJLFR DYHULJXiQGRVH TXH OOHQDED XQD QHFHVLGDG SVLFROyJLFD \ ItVLFD UHVXO
WDQGR WRGR SRU FRQVLJXLHQWH QRUPDO QDWXUDO < HVWR OR DILUPDED XQ VDFHUGRWHTXH
QRWHQtDQDGDGHOLEHUDOTXHQRSHUWHQHFtDDXQDQXHYDLJOHVLD6HPRVWUyFRPSDVLYR
DQWHPLVGXGDV'HVSXpVHVDFXHVWLyQ\DQRKDYXHOWRDSUHRFXSDUPH
2WUDVPXMHUHVQRSXGLHURQGHVLQKLELUVHSDUDGLVIUXWDUFRQODPDVWXUEDFLyQLQFOXVR
ItVLFDPHQWH
œ0HJXVWDODPDVWXUEDFLyQHQWRGDVVXVIRUPDVSHURWRGDYtDH[SHULPHQWRGLIL
FXOWDGHVFXDQGRWUDWRGHOXFKDUFRQWUDORTXHVHPHHQVHxyVREUHHVWHDVXQWR$TXp
OOD QR PH VDWLVIDFH WRWDOPHQWH /OHJR DO RUJDVPR SHUR HQ UHDOLGDG QR VLHQWR XQ
HQRUPHSODFHU6RODPHQWHWHQJRXQRSRUTXHPHDYHUJHQ]DWHQHU PDVVLELHQSRGUtD
ORJUDUORVIiFLOPHQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ3DUHFHTXHSUHILHURVXIULUPLH[FLWDFLyQDPDVWXUEDUPH1RFHQVXURDTXLHQHV
UHFXUUHQ D WDO SUiFWLFD SHUR D Pt PH HQVHxDURQ TXH VH WUDWDED GH DOJR LQGHFHQWH \
TXHQRSRGtDFDHUHQVHPHMDQWHFRPSRUWDPLHQWR$VtTXHPHYROYtWROHUDQWHFRQOD
PDVWXUEDFLyQGHORVGHPiVSHURQRFRQODSURSLD(VXQDFXHVWLyQGHRUJXOOR\GH
LQKLELFLRQHV%iVLFDPHQWHVR\XQDHVQRE
œ6yORPHPDVWXUEpXQDYH]SDUDORFDOL]DUPLFOtWRULVDILQGHSRGHUHQVHxiUVH
OR D PL PDULGR 0H H[FLWp PXFKR SHUR LQWHUUXPSt OD RSHUDFLyQ SRUTXH PH VHQWt
DVXVWDGD 7HQtD OD LPSUHVLyQ GH TXH HVWDED KDFLHQGR DOJR PDOR \ GH TXH SRGtD VHU
VRUSUHQGLGD3HQVpHQODSRVLELOLGDGGHTXHPLPDULGRYROYLHUDDFDVDVRVSHFKDQGR
DOJRDOQRWDUPH¦K~PHGD§DXQTXH\RVpTXHQRVHWUDWDGHQDGDUHSURFKDEOH\TXH
pOHVGHHVWDPLVPDRSLQLyQ6XSRQJRTXHHVWRVHUHPRQWDDDOJXQDWHPSUDQDH[SH
ULHQFLD FRQ PLV SDGUHV VL ELHQ QR DFLHUWR D UHFRUGDU QLQJXQD 1L VLTXLHUD UHFXHUGR
KDEHUPHVHQWLGRWDQLQWHUHVDGDSRUPLFXHUSR0iVDGHODQWHHPSH]DURQDGHVDUUR
OOiUVHPHORVVHQRV0HTXHGpVRUSUHQGLGD\VRODPHQWHHQWRQFHVFRPHQFpDQRWDUORV
HQRWUDVPXMHUHV
œ6LHQWR GHPDVLDGRV EORTXHRV PHQWDOHV IUHQWH D OD PDVWXUEDFLyQ )tVLFDPHQWH
PH JXVWDUtD /DV FKLFDV HQ HO FROHJLR DGRSWDEDQ OD DFWLWXG GH TXH ODVSHUVRQDVTXH
¦MXHJDQ FRQVLJR PLVPDV§ VRQ VHUHV HQ FLHUWR PRGR LQFRPSOHWRV HPRFLRQDOPHQWH
(QWRQFHVPHPDVWXUEDEDSHURGHMpGHKDFHUORSRUORTXHGHFtDQ
œ1R GLVIUXWR FRQ OD PDVWXUEDFLyQ HQ DEVROXWR (Q OD DFWXDOLGDG FRQVWLWX\H PL
~QLFDH[SDQVLyQVH[XDOSHURPHGHVDJUDGDWHUULEOHPHQWHQRSRUTXHWHQJDTXHRSR
QHUDOJXQDREMHFLyQPRUDOVLQRSRUTXHQRHVORTXH\RTXLHUR(VXQDDFWLYLGDGVROL
WDULDIUtDHQPRGRDOJXQRRUJDVPR VROD6XHORH[SHULPHQWDUXQRUJDVPR~QLFR\
PHHVIXHU]RSRUROYLGDUOR
œ/DPDVWXUEDFLyQPHSURGXFHSVLFROyJLFDPHQWHXQVHQWLPLHQWRGHFXOSDELOL
GDG\GHGLVJXVWRFRQPLJRPLVPD/RKLFHXQDYH]\DKtVHDFDEyPLH[SHULHQFLD
œ6RODPHQWHSUREpXQDYH]\ODYHUGDGHVTXHWHUPLQpHFKiQGRPHDOORUDU0H
VHQWtDFXOSDEOH6HQWtSODFHUSHURHFKpGHPHQRVDPLODGRRWURFXHUSRDOTXHDEUD
]DUDOJXLHQTXHPHDFDULFLDUD
œ/D PDVWXUEDFLyQ SRGUtD VHU PX\ GDxLQD SDUD Pt (Q FRQVHFXHQFLD WUDWR GH
HYLWDUODDPHQRVTXHPHVHDDEVROXWDPHQWHQHFHVDULD
3HURRWUDVPXMHUHVGLVIUXWDURQSOHQDPHQWHFRQHOOD
œ1XQFD PH PDVWXUEp GH MRYHQ \ FXDQGR DSUHQGt D KDFHUOR H[SHULPHQWp XQD
VHQVDFLyQ GH SRGHU \ GH OLEHUDFLyQ /D PDVWXUEDFLyQ FRQWULEX\y D TXH DSUHQGLHUD
PXFKRDFHUFDGHORVFDPELRVTXHVHRSHUDQHQPLFXHUSRSDUDDOFDQ]DUHO RUJDVPR
œ*R]RFRQODPDVWXUEDFLyQItVLFDFLQFRGtDVSRUVHPDQDFRPRPtQLPR(QHO
QRYHQWD\QXHYHSRUFLHQWRGHORVFDVRVODSUDFWLFyDVRODVVLPSOHPHQWHSRUTXHOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PD\RUtD GH ORV KRPEUHV SLHQVDQ TXH HV DOJR ¦VXFLR§ YHU D XQD PXMHU PDVWXUEDUVH
'HQRH[LVWLUWDOSUHMXLFLRORKDUtDGHODQWHGHHOORV
œ/D DGRUR 6LQ HPEDUJR PH FRVWDUtD PXFKR WUDEDMR DGPLWLUOR GHODQWH GH OD
PD\RUtDQRWRGDVGHPLVDPLJDVSULQFLSDOPHQWHSRUTXHWHQJRODLPSUHVLyQGHTXH
GHVDSUREDUtDQPLDFWLWXG0HGLUtDQTXHPHEXVFDUDXQKRPEUH3HURPLJULIRQXQFD
PHGHIUDXGD\ORVKRPEUHVHQJHQHUDOVt
œ6tPHJXVWDPDVWXUEDUPHItVLFDPHQWHVREUHWRGR˜&RQTXpIUHFXHQFLD"1R
ORVp$PHQXGRFXDQGRQRGLVSRQJRGHQDGLHFRQTXLHQFRKDELWDUFRPRFXDQGR
PHHQFXHQWURWHPSRUDOPHQWHVHSDUDGDGHPLFRPSDxHUR3HURODPDVWXUEDFLyQQRHV
VRODPHQWH XQVXVWLWXWLYRGHOFRLWRSXHVWRTXH\RJR]RLQPHQVDPHQWHFRQHOODFRPR
DOJR GLIHUHQWH 6LHPSUH WHQJR RUJDVPRV WUHV R FXDWUR SRU OR PHQRV 7RGR UHVXOWD
PiVLQWHQVRFXDQGRHVWR\VRODHQWRQFHVPHVLHQWRPiVUHODMDGDPHQRVLQKLELGD
œ/D PDVWXUEDFLyQ HV PL ~QLFD DFWLYLGDG VH[XDO GH PRPHQWR \D TXH HQYLXGp
KDFHGRVDxRV\DXQQRPHVLHQWRFRQGHVHRVGHKDFHUQXHYDVDPLVWDGHV5HDOPHQWH
QR VH WUDWD GH QDGD PDOR /OHYR WRGD PL YLGD PDVWXUEiQGRPH GH YH] HQ FXDQGR
VLHPSUHTXHKDVXUJLGRODQHFHVLGDGSHURDKRUDVHKDFRQYHUWLGRHQXQDSDUWHFRWL
GLDQDGHPLYLGD/DYHUGDGHVTXHPiVELHQPHJXVWD
œ(QHVWHSXQWRKHGHKDFHUPLFRQIHVLyQVREUHODPDVWXUEDFLyQ/DPDVWXUED
FLyQQRKDVLGRLPSRUWDQWHSDUDPtKDVWDDQRFKHFXDQGRPHPDVWXUEpSRUYH]SUL
PHUD WUDV KDEHU OHtGR YDULDV FRQIHVLRQHV HQ 6H[XDO +RQHVW\ /D PDVWXUEDFLyQ IXH
VLHPSUH SDUD Pt XQD HVSHFLH GH FRQFHSWR DEVWUDFWR PX\ YDJR SRUTXH QXQFD VXSH
FRPRVHKDFtD QLVHQWtVXQHFHVLGDG'HVGHOXHJRKDEtDOHtGRPXFKRDFHUFDGHOWHPD
GXUDQWHPLVHVWXGLRVVHFXQGDULRVHLQFOXVRKLFHDOJXQRVLQWHQWRVSHURHQWRQFHVQR
FRQRFtDPLFXHUSRQLODVVHQVDFLRQHVSRUORTXHSHUGtLQWHUpV7UDVORGHDQRFKHPH
DWUHYR D GHFLU TXH FLHUWDPHQWH YD D FRQYHUWLUVH HQ XQD SDUWH KDELWXDO GH PL YLGD
VH[XDO™)XHPDJQtILFR
œ/DPDVWXUEDFLyQHVXQRGHORVULWXDOHVVDJUDGRVTXHODVPXMHUHVSXHGHQJR]DU
HQWUH Vt 'LJR OR GH ¦VDJUDGR§ SRUTXH HV DXWRLQLFLDGD DXWRFRQWURODGD \ DXWR
JUDWLILFDGRUD \ SURYLHQH GH XQD SRVLFLyQ GH IXHU]D 1R VH WUDWD VRODPHQWH GH XQD
LQWLPLGDG ItVLFD R HPRFLRQDO DPEDV FRVDV VRQ LQVHSDUDEOHV FRQ HO SURSLR FXHUSR
VLQR WDPELpQ GHXQDFRQTXLVWDVREUHWRGRVORVWHPRUHVTXHODVIDPLOLDV\ORVKRP
EUHVKDQLQFXOFDGRHQODVPXMHUHVFRQUHVSHFWRDVXVFXHUSRV\GHSHQGHQFLDVVH[XD
OHV3UREDG2VJXVWDUi
&DVLWRGDVODVPXMHUHVIXHURQHGXFDGDVSDUDTXHQRVHPDVWXUEDUDQ
œ0LVUHFXHUGRVVREUHODPDVWXUEDFLyQVHUHPRQWDQDODHGDGGHORVVLHWHDxRV
DXQTXHQRVXSHTXpHUD¦DTXHOOR§KDVWDFXPSOLUORVTXLQFH+DVWDHQWRQFHVIXHSDUD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PtVLPSOHPHQWHDOJRTXHPHKDFtDVHQWLUPHELHQSHURH[SHULPHQWDEDXQVHQWLPLHQ
WRGHFXOSDELOLGDGSRUTXHDTXHOORRFXUUtDHQXQDSDUWH¦StFDUD§GHPLFXHUSR
œ4XH\RUHFXHUGHPLPDGUHQRPHHQVHxyQXQFDQDGDDFHUFDGHODPDVWXUED
FLyQ (PSHFp D PDVWXUEDUPH DQWHV GH FXPSOLU ORV YHLQWH DxRV +DEtD OHtGR HQ XQ
OLEUR TXH pVWD HUD XQD DFWLYLGDG QRUPDO QDGD FHQVXUDEOH \ PL PDGUH QR PH KDEtD
KDEODGRGHHOODQLQLQJXQDRWUDSHUVRQDPHSDUHFH$~QDVtSHQVDEDTXHVLELHQQR
PH VHQWtD FXOSDEOH GHEtD DO PHQRV PDQWHQHU RFXOWR DTXHOOR 7RGDYtD QR SXHGR
KDEODUGHOWHPDFRQWDQWDQRUPDOLGDGFRPRORKDJRFRQRWURVDVSHFWRVGHOVH[R
œ$SXQWRGHFXPSOLUORVTXLQFHDxRVYLYtPLSULPHUDH[SHULHQFLDGHLQWHUFDP
ELR GH EHVRV \ FDULFLDV FRQ XQ FKLFR &DGD YH] PH GHMDED VH[XDOPHQWH H[FLWDGD
DXQTXHQRORFRPSUHQGtHQWRQFHVHVRHUDORTXHPHSDVDED$OOOHJDUDFDVDHLU
PH D OD FDPD PH WRFDED \ WHQtD XQ RUJDVPR FDVL LQPHGLDWDPHQWH $Vt HPSH]y PL
YLGDVHFUHWDGHPDVWXUEDFLyQGRPLQDGDSRUXQVHQWLPLHQWRGHFXOSDELOLGDG0HHV
IRU]DEDSRUQRKDFHUORSHURQRSRGtDHYLWDUOR™(UDWDQDJUDGDEOH
œ$OGHVFXEULUPLFOtWRULVDODHGDGGHGLHFLRFKRDxRVFUHtTXHHUDXQDSHUVRQD
UDUD\TXHVyOR\RORWHQtD $EDQGRQpHOKRJDUPHPDVWXUEpPXFKR\SHQVDEDTXH
HUDOD~QLFDPXMHUHQHOPXQGRTXHORKDFtD$KRUDVpTXHHVRHVULGtFXORSHURPL
SULPHUDPDQWHSRUHVSDFLRGHFXDWURDxRVWDPSRFRHVWDEDLQIRUPDGR
œ/DSULPHUDYH]TXHOOHJXp\RVRODWHQtDGLHFLQXHYHDxRV0HHQFRQWUDEDVHQ
WDGDHQHOUHWUHWHGHODELEOLRWHFDGHOFROHJLR0HVHQWtDEVROXWDPHQWHFXOSDEOH<R
YLYtDFRQXQFKLFRHQDTXHOODpSRFD$OYROYHUDFDVDPHHVSDQWDEDODLGHDGHPLUDU
OHDODFDUD
œ0LSULPHUDH[SHULHQFLDFRQPLJRPLVPDGDWDGHOD HGDGSUHHVFRODU0HPDV
WXUEDED QR VDEtD HQWRQFHV TXH HUD HVWR OR TXH KDFtD DFRSOiQGRPH MXJXHWHV DFRO
FKDGRV HQWUH ODV SLHUQDV \ PRYLpQGRPH DUULED \ DEDMR HQ XQD HVSHFLH GH EDODQFHR
5HFXHUGR HVWR FODUDPHQWH SRU GRV UD]RQHVSRUTXHPHJXVWDEDPXFKR\SRUTXHPL
PDGUH TXHGy KRUURUL]DGD DO QRWDU OR TXH KDFtD 6H HQIDGy PXFKR DPHQD]iQGRPH
FRQTXLWDUPHORVMXJXHWHV
œ&RQWDQGR XQRV RFKR DxRV UHDOLFp XQ OHYH LQWHQWR GH PDVWXUEDFLyQ VLHQGR
VRUSUHQGLGDSRUPLPDGUHTXLHQPHREVHTXLyFRQXQDODUJXtVLPDFRQIHUHQFLDSDUD
SRQHUGHUHOLHYHTXHXQDSUiFWLFDVHPHMDQWHSRGtDOOHYDUPHDODORFXUD1RYROYtD
PDVWXUEDUPH KDVWD KDFH VLHWH DxRV H[SHULPHQWDQGR HQWRQFHV PL SULPHU RUJDVPR
$KRUDWHQJRFLQFXHQWD\XQDxRV
œ0H VHQWtD WHUULEOHPHQWH FXOSDEOH PDVWXUEiQGRPH \ KDVWD ORV TXLQFH DxRV
PDV R PHQRV FRQIHVp SHULyGLFDPHQWH D PLV SDGUHV TXH OR KDEtD HVWDGR KDFLHQGR
SURPHWLHQGR UHQXQFLDU D HOOR SDUD VLHPSUH 3HUR QXQFD PH IXH SRVLEOH FXPSOLU PL
SURPHVD&RQR]FRHOPRGHUQRSXQWRGHYLVWDTXHODYHUJHQ]D\HO WHPRU TXHVHQWt
HUDQ LQQHFHVDULRV GHSORUDEOHV \ PDOVDQRV 3HUR \R DVLJQR XQ JUDQ YDORU D WRGD OD
H[SHULHQFLDFRQHOVHQWLPLHQWRGHFXOSDELOLGDG\WRGRORGHPiV&RQVLGHURHOKHFKR
GHTXHPHPDVWXUEDUDFRQWLQXDPHQWHDSHVDUGHPLVHQWLPLHQWRGHFXOSD\PLVWH
PRUHVFRPRXQDFWRGHILQLGRGHYDORU\DXWRDILUPDFLyQQDFLHQWHUHFRQRFLPLHQWR\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UHVSHWRSRUXQSRGHUTXHQRHQWHQGtDXQSRGHUPiVIXHUWHTXHPLVSDGUHV\RWUDV
DXWRULGDGHVXQSRGHUPD\RUTXHODUD]yQ
œ<R¦GHVFXEUt§ODPDVWXUEDFLyQSRUPtPLVPDDXQTXHFUHRTXHODVVHOHFWLYD
PHQWHQHJDWLYDVUHDFFLRQHVGHPLVSDGUHVFRQWULEX\HURQDFRQFHQWUDUPLLQWHUpVHQ
HVWD SDUWH SURKLELGD GH PL FXHUSR $O SULQFLSLR PH FRPSODFtD HQ OD H[SORUDFLyQ
*UDGXDOPHQWHDOKDFHUPHPD\RUODLPSUHVLyQGHTXHHVWDEDKDFLHQGRDOJRYHUJRQ
]RVR \ H[WUDxR OOHJy D IRUPDU SDUWH GHO SODFHU &RPHQFp D HQWUHJDUPH D IDQWDVtDV
PDVRTXLVWDVHQODVTXHDOWHUQDWLYDPHQWHHUDDQLPDGDSRUKRPEUHVGHVXFLDVPHQ
WHV WLSRV PDOLJQRV D PRVWUDUPH ¦StFDUD§ VLHQGR OXHJR FDVWLJDGD SRU HOOR SRU ORV
PLVPRVKRPEUHVRSRURWURVDGXOWRVVLELHQQRPLVSDGUHV7DOHVIDQWDVtDVGHODV
FXDOHVPHVHQWtDWHUULEOHPHQWHDYHUJRQ]DGDIXHURQGHVSXpVXQDSDUWHHVHQFLDOGHOD
PDVWXUEDFLyQ&RQWDQGR\RXQRVGLH]DxRVXQDFKLFDGHPLHGDGFD\yHQFDPDYtF
WLPD GHJUDYHHQIHUPHGDG0LSDGUHPHH[SOLFyTXHVXHQIHUPHGDGDFRQVHFXHQFLD
GH OD FXDO VHJ~Q pO HVWXYR DO ERUGH GH OD PXHUWH KDEtD VLGR FDXVDGD SRU KDFHU
¦HVR§ $Vt TXH HPSHFp D FRPSUHQGHU TXH TXL]iV RWURV QLxRV VH PDVWXUEDEDQ WDP
ELpQGHWRGDVIRUPDVQRDFDEDEDGHFUHHUOR™HUDXQDORFXUD/DSULPHUDYH]TXH
H[SHULPHQWpHORUJDVPRWHQGUtDXQRVGRFHDxRVFUHR0HDVXVWp3HQVpTXHKDEtD
IRU]DGRPLFXHUSR\TXHDTXHOH[WUDxRHVSDVPRHUDODLQLFLDFLyQGHXQDHVSHFLHGH
DWDTXH&RQWXYHODUHVSLUDFLyQHVSHUDQGRDYHUTXpVXFHGtDGHVSXpV1RSDVyQDGD\
SDUHFtD VHQWLUPH SHUIHFWDPHQWH 6LQ HPEDUJR GHFLGt TXH OR PHMRU VHUtD WUDQTXLOL
]DUPH3HURDOFDERGHXQRVGtDVKDELpQGRPHFDOPDGRSUREpGHQXHYRFDXWHORVD
PHQWH\VHQWtRWUDYH]HORUJDVPR\HVWDYH]PHDVXVWpPHQRV3URQWRDFHSWpHORU
JDVPRFRPRXQDFRQWHFLPLHQWRQDWXUDO\HPSHFpDGLVIUXWDUFRQpO
œ˜4XpLPSRUWDQFLDWLHQHODPDVWXUEDFLyQ"
/DPD\RUtDGHODVPXMHUHVRSLQDURQTXHODLPSRUWDQFLDGHODPDVWXUEDFLyQUDGLFD
HQVXFDUiFWHUGHVXVWLWXWLYRGHODUHODFLyQVH[XDOXRUJDVPRFRQRWUDSHUVRQD
$OJXQDV GH HVWDV UHVSXHVWDV SXHGHQ SDUHFHU XQ SRFR IUtDV R VHYHUDV (VWR HV
VLPSOHPHQWH XQ UHIOHMR GHO SURIXQGR HPEDUD]R TXH OD SUHJXQWD VXVFLWy HQ DOJXQDV
PXMHUHV
œ6XSRQJRTXHHVLPSRUWDQWHDOLYLDUDXQDSHUVRQDGHODIUXVWUDFLyQTXHUHSUH
VHQWDQRSRGHUFRQVHJXLUXQLQWHUFDPELRVH[XDOHQUHJOD
œ/DPDVWXUEDFLyQVDWLVIDFHSHURQRHVVXVWLWXWLYRGHODDWHQFLyQ\HODIHFWRGH
XQKRPEUH
(QODSiJLQD ILJXUDXQGHVJORVHHVWDGtVWLFRGHODVUHVSXHVWDV*HQHUDOPHQWHHQORVDSpQGLFHVGHOILQDO
GHOOLEURVHKDOODUiQFXDGURVHVWDGtVWLFRVGHWRGRVORVDVXQWRVHQpOWUDWDGRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(YLWD TXH XQD SLHUGD OD FDEH]D FXDQGR VLHQWH OD DSHWHQFLD GH OD UHODFLyQ
VH[XDO
œ5HVXOWD UHODWLYDPHQWH LPSRUWDQWH FXDQGR QR VH WLHQH DFFHVR DO VH[R DXWpQWL
FR
œ$FWXDOPHQWH HV PL ~QLFD IRUPD GH DFWLYLGDG VH[XDO \ VLUYH SDUD DOLYLDU ODV
WHQVLRQHVVH[XDOHV
œ3HUPLWHTXHXQDH[LMDPHQRVGHVXFRPSDxHURFXDQGRpOQRVHHQFXHQWUDHQ
FRQGLFLRQHV
œ6RORHVXQVXVWLWXWLYRGHOFRLWRVDWLVIDFWRULR
œ(VLPSRUWDQWHSDUDODVPXMHUHVQRUHODFLRQDGDVFRQKRPEUHV\DTXHPHGLDQ
WHHOODSXHGHQSURSRUFLRQDUVHXQDOLYLR
œ&UHRTXHODPDVWXUEDFLyQHVHVHQFLDOSDUDQXHVWUDVDOXG8QDQRSXHGHVLHP
SUHUHODFLRQDUVHFRQXQKRPEUH\FRPRKHGHVFXELHUWRHQPLPDWULPRQLRDTXpOQR
HVHQWRGRPRPHQWRHILFD]VH[XDOPHQWHDXQTXHSXHGHUHVXOWDUPDUDYLOORVRHQRWURV
DVSHFWRV (Q FRQVHFXHQFLD SLHQVR TXH WRGR HO PXQGR GHELHUD VDEHU FyPR PDVWXU
EDUVHFRQRFHUHOSURSLRFXHUSR
œ/DGLIHUHQFLDHQWUHpVWD\ODUHODFLyQVH[XDOUDGLFDHQODIDOWDGHOFDORUGHRWUR
FXHUSR PiV OD HVWLPXODFLyQ GH RWUDV SDUWHV GHO SURSLR 3HUR SXHGHV KDFHUOR VROD
UiSLGDPHQWHFRQODVHJXULGDGVLHPSUHGHOOHJDUDORUJDVPR
œ6LWXFRPSDxHURGDODYXHOWD\VHGXHUPHSXHGHVKDFHUORW~PLVPD
œ(VLPSRUWDQWHSRUXQDUD]yQGHVXSHUYLYHQFLDPLPDULGRQRSXHGHHVWDUHQOD
FDPDWRGRHOWLHPSRTXHDPtPHJXVWDUtDTXHHVWXYLHUD
œ6HKDGLFKRIUHFXHQWHPHQWH TXHKDFtDSHUGHUODFDEH]D3HURFRPR\RODSHU
GHUtD HVVLWXYLHUDTXHSDVDUPHVLQHOOD
œ(V XQ PHGLR IiFLO \ VHJXUR GH REWHQHU VDWLVIDFFLyQ VH[XDO 0HMRU TXH XQD
VH[XDOLGDGGHVJUDFLDGDFRQXQFRPSDxHURLQFRPSDWLEOH
œ3DUDPtODLPSRUWDQFLDGHODPDVWXUEDFLyQUDGLFDHQTXHHVPt~QLFDIXHQWH
GHRUJDVPRV3HURSLHQVREiVLFDPHQWHTXHORTXHKD\HQHOODGHH[FOXVLYLGDG\GH
LPSHUDWLYR FRQVWLWX\H XQ IDFWRU SUREDEOHPHQWH SHUQLFLRVR &UHR TXH HV PX\ WULVWH
TXHOD~QLFDIRUPDTXHWHQJDGHOOHJDUDORUJDVPR VHDPDVWXUEiQGRPH(QPLLQWHU
LRUPHVLHQWRGLVPLQXLGD
œ8QDGLYHUVLyQGHVHJXQGDFODVH
2WUDVODYLHURQFRPRXQDHQULTXHFHGRUDH[SHULHQFLD
0XFKDVPXMHUHVGHFODUDURQTXHODPDVWXUEDFLyQHUDWDPELpQLPSRUWDQWHFRPR
PHGLRGHDSUHQGHUVREUHHOVH[R
œ/DPDVWXUEDFLyQPHKDD\XGDGRVDEHUFyPRKHGHSURFHGHUSDUDH[SHULPHQ
WDUXQRUJDVPR\DLGHQWLILFDUODVHWDSDVGHH[FLWDFLyQTXHDWUDYLHVR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(QVHxD D WHQHU RUJDVPRV \ FyPR DFHSWDUORV FyPR VH SHUFLEHQ FyPR UHDF
FLRQDV\WHVLHQWHVGHVSXpVFyPRWHVLHQWHVGHVSXpVGHOFOtPD[
œ/DPDVWXUEDFLyQIXHXQDYiOYXODGHHVFDSHGXUDQWHODUJRVSHULRGRVGHWLHPSR
HQORVTXHQRFRQVHJXtDOOHJDUDORUJDVPRHQHOFRLWR0HSHUPLWLyH[DPLQDU\HVWX
GLDUPLVH[XDOLGDGVDEHUORTXHUHDOPHQWHPHSDVDGXUDQWHODH[FLWDFLyQHORUJDV
PR TXp HV OR TXH PH SURSRUFLRQD SODFHU +D KHFKR PiV IiFLO SDUD PL OR TXH HV
DJUDGDEOHKDKHFKRTXHPHJXVWHDPtPLVPD\PHKDSHUPLWLGRDGHQWUDUPHHQODV
SURIXQGLGDGHVGHPLVHU
œ/DPDVWXUEDFLyQPHSHUPLWLyVDEHUTXHSRGtDOOHJDUDORUJDVPR$KRUD\DVp
TXpVHH[SHULPHQWDFRQpO\TXHVR\XQDSHUVRQDQRUPDO
œ(VXQDIRUPDGHH[SORUDU\GHDSUHQGHUFRVDVGHOSURSLRFXHUSRVLQGHSHQGHU
GHXQKRPEUHTXHWHODVHQVHxH(OSULPHUKRPEUHFRQTXLHQPHDFRVWpVXSRQtDTXH
\RQRKDEtDH[SHULPHQWDGRQXQFDXQRUJDVPRDQWHVTXHORQHFHVLWDEDDpOSDUDHQ
VHxDUPH FRPR KDEtD GH SURFHGHU 'HVGH OXHJR FRQ UHVSHFWR D pO \R QR GHEtD GH
KDFHUODVPLVPDVVXSRVLFLRQHV
œ(VWR\FRQYHQFLGDGHTXHODHVWLPXODFLyQDXWRHUyWLFDHVHVHQFLDOSDUDODPD\R
UtDGHODVPXMHUHV3XHGHTXHVHDOD~QLFDLQWURGXFFLyQDGHFXDGDKDFLDVXVFXHUSRV
TXHUHFLEDQ
œ(VLPSRUWDQWHSDUDHOKDOOD]JRGHORVSXQWRVGHHVWLPXODFLyQGHOFXHUSRGHV
FXEULHQGRHOSURSLRFXHUSR
œ(VXQPHGLRSDUDH[SORUDUODSURSLDVH[XDOLGDGVLQODLQKLELFLyQTXHLPSOLFD
WHQHUDDOJXLHQGHODQWH
$OJXQDV PXMHUHV RSLQDURQ WDPELpQ TXH OD PDVWXUEDFLyQ OHV KDEtD D\XGDGR D
PHMRUDUVX UHODFLyQVH[XDOFRQRWUDSHUVRQD
œ/DPDVWXUEDFLyQWHHQVHxDDFRQRFHUWXSURSLRFXHUSR\DGDUOHVDWLVIDFFLyQ
ORFXDOFRQGXFHDLQFUHPHQWDUWXVHQWLGRGHLQGHSHQGHQFLD\SXHGHWDPELpQDXPHQ
WDUWXFDSDFLGDGSDUDUHODFLRQDUWHFRQRWUDSHUVRQDHOPHGLRGHSRGHUH[SOLFDUDRWUD
SHUVRQDTXHHVORTXHWHSURGXFHSODFHUSXHGHFRQWDUPXFKRHQXQDUHODFLyQ
œ˜&yPRYDVDSRGHUDPDURVDWLVIDFHUDRWURVHUVLQRHUHVFDSD]GHVDWLVIDFHUWH
DWLPLVPD"
œ/DPDVWXUEDFLyQGHVDUUROODODVH[XDOLGDGSURSLDSRUTXHDSUHQGHVDWRFDUWHD
WLPLVPD\SRUFRQVLJXLHQWHDRWURV(OSHOLJURHVWDTXL]iVHQTXHSXHGHVKDFHUOR
GHPDVLDGRELHQSRUTXHORKDFHVWDOFRPRWHDSHWHFHORFXDOQRORJUDQORVDPDQWHV
3HURDOJXQDVPXMHUHVWLYLHURQFRPRXQPHGLRGHJDQDULQGHSHQGHQFLD\FRQ
ILDQ]DHQVtPLVPDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DPDVWXUEDFLyQHVSDUDPtOD~QLFDIRUPDGHOOHJDUDORUJDVPRVLQWLPLGHFHV
VLQSHQVDUHQHOSDUHFHUDMHQRQL¦WUDWDQGRGHOOHJDU§HQIDYRUGHPLFRPSDxHUR
œ0HSURSRUFLRQDHOGRPLQLRGHPtSURSLRFXHUSRSRUTXHQRWHQJRTXHGHSHQ
GHUGHRWUDSHUVRQDSDUDPLVDWLVIDFFLyQVH[XDO*UDFLDVDWDOSRVLELOLGDGSXHGRFRQ
WURODUPLVUHODFLRQHV
œ(VLPSRUWDQWHSRUTXHVLHPSUHFRQVWLWX\HXQDDOWHUQDWLYD0HKDGDGRXQVHQ
WLGR GH GLJQLGDG GHVGH TXH PH GL FXHQWD GH TXH SRGtD REWHQHU JRFH VH[XDO VLQ XQ
KRPEUH
œ7HKDFHVHQWLUELHQVLQVHQWLUWHFXOSDEOHSRUWHQHUUHODFLRQHVVH[XDOHVFRQXQR
FXDOTXLHUD R VHQWLU TXH VyOR WH KD XWLOL]DGR \ WDPSRFR WLHQHV TXH SUHRFXSDUWH GH
TXHGDUHPEDUD]DGDRFRQWUDHUXQDHQIHUPHGDGYHQpUHD
œ$OLYLDODWHQVLyQ\SUHVHUYDODGLJQLGDGKXPDQDIUHQWHDRWUDVSHUVRQDV
œ/D PDVWXUEDFLyQ WH SHUPLWH GHWHUPLQDU SRU WL PLVPD FXiQGR \ FyPR KDV GH
GHVDUUROODUODDFWLYLGDGVH[XDO
œ/DPDVWXUEDFLyQHVHOVH[RDQLYHOLQGLYLGXDO(VFRPRGHFLUTXHXQDSXHGH
FXLGDU GH Vt PLVPD 3XHGR HQWUDU HQ FRQWDFWR FRQ PL FXHUSR \ PL VHU (VWR\ DTXt
6R\VH[\(VWR\ELHQ0HJXVWR
œ/DPDVWXUEDFLyQHVLPSRUWDQWHSDUDODVPXMHUHVTXHKDQVLGRDOHFFLRQDGDVSD
UDTXHFRQItHQHQORVKRPEUHVDILQGHREWHQHUVDWLVIDFFLyQVH[XDO\DODVTXHVHKD
HQVHxDGRTXHQXHVWURVFXHUSRVVRQIHRV\PLVWHULRVRV<HVRHTXLYDOHMXVWDPHQWHD
GHFLU™WRGDVQRVRWUDV
œ(VSRVLEOHTXHVLKXELHUDQPiVPXMHUHVFDSDFHVGHDOLYLDUVHVH[XDOPHQWHPH
GLDQWHODPDVWXUEDFLyQPXFKDVQRVHYHUtDQIRU]DGDVDHVWDEOHFHUUHODFLRQHVTXHQR
GHVHDQ+HRtGRGHFLUTXHPXFKDVPXMHUHVQRVDEHQFyPRPDVWXUEDUVHORFXDODPt
PHUHVXOWDGHVFRQFHUWDQWH
œ/D PDVWXUEDFLyQ DOLYLD ODV IUXVWUDFLRQHV \ OLEHUD HQHUJtDV (V XQD IRUPD GH
H[SDQVLRQDUVH VH[XDOPHQWH XQD DFWLYLGDG HQ OD TXH VH GRPLQD SRU FRPSOHWR OD VL
WXDFLyQ
œ(VXQDIRUPDGHKDFHUPHUHVSRQVDEOHGHPLSURSLRFXHUSR'HERVHUFDSD]GH
KDFHUPHWDQIHOL]FRPRPHKDFtDQRWURV
œ'DGRHOKRUURUKLVWyULFRGHQXHVWUDFXOWXUDSRUODPDVWXUEDFLyQVXSRQJRTXH
VHUXQDFDSD]GHPDVWXUEDUVH\QRVHQWLUVHLPSUHVLRQDGDSRUODPLVPDHQRWUDVSHU
VRQDVHV\DXQSHTXHxRJUDGRGHOLEHUWDG
œ3DUDPtVXLPSRUWDQFLDUDGLFDHQTXHVR\FDSD]GHVHQWLUXQRUJDVPRSRUPt
PLVPDORTXHVLJQLILFDHVWR\RUJXOORVDGHPLSHUVRQD,QPHGLDWDPHQWHGHVSXpVGHO
RUJDVPRPHVLHQWRDPHQXGRURWXQGDPHQWHRUJXOORVD\DGPLUDGDGHPtPLVPDSRU
KDEHUPHSURSRUFLRQDGRDOJRWDQPDUDYLOORVR
< DOJXQDV PXMHUHV OD GHVFULELHURQ FRPR XQ SXUR SODFHU LPSRUWDQWH SRU GHUHFKR
SURSLR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DPDVWXUEDFLyQHVLPSRUWDQWHSRUHOSODFHUTXHSURSRUFLRQDFRPRXQDVSHF
WRGLIHUHQWHGHODVH[XDOLGDGGHXQDSHUVRQDH[DFWDPHQWHLJXDOTXHODKHWHURVH[XDOL
GDGRODKRPRVH[XDOLGDG&UHRTXHHVHVFDVDODJHQWHTXHKDSHQVDGRGHWHQLGDPHQWH
HQ HVWR 7DPELpQ HVWR\ VHJXUD GH TXH PL LJOHVLD VH HTXLYRFD DO GHFLU TXH OD PDV
WXUEDFLyQDSDUWDGHODSUiFWLFDVH[XDOFRQRWUDVSHUVRQDV1DGDGHHVRVLPSOHPHQWH
HVXQDFRVDGLVWLQWD
œ(VR GH TXH OD PDVWXUEDFLyQ KD GH UHVHUYDUVH SDUD FXDQGR XQD QR SXHGH
UHODFLRQDUVHVH[XDOPHQWHFRQRWUDSHUVRQDSRUODUD]yQTXHVHDHVXQDLQVHQVDWH]OD
PDVWXUEDFLyQHVRWUDIRUPDGHODDFWLYLGDGVH[XDO\DVtGHEHVHUYLVWD
œ/DPDVWXUEDFLyQHVHODPRUSRUXQDPLVPDGDUVHXQDPLVPDSODFHUXQDSDU
WHQDWXUDOGHODYLGDUHJXODUFRWLGLDQD
œ/DPDVWXUEDFLyQHVLPSRUWDQWHSDUDDOLYLDUODWHQVLyQSDUDGHMDUFRUUHUODIDQ
WDVtD3RUDxDGLGXUDFUHRTXHHVDOJRTXHPHGHERDPtPLVPDFRPRXQDIRUPDGH
DXWRDPRUTXHOOHJDFRQUHWUDVR1XQFDPHPDVWXUEpDQWHVGHORVYHLQWLQXHYHDxRVD
SHVDU GH TXH VHQWt OD WHQWDFLyQ GH KDFHUOR 'H DGROHVFHQWH OD PDVWXUEDFLyQ VLJ
QLILFDEDSDUDPtXQD¦DXWRSHUYHUVLyQ§6LQHPEDUJRWUDVKDEHUPHLQFRUSRUDGRWtPL
GDPHQWHDOPRYLPLHQWRIHPLQLVWDVHGHVDUUROODURQHQPtVHQWLPLHQWRVGHYDOtD\DX
WRUHVSHWR\JUDGXDOPHQWHIXLGHMDQGRFDHUHOPDQWRGH¦PiUWLUSURIHVLRQDO§TXHPL
HVSRVR OD ,JOHVLD \ PL PDGUH HVWDEDQ GHPDVLDGR GLVSXHVWRV D GHMDUPH OOHYDU 8QD
DOIRPEUD VLHQWH TXH QR PHUHFH HO SODFHU GH OD PDVWXUEDFLyQ (Q FRQVHFXHQFLD OD
PDVWXUEDFLyQWHQtDXQVLJQLILFDGRVLPEyOLFRSDUDPt)XHXQDGHPLVSULPHUDVDELHU
WDVH[SUHVLRQHVGHDPRUSRUPLSURSLDSHUVRQDGHODGLVROXFLyQGHOVHQWLPLHQWRGH
FXOSDELOLGDG\HOFRPLHQ]RGHODFRQILDQ]DHQPtPLVPD
œ/DLPSRUWDQFLDGHODPDVWXUEDFLyQUDGLFDHQTXHODKDFHDXQDFDSD]GHDPDU
VH\GHFXLGDUGHVtPLVPDWRWDOPHQWHHVXQDH[SUHVLyQGHDXWRVXILFLHQFLD\SOHQL
WXG
œ&UHRTXHVXLPSRUWDQFLDUDGLFDHQHOSODFHU<RDFRVWXPEUDEDDPDVWXUEDUPH
HQ OD EDxHUD FRQ PL FRPSDxHUD SRQLpQGRQRV EDMR HO JULIR SRU WXUQRV 0H VLHQWR
ELHQDOYHUDDOJXLHQTXHTXLHURGLVIUXWDQGRWDQLQWHQVDPHQWH
œ3DUDPtODPDVWXUEDFLyQHUDVtPERORGHOLEUDUVHGHDFWLWXGHVTXHFRQWHPSODQ
HOVH[RFRPRDOJRSHUQLFLRVR3RUVHUFDWyOLFDIXLHGXFDGDHQODFUHHQFLDGHTXHQR
GHEtDREWHQHUSRGHURSODFHUGHPLFXHUSRQLQDGLHGHEtDKDFHUOR$GHPiV\RVHQ
WtDTXHPLFXHUSRHUDVXFLR\FRQVLGHUDEDTXHVH[RHUDVLQyQLPRGHVXFLR&RQRFtHO
FRLWR DQWHV GH DSUHQGHU D PDVWXUEDUPH$VtSXHVHODFWRGHPDVWXUEDUPHPHKL]R
YHUTXHKDEtDDSUHQGLGRDDFHSWDUPLFXHUSRFRPRXQPHGLRGHFRQVHJXLUSODFHU
œ0H D\XGD D FDOPDUPH D HQWUDU HQ FDORU VLHQWR PXFKR IUtR SRU OD QRFKH D
FRQFLOLDUHOVXHxRDHVSROHDUPLVIDQWDVtDV\DFXEULUODVQHFHVLGDGHVVH[XDOHVGHOD
MRUQDGD
œ(VLPSRUWDQWHUHODFLRQDUVHFRQHOFXHUSRSURSLRGHXQDIRUPDWRWDO(ODIHFWR
\HOUHVSHWRSRUXQDPLVPDGHEHQLQFOXLUHODPRUItVLFR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DPDVWXUEDFLyQFRQWULEX\HDTXHWHVLHQWDVDJXVWRFRQWXFXHUSRTXHWHJXV
WHWRFDUOR\WDPELpQHVXQDH[FHOHQWHH[SDQVLyQSDUDTXLHQHVJXVWDQGHH[SHULPHQ
WDURUJDVPRV\RPHLQFOX\R
œ/DPDVWXUEDFLyQPHGHVSLHUWDSRUODVPDxDQDV(VWLPXODODVHQHUJtDV
œ&UHRTXHHVLPSRUWDQWHTXHODVPXMHUHVQRVOLEUHPRVGHOPLWRGHTXHHO~QLFR
FDPLQRSDUDFRQVHJXLUHOSODFHUHVODSHQHWUDFLyQGHOSHQHHQODYDJLQD
œ/D PDVWXUEDFLyQ HV LPSRUWDQWH SRUTXH D YHFHV QR PH VLHQWR FRQ GHVHRV GH
FRPSDUWLUPLFXHUSR(VVyORSDUDPt\ORGLVIUXWR
œ/D PDVWXUEDFLyQ HV LPSRUWDQWH SDUD VHQWLU TXH SXHGHV SURSRUFLRQDUWH SODFHU
W~PLVPD\KDFHUORGXUDUORTXHTXLHUDVKDFHUORTXHTXLHUDVHQWUHJDUWHDWXVIDQWD
VtDVHWF7DPELpQWHGDXQDVHQVDFLyQGHLQFUHtEOHVHQVXDOLGDG
œ7HSHUPLWHVDWLVIDFHUWHDWLPLVPD GHODPHMRUIRUPDFXDQGRQHFHVLWDVGHYH
UDVPX\GHYHUDVH[SHULPHQWDUXQLQWHQVRPX\IXHUWHSURIXQGRRUJDVPR
œ)UHFXHQWHPHQWHFXDQGRKHWHQLGRUHODFLyQVH[XDOFRQXQKRPEUH\QRKHH[
SHULPHQWDGRHORUJDVPRODPDVWXUEDFLyQKDVLGRXQDH[SHULHQFLDIUXVWUDQWH\QHJD
WLYD \ QR SXHGR OOHJDU 3HUR RWUDV YHFHV KDVLGRDXWRDPRUEHOOD\QtWLGD\EXHQD
(QWDOHVRFDVLRQHVUDUDPHQWHSXHGRGHWHQHUPHLQFOXVRGHVSXpVGHKDEHUDOFDQ]DGR
WUHVRFXDWURYHFHVHOFOtPD[
œ+HWDUGDGRPXFKRWLHPSRHQFRPSUHQGHUTXHPLVH[XDOLGDGHVPtDSDUDTXH
ODGLVIUXWH\QRDOJRTXHGHERDPLHVSRVRRDFXDOTXLHURWUDSHUVRQD™(VPX\JUDWR
SDVDUORELHQDVRODVFRQWLJRPLVPD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
7,326'(0$6785%$&,¾1
)XHURQHQFRQWUDGRVVHLVWLSRVEiVLFRVGHPDVWXUEDFLyQ
7,32
,
,,
,,,
,9
9,
9
'(6&5,3&,¾1
(VWLPXODFLyQGHOD]RQDFOLWyULFRYXOYDUFRQODPDQRGHV
FDQVDQGRHOFXHUSRERFDDUULED
,$
(VWLPXODFLyQGHOD]RQDFOLWyULFD
(VWLPXODFLyQGHOD]RQDFOLWyULFDFRQ
YDULDFLRQHV
x,$GLUHFWDHVWLPXODFLyQGLUHFWDGHO
PLVPRFOtWRULV
x,$,$HVWLPXODFLyQFOLWyULFDDFRP
SDxDGDDYHFHVGHSHQHWUDFLyQHQOD
YDJLQD
(VWLPXODFLyQGHOD]RQDFOLWyUL
,%
FRYXOYDU
(VWLPXODFLyQGHOD]RQDFOLWyULFRYXOYDUFRQODPDQR
KDOOiQGRVHHOFXHUSRWHQGLGRERFDDEDMR
,GpQWLFDVVXEGLYLVLRQHVTXHHQ,
3UHVLRQDQGR\SHQHWUDQGROD]RQDFOLWyULFRYXOYDUFRQWUDXQ
REMHWREODQGR
$YHFHVLQFOX\HWDPELpQSHQHWUDFLyQYDJLQDO,,,,,,
$SUHWDQGRORVPXVORVUtWPLFDPHQWH
$YHFHVWDPELpQLQFOX\HSHQHWUDFLyQYDJLQDO,9,9
0DVDMHFRQDJXDHQOD]RQDFOLWyULFRYXOYDU
$YHFHVLPSOLFDWDPELpQSHQHWUDFLyQYDJLQDO99
3HQHWUDFLyQYDJLQDO
0XMHUHVTXHVHPDVWXUEDQHQPiVGHXQDGHODVIRUPDVDUUL
EDFLWDGDV
,$
,,,
,%
,9
,,
9
9,
(QYLVWDGHODVGLILFXOWDGHVH[SHULPHQWDGDVSRUODVPXMHUHVDYHFHVSDUDH[SOL
FDUDRWUDSHUVRQDODHVWLPXODFLyQTXHQHFHVLWDQSDUDVHQWLUXQRUJDVPR¥HVSHFLDO
PHQWH HQ YLVWD GHO JHQHUDO PDOHQWHQGLGR TXH H[LVWH FRQ UHVSHFWR GH OD VH[XDOLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IHPHQLQD¥ HVWDV FODVLILFDFLRQHV SXHGHQ VHU ~WLOHV FRPR œHWLTXHWDV GH WLSRV GH
FXHUSRVEiVLFRV3XHGHQVHUHPSOHDGDVFRPRXQPHGLRPDQHMDEOHGHGLVFXWLUFRVDV
TXHKDVWDDKRUDKDQUHTXHULGRODUJDV\HQRFDVLRQHVWRUSHVH[SOLFDFLRQHV
7LSR,$
(OWLSR,$PDQXDOFOLWyULFR IXHXWLOL]DGRSRUXQDGHVERUGDQWHPD\RUtDGHODV
PXMHUHVTXH&RQWHVWDURQ(OGHODVPXMHUHVTXHGHVFULELHURQFyPRVHPDVWXU
EDEDQ PiV HO TXH SRGtDQ WDPELpQ PDVWXUEDUVH GH RWUDV PDQHUDV VH YDOLy GH
HVWD FODVH GH PDVWXUEDFLyQ \ RWURVHYDOLyGHODPLVPDFRQYDULDQWHV%iVLFD
PHQWHFRQVLVWHHQWHQGHUVHERFDDUULED\HVWLPXODUOD]RQDFOLWyULFDFRQODPDQRR
FRQXQYLEUDGRU(VWHWLSRGHPDVWXUEDFLyQHVWDQFOiVLFRTXHHQ HOXVRSRSXODUHO
WpUPLQRœPDVWXUEDFLyQSDUHFHVHUVLQyQLPRGHDTXpO
œ3DUD PDVWXUEDUVH HV LPSRUWDQWH IDQWDVHDU R DOFDQ]DU PHQWDOPHQWH XQ HVWDGR
GHH[FLWDFLyQ7DPELpQSDUDPtHVLPSRUWDQWHHVWDUVROD<RXWLOL]RODV\HPDVGHORV
GHGRV SDUD REWHQHU XQD UHDO HVWLPXODFLyQ SHUR HV PHMRU HPSH]DU FRQ XQRV OHYHV
JROSHFLWRV R OLJHURV IURWHV VREUH OD ]RQD JHQHUDO $ PHGLGD TXH DXPHQWD OD H[FLWD
FLyQFRPLHQ]RDDFDULFLDUHOFOtWRULVSRUHQFLPD\ILQDOPHQWHOOHJRDOFOtPD[FRQXQ
PRYLPLHQWRFLUFXODUUiSLGR\HVSDVPyGLFRVREUHHOFDSXFKyQGHOFOtWRULV+DELWXDO
PHQWHPLVSLHUQDVHVWiQVHSDUDGDV\DYHFHVWDPELpQHVWLPXORPLVSH]RQHVFRQOD
RWUDPDQR
œ6L WHQJR SULVD VL PH DSUHPLD HO WLHPSR XWLOL]R HO YLEUDGRU SXHVWR VREUH OD
EDVH GHO FOtWRULV FRQ ODV SLHUQDV DELHUWDV 3HUR KDELWXDOPHQWH XVR PLV GHGRV SDUD
IURWDUHQWRUQRDODEDVHGHPLFOtWRULV\FXDQGRVHDSUR[LPDHORUJDVPRPXHYRPLV
GHGRVGHIRUPDFLUFXODUSRUHQFLPDGHOFOtWRULV7HQJRODVSLHUQDVVLHPSUHDELHUWDV\
DOWHUQRODVPDQRVSRUTXHXQDVHFDQVD0LPDQROLEUHDFDULFLDPLVVHQRVRGHVFDQVD
VLPSOHPHQWH<PXHYRPXFKRPLFXHUSRDOVHQWLUHORUJDVPR
œ™8I ™4Xp SUHJXQWD +DELWXDOPHQWH PH WLHQGR ERFD DUULED FRQ ODV SLHUQDV
DELHUWDV&DVLVLHPSUHOOHYRSXHVWDVODVEUDJDVSXHVHOIURWH GLUHFWRGHOFOtWRULVPH
UHVXOWDPROHVWR8WLOL]RXQDPDQRMXQWDQGRGRVGHGRVIURWDQGRKDFLDDUULED\KDFLD
DEDMRFRQFDULFLDVFRUWDV\UiSLGDVMXVWRHQFLPDGHOFOtWRULV$ODSUR[LPDUVHDOFOL
PDPLVSLHUQDVWLHQGHQDVHSDUDUVHPiV\PLSHOYLVVHPXHYHXQSRFRKDFLDDUULED
1RPHPXHYRGHPDVLDGRSHURDYHFHVGXUDQWHHOFOtPD[UXHGRGHXQODGRDRWUR
œ8WLOL]RODVPDQRV\ODLPDJLQDFLyQ\KHSUREDGRSRVLEOHPHQWHWRGDVODVSRV
WXUDV \ PRYLPLHQWRV LPDJLQDEOHV VLHQGR OD HVWLPXODFLyQ EiVLFD VLHPSUH OD PLVPD
(V LPSRUWDQWH DFODUDU HO XVR GHO YRFDEOR œFOtWRULV HQ ODV VLJXLHQWHV FLWDV œ&OtWRULV HV XQ WpUPLQR FX\R
HPSOHRVHSRSXODUL]yUHFLHQWHPHQWHJUDFLDVVREUHWRGRD0DVWHU\-RQVRQ\ODVHVFULWRUDVIHPLQLVWDV(QOD
SiJLQD VH HQFRQWUDUi XQ GLEXMR GH DTXpO (Q OD PD\RU SDUWH GH HVWDV FLWDV OD SDODEUD œFOtWRULV SDUHFH
UHIHULUVHFODUDPHQWHDOD]RQDFOLWyULFDHQJHQHUDO\QRDOFOtWRULVSURSLDPHQWHGLFKRHOFXDODSUR[LPDGDPHQ
WHPLGHWDQVRORPLOLPHWURV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
8WLOL]R XQ GHGR SDUD HVWLPXODU HO FOtWRULV LQVHUWDQGR D YHFHV RWUR HQ OD YDJLQD DO
PLVPR WLHPSR 7RFR ~QLFDPHQWH PL ]RQD JHQLWDO FXDQGR PH PDVWXUER SRUTXH QR
PHVLHQWRHVWLPXODGDSRUHOWRTXHGHPLFXHUSRHQJHQHUDOWDOFRPRPHRFXUUHVLPL
FRPSDxHURPHWRFDSRUWRGDVSDUWHV
œ0H PDVWXUER FRQ ORV GHGRV VREUH PL FOtWRULV PLHQWUDV RWURV SHOOL]FDQ WLUDQ
VXDYHPHQWH GH PLV SH]RQHV GHVOL]iQGRVH SRU VX VXSHUILFLH (VQHFHVDULRPDQWHQHU
ODKXPHGDGHQHOFOtWRULV$YHFHVPHIURWRKDFLDDUULED\DEDMRDYHFHVHQFtUFXOR
0DQWHQJRODVSLHUQDVDELHUWDVXQDVYHFHV\RWUDVMXQWDV(VHVSHFLDOPHQWHH[FLWDQWH
PDQWHQHUODPDQRTXLHWD\REWHQHUODIULFFLyQFRQHOPRYLPLHQWR GHOFXHUSRFRQWUD
HOGHGRILMR7DPELpQPHJXVWDYHU\VHQWLUPLVVHQRVHQPRYLPLHQWR+DELWXDOPHQ
WHPHVLW~RDQWHXQHVSHMRGHFXHUSRHQWHUR
œ0HPDVWXUERIURWDQGRHOGHGRFRUD]yQDOUHGHGRUGHPLFOtWRULVPX\UiSLGD
PHQWH KDVWD OOHJDU DO RUJDVPR XQD YH] \ RWUD \ RWUD 5DUDV YHFHV LPDJLQR FRVDV
GXUDQWHODPDVWXUEDFLyQVLPSOHPHQWHTXLHURODVHQVDFLyQ
œ3ULPHUDPHQWH KD\ XQ IURWH DVFHQGHQWH \ GHVFHQGHQWH GHO FOtWRULV OXHJR XQD
OLJHUD SUHVLyQ GHVSXpV HO IURWH HV PiV UiSLGR FRQ SUHVLyQ VREUH WRGD OD ]RQD GHO
PRQWHGH9HQXV$OFRPLHQ]RXVRORVGHGRV\OXHJRWRGDODPDQRODSDOPDSDUDOD
SUHVLyQFOLWyULFD0LVSLHUQDVVHDJLWDQRHVWiQFUX]DGDV\HVHVHQFLDOXQDDOWDWHQ
VLyQPXVFXODU
œ0H PDVWXUER HQ FDPD FRQ OD PDQR 0H WLHQGR DFDULFLR PL SLHO SRU WRGDV
SDUWHV \ OXHJR EXVFR GLUHFWDPHQWH HO FOtWRULV KDFLHQGR PX\ UiSLGRV PRYLPLHQWRV
XQDVYHFHVWRFDQGRHOFOtWRULVGLUHFWDPHQWHRWUDVMXVWRFHUFD
œ'HERGHDOEHUJDUWRGDYtDDOJXQRVSUHMXLFLRV\DTXHVHQWtXQDHVSHFLHGHWXU
EDFLyQDOUHVSRQGHU)URWRPLFOtWRULVFRQHOSXOJDUGHODPDQRL]TXLHUGDDXQTXHQR
VR\]XUGDGHVFULELHQGRXQPRYLPLHQWRFLUFXODUDVFHQGHQWH\GHVFHQGHQWHFRQODV
SLHUQDVMXQWDVHPSH]DQGROHQWDPHQWH\OXHJRFRQPiVHQHUJtDDYHFHVGDQGRPDVD
MHDPLSHFKRFRQODRWUDPDQR&DVLVLHPSUHLPDJLQRFRVDV\XWLOL]R¦SDODEUDVVX
FLDV§<DSURSyVLWRDFDERGHFDOHQWDUPHHVFULELHQGRHVWR
œ&RVD UDUD DXQTXH PH YDOJR SUHIHUHQWHPHQWH SDUD WRGR GH OD PDQR GHUHFKD
VLHPSUH PH PDVWXUER FRQ OD L]TXLHUGD 0H WLHQGR VREUH HO ODGR GHUHFKR \ OOHYR OD
PDQRL]TXLHUGDKDFLDDEDMRYDOLpQGRPHGHORVGHGRVDQXODU\FRUD]yQSDUDDFDULFLDU
PL FOtWRULV HQ PRYLPLHQWRV DVFHQGHQWHV \ GHVFHQGHQWHV +DELWXDOPHQWH HPSOHR XQ
SRFRGHYDVHOLQDSDUDOXEULFDUOR&RQODPDQRGHUHFKDHMHU]RXQDSUHVLyQVXDYHVR
EUH PL EDMR YLHQWUH $ YHFHV FUX]R PL SLHUQD L]TXLHUGD VREUH OD GHUHFKD FRPSUL
PLpQGRODV DO VHQWLU OD OOHJDGD GHO RUJDVPR 0H PXHYR XQ SRFR HV XQD HVSHFLH GH
PRYLPLHQWRVHUSHQWHDQWH0HDJUDGDUtDSUREDUFRQXQYLEUDGRUSHURD~QQRKHWHQL
GRWDORSRUWXQLGDG
œ(QRFDVLRQHVPHSRQJRSUHQGDVHUyWLFDV\PHFRQWHPSORHQHOHVSHMR+DEL
WXDOPHQWHHQFLHQGRXQFLJDUULOOR\RWUDVYHFHVPHPDTXLOOR6LGLVSRQJRGHWLHPSR
PHOXEULFRORVVHQRV\HOVH[RFRQDFHLWHRFUHPD3UHILHURYHUPHHQHOHVSHMRPiV
TXHGHIRUPDGLUHFWD1RUPDOPHQWHHPSLH]RDMXJDUFRQPLVVHQRVIURWRPLVPXV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ORVXQRFRQWUDRWUR\HQWRQFHVPHFRQFHQWURHQHORUJDVPRXWLOL]DQGRORVGHGRVGH
ODPDQRGHUHFKDHQXQPRYLPLHQWRFLUFXODUVREUHHOFOtWRULV(PSLH]RFRQODVSLHU
QDV VHSDUDGDVSHURPHJXVWDFHUUDUODVIXHUWHPHQWHDOVHQWLUHORUJDVPRHVWUXMDQGR
ORVP~VFXORV$OOOHJDUDHVWHSXQWRQRSXHGRPRYHUPHPXFKR
œ&RPLHQ]RIURWiQGRPHHOFOtWRULV6ROtDWRFDUPHORVVHQRV\HOHVWyPDJRSHUR
HVWRSDUHFtDHVWDUGHPiV$KRUDPHOLPLWRDIURWDUPHHOFOtWRULV™\DGPLURJHQHUDO
PHQWHPLVSRGHUHV
œ0HPDVWXUERPDQLSXODQGRPLFOtWRULVHQXQPDVDMHGHODGRDODGRHPSH]DQ
GR VXDYHPHQWH H LQFUHPHQWDQGR OD LQWHQVLGDG GH OD SUHVLyQ 8WLOL]R PL GHGR XQD
PDQR (O PRYLPLHQWR HV OLJHUDPHQWH FLUFXODU FRPELQiQGROR FRQ HO GH XQ ODGR D
RWURSULQFLSDOPHQWH/DRWUDPDQRPDQLSXODHQHOSH]yQGHOVHQRL]TXLHUGRHOPD
\RU\PiVVHQVLEOH/DVSLHUQDVHVWiQVHSDUDGDV1RKD\PXFKRVPRYLPLHQWRVFRU
SRUDOHV KDVWD HO RUJDVPR HQ TXH VH SURGXFH XQD HOHYDFLyQ GH ODV QDOJDV WRGD OD
]RQDSHOYLDQD\XQDHVSHFLHGHWRWDOULJLGH]GHOFXHUSRVREUHWRGRGHODVSLHUQDV\
SLHV
œ8WLOL]RHOGHGRtQGLFHGHODPDQRGHUHFKDHMHUFLHQGRSUHVLRQHVHQHOVHQWLGR
GHODVDJXMDVGHXQUHORMFHUFDGHPLFOtWRULV6yORHPSLH]RDPRYHUPHFXDQGRHVWR\
D SXQWR GH OOHJDU (V DOJR LQFRQVFLHQWH PL FXHUSR VH H[FLWD GH XQD IRUPD WDO TXH
SDUHFHTXHOHJXVWDORTXHYDDVXFHGHU\TXLHUHD\XGDUDTXHRFXUUD
œ0H PDVWXUER DFRVWDGD HQ OD FDPD SRU OD QRFKH 3ULPHUDPHQWH PH GHVSRMR
GHPLFDPLVyQSURFXUDQGRUHODMDUPH0HJXVWDWRFDUPHORVVHQRVVXDYHPHQWH\HV
WLPXODUORVOXHJRPHYDOJRGHXQGHGRSDUDHVWLPXODUPLFOtWRULVFRQPRYLPLHQWRV
OHQWRV\FLUFXODUHVTXHGHVSXpVVRQPiVUiSLGRV0HJXVWDWRFDUPHPX\OHYHPHQWH
$PHGLGDTXHPLFXHUSRVHWHQVDMXQWRODVSLHUQDV\QRPHPXHYRPXFKR0HOLPL
WR D FRQFHQWUDUPH HQ ODV VHQVDFLRQHV TXH H[SHULPHQWR HQ OD ]RQD HQ TXH PH HVWR\
PDVWXUEDQGR
œ1RKDJRPiVTXHDSOLFDUXQIXHUWH\UiSLGRPRYLPLHQWRGHODGRDODGRHQOD
]RQD FOLWyULFD PLHQWUDV LPDJLQRDOJXQDVFRVDV\DVtHVFRPRHYHQWXDOPHQWHOOHJR
(VPHMRUVLWHQJRODVSLHUQDVVHSDUDGDVSHURQRHVDEVROXWDPHQWHQHFHVDULR1RPH
PXHYRPXFKR
œ0HPDVWXUERHQODFDPDFRQODSXHUWDFHUUDGDWHQJRFXDWURFRPSDxHUDVGH
KDELWDFLyQ3ULPHUDPHQWHFRORFRXQDDOPRKDGDHQHOOHFKRVHQWiQGRPHLJXDOTXH
VLIXHUDDOHHU8QWRPLFOtWRULVFRQXQSRFRGHYDVHOLQD\FRMRDOJXQDUHYLVWDSRUQR
JUiILFD™XQFXHVWLRQDULRTXL]iVOXHJRH[WLHQGRODVSLHUQDVXQSRFR\HPSLH]RD
IURWDUVXDYHPHQWHHOFOtWRULVDGHODQWH\DWUiVFRQPLGHGRtQGLFH+DELpQGRPHH[FL
WDGRLQWHUUXPSRODOHFWXUDDSDJRODOX]\PHTXLWRODVJDIDV6HJXLGDPHQWHUHSLWR
HOPRYLPLHQWRGHDQWHVVREUHPLFOtWRULVFRQPiVUDSLGH]\GHMRFRUUHUODIDQWDVtD\
HQWRQFHVOOHJRDORUJDVPR6LJRIURWiQGRPHHOFOtWRULVKDVWDTXHWRGRKDWHUPLQDGR
+DELWXDOPHQWH PLV SLHUQDV HVWiQ GREODGDV \ FRMR FRQ OD PDQR L]TXLHUGD HO ERUGH
GHOFROFKyQFXDQGRORVPRYLPLHQWRVSHOYLDQRVJDQDQLQWHQVLGDGHQRWUDVRFDVLRQHV
FLHUURODVSLHUQDVVREUHPLPDQRGiQGRPHPHGLDYXHOWD\IURWiQGRPHHOFOtWRULV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6tPHJXVWDODPDVWXUEDFLyQ\DYHFHVODSODQHR\ODHVSHURFRQDQVLHGDG
3HURODSUDFWLFRDKRUDSRUUD]RQHVItVLFDV\WDPELpQREUpDVtGXUDQWHORVSHULRGRVGH
DXVHQFLDGHPLDPDQWH<DPHHVWR\KDFLHQGRYLHMDWHQJRVHVHQWDDxRV\PHPDV
WXUERFRPRODFRVDPiVQDWXUDOFXDQGRVLHQWRQHFHVLGDG+HSUREDGRPXFKDVIRUPDV
GH PDVWXUEDFLyQ HVSHFLDOPHQWH HQ HVWRV ~OWLPRV DxRV SHUR KH DGRSWDGR OD WpFQLFD
GHO YLEUDGRU VREUH HO FOtWRULV TXH DSDJR DO OOHJDU HO PRPHQWR GHO FOtPD[ 'H RWUD
PDQHUDPHYDOJRGHOGHGRFRUD]yQ6LHQGRPX\MRYHQHUDDJUDGDEOHXWLOL]DUJRPDV
GH ERUUDU SRUTXH SDUHFtDQ HQFDMDU HQ HO FOtWRULV 5HFXHUGR FXDQGR XWLOL]DED HOPR
YLPLHQWRGHOHYDQWDUHOFOtWRULV
œ0LPHMRUTXLFNLH ¦HVSHFLDOGHXQPLQXWR§VHGHVDUUROODGHSLHFRQPLYLEUD
GRUGHSXQWLOODVWRWDOPHQWHHQWHQVLyQGHMiQGRPHFDHUODVEUDJDVKDVWDPHGLRPXV
OR \ DO]DQGR OD SUHQGD VXSHULRU SDUD GHVFXEULU PLV VHQRV $SR\R HO H[WUHPR GHO
YLEUDGRUHQHOFOtWRULVPDQWHQLHQGRHOFXHUSRGHOPLVPRKDFLDIXHUDGHVXHUWHTXH
DQWHHOHVSHMRSDUH]FDXQSHQH0HDOWHUDWDQWRYHUPLLPDJHQKDFLHQGRHVWR™TXH
PHFRUURHQXQPLQXWR
œ+DELWXDOPHQWH PH WLHQGR FRQ ODV SLHUQDV VHSDUDGDV OHYDQWDQGR TXL]i ODV
URGLOODV0HWRFRPX\VXDYHPHQWHVREUHWRGRODSDUWHLQWHULRUGHPLVPXVORVOXHJR
RSHURHQPLFOtWRULVGLUHFWDPHQWHFRQHOGHGRFRUD]yQGHODPDQRGHUHFKD(PSLH]R
OHQWDPHQWH DOUHGHGRU GHO FOtWRULV OXEULFiQGROR FRQ VDOLYD R MDEyQ VL HV QHFHVDULR
MDEyQVLPHHQFXHQWURHQODEDxHUD
œ6ROtDXVDUQLUDVXUDGRUDHOpFWULFDHVGHFLUDSR\DEDHOODGRGHpVWDFRQWUDPL
FOtWRULV 'DGR TXHKHGHMDGRGHDIHLWDUPH\DQRODXVR7RGDYtDQRPHVLHQWRWDQ
OLEUH FRPR SDUD KDFHU VDEHU DO PXQGR \ PHQRV D PLV FRPSDxHUDV GH KDELWDFLyQ
FXiQGRPHHVWR\PDVWXUEDQGR3RUORJHQHUDOFRPLHQ]RFRQODHVWLPXODFLyQFOLWy
ULFDKDELWXDOPHQWHFRQHOGHGRFRUD]yQGHODPDQRGHUHFKD0LPDQRL]TXLHUGDHV
WLPXODPLVVHQRVDYHFHVSHURQRUPDOPHQWHVyORGDPDVDMHDPtFXHUSR3LHQVRHQ
DOJXLHQ FRQ TXLHQ PH JXVWDUtD UHODFLRQDUPH VH[XDOPHQWH \ VXHOR VHJXLU DVt KDVWD
OOHJDUDO RUJDVPR1RPHPXHYRQLHPLWRGHPDVLDGRVRQLGR0DQWHQJRODVSLHUQDV
PX\ VHSDUDGDV H[FHSWR HQ HO PRPHQWR GHO RUJDVPR (QWRQFHV DSULHWR FRQ IXHU]D
XQD FRQWUD RWUD *HQHUDOPHQWH XWLOL]R XQ PRYLPLHQWR FLUFXODU SHUR D PHGLGD TXH
FUHFHODH[FLWDFLyQHO PRYLPLHQWRGHDUULEDDEDMRPHHVWLPXODPHMRU
œ$EURODVSLHUQDVPDQWHQLHQGRODVURGLOODVOHYDQWDGDVRELHQPHSODQWRGHSLH
HQ OD GXFKD 0H IURWR HO FOtWRULV FRQ HO GHGR FRUD]yQ GH OD PDQR GHUHFKD SUHVLR
QiQGRORPRYLpQGRORHQVHQWLGRFLUFXODU$YHFHVRSULPRPLSH]yQGHUHFKRFRQOD
PDQRL]TXLHUGD™0HSURGXFHXQDVHQVDFLyQH[WUDxDHVFULELUHVWR9R\SRQLpQGRPH
PiV\PiVWHQVDFRQFRPSUHVLRQHVYROXQWDULDVHLQYROXQWDULDVGHORVP~VFXORVYD
JLQDOHVKDVWDTXHODWHQVLyQGHODYDJLQDHVWDOODHQHVSDVPRV\UHODMDFLyQ\HQFRQ
WUDFFLRQHVGHWRGRPLFXHUSR
œ0H OLPLWR D IURWDUPH FRQ ORV GHGRV KDFLD DUULED \ KDFLD DEDMR YDOLpQGRPH
QRUPDOPHQWH GH OD PDQR L]TXLHUGD VR\ ]XUGD 9R\ SRU PL FOtWRULV \ QR PH SUHR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FXSR GH PLV SLHUQDV 0H PXHYR XQ SRFR SHUR QR OR VXILFLHQWH SDUD PROHVWDU D PL
HVSRVRHQODFDPDDPLODGR6HTXHMDVLORKDJR
œ0H PDVWXUER KDELWXDOPHQWH GHVSXpV GH KDEHU YLVWR XQD SHOtFXOD FODVLILFDGD
FRQXQD;RWUDVKDEHUOHtGRDOJRHUyWLFR3XHGRUHFRUGDUPHQWDOPHQWHODHVFHQD\
PHGHGLFRDGDUPDVDMHVDPLFXHUSRFRQXQREMHWRGHSLHO\DYHFHVFRQODVPDQRV
/XHJRPHKXPHGH]FRODV\HPDVGHORVGHGRVFRQODOHQJXD\PHWRFROLJHUDPHQWH
ORVVHQRVFRPRVLXQDOHQJXDPHORVHVWXYLHUDODPLHQGR,JXDOFRQHOFOtWRULV0DQ
WHQJRODVSLHUQDVMXQWDV\FUX]DGDVSRUORVWRELOORV
œ0HDFDULFLRVHQRV\HVWyPDJROLJHUDPHQWH([WLHQGRODVSLHUQDVPX\LPSRU
WDQWH \ IURWR PL FOtWRULV GHVFULELHQGR PRYLPLHQWRV FLUFXODUHV FRQ PDQR R ORV GRV
SULPHURV GHGRV $O H[FLWDUPH PL FXHUSR WLHPEOD \ PLV FDGHUDV VH PXHYHQ KDFLD
GHODQWH1HFHVLWRGHTXLQFHDYHLQWHPLQXWRVSDUDOOHJDUDORUJDVPR
œ'HSHQGH 6L TXLHUR TXH PH UHVXOWH PX\ DJUDGDEOH HPSLH]R FRQ DOJXQDV
SUHQGDVSXHVWDV(VPX\H[FLWDQWHSDUDPtWRFDUPHORVJHQLWDOHV\ORVVHQRVVXDYH
PHQWHSRUHQFLPDGHODURSD&XDQGRPLFXHUSRHPSLH]DDUHVSRQGHUSDVRSRUGH
EDMRGHHOODODPDQR\PHWRFRORVSHFKRVVXDYHPHQWHDFDULFLDQGRFRQGHOLFDGH]D
OD UHJLyQ S~ELFD \ DFHUFiQGRPH OHQWDPHQWH DO FOtWRULV /R IURWR HQ IRUPD FLUFXODU
QRUPDOPHQWH\FXDQGRODH[FLWDFLyQDXPHQWDDVtFRPRHOULWPRDSUR[LPiQGRPHDO
FOtPD[HOIURWHHVFDVLXQDYLEUDFLyQXQDUiSLGDDJLWDFLyQKDVWDTXHFRPRXQDH[
SORVLyQVLHQWRHORUJDVPRHLQPHGLDWDPHQWHHOFOtPD[FHGH
œ&RPLHQ]RHVWLPXODQGRPLVSH]RQHVFRQORVGHGRVRDYHFHVFRQXQREMHWR
FRQDOJRTXHSHUPLWDODHVWLPXODFLyQ8WLOL]RXQFHQLFHURXQOiSL]XQDFDMDGHFHUL
OODVXQSHLQHORTXHWHQJDDPDQR7HQtDXQDSOXPDGHDYHTXHHPSOHDEDFRQHVH
ILQ SHUR PH GHVHPEDUDFp GH HOOD D FDXVD GH FLHUWRV VHQWLPLHQWRV GH FXOSDELOLGDG
/XHJRHPSLH]RDLPDJLQDUFRVDV\KDJRWDQVyORHVRVLQQLQJ~QWLSRGHHVWLPXOD
FLyQFRUSRUDO&XDQGRHVWR\OLVWDSDUDH[SHULPHQWDUHORUJDVPRPHWRFRHOFOtWRULV
SUHVLRQiQGROR ILUPHPHQWH FRQ HO GHGR R FRQ XQ REMHWR PRYLpQGROR OLJHUDPHQWH
KDFLDDUULED\DEDMRPLHQWUDVVLJRWRFiQGROR7HQJRTXHPDQWHQHUODVSLHUQDVPX\
DSUHWDGDV1RPHHVSRVLEOHOOHJDUDORUJDVPRVLQRHVDVtWDQWRFXDQGRHVWR\VROD
FRPR FXDQGR HVWR\ FRQ PL FRPSDxHUR 1R QR PH PXHYR PXFKR &UHR TXH PH HV
SRVLEOH VHQWLU XQ RUJDVPR YDOLpQGRPH ~QLFDPHQWH GH OD LPDJLQDFLyQ VLQ OOHJDU D
WRFDUPHVLTXLHUDHOFOtWRULV(VWRPHKDSDVDGRXQDRGRVYHFHVPHSDUHFHSHURHV
PiV DJUDGDEOH WRFDQGR 3RGUtD H[SHULPHQWDU ORV RUJDVPRV PX\ UiSLGDPHQWH VL PH
WRFDUDHOFOtWRULVPiVSURQWRSHURPHJXVWDSURORQJDUORWRGRORTXHVHDSRVLEOH
œ0HYDOJRGHXQYLEUDGRUGHSLODV+DELWXDOPHQWHPHORDSOLFRDOODGRGHUH
FKR GHO FOtWRULV GHVFULELHQGR XQ OLJHUR PRYLPLHQWR FLUFXODU (PSLH]RFRQODVSLHU
QDV DELHUWDV SHUR VH PH MXQWDQ OXHJR LQYROXQWDULDPHQWH SURGXFLpQGRPH XQ PRYL
PLHQWRGHLPSXOVRKDFLDGHODQWHWDPELpQLQYROXQWDULR3LHQVRUHDOPHQWHTXHORTXH
HQHVRVPRPHQWRVPHSDVDSRUODFDEH]DLPDJLQiQGRPHHVWDUFRQDOJXLHQHVPiV
LPSRUWDQWHTXHORVDVSHFWRVPHFiQLFRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+HH[SHULPHQWDGRRUJDVPRVPiVLQWHQVRVFRQXQYLEUDGRUGHPDQRSHURORV
PiV SOHQRV ORV KH FRQVHJXLGR FRQ ORV GHGRV 3UHILHUR XQ PRYLPLHQWR FLUFXODU (V
PHMRUWRFDUVHODEDVHGHOFOtWRULV\DTXHODSXQWDUHVXOWDGHPDVLDGRVHQVLEOH3UHILH
UR PDQWHQHU ODV SLHUQDV MXQWDV 1RUPDOPHQWH PH UHWXHU]R PiV TXH PRYHUPH YLR
OHQWDPHQWH
œ0HPDVWXUERFRQODVGRVPDQRVPiVELHQGHVOL]DQGRORVGHGRVSRUHQFLPDR
SRU ORV DOUHGHGRUHV GHO FOtWRULV DUULED \ DEDMR (Q RFDVLRQHV XWLOL]R XQD WRDOOD
KXPHGHFLGDFRQDJXDFDOLHQWH3VLFROyJLFDPHQWHHVPHMRUVLWHQJRODVSLHUQDVDELHU
WDV 0H PXHYR SHUR QR IUHQpWLFDPHQWH /DV YHFHV TXH UHVXOWD PHMRU VRQ ODUJDV \
WUDQTXLODV
œ0HWLHQGRHVWLUDGDERFDDUULED&RQHOGHGRtQGLFHFHUFDGHOSXOJDUVLHPSUH
GHPLPDQRGHUHFKDIURWRHQVHQWLGRDVFHQGHQWH\GHVFHQGHQWHORVDOUHGHGRUHVGHO
FOtWRULV SHQVDQGR HQ FRVDV DJUDGDEOHV R OH\pQGRODV +DVWD TXH VLHQWR GH SURQWR HO
RUJDVPR'HVHUD\XGDGD\RSUHILHURRSHUDUHQODEDVHPLHQWUDVPLDFRPSDxDQWHVH
GHGLFDDODSDUWHVXSHULRU
œ(PSOHRHOGHGRFRUD]yQGHVFULELHQGRQRUPDOPHQWHXQPRYLPLHQWRFLUFXODU
TXHDOJXQDYH]HVDVFHQGHQWH\GHVFHQGHQWHRGHODGRDODGR$YHFHVKDJRXQPR
YLPLHQWRPX\UiSLGRGHODGRDODGRFDVLFRQXQHIHFWRGHYLEUDGRUHPSH]DQGRHQ
GRQGH FRPLHQ]DQ ORV ODELRV LQPHGLDWDPHQWH GHEDMR GH GRQGH WHUPLQD HO YHOOR S~
ELFR PDVWXUEDQGR OHQWDPHQWH ORV DOUHGHGRUHV GH HVD ]RQD SDUD SURYRFDU XQD VXWLO
H[FLWDFLyQ\HYHQWXDOPHQWHDFHUFiQGRPHPiV\PiVDOFOtWRULVLQWHQVLILFiQGRVHOD
H[FLWDFLyQFRQODSUR[LPLGDG,QWHQWRDODUJDUHVWHPpWRGRSHURDYHFHVHVGLItFLOQR
FRUUHUVH HQ XQ VDQWLDPpQ )LQDOPHQWH FDVL VLHPSUH OOHJR DO FOtPD[ GXUDQWH HO FRQ
WDFWRGLUHFWRFRQORVDOUHGHGRUHVGHOD]RQDFOLWyULFD6XSRQJRTXHIXQFLRQDUtDFRQ
ODVSLHUQDVMXQWDVSHURHVPiVIiFLOSDUDPtPDQWHQLpQGRODVVHSDUDGDV1RPHPXH
YRPXFKRDYHFHVPLSHOYLVVXEH\EDMDSHURHQJHQHUDOPL]RQDDEGRPLQDODV
FLHQGH\GHVFLHQGHHVSDVPyGLFDPHQWHXQDYH]RYDULDVPLHQWUDVOOHJRDOFOtPD[
œ'HVSXpVGHWHQGHUPHHPSLH]RDSHQVDUHQPLHVFHQDIDYRULWDXQDUHXQLyQHQ
ODTXHWRGRVORVSDUWLFLSDQWHVHVWiQGHVQXGRVGHVDUUROODQGRDFWLYLGDGHVVH[XDOHVHQ
JUXSR GHOLFLRVDPHQWH VH[XDOHV DGRSWDQGR WRGDV ODV SRVWXUDV DFDULFLiQGRVH \ EH
ViQGRVH PXWXDPHQWHSUDFWLFDQGRHOFXQQLOLQJXV \HOFRLWR$OFDERGHFLQFRPLQX
WRV\DHVWR\SUHSDUDGDPX\OXEULFDGD/HYDQWRXQDURGLOODOLJHUDPHQWH\HFKRXQD
SLHUQD D XQ ODGR LQVHUWDQGR PL GHGR FRUD]yQ HQ R SRU ORV DOUHGHGRUHV GHO FOtWRULV
FRQXQVXDYHPDVDMHHQPRYLPLHQWRFLUFXODU/XHJRPHLPDJLQRTXHVR\LQYLWDGDD
OD UHXQLyQ \ TXH WRGDV DTXHOODV FRVDV GHOLFLRVDV PH HVWiQ RFXUULHQGR D Pt ,QWHQWR
SURORQJDUHVDVLWXDFLyQGXUDQWHHOPD\RUWLHPSRSRVLEOHSHURDOFDERGHXQRRGRV
PLQXWRVH[SHULPHQWRHORUJDVPR(VPX\VLPSOHWRGRHQODFDEH]D7UDVHOSULPHU
RUJDVPR\DQRPHHQWUHJRDPLVIDQWDVtDVVLQRTXHPHFRQFHQWURSRUFRPSOHWRHQOD
GHOLFLRVD VHQVDFLyQ TXH QRWR HQ OD YDJLQD \ VX HQWRUQR FRQWLQXDQGR FRQ HO PLVPR
PRYLPLHQWRGHPLGHGRSHUROLJHUDPHQWHPiVUiSLGR8QPLQXWRPiVWDUGHDSUR[L
PDGDPHQWH WHQJR RWUR RUJDVPR 0H PDQWHQJR PX\ TXLHWD SHUR VXHOR JHPLU XQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
XQ SRFR GXUDQWH FDGD RUJDVPR 7UDV KDEHU H[SHULPHQWDGR YDULRV GH HVWD PDQHUD
HPSLH]RDSHQVDUHQORTXHKD\SDUDFHQDU\ODILHVWDKDWHUPLQDGR
œ$PHQXGRFXDQGROOHYRDOJ~QWLHPSRVRODPHJXVWDPDVWXUEDUPH1RUPDO
PHQWHXWLOL]RORVGHGRVIURWDQGRDOKDFHUXQPRYLPLHQWRFLUFXODU(QRFDVLRQHVSD
UDYDULDUXWLOL]RREMHWRVSDUDIURWDUPHHOFOtWRULVSRUHMHPSORHOPDQJRUHGRQGHDGR
GHPLFHSLOORSDUDHOSHORRFXDOTXLHUFRVDTXHWHQJD DPDQRSHURQRUPDOPHQWHQR
KDJR HVR 0H JXVWD WHQHU ODV SLHUQDV PX\ VHSDUDGDV < QXQFD KH XVDGR QLQJ~Q YL
EUDGRUDXQTXHPHJXVWDUtDSUREDUOR
œ2SULPR XQ PXVOR FRQWUD RWUR H LQWURGX]FR FRQ IXHU]D PLV GHGRV HQ VX FRQ
IOXHQFLDDSDUWLUGHOYHOORS~ELFRSHQHWUDQGRSRUHQWUHORVODELRVH[WHUQRV
œ8WLOL]RGHOGHGRtQGLFH\GHOFRUD]yQGHODPDQRGHUHFKDIURWDQGRVXDYHPHQ
WH HO YHOOR SRU HQFLPD GH ORV ODELRV OXHJR pVWRV \ ILQDOPHQWH PL FOtWRULV (O PRYL
PLHQWRHVFLUFXODUFRPRGHDPDVDU0LPDQRL]TXLHUGDGHVFDQVDHQODUHJLyQS~EL
FD 7HQJR ODV SLHUQDV MXQWDV \ ODV QDOJDV WHQVDV 0H PXHYR PX\ SRFR $SUHQGt D
SURFHGHU DVt FXDQGR PH KDOODED HQ HO FROHJLR 'H HVWD PDQHUD PL FRPSDxHUD GH
KDELWDFLyQQRDGYHUWtDORTXHHVWDEDKDFLHQGR
œ1RUPDOPHQWHORKDJRUHFOLQDGDRWHQGLGD0HJXVWDHVWDUOH\HQGRRKDEODQ
GRSRUWHOpIRQRFRQXQDPDQWH(PSOHRODPDQRGHUHFKD\PHIURWRHOFOtWRULVDOR
ODUJR GH OD KHQGLGXUD R ELHQ GDQGR YXHOWDV \ YXHOWDV VREUH VX SXQWD 7DPELpQ PH
JXVWDDFDULFLDUPHORVVHQRV\OHYDQWDU \HQFRJHUODVSLHUQDV$YHFHVUDVFRORVSOLH
JXHVGHFDUQHODELRVPHQRUHV\KXHOR\ODPRODKXPHGDGGHPLVGHGRV&XDQGRHO
SODFHUVHKDFHPX\LQWHQVRPLVFDGHUDVDYDQ]DQ\UHWURFHGHQOOHJDQGROXHJRDORU
JDVPR&RPRPiVPHJXVWDPDVWXUEDUPHHVFXDQGROOHYRXQDVEUDJDVPX\DMXVWD
GDV(QRFDVLRQHVVLHQWRGHVHRVGHODPHUPLFXHUSR\PHODPRPLVSURSLRVVHQRV
œ3UHILHUR OOHYDU SXHVWRV XQRV SDQWDORQHV GH YDTXHUR PX\ DMXVWDGRV GH VXHUWH
TXHODFRVWXUDFHQWUDOPHRSULPDODSXQWDGHOFOtWRULV(QRWUDVRFDVLRQHVXWLOL]RPLV
GHGRV SDUD SUHVLRQDU \ VROWDU GHOLFDGDPHQWH OD SXQWD GH DTXpO 7HQJR ODV SLHUQDV
QRUPDOPHQWH MXQWDV \ PH PXHYR PX\ SRFR 3XHGR KDFHUOR HQ S~EOLFR VLQ VHU RE
VHUYDGDFUHRFRQHOPpWRGRGHORVWpMDQRVFHxLGRV
œ0LPDQRGHUHFKDWLUDGHOYHOORS~ELFRSRUDUULEDGHOFOtWRULVKDFLDPLRPEOL
JRPLPDQRL]TXLHUGDFRORFDHOYLEUDGRUHQFLPDGHODKHQGLGXUDFOLWyULFD+D\XQ
HQFRJLPLHQWRGHORVP~VFXORVGHODV]RQDVSHOYLDQD\UHFWDO(OHYRODVFDGHUDVFR
ORFRODPDQRL]TXLHUGDFXDQGRQR XWLOL]RHOYLEUDGRUFRQORVGHGRVtQGLFH\FRUD
]yQHQWUHHOFOtWRULV\ORVODELRVPD\RUHVYDJLQDOHVIURWDQGRGHL]TXLHUGDDGHUHFKD
HQSDVHVGHXQSDUGHFHQWtPHWURV\PHGLRDSUR[LPDGDPHQWHDXQULWPRPX\UiSL
GRXQRVVHLVWRTXHVSRUVHJXQGRWLURGHORVP~VFXORVYDJLQDOHV\GHVSXpVORVSUH
VLRQRPHGLJRDOJRH[FLWDQWHTXHLQGLTXHYLJRURVDPHQWHTXHTXLHURXQRUJDVPR\
FRQWHQJRpVWHKDFLHQGRTXHPHSHQHWUH
œ0HJXVWDSDVDUPHORVGHGRVSRUHOYHOORSDUDGHVKDFHUORVUL]RV/XHJRSUR
VLJRFRQHOGHGRtQGLFHKDFLHQGRPRYLPLHQWRVGHUHWURFHVR\DYDQFHVREUHPLFOtWR
ULV&XDQGRXQDPDQRVHPHFDQVDXWLOL]RODRWUD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DPDVWXUEDFLyQQXQFDPHGLRUHVXOWDGRKDVWDTXHPHKLFHFRQXQYLEUDGRU
XQRJUDQGHFRQYDULRVDFFHVRULRV\FDORU&RQODVGRVPDQRVORVXMHWRILMDPHQWHR
ELHQ GHVFULER XQ OLJHUR PRYLPLHQWR FLUFXODU 0LV SLHUQDV HVWiQ DELHUWDV \ OR DSOLFR
VREUHPtFOtWRULV8QDVVDFXGLGDVRPRYLPLHQWRVHVSDVPyGLFRVLQYROXQWDULRVLQGLFDQ
TXHYR\DWHQHUHORUJDVPR
œ0H PDVWXUER FRQ XQ YLEUDGRU MXQWDQGR ODV SLHUQDV \ VXMHWDQGR ODV ViEDQDV
FRQ OD PDQR L]TXLHUGD /XHJR SUXHER DOUHGHGRU GH PL FOtWRULV YLHQGR GyQGH PH
DJUDGDPiVPRYLHQGRHOYLEUDGRURPLVFDGHUDVKDFLDGHODQWH\KDFLDDWUiVVXDYH
PHQWH(QHOPRPHQWRGHORUJDVPRORPDQWHQJRFRPSOHWDPHQWHLQPyYLO
œ˜4XHUUiQXVWHGHVFUHHUTXHQRHVWR\UHDOPHQWHVHJXUDGHFyPRORKDJR"%XH
QR WXYH TXH KDFHUOR SDUD ILMDUPH FyPR OR KDFtD SDUD SRGHU HVFULELU HVWR &RORFR
WUHV R FXDWUR GHGRV HQWUH PLV ODELRV PD\RUHV FRQ ODV \HPDV VREUH OD ]RQD VLWXDGD
SRUDUULEDGHPLFOtWRULV\HPSLH]RFRQXQOHQWRIURWHHQPRYLPLHQWRFLUFXODUPLHQ
WUDVGHMRFRUUHUODLPDJLQDFLyQ)URWRPiV\PiVUiSLGDPHQWHKDVWDTXHVREUHYLHQH
H[SORVLYR HO RUJDVPR $ YHFHV PH HVIXHU]R SRU UHFKD]DU pVWH GXUDQWH HO PD\RU
WLHPSRSRVLEOHSHURWDOSURFHGHUSXHGHTXHVHDHUUyQHRSXHVHQRFDVLRQHVQROOHJR
DH[SHULPHQWDUORRELHQQRUHVXOWDWDQLQWHQVR
œ0H PDVWXUER WHQGLGD ERFD DUULED FRQ ODV SLHUQDV DELHUWDV \ ODV URGLOODV GR
EODGDV (O GHGR tQGLFH GH PL PDQR GHUHFKD DFDULFLD HO FOtWRULV \ HQ RFDVLRQHV ORV
ODELRV/DPDQRL]TXLHUGDDFDULFLDHODQRVLQSHQHWUDUORVyORSDOSDQGRORVDOUHGHGR
UHVGHODDEHUWXUDHOHYDQGROLJHUDPHQWHODFDGHUDL]TXLHUGDÁOWLPDPHQWHPHWLHQGR
VREUHHOHVWyPDJR\GR\PDVDMHDPLFOtWRULVFRQODPDQRGHUHFKDFRQODVSLHUQDV
GREODGDVKDFLDDUULED
œ0HWLHQGRHQODFDPDERFDDUULEDRGHODGRFRQODVSLHUQDVVHSDUDGDV\DSOL
FRHOYLEUDGRUDODSDUWHVXSHULRU\OXHJRDODSDUWHL]TXLHUGDGHPLFOtWRULV&XDQGR
QRWR TXH YR\ H[FLWiQGRPH LQWHUUXPSRHOSURFHVR\GHVSXpVFRPLHQ]RGHQXHYR$
YHFHV FRORFR HO YLEUDGRU HQ OD FDPD \ H[WLHQGR ODV SLHUQDV VREUH pO FRPR VL PH
VHQWDUDHQFLPDGHpO
œ6LHVWR\YHVWLGDPHGHVSRMRQRUPDOPHQWHGHPLVURSDVRELHQDEUR\VXHOWR
ODVSUHQGDVORVXILFLHQWHSDUDWHQHUDFFHVRDODV]RQDVGHPLFXHUSRTXHGHVHRWRFDU
$ YHFHV HPSLH]R GiQGRPH PDVDMH HQ OD ]RQD FOLWyULFD OOHQDGR WRGDYtD SXHVWDV ODV
EUDJDV\RXQDVPHGLDVKDVWDODFLQWXUD/XHJRFXDQGRHVWR\GLVSXHVWDPHODVTXLWR
PHODVEDMRRELHQLQWURGX]FRODPDQRSRUHQWUHHOODV$OHPSH]DUDPDVDMHDUOD]RQD
FOLWyULFDFRPLHQ]RWDPELpQDDFDULFLDUPHORVVHQRV
œ'LVIUXWRLQPHQVDPHQWHFRQODPDVWXUEDFLyQSHURVyORHQSULYDGR3RUORJH
QHUDUPHGHGLFRDLPDJLQDUDOJRHQWUDQGRHQVLWXDFLyQHPRFLRQDOPHQWH'HVSXpV
HPSLH]RSRUHVWLPXODUPLVSH]RQHVRSHUDQGRDFRQWLQXDFLyQHQHOFOtWRULV0HJXVWD
XQUiSLGRPRYLPLHQWRFRPRGHUDVFDGRFRQODPLVPDIUHFXHQFLDHQSH]RQHV\FOtWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ULV)UHFXHQWHPHQWHWHQJRXQGLOGR DPDQRSHURHORUJDVPROOHJDDQWHVGHXVDUOR
6yORHOKHFKRGHTXHHVWpDOOtPHWXUED
œ0HPDVWXUERGHPXFKDVPDQHUDV$YHFHVPHWLHQGRHQXQDFDPDHQXQGL
YiQHQHOVXHORRHQODEDxHUDGHGLFiQGRPHDH[SORUDUWRGRPLFXHUSRVHQRVYLHQ
WUHSLHUQDVQDOJDVYDJLQD\FOtWRULV0HDJUDGDIURWDUPHHOFOtWRULVVXMHWiQGRORHQWUH
ORVGHGRVDEDUFDUWRGDPLYDJLQDFRQXQDRGRVPDQRVLQVHUWDUXQGHGRHQHOODMX
JDU FRQ PLV HQRUPHV VHQRV \ EHOORVSH]RQHV0HJXVWDGHMDUFRUUHUODLPDJLQDFLyQ
PLHQWUDVORKDJR,JXDOPHQWHPHHQFDQWDKDFHUORPLVPRPLHQWUDVXWLOL]RXQYLEUD
GRU
œ(Q YDULDV RFDVLRQHV KH VHQWLGR HO RUJDVPR PLHQWUDV MXJDED FRQ PLV VHQRV
/XHJRPHIURWRHOFOtWRULVHQVHQWLGRDVFHQGHQWH\GHVFHQGHQWHKDVWDTXHGR\FRQHO
SXQWRMXVWRSDUDSURGXFLUPHXQRUJDVPR/XHJRVLJRRSHUDQGRHQpOKDELWXDOPHQWH
FRQODVSLHUQDVMXQWDVPRYLHQGRODVFDGHUDVKDFLDDUULED\KDFLDDEDMRFRQPLVGH
GRVRXQYLEUDGRU$YHFHVVRVWHQJRHOYLEUDGRUFRQXQDPDQRPLHQWUDVMXHJRFRQ
XQVHQRFRQODRWUD
œ+H DTXt FyPR OR KDJR FXDQGR HVWR\ DEXUULGD UHVXOWD PiV IiFLO GH GHVFULELU
(VWLPXORPLFOtWRULVFRQHOGHGRFRUD]yQGHODPDQRGHUHFKDHQFXHQWURPX\GLItFLO
KDFHUOR FRQ FXDOTXLHUD GH ORV RWURV GHGRVKDVWDTXHHPSLH]RDVHQWLUPHH[FLWDGD
/XHJRFRQODPDQRL]TXLHUGDPHHVWLPXORORVSH]RQHVDOPLVPRWLHPSR(QSRFDV
RFDVLRQHV KH OOHJDGR DO RUJDVPR VLQ XQD VLPXOWiQHD HVWLPXODFLyQ GH ORV SH]RQHV
&UHR TXH pVD HV OD IRUPD HQ TXH SURFHGR FXDQGR QR HVWR\ DEXUULGD WDPELpQ VyOR
TXH HQWRQFHV FRPLHQ]R FRQ HVWLPXODFLyQ GH ORV VHQRV LQPHGLDWDPHQWH $ YHFHV
PH OLPLWR LQFOXVR D MXJDU FRQ PLV VHQRV VyOR DO SULQFLSLR SDUD H[FLWDUPH (Q XQD
RFDVLyQXWLOLFpXQDODUJDUHJODSDUDHVWLPXODUDPERVSH]RQHVDODYH]FRQXQDPD
QRSDVDQGRODUHJODVREUHPLVSH]RQHVHUHFWRV+HYLVWRTXHFXDQGRQRWHQJRGH
PDVLDGDV JDQDV PLV SH]RQHV \ PL FOtWRULV VRQ UHODWLYDPHQWH LQVHQVLEOHV PLHQWUDV
TXHVLHVWR\H[FLWDGDVRQPX\VHQVLEOHV3RUORTXHUHVSHFWDDOFOtWRULVQRUPDOPHQ
WH XWLOL]R PRYLPLHQWRV FLUFXODUHV R KDFLD GHODQWH \ DWUiV 0X\ UDUDV YHFHV VRQ GH
SUHVLyQ)UHFXHQWHPHQWHPHYHRREOLJDGDDGHWHQHUPHDLQWHUYDORVFRPRVLHOFOtWR
ULV KXELHVH SHUGLGR VHQVLELOLGDG D FDXVD GH OD IULFFLyQ WHQLHQGR TXH HVSHUDU XQRV
VHJXQGRV SDUD TXH VH UHFXSHUH 7DPELpQ OR DOWHUQR FRQ PLV SH]RQHV SRU OD PLVPD
UD]yQ3DUHFHVHUPHQHFHVDULRPDQWHQHUODVSLHUQDVPX\DELHUWDVGREODGDVFRUULHQ
WHPHQWH\KHGHVFXELHUWRTXHVLSXHGRDUTXHDUODHVSDOGDSRQLHQGRODFDEH]DGL
UHFWDPHQWH VREUH OD FDPD SUHVFLQGLHQGR GH OD DOPRKDGDVR\PXFKRPiVVHQVLEOH
1R PH PXHYR PiV TXH DO DFHUFDUVH HO RUJDVPR HQ FX\R PRPHQWR PLV FDGHUDV VH
HOHYDQ\PtHVSDOGDKDFHORFRQWUDULRTXHKDVWDHQWRQFHVHVGHFLUFRPRVLVHGREOD
UDKDFLDGHQWUR&UHRTXHPRYHUVHVLPSOHPHQWHGLVWUDHUtDODDWHQFLyQ
&RQVRODGRU1RWDGHO7
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
,$GLUHFWR
8Q SHTXHxR Q~PHUR GH PXMHUHV HO VH HVWLPXODQ HO FOtWRULV PiV GLUHFWD
PHQWH6XHOHQPDQWHQHUODSLHORORVODELRVHVWLUDGRVILUPHPHQWHDOUHGHGRUGHOD]R
QDFOLWyULFDHVWLPXOiQGRVHHOFOtWRULVGLUHFWDPHQWHFRQODRWUDPDQR0XFKDVGHHV
WDVPXMHUHVGHFODUDURQTXHHVSUHFLVDXQDOXEULFDFLyQGHXQDFODVHXRWUD\TXHGHV
SXpVGHXQRUJDVPRHOFOtWRULVTXHGDEDGHPDVLDGRVHQVLEOHSDUDWRFDUORGXUDQWHXQ
UDWR
œ8WLOL]RHOGHGRFRUD]yQKXPHGHFLGRSDUDWRFDU\IURWDUORVDOUHGHGRUHVGHPL
FOtWRULV0LRWUDPDQRVHSDUDORVODELRVPDQWHQLHQGRXQDVXDYH WHQVLyQHQOD]RQD
FOLWyULFD $OWHUQR HO UiSLGR IURWH FOLWyULFR FRQ RWUR PiV OHQWRGHODHQWUDGDYDJLQDO
(QUHDOLGDGODSDODEUDIURWHQRHVTXL]iODPiVDGHFXDGDSXHVWRTXHVHWUDWDGHXQ
OLJHUtVLPR WRTXH TXH VH SURORQJD KDVWD ORV PRPHQWRV DQWHULRUHV DO RUJDVPR
KDOOiQGRPH HQWRQFHV PX\ KXPHGHFLGD 6HSDUR PXFKR ODV SLHUQDV OHYDQWDQGR ODV
URGLOODV KDFLHQGR XQ OHYH PRYLPLHQWR GH WRUVR KDVWD OOHJDU DO FOtPD[ LQVWDQWH HQ
TXHWHQJRIXHUWHVHVSDVPRVPXVFXODUHVHQDTXpO\HQODSHOYLV
œ0HPDVWXUERFRQXQDPDQRVRODPHQWHVREUHWRGRDOUHGHGRUGHODFDEH]DGH
PLFOtWRULVSDVDQGROXHJRDHOODJUDGXDOPHQWHVLHPSUHFRQXQPRYLPLHQWRGHIURWH
GH DYDQFH \ UHWURFHVR 0L RWUD PDQR D\XGD D VXMHWDU OD SLHO D ILQ GH FRQVHJXLU XQ
ILUPHFRQWDFWR-XQWR\VHSDURODVSLHUQDVDOWHUQDWLYDPHQWH
œ0HWLHQGRERFDDUULEDFRQODVSLHUQDVMXQWDVPX\DSUHWDGDV8WLOL]RODPDQR
L]TXLHUGD SDUD PDQWHQHU WHQVRV \ ELHQ GHVFXELHUWRV PLV JHQLWDOHV D ILQ GH TXH PL
PDQRGHUHFKDSXHGDDFDULFLDUPLFOtWRULV8WLOL]RXQPRYLPLHQWRFLUFXODUTXHVHLQL
FLD OHQWDPHQWH FRQ XQD OLJHUD SUHVLyQ OXHJR HVWD SUHVLyQ DXPHQWD KDVWD TXH HP
SLH]RDOOHJDUHQWRQFHVYR\FRQPiVOHQWLWXGGHDFXHUGRFRQODVHQVDFLyQTXHGHVHR
H[SHULPHQWDU KDVWD TXH WHUPLQD HO RUJDVPR 6L TXLHUR OOHJDU RWUD YH] FRPLHQ]R GH
QXHYR
œ0HPDVWXUERFRQXQFHSLOORGHGLHQWHVHOpFWULFR5HFXEURpVWHFRQXQWHMLGR
KXPHGHFLGR\PHOXEULFRHOFOtWRULVFRQXQDORFLyQ0HWLHQGRERFDDUULEDFRQODV
SLHUQDVVHSDUDGDV&RQODPDQRL]TXLHUGDVHSDURORVODELRVSDUDSRQHUHOFOtWRULVDO
GHVFXELHUWR VRVWHQJR HO YLEUDGRU FRQ OD PDQR GHUHFKD RSULPLpQGROR VXDYHPHQWH
FRQWUDDTXpO$YHFHVORPXHYRKDFLDDUULED\KDFLDDEDMRRWUDVORGHMRILMRHQXQ
SXQWR HVWR GHSHQGH GH OR TXH VLHQWD 3HUR UHDOPHQWH VyOR HPSLH]R D H[FLWDUPH
FXDQGR PH SRQJR D LPDJLQDU FRVDV 1R PXHYR ODV FDGHUDV 7RGD OD RSHUDFLyQ VH
GHVDUUROODFRQODPDQRYLEUDGRU\PLFOtWRULV
œ8WLOL]RORVGHGRVVRODPHQWH&RQODPDQRL]TXLHUGDPDQWHQJRORVODELRVPD
\RUHVGHPLYDJLQDDELHUWRVFRQHOGHGRtQGLFHGHOD RWUDPDQR\HOVLJXLHQWHIURWR
HQWRQFHVODSDUWHGHUHFKDGHOFOtWRULV$YHFHVHOPRYLPLHQWRHVDVFHQGHQWH\GHV
FHQGHQWHSHURQRUPDOPHQWHKDJROHQWRVPRYLPLHQWRVFLUFXODUHV&LHUURODVSLHUQDV
HVWLUiQGRODV(QRFDVLRQHVKDJRHVWRWHQGLGDERFDDEDMRSHURQRKDELWXDOPHQWH(V
PXFKRPiVGLItFLO+DELWXDOPHQWHSURFHGRDVtGHVSXpVGHKDEHUPHPDVWXUEDGRXQDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FXDQWDV YHFHV \ VHQWLUPH WRGDYtD LQVDWLVIHFKD 1R PH PXHYR PXFKR HQ FRPSDUD
FLyQFRPRFXDQGRHVWR\ DFRPSDxDGD\WDPELpQKDJRPXFKRPHQRVUXLGR
œ0H PDVWXUER FXDQGR PH VLHQWR PX\ D JXVWR FRQPLJR PLVPD R OHYHPHQWH
H[FLWDGD8WLOL]RXQDPDQRHQXQOLJHURPRYLPLHQWRFLUFXODUUHSHWLGRPLHQWUDVVH
SDURORVODELRVFRQODRWUDKDOOiQGRPHQRUPDOPHQWHVHQWDGDRUHFOLQDGD/DFDULFLD
HV SULQFLSDOPHQWH HQ HO FOtWRULV SHUR WDPELpQ FHUFD GH OD YDJLQD FRQDOJXQDRFD
VLRQDOHQWUDGDHQODDEHUWXUD7HQVDUORVP~VFXORVGHODVLQJOHVDFHOHUDHORUJDVPR
7DPELpQDYHFHVXWLOL]RHVSHMRVSDUDLQWHQVLILFDUHOSODFHU0LVSLHUQDVHVWiQVHSD
UDGDVKDVWDTXHOOHJDHORUJDVPROXHJRODVFUX]RFRQILUPH]DSRUORVPXVORV
9DULDFLRQHVGHOWLSR$,$,$
([LVWHQPXFKDVYDULDQWHVGHOWLSREiVLFR,$HVWLPXODFLyQPHGLDQWHODPDQRGH
OD]RQDFOLWyULFDWRGDVODVFXDOHVLPSOLFDQFDQWLGDGHVYDULDQWHVGHHQWUDGDYDJLQDO
PLHQWUDVFRQWLQ~DODHVWLPXODFLyQGHOFOtWRULV
,$
,$
,$
,$
,$
0XMHUHVTXHHQHOFXUVRGHDOJXQDVGHODVYHFHVTXHVHPDV
WXUEDQHIHFW~DQHQWUDGDHQVXVYDJLQDV
0XMHUHVTXHVLHPSUHHIHFW~DQHQWUDGDHQVXVYDJLQDVGXUDQ
WHODPDVWXUEDFLyQ
0XMHUHVTXHHIHFW~DQHQWUDGDXQVXVYDJLQDVHQHOPRPHQWR
GHORUJDVPR
0XMHUHVTXHXWLOL]DQXQDPDQRSDUDODVLPXOWDQHDHVWLPXOD
FLyQ FOLWyULFRYXOYDU \ SHQHWUDFLyQ YDJLQDO PDQWHQLHQGR OD
SDOPD VREUH OD ]RQD FOLWyULFD PLHQWUDV XQ GHGR R GHGRV VH
DGHQWUDQHQODYDJLQD
0XMHUHV TXH RFDVLRQDOPHQWH KDFHQ HQWUDGD HQ VXV YDJLQDV
SDUDREWHQHUOXEULFDFLyQ
,$
(OWLSR,$HVHOWLSREiVLFR,$FRQODRFDVLRQDODGLFLyQGHXQGHGRRDOJXQDRWUD
FRVD HQ OD YDJLQD (O FLQFR SRU FLHQWR GH ODV PXMHUHV TXH VH PDVWXUEDQ LQGLFDURQ
TXHDYHFHVHIHFWXDEDQXQDHQWUDGDHQVXVYDJLQDVSHURQRVLHPSUH
(OPRWLYRGHODVHSDUDFLyQGHWRGDVHVDVYDULHGDGHVGHHQWUDGDRSHQHWUDFLyQYDJLQDOVHDSUHFLDUiHQHOFDSt
WXORGHGLFDGRDORUJDVPRGRQGHVHDERUGDODVHQVDFLyQGHORUJDVPRFRQRVLQSHQHWUDFLyQYDJLQDO/DVHSDUD
FLyQHVLPSRUWDQWHSDUDILQHVHVWDGtVWLFRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+DELWXDOPHQWH PH PDVWXUER PHGLDQWH VXDYHV FDULFLDV HQ OD UHJLyQ FOLWyULFD
QR WRFR HO FOtWRULV GH IRUPD GLUHFWD VLQR OD SDUWH VXSHULRU GHO PLVPR \ VXV DOUHGH
GRUHV/XHJRFRORFRORVGHGRVHQWRUQRDOFOtWRULVKDFLpQGRORVDYDQ]DU\UHWURFHGHU
UtWPLFDPHQWH\FRQXQSRFRGHSUHVLyQ$VtSXHVSDUDOOHJDUDORUJDVPRODSUHVLyQ
HV XQ IDFWRU \ HO PRYLPLHQWRUtWPLFRRWUR\SURWHJHUHOFOtWRULVGHODHVWLPXODFLyQ
GLUHFWDRWUR(VWR~OWLPRVHFRQVLJXHXWLOL]DQGRODSLHOTXHORFLUFXQGDSDUDHVWLPX
ODUOR)LQDOPHQWHD\XGDPXFKRFRQWUDHUHORULILFLRDQDO\ODFRQFHQWUDFLyQHQODLGHD
GHFRQVHJXLUXQRUJDVPR$YHFHVPHSRQJRXQGHGRHQODYDJLQDORFXDOSDUHFH
HVWDELOL]DUHOFOtWRULV\UHVXOWDXQSRFRH[FLWDQWH0LVSLHUQDVHVWiQDELHUWDV1RPH
PXHYRPXFKR
œ1RUPDOPHQWH HPSLH]R IURWDQGR OD ]RQD ODWHUDO GHO FOtWRULV FRQ HO GHGR (Q
RFDVLRQHVXWLOL]RXQHVSHMRREVHUYiQGRPHHQpO$FRVWXPEUDEDDHVWDUGH SLHGH
ODQWH GH XQ JUDQ HVSHMR 6HJXLGDPHQWH SRUTXH PL GHGR QR PH SRQH UHDOPHQWH HQ
FRQGLFLRQHVUHFXUURDOYLEUDGRU(Q RFDVLRQHVOHROLWHUDWXUDSRUQRJUiILFDRWUDVYH
FHV GHMR HQ OLEHUWDG PL LPDJLQDFLyQ $ YHFHV FRQ HO DFHLWH GHO EHEp PH IURWR ORV
SHFKRV\HOHVWyPDJR0XHYRHOYLEUDGRUHQVHQWLGRDVFHQGHQWH\GHVFHQGHQWHDOR
ODUJR GH OD KHQGLGXUD HQWUH PLV SLHUQDV 7HQJR XQD SLHUQD GREODGD \ OD RWUD D XQ
ODGR VREUH OD FDPD 0XHYR ODSDUWHLQIHULRUGHOFXHUSRSDUDDFRPSDVDUORDOPRYL
PLHQWR GHO YLEUDGRU $ YHFHV ODPR PLV GHGRV \ KXPHGH]FR XQR GH PLV SH]RQHV
PDQLSXOiQGROR PRYLpQGROR FLUFXODUPHQWH HWF (Q RWUDV RFDVLRQHV LQWURGX]FR HO
YLEUDGRUHQPLYDJLQD\ORVDFRDOWHUQDWLYDPHQWHFRPRVLORDWRUQLOODUD
œ8QDGHPLVPDQRVMXHJDFRQOD]RQDFOLWyULFDODRWUDTXHGDHQPLYDJLQDR
MXJXHWHDFRQPLDQR3ULPHURPHWRFRSRUWRGDVSDUWHV\VHJXLGDPHQWHSRUODV]R
QDV PiV VHQVLEOHV -XHJR HQ WRGDV ODV IRUPDV \ SRVWXUDV KDVWD OOHJDU DO RUJDVPR
%DLODU GHVQXGD KDFLHQGR PRYLPLHQWRV VHQVXDOHV HV XQ EXHQ SURFHGLPLHQWR SDUD
H[FLWDUVHXQDPLVPD\FRQODVSLHUQDVDELHUWDVVHGLVSRQHGHPiVHVSDFLRSDUDORV
PRYLPLHQWRV
œ3DUDPDVWXUEDUPHFDVLVLHPSUHQHFHVLWRKDOODUPHH[FLWDGDSRUDOJXQDOHFWXUD
SRUQRJUiILFD \ FUpDQPH HV GLItFLO GDU FRQ DOJR TXH PHGLR PHUH]FD OD SHQD 0H
WLHQGR HQ OD FDPD ERFD DUULED TXLWiQGRPH ODV EUDJDV R ORV SDQWDORQHV GHO SLMDPD
SRUTXH QHFHVLWR WHQHU OLEHUWDG GH PRYLPLHQWRV 0H IURWR FRQ ORV GRV GHGRV GH HQ
PHGLROD]RQDFOLWyULFDHQVHQWLGRDVFHQGHQWH\GHVFHQGHQWH\WDPELpQGHVFULELHQGR
PRYLPLHQWRV FLUFXODUHV $ YHFHV FRORFR GRV GHGRV GH PL RWUD PDQR GHQWUR GH OD
YDJLQD(VWR\IURWDQGRGXUDQWHXQRVVHJXQGRV\SRQJRHQWHQVLyQPLFXHUSR3XHGR
VHQWLU XQD LPSUHVLyQ DPRUWLJXDGD FXDQGR Vp TXH HO RUJDVPR VH DSUR[LPD \ HQWRQ
FHVIURWRFRQPiVHQHUJtDSULQFLSDOPHQWHKDFLDDUULED\KDFLDDEDMR0DQWHQJRODV
SLHUQDVDELHUWDV/D]RQDYDJLQDOHVWiQRUPDOPHQWHKXPHGHFLGDDFRQVHFXHQFLDGHOD
OHFWXUD SRUQRJUiILFDGHQRVHUDVtUHFXUURDODVDOLYDRHQPX\UDUDVRFDVLRQHVD
XQDFUHPD+DELWXDOPHQWHDUTXHRODHVSDOGDXQSRFRFXDQGRHVWR\UHDOPHQWHH[FL
WDGDHQFX\RPRPHQWRUHWLURORVGHGRVGHPLRWUDPDQRGHODYDJLQD\DSULHWRVREUH
OD]RQDXWHULQDMXVWRDUULEDGHOSXELV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ3ULPHUDPHQWH PH PDVWXUEDED HQ OD EDxHUD FRQ HO DJXD GH pVWD \ PiV DGH
ODQWHFRQODPDQRTXHHVORTXHWRGDYtDKDJR8VRHOGHGRFRUD]yQGHODPDQRGHUH
FKDSDUDGHVFULELUXQRVYLJRURVRVPRYLPLHQWRVDVFHQGHQWHV\GHVFHQGHQWHVORVFXD
OHVDFHOHUDQPLDYDQFHKDFLDHOFOtPD[$YHFHVFRORFRXQGHGRGHQWURGHODYDJLQD
SURIXQGL]DQGR HVWDEOHFLHQGR FRQ HO SXOJDU XQ FRQWDFWR FOLWyULFR 5HFLHQWHPHQWH
WUDV KDEHU OHtGR DOJR VREUH HVWH WHPD KH LQWHQWDGR OD FRQWUDFFLyQ GH PLV P~VFXORV
YDJLQDOHVORFXDOSDUHFHUHDO]DUODDFWLYLGDG(QRFDVLRQHVOHYDQWRWRGRHOFXHUSR
VLWXDQGRORVSLHVEDMRPLVQDOJDVWHUPLQDQGRFRQHOSHFKR\OD]RQDVH[XDOHOHYD
GRV\FDUDDOFLHOR/RJURHOPi[LPRDOLYLRFRQODVSLHUQDVPX\VHSDUDGDVSDUDRE
WHQHU OD VHQVDFLyQ GH OD PD\RU DEHUWXUD 8QD YH] SUREp FRQ XQ SHSLQR \ WDPELpQ
FRQXQYLEUDGRUSHURHVWRPHSURSRUFLRQyODVHQVDFLyQGHKDOODUPHXQSRFRIXHUDGH
PtHVGHFLUTXHQRHUD\RPLVPD
œ7HQJRYDULRVHVWDGRVGHiQLPR\PRGRVGHPDVWXUEDUPH&LWDUpSULPHUDPHQ
WH HO PiV UiSLGR FXDQGR VLHQWR FLHUWR PDOHVWDU FOLWyULFR SRU IDOWD GH VDWLVIDFFLyQ
VH[XDO8QRVFXDQWRVVHJXQGRVFRQHOFHSLOORGHGLHQWHVHOpFWULFRRXQYLEUDGRU\PH
SRQJRDWRQRHVWDQGROLVWDHQVHJXLGD3HURFXDQGRTXLHURSURSRUFLRQDUPHXQDVD
WLVIDFFLyQVH[XDOPiVFRPSOHWDKDJRDOJRPiVTXHEXVFDUXQDEUHYHVHQVDFLyQSOD
FHQWHUD8WLOL]RHQWRQFHVDPLFRQVRODGRU\HQRFDVLRQHVDODFDOGHUHWDGHODWXEH
UtD HYRFDQGR UHFXHUGRV H LPDJLQDQGR FRVDV VREUH UHODFLRQHV VH[XDOHV \ SHUVRQDV
TXH YLYLHURQ ODV H[SHULHQFLDV 'HHVWDIRUPDSXHGRSURFXUDUPHXQDKRUDR GRVGH
H[WUHPDVHQVXDOLGDG
,$
(O ,$ HV HO PpWRGR EiVLFR GH OD HVWLPXODFLyQ PDQXDO FOLWyULFD SHUR VLHPSUH
FRQDOJXQDIRUPDGHSHQHWUDFLyQYDJLQDO(OGHODVPXMHUHVTXHH[SOLFDURQFyPR
VHPDVWXUEDEDQSURFHGtDQGHHVWDPDQHUD
œ3RQJRXQGHGRVREUHHOFOtWRULV\FRQODRWUDPDQRLQWURGX]FR\VDFRDOWHUQD
WLYDPHQWH GH OD YDJLQD XQD ERWHOOD GH SOiVWLFR 0DQWHQJR ODV SLHUQDV DELHUWDV DO
SULQFLSLR KDVWD HO RUJDVPR (QWRQFHV ODV MXQWR 3ULPHUR IURWR HO FOtWRULV \ GHVSXpV
LQVHUWRODERWHOOD$OSUHVHQWDUVHHORUJDVPRFLHUURODVSLHUQDVFRQODERWHOODGHQWUR
GHPtWRGRORTXHGXUDDTXpO
œ8WLOL]RPLVGHGRVSULPHUDPHQWHSDUDSHQHWUDUPHODYDJLQDFRQHOILQGHDP
SOLDU OD VHQVDFLyQ HQ OD ]RQD HQ JHQHUDO SHUR GHVSXpV SDUD ORJUDU HO RUJDVPR DO
SULQFLSLROLJHUDPHQWH\OXHJRFRQPiVILUPH]DPHIURWRHOFOtWRULVGHVFULELHQGRPR
YLPLHQWRVFLUFXODUHVRDVFHQGHQWHV\GHVFHQGHQWHV&RQPLRWUDPDQRODL]TXLHUGD
SDVRODVSiJLQDVGHOOLEURSRUQRJUiILFRTXHHVWpOH\HQGR6tHVHQJRUURVR/DVSLHU
QDVDELHUWDV
œ'R\ULHQGDVXHOWDDODLPDJLQDFLyQKDVWDTXHPHVLHQWROXEULFDGD$PHQXGR
PH HQJDxR D Pt PLVPD DEVWHQLpQGRPH GH WRFDUPH KDVWD TXH PH VLHQWR FRPSOHWD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PHQWHH[FLWDGD$YHFHVPHIURWRWRGRHOFXHUSRVREUHODFDPDWHQGLGDERFDDEDMR
\ RFDVLRQDOPHQWH OOHJR DO FOtPD[ SRU WDO SURFHGLPLHQWR SHUR OR FRUULHQWH HV TXH
HVWpERFDDUULED3ULPHUDPHQWHPHDFDULFLRORVODELRVPD\RUHVOXHJRORVDOUHGHGR
UHV GHO FOtWRULV YDOLpQGRPH GH XQ PRYLPLHQWR FLUFXODU $ FRQWLQXDFLyQ LQVHUWR XQ
GHGR HQ OD YDJLQD KDOOiQGRPH WHQGLGD ERFD DUULED R GH ODGR \ PH PXHYR FRQ pO
3XHGROOHJDUDORUJDVPRPX\UiSLGDPHQWHVLWHQJRODVSLHUQDVMXQWDVSHURWHQJRXQ
RUJDVPRPHMRUFXDQGRPLVSLHUQDVHVWiQVHSDUDGDV\PHHVIXHU]RPiVSRUREWHQHU
OR
œ0LHVSRVRPHLQWURGXFHHQODYDJLQDXQFRQVRODGRUHQXQPRYLPLHQWRGHYDL
YpQ \ \R FRPSULPR XQ YLEUDGRU FRQWUD PL FOtWRULV 1R PH WRFR SRUTXH HVWR\ VRV
WHQLHQGRHOYLEUDGRU+DELWXDOPHQWHPDQWHQJRODVSLHUQDVXQSRFRVHSDUDGDVSHURD
YHFHVODVMXQWR
œ&RPLHQ]RFRQXQDHVWLPXODFLyQPDQXDOGHPLFOtWRULV/XHJRKD\XQDVLPXO
WiQHDHVWLPXODFLyQGHOFOtWRULV\ODYDJLQD$YHFHVPHYDOJRGHOGHGRRGHORVGH
GRVHOtQGLFH\HOFRUD]yQRVyORpVWHGHODRWUDPDQRSDUDODHVWLPXODFLyQYDJLQDO
(QRFDVLRQHVXWLOL]RXQREMHWRFRUULHQWHPHQWHHOOLVR\UHGRQGHDGRPDQJRGHOFH
SLOORSDUDORVFDEHOORVQDGDGHFODYHWHDGRVFRQVRODGRUHVSDUDPtJUDFLDVHQODHV
WLPXODFLyQ GH OD YDJLQD 1R VR\ QDGD SURSHQVD D PHQFLRQDU TXH XVR RWUDV FRVDV
DSDUWH PL PDQR (QWUH WRGDV PLV DPLJDVSDUHFHTXHKD\XQWiFLWRWDE~FRQWUDWDOHV
FRVDV ¦DQWLQDWXUDOHV§ 1R WHQJR IHWLFKHV 1R HVWR\ GLVSXHVWD D KDFHUPH GDxR D Pt
PLVPD 6LPSOHPHQWH HV PiV IiFLO 5HVXOWD GLItFLO DGHQWUDUVH HQ OD YDJLQD GH XQD
0LV PXxHFDV VH IDWLJDQ HVSHFLDOPHQWH VL HO FOtPD[ VH SURGXFH FRQ OHQWLWXG $VL
PLVPRVXSRQJRTXHORGHQHFHVLWDU\RXQDHVWLPXODFLyQYDJLQDOORHQFXHQWURSDVD
GRGHPRGD\WDPELpQPHDIHFWD
œ0HKXPHGH]FROD]RQDFOLWyULFDFRQVDOLYDRYDVHOLQD\XWLOL]RXQYLEUDGRU
HOpFWULFRGHORVTXHOOHYDQDFFHVRULRV0H JXVWDSRQHUORVGHGRVGHODRWUDPDQRFR
QWUD HO YLEUDGRU FRQ OR FXDO H[SHULPHQWR OD VHQVDFLyQ SURGXFLGD SRU HO DSDUDWR \
DTXpOOD0HDJUDGDGLVSRQHUGHDOJRHOOLVRH[WUHPRGHXQDYHODRXQDERWHOODTXH
LQWURGXFLU\VDFDUGHPLYDJLQDDOPLVPRWLHPSR TXHHOYLEUDGRUIURWDOD]RQDFOLWy
ULFD0DQWHQJRODVSLHUQDVDELHUWDV$YHFHVLQPRYLOL]RHOYLEUDGRU\PHPXHYRFR
QWUD pO HQ RFDVLRQHV PH PXHYR PX\ SRFR \ GHMR TXH VH PXHYD HO YLEUDGRU ÁOWL
PDPHQWHWLURGHPLSLHOEDMRHOYHOORS~ELFRKDFLDPLHVWRPDJR\DVtSXHGRYHUPH
HOFOtWRULVPLHQWUDVPHPDVWXUER™6XSHUH[FLWDQWH2FDVLRQDOPHQWHXWLOL]RXQHVSHMR
SDUDFRQWHPSODUPLLPDJHQ
,$
8QDVFXDQWDVPXMHUHVXQVHLQVHUWDEDQXQGHGRRYDULRVHQHOPRPHQWR
GGRUJDVPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ'H QLxD PH JXVWDED PDVWXUEDUPH LQWURGXFLHQGR DPEDV PDQRV HQWUH PLV
SLHUQDVFRPSULPLHQGRpVWDVIXHUWHPHQWH\KDFLHQGRVDOWDUOHYHPHQWHWRGRPLFXHU
SR$KRUDQRUPDOPHQWHXWLOL]RPLVGHGRVSDUDIURWDUPHWRGDOD]RQDJHQLWDOHQXQ
PRYLPLHQWRFLUFXODU/XHJRFRUULHQWHPHQWHLQWURGX]FRXQRRGRVGHGRVHQPLYD
JLQDDQWHVGHORUJDVPRSDUDVHQWLUODVFRQWUDFFLRQHV
œ,QPHGLDWDPHQWHGHVSXpVGHOFOtPD[DPHQXGRFRORFRYDULRVGHGRVMXVWRHQ
ODERFDGHPLYDJLQDSDUDVHQWLUODVFRQWUDFFLRQHVQRVyORSDUDYHUVLVHSURGXFHQ
5HVXOWDPX\VDWLVIDFWRULRVH[XDOPHQWH
,$
(OWLSR,$ VHOLPLWDEiVLFDPHQWHDFLHUWDSRVLFLyQGHODPDQRODSDOPDVHHQ
FXHQWUDHQOD]RQDS~ELFD]RQDFOLWyULFD\ORVGHGRVOOHJDQDORVDOUHGHGRUHVGHOD
HQWUDGDYDJLQDOGHPDQHUDTXHODPDQRDGRSWDXQDIRUPDGHVHPLFtUFXOR(OPRYL
PLHQWRPHQFLRQDGRDTXtSRUODPD\RUtDGHODVPXMHUHVSDUHFHGHVFULELUDXQUiSLGR
SDVH GH WRGD OD PDQR UtJLGD œHV XQ UiSLGR PHWHU KDFLD GHQWUR \ DIXHUD WDPELpQ
FLUFXODUœXQDSDOPDGLWDPX\UiSLGD*HQHUDOPHQWHHOGHGRVLQVHUWDGRHUDPDQ
WHQLGRFHUFDGHODERFDYDJLQDOSDUDLQFUHPHQWDUODVHQVDFLyQFDXVDGDSRUHOHVWLUD
PLHQWR DOUHGHGRU GH OD DEHUWXUD (VWH PpWRGR SDUHFtD SURSRUFLRQDU XQD HILFLHQWH \
JHQHUDOL]DGDVHQVDFLyQ
œ$SOLFRODSDOPDGHODPDQRVREUHOD]RQDFOLWyULFDLQVHUWDQGRORVGHGRVHQOD
YDJLQDXQSDUGHFHQWtPHWURVRSRFRPiVPDVDMHDQGROXHJRVXDYHPHQWHHVDSDUWH
œ(PSLH]RHVWDEOHFLHQGRFRQWDFWRFRQODDEHUWXUDYDJLQDOLQVHUWDQGRGRVGHGRV
HQ HOOD \ HVWLPXOR HO FOtWRULV FRQ OD SDOPD GH OD PDQR GHVFULELHQGR PX\ UiSLGRV
PRYLPLHQWRV0DQWHQJRODVSLHUQDVMXQWDV
œ8WLOL]RXQDPDQR\RSULPRHOPRQWHGH9HQXVKDFLHQGRYLEUDUDTXpOODKDVWD
TXHH[SHULPHQWRXQDFiOLGDVHQVDFLyQ/XHJRDEURPLVODELRVFRQXQGHGRKXPH
GHFLpQGRORFRQXQPRYLPLHQWRDVFHQGHQWH\GHVFHQGHQWH6HJXLGDPHQWHLQVHUWRXQ
GHGRHQODYDJLQDPRYLpQGRORKDFLDDUULED\KDFLDDEDMRFRQJUDQUDSLGH]HQWDQWR
TXHODSDOPDKDFHYLEUDUHOPRQWHGH9HQXV/DVSLHUQDVHVWiQPX\DELHUWDV
œ0HDFDULFLRORVSH]RQHVSDUDSRQHUPHHQFRQGLFLRQHV\YHRDOJRSRUQRJUiIL
FR /XHJR PDVDMHR VXDYHPHQWH PL PRQWH GH 9HQXV KDVWD TXH PH VLHQWR JHQH
UDOPHQWH H[FLWDGD 6HJXLGDPHQWH LQVHUWR PLV GHGRV HQ OD YDJLQD IURWiQGRPH DO
PLVPRWLHPSRHOFOtWRULVFRQODSDOPD(QRFDVLRQHVFKXSRXQSHQHGHJRPD
œ0H DSOLFR OD SDUWH LQIHULRU GH OD PDQR \ HO EUD]R FRQWUD HO FOtWRULV 2SULPR
WUHVGHGRVFRQWUDORVSOLHJXHVSUHOLPLQDUHVGHODSDUHGYDJLQDOVLQSURIXQGL]DU/DV
SLHUQDVVHSDUDGDVVLHPSUH0DVDMHROD]RQDH[WHUQD\HOFOtWRULV8QDYH]XWLOLFpXQD
]DQDKRULDLQWHUQDPHQWH
œ0L SDOPD TXHGD FRQWUD HO FDUQRVR PRQWH GH 9HQXV KDFLD OD SDUWH VXSHULRU
IURQWDOGHPL]RQDJHQLWDOLQVHUWDQGRXQRRGRVGHGRVHQODYDJLQD'R\XQDVPX\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UiSLGDV SDOPDGLWDV LQWHULRU \ H[WHULRUPHQWH \ GHVFULER PRYLPLHQWRV FLUFXODUHV $
YHFHVPHIURWRODSRUFLyQH[WHULRUGHPLPDQRVLPXOWiQHDPHQWHFRQODRWUDPDQR
,$
/DYDULDQWHILQDOHVHOEiVLFR,$DFRPSDxDGRSRUXQDPRPHQWiQHDSHQHWUDFLyQHQOD
YDJLQDFRQHOILQGHLQFUHPHQWDUODOXEULFDFLyQ
œ(PSLH]RSRUHVWUXMDU PLVODELRVYDJLQDOHVPD\RUHV\IURWRPLFOtWRULVHQIRU
PDFLUFXODUDWUDYpVGHHOORV$OFDERGHXQUDWRLQWURGX]FRHOGHGRtQGLFHHQODYD
JLQDSDUDKXPHGHFHUOR\OXHJRIURWRFRQVXDYLGDGODFXELHUWDGHDOUHGHGRUGHOFOt
WRULV DYDQ]DQGR \ UHWURFHGLHQGR PRYLPLHQWR TXH JUDGXDOPHQWH VH WRUQD FLUFXODU
0HJXVWDSDOSDUWRGDPLYXOYDSHURPHFRQFHQWURHQOD]RQDFOLWyULFD6LHPSUHPH
HVIXHU]R SRU SURORQJDU HO HVWDGR GH H[FLWDFLyQ DFWXDQGR OHQWDPHQWH SHUR QXQFD
SXHGR LPSHGLUDFHOHUDU/DSUHVLyQYDUtDPXFKR SHURSURJUHVLYDPHQWHHOIURWHVH
KDFH PiV HQpUJLFRDPHGLGDTXHYR\HQWUDQGRHQVLWXDFLyQ$YHFHVPHSDOSRORV
VHQRV FRQ OD RWUD PDQR < MXHJR FRQ PL SHOR (Q RWUDV RFDVLRQHV FRORFR PL RWUD
PDQRHQXQDSRVLFLyQ¦LQRFHQWH§TXHGDODLPSUHVLyQGHQR HVWDULPSOLFDGDHQQDGD
\DTXH XQDGHPLVIDQWDVtDVIDYRULWDVDOPDVWXUEDUPHFRQVLVWHHQTXHWHQJRTXHDSD
UHFHUFRPRVLQRRFXUULHUDDEVROXWDPHQWHQDGDPLHQWUDVTXHVHFUHWDPHQWH6LPL
GHGRVHFDQVDFDPELRGHPDQRSHURODL]TXLHUGDHVWDQWRUSHTXHVLHPSUHYXHOYRD
UHFXUULUDODRWUD$OVHQWLUPHDOERUGHGHOFOtPD[PHGHWHQJRSRUXQRVVHJXQGRVVL
HVTXHSXHGRGRPLQDUPHHQHVHSXQWR\HVSHURDFDOPDUPHXQSRFRDQWHVGHHPSH
]DUGHQXHYR+DJRHVWRWRGDVODVYHFHVTXHSXHGRVRSRUWDUORWUHVRFXDWURSRUTXH
PHJXVWDHVWDUPX\H[FLWDGDVHQWLUTXHHOFRUD]yQPHSDOSLWDIXHUWHPHQWH\VDFXGH
WRGRPLFXHUSRDOOOHJDUDORUJDVPR&XDQGROOHJRPHUHYXHOFRSRUWRGRHOFROFKyQ
\MDGHRPXFKRSHURVLPLDFRPSDxDQWHHVWiGXUPLHQGRWUDWRGHFRQWURODUHVWR\GH
QR KDFHU PXFKR UXLGR 6L HVWi GHVSLHUWR QRUPDOPHQWH PH REVHUYD SHUR SRU XQD
UD]yQTXHGHVFRQR]FRODLGHDGHGHVSHUWDUORDOVHQWLU\RHORUJDVPRPHUHVXOWDGH
PDVLDGRHPEDUD]RVDDPHQRVTXHOHGLJDDQWHVGHTXHVHGXHUPDTXHYR\DPDVWXU
EDUPH7HQJRPD\RUVHQWLGRGHFXOSDELOLGDGFRQODPDVWXUEDFLyQTXHFRQODVRWUDV
SUiFWLFDVVH[XDOHVDODVTXHPHHQWUHJR\QRVpSRUTXpUD]yQDPHQRVTXHVHDHO
WHPRU GH VHU DXWRVXILFLHQWH 3DUHFH VHU TXH HVH VHQWLPLHQWR VH KD DWHQXDGR DOJR DO
KDFHUPHPiVLQGHSHQGLHQWHDODXWRDILUPDUPHHQRWUDVIDFHWDVGHPLYLGD4XL]iVHD
HVWRXQEXHQLQGLFLR
œ0H WLHQGR HQ OD FDPD FRQ ODV SLHUQDV DELHUWDV GHVOL]DQGR ODV PDQRV SRU PL
FXHUSRGDQGRPDVDMHDORVVHQRV\H[SHULPHQWDQGRGLYHUVDVVHQVDFLRQHVLQWHULRU\
H[WHULRUPHQWH0LPDQRGHUHFKDIURWDODV]RQDVJHQLWDOHV\PLL]TXLHUGDRSULPHPL
PXVORSRUGHQWUR\IURWDORVODELRVH[WHULRUHV8WLOL]RHOGHGRtQGLFHSDUDIURWDUORV
ODELRVHQWDQWRTXHORVGHHQPHGLRIURWDQHOFOtWRULVHQFtUFXORV8QGHGRGHVFLHQGH
KDVWD PL YDJLQD \ DJLWD ORV SOLHJXHV LQWHUQRV WDQWHDQGR OD SLHO FRPR GH UDVR OOH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
YDQGRKXPHGDGDOFOtWRULVTXHIURWRVXDYHPHQWHHQPRYLPLHQWRVDVFHQGHQWHVFLUFX
ODUHV\GHVFHQGHQWHV(QWUHWDQWRPLPDQRL]TXLHUGDVHGHVOL]DSRUPLFXHUSRGDQGR
PDVDMHDORVVHQRV\PXVORV
,$FRQSHQHWUDFLyQDQDO
7DPELpQ XQDV FXDQWDV PXMHUHV HQFXDGUDGDVHQWRGRVHVRVWLSRVHPSOHDURQOD
SHQHWUDFLyQDQDORFDVLRQDOPHQWH
œ1DGD PiV SHQVDU HQ FLHUWDV FRVDV H[FLWDQWHV PL SUHVLyQ VDQJXtQHD SDUHFH
LQFUHPHQWDUVHORVODWLGRVGHPLFRUD]yQLQVWDQWiQHDPHQWHVHWRUQDQPiVUiSLGRV\
IXHUWHV 7UDV VHQWLU OLQRV FRVTXLOOHRV HQ HO FOtWRULV PL YDJLQD VH KDFH UHVEDODGL]D D
ORVSRFRVVHJXQGRV0HORIURWRFRQHOGHGRtQGLFHGHODPDQRL]TXLHUGD0HDGHQ
WURHQODYDJLQD\RUHFWRFRQHOGHGRtQGLFH\RGHGRFRUD]yQGHODPDQRGHUHFKD
GHVFULELHQGR XQ PRYLPLHQWR KDFLD DGHQWUR \ KDFLD IXHUD D OD YHORFLGDG TXH VH PH
DQWRMD0LVJHQLWDOHVUHJLVWUDQGRVRWUHVHVWDGRVGHLQWHQVLGDGHQHOFRVTXLOOHRTXH
YD LQWHQVLILFiQGRVH SURJUHVLYDPHQWH 0H IURWR HO FOtWRULV FRQ XQ PRYLPLHQWR GH
DYDQFH\UHWURFHVR$YHFHVHPSOHRSDUDODSHQHWUDFLyQ~WLOHVFDVHURVTXHWLHQHQOD
IRUPDGHXQSHQH
œ0HPDVWXUERHQXQDKDELWDFLyQDRVFXUDV(QRFDVLRQHVPHYDOJRGHOHFWXUDV
HUyWLFDV HVSHFLDOPHQWH RULHQWDGDV D OD ]RQD DQDO 0H HVWLPXOR FRQ ORV GHGRV SUH
YLDPHQWHOXEULFDGRVXQDSOLFDGRUGHHVSXPDYDJLQDORORVH[WUHPRVGHXQDGXFKDR
ODYDWLYD1RUPDOPHQWHGHVFULERPRYLPLHQWRVFLUFXODUHVHQPL]RQDS~ELFDFRQXQD
PDQR\WRFRPLDQRFRQODRWUDLQVHUWDQGRHQRFDVLRQHVPLGHGRRXQREMHWRHQPL
UHFWR'DORPLVPRTXHPLVSLHUQDVHVWpQMXQWDVRVHSDUDGDV0HPXHYRPX\SRFR
œ$YHFHVXWLOL]RPLVGHGRVVREUHHOFOtWRULVFRORFDQGRXQRGHQWURGHODYDJLQD
RWURHQOD]RQDDQDORVyORVREUHHOFOtWRULV1RUPDOPHQWHPHYDOJRGHXQRGHGRV
WDPDxRV GH YLEUDGRUHV (O SHTXHxR SDUD PL DQR \ HO JUDQGH SDUD OD YDJLQD 8QD
PDQR VH DSOLFD DO FOtWRULV OD RWUD VRVWLHQH ORV GRV YLEUDGRUHV HQ VXV SXQWRV UHVSHF
WLYRV/DVSLHUQDVHVWiQKDELWXDOPHQWHVHSDUDGDV0RYLPLHQWRV FLUFXODUHV
7LSR,%
(OWLSR,%VHUHILHUHDXQDFODVHGHPDVWXUEDFLyQHQODTXHHVLPSRUWDQWHHVWL
PXODU QR VRODPHQWH HO FOtWRULV VLQR WDPELpQ ODV RWUDV SDUWHV GH OD YXOYD JHQLWDOHV
H[WHUQRV/DHVWLPXODFLyQHQHVWHWLSRSDUHFHFRQVLVWLUHQXQPiV JHQHUDOL]DGRIUR
WH \ PDVDMH GH WRGD OD ]RQD YXOYDU &DVL HO GH ODV PXMHUHV TXH FRQWHVWDURQ VH
PDVWXUEDEDQGHHVWDIRUPDGHODVFXDOHVDSUR[LPDGDPHQWHXQDVH[WDSDUWHVHLQVHUWD
GHYH]HQFXDQGRDOJRHQVXVYDJLQDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HYDOJRGHPLPiTXLQDGHGHSLODUHOpFWULFDSDUDPDVWXUEDUPH+DJRXQPR
YLPLHQWRGHIURWHDVFHQGHQWH\GHVFHQGHQWH\RWURODWHUDO&RUULHQWHPHQWHHQWUHWDQ
WRXVRODRWUDPDQRSDUDHVWLPXODUHOERUGHGHPLYDJLQD
œ/HQWD\VXDYHPHQWHPLGHGRSUHVLRQDODSDUWHLQIHULRUGHOFOtWRULVDYDQ]DQGR
\UHWURFHGLHQGRGHVOL]iQGRVHKDVWDODDEHUWXUDYDJLQDO8QDOLJHUDSDXVDOXHJRXQ
DVFHQVRXQGHVFHQVRHWFHMHUFLHQGRXQDOHYHSUHVLyQHQHOSXQWRPiVEDMRPLHQ
WUDVPLPHQWHUHSDVD\VLHQWHORTXHHVWiVXFHGLHQGR8WLOL]RXQDPDQRHOGHGRFR
UD]yQ\ORVGRVFRQWLJXRVSDUDORVODELRVPLHQWUDVODRWUDDFHUFDXQDSLHUQD\DTXH
HVWR\WHQGLGDGHODGR+D\XQRVGHILQLGRVPRYLPLHQWRVUtWPLFRVGHODSHOYLV$OFD
ERGHXQUDWRGHHVWDUHQHVWDSRVLFLyQPHFRORFRERFDDUULED\OHYDQWRODVSLHUQDV
OR VXILFLHQWH SDUD SRQHUPH HQ WHQVLyQ WRGDYtD SUHVLRQDQGR WRGD PL ]RQD YXOYDU
KDFLDDUULED\KDFLDDEDMRDYHFHVFRQHOGHGRFRUD]yQHQODYDJLQD/DLQWHQVLGDG
FDPELDVHJ~QPLJUDGRGHELHQHVWDUItVLFRSHURHVWHRUJDVPRHVSURORQJDGRGXOFHH
LQWHQVR
œ8WLOL]RORVGHGRV\ODVPDQRVFLUFXODUPHQWHVREUHPLDEGRPHQ\KDFLDDUULED
\ DEDMR HQ OD YXOYD 7HQJR ODV SLHUQDV HVWLUDGDV \ DSDUWH 0H WRFR HO DEGRPHQ HO
PRQWHGHYHQXVHOYHOORHVSHFLDOPHQWHORVPXVORVOD]RQDFOLWyULFD\ORVDOUHGHGR
UHVGHODYDJLQD(PSLH]RWHQGLpQGRPH\MXJDQGRFRQPLVSH]RQHV'LUpVyORSDUD
TXHTXHGHFRQVWDQFLDGHHOORTXHKHGHVFXELHUWRTXHXQPDVDMHFLUFXODUGHORVP~V
FXORV DEGRPLQDOHV EDMRV KDFLHQGR DYDQ]DU OD PDQR \ HQWRQFHV GHVGH HO PRQWH
KDFLDDUULEDHQGLUHFFLyQ DODEGRPHQFRQWULEX\HDDOLYLDUORVFDODPEUHVPHQVWUXD
OHV DGHPiV GH VHU HQ JHQHUDO FRQIRUWDGRU \ UHODMDQWH (Q FXDOTXLHU FDVR FXEUR \
DFDULFLRPLYXOYD\PRQWHFRQODSDOPDGHODPDQRRFRQODVGRVPDQRVKDVWDTXH
HQWUR HQ FDORU /XHJR PDQWHQLHQGR XQD PDQR HQ HO PRQWH SDUD FRQVHJXLU XQ SUR
ORQJDGR HIHFWR FDOPDQWH DFDULFLR WRGD OD ]RQD YXOYDU FRQ ORV GHGRV RWUD PDQR
FLxpQGRPHJUDGXDOPHQWHDOD]RQDFOLWyULFDLQFUHPHQWDQGRODUDSLGH]\ILUPH]DGH
ODIULFFLyQ8WLOL]RGRVRWUHVGHGRVHOtQGLFH\HO VLJXLHQWHRORVGRVVLJXLHQWHV`HQ
OD]RQDFOLWyULFDWHQLHQGRRWURVGHGRVH[WHQGLGRVHQWRPRDODYXOYD$ODFHUFDUPH
DORUJDVPRHVWLURODVSLHUQDVKDFLDDUULED\HOHYRHOWRUVRUHWLUDQGRDOPLVPRWLHP
SRODPDQRGHPLPRQWHGH9HQXV
7LSR,,
/DPDVWXUEDFLyQHQHOWLSR,VHOOHYDDFDERFRQHOFXHUSRWHQGLGRERFDDUULED
XWLOL]DQGRODVPDQRVORVGHGRVRHOYLEUDGRU(OWLSR,,HVPX\VLPLODUVyORTXHHO
FXHUSR VH KDOOD WHQGLGR ERFD DEDMR (O FLQFR \ PHGLR SRUFLHQWRPiVXQDGLFLRQDO
TXHSRGtDQPDVWXUEDUVHWDPELpQSRURWURVPpWRGRVGHODVPXMHUHVTXHFRQWHV
WDURQ VH PDVWXUEDEDQ VREUH VXV HVWyPDJRV XWLOL]DQGR XQD PDQR R XQ YLEUDGRU \
GHVGH OXHJR HO WLSR ,, FRQWLHQH DVLPLVPR WRGDV ODV YDULDQWHV VHxDODGDV HQ OD FRQ
MXQFLyQFRQHOWLSR,6LQHPEDUJRODSUHVLyQGHOFXHUSRSDUHFHHVWDEOHFHUXQDLP
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SRUWDQWH GLIHUHQFLD DOJXQDV PXMHUHV VLQWLHURQ TXH HVWR LQFUHPHQWDED VX HVWLPXOD
FLyQ HQ WDQWR TXH RWUDV PDQLIHVWDURQ TXH QR SRGtDQ OOHJDU DO RUJDVPR HQ DEVROXWR
VREUHVXVHVWyPDJRVRELHQFRQGLILFXOWDGHV
$OJXQDV PXMHUHV GHO WLSR ,, PXHYHQ VXV FXHUSRV FRQWUD VXV PDQRV PLHQWUDV
TXHRWUDVPXHYHQ~QLFDPHQWHODVPDQRV\QRVXVFXHUSRVHQJHQHUDOQRREVWDQWH
PXHYHQODVGRVFRVDV
8QLQWHUHVDQWHGHWDOOHGHOWLSR,,HVTXHXQSRUFHQWDMHPXFKRPiVDOWRGHPXMH
UHVPDQWLHQHQODVSLHUQDVMXQWDVFRQUHVSHFWRDOWLSR,'HHVWRVHKDEODUiFRQGHWH
QLPLHQWRPiVDGHODQWHHQHOFDStWXOR6RODPHQWHXQDFXDUWDSDUWHGHODVPXMHUHVTXH
GHVFULELHURQ OD SRVLFLyQ GH ODV SLHUQDV PDQWHQtDQ ODV PLVPDV DSDUWH XQ SRUFHQWDMH
GHVDFRVWXPEUDGDPHQWHEDMR
,,$
œ8WLOL]RPLGHGRtQGLFH0HWLHQGRVREUHHOHVWyPDJRDEUD]iQGRPHDXQDDO
PRKDGD FRQ OD RWUD PDQR 'HVFULER XQ PRYLPLHQWR FLUFXODU \ DVFHQGHQWH \ GHV
FHQGHQWHVREUHPLFOtWRULV\PDQWHQJRKDELWXDOPHQWHODVSLHUQDVXQSRFRVHSDUDGDV
SHURDODFHUFDUVHHORUJDVPRODVMXQWRFRQIXHU]D$YHFHVPHPXHYRPXFKR\HQ
RWUDVRFDVLRQHVVyOROLJHUDPHQWH
œ0H PDVWXUER SULQFLSDOPHQWH ERFD DEDMR\XWLOL]RODPDQRGHUHFKDSDUDHVWL
PXODUPLFOtWRULVHQXQHQpUJLFRPRYLPLHQWRDVFHQGHQWH\GHVFHQGHQWHFRQORVGH
GRVFRUD]yQtQGLFH\DQXODU/DPDQRL]TXLHUGDDFDULFLDPLVVHQRV0HPXHYRPX
FKR HQ XQ VHQWLGR GH URWDFLyQ \ KDFLD DUULED \ DEDMR +DJR PPPP PXFKR \ GLJR
¦MRGH§ 7HQJR ODV SLHUQDV DELHUWDV DO SULQFLSLR \ FXDQGR VLHQWR TXH VH DSUR[LPD HO
RUJDVPRODVFLHUURPLFXHUSRHQWRQFHVVHHOHYDGHOVXHORODFDPDORTXHVHD$
YHFHVPHPDVWXUERGHSLH\XVRHOPLVPRPRYLPLHQWR\PHDJLWREDVWDQWH2FDVLR
QDOPHQWHPHPDVWXUERWHQGLGDERFDDUULED\HQFXHQWURGLItFLOOOHJDUDORUJDVPRGH
HVDIRUPD
œ6HFXHQFLDSRQJRXQDWRDOODVREUHODFDPDFRORFRHOYLEUDGRUHQHOODFRQHO
SXOVDGRU DSXQWDQGR KDFLD DUULED HO SXOVDGRU WLHQH XQD FDSXFKD GH JRPD GH XQRV
YHLQWLFLQFRPLOtPHWURVGHGLiPHWUR1RUPDOPHQWHKXPHGH]FRHOSXOVDGRUDQWHVGH
FRPHQ]DU/XHJRPHWLHQGRLQPyYLOERFDDEDMRFRQEUD]RV\SLHUQDVHQIRUPDGH
XQDDPSOLD9IXQFLRQDQGRHOSXOVDGRUHQOD]RQDGHOPRQWH6yORXWLOL]RODVPDQRV
FXDQGRVHDFHUFDHORUJDVPRPRPHQWRHQTXHGHVSOD]RHOYLEUDGRUOLJHUDPHQWHFRQ
OD PDQR L]TXLHUGD SDUD FRORFDUOR H[DFWDPHQWH HQ HO VLWLR TXH FRQYLHQH 3RFR DQWHV
GHO RUJDVPR PLV PDQRV\PtFXHOORVHSRQHQUtJLGRV\PLVPDQRVVHHOHYDQHQHO
DLUH XQ SRFR DQWHV GH PRYHU OD L]TXLHUGD SDUD PDQLSXODU HO YLEUDGRU HQ HO LQVWDQWH
FUtWLFR
œ6RODPHQWHPDVWXUEiQGRPHSXHGROOHJDUDORUJDVPR'HERWHQGHUPHVREUHPL
HVWyPDJRFRQODVSLHUQDVMXQWDV6XMHWRXQDSHTXHxDWRDOODVREUHPLPDQR(OERUGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHPLPDQRGHUHFKDSRUGHEDMRGHOSXOJDU\KDFLDHOSXxRPDQLSXODHOFOtWRULVHQ
WDQWRTXHODL]TXLHUGDHQXQSXxRIXHU]DODSULPHUDFRQWUDODUHJLyQS~ELFD$FRP
SDxR XQ UtWPLFR PRYLPLHQWR GH OD PDQR GHUHFKD FRQ RWURV GH OD SHOYLV 9HQJR
KDFLHQGRHVWRVLHPSUHLJXDOGHVGHTXHPHKDOODEDHQHOFXDUWRJUDGRWHQJRYHLQWL
FLQFRDxRVDKRUD\QLQJ~QRWURPpWRGRSRGUtDVXVWLWXLUDOGHVFULWR$YHFHVFXDQGR
PH PDVWXUER WHQJR TXH TXLWDUPH WRGDV ODV URSDV \ TXL]i IURWDUPH ORV VHQRV FRQ
DOJ~QWHMLGREDVWR(QRFDVLRQHVLQWURGX]FRDOJRHQODYDJLQDDFRPSDxDQGRODDF
FLyQ FRQ DOJXQD IDQWDVtD PDVRTXLVWD 2WUDV YHFHVPHH[FLWRFRORFDQGRXQDERWHOOD
OOHQDGHDJXDFDOLHQWHVREUHPLVJHQLWDOHV'HERLQVLVWLUHQTXHDPtPHUHVXOWDLP
SRVLEOH FRQVHJXLUHORUJDVPRVLQXQDDGHFXDGDIDQWDVtD$YHFHVQRORJURHORUJDV
PRWHQLHQGRTXHUHEXVFDUHQPLPHQWH SDUDLPDJLQDUDOJRSURSLFLR
œ(VPiVUiSLGRVLPHWLHQGRVREUHHOHVWyPDJRFRQDPEDVPDQRVGHEDMRORV
SXOJDUHV KDFLD GHQWUR XQR MXQWR DO RWUR IURWDQGR HQ XQ PRYLPLHQWR FLUFXODU R DV
FHQGHQWH \ GHVFHQGHQWH 7DPELpQ HV PiV UiSLGR FRQ ODV SLHUQDV MXQWDV SRUTXH HQ
WRQFHVFRQWUDLJRORVP~VFXORVDOPLVPRWLHPSRORFXDODSOLFDSUHVLyQ
œ(OGHGRFRUD]yQGHPLPDQRGHUHFKDHVPLPiVIXHUWHHLPSRUWDQWHHVWLPXOD
GRU3ULPHURHVWLPXORPLFOtWRULVPHGLDQWHVXFHVLYRVJROSHFLWRV\FRVTXLOOHR\OXH
JR PXHYR OD PDQR HQWHUD FLUFXODUPHQWH VHJXLGDPHQWH HQJDxR PL YDJLQD FRQ HO
GHGRFRUD]yQPHGLDQWHJROSHFLWRVRXQPRYLPLHQWRDVFHQGHQWH\GHVFHQGHQWHSRUOD
DEHUWXUD H[WHULRU 1XQFD PH LQWURGX]FR QDGD SRUTXH SLHQVR HQ XQD SRVLEOH LQIHF
FLyQ6LHPSUHPHWLHQGRERFDDEDMRHQODFDPDSDUDFRQVHJXLUODPi[LPDSUHVLyQ
VREUHHOFOtWRULV1RUPDOPHQWHPXHYRODVFDGHUDVGHXQODGRDRWUR\KDFLDDUULED\
DEDMR/OHJRDHVWLPXODUPHPXFKRFRQODVSLHUQDVVHSDUDGDVSHURKHGHFRORFDUODV
MXQWDV SDUD OOHJDU DO RUJDVPR &XDQGR HVWR\ OLVWD SDUD OOHJDU DXPHQWR OD HVWLPXOD
FLyQPDQXDOKDVWDKDOODUPHDOERUGHGHOPLVPRKDJRXQDSUHVLyQIXHUWHKDFLDDEDMR
\JR]R'HVSXpVUHWLURUiSLGDPHQWHODPDQR\VLJRWHQGLGDUHODMiQGRPH
œ0HPDVWXUERWHQGLpQGRPHERFDDEDMRFRORFDQGRDPEDVPDQRVVREUHPLUH
JLyQ S~ELFD FRQ ODV SLHUQDV MXQWDV 0LHQWUDV GHVFULER XQ PRYLPLHQWR GH URWDFLyQ
FRQODVFDGHUDVDSOLFRSUHVLyQHQVHQWLGRDVFHQGHQWHFRPRVLHVWLUDUDODSLHOKDFLD
ORVFDQWRVGHPLVPDQRVUtWPLFDPHQWHHQHVSHFLDOFRQHOGHGRtQGLFHGHPLPDQR
GHUHFKD \ ORV GHGRV FRUD]yQ H tQGLFH GH OD L]TXLHUGD 7RGRV ORV P~VFXORV GH PLV
SLHUQDV VH SRQHQ HQ WHQVLyQ (Q UHVXPHQ MXQWR ODV SLHUQDV VXMHWR IXHUWHPHQWH PL
UHJLyQS~ELFDSRUHQFLPDGHODVURSDVTXHOOHYHSXHVWDVHLQLFLRXQDHVSHFLHGHPR
YLPLHQWR GH DFRPHWLGD FRQ OD SHOYLV PLHQWUDV DSOLFR XQD SUHVLyQ UtWPLFD FRQ ODV
PDQRV\RUJDVPR
œ0HWLHQGRVREUHHOHVWyPDJRPLEUD]RHQWRUQRDODDOPRKDGDPLRWUDPDQR
HQWUHODVSLHUQDVWRFDQGRHOFOtWRULVFRQHOGHGRtQGLFH$OFDERGHFLQFRPLQXWRVPL
FXHUSRHPSLH]DDPRYHUVHGHIRUPDTXHHVWR\WRGDHQPRYLPLHQWR$ODFHUFDUPHDO
RUJDVPR PLV SLHUQDV VH DFHUFDQ XQD D RWUD 3DUD OOHJDU DO FOtPD[ HO PDVDMH GH PL
GHGRVREUHHOFOtWRULVGHEHVHUFRQVWDQWH\PRQyWRQR§
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OJXQRV FDVRV GHO WLSR ,, GHSHQGHQ SULQFLSDOPHQWH GH ORV PRYLPLHQWRV GHO
FXHUSRPiVTXHGHODPDQR
œ0HWLHQGRGHEUXFHVVREUHODFDPDFRQORVEUD]RVSRUGHEDMRFRORFDQGRDP
EDVPDQRVVREUHPL]RQDJHQLWDO$YHFHVQHFHVLWRGLVSRQHUGHDOJREODQGRHQWUHODV
PDQRV\ORVJHQLWDOHV SXHVPXHYRPLFXHUSR\QRDTXpOODV7HQJRODVSLHUQDVMXQ
WDV FUX]DGDV SRU ORV WRELOORV )UHFXHQWHPHQWH QR SXHGR OOHJDU DO RUJDVPR FXDQGR
DOJXLHQPHHVWLPXODFOLWyULFDPHQWHSRUTXHLJQRUDQTXHQHFHVLWRDOJREODQGRDOOt
<HOWLSR,,FRQWLHQHWRGDVODV YDULDQWHVGHOWLSR,
,,$ ¥ (VWLPXODFLyQFOLWyULFDDYHFHVFRQSHQHWUDFLyQHQODYDJLQD
œ0H PDVWXUER VREUH PL HVWRPDJR FRQ ODV SLHUQDV MXQWDV HMHUFLHQGR SUHVLyQ
VREUHHOFOtWRULVFRQORVGHGRVGHDPEDVPDQRVHOtQGLFH\ORVGHGRVGHHQPHGLR
XQRHQFLPDGHRWUR(QRFDVLRQHVPHDFDULFLRORVVHQRVRODVQDOJDVFRQXQDPDQR
R LQWURGX]FR ORV GHGRV HQ OD YDJLQD SHUR HVWR QR HV FRUULHQWH 0H PXHYR PXFKR
PHQRVTXHHQHOFRLWR
œ0HWLHQGRERFDDEDMRFRQXQDDOPRKDGDHQWUHODVSLHUQDVKDFLHQGRXQPR
YLPLHQWRGHIURWHFRQWUDODDOPRKDGDRXVDQGRWDPELpQORVGHGRV0LFXHUSRHVWiUt
JLGR\HQWHQVLyQPLHQWUDVPHIURWRHOFOtWRULVFRQXQPRYLPLHQWRFLUFXODU0LRWUD
PDQRHVWiHQHOSH]yQDSUHWiQGROR\HQRFDVLRQHVPHFRORFRXQYLEUDGRUHQODYD
JLQDRGHWUiV/DSRVLFLyQGHODVSLHUQDVYDUtDGHXQRVFDVRVDRWURV
,,$ ¥ (VWLPXODFLyQFOLWyULFDTXHVLHPSUHLQFOX\HSHQHWUDFLyQHQODYDJLQD
œ0HWLHQGRVREUHHOHVWyPDJRFRQODVSLHUQDVORPiVVHSDUDGDVSRVLEOH\FR
ORFRWUHVDOPRKDGDVGHEDMRGHPLFXHUSRSDUDDUTXHDUODHVSDOGD'R\PDVDMHDPL
FXHUSRHQODUHJLyQJHQLWDOLQVHUWRHOGHGRFRUD]yQGHXQDPDQRHQODYDJLQD\DSOL
FRPLRWUDPDQRFRQIXHU]DFRQWUDDTXpOODHQOD]RQDGHOFOtWRULV'HHVWDPDQHUD
SXHGR HVWLPXODU HQpUJLFDPHQWH HO FOtWRULV \ PL FHUYL[ TXH HV D PHQXGR VHQVLEOH
SHURQRWDQWRFRPRHOFOtWRULV0LUHVSLUDFLyQVHWRUQDHQWUHFRUWDGDMDGHDQWH\PL
FXHUSR HPSLH]D D FRQWUDHUVH YLROHQWDPHQWH D PHGLGD TXH EDMD VREUH HO GHGR \ OD
PDQR+HSUREDGRFRQGRVRWUHVGHGRVSHURHVWRWHQtDODGHVYHQWDMDGHTXHQRSR
GtDOOHJDUWDQDGHQWURFRPRFRQXQGHGR
œ8WLOL]RPLVPDQRVFRPHQ]DQGRFRQXQIURWHJHQHUDOSDUDFDOHQWDUPHODVPD
QRV\HOFXHUSR/XHJRHMHU]RSUHVLyQHQODLQJOHDSUHWDQGROHQWDPHQWHFRQODV\H
PDVGHFXDWURGHGRV'HVSXpVPHFRORFRVREUHPLHVWyPDJR(PSLH]RFRQXQPR
YLPLHQWR FLUFXODU FRQ GRV GHGRV VREUH HO FOtWRULV \ RFDVLRQDOPHQWH DUULED \ DEDMR
FRQHOFOtWRULVHQWUHPLVGHGRV+DJRXQDFRPSUREDFLyQFRQODPDQRGHUHFKDSDUD
YHUVLPLYDJLQDHVWiK~PHGD\PHHQWUHJRDPLVIDQWDVtDV&RQWLQ~RHVWLPXODQGRHO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FOtWRULVFRQODPDQRL]TXLHUGD\OXHJRLQVHUWRGRVGHGRVGHQWURGHODYDJLQD0HJXV
WDSDOSDUVXVSOLHJXHV\KHQGLGXUDV(VDVRPEURVRVHQWLUHOLQWHULRUGHODPLVPD$
YHFHV HVWLPXOR WDPELpQ OD DEHUWXUD GH OD XUHWUD SHUR HVWRSXHGHUHVXOWDUGRORURVR
0DQWHQJRODVSLHUQDVKDELWXDOPHQWHFHUUDGDVSHURHQRFDVLRQHVWDPELpQODVDEUR6L
QRKHOOHJDGRDORUJDVPRSRUHQWRQFHVIOH[LRQRWRGRVORVP~VFXORVGHODVSLHUQDV\
SDUWHSRVWHULRUGHOFXHUSR\DYHFHVFRPLHQ]RDPRYHUWRGRHOFXHUSRKDFLDDUULED\
DEDMRRPHOLPLWRDPRYHUODVPDQRV0HDJUDGDDPHQXGRVDFDUPLWUDVHURGHGH
EDMRGHODVURSDVVHUiTXHHODLUHIUHVFRFRQVWLWX\HXQHVWtPXORRTXL]iVHDXQGHVHR
GHH[KLELUPHUHDOPHQWHQRORVp'HWRGRVPRGRVHOJLURVREUHPLHVWyPDJRPHMRUD
PLFDSDFLGDGGHLQWURGXFLUORVGHGRVSURIXQGDPHQWHHQODYDJLQD
,,%¥ (VWLPXODFLyQFOLWyULFRYXOYDU
œ0HWLHQGRVREUHPLHVWyPDJR/DVPDQRVXQDVREUHRWUDDEDUFDQODUHJLyQ
JHQLWDO H[WHUQD SHUPDQHFLHQGR ORV ODELRV FHUUDGRV 2SULPR FRQ VXDYLGDG OD ]RQD
FRQXQGHGRDVFHQGLHQGRILUPHPHQWHFRQWUDODFXUYDGHORVODELRVODSDOPDGHPL
PDQRDSOLFDSUHVLyQHQODSRUFLyQGHODQWHUD\HOKXHVRS~ELFR/DVSLHUQDVMXQWDV
+DJRHVWRDGLDULRGHVGHTXHFXPSOtORVFXDWURRFLQFRDxRV&XDQGRPLFRPSDxHUR
VHXQHDPtVHWLHQGHVLPSOHPHQWHVREUHPLHVSDOGDFRQWULEX\HQGRDLQFUHPHQWDUOD
SUHVLyQ
œ0HYDOJRGHOUHVSDOGRGHOSOiVWLFRFXUYDGR\QRODDOPRKDGLOODGHXQSHTXH
xR YLEUDGRU (Q PX\ UDUDV RFDVLRQHV SHUPDQH]FR VROD GXUDQWH HO WLHPSR QHFHVDULR
SDUD UHFXUULU D ORV PpWRGRV PDQXDOHV TXH HQFXHQWUR H[FHVLYDPHQWH OHQWRV PHQRV
LQWHUHVDQWHV\PiVIDWLJRVRV6RVWHQJRHOYLEUDGRUFRQPD\RURPHQRUILUPH]DGHED
MRGHPtDOWHQGHUPHERFDDEDMR\PXHYRHOFXHUSRVREUHpO\DVXDOUHGHGRU0HOR
DSOLFRH[FOXVLYDPHQWHDOFOtWRULV\DORVODELRVYDJLQDOHV0HJXVWDWHQHUODVSLHUQDV
MXQWDV'HHVWDIRUPDFRQORVWRELOORVFUX]DGRVSXHGRYDOHUPHGHODVSLHUQDVSDUD
FRQWURODU HO FRQWDFWR FRQ HO YLEUDGRU $ YHFHV PH PXHYR PXFKR RWUDV PX\ SRFR
&XDQWRPiVH[FLWDGDHVWR\PiVPHPXHYR
œ7HQGLGDVREUHPLHVWyPDJRFRORFRXQDDOPRKDGDHQWUHPLVSLHUQDVDODDOWX
UD GH OD FLQWXUD \ FRPR KDFLHQGR XQ EXOWR HQ HO FHQWUR 0LV PDQRV TXHGDQEDMROD
DOPRKDGDGHEDMRH[DFWDPHQWHGHODUHJLyQFOLWyULFD\PHDSULHWRFRQWUDODDOPRKDGD
UtWPLFDPHQWH'HVSXpVPHSRQJRHOYLEUDGRUMXVWDPHQWHSRUDUULEDGHPLFOtWRULV\
PLHQWUDVSHUPDQHFHHVWDFLRQDULRPHIURWRFRQWUDpOSRUXQRVPRPHQWRVKDVWDTXH
HVWR\WDQDQVLRVDTXHKHGHSRQHUORHQPDUFKDHQFX\RLQVWDQWHPLPDQRL]TXLHUGD
OR LQPRYLOL]D R MXHJD FRQ HO FOtWRULV R OD UHJLyQ YDJLQDO 'H WRGRV PRGRV VX PHUD
SUHVHQFLD \D FRQVWLWX\H XQ HOHPHQWR HUyWLFR (V LPSRUWDQWH TXH PL PDQR GHUHFKD
LPSLGD TXH YLEUH GHPDVLDGR OD FDXVD GHO UHFXUVR GH OD DOPRKDGD 8QDV YHFHV HO
YLEUDGRU DSXQWD KDFLD OD L]TXLHUGD \ RWUDV KDFLD HO DQR 0LV SLHUQDV VH PDQWLHQHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PX\MXQWDV\GHMRFRUUHUODLPDJLQDFLyQ(QRFDVLRQHVJROSHRGHXQPRGRHVSHFLDO
HOYLEUDGRUDPRUWLJXDGR
,,% (VWLPXODFLyQFOLWyULFRYXOYDUDYHFHVFRQSHQHWUDFLyQHQODYDJLQD
œ&RORFRHOYLEUDGRUVREUHHOFOtWRULVODELRVPHQRUHV\HQWUDGDYDJLQDO\DGH
PiVDYHFHVLQWURGX]FRXQDYHODHQPLYDJLQD&RQODVSLHUQDVMXQWDVHVPiVIiFLO
HVSHFLDOPHQWH FRQ ORV WRELOORV FUX]DGRV HVWR LQWHQVLILFD OD WHQVLyQ PXVFXODU \
VDWLVIDFHXQGHVHRUHIOHMRGHRSULPLUXQDURGLOODFRQWUDRWUD6ROtDWRFDUPHORVVHQRV
\HOHVWyPDJRSHURHVWRSDUHFtDHVWDUGHPiV<VROtDPRYHUPiVPLVPDQRVTXH\R
$KRUDPHPXHYRPiV\R
7LSR,,,
(OWLSR,,,VHUHILHUHDODPDVWXUEDFLyQUHDOL]DGDSUHVLRQDQGRFRQIXHU]DVREUH
XQDDOPRKDGDRFXDOTXLHURWURREMHWREODQGR(OFXDWURSRUFLHQWRGHODVPXMHUHVVH
PDVWXUEDEDQ GH HVWD PDQHUD KDELHQGR XQ DGLFLRQDO TXH SRGtD WDPELpQ PDV
WXUEDUVHGHRWURVPRGRV(OWLSR,,,HVVLPLODUDOWLSR,,SRUTXHVHRSHUDVREUHHOHV
WyPDJRHQODSRVWXUDGHERFDDEDMRSHURGLIHUHQWHSRUTXHQRVHXWLOL]DQODVPDQRV
,PSOLFD SUHVLRQDU R HFKDU OD SHOYLV KDFLD GHODQWH HVSHFLDOPHQWH OD UHJLyQ S~ELFD
FRQWUD OD FDPD XQDV DOPRKDGDV R XQ EXOWR GH URSDV R TXL]iV HO FXHUSR HQ PRYL
PLHQWRVGHSUHVLyQFRQWUDODFDPD/DVSLHUQDVHVWiQKDELWXDOPHQWHMXQWDV\DPH
QXGRKD\XQDVViEDQDVRWHMLGRIRUPDQGRXQDOPRKDGLOODGRTXHVHVRVWLHQHHQWUHODV
SLHUQDV$VtODHVWLPXODFLyQVHH[WLHQGHVREUHXQD]RQDEDVWDQWHDPSOLDGHPDQHUD
LQGLUHFWD6HLVFDVRVGHOWLSR,,,QRVRQFRUULHQWHV\FXDWURGHHVWDVFLWDVVHHQFXHQ
WUDQDOILQDOGHODSUHVHQWHVHFFLyQ
œ&XDQGR PH PDVWXUER PH WLHQGR ERFD DEDMR QRUPDOPHQWH HQ OD FDPD VREUH
XQDV URSDV XQD PDQWD R FROFKD GREODGDV IRUPDQGR XQ PRQWtFXOR FRQWUD HO FXDO
PHIURWRHQPRYLPLHQWRVGHYDLYpQ
œ6t \R JR]R FRQ OD PDVWXUEDFLyQ 0H PDVWXUER GHVGH TXH HUD QLxD \ QR YHR
UD]yQSDUDGHMDUGHKDFHUOR6LQHPEDUJRSUHILHURODUHODFLyQVH[XDOFRQ RWUDSHUVR
QD SRUTXH PH JXVWD OD FRPSDxtD GH DOJXLHQ 6LHPSUH H[SHULPHQWR XQ RUJDVPR \
QRUPDOPHQWHYDULRVWRGRGHSHQGHGpPLGLVSRVLFLyQ1RVpGHQDGLHTXHVHPDVWXU
EHFRPR\R&RQODURSDGHFDPDKDJRPRQWtFXORGHOWDPDxRGHXQSXxRVROtDYD
OHUPHGH ODFDEH]DGHPLSREUHRVLWRGHMXJXHWHSHURDOKDEHUPHKHFKRGHPDVLDGR
PD\RUSDUDGRUPLUFRQXQRVLWRKHGHDUUHJOiUPHODVFRQXQDDOPRKDGLOODFRQIHFFLR
QDGDFRQViEDQDV\OXHJRPHWLHQGRERFDDEDMRVREUHDTXpOGHPDQHUDTXHHMHU]D
SUHVLyQ VREUH PL FOtWRULV 6HJXLGDPHQWH GHVFULER XQ PRYLPLHQWR FLUFXODU FRQ ODV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FDGHUDVKDVWDOOHJDUDOFOtPD[(VPX\VHQFLOOR(VWRPHGDUHVXOWDGRFRQODVSLHU
QDV VHSDUDGDV R MXQWDV 1R REVWDQWH FXDQGR PH VLHQWR SDUWLFXODUPHQWH H[FLWDGD VL
ODVMXQWRDYHFHVPHVLHQWRPHMRU)UHFXHQWHPHQWHDFDERFRQHOSHVRGHPLFXHUSR
GHVFDQVDQGRVREUHODVURGLOODV\FRGRVGHPDQHUDTXHQRPHHVSRVLEOHKDFHUPX
FKRFRQODVPDQRV
œ&UX]RODVSLHUQDVDSODVWRPtSHOYLVFRQWUDXQREMHWREODQGRXQDDOPRKDGDHV
ORPHMRU\GHMRFRUUHUODLPDJLQDFLyQ(VWDHVODIRUPDSUREDGD\HILFD]*R]RWR
FiQGRPH SHUR QR PH UHVXOWD WDQ DJUDGDEOH 5HDOPHQWH PH PXHYR PX\ SRFR VyOR
FXDQGRHVWR\OLVWDSDUDH[SHULPHQWDUHORUJDVPRGHVDUUROORDFWLYLGDG
œ0DVWXUEDFLyQQRUPDOPHQWH¦DPRQWRQR§XQD DOPRKDGDRXQDEDWDGREODGD
\KDVWDODEROVDGHODODYDQGHUtDORPRQWRFRPRVLIXHUDXQFDEDOORKDFLHQGRSUH
VLyQ\DWHQXiQGRODUHSHWLGDVUHFHVKDFLHQGRODSUHVLyQPiV\PiVIXHUWH&RQRVLQ
SUHQGDVHQFLPD
œ0H WLHQGR VREUH XQD DOPRKDGD ILUPH \ KDJR XQ VDOLHQWH HQ HOOD OXHJR PH
IURWR HQ PRYLPLHQWRV DVFHQGHQWHV \ GHVFHQGHQWHV FRQWUD HOOD GHVFDQVDQGR HO SHVR
GHPLFXHUSRHQPLVFRGRV\HQODLQJOH$OOOHJDUHORUJDVPRPHDEUD]RDODDOPR
KDGDFLHUURORVRMRVGHVIDOOH]FR\JLPRGHSODFHU
œ0HPXHYRKDFLDDUULED\DEDMRDORODUJRGHODSLHUQDGHDOJXLHQSDUDHVWL
PXODUPLFOtWRULV(OPRYLPLHQWRHVOHQWRDOSULQFLSLR\GHVSXpVPiVUiSLGRFRQODU
JRV\H[DJHUDGRVPRYLPLHQWRV
œ3ULPHUDPHQWHXWLOL]RODVPDQRVSDUDH[FLWDUPLFOtWRULV\ORVJHQLWDOHVOXHJR
XWLOL]R OD SUHVLyQ GH XQDV FXDQWDV JUDQGHV DOPRKDGDV FRQWUD PL SHFKR DEGRPHQ
SHOYLV\FOtWRULVSDUDLQFUHPHQWDUODH[FLWDFLyQ/DVEUDJDVPDQWLHQHQODSUHVLyQJH
QHUDOL]DGD\SHUPLWHQXQDVHQVDFLyQO~EULFDSRUORFXDOQRUHVXOWDGRORURVD0XHYR
HO FXHUSR HVSHFLDOPHQWH OD SHOYLV FRQWUD ODV DOPRKDGDV (O PRYLPLHQWR WRPD OD
IRUPDGHYDULDVDPSOLDVDFRPHWLGDVSHOYLDQDVFRQWRGRPLSHVRVREUHODDOPRKDGD
œ+H H[SHULPHQWDGR DFWLYLGDGHV PDVWXUEDWRULDV SRU YDULRV PpWRGRV SHUR OD
IRUPDHQTXH FRQVLJRODVHULHGHRUJDVPRVPiVSURIXQGRVHLQWHQVRVDXQTXHHVItVL
FDPHQWHDJRWDGRUDHVHQODSRVWXUDGHOFXHUSRWHQGLGRERFDDEDMRHQODFDPDHVWL
PXODQGRHOFOtWRULVFRQODSUHVLyQHMHUFLGDFRQWUDHOOD\XQDDFFLyQGHHPSXMH§
œ8WLOL]RXQDWRDOOD HQUROODGDIURWiQGRPHFRQWUDHOODHQXQPRYLPLHQWRDVFHQ
GHQWH \ GHVFHQGHQWH 1XQFD PH YDOJR GH ODV PDQRV (VWH PpWRGR SDUHFH VXVFLWDU
FLHUWDVVHQVDFLRQHVTXHFRQODPDQRQRHVSRVLEOHORJUDU
œ1RPHPDVWXUER%XHQRDORPHMRUPHIURWRXQSRFRFRQWUDODVViEDQDV
œ+DELWXDOPHQWH PHPDVWXUERFRQHOiQJXORGHXQDVLOODRDOJRVLPLODUFROR
FiQGRPHHQWUHODVSLHUQDVXQDDOPRKDGD$VFLHQGR\GHVFLHQGRFRQODVSLHUQDVMXQ
WDV'HVFXEUtHVWHPpWRGRSRUFDVXDOLGDGDORVFXDWURDxRV1RWHQLDODPHQRULGHD
GH ORTXHHVWDEDKDFLHQGR6LPSOHPHQWHPHVHQWtDDJXVWR\KHHVWDGRKDFLHQGROR
PLVPR GHVGH HQWRQFHV KDVWD KDFH XQ DxR HQ TXH PH VHQWt HPEDUJDGD SRU IXHUWHV
VHQWLPLHQWRV GH FXOSDELOLGDG 3HUR DKRUD \D QR ORV WHQJR 6LQ HPEDUJR FUHR TXH
QXQFDVHORGLUtDDQDGLH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
,,,¥ &RQSHQHWUDFLyQYDJLQDO
œ0H WLHQGR VREUH PL HVWyPDJR FRQ DOJR SHTXHxR FRPR XQ ¦7DPSD[§ HQ OD
YDJLQD\XQDDOPRKDGDIXHUWHPHQWHVXMHWDHQWUHODVSLHUQDVPRYLpQGRPHHQVHQWLGR
DVFHQGHQWH \ GHVFHQGHQWH GH XQ PRGR OHQWR PiV DFHOHUDGR \ IXHUWH OXHJR /D VH
FXHQFLDVHGHVDUUROODDVtLQVHUWRHOREMHWRJLURVREUHODDOPRKDGD\OXHJRPHPXHYR
UtWPLFDPHQWHKDVWDOOHJDUDORUJDVPR
2WUDYDULDQWH
/DYHUVLyQILQDOGHOWLSR,,,DODTXHQRVKHPRVUHIHULGRDQWHVGHQWURGHHVWD
VHFFLyQFRPRQRKDELWXDOLPSOLFDVRVWHQHUVHDGLVWDQFLDGHOVXHORFRQORVEUD]RV\
IURWDUOD]RQDS~ELFDFRQWUDDOJRPLHQWUDVVHHVWiVXVSHQGLGD
œ0HFRORFRVREUHXQDVLOODGRWDGDGHXQRVEUD]RVVDOLHQWHV\EDMRVIURWiQGRPH
SULPHURFRQWUDXQRGHHOORV/XHJRPHHOHYRSRUHQFLPDGHOPLVPR\PHGHVOL]R
KDFLDDEDMR(VWHPpWRGRSHUPLWHDOFXHUSRPXFKDOLEHUWDGGHPRYLPLHQWRVORFXDO
PHJXVWD/RDSUHQGtVLHQGRQLxDMXJDQGRFRQXQDGHODVVLOODVGHPLPDGUH
œ0HGHVOL]ROHQWDPHQWHFRQWUDXQODYDERGHOFXDUWRGHEDxRRSULPLHQGRIXHU
WHPHQWHPLPRQWHGHYHQXVFRQWUDpO(OODYDERUHVXOWDHVWLPXODQWHSRUTXHHVWiIUtR
$YHFHVJLURODVSLHUQDVSDUDLQWHQVLILFDUODSUHVLyQ\HQRWUDVRFDVLRQHVODV¦EDWR§
SDUDKDFHUYLEUDUODYXOYD
œ&RQWDQGRRQFHDxRVGHHGDGPHHQFRQWUDEDXQGtDMXJDQGRHQWRUQRDQXHV
WUDSLVFLQDFHUFDGHODHVFDOHULOOD0HDSR\pHQODSDUWHVXSHULRUGHpVWD\VHQWtXQD
PDUDYLOORVD VHQVDFLyQ HQ PLV JHQLWDOHV QR WHQtD OD PHQRU LGHD GH TXp SRGtD VHU
DTXHOOR SHUR GHVFXEUt TXH SRGtD UHSURGXFLU OD PLVPD VHQVDFLyQ DSR\iQGRPH HQ HO
UHVSDOGRGHXQDVLOOD/DH[SHULHQFLDVHUHSLWLyDORODUJRGHORVDxRV1RVXSHTXH
HVWDED H[SHULPHQWDQGR RUJDVPRV KDVWD TXH FXPSOt ORV TXLQFHSHURFRPSUHQGtTXH
VHWUDWDEDGHDOJRHVSHFLDOSDUDPtDOJRTXHQRGHEtDSUHJRQDUSRUHOYHFLQGDULR\D
TXH DTXHOOR VH SURGXFtD HQ ODV LQPHGLDFLRQHV GH PL YDJLQD R GHQWUR XQD ]RQD GHO
FXHUSR GH OD TXH QR VH SRGtD KDEODU (Q FXDOTXLHU FDVR WRGDYtD PH PDVWXUER DVt
VyOR TXHDKRUDKHSURJUHVDGRDORVODYDERV6LHQWURHQHO FXDUWR GHEDxR\PRQWR
VREUHXQDHVTXLQDGHOODYDERKDFLHQGRPRYLPLHQWRVGHDYDQFH\UHWURFHVRFRQVLJR
H[SHULPHQWDUPDUDYLOORVRVRUJDVPRV+HLQWHQWDGRHVWLPXODUPHKDOOiQGRPHDFRVWD
GDHQODFDPDSHURQRUHVXOWD(VWRPHLQTXLHWDSXHVPLDPDQWH™pOQRVDEH TXHPH
PDVWXUERWRGDYtDWDPSRFRSXHGHKDFHUPHOOHJDUDOFOtPD[3XHGRVHUHVWLPXODGD
SHURQRSDUDOOHJDUDORUJDVPR+HGHDxDGLUDOJRLQWHUHVDQWHHQORVDxRVGHODDGR
OHVFHQFLDWHQJRDKRUDYHLQWHVROtDEULQFDUVREUHHOUHVSDOGRGHODVLOODGHPLHVFUL
WRULR FRORFiQGRPH GHODQWH XQ OLEUR SDUD OHHU \ H[SHULPHQWDED RUJDVPRV GXUDQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WRGRHOWLHPSRTXHVHPHDQWRMDED$VtPHOHt$VDQJUHIUtD™VXPLGDHQXQSXURGH
OHLWH
7LSR,9
(OWLSR,9HVXQDIRUPDGHPDVWXUEDFLyQHQODFXDOVHFUX]DQODVSLHUQDVPX\
IXHUWHPHQWH\VHDSULHWDQUtWPLFDPHQWH3XHGHVHVWDUVHQWDGDWHQGLGDRGHVFDQVDQ
GRVREUHXQFRVWDGRWHQGLHQGR\GLVWHQGLHQGRIXHUWHPHQWHODVSLHUQDVHVSHFLDOPHQ
WHORVP~VFXORVVXSHULRUHVGHORVPXVORV$YHFHVKD\XQDDOPRKDGDHQWUHODVSLHU
QDVTXHFRQWULEX\HDFHQWUDU\JHQHUDOL]DUODHVWLPXODFLyQ
/DPD\RUtDGHOGHODVPXMHUHVVHPDVWXUEDEDQGHHVWDPDQHUDPiVHODGL
FLRQDOTXHSRGtDQPDVWXUEDUVHWDPELpQGHRWUDVVLPSOHPHQWHPDQWHQtDQMXQWRV
ORVPXVORVFRQIXHU]DRFRQWUDtDQVXVP~VFXORV
œ0HWLHQGRERFDDUULEDFRQODVSLHUQDVMXQWDVPRYLpQGRPHXQSRFRKDVWDHO
PRPHQWR GH VHQWLU HORUJDVPROXHJRPHTXHGRPX\UtJLGDFRPSULPLHQGRPLYD
JLQD LQWHULRUPHQWH PRYLpQGRPH FRQ OHQWLWXG 3HUR HVODHVWLPXODFLyQFOLWyULFD\OD
FRPSUHVLyQLQWHULRUORTXHPHKDFHOOHJDUDOFOtPD[2SULPRWRGDODUHJLyQSpOYLFD
GHHVHPRGR\PLVQDOJDVVHSRQHQPX\WHQVDV
œ0H PDVWXUER IURWDQGR XQ PXVOR FRQWUD RWUR KDELWXDOPHQWH WHQGLGD SHUR
SXHGRKDFHUORVHQWDGDHQODRILFLQDHQHODXWRE~VHWF/RVIURWRUtWPLFDPHQWHDSOL
FDQGRXQDVXWLOSUHVLyQHQHOFOtWRULV3RFRDSRFRODWHQVLyQPHOOHYDDORUJDVPR
œ&UX]RPLVSLHUQDVGRVYHFHVHVGHFLUODVFUX]R\FXEURFRQXQWRELOORODRWUD
SLHUQDORFXDOFUHDXQDSUHVLyQHQODUHJLyQFOLWyULFD1XQFDXWLOL]RODVPDQRVQLPH
WRFR1RORQHFHVLWR&RPSULPRPLVSLHUQDVKDVWDOOHJDUDORUJDVPRPRYLpQGRPH
OLJHUDPHQWH([SHULPHQWRORVRUJDVPRVFRQPXFKDIDFLOLGDG
œ0HWLHQGRSULQFLSDOPHQWHFXDQGRPHEDxR\FUX]RODVSLHUQDV$FDULFLRPLV
VHQRV\DVFLHQGR\GHVFLHQGROLJHUDPHQWHFXDQGRODHVWLPXODFLyQDYDQ]D&RQWLQ~R
DSUHWDQGRPLVVHQRV\HQWRQFHVWHQJRXQRUJDVPR
œ(QUDUDVRFDVLRQHVVRSRUWRODHVWLPXODFLyQFOLWyULFDGLUHFWD3RUFRQVLJXLHQWH
PHLQFOLQRPDVDWHQVDU\VROWDUORVP~VFXORVYDJLQDOHVHQOD]RQDVXSHULRUGHOPXV
OR&UX]DUODVSLHUQDVHVDOJRTXHD\XGD*ROSHDUOHYHPHQWHHOFOtWRULVDYHFHVWDP
ELpQD\XGDSRUHVRORKDJRHQPX\UDUDVRFDVLRQHV
œ&XDQGRHVWR\VHQWDGDFRPRHQHOFROHJLRFUX]RODVSLHUQDV\FRQWUDLJRORV
P~VFXORVGHODVPLVPDVXQDWpFQLFDTXHPHHQVHxyPLDPDQWHXQDPXMHU
œ8QDVYHFHVOHRXQSDVDMHGHFDUiFWHUVH[XDOHQXQOLEURWHQJRYDULRVDGHFXD
GRVHQPLPHVLWDGHQRFKH\RWUDVSLHQVRHQXQDHVFHQDGHOPLVPRWLSROXHJRFRQ
ORVWRELOORVFUX]DGRVFRPSULPRORVPXVORV1RPHGLDQLQJ~QFRQWDFWRPDQXDO+H
SUREDGRFRQXQYLEUDGRURODHVWLPXODFLyQPDQXDOSHURQRUPDOPHQWHQRPHPROHV
WR'LFRQPLPpWRGRGHXQDIRUPDDFFLGHQWDOFRQVLJXLHQGRHORUJDVPR<FRQpOKH
FRQWLQXDGR1RYHRPRWLYRSDUDFDPELDU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OJXQDVPXMHUHVTXHVHPDVWXUEDEDQGHHVWHPRGRUHWHQtDQDOJRWDPELpQHQWUH
ODVSLHUQDVQRUPDOPHQWHXQDDOPRKDGDRXQDWRDOOD
œ,QLFLDOPHQWHPHVLHQWRHVWLPXODGDSRUDOJRH[WHUQRRELHQPHLPDJLQRDOJX
QD KLVWRULD R GHMR FRUUHU OD LPDJLQDFLyQ OXHJR PH WLHQGR FRORFDQGR HO EUD]R GH
UHFKRHQODLQJOHFRQODPXxHFDRODSDUWHEDMDGHOEUD]RVREUHPLVODELRV\HOFOtWR
ULVSXHGRHVWDUGHVQXGDRYHVWLGD\ODPDQRHQPLWRELOORRSDQWRUULOODFHUUDQGRORV
PXVORV/DPDQRL]TXLHUGDPHVLUYHGHDSR\RVLHVWR\WHQGLGDGHFRVWDGRRELHQ
MXHJRFRQPLVSH]RQHV%DODQFHRPLVFDGHUDVRSHOYLVSDUDHMHUFHUIULFFLyQ2FDVLR
QDOPHQWHXWLOL]RORVGHGRVRODPDQRSDUDDOFDQ]DUPLVODELRVHOFOtWRULVRODYDJL
QD
œ'REORXQDPDQWDRViEDQDFRORFDQGRSDUWHGHOEXOWRIRUPDGRHQWUHPLVSLHU
QDV TXH FRPSULPR IXHUWHPHQWH OXHJR PH IURWR FRQ DTXpO ORV JHQLWDOHV HVSHFLDO
PHQWHODUHJLyQFOLWyULFDVLQHPSOHDUODVPDQRVPHOLPLWRDKDFHUPRYLPLHQWRVGH
FDGHUDV\GHSLHUQDV&RPLHQ]RDLPDJLQDUPHXQDVLWXDFLyQGHWHUPLQDGD\OOHJRDO
RUJDVPRHQXQRVPLQXWRV
œ8WLOL]RXQDDOPRKDGDRFXDOTXLHURWURREMHWRTXHVHDILUPHDXQTXHEODQGR/R
FRORFR HQWUH ODV SLHUQDV IURWiQGRPH FRQWUD pO FRQ PRYLPLHQWRV GH DVFHQVR \ GHV
FHQVR R OR FRPSULPR HQWUH ORV PXVORV 3XHGR HVWLPXODUPHIURWDQGR FRQORVGHGRV
GLUHFWDPHQWHORVJHQLWDOHVSHURQRSXHGRWRFDUPLFOtWRULV\DTXHHVGHPDVLDGRVHQ
VLEOH'HKHFKRPHHQFXHQWURPiVDJXVWRFRQODVEUDJDVSXHVWDVGHIRUPDTXHQR
PHHVWLPXOHGHXQDPDQHUDGHPDVLDGRGLUHFWD/DVSLHUQDVKDQGHHVWDUDIHUUDGDVD
ODDOPRKDGDQRSXHGHQHVWDUDELHUWDV0HPXHYRPXFKRSHURQRQHFHVLWRKDFHUORVL
ORTXHLPDJLQRHVVXILFLHQWHPHQWHIXHUWH1HFHVLWRPXFKRDLUHDVtTXHSUHILHURTXH
VHDIXHUDGHODVURSDVGHFDPDHVSHFLDOPHQWHFRQPLVQDOJDV\ORVSLHVH[SXHVWRV
œ0HPDVWXUERGHFRVWDGRDSUHWDQGRXQHGUHGyQHQWUHORVPXVORVPRYLpQGR
PHDUULED\DEDMR$VtSURFHGtODSULPHUDYH]TXHVHQWtXQRUJDVPR\QRYHRQLQJ~Q
PRWLYR SDUD YDULDU DXQTXH D YHFHV KH SHQVDGR TXH GHEHUtD SUDFWLFDU WHQGLGD ERFD
DUULEDSDUDDSUHQGHUDFRPSODFHUDORVKRPEUHV
œ0HWLHQGRHQODFDPDVREUHPLHVWyPDJRDEUD]DGDDXQDDOPRKDGDGHMDQGR
FRUUHUODLPDJLQDFLyQ/XHJRPHFRORFRXQDDOPRKDGDEODQGDHQWUHODVSLHUQDVTXH
RSULPRFRQWUDPtFRQODVSLHUQDVMXQWDVELHQFHUUDGDVDDTXpOOD0RYLpQGRPHKDFLD
DUULED \ KDFLD DEDMR FRQVLJR HO RUJDVPR D ORV FLQFR PLQXWRV GH XQD PDQHUD UHDO
PHQWHDJUDGDEOH
œ0HFRORFRXQDPDQWDHQWUHODVSLHUQDVPHWLHQGRODPi[LPDSDUWHGHHOODHQ
WUHpVWDVTXHFLHUURGHVSXpVIXHUWHPHQWH0HRSULPRODPDQWDHQHVSHFLDOFRQWUDHO
FOtWRULV PRYLpQGRPH KDFLD DUULED \ DEDMR UtWPLFDPHQWH FRPSULPLHQGR \ UHODMDQGR
ORVPXVORVDOPLVPRWLHPSR<DYHFHVLQWURGX]FRXQGHGRGHODRWUDPDQRHQOD
YDJLQDRHODQRSRUGHWUiV
œ0H WLHQGR VREUH HO HVWyPDJR HPEXWLHQGR XQD R GRV DOPRKDGDV HQWUH PLV
SLHUQDV(MHU]RSUHVLyQFRQWUDHOODVFRQODUHJLyQS~ELFDHPSXMDQGRFRQODVPDQRV
ODDOPRKDGDSRUODSRUFLyQGHODQWHUD0LVSLHUQDVHVWiQDELHUWDV\VHPXHYHQFRPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HQHOHVWLORPDULSRVDGHQDWDFLyQ˜FRPRXQDPDULSRVD8QDVFXDQWDVYHFHVKHXWL
OL]DGRODERFDGHXQVHFDGRUGHFDEHOORVSDUDVRSODUDLUHFDOLHQWHVREUHPLYDJLQDD
PRGR GH HVWLPXODFLyQ LQLFLDO FRPR XQD HVSHFLH GH ¦MXHJR SUHYLR§ 7DPELpQ FRP
SULPRDOPRKDGDVFRQWUDPLVVHQRV
œ7HQJR GLHFLVpLV DxRV \ QR WHQJR QRYLR &DVL QXQFD KH ¦KHFKR HO WRQWR§ DVt
TXHWRGRVPLVRUJDVPRVKDQVLGRVLHPSUHDFRQVHFXHQFLDGHODPDVWXUEDFLyQ)tVL
FDPHQWHpVWDPHJXVWD0HPDVWXUERPX\DPHQXGRGHXQDDVHLVYHFHVGLDULDPHQ
WH+DELWXDOPHQWHHQHOFROHJLRRHQS~EOLFRPHOLPLWRDFUX]DUODVSLHUQDV\DFRP
SULPLU XQPXVORFRQWUDRWURPHUHODMR\YXHOYRDSUHVLRQDU$VRODVKDJRXQDGH
HVWDV WUHV FRVDV PH WLHQGR ERFD DUULED R GH ODGR FUX]R ODV SLHUQDV \ FRPSULPR
ORVPXVORVOXHJRVHSDURODVSLHUQDVHQHOPRPHQWRGHPD\RUWHQVLyQ\OHYDQWRODV
FDGHUDVGHODFDPDPHWLHQGRVREUHHOHVWyPDJRFRQDOJ~QWHMLGRXQFDPLVyQR
DOJRSRUHOHVWLORVXMHWRILUPHPHQWHHQWUHORVPXVORVHMHUFLHQGRSUHVLyQFRQWUDWRGD
OD]RQDGHOPRQWHGH9HQXV\GR\OHYHVVDOWRVKDVWDOOHJDUHORUJDVPRPHIURWR
HOFOtWRULVFRQHOGHGRFRQODVSLHUQDVDELHUWDV
œ'HDGROHVFHQWHGHULYpKDFLDODPDVWXUEDFLyQHQS~EOLFRHQODVFODVHVDEXUUL
GDV\GXUDQWHHOVHUPyQVLHQGR\RPLHPEURGHOFRUR7RGRORTXHKDFtDHUDFUX]DU
ODV SLHUQDV \ FRPSULPLU ORV P~VFXORV GH ORV PXVORV UHSHWLGDV YHFHV GXUDQWH GRV R
WUHVPLQXWRV3HURLQFOXVRFRQWUROiQGRPHKDVWDHOPi[LPRHUDLPSRVLEOHHYLWDUXQD
OLJHUDFRQYXOVLyQHQHOPRPHQWRGHORUJDVPRTXHGLVLPXODEDFRQXQDFFHVRGHWRV
RLQFOLQiQGRPHFRPRSDUDUDVFDUPHXQDSLHUQD'HEtDGHHVWDUEDVWDQWHFDOLHQWH
œ0HGHVQXGRSRUFRPSOHWRWHQGLpQGRPHHQHOVXHOR0HFRORFRXQDWRDOODHQ
WUHODVSLHUQDVGHPDQHUDTXHHQWHHQFRQWDFWRFRQPLFOtWRULV'HQWURGHPLYDJLQD
KD\DOJ~QREMHWRFRPRXQSHQH\ODWRDOODVHHQFXHQWUDWDPELpQHQFRQWDFWRFRQOD
SXQWDGHOPLVPR-XQWRPLVSLHUQDVHQpUJLFDPHQWH\KDJRJLUDUODVFDGHUDV$YHFHV
OHRSRUQRJUDItDSULPHUR
8QDVFXDQWDVPXMHUHVWDPELpQGHVFULELHURQRWUDYDULDQWHDOWDPHQWHLQIUHFXHQ
WHVLPLODUDXQDTXHVHPHQFLRQDDOILQDOGHOWLSR,,,$TXtGHQXHYRWRGRHOFXHUSR
HVWiDOHMDGRGHOVXHORDXQTXHQRH[LVWHXQDSUHVLyQH[WHULRUVREUHODUHJLyQS~ELFD
FRPRHQHOWLSR,,,
œ0H PDVWXUER FRQWUD\HQGR FHUUDQGR ORV P~VFXORV YDJLQDOHV 1RUPDOPHQWH
QRPHWRFRHOFOtWRULVHQDEVROXWRVLQRTXHSXHGRKDFHUORVyORFRQPLVP~VFXORV
3XHGRKDFHUORWRGRVHQWiQGRPH\DSUHWiQGRPH\RPLVPDFRQODVPDQRVRORVEUD
]RVHVGHFLUVHQWDGDVREUHXQDPHVDHQODTXHPHHVSRVLEOHDSR\DUPHGHEUD]RV
HOHYRPLSHOYLVSRQJRORVP~VFXORVHQWHQVLyQ\WHQJRXQJUDQRUJDVPR
7LSR9
(OWLSR9PDVDMHSRUDJXDFRPSUHQGHODPDVWXUEDFLyQPHGLDQWHHODJXDFRUULHQWH
FDVLVLHPSUHFDOLHQWHVREUHORVJHQLWDOHVSDUDRUJDVPDU(OGHODVPXMHUHVTXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHPDVWXUEDQPiVRWURTXHWDPELpQVHPDVWXUEDEDQSRURWURVPHGLRVXWLOL]DEDQ
HVWHPpWRGR/DIRUPDPiVFRP~QGHKDFHUORHVDEULHQGRHOJULIRHQIXHUWHFKRUUR
(OFXHUSRHVWiWHQGLGRGHHVSDOGDVFRQODVSLHUQDVOHYDQWDGDVVREUHODSDUHG\HOFOt
WRULVHQODGHELGDSRVLFLyQEDMRHODJXD/DVSLHUQDVKDELWXDOPHQWHHVWiQVHSDUDGDV
œ0H PDVWXUER FRQ HO DJXD GH OD GXFKD VRODPHQWH $SXQWR pVWD D PL FOtWRULV
DEULHQGR PXFKR ODV SLHUQDV $ YHFHV HPSDOPR XQD PDQJXHUD \ PH VLHQWR HQ XQ
ERUGHGHODEDxHUD\XWLOL]RXQDDJUDGDEOHFRUULHQWHGHDJXD2ELHQPHWLHQGRHQOD
EDxHUD\GHMRTXHHOFKRUURGHDJXDJROSHHPLFOtWRULVVLHVORVXILFLHQWHPHQWHIXHU
WH
œ0HWLHQGRHQODEDxHUDERFDDUULEDSUR\HFWDQGRXQFKRUURGHDJXDPX\FD
OLHQWH VREUHPLYDJLQDPRQWHGH9HQXV\HOFOtWRULV&XDQWRPiVJUDQGHHVODSUH
VLyQ\PiVFDOLHQWHHVWiHODJXDPiVUiSLGROOHJDHORUJDVPR
œ'HVHQURVFR HO DVSHUVRU GHPtGXFKDSDUDTXHVDOJDXQFKRUURGHDJXDFRQV
WDQWH$EURORVODELRVYDJLQDOHVH[SRQLHQGRPLFOtWRULV(ODJXDSXHGHHVWDUOLJHUD
PHQWHFDOLHQWHSDUDREWHQHUXQDPD\RUHVWLPXODFLyQ\ODVFDGHUDVSXHGHQPRYHUVH
OHYHPHQWHSDUDSURYRFDUDQVLHGDG\SURORQJDUHOJRFH+DELWXDOPHQWHHVWR\GHSLH
(Q OD SRVLFLyQ GH WHQGLGD HV PiV JUDWR SHURHQWRQFHVDFDEDVFRQORVFDEHOORV\OD
FDUD PRMDGRV 3DUD PL pVWH HV HO PHMRU GH WRGRV ORV RUJDVPRV \ SXHGH VHU P~OWL
SOH
œ2FDVLRQDOPHQWHFRQVLJRHORUJDVPRHQODEDxHUD3ULPHURPHH[FLWRFRQORV
GHGRVOXHJRGHMRFRUUHUHODJXD\DGRSWRXQDSRVWXUDDFUREiWLFDGHVXHUWHTXHPL
YDJLQD TXHGH EDMR HO JULIR GLUHFWDPHQWH (PSLH]R FRQ HO DJXD FDOLHQWH R IUtD \ D
EDMD SUHVLyQ VREUHPLFOtWRULV&XDQGR\DPHHQFXHQWURH[FLWDGDKDJRTXHHODJXD
FDLJD FRQ PiV IXHU]D \ PH LQVWDOR HOHYiQGRPH PiV FHUFD GHO FKRUUR eVWHJROSHD
PLYDJLQD\HQWRQFHVOOHJR\HVODPiVIDQWiVWLFDGHODVVHQVDFLRQHV
œ8WLOL]R OD GXFKD GH WHOpIRQR PX\ HILFLHQWH 5HJXOR HO IOXLU GHO DJXD \ OD
WHPSHUDWXUD\DFDULFLRPtFOtWRULVFRQHOOLTXLGRHQPRYLPLHQWRVDVFHQGHQWHV\GHV
FHQGHQWHV /DV SLHUQDV HVWLUDGDV FDVL FHUUDGDV SRUTXH VL QR GXHOH 1R PXHYR HO
FXHUSR&DVLVLHPSUHOOHJRGHHVHPRGR&XDQGRQRGLVSRQJRGHXQDGXFKDGHWHOp
IRQRPHYDOJRGHXQREMHWRSHURHQWRQFHVOOHYDPXFKRWLHPSRSDUDORJUDUHORUJDV
PRVLHVTXHOOHJRDWHQHUOR
œ1RUPDOPHQWH WHQJR RUJDVPR HQ OD EDxHUD SHUPLWLHQGR TXH HO DJXD GHO JULIR
IOX\D VREUH PL FOtWRULV \ ORV ODELRV \ PRYLHQGR HO FXHUSR GH IRUPD TXH HO FKRUUR
¦DFDULFLH§OD]RQD'HHVWDIRUPDSXHGRORJUDUHORUJDVPRFRQUDSLGH]FRQWRGDVX
SOHQLWXG VLQWLpQGRPH WRWDOPHQWH VDWLVIHFKD GHVSXpV 'HMR TXH VDOJD HO DJXD PH
WLHQGREDMRpVWD\DMXVWRODSUHVLyQ\WHPSHUDWXUDPHJXVWDOLJHUDPHQWHPDVFDOLHQ
WH TXH OD WHPSHUDWXUD GHO FXHUSR /XHJR PH WLHQGR ERFD DUULED HVWLPXODQGR GL
UHFWDPHQWHPLFOtWRULV\OD]RQDODELDOFRQHOFKRUURGHOJULIRPRYLHQGRHOFXHUSR
XQDVYHFHVSRFR\RWUDVPXFKR0HJXVWDPDQWHQHUODVSLHUQDVVHSDUDGDV\JULWDUR
JHPLU GH SODFHU FXDQGR VLHQWR HO LPSXOVR GH KDFHUOR $O KDFHUVH OD VHQVDFLyQ PiV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IXHUWH PH PXHYR PiV \ PiV GH SULVD KDVWD TXH YLHQH HO RUJDVPR 0H TXHGR DOOt
XQRVPLQXWRVPiV\OXHJRPHOHYDQWR\PHODYR
œ'XUDQWH RFKR DxRV HQ FDVD PH HVWXYH PDVWXUEDQGR FRQ OD PDQJXHUD HQ OD
GXFKD$OWUDVODGDUPHDOOXJDUHQTXHDKRUDYLYRPLYLHMRGHRFKHQWD\QXHYHDxRV
\ TXHULGR SDWURQR PH GLR XQD PDQJXHUDSDUDHQVDPEODUHQODGXFKDQRGLVSRQJR
GH EDxHUD ™6L VXSLHUD 3ULPHUR SRQtD HO DVSHUVRU TXH SURGXFtD XQ LQWHQVR VSUD\
FRQWUDPLFOtWRULVDEULHQGROD]RQDGHODYXOYDXQSRFRFRQORVGHGRVGHODRWUDPD
QR $O PLVPR WLHPSR HVWDED GH SLH LQVHUWDQGR D YHFHV ORV GRV WXERV GH PL FUHPD
YDJLQDO HQ HO UHFWR \ YDJLQD (VWR UHVXOWDED XQ SRFR GLItFLO SRUTXH FRVWDED WUDEDMR
UHODMDUVHHVWDQGRGHUHFKD\WHQLHQGRORVGRVWXERVGHQWURGHPt7DPELpQPHGDED
LUUHVLVWLEOHV VHQVDFLRQHV GHJUDQSODFHUGHSLHDOOt\DOFDQ]DQGRHORUJDVPR)LQDO
PHQWHSUREpGHVHQWDUPHHQHOVXHORIUtRFRQODVSLHUQDVHQIUHQWHPtR(VWRHVPX
FKRPHMRUSRUTXHSXHGRDSXQWDODUORVSLHVFRQWUDODSDUHG\UHODMDUPHPHMRU1RHV
SUHFLVDPXFKDSUHVLyQDQWHVGHTXHVLHQWDODVHQVDFLyQGHGRORU\HQWRQFHVOOHJR(V
XQSRFRGLItFLOOHYDQWDUVH\GXFKDUVHGHVSXpV
7LSR9,
(QHOJUXSRGHODVPXMHUHVTXHGHVFULELHURQFyPRVHPDVWXUEDEDQVRODPHQWH
XQVHPDVWXUEDEDQVyORSRULQVHUFLyQYDJLQDOPiVRWURTXHXWLOL]DEDHVWH
PpWRGR D YHFHV 0iV GH OD PLWDG GH HVDV PXMHUHV HVWLPXODEDQ VXV ]RQDV FOLWyULFDV
SULPHURPDQXDOPHQWH
˜4XpHUDORTXHVHLQVHUWDEDQ"
YHOD
GHGRV
XQGHGR
YLEUDGRU
FRQVRODGRU
0XMHUHV
0XMHUHV
0XMHUHV
0XMHUHV
0XMHUHV
œ0H PDVWXUER KDELWXDOPHQWH FRQ HO GHGR \ WRFR PLV VHQRV FRQ OD RWUDPDQR
SHURQRVLHPSUH$YHFHVFXDQGRHVWR\WHQGLGDDOVROHQEDxDGRU\FRPLHQ]RDVHQ
WLUPHH[FLWDGDWHUPLQRHQWUDQGRHQFDVDSDUDPDVWXUEDUPHVLHPSUHTXHHVWpVRODHQ
FDVD1RUPDOPHQWHGHVFULERXQPRYLPLHQWRGHDYDQFH\UHWURFHVRHQPLYDJLQDR
PHOLPLWRDPDQWHQHUPLVGHGRVDOOtGXUDQWHXQUDWR/DVSLHUQDVHVWiQPX\VHSDUD
GDVFRQODVURGLOODVOHYDQWDGDV\PX\SUy[LPDVDPt(QRFDVLRQHVPHPXHYRPX
FKRVHJ~QODLQWHQVLGDGGHPLVHQVDFLyQHQHVWHPRPHQWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3RVLFLyQGHODVSLHUQDV
8QHQLJPDLQWHUHVDQWHHLPSRUWDQWHDXQTXHWRGDYtDVLQUHVSXHVWDVREUHHORU
JDVPR IHPHQLQR HV SRU TXp DOJXQDV PXMHUHV QHFHVLWDQ WHQHU ODV SLHUQDV VHSDUDGDV
SDUDRUJDVPDUPLHQWUDVRWUDVGHEHQWHQHUODVMXQWDVODVKD\DVLPLVPRTXHSUHILH
UHQGREODUODVSRUODURGLOODRELHQHOHYDUODV$OLJXDOTXHPXMHUHVGLIHUHQWHVQHFHVL
WDQGLIHUHQWHVFODVHVGHHVWLPXODFLyQFDUDDORUJDVPRORVWLSRVGHPDVWXUEDFLyQTXH
DFDEDPRVGHYHUQHFHVLWDQ WDPELpQGLIHUHQWHVSRVLFLRQHVGHODVSLHUQDVSDUDWHQHU
RUJDVPR
3RUGHVJUDFLDPXFKDVPXMHUHVQRFRQWHVWDURQDHVWD~OWLPDSDUWHGHODSUHJXQWD
VREUHPDVWXUEDFLyQSUREDEOHPHQWHGHELGRDODORQJLWXGGHGLFKDSUHJXQWD\SRUTXH
VXSRQtDQTXHVXSRVWXUDGHSLHUQDVHUDODPLVPDTXHHQODVGHPiV6LQHPEDUJROD
PD\RUtD GH ODV PXMHUHV TXH UHVSRQGLHURQ PDQWHQtDQ FRUULHQWHPHQWH ODV SLHUQDV
DELHUWDV&RQWRGRXQVLJQLILFDWLYRQ~PHURGHPXMHUHVHQWRGRVORVWLSRVGHPDVWXU
EDFLyQMXQWDEDQVXVSLHUQDV
(QWUHODVUD]RQHVGDGDVSRUODVPXMHUHVSDUDPDQWHQHUVXVSLHUQDVMXQWDVILJX
UDQODVVLJXLHQWHV
œ0HJXVWDWHQHUODVSLHUQDVMXQWDVSRUTXHHQWRQFHVWRGROD]RQDJHQLWDOHQWH
UDHVWiPiVWHQVR\ODVYLEUDFLRQHVVHH[WLHQGHQPHMRU
œ6LPDQWHQJRODVSLHUQDVDELHUWDVFDVLQRVLHQWRQDGDKDJDORTXHKDJD
œ&RQODVSLHUQDVMXQWDVVH LQWHQVLILFDHORUJDVPR7HQLpQGROR WRGRFRPSULPLGR
\HQWHQVLyQHQHOPD\RUJUDGRSRVLEOHHVPHMRUFRPRXQWDPERU
œ&XDQGRPHPDVWXUERSRQJRHQWHQVLyQPLVSLHUQDV\FRPSULPRXQDMXQWRD
RWUDSDUDOOHJDUDORUJDVPR(VWRPHUHVXOWDFDVLLPSRVLEOHVLQHVWH¦WHQVDU\DSUH
WDU§/XHJRGXUDQWHORVVHJXQGRVGHGHVFDUJDPHVLHQWRIXHUDGHHVWHPXQGR
3RURWUDSDUWHDOJXQDVPXMHUHVQRSRGtDQVHQWLUQDGDFRQODVSLHUQDVMXQWDV
œ3UHILHURWHQGHUPHGHHVSDOGDFRQODVSLHUQDVOHYDQWDGDV\PX\DELHUWDV1RWR
XQDIXHUWHVHQVDFLyQHQODVSLHUQDVDFRPSDxDQGRDORUJDVPRVLPLSHVRGHVFDQVDHQ
ODVSLHUQDVHORUJDVPRHVGLVWLQWR
œ0LFXHUSRVHLQPRYLOL]DFUHRTXHPLID]VHGLVWRUVLRQD§FRPRVLPHKDOODUD
HQp[WDVLV<PLVSLHUQDVGHEHQHVWDUVHSDUDGDV\UHFWDVKDFLDDUULED
$OJXQDVGHODVPXMHUHVTXHJXVWDEDQGHPDQWHQHUODVSLHUQDVDELHUWDVSUHIHUt
DQWDPELpQGREODUODV
œ0LVSLHUQDVHVWiQVHSDUDGDVGREODGDV\FRQORVSLHVSODQRVVREUHODFDPDR
ELHQIRUPDiQJXORVUHFWRVFRQORVSLHVMXQWRVSXHGRPDVWXUEDUPHVHQWDGDWDPELpQ
\GHSLHSHURSUHILHURHVWDUWHQGLGDHQHVDSRVWXUD
œ3UHILHURWHQGHUPHERFDDUULEDFRQODVSLHUQDVDOJRVHSDUDGDV\GREODGDV\WR
WDOPHQWHUtJLGD0LPRYLPLHQWRHVFRPRXQDYLEUDFLyQJUDGXDOPHQWHFUHFLHQWH
œ/DV SLHUQDV VHSDUDGDV GREODGDV WRFDQGR FRQ ODV URGLOODV FDVLPLSHFKR0H
PXHYRPX\SRFRSRUTXHHVWDTXLHWXGSDUHFHLQWHQVLILFDUHOSODFHU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OJXQDVPXMHUHVPRYtDQODVSLHUQDVMXQWDVSDUDFRQVHJXLUHORUJDVPRDPHGLGD
TXHODVHQVDFLyQVHLQWHQVLILFDEDGHVSXpVGHKDEHUODVPDQWHQLGRVHSDUDGDVGXUDQWH
ODHVWLPXODFLyQ\XQSHTXHxRQ~PHURGHHOODVKL]RORRSXHVWR
œ$ PHGLGD TXH PL FXHUSR VH SRQH HQ WHQVLyQ YR\ MXQWDQGR ODV SLHUQDV FRQ
ILUPH]D
œ0HJXVWDPDQWHQHUODVSLHUQDVPX\DELHUWDVFXDQGRHPSLH]DODHVWLPXODFLyQ
GLUHFWDSHURHVXQDWRUWXUDSDUDPtVHJXLUFRQHOODVDVtDPHGLGDTXHODVGHOLFLRVDV
YLEUDFLRQHVDVFLHQGHQ
œ0HWLHQGRERFDDUULEDFRQODVSLHUQDVVHSDUDGDVDOSULQFLSLROXHJRFRPSUL
PRXQDFRQWUDRWUDDODFHUFDUVHHORUJDVPR0HPXHYRPX\SRFR6yORORVXILFLHQWH
SDUDDOFDQ]DUODWHQVLyQGHVHDGD\UHODMDUPLFXHUSR
œ$YHFHVMXQWRPLVSLHUQDVIXHUWHPHQWHSRFRGHVSXpVVyORSDUDJR]DUGHOD~O
WLPDIDVHGHORUJDVPR
$OJXQDVPXMHUHVWDPELpQPRYtDQVXVSLHUQDVVHSDUiQGRODV\MXQWiQGRODVDO
WHUQDWLYDPHQWHLQFUHPHQWDQGRTXL]iODHVWLPXODFLyQPHGLDQWHXQœERPEHRGHORV
ODELRVJHQLWDOHV\EXOERVLQWHUQRV
œ3UHILHUR HVWDU WHQGLGD FRPSOHWDPHQWH LQPyYLO OXHJR FXDQGR VH LQVLQ~D HO
RUJDVPRLQLFLRXQPRYLPLHQWRUtWPLFRKDELWXDOPHQWHOHYDQWDQGRXQDSLHUQD\ GHV
SXpVODRWUD
œ&XDQGR HVWR\ DFHUFiQGRPH DO RUJDVPR KDJR FRPR ERPEHDU PLV SLHUQDV OH
YHPHQWHDGHODQWH\DWUiVVREUHWRGRSRUODSDUWHVXSHULRU&DGDYH]TXHVHMXQWDQ
VLHQWRXQDFKLVSDGHRUJDVPRHQWRQFHVODVVHSDURXQRVFHQWtPHWURVSDUDLQWHQVLIL
FDUODWRGDYtDPiV\WUDVUHSHWLUHOPRYLPLHQWRGLH]YHFHVXI(VPDUDYLOORVR
/D PD\RUtD GH ODV PXMHUHV WHQtDQ VyOR XQD SRVLFLyQ EiVLFD GH ODV SLHUQDV OD
TXH OHV GDED PiV UHVXOWDGR SHUR XQDV FXDQWDV HQFRQWUDEDQ TXH OD SRVLFLyQ GH ODV
SLHUQDVHUDLQWHUFDPELDEOH
œ0DQWHQJR ODV SLHUQDV MXQWDV R VHSDUDGDV 'HSHQGH GHO WLSR GH IDQWDVtD TXH
XWLOLFH
œ3RQJR PLV P~VFXORV HQ WHQVLyQ KDELWXDOPHQWH \ OXHJR MXVWR DQWHV GHO RU
JDVPRHPSLH]RDPRYHUODVFDGHUDVKDFLDGHODQWH\DWUiV/DVSLHUQDVVRQODSDUWH
GHPLFXHUSRTXHHVWiPiVWHQVDODVPDQWHQJRGREODGDVXQDKDFLDDUULED\ODRWUD
KDFLDXQODGRFXDQGRHVWR\VROD(QFRPSDxtDGHDOJXLHQH[LVWHQRWUDVFRQVLGHUD
FLRQHV TXH GHWHUPLQDQ OR TXH KDJR FRQ ODV SLHUQDV (Q RFDVLRQHVODVSRQJRUHFWDV
UtJLGDV
/DUD]yQGHODLPSRUWDQFLDGHSRVLFLRQHVGLIHUHQWHVGHSLHUQDVSDUDGLIHUHQWHV
PXMHUHV FRQVWLWX\H XQ PLVWHULR ˜'HSHQGH OD SRVWXUD GH OD IRUPD HQ TXH SULPHUD
PHQWHDSUHQGLyODPXMHUDH[SHULPHQWDUHORUJDVPR"˜2HVTXHODDQDWRPtDGHQXHV
WURV JHQLWDOHV LQWHUQRV \ H[WHUQRV YDUtD GH XQD PXMHU D RWUD OR VXILFLHQWH SDUD UH
TXHULU GLIHUHQWHV SRVLFLRQHV VHJ~Q ODV SHUVRQDV" 1R VH FRQRFHQ VLPSOHPHQWH ODV
UHVSXHVWDVDWDOHVSUHJXQWDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(ORUJDVPR
˜(6,03257$17((/25*$602"
œ(ORUJDVPRHVDOJRIDQWiVWLFR(VFRPRXQDFRPELQDFLyQGHDJUDGDEOHVVHQ
VDFLRQHVPiVXQp[WDVLVIUHQpWLFRGHDPRUHQHUJtD\HPRFLyQWRGRPH]FODGR
œ/RVRUJDVPRVFRQVWLWX\HQXQDUHQRYDFLyQGHWRGRVPLVVHQWLGRVVRQXQGHV
SHUWDU D OD YLGD DOJR SULPDYHUDO UHIUHVFDQWH FHQWHOOHDQWH H[FLWDQWH XQ FRPSOHWR
DOLYLRGHODEXUULPLHQWRFRWLGLDQR
œ0HKDFHQLQFUHtEOHPHQWHIHOL]WRGRHQHOFDPLQRKDFLDHORUJDVPRHVFHOHV
WLDO8QRUJDVPRFRPSHQVDGHWRGDVODVLUULWDFLRQHV\DQVLDVGHODV~OWLPDVFXDUHQWD
\RFKRKRUDV\VLOOHJDXQGtDHQTXHXQRUJDVPRPHDEXUUDSLHQVRTXHVHUpFDSD]
GHVXLFLGDUPH
œ8QDPDUDYLOORVDIHOLFLGDGQRFRPSDUDEOHFRQQLQJXQDRWUD
œ(O RUJDVPR HV HO SODFHU HVHQFLDO TXH ODV PXMHUHV VH QLHJDQ IUHFXHQWHPHQWH
DVtPLVPDVFRVDTXHQXQFDKDFHQ ORVKRPEUHV
œ(Q HO PHMRU FDVR XQ FDWDFOLVPR TXH SRQH HQ PRYLPLHQWR ORV yUJDQRV PLV
RYDULRVHO~WHURORVVHQRV\HOFHUHEURVHFRQYLHUWHQHQXQUXPRURVRRVFXUR\ED
WLHQWHPDUGHODVPiVH[TXLVLWDVVHQVDFLRQHV
œ4XLHQ GLMR TXH HO RUJDVPR QR HUD LPSRUWDQWH SDUD XQD PXMHU IXH VLQ GXGD XQ
KRPEUH
˜6RQORVRUJDVPRVLPSRUWDQWHVSDUDODPXMHU"
$XQTXHODUHVSXHVWDSDUHFHFODUDPHQWHDILUPDWLYDVHKDGLFKRDPHQXGR\HV
FULWR TXH ODV PXMHUHV QR QHFHVLWDQ RUJDVPRV SRU OR PHQRV QR LJXDO TXH ORV KRP
EUHV6HGLFHTXHORVQXHVWURVQRVRQWDQIXHUWHV\TXHQRVRQWDQDJUDGDEOHVFRPR
ORVVX\RV8QDPXMHUFRQWHVWySHUIHFWDPHQWHHVWDVDILUPDFLRQHVFXDQGRGLMRœ4XLHQ
GLMRTXHHORUJDVPRQRHUDLPSRUWDQWHSDUDXQDPXMHUIXHVLQGXGDXQKRPEUH/D
EXHQDVH[XDOLGDGH[SUHVDDPRUUHODMDFLyQ GHMDUVHLUDGHPiVGHSXURSODFHUFRUSR
UDO
/DPD\RUtDGHODVPXMHUHVHVWXYLHURQGHDFXHUGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6RODPHQWHORVPpGLFRV\ORVVDFHUGRWHVGLFHQDODVPXMHUHVTXHGHEHPRVDOL
YLDU\FRPSODFHUDQXHVWURVPDULGRV\TXH¦GHMHPRVGHSHUVHJXLUTXLPHUDV§FXDQGR
QRVWRFDHOWXUQRDQRVRWUDV
œ/DLGHDGHTXHFDUHFHGHLPSRUWDQFLDHOKHFKRGHTXHODVPXMHUHVH[SHULPHQ
WHQ RUJDVPRV R QR FRQVWLWX\H XQD PHQWLUD DEVXUGD TXH ODV PXMHUHV VH FXHQWDQ D Vt
PLVPDV
œ<RWHQJRGHUHFKRDVHQWLURUJDVPRV6LKHGHPDVWXUEDUPHSDUDWHQHUORVHQ
WRQFHVPLPDULGRGHEHUtDWDPELpQPDVWXUEDUVHSDUDWHQHUORVVX\RV\HVRQRTXLHUH
GHFLUTXHVHPDVWXUEHHQPLYDJLQDHVGHFLUSRUHOFRLWR\DTXHpOHVHO~QLFRTXH
WLHQHRUJDVPR
/DVPXMHUHVHVWiQDKRUDEDMRXQDJUDQSUHVLyQSDUDTXHGHVHPSHxHQVXSDSHOWH
QLHQGRRUJDVPRVHVSHFLDOPHQWHGXUDQWHHOFRLWR
3DUHFH HVWDU FODUR TXH ODV PXMHUHV WLHQHQ GHUHFKR D H[SHULPHQWDU HO RUJDVPR
GXUDQWHODUHODFLyQVH[XDOFRPRSDUWHGHOFXUVRQDWXUDOGHODVFRVDV6LQHPEDUJRDO
SRSXODUL]DUVHDKRUDODLGHDGHTXHODVPXMHUHVGHEHQGLVIUXWDUWDPELpQFRQODVFRVDV
GHOVH[RHVWHQXHYRœGHUHFKRVHKDFRQYHUWLGRDYHFHVHQXQDRSUHVLyQ$ODVPX
MHUHVVHOHVKDFHSHQVDUTXHGHEHQVHQWLUORVRUJDVPRVPDVSDUDFRPSODFHUDOKRP
EUHTXHSDUDFRPSODFHUVHDVtPLVPDV
œ(VORPHQRVTXHSXHGRKDFHUSRUpO\OHKDFHVHQWLUVH¦FRPRXQKRPEUH§\
FRPRXQWULXQIDGRU
œ'HVHPSHxR PL SDSHO OHYDQWR VX HJR \ FRQILDQ]D \ DPRU SRU Pt FRQ XQ RU
JDVPR1RPHJXVWD YHUPHFRPRXQDFRPHGLDQWH SHURPHVLHQWRHQMXLFLDGD\WDP
ELpQ\RPLVPDPHMX]JRFXDQGRQRWHQJRXQRUJDVPR
œ([LVWHXQDSUHVLyQTXHLQGXFHDSHQVDUTXHKD\DOJRSVLFROyJLFDPHQWHLQFR
UUHFWRHQXQDVLQRWLHQHXQRUJDVPR
œ8QRUJDVPRQRHVQHFHVDULRSDUDKDFHUWH¦QRUPDO§SHURORVKRPEUHVORHVSH
UDQDVtTXHDPHQXGRPHIXHU]RHVSHFLDOPHQWHSRUTXHDpOOHJXVWDREVHUYDUPH'H
RWURODGRHVPHMRUSDUDpOVHQWLUXQDYDJLQDFRQWUDtGDSHURXQDPXMHUSXHGHORJUDU
HVWRWDPELpQDYROXQWDGVLSUDFWLFD
œ6t VLHQWR OD QHFHVLGDG GH DFWXDU RUJiVPLFDPHQWH HQ FRPSHWHQFLD FRQ RWUDV
PXMHUHVGHODFRPXQLGDG4XLVLHUDQRKDFHUOR7RGRHPSH]yUHDOPHQWHFXDQGRPH
VHQWtSUHVLRQDGDSRUPLDQWHULRUFRPSDxHURSRUTXHGHQROOHJDU\RDOFOtPD[TXH
GDED FRQ HVWR SUREDGR TXH pO QR HUD ¦YHUGDGHUR KRPEUH§ 6LQHPEDUJR\RQRVR\
XQD¦HVWUHOOD§QLXQFLUFRGHGRVSLVWDV
œ0HORSLHQVRGRVYHFHVDQWHVGHGHFLUDPLVQXHYRVDPLJRVTXHQRWHQJRRU
JDVPRVSRUTXHHQWRQFHVKDFHQGHHOORXQDFRPSHWLFLyQSDUDYHUVLHOORV VtSXHGHQ
KDFHUPHOOHJDU5HDOPHQWHPHGLVJXVWDTXHVHHVSHUHGHPtTXHOOHJXH\TXHFDVLVH
PHIXHUFH VLQRORKDJR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6HVXSRQHTXHKDVGHVHUGHVLQKLELGD\WHQHURUJDVPRV\FXDQGRORKDJRpO
VH PXHVWUD FRQILDGR \ VHJXUR GH Vt (O RUJDVPRHVLPSRUWDQWHSHURQRWDQWRFRPR
SLHQVDpO™PLRUJDVPRHVUHDOPHQWHPiVLPSRUWDQWHSDUDPLHVSRVRTXHSDUDPt
œ6t WHQJR TXH WHQHU HO RUJDVPR 'H RWUD PDQHUD QR VHUtD XQD SHUVRQD FRPR
GHER\KDUtDTXHpOVHVLQWLHUDDGLVJXVWRSUREDEOHPHQWHPHGHMDUtD$ORVKRPEUHV
OHVDJUDGDKDFHUHODPRU FRQPXMHUHVTXHH[SHULPHQWDQRUJDVPRV
œ<R GLVIUXWDUtD UHODFLRQiQGRPH VH[XDOPHQWH VLQ RUJDVPR D YHFHV GH VDEHU
TXHORVGHPiVQRVRQWDQFHUUDGRVHQORWRFDQWHDOWHPD\VLODVUD]RQHVIXHVHQPt
DV7DOYH]ODUHODFLyQVH[XDOUHVXOWDUtDPHMRUGHQRKDEHURtGRQXQFDKDEODUGHORU
JDVPR§
œ7HPRTXHPLVQXHYRVDPLJRVSLHQVHQGHPtTXHVR\UDUD\QRWDQVH[\ FRPR
RWUDVPXMHUHVGHQRVHQWLUHORUJDVPR™2 ELHQTXHPHMX]JXHQHJRtVWD\DJUHVLYD
VLORVH[SHULPHQWR
œ2MDOiQRH[LVWLHUDQORVRUJDVPRV/DUHODFLyQVH[XDOVHUtDHQWRQFHVTXL]iGL
YHUWLGD
+D\WDPELpQXQDSUHVLyQVRFLDOTXHGLFHTXHXQDPXMHUTXHH[SHULPHQWDHORUJDV
PRHVPiVPXMHUXQDœDXWpQWLFDPXMHU
œ1RFUHRTXHORVRUJDVPRVWHQJDQWDQWDLPSRUWDQFLDODOLWHUDWXUDKDDVLJQDGR
DODVPXMHUHVRWUDFDUJD3HURDPtPHGDYHUJHQ]DDGPLWLUDFDXVDGHOPLWRTXH
PHVLHQWR¦ELHQ§SRUKDEHUWHQLGRXQRUJDVPRTXHPHDJUDGDVHUXQDDXWpQWLFDPX
MHU$MMM
œ3XHGRGLVIUXWDUGHODUHODFLyQVH[XDOVLQHORUJDVPRSHURSVLFROyJLFDPHQWH
PHVLHQWRIUDFDVDGDFRPRXQDPXMHUTXHQRIXQFLRQDWRWDOPHQWHELHQ
œ/D LGHD GH H[SHULPHQWDU RUJDVPRV HV LPSRUWDQWH SDUD Pt SHUR FLHUWDPHQWH
SXHGRGLVIUXWDUGHODUHODFLyQVH[XDOVLQWHQHUORV$OJRSHRUTXHQRVHQWLUHORUJDVPR
HVODVHQVDFLyQGHKDEHUIDOODGRRGHTXHVR\IUtJLGDRSRFRDWUDFWLYD1RWRPXFKD
SUHVLyQ SRU SDUWHGHORVKRPEUHV\GHOPRYLPLHQWRGHOLEHUDFLyQFRQUHVSHFWRDOR
GHWHQHURUJDVPRVRLQVLVWLUHQWHQHUXQR1RYR\DODUHODFLyQVH[XDOFRQHOILQGH
H[SHULPHQWDUXQRUJDVPR¥VXSRQJRTXHXQDSDUWHGHPLVHUVHSUHJXQWDVLORVHQWL
Up¦HVWDYH]§¥VLQRTXHJHQHUDOPHQWHEXVFRODWHUQXUDGHTXLHQPHDFRPSDxD2
SRUTXHVLPSOHPHQWHVHPHDQWRMDXQDEXHQDLGHDHQHVHPRPHQWR2SRUTXHTXLHUR
SRVHHUORVGHDOJXQDIRUPDSRUXQRVPLQXWRV
œ6LORVRUJDVPRVVRQLPSRUWDQWHVSHURHOVtPERORGHO¦RUJDVPR§KDVLGRH[D
JHUDGR SUREDEOHPHQWH YLpQGRVH FRPR DOJR VLQyQLPR GH ¦VHQVXDO§ ¦DUGLHQWH§
¦DSDVLRQDGD§¦YLWDO§HWF
œ7RGDHVDSXEOLFLGDGVREUHHORUJDVPRPHHVWiSRQLHQGRQHUYLRVD
œ(V XQD JUDQ FUHGHQFLDO VHQWLU RUJDVPRV 0H VLHQWR HQVDO]DGD FXDQGR H[SH
ULPHQWRDOJXQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
MHU
6KHUH+LWH
œ(ORUJDVPRDEUHHOFDPLQRTXHPHOOHYDDPLUHDOL]DFLyQFRPSOHWDFRPRPX
œ0L HVSRVR PH GLFH TXH PH SUHVHQWR \ ¦DFW~R§ FRPR PXMHU DVt TXH QR PH
SUHRFXSDVHQWLURQRVHQWLUXQRUJDVPR6LQHPEDUJRKHGHDGPLWLUTXHHOYLHMRPLWR
GHVHU¦PHQRVTXHXQDPXMHU§PHREVHVLRQDXQSRFR
œ/RV RUJDVPRV VRQ LPSRUWDQWHV SHUR QR Vp VL HV SRU HOORV PLVPRV R SRUTXH
FUHR TXH GHER H[SHULPHQWDUORV IRU]RVDPHQWH (Q UDUDV RFDVLRQHV KH SHQVDGR TXH
QHFHVLWDED VHQWLUXQR
œ$KRUD VH GDWDQWDLPSRUWDQFLDDORUJDVPRTXHXQDSHUVRQDVHVHQWLUtDDQRU
PDOVLQRWXYLHUD
$OJXQDV PXMHUHV UHDFFLRQDURQ HQpUJLFDPHQWH FRQWUD HVWD SUHVLyQ D TXH GHVHPSH
xHQVXSDSHO
œ'H YH] HQ FXDQGR PH DVDOWD HO GHVHR GH LPSUHVLRQDU D DOJXLHQ FRQ PL ¦WUH
PHQGDVH[XDOLGDG§SHURKDELWXDOPHQWHPHVLHQWRPX\IHOL]VLPSOHPHQWHWHQLHQGR
PXFKRVRUJDVPRV%iVLFDPHQWHVR\GHPDVLDGRHJRtVWDSDUDPROHVWDUPHHQGHPRV
WUDU DOJR D PLV DFRPSDxDQWHV \ VREUH WRGR GHPDVLDGR LQWHOLJHQWH SDUD TXHUHU
KDFHUDOJRTXHSUXHEHTXHVR\XQDDXWpQWLFDPXMHU™4XHVHYD\DQDODPLHUGD
œ<RTXLHURH[SHULPHQWDURUJDVPRVSDUDVDFLDUPLDQVLDGHSODFHUQRSDUDTXH
DOJXLHQDSUHFLHPLIHPLQLGDG
'HRWURODGRDOQRVHQWLUHORUJDVPRFRQXQKRPEUHSXHGHSURGXFLUVHXQDIUXVWUD
FLyQWDPELpQSRUTXHODPXMHUWHUPLQDUiTXL]iYLpQGRVHFRPRGDGDGHODGR\HQ
JDxDGDPLHQWUDVREVHUYDHOGHpO
œ4XLHURVHQWLUHORUJDVPRQR\DSRUVtPLVPRVLQRSDUDHYLWDUODIUXVWUDFLyQ\
ODLUDTXHVLHQWRFXDQGRQRORVWHQJR
œ&XDQGRYHRTXHPLFRPSDxHURWLHQHXQRUJDVPRSLHQVRTXH\RWDPELpQGH
EHUtDGLVIUXWDUGHXQR
œ(VUDURTXH\RSDUWLFLSHHQXQDFySXODDOWUXLVWDVLQRUJDVPR(QHVWH~OWLPR
FDVRPHVLHQWRUREDGD
œ6LHPSUHPHVHQWtHVWDIDGDFXDQGRpOWHQtDRUJDVPR\\RQR
œ8QDUHODFLyQVH[XDOVLQRUJDVPRPHKDFHVHQWLUPHFRPRVLPHKXELHUDSXHVWR
HQ FDPLQR SHUR ˜SRU TXp" H[FHSWR FXDQGR H[LVWH XQD LPSOLFDFLyQ GH WLSR HPR
FLRQDO
œ&RQVFLHQWHPHQWH PH WLHQHQ VLQ FXLGDGR SHUR TXL]i ODPHQWR OD DXVHQFLD GH
RUJDVPRVDQLYHOLQFRQVFLHQWH
œ(ORUJDVPRHVSDUDPtLPSRUWDQWHSRUGRVUD]RQHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ItVLFDPHQWH\PHVLHQWRHVWDIDGDFXDQGRQRH[SHULPHQWRQLQJXQR3LHQVRPX
FKDVYHFHVTXHPLVH[XDOLGDGQRHVLPSRUWDQWHSDUDFLHUWRVKRPEUHV
œ1R H[SHULPHQWDU RUJDVPRV QXQFD VHUtD XQD SUXHEDGHTXHDOJRDQGDPDOHQ
¦QXHVWUD§ YLGD VH[XDO eO VLHPSUH VLHQWH XQR ˜3RU TXp QR KD GH RFXUULUPH D Pt OR
PLVPR"
œ6LPHUHODFLRQRVH[XDOPHQWHFRQHOPLVPRKRPEUHUHSHWLGDVYHFHVQRVLHQWR
QXQFDHORUJDVPRPHHQIDGRPXFKtVLPR\PHVLHQWRIUXVWUDGD\FDGDYH]PiVIUtJL
GD\UHDOPHQWHHQIULiQGRPHFRQFRVDVTXHQRUPDOPHQWHPHKXELHUDQFDOHQWDGR
œ0HUH]FRXQFOtPD[GHVSXpVGHKDEHUKHFKRORVXILFLHQWHSDUDTXHpOJRFHGH
XQR6LpOWLHQHXQRUJDVPR˜SRUTXpQRKHGH GLVIUXWDU\RGHRWUR"1RPHLPSRUWD
ORTXHWDUGH/HKDJRIURWDUPLFOtWRULVKDVWDTXHWHQJRRUJDVPR
œ&RQVLGHURHORUJDVPRHOILQQDWXUDOGHODVH[SHULHQFLDVVH[XDOHV&XDQGREH
VRDSDVLRQDGDPHQWHQHFHVLWR\HVSHURFRQWLQXDUKDVWDHOFRLWR\WHQHURUJDVPR6LHO
KRPEUHSDUHFHQRDGYHUWLUORROHGDLJXDORQRLQWHQWDD\XGDUPHDTXH\RORWHQJD
PHSRQJRIXULRVD
œ(O FRLWR HVWi ELHQ D YHFHV SRU HO FDORU HPRFLRQDO \ ItVLFR TXH VH FRPSDUWHQ
SHURHVPHMRUFRQRUJDVPR\\RLQWHUSUHWRODFRPSUHQVLyQGHXQKRPEUHGHPLGH
VHRGHWHQHUORFRPRXQDGHPRVWUDFLyQGHVXVLQFHULGDG\DIHFWR
œ3HVHDQRH[SHULPHQWDUQXQFDHORUJDVPRHQODFySXODWRGDYtDJR]RFRQpVWD
SHUR HQ RFDVLRQHV PH VLHQWR GHIUDXGDGD H LUULWDGD FXDQGR pO OOHJD DO FOtPD[ \ \R
QR
œ6LQRWHQJRRUJDVPRFXDQGRHOFRLWRKDWHUPLQDGRPHGHMDIUXVWUDGDHLQVD
WLVIHFKD \ OOHQD GH UHVHQWLPLHQWR \ D OD YH] GH XQ VHQWLPLHQWR GH FXOSD &XDQWRV
PiVRUJDVPRVPHMRU
œ(VWDUYLHQGRVLHPSUHFyPRJR]DPLDFRPSDxDQWHUHVXOWDUtDDOJRLQWROHUDEOH
œ3UHILHURQRWHQHUUHODFLyQVH[XDODWHQHUODPDODTXHSDUDPtUHSUHVHQWDODDF
WLYLGDG VH[XDO FRQ XQ LQHSWR FRQ XQ FHUGR YDUyQ FKDXYLQLVWD TXH QR PH SHUPLWH
VHQWLUHORUJDVPR
œ$QWHVGHDGDSWDUQRVXQDSDXWDGHHVWLPXODFLyQFOLWyULFDSDUDOOHJDUDORUJDV
PR\OXHJRDOFRLWRDYHFHVJRFpFRQODDFWLYLGDGVH[XDOPXFKRVLQWHQHURUJDVPR
3HUR KDELWXDOPHQWH PH VHQWtD PX\ IUXVWUDGD HVSHFLDOPHQWH VL HVWDED D SXQWR GH
OOHJDUDORUJDVPR\DOILQDOQROOHJDED3RUGHVJUDFLDHUD\VR\WRGDYtDXQDSHUVR
QDGHPDVLDGRLQKLELGDSDUDPDVWXUEDUPHHQXQDVLWXDFLyQVHPHMDQWH
œ1R H[LVWH XQD UD]yQ SDUD OD UHODFLyQ VH[XDO VL \R QR VLHQWR HO RUJDVPR WDP
ELpQ'HRWURPRGRPHTXHGRDEDWLGD
œ6LQHORUJDVPR˜SDUDTXpYDDGHVHDUXQDPXMHUWHQHUUHODFLyQVH[XDOFRQDO
JXLHQ"4XpDVFR
œ/DUHODFLyQVH[XDOVLQHORUJDVPRHVGHOLFLRVDDYHFHVSHURQRHOFRLWRHQHO
TXHpOVtWLHQHRUJDVPRPHKDFHVHQWLUGLVPLQXLGDHLQDGHFXDGD
œ(QRFDVLRQHVPHVLHQWRREVHVLRQDGDSRUODLGHDGHTXH\RSRGtD KDEHUWHQLGR
XQRUJDVPRFXDQGRpOORWXYR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HVLHQWRHQJDxDGDGROLGD\IXULRVD0LIUXVWUDFLyQHVWDQJUDQGHTXHHVWR\
FRQVLGHUDQGRHQVHULRODLGHDGHGLYRUFLDUPH
œ7HQJRTXHVHQWLUXQRUJDVPRRPHVXERDXQDSDUHG'HERUHWLUDUPHDXQVL
WLRSULYDGR\PDVWXUEDUPH$QWHVGHFRQRFHUORVRUJDVPRVPHHQFDQWDEDVHUH[FL
WDGD \ OXHJR WDQ VyOR LU FDOHQWiQGRPH QDWXUDOPHQWH XQD YH] TXH HO KRPEUH KDEtD
WHQLGRHOVX\R0HGRUPtDOLJHUDPHQWHH[FLWDGDSHURQRLQTXLHWD$KRUDQRSXHGR
QLSLHQVRKDFHUOR
œ/DV UDUDV YHFHV HQ TXH OD UHODFLyQ VH[XDO HUD XQ PpWRGR GH FXUDFLyQ R XQD
IRUPDGHUHODFLRQDUVHHPRFLRQDOPHQWHFXDQGRKDEtDQHFHVLGDGGHPiVFDORUKXPD
QRHLQWLPLGDGHORUJDVPRQRHUDSUHFLVR7DPELpQDQWHVGHGHVFXEULUTXpKDEtDGH
KDFHU\RSDUDVHQWLUXQRUJDVPRWRGRORUHODWLYRDOVH[RFRQVWLWXtDXQVHUYLFLRtQWL
PRTXHKDFtDDPLDFRPSDxDQWH6LQHPEDUJRVLHPSUHJR]RPiVFXDQGRWHQJRRU
JDVPR\KDELWXDOPHQWHQRHVMXVWRTXHpOORWHQJD\\RQR˜1ROHVSDUHFH"
œ6LpOOOHJDDOFOtPD[\\RQRPHVLHQWRHPSHTXHxHFLGD\FRQJDQDVGHOORUDU
\KDVWDSLHQVRHQUHQXQFLDUDODDFWLYLGDGVH[XDOSDUDVLHPSUH3HURGHYH]HQFXDQ
GRPHVLHQWRVDWLVIHFKDFRUGLDO\FDULxRVD
œ(VWR\FRQIRUPHFRQTXHQRKD\DRUJDVPRVVLPLDFRPSDxDQWHQRVHPXHVWUD
HJRtVWD R VH DSURYHFKD GH OD VLWXDFLyQ VL HV WLHUQR \ FRQVLGHUDGR 3RU GHQWUR QR
REVWDQWHVLHQWRTXHHVWR\KDVWDORVFRMRQHV
œ$ YHFHV OH GLJR D Pt HVSRVR TXH QR QHFHVLWR H[SHULPHQWDU HO RUJDVPR SDUD
GLVIUXWDUGHODUHODFLyQVH[XDOSHURFUHRTXHHVWRHVXQDLGLRWH]SRUPLSDUWH
œ˜&yPRVHVHQWLUtDXQKRPEUHVLKLFLHUDHODPRU\QXQFDOOHJDUDDORUJDVPR"
œ7HQJRTXHVHQWLUHORUJDVPRSRUTXHODDFWLYLGDGVH[XDOVHVXSRQHTXHHVXQ
LQWHUFDPELR 6L KH GH DWHQGHU D ODV QHFHVLGDGHV ItVLFDV VX\DV pO GHEH DWHQGHU D ODV
PtDV$GHPiVHORUJDVPRFRQVWLWX\HXQDJUDQH[SHULHQFLD0HJXVWDKDFHUTXHXQ
KRPEUH OH FRPSDUWD FRQPLJR &UHR TXH ORV QRPEUHV GHELHUDQ DFRVWXPEUDUVH D
SURSRUFLRQDUWDOSODFHUDODVPXMHUHV1RPHJXVWDTXHVyORPHMRGDQ
(QRFDVLRQHVODVPXMHUHVYLHURQHQHORUJDVPRGHOKRPEUHXQVXVWLWXWLYRGHOVX\R
œ3LHQVRTXHWHQJRPXFKRTXHYHUHQFXDQWRpOVLHQWH\FXDQGRSXHGRKDFHUOH
OOHJDUDOFOtPD[HVFRPRVLDPtPHKXELHUDSDVDGRORPLVPRGHPDQHUDTXHQRQH
FHVLWRPiV
œ$YHFHVSXHGRH[SHULPHQWDURUJDVPRVPHQWDOHVDOD\XGDUDPLFRPSDxHURD
DOFDQ]DUHORUJDVPRHQFRQWUiQGRORLJXDOGHHVWLPXODQWH
œ$ YHFHV HV PiV VDWLVIDFWRULR VLQ HO RUJDVPR SRUTXH DVt HV SRVLEOH QRWDU HO
RUJDVPRGHPLFRPSDxHURGHXQPRGRPiVFRPSOHWR
œ$ YHFHV SLHQVR TXH HVWR\ GH DFXHUGR HQ QR WHQHU RUJDVPR GXUDQWH HO FRLWR
SHUR TXL]iV HV TXH HVWR\ GHPDVLDGR FRQFHQWUDGD HQ UHDOL]DU OD H[SHULHQFLD VH[XDO
VHDORTXHVHDORTXHpOGHVHH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ'DU HV PiV LPSRUWDQWH TXH WRPDU 3RU WDQWR GH WHQHU TXH HOHJLU HQWUH HO RU
JDVPRGHPtDFRPSDxDQWH\HOPtRSUHILHURHOVX\R
$OJXQDV PXMHUHV OOHJDURQ D OD FRQFOXVLyQ GH TXH HO RUJDVPR GXUDQWH OD UHODFLyQ
VHUQDQRHUDLPSRUWDQWH
œ/RV RUJDVPRV FRQVWLWX\HQ DOJR H[FHSFLRQDOPHQWH DJUDGDEOH \ FRPR QR KH
UHQXQFLDGRDODPDVWXUEDFLyQVXSRQJRTXHVHSXHGHDILUPDUTXHVRQ¦LPSRUWDQWHV§
SDUD Pt 3HUR DKt HVWi SUHFLVDPHQWH OD FXHVWLyQ HQ RWUR DVSHFWR <R DVRFLR SRU
FRPSOHWR HO RUJDVPR FRQ OD PDVWXUEDFLyQ <R QR WHQJR TXH OOHJDU \ D PHQXGR
FXDQGRpOOOHJDHVWRFRQVWLWX\HSDUDPtODFXPEUHGHODUHODFLyQVH[XDO
œ3DUDPtORVRUJDVPRVQRWLHQHQQDGDTXHYHUFRQODUHODFLyQVH[XDOFRUULHQWH
YDUyQKHPEUD /RV RUJDVPRV QR VRQ QHFHVDULRV SRUTXH SXHGR SURSRUFLRQiUPHORV
FRQODPDVWXUEDFLyQ
œ3XHVWRTXHQRVLHQWRHORUJDVPRGXUDQWHHOFRLWRGLVIUXWRGHpVWHVLQHOORV
œ&UHRTXHKDQVLGRVXSHUYDORUDGRVORVRUJDVPRV&XDQGRPHPDVWXUERSHUVLJR
HO RUJDVPR SHUR HQ FRPSDxtD GH PL DPDQWH PH GD LJXDO QR H[SHULPHQWDUOR 6yOR
QHFHVLWRHOFDORU\ODSUR[LPLGDG
œ(ORUJDVPRQRHVVLHPSUHQHFHVDULRGXUDQWHHOFRLWR9LHQHELHQVLQHPEDU
JR SRU HO FDORU \ OD VDWLVIDFFLyQ \ SDUD KDFHU VDEHU D DOJXLHQ TXH OR DFHSWDV
ItVLFDPHQWH
œ/RVRUJDVPRVVRQVRODPHQWHLPSRUWDQWHVHQHOFRQWH[WR'HTXHUHU\R~QLFD
PHQWHHORUJDVPRPHPDVWXUEDUtD6LDOJXLHQTXLHUHGDUPHXQRUJDVPR\HVXQDF
WRGHDPRUDIHFWR\FRQVLGHUDFLyQHQWRQFHVHVRHVLPSRUWDQWH
œ1RKD\QDGDTXHREMHWDUGHQRVHQWLUHORUJDVPRVLXQDDPDDVXFRPSDxHUR
VLHPSUH TXH KD\D HQWUH ORV GRV PXFKR DIHFWR \ XQ LQWHUpV PXWXR 6L \R DPR D PL
FRPSDxHURORJURODVDWLVIDFFLyQHPRFLRQDOLQFOXVRVLQVHQWLUHORUJDVPR
(QFLHUWRPRGRHVWDVPXMHUHVWHQtDQUD]yQYHUHQODDFWLYLGDGVH[XDOXQDFD
UUHUDKDFLDHORUJDVPRHVXQSXQWRGHYLVWDHVWUHFKR\IDOWRGHLPDJLQDFLyQ6LQHP
EDUJRODPD\RUSDUWHGHODVPXMHUHVQRKDEODQGHVGHXQDSRVLFLyQGHIXHU]DHQHVWH
DVSHFWR 1RVRWURV QR HVWDPRV WHQLHQGR RUJDVPRV R QR SRGHPRV WHQHU RUJDVPRV
GXUDQWH OD UHODFLyQ VH[XDO \ HQWRQFHV GHFLPRV TXH QR VRQ LPSRUWDQWHV 3DUD VDFDU
QXHVWUD VH[XDOLGDG D OD OX] KHPRV GH WUDHU QXHVWURV RUJDVPRV \ OD HVWLPXODFLyQ \
ODV SRVLFLRQHV GHO FXHUSR SDUD VHQWLUORV GH GRQGH VH HVFRQGHQ \ VHQWLUQRV OLEUHV
SDUDKDFHUGHHOORVXQDSDUWHQDWXUDO\FyPRGDGHODVUHODFLRQHVVH[XDOHV
(OGHUHFKRDORUJDVPRVHKDFRQYHUWLGRHQXQDFXHVWLyQ SROtWLFDSDUDODVPXMH
UHV$XQTXHQRKD\QDGDPDORHQQRVHQWLURUJDVPRVQLHQORGHUHDO]DU\FRPSDUWLU
HOSODFHUH[SHULPHQWDGRSRURWUDSHUVRQDVtVHLQFXUUHHQXQDHTXLYRFDFLyQDOKDFHU
GHHVRXQDQRUPDFRQDUUHJORDORFXDOHOKRPEUHVLHPSUHH[SHULPHQWDHORUJDVPR\
ODPXMHUQR6LQRVRWUDVORKDFHPRVWRGRIiFLO\DJUDGDEOHSDUDTXHORVKRPEUHVH[
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SHULPHQWHQ XQ RUJDVPR \ QRVRWUDV SDVDPRV VLQ pO ˜QR HVWDPRV VyOR KDFLpQGROHV
XQ§ VHUYLFLR§" 6L VDEHPRV FyPRWHQHURUJDVPRSHURVRPRVLQFDSDFHVGHKDFHUGH
HVWR XQD SDUWH GH OD UHODFLyQ VH[XDO FRQ RWUD SHUVRQD HQWRQFHV QR FRQWURODPRV OD
HOHFFLyQ GHWHQHURQRWHQHURUJDVPR&DUHFHPRVGHSRGHU
˜1R FRUUHVSRQGH HVR SUHFLVDPHQWH DO SDSHO WUDGLFLRQDO GH OD PXMHU PLUDU \
FXLGDUDFWXDUVLHPSUHGHFRPSDUVDHQODYLGDGHORVGHPiV"˜1RVHGHVFXEUHDKtHO
PLVPRVHQWLGRGHPDUWLULR\DXWRVDFULILFLRTXHVLHPSUHKDQPRVWUDGRODVPXMHUHVHQ
RWURV DVSHFWRV GH ODV UHODFLRQHV SHUVRQDOHV \ IDPLOLDUHV" 1RVRWUDV VRPRV ORV VHUHV
VHQVLEOHV\FRPSUHQVLYRVHQWDQWRTXH ORVKRPEUHVVRQORVH[SHUWRVItVLFRV\PHFi
QLFRVœTXHKDFHQFRVDV(QHOWHUUHQRGHOVH[RVXSXHVWDPHQWHORVKRPEUHVVDEHQ
TXpGHEHKDFHUVHLQLFLDQ\OOHYDQDFDERODVSULQFLSDOHVDFWLYLGDGHV1RVRWUDV¦UHV
SRQGHPRV§DHOODV3HURORTXHHOORVKDQLQLFLDGRJHQHUDOPHQWHKDWHQLGRSRFRTXH
YHUFRQQXHVWUDVQHFHVLGDGHVHQFXDQWRDORUJDVPR<ORTXHHVD~QSHRUHOKHFKR
GH VHU QHFHVDULDPHQWH SDVLYDV QRV QLHJD HO VHQWLGR GH QXHVWUD IXHU]D \ DXWRQRPtD
+DOOHJDGRHOPRPHQWRGHTXHUHFODPHPRVQXHVWURVFXHUSRVGHTXHFRPHQFHPRVD
XWLOL]DUORVQRVRWUDVPLVPDV SDUDQXHVWURSURSLRSODFHU
˜48e6(16$&,21(66((;3(5,0(17$1(1/$6(7$3$6 +$&,$(/25*$602"
/DH[FLWDFLyQLQLFLDO
˜4XpVHVLHQWHGXUDQWHODH[FLWDFLyQ"
$MX]JDUSRUODVHQWXVLDVWDVGHVFULSFLRQHVGHODVVHQVDFLRQHVFRUUHVSRQGLHQWHV
D OD HWDSDGHODH[FLWDFLyQWDOHVSODFHUHVSRGUtDQFDWHJyULFDPHQWHULYDOL]DUFRQORV
GHORUJDVPRSURSLDPHQWHGLFKR1LQJXQD PXMHUGLMRTXHOHGLVJXVWDEDODH[FLWDFLyQ
LQLFLDO QR KXER QL XQD VROD GHVFULSFLyQ QHJDWLYD HQ FXDQWR D ODV VHQVDFLRQHV TXH
SURSRUFLRQDED/DVSDODEUDVXWLOL]DGDVDPHQXGRSDUDGHVFULELUODIXHURQHQWUHRWUDV
œKRUPLJXHDQWHœYLYDœFiOLGDœIHOL]VHQVDFLRQHVGHTXHUHUWRFDU\VHUWRFDGD
/DPD\RUtDGHHOODVQRWDEDQODVVHQVDFLRQHVHQ WRGRHOFXHUSRSRFDVPHQFLRQDURQ
ORVJHQLWDOHV<HQHVWDVGHVFULSFLRQHVODPD\RUtDSDUHFtDGHVFULELUVXVH[SHULHQFLDV
GXUDQWH OD UHODFLyQ VH[XDO FRQ RWUD SHUVRQD XWLOL]DQGR DEXQGDQWHPHQWH WpUPLQRV
HPRFLRQDOHV
œ6LHQWRVLQWRFDUORVPLSLHOORVVHQRV\ODVSLHUQDVODVPDQRV\HO FXHOOR(V
FRPRVLPLFXHUSRVHGLODWDUDUHTXLULHQGRXQWLSRGHFRQWDFWRFiOLGR\IULFFLRQDO
œ+D\ XQD H[TXLVLWD WHQVLyQ XQ GRORU XQ KDPEUH < PLV VHQRV VH SRQHQ HQ
WHQVLyQFRPRVLKXELHUDQGHVHUWRFDGRV
œ([SHULPHQWRXQDVHQVDFLyQVHPHMDQWHDXQGHVPD\R1RWRVHQVDFLRQHVGHFi
OLGRFRVTXLOOHRGHSOHQLWXGGHKXPHGDG\HQHUJtD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DSUHVLyQGHODVDQJUHVHHOHYD&DGDSDUWHGHPLFXHUSRVLHQWHWRGRV\FD
GDXQRGHORVWRTXHVTXHVHOHKDFHQ6R\KLSHUVHQVLEOH0HVLHQWRHQHOFLHOR
œ8QD VHQVDFLyQ GH ELHQHVWDU 0H VLHQWR UDGLDQWH (V FRPR XQ GHVSHUWDU JUD
GXDO
œ(VXQDVHQVDFLyQGHVHUDPDGD\GHVHDGD(VHVWLPXODQWH
œ0LFXHUSRVHVLHQWHHTXLOLEUDGRYLYRODWHQWHUDGLDQWH¦HQODFXPEUH§
œ(VXQDDFHOHUDFLyQGHWRGRVPLVVHQWLGRV
œ(VXQDVHQVDFLyQGHXUJHQFLDXQLPSXOVRLUUHVLVWLEOH
œ/DH[FLWDFLyQPRGHUDGDHVGHOLFLRVDUHVXOWDQGRLQWR[LFDQWHHQPXFKRVDVSHF
WRVODH[FLWDFLyQIXHUWHHVSUiFWLFDPHQWHGRORURVDSHURWDPELpQPDUDYLOORVD FRQHO
RUJDVPRILQDO
œ0H VLHQWR HOHYDGD 5HVSLURGHSULVD7DPELpQPHVLHQWROLJHUDGHFDEH]D
VXPLGDHQXQPXQGRGHHQVXHxRORVVRQLGRVSDUHFHQGLVWDQWHVHOWLHPSRGDODLP
SUHVLyQGHKDEHUVHGHWHQLGR
œ(QHOPRPHQWRPHMRUFRQPLDFRPSDxDQWHPHVLHQWRIHOL] \HQJHQHUDOFi
OLGD
œ(VXQDLPSUHVLyQGHWHUQXUD\DIHFWR
œ(VXQDVHQVDFLyQGHIHOLFLGDGGHKRUPLJXHDQWHJR]R
œ6LVHSURORQJDUDLQGHILQLGDPHQWHXQDVHYROYHUtDORFD
œ&iOLGD\DJXVWRVHJXUDDIHFWLYD
œ(VXQSODFHUVHUH[FLWDGD(VWR\PDVVHQVLEOH\DOHUWDDWRGR
œ$OJRJUDQGHFRPRHQEXHQDVDOXG
œ8Q IRFR WRWDO GH DWHQFLyQ PLHQWUDV HO WLHPSR VH LQPRYLOL]D \ HO FXHUSR VH
PDQWLHQHDOHUWDHVSHUDQGR
œ/D VHQVLELOLGDG JHQHUDO VH LQFUHPHQWD 'HVFXEUR HQ Pt XQD SDUWH GH PL VHU
TXHKDELWXDOPHQWHQRDGYLHUWR
œ)ORWDQGR
œ8QDVXSUHPDVHQVLELOLGDGDOWDFWR2ODVGHPDULSRVDVHQPLHVWyPDJR
œ/D DGRUR FXDQGR VH FRQYLHUWH HQ XQD DUGLHQWH IXHU]D LPSXOVRUD 0H KDJR
FRQVFLHQWHGHPLYDJLQD\pVWDSDUHFHLQGLFDUXQGHVHRYHKHPHQWH
œ6R\H[FLWDGDSRUDOJXQRVPHGLDQWHODSUR[LPLGDG\ODWHUQXUD6LHQWRFRPRVL
WRGDPLSLHOTXLVLHUDHQWUDUHQFRQWDFWRFRQWRGDODGHHOORV
œ(VFRPRGHVSHUWDU\HOFRPLHQ]RGHODYLGD
œ(VIDQWiVWLFRXQp[WDVLVFDVLLQVRSRUWDEOH
œ(VFRPRTXHUHUQRWDUDDOJXLHQWDQFHUFDTXHQREDVWDHOVLPSOHWDFWR
œ(OHVWDGRItVLFRGHXQGHVHR(VXQDVHQVDFLyQHQORPiVKRQGRGHPLJDU
JDQWDXQDSURIXQGDHPRFLyQ\GHVHR
œ(VXQDLPSUHVLyQHPRFLRQDOGHELHQHVWDUGHDIHFWRGHLQWLPLGDG
œ0H VLHQWR PX\ OLEUH \ VLQ LQKLELFLRQHV FRQ UHVSHFWR D PL FXHUSR \ PX\
SUy[LPDDPLFRPSDxHUR1HFHVLWRIURWDUPLFXHUSRFRQWUDHOVX\RWRWDOPHQWH\KD
OODUPHHQORItVLFRORPiVFHUFDQDDpOSRVLEOH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$WUDFWLYD\GHVHDGD
œ$FHOHUDORVSXOVRV
œ™$OJRWHPHUDULR
œ6R\FRQVFLHQWHGHWRGDVODVSDUWHVGHPLFXHUSRGHVHDQGRKDFHUGHOLFDGDVFD
ULFLDV¥HQFRQWDFWRFRQPLSURSLDHQHUJtDFyVPLFD\ODGHTXLHQPHDFRPSDxD¥
\DQRKD\SDVDGRQLIXWXUR
œ7RGRPLFXHUSRVHVLHQWHFRPSOHWDPHQWHGHVSLHUWRVXSHUHVWLPXODGR
Ϫ8I 7RGR PL FXHUSR HVWi YLYR/RQRWRVHQVLEOHIDQWiVWLFRKRUPLJXHDQWH
™UHDO
œ0LFXHUSRVHWRUQDEODQGR\IOXLGRPRVWUiQGRVHSRUFRPSOHWRHQVLQWRQtDFRQ
HOXQLYHUVR
œ)HOLFLGDGHQHUJtDHVWUHPHFLPLHQWRVXQp[WDVLVIORWDQGRHQQDWDEDWLGD
œ$OERUGHGHXQWHUUHPRWR
œ&iOLGRKRUPLJXHDQWHYLROHQWR8QDVSDUWHVFRQFUHWDVGHOFXHUSRTXHGDQHQ
IRFDGDVFXDQGRVHWRFDQ\\RPHVLHQWRDPDGDQHFHVLWDGD\GLJQD
œ0HVLHQWRVHQVXDOH[FLWDGD\XQSRFRSHUYHUVD
œ(VWR\VHQVLELOL]DGDSRUFRPSOHWR
œ$FDORUDGD 1HFHVLWRHVWDUFHUFD\WRFDUOD
œ%HOOD\YLYD
œ8Q FiOLGR \ DQVLRVR LPSXOVR GH PLV VHQRV SRU VHU WRFDGRV XQ GHVHR GH EH
VDU
œ&iOLGD \ K~PHGD SRU GHQWUR \ SRU IXHUD FDUJDGD GH HOHFWULFLGDG DELHUWD \
OiQJXLGD
œ8QDYLYH]DUHDO]DGDVDOXGPHQWDOHXIRULD
œ<R GHVFULELUtD OD H[FLWDFLyQ FRPR XQ DJUDGDEOH KRUPLJXHRSURJUHVLYDPHQWH
LQWHQVRFRPRHOTXHVHQWtDVLHPSUHWUDVORVHVWUHPHFLPLHQWRVTXHQRVSURFXUiEDPRV
PXWXDPHQWHHQHOVH[WRJUDGR
œ8QDHOHFWULFLGDGFRQGHVFDUJDVFRPRRULJLQDGDHQODVHVWUHOODV
œ(VDOJRFRQIXVR(VVHQWLUPHGXOFHPHQWHFRQVFLHQWHGHFDGDXQDGHODVSDUWHV
GH PL FXHUSR HVSHFLDOPHQWH GH PLV JHQLWDOHV GH PLV VHQRV \ FXHOOR GH PL HV
WyPDJRERFD\RtGRV(VWDPELpQDOJRERQLWRGHVHDEOH\EXHQR
œ0X\HPRFLRQDOFRPSOHWDPHQWHYLYR0LFXHUSRHQWHURDSUHPLDQWHEXVFDHO
GHPLFRPSDxHUR4XLHURVHUVHQWLGDSRUpVWHVLQOLPLWHV\PHJXVWDUtDIXQGLUPHFRQ
ODRWUDSHUVRQD\FRQVXFXHUSR
œ7RGRPLFXHUSRUHDFFLRQDFRQXQDVHQVDFLyQGHGRORUDOXPEUDQGRVHQWLPLHQ
WRVGHDPRUGHQWURGHPt
œ8QD VHQVLELOLGDG LQWHQVLILFDGD HQ WRGR PL VHU XQD VHQVDFLyQ YDJDPHQWH DU
GLHQWHHQOD]RQDFOLWyULFD\XQDHVSHFLHGpDQKHORGHTXHVHDQWRFDGRVPLVVHQRVHO
HVWyPDJRODVQDOJDV\ODYDJLQD™$OJRJUDQGH
œ8QDWUHPHQGDH[FLWDFLyQTXHPH KDFHSHUGHUHOFRQWUROGHOFXHUSR6LHQWRGH
VHRV\QHFHVLGDGHVTXHQRPHSXHGRQHJDU\SRGUtDKDFHUFRVDVMDPiVSHQVDGDVHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PLHVWDGRQRUPDO0LFXHUSRTXHGDVHQVLELOL]DGRDJXGDPHQWHORVVLPSOHVWRTXHVR
FDULFLDVHQYDULRVSXQWRVPHSURSRUFLRQDQXQH[WUHPDGRSODFHU
œ6LHQWR PL YXOYD VRVHJDGD FiOLGD \ VH[\ (V XQD UDUD VHQVDFLyQ OD TXHQRWR
HQPLSLHO
œ'HOHLWH(VWDHVOD~QLFDSDODEUDTXHSXHGRXWLOL]DUSDUDGHVFULELUODVHQVDFLyQ
H[SHULPHQWDGDFRQDOJXLHQTXHDPR
œ3LHUGR HO FRQWURO KDJRODVFRVDVLPSXOVLYDPHQWH0HVLHQWRQHUYLRVD\Gp
ELO\DOPLVPRWLHPSRHQWHQVLyQ\VXSHUVHQVLEOHHQWRGRPLVHU([SHULPHQWRXQD
DJUDGDEOHVHQVDFLyQTXHQRSXHGRGHVFULELUSRUTXHVXSHUDDWRGDVODVTXHKHH[SH
ULPHQWDGR
œ8QDVHQVDFLyQGHSRGHUGHIXHU]D
œ(V XQD DFHOHUDFLyQ GH ORV ODWLGRV GHO FRUD]yQ XQD LQWHQVD VHQVDFLyQ GH LQWL
PLGDGXQDDQVLDGHWRFDUFXHUSRV
œ(QFLHUWRPRGRPHGDODRSRUWXQLGDGGHGHVSHUWDUGHODEUXPDGHODH[LVWHQ
FLDGLDULD
œ(V FRPR HVWDU IXHUD GH PL FXHUSR IXHUD GH PL PHQWH VLQ LPSRUWDUPH UHDO
PHQWHORTXHHVLPSRUWDQWHSDUDPtVHUHQODQRUPDOLGDG
œ$YHFHVPHVLHQWRH[FLWDGDHQJHQHUDOVLQKDEHUVLGRWRFDGD1RWRXQDHV
SHFLHGHWHQVLyQXQDGXOFHWHQVLyQ\KD\XQHQVXHxRHQHOGHVHRGHWRFDU\VHUWR
FDGD 3RU RWUD SDUWH OD H[FLWDFLyQ SURYRFDGD DO WRFDU \ VHU WRFDGD SXHGH VHU PiV
DJXGDXQDHVSHFLHGHSXQ]DGDHQPLYDJLQDORVQHUYLRVVHHUL]DQEDMRPLSLHO/D
H[FLWDFLyQH[FHVLYD HVGRORURVD
œ7RGR WRTXH SURGXFH XQD GHOLFLRVD VHQVDFLyQ \ TXLHUR TXH FRQWLQ~H SDUD
VLHPSUH
œ(VXQDVHQVDFLyQGHOLEHUWDGRGHSRGHUHQORVJHQLWDOHV\HQHOYLHQWUH1RWR
PLFXHUSRVLQLQKLELFLRQHVIXHUWH
œ8QPDUDYLOORVRSODFHUFRPRHOGHOEDxR\HO VRO
œ/RVVHQWLGRVVHSRQHQDOHUWDFDUJiQGRVHGHHQHUJtD
œ7RGRPLFXHUSRVH FXEUHGHXQFiOLGRVXGRU
œ(VXQDQKHOR ItVLFR
œ8QEDxRGHGHOLFLRVDVVHQVDFLRQHV
œ9LYDSRUWRGDVSDUWHV
œ6RODHQHOPXQGRFRQPLFRPSDxHUR
œ9LGDHQVXVSHQVRFRPRXQDHWHUQLGDGHQXQVHJXQGR8QDLQWHQVDFRPXQLFD
FLyQDOEHEHU\VDERUHDUHORWUR FXHUSR
œ9ROXSWXRVRHOHJDQWH\VHQVXDO
œ™·YLGDGHPiV
œ8QDUDUDVHQVDFLyQRWUDGLPHQVLyQGHPtPLVPDOLEHUiQGRPHGHPLVDQFODV
œ8QDVHQVDFLyQGHFDORUFUHFLHQWHGHQVRHQYROYHQWHGXOFH
œ&DORUODWLGRVVRPEUDV3RUWRGRPLFXHUSRXQDLQWHQVLGDGGHVHQVDFLRQHV
œ7RGRPLFXHUSRDUGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ˜'LVIUXWDGHORVSHULRGRVODUJRVGHH[FLWDFLyQ"˜/HJXVWDODH[FLWDFLyQSDUVtPLV
PD"
/DH[FLWDFLyQHVDOWDPHQWHJR]RVD$KRUDELHQ˜UHVXOWDDJUDGDEOHSRUVtPLV
PDVLQHOFRQVLJXLHQWHRUJDVPR"
0XFKDVPXMHUHVGLMHURQTXHXQODUJRSHULRGRGHH[FLWDFLyQUHVXOWDJUDWR
œ3UREDEOHPHQWH QR KD KDELGR QLQJXQD H[SHULHQFLD VH[XDO TXH SXHGD LJXDODU
ODVYLYLGDVHQORVWLHPSRVGHOFROHJLRHQHODVLHQWRSRVWHULRUGHXQFRFKHDSDUFDGR
FXDQGRODH[FLWDFLyQHUDXQILQHQ Vt
œ$ Pt PH JXVWDUtD TXH KDFHU HO DPRU VLJQLILFDUD PDV WRTXHV VHQVXDOHV \ XQD
PHQRVGLUHFWDDFWLYLGDGJHQLWDO0LVPRPHQWRVPiVH[FLWDQWHVIXHURQODVKRUDVTXH
VROtDSDVDUVLPSOHPHQWHWRFDQGRDPLPHMRUDPLJD\HOODDPt
œ/DH[FLWDFLyQHVODSDUWHIXQGDPHQWDOGHOVH[R'XUDQWHXQDHWDSDGHLQWHQVL
ILFDGDH[FLWDFLyQSUHILHURQRWHQHURUJDVPR0HFRUWDODH[FLWDFLyQ
œ1RUHFXHUGRSXHVPLVH[SHULHQFLDVVH[XDOHVHQORV~OWLPRVRFKRDxRVVLHP
SUH WHUPLQDURQ HQ OD FDPD 3HUR HQ OD DGROHVFHQFLD SRQHUVH FDOLHQWH HUD VLHPSUH
DOJRVLPSOH\DJUDGDEOH
œ$ PHQXGR SLHQVR TXHSUHILHURXQDODUJDHWDSDGHH[FLWDFLyQTXHHOUHODWLYD
PHQWH EUHYH RUJDVPR $O FDER GH GRV R WUHVKRUDVPHVLHQWRWDQH[KDXVWDFRPRVL
KXELHUDWHQLGRXQRUJDVPR
œ0X\DPHQXGRKHJR]DGRPXFKREHVDQGRDSDVLRQDGDPHQWHGHFD\HQGROXH
JRPLLQWHUpVDOFRPSOLFDUVHODDFWLYLGDGVH[XDO
œ/RV¦SUHOLPLQDUHV§PHJXVWDQPiVTXHHOFRLWR
œ6t PHJXVWDODH[FLWDFLyQSHURKHVLGRFRQGLFLRQDGDSDUDTXHQR PHJXVWH
GHPDQHUDTXHHQFXDQWRPHVLHQWRUHDOPHQWHH[FLWDGDORRULHQWRWRGRKDFLDHOFR
LWR
œ3XHGHDOFDQ]DUVH\PDQWHQHUVHXQHVWDGRPX\LQWHQVR\ROROODPR¦VXVSHQ
VLyQSURORQJDGD§
œ6tODH[FLWDFLyQHVPiVLPSRUWDQWHTXHHORUJDVPR)XHHVWDLGHDODTXHPH
VRVWXYR D WUDYpV GH WRGDV ODV UHODFLRQHV VH[XDOHV TXH WXYH \ TXH QR WHUPLQDURQ HQ
RUJDVPR
œ6t WLHQGR WDQ SRFR D OD JHQLWDOLGDG TXH HQFXHQWUR GLItFLO RULHQWDUPH HQ HVH
VHQWLGRFRQPLDPDQWH7LHQGR~QLFDPHQWHDODFDULFLD\DODGHPRVWUDFLyQGHDIHFWR
DQWHVTXHDODLPSOLFDFLyQJHQLWDOGLUHFWD(OVH[RHVOD~QLFDIRUPDGHORJUDUHOVXIL
FLHQWHFRQWDFWRGHODSLHO
œ(OVLPSOH\DQWLFXDGRLQWHUFDPELRPXWXRGHFDULFLDVSXHGHGXUDUKRUDVSRUOR
TXHDPLUHVSHFWDTXHGDQGRLQFOXLGDVHQpOORVWRTXHVORVEHVRV\ORVIURWHV
œ6LWXYLHUDTXHHVFRJHUUHQXQFLDUtDDQWHVDORVRUJDVPRVTXHDWDOVHQVDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HJXVWDTXHHVDHWDSDVHSURORQJXHKDVWDHOPi[LPR0HKDFHVHQWLUYLYD\
VHQVLEOHPiVTXHQLQJXQDRWUDKDFHTXHVHHVIXPHODVHQVDFLyQGHVROHGDG\DLVOD
PLHQWR
(Q RWUDV SDODEUDV D ODV PXMHUHV UHDOPHQWH OHV HQFDQWDEDQ ODV VHQVDFLRQHV GH
H[FLWDFLyQ\HOHVWDUItVLFDPHQWHMXQWRDDOJXLHQ$PXFKDVGHHOODVOHVJXVWDUtDYHU
HVWD PH]FOD LPDJLQDWLYD GH DFWLYLGDGHV DPSOLDGD \ UHYDORUL]DGD QR VLHPSUH
QHFHVDULDPHQWHGHXQDPDQHUDPHFiQLFDDORUJDVPR
3HURDOJXQDVPXMHUHVVHTXHMDURQGHTXHORVKRPEUHVQRVHSUHVWDEDQDODUJRVSH
UtRGRVGHH[FLWDFLyQ
œ0H JXVWD DODUJDU ODV HWDSDV GH H[FLWDFLyQ KDVWD TXH HOGHVHRGHORUJDVPRHV
LUUHVLVWLEOH3RUGHVJUDFLDPXFKRVKRPEUHVVRQGHPDVLDGRLPSDFLHQWHVSDUDSHUPL
WLUOR
œ1XQFDOOHJRDHVHHVWDGRFRQXQKRPEUH(VWiQGHPDVLDGRWHQVRV
œ6t PH JXVWDQ ORV SHULRGRV ODUJRV GH H[FLWDFLyQ HVSHFLDOPHQWH VL HVWp FODUR
TXHQRYDPRVDWHQHUFRLWR(OYHUDQRSDVDGRYLYtXQRGHORVHSLVRGLRVPHMRUHVGH
PL YLGD LQWHUFDPELDQGR FDULFLDV FRQ XQ KRPEUH GXUDQWH YDULDV KRUDV 3HUR QR KH
GDGR FRQ QLQJXQR GLVSXHVWR D DIURQWDU WDO H[SHULHQFLD HQ XQD VLWXDFLyQ GH SRVLEOH
FRLWR6LHPSUHVHDEUHYLD\VXSRQJRTXHWRGDYtDQRPHKHDWUHYLGRDGHFLU¦4XLHUR
KDFHUHVWR\QRSLHQVRKDFHUQDGDPiV§
œ0HHQWULVWHFHYHUPHREOLJDGDDFRQWURODUPLVDFFLRQHV\SHUGHUPHEXHQDSDU
WHGHHVRDFDXVDGHOFRQGLFLRQDPLHQWRGHPLFRPSDxHURTXLHQQHFHVLWDTXHDFDEH
PRVHQODFySXODVLHPSUHTXHQRVWRFDPRVSUiFWLFDPHQWH
œ(V PX\ LPSRUWDQWH SDUD Pt XQ ODUJR SHULRGR GH H[FLWDFLyQ \ D YHFHV PH
VLHQWRGHIUDXGDGDFXDQGRPLDFRPSDxDQWHVHVLHQWHGHPDVLDGRH[FLWDGRSDUDFRQWL
QXDU
œ(QRFDVLRQHVHQHOLQWHUFDPELRVH[XDOpOOOHJDMXVWRFXDQGR\RHVWR\HPSH
]DQGRDH[FLWDUPH 1RPHJXVWD0HGHIUDXGD
œ0HDJUDGDQORVODUJRVSHULRGRVGHH[FLWDFLyQ(VWHHVHOPRWLYRGHTXHPLHV
SRVR\\RQRVHDPRVGHPDVLDGRFRPSDWLEOHV/HKDEOR\VHPXHVWUDVHQVLEOHGX
UDQWHFLQFRPLQXWRVHQWRQFHVYD¦DORGHVLHPSUH§
œ˜˜4XLpQWLHQHWDOHVRSFLRQHV""™™<RGHVGHOXHJRQR
œ0HJXVWDSURORQJDGRSHUR\RFRQR]FRPX\SRFRVKRPEUHVTXHSXHGDQRHV
WpQLQWHUHVDGRVHQSURORQJDUOR
<HOSHULRGRGHODH[FLWDFLyQ\DQRHVWDQGLYHUWLGRFXDQGRHOKRPEUHFRQWLQ~DKDV
WDHORUJDVPRGHMDQGRDOD PXMHUH[FLWDGD\VLQRUJDVPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
0XFKDVPXMHUHVKDQWHQLGRIUHFXHQWHPHQWHUHODFLyQVH[XDOVLQRUJDVPR\UH
VLHQWHQHOKHFKRGHTXHORVKRPEUHVFDVLVLHPSUHWHQJDQRUJDVPR3RUFRQVLJXLHQWH
SXVLHURQ FODUDPHQWH GH PDQLILHVWR TXH DXQTXH HO SHULRGR GH H[FLWDFLyQ HV JUDWR
HOODVHVSHUDQOOHJDUDORUJDVPRWDPELpQ
œ0H JXVWDQODVFDULFLDVSRUVtPLVPDVVLQVREUHQWHQGLGRVGHTXH¦HVWRKDGH
WHUPLQDUHQFRLWR§$KRUDH[FLWDUPHSDUDTXHHOKRPEUHSXHGDTXHGDUVDWLVIHFKRHV
SRUORTXHDPLUHVSHFWDXQDDJUHVLyQVH[XDO
œ(V DJUDGDEOH VHU PX\ DFDULFLDGD SHUR \R QR WROHUR TXH XQ KRPEUH VDWLVIDJD
VXGHVHRDFRVWDPtDVLQHVWDUGLVSXHVWRDKDFHUORQHFHVDULRSDUDVDWLVIDFHUHOPtR
œ(QJHQHUDOKHYLVWRTXHORVKRPEUHVVRQLQFDSDFHVGHDFHSWDUHOSHUtRGRGH
H[FLWDFLyQ VRODPHQWH 3LGHQ VDWLVIDFFLyQ OD VX\D SRU VXSXHVWR ™SHUR UDUDPHQWH OD
PtD
œ9LHQHDVHUXQJUDQDEDQGRQR<RPHTXHGRLQPyYLO\HQWULVWHFLGDFXDQGRQR
WHQJRRUJDVPR\pOHVWiDKtWUDQTXLOR\IHOL]\\DVLQQLQJ~QLQWHUpV
œ(O VH[R SDUD Pt KDVWD KDFH SRFR KD VLGR XQD ODUJD VHULH GH FRQRFLPLHQWRV
SRU QRFKH \ QXQFD VHQWt TXH WXYLHUD HO WLHPSR VXILFLHQWH SDUD TXHGDU ItVLFDPHQWH
VDWLVIHFKD*HQHUDOPHQWHHOQRPEUHVHPHHFKDEDHQFLPD\GHVFDUJDED\GHSURQWR
™WRGRKDEtDWHUPLQDGR(VWRPHPROHVWDEDPDV\PiVFDGDYH]TXHRFXUUtD\DKRUD
QXQFDGHMR TXHRFXUUD
œ6LHVWR\FRQXQKRPEUH\WHQJRODVHJXULGDGGHTXHPHSURSRUFLRQDUiODVD
WLVIDFFLyQ QHFHVDULD HQ VX PRPHQWR PH JXVWD SURORQJDU HO SHULRGR GH H[FLWDFLyQ
3HUR VL DEULJR DOJXQD GXGD KDJR OR SRVLEOH SRU FRQVHJXLU ¦PL§ RUJDVPR DQWHV GH
TXHVHPHHVIXPHWDORSRUWXQLGDG
2WUDV PXMHUHV VHxDODURQ TXH XQ ODUJR SHULRGR GH H[FLWDFLyQ VLQ RUJDVPR HQ XQ
PRPHQWRGHWHUPLQDGRHVH[WUHPDGDPHQWHIUXVWUDQWHHVSHFLDOPHQWHFXDQGRHVWRVH
FRQYLHUWHHQXQDSDXWD
œ(VXQDJUDQIUXVWUDFLyQH[FLWDUVHUHSHWLGDPHQWH \QROOHJDUDORUJDVPR(QWDO
VLWXDFLyQDKRUDQRPHGHMRH[FLWDU
œ3XHGH OOHJDU D VHU GRORURVR ItVLFD \SVLFROyJLFDPHQWH6XSRQJRTXHODPHQWR
OD HVWLPXODFLyQ VLQ RUJDVPR SRUTXH OD DVRFLR FRQ ORV DxRV HQ TXH QR SRGtD OOHJDU
RGLiQGRPHDPtPLVPD\DORVKRPEUHVFRQTXLHQHVHVWXYH
œ$ SDUWLU GH FLHUWR SXQWRODUHODFLyQVH[XDOVLQRUJDVPRLQFOXVRODDFWLYLGDG
VH[XDO QR JHQLWDO SURORQJDGDV GXUDQWH XQ SHULRGR GH PHVHV PH KDFH SHUGHU WRGR
LQWHUpV
œ/D VHQVLELOLGDG DYLYDGD \ ODV H[SHULHQFLDV VHQVXDOHV VRQ DOJR JUDQGH VREUH
WRGRFXDQGRVHFRPSDUWHQ3HURODH[FLWDFLyQJHQLWDOVLQRUJDVPRHVIUXVWUDQWH
œ&XDQWRPiVWLHPSRPHMRUKDVWDFLHUWRSXQWR0HVLHQWRFRPRVLPHPRYLHUD
DGLIHUHQWHV QLYHOHVSHUROXHJRHVWRGHEHWHUPLQDU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&XDQGRODSHUVSHFWLYDGHORUJDVPRHVGXGRVDH[SHULPHQWRVHQWLPLHQWRVFRQ
IOLFWLYRVFRQUHVSHFWRDODH[FLWDFLyQ(VWDUHVXOWDDJUDGDEOHSRUVtPLVPDSHURWUDV
DOFDQ]DU GHWHUPLQDGDV FRWDV PH TXHGR HQ WHQVLyQ LUULWDGD GHVLOXVLRQDGD \ PX\
GHSULPLGD(Q~OWLPRWpUPLQRWHQJRTXHOOHJDU\VDEHUTXHORGLVIUXWDUp
1RKXELHURQVHQVDFLRQHVFRQIXVDVFRQUHVSHFWRDORTXHVHVHQWtDFXDQGRHVWDQGR
DOERUGHGHORUJDVPRHOHVWtPXORTXHKDEtDHVWDGRDSXQWRGHSURYRFDUORVHFDP
ELDEDRUHWLUDEDHUDWHUULEOH
(Q HO &XHVWLRQDULR ,,, VH SUHJXQWDED œ&XDQGR HVWi XVWHG D SXQWR GH H[SHUL
PHQWDUHORUJDVPR\pVWHQROOHJDSRUODUHWLUDGDGHODHVWLPXODFLyQRFXDOTXLHURWUD
UD]yQVLPLODU˜VHVLHQWHIUXVWUDGD"
œ6LPLHVSRVRVLHQWHHORUJDVPRDQWHVGHTXH\RWHQJDODRSRUWXQLGDGGHKDFHU
ORPHGHMDDJLWDGDFRQHOHVWyPDJRUHYXHOWR\UHVHQWLGD\HQIDGDGD
œ/RV KRPEUHV IUHFXHQWHPHQWH WLHQHQ HO RUJDVPR VH GDQ OD YXHOWD \ VH GXHU
PHQ GHMiQGRPH D Pt HQ XQ HVWDGR GH DOWD H[FLWDFLyQ SHUR VLQ RUJDVPR (VWR HV
PHQWDOPHQWHHQIXUHFHGRU\PHSURGXFHXQWHUULEOHHIHFWRSVLFROyJLFR3XHGHQHVWDU
HQWUHQDGRVSDUDVDWLVIDFHUPHSHURODPD\RUtDGHORVKRPEUHVSDUHFHVXSRQHUTXHODV
PXMHUHVQRQHFHVLWDQHORUJDVPRLJXDOTXHORVKRPEUHV
œ$O SULQFLSLR SLHQVR RK QR LPSRUWD HVWXYR EDVWDQWH ELHQ PLHQWUDV GXUy <
HQWRQFHVSLHQVR™QR˜SRUTXpWHQJRTXHDPROGDUPH"
œ)UXVWUDGDHLUULWDGD\SRWHQFLDOPHQWHYLROHQWD+DELWXDOPHQWHRFXUUHFXDQGR
PLHVSRVRGHFLGHTXHVXPpWRGRGHHVWLPXODUPHQRPDUFKDFRQVXILFLHQWHUDSLGH]\
HQWRQFHVORFDPELDSRURWURVLQSUHJXQWDUDQWHV
œ0HVLHQWRIUXVWUDGDHQRMDGDHQJDxDGD$PHQXGRpOOOHJDDOFOtPD[GHPD
VLDGRUiSLGDPHQWH3LHQVRIUHFXHQWHPHQWHTXHPLHVSRVRVRODPHQWHVHSUHRFXSDGH
VXRUJDVPRTXHFUHHTXH\RQRQHFHVLWRVHQWLUHOPtR
œ6tPHVLHQWRPX\IUXVWUDGD\WULVWH\DYHFHVOORUR
Ϫ0DOGLWDVHD6t0HVLHQWRWULVWH\GHIUDXGDGD\SLHQVRTXHDOJRQRPDUFKD
ELHQHQPt
œ6tPHVLHQWRIXULRVDHLQVLVWRHQTXHPLFRPSDxHUR FRQWLQ~H1RH[LVWHXQD
IUXVWUDFLyQPD\RU$YHFHVFUHRTXHVHUtDFDSD]GHOOHJDUDOFULPHQ
œ0H VLHQWR IUXVWUDGD \ GHVLOXVLRQDGD \ HQ RFDVLRQHV ItVLFDPHQWH HQIHUPD \
GROLGD DVt FRPR UHFKD]DGD GHVGH HO SXQWR GH YLVWD HPRFLRQDO 6LQ HPEDUJR QRU
PDOPHQWHFRQWURORPLVHPRFLRQHVLQWHQWDQGRUD]RQDUFRQPLJRPLVPD
œ6LODHVWLPXODFLyQKDVLGRVXILFLHQWHPHQWHSURORQJDGDHLQWHQVDVLHQWRPROHV
WLDVHQORVJHQLWDOHV\HQODSDUWHLQIHULRUGHODVSLHUQDV/XHJRPHVLHQWRLQFRPRGD
GXUDQWHKRUDV
œ(VR VXFHGLy UHSHWLGDV YHFHV GXUDQWH ORV SULPHURV PHVHV GH PL PDWULPRQLR
DQWHV GH TXH PH GHVHQWHQGLHUD SRU FRPSOHWR GH HOOR FRPR PpWRGR SDUDVREUHYLYLU
$KRUDHVWR\UHVLJQDGDSHQVDQGRTXpHVORTXHRFXUUHFRQORVKRPEUHV\QRHVSHUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HO FOtPD[ 3RU WDQWR QR HVWi PDO 1R OOHJR DO ¦MXVWR D SXQWR GH§ KDFH \D PXFKR
WLHPSR
œ1RWHQHURUJDVPRHVSHRUTXHODDEVWLQHQFLDWRWDO0HKDFHVHQWLUGHSULPLGD\
GHVDQLPDGD<RUHQXQFLDUtDSDUDVLHPSUHDXQKRPEUHLQFDSD]GHSURSRUFLRQDUPHHO
RUJDVPR
œ1RWHQHURUJDVPRDYHFHVQRPHLPSRUWDGHPDVLDGRFXDQGRPHKHKHFKRDOD
LGHD 'HRWURPRGRQRVHQWLUORHVGHVDVWURVRDOJRTXHGLVJXVWDPXFKRGHSULPHQ
WH
œ6LHQWR XQD JUDQ IUXVWUDFLyQ FXDQGR QR H[SHULPHQWR HO RUJDVPR OR FXDO GHV
WUX\H FXDOTXLHU RWUR SODFHU SDUD Pt (VSHFLDOPHQWH VL HVWR\ PX\ H[FLWDGD \ D SHVDU
GHHOORQRWHQJRRUJDVPRDPHQXGROORURFRPRIRUPDDOWHUQDWLYDGHDOLYLR
œ1RWHQHURUJDVPRHVDOJRTXHGXHOH
œ$OSULQFLSLRGHPLVH[SHULHQFLDVVH[XDOHVQRPHLPSRUWDEDSHURWUDQVFXUULGR
DOJ~QWLHPSRWUDVXQRVFXDQWRVHQFXHQWURVFRQLQGLYLGXRVTXHVyORVHRFXSDEDQGH
SURFXUDUVHVXVRUJDVPRVRHUDQWDQLJQRUDQWHVFRPRSDUDFUHHUTXHWRGDVODVPXMH
UHVOOHJDEDQDOFOtPD[FRQODVLPSOHYLVLyQGHVXSHQHPHVHQWtGLVJXVWDGD\DKRUD
KDFHTXHVLHQWDXQDJUDQIUXVWUDFLyQ2GLRDOKRPEUH\QRTXLHURYROYHUDVDEHUGH
pO
œ6tIUXVWUDGDLUULWDGDDWHPRUL]DGDLQVHJXUD\KXPLOODGD
œ/DIUXVWUDFLyQDSDUHFHHQIRUPDGHFDODPEUHVDEGRPLQDOHVQRVpVLHQHO~WH
URHQORVRYDULRVRHQTXpRWURVLWLRSHURSRUDKt\HOORLPSOLFDVHQVDFLRQHVGHUH
VHQWLPLHQWR LUULWDELOLGDG QHUYLRVLVPR GHSUHVLyQ SHVLPLVPR IDOWD GH FRQILDQ]D \
FDUHQFLDGHHQHUJtDSDUDUHDOL]DUFXDOTXLHUFRVD
œ0H VLHQWR DOJR IUXVWUDGD SULQFLSDOPHQWH LQDGHFXDGD SURIXQGDPHQWH GLVJXV
WDGDFRQPLJR PLVPDSRUVHUGHPDVLDGROHQWDRLQFRPSHWHQWHTXL]i
œ(V FRPR VL DOJXLHQ LQWHQWDUD PDWDUPH HV FRPR VL 'LRV PHRGLDUDQRGHMiQ
GRPHTXHJRFH
(ORUJDVPR
'HUHSHQWHWUDVHOSHULRGRGHH[FLWDFLyQTXHSXHGHYDULDUPX\FRQVLGHUDEOH
PHQWH HQ WLHPSR GHVGH XQ PLQXWR DSUR[LPDGDPHQWH KDVWD KRUDV FRQ XQD HVWLPX
ODFLyQDGHFXDGDVXUJHXQDLQWHQVDVHQVDFLyQFRQRFLGDSRURUJDVPRFOtPD[œOOHJD
GD˜&yPRHVHVHPRPHQWRTXHSUHFHGHLQPHGLDWDPHQWH DODVFRQWUDFFLRQHV"
œ+D\XQDVFXDQWDVGpELOHVFKLVSDVDOOOHJDUDORUJDVPR\HQWRQFHVFRPSUHQGR
GHSURQWRTXHVHYDDSUHQGHUIXHJR\FRQFHQWURWRGDVPLVHQHUJtDVItVLFDV\PHQWD
OHVHQODPHWDGHDOFDQ]DUUiSLGDPHQWHHOFOtPD[TXHVHSUHVHQWDFRPRODSDUDOL]D
FLyQSRUXQPRPHQWRGHOWLHPSRFRPRXQDFiOLGDDFRPHWLGDFRPRVLDOWLHPSRTXH
VH PH FRUWD OD UHVSLUDFLyQ PL FXHUSR \ PLV QHUYLRV VH EDxDUDQ HQ 3ODFHU 0H HV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IXHU]R SRU KDFHU TXH GXUH HO ~OWLPR PRPHQWR \ VXIUR XQD GHVLOXVLyQ FXDQGR QR OR
FRQVLJR
œ6LHQWRSRFRDQWHVXQWUHPHQGRLQFUHPHQWRGHODWHQVLyQ \XQDGHOLFLRVDVHQ
VDFLyQTXHQRVpGHVFULELU/XHJRHORUJDVPRHVFRPRODH[FLWDFLyQ\ODHVWLPXOD
FLyQTXHKHHVWDGRVLQWLHQGRDXPHQWDGDVGXUDQWHXQLQVWDQWHFLHQYHFHV
œ(PSLH]D SURIXQGR HQ DOJXQD SDUWHGHODV¦HQWUDxDV§\VHKDFHPiVJUDQGH
PiV IXHUWHPHMRU\PiVEHOORKDVWDVR\VyORFXDWURSXOJDGDVFXDGUDGDVGH]RQDGH
LQJOHHQp[WDVLV
œ/DVHQVDFLyQItVLFDHVEHOODPHQWHDWUR](PSLH]DHQHOFOtWRULV\WDPELpQSH
QHWUDHQWRGDPL]RQDYDJLQDO
œ(V OD FXPEUH GHO FDVL FDVL &$6, &$6,,, 6yOR SXHGR GHVFULELUOR GLFLHQGR
TXHHVFRPRPRQWDUHQHO7LOWD:KLUO
œ,QPHGLDWDPHQWH DQWHV GHO RUJDVPR OD ]RQD GH ORV DOUHGHGRUHV GH PL FOtWRULV
SDUHFHFREUDUYLGDGHUHSHQWH1RDFLHUWRDSHQVDUHQRWUDGHVFULSFLyQPHMRU(VFR
PR VL FHQWHOOHDUD SURGXFLHQGR IXHUWHV \ PyYLOHV VHQVDFLRQHV SRU HO FRQWRUQR (V
FRPRXQSXQWRGHLQWHQVDOX]6XUJHDOJRVHPHMDQWHDXQEOLS GHSDQWDOODGHUDGDU\
HVRHVHORUJDVPR
œ1RWR HQ PL YDJLQD XQ SODFHU FDVL IUHQpWLFR PH]FOD GH FRPH]yQ \ GRORU \
WDPELpQHQOD]RQDFOLWyULFDTXHSDUHFHFDVLLQVDFLDEOH\HVWDPELpQH[WUHPDGDPHQ
WHFiOLGR\SLHUGRHOFRQWUROGHWRGR/XHJRVHSURGXFHXQDH[SORVLyQGHLQFUHtEOH
FDORU \ DOLYLR FRQ UHVSHFWR D OD FRPH]yQ \ HO GRORU SUHFHGHQWHV 5HDOPHQWH UHVXOWD
LQGHVFULSWLEOH\ ORTXHDFDERGHDQRWDUQRORH[SOLFDHQDEVROXWR™3$/$%5$6 
œ1RSXHGRFRQWHVWDUDHVWDSUHJXQWD(OHQFDQWRGHXQRUJDVPRUDGLFDHQTXH
FXDQGROOHJDWRGRVHFRQFHQWUDHQpOKDVWDTXHXQDVHQVDFLyQGHLQWHQVRDOLYLRLQ
YDGHWRGRHOFXHUSR\ODPHQWH/XHJRFXDQGRKDWHUPLQDGRHVLPSRVLEOHGHVFULELU
ORFRQSUHFLVLyQRFDSWDUDOJ~QUHVLGXRGHODVHQVDFLyQ6LVHUHSLWHSDUHFHIUHVFR\
QXHYRRWUDYH]SHURHQHOPRPHQWRHQTXHWHUPLQDVHPDQLILHVWDWDQGLItFLOGHGH
ILQLUFRPRVLHPSUHXQDSDUHFHVHQWLUVHDWDFDGDGHDPQHVLD FXDQGRLQWHQWDH[SOLFDU
OR
4XL]iVHDDOJRPiVIiFLOGHYHUEDOL]DUH[DFWDPHQWHGyQGHVHVLHQWHHVDVHQVD
FLyQRUJiVPLFDHVHtPSHWXVLELHQODVSHUFHSFLRQHVWDQVXEMHWLYDVFRPRpVWDVUHVXO
WDQQRWRULDPHQWHHQJDxRVDV
œ3RFR DQWHV GHO RUJDVPR VLHQWR HQ HO FOtWRULV XQD TXHPD]yQ XQ KRUPLJXHR
XQDYLEUDFLyQKDVWDTXHKD\XQUHSHQWLQRGHUUDPDPLHQWRRUJiVPLFRGHFDORU\TXH
PD]yQHQODYDJLQDWDPELpQDORTXHVLJXHQGHSURQWRPLVFRQWUDFFLRQHVHOFKRTXH
GHODVSDUHGHVHQWUHVt
œ7RGRFRPLHQ]DFRQXQDJUDQSUHVLyQ\WHQVLyQHQHOFOtWRULVFRPRVLpVWHIXH
UDDH[SORWDU(QWRQFHVVHDSRGHUDGHPLSHOYLV\YDJLQD
/DGHQRPLQDGDœ2ODGHORVSDUTXHVGH DWUDFFLRQHV1'HO7
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(PSLH]DHQHOFOtWRULV\HQYXHOYHDODYDJLQDFRPRXQDUFR
œ9DH[WHQGLpQGRVHDSDUWLUGHODUHJLyQFOLWyULFDGHVFHQGLHQGRDODVSURIXQGL
GDGHVGHODYDJLQDKDFLpQGRPHGHVHDUODSHQHWUDFLyQ
œ&RPLHQ]D FRQ XQD SDOSLWDFLyQ LQFUHtEOH HQ PL FOtWRULV XQD SDOSLWDFLyQ TXH
OXHJR SURJUHVD HQ VHQWLGRDVFHQGHQWHDIHFWDQGRDPLYDJLQDDPLYLHQWUH\ILQDO
PHQWHDODFDEH]D
œ'XUDQWHODPDVWXUEDFLyQRHOFXQQLOLQJXV KD\XQDIXHUWHVHQVDFLyQGHOFOtWRULV
TXH VH H[SDQGH TXH OR OOHQD WRGR KDFLpQGRVH LQVRSRUWDEOHPHQWH JUDWDGHVSXpVGH
ORFXDOKDFLDHOPRPHQWRGHORUJDVPRVHSURGXFHDOJXQDGHVYLDFLyQKDFLDOD]RQD
YDJLQDO\OXHJR IXHUWHVFRQWUDFFLRQHVGHODYDJLQDDFRPSDxDGDVGHXQWHPEORUGH
XQGHVPD\R(VWRHVORTXHPHSDVDDPt
œ(ORUJDVPRHPSLH]DFRPRXQDSUHVLyQGHVGHGHQWUR\XQDKRUPLJXHDQWHWHQ
VLyQFHUFDGHOFOtWRULVTXHVHH[WLHQGHDODYDJLQDSRUGHQWURGHPLDEGRPHQ+D\
XQDWHQVLyQH[WHQGLGDHQJHQHUDOKDVWDTXHVREUHYLHQHHORUJDVPR
(Q RWUDV SDODEUDV OD HVWLPXODFLyQ GLUHFWD R LQGLUHFWD GH OD ]RQD FOLWyULFD HV
QHFHVDULDSDUDWHQHUXQRUJDVPRSHURHVWHHQVtVHVLHQWHHQXQD]RQDLQGLIHUHQFLD
EOHVLWXDGDHQ WRUQRDOFOtWRULV\ODYDJLQDLQFOX\HQGRDPHQXGRODSDUWHVXSHULRUGH
pVWD'HXQPRGRVLPLODUORVKRPEUHVQHFHVLWDQVHUHVWLPXODGRVHQHOH[WUHPRGHO
SHQHSDUDVHQWLUHORUJDVPRSHURQRWDQpVWHHQHOLQWHULRUGHVXVFXHUSRV
$OJXQDVPXMHUHVGHVFULELHURQODVHQVDFLyQHQODYDJLQDHQHVHPRPHQWR
œ/RVLHQWRHQODVSURIXQGLGDGHVGHODYDJLQD6HDSRGHUDGHPtXQDDSUHPLDQWH
DQVLDGHVHUSHQHWUDGDODFXDOVLHVVDWLVIHFKDDQWHVGHKDEHUVHLQLFLDGRHOFOtPD[
KDFHHORUJDVPRYLUWXDOPHQWHLPSRVLEOH
œ(V FRPR XQ EDOyQ TXH WXYLHUD HQ HO DEGRPHQ TXH IXHUD KLQFKiQGRVH SDUD
H[SORWDUILQDOPHQWHDWUDYpVGHWRGRPLFXHUSR
œ/RVLHQWRHQODEDVHGHODYDJLQD(VXQDVHQVDFLyQGHDUGRUGHKRUPLJXHR
VLQWLHQGRGHVHRVGHVDOWDU\JULWDU
œ+D\XQDGRORURVD VHQVDFLyQGHTXHPD]yQHQPLYDJLQD\ODLPSUHVLyQGHTXH
pVWDVHH[WHQGHUiSRUWRGRPLFXHUSR
œ6LHQWRXQDFiOLGDVHQVDFLyQGHDUGRUHQODSDUWHVXSHULRUGHODDEHUWXUDGHOD
YDJLQD
œ7RGROOHJDFRPRXQDVHQVDFLyQGHDEHUWXUDHQODERFDGHO~WHUR
œ(V XQD LQWHQVD VHQVDFLyQ GH SDOSLWDFLyQ &XDQWR PDV IXHUWH HV HO RUJDVPR
PiVKDFLD¦DUULED§R¦GHWUiV§VHQRWDHVGHFLUGHVGHHOFOtWRULVKDFLDDWUiVRDUULED
KDFLDHO~WHUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜4XpDVSHFWRWLHQHHOFXHUSRGXUDQWHHORUJDVPR"
(Q ORV OLEURV FRQ LOXVWUDFLRQHV \ ORV HMHPSORV SRUQRJUiILFRV GH OD SDVLyQ RU
JiVPLFD IHPHQLQD D PHQXGR PXHVWUDQ D OD PXMHU WRUFLpQGRVH \ DUTXHiQGRVH FRPR
FDEDOORV VDOYDMHV GXUDQWH HO RUJDVPR (VWR FRUUHVSRQGH PiV D XQD GHVFULSFLyQ GH
DSDVLRQDGD H[FLWDFLyQ TXH DO FRPSRUWDPLHQWR GH OD PXMHU HQ HO RUJDVPR 'XUDQWH
pVWHODVPXMHUHV\ORVKRPEUHVVHSRQHQUtJLGDVWHQVDV\SDUDODPD\RUtDGHHOODV
HVR VLJQLILFD TXHGDUVH HVWLUDGDV H LQPyYLOHV &XDQGR FRQWLQ~D HO PRYLPLHQWR HO
PLVPRHVPiVELHQHVSiVWLFR /DVPXMHUHVTXHVLJXHQPDVWXUEiQGRVHVRQODVPLV
PDVTXHVHPDVWXUEDEDQPRYLHQGRVXVFXHUSRVSRUHQWHUR\QRVRODPHQWHODVPDQRV
œ0HSRQJRUtJLGDFRQXQODUJR\IXHUWHUHFKLQDUGHGLHQWHVTXHSDUHFHYHQFHU
PLRUJDVPRH[WUD\HQGRGHpOWRGDFODVHGHPDUDYLOORVDVVHQVDFLRQHV
œ'XUDQWHHORUJDVPRWRGRVORVP~VFXORVWRGRVORVTXHSXHGRDGYHUWLUVHSR
QHQ WHQVRV SRU FRPSOHWR $ YHFHV PL HVWyPDJR VH PH UHYXHOYH \ PH FRQYXOVLRQR
FRQ IXHUWHV SDOSLWDFLRQHV 6LHQWR HVWUHPHFLPLHQWRV\HVSDVPyGLFDVVDFXGLGDVFXDQ
GRORVP~VFXORVGHPLYDJLQDVHFRQWUDHQ
œ3RFRDQWHVGHORUJDVPRWRGRPLFXHUSRTXHGDFRPRDJDUURWDGRSRQLpQGRVH
UtJLGRFRQXQDHVSHFLHGHLQWHQVRWHPEORU(VWRWHUPLQDHQHOLQVWDQWHHQTXHVLHQWR
VXELUSRUWRGRHOFXHUSRXQDROHDGDGHFDORU
œ(VFRPRXQDHVSHFLHGHHSLOHSVLD/DVYHQDVGHPLFXHOORFREUDQUHOLHYHPL
FDUDVHSRQHURMDHVWR\UtJLGD\FDVLLQPyYLOSHURHOPRYLPLHQWRTXHWLHQHOXJDUHV
HVSiVWLFR6XHQDWHUULEOH™SHURHVXQDVHQVDFLyQH[WUDRUGLQDULD
œ6LHPSUH QRWR FRPR XQFiOLGRUHOiPSDJRLQPHGLDWDPHQWHDQWHVGHORUJDVPR
0L FXHUSR VH KDOOD HQ WHQVLyQ UHJXODUPHQWH UtJLGR 6XHOR WHQHU ODV SLHUQDV VHSD
UDGDVDXQTXHQRVLHPSUH,JQRURFXiOHVPLH[SUHVLyQIDFLDO
œ0LV DFFLRQHV VRQ GH FDUiFWHU HVSDVPyGLFR 0L FXHUSR VH SRQH UtJLGR \ FRQ
IUHFXHQFLDVXIUHVDFXGLGDV\YLEUDDFDXVDGHODWHQVLyQ
œ$EURODERFDUHVSLURDJLWDGDPHQWHPHDIHUURDpOFRQIXHU]D\HQWRQFHVPH
GHUULWRGXUDQWHORFXDOKD\XQDSXOVDFLyQUtWPLFDHQODYDJLQD
œ5HVSLURFDGDYH]PiVDJLWDGDPHQWHDEURODERFDKDJRIUHQpWLFRVPRYLPLHQ
WRVSpOYLFRVPLFDUDVHGLVWRUVLRQDPHSRQJRUtJLGD\GHVSXpVPHUHODMRGUDPiWLFD
PHQWH
œ0HSRQJRURMDPLVP~VFXORVYDJLQDOHVVHFRQWUDHQ\DIORMDQUHSHWLGDPHQWH
*LPR\\DHQODDFPpPLFXHUSRVHFRQWUDHKDVWDHOSXQWRGHTXHGDUPHSDUDOL]DGD
JHQHUDOPHQWHGLJRDOJRDVtFRPR¦™1RWHSDUHV§
œ(VWR\WHQVDFRQODVSLHUQDVHVWLUDGDVODHVSDOGDDUTXHDGD\HOFXHUSRHQFRQ
YXOVLRQHV0HLPDJLQRTXHODH[SUHVLyQGHPLFDUDHVFRPRGHGRORU
.LQVH\KDVHxDODGRODVHPHMDQ]DHQWUHORVPRYLPLHQWRVHSLOpSWLFRV\ORVTXHVHREVHUYDQGXUDQWHHORUJDVPR
\GHVSXHVGHpVWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ7HQJRXQDHUXSFLyQVH[XDO1RUPDOPHQWHWHQJRODVSLHUQDVDELHUWDVKDVWDHO
Pi[LPRFHxLGDVDOFXHUSRGHOKRPEUH\PLSHOYLVHVWiPX\LQFOLQDGD0HPXHYR
LQFRQWURODEOHPHQWHDVFHQGLHQGR\GHVFHQGLHQGRFRQWUDHOSXELVGHOKRPEUH
œ0HPXHYRDOJRHVSHFLDOPHQWHODVFDGHUDVSHURQRPHUHWXHU]RQLPHFRQWRU
VLRQR 3LHQVR TXH PL FDUD GHEH GH TXHGDU EDVWDQWH LQH[SUHVLYD /R TXH PH VXFHGH
WLHQHOXJDUHVHQFLDOPHQWHGHQWURGHPt0HKDQGLFKRTXHGR\SRFDVLQGLFDFLRQHVGH
ORTXHHVWiRFXUULHQGR
(VWDILMH]DHQHORUJDVPRHQFXDQWRDODVPXMHUHVTXHQRPXHYHQ VXVFXHUSRV
FRQWUDHOSXQWRGHHVWLPXODFLyQSXHGHVHUHUUyQHDPHQWHLQWHUSUHWDGDSRUVXVDFRP
SDxDQWHVFRPRIDOWDGHLQWHUpV
œ˜6H GD FXHQWD VX FRPSDxHUR GH TXH HVWi XVWHG WHQLHQGRXQRUJDVPRFXDQGRpVWH
OOHJD"
¥¥
JHQHUDOPHQWH
PLFRPSDxHURKDELWXDOVLORVRWURVFDVLQXQFD
VtSRUTXHVHORGLJR
VtVLHOFRPSDxHURWLHQHH[SHULHQFLD
QR
œFUHRTXHVt
œQRORVp
VtSRUTXHJULWR\SURILHURJHPLGRV\VXVSLURV
œHVSHURTXHVt
$OJXQDVPXMHUHVPRVWUDURQVLJQRVItVLFRV
WH
œ6t<RYLEUR\VXIURHVSDVPRV\SUREDEOHPHQWHJLPR™(VSHURTXHpOORQR
œ6tSUREDEOHPHQWH0L]RQDSHOYLDQDHPSLH]DDRVFLODU\PLVPXVORVFRPLHQ
]DQ D MXQWDUVH UHDOPHQWH FRQ IXHU]D 3XHVWR TXH pO VH HQFXHQWUD HQWUH PLV SLHUQDV
SURQWRVHGDFXHQWDGHTXHHVWR\OOHJDQGR7DPELpQH[SHULPHQWRHVWUHPHFLPLHQWRV
GXUDQWHXQRVFLQFRPLQXWRVGHVSXpVGHORUJDVPR
œ+DELWXDOPHQWH pO OR DGYLHUWH D PHQRV TXH VH HQFXHQWUH HQ SOHQR RUJDVPR
WDPELpQ <R JLPR \ PH TXHMR \ SLHUGR HO FRQWURO GH PL SHOYLV 0H DIHUUp FRQ ODV
PDQRV D ODV QDOJDV GH PL FRPSDxHURDOTXHJXtRHQVXVPRYLPLHQWRVVLQRHVWi\D
KDFLHQGRORTXHTXLHUR
0XFKRVLQYHVWLJDGRUHVGHORVSULPDWHVSDUHFHQKDEHUVLGRGHVRULHQWDGRVSRUHVWDPLVPDLQPRYLOLGDG\DTXH
IUHFXHQWHPHQWHQRVDEHQFRQH[DFWLWXGVLORVSULPDWHVKHPEUDHQREVHUYDFLyQKDQWHQLGRRUJDVPRRQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6tPXHVWURORVPLVPRVLQGLFLRVTXHFXDQGRILQMRXQDUHVSLUDFLyQDFHOHUDGD\
FRQWUDFFLRQHVLQWHULRUHVYROXQWDULDVRQR
œ(QHOFRLWRpOSXHGHVHQWLUODVFRQWUDFFLRQHVSHURFOLWyULFDPHQWHKHGHGHFtU
VHORMXVWRDQWHV
3HURODPD\RUtDGHODVPXMHUHVQRPRVWUDEDQLQGLFLRVHVGHFLUODVPtWLFDVVHxDOHV
GHOUHWRUFLPLHQWRGHODUTXHRGHOFXHUSRHWF
œ(VWDHVXQDGHPLVGLILFXOWDGHV7HQJRWHQGHQFLDDYROYHUPHGHUHSHQWHSDVL
YDSRFRDQWHVGHORUJDVPR\HVWRPHPROHVWD'HVHDUtDVDEHUVLKD\PXMHUHVTXHVH
SRUWDQ LJXDO TXH \R 6LHQWR FRPR VL HVWXYLHVH HVSHUDQGR DOJR /D LQPRYLOLGDG PH
PROHVWD˜3RUTXpQRSXHGRDFHSWDUOD"
œ+DVWDORVWUHLQWD\WDQWRVDxRVGHHGDG\RQRVDEtDVLHVWDEDRQRHVWDEDH[SH
ULPHQWDQGR XQ RUJDVPR SXHVWR TXH HO WLSR GH RUJDVPR TXH \R SHQVDED TXH GHEtD
WHQHUQRHUDORTXHPLFRPSDxHURSHQVDED TXH\RGHEtDWHQHU<KDVWDHOSUHVHQWHQR
KHGDGRFRQQLQJ~QKRPEUHTXHVHSDFXDQGR RFyPR WLHQHXQDPXMHUXQRUJDVPR
7RGRVSLHQVDQTXHYLHQHDVHUORPLVPRTXHDHOORVOHVRFXUUHFRQODDFRPHWLGDOD
H\DFXODFLyQHWF<GHVGHOXHJRXQVRORRUJDVPR
œ$QWHVGHORUJDVPRHVWR\FRPSOHWDPHQWHLQPyYLOFDVLQRUHVSLURGXUDQWHXQ
UDWRPLHQWUDVpOPHHVWLPXOD(VWDIDOWDGHPRYLPLHQWR\UHVSXHVWDORVGHVDOLHQWD
œ0XFKRVGHPLVFRPSDxHURVSLHQVDQTXHVR\H[WUDxDSRUTXHHVWR\PX\TXLHWD
\ FRQVHUYR OD FDEH]D FXDQGRH[SHULPHQWRXQRUJDVPR6HILJXUDQTXHQRORVLHQWR
SRUTXHQRMDGHRQLJULWRQLOHVDUDxR
œ$QWHV VROtD GHVYLDUPH GH PL FDPLQR SDUD RIUHFHU WRGRV ORV PtWLFRV LQGLFLRV
¦KROO\ZRRGHQVHV§ GHO RUJDVPR IHPHQLQR SHUR DKRUD RIUH]FR VRODPHQWH DOJXQRV
VLJQRV\VRQLGRVHQWRQREDMR
œ'HVHDUtDSRGHUPRVWUDUOHDOJRPiVSHURHVWR\WDQIXHUDGHPtGXUDQWHHORU
JDVPRTXHQRKDEOR\FDVLQRPHPXHYR
œ/DVPXMHUHVVLHPSUHSXHGHQORVKRPEUHVQXQFD(OORVQRVDEHQFyPRHVXQD
DXWpQWLFD PXMHU XQD PXMHU GH FDUQH \ KXHVR 7RGR OR TXH FRQRFHQ HV VX SURSLD
LPDJHQGHQRVRWUDV
œ1R$YHFHVFXDQGRSURILHURJHPLGRVVXIURWHPEORUHVHOORVFUHHQTXHVLHQWR
HO RUJDVPR 3HUR QR KD\ QDGD GH HVR &XDQGR GH YHUDV OOHJR DO FOtPD[ PH TXHGR
UtJLGDHVWLUDGDFRPRXQDHSLOpSWLFD
œ0H TXHGR VRUSUHQGLGD FXDQGR QR VH GDQ FXHQWD $ YHFHV VH HTXLYRFDQ DO
YHUPHPX\H[FLWDGDSHQVDQGRTXHKHOOHJDGRDOFOtPD[
œ(OORVFUHHQHQPLRUJDVPRVyORFXDQGRORILQMR
œ1RPHPXHYRFRQYXOVLYDPHQWHFRPRKDFHQODVPXMHUHVGHORVOLEURV1RVp
VLDOJXQDSURFHGHHQUHDOLGDGDVt6XSRQJRTXH\RWDQVyORPHVXMHWRIXHUWHDpO(Q
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
RFDVLRQHVPHKHVHQWLGRPROHVWDDOHQIUHQWDUPHFRQXQKRPEUHTXHQRHVFDSD]GH
GHFLUVL\RKHOOHJDGRDOFOtPD[RQR
œ$ YHFHV 3HUR QR FUHR TXH PLV UHVSXHVWDV FXDQGR HVWR\ PX\ H[FLWDGD VHDQ
GHPDVLDGRGLIHUHQWHVGHFXDQGROOHJR0LFXHUSRVHUHODMDSRUHQWHURVRODPHQWHGHV
SXpVGHKDEHUH[SHULPHQWDGRYDULRVRUJDVPRV
œ6XSRQJRTXHQRSXHVWRTXHQRUPDOPHQWHPHORSUHJXQWD3HURHVLQFRQIXQ
GLEOH<RSDVRDXQULJRUPRUWLV VLPXODGR
œ1RVLHPSUHHVSRVLEOHYHUGHXQDPDQHUDHYLGHQWHFXiQGRODPXMHUH[SHUL
PHQWDXQRUJDVPR6XSRQJRTXHHQPtHOGHWDOOHUHYHODGRUSULQFLSDOHVHOKHFKRGH
TXHPLFXHUSRFHVHGHPRYHUVH
œ0LFRPSDxHURFUHHTXHVLHQWRHORUJDVPRFXDQGRPXHVWURGHWHUPLQDGRVLQGL
FLRVFRPRHOGHODUHVSLUDFLyQDFHOHUDGD\ORVPRYLPLHQWRVFRUSRUDOHV1XQFDWHQJR
RUJDVPRV1XQFD
œ&XDQGRPHPDVWXUERPHDVRPEURVLHPSUHDOSHQVDUHQFyPRPHODVKHDUUH
JODGRSDUDHQJDxDUDWDQWRVKRPEUHVHQHOSDVDGRVREUHVLKHWHQLGRRUJDVPRRQR
'HVSXpV GH WRGR VH SURGXFHQ HQ Pt LQWHQVRV HVSDVPRV YDJLQDOHV H LQYROXQWDULDV
FRQYXOVLRQHVSpOYLFDV
œ˜6H VLHQWH XVWHG OLJHUDPHQWH DYHUJRQ]DGD GH WHQHU RUJDVPRV FRQ VX FRPSDxHUR"
˜6yORFRQORVQXHYRVRVLHPSUH"
$OJXQDV PXMHUHV VH PXHYHQ PXFKR HQ HO RUJDVPR HQ WDQWR TXH RWUDV QR VH
PXHYHQHQDEVROXWRWRGRGHSHQGHGHFyPRVHUHDOL]DODHVWLPXODFLyQ3HURLQFOXVR
ODV PXMHUHV TXH VH PXHYHQ QRUPDOPHQWH OR KDFHQ GH XQD IRUPD HVSiVWLFD UtJLGD
FRQ WRGR HO FXHUSR WHQVR HVWLUDGR /DV PXMHUHV FRQVFLHQWHV GH HOOR SLHQVDQ SUH
RFXSDGDVTXHSXHGHQSDUHFHUUDUDV\FDUHQWHVGHDWUDFWLYRDVXVDFRPSDxDQWHV\WDO
WHPRUKDLQKLELGRDDOJXQDVPXMHUHVGHWHQHURUJDVPR
$XQTXH OD PD\RUtD QR VH VHQWtDQ DYHUJRQ]DGDV FRQ VXV DFRPSDxDQWHV UHJXODUHV
XQDVFXDQWDVFRQIHVDURQWDOHVVHQVDFLRQHV
œ6t (Q FRQVHFXHQFLD VR\ PX\ SRFR FRPXQLFDWLYD HQ FXDQWR D KDFHU VDEHU
FXiQGRKHVHQWLGRHORUJDVPR
œ3XHVVt$YHFHVHVDVHQVDFLyQSDUHFHIXHUDGHOXJDULUUHVLVWLEOH
œ6tSHURHOORFRQWULEX\HDKDFHUPHUHFRUGDUTXHpOJR]DUiFRQODVFRQWUDFFLR
QHVTXHSXHGDQSURGXFLUVHHQPLYDJLQD6LQHPEDUJRWRGDYtDWHPRFRQYHUWLUPHHQ
XQVLPSOHDQLPDO\TXHVHORHFKHDSHUGHUWRGR
œ6t(OKHFKRGHTXHpOPHREVHUYHPLHQWUDV\RSLHUGRHOFRQWUROVHPHDQWRMD
SRFR GLJQR HPEDUD]RVR 7DPELpQ PH VLHQWR WXUEDGD FXDQGR PL DFRPSDxDQWH VH
KDOODHQHVHHVWDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1R KH VHQWLGR HO RUJDVPR FRQ XQ DFRPSDxDQWH WRGDYtD SRUTXH WHPR TXH OR
HQFXHQWUHQRIHQVLYR3LHQVRTXHRWUDSHUVRQDVHHQIULDUtDSRUFRPSOHWRDOYHUPHGH
HVDIRUPD
œ6tSRUTXHQHFHVLWRUHWHQHUORDEULUPHDpOJULWDUSLGLHQGRPiV\KDFHUUXLGRV
TXHSDUHFHQFDVLGHGHVHVSHUDFLyQ3LHQVRTXHWRGRHVWRHVGHPDVLDGRIXHUWH\WHPR
WHQHUXQDVSHFWRDQLPDO
œ6tPHVLHQWRLQKLELGDSRUTXHQRPHDJUDGDHODVSHFWRGHPLFDUD\PLFXHUSR
FXDQGRH[SHULPHQWRHVR
œ6tSHURHOORHVGHELGRTXL]iVDTXHQRVKDQHQVHxDGRTXHORVPRYLPLHQWRV
FRQYXOVLYRV\ODSpUGLGDGHFRQWUROFDUHFHQGHWRGRDWUDFWLYR(QWDQWRTXHWHyULFD
PHQWHWDOYH]VLORVRQ
œ6t PH GD UHSDUR LQFOXVR VL VH WUDWD GH H[SUHVDU PL DJUDGR SRU OR TXH PL
DFRPSDxDQWH SXHGD KDFHU SRU Pt < HVSHFLDOPHQWH QR PH DWUHYR D HVSHFLILFDU OD
FDQWLGDG GHHVWtPXORTXHQHFHVLWRSDUDVHQWLUHORUJDVPR
œ6t FRQ ORV QXHYRV (VWR\ SUHRFXSDGD SRUTXH QR WHQJR OD VHQVDFLyQ GH TXH
UHDOPHQWHGHVHHQVDWLVIDFHUPH<TXL]iWDUGRPiVTXHODVRWUDVPXMHUHV
œ7HPR TXH ORV QXHYRV SLHQVHQ TXH VR\ UDUD \ GH PHQRU DWUDFWLYR VH[XDO TXH
RWUDVPXMHUHVVLQRVLHQWRXQRUJDVPRRELHQTXHVR\HJRtVWDRDJUHVLYDVLORWHQ
JR
œ6tVR\HVSHFLDOPHQWHWtPLGDFRQORVQXHYRVSRUTXHPHGDYHUJHQ]DQRH[
SHULPHQWDURUJDVPRVGXUDQWHODFySXOD
œ6L PH PXHVWUR UHVHUYDGD FRQ ORV QXHYRV SRUTXH WHPR TXH SLHQVHQ TXH VR\
GHPDVLDGRVH[XDOVLOOHJRDVHQWLUXQIXHUWHRUJDVPR
œ&RQXQDFRPSDxDQWHQXHYRPHPXHVWURFDXWHORVDSRUTXHWHQJRTXHH[SOLFDU
OHHODVXQWRGHODPDVWXUEDFLyQHVWLPXODFLyQFOLWyULFD(QFXDQWRDORUJDVPRHQVt
QR DEULJR WHPRUHV /D FRVD HV WDQ FRQGHQDGDPHQWH IXHUWH TXH QR SXHGH GHMDU GH
UHDO]DUVXHJRHQRFKRNLOyPHWURVDODUHGRQGD
œ&RQORVQXHYRVHVSHFLDOPHQWH$SDJRWRGDVODVOXFHVSHURWRGDYtDQRPHSD
UHFHTXHODKDELWDFLyQHVWiOREDVWDQWHDRVFXUDV
œ%XHQRFRQORVQXHYRVWLHQGRDPRVWUDUPHPiVTXLHWD3HURKHGHGHFLUTXH
PH VLHQWR RUJXOORVD GH OOHJDU FRQ DOJXLHQ DO FOtPD[ ¦<D HVWi +D VLGR XQ ORJUR
PtR+HVDFDGRGHHVWRORTXHGHVHDED§
œ1R(VRPHVROtDRFXUULUDQWHV/XHJRPHGLMH™$OGLDEORFRQHOOR§1RHVWR\
GLVSXHVWDDVHUXQSURGXFWRGHODVRFLHGDGLQFDSD]LQFOXVRGHGLVIUXWDUGHPLFXHU
SR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&RQWUDFFLRQHV
/DVHQVDFLyQLQWHQVDGHORUJDVPRGXUDVRODPHQWHXQVHJXQGR\HVVHJXLGDSRU
FRQWUDFFLRQHV /D DFPp HV WDQ EUHYH TXH PXFKDV PXMHUHV QR VHSDUDURQ ORV GRV
FRQFHSWRV
œ˜&yPRVRQODVFRQWUDFFLRQHV"
œ6LHQWRXQHVSDVPRTXHFRPLHQ]DGHQWURGHPLDSDUDWRJHQLWDOXQDSXOVDFLyQ
UHJXODUH[WHQGLpQGRVHKDFLDODVSLHUQDV\SRUWRGRPLFXHUSR
œ([SHULPHQWR XQD LQWHQVD VHQVDFLyQ HQ PL YDJLQD \ HO FOtWRULV RUJDVPR \
OXHJRIXHUWHVSXOVDFLRQHVFDVLGRORURVDV
œ0L FOtWRULV YLEUD D XQD YHORFLGDG LQFUHtEOH \ ORV P~VFXORV GH PL YDJLQD DVt
FRPRODSDUWHSRVWHULRUVHFRQWUDHQIXHUWHPHQWHVLHQWRFRPRVLODFDEH]DVHPHGHV
FDUJDUD ORV GHGRV GH PLV SLHV VH GREODQ PL DEGRPHQ VH KDFH IXHUWH \ WRGR PL
FXHUSRODWHDOWLHPSRTXHHOFOtWRULV\ODYDJLQD
œ6LHQWREODQFDVOtQHDVYLEUDQWHVGHLQWHQVRSODFHUFRQXQGHOLFLRVRODWLGRHQPL
]RQDYDJLQDO
œ8QDVRQGDVPXVFXODUHVHQPLYDJLQDODWHQSLFDQHVWiQYLYDV
œ(ORUJDVPRVHSURGXFHHQPtFRPRXQLQWHQVRFRVTXLOOHRHQODSRUFLyQIURQWDO
GH OD YDJLQD DFRPSDxDGR GH XQ UHSHQWLQR DOLYLR HQ ODWLGRV RQGXODQWHV GHQWUR GH
DTXpOOD
œ6LHQWR XQRV LQYROXQWDULRV \ H[WUHPDGDPHQWH DJUDGDEOHV HVSDVPRV HQ ODV ]R
QDVFOLWyULFDYDJLQDO\DQDO$YHFHVHOHVSDVPRDIHFWDDWRGRPLFXHUSR6LHQWRHO
SODFHUEiVLFDPHQWHHQPLUHJLyQJHQLWDOSHURFRQXQDUHDFFLyQGHOFXHUSRHQVXWR
WDOLGDG
œ([SHULPHQWR XQD VHULH GH SURIXQGDV FRQWUDFFLRQHV HQ OD YDJLQD FRQ ODV LQ
PHGLDWDVUHDFFLRQHVGHVXGRUKLSHUYHQWLODFLyQ\DOLYLR
œ6LHQWRFRQWUDFFLRQHVYDJLQDOHVHQHOPRPHQWRGHOFOtPD[\HQXQIXHUWHRU
JDVPRFRQWUDFFLRQHVXWHULQDVWDPELpQ$YHFHVWRGRPLFXHUSRVHVDFXGHSHURQR
HVWR\VHJXUDGHKDVWDTXpSXQWRHVRHVLQYROXQWDULR
œ/D VHQVDFLyQ GHO RUJDVPR HV SDUD Pt XQD IDQWiVWLFD H[FLWDFLyQ GHO FOtWRULV \
XQD H[SORVLyQ JHQHUDO TXH VH SURSDJD SRU WRGR HO FXHUSR +D\ XQDV FRQWUDFFLRQHV
GHILQLGDVGHO~WHUR\ODYDJLQDTXHKDQVLGRQRWDGDVSRUPLFRQPiVIXHU]DHQXQD
HWDSDDYDQ]DGDGHOHPEDUD]R
(VLQWHUHVDQWHVHxDODUTXHœQLQJXQDSDUWHGHODYDJLQDHQVtSURGXFHODVFRQWUDFFLRQHVRUJiVPLFDV/DV
FRQWUDFFLRQHVPXVFXODUHVTXHRULJLQHQODUHDOVHQVDFLyQGHORUJDVPRVRQSURGXFLGDVSRUORVP~VFXORVH[WUD
YDJLQDOHVDOFRQWUDHUVHQRFRQWUDODSDUHGYDJLQDOGLUHFWDPHQWHVLQRFRQWUDODVFiPDUDVYHQRVDVFLUFXQYDJL
QDOHV/DSDUHGLQIHULRUYDJLQDOHVLPSXOVDGDSDVLYDPHQWHKDFLDGHQWUR\KDFLDIXHUDSRUGLFKDVFRQWUDFFLR
QHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6LHQWRTXHORVP~VFXORVGHODYDJLQDVHDEUHQ\FLHUUDQHQXQWHPEORUXQDV
YHFHVHQpUJLFDPHQWH\RWUDVFRQVXDYLGDG(QXQDVSRFDVRFDVLRQHVHVWRKDVLGRWDQ
LQWHQVRTXHKHVHQWLGREUHYHVFDODPEUHVHQHO~WHUR
$XQTXHXQDSRVWXUDOLJHUDPHQWH DUTXHDGDSXHGHVHUQDWXUDOGXUDQWHODH[FLWD
FLyQ \ HQ ORV LQVWDQWHV LQPHGLDWDPHQWH DQWHULRUHV DO RUJDVPR \ \D HQ pVWH HQ HO
FXUVRGHODVFRQWUDFFLRQHVODVFDGHUDVWLHQGHQDDGHODQWDUVHXQSRFRDOLJXDOTXHOD
FDEH]DGREOiQGRVHHOFXHUSRVREUHVtPLVPR
œ$UTXHR HO FXHUSR DQWHV GHO RUJDVPR OXHJR GXUDQWH ODV FRQWUDFFLRQHV PLV
FDGHUDVVHHOHYDQ\ODHVSDOGDLQYLHUWHODSRVLFLyQ(VFRPRVLPHGREODUDKDFLDGH
ODQWH(VFDVLXQDSRVWXUDIHWDO
œ'XUDQWHODVFRQWUDFFLRQHVRUJiVPLFDVPHLQFOLQRHQXQDFRQYXOVLyQKDFLDHO
HVWyPDJRFRPRVLGREODUD
(VWHGREODPLHQWRKDFLDGHQWURWRPDDYHFHVODIRUPDGHHVSDVPRVSRUWRGRHO
FXHUSR UHIOHMDQGR ORV HVSDVPRV XWHULQRV TXH FRQ IUHFXHQFLD DFRPSDxDQ DO RU
JDVPR œ'XUDQWHHOSHULRGRGHH[FLWDFLyQWRGRVORVP~VFXORVGHPLFXHUSRVHSR
QHQHQWHQVLyQ\PLVPLHPEURVSXHGHQSURGXFLUVDFXGLGDV/XHJRHODOLYLRVHWUD
GXFHHQXQRV FXDWURHVSDVPRVYDJLQDOHVGXUDQWHORVFXDOHVODSDUWHVXSHULRUGHPL
FXHUSRVXIUHXQDOLJHUDVDFXGLGDKDFLDGHODQWHHQXQDVRFDVLRQHVGHIRUPDVLPXOWi
QHD\HQRWUDVGHVSXpV
˜&yPR GHVFULELHURQODVPXMHUHVWRGRHOSURFHVR GHORUJDVPRGHVGHHOSHULRGRGH
ODH[FLWDFLyQKDVWDODVFRQWUDFFLRQHV"
)LQDOPHQWHSDUDUHVXPLU\REWHQHUXQDLPDJHQWRWDOVREUHODVHQVDFLyQRUJiV
PLFD HQ ODV PXMHUHV VLJXHQ DFRQWLQXDFLyQDOJXQDVGHVFULSFLRQHVFRPSOHWDVGHRU
JDVPRSRUSDUWHGHDOJXQDVPXMHUHVPX\H[SUHVLYDV
œ(QFLHUWRPRPHQWRVpTXHFDPLQRHQHVDGLUHFFLyQSHURHVGLItFLOH[SUHVDUOR
HQ SDODEUDV)tVLFDPHQWHPLUHVSLUDFLyQHVPDVDFHOHUDGDPLFXHUSRVHHVWLUD\VH
SRQHHQWHQVLyQSDUDKDFHUTXHPLFOtWRULVVHDEUD\VHDYXOQHUDEOHKDVWDHOPi[LPR
0L]RQD FOLWyULFD\YDJLQDOVHFDOLHQWDSRUFRPSOHWR\\RSDUH]FRHQWUDUHQXQULWPR
SpOYLFRVREUHHOTXHQRHMHU]RQLQJ~QFRQWUROFRQVFLHQWHFDGDFRQWDFWRFRQPLFOtWR
ULV HQ HVWH SXQWR HV XQ RUJDVPR HQ PLQLDWXUD TXHVHYDKDFLHQGRSURJUHVLYDPHQWH
PiVIUHFXHQWH™KDVWDFRQYHUWLUVHHQWUHPHQGRHVSDVPRPXVFXODU
œ3DUDHPSH]DUKD\XQFDORU\SODFHUFUHFLHQWHVTXHVHFRQFHQWUDQHQPLFOtWR
ULV\JHQLWDOHV/XHJRQRWRXQSHQHWUDQWHSODFHUORFDOL]DGRXQDVHQVDFLyQGHLQHYL
WDELOLGDGTXHYDDXPHQWDQGRFRPRXQDH[SORVLyQDVFHQGHQWHGHSHQHWUDQWHSODFHU
TXHFRPLHQ]DHQHOFOtWRULVLUUDGLDQGRWRGDODLQJOH6yORGXUDXQPLQXWR$FRQ
WLQXDFLyQQRWRDOJXQRVWHPEORUHVXQRVHVWUHPHFLPLHQWRVSURJUHVLYDPHQWHPiVGp
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ELOHV XQ FLHUWR FDORU UHVLGXDO (VWR\ FDVL VLQ DOLHQWR HQWRQFHV \ SHUVLVWH SDUWH GHO
SODFHUSHQHWUDQWHGHORVLQVWDQWHVSUHFHGHQWHV(QWRQFHVGHVFDQVR
œ3ULPHUR VLHQWR XQD HVSHFLH GH KRUPLJXHR HQ YDULDV SDUWHV GHO FXHUSR \ ODV
QRWR H[WUDxDV /XHJR HQ GLIHUHQWHV PRPHQWRV VXUJH OD VHQVDFLyQ GH XQ RUJDVPR
SHUR VyOR SRU XQD IUDFFLyQ GH VHJXQGR 6HJXLGDPHQWH WRGR HVR VH KDFH PiV \ PDV
IUHFXHQWHKDVWDTXHHORUJDVPROOHJDFRPRHQROHDGDV(QHVHPRPHQWRWRGRORGH
PiVQRH[LVWHSDUDPt(ORUJDVPRVHFHQWUDHQPLFOtWRULVSURGXFLHQGRXQDVRQGDV
HQ GLUHFFLyQ D OD YDJLQD \ WHUPLQD WUDV XQ SHULRGR GH WLHPSR LQWHQVR SHUR EUHYH
PX\OHQWDPHQWHHPLWLHQGRGHQXHYRODVVHQVDFLRQHVGHIUDFFLyQGHVHJXQGRGXUDQWH
XQRVPLQXWRVKDFLpQGRVHPiV\PiVLQIUHFXHQWHV\PHQRVLQWHQVDV
œ(O RUJDVPR HV SULPHUDPHQWH XQD VHQVDFLyQ GH FDORU SRU WRGR PL VHU (Q
HIHFWR PL GLVSRVLFLyQ JHQHUDO GH iQLPR \ OD DWPyVIHUD TXH PH HQYXHOYH DQWHV GH
TXHHPSLHFHODDFWLYLGDGVH[XDOLQIOX\HQJUDQGHPHQWHHQODDSDULFLyQGHHVHFDORUR
VHQVDFLyQGHH[FLWDFLyQ/XHJRVXUJHODWHQVLyQHQODVSLHUQDVHQORVPXVORVSULQ
FLSDOPHQWHHQPtDEGRPHQ\GHVGHOXHJRHQORVVHQRV\yUJDQRVJHQLWDOHV6LHQWR
XQDFRPH]yQPX\IXHUWHHQHOFOtWRULV0HQRWRPX\IXHUWHLQPHGLDWDPHQWHDQWHVGHO
RUJDVPR \ PLV HQWUDxDV SDUHFHQ HVWDU OOHQDV GH YLGD SDUHFHQ PX\ SRGHURVDV OD
KXPHGDG HO FDORU \ OD IXHU]D VRQ PX\ VDWLVIDFWRULRV $ YHFHV VLHQWR XQD YLROHQWD
H[FLWDFLyQHQODVQDOJDV\ODSHOYLV\PHPXHYRPXFKRHQRWUDVRFDVLRQHVPHVLHQ
WRFRQGHVHRVGHRSULPLUPLSHOYLV\ODVSLHUQDVIXHUWHPHQWHFRQWUDDOJR(ORUJDVPR
HQVtPHKDFHSHQVDUHQODURWXUDGHODFRPSXHUWDGHXQGLTXH1RWRFRQWUDFFLRQHV
GHQWUR GH Pt \ XQD VHQVDFLyQ PX\ OtTXLGD /R PHMRU VRQ ODV FRQWLQXDV ROHDGDV GH
H[FLWDFLyQ\DOLYLRGXUDQWHORVP~OWLSOHVRUJDVPRV
œ(ORUJDVPRFRQVWLWX\HHOSODFHUItVLFRPiVJUDQGHFRQPXFKRTXHFXDOTXLHU
RWURTXHVHGpHQODYLGD(OPRPHQWRGHPD\RUSODFHUHVHOTXHSUHFHGH DODSULPH
UD FRQWUDFFLyQ $O SULQFLSLR OD WHQVLyQ VH[XDO VH ORFDOL]D HQ ORV JHQLWDOHV SHUR DO
HPSH]DU HO RUJDVPR HO SODFHU VH H[WLHQGH SRU WRGD OD SDUWH FHQWUDO GHO FXHUSR
GHVFHQGLHQGR D ODV SLHUQDV /XHJR DO LQLFLDUVH ODV FRQWUDFFLRQHV pVWDV VH VLHQWHQ
FRPR OR TXH VRQ FRQWUDFFLRQHV GHO ~WHUR \ GH OD FHUYL[ \ TXL]i ORV P~VFXORV
FLUFXODUHVVLWXDGRVHQWRUQRDOH[WUHPRGHODFHUYL[TXHGDDODYDJLQD
œ<RQRH[SHULPHQWRRUJDVPRVFRPRORVTXHVHGHVFULEHQHQORVOLEURV1DGD
GH¦GLVSDURVDVFHQGHQWHV§GHXQDWRWDOUHODMDFLyQHWF/RVPtRVVHLQLFLDQFRQXQ
GLIXVR¦ELHQHVWDU§IXHUWHPHQWHJHQLWDOSHURJHQHUDOL]DGRHQPLFXHUSR(VWDVHQVD
FLyQYDFHQWUiQGRVHPiV\PiVJHQLWDOPHQWH\SXHGRSUHGHFLUODFDOLGDGGHOFOtPD[
VLHVWiGHPDVLDGRFHQWUDGRQRHVXQRUJDVPRWDQEXHQR/RVPHMRUHVSDUHFHQDIHF
WDUDWRGRPLFXHUSR(VWDFDOLGDGGHORUJDVPRYDUtDYDGHVGHVHUFDVLXQDIUXVWUD
FLyQHOFOtPD[DSDUHFHDQWHVGHKDEHUVHGDGRILQDODH[FLWDFLyQKDVWDHOWRWDODOL
YLRXQDVROHDGDVGHDOLYLRTXHFRUUHQSRUWRGRHOFXHUSR
œ0LVSHQVDPLHQWRVWLHQGHQDFHQWUDUVHHQPtPLVPDPHPXHYR\DGRSWRSRV
WXUDV FRQYHQLHQWHV SDUD SRGHU VHQWLU OD PD\RU HVWLPXODFLyQ 1RWR XQD ODWHQWH VHQ
VLELOLGDGHQOD]RQDGHPLYDJLQD6LHQWRDOJXQDDQVLHGDGSRUVLSXHGROOHJDUDOFOt
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PD[RQR\PLDWHQFLyQVHFHQWUDFRPSOHWDPHQWHHQHODFWRVH[XDOFRQHOGHVHRGH
QR¦TXHGDUPHHQODHVWDFDGD§'HVSXpVKD\XQDDFWLYLGDGPXVFXODUFRQYXOVLYDTXH
VHTXHGDHQFDGHQFLDUtWPLFDFRPRHQROHDGDV\TXHGXUDGHFXDWURDFLQFRVHJXQ
GRV 'HVSXpV JHQHUDOPHQWH VLHQWR XQD SURIXQGD UHODMDFLyQ PXVFXODU \ FRQ IUH
FXHQFLDVLHQWRXQDJUDQWHUQXUDKDFLDPLFRPSDxHUR
œ3ULPHUDPHQWH OD WHQVLyQ HQ PL FXHUSR \ HQ OD FDEH]D YD DXPHQWDQGR PL
FRUD]yQODWHOXHJRPHHVWUHFKRFRQWUDPLDPDQWH\KD\XQRRGRVVHJXQGRVGHDE
VROXWDLQPRYLOLGDGFRQWHQLHQGRHODOLHQWR(QWRQFHVVpTXHHORUJDVPRDSDUHFHUiHQ
XQRRGRVVHJXQGRV'HVSXpVYLHQHQODVROHDGDV\PHDJLWRYLROHQWDPHQWHDGHODQWH
\DWUiVFRQWUDHOFXHUSRGHPLFRPSDxHUR\FRQWRGDVPLVIXHU]DV(VRRFXUUHHQWR
GRPLFXHUSRSHURHVSHFLDOPHQWHHQPLDEGRPHQ\YLHQWUH)LQDOPHQWHPHVLHQWR
LQYDGLGDGHFDORU\GHDPRU\IHOLFLGDGDEVROXWD
œ6LHQWRTXHWRGRFRPLHQ]DFRQXQDLQWHQVDSUHVLyQHQHOFOtWRULVLJXDOTXHVL
HVWH yUJDQR IXHVH D H[SORWDU /XHJR DTXpOOD DIHFWD D PL YDJLQD \ D OD SHOYLV 0H
VLHQWRDFDORUDGDKDELWXDOPHQWHVXGRURVDPH]XPED ODFDEH]DWRGRTXHGDEORTXHD
GRSDUDPtH[FHSWRODH[FLWDFLyQ(VFRPRVLXQDIXHUDXQFOtWRULVJUDQGH\GXUR
œ$QWHV GH TXH WRGR FRPLHQFH VLHQWR XQD HVSHFLH GHYLEUDQWHVSXOVDFLRQHVHQ
PLFOtWRULV\XQDFRQWHQLGDWHQVLyQHQODYDJLQD/XHJRODWHQVLyQH[SORWD\VLHQWR
TXHODYDJLQDVHFRQWUDHTXHPLFRUD]yQODWHFRQIXHU]DTXHJLPRTXHGLJR¦2K
RKRKRKRK§+D\XQDVHQVDFLyQGHLQWHQVRSODFHUFXDQGRHPSLH]D\OXHJRXQGHV
HQFDQWR 6HJXLGDPHQWH PL HVSRVR YXHOYHDVHUXQDSHUVRQDGHQXHYRPLDWHQFLyQ
VHFRQFHQWUDHQpO\SHUFLERQXHVWUDSUR[LPLGDG
œ8QRUJDVPRYLHQHDVHUXQDSRGHURVDIXHU]DTXHVHRULJLQDHQOD]RQDPHGLD
RSURIXQGDGHODYDJLQD\TXHHVXQDOLYLRGHODWHQVLyQVXIULGD1RWRXQDVHQVDFLyQ
GHROHDGDVRFRQWUDFFLRQHVHQODLQJOH\HQURVFRPLFXHUSRQRUPDOPHQWHPRYLpQ
GRPHHQGLUHFFLRQHVGLVWLQWDVFRPRDHPSXMRQHVGHDFXHUGRFRQODVFRQWUDFFLRQHV
+DFLDHOILQDOPHVLHQWRIHOL]\UHODMDGD\HQOXJDUGHHVWUHFKDUHOEUD]RGHPLDPDQ
WHRODViEDQDPHTXHGRDOOtWHQGLGD +DFLDHOILQDORGHVSXpVPLYDJLQDVHFRQWUDH
SRUORJHQHUDO\GHXQDPDQHUDDJUDGDEOHHQWUHXQD\VHLVYHFHV$PHQXGRGXUDQWH
PLV RUJDVPRV PH VLHQWR PX\ FRQVFLHQWH 'H VHU LQWHUUXPSLGD OR PiV SUREDEOH HV
TXHQRVHSURGXMHVHHOTXHVHKDOODUDHQFXUVR
7UDVHORUJDVPR
˜4Xp VLHQWHQ ODV PXMHUHV GHVSXpV GHO RUJDVPR" ˜6H VLHQWHQ œVDWLVIHFKDV \ œFRO
PDGDV"˜'LVSXHVWDVSDUDHQWUHJDUVHDOVXHxR"˜5HODMDGDV"
(Q HO FDPSR GH OD LQYHVWLJDFLyQ VH[XDO VH DFHSWD DKRUD JHQHUDOPHQWH TXH ODV
PXMHUHV SXHGHQ H[SHULPHQWDU PXFKRV RUJDVPRV HQ XQ EUHYH SHULRGR GH WLHPSR \
TXH HO RUJDVPR QR UHLQWHJUD D DTXpOODV ILVLROyJLFDPHQWH D XQ HVWDGR QRUPDO VLQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PiV ELHQ D XQRV QLYHOHV SUHRUJiVPLFRV GH H[FLWDFLyQ TXH VH YDQ DWHQXDQGR VyOR
OHQWDPHQWH 0DU\ -DQH 6KHUIH\ KD KHFKR XQD LPSRUWDQWH DSRUWDFLyQ HQ WDO VHQWLGR
FRQWULEX\HQGRDTXHFRPSUHQGDPRVHVWDFDSDFLGDG&RPRSXQWRGHSDUWLGDODGRF
WRUD6KHUIH\FLWDD0DVWHUV\-RKQVRQ
œ6L XQD PXMHU TXH HV FDSD] GH H[SHULPHQWDU RUJDVPRV UHJXODUHV HV DGHFXDG DPHQWH
HVWLPXODGDGHQWURGHXQEUHYHSHULRGRGHWLHPSRWUDVVXSULPHUFOtPD[DTXpOODHQODPD
\RUSDUWHGHORVFDVRVSRGUiVHQWLUXQVHJXQGRXQWHUFHURFXDUWRHLQFOXVRTXLQWR\VH[WR
RUJDVPRDQWHVGHTXHTXHGHSOHQDPHQWHVDFLDGD(QFRQWUDVWHFRQODKDELWXDOLQFDSDFLGDG
GHOYDUyQGHVHQWLUPiVGHXQRUJDVPRHQXQFRUWRSHULRGRPXFKDVPXMHUHVHVSHFLDOPHQWH
FXDQGRPHGLDODHVWLPXODFLyQFOLWyULFDSXHGHQH[SHULPHQWDUFRQUHJXODULGDGFLQFRRVHLV
RUJDVPRVHQFXHVWLyQGHPLQXWRV
6KHUIH\ SDVD D H[SOLFDU HQ XQD IRUPD PXFKR PiV SUHFLVD GH OR TXH QDGLH OR
KXELHVHKHFKRDQWHVODILVLRORJtDTXHVXVWHQWDHVDFDSDFLGDG
œ/D SRSXODU LGHDGHTXHXQDPXMHUKDGHH[SHULPHQWDUXQVRORHLQWHQVRRUJDVPR
TXH OH SURSRUFLRQDUi œHQWHUD VDWLVIDFFLyQ TXH DFWXDUi FRPR XQ IXHUWH VHGDQWH DOLYLDQGR
VX WHQVLyQ VH[XDO SRU XQRV GtDV FRQVWLWX\H VLPSOHPHQWH XQD IDODFLD $ FDGD RUJDVPR
VLJXHSURQWRHOUHOOHQDGRGHODVFiPDUDVYHQRVDVHUpFWLOHVODGLVWHQVLyQRULJLQDXQDFRQJH V
WLyQ\HGHPDTXHDVXYH]GDOXJDUDXQDPD\RUWHQVLyQHQORVWHMLGRVHWF(OVXPLQLVWUR
GHVDQJUH\GHIOXLGRHGHPiWLFRDODSHOYLVHVLQDJRWDEOH
&RQVHFXHQWHPHQWH FXDQWRV PiV RUJDVPRV H[SHULPHQWD XQD PXMHU PiV IXHUWHV VRQ
pVWRV FXDQWRV PiV RUJDVPRV WLHQH PiV SXHGH WHQHU 9LUWXDOPHQWH OD KHPEUD KXPDQD HV
VH[XDOPHQWHLQVDFLDEOHHQSUHVHQFLDGHORVPiVDOWRVJUDGRVGHODVDFL HGDGVH[XDO 
6KHUIH\DxDGH
œ'HERVXEUD\DUTXHHVWDFRQGLFLyQQRVLJQLILFDTXHXQDPXMHUVHKDOODVLHPSUHFRQ V
FLHQWHPHQWHLQVDWLVIHFKD([LVWHXQDJUDQGLIHUHQFLDHQWUHVDWLVIDFFLyQ\VDFLHGDG8QDP X
MHU SXHGH HVWDU HPRFLRQDOPHQWH VDWLVIHFKD KDVWD HO Pi[LPR FRQ OD DXVHQFLD GH FXDOTXLHU
H[SUHVLyQRUJiVPLFDDXQTXHWDOHVWDGRUDUDVYHFHVSHUVLVWLUiDWUDYpVGHDxRV GHIUHFXHQWHV
HVWLPXODFLRQHV\FRLWRVVLQTXHVHSURGX]FDDOJ~QWLSRGHUHDFFLyQItVLFDRHPRFLRQDO/D
¦VDFLHGDGHQODLQVDFLHGDG§TXHGDELHQLOXVWUDGDHQODGHFODUDFLyQGH0DVWHUV¦8QDPXMHU
TXHGDUiVDWLVIHFKDKDELWXDOPHQWHH[SHULPHQWDQGRGHD RUJDVPRV§&UHRTXHUDUDVYH
FHV SRGUi GHFLUVH ¦8Q KRPEUH SRGUi TXHGDU VDWLVIHFKR KDELWXDOPHQWH WHQLHQGR GH D H\DFXODFLRQHV§(OKRPEUHVtTXHGDVDWLVIHFKR/DPXMHUSRUORJHQHUDOVHIXHU]DDTXHGDU
VDWLVIHFKD SRUTXH VLPSOHPHQWH QR FRQRFH OD H[WHQVLyQ GH VX FDSDFLGDG RUJiVPLFD 6LQ
HPEDUJR DYHQWXUR TXH HVWD KLSyWHVLV QR VRUSUHQGHUi GHPDVLDGR D PXFKDV PXMHUHV TXH
FRQVFLHQWHPHQWHFRPSUHQGHQRLQWXLWLYDPHQWHSHUFLEHQVXIDOWDGHVDFLHGDG
+HOHQ.DSODQHQVXOLEUR7KH1HZ6H[7KHUDS\H[SXVRODFXHVWLyQGHHVWDPDQHUD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$SDUWHGHOKHFKRGHTXHDPHQXGRVHVLHQWHWUDQTXLOR\VRxROLHQWRGHVSXpVGHOFR
LWRHOYDUyQYXHOYHDVXHVWDGRGHGHVFDQVRSUHFHGHQWHDODH[FLWDFLyQWDQWRGHV GHHOSXQWR
GH YLVWD ItVLFR FRPR SVtTXLFR FRQ EDVWDQWH UDSLGH] 3RU HO FRQWUDULR OD PXMHU UHJUHVD DO
HVWDGRQRVH[XDOFRQPXFKDPiVOHQWLWXG6LKDVHQWLGRHORUJDVPRODPXMHUSXHGHH[SHU L
PHQWDUXQSURORQJDGR \SURIXQGRSODFHUYROXSWXRVRGXUDQWHORVLQVWDQWHVVLJXLHQWHV\FR
PRVHKDGLFKRDQWHVFDEHODSRVLELOLGDGGHOOHYDUODDORUJDVPRQXHYDPHQWHHQFXDOTXLHU
PRPHQWRGHWDOSHULRGRVLHOODVHPXHVWUDGLVSXHVWDDHOOR
/DPD\RUtDGHODVPXMHUHVGHOSUHVHQWHHVWXGLRQRSDUHFtDQKDOODUVHIDPLOLDUL
]DGDVFRQHVRVKHFKRV8QDJUDQPD\RUtDGHHOODVKDEODEDQGHVXGHVHRGHVHQWLUXQ
VRORRUJDVPRLJQRUDQGRFXDQWRVHUDQFDSDFHVGHH[SHULPHQWDU 3XHGHVHUTXHOD
FRQVWUXFFLyQ GH OD SUHJXQWD ¥œVH[XDOPHQWH ˜HV VDWLVIDFWRULR SDUD XVWHG XQ VROR
RUJDVPR"¥ IXHVH HQ FLHUWR PRGR UHVSRQVDEOH GH OD REWHQFLyQ GH UHVSXHVWDV DILU
PDWLYDVDGHPiVGHODSUHVLyQFXOWXUDOGHYHUœXQRFRPRODQRUPD2ELHQFRPR
VXJLHUHODGRFWRUD6KHUIH\XQRSXHGHVDWLVIDFHUDXQTXHQRVDFLDU8QQ~PHURPiV
HOHYDGRGHPXMHUHVLQGLFDURQTXHVHVHQWtDQPHQRVLQFOLQDGDVDGDUVHSRUVDWLVIHFKDV
FRQXQVRORRUJDVPRHQODPDVWXUEDFLyQTXHGXUDQWHODUHODFLyQVH[XDOFRQRWUDSHU
VRQD
˜&yPRVHVLHQWHXVWHGWUDVHORUJDVPR"
$XQTXHODVPXMHUHVHQJHQHUDOLQGLFDURQTXHTXHGDEDQVDWLVIHFKDVFRQXQVR
ORRUJDVPRDOSUHJXQWDUOHVFyPRVHVHQWtDQWUDVHOPLVPRQRLQGLFDURQXQUHWRUQR
DOHVWDGRGHUHODWLYDIDOWDGHVHQVLELOLGDG6HGHVFULELHURQGRVWLSRVEiVLFRVGHVHQVD
FLRQHV
/DVTXHVHVHQWtDQOOHQDVGHWHUQXUD\FDULxRGHGHVHRGH SUR[LPLGDG
œ9DUtDGHXQRVFDVRVDRWURV3HURHQHOLQVWDQWHHQTXHUHFXSHURODFRQFLHQFLD
WUDV ODV FRQWUDFFLRQHV VLHQWR XQ GHVERUGDQWH \ DSDVLRQDGR FDULxR SRU PL DPDQWH
OOHJDQGRDYHFHVKDVWDOORUDU
œ8QD VHQVDFLyQ GH XQLyQ\DOLYLRXQLQWHQVRDIHFWRSRUPLFRPSDxHURGHOH
FKR
œ8QDVHQVDFLyQGHORFDDPLVWDGDYHFHVFDUHQWHGHIXQGDPHQWR
œ0LRUJDVPRFHGH\VHFRQYLHUWHHQFiOLGDVHQVDFLyQGHELHQHVWDU(VWDHVSHFLH
GHUHVSODQGRUFUHSXVFXODUHVEUHYHVLQRHVWR\XQLGDHPRFLRQDOPHQWHDPLFRPSDxH
1RVHHQFRQWUyUHODFLyQDOJXQDHQWUHHOGHVHRGHODVPXMHUHVGHVHQWLURUJDVPRV\VXVHGDGHVDPSOLWXGGHOD
H[SHULHQFLDSHUVRQDORQXPHURGHKLMRV
5HVSRQGLHQGRDODSUHJXQWDœ˜&XiQWRVRUJDVPRV HVFDSD]XVWHGGHH[SHULPHQWDU"PXFKDVPXMHUHVFRQ
WHVWDURQTXHQRORVDEtDQ(QODSiJLQD SXHGHQVHUKDOODGDVFLIUDVDOUHVSHFWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UR'HRWURPRGRUHVXOWDSURORQJDGRVDEURVR\FDVLODPHMRUSDUWHGHQXHVWUDUHOD
FLyQ
œ4XLHUR ¦UHWHQHU D PL DFRPSDxDQWH PL EUD]R PLV P~VFXORV YDJLQDOHV \
HPRFLRQHV VH HPSHxDQ HQ QR GHMDUOR OXHJR KD\ XQ JUDGXDO DIORMDPLHQWR \
GLVPLQXFLyQGHGLFKD¦DFFLyQUHWHQWLYD§
œ6LHQWRSURIXQGRVHVSDVPRVYDULRVVHJXLGRV/XHJRVLHPSUHOORUR\PHVLHQ
WRSRVHtGDSRUXQDYLROHQWDWHUQXUD
œ0HVLHQWRPiVH[FLWDGDGHVSXpVGHXQRUJDVPRPiVDPRURVDPDVQHFHVLWDGD
GHFDULxR
/DVTXHVHVHQWtDQIXHUWHV\GHVSHMDGDVOOHQDVGHHQHUJtD\GHYLGD
œ6yORGHVSXpVGHKDEHUKHFKRPXFKRHMHUFLFLRPHVLHQWRFRQWDOSOHQLWXGYLWDO
8QDVHQVDFLyQGHELHQHVWDUGHVHQWLUVHPDUDYLOORVDPHQWH
œ6REUHYLHQH XQD SURORQJDGD OLEHUDFLyQ GH HQHUJtDV GXUDQWH ODV KRUDV VLJXLHQ
WHV (QRWUDVSDODEUDVVXUJHHQPtHOGHVHRGHKDFHUDOJRGHQRWDUPHItVLFDPHQWH
YLYD
œ&ROPDGD6HUtDFDSD]GHFRQTXLVWDUFXDOTXLHUFRVD
œ0H VLHQWR H[KDXVWD GXUDQWH XQRV PLQXWRV SRFRV SHUPDQHFLHQGR DGRUPHFL
GD\HQWRQFHVXQDJUDQHQHUJtDPiVGHVSHMDGDTXHDOSULQFLSLR\QRUPDOPHQWHHQ
XQHVWDGRPHQWDOPiVSRVLWLYR
œ,QPHGLDWDPHQWH GHVSXpV VLHQWR XQD DUGLHQWH DQLPDFLyQXQDVXSUHPDVHQVD
FLyQGHVDOXGGHYLWDOLGDGHLQFOXVRGHSRGHU
œ9DUtDGHXQDYH]DRWUD(QDOJXQDVRFDVLRQHVPHTXHGRH[KDXVWDHQRWUDVPH
VLHQWROLJHUDYLYD]FRPRFDSWDQGR HQHUJtD
œ/RTXHPiVPHJXVWDHVHVDVHQVDFLyQGHPLSURSLDIXHU]DPXVFXODUHQHORU
JDVPR
œ<R VROtD PDVWXUEDUPH DQWHV GH OHYDQWDUPH SRU OD PDxDQD VLQWLpQGRPH HQ
WRQFHV FRQ JDQDV GH FDQWDU RSWLPLVWD FRUGLDO JHQHURVD 6LHPSUH PHVHQWtPDUDYL
OODGDGHORDJUDGDEOHTXHPHSDUHFtDODJHQWHHQHVRVPRPHQWRV
œ(ORUJDVPRHVDOJRPDJQtILFR3DUDPtVLJQLILFDODDXVHQFLDGHWRGRSHQVD
PLHQWRRUHIOH[LyQXQDVHULHGHSXUDVVHQVDFLRQHVFRUSRUDOHVFRVTXLOOHR WHQVLyQXQ
FDORUWUHPHQGRXQDJUDQIXHU]D™0LFXHUSRVHVLHQWHYLYR \SRGHURVR
(VRV GRV WLSRV GH UHDFFLRQHV UHSUHVHQWDQ XQD H[FLWDFLyQ FRQWLQXDGD /DV GHV
FULSFLRQHVUHODWLYDVDODH[FLWDFLyQTXHILJXUDQDOSULQFLSLRGHHVWHFDStWXORVRQPX\
VLPLODUHVDHVWDVGHVFULSFLRQHVGHODVVHQVDFLRQHVSHUFLELGDVGHVSXpVGHORUJDVPR
(VWRGHLQWHUSUHWDUORTXHVHQWLPRVFRPRXQLPSXOVRKDFLDHORUJDVPRRXQJHQHUDO
ELHQHVWDUFRUSRUDOSDUHFHVHUVyORXQDFXHVWLyQGHSHUFHSFLyQ'HVGHOXHJRH[LVWHQ
PXFKRVJUDGRVGHH[FLWDFLyQ\DOJXQRVDSXQWDQIXHUWHPHQWHPiVTXHRWURVDORU
JDVPR&LWDQGRDOGRFWRU.DSODQœ8QDYH]ORJUDGRHORUJDVPRODPXMHUSXHGHH[
SHULPHQWDUXQSODFHUSURORQJDGR\SURIXQGRGXUDQWHODIDVHGHUHVROXFLyQRSXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHVHUOOHYDGDGHQXHYRDDTXpOHQFXDOTXLHULQVWDQWHGHWDOSHULRGRVLVHHQFXHQWUD
GLVSXHVWD D HOOR 1DWXUDOPHQWH QR HV SUHFLVR LQWHUSUHWDU OD H[FLWDFLyQ FRPR XQD
QHFHVLGDGGHRUJDVPRWDQWRVLVHSURGXFHDQWHVFRPRGHVSXpVGHOPLVPR
/DV PXMHUHV TXH VRQItVLFDPHQWHPX\ DFWLYDVSDUDFRQVHJXLUHORUJDVPRSXH
GHQVHQWLUVHWDPELpQPiVVDWLVIHFKDVItVLFDPHQWHWUDVXQR6HJ~QXQDGHHOODVœ+D\
XQDVHQVDFLyQGHDOLYLRItVLFRWUDVHORUJDVPRSHURHOJUDGRGHVDWLVIDFFLyQGHSHQGH
GHORH[WHQXDQWHTXHKD\DVLGRODDFWLYLGDGVH[XDO\GHVXGXUDFLyQ(ORUJDVPR\
HO HMHUFLFLR ItVLFR WLHQHQ PXFKR HQ FRP~Q HQ WpUPLQRV GH DOLYLR GH OD WHQVLyQ /D
UHODFLyQVH[XDOHQpUJLFDSXHGHVHUHOHMHUFLFLRPiVH[WHQXDQWHSDUDPXFKDVPXMHUHV
\HVWRTXL]iVH[SOLTXHWDPELpQHOpQIDVLVTXHDOJXQDVPXMHUHVSRQHQHQODVDJUDGD
EOHVVHQVDFLRQHVGHOHVIXHU]RFRUSRUDO\ELHQHVWDUGXUDQWHHORUJDVPR\GHVSXpVGH
pVWH
/DYHUGDGHVTXHWRGDVODVPXMHUHVVRQFDSDFHVGHWHQHUPXFKRVRUJDVPRVVL
ORVTXLHUHQ6LQHPEDUJRHVWRQRVLJQLILFDTXHPiVVHDQHFHVDULDPHQWHPHMRURTXH
ODV PXMHUHV TXH QR VLHQWHQ R QR GHVHDQ PiV QR HVWpQ GHVHPSHxDQGR VX SDSHO
FRUUHFWDPHQWH(OFDVRHVTXHHOODVQRSDUHFHQVHUFRQVFLHQWHVGHVXFDSDFLGDG\GH
HVD IRUPD VH OLPLWDQ D Vt PLVPDV OD GHFLVLyQ GH VHQWLU PiV GH XQ RUJDVPR GHEH
EDVDUVHHQHOFRQRFLPLHQWRGHTXHVHWLHQHRSFLyQDHOOR\HQODOLEHUWDGGHDFWXDU
FRQIRUPHDWDOFRQRFLPLHQWR
2UJDVPRVP~OWLSOHV
˜3RUTXpODVPXMHUHVQRFRPSUHQGHQVXFDSDFLGDGSDUDORVRUJDVPRV"
˜3RU TXp ODV PXMHUHV QR FRPSUHQGHQ VX FDSDFLGDG SDUD ORV RUJDVPRV" ˜3RU
TXpQRSHUFLEHQVXH[FLWDFLyQFRPRDOJRFRQWLQXDGR"
)UHFXHQWHPHQWHSDUHFHH[LVWLUXQUHFKD]RLQFRQVFLHQWHGHODSRVLELOLGDGGHH[SHUL
PHQWDUPiVGHXQRUJDVPR
6LORVKRPEUHVVyORSXHGHQWHQHUXQRTXL]iSXHGDSDUHFHUDPELFLRVR RDJUHVL
YRGHVDILDQWHHOKHFKRGHTXHUHUPiVFXDQGRVHHVWiFRQXQKRPEUH6HQRVGLFH
SRULQIHUHQFLDTXHXQRGHEH VDWLVIDFHUQRV,QFOXVRGXUDQWHODPDVWXUEDFLyQDOJXQDV
PXMHUHVDXQTXHPHQRVTXHHQODUHODFLyQVH[XDOFRQRWUDSHUVRQDVHVHQWtDQFXO
SDEOHVRVHQWtDQUHSDURVHQTXHUHUPiVGHXQR
œ0HFXHVWDPXFKRWUDEDMRGHFODUDUTXHTXLHURH[SHULPHQWDUPiVGHXQRUJDV
PRHQODUHODFLyQVH[XDO\FDVLVLHPSUHGHMRDPLDPDQWHODLQLFLDWLYDHQWDOVHQWLGR
/DVSURORQJDGDVFDULFLDVPHVDWLVIDFHQDKRUD WDQWRFRPRRWURRUJDVPR
œ1XQFDSHQVpTXHQRSXGLHUDOOHJDUDOFOtPD[GHQXHYRFRQJUDQSODFHUSHUR
QRPHDWUHYRDLUORDEXVFDU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$XQTXH D PHQXGR PH TXHGR YDJDPHQWH LQVDWLVIHFKD FRQ XQ VROR RUJDVPR
QXQFDKHLQWHQWDGRWHQHUPiV
œ8QRKDVWDDKRUD PHSDUHFHDOJRJUDQGH\OXHJRPHFRQFHQWURHQHOVX\R
œ&UHRTXHSRGUtDVHQWLUYDULRVVLpOXWLOL]DUDODOHQJXDSHURQRPHJXVWDWHQHUOR
SRUDKtDEDMRWRGRHVHWLHPSR
œ8QRQXQFDEDVWDGRVDYHFHVUDUDPHQWHVtSHURHVTXH\R¦QHFHVLWR§FRPR
XQRV FLQFR GHVSXpV GH KDEHU VHQWLGR HO SULPHUR /RV FLQFR VRQ SRU PDVWXUEDFLyQ
(QODVUDUDVRFDVLRQHV\DSHUWHQHFLHQWHVDOSDVDGRHQTXHVHQWtHORUJDVPRGXUDQWH
ODUHODFLyQVH[XDOFRQRWUDSHUVRQDGRVRWUHVIXHURQ¦VXILFLHQWHV§HVGHFLUQRSRGtD
DGPLWLUDQWHHOKRPEUHTXHTXHUtDPiV
œ([SHULPHQWR WUHV SRU OR PHQRV GXUDQWH OD PDVWXUEDFLyQ 3HURQRUPDOPHQWH
PLVDFRPSDxDQWHVYDURQHVVHSDUDQFXDQGRKHVHQWLGRHOSULPHURUJDVPR
œ0HSUHRFXSDVXFDQVDQFLR\HVWRKDFHTXHPHLQKLEDGXUDQWHODHVWLPXODFLyQ
FOLWyULFD
œ0HVLHQWRFRPRVLTXLVLHUDYHLQWH6LQHPEDUJRFRPRPLHVSRVRSDUHFHQH
FHVLWDUXQRWDQVyORKHWHQLGRTXHDMXVWDUPHDVXQRUPDGHFRQGXFWD
œ&RQXQDFRPSDxDQWHPHFRQVLGHURDIRUWXQDGDVLOOHJRDVHQWLUXQRLQFOXVR\
KDELWXDOPHQWH QL VLTXLHUD LQWHQWR TXHUHU PiV 1RUPDOPHQWHQRH[SHULPHQWR¦QLQ
JXQR§™\PHVLHQWRKDPEULHQWD
œ8Q RUJDVPR PH VXHOH UHVXOWDU VDWLVIDFWRULR SRUTXH VR\ FRQGHQDGDPHQWH SH
UH]RVD 1RUPDOPHQWH HVSHUR KDVWD VHQWLUPH WDQ IDWLJDGD TXH XQ RUJDVPR PH GHMD
VLQHQHUJtDV\PHTXHGRGRUPLGD3RUORTXH\RVpQRREVWDQWHVR\FDSD]GHFRQWL
QXDULQGHILQLGDPHQWHFXDQGRPHKDOORELHQGHVSHMDGD(QHOSDVDGRPLFRPSDxHUR
JHQHUDOPHQWH VH TXHGDED H[WHQXDGR DQWHV GH TXH HVWXYLHUD GLVSXHVWD D DEDQGRQDU
(QODPDVWXUEDFLyQOOHJRDOFOtPD[QRUPDOPHQWHGRVRWUHVYHFHVVHJ~QPLHVWDGR
ItVLFRDOFRPHQ]DU'HSHTXHxD\DQWHVGHTXHHPSH]DUDDUHODFLRQDUPHVH[XDOPHQ
WHFRQKRPEUHVVROtDSDVDUPHODPLWDGGHODQRFKHPDVWXUEiQGRPHXQDYH]\RWUD
\RWUD
œ+H GHVFXELHUWR FRQ ODV PXMHUHV ¥GHVSXpV GH HVWDU UHODFLRQiQGRPH VH[XDO
PHQWH FRQ KRPEUHV GXUDQWH DxRV¥ TXH TXHUtD \ SRGtD GLVIUXWDU GH PXFKRV RUJDV
PRV \ GHVSXpV FRQWLQXDU KDFLHQGR HO DPRU GXUDQWH PXFKR PiV WLHPSR /RV KRP
EUHVSRUHOKHFKRGHVHQWLUXQRVRODPHQWH SDUDGHUUXPEDUVHVHJXLGDPHQWHVXSRQt
DQTXH\RPHTXHGDEDVDWLVIHFKD\\ROHVGHFtDTXHORHVWDED/DYHUGDGHVTXHPH
HQFRQWUDEDH[FLWDGDWRGDYtDGHVSXpVGHORUJDVPR0iVLQFOXVRTXHDQWHV
$OJXQDVPXMHUHVQRVDEtDQVLTXLHUDTXHHUDSRVLEOHVHQWLUPiVGHXQR\FRQIXQGtDQ
HVWDLGHDFRQHORUJDVPRP~OWLSOH
(VWR KL]R TXH ODV UHVSXHVWDV D OD SUHJXQWD œ˜&XDQWRV RUJDVPRV QHFHVLWD XV
WHG"IXHUDQLQFOXVRPiVGLItFLOHVGHLQWHUSUHWDU(QUHDOLGDGSRFDVHUDQODVPXMHUHV
TXHSDUHFtDQVDEHUORTXHHUDHORUJDVPRP~OWLSOH\DOJXQDVVHSUHJXQWDEDQVLFDGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRQWUDFFLyQ HUD XQ RUJDVPR \ GH FXDWUR D FLQFR FRQWUDFFLRQHV œRUJDVPRV P~OWL
SOHV
œ1RVpFRQVHJXULGDGVLH[SHULPHQWRXQODUJRRUJDVPRRYDQRVFRUWRV
œ0H JXVWDUtD VHQWLU XQ RUJDVPR FRQWLQXR GXUDQWH ODUJR UDWR DOJRDVtFRPR
PHGLDKRUD˜(VHVWRSRVLEOH"
œ$QRFKH PH PDVWXUEp 1XQFD KH VDELGR FRQ VHJXULGDG VL VLHQWR ¦RUJDVPRV
P~OWLSOHV§RQR3HURDQRFKHFUHRTXHVtPHRFXUULyHVR˜2ELHQVHWUDWDUtDVyORGH
¦FRQWUDFFLRQHV§R¦FRQYXOVLRQHV§P~OWLSOHV"˜(VORPLVPR"(VWRRFXUULyHQPHQRV
GH XQ PLQXWR \ IXHUD OR TXH IXHUD VH UHSLWLy GH FXDWUR D FLQFR YHFHV VLHQGR OD
SULPHUDVHQVDFLyQODPiVIXHUWH
œ6t XQR HVWiELHQ+DELWXDOPHQWHPHVLHQWRWDQFRQWHQWD\WDPELpQWDQIDWL
JDGDTXHQRWHQJRQLQJ~QGHVHRGHH[SHULPHQWDURWUR6LQHPEDUJRDOKDEHURtGR
KDEODU GH ORV ¦RUJDVPRV P~OWLSOHV§ TXHUtD VDEHU FyPR HUDQ SHUR OR FLHUWR HV TXH
HQFXHQWUR LQFyPRGR FRQWLQXDU OD HVWLPXODFLyQ FOLWyULFD LQPHGLDWDPHQWHGHVSXpVGH
XQRUJDVPR0LVRUJDVPRVVRQSRUORJHQHUDOWDQSURORQJDGRVTXHPHSUHJXQWRVL
SXHGHQ\DUHSUHVHQWDUHO¦RUJDVPRP~OWLSOH§1RVpFXiQWRVVR\FDSD]GHVHQWLU
˜4XpHVHORUJDVPRP~OWLSOH"˜8QRUJDVPRVHFXHQFLDO"
(ORUJDVPRP~OWLSOHQR HVORPLVPRTXHHVWLPXODUVHGHQXHYRDORVSRFRVPL
QXWRV SDUD VHQWLU RWUR RUJDVPR /ODPDUHPRV D HVWRV ~OWLPRV RUJDVPRV VHFXHQFLD
OHV/RVRUJDVPRVP~OWLSOHVPXFKRPiVUDURVVRQYDULRVRUJDVPRVVLQLQWHUUXSFLyQ
HQWUH DPERV SURVLJXLHQGR OD HVWLPXODFLyQ GHVGH OXHJR /RV VHFXHQFLDOHV SXHGHQ
VHU FRQWLQXDGRV LQGHILQLGDPHQWH SRU PXFKDV PXMHUHV 3DUD VHQWLU XQD VHFXHQFLD GH
RUJDVPRVODPXMHUKDGHHVSHUDUGXUDQWHXQRVPLQXWRVGHVSXpVGHFDGDRUJDVPR
KDVWDTXHQRWDHOUHWRUQRGHOIRFRGHODVHQVDFLyQ\DSDUHFHHOGHVHRGHH[SHULPHQ
WDURWUR/XHJRFXDQGRODVHQVDFLyQHVWiGHQXHYRFHQWUDGDODHVWLPXODFLyQGHHVH
SXQWRGHEHRULJLQDUHOVHJXQGRRUJDVPRPX\UiSLGDPHQWH/DUHHVWLPXODFLyQGHPD
VLDGRUiSLGDDQWHVGHTXHODVHQVDFLyQYXHOYDDFHQWUDUVHSXHGHGLIXQGLU\DPRUWL
JXDU pVWD KDFLHQGR LPSRVLEOH RWUR RUJDVPR $ YHFHV ORV VXEVLJXLHQWHV RUJDVPRV
LQWHQVLILFDQ OD HVWLPXODFLyQ \ VH SXHGH VHQWLU HO GHVSOD]DPLHQWR GHO SXQWR VHQVLEOH
KDFLDDEDMRHQORPiVSURIXQGRGHORVJHQLWDOHV
3RUGHVJUDFLDHOFRQFHSWRWRWDOUHIHUHQWHDODFDSDFLGDGGHVHQWLUPiV GHXQRU
JDVPR \ HO RUJDVPR P~OWLSOH KD DGTXLULGR XQ UHWLQWtQ FRPSHWLWLYR FRPR œ˜6R\
XQDPXMHU¦FRPSOHWD§"6LRWUDVPXMHUHVH[SHULPHQWDQRUJDVPRVP~OWLSOHV˜SRUTXp
\RQRSXHGR"\DVtVXFHVLYDPHQWH/DVœ2OLPSLDGDVGHO2UJDVPRFRPROROODPy
XQDPXMHU
œ+HOHtGRTXHXQDPXMHUVLQWLyFLQFXHQWDRUJDVPRVHQHOHVSDFLRGHXQDKRUD
<R WHQJR TXH OXFKDU SDUD FRQVHJXLU XQ PLQLRUJDVPR SRU VHPDQD ™&yPR OD HQYL
GLR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1RSXHGRFUHHUWRGRHVWHDVXQWRGHORVRUJDVPRVP~OWLSOHV(QXQDRFDVLyQ
H[SHULPHQWpGRVFRQFLQFRPLQXWRVGHLQWHUYDOR)XHXQDH[SHULHQFLDEDVWDQWHVXFLD
UHVXOWDQGRHOVHJXQGRGpELO$OGHFLUVXFLDPHUHILHURDTXHWXYHTXHDWDUHDUPHWH
UULEOHPHQWH VLQWLpQGRPH GHVHVSHUDGD 'HVSXpV PH VHQWt WRWDOPHQWHGHVWUR]DGD$O
LJXDOTXHHOKRPEUH GHWLSRPHGLRSRGtDUHKDFHUPHGHQXHYRSHUR˜SDUDTXp"
8QDYH]PiVHOVLPSOHGHEDWHVREUHODFDSDFLGDGGHODPXMHUSDUDVHQWLUYDULRV
RUJDVPRVQRLPSOLFDTXHQRVRWUDVGHVHHPRVVLHPSUHQHFHVDULDPHQWHH[SHULPHQWDU
XQRVFXDQWRV/RTXHLQWHUHVDHVTXHVHDPRVFRQVFLHQWHV\QRVIDPLOLDULFHPRVFRQ
HOSRWHQFLDOGHQXHVWURVFXHUSRVSDUDTXHQRVRWUDV SRVHDPRVHOFRQWUROGHGHILQLPRV
D QRVRWUDV PLVPDV \ SRGDPRV KDFHU QXHVWUDV SURSLDV HOHFFLRQHV \ QR OD JHQWH TXH
QRVURGHDRQXHVWUDIDOWDGHLQIRUPDFLyQ<DILQGHFXHQWDVWHQHUPXFKRVRUJDV
PRVSXHGHVHUPX\DJUDGDEOH
0XFKDVPXMHUHVPDQLIHVWDURQTXHXQVRORRUJDVPRRQLQJXQRSXHGHVHUHPRFLR
QDOPHQWHVDWLVIDFWRULR
œ6t XQR SHUR FRPR OR KH GHVFULWR FRQ VXV LPSUHVLRQHV SRVWHULRUHV 1R Vp
FXiQWRVVHUpFDSD]GHH[SHULPHQWDU1RKHKHFKRQLQJXQDSUXHED$PtPHSDUHFH
DXQTXH SXHGH VHU TXH HVWp HTXLYRFDGD TXH KD\ XQD FXDOLGDG HPRFLRQDO HQ OD
H[SHULHQFLD\TXHODVUHSHWLFLRQHVLQPHGLDWDVGHHVHDVSHFWRGHODFXHVWLyQSURED
EOHPHQWHQRVRQSRVLEOHV$OPHQRVSRUORTXHDPtUHVSHFWD
œ'HSHQGHGHORTXHKD\DRFXUULGRDQWHVGHVLpOKDVHQWLGRRQRHOVX\R*HQH
UDOPHQWHDPtPHVDWLVIDFHVXRUJDVPRLQGHSHQGLHQWHPHQWHGHORVTXH\RKD\DSR
GLGRH[SHULPHQWDURQR0LFXHUSRHVFDSD]GHXQQXPHURLQGHILQLGRUHDOPHQWHOL
PLWDGRWDQVyORSRUPLYLJRUItVLFRHQHOPRPHQWR1RSXHGRUHVSRQGHUDODSUHJXQ
WD ¦˜&XiQWRV SXHGH XVWHG VHQWLU KDELWXDOPHQWH"§ 1R Vp SRU TXp VH PH DQWRMD
LQDSOLFDEOH
œ8QVRORRUJDVPRHVVLHPSUHVH[XDOPHQWHVDWLVIDFWRULRSDUDPt1RVpFXiQWRV
VR\FDSD]GHVHQWLUSRUTXHQXQFDKHLGRPiVDOOiGHHVHXQR<ROOHJRDYHUPHGHWDO
PDQHUD HQ ODV DOWXUDV HQXQHVWDGRGHp[WDVLVWDQJUDQGHTXHVHPHILJXUDTXHDO
TXHUHULUPDVDOOiWHQGUtDTXHDEDQGRQDUPLFXPEUH'HWRGRVPRGRVSDUDTXHPL
FXHUSRYXHOYDDODQRUPDOLGDGKDGHWUDQVFXUULUXQEXHQUDWR
$OJXQDV PXMHUHV PDQLIHVWDURQ TXH QR SRGtDQ H[SHULPHQWDU PiV TXH XQ RUJDVPR
SRUTXHVXFOtWRULVVHWRUQDEDGHPDVLDGRVHQVLEOHDOWDFWRWUDVHOPLVPR
0XFKDV PXMHUHV WDPELpQ GHFODUDURQ TXH VX H[FLWDFLyQ TXHGDED ItVLFDPHQWH
GLIXVD\œVDWLVIHFKDPHGLDQWHHOFRLWR'HHVWRVHKDEODUiPiVDGHODQWHGHQWURGHO
FDStWXOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H VLHQWR LQFUHtEOHPHQWH H[FLWDGD DQWHV GHO RUJDVPR 7UDV pVWH PH VLHQWR
FRPR VL QR SXGLHUD PRYHUPH PX\ PX\ VDWLVIHFKD SHUR WDPELpQ FRPR VL SXGLHUD
UHSHWLUODH[SHULHQFLDGLH]YHFHV(VLPSRVLEOHVLQHPEDUJR&XDQGRPHWRFDQGH
QXHYRODVHQVDFLyQTXHH[SHULPHQWRHVGHLUULWDFLyQ0HJXVWDSHUPDQHFHUWHQGLGD\
IOH[LRQDUPLP~VFXORVYDJLQDOHVSRUTXHHVWRPH SURGXFHXQDHVSHFLHGHKRUPLJXHR
HOpFWULFRHQODVSODQWDVGHORVSLHVSRUPX\H[WUDxRTXHSDUH]FD0HVLHQWRVDWLVIH
FKD \ OOHQD GH DPRU SRU PL DFRPSDxDQWH 1RUPDOPHQWH KDEODPRV GH QXHVWURV RU
JDVPRVUHVSHFWLYRV\QRVUHtPRVPXFKR
œ+HSHQVDGRDPHQXGR HQHVWRGHORV¦RUJDVPRVP~OWLSOHV§SHURQXQFDFRQWL
Q~RSRUVHUWDQVHQVLEOH6HQVLEOHHVXQDSDODEUDPHMRUTXHGRORULGD
œ/XHJRQRWROHURHOWRTXHGLUHFWR1RUPDOPHQWHUHWRUQRDODVVXDYHVFDULFLDV
DFRPSDxDGDVGHODVDJUDGDEOHVVHQVDFLRQHVTXHSUHFHGHQDORUJDVPRSHURQRPHHV
SRVLEOHKDFHUQDGDPiV
œ8QRHVVDWLVIDFWRULR'HVSXpVPHPXHVWURH[WUHPDGDPHQWHVHQVLEOH\MXJXH
WRQD GXUDQWH XQRV YHLQWH PLQXWRV SRU OR PHQRV 3RGUtD FRQWLQXDU GXUDQWH WRGR HO
GtDFRQSDXVDVWUDVFDGDRUJDVPRSHURFDVLQXQFDWHQJRRSRUWXQLGDG
œ8QR HVWi ELHQ (Q FLHUWD RFDVLyQ WXYH WUHV 3HUR PDV QXQFD6HQWtGRVPH
GLDQWHODPDVWXUEDFLyQSHURWXYHTXHHVSHUDUTXLQFHPLQXWRVHQWUHHOORV0LFOtWRULV
HVWDEDWDQVHQVLEOHTXHQRORSXGHWRFDUGXUDQWHXQUDWR
(V SRVLEOHTXHHQPXFKRVFDVRVHVWHSUREOHPDVHDFDXVDGRSRUXQDHVWLPXOD
FLyQœGHPDVLDGRGLUHFWDGHOFOtWRULVSRUHMHPSORODPDVWXUEDFLyQWLSR,$GLUHFWD
HQFRPELQDFLyQTXL]iFRQODDFXPXODFLyQGHXQDVXVWDQFLDFRQHODWUDFWLYRQRPEUH
GH œVPHJPD EDMR HO FDSXFKyQ GHO FOtWRULV (V LPSRUWDQWH GH YH] HQ FXDQGR HFKDU
KDFLDDWUiVHOSUHSXFLRRFDSXFKyQGHOFOtWRULVSDUDYDOLpQGRVHGHOD\HPDRODXxD
GHOGHGRTXLWDUORVGHSyVLWRVEODQTXHFLQRVSDUFLDOPHQWHHQGXUHFLGRVVRQLQRIHQVL
YRV TXH WLHQGHQ D TXHGDU DOOt (VWR SXHGH UHVXOWDU OLJHUDPHQWH GRORURVR SHUR OD
YHUGDGHVTXHWDOHVGHSyVLWRVSXHGHQGLVPLQXLUODIOH[LELOLGDGGHOFOtWRULV(QFXDO
TXLHUFDVRGLFKRVGHSyVLWRVQRPHUPDUiQODFDSDFLGDGGHGLVIUXWDUGHXQDHVWLPXOD
FLyQUHSHWLGDDPHQRVTXHVHHVWLPXOHHOFOtWRULVPX\GLUHFWDPHQWHPiVGLUHFWDPHQ
WHGHORTXHVXHOHQKDFHUORODPD\RUtDGHPXMHUHV
2WUDVPXMHUHVVLHPSUHTXHUtDQPiVGHXQRUJDVPR
œ(OSULPHURUJDVPRHVVyORHOFRPLHQ]R(QFXHQWURTXHPHH[FLWRPiVGHXQD
PDQHUDJHQHUDOQR~QLFDPHQWHHQOD]RQDJHQLWDOWUDVORVSULPHURVGRVRUJDVPRV
0H H[FLWR FRQ OHQWLWXG SHUR XQD YH] H[FLWDGD OD VHQVDFLyQ VH DPSOLD WRPiQGRVH
PiVLQWHQVD\GXOFHDIHFWiQGRPHSRUHQWHUR
œ8QRHVWiELHQSHURFRQYDULRVUHVXOWDDJUDGDEOHDVLPLVPR+H H[SHULPHQWD
GR KDVWD VHLV HQ PHGLD KRUD /RV SUHILHUR GH XQR HQ XQR FRQ DOJ~Q WLHPSR HQWUH
HOORVSDUDUHODMDUPH\VDERUHDUORV\OXHJRVHUHVWLPXODGDGHQXHYR
œ3UHILHURPHGLDGRFHQDGHSHTXHxRVTXHVHDQGHLQWHQVLGDGFUHFLHQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ'XUDQWHHOFXQQLOLQJXV SXHGRVHQWLUKDVWDFLQFRRUJDVPRVVLHPSUHTXHVHDO
WHUQHODHVWLPXODFLyQFOLWyULFDFRQODYDJLQDO
œ+H SRGLGR DSUHFLDU TXH PH VLHQWR H[FLWDGD WRGDYtD WUDV WHQHU XQ RUJDVPR \
VR\ FDSD] GH YDULRV (QWRQFHV WRGDYtD QR PH HQFXHQWUR VDWLVIHFKD 1RWR D~Q XQD
H[FLWDFLyQORFDOL]DGDHQOD]RQDFOLWyULFDSHURHQHVHPRPHQWRPHVLHQWRIDWLJDGD
\PHGHWHQJRHVSHUDQGRTXHODVHQVDFLyQYD\DDSDJiQGRVH
œ'XUDQWH HO SHUtRGR VR\ PX\ H[FLWDEOH \ FXDQWR PiV PH PDVWXUER \ PiV RU
JDVPRVWHQJRPiVLQWHQVDHVODFRPH]yQTXHSHUFLERHQHOFOtWRULV\DOFDERGHGLH]
RUJDVPRV VLHQWR XQD HVSHFLH GH SLFRU HQ pVWH TXH SXHGH PRVWUDUVH LQVDFLDEOH OD
FRPH]yQYDDPiV\HORUJDVPRHQOXJDUGHDWHQXDUODODLQWHQVLILFD
œ(O SULPHU RUJDVPR PH FXHVWD WUDEDMR SHUR GHVSXpV WRGR HV IiFLO 8QD YH]
SXHVWDHQPDUFKDSXHGRJR]DUGHVHLVRVLHWH
œ8QR\EXHQR(VDJUDGDEOHVHQWLUHORUJDVPRDFRQVHFXHQFLDGHODHVWLPXOD
FLyQFOLWyULFDSULPHUR\GHVSXpVSRUHOFRLWR&XDQGRGLVSRQJRGHWRGRHOGtDYD
ULRV RUJDVPRV FRQVWLWX\HQ DOJR JUDQGH 6LHPSUH TXLHUR OOHJDU XQ PLOOyQ GH YHFHV
PiV
œ7UDVHOSULPHURUJDVPRGHVHRVHUH[FLWDGD\H[SHULPHQWDURWURFDVLLQPHGLD
WDPHQWH 6R\ FDSD] GH VHQWLU YDULRV HQ XQD VHVLyQ SHUR HO Q~PHUR GHSHQGH GH PL
FRPSDxHURGHPLHVWDGRGHiQLPRGHQXHVWUDIRUPDGHKDFHUHODPRUHWF\VHUtD
XQDWRQWHUtDILMDUXQDFLIUDFRQFUHWD
œ&XDQWRV PiV PHMRU FDGD XQR GH HOORV YD VLHQGR SURJUHVLYDPHQWH PiV SUR
IXQGR\HVWLPXODQWH\FDGDYH]TXHWHQJRXQRPHVLHQWRPHQRVLQKLELGD
œ8QRHVVyORDPDQHUD GH¦FDOHQWDPLHQWR§\ORPHMRUHVVHJXLUKDVWDTXHPH
GHUUXPERH[KDXVWD6HYDQKDFLHQGRPHMRUHV\PHMRUHVFDGDYH]
œ&XDQWRVPiVPHMRU3HURWDPELpQSDUDVHQWLUPHVDWLVIHFKDKHGHQRWDUTXH
VHKDHVWDEOHFLGRXQDFRPXQLFDFLyQ
œ$ YHFHV FRQ XQR HVWi ELHQ SHUR HQ RWUDV RFDVLRQHV SRGUtD FRQWLQXDU KDVWD
QRSRGHUPRYHUPH
œ(QODPDVWXUEDFLyQGHGRVDWUHVDYHFHVGHFLQFRDVHLVFRQXQFRPSDxHUR
HVRVXSRQHGHPDVLDGRHVIXHU]R\VyORORKDJRXQDYH]
œ6t\QR8QRUJDVPRDFRQVHFXHQFLDGHOFRLWRHVFDQVDGR\PHVLHQWRFRPR
VLPLKXHVRS~ELFRIXHVHSXOYHUL]DGRGHPRGRTXHFRQXQREDVWDSRUHVHPHGLR3H
URVtTXLHURPiVVLHVWR\PDVWXUEiQGRPHRHVWR\VLHQGRPDVWXUEDGD+DELWXDOPHQ
WHGRVSHURWDPELpQPHJXVWDWHQHUGHWUHVDFLQFR
œ/RV KRPEUHV FRQ TXLHQHV KH HVWDGR PHKDQGLFKRTXHPLLPSXOVRVH[XDOHV
LQXVLWDGDPHQWHIXHUWH\HQRFDVLRQHVHVRKDFHTXHPHFRQVLGHUHDOJRDVtFRPRXQ
IHQyPHQR0HLQWHUHVDPXFKRVDEHUVLRWUDVPXMHUHVKDQYLYLGRH[SHULHQFLDVVHPH
MDQWHVDODVPtDV6HJ~Q0DVWHUV\-RKQVRQODPXMHUHVFDSD]GHVRVWHQHUXQDDFWL
YLGDGVH[XDOGXUDQWHWRGDXQDQRFKHHQWDQWRTXHORVKRPEUHVQR$XQTXHPXFKRV
GHORVKRPEUHVTXHKHFRQRFLGRVHFUHHQOLEHUDGRVQRORHVWiQ1RFDSWDQODVLJQL
ILFDFLyQGHWDOLGHDFRQUHIHUHQFLDDORVLPSXOVRVVH[XDOHVGHODVPXMHUHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
˜6RQGLIHUHQWHVORVRUJDVPRVVXEVLJXLHQWHV"
6KHUH+LWH
œ&DGDRUJDVPRVXEVLJXLHQWHHVPiVIXHUWHTXHHODQWHULRU
œ(O RUJDVPR HV XQD LQWHQVD \ H[SORVLYD VHQVDFLyQ VHJXLGD SRU XQD VHULH GH
FRQWUDFFLRQHV 'HVSXpV GH YDULRV RUJDVPRV FRQVHFXWLYRV OR TXH VH VLHQWH HV PiV
XQD¦VHQVDFLyQGHIXVLyQ§
œ&XDQGRKHVLGRH[FLWDGDGXUDQWHODUJRUDWRVLHQWRXQKRUPLJXHRHQORVSLHV
\PLFOtWRULVUHVSRQGHIiFLOPHQWH7UDVH[SHULPHQWDUYDULRVRUJDVPRVHVPX\GXOFH
SHUPDQHFHUTXLHWD \SHUPLWLUTXHODVHQVDFLyQGHHOHYDGDVH[XDOLGDGVHGLIXQGDSRU
HOFXHUSRODYDJLQDORVODELRVHWF
œ(QGLVSRVLFLyQDGHFXDGDORVRUJDVPRVVHUHSLWHQXQD\RWUDYH]KDFLpQGRVH
SURJUHVLYDPHQWH PiV IXHUWHV FRQ WDOGHTXHFRQWLQ~HODUHHVWLPXODFLyQKDVWDTXH
PHVLHQWRILQDOPHQWHDFDEDGD\HQWRQFHVJULWRSDUDDOLYLDUODWHQVLyQRORTXHVHD
SDUDTXHpVWDGHMHDEDQGRQRPLFXHUSR\™YXHOR
œ0L SULPHU RUJDVPR SDUHFH LPSOLFDU XQD H[FLWDFLyQ GHILQLGD JHQHUDOL]DGD HV
GHFLU XQ VDERU PHWiOLFR HQ OD JDUJDQWD R ELHQ PL FOtWRULV VH H[SDQGH HWF /XHJR
XQD VHQVDFLyQ GH TXHUHU OD LQVHUFLyQ GH XQ SHQH VHJXLGDPHQWH FRQ UDSLGH]VXUJH
XQIXHUWHWHPEORUFRUSRUDOFRQODVSLHUQDVSUR\HFWDGDVDORDOWRDFRQWLQXDFLyQYLH
QHQXQDVUiSLGDVFRQWUDFFLRQHVYDJLQDOHV\GHVSXpVXQDGLVPLQXFLyQGHODWHQVLyQ
SHURQRXQDOLYLRFRPSOHWR3DUDORFXDOQHFHVLWRGHWUHVDFXDWURRUJDVPRV(OSUL
PHURUJDVPRQRWUDHFRQVLJRXQDJUDQVHQVLELOLGDGYDJLQDOODFXDOJHQHUDOPHQWHVH
GHVDUUROODFRQHOFRLWRFRQWLQXDGRRHOUHWRUQRDOMXHJRVH[XDORFXDOTXLHURWUDFRVD
(OVHJXQGRHOWHUFHURRHOFXDUWRRUJDVPRVRIUHFHQPiVSUREDELOLGDGHVGHLPSOLFDU
FDPELRV GH FRQVFLHQFLD SRU HIHFWR GH ORV FXDOHV DSDUHQWHPHQWH QR RLJR QDGD QL
PHGR\FXHQWDGHORTXHVXFHGHDPLDOUHGHGRUVLQRTXHVLHQWRGHQWURGHPtXQYDV
WRHVSDFLRLQWHUQR
œ&DGD RUJDVPR SURGXFH VXV SHFXOLDUHV \ H[TXLVLWDV VHQVDFLRQHV WRGDV HOODV
GLVWLQWDV\PiVGXOFHVTXHODVDQWHULRUHV
œ(QORVPHMRUHVPRPHQWRVDOFDQ]RIUHQpWLFDVFXPEUHVXQDYH]\RWUDHQ Ui
SLGDVXFHVLyQ
œ&DVLQXQFDEDVWDFRQXQVRORRUJDVPR/RVVXFHVLYRVRUJDVPRVVRQPiVIXHU
WHV\KDELWXDOPHQWHPiVSURIXQGRVPiVVDWLVIDFWRULRV1RVpFXiQWRVVR\FDSD]GH
H[SHULPHQWDU(QHIHFWRDPHQXGRPHKHVHQWLGRIUXVWUDGD\XQSRFRDVXVWDGDSRU
PLFDSDFLGDGPXOWLRUJiVPLFD5DUDVYHFHVKHWHQLGR¦VHVLRQHV§HQODVTXHKD\DVHQ
WLGR TXH \D WHQtD EDVWDQWH <R PLVPD OOHJR D FDQVDUPH \ QR KH FRQRFLGR PXFKRV
KRPEUHVTXHIXHUDQFDSDFHVGHVRSRUWDUXQSHUtRGRGHWLHPSRVXILFLHQWHPHQWHSUR
ORQJDGR GH H[FLWDFLyQ HQ HOORV $Vt SXHV FRQ GHPDVLDGD IUHFXHQFLD PL UHDFFLyQ
FXDQGRPHVLHQWRFDOLHQWHHV¦RKQR§
œ&DGD QLYHO GH VDWLVIDFFLyQ RUJiVPLFD SDUHFH FRQGXFLU VRODPHQWH D XQ QXHYR
QLYHOGHIUXVWUDFLyQ(QFRQVHFXHQFLDPX\DPHQXGRHYLWRVHUH[FLWDGDDXQTXHQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VLHPSUHORFRQVLJR3HUFLERPLGHVHRGHTXHVXUMDDOJRTXHDFDEHFRQODIUXVWUDFLyQ
SHURQRFRQHODQVLDRHOSODFHU$JUDGHFHUtDPXFKRXQFRQVHMRVREUHHOSDUWLFXODU
œ7HQJRGLHFLVpLVDxRVYLYRHQFDVDGHPLVSDGUHV\VR\OHVELDQD3DUDPtOD
DFWLYLGDGVH[XDOHVXQDEHOODH[SHULHQFLDHLPSRUWDQWHSDUDPRVWUDUPLDPRUSRUPL
GDPD\H[SHULPHQWDUPLDPRUVH[XDOTXHWDQDPHQXGRKHGHRFXOWDU/RVRUJDVPRV
VRQSDUWHGHPLYLGDVH[XDOHLPSRUWDQWHVSDUDODPLVPD0LDPDQWHPHVDWLVIDFH
SRUTXH ODV GRV SRGHPRV FRQWLQXDU HQ OD FDPD VLQWLHQGR RUJDVPRV XQD \ RWUD YH]
UHSHWLGDPHQWHVLQOOHJDUQXQFDUHDOPHQWHDGHVFHQGHUGHHVHQLYHO
œ+DFHDxRVHQXQSDUGHRFDVLRQHVLQWHQWpFRPSUREDUFXiQWRVRUJDVPRVSR
GtD OOHJDU D VHQWLU \ DOFDQFp ORV TXLQFH +DVWD HO RFWDYR WRGRV HUDQ IXHUWHV OXHJR
FRPHQ]DEDQDVHUPiVGpELOHV0HKHDFRVWDGRFRQRWUDVPXMHUHVXQDVFXDQWDVYHFHV
\KHYLVWRTXHWRGDVDGRSWDQXQDSRVWXUDVLPLODUJR]DQFRQORVPLPRV\FDULFLDVGH
XQD KRUD SHUR WUDV KDEHU H[SHULPHQWDGR XQ RUJDVPR \D QR GHVHDQ FRQWLQXDU
6LHPSUHKHSHQVDGRTXHVHVHQWtDQDYHUJRQ]DGDVGHSUREDUSDUDORJUDUPiV/RPiV
IDVFLQDQWHSDUDPLIXHWHQHUDXQDPXMHUHQPLVEUD]RVGXUDQWHVXRUJDVPRR\HQGR
VXVJHPLGRV
œ&DGDRUJDVPRHVPiVSURIXQGR\PiV HVWLPXODQWHFRQFDGDXQRYR\VLQWLpQ
GRPHSURJUHVLYDPHQWHPHQRVLQKLELGD
˜621',67,1726/2625*$6026&2126,1&238/$"
3HVHDTXHODVFRQRFLGDVLQYHVWLJDFLRQHVGH0DVWHUV\-RKQVRQKDQSUREDGRGH
XQPRGRFRQFOX\HQWHTXHWRGRVORVRUJDVPRVHQODVPXMHUHVVRQFDXVDGRVSRUODHV
WLPXODFLyQ FOLWyULFD WDQWR VL HV GLUHFWDFRPRLQGLUHFWD([LVWHWRGDYtDXQDHQRUPH
FRQIXVLyQFRQUHVSHFWRDODVH[SUHVLRQHVœRUJDVPRFOLWyULFR\œRUJDVPRYDJLQDO
˜3RU TXp FRQWLQ~D WDO FRQIXVLyQ" 6H GDQ YDULDV UD]RQHV HQ SULPHU OXJDU QR FRP
SUHQGHPRVGHXQPRGRFRPSOHWRQXHVWUDDQDWRPtDSULQFLSDOPHQWHSRUTXHODPD\RU
SDUWH GH QXHVWURV yUJDQRV VH[XDOHV D GLIHUHQFLD GH ORV PDVFXOLQRV VH HQFXHQWUDQ
HPSOD]DGRVHQHOLQWHULRUGHQXHVWURVFXHUSRV&RQODVLJXLHQWHGHVFULSFLyQGHQXHV
WUD DQDWRPtD VH[XDO LQWHQWDUHPRV IDFLOLWDU XQD EDVH IXQGDPHQWDO GH ODV HVWUXFWXUDV
EiVLFDVVXE\DFHQWHV
$QDWRPtD
(O OLEUR GH 6KHUIH\ WLWXODGR 7KH 1DWXUH DQG (YROXWLRQ RI )HPDOH 6H[XDOLW\
DXQTXHWpFQLFRHVVLQOXJDUDGXGDVODPHMRU\PiVFRPSOHWDH[SOLFDFLyQGHTXHVH
GLVSRQHVREUHQXHVWUDDQDWRPtD9DOHODSHQDGHGLFDUOHHOWLHPSRQHFHVDULRSDUDVX
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
OHFWXUD(OWH[WRVLJXLHQWHSURYLHQHGHODQiOLVLVGH(GZDUG%UHFKHUVREUHORVSULQFL
SDOHVSXQWRVGHGLFKDDXWRUDSXEOLFDGRHQ7KH6H[5HVHDUFKHUV
œ/R FLHUWR HV TXH HO JODQGH \ HO WDOOR GHO FOtWRULV KXPDQR VRQ VyOR ODV VXSHUILFLDO
PHQWHYLVLEOHVRSDOSDEOHVPDQLIHVWDFLRQHVGHXQVLVWHPDFOLWyULFRVXE\DFHQWHTXHHVSRUOR
PHQRV WDQ JUDQGH LPSUHVLRQDQWH \ IXQFLRQDOPHQWHUHVSRQGHQWHFRPR HOSHQH\TXHUHV
SRQGHFRPRXQDXQLGDGDODHVWLPXODFLyQVH[XDOGHOPLVPRPRGRHQEXHQDSDUWHTXHHO
SHQH
(OSHQHSRUHMHPSORSRVHHGRVUDtFHVFRQRFLGDVFRQHOQRPEUHGH FUXUDTXHGHVHP
SHxDQXQSDSHOHVHQFLDOHQVXIXQFLRQDPLHQWR'XUDQWHODH[FLWDFLyQVH[XDOHVDV FUXUD VH
LQXQGDQ GH VDQJUH FRQWULEX\HQGR D OD HUHFFLyQ (OFOtWRULVWDPELpQWLHQHGRVDQFKDVUD t
FHV GHO PLVPR WDPDxR DSUR[LPDGDPHQWH TXH HQ HO KRPEUH /RV FUXUD FOLWyULFRV LJXD O
PHQWHVHLQXQGDQGHVDQJUHQDGDPDVLQLFLDUVHODH[FLWDFLyQVH[XDOHQODPXMHU
/RVEXOERVYHVWLEXODUHV\HOSOH[RFLUFXQYDJLQDOXQDUHGGHQHUYLRVYHQDV\DUWHULDV
FRQVWLWX\HQ ORV FXHUSRV HUpFWLOHV SULQFLSDOHV HQ ODV PXMHUHV (VWDV HVWUXFW XUDV VXE\DFHQWHV
VRQ KRPRORJDV GHO SHQH PDVFXOLQR \ DSUR[LPDGDPHQWH GHO PLVPR WDPDxR TXH pVWH 6H
FRQJHVWLRQDQVHKLQFKDQGHOPLVPRPRGRTXHHOPLHPEUR YLULO&XDQGRVHKDOODFRQJHV
WLRQDGR SRU FRPSOHWR HO VLVWHPD FOLWRUDO HQ FRQMXQWR HV DSUR[LPDGDPHQWH WUHLQWD YHFHV
PD\RUTXHHOJODQGH\HOWDOORGHOFOtWRULVH[WHUQRVORTXHVHFRQRFHFRP~QPHQWHFRPRHO
œFOtWRULV
0DVWHUV\-RKQVRQVHUHILHUHQDHOORVFRQODH[SUHVLyQœSODWDIRUPDRUJiVPLFD+HOHQ.DSODQH[SOLFDTXH
œODYDVRFRQJHVWLyQORFDOIRUPDODEDVHGHODVUHVSXHVWDVGHDPERVJpQHURV6LQHPEDUJRHQFRQWUDVWHFRQOD
GHOYDUyQHQHOFXDOODYDVRFRQJHVWLyQORFDOJHQLWDOHVOLPLWDGDKDOOiQGRVHFRQIRUPDGDSRUODIXQGDSHQHDO
ODUHVSXHVWDFRQJHVWLYDIHPHQLQDHVPiVGLIXVD(OHQJURVDPLHQWRGHODSODWDIRUPDRUJiVPLFDVHGHULYDGH
HVWDJHQHUDOGLVWHQVLyQGHORVYDVRVVDQJXtQHRVTXHURGHDQHOFRQGXFWRYDJLQDO\ORV¦EXOERVGHOYHVWtEXOR§
7DOHVHVWUXFWXUDVKRQGDPHQWHHPSOD]DGDVGHQWURGHORV ODELRV\URGHDQGRODYDJLQDVRQDQiORJDVDORVFXDV
SRVFDYHUQRVRVGHOSHQH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
1XHVWURVyUJDQRVVH[XDOHVDXQTXHVRQLQWHUQRV \QRUHVXOWDQWDQIiFLOPHQWHYLVLEOHV
FRPRORVGHOKRPEUHVHH[SDQGHQGXUDQWHODH[FLWDFLyQDGTXLULHQGRDSUR[LPDGDPHQWHHO
PLVPRYROXPHQTXHXQ SHQHHUHFWRODSUy[LPDYH]TXHRVVLQWiLVH[FLWDGDVREVHUYDGFy
PRVHKLQFKDQYXHVWUDYXOYD\ORVODELRVPD\RUHVHVWRUHIOHMDHOKLQFKDPLHQWRGHORVEX O
ERVYHVWLEXODUHV\RWURVWHMLGRVTXHTXHGDQMXVWDPHQWHSRUGHEDMRGHHVWD]RQD
(Q UHVXPHQ OD ~QLFD GLIHUHQFLD UHDO H[LVWHQWH HQWUH ODV HUHFFLRQHV PDVFXOLQDV \ ODV
IHPHQLQDV UDGLFD HQ TXH ODV SULPHUDV VH SURGXFHQ HQ HO H[WHULRU GH VXV FXHUSRV PLHQWUDV
TXHODVGHODVPXMHUHVVHSURGXFHQHQHOLQWHULRU3HQVDGHQYXHVWURFOtWRULVFRPRODSXQWD
GHYXHVWURœSHQHHOUHVWRGHOFXDOTXHGDSRUGHEDMRGHODVXSHUILFLHGHODYXOYD2ELHQ
SHQVDGHQHOSHQHVLPSOHPHQWHFRPRODH[WHUQDOL]DFLyQGHORVEXOERVLQWHUQRV\ODUHGFO L
WRUDOGHODPXMHU
7RPDGR SRU &KDUORWWH 6WDXE
GHO$WODVGHGHVFULSWLYHQ$QDWRPLHGHV
0HQVFKHQ GH - 6RERWWD %HUOtQ 8U
EDQDQG6FKZDU]HQEHUJ
&RPR%iUEDUD6HDPDQKDH[SOLFDGRHQ)UHHDQG)HPDOHQXHVWUDVHVWUXFWXUDV
VH[XDOHVGXUDQWHODH[FLWDFLyQVHH[SDQGHQWDQWRRPiVTXHODVPDVFXOLQDVOD~QLFD
GLIHUHQFLDFRQVLVWHHQ TXHODHUHFFLyQGHOKRPEUHFRQJHVWLyQWLHQHOXJDUIXHUDGHO
FXHUSRVLHQGRSRUFRQVLJXLHQWHPiVYLVLEOHHQWDQWRTXHODQXHVWUDVHHIHFW~DEDMR
ODVXSHUILFLHEDMRORVODELRVYDJLQDOHVODDPSOLWXGWRWDOGHQXHVWUDFRQJHVWLyQQRHV
LQIHULRUDOWDPDxRGHXQSHQHHUHFWR
+HOHQ.DSODQHQ7KH1HZ6H[7KHUDS\H[SRQHXQDQXHYDFDXVDDQDWyPLFDGH
ODFRQWLQXDFRQIXVLyQH[LVWHQWHHQWUHRUJDVPRœFOLWyULFR\RUJDVPRœYDJLQDO
œ$VLPLVPR HO SHQH FRQWLHQH GHQWUR GHO YiVWDJR GRV FDYHUQDV R HVSDFLRV OO DPDGRV
FRUSRUDFDYHUQRVD TXHVHOOHQDQGHVDQJUHGXUDQWHODH[FLWDFLyQVH[XDO\TXHVRQWDPELpQ
UHVSRQVDEOHV GHO DXPHQWR GH WDPDxR GHO SHQH HQ HUHFFLyQ (O VLVWHPD FOLWRUDO IHPHQLQR
SRVHH XQ SDU GH FRUSRUD FDYHUQRVD EXOERVRV H[DFWDPHQWH DQiORJR TXH GH XQD PDQHUD
VHPHMDQWHVHOOHQDQGHVDQJUHGXUDQWHODH[FLWDFLyQVH[XDO6LQHPEDUJRQRVHHQFXHQWUDQ
GHQWURGHOWDOORGHOFOtWRULV6HHQFXHQWUDQVLWXDGRVPDVELHQHQWRUQRDOYHVWtEXOR\WHUFLR
H[WHULRUGHODYDJLQD6RQFRQRFLGRVSRUFRQVLJXLHQWHFRPRORVEXOERVYHVWLEXODUHV(O
FXHUSR HVSRQMRVR FRUSXV VSRQJLRVXP GHO LQWHULRU GHO SHQH HTXLYDOH D XQD HVWUXFWXUD HV
SRQMRVDVLPLODUH[LVWHQWHHQHOVLVWHPDFOLWRUDOTXHIXQFLRQDGHODPLVPDPDQHUD
(OSHQHSURVLJXHODGRFWRUD6KHUIH\HVWiDVRFLDGRDMXHJRV GHP~VFXORVTXHD\XGDQ
DVXHUHFFLyQGXUDQWHODH[FLWDFLyQVH[XDO(OFOtWRULVVHKDOODDVRFLDGRDMXHJRVGHP~VFXORV
H[DFWDPHQWHKRPyORJRVTXHVLUYHQSDUDUHWUDHUORWDPELpQDXQTXHFRPR0DVWHUV\-RK Q
VRQKDQGHPRVWUDGRHQXQDHWDSDPDVSRVWHULRUGHODFWRVH[XDO2WURVP~VFXORVPDVFXOL
6KHUIH\KDSURSRUFLRQDGRXQDLPDJLQDWLYDIRUPDSDUDD\XGDUQRVDFRPSUHQGHUHVWRœ3RGHPRVGHFLUTXH
ORVJHQLWDOHVH[WHUQRVGHODPXMHUVHFRUUHVSRQGHQFRQWRGRHOSHQpDELHUWR DORODUJRSRUODVXSHUILFLHLQIH
ULRUMXQWRFRQHOVDFRHVFURWDO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QRVVHFRQWUDHQGXUDQWHHORUJDVPRIRU]DQGRODH\DFXODFLyQGHOVHPHQ0~VFXORVH[DFWD
PHQWHKRPyORJRVIXQFLRQDQGXUDQWHHORUJDVPRIHPHQLQRFDXVDQGRXQDFRQWUDFFLyQUtWP L
FD GHO WHUFLR H[WHULRU GH OD YDJLQD 5HDOPHQWH FRPR 0DVWHUV \ -RKQVRQ WDPELpQ GH
PRVWUDURQORVMXHJRVGHP~VFXORVPDVFXOLQRV\IHPHQLQRVUHVSRQGHQDO PLVPR ULWPRXQD
FRQWUDFFLyQFDGDFXDWURTXLQWRVGHVHJXQGR
([LVWHQ WDPELpQ GLIHUHQFLDV FRQFHGH OD GRFWRUD 6KHUIH\ HQWUH HO SHQH \ HO VLVWHPD
FOLWyULFRSHURODVGLIHUHQFLDVHQFXHVWLyQSRUDVRPEURVRTXHHOORSXHGDSDUHFHUDORVOHFWR
UHV HGXFDGRV \ FULDGRV HQ HO VHQR GH XQDVRFLHGDGGRPLQDGDSRUHOKRPEUHVRQHQIDYRU
GHOVLVWHPDFOLWyULFR(VWHVLVWHPDSRUHMHPSORLQFOX\HSRUORPHQRVWUHV\SUREDEOHPHQ
WH FXDWUR R FLQFR UHGHV GH YHQDV OODPDGDV YHQXV SOH[L TXH VH H[WLHQGHQ GLIXVDPHQWH SRU
WRGDOD]RQDSpOYLFDIHPHQLQDDXQTXHHQHVSHFLDOSRUODVUHJLRQHVLQPHGLDWDVDODL]TXLHUGD
\GHUHFKDGHODYDJLQD7DOHVUHGHVVRQWDPELpQLQIRUPDOD GRFWRUD6KHUIH\XQDSDUWHGHO
VLVWHPDFOLWyULFR\DGHPiVVHIXVLRQDQFRQODVUHGHVYHQRVDVGHOVLVWHPDYDJ LQDO/DVUHGHV
FOLWyULFDV\YDJLQDOHVFRQMXQWDPHQWHVHLQXQGDQGHVDQJUHGXUDQWHODH[FLWDFLyQVH[XDOI H
PHQLQD$VtSXHVHOFOtWRULVHQVtOHMRVGHVHUHOYHVWLJLRGHXQyUJDQRRXQ yUJDQRUXGL
PHQWDULRHVQXHYDPHQWHHOH[WUHPRYLVLEOH\HODQXQFLRGHXQDYDVWDGLVSRVLFLyQDQDWyP L
FDGHWHMLGRIHPHQLQRVH[XDOPHQWHUHVSRQGLHQWH,QXQGDGRSRUFRP SOHWRHOVLVWHPDFOLWyUL
FR HQ FRQMXQWR VXSHUD DO JODQGH \ YiVWDJR FOLWRUtGHRV HQ OD SURSRUFLyQ GH FDVL WUHLQWD D
XQR/DLQXQGDFLyQWRWDOGHVDQJUHGHOVLVWHPDFOLWyULFRGXUDQWHODH[FLWDFLyQVH[XDOSXHGH
UHDOPHQWHH[FHGHUDODPiVHYLGHQWHGHOYDUyQ 6RQPXFKRVORVHVSHFLDOLVWDVGHDXWRULGDGTXHFUHHQHQODDFWXDOLGDGTXHWRGRVORV
RUJDVPRVIHPHQLQRVVRQILVLROyJLFDPHQWHLGpQWLFRV6RQRULJLQDGRVSRUODHVWLPXODFLyQGHO
FOtWRULV \ H[SUHVDGRV PHGLDQWH FRQWUDFFLRQHV YDJLQDOHV 'H DFXHUGR FRQ HVWR LQGHSHQ
GLHQWHPHQWHGHODIRUPDGHDSOLFDFLyQGHODIULFFLyQDOFOtWRULVHVWRHVPHGLDQWHODOHQJXD
PHGLDQWHHOGHGRGHODPXMHURGHVXDFRPSDxDQWHSRUHOYLEUDGRURPHGLDQWHHOFRLWRHO
RUJDVPR IHPHQLQR HV FDVL VLHPSUH SUREDEOHPHQWH SURYRFDGR SRU HVWLPXODFLyQ FOLWyULFD
6LQHPEDUJRVHH[SUHVDVLHPSUHSRUGHVFDUJDPXVFXODUFLUFXQYDJLQDO
$SDUHQWHPHQWHHVHVWDGLFRWRPtD¥GHXQODGRODORFDOL]DFLyQGHHVSDVPRVRUJiVPL
FRVGHQWUR\HQWRUQRDODYDJLQD\FRQFRPLWDQWHSHUFHSFLyQGHVHQVDFLyQRUJiVPL FDHQOD
UHJLyQJHQHUDOYDJLQDO\HQORSURIXQGRGHODSpOYLFD\SRURWUDSDUWHODORFDOL]DFLyQGHO
iUHD SULPDULD GH HVWLPXODFLyQ HQ HO FOtWRULV¥ OD TXH KD VHUYLGR SDUD SHUSHWXDU HOPLWRGH
TXHDKHPEUDHVFDSD]GHVHQWLUGRVWLSRVGLVWLQWRVGHRUJDVPRVIRPHQWDQGRODLQFUH tEOH
PHQWHHVW~SLGDFRQWURYHUVLDUHODWLYDDORUJDVPRIHPHQLQR(ORUJDVPRHVGHVSXpVGHWRGR
XQ UHIOHMR \ FRPR WDO FRQVWD GH XQ FRPSRQHQWH VHQVRULR \ RWUR PRWRU +D\ SRFDV GLV
FXVLRQHVVREUHHOKHFKRGHTXHODH[SUHVLyQPRWRUGHHVWHUHIOHMRVHDœYDJLQDO
/DGLVFXVLyQJLUDUHDOPHQWHHQWRUQRDODORFDOL]DFLyQGHOEUD]RVHQVRULRGHOUHIO HMR
˜(VSURYRFDGRQRUPDOPHQWHHORUJDVPRSRUODHVWLPXODFLyQGHODYDJLQDFRQHOS HQH"˜2
HVSURGXFLGRSRUODIULFFLyQWiFWLODSOLFDGDDOFOtWRULV"/DHYLGHQFLDFOtQL FDDQWHVH[DPLQDGD
DSXQWDFODUDPHQWHDOFOtWRULV 
5XWK+HUVFKEHUJHUKDIRUPXODGRDOJXQRVDJXGRVFRPHQWDULRVVREUHWHUPLQRORJtDHQVXFDStWXORGH$GDP©V
5LEWLWXODGRœ6RFLHW\:ULWHV%LRORJ\œ(OELyORJRSDWULDUFDOHPSOHDODSDODEUDHUHFFLyQ DOUHIHULUVHDORV
RUJDQRVPDVFXOLQRV\FRQJHVWLyQ DODOXGLUDORVIHPHQLQRV/DHUHFFLyQGHOWHMLGRHTXLYDOHDOOOHQDGRGHORV
YDVRVVDQJXtQHRVORFDOHVRFRQJHVWLRQSHURHOYRFDEORHUHFFLyQVXHQDGHPDVLDGRDJUHVLYRSDUDUHIHULUVHDODV
PXMHUHV/DSDODEUDFRQJHVWLyQSRUHOKHFKRGHDVRFLDUVHFRQODOOHJDGDGHVDQJUHD]RQDVLQIHFWDGDVRKHUL
GDVGDVHJ~QORVFLHQWtILFRVXQDPDVDGHFXDGDFDUDFWHUL]DFLyQGHODUHVSXHVWDIHPHQLQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(QRWUDVSDODEUDVODHVWLPXODFLyQFOLWyULFDSURYRFDHORUJDVPRIHPHQLQRTXH
VHSURGXFHHQXQD]RQDPiVSURIXQGDGHOFXHUSRDOUHGHGRUGHODYDJLQD\RWUDVHV
WUXFWXUDV H[DFWDPHQWH LJXDO TXH OD HVWLPXODFLyQ GH OD SXQWD GHO SHQH GHO KRPEUH
RULJLQDHORUJDVPRGHpVWHTXHWLHQHOXJDUGHQWURGHODSDUWHLQIHULRUGHVXFXHUSR
/DFRQWURYHUVLDFOLWyULFRYDJLQDO
œ˜6RQORVRUJDVPRVFRQSUHVHQFLDGHXQSHQHFySXODGLVWLQWRVGHDTXHOORVHQTXH
HOPLVPRQRLQWHUYLHQH"˜(QTXpDVSHFWR"
2WUD UD]yQ GH TXH OD FRQWURYHUVLD FOLWyULFRYDJLQDO SURVLJD HQWUH QRVRWURV HV
TXHODPtVWLFDGHORUJDVPRGXUDQWHHOFRLWRHVWRGDYtDPX\IXHUWH/DLGHDHVTXHHO
RUJDVPRGXUDQWHODFySXODœRUJDVPRYDJLQDOHVPXFKRPHMRUTXHHORUJDVPRVLQ
FySXODœRUJDVPRFOLWyULFR(VHVWDLGHDODTXHYDPRVDH[DPLQDUDTXt/DSUHJXQ
WD IXQGDPHQWDO HV ˜(O RUJDVPRFRQSHQHGHQWURHVGLIHUHQWHGHORUJDVPRVLQSHQH
GHQWUR"/DVPXMHUHVTXHH[SHULPHQWDQHORUJDVPRGXUDQWHHOFRLWRSRUXQPHGLRX
RWUR˜GHILQLHURQVXVRUJDVPRVHQDOJXQDIRUPDGLIHUHQWHGHODGHILQLFLyQJHQHUDOGHO
RUJDVPR" ˜< TXp FRPSDUDFLRQHV KLFLHURQ DO VHUOHV SUHJXQWDGRVLORVRUJDVPRVGX
UDQWHODFySXODHVWDEDQGLIHUHQFLDGRVSRUODSUHVHQFLDRODDXVHQFLDGHXQSHQH"
/DVPXMHUHVHQVXPD\RUtDHVWLPDURQTXHVXVRUJDVPRVGXUDQWHHOFRLWRHUDQPiV
GLIXVRVHQWDQWRTXHORVRUJDVPRVVLQFySXODUHVXOWDEDQPiVLQWHQVRV
œ6LHQWRTXHVRQGLIHUHQWHVSHURHVGLItFLOGHFLUHQTXpIRUPD&RQHORUJDVPR
FOLWyULFRODVVHQVDFLRQHVSDUHFHQFHQWUDUVHSHUIHFWDPHQWHHQXQ SXQWRHQWDQWRTXH
HQHORUJDVPRFRQSHQHWUDFLyQDTXpOODVDIHFWDQPiVDWRGRHOFXHUSR
œ6tVRQGLIHUHQWHVSHURQRHVWR\VHJXUDHQTXpIRUPD/RVRUJDVPRVVLQSHQH
WUDFLyQVRQPiV LQWHQVRVFDVLSHUWXUEDGRUHVSRUVXLQWHQVLGDG/RVREWHQLGRVFRQOD
SHQHWUDFLyQVRQPiVOLJHURVKDELWXDOPHQWHFDVLIXJDFHV
œ&RQODSHQHWUDFLyQVRQPHQRVDJXGRV
œ(ORUJDVPRFRQSHQHWUDFLyQHVPDVVXDYHPiVGLIXVR
œ6tFRQODSHQHWUDFLyQYDJLQDOHVPHQRVIXHUWHODVHQVDFLyQGHOSURSLRRUJDV
PR
œ/DFySXODDIHFWDDWRGRHOFXHUSRQRVRODPHQWHDORVJHQLWDOHV
œ(O RUJDVPR SRU FRLWR DIHFWD PiV D OD PXVFXODWXUD GHO DEGRPHQ GD PiV XQD
VHQVDFLyQGHVDFXGLGDFRPRXQWHUUHPRWRTXHGHVHUHOHFWUL]DGDFRPRRFXUUHFRQ
HOFOLWyULFR
œ(OFOLWyULFRHVPiVDJXGRSHURPiVVROLWDULR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RV RUJDVPRV FOLWyULFRV VRQ PiV LQWHQVRV PiV SURORQJDGRV ORV RUJDVPRV
FRQFySXODVRQDSDJDGRVPDVGHILQLGRVPX\FRUWRV
œ(ORUJDVPRFOLWyULFRHVPiVHOHYDGRPiVH[FLWDQWHHVODFXPEUHGHODVHQVL
ELOLGDG
œ/RVRUJDVPRVSRUPDVWXUEDFLyQVRQPiVLQWHQVRVSHUR\RSUHILHURODGLIXVLyQ
\YDULHGDGGHOFRLWRHOFDORU\ODSUHVLyQGHOFXHUSRGHXQKRPEUH\ORVVRQLGRV\
RORUHVGHODVSHUVRQDV
œ(OFOLWyULFRHVPiVIXHUWH\WDPELpQPiVORFDOL]DGRODFySXODDIHFWDHQPD\RU
JUDGRDWRGRHOFXHUSR
œ(OFOLWyULFRVHKDOODFRQFUHWDPHQWHORFDOL]DGR\HVPX\LQWHQVR(ORWURDIHFWD
PiVDWRGRHOFXHUSRHVPiVIXHUWHGXUDPiV\UHVXOWDPiVVDWLVIDFWRULR
œ(OFOLWyULFRHVPiV IXHUWHHORWURHVGpELOHLQVDWLVIDFWRULR\H[WUHPDGDPHQWH
IUXVWUDQWH
œ(OFOLWyULFRHVPiVIXHUWHPiVVDWLVIDFWRULRItVLFDPHQWH6LQHPEDUJRGXUDQWH
HO FRLWR OD SUR[LPLGDG HPRFLRQDO GH HVWDU MXQWRV HV WDPELpQ H[WUHPDGDPHQWH
VDWLVIDFWRULD
œ3DUDPtORVPiVVDWLVIDFWRULRVItVLFD\SVLFROyJLFDPHQWHVRQORVVHQWLGRVGX
UDQWHODFySXOD/RVPiVLQWHQVRVVRQORVGHODPDVWXUEDFLyQ
œ'XUDQWHHOFRLWRODVHQVDFLyQGHRUJDVPRHVPiVGLIXVDDFDXVDGHODSUHVHQ
FLDGHOSHQHGHQWURGHPt
œ(ORUJDVPRFOLWyULFRHVPiVSHQHWUDQWHHORUJDVPRSRUODFySXODUHVXOWDPiV
SURIXQGR PiV DPSOLR ODWHQWH (V OD GLIHUHQFLD TXH H[LVWH HQWUH XQ GRORU DJXGR \
RWURGRORU¦VRUGR§
œ3XHGRGHFLUFXDQGRKHH[SHULPHQWDGRXQRUJDVPRVLHPSUHTXHPHPDVWXUER
SRUTXHQRWRHOFOtPD[FRQWRGDFODULGDGSHURDYHFHVHQFRPSDxtDGHXQKRPEUHQR
VLHPSUHVR\FDSD]GHGHFLUVLKHDOFDQ]DGRDOJ~QRUJDVPR1RVLHQWRPiVTXHXQ
DFDORUDPLHQWRTXHGHVSXpVVHGHVYDQHFH
œ(O RUJDVPR VLQ SHQHWUDFLyQ HV DJXGR PX\ GHILQLGR HVSDVPyGLFR SURVLJXH
FDVLGHXQDPDQHUDLQVRSRUWDEOHRUJDVPRWUDVRUJDVPRKDVWDTXHPHHFKDUtDDJULWDU
¥\ORKDJR¥/DSHQHWUDFLyQYDJLQDOHVPiVVXDYHPiVGXUDGHUDPHQRVGHILQLGD
GLIHUHQWHPiVWLHUQDPHQRVLPSUHVLRQDQWH
œ7HQJRRUJDVPRVGXUDQWHODPDVWXUEDFLyQPHGLDQWHODHVWLPXODFLyQFOLWyULFD
(QHOWUDQVFXUVRGHODFySXODVLHQWRDYHFHVXQDHVSHFLHGH¦DOLYLR§TXHSXHGHVHU
RWUR WLSR GH RUJDVPR ˜" 1R HV WDQ LQWHQVR FRPR HO RUJDVPRGHODPDVWXUEDFLyQ
0L IRUPD GH VDEHU TXH DOJR KD RFXUULGR GXUDQWH HO FRLWR HV TXH D YHFHV PH VLHQWR
VDWLVIHFKDWUDVHOOD\RWUDVHVWR\PiVFDOLHQWHTXHDOHPSH]DU
œ1XQFDKHVHQWLGRODPLVPDHVSHFLHGHRUJDVPRYLROHQWDPHQWHItVLFRGXUDQWH
OD SHQHWUDFLyQ YDJLQDO FRQ HOSHQHTXHFRQODHVWLPXODFLyQFOLWyULFDGLUHFWD1LVL
TXLHUDWHQJRODVHJXULGDGGHKDEHUOOHJDGRDOFOtPD[6LHQWRXQDJUDQLPSUHVLyQGH
SODFHUSHURpVWHQROOHJDDVHUFRPRHORWUR<\RGHVHDUtDTXHQRRFXUULHUDHVWR
0HJXVWDUtDVHQWLUHORUJDVPRFXDQGRpOVLQPiVDWHQFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+DFHSRFRTXHKLFHHODFWRVH[XDOSRUSULPHUDYH])XHDOJRH[WUDxR<RHV
WDED DFRVWXPEUDGD D OD VHQVDFLyQ GH ODV FRQWUDFFLRQHV YDJLQDOHV SHUR FXDQGR VX
SHQH HVWDED LQVHUWDGR SDUHFtD LPSHGLU pVWDV /DV WXYH VLQ HPEDUJR SHUR PH FRVWy
WUDEDMRVHQWLUODV\VLpOKXELHUDHVWDGRPRYLpQGRVHGXUDQWHHORUJDVPR\RQRKDEUtD
DGYHUWLGRVLTXLHUDTXHDFDEDEDGHH[SHULPHQWDUXQR
œ(ORUJDVPRGXUDQWHHOFRLWRHVPiVTXHQDGDXQDVHQVDFLyQWRWDOPHQWDOGL
IXQGLGD GHVSOD]DGD SRU HO FXHUSR HQ WDQWR TXH XQ RUJDVPR FOLWyULFR LPSOLFD XQD
WUHPHQGDVHQVDFLyQGHSODFHUItVLFR\GHFRVTXLOOHRHQODSDUWHLQIHULRUGHODUHJLyQ
SpOYLFD\FRQWUDFFLRQHVYDJLQDOHV
œ(O RUJDVPR SRU OD FySXOD PH SURGXFH XQ SURIXQGR HIHFWR GH KRUPLJXHR HQ
WRGRHOFXHUSRHQHORUJDVPRGXUDQWHODPDVWXUEDFLyQHVWDVHQVDFLyQPiVIXHUWHVH
FRQFHQWUDEiVLFDPHQWHHQPLUHJLyQSHOYLDQD
œ'XUDQWHODHVWLPXODFLyQFOLWyULFDODLQVRSRUWDEOHSUHVLyQVHGLVLSDGHUHSHQWH
OOHJRDXQSXQWRGHPi[LPDH[FLWDFLyQ(OFRLWRDIHFWDDWRGRPLFXHUSRHQHOTXH
VLHQWRJHQHUDOL]DGDXQDVHQVDFLyQGHKRUPLJXHRHVSHFLDOPHQWHHQODVPDQRV\HQ
ORVStHV\PLHVSRVRGLFHTXHODVSDUHGHVYDJLQDOHVWLHPEODQ
œ(OPiVLQWHQVRGHORVRUJDVPRVH[SHULPHQWDGRVSRUPtORFRQVLJRHQODPDV
WXUEDFLyQ6HFHQWUDHQPL]RQDJHQLWDO\HQ ODSDUWHVXSHULRUGHODVSLHUQDV'XUDQWH
HO FRLWR FXDQGRHVWR\DUULEDODVHQVDFLyQQRVHFHQWUDHQQLQJ~QVLWLRQRWDQGRHQ
WRGRHOFXHUSRXQKRUPLJXHRPX\LQWHQVRHVSHFLDOPHQWHHQORVEUD]RVHQODVPD
QRV\HQODFDUD
œ<RH[SHULPHQWRGRVWLSRVGHRUJDVPRHOFOLWyULFRGXUDQWHODPDVWXUEDFLyQR
ODUHODFLyQVH[XDORUDOVLQWLHQGRFDORU\SUHVLyQHQORVJHQLWDOHVPLVP~VFXORVHQ
WRQFHVVHSRQHQHQWHQVLyQSURGXFLpQGRVHOXHJRXQDHVSHFLHGHDYDODQFKDIDQWiVWL
FD TXH DEDUFD GH ORVGHGRVGHPLVSLHV SDUDOOHJDUKDVWDODFDEH]DVHJXLGDGHXQD
H[SORVLyQ HQ HO FOtWRULV 'HVSXpV PH VLHQWR PDJQtILFDPHQWH GXUDQWH PHGLD KRUD R
DOJRPiV(VXQDVHQVDFLyQPX\LQWHQVD'XUDQWHHOFRLWRQRORHVWDQWR6LHQWRODV
SURIXQGDVSHQHWUDFLRQHVHQWRQFHVXQDDYDODQFKDJHQHUDOGHSLHVDFDEH]D\SRVWH
ULRUPHQWHVHPHTXHGDQFRPRDGRUPHFLGRVORVEUD]RV\ODVSLHUQDV
œ'XUDQWHODPDVWXUEDFLyQH[SHULPHQWRXQRUJDVPRFOLWyULFRTXHVHDSUR[LPD
D OD LGHD TXH WHQJR GHO RUJDVPR PDVFXOLQR XQD DFXPXODFLyQ GH VHQVDFLRQHV HQ OD
UHJLyQ JHQHUDO GH PL FOtWRULV \ XQD VHQVDFLyQ GH ¦HVSDVPR PXVFXODU§ (O RUJDVPR
YDJLQDOHVXQDVHQVDFLyQTXHVHGLIXQGHPiVHQHOFXHUSRPHQRVFRQFUHWDDODKRUD
GHLQWHQWDUVXGHVFULSFLyQ/DVHQVDFLyQVHGLIXQGHHQDPSOLDVRQGDV
œ(ORUJDVPRSRUODPDVWXUEDFLyQHVGHFDUiFWHUItVLFR\DOJRORFDOL]DGR,PSOL
FDXQDDFXPXODFLyQGHWHQVLRQHVHQPLVSLHUQDV\QDOJDV\SUREDEOHPHQWHHQWRGR
HOFXHUSR8QDYH]DOLYLDGDKD\XQDSDOSLWDQWHFRQWUDFFLyQGHP~VFXORVHQPLDQR\
HQ OD YDJLQD WRGR PL FXHUSR WLHPEOD FRQ ODV FRQWUDFFLRQHV (O RUJDVPR QR
PDVWXUEDWRULR HV PX\ VXWLO 3XHGR H[FLWDUPH FRPR HQ OD PDVWXUEDFLyQ \ HQWRQFHV
VLHQWRDOJXQRVLQGLFLRVGHRUJDVPRRSXHGHVREUHYHQLUPH\QRHQWHUDUPHKDVWDTXH
SHUFLERORVVtQWRPDVSRVWRUJiVPLFRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RV RUJDVPRVTXHQRVHSURGXFHQGXUDQWHODFRSXODVRQKDELWXDOPHQWHPiV
¦GHILQLGRV§GHELGRDPLMXLFLRDODFRQFHQWUDFLyQGHODDWHQFLyQ6LQHPEDUJRHO
FRLWRPHSDUHFHPiVHUyWLFR\SRUWDOPRWLYRPiVVDWLVIDFWRULR
œ'XUDQWH OD HVWLPXODFLyQ FOLWyULFD HO RUJDVPR HV WDQ LQWHQVR TXH QR SXHGR
FUHHUOR 'XUDQWH HO FRLWR DSDUHFH SRU VRUSUHVD IOX\HQGR VLPSOHPHQWH VXDYH\SUR
IXQGR
œ/RVRUJDVPRVFOLWyULFRVVRQPiVWHQVRVSHURQRSURGXFHQXQDVHQVDFLyQWDQ
JHQHUDOL]DGDGHELHQHVWDU
œ0HGLDQWHODHVWLPXODFLyQGLUHFWDORVRUJDVPRVVRQPiVLQWHQVRVVLQHOODVRQ
DPHQXGRGpELOHVLQVDWLVIDFWRULRV™XQDYHUGDGHUDIUXVWUDFLyQ0LVRUJDVPRVFXDQ
GRPHPDVWXUERVRQIDQWiVWLFRV\KDFHQGHORVRUJDVPRVORJUDGRVGXUDQWHODFySXOD
XVXDOPHQWHDOJRWHUULEOH
œ/RVRUJDVPRVFOLWyULFRVVRQPiVIXHUWHV\DJXGRV$YHFHVGXUDQWHODFySXOD
ORTXHH[SHULPHQWRHVXQDVHQVDFLyQ¦PDORJUDGD§FDVL
œ(ORUJDVPRHVPiVORFDOPHQWHLQWHQVRSRUHIHFWRGHODHVWLPXODFLyQFOLWyULFD
SHURPiVGLIXVDPHQWHVDWLVIDFWRULRDWUDYpV GHOFRLWR
œ7HQJRRUJDVPRVFOLWyULFRVFXDQGRPHPDVWXUER\RFDVLRQDOPHQWHRUJDVPRV
YDJLQDOHV GXUDQWH OD UHODFLyQ HVSRVRHVSRVD 2MDOi SXGLHUD VHQWLU HO PLVPR WLSR GH
RUJDVPRTXHHQODPDVWXUEDFLyQFXDQGRWHQJRUHODFLyQVH[XDOFRQPLPDULGR
1RREVWDQWHDOJXQDVPXMHUHVKLFLHURQKLQFDSLpHQHOSODFHUGHORUJDVPRVHQWLGRHQ
WRGRHOFXHUSRGXUDQWHHOFRLWRYLHQGRpVWHFRPRœPDVIXHUWH
œ/RVRUJDVPRVGXUDQWHHOFRLWRVRQPiVIXHUWHVPHMRUHVVDWLVIDFLHQGRDWRGR
PLFXHUSR\QRVRODPHQWHDOD]RQDJHQLWDOHQODIRUPDTXHODHVWLPXODFLyQGLUHFWD
ORKDFH
œ/DPDVWXUEDFLyQHVHOPpWRGRWpFQLFRPiVHILFLHQWH\UiSLGRSHURFRQHOFR
LWRVHSURGXFHXQHIHFWRTXHDOFDQ]DDWRGRHOFXHUSRVLHQGRODVHQVDFLyQPiVH[
TXLVLWD\GHXQDPD\RUGXUDFLyQ
œ(OFRLWRHVPHMRUSRUTXHODSUHVLyQGHOSHQHLQFUHPHQWDHOSODFHU\WDPELpQ
HOSHVRGHOFXHUSRODVFDULFLDVHWF
œ(ORUJDVPRGXUDQWHHOFRLWRHVPiVYLROHQWR\PXVFXODU\QRVyORHVDFiOLGD\
VLPSOHVHQVDFLyQGHELHQHVWDU
œ6LQSHQHWUDFLyQORVRUJDVPRVSDUHFHQPiVOLYLDQRV\OLEUHV
œ(O RUJDVPR SRU OD HVWLPXODFLyQ FOLWyULFD HV PDV LQWHQVR \ H[WUHPDGR SHUR
PHQRVDJUDGDEOHOHQWR\VH[\
œ/RVRUJDVPRVFRQPtYLEUDGRUVRQPiVIXHUWHV\PiVSURORQJDGRVQRUHVXO
WDQGRSHUWXUEDGRVSRUODVRWUDVHVWLPXODFLRQHV6LQHPEDUJRHOSODFHU\RWURVUHFXU
VRVVHQVXDOHVGXUDQWHHOFRLWRFRPSHQVDQODGLIHUHQFLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(O FRLWR HV PiV IXHUWH HPRFLRQDOPHQWH SHUPLWLHQGR XQD VHQVDFLyQ PHMRU
PiVDPSOLD3HURWUDWiQGRVHGHDOJRUiSLGRVREUHODPDUFKDVRQGHVHRVSRUPLSDU
WHGHH[SHULPHQWDUFLQFRRPiVRUJDVPRVODPDVWXUEDFLyQHVPHMRU
œ/DVFRQWUDFFLRQHVFOLWyULFDVVRQPiVLQWHQVDVVLHQGRPiVIiFLOGLIHUHQFLDUODV
HQWUHVtGXUDQWHHOFRLWRODVHQVDFLyQHVPiVGLIXVD\FXHVWDWUDEDMRFRQWDUODVFRQ
WUDFFLRQHV6HSHUFLEHODVHQVDFLyQJHQHUDOL]DGD$PERVWLSRVVRQIDQWiVWLFRVSHUR
HQFXHQWURPHMRUHOFRLWRSRUTXHPHDJUDGDODVHQVDFLyQGHSUR[LPLGDGGHPLFRP
SDxHUR\WDPELpQODSUHVLyQGHWRGRPLFXHUSR\HVSHFLDOPHQWHGHPLVVHQRVFR
QWUDHOVX\R3HURHORUJDVPRFOLWyULFRHVPiVLQWHQVRSURSRUFLRQDQGRHQRFDVLRQHV
XQDOLYLRPiVFRPSOHWR$PHQXGRKHVHQWLGRORVGRVWLSRVGHRUJDVPRVHQXQDVROD
QRFKH
œ/RV RUJDVPRV FOLWyULFRV VRQ PiV LQWHQVRV \ KDFHQ TXH VLHQWD XQ KRUPLJXHR
SRUWRGRHOFXHUSR3RURWUDSDUWHHORUJDVPRSRUHOFRLWRHVXQDVHQVDFLyQPiVSUR
IXQGDPiVGHVERUGDQWH
œ(O RUJDVPR FOLWyULFR HV PX\ LQWHQVR SHUR PHQRV SURIXQGR \ FRPSOHWR QR
H[LVWH XQD GLIHUHQFLD FXDOLWDWLYD VyOR OD KD\ HQ ULTXH]D SOHQLWXG \ HPRFLRQDO
VDWLVIDFFLyQ
œ+D\ XQD PD\RU LPSOLFDFLyQ ItVLFD \ SVLFROyJLFD HQ HO RUJDVPR SRU HO FRLWR
TXHVHFHQWUDPHQRVHQORVJHQLWDOHV
œ/RV RUJDVPRV YDJLQDOHV VRQ PiV SURIXQGRV DOLYLDQ PiV VRQ PiV VDWLVIDFWR
ULRVVRQPHMRUHVWDQWRGHVGHHOSXQWRGHYLVWDSVLFROyJLFRFRPRItVLFR9LHQHQDVHU
FRPR XQ YROFiQ VXEWHUUiQHR 8Q RUJDVPR PDQXDO HV PiV DJXGR PiV SHQHWUDQWH
PiVVXSHUILFLDO
œ/RVRUJDVPRVFOLWyULFRVVRQPiVYLROHQWRVSHURPHQRVVDWLVIDFWRULRV
œ'XUDQWHHOFRLWRVLHQWRHORUJDVPRHQWRGRPLFXHUSRHQHORUJDVPRFOLWyUL
FRODVHQVDFLyQHVPiVH[WHUQD
œ/D HVWLPXODFLyQ GLUHFWDGHOD]RQDFOLWyULFDFRQGXFHDRWURWLSRGHRUJDVPR
TXH UHVXOWD PHQRV VDWLVIDFWRULR (V PiV IXHUWH SRUTXH HV PiV FRQFHQWUDGR HQ XQD
IRUPDItVLFDSHURQRPH¦HQYXHOYH§6HSURGXFHXQDLQWHQVDSXOVDFLyQ\OXHJRWRGR
KDWHUPLQDGR
œ3UHILHURHORUJDVPRFRQSHQHWUDFLyQ\UHVXOWDPiVIiFLOSDUDPtVHQWLUORVSRU
HVWH PHGLR FDWDOL]DGRV SRU OD HVWLPXODFLyQ FOLWyULFD GHVGH OXHJR (OOR HV GHELGR D
TXH OD SUR[LPLGDG GH PL FRPSDxHUR UHVXOWDQWH GH OD SHQHWUDFLyQ PH H[FLWD PiV
6LHQWRWDPELpQTXHHVWR\KDFLHQGRPiVSRUpOGXUDQWHODSHQHWUDFLyQ/RVRUJDVPRV
GXUDQWHODSHQHWUDFLyQVRQPiVVDWLVIDFWRULRVSVLFROyJLFDPHQWH
3HVH D FLHUWDV DSDUHQWHV FRQWUDGLFFLRQHV VXSHUILFLDOHV SDUHFH HVWDU FODUR TXH
HVRVJUXSRV GHPXMHUHVHVWiQGLFLHQGRORPLVPR(QWDQWRTXHXQJUXSRGLFHGHORU
JDVPRFOLWyULFRTXHœHVPiVLQWHQVR\FHQWUDGRHORWURORFDOLILFDGHPiVœORFDOL
]DGR\SRUFRQVLJXLHQWHPiVœOLPLWDGRGHXQDIRUPDVHPHMDQWHDODSHUVRQDTXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
YHXQYDVROOHQRDPHGLDVGHDJXDPLHQWUDVTXHRWUDYHHOPLVPRYDVRPHGLRYDFtR
(QWDQWRTXHDOJXQDVPXMHUHVVLHQWHQHORUJDVPRGXUDQWHHOFRLWRPiVœGLIXVRTXH
DIHFWD PiV D œWRGR HO FXHUSR QR VLHQGR HQ FRQVHFXHQFLD WDQ H[FLWDQWH FRPR HO
ORFDOPHQWHLQWHQVRRUJDVPR FOLWyULFRRWUDVPXMHUHVMX]JDQODVHQVDFLyQTXHDIHFWDD
œWRGRHOFXHUSRGXUDQWHHOFRLWRPiVOOHQDGHSOHQLWXGTXHHOœORFDOPHQWHLQWHQVR
\œOLPLWDGRRUJDVPRFOLWyULFR
/D IRUPD HQ TXH FDGD XQD LQWHUSUHWH HVWDV VHQVDFLRQHV GHSHQGH GH ORV VHQWL
PLHQWRVLQGLYLGXDOHVGHORTXHHVWiRFXUULHQGRHQODSURSLDYLGDFRQUHVSHFWRDORV
VHQWLPLHQWRVSRURWUDSHUVRQDHVGHFLUHVSHFLDOPHQWHHQHVWHFDVRSRUXQKRPEUH
\GHVGHOXHJRGHODVSUHVLRQHVFXOWXUDOHVSDUDHQFRQWUDUHQHOFRLWRXQDPD\RUSOHQL
WXG&XDOTXLHUDTXHVHDODIRUPDGHLQWHUSUHWDUODVVHQVDFLRQHVItVLFDVVLQHPEDUJR
TXHGDELHQFODURTXHODVVHQVDFLRQHVGLILHUHQHORUJDVPRFOLWyULFDPHQWHHVWLPXODGR
VLQFRLWRHVPiVORFDOPHQWHLQWHQVRPLHQWUDVTXHXQRUJDVPRFRQFRLWRVHSHUFLEH
PiVGLIXQGLGRSRUOD]RQD\RHOFXHUSR
$VtSXHVSXHGHFRQFOXLUVHTXHODSUHVHQFLDGHXQSHQHSDUHFHGLIXQGLU\JHQH
UDOL]DUODVHQVDFLyQGHRUJDVPR(VWRQRHVGHFLUTXHHORUJDVPRVLQFRLWRHVœPH
MRU R HVWDEOHFHU FXDOTXLHURWURMXLFLRYDORUDGR\DTXHHOORHV DOJRSURSLRGHFDGD
LQGLYLGXR(O~QLFRSURSyVLWRTXHDTXtQRVJXtDHVHOGHGHILQLUODVUHDOHVVHQVDFLR
QHVItVLFDVWDOFRPRODPD\RUtDGHODVPXMHUHVODVH[SHULPHQWDQ
/RFLHUWRHVTXHFRQODHVWLPXODFLyQFOLWyULFDORVRUJDVPRVVLQFRLWRHVSHFLDO
PHQWHHQODPDVWXUEDFLyQ¥ VRQItVLFDPHQWHPiVIXHUWHVTXHORVSURGXFLGRVGXUDQWH
HO FRLWR 0DVWHUV \ -RKQVRQ KDQ LQIRUPDGR WDPELpQ GH TXH QR VRODPHQWH HUDQ ODV
SDXWDVGHFRQWUDFFLyQPiVIXHUWHVHQORVRUJDVPRVSRUPDVWXUEDFLyQTXHHQORVGHO
FRLWRVLQRTXHDGHPiVODVSHUVRQDVGHVXHVWXGLRGLHURQLGpQWLFDVRSLQLRQHVVXEMH
WLYDV'HKHFKRORVULWPRVFDUGtDFRVPiVDOWRVGHWRGRVORVRUJDVPRVSRUHOORVH[D
PLQDGRVVHGDEDQGXUDQWHODPDVWXUEDFLyQIHPHQLQD
˜(6/$6(16$&,¾1'(/25*$6020·6'e%,/'85$17((/&2,72 325(/()(&72
'(/$35(6(1&,$'(/3(1(2$&$86$'(27526)$&725(6"
$OJXQDV PXMHUHV HVWLPDURQ TXH OD PD\RU LQWHQVLGDG GHO RUJDVPR GXUDQWH OD PDV
WXUEDFLyQHVGHELGDTXL]iVDODWRWDODXVHQFLDGHLQKLELFLRQHVDOHVWDUDVRODV
œ0L RUJDVPR HV PiV LQWHQVR FXDQGR HVWR\ VROD TXH FXDQGR PH DFRPSDxD DO
JXLHQ $O VHQWLU HO RUJDVPR KDOOiQGRPH VROD GHVHR KDELWXDOPHQWH OD SUHVHQFLD GH
(VWRVKDOOD]JRVVRQPX\VLPLODUHVDORVTXHILJXUDQHQHOHVWXGLRGH6H\PRXU)LVKHUHIHFWXDGRVREUHWUHV
FLHQWDVPXMHUHV)LVKHUHVFULELyœ([DPLQDQGRORVFRPHQWDULRVIDFLOLWDGRVSRUODVPXMHUHVPHTXHGpVRUSUHQ
GLGRDOREVHUYDUODIUHFXDQFLDFRQTXHDOXGLHURQDODHVWLPXODFLyQFOLWyULFDFRQSDODEUDVFRPR¦FiOLGR§¦FRV
TXLOOHDQWH§¦HOpFWULFR§\¦DJXGR§HQWDQWRTXHVHUHIHUtDQDODHVWLPXODFLyQYDJLQDODPHQXGRFRQRWUDV
FRPR¦SDOSLWDQWH§¦SURIXQGR§¦VXDYH§\¦FyPRGR§
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
DOJXLHQTXHPHDEUDFH\HVWpGHQWURGHPtSHURFXDQGRHVRRFXUUHHORUJDVPRQRHV
WDQSRWHQWHSRUTXHPHFRQWHQJR\SLHQVRHQORTXHHVWiQSHQVDQGRGHPt
œ(ORUJDVPRSRUODPDVWXUEDFLyQHVPHMRUSUREDEOHPHQWHDFDXVDGHGHWHUPL
QDGRVIDFWRUHVSVLFROyJLFRVFRPRHOQRWHQHUTXHSUHRFXSDUPHSRUHOSODFHUGHRWUR
RSRUPLSURSLRWHPRUHLQVHJXULGDGHQFXDQWRDORTXHVLHQWHSRUPt
3HUR RWUDV PXMHUHV HVWLPDURQ MXVWR OR FRQWUDULR HO FRLWR HV PiV DFHSWDEOH TXH OD
PDVWXUEDFLyQ\SRUFRQVLJXLHQWHSRGtDQœGHMDUVHLUPiVHQWRQFHV
œ)tVLFDPHQWHPHVLHQWRPXFKRPiVH[FLWDGDFRQODSHQHWUDFLyQ\HVWRDIHFWD
DODSURIXQGLGDGLQWHQVLGDG\SpUGLGDGHODSURSLDFRQVFLHQFLDHQPLVRUJDVPRV
$VLPLVPRODVPXMHUHVHQORVH[SHULPHQWRVGH0DVWHUV\-RKQVRQQRVHKDOOD
EDQ VRODV DO PDVWXUEDUVH HQFRQWUiQGRVH GLFKRV DXWRUHV FRQ TXH VXV RUJDVPRVHUDQ
PDVIXHUWHVGXUDQWHODPDVWXUEDFLyQTXH HQHOFRLWR
(V SRVLEOH TXH HO RUJDVPR GXUDQWH OD PDVWXUEDFLyQ VHD PiV IXHUWH SRUTXH OD
HVWLPXODFLyQ HVWp PHMRU FHQWUDGD \ FRRUGLQDGD LQFOX\HQGR OD SRVLFLyQ GH ODV
SLHUQDV
œ3DUD Pt OD LQWHQVLGDG SDUHFH GHSHQGHU GH QR DFHOHUDU HO RUJDVPR VLQR
SURORQJDUORGXUDQWHHOPD\RUWLHPSRSRVLEOHKDVWDHOLQVWDQWHHQTXHVHKDDOFDQ]D
GRHOSXQWRPi[LPRGHODHWDSDGHODH[FLWDFLyQ&XDQWRPiVPHFRQWHQJRQRVR\
FDSD]GHHVSHUDUPiVGHXQPLQXWRHQWRQFHVPiVLQWHQVRHVHORUJDVPR(OVHJXQ
GRIDFWRUHVGHMDUVHLUMXVWRHQHOPRPHQWRSUHFLVR(VWROOHYDDFRQVHJXLURUJDVPRV
LQWHQVtVLPRV6LHPSUHTXHPHGHMRLUGHPDVLDGRSURQWRRXQSRFRGHPDVLDGRWDUGH
PLRUJDVPRHVPHQRVLQWHQVR
œ/RTXHTXLHURGHFLUHV˜KDEpLVWHQLGRDOJXQDYH]HVDVHQVDFLyQGHTXHHVWiVD
SXQWRGHOOHJDUSHURQRGHOWRGR\WHJXVWDUtDGHFLU¦PXpYHWHKDFLDDTXtXQSRTXL
WR§SHURQRORKDFHV\HQWRQFHVOOHJDVSHURQRHVH[DFWDPHQWHORPLVPR"
2WUDUD]yQGHSRUTXpHORUJDVPRVLQFRLWRSRGUtDVHUPiVIXHUWHHVODDXVHQFLDGH
PRYLPLHQWRFRUSRUDOGHODRWUDSHUVRQDTXHVHGDHQHOFRLWR
œ3HUFLER PiV GH WRGRV ORV PDWLFHV FXDQGR QR PH KDOOR RFXSDGD DO PLVPR
WLHPSR HQ XQ YLJRURVR FRLWR 0L FXHUSR SDUHFH TXH UHVSRQGH PHMRU GH PRGR PiV
WRWDO\SXHGRVHQWLURQGDVGHVKRFN TXHVHWUDQVPLWHQDFDGDH[WUHPLGDG
œ/D HVWLPXODFLyQ FOLWyULFD HV PHMRU SRUTXH QR HVWR\ GLVWUDtGD 1R SXHGR
FRQFHQWUDUPH HQ PL RUJDVPR FXDQGR DOJXLHQ HVWi KDFLHQGR IXHU]D KDFLD GHQWUR \
KDFLDIXHUDHQPLYDJLQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/D SHQHWUDFLyQ FRQ OD HVWLPXODFLyQ FOLWyULFD SURGXFH DJUDGDEOHV VHQVDFLRQHV
VLHO¦REMHWR§SHQHWUDQWHQRVHPXHYH
œ6LPLFRPSDxHURVHPXHYHGHPDVLDGRUiSLGDPHQWHQRVLHQWRHORUJDVPRFRQ
ODPLVPDHIHFWLYLGDGFRQTXHORKDUtDVLQR
œ(O RUJDVPR HVWLPXODGR FOLWyULFDPHQWH HV PiV HUyWLFR PiV VHQVLELOL]DQWH
PLHQWUDV TXH HO RUJDVPR SRU FRLWR TXL]i OD LQFRPRGLGDG GH WHQHU DO FRPSDxHUR
GDQGRSRUUD]RVHQPLFXHUSRPHSHUWXUED
3RU RWUR ODGR ORV RUJDVPRV GXUDQWH HO FRLWR SXHGHQ VHU PiV IXHUWHV SVLFROyJLFD
PHQWHGHELGRDTXHVHWHQJDQYHUGDGHURVVHQWLPLHQWRVSRUHOKRPEUHRELHQSRUTXH
QRVRWUDV HVWDPRV FXOWXUDOPHQWH FRQGLFLRQDGDV D YHU HQ HO FRLWR OD H[SUHVLyQ PiV
HOHYDGDGHQXHVWUDVH[XDOLGDG
œ1R SXHGR GHFLU TXp HV PHMRU SRUTXH HO FRQGLFLRQDPLHQWR KD VLGR XQ IDFWRU
GHPDVLDGRLPSRUWDQWHFRPRSDUDTXHDKRUDSXHGDGHILQLUVH&RPRPHKHHVIRU]DGR
VLHPSUH SRU FRQVHJXLU XQ RUJDVPR YDJLQDO SUREDEOHPHQWH KH DWULEXLGR D pVWH XQD
LQWHQVLGDG LQGHELGD HQ UHODFLyQ FRQORVRUJDVPRVFOLWyULFRVTXHFRQVLGHUDEDLOHJD
OHVFDVL
œ3LHQVRTXHHVPiVDFHSWDEOHH[SHULPHQWDUHORUJDVPRGXUDQWHHOFRLWRTXHHQ
pVWHVHPDQLILHVWDPiVIHPLQLGDG3RUHOORFUHRTXHPHSHUPLWRGHOHLWDUPHPiVFRQ
ODVVHQVDFLRQHVH[SHULPHQWDGDV
œ&UHRTXHODPtVWLFDGHODXQLyQPHDIHFWD&RQFHGRDORUJDVPRFRQSHQHWUD
FLyQXQDWUDVFHQGHQFLDTXHORVRUJDVPRVVLQHOODQRWLHQHQ
/RVRUJDVPRVSURGXFLGRVGXUDQWHHOFRLWRSXHGHQ DIHFWDUPiVDœWRGRHOFXHUSR
HQSDUWHSRUTXHJHQHUDOPHQWHVHGDXQSHUtRGRGHH[FLWDFLyQPiVSURORQJDGRTXH
HQODPDVWXUEDFLyQ
œ$ YHFHV VL VH WUDWD GH XQ RUJDVPR TXH VH SURGXFH HQ ORV LQLFLRV GHO DFWR
VH[XDOHVWiPiVOLPLWDGRDH[FLWDFLyQ\WHQVLyQ\XQDHVSHFLHGHH[SORVLyQDOLYLRHQ
HO iUHD FOLWyULFDSHURFXDQGRODUHODFLyQVH[XDOVHDODUJDDIHFWDDWRGRPLFXHUSR
GHVGHODFDEH]DKDVWDORVSLHVUHDOPHQWH
œ0L VHJXQGR HVSRVR VROtD KDFHU HO DPRU FRQ XQD HVSHFLH GH PRYLPLHQWR GH
PDVDMHVREUHWRGRPLFXHUSR\HVWRTXL]iVKL]RTXHJR]DUDPiVFRQORVRUJDVPRV
YDJLQDOHV/RVRUJDVPRVHUDQPiVORFDOL]DGRVHQORVDFWRVVH[XDOHVUiSLGRVVLHQGR
PiVGLIXVRVHQODUHODFLyQVH[XDOSURORQJDGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
6LQHPEDUJRQLQJXQRGHORVIDFWRUHVTXHDFDEDPRVGHPHQFLRQDUDOWHUDODEi
VLFDFRQFOXVLyQGHTXHODLQWHQVLGDGItVLFDGHORUJDVPRSHUVH HVPD\RUSDUDODPD
\RUtD GH PXMHUHV FXDQGR QR HVWi HQ PDUFKD OD FySXOD \ HVSHFLDOPHQWH GXUDQWH OD
DXWRHVWLPXODFLyQ
3HVHDHOORXQDJUDQPD\RUtDGHPXMHUHVGHFODUDURQOODQDPHQWHTXHLQGHSHQ
GLHQWHPHQWHGHODGLIHUHQFLDHQODVHQVDFLyQVLHPSUHSUHIHUtDQHORUJDVPRSRUFRLWR
DFDXVDGHORVHIHFWRVSVLFROyJLFRVHOKHFKRGHFRPSDUWLUHODFWR\YHUVHDPDGDVSRU
RWUDSHUVRQDORVFiOLGRVFRQWDFWRVFXHUSRDFXHUSR
œ(ODPRUGHRWUDSHUVRQDHVORTXHKDFHPHMRUHVORVRUJDVPRVSRUFRLWRDXQ
TXHFRQODDXWRPDQLSXODFLyQHVWRVUHVXOWDQPDVLQWHQVRV
œ(O RUJDVPR GXUDQWH OD FySXODHVPHQRVLQWHQVRSHURPiVVDWLVIDFWRULRHPR
FLRQDOPHQWH
œ&RQODSHQHWUDFLyQWRWDOPiVDPDGD
œ/RVRUJDVPRVHXIyULFRVVRQPiVIXHUWHVPiVUiSLGRVSHURORVRUJDVPRVSRU
FRLWRVRQPHMRUHVSUREDEOHPHQWHSRUTXHDPtPHJXVWDVHQWLUFHUFDDPLFRPSDxH
URODPDVWXUEDFLyQHVXQDDFWLYLGDGVROLWDULD
œ/RV RUJDVPRV SRU FRLWR VRQ PHMRUHV (Q HOORV TXHGD LPSOLFDGD PL DOPD HQ
WDQWRTXHODPDVWXUEDFLyQVLPSOHPHQWHSUHVHUYDGHODORFXUD
œ'RORUYDJLQDO
+D\XQDFXHVWLyQPX\HVSHFtILFDDXQTXHLPSRUWDQWHTXHKDVLGRGHMDGDSDUD
OR~OWLPRDOJRDORTXHVHKDUiUHIHUHQFLDDORODUJRGHOSUHVHQWHOLEURFRPRHOIHQy
PHQRGHOœGRORUYDJLQDOSHUFLELHQGRDPHQXGRFRPRHOGHVHRGHSHQHWUDFLyQYD
JLQDO(VSDUWHGHOPLVPRWHPDGHTXHDFDEDPRVGHRFXSDPRVHVGHFLUODGLIHUHQ
FLDHQFXDQWRDVHQVDFLRQHVH[LVWHQWHVHQWUHHORUJDVPRFRQFRLWR\VLQpO(VWDVHQ
VDFLyQGHLQWHQVRGHVHRRœGRORUGHVHRGHVHUOOHQDGDDSDUHFHGXUDQWHHOSHULRGR
GHH[FLWDFLyQSUHYLRDORUJDVPRPX\SUy[LPR\DpVWHHVSDUFLpQGRVHOXHJRHQ FRQ
WUDFFLRQHVRUJiVPLFDV
/RTXHVXFHGHHVHVWRDYHFHVHQODH[FLWDFLyQ\MXVWDPHQWHHQHOPRPHQWR
GHORUJDVPRKD\XQDLQWHQVDVHQVDFLyQGHSODFHUGRORUHQORSURIXQGRGHODYDJLQD
DOJRDVtFRPRHOGHVHRGHVHUSHQHWUDGDRWRFDGDRVyORXQDH[TXLVLWDVHQVDFLyQGH
SODFHU TXH QRVRWURV OODPDPRV œGRORU YDJLQDO (V XQD VHQVDFLyQ FDVL LUUHDO \ VH
RULJLQDSRUTXHHOH[WUHPRVXSHULRUODSRUFLyQPiVSURIXQGDGHODYDJLQDVHKLQFKD
H[SDQVLRQiQGRVH HQ OR TXH WHyULFDPHQWH KD GHVFULWR FRPR XQ SHTXHxR ODJR GHVWL
QDGRDODUHFRJLGD\UHWHQFLyQGHOVHPHQ
$OJXQDV PXMHUHV SHUFLEHQ HVWD VHQVDFLyQ FRPR LUUHDO YDFtD \ GHVDJUDGDEOH
PLHQWUDV RWUDV ODHQFXHQWUDQLQWHQVDPHQWHJUDWD4XHVHSUHILHUDODLQVHUFLyQGHXQ
SHQHDOOtRQR HQDTXHOPRPHQWRHVFRVDTXHGHSHQGHGHOGHVHRSHUVRQDOGHVGHOXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
JR /D PD\RUtD GH ODV PXMHUHV QR VLHQWHQ FRQ WDQWD LQWHQVLGDG HO œGRORU YDJLQDO
FXDQGRKD\ODSUHVHQFLDGHXQSHQHHOSHQHSDUHFHœVXDYL]DU\GLIXQGLUODVHQVD
FLyQ3RUWDQWRWRGRGHSHQGHGHTXHODSHUVRQDHQFXHVWLyQSUHILHUDH[SHULPHQWDUOD
VHQVDFLyQRQR
6LQFRLWRODVHQVDFLyQGHœGRORUYDJLQDOIXHGHVFULWDDVt
œ6LHQWRXQXUJHQWHDQKHORHQORSURIXQGRGHPLVHUGHHQYROYHUORGHLQWURGX
FLUORGHQWURGHPt
œ'XUDQWH OD H[FLWDFLyQ VLHQWR XQD VHQVDFLyQ GH DQVLD HQ OD YDJLQD TXH SRU
FLHUWRVHFRQYLHUWHHQIUXVWUDFLyQVLHVVDWLVIHFKD
œ7UDVODHVWLPXODFLyQFOLWyULFDVLQFySXODPHVLHQWRYDFtD0LYDJLQDODWHHVWi
SLGLHQGRDJULWRVVHUOOHQDGD
œ3ULPHUDPHQWH PH HVWLPXOR OD ]RQD FOLWyULFD WLUDQGR GH OD SLHO KDFLD DUULED
KDFLDPt0LYDJLQDFRPLHQ]DDVHQWLUVHDELHUWDGHVHDQGRVHUOOHQDGDRSHQHWUDGD
SHUR WRGR VH YD DO WUDVWH VL HVR RFXUUH TXL]iV SRUTXH OD VHQVDFLyQ HVWi GHPDVLDGR
JHQHUDOL]DGD7DOYH]VtHVHSXQWRSDUWLFXODUSXGLHUDVHUWRFDGR™8DX(QHOPR
PHQWRGHORUJDVPRODVHQVDFLyQHVODPiVLQWHQVD3HURGHKDEHUSHQHWUDFLyQHQHVH
LQVWDQWHWRGRVHHFKDDSHUGHU
œ7UDV HO FXQQLOLQJXV HQ HO PRPHQWR H[DFWR HQ TXH HOOD VLHQWH HO RUJDVPR OH
JXVWDTXHSRQJDQLOHQJXDHQVXYDJLQDSXHVHVWRSDUHFHDOLYLDUOHHOGRORU
œ(QHOPRPHQWRSUHFLVRHQTXHVLHQWRHORUJDVPRH[SHULPHQWRXQDEHOODVHQ
VDFLyQGHGRORUHQODYDJLQD
œ(ORUJDVPRFOLWyULFRPHKDFHGHVHDUODSHQHWUDFLyQ(VFRPRVLODSDUWHVXSH
ULRUGHODYDJLQDSLGLHUDDJULWRVSUHVLyQ
œ/RV RUJDVPRV YDJLQDOHV SURGXFHQ XQ DOLYLR VXSHULRU ORV FOLWyULFRV WH GHMDQ
FRQJDQDVGHWHQHUORVRWURV
œ/RVRUJDVPRVFOLWyULFRVPHKDFHQGHVHDUHOFRLWR
œ3XHGRH[FLWDUPHPXFKRFRQODHVWLPXODFLyQFOLWyULFDSHURPHJXVWDHOFRLWR
GHVSXpV
œ(O RUJDVPR FOLWyULFR HV H[FLWDQWH \ XQ JUDQ SUHOXGLR SDUD OD SHQHWUDFLyQ HQ
WDQWRTXHHORUJDVPRYDJLQDOSURSRUFLRQDODVHQVDFLyQGHSOHQLWXG
œ6t ORVGRVRUJDVPRVVRQGLVWLQWRVSHURGLItFLOHVGHH[SOLFDU/DSHQHWUDFLyQ
YDJLQDO HV PiV ELHQ OD WRUPHQWD VHJXLGD SRU OD FDOPD HQ WDQWR TXH HO RUJDVPRVLQ
SHQHWUDFLyQORHVWRGDYtDGHGHVHR
œ0L YDJLQDHVFRPRXQ¦RULILFLRGHVHRVR§SRFRDQWHVGHORUJDVPR3HURGHV
SXpVHORUJDVPRPHSURGXFHLQWHQVRSODFHUVLHPSUH\FXDQGRQRFRORTXHQDGDDKt
DOPHQRVXQSODFHUPDVDJXGR0LVVHQVDFLRQHVVHKDFHQGLIXVDVFRQDOJRHQHVH
OXJDU6LHQWRPHQRVGHVHRGHRWURRUJDVPRSHURDVLPLVPRPHQRVVDWLVIDFFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DVHQVDFLyQGHSLFD]yQSXHGHFRQWLQXDUGHVSXpVGHXQRUJDVPRHVWLPXODGR
FOLWyULFDPHQWH VLQ SUHVLyQ GH SHQH SRUTXH ORV RUJDVPRV FOLWyULFRV VLQ SHQHWUD
FLyQVRODPHQWHFRQGXFHQDXQDH[FLWDFLyQPD\RU
œ6LHQWR FRPR VL SXGLHUD H[SHULPHQWDU RUJDVPR WUDV RUJDVPR FOLWyULFDPHQWH
SHURPHQRWRFRPSOHWDPHQWHVDFLDGDFRQXQRRGRVRUJDVPRVHQHOFRLWR
œ'XUDQWHHOFRLWRSDUHFHPiVKDEHUVHOOHJDGRDOILQ\H[LVWLUPHQRVGHVHRVGH
FRQWLQXDU H[SHULPHQWDQGR RUJDVPRV HQ WDQWR TXH WRV FOLWyULFRV VH UHSLWHQ FRQ PiV
IDFLOLGDG
œ(O RUJDVPR GXUDQWH OD SHQHWUDFLyQ RUGLQDULDPHQWH SURSRUFLRQD XQD VDWLVIDF
FLyQPiVSURIXQGD &UHRTXHHVHOFKRTXHGHWRGRVXFXHUSRFRQWUDODSDUWHLQIHULRU
GHOPtRORTXHSURYRFDHVWHUHODMDPLHQWRDGHPiVGHODSHQHWUDFLyQ(ORUJDVPRFOL
WyULFR HV PDJQtILFR PLHQWUDV GXUD SHUR \R WRGDYtD PH VLHQWR HQ WHQVLyQ FRPSD
UDWLYDPHQWHFXDQGRKDWHUPLQDGR
&RQFOXVLyQ
+HPRV YLVWR HQ HVWD VHFFLyQ TXH HQ SUHVHQFLD GHO SHQH ORV RUJDVPRV \ ODV
FRQWUDFFLRQHVVHVLHQWHQPHQRVFRQFUHWDPHQWH\TXHDVtPLVPRHOœGRORUYDJLQDO
RELHQVHDOLYLDRQRVHVLHQWHGXUDQWHHOFRLWR(QJHQHUDOHQWRQFHVODSHQHWUDFLyQ
YDJLQDORODSUHVHQFLDGHXQSHQHSDUHFHSURGXFLUXQHIHFWRDSDFLJXDGRUGLIXVRUR
DPRUWLJXDGRU
([LVWHQGRVPDQHUDVGHLQWHUSUHWDUHVWHIHQyPHQR3XHGHDILUPDUVHXQDGHHV
WDVGRVFRVDV
'XUDQWHHOFRLWRHOSHQHDFW~DFRPRSDFLILFDGRU/RVWRTXHV\IURWHVPDWDQ
ODVHQVDFLyQSHUPLWHQPHQRVLQWHQVDVFRQWUDFFLRQHV\VHQVDFLRQHV\GLVSHUVDQ\GL
IXQGHQHOIRFRGHORUJDVPRKDFLpQGRORPHQRVIXHUWH\PHQRVDJUDGDEOH
'XUDQWHHOFRLWRHOSHQHDODSODFDURWUDQTXLOL]DUODH[FLWDFLyQSURSRUFLRQD
PiV XQD VHQVDFLyQ GH SD] \ GH SOHQLWXG GH UHODMDPLHQWR \ VDWLVIDFFLyQ TXH HO RU
JDVPRVLQFRLWRTXHHQPXFKRVFDVRVVRORGXUDXQVHJXQGR\WHGHMDHQXQDH[FL
WDFLyQFRQWLQXD$VtSXHVHOFRLWRHQUHDOLGDGFRQRVLQRUJDVPRGDPiVœSOHQL
WXGTXH HORUJDVPRVLQFRLWR
&XiOGHORVGRVVHSUHILHUHHV\DGHFLVLyQSHUVRQDO\XQDFXHVWLyQGHWHPSHUD
PHQWRGHVLVHGHILQHHOSODFHUFRPRGHVHRRVXVDWLVIDFFLyQ˜(VHOPD\RUSODFHUHO
GHVHRH[FLWDFLyQRELHQVXVDWLVIDFFLyQ"
)LQDOPHQWHSXHGHSUHIHULUVHVHQVDFLRQHVHQGLIHUHQWHVPRPHQWRV
œ1RVpGHVFULELUODGLIHUHQFLD1RVHWUDWDGHQDGDPHMRUQLSHRUHVGLIHUHQWH
(QRFDVLRQHVTXLHURODSHQHWUDFLyQRWUDVYHFHVPHVLHQWRPiVIHOL]HQRWUDVDFWLYL
GDGHV'HSHQGHWRGRGHPLHVWDGRGHiQLPR
œ'DUp DTXt WDQ VyOR XQD LGHD JHQHUDO GH OD UHODFLyQ HQWUH HO WLSR GH RUJDVPR
TXHVLHQWR\ODIUHFXHQFLDTXHGHVHR9HRTXHVLQRVLHQWRLQWHQVRVRUJDVPRVDFRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHFXHQFLDGHODHVWLPXODFLyQFOLWyULFDGLUHFWDFRQEDVWDQWHIUHFXHQFLDHQPLVUHOD
FLRQHV VH[XDOHV SLHQVR FRQVWDQWHPHQWH HQ HVR GHVHiQGROR \FHQWUDQGRHQHOORPX
FKDVIDQWDVtDV1XQFDTXHGRWDQFRPSOHWDPHQWHVDWLVIHFKD6LSDVRXQDVHPDQDVLQ
HVHWLSRGHRUJDVPRPLGHVHR\PLQHFHVLGDGGHpOVHUREXVWHFH&XDQGRILQDOPHQWH
ORH[SHULPHQWRHVDOJR IDQWiVWLFR3HURVLQRKD\SHQHWUDFLyQQXQFDWDPELpQVLHQWR
HVWHDSHWLWR/RLPSRUWDQWHHVGDUFRQXQMXVWRHTXLOLEULR
6LHORUJDVPRGXUDQWHHOFRLWRHVYDJRœPiVRPHQRVFRPRXQDOLYLRTXHKDFH
LQQHFHVDULRMRGHUPiV˜FyPRVHSXHGHHVWDUVHJXUDGHKDEHUUHDOPHQWHWHQLGRRU
JDVPR"(QDOJXQRVFDVRVQLVLTXLHUDODLQWHUHVDGDYHtDFRQFODULGDGVLKDEtDOOHJDGR
DORUJDVPRRVLPSOHPHQWHDXQRVQLYHOHVDOWRVGHH[FLWDFLyQ
œ&XDQGRPHHQFXHQWUR\RDUULEDPLERFDTXHGDFHUFDGHVXRtGRGHUHFKR\\R
OH VXVXUUR OR TXH HVWi VXFHGLHQGR GH YDULDV IRUPDV H[SOLFLWDV &XDQGR UHDOPHQWH
VLHQWR HO RUJDVPR PL FXHUSR FHVD GH PRYHUVH \ JLPR \ VXVSLUR 'HVSXpV OH EHVR
SRUWRGDODFDUD(VWRSUHVHQWDVXVYDULDQWHVSRUVXSXHVWR$YHFHVSLHQVRTXHYR\D
OOHJDU\ OXHJRQROOHJRHQRFDVLRQHVPHVLHQWRWDQDJXVWRFRPRVLKXELHUDOOHJDGR
DOFOtPD[6LKD\GXGDVQRVSUHJXQWDPRVPXWXDPHQWHPiVWDUGH\DOXGLPRVDODV
VHQVDFLRQHVH[SHULPHQWDGDV\VLHUDQGLVWLQWDVGHODVGHRWUDVYHFHV
œ$KRUDHQSRVHVLyQ\DGHDOJXQDH[SHULHQFLDVR\FDSD]GHHVWDEOHFHUGLIHUHQ
FLDVHQWUHORVRUJDVPRV\ODVHQVDFLyQWDQVyORGHELHQHVWDU3HURHQPXFKDVRFD
VLRQHV GXUDQWH HO FRLWR HUD XQ HPSDWH %XHQR OR TXH HVWR\ GLFLHQGR HV TXH XQD
EXHQDMRGLGDVLQRUJDVPRHVWDQDJUDGDEOHFRPRODPD\RUtDGHORVRUJDVPRVGXUDQWH
ODFySXOD
œ6LHQWR XQRV SURIXQGRV ODWLGRV GHQWUR GH PL YDJLQD FXDQGR HO RUJDVPR 6LQ
HPEDUJRQRVLHPSUHHVWR\VHJXUDGHVLVHWUDWDGHPLRUJDVPRRGHODVSXOVDFLRQHV
GHPLDPDQWH
3UREDEOHPHQWHHQPXFKRVFDVRVQRVHKDSUHVHQWDGRQLQJ~QRUJDVPRUHJXODU
HQRWUDVRFDVLRQHVTXL]iVHSUHVHQWDUtDHORUJDVPRSHURODVVHQVDFLRQHVHUDQDSD
JDGDV R GLIXVDV SRU OD LQWHUYHQFLyQ GHO SHQH 0XFKDV PXMHUHV TXH FUHHQ WHQHU RU
JDVPRVGXUDQWHHOFRLWRSUREDEOHPHQWHQR ORVWLHQHQ(QFXDOTXLHUFDVRXQRUJDV
PRFRQRVLQFRLWRDXQTXHSXHGHVHUSHUFLELGRGHPRGRGLVWLQWRHVHOPLVPRRU
JDVPREiVLFRpVWHHVGHELGRVLHPSUHDODHVWLPXODFLyQFOLWyULFDGHXQDIRUPDXRWUD
\VLHPSUHVLJXHODPLVPDSDXWDILVLROyJLFD3RU FRQVLJXLHQWHHQHVWHOLEURDSDUWLU
GH DTXt QR VHUiQ XWLOL]DGDV ODV H[SUHVLRQHV œRUJDVPR FOLWyULFR \ œRUJDVPR YDJL
QDO SXHVWR TXH FRPSRUWDQ WDQWRV VLJQLILFDGRV FRQIXVRV \ DQWLFXDGRV 'H DTXt HQ
DGHODQWH QRV UHIHULUHPRV DO RUJDVPR VLPSOHPHQWH &RPR œRUJDVPR DJUHJDQGR
ODVIUDVHVGHVFULSWLYDVTXHSXHGDQVHUQHFHVDULDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
2UJDVPRHPRFLRQDO
6KHUH+LWH
$OJXQDV PXMHUHV PDQLIHVWDURQ KDEHU H[SHULPHQWDGR GXUDQWH OD HVWLPXODFLyQ
FOLWyULFD R PDVWXUEDFLyQ XQ RUJDVPR GLVWLQWR GHO VHQWLGR HQ OD FySXOD /R TXH TXL
VLHURQGHFLUIXHTXHKDEtDQVHQWLGRXQRUJDVPRœUHDOGXUDQWHODHVWLPXODFLyQFOLWy
ULFD \ RWUD FRVD GLVWLQWD GXUDQWH HO FRLWR TXH D PHQXGR KD VLGR GHQRPLQDGD œRU
JDVPRYDJLQDO&RQHOORQRTXHUtDQGHFLUTXHKDEtDQQRWDGRFRQWUDFFLRQHVYDJLQD
OHV R LQWHQVDV VHQVDFLRQHV FOLWyULFDV R YDJLQDOHV VLQR TXH OOHJDURQ D XQ SXQWR
Pi[LPR HPRFLRQDOLQWHQVRDYHFHVDOJRDVtFRPRXQDLQWHQVDVHQVDFLyQGHDEHUWXUD
HQ OD YDJLQD\HQODJDUJDQWDDFRPSDxDGDSRUIXHUWHVLPSXOVRVGHLQWLPLGDGFRQ
XQDQKHORRH[DOWDFLyQ'HQRPLQDUHPRVHVWHIHQyPHQRœRUJDVPRHPRFLRQDO
œ(O RUJDVPR FOLWyULFRPHOOHYDDXQYLROHQWRFOtPD['XUDQWHODFySXODQRVH
GDQLQJXQDGHODVVHQVDFLRQHVUHOiPSDJRFRQRFLGDVSHURKD\XQDWUHPHQGDFDOPD\
XQDVHQVDFLyQDPRURVDTXHPHKDFHOORUDU(VFRPR VLH[SHULPHQWDUDXQRUJDVPR
HPRFLRQDOPiVTXHItVLFR
œ&RQXQKRPEUHDOTXHDSUHFLHODSHQHWUDFLyQFRQGXFHDXQFOtPD[HPRFLRQDO
TXH WLHQH DVSHFWRV ItVLFRV SHUR QR DO RUJDVPR <R WLHPEOR D YHFHV DELHUWDPHQWH
2WUDVSVLFROyJLFDPHQWH+D\XQDVHQVDFLyQGH¦FRPXQLFDFLyQ§GLUHFWDFRQRWUDSHU
VRQDVLQUHVHUYDVH[SUHVDGDFRQORVWRTXHV\YLEUDFLRQHVGHULYDGRVGHOKHFKRGHHV
WDUMXQWRVGDGRTXHORVGRVQRVKDFHPRVXQR6LWRGRYDUHDOPHQWHELHQVLHQWRXQ
LQWHQVRGHVHRGHQRWDUVXSHQHGHQWURGHPtDGHQWUiQGRVHHQPLYDJLQDPiV\PiV
œ(V XQD WRQWHUtD TXHUHU H[SOLFDU TXp VH VLHQWH FRQ HO RUJDVPR SRUTXH VXHQD
PX\VHQWLPHQWDO4XLHURDPLSURPHWLGRPXFKtVLPRKDVWDGRQGHPLFRUD]yQSDUHFH
TXHYDDHVWDOODU$YHFHVORKDFH\VLHQWRXQDVHQVDFLyQGHJUDQVDWLVIDFFLyQ%XH
QRFXDQGRVLHQWRXQRUJDVPRHVFRPRVLWRGRPLFXHUSRIXHUDFRQVXPLGRSRUHVD
H[SORVLYD DFRPHWLGD GH DPRU TXH pO QR SXHGH FRQWHQHU SDODGHDQGR HQWRQFHV XQD
JUDQ SD]LQWHULRU+DELWXDOPHQWHPHHFKRDUHtUVLQWLpQGRPHIHOL]FRQWHQWDGHPt
PLVPD\GHPLKRPEUH
œ3ULPHURWRGDODVHQVDFLyQSDUHFHFHQWUDUVHHQOD]RQDJHQLWDOH[WHQGLpQGRVH
SRU WRGR PL FXHUSR HQ JUDQGHV RQGDV GH VHQVDFLRQHV \ VHQVLELOLGDG (Q RFDVLRQHV
VLHQWRFRPRGHVHRVGHFDQWDUFRPRVLODVHQVDFLyQVHKXELHVHGHVSOD]DGRKDVWDPLV
FXHUGDVYRFDOHVKDFLpQGRODVYLEUDUHQXQFODYHSRUGHVFXEULUWRGDYtD
œ/DSHQHWUDFLyQGDOXJDUDXQDVHQVDFLyQLQWHQVD\DPSOLD(VGLItFLOGHGHVFUL
ELU0LFXHUSRSDUHFHHOHFWUL]DUVH\VLHQWRHOGHVHRItVLFR\HVSLULWXDOGHODXQLyQ
FRQHORWUR$YHFHVOHUH]RD'LRVTXHULHQGRVHUXQDFRQeO\PLJR]RHVHQWRQFHV
GHp[WDVLV
œ3DUDPtHVWHWLSRGHRUJDVPRVXSRQHXQDLQPHUVLyQPHWDItVLFDHQRWURPXQ
GRUHOLJLRVRDVFHQGLHQGRSRUXQDPRQWDxD6XFHGHWRGRSULQFLSDOPHQWHHQPLFHUH
EURVDWXUDGRGHVHQVDFLRQHVFRORFiQGRPHPX\FHUFDHPRFLRQDOPHQWHGHODSHUVRQD
FRQTXLHQPHHQFXHQWUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(ORUJDVPRXQDLPSRQHQWHVHQVDFLyQGHOX]TXHVHGHUUDPDGHVXFDEH]D\
TXHVHDGHQWUDHQODPtD<RHPSLH]RDGHUUDPDUOX]SDUDHVWDUDVXDOWXUD0LYLVLyQ
VHGLVXHOYHHQEULOORWUDVPLVRMRVFHJiQGRPHPLFXHUSRVHGLVXHOYHHQODOX]SXUD
1RYHRQDGDVyOROX]QRRLJRQDGDHQDEVROXWRQRVLHQWRQDGDTXHSXHGDVHUQRP
EUDGRSHURFDGDFpOXODVDQJXtQHDGDQ]D\WRGRVORVSRURVGHUUDPDQUHVSODQGRUHV
<ODVDUDxDVGHORVDUPDULRV\ODVKRUPLJDVGHOSLVRGHEHQGHVHQWLUVHOOHQDVGHJR]R
DOUHFLELUHOGHVERUGDPLHQWRGHDPRU
(O RUJDVPR HPRFLRQDO HV XQD VHQVDFLyQ GH DPRU \ FRPXQLyQ FRQ RWUR VHU
KXPDQR TXH DOFDQ]D XQD FXPEUH XQ JUDQ GHVERUGDPLHQWR GH LQWHQVLGDG VHQVLWLYD
TXHSXHGHQRWDUVHItVLFDPHQWHHQHOSHFKRRFRPRXQQXGRHQODJDUJDQWDRFRPR
XQDLPSUHVLyQJHQHUDOGHDSHUWXUDXQDVHQVDFLyQGHGHVHRGHSHQHWUDFLyQPiV\PiV
SURIXQGDXQDQKHORGHIXVLyQGHFRQYHUWLUVHGRVHQXQR3RGUtDVHUGHVFULWRFRPR
XQDFRPSOHWDOLEHUDFLyQGHHPRFLRQHVORTXHXQDPXMHUGHQRPLQyœXQDSHQHWUDQWH
VHQVDFLyQGHDPRURXQRUJDVPRGHOFRUD]yQ
$YHFHVHORUJDVPRHPRFLRQDOHUDVHQWLGRFRPRHOGHVHRGHFRQFHELUGHTXH
GDULPSUHJQDGDGHFRQVHUYDUODSHUVRQDGHQWURGHOVHUSURSLRGHPH]FODUVHORVGRV
HQFDUQH\VDQJUHœ/OHYDQGR\RGLHFLVpLVDxRVGHFDVDGDDUUDLJyHQPtODLGHDGH
TXH QR HUD UHDOPHQWH XQD IDQWDVtD OR GH WHQHU LPSODQWDGR HQ Pt HO EHEH (VSHFLDO
PHQWH VL \R PH KDOODED GH YHUDVLPSOLFDGDFRQPLFRPSDxHURHQHOPRPHQWRGHO
RUJDVPRDQVLDEDWDQWRVXEHEpTXHVyORDFHUWDEDDSHQVDUHQHOOR)LVLROyJLFDPHQ
WH H[LVWHQ DOJXQRV SDUDOHOLVPRV EDVWDQWH QRWDEOHV HQWUH HO DOXPEUDPLHQWR \ HO RU
JDVPRVH[XDOUHJXODUFRPRKDVLGRVHxDODGRSRUHO GRFWRU1LOHV1HZWRQHQXQDUWt
FXOR SXEOLFDGR HQ 3V\FKRORJ\ 7RGD\ 8QDV FXDQWDV PXMHUHV PHQFLRQDURQ HO SDUWR
FRPRRWUDHVSHFLHGHRUJDVPRœ(OQDFLPLHQWRGHPLSULPHUDKLMDKDVLGRFRQVLGH
UDGRSRUPtFRPRHOPD\RURUJDVPRGHPLYLGD/DYLVDOLUGHPLFXHUSRPHUFHGD
XQ HVSHMR FRORFDGR HQ OD SDUWH VXSHULRU GHO OHFKR 1XQFD QXQFD DQWHV QL GHVSXpV
KXERXQDFRVDSDUHFLGD
/RV GRFWRUHV - \ , 6LQJHU GHO 0,7 KDQ VXEUD\DGR HQ XQ DUWtFXOR VREUH HO
RUJDVPR ORV FRPSRQHQWHV ItVLFRV GH ODV HPRFLRQHV VHQWLGDV GXUDQWH HO RUJDVPR
HPRFLRQDOVREUHWRGRHQODJDUJDQWD$PERVKDQFLWDGR*ROGHQ1RWHERRNVGH'R
ULV/HVVLQJSDUDLOXVWUDUVXSXQWRGHYLVWD
/DUHVSXHVWDHVXQDHVSHFLHGHHVSDVPRODUtQJHRHQODJDUJDQWDDFRPSDxDGRSRUOD
WHQVLyQGHOGLDIUDJPD(ODOLHQWRHVLQKDODGRDFXPXODWLYDPHQWHLQFUHPHQWDQGRFDGDMDGHR
ODFDQWLGDGGHDTXpOFRQWHQLGR SUHYLDPHQWHHQ ORVSXOPRQHV&XDQGRHOGLDIUDJPDHVWDOR
EDVWDQWHWHQVRHODOLHQWRHVLQYROXQWDULDPHQWHUHWHQLGRHQORVSXOPRQHV\HO P~VFXORFUL
FRIDUtQJHRVHSRQHHQWHQVLyQ WLUDQGRGHODODULQJHKDFLDDEDMR\KDFLDDWUiVODVHQVDFLyQ
HV GH œHVWUDQJXODFLyQ FRQ p[WDVLV )LQDOPHQWH HO FULFRIDUtQJHR VDOWD D XQD SRVLFLyQ GH
GHVFDQVR \ HODOLHQWRVLPXOWiQHDPHQWHHVH[KDODGR/DUDSLGH]FRQTXHHVWRR FXUUHSUR
GXFH OD H[SORVLyQ VLQ OD FXDO HO WpUPLQR œRUJDVPR DSHQDV SRGUtD DSOLFDUVH 3DUD Pt HO
DOLYLRGHODWHQVLyQVH[XDOTXHHVWHRUJDVPRFULFRIDUtQJHRRULJLQDHVDQiORJRDOTXHXQV R
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
OOR]R SXHGH FDXVDU HQ XQ PRPHQWR GH UHSULPLGD WHQVLyQ QHUYLRVD $PEDV FRVDV LPSOLFDQ
XQDDFFLyQFULFRIDUtQJHD
/RV6LQJHUPHQFLRQDQWDPELpQTXHHVWDUHDFFLyQItVLFDHQODJDUJDQWD\ODWHQ
VLyQHQHOGLDIUDJPDFDUDFWHUL]DQXQDYDULHGDGGHHPRFLRQHVHQWUHODVTXHILJXUDQ
ODV GH SHVDU VRUSUHVD WHPRU \ JR]R 3RU HMHPSOR HO OODQWR SXHGH VHU FRQVLGHUDGR
RWUR WLSR GH DOLYLR RUJiVPLFR 'H KHFKR PXFKDV PXMHUHV GHFODUDURQ KDEHU OORUDGR
WUDVODUHODFLyQVH[XDOVLQRUJDVPRFRQREMHWRGHDOLYLDUVXVHQVDFLyQGHIUXVWUDFLyQ
œ(Q FLHUWDV RFDVLRQHV PH VHQWtD WHUULEOHPHQWH LQVDWLVIHFKD WUDV OD DFWLYLGDG VH[XDO
VLQRUJDVPR\VLOOHJDEDDVHQWLUORFHUFDHPSH]DEDDOORUDUSHQGLHQWHGHOFOtPD[GH
PLFRPSDxHURFRPRXQDIRUPDDOWHUQDGHDOLYLR
(QWDQWRODVPXMHUHVQRVHDQSUHVLRQDGDVSDUDTXHXWLOLFHQHORUJDVPRHPRFLR
QDO FRPR XQ VXVWLWXWLYR GH ORV RUJDVPRV UHDOHV FRPR VH OHV KD SUHVLRQDGR VH ODV
VLJXH SUHVLRQDQGR QR H[LVWH UD]yQ DOJXQDSDUDQRGLVIUXWDUGHORVWLSRVGHDOLYLRV
TXH VH KDOODQ D PDQR6LQHPEDUJRQDGLHVDEHYDOHUVHGHHOORVSDUD FRQWUDGHFLUHO
KHFKR GH TXH ODV PXMHUHV VLHQWHQ JR]DQ \ QHFHVLWDQ GH ORV RUJDVPRV œFOLWyULFRV
ItVLFRVUHJXODUHV
œ6LQHORUJDVPRFOLWyULFRVLQHQJDxRODUHODFLyQVH[XDOFDUHFHUtDGHJUDQGH]D
&XDQGRVLHQWRHORUJDVPRWRGDVODVWHQVLRQHVHPRFLRQHV\VHQVDFLRQHVLPSOLFDGDV
HQ OD DFWLYLGDG VH[XDO VDOHQ FRQ DTXpO 0H VLHQWR LQXQGDGD GH DOLYLR \ WDPELpQ GH
UHPRUGLPLHQWRV 7RGR SDUHFH VDOLU HQ H[WUDxD PH]FOD TXH PH GHMD UHIUHVFDGD \ UH
QRYDGDFRQWHQWDFRQHOPXQGR
œ(ORUJDVPRHVXQDH[SORVLyQTXHPHDFODUDODPHQWHXQDIXHU]DSURYHQLHQWH
GHWRGRPLFXHUSRTXHUHYLWDOL]DHLQVSLUD(VFRPRROHDGDVGHIXHJRFRPRVLPH
WUDQVIRUPDUD HQ XQR GH ORV ULWPRV TXH JRELHUQDQ HO XQLYHUVR FRPR VL UHFLELHUD XQ
PHQVDMHSHUVRQDODQXQFLiQGRPHTXHODYLGDHVEXHQD\EHOOD
08-(5(648(181&$(;3(5,0(17$1(/25*$602
/DVPXMHUHVTXHQXQFDKDQH[SHULPHQWDGRRUJDVPRVVHVLHQWHQDPHQXGRGH
SULPLGDV HQ H[WUHPR R GHIUDXGDGDV SXHVWR TXH OD VRFLHGDG JORULILFD WDQWR HO RU
JDVPR\UHDOPHQWHVHWUDWDGHXQJUDQSODFHUTXHQRVHGLVIUXWD(QHVWDVHFFLyQQRV
SURSRQHPRV UHFRJHU ODV PDQLIHVWDFLRQHV GH HVDV PXMHUHV \ VXJHULU TXp HV OR TXH
SXHGHQLQWHQWDUHQWDOVHQWLGR
&DVLWRGDVODVPXMHUHVTXHQRVLHQWHQHORUJDVPRGHVHDUtDQFRQRFHUHVWDVHQVDFLyQ
œ0HMX]JRPHQRVGHVHDEOHSRUHOKHFKRGHQRH[SHULPHQWDURUJDVPRVRELHQ
VHQWLUORVHQUDUDVRFDVLRQHV0HSUHJXQWRDPHQXGRVLHORUJDVPRHVHQSDUWHXQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UHVSXHVWDLQGLYLGXDOILVLROyJLFD1RFUHRUHDOPHQWHTXHODVGLIHUHQFLDVHQHVWDFXHV
WLyQ VHDQ WRGDV GH tQGROH SVLFROyJLFD 4XLVLHUD TXH QXHVWUD FXOWXUD SXVLHUD PHQRV
pQIDVLVHQHORUJDVPR\HQORVDPDQWHV¦WLJUHV§6HUtDPDVIiFLOSDUDJHQWHFRPR\R
DFHSWDUQRVDQRVRWUDVPLVPDV
œ/DPLWDGGHPLYLGDVH[XDOSDUHFHFHQWUDUVHHQODE~VTXHGDGHORUJDVPR7X
YLHURQTXHWUDQVFXUULUVLHWHDxRVDQWHVGHTXHH[SHULPHQWDUDPLSULPHURUJDVPR\
PH SDUHFH KDEHU FDtGR HQ XQD SDXWD QHJDWLYD GH IUDFDVR FRQ UHVSHFWR D HVR &DVL
QXQFD ORVWHQJR
œ-DPiVVHQWtXQRUJDVPR\QXQFDORVHQWLUp6R\IUtJLGD
œ+HOHtGRWUDEDMRVVREUH HORUJDVPR\KHRtGRKDEODUGHpOFRQVWDQWHPHQWH˜$O
JXLHQSXHGHLPDJLQDUORTXHHVVHUGDOWyQLFD\OHHUFRQVWDQWHPHQWHVREUHDUFRLULV\
PDULSRVDV"
œ(O FXHVWLRQDULR OR HQFXHQWUR ELHQ H[FHSWR HQ XQD FRVD VH KDOOD RULHQWDGR
KDFLD OD PXMHU RUJiVPLFD \ KH LGR VLQWLpQGRPH FDGD YH] PiV GHSULPLGD GHVGH HO
SULQFLSLR0HVLHQWRGHIUDXGDGD\HQYLGLRDODVPXMHUHVTXHHQFXHQWUDQDSOLFDEOHVD
VXVSHUVRQDVODVSUHJXQWDVIRUPXODGDV
œ6LHQWRODQHFHVLGDGGHKDEODUFRQRWUDVPXMHUHVVREUHWHPDVUHODFLRQDGRVFRQ
OD YLGDVH[XDOSHURHVWRUHVXOWDFDVLVLHPSUHLPSRVLEOH6LHQWRXQDJUDQSUHRFXSD
FORQSRUHOKHFKRGHQRH[SHULPHQWDURUJDVPRV\PHSUHJXQWRVLPLVDPLJDVVHHQ
IUHQWDQFRQHOPLVPRSUREOHPD0LPHMRUDPLJDHVDOWDPHQWHRUJiVPLFD\DPtPH
GDQ JDQDV GH OORUDU FXDQGR H[SOLFD DOJR SRUTXH QR SXHGR FRPSDUWLU PL SUREOHPD
FRQHOOD0HVLHQWRDJXVWRHQFRPSDxtDGHPLDPLJR\HOJLQHFyORJRSHURPHQRWR
GHVSOD]DGDHQWUHPXMHUHVSUREDEOHPHQWHSRUTXHVpTXHPXFKDVPXMHUHVWLHQHQGLIL
FXOWDGHV RUJiVPLFDV \ ORV KRPEUHV GH H[SHULHQFLD VH KDOODQ DO WDQWR GH HVWR \ GHO
KHFKR GH TXH XQD PXMHU SXHGH VHU XQD EXHQD FRPSDxHUD HQ HOOHFKR\JR]DUGHOD
UHODFLyQ VH[XDO VLQ RUJDVPR SHUR XQD PXMHU FRPR PL PHMRU DPLJD SLHQVD TXH
GHEHGHVHUXQDWRUWXUDQROOHJDUDOFOtPD[TXHHVWRKDGHVHUSDUDHOODXQDFDXVDGH
LQIHOLFLGDGGHWHQVLyQGHPDODVGLVSRVLFLRQHVFDSDFHVGHGHVWUXLUXQPDWULPRQLRR
XQDUHODFLyQDPRURVD1RSXHGRVHUPX\H[SOtFLWDHQFXDQWRDPtDODYLVWDGHWDOHV
MXLFLRV\QRVRSRUWRODFRPSDVLyQ
Ϫ'LRVPtR7HQJRODLPSUHVLyQGHTXHXQDEXHQDSDUWHGHPLVHUVHKDFHUUD
GR DWRGR&UHRTXHKD\XQSDUGHFRVDVTXHRULJLQDQHVHEORTXHRWHQLHQGRDPEDV
TXHYHUFRQPLFDEH]D8QDGHHOODVHVXQDKLVWRULDGHVDJUDGDEOHXQSDGUDVWURYLR
ODGRU\ODRWUDUDGLFDHQODIXHUWHQHFHVLGDGGHPDQWHQHUWDOFRQWUROVREUHPLFHUH
EURTXHQRSXHGRUHQGLUPHQLVLTXLHUDHQHOFDPSRGHODDFWLYLGDGVH[XDO
œ0HJXVWDUtDVHQWLUORV'LVIUXWRFRQODDFWLYLGDGVH[XDO\PHVLHQWRVDWLVIHFKD
SHURTXL]iUHVSRQGLHUDGHRWUDPDQHUDGHVDEHUORTXHPHHVWR\SHUGLHQGR
œ+H SUREDGR SRU WRGRV ORV PHGLRV SHUR QXQFD KH H[SHULPHQWDGR QLQJXQR
&UHRTXHVLVLQWLHUDHORUJDVPRPHQRWDUtDPiVVDWLVIHFKD\VDFLDGD$KRUDQXQFD
PH TXHGR FRQWHQWD FXDQGR ORV GRV KHPRV WHUPLQDGR 6LHQWR XQD JUDQ IUXVWUDFLyQ
XQD VHQVDFLyQ GH LQVHJXULGDG VLQ HOORV 1R KD\ QDGD HQ OD YLGD TXH PH FDXVH PiV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
LQIHOLFLGDG7HQJRPLVGXGDVHQORWRFDQWHDFRQWLQXDUXQLGDDPLHVSRVRWRGRSRU
FXOSDGHXQDYLGDVH[XDOQRUHJXODUL]DGDSOHQDPHQWH
œ1R PH HV SRVLEOH H[SHULPHQWDU HO RUJDVPR KDJD OR TXH KDJD \ 'LRV VDEH
FXiQWRHPSHxRKHSXHVWRHQORJUDUOR6LJRREVWLQDGDHQORPLVPRMXUDQGRDQWH'LRV
TXHDQWHVGHPRULUKHGHVHQWLUHORUJDVPRDXQTXHVRORVHDSRUXQDYH]™\DXQTXH
FXHQWHHQHVHPRPHQWRRFKHQWD\FLQFRDxRVGHHGDG
œ(VWRGHQRVHQWLUHORUJDVPRVLHPSUHPHKDSUHRFXSDGR1RWDEDTXHPHIDO
WDEDDOJRSDUDVHUFRPSOHWDVHQWtDXQLQGHILQLEOHDQKHOR3HQVDEDTXHSDUDPLHV
SRVR\RVXSRQtDXQDGHVLOXVLyQ$OPLVPRWLHPSRPHRGLDEDSURIXQGDPHQWH
œ1XQFD KH GLVIUXWDGR FRQ OD DFWLYLGDG VH[XDO SRUTXH KH HVWDGR REVHVLRQDGD
FRQODSRVLELOLGDGGHVHQWLUXQRUJDVPRGLVJXVWiQGRPHSRUHQpVLPDYH]FXDQGRKH
IUDFDVDGR
œ&RPRQRHVWR\VHJXUDGHH[SHULPHQWDURUJDVPRVpVWRVKDQDVXPLGRXQDJUDQ
LPSRUWDQFLDSDUD Pt3DUHFHVHUTXHQRORVVLHQWR\SRUHVWRPHDYHUJHQ]R7RGDYtD
GLVIUXWRFRQODDFWLYLGDGVH[XDOHQFRPSDxtDGHPLHVSRVRSHURPHJXVWDUtDWHQHU
ORV
œ1R KH H[SHULPHQWDGR XQ VROR RUJDVPR GXUDQWH PL PDWULPRQLR YHLQWLVLHWH
DxRVQLFRQORVRWURVGRV KRPEUHVFRQTXLHQHVKHWHQLGRUHODFLRQHVVH[XDOHVDSDUWH
QL PDULGR 5HFXHUGR XQD H[SHULHQFLD GH FXDQGR \R FRQWDED FDWRUFH R TXLQFH DxRV
KDOOiQGRPHHQXQFLQH$MX]JDUSRUODVGHVFULSFLRQHVTXHKHOHtGRFUHRTXHHQWRQ
FHVVHQWtXQRUJDVPRVXDYH)XH XQDVHQVDFLyQPX\FiOLGDQRWpTXHODVSLHUQDVPH
IODTXHDEDQ DSDUWH XQD PX\ DJUDGDEOH FRPH]yQ HQ OD ]RQD S~ELFD (V FXDQGR PiV
FHUFDHVWXYH0HKHPDVWXUEDGRRFDVLRQDOPHQWHSHURQXQFDSDVDQDGD1RWHQJROD
PHQRULGHDDFHUFDGHTXpHVORTXHSRGUtDKDFHUPHUHVSRQGHU%LHQVDEH'LRVTXHOR
KH SUREDGR WRGR FRQ OD H[FHSFLyQ GHO FRLWR DQDO &UHR TXH WRGDYtD H[LVWH DOJXQD
SRVLELOLGDGSDUDPtSHURTXHPHDVSHQVLDFLHUWRDORFDOL]DUTXpHVORTXHQRYD3RU
RWUDSDUWHQRGLVSRQJRGHGLQHURSDUDYLVLWDUXQD FOtQLFDVH[XDO
œ(OKHFKRGHQRVHQWLURUJDVPRVPHLQKLEHHVWRHQJHQHUDOKDFHGHVGLFKDGDV
PLVUHODFLRQHVFRQORVKRPEUHV˜6R\\RVRODDVt"4XLHURVDEHUFXDOHVPLUHDOSR
VLFLyQ\GHVHRVHURtGDSRUTXHFLHUWDPHQWHQRPHDYHUJHQ]RGHQLQJ~QDVSHFWRGH
PtPLVPDQLGHPLVVHQWLPLHQWRV
œ0LDPDQWHXQDPXMHUUHFLELyWDPELpQHOFXHVWLRQDULR\FXDQGROHSUHJXQWp
VL LED D FXPSOLPHQWDUOR PH FRQWHVWy TXH GHVSXpV GH KDEHU OHtGR OD 3DUWH , UH
QXQFLDQGRDHOOR+DEtDOHFKRFDGRSRUTXHSDUHFtDFHQWUDUVHHQHORUJDVPR\HOODQR
KDEtDHVWDGRQXQFDVHJXUDGHVHQWLUORV<RFUHRTXHVtORVVLHQWH9HUGDGHUDPHQWH
OOHJD D XQ SXQWR Pi[LPR GH H[FLWDFLyQ \ FRQRFH OXHJR HO DOLYLRDXQTXHVLQPRYL
PLHQWRVFRQYXOVLYRV0HFRPXQLFyTXHQRHVWDEDGLVSXHVWDDH[SOLFDUORTXHVHQWtD
\QRORJUHFRQYHQFHUODGHTXHQRSURFHGLHUDDVtVXJLULHQGRGHSDVRTXHRWUDVPX
MHUHVSRGtDQDEULJDUFRQIXVLRQHVFRQUHVSHFWRDORUJDVPR$xDGLyTXHVREUHHOWHPD
VHPDQWHQtDDODGHIHQVLYDSRUFDXVDGHOFXHVWLRQDULR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ9LYRHQEXHQDDPLVWDGFRQPLHVSRVRKRPEUHGHVHVHQWD\VHLVDxRVGHHGDG
<RHVWR\ORKHHVWDGRVLHPSUHVH[XDOPHQWHDQHVWHVLDGD\FUHRTXHVLHPSUHORHV
WDUp 'LVIUXWR FRQ OD UHODFLyQ VH[XDO SVLFROyJLFD SUR[LPLGDG LQWLPLGDG VHQWLUPH
IHPHQLQDVDWLVIDFFLyQGHODVQHFHVLGDGHVPDVFXOLQDVHWFSHURQRGLVSRQJRGHPH
GLRVSDUDVDEHUFyPRHVODDFWLYLGDGVH[XDOFRQRUJDVPRDILQGHHVWDEOHFHUFRPSD
UDFLRQHV0HVLHQWRHQH[WUHPR~QLFDVH[XDOPHQWHDLVODGD\GLVJXVWDGD
œ$ YHFHV PH VLHQWR SVLFROyJLFDPHQWH LQDGHFXDGD SRUTXH HV \D HYLGHQWH TXH
ODV PXMHUHV PRGHUQDV ODV PXMHUHV OLEHUDGDV H[SHULPHQWDQ RUJDVPRV FDVL VLHPSUH
HQWDQWRTXH\RDOSDUHFHUQRQHFHVLWR VHQWLUORV3UREDEOHPHQWHPLLPSXOVRVH[XDO
HVPX\GpELOQRREVWDQWHUHVLHQWRODSUHVLyQTXHVHHMHUFHVREUHPt\RWUDVPXMHUHV
FRQPRWLYRGHHVHWHPD&DGDYH]TXHOHRXQWUDEDMRHQHOTXHVHDILUPDTXH0DVWHUV
\-RKQVRQXRWURVLQYHVWLJDGRUHVKDQGHVFXELHUWRTXHHO;SRUFLHQWRGHODVPXMHUHV
FDVL VLHPSUH H[SHULPHQWD RUJDVPRV PH VLHQWR SVLFROyJLFDPHQWH LQDGHFXDGD 3HUR
H[FHSWRFXDQGROHHDOJRVREUHODVHVSHUDQ]DVSXHVWDVHQODVDFWXDFLRQHVVH[XDOHVGH
ODVPXMHUHVPHFRQVLGHURFRPSOHWDPHQWHVDWLVIHFKDGHPLYLGDVH[XDO
6RODPHQWHGRVPXMHUHVGLHURQODLPSUHVLyQGHQRFRQFHGHULPSRUWDQFLDDORU
JDVPR
œ1RPHVLHQWRLQWHUHVDGDKDVWDHOSXQWRGHLQVLVWLUHQHOWHPDGHWRGRVPRGRV
QRHVGHPDVLDGRLPSRUWDQWH
œ+HGHFRQVLGHUDUHQHVWHSXQWRPHSDUHFHDPtTXHTXL]i\RQRVHDPX\RU
JiVPLFDVLPSOHPHQWH\GHHVWRQDGLHWLHQHODFXOSDLQFOX\HQGRDPLHVSRVR
8QD PXMHU TXH QXQFD H[SHULPHQWy HO RUJDVPR GDED XQD GHVFULSFLyQ GH VXV
VHQVDFLRQHVGXUDQWHODUHODFLyQVH[XDOFRQVXHVSRVR
œ$OSULQFLSLRHQHOFXUVRGHORVHVFDUFHRVSUHOLPLQDUHVUHVXOWDDJUDGDEOHSHUR
DYHFHVQRVHSHUFLEHQLQJXQDVHQVDFLyQH[FHSWRODGHOIURWH2GLRHVWR0HVLHQWR
GHUURWDGD(QXQSDUGHRFDVLRQHVDOH[FLWDUPHPiVVLHQWRFRPRGHVHRVGHRULQDU
(VFRPRXQSR]RTXHVHGHVERUGDUD0iVWDUGHQRWRFRPRVLVXFHGLHUDDOJRHQPL
FXHUSR3HURQRHVWR\VLHPSUHSHQGLHQWHGH HOORDYHFHVVLHQWRXQDHVSHFLHGHSH
TXHxR GRORU 6ROtD QR VHQWLU QDGD R ELHQ XQ GRORU TXH VH LED KDFLHQGR PX\ IXHUWH
8QDVHQVDFLyQJUDWDHVODGHVHUDEUD]DGDSRUPLHVSRVRDOWLHPSRTXH \ROHDEUD]R
2WUDVPXMHUHVQRHVWDEDQVHJXUDVGHKDEHUVHQWLGRRQRHORUJDVPR
œ'XUDQWH ODUJR WLHPSR QR VXSH VL ORV H[SHULPHQWDED SRU FXOSD GH ORV PLWRV
YHUEDOHVGHTXHKDQVLGRURGHDGRV\SRUFDUHFHUGHHOHPHQWRVGHFRPSDUDFLyQFRQ
ODVVHQVDFLRQHVUHYHODGDVSRURWUDVPXMHUHV
œ+DEODQGRFRQVLQFHULGDGGLUpTXH QRHVWR\UHDOPHQWHVHJXUD+HOHtGR\RtGR
PXFKDV GHVFULSFLRQHV \ MXLFLRV VREUH OD QDWXUDOH]D GHO RUJDVPR \ ODV VHQVDFLRQHV
TXHSURGXFH6ROtDHVWDUWHUULEOHPHQWHSUHRFXSDGDSRUTXHQRFUHtDTXHSXGLHUDH[SH
ULPHQWDUXQR(VSHUDEDTXHPHVXFHGLHUDDOJRUHDOPHQWHH[FLWDQWH\GLQiPLFR¥\D
VH VDEH OXFHV GHVOXPEUDQWHV UHOiPSDJRV SVLFRGpOLFRV¥ SHUR QXQFD KXER QDGD GH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HVR$GHPiVKDEtDOHtGRFUHRTXHHQHOOLEURGHOGRFWRU5HXEHQTXHODHVSDOGDGH
XQDVHDUTXHDED\TXHVHSURGXFtDQXQDVYLEUDFLRQHVLQFRQWURODEOHVHQOD]RQDYDJL
QDO7DPSRFRVHQWtQXQFDQDGDGHHVRDVtTXHHQRFDVLRQHVILQJtDWDOHVFRVDVOOH
JDQGRFDVLDWRPDUODVSRUUHDOHV$KRUDPHGLJRORTXHVHDVRQDUi1RUPDOPHQWH
HVPX\DJUDGDEOHSHUR\RQRVpVLVHWUDWDGHXQRUJDVPR(QWRGRPRPHQWRVpOR
TXHHVWR\KDFLHQGR\VLHPSUHFRQWURORPLVIDFXOWDGHV
œ/OHJR D HVWDU PX\ KXPHGHFLGD OXHJR HPSLH]R D TXHGDUPH VHFD 1RVpTXp
HVXQRUJDVPR RFDVLRQDOPHQWHPHVLHQWROLJHUDPHQWHGHVGLFKDGDRIUXVWUDGDWUDVOD
UHODFLyQVH[XDOSHURVLVHGDHOIHQyPHQRGHODKXPHGDGVHTXHGDGPHQRWRVLHPSUH
FDQVDGDUHODMDGD\FRQWHQWD˜(VHVWRXQRUJDVPR"
œ$ORODUJRGHHVWHFXHVWLRQDULRWRGDVODVSUHJXQWDVUHIHUHQWHVDORUJDVPRUH
SUHVHQWDQ SDUD Pt XQDHVSHFLHGHHQLJPD1RVpFRQVHJXULGDGTXpHV SHURVLFRQ
HVD SDODEUD VH DOXGH D OD DJUDGDEOH VHQVDFLyQ GH VHU DPDGD DXQ FXDQGR OD PHQWH
DYLVHTXHVHWUDWDGHXQHSLVRGLRGHXQDVRODQRFKHHQWRQFHVFUHRTXHVpORTXHHV
PDVQXQFDREVHUYpHQPtVHQVDFLRQHVGHKRUPLJXHRRYLEUDFLRQHVHWF6LHPSUHPH
UHVHUYRPXFKRDXQFXDQGRPHHVWpGLULJLHQGRDXQWLSRVHQVXDO˜4XLHUHHVWRGH
FLU TXH VLHQWR HO RUJDVPR FRQ ODV URSDV SXHVWDV \ VLQ FRQWDFWRV FRUSRUDOHV" ™2K
ELHQ(VWRHVDJUDGDEOH
œ1RORVp$KRUDELHQKHRtGRGHFLUTXHVLXQDQRHVWiVHJXUD HVTXHQRKD
VHQWLGRMDPiVQLQJXQR
/DPDVWXUEDFLyQFRQVWLWX\HHOPHMRUFDPLQRSDUDDSUHQGHUDVHQWLUHORUJDVPR
8Q PHGLR GH D\XGDU D ODV PXMHUHV D DSUHQGHU FyPR WHQHU XQ RUJDVPR HV OD
PDVWXUEDFLyQ(QHOSUHVHQWHHVWXGLRHOSRUFHQWDMHGHPXMHUHVTXH QRVLQWLHURQQXQ
FDHORUJDVPRHUDFLQFRYHFHVPiVHOHYDGRHQWUHODVPXMHUHVTXHQXQFDVHPDVWXUED
EDQTXHHQHOUHVWRGHODVPXMHUHV8QGHODVPXMHUHVGHHVWHHVWXGLRQXQFD
FRQRFLyHORUJDVPR\ODPD\RUtDGHHOODVWDPSRFRMDPiVVHPDVWXUER
'HVGHOXHJRHVWRVyORSXHGHVLJQLILFDUTXHVLVHVLHQWHQ VXILFLHQWHPHQWHOLEUHV
SDUD WRFDUVH D Vt PLVPDV WDPELpQ VH VHQWLUtDQ FRQ OLEHUWDG SDUD PDVWXUEDUVH DVt
DSUHQGHQDWHQHURUJDVPRV6LXQDPXMHUQRVHKDPDVWXUEDGRQXQFDSRUTXHOHGLV
JXVWDODVRODLGHDGHSHQVDUORVHQLHJDSRUHOORLQFOXVRDLQWHQWDUORHOœWUDWDPLHQWR
LPSOLFDUtDHQHVHFDVRKDFHUODVXSHUDUHVWDPHQWDOLGDG
+XER DOJXQDVPXMHUHVTXHQXQFDH[SHULPHQWDURQHORUJDVPRSHURTXHVtVHPDV
WXUEDQVLELHQQROOHJDQDORUJDVPR
6HKDFDOFXODGRTXHDSUR[LPDGDPHQWHHOGHODVPXMHUHVGHODSREODFLyQHVWDGRXQLGHQVHQRVLHQWHHO
RUJDVPR6HJ~Q0DVWHUV\-RQVRQHOGHODVPXMHUHVGHVXHVWXGLRTXHQXQFDVHPDVWXUEDURQWDPSRFR
VLQWLHURQHORUJDVPRSRUQLQJ~QRWURPHGLR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H JXVWD OD PDVWXUEDFLyQ PLHQWUDV PH KDOOR HQWUHJDGD D HOOD SHUR GHVSXpV
HVWR\GLVJXVWDGDSRUKDEHUORKHFKR1RSXHGRVREUHSRQHUPHDODVFRVDVTXHPHHQ
VHxDURQPLVSDGUHVVREUHORVPDOHVGHODPDVWXUEDFLyQ$QWHVVROtDKDFHUORXQDYH]
RGRVSRUPHVSHURVRODPHQWHODKHSUDFWLFDGRHQXQDRFDVLyQGHVGHTXHPHFDVp
0DVWXUEiQGRPHPHKHHQFRQWUDGRPiVFHUFDTXHQXQFDGHORUJDVPRSHURQXQFDKH
WHQLGRQLQJXQR(VPiVLQWHQVRDVRODVSRUTXHPHVHQWLUtDLQFyPRGDKDFLpQGRORFRQ
DOJXLHQGHODQWHDXQTXHIXHVHPLPDULGR+HYLVWRDPLPDULGRPDVWXUEiQGRVHSHUR
pOQRORVDEH
œ(PSLH]RMXJDQGRFRQPLVVHQRV<DHQPDUFKDFRPLHQ]RDMXJDUFRQPLFOt
WRULVSHURVLQGHMDUGHMXJDUFRQPLVVHQRV&RORFRPLGHGRFRUD]yQHQODYDJLQD\
ORPXHYRKDFLDGHODQWH\KDFLDDWUiVFRPRSRGUtDKDFHUORXQSHQH$OPLVPRWLHP
SRXWLOL]RPLSXOJDUSDUDSUHVLRQDUHOFOtWRULV\IURWDUVXVDOUHGHGRUHV/DSUHVLyQ\
HOIURWHKDQGHVHUHQpUJLFRVSDUDSHUFLELUXQDVHQVDFLyQHQHOFOtWRULV0DQWHQJRODV
SLHUQDVDELHUWDV\QRPHPXHYRPXFKR0HTXHGRWHQGLGDHQVLOHQFLRJR]DQGRSH
VHDTXHQRKHVHQWLGRMDPiVXQRUJDVPRWRGDYtD
œ8QD YH] PH KH TXLWDGRODVURSDVPHJXVWDVHQWLUPLFXHUSR3RFDVYHFHVHO
WRFDUPHPHH[FLWDORVXILFLHQWHFRPRSDUDPDVWXUEDUPH&XDQGRPHPDVWXUERFRQ
WLQ~RWRFDQGRPLFXHUSRSHURFRQFHQWUiQGRPHHQORVVHQRV/RVVLHQWRORVDFDULFLR
OHV GR\ PDVDMH HWFpWHUD <D PX\ H[FLWDGD FRQFHQWUR PL DFWLYLGDG HQ ORV SH]RQHV
DFDULFLiQGRORFRQODV\HPDVGHORVGHGRV6LJRWRFiQGRPHHOFXHUSRHQJHQHUDOSH
URQRPHFRQFHQWUR HQHVWRFRPRORKDJRFRQPLVVHQRV(OORQRPHFRQGXFHDORU
JDVPRQXQFDGHVGHOXHJRSXHVWRTXHQXQFDORVKHWHQLGRQLHVSHURWHQHUORV
œ(Q ODV UDUDV RFDVLRQHV HQTXHPHPDVWXUERXWLOL]RXQDPDQRSDUDHVWLPXODU
VXDYHPHQWH HO FOtWRULV DFDULFLiQGROR 7RGR HV PiV LQWHQVR VL PDQWHQJR ODV SLHUQDV
DELHUWDV SHUR VHUtD H[DJHUDGR VL FDOLILFDUD HVWR GH H[FLWDQWH &XDQGR FRQWDED VHLV
DxRVGHHGDGPHPDVWXUEDEDPRQWDQGRDFDEDOORVREUHXQDVLOODWDSL]DGDHQHOGRU
PLWRULRGHPLPDGUHKDFLHQGRIURWHVHQpUJLFRVHQVHQWLGRDVFHQGHQWH\GHVFHQGHQ
WH(QRFDVLRQHVGDEDSHTXHxRVVDOWRVQRPHPROHVWDEDHQFHUUDUODSXHUWDGHOFXDU
WR1XQFDVHPHRFXUULyKDFHUOR&XDQGRIXLGHVFXELHUWDSRUPLPDGUHHOODVLP
SOHPHQWHPHLQGLFRTXHQRGHEtDSURFHGHUDVtVXELUVHDORVPXHEOHVHVWDEDSURKL
ELGR'HVSXpVGHDTXHOORVtFHUUDEDODSXHUWDLQWHQWDQGRDFRUGDUPHGHSUHVWDUDWHQ
FLyQSRUVLYHQtD-DPiVYROYLyDVRUSUHQGHUPHSHURVHGHVHPEDUD]RGHODVLOODFRQ
JUDQSHVDUSRUPLSDUWH™(OEDODQFtQTXHODVXVWLWX\yQRPHVHUYtD/XHJRHQFRQWUp
XQPXHEOHVHPHMDQWHDOSULPHURHQHOFXDUWRGHHVWDUSHURHUDGHPDVLDGRSHTXHxR\
ORVGRVDFDEDPRVHQHOVXHORHQYDULDVRFDVLRQHV
œ+HHVWDGRKDFLHQGRSUXHEDVSHURQRUPDOPHQWHLPDJLQDQGRDPLPHMRUDPDQ
WH\TXHPLVPDQRVVRQODVVX\DV\DFDULFLRPLFXHUSRFRPRpOSRGUtDKDFHUORUH
YROFiQGRPH\DFDULFLDQGROLJHUDPHQWHPLVVHQRV&RQUHVSHFWRDPLYDJLQDXWLOL]R
GLIHUHQWHV PRYLPLHQWRV WRTXHV VXFHVLYRV GHVSOD]DPLHQWRV FLUFXODUHV SUHVLRQHV
DEDQGRQRVDOWHUQDGRV\IURWHVDVFHQGHQWHV\GHVFHQGHQWHVPLHQWUDVGHMRXQDPDQR
OLEUHSDUDDFDULFLDUPHORVVHQRV/DVFDUDVLQWHULRUHVGHORVPXVORVPHSDUHFHQPX\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHQVLEOHV +DELWXDOPHQWH DEUR ODV SLHUQDV \ PXHYR ODV FDGHUDV UtWPLFDPHQWH +H
HVWDGR SHQVDQGR HQ XWLOL]DU XQ YLEUDGRU D PRGR GH D\XGD FRQ REMHWR GH OOHJDU D
XQRVRUJDVPRVPDVFRQVLVWHQWHV
œ1RKHOOHJDGRDH[SHULPHQWDUDJUDGDEOHVVHQVDFLRQHVFRQODPDQLSXODFLyQGH
PL]RQDYDJLQDO&RPR\DKHGLFKRWRGDYtDQRKHHQFRQWUDGRPLFOtWRULVQLWDPSR
FRPLFRPSDxHUR0HJXVWDODFDULFLDGHODJXDFDOLHQWHGHODGXFKDDOFDHUVREUHPL
]RQDS~ELFD\UHFWDO
œÁOWLPDPHQWHKHHVWDGRFRQVLGHUDQGRHVWDFXHVWLyQPiVDWHQWDPHQWHTXHQXQ
FDD ORODUJRGHPLYLGD&UHRWURSH]DUFRQXQDGLILFXOWDGLQVDOYDEOH\DTXHFXDQGR
HPSLH]R D VHQWLUPH PX\ H[FLWDGD \ VR\ FRQVFLHQWH GH OD LQPLQHQFLD GHO RUJDVPR
VLHPSUH PH SDUR +H SHQVDGR HQ KDFHUPH FRQ XQ YLEUDGRU SDUD YHU VL SXHGR WHQHU
p[LWRPHGLDQWHWDOPpWRGR
œ1XQFDPHKHPDVWXUEDGRSRUSODFHUVH[XDO$YHFHVPHKHDFDULFLDGRORVVH
QRV SUHJXQWiQGRPHTXpSHQVDEDQORVKRPEUHVGHHOORVSHURGHDKtQRKHSDVDGRHQ
HOFDPSRGHODPDVWXUEDFLyQ
œ5DUDVYHFHVORKDJR\VRODPHQWHSDUDYHUVLPLVSDUWHVFRQWLQ~DQIXQFLRQDQ
GR1RHVDVt-DPiVRFXUUHQDGD3RGUtDFRQWLQXDUHQHOPLVPRSODQ GXUDQWHKRUDV
HQWHUDV\TXHGDUVyORFDQVDGD1RGLVFXWRHODVXQWR&XDQGRPLHVSRVRPHSUHJXQWD
VLPHPDVWXUERQXQFDOHGR\XQDUHVSXHVWDGLUHFWD
œ&RPSUHQGR TXH GHER GH KDEHUPH PDVWXUEDGR SHURLJQRURUHDOPHQWHORTXH
HOOR HQWUDxD (VWDQGR VROD XQD FRVD TXH PH SURSRUFLRQD PXFKR SODFHU HV YHUPH
DGRUQiQGRPH FRQ EDQGDV GH WHOD FRORFDGDV VREUH PLV VHQRV \ RWUDV SDUWHV GH PL
FXHUSR\IRWRJUDILiQGRPHGHVQXGD7DPELpQPHDJUDGDHVWLPXODUPLVVHQRVGHODQWH
GHOHVSHMRGHSLH
œ(Q RFDVLRQHV GHVSXpV GHO FRLWR IULFFLRQRGHVGHHOFOtWRULVKDVWDHOUHFWRGH
XQDIRUPDFLUFXODUFRQODVSLHUQDVPX\DELHUWDV$PHQXGRHQWURHQXQDHVSHFLHGH
IUHQHVtSHURQRSXHGRVHQWLUHORUJDVPRKDJDORTXHKDJD
œ0HPDVWXUERGRVRWUHVYHFHVDOGtD8WLOL]RORVGHGRVKDELWXDOPHQWHSUHVLR
QRFRQHOGHGRFRUD]yQHOWDOORGHOFOtWRULVDOWHUQDWLYDPHQWH\GHXQPRGRPX\Ui
SLGRDSOLFRSUHVLyQ\ODTXLWR(OHIHFWRFDXVDGRVHDVHPHMDDOTXHSRGUtDSURGXFLU
XQYLEUDGRU0DQWHQJRODVSLHUQDVPX\MXQWDVFRPSULPLHQGRODXQDFRQWUDRWUD$
YHFHVODRWUDPDQRDFDULFLDORVSHTXHxRVODELRVRLQVHUWDXQGHGRHQHODQRYLROHQ
WDPHQWH HQ RFDVLRQHV 3HUR QRUPDOPHQWH DO OOHJDU D HVWH SXQWR HQWUDQ HQ MXHJR
PLVFRPSOHMRVGHVLHPSUHSRUORFXDOQXQFDOOHJRDORUJDVPR
œ0HDJUDGDODPDVWXUEDFLyQ™SHURPHVLHQWRULGtFXOD3RUHVRDSHQDVORKDJR
1XQFDPHKDOOHYDGRDORUJDVPRRWUDFDXVDGHPLUHQXQFLD$YHFHVVLQHPEDUJR
PHSRQJRFDOLHQWHHVWDQGRVROD\ORKDJRLJXDOPHQWH1XQFDKHKHFKRSUXHEDDOJXQD
FRQXQYLEUDGRU3UREDEOHPHQWHKDEUtDKHFKRXQHQVD\RFRQpVWHGHGLVSRQHUGHOD
RSRUWXQLGDG QHFHVDULD 6LHQGR PiV MRYHQ VROtD IURWDUPH FRQ WRGD OD PDQR OD ]RQD
JHQLWDOPDQWHQLHQGRODVSLHUQDVPiVRPHQRVMXQWDVVLQPRYHUPHPXFKRVLQWLpQ
GRPHUHDOPHQWHHVW~SLGD$KRUDXWLOL]RGRVGHGRVFRQORVTXHIURWRDVFHQGLHQGR\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHVFHQGLHQGRXQR\RWURODGRGHPLFOtWRULV\ODVSRUFLRQHVLQWHULRUHVGHORVODELRV
&RORFR VLHPSUH ODV SLHUQDV PX\ DELHUWDV ™(O KHFKR GH VHSDUDUODV PH KDFH VHQWLU
VH[\0HPXHYRPXFKtVLPRPHGHVSOD]R DXQODGR\RWURGHOOHFKRKDJRH[WUD
xRVUXLGRV™<PHVLHQWRULGtFXOD
œ1XQFD H[SHULPHQWp QLQJ~Q RUJDVPR SHUR PH JXVWDUtD OD UHODFLyQ VH[XDO HV
LPSRUWDQWH SRU VHUXQDFRVDPX\DJUDGDEOH\SRUTXHHVXQDIRUPDPX\ERQLWDGH
HVWDUFHUFDGHRWURVHU1XQFDPHKDSUHRFXSDGRGHPDVLDGRQRWHQHURUJDVPRSULQ
FLSDOPHQWHSRUTXHQRVHTXpSRGUtDKDFHUSDUDOOHJDUDpODVtTXHDFHSWRODVFRVDV
WDOFRPRHVWiQ
œ&RPR PiV PH JXVWD OD PDVWXUEDFLyQ HV FRQ XQ YLEUDGRU /R XWLOL]R GHVFUL
ELHQGRXQPRYLPLHQWRFLUFXODUVXDYHDOUHGHGRUGHWRGRHOYHVWtEXOR0HDJUDGDDV
FHQGHU\GHVFHQGHUSRUORVODGRVOHQWDPHQWH7DPELpQPHJXVWDSUHVLRQDUFRQIXHU]D
HOKXHVRS~ELFR\DVLPLVPRGLUHFWDPHQWHHOFOtWRULVDYHFHV0HVLHQWRWDQH[FL
WDGDTXHQRSXHGRVRVWHQHUHOYLEUDGRUVREUHPLSLHOSHURQROOHJR+DELWXDOPHQWH
WHUPLQRFRQXQDHVSHFLHGHUHWRUFLPLHQWRV\VDFXGLGDVWDQIUHQpWLFRVTXH\DQRPH
HV SRVLEOH FRQVHUYDU HO YLEUDGRU HQ PLV PDQRV SHUR QR OOHJR /R PLVPR RFXUUH
FXDQGRPHPDVWXUER(QDOJXQDVRFDVLRQHVPHYDOJRGHODSDOPDGHODPDQRHQXQ
PRYLPLHQWRFLUFXODUHVWLUDQGRODSLHOGHORVDOUHGHGRUHV/DVHQVDFLyQHVWDQLQWHQVD
TXH QR SXHGR VHJXLU KDFLpQGROR ™SHUR VLJR VLQ OOHJDU 1R KH SUDFWLFDGR PXFKR OD
PDVWXUEDFLyQFRQRWUDVSHUVRQDVSDUDVDEHUVLHOODVSRGUtDQKDFHUPHOOHJDU0DQWHQ
JRODVSLHUQDVDELHUWDV\FRUULHQWHPHQWHPHWLHQGRGHMDQGRTXLHWD\FRPRDEDQGR
QDGDODRWUDPDQR
˜'yQGHKD\TXHHVWLPXODUVH"
(QODGRFWRUD+HOHQD:ULJKWHVFULELyXQOLEURHQFX\DVSiJLQDVVHRIUH
FHQLQVWUXFFLRQHVWRGDYtDYiOLGDVSDUDTXHXQDPXMHUVHIDPLOLDULFHFRQVXDQDWRPtD
œ(QFLpQGDVH XQD EXHQD OX] FyMDVH XQ HVSHMR \ GHGtTXHVH D LGHQWLILFDU WRGDV
OHV SDUWHV GHVFULWDV 3DUD ORFDOL]DU HO FOtWRULV ORV PXVORV GHEHQ HVWDUPX\VHSDUD
GRVORJUiQGRVHDVtXQDFyPRGDYLVLyQ/XHJRVLFRQORVGHGRVVHPDQWLHQHQDELHU
WRVORVODELRVPD\RUHVVHYHUDXQDFXELHUWDGRWDGDGHXQDPHPEUDQDPXFRVDGH
QWURGHOH[WUHPRIURQWDOGHOHVSDFLRTXHKD\HQWUHGLFKRVODELRVPD\RUHV/DFXELHU
WDSXHGHVHUHVWLUDGDKDFLDDWUiVVXDYHPHQWHFRQODV\HPDVGHORVGHGRV\GHQWURVH
ORFDOL]DUiXQFXHUSRSHTXHxROLVR\UHGRQGHDGRDYHFHVGHtQILPRWDPDxRDSH
QDV YLVLEOH TXH EULOOD OLJHUDPHQWH EDMR XQD EXHQD OX] (V HO FOtWRULV 6X UDt] YD
KDFLDDUULEDSRUGHEDMRGHODFXELHUWDRFDSXFKyQ\ODXQLyQGHORVODELRVPD\RUHV
\ VH H[WLHQGH D OR ODUJR GH XQRV YHLQWLFLQFR PLOtPHWURV /RV GRV ODELRV LQWHULRUHV
FRPLHQ]DQHQODOtQHDPHGLDMXQWRVH[DFWDPHQWHEDMRHOFOtWRULVH[WHQGLpQGRVHHQ
VHQWLGRGHVFHQGHQWH\KDFLDDWUiVDFDGDODGRGHOHVSDFLROLVRGHOFHQWURGHVYDQH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FLpQGRVHILQDOPHQWHFHUFDGHODSDUWHPHGLDGHODDEHUWXUDHQIRUPDGHDQLOORTXH
FRQVWLWX\HODHQWUDGDGHODYDJLQD
&XDQGRWRGDVODVSDUWHVH[WHUQDVGHOHTXLSRVH[XDOKD\DQVLGRFXLGDGRVDPHQ
WHLGHQWLILFDGDVHQVX WRWDOLGDGHVQHFHVDULRFRPSUREDUGLUHFWDPHQWHVLHVFLHUWDOD
DILUPDFLyQGHTXHHOFOtWRULVSRVHHXQWLSRGHVHQVLELOLGDGLJXDO3DUDHOORHVPHMRU
YDOHUVHGHDOJRTXHQRVHDHOGHGRGHODSURSLHWDULDSRUTXHQDWXUDOPHQWHOD\HPD
GHpVWHHVHQVtPLVPDVHQVLEOHDOWDFWR\GHVHUXWLOL]DGDSRGUtDKDEHUFRQIXVLyQGH
HIHFWRHQWUHDTXpO\ODSDUWHWRFDGD3XHGHVHUYLUSDUDWDOSURSyVLWRFXDOTXLHUSH
TXHxRREMHWRGHVXSHUILFLHOLVDXQOiSL]VLQDILODURHOPDQJRGHXQFHSLOORGHGLHQ
WHV SRU HMHPSOR (O SURFHGLPLHQWR D VHJXLU FRQVLVWH HQ OD FRPSDUDFLyQ GH UHV
SXHVWDVPHGLDQWHXQOLJHUtVLPRWRTXH8QDPDQRVHSDUDORVODELRVH[WHUQRVVLQWR
FDUORVLQWHUQRV\ODRWUDPDQRTXHVRVWLHQHHOREMHWRHOHJLGRWRFDSULPHUDPHQWHXQ
ODELRLQWHUQR\OXHJRHORWUR \ILQDOPHQWHHOFOtWRULVDWUDYpVGHVXFXELHUWDRSRU
GHEDMRGHHOOD6LVHVLJXHQORVPRYLPLHQWRVGHODPDQRHQHOHVSHMRHVIiFLO HIHF
WXDU ORV WRTXHV FRQ SUHFLVLyQ HQ ORV SXQWRV FRQYHQLHQWHV SHUR VLQ DTXpO \ VLQ XQD
EXHQD OX] HVWR HQFLHUUD GLILFXOWDGHV \D TXH XQD PXMHU LQH[SHUWD FDUHFH SUiFWLFD
PHQWHGHVHQWLGRHQFXDQWRDODSRVLFLyQSUHFLVDVLLQWHQWDYDOHUVHGHXQGHGRQR
JXLDGRSRUVXVRMRV(OHIHFWRREVHUYDGRHVTXHHQHOLQVWDQWHHQTXHHOFOtWRULVHV
WRFDGRVHSURGXFHXQDSHFXOLDU\FDUDFWHUtVWLFDVHQVDFLyQGLVWLQWDHVHQFLDOPHQWHGH
ODVSURGXFLGDVSRUORVWRTXHVHQORVODELRVXRWURVSXQWRV
7DOH[SHULHQFLDKDGHH[SHULPHQWDUVHQRSXHGHVHUGHVFULWDFRQSDODEUDV 
4XL]iVHDLPSRUWDQWHGHFLUDTXtDOJRDFHUFDGHORTXHODPD\RUtDGHODVPXMH
UHVTXLHUHQVLJQLILFDUDOGHFLUTXHHVWLPXODQVXFOtWRULV(QODPD\RUSDUWHGHORVFD
VRVQRSUHWHQGHQLQGLFDUTXHORHVWLPXODQGLUHFWDPHQWH/DFLWDDQWHULRUKDVLGRWUDt
GDDFRODFLyQEiVLFDPHQWHFRQHOSURSyVLWRGHTXHFDGDPXMHUVHIDPLOLDULFHFRQVX
SURSLD DQDWRPtD /R TXH RFXUUH SDUD OD PD\RUtD GH PXMHUHV HV TXH WDQWHDQ WRGD OD
]RQD FOLWyULFD KDVWD GDU FRQXQSXQWRTXHSURSRUFLRQDXQDVHQVDFLyQDJUDGDEOH\
UHDOPHQWHWDOVHQVDFLyQHVHVWLPXODGDSRUHOPRYLPLHQWRGHODPDQRGHORVGHGRV
RFXDOTXLHURWUDFRVD\VHORFDOL]DEDMR ODVXSHUILFLHGHODSLHO$OJXQDVPXMHUHVOR
GHVFULELHURQDVt
œ(V FXHVWLyQ GH H[SORUDFLyQ GHO SURSLR FXHUSR VH GD FRQ XQ SXQWR TXH ¦UHV
SRQGH§\XQDVLPSOHPHQWHORH[SORWD
œ$O SULQFLSLR PH OLPLWR D LQVSHFFLRQDU WRGD OD ]RQD FOLWyULFD EXVFDQGR XQ
EXHQSXQWR/XHJRHVWLPXORHOPLVPRGLUHFWDPHQWH
œ3DUHFHTXHDOJR¦SUHQGDIXHJR§XQRVPLOtPHWURVGHQWURGHPtRGHWUiVGHOD
]RQDGHOPRQWHGH9HQXV8QRVPLOtPHWURVSRUGHQWURGHOFOtWRULV
œ3URYLHQHGLUHFWDPHQWHGHGHEDMR GHPtFOtWRULV
œ&XDQGRHOULWPR\ODSUHVLyQVRQFRUUHFWRVHOSXQWRVHQVLEOHVHGHVWDFDVLHP
SUH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VFRPRFXDQGRDOJXLHQQRVUDVFDODHVSDOGD6DEHVHOSXQWRDGRQGHTXLH
UHVTXHVHGHVSODFHQ\PXHYHVORVP~VFXORVGHHQWRPRSRQHVODHVSDOGDGHIRUPD
TXHSXHGDVVHQWLUODIULFFLyQHQODIRUPDySWLPD\WHQVDVORVP~VFXORVSDUDVHQWLUOD
PHMRU(VORTXHKDJRFRQPLVSLHUQDV
3DUDH[SOLFDUORGHRWURPRGRDPHGLGDTXHSURVLJXHODHVWLPXODFLyQJHQHUDO
ORFRUULHQWHHVTXHHPSLHFHDGHVWDFDUVHXQSXQWRFRPRHOIRFRGHODVHQVDFLyQXQD
VHQVDFLyQ FDVL DUGLHQWHTXHVHLQWHQVLILFD\DSDJDFRQORVFRQWDFWRV\HQWRQFHVVH
KDFHQHVIXHU]RVSRUHVWDEOHFHUXQFRQWDFWRWRWDOPiVODUJR FRQGLFKRSXQWR(QWRQ
FHVHOVXMHWRDMXVWDVXVPRYLPLHQWRVSDUDDVHJXUDUVHODFRQWLQXLGDGGHODVHQVDFLyQ
\VXLQFUHPHQWRFRQHOILQGHOOHJDUDORUJDVPR
$OJXQDVPXMHUHVDSUHQGLHURQODIRUPDGHSURFXUDUVHHORUJDVPRDOFDERGHYDULRV
DxRVGHLQWHQWRVLQIUXFWXRVRV
œ7UDVDxRVGHVSXpVGHKDEHUHPSH]DGRDWHQHUUHODFLRQHVVH[XDOHVGHXQDPD
QHUDUHJXODUFRQWLQXDEDH[SHULPHQWDQGRRUJDVPRVHQUDUDVRFDVLRQHV*UDGXDOPHQ
WHIXLDSUHQGLHQGRFyPRJR]DUGHODDFWLYLGDGVH[XDO\DKRUDORVLHQWRVLHPSUHHQ
UHDOLGDG(VWDXOWLPDGHFODUDFLyQGDD HQWHQGHUTXHHQRWURWLHPSRQRGLVIUXWpFRQHO
VH[RORFXDOQRHVFLHUWR6LHPSUHKHJR]DGRFRQODUHODFLyQVH[XDO6LHPSUHKHDO
FDQ]DGRDOWRVSXQWRVGHH[FLWDFLyQ2FXUUtDVLPSOHPHQWHTXHQRHVWDEDVXILFLHQWH
PHQWHLQIRUPDGDDFHUFDGHHVWDVFXHVWLRQHVSDUDOOHJDUDOFOtPD[RTXHQRPHFRQR
FtDELHQ(ORUJDVPRHVPX\LPSRUWDQWHSDUDPtSHURQRFUHRTXHVHDQHFHVDULRVHQ
WLUORFDGD YH]TXHVHGLVIUXWDGHXQDEXHQDUHODFLyQVH[XDO$KRUDELHQVXSRQJRTXH
PHVHQWLUtDSURIXQGDPHQWHGHIUDXGDGDVLHQODPD\RUSDUWHGHODVRFDVLRQHVQRH[SH
ULPHQWDUDRUJDVPR7HQJRRUJDVPRVSRUPHGLRVPX\GLIHUHQWHV7RGDYtDQRKHH[
SHULPHQWDGR QLQJ~Q RUJDVPR D WUDYpV GHO FRLWR FRQ XQ KRPEUH SHUR FRQVLGHUR TXH
HVWDVLWXDFLyQHVGHELGDSUREDEOHPHQWHDOKHFKRGHTXHQRPHGHWHQJRDLQLFLDUHO
WLSRGHFRVDVQHFHVDULDVSDUDSURFXUDUPHHORUJDVPR6LHPSUHKHHVWDGRGHPDVLDGR
FRQFHQWUDGDHQKDFHUGHODH[SHULHQFLDVH[XDOORTXHpOGHVHDUD\KHVLGRH[FHVLYD
PHQWH WtPLGD SDUD SHUPLWLUPH DYDQ]DU HQ OD H[FLWDFLyQ OR VXILFLHQWH SDUD OOHJDU DO
FOtPD[ *HQHUDOPHQWH H[SHULPHQWR RUJDVPRV GXUDQWH ODPDVWXUEDFLyQ\HQODVUH
ODFLRQHVVH[XDOHVRUDO\PDQXDO
œ7HQJR WUHLQWD \ FLQFR DxRV GH HGDG 1XQFD KDEtD H[SHULPHQWDGR XQ RUJDV
PR™KDVWDTXHPHPDVWXUEp\PHKLFHDPtPLVPDWHQHUORV
œ/OHJXpDORVYHLQWL~QDxRVVLQKDEHUVHQWLGRXQVRORRUJDVPR([SHULPHQWpHO
SULPHURYDOLpQGRPHGHODPDVWXUEDFLyQ6XSHORTXHHUDVHQWLUORVFRQRWUDSHUVRQD
FXDQGR\DKDEtDFXPSOLGRORVWUHLQWD\WUHVDxRVSHVHDTXHPHFDVpDORVGLHFLRFKR
DxRV
/DHVFDODGHHGDGHVGHODVPXMHUHVTXHQXQFDH[SHULPHQWDURQRUJDVPRVYDGHVGHORVKDVWDORVDxRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+DFHXQDxRVXSHORTXHHUDXQRUJDVPR/DPDVWXUEDFLyQPHHQVHxpHOFD
PLQR'HVFXEUtTXpHUDORTXHPHHVWLPXODED\OXHJRDQLPpDPLDPDQWHSDUDTXH
SXGLHUDKDFHUPHOOHJDUDOFOtPD[
œ(VWXYHQRVLQWLpQGRORVGXUDQWHDxRVVHLVGHPDWULPRQLR\ORVGRV SUHFHGHQ
WHV(QVXPD\RUtDPLVFRPSDxHURVHUDQXQRVLQH[SHUWRV\DOSULQFLSLRHUDXQVHQ
WLPLHQWRGHFXOSD3HQVDEDTXHHOVH[RHUD¦LQFRUUHFWR§0iVWDUGHPHGLVJXVWDEDOD
LGHDGHPDVWXUEDUPHFRVDTXHGHVSXpVORJUpYHQFHU
œ3ULPHUDPHQWHOHtPXFKRV WUDEDMRVDFHUFDGHODVPXMHUHV\ODVH[XDOLGDGPD
QXDOHV VREUH FXHVWLRQHV VH[XDOHV SULQFLSDOPHQWH &RPHQFp D DFHSWDUPHDYDORUDU
PHDPtPLVPD/XHJRPHDYHQWXUpDLUPiVDOOiGHORVYLHMRVOtPLWHVHQWRGRVORV
VHQWLGRV\DSUHQGtDH[SHULPHQWDUHORUJDVPRWDPELpQ
œ(PSHFp D VHQWLUORV KDFH XQ DxR DSUR[LPDGDPHQWH $QWHV KDEtD VHQWLGR XQ
JUDQLQWHUpVSRUHVWDFXHVWLyQTXL]iVOOHJXpDVHQWLUPHREVHVLRQDGD&RPSUHQGtTXH
GHEtDDSUHQGHUDPDVWXUEDUPHSDUDH[SHULPHQWDUHORUJDVPRORFXDOQRKDEtDKHFKR
QXQFD0HFRPSUpXQYLEUDGRU\™WXYHXQRODSULPHUDYH]TXHPHWRTXpFRQpO
œ<RFUHtDKDEHUVHQWLGRRUJDVPRVSHURHQUHDOLGDGVXSHTXpHUDQGHVSXpVGH
KDEHUVHGHGLFDGRPLFRPSDxHURXQGtDGXUDQWHODUJRUDWRDHVWLPXODUPHHOFOtWRULV
SRU GLYHUVRV SURFHGLPLHQWRV 'H SURQWR HQWRQFHV GH JROSH \ SRUUD]R ™HSD ™HO
RUJDVPR7RGRXQPXQGRQXHYRVHDEULySDUDPL
œ(PSHFpDH[SHULPHQWDURUJDVPRVGHVGHHOPRPHQWRHQTXHGHVFXEUtPLFOtWR
ULVFRVDTXHPHVXFHGLySRUGHVJUDFLDVLHWH DxRVGHVSXpVGHGHVDUUROODUDFWLYLGDGHV
VH[XDOHVGHWLSRYDJLQDO
œ3RUHVSDFLRGHFXDWURDxRVIXLXQDIUtJLGD'HHVWRWXYRODFXOSDHOHJRtVPR
\ OD LQGLIHUHQFLD GH PL FRPSDxHUR DVt FRPR ORV VHQWLPLHQWRV GH FXOSDELOLGDG TXH
VXVFLWDEDHQPtWRGRORUHODWLYRDOVH[R
œ<RQRSRGtDVHQWLUHORUJDVPRFUHRSRUH[FHVRGHFRQWUROVREUHPtPLVPD\
WDPELpQ SRU Pt LQFDSDFLGDG SDUD HO UHODMDPLHQWR 8QD YH] PH KXEH FRQYHQFLGR GH
TXHHORUJDVPRHVWDEDDPLDOFDQFH\TXHHUDEHQHILFLRVRSDUDPt\SDUDPLHVSRVR
\TXH\RWHQtD GHUHFKR DHOOR\ORVPHUHFtDHPSHFpDWHQHUORV
œ$ORODUJRGHGLHFLVLHWHDxRVGHPDWULPRQLRQRVXSHQXQFDORTXHHUDHORU
JDVPR'HVSXpVORVKHH[SHULPHQWDGRDYHFHV<FRQPLDPDQWHGHKR\FDGDYH]
TXHQRVDFRVWDPRV™VLHQWRP~OWLSOHVRUJDVPRV+DVLGRXQDVRUSUHVDSDUDPtHOGHV
FXEULPLHQWRGHWDOFDSDFLGDGSHUVRQDOHVGHFLUHQHOWHUUHQRGHODSUiFWLFD(QUHD
OLGDGPHILJXUDEDTXHHVDFODVHGHUHVSXHVWDVH[XDOHUDSULYDWLYDGHRWURWLSRGHPX
MHU+HLQWHQWDGRYHUHQGyQGHUDGLFDODGLIHUHQFLD3DUWHGHHOORVHGHEHDODLQFUHt
EOHFRQFHQWUDFLyQGHpOHQPLSHUVRQD(OJR]DYHUGDGHUDPHQWHFRQPLJR
œ$FRVWXPEUDED D QR WHQHU RUJDVPRV /R TXH PH KL]R HPSH]DU D WHQHUORV IXH
XQDPD\RUFRQILDQ]DHQPtPLVPDDVSHFWRTXHKDLGRSURJUHVLYDPHQWHHQDXPHQWR
GXUDQWHORV~OWLPRVDxRV7DPELpQKDLQIOXLGRHQHVRPLGHFLVLyQGHDERUGDUOODQD
PHQWHORVWHPDVVH[XDOHV\DOXGLUDODVUHODFLRQHVFRQPLHVSRVRDVtFRPRODH[SH
ULPHQWDFLyQGHGLIHUHQWHVPpWRGRVHQHOOHFKR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ3DVpYDULRVDxRVVLQVHQWLURUJDVPRV$YHFHVDQVLDEDVHQWLUORVSHURQRHVWD
EDVHJXUDGHHQTXp IRUPDSRGtDVHUGLIHUHQWHVGHOWLSRGHDFWLYLGDGVH[XDOTXHWHQtD
HQHVHPRPHQWRODD\XGD\ODSDFLHQFLDGHPLHVSRVRDVtFRPRHOFRQRFLPLHQWR\
ODDFHSWDFLyQGHPtPLVPDFRQWULEX\HURQDOLEHUDUPLPHQWH$KRUDFRQIRUPHYR\
KDFLpQGRPHPD\RUH[SHULPHQWRORVRUJDVPRVFRQPiVIDFLOLGDGUHVXOWDQGRWDPELpQ
PDVSURORQJDGRVHLQWHQVRV
œ<RFRQWDEDWUHLQWD\WUHVDxRVGHHGDG\ILQJtDRUJDVPRVFRQPLHVSRVRGHVGH
ORV GLHFLRFKR FXDQGR ¦PH HQDPRUp§ GH XQ KRPEUH WDPELpQ FDVDGR &RQWLQXp ILQ
JLHQGRFRQpOSHURVHGLRFXHQWD\PHGLMRTXHVHVHQWtDPX\GHVJUDFLDGRDOQRSR
GHUKDFHUPHIHOL]ItVLFDPHQWHSRUQRFRQVHJXLUTXH\ROOHJDUDDOFOtPD[DxDGLHQGR
TXHHVWDFXHVWLyQOHSUHRFXSDEDWDQWRTXHWHPtDTXHIXHVHODFDXVDGHQXHVWURURP
SLPLHQWR'HFLGtVHUVLQFHUDFRQpO\UHYHODUOHTXpHUDORTXHHQUHDOLGDGPHH[FLWD
ED 0LV IDQWDVtDV VH[XDOHV JLUDEDQ HQ WRUQR D ODV ]XUUDV \ SHQVp TXH PH JXVWDUtD
TXHPLDPDQWHKLFLHUDXQDUHSUHVHQWDFLyQ5HVXOWyTXHpODVLPLVPRVHH[FLWDEDDVt
DXQTXHQRSHQVDUDHQHOORDQWHV3UREDPRVPH]XUUy\PiVWDUGHIXLFDSD]GHVHQ
WLUXQRUJDVPRFRQpOSRUPHGLRGHODHVWLPXODFLyQFOLWyULFDFRQODPDQR1RDFLHUWR
DGHVFULELUWRGRORTXHVLJQLILFyHVWRSDUDPt™\RSRGtDH[SHULPHQWDU\DXQRUJDVPR
FRQRWUDSHUVRQD1RKHGDGRGHVSXpVFRQQLQJ~QRWURKRPEUHTXHKLFLHUDORPLV
PRSHURODFRVDSHUGLyVXLPSRUWDQFLD\GHVGHHQWRQFHVVLHPSUHKHVLGRFDSD]GH
OOHJDUDOFOtPD[
œ*R]RPXFKtVLPRFRQPLVRUJDVPRV(PSHFpD VHQWLUORVGRVDxRVGHVSXpVGH
KDEHUPHFDVDGR9LYtXQSHULRGRGHWLHPSRGXUDQWHHOFXDOPHGLFXHQWDGHTXHWDO
H[SHULHQFLDH[LVWtDVLQWLpQGRPHIUXVWUDGDDOQRSRGHUOOHJDUDOFOtPD[(VSHFLDOPHQ
WH FXDQGR SHQVDED TXH GH PiV MRYHQ KDEtD H[SHULPHQWDGR DOJR TXH VHPHILJXUDUD
XQRUJDVPRHQUHDOLGDGVHWUDWDEDPiVELHQGHXQSURFHVRH[FLWDWRULR'HDGROHV
FHQWHVROtDSRQHUPHODVURSDVGHFDPDHQWUHODVSLHUQDVSURFXUiQGRPHDVtXQDVXD
YHH[FLWDFLyQPX\GHPLDJUDGRSHURQXQFDVXSHSRUHQWRQFHVTXHHVWRWXYLHUDDOJR
TXHYHUFRQHORUJDVPR5HFXHUGRTXHPLPDGUHPHH[SOLFyTXHHORUJDVPRHUDXQD
VHQVDFLyQTXHVHH[SHULPHQWDEDGHFDVDGDWHQLHQGRUHODFLyQVH[XDOFRQXQKRPEUH
6XSXVH SXHV TXH VyOR HQ WDOHV FLUFXQVWDQFLDV HUD SRVLEOH WHQHUOR \ GHVGH OXHJR
SRVHtD XQD LGHD PX\ GLIXVD HQ FXDQWR D VX QDWXUDOH]D $SUHQGtD D VHQWLU RUJDVPRV
H[SHULPHQWDQGR\OXHJRPHKLFHFRQXQYLEUDGRUTXHXWLOLFpSDUDTXHPHD\XGDUDD
DSUHQGHUFyPRWHQHUORV1XQFDPHFDQVDQ1RFUHRTXHGLVIUXWDUDGHOVH[RWDQWRVLQ
WHQHUORV\DTXHGHRWURPRGRSUHIHULUtDOLPLWDUPHDXQLQWHUFDPELRGHFDULFLDVDQ
WHV TXH HQWUHJDUPH DO FRLWR ÁOWLPDPHQWH GHVSXpV GH KDEHU OHtGR VX OLEUR 6H[XDO
+RQHVW\GHFLGtTXHWHQtDGHUHFKRDVHQWLUXQRUJDVPRPLHQWUDVKDFtDHODPRUFXDQ
GRTXLVLHUD WHQHUOR$QWHULRUPHQWHPHKDEtDDEVWHQLGRGHSHGLUOHD\XGDDPLHVSRVR
SRUTXHPHVHQWtDFXOSDEOHSRUHOPXFKRWLHPSRTXHQHFHVLWDED\RVLHPSUHDPHQRV
TXHXWLOL]DUDXQYLEUDGRU<YDFLODEDFRQUHVSHFWRDOHPSOHRGHpVWHHVWLPDQGRTXH
SRVLEOHPHQWHpOSRGtDVHQWLUVHLQQHFHVDULR1RREVWDQWHQROHLPSRUWDHQDEVROXWR
(UD UHDOPHQWH PL LQFHUWLGXPEUH \ VHQWLPLHQWR GH FXOSDELOLGDG SRU SHGLU DOJR VyOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SDUD Pt PLVPD \ ILQDOPHQWH OR HVWR\ VXSHUDQGR 1XHVWUD YLGD VH[XDO KD PHMRUDGR
\D
œ$ ORODUJRGHPLPDWULPRQLRHVWXYHILQJLHQGRPLVRUJDVPRVFRQWLQXDPHQWH
SHURQRREUDEDFRQODPDOLFLDGHHQJDxDU6LPSOHPHQWHQRVDEtDTXpHUDXQRUJDV
PR 0H DVHJXUDED TXH HQ HVWH PRPHQWR OD PXMHU VH VHQWtD IUHQpWLFD HQDPRUDGD
UHQGLGD\\RTXHVpPiV/RYHtDWRGRFRPR XQ¦FOtPD[§GHVHQVDFLRQHV3RURWUR
ODGRDQGDEDHPSHxDGDHQODWDUHDGHQRVHUXQDPXMHUIUtJLGD7XYLHURQTXHWUDQV
FXUULU VHLV PHVHV GHVSXpV GH QXHVWUD VHSDUDFLyQ SDUD TXH VLQWLHUD XQ RUJDVPR
&RPSUHQGt HQWRQFHV TXH QXQFD KDEtD VLGR FRQYHQLHQWHPHQWH HVWLPXODGD 7RGDYtD
DKRUD VLPXOR DOJ~Q TXH RWUR RUJDVPR VyOR SDUD GDU WRGD OD VHVLyQ SRU WHUPLQDGD
SHURPHHVIXHU]RSRUQRKDFHUHVRHQIRUPDDOJXQDQXQFDPiV
œ7HQJR WUHLQWD \ RFKR DxRV VR\ FDVDGD \ PDGUH GH GRV KLMRV 7XYH UHODFLyQ
VH[XDO FRQ PL PDULGR SRU YH] SULPHUD FXDQGR FRQWDED YHLQWLVLHWH DxRVWUHVDQWHV
GH QXHVWUR PDWULPRQLR eO HUD \ HV OD ~QLFD SHUVRQD FRQ TXLHQ PH KH DFRVWDGR
+DFHWUHVPHVHVDSUR[LPDGDPHQWHH[SHULPHQWpPLSULPHURUJDVPRVLSUHVFLQGRGH
ORVSRFRVTXHVHQWtHQORVGRVDxRV~OWLPRVHOWUDQVFXUVRGHXQRVH[FLWDQWHVVXHxRV
5HDOPHQWH QHFHVLWDED HVH SULPHU RUJDVPR WUDEDMp SDUD FRQVHJXLUOR \ PH DOHJUp
FXDQGR VH SUHVHQWyGXUDQWHODPDVWXUEDFLyQ$KRUDH[SHULPHQWRRUJDVPRVVLHP
SUH\HVWRPHHQFDQWDVRQFDGDYH] PHMRU\PHMRU0HPDVWXUERGRVYHFHVDOGtD
SRU OR PHQRV KDELWXDOPHQWH PiV \ VLHPSUH ORV VLHQWR 1HFHVLWp PiV WLHPSR SDUD
DSUHQGHU D WHQHUORV GXUDQWH HO FRLWR TXH FRQ QRVRWURV RFXUUH FDGD GRV R WUHV GtDV
SHUR DKRUD VLHPSUH ORV WHQJR 'H DGROHVFHQWH \ WDPELpQ \D GH MRYHQ QRWDED PX\
LQWHQVDV VHQVDFLRQHV TXHVyORRWUDVPXMHUHVPHSURGXFtDQ\PLH[SHULHQFLDVH[XDO
HUD QXOD (Q PLV IDQWDVtDV VH[XDOHV QR LED PiV DOOi GH ODV GH ODV FDULFLDV \ QXQFD
OOHJXpDLPDJLQDUPHDPtPLVPDH[SHULPHQWDQGRXQRUJDVPR1LVLTXLHUDPHPDV
WXUEDED3XGHHPSH]DUDPDQLIHVWDUPHDELHUWDPHQWHFRPRHUDKDFHWDQVyORGRVR
WUHVDxRVDOFDERGHDOJXQRVGHSVLFRDQiOLVLV\GHUHYROXFLyQVH[XDOFXDQGRHOPR
YLPLHQWR IHPLQLVWD FDPELy JUDGXDOPHQWH OD LPDJHQ TXH \R SRVHtD GH PL SHUVRQD
$KRUDQRDFLHUWRDLPDJLQDUPHXQDUHODFLyQVH[XDOVLQRUJDVPRV
$OJXQDVPXMHUHVVyORFRQD\XGDGHOYLEUDGRUSRGtDQH[SHULPHQWDUHORUJDVPR
œ+H LQWHQWDGR GRFHQDV GH YHFHV FHQWHQDUHV GH YHFHV TXL]iV H[FLWDUPH SDUD
ORJUDUHORUJDVPRPHGLDQWHODHVWLPXODFLyQFOLWyULFD7RGRKDVLGRLPSRVLEOH+DVWD
TXHKHUHFXUULGRDOYLEUDGRU
œ(OYLEUDGRUHVXQDLPSRUWDQWHD\XGDHVSHFLDOPHQWHSDUDODPXMHUTXHQXQFD
KDVHQWLGRXQRUJDVPR(VSUHFLVRGHVDUUROODUXQDWpFQLFDGHSHUVRQDODSOLFDFLyQ\
HVWRSXHGHOOHYDUDOJ~QWLHPSR+HREVHUYDGRTXHHOFRQWDFWRGLUHFWRGHOYLEUDGRUHV
GHPDVLDGRIXHUWHFDXVDQGRGRORUSODFHU$PRUWLJXDQGRHOPRYLPLHQWRGHOYLEUDGRU
FRQXQDDOPRKDGDRXVDQGRODVYLEUDFLRQHVWUDQVPLWLGDVSRUHODSDUDWRDORVGHGRV
HVSRVLEOHDWHQXDUODLQWHQVLGDGGHDTXpOODV+D\TXLHQDILUPDTXHPXFKDVPXMHUHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VH KDFHQ DGLFWDV GHO YLEUDGRU SHUR VL HVWH LQVWUXPHQWR SURSRUFLRQD SODFHU FXDQGR
SHQVDEDVTXHWX]RQDJHQLWDOHVWDEDPXHUWDSDUDHOPLVPR˜SRUTXpQRXWLOL]DUOR"
œ+DVWD DKRUD QR KH H[SHULPHQWDGR QXQFD XQD VHQVDFLyQ FRPR OD TXH PH KD
SURSRUFLRQDGRHOYLEUDGRUFUH\HQGRKDEHUHVWDGRFHUFDGHORUJDVPR0HJXVWDDSOL
FDUORDXQODGRGHOFOtWRULVQRUPDOPHQWHHOGHUHFKRRVREUHpVWH'HHVWH~OWLPR
PRGR OD VHQVDFLyQ HV ¦PDV GXOFH§ (QWRQFHV ORV ¦ODWLGRV§ GH SODFHU VH H[SDQGHQ
SRU WRGD OD ]RQD YXOYD UHVXOWDQGR PiV DJXGRV TXH SURIXQGRV \ PiV HQWHUUDGRV
OXHJR FRVD TXH QRWR DO GHVSOD]DU OHQWDPHQWH HO YLEUDGRU GHVGH GHEDMR GHO FOtWRULV
OHQWDPHQWHKDFLDDUULEDPRYLPLHQWRTXHWDPELpQPHJXVWD7HQJRTXHFRORFDUXQD
WRDOODRXQSDxXHORHQWUHODFDUQH\HOYLEUDGRU\DTXHODVYLEUDFLRQHVVRQGHPDVLD
GRLQWHQVDV/DVFRQWUDFFLRQHVPXVFXODUHVKDFHQTXHPLFXHUSRVXIUDXQDVDFXGLGD
KDFLDGHODQWHSHUGLHQGRPRPHQWiQHDPHQWHHOSXQWRGHDSOLFDFLyQ
8QDPXMHUVXJLULyODLGHDGHPRQWDUFXUVLOORVRVHPLQDULRVVREUHWRGRORUHIH
UHQWHDODVH[XDOLGDGSDUDODVPXMHUHVœ(VWRVFXUVLOORVVHUtDQSUREDEOHPHQWHPX\
~WLOHVFRQXQDDWPyVIHUDGHDSHUWXUD\HQWHQGLPLHQWRILOPHV\OLWHUDWXUDHUyWLFDVLQ
SUHVLRQHV XQ VHPLQDULR VyOR SDUD PXMHUHV 2WUD HVWLPDED TXH VHUtD FDSD] GH
DSUHQGHU PHGLDQWH XQD UHODFLyQ tQWLPD FRQ RWUD PXMHU œ0H JXVWDUtDKDFHUHODPRU
FRQ XQD PXMHU D OD FXDO PH VLQWLHVH PX\ XQLGD &UHR TXH XQD PXMHU TXHUUtD HQVH
xDUPHVREUH PLSURSLDVH[XDOLGDGTXHVDEUtDHQWHQGHUPH\VHQWLUFRPR\RTXHVH
UtDYHUGDGHUDPHQWHWLHUQD\DPtPHH[FLWDUtDPXFKR<RQRVHQWLUtDODQHFHVLGDGGH
UHSUHVHQWDUQLQJ~QSDSHOFRQXQDPXMHUVLQRGHVHUIUDQFD\DELHUWDFRQHOOD6LQR
SXHGHVWHQHURUJDVPRSXHGHVWDPELpQOHHUOLEURVVREUHWHUDSLDVH[XDOOLWHUDWXUDIH
PLQLVWD\WUDWDUGHKDEODUFRQDPLJDVSDUDYHUFRPRWLHQHQHOODVRUJDVPR 3XHGHV
WDPELpQ SUREDU HQ HO JUXSR GH VHOIKHOS GH WX YHFLQGDG TXL]i WDPELpQ XQ HVSHFLD
OLVWDHQWHUDSLDVH[XDORXQ DPDQWHTXHVHDOREDVWDQWHVHQVLEOHFRPRSDUDLQWHQWDU
D\XGDUWH1RWHULQGDV6RQPXFKDVODVPXMHUHVTXHKDQDSUHQGLGRDVHQWLUHORUJDV
PR DO FDER GH DxRV GH QR VDEHU FyPR \ QXQFD HV GHPDVLDGR WDUGH SDUD GHVFXEULU
TXpHVORTXHWHYDELHQDWL(VSHURTXHHOOHHUPXFKDVGHODVFRVDVTXHRWUDVPXMH
UHVKDQGLFKRHQHVWHOLEURWHVHUiGHD\XGD
7DOHVFXUVLOORVVHKDOODQUHODFLRQDGRVHQ7KH&DWDORJXHRI6H[XDO&RQVFLRXVQHVVSXEOLFDGRSRU*URYH3UH
VV\7KH1HZ:RPDQ©V6XUYLYDO6RXUFHERRNSXEOLFDGRSRU$OIUHG.QRSI
%XHQRVOLEURVHQHVWHFDPSRVRQ/LEHUDWLQJ0DVWXUEDWLRQGH%HWW\'RGVRQ\)RU<RXUVHOIGH/RQQLH
*DUILHOG%DUEDFK
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&RLWR
˜7,(1(1/$0$<25º$'(/$608-(5(625*$6026325&2,72"
œ(VXQDGHODV~OWLPDVUHVSXHVWDVTXHKHFRQWHVWDGR¥WHPRDGPLWLUOR¥SHUR
QRHVWR\UHDOPHQWHVHJXUDGHVtRQR$XQTXHKHVHQWLGRPXFKRVRUJDVPRVDWUDYpV
GH OD PDVWXUEDFLyQ QR HVWR\ VHJXUD GH FyPR HV HO RUJDVPR GHULYDGR GH OD FySXOD
YDJLQDO+HOOHJDGRDQRWDUVHQVDFLRQHVIXHUWHVSHURPHLPDJLQRTXHFRPRDTXH
OORQRHUDLJXDO TXHHORUJDVPRPDVWXUEDWRULRQRHUDWDORUJDVPR$OSULQFLSLRHVWH
FXHVWLRQDULR KL]R TXH PH FRQVLGHUDUD WRWDOPHQWH LQH[SHUWD SHUR HV VyOR TXH QR
VLHPSUHSLHQVRVREUHHVWDVFRVDVGXUDQWHODDFWLYLGDGVH[XDO&XDQGRPLSULPHUFR
LWRHVWXYHGLFLpQGRPH¦™'LRVPtR7HQJRTXHJUDEDUHQPLPHPRULDWRGRVORVGH
WDOOHVGHHVWR0HKDOORHQHOJUDQPRPHQWRGHPLYLGDDTXHOHQTXHUHQXQFLpDPL
YLUJLQLGDG§\VLTXLHUHQVDEHUODYHUGDGUHDOPHQWHQRUHFXHUGRJUDQFRVDGHHVH
PRPHQWRFRQFUHWR
œ9HUGDGHUDPHQWH\RQRVpVLKHH[SHULPHQWDGRDOJXQDYH]XQRUJDVPRFRQXQ
KRPEUH $KRUD ELHQ VL WDO VHQVDFLyQ VH VXSRQH TXH KD GH VHU FRPR OD TXH H[SHUL
PHQWR FXDQGRPHPDVWXUERPHLQFOLQRDSHQVDUTXHQR4XLVLHUDVDEHUVLHVWRPH
FDOLILFDGHPXMHUDQRUPDO
œ(QUHDOLGDGFUHRTXHQRKHH[SHULPHQWDGRQXQFDXQRUJDVPR(QWRGRFDVR
QRHQODIRUPDTXHKHOHtGRVREUHWDOVHQVDFLyQ/DHVWLPXODFLyQFOLWyULFDDTXHPH
VRPHWHPLPDULGRPHOOHYDDXQFOtPD[SHURHVWRMDPiVRFXUUHGXUDQWHODHVWLPXOD
FLyQYDJLQDO&RQWLQXDPHQWHORHVSHUR\KDJRWRGRORSRVLEOHHQHVHVHQWLGR$YH
FHVWLHQGRDSHQVDUTXHTXL]iQRVHHVSHUHGHPtXQFOtPD[YDJLQDO$YHFHVOHPR
OHVWD PiV D PL PDULGR TXH D Pt /H GLVJXVWD TXH QR H[SHULPHQWH HO PLVPR SODFHU
TXHVLHQWHpO2WUDVYHFHVPHGLJRTXHSRQHPRVXQH[FHVLYRHPSHxRFUH\pQGRQRV
HQDOJXQRVPRPHQWRVDSXQWRGHFRQVHJXLUHOILQSHUVHJXLGRSHUR\RQXQFDH[SHUL
PHQWRQDGDTXHWHQJDTXHYHUFRQXQp[WDVLVItVLFR
œ(VWR\EDVWDQWHDFRPSOHMDGDSRUORTXHUHVSHFWDDORVRUJDVPRV3RUHOKHFKR
GHQRH[SHULPHQWDUORVQXQFDGXUDQWHHOFRLWRPHVLHQWRSURIXQGDPHQWHDYHUJRQ]DGD
HLQIHULRU&UHFtFRQHVDQHIDVWDSDODEUD¦IUtJLGD§<SLHQVRTXHEXHQDSDUWHGHPL
GHVHR GHVHQWLURUJDVPRVGXUDQWHHOFRLWRSURYLHQHGHHVDYHUJHQ]DGHOKHFKRGH
VHQWLUPHLQDGHFXDGD&UHRTXHOR~QLFRTXHKDUiTXHORVWHQJDVHUiHOFDPELRGHORV
VHQWLPLHQWRV D TXH KH DOXGLGR DQWHV FXDQGR GHMH GH SUHVLRQDUPH D Pt PLVPD GH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
RGLDUPH SRU QR WHQHU RUJDVPRV ™'LDEORV 1R Vp +H HVWDGR VRPHWLGD D WHUDSLD
VH[XDOSRUHVSDFLRGHGRVDxRVFRVDTXHKDVXSXHVWRSDUDPtXQDJUDQD\XGDSHUR
WRGDYtD DQGR OHMRV GH VHQWLU RUJDVPRV GXUDQWH HO FRLWR &UHR TXH VH QHFHVLWDUi XQD
DOWHUDFLyQUDGLFDOHQPLSHUFHSFLyQ\HQODDFWLWXGKDFLDPtPLVPD
œ3DVpWUHLQWD\FXDWURDxRVGHPLYLGDOOHYDQGRVREUHPLVHVSDOGDVODFDUJDGH
QRH[SHULPHQWDURUJDVPRVYDJLQDOHVVLQGHFtUVHORDQDGLHSRUTXHSHQVDEDTXHDOJR
PDUFKDEDPDOHQPt&UHtDTXHHUDIUtJLGD
œ˜(V DOJR QR FRP~Q QR VHQWLU HO RUJDVPR GXUDQWH HO FRLWR" ˜3RGUtDQ XVWHGHV
IDFLOLWDUPHDOJXQDVVXJHUHQFLDVVREUHORTXHGHERKDFHUSDUDH[SHULPHQWDUOR"
œ+DFH XQRV DxRV OHt 6H[ :LWKRXW )HDU \ PH VHQWt DEDWLGD FXDQGR OHt TXH ORV
RUJDVPRVFOLWyULFRVVRQODFDUDFWHUtVWLFDSRUH[FHOHQFLDGHODVH[XDOLGDGLQPDGXUD\
TXH ~QLFDPHQWH ORV RUJDVPRV YDJLQDOHV HYLGHQFLD D OD PXMHU PDGXUD (VWXYH SHQ
VDQGRHQHVRGXUDQWHYDULRVDxRVSHURDOFDERGHFLHUWRWLHPSRPHGLMH¦%XHQR
˜\TXp"6R\XQDPXMHULQPDGXUDSHURJR]RORPLVPRTXHFXDOTXLHURWUD§
œ0HJXVWDEDVHQWLURUJDVPRVGXUDQWHHOFRLWRVLQWHQHUTXHMXJDUFRQPLFOtWR
ULVDOPLVPRWLHPSR6LQRORKDJRFUHRTXHQROOHJDUtDQXQFDRFDVLQXQFDDOFOt
PD[
œ1RPHWHQJRHQDEVROXWRSRUXQDSHUVRQDDQRUPDODFDXVDGHTXHQRH[SH
ULPHQWR RUJDVPRV GXUDQWH HO FRLWR SHUR Vt VLHQWR PXFKD IUXVWUDFLyQ HPRFLRQDO (V
pVWH XQ SUREOHPD FX\D VROXFLyQ UHTXHULUi WLHPSR \ FUHR TXH HYHQWXDOPHQWH XQD
PXMHUWHQGUiTXHH[SOLFDUPHTXpKHGHKDFHUSDUDVHQWLUXQRUJDVPRGXUDQWHODUHOD
FLyQVH[XDO(QHVWRVPRPHQWRVQRVpDTXLpQGLULJLUPH3RURWURODGRKHGHREUDU
FRQ GLVFUHFLyQ DO DERUGDU HO WHPD 1R TXLVLHUD TXH FXDOTXLHUD PH WRPDUD SRU XQD
PXMHUDQRUPDO
œ˜(OVH[RHQHOPHMRUGHORVPXQGRVSRVLEOHV"0LFOtWRULVHVWDUtDHQODYDJLQD
SRUHODPRUGH'LRV™\DVtSRGUtDOOHJDUFXDQGRMRGR
œ0H GR\ FXHQWD GH TXH DOJXQRV KRPEUHV VH VLHQWHQ KHULGRV HQ VX RUJXOOR
FXDQGR QR OOHJR FRQ HOORV DXQRUJDVPRHQHOFRLWRSHURQRSRUHVRPHFRQVLGHUR
XQD PXMHU DQRUPDO 0DV ELHQ HO KHFKR GH TXH VHD GLItFLO SDUD Pt PH LUULWD 0H
DJUDGDUtDVHUXQDGHHVDVPXMHUHVTXHOOHJDQDOFOtPD[QDGDPiVYHUODURSDLQWHULRU
GHXQKRPEUHSHURFRPRQRVR\GHHOODVPHOLPLWRDLQWHQWDUXQPD\RUUHODMDPLHQ
WR\DH[SHULPHQWDUQXHYRVPpWRGRV$YHFHVKHFRQVLGHUDGRODWHRUtDGHTXHODSR
VLFLyQ GH PL FOtWRULV HV UHVSRQVDEOH GH WRGR HVR SXHV SDUHFH TXH QR HV HVWLPXODGR
SRU QDGD GH OD YDJLQD 4XL]i GHELHUD SUREDU D PDVWXUEDUPH SRU SHQHWUDFLyQ SHUR
FXDQGRUHDOPHQWHHVWR\FDOLHQWHORTXHTXLHURHVOOHJDUFRQODPD\RUUDSLGH]\IDFL
OLGDGSRVLEOHV
œ1XQFDKHWHQLGR RUJDVPRGXUDQWHHOFRLWR+DVWDORVGRFHDxRVODPDVWXUED
FLyQ VXVFLWDED HQ Pt XQ VHQWLPLHQWR GH FXOSDELOLGDG/XHJRFXDQGRpVWHGHVDSDUH
FLyOHtWRGDVHVDVFRVDVTXHGLFHQ¦8VWHGGHEHVHQWLUHORUJDVPR\KDGHSURFXUiU
VHORGHHVWDPDQHUD§(OORPHSURSRUFLRQyXQDQXHYDSUHRFXSDFLyQEORTXHiQGRPH
UHDOPHQWHFXDQGRPDVWDUGHHPSHFpDVRVWHQHUUHODFLRQHVVH[XDOHV7HQJRRUJDVPRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FOLWyULFDPHQWHFXDQGRPHPDVWXUERSHURPHH[LJHQWLHPSR\WRGDYtDQRORVWHQJR
GXUDQWHHOFRLWR
œ6LHQWRWRGDYtDFRQVWDQWHPHQWHODQHFHVLGDGGHVDEHUTXHVR\XQDPXMHUQRU
PDO§GHVGHHOSXQWRGHYLVWDVH[XDO/DVQXHYDVLQIRUPDFLRQHV\GHEDWHVVREUHHVWH
WHPDPHKDQFUHDGRXQDFRQFLHQFLDH[FHVLYDGHOSDSHOTXHWHQJRTXHGHVHPSHxDU<
PHVLHQWRD~QWDQLQDGHFXDGDHLQPDGXUDTXHSUHFLVRGHODHVWLPXODFLyQPDQXDOSD
UDOOHJDUDORUJDVPR&UHRTXHKD\PXFKDVPXMHUHVFRPR\RSHURQLQJXQDORDGPLWH
QLGLFHTXHVHDQRUPDO
œ6t \R VR\ HVSHFLDOPHQWH WtPLGD HQ PLV UHODFLRQHV VH[XDOHV FRQ QXHYRV DPL
JRVSRUTXHPHDYHUJHQ]DQRVHQWLURUJDVPRVGXUDQWHHOFRLWR
œ'HVSXpVGHWUHVDxRVGHFRQWLQXDVSUXHEDVHPSLH]RDSUHJXQWDUPHTXpHVOR
TXHPDUFKDPDOHQPt7UDVKDEHUFRQRFLGRODVGHVFULSFLRQHVGHRWUDVPXMHUHVPH
SUHJXQWRVLKDEUtDPHGLRGHFRQVHJXLURWUDVPiVSUHFLVDVVLORVRUJDVPRVYDJLQDOHV
VRQGLVWLQWRVVLH[LVWHQ\FyPRSXHGRWHQHUXQR
œ1XQFD KH WHQLGR XQ DPDQWH PHMRU TXH PL PDULGR \ HVSHUR TXH VLJDPRV
UHODFLRQiQGRQRV VH[XDOPHQWH KDVWD TXH KD\DPRV FXPSOLGR ™ORV FLHQWR GLH] DxRV
7HQJR RUJDVPRV PHGLDQWH OD PDVWXUEDFLyQ \ OD HVWLPXODFLyQ FOLWyULFD VRODPHQWH
/RVH[SHULPHQWRHQUDUDVRFDVLRQHVDFRQVHFXHQFLDGHODSHQHWUDFLyQGHOSHQH\OD
HVWLPXODFLyQ GH pVWH QXQFD PH KD SURSRUFLRQDGR XQ RUJDVPR +HPRV GLVFXWLGR HO
WHPDDVtTXHpOVDEHORTXH\RQHFHVLWRPHORSURSRUFLRQD\FDVLLQYDULDEOHPHQWH
FRQXQSRUFHQWDMHGHOQRYHQWD\QXHYHSRUFLHQWRRPiVVLHQWRXQRUJDVPRFDGD
YH]TXHQRVUHODFLRQDPRVVH[XDOPHQWH
œ&XDQGRPLVDPLJDV\\RHPSH]DPRVDGLVFXWLUVREUHQXHVWUDVH[XDOLGDGKDFH
DOJXQRVDxRVHQODVUHXQLRQHVGHJUXSRVGH¦FRQFLHQFLDFLyQ§DYHULJXDPRVTXHPX\
SRFDVGHQRVRWUDVWHQtDQRUJDVPRHQHOFRLWRDXQTXHVLHPSUHKDEtDPRVSHQVDGRTXH
ORFRQWUDULRHUDORFRUUHFWR\TXHHVRHUDORTXHVHHVSHUDEDGHQRVRWUDVFDVLDXWR
PiWLFDPHQWH(OSRGHUDGPLWLUQRVXQDVD RWUDVHOKHFKRGHTXHQRORVWHQtDPRVQRV
GLRXQDVHQVDFLyQGHDOLYLR\GHDOHJUtDTXHQRVUHFRQFLOLyFRQQRVRWUDVPLVPDV\D
QRQRVFRQVLGHUiEDPRVDQRUPDOHVUDUDVR¦GLIHUHQWHV§(QWRQFHVSRUYH]SULPHUD
HPSH]DPRVDVHQWLUQRVUHDOPHQWHDJXVWRFRQQXHVWUDVH[XDOLGDG
œ$PRDPLQRYLRFRQHOTXHYHQJRVRVWHQLHQGRUHODFLRQHVVH[XDOHVGHVGHORV
GRFH DxRV 0H TXHGp HPEDUD]DGD WHQLHQGR WUHFH 0LV SDGUHV PH GLHURQ XQD D]R
WDLQD H LQWHQWDURQ VHSDUDUQRV SHUR QXHVWUR DPRU IXH KDFLpQGRVH PiV VyOLGR 0LV
SDGUHV\PLVKHUPDQDVHUDQVLHWHLQWHQWDURQKDFHUPHUHQXQFLDUDPLKLMR3HURGLD
OX] XQ QLxR \ OR UHWXYH D PL ODGR 0L QRYLR PH KD DSR\DGR VLHPSUH D SDUWLU GHO
PRPHQWRHQTXHPLVSDGUHVGHVFXEULHURQTXHPHKDOODEDHPEDUD]DGD9LYLPRVMXQ
WRV DXQTXH DTXHOORV OR LJQRUDQ 1RV DPDPRV PXFKR$KRUDWRPRODStOGRUD\QRV
UHODFLRQDPRVVH[XDOPHQWHDPHQXGR3HURHQHOFRLWRQXQFDSXHGRVHQWLUQDGD(OVH
PXHVWUDGLVJXVWDGRSRUTXHQRSXHGHKDFHUPHIHOL]DFDXVDGHHVWRDGHPiVVHQLHJD
D VDWLVIDFHU VXV QHFHVLGDGHV 0H EHVD PH KDEOD FDULxRVDPHQWH SHUR KDJD OR TXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
KDJDQRVHSHUPLWHJR]DUGHPtSRUHIHFWRGHPLGHVYHQWDMD˜4XpHVORTXH\RSR
GUtDKDFHUFRQUHVSHFWRDHVWR"5XHJRPHUHPLWDQUHVSXHVWD
$YHULJXDFLRQHVGHHVWHHVWXGLR
˜7HQtDQRUJDVPR FRQUHJXODULGDGGXUDQWHHOFRLWRLQVHUFLyQGHOSHQHHQODYD
JLQDVLQODHVWLPXODFLyQDGLFLRQDOFOLWyULFDODPD\RUtDGHODVPXMHUHVGHOSUHVHQWH
HVWXGLR" 1R 6H KD YLVWR TXH VyOR HO DSUR[LPDGDPHQWH GH ODV PXMHUHV FRP
SUHQGLGDVHQHVWHHVWXGLRSRGtDQVHQWLUHORUJDVPRFRQUHJXODULGDGDWUDYpVGHOFR
LWRHVGHFLUSRGtDQH[SHULPHQWDUXQRUJDVPRGXUDQWHHOFRLWRVLQTXHPHGLDUDHVWL
PXODFLyQFOLWyULFDPDQXDOHQHOLQVWDQWHGHOFRLWR
(QRWUDVSDODEUDVODPD\RUtDGHODVPXMHUHVQRWLHQHQRUJDVPRFRQUHJXODULGDG
FRPRUHVXOWDGRGHOFRLWR
3DUDODPD\RUtDGHODVPXMHUHVWHQHURUJDVPRGXUDQWHHOFRLWRFRPRUHVXOWDGR
GH pVWH H[FOXVLYDPHQWH HV XQD H[SHULHQFLD H[FHSFLRQDO QR OD KDELWXDO 6L ELHQ XQD
SHTXHxD PLQRUtD GH PXMHUHV SRGUtDQ WHQHU HO RUJDVPR PiV R PHQRV UHJXODUPHQWH
FRQHOFRLWRGDGRTXHFDVLWRGDVORH[SHULPHQWDQSRUHIHFWRGHODHVWLPXODFLyQFOL
WyULFDGXUDQWHODHVWLPXODFLyQPDQXDOFRQXQFRPSDxHURRPDVWXUEDFLyQGHDTXt
HQDGHODQWHQRVUHIHULUHPRVDODHVWLPXODFLyQSUHFLVDSDUDFRQVHJXLUHORUJDVPRIH
PHQLQRFRPRFOLWyULFR
&RPRVHSXHGHDSUHFLDUSRUODVFLIUDVTXHILJXUDQHQHOHVWDGLOORGHODSUHJXQWD
VLJXLHQWHHVWiFODURTXHHOFRLWRSRUVtPLVPRQROOHYyDORUJDVPRUHJXODUPHQWHDOD
PD\RUtDGHODVPXMHUHV'HKHFKRSDUDPiVGHO GHODVPXMHUHVHOFRLWRHOSH
QHLQWURGXFLpQGRVHHQODYDJLQDQRFRQGXMRQRUPDOPHQWHDORUJDVPR/RTXHSHQ
ViEDPRVTXHHUDXQSUREOHPDLQGLYLGXDOQRHUDQLSRFRFRUULHQWHQLHUDXQSUREOH
PD(QRWUDVSDODEUDVQR WHQHURUJDVPRFRPRUHVXOWDGRGHOFRLWRHVODH[SHULHQFLD
GHODPD\RUtDGHODVPXMHUHV
0iVDGHODQWHHQHVWHFDSLWXORYHUHPRVTXHDPHQXGRODVIRUPDVHQTXHODV
PXMHUHV WLHQHQ RUJDVPR GXUDQWHHOFRLWRQRWLHQHQGHPDVLDGRTXHYHUFRQHOFRLWR
PLVPR 'H KHFKR HVRV PpWRGRV SRGUtDQ VHU DGRSWDGRV SUREDEOHPHQWH SRU RWUDV
PXMHUHVTXHGHVHDUDQWHQHURUJDVPRGXUDQWHHOFRLWRVLFUH\HUDQTXHHOORFRQVWLWXtD
XQREMHWLYRGHVHDEOH
$KRUD ELHQ ˜UHIOHMDQ HVWRV KDOOD]JRV D ODV PXMHUHV HQ JHQHUDO" ˜2 VRODPHQWH
UHIOHMDQDODVPXMHUHVGHHVWHHVWXGLRHQSDUWLFXODU"&RPSDUpPRVORVFRQORVREWHQL
GRVSRURWURVLQYHVWLJDGRUHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
6H\PRXU )LVKHU 7KH )HPDOH 2UJDVP %DVLF %RRNV 8QGHUVWDQGLQJ WKH
)HPDOH2UJDVP %DQWDP%RRNV
(OGRFWRU)LVKHUOOHYyDFDERXQHVWXGLRGHFLQFRDxRVGHGXUDFLyQ TXHDIHFWyD
XQDVWUHVFLHQWDVPXMHUHVWRGDVHOODVUHODWLYDPHQWHMyYHQHVFDVDGDV\GHFRQGLFLyQ
HFRQyPLFD PHGLD 8Q DSUR[LPDGDPHQWH GHHVDVPXMHUHVLQIRUPDURQGHTXH
WHQtDQVLHPSUHRFDVLVLHPSUHRUJDVPRGXUDQWHHOFRLWR6LQHPEDUJRHQHOHVWXGLR
GH )LVKHU œGXUDQWH HO FRLWR SRGtD LQFOXLU OD HVWLPXODFLyQ FOLWyULFD PDQXDO 6ROD
PHQWH HO GH HVDV PXMHUHV GHFODUDURQ TXH QR KDEtDQ QHFHVLWDGR QXQFD XQD
œD\XGDILQDORHPSXMyQSDUDH[SHULPHQWDUHORUJDVPRFRQHVWLPXODFLyQPDQXDO
3RURWUDSDUWH)LVKHUGLFHTXHFXDQGRDODVPXMHUHVGHXQRGHVXVPXHVWUHRVVH
OHVIRUPXOyODSUHJXQWDœ6LVHOHRIUHFLHUDODSRVLELOLGDGGHHOHJLUHQWUHODHVWLPXOD
FLyQ FOLWyULFD \ OD HVWLPXODFLyQ YDJLQDO ˜FXiO GH HOODV SUHIHULUtD" HO GHFODUy
TXHHVFRJHUtDQODHVWLPXODFLyQFOLWyULFDHQWDQWRTXHHOHVFRJLyODYDJLQDO
7DOHVUHVXOWDGRVHVWiQPX\HQOtQHDFRQODVFLIUDVREWHQLGDVHQHVWHHVWXGLR(V
GHFLUVRODPHQWHXQ3RGtDVHQWLUHORUJDVPRFRQUHJXODULGDGSRUHIHFWRGHODHV
WLPXODFLyQGHOFRLWRHQVt
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OIUHG .LQVH\ \ RWURV 6H[XDO %HKDYLRU LQ WKH +XPDQ )HPDOH : % 6DXQGHUV
3RFNHW%RRNHGLWLRQ
.LQVH\\VXVFRODERUDGRUHVOOHYDURQDFDERODIDPRVDLQYHVWLJDFLyQTXHVHQWy
SUHFHGHQWH \ TXH FRQGXMR DO œ,QIRUPH .LQVH\ GH TXH WDQWR VH KDEOy HQ ORV DxRV
FLQFXHQWD(QPXFKRVDVSHFWRVDTXpOFRQVWLWX\HHOVWDQGDUG DOTXHORVLQYHVWLJDGR
UHVGHODVH[XDOLGDGVHUHILHUHQFXDQGRWUDWDQGHHVWDEOHFHUODYDOLGH]GHVXVKDOOD]
JRVSDUDODSREODFLyQGHORV(VWDGRV8QLGRVHQFRQMXQWRSXHV.LQVH\UHDOL]yWRGR
OR SRVLEOH SDUD DVHJXUDUVH GH TXH HQ VX HVWXGLR TXHGDEDQ LQFOXLGDV PXMHUHV UHSUH
VHQWDQWHVGHWRGRVORVVHFWRUHVGHODSREODFLyQ8QDPXHVWUDDJUDQHVFDODDOHDWRULD
HVDOJRTXHQRVHKDKHFKRQXQFDKDVWDODIHFKDHQODLQYHVWLJDFLyQGHODVH[XDOLGDG
SXHVWRTXHPXFKDVGHODVSHUVRQDVVXVFHSWLEOHVGHVHUHOHJLGDVDVtVHQHJDUtDQDUHV
SRQGHU.LQVH\\DIDOOHFLGRWXYRTXHKDFHUIUHQWHDHQRUPHVGLILFXOWDGHVSDUDIDFL
OLWDUQRVHVWHSDWUyQ\HOLQVWLWXWRWRGDYtDODERUDVREUHVXHVWXGLR
.LQVH\\VXVFRODERUDGRUHVDILUPDURQGHVGHHOSULQFLSLRODLPSRUWDQFLDGHOFOt
WRULVHQODVH[XDOLGDGIHPHQLQDDXQTXHHQHVWHSXQWRFRPRHQHOWUDEDMRGH)LVKHU
KD\ DOJR GH FRQIXVR HQ HO VLJQLILFDGR GH OD H[SUHVLyQ œRUJDVPR GXUDQWH HO FRLWR
TXH QRVKDFHGLItFLOGLVFHUQLUODVFLIUDV~WLOHVGHVXVKDOOD]JRV(O,QIRUPH.LQVH\VH
UHILHUHDORUJDVPRGXUDQWHHOFRLWRDORUJDVPRGXUDQWHXQDVHVLyQGHFDULFLDV\DO
RUJDVPRGXUDQWHODPDVWXUEDFLyQ3HUR˜TXpHVORTXHLQFOX\HHORUJDVPRGXUDQWHHO
FRLWR":DUGHOO3RPHUR\XQRGHORVFRODERUDGRUHVGH.LQVH\KDGHFODUDGRTXHpVWH
VHUHIHUtDDXQRUJDVPRORJUDGRSRUFXDOTXLHU PHGLRGXUDQWHHOFRLWR&RQHVWHFULWH
ULR .LQVH\ VH HQFRQWUy FRQ TXH OD PD\RUtD GH ODV PXMHUHV HVSHFLDOPHQWH FXDQGR
OOHYDEDQ \D DOJ~Q WLHPSR GH FDVDGDV Vt WHQtDQ RUJDVPR GXUDQWH HO FRLWR 3HUR HO
KHFKRGHTXH.LQVH\WUDMHUDDFRODFLyQXQD\RWUDYH]HOSUREOHPDGHODHVWLPXODFLyQ
LQDGHFXDGD SDUD ODV PXMHUHV HQ HO FRLWR \ OD IDFLOLGDG FRQ TXH VHQWtDQ HO RUJDVPR
pVWDVGXUDQWH ODPDVWXUEDFLyQQRVGLFHTXHODHVWLPXODFLyQFOLWyULFDPDQXDOGHEtDGH
KDEHU LQIOXLGR PXFKR HQ OD IRUPD GH DOFDQ]DU HO RUJDVPR SRU HO FRLWR &RPR GLMR
.LQVH\ œ/DV WpFQLFDV GH OD PDVWXUEDFLyQ \ GH ODV VHVLRQHV GH FDULFLDV HVWiQ PiV
HVSHFtILFDPHQWHFDOFXODGDVSDUDSURYRFDUHORUJDVPRTXHODVWpFQLFDVGHOFRLWRSUR
SLDPHQWHGLFKR
.LQVH\H[SOLFyYDULDVYHFHVTXHHOSUREOHPDEiVLFRGHODVPXMHUHVQR HUDXQD
LQFDSDFLGDGSDUDVHQWLUHORUJDVPRVLQRVRODPHQWHTXHœXQDVXVWDQFLDOPLQRUtDQR
ORH[SHULPHQWDEDGXUDQWHHOœFRLWXV$GHPiVODPD\RUtDGHODVPXMHUHVHVWXGLDGDV
SRU pO TXH VHQWtDQ HO RUJDVPR VyOR D YHFHV GXUDQWH HO œFRLWXV OR H[SHULPHQWDEDQ
SURQWD\UHJXODUPHQWHGXUDQWHODPDVWXUEDFLyQ(GZDUG%UHFKHUORUHVXPHWRGRDVt
œ2EVpUYHVHTXH.LQVH\QR GLMRTXHODPDVWXUEDFLyQHVPiVSODFHQWHUDTXHHOFRLWR
RTXHHVSUHIHULEOHHQFXDOTXLHURWURVHQWLGR.LQVH\UHFRJLyXQKHFKRPX\VLPSOH
TXH GHFHQDV GH PLOORQHV GH PXMHUHV FRQRFHQ SRU H[SHULHQFLD LQGHSHQGLHQWHPHQWH
GHOJR]RTXHSURSRUFLRQDHOFRLWRHLQGHSHQGLHQWHPHQWHWDPELpQGHVXVUHFRPSHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VDVHPRFLRQDOHVHVPHQRVSUREDEOHFRQUHVSHFWRDODPDVWXUEDFLyQTXHWHUPLQHHQ
RUJDVPR\SDUDDOJXQDVPXMHUHVVLHPSUHRFDVLVLHPSUHWHUPLQDVLQRUJDVPR
+HOHQ.DSODQ7KH1HZ6H[7KHUDS\ %UXQQHU0D]HO4XDGUDQJOH
/DGRFWRUD.DSODQHVXQDWHUDSHXWDVH[XDO\SVLFRDQDOLVWDGHJUDQUHSXWDFLyQ
1R KD OOHYDGR D FDER LQYHVWLJDFLyQ HVSHFtILFD SHUR SRVHH XQD DPSOLD H[SHULHQFLD
FOtQLFD(QWDOH[SHULHQFLDVHEDVDQVXVDILUPDFLRQHV6XSRVWXUDTXHGDUHVXPLGDHQ
ODVLJXLHQWHGHFODUDFLyQœ5HVXOWDGLItFLOFUHHUTXHORVPLOORQHVGHPXMHUHVTXHSUH
VHQWDQ UHVSXHVWDV QRUPDOHV SRU RWURV PHGLRV \ TXH QR WLHQHQ RUJDVPR HQ HO FRLWR
HVWpQWRGDVHQIHUPDV§
&RPRHOODGLFH
œ1XHVWUD LPSUHVLyQ EDVDGD ~QLFDPHQWH HQ OD H[SHULHQFLD FOtQLFD HV TXH HQ QXHVWUD
VRFLHGDG XQ GH OD SREODFLyQ IHPHQLQD QR KD H[SHULPHQWDGR QXQFD HO RUJDVPR HQ
WDQWRTXHHODSUR[LPDGDPHQWHGHWRGDVODVPXMHUHVSDUHFHVHUFDSD]GHVHQWLUORSRU
DOJXQRVPHGLRV6LQHPEDUJRDEULJDPRVWDPELpQODLPSUHVLyQGHTXHVR ODPHQWHODPLWDG
RPHQRVGHHVDVPXMHUHVRUJiVPLFDVOOHJDQDOFOtPD[GXUDQWHHOFRLWRVLQHVWtPXORFOLWyULFR
DGLFLRQDO7DOHVLPSUHVLRQHVFRQWUDVWDQFODUDPHQWHFRQHOSXQWRGHYLVWDVRVWHQL GRSRUPX
FKRVH[SHUWRV\FRPSDUWLGRSRUHOS~EOLFRHQJHQHUDOGHTXHHORUJDVPRFRLWDOHVOD~QLFD
IRUPDFRUULHQWHGHH[SUHVLyQVH[XDOGHODPXMHU\TXHHORUJDVPRFRQVHJXLGRHVHQFLDOPH Q
WHPHGLDQWHHOHVWLPXORGLUHFWRFOLWyULFRHVHQFLHUWRPRGRSDWROyJLFR
(QRWUDVSDODEUDV.DSODQHVWLPDTXHTXL]iODPLWDGRPHQRVGHHVHTXH
SXHGHVHQWLUHORUJDVPRORFRQVLJXHGXUDQWHODFySXODVLQHVWLPXODFLyQFOLWyULFDDGL
FLRQDOœ/DPLWDGRPHQRVGHOTXHGDGHQWURGHOD]RQD JHQHUDOGHORVKDOOD]
JRVTXHDVHJXUDQHQHVWHOLEURVLELHQODFLIUDTXHHVXQUHVXOWDGRHVWLPDGRHVOLJH
UDPHQWHPiVDOWD
:LOOLDP 0DVWHUV \ 9LUJLQLD -RKQVRQ +XPDQ 6H[XDO 5HVSRQVH /LWWOH %URZQ
DQG &RPSDQ\ +XPDQ 6H[XDO ,QDGHTXDF\ /LWWOH %URZQ DQG &RPSDQ\
0DVWHUV\-RKQVRQQRKDQIDFLOLWDGRFLIUDVFRQFUHWDVFRQUHVSHFWRDOSUHGRPL
QLR GHO RUJDVPR GXUDQWH HO FRLWR (Q UHDOLGDG VX LQYHVWLJDFLyQ QR IXH HPSUHQGLGD
FRQ RWUR VHQWLGR (OORV VH SURSXVLHURQ HVWXGLDU \ FRPSUHQGHU HO RUJDVPR HQ Vt (O
KDOOD]JRFUXFLDOGHVXWUDEDMRFRQUHVSHFWRDODVH[XDOLGDGIHPHQLQDHVTXHKD\XQ
VROR WLSR GH RUJDVPR QR GRV ORV RUJDVPRV VHQWLGRV GXUDQWH HO FRLWR VRQ FDXVDGRV
SRUODHVWLPXODFLyQFOLWyULFDLQGLUHFWDQRSRUHVWLPXODFLyQYDJLQDO
&RQUHODFLyQDODSUHJXQWDIRUPXODGDHQHVWHFDStWXOR˜TXpQRVGLFHVXWUDED
MR"(QSULPHUOXJDU0DVWHUV\-RKQVRQHOLJLHURQODSREODFLyQEiVLFDSDUDVXHVWXGLR
VyOR HQWUH PXMHUHV TXH Vt WHQtDQ RUJDVPR GXUDQWH HO FRLWR WRGDV ODV GHPiV IXHURQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HOLPLQDGDV/XHJRHQVXVKDOOD]JRVHWLTXHWDURQODDXVHQFLDGHRUJDVPRHQHOFRLWR
FRQODH[SUHVLyQœLQDGHFXDFLyQRUJiVPLFDFRLWDO6LQHPEDUJR0DVWHUV\-RKQVRQ
UHFRQRFHQ HYLGHQWHPHQWH TXH ODV PXMHUHV WLHQHQRUJDVPRPiVIiFLOPHQWHSRUPDV
WXUEDFLyQ \ HVWLPXODFLyQ FOLWyULFD LQIRUPDQGR TXH ORV RUJDVPRV PiV IXHUWHV\IUH
FXHQWHVVHGDQHQODVPXMHUHVHQHVRVPRPHQWRV\OOHJDQGRDGHFLULQFOXVRFRQUHV
SHFWRDOLQWHUFXUVR FRLWR
œ/RPiVFRUULHQWHHVTXHODLQIOXHQFLDVRFLRFXOWXUDOVLW~HDODPXMHUHQXQDSRVLFLyQ
TXH OD REOLJD D DGDSWDU VXEOLPDU LQKLELU H LQFOXVR GLVWRUVLRQDU VX FDSDFLGDG QDWXUDO SDUD
IXQFLRQDUVH[XDOPHQWHDILQGHTXHFXPSODHOSDSHOTXHOHKDVLGRJHQpWLFDPHQWHDVLJQDGR
HVGHFLUSURFUHDU(VWDHVXQDGHODVIXHQWHVSULQFLSDOHVGHODGLVIXQFLy QVH[XDOIHPHQL
QD
1RREVWDQWHXQRGHVXVREMHWLYRVPiVGHVWDFDGRVSDUHFHVHUœWUDWDUDODVPX
MHUHVGHVXHUWHTXHVHDQFDSDFHVGHVHQWLUHORUJDVPRGXUDQWHHOFRLWR1DGDKD\GH
PDORHQHOORVDOYRTXHFRQWLQ~DGHMDQGRDODVPXMHUHVFRQODLPSUHVLyQGHTXHQR
WHQHU RUJDVPR GXUDQWH HO FRLWR HV œHQIHUPL]R \ œDQRUPDO XQD GLVIXQFLyQ (VWR
HVHVSHFLDOPHQWHFLHUWRWUDVODGHFODUDFLyQGH0DVWHUV\-RKQVRQGHTXHHOFOtWRULVHV
LQGLUHFWDPHQWHHVWLPXODGRGXUDQWHODSHQHWUDFLyQGHFODUDFLyQTXHKDWHQLGRPXFKD
SXEOLFLGDG,QVLVWLUHPRVPiVHQVXVWHRUtDVHQODVHFFLyQGHHVWHFDStWXORUHODFLRQDGD
FRQODVIRUPDVHQTXHODVPXMHUHVWLHQHQRUJDVPRGXUDQWHHOFRLWR
(QUHVXPHQHOJHQHUDOFRQVHQVRGHHVWRVHVWXGLRVVHOLMDHQTXHODPD\RUtDGH
ODVPXMHUHVQRH[SHULPHQWDQHORUJDVPRDFRQVHFXHQFLDGHOFRLWRHQHOVHQWLGRGH
ODVLPSOHSHQHWUDFLyQFRQHVWLPXODFLyQDGLFLRQDO/DTXHMDIHPHQLQDGHWLSRVH[XDO
PiVFRP~QPHQWHHVFXFKDGDHQODVFOtQLFDVHVSHFLDOL]DGDVHVODGHOœIUDFDVR HQRU
JDVPDU GXUDQWH HO FRLWR FySXOD < HO KHFKR GH TXH ODV PXMHUHV PX\ IUH
FXHQWHPHQWHQRVLHQWHQDTXpOHQHODFWRPHQFLRQDGRHVGHOGRPLQLRSRSXODUGHVGH
KDFH PXFKR WLHPSR (O TXH XQD PXMHU H[SHULPHQWH HO RUJDVPR GXUDQWH HO FRLWR D
WUDYpVGHOFRLWRQRHVVHQFLOODPHQWHODH[SHULHQFLDGHODPD\RUtD
˜$ TXp VH GHEH HVWR" %XHQR LQFOXVR HO IRUPXODU OD SUHJXQWD HV HUUyQHR 1R
GHELpUDPRVSUHJXQWDUœ˜3RUTXpODVPXMHUHVQRVLHQWHQHORUJDVPRHQHOFRLWR"VL
QRœ˜3RUTXpKHPRVLQVLVWLGRHQTXHODPXMHUGHEHH[SHULPHQWDUHORUJDVPRHQHO
FRLWR" ˜<SRUTXpODVPXMHUHVKDQFRQVLGHUDGRQHFHVDULRSUREDUORWRGRGHVGHHMHU
FLFLRVKDVWDH[WHQVRVDQiOLVLVGHWHUDSLDVH[XDOSDUDKDFHU TXHRFXUUD"
/DJORULILFDFLyQGHOFRLWR
˜3RUTXpSHQVDPRVTXHODVPXMHUHVKDQGHH[SHULPHQWDUHORUJDVPRSRUHOFRLWR"
([LVWHQWUHVUD]RQHVEiVLFDVSDUDHVWDLQVLVWHQFLDODVFXDOHVGHVDUUROODUHPRVHQ
ODVVLJXLHQWHVSiJLQDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$/DH[SOLFDFLyQGHOSODFHUVH[XDOFRPRPHGLRGHDVHJXUDUODUHSURGXFFLyQ
%(OSDSHOGHFLVLYRGHOD FySXODPRQyJDPDHQODKHUHQFLDSDWULOLQHDO
&/DH[WHQGLGDLQIOXHQFLDGHOPRGHORIUHXGLDQRGHSVLFRORJtDIHPHQLQD
$(OSODFHUVH[XDO\HOPRGHORUHSURGXFWLYR
(QSULPHUOXJDUHVWiODLGHDGHTXHOD1DWXUDOH]DQRVGLRXQœLPSXOVRVH[XDO
\ OD FDSDFLGDG SDUD HO SODFHU VH[XDO D ILQ GH DVHJXUDU OD UHSURGXFFLyQ SRU FRQVL
JXLHQWHHOFRLWRHVœORUHDO\WRGDVODVRWUDVIRUPDVGHVDWLVIDFFLyQVH[XDOVRQVXV
WLWXWLYRVRSHUYHUVLRQHVGHHVWDDFWLYLGDGœQDWXUDO
(VLPSRUWDQWHHVWXGLDUFRQGHWDOOHWDOVXSRVLFLyQ(OFRLWRHVSDUDODUHSURGXF
FLyQ\HOSODFHUVH[XDO\HORUJDVPRHVWiQLPSOLFDGRVHQODUHSURGXFFLyQ3HUR˜Fy
PRH[DFWDPHQWH"([DPLQDQGRODFXHVWLyQPiVGHFHUFDVHREVHUYDTXHVRODPHQWHHO
RUJDVPRGHOPDFKR HVQHFHVDULRSDUDODUHSURGXFFLyQ7HQGUtDVHQWLGRGHVGHHOSXQ
WR GH YLVWD GH OD QHFHVLGDG GH GHSRVLWDU HO VHPHQ GHQWUR GH OD YDJLQD TXH HO FRLWR
SURSRUFLRQDUD FDVL DXWRPiWLFDPHQWH XQ HVWtPXOR SHUIHFWR SDUD HO RUJDVPR GHO PD
FKR\GHVGHOXHJRORKDFHORVKRPEUHVWLHQHQHORUJDVPRFRQUHJXODULGDGGXUDQWH
HO FRLWR OR PLVPR TXH ODV PXMHUHV \ ORV KRPEUHV OR WLHQHQ GXUDQWH OD PDVWXUED
FLyQ
6LQHPEDUJRSXHVWRTXHQRHVQHFHVDULRTXHVHSURGX]FDHORUJDVPRIHPHQLQR
HQHOFRLWRFRQYLVWDVDODUHSURGXFFLyQ˜SRUTXpKDEtDGHSURSRUFLRQDUODQDWXUD
OH]D HVWtPXOR SDUD HO RUJDVPR IHPHQLQR HQ HO DFWR VH[XDO" 'H KHFKR ˜FXiO HV OD
UD]yQVLTXLHUDGHODH[LVWHQFLDGHORUJDVPRIHPHQLQR"7HQHPRVYDULDVSRVLELOLGD
GHV
$OJXQRVLQYHVWLJDGRUHVDOHJDQTXHHORUJDVPRIHPHQLQRFRQWULEX\HDœFKX
SDU HO VHPHQ KDFLD HO LQWHULRU GHO ~WHUR 6LQ HPEDUJR 0DVWHUV \ -RKQVRQ HVWLPDQ
TXHHVWRHVGXGRVR\DTXHODVFRQWUDFFLRQHVGHO~WHURSURJUHVDQHQVHQWLGRGHVFHQ
GHQWH SRU OR FXDO œHV PDV SUREDEOH SRU VX SDUWH XQD DFFLyQ H[SXOVRUD TXH DEVRU
EHQWH3DUDGHPRVWUDUHVWRVLWXDURQXQIOXLGRVHPHMDQWHDOVHPHQSHURRSDFRDORV
UD\RV ; HQ XQ FDVTXHWH TXH FXEUtD OD FHUYL[ 'H H[LVWLU XQD DFFLyQ DEVRUEHQWH HO
IOXLGR LUtD D SDUDU D pVWH 3HUR HQ ODV SODFDV GH UD\RV ; QR VH YLR TXH VH KXELHUD
DELHUWRQLQJXQDEUHFKDVLJQLILFDWLYDHQODDEHUWXUDFHUYLFDO9DULDVFRUUHVSRQVDOHVGH
HVWH HVWXGLR PDQLIHVWDURQ TXH VXV FRQWUDFFLRQHV WHQtDQ WHQGHQFLD GHVFHQGHQWH R
KDFLDIXHUD8QDPXMHUGHVFULELyVXRUJDVPRGHHVWDPDQHUDœ(ORUJDVPRFOLWyULFR
HV XQ DJXGR DVLPLHQWR GH ORV P~VFXORV GH PL UHFWR \ GH OD YDJLQD HVWUHPHFHGRU
HQWUHSODFHQWHUR\GRORURVRKDVWDFRUWDUHODOLHQWR6HDORTXHVHDDTXHOORTXHWHQJD
GHQWUR¥XQGHGRXQSHQHRXQFRQVRODGRU¥HVDVLGRHLPSXOVDGRKDFLDIXHUD
/DGRFWRUD0DU\-DQH6KHUIH\GLFHœ(QJHQHUDOHORUJDVPRGHOPDFKRHVWi
DGPLUDEOHPHQWHSODQHDGRSDUDGHSRVLWDUHOVHPHQGRQGHVXUWLUiPHMRUHIHFWR(OGH
OD PXMHU WLHQH SRU ILQ HOLPLQDU OD PD\RU FDQWLGDG GH FRQJHVWLyQ YHQRVD GHO PRGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PiV HIHFWLYR 3HUR HO RUJDVPR SURGXFH HQ ORV KRPEUHV HVWH HIHFWR WDPELpQ \ OD
PLVPDGRFWRUDKDSXHVWRGHUHOLHYHTXHWUDVXQRUJDVPRODVPXMHUHVQRVHGHVFRQ
JHVWLRQDQ GHO WRGR VLQR TXH VH PDQWLHQHQ HQ XQ HVWDGR GH SDUFLDO H[FLWDFLyQ \ D
YHFHVWUDVXQRUJDVPROD H[FLWDFLyQSXHGHKDFHUVHPiVIXHUWH˜3XHGHVHUpVWDHQ
WRQFHVOD~QLFDIXQFLyQGHORUJDVPRIHPHQLQR"
/D GRFWRUD 6KHUIH\ KD DSRUWDGR DVLPLVPR XQD UD]yQ SDUD H[SOLFDU SRU TXp
GHVGHHOSXQWRGHYLVWDGHODUHSURGXFFLyQODVPXMHUHVQR GHEHQH[SHULPHQWDU RUJDV
PRV GXUDQWH HO FRLWR œ(Q XQD PXMHU GRWDGD GH XQ FXHUSR OD[R \ SHULQHDO TXH KD
GDGRKLMRVHOVHPHQHVFDSDIiFLOPHQWHFRQXQDUHWLUDGDSUHPDWXUDHQWDQWRTXHVLOD
PXMHUQRVLHQWHXQRUJDVPRHOWHUFLRLQIHULRUWRGDYtDKLQFKDGRDFW~DFRPREDUUHUD
SDUDHOVHPHQTXHIOX\HKDFLDIXHUD 0DVWHUV\-RKQVRQKDQPHQFLRQDGRWDPELpQ
TXHSRUHOPLVPRPRWLYRSDUDDOJXQDVPXMHUHVODVSUREDELOLGDGHVGHTXHGDUHPED
UD]DGDVVRQPD\RUHVVLQRVLHQWHQHORUJDVPR
2WUDSRVLELOLGDGHVODGHTXHQXHVWUDVFRQWUDFFLRQHVRUJiVPLFDVHVWpQGHVWL
QDGDVDDVHJXUDUPHMRUHORUJDVPRGHOYDUyQDVLHQGRHOSHQH\WLUDQGROLJHUDPHQWH
KDFLD DEDMR GH XQ PRGR UtWPLFR (Q HVWH PRGHOR GH FRLWR OD SHQHWUDFLyQ QR VHUtD
FRQVLGHUDGDWDQQHFHVDULDFRPRORHVDKRUD\TXL]iHOFRLWRHQRWUDFXOWXUDUHVXOWDUD
PHQRVJLPQiVWLFD\GRPLQDGDSRUHOPDFKR7UDWDUtDVHVLPSOHPHQWHSRUSDUWHGHOD
SDUHMDGHDGRSWDUODSRVWXUD \DFHQWHHOSHQHHQODYDJLQDRODYDJLQDFXEULHQGRHO
SHQH(ORUJDVPRIHPHQLQR SURSRUFLRQDUtDPXFKDGHODHVWLPXODFLyQSUHFLVDSDUDHO
RUJDVPRGHOYDUyQ
3RURWUDSDUWHTXL]iVHDIXQFLyQGHORUJDVPRIHPHQLQRSURSRUFLRQDUH[FLWD
FLyQ\œUHFHSWLYLGDGRLQWHUpVHQODPXMHUSRULQLFLDUHODFWRVH[XDO/DPD\RUtDGH
SULPDWHVKHPEUDVWLHQHQXQSHUtRGRGHHVWURXQSHUtRGRHVSHFtILFRGHWLHPSRGXUDQ
WHHOFXDOODH[FLWDFLyQHVPiVRPHQRVFRQVWDQWHTXHJDUDQWL]DODFRLQFLGHQFLDGHOD
IHUWLOLGDG\HO FRLWR/DVPXMHUHVQRSUHVHQWDQHOHVWURWHyULFDPHQWHVRQFDSDFHVGH
H[FLWDUVH HQ FXDOTXLHU PRPHQWR 1RVRWUDV QRV H[FLWDPRV GH PXFKDV IRUPDV PH
GLDQWHHOEHVRPHGLDQWHHODEUD]RHLQFOXVRKDEODQGR'XUDQWHWDOHVDFWLYLGDGHVVL
ODVHQFRQWUDPRVH[FLWDQWHVDSDUHFHXQDVHQVDFLyQFiOLGDXQFRVTXLOOHR¥HOGHVHR
TXL]iGHODHVWLPXODFLyQFOLWyULFD¥TXHYDKDFLpQGRVHPiV\PiVIXHUWH6LDHVWR
VLJXHODHVWLPXODFLyQFLWDGDVHOOHJDDPHQXGRDXQDHVSHFLHGHFRVTXLOOHRYDJLQDO
œGRORU YDJLQDO TXH PXFKDV PXMHUHV LQWHUSUHWDQ FRPR HO GHVHR GH œVHU SHQHWUD
GDV0LHQWUDVTXHHOHVWtPXOR FRQWLQXDGRSURGXFHHORUJDVPR\SDUDPXFKDVPXMH
UHV HO UHWRUQR D OD H[FLWDFLyQ HO FRLWR SDUHFH VHU TXH DSDFLJXD HVWD VHQVDFLyQ (V
SRVLEOHTXHXQDGHODVIXQFLRQHVGHQXHVWURRUJDVPRVHDODFRQWLQXDGDH[FLWDFLyQ
\ODœUHFHSWLYLGDG
1R VH VDEH VL OD SDUWH OODPDGD œ˜GRORU YDJLQDO GHO FXDGUR TXH DFDEDPRV GH
SUHVHQWDU HV YiOLGD SDUD OD PD\RUtD GH ODV PXMHUHV R SDUD PXFKDV GH HOODV SXHVWR
TXHpVWDVJHQHUDOPHQWHQRVHYDOHQGHHQWUDGDYDJLQDODOJXQDGXUDQWHODPDVWXUED
FLyQ6LQHPEDUJRODLGHDJHQHUDOGHTXHQXHVWURVRUJDVPRVTXL]iFRQWULEX\DQDOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IXQFLyQ GH FRQWLQXLGDG GH OD H[FLWDFLyQ PDQWHQLpQGROD HQ OtPLWHV MXVWDPHQWH FRQ
WURODEOHVSRUHOFXHUSRHVXQDLQWHUHVDQWHSRVLELOLGDG
'HODPLVPDIRUPDSRGUtDDUJXPHQWDUVHTXHSXHVWRTXHODVPXMHUHV QRWLHQHQ
HOHVWURHVQHFHVDULRTXHQXHVWURFOtWRULVVHKDOOHORFDOL]DGRHQHOH[WHULRUGHQXHV
WURV FXHUSRV DQWHV TXH PiV FHUFD GH OD YDJLQD D ILQ GH TXH OD HVWLPXODFLyQSXHGD
SURGXFLUVHHQHOFXUVRQRUPDOGHODVFRVDV(QRWUDVSDODEUDVSXHVWRTXHQRVRPRV
SHULyGLFDPHQWHUHFHSWLYDVFRPRRWURVPDPtIHURVWLHQHTXHH[LVWLUDOJ~QPHFDQLVPR
SUHYLVWRSDUDTXHODH[FLWDFLyQVHDDFWLYDGDDYROXQWDG\TXHQRQRVGHMHHQHVWDGR
FRQVWDQWHGHH[FLWDFLyQ
1RREVWDQWHHVSRVLEOHTXHQLQJXQDGHHVDVWHRUtDVVHDFLHUWD3RUHMHPSORVL
HO SURSyVLWR GH OD H[FLWDFLyQ \ OD VH[XDOLGDGHQJHQHUDOVHHQFXHQWUDUHDOPHQWHFR
QHFWDGR VRODPHQWH FRQ OD UHSURGXFFLyQ ˜SRU TXp D YHFHV H[SHULPHQWDPRV LJXDO
H[FLWDFLyQ FXDQGR QR PiV IXHUWH FRQ HO RUJDVPR FRQVHFXHQWH HQ PRPHQWRV QR
DSWRV SDUD OD FRQFHSFLyQ HV GHFLU GXUDQWH HO HPEDUD]R GHVSXpVGHODPHQRSDXVLD
GXUDQWH OD PHQVWUXDFLyQ \ HQ RWUDV RFDVLRQHV GHO PHV HQ TXH OD FRQFHSFLyQ QRHV
SRVLEOHDVtFRPRGXUDQWHODQLxH]"
4XL]iV HO RUJDVPR VHD EiVLFDPHQWH XQ PHFDQLVPR GH DOLYLR SDUD HO FXHUSR
FRPRVRQRWUDVUHDFFLRQHVHVSiVWLFDVFRUSRUDOHVFRPRODULVDHOOODQWRRODVFRQYXO
VLRQHV(VSRVLEOHTXHXQDGHODVIXQFLRQHVGHORUJDVPRVHDODGHVFDUJDGHWRGRWLSR
GHWHQVLRQHVSRUPHGLRGHWDODOLYLR2ELHQ˜SRGUtDVHUTXHQRKXELHUDPiVœUD]yQ
MXVWLILFDWLYDGHODH[LVWHQFLDGHORUJDVPRIHPHQLQRTXHHOSODFHU"(QWRGRFDVRWDQ
WRVLODIXQFLyQGHORUJDVPRIHPHQLQRHVRQRDFRQWLQXDUODH[FLWDFLyQRODOLEHUD
FLyQGHWRGDFODVHGHWHQVLRQHVFRUSRUDOHVTXHGDGHILQLWLYDPHQWHFODURTXHQRH[LVWH
QLQJXQD UD]yQ OyJLFD SDUD LQVLVWLU HQ TXH WHQJDPRV QXHVWURV RUJDVPRV GXUDQWH HO
FRLWR
%(OSDWULDUFDGR\ODFySXODPRQyJDPD
8QD VHJXQGD UD]yQ SDUD LQVLVWLU HQ TXH ODV PXMHUHV \ ORV KRPEUHV GHEHQ
KDOODUVXPD\RUSODFHUVH[XDOHQODFySXOD\HQTXHKDQGHYHUHQpVWDHODFWRVH[XDO
EiVLFRODIRUPDEiVLFDGHVH[XDOLGDGHVTXHQXHVWUDIRUPDGHVRFLHGDGDVtORH[LJH
&RQ PX\ SRFDV \ DLVODGDV H[FHSFLRQHV GXUDQWH ORV ~OWLPRV WUHV R FXDWUR PLO DxRV
WRGDVODVVRFLHGDGHVKDQVLGRSDWULOLQHDOHVRSDWULDUFDOHV(OQRPEUHGHODIDPLOOD\
OD KHUHQFLD KDQSDVDGRDWUDYpVGHORVKRPEUHV\ODVOH\HVFLYLOHV\UHOLJLRVDVKDQ
GDGRDORVKRPEUHVDXWRULGDGSDUDGHWHUPLQDUHOFXUVRGHODVRFLHGDG(QXQDVRFLH
GDGQRSDWULDUFDOGRQGH QRH[LVWHODFXHVWLyQGHOGHUHFKRDODSURSLHGDGRELHQHO
OLQDMH VH WUDQVPLWH D WUDYpV GH OD PDGUH QR HV QHFHVDULR LQVWLWXFLRQDOL]DU OD FySXOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRPRODIRUPDEiVLFDGHOSODFHUVH[XDO(QODVSULPHUDVVRFLHGDGHVGHTXHWHQHPRV
QRWLFLDODVIDPLOLDVHUDQSULQFLSDOPHQWHJUXSRVH[WHQGLGRVGHFODQHVHQORVTXHODV
WtDV\KHUPDQRVSDUWLFLSDEDQHQXQSODQRGHLJXDOGDGHQODFULDQ]DGHOQLxRODPD
GUHQRHUDSDUWLFXODUPHQWHœSURSLHWDULDGHpVWH\QRH[LVWtDHQDEVROXWRHOFRQFHS
WRGHœSDGUH'HKHFKR HOSDSHOGHOPDFKRHQODUHSURGXFFLyQQRIXHFRPSUHQGLGR
GXUDQWH ODUJR WLHPSR\ODFySXOD\HORUJDVPRPDVFXOLQRQRVHUHODFLRQDEDFRQHO
HPEDUD]RTXHGHVGHOXHJRVRODPHQWHPHVHVPDVWDUGHVHHYLGHQFLDED
3HURDOSDVDUVHDXQDVRFLHGDGSDWULOLQHDORSDWULDUFDO VHKDFHQHFHVDULRSDUD
HOKRPEUHFRQWURODUODVH[XDOLGDGGHODPXMHU1DQF\0DUYDOHQXQWUDEDMRHGLWDGR
SRU7KH)HPLQLVWVH[SOLFDHVWRPiVDPSOLDPHQWH
œ(Q XQD FXOWXUD SDWULDUFDO FRPR OD QXHVWUD HQ OD TXH WRGRV QRV KHPRV FULDGR OD
VH[XDOLGDG HV XQD FXHVWLyQ GHFLVLYD 0iV DOOi GH ORV DVSHFWRV VLPEyOLFRV GHO DFWR VH[XDO
TXHUHSUHVHQWDQODGRPLQDFLyQPDQLSXODFLyQ\FRQWUROGHOPDFKRVREUHODKHPEUDDVXPH
XQDGHVERUGDQWHLPSRUWDQFLDSUiFWLFD/RVKRPEUHVQRWLHQHQ XQDFFHVRGLUHFWRDODUHSUR
GXFFLyQ\DODVXSHUYLYHQFLDGHODVHVSHFLHV&RPRLQGLYLGXRVVXVGHUHFKRVFRQUHVSHFWRD
GHWHUPLQDGRQLxRQXQFDSXHGHQHVWDUWDQFODURVFRPRORVGHODPDGUHTXLHQGHXQDPDQ H
UDGHPRVWUDEOHGLRDOX]DDTXpO(QFLUFXQVWDQFLDVQRUPDOHVVHDFHSWDODQHFHVLGDGGHXQ
KRPEUHDILQGHSURSRUFLRQDUHOHVSHUPDSDUDODFRQFHSFLyQGHOKLMRSHURHVSUiFWLFDPHQWH
LPSRVLEOHGHWHUPLQDU TXp KRPEUH/D~QLFDIRUPDGHTXH XQKRPEUHSXHGDHVWDUFRPSOH
WDPHQWHVHJXURGHTXHpOHVTXLHQKDDSRUWDGRHVHHVSHUPDHVFRQWURODUODVH[XDOLGDGGHOD
PXMHU
3DUDORJUDUHVWRWHQtDTXHLQVLVWLUHQTXHHOODIXHUDYLUJHQSDUDHOPDWULPRQLR
\PRQyJDPDDSDUWLUGHHQWRQFHV&RPRVXEUD\y.LQVH\
œ$ODKHPEUDOHHVWDEDQSURKLELGDVODVDFWLYLGDGHVVH[XDOHVDQWHVGHOPDWULPRQLRHQ
ORV DQWLJXRV FyGLJRV SULQFLSDOPHQWH SRUTXH DPHQD]DEDQ ORV GHUHFKRV GH SURSLHGDG GHO
YDUyQVREUHODPXMHUTXHWRPDEDSRUHVSRVD/DH[LJHQFLDGHTXHODKHPEUDIXHVHYLUJHQHQ
HOPRPHQWRGHOPDWULPRQLRHUDFRPSDUDEOHDODRWUDGHTXHHOJDQDGRRODVPHUFDQFtDVTXH
pOFRPSUDEDKDEtDQGHVHUSHUIHFWRVFRQDUUHJORDODVQRUPDVGHODFXOWXUDHQTXHYLYtD
&RQUHVSHFWRDPDQWHQHUODPRQyJDPD0DUYDOFRPHQWDTXHXQKRPEUHSRGtD
KDFHUORGHYDULRVPRGRV
œ3XHGH PDQWHQHUOD VHSDUDGD GH FXDOTXLHU RWUR KRPEUH FRPR HQ XQ KDUpQ SXHGH
DPHQD]DUODFRQYLROHQFLDVLVHGHVFDUUtDSXHGHLGHDU XQPpWRGRPHFiQLFRSDUDLPSHGLUOD
FySXODFRPRHOFLQWXUyQGHFDVWLGDGSXHGHH[WLUSDUOHHOFOtWRULVSDUDDWHQXDUVXVLPSXOVRV
HUyWLFRVRSXHGHFRQYHQFHUODGHTXHODUHODFLyQVH[XDOHVORPLVPRTXHHODPRUSRUFX\D
(QWUHORVOLEURVUHODFLRQDGRVFRQHVWHWHPDILJXUDQ7KHILUVW6H[GH(OL]DEHWK*RXOG'DYLV7KH0RWKHUV
GH5REHUW%ULIIDXOW7KH:KLWH*RGGHVGH5REHUW*UDYHV7KH&XOWRIWKH0RWKHU*RGGHVGH(2-DPHV
:RPDQ©V(YROXWLRQGH(YHO\Q5HHG\3UHKLVWRU\DQGWKH%HJLQQLQJRI&LYLOL]DWLRQGH-DFTXHWWD+DZNHV\
6LU/HRQDUG:RROOH\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UD]yQVLWLHQHUHODFLRQHVVH[XDOHVFRQRWUDSHUVRQDHOODHVWiYLRODQGRODVDJUDGDpWLFDGHO
DPRU(VWH~OWLPRPpWRGRHVHOXWLOL]DGRPiVFRP~QPHQWHKR\HQORV(VWDGRV8Q LGRV
$SDUWHGHHVDVUD]RQHVSUiFWLFDVSDUDFRQWURODUODVH[XDOLGDGDILQGHPDQWH
QHUODIRUPDGHRUJDQL]DFLyQVRFLDOTXHFRQRFHPRVHQHOSULPHUSHUtRGRGHOFDP
ELRDOSDWULDUFDGRKXERUD]RQHVSROtWLFDVWDPELpQHQHOVHQWLGRGHTXHRWUDVIRUPDV
GH VH[XDOLGDG UHSUHVHQWDEDQ IRUPDV ULYDOHV GH RUJDQL]DFLyQ VRFLDO3RUHMHPSORHV
JHQHUDOPHQWHDGPLWLGRSRUORVHUXGLWRVGHOD%LEOLDTXHODVSULPLWLYDVWULEXVMXGtDV
PHQFLRQDGDV HQ HO $QWLJXR 7HVWDPHQWR DFHSWDEDQ OD SUiFWLFD GHO FXQQLOLQJXV \ OD
KRPRVH[XDOLGDGFRPRSDUWHYiOLGDGHODYLGD\GHODVUHODFLRQHVItVLFDVDOLJXDOTXH
ODVVRFLHGDGHVFRQVWLWXLGDVHQVXVDOUHGHGRUHVTXHQRHUDQHQVXPD\RUtDSDWULDUFD
OHV WRWDOPHQWH (Q HIHFWR FRQ DQWHULRULGDG DO VLJOR 9,, D GH -& ODV DFWLYLGDGHV
KRPRVH[XDOHV\RWUDVDFWLYLGDGHVVH[XDOHVVHKDOODEDQDVRFLDGDVDORVULWRVUHOLJLR
VRVMXGtRVORFXDOSDVDEDWDPELpQHQODVFXOWXUDVFLUFXQGDQWHV3HURFXDQGRODVSH
TXHxDV\FRPEDWLYDVWULEXVMXGtDVTXLVLHURQIRUMDU\FRQVROLGDUVXSRGHUtR\VXRU
GHQVRFLDOSDWULDUFDOOLJDQGRWRGDOHDOWDGDO~QLFR'LRVYDUyQ<DKYpWRGDVODVIRU
PDV GH OD VH[XDOLGDG H[FHSWR OD QHFHVDULD SDUD OD UHSURGXFFLyQ IXHURQ SURKLELGDV
SRUVXFyGLJRUHOLJLRVR(O&yGLJR6DJUDGRHVWDEOHFLGRHQODpSRFDGHVXUHWRUQRGHO
H[LOLREDELORQLRLQWHQWDEDHODLVODPLHQWRFRQUHVSHFWRDODVFXOWXUDVFLUFXQGDQWHV\
HVWDEOHFLyUHJODVSDUDPDQWHQHUVHSDUDGRGHORVGHPiVDO3XHEOR(OHJLGRSRU'LRV
(QWRQFHVIXHURQFRQGHQDGRVORVDFWRVQRKHWHURVH[XDOHVQRUHSURGXFWLYRVDOHJiQ
GRVHTXHHUDQFRVDVGHORVFDQDQHRVFRVDVGHORVSDJDQRV3HURWDOHVDFWLYLGDGHVVH
SURVFULELHURQHQWDQWRTXHLQGLFDWLYDVGHVXPLVLyQDRWUDFXOWXUDFRPRDERFDGRVDOD
LGRODWUtDPiVQRFRPRœLQPRUDOHVRFRPRFUtPHQHVVH[XDOHVTXHHVODFRQVLGHUD
FLyQTXHQRVRWURVOHVGDPRVKR\6HWUDWDEDGHFUtPHQHVSROtWLFRV
7DOHV FyGLJRV KDQ FRQWLQXDGR HQ QXHVWUDV OH\HV UHOLJLRVDV \ FLYLOHV KDVWD HO
SUHVHQWH/RVFyGLJRVMXGHRFULVWLDQRVFRQGHQDQWRGDYtDWRGDDFWLYLGDGVH[XDOTXHQR
WHQJD OD UHSURGXFFLyQ FRPR VX ILQ SULPRUGLDO 1XHVWUDV OH\HV FLYLOHV VH GHULYDQ HQ
JUDQSDUWHGHHVRVFyGLJRV\ODVOH\HVGHFDVLWRGRVORVHVWDGRVFRQGHQDQODVIRUPDV
GH VH[XDOLGDG QR FRLWDOHV GHQWUR \ IXHUD GHO PDWULPRQLRFRPRLQIUDFFLRQHVRFUt
PHQHV SXQLEOHV $Vt SXHV OD FySXOD KD VLGR LQVWLWXFLRQDOL]DGD HQ QXHVWUD FXOWXUD
FRPROD~QLFDIRUPDSHUPLVLEOHGHDFWLYLGDGVH[XDO
/DV IRUPDV GH VH[XDOLGDG GLVWLQWDV GHO FRLWR VRQ FRQVLGHUDGDV DKRUD WDPELpQ
SVLFROyJLFDPHQWH DQRUPDOHV \ QR VDOXGDEOHV FRPR \D YHUHPRV XQDV SiJLQDV PiV
DGHODQWH6LQHPEDUJRORVRWURVPDPtIHURVGLVIUXWDQGHOFRPSOHWRHVSHFWURGHUHOD
FLRQHVItVLFDV\VXVDOXGPHQWDOQRVHKDSXHVWRHQGXGD$GHPiVODFySXODWDPSR
FRHVHOIRFRSULQFLSDOGHVXVUHODFLRQHVVH[XDOHVVLQRXQDDFWLYLGDGHQWUHPXFKDV
'HGLFDQ PiV WLHPSR DO DVHR PXWXR TXH DO FRQWDFWR VH[XDO HVSHFtILFR FRPR -DQH
*RRGDOO \ PXFKRV RWURV LQYHVWLJDGRUHV GH OD YLGD GHORVSULPDWHVKDQGHVFULWRFRQ
JUDQGHWDOOH7DPELpQVHPDVWXUEDQ\VRVWLHQHQFRP~QPHQWHUHODFLRQHVKRPRVH[XD
$XQTXHVHJ~QODREUDGH-XGG7HOOHUWLWXODGD-HZV%LRJUDSK\RID3HRSOHHVWRIXHHQHOVLJOR9,D'H-&
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
OHV (QWUH ORV DQLPDOHV HQ TXH VH KDQ REVHUYDGRVHPHMDQWHVDFWLYLGDGHVILJXUDQODV
UDWDV FKLQFKLOODVFRQHMRVSXHUFRHVStQHVDUGLOODVKXURQHVFDEDOORVYDFDVHOHIDQ
WHV SHUURV EDEXLQRV PRQRV FKLPSDQFpV \ PXFKRV RWURV $XQTXH QXHVWUD FXOWXUD
SDUHFHVXSRQHUTXHODV VHQVDFLRQHVVH[XDOHVKDQVLGRFUHDGDVSRUOD1DWXUDOH]DSDUD
DVHJXUDUODUHSURGXFFLyQVLHQGRRGHELHQGRVHUSRUWDQWRODFySXODODIRUPDEiVLFD
GHQXHVWUDVH[XDOLGDG¥DXQTXHODVVHQVDFLRQHVVH[XDOHVGHODVPXMHUHVVRQDPHQX
GR PiV IXHUWHV HQ HO SHUtRGR QR IpUWLO¥ UHVXOWD SDWHQWH TXH KD\ RWUDV IRUPDV GH
VH[XDOLGDGWDQQDWXUDOHV\EiVLFDVFRPRODFySXOD\TXL]iODPDVWXUEDFLyQVHDPiV
EiVLFD D~Q SXHVWR TXH ORV FKLPSDQFpV FULDGRV DLVODGDPHQWH QR WLHQHQ OD PHQRU
LGHD VREUH OD IRUPD GH UHDOL]DU OD FySXOD PDVWXUEiQGRVH HQ FDPELR FDVL GHVGH HO
QDFLPLHQWR
,QWHQWDUOLPLWDUODVUHODFLRQHVItVLFDVHQWUHORVKXPDQRVDOFRLWRHVDUWLILFLDO3H
URTXL]iIXHWDPELpQQHFHVDULRFDQDOL]DUWRGDVODVIRUPDVGHOFRQWDFWRItVLFRKDFLDOD
UHODFLyQKHWHURVH[XDOSDUDLQFUHPHQWDUHOULWPRGHFUHFLPLHQWRGHODSREODFLyQ8QD
DOWDFRWDGHUHSURGXFFLyQHVODFODYHGHOSRGHU\ODULTXH]DSDUDXQJUXSRSHTXHxR\
HQODVSULPLWLYDVWULEXVMXGtDVODHVWHULOLGDGHUDXQDPDOGLFLyQ'HKHFKRORVQLxRV
KDQVLGRODIRUPDEiVLFD GHODULTXH]DHQFDVLWRGDVODVVRFLHGDGHVKDVWDHOSUHVHQWH
'HVGHHOSXQWRGHYLVWDGHXQDVRFLHGDGPiVJUDQGHHOLQFUHPHQWRHQQ~PHURVSUR
SRUFLRQD OD FDSDFLGDG QHFHVDULD SDUD FRQVROLGDU PiV WHUULWRULRV \ GHUURWDU D RWUDV
WULEXV$QLYHOSHUVRQDOORVKLMRVSRGtDQKHUHGDUODSURSLHGDG\WDPELpQFRQVROLGDU
ORVELHQHVIDPLOLDUHV\SRGtDQFXOWLYDUORVFDPSRVFD]DUUHFRJHUDOLPHQWRVRDWHQ
GHUORVUHEDxRV\PiVWDUGHWUDEDMDUHQODVIDEULFDVSDUDVXVSDGUHV
(OGHVHRGHFRQVHJXLUXQDSREODFLyQPi[LPDTXHGyLQVWLWXFLRQDOL]DGRHQQXHV
WUDFXOWXUD\HVDSDUWLUGHDKtTXHVHRULJLQDODGHILQLFLyQGHTXHODVPXMHUHVVLUYHQ
EiVLFDPHQWH D HVH LGHDO /D JORULILFDFLyQ GHO PDWULPRQLR OD PDWHUQLGDG \ HO FRLWR
IRUPDQSDUWHGHXQDPX\IXHUWHWHQGHQFLDSURQDWDOLVWDGHQXHVWUDFXOWXUDH[SOLFDGD
FRQ GHWDOOH HQ HO OLEUR 3URQDWDOLVP 7KH 0\WK RI 0RP DQG $SSOH 3LH HGLWDGR SRU
(OOHQ3HFN\-XG\6HQGHURZLW]
(QVXPDGDGRTXHHOFRLWRKDVLGRGHILQLGRFRPRODIRUPDEiVLFDGHODVH[XD
OLGDG\OD~QLFDIRUPDQDWXUDOVDOXGDEOH\PRUDOGHFRQWDFWRItVLFRVHKDVXSXHVWR
DXWRPiWLFDPHQWHTXHHVHQWRQFHVFXDQGRODVPXMHUHVGHEHQWHQHURUJDVPR(OFRLWR
KHWHURVH[XDOKDVLGRODGHILQLFLyQGHODH[SUHVLyQVH[XDOGHVGHHOFRPLHQ]RGHOSD
WULDUFDGR\HVOD~QLFDIRUPDGH SODFHUVH[XDOUHDOPHQWHSHUGRQDGDHQQXHVWUDVRFLH
GDG(OFRURODULRGHHVWDLQVWLWXFLRQDOL]DFLyQGHOFRLWRKHWHURVH[XDOHVODFRQGHQD\
VXSUHVLyQ GH WRGDV ODV RWUDV IRUPDV GH OD VH[XDOLGDG \ FRQWDFWR tQWLPR GHO TXH VH
GHULYHSODFHUORFXDOH[SOLFDHOKRUURUKLVWyULFRGHQXHVWUDFXOWXUDDQWHODPDVWXUED
FLyQ OD KRPRVH[XDOLGDG H LQFOXVR ORV EHVRV \ FRQWDFWRV ItVLFRV tQWLPRV R FDULFLDV
HQWUHDPLJRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
&(OPRGHORIUHXGLDQRGHODVH[XDOLGDGIHPHQLQD
6KHUH+LWH
/D WHUFHUD \ ~OWLPD FDXVD EiVLFD GH TXH VH KD\D HVSHUDGR GH ODV PXMHUHV TXH
VLHQWDQHORUJDVPRGXUDQWHHOFRLWRUDGLFDHQODJHQHUDODFHSWDFLyQGHOPRGHORIUHX
GLDQRGHODVH[XDOLGDGIHPHQLQDGHOPRGHORGHSVLFRORJtDIHPHQLQDEDVDGRHQpO\
HQJHQHUDOGHODDFHSWDFLyQGHOFRQFHSWRGHœVDOXGPHQWDO
)UHXGIXHSDGUHIXQGDGRUGHORUJDVPRYDJLQDO(ODERUyODWHRUtDGHTXHHORU
JDVPR FOLWyULFR RUJDVPR FDXVDGR SRU HVWtPXOR FOLWyULFR HUD DGROHVFHQWH \ TXH DO
OOHJDUDODSXEHUWDGFXDQGRODVPXMHUHVHPSH]DEDQDWHQHUUHODFLRQHVVH[XDOHVFRQ
ORV KRPEUHV ODV PXMHUHV GHEHUtDQ WUDQVIHULU HO FHQWUR GHO RUJDVPR D OD YDJLQD /D
YDJLQDVHVXSRQtDHUDFDSD]GHSURGXFLUXQRUJDVPRSDUDOHORSHURPDVPDGXURTXH
HOGHOFOtWRULV3UHVXPLEOHPHQWHHVWHRUJDVPRSURGXFLGRYDJLQDOPHQWHVHGDUtDVLQ
HPEDUJR VyOR FXDQGR OD PXMHU KXELHVH DFHUWDGR D GRPLQDU PD\RUHV H LPSRUWDQWHV
FRQIOLFWRV \ ORJUDGR XQD LGHQWLGDG œELHQ LQWHJUDGD œIHPHQLQD 'H OD PXMHU TXH
VRORPHGLDQWHODHVWLPXODFLyQFOLWyULFDSRGtDVHQWLUHORUJDVPRVHGHFtDTXHHUDœLQ
PDGXUD\TXHQRKDEtDUHVXHOWRœFRQIOLFWRVIXQGDPHQWDOHVUHODWLYRVDORVLPSXO
VRVVH[XDOHV'HVGHOXHJRXQDYH]HVWDEOHFLGDHVWDGHILQLFLyQGHQXHVWUDVH[XDOLGDG
QR HV GH H[WUDxDUTXH)UHXGGHVFXEULHUDXQWUHPHQGRœSUREOHPDGHœIULJLGH]HQ
ODVPXMHUHV
7DOHVWHRUtDVGH)UHXGVHEDVDEDQHQXQDELRORJtDGHIHFWXRVD(OPLVPR)UHXG
GHFODUyTXHTXL]iVXVFRQRFLPLHQWRVELROyJLFRVIXHVHQLPSHUIHFWRV\TXHWDOYH]VH
UHYHODUDQHQXQHVWXGLRPiVDPSOLRLQFRUUHFWRV(IHFWLYDPHQWHIXHURQGHPROLGRV
KDFH DKRUD WUHLQWD DxRV ,QGXGDEOHPHQWH )UHXG KDEUtD DFHSWDGR HVWD LQYHVWLJDFLyQ
DKRUDSHURODSURIHVLyQTXHpORULJLQyVHKDPRVWUDGRQRGLVSXHVWDROHQWDHQKDFHU
OR 6RQ GHPDVLDGRV ORV SVLFRDQDOLVWDV \ GLYHUVDV œDXWRULGDGHV TXH HQ ORV WUDEDMRV
TXH SXEOLFDQ HQ ODV UHYLVWDV IHPHQLQDV SRSXODUHV FRQWLQ~DQ LQVLVWLHQGR HQ TXH GH
EHPRVWHQHURUJDVPRDWUDYpVGHOFRLWRSRUSHQHWUDFLyQVLQPDQRV\TXHYHDPRVOD
œVXSUHPDFtDYDJLQDOFRPRHOFULWHULRGHFLVLYRGHIXQFLRQDPLHQWRœQRUPDOHQODV
PXMHUHV6LJXHFRQVLGHUDQGRHORUJDVPRSURGXFLGRSRUODFySXODFRPROD~QLFDUHV
SXHVWDVH[XDOœDXWpQWLFDGHODKHPEUD\HOFOtPD[FDXVDGRSRUFXDOTXLHURWUDIRU
PD GH PDQLSXODFLyQ FRPR HO œFOLWRULVPR VHJ~Q GHQRPLQDFLyQ VX\D FRPR XQ
VtQWRPDGHFRQIOLFWRQHXUyWLFR
/DWHRUtDGH)UHXGVREUHODVH[XDOLGDGIHPHQLQDKDVLGRWDPELpQUHIXWDGDVREUH
OD EDVH SVLFROyJLFD 1R VRODPHQWH HQ OD SVLFRORJtD IUHXGLDQD GHEH XQD PXMHU RU
JDVPDU PHGLDQWHHOPRYLPLHQWRGHOSHQHHQODYDJLQDVLQRTXHHQHOFDVRGHTXH
QRORKDJDHVœLQPDGXUD\SVLFROyJLFDPHQWHGHIHFWXRVD6XGLILFXOWDGHVVXSXHV
WDPHQWHXQUHIOHMRGHODJHQHUDOPDODDGDSWDFLyQGHODHVWUXFWXUDGHVXFDUiFWHU6H
OD FRQVLGHUD VLJQLILFDWLYDPHQWH SHUWXUEDGD \ FDUHQWH HQ FXDQWR D œLQWHJUDFLyQ GHO
HJR6HGLFHTXHVHGHEDWHHQFRQIOLFWRVLQFRQVFLHQWHVTXHODKDFHQDQVLRVDHLQHV
WDEOH\TXHVXIDOWDGHRUJDVPRFRQVWLWX\HVRODPHQWHXQDIDFHWDGHHVWDJHQHUDOLQ
IHOLFLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
1LQJ~QHVWDGLRGHVWDFDGRHQHOFDPSRGHODSVLFRORJtDKDGHWHFWDGRHVWDVFR
UUHODFLRQHVHQWUHODHVWUXFWXUDGHODSHUVRQDOLGDG\ODFDSDFLGDGSDUDVHQWLUHORUJDV
PRGXUDQWHHOFRLWR(QWRGRFDVRFRPRKDTXHGDGRGHPRVWUDGRHQHOPiVUHFLHQWH
HVWXGLRTXHVHKDUHDOL]DGRDJUDQHVFDOD6H\PRXU)LVKHU7KH)HPDOH2UJDVPVH
GDFDVLXQDFRUUHODFLyQRSXHVWD
œ3DUHFHQH[LVWLUEXHQDVUD]RQHVSDUDFRQFOXLUTXHFXDQWDPD\RUSUHIHUHQFLDVLHQWHOD
PXMHU SRU OD HVWLPXODFLyQ YDJLQDO PD\RU HV VX QLYHO GH DQVLHGDG /D PX MHU IXHUWHPHQWH
RULHQWDGDYDJLQDOPHQWHVHHQFXHQWUDHQWHQVLyQ\VHVLHQWHDOWHUDGDFRQIDFLOLGDG(VWRTX H
GyGHPRVWUDGRQRVyORHQVXDELHUWRFRPSRUWDPLHQWRVLQRWDPELpQHQVXVIDQWDVtDV&RPR
VH KD LQGLFDGR OD UHODWLYDPHQWH HOHYDGD DQVLHGDG GH OD PXMHU RULHQWDGD YDJLQDOPHQWH IXH
GHWHFWDGDSRUP~OWLSOHVREVHUYDGRUHVTXHODFRQRFLHURQFXDQGRVHKDOODEDHQHOODERUDWRULR
GHSVLFRORJtD4XHGyUHYHODGDWDPELpQHQODSURSLDJUDGDFLyQGHDOWHUDFLRQHVTXHLPSOLFD
EDHOHVIXHU]RGHGDUDOX]DXQDFULDWXUDHQHOKRVSLWDO'HPRGRVGLYHUVRVVHYLRDVLPL V
PR HQ VX GLILFXOWDG DO HQIUHQWDUVH FRQ WDUHDV GH DSUHQGL]DMH HQ VXV FRQIXVDV UHVSXHVWDV
GHQRWDGRUDV GH LQTXLHWXG \ GLVIRULD \ HQ VXV UHODWRV DXWRELRJUiILFRV GH WXUEXOHQFLD HPR
FLRQDOHQHOSDVDGR(VWRVKDOOD]JRVFRPR\DVHKDVHxDODGRUHSUHVHQWDQODLQYHUVLyQGHOR
TXH SRGtD KDEHU VLGR HVSHUDGR GHQWUR GHO PDUFR GH ODV WHRUtDV PiV FRUULHQWHV VREUH OD
VH[XDOLGDGIHPHQLQD+DHVWDGRGHPRGDFRQVLGHUDUXQDRULHQWDFLyQYDJLQDOFRPRLQGLFDWL
YD GH PDGXUH] \ EXHQ HTXLOLEULR HQ WDQWR VH VXSRQtD TXH OD SUHIHUHQFLD FOLWyULFD GHQRWD
LQDGHFXDFLyQHQHOGHVDUUROORGHODSHUVRQDOLGDG(YLGHQWHPHQWHORVKHFKRVWDOFRPRpVWRV
HPHUJHQHQORVSUHVHQWHVHVWXGLRVFRQWUDGLFHQGHXQDIRUPDDSODVWDQWHODVWHRUtDVH[LVWHQ
WHV 6L HVWRV KHFKRV VRQ DSR\DGRV SRU RWURV LQYHVWLJDGRUHV VHUi QHFHVDULD XQD UHYLVLyQ D
IRQGR GH ODV WHRUtDV HQ FXHVWLyQ 6L OD DQVLHGDG HV PD\RU HQ DTXHOODV PXMHUHV TXH HVWiQ
RULHQWDGDVYDJLQDOPHQWHVXUJHODSUHJXQWDVREUHFXiOHVHORULJHQ3RUGHVJUDFLDQRH[LVWH
LQIRUPDFLyQVyOLGDGLVSRQLEOHSDUDFRQWHVWDUDHVWDSUHJXQWD 
1RREVWDQWH)LVKHUDGYLHUWH
œ$XQTXHODYDJLQDOPHQWHRULHQWDGDKDVLGRGHVFULWDFRPRPiVDQVLRVDTXHODRULHQ
WDGDFOLWyULFDPHQWHHVWRQRLPSOLFDHQDEVROXWRTXHVHDQPHQRV¦VDOXGDEOHV§RTXHHVWpQ
VHULDPHQWHGHVHTXLOLEUDGDV1RKD\QLQJ~QLQWHQWRGHVXVWLWXLUODHFXDFLyQHQWUHUHVSXHVWD
YDJLQDO\PDGXUH]TXHKDVLGRGXUDQWHWDQWRWLHPSRFRP~QHQODOLWHUDWXUDSVLFRDQDOtWLFD
SRUODHFXDFLyQLQYHUVD/DVPXMHUHVTXHIXHURQHVWXGLDGDVFDUHFtDQGHVtQWRPDVSVLTXLiWUL
FRV PD\RUHV \ IXQFLRQDEDQ D XQ QLYHO TXH SRGUtD VHU FRQVLGHUDGR ¦QRUPDO§ (O KHFKR GH
TXHODPXMHURULHQWDGDYDJLQDOPHQWHVHDPiVDQVLRVDRKD\DH[SHULPHQWDGRPD\RUHVLQIR U
WXQLRVSVLFROyJLFRVTXHODRULHQWDGDFOLWyULFDPHQWHQRVLJQLILFDTXHVHDPHQRVPD GXUDQL
TXHVHDGHXQPRGRXRWURSVLFROyJLFDPHQWHLQIHULRU 
$GHPiV)LVKHULQIRUPyGHTXH
œ6H HYDOXDURQ QXPHURVDV GLPHQVLRQHV GH ODV LPiJHQHV GHO FXHUSRGHODPXMHU8QD
GHHOODVOODPDGD¦GHVSHUVRQDOL]DFLyQ§UHVXOWyVHUGHHVSHFLDOLPSRUWDQFLDFRQUHODFLyQDOD
SUHIHUHQFLDYDJLQDOFOLWyULFD$IHFWDDODH[WHQVLyQFRQTXHXQLQGLYLGXRSHUFLEHVXFXHUSR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRPRDMHQRRH[WUDxRFDUHQWHGHYLYH]DVHQVRULDO6HGHVFXEULyTXHFXDQWRPiVGHVFULEH
ODPXMHUVXFXHUSRFRPR¦GHVSHUVRQDOL]DGR§PiVSUHILHUHODHVWLPXODFLyQYDJLQDOIUHQWHD
OD FOLWyULFD (VWH KDOOD]JR PH LPSUHVLRQy DO YHU HQ pO XQD LQWULJDQWH FRQJUXHQFLD FRQ HO
KHFKRGHTXHODPXMHUGHSUHIHUHQFLDDOWDPHQWHYDJLQDOVHLQFOLQDEDDGHVFULELUVXRUJDVPR
FRPRFDUHQWHGHODFXDOLGDGGH¦p[WDVLV§([DFWDPHQWHLJXDOTXHODPXMHUDOWDPHQWHYDJLQDO
YLYH HVH HVWDGR GHO FXHUSR OODPDGR RUJDVPR HQ IRUPD QR H[WiWLFD DTXpOOD VH U HILHUH D VX
FXHUSRFRPRIDOWRGHLQWHQVLGDGH[SHULHQFLDOGHXQDPDQHUDFDUDFWHUtVWLFDPiVJHQHUDO
)LVKHUHVSHFXODHQHOVHQWLGRGHTXHODPXMHURULHQWDGDYDJLQDOPHQWHSRGUtD
œ&UHHUTXHXQDLQWHQVDH[SHULHQFLDGHOFXHUSRFRPRODH[FLWDFLyQVH[XDOGHEHGDUVH
VRODPHQWHFXDQGRDOJXLHQXQFRPSDxHURYDUyQVHKDOODWDQHVWUHFKDPHQWHLPSOLFDGRHQVX
VHU FRUSRUDO TXH FRPSDUWH FRQ HOOD OD UHVSRQVDELOLGDG GHO PLVPR &XDQGR HO FXHUSR GH OD
PXMHUVHIXQGHVH[XDOPHQWHFRQHOGHOKRPEUHHOODSXHGHMX]JDUVXH[FLWDFLyQVH[XDOFRPR
XQKHFKRFRQMXQWR3XHGHSHUFLELUODH[SHULHQFLDFRPRDOJRQRHVSHFLD OPHQWHGHVWLQDGRD
VXVDWLVIDFFLyQVLQRWDPELpQDODGHORWUR(QHOH[WUHPRRSXHVWRODPXMHURULHQWDGDFOLWyU L
FDPHQWHGHVGHWDOSXQWRGHYLVWDVHQWLUiODQHFHVLGDGFRQWUDULDGHH[SHULPHQWDUVXFXHUSR
GHXQPRGRDXWyQRPRVHJXUDGHTXHXQKHFKRFRPRHOGHODLQWHQVDH[FLWDFLyQVH[XDOSHU
WHQHFHFODUD\SHUVRQDOPHQWHDHOOD(VWDUHVSRQGHUtDQHJDWLYDPHQWHDXQDVFRQGLFLRQHVTXH
DPHQD]DURQVHULDPHQWHVXVHQWLGRGHODDXWRQRPtDFRUSRUDO
3HVHDWRGDVHVWDVGHPRVWUDFLRQHVGHODVIDODFLDVGHODWHRUtDIUHXGLDQDDFHUFD
GHODVPXMHUHVWRGDYtDVHOOHYDDFDERDPSOLDPHQWHHOœWUDWDPLHQWRGHHOODVFRQ
IRUPHDODOtQHDIUHXGLDQD\ODJUDQPD\RUtDGHSVLTXLDWUDVWLHQHXQDIHDEVROXWDHQ
HVWDYHUVLyQGHODVH[XDOLGDG\SVLFRORJtDIHPHQLQDV$SHVDUGHWRGRVORVDYDQFHV
UHJLVWUDGRV HQ ODV FLHQFLDV ELROyJLFDV TXH KDQ FRQYHUWLGR OD ELRORJtD GH )UHXG HQ
DQWLFXDGDDSHVDUGHORVKDOOD]JRVGH0DVWHUV\-RKQVRQ\)LVKHU\PXFKRVRWURV
HVSHFLDOLVWDV™ODWHRUtDSVLFRDQDOtWLFDQRKDFDPELDGR/DPLVPD6KHUIH\SVLTXLDWUD
WDPELpQGLFHœ/DSUHJXQWDGHEHVHUSODQWHDGD\FRQWHVWDGDGHQWURGHODSURIHVLyQ
˜1R SRGUtDQ PXFKDV GH ODV QHXURVLV VH[XDOHV TXH SDUHFHQ FDVL HQGpPLFDV HQ ODV
PXMHUHV KR\ VHU SURYRFDGDV HQ SDUWH SRU ORV GRFWRUHV TXH LQWHQWDQ WUDWDUODV"
3UREDEOHPHQWHPLOORQHVGHPXMHUHVSRGUtDQHVWDUGHDFXHUGRFRQXQDPXMHUTXHHV
FULELyœ6HUtDSDUDPtXQYHUGDGHURSODFHUSHUVRQDOOLQFKDUOHXQRMRD)UHXG
œ6LXVWHGQRH[SHULPHQWDHORUJDVPRGXUDQWHHOFRLWRHVTXHWLHQHSUREOHPDV
/DLQIOXHQFLDGHHVWDVWHRUtDVSVLTXLiWULFDVHQODVPXMHUHVKDVLGRIXHUWH\SH
QHWUDQWH7DQWRVLXQDPXMHUVHKDVRPHWLGRDSVLFRWHUDSLDFRPRVLQRKDRtGRDOJX
QDYH]HVWDVWHRUtDVLQIXQGDGDV\PLVyJLQDVLQWHUPLQDEOHPHQWHUHSHWLGDVHQODVUH
YLVWDVSRUORVSVLFyORJRVFRQRFLGRV\SRUORVKRPEUHVHQHOOHFKR7RGRHOPXQGR
¥JHQWHGHWRGDVODVFODVHVVRFLDOHVGHWRGRVORVDPELHQWHV\HGDGHV¥ VDEH TXHXQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PXMHUGHEHVHQWLUHORUJDVPRGXUDQWHHOFRLWR6LQRHVDVtVDEHTXHVyORHOOD\VXV
SUREOHPDVSHUVRQDOHVVRQORVFXOSDEOHV
œ9HR PL IUDFDVR HQ FRQVHJXLU RUJDVPRV GXUDQWH HO FRLWR FRPR PL IUDFDVR
HVHQFLDOPHQWH HV GHFLU PtR HQ JUDQ SDUWH <R KH WHQLGR UHODFLRQHV FRQ PXFKRV
KRPEUHVTXHHUDQH[SHUWRVTXHWDUGDEDQODUJRUDWRHQFRQVXPDUHODFWRTXH
WHQtDQPXFKRLQWHUpVHQTXH\RH[SHULPHQWDUDHORUJDVPRHWF3HURQLQJXQRGHHOORV
ORJUyVXSURSyVLWR6XSRQJRTXHPHLQYDGHHOWHPRUGHTXHGDUHPEDUD]DGDHOWHPRU
GHODUHVSRQVDELOLGDG1RORVp
œ(VWR\ LQWHUHVDGD HQ VHQWLU RUJDVPRV GXUDQWH HO FRLWR SRUTXH OR FRQVLGHUR XQ
DOLYLR QDWXUDO TXH QR SXHGR FRQVHJXLU /D HYLGHQWH VRWHUUDGD GHVFRQILDQ]D TXH PH
LQVSLUDQ ORV KRPEUHV \ HO GLVJXVWR TXH PH SURGXFH VX VH[XDOLGDG TXH PH LPSLGH
GHMDUPHLUWRWDOPHQWHDQXODPLOLEHUWDGVH[XDO
œ3RGUtDH[SHULPHQWDUORVVLPHOLEHUDUDGHODDQVLHGDG\PHVLQWLHUDWRWDOPHQWH
YXOQHUDEOH
œ(OKHFKRGHTXHQRSXHGDOOHJDUGXUDQWHHOFRLWRGHEHVLJQLILFDUTXHHOPLVPR
QRPHJXVWDRTXHPHGDYHUJHQ]DRTXHPHLQVSLUDWHPRUDXQTXHFUHRTXHVtPH
JXVWD0HGR\FXHQWDGHWRGRHOORSHURFRPRQRVHSRUTXp VR\GHHVWDPDQHUDLJ
QRURTXpWHQJRTXHKDFHUSDUDVXSHUDUOR
œ&UHRTXHPLDFWLWXGPHQWDOHVHUUyQHDTXHVXIURFLHUWREORTXHRPHQWDO3HUR
FRQXQDDWPyVIHUDPXWXDGHFRQILDQ]DIH \DPRUHVWR\VHJXURGHTXHSRGUtDGHMDU
GHFRQWURODUPH\OOHJDUDWHQHURUJDVPRV
œ3XHGRWHQHUXQRUJDVPRPHGLDQWHODHVWLPXODFLyQFOLWyULFDSHURMDPiVH[SH
ULPHQWp QLQJXQR HQ HO FRLWR (VWR HV VLPSOHPHQWH HIHFWR GH XQ VHQWLPLHQWR GH WH
PRU3ULPHURSHQVpTXHDOJRPDUFKDEDPDOHQPtSHUROXHJRFRPSUHQGtTXH\RQR
GHVHDEDOOHJDUDOFOtPD[KDOOiQGRPHSHQHWUDGDSRUXQKRPEUH\DTXHEiVLFDPHQWH
QXQFDUHVSHWpDQLQJXQRGHORVTXHFRPSDUWLHURQPLOHFKRVLELHQQRHUDFRQVFLHQWH
GHHVRHQVXPRPHQWR 0LWHUDSHXWDPHD\XGyDYHUOR
œ1XQFDKHOOHJDGRFRQXQKRPEUHGHQWURGHPtVRODPHQWHPHGLDQWHODPDQRR
ODERFD&UHRTXHHOORHVGHELGRDTXHQRTXLHUR/RVKRPEUHVPHLQVSLUDQXQDFRQ
IXVDPH]FODGHVHQWLPLHQWRVTXHYDQGHVGHODLUDDODPRU1XQFDHVWXYHFRQQLQJXQR
TXHDFHSWDUD\UHVSHWDUDFRPRXQVHULJXDOTXH\R
œ(VSUREDEOHTXHVLHQWDHVSDVPRVP~OWLSOHVFRQODSHQHWUDFLyQFXDQGROOHJXHD
UHODMDUPLYDJLQD\SUHVFLQGDGHOUtJLGRFRQWUROVREUHORTXHPHHVWpVXFHGLHQGRHV
GHFLU SDUD QR WHQHU PLHGR SDUD GHMDUPH TXH VHD WRGR OR YXOQHUDEOH TXHUHDOPHQWH
VR\
œ&UHRTXHQRORVVLHQWRSRUTXHQRTXLHUR¦DEULUPH§YHUGDGHUDPHQWH3DUDPt
HVXQDFWRGHVXPLVLyQ\ODFRQTXLVWDILQDOGHPLVHUFRPRPXMHU\FRPRSHUVRQD
œ3DUDVHQWLUHORUJDVPRGXUDQWHHOFRLWRQHFHVLWRFXOWLYDUXQPiVVLQFHURDPRU
DPtPLVPDDWRGRPL\RFXHUSRDOPD\PHQWH3UHFLVRXQDUHODFLyQFRQWLQXDGDD
ILQ GH LQWLPDU FRQ XQD SHUVRQD \ FRPSDUWLU FRQ HOOD PXFKDVH[SHULHQFLDVDUPRQLR
VDPHQWHGHXQPRGRPXWXR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1RSXHGRROYLGDUQXQFDTXHGHVHROOHJDU/RVKRPEUHVPHKDQGLFKRTXHVL
PH ROYLGDUD GH HVR UHODMiQGRPH SUREDEOHPHQWH OOHJDUtD 0H HVIXHU]R PXFKtVLPR
SRUOOHJDU\SRUROYLGDUORWDPELpQ
œ6tH[SHULPHQWRRUJDVPRVSHURQRHVWR\VDWLVIHFKDGHHOORV\DTXHPHFRVWR
YHLQWLRFKRDxRVOOHJDUDKtFRQODPDVWXUEDFLyQ\WRGDYtDQRSXHGRGDUPHSRUHQWHUR
DXQKRPEUH
œ$ORODUJRGHGLHFLRFKRDxRVGHPDWULPRQLRQRVRWURVORSUREDPRVWRGRPH
QRVKDFHUODYHUWLFDO6LQHPEDUJRH[SHULPHQWpSRFRVRUJDVPRVGHELGRSUREDEOH
PHQWHDDFWLWXGHVPHQWDOHVPiVSURIXQGDV/DPDVWXUEDFLyQVLHPSUHKDGDGRUHVXO
WDGR
œ/RVRUJDVPRVVRQPX\LPSRUWDQWHV\SXHVWRTXHQRORVVLHQWRGXUDQWHHOFR
LWRPHKHSUHJXQWDGRVLVR\XQDSHUVRQDQRUPDO˜4XpHVORTXHPDUFKDPDOHQPt
SDUDQRWHQHUORV" ˜(VHVWRFXOSDPtDRGHPLHVSRVR"
œ$SUHQGHUpDWHQHUORVKDFLHQGRVDOLUHOWHPRUGHPLPHQWH\UHODMiQGRPH
œ(VQHFHVDULRHOLPLQDUODLUD\HOWHPRUTXHVXVFLWDODSHQHWUDFLyQ'HORFRQ
WUDULRWDOHVVHQWLPLHQWRVSRVHHQHQHUJtDVXILFLHQWHSDUDLPSHGLUTXHXQDH[SHULPHQ
WHGHWHUPLQDGDVHPRFLRQHV\OXHJRHORUJDVPR
)LVKHUWLHQHDOJRTXHGHFLUDFHUFDGHHVWDLGHDHQSDUWLFXODU
œ2WURIDFWRUDPHQXGRPHQFLRQDGRHQODOLWHUDWXUDSVLFRDQDOtWLFDFRPRLQKLELGRUDGHO
SRWHQFLDORUJiVPLFRGHODPXMHUHVHOWHPRUDVHUSHQHWUDGD6HKDDILUPDGRTXHODDQVLHGDG
SURYRFDGDSRUODVFRQVHFXHQFLDVGHODHQWUDGDGHOSHQHHQVXFXHUSRIUHFXHQWHPHQWHLP
SLGH OD H[FLWDFLyQ VH[XDO GH OD PXMHU GXUDQWH HO FRLWR 3UHVXPLEOHPHQWH HO SHQH VXVFLWD
IDQWDVtDV UHIHUHQWHV D KHULGDV LQWHUQDV \ D RWURV SHUMXLFLRV FRUSRUDOHV GHULYDGRV GHO HP
EDUD]RHWF6HKDGLFKRDVLPLVPRHQODOLWHUDWXUDDQDOtWLFDTXHODPD\RUtDGHODVPXMHUHV
HQYLGLDQHOSHQH\HVWDHQYLGLDSXHGHFDXVDUIDQWDVtDVFRPSHWLWLYDVODVFXDOHVDOVHULQWHQ
VLILFDGDV SRU ODV LQWHUDFFLRQHV VH[XDOHV LQWHUILHUHQ HO SURFHVR DPRURVR GLILFXOWDQGR ORV
QLYHOHVRUJiVPLFRVGHH[FLWDFLyQ&RQUHVSHFWRDGDWRVHPStULFRVQRVHKDHQFRQWUDGRQDGD
TXHDSR\HQLQJXQDGHHVWDVGRVDILUPDFLRQHV 
œ(VPX\GLItFLOSDUDPt1RSXHGRROYLGDUDQWLJXDVKHULGDV6pTXHGHERHVWDU
FRQWHQLpQGRPH FRPR FDVWLJR (Q PDQRV GHO WHUDSHXWD HVSHUR DSUHQGHU D ROYLGDU D
UHODMDUPHDQRPDQWHQHUPHFRQWLQXDPHQWHHQWHQVLyQSDUDPRVWUDUPHDELHUWD\OL
EUHDQWHWRGRV
œ0LSUREOHPDUDGLFDHQODQHJDWLYDDSHUGHUHOFRQWUROFRQDOJXLHQDSHUPLWLU
TXHHVWHDOJXLHQVHDSRGHUHSRUXQRVVHJXQGRVGHYXOQHUDELOLGDGGHPLVVHQWLPLHQ
WRV \ UHVSXHVWDV ItVLFDV 1HFHVLWR DPDU GH YHUGDG DO TXH HVWp FRQPLJR\FRQILDUHQ
pO
œ([LVWHDOJ~QEORTXHRPHQWDOTXHGHVFRQR]FR
œ$ ILQ GH WHQHU RUJDVPRV WHQJR TXH VROYHQWDU PLV WUDXPDV SHUVRQDOHV \ QR
FUHRTXHWHQJDQDGDTXHYHUFRQXQIDOORSRUSDUWHGHPLDPDQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$XQTXHH[SHULPHQWRRUJDVPRVFOLWyULFRVGHVFRQR]FRORVRUJDVPRVYDJLQDOHV
HVSRQWiQHRV +H HVWDGR XQLGD D YDULDV SHUVRQDV SRU OD]RV GH FRUGLDOLGDG \ WHUQXUD
SHURQRVHGLRHQHVWDVUHODFLRQHVVXSRQJRHOWLSRGHDPRURFRQILDQ]DRFRPSUR
PLVR HWF QHFHVDULR SDUD SRGHU VXSHUDU WDO LPSHGLPHQWR 0H DSUR[LPR PXFKR DO
FOtPD[ YDJLQDO SHUR PH LQYDGH HO SiQLFR HQ HO ~OWLPR PLQXWR EORTXHDQGR PLV LQ
WHQVDV VHQVDFLRQHV 3LHQVR TXH VLHQWR HO WHPRU GH VHU RSULPLGD GH SHUPLWLU TXHXQ
KRPEUHHMHU]DXQFRQWUROFRPSOHWRVREUHPt'DGRTXHVROROOHJRFOLWyULFDPHQWHVL
WHUPLQDODUHODFLyQQRVHKDSHUGLGRJUDQFRVD
+DEtDPXFKDMHUJDSVLTXLiWULFDHQHVWDVUHVSXHVWDV/DVPXMHUHVKDEtDQHVWDGR
HQPDQRVGHHVSHFLDOLVWDVSHURWDPELpQHVIiFLOFRJHUHVDVH[SUHVLRQHVHQQXPHUR
VRVDUWtFXORVSXEOLFDGRVSRUWHUDSHXWDV\RWURVHQODVUHYLVWDVIHPHQLQDV\WDPELpQ
GHORVœH[SHUWRVFRQORVTXHXQDPXMHUSXHGHWHQHUœUHODFLRQHVVH[XDOHV
/DLGHDGHTXHVLVLPSOHPHQWHœQRVUHODMiUDPRV\DEDQGRQiUDPRVGXUDQWHHO
DFWRVLQPiVVHQWLUtDPRVHORUJDVPRDXWRPiWLFDPHQWHVHEDVDGHVGHOXHJRHQOD
IDOD]FUHHQFLDGHTXHHORUJDVPRQRVOOHJDDVtDXWRPiWLFDPHQWHSRUHOPRYLPLHQWR
GHO SHQH \ TXH WRGR OR TXH WHQHPRV TXH KDFHU QRVRWUDV HV DEDQGRQDPRV D OR TXH
QXHVWURV FXHUSRV GH XQD PDQHUD QDWXUDO \ DXWRPiWLFD KDUiQ HV GHFLU RUJDVPDU
&RPR H[SXVR XQD GH ODV PXMHUHV œ(V FXOSD QXHVWUD TXH QRVRWUDV QR SRGDPRV VHU
WDQQDWXUDOHVFRPRHOORV
2MDOiSXGLpUDPRVUHFXSHUDUWRGRHOWLHPSR\ODVHQHUJtDVTXHKHPRVGHGLFDGR
DDFXVDUQRVDQRVRWUDVPLVPDV\DLQYHVWLJDUHQQXHVWUDVDOPDVWUDWDQGRGHDYHULJXDU
SRUTXpQRVHQWLPRVRUJDVPRVGXUDQWHHOFRLWR2MDOiWDPELpQSXGLpUDPRVUHFREUDU
HO GLQHUR TXH KHPRV JDVWDGR œDFXGLHQGR HQ WURSHO D ORV SVLTXLDWUDV EXVFDQGR OD
HVFRQGLGD \ WHUULEOH UHSUHVLyQ TXH QRV PDQWHQtD DOHMDGDV GH QXHVWUR œGHVWLQR YDJL
QDO0HJXVWDUtDWHQHUWRGRORTXHKXELpUDPRVSRGLGRFRQVWUXLUFRQHVDHQHUJtD
2WUDUD]yQIUHFXHQWHPHQWHDGXFLGDSDUDH[SOLFDUODDXVHQFLDGHRUJDVPRVGXUDQWH
HOFRLWRHUDHOQRKDEHUHQFRQWUDGRDOœKRPEUHDGHFXDGR0LVWHU$GHFXDGR
œ3DUDVHQWLURUJDVPRVFRQXQKRPEUHpVWHKDEUtDGHLQVSLUDUPHXQDSURIXQGD
FRQILDQ]D+DEUtDGHVHUXQKRPEUHUHDOPHQWHVHQVLEOHHLQWHQVDPHQWHVH[XDOPX\
SDFLHQWH\SHUFHSWLYRSHURQDWXUDO&UHRTXHXQDYH]VXSLHUDTXHDOJXLHQSRGtDVD
WLVIDFHUPHVHUtDFDSD]GHOOHJDU
œ6L\RSXGLHUDGDUFRQXQKRPEUHHQFX\DFRPSDxtDPHVLQWLHUDSRUFRPSOHWR
UHODMDGD VH[XDOPHQWH SUREDEOHPHQWH WHQGUtD RUJDVPR GXUDQWH HO FRLWR R DO PHQRV
HQRWURPRPHQWRTXHQRIXHUDGXUDQWHODPDVWXUEDFLyQ
œ0HJXVWDUtDPXFKRVHQWLUHORUJDVPRFRQDOJXLHQ&UHRTXHDKRUDWHQJRDOJR
GH SHUIHFFLRQLVWD HQ PLV H[SHFWDWLYDV FRQ UHVSHFWR DO VH[R \ KDFHUPH PiV UHDOLVWD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRQWULEXLUtD D KDFHUPH WHQHU PiV RUJDVPRV FRQ XQ FRPSDxHUR (VSHUR GH pVWH XQD
FDVLWRWDOFRPSUHQVLyQGHPLPRGRGHVHU\HVSHURORPLVPRGHPtKDFLDpO\HVWR
SRFDV YHFHV HV SRVLEOH +H H[SHULPHQWDGR XQRV FXDQWRV RUJDVPRV %XHQR SXHGR
FRQWDU VRODPHQWH XQR R GRV WRWDOHV D OR ODUJR GH PL YLGD FRQ TXLQFH DPDQWHV
DSUR[LPDGDPHQWH HQ OD FXHQWD ™6DQWR 'LRV (VWR QR HV XQ SURPHGLR ™HV XQ WRWDO
™™'RVRUJDVPRVFRQXQFRPSDxHURHQWRGDPLYLGD
œ&XDOTXLHUDTXHOHDHVWRSHQVDUiTXHWHQJRXQXPEUDOPX\EDMRGHQHFHVLGDG
VH[XDO6HxDODUpTXHQXQFDKHVDELGRTXpHVODDFWLYLGDGVH[XDOFRQXQTXHULGRPX\
TXHULGR DPLJR HQ PL H[SHULHQFLD SHUVRQDO PDWULPRQLR \ DPLVWDG QR VRQ SDODEUDV
VLQyQLPDV(VWR\VHJXUDGHH[SHULPHQWDUHORUJDVPRGXUDQWHHOFRLWRVLHQPLUHOD
FLyQFRQODRWUDSHUVRQDKXELHUDDPLVWDG\FRPSDxHULVPR
œ0HVHQWLUtDUHODMDGDVHJXUD\IHOL]HQFRPSDxtDGHXQKRPEUHTXH\RVXSLHUD
TXHPHDPDGHYHUDV
œ6L\RSXGLHUDHQFRQWUDUHOKRPEUHDGHFXDGRXQRTXHVLHQWDSURIXQGRFDULxR
SRUPt\\RSRUpO8QKRPEUHTXHSLHQVHTXHVR\PDUDYLOORVD\TXH\RSLHQVHGHpO
TXHHVPDUDYLOORVR
œ1RVpTXpHVORTXHSRGUtDSURGXFLUPHRUJDVPRGXUDQWH HODFWR6XSRQJRTXH
SHQVDUTXHYDOHODSHQDKDFHUORVLKD\TXHHVIRU]DUVHWDQWRSDUDFRQVHJXLUORVLHOOR
QR VH SURGXFH FRQ QDWXUDOLGDG R IiFLOPHQWH WRGR SDUHFH PX\ DUWLILFLDO 6t HV XQ
HUURUIRU]DUODFRVD6LPLFXHUSRTXLVLHUDTXH\RVLQWLHVHRUJDVPRVHVWR\VHJXUDGH
TXHPHORVSURFXUDUtD'LVIUXWRGHVDOXGVR\XQDPXMHUQRUPDOHTXLOLEUDGD\WHQJR
WRGR OR GHPiV (Q FRQVHFXHQFLD VL QR H[SHULPHQWR RUJDVPRV HV TXH H[LVWH DOJR
HUUyQHRHQHODFWRRHQHO KRPEUH+HSUREDGRFRQPXFKRVPXFKtVLPRVKRPEUHV
XQRVKDQVLGRFRQRFLGRVGHXQDQRFKHRWURVGLHURQOXJDUDODUJDVPX\ODUJDVUHOD
FLRQHV)XHURQFDVLVLHPSUHLQGLYLGXRVGHDOWDH[SHULHQFLDDPLMXLFLRSHURQLQJXQR
ORJUy KDFHUPH VHQWLU HO RUJDVPR GXUDQWH HO FRLWR 6XSRQJR TXH QR HUDQ VXILFLHQWH
PHQWH EXHQRV HQ GHILQLWLYD TXLHUR GHFLU TXH TXL]i QR HUDQ VXILFLHQWHPHQWH GH PL
DJUDGR R ELHQ WRGR HO DFWR GHO FRLWR HV XQ LQYHQWR GH OD LPDJLQDFLyQ 8QD SXHGH
IRUMDUVHWRGDFODVHGHIDQWDVtDVHVSHFLDOPHQWHD\XGDGDSRUXQSRFRGHSVLFRORJtDOD
GH QRFRQVLGHUDUVHSOHQDPHQWHUHDOL]DGDVLQRVLHQWHHORUJDVPRSRUHMHPSOR&RQ
VLGHUR TXH OD PD\RUtD GH HVRV KRPEUHV TXH FRQRFt HUDQ XQRV SREUHV GHVJUDFLDGRV
DXQTXH HQ HVH PRPHQWR WUDWpGHDFWXDUFRPRVLIXHVHQXQDHVSHFLHGHJLJDQWHV\
pVHHVHOPRWLYRGHTXHQROOHJDUDDH[FLWDUPHORVXILFLHQWHSDUDVHQWLUXQRUJDVPR
8QD FRUULHQWH GHDJXDHVPXFKRPDVFRPSODFLHQWHQRLQWHQWDQXQFDGRPLQDUWHQL
LQVXOWDUWHQLXWLOL]DUWHHWFHWF
œ6L\RSXGLHUDVHQWLUTXHPLDPDQWHVHKDOODEDPiVLPSOLFDGRHPRFLRQDOPHQ
WHVLpOVXSLHUDKDFHUTXHPHQRWDUDVHJXUDHQWRQFHVSRGUtDOOHJDU
œ1HFHVLWRVHQWLUPHDEVROXWDPHQWHVHJXUDGHPLFRPSDxHURHQWRGRVORVVHQWL
GRVSDUDDVtFRQVLGHUDUPHOXHJRDEVROXWDPHQWHOLEUHSDUDGHMDUPHLU
œ6RODPHQWH PH LQWHUHVD SUREDU FRQ DOJXLHQ TXHULGR SRU Pt \ TXH PH TXLHUD
SRUDOJXLHQTXHPHLQVSLUHFRQILDQ]DHQTXLHQFUHD\TXHVLHQWDORPLVPRTXH\R
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(VSHUDUODOOHJDGDGHOKRPEUHDGHFXDGRTXHQRVKDJDVHQWLUHORUJDVPRHVFR
PR DJXDUGDU DO 3UtQFLSH $]XO 6LQ HPEDUJR XQ KRPEUH TXH VHD PiV VHQVLEOH TXH
FRPSUHQGDPHMRUODVUHDOLGDGHVGHODVH[XDOLGDGIHPHQLQDSXHGH VLJQLILFDUDOJRGL
IHUHQWHHQORTXHODH[SHULHQFLDLPSOLFDSRUORFXDODOJRKD\GHYHUGDGHQODLGHDDO
PHQRVHQHVWHQLYHO
œ4XLVLHUD OOHJDU DO FOtPD[ PiV FRQVLVWHQWHPHQWH \ FRQ PD\RU IUHFXHQFLD 6p
TXpHVORTXHFRQWULEXLUtDDHVWR\ORKHGLVFXWLGR\DFRQPLDPLJR<HVVXLQFDSD
FLGDGSDUDGDUPiVGHVtPLVPRDWRGRVORVQLYHOHV(QHOFDPSRGHORVH[XDOSRU
HMHPSOR HV GHPDVLDGR UiSLGR QR VH HQWUHWLHQH OR VXILFLHQWH FRQ PL FOtWRULV HQ ORV
MXHJRVSUHYLRV
œ(Q XQD UHODFLyQ HVWDEOHFLGD HQ WpUPLQRV GH LJXDOGDG HO RUJDVPR ¦FRUULHQWH§
HVOD]RQDSULQFLSDOVLQR~QLFDGRQGHQRHVWDPRVVLWXDGRVDLGpQWLFRQLYHO<RFUHR
TXHQHFHVLWRDEDQGRQDUPHXQSRFRPiVDPLVVHQVDFLRQHV\QRSUHRFXSDUPHWDQWR
GHUHVSRQGHU\GHKDFHUORGLVIUXWDUDpO
œ/D PD\RUtD GH ORV KRPEUHV FRQ TXLHQHV KH WHQLGR UHODFLyQ GH WLSR VH[XDO
PRVWUDURQHVFDVDFRPSUHQVLyQGHORUJDVPRIHPHQLQR\ORTXHHVSHRUDOJXQRVGH
HOORVSLHQVDQTXHODPXMHUTXHQRH[SHULPHQWDHORUJDVPRGXUDQWHHODFWRQHFHVLWDOD
D\XGDGHXQSVLTXLDWUD
3HURODFXHVWLyQGHEHVHJXLUVLHQGRQRHVSHUpLVDO+RPEUH$GHFXDGRSDUDGH
SHQGHU GH pO VLQR TXH GHEpLV FUHDU YXHVWUDSURSLDEXHQDVLWXDFLyQTXHSXHGHPX\
ELHQVHUHOYHURVFRPROD3ULQFHVD(QFDQWDGRUDTXHVDEHFRVDVDJUDGDEOHVTXHKDFHU
\HQFXHQWUDRWUDSHUVRQDFRQTXLHQKDFHUODV
'HVGH OXHJR HO GH ODV PXMHUHV TXH DVHJXUDURQ TXH SRGtDQ VHQWLU HO RU
JDVPRFRQUHJXODULGDGGXUDQWHHOFRLWRDPHQXGRVHMDFWDEDQGHHOOR
œ6tVLHPSUHVLHQWRHORUJDVPRGXUDQWHHODFWR1RUHTXLHURPXFKDSUHSDUDFLyQ
SUHYLD
œ6LHQWR XQD LQFOLQDFLyQ QDWXUDO SRU ODV DFWLYLGDGHV VH[XDOHV 1R QHFHVLWR VHU
HVWLPXODGDFOLWyULFDPHQWH
œ/D PD\RUtD GH ORV KRPEUHV VyOR VH GDQ FXHQWD GH OD GLIHUHQFLD FXDQGR GDQ
FRQ XQD PXMHU TXH VDEH KDFHUOHV YHU OR TXH VH KDQ SHUGLGR FRQ ODV JDWLWDV SDVLYDV
TXHFRPSDUWLHURQVXOHFKRILQJLHQGRHORUJDVPR
$OLJXDOTXHODVPXMHUHVFRPSHWtDQKDFHFLQFXHQWDDxRVSRUYHUTXLHQKDFtDORV
PHMRUHV SDVWHOHV WRGDYtD HVWDPRV FRPSLWLHQGR SRU OD DSUREDFLyQ GHO KRPEUH VLQ
KDEHUFRQVHJXLGRODQXHVWUDSURSLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
'HPDVLDGR D PHQXGR QRV VHQWLPRV IUDQFDPHQWH GHVHVSHUDGDV SRU WHQHU RU
JDVPRVHQHOFRLWRDEDVHGHORTXHVHD
œ&XDQGRXQDPXMHUGLFH¦<RH[SHULPHQWRRUJDVPRVDFRQVHFXHQFLDGHODHV
WLPXODFLyQPDQXDORHOFXQQLOLQJXVSHURQXQFDORVKHVHQWLGRSRUHIHFWRGHODHVWL
PXODFLyQ PHGLDQWH HO SHQH GH PL HVSRVR PRVWUiQGRQRV DPERV PROHVWRV§ \ OH
FRQWHVWDQ¦1RKD\PiVTXHXQWLSRGHRUJDVPRHORUJDVPRYDJLQDOHVXQPLWRDVt
TXHVtXVWHGH[SHULPHQWDRUJDVPRVQRVHHQIUHQWDFRQQLQJ~QSUREOHPDVRODPHQWH
VHORILJXUDHQUHDOLGDG§QRYHRFyPRKDVLGRUHVXHOWRHOSUREOHPDGHODPXMHUHQ
FXHVWLyQ
œ0HJXVWDUtDH[SHULPHQWDUXQRUJDVPRYDJLQDOSDUDVDEHUFyPR HV™'HEHGH
VHUDOJRJUDQGH3HURQRVpSRUTXpQRORVLHQWR<PLJLQHFyORJRWDPSRFRVHORH[
SOLFD
œ0H JXVWDUtD GLVIUXWDU GH XQD HVWLPXODFLyQ PDQXDO FOLWyULFDPHQWH GXUDQWH HO
FRLWRSHURQRPHDWUHYRDSHGLUOD\DTXHWHPRKDFHUTXHHOKRPEUHGXGHGHODHIHF
WLYLGDGGHVXSHQH<ORTXHHVLJXDORPiVLPSRUWDQWHHVWLPRTXHGHELHUDVHUFDSD]
GHOOHJDUDOFOtPD[VLQHVR
œ+D\XQD]RQDHQHOWHFKRGHPLYDJLQDTXHSURYHHXQDPD\RUFDQWLGDGQLYHO
GHH[FLWDFLyQ\HVWtPXORTXHPLFOtWRULV(VD]RQDSXHGHVHUHVWLPXODGDSRUXQGHGR
SHUR OD HVWLPXODFLyQ UHVXOWD PiV HILFD] FXDQGR HVWR\ WHQGLGD GH EUXFHV \ FRQ ODV
QDOJDV XQ SRFR OHYDQWDGDV WHQLpQGROR D pO HQFLPD DFRPHWLpQGRPH \ UHWLUiQGRVH
DOWHUQDWLYDPHQWHFRQIXHUWHV\SURORQJDGDVFDULFLDVFRQVXPLHPEUR(VWRPHKDFH
OOHJDU D OD FXPEUH GH OD H[FLWDFLyQ GH PRGR PiV LQWHQVR TXH FRQ OD HVWLPXODFLyQ
FOLWyULFDSHURQRSURYRFDHORUJDVPR3DUDH[SHULPHQWDUpVWHXQRGHORVGRVKDGH
HQFDUJDUVH GH HVWLPXODU PL FOtWRULV &DVL LQPHGLDWDPHQWH HQWRQFHV VH SURGXFH HO
FOtPD[(VHHVWtPXORHVGHILQLWLYDPHQWHSUHIHULEOHDOFOLWyULFRSRUXQRGHQRVRWURV
SHURQHFHVLWRHOHVWtPXORFOLWyULFRSDUDVHQWLUHORUJDVPR'HWHQHUTXHHVFRJHUVLQ
HPEDUJRHVFRJHUODHVWH~OWLPR\DTXHQRTXLHURTXHPLUHODFLyQVH[XDOVHUHGX]FD
D XQD SXUD H[FLWDFLyQ VLQ RUJDVPR 3HUR SLHQVR TXH SXHVWR TXH QHFHVLWp GRV DxRV
SDUD VHQWLU XQ RUJDVPR D EDVH GHTXHXQKRPEUHHVWLPXODUDPLFOtWRULVSRGUtDVLQ
GXGDDOFDQ]DUXQSXQWRHQTXHHOLQWHQVRHVWtPXORYDJLQDOPHSURSRUFLRQDUDXQLQ
WHQVRRUJDVPR
œ0HJXVWDUtDVHQWLUHORUJDVPRGXUDQWHHOFRLWRVLQHOHVWtPXORFOLWyULFR6yOR
SXHGR FRQVHJXLU HO RUJDVPR GXUDQWH OD LQWURGXFFLyQ GHO SHQH RSULPLHQGR FRQ ORV
GHGRVPLFOtWRULVFRQWUDpVWHFRVDTXHUHVXOWDPX\GRORURVD
˜)LQJHXVWHGDOJXQDYH]ORVRUJDVPRV"
/DSUHVLyQHMHUFLGDVREUHODVPXMHUHVSDUDTXHWHQJDQRUJDVPRGXUDQWHHOFRLWR
HVWDQJUDQGHTXHXQDHQRUPHFDQWLGDGGHPXMHUHVORILQJHDOJXQDVGHYH]HQFXDQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GR OD PD\RUtD œD YHFHV SHUR RWUDV GHFODUDURQ TXH OR ILQJtDQ DEVROXWDPHQWH FDGD
YH]
˜)LQJHXVWHGVXVRUJDVPRV"
6t
1R
6ROtDQILQJLUORV
œ(VLQ~WLOQRHVFRQYLQFHQWH
¥¥¥¥¥
HQWRWDO
œ6ROtD ILQJLU PLV RUJDVPRV WRGR HO WLHPSR \ VLHPSUH GXUDQWH OD SHQHWUDFLyQ
YDJLQDO3URYHQJRGHODHVFXHODGHO¦QRHVWiELHQHOKRPEUHTXHGDUHEDMDGRVLQROH
SHUPLWHVSHQVDUTXHWHKDGHMDGRVDWLVIHFKD§$OQDFHUHOPRYLPLHQWRIHPLQLVWDTXH
KDSURGXFLGRXQJUDQHIHFWRHQPtFHVpGHILQJLUORV0LHVSRVRDFRVWXPEUDEDDSUH
JXQWDUPH¦˜+DVOOHJDGR"§\FXDQGRPLFRQWHVWDFLyQHUDDILUPDWLYDLQFOXVRDXQTXH
ORKXELHUDILQJLGRHUDXQDUHVSXHVWDIUtDSDUDpO/XHJRDOFRQWHVWDUOHQHJDWLYDPHQ
WHSRUGRVYHFHVQRYROYLyDIRUPXODUVXSUHJXQWD$KRUDVLPHTXHMRGHQRKDEHU
OOHJDGRRELHQVHKDGRUPLGRRGLFHTXHOR VLHQWH\VHGDODYXHOWD\VHGXHUPH
œ-DPiV ILQJt XQ RUJDVPR /DV PXMHUHV TXH KDFHQ HVR PH LUULWDQ \D TXH ORV
KRPEUHVSXHGHQGHFLUPHTXHVR\XQDLQFDSD]VH[XDOPHQWHKDEODQGRSXHVWRTXHQR
H[SHULPHQWRRUJDVPRVYDJLQDOHV3RUHOKHFKRGHQRKDEHUH[SHULPHQWDGRQXQFDXQ
FOtPD[YDJLQDOSRQJRHQGXGDVXH[LVWHQFLDRDOPHQRVVXSUHGRPLQLRJHQHUDO/D
PXMHU TXH KD ILQJLGR XQ RUJDVPR SRQH ODV FRVDV PiV GLItFLOHV D ODV TXH FRPR \R
WUDWDQGHVHUVLQFHUDV
œ+HILQJLGRHORUJDVPRGXUDQWHHOFRLWR\VLJRKDFLHQGRHVWRRFDVLRQDOPHQWH
SHUR QR D PHQXGR&XDQGRSURFHGRDVtHVSRUTXHVpTXHQRYR\DH[SHULPHQWDUHO
RUJDVPRSHVHDTXHpOVHHPSOHDDIRQGRSDUDSURSRUFLRQiUPHOR0HFRQVWDHQWRQ
FHVTXHVHVHQWLUiPX\GLVJXVWDGRVLYHTXHVXVHVIXHU]RVVRQHQEDOGH&RPRYLYL
PRV MXQWRV GHVGH KDFH WLHPSR HVR VH YD KDFLHQGR PHQRV QHFHVDULR\DTXHKHPRV
PHMRUDGR HQ QXHVWUDV UHODFLRQHV VH[XDOHV \ QRV FRQRFHPRV PiV (Q HO SDVDGR KH
ILQJLGR SDUD TXH pO QR VH VLQWLHUD KHULGR HQ VX RUJXOOR \ RFDVLRQDOPHQWH FRQ RWUR
KRPEUHSRUTXHFUHRTXHVHKDEUtDYXHOWRORFRGHQRKDEHUVHQWLGR\RXQRUJDVPR
1RPHJXVWDILQJLUVLQHPEDUJR\UHDOPHQWHREUpDGLVJXVWRFRQHVHLQGLYLGXRXQ
HMHPSODUWtSLFRXQDVWXWRFKDXYLQLVWDHJRtVWDGRPLQDQWH
œ'XUDQWH PL PDWULPRQLR ILQJtD ORV RUJDVPRV GH XQD PDQHUD H[FHOHQWH DVt
TXHSRUHVSDFLRGHFXDWURDxRVQRFRQRFtQLQJXQDH[SHULHQFLDVH[XDOVDWLVIDFWRULD
'HVJUDFLDGDPHQWHHUDSRUFRPSOHWRILHODPLHVSRVRDVtTXHGHVGHHOSXQWRGHYLV
WDItVLFRPHVHQWtDPX\PLVHUDEOH™0HPDVWXUEDEDPXFKR7UDVQXHVWUDVHSDUDFLyQ
H[SORUpHOPXQGRGHORVH[XDOFRQGLYHUVRVKRPEUHV\HVDVtFRPRGHVSHUWpDpOSRU
DVtGHFLUOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6ROtD KDFHUOR SRUTXH PL DPLJR PH FRPSDUDED FRQ RWUD PXMHU FRQ OD TXH VH
DFRVWDED 0H KDFtD VHQWLU PX\ PDO FRQ VXV GHVFULSFLRQHV FRQWiQGRPH TXH OD RWUD
OOHJDEDDSURIHULUJULWRVHQHORUJDVPRDQWHVLQFOXVRGHKDEHUODSHQHWUDGR
œ6tFXDQGROOHYREDVWDQWHUDWRVLQWHQHURUJDVPRORKDJRSDUDTXHQRSLHQVH
TXHQRPHHVWiFRPSODFLHQGR'HHVWDPDQHUDpOQRSXHGHSHQVDUTXHQRPHFRP
SODFH <R QR FUHR TXH ORV RUJDVPRV WHQJDQ WDQWD LPSRUWDQFLD pO SDUHFH SHQVDU OR
FRQWUDULRWDPSRFRFUHRTXHpOWHQJDODFXOSDGHTXH\RQRORVVLHQWDSHUR%XHQR
PHILJXURTXHHQRFDVLRQHVSHVHDWRGRHOIDOORHVVX\R
œ<RWHQtDPLHGRGHVHUDVXVRMRV¦PHQRVPXMHU§\TXHpOVHVLQWLHUDUHEDMDGR
FRPRKRPEUH(QFRQVHFXHQFLDSURFHGtDVtSHURPHGHVFXEULy
œ$YHFHVHODPRUSURSLRGHOKRPEUHVHUREXVWHFHGHMiQGROHSHQVDUTXHORKD
ORJUDGR3RUFRQVLJXLHQWHVLXQKRPEUHPHJXVWD\GHVHRKDFHUOHSHQVDUTXHKHGLV
IUXWDGRFRQpOPiVGHORTXHKHGLVIUXWDGRHQUHDOLGDGORILQMR
œ6yORSDUDVDOLUGHOSDVR\RRVDFDUORDpOGHDSXURV
œeOFUHHTXHVL\RQRVLHQWRXQRUJDVPRPHKDIDOODGRSHVHDKDEHUOHH[SOLFD
GRTXHDYHFHVVLPSOHPHQWHSDUHFHTXHHVPiVIiFLOVLORKDJR$FRVWXPEUDEDDKD
FHUORDYHFHVFXDQGRSHQVDEDTXHHVWDEDDQVLRVRSRUWHQHUXQRUJDVPRRVHHPSH
]DEDDDEXUULURDLPSDFLHQWDUVHRDFRQWUDULDUVH
œ1XQFD&RQVLGHURTXHHVRHVXQDQHJDFLyQGHFXDQWRVLJQLILFDXQDH[SHULHQ
FLDFRPSDUWLGD
œ$YHFHVORVILQMRVLPHHVWiIDVWLGLDQGRWRGRHOWLHPSRFRQHO¦˜QRKDVOOHJD
GRWRGDYtD"§
œ6ROtDKDFHUORSRUTXHORVKRPEUHVJR]DQYLpQGRPHMDGHDU
œ6tXQSDUGHYHFHVFRQXQRTXHVHWHQtDSRUXQHMHPSODUIDQWiVWLFR HQHOOH
FKR7HQtDTXHSHQHWUDUPHFDVLLQPHGLDWDPHQWHSDUDGHPRVWUDUTXHKDFtDSURH]DV\
VyORH[LVWtDXQPHGLRGHGHVHPEDUD]DUPHGHpOKDFHUOHSHQVDUTXH\RKDEtDH[SH
ULPHQWDGRXQRUJDVPR
œ$FRVWXPEUDED D ILQJLUORV D ILQ GH QR GHMDU D OD RWUD SHUVRQD HQ XQ DLVODGR
OLPERSVLFROyJLFR
œ6tVLHPSUHILQMRORVRUJDVPRV(VWRSDUHFHVHUORPDVFRUWpV˜3RUTXpKDGH
PRVWUDUVHXQDEUXVFD"
œ0H OR KH SURPHWLGR QXQFD PiV 6ROtD KDFHUOR SRUTXH PL KRPEUH HVSHUDED
TXHVLQWLHUDXQRUJDVPR<RPHMX]JDEDLQFDSD] GHWDOFRVD\SHQVpTXHILQJLHQGR
HUDOD~QLFD PDQHUDGHTXHpOFRQWLQXDUDGHVHiQGRPH
œ6ROtD KDFHUOR SDUD FRPSODFHU D ORV KRPEUHV \ FRQTXLVWDU VX DSUREDFLyQ
KDFLpQGROHV FUHHU TXH \R HUD XQD ¦JDOOLQLWD§ VH[\ HWF 5HFXHUGR KDEHUORV ILQJLGR
GXUDQWHYLDMHVGHiFLGRHLQFOXVRHQPLQRFKHGHERGDVHWF(UDXQDFRVDJULV\SRU
HQWRQFHVHVWDEDVHJXUDGHTXH\RHUDOD~QLFD PXMHUTXHSURFHGtDGHHVWHPRGR
œ6ROtD ILQJLU ORV RUJDVPRV KDVWD TXH HPSHFp D VHQWLUORV D ORV WUHLQWD DxRVGH
HGDG /RV ILQJtD SDUDHYLWDUHQIUHQWDPLHQWRVFRQXQKRPEUHSDUDQRWHQHUTXHH[
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SOLFDUTXHHUDFRPRHUDSDUDHYLWDUPHVXVWULOODGDVDFXVDFLRQHVGHOHVELDQLVPRIUL
JLGH]HWF
œ6tKDVWDTXHQRVFDVDPRVSRUTXHSHQVpTXHHOKHFKRGHFDVDUVHORFDPELDED
WRGRSRUDUWHGHPDJLD™-D
œ)LQJtHQHOSDVDGR&HVpGHSURFHGHUDVtHQHOPRPHQWRHQTXHFRPSUHQGtODV
LPSOLFDFLRQHVGHVXPLVLyQGHODFWR\TXH\RWDPELpQWHQtDGHUHFKRDVHQWLUHOSODFHU
DXWpQWLFR
œ6LHPSUH ORVILQJt&XHQWRDKRUDVHVHQWD\GRVDxRV8QRVGRFWRUHVPHDFRQ
VHMDURQTXHSURFHGLHUDDVtVLTXHUtDTXHPLHVSRVRVHVLQWLHUDIHOL]'LRVPHEHQGL
JD(VWXYHSHQVDQGRTXHDOJRIDOWDEDHQPLFRQVWLWXFLyQSRUHVSDFLRGHXQRVWUHLQWD
\FLQFRDxRV(VWRHVPXFKRWLHPSRSDUDGHGLFDUDOILQJLPLHQWR˜QR"
œ6t \ HVSHFLDOPHQWH ILQMR HO DSDVLRQDPLHQWR XQDV YHFHV SDUD H[FLWDUPH \
RWUDVSDUDTXLWDUPHGHHQFLPDDOWLSR\DKRUUDUPHHQHUJtDV
œ6t3HQVDEDIUHFXHQWHPHQWHTXHHOHJRPDVFXOLQRWHQtDPiVLPSRUWDQFLDTXH
\R
œ+HHVWDGRILQJLHQGRRUJDVPRVSRUHVSDFLRGHWUHLQWDDxRVSRUTXHFDUH]FRGH
DXWRHVWLPD 0H VLHQWR DYHUJRQ]DGD FRPR VL WXYLHVH XQD SLHUQD GH SDOR R FRPR VL
IXHVHWXHUWD+HSURFHGLGRDVtWDPELpQSDUDQRKHULUDPLPDULGRTXLHQWDPELpQHV
XQDSHUVRQDLQVHJXUD
œ6ROtDILQJLUORVRUJDVPRVSRUTXHHVWLPDEDTXHHUDPLGHEHU\HOQRWHQHUORV
GXUDQWHHOFRLWRPLSURSLDLQFDSDFLGDG
œ6yORFRQPLSULPHUDPDQWHHQORVSULPHURVPHVHV6DEtDORTXHGHEtDKDFHU
SDUDGHPRVWUDUJUDQSDVLyQ\pOSHQVDEDTXHPHHVWDEDLQLFLDQGR0HDFRPRGpDVXV
GHPDQGDVGHYDUyQSDUDFRQTXLVWDURWURVSULYLOHJLRVQRVH[XDOHVGHVDOLGDVDVLWLRV
TXHPHJXVWDEDQ(UDXQDSXWDJUDWLV
œ6ROtD ILQJLUORV VLHPSUH KDVWD TXH GHVFXEULPRV PL FOtWRULV 6LHPSUH KDEtD
SHQVDGRTXHHOFRLWRHUDOD~QLFDIRUPDFRUUHFWD\TXHWRGRHUDGHELGRDPLVPDODV
FRQGXFFLRQHV SHUR FXDQGR GHVFXEUt OD PDVWXUEDFLyQ VH PH DFDEDURQ ORV SUREOH
PDV
œ1R/HKLFHVDEHUTXHQRVHQWtDHORUJDVPRGXUDQWHHODFWR
œ&XDQGRPHVHQWtDLQVHJXUD\QHJDWLYDFRQUHVSHFWRDPtPLVPD™0DOGLWDVHD
&XDOTXLHUPXMHUQRUPDO KDEUtDWHQLGRXQRUJDVPRKDFH\DGLH]PLQXWRV'HEHSHQ
VDU TXH VR\ UDUD (VWH WLSR GH VHQWLPLHQWR SURYLHQH GH OD PLVHUDEOH SUHVLyQ VRFLDO
HMHUFLGDVREUHODVPXMHUHVSDUDTXHpVWDVVHDQORTXHQRVRQ6LWLHQHVHOSHORFDV
WDxRGHEHUtDV VHUUXELD6LWLHQHVORVSHFKRVSHTXHxRV
œ3RURPLVLyQ1RGLJRTXHQR\HOORVVXSRQHQTXHVt
œ$OJXQDV YHFHV &XDQGR pO VH QHJDED D SDUDU D PHQRV TXH \R VLQWLHUD HO RU
JDVPRSHUR\RGHVHDEDTXLWiUPHORGHHQFLPDRPHGDEDSHQD™0LHUGD
œ6ROtD ILQJLU RUJDVPRVFRQUHJXODULGDGSRUTXHPHVHQWtDGHPDVLDGRWtPLGD\
DYHUJRQ]DGDSDUDGHFLUOHDOKRPEUHORTXHTXHUtDTXHKLFLHUD\TXHQRPHSRQtDHQ
FRQGLFLRQHVODVLPSOHSHQHWUDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DPLWDGGHODVYHFHV&XDQGRQRYDVDOOHJDUORVDEHV\ORTXHTXLHUHVHV
WHUPLQDUFXDQWRDQWHVHOFRQGHQDGRULWXDO
œ6LHPSUHORVILQMRGXUDQWHODFySXOD6pTXHHOKRPEUHFRQTXLHQYLYRVHVHQWL
UtD GROLGR VL VXSLHUD OD YHUGDG GH PDQHUD TXH VXHOR GHFLUOH FDGD YH] TXH KD VLGR
PDJQLILFR
œ6t+DELWXDOPHQWHVLHQWRHORUJDVPRHQHOFXUVRGHOHVWtPXORSUHYLR\OXHJR
ORILQMRGXUDQWHHOFRLWR(OVHVHQWLUtDPX\DIHFWDGRGHQRWDUTXHQRH[SHULPHQWDED
HORUJDVPRGXUDQWHHOPLVPR
œ1RVDEUtDFRPR
œ(QUDUDVRFDVLRQHV6yORFRQHOLQGLYLGXRLQH[SHUWRTXHHVWiDSXQWRGHSHU
GHUPXFKDGHVXSURSLDHVWLPDFLyQ\VHVLHQWHGHPDVLDGRPRUWLILFDGRSDUDKDEODUGH
ORTXHHVWiVXFHGLHQGR
œ6tHVPiVIiFLO\PiVUiSLGRTXHHOGHEDWLUVH
œ'XUDQWHPXFKRVDxRVKHSHQVDGRTXHHOILQJLPLHQWR™IRUPDEDSDUWHGHOMXH
JR/XHJRGHVFXEUtTXH HUDPXFKRPiVVDOXGDEOHSDUDORVGRVODDXVHQFLDGHDTXpO
ODFRQYHUVDFLyQSURORQJDGDODVGHVFULSFLRQHV\ODVH[SORUDFLRQHVFRQMXQWDV
œ1R <R QR GHER D QDGLH QLQJXQR GH PLV RUJDVPRV ™0H ORV GHER D Pt PLV
PD
œ&XDWUR R FLQFR YHFHV SRU PHV VLHPSUH TXH OOHJDPRV D FLHUWR SXQWR <R
SLHQVRTXHDOJRPDUFKDPDOHQPtGHPRGRTXHILQMRSRURUJXOOR0HKDFHVHQWLU
UDUDHOQROOHJDUDORUJDVPRGHVSXpVGHWRGRHOSURFHVRGHHVWtPXOR3LHQVRFRQIUH
FXHQFLDTXHKDJRGHPDVLDGRVHVIXHU]RV1RPHVLHQWRPHQRVPXMHUTXHQDGLHSHUR
PH SUHRFXSD OD SRVLELOLGDG GH TXH VH KD\D SURGXFLGR HQ Pt DOJ~Q WLSR GH EORTXHR
PHQWDO )LQMR SRUTXH WHQJR TXH HYLWDU TXH pO VH VLHQWD LQDGHFXDGR FXDQGR VR\ \R
TXLHQVHHQIUHQWDFRQXQSUREOHPDSVLFROyJLFR
œ<RQRVpVLpOVDEHVLHPSUHFXiQGRVLHQWRHORUJDVPR6LHPSUHJR]RPXFKR
FRQDDFWLYLGDGVH[XDODVtTXHGHEHUHVXOWDUOHGLItFLOGHFLUOR
œ$FRVWXPEUDEDDKDFHUORSHURPHFDQVpGHKDFHUOR6HQWtDTXHGHEtDKDFHUOR
TXHpOHVSHUDEDGHPt
œ1R(VXQDFRVDGHJUDGDQWH/RPiVLQVXOWDQWHTXHPHKDRFXUULGRQXQFDHQ
ODFDPDKDVLGRYHUPHDFXVDGDGHKDEHUILQJLGRXQRUJDVPR6LXQKRPEUHQRSXHGH
GDUPHSODFHUTXHVHDpO TXLHQVHPRUWLILTXH
œ&XDQGRpOPHSUHJXQWyVLKDEtDOOHJDGRDOFOtPD[FRQWHVWpTXHVt$YHFHVKD
OOHJDGRLQFOXVRDSUHJXQWDUPHFXDQWDVYHFHVKHVHQWLGRHORUJDVPR\QRKHWHQLGR
YDORUSDUDGHFLUOHTXHQRKHOOHJDGRQLXQDYH]
œ1R$pOOHWLHQHVLQFXLGDGRTXHWHQJDRQRGHWRGDVIRUPDV
œ6LHPSUHORVILQMR\DTXHQXQFDORVWHQJR
œ1XQFDKHILQJLGRXQRUJDVPRDFRQFLHQFLD$XQTXHDYHFHVSURILHURJHPLGRV
\H[WHULRUL]RRWURVLQGLFLRVTXHUHYHODQODLQPLQHQFLDGHXQRUJDVPR\HQWRQFHVpO
WHUPLQDGHPDVLDGRUiSLGDPHQWHSDUDTXH\ROOHJXHDOFOtPD[VLELHQPLFRPSDxHUR
QRVHGDFXHQWD(QWDOVLWXDFLyQSUHILHURTXHpOVLJDVXSRQLHQGRTXHKHVHQWLGRHO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
RUJDVPR\DTXHDVtVHHQFXHQWUDPiVDJXVWR\\RQRJDQDUtDQDGDGLFLpQGROHODYHU
GDG 6L OOHJD DO FOtPD[ \ PH SUHJXQWD VL D Pt PH KD SDVDGR ORPLVPRPHQLHJRD
PHQWLUUHVSRQGLHQGRSRUHMHPSOR¦&DVL§
œ(Q XQDVFXDQWDVRFDVLRQHVSDUDUHWHQHUDXQKRPEUH1XQFDPiV
œ6ROtD KDFHUOR FXDQGR GHVHDED VHQWLU XQ RUJDVPR DWRGDFRVWDKDVWDHOSXQWR
GHSUHWHQGHUHQJDxDUPHDPtPLVPD
œ6tGXUDQWHHOFRLWR6LPHORSUHJXQWDUHVSRQGRGLFLHQGRODYHUGDGSHURIUH
FXHQWHPHQWHKHLQWHQWDGRPRVWUDUPiVHQWXVLDVPRGHOTXHUHDOPHQWHVHQWtD/RKDJR
DFDXVDGHODSUHVLyQHMHUFLGDSRUHOGLVJXVWRGHPLFRPSDxHURTXLHQQRDFHUWDEDD
HVWLPXODUPHDGHFXDGDPHQWH
œ6t&RQPXMHUHVHQUDUDVRFDVLRQHV&XDQGRHVWR\GHPDVLDGRFDQVDGDRHOOD
VHHVWiFDQVDQGR\QRTXLHURTXHVHVLHQWDLQDGHFXDGD$YHFHVLQGHSHQGLHQWHPHQWH
GHORKiELORFRQVLGHUDGDTXHSXHGDVHUXQDSHUVRQDQRYDOHODSHQDODVPROHVWLDV
TXHKD\TXHWRPDUVHSDUDORJUDUXQRUJDVPR(VWRVXFHGHFXDQGRXQDVHKDOODIDWL
JDGDDOWHUDGDRGLVWUDtGDSRUFXDOTXLHUUD]yQ
œ1XQFD 6R\ XQD SHUVRQD PX\ VLQFHUD 3HUR VL pO HUUyQHDPHQWH SLHQVD TXH
OOHJXpHVSRVLEOHTXHQRORFRUULMD
œ5DUDV YHFHV 6yOR FXDQGR PH DFHUFR DO FOtPD[ pO 6LHQWH HO RUJDVPR \ VH
¦FRQJHOD§MXVWRFXDQGR\RQHFHVLWDEDWDQVyORXQSRFRPDV
œ1RSHURILQMRSODFHU
œ&RQVWDQWHPHQWHGXUDQWHHOFRLWRKHHVWDGRILQJLpQGRORVSDUDFRPSODFHUDPL
HVSRVR 6LQ HPEDUJR HVD VHPDQD KDELHQGR OOHJDGR D ORV OtPLWHV Pi[LPRV GH PL
SDFLHQFLDOHFRQWpODYHUGDGFRQODPD\RUVXDYLGDGSRVLEOH\SURPHWtQRILQJLUPiV
HQORVXFHVLYR
œ/DPD\RUtDGHORVKRPEUHVRELHQGDQSRUVHQWDGRTXHKDVWHQLGRRUJDVPRR
ELHQOHVWLHQHVLQFXLGDGR3RUWDQWRDYHFHVILQMRSDUDGDUHODVXQWRSRUWHUPLQDGR
œ$YHFHVFXDQGRPHGLVJXVWDHOKRPEUH\DGYLHUWRTXHPLHVWDGRPHQWDOSXH
GHFRQGXFLUORDODYLROHQFLD
œ1XQFD KH WHQLGR QHFHVLGDG GH ILQJLU 1LQJ~Q KRPEUH KD QRWDGR QXQFD TXH
QROOHJDED
œ6tGXUDQWHHOFRLWR6pILQJLUFRQWUDFFLRQHVYDJLQDOHVTXHVRQWRPDGDVSRUHO
RUJDVPRSRUPLFRPSDxHUR/RKDJRSRUTXHQRWHQHURUJDVPRPHFRQYLHUWHHQXQ
¦GHVDItR§SDUDpO
Ϫ1XQFDPiV(OKHFKRGHTXHSXHGDHQJDxDUVHDXQKRPEUHFRQXQRUJDVPR
ILQJLGRFRQVWLWX\HXQWHVWLPRQLRGHVXLQVHQVLELOLGDG
œ6ROtD KDFHUOR <R VyOR TXHUtD DPRU 'HVHDED FRPSODFHU \ EXVFDED
GHVHVSHUDGDPHQWHDIHFWR
œ/RKDFtD\DPHQXGRPHHFKDEDDOORUDUGHVSXpVGHOFRLWR
œ1R3HURQXQFDLQVLVWtHQSDUDUDODPLWDGFXDQGRDPtPHDSHWHFtDTXHHUDD
PHQXGR
œ˜&yPRVHILQJH"0HJXVWDUtDKDFHUOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VRHVFRPRSUHJXQWDUVLHOFLHORHVD]XO6tGXUDQWHHODFWR+DELWXDOPHQWH
QRGHVHRTXHORVKRPEUHVVHHQWHUHQGHTXHQXQFD ORVWHQJR
œ6tDPHQXGRGXUDQWHHOFRLWRFXDQGRDGYLHUWRTXHPLFRPSDxHURVHVHQWLUi
GHFHSFLRQDGRGHRWURPRGR7DPELpQWHQtDODLGHDGHTXH\RWHQtDTXHVHUXQDHVSH
FLHGHWDPDOFDOLHQWH\OOHJDUVLHPSUH
œ+DELWXDOPHQWH QR $ YHFHV ¦FRPSDUWR VX RUJDVPR§ DXQTXH \R QR H[SHUL
PHQWR QLQJXQR OLPLWiQGRPH D HPLWLU JUXxLGRV \ JHPLGRV PLHQWUDV pO OOHJD DO FOt
PD[
œ1R0HGDPLHGRTXHPHVRUSUHQGDILQJLHQGR
œ6ROtDKDFHUORDORODUJRGHGRVPDWULPRQLRV\GRVDxRVGH¦HQWUHWHQLGD§(V
XQD ULGLFXOH] WRGR ORV KRPEUHV TXH SLGHQ HVR \ OD FDQWLGDG GH LJQRUDQFLD TXH LQ
IRUPDODHVFHQD1XQFDPiV
œ6tGXUDQWHHOFRLWRILQMRYDULDVYHFHV4XLHURTXHWHQJDVXRUJDVPRSDUDDVt
SRGHU GRUPLU )UHFXHQWHPHQWH KH LQWHQWDGR HVWDEOHFHU XQD FRPXQLFDFLyQ HQWUH ORV
GRVHQDTXHOPRPHQWRGHFLUOHORTXHPHH[FLWDEDSHURFRPRQRKD\UHVSXHVWDSRU
VXSDUWHVLPSOHPHQWHUHQXQFLR
œ6tVLPHJXVWDQRTXLHURUHEDMDUOR
œ6t™'XUDQWHGLH]DxRV\PHGLR1RTXHUtDTXHQDGLHSHQVDUDTXHHUDIUtJLGD
œ1R 3HUR PL HVSRVR HVWi FRQYHQFLGR GH TXH VXV RWUDV FRPSDxHUDV GH OHFKR
VLHPSUHVLHQWHQHORUJDVPR˜)LQJHQ"0HVLHQWRLQIHULRU
œ)LQJtDORVRUJDVPRVGXUDQWHHOFRLWRFRQXQKRPEUH<FXDQGRILQDOPHQWHVH
OR GLMH UHVSRQGLy EORTXHDQGR WRGD FRPXQLFDFLyQ \ PXWXD HQVHxDQ]D TXH KXELHVHQ
SRGLGROOHYDUPHDJR]DUDPtWDPELpQ
œ6LGHSURQWRFXDQGRHVWDPRVHQODPLWDGPHGR\FXHQWDGHTXHPHKHHTXL
YRFDGR\ TXHHOWLSRQRPHJXVWDEDPHDEUD]RDpOFRQIXHU]DFXDWURRFLQFRYHFHV
JLPRFRPRVLHVWXYLHUDOOHJDQGRORFXDOOHKDFHOOHJDUDpO\DVtVHWHUPLQDHODVXQ
WR
œ'HVGHOXHJRTXHVt$OJXQRVKRPEUHVTXLHUHQMRGHUPHKDVWDTXHOOHJXHRPH
FDLJDPXHUWD
œ$QWHV GH H[SHULPHQWDU RUJDVPRVVROtDILQJLUORVSDUDTXHHOKRPEUHSDUDVH\
PHGHMDUDGRUPLU&RQPLSULPHUHVSRVRQLVLTXLHUDVXSHTXpHUDORTXHILQJtD3HQ
VDEDTXHORVRUJDVPRVHUDQTXL]iVDOWRVQLYHOHVGHVHQVDFLRQHVHUyWLFDVTXHUHPLWt
DQGHVSXpVGHKDEHUOOHJDGRDXQJUDWR\IXHUWHSXQWRiOJLGRGHJR]R3RUWDQWRHVR
HUDORTXHILQJtD$KRUDQR/DVPXMHUHVTXHILQJHQRUJDVPRVQRVLPSLGHQDWRGDV
TXHSURJUHVHPRVDOWLHPSRTXHWUDLFLRQDQDVXVKRPEUHV
œ6ROtD KDFHUOR (UD XQD HVFHQD FRPSOHWD GH SHOtFXOD GH FODVH % DFRPSDxDGD
GHJHPLGRV\WRGRORGHPiV1RREVWDQWHDKRUDPLVJHPLGRVPHGLVWUDHQGHORTXH
VLHQWR
œ6ROtD KDFHUOR GXUDQWH HO FRLWR KDVWD TXH DSUHQGt D GHFLU ¦9H PiV OHQWR§ R
¦$KRUDPHWRFDDPt§
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6tFXDQGRSDUWLFXODUPHQWHPHJXVWDXQDSHUVRQD\PHGR\FXHQWDGHTXHHV
YXOQHUDEOH\TXHDFDEDUiDFXViQGRVHDVtPLVPDVL\RQROOHJRDOFOtPD[7UDVHVR
QRYXHOYRDDFRVWDUPHFRQHOODPiV
œ6t FRQ XQ KRPEUH D TXLHQ \R DPDED SHUR TXH HUD XQ DPDQWH SpVLPR HQ OD
FDPD 7XYH TXH KDFHUOR FDGD YH] TXH QRV DFRVWiEDPRV MXQWRV ˜3RGUiQ XVWHGHV
FUHHUOR"
œ6LHPSUHDPHQRVTXHHVWpHQIDGDGDFRQPLFRPSDxHUR
œ6L FXDQGR QR SXHGR OOHJDU \ HO SREUH FKLFR HVWi DJRWDGR \ KDFLHQGR OR TXH
SXHGH
œ/RVILQJtDSDUDRFXOWDUTXHPHGROtDTXHODRWUDSHUVRQDWXYLHVHRUJDVPRV
œ3HQVDEDTXHKDEtDGHHYLWDUTXHPLFRPSDxHURFUH\HUDTXHHUDXQKRPEUHLQ
DGHFXDGR\DTXHKDEtDSDGHFLGRLPSRWHQFLDHQORVLQLFLRVGHQXHVWUDVUHODFLRQHV
œ7DPELpQ FRPSUHQGR DKRUD TXH PXFKRV YDURQHV TXH SDUHFHQ LQWHUHVDUVH SRU
VDEHUVLKDVTXHGDGRVDWLVIHFKDRQROR~QLFRTXHTXLHUHQHVLQIODUVXVHJRVR\HQGR
XQ¦Vt§SRUUHVSXHVWD(VWR\VHJXUDGHTXHVLGLMHUD¦QR§VHHQIDGDUtDQ\QRLQWHQWD
UtDQVLTXLHUDKDFHUDOJRSDUDUHPHGLDUOR
œ&UHR TXH KD GH VHU XQ DVFR WHQHU XQD HVSRVD TXH OOHJXH FRQ XQ WRTXH SHUR
QXQFDFRQWXSHQH(VWRPHSUHRFXSDPXFKR
œ+H HVWDGR ILQJLHQGR RUJDVPRV KDVWD KDFH SRFR DXQTXH SHQVDED TXH HV XQ
HUURUSURFHGHUDVt+HILQJLGRVHQWLURUJDVPRVPXFKDV0XFKDVYHFHV(OORVQRWLH
QHQ OD PHQRU LGHD GH TXp KD\ TXH KDFHU FRQ HO FOtWRULV \ D Pt PH GLVJXVWD YHUPH
REOLJDGDDSURQXQFLDUXQDFRQIHUHQFLDVREUHDQDWRPtDHQSOHQDDFWLYLGDGVH[XDO
œ1RHVXQDJUDYHHTXLYRFDFLyQSRUTXHHOKRPEUHQXQFDDSUHQGHUi
œ/RV KH ILQJLGR VLHPSUH VLQ H[FHSFLyQ < HV TXH SLHQVR TXH ORV KRPEUHV
WDPELpQVLQH[FHSFLyQQHFHVLWDQFRQYHQFHUVHGHTXHVRQPX\EXHQRVHQODFDPD\
JHQHUDOPHQWHTXHHOORV VRQORVPHMRUHV
œ'LMHTXH¦QR§DPLHVSRVRGXUDQWHDOJ~QWLHPSRGHVSXpVGHPLVHJXQGRHP
EDUD]RSHUROXHJRHPSHFpDH[SHULPHQWDUXQVHQWLPLHQWRGHFXOSDELOLGDGUHVSHFWRD
HVR&RPSURPHWLpQGRPH\IDOVHDQGRXQDUHVSXHVWDTXHQRVHQWtD/RPDORIXHTXH
KDELHQGRILQJLGRXQDYH]PHYLIRU]DGDDILQJLUPiV\PiVYHFHV(OUHVXOWDGRILQDO
GH WDO GHVKRQHVWLGDG VH[XDO IXH TXH FRQ HO WLHPSR PH VHQWt LQFDSDFLWDGD SDUD OD
H[FLWDFLyQ\PHYROYtIUtJLGD(QRFDVLRQHVWUDVODUHODFLyQVH[XDOFRQPLPDULGR
PH SRQtD WDQ PDO TXH GHEtD LUPH DO EDxR D VDWLVIDFHUPH D Pt PLVPD (Q UHODFLyQ
FRQHVWHSHUtRGRHOGHWDOOHLQWHUHVDQWHHVTXHQXQFDLQVLVWtHQVDEHUVLPLPDULGRPH
HUDILHOQLVLTXLHUDPHLPSRUWDED\SHQVDEDHQWRQFHVFRPRSLHQVRDKRUDTXHVD
WLVIDFHUVH FRQ DOJXQD PXMHU PiV DSDVLRQDGD TXH \R KDEUtD VLGR PXFKR PHMRU TXH
FRQYHUWLUHVWHSUREOHPDWDQUHDOHQXQDFRPSHWLFLyQVREUHTXLpQDPDDTXLpQ\FXiQ
WR3HURHQIUHQWDGDFRQHOSUREOHPDHQHVRVWpUPLQRVQRWHQtDPiVVDOLGDTXHODGH
ILQJLUORTXHQRVHQWtD%XHQRHORUJDVPRHVPX\IiFLOGHILQJLU\GXGRGHTXHH[LV
WDXQKRPEUHTXHVHDFDSD]GHHVWDEOHFHUODGLIHUHQFLDHQWUHXQRUHDO\RWURVLPXOD
GR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ'XUDQWHTXLQFHDxRV\RIXLODPHMRUILQJLGRUDGHOPXQGR6LQFHUDPHQWHGH
ELHUD KDEHUVH FUHDGR XQ WURIHR IiOLFR PRQWDGR VREUH XQ SHGHVWDO FRPR ORV GH ORV
OLEURVGHOD+LVWRULDGHO$UWHGHVWLQDGRDWRGDVODVPXMHUHV&UHRTXHWRGDVORILQ
JHQFRQORVKRPEUHV
&RQFOXVLyQ
,QVLVWLU HQ TXH ODV PXMHUHV GHEHQ WHQHU RUJDVPRV GXUDQWH HO FRLWR SRU HIHFWR
GHOFRLWRHVIRU]DUDODVPXMHUHVDDGDSWDUVXVFXHUSRVDXQHVWtPXORLQDGHFXDGR\
OD GLILFXOWDG GH ORJUDUOR \ HO IUHFXHQWH IUDFDVR TXH DFRPSDxD DO LQWHQWR JHQHUDQ
UHSHWLGDV VHQVDFLRQHV GH LQVHJXULGDG \ FyOHUD &RPR VHxDOy $QQ .RHGW HQ 7KH
0\WKRIWKH9DJLQDO2UJDVP
œ4XL]iVXQRGHORVPiVHQIXUHFHGRUHV\SHUMXGLFLDOHVUHVXOWDGRVGHWRGD HVWDFKDUDGD
KD\D VLGR HO KHFKR GH TXH D PXMHUHVSHUIHFWDPHQWHVDQDVVH[XDOPHQWHVHOHVKDHQVHxDGR
TXHQRORVRQ3RUWDQWRDGHPiVGHYHUVHSULYDGDVVH[XDOPHQWHDHVDVPXMHUHVVHOHVHQVH
xyDFXOSDUVHDVtPLVPDVFXDQGRQRPHUHFtDQDFXVDFLyQDOJXQD%XVFDUVROXFLyQDXQSUR
EOHPDTXHQRODWLHQHSXHGHOOHYDUDXQDPXMHUSRUXQVHQGHURLQWHUPLQDEOHGHRGLRKDFLDVt
PLVPD\GHLQVHJXULGDG3RUTXHVXDQDOLVWDOHGLFHTXHQRVyORQRKDWULXQIDGRHQHO~QLFR
SDSHOTXHOHSHUPLWHXQDVRFLHGDGPDFKLVWD¥HOSDSHOGHPXMHU¥6HOHDGYLHUWHWDPELpQ
FRQGDWRVIDOVRVGHTXHHVPHMRUTXHWUDWHGHVHUWRGDYtDPiVIHPHQLQDSLHQVHGHXQDIR U
PD PiV IHPHQLQD \ UHFKDFH VX HQYLGLD GH ORV KRPEUHV (V GHFLU ¦3yQWHOR WRGDYtD PiV
GLItFLOTXHULGD§
)LQDOPHQWHH[LVWHQGRVPLWRVDFHUFDGHODVH[XDOLGDGIHPHQLQDTXHGHEHQVHU
HVSHFtILFDPHQWHDFODUDGRVDTXt
(QSULPHUOXJDUVXSXHVWDPHQWHVHDILUPDTXHODVPXMHUHVVHLQWHUHVDQPHQRV
TXH ORV KRPEUHV SRU HO VH[R \ ORV RUJDVPRV 6H GLFH TXH VH LQWHUHVDQ PiV SRU ORV
œVHQWLPLHQWRVTXHVRQPHQRVDSWDVSDUDODLQLFLDFLyQGHODVUHODFLRQHVVH[XDOHV\
TXH JHQHUDOPHQWH œKDQ GH VHU LQGXFLGDV D HOOR 3HUR OD FDXVD GH HVR FXDQGR HV
YHUGDG UHVXOWD HYLGHQWH ODV PXMHUHV QR HVSHUDQ VHQWLU RUJDVPRV QR SXHGHQ HVWDU
VHJXUDVGHH[SHULPHQWDUORV
œ6RVSHFKRTXHPLWHQGHQFLDDSHUGHULQWHUpVSRUODDFWLYLGDGVH[XDOHVWiUHOD
FLRQDGDFRQHOKHFKRGHKDEHUVXSULPLGRHOGHVHRGHVHQWLURUJDVPRVFXDQGRYLFOD
UDPHQWHTXHQRHUDWDQIiFLO\TXHOR¦HFKDUtDDURGDUWRGR§SRUORTXHDpO VHUHIH
UtD
œ4XLHURH[SHULPHQWDUHORUJDVPRSDUDVHQWLUPHFRQWHQWD\SOHQDPHQWHUHDOL]D
GD3HURWDPELpQHVLPSRUWDQWHTXHORVH[SHULPHQWHFRQPLQRYLRSRUTXHFXDQWRV
PiVVLHQWDPiVDJXVWRVHHQFXHQWUDpO\VLQRPHRFXUUHHVRHOIDOORHVPtRHQWRQ
FHV\DpOQROHDSHWHFHODUHODFLyQVH[XDOVLVR\IUtJLGD6HLPDJLQDTXHHVWR\SUH
RFXSDGDSRUFXDOTXLHUFDXVD\PHLJQRUD3DVpSRUXQSHUtRGRGHIULJLGH]HVWRRFX
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UULy GHVSXpV GH KDEHU HPSH]DGR D YLYLU FRQ PL DPLJR \ pOGHUHSHQWHHPSH]yD
VHQWLUVH ¦GHPDVLDGR FDQVDGR§ OD PD\RU SDUWH GH ODV QRFKHV \ QXHVWUDV UHODFLRQHV
VH[XDOHV TXHGDURQ UHGXFLGDV DGRVYHFHVSRUVHPDQD6HGHVDUUROOyHQPtXQFRP
SOHMR GH FXOSDELOLGDG SRUTXH SHQVDED TXH HUD H[FHVLYDPHQWH DUGLHQWH \ TXH SHGtD
GHPDVLDGR GH pO HVSHFLDOPHQWH FXDQGR GH KHFKR PH LQKLEtD \ QXQFDOOHJDED0H
VHQWtD KRUULEOH \ HJRtVWD 3HUR VHJXtD HVWDQGRFDOLHQWH\VLQWLpQGRPHPX\IUXVWUDGD
FDGDQRFKH3DUDHYLWDUPHHVWDIUXVWUDFLyQSHQVpTXHSDVDEDSRUXQHVWDGRGHIULJL
GH](VWRDSDFLJXDEDODV¦FDOHQWXUDV§SHUROXHJRFXDQGRPLDPLJRGHVHDED ODUHOD
FLyQ VH[XDO D Pt PH FRVWDED PiV \ PiV WUDEDMR ¦GHVFRQJHODUPH§ D WLHPSR (O VH
HPSOHDDIRQGRSDUDH[FLWDUPH\DPHQXGRWUDQVFXUUtDPXFKRWLHPSRDQWHVGHTXH
\RHPSH]DUDDVHQWLUDOJR3RUHQWRQFHV\D QRHUDFDSD]GHDJXDQWDUPiV\VHFRUUtD
$PtPHGHMDED¦FDOHQWDGD§H[FLWDGD\IUXVWUDGD6HGRUPtD\\RPHVHQWtDOOHQDGH
DPDUJXUD GH RGLR GH FXOSD )LQDOPHQWH YROYtD D PL SURIXQGD IULJLGH] GH DQWHV
1XQFDLQWHQWpGDUOHDFRQRFHUPLSUREOHPDSRUTXHHQWHQGtDTXHHOIDOORHUDPtR\
TXHKDEUtDUHVXOWDGRHJRtVWDHLQMXVWRSRUPtSDUWH¦IRU]DUOR§DGHVDUUROODUXQDPD
\RUDFWLYLGDGVH[XDODPHQRVTXHDpOOHDSHWHFLHUD(VWDEDKDVWDHOPRxR
œ7HQJRFLQFXHQWD\VHLVDxRVDPDGHFDVDGHUHFWDPRUDOSUHVELWHULDQD0DGUH
FRPR 'LRV PDQGD \ HUD GH ODV TXH FUHtDQ TXH SULPHUR HV OD REOLJDFLyQ \ OXHJR OD
GLYHUVLyQ0HDFRPRGpDOSDSHOGHOD¦EXHQDPXMHUFULVWLDQD§\HVWRHVORTXHVR\
7HQJR UHODFLyQ VH[XDO XQD SDU GH YHFHV SRU PHV FRQ PL HVSRVR TXLHQ HV HO TXH
KDELWXDOPHQWHODLQLFLD3LHQVRPiVHQHOODGHORTXHDFW~RVREUHHOOD1HFHVLWRGDU
FRQDOJ~QPpWRGRSDUD¦HVWDUHQFRQGLFLRQHV§PiVDPHQXGR6XSRQJRTXHODSH
UH]DPHLPSLGHSHUVHJXLUWRGRHVWR5HVXOWDSDUDPtPiVIiFLODFRVWDUPHSDUDHQ
WUHJDUPHDODOHFWXUDGHXQOLEURRSDUDGRUPLU1XHVWURPD\RUSUREOHPDHVHOGHVID
VHPXWXRHQFXDQWRDODKRUD$pOOHJXVWDODUHODFLyQVH[XDOHQODVSULPHUDVKRUDV
GHDPDxDQD\DPtSRUODQRFKH(OVHVLHQWHHQFDQWDGRFXDQGRVR\\RTXLHQOR
LQLFLD WRGR0HSUHJXQWRSRUTXpQRSURFHGRDVtPiVDPHQXGR<WDPELpQTXpVH
VLHQWH DO H\DFXODU 0H LPDJLQR TXH HVWR QR SRGUp VDEHUOR QXQFD 0H JXVWD SHQVDU
TXHORFRPSOD]FRLQFOXVRDXQTXH\RQRWHQJDRUJDVPRVGXUDQWHHOFRLWR(VDJUDGD
EOHUHFLELUHVDFLHUWDPLUDGD™8DX
œ(VWD HV PL SULPHUD UHODFLyQ VH[XDO &XHQWR GLHFLRFKR DxRV FDVL GLHFLQXHYH
'HERGHFLUTXHHVSHUDEDPXFKRPiV3UREDEOHPHQWHHVWR\FRQGLFLRQDGD4XL]iV
VHDGHPDVLDGRMRYHQSDUDVHQWLUDOJRUHDOPHQWHFRPRPHGLMRXQGRFWRUSHURPH
JXVWDUtDPXFKRKDFHUOR0LIUXVWUDFLyQHVJUDQGHFXDQGRQRH[SHULPHQWRXQRUJDV
PR R QR PH TXHGR VDWLVIHFKD (Q HIHFWR HQ FLHUWR PRPHQWR GH HVWD UHODFLyQ PH
VHQWtDWDQGHFHSFLRQDGDTXHPLLQWHUpVVHGLVLSy$KRUDPLVPRQRVLHQWRJUDQQHFH
VLGDGGHHOODKDELWXDOPHQWH\GHVHDUtDVDEHUGHDOJ~QSURFHGLPLHQWRTXHPHVDWLVIL
FLHUD \ TXH UHDOPHQWH PH LQFOLQDUD KDFLD OR VH[XDO 9HUGDGHUDPHQWH QR HVWR\ GHO
WRGRVHJXUDGHORTXHHVXQRUJDVPRQLGHORTXHHQUHDOLGDGVHVLHQWH&XDQGRPH
PDVWXUER H[SHULPHQWR XQD VHQVDFLyQ VDWLVIDFWRULD DVt TXH VXSRQJR TXH HV HVR
&XDQGRWHQJRUHODFLyQVH[XDOQRVLHQWRUHDOPHQWHQDGD$YHFHVORQRWRDpOGHQWUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GH Pt SHUR QR FRUULHQWHPHQWH (VWR HV DOJRTXHQRFRPSUHQGR6LHPSUHSHQVpTXH
VHUtDFDSD]GHVHQWLUVXSHQHGHQWURGHPtSHURQRUPDOPHQWHQRPHRFXUUH6tPH
KHVHQWLGRPX\IUXVWUDGD
(ORWURPLWRVHUHILHUHDODPtVWLFDGHORUJDVPRIHPHQLQR\HVSHFtILFDPHQWHD
ODLGHDGHTXHODVPXMHUHVWDUGDQHQVHQWLUHORUJDVPRPiVWLHPSRTXHORVKRPEUHV
SULQFLSDOPHQWH SRUTXH QRVRWUDV VRPRV PiV œSVLFROyJLFDPHQWH GHOLFDGDV TXH ORV
KRPEUHV\QXHVWURRUJDVPRGHSHQGHHQPD\RUJUDGRGHORVVHQWLPLHQWRV/DYHUGDG
HVTXHODVPXMHUHVQRWDUGDQPiVHQWHQHURUJDVPRTXHORVKRPEUHV/DPD\RUtDGH
ODVPXMHUHVGHOLQIRUPH.LQVH\TXHVHPDVWXUEDEDQVHQWtDQHORUJDVPRDORVFXDWUR
PLQXWRVGHPDQHUDVLPLODUDODVPXMHUHVGHO SUHVHQWHHVWXGLR(VHYLGHQWHTXHVyOR
GXUDQWHHOHVWtPXORLQDGHFXDGRRVHFXQGDULRRHOLQVXILFLHQWHFRPRHOFRLWRQRVR
WUDVWDUGDPRVœPiVWLHPSR\QHFHVLWDPRVXQSURORQJDGRœMXHJRSUHYLR3HURHVWD
HUUyQHDFRQFHSFLyQKDFRQGXFLGRDXQDHVSHFLHGHPtVWLFDGHORUJDVPRIHPHQLQR
œ&UHR TXH XQD PXMHU QHFHVLWD PXFKR PDV TXH XQ KRPEUH 3DUD TXH HOOD
H[SHULPHQWH XQ RUJDVPR HV SUHFLVR XQD PiV FRPSOHWD WRWDOLGDG GH HVWLPXODFLyQ
ItVLFD\HPRFLRQDO
œ/DV PXMHUHV H[SHULPHQWDQ RUJDVPRV FXDQGR VX HVStULWX ODV OOHYD D HVR 1R
WLHQHQQLEXVFDQRUJDVPRVIXQFLRQDOHVGHORVTXHVLHPSUHSXHGHQSUHGHFLUVH
œ7RGRORTXHODPD\RUtDGHORVKRPEUHVQHFHVLWDHVIULFFLyQDUULED\DEDMRVR
EUHHOSHQH&UHRTXHXQDPXMHUQHFHVLWDPXFKRPiV6HWUDWDGHXQDFRPELQDFLyQ
PXFKRPiVVXWLOGHVHQVDFLRQHVItVLFDV\HPRFLRQDOHV
3HURHORUJDVPRIHPHQLQRQR HVSDUWLFXODUPHQWHPLVWHULRVR3RUTXHXQDPXMHU
WLHQHRUJDVPRQRHVQLQJ~QJUDQPLVWHULR2FXUUHFXDQGRKD\FRUUHFWDHVWLPXODFLyQ
\RFXUUHGHXQDIRUPDUiSLGDDJUDGDEOH\VHJXUD&RPR\DYLPRVHQHOSULPHUFDSt
WXORODVPXMHUHVQRQHFHVLWDQXQœMXHJRSUHYLRHQODPDVWXUEDFLyQSDUDOOHJDUDORU
JDVPR/DFODYHGHWRGRUDGLFDHQODDGHFXDGDHVWLPXODFLyQ(QODVLJXLHQWHVHFFLyQ
YHUHPRVFRPRORJUDQODPLVPDDOJXQDVPXMHUHVGXUDQWHHOFRLWR
˜&¾027,(1(125*$602/$608-(5(6'85$17((/&2,72"
œ/DSHQHWUDFLyQHVXQDGHODVPiVDJUDGDEOHVVHQVDFLRQHVTXHFRQR]FRPHQWDO
\ ItVLFDPHQWH 3UiFWLFDPHQWH VLHPSUH FRQGXFH DO RUJDVPR \ UHTXLHUH GH YHLQWH D
FXDUHQWD PLQXWRV 0L DPDQWH HV FDSD] GH H[SHULPHQWDU GRV \ D YHFHV WUHV RUJDV
PRVDVtTXHQRVRPRVUHDOPHQWHOHQWRVVLELHQQRVUHFUHDPRVHQODUHODFLyQVH[XDO
0H JXVWD VHQWLUOR GHQWUR GH Pt \ RtUOR JHPLU \ VXVSLUDU \ QRWDU VXV SXOVDFLRQHV
0HQWDOPHQWH PH DJUDGD OD VHQVDFLyQ GH VHJXULGDG TXH H[SHULPHQWR FXDQGR HVWi
GHQWURGHPt\PHFRPSODFHTXHHVWDVLWXDFLyQVHSURORQJXHHOPD\RUWLHPSRSRVL
EOH$YHFHVQRVTXHGDPRVGRUPLGRVDVt
2WUDPXMHUHVFULELyGHVSXpVGHKDEHUOHtGR6H[XDO+RQHVW\SUHJXQWDQGRVLHUD
œUDUDSRUTXHVtWHQtD RUJDVPRVFRQEDVWDQWHIDFLOLGDGGXUDQWHHOFRLWR&LHUWDPHQWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QRKD\QLQJ~QPRWLYRSDUDFUHHUHQHOHVWHUHRWLSRLQYHUVR$OJXQDVPXMHUHVVtWLHQHQ
RUJDVPRGXUDQWHHOFRLWRSHURODVFDXVDVGHHOORQRVRQPLVWHULRVDVHVWRHVODFRQ
VHFXHQFLDGHPX\FRQFUHWRVWLSRVGHHVWtPXORItVLFRTXHGHVFULELUHPRVDTXt
0DVWHUV\-RKQVRQ˜8QPRGHOR5XEH*ROGEHUJ"
$QWHVGHGHVFULELUORVPpWRGRVTXHODVPXMHUHVGHOSUHVHQWHHVWXGLRXWLOL]DURQ
SDUDH[SHULPHQWDUHORUJDVPRGXUDQWHHOFRLWRKHPRVGHPHQFLRQDUFyPR0DVWHUV\
-RKQVRQH[SOLFDURQODIRUPDHQTXHVHSURGXFHHORUJDVPRPLVPR
+DFLHQGRKLQFDSLpHQTXHWRGRVORVRUJDVPRVIHPHQLQRVVRQFDXVDGRVPHGLDQ
WHHO HVWtPXORGHOFOtWRULVGLUHFWDRLQGLUHFWDPHQWHVHxDODURQTXHHORUJDVPRGXUDQWH
HOFRLWRSURYLHQHGHOHVWtPXORFOLWyULFRLQGLUHFWRFDXVDGRSRUODDFRPHWLGDPDVFXOL
QDDOPRYHUVHHOSHQHKDFLDGHODQWH\KDFLDDWUiVWLUDGHORVODELRVPHQRUHVXQLGRV
D OD SLHO TXH FXEUH HO FOtWRULV HO FDSXFKyQ DGHODQWH \ DWUiV FRQ pO PRYLHQGR DVt
LQGLUHFWDPHQWH OD SLHO HQ WRUQR \ VREUH ODV JOiQGXODV FOLWyULFDV 6HJ~Q ODV SURSLDV
SDODEUDVGH0DVWHUV\-RKQVRQ
œ8QDWUDFFLyQPHFiQLFDVHGHVDUUROODDDPERVODGRVGHO FDSXFKyQGHOFOtWRULVGHORV
ODELRVPHQRUHVVXEVLJXLHQWHDODGLVWHQVLyQSRUHOSHQHGHORULILFLRYDJLQDO0HGLDQWHOD
DFWLYDDFRPHWLGDGHOSHQHHOFXHUSRFOLWyULFRHVHVWLUDGRKDFLDDEDMRHQGLUHFFLyQDODUH
JLyQSXGHQGDGHELGRDODWUDFFLyQHMHUFLGDHQODVDODVGHOFDSXFKyQGHOFOtWRULV
&XDQGRHOYiVWDJRSHQHDOVHHQFXHQWUDHQODIDVHGHUHWLUDGDGHODFDULFLDFRVWDODFWL
YDODWUDFFLyQVREUHHOFDSXFKyQGHOFOtWRULVVHDOLYLDHQFLHUWRPRGR\HOFXHUSR\HOJODQ
GHUHWRUQDQDODSRVLFLyQSXGHQGDOVREUHVDOLHQWHQRUPDO(OPRYLPLHQWRUtWPLFRGHOFXHU
SR FOLWyULFR HQ FRQMXQFLyQ FRQ OD FDULFLD DFWLYD SHQHDO SURGXFHXQVLJQLILFDWLYRHVWLPXOR
FOLWyULFRLQGLUHFWRRVHFXQGDULR
'HEH VHxDODUVH TXH HVWH PLVPR WLSR GH HVWLPXOR FOLWyULFR VHFXQGDULR VH GD HQ WRGD
SRVWXUD FRVWDO FXDQGR H[LVWH XQD SHQHWUDFLyQ FRPSOHWD GHO FRQGXFWR YDJLQDO SRU HO SHQH
HUHFWR
(QRWUDVSDODEUDVHOFOtWRULVHVWDURGHDGRSRUXQDSLHOOODPDGDœFDSXFKyQFOL
WyULFRTXHVHKDOODFRQHFWDGRD VXYH]DORVODELRVPHQRUHV6XSXHVWDPHQWHGX
UDQWH HO FRLWR HO SHQH HQ PRYLPLHQWR QyWHVH OD VXSRVLFLyQ GH OD SDVLYLGDG GH OD
KHPEUD HMHUFH XQD WUDFFLyQ PHFiQLFD UtWPLFD VREUH ORV ODELRV PHQRUHV KLQFKDGRV
SURSRUFLRQDQGRDVtHVWtPXORDOFOtWRULVSRUPHGLRGHORVPRYLPLHQWRVGHOFDSXFKyQ
GHO FOtWRULV 6KHUIH\ KD GDGR D HVWR HO QRPEUH GH œPHFDQLVPR SUHSXFLRJODQGHDO
œ(OPRYLPLHQWRGHDFRPHWLGDGHOSHQHHQODYDJLQDWLUDGHORVODELRVPHQRUHVTXH
SRU VX SURORQJDFLyQ DOUHGHGRU GHO FOtWRULV HO FDSXFKyQ FOLWyULFR R SUHSXFLR VRQ
HVWLUDGRV DGHODQWH \ DWUiV VREUH HO FOtWRULV HUHFWR (V GHFLU HO HVWtPXOR ILQDO HV
SURSRUFLRQDGRDOFOtWRULVSRUODIULFFLyQFRQWUDVXSURSLDFXELHUWD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(OGHVDUUROORGHHVWDKLSyWHVLVIXHXQJUDQDYDQFHHQHOVHQWLGRGHTXHGHMyGH
GHFLUVH TXH OD IULFFLyQ FRQWUD ODV SDUHGHV GHODYDJLQDWHQtDTXHYHUHQHOHVWLPXOR
GHORUJDVPRIHPHQLQR6LQHPEDUJRODH[LVWHQFLDGHHVWHPRGHOR\VXGLYXOJDFLyQ
KDGHMDGRHQODVPXMHUHVODLPSUHVLyQGHTXH HORUJDVPRGXUDQWHHOFRLWRKDGHVHU
HVSHUDGRFRPRSDUWHGHOFXUVRœQRUPD\ DXWRPiWLFRGHORVDFRQWHFLPLHQWRV
0DVWHUV\-RKQVRQGHVDUUROODURQHVWHPRGHORGHOIXQFLRQDPLHQWRGHODVH[XDOL
GDGIHPHQLQDREVHUYDQGRDODVPXMHUHVTXHVHOHFFLRQDURQSDUDVX HVWXGLRKDELHQGR
VLGR OD WRWDOLGDG GH HOODV HOHJLGDV VyOR VL SRGtDQ WHQHU RUJDVPRV GXUDQWH HO FRLWR
$QDOL]DUORTXHHVSUREDEOHPHQWHXQJUXSRSRFRFRUULHQWHGHPXMHUHVSDUDHQWRQFHV
JHQHUDOL]DUSDUWLHQGRGHHOODVSXHGHSDUHFHUXQHUURU9HUGDGHUDPHQWHHVWRVyORHV
SRVLEOHVLVHVXSRQHTXHVHQWLUHORUJDVPRGXUDQWHHOFRLWRHVXQKHFKRœQRUPDO\
QR œGLVIXQFLRQDO 0DVWHUV \ -RKQVRQ GHQRPLQDURQ OD œLQFDSDFLGDG SDUD H[SHUL
PHQWDUHORUJDVPRHQHOFRLWRœLQDGHFXDFLyQRUJiVPLFDFRVWDOœGLVIXQFLyQ VH[XDO
SULPDULDHVQRWHQHUQXQFDRUJDVPRHQQLQJXQDIRUPD
$SDUWH GH OD IDODFLD GH JHQHUDOL]DU D SDUWLU GH XQD SREODFLyQ HVSHFLDO VREUH
MXVWDPHQWH HVH DOJR TXH OD KDFH HVSHFLDO H[LVWH XQ VHJXQGR SUREOHPD FRQ HVWH
PRGHOR(OPLVPRUDGLFDHQTXHVyOR SXHGHKDEHUWUDFFLyQHQWUHHOSHQH\ODYDJLQD
FXDQGRODPXMHUVHHQFXHQWUD\DHQFLHUWRJUDGRGHH[FLWDFLyQSRUTXHVyORHQWRQFHV
ORVODELRVVHKLQFKDQORVXILFLHQWHSDUDRULJLQDUGLFKDWUDFFLyQHOJUDGRTXH0DVWHUV
\ -RKQVRQ GHQRPLQDQ ~OWLPD IDVH GH H[FLWDFLyQ (Q RWUDV SDODEUDV HO SHQH SXHGH
WLUDUGHORVODELRVKDFLDGHODQWH\KDFLDDWUiVFRQpO~QLFDPHQWHHQHOFDVRGHTXHOD
PXMHU VH KDOOH HQ OD ~OWLPD HWDSD GH OD H[FLWDFLyQ DQWHV GHO RUJDVPR FXDQGR KD\
VXILFLHQWH FRQJHVWLyQ GH OD ]RQD SDUD FDXVDU XQ HVWUHFKR DMXVWH HQWUH HO SHQH \ OD
DEHUWXUDYDJLQDO7~PLVPDSXHGHVYHULILFDUFyPRIXQFLRQDHVWHPHFDQLVPRSDUDWL
SRUFLHUWRFRORFDQGRXQFRQVRODGRURFXDOTXLHUREMHWRLQDQLPDGRVLPLODUGHOPLVPR
WDPDxR HQ OD YDJLQD FXDQGR DOFDQFHV HVWD IDVH GH H[FLWDFLyQ PRYLpQGROR OXHJR
KDFLDGHQWUR\KDFLDIXHUD\YLHQGRTXpVHQVDFLyQSURGXFH
0DVWHUV\-RKQVRQQRKDQH[SOLFDGRFyPROOHJDURQDODFRQFOXVLyQGHTXHHVWH
PHFDQLVPRHVHOPHGLRGHVHQWLUHORUJDVPRGXUDQWHHOFRLWRHQODVPXMHUHVTXHHV
WXGLDURQ3DUHFHHVWDUFODURTXHGLFKRPHFDQLVPRHVYHUGDGHUDPHQWHHOPHGLRSRUHO
FXDOODPD\RUSDUWHGHODVPXMHUHVH[SHULPHQWDQHORUJDVPRGXUDQWHHOHVWtPXORFOL
WyULFRRPDVWXUEDFLyQHQHOFXUVRGHpVWDODSLHOGHODUHJLyQFOLWyULFDRORVODELRV
PD\RUHVVRQHVWLUDGRVRGHVSOD]DGRVOLJHUDPHQWHGDQGROXJDUDTXHODSLHOVHPXHYD
KDFLDDWUiV\KDFLDGHODQWHVREUHHOJODQGHFOLWyULFR&RPRH[SXVR6KHUIH\œ/DIULF
FLyQ GH OD ]RQD GHO PRQWH WHQGUi HQ OD DFFLyQ SUHSXFLRJODQGHDO H[DFWDPHQWH HO
PLVPRHIHFWRTXHHOPRYLPLHQWRSHQHDOHOSUHSXFLRHVUtWPLFDPHQWHHVWLUDGRKDFLD
DWUiV\KDFLDGHODQWHVREUHHOJODQGH
6LQHPEDUJRSDUHFHVHUTXHHOPRYLPLHQWRSURSLRGHODSHQHWUDFLyQDFWLYDHVWH
PHFDQLVPR HQ PX\ SRFDV PXMHUHV /D PD\RUtD GH ORV LQYHVWLJDGRUHV \ WHUDSHXWDV
VH[XDOHV FRQYLHQHQ HQ TXH HV PHQRVHILFLHQWHHQODGHWHUPLQDFLyQGHORUJDVPRIH
PHQLQRTXHHOHVWtPXORGHOD]RQDFOLWyULFD6LQRVWLUDPRVOLJHUDPHQWHKDFLDGHODQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WH\KDFLDDWUiVGHODRUHMDWLUDPRVWDPELpQGHOD SLHOGHQXHVWUDPHMLOOD-XVWDPHQWH
DVtHVSRVLEOHTXHHOPRYLPLHQWRGHSHQHWUDFLyQWLUHGHODSLHOFHUFDQDDOFOtWRULVHQ
ODIRUPDMXVWDPHQWHDGHFXDGDSDUDHVWLPXODUDXQDPXMHU\KDFHUODOOHJDUDORUJDV
PRORFXDOSXHGHRFXUULUGHIRUPDUHJXODUDXQ SHTXHxRSRUFHQWDMHGHPXMHUHV¥
SHURQRSDUDODPD\RUtDGHODVPXMHUHVODPD\RUSDUWHGHODVYHFHV
(OORQRVOOHYDDUHFRUGDUTXH0DVWHUV\-RKQVRQLQVLVWLHURQHQWUDWDUDPXMHUHV
SHUR QR D KRPEUHV FRQ VXV KDELWXDOHV FRPSDxHURV VH[XDOHV GH TXLHQHV KDEtDQ GH
KDFHUVHDFRPSDxDU$ORVKRPEUHVVHOHVSHUPLWtDVXVWLWXLUDVXSDUHMD(VWRVHLQ
WHUSUHWDFRUULHQWHPHQWHFRPRDSHJRDODGREOHPRUDOSHURODFDXVDGHWDOSURFHGHU
SXHGH UDGLFDU HQ HO KHFKR GH TXH SDUD TXH XQD PXMHU VLHQWD HO RUJDVPR GXUDQWH HO
FRLWRKDGHDGDSWDUVXFXHUSRDXQHVWtPXORLQDGHFXDGRSRUORFXDOHVHVHQFLDOTXH
HODERUHHVHSURFHGLPLHQWRFRQVXFRPSDxHURUHJXODU
0iVUHFLHQWHPHQWHHQFRQIHUHQFLDV\HQWUDEDMRVSULYDGRV0DVWHUV\-RKQVRQ
KDQ SXHVWR GH UHOLHYH ODV WpFQLFDV HVSHFtILFDV TXH SXHGHQ XWLOL]DU ODV PXMHUHV SDUD
VHQWLU HO RUJDVPR GXUDQWH HO FRLWR WDO FRPR OD GH FRORFDUVH HQFLPD GHO KRPEUH
KDFLHQGRODPD\RUSDUWHGHOPRYLPLHQWRHWF4XL]iWDPELpQKD\DQGHVFXELHUWRTXH
HOœPHFDQLVPRSUHSXFLRJODQGHDOQRIXQFLRQDSDUD ODPD\RUtDGHODVPXMHUHV6LQ
HPEDUJRVLKDVLGRDVtHOPHQVDMHQRKDOOHJDGRDOJUDQS~EOLFR/DPXMHUGHODFD
OOHODPD\RUtDGHQRVRWUDVWLHQHWRGDYtDODLPSUHVLyQGHTXHHVœQRUPDOVHQWLUHO
RUJDVPRDFRQVHFXHQFLDGHODSHQHWUDFLyQ1RKD\QDGDTXHREMHWDUDODDILUPDFLyQ
GHTXHHOPRYLPLHQWRGHOFDSXFKyQFOLWyULFRVREUHHOFOtWRULVHVUHVSRQVDEOHGHORU
JDVPRHVWRHVYHUGDG/RTXHHVHUUyQHRHVDILUPDUTXHHOPRYLPLHQWRGHSHQHWUD
FLyQSRUVtPLVPRDFWLYDUiHVWHPHFDQLVPRHQODPD\RUtDGHPXMHUHV
œ0DVWHUV \ -RKQVRQ REVHUYDQ TXH HO FOtWRULV HV DXWRPiWLFDPHQWH œHVWLPXODGR HQ HO
FRLWRGDGRTXHHOFDSXFKyQTXHFXEUHHOFOtWRULVHVHVWLUDGRVREUHpVWHFRQFDGDPRYLPLHQWR
GH SHQHWUDFLyQ GHO SHQH HQ OD YDJLQD GHIRUPDVHPHMDQWHVXSRQJRDO œHVWtPXORDXWR
PiWLFRFDXVDGRHQHOSHQHSRUODURSDLQWHULRUGHOKRPEUHVLHPSUHTXHpVWHGDXQSDVR
3HURDSOLTXHPRVHVWDPLVPDOyJLFDDORVKRPEUHVFRQXQDSUHFLVLyQPiVFLHQ
WtILFD&RPRGLMRHOGRFWRU6DQIRUG&RSOH\FXDQGRIXHHQWUHYLVWDGRSDUDHOHVSDFLR
WHOHYLVLYR GHQRPLQDGR œ0XMHU HVWH HVWtPXOR LQGLUHFWR GH ODV PXMHUHV SRGUtD VHU
FRPSDUDGRFRQHOVXVFHSWLEOHGHVHUSURGXFLGRHQHOKRPEUHPHGLDQWHHOIURWHGHOD
SLHOHVFURWDOFRMRQHVTXL]iWLUDQGRKDFLDDWUiV\KDFLDGHODQWHKDFLHQGRDVtTXHOD
SLHORH[WUHPRVXSHULRUGHOSHQHVHPRYLHUDRWHPEODUD\VHORJUDUDGHHVWDIRUPD
OD œHVWLPXODFLyQ ˜)XQFLRQDUtD" +D\ TXH DGPLWLU TXH HVWD IRUPD GH HVWLPXODFLyQ
SUHFLVDUtD SUREDEOHPHQWH PXFKR PiV MXHJR SUHYLR DQWHV GH TXH HO KRPEUH SXGLHUD
WHQHU RUJDVPR 7HQGUtDPRV TXH VHU SDFLHQWHV \ œHQWHQGHU VL HOOR QR FRQGXFtD DO
RUJDVPRœFDGDYH]
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/DVXSRVLFLyQGH0DVWHUV\-RKQVRQGHTXHHOPRYLPLHQWRGHSHQHWUDFLyQGHO
SHQHWLUDGHORVODELRVGHODPXMHUTXHDVXYH] WLUDQGHOFDSXFKyQGHOFOtWRULVOR
FXDORULJLQDXQDIULFFLyQVREUHHOJODQGHGHOFOtWRULVORFXDORULJLQDHORUJDVPRSD
UHFHXQSODQ5XEH*ROGEHUJPiVTXHXQDIRUPDVHJXUDGHOOHJDUDORUJDVPR
1RHVTXHHOPHFDQLVPRQRIXQFLRQH)XQFLRQDVLVHWLUDGHFXDOTXLHUSDUWHGH
ODSLHOGHHVD]RQDVLVHWLUDGHODSLHOGHOD]RQDSXHGHVHUHVWLPXODGRHOFOtWRULV
3HUR OD SUHJXQWD HV ˜HO PRYLPLHQWR GHO SHQH KDFH HVR GH XQD IRUPD HIHFWLYD" /D
UHVSXHVWDSDUHFHVHUTXHSDUDODPD\RUtDGHODVPXMHUHVVLQDOJ~Q HVIXHU]RHVSHFLDO
RDOJ~QHVSHFLDOFRQMXQWRGHFLUFXQVWDQFLDVQRORKDFH
)LQDOPHQWH TXL]i VHD LPSRUWDQWH VHxDODU XQD FRVD VL HVH PHFDQLVPR PDUFKD
WDQ ELHQ ˜SRU TXp QR KD IXQFLRQDGR WRGR HVWH WLHPSR GXUDQWH VLJORV" ˜SRU TXp OD
œIULJLGH]FRVWDOFRQVWLWX\HHOWDQFRQRFLGRœSUREOHPDTXHHV"<˜SRUTXpQRVH
PDVWXUEDQODVPXMHUHVGHHVWDPDQHUDDYHFHV"1RWHQHURUJDVPRGXUDQWHHOFRLWRHV
XQDDGDSWDFLyQGHQXHVWURVFXHUSRV(OFRLWRQXQFDH[LVWLySDUDHVWLPXODUDODVPXMH
UHVKDVWDHORUJDVPR
0XMHUHVTXHH[SHULPHQWDQHORUJDVPRGXUDQWHHOFRLWR&yPRORKDFHQ
/RVRUJDVPRVGXUDQWHHOFRLWRHQHOSUHVHQWHHVWXGLRSDUHFtDQVHUHOUHVXOWDGR
GHXQLQWHQWRFRQVFLHQWHSRUSDUWHGHODPXMHUGHFHQWUDUDOJ~QWLSRGHFRQWDFWRHQOD
]RQDFOLWyULFDGXUDQWHHOFRLWRLPSOLFDQGRKDELWXDOPHQWHFRQWDFWRFRQOD]RQDS~ELFD
GHO KRPEUH (VWD HVWLPXODFLyQ FOLWyULFD GXUDQWH HO FRLWR SRGUtD FRQVLGHUDUVH HQWRQ
FHVEiVLFDPHQWHFRPRDXWRHVWLPXODFLyQPLHQWUDVVHHVWDGDQGRHOFRLWR'HVGHOXH
JRODRWUDSHUVRQDGHEH FRODERUDU(VWDHVHVHQFLDOPHQWHODIRUPDHQTXHORVKRP
EUHVFRQVLJXHQHVWtPXORHQHOFRLWRIURWDQVXVSHQHVFRQWUDQXHVWUDVSDUHGHVYDJLQD
OHVGHVXHUWHTXHODPLVPD]RQDTXHHVWLPXODQGXUDQWHODPDVWXUEDFLyQHVWiVLHQGR
HVWLPXODGDGXUDQWHHOFRLWR(Q RWUDVSDODEUDVW~ GHEHVKDFHUTXHODHVWLPXODFLyQVH
FHQWUHGRQGHSURGX]FDODPHMRUVHQVDFLyQ
/DV UHVSXHVWDV SDUHFHQ GHILQLU XQDV VHLV IRUPDV EiVLFDV GH VHQWLU HO RUJDVPR
GXUDQWHHOFRLWRFX\DVGHVFULSFLRQHVUHVHxDPRVDFRQWLQXDFLyQ
3RVLFLyQGHODPXMHUHQFLPD
1RH[LVWHQDGDTXHKDJDTXHHVWDSRVWXUDGpUHVXOWDGRDXWRPiWLFDPHQWH(VOD
OLEHUWDGGHPRYLPLHQWRVTXHGDDODPXMHUSDUDEXVFDUVXSURSLDVDWLVIDFFLyQORTXH
HQ JUDQ SDUWH H[SOLFD SRU TXp HV WDQ HIHFWLYD SDUD WDQWDV PXMHUHV \ HVSHFLDOPHQWH
SDUDODVLQFOXLGDVHQODPDVWXUEDFLyQGHOWLSR,,,DFRPHWLGDVFRQWUDXQDDOPRKDGD
$GHPiV SHUPLWH PDQWHQHU ODV SLHUQDV MXQWDV R DMXVWDU OD FDQWLGDG GH SHQHWUDFLyQ
SDUDJROSHDUHOiUHDS~ELFDSURSLDFRQWUDHOKXHVRS~ELFRGHpOHQIRUPDDGHFXDGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SDUDODPXMHU<pVWDHVODSRVWXUDREVHUYDGDHQORVSULPHURVGLEXMRVGHOD(GDGGH
3LHGUDDVtFRPRHQODVSLQWXUDVPXUDOHVGH3RPSH\D
œ([SHULPHQWRXQDVHQVDFLyQPX\H[FLWDQWHFRQXQIURWHDVFHQGHQWH\GHVFHQ
GHQWHVHQWDGDVREUHODSHOYLVGHOKRPEUH FRQHOSHQHGHQWUR'LVIUXWRDVtGHOHVWt
PXORTXHPHFRQYLHQHItVLFDPHQWHPiVHOHVWtPXORSVLFROyJLFRTXHVXSRQHODH[FL
WDFLyQGHPLFRPSDxHUR
œ3DUD VHQWLU HO RUJDVPR QHFHVLWRFRORFDUPHHQFLPDGHpOPRYLpQGRPHKDFLD
GHODQWH \ KDFLD DWUiV IURWDQGR PL FOtWRULV FRQWUD OD EDVH GHO SHQH VLQ TXH pVWH VH
PXHYDKDFLDGHQWUR\IXHUDGHODYDJLQD
œ([SHULPHQWRHORUJDVPRGXUDQWHHOFRLWRFXDQGRDGRSWRODSRVWXUD¦GRPLQDQ
WH§IURWDQGRPLFOtWRULVFRQWUDVXYLHQWUH\OD]RQDS~ELFD
œ(OVHVLHQWDRVHUHFOLQDDPHGLDV<RPHVLW~RDUULEDFRQHOSHQHLQVHUWRHQ
PLYDJLQDHQHOiQJXORMXVWRSDUDTXHVXKXHVRS~ELFRHMHU]DSUHVLyQVREUHPLFOtWR
ULV$OPLVPRWLHPSRpOMXHJDFRQPLVSH]RQHVHQWDQWRTXH\RPXHYRODSHOYLVHQ
ODIRUPDTXHPHUHVXOWHPiVVDWLVIDFWRULD
œ0LSRVWXUDLGHDOVHUtDODSRVLFLyQKHPEUDHQFLPDFRQXQDOHQWDSHURFRPSOH
WDSHQHWUDFLyQHQPRYLPLHQWRGHEDODQFHREDVWDQWHUtWPLFRFRQODVSLHUQDVMXQWDV
PLHQWUDVVHPHDFDULFLDQORVVHQRV3HURFRQHOSURORQJDGRFRLWR¦QRUPDO§SRVWXUD
GHOPLVLRQHURPLLQWHUpVGHFDH
œ0HJXVWDSRQHUPHHQFLPDSRUTXHDVtSXHGRFRQWURODUPHMRUODGRVLVGHIULF
FLyQ HQ ORV SXQWRV FRQYHQLHQWHV +DELWXDOPHQWH PDQWHQJR ODV SLHUQDV DELHUWDV \
WLHQHTXHKDEHUPXFKRPRYLPLHQWR¦GHOWLSRDSURSLDGR§
œ&XDQGR\RPHFRORFR¦HQFLPD§DXPHQWDQPLVSUREDELOLGDGHVGHVHQWLUHORU
JDVPRSRUTXHSXHGREXVFDUPLRUJDVPR\PLFRPSDxHURHVSHUDKDVWDTXHWHQJRHO
PtRSDUDOOHJDUpODOVX\R
œ&RORFiQGRPHHQFLPDSUHILHURTXHHOKRPEUHQRVHPXHYDHQDEVROXWRSHUR
ORVKRPEUHVVLPSOHPHQWHQRSRQHQDWHQFLyQ\VHPXHYHQGHWRGDVPDQHUDV
œ/RKDJRVHQWiQGRPHHQFLPDGHpOXQDYH]KDH[SHULPHQWDGRHOFOtPD[HLQL
FLDQGRXQWURWHDVFHQGHQWH\GHVFHQGHQWH(QRFDVLRQHVpOVLHQWHHORUJDVPRGHQXH
YRFXDQGRSURFHGRDVt
œ0LRUJDVPRPiVVDWLVIDFWRULRORVHQWtFRORFiQGRPHHQFLPDGHOKRPEUHGHV
SXpVGHKDEHUVHTXHGDGRpVWHWHQGLGRH[KDXVWRHLQPyYLOGHVSXpVGHVXRUJDVPR
<RIURWpPLFOtWRULVFRQWUDpO\H[SHULPHQWpXQRUJDVPRWRWDOPX\IiFLOPHQWH
œ&RORFiQGRPHHQFLPDSXHGR VHQWLURUJDVPRVGXUDQWHHOFRLWRSHURVLHPSUHKH
SHQVDGRTXHHVHQFLDOPHQWHPHHVWDUtDPDVWXUEDQGRHVGHFLUHVWDUHQFLPD\IURWDU
PLFOtWRULVFRQWUDHOYHOORS~ELFRGHOKRPEUHRDOJRDVt(VWRLPSLGHHOPRYLPLHQWR
SHQHYDJLQDODFRPHWLGD\UHWLUDGD\SRUWDQWRVLHPSUHPHKDKHFKRVHQWLUPDOPH
KD KHFKR VHQWLU HJRtVWD R LQIDQWLO JUDFLDV D )UHXG VXSRQJR R DOJR 3RU WDQWR QR
EXVFR RUJDVPRVGXUDQWHHOFRLWR(OYLDMHYDJLQDOHVDJUDGDEOHHQVtPLVPR
œ(QHOFRLWRKHWHURVH[XDOGHVSXpVGHKDEHUVLGRH[FLWDGDJHQHUDOPHQWHOOHJR
DO FOtPD[ FRORFiQGRPH HQFLPD PRYLHQGR PL ]RQD SpOYLFD DVFHQGLHQGR \ GHVFHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GLHQGRXQDVYHFHVRGHVFULELHQGRPRYLPLHQWRVFLUFXODUHVRWUDV1RQHFHVLWRPiVGH
XQPLQXWRQRUPDOPHQWHVLHVWR\UHDOPHQWHFDOLHQWH
/DPXMHUERFDDEDMR
8QD SRVWXUD TXH SXHGH GDU UHVXOWDGR D PXFKDV PXMHUHV HVSHFLDOPHQWH D ODV
TXHVHPDVWXUEDQGHDFXHUGRFRQHOWLSR,,,HVODGHEUXFHVVREUHODFDPDPLHQWUDV
HOKRPEUHHIHFW~DODSHQHWUDFLyQSRUGHWUiV\DTXHDVtHVSRVLEOHSDUDODPXMHUIUR
WDUVH FRQWUD OD FDPD R ViEDQDV HQ VX IRUPD DFRVWXPEUDGD FRQ HO SODFHU DGLFLRQDO
TXL]iGHOFXHUSRGHODRWUDSHUVRQDHQFLPDGHHOOD
œ3XHGR VHQWLU HO RUJDVPR SUHVLRQDQGR \ IURWDQGR PL ]RQD S~ELFD TXH HV HV
SRQMRVD\PX\VHQVLEOHFRQWUDODGHpOFRQ HOSHQHGHQWURSHURVLQTXHYD\DGHQWUR
\IXHUD
œ&RPSULPR PL FOtWRULV EDVWDQWH IXHUWH FRQWUD PL KRPEUH \ PXHYR OD SHOYLV
KDFLDGHODQWH\KDFLDDWUiVRHQFtUFXORV$YHFHVpOVHPXHYHFXDQGRKDJRHVWRHQ
RWUDVRFDVLRQHVVHPDQWLHQHTXLHWR3XHGRHVWDUWHQGLGDERFDDUULEDFRQODVSLHUQDV
VREUHVXVKRPEURVRDOUHGHGRUGHVXFDGHUD$YHFHVPHVLHQWRHQFLPDGHpOWHQ
GLGRRELHQQRVVHQWDPRVORVGRVFDUDDFDUD(QRFDVLRQHVSRQJRHQWHQVLyQPLV
P~VFXORVYDJLQDOHVDVtFRPRORVGHODVFDGHUDVSDUDDFHOHUDUHORUJDVPR
œ/D PD\RUtD GH ORV KRPEUHV VH PXHYHQ GHPDVLDGR SDUD PL JXVWR 0H JXVWD
TXH PH SHQHWUH SURIXQGDPHQWH SUHVLRQH HQ OD SDUWH IURQWDO \ HQWRQFHV VH TXHGH
TXLHWR XQRV PRPHQWRV SHUR SRFRV KRPEUHV VH PXHVWUDQ FDSDFHV R GLVSXHVWRV D
KDFHUOR (Q HO PRPHQWR GHO RUJDVPR TXLHUR TXH HO KRPEUH SUHVLRQH PX\ IXHUWH
PX\ SURIXQGDPHQWH TXHGiQGRVH TXLHWR 6LHPSUH GLVPLQX\H OD LQWHQVLGDG GH PL
RUJDVPRVLHOKRPEUHVHPXHYHUiSLGRPLHQWUDVWHQJRHORUJDVPR<ODPD\RUtDGH
ORVKRPEUHVQRWDQGRTXHHVWR\OOHJDQGRDFHOHUDQLQPHGLDWDPHQWHHOVX\R\HVRD
PHQXGRHVWURSHDHOPtR
)URWHGHODV]RQDVS~ELFDPRQWH
0X\VLPLODUPpWRGRDODSRVWXUDGHODPXMHUHQFLPDHVHVWHPpWRGRGHIULFFLyQ
FRPR SDUD PROHU VL ELHQ SXHGH VHU XWLOL]DGR HQ WRGDV ODV SRVLFLRQHV ,PSOLFD XQD
SHQHWUDFLyQ FRPSOHWD FRQ DFRPHWLGD UHGXFLGD R QXOD 8QR GH ORV VXMHWRV GHVFULEH
PRYLPLHQWRVFLUFXODUHVFRQWLQXRVGHPDQHUDTXHODVGRV]RQDVJHQLWDOHVVHIURWDQ\
PDVDMHDQPXWXDPHQWHHVSHFLDOPHQWHORVODELRV\ODYXOYDGHODPXMHUROD]RQDGHO
PRQWH
œ0LVRUJDVPRVGXUDQWHHOFRLWRVRQFDXVDGRVXVXDOPHQWHPHGLDQWHODLQVHUFLyQ
SURIXQGDGHXQJUXHVRSHQHPLHQWUDV\RPHPXHYRHQOHQWRVFtUFXORVHQFLPD
œ1RV WHQGHPRV XQR DO ODGR GHO RWUR FRQ ODV SLHUQDV HQWUHOD]DGDV GH PDQHUD
TXH XQD GH ODV VX\DV TXHGH HQWUH ODV GRV PtDV OR FXDO KDFH TXH WHQJD XQD GH PLV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SLHUQDVHQWUHODVVX\DVFRQHOSHQHLQVHUWR\HOORKDFHTXHPLFOtWRULVPRQWHVREUH
VXP~VFXORIURQWDORKXHVRS~ELFR/XHJR¦VHUSHQWHDUDOUHGHGRU§
œ3UHILHURFRORFDUPH HQFLPD\RODSRVWXUDGHOIURWHFDUDDFDUD1XHVWURSUR
EOHPDUDGLFDHQTXHpOHQFXHQWUDLQFRPRGDVDPEDVSRVWXUDV\SDUHFHDFRPRGDUVHD
PtFRQUHVHQWLPLHQWR\SDVLYLGDG1DWXUDOPHQWHHVWRDIHFWDDPLHVWDGRPHQWDOQH
JDWLYDPHQWHSRUORTXHUDUDVYHFHVLQVLVWRHQDGRSWDUHVWDVGRVSRVWXUDV
œ+D\ XQ ULWPR HVSHFLDO TXH FRQVLVWH HQ TXH FXDQGR HO KRPEUH VH LQWURGXFH
SHUPDQHFHSUHVLRQDQGRFRQWUDPtSRUXQRVVHJXQGRVHQOXJDUGHHFKDUVHKDFLDDWUiV
LQPHGLDWDPHQWH $VLPLVPR TXH WDPSRFR VH HFKH KDFLD DWUiV FXDQGR \R SUHVLRQR
FRQWUDpOFRVDTXHDOJXQRVKRPEUHVWLHQGHQDKDFHU
/DV]RQDVS~ELFDVVHWRFDQGXUDQWHHOFRLWR
$OJXQDV PXMHUHV XWLOL]DURQ RWUR PpWRGR HO HVWtPXOR FOLWyULFR GHO KRPEUH FR
QWUD OD IHPHQLQD HQ FDGD DFRPHWLGD (Q OD PD\RUSDUWH GHORVHMHPSORVVHREWLHQH
FXDQGRHOKXHVRS~ELFRGHOKRPEUHJROSHDHOGHODPXMHUFRQFDGDPRYLPLHQWRGH
SHQHWUDFLyQ8QDVYHFHVHVWDEDHOKRPEUHHQFLPDRXQRGHORVGRVRDPERVVHQWD
GRVODSRVLFLyQGHODVSLHUQDVHQODVPXMHUHVSRGtDVHUGLYHUVDGHVGHMXQWDVDVHSD
UDGDVRKDFLDDUULEDRGREODGDV\KDFLDDWUiV/DDFRPHWLGDGLILFXOWDEDHOPDQWHQL
PLHQWRGHOHVWtPXORHQHO SXQWRSUHFLVRGHPDQHUDTXHHVLPSRUWDQWHTXHODPXMHU
SXHGDFRQVHUYDUOLEHUWDGGHPRYLPLHQWRV
œ<RSUHILHURWHQHUDOKRPEUHHQFLPDSHURPHPXHYRPXFKR\HVWR\DWHQWDDO
WLHPSRSUHFLVR\DOMXHJRGHODVDFRPHWLGDV+D\TXHUHWRUFHUVHPXFKRSDUDOOHJDUD
VLWLRVTXHSURSRUFLRQDQXQDVHQVDFLyQDJUDGDEOH,JXDOPHQWHVLPDQWHQJRODVSLHUQDV
MXQWDVHVWDPDQHUDGHDVLUPHUHJXODODSUHVLyQDPLJXVWR
œ+DELWXDOPHQWH UHFLER HVWtPXOR FOLWyULFR SUHVLRQDQGR PL ]RQD GHO PRQWH FR
QWUDODUHJLyQS~ELFDGHPLFRPSDxHURGHXQDIRUPDUtWPLFD0HUHVXOWDGLItFLOOOH
JDUDORUJDVPRGHSLHRPHGLDQWHODSHQHWUDFLyQSRUGHWUiVGHELGRDTXHIDOWDHQWRQ
FHV OD SUHVLyQ HVHQFLDO GH XQD ]RQD S~ELFD FRQWUD OD RWUD &XDQGR pO HVWi HQFLPD
QRUPDOPHQWHORVXMHWRSRUODVQDOJDVFRQODVPDQRV\ORJXtRHQVXVPRYLPLHQWRVVL
QRHVWiKDFLHQGR\DORTXHTXLHUR
œ'XUDQWHHOFRLWR\RHVWR\DEDMR(VWR\XQSRFRGHVOL]DGDKDFLDDEDMRGHIRU
PD TXH VX SHQH HVWi PDV HQ iQJXOR UHFWR D VX FXHUSR /D HQHUJtD H[WUD UHTXHULGD
SDUDVRSRUWDUVXSHVR\PRYHUPLVFDGHUDVSDUHFHFRQFHQWUDUVHHQOD]RQDFOLWyULFD
GHPLSHOYLV(QHVWHSXQWROHYDQWRORVSLHVSDUDFRQFHQWUDUWRGDYtDPiVHVDHQHU
JtD
œ+D\XQDSRVWXUDGXUDQWHODFXDOSHUPDQH]FRGHEDMRFRQODVSLHUQDVOHYDQWD
GDVVREUHORVKRPEURVGHPLFRPSDxHURTXHPHSHUPLWHOOHJDUDOFOtPD[VLQQLQJX
QDH[FLWDFLyQ0HKDFHHVWDOODUODPHQWH
œ0HJXVWDXQDSHQHWUDFLyQQRGHPDVLDGRSURIXQGDFRQFDULFLDVODUJDV\VXD
YHVODVSLHUQDVDELHUWDVRMXQWDV\ODV]RQDVS~ELFDVHQFRQWLQXRURFH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ8WLOL]RPRYLPLHQWRVOHQWRV\VXDYHVWUDWDQGRGHTXHPL]RQDFOLWyULFDWRTXH
VX]RQDS~ELFDHQWRQFHVPDVUiSLGR
œ3DUDWHQHURUJDVPRVGXUDQWHHOFRLWRWXYHTXHDSUHQGHUDXWLOL]DUPLVP~VFX
ORV YDJLQRSHULQHDOHV 7XYH TXH DSUHQGHU DVLPLVPR D FRORFDUPH DGHFXDGDPHQWH
PRYLHQGRHOFXHUSRGHPDQHUDTXHDPSOLDUDODSUHVLyQUHFLELGDHQOD]RQDGHOPRQ
WH $SUHQGt WDPELpQ D GDU D PLV FRPSDxHURV OD LQIRUPDFLyQ TXH QHFHVLWDEDQ SDUD
VDEHU OR TXH\RTXHUtD1DWXUDOPHQWHWDOFRPXQLFDFLyQQRHVYHUEDOSHURHQRFD
VLRQHV OHV KDEOR FXDQGRWHQJRGLILFXOWDGHVHQXQSXQWR7XYHTXHDMXVWDUPHDXQD
PHQRU LQWHQVLGDG GH HVWLPXOR SDUD ORJUDUHORUJDVPRGXUDQWHHOFRLWR(VWXYHPDV
WXUEiQGRPH GXUDQWH YDULRV DxRV DQWHV GH VRVWHQHU UHODFLRQHV VH[XDOHV KDELpQGRPH
KDELWXDGRDXQLQWHQVRHVWtPXORGLUHFWRHQHOFOtWRULVRVXVDOUHGHGRUHV'HVGHOXHJR
ORV PRYLPLHQWRV GHO SHQH HQ OD YDJLQD QR SURSRUFLRQDQ HVWD LQWHQVLGDG 7XYH TXH
DSUHQGHUDFRQFHQWUDUPHHQODVVHQVDFLRQHVYDJLQDOHV\HQODVPiVVXWLOHVGH¦SUH
VLyQ§HQHOFOtWRULVDVtFRPRHQRWUDVPiVSURIXQGDV
œ'XUDQWHHOFRLWRVLpOHVPX\DFWLYR\UHJXODUQRDOWHUDQGRHOULWPRQLODSUH
VLyQ\ VL\RSHUVLJRDFWLYDPHQWHODVHQVDFLyQDYHFHVVLHQWRRUJDVPRV(OORWDPELpQ
GHSHQGHGHPLFRPSDxHUR\GHVXFXHUSRHQODIRUPDGHDFRSODUVHDOPtR
œ<RFUHRTXHHVWRHVFXHVWLyQGHDQDWRPtD\GHSVLFRORJtD(VGHFLUFRQXQ
KRPEUH HQ FRQFUHWR QXHVWURV FXHUSRVVHDMXVWDQGHWDOIRUPDTXHORVPRYLPLHQWRV
KDFLDGHQWUR\IXHUDGHVXSHQHPHHVWLPXODEDQHOFOtWRULVKDVWDOOHJDUDORUJDVPR
3HURQRUPDOPHQWHHVRQRRFXUUH
œ<RFUHRTXHODSRVLFLyQGHORVJHQLWDOHVGHXQDSDUHMDGHELGRDVXVUHVSHFWL
YRVWDPDxRVWLHQHQPXFKRTXHYHUFRQHOHVWtPXOR/RVGHXQRGHPLVFRPSDxHURV
VHDMXVWDQDPtSHUIHFWDPHQWH
œ1HFHVLWRVHQWLUORVPRYLPLHQWRVUtWPLFRVGHGRVFXHUSRVMXQWRVTXHQRGHEHQ
VHU LQWHUUXPSLGRV SRU OD ¦FDVL§ H\DFXODFLyQ GHO KRPEUH D FDGD PRPHQWR 6L SXHGR
QRWDUHOSHQHDXQULWPRVRVWHQLGRHQWUDQGR\VDOLHQGRGHPLYDJLQDFRQVLJRFHQWUDU
OD VHQVDFLyQ SDUD Pt PLVPD H LQLFLDU PL SURSLD HVFDODGD VRVWHQLGD KDFLD HO RUJDV
PR
œ6XV SHQHWUDFLRQHVDFRPHWLGDV VRQ PX\ VXDYHV FRQWLQXDV \ QDGD DFHOHUDGDV
GXUDQWHODUJRUDWR/XHJRHQFXDQWRFRPLHQ]RDUHDFFLRQDUXQSRFRpODFHOHUDVXV
DFRPHWLGDV SHQHWUiQGRPH GH XQ PRGR PiV IXHUWH \ H[FLWDQWH YLJRUL]DQGR OD UHV
SXHVWD /D H[FLWDFLyQ HPSLH]D DVt GHVSXpV YXHOYH D ORV ILUPHV \ FDOPRVRV PRYL
PLHQWRVVHJXLGDPHQWHHPSLH]RGHQXHYRDUHVSRQGHUGHOLFDGDPHQWHHWFHWFHWF
(VODSULPHUDYH]TXHJR]RHQRUPHPHQWH FRQODUHODFLyQVH[XDO\WRGRHVGHWLSR
YDJLQDO
6LQHPEDUJRQRWRGRHOPXQGRSXHGHWHQHURUJDVPRGHHVWDVPDQHUDVDVtTXH
QRHVSHUHVGHPDVLDGRGHWLPLVPDODSRVLFLyQWDQWRVLHVWiVDUULEDRGHIRUPDTXH
VH IURWHQ ORV GRV KXHVRV S~ELFRV R HQ FXDOTXLHU RWUD IRUPD QR IXQFLRQD SDUD PX
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FKDVPXFKDV˜ODPD\RUtD"PXMHUHV6HWUDWDVLHPSUHGHXQDDGDSWDFLyQLQGLYLGXDO
GH FDGD PXMHU 6L QR IXQFLRQD SDUD WL QR WH VRUSUHQGDV WDO FRPR GLMR XQD PXMHU
œ7RGDYtDQRKHHQFRQWUDGRXQDSRVWXUDTXHIXQFLRQH<ORKHSUREDGRWRGR
/D SRVWXUD HV XQD IRUPD PX\ FRPSOLFDGD GH WHQHU RUJDVPR FRPR OR VRQ ODV
RWUDVIRUPDVLQGLUHFWDVTXHYDPRVDDQDOL]DU5HTXLHUHQSOHQDFRODERUDFLyQGHYXHV
WUR FRPSDxHUR R DO PHQRV DOJXQD FRODERUDFLyQ < DXQ HQWRQFHV SRGpLV GHVFXEULU
TXHODPLVPDIRUPDQRIXQFLRQDVLHPSUHGHXQDPDQHUDXQLIRUPHRFRQXQQXHYR
FRPSDxHURDFDXVDGHTXHHOFXHUSRGHpVWHWLHQHRWUDFRQIRUPDFLyQRELHQVXVHQ
WLGRGHOULWPRHVGLVWLQWR \HVWHWLSRGHHVWtPXORLQGLUHFWRGHœWRFD\DSiUWDWHUH
TXLHUHTXHWRGRVHFRPELQHSHUIHFWDPHQWH'HDKtSRUTXpPXFKDVPXMHUHVPDQLIHV
WDURQTXHODPHMRUUHODFLyQVH[XDOVHORJUDWUDVODSUiFWLFDFRQXQDSHUVRQDHQSDUWL
FXODU7DOFRPRXQDPXMHUORH[SUHVyœ&RQFDGDQXHYRFRPSDxHURKHGHYROYHUD
DSUHQGHUDWHQHURUJDVPRVFRQpO
4XL]iVHDLPSRUWDQWHPHQFLRQDUDTXtTXHHOpQIDVLVHQORVDVSHFWRVPHFiQLFRV
\ WpFQLFRV GHO FRLWR HQ HO SUHVHQWH FDStWXOR QR SUHWHQGH PLQLPL]DU OR HVHQFLDO GHO
FRLWR SDUD OD PD\RUtD GH ODV VHQVDFLRQHV \ HPRFLRQHV LQGLYLGXDOHV H[SHULPHQWDGDV
GXUDQWH OD XQLyQ VH[XDO (Q UHDOLGDG FRPR VH KDUi DSDUHQWH HQ RWURV FDStWXORV HO
FRQWH[WR HPRFLRQDO HV HO YDORU HVHQFLDO GHO FRLWR SDUD OD PD\RUtD GH PXMHUHV 6LQ
HPEDUJRDTXtVHWUDWDGHGLVHFFLRQDU\DQDOL]DUODVGLYHUVDVSDUWHVGHQXHVWUDH[SH
ULHQFLDVH[XDOItVLFDGHVJDMDGDGHOFRQMXQWRSDUDTXHSRGDPRVOOHJDUDVHUQRVyOR
œH[SHUWDVHPRFLRQDOHVVLQRWDPELpQGHVWDFDGDVœH[SHUWDVItVLFDV
7LSRSUHIHULGRGHPRYLPLHQWRGXUDQWHHOHVWtPXORPHGLDQWHHOœFRQWDFWRGHKXHVRV
S~ELFRVFXDQGRHOKRPEUHKDFHODPD\RUSDUWHGHOPRYLPLHQWR
œ/HQWRWLHUQRVHQVLWLYRILUPH
œ1RKDGHVHUXQDHPEHVWLGDFDSD]GHKDFHUPHLUDSDUDUDOVXHOR
œ6XDYH\OXHJRPiVIXHUWH3DUDODPD\RUtDGHORVKRPEUHV¦PiVIXHUWH§HV
IXHUWH FRQ H[FHVR 7RGR SRGUtD UHVXOWDU PiV GLYHUWLGR VL HO KRPEUH IXHVH FDSD] GH
XWLOL]DUHOSHQHFRPRVLIXHVHODPDQR
œ8QULWPRGHILQLGRFRQHOTXHSXHGDFRQWDUGXUDQWHFLHUWRWLHPSR
œ8QD VXDYH HQWUDGD OXHJR OHQWDV FDULFLDV GHO SHQH D WRGR OR ODUJR KDFLD GH
QWUR\KDFLDIXHUDFDGDYH]PiVUiSLGR+HGHVFXELHUWRTXHFXDQGRHOPRYLPLHQWR
HVJHQHUDOPHQWHUtWPLFRSXHGRUHODMDUPH\VHQWLUXQRUJDVPRPiVIiFLOPHQWHSRU
TXHQRWHQJRTXHFRQFHQWUDUPHHQTXpHVORTXHYDDYHQLUDFRQWLQXDFLyQ
œ'XUDQWHORV~OWLPRVYHLQWHDxRVGHPLYLGDDSUR[LPDGDPHQWHQRVHQWtRUJDVPRVGXUDQWHHOFRLWRSHVHD
KDEHUH[SHULPHQWDGRXQRHQFLHUWDRFDVLyQFRQPLSULPHUHVSRVR0HKHHVWDGRHVWUXMDQGRPDWHULDOPHQWHHO
FHUHEURWUDWDQGRGHGHVFXEULUSRUTXp FRQDTXHOKRPEUHGXUDQWHHOFRLWR\QXQFDGHVSXpV\QXQFDDQWHV
SXGHYROYHUDWHQHURUJDVPRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HJXVWDTXHHODFWRVH[XDOVHDOHQWRSURORQJDGR\VXDYH\QRXQDGHPRV
WUDFLyQGHOSRGHUGHOVHPHQ\DFRPHWLGDVPXVFXODUHV
œ7LHUQRSHURDSDVLRQDGR
/DV~QLFDVSHUVRQDVTXHJXVWDEDQGHOWUDWDPLHQWREUXVFRIXHURQJHQHUDOPHQWH
$TXHOODVTXHQRH[SHULPHQWDEDQRUJDVPRVGXUDQWHHOFRLWR8QDPXMHUHVFULELyœ$
PtPHJXVWDHOWUDWREUXWDO˜3RUTXp"$PHQXGRSLHQVRHQHOORFRPRXQDIUXVWUDFLyQ
PDVLYD ¥HV FRPR VL QR PH LPSRUWDUD ORTXHVHKDJDFRQPLJRVLPSOHPHQWHKD]OR
SURQWR SRUTXH TXLHUR GHVHVSHUDGDPHQWH OOHJDU \ OR TXH W~ HVWiV KDFLHQGR HQ HVWH
PRPHQWRQRYDDOOHYDUPHDHOOR
7LSRSUHIHULGRGHPRYLPLHQWRGXUDQWHHOHVWtPXORSRUIURWHVFLUFXODUHV
œ6XDYHSHURSURIXQGRTXHQROOHJXHDVHUXQDDFRPHWLGDDOJRDVtFRPR\DFHU
MXQWRVHQXQDKRQGD SHQHWUDFLyQ
œ3URIXQGDV¦SRVWXUDVGHDEUD]R§
+D GH WHQHUVH HQ FXHQWD TXH ODV PXMHUHV UHTXLHUHQ XQ HVWtPXOR FRQWLQXR SDUD
OOHJDU DO RUJDVPR FRQWUDULDPHQWH D OD HVWLPXODFLyQ GLVFRQWLQXD DGHFXDGD SDUD ORV
KRPEUHV(QHVWRUDGLFDXQDGHODVSRFDVGLIHUHQFLDVEiVLFDV GHODILVLRORJtDVH[XDO
PDVFXOLQD\IHPHQLQD&RPRVHxDOD6KHUIH\
œ8Q UDVJR XQLYHUVDO GHO FLFOR GH UHVSXHVWD HQ ODV PXMHUHV HV OD QHFHVLGDG GH XQ HVWtPXOR
FRQWLQXR6LHOHVWtPXORVHLQWHUUXPSHLQFOXVRHQPHGLRGHORUJDVPRpVWHVHGHWLHQH(OOR
HVYiOLGRWDQWRSDUDORVRUJDVPRVLQGXFLGRVFOLWyULFDFRPRYDJLQDOPHQWH
'HSHQGHU GH ORV PRYLPLHQWRV GH SHQHWUDFLyQ SDUD ORJUDU HO FRQWDFWR GH ORV
KXHVRVS~ELFRVUHVXOWDDUULHVJDGR\DTXHGHEHPDQWHQHUVHXQULWPRPX\FRQVWDQWH\
VHJXUR&RPRHVWHULWPRHVPiVLPSRUWDQWHSDUDODPXMHUTXHSDUDHOKRPEUHGHEL
GR D TXH HOOD QHFHVLWD HVWLPXODFLyQ FRQWLQXDGD TXL]i GHEHUtD VHU HOOD OD TXH FRQ
WURODUDGLFKRVPRYLPLHQWRVGHSHQHWUDFLyQ
3RVLFLyQGHODVSLHUQDV SRVLFLyQGHOFXHUSR
5HFXHUGD WDPELpQ TXH OD IRUPD GH FRLWR TXH SXHGH IXQFLRQDU SDUD WL SXHGH
PX\ELHQGHSHQGHUGHODSRVLFLyQGHSLHUQDVTXHQHFHVLWDV\GHOWLSRJHQHUDOGHRU
JDVPRWLSRGHPDVWXUEDFLyQTXHW~VHDV6LWLHQHVTXHWHQHUODVSLHUQDVMXQWDVRODV
URGLOODV GREODGDV R VL WLHQHV TXH HVWDU ERFD DEDMR HVWR LQIOXLUi HQ TXp SRVWXUDV WH
UHVXOWDQPiVDWUDFWLYDVGXUDQWHHOFRLWR(QJHQHUDOHVLPSRUWDQWHGLVIUXWDUGHODVX
ILFLHQWH OLEHUWDG GH PRYLPLHQWRV SDUD TXH FXDOTXLHU PRYLPLHQWR GHO FXHUSR \ HV
SHFLDOPHQWHPRYLPLHQWRGHSLHUQDVTXHQHFHVLWHVKDFHUSDUDOOHJDUDORUJDVPRQR
TXHGHEORTXHDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
5HWHQFLyQSDUFLDOGHOSHQHHQODYDJLQDVLQPRYLPLHQWRVGHHQWUDGD\VDOLGD
(VWHHVXQWLSRGHSRVWXUDHQHOTXHODFDEH]DGHOSHQHHVWpMXVWRGHQWURGHORV
ODELRVYDJLQDOHVFRQODEDVHGHOPLVPRVXELGDKDFLDHOFOtWRULVFRQORTXHTXHGDUtD
DOJRDVtFRPRUHYHVWLGRSRUODYXOYD(VWDSRVLFLyQSXHGHUHVXOWDUGLItFLOGHPDQWH
QHU
œ(O~QLFRKRPEUHFRQTXLHQH[SHULPHQWpHORUJDVPRGXUDQWHHOFRLWRIXH0LF
NH\ GHELpQGRVH HOOR D TXH VX KXHVR S~ELFR WHQtD WDO FRQVWUXFFLyQ TXH PH SUHVLR
QDED GXUDQWH HO DFWR VH[XDO 6HQWt OR PLVPR H[DFWDPHQWH TXH VL KXELHVH HVWDGR
PDVWXUEiQGRPH$VLPLVPRFRQ0LFNH\PDQWHQtDODVSLHUQDVMXQWDV'HHVWDPDQH
UD HO SHQH QR SRGtD SHQHWUDUPH SURIXQGDPHQWH TXHGDQGR FRPR HQYXHOWR GHVGH OD
YDJLQDKDVWDHOFOtWRULV/DEDVHGHOSHQHTXHGDEDFXUYDGDFRQWUDODSDUWHVXSHULRUGH
PL YXOYD /D VHQVDFLyQ HUD PDUDYLOORVD <R HUD PiV MRYHQ HQWRQFHV \ FRQFHEt OD
LGHD GH TXH ILQDOPHQWH VHQWtD HO RUJDVPR GXUDQWH HO FRLWR LJXDO TXH ODV DGXOWDV
$TXHOORQRVPDQWXYRXQLGRVODUJRWLHPSRLQFOXVRFXDQGR\DQRWHQtDPRVJUDQFRVD
PiVHQFRP~Q
œ0HJXVWD TXHPLFOtWRULVVHHQFXHQWUHFRQWUDODEDVHGHVXSHQHOXHJRTXLHUR
TXH pO VH PXHYD GH DFXHUGR FRQPLJR VXDYH OLJHUDPHQWH SHUR DO PLVPR ULWPR
&XDQGR HO KRPEUH TXLHEUD HVWH ULWPR LQWHUUXPSH PL DYDQFH KDFLD HO RUJDVPR /D
~QLFDH[FHSFLyQHVFXDQGRKHPRVHVWDGRVHSDUDGRVGXUDQWHFLHUWRWLHPSR(OSULPHU
FRLWR WUDV XQD VHSDUDFLyQ SURORQJDGD HVXQDJR]RVDH[SHULHQFLDHVSRQWiQHD\H[
SORVLYD
œ/RPHMRUHVTXHpODYDQFH\UHWURFHGDIURWDQGROHQWDPHQWHODEDVHGHOSHQH
FRQWUDPLFOtWRULV<DVpTXHSDUHFHLPSRVLEOHSHURORFLHUWRHVTXHHOPLHPEURDFD
EDJROSHDQGRODSDUHGRSXHVWDGHODYDJLQDKDFLDODSDUWHWUDVHUD
6LQHPEDUJRODLURQtDUDGLFDHQTXHORTXHUHVXOWDEXHQRSDUDODPXMHUDPH
QXGRQRORHVSDUDHOKRPEUH
œ1LQJXQRGHORVKRPEUHVTXHKHFRQRFLGRHVWiGHDFXHUGRHQKDFHUODSHQHWUD
FLyQSDUFLDO
œ3RU GHVJUDFLD SDUD Pt OD UHODFLyQ VH[XDO HV FRPR XQ FRPEDWH <R FRORFR HO
SHQH GRQGH PH DJUDGD GLFLHQGR ¦$TXt PH SURGXFH XQD VHQVDFLyQ DJUDGDEOH D OR
FXDOpOUHVSRQGHDOWLHPSRTXHORLQWURGXFHSURIXQGDPHQWH¦1RDTXt HVGRQGHOD
VHQVDFLyQ HV DJUDGDEOH§ (VWR SXHGH SDUHFHU UHEXVFDGR SHUR HV YHUGDG 'LRV PH
JXVWDUtDTXHQRORIXHUD1RUPDOPHQWHSLHUGRODEDWDOOD
5HHQWUDGDIUHFXHQWHGHOSHQHHQODYDJLQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
([LVWH WDPELpQ XQ WLSR GH FRLWR KDVWD FRQ PHQRV SHQHWUDFLyQ TXH HO SDUFLDO
,PSOLFDEiVLFDPHQWHHOPRYLPLHQWRGHO SHQHDOUHGHGRUGHORVODELRVH[WHULRUHVRVD
OLHQGRSRUHQWHURDFDGDFDULFLDGHVXHUWHTXHODDEHUWXUDGHHQWUDGD\ORVODELRVVH
YHQFRQVWDQWHPHQWHHVWLUDGRV\HVWLPXODGRV
œ0HJXVWDQODVDFRPHWLGDVUtWPLFDVSURIXQGDV\OHQWDVFDVLGHMDQGRODYDJLQD
DO SUHSDUDUVH SDUD HO VLJXLHQWH DYDQFH 6RQ GHPDVLDGRV ORV KRPEUHV TXH SURGXFHQ
FRUWDV DFRPHWLGDV SULQFLSDOPHQWH GHQWUR GH VXV SURSLDV SLHOHV FRQ HO UHVXOWDGR GH
TXHKD\PX\SRFDIULFFLyQHQODDEHUWXUDYDJLQDO7DPELpQPHJXVWDTXHODFDEH]D
GHOSHQHKXUJXHODHQWUDGDYDJLQDOGXUDQWHXQRVPRPHQWRVDQWHVGHTXHHOFRLWRHP
SLHFH
œ&XDOTXLHU HVWLUDPLHQWR R GLODWDFLyQ GH OD DEHUWXUDYDJLQDOSURGXFHXQDDJUD
GDEOHVHQVDFLyQ8QDSHQHWUDFLyQFRPSOHWDOXHJRUHWLUDGDGHQXHYRHWF
œ&RQ XQ DPDQWH XQ KRPEUH H[SHUWR \D PD\RU TXH QR HUD FDSD] GH WHQHU
HUHFFLyQHQFRQWUpPX\H[FLWDQWHHOEODQGRSHQHHQODDEHUWXUDGHODYDJLQD'HHVWD
PDQHUDSXGHH[SHULPHQWDUXQRUJDVPR ¦YDJLQDO§FRQpO(O~QLFRTXHWXYH
œ1HFHVLWRXQSURFHVRGHURWDFLyQHQDXPHQWRVREUHORVODELRVFRQDOJ~QHVWt
PXORFOLWyULFR\DOILQDOXQDSHQHWUDFLyQSURIXQGD
œ0HJXVWDPDQWHQHUODVFDGHUDVHOHYDGDVFRQXQDFRQVLGHUDEOHUHWLUDGD\UHHQ
WUDGD GHO SHQH FRVD TXH UHTXLHUH PiV WLHPSR GHO TXH OD PD\RUtD GH ORV KRPEUHV
SXHGHQSHUPLWLUVH
œ([SHULPHQWRHORUJDVPRDOVHQWLUHOJODQGHHQWUDQGR\PRYLpQGRVHOHQWDPHQ
WH KDFLD DGHQWUR \ KDFLD IXHUD SHUR OD SHQHWUDFLyQ KD GH OLPLWDUVH MXVWDPHQWH DO
JODQGHPRYLpQGRVHHQWRUQRDORVODELRVYDJLQDOHV
œ%XHQRODFRVDUHTXLHUHPXFKRVEHVRV\DEUD]RVSUREDEOHPHQWHDOJ~QHVWLPX
ORRUDOOXHJRPHFRORFRHQFLPDSDUDSHUPLWLUXQDSHQHWUDFLyQOLPLWDGDFRQPXFKDV
UHWLUDGDV FKRTXHV \ IURWHV $O DSUR[LPDUPH DO FOtPD[ OD SHQHWUDFLyQ HV PD\RU
SHURQRFRPSOHWDKDVWDTXHOOHJR$YHFHVWDPELpQpOFRORFDODVPDQRVDOUHGHGRU
GHPLVQDOJDV\ORVGHGRVHQWUHORVODELRVPHQRUHV\PD\RUHVORFXDOUHVXOWDDJUD
GDEOH
2UJDVPRHQHOPRPHQWRGHODHQWUDGDGHOSHQH
(QHVWDIRUPDGHFRQVHJXLUHORUJDVPRGXUDQWHHOFRLWRHOPLVPRHVWi\DUHDO
PHQWHHQSURJUHVRDOSURGXFLUVHODHQWUDGDQRHVWDQGRSRUFRQVLJXLHQWHFRQVLJQDGR
HO PpWRGR HQ ODV WDEODV HVWDGtVWLFDV 3XHVWR TXH GHSHQGH GH TXH OD PXMHU HVWp \D D
SXQWRGHH[SHULPHQWDUHORUJDVPRFXDQGRVHSURGXFHODHQWUDGDQRUPDOPHQWHHVOD
PXMHUTXLHQGHEHGHFLUDOKRPEUHFXiQGRKDOOHJDGRHOPRPHQWR8QDYH]PiVFR
PRRFXUUHHQPXFKRVGHHVWRVPpWRGRVHORUJDVPRGXUDQWHHOFRLWRHVPiVXQDYLF
WRULDFRQVHJXLGDHQ YLUWXGGHXQœWHFQLFLVPRTXHSRUHIHFWRGHDOJRTXHWHQJDSX
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
UDPHQWH TXH YHU FRQ OD SUHVHQFLD GHO SHQH HQ OD YDJLQD 6LQ HPEDUJR VL HVWR SUR
SRUFLRQDXQDVHQVDFLyQVDWLVIDFWRULDQRKD\QLQJXQDUD]yQSDUDQRKDFHUOR
œ+DELWXDOPHQWHH[SHULPHQWRXQRUJDVPRFXDQGRKHVLGRHVWLPXODGDFRQDQWH
ULRULGDGDODSHQHWUDFLyQ<OXHJRODQDWXUDOH]DGHODSHQHWUDFLyQHVHOFUtWLFRWRTXH
ILQDO
œ([SHULPHQWRRUJDVPRVPHGLDQWHORVEHVRVODVXFFLyQGHORVSH]RQHVVXVGH
GRVHVWLPXODQGRHOFOtWRULVODSHQHWUDFLyQGHORVGHGRVHQODYDJLQDHOFRQWDFWRGHO
SHQH FRQ HO FOtWRULV 3RU ~OWLPR XQD YLJRURVD DFRPHWLGD \ PDQWHQHU HO PLHPEUR
GHQWUR
œ0H JXVWD OD SHQHWUDFLyQ YDJLQDO VyOR FXDQGR HVWR\ SUHSDUDGD SDUD HOODSHUR
ORPiVFRUULHQWHHVTXHPHSHQHWUHQFXDQGRQRORHVWR\DVtTXHQRUPDOPHQWHHVR
QRPHOOHYDDORUJDVPR8QDFRVDYHUGDGHUDPHQWHLPSRUWDQWHHVKDFHUOHVDEHUTXH
YHUGDGHUDPHQWHQRHVWR\SUHSDUDGDSDUDHOFRLWRDXQTXHpOVLORHVWp
(O LQWHQWR GH SHQHWUDFLyQ HQ HO PRPHQWR GHO RUJDVPR SXHGH HQ UHDOLGDG HV
WURSHDUHORUJDVPRRKDFHUpVWHLPSRVLEOHSDUDPXFKDVPXMHUHV(QSULPHUOXJDUVL
HOIRFRGHODVHQVDFLyQHVFDPELDGREUXVFDPHQWHHQHOPRPHQWRPiVFUtWLFRHORU
JDVPR SXHGH VXIULU XQD LQWHUUXSFLyQ < HQ VHJXQGR OXJDU FRPR KHPRV YLVWR HQ HO
FDStWXORVREUHHORUJDVPRPXFKDVPXMHUHVQRDSUHFLDQWDQELHQHOSODFHUGHORUJDV
PRGXUDQWHODSHQHWUDFLyQ
œ$QRFKHSRUHMHPSORpOHIHFWXDEDXQHVWtPXORFOLWyULFRPDQXDO\OXHJRSR
FRDQWHVGHTXHWXYLHUDHORUJDVPRPHSHQHWUyHFKiQGRORWRGRDSHUGHU'HSURQWR
pODSDUWyODPDQR™4XpFDUDSRQGUtD\R)XHXQDFRQPRFLyQSDUDPt<HQWRQFHV
HIHFWXy OD SHQHWUDFLyQ <R PH KDOODED \D HQ XQ SXQWR FUtWLFR UtJLGD HVWUHPHFLpQ
GRPHXQSRFRFRQHORUJDVPRSHURFXDQGRORSXVRGHQWURHVRORGHWXYRWRGRFXDQ
WR PiV UHSHWtD ORV PRYLPLHQWRV GHQWUR \ IXHUD GHQWUR \ IXHUDPiVODVHQVDFLyQVH
GHVYDQHFtD
œ3XHGRVHQWLUHORUJDVPRFRQODSHQHWUDFLyQGHVSXpVGHKDEHUVLGRVRPHWLGDD
XQ GLODWDGR HVWtPXOR FOLWyULFR SHUR \R HQWRQFHV PH YHR REOLJDGD D FRPSULPLUPH
FRQWUD pO \ DXQ DVt FXHVWD WUDEDMR OOHJiQGRVH D XQR GH HVRV RUJDVPRV TXH QR VH
FRPSOHWDQMDPiVGHVYDQHFLpQGRVH
%HIRUHSOD\SURORQJDGR(VWtPXORFOLWyULFRXRWURHVWLPXORSDUDHOSUHRUJDVPR
VHJXLGRGHODSHQHWUDFLyQRXQLyQ
2WURPpWRGRPX\VLPLODUDOSUHFHGHQWHHVHOIRUHSOD\ SURORQJDGRUHFRPHQ
GDGRSRUPXFKRVWHUDSHXWDVVH[XDOHVHOFXDOSDUHFHVHUPX\WUDGLFLRQDOVLUHFRUGD
PRVWRGRVORVFOLFKpV HQHOVHQWLGRGHTXHODVPXMHUHVQHFHVLWDQXQPiVODUJRIRUH
SOD\ TXHORVKRPEUHV
/LWHUDOPHQWHœMXHJRSUHYLR1GHO7
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/DGLIHUHQFLDHQWUHHODSDUWDGRFRPRWLSR\pVWHUDGLFDHQTXHDTXtHORUJDV
PR QR VH SURGXFH HQ HO PRPHQWR GH OD XQLyQ VLQR PiV ELHQ SRFR GHVSXpV SRU OR
UHJXODU FRQVLGHUiQGRVH TXH DTXpO KD GH VHJXLU VLHQGR œWUDEDMDGR GXUDQWH HOFRLWR
SRUXQRGHORVPHGLRVFLWDGRVDQWHULRUPHQWH
(O WpUPLQR IRUHSOD\ HVPX\H[WUDxR˜4XpHVHO IRUHSOD\"œ3DUDTXH\RWHQJD
RUJDVPRHOFRLWRKDGHVHUSUHFHGLGRSRUHOIRUHSOD\3HURHVWDSDODEUDQRPHJXVWD
SRUTXHKDFHTXHORTXHUHSUHVHQWDUHVXOWHPiVVXERUGLQDGRGHORTXHHV%XHQRHV
GHO GRPLQLR FRP~Q TXH FRQ OD SDODEUD HQ FXHVWLyQ VH DOXGH D WRGRV ORV HVWtPXORV
FRUSRUDOHVSUHYLRVSUDFWLFDGRVœDQWHVGHOFRLWR1RKD\EHIRUHSOD\ GHTXHKDEODU
HQODPDVWXUEDFLyQSDUDODPD\RUtDGHODVPXMHUHV˜3RUTXpHVQHFHVDULRHOIRUHSOD\
DQWHVGHOFRLWR" (YLGHQWHPHQWHSRUTXHKD\PX\SRFRHVWtPXORUHDOSDUDODPXMHU
HQHOFRLWR(OWpUPLQREHIRUH VHKDFRQVHUYDGRDTXtSRUVHUVXVLJQLILFDGRWDQFODUR
SHUR HQ JHQHUDO HV LPSRUWDQWH VXEUD\DU TXH QR H[LVWH QLQJXQD UD]yQ GHWHUPLQDQWH
GHTXHHOEHIRUHSOD\ KD\DGHYHQLUEHIRUH QDGD
/DSUHJXQWDGHTXpRWURQRPEUHSRGUtDGDUVHDHVWDVDFWLYLGDGHVHVLQWHUHVDQWH
/D IDOWDGHXQYRFDEORDSURSLDGRSDUDHOODVHQQXHVWUROHQJXDMHUHIOHMDHOPRGRHQ
TXH QXHVWUD FXOWXUD KD GHILQLGR UtJLGDPHQWH ODV IRUPDV HQ TXH QRV SRGHPRV WRFDU
PXWXDPHQWH VyOR ODV DFWLYLGDGHV TXH URGHDQ DO FRLWR KDQ VLGR FRQVLGHUDGDV OHJtWL
PDV $Vt HO œHVWtPXOR FOLWyULFR \ ORV WRTXHV HQ JHQHUDO VRQ DOXGLGRV ~QLFDPHQWH
FRPRIRUHSOD\HOFXDOFRPRWRGRHOPXQGRVDEHSUHFHGHDOFRLWRTXHWDPELpQFR
PRWRGRHOPXQGRœVDEHWHUPLQDUiHQODH\DFXODFLyQGHOPDFKR(QUHVXPHQWR
GRVQXHVWURVWpUPLQRVHVWiQHQVDPEODGRVHQSURJUHVLyQOLQHDOHOIRUHSOD\ KDGHVHU
VHJXLGR SRU OD œSHQHWUDFLyQ GHO PLHPEUR YLULO HQ OD YDJLQD OXHJR HOFRLWRPRYL
PLHQWRVGHSHQHWUDFLyQKDFLDDGHQWUR\IXHUDVHJXLGRSRUHORUJDVPRGHOYDUyQ\
GHVSXpVœGHVFDQVR6LQRVHDFHSWDHVWHPRGHORFRPRUHSUHVHQWDWLYRGHORTXHHV
HO œVH[R QRV TXHGDPRV FDVL VLQ YRFDEXODULR SDUD VHxDODU FXiOHV SRGUtDQ VHU ODV
DOWHUQDWLYDV'HVGHOXHJRODSRVLELOLGDG SDUDPXFKDV\GLIHUHQWHVSDXWDVGHVH[XDOL
GDG \ PX\ GLVWLQWDV FODVHV GH FRQWDFWR ItVLFR HQWUH SHUVRQDV TXH VRQ VHQVXD
OHVVH[XDOHV\TXHQRQHFHVDULDPHQWHWLHQHQHORUJDVPRRFXDOTXLHURWUDFRVD FR
PRPHWDFRPR\DYHUHPRVHQHOFDStWXORGHVWLQDGRDODVPXMHUHVPD\RUHV
(Q FXDOTXLHU FDVR DOJXQDV PXMHUHV Vt WXYLHURQ RUJDVPR GXUDQWH HO FRLWR PH
GLDQWHXQH[WHQVREHIRUHSOD\
œ0LPHMRUUHODFLyQVH[XDOKDWHQLGROXJDUVLHPSUHFXDQGRHOIRUHSOD\ODHVWL
PXODFLyQ VH[XDO VLQ XQD UHDO LQVHUFLyQ GHO SHQHVHOOHYDEDDFDERGXUDQWHODUJRV
SHULRGRVGHWLHPSRDQWHVGHOFRLWRSURSLDPHQWHGLFKR0LFRPSDxHURPHHVWLPXOD\
PHSRQHHQYLORKDFLpQGRPHWHQHURUJDVPRVXQD\RWUDYH]GXUDQWHODWDUGH\DQR
FKHFHU \ ILQDOPHQWH WRGR HOOR FRQGXFH DO FRLWR \D HQWUDGD OD QRFKH /D H[FLWDFLyQ
OOHJDDWDOH[WUHPRTXHFXDQGRILQDOPHQWHKDFHVHODFWRHVXQDH[SHULHQFLDIDQWiVWL
&RPELQDFLyQGHEHIRUHDQWHV\SOD\MXHJR1GHO7
'HVGHOXHJRHVWRQRHVDILUPDUTXHGRVSHUVRQDVQRSXHGDQDFDULFLDUVHVLPSOHPHQWHSRUHVWHSODFHUHQVt
PLVPRWDQVyOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FD(VWRHVPXFKRPHMRUTXHSUHSDUDUWHSDUDHODFWR\TXHHQWRQFHVWHUPLQHUiSLGD
PHQWHFRQSRFDDQWLFLSDFLyQ
œ&UHRTXHORTXHPiVSODFHUPHFDXVDHVODDXVHQFLDGHSULVDVODFDOPDODVH
JXULGDG GH QR YHUQRV LQWHUUXPSLGRV SDUD KDFHU HO DPRU 0H JXVWD VHQWLU WRGR PL
FXHUSRHVWLPXODGRSRUWRGRHOFXHUSRGHRWUDSHUVRQDHVWDEOHFLpQGRVHHOPD\RUQ~
PHURGHFRQWDFWRVSRVLEOHV0HJXVWDVHUDFDULFLDGDFRQODVPDQRVORVEUD]RV\ORV
GHGRV\IXHUWHPHQWHDEUD]DGD'HVSXpVPHDJUDGDTXHPHHVWLPXOHQODYXOYDSUL
PHURFRQORVGHGRV\GHVSXpVFRQODOHQJXDTXHPHDFDULFLHQHOFOtWRULV\ORVODELRV
6LHVWR\KDFLHQGRHODFWRFRQXQKRPEUHQXQFDKHKHFKRHODPRUFRQXQDPXMHU
PHJXVWDTXHLQVHUWHVXSHQHHQPLYDJLQD1HFHVLWRGLVSRQHUGHPXFKDOLEHUWDGSDUD
GHVFULELU PRYLPLHQWRV GH YDLYpQ \ EDODQFHR \ PRYHU OD SHOYLV SDUD HVWLPXODUPH D
EDVHGHSUHVLyQ'HHVWDIRUPD\VLQSULVDVHYHQWXDOPHQWHOOHJRDORUJDVPR
(ORUJDVPRGXUDQWHHOFRLWRGHVSXpVGHKDEHUWHQLGRHOSULPHURRYDULRVRUJDVPRV
PHGLDQWHHVWLPXODFLyQPiVGLUHFWD
(Q UHDOLGDG FXDQWR PiV GLODWDGR HV HO SHULRGR GH H[FLWDFLyQ SRU PHGLR GHO
SURORQJDGR EHIRUHSOD\ R VXFHVLYRV RUJDVPRV PiV SURIXQGDPHQWH SXHGHDOFDQ]DU
OD H[FLWDFLyQ D OD YXOYD H[WHULRU \ ODELRV 3RU FRQVLJXLHQWH DOJXQDV PXMHUHV
GHVFXEULHURQTXHSRGtDQVHQWLURUJDVPRVGXUDQWHHOFRLWRWUDVXQVHJXQGRRWHUFHUR
7DOFRPRORGHVFULELyXQDPXMHU
œ3ULPHUR SXHGR WHQHU XQ RUJDVPR FOLWyULFR HO VLJXLHQWH TXHGD PiV EDMR HO
RWURPDVD~QILQDOPHQWHPLUHJLyQYDJLQDOH[WHULRUSXHGHVHUHVWLPXODGDKDVWDWH
QHU XQ RUJDVPR 3HUR FXDQGR QR HVWR\ D OD DOWXUD UHTXHULGD GH LQWHQVLGDG HO FRLWR
SXHGHDEVROXWDPHQWHHQIULDUPLVUHVSXHVWDVHLQFOXVRLPSHGLUTXHOOHJXH
(VWLPXODFLyQFOLWyULFDPDQXDOGXUDQWHHOFRLWR
3RUVXSXHVWRODVPXMHUHVGHHVWHJUXSRQRIXHURQFRQVLGHUDGDVFRPRSDUWHLQ
WHJUDQWHGHOWUHLQWDSRUFLHQWRGHODVTXHWHQtDRUJDVPRGXUDQWHHOFRLWR6LQHPEDU
JRpVWHHVTXL]iVHOPHMRUPHGLRGHWHQHURUJDVPRGXUDQWHHOFRLWRSDUDODPD\RUtD
GHPXMHUHV\HVSRUHOORTXHVHRIUHFHQDTXtPXFKDVFLWDVGHPXMHUHVTXHGLFHQFy
PRDGDSWDURQHOODVHVWHHVWtPXORDVXVQHFHVLGDGHVGXUDQWHHOFRLWR
(VWHSURFHGLPLHQWRHVPX\SRSXODUSRUTXHSXHGHVHVWDUVHJXUDGHTXHYDDSD
UDUMXVWRœHQHOEODQFR'XUDQWHPXFKRWLHPSRHOHVWtPXORPDQXDOGXUDQWHHOFRLWR
KDYHQLGRVLHQGRUHFRPHQGDGRSRUORVWUDWDGRVHVSHFLDOL]DGRVSHURDKRUDODPHQWD
EOHPHQWHHVFRQVLGHUDGRœGHVHJXQGDFODVHRœHQJDxRVR6RQGHPDVLDGDVODVPX
MHUHVTXHDOH[SOLFDUHOXVRTXHKLFLHURQGHHVWHPpWRGRLQVLVWHQHQUD]RQDUVXXWLOL
]DFLyQFXDQGRQRVHPXHVWUDQSUHRFXSDGDVHQFXDQWRDOSRUTXpGHHVDQHFHVLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$ OR ODUJR GH FXDWUR DxRV GH XQLYHUVLGDG QR SXGH H[SHULPHQWDU XQ VROR RU
JDVPR 0H VHQWtD PRUWLILFDGD SHQVDED TXH DOJR DQGDED KRUULEOHPHQWH PDO HQ Pt
&RQPXFKDIDFLOLGDGPDVWXUEiQGRPHFRQVHJXtDOOHJDUDORUJDVPRSHURQRFRQVH
JXtDODPiVPLVHUDEOHVHQVDFLyQGXUDQWHHOFRLWR%LHQHVWDEDXQGtDFRQPLQRYLR
KDFLHQGRHODPRU\GHSURQWRVHQWtTXHHVWDEDORTXHVHGLFHKDVWDORVFRMRQHVGHQR
WHQHU RUJDVPRV $Vt TXH FRQ pO HQFLPD \ PRYLpQGRVH GHVOLFp OD PDQR \ IURWp PL
FOtWRULV™DVtPH FDLJDPXHUWDVLQRORWHQJRPHGLMH\XQRRGRVPLQXWRVPiVWDU
GH\DORFUHRTXHORWXYH¥WXYHXQRUJDVPRIDQWiVWLFR\GHVGHHQWRQFHVORVKHWH
QLGRFDGDYH]FDGDYH]XWLOL]DQGRHVWHPpWRGR
œ'XUDQWHHOFRLWRGHODGRFRORFRODPDQRDOUHGHGRUGHODSDUWHGHOSHQHQRLQ
WURGXFLGDHQODYDJLQDDSOLFRXQSRFRGHPDVDMHFUHDQGRDOPLVPRWLHPSRXQHVWt
PXORFOLWyULFR™\VHSURGXFHRUJDVPR
œ0LFRPSDxHURVHFRORFDWHQGLGRERFDDUULED\\RHQFLPDFRQHOSHQHLQWUR
GXFLGRHQODYDJLQD$UURGLOODGDOHYDQWRODSDUWHVXSHULRUGHOFXHUSRFRQREMHWRGH
TXH PLV VHQRV FXHOJXHQ GH WDO IRUPD TXH SXHGH OHYDQWDU OD FDEH]D \ VXFFLRQDUPH
ORVSH]RQHV8QDGHVXVPDQRVTXHGDHQWUHORVGRV\VXVGHGRVPHHVWLPXODQGLUHF
WDPHQWHHOFOtWRULV\OD]RQDFLUFXQGDQWH&RQODRWUDPDQRH[SORUDRWUDV]RQDVGHPL
FXHUSR HVSHFLDOPHQWH ODV QDOJDV (QWUHWDQWR \R GLVSRQJR GH OLEHUWDG GH PRYL
PLHQWRVSDUDGHVFULELUHOPRYLPLHQWRTXHPHSURFXUHPiVSODFHU
œ1RSXHGRFRPSULPLUODVSLHUQDVXQDFRQWUDRWUDGXUDQWHHOFRLWRQRUPDO(VWR
HVDOJRQHFHVDULRSDUDPtFRQREMHWRGHVHQWLUHORUJDVPR<QXQFD H[SHULPHQWRFRQ
OD LQWURGXFFLyQ YDJLQDO GHO SHQH HO YLROHQWR RUJDVPR ItVLFR GHO HVWtPXOR FOLWyULFR
GLUHFWR1LVLTXLHUDHVWR\VHJXUDGHVLOOHJR3HUFLERXQDLQWHQVDVHQVDFLyQGH SODFHU
SHURQXQFDDOFDQ]DXQSXQWRFXOPLQDQWHWDOFRPRRFXUUHGHODRWUDIRUPD2MDOiQR
IXHUDDVt0HJXVWDQDOOHJDUDOFOtPD[DOWLHPSRTXHpOVLQQLQJXQDDWHQFLyQH[WUD
6RODPHQWHORKHPRVFRQVHJXLGRWHQGLpQGRVHpOERFDDUULED\\RHQFLPDFRQPLSDU
WHSRVWHULRUVREUHVXSHOYLV'HHVWDPDQHUDHOSHQHSXHGHHQWUDUPHSHURPLFOtWRULV
TXHGDOLEUHSDUDVHUDFDULFLDGRSRUpODGHPiVORVP~VFXORVGHPLHVWyPDJR\GHODV
SLHUQDVQRHVWiQUHVWULQJLGRV\SXHGHQSRUWDQWRUHDFFLRQDUOLEUHPHQWHHQODIRUPD
D PHQXGR YLROHQWD \ HVSDVPyGLFD FRQ TXH UHDFFLRQDQ FXDQGR VLHQWR HO RUJDVPR
4XLVLHUD VDEHU VL KD\ DOJXLHQ TXH VHD FDSD] GH VHQWLU XQ VXSHURUJDVPR GXUDQWH HO
FRLWR VLQ PDQLSXODFLyQ FOLWyULFD GLUHFWD 6XSRQJR TXH HV SRVLEOH 0H SUHJXQWR VL
SRGUtD ¦DSUHQGHU FyPR§ GH OD PLVPD PDQHUD TXHKH¦DSUHQGLGR§DKDFHUORGHRWUD
IRUPD
œ+HVHQWLGRDPHQXGRHOGHVHRGHWHQHUXQRUJDVPRFRQSHQHWUDFLyQ\ORKHLQ
WHQWDGRWHQGLpQGRPHGHFRVWDGRDpOHVWLPXODQGRPLFOtWRULVDOPLVPRWLHPSR3HUR
HVWRQRGDPXFKRUHVXOWDGRSRUTXHDYHFHVpOQRSXHGHPDQWHQHUODHUHFFLyQDSDUWH
GHTXHWHQJRHOSUREOHPDGHTXHGHERWHQHUODVSLHUQDVDSUHWDGDVSDUDSRGHUOOHJDUDO
FOtPD[
œ(OFRLWRPHSDUHFHELHQVLHPSUHTXHGXUDQWHHOPLVPR\RGLVSRQJDGHDOJXQD
IRUPD GH HVWLPXOR FOLWyULFR 6L DGRSWDPRV XQD SRVWXUD TXH LPSRVLELOLWH HO FRQWDFWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SHQHFOtWRULVRDOPHQRVLPSUDFWLFDEOHHQWRQFHVPtFRPSDxHURQHFHVLWDUtDVyORXVDU
VXPDQROLEUHSDUDHVWLPXODUPLFOtWRULV
œ/DH[SHULHQFLDVH[XDOPiVEHOODGHPLYLGDWXYROXJDUHQHO FXUVRGHXQDWDUGH
TXH SDVp FRQ PL DPDQWH (O VH VHQWyFRQHOSHQHHQPLYDJLQDPLHQWUDV\RHVWDED
WHQGLGD DEDMR 9LEUDQGR PH OOHYy GH XQ RUJDVPR D RWUR HQWDQWRTXHLQWURGXFtD\
UHWLUDEDVXPLHPEUR/RTXHPHKDFtDGHVWLODEDWDQWRDPRUTXHQXQFDORROYLGDUp
œ<RPHFRORFRHQFLPDVHQWDGDGXUDQWHHOFRLWR(OPHWRFDOLJHUDPHQWHHOFOt
WRULVFRQXQGHGRFRQODPDQRRFRQODVGRVPDQRVGHIRUPDTXHSXHGDPRYHUPH
FRQWUDHOHVWtPXORFXDQGRORGHVHR
œ0HDJUDGDODSHQHWUDFLyQSRUGHWUiV\DTXHDVtDOPLVPRWLHPSRSXHGRHV
WLPXODUPLFOtWRULV
œ+DFHPRV HO DFWR FRQ PRYLPLHQWRV OHQWRV \ FRQWRUQHiQGRQRV VREUH QXHVWUDV
SDUWHV UHVSHFWLYDV SUHVLRQDQGR PLV ODELRV DOUHGHGRU GH VX SHQH HQ WDQWR TXH PLV
GHGRVDFDULFLDQpVWHRPLHQWUDV\RPHPDVWXUER\RDSUHWpPLVSLHUQDVIXHUWHPHQ
WH
œ6LPHVLHQWRHVSHFLDOPHQWH¦FDOLHQWH§\VLHQWRODQHFHVLGDGGHVHUSHQHWUDGD
HQWRQFHV HO FRLWR HQ Vt PH YD ELHQ 3HUR ItVLFDPHQWH HV VDWLVIDFWRULR VyOR VL YD
DFRPSDxDGRGHHVWLPXODFLyQFOLWyULFD1RPHVLHQWRH[FHVLYDPHQWHH[FLWDGDSRUOD
SHQHWUDFLyQYDJLQDO3VLFROyJLFDPHQWHSXHGHVHUH[FLWDQWHVyORSRUHOSHQVDPLHQWR
VREUHORTXHHOKRPEUHWHHVWiKDFLHQGR\DYHFHVH[SHULPHQWRXQDH[FLWDFLyQItVLFD
TXHHVXQDVHQVDFLyQQRWDQLQWHQVDFRPRODGHOHVWtPXORFOLWyULFRQLWDQDJXGDVL
QRFRQFUHWDPHQWHXQDVHQVDFLyQVH[XDOHQODYDJLQDHQHOFXUVRGHODSHQHWUDFLyQ
(OFRLWRVLQHVWLPXODFLyQFOLWyULFDQROOHYDQXQFD DORUJDVPRKDVWDDKRUDDOPHQRV
SRUORTXHDPtUHVSHFWD
œ1LQJXQDGHODVSRVWXUDVGHOFRLWROOHYDDOSHQHDXQDSRVLFLyQTXHRIUH]FDXQ
FRQWDFWR GLUHFWR R GH IULFFLyQ FRQ PL FOtWRULV 7RFDUPH D Pt PLVPD GXUDQWH OD UH
ODFLyQ VH[XDO PH LQVSLUD UHSDURV 0H JXVWDUtD KDFHUOR SHUR VHQWLUtD TXH HVWR\
KDFLHQGRDOJRLQGHELGR
œ(VGLItFLODOFDQ]DUFRQXQD PDQRHOFOtWRULVGXUDQWHHOFRLWRSHURSXHGHFRQ
VHJXLUVHHQFDVLWRGDVODVSRVWXUDVFRQXQSHTXHxRHVIXHU]R
œ(OVHFRORFDHQFLPD<RKDFLHQGRYHUTXHKDJRGHVFDQVDUXQPDQRVREUHPt
HVWyPDJRWRFRPLFOtWRULV+HKHFKRHVWRXQDVFXDQWDVYHFHVWDQVyOR(QWDOHVRFD
VLRQHVHVWXYHDSXQWRGHOOHJDUDORUJDVPRSHURFUHRTXHPLVLQKLELFLRQHVPHLPSL
GLHURQOOHJDQ
œ(OKRPEUHVHFRORFDGHODGR\ODPXMHUGHHVSDOGDVFRQXQDSLHUQDVREUHODV
GHpO,QVHUWDGRHOSHQHPHPDVWXUERRPHPDVWXUED<ODPXMHUFRQWURODORVPR
YLPLHQWRVGHOFXHUSR
œ0HJXVWDWHQGHUPHVREUHHOYLHQWUHHQFLPDGHXQDDOPRKDGD$VtSXHGRVHU
HVWLPXODGDFOLWyULFDPHQWHSRUODPDQRGHpODOPLVPRWLHPSRTXHPHSHQHWUD
œ/RPHMRUSDUDPtHVODSRVWXUDGHORVSHUURVVREUHPLHVWyPDJRFRQSHQHWUD
FLyQSRUGHWUiVPiVHOHVWtPXORPDQXDOFRQVXPDQRHQFLPDGHODPtD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6LPHJXVWD\QRHVWR\HQIDGDGDFRQpOHQWDOPRPHQWR\QRHVWRUSHSXHGH
LQLFLDU OHQWRV PRYLPLHQWRV GHQWUR GH PL YDJLQD UHWHQLpQGRPH FRQ XQ EUD]R \ WR
FDQGRHOFOtWRULVFRQHORWURGLFLHQGRFRVDVGXOFHV3RGHPRVHVWDUWHQGLGRVGHFRV
WDGR FRQ VX HVWyPDJR SHJDGR D PL HVSDOGD 6LHQGR XQ DPDQWH WLHUQR DIHFWLYR FR
PLHQ]DEHVDQGR\DFDULFLDQGRPLVVHQRVODVRUHMDVORVEUD]RVODVSLHUQDVFDVLWR
GRKDVWDTXHFRPLHQ]DDFRQFHQWUDUVHHQODV]RQDVJHQLWDOHV/XHJRWRFDPLFOtWR
ULV OXHJR RUDOPHQWH KDVWD TXH TXLHUR VHQWLU VX SHQH GHQWUR GH Pt 6H WLHQGH ERFD
DUULED\RPHDUURGLOORFRQODVSLHUQDVDEDUFDQGRVXFXHUSRVHQWiQGRPHHQVXSHQH
6X PDQR L]TXLHUGD TXHGD OLEUH SDUD HVWLPXODU PL FOtWRULV < D FRQWLQXDFLyQ JUD
GXDOPHQWHPX\VXDYHPHQWHLQLFLDPRVHOODUJRDVFHQVRKDFLDHORUJDVPRKDVWDTXH
TXLHURPD\RUSUHVLyQPiVUiSLGD\PiVLQWHQVD\OOHJR
œ$OJXQRVKRPEUHVDILUPDQTXHGHELHUDQVHUFDSDFHVSRUVtPLVPRVGHSURGX
FLUPHHOHVSDVPRVLQPLD\XGD3HURDVtODFRVDQRGDUHVXOWDGR<UHDOPHQWHORLQ
WHQWR6LXQKRPEUHFRPSUHQGHHVWR\KDEODPRVGHHOORODUHODFLyQVH[XDO¦IXQFLR
QD§'XUDQWHORVSRFRVPLQXWRVGHMXHJRH[LVWHQPXFKDVFRPSHQVDFLRQHVSDUDpOHQ
ODHVFHQDGHFRQMXQWR\KDELWXDOPHQWHVXHVWLPXORVHFRPELQDFRQHOPtR6LQHP
EDUJRVLpOQRSXHGHFRPSUHQGHUHVWRGHVSXpVGHKDEHUKDEODGRORVGRVQROHSHU
PLWRTXHPHKDJDVHQWLUFXOSDEOHGHQXHYR&DPELRGHFRPSDxHUR
œ1RVRWURVQRVGHVHQYROYHPRVDVtPLKRPEUHPDQWLHQHVXPLHPEURGHQWURGH
PtDODHVSHUDGHDFFLyQHQWDQWRTXH\RPHHVWLPXORKDVWDOOHJDUDOERUGHGHORU
JDVPR\OOHJRUHDOPHQWHDSUHWiQGRPHFRQWUDpO(OFOtWRULVWRFDODUDt]GHVXSHQHR
VX ]RQD S~ELFD R OR TXH VHD (Q WRGR FDVR IXQFLRQD <R VROtD HVWDU SUHRFXSDGD
SRUTXHWRGDYtDHVWRQRHVHOIDPRVRRUJDVPR¦VLQPDQRV§KDVWDTXHPHGLFXHQWDGH
ORHVW~SLGRTXHHVDGRSWDUXQSXQWRGHYLVWDWDQFRPSHWLWLYRRFRPSDUDWLYR(VSRVL
EOHTXHLQFLGHQWDOPHQWHVHDFDSD]GHH[SHULPHQWDUHORUJDVPRVyORSRUHIHFWRGHO
FRLWRSHURHVWRQRPHDWRUPHQWDeOHVIHOL]\\RWDPELpQ(QWRQFHV˜SRUTXpSUH
RFXSDUVH"
œ8VWHGHV VDEHQTXHORVTXHVDOHQHQORVILOPHV¦SRUQR§GHVDUUROODQGRDFWLYL
GDGHV VH[XDOHV DFHOHUDQ pVWDV KDFLD HO ILQ 1RVRWURV KDFHPRVORRSXHVWR&XDQGR
HPSH]DPRVDHQWUDUHQODHWDSDILQDOLQLFLDPRVXQDOHQWLWXGTXHOOHJDDODFDVLWRWDO
SDUDOL]DFLyQ 0L KRPEUH HMHUFH XQ LQFUHtEOH FRQWURO VREUH VXV UHVSXHVWDV SXHGH
PDQWHQHUVHDOERUGHGHORUJDVPRGXUDQWHODUJR UDWRPDQWHQLpQGRPHDPtWDPELpQ
PHGLDQWHSHTXHxDVVXWLOHVHLQWULQFDGDVWUHWDV6LHOVH[RHVXQDIRUPDGHDUWHpOHV
XQ3LFDVVR/R~QLFRTXHSDVDHVTXHQRPHHVSRVLEOHOOHJDUDOFOtPD[VLQFRORFDU
PHXQGHGRGHQWUR(VWRWLHQHTXHVHUXQSUREOHPDSXUDPHQWHPHQWDO7UDVXQODU
JRSHULRGRGHH[FLWDFLyQFUHFLHQWHVLHQWRTXHKD\XQDGHELOLWDFLyQHQPLVUHVSXHV
WDV\HQWRQFHVHVFXDQGROOHJRDOERUGHGHWRGR\PHRSULPRFRQWUDpO
œ1RVYDOHPRVGHWUHVGLIHUHQWHVSRVWXUDV6L\RYR\DVHQWLUHORUJDVPRSULPH
URpOVHWLHQGHERFDDUULED3HURXQSRFRGHFRVWDGR\RKDJRORPLVPRHQXQiQJXOR
GHQRYHQWDJUDGRVFRQVXPLHPEURGHQWURGHPtSRUGHWUiV0LFRPSDxHURSXHGH
DOFDQ]DUPLVSH]RQHV\\RHOFOtWRULV6LEXVFDPRVXQRUJDVPRPiVRPHQRVVLPXO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WiQHRDGRSWDPRVODSRVWXUDGHOPLVLRQHUR0HSHQHWUDGXUDQWHXQUDWRH[FLWiQGRPH
KDVWDFLHUWRSXQWR\HQWRQFHVVHLQFOLQDKDFLDXQODGRSDUDTXH\RSXHGDMXJDUFRQ
PLFOtWRULVPLHQWUDVpOSHUPDQHFHGHQWURGHPLWRGDYtD&XDQGR\RKHOOHJDGRDXQ
FLHUWR QLYHO GH H[FLWDFLyQ WRPD GH QXHYR OD LQLFLDWLYD GH OD DFFLyQ 1RV WXUQDPRV
KDVWDTXHXQRGHORVGRVVHFDQVDR\DQRSRGHPRVVRSRUWDUORPiV6LVLHQWRHORU
JDVPRSULPHURHOFRLWRQRHVGRORURVRFRQWUDULDPHQWHDORTXHKDEtDOHtGRHQDOJX
QRVVXSXHVWRV WUDWDGRVVH[XDOHVVLQRH[WUHPDGDPHQWHDJUDGDEOH6R\VXSHUVHQVLEOH
SRU GHQWUR \ SXHGR QRWDU ODV ROHDGDV GH VX RUJDVPR 6L pO H[SHULPHQWD HO RUJDVPR
SULPHUR SHUPDQHFH VREUH Pt \ GHQWUR GH Pt KDVWD TXH VH GHVYDQHFHQ ODV ~OWLPDV
VHQVDFLRQHVGHVSXpVTXHGD WHQGLGRDPLODGRDQLPiQGRPHSDUDDPLYH]OOHJDUDO
FOtPD[0HDOHJUDKDEHUGHVFXELHUWRHVWHSURFHGLPLHQWRGHWXUQDUQRVSDUDODSURJUH
VLYD H[FLWDFLyQ FDGD XQR XWLOL]DQGR VXV SHFXOLDUHV ULWPRV &RQ HVWH PpWRGR PH
PXHVWURDFWLYD\SDVLYDFDGDXQRVHVLHQWHPDUDYLOORVDPHQWHDVXSURSLDPDQHUD(Q
FXDOTXLHUDGHODVSRVWXUDVLQGLFDGDVpOSXHGHSURSRUFLRQDUPHHVWtPXORFOLWyULFR\
HQRFDVLRQHV™ORKDFHPHMRUTXH\R
'XUDFLyQGHOFRLWR
0XFKDV VRQ ODV SHUVRQDV TXH FUHHQ TXH XQ FRLWR SURORQJDGR HV OD FODYH SDUD
WHQHU XQ RUJDVPR GXUDQWH HO FRLWR HV GHFLU TXH OD œH\DFXODFLyQSUHPDWXUDGHORV
KRPEUHVHVODTXHLPSLGHTXHODVPXMHUHVWHQJDQRUJDVPRGXUDQWHHOFRLWR3HURSD
UHFHVHUTXHDPHQRVTXHKD\DDOJXQDIRUPDHVSHFtILFDGHEXHQFRQWDFWRGHXQRGH
ORVWLSRVVHxDODGRVHQODVHFFLyQSUHFHGHQWHHOFRLWRSURORQJDGRQRD\XGDDODPD
\RUtDGHODVPXMHUHV'HKHFKRVHGLHURQDOJXQDVTXHMDVVREUHHOFRLWRH[FHVLYDPHQ
WHSURORQJDGR
œ6L OD FySXOD GXUD PiVGHGLH]TXLQFHPLQXWRVHPSLH]RDLUULWDUPH\HQWRQ
FHVODSUy[LPDYH]TXHRULQRVLHQWRXQDTXHPD]yQ
œ(O PRPHQWR GH OD SHQHWUDFLyQ HV HO PiV H[FLWDQWH GHVSXpV WRGR HPSLH]D D
GHVFHQGHU
œ$YHFHVPHVLHQWR¦HQWXPHFLGD§VLODDFWLYLGDGHVGHPDVLDGRIXHUWH\QRPH
VLHQWRELHQ(QRFDVLRQHVHVWR\ H[FHVLYDPHQWHOXEULFDGDSDUDVHQWLUDOJR(QWRQFHV
PHYHRFRPRXQUHFHSWiFXORHQOXJDUGHFRPRXQSDUWLFLSDQWH
œ7UDQVFXUULGRVWUHLQWDPLQXWRVSLGRTXHSDUHPRV
œ3DUDPtWLHQHGHHVWLPXODQWHORTXHXQDPDQRGHMDGDFDHUSRUDOJXLHQVREUH
PLEUD]R
œ6LHPSUH H[SHULPHQWR XQD WHUULEOH UHDFFLyQ HPRFLRQDO DQWH OD SHQHWUDFLyQ DO
SULQFLSLR/XHJRVHGHVYDQHFH
œ0HJXVWDQODVSULPHUDVSHQHWUDFLRQHVGHVSXpVHPSLH]RDLUSDUDDEDMR
œ6tPHJXVWDHOFRLWRVLHVWR\H[FLWDGD/DH[FLWDFLyQVXVFLWDHOGHVHRGHXQD
SURIXQGD SHQHWUDFLyQ YDJLQDO 6LQ HPEDUJR QR PH JXVWD TXH OR KDJDQ GHPDVLDGR
ERPEHR(VRVyORPHGHMDGRORULGD\FRQXQDLQIHFFLyQGHRULQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$XQTXH OD SHQHWUDFLyQ LQLFLDO HV H[FLWDQWH \ VDWLVIDFWRULD OD SHQHWUDFLyQ HQ
JHQHUDOFRLWRUHVXOWDGHFHSFLRQDQWH\VLQXQLQWHQWRHVSHFtILFRGHHVWLPXODFLyQFOL
WyULFDVLPXOWiQHDPHGLDQWHODSRVWXUDRPDQXDOPHQWHVHTXHGDVLPSOHPHQWHHQVD
FXGLGDV
9DULDQWHVGHFDUiFWHUDQDWyPLFR
$OJXQRV LQYHVWLJDGRUHV SLHQVDQ TXH XQD SRVLEOH FDXVD GH OD œIULJLGH] FRVWDO
SXHGH UDGLFDU HQ ODV YDULDFLRQHV DQDWyPLFDV SUHVHQWDGDV SRU GLVWLQWDV PXMHUHV 7DO
LGHDSDUHFHKDEHULQIOXLGRHQPXFKDVPXMHUHVTXH¥SRUEXHQDVUD]RQHV¥ TXLVLHUDQ
GDUFRQXQDUD]yQQRSVLFROyJLFDTXHH[SOLTXHHOKHFKRGHTXHQRWHQJDQRUJDVPRV
GXUDQWHHOFRLWR
œ0LFOtWRULVVHKDOODFXELHUWRSRUFRQVLJXLHQWHQROOHJRGXUDQWHHOFRLWR
œ<RFUHRTXHPLFOtWRULVVHHQFXHQWUDHPSOD]DGRDGHPDVLDGDDOWXUDSDUDSRGHU
WHQHUXQRUJDVPRGXUDQWHHOFRLWR¥RTXL]iVHDSVLFROyJLFRQRFRQItRHQPtPLV
PD
œ&RQVXOWp FRQ XQ GRFWRU TXLHQ PH GLMR TXH WHQJR HO FOtWRULV FXELHUWR \ TXH
DGHPiV HV PX\ SHTXHxR UD]yQ SRU OD FXDO KH GH WDUGDU PiV HQ VHQWLU HO RUJDVPR
1RPHTXLVRRSHUDUSRUTXHVHJ~QpOVHWUDWDEDGHXQDLQWHUYHQFLyQSHOLJURVD7HQ
JRODLPSUHVLyQGHTXHQRKXELHUDGLFKRHVRVLKXELHUDVLGRXQKRPEUHTXLHQWHQtD
HVHSUREOHPD'HWRGDVPDQHUDVH[SHULPHQWRRUJDVPRVHQODPDVWXUEDFLyQFRQXQ
YLEUDGRU \ WDPELpQ FXDQGR PH VLHQWR HQFLPD GHO KRPEUH SDUD PRYHUPH KDFLD GH
ODQWH\KDFLDDWUiVIURWDQGRPLFOtWRULVFRQWUDVXKXHVRS~ELFR
œ$XQTXH QR KH OHtGR D 0DVWHUV \ -RKQVRQ \TXL]iVHOORVWRFDQHOWHPDDPt
PH SDUHFHTXHPLFOtWRULVTXHGDGHPDVLDGROHMRV GHPLYDJLQDSDUDVHUHVWLPXODGR
GXUDQWHHOFRLWRQRUPDODPHQRVTXHHVWpHVWLPXODGR\D˜(VSRVLEOHTXHODURWXUD
SUHPDWXUDGHOKLPHQVHDFDXVDGHXQDPD\RUVHSDUDFLyQGHOFOtWRULV\ODYDJLQD"
œ0HSUHJXQWRVL\RVR\FRPRODVGHPiVPXMHUHV1RPHVLHQWRDQRUPDOSHUR
WDOYH]ODSRVLFLyQGHPLFOtWRULVVHDUHVSRQVDEOHGHPLVGXGDV(OFDVRHVTXHQRSD
UHFHHVWLPXODUORQDGDFRORFDGRHQPLYDJLQD
œ5HDOPHQWH SLHQVR TXH PL FOtWRULV SXHGH QR HVWDU ELHQ VLWXDGR ItVLFDPHQWH
SRUTXHFDVLQXQFDORJURGDUFRQXQDSRVWXUDDGHFXDGDSDUDHVWLPXODUORWHQLHQGRHO
SHQHLQWURGXFLGRHQODYDJLQD
/RFLHUWRHVTXHODDQDWRPtDFOLWyULFD\ODELDOHVDOWDPHQWHYDULDEOHHQWDPDxR
IRUPD HPSOD]DPLHQWR WH[WXUD \ RWURV IDFWRUHV 6LQ HPEDUJR HVR QR VLJQLILFD TXH
QXHVWUD DQDWRPtD VHD HUUyQHD TXH HVWi GHIRUPDGD (V OD SUHVLyQ FXOWXUDO HMHUFLGD
VREUH ODV PXMHUHV SDUD TXH WHQJDQ RUJDVPR GXUDQWH HO FRLWR OR TXH HV HUUyQHR DVt
FRPRODIRUPDHVWHUHRWLSDGDHQTXHGHILQLPRVODVH[XDOLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(VGXGRVRTXHQXHVWUDDQDWRPtDVHDXQIDFWRULPSRUWDQWHHQORTXHVHUHILHUHD
VLWHQHPRVRQRRUJDVPRGXUDQWHHOFRLWR0DVWHUV \-RKQVRQQRHQFRQWUDURQSUXH
EDVTXHUHVSDOGHQODFUHHQFLDGHTXHODVGLIHUHQFLDVHQODDQDWRPtDFOLWyULFDSXHGHQ
LQIOXLU HQ OD UHVSXHVWD VH[XDO 6LQ HPEDUJR %DUEDUD 6HDPDQ TXLHQ HVFULELy )UHH
DQG)HPDOHSUHYLHQHTXHœHVWRKDGHVHUFRQWHPSODGRFRPRXQ KDOOD]JRDOWDPHQWH
KLSRWpWLFR\DTXHHOORVQRSXGLHURQREVHUYDUQLQJ~QFOtWRULVHQHOPRPHQWRGHORU
JDVPR6KHUIH\SLHQVDWDPELpQTXHKDQGHHIHFWXDUVHPiVLQYHVWLJDFLRQHVHQHVWH
FDPSR0DVWHUV\-RKQVRQKDQGLFKRTXHDVXMXLFLRGHWHUPLQDGDVFRQGLFLRQHVYD
JLQDOHV SXHGHQLPSHGLUTXHHOSHQHHQVXDFRPHWLGDHMHU]DWUDFFLyQVREUHORVODELRV
\FDSXFKyQGHOFOtWRULV3HURWRGRVHUHGXFHDXQDVHVSHFXODFLRQHVHQGHILQLWLYD/R
UHDOORTXHKD\TXHWHQHUSUHVHQWHHVTXHORPiVFRUULHQWHHVTXHQRVHH[SHULPHQWH
HORUJDVPRHQHOFRLWRVREUHWRGRVLQRVHKDKHFKRDOJ~QWLSRGHHVIXHU]RHVSHFLDO
SDUDWHQHUORPHGLDQWHHVWLPXODFLyQFOLWyULFDDGLFLRQDODOPLVPRWLHPSR
(VSRVLEOHDSUHQGHUDH[SHULPHQWDUHORUJDVPRGXUDQWHHOFRLWR
œ$ORODUJRGHORVSULPHURVVLHWHDxRVGHUHODFLyQVH[XDOFRQPLHVSRVRQRWX
YH QXQFD RUJDVPR 3HQVp TXH WHQtD EDVWDQWH FRQ FRPSODFHUOH WDPELpQ GLVIUXWDED
FRQHODFWRHQVt3HURFRQHOWLHPSRPHVHQWtIUXVWUDGDHKLFHPXFKtVLPRVHVIXHU
]RVSDUDDSUHQGHUDFRPSODFHUPHDPtWDPELpQ
œ'XUDQWHPLVSULPHURVGLH]DxRVGHPDWULPRQLRFDVLQXQFDWXYHRUJDVPRVFRQ
PLPDULGR&UHtDTXHHUDIUtJLGDSHURFXDQGRGRVDxRVGHVSXpVGHPLGLYRUFLRXQ
KRPEUH PH HQVHxy OR TXH KDEtD GH KDFHU PH TXHGp LPSUHVLRQDGD DO GHVFXEULU OR
SRFRIUtJLGDTXHVR\(QFLHUWRVHQWLGRWXYHTXHDSUHQGHU¥HVGHFLUTXpSRVWXUDV
HWF HUDQ PHMRUHV \ PiV SUREDEOH TXH PH OOHYDUDQ DO RUJDVPR¥ 2MDOi KXELHUD
DSUHQGLGRDQWHV
œ(ORUJDVPRGXUDQWHHOFRLWRHVFRQWRGDFHUWH]DXQDUHVSXHVWDDSUHQGLGD'H
KDEHU VLGR\RXQDSHUVRQDDQDOIDEHWDGHQRKDEHURtGRQXQFDH[SOLFDUDQDGLHFyPR
SXHGHORJUDUVHDTXpOORPiVVHJXURHVTXHFRQWLQXDUDHQHOOHFKRWHQGLGDERFDDUUL
EDFRQODYLVWDILMDHQHOFLHORUDVR\SUHJXQWiQGRPHVLDHVWRVHUHGXFtDWRGRHODFWR
DPRURVR3HURJUDFLDVDO/LWWOH<HOORZ%RRNGH%HUJ\6WUHHWDSUHQGtODPDQHUDGH
FRQVHJXLUHORUJDVPRGXUDQWHODFySXODFRQUHJXODULGDG\RFRORFiQGRPHHQFLPDD
ILQGHSRGHUFRQWURODUODSUHVLyQ$XQTXHODDFRPHWLGDQRUPDOGHOYDUyQHVHVWLPX
ODQWH\JUDWDORTXHPHOOHYDDOFOtPD[VRQPLVFRQWRUQHRVODWHUDOHVRFLUFXODUHVVR
EUHHOPLHPEUR5DUDPHQWHWHQJRXQHQFXHQWURVLQRUJDVPR
)LQDOPHQWHHQHVWHHVWXGLRQRH[LVWtDQLQJXQDDSDUHQWHFRUUHODFLyQHQWUHODFDSDFL
GDGSDUDH[SHULPHQWDUHORUJDVPRHQHOFRLWR\ODHGDGQ~PHURGHKLMRVRFDXGDOGH
H[SHULHQFLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
2WUDVPXMHUHVRSLQDEDQTXHSHVHDSRGHUWHQHURUJDVPRVGXUDQWHHOFRLWRSUHIH
UtDQJR]DUGHpVWHSRUVtPLVPRHQYH]GHFRQFHQWUDUVHHQODWDUHDGHORJUDUHOFOt
PD[
œ6HQWLU HO RUJDVPR HV FRVD TXH QR H[LJH FDVL QLQJ~Q HVIXHU]R HQ WDQWR TXH
KD\DXQHVWtPXORGLUHFWRGHPLFOtWRULV6LQHPEDUJRHOHVIXHU]RQHFHVDULRSDUDWH
QHURUJDVPRGXUDQWHHOFRLWRHVSURGLJLRVR+DELWXDOPHQWHSRUWDQWRQRPHPROHV
WR0HOLPLWRDUHODMDUPH\DJR]DUFRQODLQWLPLGDGGHOPRPHQWR\VXRUJDVPR
œ(OPRYLPLHQWRGHDYDQFH\UHWLUDGDGHOPLHPEURDVtFRPRHOTXHHIHFW~RWH
QLHQGRHOSHQHLQWURGXFLGRGHVXHUWHTXHSXHGDFRQWURODUODGRVLVGHHVWtPXORFOLWy
ULFRHVORPiVH[FLWDQWH1RREVWDQWHFUHRKDEHUUHQXQFLDGRDFRQVHJXLUHORUJDVPR
GXUDQWHODSHQHWUDFLyQ(QODIRUPDWUDGLFLRQDOPHFHQWURPiVHQODVDWLVIDFFLyQGH
PL FRPSDxHUR /R HQFXHQWUR PiV SODFHQWHUR D OD ODUJD \ OXHJR SXHGR UHODMDUPH \
JR]DUFRQHOPtRPHGLDQWHHOHVWtPXORPDQXDOFRQWRGDODDWHQFLyQFRQFHQWUDGDHQ
PtSHUVRQD
&RQFOXVLyQ
3DUDVHQWLUXQRUJDVPRGXUDQWHHOFRLWRXQDPXMHUGLVSRQHGHGRVPHGLRVSDUD
LQFUHPHQWDUVXVRSRUWXQLGDGHVVLHPSUHUHFRUGDQGRTXHHVWiDGDSWDQGRVXFXHUSRD
XQHVWtPXORPHQRVTXHDGHFXDGR(QSULPHUOXJDUORTXHHVPiVLPSRUWDQWHKDGH
LQWHQWDU DSOLFDU FRQVFLHQWHPHQWH VXV WpFQLFDV GH PDVWXUEDFLyQ DO FRLWR R WUDWDU GH
DYHULJXDUTXpHVORTXHSXHGHGDUOHUHVXOWDGRSDUDREWHQHUHVWtPXORFOLWyULFRRELHQ
SXHGH UHODFLRQDUVH VH[XDOPHQWH FRQ XQ KRPEUH GH FLHUWDV FRQGLFLRQHV TXH SXHGD
VDWLVIDFHUVXVQHFHVLGDGHVLQGLYLGXDOHV
+D]ORW~PLVPD
/DVPXMHUHVTXHVHQWtDQHORUJDVPRGXUDQWHHOFRLWRHUDQJHQHUDOPHQWHODVTXH
HQ FLHUWR PRGR VH ORSURFXUDEDQHOODVPLVPDV1RHVSHUDEDQœUHFLELUHORUJDVPR
DXWRPiWLFDPHQWHDFRQVHFXHQFLDGHOPRYLPLHQWRGHSHQHWUDFLyQFRQVXFRPSDxHUR
œ6XSRQJRTXHORSULQFLSDOHVTXHXQDPXMHUVHKDOODPiVLPSOLFDGDHQHOFRLWR
\ODSDUWHDIHFWLYDGHpVWHGHORTXHSHQVpHQXQSULQFLSLR
œ(VLPSRUWDQWHTXHODVPXMHUHVVHDQFDSDFHVGHHVWLPXODUVHDVtPLVPDV6LVH
OLPLWDQ D DFHSWDU OR TXH HO KRPEUH KDFHQRHVGHH[WUDxDUTXHQRH[SHULPHQWHQHO
RUJDVPR
œ(QODUHODFLyQVH[XDOFXDQWRPDVDIiQSRQJRHQSHUVHJXLUPLSURSLRSODFHU
HQ HVWDU DWHQWD D PLV VHQVDFLRQHV JHQLWDOHV PRYLHQGR DGHFXDGDPHQWH PL FXHUSR
DGRSWDQGR OD SRVWXUD FRQYHQLHQWH PiV YR\ DSUR[LPiQGRPH DO RUJDVPR (Q RWUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WLHPSR PH SUHRFXSDED SHQVDQGR TXH HVWD VHULHGDG HVWH WUDEDMDU SDUD HO SODFHU GH
XQDPLVPDHUDSRFRIHPHQLQR
œ8QDYH]H[SHULPHQWpXQDFRQFUHWDVHQVDFLyQFOLWyULFD0HKDOODEDWHQGLGDGH
HVSDOGDVSHURQRVHQFRQWUiEDPRVOLJHUDPHQWHYXHOWRVKDFLDXQODGR7DOYH]GHELHUD
VHU PiV DJUHVLYD SHUR ORV KRPEUHV TXH KH FRQRFLGR SDUHFHQ SHUGHU tPSHWX FXQGR
LQWHQWRFRPSULPLUPHFRQWUDHOORVRIRUPXODUVXJHUHQFLDVYHUEDOHV
/D QRUPD VDJUDGD HV TXH GHEHV KDFHU TXH RFXUUD SRU WL PLVPD \ QR HVSHUDU
VLPSOHPHQWHDTXH¦RFXUUD§QLWDPSRFRDTXHHOKRPEUHORFDOLFHSRUFDVXDOLGDGHO
SXQWRPiVVHQVLEOH
œ&XDQGR SXHGR LPSULPLU OLEUHPHQWH XQ PRYLPLHQWR GH URWDFLyQ D PL SHOYLV
PHHVSRVLEOHGHWHUPLQDUGyQGHTXLHURTXHVHHMHU]DODSUHVLyQ\GHTXpIRUPD
œ'XUDQWH HO FRLWR PH PXHVWUR PX\ DFWLYD \ OH KDEOR H[SOLFiQGROH TXp HV OR
TXHPHJXVWDPiVHWF
/DVPXMHUHVTXHPHMRUVHGHVHQYROYtDQKDEtDQDGDSWDGRVXVWpFQLFDVPDVWXUED
WRULDV VLQ HO PHQRU UHSDUR D VXV UHODFLRQHV VH[XDOHV FRQ RWUDV SHUVRQDV R ELHQ
KDEtDQWHQLGRODH[WUDRUGLQDULDVXHUWHGHGDUFRQXQFRPSDxHURVHQVLEOH\H[SHUWR
/D PXMHU KD GH FXLGDU GH Vt PLVPD \ TXHUHU FRPSODFHUVH \ GHEH SHQVDU TXH
HVWi HQ VX GHUHFKR 7LHQH TXH KDFHUOR VHD OR TXH VHD R SHGLUOR PX\ FODUD \ PX\
HVSHFtILFDPHQWH
5HODFLyQHQWUHHORUJDVPRGXUDQWHHOFRLWR\ODPDVWXUEDFLyQ
([LVWHXQYLHMRPLWRTXHGLFHTXHODPDVWXUEDFLyQSURGXFHœILMDFLyQFOLWyULFD
\œIULJLGH]
œ(VSRVLEOHTXHPDVWXUEiQGRVHVHOOHJXHDXQDILMDFLyQGHFOtWRULVVLHQGRSRU
WDQWRLQFDSD]GHVHQWLUHORUJDVPRGXUDQWHHOFRLWR
œ3RUKDEHUPHPDVWXUEDGRDSDUWLUGHORVGLH]DxRVGHHGDGKDKHFKRPiVGLIt
FLOSDUDPtWHQHURUJDVPRYDJLQDOPHQWH
œ+DELpQGRPHKDELWXDGRDODPDVWXUEDFLyQGXUDQWHDxRVGHVGHODDGROHVFHQFLD
UHSULPLHQGRPLVGHVHRVGHVRVWHQHUUHODFLRQHVVH[XDOHVFRQORVFKLFRVVLHQWRTXHVH
KDGHVDUUROODGRHQPLXQUHIOHMRFRQGLFLRQDGRTXHQRPHKDSHUPLWLGRH[SHULPHQWDU
XQRUJDVPRYDJLQDOFRQPLHVSRVRVLELHQJR]RFRQHODFWRHQVt
œ1R PH SHQHWUR HQ OD PDVWXUEDFLyQ SRUTXH SRU DOJXQD FDXVD FXDQGR PH LQ
VHUWRDOJRHQODYDJLQDDSXQWRGHOOHJDUDOFOtPD[HORUJDVPRQRHVWDQLQWHQVR0H
ILJXUR TXH OD PDVWXUEDFLyQ PH HVWi GHIRUPDQGR \ TXH GHER LQWHUUXPSLU WDO DFWLYL
GDG
6LQHPEDUJRODYHUGDGHVMXVWRORFRQWUDULRODPDVWXUEDFLyQLQFUHPHQWDODFD
SDFLGDGGHODPXMHUSDUDWHQHURUJDVPRHQJHQHUDO\WDPELpQVXFDSDFLGDGSDUDWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QHURUJDVPRGXUDQWHHOFRLWR˜3RUTXpQR"6HWUDWDGHOPLVPRHVWtPXOR6RODPHQWH
HOGHODVPXMHUHVGHHVWHHVWXGLRTXHQRVHPDVWXUEDEDQVHQWtDQHORUJDVPRFRQ
UHJXODULGDG HQ HO FRLWR XQ GHVFHQVR EDVWDQWH FRQVLGHUDEOH FRQ UHVSHFWR DO SRU
FLHQWRTXHVHGDEDHQODSREODFLyQWRWDO'HVGHOXHJROD PDVWXUEDFLyQSDUDORJUDUHO
RUJDVPRQROOHYDDXWRPiWLFDPHQWHDWHQHURUJDVPRGXUDQWHHOFRLWR1RH[LVWHQLQ
JXQDFRQH[LyQPtVWLFDHQWUHORVGRVFDVRV~QLFDPHQWHODH[SHULHQFLDSUiFWLFDHQHO
RUJDVPRFyPRVHSHUFLEH\FyPRORJUDUOR
œ˜6RQVXVWpFQLFDVGHPDVWXUEDFLyQVLPLODUHVDODVTXHDSOLFDGXUDQWHHOFRLWRSDUD
WHQHURUJDVPR"
˜+DEtDDOJXQDFRUUHODFLyQHQWUHHOWLSRGHPDVWXUEDFLyQ\HOPpWRGRXWLOL]DGR
SDUD VHQWLU HO RUJDVPR GXUDQWH HO FRLWR" ˜6RQ DOJXQRV WLSRV GH PDVWXUEDFLyQ PiV
IiFLOHVGH DGDSWDUDOFRLWRTXHRWURV"
$OJXQDV PXMHUHV GHFODUDURQ TXH VXV PpWRGRV HQ OD PDVWXUEDFLyQ \ HO FRLWR HUDQ
VLPLODUHV
œ/DPDVWXUEDFLyQLPSOLFDSDUDPtHOIURWHFLUFXODUGHOFOtWRULV\GHORVERUGHV
GHODYDJLQD<HOFRLWRHVEiVLFDPHQWHORPLVPR
œ6RQ ORV PLVPRV FXDQGR HO SHQH IURWD GLUHFWDPHQWH PL FOtWRULV R DSULHWD VX
FXHUSRFRQWUDOD]RQDGHOFOtWRULV'HRWUDIRUPDPHPDVWXUERHOHVWtPXORGHODV]R
QDVTXHVRQPiVVHQVLEOHVSDUDPtHVPXFKRPiVGLUHFWRHLQWHQVR
6LQ HPEDUJR OD PD\RUtD GH ODV PXMHUHV TXH FRQWHVWDURQ D HVWD SUHJXQWD \ HVSH
FLDOPHQWHFDVLWRGDVODVTXHQRVHQWtDQHORUJDVPRGXUDQWHHOFRLWRSHQVDEDQTXH
HOHVWtPXORGXUDQWHODPDVWXUEDFLyQ\HQFRLWRQRHUDHQDEVROXWRLJXDO
œ,QWHQWRXWLOL]DUODPLVPDWpFQLFDSHURDPHQXGRHOFRLWRORKDFHGLItFLOSRU
TXHPLFOtWRULVVHKDFHPHQRVVHQVLEOH\DYHFHVSDUHFHFRPRVLHVWXYLHVHVXPHUJL
GR
œ1R SRU XQD UD]yQ QR SXHGR PDQWHQHU ODV SLHUQDV MXQWDV (VWR HV QHFHVDULR
SDUDPtWRGDYtDSDUDSRGHUOOHJDUDORUJDVPR&RQODSHQHWUDFLyQ YDJLQDOSRUHOSHQH
QXQFD WHQJR HO RUJDVPR YLROHQWDPHQWH ItVLFR TXH FRQVLJR FRQ HO HVWtPXOR FOLWyULFR
GLUHFWR1LVLTXLHUDHVWR\VHJXUDGHVLOOHJR
œ1R'XUDQWHHOFRLWRKD\PiVSUHVLyQGHHPSXMH(QODPDVWXUEDFLyQKD\PiV
PRYLPLHQWRGHDYDQFH\GHUHWURFHVRFRQXQGHGRDSR\DGRHQHOFOtWRULV
œ(Q OD PDVWXUEDFLyQ HV LPSRUWDQWH VRPHWHU ORV P~VFXORV D XQ PDVDMH SDUD
SURSRUFLRQDUXQDHVSHFLHHGLVWHQVLyQ\DOLYLRGHOD]RQDFOLWyULFD(VWDPLVPDGLV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WHQVLyQ \ DOLYLR QR VH UHDOL]D SRU QLQJXQR GH ORV PRYLPLHQWRV KDFLD DUULED \ KDFLD
DEDMRRKDFLDGHQWUR\KDFLDIXHUDSRUSDUWHGHPLFRPSDxHUR
œ1RODSRVWXUDGLIHUHQWH\ODSUR[LPLGDGGHOKRPEUHLPSLGHQODDSOLFDFLyQGH
XQDWpFQLFDPDVWXUEDWRULDHILFD]
œ6HVXSRQHTXHKDGHSURGXFLUVHHOFOtPD[FRQXQKRPEUHVLWHPDVWXUEDVIUR
WDQGR OD SDUWH H[WHULRU GH OD YDJLQD D YHFHV FRQ SHQHWUDFLyQ <R Vp SURFXUiUPHOR
FRQIDFLOLGDG/RVpGHVGHTXHHUDSHTXHxD/DFRVDQRGHEHUtDUHVXOWDUGHPDVLDGR
GLItFLOFRQXQKRPEUHSHURKDVWDDKRUDQRKHORJUDGRQDGD˜+D\DOJXQDIRUPDGH
OOHJDUDORUJDVPRFRQHOSHQHGHXQKRPEUHHQODYDJLQDVLODPXMHUVHPDVWXUEDGH
ODPDQHUDTXHKHGHVFULWR"
5HDOPHQWHODPD\RUSDUWHGHODVUHVSXHVWDVDHVWDSUHJXQWDHUDQLQLQWHOLJLEOHV
RPX\FRQIXVDVODPD\RUtDGHODVPXMHUHVQLVLTXLHUDSDUHFtDQHVWDUVHJXUDVGHOVLJ
QLILFDGRGHDTXpOODKDVWDWDOSXQWRKHPRVKHFKRGHQXHVWURVSHQVDPLHQWRVFRPSDU
WLPLHQWRVHVWDQFRV(QHVWHVHQWLGRODVFLWDVSUHFHGHQWHVTXL]iQRVRQUHSUHVHQWDWL
YDV/RTXHHQUHDOLGDGHPHUJLyGHODVFRQWHVWDFLRQHVIXHHOKHFKRGHTXHODPD\RUtD
GHODVPXMHUHVQRKDEtDQOOHJDGRDSHQVDUVLTXLHUDHQXQDSRVLEOHFRQH[LyQ
)LQDOPHQWH˜H[LVWtDXQDFRUUHODFLyQHQWUHHOWLSRGHPDVWXUEDFLyQ\ODœFDSD
FLGDGSDUDWHQHURUJDVPRGXUDQWHHOFRLWR"˜(UDQFLHUWRVWLSRVGHRUJDVPRPiVLQ
GLFDGRVSDUDGDUVHHQHOFRLWRTXHRWURV"0LLPSUHVLyQIXHTXHHVWDVFLIUDVVRQLP
SUHFLVDV SRUTXH PXFKDV PXMHUHV TXHGDURQ GHVFDOLILFDGDV SDUD VHU FRQWDGDV VH LQ
FOX\HURQDTXHOODVTXHQRHVSHFLILFDURQFyPRKDEtDQWHQLGRRUJDVPRGXUDQWHHO FR
LWRODVTXHVHPDVWXUEDEDQSRUPDVGHXQPHGLRODVGHOJUXSRGHœGHILQLFLyQGLVFX
WLEOHGHRUJDVPR4XHGyDVtXQQ~PHURPX\SHTXHxRSDUDSRGHUHVWDEOHFHUFRUUH
ODFLRQHV
6LQ HPEDUJR D SHVDU GH WRGRV HVWRV SUREOHPDV VXUJLHURQ GRV FODUDV WHQGHQ
FLDV /DV TXH PiV SUREDELOLGDGHV WHQtDQ GH VHQWLU HO RUJDVPR GXUDQWH HO FRLWR HUDQ
ODV TXH VH PDVWXUEDEDQ ERFD DEDMR HVSHFLDOPHQWH ODV TXH QR XWLOL]DEDQ VXV PDQRV
WLSR,,,<WHQtDQPHQRVSUREDELOLGDGHVODVTXHMXQWDEDQRFUX]DEDQODVSLHUQDV
1R VH DSUHFLDURQ RWUDV FRUUHODFLRQHV DSDUWH pVWDV FODUDPHQWH GHILQLGDV \ PXFKDV
PXMHUHV FX\RV WLSRV VXJHUtDQ OD SRVLELOLGDG GH TXH VLQWLHUDQ HO RUJDVPR GXUDQWH HO
FRLWRQRHUDQHQUHDOLGDGFDSDFHVGHHOOR7RGRSDUHFtDGHSHQGHUHQJUDQSDUWHGHOR
LQWHUHVDGDVTXHHVWXYLHUDQHQDSOLFDUHOFRQRFLPLHQWRGHVXVSURSLRVFXHUSRVDOFR
LWR\GHTXHDFWLYDPHQWHGLULJLHUDQHOHVWtPXORVLQQLQJ~QUHFDWRKDFLDHOODVPLV
PDV
(YLGHQWHPHQWHVLHVWRVWLSRVGHFXHUSRVHKDFHQRQDFHQDVtHVXQDSUHJXQWD
TXHTXHGDSRUUHVSRQGHU
(VGHFLUXQDYH]KDDSUHQGLGRFXDOTXLHUPXMHUDVHQWLUHORUJDVPRSRUFLHUWR
PHGLR ˜VH FRQYLHUWH pVWH HQ XQD SDXWD EiVLFDPHQWH ILMD SDUD HOOD" 3RU HMHPSOR VL
DSUHQGLy FRQ ODV SLHUQDV MXQWDV ˜SRGUi PiV WDUGH DSUHQGHU VHSDUiQGRODV" 2 ELHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FLHUWRV WLSRV GH FXHUSRV ˜VROR SXHGHQ H[SHULPHQWDU HO RUJDVPR HQ GHWHUPLQDGDV
SRVWXUDV"
1RREVWDQWHWDOSUHJXQWDHVLPSRUWDQWHVyORGHVGHHOSXQWRGHYLVWDDFDGpPLFR
/DV PXMHUHV TXH VH PDVWXUEDQ FRQ ODV SLHUQDV MXQWDV SRU HMHPSOR SXHGHQ DGDSWDU
HVWDSRVWXUDDOFRLWRWDQELHQFRPRORVRWURVWLSRVGHPDVWXUEDFLyQ1LQJ~QWLSRGH
FXHUSR HV œPHMRU TXH RWUR0LHQWUDVTXHXQDPXMHUTXHQHFHVLWDWHQHUODVSLHUQDV
MXQWDV SDUD VHQWLU HO RUJDVPR WHQGUi TXH PROHVWDUVH XQ SRFR PiV HQVHxDQGR D VXV
QXHYRVDPDQWHVODVIRUPDVGHFRLWRFRQTXHHOODSXHGHWHQHURUJDVPRHVFLHUWRWDP
ELpQ TXH ODV TXH PDQWLHQHQ ODV SLHUQDV MXQWDV WLHQHQ PDV SUREDELOLGDGHV TXH RWUDV
PXMHUHV GH H[SHULPHQWDU PXFKRV RUJDVPRV VHFXHQFLDOHV \D TXH QR HVWLPXODQ VXV
FOtWRULVWDQGLUHFWDPHQWHODSLHOUHSOHJDGDIRUPDXQFRMtQSURWHFWRU&XDOTXLHUDTXH
VHD HO WLSR GH FXHUSR TXH WHQJD XQD PXMHU SXHGH JR]DU DEVROXWDPHQWH LJXDO TXH
FXDOTXLHURWUD7RGRORTXHWLHQHTXHKDFHUHVVHUDFWLYD\H[SORUDU
˜&XiOHVODGLIHUHQFLDHQWUHœRUJDVPDU\œWHQHU XQRUJDVPR"
(VWD LGHDGHTXHVRPRVQRVRWUDVUHDOPHQWHTXLHQHVKDFHPRVQXHVWURVSURSLRV
RUJDVPRVLQFOXVRGXUDQWHHOFRLWRVHKDOODQHQGLUHFWDFRQWUDGLFFLyQFRQORTXHQRV
KDQHQVHxDGR$ODPD\RUtDGHQRVRWUDVQRVKDQGLFKR
œ7~GHEHVUHODMDUWH\JR]DUORLQGLFiQGRQRVFRPRPi[LPRTXHOHD\XGHPRV
DpOHQORVPRYLPLHQWRVGHSHQHWUDFLyQSDUDTXHpOQRVœGpHORUJDVPR
œ6LWHHVIXHU]DVGHPDVLDGRQXQFDWHQGUiVXQRUJDVPRpVWHKDGHOOHJDUGHXQ
PRGRQDWXUDOFRPRUHVXOWDGRGHOHQFXHQWURDPRURVR
œ7~QRWLHQHVTXHKDFHUQDGDSDUDTXHRFXUUDHVXQDUHVSXHVWD'HEHVWDQVyOR
GHMDUWHOOHYDUFRQQDWXUDOLGDGSRUHOGLVFXUULUGHORVDFRQWHFLPLHQWRV
œ/RVRUJDVPRVHQODVPXMHUHVVRQDOJRWDQQDWXUDOFRPRODVH\DFXODFLRQHVHQ
ORV KRPEUHV 6L XQD PXMHU VH KDOOD HQ FRQWDFWR FRQVLJR PLVPD ItVLFD \ HPRFLRQDO
PHQWHFUHRTXHORVRUJDVPRVFRQVWLWXLUiQDOJRPX\QDWXUDOSDUDHOOD
œ1RKDGHVHUQHFHVDULRQLQJ~QHVIXHU]R6HSUHVHQWDFXDQGROOHJDHOPRPHQ
WR FXDQGR KD\ GRV SHUVRQDV DPiQGRVH $SUHQGH D DFHSWDU \ DPDU WX FXHUSR \ D WL
PLVPD\VHQWLUiVHORUJDVPR
+D GH VHxDODUVH TXHPXFKDVGHODVPXMHUHVTXHFRQWHVWDURQGHHVWDIRUPDQR
H[SHULPHQWDEDQ RUJDVPRV FRQ UHJXODULGDG HQ VXV DFWLYLGDGHV VH[XDOHV &RPR \D
KHPRVYLVWRHQODVHFFLyQSUHFHGHQWHHORUJDVPRHVPiVSUREDEOHTXHVHSURGX]FD
FXDQGRODPXMHUDVXPHODUHVSRQVDELOLGDGGHVXSURSLRHVWtPXOR\ORFRQWUROD6LHP
SUHHQHVHQFLDFUHDVWXSURSLRRUJDVPR
œ<RFUHRPLSURSLRRUJDVPR$YHFHVQRKD\HVWLPXORTXHPHSRQJDHQFRQ
GLFLRQHV SRUTXH QR TXLHUR 5HDOPHQWH PH PROHVWDQ ORV KRPEUHV TXH DODUGHDQ GH
¦GDU§DXQDPXMHUXQEXHQRUJDVPR6LHPSUHSLHQVRTXHPHORKHFUHDGR\RDXQHQ
HOFDVRGHTXHpOUHDOLFHHOHVWtPXOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$XQTXHSLHQVRTXHHOSODFHUPXWXRHVDOJRPDUDYLOORVRHORUJDVPRHQGHIL
QLWLYD HV DOJR SURSLR (UHV W~ PLVPD TXLHQ WLHQH TXH DSRUWDU OD FRQFHQWUDFLyQ \ HO
HVIXHU]RItVLFRQHFHVDULRV
1RV SURSRUFLRQDPRV QRVRWUDV PLVPDV HO RUJDVPR LQFOXVR HQ FLHUWR VHQWLGR
FXDQGR RWUD SHUVRQD VH HQFDUJD GHO HVWtPXOR SXHVWR TXH KHPRV GH DVHJXUDUQRV GH
TXH RSHUD HQ HO SXQWR FRUUHFWR PRYLpQGRQRV X RIUHFLHQGR VXJHUHQFLDV \ WHQVDQGR
QXHVWURV FXHUSRV \ DGRSWDQGR OD SRVWXUD R SRVWXUDV SUHFLVDV < HQWRQFHV KD\ XQ
SDVR ILQDOQHFHVDULRHQODPD\RUtDGHORVFDVRVQHFHVLWDPRVHVWDUSHQGLHQWHVGH OD
VHQVDFLyQ\FRQFHQWUDUQRVDYDQ]DUKDFLDHORUJDVPRWUDEDMiQGROR\GHVHiQGRORDF
WLYDPHQWH
œ(VHORUJDVPRHOUHVXOWDGRGHXQHVIXHU]RFRQFHQWUDGR"
œ6tQRSXHGHVOLPLWDUWHDWHQGHUWHDOOtHQHVSHUDGHORUJDVPR6HVLHQWHODLQ
PLQHQFLDGHpVWH\QDWXUDOPHQWHKD\TXHFRQFHQWUDUVHHQODWDUHDGHSURGXFLUOR
œ6t3RQJRDSURSyVLWRORVP~VFXORVGHPLVPXVORVUHFWR\YDJLQDHQWHQVLyQ
+HQHFHVLWDGRPXFKRWLHPSRSDUDDSUHQGHUDFRQFHQWUDUPHHQPLFXHUSR\HQORTXH
VXFHGHGXUDQWHODUHODFLyQVH[XDODQWHVTXHGHXQPRGRH[FOXVLYRHQORTXHpOVH
SURSRQHKDFHURSLHQVD
œ6t FDGD SHUVRQD SUREDEOHPHQWH WLHQH TXH DSUHQGHU OD IRUPD TXH VH DGDSWH
PHMRU D VX FXHUSR SDUD FRQVHJXLUOR FyPR WHQVDUOR TXL]i TXp SHQVDPLHQWRV R SD
ODEUDV SXHGHQ FRQWULEXLU D SURGXFLUOR 'XUDQWH PXFKRV DxRV IXL LQFDSD] GH VHQWLU
RUJDVPRVFRQRWUDSHUVRQDOXHJRILQDOPHQWHDSUHQGtDSRQHUHQWHQVLyQPLFXHUSR
KDVWDWDOSXQWRTXHPHIXHSRVLEOHVDOYDUDTXHOREVWiFXOR
œ&RQWUDLJRFRQIXHU]DPLVP~VFXORVYDJLQDOHVGXUDQWHHOHVWtPXORFOLWyULFR\
HVWRFRQWULEX\HPXFKRDFDXVDUPHRUJDVPRV
œ6tFRQFHQWURWRGDVPLVHQHUJtDV&DGDP~VFXOR\FDGDQHUYLRGHPLFXHUSR
œ$OVHQWLUTXHVHDFHUFDHORUJDVPRPX\DPHQXGRKDJRXQHVIXHU]RGHFRQ
FHQWUDFLyQSDUDDVHJXUDUPHGHTXHYDDSURGXFLUVH(VWRVLJQLILFDTXHPHPXHYR\R
GLJRDPLFRPSDxHURTXpHVORTXHKDGHKDFHU
œ3XHGHQGDUVH\VHGDQVLQJUDQHVIXHU]RSHURDPHQRVTXHWHHQFDUJXHVGH
VX FRQWURO GH KDFHU TXH RFXUUDQ GH OD IRUPD HQ TXH TXLHUHV TXH OR KDJDQ \ HQ HO
PRPHQWR SUHFLVR OR PiV SUREDEOH HV TXH ORV RUJDVPRV VHDQ LQVXILFLHQWHV H
LQIUHFXHQWHV
œ,QPHGLDWDPHQWHDQWHVGHORUJDVPRFRQFHQWURPL PHQWH\PLVVHQWLGRVHQXQD
]RQDPiVTXHHQHO VLVWHPDFRRUGLQDGR
œ,QWHQWR FRORFDU PLSHOYLVGHIRUPDTXHPHSHUPLWDREWHQHUODPi[LPDVDWLV
IDFFLyQ PHGLDQWH PRYLPLHQWRV UtWPLFRV \ HQWRQFHV FRQFHQWUR ODV HQHUJtDV GH PL
FXHUSRHQHVWDJUDQH[SORVLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3DUHFHFDVLFRPRVLH[LVWLHVHXQDGHILQLWLYDVHSDUDFLyQHQWUHVHQVXDOLGDGVHQ
VDFLyQItVLFDGLIXVDQRFRQFHQWUDGD\VH[XDOLGDGLPSXOVRKDFLDHORUJDVPR\TXH
SDUD WHQHU XQ RUJDVPR DO PHQRV OD PD\RU SDUWH GH ODV YHFHV HV QHFHVDULR SHQVDU
REUDU\FRQFHQWUDUVHHQWDOREMHWLYR
œ/OHJDFLHUWRPRPHQWRHQTXHKD\TXHGHMDUGHUHODMDUVH\GLYHUWLUVHSDUDOOH
YDUWHDWLPLVPD KDFLDHVDH[SHULHQFLDVtVPLFDHORUJDVPR\DYHFHVHVRWHSDUHFH
GHPDVLDGDPROHVWLD
œ2FDVLRQDOPHQWH FXDQGR PH VLHQWR SDVLYD \ PX\ D SXQWR SDUD VHU WRFDGD HQ
WRGR HO FXHUSR HV FRPR Vt PH ¦ROYLGDUD§ GH HVWLPXODUPH VXSHUJHQLWDOPHQWH \ QR
OOHJRDPHQRVTXHPHFRQFHQWUHHQPtPLVPD\WUDEDMHHQHVHVHQWLGR
œ&XDQWR PiV LPSOLFDGD PH YHR HQ XQD DFWLYD LQWHUDFFLyQ FRQ PL FRPSDxHUR
PiVH[FLWDGDPHVLHQWR3HURVLPHSUHRFXSRGHPDVLDGRHQHVWLPXODUDRWUDSHUVRQD
GHMRGHKDFHUORFRQPLJRPLVPD
œ'XUDQWHXQRUJDVPRPHFRQFHQWURHQPLFXHUSRQRHQpO
œ(VXQDH[SHULHQFLDWRWDOPHQWHSHUVRQDO\GXUDQWHHORUJDVPRHVSHFLDOPHQWH
QRKD\IRUPDGHFRPSDUWLUODFRQHOFRPSDxHUR3HURPHJXVWDTXHpOHVWpDOOt
œ6LHPSUHKHGHVHDGRPDQWHQHUORVRMRVDELHUWRVGXUDQWHHORUJDVPRSHURQXQ
FD OR KH FRQVHJXLGR +H SHQVDGR TXH DVt HVWDUtD PiV FHUFD GHPLFRPSDxHURSHUR
GXUDQWHHORUJDVPRGHOR~QLFRTXHVR\FRQVFLHQWHHVGHPLSURSLRSODFHU¥\HQHO
IRQGRGHPLPHQWHGHFRPRVHPXHYHPLFRPSDxHURSDUDTXH\RSXHGDFRRUGLQDU
PLVPRYLPLHQWRV
(VWHSURFHVRGHFRQFHQWUDFLyQHQODVVHQVDFLRQHVItVLFDVFXDQGRVHKDFHHOHV
IXHU]RSRUWHQHUHORUJDVPRHVSUREDEOHPHQWHORTXH0DVWHUV\-RKQVRQKDQGHQR
PLQDGRœGHWHFWDUHOIRFR
œ8QD WRWDO FRQFHQWUDFLyQ FRPR OD GH OD KLSQRVLV HV QHFHVDULD SDUD OOHJDU DO
RUJDVPR0HQWH\FXHUSRVHFHQWUDQHQHVHREMHWLYR
œ6tWHQJRTXHFRQFHQWUDUPHSDUDVHQWLUHORUJDVPR6LSLHQVRHQFXDOTXLHURWUD
FRVDTXHQRVHDODVHQVDFLyQVtUHFXHUGRDOJRQRVH[XDOPLH[FLWDFLyQVHGHVYDQHFH
LQPHGLDWDPHQWH
œ7LHQHVTXHFRQFHQWUDUWXDWHQFLyQHQORVJHQLWDOHV
6H SXHGH H[SHULPHQWDU XQ RUJDVPR QR H[DFWDPHQWH SRU PHGLR GH OD IDQWDVtD
HV GHFLU LGHDQGR XQD DYHQWXUD R XQD VLWXDFLyQ PpWRGR PiV IUHFXHQWHPHQWH XWLOL
]DGRSDUDSURGXFLUH[FLWDFLyQVLQRSRUXQDHVSHFLHGHDXWRKLSQRWLVPRFRPRœLPD
JLQDQGRODVHQVDFLyQ\ORVRUJDVPRVLPSOLFDGRV
œ(OWLSRGHIDQWDVtDVGHODFWRHVSHFtILFRVHXWLOL]DQFDVLVLHPSUHSDUDTXHHORU
JDVPRVHSURGX]FDPiVUiSLGDPHQWHGXUDQWHODPDVWXUEDFLyQ\QXQFDWLHQHQWUDPD
$ YHFHV GH KHFKR QR SRVHHQ VLTXLHUD XQ FDUiFWHU UHDO 0H LPDJLQR SRU HMHPSOR
TXH¦DOJXLHQ§PHVXFFLRQDHOFOtWRULVRTXHVR\SHQHWUDGDSRUXQSHQH$YHFHVODV
SHUVRQDVGHODIDQWDVtDVHLGHQWLILFDQFRPR¦XQKRPEUH§RWUDVVRQPiVYDJDVUHGX
FLpQGRVHVHQFLOODPHQWHD¦XQDODUJDOHQJXD§TXHQRSHUWHQHFHDQDGLHHQFRQFUH
WR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1RIDQWDVHRGXUDQWHODUHODFLyQVH[XDOFRQDOJXLHQ~QLFDPHQWHWHQJRLPDJHQ
PHQWDOGHOSHQHPRYLpQGRVHSHQHWUDQGRHQPLYDJLQD
œ0HGHGLFRDSHQVDU HQODIULFFLyQSURGXFLGDSRUHOSHQHGHOKRPEUH
œ/D PHQWH GHEH FRQFHQWUDUVHFRQWRGDVVXVIXHU]DVHQXQSXQWRVLWXDGRHQWUH
ODVSLHUQDVHQODYDJLQD
œ6tWHQJRTXHTXHUHU OOHJDU\SHQVDU~QLFDPHQWHHQHVWR+HGHROYLGDUORWRGR
H[FHSWRORTXHHVWR\KDFLHQGR\ ORTXHPHKDFHQ&LHUURORVRMRV\PHORUHSUHVHQWR
WRGRPHQWDOPHQWH
œ$OSULQFLSLRPHOLPLWRDSHQVDUHQORTXHHVWR\KDFLHQGR\OXHJRVLHQWRDOJR
DVtFRPRXQDVRODVHQODSOD\DDYDQ]DQGR\UHWURFHGLHQGR\SLHQVR¦+D]ORKD]
ORKD]OR§
œ0HFRQFHQWURHQODVVHQVDFLRQHVFRUSRUDOHVTXHHVSHURSHUFLELU
œ0HJXVWDODSRUQRJUDItDTXHHVFDXVDGHH[SHFWDFLyQ3RUHMHPSORSLHQVRHQ
DOJXLHQFRQHOFXHUSRLQFOLQDGR\HVSHUDQGRVHUSHQHWUDGD
œ0HLPDJLQRXQRVERVTXHVVXL]RVRDPHULFDQRVFRQXQVHQGHURTXHYDKDFLD
ODL]TXLHUGDRODGHUHFKDXQDHVFHQDGLJQDGHXQFXDGURTXHSURGXFHXQDILUPHLP
SUHVLyQYLVXDO(VWDVLPiJHQHVPHVLUYHQSDUDHQFHUUDUPHHQPtPLVPD\HYLWDUWRGD
GLVWUDFFLyQ HQ ORV FLQFR PLQXWRV LQPHGLDWDPHQWH DQWHULRUHV DO RUJDVPR < VRQ WR
WDOPHQWHPHQWDOHV6RQPLV¦SHOtFXODV§HLQYDULDEOHPHQWHPHODVUHSUHVHQWR
œ3DUDDVHJXUDUPHXQRUJDVPRVLHVWR\QHUYLRVDROOHYRSULVDPHGLJR¦(OQR
SXHGHUHQXQFLDUpOGHEHVHJXLUKDFLHQGRORTXHKDFH\RQRSXHGRLQWHUUXPSLUOHQR
WHQJR PiV UHPHGLR TXH VHJXLU DTXt \ WHQHU XQ RUJDVPR§ /XHJR FRQFHQWUR IXHUWH
PHQWHODDWHQFLyQHQPLYDJLQD6LHPSUHPHGDUHVXOWDGR
)LQDOPHQWH˜WXYLHURQTXHDSUHQGHUDVHQWLURUJDVPRVGXUDQWHHOFRLWRODPD\RUtD
GHODVPXMHUHV"
œ7XYH TXH DSUHQGHU D KDFHU XQ HVIXHU]R QDGD GH SHUPDQHFHU WHQGLGD ERFD
DUULEDHVSHUDQGRHOUD\R GH-~SLWHU
œ(VSUHFLVRDSUHQGHUDRSHUDUFRQOLEHUWDG\GHVWUH]DHQODLQWHUDFFLyQ
œ+DVGHDSUHQGHUDQRWHPHUODUHVSXHVWDGHWXFRPSDxHUR
œ1RDSUHQGHUVLQRTXL]iVDXQQLYHOPiVDPSOLRDSUHQGHUDGRPLQDUHODVXQ
WR
Ϫ$ YHFHV HV XQD OXFKD <R QR FUHR TXH ORV RUJDVPRV VH SURGX]FDQ QDWXUDO
PHQWHHQHOFRLWR6HVLHQWHQFRQPD\RUIDFLOLGDGVLQHPEDUJRXQDYH]KDVDSUHQ
GLGRDEDVHGHSUXHEDV\GHHUURUHVHQODVH[SHULPHQWDFLRQHV
œ(VSRVLEOHTXHDOSULQFLSLRVHDDFFLGHQWDOSHUROXHJRDSUHQGHXQDDGLVWLQJXLU
TXpHVORTXHPiVODHVWLPXODDQRLQWHUUXPSLUDOJRHQFXUVRTXHHVWiGDQGRUHVXOWD
GRRDHVWLPXODUFXDOTXLHUDFFLyQTXHKDHPSH]DGRDPDUFKDUELHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VSUHFLVRDSUHQGHUDPRYHUHOFXHUSRDILQGHFRQVHJXLUHOPi[LPRHVWtPXOR
SDUD HO RUJDVPR /D DFRPHWLGD GHO SHQH GH XQ GHGR GH XQD OHQJXD R OR TXH VHD
SXHGHQRHVWDUFHQWUDGDHQHOSXQWRPiVDWLQDGRRQRVHUVXILFLHQWHPHQWHILUPHR
GLODWDUVHGHPDVLDGRVXDFFLyQFDVRHQHOFXDOKDEUiTXHDYDQ]DUODYDJLQDRHOFOt
WRULVFRQWUDHOSHQHHWFGHIRUPDTXHODVHQVDFLyQVHDORPiVtQWLPDSRVLEOHHQHO
PRPHQWRHQTXHPHVLHQWRSUHSDUDGDSDUDH[SORWDU
œ6t \ OR SHRU HV TXH FDGD PXMHU SUREDEOHPHQWH KDEUi GH DSUHQGHU SRU Vt
PLVPD
(Q VXPD SRGUtD TXL]iV DILUPDUVH TXH ODV GRV UD]RQHV GH TXH ODV PXMHUHV QR
WHQJDQRUJDVPRGXUDQWHHOFRLWRVRQVHOHVGDLQIRUPDFLyQIDOVDVHOHVGLFHFRQFUH
WDPHQWH TXH ORV PRYLPLHQWRV GHO SHQH HQ OD YDJLQD SURGXFLUiQ HO RUJDVPR VH ODV
LQWLPLGD SDUD TXH QR H[SORUHQ \ WRTXHQ VXV FXHUSRV ¥VH OHV GLFH TXH OD PDVWXU
EDFLyQ HV PDOD \ TXH QR GHEHQ FRPSRUWDUVH œDJUHVLYDPHQWH GXUDQWH OD UHODFLyQ
VH[XDOFRQHOKRPEUH1RFRQWURODQVXSURSLDHVWLPXODFLyQ
(VWH pQIDVLV HQ FRQVHJXLU WX SURSLD HVWLPXODFLyQ QR LPSOLFD HQ IRUPD DOJXQD
XQD FDUHQFLD GH VHQWLPLHQWRV KDFLD HO KRPEUH FRQ TXLHQ HVWiV GXUDQWH HO FRLWR 1R
REVWDQWHHORUJDVPRKDVLGRHOFHQWURLPSRUWDQWtVLPRGHHVWRVWHPDVSRUTXHFRQVWL
WX\HDOJRVLPEyOLFRSDUDODVPXMHUHVODFDSDFLGDGGHWHQHUHORUJDVPRFXDQGRQRVR
WUDV OR GHVHDPRV GH VHU UHVSRQVDEOHV GH QXHVWUD HVWLPXODFLyQ UHSUHVHQWD SRVHHU
QXHVWURVSURSLRVFXHUSRVVHUVHUHVIXHUWHVOLEUHV\DXWyQRPRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(VWLPXODFLyQGHOFOtWRULV
˜&¾026(+$1&203257$'26(;8$/0(1 7(&21867('/$0$<25º$'(/26
+20%5(6"
/DV UHVSXHVWDV TXH VLJXHQ D FRQWLQXDFLyQ UHSUHVHQWDQ OD GHVERUGDQWH PD\RUtD
GH UHVSXHVWDV UHFLELGDV D GLFKD SUHJXQWD TXH OD UHODFLyQ VH[XDO ¥WDQWR SDUD SUR
GXFLUSODFHUFRPRSDUDH[SORWDU¥ JHQHUDOPHQWHVLJXHHOPRGHORUHSURGXFWRUGHVFUL
WRHQHOFDStWXORGHGLFDGRDOFRLWRœMXHJRSUHYLRVHJXLGRGHœSHQHWUDFLyQ\œFR
LWR PRYLPLHQWRV GH SHQHWUDFLyQ VHJXLGR GH RUJDVPR HVSHFLDOPHQWH HO RUJDVPR
PDVFXOLQR OR FXDO TXHGD HQWRQFHV GHILQLGR FRPR HO œILQDO GH OD UHODFLyQ VH[XDO
/DV UHVSXHVWDV TXH QR HQWUDEDQ GHQWUR GH HVWD FDWHJRUtD VLQ LQFOXLU ODV UHVSXHVWDV
OHVELDQDVDOFDQ]DURQPHQRVGHOGHODVTXHVHGLHURQHQGSUHVHQWHHVWXGLR
œ(QODFDPDFRQHOKRPEUHHQFLPDPtRHQODRVFXULGDG
œ6RODPHQWH KH SUDFWLFDGR HO VH[R FRQ PL PDULGR /OHYDPRV SRFRV PHVHV GH
FDVDGRV6LHPSUHORLQLFLDpO1RVEHVDPRV\pOMXJXHWHDFRQPLVSHFKRV%DMDXQD
PDQR \ KXQGH VX GHGR HQ OD YDJLQD OR PXHYH KDFLD GHODQWH \ KDFLD DWUiV WDO FRPR
KDUtDXQSHQH&XDQGRHVWiKDFLHQGRHVWR\RHVWR\WHQGLGDERFDDUULED\pO\DFHGH
FRVWDGRGHPRGRTXHVXFXHUSRSUHVLRQDFRQWUDHOPtRODWHUDOPHQWHPXHYHVXVFD
GHUDVDGHODQWH\DWUiVGHPDQHUDTXHVXSHQHIURWDFRQXQODGRGHPLPXVOR&XDQGR
\DHVWiSUHSDUDGRPHKDFHSRQHUDJDWDVVREUHODV PDQRV\URGLOODV\VHFRORFDGH
WUiV PtR +LQFD VX SHQH GHQWUR GH Pt \ VH PXHYH KDFLD GHODQWH \ KDFLD DWUiV KDVWD
TXHWHUPLQD
œ/D PD\RUtD GH ORV KRPEUHV FRQ ORV TXH PH KH DFRVWDGR QR WHQtDQ DEVROXWD
PHQWH OD PHQRU LGHD GH OR TXH \R TXHUtD R QHFHVLWDED \ QR GHPRVWUDEDQ HO PHQRU
LQWHUpVHQDYHULJXDUOR+XERYDULRVDORVTXHSDUHFtDLPSRUWDUOHVVL\RJR]DEDSHUR
TXHUtDQKDFHUPHJR]DUGHDFXHUGRDOFRQFHSWRTXHHOORV WHQtDQGHFyPRFRQVHJXLUOR
FRSXODQGRFRQPiVLQWHQVLGDGRPiVODUJDPHQWHRFRPRIXHUD\DFWXDEDQFRPR
VL IXHUD FRQGHQDGDPHQWH LPSHUWLQHQWH SRU SDUWH PtD VXJHULUOHV TXH PLV UHVSXHVWDV
ItVLFDVQRHVWDEDQSURJUDPDGDVH[DFWDPHQWHFRPRODVGHHVDVPtWLFDVPXMHUHVGHODV
REUDV FOiVLFDV GH OD SRUQRJUDItD 7RGR FXDQWR SXHGR GHFLU GHVSXpV GH DxRV GH H[
SHULHQFLDVH[XDOTXHVHHVFDORQDURQGHVGHOREUXWDORORI~WLODORVH[WUDYtRVHWFHV
TXH UHVXOWD DVRPEURVR TXH QR OR PDQGDVH WRGR DO FXHUQR KDFH \D PXFKR WLHPSR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
+R\ FHOHEUR QR KDEHUOR KHFKR SXHVWR TXH HQFRQWUp XQ FRPSDxHUR FX\R HURWLVPR
VDEHFRPSOHPHQWDUWDQSHUIHFWDPHQWHHOPtR
œ3LHQVRTXHDPXFKtVLPRVKRPEUHVOHVWLHQHQVLQFXLGDGRORVLPSRUWDQWHVSUH
OXGLRVVH[XDOHV\HVWiQVRODPHQWHLQWHUHVDGRVHQ¦HFKDUORIXHUDGHXQDYH]§6RQGH
OD FODVH TXH UHDOPHQWH PH LUULWD 1RUPDOPHQWH VRQ GHO WLSR GH ORV TXH QXQFD KDQ
TXHULGRRQRKDQQHFHVLWDGRDPDUUHDOPHQWHDDOJXLHQSRUHODPRUHQVt\HO SODFHU
TXH HOOR WUDH FRQ FRQVLJR HVWiQ ~QLFDPHQWH LQWHUHVDGRV HQ Vt PLVPRV 7DPELpQ
SLHQVRTXHDODPD\RUtDGHKRPEUHVOHVJXVWDTXHOHVH[FLWHVRUDOPHQWH
œ1RVGHVQXGDPRVSRUVHSDUDGRYDPRVFDVLGLUHFWDPHQWHDODVXQWR\DTXHpO
HVPX\EUHYHHQORVSUHOLPLQDUHVHPSLH]DGHLQPHGLDWR\WUDWRGHDFRSODUPHDOULW
PR*HQHUDOPHQWHOOHJRFDVLDOERUGHGHOp[WDVLVSHURpOVHFRUUHDQWHV(QWRQFHVPH
TXHGRWRGDH[FLWDGD\HVRHVORKDELWXDO
œ0X\VXSHUILFLDO\UXWLQDULR8QSDUGHEHVLWRVXQSRFRGHWRTXHWHRXQGHGR
SDUDH[FLWDU\\DHVWiHQFLPD™]DV\WHUPLQyODFRVD
œ(ODVXQWRDFRVWXPEUDEDDFRQVLVWLUSULQFLSDOPHQWHHQOHYDQWDUODPHWHUOD\VD
FDUOD
œ+DEtD GHVGH XQ PtQLPR D XQ Pi[LPR GH EHVRV \ WRTXHV 1RUPDOPHQWH XQD
YH] QRV KDEtDPRV GHVYHVWLGR HPSH]DED OD MRGLHQGD 7RGR OR VH[XDO TXH WXYH FRQ
KRPEUHV FRQVLVWtD HQ TXH HOORV HVWDEDQ HQFLPD UHERWDQGR DUULED \ DEDMR 6LHPSUH
GHVHpXQSRFRPiVGHEHVRVRVLTXLHUDTXHHODEUD]RVHPDQWXYLHUDDSUHWDGRPLHQ
WUDVGXUDEDHODVXQWRSHURORVKRPEUHVSDUHFtDQKDOODUVHOHMRVHQVXSURSLRPXQGR
œ/DPD\RUtDGHORVKRPEUHVVLVHOHVGHMDDFWXDUVHJ~QVXVSURSLRVHVTXHPDV
FRPLHQ]DQFRQXQSRFRGHSUHOLPLQDUHVGHFLQFRDTXLQFHPLQXWRVTXHQRVRQGH
XQD tQGROH PX\ LPDJLQDWLYD SUHVWDQGR HVFDVD DWHQFLyQ D PL FOtWRULV (QWRQFHV LQ
PHGLDWDPHQWH SURFHGHQ D OD SHQHWUDFLyQ HQ OD ¦SRVLFLyQ GHO PLVLRQHUR§ OR SDVDQ
IHQyPHQR \ VH SRQHQ D GRUPLU LQPHGLDWDPHQWH GHVSXpV (VWD HV XQD GHVFULSFLyQ
TXL]iVDOJRH[WUHPDGDSHURGHPDVLDGRELHQGHILQLGDSDUDLJQRUDUOD
œ(OORVPHGHVYLVWHQ\WUDWDQGHSHQHWUDUPHLQPHGLDWDPHQWH(VKRUULEOH
œ8QSRFRGHMXHJRSUHYLRKDFLDXQREMHWLYR
œ'HVJUDFLDGDPHQWH OD PD\RUtD GH ORV KRPEUHV VLPSOHPHQWH VH WH PHWHQ GH
QWUR
œ3UHOLPLQDUHVFRQFRQVWDQWHSUHVLyQSDUDKDFHUHODFWR
œ,QWHQWDQ H[FLWDUPH \ HQWRQFHV WDQ SURQWR FRPR OHV HV SRVLEOH HPSLH]DQ HO
FRLWR$OJXQRVSRFRVQRVHDSUHVXUDQ\PH HVSHUDQSDUDSURVHJXLUDOD IDVHVLJXLHQ
WH
œ1DGDUHDOPHQWHHVSHFLDOVDOYRODFDPDODSHQHWUDFLyQODH\DFXODFLyQ\RU
JDVPRVYHUGDGHURVRILQJLGRV
œ'HQWUR\IXHUD
œ%HVRVPLPRVXQSRFRGHEHVXTXHRHQPLVH[RHQWRQFHVPHWLHQGHQDEDMR\
DPHQRVTXHUHDOPHQWHKD\DGHVHDGRDHVWDSHUVRQDGXUDQWHEDVWDQWHWLHPSRHVWRQR
WLHQHQDGDGHVDWLVIDFWRULR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RVKRPEUHVHVWiQPX\SRFRLQIRUPDGRVDFHUFDGHORVGHVHRVVH[XDOHVGHODV
PXMHUHV/DPD\RUtDGHORVKRPEUHVHPSUHQGHQXQDSHTXHxDHVWLPXODFLyQPDQXDO
SHURHVSHUDQTXHXQDPXMHUDOFDQFHHORUJDVPRGXUDQWHHOFRLWR1RSXHGHQHQWHQGHU
TXHDOJXQDVPXMHUHVWLHQHQSUHIHUHQFLDVSRUODHVWLPXODFLyQGHOFOtWRULV
œ6DOWDEDQHQFLPD\FDEDOJDQ
œ6ROtD VHU PX\ UXWLQDULR KDVWD TXH FRPSUHQGLPRV TXH KDFHU HO DPRU PHFiQL
FDPHQWH QRV HVWDED SHUMXGLFDQGR $KRUD DFRVWXPEUDPRV D VHU DIHFWXRVRV D YHFHV
LQWHQVRV\DSDVLRQDGRVRWUDVYHFHVVLPSOHPHQWHFDULxRVRV\PX\tQWLPRVVLQ¦YHU
GDGHURVH[R§1XHVWURVHQFXHQWURVVH[XDOHVVRQPX\YDULDGRV
œ6DOYRDOJXQDVUHFLHQWHV\KHUPRVDVH[FHSFLRQHVORVHQFXHQWURVKDQVLGRGH
PDVLDGREUHYHVQROREDVWDQWHDIHFWLYRV\GHPDVLDGRLPSHUVRQDOHV
œ3UHOLPLQDUHV¥EHVRVMXHJRSUHYLRPDVDMHGHOFOtWRULV¥ \HQWRQFHVVDOWDHQ
FLPD\GHUHSHQWH\DQRLPSRUWR$YHFHVLQFOXVRQRHVWR\DOOtSDUDpO
œ/DPD\RUtDQRSDUHFHQWHQHUODPHQRUQRFLyQGHTXHORTXHDHOORVORVOOHYDDO
FOtPD[QRHVORTXHDPtPHKDFHDOFDQ]DUHOFOtPD[(VWRFUHRTXHORUHVXPHWRGR
œ/RPiVIUHFXHQWHXQRRGRVEHVRVVLORVKD\WDOYH]DOJRPX\SRFRGHHV
WLPXODFLyQGHORVSH]RQHVRGHODYDJLQD\HQWRQFHVVDOWDHQFLPDKDVWDTXHKDDFD
EDGR
œ$OJXQRVKRPEUHVVLPSOHPHQWHEHVDQSDOSDQGDQXQSRFRFRQHOGHGR\MR
GHQ(QWRQFHVVHFRUUHQ\HQFLHQGHQXQFLJDUULOOR
œ/DPD\RUtDGHKRPEUHVKDQMRGLGRFRQPLJRFRQXQPtQLPRGHSUHOLPLQDUHV
UHWLFHQWHVDWRFDUPHQRSRUUHSXOVLyQVLQRVLPSOHPHQWHSRUIDOWDGHLQWHUpV\KDQ
PDQLIHVWDGRPD\RULQWHUpVHQGHPRVWUDUVXORQJHYLGDG\JUDQGHVSURH]DVJLPQiVWL
FDVHWFTXHHQXQYHUGDGHURSODFHUPXWXR
œ3ULPHURYLHQHQORVEHVRVGHVSXpV HOULWXDOGHTXLWDUVHODURSDHQWRQFHVEHVRV
HQORVSHFKRV\FXHUSRVXFFLRQHVHQWRQFHVFXQQLOLQJXVVXFFLyQGHOSHQHHVWLPXOD
FLyQGLUHFWDGHOFOtWRULVHORUGHQGHORVWUHV~OWLPRVGHWDOOHVSXHGHFDPELDU\FR
LWR
œ&RPLHQ]DFRQEHVRVTXHVHKDFHQ PiVKRQGRV\PiVDSDVLRQDGRVSURFHGHD
DFDULFLDUPHHOFXHUSRQRVYDPRVGHVQXGDQGRPHOOHYDDOGLYiQRDODFDPDPHEH
VD\DFDULFLDXQSRFRPiVGHVSXpVVHFRORFDHQFLPDPtRLQVHUWDVXSHQH\OOHJD6L
OHFRQR]FRORVXILFLHQWHVDEHTXHQHFHVLWRTXHPH HVWLPXOHQHOFOtWRULV\FRORFDVX
PDQRHQWUHPLVPXVORVSDUDTXH\RPHIURWHFRQWUDHOOD
œ/RVKRPEUHVSXHGHQVHUFODVLILFDGRVHQGRVJUXSRVORVKRPEUHVTXHYDQGL
UHFWRDOFRLWR\ORVKRPEUHVGHSUHOLPLQDUHV/RVTXHYDQGLUHFWRDOFRLWRHQWUHORV
TXH KH FRQRFLGR VRQ KDELWXDOPHQWH PHQRV H[SHULPHQWDGRV VyOR MRGHQ /RV RWURV
VHHQWUHJDQDJUDQFDQWLGDGGHSUHOLPLQDUHVLQFOX\HQGRHOFRQWDFWRRUDOJHQLWDOFRQ
ORFXDOTXLHUHQFRQIUHFXHQFLDOOHYDUPHKDVWDHOFOtPD[
œ/DPD\RUtDGHORVKRPEUHVVLPSOHPHQWHEHVDQ\ODKLQFDQGHLQPHGLDWR(V
WRVVRQORVDE\HFWRV/RVSRFRVKRPEUHVEXHQRVTXHKHWHQLGR\TXHKHFRQVHUYDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PH KDQ SUHJXQWDGR SRU PLV GHVHRV \ HQWRQFHV KDQ DFWXDGR PX\ OHQWDPHQWH \ GH
IRUPDGHOLFLRVDPHQWHDWRUPHQWDGRUD
œ/DPD\RUtDHUDQGHPRQLRVGHODYHORFLGDG
œ0XFKRV GH HOORV HPSLH]DQ EHVDQGRDFDULFLDQGR\VHSRQHQUHDOPHQWHH[FL
WDGRV FRQ ORV SHFKRV GHVSXpV HO WXUQR GH ORV GHGRV HQ OD YDJLQD DOJR GH SDODEUDV
DPRURVDV \ FXDQGR HVWDPRV SUHSDUDGRV FXQQLOLQJXV \ IHOODWLR VLPXOWiQHDPHQWH
HQWRQFHV\RPHSRQJRHQFLPD\OXHJRVHSRQHpO(VWRHVEDVWDQWHFRUULHQWHFRQXQ
PRQWyQGHWLSRV
œ/D PD\RUtD VRQ WRGRV LJXDOHVWRPDWRGRORTXHSXHGDVQRGHVQDGD&ODUR
HVWR HUD DQWHV GH TXH FRQRFLHVH D PL PDULGR TXH HV HO KRPEUH PiV HUyWLFR PiV
LPDJLQDWLYRTXHQXQFDFRQRFt
œ/DPD\RUtDWUHSDQHQFLPDPtR1RWHQHPRVVLTXLHUDODRSRUWXQLGDGGHFRQR
FHPRVPHMRU\EHVDPRV\HQFDULxDUQRVDQWHV(VWiQGHPDVLDGRDQVLRVRV
œ(QFXHQWURTXHODPD\RUtD GHKRPEUHVHVWiQVLHPSUHGLVSXHVWRVDH[SHULPHQ
WDUGLYHUVDVSRVLFLRQHVGHFRLWR\DXQQ~PHURVLJQLILFDWLYRQROHVJXVWDHOVH[RRUDO
\WRGRVVDOYRGRVRWUHVQLVLTXLHUDGHVHDQFRQWDFWRVH[XDOFXDQGRWHQJRHOSHUtR
GR
œ$QWHVGHPLDFWXDODPDQWHHOORVHVSHUDEDQ TXH\RPHWHQGLHVHDSHQDVVHSR
QtDQ FDFKRQGRV HIHFWXDEDQ XQ UXWLQDULR SUHOLPLQDU PH SHQHWUDEDQ OD KLQFDEDQ HQ
UiSLGRV YDLYHQHV GH TXLQFH D WUHLQWD VHJXQGRV GLVSDUDEDQ VX FDUJD FRQGHVFHQGtDQ
EHQLJQDPHQWH HQ ¦DFDEDUPH§ FRQ HO GHGR VH DSDUWDEDQ GiQGRVH XQD YXHOWD \ PH
GHMDEDQGRUPLUHQ HOOXJDUK~PHGR(UDPRQyWRQRFRPRXQDSHUIRUDGRUD\DEXUUL
GR
œ0LVHQFXHQWURVVH[XDOHVKDQVHJXLGRXQDVSDXWDVPX\WUDGLFLRQDOHVRSRUOR
PHQRV DVt PH OR SDUHFHQ %HVRV \ FDULFLDV JHQHUDOHV HQFDPLQDGRV D DFDULFLDU PL
FOtWRULV \ YDJLQD GHVSXpV KDELWXDOPHQWH OD HVWLPXODFLyQ RUDO GH PL FOtWRULV &RQ
IUHFXHQFLD OD HVWLPXODFLyQ RUDO R PDQXDO GHO SHQH GH PL FRPSDxHUR \ HQWRQFHV D
MRGHU (VFULWR DTXt VXHQD PiV ELHQ IUtR \ DO FRPSiV GH SHUR DGRUQDGR FRQ
WRGRVORVGHWDOOHVTXHUHDOPHQWHVRQ FRQWDFWRVH[XDODGTXLHUHXQFDORUTXHQRIRUPD
SDUWHGHHVWDVSDODEUDV
œ7RGRV ORV KRPEUHV FRQ ORV TXH KH WHQLGR UHODFLyQ VH[XDO KDQ VLGR LJXDOHV
VDOYRXQR TXHGHGLFyWLHPSRDH[FLWDUPHORVXILFLHQWHDQWHVGHOFRLWR
œ/RVKRPEUHVGLILHUHQSHURODPD\RUtDSDUHFHQQRFRPSUHQGHUXQFXHUSRIH
PHQLQR3DUHFHQSHQVDUTXHODSHQHWUDFLyQYDJLQDOHVOD~QLFDFRVDLPSRUWDQWH\TXH
WRGRORGHPiVGHEHKDFHUORVyORSDUD¦SUHSDUDUWH§&UHHQTXH\DOXEULFDGDXQDHVWi
LQPHGLDWDPHQWHGLVSXHVWD\HQWRQFHVTXLHUHVHUSHQHWUDGD
œ&RQHOSULPHUKRPEUHFRQTXLHQPHDFRVWpHOVH[RIXHWLHUQRLQRFHQWH\EH
OOR EiVLFDPHQWH EHVRV \ OHYHV PLPRV FRPR SUHOLPLQDU DO FRLWR 3HUR HQWRQFHV PL
DSHWHQFLDHPSH]yDGHFOLQDU\WXYHPLHGRGHFRQIHVDUOR2VHDTXHVHFRQYLUWLyHQ
DOJR PX\IRU]DGR(UDVXPLVD\PHVHQWtDUHVHQWLGD6HWUDQVIRUPyPiVHQXQDSH
VDGDIDHQDTXHHQFXDOTXLHURWUDFRVD&RQHOVHJXQGRHODFWRVH[XDOIXHJUDWRH[FL
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WDQWH\PHFROPyGHXQGHXQPRGRFRPRQXQFDORIXHFRQHOSULPHUKRPEUH/RV
SUHOLPLQDUHVLQFOXtDQEHVRV\PXFKRVPLPRV(OFRLWRVHKDFHDOWHUQDWLYDPHQWHHQOD
SRVLFLyQGRPLQDQWHPDVFXOLQD\HQODSRVLFLyQGRPLQDQWHIHPHQLQD6LHQWRTXHKDFH
HO DPRU PiV HPRFLRQDOPHQWH TXH HO RWUR \ GHPXHVWUD XQ LQWHUpV PiV VLQFHUR SRU
Pt
œ/D~QLFDSDXWDTXHSXHGRGLVFHUQLUHVODGHODEUHYHGDG/RVKRPEUHVOOHJDQ\
VHYDQFRPRVLWXYLHUDQXQELOOHWHGHLGD\YXHOWDFRQEUHYHSDUDGD(VWRKDOOHJDGR
DOSXQWRHQTXHFDVLVpTXHQRYDOHODSHQDYROYHUDHPSH]DU
œ2GLR OD QRUPD KDELWXDO ¥EHVRV SDOSDU ERTXHDU FRSXODU¥ VLPSOHPHQWH
SRUTXHHVORXVXDO0HJXVWDFXDQGRPHKDEODQ\JLPHQPXFKR0HJXVWDFXDQGR
VRQH[SUHVLYRV\FUHDWLYRVFRQPLJR
œ+HFRPSUREDGRTXHPXFKRVKRPEUHVHVSHUDQTXH\ROHVKDJDODIHOODWLRSHUR
QRTXLHUHQUHDOL]DUHOFXQQLOLQJXVDXQFXDQGR\RPHKHODYDGR\HOORVQR
œ7HQJRXQDH[SHULHQFLDPX\OLPLWDGDSRUORFXDOQRHVWR\VHJXUDSHURVtSXH
GHKDEHUXQDSDXWDWHSUHJXQWDQORTXHWHJXVWDDYHULJXDQTXHWHHVGLItFLOWHQHURU
JDVPRVLQWHQWDQFRQJUDQHVIXHU]RSURGXFLUWHHORUJDVPR XQD QRFKH\DSDUWLUGH
HQWRQFHV VH OLPLWDQ D FRPSODFHUVH D Vt PLVPRV VXSRQLHQGR TXH QR YDV D WHQHU RU
JDVPRDOILQ\DOFDERRVLPSOHPHQWHSRUTXHVHTXHGDQDUUHEDWDGRVHQVXVSURSLDV
VHQVDFLRQHV
œ/D PD\RUtD GH ORV KRPEUHV SUDFWLFDQ EUHYHV SUHOLPLQDUHV TXH FDGD YH] VH
KDFHQPiVEUHYHVGHVSXpVODSRVLFLyQGHOPLVLRQHURDPHQRVTXH\RORVPRQWHSUL
PHUR/DPD\RUtDGHORVKRPEUHVQRVLJXHQEHVDQGRGXUDQWHHOFOtPD['HEHGHVHU
XQSUREOHPDGHUHVSLUDFLyQVXSRQJRSHURPHJXVWDUtD
œ+H FRPSUREDGR TXH FDVL WRGRV ORV KRPEUHV VRQ PX\ SRFR LPDJLQDWLYRV \
SURVDLFRVHQVXPDQLREUDVH[XDO&DVLWRGRVSDVDQGLUHFWDPHQWHDODSRVLFLyQOODPD
GD¦GHOPLVLRQHUR§
œ(V GLItFLO UHFRUGDU FXDOTXLHU QRUPD RSDXWDSXHVWRTXHKHHVWDGRFDVDGDIH
OL]PHQWH GXUDQWH WUHLQWD \ FLQFR DxRV SHUR Vt UHFXHUGR TXH FDVL WRGRV ORV KRPEUHV
SDUHFtDQWRWDOPHQWHDMHQRVDORTXH\RVHQWtDUHDOPHQWH™FUHtDQTXHVXVSHQHVHUDQ
LQVWUXPHQWRV IDQWiVWLFRV TXHYROYtDQORFDGHGHVHR\VDWLVIDFFLyQDXQDPXMHUVLP
SOHPHQWHSRUHVWDUHQODKDELWDFLyQFRQHOOD6RODPHQWHGRVGHORVPXFKRVFRQORV
TXH PH DFRVWp KLFLHURQ XQ VLQFHUR HVIXHU]R SDUD HVWLPXODUPH \ VDWLVIDFHUPH < \R
HUD GHPDVLDGR MRYHQ WtPLGD H LQFRQVFLHQWH SDUD KDFHU DOJR PiV TXH PDQWHQHUPH
TXLHWD\RVLPXODURUJDVPRRH[FLWDFLyQ
œ1RKD\QLQJXQDQRUPDSDUWLFXODUH[FHSWRTXHVLHPSUHKHKHFKRORTXHGHPt
VHHVSHUDEDKHGHVHPSHxDGRFXDOTXLHUSDSHOVH[XDORKHFKRFXDOTXLHUDFWRTXHVH
PHSLGLHUD/DPD\RUtDGHORVKRPEUHVFRQORVTXHKHKHFKRHODPRUTXHUtDQODSR
VLFLyQ FRUULHQWH KRPEUH HQFLPD R ELHQ IHOODWLR /D PD\RUtDWDPELpQFUHHTXHODV
IRUPDVEUXWDOHV\GXUDVVRQPHMRUHV
œ/DPD\RUtDGHHOORVKDQVLGREiVLFDPHQWHGRPLQDQWHVDXQTXHLQVHQVLEOHPHQ
WH ¦DPDEOHV§ $OJXQRV VHQWtDQ XQD SDUFLDO DYHUVLyQ KDFLD ORV JHQLWDOHV IHPHQLQRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HVWLPXODFLyQRUDORHQUHDOLGDGPLUDUORVSDUDYHUFRPRVRQHWF1LQJXQRSDUHFLy
QXQFD OR EDVWDQWH SUHRFXSDGR SRU PL VDWLVIDFFLyQ FRPR SDUD FRQWLQXDU FRQ OD HVWL
PXODFLyQPDQXDOXQDYH]VHKXELHURQ¦FRUULGR§
œ&XDQGRYR\SRUYH]SULPHUDFRQXQKRPEUHVXHOHKDEHUPXFKRVEHVRVHQOD
ERFD RUHMDV \ FXHOOR GHVSXpV JUDGXDOPHQWH FDULFLDV HQ ORV VHQRV PLV JHQLWDOHV
WRTXHV VL KD\ VXHUWH HVWLPXODFLyQ RUDO GHVSXpV FRLWR JHQHUDOPHQWH SRU HO YLHMR
PLVLRQHUR 'HVSXpV WUDV KDEHU FRSXODGR XQD R GRV YHFHV OD PD\RUtD GH KRPEUHV
JXVWDQGHKDFHUSHTXHxRVH[SHULPHQWRVFRQODVSRVLFLRQHV\RGHEDMR\RHQFLPD<
HQWRQFHVGHVJUDFLDGDPHQWHHOVH[RHPSLH]DDGHWHULRUDUVHSDUDPt3ULPHURVHYDQ
ORVEHVRVDODERFD(OVH[RHVVRODPHQWHSUHFHGLGRSRUXQRVFXDQWRVEHVRVEUHYHV\
GHVSXpVSDVDUDOUHVWRFRQFUHFLHQWHEUHYHGDG/DHVWLPXODFLyQGHPLVSHFKRVHVDO
JXQDVYHFHVVXSULPLGDSRUFRPSOHWRRUHGXFLGDDFLQFRVHJXQGRVGHDWHQFLyQDFDGD
XQR +DFHU HO DPRU VH FRQYLHUWH HQ HVWULFWDPHQWH R UHVWULFWLYDPHQWH JHQLWDO /D
PD\RUtDQRFRQVXPHQQLVHVHQWDVHJXQGRVHQLUGLUHFWDPHQWHDODVXQWR\HQWRQFHVHO
YLHMR PHWHVDFD GXUDQWH FLQFR PLQXWRV \ WRGR KD WHUPLQDGR $O SDUHFHU FUHHQ TXH
WLHQHQTXHVHGXFLUDODPXMHUSDUDFRQVHJXLUTXHHOOD¦DFFHGD§D VXOXMXULDDOSULQFL
SLR \ OXHJRXQDYH]HOODKDFDtGRGHEH~QLFDPHQWHHVSHUDUHOFRLWRHQVXVHQWLGR
PiV HVWUHFKR 1R SDUHFHQ FRPSUHQGHU TXH XQD PXMHU QR KD GH VHU QHFHVDULDPHQWH
FRQYHQFLGD SDUD FRPSDUWLU HO DFWR VH[XDO \ OD UD]yQ SRU OD FXDO OD SUiFWLFD GH ODV
OODPDGDVPDQLREUDVGHVHGXFFLyQVXUWHHIHFWRHVTXHVLPSOHPHQWHHOODHVXQVHUHUy
WLFRSRUGHUHFKRSURSLR\FRQODDSURSLDGDDWHQFLyQ\HVWLPXODFLyQOOHJDUiDXQSXQ
WRHQTXHSUHIHULUiSUDFWLFDUHOVH[RDFXDOTXLHURWUDFRVD3RUORPHQRVHVWRHVOR
TXHQRVRFXUUHDPt\DPLVDPLJDV6LOD~QLFDUD]yQSRUODFXDOXQKRPEUHFRQVX
PHGRVKRUDVKDFLHQGRHODPRUDXQDPXMHUHVODGHTXHQHFHVLWDXQDJXMHURDPDQR
SDUDMRGHUFRQUHJXODULGDGTXHVHHVFDUEHXQRHQXQSHGD]RGHFDUQH\OROOHYpDOD
FDPDFRQpO<RTXLHURHVWDUFRQXQKRPEUHTXHVLHQWDFRPR\RVLHQWRTXHKDFHUOH
HODPRUDRWUDSHUVRQDHVORPiVLPSRUWDQWHDPERVFRQVLJXHQORTXHTXLHUHQ\QH
FHVLWDQ GH HVWD PDQHUD 7DO FRPR HVWiQ ODV FRVDV SRFDV PXMHUHV HVSHFLILFDQ FODUD
PHQWHTXHHVSHUDQTXHORVKRPEUHVOHVKDJDQHODPRUGHOPRGRTXHHVPHMRUSDUD
XQDPXMHU\DKHPRVVLGRGHPDVLDGRWLHPSRSDUDHOORVFXERVSDUDYDFLDUODFDUJD
œ/DSULPHUDYH]TXHXQKRPEUHMRGHFRQPLJRSDUHFHVHQWLUVHH[WUHPDGDPHQWH
H[FLWDGRSHURTXLHUHKDFHUXQDEXHQDUHSUHVHQWDFLyQ+DELWXDOPHQWHKD\XQODUJR\
DSDVLRQDGR SUHOXGLR SHUR DSHQDV HPSLH]D HO FRLWR KD HVWDGR PXULpQGRVH SRU MRGHU
GXUDQWHWDQWRWLHPSRTXHVHFRUUHUiSLGDPHQWH6LHOWLHPSRORSHUPLWHSXHGHTXH
FRSXOH SRU VHJXQGD YH] \ \D HV PiV ODUJR \ PHMRU $OJXQRV KRPEUHV FRQ PXFKD
H[SHULHQFLD\FRQWUROKDQDFWXDGRFRQYHUGDGHUDUHVLVWHQFLDHQHOSULPHUSROYRSHUR
HVWHHVXQFDVRSRFRKDELWXDO/RVPHMRUHVDFRVWXPEUDQDHVWLPXODUPHRUDOPHQWHOD
SULPHUDYH]\DPtPHDSHWHFHKDFHUORPLVPRSRUHOORVSDUWLFXODUPHQWHSDUDD\X
GDUOHVDREWHQHUXQDVHJXQGDHLQWHQVDHUHFFLyQ3DUDPtHOSULPHUFRLWRFRQODPD
\RUtDGHORVKRPEUHVSXHGHVHUHOPiVDSDVLRQDGR\HVSHFWDFXODUSHURQRHVHOPiV
GHVLQKLELGRQLHOPiVRUJiVPLFRQLPXFKRPHQRV(OVH[RSDUHFHSHUIHFFLRQDUVHFRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HOWLHPSRKDVWDHOPRPHQWRHQTXHHODEXUULPLHQWRODSHUH]DRODDSDWtDKDFHQVX
DSDULFLyQ/OHJDGRHVWHPRPHQWRHOFRPSDxHUR\DQRHVWiWDQDQVLRVRSRUFRPSOD
FHU \ OD UXWLQD HV UDUD YH] DOWHUQDGD ˜/D UXWLQD" 5iSLGR VL OR KD\ SUHOXGLR FRLWR
UiSLGRHQXQDRGRVSRVLFLRQHVKRPEUHRPXMHUHQFLPDXQRUJDVPRSDUDFDGDXQR
\ OXHJR DO GHVSORPH 'HVJUDFLDGDPHQWH VL KD VLGR GHPDVLDGR UiSLGR SDUD TXH \R
OOHJXHHVXQDYHUGDGHUDOiVWLPDSRUTXHODVH[XDOLGDGKDWHUPLQDGRRILFLDOPHQWH(Q
HVDVRFDVLRQHVRLJDFyPRGXHUPHPLDPDQWH\GHVHDUtDWHQHUHOYDORUVXILFLHQWHSDUD
PDVWXUEDUPH /D PDVWXUEDFLyQ GH OD FODVH TXH VHD IRUPD UDUD YH] SDUWH GHO DFWR
VH[XDOSDUWLFXODUPHQWHFRQFRPSDxHURVPDVFXOLQRV1XQFDPHKHPDVWXUEDGR IUHQ
WHDXQKRPEUH1XQFDKHYLVWRDXQKRPEUHPDVWXUEDUVH1XQFDKHPDVWXUEDGRDXQ
KRPEUHKDVWDHORUJDVPR\SRFDVYHFHVFRQXQKRPEUHKHVLGRPDVWXUEDGDKDVWD
HORUJDVPR'HVHDUtDTXHPLVFRPSDxHURV\\RDSUHQGLpUDPRVDHVWDUPiVUHODMDGRV
\ VLQ LQKLELFLRQHV D HVWH UHVSHFWR SRUTXH FUHR TXH GH HVWD PDQHUD DSUHQGHUtDPRV
PXFKR HO XQR GHO RWUR 6L ELHQ KDQ KDELGR EDVWDQWHV VLWXDFLRQHV HQ ODV TXH QR PH
FRUUt R PH FRUUt SHUR TXHGp LQVDWLVIHFKD GH WRGRV PRGRV PX\ UDUDPHQWH KH VLGR
SUHJXQWDGDVLPHDJUDGDUtDVHUHVWLPXODGDKDVWDHORUJDVPRFXDQGRKDWHUPLQDGRHO
FRLWR&DVLLQYDULDEOHPHQWHFXDQGRHOKRPEUHVHKDFRUULGR\KDFRQFOXLGRHOFRLWR
KDWHUPLQDGRHOHQFXHQWURVH[XDOVLQWHQHUHQFXHQWDVLPLVDWLVIDFFLyQKDVLGRFRP
SOHWD
œ8QDVFXDQWDV SHTXHxDVQRUPDVPiVHQODVTXHSXHGRSHQVDUVRQODVVLJXLHQ
WHVVLXQDUHODFLyQVH[XDOFRQWLQ~DXQKRPEUHHPHUJHUiFRPRHOWLSRTXHPiVELHQ
SUHIHULUiQRFRPHUODDXQDRHOWLSRTXHHVWiPX\GLVSXHVWRDKDFHUOR6LHVGHOSUL
PHUWLSRQXQFDWHGDUiLQLFLDWLYDRVRODPHQWHORKDUiHQSRFDVRFDVLRQHV6LHVGHO
VHJXQGR WLSR WH GDUi HVWLPXODFLyQ RUDO DXQTXH QR VLHPSUH FRPR SUHOLPLQDU \ D
YHFHVGXUDQWHPiVWLHPSRSDUDGDUWHRUJDVPRV/DPD\RUtDGHORVKRPEUHVVRQPX\
DILFLRQDGRVDODIHOODWLRSHUR KD\DOJXQRVTXHVRQPX\UHPLOJDGRVHQHVWHDVSHFWR\
HV GLItFLO GDUOHV XQD EXHQD UHSDVDGD SRUTXHSDUHFHQHVWDUPX\WHQVRV\SXHGHQQR
YHUVHFDSDFHVGHFRUUHUVHDVt/RVKRPEUHVVRQKDELWXDOPHQWHPiVUiSLGRVDPDQWHV
SRUODPDxDQDTXHSRUODQRFKH/DPD\RUtDGHPLVFRPSDxHURVPDVFXOLQRVVHKDQ
PRVWUDGR PX\ SRFR DYHQWXUDGRV 7LHQHQ XQ UHSHUWRULR OLPLWDGR GH WpFQLFDV DPDWR
ULDV D ODV FXDOHV VH DWLHQHQ QR SDUHFLHQGR QXQFD SUHVWDU PXFKD DWHQFLyQ D LQWHQWDU
DOJRQXHYRRXQSRFRGLIHUHQWH<RPLVPDVR\FXOSDEOHGHSHUPDQHFHUHVWDQFDGDHQ
HO SDSHO IHPHQLQR GH QXQFD KDFHU VXJHUHQFLDV VLPSOHPHQWH HVSHUDQGR TXH PL
DPDQWH ODV KDUi 1RUPDOPHQWH HVSHUR \ HVSHUR +H WHQLGR XQRV SRFRV DPDQWHV D
TXLHQHVOODPDUtDORVDYHQWXUHURVHUyWLFRV+DFHQVXJHUHQFLDVTXHPHKDFHQDO]DUODV
FHMDV\HOHYDQPLUHVSLUDFLyQ0HHQFXHQWURDPtPLVPDSHQVDQGR¦˜˜˜\TXp WLHQHV
DKRUD HQ OD FDEH]D"""§ (VWRV KRPEUHV SDUHFHQ PXFKtVLPR PHQRV LQKLELGRV \ GH
PXHVWUDQXQVLQFHURDPRUSRUHOSXURHURV\HOVH[RSRUHOVH[RPLVPR$PXFKRV
KRPEUHVOHVHQFDQWDTXLWDUVHORVSDQWDORQHVSHURSRFRVPXHVWUDQHVWHYHUGDGHURGH
OHLWHSRUORHUyWLFR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&RPRODPD\RUtDGHKRPEUHVVHKDQUHODFLRQDGRVH[XDOPHQWHFRQPLJRSXHGHUH
VXPLUVHFRPR¦,QVpUWHVH$HQ%§$EXUULGRDEXUULGRDEXUULGRDEXUULGR
˜4XLpQGHFLGHFXiQGRKDWHUPLQDGR"
œ+D WHUPLQDGR GHVSXpV GH VX RUJDVPR ˜˜1R HV pVH HO WpUPLQR QDWXUDO GHO
VH[R""
œ1RUPDOPHQWH KD WHUPLQDGR FXDQGR pO H\DFXOD \ SLHUGH VX HUHFFLyQ WDQWR VL
\RKHWHQLGRXQRUJDVPRFRPRVLQR
œ6HUtDLGHDOTXHDPERVORGHFLGLpUDPRVSHURHYLGHQWHPHQWHQXQFDHVDVt(O
KRPEUHGHFLGHFXiQGRKDWHUPLQDGRSRUUD]RQHVDQDWyPLFDV
œ¦(OSRGHUGHODSLFKD§HOSHQHGHFLGHFXiQGRKDWHUPLQDGR
œ™(YLGHQWHPHQWHHOKRPEUH6HSRQHDGRUPLULQPHGLDWDPHQWH\URQFD
œ+D WHUPLQDGR FXDQGR HO PDFKR H\DFXOD D PHQRV TXH OD PXMHU VHD OR
VXILFLHQWHPHQWHDIRUWXQDGDFRPRSDUDWHQHUPiVGHXQKRPEUHHQODFDPD
œ/D1DWXUDOH]DGHFLGHFXiQGRKDWHUPLQDGR
œeOORKDFHFXDQGRH\DFXOD
œ0LFRPSDxHURWHUPLQDSHURVHDVHJXUDGHTXHHVWR\FRPSOHWDPHQWHVDWLVIH
FKD\DJXVWR\HQWRQFHVPHPDQWLHQHDEUD]DGDKDVWDTXHPHGXHUPR
œ0HJXVWDDGHQWUDUPHHQODH[SHULHQFLDVH[XDOORPiVTXHPHVHDSRVLEOH\PH
VLHQWRWHUULEOHPHQWHIUXVWUDGDHPRFLRQDOPHQWHVLQRSXHGRKDFHUORSRUTXHpOWLHQHVX
RUJDVPR \ VH GXHUPH 0H JXVWDUtD SURVHJXLU GHVSXpV \ QR KDFHU GH XQ RUJDVPR HO
ILQDO
œ0LFRPSDxHURGHFLGHFXiQGRKDWHUPLQDGRHOVH[RSRUTXHFXDQGRVHFRUUH
SLHUGHKDELWXDOPHQWHHOLQWHUpVHQHOVH[R3XHGHTXHHVWiFDQVDGRVLHVSRUODQRFKH
R ELHQ VL GXUDQWH HO GtD KD WHQLGR RWUDV FRVDV TXH KDFHU 6L SHUPDQHFH HQ WDODQWH
VH[XDO OR VXILFLHQWH SDUD FRQVHJXLU XQD VHJXQGD HUHFFLyQ HQWRQFHV KDFHU HO DPRU
SXHGH FRQWLQXDU GXUDQWH XQ ODUJR SHUtRGR SHUR pVWH HV HO FDVR H[FHSFLRQDO 2SLQR
TXH HV XQD JUDQ OiVWLPD TXH ORV PDFKRV \ ODV KHPEUDV HVWpQ FRQVWLWXLGRV VH[XDO \
ELROyJLFDPHQWHGHWDOPDQHUDTXHORVPDFKRVHVWpQGLVSXHVWRVDDEDQGRQDUSUHFLVD
PHQWHFXDQGRODVKHPEUDVHVWpQHPSH]DQGRDVHQWLUVHSUHGLVSXHVWDV0HSUHJXQWR
˜KDVWDTXpSXQWRORVKRPEUHVVHGDQFXHQWDGHHOOR"4XHFXDQGRpOVHVLHQWHH[KDXV
WRVDWLVIHFKR\DGRUPLODGRHOODHVWiVLQWLpQGRVHDOURMRYLYR\PXULHQGRSRUYROYHU
DOOHJDU\GRUPLUHVOR~OWLPRTXHWLHQHHOODHQHOSHQVDPLHQWR1DWXUDOPHQWHpVWDQR
HV VLHPSUH OD VLWXDFLyQ SHUR Vp TXH KH ILQJLGR KDOODUPH VDWLVIHFKD \ H[KDXVWD PX
FKDVPXFKDVYHFHVVyORSRUTXHVDEtDTXHPtFRPSDxHURVtTXHORHVWDED
25*$6020(',$17(/$(67,08/$&,¾10$18$/'(/&/º725,6
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜2EWLHQHQ UHJXODUPHQWH ODV PXMHUHV HO RUJDVPR PHGLDQWH ODHVWLPXODFLyQPD
QXDOGHOFOtWRULV"
(QODVH[XDOLGDGGHXQPRGHORUHSURGXFWRUTXHKHPRVGHVFULWRODFXDOHVFRQ
PXFKRODTXHPiVSUHYDOHFHHQQXHVWUDFXOWXUD¥VLHVTXHQRHVOD~QLFD GHILQLFLyQ
SDUDODPD\RUtDGHODJHQWH¥˜FRQVHJXtDQODVPXMHUHVRUJDVPRVGXUDQWHORVœSUH
OLPLQDUHVPHGLDQWHODHVWLPXODFLyQGHOFOtWRULV"
)UHFXHQFLDGHORUJDVPRGXUDQWHODHVWLPXODFLyQGHOFOtWRULV
œ6t
6LHPSUH
3RUORJHQHUDO
$OJXQDVYHFHV
5DUDYH]
7RWDO
7LHQHQRUJDVPRUHJXODUPHQWH
&,
¥¥¥
&,,
¥¥¥
&,,,
¥¥¥
727$/
¥¥¥
$TXHOODV TXH REWLHQHQ UHJXODUPHQWH HO RUJDVPR ODV TXH FRQWHVWDURQ œVt
VLHPSUHRSRUORJHQHUDOGXUDQWHODHVWLPXODFLyQPDQXDOGHOFOtWRULV GXUDQWHHODFWR
VH[XDOFRQXQFRPSDxHURDEDUFDQDSUR[LPDGDPHQWHHOGHODSREODFLyQWRWDO
(QRWUDVSDODEUDVDXQTXHHQQLQJ~QPRGRFHUFDGHODDEUXPDGRUDPD\RUtDGH
PXMHUHV TXH REWLHQHQ UHJXODUPHQWH HO RUJDVPR PHGLDQWH OD PDVWXUEDFLyQ DTXHOODV
TXHFRQVLJQHQHORUJDVPRFRQODHVWLPXODFLyQPDQXDOGHOFOtWRULVSRUVXVFRPSDxH
URVDEDUFDQXQQ~PHURPXFKRPD\RUTXHDTXHOODVTXHDOFDQ]DQHORUJDVPRGXUDQWH
HOFRLWR3HUR˜SRUTXpODVPXMHUHVQROOHJDQDORUJDVPRWDQIiFLOPHQWHGX
UDQWHODHVWLPXODFLyQGHOFOtWRULVSRURWURVFRPRORFRQVLJXHQSRUHOODVPLVPDV"
3ULPHURXQFRPHQWDULRVREUHODGHULYDFLyQGHODVFLIUDVSUHFHGHQWHV
$TXtKXERFRPRORKXERHQHOFDStWXORVREUHœFRLWRGLILFXOWDGHVSDUDOOHJDU
DXQDFLIUDJOREDOJHQHUDO(OSULQFLSDOSUREOHPDDTXt\FRQHOVH[RRUDOHVTXHOD
HVWLPXODFLyQGHOFOtWRULVHVFRQIUHFXHQFLDRIUHFLGDSULQFLSDOPHQWHFRQSURSyVLWRVGH
H[FLWDU œSUHOLPLQDUHV GHELGR D HVWH PRWLYR QR VLHPSUH TXHGDED FODUR VL OD UHV
SXHVWD GH OD PXMHU VLJQLILFD TXH WHQtD OD FDSDFLGDG GH REWHQHU HO RUJDVPR œSRU OR
JHQHUDORœDOJXQDVYHFHVHWFPHGLDQWHHVWDFODVHGHHVWLPXODFLyQRELHQVLQHOOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
\VXFRPSDxHURœSRUORJHQHUDOœVLHPSUHRœDOJXQDVYHFHVUHDOPHQWHHPSUHQ
GtDQHVWDHVWLPXODFLyQSDUDOOHJDUKDVWDHORUJDVPR/DVPXMHUHVTXHFRQWHVWDURQHQ
UHODFLyQDFDSDFLGDGSXHGHQKDEHURULJLQDGRTXHODVFLIUDVVHDQOHYHPHQWHPiVHOH
YDGDV GH OR TXH ODV FRUUHVSRQGLHQWHV D OD YHUGDGHUD IUHFXHQFLD GH OD SUiFWLFD GH OD
HVWLPXODFLyQ GHO FOtWRULV KDVWD HO RUJDVPR MXVWLILFDUtDQ VLQ HPEDUJR FRPR HQ ODV
FLIUDVPHQFLRQDGDVHQHOFRLWRVHKLFLHURQWRGRVORVHVIXHU]RVSRVLEOHVSDUDYHULILFDU
\ FRPSUREDU ODV UHVSXHVWDV \ HQ OD PD\RU SDUWH GH ORV FDVRV SXGR VXSRQHUVH VX
VLJQLILFDGR
3RURWUDSDUWHHQORVFXHVWLRQDULRV,\,,ODSUHJXQWDIXHH[SUHVDGDDVtœ˜4Xp
SRVLFLRQHV\PRYLPLHQWRVRQORVPHMRUHVSDUDHVWLPXODUVHXVWHGFOLWyULFDPHQWHFRQ
XQFRPSDxHUR"˜2EWLHQHXVWHGGHIRUPDKDELWXDORUJDVPRVSRUHVWHPHGLRJHQHUDO
PHQWHDOJXQDVYHFHVUDUDYH]RQXQFD"([SOLTXHSRUIDYRUORVPRGRVHQTXHXV
WHG \ VX FRPSDxHURV SUDFWLFDQ OD HVWLPXODFLyQ GHO FOtWRULV OD YR] DFWLYD IXH
HPSOHDGD FRPR XQ PHGLR SDUD VXJHULU TXH OD PXMHU PLVPD SRGtD VHU DFWLYD HQ
REWHQHU OD HVWLPXODFLyQ GHO FOtWRULV SHUR HVWR VXVFLWy TXH PXFKDV PXMHUHV
HQWHQGLHUDQPDOODSUHJXQWD
œ1RFRPSUHQGRODSUHJXQWD˜\RHVWLPXOiQGRPHDPtPLVPD"˜(VHVWRORTXH
PHSUHJXQWDQ"5DUDYH]ORKHKHFKRFRQXQFRPSDxHUR
œ<RQRPHHVWLPXORHOFOtWRULVFRQXQFRPSDxHUReOHVTXLHQORKDFH
œ˜4XpHVODHVWLPXODFLyQGHOFOtWRULV"˜(VFXDQGRHOFRPSDxHURWHPDVWXUED"
œ(VWDSUHJXQWDQRWLHQHVHQWLGRSDUDPt/DHVWLPXODFLyQGHOFOtWRULVHVSDUWHGH
ORVHMHUFLFLRVGHSUHFDOHQWDPLHQWR
œ1RHVWR\VHJXUDGHORTXHTXLHUHXVWHGVLJQLILFDU1XQFDKHWHQLGRXQDUHOD
FLyQKRPRVH[XDO
4XL]iSDUDDOJXQDVPXMHUHVLQFOXVRODLGHDGHWHQHUXQRUJDVPRSRUHVWHVLVWH
PD HUD XQD QRYHGDG (O VLJQLILFDGR HVHQFLDO GHO KHFKR GH TXH WDQWDV PXMHUHV QR
FRPSUHQGLHURQRQRFRQWHVWDURQDHVWDSUHJXQWDHVTXHDSHQDVH[LVWHXQDFXOWXUDTXH
VHUHILHUHDODVQHFHVLGDGHVGHODVH[XDOLGDGIHPHQLQDXQDIRUPDGHUHODFLRQDUVHTXH
YHUGDGHUDPHQWHFRQOOHYHXQDSUHRFXSDFLyQSRUODVQHFHVLGDGHVGHORVFXHUSRVGHODV
PXMHUHV
&XDQGR OD SUHJXQWD IXH FDPELDGD HPSOHDQGR OD YR] SDVLYD PiV XVXDO HQ HO
FXHVWLRQDULR,,,IXHSHUIHFWDPHQWHHQWHQGLGDORFXDOH[SOLFDHOSRUFHQWDMHPDVHOH
YDGRGHUHVSXHVWDVSRVLWLYDVHQHOFXHVWLRQDULR,,,
6HxDOHPRVTXHQRSXHGHVXSRQHUVHTXHORVSRUFHQWDMHVWRWDOHVGHPXMHUHVTXH
ORJUDQHORUJDVPRPHGLDQWHHOFRLWR\SRUODHVWLPXODFLyQPDQXDOGHOFOtWRULV
SXHGHQVHUVHQFLOODPHQWHVXPDGRVSDUDTXHUHSUHVHQWHQHOSRUFHQWDMHWRWDOGH
PXMHUHVTXHWLHQHQRUJDVPRGXUDQWHODUHODFLyQVH[XDOFRQVXVFRPSDxHURV0XFKDV
GHHVDVPXMHUHVVRQODVPLVPDVPXMHUHVTXHSXHGHQWHQHURUJDVPRSRUDPERVPH
GLRV +XER GHVGLFKDGDPHQWH PXFKDV PXMHUHV TXH ORJUDURQ UHJXODUPHQWH ORV RU
JDVPRV GXUDQWH OD PDVWXUEDFLyQ SHUR FDVL QXQFD GXUDQWH HO VH[R FRQ RWUD SHUVRQD
SRUQLQJ~QPHGLR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/DSULPHUDUD]yQSRUODTXHODVPXMHUHVQRREWLHQHQHORUJDVPR WDQIUHFXHQWH
PHQWHSRUODHVWLPXODFLyQGHOFOtWRULVSRURWUDSHUVRQDFRPRORORJUDQSRUHOODVPLV
PDV HV TXH OD PD\RU SDUWH GH ODV YHFHV OD HVWLPXODFLyQ GHO FOtWRULV QR SUHWHQGH
FRQGXFLUDORUJDVPR(OPRGHORGHVH[XDOLGDGEDVDGRHQODUHSURGXFFLyQKDLQFOXLGR
WUDGLFLRQDOPHQWH VyOR OD VXILFLHQWH HVWLPXODFLyQ GHO FOtWRULV HQ ORV œSUHOLPLQDUHV
FRQSURSyVLWRGHH[FLWDUSHURQRSDUDHORUJDVPRORFXDOHVTXL]iSHRUTXHQLQJXQD
HVWLPXODFLyQGHOFOtWRULVXQDHVSHFLHGHœFDOLHQWDSLFKDVDODLQYHUVD
œ5HFXHUGRYLYDPHQWHKDEHUOHtGRHQDOJ~QPDQXDOGHOPDWULPRQLRDXQDHGDG
HQODTXHWRGDYtDFRQVLGHUDEDDVTXHURVDODLGHDGHOFRLWR\ODVSDUWHVJHQLWDOHVTXL
]iVDPLVRFKRRQXHYHDxRVXQDUHIHUHQFLDVREUHGyQGHHVWDEDQODVSDUWHVVHQVLEOHV
HQ XQD PXMHU \ FyPR HO KRPEUH GHEtD HVWLPXODUODV DQWHV GH LQWHQWDU HO FRLWR SDUD
TXH DVt OD PXMHU HVWXYLHUD SUHSDUDGD 6RQDED WDQ GHVDJUDGDEOH \ REOLJDWRULR \ \R
QXQFDTXLVHTXHXQKRPEUHPHKLFLHUDHVRDPt FRQODILQDOLGDGGHWHQHUPHSUHSDUD
GD\DVtSRGtDFRQVHJXLUORTXHUHDOPHQWHVHSURSRQtDMRGHU1XQFDWXYHODLPSUH
VLyQTXHDOJXLHQSXGLHUDWRFDU\DFDULFLDUSRUHOSODFHUGHKDFHUOR6LHPSUHHUDXQD
REOLJDFLyQTXHHOKRPEUHVHLPSRQtDSDUDSRGHUHVWDUDVtRUJXOORVRGHVX¦WpFQLFD§
FRPRDPDQWH
œ0LV FRPSDxHURV SDUHFHQ VHU LQFDSDFHV GH FRPSUHQGHU TXH HVWR HV SUHFLVD
PHQWHORTXHPiVPHJXVWD\HQFRQVHFXHQFLDWHQJRUDUDYH]XQRUJDVPRFRQPLV
FRPSDxHURVSRUTXHPHPRQWDQDQWHVTXHKD\DTXHGDGR\RVDWLVIHFKD
œ&XDQGRKDFHPRVHODFWRHVWRHVHPSOHDGRVRODPHQWHFRPRHVWLPXODFLyQ6L
QR DOFDQ]R HO RUJDVPR GXUDQWH HO FRLWR HQWRQFHV OD HVWLPXODFLyQGHOFOtWRULVSXHGH
VHUHPSOHDGDGHQXHYRVLWHQJRVXHUWH
œ(OORVPHGLFHQTXHTXLHUHQTXHOOHJXHSHURQRKDFHQQDGDSDUDFRQVHJXLUOR
DVtTXHHVWR\VRVSHFKDQGR(VDFDQWLQHOD¦˜SRUTXpQROOHJDV"§SXHGHVHURWUDPD
QHUDGHKDFHUPHVHQWLUSpVLPDPHQWH
œ3RU OR JHQHUDO pO QR VH SURGLJD HQ MXHJRV HUyWLFRV SUHOLPLQDUHV SHUR \R OR
DQLPR D VHJXLU D YHFHV VLQ WHQHU p[LWR 6L KD\ HVWD HVWLPXODFLyQ HV SRU OR JHQHUDO
DQWHVGHOFRLWR
œ0HKDQWRFDGRDOOtSHURGXGRTXHVXSLHUDQORTXHHVWDEDQKDFLHQGR
œ/D PD\RUtD GH ORV KRPEUHV WRTXHWHD PLV JHQLWDOHV PHWHQ XQ GHGR GHQWUR
HWFVLQTXHVHVROLFLWHTXHORKDJDQ(VWRHVVyORXQSUHOXGLR\QRGXUDPXFKR$O
JXQDVYHFHVDOJXQRVLQWHQWDQHOFXQQLOLQJXV
<PXFKRVKRPEUHVQLVLTXLHUDHVWLPXODQHQDEVROXWRDVXVFRPSDxHUDV
œ1RSUDFWLFDPRVODHVWLPXODFLyQFOLWyULFD3RGUtDHVWDUGHDFXHUGRFRQORTXH
VH OHH HQ HO FDStWXOR FRUUHVSRQGLHQWH HQ XQD GRFHQD GH OLEURV SHUR GLUHFWDPHQWH
WHQJRSRFRTXHGHFLU%iVLFDPHQWHPHGHVDJUDGDODQRFLyQGHOHVWtPXORGHOLEHUDGR
¥GHVHDQGRTXHHOURPDQFHEDVWDVHSDUDFRQVHJXLUODOXEULFDFLyQHWF¥VRODPHQWH
ODUHFtSURFDGHVFDUJDGHHQHUJtDHPRFLRQDO6LQHPEDUJRQRIXQFLRQDDVt
œ&LHUWDYH]HQHOSULPHUDxRGHPDWULPRQLRKDFHRFKRDxRVPLPDULGRGLMR
TXHQROHJXVWDUtDGHPDVLDGRHPSOHDUODPDQR'HVSXpVGHHVWRQLVLTXLHUDFRQVLGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
Up UHSHWLUOR \ KDVWD IXL VLQWLHQGR XQ FUHFLHQWH GLVJXVWR FXDQGR OH WRFDED D pO WDP
ELpQ$KRUDVR\WRWDOPHQWHIUtDFRPRXQWpPSDQRFRQpO
œ0LKRPEUHHVXQSRFRUHDFLRDHVWLPXODUPHRVHDTXHWHQJRTXHDWHQHUPHD
ODSHQHWUDFLyQ
œ0LVDPDQWHVQXQFDKDQLQWHQWDGRHVSHFtILFDPHQWHHVWLPXODUPLFOtWRULV
œ0H JXVWD SHUR FUHR TXH PL HVSRVR QL VLTXLHUD VDEH GyQGH HVWi HO FOtWRULV \
PHVLHQWRGHPDVLDGRYLROHQWDSDUDGHFtUVHOR$OJXQDVYHFHVORWURSLH]DSRUFDVXDOL
GDG
œ0L DFWXDO FRPSDxHUR QR FRPSUHQGH R QR TXLHUH FRPSUHQGHU SXHGH VHU TXH
ORFRQVLGHUHFRPRXQDDPHQD]DDVXPDVFXOLQLGDGTXHPL FOtWRULVHVSDUDPtORTXH
HVVXIDORSDUDpO1RTXLHUHSHUGHUHOWLHPSRHVWLPXOiQGRPH
œ3RUORJHQHUDOPLFRPSDxHURQRORKDFHGHPDVLDGR(VWiPiVLQWHUHVDGRHQ
ODSHQHWUDFLyQ
œ/D PDVWXUEDFLyQ SRU ORV KRPEUHV HV JHQHUDOPHQWH SDUD FRPSUREDU VL HVWR\
K~PHGD
,PSUHVLRQHVVREUHODHVWLPXODFLyQFOLWyULFD
˜6HVLHQWHFXOSDEOHSRUGHGLFDUWLHPSRDXVWHGPLVPDHQMXHJRVVH[XDOHVTXHSXH
GHQQRVHUHVSHFtILFDPHQWHHVWLPXODQWHVSDUDVXFRPSDxHUR"
˜4XpDFWLYLGDGHVLQFOX\HHQVXUHVSXHVWD"
0XFKDV PXMHUHV LQWHUSUHWDURQ HVWD SUHJXQWD FRPR VLJQLILFDQGR VL VH VHQWtDQ
FXOSDEOHVSRUQHFHVLWDUœSUHOLPLQDUHVHQYH]GHLQWHUSUHWDUœGHGLFDUWLHPSRDXVWHG
PLVPD FRPR VLJQLILFDWLYR GH DOFDQ]DU XQ RUJDVPR (VWR ~QLFDPHQWH VXEUD\D PiV
IXHUWHPHQWHODLPDJHQ\DSUHVHQWDGDTXHODHVWLPXODFLyQGHOFOtWRULVHVFRP~QPHQWH
XVDGDFRQSURSyVLWRGHH[FLWDUSHURQRGHSURGXFLUHORUJDVPR<QRREVWDQWHPX
FKDVPXMHUHVVHVHQWtDQFXOSDEOHV¥DXQVLQRUJDVPR¥ SRUœQHFHVLWDUHVWDFODVHGH
œH[WUD HVWLPXODFLyQ 7DO FRPR OR H[SUHVy XQD PXMHU œ$ ODV PXMHUHV VH OHV KDFH
FUHHUTXHODVPXMHUHVVH[\ QRODQHFHVLWDQ
œ/D PD\RUtD GH KRPEUHV GLVIUXWDQ VL OD PXFKDFKD MXJXHWHD UHWR]DQGR FRQ
HOORVSRUORJHQHUDOWDQWRRPiVTXHHQHOFRLWR\SRUFRQVLJXLHQWHFDGDFRPSRQHQ
WHGHODSDUHMDGHEHUtDWHQHULJXDOHVGHUHFKRVDHVWDVLWXDFLyQORFXDOQRHVPXWXD
PHQWH VDWLVIDFWRULD 3HUR \R SHUVRQDOPHQWH PH VLHQWR PX\ LQFyPRGD SLGLHQGR PL
SDUWH
œ6tDYHFHVPHVLHQWRFXOSDEOHRFRPRVtHVWXYLHUDLQFRUGLDQGRLPSRUWXQiQ
GROR6pTXHHVULGtFXOR\PDVRTXLVWDSHURVLJRVLQWLpQGRPHDVt
œ0LQRYLRHVWLPXODPLFOtWRULVXVXDOPHQWHFRQVXOHQJXD\DOJXQDVYHFHVFRQ
VX GHGR (VWR HV VDWLVIDFWRULR SHUR SDUHFH WDQ DXWRPDWL]DGR \ PHFiQLFR \ WDQ FD
UHQWHGHVHQVXDOLGDG$pOQROHLPSRUWDKDFpUPHORSHURDYHFHVH[SHULPHQWRXQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HQRUPH VHQVDFLyQ GH FXOSDELOLGDG GH TXH WHQJD TXH KDFHUOR 2MDOi SXGLHVH OOHJDU
GXUDQWHHOFRLWR™6LXVWHGVDEHFyPRORJUDUORSRUIDYRUGtJDPHOR
œ0H VLHQWR WHPHURVD PiV TXH FXOSDEOH GH FyPR UHDFFLRQDUi pO \ FyPR PH
VHQWLUp\RVLVHHQIDGD
œ6tQRSXHGRHYLWDUHOSHQVDPLHQWRGHTXHHVWiWUDEDMDQGRSDUDKDFHUPHVHQWLU
DOJRWUDEDMDGHPDVLDGR HVIRU]DGDPHQWH\KDFHWRGDXQDUHSUHVHQWDFLyQDVtTXHDO
GHPRQLRQRORSLGR
œ0HGHVDJUDGDTXHORVKRPEUHVHPSUHQGDQDOJXQDDFWLYLGDGSRUTXHFUHDQTXH
HVRPHYDDHVWLPXODU'XGRTXHODHVWLPXODFLyQGHOFOtWRULVVHDQLVLTXLHUDUHPRWD
PHQWHLQWHUHVDQWHSDUDORVKRPEUHVH[FHSWRSRUTXHHVWROHVKDFHVHQWLUVHSRGHURVRV
DOFRQVHJXLUXQDUHDFFLyQSRUSDUWHGHODPXMHU1RFRRSHUR HQHVWDLQVHQVDWH]IDWXD
\FRQGHVFHQGLHQWH
œ6t 6LHQWR DQVLHGDG GHVFRQILDQ]D \ UHVHQWLPLHQWR DO VHU PDQLSXODGD DXQTXH
VHDFRQPDQHUDVGLVIUD]DGDVQRPHJXVWDVHQWLUTXHHVWR\VLHQGR¦WUDEDMDGD§SRUDO
JXLHQTXHSLHQVDTXHGHEHUtDWHQHU¦RUJDVPRV§
œ3DUDPtODVDWLVIDFFLyQVH[XDOHVHJRtVWD&DGDSHUVRQDVDFDORPi[LPRTXH
HOODRpOSXHGDQREWHQHUGHODHVWLPXODFLyQTXHHVRIUHFLGD(OWUXFRSDUDODVPXMHUHV
FRQVLVWHHQWRPDUGHVFDUDGDPHQWH\QRGDUQLXQDURVFD
œ(ORUJDVPRPHGLDQWHODHVWLPXODFLyQGHOFOtWRULVRFXUUHUDUDYH]FRQPLFRP
SDxHURSRUTXHPHVLHQWRPX\D]RUDGDFXDQGRVHPHKDFHDOJXQDFRVDVLQ\RGDUQL
KDFHUQDGDDODRWUDSHUVRQD
œ<ROHVSHGtDDPLVDPDQWHVTXHHVWLPXODVHQPLFOtWRULVSHURPLPDULGRVLHP
SUH GLFH ¦6RODPHQWH ODV SXWDV GLVIUXWDQ FRQ HO FRQWDFWR FOLWyULFR \ H[FLWDQGR RUDO
PHQWHDOKRPEUH§RVHDTXHQRVHORSLGR
œ0HVLHQWRPROHVWDSRUTXHORVKRPEUHVFUHHQTXHHVWRVLJQLILFDTXHPHPDV
WXUER
œ6L DVt HV FRPR PH VLHQWRFRQUHVSHFWRDORVSUHOLPLQDUHV4XLHURPiVGHOR
TXHPLPDULGRPHGD$OJXQDVYHFHVGHVSXpVGHOFRLWRHQRFDVLRQHVFRQRUJDVPR
TXLHUR VHJXLU FRQ OD HVWLPXODFLyQ FOLWyULFD 3HUR SRFR D SRFR YR\ YHQFLHQGR HVWH
FRPSOHMR
œ6tVLQOXJDUDGXGDVPHVLHQWRFXOSDEOHGHGHGLFDUWLHPSRSDUDPtPLVPD HQ
DFWLYLGDGHV WDOHV FRPR OD HVWLPXODFLyQ GHO FOtWRULV PDVDMHV HUyWLFRV \ FXQQLOLQJXV
VLPSOHPHQWH SRUTXH HVWDV DFWLYLGDGHV QR VRQ HVSHFtILFDPHQWH HVWLPXODQWHV SDUD PL
FRPSDxHUR 0H VLHQWR HJRtVWD ,PDJLQR TXH PL FRPSDxHUR HVWi R ELHQ LPSDFLHQWH
SRU¦WHUPLQDUFRQHOOR§RELHQTXHQRGLVIUXWDJUDQFRVDRVHVLHQWHLQFyPRGRSRU
TXHQRFRQRFHELHQORTXHHVWiKDFLHQGR\QRORFRQRFHSRUTXHORKDFHSRFDVYHFHV
\ QR PH SUHJXQWD SDUD TXH \R OH IDFLOLWHGDWRV\DPtPHFXHVWDGiUVHORVHVSRQWi
QHDPHQWH HQ RWUDV SDODEUDV QR PH SXHGR UHODMDU ELHQ FXDQGR PH HVWiQ KDFLHQGR
FRVDVDPt~QLFDPHQWH\FRPRUHVXOWDGRQROOHJRFRQGHPDVLDGDIDFLOLGDG
œ6tPHVLHQWRPX\FXOSDEOHRFRPSURPHWLGDGHGLFiQGRPHWLHPSRDPtPLV
PDSRUTXHGXUDQWHHOFRLWRPLFRPSDxHURHVWiH[SHULPHQWDQGRSRUORPHQRVWDQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WRSODFHUFRPR\R(VWRSRGUtDUHODFLRQDUVHFRQHOKHFKRGHTXHVLHPSUHPHGLVJXV
WRSRUHVWLPXODUDPLVFRPSDxHURVHQHOSDVDGR¥HVSHFLDOPHQWHFXDQGRHUDDGROHV
FHQWH\TXL]iQRTXLHURTXHDHOORVOHVGLVJXVWH\RFRPRHOORVPHGLVJXVWDEDQDPt
5HFXHUGR DKRUD OR TXH VH FDQVDED PL PDQR R FRQ PL PDULGR OR TXH PH GROtD OD
PDQGtEXODGHWDQWRWHQHUORHQPLERFD6XSHTXHQRGLVIUXWDEDHVWLPXOiQGRORV\OR
VXSHSRUTXHPHSURGXFtDUHVHQWLPLHQWRFRQWUDHOORV\QXQFDTXLHURTXHQDGLHH[SH
ULPHQWHHVWDVHQVDFLyQKDFLDPt$OJXQDVYHFHVFXDQGRPLFRPSDxHURMXJXHWHDFRQ
PLVSH]RQHVPLHQWUDV\RPHPDVWXUERPHVLHQWRLQFyPRGDWDPELpQGHELGRDTXH
KDELWXDOPHQWHORKDFHGHVSXpVTXHKDOOHJDGRFXDQGR\DQRHVWiHQDEVROXWRH[FL
WDGR™ORKDFHFRQWDQWDGHVJDQD
œ1RPHVLHQWRFXOSDEOHSRUTXHQXQFDKHGHGLFDGRWLHPSRSDUDPtPLVPDQL
PH KD VLGR GDGD OD RSRUWXQLGDG GH KDFHUOR DVt <R VLHPSUH KH SUHVWDGR VHUYLFLR DO
KRPEUHVLELHQQRPHGDEDFXHQWDGHHOORFXDQGRHUDPX\MRYHQ(UDORTXHVHHV
SHUDEDGHPt1XQFDKDKDELGRFXHVWLyQDOJXQDTXHWUDWDUDGHPtPLVPDHQXQDUH
ODGyQVH[XDO1XQFDVHVXVFLWyVDOYRHQPLSURSLDPHQWH~OWLPDPHQWH
œ6HQVDFLRQHVGHFXOSDELOLGDGRQRDOJXLHQTXH¦QRTXLHUHMXJDU§HVXQKROJD
]iQ FRORVDO6LPSOHPHQWHPHQLHJRDFDSLWXODUDQWHHVWHLQPXQGR¦HVWiVSLGLpQGRPH
PXFKDV FRVDV§ (VSHFLDOPHQWH FXDQGR QR HVWi H[SUHVDGR YHUEDOPHQWH 6DOJR GH OD
FDPD\PHSRQJRDOHHUXQEXHQOLEUR
œ0L FRVWXPEUH HV SHQVDU HQ WpUPLQRV GH GHEH \ KDEHU \R OH KLFH XQD SDMD
SXHVpOWLHQHTXHKDFHUFXQQLOLQJXVHWF
œ/RVKRPEUHVFUHHQTXHHVWiQUHDOPHQWHHQODDYDQ]DGLOODGHODYDQJXDUGLDVL
ORKDFHQVLQTXHXQDORSLGD'HWRGDODLQIRUPDFLyQSRSXODUL]DGDVREUHODVH[XDOL
GDG IHPHQLQD GHVGH OD ¦UHYROXFLyQ VH[XDO§ OD LGHD GH OD HVWLPXODFLyQ FOLWyULFD KD
VLGRUHDOPHQWHODTXHKDFDXVDGRPD\RULPSDFWR3HURGHWRGRVPRGRVVLJRVLQWLHQ
GRTXHPLFRPSDxHURHVWiKDFLHQGRDOJRTXHSDUDpOHVXQPHURREVWiFXORWpFQLFR
FRQ HO TXH WLHQH TXH DSHFKXJDU DQWHV GH SDVDU D ¦OR UHDO§ \ PH GLVJXVWD VHQWLUPH
WHQVDSRUTXHpOPHORHVWiKDFLHQGR
œ7HQJR PXFKRV SUREOHPDV HQ HVWH WHUUHQR1HFHVLWRHVWLPXODFLyQKDVWDHORU
JDVPRPiVGHOLFDGDVFDULFLDVHQORVSHFKRV\FDQWLGDGHVGHVXDYHVEHVRV3ULPHUR
GHWRGRQXQFDPHKHHVWLPXODGR\RPLVPDFXDQGRHVWDEDFRQXQFRPSDxHURDPH
QRVTXHVHFRQVLGHUHHOIURWDUPL]RQDFOLWyULFDVREUHVXPXVORRSHQHFRPRXQDDX
WRHVWLPXODFLyQ 6t VXSRQJR TXH HV DVt SHUR QR SXGH QXQFD DFRVWXPEUDUPH D HP
SOHDUPLPDQRVLQVHQWLUPHUHDOPHQWHUDUDH[KLELpQGRPH<RGLRGDULQVWUXFFLRQHV
DORVKRPEUHVFDVLWDQWRFRPRHOORVRGLDQUHFLELUODV$XQTXHHOORVGLJDQTXHTXLHUHQ
VDEHU OR TXH PH JXVWD \ \R OR GLJD LQYDULDEOHPHQWH OR ROYLGDQ D OD YH] VLJXLHQWH
DERUUH]FR HVSDQWRVDPHQWH UHSHWLU HO DVXQWR (V PROHVWR \ KXPLOODQWH FRPR VL \R
IXHVHOD~QLFDFDSULFKRVDH[FpQWULFDTXHKDFHODVFRVDVGHHVWDPDQHUD
œ$PEDV SHUVRQDV SDUWLFLSDQ HQ XQD FODUD XQLGDG GH SURSyVLWR FRQ OD SHQHWUD
FLyQPLHQWUDVTXHODHVWLPXODFLyQPDQXDOHVXQDKDFLpQGRVHORDODRWUD SRUORFXDO
PHVLHQWRUDUD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6ROtD VHQWLUPH FXOSDEOH \ WHPHURVD SHUR UHVXOWD TXH OXHJR HV EDVWDQWH IiFLO
SHGLUOR7LHQHVODVHQVDFLyQGHTXHSRUILQHUHVVLQFHUD
œ&XDQGR OH SLGR D ORV KRPEUHV TXH PH HVWLPXOHQ PDQXDOPHQWH VH SRQHQLQ
VXOWDQWHV\VXJLHUHQTXHKHWHQLGRH[SHULHQFLDVOHVELDQDV
œ(VEDVWDQWHGLItFLOGHSHGLU(VDJUDGDEOHVLHOORVORKDFHQSRUSURSLDLQLFLDWL
YD SRUTXH GH OR FRQWUDULR PH VLHQWR XQSRFRPROHVWDDOWHQHUTXHH[SUHVDUORFRQ
HVWDFODVHGHSDODEUDV
œ6tVLHQWRTXHHVXQDLPSRVLFLyQ3RUHVWDUD]yQPHDJUDGDQORVKRPEUHVTXH
LQVLVWHQ GH WRGDV IRUPDV DVt QXQFD VH SUHVHQWD OD SUHJXQWD LPSOtFLWD ¦˜(V VXIL
FLHQWH"§
œ6LHQWRTXHGHEHGHHVWDUSHQVDQGR¦(VWRVHSDUHFHGHPDVLDGRDODPDVWXUED
FLyQ§
œ6LJRWHQLHQGRODLQFyPRGDVHQVDFLyQGHTXHHVWR\LPSRUWXQiQGROR<RQHFH
VLWRUHDOPHQWHPiVSUHOLPLQDUHVGHORVTXHPHKDFHPLPDULGR\VHORKHGLFKRIUH
FXHQWHPHQWH SHUR QRUPDOPHQWH QR VH SUHRFXSD 3DUHFH PX\ RULHQWDGR H[FOXVLYD
PHQWHKDFLDHORUJDVPRRVHDVXRUJDVPRHVWRHV OR~QLFRTXHDpOOHLPSRUWD
œ6tHVXQDFXHVWLyQGHGHSHQGHQFLDGHOFRQVHQWLPLHQWRGHXQKRPEUHHQKDFHU
XQ DFWR DJUHVLYR SDUD Pt PLHQWUDV \R HVWR\ SULQFLSDOPHQWH SDVLYD HQ FDPELR GX
UDQWHHOFRLWRHOKRPEUHOOHJDDORUJDVPRDWUDYpVGHVXDJUHVLYLGDG/RVKRPEUHV
WDPELpQHVWiQEDMRODLOXVLyQGHTXHFRSXODULPSOLFDHOJRFHItVLFRGHGRVSHUVRQDV
PLHQWUDVTXHODHVWLPXODFLyQGHOFOtWRULVHV~QLFDPHQWHSDUDODPXMHU
œ/R TXH FUHR TXH FRQWULEX\H D TXH \R QR FRQVLJD XQ RUJDVPR DOJXQDV YHFHV
FRQ XQ FRPSDxHUR HV PL SRFD SUHGLVSRVLFLyQ D DUULHVJDUPH HQ KDFHU VDEHU D PL
FRPSDxHUR TXH pOHOOD HVWi HVWLPXOiQGRPH HQ OD ]RQD HTXLYRFDGD R QR OR EDVWDQWH
UiSLGRROREDVWDQWHIXHUWHRHVGHPDVLDGREUHYH&XDQGRPHGR\FXHQWDGHTXHQR
YR\DORJUDUHOFOtPD[OR EDVWDQWHSURQWR\PLFRPSDxHURHVWiHPSH]DQGRDDEXUULU
VHPHIUXVWUR\RPLVPD\SDUR
œ&XDQGRpOOOHJD\RWDPELpQGHVHRKDFHUORSHURHQWRQFHVVLHPSUHSDUHFHFR
PRVLpOHVWXYLHUDPDVWXUEiQGRPHRVHDTXHPHVLHQWRSUHRFXSDGD\GLJRYDPRVD
WRPDUQRVXQDVIUHVDV\\RJXU
œ˜/HUHVXOWDLQFyPRGRSHGLUODHVWLPXODFLyQGHOFOtWRULV"˜7LHQHODVHQVDFLyQ
GHTXHVXFRPSDxHURHVWiVDFULILFiQGRVHSDUDSURSRUFLRQiUVHOD"
œ6RODPHQWH KH FRQVHJXLGR KDEODU GH HOOR PX\SRFDVYHFHV(QFLHUUDRFDVLyQ
FRQYHUVpODUJDPHQWHFRQXQKRPEUH\OHGLMHORTXHPHJXVWDED\VtOOHJXpFRQpO
&UHRTXHVLKXELHUDKHFKRORPLVPRFRQRWURVKRPEUHVKXELHVHSRGLGROOHJDUFRQ
HOORV3HURGHHVWHPRGRHVPHQRVH[FLWDQWHSRUORPHQRVDOSULQFLSLR6LORVKRP
EUHVIXHUDQPiVKRQHVWRV\VHQVXDOHVWDPELpQVHUtDPiVIiFLO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HODVFRPSXVHILQDOPHQWHSDUDFRPXQLFDUODVLWXDFLyQDXQKRPEUHGHPR
GRTXHFRQVLJXLy+DFHU(VR/RVRWURVQRORJUDURQQXQFDFDSWDUORHYLGHQWHPHQWHR
IXLGHPDVLDGRWtPLGDSDUDHVFODUHFHUGHELGDPHQWHHOSXQWR
œ6HSXVRIXULRVROD~OWLPDYH]TXHOHSHGtTXHPHHVWLPXODVH\DTXHHOORGH
WXYRVXGLVSRVLFLyQSDUD¦KLQFDUOD§(VUHDOPHQWHWtPLGR\WRUSH\HVGHPDVLDGRLQ
VHJXURSDUDTXHPHDUULHVJXHDHVWURSHDURWUDQRFKHDOHFFLRQiQGROR2VHDTXHORKH
DFHSWDGRDVXHVWLORHQUHDOLGDGHVFRUUHFWR
œ1RFUHRTXHKD\DSHGLGRQXQFDORTXHTXHUtD6LPSOHPHQWHSHQVpTXHDOJX
QRV WLSRV OR VDEtDQ \ RWURV QR \ HUD PX\ H[FLWDQWH FXDQGR OR KDFtDQ 6LHPSUH PH
LQWLPLGyHOFRQFHSWRGHXQDPXMHUFRQWURODGRUD\RFDVWUDGRUD(UDSDUDPtFRPROD
VDJUDGD HVFULWXUD QR KDFHU TXH XQ WLSR VH VLQWLHVH LQDGHFXDGR XQ UHVXOWDGR GH PLV
DPLJRV LQWHOHFWXDOHV PDVFXOLQRV \ PL SVLFRDQDOLVWD \ VXJHULU TXH pO KLFLHVH DOJR
PiVRGLIHUHQWHKDEUtDVLGRFRPRSDUHFHUVXJHULUTXHQRHUDDGHFXDGR$KRUDHOPR
YLPLHQWR IHPLQLVWD PH KD D\XGDGR D GHFLU ODV FRVDV FODUDV 3LGR OR TXH TXLHUR HQ
WRGDFODVHGHVLWXDFLRQHV¥LJOHVLDWUDEDMRVXSHUPHUFDGR*RELHUQRORFDO¥ \HQOD
FDPD
œ6ROtD VHU HPEDUD]RVR SHUR OXHJR PL FRPSDxHUR \ \R DSUHQGLPRV FyPR WR
FDUQRV HO XQR DO RWUR PHGLDQWH LQVWUXFFLRQHV YHUEDOHV (O GLiORJR YD PiV R PHQRV
DVt¦˜4XpWHJXVWDUtD"§¦7RFDPLSHQH§¦˜$SULHWRPiVRPHQRV"§¦0iV§¦˜0XHYR
DVt R DVt"§ ¦'H OD VHJXQGD PDQHUD§ ¦˜4Xp PiV TXLHUHV"§ ¦7RFD OD SXQWD§ ¦˜&y
PR"§ ¦)URWD VXDYHPHQWH§ ¦˜$Vt R DVt"§ HWFpWHUD 5HDOPHQWH LQVLVWt HQ TXH IXHVH
OLWHUDO \ HPSOHDVH WRGDV ODV SDODEUDV 'HVSXpV OR KDFtDPRV D OD LQYHUVD /DV SDVp
DSXUDGDV SLGLpQGROH TXH WRFDVH PL SHFKR R HO FOtWRULV $KRUD \D HV PiV IiFLO SHUR
UHVXOWDWRGDYtDGLItFLOVXJHULUDOJRQXHYR
Ϫ6t eO VLHPSUH DFW~D HQ HO VLWLR HTXLYRFDGR \ D Pt PH GD GHPDVLDGD YHU
JHQ]DHQVHxDUOHH[DFWDPHQWH FyPRGHEHKDFHUOR*UDFLRVRSHURDVtHVQRPHPR
OHVWD KDFHU FXDOTXLHU FRVD TXH OH JXVWH D XQ KRPEUH R TXH VH QRV RFXUUD D DPERV
SHURVtPHD]RUDWHQHUTXHGHFLU¦8QSRFRDODGHUHFKD§R¦0iVDUULED§R¦$FDUt
FLDPHODHVSDOGD§
œ0LDPDQWHDFWXDOVHVLHQWHWRGDYtDPiVDIHFWXRVRFXDQGROHGLJRORTXHTXLH
UR SHUR VyOR VR\ FDSD] GH KDFHU HVWR SRUTXHQRVDPDPRVUHDOPHQWH\QRVSUHRFX
SDUQRVHOXQRSRUHORWURHVWR\PX\VHJXUDFRQpO&RQDQWHULRUHVDPDQWHVPHVHQWtD
KHUPpWLFDHLQVHJXUDSDUDSHGLUOHVDOJR\UDUDYH]ORKLFH1RFUHRTXHHVSHUDVHPX
FKRGHHOORVRORTXHHVPiVLPSRUWDQWHGHPtPLVPD(VWDEDGHPDVLDGRSHQGLHQWH
GHREWHQHUODDSUREDFLyQGHHOORVORFXDOHQGHILQLWLYDQRLPSRUWDEDPXFKR
œ0H PROHVWDED PXFKR WHQHU TXH GHFLU ¦$Kt QR DTXt§ (QWRQFHV FHUUDED PLV
SLHUQDV\GHFtD¦9DPRVDKDFHUORQRUPDO\GHYHUGDG§
œ5HVHQWtDHOKHFKRGHQROOHJDUSHURUD]RQpTXHVHUtDPHMRUGHMDUDXQODGRHO
UHVHQWLPLHQWR\SHGLUORTXHTXHUtD(VWHHVWDGRPHQWDOH[LJLyXQPRQWyQGHHVIXHU
]RVSDUDORJUDUOR\DTXHLPSOLFDEDDSUHQGHUDHVWDUGLVSXHVWDDSHGLUGLUHFWDPHQWH
ORTXHTXHUtDVLD~QQRORHVWDEDFRQVLJXLHQGR&UHRTXHVHUIUDQFD\GLUHFWDDFHUFD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHORVSURSLRVGHVHRVHVHOPHMRUVLVWHPDGHVDWLVIDFHUORV(VWDUWHQGLGD\DODHVSHUD
GHTXHpOKDJDHOPRYLPLHQWRDGHFXDGRHQHOPRPHQWRDGHFXDGRHVGHPDVLDGRHQ
ORTXHFHGRU
œ$XQTXH KH VLGR UHDOPHQWH WtPLGD SDUD GHFLUOH D XQ KRPEUH OR TXH KH GLFKR
DTXtODSUy[LPDYH]TXHHVWpFRQDOJXQRGHPLVDPLJRVLQWHQWDUpGHFLUOHVWRGRHVR
\YHUGyQGHPHOOHYDHOSHGLUOR
6LODVPXMHUHVQRSRGtDQSHGLUODHVWLPXODFLyQGHOFOtWRULVKDVWDHORUJDVPRR
KDFHUORHOODVPLVPDVWHQtDQHVFDVDVSUREDELOLGDGHVHQPXFKRVFDVRVGHFRQVHJXLUOR
GHOKRPEUHFRQHOFXDOHVWDEDQ
œ˜(VWiQ VXV FRPSDxHURV ELHQ RULHQWDGRV" ˜6RQ VHQVLEOHV D OD HVWLPXODFLyQ TXH
TXLHUH"
/DVUHVSXHVWDVDHVWDSUHJXQWDLQGLFDEDQTXHSRUORJHQHUDOVRODPHQWHORVTXH
PDQWLHQHQUHODFLRQHVEDVWDQWHFRQWLQXDVVHHQFXHQWUDQFHUFDGHHVWDUELHQLQIRUPD
GRV\TXHODVPXMHUHVVLHQWHQFRQIUHFXHQFLDTXHVXQHFHVLGDGGHXQDHVWLPXODFLyQ
FOLWyULFDHVLQVyOLWDKHFKRHYLGHQFLDGRSRUUHVSXHVWDVFRPRHVWDV
œ1R WRGDV ODV PXMHUHV VRQ LJXDOHV R œ$OJXQDV PXMHUHV VRQ GLVWLQWDV R
œ+DELWXDOPHQWH WHQJR TXHH[SOLFDUFRPRODHVWLPXODFLyQPHKDFHHIHFWR\TXHQR
OOHJRGXUDQWHHOFRLWR
œ/RVKRPEUHVQRHVWiQLQIRUPDGRV7RGRVHOORVGHEHQOHHUHOPLVPROLEUR1D
WXUDOPHQWHODSDVLYLGDGHQODVPXMHUHVFRQWULEX\HDVXGHILFLHQWHHGXFDFLyQ
œ0LHVSRVRHVWiDKRUDELHQLQIRUPDGRSRUTXHOHH[SOLTXpH[DFWDPHQWHORTXH
PHJXVWDTXHPHKDJDQ
œ0XFKRV KRPEUHV QR HV TXH HVWpQ H[DFWDPHQWH PDO LQIRUPDGRV SDUHFHQ FR
QRFHUORUHIHUHQWHDWRGRVORV SXQWRVFODYHGHOFXHUSRIHPHQLQRSHURFRQGHPDVLD
GD IUHFXHQFLD OD PD\RUtD GH HOORV SDUHFHQ VLPSOHPHQWH QR HVWDU VLQWRQL]DGRV FRQ
0XMHU
œ0LV FRPSDxHURV PDVFXOLQRV SDUHFHQ HVWDU ELHQ PDO LQIRUPDGRV DFHUFD GH OD
VH[XDOLGDGIHPHQLQD
œ/RVKRPEUHVFUHHQTXHVRPRVUDUDPHQWHFDSDFHVGHWHQHURUJDVPR
œ$JUDGDEOHV SHUR HVW~SLGRV ORV KRPEUHV SDUHFHQ LJQRUDU TXH HO RUJDVPR HQ
ODVPXMHUHVQRHVXQDFRQWHFLPLHQWRIRUWXLWRTXHHVWiIXHUDGHVXDOFDQFH
œ/RV KRPEUHV KDQ SDVDGR SRU XQ ODYDGR GH FHUHEUR KDVWD KDFHUOHV FUHHU TXH
HOORVVRQORVH[SHUWRVVH[XDOHV\FRPRFRQVHFXHQFLDTXHFXDOTXLHUFRVDTXHDHOORV
OHV JXVWD HV OR TXH QRV JXVWD \ QRV ¦FROPD§ D QRVRWUDV WDPELpQ /D PD\RUtD GH
KRPEUHV FRQORVTXHPHKHDFRVWDGRDGRSWDQODPLVPDDFWLWXG¦9HQDFiTXHULGD
GpMDPHHQVHxDUWHFyPRYDHODVXQWR™3HURTXpSUHVXQFLyQ
œ1RHVWiQELHQLQIRUPDGRV\QRSDUHFHQTXHUHU ODLQIRUPDFLyQUHIHUHQWHDOFOt
WRULVLJXDOTXHODJHQWHUHFKD]DEDDQWDxRTXHOD7LHUUDJLUDEDHQWRUQRDO6RO<ODV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PXMHUHV VLJXHQ VLHQGR IDOVDV DO QR GHFtUVHOR D HOORV DVt WDO FRPR HV SRVLEOHPHQWH
SRUWHPRUGHSHUGHUDOKRPEUHFRQHOTXHHVWiQ
œ1RHVWiQLQIRUPDGRV™SHUR\RORVDOHFFLRQR$YHFHVHVRVHPHHFKDHQFDUD
FRPRXQDFRQILUPDFLyQPiVGHTXHVR\XQD¦KHPEUDH[LJHQWH§
œ0LPDULGRQRHVWiFRPSOHWDPHQWHLQIRUPDGRSHUROHHFRQJUDQDWHQFLyQHV
WDV UHVSXHVWDV \ GH DKRUD HQ DGHODQWH YR\ D LQWHQWDU VHU PiV H[SOtFLWD HQ ORV PR
PHQWRVDGHFXDGRV
œ1RPHJXVWDQORVKRPEUHVTXHVHILJXUDQVHUWHUDSHXWDVGHOVH[R\WUDWDQGH
GHFLUWH OR TXH WH GHEH JXVWDU 3HUR HO HJR GHO PDFKR HV XQD FRVD PX\ FRPSOLFDGD
KD\TXHLUDODFDPDFRQXQWtRSRUORPHQRVWUHVYHFHVDQWHVGHTXHSXHGDVHPSH]DU
DGHFLUOHDpOFyPRKDFHUOR
œ&DUHFHQGHLQIRUPDFLyQHQFXDOTXLHUPDQHUDOREDVWDQWHHVSHFtILFDFRPRSDUD
VHU ~WLO 0H VLHQWR FRPR VL WXYLHUD TXH GDU XQ FXUVLOOR GH DSUHQGL]DMH GH ILVLRORJtD
FRQFDGDQXHYRDPDQWH/HSUHJXQWpDXQKRPEUHVLKDEtDYLVWRDOJXQDYH]ORVJHQL
WDOHVGHXQDPXMHU\PHGLMRTXHQRVLHPSUHORKDEtDKHFKRHQODRVFXULGDG
œ˜4XpGHEHVKDFHU"˜&RORFDUXQPDQXDOVREUHODFDEHFHUDGHODFDPD"
œ6LHPSUHIXHFRPRVLIXHVHQH[WUDQMHURV&RQIUHFXHQFLDWUDWDEDQGHDSOLFDUVH
SHURHUDQLJQRUDQWHV
œ0LDPDQWHTXHHUDHVSHFLDOLVWDHQREVWHWULFLDQRHVWDEDELHQLQIRUPDGR
œ$VRPEURVDPHQWH PDO LQIRUPDGRV &XDQWR PiV VHJXURV HVWiQ GH VXV SURH]DV
VH[XDOHV\GHODHIHFWLYLGDGGHVXVWpFQLFDVPiVSDUHFHQGHVFRQRFHUORVKHFKRV\ODV
UHDOLGDGHV
œ7RGRV HVWDPRV GHVLQIRUPDGRV 1HFHVLWDPRV GLVFXWLU VREUH HO VH[R DELHUWD \
OLEUHPHQWHMXQWRVHQSULYDGR\HQS~EOLFR\HQVHxDUFDGDXQRDORWURFRQQXHVWURV
FXHUSRV FyPR KDFHPRV ODV FRVDV OR PLVPR TXH VH KDFH HQ RWURV WHUUHQRV <R SRU
GHFLUDOJRKHGLFKRDPX\SRFDVSHUVRQDVORTXHHVWR\GLFLpQGROHDTXt™(VRQRHV
EXHQR
œ/DPD\RUtDGH ORVKRPEUHVFRQORVTXHPHKHUHODFLRQDGR~OWLPDPHQWH SDUH
FHQHQUHDOLGDGLQWHUHVDGRVHQOOHYDUPHKDVWDHORUJDVPR\VLHPSUHWUDWDQGHHVWLPX
ODUPHPDQXDOPHQWHGHVSXpVTXHKDQOOHJDGR3DUHFHQVHQWLUVHPDOVLQROOHJR&UHR
TXHKR\HQGtDHVROHVSUHRFXSD
œ3DUHFHIDVFLQDGRSRUORTXHOHGLJRGHPtPLVPDFRPRVLHVWXYLHUDDVRPEUD
GRGHTXH\RWHQJDSUHIHUHQFLDVHWF
œ0X\SRFRVWLHQHQXQDPtQLPDLGHDGHOQ~PHURGHVLWLRVVHQVLEOHV\ODYDULH
GDGGHFRVDVTXHSXHGHQKDFHUSDUDH[FLWDU/DPD\RUtDSDUHFHQ HVWDUPX\OLPLWDGRV
VREUHORTXHOHVJXVWD\GyQGHVRQPiVVHQVLEOHV(VLQH[SOLFDEOHPHQWHGLItFLOSDUD
Pt SRU LPSRVLEOH HQ ODV DQVLDV GHO DSDVLRQDPLHQWR ORJUDU GHFLUOHV OR TXH KDQ GH
KDFHUYHUEDOPHQWHRSRUFXDOTXLHURWURPHGLR\D~QPiVGLItFLOFRQVHJXLUTXHDEDQ
GRQHQVXVXVXDOHV\SUHFRQFHELGRVPpWRGRVDXQTXHHOORVDODFWXDUDVtSLHQVHQTXH
TXLHUHQFRPSODFHUQRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&DVLWRGRVPLVFRPSDxHURVSDUHFtDQFUHHUTXHHVWDUtDDXWRPiWLFDPHQWHH[FL
WDGDPHGLDQWHGRVPLQXWRVGHEHVRV\FDULFLDV\TXHHQWRQFHVHVWDUtDWDQGLVSXHVWD
SDUDHOFRLWRFRPRHOORV+HWHQLGRTXHGHFLUOHVRHQVHxDUOHVORTXHTXLHUR1LQJXQR
PH OR KD SUHJXQWDGR QXQFD QL KD VDELGR SRU LQWXLFLyQ OR TXH PH H[FLWDUtD 1R KD
VLGRH[DFWDPHQWHHPEDUD]RVRSHURUHVXOWDYLROHQWR\GLILFXOWRVRKDOODUHOWRQRDGH
FXDGRLQVLQXDUDIHFWXRVDPHQWHORTXHJXVWDVLQVXJHULUTXHHOKRPEUHHVWiSRFRHQ
WHUDGRRHVXQDQLPDOHJRtVWD™™DPHQRVGHVGHOXHJRTXHORVHD
œ˜'HEHUtDQORVKRPEUHVSUHJXQWDUOLVD\OODQDPHQWH˜TXpHVORTXHTXLHUHV"
œ1LQJ~Q KRPEUH KD DFWXDGR FRQVLVWHQWHPHQWH GH XQ PRGR VH[XDO TXH IXHUD
ySWLPRLUPiVVDWLVIDFWRULRSDUDPt1RHVTXHQRGLVIUXWHGHOFRLWRRQRSXHGDWHQHU
RUJDVPRHQHOFRLWRHVWDQVyORXQKHFKRVHQFLOORTXHSDUDSRGHUGLVIUXWDUDOPi[L
PRQHFHVLWRPiVHVWLPXODFLyQGLUHFWDGHOFOtWRULV<QRHVTXHVHWUDWHGHDOJRPX\
WUDEDMRVREDVWDQWUHVPLQXWRVELHQKHFKRVSDUDD\XGDUPHDYRODUDWUDYpVGHPHGLD
GRFHQD GH RUJDVPRVHQHOFRLWR(VWRQRUHTXLHUHTXHpOVHDILQHQLIDWLJXHQLVD
FULILTXH VX SURSLR SODFHU 8QD PDQR GHOLFDGD R XQD OHQJXD VHQVLEOH SXHGH UHDOL]DU
PLODJURV<SRUIDYRUQDGDGHHVWDUDWHQWRDOUHORM&XDOTXLHUKRPEUHTXHDVtORKD
JDFRPRVLVHGLVSRQHDKDFHUXQIDYRUPX\HVSHFLDOOR~QLFRTXHFRQVLJXHHVKDFHU
VHQWLUFXOSDEOH\DSUHVXUDGDDODPXMHUGRVFRVDVTXHQRVRQSUHFLVDPHQWHODVPH
MRUHVFRQGXFWRUDVSDUDORJUDURUJDVPRV
œ1RODPD\RUtDGHPLVFRPSDxHURVQRHVWDEDQELHQLQIRUPDGRVFRQUHIHUHQFLD
DPLFXHUSR\DPLVGHVHRVVH[XDOHVH[FHSWRPLPDULGR6LHPSUHPHUHVXOWyGLItFLO
SHGLUDOJRRHQPHQGDURLQVWUXLU<FRQIUHFXHQFLDWUDVKDFHUDFRSLRGHiQLPRVSD
UDLQVWUXLUPHGDEDFXHQWDTXHPLFRPSDxHURVH¦ROYLGDED§GHODVLQVWUXFFLRQHVDOD
YH]VLJXLHQWH0X\SRFRVGHPLVFRPSDxHURVLQWHQWDURQGHVFXEULUORTXHPHJXVWD
ED
œ0L HVSRVR QR HVWi ELHQ LQIRUPDGR SHUR ™DKRUD PLVPR HVWi OH\HQGR 6H[XDO
+RQHVW\ 0H VLHQWR DOJR PROHVWD DO WHQHUOH TXH GHFLU OR TXH PH KDFH VHQWLU ELHQ
SHURHQFDPELRSRUH[WUDxRTXHSDUH]FDQRH[SHULPHQWRODPHQRUPROHVWLDFRQPL
DPDQWH6XSRQJR TXHVHGHEHUiDTXHPLDPDQWH\\RVRVWHQHPRVXQDUHODFLyQPX\
DELHUWD\VLQFHUDTXHVHEDVDHQJUDQSDUWHHQHOVH[R+DHVWDGRVRODPHQWHFRQFXD
WURPXMHUHVDGHPiVGHFRQPLJRSHURSDUHFHVRUSUHQGHQWHPHQWHELHQLQIRUPDGRVR
EUHORTXHOHVJXVWDDODVPXMHUHV$GHPiVDSUHQGHFRQJUDQUDSLGH]\DFHSWDSHU
IHFWDPHQWHODVFUtWLFDV0LPDULGRSRURWUDSDUWHQRSXHGHVRSRUWDUHQDEVROXWROD
FUtWLFDUD]yQSRUODFXDOQXQFDOHGLJRQDGD
œ<RKLFH ODH[SHULHQFLDGH0DVWHUV\-RKQVRQ¥GRVVHPDQDVHQ6W/RXLV¥
$SUHQGt TXH OD EXHQD UHODFLyQ VH[XDO VHJXtD FDVL VLQ HO PHQRU HVIXHU]R D OD EXHQD
FRPXQLFDFLyQ&RPXQLFDFLyQHVORTXHHOORVLQWHQWDURQHQVHxDUQRVDPLHVSRVR\D
Pt<RTXHGpFRQYHQFLGDpOQRORLQWHQWy6RQQHFHVDULRVGRVSDUDFKDUODUEDLODUHO
WDQJRRMRGHU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RVKRPEUHVH[FHSFLRQDOHVVRQORVTXHSUHVFLQGHQGHWpFQLFDV\VHFRPSRU
WDQFRQQDWXUDOLGDGRIUHFLpQGRVHDVtPLVPRV/RTXHLPSRUWDHVVLPSOHPHQWHHVFX
FKDUDXQDPLVPD\DODRWUDSHUVRQD
1RHVQLQJXQDQRYHGDGTXHODPDVWXUEDFLyQSDUDPXMHUHVHVHIHFWXDGDFOLWyUL
FDPHQWH˜3RUTXpKDVLGRHVWR¥QXHVWURSURSLRWHVWLPRQLRVLOHQFLRVRGHORTXHHV
OD HVWLPXODFLyQ HILFD] SDUD QXHVWURV FXHUSRV¥ WDQ LJQRUDGR HQ IDYRU GHO PRGR HQ
TXHORVKRPEUHVFUHHQTXHGHEHUtDPRV WHQHURUJDVPRV"'HPDVLDGRVKRPEUHVSDUH
FHQWRGDYtDFUHHUGHXQDPDQHUDPiVELHQFiQGLGD\HJRFpQWULFDTXHORTXHDHOORV
OHVFDXVDSODFHUHVDXWRPiWLFDPHQWHORTXHOHVFDXVDSODFHUDODVPXMHUHV
œ&DVL WRGRV ORV KRPEUHV QR SDUHFHQ HVWDU HQWHUDGRV GH TXH OR TXH D HOORV OHV
OOHYD DO FOtPD[ QR PH KD OOHYDGR D PtDQLQJ~QFOtPD[$SUR[LPDGDPHQWHHVWROR
UHVXPHWRGR
œ0XFKRVFRPSDxHURVSDUHFHQWHQHUXQFRQRFLPLHQWRPtQLPRDFHUFDGHORVGH
VHRV \ DQDWRPtD GH OD PXMHU 0LV FRPSDxHUDV IHPHQLQDV KDQ GHPRVWUDGR XQ FR
QRFLPLHQWRLQWXLWLYRGHPLVQHFHVLGDGHVRVHDTXHODVH[FOX\RDHOODVHQHVWDGLVFX
VLyQ/DPD\RUtDGHORVFRPSDxHURVPDVFXOLQRVWLHQHQXQDQRFLyQJHQHUDOGHFyPR
FRPSODFHUDXQDPXMHUSHURFDGDPXMHUHVWDQGLIHUHQWHTXHLQLFLDOPHQWHXQKRP
EUHSXHGHOyJLFDPHQWHQRVDEHU FyPRFRPSODFHUPHDPt WDQGLIHUHQWHGHFXDOTXLHU
RWUDPXMHUFRQODTXHKD\DMRGLGR3XHGRFRQVHJXLUTXHpOOOHJXHDVDEHUTXHODHV
WLPXODFLyQFOLWyULFDTXHPHHVWiDSOLFDQGRHVGHPDVLDGR GLUHFWD\GHPDVLDGRVHQVL
EOH R SXHGR WHQHU TXHDMXVWDUPLFXHUSRDOVX\RSDUDREWHQHUODFRUUHFWDHVWLPXOD
FLyQTXHQHFHVLWRGXUDQWHHOFRLWR,QLFLDOPHQWHpOQRSXHGHVDEHUFyPRPHJXVWDD
Pt KDFHU HO DPRU 6L PH HVWR\ VLQWLHQGR UHDOPHQWH UHODMDGD \ FDFKRQGD SXHGH TXH
EDVWHGHFLUOHWDQVyOR¦™9D\DPHJXVWDUHDOPHQWHGHHVWHPRGR§\GHPRVWUDUOHOR
TXHTXLHURGDUDHQWHQGHUMRGLHQGRGHFLHUWDPDQHUDTXL]iUHDOPHQWHDIRQGRRFRQ
HPSXMRQHVFRPSOHWRVRSUHVLRQDQGRHQFtUFXORV\PXFKDVSUHVLRQHVGHODSHOYLV\
GHOSXELV0XFKRVKRPEUHVLJQRUDQTXHXQDPXMHUSXHGHQHFHVLWDUODHVWLPXODFLyQ
GHOFOtWRULVDGHPiVGHOFRLWRSDUDFRQVHJXLUHORUJDVPR1RORJURLPDJLQDUPHOR
TXHKDFHXQDPXMHUTXHQRVHFRUUHIiFLOPHQWHFRQHOFRLWRFRPR\R\TXHQRSXH
GHGHFLGLUVHDFRPXQLFDUVXVQHFHVLGDGHVHQHVWHDVSHFWRVXSRQJRTXHGHEHVXELUVH
SRUODVSDUHGHV(VPX\IiFLOFRPXQLFDUPLVGHVHRVGXUDQWHHOFRLWR¥ ORVKRPEUHV
SDUHFHQWHQHUXQDFKLVSDGHLQWXLFLyQHQHVWHFDVR¥SHURHVPX\GLItFLOFRPXQLFDU
QHFHVLGDGHV\GHVHRVHQODHVWLPXODFLyQFOLWyULFDFXQQLOLQJXVHWF$PHQRVTXHXQ
KRPEUH VH SUHVWH YROXQWDULDPHQWH D KDFHU HVWDV FRVDV OR FXDO UDUD YH] RFXUUH \R
QXQFD QL VLTXLHUD YHUEDOPHQWH H[SUHVDUtD OD FXHVWLyQ +H HPSH]DGR D SUHJXQWDUPH
SRUTXpVXFHGHDVt3DUHFHVHUTXHXQDYH]HOKRPEUHGHVFXEUHFXDQ¦HVWXSHQGDPHQ
WH§OOHJRHQHOFRLWRGHFLGHTXHHVWRHVWRGRFXDQWRTXLHURRQHFHVLWR&LHUWRHV TXH
PH HQWXVLDVPD HO FRLWR \ KDELWXDOPHQWH JLPR \ FKLOOR PLHQWUDV OOHJR R VHD TXH HO
KRPEUHVDEHTXHKHOOHJDGR\VXSRQHPLVDWLVIDFFLyQFUHR6L\RIXHUDFRPRDOJX
QDV RWUDV PXMHUHV TXH FRQ HVFDVD IUHFXHQFLD OOHJDQ HQ HO FRLWR HQWRQFHV TXL]iV pO
LQWHQWDUtDFRPSODFHUPHHQRWUDVPDQHUDVFRPRODHVWLPXODFLyQFOLWyULFD\FXQQLOLQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
JXVODVFXDOHVUHDOPHQWHHFKRGHPHQRV3DUHFHH[LVWLUODWiFLWDVXSRVLFLyQSRUSDU
WHGHODPD\RUtDGHKRPEUHVFRQORVTXHKHMRGLGRGHTXHFRSXODUHVODPHMRUPDQH
UDGHOOHJDU\VLXQDSXHGHOOHJDUGHHVWHPRGRQRYDOHODSHQDPROHVWDUVHHQQLQJX
QDGHHVDVRWUDVFRVDV$XQTXHHVXQDH[WUDxDVXSRVLFLyQFXDQGRVHSLHQVDHQHOOD
SRUTXHPXFKRVKRPEUHVFRQORVTXHKHHVWDGRVLELHQOHVHQFDQWDEDKDFHUHODPRU
OHVHQWXVLDVPDEDWDPELpQGHYH]HQFXDQGRXQDEXHQDIDHQDEXFDORPDQXDO5H
VXPLHQGRORTXHLQWULJDHVHQORTXHHVWDUiSHQVDQGRXQKRPEUHFXDQGRDPERVHV
WDPRV FDFKRQGRV \R OR HVWLPXOR RUDOPHQWH SDUD SRQHUOH GH YHUDV HQ HO DGHFXDGR
WDODQWHpOFRPXQLFDTXHOHJXVWDUtDTXHVLJXLHVHFKXSiQGRVHOD\RDPRURVDPHQWHOH
KDJR FRUUHUVH ˜\ HQWRQFHV VXSRQH TXH HO VH[R KD WHUPLQDGRSRUTXHVHKDFRUULGR"
˜<TXpSDVDFRQPLJR"˜$FDVRpOQRVDEHFRPSUHQGHUTXH\RHVSHURDOJXQDFODVHGH
UHFLSURFLGDG\UHODMDPLHQWRVH[XDO"$SDUHQWHPHQWHQR\DTXHHVWRPHKDVXFHGLGR
QXPHURVDVYHFHV<TXHPHSDUWDXQUD\RVLSXHGRUHVROYHUFyPRFRPXQLFiUVHORVLQ
KDFHUTXHVHVLHQWDFRPRXQFRQVRODGRURKDFHUPHVHQWLUFRPRXQD]RUUDH[LJHQWH
&RQIUHFXHQFLDLQFOXVRFXDQGRORVKRPEUHVHVWLPXODURQFOLWyULFDPHQWHDVXVFRP
SDxHUDVQRORKLFLHURQELHQ¥TXL]iVSRUTXHVHVHQWtDQWRUSHVLQFyPRGRVRUHVHQ
WLGRV
œ+HFKDSDUDVDWLVIDFHUPHDPtODHVWLPXODFLyQFOLWyULFDGHEHVHUUHDOL]DGDSRU
DOJXLHQTXHUHDOPHQWHTXLHUDKDFHUODHQYH]GHVLPSOHPHQWHOOHYDUODDFDERSRUTXH
HVWiGHPRGDHVWHDxRRSRUTXHpOSLHQVHTXHDVtSRGUiILQDOPHQWHH[FLWDUPH\PH
HVWiKDFLHQGRXQJUDQIDYRURSRUTXHVLORKDFHSDUDPt\RORKDUpSDUDpO$EUHYLDQ
GRORTXHGHYHUGDGFXHQWDHVODDFWLWXG
œ/RV KRPEUHV TXH KDELWXDOPHQWH HOLMR PH KDQ SURGXFLGR OD VHQVDFLyQ GH TXH
QR HQWUDQ GH OOHQR HQ HOOR (VWR\ EXVFDQGR DOJ~Q GtD D DOJXLHQ TXH UHDOPHQWH VHSD
HVWLPXODUPHFRPRHVGHELGRGHPRGRTXHQRWHQJDTXHFRQFHQWUDUPHHQRWUDFRVD
TXHQRVHDHVR
œ(Q XQD RFDVLyQ GHMp TXH XQ KRPEUH KLFLHUD XVR GH PL YLEUDGRU SHUR pO OR
FRQYLUWLy HQ DOJR VHPHMDQWH D XQ DUPD KLQFiQGROR HQ PL YDJLQD HPSOHiQGROR UX
GDPHQWHKDFLHQGRORTXHOHGDEDODJDQDMXJDQGRVXSURSLRMXHJXLWRKLULpQGRPH\
QXQFDPiVORKHLQWHQWDGR
œ6RODPHQWH XQ FRPSDxHUR VH SUHRFXSy GH HVWLPXODUPH FOLWyULFDPHQWH ¥QR
QRHVFLHUWR0XFKRVPiVORLQWHQWDURQSHURFUHRTXHLQWHQWDEDQKHULUPHWDQIXHUWH
IURWDEDQ¥/DHVWLPXODFLyQKDGH VHUORPLVPRTXHFXDQGR\RPHPDVWXUER
œ™3DUHFHFRPRVLVHSURSXVLHUDERUUDU PLFOtWRULV
œ,QYDULDEOHPHQWHSDUHFHTXHHOORVVHDQ]XUGRV\\RSRVHDXQFOtWRULVGLHVWUR
œ*HQHUDOPHQWHLQWHQWDPRVHQFRQWUDUODPDOGLWDFRVD
œ,QWHQWRFRPXQLFDUDPLDPDQWHORVHIHFWRVTXHHVWRPHSURGXFH8VXDOPHQWH
DHOORVQROHVJXVWDTXHPHIURWH\RPLVPDHOFOtWRULVHLQVLVWHQHQKDFpUPHORWRGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PDOGHPDVLDGRUiSLGRGHPDVLDGRIXHUWHFRQVLJXLHQGR~QLFDPHQWHLUULWDUORVWHMLGRV
&XDQGR OOHJR D OD FRQFOXVLyQ GH TXH QR YR\ D FRQVHJXLU HO RUJDVPR VLPXOR XQR
SDUDTXHDVtGHMH\DGHIURWDUPHHOFOtWRULVKDVWDDUUHEDWDUPHODYLGD\SURVLJDFRQVX
DVXQWRGHFRUUHUVH\DVtWHUPLQDUiWRGR3DUDHQVHxDUOHFyPRKDFHUORDGHFXDGDPHQWH
VHUtDSUHFLVRWRGRXQFXUVRGHLQIRUPDFLyQ \SVLFRWHUDSLDORFXDOVRODPHQWHYDOHOD
SHQDHPSUHQGHUORFRQDOJXLHQTXHUHDOPHQWHPHDWUDLJDSOHQDPHQWH
œ/RV KRPEUHV OR KDFHQ VLHPSUH GHPDVLDGR WRVFDPHQWH < FDPELDQ HO ULWPR
MXVWRHQHOPRPHQWRPHQRVRSRUWXQR
œ,QWHQWRHQVHxDUDORVKRPEUHVFyPRPHJXVWDTXHPHORKDJDQSHURODPD\R
UtDGHHOORVQRVDEHQKDFHUORELHQRQRTXLHUHQRVHDTXHUDUDYH]WHQJRRUJDVPRV
KHFKRVSRUKRPEUH
œ0LFRPSDxHURLQWHQWDDOJXQDVYHFHVODHVWLPXODFLyQGLUHFWDFRQVXPDQRIUR
WDQGR PL FOtWRULV SHUR QXQFD ORJUD FRORFDUOD HQ HO VLWLR DGHFXDGR R QR SHUPDQHFH
DKtFXDQGRWURSLH]DFRQpO
œ0L PDULGR HVWLPXOD PL FOtWRULV SHUR VX WRTXH HV PXFKR PiV UXGR GH OR TXH
PHJXVWD\DXQTXHVHORGLJDHQRFDVLRQHVQRSDUHFHVHUFDSD]GHUHFRUGDUPXFKR
WLHPSRHOWRTXHVXDYH&LHUWRHVTXHORJURHVWLPXODUPHFRQHVWHWRTXHSHURUDUDYH]
FRQGXFHDORUJDVPR(VHPSOHDGRSULQFLSDOPHQWHFRPRSUHOLPLQDU
˜4XpFODVHGHHVWLPXODFLyQFOLWyULFDOHVJXVWDDODVPXMHUHV"
/yJLFDPHQWHHVLPSRVLEOHGDUFXDOTXLHUFODVHGHUHVSXHVWDUiSLGD \YiOLGDSD
UDWRGDVODVPXMHUHVHQWRGRVORVFDVRVSRUTXHFDGDSHUVRQDHVOLJHUDPHQWHGLIHUHQ
WHODVUHVSXHVWDVFRQWHQtDQPLOHVGHPDWLFHVVXWLOHVSHURPX\LPSRUWDQWHV(QJHQH
UDO HV VLHPSUH QHFHVDULR VHU VHQVLEOH \ FDSWDU OR TXH HVWi GLFLHQGR HO FXHUSR GH OD
RWUDSHUVRQD$ODPD\RUtDGHODVPXMHUHVOHVJXVWDTXHODHVWLPXODFLyQFOLWyULFDVH
LQLFLHVXDYH\OHQWDPHQWHSURJUHVDQGRJUDGXDOPHQWHKDFLDXQSRFRPiVGHSUHVLyQ
&RQIUHFXHQFLDHVFDVLVHJXURHPSOHDUODPDQRFRPSULPLHQGRODSDOPDGHODPDQR
TXHXQRRGRVGHGRV
œ'HOLFDGDSHURILUPHFRQXQULWPRHQHOTXHSXHGDFRQILDU3HURODVVRUSUHVDV
\ODVLQFyJQLWDVGHORVGHGRVGHPLFRPSDxHURFRQYLHUWHQVXHVWLPXODFLyQHQPXFKR
PiVHUyWLFDTXHVLHVWXYLHUDHPSOHDQGRPLVGHGRV$FDULFLDGHOLFDGDPHQWHDUULED\
DEDMRSRUODUDQXUD
œ0HJXVWDFXDQGRVXVGHGRVHVWiQOHYHPHQWHHQWUHDELHUWRV\PRYLHQGROD]RQD
JHQLWDOHQWRUQROHQWD\VXDYHPHQWHSDUDOXHJRDFUHFHQWDUODSUHVLyQ
œ0HJXVWDQORVPRYLPLHQWRVLUUHJXODUHV¦WRUSHV§UtWPLFRV¥VXDYHV¥DYH
FHVXQSRFRGHPDVLDGR VXDYHVFRPRHQJDxDQGRGHPRGRTXHGHERSUHVLRQDUFR
QWUDVXPDQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&DPELDUODSRVLFLyQGHODPDQRRGHGRVVRODPHQWHKDFHSHUGHUFXDOTXLHUJUD
GR GH H[FLWDFLyQ TXH KD\D REWHQLGR 'HEHUtD SHUPDQHFHU HQ HO PLVPR VLWLR WRGRHO
WLHPSRKDVWD\GXUDQWHHORUJDVPR
œ&XDWUR GHGRV FRORFDGRV OHYHPHQWH HQFLPD GH PL YDJLQD PRYLpQGRVH OLJHUD
PHQWHHQWRUQRHVWiEDVWDQWHELHQ
œ1RUPDOPHQWHPHJXVWDXQDGHOLFDGDSHURLQVLVWHQWHSUHVLyQHQPLiUHDFOLWy
ULFDHVGHFLUFRQWUDHOKXHVRVXSHULRU/DHVWLPXODFLyQGLUHFWDGHPLFOtWRULVHVLQ
FyPRGD
œ0H JXVWD OD HVWLPXODFLyQ GLUHFWD GH PL FOtWRULV FRQ GHGRV R OHQJXD WRGR HQ
UHGHGRUDOSULQFLSLRQRFRQVWDQWHSHURDGLIHUHQWHVULWPRV\YHORFLGDGHV\OXHJRIL
QDOPHQWHWRGRHOWLHPSRFRQYHUGDGHUDUDSLGH]
œ)LUPHV UiSLGRV FRQVWDQWHV PRYLPLHQWRV FUHFLHQWHV HQ IXHU]D ILUPH]D \
YHORFLGDGDODSUR[LPDUVHHORUJDVPR
œ6XDYH\GHVSXpVIXHUWHYDULDQGRODSRVLFLyQSDUDFDGDRUJDVPRSHURQRYD
ULiQGRODGHQWUR GHXQRUJDVPR
œ/RPHMRUSDUDPtHVXQDHVSHFLHGHVDFXGLPLHQWRGHPLiUHDFOLWyULFDFRQOD
SDOPDGHODPDQR
œ(OFRQFHSWR GHOYLEUDGRUVLUYHGHD\XGDFXDQGROHHQVHxRDPLDPDQWHFyPR
GHEHPDVWXUEDUPH'HEHKDFHUYLEUDUVXPDQRHQHOiUHDGHPLSXELV
œ7HQGUtD TXH HPSOHDU XQ WRTXHOHYHWHQWDGRUWDQWHDQGRQRGHPDVLDGRUHJX
ODUPHJXVWDXQDDFWLWXGUHWR]RQDH[SORUDGRUDSHUFLELHQGRSRUORVVHQWLGRV
œ1HFHVLWRXQDFLHUWDFXDOLGDGGHWRTXHGHVGHVXDYHDPHGLDQRGHRWURPRGR
PLFXHUSRVHHQWXPHFH\SLHUGHODFDSDFLGDGGHH[SHULPHQWDUVHQVDFLRQHV
œ(OPHQHRFRQVDFXGLGDVHVORTXHPHJXVWDMXJXHWHDQGRHQWRUQRLQWHQVLGDG
PHGLD XQULWPRVLQFRSDGRXQOHYHWUDTXHWHRXQDSHTXHxDVRUSUHVD™WRGRHOORPH
SRQHORFD
œ8QDLQWHUUXSFLyQRFDPELRHQHOULWPRLQFOXVRSXHGHGHWHQHUSRUFRPSOHWRPL
LQPLQHQWHRUJDVPR
œ0HJXVWDHOVXDYH\UtWPLFRPDVDMHDFRPSDxDGRGHEHVRV
œ8QGHOLFDGRPDVDMHTXHVHKDJDJUDGXDOPHQWHPiVILUPH(OPDVDMHDUFRQUX
GH]DFDXVDGRORUFXDQGRVHDSOLFDGLUHFWDPHQWHVREUHPLFOtWRULVXQHUURUFRP~QHQ
TXHFDHQORVKRPEUHV(OPDVDMHPiVYLJRURVRKDGHVHUHQWRUQRDORVERUGHVQXQFD
GLUHFWDPHQWHVREUHHOFOtWRULVSHURORVPRYLPLHQWRVPiVVXDYHVSXHGHQVHUGLUHFWRV
0HJXVWDQORVPRYLPLHQWRVGLUHFWRVHQGHUUHGRUGHPLFOtWRULVDOWHUQDQGRFRQURFHV
DUULED \ DEDMR (O ULWPR GHEH VHU PDQWHQLGR FRQVWDQWH PH GD PiV FRQILDQ]D VX
SRQJR
œ0DVDMHVXDYHSRVLFLyQ\ULWPRFRQVWDQWHV5HDOPHQWHODVFDULFLDVQRVRQQH
FHVDULDVSHURODSUHVLyQ\OXHJRHOPRYLPLHQWRGHODPDQRVtTXHORVRQ
œ3UHILHURHOHPSOHRGHOD PDQRRGHXQREMHWRPiVDQFKRGHELGRDTXHUHVXOWD
PiVVXDYHTXHORVGHGRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H JXVWD TXH PH IURWHQ H[DFWDPHQWH OD SDUWH GHODQWHUD PDV DUULED TXH PL
FOtWRULV
œ/RVGHGRVGHEHQHVWDUELHQOXEULFDGRV
œ/DHVWLPXODFLyQItVLFDPHQWHGLUHFWDHVLUULWDQWHSUHILHURODHVWLPXODFLyQFOLWy
ULFDLQGLUHFWDHQTXHpOHPSOHDSRUFRPSOHWRODPDQR\QRVRODPHQWHORVGHGRV
œ(VWLPXODFLyQFOLWyULFDGLUHFWDFRQXQULWPRUHJXODUSHURFRQYDULHGDGGHPp
WRGRVDOJXQDVYHFHVFRQOHYHVLQWHUUXSFLRQHVGHOULWPRFRQEHVRVHQODERFDDOPLV
PRWLHPSRWDPELpQPLFRPSDxHURGHEHSDUHFHUH[FLWDGR
œ(OWtRQRGHEHDFWXDUFRPRVLHVWXYLHUDFXPSOLHQGRVLHWHDxRVGHWUDEDMRVIR
UUDGRV GHEH VHU FUHDWLYR 7LHQH TXHVHUXQFRQWDFWRGHOLFDGRDPRURVR\DSDVLRQD
GR
œ(OWRTXHOLJHURHVPHMRUTXHHOHVWLORJRULOD
œ3RUIDYRUQRLQWHQWHQHPSXMDUORKDFLDGHQWURGHPLFXHUSR™QRPHFDXVDHO
PHQRUHIHFWR
œ(VWLPXODUODVSXQWDVGHORVODELRVPX\FHUFDDODSDUWHGHODQWHUDGHPLFXHU
SR
œ/DHVWLPXODFLyQGHOD]RQDFRPSOHWDGHOPRQWHGH9HQXVHVSDUDPtPiVLP
SRUWDQWHTXHODHVWLPXODFLyQFOLWyULFDGLUHFWD
œ0HJXVWDTXHpOKDJDUHWURFHGHUHOFDSXFKyQ\IURWHHOSURSLRFOtWRULV
œ$OJXQDV YHFHV PL PDULGR OOHJD EDMR ODFDSXFKD\WRFD\HOHYDWRFD\HOHYD
&LHUWDYH]WXYHXQDPDQWHTXHSDUHFtDDJLWDUOR(VRHUDPDUDYLOORVR&XDQGRPHOR
KDJR\RPLVPDUHDOL]RXQVLPSOHPRYLPLHQWRFLUFXODU
œ&RPHQ]DUOHQWDPHQWH\WHUPLQDUFHUFDGHOIUHQHVt
œ6XDYHUtWPLFRFOLWyULFRFRQ¦H[FXUVLRQHV§DODYDJLQD/DSUHVLyQSXHGHVHU
DXPHQWDGDDPHGLGDTXHPHYR\H[FLWDQGRSHURODSUHVLyQPHGLDQDRIXHUWHDOSULQ
FLSLRPHHQIUtD
œ$VFHQGLHQGRKDFLDHORUJDVPRpOQRGHEHUtDDPLQRUDUHOULWPR™HVWRPHVDFD
GHTXLFLRORRGLR
œ(O iUHD JHQHUDO SHUR QR GLUHFWDPHQWH HO FOtWRULV $PHGLGDTXHYR\TXHGiQ
GRPHPiV\PiVTXLHWD HVRTXLHUHGHFLUTXHHVWR\FDGDYH]PiVFHUFDGHORUJDVPR\
KDVWD HO PRPHQWR GHO RUJDVPR FXDQGR pVWH HPSLH]D HV PX\ LPSRUWDQWH TXH PL
FRPSDxHURQRLQWHUUXPSDODGHOLFDGDFRQVWDQWH\UtWPLFDFDULFLDGHOiUHDSRULQWHU
SUHWDUHTXLYRFDGDPHQWHPLTXLHWXG(OiUHDKDGHHVWDUK~PHGD\OXEULFDGDQRVHFD
HVSHFLDOPHQWHFXDQGRVHXVDODPDQR
œ8QUiSLGRPDVDMHGHODGRDODGRGHOFOtWRULVPHGLDQWHODOHQJXDRGHGRSUL
PHUR VXDYHPHQWH FRQ XQD SUHVLyQ PD\RU D PHGLGD TXH PH YR\ H[FLWDQGR (V GH
HQRUPHD\XGDXQDHVWLPXODFLyQGHODDXUHRODGHOSH]yQGHXQRRDPERVSHFKRV
œ/D SRVLFLyQ GHEH VHU HVWDEOH SRUTXH HO FDPELR GHSRVLFLyQSXHGHHQIULDUPH
HQHOPRPHQWRPiVDGHFXDGR
œ$PHGLGDTXHODH[FLWDFLyQVHKDFHPiVDJXGDQHFHVLWRXQPDVDMH PiVILUPH
UtWPLFR\EDVWDQWHFRQVWDQWHHQWRQRDPLFOtWRULV3HURGHPDVLDGDPDQLSXODFLyQGHO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PX\ VHQVLEOH FOtWRULV SXHGH DFDEDU SRU GROHU \ DQXODU OD VHQVDFLyQ SODFHQWHUD 8QD
UHODMDFLyQGHO ULWPRRXQFRUWHRFDPELRHQODHWDSDILQDOFXDQGRWRGDVODV VHQVDFLR
QHVHQHOFXHUSRHQWHURSHFKRVWRUVRFDEH]DSLHUQDV\SLHVSDUHFHQIOXLU\RQGXODU
KDFLDXQSXQWRGHUHERVDPLHQWR¥ VHUtDWHUULEOHXQDDWUR]GHFHSFLyQGHODFRQILDQ]D
SXHVWDHQHODPDQWHTXHKDVLGRWDQGHVFXLGDGR
œ/DWpFQLFDPDVVHJXUDHVXQGHGRFRORFDGRRELHQDORODUJRGHOWDOORGHOFOt
WRULVRMXVWRHQFLPDGHpVWHIURWDQGRUtWPLFDPHQWHDOSULQFLSLRFRQVXDYLGDGGHV
SXpVPiVIXHUWH\PDVUiSLGR6HKDFHGXUDQWHXQRVTXLQFHRWUHLQWDVHJXQGRVSD
UDQGRHQWRQFHVGHQXHYRYROYLHQGRDFRPHQ]DU\UHSLWLpQGRORDVtFLQFRRVHLVYH
FHV
œ$OJXQDVYHFHV\IUXVWUDPXFKRODSUHVLyQGHPDVLDGRFRQVWDQWHPHHQWXPHFH
PiVTXHQDGD\PHUHVXOWDGLItFLOOOHJDU
œ$SHQDVUR]DQGRODSLHO
3RVLFLRQHVHPSOHDGDVGXUDQWHODHVWLPXODFLyQPDQXDOGHOFOtWRULVSRURWUDSHUVRQD
$TXtGHQXHYRODVSUHIHUHQFLDVGHSHQGHQGHODVQHFHVLGDGHVLQGLYLGXDOHVHV
SHFLDOPHQWHSRUORTXHVHUHILHUHDODSRVLFLyQGHODVSLHUQDV6LQHPEDUJRHVHVHQ
FLDOTXHKD\DVLHPSUHHVSDFLROLEUHSDUDODOLEHUWDGGHPRYLPLHQWRVGHODVSLHUQDV\
GHODSDUWHLQIHULRUGHOFXHUSR
œ0H WLHQGR GH HVSDOGDV R GH ODGR FRQ PL HVSDOGD DUTXHDGD VREUH OD SLHUQD
H[WHQGLGDGHPLFRPSDxHURPLHQWUDVpOIURWDPLFOtWRULVDUULED\DEDMR
œ0HDJUDGDTXHpOHVWpDPLODGRL]TXLHUGR\RDEUD]iQGRPHDpOPLHQWUDVPH
IURWDFRQVXPDQRL]TXLHUGD0HJXVWDUtDTXHHOIURWHIXHUDRUDOSHURpOVHQLHJDD
KDFHUOR\WDPSRFRTXLHUHTXH\RVHORKDJD
œ'HSLHEDMRODGXFKDPLHQWUDVPLFRPSDxHURPHHQMDERQDHQWUHODVSLHUQDV
œ(OOD HVWi WHQGLGD D PL ODGR HPSOHDQGR XQD PDQR SDUD HVWLPXODU PL FOtWRULV
QRVEHVDPRV\\RODDEUD]R
œ(VWR\HQSLHIUHQWHDPLHVSRVRTXHHVWiVHQWDGReOHPSOHDVXGHGRRHOYL
EUDGRUVREUHPLFOtWRULVFRQXQPRYLPLHQWROHQWR\DPHGLGDTXHPHYR\H[FLWDQGR
pO DXPHQWD OD YHORFLGDG GHO ULWPR KDVWD HO RUJDVPR \ HQWRQFHV HPSXMD R ELHQ VXV
GHGRVRHOYLEUDGRUKDFLDPLYDJLQD
œ0LFRPSDxHUDGHVFDQVDVXPDQRFRQODSDOPDYXHOWDKDFLDHOiUHDGHPLSX
ELVFRQXQRRGRVGHGRVVREUHPLFOtWRULVSUHVLRQDQGRGHOLFDGDPHQWH
œ7HQGLGDVREUHPLHVSDOGD\FRQPLFRPSDxHURDPLGHUHFKDGHFRVWDGRFRQ
VXPDQRL]TXLHUGDEDMRPLVQDOJDV\VXGHGRPHGLRLQVHUWRHQPLYDJLQDHVWLPXODQ
GRPLFOtWRULVFRQVXPDQRGHUHFKD
œ(VWR\VREUHODHVSDOGDFRQPLVSLHUQDVDELHUWDV\VXFDEH]D\VXV PDQRVHVWiQ
HQWUHPLVSLHUQDVREVHUYDQGRORTXHHVWiKDFLHQGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VWi WHQGLGR \ MXHJD FRQ PL FOtWRULV IURWiQGROR DUULED \ DEDMR PLHQWUDV PH
H[FLWD\PHGLFHREVFHQLGDGHV
œ0HJXVWDHVWDUGHFRVWDGRFRQHOODHFKDGDWDPELpQGHFRVWDGRDPLODGRPR
YLpQGRQRVDPEDVKDFLDGHODQWH\KDFLDDWUiVFRQXQDGHVXVPDQRVHQPLFOtWRULVOD
RWUDHQXQRGHPLVSHFKRVXQDGHPLVPDQRVHQVXFDEHOOR\ODRWUDHQVXPXVORR
HQVXHVWyPDJR
œ(OKRPEUHGHSLHDPLHVSDOGD\\RIUHQWHDXQHVSHMR(PSOHDVXPDQRGHUH
FKD\FRQODL]TXLHUGDPDVDMHDPLSHFKRL]TXLHUGR7DPELpQSXHGHHVWDUHOKRPEUH
WHQGLGRIUHQWHDPLVPXVORVDELHUWRVREVHUYDQGRGHVGHPX\FHUFDFRPRPLFOtWRULV
VHYDSRQLHQGRPiVHUHFWR\PiVURMR
œ3UHILHURPDVELHQTXHVHDXQDSDUWHGHOFXHUSRGHODRWUDSHUVRQDODTXHPH
HVWLPXOHHQYH]GHODPDQRRHOGHGRSRUWDQWRKD\PiVFDPSRSDUDPXFKDVSRVL
FLRQHV
œeOIURWDSRUPLiUHDJHQLWDO\OXHJRGHQWURHQORVODELRVDEUHORVODELRV\H[
SORUD KDVWD TXH OH H[SUHVR QR YHUEDOPHQWH H[FLWDFLyQ &RQWLQ~D IURWDQGR KDVWD
SURGXFLUPH XQ RUJDVPR R GRV HQWRQFHV SXHGH HVWLPXODU PL FOtWRULV RUDOPHQWH OD
PLHQGR R FKXSDQGR HO iUHD VRQ PDV VDWLVIDFWRULDV ODV IXHUWHV SUHVLRQHV \ GXUDQWH
HOODVKXPHGHFHVXVGHGRVFRQVHFUHFLyQYDJLQDOHLQVHUWDXQRR GRVGHGRVGHQWURGH
PLYDJLQD$OJXQDVYHFHVODPHWDPELpQSURIXQGDPHQWHGHQWURGHPLYDJLQD
œ0HJXVWDTXHPHHPSXMHFRQWUDODSDUHGYHVWLGD\VHQWLUFyPRWRGDVXPDQR
DSULHWDKDFLDDUULEDFRQWUDPt™0DJQtILFR
(VWLPXODFLyQGHO·UHDFOLWyULFDFRQHOSHQH
œ$QWHVGHODSHQHWUDFLyQVRVWHQJRVXSHQH\ORHPSOHRSDUDMXJXHWHDUFRQPL
FOtWRULV
œ(VWDPRVDFRVWDGRVGHODGRIUHQWHDIUHQWH\\RPXHYRVXSHQHFRQPLPDQR
GHPRGRTXHODSXQWDHVWLPXOHPLFOtWRULV&XDQGRHVWR\HQFLPDSXHGRHTXLOLEUDUOD
SXQWDGHVXSHQHHQHOiUHDHVWUDWpJLFD\SXHGRHVWLPXODUPH\RPLVPDFRQXQPR
YLPLHQWRGHEDODQFHR
œ(VWDPRVDFRVWDGRVGHODGRGiQGROH\RODHVSDOGD\FRMRVXSHQHDWUDYpVGH
PLV PXVORV HQWUHDELHUWRV GHVGH DWUiV FRQ DPEDV PDQRV \ PH DSOLFR \R PLVPD XQD
HVWLPXODFLyQGLUHFWD(VWDSXHGHVHUYDULDGDDFDULFLDQGRVXVWHVWtFXORV\ODFDUDLQ
WHUQDGHVXVPXVORVSHURDOPLVPRWLHPSRHVWLPXODQGRPLFOtWRULV'HHVWHPRGR
ORVRUJDVPRVUHVXOWDQVREHUELRV
œ3XHGRFRQVHJXLUHORUJDVPRFRORFiQGRPHHQFLPDGHpOFXDQGRD~QHVWR\YHV
WLGD \ PRYLpQGRPH DUULED \ DEDMR VREUH VX SHQH R PRYLHQGR PLV FDGHUDV HQ URWD
FLyQFLUFXODUPLHQWUDVORFDEDOJRVHQWDGDHQODFDEH]DGHVXSHQH
(VWHWLSR\HOVLJXLHQWHQRHVWiQLQFOXLGRVHQODVHVWDGtVWLFDVUHIHUHQWHVDODIUHFXHQFLDGHORUJDVPRSRUHVWL
PXODFLyQPDQXDOSHURSXHGHQVHUKDOODGRVSRUVHSDUDGRHQHODSpQGLFH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
LWR
6KHUH+LWH
œ6RVWHQJRHOSHQHGHPLFRPSDxHURHQWUHPLVPXVORV\KDJRTXHVLPXOHHOFR
œ2WUDIRUPDSRVLEOHHVDPERVWHQGLGRVERFDDEDMR\RHQFLPDPLHQWUDVIURWR
PL FOtWRULV FRQWUD VX WUDVHUR $ YHFHV PLV PDQRV MXHJDQ FRQ VXV WHVWtFXORV \ SHQH
WDPELpQ
œ8QKRPEUHWHQtDODFRVWXPEUHPX\HVWLPXODQWHGHHPSXMDUVXSHQHGHQWURGH
PLYDJLQD\OXHJRVHIURWDEDDUULED\DEDMRHQPLiUHDFOLWyULFDDJDUUDQGRVHHOSHQH
FRQ OD PDQR \ GH QXHYR GHQWUR GH PL YDJLQD IURWDQGR GHVSXpV PL FOtWRULV HWF
+DELWXDOPHQWHQRPHJXVWDQORVGHGRVSRUTXHORVKRPEUHVVRQGHPDVLDGRUXGRV\
WRUSHV
œ6HQWDGRVXQRIUHQWHDRWURFRQORVODELRVGHPLYXOYDHQWRUQRDVXSHQH\OD
SDUWHVXSHULRUGHVXSHQHIURWDQGRPLFOtWRULVPDUDYLOORVDPHQWHFiOLGR
œ'HVSXpVGHPXFKRVDxRVGHSUXHED\HQVD\RPLDPDQWH\\RKHPRVHQFRQ
WUDGR XQ PpWRGR D WRGD SUXHED FDVL SDUD SURGXFLUPH HORUJDVPR6XSHQHHVHP
SOHDGRSDUDHVWLPXODUPLFOtWRULVGHVSXpVTXHKHPRVWHQLGRXQSRFRGHFRLWRSUHOL
PLQDUeOORVDFDQRWLHQHRUJDVPR\HPSOHDVXSHQHSDUDHVWLPXODUPLFOtWRULVeOR
\RHPSOHDPRVXQDPDQRSDUDJXLDUVXSHQHHQHOPDVDMHGHPLFOtWRULV,QYDULDEOH
PHQWHFRQVLJRDVtHORUJDVPR\PLHQWUDVHVWR\HQODVDQVLDVGHORUJDVPRpOSHQHWUD
FRSXODPRV\HQWRQFHVWLHQHRUJDVPR
œ3DUDODHVWLPXODFLyQFOLWyULFDPHJXVWDHVWDUGHSLHHQWUHGRVSLHUQDVFRQPD
QRVSUHVLRQDQGRPLWUDVHURKDFLDXQSHQHHUHFWR(QHVWDSRVLFLyQGRVSHUVRQDVHP
SLH]DQDHIHFWXDUURWDFLRQHVPRYLpQGRVH\SUHVLRQiQGRVHXQRFRQWUDRWUR\DYHFHV
GHHVWHPRGRFRQVLJRXQRUJDVPR(VIDQWiVWLFRHQXQDSLVWDGHEDLOH
7ULEDGLVPRHVWLPXODFLyQSRUHOIURWHGHGRViUHDVFOLWyULFDV
œ$FRVWDGDVRHQSLHPX\MXQWDVXQDDRWUDSUHVLRQDQGRIXHUWHFRQPRYLPLHQ
WRVGHEDODQFHRFRQWUDQXHVWUDViUHDVS~ELFDVUHVSHFWLYDV
(O WULEDGLVPR HV PHQFLRQDGR DTXt ~QLFDPHQWH GH SDVR \D TXH ODV UHODFLRQHV
VH[XDOHVHQWUHPXMHUHVVHUiQGLVFXWLGDVH[WHQVDPHQWHHQHOFDStWXORVLJXLHQWH
+D]ORWXPLVPD
˜(VODœUHVSXHVWDDODRSUHVLyQ\DODQHJOLJHQFLDGHODVH[XDOLGDGIHPHQLQD\
HVSHFLDOPHQWH HO RUJDVPR HO TXH ORV KRPEUHVDSUHQGDQDSURSRUFLRQDUPHMRUHV
WLPXODFLyQFOLWyULFD"6t\QR'HVGHOXHJRORVKRPEUHVGHEHUtDQDSUHQGHUHVWDVFR
VDVSHURHVD~QPiVLPSRUWDQWHTXHQRVRWUDVHQFRQWUHPRVODOLEHUWDGSDUDDGTXLULUHO
FRQWUROGHVLFRQVHJXLPRVRQRHVWDHVWLPXODFLyQ8QDPDQHUDGHKDFHUORHVPRYHU
VHGHXQPRGRTXHLQFUHPHQWHQXHVWURSODFHUSRUHMHPSORGXUDQWHODHVWLPXODFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FOLWyULFD(VLQGXGDEOHTXHORVKRPEUHVWLHQHQHOFRQWUROGHVXSURSLDHVWLPXODFLyQ
KDFLDHORUJDVPRGXUDQWHHOFRLWRVHPXHYHQ\HPSXMDQHQODVPDQHUDVTXHVRQODV
PHMRUHVSDUDFRQVHJXLUHORUJDVPR˜3RUTXpHVWRKDGHVHUYHGDGRSDUDODVPXMHUHV
DXQFXDQGRLQWHUILHUDSRUORPHQRVWHPSRUDOPHQWHFRQORTXHKDFHJR]DUDOKRP
EUH"$TXtVLJXHQDOJXQDVUHVSXHVWDVGHODVSRFDVPXMHUHVTXHVtORKLFLHURQ
œ0H IURWR FRQWUD VXV QDOJDV 2 ELHQ OR FDEDOJR KDFLHQGR \R WRGRV ORV PRYL
PLHQWRVGHERWHQHUPXFKRFXLGDGRFRQQRSUHVLRQDUGHPDVLDGRFRQWUDVXiUHDS~EL
FDOHFDXVDGRORU0LFDEH]DGHVFDQVDVLHPSUHHQVXODGRL]TXLHUGRSRUDOJXQDUD
]yQ
œ3UHILHURKDFHU\RORVPRYLPLHQWRVGHPRGRTXHDVtSXHGRHVWDEOHFHUPLSUR
SLRULWPRRD\XGDUDPLFRPSDxHURDFRPSUHQGHUOR
œ<RHQFLPDDOJXQDVYHFHVVHQWDGDFRQHOSHQHGHQWUR0HOLPLWRDPRYHUPH
HQ WRPR GXUDQWH PXFKR WLHPSR /RV KRPEUHV KDQ LQWHQWDGR OD HVWLPXODFLyQ RUDO \
PDQXDOSHURQXQFDKDGDGRUHVXOWDGRFRQPLJR4XL]iVHDGHPDVLDGRVHQVLEOH
œ6ROtDDFHSWDUHOVH[RVLQRUJDVPRVLPXODEDRUJDVPRFRQFHQWUDGD~QLFDPHQ
WHHQHOSODFHUGHOKRPEUHLQWHQWDQGRFRQYHQFHUPHDPtPLVPDGHLQH[LVWHQWHVVHQ
VDFLRQHVYDJLQDOHVWDOFRPRVHQWLUHO¦DUGLHQWH§VHPHQHQPLLQWHULRUGRQGHQRVH
VLHQWHQDGD\QRSHQVDEDTXH\RSRGtD¦WUDEDMDU§SDUDPLJXVWRRKDFHUFXDOTXLHU
FRVD¦QRIHPHQLQD§HQODFDPD$KRUDDFRVWXPEURKDFHUORTXHTXLHURVLPXOWiQHD
PHQWHFRQORTXHHOORVHVWiQKDFLHQGR
œ$OJXQDVYHFHVSXHGRFRQVHJXLUXQRUJDVPRKDFLHQGRTXHPLFRPSDxHURDOFH
VX PXVOR HQWUH PLV SLHUQDV (QWRQFHV OR PDQWHQJR DSUHWDGR HQOD]DQGR PLV SLHUQDV
HQWRUQR\PRYLHQGRPLVFDGHUDVIURWDQGRHOiUHDGHPLFOtWRULVFRQWUDVXPXVOR
œ0DQWHQJR PLV SLHUQDV MXQWDV DSUHWDGDV H LQFOXVR FUX]DGDV /DV HVWUXMR FRQ
IXHU]D\ODVUHODMRDOWHUQDWLYDPHQWHXQD\RWUDYH]PLHQWDVSUHVLRQRFRQWUDpO
˜<TXpKD\GHPDORHQXVDUODSURSLDPDQRSRUHMHPSORSDUDHVWLPXODUVHXQD
PLVPDœPDVWXUEiQGRVHFRQVXFRPSDxHUR"
œ8Q FRPSDxHUR QR SXHGH HVWLPXODU HOFOtWRULVKDVWDSURGXFLURUJDVPR7HQJR
TXHKDFHUOR\RPLVPD(OQRSXHGHVHQWLUORVHIHFWRVGHODHVWLPXODFLyQ\RVtSXH
GR
œ7HQJR TXHKDFHUOR\R0LVFRPSDxHURVKDELWXDOPHQWHQRVDEHQHQFRQWUDUHO
SXQWR MXVWR R ELHQ VRQ GHPDVLDGR UXGRV LQWHQWiQGROR 6L pO HV XQ KRPEUH HUyWLFR
TXHGDIDVFLQDGR\JHQHUDOPHQWHVHH[FLWD
œ(PSOHRXQPRYLPLHQWRSDUHFLGRDOGHXQYLEUDGRUPRYLHQGRPLFOtWRULVDXQ
ODGR \ RWUR OR PiV UiSLGDPHQWH SRVLEOH 0H OR KDJR D Pt PLVPD \D TXH QLQJ~Q
KRPEUHSDUHFHFDSD]GHPDQWHQHUHVWHULWPRGXUDQWHHOWLHPSRTXHQHFHVLWR
œeOHVVHQVLEOHSHURFUHRTXHHVQHFHVDULRHVWLPXODUPH\RPLVPD1RPHJXV
WD GDU yUGHQHV 3DUD Pt HV FRPR GHVWUXLU OD VHQVLELOLGDG 3UHILHUR VDWLVIDFHUPH \R
PLVPDDQWHVTXHGDULQVWUXFFLRQHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(O PHMRU VLVWHPD TXH KHPRV KDOODGR KDVWD DKRUD HV DQWHV GH MRGHU HVWLPX
ODUPH\RPLVPDGLUHFWDPHQWH(VWRTXHGDHQIDPLOLD\OXEULFD\SUHSDUDPLYDJLQD
SDUD HO FRLWR HO FXDO HQWRQFHV PH SURGXFH PXFKR GHOHLWH < PL PDULGR GLVIUXWD
YLHQGRFyPRORKDJR2VHDTXH IXQFLRQD
œ0HJXVWDFKXSDUHOSHQH\DOPLVPRWLHPSRPDVWXUEDUPH\RPLVPD
œ™0HJXVWDODPDVWXUEDFLyQPXWXDFDUDDFDUDWLSRYR\HXU
œ7HQGLGDGHHVSDOGDVpOGHVOL]DPLSURSLDPDQR\GHGRVSRUWRGRPLFXHUSR
œ<RKDJRODPD\RUSDUWHGHOPDVDMHFOLWyULFRPLHQWUDVPLPDULGRMXJXHWHDFRQ
PLVH[RGHVOL]DVXVPDQRVFRQGHOLFDGH]DSRUHQWUHPLVSLHUQDVMXHJDFRQPLVSH
FKRV\ORVVXFFLRQD\WRGRHOWLHPSRPHKDEODVXDYHPHQWHDFHUFDGHFRUUHUPH
(VWDVIXHURQXQDVUHVSXHVWDVPX\SRFRFRUULHQWHV
25*$6020(',$17(&811,/,1*86
˜&XiQWDVPXMHUHVREWLHQHQRUJDVPRFOLWyULFRPHGLDQWHFXQQLOLQJXV"
/DRWUDIRUPDDPSOLDPHQWHSUDFWLFDGDGHHVWLPXODFLyQFOLWyULFDHVHOFXQQLOLQ
JXV RVH[RRUDO˜7LHQHQODVPXMHUHVIUHFXHQWHPHQWHRUJDVPRVGXUDQWHHOVH[RRUDO"
/RV SRUFHQWDMHV DTXtVRQVLPLODUHVDORVGHODHVWLPXODFLyQFOLWyULFDPDQXDOPLHQ
WUDV TXH XQ GH ODV PXMHUHV REWXYLHURQ UHJXODUPHQWH HO RUJDVPR FRQ OD HVWL
PXODFLyQFOLWyULFDPDQXDOXQWXYRRUJDVPRUHJXODUPHQWHGXUDQWHODHVWLPXOD
FLyQRUDO
8QDYH]PiVHOSUREOHPDSDUDFRQWDUFRQH[DFWLWXGHVWULEDEDDTXtFRPRFRQ
ODHVWLPXODFLyQFOLWyULFDPDQXDOHQHOKHFKRGHTXHODPD\RUSDUWHGHODHVWLPXOD
FLyQRUDOHUDKHFKDSDUDH[FLWDU\QRSDUDHORUJDVPR(VGHFLUTXHDXQTXHDODPD
\RUtDGHPXMHUHVOHVHQFDQWDEDHOFXQQLOLQJXVHVSHFLDOPHQWHGDGRTXHHUDFDVLLP
SRVLEOH SURGXFLU GRORU FRPR RFXUUH FRQ OD HVWLPXODFLyQ FOLWyULFD PDQXDO HO FXQQL
OLQJXV HUDRIUHFLGRSRUHOFRPSDxHURGXUDQWHLQWHUYDORVPX\FRUWRV\HOORQRFRQ
WLQXDPHQWHHQHOFOtWRULVFRPRœSUHOLPLQDU2VHDTXHDTXtQXHYDPHQWHTXHGDEDD
YHFHVSRFRFODURVLODUHVSXHVWDGHODPXMHUVLJQLILFDEDFRQTXpIUHFXHQFLDWHQtDRU
JDVPRVGXUDQWHHOFXQQLOLQJXVFRQTXpIUHFXHQFLDVHUtD FDSD]GHOOHJDUDORUJDVPR
PHGLDQWHHOH[FOXVLYRHPSOHRGHOFXQQLOLQJXV HQHOODVLWXYLHVHODRSRUWXQLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3RURWUDSDUWHORV&XHVWLRQDULRV,\,,HPSOHDEDQVRODPHQWHHOWpUPLQRFXQQL
OLQJXV \ QR IDFLOLWDEDQ OD GHILQLFLyQ œVH[R RUDO FRPR OR KDFH HO &XHVWLRQDULR ,,,
$OJXQDVPXMHUHVQRVDEtDQORTXHHUDFXQQLOLQJXVHLQFOXVRHQHO&XHVWLRQDULR,,,
FXDQGR VH GHILQtD FRPR œVH[R RUDO DOJXQDV PXMHUHV FRQWHVWDURQ UHILULpQGRVH D OD
IHOODWLR TXL]i SRU QR KDEHU H[SHULPHQWDGR HOODV QXQFD HO VH[R RUDO HQ Vt PLVPDV
3HUR OD UHDFFLyQ PiV FRP~Q IXH TXH HO VH[R RUDO HUD FRQ PD\RU IUHFXHQFLD XQD
IRUPD GH œSUHOLPLQDU QR HIHFWXDGR GXUDQWH HO WLHPSR VXILFLHQWH SDUDOOHYDUDORU
JDVPRRFRQHOHQWHQGLPLHQWRGHTXHVHUtDœDFHSWDEOHSDUDODPXMHUWHQHUHQWRQFHV
XQRUJDVPR
œ+H OOHJDGR D VHQWLU GHVDJUDGR SRU HO FXQQLOLQJXV SRUTXH PH KHSXHVWRHQRU
PHPHQWH H[FLWDGD VLQ OOHJDU /RV KRPEUHV SDUHFHU SHQVDU TXH XQD YH] KDQ KHFKR
HVWRGXUDQWHXQUDWR\DKDQFXPSOLGR\\DSXHGHQVLPSOHPHQWHPRQWDU\FRUUHUVH
KDELHQGRKHFKRVXPi[LPRHVIXHU]RSRUHOELHQGHODFDXVD6XSRQJRTXH HVWDVHQ
VDFLyQ TXH WHQJR PH OD SURGXFH FRPSUHQGHU TXH OR KDFHQ GH XQ PRGR PHFiQLFR
SRUTXHKDQOHtGRTXHHVXQDFRVDDJUDGDEOHSDUDKDFHUDODVPXMHUHV\TXHWRGDVODV
PXMHUHVUHDOPHQWHJR]DQFRQHOOR\TXHKDQFXPSOLGRFRPREXHQRVPXFKDFKRVDO
KDFHUORXQ UDWR
< FRQ IUHFXHQFLD TXL]i OD PD\RU SDUWH GH ODV YHFHV IXH KHFKR HQ FRQMXQFLyQ
FRQ OD IHOODWLR ¥œ¥ KDFLHQGR XQ SRFR GLItFLO FRQFHQWUDUVH UHDOPHQWH HQ WHQHU
XQDPLVPDHORUJDVPR
6LQHPEDUJRHOFXQQLOLQJXV HVDSHVDUGHWRGRGHVFULWRPX\IUHFXHQWHPHQWH
FRPR XQD GH ODV DFWLYLGDGHV PiV IDYRULWDV \ H[FLWDQWHV ODV PXMHUHV PHQFLRQDURQ
XQD\RWUDYH]ORPXFKRTXHOHVJXVWDED
œ8QD OHQJXD RIUHFH GHOLFDGH]D SUHFLVLyQ \ KXPHGDG \ HV HO yUJDQR SHUIHFWR
SDUDHOFRQWDFWR<DGHPiV™SURGXFHRUJDVPRVVHQVDFLRQDOHV
œ(OFXQQLOLQJXV HVPX\GXOFHWLHUQR\WHQVR
œ™(VPX\VH[\˜4XpPHQRVSXHGRGHFLU"
œ(VHUyWLFRSRUTXHHVWiSURKLELGR¥RWUDIRUPDGH¦EHVRGHODVDOPDV§
œ™5HDOPHQWHPHFRORFDHQyUELWD\VLHPSUH WHQJRXQRUJDVPR
,PSUHVLRQHVVREUHHOFXQQLOLQJXV
6L ODV PXMHUHV HQFXHQWUDQ WDQ GHOLFLRVR HO FXQQLOLQJXV ˜SRU TXp QR FRQGXFH FRQ
PiVIUHFXHQFLDDORUJDVPR"
'HQXHYRRWUDYH]PXFKDVPXMHUHVVHVLQWLHURQFRQWHQLGDVSRUVHQWLPLHQWRVGH
PRGHVWLD\UHFDWR/DVSUHRFXSDFLRQHVPiVFRPXQHVDFHUFDGHOFXQQLOLQJXVIXHURQ
˜/RGLVIUXWDODRWUDSHUVRQD"<HVSHFLDOPHQWH˜KXHORPDO"
œ1RKHORJUDGROLEUDUPHGHODVHQVDFLyQGHTXHHVWR\¦VXFLD§¦DKtDEDMR§
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1XQFDKHWHQLGRRUJDVPRGXUDQWHHOFXQQLOLQJXV(VSHURFRQVHJXLUORSURQWR
SHUR WRGDYtD FUHR TXH PL VH[R HVWi VXFLR \ HVWR PH SUHRFXSD VL DOJXLHQ OR LQWHQWD
FRQPLJR
œ™6L\RIXHUDKRPEUHQXQFDORKDUtD
œ6LHPSUH HVWR\SUHRFXSDGDSRUVLSXHGRROHUPDORSDUHFHUGHVDJUDGDEOH
œ3URGXFH OD VHQVDFLyQ HQ FLHUWR PRGR GH TXH PH HVWDU SUHVWDQGR XQ ¦VHUYL
FLR§
œ/RV KRPEUHV SDUHFHQ VHU PiV UHPLOJDGRV GH OR TXH VR\ \R DFHUFD GHO VH[R
RUDO
œ6ROtDVLHPSUHOOHJDUDORUJDVPRPLHQWUDVPHORKDFtDQSHURDKRUDUDUDYH]OR
FRQVLJR SRUTXH QRWR OD UHWLFHQFLD GH PL KDELWXDO FRPSDxHUR TXH D YHFHV PXHVWUD
HYLGHQWHGHVDJUDGR\HQRFDVLRQHVDFW~DFRPRVLIXHUDXQJUDQPiUWLU
œ6tDKRUDPHJXVWDSHURPHFRVWyDxRV¦SHUPLWLUOR§˜3RUTXpKHPRVGHVHQ
WLUQRVWDQVXFLDV
œ0LKRPEUHHQHVWHWHUUHQRWLHQHXQEORTXHRPHQWDO2SLQDTXHHOiUHDGHOD
YXOYD KXHOH KRUULEOHPHQWH \ WLHQH DUFDGDV FXDQGR OR LQWHQWD /R KD LQWHQWDGR SHUR
QRSXHGHVXSHUDUOR
œ(ORORUPHSUHRFXSDSHURDOJXQDVYHFHV™GHYHUDVTXHPHH[FLWD
œ0HSRQJRWHQVDVLQRPHKHODYDGRUHFLHQWHPHQWHDFDXVDGHPLGHVFDUJD
œ&RQ OR TXH PH JXVWD HO FXQQLOLQJXV \ TXLHUR TXH WHUPLQH SURQWR 7HQJR XQ
FRQIOLFWRHQHVWRDVSHFWRSRUTXHVLHQWRTXHGHEHGHVHUGHVDJUDGDEOHSDUDpOPRMDU
VHODFDUD
œ7HQJR OD VHQVDFLyQ GH TXH HO RORU \ HO VDERU GHEHQ GH VHU PDORV 0H VLHQWR
DYHUJRQ]DGD
œ0H GHOHLWD HO FXQQLOLQJXV DXQTXH SDUD Pt PH UHVXOWD PiV FyPRGR FKXSDU D
XQKRPEUH/RVKRPEUHVQXQFDPHKDQKHFKRVHQWLUFyPRGD\KHUPRVDHQODSRVL
FLyQGHOFXQQLOLQJXV(VSHURTXHDOJ~QGtDSXHGDGLVIUXWDUOR
œ/RGLVIUXWRSHURWDPELpQPHFDXVDFLHUWRGHVDJUDGR 0HVLHQWRDOJRFRKLELGD
HQEHVDUDXQFRPSDxHURTXHDFDEDSUHFLVDPHQWHGHFRORFDUVXERFDHQPLYDJLQD
3UREDEOHPHQWHHVXQFRPSOHMRPX\WHPSUDQRTXHWLHQHTXHYHUFRQODUHSXJQDQFLD
KDFLDODVSDUWHV¦EDMDV§
œ'LVIUXWR HQ FLHUWR PRGR FXDQGR PH OR KDFHQ DXQTXH PH VLHQWD YXOQHUDEOH
HPRFLRQDOPHQWHFRPRVLIXHUDDOJRVXFLR\DODRWUDSHUVRQDQROHJXVWDUiKDFHUOR
/RKHUHDOL]DGRYDULDVYHFHVHQRWUDVSHUVRQDVSHURSDUHFHFRPRVLQRVHVLQWLHUDQ
FyPRGDV\QRORGLVIUXWDUDQSOHQDPHQWH
œ0HWHPRTXHKXHOR7DPELpQVLHQWRTXHGHEROOHJDUFXDQGRVHPHHVWiGHGL
FDQGRWDQWDDWHQFLyQSDUDTXHORKDJD\HVWRPHSUHVLRQD\QRPHVLHQWRORVXILFLHQ
WHPHQWHOLEUHSDUDOOHJDU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(VWDSUHRFXSDFLyQSRUODOLPSLH]D\HORORUHVSDUWHGHOSUREOHPDPiVJHQHUDO
GHDFHSWDUORVJHQLWDOHVIHPHQLQRV
œ(VWR\DYHUJRQ]DGDGHPLVJHQLWDOHV\QRTXLHURTXHQDGLHORVYHD
œ<RQRFUHRTXHDQXHVWUDVRFLHGDGOHJXVWHQODVYDJLQDV3LHQVRTXHFRQVLGH
UDQODVYDJLQDVVXFLDVPDOROLHQWHVSHOXGDVK~PHGDVHWF4XLHUHQTXHODVURFLHPRV
FRQGHVRGRUDQWH
œ3LHQVDQTXHQXHVWUDVYDJLQDVVRQVXFLDVGHELGRDTXHPHQVWUXDPRVHFKDPRV
QLxRV\ROHPRVPDOSRUODRULQDVDQJUHGHVFDUJDV\IOXLGRVVH[XDOHV/DVPXMHUHV
GHEHUtDQFHVDUHQODSUHWHQVLyQGHTXHWLHQHQXQRVJHQLWDOHVVHFRV
+DVWDODSDODEUDœSXGHQGXPTXHVLJQLILFDœORVJHQLWDOHVH[WHUQRVGHODKHP
EUDSURFHGHGHOODWtQSXGHUHœHVWDUDYHUJRQ]DGR/DDUWLVWD%HWW\'RGVRQKDUHD
OL]DGRQXPHURVRVGLEXMRVœUHWUDWRVSHUVRQDOHVGHDPLJDV\RWUDVPXMHUHVTXHSXH
GHQFRQWHPSODUVHHQVXOLEUR/LEHUDWLQJ0DVWXUEDWLRQ1RVGHPXHVWUDQFXDQYDULDGD
SXHGHVHUODDQDWRPtDGHODYXOYDORVHQVXDO\HOHJDQWHTXHSXHGHSDUHFHU(OKHFKR
GH TXH QR H[LVWHXQDœLFRQRJUDItDGHORVJHQLWDOHVGHPXMHUHVPLHQWUDVORVSHQHV
VRQ JORULILFDGRV HV XQD HYLGHQFLD PiV GHO PRGR HQ TXH HO VH[R UHIOHMD OD JHQHUDO
GHVLJXDOGDGFXOWXUDOHQWUHPXMHUHV\KRPEUHV
˜&UHHTXHVXYDJLQD\iUHDJHQLWDOVRQIHDVRERQLWDV"˜+XHOHQELHQRPDO"
œ6DEHORTXHPiVPHH[FLWD"(ORORUGHPLSURSLDVHFUHFLyQKXPDQD
œ&UHRTXHPLYDJLQDHVKHUPRVDULFDIpUWLOPHJXVWDHVSHFLDOPHQWHPLQHJUR
YHOOR GHO SXELV (O RORU HV D YHFHV HUyWLFR \ HVWR PH H[FLWD ™3HUR QR SRU HOOR FUHR
TXHQRGHEREDxDUPHSDUDFRQVHUYDUHORORU
œ6ROtD GHVDJUDGDUPH WRFDU PL VH[R SDUD ODYDUOR 6ROtD SHQVDU TXH ROtD PDO \
HPSOHDED GHVRGRUDQWH $KRUD JUDFLDV DO PRYLPLHQWR IHPLQLVWD SLHQVR TXH HV KHU
PRVR
œ6RQ IHDV FRPR XQD KHULGD VLQ FLFDWUL]DU /RV JHQLWDOHV PDVFXOLQRV VRQ KHU
PRVRV
œ/DEHOOH]DHVWiHQHORMRGHOHVSHFWDGRU6LHVWR\FDFKRQGDVRQKHUPRVDV$U
WtVWLFDPHQWHVRQIHDV1RKD\UD]yQSDUDTXHKD\DQGHROHUELHQ
œ)HDV3HURRFXUUHTXHWRGDYtDWHQJRXQODUJRFDPLQRTXHUHFRUUHUSDUDKDFHU
ODVSDFHVFRQPLFXHUSRHQJHQHUDODXQTXHHQHOORKD\XQDQDWXUDOH]DFtFOLFDDOJX
QDV YHFHV PH VLHQWR PXFKR PiV D JXVWR FRQPLJR PLVPD TXH RWUDV +H LQWHQWDGR
GHVFXEULUDOJXQDEHOOH]DHQPLVJHQLWDOHVSHURVLQJUDQp[LWR3HURHQWRQFHVUHFXHU
GR TXH HVWXYH WUHV DxRV VLQ DIHLWDUPH ODV SLHUQDV DQWHV GH TXH SXGLHUD PLUDUODV VLQ
KRUURUL]DUPHRVHDTXHVHJXUDPHQWHVHUiSUHFLVREDVWDQWHWLHPSRSDUDFRQWUDUUHV
WDUHOGDxRGHPLFRQGLFLRQDPLHQWRVRFLDOHQXQiUHDWDQSHVDGDPHQWHFDUJDGD
œ(OH[WHULRUHVIHRFRPRXQSROORGHVSOXPDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+HSDVDGRGHSHQVDUTXHHUDQGHVFRQRFLGRVHLQFRQIHVDEOHVDSHQVDUTXHVRQ
ERQLWRV\JHQHUDOPHQWHDJUDGDEOHV
œ/yJLFDPHQWHVRQIHDV\KXHOHQPDOSHURORVJHQLWDOHVGHOKRPEUHQRVRQPH
MRUHV 'HVGH XQ SXQWR GH YLVWD HPRFLRQDO VRQ ERQLWDV SHUR PH WHPR TXH pO QR OR
FUHDDVt
œ6RQERQLWDVODVVHFUHFLRQHVVRQH[FLWDQWHV\WLHQHQXQRORUSRFRFRUULHQWH
œ3XVH XQ GHGR GHQWUR GH Pt \ WUDV XQRV VHJXQGRV PH GLR WDQWD QiXVHD TXH
QXQFDORKHYXHOWRDLQWHQWDUQLVLTXLHUDSDUDFRORFDUPHXQ¦7DPSD[§
œ([WUDxDVHLQWULQFDGDV
œ6ROtDVHQWLUPHPROHVWDSRUPLVSURWXEHUDQWHVODELRVYDJLQDOHV
œ0LPDULGRHVPiVKHUPRVR\KXHOHPHMRU0HVLHQWRULGtFXOD\KXHORPDOGX
UDQWHPLSHUtRGR
œ+HUPRVDV\KXHOHQDPXMHU
œ$OJRTXHPHSRQHHQIHUPD HVTXHODIRWRGHXQDPXMHUFRQVXVSLHUQDVDELHU
WDVVHDFRQVLGHUDGDVXFLD\SRUQRJUiILFD˜™&yPRVHDWUHYHQDOODPDUVXFLDODSDUWH
PiVKHUPRVDGHPLFXHUSR"
œ0X\SRFRVLPpWULFDFRQWRGDHVWDSLHOIORMD
œ6RQLQWHUHVDQWHVGHOLFDGDV\IDVFLQDQWHVHQGLVHxR
œ6RQ IHDV KXHOHQ D FiOLGR K~PHGR \ VRQ GLIHUHQWHV D FXDOTXLHU RWUD FRVD
KD\XQRORUVHQVXDOHQHOVH[R
œ&UHRTXHVRQPDJQtILFDV™KDVWDFXDQGRKXHOHQPDO
œ(VWiQVHQFLOODPHQWH¦DKt§˜4XpKD\GHERQLWRHQXQDVPDWDVGHYHOOR\SLHO
YLVFRVD"
œ/DYDJLQDHVEXHQD\QDWXUDOSHURQRHVHVWpWLFD$WUDFWLYD\QRUHSHOHQWH
œ+XHOHWDQELHQ™TXHKXHORORVGHGRVGHVSXpVGHPDVWXUEDUPH
œ(O YHOOR YDJLQDO \ S~ELFR WLHQH XQ OLQGR DVSHFWR \ KXHOH ELHQ SHUR HO FRORU
GHQWURGHORVODELRVQR3UREDEOHPHQWHGHKDEHUWHQLGRODRSRUWXQLGDG\RORVKX
ELHUDGLVHxDGRGLVWLQWRV
œ8QFiOLGRVDOXGDEOH\HUyWLFRDVSHFWRKXHOHQGHXQPRGRLQWULJDQWH
œ7LHQHQXQIHRDVSHFWRSHUR™SURGXFHQKHUPRVDVVHQVDFLRQHV
œ1RVRQQLXQDFRVDQLRWUDSHURVR\UHDFLDDTXHODJHQWHPHODVYHD
œ(UDQERQLWDVDQWHVGHWHQHUXQEHEpSHURQRDKRUD 0LYHOORGHOSXELVHVGH
PDVLDGR ODUJR R VHD TXH OR FRUWR 0H ODV ODYR GRV YHFHV SRU GtD \ ODVGXFKRFDGD
WUHVGtDV
œ)DEXORVR0HSRQJRHOGHGRHQHOFRxR\™GHVSXpVPHORIURWRGHWUiVGHODV
RUHMDV
œ+HUPRVDV\VXDYHV\FiOLGDV
œ+HUPRVDVHQXQDIRUPDH[WUDxD
œ3UHFLRVDVIDQWiVWLFDVPDUDYLOORVDV
œ(QFDQWDGRUDV IDVFLQDQWHV FXULRVDV PLVWHULRVDV SHVH DO SURSLR H[DPHQ 0H
JXVWDPLRORUSHUR˜OHJXVWDUiDpO"
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(OLQWHULRUGHODYDJLQDHVVREHUELRHOH[WHULRUHVGHXQDVSHFWRDOJRKRUULSL
ODQWH (Q PL MXYHQWXG \ FXDQGR WRPDED OD StOGRUD VRODPHQWH KDEtD XQ WHQXH RORU
SHURDKRUDOOHYRHOGLVSRVLWLYRLQWUDXWHULQR\HORORUHVPiVIXHUWH\QRDSHWHFHEH
VDUOR
œ&XDQGR \R HUD SHTXHxD SHQVp TXH ¦DTXHOOD§ SDUWH GH PL SHUVRQD HUD IHD HO
FRORUURMR PHUHFRUGDEDODVOiPLQDVTXHKDEtDYLVWRGHLQWHVWLQRV\yUJDQRVTXHFDVL
PH SURYRFDEDQ YyPLWR 7DPELpQ UHFXHUGR HVWDU VHQWDGD HQ HO FXDUWR GH EDxR
KDEODQGRFRQPLSDGUHPLHQWUDVpOWRPDEDXQDGXFKD3HQVpTXHVXSHQHHUDIHRD
FDXVD GH VX IRUPD \ FRORU <R HVWDED FRQWHQWD SRU VHU XQD PXFKDFKD SRUTXH HUD
PXFKRPiVERQLWD\QRWHQtDXQDGHHVDVIHDVFRVDVRVFXUDV\FROJDQWHV˜1RKDQ
QRWDGR DOJXQD YH] TXH OD SRUQRJUDItD VLHPSUH PXHVWUD SHQHV HUHFWRV SHUR QXQFD
FROJDQWHV"$KRUDPHJXVWDPLUDUPHODYDJLQD1RRSLQRTXHVHDKHUPRVDSHURPH
JXVWDPLUDUOD3DUDPtPLYDJLQDHVFiOLGDK~PHGD\VXDYHPHJXVWDVHQWLUODVHQ
WLUPH
œ&RPSUpXQOLEURPX\LQIRUPDWLYRWLWXODGR/LEHUDWLQJ0DVWXUEDWLRQ \DSUHQ
Gt XQD JUDQ FDQWLGDG GHFRVDVWDQWRVREUHPtPLVPD FRPRGHRWUDVPXMHUHVHVSH
FLDOPHQWHFRVDVYDOLRVDVWDOHVFRPRHOKHFKRGHTXHPLVODUJRV\GHVLJXDOHVODELRV
YDJLQDOHVQRHUDQXQDGHIRUPLGDGVLQRTXHODVPXMHUHVSHGtDQWHQHUORVGHPX\GL
YHUVRVPRGRV
œ&UHR TXH WHQJR XQD OLQGD UHJLyQ YDJLQDO ERQLWDPHQWH FRQIRUPDGD SHUR QR
SHUWHQH]FRDOFXOWRGHODIDVFLQDFLyQYDJLQDO6LQRHVWiODYDGDKXHOHPDOSHURQR
SHRUTXHHOSHQH
œ'HVHDUtD YHUGDGHUDPHQWH SRGHU FUHHUPH TXHPLYDJLQDHVKHUPRVDWDOFRPR
GLFHPLPDULGRTXHKXHOH\VDEHELHQSHURPX\HQORKRQGRVLHPSUHWHQJRUHFH
ORV
œ)HDV HPEDUD]RVDV VLHPSUH PH UHILHUR D ¦HOODV§ HQ WHUFHUD SHUVRQD FRPRVL
QRIRUPDVHQSDUWHGHPLSURSLRFXHUSR(VWR\LQWHQWDQGRVXSHUDUHVWDVHQVDFLyQ
œ1RSLHQVRHQHOODVFRPRKHUPRVDVGHOPLVPRPRGRFRPRQRSLHQVRTXHPL
URVWURVHDKHUPRVR3HURHVSDUWHGHPLFXHUSRSDUWHGHPLSHUVRQD\HVWRHVERQL
WR
œ+DVWDTXHFRQRFtD'RQSHQVpORPHQRVSRVLEOHHQHOODV'HVSXpVGHFRQR
FHUOR PH VLHQWR PXFKR PHMRU FRQPLJR PLVPD &XDQGR HVWDPRV KDFLHQGR HODPRU
PHYHRDPtPLVPD\DpOFRPRVHUHVPDJQtILFRV
œ7UDEDMp XQD YH] HQ HO FRQVXOWRULR GH XQ GRFWRU \ YL JUDQGHV FDQWLGDGHV GH
HOODV \ QR FUHR TXH VHDQ ERQLWDV RSLQR TXH VRQ IHDV FRPR XQD KHULGD DELHUWD FRQ
VXFLRVERUGHVSDUGRV(QFDPELRXQDPXMHUFRQVXVSLHUQDVMXQWDV HVKHUPRVD
œ2SLQRTXHVRQERQLWDV0HDJUDGDHOPRGRFRPRVHHQVRUWLMDHOYHOORGHOSX
ELV\HORORUGHODVVHFUHFLRQHVORVFRORUHVGHODSLHOODIRUPDGHORVODELRV
3RU%HWW\'RGVRQ3XEOLFDGRSRU%RG\VH['HVLJQV0DGLVRQ$YHQXH1XHYD<RUN1<
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DV PXMHUHV PH SDUHFHQ VHU PiV FXULRVDV VH[XDOPHQWH \ PiV OLEHUDGDV TXH
PXFKRVKRPEUHV$HOODVOHVDJUDGDQORVRORUHV\ORVMXJRVPiV
œ6ROtD SHQVDU TXH PLV SDUWHV JHQLWDOHV HUDQ IHDV SHUR XQ GtD FRPSUHQGt TXH
~QLFDPHQWHSHQVDEDTXHORHUDQSRUTXHVHGDEDSRUVXSXHVWRTXHGHEtDVHQWLUPHDVt
'HVGHHQWRQFHVKHDGPLWLGRTXH VRQPX\SOHQDPHQWHIXQFLRQDOHVJUDFLRVDV\PD
QHMDEOHV+HUPRVDVFRPRXQDSHUVRQDTXHVHOHKDFHKHUPRVDDOFRQRFHUODPHMRU
œ$ORVFDWRUFHDxRVGHFLGtFRUWDUPHXQODELRTXHFROJDEDPiVDEDMRSHURGHV
SXpVGHHPSXxDUODWLMHULWDGHXxDVSHUGtHOYDORU
œ6RQDJUDGDEOHPHQWHLQWLPDVLQWHUHVDQWHV\FRPSOHMDV
œ0HJXVWDQFDVLWRGDVODVSDUWHVGHPLFXHUSR$ODVSDUWHVTXHQRPHSDUHFHQ
DWUDFWLYDVOHVWHQJRFDULxR
œ$O SULQFLSLR FXDQGR QR KDEtD PLUDGR YDJLQDV GH ODV DGXOWDV PH SDUHFtDQ
KRUURURVDV$KRUDQR
œ0HODVKHPLUDGRKDFHSRFRPHJXVWDHOYHOOR\DOJXQDVYHFHVORFHSLOORWUDV
XQEDxR/RVODELRVWLHQHQXQDVSHFWRJUDFLRVR
œ(QFDQWDGRUDVFRQWRGRVHVRVSHTXHxRVSOLHJXHVDJXMHURV\MXJRV
œ6LPSOHPHQWH¦VRQ§2MDOiIXHVHKRPEUH
œ0HKDQ GLFKRTXHVRQERQLWDVSHURQRORFUHR
œ)HDVSHURFRQFDULVPD
œ)HDV$ORVRQFHDxRVFXDQGRPHPDVWXUEDEDHVWLUpXQRGHPLVODELRVPHQR
UHV6HKL]RODUJR\SHQVpTXHpVDHUDODUD]yQ(ORWURVHSXVRGHVSXpVFDVLWDQODU
JR6LHPSUHSHQVpTXHPLDVSHFWRVHUtDHOGHXQDPXFKDFKLWDGHVQXGDDH[FHSFLyQ
GHO SHOR 0L PDGUH GLMR TXH PLV ODELRV PD\RUHV HVWDEDQ VHSDUDGRV SRUTXH PH ORV
KDEtD ¦WRFDGR§ 2 VHD TXH VHQWt XQ JUDQ VHQWLPLHQWR GH FXOSDELOLGDG SRU KDEHUPH
GHIRUPDGR \R PLVPD 7XYH TXH ORJUDU GHVHPEDUD]DUPH GH RWUDV LGHDV SRUTXH ORV
GLEXMRV DQDWyPLFRV GH ORV JHQLWDOHV IHPHQLQRV WHQtDQ PDV DVSHFWR GH JHQLWDOHV GH
QLxLWDV TXH ORV PtRV /D 6) &KURQLFOH WLHQH R WXYR \D QR OD OHR D XQ WDO GRFWRU
+LS3RFUDWHVTXHGDEDUHVSXHVWDVGLUHFWDV(QFLHUWDRFDVLyQGLMRDOJRDFHUFDGHXQD
PXMHU TXH WHQtD ODELRV GH DOJR PDV GH GLH] FHQWtPHWURV GH ODUJR \ TXH HVWR QR HUD
DQRUPDO2WUDYH]PHQFLRQyHOKHFKRGHTXHORVODELRVGHXQDPRUHQDVRQSDUGRV
&XDQGR\RURQGDEDORVWUHLQWDDxRV/ROLWD PHHQVHxyTXHWDPELpQODHQWUHSLHUQDGH
ODVGHPiVROtDSXHVWRTXH++ROtDODDFUHHQWUHSLHUQDGHODVEUDJDVGH/ROLWD7RGD
PLYLGDKHLQWHQWDGRUHXQLUHOYDORUQHFHVDULRSDUDSUHJXQWDUOHDXQGRFWRUFXDOGH
EHUtDVHUHODVSHFWRGHORVJHQLWDOHVSHURQXQFDPHDWUHYt™LQFOXVRGHVSXpVGHGRV
SDUWRV )LQDOPHQWH D ORV FXDUHQWD \ VHLV OH SUHJXQWp D XQ GRFWRU VL ORV PtRV HUDQ
QRUPDOHV\VXUHVSXHVWDIXH¦1RVR\H[DFWDPHQWHXQMXH]§/RUHSHWtDORVFXDUHQWD
\VLHWHSHURHVWDYH]OHSUHJXQWpDXQDGRFWRUDHQOD8QLYHUVLGDG\HOODIXHPDJQtIL
FD'LMRTXHpVWDHUDXQDFXHVWLyQLPSRUWDQWH\TXHHVWDEDFRQWHQWDGHTXHODKXELHVH
SUHJXQWDGR \D TXH ODV PXMHUHV QR WLHQHQ ODV RSRUWXQLGDGHV GH ORV KRPEUHV SDUD
FRPSDUDUJHQLWDOHVGHELGRDTXHORVGHHOODVHVWiQHVFRQGLGRV\WHQHPRVXQDWUDGL
FLyQGHUHFDWRHQFRQWUDVWHFRQODWUDGLFLyQPDVFXOLQDGHODFRPSDUDFLyQ'LMRHOOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
TXHPLVJHQLWDOHVHUDQQRUPDOHVSHURTXHWHQtDPDVYHOORGHORQRUPDO0HVDWLVIL]R
REWHQHU XQD UHVSXHVWD GLUHFWD 0H VLHQWR FyPRGD GHVQXGD FRQ RWUD SHUVRQD VL KH
LQWLPDGRFRQpO\QRVDPDPRV(QWRQFHV\DQRPHLPSRUWDQPLVYHOORVDVRHVSLQR
VDVSLHUQDV\PLIHDHQWUHSLHUQDSXHVWRTXHDpOWDPSRFROHLPSRUWDQ$SDUWHHVWDV
FRVDV PH VLHQWR RUJXOORVD GH PL FXHUSR \ PH FRPSODFH VX IXHU]D FRPSHWHQFLD \
EXHQ DVSHFWR 7XYH XQRV SHFKRV IDQWiVWLFRV ¥OOHQRV \ HUJXLGRV¥ TXH QXQFD PH
JXVWDURQFXDQGRHVWDEDHQODVHVFXHODVGHFKLFDVSRUTXHWRGDVHOODVVHEXUODEDQGH
PLEXVWR&XDQGRHUDMRYHQ\PHLQWHUHVDEDODJLPQDVLDTXHUtDFRUWiUPHORV&XDQGR
WXYH PiV DxRV \ HUD EXHQD EDLODULQD XQD YH] PH FDt DO VXHOR \ PL FRPSDxHUD GH
KDELWDFLyQGLMR¦(VWRHVSRUHOFRQWUDSHVRH[FHVLYR§&XDQGRILQDOPHQWHLQJUHVpHQ
FODVHV PL[WDV VXSH TXH HUDQ WDQ KHUPRVRV FRPR FXDOTXLHU RWUR SDU GH ERQLWRV SH
FKRV HQ HO PXQGR $SDUWH GH VHQWLUPH \D GH DFXHUGR FRQPLJR PLVPD DSUHQGt OR
HOHPHQWDO SDUD FRQYHUWLUPH HQ PRGHOR SDUD DUWLVWDV \ DO FRPSUREDU TXH pVWRV PH
HQFRQWUDEDQKHUPRVDVHQWtPD\RUVHJXULGDGSHURSRUWRGRVORVPHGLRVWUDWpGHQR
PRVWUDUPLHQWUHSLHUQD\SHLQDEDPLYHOORGHOSXELVKDFLDDEDMR1RPHVLHQWRFy
PRGDGHVQXGDFRQJHQWHFRQODTXHQRKHLQWLPDGR)XLFRQPLVKLMDV\RWUDPXMHU\
VXVKLMDVDOERVTXHGRQGHWRGDVHOODVVHGHVQXGDURQSDUDWRPDUHOVRO<RQRTXLVH
KDFHUOR3HQVpHQPLVHQVRxDFLRQHVGHDQGDU GHVQXGD\SRUHQWRQFHVHUDQRUPDO\
DKRUDTXLHUROOHYDUYHVWLGRV\WHQHUORVDPLJXVWR7DPSRFRPHJXVWDQORVJUXSRVGH
HQFXHQWURODLQWLPLGDGLQVWDQWiQHDGHFXDOTXLHUFODVHPHSURGXFHDYHUVLyQ1RVLHQ
WR HO PHQRU GHVHR GH DEUD]DU D GHVFRQRFLGRV \ DFDULFLDUOHV VXV FDUDV (VWR HV PDV
TXHEXHQRFRQDOJXLHQDOTXHVHDPD$KRUDODPHQWRSUHVHQFLDUFyPRHQYHMHFHPL
FXHUSR0LVSHFKRVKDQFDtGRXQSRFRPLSLHOHVWiSHUGLHQGRVXILUPH]D\VHGHVFR
ORUDHVWR\IXHUDGHIRUPD\DOJRJRUGD6ROtDSURGXFLUPHWDQWRSODFHUPLFXHUSRTXH
ODPHQWR YHUOR PDUFKLWDUVH \ WRGD PL HVSHUDQ]D UDGLFD HQ TXH PL JHQWH DJXDQWDUD
ELHQ GH PRGR TXH SXHGD KDFHU HQ OD YHMH] OR TXH QXQFD KLFH FXDQGR HUD MRYHQ
DSUHQGHUP~VLFDLGLRPDVPDWHPiWLFDVDMHGUH]HVFULELUFRPSRQHUFDQFRQHVHWF
8QPRWLYRSRUHOFXDOODVPXMHUHVJXVWDQWDQWRGHOFXQQLOLQJXV HUDTXHVHQWtDQ
TXH VL DOJXQR R DOJXQD TXHUtD FRORFDU DOOt VX ERFD HVWR WHQtD XQ JUDQ VLJQLILFDGR
,PSOLFDEDXQDFODVHHVSHFLDOGHDFHSWDFLyQ
œ(OKHFKRGHTXHDDOJXLHQSXHGDJXVWDUOH¦HVWD§SDUWHPtDVLJQLILFDPXFKR
œ'LVIUXWR LQPHQVDPHQWH FRQ HO FXQQLOLQJXV SRU OD REYLD UD]yQ ItVLFD \ WDP
ELpQ SRU XQD UD]yQ PHQWDO (O PDFKR HVWi H[KLELHQGR SRVLWLYDV VHQVDFLRQHV KDFLD
PLVFDUDFWHUtVWLFDVGHKHPEUD6XSDUWLFXODURORU\FRQWH[WXUDUHVXOWDQWDQDWUDFWLYRV
SDUDpOFRPRORVRQSDUDPt6HQXWUHHQODIXHQWHGHPLIHPLQLGDGELROyJLFD6XSH
QH TXHGD IXHUD GH XVR SXHVWR TXH QR HV QHFHVDULR SDUD HO FXQQLOLQJXV 3RU FRQVL
JXLHQWHPHHVWDRIUHFLHQGRDOJRPiVTXHVXKHUUDPLHQWDSDUDFRPSODFHUPH$pOOH
UHVXOWDLQILQLWDPHQWHPiVIiFLORIUHFHUVXSHQH\DTXHOHSURGXFHDOLYLRHPSOHDUOR
3HURSDUDpOGHFODUDUPHGLDQWHRWUDDFFLyQTXHHOSHQHQRHVQHFHVDULRSDUDPLRU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
JDVPRHVRIUHFHUVHpOPLVPRFRPRXQVHUKXPDQRSULPHUR\HQVHJXQGROXJDUFR
PRPDFKR+HSHQVDGRHQODUHWLFHQFLDGHPLFRPSDxHURHQSUDFWLFDUHOFXQQLOLQJXV
\WDOYH]VLUYHFRPRYHUGDGSDUDRWURVKRPEUHVGHODPLVPDPHQWDOLGDG6L\RWHQ
JRXQRUJDVPRPHGLDQWHHOFXQQLOLQJXVHVWRQLHJDHOSRGHUGHOSHQH6HVLHQWHHQ
WRQFHVFRPRXQDVHXGRPXMHUTXL]iFRPRXQKRPEUHOLVLDGR1RREVWDQWHODVSRFDV
YHFHV TXH OR KH VHGXFLGR SDUD TXH PH OR KLFLHUD KH OOHJDGR FHUFD GHO RUJDVPR HQ
PHQRVGHODPLWDGGHOWLHPSRKDELWXDO\FDVLHQORTXHFtDGHGHOHLWHeOVLQWLHQGROD
SUR[LPLGDGGHORUJDVPRUHWLUDEDVXERFD\RIUHFtDVXKHUUDPLHQWDQRIXHUDGHXVR
œ3DUHFHPiVtQWLPRTXHHOSURSLRDFWRVH[XDO(VORPiVFHUFDTXHXQRSXHGH
OOHJDUItVLFDPHQWHDORWUR
œ0HDJUDGDYHUVXURVWURDKtERFDDEDMR\VDEHUTXHHVWiH[SORUiQGRPHFRQVX
OHQJXD VX ERFD \ RMRV < FRQVLGHUR TXHXQKRPEUHHVXQYHUGDGHUR HQDPRUDGRVL
PHHVWLPXODRUDOPHQWHGXUDQWHPLSHULRGR
'HOPLVPRPRGRTXHPXFKRVKRPEUHVSDUHFtDQUHVLVWLUVHDODHVWLPXODFLyQFOL
WyULFDPDQXDOPXFKRVVHUHVLVWtDQRVHHQFRQWUDEDQFRKLELGRVGXUDQWHHOVH[RRUDO
œ'LVIUXWR FRQ HO VH[R RUDO SHURQXQFDFRQGXFHDORUJDVPR$PLFRPSDxHUR
QROHJXVWDRSRUORPHQRVQRORSDUHFH$PLPHJXVWDSRUTXHODOHQJXD\ODELRV
VRQEODQGRVK~PHGRV\FiOLGRV\SURGXFHQH[FHOHQWHVVHQVDFLRQHVHQPLVEODQGRV\
VHQVLEOHVJHQLWDOHV0HJXVWD\DFHUVLPSOHPHQWHVREUHPLHVSDOGD\GLVIUXWDU¥VLQ
WLpQGRPHODPDUGHELHQ¥ VLQSHQVDUHQWHQHUTXHKDFHUDOJR3HURVLHPSUHHVSHUR
FRQWHPRUTXHPLDPDQWHVHGHWHQJDGHPDVLDGRSURQWR
œ9HDPRVORTXHSDVDFRQHOFXQQLOLQJXV/RTXHKD\TXHKDFHUHVWHQGHUVHER
FDDUULEDDEULUODVSLHUQDVGHMDUTXHYXHOHODIDQWDVtD\QDGDGHDSUHVXUDUVH6LVp
TXHHOKRPEUHORKDUiVRODPHQWHXQUDWR\SHQVDUDTXHHVPRQVWUXRVR\SHUYHUWLGR
D~QFXDQGROHH[FLWH\HQWRQFHVPLUDUiKDFLDDUULEDEUDYDPHQWHHVFXSLHQGRXQSHOR
GHOSXELVGHODERFD\FRUUHUiDOFXDUWRGHEDxRSDUDODYDUVHODFDUD6tPHVLHQWR
FXOSDEOH\˜TXLpQQHFHVLWDHVDVWRQWHUtDV"7HQJRTXHVHQWLUTXHPLFRPSDxHURHQWUD
SVLFROyJLFDPHQWH\GHOOHQRHQ ODDFWLYLGDG
< OR PLVPR TXH FRQ OD HVWLPXODFLyQ FOLWyULFD PDQXDO ODV PXMHUHV HVSHUDEDQ
IUHFXHQWHPHQWH TXH QR GHEHUtDQ QHFHVLWDUOR TXH GHEHUtDQ VHU FDSDFHV GH OOHJDU DO
RUJDVPRGXUDQWHHOFRLWR
œ0H VLHQWR XQD SHUYHUWLGD DO QR SRGHU WHQHU RUJDVPRV GXUDQWH HO FRLWR \
QHFHVLWDUGHOFXQQLOLQJXV SDUDKDFHUPHOOHJDU
2WUDREMHFLyQDOFXQQLOLQJXV HUDTXHDXQFXDQGRUHVXOWDEDH[FHOHQWHPXFKDV
PXMHUHVQRTXHUtDQYHUVHREOLJDGDVHQFRPSHQVDFLyQDSUDFWLFDUODIHOODWLR ¥RHO
œ¥HVSHFLDOPHQWHKDVWDHO RUJDVPRH\DFXODFLyQ
œ6RODPHQWHPHGLVJXVWDODOHYHVHQVDFLyQGHFXOSDELOLGDGTXHVLHQWRDOQRDF
WXDUHQMXVWDUHFLSURFLGDG
œ1RPHLPSRUWDKDFHUORFRQPLHVSRVRSRUTXHKDELWXDOPHQWHQRKXHOHGHPD
VLDGRWDPELpQWHPRODH\DFXODFLyQHQPLERFD\WHQJR XQH[FHOHQWHUHIOHMRGHQiX
VHDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6LPSOHPHQWHQRPHVLHQWRFyPRGDVREUHWRGRVDELHQGRTXHpOHVSHUDTXH\R
UHVSRQGDLJXDOPHQWH
œ0HGHVDJUDGDXQFRPSDxHURVLQGHVWUH]D\QRPHJXVWDTXHpOVHFRUUDHQPL
ERFD
œ(OFXQQLOLQJXV SDUHFHGHPDVLDGRXQDFWRSRUVHSDUDGR\XQDWLHQHTXHDFWXDU
DODUHFtSURFDORFXDOHVXQIDVWLGLR
œ6XSRQJRTXHHVXQFRPSOHMRSHURVLHQWRXQGHVDJUDGRSHUVRQDOHQWHQHUTXH
KDFpUVHORDPLFRPSDxHUR
œ$OJXQDV YHFHV VLHQWR TXH HV HJRtVWD SRU PL SDUWH \ DTXHPLFRPSDxHURQR
SXHGHGLVIUXWDUPXFKRGHHOORSHURQRPHJXVWDKDFHUOHODIHOODWLR3HURpOGLFHTXH
GHWRGRVPRGRVGLVIUXWD
˜'LVIUXWDFRQODIHOODWLR"˜+DVWDHORUJDVPR"
œ$OJXQDVYHFHVPHJXVWDODIHOODWLRDXQTXHQRPHHQWXVLDVPHWHQHUTXHWUDJDU
VHPHQPHTXHPDODJDUJDQWD6LQHPEDUJRDOJXQDVYHFHVPHSRQHPX\H[FLWDGD
œ1RPHLPSRUWDKDFHUODDOJXQDVYHFHVGLVIUXWRUHDOPHQWHKDFLpQGROD6pTXHD
PLFRPSDxHUROHSURGXFHPDJQtILFDVVHQVDFLRQHVORFXDOPHFRPSODFH
œ2GLR¦EDMDUPH§HQXQWtRDPHQRVTXHPH LPSRUWHPXFKtVLPR2ELHQVLQR
SXHGHWHQHUUHODFLyQVH[XDOQRODTXLHURSRUTXHHVWpPHQVWUXDQGRRWHQJDXQDLQ
IHFFLyQ YDJLQDO R HVWp PL HPEDUD]R PX\ DGHODQWDGR \ pO QHFHVLWD VHU DOLYLDGR (O
SHQHHVGHPDVLDGRJUDQGHSDUDPLERFD\PHDWUDJDQWR/R KDJRFRPRXQREVHTXLR
SDUDDOJXLHQDTXLHQDPR'HRWURPRGRORDERUUH]FR1RPHLPSRUWDGHPDVLDGRHO
VHPHQDOJXLHQORFRPSDUyFRQODFODUDGHXQKXHYR
œ3URGXFLUOH RUJDVPR PH JXVWD VLHPSUH \ FXDQGR HO VHPHQ QR WHUPLQH HQ PL
ERFD
œ/RKDJRKDVWDGDUOHHORUJDVPRSHURHYLWRWUDJiUPHOR
œ/RGLVIUXWRGXUDQWHXQEUHYHWLHPSRSHURQRPHJXVWDTXHpOVHFRUUDHQPL
ERFD0HJXVWDODIHOODWLR PH]FODGDFRQYDULRVMXHJRVFRUSRUDOHVQRFRPRHODFRQWH
FLPLHQWR SULQFLSDO $ PL FRPSDxHUR OH HQFDQWD UHDOPHQWH FRQ IUHFXHQFLD OR KDJR
SDUD FRPSODFHUOR D pO 1R KH WHQLGR QXQFD FRQWDFWR VH[XDO FRQ PXMHUHV SHUR FUHR
TXH VLOR KLFLHUD HO FXQQLOLQJXV VHUtD PiV SODFHQWHUR TXH OD IHOODWLR QR PH VHQWLUtD
LQYDGLGD
œ(ORUJDVPRPHSDUHFHJUDQGHVEXUEXMDVGHHVSHVRPRFRTXHPHKDQVLGRGLV
SDUDGDVJDUJDQWDDEDMR
œ'HEHUtDPRVSUDFWLFDUODIHOODWLR \HOFXQQLOLQJXV YDULDVYHFHVFRQODILQDOLGDG
GHFRQGLFLRQDUVHXQDPLVPDDQWHVGHGHFLGLUVHHQFRQWUD
œ/D IHOODWLR PH SDUHFH ELHQ SHUR PL ERFD VH FDQVD GH HVWDU FRPSOHWDPHQWH
DELHUWD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VWR\ VHJXUD GH TXH PH DKRJDUtD KDVWD PRULU 1R SXHGR VRSRUWDU OD LGHD GH
WHQHUHVSHUPDHQPLERFD\HVWR\VHJXUDGHTXHVHRULQDUtD
œ3LHQVRTXHFRQVLGHUDUtDFKXSDUXQDSLFKDVLPHSXVLHUDQXQDSLVWRODFDUJDGD
HQODVLHQ1RORKDUtDGHRWUDPDQHUD
œ(OQRPHODPHGXUDQWHPLSHUtRGRFRVDTXH\RGHVHDUtDPHKLFLHVH0HHQ
FDQWDVXVHPHQ0HHQFDQWDWUDJDUOR\IURWDUFRQpOPLFDUDPLVSHFKRV2MDOiTXHpO
HQFRQWUDVHPLVDQJUHWDQERQLWD\GHOLFLRVD
œ+DELWXDOPHQWHQRPHLPSRUWDODIHOODWLR$YHFHVSDUHFHXQDIDHQDSHVDGD\
WHQJRTXHSDUDUPHDODPLWDGSHURGHFRVWXPEUHFXDQGRODKDJRHVSRUTXHTXLHUR
KDFHUOD$PHQXGRHVGLYHUWLGR0HJXVWDFXDQGRpOOOHJDHQPLERFD0HJXVWDHO
VDERU GHO VHPHQ \ SLHQVR TXH OD SURWHtQD PH VLHQWD ELHQ 1XQFD KH SUDFWLFDGR HO
FXQQLOLQJXV \ VRODPHQWH OD LGHD PH SURGXFH QiXVHD < OD LGHD GH TXH PH SURGXFH
QiXVHDWRGDYtDPHSURGXFHPDVQDXVHD
˜4XpFODVHGHFXQQLOLQJXVJXVWDDODVPXMHUHV"
˜&XiOHV VRQ ODV PHMRUHV œWpFQLFDV GHOFXQQLOLQJXV"8QDYH]PiVKD\SUHIH
UHQFLDV LQGLYLGXDOHV \ GHSHQGH PXFKR GH OD VLWXDFLyQ WDODQWH \ VHQWLPLHQWRV GH OD
SHUVRQDTXHHVWiKDFLpQGROR
œ/RVPDVDMHVDEDVHGHODPHURVXFFLRQDUVRQHVWXSHQGRVSRUTXHLPSOLFDQXQ
FRQVWDQWHFDPELRGHFRQWDFWRORFXDOLPSLGH TXHODVHQVDFLyQVHDGHPDVLDGRPRQy
WRQD &DGD YH] TXH OD OHQJXD WRFD HV XQD QXHYD \ GHOLFLRVD VHQVDFLyQ TXH HYHQ
WXDOPHQWH FRQGXFH DO RUJDVPR &XDOTXLHU FDPELR JUDQGH HQ OD SRVLFLyQ SURGXFLUtD
XQDLQDGHFXDGDGLVWUDFFLyQSHURODVEUHYHVLQWHUUXSFLRQHV \HOHVWDUDODH[SHFWDWLYD
VRQVXPDPHQWHH[FLWDQWHV
œ,QLFLiQGRVH HQ ORV SOLHJXHV LQIHULRUHV FRQ OHQJXD \ ODELRV WUDEDMDQGR KDFLD
DUULEDGHODGRDODGRDEULpQGRPHSOHQDPHQWHFXDQGRVHOOHJDDOYpUWLFHGHORVSOLH
JXHVVHSURVLJXHWRGRDOUHGHGRUGHO FOtWRULVDSOLFiQGRPHVLPXOWiQHDPHQWHXQPDVD
MH HQ HO HVWyPDJR \ HQ ODV QDOJDV \ GHVSXpV VH FRORFD PL FOtWRULV HQWUH VXV ODELRV
SDUDSURGXFLUPHHOFOtPD[
œ/D HVWLPXODFLyQ RUDO GHEHUtD LQFOXLU OD QDUL] ERFD \ PHQWyQ ™/D OHQJXD QR
GHEHHVWDUIOH[LRQDGDQLHQSXQWD
œ0H JXVWD TXH OD HVWLPXODFLyQ RUDO VHD VXDYH \ GHOLFDGDSHURGHEHVHUFRQV
WDQWH
œ0H HQFDQWD VHU ¦FRPLGD§ SRU XQD OHQJXD PX\ UiSLGD ODPLHQGR \ WHFOHDQGR
HQPLFOtWRULVDFRPSDxDGDSRUUXLGRVGHVXFFLyQ\UXPRUHVURQFRVGHJDUJDQWD
œ'HVGHTXHHOODKDDSUHQGLGRFyPRHMHUFHUXQDIXHUWHSUHVLyQFRQVXPDQGtEX
ODSDUDSURYRFDUPHHORUJDVPRVLWHQJRGLILFXOWDGHVFRQODVSUHVLRQHVOHYHVVLHPSUH
FRQVLJR HO RUJDVPR 7DPELpQ VX OHQJXD SXHGH DEDUFDU PiV TXH VX GHGR OR FXDO
D\XGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ7HQGLGDERFDDUULEDFRQPLFRPSDxHURHQWUHPLVSLHUQDVSDVDQGRVXOHQJXD
PX\VXDYHPHQWHVREUHODPLVPD]RQDUHSHWLGDVYHFHV0HJXVWDQRWHQHUTXHKDFHU
QLQJXQDRWUDFRVDVDOYRFRQFHQWUDUPHHQODVVHQVDFLRQHVKDVWDHORUJDVPR
œ0H GHVDJUDGD FXDQGR OD OHQJXD GH PL FRPSDxHUR HVFDUED GHPDVLDGR FHUFD
GHOQHUYLRFOLWyULFRGHQWURGHOFDSXFKyQGXHOHUHDOPHQWH
œeOKDFHYLEUDUVXOHQJXDPX\UiSLGR™IDQWiVWLFR\RVXFFLRQD7DPELpQVR
SODGHQWURGHPLYDJLQDORFXDOHVH[WUDxRSHURH[FLWDQWH
œ0HJXVWDXQULWPROHQWRHVWDEOHPX\VXDYH\FLUFXODUHQPRYLPLHQWRH[DF
WDPHQWH HQ OD ]RQD IURQWDO GH PLV SDUWHV tQWLPDV \ OXHJR PRYLpQGRPH KDFLD DEDMR
HQPLDEHUWXUDFRQXQDSURIXQGDSHQHWUDFLyQGHVXOHQJXDH[DFWDPHQWHDQWHVGHTXH
PHFRUUD
œ0RUGLVTXHDU\UHVWUHJDUFRQODQDUL]HQHOFOtWRULVFRPRVLPDVWLFDUDHVDJUD
GDEOHSHURGHOLFDGD\WLHUQDPHQWH
œ0H JXVWDQ ORV EHVRV VXDYHV \ WLHUQRV HQFLPD GHO YHOOR \ HQWUH PLV PXVORV
/DUJRVODPHWD]RVGHODOHQJXDDUULED\DEDMRGHPLYDJLQD\DQR'HEHVHUK~PHGR\
FRQUXLGR
œ6L PL FRPSDxHUR DSOLFD OD HVWLPXODFLyQ FOLWyULFD FRQ VX OHQJXD \ DO PLVPR
WLHPSRPHIURWDGHOLFDGDPHQWHORVSH]RQHVSXHGRFRQVHJXLUXQRUJDVPRHQSRFRV
VHJXQGRV$OJXQRVKRPEUHVKDQLQWHQWDGRHVWLPXODUPLYDJLQDSHURHVWRUHDOPHQWH
PHSURGXFHPX\SRFRHIHFWR
%DVWDQWHVPXMHUHVPHQFLRQDURQTXHODHVWLPXODFLyQRUDOHUDPHMRUTXHODHVWL
PXODFLyQPDQXDO
œ8QDOHQJXDHVQRUPDOPHQWHPiVGHOLFDGDTXHXQGHGR\WDPELpQDEDUFDXQD
]RQDPD\RU
œ/DOHQJXDHVPiVFDOLHQWHPiVK~PHGD\EODQGDTXHXQSHQHRGHGR\HIHF
W~DPRYLPLHQWRVPiVGHOLFDGRV
œ/DHVWLPXODFLyQRUDOHVPHMRUSULQFLSDOPHQWHSRUTXHODPD\RUtDGHKRPEUHV
QR WLHQHQ XQD SLVWD PX\ FODUDGHORTXHKDQGHKDFHUPDQXDOPHQWH\VRQFRQIUH
FXHQFLDGHPDVLDGRUXGRVPLHQWUDVTXHODOHQJXDHVPiVGHOLFDGD
œ/DOHQJXDVHDGKLHUHDPLFRQILJXUDFLyQGHXQPRGRTXHQRSXHGHQKDFHUOR
ORVGHGRV
œ/DHVWLPXODFLyQRUDOHVPHMRUTXHODPDQXDOSRUTXHODPDQXDOHVDOJXQDVYH
FHVGHPDVLDGRLQWHQVDGDQGRPiVVHQVDFLyQTXHVHQWLPLHQWRVSODFHQWHURV
œ0H DJUDGDODPRYLOLGDGGHODOHQJXDDVtFRPRVXVHQVLELOLGDG\FRQVWDQWHOX
EULFDFLyQ0HDJUDGDSRUTXHUHVXOWDSRVLEOHSDUDPLFOtWRULVVHUGLUHFWDPHQWHWRFDGR
FRQODOHQJXDRODELRVVLQSURGXFLUGRORU\SRUTXHGXUDQWHVXDFWLYLGDGPHVLHQWR
FRPSOHWDPHQWH DELHUWD \ YXOQHUDEOH SDUD PL FRPSDxHUR 6LPEROL]D TXH PL VHU HV
FRQRFLGRSRUFRPSOHWRVLHQGRDFHSWDGR\YLVWRDELHUWDPHQWH
3HURXQLQFRQYHQLHQWHHUDODYHUGDGHUDLPSRVLELOLGDGGHDFDULFLDUDODRWUDSHU
VRQDSRUTXHHOODpOHVWDEDQHFHVDULDPHQWHGHPDVLDGRDSDUWDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HGHVDJUDGDQRSRGHUVHQWLUHOFXHUSRGHPLFRPSDxHURFHUFDGHOPtR\VXV
ODELRVHQORVPtRV0HDJUDGDHOKHFKRGHTXHpOTXLHUDKDFpUPHOR\ODVHQVDFLyQGH
VXERFD\UHVSLUDFLyQDKt
œ0HVLHQWRGHVFRQHFWDGDGHpOFRPRVtHVWXYLHUDVROD
œ(FKRGHPHQRVODFDEH]DGHPLDPDQWHQRTXHGDQDGDSDUDEHVDU
˜5HVXHOYHHOœHVWHSUREOHPD"1RPX\ELHQ
œ,QWHQWDPRVHOVHVHQWD\QXHYHYDULDVYHFHVSHURFDGDXQRVHVLQWLyGLVWUDtGR
SRUHOH[FHVRGHDFWLYLGDGIXQFLRQDQGRVLPXOWiQHDPHQWH
œ0HFRQVWDTXHHOFXQQLOLQJXV QRHVVXSRVLFLyQIDYRULWDSHUR\DTXHOHJXVWD
ODIHOODWLRKDFHPRVKDELWXDOPHQWHHOVHVHQWD\QXHYH6LQHPEDUJRWHQJRGLILFXOWDG
HQFRQFHQWUDUPHHQODVHQVDFLyQGHHVWHPRGRSRUTXHKHGHSUHRFXSDUPHHQFRP
SODFHUORDpO0HJXVWDHVWDUHQFLPDHQHOVHVHQWD\QXHYHSRUTXHDVtSXHGRFRQWUR
ODUODFDQWLGDGGHSHQHTXHVHPHWHHQPLERFD'HEDMRVLHPSUHPHDWUDJDQWR
œ6REUHHVWHWHPDQRGLVIUXWRHOVHVHQWD\QXHYHHQDEVROXWRSRUPXFKDVUD]R
QHVSULPHUDODSRVWXUDTXHGHEHPRVDGRSWDUHVLQVDWLVIDFWRULD6LHVWiHQFLPDPtR
WLHQGHDVRIRFDUPHDOHPSXMDUGHPDVLDGRGHQWURGHPLERFD0HJXVWDWHQHUFRQWURO
VREUHPLVPRYLPLHQWRVFXDQGRDFHUFRPLVODELRVDpO1RHVWR\FyPRGDDOSRQHUPH
HQFLPDGHpOQRSXHGRDFRVWXPEUDUPHDODLGHDGHLPSHOHUPLYDJLQDFRQWUDVXFDUD
\ QR PH DJUDGD WHQHU TXH HPSOHDU WDQWR FRQWURO HQ WDOHV LQVWDQWHV $ QXHVWURV FRV
WDGRVPLVSLHUQDVHVWiQLQFyPRGDVORPLVPRTXHPLFDEH]D7DPSRFRPHDJUDGDOD
LGHD GH TXH QXHVWUDV QDULFHV HVWiQ HQ HO DJXMHUR GHO DQR GHO RWUR &RPSUHQGR TXH
H[DJHURSHURHVWRHVORTXHVLHPSUHSLHQVRHQHVWDSRVLFLyQ<ROYLGRODFRVDPiV
LPSRUWDQWH HQ HVWD SRVLFLyQ QR SXHGR FRQVHJXLU OD FODVH GH HVWLPXODFLyQ FOLWyULFD
TXHQHFHVLWR0HJXVWDODHVWLPXODFLyQTXHVHFRQFHQWUDHQOD¦SDUWHLQIHULRU§GHPL
FOtWRULV\HQODSRVLFLyQGHOVHVHQWD\QXHYHODHVWLPXODFLyQVHKDFHGHPDVLDGRHQPL
]RQDYDJLQDORHQODSDUWHVXSHULRUGHPLFOtWRULV
˜+D\TXHDGRSWDUHQHOFXQQLOLQJXV XQDDFWLYLGDGSDVLYD"1RQHFHVDULDPHQWH
$OJXQDVPXMHUHVGHVFULEHQVXVPRYLPLHQWRVGXUDQWHHOVH[RRUDO
œ0H HQFDQWD IURWDU PL FOtWRULV HQ VX ERFD PLHQWUDV HO OR VXFFLRQD \ IURWD VX
OHQJXDDOUHGHGRU
œ0H VLHQWR HQ VXV KRPEURV PLHQWUDV pO HVWi WHQGLGR FRQ PLV SLHUQDV VHSDUD
GDV3HURSUy[LPR HORUJDVPRHPSLH]RDFHUUDUXQSRFRPLVSLHUQDV0HJXVWDPR
YHUPHFRQWUDVXOHQJXDDUULED\DEDMRSHURQRPHPXHYRPXFKR$ERUUH]FR TXHXQ
KRPEUH PH DSDUWH ODV SLHUQDV R PH GHVSODFH PXFKR FXDQGR PH HVWi HVWLPXODQGR
RUDOPHQWH+HHVWDGRFRQDOJXQRVVXMHWRVTXHHPSXMDQPLVSLHUQDVKDFLDDUULEDFR
PR VL HVWXYLHUD HQ XQDV HVWULEHUDV D SXQWR GH GDU D OX] 0H GLVJXVWD TXH LQWHQWHQ
GHVHPSHxDUXQSDSHOPDQLSXODGRUFRPRpVWH™7LHQHQTXHGHMiUPHORKDFHUDPt
œ0H JXVWDUtD SUREDUOR GH SLH FRQ HOKRPEUHVREUH VXVURGLOODVUHYHUVRGHOD
PDPDGDSHURORVKRPEUHVSDUHFHQHQFRQWUDUHVWDSRVLFLyQGHJUDGDQWH
œ7DPELpQPHJXVWDHOFXQQLOLQJXVSRUTXHKDELWXDOPHQWHPHORKDFHQVHQWDGD
ORFXDOPHSHUPLWHWHQHUXQPD\RUFRQWUROTXHWHQGLGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
Ϫ0H JXVWD TXH pO PH DJDUUH IXHUWH SRU HO WUDVHUR FKXSH PL FOtWRULV \ VHQFL
OODPHQWHPHGHMHPRYHUPH
˜5HFXHUGDQOREHOOR\HQWXVLDVWDTXHHUDHOOHQJXDMHHPSOHDGRSDUDGHVFULELUHO
FRLWR\ODH[FLWDFLyQJHQHUDO"3HURFRPSUXHEHQFXDQHVFXHWR\KHUPpWLFRSRFRHQ
WXVLDVWD \ UHVHUYDGR VH KD YXHOWR DTXt HO OHQJXDMH 2EYLDPHQWH ODV PXMHUHV QR VH
VLHQWHQ RUJXOORVDV UHSULPLHQGR OD HVWLPXODFLyQ FOLWyULFD HQ QLQJXQD GH VXV IRUPDV
1XHVWUDFXOWXUDKDGHVDQLPDGRODHVWLPXODFLyQFOLWyULFDLQFOXVRKDVWDHOSXQWRGHQR
GDUOH VLTXLHUD XQ QRPEUH &XQQLOLQJXV HV SRU OR PHQRV XQ QRPEUH DXQ FXDQGR VX
VLJQLILFDGRQRTXHGHFODURSDUDWRGRHOPXQGRSHURœODHVWLPXODFLyQFOLWyULFDPD
QXDOHVWDQVyORXQDIUDVHTXHHVHPSOHDGDSDUDGHVFULELUXQDDFWLYLGDGTXHQRWLHQH
QRPEUH 1XHVWUR OHQJXDMH SDUD OD HVWLPXODFLyQ FOLWyULFD DVt FRPR QXHVWUR UHVSHWR
SRU HOOD VRQ FDVL LQH[LVWHQWHV 1XHVWUD FXOWXUD HVWi WRGDYtD PX\ OHMRV GH HQWHQGHU
SRUQRGHFLUFHOHEUDUODVH[XDOLGDGIHPHQLQD
œ˜$/*81$9(=&216,'(5$1(&(6$5,20$6785%$56(3$5$/2*5$5(/25*$ 6
02'(638e6'(¦+$&(5(/$025§"
&,
6t
$OJXQDVYHFHV
5DUDYH]
1R
$FRVWXPEUDEDKDFHUOR
0HJXVWDUtDKDFHUOR
6tFRQ FRPSDxHURRpO ORKDFH
6HUtDHPEDUD]RVR
1RPHSUHRFXSDHVWR
1RHVWDUtDELHQ
1RGDUHVXOWDGR
™+DFHUORGXUDQWHHOFRLWR
3DUDXQRUJDVPRH[WUD
¥¥
7RWDO
&,,
¥¥
&,,,
¥¥
œ1XQFDVHQWtTXHWXYLHUDTXHKDFHUORSHURTXL]iVHDXQDEXHQDLGHD\QRVHUtD
WDQDJRWDGRUSDUDHOVLVWHPDQHUYLRVR
œ6t H[FHSWR FXDQGR XQ KRPEUH KD VLGR WDQ KRUULEOHPHQWH GXUR R WRUSH R LQ
FRQVLGHUDGR\ODPDVWXUEDFLyQQLVLTXLHUDPHD\XGDUtDGHVSXpV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$OJXQDVYHFHVSHURXVXDOPHQWHPHPDVWXUERHQRWURVPRPHQWRVRVHDTXH
KDFHUHODPRU FRQPLFRPSDxHURHVSDUDPLXQDFWRDPLVWRVRPiVTXHVH[XDO
œ1R6LQRWHQJRXQRUJDVPRJHQHUDOPHQWHVLHQWRTXHpOKDVLGRHJRtVWDTXH
VHKDOLPLWDGRDXVDUPHORFXDOPHKDFHVHQWLUKRUURURVD \HVWR\PXFKRPDVSUHR
FXSDGD SRU PLV VHQWLPLHQWRV HPRFLRQDOHV \ ORV GH pO TXH SRU DOFDQ]DU XQ RUJDVPR
SRUODPDVWXUEDFLyQ
œ1R™PHOLPLWRDGDUPHXQDGXFKDIUtD
œ6t™DYHFHVYDULDV GHVSXpVGHOFRLWR
œ6L FRQ DOJXQD UHJXODULGDG 3XHVWR TXH PH TXHGR PX\ TXLHWD OD PD\RUtD GH
HOORV QR VDEHQ OR TXH HVWR\ KDFLHQGR KDVWD TXH PH FRUUR \ HQWRQFHV GLODWDGRV ORV
RMRV SRU OD VRUSUHVD PH SUHJXQWDQ VL PH KD GDGR XQD VDFXGLGD 'HVSXpV DOJXQDV
YHFHV VH SRQHQ D GLVFXOSDUVH GLFLpQGRPH SRU HMHPSOR ¦™2K ˜SRU TXp QR PH OR
GLMLVWH"7HKDEUtDFRPLGRGXUDQWHKRUDV§ RDOJXQDLQVHQVDWH]VHPHMDQWH
œ$OJXQDVYHFHV(VWRGDXQDIUXVWUDFLyQSRUTXHpOVHUHYXHOYHKDFLDXQODGR\
VHHFKDDGRUPLUGHVSXpVTXHKDWHQLGRVXRUJDVPR
œ6t$VtIXHFRPRPHPDVWXUEpSRUYH]SULPHUD
œ0HVLHQWRGLVSXHVWDDKDFHUORSHURQRWHQJRHOQHFHVDULRYDORU
œ1RSRUTXHVHQFLOODPHQWHPHKDFHVHQWLUWRGDYtDPDVIUXVWUDGD
œ6tDOJXQDVYHFHVSDUDYROYHUDUHSUHVHQWDUHODFWRGHVSXpVTXHpOVHKDLGR
œ$OJXQDVYHFHVORKDJR0LPDULGRSDUHFHFRPSUHQGHUORSHURVpTXHOHKDFH
VHQWLUVHDOJRDVtFRPRVLPHKXELHUDIDOODGR
œ6tSHURORKDJRWHQGLGDHQFLPDGHpO\IURWiQGRPHDUULED\DEDMR
œ6tSHURVLORKDJRQRFUHRTXH¦KD\DPRVKHFKRHODPRU§SLHQVRTXHpOVH
KDPDVWXUEDGRHQPLYDJLQD
œ$OJXQDVYHFHVD\XGDXQDLUULJDFLyQGHDJXDFDOLHQWHHQODYDJLQDFXDQGRQR
KHWHQLGRXQRUJDVPR
œ$OJXQDVYHFHVSHURHQWRQFHV\DQXQFDYXHOYRDDFRVWDUPHFRQpO RWUDYH]
œ1RIUHQWHDPLFRPSDxHUR
œ6tSRUTXHODPD\RUtDGHORVKRPEUHVVRQPX\PDORVDPDQWHV
œ$OJXQDVYHFHVFXiQGRpOQRHVWi HQIRUPDPHHQFXHQWURIUXVWUDGDRVHDTXH
FRUWRODVHVLyQ\HVSHURKDVWDTXHVHGXHUPDSDUDPDVWXUEDUPH\WHQHUXQRUJDVPR
(VWRPHSRQHRELHQFRPRORFDRELHQWULVWH
œ$OJXQDVYHFHVFXDQGRHVWR\VROD1RVpTXpKDFHUFRQUHVSHFWRDHVWR˜'H
EHUtD GHFLUOHDpOTXHORKDJR"
œ6ROtDKDFHUORVHFUHWDPHQWHHQHOFXDUWRGHEDxR$KRUDPLFRPSDxHURPHOR
KDFH
œ/RKLFHXQDYH]\GHVSXpVPHHVFRQGtHQHOFXDUWRGHEDxROORUDQGR1XQFD
SHQVpTXHHODFWRVH[XDOIXHUDWDQGHFHSFLRQDQWH
œ&XDQGRQRKHOOHJDGR \VLJRTXHULHQGRKDFHUORPHKHPDVWXUEDGRHQRFDVLR
QHV7DPELpQKHHIHFWXDGRHMHUFLFLRVGHUHVSLUDFLyQDIRQGR\GHUHODMDFLyQSDUDGH
MDUHVFDSDUODWHQVLyQVH[XDO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RKHLQWHQWDGRVHFUHWDPHQWHYDULDVYHFHVSHURGHXQPRGRXRWURPHHQ
IUtRFRQpOORVXILFLHQWHRVHDTXHQRSXHGRYROYHUDSRQHUPHHQIRUPDDXQFXDQGR
HVWpGHFHSFLRQDGDSRUQRKDEHUFRQVHJXLGRXQRUJDVPR
œ6tDOJXQDVYHFHVORUHDOL]R2WUDVYHFHVKDJRXQDPXHFD\PHDJXDQWR
œ$OJXQDVYHFHVPHJXVWDUtDKDFHUORSHURQRKD\PRGRGHKDFHUORVLQTXHpOVH
GpFXHQWD
œ$OJXQDVYHFHVGHVHDUtDKDFHUORSHURVHUtDGHPDVLDGRLQVXOWDQWHSDUDHOKRP
EUHFRQTXLHQHVWR\'XHUPRGHVSXpVFRQpORVHDTXHQRKD\SRVLELOLGDGGHHVWDU
VROD
œ3ULPHUR PH PDVWXUEDED FXDQGR HVWDED H[WUHPDGDPHQWH IUXVWUDGD SRUTXH
KDEtDVLGRH[FLWDGDSRUHOKRPEUHFRQHOFXDODFDEDEDGHKDFHUHODFWRVH[XDOSHUR
QR KDEtD OOHJDGR eO KDEtD VDOLGR GH OD KDELWDFLyQ 6~ELWDPHQWH VH PH RFXUULy TXH
SRGtDKDFHU\RPLVPDORTXHKDEtDHVWDGRKDFLHQGRpOFRQPLJR1XQFDVH PHKDEtD
RFXUULGRDQWHVWDOLGHD\PHVRUSUHQGLyHVWHSHQVDPLHQWR2VHDTXHFHUUpODSXHUWD
&RQJUDQGHVWLWXEHRVPHWRTXp\RPLVPDDOSULQFLSLRVLQWLHQGRGLVJXVWR$KRUDPH
HVGLItFLOLPDJLQDUORSRUTXHPHDJUDGDWRFDUPH\RPLVPD\PHJXVWDWDPELpQHORORU
GH ODV VHFUHFLRQHV VH[XDOHV5HFXHUGRHOSHQVDPLHQWRTXHPHSDVySRUODPHQWHDO
OOHJDU¦'LRVPtRHVPHMRUTXHFRQXQKRPEUH§(OSHQVDPLHQWRPHVRUSUHQGLyFDVL
WDQWRFRPRHORUJDVPR
˜(VPDORSDUDODVPXMHUHVQRWHQHURUJDVPRGXUDQWHHOVH[R"(VREYLRTXHQR
HVDJUDGDEOH&RPRVHGHPXHVWUDHQHOFDStWXORVREUHHORUJDVPRODPD\RUtDGHODV
PXMHUHVVLHQWHQTXHWUDVXQGHWHUPLQDGRJUDGRGHHVWLPXODFLyQHORUJDVPRVHKDFH
PiVRPHQRVQHFHVDULRRGHORFRQWUDULRODVGHMDFRQXQDVHQVDFLyQGHPDOHVWDUH
LUULWDELOLGDG
œ(O RUJDVPR HV HVSHFLDOPHQWH LPSRUWDQWH VL HVWR\ H[FLWDGD KDVWD HO SXQWR HQ
TXHPL]RQDJHQLWDOVHKLQFKD
œ)tVLFDPHQWHHORUJDVPRQRVLHPSUHHVQHFHVDULRSHURVLHVWR\FHUFDQDDWH
QHUORHQWRQFHVVLHQWRXQDWHQVLyQFDVLGHFDODPEUH\QRPHVLHQWRFDSD]GHPRYHU
PHOLEUHPHQWHVLQRFRQVLJRHORUJDVPR
˜6HSUHVHQWDQHIHFWRVItVLFRVHQODVPXMHUHVTXHVHKDQH[FLWDGR\QRKDQWHQL
GRRUJDVPR"6LpVWDHVXQDSDXWDTXHVHUHSLWHFRQUHJXODULGDG\SRUXQODUJRSHULR
GRGHWLHPSRSXHGHUHVXOWDUXQDFRQJHVWLyQFUyQLFDSpOYLFD6KHUIH\ODGHILQHFRPR
XQDœFRQJHVWLyQFUyQLFDSDVLYD
œ8QDFDQWLGDGDQRUPDOGHVDQJUHHQORVYDVRVGHFXDOTXLHUSDUWHGHOFXHUSRGHELGRD
XQ PD\RU IOXMR \R XQ LQDGHFXDGR GUHQDMH (Q ODV PXMHUHV HVWD FRQGL FLyQ HV FDXVDGD SRU
YHQDVYDULFRVDVGLODWDGDVGHODSHOYLVHVHOVXESURGXFWRKDELWXDOGHGRVRPiVHPEDUD]RV\
HQPHQRUJUDGRGHIUHFXHQWHV\SURORQJDGDVHVWLPXODFLRQHVVH[XDOHV/DUHODMDFLyQGHY D
VRV SXHGH HQWRQFHV KDFHU LPSRVLEOH OD DGHFXDGD H[SXOVLyQ GH VDQJUH GXUDQWH RUJDVPRV R
LPSHGLUFRPSOHWDPHQWHORVRUJDVPRV(VWRDVXYH]LQFUHPHQWDHOHVWDQFDPLHQWRFLUFXO D
WRULRDFUHFHQWDQGRODVYDULFRVLGDGHV6LHVVHULDODFRQJHVWLyQSpOYLFDFRQWULEX\HDPXFKRV
WUDVWRUQRV\SXHGHEORTXHDUHOUHWRUQRYHQRVRGHVGHODVSLHUQDV(VWRFDXVDXQDPD\RUIDWL
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
JDGHOFRUD]yQ(QGLFKRHVWDGRWRGRVORVJHQLWDOHVH[WHUQRVVHYXHOYHQKLQFKDGRVDQHJD
GRVHQDJXD\PRUDGRVHVWHHVWDGRHVPX\LQFyPRGR\ODVHQVDFLyQGHWHQVLyQVH[XDOQR
DOLYLDGDVHWUDQVIRUPDHQFDODPEUHV\GRORUHV
/yJLFDPHQWH OD FRQJHVWLyQ QR HV FRP~QPHQWH KDOODGD HQ OD IRUPD H[WUHPD
GHVFULWD SXHVWR TXH OD PD\RUtD GH ODV PXMHUHV SXHGHQ \ VH PDVWXUEDQ KDVWD HO RU
JDVPRLQFOXVRVLQWHQHUUHJXODUPHQWHRUJDVPRVFRQVXVFRPSDxHURV6LQHPEDUJR
0DVWHUV\-RKQVRQKDQGHVFULWRWDPELpQPXMHUHVTXHQRVRQFDSDFHVGHOOHJDUDORU
JDVPRFRPRPXMHUHVLUULWDEOHVHPRFLRQDOPHQWHSHUWXUEDGDV\TXHMiQGRVHGHSOHQL
WXGSpOYLFDSUHVLyQFDODPEUHVPRPHQWRVGHYHUGDGHUDDQJXVWLD\XQSHUVLVWHQWH\
IXHUWHGRORUHQODSDUWHLQIHULRUGHODHVSDOGD
1RREVWDQWHHOSHRUHIHFWRTXHQRWHQHURUJDVPRVSXHGHSURGXFLUHQODVPXMH
UHVHVSVLFROyJLFR˜4XpOHFFLyQDSUHQGHQODVPXMHUHVPLHQWUDVREVHUYDQDXQKRP
EUHGLVIUXWDQGRVXRUJDVPRSHUVRQDOVHJXURHQVXFRQRFLPLHQWRGHTXHpVWHHVVX
GHUHFKRWRGDVODVYHFHV"(VWDHVXQDSHUIHFWDOHFFLyQSUiFWLFDSDUDODVPXMHUHVGH
TXHHOODVVRQLQIHULRUHVRSULPLGDV\PHQRV TXHHOORV
1DWXUDOPHQWHHVWRQRVLJQLILFDTXHODVROXFLyQHVTXHDPERVKRPEUHV\PXMH
UHVGHEHQVLHPSUHDOFDQ]DUHORUJDVPRFDGDYH]FRPRPHWDGHOVH[R6LJQLILFDTXH
HO VH[R \ ODV UHODFLRQHV ItVLFDV GHEHQ GHILQLUVH GH IRUPD TXH GHMHQ GH XQ PRGR HQ
TXHFHVHGHUHIOHMDUHVWRVHVWHUHRWLSRVFXOWXUDOHVRSUHVLYRV\GHVIDVDGRV
&21&/86,¾1
(OPRGHORGHOVH[REDVDGRHQODUHSURGXFFLyQH[SORWDODVPXMHUHV
(VWi PX\ FODUR DKRUD TXH HO PRGHOR GH UHODFLRQHV VH[XDOHV SUHGRPLQDQWH HQ
QXHVWUDFXOWXUDH[SORWD\RSULPHDODVPXMHUHV/DVHFXHQFLDGHœSUHOLPLQDUHVœSH
QHWUDFLyQ \ œFRLWR GHILQLGR FRPR PRYLPLHQWRV GH SHQHWUDFLyQ VHJXLGR SRU HO
RUJDVPRGHOKRPEUHFRPRHOFOtPD[\ILQDOGHODVHFXHQFLDFRQFHGHHVFDVDVRSRU
WXQLGDGHVSDUDHORUJDVPRIHPHQLQRHVWiFDVLVLHPSUHEDMRFRQWUROGHOKRPEUHFRQ
IUHFXHQFLDEXUODDOD PXMHUGHXQDPDQHUDLQKXPDQD\HQSRFDVSDODEUDVKDSXHVWR
IXHUDGHQRUPDFXDOTXLHUH[SUHVLyQGHODVVHQVDFLRQHVVH[XDOHVGHODVPXMHUHVH[
FHSWRDTXHOODVTXHDSR\DQODVQHFHVLGDGHVVH[XDOHVGHOKRPEUH
0XFKDVPXMHUHVH[SUHVDQVXIUXVWUDFLyQVREUHHVWHSXQWRœ1RDFDERGHFRP
SUHQGHUGHOWRGRSRUTXpSDUDORVKRPEUHVHORUJDVPRVHGDSRUVXSXHVWRTXHGHEH
RFXUULUFDGDYH]SHURSDUDODVPXMHUHVGHEHVHU¦HODERUDGR§(OVH[RWDOFRPRHVWi
GHILQLGRHQWUHKRPEUHV\PXMHUHVHVHOVH[RGHOPDFKR<œ\RFUHRTXHODPD\RUtD
GH HVFULWRUHV TXH KH OHtGR QR FRPSUHQGHQ HQ DEVROXWR VH[XDOPHQWH D ODV PXMHUHV
&RQWHPSODQHOVH[RFRPRXQDDFWLYLGDGHPSUHQGLGDSRUGRVSDUDODVDWLVIDFFLyQGH
XQR/RVDFWXDOHVHVFULWRUHVVRQSHRUHVTXHORVDQWLJXRVSRUTXHSRQHQWRGRHOpQID
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VLVHQODVWpFQLFDVVH[XDOHVSURSLDVGHSURVWLWXWDVHPSOHDGDVSRUODVPXMHUHVSDUDORV
KRPEUHV $ ODV QHFHVLGDGHV GH ODV PXMHUHV VH OHV GD FDGD YH] PHQRV LPSRUWDQFLD
H[FHSWRSRUODVPXMHUHVHVFULWRUDV
(O PRGHOR GH VH[R EDVDGR HQ OD UHSURGXFFLyQ DVHJXUD HO RUJDVPR GHO PDFKR
GiQGROH XQ OXJDU \ WLHPSR HVWDQGDUL]DGR GXUDQWH ORV FXDOHV DPEDV SHUVRQDV VDEHQ
ORTXHSXHGHQHVSHUDU\FyPRKDFHUSRVLEOHHORUJDVPRSDUDHOKRPEUH/DWRWDOLGDG
GHODVHVLyQHVWiDUUHJODGD\DFRUGDGDGHDQWHPDQR3HURQRH[LVWHQUHDOPHQWHQRU
PDV WLHPSRV \ OXJDUHV DUUHJODGRV GH DQWHPDQR SDUD TXH XQD PXMHU REWHQJD VX RU
JDVPRDPHQRVTXHFRQVLJDKDFHUORGXUDQWHHOFRLWR(QFRQVHFXHQFLDDODVPXMHUHV
VHOHVFRORFDHQODSRVLFLyQGHWHQHUTXHSHGLUSRUDOJRœHVSHFLDODOJXQDHVWLPXOD
FLyQœH[WUDRGHEHQGHDOJ~QPRGRLQWHQWDUHQYLDUPHQVDMHVVXEOLPLQDOPHQWHDXQ
FRPSDxHUR TXH FRQ IUHFXHQFLD QL VLTXLHUD HVWi HQWHUDGR TXH GHEHUtD HVWDU HVFX
FKDQGR6LHOODFRQVLJXHHVWDœH[WUDHVWDœHVSHFLDOHVWLPXODFLyQVHVLHQWHDJUDGH
FLGDGHTXHpOKD\DVLGRWDQGHVDFRVWXPEUDGDPHQWHœVHQVLEOH3RUHVWDUD]yQFRQ
KDUWDIUHFXHQFLDODVPXMHUHVVHOLPLWDQDSDVDUVHVLQpORILQJLUOR
+D]ORWXPLVPD
3HURSRGHPRVFDPELDUHVWHPRGHOR\GHILQLUQXHVWUDVUHODFLRQHVVH[XDOHVFRQ
RWURV (Q XQ SODQR SRGHPRV DGTXLULU HO FRQWURO VREUH QXHVWURV SURSLRV RUJDVPRV
6DEHPRV FyPRREWHQHURUJDVPRVHQODPDVWXUEDFLyQ5HVXOWDPX\H[WUDxRFXDQGR
VHSLHQVDHQHOORTXHQRKDJDPRVXVRGHHVWHFRQRFLPLHQWRGXUDQWHJUDQSDUWHGHO
VH[R TXH WHQHPRV FRQ KRPEUHV (Q QXHVWUD QRUPD GH ODV UHODFLRQHV VH[XDOHV ˜SRU
TXpGHEHVHUHOKRPEUHHOTXHWHQJDDVXFDUJRDODYH]VXHVWLPXODFLyQ\ODQXHVWUD"
8QKRPEUHFRQWURODVXSURSLRRUJDVPRHQHOVHQWLGRGHTXHGXUDQWHHOFRLWRHPSX
MDVXSHQHFRQWUDODVSDUHGHVGHODYDJLQDGHODVPDQHUDVTXHOHVXPLQLVWUHQODPHMRU
HVWLPXODFLyQSDUDpOHVWRQRHVFRQVLGHUDGRœHJRtVWDRœLQIDQWLOGHELGRDTXHKD\
XQDLGHRORJtDTXHORUHVSDOGD
6LQ HPEDUJR ODV PXMHUHV JHQHUDOPHQWH QR FRQWURODQ \ VH FRQVLGHUD QRUPDO
TXHQRORKDJDQVXSURSLDHVWLPXODFLyQ
œ1XQFDKHLQWHQWDGRHVWLPXODUPH\RPLVPDFOLWyULFDPHQWHFRQXQFRPSDxHUR
VLHPSUHKHWHQLGRPLHGRGHKDFHUOR
œ3DUHFH GHPDVLDGR DJUHVLYR FXDQGR DFW~R SDUD FRQVHJXLU OD HVWLPXODFLyQTXH
TXLHUR
œ'HMRYHQWHPDVWXUEDVRWRFDVLQVWLQWLYDPHQWHSHUROXHJRGHMDVGHKDFHUORDO
RtUGHFLUTXHHV¦PDOR§\¦SHUYHUVR§\GHVSXpVLQWHQWDVHOUHVWRGHWXYLGDFRQVHJXLU
TXHRWUDVSHUVRQDVWHWRTXHQGHODPLVPDPDQHUD™VyORTXHUDUDYH]ORKDFHQELHQ
œ6LHPSUHVRxpFRQHOp[WDVLVGHODPRUItVLFR1XQFDKHVLGRFDSD]GHDOFDQ]DU
HVWDFODVHGHVHQVDFLyQFRQRWUDSHUVRQD/DVVHQVDFLRQHVORVRUJDVPRVTXH\RSXH
GR GDUPH D Pt PLVPD OOHJDQ PXFKR PiV DOOi GH PLV yUJDQRV VH[XDOHV VRQ VHQVD
FLRQHVGHUHODMDFLyQ\SODFHUDWUDYpVGHOFXHUSRODPHQWH\HO DOPD8QDVHQVDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHQDYHJDUXQIOXLUULFRHQFRORUHVULFRHQELHQHVWDUGLFKD6RQORV¦RUJDVPRVP~O
WLSOHV§FDGDXQRPiVULFRTXHHODQWHULRU8QDVHQVDFLyQWRWDOFRPSOHWD3XHGRWH
QHURUJDVPRVFRQXQFRPSDxHURSHURQRHVWDVVHQVDFLRQHVLQWHQVDV\FRPSOHWDV
3HUR ˜SRU TXp QR SRGHPRV WRFDUQRV QRVRWUDV PLVPDV" ˜3RU TXp QR SRGHPRV
KDFHUORTXHQHFHVLWDPRVSDUDORJUDUHORUJDVPR"$XQTXHFRPSDUWLUHOVH[RFRQXQ
KRPEUHSXHGHVHUPDUDYLOORVR˜SRUTXpSDUDXQDPXMHUœFRPSDUWLUVLJQLILFDTXHHO
KRPEUH GHEH œGDUOH D HOOD HO RUJDVPR" ˜3RU TXp QR SXHGH XQD PXMHU HPSOHDU VX
SURSLDPDQRSDUDSURSRUFLRQDUVHHOODPLVPDHORUJDVPR"(QHOSODQRGHOVH[RFR
PRHQFXDOTXLHURWURODVPXMHUHVHVWiQWRGDYtDHQODSRVLFLyQGHHVSHUDUDTXHORV
KRPEUHVQRVœDGPLQLVWUHQORVGXOFHV
7HQHPRVHOSRGHUGHKDFHUQXHVWURVSURSLRVRUJDVPRVVLTXHUHPRV3RGHPRV
FRQVHJXLUHOFRQWUROGHQXHVWUDSURSLDHVWLPXODFLyQPRYLpQGRQRVFRQWUDODRWUDSHU
VRQD R HVWLPXOiQGRVH XQDPLVPDGLUHFWDPHQWHGHOPLVPRPRGRFRPRVHKDFHGX
UDQWHODPDVWXUEDFLyQ$XQTXHHVWDVXJHUHQFLDSXHGDSDUHFHUH[WUDxDDSULPHUDYLV
WDHVLPSRUWDQWHVHUFDSD]GHPDVWXUEDUVHFRQRWUDSHUVRQDSRUTXHHOORQRVGDSR
GHUVREUHQXHVWURVSURSLRVRUJDVPRV1RKD\UD]yQDOJXQDSRUODTXHKDFHUQXHVWURV
SURSLRV RUJDVPRV QR KD\D GH VHU EHOOR R WDQ SURIXQGDPHQWH FRPSDUWLGR FRPR
FXDOTXLHU RWUD IRUPD GH VH[R FRQ RWUD SHUVRQD TXL]i PiV WRGDYtD (O WDE~ FRQWUD
WRFDUWHW~PLVPDVLJQLILFDHVHQFLDOPHQWHTXHQRGHEHVXVDUWXSURSLRFXHUSRSDUD
WX SURSLR SODFHU TXH WX FXHUSR QR HV WX SURSLHGDG SDUD GLVIUXWDUOR 3HUR WHQHPRV
GHUHFKR D QXHVWURV SURSLRV FXHUSRV &RQWURODUWXSURSLDHVWLPXODFLyQVLPEROL]DVHU
GXHxDGHWXSURSLRFXHUSR\HVXQSDVRPX\LPSRUWDQWHKDFLDODOLEHUWDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/HVELDQLVPR
œ1LODVH[XDOLGDGPDVFXOLQDQLODVH[XDOLGDGIHPHQLQDHVWiQOLPLWDGDVSRUXQD
¦JHRJUDItDJHQLWDO§\KDVLGRXQDGHODVPD\RUHVYLFWRULDVGHODVUHODFLRQHVSXEOLFDV
GH WRGRV ORV WLHPSRV FRQYHQFHUQRV GH TXH VL OR HVWDEDQ /D PLVPD QDWXUDOLGDG GHO
OHVELDQLVPR\KRPRVH[XDOLGDGHVH[DFWDPHQWHODFDXVDGHODVIXHUWHVUHJODVVRFLD
OHV\OHJDOHVFRQWUDpO/DIXQGDPHQWDFLyQGHQXHVWURVLVWHPDVRFLDOVREUHODGLIHUHQ
FLD GH JpQHUR OD IXQFLyQ UHSURGXFWLYD ELROyJLFD HV XQD QHWD EDUEDULH \ GHEH VHU
UHPSOD]DGDSRUXQVLVWHPDEDVDGRHQODDILUPDFLyQGHOLQGLYLGXR\DSR\RSDUDWRGD
FODVHGHYLGDHQHOSODQHWD
œ&UHR TXH WRGRV KHPRV QDFLGR ¦VH[XDOHV§ HV GHFLU FDGD FXDO KD QDFLGR FRQ
QDWXUDOHV GHVHRV GH UHODFLRQDUVH FRQ WRGDV ODV GHPiV FULDWXUDV¥DQLPDOHVSODQWDV
QRVRWURV PLVPRV PXMHUHV KRPEUHV¥ FXDQGR VHQWLPRV DPRU R FRPXQLFDFLyQ FRQ
HOORV 3HUR OD VRFLHGDG QRV HQVHxD D LQKLELUQRV GH WRGR HOOR VDOYR ORV GHVHRV KDFLD
FRPSDxHURV FRQ TXLHQHV HV SRVLEOH SURFUHDU \ GHVSXpV H[FLWDU QXHVWUR HQWXVLDVPR
SRUHODFWRKDFLpQGRQRVHQJXOOLUHOLGHDOGHDPRUURPiQWLFRFRPELQDGRFRQPDWUL
PRQLRSRUQXHVWUDVJDUJDQWDVKDVWDTXH\DQRSRGHPRVSHQVDUHQQDGDPiV
,1752'8&&,¾1
'HEHTXHGDUELHQFODURDKRUDTXHODVH[XDOLGDGIHPHQLQDHVItVLFDPHQWHœSDQ
VH[XDORVLPSOHPHQWHœVH[XDOFLHUWDPHQWHQRDOJRTXHHVWpGLULJLGRDFXDOTXLHU
WLSR GH yUJDQR ItVLFR TXH SXHGDKDOODUVHHQODQDWXUDOH]D1RH[LVWHQLQJ~QyUJDQR
HVSHFLDOPHQWHFRQILJXUDGRSDUDTXHVHDMXVWHDGHFXDGDPHQWHDOD]RQDFOLWyULFD\D
OD FODVH GH HVWLPXODFLyQ TXH JHQHUDOPHQWH QHFHVLWDPRV SDUD HO RUJDVPR 'HVGH HO
SXQWRGHYLVWDGHOSODFHUItVLFRVRPRVOLEUHVGHUHODFLRQDUQRVFRQWRGDVODVFULDWXUDV
GHOSODQHWDGHDFXHUGRVXVLJQLILFDGRLQGLYLGXDOSDUDQRVRWUDVPiVFRQTXHSRUVX
FODVLILFDFLyQHVSHFtILFDRJpQHUR
/yJLFDPHQWHKXHOJDGHFLUTXHDPHGLGDTXHDYDQ]DPRVKDFLDXQDSHUVSHFWLYD
PiVHTXLWDWLYDGHODYLGDHOGHUHFKRGHDPDUDRWUDVPXMHUHVVHGDUiSRUVHQWDGR1R
REVWDQWHODJHQHUDOYLOODQL]DFLyQGHORVFRQWDFWRVKRPRVH[XDOHVHQQXHVWUDVRFLHGDG
YLHQHXQDODUJDKLVWRULD7DOFRPRH[SOLFD.LQVH\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/D FRQGHQD JHQHUDO GH OD KRPRVH[XDOLGDG HQ QXHVWUD FXOWXUD SDUWLFXODU VH UHPRQWD
DSDUHQWHPHQWHDXQDVHULH GHFLUFXQVWDQFLDV KLVWyULFDV TXHWHQtDQPX\SRFRTXHYHUFRQOD
SURWHFFLyQGHOLQGLYLGXRR ODSUHVHUYDFLyQGHODRUJDQL]DFLyQVRFLDOGHODpSRFD(QWUHORV
KLWLWDV&DOGHD\HQORVDQWLJXRVFyGLJRVMXGtRVQRH[LVWtDQUtJLGDVFRQGHQDVGHWDO DFWLYL
GDGDXQTXHKDEtDSHQDOL]DFLRQHVSDUDDFWLYLGDGHVKRPRVH[XDOHVHQWUHSHUVRQDVGHXQSD U
WLFXODUHVWUDWRVRFLDORFRQUHODFLRQHVGHSDUHQWHVFRR UHODFLRQHVKRPRVH[XDOHVEDMRRWUDV
FLUFXQVWDQFLDV SDUWLFXODUHV HVSHFLDOPHQWH FXDQGR LPSOLFDEDQ HO HPSOHR GH OD IXHU]D /D
FRQGHQDPiVJHQHUDOGHWRGDVODVUHODFLRQHVKRPRVH[XDOHVHVSHFLDOPHQWHPDVFXOLQDVWX YR
VXRULJHQSRUHOVLJOR9,,DQWHVGH&ULVWRWUDVHOUHJUHVRGHOH[LOLRHQ%DELORQLD
7DQWR ORV FRQWDFWRV EXFRJHQLWDOHV FRPR ODV DFWLYLGDGHV KRPRVH[XDOHV KDEtDQ VLGR
SUHYLDPHQWHDVRFLDGDVFRQHOVHUYLFLRUHOLJLRVRMXGtRDOLJXDOFRPRRFXUULyFRQORVVHUYL
FLRV UHOLJLRVRV GH OD PD\RU SDUWH GH ORV RWURV SXHEORV GH DTXHOOD SDUWH GH $VLD OR PLVPR
TXHORKDEtDQVLGRHQPXFKDVRWUDVFXOWXUDVHQFXDOTXLHURWUDSDUWHGHOPXQGR(QODRODGH
QDFLRQDOLVPRTXHHVWDEDSRUHQWRQFHVGHVDUUROOiQGRVHHQWUHHOSXHEORM XGtRKXERXQLQWHQ
WRGHGLIHUHQFLDUVHHOORVPLVPRVGHVXVYHFLQRVHVSHFLDOPHQWHVXVYHFLQRVQRSDWULDUFDOHV
PHGLDQWHODUXSWXUDFRQPXFKDVGHODVFRVWXPEUHVTXHKDEtDQSUHYLDPHQWHFRPSDUW LGRFRQ
HOORV0XFKDVGHODVFRQGHQDVGHO7DOPXGVHEDVDEDQHQHO KHFKRGHTXHWDOHVDFWLYLGDGHV
UHSUHVHQWDEDQHOHVWLORGHYLGDGHORVFDQDQLWDVHOHVWLORGHORVFDOGHRVHOHVWLORGHORVS D
JDQRV\IXHURQRULJLQDOPHQWHFRQGHQDGRVFRPRXQDIRUPDGHLGRODWUtDPiVELHQTXHGHXQ
GHOLWR VH[XDO (Q HO WUDQVFXUVR GH OD (GDG 0HGLD OD KRPRVH[XDOLGDG IXH DVRFLDGD FRQ OD
KHUHMtD/DUHIRUPDHQODVFRVWXPEUHVOH\HV PRUDOHVSURQWRVLQHPEDUJRVHFRQYLUWLyHQ
XQD PDWHULD GH PRUDO \ ILQDOPHQWH HQ XQD FXHVWLyQ TXH FDtD EDMR OD DFFLyQ GH ODV OH\HV
SHQDOHV
.LQVH\TXHIXHRULJLQDOPHQWHXQELyORJRQRVH[SRQHWDPELpQTXHRWURVPD
PtIHURV \ RWURV DQLPDOHV PDQWLHQHQ UHODFLRQHV OHVELDQDV \ KRPRVH[XDOHV KDEL
WXDOPHQWH
/DLPSUHVLyQ GHTXHORVPDPtIHURVLQIUDKXPDQRVVHPDQWLHQHQPiVRPHQRVGHQWUR
GHODVDFWLYLGDGHV KHWHURVH[XDOHV HVXQDGLVWRUVLyQGHOKHFKRTXHDSDUHFHFRPRRULJLQDGR
HQXQDILORVRItDKHFKDSRUHOKRPEUHPDVTXHHQXQDHVSHFtILFDREVHUYDFLyQGHOFRPSR U
WDPLHQWRGHORVPDPtIHURV/RVELyORJRV\SVLFyORJRVTXHKDQDFHSWDGRODGRFWULQDGHTXH
OD~QLFDIXQFLyQQDWXUDO GHOVH[RHVODUHSURGXFFLyQKDQLJQRUDGRVLPSOHPHQWHODH[LVWHQ
FLDGHODDFWLYLGDGVH[XDOTXHQRHVUHSURGXFWLYD+DQVXSXHVWRTXHODVUHVSXHVWDVKHWHU R
VH[XDOHVVRQXQDSDUWHGHOHTXLSDMHLQQDWRœLQVWLQWLYRGHXQDQLPDO\TXHWRGRVORVRWURV
WLSRV GH DFWLYLGDG VH[XDO UHSUHVHQWDQ œSHUYHUVLRQHV GH ORV œLQVWLQWRV QRUPDOHV 7DOHV
LQWHUSUHWDFLRQHV VRQ VLQ HPEDUJR PtVWLFDV 1R WLHQHQ VX RULJHQ HQ QXHVWUR FRQRFLPLHQWR
GH OD ILVLRORJtD GH OD UHVSXHVWD VH[XDO \ SXHGHQ VHU PDQWHQLGDV ~QLFDPHQWH VL VH GD SRU
VHQWDGR TXH OD IXQFLyQ VH[XDO HVWi HQ DOJXQD PDQHUD GLYRUFLDGD GHO SURFHVR ILVLROyJLFR
TXHFRQWURODODVRWUDVIXQFLRQHVGHOFXHUSRDQLPDO3XHGHVHUYHUGDGTXHORVFRQWDFWRVKHW H
URVH[XDOHVVXSHUDQHQQXPHURDORVFRQWDFWRVKRPRVH[XDOHVHQODPD\RUSDUWHGHODVHVSH
FLHV GH PDPtIHURV SHUR VHUtD PX\ GLItFLO GHPRVWUDU TXH HVWR GHSHQGH GHODœQR UPDOLGDG
GHODVUHVSXHVWDVKHWHURVH[XDOHV\ODœDQRUPDOLGDGGHODVUHVSXHVWDVKRPRVH[XDOHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
.LQVH\ PHQFLRQD TXH VH KDQ REVHUYDGR FRQWDFWRV OHVELDQRV HQ HVSHFLHV WDQ
DPSOLDPHQWH VHSDUDGDV FRPR UDWDV UDWRQHV KiPVWHUV FRQHMRV GH ,QGLDV FRQHMRV
HUL]RV PDUWDV JDQDGR YDFXQR DQWtORSHV FDEUDV FDEDOORV FHUGRV OHRQHV RYHMDV
PRQRV\FKLPSDQFpV<DxDGHœ7RGRJUDQMHURTXHKDFULDGRJDQDGRVDEHTXHODV
YDFDVFRQEDVWDQWHUHJXODULGDGPRQWDQDODVYDFDV
/RVDUJXPHQWRVVREUHVLHOOHVELDQLVPR\RODKRPRVH[XDOLGDGVRQELROyJLFRV
R SVLFROyJLFRV HQ VX RULJHQ HO RULJHQ GHO œSUREOHPD WDO FRPR VH H[SRQH XVXDO
PHQWHVLJXHQWRGDYtDHVWDQGRGHPRGDHQDOJXQDVSDUWHVSHURODœUHVSXHVWDFDUH
FH\DGHODPHQRULPSRUWDQFLD/DKRPRVH[XDOLGDGRVHDHOGHVHRGHLQWLPDUItVLFD
PHQWH FRQ DOJXLHQ GHO SURSLR VH[R DOJXQD YH] R VLHPSUH GXUDQWH QXHVWUD YLGD
SXHGHVHUFRQVLGHUDGDXQDYDULHGDGQDWXUDO\œQRUPDOGHODH[SHULHQFLDGHODYLGD
(VœDQRUPDO~QLFDPHQWHFXDQGRVHHVWDEOHFHFRPRœQRUPDO\œVDQRWDQVyORHO
LQWHUpVHQHOVH[RUHSURGXFWRU/DVGLVFXVLRQHVVREUHHOSRUTXpXQRVHFRQYLHUWHHQ
KHWHURVH[XDO OOHJDUtDQDODVPLVPDVQRFRQFOXVLRQHV&RQVLGHUDUFXDOTXLHUFRQWDFWR
VH[XDO QR UHSURGXFWRU FRPR œXQ HUURU GH OD 1DWXUDOH]D HV XQ SXQWR GH YLVWD PX\
HVWUHFKR
/DQRFLyQGHTXHQRHVœSHUPLWLGRWRFDURHVWDUHQFRQWDFWRItVLFRFRQFXDO
TXLHURWUDSHUVRQDTXHQRVHDGHOVH[RRSXHVWR¥™SXHVWRTXHSXHGHœLPSOLFDUXQD
FRQH[LyQVH[XDO¥ HVGHSULPHQWH\DOLHQDQWH(VSHFtILFDPHQWHFRQUHVSHFWRDOFRQ
WDFWR GH ODV PXMHUHV HQWUH Vt HVWH YHWR DO FRQWDFWR ItVLFR HV RSUHVLYR \ SURGXFH HO
HIHFWRGHVHSDUDUDODVPXMHUHV/DGLQiPLFDYLHQHPiVRPHQRVDIXQFLRQDUGHOPR
GRVLJXLHQWHXQDSXHGHVHQWLUXQV~ELWRLPSXOVRGHEHVDURDEUD]DUDXQDDPLJD¥R
SXHGHXQDVHQWLUGHVHRVPiVVXWLOHVGHXQDPD\RULQWLPLGDGRFRQWDFWRGHORVTXHQR
VHHVWiSOHQDPHQWHFRQVFLHQWH¥ORFXDOGHEHVHUVRIRFDGR\UHSULPLGR3HURFXDQGR
XQLPSXOVRQDWXUDOHVGHWHQLGR\QRUHFRQRFLGRFRQVFLHQWHPHQWHSXHGHFDXVDUVHQ
WLPLHQWRVGHFRQIOLFWRFXOSDELOLGDG\DQVLHGDG7DOUHSUHVLyQSXHGHHQWRQFHVFRQGX
FLUDXQRVVHQWLPLHQWRVVHPLFRQVFLHQWHVGHUHFKD]RTXHHQJHQGUDQVHQWLPLHQWRVGH
GHVFRQILDQ]D\GHVDJUDGRKDFLDODPLVPDSHUVRQDKDFLDODFXDOVLQWLyVHXQDDWUDtGD
DO SULQFLSLR (VWR OyJLFDPHQWH HV XQ IHQyPHQR SVLFROyJLFR ELHQ FRQRFLGR \ FR
P~QPHQWH RFXUUH HQ XQ QLYHO VXWLO HQWUH DPLJDV /R TXH KD\ TXH VXEUD\DU DTXt HV
TXH HVWD SURKLELFLyQ GHO LQWHUFDPELR GH FRQWDFWR ItVLFR GH FXDOTXLHU FODVH HQWUH
PXMHUHV HVWi GHVWLQDGR D LQFUHPHQWDU HO QLYHO GH KRVWLOLGDG \ GLVWDQFLDPLHQWR HQWUH
HOODV
8QD GH ODV PHMRUHV GHVFULSFLRQHV GH FyPR VHOHFFLRQDPRV PiV R PHQRV œLQ
FRQVFLHQWHPHQWHDQXHVWURVFRPSDxHURVVH[XDOHVVREUHODEDVHGHOJpQHUR\HOLPL
QDPRV DTXHOORVGHOJpQHURœQRFRUUHFWRKDVLGRGDGDSRU3HSSHU6FKZDUW]\3KLOLS
%OXPVWHLQ 3DUD FRPHQ]DU H[SRQHQ TXH GDGR XQ HVWDGR GH H[FLWDFLyQ ILVLROyJLFD
8QEXHQFRPSHQGLRGHORVDUJXPHQWRVSXHGHVHUKDOODGRHQODREUDGH(GZDUG%UHFKHU7KH6H[5HVHDUFKHV
%LVH[XDOLGDG2EVHUYDFLRQHVVRFLROyJLFDVGRFXPHQWRVSUHVHQWDGRVHQOD&RQIHUHQFLDGH&RPSRUWDPLHQWR
%LVH[XDORFWXEUH'HSDUWDPHQWRGH6RFLRORJtD8QLYHUVLGDGGH:DVKLQJWRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SDUDODFXDOXQDSHUVRQDQRWLHQHXQDH[SOLFDFLyQLQPHGLDWDœ¦HWLTXHWDUi§HVWHHVWD
GR\GHVFULELUiVXVVHQWLPLHQWRVHQWpUPLQRVGHODVFRJQLFLRQHVTXHHVWiQDVXDOFDQ
FH 3URVLJXHQ H[SOLFDQGR œODV IXHQWHV GH H[FLWDFLyQ VRQ SUREDEOHPHQWH PXFKR
PiVGLYHUVDVTXHODVIXHQWHVDODVTXHVHDWULEX\HSRUORVPiVDVWXWRVHQODPDWHULD
\ œFXDQGR PD\RU VHD OD FRQILDQ]D R OD QHFHVLGDG GH XQD LGHQWLGDG KHWHURVH[XDO
WDQWRPiVSUREDEOHPHQWHHVWDVDPELJHGDGHVVHUiQUHVXHOWDVHQXQDGLUHFFLyQKHWH
URVH[XDO &XDQGR XQD SHUVRQD WLHQH IXHUWHV VRVSHFKDV DFHUFD GH VX ODWHQWH KRPR
VH[XDOLGDG HQWRQFHV OD LQWHUSUHWDFLyQ HV PX\ SUREDEOH TXH VH HQFDPLQH HQ OD RWUD
GLUHFFLyQ(QRWUDVSDODEUDV
œ/DKRPRVH[XDOLGDG¥ FRPRODKHWHURVH[XDOLGDG¥ VHFRQYLHUWHHQDOJRTXH
FROPD SOHQDPHQWH(VWRVHGHEHDTXHORVQLYHOHVIORWDQWHVGHH[FLWDFLyQTXHDSDUH
FHQWHPSUDQRHQHOGHVDUUROORVH[XDOGHODSHUVRQDWLHQGHQDVHUFDQDOL]DGRV\FRQ
IRUPDGRVSRUODH[SHULHQFLDVH[XDOIRUWDOHFLHQGRODLGHQWLGDGVH[XDO(QFRQVHFXHQ
FLD FUHHPRV TXH ODV VHxDOHV ODWHQWHV R QR LQWHUSUHWDGDV GH H[FLWDFLyQ KRPRVH[XDO
SURSHQGHUiQ D QR GHVSHUWDU GHO WRGR VL OD SHUVRQD DGRSWD XQD PiV ILUPH LGHQWLGDG
KHWHURVH[XDO \ HPSUHQGH XQ FRPSRUWDPLHQWR PiV KHWHURVH[XDO $VLPLVPR ORV LQGL
FLRVODWHQWHVRQRLQWHUSUHWDGRVGHH[FLWDFLyQKHWHURVH[XDOWLHQGHQDQRH[FLWDUDORV
KRPRVH[XDOHV FRQILUPDGRV 1XHVWURV FULWHULRV GLFRWyPLFRV GH OD SURSLD LGHQWLGDG
VH[XDOIUXVWUDQFXDOTXLHUSRVLELOLGDGGHELVH[XDOLGDG
&RQUHIHUHQFLDHVSHFtILFDDODVPXMHUHV6FKZDUW]\%OXPVWHLQGHFODUDQ
œ/DVPXMHUHVWLHQHQXQVLVWHPDGHH[FLWDFLyQGLIHUHQWHGHORVKRPEUHV6XH[F LWDFLyQ
HVXQDUHVSXHVWDWRWDOGHOFXHUSRPiVTXHXQDH[FLWDFLyQJHQLWDO0LHQWUDVDOJXQDVPXMHUHV
SXHGHQVHQWLUVHœFDFKRQGDVHVGHFLUVHQWLUXQDWHQVLyQVH[XDOHQHOiUHDJHQLWDOROXEUL
FDUVHGXUDQWHXQHQFXHQWURH[FLWDQWHWRGDVHVWDVVHxDOHVVRQPHQRVYLVLEOHVTXHVXFRQWU D
SDUWLGD HQ HO PDFKR 3DUD H[SUHVDUOR PiV VHQFLOODPHQWH XQD PXMHU SXHGH UHLQWHUSUHWDU VX
H[FLWDFLyQXQKRPEUHQRSXHGHGHMDUGHGDUVHSOHQDFXHQWDGHVXYLVLEOHH[FLWDFLyQVH[XDO
\HWLTXHWDUODFRPRHUyWLFD6LXQDPXMHUVLHQWHXQDWHQVLyQVH[XDOHQXQDPELHQWHLQDSU R
SLDGR FRPR SRU HMHPSOR GXUDQWH XQ SDUWLGR GH EpLVERO XQ LQWHUFDPELR PDGUHKLMR HWF
HOODWLHQHPD\RU OLEHUWDGTXHXQKRPEUHHQFyPRSXHGHHOODFDOLILFDUHVWDH[FLWDFLyQ
$VLPLVPRHQODVUHODFLRQHVKHPEUDKHPEUDODVVHxDOHVTXHXQDPXMHUUHFLEHGHRWUD
PXMHUVRQPiVVXWLOHVTXHODVVHxDOHVTXHHQWUHVtSXHGHQGDUVHORVKRPEUHV$SURSyVLWRGH
QXHVWURV FRPHQWDULRV VREUH OD HUHFFLyQ GRV PXMHUHV QR WLHQHQ TXH HQFRQWUDU XQD H[ SOLFDFLyQSDUDXQDHUHFFLyQVLXQDGHHOODVVHH[FLWDGXUDQWHXQDHQWUHYLVWDDVRODVKDEODQGR
VREUHVXVYLGDVVH[XDOHV6LYDQH[FLWiQGRVH \TXLHUHQFRPXQLFDUVXLQWHUpVVH[XDOGHXQD
DRWUDWLHQHQTXHYDOHUVHGHOFRQWDFWRYLVXDOXQDDWHQFLyQLQWHQVLILFDGD\RWUDVFODVHVGH
FRQH[LRQHVLQWHUSHUVRQDOHVSDUDWUDQVPLWLUVXVLJQLILFDGR6LQHPEDUJRHOSUREO HPDHVTXH
HVWDFODVHGHVHxDOHVVRQFRQIXVDVHVWiQKDELWXDOPHQWHDVRFLDGDVFRQODQHJRFLDFLyQKHWH
URVH[XDO\SXHVWRTXHSDUHFHQLQDSURSLDGDVRLUUHDOHVHQXQDHQWUHYLVWDHQWUHGRVSHUVRQDV
GHO PLVPR VH[R SXHGHQ VHU LQWHUSUHWDGDV FRPR VLJQLILFDQGR SXUD DPLVWDG R DIHFWR QR
VH[XDO/DVPXMHUHVSXHGHQWHPHUFUHHU ¥DXQTXHORGHVHHQ¥ TXHRWUDPXMHUHVWpGiQGROH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHxDOHVDHOOD6LSURFHGLHVHQGHRWUDIXHQWHVXLQWHQFLyQVHUtDSUREDEOHPHQWHLQHTX tYRFD
SHURSXHVWRTXHYLHQHQGHORTXHHQHOSDVDGRKDVLGRFRQVLGHUDGRXQDIXHQWHDVH[XDOOD
UHFHSWRUDSXHGHSURSHQGHUDGXGDURUHLQWHUSUHWDUODPiVGLUHFWDGHODVVHxDOHV
$FDXVDGHHVWDRIXVFDFLyQGHVHxDOHV¥\SRUTXHODVPXMHUHVQRHVWiQDFRVWXPEUDGDV
D VHU FRUWHMDGDV SRU RWUDV PXMHUHV QL HVWiQ HQWUHQDGDV HQ HIHFWXDU OD SDUWH DJUHVLYD GH OD
SHUVHFXFLyQ VH[XDO¥ SXHGH HODERUDUVH OD KLSyWHVLV GH TXH ODV PXMHUHV UDUD YH] DFWLYDQ
UHVSXHVWDVHUyWLFDVDPXMHUHVVHQFLOODPHQWHSRUTXHQRVHGDQFXHQWDGHODJUDQIUHFXHQFLD
FRQTXHODH[FLWDFLyQTXHH[SHULPHQWDQHVPiVPXWXD\WLHQHXQDSRVLELOLGDGGHVHU UHFt
SURFD $GHPiV SXHVWR TXH QR KD\ QHJRFLDFLyQ VH[XDO DSDUHQWH ODV PXMHUHV SXHGHQ QR
FRPSUHQGHU R DGPLWLUVH D Vt PLVPDV TXH KDQ HVWDGR HQ XQ HQFXHQWUR VH[XDO \ SRU HOOR
SHUPLWLUTXHWDOHVDWUDFFLRQHVVHH[WLQJDQ8QDKLSyWHVLVILQDOVREUHHVWDVPLVPDVSUHPLVDV
VLJXHDHVWHPLVPRWHPDGHORVSDVLYRV\QRDSDUHQWHVDVSHFWRVHQODWUDGLFLyQVH[XDOIHPH
QLQD(VWDHVTXHDOKDEHUVLGRODVPXMHUHVHQVHxDGDVDHURWL]DUDODVSHUVRQDVTXHODVHURW L
]DQDHOODVHVGHFLUDLQWHUSUHWDUVXYDOtD\VH[XDOLGDGSRUHOPRGRHQTXHORVKRPEUHVœVH
FDOLHQWDQFRQHOODVPXFKDVPXMHUHVGHVFXEUHQVXVSURSLRVVHQWLPLHQWRVVH[XDOHVFXDQGR
VRQURQGDGDVSRUXQKRPEUH&XDQGRYHQDDOJXLHQVH[XDOPHQWH H[FLWDGRHLQWHUHVDGRHQ
HOODVHQWRQFHV HVFXDQGRHOODVGHFLGHQTXHSXHGHQHVWDULQWHUHVDGDVVH[XDOPHQWHHQODRWUD
SHUVRQD+DVWDFLHUWRSXQWRHVWRSDUHFHVHUYHUGDGHQHOFDVRGHDPERVVH[RV/DVSHUVRQDV
HPSLH]DQ D GHVSHUWDU VH[XDOPHQWH FXDQGR DOJXLHQ GHPXHVWUD LQWHUpV VH[XDO SRU HOODV F R
PLHQ]DDHIHFWXDULQWHQWRVDJUHVLYRV\KDFHTXHODRWUDSHUVRQD VHVLHQWDGHVHDEOH/DWHQ
VLyQVH[XDOHPSLH]DDHODERUDUVH\SURQWRODVGRVSHUVRQDVGHEHQUHFRQRFHUVXSUHVHQFLD
DXQFXDQGRHOLMDQQRSDVDUDORVDFWRV&RQODVPXMHUHVHVWDWHQVLyQVH[XDOSXHGHQRWHQHU
OD RSRUWXQLGDG GH IRUPDUVH SRUTXH ODV GRV SHUVRQDV HVWiQ YLROHQWDV LQH[SHULPHQWDGDV H
LQVHJXUDVDFHUFDGHODYDOLGH]GHOHQFXHQWURFRPRH[SHULHQFLDVH[XDO1RDFRVWXPEUDGDVD
WRUQDUODGLUHFFLyQRODUHVSRQVDELOLGDGHQWDOHVVLWXDFLRQHVSXHGHQHPSUHQGHUODUHWLUDGD
DQWHVTXHLQWHQWDUFDWDORJDUDOJRSDUDORTXHHVLQVyOLWR\SDUDORFXDOQRHVWiQSUHSDUDGDV
&DEHIRUPXODUODKLSyWHVLVGHTXHODVPLVPDVUHODFLRQHVVH[XDOHVHQWUHPXMHUHVQRWHQGUiQ
OXJDUDPHQRVTXHXQDSHUVRQDHQODELYDOHQFLDVHDFDSD]GHGHVHPS HxDUXQSDSHOVH[XDO
DJUHVLYR \ VH DWUHYD D KDFHU H[SOtFLWDV ODV VXJHVWLRQHV DPELJXDV KDVWD HQWRQFHV 6L DPEDV
PXMHUHV VRQ LQFDSDFHV GH WRPDU HVWD LQLFLDWLYD OD UHODFLyQ QXQFD OOHJDUi D UHDOL]DUVH
VH[XDOPHQWH
˜3UHILHUHVH[RFRQKRPEUHVPXMHUHVXVWHGPLVPDRGHQLQJXQDPDQHUD"
&LHQWRFXDUHQWD\FXDWURPXMHUHVHQHVWHHVWXGLRHOGLMHURQTXHSUHIHUtDQ
HO VH[R FRQ PXMHUHV 2WUDV VHWHQWD \ WUHV VH LGHQWLILFDURQ HOODV PLVPDV &RPR œEL
VH[XDOHV \ RFKHQWD \ FXDWUR PiV KDEtDQ WHQLGR H[SHULHQFLDV WDQWR FRQ KRPEUHV
FRPRFRQPXMHUHVSHURQRFRQWHVWDURQFRQUHVSHFWRDVXSUHIHUHQFLDRWUR
3RU RWUD SDUWH FLQFXHQWD \ WUHV PXMHUHV HQ HVWH HVWXGLR GLMHURQ TXH SUHIHUtDQ
WHQHUUHODFLyQVH[XDOFRQHOODVPLVPDV\GLHFLVLHWHPXMHUHVSUHIHUtDQSUHVFLQGLUGHO
VH[R2WUDVFLQFXHQWDPXMHUHVWRGDYtDQRKDEtDQWHQLGRH[SHULHQFLDVH[XDORODWX
YLHURQWDQOLPLWDGDTXHPDQLIHVWDURQQRSRGHUFRQWHVWDUDODSUHJXQWD7RGDVODVUHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WDQWHVPXMHUHVGLMHURQTXHSUHIHUtDQORVKRPEUHVDXQTXHPXFKDVSXQWXDOL]DURQTXH
QRSUHIHUtDQORVœKRPEUHVVLQRPiVELHQXQKRPEUHFRQFUHWR
(VLPSRVLEOHFRQRFHUTXpUHODFLyQSXHGHKDEHUHQWUHHVWDVHVWDGtVWLFDV\FXiQ
WDV PXMHUHV OHVELDQDV SXHGD KDEHU HQ OD SREODFLyQ GH ORV (VWDGRV 8QLGRV SXHVWR
TXH GHELGR DO WHPRU D OD SHUVHFXFLyQ QDGLH VDEH FXiQWDV OHVELDQDV R ELVH[XDOHV
H[LVWHQ.LQVH\HVWLPyTXHTXL]iGHXQDOGHPXMHUHVWXYLHURQœUHODFLRQHV
VH[XDOHV KDVWD HO RUJDVPR FRQ RWUD PXMHU HQ DOJ~Q PRPHQWR GXUDQWH VXV YLGDV
DGXOWDV\TXHHQWUHHO\HOGHPXMHUHVVROWHUDV\GHODOGHPXMH
UHVFDVDGDVGHVXPXHVWUHRœHVWDEDQKDFLHQGRSRUORPHQRVLQFLGHQWDOHVUHVSXHVWDV
KRPRVH[XDOHV R HVWDEOHFLHQGR FRQWDFWRV PiV HVSHFtILFRV KRPRVH[XDOHV HQWUH ODV
HGDGHVGHYHLQWH\WUHLQWD\FLQFRDxRV0iVUHFLHQWHPHQWHHOGRFWRU5LFKDUG*UHHQ
H[FRPSRQHQWHGHODFRPLVLyQHQOD8QLYHUVLGDGGH&DOLIRUQLDGHO3URJUDPDGH,Q
YHVWLJDFLyQGHOD,GHQWLGDGGHO*pQHURKDFRPHQWDGRTXHSXHGHKDEHUDKRUDXQLQ
FUHPHQWR HQ ELVH[XDOLGDG \R OHVELDQLVPR HQWUH ODV PXMHUHV œHQ SDUWH SRU UD]RQHV
SROtWLFDVFRPRXQRGHORVPHGLRVSRUORVFXDOHVODVPXMHUHVSXHGHQœGLVDVRFLDUVH
GHODH[WUDRUGLQDULDGHSHQGHQFLDTXHKDQWHQLGRGHORVKRPEUHVHQWRGRVHVWRVDxRV
SDVDGRV
$OPLVPRWLHPSRHVLPSRUWDQWHSRQHUGHUHOLHYHTXHODVSUHIHUHQFLDVSXHGHQ
FDPELDU D OR ODUJR GH XQD YLGD R SXHGHQ FDPELDU YDULDV YHFHV OR TXH HV OODPDGR
œLGHQWLGDGGHJpQHURQRHVWDQFRQFUHWRQLSHUILODGRFRPRSDUHFHQGDUDHQWHQGHU
ODVSUHFHGHQWHVHVWDGtVWLFDV7DOFRPRH[SXVR.LQVH\QRH[LVWHQGRVJUXSRVVHSDUD
GRVXQRKHWHURVH[XDO\RWURKRPRVH[XDOHQRWUDVSDODEUDVHOPXQGRQRHVWiGLYL
GLGR HQ RYHMDV \ FDEUDV œ(O PXQGR YLYLHQWH HV XQ FRQWLQXXP HQ FDGD XQR \ FXDO
TXLHUDGHVXVDVSHFWRV\ODKRPRVH[XDOLGDG\KHWHURVH[XDOLGDGVRQ~QLFDPHQWHORV
WLSRV H[WUHPRV VHQWDGRV HQ ORV SRORV GH œXQ ULFR\YDULDGRFRQWLQXXP 'HKHFKR
œOHVELDQDœKRPRVH[XDO\œKHWHURVH[XDOGHEHUtDQVHUHPSOHDGRVFRPRDGMHWLYRV
QR FRPR VXVWDQWLYRV ODV SHUVRQDV QR HVWiQ DSURSLDGDPHQWH GHVFULWDV FRPR KRPR
VH[XDOHV OHVELDQDV R KHWHURVH[XDOHV DQWHV ELHQ ODV DFWLYLGDGHV VRQ ODV TXH HVWiQ
DGHFXDGDPHQWHGHVFULWDVFRPRKRPRVH[XDOHVOHVELDQDVRKHWHURVH[XDOHV(QRWUDV
SDODEUDV OR ~QLFR UHDOPHQWH SRVLEOH HV GHFLU FXiQWDV SHUVRQDV KDQ WHQLGR HQFXDO
TXLHUPRPHQWRSDUWLFXODUXQWLSRGDGRGHUHODFLRQHV\DVtHVFyPRODVFLIUDVHQHVWH
HVWXGLRKDQGHVHUFRQWHPSODGDV
0XFKDVRWUDVPXMHUHVGLMHURQTXHSRGtDQHVWDULQWHUHVDGDVHQWHQHUUHODFLRQHV
VH[XDOHVFRQRWUDPXMHU
8QR GH ORV SXQWRV PiV VRUSUHQGHQWHV GH ODV UHVSXHVWDV UHFLELGDV HQ ORV FXHV
WLRQDULRVHUDFRQFXiQWDIUHFXHQFLDDXQFXDQGRQRHUDORHVSHFtILFDPHQWHSUHJXQWD
GR ODV PXMHUHV VDFDEDQ D UHOXFLU HOKHFKRGHTXHSRGtDQHVWDULQWHUHVDGDVHQWHQHU
UHODFLRQHVVH[XDOHVFRQRWUDPXMHURSRUORPHQRVVHQWtDQFXULRVLGDG(VWHLQWHUpV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HUD KDELWXDOPHQWH PHQFLRQDGR HQ FRQH[LyQ FRQ OD SUHJXQWD VREUH OD SUHIHUHQFLD
VH[XDORFRQODSUHJXQWDœ˜4XpOHJXVWDUtDSUREDUTXHQXQFDORKD\DKHFKR"6L
JXHQDOJXQDVGHODVUHVSXHVWDV
œ/OHYR\DGRFHDxRVGHFDVDGDSHURQRVR\IHOL]1XQFDKHPDQWHQLGRXQDUH
ODFLyQItVLFD FRQXQDPXMHUSHURWHQJRODVRVSHFKDGHTXHGHEHVHUPiVVDWLVIDFWRULR
TXHFRQXQPDFKR1RVpFyPRSXHGRUHODFLRQDUPHItVLFDPHQWHFRQRWUDPXMHUYD
TXHQXQFDKHWHQLGRODRSRUWXQLGDGGHKDFHUOR+D\XQDPXMHUKDFLDODTXHPHVLHQ
WR DWUDtGD \ PH SDUHFH TXH D HOOD OH RFXUUH OR PLVPR SHUR PH SURGXFH WHPRU
DSUR[LPDGDPHQWHDHOOD
œ2MDOiSXGLHUDWHQHUXQDUHODFLyQFRQXQKRPEUHTXHIXHUDLJXDODODTXHWHQJR
FRQ PL DPLJD PiV tQWLPD 4XLHUR VHU VLQFHUD \ JHQHURVD DWHQWD FDULxRVD SUHVWDU
DSR\R 4XLHUR TXH VH SUHRFXSHQ SRU Pt TXH VH PH FRQVLGHUH HVSHFLDO \ GLJQD GH
FRQVLGHUDFLyQ 4XH VR\ XQD SHUVRQD TXH KD SDVDGR SRU FRVDV 4XLHUR VHU FDSD] GH
GHFLU¦7HDPR§\¦7HGHVHR§VLQTXHODRWUDSHUVRQDVHVLHQWDDPHQD]DGD
œ+HWHQLGRUHODFLRQHVVH[XDOHV~QLFDPHQWHFRQXQYDUyQHOKRPEUHFRQTXLHQ
YLYRDKRUD'XUDQWHDOJ~QWLHPSRQRIXHPiVTXHXQEXHQDPLJR0HGLFXHQWDGH
TXHGHVHDEDKDEODUFRQpO\HVWDUFRQpOHQPRPHQWRVGHIHOLFLGDG\FULVLVODUHOD
FLyQKDSURJUHVDGRGHVGHODDPLVWDGD¦HVWDUHQDPRUDGRV§\KDVWDXQSURIXQGRDPRU
DPLVWRVR $FWXDOPHQWH WHQJR XQ SHQVDPLHQWR LQVLVWHQWH 0H JXVWDUtD HVWDU HQ UHOD
FLRQHVFRQXQDPXMHU\VHJXLUPDQWHQLHQGRPLUHODFLyQFRQHVWHKRPEUH(VWR\HQHO
SURFHVRGHFDPELDUPLYLGDHQWHUD\PLVVHQWLPLHQWRVDFHUFDGHPLVH[XDOLGDG
œ6LHPSUHKHDGPLUDGRODVPXMHUHVERQLWDVSHURQXQFDKHWHQLGRXQDH[SHULHQ
FLDVH[XDO+DVWDKR\PHKDHQFDQWDGRHODFWRVH[XDO3HURODVPXMHUHVPHH[FLWDQ
FDGDYH]PDV
œ+HVLGRHGXFDGDHQODFUHHQFLDGHTXHODVPXMHUHVVRQPiVDWUDFWLYDV\PiV
ERQLWDV\HVWR\HPSH]DQGRDFUHHUOR
œ0HHQFDQWDUtDGDUPDVDMHDXQDPXMHUTXHPHJXVWDUD\PHH[FLWDUD\HQWRQ
FHV H[FLWDUOD D HOOD JUDGXDOPHQWH SRU HO PDVDMH \ HQWRQFHV OHQWDPHQWH KDFHUOH HO
DPRU\OXHJRSDUDU\FKDUODUOXHJRDPRURWUDYH] \OXHJRGRUPLUMXQWDV0HJXVWD
UtDDWUDYpVGHHOODFRQRFHUPHPHMRU™3HURQXQFDPHDWUHYHUtDDKDFHUOR
œ0H JXVWDUtD WHQHU XQD UHODFLyQ VH[XDO FRQ XQD PXMHU +D\ XQD PXMHU SRU OD
FXDOPHVLHQWRVH[XDOPHQWHDWUDtGDSHURQRTXLVLHUDQXQFDKDFHUOHSURSRVLFLRQHVVH
[XDOHVSRUTXHHVWRVHUtDXQDLPSRVLFLyQHQVXKHWHURVH[XDOLGDG6RPRVPX\EXHQDV
DPLJDV\VXDPLVWDGQRVH[XDOHVPiVLPSRUWDQWHTXHVXDPLVWDGVH[XDO3DUDPtHV
XQD QXHYD H[SHULHQFLD HO FRQVLGHUDU LQFOXVR HO OHVELDQLVPR +DVWD KDFH GRV DxRV
DSHQDV FRQFHGtD OD PHQRU LPSRUWDQFLD D HVWD IDFHWD GH VH[XDOLGDG QXQFD SHQVp HQ
HOOR FRQVFLHQWHPHQWH \ FXDQGR OR KDFtD SHQVDED TXH HUD ¦UHSXJQDQWH§ 1XQFD KH
FRQRFLGR D XQD PXMHU TXH IXHUD OHVELDQD SRU OR PHQRV TXH \R OR VXSLHUD DXQTXH
XQD QR SURFODPD WRGDYtD HVWD SURSHQVLyQ HQ HVWD VRFLHGDG UHSUHVLYD /DV PXMHUHV
LQFOXVR ODV IHPLQLVWDV VHHQFXHQWUDQDOJXQDVYHFHVLQFyPRGDVDOKDEODUGHOOHVELD
QLVPRRVHDTXHWHQJRHVFDVDLGHDGHFXiOHVVRQVXVWHPRUHVHLQFRQVFLHQWHVGHVHRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRQFHUQLHQGRDVXVKHUPDQDVFRQUHVSHFWRDHOODVPLVPDVFRPRFRPSDxHUDVVH[XD
OHV 8QD GHEH H[DPLQDU PXFKDV SRVLELOLGDGHV DQWHV GH HPEDUFDUVH HQ XQD UHODFLyQ
VH[XDOFRQXQDPXMHU¦˜/RKDJRSRUTXHORVKRPEUHVPHKDQGHVLOXVLRQDGR"§¦˜(V
WR\KX\HQGRGHXQDVLWXDFLyQDPHQD]DGRUD\GHHVWHPRGRVRVOD\RHOSUREOHPDHQ
OXJDU GH DIURQWDUOR"§ ¦˜0DQWHQJR UHODFLRQHVVH[XDOHVFRQXQDPXMHUTXHQRSXHGH
DIURQWDU HO VHQWLGR GH FXOSD DVRFLDGR FRQ XQ FRPSRUWDPLHQWR œGHVYLDGR"§ ¦˜/D
HVWR\H[SORWDQGRDHOODFRPR\RIXLH[SORWDGDSRUORVKRPEUHV"§
œ0HJXVWDUtDWHQHUVH[RFRQPXMHUHV&UHRTXHVR\OHVELDQDORFXDOHVXQSUR
EOHPDSXHVWRTXHHVWR\FDVDGD\QRPHVLHQWRFDSD]GHGLYRUFLDUPHDHVWDVDOWXUDV
WHQHUTXHYLYLUSRUPLSURSLDFXHQWDHWF6LQHPEDUJRDOJ~QGtDSUREDEOHPHQWHPL
GHVHROOHJDUiDVHUH[FHVLYR\WHQGUpTXHSUREDU
œ1R KH WHQLGR QLQJXQD UHODFLyQ VH[XDO FRQ RWUD PXMHU H[FHSWR YHUEDOPHQWH
FUHR TXH ODVPXMHUHVKDFHQHODPRUFRQIUHFXHQFLDKDEODQGRGHXQDFLHUWDPDQHUD
SRUORPHQRV\RVtORKDJR
œ4XLHUR WHQHU FRPR DPDQWH D XQD PXMHU ¥R PiV *HQHUDOPHQWH TXLHUR UHOD
FLRQHV PiV tQWLPDV FRQ PXMHUHV ™TXLHUR KDFHU WRGDV ODV FRVDV TXH VRODPHQWH ORV
KRPEUHVVHGDSRUVXSXHVWRTXHKDFHQ™4XLHURH[SORUDU
œ0LH[SHULHQFLDKDVWDDKRUDKDVLGRFRQKRPEUHVSHUR DFRJHUtDFRQDJUDGRXQ
DVXQWR DPRURVR FRQ XQD PXMHU 6LQHPEDUJRTXLVLHUDDQDOL]DUPH\RPLVPDPX\D
IRQGRDFHUFDGHODDXWHQWLFLGDGGHPLVVHQWLPLHQWRVKDFLDXQDPXMHUSRUTXHFRQR
FLpQGRPHFRPRPHFRQR]FRH[LVWHHOSHOLJURGHTXHSXGLHUDHPSUHQGHUXQDVXQWR
VyOR SRU FXULRVLGDG VH[XDO (Q FLHUWR PRGR QR PH KDUtD VHQWLUPH PDO HO LU FRQ XQ
KRPEUHVRODPHQWHSRUHVWDPRWLYDFLyQSHURPHVHQWLUtDSpVLPDPHQWHPDOVLXWLOL]D
VHDXQDPXMHUGHHVDIRUPD
œ1RKHWHQLGRQXQFDVH[RFRQXQDPXMHUSHURPHJXVWDUtDKDFHUORDXQTXHQR
HVWR\VHJXUDVLOOHJDUtDRQRDORUJDVPR'HVSXpVGHKDEHUGHGLFDGRPXFKRVSHQVD
PLHQWRV D FRVDV FRPR HO KHFKR GH TXH KH WHQLGR PXFKDV UHODFLRQHV SURIXQGDV FRQ
PXMHUHVKHOOHJDGRDODFRQFOXVLyQGHTXHVR\SRUDKRUDFRUUHFWDSRUORPHQRV/D
LGHD GH UHDOL]DU HO FXQQLOLQJXV QR PH H[FLWD \ DXQTXH PH KH VHQWLGR ItVLFDPHQWH
DWUDtGDKDFLDDPLJDVPtDVQRKDVLGRDOJRSDUWLFXODUPHQWHVH[XDOSXHVVyORKHGH
VHDGR DEUD]DU KDFHU FDULFLDV HWFpWHUD 2WUD GLIHUHQFLD SXHGR VHQWLUPHDWUDtGDItVL
FDPHQWHKDFLDKRPEUHVTXHQRFRQR]FRSHURVRODPHQWHVLHQWRDWUDFFLyQItVLFDKDFLD
PXMHUHVDODVTXHTXLHUR
œ&UHRTXHWRGDYtDPHVLHQWRH[WUDxDFXDQGRWRPRODLQLFLDWLYDDXQTXHQRFUHD
TXHQRHVWpELHQHOTXHLQLFLHODVFRVDVDOJXQDVYHFHVVXSRQJRTXHPHKHDFRVWXP
EUDGRDTXHPHKDJDQODVFRVDVDPt2SLQRTXHpVWDHVODUD]yQSULQFLSDOSRUODFXDO
QRKHWHQLGRWUDWRVH[XDOFRQPXMHUHV™HVWDPRVDFRVWXPEUDGDVDQRLQLFLDUHOVH[R
\SRUHOORQLQJXQDORKDFH(VWHHVXQDUUDLJDGRFRQFHSWRTXHGHEHPRVVXSHUDUHV
ODEUHFKDHQWUHFUHHUTXHDOJRHVWiELHQ\VHQWLUVH YHUGDGHUDPHQWHELHQFRQHVR
œ(VWXYHFDVDGDGXUDQWHVLHWHDxRV\PHGLR1RPHDJUDGDHVWDUFDVDGDH[FHS
WRDOSULQFLSLRFXDQGRHUDFRPRXQQXHYRMXJXHWHFRPRMXJDUDWHQHUFDVLWD1XHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WUDYLGDVH[XDOIXHGHVDVWURVD1RWXYHH[SHULHQFLDH[WUDFRQ\XJDOGXUDQWHHOPDWUL
PRQLR $KRUD VR\ OLEUH \ OR GLVIUXWR SHUR UHVXOWD GLItFLO 1R WHQJR H[SHULHQFLDV
VH[XDOHV FRQ OD IUHFXHQFLD TXH PH JXVWDUtD &XDQGR \R WHQLD TXLQFH DxRV WXYH OR
TXHSRGUtD OODPDUVHHQDPRUDPLHQWRFRQXQDPXMHU(OODWHQtDYHLQWL~QDxRVeUDPRV
DPLJDV \ GHVFXEUt TXH VL QRV WRFiEDPRV FDVXDOPHQWH PH JXVWDED (PSHFp D
KDEODUGHDPRU3DViEDPRVPXFKRWLHPSRMXQWDVKDVWDTXHXQGtDPHGLMRTXHVX
SDGUHRSLQDEDTXHGHEtDYHUPHPHQRV\FRQFHQWUDUVHPDVHQVXVHVWXGLRV1DWXUDO
PHQWH QR PH FUHt XQD VROD SDODEUD SHUR IXH HO SULQFLSLR GHO ILQDO GH OD UHODFLyQ
'HVSXpV KDFH XQRV WUHV DxRV WXYH XQD H[SHULHQFLD VH[XDO FRQ XQD PXMHU 7RGR
FXDQWRKLFLPRVIXHWHQGHUQRVHQODFDPDMXQWDVGHVQXGDV\WRFDUQRV\DFDULFLDUQRV
ODXQDDODRWUD0HJXVWyPXFKRDXQTXHHVWDEDXQSRFRDVXVWDGD$SDUHQWHPHQWH
HOODHVWDEDD~QPiVDVXVWDGDSRUTXHPiVWDUGHVHFRPSRUWyPiVRPHQRVFRPRVL
DTXHOORQRKXELHUDVXFHGLGR
œ7HQJRYDULDVDPLJDVTXHVRQOHVELDQDV\VXSHUILFLDOPHQWHQRWHQJRWHQGHQ
FLDVDFXVDGDVQLKDFLDXQODGRQLKDFLDRWUR6LQHPEDUJRFXDQGRHOODVKDEODQDFHUFD
GH VXV UHODFLRQHV PH HQFXHQWUR D Pt PLVPD SRQLpQGRPH PiV ELHQ D OD GHIHQVLYD
SDUHFH VHU TXH WHQJR VHQWLPLHQWRV PX\ KRQGRV \ FRPSOLFDGRV DFHUFD GH WRGR HOOR
WDQWRSRVLWLYRVFRPRQHJDWLYRV
˜&¾026(5(/$&,21$1)º6,&$0(17(/$608-(5(6"
œ3RUORTXHVHUHILHUHDFRPRQRVUHODFLRQDPRVItVLFDPHQWHODXQDFRQODRWUD
SXHVQRVDEUD]DPRVPXFKREHViQGRQRV\DFDULFLiQGRQRV(QFXDQWRDOD¦WpFQLFD§
QRV PDVWXUEDPRV PXWXDPHQWH FRQ QXHVWUDV PDQRV \ GHGRV DVt FRPR RUDOPHQWH
WDPELpQFRPELQDPRVDPEDVFRVDV1RVPDVWXUEDPRVPXWXDPHQWHFRQRWUDVSDUWHV
GHQXHVWURFXHUSR%iVLFDPHQWHODVPLVPDVFRVDVTXHXQKRPEUH\ XQDPXMHUSXH
GHQKDFHUVLQXQSHQH™\TXHKDELWXDOPHQWHQRKDFHQ
œ+H KHFKR HO DPRU FRQ XQD PXMHU VRODPHQWH GRV YHFHV OD SULPHUD KDFH XQ
DxRQRFUHRTXHFRQR]FDORVXILFLHQWHHOWHPDSDUDGHFLUH[DFWDPHQWHFRPRVHDF
W~D/DGLIHUHQFLDEiVLFDFRQXQDPXMHUHVTXHQRKD\XQILQDOHQHOTXHVHWLHQHHO
RUJDVPR\VHWHUPLQDHVFRPRXQFtUFXORVHVLJXH\VHVLJXH
œ$OJXQDV YHFHV FUHR TXH SRGUtD LU GLUHFWDPHQWH GHVGH EHVRV SURIXQGRV HQ OD
ERFD KDVWD OD HVWLPXODFLyQ FOLWyULFD KDVWD HO RUJDVPR 'HSHQGH GH PL HVWDGR GH
¦GLVSRVLFLyQ§0HJXVWDWDPELpQTXHPLDPDQWHPHWRTXHPX\OLJHUDPHQWHFRQVX
OHQJXD\PDQRVSRUWRGRPLFXHUQRHQHVSHFLDOPLVQDOJDV\EDMRYLHQWUH1RH[LVWH
VLVWHPD ¦PHMRU§ GH HVWLPXODFLyQ FOLWyULFD FXDQGR HOOD HPSOHD OD ERFD HV GLIHUHQWH
TXHFRQVXVGHGRV$OJXQDVYHFHVPHJXVWDVXERFDDOSULQFLSLR\OXHJRVXVGHGRV\
RWUDVYHFHVVRODPHQWHVXERFD2ELHQVXOHQJXDVDOSLFDQGROLJHUDPHQWHPLFOtWRULV
RVXERFDVXFFLRQiQGRPHFRQIXHU]DRVXGHGRPRYLpQGRVHGLUHFWDPHQWHHQFLPDGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PLFOtWRULVHQXQPRYLPLHQWRDUULED\DEDMRFDGDYH]PiVUiSLGRVXHOHQSURGXFLUPH
HORUJDVPR$OJXQDVYHFHVHOODKXQGHVXERFDSURIXQGDPHQWHFRQWUDPt\VDFXGHVX
FDEH]D UiSLGDPHQWH D XQ ODGR \ RWUR WDPELpQ DVt OOHJR DO RUJDVPR 1LQJ~Q PHGLR
~QLFR GD PHMRU UHVXOWDGR WRGR HO WLHPSR GLVWLQWRV PHGLRV HQ GLVWLQWRV PRPHQWRV
IXQFLRQDQPDUDYLOORVDPHQWHELHQ8QGHWDOOHFUHRTXHHVPiVIiFLOSDUDPtVLHPSH
]DPRVDKDFHUHODPRUFRQQXHVWUDVURSDVSXHVWDV \QRWHQHPRVPiVTXHXQPLQXWR
GHLQWHUUXSFLyQ SDUDGHVQXGDUQRV'HRWURPRGRPHVLHQWRDOJRWtPLGD
œ+D\VLHPSUHXQDJUDQFDQWLGDGGHWRTXHV\DIHFWRVGHGRVFRUULHQGRVREUHFD
GDXQRGHQXHVWURVFXHUSRVSLHUQDVHQOD]DGDV\XQDJUDQFDQWLGDGGHEHVRVSRUWR
GRVQXHVWURVFXHUSRV(QWRQFHVSDVDPRVDOVH[RRUDOPXWXRRDOJXQDVYHFHVXQDGH
QRVRWUDVVRODPHQWH$OJXQDVYHFHVGHVFDQVDPRVXQRVLQVWDQWHV\YROYHPRVDHPSH
]DU
œ(OODHVWLHUQD\GHOLFDGDVDEHH[DFWDPHQWHFyPRIURWDUPLFOtWRULV\TXpSUH
VLyQGHEHHPSOHDU(PSOHDQGRWRGRHOWLHPSRTXHTXHUHPRV\OOHJDQGROOHJDQGR
OOHJDQGR
œ/DVUHODFLRQHVTXHKDVWDDKRUDKHPDQWHQLGRFRQPXMHUHVVHKDQEDVDGRPiV
HQ XQ DPRU DIHFWXRVR TXH VH[XDO 7HQJR TXH VHU PiV VH[XDO FRQ ODV PXMHUHV /DV
PXMHUHVFRQODVTXHKHHVWDGRPHKDQEHVDGR\\RDHOODVWDPELpQQRVKHPRVDEUD
]DGR\WRFDGRGHOLFDGDPHQWHODXQDDODRWUD(OPHURKHFKRGHTXHQXHVWURVFXHUSRV
HVWpQMXQWRVFiOLGDPHQWHPHHQFLHQGHWRGRHOFXHUSR8QDPXMHUVHVHQWyVREUHPL
iUHDSpOYLFDVXDYHPHQWHGiQGRPHODHVSDOGD\PHHVWLPXOyYDJLQDO\FOLWyULFDPHQ
WHFRQVXVGHGRVGHIRUPDGHOLFDGDHPSOHDQGRWRGRHOWLHPSRQHFHVDULR\VLQSUH
RFXSDUVH HQ DEVROXWR GH H[FLWDUPH VLQR PiV ELHQ H[SORUDQGR (VWR PH UHODMD SDUD
WRPDUPH\RPLWLHPSR\KDFHUORPLVPR'LVIUXWpPXFKRFRQWRGDVHOODV\HVSHUR
TXH KDUp GH ODV PXMHUHV XQD SDUWH PDV DFWLYD GH PL YLGD /R KDJR EXVFiQGRODV D
HOODVSDUWLFLSDQGRHQODVDFWLYLGDGHVGHODVPXMHUHV\GHODVOHVELDQDV\FRORFiQGR
PH \R PLVPD HQ SRVLFLyQ SDUD FRQRFHUODV \ UHXQLUPH FRQ HOODV FRQ HO SURSyVLWR
FRQVFLHQWHGHTXHGHVHRKDFHUHODPRUFRQXQDFLHUWDFODVHGHPXMHUTXHPHHQDPR
UD
œ+DFHUHODPRUFRQXQDPXMHUHVVLHPSUHPDVYDULDGRTXHFRQXQKRPEUH\
ODV DFFLRQHV ItVLFDVVRQPiVPXWXDV([SHULPHQWRXQDSOHQLWXGPD\RUGHVHQVDFLR
QHV FXDQGR HQ OXJDU GH XQ KRPEUH PH EHVD \ PH WRFDXQDDPDQWHIHPHQLQD/RV
WRTXHVUHVXOWDQGLVWLQWRVLJXDOTXHORVEHVRVHODXUDWRWDOHVGLVWLQWD
œ(O VH[R FRQ XQD PXMHU LQFOX\H WRFDU EHVDU VRQUHtU SRQHUVH VHULD DEUD]DU
FKDUODU FRLWR GLJLWDO DFDULFLDU PLUDU FXQQLOLQJXV GHVYHVWLUVH UHFRUGDU GHVSXpV
KDFHUUXLGRVDOJXQDVYHFHVPRUGLVTXHDUGHOLFDGDPHQWHDOJXQDVYHFHVOORUDUUHVSL
UDU\VXVSLUDUMXQWDV
œ/L]PLFRPSDxHUDGHKDELWDFLyQ\\RKHPRVKHFKRHODPRUFRQIUHFXHQFLD
FXDQGR XQD GH QRVRWUDV WLHQH SUREOHPDV HPRFLRQDOHV HO DPRU GH DPLJDV &XDQGR
HQHVWHFDVR/L]KDWHQLGRXQDPDODH[SHULHQFLD\ROHKDJRHODPRU3ULPHUREHVR
VXIUHQWHGHVSXpVVXVODELRV\PiVWDUGHOHGR\PDVDMHPX\VXDYHPHQWHHQORVSH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FKRV %HViQGRORV JHQWLOPHQWH \ IURWiQGRORV VXFFLRQDQGR VXV SH]RQHV 0LHQWUDV OH
KDJRHVWRHOODKDELWXDOPHQWHPHHVWUXMDORVSHFKRVRPHIURWDORVKRPEURV'HVSXpV
DFDULFLRVXYDJLQD\UHDOL]RHQHOODHOFXQQLOLQJXV(QWRQFHVDGRSWRODSRVLFLyQGHO
KRPEUH\GHMRTXHHOODPHEHVH\DEUDFH$VtHVFXDQGRODHPRFLyQDSDUHFH6LHOOD
ORTXLHUHHQWRQFHVPHKDFHHODPRU
œ7pFQLFDPHQWHGRVPXMHUHVKDFHQORTXHKDUtDQXQKRPEUH\XQDPXMHUMXQ
WRV WRFDUVH EHVDUVH \ DFDULFLDUVH H[FHSWR TXH QR KD\ SHQH < WRGDYtD WHQJR TXH
HQFRQWUDUPHFRQXQDOHVELDQD TXHHPSOHHXQFRQVRODGRU&UHRTXHHVWRHVXQJUDQ
GLVSDUDWHGHODSRUQRPDVFXOLQD$QWHVPHQFLRQpHOMXHJRPXWXRFRQQXHVWURVSH
FKRV $OJXQDV YHFHV SURGXFH SODFHU FRORFDU PL SH]yQ GHQWUR GH VX YDJLQD R YLFH
YHUVD 7DPELpQ HV PDUDYLOORVR HO FXQQLOLQJXV WDQWR FRPR SDUWLFLSDQWH R FRPR
UHFHSWRUD6LQHPEDUJRQRGLVIUXWRFRQHOVHVHQWD\QXHYHSXHVGLVWUDHGHPDVLDGR
HVXQH[FHVRGHDFWLYLGDGHVDODYH]TXHQRPHSHUPLWHQFRQFHQWUDUPHHQQLQJXQD
GH ODV GRV &XDQGR UHDOL]R HO FXQQLOLQJXV PH JXVWD QR VRODPHQWH IURWDU ORV ODELRV
LQWHULRUHV\ORVERUGHVGHVXYDJLQDFRQPLOHQJXDVLQRWDPELpQFKXSDUVXFOtWRULV
(VWR PH H[FLWD HQ JUDGR VXPR \ PLV FRPSDxHUDV VLHPSUH SDUHFHQ GLVIUXWDU PXFKR
FRQ HOOR7DPELpQGLVIUXWRFRQHOWULEDGLVPR'LVIUXWRVLPSOHPHQWH VLQRVDEUD]DU
QRV FRQ IXHU]D \ QXHVWURV PXVORV SUHVLRQDQ FRQWUD ORV JHQLWDOHV GH FDGD XQD R
\DFLHQGRIHOL]PHQWHHQGLDJRQDOFRQQXHVWUDVSLHUQDVIRUPDQGRXQD¦9§FRPRXQD
HVSHFLH GH WLMHUDV HQ WRUQR D FDGD WRUVR QXHVWUDV YDJLQDV FDOLHQWHV K~PHGDV
WRFiQGRQRVIHOLFHVQXHVWUDVPDQRVHQWUHOD]DGDV
œ1XHVWUDUHODFLyQIXQFLRQDVREUHXQDEDVHGHPXFKDLJXDOGDGDPEDVWRPDPRV
OD LQLFLDWLYD HQ GLYHUVRV PRPHQWRV \ DGRSWDPRV GLIHUHQWHV SRVLFLRQHV HQ HO WULED
GLVPRODSRVLFLyQGHOVHVHQWD\QXHYHPDVWXUEDFLyQPXWXDIURWHGHSHFKRVRSH
FKRVFRQWUDHOFOtWRULV1RKD\QRUPDVSDUWLFXODUHVH[FHSWRTXHKDELWXDOPHQWHDO
FDQ]DPRV QXHVWURV RUJDVPRV GXUDQWH HO WULEDGLVPR HO FXDO SUDFWLFDPRV FRQ PiV
IUHFXHQFLD
œ(VGHORPiV HVWLPXODQWHHVWDUHQSRVLFLyQVHQWDGDGDQGRIUHQWHDPLFRPSD
xHUD (OOD WDPELpQ VH VLHQWD \ SUHVLRQD JHQWLOPHQWH FRQ VX PDQR GHQWUR GH Pt 'H
HVWH PRGR SXHGR GHWHUPLQDU OD YHORFLGDG H LQWHQVLGDG GH ORV PRYLPLHQWRV < QRV
SRGHPRVYHUXQDDRWUDEHVDUQRVFKDUODU\WRFDPRVORVSHFKRVPXWXDPHQWH
œ0LVPHMRUHVH[SHULHQFLDVVH[XDOHVODVWXYHFRQODSULPHUDPXMHUTXHDPp<R
KDEtD HVWDGR FDVDGD GXUDQWH XQPLOHQLR\HOODHUDXQDDXWpQWLFDYLUJHQ1LVLTXLHUD
SUDFWLFDPRV HO FXQQLOLQJXV \ VLQ HPEDUJR IXHURQ SRGHURVRV HQFXHQWURV VH[XDOHV
SDUD DPEDV SRUTXH HUDQ XQ VXHxR FRQYHUWLGR HQ UHDOLGDG (VWXYLPRV ORFDV OD XQD
SRUODRWUD\pVWDHVODUD]yQSRUODTXHIXHURQPLVPHMRUHVH[SHULHQFLDVVH[XDOHV
œ0HSRQJRPX\H[FLWDGDDFDULFLDQGRDPLDPDQWHIHPHQLQDORVSHFKRVHOFOt
WRULV\ODYDJLQD\HVWR\WDQHQWXVLDVPDGDFRQVXFXHUSRTXHHOODQRQHFHVLWDKDFHU
PH QDGD HO PHUR WRTXH \ JXVWR GH VX FXHUSR HV WRGR HO HVWtPXOR TXH QHFHVLWR /D
H[FLWDFLyQ\HORUJDVPRHVXQDH[SHULHQFLDPX\HPRFLRQDOSRUTXHGHDOJXQDPD
QHUDFRPXQLFDWRGRHODPRUTXHVLHQWRSRUHOOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
<XQDPXMHUQRVGLRXQDODUJDUHVSXHVWD
œ0LDPDGDHVPX\VHQVLEOHDORTXHTXLHUR3HURPHORSUHJXQWD\\RWDPELpQ
VH OR GLJR SRUTXH HV PHMRU FRPXQLFDPRV QXHVWURV GHVHRV &RPR OD RWUD QRFKH
FXDQGRHOODVHPRVWUDEDPX\GHOLFDGD\\RQROHFRUUHVSRQGtD\OHGLMH¦4XLHURTXH
VHDVUXGD§\DVtORKL]RHOOD\IXHDOJRLQWHQVRPDUDYLOORVR1RVJXVWDHVWLPXODUQRV
QRVRWUDV PLVPDV \ QL DHOODQLDPtQRVLPSRUWDKDFHUORQLQRVVHQWLPRVPROHVWDV
$OJXQDV YHFHV XVXDOPHQWH VL HOOD OOHJD DQWHV TXH \R HOOD FRQWLQXD KDFLpQGRPH HO
DPRUKDVWDTXH\ROOHJySHURVLQR\RPHPDVWXUER\HOODPHDEUD]DPLHQWUDV\ROR
KDJR\HVH[DFWDPHQWHORPLVPRTXHKDFHUHODPRU
œ(OOD WLHQH VHQVDFLRQHV HPRFLRQDOHV $OJXQDV YHFHV VX PHQWH YDJDEXQGHD
FRPRHQFLHUWDRFDVLyQHQTXHHVWiEDPRVEHViQGRQRV\DEUD]iQGRQRV\HPSH]iED
PRVDKDFHUHODPRU\GHSURQWRHOODSUHJXQWy¦˜(QTXpSDUWHGHOPXQGRYLYHQORV
DUPDGLOORV"§5HDOPHQWHORSUHJXQWyPX\VHULD\HVWXYLPRVULpQGRQRVPXFKRWLHP
SR
œ0HJXVWDHOVH[RQRJHQLWDOWDQWRRPiVTXHHOJHQLWDO0HJXVWDDEUD]DU\EH
VDUKDELWXDOPHQWHQRLQWHUFDPELDPRVEHVRVSURIXQGRVDXQTXHFXDQGRORKDFHPRV
HVHVWXSHQGRVREUHWRGRSHTXHxRV EHVRVK~PHGRVHQVLWLRVHVWXSHQGRV0HJXVWD
KDEODUUHtUKDFHUWRQWHUtDV\VLPSOHPHQWHPLUDUOHHOVHPEODQWH\FXHUSREDMRODOX]
GHODOXQD0HJXVWDFXDQGRHVWiWHQGLGDHQFLPDPtR\PLUDKDFLDDEDMRDPLFDUD
6H OD YH FiOLGD \ RUJXOORVD 8QD YH] PL FRUD]yQ WXYR XQ RUJDVPR FXDQGR HOOD PH
DEUD]DED\PLUiQGRPHPHGHFtDRPXFKRTXH PHTXHUtD(OGHHOODWDPELpQWXYR
6HQWtTXHHOFRUD]yQPHGLRXQYXHOFR\WXYRXQDVDFXGLGDFRPRODTXHWLHQHPL
FXHUSRFXDQGROOHJD0HJXVWDPXFKRROHU/DSULPHUDPXMHUGHODTXHHVWXYHHQD
PRUDGDFXDQGR\RWHQtDGRFHDxRVSRVHtDXQRORUFRUSRUDO VHPHMDQWHDOGHORVERV
TXHV\ODVKRMDVRWRxDOHV\PHHQFDQWDED0HJXVWDROHUHOFDEHOORGHPLDPDGD\VX
SHFKR 0H JXVWD VXFFLRQDU VXV SHFKRV \ PH JXVWD TXH HOOD VXFFLRQH ORV PtRV (OOD
PH KDFH WRGD FODVH GH FRVDV QXHYDV \ PDUDYLOORVDV 1XQFD PH KH VHQWLGR WDQ ELHQ
FRPR FRQ HOOD 0H JXVWDQ ODV SHTXHxDV FRVDV TXH HOOD KDFH PiV TXH WRGRV ORV RU
JDVPRVGHOPXQGR
$/*81$65$=21(6325/$648(/$608-(5(635(),(5(15(/$&,21$56(
6(;8$/0(17(&2108- (5(6
œ+H HVWDGR UHODFLRQiQGRPH VH[XDOPHQWH FRQ PXMHUHV GXUDQWH PiV GH FXDWUR
DxRV6LHPSUHKHWHQLGRUHODFLRQHVLQWHQVDVFiOLGDVDPRURVDVFRQPXMHUHVGHVGH
VLHPSUH 0LV VHQWLPLHQWRV GH VLPSDWtD FRPSDVLyQ \ FRPSUHQVLyQ ORV KH GLULJLGR
FRQ SUHIHUHQFLD KDFLD PXMHUHV (Q RWUDV SDODEUDV ODV PXMHUHV PH KDQ LPSRUWDGR \
PHLPSRUWDQPiVTXHORVKRPEUHV\DXQFXDQGRKHWHQLGRPiVUHODFLRQHVVH[XDOHV
FRQKRPEUHVHQHOSDVDGRQRSXHGHQFRPSDUDUVHHQKRQGXUDHPRFLRQDODPLVUHOD
FLRQHVVH[XDOHVRQRVH[XDOHVFRQPXMHUHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6R\ OHVELDQD ([SHULPHQWp PLV SULPHUDV VHQVDFLRQHV GH GHVHR VH[XDO KDFLD
RWUDPXMHUKDFHRFKRDxRVFXDQGR\RWHQtDFDWRUFH$PEDVQRVDVXVWDPRVGHVSXpV
VHUtD PiV H[DFWR GHFLU TXH HVWiEDPRV DWHUURUL]DGDV\WUDWDPRVGHFRQYHQFHPRVD
QRVRWUDVPLVPDVGHTXHpUDPRVKHWHURVH[XDOHV(QORVVLJXLHQWHVWUHVDxRV\PHGLR
PHDFRVWpFRQVLHWHXRFKRKRPEUHVSHURQXQFDTXHGpPX\VDWLVIHFKDFRQWDOHVUH
ODFLRQHV HPRFLRQDO VH[XDOPHQWH HWF 1R HUDQ VDWLVIDFWRULDV SRUTXH VLPSOHPHQWH
QR VHQWtD OD FRPSOHWD UHODFLyQ HPRFLRQDO HVSLULWXDO HWFpWHUD $GHPiV PH JXVWDQ
PXFKR PiV ORV FXHUSRV GH PXMHU &XDQGR WHQtD GLHFLQXHYH DxRV PH HQDPRUp SHU
GLGDPHQWH GH XQD PXMHU \ FRPSUHQGt TXH \D QR SRGtD HQJDxDUPH D Pt PLVPD SRU
PiVWLHPSR6XSHHQWRQFHVTXHHUDOHVELDQD(OODHVWDEDPXFKRPiVDVXVWDGDTXH\R
HUDODSULPHUDYH]TXHVHGDEDFXHQWDGHTXHVHQWtDGHHVWHPRGRKDFLDRWUDPXMHU
\ SRU HVWD UD]yQ QXHVWUD VH[XDOLGDG QR HUD H[SUHVDGD HQWUH QRVRWUDV PX\ IUH
FXHQWHPHQWH(VWXYHHQDPRUDGDGHHOODFDVLGRVDxRV\PHGLR+DFHHVFDVDPHQWHXQ
DxR YL GH QXHYR D PL SULPHUD DPDGD GHO SULPHU DxR GH HVFXHOD VHFXQGDULD \ FR
PHQ]DPRVDFRVWDUQRVMXQWDV'HVSXpVGXUDQWHHODxRVLJXLHQWHPHKHDFRVWDGRFRQ
RWUDVGRVPXMHUHVDQWHVGHFRQRFHUDPLDFWXDODPDQWH+HPRVHVWDGRYLYLHQGRMXQ
WDV GHVGH KDFH WUHV PHVHV \ DPEDV WHQHPRV OD HVSHUDQ]D GH TXH HVWR GXUH PXFKR
PXFKRWLHPSR(VWDPRVH[WUHPDGDPHQWHFyPRGDVODXQDFRQODRWUDHQWRGRVORVDV
SHFWRV1LQJXQDGHQRVRWUDVTXLHUHDFRVWDUVHFRQRWUDVSRUORPHQRVKDVWDDKRUD
+HFXPSOLGRDKRUDORVYHLQWLGyV\HOODWLHQHYHLQWH+DHVWDGRIXHUDGHVXFDVDGHV
GHTXHWHQtDWUHFHDxRVDXQTXHWDPELpQHOODVHDFRVWyFRQXQRVRFKRRQXHYHKRP
EUHV HQ ORVSULPHURV\SRFRVDxRVGHVXH[SHULHQFLDVH[XDO1LQJXQDGHODVGRVVH
FDVDUtD QXQFD DXQ FXDQGR QR IXpUDPRV OHVELDQDV /DV LPSOLFDFLRQHV SROtWLFDV VRQ
GHPDVLDGR DPSOLDV \ SHUMXGLFLDOHV 9LYLPRV FRQ RWUDV GRV PXMHUHV \ GLVIUXWDPRV
UHDOPHQWHGHODYLGDFROHFWLYD
œ&UHRTXHHVWRHVYHUGDGSDUDLQFRQWDEOHVPLOORQHVGHHVSRVDVSHVHDWRGDVODV
SUHWHQVLRQHVGHRUJDVPRHOODVUHDOPHQWHQRVDEHQORTXHHVHORUJDVPR&DVLQLQJX
QD HVWi GLVSXHVWD D DGPLWLU TXH QR WLHQH RUJDVPRV ˜FyPR IUtJLGD \R" 'XUDQWH PL
PDWULPRQLRGHWUHLQWDDxRV\RVROtDGHFLU\ EDVWDQWHVLQFHUDPHQWHORFUHDRQRTXH
Vt TXH FDVL FDGD YH] DOFDQ]DED HO RUJDVPR 3HUR HQWRQFHV FLHUWR GtD FRJLGD SRU
VRUSUHVD HQ XQD UHODFLyQ OHVELDQD H[SHULPHQWp SRU YH] SULPHUD XQ RUJDVPR WRWDO
¦™&LHORV§ 1XQFD KDEtD VHQWLGR QDGD VHPHMDQWH D HVWR KDVWD HQWRQFHV 6~ELWDPHQWH
FRPSUHQGtWRGDODVHULHGHUDUH]DVHQHOFRPSRUWDPLHQWR PDVFXOLQR/DVVHQVDFLRQHV
PiV ELHQ SODFHQWHUDV JHQHUDOL]DGDV D ODV TXH HVWDED DFRVWXPEUDGD D VHQWLU FRQ
KRPEUHV ¥HVWLPXODFLyQ YDJLQDO¥ SRGtDQ LQFOXLUVH HQ OD PLVPD FDWHJRUtD TXH OD
FDOLGH]VHQVXDOGHODVJDFKDVGHDYHQD1RHVGHH[WUDxDUTXHODVPXMHUHVQRKD\DQ
KHFKRQXQFDDVSDYLHQWRVSRUHODFWRVH[XDOFRQHOKRPEUH'HVGHOXHJRHVDJUDGD
EOHSHURXQDSXHGHSDVDUVHPX\ELHQVLQHOOR&UHRTXHODPD\RUtDGHPXMHUHVTXH
GHFODUDQ DOFDQ]DU HORUJDVPRVLQKDEHUH[SHULPHQWDGRODGHWRQDFLyQFOLWyULFDHVWiQ
KDEODQGRFRQSOHQDLJQRUDQFLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&UHRTXHSRVHRPXFKDH[SHULHQFLDDSHVDUGHWHQHUGLHFLRFKRDxRV*UDQSDU
WHGHHOODIXHPDODSHURGHWRGRVPRGRVDSUHQGt0HKHDFRVWDGRDSUR[LPDGDPHQ
WHFRQXQRVYHLQWHKRPEUHV\XQDPXMHU(QFRQWUpDODPXMHUPXFKRPHMRUVH[XDO
PHQWH\PHMRUDPDQWH(UDFiOLGD\WLHUQD(VWRVHGHEHDTXHIXLPRVDPLJDVGXUDQWH
FLQFRDxRVDQWHVGHDFRVWDUQRVMXQWDV+DVWDTXHORVKRPEUHVPHFRPSUHQGDQFRPR
HOOD OR KDFH SUHILHUR DFRVWDUPH FRQ HOOD TXH FRQ FXDOTXLHU RWUR 0H JXVWDUtD WHQHU
PiVH[SHULHQFLDFRQPXMHUHVTXHFRQR]FR/RPiVLPSRUWDQWHHQHODVSHFWRDJUDGD
EOHGHOVH[RHVVHUVLQFHUD6LXQDSUHWHQGHSRVHHUDXQDPXMHUGHEHKDFpUVHORVDEHU
SXHGHVHUPX\ELHQTXHHOODVLHQWDORPLVPR6LODKRUULSLODHVSUHFLVRKDEODUOHGH
HOORQHFHVLWDUHODMDUVH\SHUGHUFRPSOHMRV
œ7HQJRRUJDVPRV¥VLHPSUHP~OWLSOHV¥ FRQODPDVWXUEDFLyQSHURQRORVWHQ
JRWDQIUHFXHQWHPHQWHFRQPLPDULGR/RVVLPXOpDYHFHVSHURFDVLVLHPSUHQLPH
PROHVWDEDHQKDFHUORSRUTXHHVVyORSDUDVXFRPSODFHQFLD+HHQWUDGRHQPLVFXD
UHQWD (O DxR SDVDGR SRU YH] SULPHUD WXYH UHODFLRQHV VH[XDOHV FRQ XQD PXMHU (V
DOJRFRPSOHWDPHQWHGLIHUHQWH\VLHPSUHWHQJRRUJDVPRV
œ0LVPHMRUHVH[SHULHQFLDVVH[XDOHVIXHURQFRQXQDDPLJDQRSRUTXHPHSUR
GXMHUDQRUJDVPRSRUTXHJHQHUDOPHQWHQRHUDDVtVLQRSRUTXHHOODHUDXQDPXMHU
\ HV PXFKR PiV IiFLO SDUD PL HQWUHJDUPH HPRFLRQDOPHQWH D XQD PXMHU UHQGLU PL
HJRVXSLHOHUDPX\VXDYH\ILQDODYXOQHUDELOLGDGPHHPRFLRQDEDODRSRUWX
QLGDGGHDFWXDUFRPRDJUHVRUD\DPDQWHHUDPDUDYLOORVDKDFHUHODPRUHUDDOJR
WDQFRUUHVSRQGLGRVLQILQVLQDSUHVXUDPLHQWRVHOODQRVHFRQYHUWtDUiSLGDPHQWHHQ
XQDERODGHVXGRUH[LJLHQGRORVKDELWXDOHVPRYLPLHQWRVGHOFRLWRQRPHSUHRFX
SDEDOOHJDUQRKDEtDSURJUDPD QRPHSUHRFXSDEDVLPLFXHUSRHUDRQR¦DGHFXD
GR§ \ WDPSRFR PH SUHRFXSDED DFHUFDGHOMXLFLRPRUDOVH[XDOGHHOODGHGyQGH
LEDDVHUFRORFDGDHQHOHVSHFWURGHODVIUDJLOLGDGHVGHODKHPEUD˜iQJHORSURVWLWX
WD"
œ(OVH[RQRHVVLPSOHPHQWHVH[RVLQLPSRUWDUVLHVKHWHURXKRPR&RPRFXDO
TXLHU OHVELDQD R ELVH[XDO SRGUi GHFtUVHOR HO VH[R HV XQD FRVD PX\ GLIHUHQWH FRQ
KRPEUHVTXHFRQPXMHUHVXQDH[SHULHQFLDFRPSOHWDPHQWHGLIHUHQWHTXHVHDFRPSD
VD PiV FRQ HO KHFKR GH TXH OD PD\RUtD GH PXMHUHV TXH KDQ WHQLGR UHODFLyQ VH[XDO
FRQRWUDVPXMHUHVJXVWDQPiVGHpVWDVTXHGHORVKRPEUHV7LHQHPXFKRTXHYHUFRQ
ODPDQHUDHQTXHORVKRPEUHVKDQVLGRHGXFDGRVFRQUHVSHFWRDVXVFXHUSRVWDFWR\
VHQVXDOLGDGDQWDJyQLFDGHODPDQHUDHQTXHODVPXMHUHVDSUHQGLHURQDKDFHUOR7R
GRORFXDOSXHGHUHVXPLUVHHQODIUDVH¦KDFHUHODPRUFRQ§HQYH]GH¦KDFHUHODPRU
D§
œ/RV KRPEUHV HVWDEDQ SULQFLSDOPHQWH FRQFHQWUDGRV HQ VX SURSLR SODFHU PiV
TXHHQHOPtR1RHQFRQWUpDPRUHPRFLRQDOVyORDPRUItVLFR(QFXHQWURDODVPXMH
UHVPHMRUHVDPDQWHVVDEHQORTXHXQDPXMHUTXLHUH\ORTXHHVPiVH[LVWHXQDLQ
WLPLGDGHPRFLRQDOTXHQXQFDSXHGHVHULJXDODGDQLKDOODGDFRQXQKRPEUH0iVWHU
QXUDPiVFRQVLGHUDFLyQ\FRPSUHQVLyQGHORVVHQWLPLHQWRVHWF
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DVPXMHUHVSRVHHQXQQLYHOGHHQHUJtDPiVVRVWHQLGDGHVSXpVGHORUJDVPR\
HVWiQ PDV FDSDFLWDGDV SDUD VDEHUOR \ KDFHU DOJR VL QR KH TXHGDGR VDWLVIHFKD 1R
¦WHUPLQD§WRGRDXWRPiWLFDPHQWHSRUTXHDOJXLHQ\DWXYRVXRUJDVPR
œ+XERPDQLSXODFLyQFOLWyULFDSRUPDQR\ERFDFRQPXFKRVPiVDEUD]RV\EH
VRVTXHFRQKRPEUHV\PXFKDPiVSUHRFXSDFLyQSRUPLSODFHU0HVHQWtPXFKtVL
PRPHMRUPXFKRPiVOLEUHTXHFRQKRPEUHV
œ/OHYR \D GRV DxRV VLHQGR OHVELDQD \ HVWR\ YLYLHQGR FRQ OD PXMHU D OD TXH
TXLHUR$PEDVHVSHUDPRVTXHpVWDVHD XQDVLWXDFLyQSHUPDQHQWH\QRVVHQWLPRVIHOL
FHV FyPRGDV 1R OR FRQVLGHUR XQ PDWULPRQLR \ GDGD PL SHUVRQDO GHILQLFLyQ GHO
PDWULPRQLRQRFUHRTXHPHJXVWDVHHVWDUFDVDGD)tVLFDPHQWHODVUHODFLRQHVVH[XD
OHVFRQPXMHUHVKDQVLGRPXFKR PiVSODFHQWHUDVTXHFRQKRPEUHV3VLFROyJLFDPHQWH
WDPELpQ SRUTXH ODV PXMHUHV FRQ ODV TXH KH WHQLGR UHODFLyQ VH[XDO KDEtDQ VLGR PLV
DPLJDVSULPHUDPHQWHORFXDOQXQFDIXHHOFDVRFRQKRPEUHV/DDPLVWDGFRQVROLGD
XQD FRQILDQ]D TXH FUHR HV HVHQFLDO SDUD VDWLVIDFHU OD LQWLPLGDG ItVLFD 5HODFLRQDUVH
FRQ RWUD PXMHU ItVLFDPHQWH PH SDUHFH OD FRVD PiV QDWXUDO GHO PXQGR <D VH WLHQH
GHVGHHOSULQFLSLRXQDJUDQYHQWDMDSXHVWRTXHVHFRQRFHFRPRSXHGHGiUVHOHSOD
FHU /D GXO]XUD SDUHFH VHU OD FODYH \ HV OD GLIHUHQFLD SULQFLSDO HQWUH UHODFLRQDUVH
KRPEUHV\PXMHUHV%DVWDVHJXLUHVWDUHJODGHRUR
œ&XDQGRWXYHVH[RSRUYH]SULPHUDFRQXQDPXMHUSHQVpKD\DOJRPX\H[WUD
xR HQ HVR GH DFRVWDUVH FRQ XQD DPLJD WX PHMRU DPLJD \ KDFHU HO DPRU FRQ HOOD
¦™'LRV ˜6R\ XQD OHVELDQD" ™'HER HVWDU HQIHUPD§ 3HUR GHVSXpV WH GDV FXHQWD GH
TXH QR HVWiV HQ DEVROXWR HQIHUPD 'HVFXEUt TXH HV XQD QXHYD H[SHULHQFLD KDFHU HO
¦DPRU§ (V XQD HVSHFLH GH VH[XDOLGDG GLIHUHQWH FXDQGR KD\ HPRFLRQHV GHWUiV GH
HOOD$PERVHQIRTXHVVRQEXHQRVSHURVRQGLIHUHQWHV
œ/R VH[XDO HV PHMRU FRQ PXMHUHV ItVLFD \ HPRFLRQDOPHQWH /DV PXMHUHV VRQ
PXFKRPiVVHQVLEOHVSDUDODVQHFHVLGDGHVGHODVRWUDVSHUVRQDVSUREDEOHPHQWHFR
PR UHVXOWDGR GH QXHVWUD SURJUDPDFLyQ VHUYLO 3RU WRGR HOOR HO EHQHILFLR HV XQD
DPDQWH VLQWRQL]DGD 7DPELpQ PH JXVWD HO KHFKR GH TXH ODV PXMHUHV QR VH SXHGHQ
YLRODUPXWXDPHQWH$VLPLVPRPHJXVWDODVLPHWUtDHVWpWLFD¥DVSHFWR¦JHPHOR§¥
DVtFRPRODVLPHWUtDGHSRGHU
œ$ORVVLHWHDxRVVROtDH[FLWDUPHPXFKRLPDJLQiQGRPHTXHHVWDEDEHVDQGRD
FLHUWD DPLJXLWD &HUFD GH ORV GRFH DxRV FUHDED IDQWDVtDV VREUH FDULFLDV FRQ DPERV
VH[RV $O URQGDU ORV FDWRUFH TXHUtD FRSXODU R ELHQ ™PiV H[FLWDQWH PLVWHULRVR \
SURKLELGRKDFHUWRGRORTXHKDFtDQODVOHVELDQDV$KRUDORKDJR\HVPDUDYLOORVR
œ/D PD\RUtD GH ORV KRPEUHV HQ PL FDUUHUD KHWHURVH[XDO FXDQGR WXYH YHLQWH
DxRVKDVWDFXPSOLUORVYHLQWLRFKRTXHUtDQTXH\ROHVHVWLPXODVHHOSHQHRUDOPHQWH
GHVSXpVGHORFXDOPHPRQWDEDQ\DOFDQ]DEDQVXFOtPD['HVSXpVGHH\DFXODUHOORV
VROtDQ SUHJXQWDUPH ¦˜7H FRUULVWH"§ 3RU OR JHQHUDO PLV DPDQWHV IHPHQLQDV KDQ
DGRSWDGRWiFWLFDVPXFKRPiVFUHDWLYDV\YDULDGDVSDUDLQLFLDUHODFWRDPRURVR7R
GDVHOODVFRPHQ]DURQSRUVHULQFUHtEOHPHQWHGXOFHV\PX\FRQRFHGRUDV GHPLVQHFH
VLGDGHV WDQWR FRPR GH ODV SURSLDV /DV PXMHUHVQRDFWXDEDQFRPR VL\RIXHVHXQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
¦PiTXLQDGHPDVWXUEDFLyQ§SDUDHOODVQLVHSXVLHURQDGRUPLUFXDQGRWHUPLQy1LQ
JXQD PXMHU PH SUHJXQWy QXQFD ¦˜7H FRUULVWH"§ (OODV OR VDEtDQ 0LV SHULRGRV GH
KDFHUHODPRUFRQPXMHUHVKDQGXUDGRVLHPSUHPXFKRPiV GHORTXHQXQFDGXUDURQ
FRQKRPEUHV9HLQWHPLQXWRVPi[LPRSDUDXQKRPEUHSRUORPHQRVXQDKRUDFRQ
XQD PXMHU KDELWXDOPHQWH PiV 7HQJR OD HVSHUDQ]D GH TXH OOHJXH HO GtD HQ TXH ODV
SDUHMDVKHWHURVH[XDOHVSXHGDQMDFWDUVHXQLYHUVDOPHQWHGHJR]DUGHODH[FHOHQWHFODVH
GHHQFXHQWURVVH[XDOHVTXH\RWHQJRDKRUD
œ/DVH[XDOLGDGOHVELDQDHVPX\GLIHUHQWHDOVH[RFRQKRPEUHV1RHVXQ¦LQ
WHUFDPELR§RXQ¦FRPHUFLR§RVHUYLFLRVQRHVItVLFDPHQWHGLItFLOQRHVDOJRTXHPH
KDFHQ D Pt SHVH D OD PHMRU EXHQD YROXQWDG GHO PXQGR ORV KRPEUHV WRGDYtD PH
KDFtDQVHQWLUTXHDFWXDEDQHQ PtQRHVXQDGHPDQGDRULHQWDGDRUJDVPR(VPD
UDYLOORVR 3XHGR VHU D OD YH] SDVLYD \ DFWLYD UHODMDUPH \ SHGLU 1R KD\ WHPRU GH
TXHFXDOTXLHUFRVDYD\DDGHWHQHUQXHVWUDDFWLYLGDGVDOYRHODJRWDPLHQWRWRWDO'LV
IUXWRORTXHOHKDJRDHOODFDVLWDQWRFRPRORTXHHOODPHKDFHDPtXQDDRWUDQRV
KDFHPRV SRVLEOHV ODV VHQVDFLRQHV UHYHOiQGRQRV QXHVWUD QHFHVLGDG \ SODFHU PXWXD
PHQWH(QFLHUWRPRGRKHROYLGDGRHOSiQLFRHQTXHVROtDHQFRQWUDUPHDFHUFDGHORV
RUJDVPRV\PHHQFROHUL]RVLHPSUHTXHVLHQWRODRSUHVLyQGHDTXHOODFODVHGHUHFXHU
GR 1L VLTXLHUD HVWR\ VHJXUD GH VL FRQWHVWp ODV SUHJXQWDV VREUH HO RUJDVPR DGHFXD
GDPHQWH SRUTXH \D KH GHMDGR GH SHQVDU GH DTXHOOD PDQHUD SRUTXH DKRUD HO DFWR
VH[XDOHVHQVtPLVPR SODFHQWHUR\DGHPiV\DQRWHQJRTXHDVHJXUDUPHGHWHQHUXQ
RUJDVPRSDUDQRVHQWLUPHDEDQGRQDGD\HVWDIDGDFXDQGRpOWLHQHHOVX\R(VWDUFRQ
PXMHUHV HV VHQFLOODPHQWH IDQWiVWLFR (VWR QR OR KDEUtD SRGLGR HVFULELU KDFH FLQFR
DxRV2GLDEDDODVPXMHUHV\FUHtDTXHHODIHFWRHUDH[FOXVLYDPHQWHPDVFXOLQR\
GHEtDSDUHFHUXQDDXWpQWLFDPXxHFDPHFiQLFD
/RTXHHVœGLIHUHQWHFRQUHIHUHQFLDDODVUHODFLRQHVVH[XDOHVHQWUHPXMHUHVHV
SUHFLVDPHQWH TXH QR KD\ XQD PDQHUD LQVWLWXFLRQDOL]DGD GH WHQHUODV GH PRGR TXH
SXHGHQVHUWDQLQYHQWLYDVHLQGLYLGXDOHVFRPRODVPLVPDVSHUVRQDVTXHODVOOHYDQD
FDER 4XL]i ODV GRV GLIHUHQFLDV HVSHFtILFDV PiV OODPDWLYDV IUHQWH D OD PD\RUtD FRQ
FDVLWRGDVODVUHODFLRQHVKHWHURVH[XDOHVWDOFRPRTXHGDURQGHILQLGDVHQHOFDStWXOR
VREUH OD HVWLPXODFLyQ FOLWyULFD FRQVLVWtDQ HQ TXH H[LVWtDQ JHQHUDOPHQWH PiV VHQWL
PLHQWRV\WHUQXUDDIHFWR\VHQVLELOLGDG\PiVRUJDVPRV(VWDPiVHOHYDGDIUHFXHQ
FLD GH RUJDVPR HQ OD VH[XDOLGDG OHVELDQD KDEtD VLGR \D OyJLFDPHQWH QRWDGD SRU
RWURV LQYHVWLJDGRUHV UHPRQWiQGRVH SRU OR PHQRV KDVWD .LQVH\ 7DPELpQ ODV UHOD
FLRQHV VH[XDOHV OHVELDQDV WLHQGHQ D VHU PDV ODUJDV UHYHODQGR XQD VHQVXDOLGDG PiV
JOREDO GHO FXHUSR SXHVWR TXH XQ RUJDVPR QR VHxDOD DXWRPiWLFDPHQWH HO ILQDO GH OD
VHQVDFLyQVH[XDOFRPRHQODPD\RUSDUWHGHODVUHODFLRQHVKHWHURVH[XDOHVGHVFULWDV
FRQDQWHULRULGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
˜4XpFODVHGHUHVSXHVWDVELVH[XDOHVIXHURQUHFLELGDV"
6KHUH+LWH
œ&UHRTXHPLVDQWHFHGHQWHVWLHQHQPXFKRTXHYHUFRQHOPRGR GHVHQWLUDFHUFD
GHOVH[R)XLFULDGD\HGXFDGDHQXQHQWRUQRGHODFODVHPHGLDFRQSDGUHVTXHPH
HQVHxDURQTXHHOVH[RHUDDOJRPDORDPHQRVTXHXQDHVWXYLHUDFDVDGD8QDPXFKD
FKDQXQFDGHEtDLUDODFDPDFRQXQ KRPEUHDPHQRVTXHIXHVHVXPDULGR(QFRQVH
FXHQFLDWRGDYtDHVWR\OXFKDQGRFRQDOJXQRVVHQWLPLHQWRVGHFXOSDELOLGDG0HGXHOH
SHQVDU FXDQWR OH GROHUtD D PL PDGUH VL HOOD VXSLHUD DOJXQDV GH ODV FRVDV TXH KH
KHFKRSHURVHQFLOODPHQWH\RQRSRGtDYLYLUPLYLGDGHDFXHUGRDORTXHHOODTXLH
UH 7XYH UHODFLRQHV VH[XDOHV FRQ XQD PXMHU DSUR[LPDGDPHQWH GXUDQWH GRV DxRV \
IXHUHDOPHQWHXQDH[SHULHQFLD IDQWiVWLFD1XQFDPHKHVHQWLGRWDQFHUFDGHDOJXLHQ
QLWDQDPDGD6ROtDSHQVDUTXH\RVLHPSUHSUHIHULUtDVH[RFRQXQDPXMHUSHURDKRUD
RSLQRTXHPHJXVWDHOVH[RFRQXQKRPEUHVLHVTXHWDPELpQORTXLHUR$PERVVRQ
UHDOPHQWH PDUDYLOORVRV VL H[LVWH FDULxR 6XSRQJR TXH PH VLHQWR PiV UHODMDGD FRQ
XQDPXMHUSRUTXHFRQR]FRVXFXHUSR\SDUH]FRHVWDUPDVHQFRQWDFWRFRQVXVVHQWL
PLHQWRV$FWXDOPHQWHVyORWHQJRUHODFLRQHVVH[XDOHVFRQXQKRPEUHSHURVLVHSUH
VHQWDODRSRUWXQLGDGYROYHUpGHQXHYRDUHODFLRQDUPHVH[XDOPHQWHFRQXQDPXMHU
œ/DSULPHUDYH]TXHPHHQDPRUpIXHGHXQDPXMHUTXHKDEtDVLGRGXUDQWHYD
ULRVDxRVPLPHMRUDPLJD-XQWDVQRVXQLPRVDXQJUXSRGHFRQFLHQFLDFLyQ\DOOtIXH
GRQGH SRU YH] SULPHUD GLVFXWLPRV OD SRVLELOLGDG GH PDQWHQHU UHODFLRQHV VH[XDOHV
FRQPXMHUHV'HVSXpVHVWXYLPRVVHSDUDGDVYDULRVPHVHVGXUDQWHHOYHUDQR\FXDQGR
YROYLPRVDUHXQLPRVHOODPHGLMRTXHVHKDEtDDFRVWDGRFRQXQDPXMHU'HVSXpVGH
HVWRQXHVWUDUHODFLyQVHKL]RPiV\PiVLQWHQVD\YDULRVPHVHVPiVWDUGHHPSH]D
PRVDDFRVWDUQRVMXQWDV(QDPRUDUPHGHHOODIXHDOJRWRWDOPHQWHLQHVSHUDGRODFR
QRFtD GHVGH KDFLD DxRV SHUR WRGR FDPELy UHDOPHQWH &KDUOiEDPRV WRGR HO WLHPSR
DFHUFDGHWRGRORKDELGR\SRUKDEHUEDMRHOVRO/OHJDPRVDFRQRFHU\HQWHQGHUWRGR
OR UHIHUHQWH D FDGD XQD GH QRVRWUDV 7RGDYtD HVWR\ PX\ HQDPRUDGD GH HOOD \ DXQ
VLHQWRHVFDORIUtRVFXDQGRHVWR\DSXQWRGHYHUODGHQXHYR$XQFXDQGRHVWDPRVVH
SDUDGDVODPD\RUSDUWHGHOWLHPSRHQODDFDGHPLDWRGDYtDVHJXLPRVFRPSDUWLHQGR
QXHVWURVSHQVDPLHQWRV\QXQFDPHKHVHQWLGRWDQLGHQWLILFDGDFRQQDGLHHQQLQJXQD
FLUFXQVWDQFLD1RVFRPSUHQGHPRVODXQDODRWUDDODSHUIHFFLyQ\QRVVDWLVIDFHPRV
QHFHVLGDGHVTXHQDGLH PiVKDFRPSUHQGLGRVLTXLHUDTXHHVWDEDQDKt'HVGHTXHQRV
HQDPRUDPRVWDPELpQPHKHHQDPRUDGRGHRWUDVGRVSHUVRQDVDPERVKRPEUHV&RQ
HO XQR IXH JUDGXDO FRQ HO RWUR IXH LQVWDQWiQHR 6LHQWR TXH GH DOJXQD PDQHUD PL
DPRUSRUHOODPHKDFHPXFKRPiVDELHUWD\FDSD]SDUDWHQHUWDPELpQLQWHQVRVVHQ
WLPLHQWRVKDFLDRWURV
(//(6%,$1,60238('(6(532/º7,&2
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$GHPiV GHO DFUHFHQWDGR DIHFWR \ VHQVLELOLGDG DVt FRPR GH OD LQFUHPHQWDGD
IUHFXHQFLDGHRUJDVPRDOJXQDVPXMHUHVVLQWLHURQTXHHOVH[RFRQRWUDPXMHUSRGtD
VHUPHMRUGHELGRDTXHVHKDFHSRVLEOHXQDUHODFLyQGHPD\RULJXDOGDG(OVH[RFRQ
PXMHUHV SXHGH VHU XQD UHDFFLyQ FRQWUD ORV KRPEUHV \ FRQWUD QXHVWUR VWDWXV GH VH
JXQGDFODVHIUHQWHDHOORVHQHVWDVRFLHGDG
œ(OVH[RFRQXQKRPEUHHVIUHFXHQWHPHQWHHOFRPLHQ]RGHXQDHGXFDFLyQSR
OtWLFD(OVH[RFRQXQDPXMHUVLJQLILFDODLQGHSHQGHQFLDIUHQWHDORVKRPEUHV
œ(OVH[RFRQPXMHUHVHVPiVXQDFRPXQLyQFRQHOSURSLR\RDXQTXHODVRFLH
GDGORFRQYLHUWHHQDOJRPiVFRPSOLFDGR3HURORVKRPEUHVVRQKDELWXDOPHQWHMXYH
QLOHVHQFLHUWRPRGR\SRUHOORWHGHVWUX\HVHPRFLRQDOPHQWHFRQHOORV
œ(QODDFWXDOLGDGSLHQVRTXHHOOHVELDQLVPRHVXQDDOWHUQDWLYDDODDEVWLQHQFLD
\DORVKRPEUHVHQJHQHUDOSRUTXHQRHVWiQPX\OLEHUDGRVVH[XDOHPRFLRQDOPHQWH
RHQQLQJ~QRWURPRGR\\DQRSXHGRVRSRUWDUORSRUPiVWLHPSR
œ8QDSXHGHWHQHUUHODFLRQHVVH[XDOHVFRQWRGRHOPXQGR\GHFLUOH¦DKtWHTXH
GDV§DODPRUDOLGDGRSXHGHXQDWHQHUUHODFLyQVH[XDOFRQPXMHUHV\GHFLU¦DKtRV
TXHGiLV§DORVKRPEUHV\DODVRFLHGDGTXHQRVKXPLOOD\RSULPH/HVELDQLVPRHQ
PL RSLQLyQ HV XQD DOWHUQDWLYD GH HYDVLyQ D HVWDU VLHPSUH EDMR DOJ~Q KRPEUH \ VHU
XQDPiTXLQDGHKDFHUEHEpV
œ&RQVLGHUR HO OHVELDQLVPR FRPR XQ PRGR GH FRORFDU WRGDV PLV HQHUJtDV
VH[XDOHVSROtWLFRVRFLDOHVHWFHQODVPXMHUHV(OVH[RHVXQDIRUPDGHELHQHVWDU\
WHQHU UHODFLyQ VH[XDO LQGLVFULPLQDGDPHQWH FRQ KRPEUHV HV GDUOHV D HOORV ELHQHVWDU
&UHRTXHHVWRGHEHUtDVHUVHULDPHQWHFRQVLGHUDGR
œ˜(VSROtWLFRORVH[XDO"1DWXUDOPHQWH&XDQGRPHDSDUWpGHPL ~OWLPRDPDQWH
SDUD GHGLFDUPH D PXMHUHV V~ELWDPHQWH SRU YH] SULPHUD PH PRYt GHQWUR GH PL
SURSLRHVSDFLRPLSURSLD]RQDGHWLHPSR\PLSURSLDYLGD
-DQLV.HOO\KDH[SXHVWRDOJXQDVFRVDVLQWHUHVDQWHVHQHVWHVHQWLGRHQ6LVWHU/R
YH$Q([SORUDWLRQRIWKH1HHGIRU+RPRVH[XDO([SHULHQFH
œ7RGDVODVUHODFLRQHVKHWHURVH[XDOHV HVWiQFRUURPSLGDV SRUHOGHVHTXLOLEULRGHSRGHU
HQWUHKRPEUHV\PXMHUHV$ILQGHPDQWHQHUODVXSHULRULGDGORVYDURQHVGHEHQDOLPHQWDUHO
FXLGDGRHPRFLRQDO\ODVHUYLGXPEUHHFRQyPLFDGHODVPXMHUHV3DUDVREUHYLYLUHQXQRUGHQ
VRFLDOGHVXSUHPDFtDGHOYDUyQODVPXMHUHVGHEHQPXWLODUVHD VtPLVPDVSDUDIRUWLILFDUHO
HJRPDVFXOLQR'HELGRDODVIL[LDQWHHIHFWRGHHVWDFXOWXUD\DORVSDSHOHVSHUM XGLFLDOHVTXH
UHVSDOGDODVPXMHUHVQR SXHGHQGHVDUUROODUVHSOHQDPHQWHHQXQFRQWH[WRKHWHURVH[XDO
/DVUHODFLRQHVDPRURVDVHQWUHPXMHUHVWLHQHQPiVSUREDELOLGDGHVGHVHUOLEUHVGHODV
IXHU]DV GHVWUXFWLYDV TXH KDFHQ QHFHVDULDV HVWDV GHIHQVDV /DV QRUPDV LQVWLWXFLRQDOHV \ ODV
UHVWULFFLRQHV GH XQD FXOWXUD RULHQWDGD DO SRGHU QDWXUDOPHQWH WDPELpQ KDQ LQIOXLGR HQ ODV
PXMHUHVQRREVWDQWHODVQRUPDVVXERUGLQDFLyQGRPLQDFLyQTXHDOJXQDVYHFHVODVPXMHUHV
OOHYDQ D ODV UHODFLRQHV OHVELDQDV QR SXHGHQ HFOLSVDU OD LJXDOGDG HVHQFLDO GH ODV SHUVRQDV
LQYROXFUDGDV3RUDxDGLGXUDPXFKDVGHODVUHVSXHVWDVIRPHQWDGDVHQODVKHPEUDVVRQH [
WUHPDGDPHQWH FRQGXFWLYDV KDFLD OD LQWHUDFFLyQ QR H[SORWDGRUD /D VHQVLELOLGDG KDFLD ORV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHQWLPLHQWRV\WDODQWHVGHORVGHPiVSUHVWDUFXLGDGRV\ODGXO]XUDVHKDOODQHQWUHODVFXD
OLGDGHVPiVDOHQWDGDVHQODVPXMHUHVTXHHQORVKRPEUHV
'HELGRDTXHORVKRPEUHVRFXSDQXQDSRVLFLyQVRFLDOVXSHULRU\HVWiQDOHFFLRQDGRV
HQDSHWHFHUHOSRGHUFRQODILQDOLGDGGHPDQWHQHUHVWDSRVLFLyQHOORVQRSXHGHQVLQRUDUD
YH]DFHSWDUDORVGHPiVHVSHFLDOPHQWHDODVPXMHUHVFRPRLJXDOHV/RVFRQWDFWRVKXP D
QRVGHEHQHVWDURUJDQL]DGRVMHUiUTXLFDPHQWH\ODVPXMHUHVGHEHQHVWDUHQXQQLYHOLQIHULRU
/DWHQVLyQHVLQHYLWDEOHFXDQGRXQDPXMHUVHQLHJDDDFHSWDUHVWDSRVLFLyQ\HQWRQFHVGHEH
VHUœFRORFDGD HQVXVLWLR(QFRQWUDVWHODVPXMHUHVVRQFDSDFHVGHSDUWLUGHVGHXQDEDVHGH
LJXDOGDG \ GHGLFDU VXV HQHUJtDV DO FUHFLPLHQWR \ D OD FUHDWLYLGDG PDV TXH HQ OXFKDU SDUD
PDQWHQHULGHQWLGDGHVFRQWUDODGHVWUXFFLyQGHOWUDGLFLRQDOSDSHOGHODPXMHU
(VLPSRUWDQWHSDUDODVPXMHUHVUHFRQRFHUVXSURSLRSRWHQFLDOSDUDH[SHULPHQ
WDU VHQWLPLHQWRV VH[XDOHV KDFLD RWUDV PXMHUHV 6L TXHUHPRV KDFHPRV IXHUWHV GHEH
PRVDSUHQGHUDDPDUUHVSHWDUKRQUDUHVWDUDWHQWDV\HVWDULQWHUHVDGDVHQRWUDVPX
MHUHV (VWR LQFOX\H YHUQRV XQDV D RWUDV FRPR ItVLFDPHQWH DWUDFWLYDV FRQ ODSRVLELOL
GDGGHXQDLQWLPLGDGVH[XDO0LHQWUDVQRVSRGDPRVUHODFLRQDUVH[XDOPHQWHVyORFRQ
KRPEUHV SRUTXH VRQ œKRPEUHV \ PLHQWUDV ORVKRPEUHVSXHGDQUHODFLRQDUVHVROD
PHQWH FRQ PXMHUHV SRUTXH VRQ œPXMHUHV HVWDPRV GLYLGLHQGR HO PXQGR SUHFLVD
PHQWHHQODVGRVFODVHVTXHLQWHQWDPRVVXSHUDU
&XDOTXLHU PXMHU TXH VLHQWH YHUGDGHUR KRUURU R UHSXOVLyQ D OD LGHD GH EHVDU
DEUD]DURWHQHUUHODFLRQHVItVLFDVFRQRWUD PXMHUGHEHUtDUHSODQWHDUVHVXVVHQWLPLHQ
WRV \ DFWLWXGHV QR VRODPHQWH KDFLD RWUDV PXMHUHV VLQR WDPELpQ VREUH HOOD PLVPD
8QD DFWLWXG SRVLWLYD KDFLD QXHVWURV FXHUSRV \ KDFLD WRFDUQRV QRVRWUDV PLVPDV \
KDFLDFXDOTXLHUFRQWDFWRItVLFRTXHSXHGDQDWXUDOPHQWH GHVDUUROODUVHFRQRWUDPXMHU
HVHVHQFLDOSDUDQXHVWURDPRUSURSLR\SDUDDFHSWDUQXHVWURVFXHUSRVFRPREXHQRV\
KHUPRVRV 7DO FRPR -LOO-RKQVWRQKDHVFULWRœ+DVWDTXHODVPXMHUHVQRVHSDPRV
YHU HQ FDGD XQD GH ODV GHPiV PXMHUHV ODSRVLELOLGDGGHXQFRPSURPLVRSULPRUGLDO
TXH LQFOX\H HO DPRU VH[XDO HVWDUiQ GHQHJiQGRVH D HOODV PLVPDV HO DPRU \ OD YDOtD
TXH HVWiQ GLVSXHVWDV D FRQFHGHU D ORV KRPEUHV DILUPDQGR GH HVWH PRGR VX SURSLD
FDWHJRUtDGHVHJXQGDFODVH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
(VFODYLWXGVH[XDO
˜48e(6/$(6&/$9,78'6(;8$/"
œ+HTXHULGRWHQHURUJDVPRVFRQXQKRPEUHGXUDQWHDxRVFHUFDGHGRFH3DUH
FHVHUHOVXHxRLPSRVLEOH3XHGRVHUFRPRXQDPRURVRHXQXFRFRQpOSHURVyORXQD
SHUVRQDSOHQDPHQWHVH[XDOFRQPLJRPLVPD
˜3RU TXp HVWD PXMHU GLFH HVWR" ˜3RU TXp VL HOOD SXHGH VHU XQD œSHUVRQD SOH
QDPHQWHVH[XDOUHVXOWDWDQVRORœXQDPRURVRHXQXFRFRQXQKRPEUH"(OFRPHQ
WDULRGHHVWDPXMHUSRQHGHUHOLHYHXQGLOHPDTXHVHKDLGRKDFLHQGRFDGDYH]PiV
HYLGHQWHDORODUJRGHHVWHOLEUR+HPRVYLVWRTXHHOVH[RKHWHURVH[XDOKDELWXDOPHQ
WHLPSOLFDODQRUPDGHSUHOLPLQDUHVSHQHWUDFLyQ\FRLWRWHUPLQDQGRFRQODH\DFXOD
FLyQGHOYDUyQ\TXHFRQGHPDVLDGDIUHFXHQFLDODPXMHUQRWLHQHRUJDVPR3HURODV
PXMHUHVVDEHQ PX\ELHQFyPRREWHQHUHORUJDVPRGXUDQWHODPDVWXUEDFLyQFXDQGR
HOODV TXLHUDQ 6L HOODV VDEHQ FyPR WHQHU RUJDVPRV FXDQGR TXLHUDQ ˜SRU TXp QR VH
VLHQWHQOLEUHVGHHPSOHDUHVWHFRQRFLPLHQWRGXUDQWHHOVH[RFRQKRPEUHV"˜3RUTXp
ODVPXMHUHVVDWLVIDFHQWDQKDELWXDOPHQWHODVQHFHVLGDGHVGHORVKRPEUHVGXUDQWHHO
VH[RHLJQRUDQODVVX\DVSURSLDV"
(OKHFKRHVTXHHOSDSHOGHODPXMHUHQHOVH[RFRPRHQFXDOTXLHURWURDVSHFWR
GH OD YLGD KD VLGR HO VHUYLU ODV QHFHVLGDGHV GH ORV GHPiV KRPEUHV H KLMRV < GHO
PLVPR PRGR FRPR ODV PXMHUHV QR UHFRQRFLHURQ VX RSUHVLyQ HQ XQ VHQWLGR JHQHUDO
KDVWD UHFLHQWHPHQWH DVLPLVPR OD HVFODYLWXG VH[XDO KD VLGR XQD IRUPD GH YLGD FDVL
LQFRQVFLHQWHSDUDODPD\RUtDGHODVPXMHUHVIXQGDGDHQORTXHVHGHFtDHUDXQLP
SXOVRELROyJLFRHWHUQDPHQWHLQPXWDEOH+HPRVYLVWRVLQHPEDUJRHQHOFDStWXORGHO
FRLWRTXHQXHVWURPRGHORGHVH[R\GHODVUHODFLRQHVItVLFDVHVWiFXOWXUDOPHQWH QR
ELROyJLFDPHQWHGHILQLGR\SXHGHVHUUHGHILQLGRRLQGHILQLGR1RQHFHVLWDPRVFRQ
WLQXDU WHQLHQGR ~QLFDPHQWH XQ PRGHOR GH UHODFLRQHV ItVLFDV SUHOLPLQDUHV SHQHWUD
FLyQFRLWR\H\DFXODFLyQ
/DV PXMHUHV VRQ HVFODYDV VH[XDOHV DO VHQWLUVH MXVWLILFDGDPHQWH WHPHURVDV GH
œPDQLIHVWDUVH FRQ VX SURSLD VH[XDOLGDG \ IRU]DGDV D VDWLVIDFHU ODV QHFHVLGDGHV GH
ORVGHPiVLJQRUDUODVVX\DVSURSLDV&RPRORGHVFULELyXQDPXMHUœ(OVH[RSXHGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VHUSROtWLFRHQHOVHQWLGRGHTXHSXHGHVXSRQHUXQDHVWUXFWXUDGHSRGHUGRQGHODPX
MHU HVWi PDO GLVSXHVWD R LQFDSDFLWDGD SDUD FRQVHJXLU OR TXH HOOD UHDOPHQWH QHFHVLWD
SDUDVXPi[LPDFDQWLGDGGHSODFHUSHURHOKRPEUHHVWiFRQVLJXLHQGRORTXHTXLHUH
\ODPXMHULJXDOTXHXQFiQGLGRODFD\RVHUYLFLDODJUDGHFLGDVHORVXPLQLVWUD/D
YHUGDGHVTXHFDVLWRGRHQQXHVWUDVRFLHGDGHPSXMDDODVPXMHUHVKDFLDQRGHILQLUVH
DVtPLVPDVFRPRSHUVRQDVFRPSOHWDVHQHOLQWHUFDPELRVH[XDOFRQORVKRPEUHV/D
FDUHQFLDGHVDWLVIDFFLyQVH[XDOHVVLJQRGHODRSUHVLyQGHODVPXMHUHV
1DWXUDOPHQWH WRGR HVWR QR HTXLYDOH D GHFLU TXH D ODV PXMHUHV QROHVJXVWHHO
VH[RRTXHQRGLVIUXWHQGHOFRLWRHQPXFKDVPDQHUDV$OVHUSUHJXQWDGDVVLGLVIUX
WDEDQGHOVH[RFDVLWRGDVODVPXMHUHVGLMHURQTXHVt$GHPiVQRKDEtDFRUUHODFLyQ
FRQODIUHFXHQFLDGHRUJDVPRPXMHUHVTXHQRREWHQtDQRUJDVPRFRQVXVFRPSDxH
URV HUD WDQ SUREDEOH TXH GLMHUDQ TXH GLVIUXWDEDQ GHO VH[R FRPR ODV PXMHUHV TXH OR
REWHQtDQ < ODV PXMHUHV TXH QXQFD DOFDQ]DURQ HO RUJDVPR GXUDQWH HO FRLWR HUD WDQ
SUREDEOHTXHGLMHUDQTXHGLVIUXWDEDQFRQHOFRLWRFRPRODVPXMHUHVTXHUHDOPHQWHOR
GLVIUXWDEDQ6LQHPEDUJRODSUHJXQWDLPSRUWDQWHHV˜4XpHVORTXHODVPXMHUHVGLV
IUXWDQGXUDQWHHOVH[RFRLWR\TXpSUHWHQGHQVLJQLILFDUODVPXMHUHVFXDQGRGLFHQTXH
œOHVJXVWD"
,035(6,21(662%5((/6(;2<(/&2,72
œ˜(VLPSRUWDQWHSDUDXVWHGODVH[XDOLGDG"˜3RUTXp"˜4XpSDUWHGHVHPSHxDHQVX
YLGD\TXpVLJQLILFDSDUDXVWHG"
/DDEUXPDGRUDPD\RUtD GHPXMHUHVFRQWHVWDURQTXHHOVH[RVLJQLILFDEDPXFKt
VLPRSDUDHOODV\ODUD]yQTXHFDVLVLHPSUHVHDOHJDEDHUDTXHVHWUDWDEDGHXQDPD
UDYLOORVDIRUPDGHLQWLPLGDG\FRQWDFWRFRQRWURVHUKXPDQR
œ(O VH[R HV LPSRUWDQWH SRUTXH GXUDQWH HO DFWR VH[XDO VH SXHGH HVWDU OR PiV
FHUFDSRVLEOHFRQRWUDSHUVRQD'XUDQWHHODFWRVH[XDOPHVLHQWRPX\DJXVWR\HQ
ORVSUHOXGLRVGXUDQWH\GHVSXpVSXHGRUHDOPHQWHGLVIUXWDUGHQXHVWUDLQWLPLGDG
œ(O VH[R HV KHUPRVR SRUTXH XQ FRQWDFWR WDQ FRPSOHWR FRQ RWUD SHUVRQD PH
KDFH VHQWLU TXH QR HVWR\ VRODPHQWH FRQILQDGD HQ PL SURSLR FXHUSR (V XQD GH ODV
PDQHUDV PiV GLUHFWDV GH SDVDU PiV DOOi GH ODV EDUUHUDV HQWUH ¦HOORV§ \ ¦PL SHUVR
QD§
œ(O VH[R GHVHPSHxD XQD SDUWH PX\ LPSRUWDQWH HQ PL YLGD SRUTXH DO OOHJDUD
HVWHSXQWRHVXQVtPERORGHODPRUTXHHVWR\FRPSDUWLHQGRFRQPLKRPEUH6pTXH
HVVXPRGRGHGHPRVWUDUPHTXHPHDPD0XFKDVYHFHVQRWHQJRHORUJDVPRSHUR
GHWRGRVPRGRVVLHQWRXQDHQRUPHVDWLVIDFFLyQ/DLQWLPLGDG\ORVVHQWLPLHQWRVHV
ORTXHLPSRUWD
œ(O VH[R HV SULPRUGLDOPHQWH LPSRUWDQWH FRPR XQ YHKtFXOR SDUD OD LQWLPLGDG
XQPHGLRGHGHPRVWUDUPLPiVSURIXQGRDPRU(VODPLVPDHVHQFLDGHPLYLGDFRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PLPDULGRQRHQHOVHQWLGRGHXQDHPRFLyQWUDQVLWRULDUHVXOWDQWHGHDOJXQDIRUPDGH
VDWLVIDFFLyQSHUVRQDOVLQRDFDXVDGHVXVLJQLILFDGRVLPEyOLFRTXHFRPSDUWLPRV
œ(OVH[RHVPX\LPSRUWDQWHSRUTXHHVHOSODFHUPiVLQWHQVRTXHGRVSHUVRQDV
SXHGDQGDUVHXQDDRWUD\UHSUHVHQWDORPiVHVWUHFKDPHQWHXQLGRTXHVHSXHGDHVWDU
FRQ RWUD SHUVRQD (V HO PRPHQWR HQ TXH QRV H[SUHVDPRV QRVRWURV PLVPRV SOHQD
PHQWH 'HUULEDPRV WRGDV ODV EDUUHUDV \ QRV FRPXQLFDPRV GH YHUGDG FRPR VHUHV
KXPDQRV
œ(OVH[RHVXQDIRUPDGHFRPXQLFDFLyQVLQSDODEUDVEDVDGDHQUHVSXHVWDVFRU
SRUDOHV\HVORHVHQFLDOHQXQDLQWLPLGDGKXPDQDHQODTXHXQDSHUVRQDSXHGHH[
SUHVDU\FRPSUHQGHUPiVGHORTXHODPHQWHSXHGDFRQFHELU0HWUDQVSRUWDPDVFHU
FDHQHVStULWXDORVGHPiVHQGLH]PLQXWRVGHORTXHSXHGD\RFRQVHJXLUHQGLH]DxRV
FRQSHUVRQDVFRQODVTXHQRFRPSDUWDHOVH[R
œ(OVH[RHVLPSRUWDQWHSRUTXHFXDQGRH[LVWHXQVHQWLPLHQWRGHFRPSUHQVLyQ
\DSUHFLRHQWUHGRVSHUVRQDVHOVH[RSXHGHKDFHUGHODYLGDHQFRPSDxtDDOJRHVSH
FLDO'LFHVLQSDODEUDV¦7~VLJQLILFDVPiVSDUDPtTXHWRGRVORVGHPiV§)RUWDOHFH
ODVEDVHVGHODUHODFLyQHQWUHPLPDULGR\\RHVXQUHIOHMRGHQXHVWURDPRU
˜/HJXVWDODSHQHWUDFLyQYDJLQDOFRLWR"˜)tVLFDPHQWH"˜3VLFROyJLFDPHQWH"˜3RU
TXp"
3XHVWRTXHHOGHODVPXMHUHVHQHVWHHVWXGLRFRQWHVWDURQœVtDHVWDSUH
JXQWD HVWD FLIUD LQFOX\H OD PD\RUtD GH PXMHUHV TXH QXQFD DOFDQ]DURQ HO RUJDVPR
GXUDQWH HO FRLWR &ODUDPHQWH QR KDEtD XQD FRQH[LyQ DXWRPiWLFD HQWUH QR WHQHU RU
JDVPRVGXUDQWHHOFRLWR\QRJXVWDUGHOFRLWR'HKHFKRKDVWDODVPXMHUHVTXHWLHQHQ
RUJDVPRVGXUDQWHHOFRLWRPiVIUHFXHQWHPHQWHFLWDQHODIHFWRHLQWLPLGDGFRPRVX
UD]yQEiVLFDSDUDJXVWDUGHOFRLWRPHQFLRQDQGRUDUDYH]HORUJDVPR
/DUD]yQPiVIUHFXHQWHPHQWHPHQFLRQDGDSRUODTXHJXVWDWDQWRHOFRLWRHVSRUTXH
UHSUHVHQWDXQPRPHQWRGHJUDQDIHFWRHLQWLPLGDG
œ0HHQFDQWDHOFRLWR$XQFXDQGRQRHVWpHQDEVROXWRH[FLWDGDRUHDOPHQWHQR
TXLHUD DO KRPEUH VLJXH HQFDQWiQGRPH D PHQRV TXH VH SUHVHQWH XQ YHUGDGHUR GR
ORU SRUTXH HVWDPRV WDQ FHUFD HQ DTXHO PRPHQWR PiV FHUFD TXH HQ QLQJ~Q RWUR
PRPHQWR$XQFRQRUJDVPRWHQGUtDTXHGHFLUTXHHVWRHVDSUR[LPDGDPHQWHODPL
WDGGHOSODFHUGHOFRLWRSDUDPt+D\DOJRHQHOORTXHQRVDFHUFDPiVtQWLPDPHQWH
œ6tPHJXVWDHOFRLWRDXQFXDQGRQRDOFDQFHHORUJDVPR'HPXHVWUDHODIHFWR
R OD LOXVLyQ GHO PLVPR FXDQGR ODV SHUVRQDV HVWiQ HQ VXV PRPHQWRV PiV YXOQHUD
9HUDSpQGLFHSDUDODVVHQVDFLRQHVGHODVPXMHUHVDTXLHQHVQROHVJXVWDHOFRLWR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
EOHV )tVLFDPHQWH PH JXVWD SRU VX WRWDO LQWLPLGDG \ OD VHQVDFLyQGHHQYROYHUPH\R
PLVPDHQWRPRDpO
œ6t SURGXFH XQD VHQVDFLyQ GH FDOLGH] FRPR VHU DEUD]DGD PXFKR PiV HVWUH
FKDPHQWHTXHQXQFD6LHQWRTXHVR\DFHSWDGD\TXH GR\DOPLVPRWLHPSR
œ)tVLFDPHQWHDGRURWHQHUVXSHQHGHQWURGHPLYDJLQDODFXDOHQFLHUWRPRGR
DFDULFLDHOSHQH\ORDEUD]D(PRFLRQDOPHQWHORVLHQWRWRGRDWUDYpVGHPLFXHUSR\
HVStULWXVLHQWRTXHVRPRVGRVIXQGLpQGRQRVHQXQR0HVLHQWRPX\ YLYDPX\YLWDO
PX\ FROPDGD \ PH SDUHFH FRPR VL QRWXYLHUDHOPHQRULQWHUpVHQHOPXQGRVROD
PHQWHHOVXSUHPRp[WDVLV\ODIHOLFLGDGGHIRUPDUXQVRORVHUFRQpO
œ'XUDQWH HO FRLWR PH VLHQWR HQ JUDQ LQWLPLGDG \ HQ FLHUWR PRGR PH]FODGD \
XQLGDFRQRWURVHUKXPDQRORFXDOQRSXHGRUHDOL]DUGHQLQJXQDRWUDPDQHUD(VFR
PRDEUD]DUHOSULPHUKLMRUHGHQQDFLGRRWUDSHUVRQDHVSDUWHGHWL
œ(OFRLWRHVEXHQRFiOLGRtQWLPRXQDUHDILUPDFLyQGHDPRUXQDSDUWLFLSDFLyQ
WRWDOXQDLQWLPLGDGHVSHFLDOXQDFRVDHVSLULWXDOPX\SULYDGD
œ(O FRLWR HV SURIXQGR XQD VHQVDFLyQ GH IXVLRQDU LGHQWLGDGHV LQGLYLGXDOHV \
FRQYHUWLUVHHQXQDVROD
œ6tODLGHDGHXQLyQWDQWRItVLFDFRPRHPRFLRQDOFRQRWURHVH[FLWDQWH\VD
WLVIDFWRULD(VWDPRVXQLGRVHQDPRU
œ'XUDQWHHOFRLWRPHVLHQWRVHJXUD\QHFHVLWDGDHQPLSOHQLWXGFiOLGDDPDGD
PXMHU
œ(VXQDDILUPDFLyQGHDPRUFiOLGDVROtFLWD\PHKDFHVHQWLUYLYD\KXPDQD
0LURVWURHVWiFHUFDGHOVX\R\SXHGRVHQWLUVXUHVSLUDFLyQ
œ(OFRQWDFWR\ODWHUQXUDHQHVWRV PRPHQWRVPHKDFHVHQWLUFiOLGD\VHJXUDtQ
WLPD\DVDOYR
œ7LHQHXQDFDOLGDGGH~QLFRTXHVXSHUDDWRGRORGHPiV0HVLHQWRDQRQDGDGD
\H[SHULPHQWDQGRXQDJUDQSDVLyQ\PX\HVWUHFKDPHQWHtQWLPDFRQODSHUVRQDTXH
DPR
œ6t HV OR PiV KHUPRVR TXH GRV SHUVRQDV HQDPRUDGDV SXHGDQ FRPSDUWLU )UH
FXHQWHPHQWHHQHOPRPHQWRGHODSHQHWUDFLyQKD\XQWUHPHQGRVHQWLPLHQWRGHDOL
YLRGHKDFHUQRVXQRMXQWRV
œ6tPHJXVWDDFDXVDGHORTXHUHSUHVHQWDODXQLGDGIXQGDPHQWDOGHQXHVWUDV
SHUVRQDV (V XQD LQWLPLGDG LQLPLWDEOH VH GHVHDUtD HQYROYHU SRU FRPSOHWR D OD RWUD
SHUVRQD
œ(VODHVHQFLDGHODSOHQLWXGItVLFD\SVLFROyJLFD(ODFWRHVDOJRTXHVyOR'LRV
SXGRKDEHULPDJLQDGRGHWDQKHUPRVRTXHHV
œ(OFRLWRHVODLQWHJUDFLyQWRWDOGHGRVSHUVRQDVHQDPRUDGDV˜1RORVDELD"
$GHPiVHVWDVUHVSXHVWDVLQFOXtDQPX\IUHFXHQWHPHQWHUHIHUHQFLDVHVSHFtILFDVDVHQ
WLUVHVHJXUDVGHODDWHQFLyQ\DIHFWRGHOKRPEUHHQDTXHOORVPRPHQWRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0HJXVWDPXFKRHOFRLWR(VODVHQVDFLyQGHDOJRUHDOPHQWHtQWLPRFRPRTXH
pOHVUHDOPHQWHPtR\VHSUHRFXSDSRUPt
œ0H DJUDGD OD LQWLPLGDG GHO DFWR SRUTXHGXUDQWHHVRVPLQXWRVHOKRPEUHHV
WRWDOPHQWH PtR \ VR\ DPDGD IHOL] FROPDGD HXIyULFD QHFHVLWDGD \ DOJXQDV YHFHV
DGRUDGD
œ(O PD\RU GH ORV SODFHUHV UHODWLYRV DO VH[R HV VLPSOHPHQWH VHQWLUVH PX\ HV
SHFLDO\PX\tQWLPDFRQDOJXLHQ(OPD\RUGHVDJUDGRHVVHQWLUVHDQVLRVDHLQTXLHWD
FRQUHVSHFWRDODUHODFLyQ
œ0HJXVWDHOFRLWRSRUTXHUHSUHVHQWDXQRVPRPHQWRVHQORVTXH\RREWHQJRVX
DWHQFLyQLQGLYLVD\PHVLHQWRPX\ DPDGD\VHJXUD
œ/DFRVDPiVJUDQGHHVODVHJXULGDGTXHVLHQWRFXDQGRHVWR\HQODFDPDFRQ
XQKRPEUH0HVLHQWRDPDGDQHFHVLWDGD\SRGHURVD
œ&XDQGR HVWi GHQWURGHPtVLHQWRTXHUHDOPHQWHOR¦WHQJR§SRURSRVLFLyQD
HVWDUVLHPSUHSUHJXQWiQGRPH\RPLVPDVLOHLPSRUWRRELHQHQTXpRHQTXLpQHVWi
pOSHQVDQGR
'HIRUPDVLPLODUODVUHVSXHVWDVDœ˜HVLPSRUWDQWHSDUDXVWHGODVH[XDOLGDG"˜TXp
VLJQLILFDSDUDXVWHG\TXpSDUWHGHVHPSHxDHQVXYLGD"FRQWHQtDQUHIHUHQFLDVDOD
VHJXULGDGTXHHOVH[RSURSRUFLRQDFRQUHVSHFWRDODUHODFLyQHPRFLRQDOJOREDO
œ1XHVWUDYLGDVH[XDOMXQWRVHVLPSRUWDQWHSRUTXHPHKDFHVHQWLUVHJXUD\QH
FHVLWDGD\SUXHEDTXHpOPHDPD
œ(OVH[RHVSDUDDJUDGDUOHDpO/RTXHDPtPHJXVWDHVODVHQVDFLyQGHVHJX
ULGDGTXHREWHQJRFXDQGRpOPHPDQWLHQHGHVSXpVHVWUHFKDPHQWHDSUHWDGD0HKDFH
VHQWLUDFHSWDGD\DWUDFWLYD
œ(OVH[RPHKDFHVHQWLUTXHVR\XQDPXMHUSDUDPLPDULGRHQYH]GHXQDGR
PpVWLFDTXHGXHUPHHQFDVD
œ(O VH[R HV OD SDUWH SULQFLSDO HQ OD UHODFLyQ FRQ XQ KRPEUH 6L QR PH GHVHD
VLHQWRTXHDOJRGHEHGHLUPDOFRQQXHVWUDUHODFLyQ
œ0HDVHJXUDTXHVR\GHVHDEOHRWRUJDXQOD]RPiVKRQGRDXQDUHODFLyQ
œ0LHQWHURPDWULPRQLRJLUDHQWRUQRDKDFHUHODPRUFRQPLPDULGR0HKDFH
VHQWLUDPDGD\QHFHVLWDGD
œ4XL]iPHJXVWDSRUTXHFXDQGRUHDOL]RHODFWRVH[XDOODRWUDSHUVRQDHVWiHQ
IRFDQGRWRGDVXDWHQFLyQHQPt\PHVLHQWRLPSRUWDQWH\QHFHVLWDGD
œ(OVH[RHVLPSRUWDQWHSDUDPtFRPRXQDUHDILUPDFLyQGHPLYDOtDSXHVWRTXH
XQKRPEUHHPSOHDVXWLHPSRHQVHUGXOFHFRQPLJR
œ(OVH[RPHGLFHHQTXpVLWXDFLyQHVWR\FRQPLKRPEUH0HSHUPLWHSUHJXQWDU
VREUHFXHVWLRQHVHVSLQRVDVTXHQRPHVHQWLUtDFDSD]GHIRUPXODUVLQHVWDUHQVHPH
MDQWHLQWLPLGDG0HVLHQWRDPDGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ3DUDVHUGLFKRVDQHFHVLWRTXHXQKRPEUHPHDPH\GHVHHUHODFLRQHVVH[XDOHV
FRQPLJR 0H GD XQD VHQVDFLyQ GHYDOHUODSHQDVLSXHGRHQFHQGHUODSDVLyQGHXQ
KRPEUH
œ1XQFDKHRtGRXQDSDODEUDGHHORJLRSRUSDUWHGHPLPDULGRHQYHLQWL~QDxRV
H[FHSWR PLHQWUDV HVWDPRV KDFLHQGR HO DFWR $XQTXH HVWR PH DSHQD WRGDYtD VLJR
DPiQGROR\GLVIUXWRHOVH[RFRQpOSHURVyORSRUHVWHPRWLYR
2WUDUD]yQGHFODUDGDIUHFXHQWHPHQWHSDUDJXVWDUGHOFRLWRVHUHIHUtDDODLGHQWLIL
FDFLyQFRQHOJRFHGHOYDUyQGDUSODFHUDOKRPEUH
œ0H JXVWDODLQWLPLGDG\GHXQDIRUPDFODUDHOSODFHUTXHOHHVWR\GDQGRDO
KRPEUH0HJXVWDODVHQVDFLyQTXHHOKRPEUHSDUHFHVHQWLU
œ1XQFD KH WHQLGR XQ RUJDVPR SRU HVWH PHGLR SHUR PH HQFDQWD RtUOR MDGHDU
JHPLU PRYHUVH SRQHUVH ORFR 0H JXVWD OD VHQVDFLyQ GH LQWLPLGDG TXH SURGXFH \
HVWR\ H[FLWDGD SRU HO HQWXVLDVPR GH PL FRPSDxHUR HO UXPRU GH VX UHVSLUDFLyQ OD
GXUH]DGHVXPLHPEUR\HOPRGRHQTXHVHPXHYH
œ6t HO FRLWR HV XQD PDQHUD HQFDQWDGRUD GH FRPSDUWLU SDVLRQHV DPRU GHYR
FLyQ<KD\HQHOORXQDVHQVDFLyQGHSRGHUHOSRGHUGHGDUOHDXQKRPEUHHOSODFHU
TXHHVPX\LPSRUWDQWHSDUDVXVHQVDFLyQGHELHQHVWDU
œ3VLFROyJLFDPHQWHPHJXVWDHVWDUHQFRQWURO\WHQHUSRGHUVLQWLpQGRPHHQLQ
WLPLGDG FRQ pO GXUDQWH VX RUJDVPR GDQGR D PL KRPEUH HO PiV YDOLRVR \ SHUVRQDO
SODFHUSRVLEOH
œ(Q RFDVLRQHV HV GHOHLWRVR HQ Vt PLVPR SHUR KDELWXDOPHQWH OR GLVIUXWR SRU
TXHHVWR\GiQGROHSODFHUDPLFRPSDxHUR0HJXVWDODLGHDGHWHQHUVXSHQHGHQWUR
GHPtDXQTXHXVXDOPHQWHQRQHFHVLWRHOPRYLPLHQWR DFRPSDxDQWH6LQHPEDUJRD
pOOHGDSODFHU
œ(OFRLWRHVDOJRSDUDORTXHDOPHQRVVLUYR\HO~QLFRPRGRHQTXHpOSXHGH
VDWLVIDFHUVXGHVHR
œ1RSRUHODFWRHQVtSHURGXUDQWHHOFRLWRORWHQJRDpOGHODPDQHUDPiVtQWL
PDSRVLEOH\VR\XQDSDUWHGHVXFXHUSR
œ3DUD Pt HV VRODPHQWH EXHQR SVLFROyJLFDPHQWH PH SUHRFXSR GHPDVLDGR HQ
DVHJXUDUPH TXH HO KRPEUH HVWi SDViQGROR UHDOPHQWH ELHQ 6REUHWRGR PH SUHRFXSD
GHVLSHUGHUiVXHUHFFLyQVLPLYDJLQDDSULHWDVXSHQHGHPDVLDGR
œ6tPHJXVWDPXFKRHOFRLWR'HOD~QLFDPDQHUDTXHQRPHJXVWDHVSROtWLFD
PHQWH SRUTXH QR PH JXVWD VHU WDQ YXOQHUDEOH FRPR VR\ VyOR ItVLFDPHQWH SRU QR
PHQFLRQDURWUDVPDQHUDVTXHVRQTXL]iPiVLPSRUWDQWHV3HURPHHQFDQWDVHQWLUDO
KRPEUHTXHDPRRLQFOXVRDXQKRPEUHTXHVRODPHQWHDSUHFLRPXFKROOHJDUGHQWUR
GH Pt 0H JXVWD DFRPSDxDUOR FRQ PRYLPLHQWRV GDUOH SODFHU SDOSDU VX FXHUSRSRU
HQWHURHQOD]DUPLVSLHUQDVHQWRPRDpO\VHQWLUVXIXHU]D\PRVWUDUOHODPtD$GRUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QRWDUFyPROOHJD\RtUODWLUVXFRUD]yQ\FXDOTXLHUORFXUDTXHGLJDHQDTXHOORVPR
PHQWRV(VWRHQVtPLVPRHVWRGRXQYLDMH
2WUD UD]yQ DOJXQDV YHFHV PDQLIHVWDGD SDUD JXVWDU GHO FRLWR IXH OD FRVWXPEUH R
œFRQGLFLRQDPLHQWR
œ1XQFDPHKDFRQGXFLGRDORUJDVPR/RGLVIUXWRSRUTXHKHVLGRFRQGLFLRQDGD
D FRQVLGHUDUOR FRPR ¦VH[R QRUPDO§ 1R JR]DUOR HQ DEVROXWR R QR WHQHU RUJDVPR
GXUDQWHHOFRLWRDPHQD]DPLFRQFHSWRGHPLPLVPDFRPRXQDPXMHU¦QRUPDO§
œ6tPHJXVWDHQHVSHFLDOFXDQGRORGHVHR3UREDEOHPHQWHPHJXVWDSRUTXHKH
VLGRFRQGLFLRQDGDDHQFRQWUDUORSODFHQWHUR
œ6tPHJXVWDGHWRGDVODVPDQHUDVSHURTXL]iPiVSVLFROyJLFDPHQWHTXHGH
QLQJXQDRWUD&UHRTXHPHJXVWDHQSDUWHGHELGRDODVIDQWDVtDVTXHVRQXQUHVXOWDGR
GHOHHUYHUSHOtFXODVHWFHWF\WRGRVORVGHPiVLQWHQWRVGHODVRFLHGDG\GHOHQ
WRUQRSDUDFRQYHUWLUORHQXQD¦JUDQ§FRVD
œ6tVREUHWRGRSVLFROyJLFDPHQWHSRUTXHQRVHGXFDQHQODFUHHQFLDGHTXH
QRVFROPDQRVpVLHVSRUVtPLVPR\SRUTXHDVtVpTXHWHQJRXQDYDJLQD
œ(OFRLWRHVGLYHUWLGRXQDHVSHFLHGHFDUUXVHOHQJDORSHGRQGHKDVSDUWLFLSDGR
HQ WRGR HO MDOHR \ SDJDGR WXV FLQFXHQWD FHQWDYRV \ SXHGHV GH SDVR FRQVHJXLU XQD
EXHQDVDFXGLGDSRUHOQ~PHURSUHVFULWRGHVXELGDV\EDMDGDV\HOFRORU\UHVSODQGRU
\WRGDVODVOLQGDVOXFHV\DGHPiVHVHO~QLFRMXHJRHQHOSXHEOR
(OFRLWR SDUHFHWDPELpQKDFHUœRILFLDODOVH[R
œ6LHQWRTXHQRHVWR\DFWXDQGRVH[XDOPHQWHVLQSHQHWUDFLyQ
œ6tPHJXVWDHOFRLWRGHWRGDVODVPDQHUDV,UHIHFWXDQGRWRGDVODVDFFLRQHVVLQ
SHQHWUDFLyQSDUHFHFRPRVLHVWXYLHUDVGHMDQGRIXHUDDOJR
œ0H HQFDQWD SDUD Pt QLQJXQD RWUD FRVD HV UHDOPHQWH ¦VH[R§ 0H HQFDQWD OD
VHQVDFLyQGHQXHVWURVFXHUSRVXQLGRV\FRQIXQGLGRVHQVXVSXQWRVPiVVHQVLWLYRV
œ(VWiELHQItVLFDPHQWHSHURHQHVSHFLDOVXYDORUHVSVLFROyJLFRSRUTXHFRQ
YLHUWH HO VH[R HQ ¦RILFLDO§ 1LQJXQD UHODFLyQ SRGUtD GXUDU PXFKR WLHPSR VLQ HO FR
LWR
$OJXQDVPXMHUHVGHFODUDURQTXHHOFRLWRODVKDFtDVHQWLUVHœPiVFRPRXQDPXMHU
œ'XUDQWHHOFRLWRPHVLHQWRFRPSOHWDFRPRXQDPXMHU
œ$GRURHOFRLWRSRUTXHGXUDQWHVXWUDQVFXUVROOHJRDVHQWLUPHVDOYDMH\OLEUH
6R\XQDPXMHUVH[XDO\JR]R VLQWLpQGRPHDSDVLRQDGD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6tPHJXVWDHVSHFLDOPHQWHODSHQHWUDFLyQLQLFLDO6LHQWRTXHHVWR\FXOPLQDQ
GRODUD]yQGHPLH[LVWHQFLDIHPHQLQD
œ6t PH JXVWD GH WRGDV ODV PDQHUDV SRUTXH PL YDJLQD HVWiDKt SDUDUHFLELUHO
yUJDQRGHOPDFKR\QDWXUDOPHQWHVDEHELHQ0HVLHQWRUHQRYDGDFRPRPXMHU
œ)tVLFDPHQWH HV VDOXGDEOH SVLFROyJLFDPHQWH OR QHFHVLWR (V XQ UHTXHULPLHQWR
EiVLFRGHXQDPXMHUFRQVDOXGItVLFD
œ(OFRLWRHVKHUPRVRGDGRSRU'LRVQHFHVDULRSDUDPLIHOLFLGDG\PLELHQHV
WDUItVLFR\PHQWDOFRPRPXMHU
œ6t6R\XQDPXMHUpOHVXQKRPEUH\HVWDEDGHVWLQDGRDVHUGHHVWHPRGR(V
LQVWLQWLYR 7DPELpQ D YHFHV WHQJR HO WLHUQR SHQVDPLHQWR GH XQD SRVLEOH IHFXQGD
FLyQ
˜32548e/$608-(5(612&5($1 6863523,2625*$6026"
+HPRVYLVWRTXHHOYDORUHVHQFLDOGHOVH[R\GHOFRLWRSDUDODVPXMHUHVHVODLQ
WLPLGDG\HODIHFWR$ODVPXMHUHVOHVJXVWDEDPiVHOVH[RSRUORVVHQWLPLHQWRVDpO
YLQFXODGRVTXHSRUODVVHQVDFLRQHVSXUDPHQWHItVLFDVGHOFRLWRHQVtPLVPR&RPR
UHIOHMDEDQ FDVL WRGDV ODV UHVSXHVWDV IHPHQLQDV HQ OD VHFFLyQ SUHFHGHQWH HV HO FDORU
HPRFLRQDOFRPSDUWLGRHQHVWRVPRPHQWRV\HOVHQWLPLHQWRGHVHUTXHULGD\QHFHVL
WDGD QR HO PHUR DFWR ItVLFR OR TXH FRQVWLWX\HQ ORV SULQFLSDOHV SODFHUHV GHO VH[R \
GHOFRLWR
(Q QXHVWUD VRFLHGDG HO VH[R HV XQ PHGLR VXPDPHQWH LPSRUWDQWH GH JR]DU GH
LQWLPLGDG FDVL OD ~QLFD PDQHUD HQ TXH SRGHPRV ItVLFD R LQFOXVR HVSLULWXDOPHQWH
LQWLPDUFRQRWURVHUKXPDQR<HOVH[RHVXQRGHORVSRFRVPRPHQWRVHQTXHWDQJL
EOHPHQWHVHQWLPRVTXHQRVHVWiQDPDQGR\GHPRVWUDPRVQXHVWURDPRUSRURWUDSHU
VRQD<FRQWRGRHQRWUDVRFLHGDGWRGDYtDVLQQDFHUVLQFUHDUQRVHUtDQHFHVDULR
GHILQLU HO œVH[R GH XQ PRGR WDQ UtJLGR \ KHUPpWLFR /DV PXMHUHV QR QHFHVLWDUtDQ
DFHSWDUXQDVLWXDFLyQRSUHVLYDFRQODILQDOLGDGGHREWHQHULQWLPLGDG\DIHFWR
/RTXHKDFHVHUHVFODYDVVH[XDOHVDODVPXMHUHVQRHVHOKHFKRGHTXHQRGH
VHHQRQROHVJXVWHHOFRLWRSXHVWRTXHSRUORJHQHUDOOHVJXVWDVLQRPiVELHQHO
KHFKRGHTXH WLHQHQSRFDVRQLQJXQDDOWHUQDWLYDGHHOHFFLyQSDUDVDWLVIDFHUVXVDQ
KHORV(OVH[RHVGHILQLGRFRPRXQDFLHUWDSDXWD¥SUHOLPLQDUHVSHQHWUDFLyQFRLWR
\H\DFXODFLyQ¥ \HOFRLWRHVVLHPSUHSDUWHGHHVWDSDXWDHQUHDOLGDGHOFRLWRHVOD
SDXWDRQRUPDSRUORPHQRVGDGRTXHWHUPLQDFRQODH\DFXODFLyQGHOPDFKRFRQ
3RUORTXHDODVSURSLDVVHQVDFLRQHVItVLFDVVHUHILHUHHOPRPHQWRGHODSHQHWUDFLyQHUDFRQPXFKRODVHQ
VDFLyQIDYRULWDSRUODPD\RUtDGHODVPXMHUHV/RTXHORVLQYHVWLJDGRUHVGHOVH[ROODPDQœVHQWLPLHQWRSUR
SULRFHSWLYR¥VHQVDFLRQHVItVLFDVSODFHQWHUDVTXHQRWLHQHQQDGDTXHYHUFRQHORUJDVPR¥ IXHPX\UDUDYH]
PHQFLRQDGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ORFXDOFRQFOX\HHOVH[R(VWDIyUPXOD\QRUPDHVORTXHRSULPHDODVPXMHUHV\GH
KHFKRWDPELpQRSULPHDORVKRPEUHVFRPRYHUHPRVPDVDGHODQWH
3HURODSUHJXQWDRULJLQDOGHHVWHFDStWXORWRGDYtDQRHVWiFRQWHVWDGDVLODVPX
MHUHVVDEHQFyPRWHQHURUJDVPRV˜SRUTXpQRHPSOHDQVXFRQRFLPLHQWRGXUDQWHHO
VH[RFRQKRPEUHV"˜3RUTXpQRTXHEUDQWDQODQRUPD"1RH[LVWHUD]yQDOJXQDSRUOD
TXHKDFHUXVRGHHVWHFRQRFLPLHQWR\WRPDUODLQLFLDWLYDHQQXHYDVGLUHFFLRQHVSX
GLHUDGLVPLQXLUHOFDORU\ODLQWLPLGDGGHOVH[R˜2DFDVRODKD\"
&RVWXPEUH
$ FLHUWR QLYHO SRGUtDPRV GHFLU TXH SHQVDPRV VREUH HO œVH[R WDO FRPR OR
KDFHPRV ¥R VHD œSUHOLPLQDUHVœSHQHWUDFLyQ\FRLWRVHJXLGRGHH\DFXODFLyQGHO
YDUyQ¥ SRUTXHQRVHQVHxDURQTXHDVtHVHOVH[R\TXHpVWDVVRQODVUHODFLRQHVItVL
FDVDSURSLDGDVHQWUHODVSHUVRQDV\TXHHVWRHVORTXHVHGDSRUœVXSXHVWRTXHGH
EHPRVKDFHU1XHVWUDLGHDGHODVUHODFLRQHVVH[XDOHVHVWiHVWUXFWXUDGDHQWRUQRDOD
DFWLYLGDG UHSURGXFWRUD OD FXDO HV GHILQLGD FRPR œLQVWLQWLYD $XQTXH ORV VHQWL
PLHQWRV VH[XDOHV GH SODFHU VRQ LQVWLQWLYRV R SRU OR PHQRV LQQDWRV HO FRLWR QR HV
HVWULFWDPHQWH VX PHWD LQVWLQWLYD R LQQDWD 8QR GH ORV PLWRV GH QXHVWUD VRFLHGDGHV
TXHHVODœQDWXUDOH]DRQXHVWURVœLQVWLQWRVORVTXHQRVKDFHQSUDFWLFDUHOœVH[R
WDO FRPR OR KDFHPRV (Q YHUGDG FDVL VLHPSUH OR KDFHPRV DVt SRUTXH QRV KDQ HQ
VHxDGRDKDFHUORDVt,QFOXVRORVFKLPSDQFpV\RWURVDQLPDOHVGHEHQDSUHQGHUHOFR
LWR<HUNHV+DUORZ\+DUORZ+&%LQJKDP(OVH[R\WRGDVODVUHODFLRQHVItVLFDV
VRQ DOJR TXH QRVRWURV FUHDPRV VRQ IRUPDV FXOWXUDOHV QR IRUPDV ELROyJLFDV 6LQ
HPEDUJR FRQ OD Pi[LPD IUHFXHQFLD QR SHQVDPRV HQ QRVRWURV PLVPRV FRPR VHUHV
OLEUHVSDUDH[SORUDUGHVFXEULURLQYHQWDUFXDOTXLHUFODVHGHGLYHUVDV\YDULDGDVUHOD
FLRQHVItVLFDVTXHSRGDPRVTXHUHURQHFHVLWDURTXHSXHGDQSDUHFHUQRVQDWXUDOHVHQ
FXDOTXLHU PRPHQWR GHWHUPLQDGR FRUUHVSRQGHU D QXHVWURV VHQWLPLHQWRV \ QHFHVLGD
GHV LQGLYLGXDOHV (Q YH] GH HOOR SURSHQGHPRV D DFWXDU FRPR VL H[LVWLHVH WDQ VyOR
XQD IyUPXOD HVWDEOHFLGD SDUD WHQHU FRQWDFWR ItVLFR tQWLPR FRQ RWUDV SHUVRQDV TXH
œGHEHQVHUGHOVH[RRSXHVWRODFXDOLQFOX\HSUHOLPLQDUHVFRLWR\RUJDVPRPDVFX
OLQR
'HVGHHVWDSHUVSHFWLYDODVUHVSXHVWDVTXHKDQGDGRODVPXMHUHVDOVHUSUHJXQ
WDGDVVLOHVJXVWDHOœVH[RSXHGHQVHUYLVWDVFRPRUHIOHMDQGRVXVVHQWLPLHQWRVFRQ
UHIHUHQFLDDHVWDGHILQLFLyQFOiVLFDVLHOFRLWRHVLQVWLQWLYR\VLODPDQHUDGHSUDFWL
FDUHOVH[RHVGLFWDGDSRUODSURSLDQDWXUDOH]D˜FyPRSXHGHQDGLHTXHQRVHDœQHX
UyWLFRGHFLUTXHQR"2ELHQ˜FyPRSXHGHQDGLHGHFLUTXHOHJXVWDUtDFDPELDUOR"
(OVH[RHVHOVH[R\WHJXVWDRELHQQRWHJXVWD6LQHPEDUJRWDOFRPRKHPRVYLVWR
ODVSUHJXQWDVPDVHVSHFtILFDVVDFDURQDUHOXFLUWRGDFODVHGHVDWLVIDFFLRQHVHLQVDWLV
IDFFLRQHVFRQHOVH[RWDOFRPRORFRQRFHPRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
([LVWHDKRUDXQDJUDQSUHVLyQVREUHODVPXMHUHVHQQXHVWUDVRFLHGDGSDUDTXH
GLJDQ TXH OHV JXVWD HO œVH[R 7DO FRPR OR GHVFULELy XQD PXMHU œ&RQ OD KDELWXDO
DWHQFLyQVREUHHOVH[RHQWHUDUPHGHTXHWHQJRXQDEXHQDYLGDVH[XDOPHSURWHJHGH
ODVGXGDVSHUMXGLFLDOHVVREUHPtPLVPDFDGDYH]TXHOHRXQDUWtFXORVREUHHOVH[R
/DVPXMHUHVGHEHQ œKDFHUORFRUUHFWDPHQWH\HQHVSHFLDOGHEHQGLVIUXWDUOR&XDO
TXLHU PXMHU TXH GLJD TXH QR OH JXVWD HO VH[R HV HWLTXHWDGD FRPR œQHXUyWLFD
œDFRPSOHMDGD œH[WUDYDJDQWH R œHQIHUPD SRU OD SURIHVLyQ SVLTXLiWULFD \ RWUDV
SHUVRQDV/DVPXMHUHVSRUWRGDFODVHGHUD]RQHVGHEHQ JXVWDUGHOœVH[R(VWRVLJ
QLILFDHVHQFLDOPHQWHTXHODVPXMHUHVGHEHQJXVWDUGHOFRLWRKHWHURVH[XDO
'HKHFKRLQVLQXDUVLTXLHUDHOSRQHUHQWHODGHMXLFLRODJORULD\ODLPSRUWDQFLD
GHOFRLWRFRPRXQYDORUSULPRUGLDOHTXLYDOHDFXHVWLRQDUODEDQGHUDQRUWHDPHULFDQD
R HO SDVWHO GH PDQ]DQDV 1L VLTXLHUD HV SHUPLWLGR LQFOXVR GLVFXWLU ORV VHQWLPLHQWRV
FRQUHIHUHQFLDDOFRLWRRVLOHJXVWDDXQDHWFVLQOHYDQWDUXQDIXHUWHUHDFFLyQHPR
FLRQDO HQ PXFKDV SHUVRQDV TXH VLHQWHQ TXH VH HVWi DWDFDQGR D ORV KRPEUHV 3HUR
HVWRQRHVYHUGDG(OKHFKRGHTXHVHDSHUFLELGRDVtHVPHUDPHQWHRWUDLQGLFDFLyQGH
OR PX\ HVWHUHRWLSDGDV TXH HVWiQ QXHVWUDV LGHDV DFHUFD GH ODV UHODFLRQHV ItVLFDV \
DGHPiVORPX\HPRFLRQDO\SROtWLFDPHQWHVHQVLEOHTXHHVXQWySLFRVH[XDO
3DUDUHIRU]DUQRVHQHVWDVLGHDVVREUHORTXHHVHOVH[R\HVSHFLDOPHQWHTXHHO
FRLWRKHWHURVH[XDOHVHOSXQWRFXPEUHHQWRGRVORVFDVRVWHQHPRVWRGDFODVHGHSHU
VRQDV¥GHVGHPpGLFRVKDVWDFOpULJRVKDVWDH[SHUWRVVH[XDOHVDGLHVWUDGRVHQHVFUL
ELU OLEURV \ UHYLVWDV IHPHQLQDV KDVWD QXHVWURV SURSLRV DPDQWHV PDVFXOLQRV¥ TXH
QRV LQVWUX\HQ VREUH OR TXH HV HO VH[R \ HQ ODV PDQHUDV DSURSLDGDV GH SUDFWLFDUOR
3HUR˜FyPRSXHGHH[LVWLUXQDPDQHUDœDSURSLDGDGHWRFDUDRWURVHUKXPDQR"/RV
PDQXDOHVVH[XDOHVQRVGLFHQFRQSUHFLVLyQPHFiQLFDGyQGHWRFDUFyPRWRFDUFXDQ
GR RUJDVPDU TXH HV 0DOR QR RUJDVPDU \ XQ ODUJR HWFpWHUD 3HUR HVSHFLDOPHQWH
DSUHQGHPRVTXHVLQLPSRUWDUWRGRORGHPiVHOFRLWR\HORUJDVPRGHOYDUyQGHEHQ
UHDOL]DUVH$XQTXHHVWHWHPDVHUiGHVDUUROODGRPiVDGHODQWHHQRWURFDStWXORHVLP
SRUWDQWH UHFDOFDU DTXt TXH VL ELHQ ORV PDQXDOHV VH[XDOHV SXHGHQ VHU ~WLOHV VRPRV
QRVRWUDV TXLHQHV VDEHPRV OR TXH TXHUHPRV HQ FXDOTXLHU PRPHQWR GHWHUPLQDGR \
QRVRWUDV ODV TXH SRGHPRV FUHDU VH[R EDMR FXDOTXLHU LPDJHQ TXH TXHUDPRV 1R HV
QHFHVDULRVHJXLUQLQJXQDSDXWDPHFiQLFDSDUDLQWLPDUFRQRWURVHUKXPDQR
$PRU
3HURHQFLHUWRPRGRODYHUGDGHVPiVFRPSOLFDGDTXHODVLPSOHLGHDGHTXH
ODV PXMHUHV HVWiQ RSULPLGDV HQ OD FDPD FRPR HQ FXDOTXLHU RWUD SDUWH GHELGR D OD
œFRVWXPEUH VLPSOHPHQWH SRUTXH œGHO PLVPR PRGR FRPR ODV PXMHUHV HVWiQ
DFRVWXPEUDGDV D VHUYLU D ORV KRPEUHV VX FDIp WDPELpQ HVWiQ DFRVWXPEUDGDV D
VHUYLUOHV VXV RUJDVPRV 6LJXH VLHQGR WRGDYtD QRWDEOH OR PX\ IiFLOPHQWH TXH
SRGHPRVOOHYDPRVQRVRWUDVPLVPDVDORUJDVPRGXUDQWHODPDVWXUEDFLyQ\KDVWDTXp
SXQWRSRGHPRVLJQRUDUWRWDOPHQWHHVWHFRQRFLPLHQWRGXUDQWHODUHODFLyQVH[XDOFRQ
KRPEUHV 3DUHFH HVWDU FODUR TXH D PHQXGR WHQHPRV PLHGR GH HPSOHDU HVWH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3DUHFH HVWDU FODUR TXHDPHQXGRWHQHPRVPLHGRGHHPSOHDUHVWHFRQRFLPLHQWRGX
UDQWHHOVH[RFRQKRPEUHVSRUTXHKDFHUORDVtVHUtDFRPRXQGHVDItRDODDXWRULGDG
GHOYDUyQ3RUDOJXQDUD]yQHVWiDGPLWLGRTXHXQDPXMHUSLGDXQVDODULRGHLJXDOGDG
HQVXWUDEDMRSHURSHGLULJXDOGDGHQHOVH[RQRHVFRQVLGHUDGRYiOLGR
˜3RUTXpODVPXMHUHVWHPHQGHVDILDUDORVKRPEUHVHQODFDPD"3ULPHURWHPHQ
SHUGHU HO œDPRU GH ORV KRPEUHV /D FXHVWLyQ GH HQ TXp FRQVLVWH HO DPRU HV Oy
JLFDPHQWHPX\FRPSOLFDGD SHURORTXHVtHVWiFODURFRPRKHPRVYLVWRDWUDYpVGH
HVWHFDStWXORHVTXHODLPSRUWDQFLDGHOVH[RSDUDODVPXMHUHVHVWiLQH[SOLFDEOHPHQWH
OLJDGDFRQHODPRU
œ(OVH[RSDUDPtHVXQDFRVDPX\SULYDGD\FDVLVDJUDGD3DUDPtHOVH[RVLJ
QLILFDODVXSUHPDSUXHEDGHDPRU
œ(QPLSURSLRFDVRGHVHRIHOLFLGDGDPRUHWF\VpTXHVLSRUQLQJXQDUD]yQ
DSDUHQWHUHFKD]DVHHOVH[RSHUGHUtDDOJRGHODIHOLFLGDGHQPLYLGD\SRGUtDSHUGHU
HODPRUTXHPHWLHQHPLKRPEUH'DUtDSRUVXSXHVWRTXHDOJRLEDPDO\KDUtDFDP
ELRVTXL]iVH[FOX\pQGRPHGHVXYLGD
œ(V XQ FRPHUFLR FRPR XQ WUXHTXH &RPR GLFH PL PDGUH ORV KRPEUHV GDQ
DPRUSRUVH[RODVPXMHUHVGDQVH[RSRUDPRU
$ PXFKRVLQYHVWLJDGRUHVGHOVH[R\WHUDSHXWDVOHVSDUHFHTXHHOWHPRUDSHUGHU
HO DPRU GH XQ KRPEUH HVWi LPSLGLHQGR D PXFKDV PXMHUHV FRQVHJXLU RUJDVPRV FRQ
KRPEUHV6HJ~Q+HOHQ.DSODQHQ7KH1HZ6H[7KHUDS\
œ/DVLQFHUDE~VTXHGDGHOSODFHUVH[XDOSXHGHPRYLOL]DUWHPRUHVLQFRQVFLHQWHVHQ
XQDPXMHUGHTXHVHUiDEDQGRQDGD3XHGHHOODWHPHUTXHVXPDULGRVHFDQVHGHœDEDVWHFH U
OD2ELHQVLODSDFLHQWHDVXPHODSRVLFLyQVXSHULRUHQHOFRLWRHOODSXHGHWHPHUTXHVX
PDULGR OD HQFXHQWUH LQVDWLVIDFWRULD VH[XDOPHQWH SRUTXH HOOD UHVXOWD SRFR DWUDFWLYD HQ HVWD
SRVLFLyQGHVHQWDGDHQFLPD(VRVWHPRUHVSXHGHQWHQHUDOJXQDEDVHHQODUHDOLGDG(OPDU L
GR SXHGH GH KHFKR YROYHUVH LPSDFLHQWH R UHFKD]DUOD $GHPiV VL VLHQWH TXH VX SDSHO
VH[XDOKDVLGRœSUHYDFLDGRHVWDH[SHULHQFLDSXHGHGDUOXJDUWDPELpQDDQVLHGDGHQHOPD
ULGR\HQWDOFDVRSXHGHGHIHQGHUVHFRQWUDHVWDDQVLHGDGFRPSRUWiQGRVHFRQPDQHUDVTXH
UHSHODQRDVXVWHQDVXHVSRVD
6LPLODUPHQWH)LVKHUHQFRQWUyTXHOD~QLFD GLIHUHQFLDSVLFROyJLFDHQWUHODVPX
MHUHVTXHHUDQFDSDFHVGHREWHQHUHORUJDVPRFRQVXVPDULGRVWRGDVHOODVHUDQFDVD
GDV\DTXHOODVTXHQRORORJUDEDQUDGLFDEDHQHODPRU)LVKHULQIRUPyGHTXH
œ/DSULQFLSDOGLIHUHQFLDHQWUHODVPXMHUHVTXHWLHQHQXQDDOWDFRQVLVWHQFLDRUJiVPL
FD\ODVTXHQRODSRVHHQVHKDOODHQVX DODUPDSRUSHUGHUDTXLHQDPDQ/DPXMHUGHEDMD
FRQVLVWHQFLDRUJiVPLFDVLHQWHTXHODVSHUVRQDVDODVTXHHOODYDORUD\DPDQRVRQVHJXUDV
TXHSXHGHQLQHVSHUDGDPHQWHDEDQGRQDUOD(OODSDUHFHHVWDUVLHPSUHSUHRFXSDGDFRQODSR
VLELOLGDGGHTXHGDUVHSDUDGDGHDTXHOORVFRQORVTXHKDWHQLGRUHODFLRQHVtQWLPDV (OSUHVHQWHOLEURVHKDDEVWHQLGRGHLQWURGXFLUHVWDVLPSUHVLRQHVHQODGLVFXVLyQGDGRTXHODSROtWLFDGHO
DPRUWRGDYtDQRVHKDDQDOL]DGR6LXVWHGGHVHDFRQWULEXLUSRUIDYRUHVFUtEDPHDFR02:(DVW6W
1<1<SDUDUHFLELUXQHMHPSODUVREUHFXHVWLRQHVUHODWLYDVDODPRU\UHODFLRQHVSHUVRQDOHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
3RUDxDGLGXUDSRQHGHUHOLHYH
œ'HEHUHFDOFDUVHTXHHVWHWHPRUGHSHUGHUHOREMHWRGHDPRUWLHQHEDVWDQWHSDUHFLGR
FRQXQWLSRGHDQVLHGDGTXHKDVLGRGHVFXELHUWRFRPRSDUWLFXODUPHQWHFDUD FWHUtVWLFRGHODV
PXMHUHVPXMHUHVTXHKDQVLGRREVHUYDGDVHQYDULRVHVWXGLRVTXHVRQHVSHFLDOPHQWHVHQ
VLEOHVDODSRWHQFLDOVHSDUDFLyQGHDTXHOORVFRQTXLHQHVHOODVKDQVRVWHQLGRUHODFLRQHVLQWL
PDV
(QVXHStORJR)LVKHUGLFH
œ/RVIDFWRUHVSVLFROyJLFRV¥SRUHMHPSORWHPRUDODSpUGLGDGHOREMHWRTXHPLHQVD
\RVXJLHUHSXHGHLQWHUIHULUFRQHOORJURGHORUJDVPRHQPXFKDVPXMHUHV\SXHGHHMHPSODUL
]DUDRWURQLYHOHOVHQWLPLHQWRJHQHUDOFXOWXUDOWUDQVPLWLGRDODPXMHUGHTXH VXVLWLRHVLQ
VHJXUR\TXHVREUHYLYH~QLFDPHQWHSRUTXHHOYDUyQODSURWH JH/DDSDUHQWHLPSRUWDQFLDGHO
WHPRUGHSpUGLGDGHOREMHWRHQFDXVDULQKLELFLyQSDUDHORUJDVPRSXHGHSUREDEOHPHQWHVHU
UDVWUHDGDHQHOKHFKRGHTXHODQLxDUHFLEHLQQXPHUDEOHVPHQVDMHVTXHOHGLFHQTXHODKHP
EUDQRSXHGHVREUHYLYLUVROD\TXHHVSUREDEOHTXHVHHQFXHQWUHPHWLGDHQVHULRVWUDVWRUQRV
VLQRHVWiSURWHJLGDSRUXQYDUyQIXHUWH\FDSD]1RSDUHFHVHUGHPDVLDGRUDGLFDOSUHGHFLU
TXHFXDQGRODVPXMHUHVVHDQFDSDFHVGHFUHFHUHQXQDPELHQWHFXOWXUDOHQHOTXHVHDQPH
QRV SUHVLRQDGDV D OD REHGLHQFLD PHGLDQWH DPHQD]DV GH SRWHQFLDO GHVHUFLyQ HO OODPDGR
SUREOHPDGHORUJDVPRGHVDSDUHFHUi /DVFXUVLYDVVRQPtDV
6LELHQ)LVKHUFRPRSVLFyORJRWLHQGHDFRQVLGHUDUHVWRVWHPRUHVGHSpUGLGDGH
DPRU FRPR HPDQDQGR GH H[SHULHQFLDV GH OD LQIDQFLD HV REYLR TXH SXHGHQ KDEHU
UHDFFLRQHVDQWHFRQGLFLRQHVDGXOWDVPX\FRUULHQWHVWDOHVFRPRWHPRUHVGHTXHDOLU
HQYHMHFLHQGRHOKRPEUHDPDGRGHMHGHDPDUWHTXHpOQRVQHFHVLWHPHQRVTXHQRVR
WUDVORQHFHVLWDPRV\DVtVXFHVLYDPHQWH
(FRQRPtD
1RVRODPHQWHSXHGH XQDPXMHUWHPHUODSpUGLGDGHODPRUGHXQKRPEUHVLVH
DILUPDHOODPLVPDRORœGHVDItDVH[XDOPHQWHVLQRTXHFRQGHPDVLDGDIUHFXHQFLD
HVWi WDPELpQ LPSOLFDGD XQD LQWLPLGDFLyQ HFRQyPLFD (VWD SXHGH DGTXLULU GLYHUVDV
IRUPDV DOJXQDV VXWLOHV RWUDV SDWHQWHV OD IRUPD PiV REYLD GH OD LQWLPLGDFLyQ HFR
QyPLFDRFXUUHFXDQGRXQDPXMHUGHSHQGHWRWDOPHQWHGHOKRPEUHFRQTXLHQPDQWLH
QH UHODFLRQHV VH[XDOHV SRU OD FRPLGD \ HO DOEHUJXH \ QR WLHQH RWUDDOWHUQDWLYDHFR
QyPLFD WDO FRPR SRU HMHPSOR VHU FDSD] HOOD PLVPD GH REWHQHU XQ WUDEDMR VL VH OR
SURSRQH HV GHFLU HO PDWULPRQLR WDO FRPR IXH WUDGLFLRQDOPHQWH GHILQLGR 7RGRV
KHPRV YLVWR OD FRQH[LyQ HQWUH HO DIHFWR \ OD HFRQRPtD EDMR XQDVSHFWRVXDYHHQHO
VHULDOWHOHYLVLYR4XLHURD/XF\HQHOFXDOODVSDODEUDVDIHFWXRVDV\ORVDEUD]RVHUDQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VLHPSUHXQDSDUWHULWXDOSDUDFRQVHJXLUFRQYHQFHUD5LFN\VREUHODDGTXLVLFLyQGHXQ
QXHYRVRIiXQQXHYRVRPEUHURRXQDVYDFDFLRQHV$OJXQDVGHODVPXMHUHVHQHVWH
HVWXGLRWDPELpQPHQFLRQDURQODFRQH[LyQHQWUHHOVH[R\ODHFRQRPtDHQVXVYLGDV
HQFRQWHVWDFLyQDœ˜2SLQDXVWHGTXHWHQHUUHODFLRQHVVH[XDOHVHVGHDOJXQDPDQH
UDSROtWLFD"
œ(QPLFtUFXORHOKRPEUHJHQHUDOPHQWHJDQDGRVYHFHVPiVGLQHURTXHODHV
SRVD /R FXDO VLJQLILFD TXH VL D XQD OH JXVWD VX HVWLOR GH YLGD ¥VX SLVFLQD RFLR
HYDVLyQ ODYDYDMLOODV YHFLQGDULR¥ QR HFKD WRGR HVWR D SHUGHU SDUD KXLU FRQ DOJ~Q
DWOHWDGHSOD\D&RQR]FRDXQPRQWyQGHPDWULPRQLRVTXHVLJXHQMXQWRVQRSRUHOOH
JtWLPRGHVHRGHFRPSDUWLUXQDYLGDVLQRSRUODQHFHVLGDGGHPDQWHQHUODVFRVDVVH
JXUDV ILQDQFLHUDPHQWH $O OOHJDU OD UHYROXFLyQ FXDQGR ODV PXMHUHV HVWpQ UHDOPHQWH
WDQSUHSDUDGDVSDUDJDQDUVHODYLGDFRPRORHVWiQORVKRPEUHVHQWRQFHVKDEUiPX
FKtVLPDVPHQRVGHHVWDVUHODFLRQHVIHXGDOHV
œ6tDVtHV(QPLUHODFLyQPHYHRREOLJDGDDGDUVH[RDFDXVDGHODVSURPHVDV
PDWULPRQLDOHV(QRFDVLRQHVPLPDULGRPHKDDPHQD]DGRFRQQHJDUPHGLQHURRID
YRUHVHVGHFLUSHUPLVRVGHDOJXQDXRWUDFODVHVLQRWHQJRUHODFLyQVH[XDOFRQpO2
VHDTXHORILQMR™4XpGLDEORV&XDQGRORVFKDYDOHVVHDQPD\RUHVTXL]iPHDWUHYD
DSRQHUODVFDUWDVERFDDUULED
œ1RHVWR\VHJXUDVLHVSROtWLFDSHURVtTXHHVHFRQyPLFD5HDOPHQWHVHQWtDTXH
PH HVWDED JDQDQGR PL KDELWDFLyQ \ FRPLGD HQ OD FDPD GXUDQWH DxRV \ VL TXHUtD
FXDOTXLHUFRVDPLPDULGRHUDPiVSURSHQVRDGiUPHODGHVSXpVGHODFWRVH[XDO$KR
UDTXHPHHVWR\PDQWHQLHQGR\RPLVPD\DQRQHFHVLWRVHJXLUFRQHVWDFODVHGHMXH
JR™4XpDOLYLR
œ3RGUtDVHUFRPRVLHVWiVQHJRFLDQGRSDUDFRQVHJXLUXQVRIiQXHYRRXQDQR
FKHIXHUD
œ1RSXHGRYHUHOPRGRHQTXHHOVH[RVHDSROtWLFDDPHQRVTXHVHUHILHUDXV
WHG DO PRGR HQ TXH ODVPXMHUHVWLHQHQUHODFLRQHVVH[XDOHVFRQVXVPDULGRVVLHOORV
KDFHQHVWRRDTXHOORSDUDHOODV1RFUHRTXHHVWRVHDFRUUHFWRSHURORTXHQRSXHGR
GHFLU HV TXH QR KDJD \R OD PLVPD FODVH GH FRVDV DOJXQDV YHFHV FRQ PL PDULGR
œ&RQ PL PDULGR DOJXQDV YHFHV PH VLHQWR REOLJDGD SRUTXH VR\ VX HVSRVD \
GHVSXpVGHWRGRpOORSDJDWRGR(VWDHVODUD]yQSRUODTXHGLVIUXWRFRQDVXQWRVH[
WUDFRQ\XJDOHVDXQTXHQRORVWHQJDFRQPXFKDIUHFXHQFLDORTXHFRQYLHUWHHOVH[R
HQDOJRHVSHFLDO\H[FLWDQWH
œ3RU OR TXH D Pt VH UHILHUH HVWR\ FRQWHQWD GH KDEHU YLYLGR OR VXILFLHQWH SDUD
SRGHUYHUODOX]IXHUDGHOW~QHOODHVSHUDQ]DGHTXHODVPXMHUHVREWHQJDQDOJ~QGtD
XQWUDWRGHLJXDOGDG˜3XHGHVLTXLHUDLPDJLQDUVHODHUDGHODYDGRGHFHUHEURTXHYL
YLPRVKDFHFXDUHQWDDxRV"7HQLDVTXHFRQVLGHUDUWHDIRUWXQDGDGHWHQHUPDULGR\OD
PD\RU SDUWH GHO WLHPSR WH OR SDVDEDV SHQVDQGR TXH DOJR QR PDUFKDED ELHQ HQ WL
PLVPD\FRQVXPtDVWXYLGDHQFXLGDUDORVKRPEUHV\DORVQLxRV\ODIUHQWHWHWRFD
EDDOVXHORSRUTXHQRWHSHJDEDSRUTXHWHDEDVWHFtD\WRGRORTXHHUDVHUDXQDFULD
GDVLQVXHOGR(QYLXGDUPHOLEHUy\GHVFXEUtXQDFDUUHUD\XQDYLGDSDUDXQDPXMHU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$OJXQDVGHPLVFRPSDxHUDV PXULHURQVLQVLTXLHUDFRQRFHUTXHKDEtDHVSHUDQ]DVSD
UDODKHPEUDPXULHURQLJQRUDQWHVGHWRGRHVWR
4XLHQTXLHUDTXHGHSHQGDHFRQyPLFD\OHJDOPHQWHGHRWUDSHUVRQDFRPRWUDGL
FLRQDOPHQWH KD RFXUULGR FRQ ODV PXMHUHV \ HQ OD PD\RU SDUWH GH ORV FDVRV VLJXH
VLHQGRDVtHVWiFRORFDGDHQXQDVLWXDFLyQPX\YXOQHUDEOH\SUHFDULDFXDQGRDTXHOOD
SHUVRQD HVSHUD R SLGH VH[R R DIHFWR $XQTXH OD PXMHU SXHGD JHQXLQDPHQWH TXHUHU
FRPSODFHUDOKRPEUHHOKHFKRGHTXHQRVHVLHQWHOLEUHGHQRFRPSODFHUOH\GHTXH
FRORFD ODVDWLVIDFFLyQGHpODQWHVTXHODVX\DSURSLD\PDQWLHQHHQVHFUHWRHOFRQR
FLPLHQWRGHVXSURSLRFXHUSRUHYHODODSUHVHQFLDGHXQHOHPHQWRGHWHPRUHLQWLPL
GDFLyQ(VWiFODURTXHVLXQDPXMHUGHSHQGHILQDQFLHUDPHQWHGHXQKRPEUHQRHVWi
HQEXHQDSRVLFLyQSDUDSHGLULJXDOGDGHQODFDPD/DGHSHQGHQFLDHFRQyPLFDLQFOX
VRVLVHDPDDDOJXLHQHVXQDIXHU]DPX\VXWLO\FRUURVLYD
3RU VXSXHVWR OHJDOPHQWH HQ HO PDWULPRQLR XQD PXMHU GHEH SUDFWLFDU HO FRLWR
FRQVXPDULGR7DOFRPRH[SRQH.LQVH\
œ7DQWRORV FyGLJRVKHEUHRFRPRFULVWLDQRKDQKHFKRKLQFDSLpHQODREOLJDFLyQGHOD
PXMHU\HQFLHUWRPHQRUJUDGRODREOLJDFLyQGHOPDULGRHQHQWDEODUFRLWRFRQHO FyQ\XJH
OHJDOPHQWHHVSRVDGR/DSRVLFLyQGHODHVSRVDHQXQ PDWULPRQLRHVUHIOHMDGDHQODWUDG L
FLRQDODFWLWXGGHODVOH\HVLQJOHVDV\QRUWHDPHULFDQDVTXHUHJODPHQWDQTXHHOODDOFRQVHQWLU
HQFDVDUVHKDGDGRGHWDOPRGRVXLUUHYRFDEOHFRQVHQWLPLHQWRHQDFHSWDUHOFRLWREDMRFX D
OHVTXLHUD FRQGLFLRQHV GH VX PDULGR LQFOXVR DXQTXH pO SXHGD XVDU OD IXHU]D R OD YLROHQFLD
H[WUHPDGDV SDUD FRQVHJXLU VXV SURSyVLWRV ,QFOXVR EDMR ORV DFWXDOHV FyGLJRV SHQDOHV QRU
WHDPHULFDQRV HO FRLWR GH XQ PDULGR FRQ VX HVSRVD QR SXHGH QXQFDVHULQWHUSUHWDGRFRPR
YLRODFLyQ VLQ LPSRUWDU KDVWD TXp SXQWR HO FRLWR SXHGD VHU HPSOHDGR FRQWUD ORV GHVHRV GH
HOOD\VLQLPSRUWDUKDVWDTXpSXQWRSXHGDpOXWLOL]DUODIXHU]D
,QFOXVRODSRVLFLyQPiVFRP~QPHQWHXVDGDKR\HQGtD¥HOKRPEUHHQFLPDGH
ODPXMHU¥ HVXQOHJDGRGHODOH\HFOHVLiVWLFD
.LQVH\HVFULEtDHVWRSRUORVDxRVFLQFXHQWDSHURHVWDVOH\HVHVWiQKR\WRGDYtD
HQYLJHQFLD$XQTXHHVWpQGHVLJXDOPHQWHDSOLFDGDVHQYDULRVHVWDGRVSRUORJHQHUDO
VLJXHQ WRGDYtD HQ SOHQR YLJRU 8Q JUXSR FRQRFLGR FRPR /DV )HPLQLVWDV IRUPy SL
TXHWHV DQWH OD RILFLQD GH OLFHQFLDV PDWULPRQLDOHV GH OD FLXGDG GH 1XHYD <RUN HQ
SRUWDQGRSDQFDUWDVHQODVTXHVHOHtDODVLJXLHQWHSUHJXQWD
œ˜6DEpLV TXH OD YLRODFLyQ HV OHJDO HQ HO PDWULPRQLR" 'H DFXHUGR D OD OH\ HO
VH[RHVODILQDOLGDGGHOPDWULPRQLR+D\TXHUHDOL]DUHODFWRVH[XDOSDUDTXHHOPD
WULPRQLRVHDYDOLGRœ˜6DEpLVTXHHODPRU\HODIHFWRQRVRQUHTXHULGRHQHOPDWUL
PRQLR" 6LQRSXHGHVWHQHUVH[RFRQWXPDULGRpOSXHGHFRQVHJXLUODDQXODFLyQRHO
GLYRUFLR"6LpOQRWHDPDHVWRQRHVIXQGDPHQWRSDUD HOGLYRUFLR
/yJLFDPHQWHQRHVHOPDWULPRQLRHQVtPLVPRHOGHIHFWXRVRHVGHFLUODLGHD
GH GRV SHUVRQDV GH FRPSDUWLU VXV YLGDV FRQ PHWDV FRPXQHV (O PDWULPRQLR HQ HO
VHQWLGRGHXQYHUGDGHUR FRQWUDWRGHDPRUSRGUtDVHUPDUDYLOORVR6LQHPEDUJRSRU
DKRUDODYHUGDGGHOPDWULPRQLRSDUDPXFKDVPXMHUHVHVODGHSHQGHQFLDOHJDO\HFR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QyPLFD(VWDGHSHQGHQFLDSXHGHLPSHGLUTXHODVPXMHUHVVHVLHQWDQOLEUHVSDUDH[
SORUDU\GHVFXEULUVXVSURSLRVVHQWLPLHQWRVVH[XDOHVFRQVXVPDULGRV
/DV PXMHUHV TXH QR HVWiQ FDVDGDV SXHGHQ VHU HFRQyPLFDPHQWH LQWLPLGDGDV
PHGLDQWHRWURVPHGLRVPiVVXWLOHV7DOFRPRH[SRQtDXQDPXMHUVXVLWXDFLyQœ'HVGH
ODWHPSUDQDLQIDQFLDQRWpTXHHVWDEDSURJUDPDGDSRUPLDPELHQWHIDPLOLDU\ODVR
FLHGDGSDUDFRQYHUWLUPHHQHVSRVD\PDGUHDVtFRPRDHVWDQFDUPHHQWDUHDVVLQVHQ
WLGR(QFRQVHFXHQFLDREWXYHGLSORPDVGHPDWHULDVQDGDSUiFWLFDVKDVWDTXHGXUDQ
WH XQ DxR DFXGt DXQDDFDGHPLDSDUDHVWXGLDUVHFUHWDULDGR'XUDQWHORVFLQFRDxRV
VLJXLHQWHV WUDEDMpFRPRVHFUHWDULDVLJRVLpQGRORDKRUD&RQHOWUDQVFXUVRGHOWLHP
SRPHKHVHQWLGRPX\LQIHULRUFRQUHVSHFWRDPLSRVLFLyQHQODYLGD\HVWR\VHJXUD
TXHHVWRLQIOX\yHQPLVH[XDOLGDG\VHQWLPLHQWRVKDFLDPtPLVPD(UDPiVYXOQHUD
EOHDODEXVRSRUSDUWHGHORVKRPEUHV\DHOORFRQWULEXtDPXFKRHOEDMRFRQFHSWRTXH
WHQtD GH Pt PLVPD +H WRPDGR OD GHFLVLyQGHDEDQGRQDUPLWUDEDMRGHVHFUHWDULD\
GHGLFDUWRGRHOGtDDORVHVWXGLRVXQLYHUVLWDULRV(VWDGHFLVLyQKDHIHFWXDGRPLODJURV
HQPtPLVPD7HQJRXQDPiVHOHYDGDRSLQLyQGHPLSHUVRQD\PHVLHQWRWRWDOPHQWH
UHDFLD D LQYROXFUDUPH HQ FXDOTXLHU FODVH GH UHODFLyQ VH[XDO R FRPR VHD TXH GH
FXDOTXLHUPDQHUDVHDGHVWUXFWLYDSDUDPt0HVLHQWROLEUHGHGLVIUXWDUGHPLFXHUSR
EDMRPLVSURSLDVSUHPLVDV\ QREDMRDOJXQDQRFLyQSUHFRQFHELGDSRUDOJ~QKRPEUH
VH[LVWD1RRGLRHQDEVROXWRDORVKRPEUHVHVWR\VHJXUDGHTXHVLHPSUHKHH[SHUL
PHQWDGRXQJUDQDPRUSRUHOORVSHURDKRUDSXHGRYHUFyPRQRVKHPRVHVWDGRXWLOL
]DQGRPXWXDPHQWH\ORPX\LQMXVWRVTXHKDQVLGRORVSDSHOHVGHVHPSHxDGRVSRUODV
PXMHUHV HQ FDGD DVSHFWR GH VXV YLGDV \ TXLHUR FDPELDU WRGR HVWR 6LHQWR TXH PL
DFWLWXG HV PX\ VDOXGDEOH \ TXH QR PH REVWDFXOL]DUi SDUD GHVDUUROODU EXHQDV
UHODFLRQHVFRQORVKRPEUHV
$ RWUR QLYHO LQFOXVR XQD PXMHU TXH HVWi VRODPHQWH HVSHUDQGR XQD œFLWD FRQ
XQKRPEUHSXHGHHVWDUHVWUXFWXUDGDSDUDVHQWLUTXHOHœGHEHVH[RDpO
œ(OVH[RSXHGHVHUSROtWLFDFXDQGRODPXMHUHVWiKHFKDSDUDVHQWLUVHREOLJDGD
SRUHMHPSORDSDJDUSRUXQDFLWDFRQVH[RDFDPELR GHDOJR
œ+XERXQWLHPSRFXDQGR\RHVWXGLDEDHQTXHVDOtDDFHQDUFRQXQVXMHWRVyOR
SRU OD RSRUWXQLGDG GH FRPHU DOJR TXHQRIXHUDVSDJXHWLV\RHUDPX\SREUH6DEtD
TXHHOORVKDELWXDOPHQWHTXHUtDQVH[R\FXDQWRPHQRVHUD\RFDSD]GHSRGHUSHUPL
WLUPHODFHQDTXHPHHVWDEDSDJDQGRWDQWRPiVVHQWtDTXHOHGHEtDDpOVH[R7DQWR
PiVDJUDGHFLGDPHVHQWtD˜1RHVHVWRKRUULEOH"(UDWHUULEOHSHUR\RQRSRGtDHYL
WDUOR
&RPRKDSXHVWRGHUHOLHYHHOGRFWRU3HSSHU6FKZDUW]LQFOXVRFXDQGRODVPX
MHUHV\D QRVLJXHQVLHQGRHFRQyPLFDPHQWHGHSHQGLHQWHVWRGDYtDHVWiQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œDFRVWXPEUDGDVDPRGLILFDUVXGHVHRVH[XDOSDUDDWHQGHUVXVQHFHVLGDGHVPiVLP
SRUWDQWHVDOLPHQWRVDOEHUJXHSURWHFFLyQ\VHJXULGDG \ODPD\RUtDKDGHMDGRGHVHUDQD
OtWLFD DFHUFD GH VX VLWXDFLyQ VH[XDO ,QFOXVR FXDQGR VH SUHVHQWD OD VLWXDFLyQ TXH ODV KDFH
LQGHSHQGLHQWHV GH WDOHV FRQVLGHUDFLRQHV ULTXH]D SHUVRQDO XQD FDUUHUD FRQp[LWR\XQHQ
MDPEUH GH DGPLUDGRUHV HWF HVWiQ WDQ DFRVWXPEUDGDV D TXH ODV H[LJHQFLDV GH ORV GHPiV
GHILQDQ VX HVWUXFWXUD VH[XDO \ PDULWDO TXH QR UHYDORUL]DQ VX HVWLOR GH YLGD &UHHQ HQ ORV
PLWRVTXHKDQRtGRDFHUFDGHVXVQHFHVLGDGHVHPRFLRQDOHV\VH[XDOHV
([LVWHQWDPELpQSUHVLRQHVHFRQyPLFDVHQODVPXMHUHVVROWHUDVSDUDTXHVHFD
VHQTXHFRQGXFHQDODPLVPDGHSHQGHQFLDILQDQFLHUD\OHJDODQWHVGLVFXWLGDWDOFR
PRXQDPXMHUGHYHLQWLVLHWHDxRVWUDEDMDQGRHQXQDVRILFLQDVH[SOLFyVXVLWXDFLyQ
œ,QFOXVRFRQORVWUDEDMRVTXHORJURFRQVHJXLU¥\VR\XQDEXHQDVHFUHWDULD¥ WRGD
YtDQRPHSXHGRSHUPLWLUSDJDUHODOTXLOHU0HYHRREOLJDGDDLUPHDYLYLUFRQXQ
KRPEUHRWHQHUFRPSDxHUDVGHKDELWDFLyQ/DVFRPSDxHUDVGHKDELWDFLyQQRSHUPL
WHQ WHQHU HO PHQRU DLVODPLHQWR LQWLPR \ YLYLU FRQ DOJ~Q WLSR ¥SULPHUR XQ WLSR \
HQWRQFHVWUDVXQDxRRGRVRWURWLSR\DVtVXFHVLYDPHQWH¥ HVXQDPDQHUDKRUULEOH
GHYLYLU6HVLHQWHXQDLJXDODXQDWUDEDMDGRUDDPEXODQWHWUDVODGDQGRGHXQODGRD
RWUR WRGDV WXV SHUWHQHQFLDV (V KXPLOODQWH (Q FRQVHFXHQFLD VLHQWHV OD QHFHVLGDG
LPSHULRVDGHFDVDUVHLQVWDODUVH\ROYLGDUORWRGR<™VLHVWiVVRODPHQWHYLYLHQ
GRFRQXQKRPEUHVREUHXQDVXSXHVWDEDVHGHLJXDOGDGHQFRPSDUWLUHOSDJRGHODO
TXLOHU˜DGLYLQHTXLpQWLHQHTXHOLPSLDUODFDVD\FRFLQDU"˜<VHUDPDQWH\DIHFWXR
VD VLHPSUHGLVSXHVWDSDUDHOVH[R"<VL'LRVQRORSHUPLWDGXUDQWHDOJ~QWLHPSR
QRWHVLHQWHVFRQJDQDV™DODFDOOH2VHDTXHDFDEDVSHQVDQGRTXHVHUtDPHMRUHVWDU
FDVDGD7DOFRPRODV5HGVWRFNLQJVGLFHQ
œ3DUDPXFKDVPXMHUHVHOPDWULPRQLRHVXQDGHODVSRFDVIRUPDVGHHPSOHRTXHHVWi
PX\DODOFDQFH3DUDHOODVQRSXHGHVLJQLILFDUIiFLOPHQWHFRQYHUWLUVHHQGRPHVWL FDRWUDED
MDGRUDGHIiEULFDRLUDODEHQHILFHQFLD$ERJDUSRUODœOLEHUDFLyQSRUHOODV PLVPDVSRUTXH
ODVPXMHUHVœVHOLEHUHQDVtPLVPDVUHQXQFLDQGRDOPDWULPRQLRUHIOHMDXQIXHUWHVHVJRGH
FODVH DO H[FOXLU DXWRPiWLFDPHQWH D OD PXOWLWXG GH PXMHUHV TXH QR WLHQHQ RWURV PHGLRV GH
VXVWHQWRTXHXQPDULGR
/yJLFDPHQWHFRQWRGRHOORQRVHSUHWHQGHGHFLUTXHQRH[LVWHHODPRUKDFLDHO
PDULGR\ODSUROH6LQHPEDUJRGHVJUDFLDGDPHQWHODGHSHQGHQFLDHFRQyPLFDSXHGH
OOHJDUDFRUURHU\PLQDUVXWLOPHQWHORVVHQWLPLHQWRVPiVKHUPRVRVHLQFOXVRDFRP
SDxDQGR D HVWRV VHQWLPLHQWRV FRQGXFLU D XQD HVSHFLH GH VLWXDFLyQ GH DPRURGLR
3HURHOPDWULPRQLRSRGUtDFRQYHUWLUVHHQXQYHUGDGHUR FRQWUDWRGHDPRUWDQWRKHWH
$TXHOORVTXHUHFRQRFHQTXHODVHVSRVDVTXHSHUPDQHFHQFDVDGDVSRUUD]RQHVHFRQyPLFDVHVWiQGHKHFKR
YHQGLHQGRVHUYLFLRVVH[XDOHVSXHGHQFRQGHQDUODSUiFWLFDVREUHODEDVHGHOHGLFWRDOVHUYLFLRGHOYDUyQTXH
SURFODPDTXHKD\DOJRTXHHVWiPDOHQYHQGHUVHUYLFLRVVH[XDOHV/RTXHHVWiPDOHQODVLWXDFLyQGHODHVSRVD
QRHVTXHHOODREWHQJDXQSDJRSRUVXVVHUYLFLRV¥VH[XDOHV\GHPiV¥VLQRTXHUHFLEHWDQSRFRSRUORTXH
HOODVXPLQLVWUDTXHVLJXHGHSHQGLHQGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
URVH[XDO FRPR KRPRVH[XDO VL ODV OH\HV TXH KDFHQ D XQD PXMHU OHJDOPHQWH GHSHQ
GLHQWHGHRWUDSHUVRQDIXHUDQFDPELDGDV\VLODVPXMHUHVWXYLHUDQXQDRSRUWXQLGDG
UHDOGHREWHQHUODDXWRQRPtDHFRQyPLFD
(OHIHFWRQHJDWLYRGHODHFRQRPtDVREUHODOLEHUWDGGHODVPXMHUHVWDQWRVH[XDO
FRPR HQ ORV RWURV DVSHFWRV HVWi PX\ H[WHQGLGR 'H DFXHUGR FRQ HO 0LQLVWHULR GH
7UDEDMRGHORV(VWDGRV8QLGRVHQODVPXMHUHVTXH WUDEDMDEDQODMRUQDGDFRP
SOHWDWRGRHODxRHOGHODVPXMHUHVQRUWHDPHULFDQDVVHJXtDQWRGDYtD JDQDQGR
WDQVyORHODSUR[LPDGDPHQWHGHOVDODULRGHORVKRPEUHVHPSOHDGRVHQLJXDOHV
FRQGLFLRQHV \ HVWD FLIUD QR VH KD LQFUHPHQWDGR HQ ORV ~OWLPRV DxRV /DV PXMHUHV
SHVH D VX HGXFDFLyQ \ FXDOLILFDFLRQHV HVWiQ WRGDYtD DXVHQWHV DPSOLDPHQWH GH ORV
SXHVWRV GLULJHQWHV \ GH ODV SRVLFLRQHVSURIHVLRQDOHVQRWUDGLFLRQDOHV/RVVXEVLGLRV
IHGHUDOHVSDUDODVJXDUGHUtDVLQIDQWLOHVKDQVLGRUHGXFLGRV\ORVGHVSLGRVODERUDOHV
KDQDIHFWDGRFRQPD\RUIUHFXHQFLDDODVPXMHUHVGDGRTXHWUDGLFLRQDOPHQWHHOODV
GHVHPSHxDQ WUDEDMRV PiV SHULIpULFRV (VWR VLJQLILFD TXH OD PD\RUtD GH ODV PXMHUHV
¥WDQWRVROWHUDVFRPRFDVDGDV¥ QRVRQILQDQFLHUDPHQWHLQGHSHQGLHQWHV
(QRWUDV SDODEUDVWDOFRPR(OOHQ'X%RLVGHOD8QLYHUVLGDG(VWDWDOGH1XHYD
<RUNHQ%XIIDORPHKDHVFULWR
œ8QDHUUyQHD\SHOLJURVDVXSRVLFLyQHVTXHOR~QLFR TXHVHLQWHUSRQHHQWUHXQDPXMHU
\ HO VH[R œVDWLVIDFWRULR HV OD UHDOL]DFLyQ SRU VX SDUWH GH VXV SURSLDV QHFHVLGDGHV ItVLFDV
&RPRSXHEORRSULPLGRGHORTXHQRVRWURVPXMHUHVFDUHFHPRVQRHVGHOFRQRFLPLHQWRGH
OR TXH QHFHVLWDPRV VDOR GHO SRGHU SRGHU VRFLDO SRGHU HFRQyPLFR SRGHU ItVLFR 3DUD
H[SUHVDUORGHRWUDPDQHUDQRHVQXHVWUD LJQRUDQFLDODTXHQRVKDFRQGHQDGRDODH[SORWD
FLyQVH[XDO\DODLQVDWLVIDFFLyQVLQRQXHVWUDLPSRWHQFLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/DUHYROXFLyQVH[XDO
œ6L OD 5HYROXFLyQ 6H[XDO LPSOLFDODDFWLWXGGHTXHDKRUDODVPXMHUHVVRQ¦OL
EUHV§ WDPELpQ \ SXHGHQ MRGHUVH D H[WUDxRV \ DO VH[R RSXHVWR WDO FRPR SXHGHQ
KDFHUORORVKRPEUHVRSLQRTXHHVDOJRUHSXJQDQWH/DVPXMHUHVQRTXLHUHQVHU¦OL
EUHV§SDUDDGRSWDUHOPRGHORPDVFXOLQRGHVH[XDOLGDGTXLHUHQVHUOLEUHVSDUDGHVFX
EULU\HQFRQWUDUODVX\DSURSLD
,1752'8&&,¾1
/DœUHYROXFLyQVH[XDOGHORVDxRVVHVHQWDIXHXQDUHVSXHVWDSDUDFDPELRVVR
FLDOHVDODUJRSOD]RTXHDIHFWDEDQODHVWUXFWXUDGHODIDPLOOD\HOSDSHOGHODVPXMHUHV
HQHOOD&RQWUDULDPHQWHDODRSLQLyQSRSXODUODStOGRUDGHFRQWUROGHQDFLPLHQWRIXH
PiV XQD UHVSXHVWD WHFQROyJLFD D DTXHOORV PLVPRV FDPELRV VRFLDOHV TXH VX FDXVD
+DVWDODVHJXQGDPLWDGGHHVWHVLJOR\DWUDYpVGHODPD\RUtDGHSHULRGRVGHOD+LV
WRULD XQD WDVD DOWD GH QDFLPLHQWRV KD VLGR FRQVLGHUDGD GH LPSRUWDQFLD SULPRUGLDO
WDQWR SDUD OD VRFLHGDG FRPR SDUD ORV LQGLYLGXRV (Q WpUPLQRV VRFLDOHV VH SHQVDED
TXHFXDQWRPiVH[WHQVDIXHUD ODSREODFLyQWDQWRPiVULFDVHUtDODVRFLHGDG\WDQWR
PDVIXHUWHHO(MpUFLWR6LQHPEDUJRODWHFQRORJtDPRGHUQDKDWHUPLQDGRFRQODQH
FHVLGDGGHHQRUPHVPDVDVGHWUDEDMDGRUHV\ODSRWHQFLDQXFOHDU\ODWHFQRORJtDVRQ
PXFKtVLPRPiVVLJQLILFDWLYRVPLOLWDUPHQWHTXHORVHMpUFLWRVKXPDQRVPDVLYRV/DV
JUDQGHV SREODFLRQHV WRGDYtD VRQ YDOLGDV SULQFLSDOPHQWH FRPR FRQVXPLGRUDV (Q
WpUPLQRVGHOLQGLYLGXRODVIDPLOLDVQXPHURVDV\DQRVRQHOUHFXUVRVRFLDORHFRQy
PLFRTXHDQWDxRIXHURQ/RVKLMRVVROtDQFRQWULEXLUDORVLQJUHVRVGHODIDPLOLDPH
GLDQWHVXWUDEDMR\DVHJXUDEDQDORVSDGUHVVXDSR\R\SURWHFFLyQHQODYHMH]6R
FLDOPHQWHORVKLMRVYDURQHVGDEDQFRQWLQXLGDGDODSHOOLGRIDPLOLDUORFXDOHUDFRQ
VLGHUDGRFRPRPX\LPSRUWDQWH\DFUHFHQWDEDQHOSUHVWLJLRVRFLDOGHODIDPLOLD+R\
HQ GtD HVWDV YHQWDMDV VRQ FRQVLGHUDGDV GH PHQRU LPSRUWDQFLD $GHPiV ORV KLMRV
FXHVWDQ XQ GLQHUDO SXHVWR TXH VX HGXFDFLyQ HV SURORQJDGD \ GHVSXpV GH WHQHU HO
VHJXQGRRWHUFHUKLMRHOQLYHOGHYLGDGHXQDSDUHMDHQODFRPXQLGDGGLVPLQX\HHQ
YH] GH DVFHQGHU 3RU DxDGLGXUD OD PD\RUtD GH ORV KRPEUHV \D QR FRQVLGHUDQ TXH
FRQWLQXDU HQ OD OtQHD GH OD IDPLOOD HV XQ DVXQWR GH SULPRUGLDO LPSRUWDQFLD DXQTXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SXHGDQ PX\ ELHQ GLVIUXWDU WHQLHQGR KLMRV \ VLHQGR SDGUHV 3HUR SXHVWR TXH HO PD
WULPRQLRHQVXIRUPDRULJLQDOFRPRXQGHUHFKRGHSURSLHGDGIXHFUHDGRGHPRGR
TXHHOSDGUHSXGLHUDHVWDUVHJXURGHODSDWHUQLGDGGHVXKLMRDKRUDTXHHVWDSDWHUQL
GDG\DQRHUDWDQLPSRUWDQWHHOPDWULPRQLRWDOFRPRHVWiWUDGLFLRQDOPHQWHGHILQL
GR\DQRHUDWDQQHFHVDULR\DODVPXMHUHVVHOHVSRGtDœSHUPLWLUœOLEHUWDGVH[XDO
(VWHFDPELRHQHOSDSHOGHODPXMHUHUDGHGREOHILOR(QWpUPLQRVWUDGLFLRQD
OHVHQFXDQWRWHQHUKLMRVVHKDEtDFRQYHUWLGRHQPHQRVLPSRUWDQWHHOVWDWXV GHODV
PXMHUHV GHFOLQy (V GHFLU SXHVWR TXH ODV PXMHUHV IXHURQ WUDGLFLRQDOPHQWH FRQWHP
SODGDV FDVL SRU FRPSOHWR HQ WpUPLQRV GH VX SDSHO UHSURGXFWRU HQWRQFHV HOODV PLV
PDVFRPRFODVHVHFRQYLUWLHURQHQPHQRVLPSRUWDQWHV\PHQRVUHVSHWDGDVFXDQGR
WDOSDSHO\DQRHUDWDQLPSRUWDQWH$OPLVPRWLHPSRVHGHFtDTXHDKRUDTXHODVPX
MHUHVTXHGDEDQœOLEUHVGHVXDQWLJXRSDSHOSRGtDQVHUœVH[XDOPHQWHOLEUHVFRPRORV
KRPEUHV HWF $OJR GH YHUGDG KDEtD HQ HVWD LGHD GH TXH VH KDEtDQ DELHUWR QXHYDV
SRVLELOLGDGHV SDUD OD LQGHSHQGHQFLD IHPHQLQD 6LQ HPEDUJR OR PLVPR TXH FRQ ORV
HVFODYRVGHVSXpVGHODHPDQFLSDFLyQFRQYHUWLUVHHQLQGHSHQGLHQWHVHUDPiVIiFLOGH
GHFLUTXHKDFHU'HKHFKRODVPXMHUHVQRWXYLHURQLJXDOGDGGHRSRUWXQLGDGHVSDUD
HGXFDFLyQRHPSOHRV\HQFRQVHFXHQFLDTXHGDURQGHQXHYRDWDGDVHQVXSDSHOWUD
GLFLRQDO GH GHSHQGHQFLD GH ORV KRPEUHV $ SHVDU GH OD OODPDGD UHYROXFLyQ VH[XDO
ODV PXMHUHV SHUFLELHQGR OR SHULIpULFDV GHFRUDWLYDV \ FRVWRVDV HQ TXH VH KDEtDQ
FRQYHUWLGRHQHVWHHVWDGRJOREDOGHFRVDVIXHURQFRQYLUWLpQGRVHHQPiVVRPHWLGDV
TXHQXQFDDORVKRPEUHV(VWRIXHWRGDYtDPDVFLHUWRIXHUD GHOPDWULPRQLRTXHGH
QWURSXHVWRTXHHOPDWULPRQLRRIUHFtDDOJXQDVIRUPDVGHSURWHFFLyQHQORVWpUPLQRV
WUDGLFLRQDOHV(VWDVLQFUHPHQWDGDVVXPLVLyQHLQVHJXULGDGTXHGDURQUHIOHMDGDVHQODV
PRGDVLQIDQWLOL]DGDVWLSRPXxHFDGHORVDxRVVHVHQWDYHVWLGRVFRUWRVGHQLxLWDODU
JR \ODFLRFDEHOORUXELRJUDQGHVRMRVLQRFHQWHVD]XOHV\OyJLFDPHQWHVLHPSUH
FRQXQDVSHFWRORPiVMXYHQLO\OLQGRSRVLEOH(OFDPELRHQODDFWLWXGGHORVKRP
EUHVKDFLDODVPXMHUHVGHPDGUHVDREMHWRVVH[RHVUHVXPLGRHQHOWtWXORGHOOLEUR
GH0ROO\+DVNHOOVREUHODVPXMHUHV)URP5HYHUHQFHWR 5DSH'HVGHODUHYHUHQFLDD
ODYLRODFLyQ(VWDVLWXDFLyQFRQGXMRHYHQWXDOPHQWHDOPRYLPLHQWRIHPLQLVWDHQODV
GpFDGDV GH ORV VHVHQWD\VHWHQWDTXHHVWiDKRUDWUDWDQGRGHKDFHUUHDOLGDGDOJXQRV
GHORVSRWHQFLDOHVSRVLWLYRVGHOFDPELRHQHOSDSHOGHODV PXMHUHVSDUDKDFHUODVYHU
GDGHUDPHQWHLQGHSHQGLHQWHV\OLEUHV
$XQTXHORVDQWLIHPLQLVWDVDFRQVHMDQDODVPXMHUHVUHQXQFLDUDVXVSUHWHQVLRQHV
GH LQGHSHQGHQFLD HFRQyPLFD \ UHJUHVDU D VX SDSHO WUDGLFLRQDO FRPR HVSRVDV \ PD
GUHVSDUDPHMRURSHRUDIRUWXQDGDPHQWHRGHVJUDFLDGDPHQWHQRH[LVWHXQFDPLQR
UHDOSDUDUHWLUDUQRVHQPDVDDQXHVWUDWUDGLFLRQDOSRVLFLyQ$OGLVPLQXLUODLPSRUWDQ
FLD GH DOXPEUDU KLMRV ODV PXMHUHV SRU DVt GHFLUOR VH TXHGDURQ VLQ HPSOHR (VWH
FDPELRKDOOHJDGRWUDVXQODUJRSHULRGRGHWLHPSR\QRHVSUREDEOHTXHVHDUHYHUVL
EOH$XQTXHODVPXMHUHVQRVRQWRGDYtDFRPRFODVHLQGHSHQGLHQWHVVRFLDOQLILQDQ
FLHUDPHQWHSRGHPRVPHMRUDUQXHVWUDVLWXDFLyQRLQFOXVRPDQWHQHUODDORVSUHVHQWHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
QLYHOHV VyOR FDPLQDQGR KDFLD GHODQWH \ UHLQWHJUiQGRQRV DO PXQGR \ TXL]i VL OR
FRQVLGHUDPRVQHFHVDULRFDPELDQGRHVHPXQGR
(QFRQFOXVLyQORTXHHQWHQGHPRVSRUœOLEHUWDGVH[XDO¥GDUDODVPXMHUHVHO
œGHUHFKR D DFWXDU VH[XDOPHQWH VLQ PDWULPRQLR \ DPLQRUDU HO pQIDVLV HQ OD PR
QRJDPLD¥ HVWi HQ IXQFLyQ GHODGHFUHFLHQWHLPSRUWDQFLDSDUDODVRFLHGDGGHGDUD
OX] \ SDUD ORV KRPEUHV GH OD SDWHUQLGDG $XQTXH HVWH FDPELR KD VLGR HWLTXHWDGR
œOLEHUWDG VH[XDO GH KHFKR KDVWD DKRUD QR KD SHUPLWLGR PXFKD OLEHUWDG YHUGDGHUD
SDUD ODV PXMHUHV X KRPEUHV SDUD H[SORUDU VX SURSLD VH[XDOLGDG KD SXHVWR PHUD
PHQWHSUHVLyQHQHOODVSDUDWHQHUPiV GHODPLVPDFODVHGHVH[R)LQDOPHQWHHVLP
SRUWDQWH UHFRUGDU TXH QR VH SXHGH GHFUHWDU TXH ODV PXMHUHV VHDQ œVH[XDOPHQWH OL
EUHV FXDQGR QR VRQ HFRQyPLFDPHQWH OLEUHV \ SUHWHQGHUOR DVt HV FRORFDUODV D HOODV
HQXQDSRVLFLyQPiVYXOQHUDEOHTXHQXQFD\PROGHDUODVHQXQDIRUPDGHSURSLHGDG
FRP~QIiFLOPHQWHDVHTXLEOH
/$$0%,*h('$''(/$œ5(92/8&,¾16(;8$/
˜4XpRSLQDGHODUHYROXFLyQVH[XDO"
/DV UHVSXHVWDV D HVWD SUHJXQWD YDULDURQ LQFOX\HQGR OD VLJXLHQWH VHULH GH RSL
QLRQHV
0HJXVWDSRUTXHSHUPLWHXQDPD\RUIUDQTXH]D(VEiVLFDPHQWHXQDEXHQD
FRVDVDOXGDEOH\QHFHVDULD
6HKDUHWUDVDGRSRUPXFKRWLHPSRSHURWRGDYtDQRKDWHUPLQDGR\OHTXHGD
XQODUJRFDPLQRSRUUHFRUUHU
˜4XpUHYROXFLyQ"1RKDKDELGRXQDYHUGDGHUDUHYROXFLyQ+DFHVHQWLUDODV
PXMHUHVTXHGHEHQUHDOL]DUHODFWRVH[XDO\QRSXHGHQGHFLUTXHœQR
(VXQDHVSHFLHGHGHVFRVLGRPDVFXOLQR\H[SORWDDODVPXMHUHV
/OHJy GHPDVLDGR WDUGH SDUD Pt SHUR SUREDEOHPHQWH VHUi GLYHUWLGR 2MDOi
KXELHVHQDFLGRPiVWDUGH
3URGXFHHPRFLRQHVHQWUHPH]FODGDV1RFRPSUHQGRTXpHVWRGRHVWHDVXQWR
\DOJXQDVYHFHVSDUHFHLUGHPDVLDGROHMRV
1RFUHRHQHOODHVWiPDO\FRQGXFHDODSURPLVFXLGDGHWF
0iVPXMHUHVH[SUHVDURQODSULPHUDRSLQLyQ¥TXHXQDPD\RUDSHUWXUDHVEXHQD¥
TXHQLQJXQDRWUD
6LQHPEDUJRFRPSDUWLHURQDOJXQDGHODVGXGDVGHRWUDVPXMHUHV0XFKDVPX
MHUHVFDVDGDV\GHPD\RUHGDGHQSDUWLFXODUTXHQRKDEtDQH[SHULPHQWDGRSHUVRQDO
PHQWHœODOLEHUWDGVH[XDODGRSWDURQHVWDODUJDSHUVSHFWLYDVREUHHOFDPELR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VGHVXPDLPSRUWDQFLD\HO~QLFRFDPLQRVHQVDWRTXHQXHVWUDVRFLHGDGSXH
GDUHFRUUHU/DIXWXUDMXYHQWXG¥PLVQLHWRV¥ FRVHFKDUiQVXVEHQHILFLRV/DUHYR
OXFLyQ VH[XDO HV XQ SDVR PiV KDFLD OD PD\RUtD GH HGDG GH OD +XPDQLGDG SHUR KD
VLGRH[SORWDGD\QHFHVLWDVHUUHILQDGD
œ5HDOPHQWHUHVSHWRTXHODVSHUVRQDVYD\DQVLHQGRPiVOLEUHV\PiVWROHUDQWHV
WDQWR FRQ VXV SURSLDV DFWLWXGHV FRPR FRQ ODV GH ORV GHPiV (VSHUR TXH SRGDPRV
WUDQVPLWLUORDODSUy[LPDJHQHUDFLyQ1XHVWUDVH[XDOLGDGHVXQDSDUWHWDQLQWHJUDQWH
GH QXHVWUDV YLGDV FRWLGLDQDV TXH DQWHV GH PRULUPH HVSHUR SRGHU YHU SURJUHVRV HQ
RWURVWHUUHQRVVRFLDOSROtWLFDHLQWHOHFWXDOPHQWH
œ<DHUDWLHPSRGHTXHIXpUDPRVFDSDFHVGHVHUKXPDQRV\VHQWLUQRVQRUPDOHV
HQYH]GHVHQWLPRVXQDHVSHFLHGHVLOHQFLRVRFXDUWRGHSHUYHUVLRQHV$KRUDODVSHU
VRQDVSXHGHQGLVFXWLUOLEUHPHQWHPXFKDVFRVDVTXHKDFHXQRVDxRVHUDQFRQVLGHUD
GDVYXOJDUHV/DVPXMHUHVSXHGHQDKRUDHPSH]DUDWHQHUODSDODEUDVLDVtORTXLHUHQ
HQYH]GHDFWXDUFRPRSDFtILFDVQLxLWDVSXHGHQH[SUHVDUVHHOODVPLVPDV\VXVVHQ
WLPLHQWRV SXHGHQ DKRUD HPSH]DU D DSUHQGHU PXFKR VREUH ORV GHPiV \ HOODV PLV
PDV
œ/DV SHUVRQDV HVWiQ ILQDOPHQWH DGPLWLHQGR TXH WLHQHQ SHQHV \ YDJLQDV \ TXH
GLVIUXWDQ HPSOHiQGRORV &UHR TXH HV VDOXGDEOH \ TXH QRV D\XGD D QRVRWUDV D HFKDU
SRUODERUGDQXHVWUDVDQTXLORVDQWHVLQKLELFLRQHV
œ/DUHYROXFLyQVH[XDOVLHVTXHHVWRSXHGHOODPDUVHDVtKDOOHYDGRHOVH[R\
ODFRPXQLFDFLyQGHORVFXHUSRVDODLUHOLEUHXQSRFRPiVTXHDQWHVDODYH]TXHLQ
WHQWRV SDUD KDFHUOR PiV QDWXUDO \ PHMRU FRPSUHQGLGR /DV SHUVRQDV VLJXHQ LJXDO
PHQWH WDQ DFRPSOHMDGDV FRPR VLHPSUH SHUR SRU OR PHQRV \D HVWiQ FRQYHUVDQGR
PiVGHOWHPD\FRPSUHQGLHQGRTXHQRHVWiQVRODVFRQVXVSUREOHPDV
œ&UHR TXH HV HVWXSHQGD SRUTXH JUDQ FDQWLGDG GH SHUVRQDV HVWiQ ILQDOPHQWH
DSUHQGLHQGR D VHQWLUVH FyPRGDV FRQ VX VH[XDOLGDG \ DFHSWDUOD WDO FRPR HV SRU YH]
SULPHUD HQ VXV YLGDV /D IXWXUD JHQHUDFLyQ GH MyYHQHV QR WHQGUiQ WRGRV QXHVWURV
FRPSOHMRVGHORVTXHOLEHUDUVH
œ5HVXOWDEXHQRTXHKD\DPiVSHUVRQDVKDEODQGRVREUHHOVH[R\FUHRTXHPiV
PXMHUHVHVWiQUHFRQRFLpQGRVHDVtPLVPDVFRPRVHUHVVH[XDOHVQRREMHWRVSDVLYRV
HVSHUDQGRODH[FLWDFLyQPDVFXOLQD1RFUHRTXHPLPDGUHGLVIUXWDVHQXQFDGHOVH[R
DXQTXHHVERQLWD\IXHUWH1XQFDKDEODGHHOORQLOHHGHHVWDVFXHVWLRQHVTXH\RVH
SD\SLHQVRTXHHOODVLHPSUHKDGHSHQGLGRHQWHUDPHQWHGHPLSDGUHSDUDODDFWLYL
GDGVH[XDO3LHQVRTXHVLHPSUHKDEUiVLGRHQODRVFXULGDGEDMRODVViEDQDVSUXHED
HQRMRVD TXH HOOD WROHUDED SRU XQ VHQWLGR GHO GHEHU (VWR SRGtD KDEHUPH VXFHGLGR D
PtVLORVWLHPSRVQRIXHVHQDKRUDPiVOLEHUDOHV(VWR\FRQWHQWDGHTXHVHKD\DFRQ
VHJXLGRXQDPD\RUOLEHUWDGVH[XDOSHURYHRDGHPDVLDGDVPXMHUHVFRSXODQGRSRUXQ
VHQWLGR GH REOLJDFLyQ GH KDFHUOR \ H[SORWiQGRVH HOODV PLVPDV HPSOHDQGR VX VH[R
SDUDPDQLSXODUDORVKRPEUHV3DUHFHVHUHO~QLFRDVLGHURTXHWHQHPRVVREUHHOORVD
YHFHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ1LQJ~QDPRUHV¦OLEUH§VLHPSUHKD\FRQVHFXHQFLDV3HURVtTXHDSUXHERODV
DOLDQ]DVIXHUDGHOPDWULPRQLRVLHPSUHTXHQRKD\DQKLMRVGHSRUPHGLR5HDOPHQWH
FUHRTXHORVPDWULPRQLRVGHFLQFXHQWDDxRV\DKDQWHUPLQDGRHVSHFLDOPHQWHORVGHO
WLSR¦GLHQWHVDSUHWDGRVKDVWDODPXHUWH§3HURWRGDYtDD~QDKRUDQRVRQPXFKDVODV
FKLFDVTXHFRQVLJXHQYHUVH¦OLEUHV§
$OJXQDVGHHVWDVPXMHUHVDXQTXHRSLQDEDQTXHHQJHQHUDOHUDEXHQDODUHYROXFLyQ
VH[XDOVHSUHRFXSDEDQSRUORVHIHFWRVHQVXVKLMDV
œ5HDOPHQWHQRVpFUHRTXHVLODVSHUVRQDVWLHQHQPD\RUHVVHQVDFLRQHVHVWRHV
HVWXSHQGR 7HQJR WUHV KLMDV GH YHLQWLFXDWUR YHLQWLWUpV \ GLHFLRFKR DxRV \ WRGDV
HOODVKDQWHQLGREXHQDVH[SHULHQFLDVVH[XDOHVGHORFXDOPHDOHJURPXFKRDXQTXH
PHSUHRFXSRXQSRFRVREUHODSUXGHQFLDGHOVH[RVLHQGRWDQMyYHQHV
œ(VFDVLHQVXWRWDOLGDGXQDEXHQDFRVDDXQTXHDOJXQDVYHFHVFUHRTXHVLYHR
RWUD 3OD\ER\ VREUH HO VH[R HQ HO FLQH FKLOODUp 3HUR WRGDYtD WHQJR XQD YHQD DQWL
FXDGD 8QD GH PLV KLMDV WXYR UHFLHQWHPHQWH XQ DERUWR D VXV GLHFLVpLV DxRV \ VH
DSUHVXUyHQDVHJXUDUPHTXHHOPXFKDFKRTXHODKDEtDSUHxDGRQRHUDVXPHMRUDPL
JR™HOODQRTXHUtDTXH\RPHSXVLHUDIXULRVDFRQWUDpO%XHQR\RQRPHKDEUtDHQ
FROHUL]DGR FRQ pO D GHFLU YHUGDG HVWR KDEUtD KHFKR PiV GLItFLO DFHSWDU HO DERUWR
SRUTXHpOPHDJUDGDPXFKR\ORKXELHUD SDVDGRPX\PDOILUPDQGRORVGRFXPHQWRV
TXHFRQGHQDEDQDOEHEpSRWHQFLDODOROYLGR3RURWUDSDUWHPHHQFRQWUpDPtPLVPD
ODPHQWDQGR TXH HOOD WXYLHUD UHODFLRQHV FRQ RWURV PXFKDFKRV DXQ FXDQGR HVWR VHD
DFHSWDEOHHQVXSDQGLOOD+XELHVHSUHIHULGRSHQVDU TXHHOPXFKDFKRTXHPHDJUDGD
HUDHO~QLFR
œ2SLQR TXH OD UHYROXFLyQ VH[XDO HV EiVLFDPHQWH EXHQD 0LV ~QLFRV WLWXEHRV
VRQXQFDVLLQHYLWDEOHGHVDUUROORGHVHQWLPLHQWRVGHFXOSDELOLGDGHQDTXHOODVTXH
QRVHVLHQWHQ¦FRQHOOD§(YHQWXDOPHQWHHVWDVUHDFFLRQHVLUiQPHQJXDQGRSHURVLHQ
WR SHQD SRU ODV TXH VXIULUiQ SRU HOOR 7DPELpQ PH SUHRFXSD TXH OD MXYHQWXG QR
KD\DVLGRSUHSDUDGDSDUDHVWR&ODVLILFDUtDHVWHJUXSRHQWUHDTXHOODVGHRFKRDYHLQWH
DxRVTXHKDQHVWDGRRHVWDUiQPX\LQIOXLGDVSRUDFWLWXGHVWUDGLFLRQDOHV\DOPLVPR
WLHPSRSRUODVQXHYDVFRUULHQWHV6XWUDGLFLRQDOHGXFDFLyQ\FRUULHQWHQLYHOGHH[
SHULHQFLD QR VRQ VXILFLHQWHV SDUD D\XGDU HQ HO SURFHVR GH WRPDU GHFLVLRQHV FRQ HO
FXDOLQHYLWDEOHPHQWHWHQGUiQTXHHQIUHQWDUVH(OSXQWRGHYLVWDWUDGLFLRQDOGLFH¦QR
ORKDJDV§\ODQXHYDUHEHOGtDGLFH¦KD]OR§(OODVQRWLHQHQH[SHULHQFLD\IUHFXHQWH
PHQWHQRSXHGHQDFHSWDUVXGHFLVLyQSHUVRQDOGHELGRDOFKRTXHGHORVDQWLJXRVSXQ
WRVGHYLVWDFRQWUDORVQXHYRV
6RODPHQWHPX\SRFDVPXMHUHVODDFHSWDURQWRWDOPHQWHSDUDVXVKLMDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VWR\SRUFRPSOHWRGHDFXHUGRFRQODUHYROXFLyQVH[XDO&UHRTXHXQDEXHQD
SDUWHGHODJHQHUDFLyQGHPLVKLMRVVHEHQHILFLDGHOGHUUXPEDPLHQWRGHPXFKRVWD
E~HVPXWLODGRUHVDFHUFDGHOVH[R0HJXVWDHOKHFKRGHTXHPLVKLMRVDKRUDHQVXV
WHPSUDQRVYHLQWHDxRVWHQJDQEXHQDVUHODFLRQHVFRQJHQWHMRYHQTXHPHDJUDGDGH
TXH\RIXHUDFDSD]GHSRGHUKDEODUFiQGLGD\DELHUWDPHQWHFRQPLKLMDFRQWHVWDUOH
WRGDV VXV SUHJXQWDV UHIHUHQWHV DO VH[R PXFKR DQWHV GH TXH HOOD WXYLHUD VX SULPHUD
H[SHULHQFLD\TXHHOVH[RSDUHFHVHUXQDSDUWHVDOXGDEOHGHVXVYLGDVQRDOJRVHFUH
WR\DSDUWH
œ(VDVRPEURVRSDUDPtTXHUHVXOWHDVtGHIiFLOHVFULELUVREUHHVWDVFRVDV\VLQ
HPEDUJRQXQFDODVKHGLVFXWLGRFRQPXMHUHV5HFXHUGRKDEHUKDOODGRDPLKLMDGH
FDWRUFHDxRVGRUPLGDHQODFDPDGHVQXGDFRQXQMRYHQFLHUWDPDxDQD6RQUHt\PH
DOHMpGHSXQWLOODV3HURQRIXLFDSD]GHSUHJXQWDUOHDFHUFDGHVXH[SHULHQFLDQLHOOD
PH H[SOLFy QDGD GH HOOR FRQ OD ILQDOLGDG GH DFRQVHMDU FRPSDUDU SXQWRV GH YLVWD
HWFpWHUD6LQHPEDUJROHKDEOpDHOODGHHVWHFXHVWLRQDULR\HOODTXLHUHWDPELpQFRQ
WHVWDUOR 1R HVWR\ GHO WRGR VHJXUD VREUH VL HOOD FUH\HVH TXH HVWR\ FRDFFLRQiQGROD
SDUDXQDLQWLPLGDGQRUHTXHULGDVLIRWRFRSLRHVWR\OHGHMRTXHOHDPLVUHVSXHVWDV
œ0LKLMDGHGLHFLQXHYHDxRVIXHDQLPDGDSRUPtSDUDTXHWUDMHVHDVXMRYHQD
SDVDU OD QRFKH HQ QXHVWUD FDVD ¥PHMRU TXH DQGDU SRU IXHUD ¦UHWR]DQGR§ \ VLPXODU
TXH QR RFXUUtD QDGD¥ \ WDO GHFLVLyQ GLR EXHQRV UHVXOWDGRV SDUD WRGRV 1XQFD PH
SUHRFXSpGHPDVLDGRSRUPLVKLMDVODVGHMpLUDH[FXUVLRQHVDOFDPSLQJHWFFRQVXV
FRPSDxHUDVVLPSOHPHQWHFRQILDQGRHQVXEXHQMXLFLRTXHSDUHFHQWHQHUORVLQHP
EDUJRDORVYHLQWHDxRVPLKLMDTXHGyHPEDUD]DGD\WXYRXQDERUWRGHDTXHOPLV
PRMRYHQ\ODD\XGpDVREUHOOHYDUOR0HVHQWtRUJXOORVDGHVXFULWHULRSHURLUULWDGD
\SUHRFXSDGDGHTXHHOODHQFLHUWRPRGRGHOLEHUDGDPHQWH˜"VHGHMDUDHPEDUD]DU
6LJRWRGDYtDSUHJXQWiQGRPHODUD]yQ
0XFKDVGHODVUHVSXHVWDVUHIOHMDEDQUHDFFLRQHVPX\IXHUWHVFRQWUDODOODPDGD
UHYROXFLyQVH[XDO0XFKDVPXMHUHVVHQWtDQTXHQRH[LVWtDQLQJXQDYHUGDGHUD
UHYROXFLyQ
œ2SLQR TXH VH KD KDEODGR PXFKR DFHUFD GH OD UHYROXFLyQ ¦VH[XDO§ SHUR QR
FUHRTXHKD\DKDELGRGHPDVLDGRFDPELRHQODVDFWLWXGHV+DELHQGRGHMDGRDPLPD
ULGRGHVSXpVGHRFKRDxRVKDFHH[DFWDPHQWHFXDWURPHVHVPHVLHQWRDOJRVRUSUHQ
GLGDSRUHOKHFKRGHTXHORVKRPEUHVWRGDYtDVLJDQTXHULHQGRHVFDUFHRVDVXHVWLOR
\ TXH QR VHSDQ DFHSWDUQRV FRPR XQD SHUVRQD SXHVWR TXH VR\ IXHUWH LQWHOLJHQWH \
WHQJRWDQWDYROXQWDG\IXHU]DFRPRHOORVPLVPRV0HWLHQHPX\SUHRFXSDGDSRUTXH
VpTXHSDUDUHODFLRQDUVHFRQPLJRVH[XDOPHQWHGHEHQWDPELpQDFHSWDUPHFRPRXQD
SHUVRQD \ QRKD\PXFKRVKRPEUHVHQWRUQRTXHQRVHVLHQWDQDPHQD]DGRVSRUODV
PXMHUHV IXHUWHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ7LHQHTXHUHFRUUHUXQODUJRFDPLQR6LODVPRQVHUJDVGHO3OD\ER\ R3HQWKRX
VH VRQ OD LGHD GH WRGR HO PXQGR DFHUFD GH XQD UHYROXFLyQ VH[XDO HQWRQFHV HV VLQ
GXGDDOJXQDUHSXOVLYD0LHQWUDVODVPXMHUHVVHDQH[SORWDGDVVH[XDOPHQWHFRQVLGH
UDGDV FRPR REMHWRV VH[XDOHV \ HGXFDGDV GHVGH OD FXQD SDUD FRPSODFHU D ORV FDSUL
FKRVPDVFXOLQRVODUHYROXFLyQVH[XDOFDUHFHGHVLJQLILFDGR0HSDUHFHDPtTXHOD
UHYROXFLyQ VH[XDO WDQ VyOR KD GDGR D ORV HPEDXFDGRUHV OD RSRUWXQLGDG GH YHQGHU
GXFKDV\PDTXLQLOODV GHDIHLWDUSHURQRVHYLVOXPEUDJUDQFRVDHQHOFDPLQRGHOD
YHUGDGHUDH[SUHVLyQOLEUH\ODIHOLFLGDGQLDOHJUtDHQHOFXHUSRQLHQHOVH[R
œ˜(VTXHKD\XQDUHYROXFLyQ"$SHQDVPHKHGDGRFXHQWD+DEODUVLQFHVDUVR
EUH HO VH[R GLItFLOPHQWH FRQVWLWX\H XQD UHYROXFLyQ 0XFKRV VZLQJHUV QR VRQ VZLQ
JHUV /D PD\RUtD GH ORV KRPEUHV DSHQDV WLHQH QRFLyQ GH OR TXH HV XQ FOtWRULV /RV
PXFKDFKRVHVWiQFRQVWDQWHPHQWHEXVFDQGRHOOLJXHODVPXFKDFKDVVDOHQFRQVWDQWH
PHQWH GDxDGDV ˜4Xp PiV KD\ GH QXHYR" /DV PXFKDFKDV YDQ DKRUD OD FDPD FRQ
KRPEUHV DOJR PiV GH OR TXH VROtDQ KDFHUOR DQWHV ¥QR KD\ QDGD UHYROXFLRQDULR HQ
HVWR¥ VLPSOHPHQWH XQD PDQHUD GLVWLQWD GH DERUGDU XQ SUREOHPD TXH XQD WRGDYtD
VLJXHVLQFRPSUHQGHU
œ˜4XpHVHVWR"˜$OJXQDH[SUHVLyQGHSHULRGLVWD"2SLQRTXHHOLQWHUFDPELRGH
HVSRVDVODVSHOtFXODVSRPRHWFQRVRQQHFHVDULDPHQWHOLEHUWDGVLQRREVHVLRQHV
Ϫ3XUDKRMDUDVFD/RVKRPEUHVSXHGHQYHUPiVPXMHUHVVHPLYHVWLGDVRGHVQX
GDVKD\PiV¦FRLWRVOLEUHV§SRUGRTXLHU\KD\PiVPXMHUHVILQJLHQGR RUJDVPRV
œ˜&XiO¦UHYROXFLyQVH[XDO§"™(VWR\OXFKDQGRHQXQDUHYROXFLyQIHPLQLVWD/D
OODPDGDUHYROXFLyQVH[XDOGHVGHPLSXQWRGHYLVWDQRKL]RQDGDSDUDOLEHUDUDODV
PXMHUHVQLDORVKRPEUHV/RVKRPEUHVFRQVLJXLHURQXQDMRGLGDJUDWXLWD\IXHKHFKR
DELHUWDPHQWH\EDMRODFDSDOLEHUDOUDGLFDOGHXQDUHYROXFLyQFRQWUDDFWLWXGHVVH[XD
OHV DQWLFXDGDV /DV PXMHUHV VHJXtDQ QHFHVLWDQGR DTXHOORV KRPEUHV FRPR FRPSDxH
URVSRUWRGDXQDYLGDSRUTXHUHJDODEDQVXVFXHUSRV\VXVPHQWHV\HQFRQWUDEDQVX
LGHQWLGDGHQHOKRPEUHHQYH]GHHQHOODVPLVPDV/RVKRPEUHVVLJXHQPDQWHQLHQGR
OD SRVLFLyQ VXSHULRU HQ HO PHUFDGR GH HPSOHRVHQORVUHODWRVGHODVUHYLVWDVIHPH
QLQDVHQODFDPD\HQODPHQWHGHODVKHPEUDV2VHDTXHUHDOPHQWHODUHYROXFLyQ
VH[XDOSXVRGHUHOLHYHDOJRTXH\DVDEtDPRV/DVPXMHUHVVRQWUDWDGDVFRPRREMHWRV
6yORTXHHQHVWD¦UHYROXFLyQ§ODVSHUVRQDVRSULPLGDVQRJDQDURQDEVROXWDPHQWHQD
GD(ORSUHVRUFRPHQ]yOD¦UHYROXFLyQVH[XDO§DWUDYpVGHODP~VLFDURFNHOPHUFD
GRGHSURGXFWRVGHEHOOH]D +XJK+HIQHUHWFSHURQRIXLPRVOLEHUDGDVGHQXHVWUR
SDSHO ~QLFDPHQWH PiV REMHWL]DGDV 7DPELpQ OH VDOLy HO WLUR SRU OD FXODWD DO SD
WULDUFDGRGHELGRDTXHFRQGXMRLQGLUHFWDPHQWHDOPRYLPLHQWRIHPLQLVWD
œ&UHRTXHTXHGDXQODUJRFDPLQRSRUUHFRUUHUDQWHVTXHVHDXQDYHUGDGHUDUH
YROXFLyQ 7DO FRPR HV SRU DKRUD HVWi FDXVDQGR GDxR D ODV PXMHUHV HVSHFLDOPHQWH
HQWUHODVMyYHQHV3DUDODVGHPiVHGDGHVWDPELpQVXSRQJRSRUTXHORVKRPEUHVGH
PiVHGDGQRHVWiQQLFRQPXFKROLEHUDGRV\VLJXHQDFWXDQGRVREUHODEDVHGHVXV
SXHUFDV VXSRVLFLRQHVWRGRVGDPRVSRUVXSXHVWRTXHODVPXMHUHVGHPiVHGDGQRVRQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PX\VH[\RVHDTXHQRVRQQXQFDUHTXHULGDVSDUDDFRVWDUVHFRQDOJXLHQ\VRQFRQ
VLGHUDGDVQHXWUDVGLVSRQLEOHV
œ/DUHYROXFLyQVH[XDOIXHODPLHUGDGH ORV~OWLPRVDxRVGHODGpFDGDGHORVVH
VHQWD6HUHILULyDODOLEHUWDGGHOPDFKRVLHQGRODVPXMHUHVXQDSURSLHGDGFRPSDUWL
GDHQYH]GHXQDSURSLHGDGSULYDGD<\DVDEHPRVTXpFODVHGHSURSLHGDGREWLHQH
XQPHMRUWUDWR
œ/RVKRPEUHVKDQFRVHFKDGRJORULRVRVEHQHILFLRVGHODUHYROXFLyQVH[XDOSH
UR QR KDQ DGTXLULGR PiV VHQWLGR R VHQWLGR GH OD UHVSRQVDELOLGDG 0L RSLQLyQ HV
¦˜4XpKDRFXUULGRFRQHOEHVRGHODVEXHQDVQRFKHV"§
(OTXLGGHODFXHVWLyQ¥HOHIHFWRGHGHFODUDUHOVH[RVDOXGDEOH\QHFHVDULR\D
ODVPXMHUHVœOLEUHVSDUDSUDFWLFDUOR¥ IXHVXSULPLUHOGHUHFKRGHODVPXMHUHV
DQRSUDFWLFDUHOVH[R/DVPXMHUHVSHUGLHURQVXGHUHFKRDGHFLUœQR
œ3DUDPtODUHYROXFLyQVH[XDOHVVRODPHQWHXQDVLPSOHLQYHUVLyQGHODSUHVLyQ
HQODTXHPHHGXFDURQ SDUDVHUFDVWD\DKRUDKD\RWURFDPLQR~QLFRTXHWRGRVGH
KHPRVVHJXLU\HVWRWLHQHWDQSRFRVHQWLGRFRPRORDQWHULRU7DQWRHOVH[RREOLJDGR
FRPRODDEVWLQHQFLDSRUQRUPDUtJLGDVRQPDODFRVD
œ2SLQR TXH OD ¦UHYROXFLyQ VH[XDO§ HPSXMD EiVLFDPHQWH D PXFKDV PXMHUHV D
FRSXODU PiV IUHFXHQWHPHQWH \ FRQ PiV KRPEUHVGHORTXHTXLVLHUDQ$KRUDTXHVH
VXSRQHTXHODVPXMHUHVKDQGHJR]DUHOVH[RHQXQSODQGHPLVPDLJXDOGDGTXHORV
KRPEUHV VRQ FRQVLGHUDGDV ¦HVWUHFKDV§ R ¦IUtJLGDV§ VL QR VH ODQ]DQ FRUULHQGR D OD
FDPD HWF 1R FUHR TXH ODV DFWLWXGHV GH ORV KRPEUHV KDFLD ODV PXMHUHV KD\DQ FDP
ELDGRVLJXHQVLQWLpQGRVHDPHQD]DGRVSRUODVPXMHUHVDJUHVLYDV\HOORVSXHGHQEXV
FDUXQOLJXHVH[XDOFRQXQDPXMHUVH[XDOSHURQRQHFHVDULDPHQWHTXLHUHQXQDUHOD
FLyQFRQ HOOD
œ/DWiFWLFDTXHPiVDERUUH]FRHV¦1RTXLHUHVDFRVWDUWHFRQPLJRSRUTXHHUHV
XQD UHSULPLGD§ TXH HV OD TXH KD HPSOHDGR OD UHYROXFLyQ VH[XDO SDUD DPHGUHQWDU D
ODVPXMHUHV
œ2SLQR TXH HV GHVWUXFWLYD \ TXH KD\ HQ HOOD PXFKD SRUTXHUtD < QR HV TXH
WDPSRFRWHQJD\RXQDRSLQLyQDPDEOHVREUHODLGHDYLFWRULDQDGHOPDWULPRQLR3HUR
XQDPXMHUFRQVHUYDPHQRVLQGHSHQGHQFLDHLQWHJULGDGFXDQGRWLHQHODVHQVDFLyQGH
TXHKDGHDFRVWDUVHFRQFDGDHVW~SLGRTXHVHWURSLH]DRFRUUHUHOULHVJRGHSDUHFHU
XQDFKLFDGHVIDVDGD\DQWLFXDGD7RGDODHVFHQDKRUULSLODQWHDFWXDOHVODGHOWLSROLV
WRTXHWLHQHVXGURJD\VXFKLFDDPEDVSRVHVLRQHVSDUDVXSODFHU9DVDXQDILHVWD\
VHHVSHUDTXHXQDVHUHYXHOTXHFRQTXLHQVHDSRUTXHWRGRHOPXQGRVHUHYXHOFDHQ
HVWDVUHXQLRQHV¦DYDQ]DGDV§%LHQTXL]iUHVXOWHVHUTXHQRPHVLHQWRFRQJDQDV2
TXL]iSXHGDVHQWLUPHFRQJDQDVGHVSXpVGHDOJ~QWLHPSRSHURQRFRQVLGHURHOVH[R
FRPRXQSUHOXGLRSDUDOOHJDUDFRQRFHUVHPHMRU&UHRTXHHOPRPHQWRPiVWULXQIDO
GHPLYLGDIXHVHUILQDOPHQWHFDSD]GHOHYDQWDUPHGHODFDPDPLHQWUDVHVWiEDPRVHQ
QXHVWURV HVFDUFHRV SUHOLPLQDUHV \ DQXQFLDU ¦WRGR HVWR HV XQ PRQWyQ GH PLHUGD§ \
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
DEDQGRQDU HO FXDUWR VLQ LPSRUWDUPH XQ FRPLQR WDQWR VL KHUt R QR VX SHTXHxR HJR
SRUTXH V~ELWDPHQWH HUDQ PiV LPSRUWDQWHV PL SURSLR HJR H LQWHJULGDG 0H WRPy
PXFKRWLHPSROOHJDUDKtPXFKRWLHPSRWUDWDQGRGHH[SOLFDUOHVDORVWtRVSRUTXpQR
TXHUtD MRGHU FRQ HOORV \ TXHULHQGR UHDOPHQWH TXH VXSLHUDQ FRPSUHQGHUPH $KRUD
VLHQWR TXH VL YR\ D OD FDPD FRQ DOJXLHQ HV SRUTXH TXLHUR \ SRUTXH OD DWUDFFLyQ HV
PXWXD1RIXHIiFLOSHURHVPX\DJUDGDEOH
œ&UHRTXHHOVH[RHVDOJRHVWXSHQGRSHURQRTXLHURDFRVWDUPHFRQFDGDXQRR
FXDOTXLHUDTXHVHSUHVHQWH7LHQHTXHH[LVWLUXQDDWUDFFLyQHVSHFLDO1RVHGHEHUtDQ
LQVLQXDU FRVDVFRPRSRUHMHPSORVLQRTXLHUHVDFRVWDUWHFRQXQ WtRQHJURHUHVXQD
JD]PRxDRHVWiVFDUJDGDGHSUHMXLFLRV
œ(OVH[RLQGLVFULPLQDGRHVLUUHVSRQVDEOH$PDUWXFXHUSR\WXVVHQVDFLRQHVHV
ERQLWR7tRVEXVFDQGRXQDFKLFD¦TXHMRGD§HVUHSXOVLYR
œ$OJRGHODUHYROXFLyQVH[XDOHVWiELHQ3HURFXDQGRQRVJXVWDQORVWtRV\GH
FLPRV TXH QR DO VH[R HQWRQFHV ORV WtRV VH SRQHQ PX\ RIHQGLGRV \ DEDQGRQDQ D OD
FKLFD1RPHJXVWDTXHPHOODPHQSXWD6LQRFRQFHGHPRVHOVH[RTXHORVKRPEUHV
TXLHUHQ QRV OODPDQ SHUUDV R ]RUUDVRFXDOTXLHURWUDPH]TXLQGDGTXHVHOHVRFXUUD
&RQR]FRDXQDFKLFDFRQODTXHWXYHDPLVWDG7LHQHGLHFLVpLVDxRV0DQWHQtDUHOD
FLRQHVVH[XDOHVFRQXQWLSR\pVWHORFRQWyDWRGRVORVFKLFRVHQODDFDGHPLD\DKR
UDFXDQGRQROHGDDXQWLSRORTXHpOTXLHUHpVWHOHGDXQDSDOL]DKDVWDFRQVHJXLU
GDUOHXQEXHQSROYR
œ/DUHYROXFLyQVH[XDOKDOLEHUDGRXQDJUDQFDQWLGDGGHEHVWLDOLGDGKRVWLOLGDG
\H[SORWDFLyQPDVFXOLQD$OJXQDVSRFDVPXMHUHVPiVMyYHQHVSDUHFHQVDEHUFyPR
GHFLUQRODVRWUDVKDQSHUGLGRFLHUWDSURWHFFLyQ(QJHQHUDOVHUHYHODXQDJUDQFDQ
WLGDGGHFRQIXVLRQLVPRDPHGLGDTXHGHVDSDUHFHQODVSURKLELFLRQHVODVSHUVRQDVVH
VLHQWHQ HQWRQFHV OLEUHV SDUD VHU LQFRUGLDQWHV FRPR QXQFD OR IXHURQ DQWHV (V DOJR
FRQWUDORFXDOGHEHPRVOXFKDUSHURVDEHUTXHHVIiFLOTXHRFXUUD
œ$ OD PD\RUtD GH KRPEUHV OHV WLHQH VLQ FXLGDGR VL TXLHUR R QR WHQHU UHODFLyQ
VH[XDOFRQHOORVVLQRTXLHURVHUMRGLGDSRUHOORVHQWRQFHVKDFHQGHODVXQWRWRGDXQD
FXHVWLyQPRUDO\WUDWDQGHGDUPHXQDFRQIHUHQFLDSDUDTXHVHD¦OLEUH§
œ<DKHKHFKRPLHOHFFLyQ/D~QLFDUHYROXFLyQVH[XDOTXHPHJXVWDHVDTXHOOD
TXHQRVFRQFHGHODLJXDOGDGGHWLHPSR\OLEHUWDGSDUDQR KDFHUORTXHXQDQRTXLHUH
KDFHU
œ%iVLFDPHQWHHVSURJUHVLVWDSHURDODVPXMHUHVORVKRPEUHVWRGDYtD¦VHODVWL
UDQ§ OLWHUDOPHQWH SRUTXH DKRUD WLHQHV TXH GHPRVWUDU OR PX\ OLEHUDGD TXH HVWiV \
ORVKRPEUHVVHDSURYHFKDQ
œ3HUVRQDOPHQWH KH VDFDGR XQ JUDQ EHQHILFLR HO PRYLPLHQWR IHPLQLVWD TXH HV
SDUDPtXQDUHYROXFLyQVH[XDO1RHVWR\VHJXUD GHVLOD¦UHYROXFLyQVH[XDO§HVUHDO
PHQWH WRGR OR TXH SUHWHQGH VHU \ HVSHUR TXH ODV PXMHUHV QR WHUPLQHQ HQ JHQHUDO
SRUVHUWRGDYtDPiVH[SORWDGDVSRUHOOD6LXQDUHYROXFLyQVH[XDOVLJQLILFDTXHXQR\
RWURVH[RWLHQHQHOSULYLOHJLRGHLQLFLDU\UHDOL]DUHODFWRVH[XDOFXDQGR\FRPROR
GHVHHQHQWUHDGXOWRVGHFRP~QDFXHUGR\ODVSHUVRQDVVRQFRQVFLHQWHVGHORFRP
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SOLFDGRTXHVRQOD¦HOHFFLyQ§\HO¦FRQVHQWLPLHQWR§\QDGLHHVH[SORWDGR™HQWRQFHV
HVWXSHQGR 6LQ HPEDUJR FUHR TXH HVWDPRV WRGDYtD OHMRV GH KDEHU FRQVHJXLGR HVWD
VLWXDFLyQ \ RSLQR SRU PDV TXH RGLH WHQHU TXH DGPLWLUOR TXH XQ PRQWyQ GH WLSRV
HVWiQFRQVLJXLHQGR¦SODQHV§FRQPXFKDPD\RUIDFLOLGDG\VXUHVSRQVDELOLGDGKDFLD
HODFWR\ODUHODFLyQQRKDFDPELDGRJUDQFRVD&UHRTXHHVXQDPLQRUtDGHODSREOD
FLyQODTXHHVWiUHDOPHQWHHPSHxDGDHQXQDYHUGDGHUDUHYROXFLyQVH[XDO\WHQJROD
HVSHUDQ]DGHTXHVHH[WLHQGD
3XHVWRTXHHVWDFXHVWLyQDSDUHFtDFRQWLQXDPHQWHHQODVUHVSXHVWDVDOFXHVWLRQDULR
,HOFXHVWLRQDULR,,SUHJXQWDEDHVSHFtILFDPHQWH˜7LHQHPLHGRGHGHFLUœQRDDO
JXLHQSRUWHPRUDœHQIULDUOR"6LHVDVt˜FyPRVHVLHQWHGXUDQWHHOVH[R"˜<GHV
SXpV"0XFKDVPXFKDVPXMHUHVKDEtDQVHQWLGRHVWHWHPRUDYHFHV
œ<RWHQtDPLHGRGHGHFLUQR\PHRGLDEDDPtPLVPDSRUVHUGpELO\VXPLVD
'HVSXpVSHQVDED˜FyPRSXHGRJXVWDUOHDDOJXLHQ\\RJXVWDUPHDPtPLVPDVLQR
SXHGRGHFLUORTXHVLHQWR\QRVHQWLUPHDPHQD]DGD"
œ6t<GHVSXpVPHVHQWtDFRPRXQEXOWRPXHUWR8QDJXMHUR8QDYDJLQD
œ6t PH VHQWtD XVDGD \ GHVSXpV GLVJXVWDGD FRQPLJR PLVPD (VSHUR WHQHU OD
IXHU]DSDUDQRGHMDUTXHPHSDVHQXQFDPDV
œ6tWHQJRPLHGR'HVSXpVPHVLHQWRPX\VROLWDULD
œ1RVHPHVXSRQHODIDFXOWDGGHSRGHUGHFLU¦QR§SXHVWRTXHHVWR\OHJDOPHQWH
FDVDGD(OVH[RHVSRUFRQVLJXLHQWHVyORSDUDXQDSHUVRQD\\RILQMRORVRUJDVPRV
œ2GLR UHFRQRFHUOR SHUR KH GLFKR Vt FXDQGR UHDOPHQWH QR TXHUtD VH[R +DEL
WXDOPHQWH RFXUUtD GXUDQWH HO FRLWR \ SDUD Pt HUD GRORURVR 6H PH KDFtD PX\ GLItFLO
HVSHUDU KDVWD TXH WHUPLQDVH HO FRLWR \ FHVDVH HO GRORU SHUR PLV VHQWLPLHQWRV KDFLD
PLFRQVRUWHPHKDFtDQSHQVDUTXHVHUtDGHVOHDOQRVDWLVIDFHUOHItVLFDPHQWH
œ1XQFDKHVLGRYLRODGDSHURKHWHQLGRIUHFXHQWHPHQWHXQVHQWLPLHQWRFRPEL
QDGRGHSRFDSUHGLVSRVLFLyQ\DODYH]FRQVHQWLPLHQWR
œ0X\UDUDVYHFHVKHUHDOL]DGRHODFWRVH[XDOVLQGHVHDUOR(QRFDVLRQHVKHWH
QLGRPLVGXGDV\HQHOWUDQVFXUVRGH¦ORVHVFDUFHRV§PHKHFDOHQWDGRHPSH]DQGR
HOFRLWR\GHVSXpVKHGHVHDGRQRKDEHUORKHFKR¥PLGHVJDQDHUDOREDVWDQWHIXHUWH
FRPRSDUDUHLWHUDUVHUiSLGDPHQWH¥ \GHVHDEDVyOROHYDQWDUPHVDOLUGHOFXDUWRGH
FLUORVLHQWRDGLyV3HURSHUPDQH]FRDKtFRUWpVPHQWHFRPRXQDDQILWULRQDDXQTXH
DQVtHIHUR]PHQWHTXHHOWtRGHVDSDUH]FDGHVSXpVSDUDTXH\RSXHGDGRUPLUVROD3H
URPHFRPSRUWRFRPRXQD¦SHUVRQDDJUDGDEOH§
œ$OJXQDVYHFHVWLWXEHRHQGHFLU¦QR§FXDQGRHQUHDOLGDGPHJXVWDUtD&XDQGR
QRORKDJRHQWRQFHVHOFRLWRQRPHKDFHGLVIUXWDU<TXLHURWHUPLQDUFRQHOORORDQ
WHVSRVLEOH1RH[LVWHHOVHQWLPLHQWRGHLQWLPLGDGTXH\RYDORUR\GHVSXpVPHKDFH
VHQWLUGLVWDQWH
œ1XQFD KH GLFKR ¦QR§ D ODV RIHUWDV VH[XDOHV FXDQGR WHQtDQ OXJDU GXUDQWH XQD
UHODFLyQFRQWLQXDGD0HPROHVWDPXFKRPLSURSLDSDVLYLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6t(VW~SLGD'LVJXVWDGDSRUPLIDOWDGHYDORU
œ$OJXQDV YHFHV KH WHQLGR PLHGR GH GHFLU ¦QR§ D DOJXLHQ SRU WHPRU D HFKDU D
SHUGHUODUHODFLyQTXHWHQtDPRVHOSUREOHPDHVTXHFRQIUHFXHQFLDQRVpVLPHVHQ
WLUpELHQFRQHOORVVH[XDOPHQWHKDVWDTXHHVWiQGHPDVLDGRH[FLWDGRV\SRUHQWRQFHV
QRPHSDUHFHUtDPX\OHDOGHFLU¦QR§3HURUHDOPHQWHDERUUH]FRHOVH[RVLQRH[SH
ULPHQWR GHVHRV VLHQWR XQ SRFR GH UHSXJQDQFLD ItVLFDPHQWH \ HVWR\ PX\ UHVHQWLGD
FRQWUDODSHUVRQD'HVSXpVPHVLHQWRPX\GHVGLFKDGD\KDELWXDOPHQWHWHQJRJDQDV
GHOORUDU
œ&XDQGR \R WHQtD TXLQFH DxRV PL SULPR PH GLMR TXH VL XQKRPEUHWHQtDXQD
HUHFFLyQ\QRVHFRUUtDUHVXOWDEDODFRVDPiVGRORURVDGHOPXQGR$VtORSHQVpKDVWD
HODxRSDVDGR<RFUHtDTXHVLXQKRPEUHHQWUDEDHQHUHFFLyQSRUPtSRUGHVJUDFLD
HUDPtUHVSRQVDELOLGDGVDFDUORGHHVWHSHQRVRHVWDGR(QFRQVHFXHQFLDHVWDEDFRQHO
SURIHVRU ; R HO HVWXGLDQWH = \ V~ELWDPHQWH DKt HVWDED GHVQXGR \ FRQ HO PLHPEUR
HUHFWR\\RPHGHFtDDPtPLVPD™2KPLHUGDRKQRHVPHMRUTXHDFDEHFRQHVWR
\QRYXHOYDDYHUORMDPiV
œ™$ WRGDV QRV KDQ HQVHxDGR TXH pO QR SXHGH FRQWURODUOR ™eOVXIUH ™0LHUGD
(VHOPLVPRYLHMRHVWULELOORGHOPiUWLU
(O FXHVWLRQDULR ,9 SUHJXQWDED ˜$OJXQD YH] KD VHQWLGR PLHGR GH GHFLU œQR SRU
WHPRU D œKDFHU XQD HVFHQD R œHQIULDUORV" 6L HV DVt ˜FyPR VH VHQWtD GXUDQWH HO
DFWRVH[XDO"˜'HILQLUtDHVWRFRPRXQDYLRODFLyQ"
œ1XQFDVXSHFyPRGHFLUQR)XLHGXFDGDHQODQRFLyQGHTXHODVFKLFDVGHFHQ
WHV HUDQ WUDWDGDV FRPR GDPDV \ ORV KRPEUHV VH FRPSRUWDEDQ FRQ HOODV FRPR FD
EDOOHURV1XQFDVXSHTXHVHHVSHUDTXHODVPXFKDFKDVGLMHUDQQRTXHFRQWURODUDQOD
VLWXDFLyQ'HILQRODYLRODFLyQFRPRHODFWRFRPHWLGRSRUDOJXLHQGHVFRQRFLGRTXHOD
DWDFDDXQD1XQFDODGHILQtFRQUHIHUHQFLDDDOJXLHQFRQTXLHQVHVDOHRDOJXLHQFR
QRFLGR6LVHGHILQHDVtODYLRODFLyQWRGDPXMHUKDVLGRYLRODGDXQD\RWUDYH](Q
HVWDVLWXDFLyQYDUtDQORVVHQWLPLHQWRVGHVGHODREOLJDFLyQDOQRLPSRUWDGHPDVLDGR
DO RGLR D DTXHO R KDFLD WRGRV ORV KRPEUHV DO SURSLR GHVSUHFLR SHUVRQDO QXQFD
SURGXFHQLQJ~QVHQWLPLHQWREXHQR
œ+H VHQWLGR PLHGRGHGHFLUQRSRUWHPRUDLQFXUULUHQXQDIXHUWHGLVFXVLyQR
UH\HUWD VL VRODPHQWH KXELHVH WHPLGR ¦HQIULDUORV§ SUREDEOHPHQWH KXELHUD GLFKR QR
GHWRGRVPRGRV(OVH[RQRHUDPX\GLYHUWLGRHQHVDVRFDVLRQHV\DTXHPHVHQWtD
OOHQD GH FXOSDELOLGDG \ FyOHUD FRQWUD ORV FRPSDxHURV GH FDPD \ GHVSXpV FRQ YHU
JHQ]D &RPSUHQGR TXH WpFQLFDPHQWH QR HUDQ YLRODFLRQHV H[FHSWR FXDQGR WHPtD
DOJ~Q GDxR ItVLFR SHUR SLHQVR TXH FXDOTXLHU FODVH GH DFWR VH[XDO TXH QR VHD HP
SUHQGLGRGHWRGRFRUD]yQHVXQDYLRODFLyQ$XQFXDQGRKXELHVHSOHQDYROXQWDGLQV
SLUDGD SRU ORV FHORV R DOJR VLPLODU (O SXQWR LPSRUWDQWH HV TXH XQD KDJD HO DPRU
SRUTXHHVWRHVORTXHTXLHUHKDFHUSRUODVUD]RQHVTXHVHDQVLQUHVHUYDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6t IUtD XWLOL]DGD \ RGLDQGR (QWRQFHV QR SHUR DKRUD Vt TXH OR OODPR YLROD
FLyQ
œ6LHPSUH KH WHPLGR GHFLU TXH QR (QWRQFHV VL FHGR \ HVD SHUVRQD PH LJQRUD
GHVSXpVGHOVH[RPHVLHQWRIXULRVDWULVWH\KXPLOODGD1RVpVLHVWRHVYLRODFLyQ
œ<RIXL¦GHVJDUUDGD§SRUPLQRYLRFXDQGRHUDYLUJHQ5HDOPHQWHpOPHYLROy
SHURQRGHODPDQHUDOHJDO(QRWUDVSDODEUDVQRSXGHLPSHGtUVHOR\FRPRUHVXOWD
GRTXHGpHPEDUD]DGD\WXYHXQKLMR'LHOQLxR(VWRPHKDGHMDGRXQKRQGRKRQ
GR UHVHQWLPLHQWR \ DPDUJXUD GH ORV TXH QXQFD KH SRGLGR OLEHUDUPH &UHR TXH HVWR
PDUFD PL YLGD VH[XDO 6HKDQLGRDFODUDQGRPDVPLV LGHDVPHGLDQWHORVQXHYRVOL
EURV TXH KH OHtGR )UHH DQG )HPDOH 6H[XDO 3ROLWLFV 7EH )HPDOH (XQXFK HWF \
DKRUDORJURFRPSUHQGHUORPX\FRQGLFLRQDGDTXHHVWR\FRQUHVSHFWRDOVH[R(VWR\
LQWHQWDQGRFRQJUDQHPSHxRUHSDUDUWRGRHOGDxR
œ/DVPXMHUHVQR VLHPSUHVRQOLEUHVGHUHFKD]DUHODFWRVH[XDO/DYH]TXHIXL
JROSHDGD SRU XQ H[WUDxR HQ XQD FLXGDG H[WUDxD OD SROLFtDQRKL]RQDGDLQWHQWDURQ
DUJXPHQWDUTXHpOHUDXQDPLJRPtRDXQFXDQGRQRORFRQRFtDDpOGHQDGD\WUDWDED
GH YLRODUPH 6L XQD QR VH VRPHWH VH SXHGH VHU JROSHDGD DVHVLQDGD \ QR VH KDFH
QDGD %DMR FLUFXQVWDQFLDV PHQRV JUDYHV QR VH TXLHUH JULWDU QL DOERURWDU HVSHFLDO
PHQWHVLVHFRQRFHDOWLSRLQFOXVRVLXQDQRTXLHUHDFRVWDUVHFRQpO$OJXQRVVDEHQ
FRPSUHQGHUVLXQDQRTXLHUHWHQHUVH[RRQRTXLHUHKDFHUORHQGHWHUPLQDGRPRPHQ
WRSHURODPD\RUtDFUHHTXHWLHQHQHOGHUHFKRDUHODFLRQDUVHVH[XDOPHQWHFRQWRGD
PXMHUVyORSRUTXHHOODHVWiDKtFRQHOORV
œ6RODPHQWH FRQ PL PDULGR (UD XQD FRQGLFLyQ HQ QXHVWUR PDWULPRQLR DO LUVH
GHVDUUROODQGR TXH VL \R OR UHFKD]DED VH[XDOPHQWH VH SRQtD LQVRSRUWDEOH &UHR TXH
pVWDHVXQDGHJUDGDFLyQFRP~QGHODVPXMHUHVHQHOPDWULPRQLR3HURODSDODEUDYLR
ODFLyQ HV GHPDVLDGR IXHUWH \D TXH QR KDEtD IXHU]D LPSOLFDGD 6HQWt TXH \R HVWDED
VLHQGR SURVWLWXLGD HPSOHDGD FRPR XQD SXWD VLQ QLQJXQD FRQVLGHUDFLyQ D PLV GH
VHRV2SLQRTXHHVXQDWUDGLFLyQEiUEDUDTXHORVKRPEUHVQRSXHGDQVHUUHFKD]DGRV
SRUODVPXMHUHVHQHOPDWULPRQLR\HVRGHVHPERFpHQTXHHQFRQWUDVHDPLPDULGR
VH[XDOPHQWHUHSXJQDQWH
˜&XiQIXHUWHHVHOœLPSXOVRVH[XDOGHOYDUyQ"
/RV DQWHULRUHV FRPHQWDULRV LOXVWUDQ JUiILFDPHQWH OD SUHVLyQ HMHUFLGD DKRUD HQ
ODV PXMHUHV SDUD UHDOL]DU HO FRLWR WDQWR GHQWUR FRPR IXHUD GHO PDWULPRQLR 8QDGH
ODVSHRUHVIRUPDVGHHVWDSUHVLyQSURFHGHGHOD LGHDGHTXHODQHFHVLGDGGHOKRPEUH
SRUHOœVH[RHVXQIXHUWH\DSUHPLDQWHœLPSXOVRTXHGHQRVHUVDWLVIHFKRSXHGH
FRQGXFLUDWHUULEOHVFRQVHFXHQFLDV8QDPXMHUORGHVFULELyDVtœ/RVKRPEUHVDOVHU
DQLPDOHVVH[XDOHVSRUORPHQRVGHVGHPLSXQWRGHYLVWDVXVFXHUSRVORVLPSXOVDQD
ODFXOPLQDFLyQGHOVH[RHOFOtPD[ODH\DFXODFLyQ\GHSRVLWDUVXVHPLOOD&UHRTXHOD
PD\RUtDGHHOORVSRGUtDQKDFHUORPDVFRPSODFLGRVDXQVLQSUHOLPLQDUHV$YHFHVPH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
KHVHQWLGRFXOSDEOHHVSHFLDOPHQWHVLDOWHQHUTXH HVSHUDUSRUPtOHKDSULYDGRDPL
FRPSDxHURGHSDUWHGHODLQWHQVLGDGGHVXFOtPD[
(VWHSDUWLFXODUHVWHUHRWLSRGHODVH[XDOLGDGPDVFXOLQDHVXQOXJDUFRP~QPX\
H[WHQGLGR\UHIOHMDODLPDJHQFRQPD\RUIUHFXHQFLDSUHVHQWDGDSRUORVPDQXDOHVVH
[XDOHV SVLFyORJRVSVLTXLDWUDVPpGLFRVUHYLVWDVSDUDKRPEUHV\PXFKDVRWUDVIDFH
WDV 7tSLFDPHQWH HO œLPSXOVR VH[XDO PDVFXOLQR HV FRQVLGHUDGR FRPR XQ VHQWL
PLHQWRFRQVWDQWHHLPSHULRVR7KHRGRUH5HLNORKDH[SUHVDGRDVtHQ7KH3V\FKRORJ\
RI6H[5HODWLRQV
œ(OLPSXOVRVH[XDOSXURHVXQDQHFHVLGDGELROyJLFDTXHUHSUHVHQWDHOLQVWLQWR\HVWi
FRQGLFLRQDGR SRU FDPELRV TXtPLFRV GHQWUR GHO RUJDQLVPR (O DSUHPLR GHSHQGH GH VHFUH
FLRQHVLQWHUQDV\VXPHWDHVHODOLYLRGHODWHQVLyQItVLFD
(OLPSXOVRVH[XDOLQVWLQWLYRHVHQWHUDPHQWHLQFDSD] GHVHUVXEOLPDGR6LHVWiIXHU
WHPHQWH H[FLWDGR QHFHVLWDHQVXXUJHQFLDXQ DOLYLRLQPHGLDWR1RSXHGHVHU DSDUWDGRGH
VXSURSLRREMHWLYRKDFLDRWURVREMHWLYRVGLVWLQWRVRDORPiVSXHGHVHUWDQSRFRFRQWHQLGR
FRPRODQHFHVLGDGGHRULQDURHOKDPEUH\ODVHG,QVLVWHHQODJUDWLILFDFLyQHQVXGRPLQLR
RULJLQDO
(VWDJORULILFDFLyQGHOœLPSXOVRVH[XDOPDVFXOLQR\WDVœQHFHVLGDGHVGHORU
JDVPR GHO YDUyQ HTXLYDOH D MXVWLILFDU D ORV KRPEUHV HQ FXDOTXLHU FRVD TXH WHQJDQ
TXHKDFHUSDUDFRQVHJXLUHOFRLWR¥LQFOXVRODYLRODFLyQ¥ \GHILQHDOPDFKRœQRU
PDO FRPR XQR TXH HVWi œKDPEULHQWR GH FRLWR 3RU RWUD SDUWH OD GHILQLFLyQ GH OD
VH[XDOLGDG IHPHQLQD FRPR SDVLYD \ UHFHSWRUD SHUR GHVGH OD UHYROXFLyQ VH[XDO
WDPELpQQHFHVDULDSDUDXQDPXMHUVDQDHTXLYDOHDGHFLUOHVDODVPXMHUHVTXHVHVR
PHWDQ D HVWH DJUHVLYR œLPSXOVR VH[XDO PDVFXOLQR (VSHFLDOPHQWH GHVGH ORV DxRV
FXDUHQWD OD JORULILFDFLyQ GH OD VH[XDOLGDG GHO YDUyQ KD VLGR MXVWLILFDGD IUHFXHQWH
PHQWHFRPRXQDHVSHFLHGHOH\QDWXUDOGHODMXQJODSURGXFWRQRVFRQGXFHQDFUHHU
GHODVKRUPRQDVGHOKRPEUHGHODVFDYHUQDVLQFOXVRSRUDOJXQRVGHORVPiVVHULRV
FLHQWtILFRVVRFLDOHV(QUHDOLGDGODLQIRUPDFLyQDQXHVWURDOFDQFHKR\HQGtDQRUHV
SDOGD WDOHV FRQFOXVLRQHV (VWD LGHD GHO œGHUHFKR VH[XDO PDVFXOLQR YtD ELROyJLFD
QRHVWiIXQGDGDPXFKRPiVFLHQWtILFDPHQWHTXHODDQWLJXDLGHDGHTXHORVUH\HVHUDQ
PRQDUFDVSRUODJUDFLDGH'LRV\ODOH\QDWXUDO/RPLVPRTXHORVUH\HVGHFtDQTXH
FXDOTXLHU RWUR PRGHOR SROtWLFR FRPR OD GHPRFUDFLD VHUtD DQWLQDWXUDO \ QR SRGUtD
GDUUHVXOWDGRORVKRPEUHVGLFHQDKRUDTXHVLODVPXMHUHVVRQVH[XDOPHQWHDJUHVLYDV
HVGHFLUFXDOTXLHUFRVDPHQRVSDVLYDVHOVH[RVHUtDDQWLQDWXUDOHOORVVHYROYHUtDQ
œLPSRWHQWHV\HOVH[RVHUtDLPSRVLEOH
˜4XpHVœLPSXOVRVH[XDO"/HVWHU$.LUNHQGDOOHQ7RZDUGVD&ODULILFDWLRQRI
WKH&RQFHSWRI0DOH6H['ULYH +DFLDXQHVFODUHFLPLHQWRGHOFRQFHSWRGHOLPSXOVR
VH[XDOPDVFXOLQRGLFH
œ7DO FRPR HO WpUPLQR œLPSXOVR VH[XDO HV HPSOHDGR DKRUD VH KD FRQYHUWLGR HQ XQ
FRQFHSWR FRQIXVRTXHRVFXUHFH ORVFRPSRQHQWHVFRQ ORVFXDOHVHVWDPRVWUDWDQGR HQUHDOL
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GDG 'HEHUtDPRV GLVWLQJXLU HQWUH FDSDFLGDG VH[XDO UHDOL]DFLyQ VH[XDO H LPSXOVR VH[XDO
HVGHFLUORTXHSRGHPRVKDFHUORTXHKDFHPRV\ORTXHTXHUHPRVKDFHU
.LUNHQGDOOH[SOLFDTXHVLELHQODFDSDFLGDGœORTXHSRGHPRVKDFHUWLHQHXQD
EDVHELROyJLFDHOLPSXOVRVH[XDOœORTXHTXHUHPRV KDFHUSDUHFHVHUXQFRPSR
QHQWH PX\ FRQGLFLRQDGR SVLFROyJLFDPHQWH (O LPSXOVR VH[XDO SDUHFH YDULDU GH
IRUPDFRQVLGHUDEOHGHLQGLYLGXRDLQGLYLGXR\VHJ~QODRFDVLyQHQHOPLVPRLQGLYL
GXR \ HVDV YDULDFLRQHV SDUHFHQ UHODFLRQDGDV FRQ IDFWRUHV SVLFROyJLFRV (Q RWUDV
SDODEUDV HO LPSXOVR VH[XDO QR OD FDSDFLGDG HV PiV XQD IXQFLyQ GH GHVHRV TXH GH
œQHFHVLGDGHV
8QSXQWRDGLFLRQDOHQHVWHVHQWLGRHVTXHLQFOXVRVLXQKRPEUHH[SHULPHQWD
XQ IXHUWH GHVHR ItVLFR SRU FRQVHJXLU HO RUJDVPR ¥XQD HUHFFLyQ SRU HMHPSOR¥ QR
KD\ QDGD HQ OD 1DWXUDOH]D QDGD ItVLFR TXH OR LPSXOVH D WHQHUHVHRUJDVPRHQXQD
YDJLQD/DHVWLPXODFLyQTXHVLHQWHHVWiOLJDGDDOGHVHRGHXQRUJDVPR\QRDFXDO
TXLHUGHVHRSRUHOFRLWRHQVtPLVPR(ODSUHPLR TXHH[SHULPHQWDHOKRPEUHHVXQ
GHVHR GHXQDHVWLPXODFLyQDGLFLRQDOGHOSHQHRSDUDORJUDUHO RUJDVPRQR XQGHVHR
GHSHQHWUDUHQODYDJLQDGHXQDPXMHU1RH[LVWHXQœJRQLyPHWURRXQ PHFDQLVPR
VHQVRULDOHQVXSHQHTXHOHKDJDORFDOL]DUXQDYDJLQDHQODTXHFRORFDUVXSHQH(VWD
SODFHQWHUDFRQH[LyQHVDSUHQGLGDQRLQQDWDWDOFRPRTXHGyPHQFLRQDGRDQWHULRU
PHQWHLQFOXVRORVFKLPSDQFpVGHEHQDSUHQGHUDUHDOL]DUHOFRLWRDXQTXHVHPDVWXU
EDQSRUSURSLDLQLFLDWLYDGHVGHODWHPSUDQDLQIDQFLD/DGHILQLFLyQGHODVH[XDOLGDG
PDVFXOLQD FRPR œLQVWLQWLYDPHQWH DWUDtGD KDFLD HO FRLWR KHWHURVH[XDO HV VyOR RWUR
HMHPSORGHODPDQHUDHQTXHGHILQLPRVODVH[XDOLGDGFRPRXQDDFWLYLGDGUHSURGXF
WRUD
3RU ~OWLPR QR H[LVWH VLTXLHUD XQ WpUPLQR PpGLFR SDUD OD H[SUHVLyQ FRORTXLDO
œFRMRQHVD]XOHV&RQWUDULDPHQWHDODRSLQLyQSRSXODUQRUHVXOWDPiVSHQRVRSDUD
XQ KRPEUH QR WHQHU XQ RUJDVPR TXH SDUD XQD PXMHU /RV KRPEUHV QR VLHQWHQ PiV
œGRORUTXHHOTXHVHQWLPRVQRVRWUDV.LQVH\YDGLUHFWDPHQWHDODVXQWR
œ([LVWHXQDRSLQLyQJHQHUDOL]DGDGHTXHORVWHVWtFXORVVRQODIXHQWHGHOVHPHQTXHHO
KRPEUHH\DFXOD6HVXSRQHTXHORVWHVWtFXORVVHKLQFKDQFRQVHFUHFLRQHVDFXPXODGDVH QWUH
ORVLQWHUYDORVGHDFWLYLGDGVH[XDO\ODH\DFXODFLyQSHULyGLFDVHVXSRQHHVQHFHVDULDFRQOD
ILQDOLGDGGHDOLYLDUHVWDVSUHVLRQHV0XFKRVYDURQHV SURFODPDQTXHVXVWHVWtFXORVOHVGXH
OHQVLQRHQFXHQWUDQIRUPDVUHJXODUHVGHYDFLDPLHQWR\ DWUDYpVGHODKLVWRULDGHODOLWHUDWX
UDHUyWLFD\HQDOJXQDOLWHUDWXUDSVLFRDQDOtWLFDODVVDWLVIDFFLRQHVGHORUJDVPRVRQFRQVLGH
UDGDVFRPRGHSHQGLHQWHVGHODOLYLRGHSUHVLyQHQODVœJOiQGXODVVLJQLILFDQGRORVWHVWtFX
ORV&DVLWRGDVHVWDVRSLQLRQHVVRQVLQHPEDUJRLQIXQGDGDV/DSUyVWDWDODVYHVtFXODVVH
PLQDOHV\ODVGH&RZSHUVRQODV~QLFDVJOiQGXODVTXHFRQWULEX\HQFRQFXDOTXLHUFDQWLGDG
GH PDWHULDO DO VHPHQ \ VRQ ODV ~QLFDV HVWUXFWXUDV TXH DFXPXODQ VHFUHFLRQHV TXH SXHGDQ
FUHDUSUHVLRQHVTXHQHFHVLWHQVHUDOLYLDGDV$XQTXHH[LVWHFLHUWDHYLGHQFLDGHTXHORVWHVW t
3DUDXQDGLVFXVLyQDFHUFDGHODVSRVLEOHVLQIOXHQFLDVKRUPRQDOHVYHDVH-RKQ0RQH\\$QNH(KUKDUGW0DQ
DQG:RPDQER\DQG JLUO
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FXORV SXHGDQ VHJUHJDUXQSRFRGHOtTXLGRFXDQGRHOPDFKRHVWiHUyWLFDPHQWHH[FLWDGROD
FDQWLGDG GH VX VHFUHFLyQ HV GHPDVLDGR SHTXHxD SDUD FUHDU DOJXQD SUHVLyQ /RV WHVWtFXORV
SXHGHSDUHFHUTXHGXHODQFXDQGRKD\DXQDH[FLWDFLyQHUyWLFDQRDOLYLDGDHOOODPDGRSRSX
ODUPHQWHGRORUSpWUHRSHURHOGRORUSURFHGHSUREDEOHPHQWHGHODVWHQVLRQHV PXVFXODUHV
HQ HO iUHD SHULQHDO \ SRVLEOHPHQWH GH ODV WHQVLRQHV HQ ORV FRQGXFWRV HVSHUPiWLFRV HVS H
FLDOPHQWHHQORVWHUPLQDOHVLQIHULRUHVORVHSLGtGLPRVGRQGHVHKDOODQHVSDUFLGRVVREUHORV
WHVWtFXORV7DOHVGRORUHVTXHGDQXVXDOPHQWHDOLYLDGRVFRQHO RUJDVPRSRUTXHODVWHQVLRQHV
PXVFXODUHVTXHGDQDOLYLDGDVSHURQRGHELGRDODOLYLRGHSUHVLRQHVTXHVHKD\DQDFXPXODGR
HQ ORV WHVWtFXORV 'RORUHV H[DFWDPHQWH VLPLODUHV SXHGHQ GHVDUUROODUVH HQ ODV LQJOHV GH OD
PXMHU FXDQGR OD H[FLWDFLyQ VH[XDO HV SURORQJDGD GXUDQWH DOJ~Q WLHPSR DQWHV GH TXH KD\D
DOLYLRFRQHORUJDVPR
(QRWUDVSDODEUDVVLHOGHVHRGHXQKRPEUHSRUHOFRLWRQRHVFRPSDUWLGRSRU
XQDPXMHUQRH[LVWHUD]yQDOJXQDSRUODFXDOODPDVWXUEDFLyQXRWUDHVWLPXODFLyQQR
OHSURYHDGHXQRUJDVPRLJXDOPHQWHIXHUWHRPiVIXHUWHD~QDXQTXHODVDWLVIDFFLyQ
SVLFROyJLFDSXHGDQRVHUODPLVPD2ELHQQRKD\QLQJXQDUD]yQLPSHUDWLYDSRUOD
FXDOGHEDWHQHUIRU]RVDPHQWHXQRUJDVPR(OKHFKRHVTXHQRH[LVWHItVLFDPHQWHXQ
LPSXOVR VH[XDOPDVFXOLQRH[LJHQWHTXHREOLJXHDORVKRPEUHVDSUHVLRQDUDODVPX
MHUHVDFRPSDUWLUHOFRLWR/DVPXMHUHV\DQRQHFHVLWDQVHUSRUPiVWLHPSRLQWLPLGD
GDV SRU HVWH DUJXPHQWR 7DO FRPR XQD PXMHU DO SUHJXQWiUVHOH œ˜KD WHQLGR DOJXQD
YH]PLHGRGHGHFLU¦QR§"œ1R6HWUDWDGHPL FXHUSRPL SHFKRV\PL YDJLQD\VRQ
PL WHUULWRULR\VLDOJXLHQDXQTXHVHDPLPDULGRLQWHQWDWRPDUSRUDVDOWRORTXHQR
GHVHRGDUHVOD*8(55$QHQD
/DGREOHPRUDO
/DVPXMHUHVTXHLQWHQWDURQVHUJHQHURVDV\DEULUVHDORVKRPEUHVWHQLHQGRUH
ODFLRQHVVH[XDOHVHQODPDQHUDQXHYD\OLEUHHQODLQPHQVDPD\RUSDUWHGHORVFDVRV
WHUPLQDURQ VLHQGR IDOWDGDV DO UHVSHWR \ FRQ IUHFXHQFLD ODVWLPDGDV SRUTXH VLJXH
YLJHQWHWRGDYtDODGREOHPRUDO
œ3LHQVRTXHODUHYROXFLyQVH[XDOHVWiPX\RULHQWDGDKDFLDHOKRPEUH\YDFR
QWUDODPXMHU/DLGHDHVTXHORVKRPEUHVHVWiQGLFLpQGROHVDODVPXMHUHVTXHVRQOL
EUHVGHMRGHUFRQTXLHQTXLHUDTXHDHOODVVHOHVDQWRMH3HURODWUDPSDHVTXHODGREOH
PRUDO WRGDYtD VLJXH LPSHUDQGR 8Q KRPEUH TXH WLHQH PXFKDV DPDQWHV HVWi ¦GH
PRVWUDQGRVXVEUtRV§XQDPXMHUTXHWLHQHPXFKRVDPDQWHVHVXQD¦SURVWLWXWD§RXQD
¦QLQIRPDQtDFD§
œ+DELWXDOPHQWHGHVSXpVTXH\DVDEHQTXHPHKDQ¦SRVHtGR§WHQJRODVHQVD
FLyQGHVHUXQSHGD]RGHFDUQH6LHQWRVXKRVWLOLGDG\VXGHVSUHFLR/DGREOHPRUDO
VLJXHYLYLWD\FROHDQGR
œ/DPD\RUtDGHORVYDURQHVWLHQHQHOGHVHRGHTXHUHUFRQTXLVWDUPH\JDQDUPH
(QFRQVHFXHQFLDLQWHQWDQFRQJUDQHPSHxRVHUDJUDGDEOHV\JXVWDUPHDQWHVGHTXH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
DFFHGDDOOHJDUDOFRLWRFRQHOORV'HVSXpV\DQRYXHOYHQQXQFDDHVWDUWDQH[FLWDGRV
R WDQ DQVLRVRV SRU FRPSODFHUPH FRPR HQ OD SULPHUD YH] QL WDPSRFR HQ ORV WUDWRV
VH[XDOHV
œ1RSXHGRVLPSOHPHQWHDGRSWDUODDFWLWXGTXHORVKRPEUHVYDQLQGXFLHQGRHQ
ODVPXMHUHVDWUDYpVGHODFWRVH[XDO&XDQGRHQFXHQWUHHOKRPEUHH[FHSFLRQDOFX\D
PHQWH VHD UHODWLYDPHQWH FRUUHFWD LQWHQWDUp GH YHUGDG DIHUUDUPH D pO /RV KRPEUHV
KDQVLGRHGXFDGRVHQXQPHGLRDPELHQWHGRQGHHOVH[RHVYLVWRFRPRDOJRTXHHOORV
QHFHVLWDQ\GRQGHHQJDxDU\VHGXFLUDODVPXMHUHVSDUDTXHOHVGHMHQWHQHUORFRQWUD
HOPHMRUMXLFLRGHODPXMHU$VtFXDQGRXQDPXMHUUHDOPHQWHGHFLGHUHDOL]DUHODFWR
VH[XDOFRQXQKRPEUHpOQRORVDEHYHUGHHVWDPDQHUD0iVELHQFUHHTXHKDJDQD
GRDOJR\SURFHGHDKDFHUXVRGHVXFRQTXLVWD'HVSXpVOHWLHQHVLQFXLGDGRORTXH
RFXUUD FRQ HOOD (VWD HV XQD WHUULEOH GHFHSFLyQ SDUD XQD PXMHU DXQTXH \R LQWHQWH
GHFLUPH¦(VHHVVXSUREOHPDQRHOPtR§\VLJRPLFDPLQR
œ3RU RFDVLRQDO TXH VHD HO VH[R SXHGH GH WRGRV PRGRV VHU DPLVWRVR \ FRQV
WUXFWLYR\DVtTXLHURTXHVHD/RVPXFKDFKRVKDQWHQLGRUHODFLRQHVVH[XDOHVRFDVLR
QDOHVFRQPLJR\GHVSXpVPHKDQLJQRUDGRRWHQLGRSHRURSLQLyQGHPt+HTXHGDGR
KHULGDSHURDODODUJD˜TXpRSLQDUiQGHHOORVPLVPRV\GHVXVSURSLDV DFWLWXGHV"6L
FUHHQ TXH HO VH[R HV DOJR PDOR \ VXFLR \ HVWiQ GLVJXVWDGRV FRQ HOORV PLVPRV SRU
SUDFWLFDUORGHDFXHUGRSHURSRUIDYRUTXHQRSUR\HFWHQVXGLVJXVWRFRQWUDPt6L
VX VHPHQ HV ¦VXFLR§ \ \R FRPR HVFXSLGHUD HVWR\ SRU WDQWR VXFLD HV VX SUREOHPD
/DJHQWHSXHGHLQWHQWDUKDFHUPHVHQWLUFXOSDEOHSHUR\RQRFUHRKDEHUKHFKRQDGD
PDOR
œ*HQHUDOPHQWH HOORVSUHWHQGHQVHUDWHQWRVHVWDUHPEHOHVDGRV\KDEODQHQOD
FDPD\KDEODQKDVWDTXHVHKDWHUPLQDGR\HQWRQFHVHVHOUHJUHVRDODUHDOLGDG/R
LPSRUWDQWHHVQRFUHHUVHHVDVPHQWLUDVQRFRPSURPHWHUVHVLPSOHPHQWHFRPSUHQGHU
TXHHVFKDUODGHFDPD\DVtQRTXHGDXQDODVWLPDGD
œ(VGHILQLWLYDPHQWHPiVVDOXGDEOHSHURKD\GHPDVLDGRVKRPEUHVTXHWRGDYtD
QRKDQFRPSUHQGLGR\VLJXHQSHQVDQGR¦PXMHUVXHOWDIiFLOGHWLUiUVHOD§\WRGDFOD
VHVGHVLPLODUHVSHQVDPLHQWRVGHJUDGDQWHV,QFOXVRVLHUHVORVXILFLHQWHDJUHVLYDFR
PR SDUD FRQVHJXLU OR TXH TXLHUHV OD GREOH PRUDO VLJXH SOHQDPHQWH YLJHQWH RFXOWD
EDMRXQDVXSHUILFLHGHIDOVHGDG\VHXGROLEHUDOLVPR\VLHPSUHDSDUHFHDOILQDO
œ/DUHYROXFLyQVH[XDOHVODPD\RUIDUVDGHOVLJORSDUDODVKHPEUDV$QWHVSRU
ORPHQRVODPXMHUWHQtDHOGHUHFKRGHGHFLU¦QR§$KRUDHVXQDJD]PRxDRDOJRSHRU
VtQRVHHQWUHJDVLHPSUHTXHHVVROLFLWDGD<VLWLHQHPXFKRVHQFXHQWURVVH[XDOHVGH
FRUWRSOD]RHVFRQVLGHUDGDXQDSXWD/DUHYROXFLyQVH[XDOHVXQDSURGXFFLyQPDV
FXOLQD\VXVSULQFLSLRVVLJXHQFRQFHQWUiQGRVHHQORVYDORUHVPDVFXOLQRVYHUELJUD
FLD ¦˜3DUD TXp FDVDUVH DKRUD SXHVWR TXH WHQHPRV QXHVWUD VHOHFFLyQ DEXQGDQWH GH
FKDYDODVELHQGLVSXHVWDV"§
œ2SLQR TXH WRGDYtD TXHGD PXFKD OLEHUDFLyQ SRU FRQVHJXLU /DV PXMHUHV SXH
GHQ MRGHU PiV SHUR WRGDYtD WLHQHQ TXH VHJXLU GHVHPSHxDQGR ORV YLHMRV SDSHOHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VH[XDOHV < VL XQD PXMHU VH DFXHVWD FRQ PiV GH XQD SHUVRQD WRGDYtD VLJXH VLHQGR
XQDIXODQD
œ3RULQFUHtEOHTXHSXHGDSDUHFHUWRGDYtDKD\XQDIXHUWHGREOHPRUDO$XQTXH
ODVSHUVRQDVSUDFWLFDQPiVHOVH[RWRGDYtDOHVTXHGDQPXFKRVUHVWRVGHVXVSUHMXL
FLRVGHLQIDQFLDHLGHDVH[LVWDVREUHHOVH[R(VWRKDFHPX\GLILFXOWRVRH[SHULPHQWDU
OLEUHPHQWHODVH[XDOLGDGVLQWHPRUDODFHQVXUD$XQTXHYLYRHQXQFDPSXVXQLYHUVL
WDULRTXHHVFRQVLGHUDGRHQWRGDODQDFLyQFRPRXQOXJDUGHYDQJXDUGLDVH[XDO\GH
LGHDVLQWHOHFWXDOHVQRHVDVt/RVKRPEUHVWRGDYtDVLJXHQVLQUHVSHWDUDODVPXMHUHV
TXH WLHQHQ UHODFLRQHV VH[XDOHV FRQ TXLHQHV QR HVWiQ ¦HQDPRUDGDV§ \ VL XQD PXMHU
DSUHFLDVXSURSLDHVWLPDOR~QLFRVHJXURHVWHQHUVH[RRELHQFRQXQKRPEUHTXHOH
WLHQHDSUHFLR\QROHKDUiVHQWLUVHPDOQLFKLVPRUUHDUVREUHHOODFRQRWURVKRPEUHV
TXH DVt OH SHUGHUiQ HO UHVSHWR R FRQ XQD SHUVRQD TXH QDGLH VH HQWHUH FRPR SRU
HMHPSOR XQ OLJXH HQ XQD HVWDFLyQ GH HVTXtRHQXQDVYDFDFLRQHVHWF8QPDFKR
FRQVLGHUDGRDTXtXQOtGHUUDGLFDOHVWDEDKDEODQGRDXQDVXSXHVWDDPLJDVX\DODYtV
SHUDGH7RGRVORV6DQWRV(VWDEDQLQYLWDGRVDXQDILHVWDGHGLVIUDFHV\HOODQRDFD
EDQGRGHGHFLGLUVHHQORTXHLEDDOOHYDUFRPRGLVIUD]OHSUHJXQWy¦˜'HTXpFUHHV
TXHGHEHUtDGLVIUD]DUPH"§0X\FUXHOPHQWHpOFRQWHVWy¦˜3RUTXpQRYDVGHYLUJHQ"
™(VWR\VHJXUtVLPRTXHQDGLHWHUHFRQRFHUi§
™6pœEXHQDFKLFD
&DVLWRGDVODVPXMHUHVTXHFRQWHVWDURQQXHVWURVFXHVWLRQDULRVIXHURQHGXFDGDV
SDUDVHUœEXHQDVFKLFDV<ODVTXHWRGDYtDYLYtDQHQHOKRJDUVHJXtDQHQVXPD\R
UtDVLHQGRHGXFDGDVSDUDVHUœEXHQDVFKLFDV$ODVFKLFDVVHOHVVLJXHLPSLGLHQGR
TXH DYHULJHQ H[SORUHQ \ GHVFXEUDQ VX SURSLD VH[XDOLGDG \ VRQ OODPDGDV œPDODV
FKLFDVFXDQGRORLQWHQWDQ(QODSXEHUWDGODVPXFKDFKDVUHFLEHQLQIRUPDFLyQDFHU
FD GH VXV yUJDQRVUHSURGXFWRUHV\ODPHQVWUXDFLyQ™SHURUDUDYH]VHOHVH[SOLFDOR
UHIHUHQWHDOFOtWRULV(OPHQVDMHWiFLWRWRGDYtDFRQVLVWHHQTXHODVH[XDOLGDGIHPHQL
QDHVPDOD
œ0HJUDEDURQHQODPHQWHGHVGHPLWHPSUDQDLQIDQFLDDKRUDWHQJRYHLQWLWUpV
DxRVTXHODVFKLFDV¦EXHQDV§QRWLHQHQUHODFLRQHVVH[XDOHVQLVLTXLHUDODVGHVHDQ
\HQFDVRGHKDFHUORHUHVXQDJROID3XHGRUHFRUGDUDPLPDGUHGLFLpQGRQRVDPt\
D PL KHUPDQD GRV DxRV PHQRU FXDQGR \R WHQtD GLHFLRFKR ¦,QGLVFXWLEOHPHQWH HV
SHURTXHQRVHiLVGHODFODVHGHFKLFDVTXHKXPWRQWHDQ FRQPXFKDFKRV§3UHFL
VDPHQWHHQDTXHOORVWLHPSRV™\DQRpUDPRVYtUJHQHVQLQJXQDGHODVGRV7DPELpQ
OH GLMR D PL KHUPDQD GHVSXpV GH OHHU XQ OLEUR VREUH OD OLEHUDFLyQ IHPHQLQD ¦(VWi
PX\ELHQHVPX\LQWHUHVDQWHSHUR˜TXpFODVHGHPXMHUHVODTXHSXHGHHVFULELUTXH
VH GHEH LQWHQWDU KDFHU HO DPRU HQ GLIHUHQWHV SRVLFLRQHV"§ &RQ HOOR TXHGD EDVWDQWH
H[SOLFDGRHOPHGLRDPELHQWHIDPLOLDU'HORTXHHVWR\VHJXUDHVGHTXHVLWHQJRXQD
KLMD pVWD YD D DSUHQGHU SURQWR TXH HO VH[R HVKHUPRVR+HLQWHQWDGR¥FXDQGRUH
JUHVRDFDVDORFXDOHVFRQSRFDIUHFXHQFLD¥ LQVWLODUXQSRFRGHHVWDFRQVFLHQFLDHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PtKHUPDQDPiVMRYHQTXHWLHQHDKRUDWUHFHDxRV3RUHMHPSORDQWHHOODPHSRQJR
PL¦7DPSD[§YR\GHVQXGDSRUPLKDELWDFLyQ\OHGLJRTXHSURQWRVHOHGHVWDFDUiQ
ORVVHQRVWDPELpQ\WHQGUiYHOORVREUHVXVH[R/HH[SOLFRTXHDXQTXHORVFKLFRV
HQVXFXUVRVRQUHSXOVLYRVGHQWURGHFLQFRDxRVHVWDUiQPXFKRPHMRU1RFUHRTXH
HVWR SXHGDVHUSHUQLFLRVRHQIRUPDDOJXQDHQFDPELRPHFRQVWDTXHHOHVWLORFRQ
TXHQRVHGXFyPLPDGUHIXHSHUMXGLFLDOSDUDPt
œ1XQFD PH GLMHURQ TXH HO VH[R IXHUD PDOR R VXFLR DXQTXH PL SDGUH VROtD
KRUURUL]DUVHGHPLVDFWLYLGDGHVVH[XDOHVFRQPXFKDFKRV\QRGHMDEDGHDGYHUWLUPH
TXHHOORVQRPHUHVSHWDUtDQ VLOHVGHMDED¦KDFHUFRVDV§FRQPLJR<ROHFUHtD&XDQ
GR GHVFXEULy TXH \D QR HUD YLUJHQ D ORV GLHFLVpLV DxRV QR TXLVR KDEODUPH GXUDQWH
PHVHV (VWR OR KDEtD ROYLGDGR KDVWD DKRUD SRUTXH ORV YDORUHV TXH HOORV LQYRFDEDQ
HUDQFRQWUDGLFWRULRVDOPRGRHQTXH VHFRPSRUWDEDQ3LHQVRHQHOORVFRPROLEHUDOHV
SRUTXHGHFtDQTXHHUDQOLEHUDOHV˜VDEHXVWHG"
œ0LPDGUHWLHQHPLHGRDOVH[R6LHPSUHORVXSHSHURPHFKRFy\HQWULVWHFLy
HQWHUDUPHILQDOPHQWHGHTXHPLSDGUHWDPELpQHVWiDYHUJRQ]DGRGHVXSURSLRGHVHR
\ QR TXLHUH TXH \R WHQJD UHODFLRQHV VH[XDOHV SRUTXH VR\ KHPEUD (Q XQ UDUR
PRPHQWR GH VLQFHUDUPH FRQ pO XQD YH] OH SUHJXQWp VL FXDQGR XQD PXFKDFKD VH
QHJyDGDUOHHOEHVRGHGHVSHGLGDFRQODVEXHQDVQRFKHVpOSHQVDEDTXHTXL]iVHOOD
WDPSRFR OR GHVHDED 6X UHVSXHVWD ILMH ¦1R \R SHQVDUtD TXH HOOD HUD XQD EXHQD
FKLFD§ 1R SXHGR H[SOLFDUOH OD DJRQtD TXH HVWD UHVSXHVWD PH SURGXMR
3UREDEOHPHQWH HO ~QLFR WHPRU TXH PH KD TXHGDGR DKRUD VREUH HO VH[R HV TXH ORV
KRPEUHVPHGHVSUHFLDUiQVLOHVGHMRKDFHUHODPRUFRQPLJRGHELGRDVXSURSLRWH
PRU\GHVDJUDGR(YLWpDORVKRPEUHVGXUDQWHDxRVGHELGRDHVWHPLHGRSHURDKRUD
HVWR\GLVSXHVWDDFRUUHUHOULHVJR\SLHQVRTXHQRSRGUpTXHUHUDFXDOTXLHUKRPEUH
TXHPHSLHUGDHOUHVSHWRSRUTXHPHJXVWDHOVH[R\PHKH HQWUHJDGRDpO$OJXQDV
YHFHVOOHJRKDVWDSHQVDUTXHVLORVKRPEUHVREWXYLHUDQPiVVDWLVIDFFLyQHQODFDPD
XQD DXWpQWLFD VDWLVIDFFLyQ ¥\ HVWR VLJQLILFD XQD VLQFHUD \ OLEUH HQWUHJD SRU DPEDV
SDUWHV \ XQD UHDO DELHUWDPHQWH H[SUHVDGD GLFKD HQ HO RUJDVPR¥ FHVDUtD OD JXHUUD
GHVH[RV3HURTXL]iVHDpVWHXQSHQVDPLHQWRFUHDGRSRUODHVSHUDQ]D
œ6RQ HYLGHQWHV ODV UHVWULFFLRQHV D TXH VRQ VRPHWLGDV ODV PXMHUHV 0LV SDGUHV
VRQEDVWDQWHOLEHUDOHVSHURGHDOJ~QPRGRHVPX\GLItFLOSDUDHOORVVDOLUGHORVFD
PLQRV WULOODGRV GLFLHQGR TXH ODV PXMHUHV GHEHQ VHU SXUDV KDVWD HO PDWULPRQLR PL
PDGUHORIXHVXVKLMDVQRSHURPLHQWUDVQRPHYD\DGHFDVD\QRTXHGHHPEDUD]D
GDPLPDGUHVHDMXVWDXQSRFRDODWROHUDQFLD1RVpORTXHVLHQWHPLSDGUH1RVDEH
TXHWHQJRXQDPDQWH\HVPHMRUTXHQRORVHSD6HTXHGDUtDDEUXPDGR&XDQGRPL
KHUPDQD KDFH FLQFR DxRV GLMR TXH HVWDED YLYLHQGR FRQ HO TXH HV DKRUD VX DFWXDO
PDULGRSRUHQWRQFHVHVWDEDQVLQFDVDUPLSDGUHTXLVRUHSXGLDUOD0HGLRHO~QLFR
FRQVHMRVREUHODYLGDTXHMDPiVPHKDGDGR¦™7HQFXLGDGRFRQORVKRPEUHVFRPR
HVH§ 0X\ WULVWH 0LV KLMDV QXQFD SDVDUiQ SRU HVWD FODVH GH H[SHULHQFLDV VLHPSUH
TXHSXHGD\RHYLWDUOR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ8QD H[SHULHQFLD TXH FUHR PH DIHFWy SURIXQGDPHQWH IXH FXDQGR PLV SDGUHV
GHVFXEULHURQ TXH \R PH DFRVWDED FRQ PL QRYLR 3DVDED HQ FDVD ODV YDFDFLRQHV GH
YHUDQR0LPDGUHOH\yVLQPLSHUPLVRPLGLDULR(VWR\VHJXUDTXHQRWUDQVFXUUtDQ
PiVGHWUHVGtDVVLQTXHWXYLpUDPRVLQWHQVDVSHOHDVEDWDOODVGRORUFDOLILFDWLYRVFR
PRSHUUDSXWDHWF<DKDQSDVDGRFLQFRDxRVGHVGHHQWRQFHV\DQRSHOHDPRVPiV
SHURHVWDPRVGLVWDQWHV+HHVWDGRPXFKRPiVDVXVWDGD\PHQRVHVSRQWiQHDHQWRGDV
PLVUHODFLRQHVGHVGHDTXHOODYH]
œ2EWHQHULQIRUPDFLyQHUDXQYHUGDGHURSUREOHPD&XDQGRHPSHFpDSUHJXQWDU
FRVDVFRPR¦˜SRUTXpORVKLMRVVHSDUHFHQDVXVSDGUHV\WDPELpQDVXVPDGUHV"§OD
UHVSXHVWD KDELWXDO HUD ¦\D OR VDEUiV PiV WDUGH FXDQGR VHDV PD\RU§ 0iV WDUGH
FXDQGR IXL PiV PD\RU OD UHVSXHVWD IXH ¦WH FRQVHJXLUHPRV XQ OLEUR§ SHUR HO OLEUR
QXQFDOOHJy&XDQGRHPSHFpDPHQVWUXDUDODHGDGGHGRFHDxRVPHDWHUURULFpDKt
HVWDED OD SDYRURVD HQIHUPHGDG TXH KDEtD HVWDGR WHPLHQGR KLFH HO YRWR GH QXQFD
YROYHU D PDVWXUEDUPH (VWXYH ODYiQGRPH FRQVWDQWHPHQWH \ FDPELDQGR PL URSD LQ
WHULRUSHURODVDQJUtDQRFHVDED3RUODQRFKHOHVGLMHDPLVSDGUHVTXHHVWDEDVDQ
JUDQGR ¦DKt DEDMR§ PL PDGUH PH GLR XQRV SDxRV KLJLpQLFRV \ PLSDGUHVHSXVRD
¦H[SOLFDUPH FRVDV§ 1R SXHGR UHFRUGDU ELHQ OR TXH PH GLMR WRGR OR TXHVpHVTXH
PHGLMRPX\SRFR\VLQHPEDUJRVHODVFRPSXVRSDUDGDUODLPSUHVLyQGHTXHDKR
UD \D OR ¦VDEtD 7RGR§ (UD XQD YHUGDGHUD KD]DxD \ RMDOi SXGLHVH UHFRUGDU FyPR OR
ORJUy &XDQGR WHQtD GLHFLVpLV DxRV HPSHFp D VDOLU FRQ XQ PXFKDFKR 7RGR FXDQWR
KLFLPRV IXH OR TXH HV OODPDGR ¦FDULFLDV D IRQGR" SHUR PH SUHRFXSDED OD LGHD GH
TXHGDUHPEDUD]DGDSRUORFXDOIXLDXQDELEOLRWHFDS~EOLFD\HFKpXQDRMHDGDDYD
ULRVPDQXDOHVSDUDPDWULPRQLRV5HFXHUGRTXHTXHGpPiVELHQLPSUHVLRQDGD8QRV
WUHV DxRV GHVSXpV FUHR TXH IXH DO FXPSOLU ORV GLHFLQXHYH DxRV PL PDGUH PH GLR
FRPRUHJDORXQYROXPLQRVROLEURPpGLFR(OOLEURFRQWHQtDOyJLFDPHQWHXQFDStWX
OR VREUH ORV JHQLWDOHV PDVFXOLQRV \ IHPHQLQRV FRLWR SDUWR DQWLFRQFHSFLyQ HQIHU
PHGDGHV YHQpUHDV HWF \ GHVSXpV GH YDULDV KRUDV GH SHQVDU LQWHQVDPHQWH HQ HOOR
PHFRQYHQFtGHTXHpVWHHUDHOOLEURTXHPHKDEtDVLGRSURPHWLGRKDFtDWDQWRWLHP
SR
< XQD PXMHU GLR XQD ODUJD UHVSXHVWDœ/RVSUREOHPDVGHPLVSDGUHVEURWDURQ
GHXQDHGXFDFLyQUHOLJLRVDLQFUHtEOHPHQWHiVSHUD\UHJLPHQWDGD(OORV\PLKHUPDQD
QXQFDVHGHVYLDEDQ0LSDGUHORKDFtDHQDOJ~QPRPHQWRSHURYROYtDGHQXHYRGHV
SXpVGHKDEHUVHHQVXFLDGRFRQHOFRQWDFWRGHODJHQWHPXQGDQDO1RVHPHFRQFHGH
HVWDU WRWDOPHQWH D VRODV \D TXH FXDQGR FLHUUR PL SXHUWD SDUD HVFULELU R SHQVDU PL
JHQWHVHVLHQWHQHUYLRVD\WUDVKDEHUHQFRQWUDGRFXDOTXLHUSUHWH[WRPLSDGUHQRPH
GHMDFHUUDUPLSXHUWDQRSRUWHPRUGHTXHIXPDVHPDULKXDQDVLQRSRUTXHHVWDEDD
VRODVFRQPLJRPLVPD8QDYH]FHUUpODSXHUWDSDUDQRRtUHOUXLGRGHODWHOHYLVLyQ\
FXDQGRpOFRPSUREyTXHHVWDEDFHUUDGDGHUULEyODSXHUWDFRQHOKRPEUR1RSHUPLWH
TXH\ROOHYHEUDJDVVXHOWDV¥GHEHQHVWDUFHxLGDV¥ QLWDPSRFROHJXVWDPLPRGRGH
YHVWLUDXQTXH\RVHDPiVELHQFRQVHUYDGRUDHQHVWHDVSHFWR1RSXHGREDLODUIUHQWH
DHOORVSRUTXHPHFUXFLILFDUtDQVLPHYLHVHQPRYHUPLFXHUSR+DFHQKLQFDSLpHQOD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
YLUJLQLGDGKDVWDHOH[WUHPRGHTXHUH]DQSDUDTXH\RQROOHJXHQXQFDPiVDOOiGHO
EHVR\KDGHVHUFRQODERFDFHUUDGD6LOOHYRSDQWDORQHV\PHVLHQWRFRQODVSLHUQDV
QRFUX]DGDVPLSDGUHPHSRQHFRPRFKXSDGHGyPLQH'HEROOHYDUVLHPSUHVRVWpQ
\GHERHVWDUVLHPSUHFRPSOHWDPHQWHYHVWLGDDQWHPLSDGUHQDGDGHDSDUHFHUHQURSD
LQWHULRU < PL PDGUH QR PH GHMD GDUOH D PL SDGUH PDVDMHV HQ ORV KRPEURV SRUTXH
HOOD¦WHPHTXHOHSRQJDLGHDVHQODFDEH]D§WH[WXDO1RVHPHSHUPLWHLUDFDVDGH
XQ DPLJR D PHQRV TXH VXV SDGUHV HVWpQ HQ OD FDVD \ HQWRQFHV QR PH HV SHUPLWLGR
HQWUDUHQVXFXDUWRRVHQWDUPHHQXQDFDPDRUHFOLQDUPHKDFLDDWUiVSRUTXHHVVXJH
UHQWH0LVSDGUHVVLHPSUHPHULxHQSRUTXHPHKDQGLFKRTXHWHQJRXQDVSHFWRVHQ
VXDO\PHPXHYRGHHVWHPRGR\GLFHQTXHQRGHERKDFHUOR$PLKHUPDQD\DPt
QRVHVWiSURKLELGRHPSOHDUODSDODEUDVH[\ RMXUDURODTXHVHD3DUHFHWRQWRKDFHUOD
OLVWDSRUTXHGHWRGRVPRGRVORKDJR0LVSDGUHVHVWiQVXSHUHQFRQWUDGHODSURSLD
FRQVFLHQFLDGHQXHVWURFXHUSR1XQFDKHYLVWRDPLSDGUHGHVYHVWLGR/DJHQWHVROtD
GHFLUPHTXH\RHUD~QLFDSRUVREUHYLYLUDVtGHELHQ\\RGHFtDTXHQRSHURDKRUD
GHELGRDWRQHODGDVGHUHIOH[LyQHVWR\GHDFXHUGR&DUDPEDQXQFDPHKLFHFDUJRGH
FXiQDEVXUGRHUDWRGRHOOR\FXiQIXHUWHPHVLHQWRDKRUD
œ&XDQGR WHQtD FXDWUR DxRV PH IXH GLFKRTXHWHQtDTXHDFHSWDUD-HV~VRLUDO
LQILHUQR/RSXVHHQGXGDHQWRQFHV\WRGDPLYLGD0HSUHJXQWRSRUTXpSHQVpDVt\
PLKHUPDQDSULPRV\SDGUHVQR/DPXWDQWH\R7XYHIDQWDVtDVVH[XDOHVPX\IXHU
WHV \ FRQ HOODV OD PDVWXUEDFLyQ FXDQGR HUD DSHQDV DGROHVFHQWH \ DKRUD \ WRGR HQ
VHFUHWRSHURPHD\XGDEDQSRUTXHODVDFHSWDED\GLVIUXWDEDFRQHOODVDXQTXHFXDQ
GRHUDPiVMRYHQVXIUtGHVHQWLPLHQWRVGHFXOSD3HURKHVLGRVLHPSUHLQGHSHQGLHQWH
GH LGHDV \ FXDQGR PL SDGUH PH JROSHDED R PH FKLOODED R PL PDGUH OR KDFtD PH
FDOODED \ GHFLGtD TXH HOORV VH SRUWDEDQ LQFRUUHFWDPHQWH FRQPLJR 0L PDGUH WLHQH
SXQWRV GH YLVWD PX\ HVWUHFKRV VREUH ODV PXMHUHV \ VRQ FRPSDUWLGRV SRU PL SDGUH
&RPR QR PH DIHLWR ODV SLHUQDV QL D[LODV PLV SDGUHV PH LQIRUPDQ GH TXH HV QDX
VHDEXQGRHWF0LPDGUHHVWiVLHPSUHSUHVLRQiQGRPHSDUDTXHPHPDTXLOOHORVRMRV
\ PH ULFH \ SHLQH HO FDEHOOR FRPR PL KHUPDQD <R OR PDQWHQJR OLPSLR \ ODUJR \
HVDVR\\R<PHVLHQWRRUJXOORVDGHPLFXHUSR1RPHJXVWDQODVFKLFDVTXHVHYLV
WHQFRPRPXxHFDV\VyORSDUDORVWtRVSRUTXHFUHRTXHODVSUHQGDVGHYHVWLUVLUYHQ
SDUDDXWRH[SUHVDUVHFXDQGR\RHUDGHPDVLDGRMRYHQPLPDGUHPHLQVWLOyWHPRUHV
DFHUFDGHODVSHUYHUVLRQHVHWFpWHUD8QDOLYLRSDUDHOODSHURXQDUXHGDGHPROLQRHQ
WRUQRDOFXHOORSDUDPtFX\RSHVRHUDLQVRSRUWDEOH\WRGDYtDSDGH]FRGHHOOR™FD
UDPEDORPiVWULVWHHVTXHHOORVQRORVDEHQ\SRVLEOHPHQWHQRSRGUtDQFRPSUHQ
GHUOR™1LVLTXLHUDVRVSHFKDQWRGRORTXHPHKDQKHFKRSDVDU+HLQWHQWDGRKDFHU
PHH[SOLFDUDOJXQDVFRVDV\PHHQFXHQWURFRQPLUDGDVLQH[SUHVLYDV\UHIHUHQFLDVD
-HV~V5HFXHUGRFLHUWDRFDVLyQFXDQGR\RHUDWRGDYtDYLUJHQ\DPLSDGUHQROHJXV
WDEDDOJRTXL]iIXHUDPLPRGRGHYHVWLU\HPSH]yDOODPDUPH]RUUD\SXWD\WRGRV
ORVPDORVFDOLILFDWLYRVSRVLEOHVGLMRTXH\RDEUtDPLVSLHUQDVDFDGDWtRTXHVHSUH
VHQWDED<RHUDPX\VHQVLEOHDFHUFDGHPLSURSLDHVWLPDSRUORTXHVHUHILHUHDORV
KRPEUHV7RGRSDUDPtWHQtDXQWLQWHGHFXOSDELOLGDG)XLDOXPEUDGDHPHUJtDPD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
]RQD\pOWRGDYtDEUDPD3HUR\DVDEHTXHPHKDSHUGLGR\pVWHHVVXPD\RUGRORU
SRUTXHPHDPD\QRUHFLEHQDGDHQFRPSHQVDFLyQ
6(;2<(02&,21(6
3DUWHGHODLGHRORJtDGHODUHYROXFLyQVH[XDODILUPDEDTXHHOKHFKRGHUHODFLR
QDU HO VH[R FRQ ORV VHQWLPLHQWRV HV FRVD SDVDGD GH PRGD TXHULHQGR VLJQLILFDU FRQ
HOORTXHTXLHQDVtRSLQDUDRSHQVDUDQRHVWDEDDOGtD1RVRODPHQWHHOPDWULPRQLR
VLQR WDPELpQODPRQRJDPLDHODPRURLQFOXVRORVVHQWLPLHQWRVGHWHUQXUDVHFRQVL
GHUDEDQDPHQXGRFRPRDOJRTXHVyORGHVHDEDQODVPXMHUHVœQHXUyWLFDV/DLGHD
HUD TXHœODJHQWHGHEHVRVWHQHUUHODFLRQHVVH[XDOHVHVSRQWiQHDPHQWH\QRSUHRFX
SDUVHSRUHOSRVLEOHGRORUTXHGRVSHUVRQDVSXHGDQFDXVDUVHPXWXDPHQWH&RPSRU
WDUVH FRQ OLEHUWDG \ UHODFLRQDUVH VH[XDOPHQWH VLQ DWDGXUDV GH QLQJXQD HVSHFLH HQ
FXDOTXLHUPRPHQWR\FRQFXDOTXLHUDVyORSRUHOSXURSODFHUItVLFR3HURFDVLQLQ
JXQD PXMHUHQHVWHHVWXGLRGHVHDEDVRVWHQHUWDOUHODFLyQVH[XDODPHQXGRDXQTXH
XQDVSRFDVSHQVDEDQTXHGHELHUDQ KDFHUORœ/DRWUDQRFKHYLXQSURJUDPDGHWHOHYL
VLyQ \ KDEtD XQ LQGLYLGXR TXH GHFtD TXH GHEHPRV VHSDUDU HO VH[R GHO DPRU \ FUHR
TXH WLHQH UD]yQ SRU HVR ODV PXMHUHV VH VLHQWHQ WDQ GRORULGDV SRUTXH ORV KRPEUHV
SRU DOJXQD UD]yQ SDUHFHQ SRGHU KDFHUOR PLHQWUDV TXH QRVRWUDV WHQHPRV PXFKDV
GLILFXOWDGHVHQVHSDUDUORV$OPHQRV\RQRPHFUHRFDSD]GHFRQVHJXLUOR
3RUDEUXPDGRUDPD\RUtDODVPXMHUHVGHVHDEDQVH[XDOLGDGFRQVHQWLPLHQWRV
œ&UHRTXHODUHYROXFLyQVH[XDOHVIDQWiVWLFD3HURKHSHUPDQHFLGR¦ILHO§DPL
PDULGR\VHJXLUpVLpQGRORSRUTXHVpSRUSDVDGDH[SHULHQFLDTXHSDUDPtODVH[XD
OLGDGYDWRWDOPHQWHOLJDGDDXQDUHODFLyQSHUVRQDO(VXQDSDUWHGHPtTXHQRSXHGR
VHSDUDUGHOUHVWRGHPLFXHUSRQLGHPLPHQWH1RSRGUtDGLYLGLUFRQp[LWRPLYLGD
VH[XDOHQWUHGRVRPiVKRPEUHV
œ&UHRTXHODUHYROXFLyQVH[XDOKDIDOVHDGRWRWDOPHQWHHOOXJDUTXHGHEHRFXSDU
ODVH[XDOLGDGKDVWDHOSXQWRGHTXHVHKDFRQYHUWLGRSRUVtPLVPDHQXQILQHQXQD
HYDVLyQ R GH LQWHQWR GHVHVSHUDGR GH FRQVHJXLU HO DPRU /RV HVFULWRUHV FRPR 5ROOR
0D\$PRU\GHVHR\HOPRYLPLHQWRIHPLQLVWDPHKDQD\XGDGRDYDORUDUODLQWHJUD
FLyQGHODPRU\HOVH[RIUHQWHDODXQLyQRFDVLRQDOFRQFRPSDxHURVTXHQRPHYDOR
UDQ
œ%LHQ PH DJUDGD VHU FDSD] GH WHQHU YLGD VH[XDO DXQ FXDQGR QR HVWp FDVDGD
3HURQRPHDJUDGDQHQDEVROXWRODVUHODFLRQHVFDVXDOHV\¦IUtDV§QLWDPSRFRODVTXH
VXHOHQ FDOLILFDUVH GH ¦DYHQWXUDV§ 0H JXVWD UHODFLRQDUPH VHQWLPHQWDOPHQWH FRQ DO
JXLHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ$SUXHER OD DFHSWDFLyQ GH ODV UHODFLRQHV \ GHVHRV VH[XDOHV 3HUR SHUVRQDO
PHQWHWRGDYtDFUHRTXHHVPXFKRPiVGHVHDEOHVRVWHQHUXQDUHODFLyQtQILPD\SHU
VRQDO\QRIRUWXLWD
œ(QTXLHQHVREVHUYRODVPD\RUHVGLILFXOWDGHVHVHQODVSHUVRQDVGHPtJHQHUD
FLyQ HQ PXFKDV GH PLV DPLJDV (Q VX LQWHQWR GH OLEHUDUVH PHGLDQWH OD UHYROXFLyQ
VH[XDOFDHQHQSUiFWLFDVVH[XDOHVSDUDODVTXHQRHVWiQSVLFROyJLFDPHQWHSUHSDUDGDV
$OXQLUVHDSUXHEDVHQJUXSR\HQHQFXHQWURVVH[XDOHVP~OWLSOHVSDUHFHQGHVDUUHJODU
VXVYLGDVDEDQGRQDQDVXVFRPSDxHURV\IDPLOLDVSRUGLYHUVDVUD]RQHVHUUyQHDV
VHFRQYLHUWHQHQKLSSLHVGHHGDGPHGLDQDFRPRVLSXGLpVHPRVYROYHUDWHQHUYHLQWH
DxRV GH HGDG QXHYDPHQWH 3DUHFHQ FRQIXQGLGDV \ SRU VXSXHVWR QR VH VLHQWHQ HQ
DEVROXWRVDWLVIHFKDVQLFRQWHQWDV(VWHJUXSRGHPiVHGDGVLPSOHPHQWHKDROYLGDGR
TXHHOVH[RGHEHVHUDOJRTXHYD\DXQLGRDJUDGDEOHPHQWHDPXFKDVRWUDVFRVDVFR
PRSRUHMHPSORDXQDUHODFLyQtQWLPDVHQWLPHQWDO\VDWLVIDFWRULDGHSHUVRQDDSHU
VRQD DO WUDEDMR DO GHVDUUROOR \ SHUIHFFLyQ SHUVRQDO D UHIRU]DU ODV DPLVWDGHV LU GH
SHVFD\FRQWHPSODUSXHVWDVGHVRO7HQJRODLPSUHVLyQGHTXHVHKDQGHVHPEDUD]DGR
GHWRGRVORVFRPSURPLVRVQRVRODPHQWHORVPDORV\HOVH[RVHKDFRQYHUWLGRHQOD
IXHQWHRPRWLYRSULQFLSDOGHVXVYLGDV/DUHYROXFLyQVH[XDOPHKDSHUPLWLGRFRP
SDUWLUHOKRJDU\ODYLGDFRQXQKRPEUHVLQFDVDUPH\PHKDSURSRUFLRQDGRHOGHUH
FKR D HOHJLU PL IRUPD GH YLGD VLQ WHQHU TXH OOHJDU D VHU XQD UHEHOGH SRUWDGRUD GH
EDQGHUD SHUR VL QR VH PH KXELHVH SHUPLWLGR HOHJLU GHQWUR GH HVWD UHYROXFLyQ SDUD
VDWLVIDFHUPLVGHVHRVSDUDHYLWDUGDxDUPHRSHUMXGLFDUPHDPtPLVPDHQWRQFHVQR
PHVHQWLUtDOLEHUDGD\FUHRTXHODJHQWHGHODFXDOHVWR\KDEODQGRWDPSRFRKDVLGR
OLEHUDGDSRUHVWDOODPDGDUHYROXFLyQKDQFDPELDGRXQDFODVHGHHVFODYLWXGSRURWUD
$XQTXH VLQ GXGD WDO UHYROXFLyQ KD SURYRFDGR PiV EHQHILFLRV TXH SHUMXLFLRV PiV
ELHQTXHPDO\PLJHQHUDFLyQGHWRGRVPRGRVSURQWRROYLGDUiWRGRHVWR
œ/DUHYROXFLyQVH[XDOHVPDJQtILFD3HURFRPRLQGLYLGXRFRPRVHUKXPDQR
QRSRGUtDVRVWHQHUUHODFLRQHVVH[XDOHVDQRVHUFRQDOJXLHQDTXLHQDPDVH<VLOOH
JDUDDVHQWLUWDODPRUPHDJUDGDUtDTXHIXHVHSHUPDQHQWHHQODPHGLGDHQTXHDOJR
SXHGDVHUSHUPDQHQWH$ORVFLQFXHQWD\ WUHVDxRVWRGDYtDVR\XQDURPiQWLFDLGHD
OLVWDTXpOHYDPRVDKDFHU™0DOGLWDVHD
œ&RPR VR\ PX\ VHQVLEOH \ WHPR DO VXIULPLHQWR VyOR WHQJR GLHFLRFKR DxRV
HQWLHQGRTXHHOFRLWRKDGHUHDOL]DUVHFRQXQIXHUWHVHQWLGRHPRFLRQDO0HPROHVWD\
PH SURGXFH LQIHOLFLGDG HVWDU FRQ DOJXLHQ TXH FRQVLGHUD HVWH DFWR WDQ tQWLPR FRPR
DOJRFDVXDO\TXHGHVSXpVQRVLHQWHHQDEVROXWRQLQJXQDWHUQXUD
œ&UHRTXHODUHYROXFLyQVH[XDOKDSURYRFDGRPXFKRVVXIULPLHQWRV/DJHQWHOD
XWLOL]DSDUDHYLWDUHOFRPSURPLVRVH QLHJDQDHVWDEOHFHUXQDUHODFLyQSHUVRQDOSUHIL
ULHQGREXVFDUHODPRU¦SHUIHFWR§/OHQDQGHIDQWDVtDVXFDPLQRDWUDYpVGHXQDVUH
ODFLRQHVVXSHUILFLDOHVVLHPSUHEXVFDQGRODSHUIHFFLyQ\KX\HQDODSULPHUDVHxDOGH
TXHHVSUHFLVRDOJ~QHVIXHU]RSDUDPDQWHQHUMXQWDVDGRVSHUVRQDV1DGLHVDEHGyQ
GHHVWiODRWUDSHUVRQD\ORTXHDWUDHDXQDSXHGHHQIULDUDODRWUD7RGRHOPXQGR
GHVHDSUREDUORWRGRSHURQRVXMHWDUVHDQLQJXQDFRVDHQSDUWLFXODU\DVtFDPELDQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GLDULR\VHDWXUGHQSRUODIRUPDHQTXHHOODV\VXVDPLJDVFDPELDQGHRSLQLRQHV\GH
FRPSDxHURV 1R HVWR\ GHFODUDQGR TXH VHDQ PHMRUHV ORV DQWLJXRV PpWRGRV R VLVWH
PDVSHURWHPRDODFODVHGHYLGDTXHSXHGRHVSHUDU1RHVWR\FDVDGDSHURDXQTXH
PH FDVH FUHR TXH PL PDWULPRQLR WLHQH PX\ SRFDV SRVLELOLGDGHV GH VREUHYLYLU GH
SHUGXUDU<IUDQFDPHQWHQRYHRWDPSRFRODVYHQWDMDVGHHVWHHVWLOR
œ7RGDYtDFUHRTXHODPD\RUVDWLVIDFFLyQVH[XDOVHORJUDFRQXQFRPSDxHURDO
TXHVHDPD+HSDVDGRSRUPXFKDVHWDSDVGHYDULRVDPDQWHVFUH\HQGRTXHSRUILQ
PHKDEtDOLEHUDGR3HURDKRUDPHVLHQWRPXFKRPiVVDWLVIHFKDUHDOL]DGD\PiVPX
MHUFRQXQVRORFRPSDxHURDOTXHDPR
œ'XUDQWHFLHUWRWLHPSRVHJXtODVSDXWDVGHODUHYROXFLyQVH[XDOKDVWDTXHPHGL
FXHQWD GH TXH HO KHFKR GH UHSULPLU PLV VHQWLPLHQWRV PH HVWDED SURYRFDQGR PX
FKtVLPDDQJXVWLD0HVHQWtDPX\GHSULPLGD,QWHQWpDEULUOtQHDVGHFRPXQLFDFLyQ¥
pVHHUDSDUWHGHOSUREOHPDSHURQRWRGR$KRUDTXHHVWR\HQDPRUDGDGHPLDPDQWH
\FRQItRHQpOPHGR\FXHQWDGHFXiQWRGDxRPHKL]RWRGRDTXHOORWRGRPLVHQWLGR
GHODFRQILDQ]DLQKLELGRSRUHOVH[R'XUDQWHFLHUWRWLHPSRGHMpGHVRVWHQHUFRQpO
WRGDFODVHGHUHODFLRQHVVH[XDOHVSRUTXHPHUHVXOWDEDLPSRVLEOHDPDUOR\DODYH]
MRGHUFRQpO$KRUDODVFRVDVPDUFKDQPXFKRPHMRU&UHRTXHODOHDOWDGHVPX\LP
SRUWDQWH
œ&UHR TXH VH WUDWD GH XQD UHDFFLyQ GHVPHVXUDGD \ WUDV DxRV \ DxRV GH GREOH
PRUDO GH TXH ODV PXMHUHV WXYLHUDQTXHVHUSXUDV\FDVWDVSDUDHOPDWULPRQLR\GH
SRQHUOtPLWHVDWRGRODVRFLHGDGKDGDGRXQYXHOFR$KRUDVHVXSRQHTXH ODVPXMH
UHV SXHGHQ H LQFOXVR GHEHQ VRVWHQHU UHODFLRQHV VH[XDOHV OLEUHPHQWH HQ FXDOTXLHU
PRPHQWRVLQWUDEDVQLOD]RVRFRVDVDVt(O~OWLPRPRYLPLHQWRSHQGXODUKDHOLPLQD
GRDOJXQRVWDE~VUHSUHVLYRV3HURODVPXMHUHV\ORVKRPEUHVSHUPDQHFHQRSULPLGRV
SRU VXV UHVSHFWLYRV UROHV (Q FXDQWR D Pt VH UHILHUH KH GHVFXELHUWR TXH QR SXHGR
VHSDUDUPHGHOVH[R\DXQDVtGLVIUXWDUOR
œ1R SXHGR KDFHU HO DPRU FRQ DOJXLHQ HQ TXLHQ QR FRQItR \ JR]DU D OD YH]
VH[XDOPHQWH(VWDVDFWLWXGHVQRPHWUDWDQWDPSRFRFRPRXQDSHUVRQDWRWDO8QDH[
FHVLYD VXSHUDFLyQ PHQWHFXHUSR GD FRPR UHVXOWDGR MRGLGDV REOLJDWRULDV R YtUJHQHV
IRU]DGDV
œ(QFXDQWRVHUHILHUHDODUHYROXFLyQVH[XDOHVWR\DOJRFRQIXVD(OKHGRQLVPR
SDUHFHVHUODFDUDRSXHVWDGHODPRQHGDGHOSXULWDQLVPR0LVKLMDVPHGLFHQTXHWLH
QHQ OD VHQVDFLyQ GH VHU VLPSOHV REMHWRV GH ORV TXH VH XVD \ DEXVD \ VH QLHJDQ D OD
SURPLVFXLGDGDXQFXDQGRKDQKHFKRHODPRUFRQMyYHQHVDORVTXHTXHUtDQ3HUVR
QDOPHQWHRGLRHVWRVFDPELRVFRQVWDQWHVGHSDUHMD™+DFHQTXHPHVLHQWD FRPRXQD
UDPHUDGHFDOOHMyQ
œ&UHRTXHPHJXVWDODLGHDGHOFRLWR¥ORVFXHUSRVGHGRVSHUVRQDVXQLGDVHQ
HODFWRGHODPRURPXWXDH[FLWDFLyQRORTXHVHD¥SHURPHKHVHQWLGRPX\GHFHS
FLRQDGDFRQWRGRHOORWUDVKDEHUFRQRFLGR\KHFKRHODPRUFRQPXFKRV FKLFRVTXH
FRPRPHGLFXHQWDPiVWDUGHVyORGHVHDEDQOLJDU\OHVJXVWDEDODYLVWDGHPLFXHU
SRSHURTXHGDQSRFDFRVDRQDGDFRQPLJR+HOOHJDGRDFRQVLGHUDUHOVH[RFRPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
H[SORWDGRU HO DFWR VH[XDO HV FDVL FRPR GHFLU ¦DTXt HVWR\ SHQpWUDPH KD] OR TXH
TXLHUDVFRQPLJRSRUTXHGHWRGRVPRGRVQRYDOJRQDGD§6XSRQJRTXHHVWR\DOJR
WUDVWRUQDGDVH[XDOPHQWHTXHPLVLGHDVVREUHODVUHODFLRQHVVH[XDOHVVXIUHQHQRUPH
FRQIXVLyQ\TXHPLWHUDSLDPHD\XGDUiPXFKRDVXSHUDUWDOHVLGHDV+HDYHULJXDGR
TXH PH VLHQWR FXOSDEOH ˜SRUTXp"\TXHHOKHFKRGHQHJDUPHDGLVIUXWDUGHOVH[R
DJUDYDWDOGLVSRVLFLyQGHiQLPRRDOPHQRVHVORTXHPHGLFHPLSVLTXLDWUD
0XFKDVPXMHUHVPHQFLRQDURQHVWRVPLVPRVVHQWLPLHQWRVDQWHODSUHJXQWDGH˜4Xp
HVORTXHPiVOHGHVDJUDGDGHOVH[R"
œ'HVSUHFLRODDFWLWXGGHPXFKRVKRPEUHVTXHRSLQDQTXHODOLEHUDFLyQVH[XDO
VLJQLILFD PDUJLQDU FRPR SURVWLWXWD D XQD PXMHU 7UDV KDEHU HVWDGR FRQ XQ KRPEUH
PHVLHQWRPX\GHSULPLGDVLVRVSHFKRRDYHULJXRTXHDQWHVXVRMRVDSDUH]FRFRPR
XQVHUVXFLR
œ0LPD\RUGHVDJUDGRHVGHVSHUWDUDODPDxDQDVLJXLHQWHFRQXQKRPEUHTXHKD
FDPELDGRGHVGHTXHKHPRVWHQLGRUHODFLyQVH[XDOSRUTXHQLPHKDEODQLUHDFFLRQD
DQWHQDGDDOGtDVLJXLHQWH
œ0H LQGLJQD HO KHFKR GH TXH SDUH]FR VHU PDV FDULxRVD FRQ HOORV TXH HOORV
FRQPLJR
œ1HFHVLWR XQ LQWHUFDPELR VDELHQGR TXH pO TXLHUH KDFHUOR WRGR FRQPLJR /R
TXHPiVPHGHVDJUDGDHVODJHQWHTXHHVHPRFLRQDOPHQWHSREUHJHQWHTXHQRSXHGH
FRQFHGHUQDGDDQLYHOKXPDQR\TXHPiVELHQXWLOL]DHODFWRVH[XDOFRPRXQDHV
SHFLHGHGLVSRVLWLYRTXHVyORDJUDGDREHQHILFLDDVXLQVDQRHJR
œ/R TXH KDFH WDQ DJUDGDEOH \ SODFHQWHUD OD UHODFLyQ VH[XDO HV FRPSDUWLU XQD
SDUWHWDQtQWLPDGHDOJXLHQ(VFRPRKDOODUVHHQXQPXQGRDSDUWHFRQHOFRPSDxHUR
XQ PXQGR HQ HO TXH WRGR OR GHPiV LPSRUWD PX\ SRFR R QDGD HQ WDOHV PRPHQWRV
/XHJROOHJDODKRUDGHTXHGHEHFHVDU\DOFDERGHXQUDWRFXDQGRpOVHYDDVXFD
VDHVFXDQGRVHKDFHVHQWLUODWRWDOVHSDUDFLyQ1RVpSHURPHVLHQWRPX\GHSULPLGD
FXDQGRWRGRDFDED3HURVyORVHWUDWDGHXQDOLJHUDGHSUHVLyQ3RVLEOHPHQWH\RVLHQ
WRHVRDOQRHVWDUVHJXUDGHVLORYROYHUpDYHUGHQXHYR
œ0LPD\RUGHVDJUDGRHVVHQWLUPHFRPRVLPSOHVXVWLWXWDGHVXPDQRFRPRXQ
SODWRGHSXUpGHSDWDWDVRFRPRFXDOTXLHUOXJDUFDOLHQWHHQGRQGHSXHGDPHWHUOD\
OOHJDU
&21752/'(/$1$7$/,'$'
/DStOGRUDGHSRUVtQRKDGDGROXJDUDODœOLEHUWDGVH[XDOFRPRVHKDPHQ
FLRQDGR DQWHULRUPHQWH VLQR TXH OR ~QLFR TXH VH KD ORJUDGR FRQ HOOD HV XQD QXHYD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FODVH GH SURWHFFLyQ FRQWUD HO HPEDUD]R \ HVWR VLQ GXGDDOJXQDKDSURYRFDGRDOD
YH]HOHIHFWRGHSUHVLRQDUDODVPXMHUHVSDUDTXHUHDOLFHQHOFRLWRFRQPiVIUHFXHQ
FLD
/DStOGRUDQRFRQGXFHDXQDPD\RUOLEHUWDGVLQRTXL]iVDXQDPD\RUGLVSRQL
ELOLGDGFDUDDORVKRPEUHVœ%LHQFDULxRPLHQWUDVXVHVStOGRUDVDQWLFRQFHSWLYDVHV
WRFDUHFHUiGHLPSRUWDQFLD
œ<RWRPpODStOGRUDGXUDQWHFLQFRDxRV\PHGLRORTXHHQUHDOLGDGPHWUDVWRU
QyODFDEH]D3RUVXSXHVWRODStOGRUDPHSURSRUFLRQDEDXQDOLEHUWDGWRWDORORTXH
HVLJXDOSRGtDMRGHUVLHPSUHTXHVHPHDQWRMDED3RURWUDSDUWHWDPELpQSHUPLWtDD
ORVKRPEUHVDSURYHFKDUVHGHPtDOVDEHUTXH\RWRPDEDODStOGRUD\TXHSRUORWDQ
WRQRSRGtDQHJDUPHDDFRVWDUPHFRQHOORV1RHUDYiOLGDODUD]yQGHQRDPDUORVR
TXHQRPHJXVWDUDQWHQLDVTXHWHQHURXQDHQIHUPHGDGYHQpUHDRFDUHFHUGHFRQWURO
GHQDWDOLGDG
$XQTXH DTXt FDUHFHPRV GH VXILFLHQWH HVSDFLR SDUD WUDWDU D IRQGR HO WHPD GHO
FRQWUROGHODQDWDOLGDG HVLPSRUWDQWHQRWDUTXHPXFKDVPXMHUHVVHVLHQWHQLQVDWLVIH
FKDVFRQORVPpWRGRVDFWXDOHVGHOFRQWUROGHODQDWDOLGDGSRUPXFKDVUD]RQHV
œ0H VLHQWR HQ OLEHUWDG SDUD JR]DU GHO VH[R SHUR DKRUD HVWR\ SUHRFXSDGD SRU
ORVSHOLJURVGHODStOGRUDHQOXJDUGHSUHRFXSDUPHSRUXQSRVLEOHHPEDUD]R+HSUR
EDGR RWURV PpWRGRV SHUR PH DWHUURUL]D TXHGDU SUHxDGD 3RU RWUD SDUWH PH SRQH
H[WUHPDGDPHQWHIXULRVDDOGDUPHFXHQWDGHTXHGHERVHUDEVROXWDPHQWHUHVSRQVDEOH
GHOFRQWUROGHODQDWDOLGDG\DUULHVJDUPHDWRGRVORVSHOLJURV
œ/DStOGRUDOLEHUyDORVKRPEUHVGHOXVRGHORVFRQGRQHV3LGRYROYHUDORVDQ
WLJXRVPpWRGRV
œ&UHR TXHVLH[LVWHWDOFRVDOODPDGDUHYROXFLyQVH[XDOHQVXPD\RUSDUWHYD
HQ GHWULPHQWR GH ODV PXMHUHV /RV KRPEUHV HVSHUDQ TXH XQD PXMHU FRQVLHQWD HQ
DFHSWDUHODFWRVH[XDOPiVDPHQXGR\FRQPHQRVFRPSURPLVRV/RVKRPEUHVPX\
UDUDV YHFHV VH KDFHQ UHVSRQVDEOHV GHO FRQWURO GH OD QDWDOLGDG \ PH LQGLJQD TXH ODV
PXMHUHVWHQJDQTXHHVWDUSUHSDUDGDVDGLDULRSDUDUHFLELUHOHVSHUPDGHOKRPEUH/DV
PXMHUHV HVWiQ HQ UHDOLGDG GHVWUR]DQGR VXV FXHUSRV HQ DUDV GHO SODFHU \ FRQ
YHQLHQFLDGHORVKRPEUHV
œ/DStOGRUDSHUPLWHDXQDPXMHUFRQWURODUVXIHUWLOLGDGSHURWDPELpQODREOLJD
D UHVSRQVDELOL]DUVH GHO FRQWURO GH QDWDOLGDG DUULHVJDU VX YLGD VDOXG \ IXWXUD IHUWL
OLGDG
œ/RVDQWLFRQFHSWLYRVVRQSDUDPtXQGHVDVWUH0HVLHQWRIUXVWUDGD\GHSULPL
GDFXDQGRSLHQVRHQORSRFRGLJQRVGHFRQILDQ]DRLQVHJXURVTXHVRQ\ODVPROHVWLDV
TXHWRGRVHOORVFDXVDQ7RPpODStOGRUDDQWHV\GHVSXpVGHFDVDUQRVGXUDQWHXQDxR
\GHVSXpVODGHMpSRUTXHHOPpGLFRQRPHSHUPLWLyHPSOHDUODEDViQGRVHHQTXHQR
3DUDPiVLQIRUPDFLyQDFHUFDGHODVStOGRUDVDQWLFRQFHSWLYDVYpDVH'RFWRU©V&DVHDJDLQWVWKHSLOOSRU%DU
EDUD6HDPDQ1XHYD<RUN3HWHU6W:\GHQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHEtD XVDUOD SRU PiV WLHPSR VL QR OD KDEtD WRPDGR QXQFD FRQ DQWHULRULGDG -DPiV
YROYt D WRPDUODV SRUTXH GHVFXEUt TXH SDUHFtDQ HMHUFHU PDORV HIHFWRV HQ PLV VHFUH
FLRQHVYDJLQDOHV\KDFtDQTXHHODFWRVH[XDOIXHUDPiVGRORURVRDOVHUPHQRUOD OX
EULFDFLyQ WRGDYtD SDGH]FR DOJR HVWH SUREOHPD SHUR HQWRQFHV HUD PXFKR SHRU 3RU
RWUD SDUWH PH SURYRFDEDQ GRORUHV GH SHFKR XQRV GRORUHV SDUHFLGRV D FRPR VL DO
JXLHQFODYDUDDOILOHUHVHQPLVVHQRVXQDVHPDQDDQWHVGHGHMDUODStOGRUDSDUDWHQHU
HOSHUtRGR$FDXVDGHHVWR\GHWRGRVORVHVWXGLRVTXHVHKDQKHFKRVREUHORVHIHF
WRVVHFXQGDULRVPLIDPLOLDVXIUHXQKLVWRULDOGHHQIHUPHGDGHVFDUGLDFDV\GHFiQFHU
SRUDPEDVSDUWHVQRPHVHQWtPX\VHJXUDSDUDFRQWLQXDUHPSOHiQGRORV'HVSXpVGH
WRGR HVWR pO XVy FRQGRQHV \ \R XVp HVSXPD SHUR WDPSRFR FRQItR HQ HOOD SRUTXH
VLHPSUHPHGR\FXHQWDGHTXHUH]XPD\SRUORWDQWRHVXQDPROHVWLD$VtTXHFDVL
VLHPSUHXVDPRVFRQGRQHVFRVDTXHWDPSRFRPHDJUDGD\DTXHPHJXVWDVHQWLUVX
SHQH(VWR\SHQVDQGRHQSHGLUXQGLDIUDJPDODSUy[LPDYH]TXHDFXGDDOJLQHFyOR
JR
œ/DFODVHPpGLFDIRUPDGDSRUXQDDEUXPDGRUDPD\RUtDGHKRPEUHVQRVHKD
PROHVWDGRHQDEVROXWRHQLQYHVWLJDUHOSRUTXpGHODV¦TXHMDVIHPHQLQDV§\SRURWUD
SDUWHUHWLHQHLQIRUPDFLyQVREUHQXHVWURVFXHUSRV\IXQFLRQDPLHQWRVH[XDODSDUWHGH
H[WHQGHUPLWRVVREUHODPHQRSDXVLDHLQIHFFLRQHVYDJLQDOHVSXHGHQSURYRFDUVHSRU
FXQQLOLQJXVHWF1RVRWUDV WHQHPRVTXHVHUUHVSRQVDEOHVGHOFRQWUROGHODQDWDOLGDG
VLQ LPSRUWDU OR GXUR TXH HVWR SXHGH UHVXOWDU SDUD QXHVWURV FXHUSRV SDUD TXH ORV
KRPEUHV SXHGDQ H\DFXODU OLEUHPHQWH HQ QXHVWUDV YDJLQDV \ QR SRVHHPRV FRQWURO
VREUHPpWRGRVGHQDFLPLHQWR\XVXDOPHQWHQRV¦GXHUPHQ§PLHQWUDVTXHORVGRFWR
UHVKRPEUHVKDFHQORTXHTXLHUHQFRQUHVSHFWRDOQDFLPLHQWR7UDVKDEHUWHQLGRXQ
EHEpXQDERUWR\VRPHWHUPHDXQDELRSVLDFHUYLFDOSRUYH]SULPHUDKHWHQLGRPLH
GRGHPLVyUJDQRVGHUHSURGXFFLyQ
œ/D FRQWUDFHSFLyQ R OD FDUHQFLD GH HOODV KDQ DIHFWDGR D PLYLGDVH[XDOHQOD
PLVPDPHGLGDTXHODFRPLGDRODIDOWDGHHOODSXHGHQDIHFWDUDODVSRVLELOLGDGHVGH
VXSHUYLYHQFLDKXPDQD'XUDQWHFLQFRDxRVXVpHOPpWRGR2JLQRHQXQLyQGHODWRPD
GHWHPSHUDWXUDEDVDOFDOHQGDULR\DQRWDFLRQHVKDVWDFRQYHUWLUHOGRUPLWRULRHQXQ
ODERUDWRULR'HVSXpVGHQDFHUPLWHUFHU KLMRQRSUR\HFWDGRHQHOWHUFHUDxRFRQVHFX
WLYR\\DGHVHVSHUDGDHVFULEtXQDFDUWDDORELVSRSUHJXQWDQGRVLVHKDEtDGDGRDO
J~QFDPELRHQODSROtWLFDGHO9DWLFDQR™TXpHVW~SLGDIXL(ORELVSRPHHQYLyDOD
FOtQLFDGHOPpWRGR2JLQRGHODORFDOLGDG ™4XpEURPDPiVWHUULEOH'HVSXpVGHTXH
HOVDFHUGRWHYDUyQFDQWDUDODVDODEDQ]DVGHO2JLQRXQGRFWRUORDGLYLQDURQYDUyQ
WDPELpQ SURFHGLy D FRQIXQGLU ORV GtDV VHJXURV FRQ ORV LQVHJXURV $O DEDQGRQDU HO
HVWDEOHFLPLHQWR\HVWRHVORPiVGLYHUWLGRGH WRGRHOVDFHUGRWHQRVUHJDOyDORVGRV
™SREUHVDOPDVXQWHUPyPHWURJXDUGDGRHQXQDFDMDGHFRORUURVD\D]XO(QODPiV
SUy[LPDHVTXLQDPHGHWXYHSDUDHFKDUPHDUHtUKLVWpULFDPHQWHGXUDQWHPLQXWRV(O
WHUPyPHWUR SDUHFtD VHU OD LQGLJQLGDG ILQDO 1XQFD WXYH RFDVLyQ GH XVDU HO EHQGLWR
WHUPyPHWUR\DTXHHVWDEDHPEDUD]DGDGHPLFXDUWRKLMRGHVGHKDFtDGRVVHPDQDV
0LPDULGRVHSXVRIXULRVRHLQVLVWLyHQGLYRUFLDUVHGHPtVLQRDERUWDED3HUR˜FyPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SRGtD\RSHQVDUHQXQDERUWRHQDTXHOORVPRPHQWRVFXDQGRQLVLTXLHUDKDEtDSRGLGR
HPSOHDUHOFRQWUROGHQDWDOLGDG"
œ/D FRQWUDFHSFLyQ HV WHPD TXHPHHVFXHFHSURIXQGDPHQWH'XUDQWHGRVDxRV
GHMpGHDFRVWDUPHFRQPLSULPHUDPDQWHSRUTXH\RWHPtDDOFRQWUROGHODQDWDOLGDG\
PH VHQWtD D OD YH] FRQ FLHUWR SiQLFR D WRPDU OD StOGRUD 5HFXHUGR FODUDPHQWH OD
SULPHUDYH]TXHODWRPpDORVGLHFLQXHYHDxRV7XYHTXHLUDYHUDXQRVFXURGRFWRU
MHIHGHXQDDQWLJXDFOtQLFDTXHQLVLTXLHUDVHPROHVWyHQH[DPLQDUPH\PHGHVSLGLy
FRQXQVXPLQLVWURGHStOGRUDVSDUDWUHV PHVHV$OSULQFLSLRGHFDGDPHVFXDQGRODV
WRPDED VLHPSUH YRPLWDED \ FRPR WHQJR XQ HVWyPDJR PX\ GpELO PH VHQWtD PX\
HQIHUPDODSULPHUDVHPDQDGHFDGDPHV+DVWDXQDxRPiVWDUGHQROOHJXpDUHODFLR
QDUODDGPLQLVWUDFLyQGHODStOGRUDFRQPLVYyPLWRV 6LHPSUHSHQVpTXHSDGHFtDXQD
JULSHGHYHLQWLFXDWURKRUDVRLQWR[LFDFLyQSRUFRPLGD7DPELpQUHFXHUGRKDEHUOOR
UDGR FRQVWDQWHPHQWH GXUDQWH DTXHOOD pSRFD 3UHVFLQGt GH ODV StOGRUDV \ QR YROYt D
WRPDUODVKDVWDVHLVPHVHVPDVWDUGH9RPLWpGHQXHYR\HQWRQFHVSUREpRFKRFOD
VHVGLIHUHQWHVGHStOGRUDV'RVPiVPHKLFLHURQYRPLWDURWUDPHSURYRFySpUGLGDV
GH VDQJUH RWUD PH SURGXMR VHULRV SHULRGRV TXH GXUDURQ GRV VHPDQDV RWUD DEODQGy
FRQVLGHUDEOHPHQWH PLV VHQRV \ DOJXQDV PH KLFLHURQ JDQDU SHVR \ OD PD\RUtD GH
HOODV SURYRFDEDQ OODQWRV FRQVWDQWHPHQWH 7DPELpQ SDUHFLy GLVPLQXLU PL DSHWLWR
VH[XDO3RURWUDSDUWHFDGDYH]TXHWRPDEDODStOGRUDSDGHFtDLQIHFFLRQHVYDJLQDOHV
(VWHHUDSUREDEOHPHQWHHOSHRUGHVXVHIHFWRVVHFXQGDULRV7DPELpQKHOHtGR\PH
KDQGLFKRDOJXQRVPpGLFRVTXHODStOGRUDSXHGHFRQWULEXLUHQWRGRORQHFHVDULRSDUD
SURGXFLUXQDLQIHFFLyQYDJLQDODOSRQHUVHODYDJLQDPiVFDOLHQWHPiVK~PHGD\FRQ
PiVIOXMR1LTXHGHFLUWLHQHTXHRGLRODStOGRUDFRQSDVLyQ\TXHODFRQVLGHURFRPR
XQRGHORVPiVGHVWUXFWLYRVLQYHQWRVTXHVHKD\DQGHVDUUROODGRQXQFDSDUDHOFXHUSR
IHPHQLQR
œ&UHRTXHODVPXMHUHVGHEHUtDQQHJDUVXVH[RDFXDOTXLHUKRPEUH\DVHDPD
ULGRDPDQWHRDPLJRTXHQRGHVHHKDFHUDOJRWDQJLEOHHQODOXFKDTXHVRVWLHQHQODV
PXMHUHV SRU FRQVHJXLU HO DERUWR DEVROXWDPHQWH OHJDO 8QD PXMHU VH SRQH HQ JUDQ
SHOLJUR DO HIHFWXDU HO FRLWR \ ORV DQWLFRQFHSWLYRV GHMDQ PXFKR TXH GHVHDU 3RU PL
SDUWHPHJXVWDUtDVDEHUTXHODSHUVRQDTXHHVWiWDQFHUFDQDDPtFRPRSDUDVHUPL
DPDQWH PH TXLHUH OR VXILFLHQWH FRPR SDUD KDFHU DOJR FRQ HO ILQ GH TXH \R QR QH
FHVLWH SUHRFXSDUPH SRU PL HPEDUD]R QR GHVHDGR &UHR TXH VL WXYLHUD XQD UHODFLyQ
FRQXQKRPEUHDOTXHDPHQD]DUDDOJ~QSHOLJURVLQGXGDDOJXQDKDUtDWRGRHVIXHU]R
SRVLEOHSDUDD\XGDUOR (QFRQVHFXHQFLDWDPELpQPHJXVWDUtDTXHXQKRPEUHKLFLHVH
HVWRSRUPt
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜(148e0(','$(6,03257$17((/6(;2"
˜(VQHFHVDULRHOVH[RSDUDODVDOXG"
)LQDOPHQWH GHVGH OD OOHJDGD GH OD UHYROXFLyQ VH[XDO \ VX GRFWULQD GH TXH HO
VH[RKDGHMDGRGHVHUœJUDYHQRKD\TXHWHPHUDOHPEDUD]R\HOPDWULPRQLR\DQR
HVSUHFLVRVHKDSXHVWRGHPRGDKDFHUPXFKRœVH[RFRLWR'HKHFKRVHQRVGLFH
PX\DPHQXGRTXHHOœLPSXOVRVH[XDOGHEHH[SUHVDVHUHJXODUPHQWHSDUDPDQWHQHU
XQ œVDQR IXQFLRQDPLHQWR 0XFKDV PXMHUHV ODPHQWDQ HVWD FRPHUFLDOL]DFLyQ \ YXO
JDUL]DFLyQGHOVH[Rœ&DPDVHQODVDFHUDV\StOGRUDVHQODVPiTXLQDVWUDJDSHUUDV
œ6HQRVHQVHxDTXHFDGDSHTXHxDSXQ]DGDHVXQDJUDQ\XUJHQWHOODPDGDGHO
VH[R\TXHGHEHPRVDWHQGHUODVRSHQDGHFRQYHUWLUQRVHQDEXUULGDVDQFLDQDV7DQWD
VH[XDOLGDGPHGDJDQDVGHYRPLWDU¥SRUWRGDVSDUWHV™VH[RVH[RVH[R˜<TXp"(O
VH[RQRHVHOILQGHWRGRQLWDPSRFRSULQFLSDOtVLPDILQDOLGDGHQODYLGD(VPX\ER
QLWR™SHURQRORHVWRGR
œ0HJXVWDUtDTXHHOVH[RQRHVWXYLHVHWDQGHPRGDFRPRORHVWiDKRUD2GLROD
H[SORWDFLyQTXHKDFHHOPHGLRGHOVH[R\GHODVPXMHUHV0HJXVWDUtDTXHQRVHFRQ
VLGHUDVHDODVPXMHUHVFRPRFRVDVERQLWDVDODVTXHPLUDU\FRQODVTXHMRGHU\DTXH
FDVLVLHPSUHVHMX]JDDODVPXMHUHVSRUVXSRWHQFLDOYDORUVH[XDO0HJXVWDUtDTXHHO
VH[RVHFRQYLUWLHUDHQXQDFRVDPiVQRUPDO\PiVSHUVRQDO(QFLHUWDPDQHUDFDVL
FDVL PH JXVWDUtD YROYHU D ORV YLHMRV WLHPSRV HQ ORV TXH QR VH KDEODED QDGD VREUH
FXHVWLRQHVVH[XDOHV1RVHRFXOWDUtDSRUTXHIXHUDFRVDVXFLDVLQRPiVELHQSRUTXH
IXHVHFRVDGXOFHSULYDGD
'HVJUDFLDGDPHQWHODLGHDGHTXHHOVH[RHVQHFHVDULRSDUDODVDOXGVHKDFRQ
YHUWLGR HQ JUDQ QHJRFLR /DV UHYLVWDV LOXVWUDGDV ORV OLEURV OD WHOHYLVLyQ FRQ VXV
DQXQFLRVHPSOHDQGRDOVH[RRDODSDUHMDIHOL]SDUDYHQGHUVXVSURGXFWRVDOJXQRV
SVLTXLDWUDVFRQVHMHURVFOtQLFDVVH[XDOHVSHOtFXODV\VDODVGHPDVDMHWRGRVHQJH
QHUDOWLHQHQLQWHUHVHVFUHDGRVHQODLGHD6HQRVUHFXHUGDFRQVWDQWHPHQWHHOVH[RHQ
XQDXRWUDIRUPD\VXWLOPHQWHVHQRVIXHU]DDKDFHUORœ˜3RUTXpQRORKDFHXVWHG"
7RGRHOPXQGRORKDFH™6~EDVHDOFDUUR™8VWHGVHORSLHUGHVLQRVXEH<TXL]i
VHD QHXUyWLFR \ HVWp PHQWDOPHQWH SRFR VDQR 0XFKDV PXMHUHV FRPHQWDURQHVWRR
HVWDEDQDODGHIHQVLYD\PDQLIHVWDURQTXHQRGHVHDEDQJR]DUGHOVH[RPiVDPHQX
GR
œ&UHRTXHQXHVWUDFXOWXUDKDFRQFHGLGRDOVH[RGHPDVLDGDLPSRUWDQFLD7RGR
HOPXQGRFUHHTXHWRGRVORVGHPiVORSDVDQPDJQtILFDPHQWHELHQMRGLHQGRWRGRHO
WLHPSR \ DVt WRGRV FRPSHWLPRV FRQWUD HO PLWR DPHULFDQR 'LFKR HVWR FUHR TXH HQ
PL YLGD HO VH[R KD DVXPLGR XQD FRUUHFWD SURSRUFLyQ HV GHFLU XQD H[SUHVLyQ GH
DPRUHQWUHQRVRWURVVLQHPEDUJRDOJXQDVYHFHVWRGDYtDPHVLHQWRDFRPSOHMDGDSRU
HO PLWR SXHGH TXH HO KHFKR GH KDFHU HO DPRU VHD SDUD Pt PHQRV LPSRUWDQWH TXH
SDUDRWUDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&XDQGR QR YHR D QDGLH HQ SDUWLFXODU VRODPHQWH PH VLHQWR LQWHUHVDGD SRU HO
VH[RXQDYH]FDGDGRVVHPDQDV(VWRKDFHTXHPHVLHQWDXQSRFRLQFyPRGDDOGHFLU
OR&UHRTXHWHQGUtDTXHVHUPiVIUHFXHQWH
œ6LHQWRTXHSHVDQVREUHPtJUDQGHVSUHVLRQHVVRFLDOHVSDUDWHQHUPXFKRVH[R
SHURHOVH[RHVDOJRSDUDORTXHQRWHQJRWLHPSRDKRUDPLVPR\DTXHFXUVDUPLFD
UUHUDUREDWRGDVPLVHQHUJtDV6RVSHFKRTXHQRHVWR\WDQLQWHUHVDGDHQHOVH[RFRPR
GHELHUDHVWDUOR
4XHVHQRVGLJDTXHGHEDPRVWHQHUXQœDSHWLWRUHJXODUSDUDHOFRLWRQRFRLQ
FLGHFRQORTXHVLHQWHQODPD\RUtDGHODVPXMHUHVORVSHULRGRVGHPD\RULQWHUpVHQ
HO VH[R FRQ XQ FRPSDxHUR SDUD OD PD\RUtD GH PXMHUHV IOXFW~DQ VHJ~Q OD DWUDFFLyQ
SRU XQ LQGLYLGXR GHWHUPLQDGR \ HQ PHQRU PHGLGD GH DFXHUGR FRQ HO FLFOR PHQV
WUXDO 0XFKtVLPDV PXMHUHV KLFLHURQ KLQFDSLp HQ TXH HO DSHWLWR VH[XDO KDFLD RWUD
SHUVRQD OOHJD D KDFHUVH UHDOPHQWH LQWHQVR VRODPHQWH HQ UHODFLyQ DO GHVHR SRU XQD
SHUVRQD HVSHFtILFD DXQTXH GHVGH OXHJR SRGtDQ JR]DU VH[XDOPHQWH HQ FXDOTXLHU
PRPHQWR/RTXHSURYRFDHOGHVSHUWDUGHHVWHLQWHQVRGHVHRRDPRUKDFLDRWUDSHU
VRQDHVSHFtILFDHVPX\SHUVRQDO\PLVWHULRVR
œ8QLQWHQVRJRFHVH[XDOLPSOLFDFLHUWDFKLVSDHQWUHGRVSHUVRQDV8QDYH]WXYH
XQDPLJRDOTXHVRODPHQWHWHQtDTXHWRFDU\HOFDORUGHVXSLHO\VXPDQHUDGHVHU
PH H[FLWDEDQ HQ HO DFWR (UD XQ WLSR GH XQ HQRUPH DWUDFWLYR VH[XDO SDUD Pt VLQ
VDEHUSRUTXp$~QKR\GtDOHUHFXHUGRFRQIUHFXHQFLD
œ'HMDQGRDXQODGRHODPRUHLQFOXVRDOFRPSURPLVRSRUHOPRPHQWRHOJRFH
VH[XDOGHEHEDVDUVHHQDOJRPiVTXHODSXUDDQDWRPtDRODLPDJLQDFLyQ7LHQHTXH
LPSOLFDUFLHUWDFDQWLGDGGHTXtPLFDHQWUHGRVSHUVRQDV'HVSXpVGHXQDH[SHULHQFLD
VLQJXODUPHQWHGHVDVWURVDHQODTXHLQWHQWpHVWDEOHFHUXQDUHODFLyQVH[XDOFXDQGRQR
H[LVWtD DWUDFFLyQ VyOR DIHFWR QR TXLHUR WUDWDU GH DxDGLU VH[R D PLV DPLVWDGHV D
PHQRV TXH WDPELpQ \R PH VLHQWD DWUDtGD 1R FRPSUHQGR OD SUHVHQFLD GHO JRFH
VH[XDOGHQLQJXQDPDQHUDDQRVHUPHGLDQWHOD¦TXtPLFD§DXQFXDQGRFLHUWDPHQWH
H[LVWHHVDFRVDTXHVHOODPDDWUDFFLyQVH[XDOTXHQRVHSXHGHIRU]DUDTXHH[LVWD
œ/RTXHPiVPHKDFHGLVIUXWDUHVUHDOL]DUHODFWRVH[XDOFRQSHUVRQDVKDFLDODV
TXH SURIHVR HVH VHQWLPLHQWR ¦HVSHFLDO§ SRUTXH HQ WDO FDVR HV FXDQGR UHVXOWD PiV
WRWDOPHQWHVDWLVIDFWRULRDXQFXDQGRHQUHDOLGDGQROOHJXHDVHUGHOWRGRXQFRLWR
SXHV HV YHUGDGHUDPHQWH EHOOR DEUD]DU D DOJXLHQ \ VHQWLU FDORU \ DPRU KDFLD HVH DO
JXLHQ
œ™9D\D˜6DEHXVWHGORTXHSLHQVR"&UHRTXHHOVH[RHVXQDPDOGLWDPROHVWLD
'XUDQWHXQDVFXDQWDV6HPDQDVGH¦HPEHOHVR§PXFKDVGHQRVRWUDVVXIULPRVPXFKR
9HUDSpQGLFH
(VWRLQFOX\HPXMHUHVTXHWLHQHQRUJDVPRFRQVXVFRPSDxHURVDVtFRPRODVTXHQRORWLHQHQ
7RGRFXDQWRUHDOPHQWHVDEHPRVDFHUFDGHQXHVWUDVHQVXDOLGDGHVTXHVHQWLPRVGHVHRVGHRUJDVPRV\TXH
FLHUWRVLQGLYLGXRV\FLHUWDVVLWXDFLRQHVHVWLPXODQHVWRVGHVHRVHQQRVRWURVPiVTXHHQRWURV2WURVSULPDWHV
FRPRORVFKLPSDQFpVVHH[FLWDQJHQLWDOPHQWHPHGLDQWHVHQWLPLHQWRVGHIUXVWUDFLyQRPLHGRFyOHUDWHQVLyQ
JR]RRDOHJUtDRDOMXJXHWHDUHQWUDQGRHQFRQWDFWRFRQRWURFXHUSR3DUDORVVHUHVKXPDQRVWDPELpQGHVSLHUWD
HOGHVHRPHGLDQWHODWHQVLyQRODIUXVWUDFLyQ\QRVRODPHQWHPHGLDQWHORVVHQWLPLHQWRVVH[XDOHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
\DPHQXGRWUDQVFXUUHQVHPDQDVGHDJRQtDFRQDOJXLHQFRQTXLHQQRQRVOOHYDPRV
ELHQ\WRGRSRUFXOSDGHDOJXQDFODVHGHSDVLyQTXHVHQWLPRV3HUR\RVLHQWRKDP
EUHGHVSXpVGHHVRTXHSXHGHFDOLILFDUVHGHp[WDVLVDXQFXDQGRGHVFRQItR\WUDWRGH
DOHMDUPHGHWRGRHOOR
3RUVXSXHVWRQRWRGDDFWLYLGDGVH[XDORUHODFLRQHVItVLFDVVHEDVDQHQHVWDFOD
VH GH DWUDFFLyQ DOJXQDV PXMHUHV SUHILHUHQ TXH ODV UHODFLRQHV VH EDVHQ PiV HQ OD
DPLVWDG TXH HQODSDVLyQ3HURVLJXHQLQGLFDQGRFODUDPHQWHTXHVXGHVHRGHJR]DU
GHOVH[RFRQRWUDSHUVRQDVHEDVDQRUPDOPHQWHHQORVVHQWLPLHQWRVTXHH[SHULPHQ
WHQKDFLDHOOD\QRVLPSOHPHQWHHQODSXUDQHFHVLGDGPHFiQLFDGHOœGHVDKRJR
˜3DVDXVWHGPXFKRWLHPSRVLQVH[R"˜/HPROHVWD"˜7LHQHXVWHGODVHQVDFLyQGHHV
WDUSHUGLHQGRDOJRFXDQGRQRVHDFXHVWDFRQXQFRPSDxHUR"
'HKHFKRQDGDWLHQHGHSDUWLFXODUSDVDUHQODYLGDODUJRVSHULRGRVVLQDFWLYL
GDG VH[XDO FRQ R VLQ PDVWXUEDUVH /D PD\RUtD GH QRVRWUDV QRV KHPRV SDVDGR VLQ
DFWLYLGDG VH[XDO KDVWD DOFDQ]DU ORV TXLQFH YHLQWH R YHLQWLFLQFR DxRV GH HGDG 3RU
RWUDSDUWHWDPELpQHOHPEDUD]RODYLXGHGDGODYHMH]RHOVHUœVROWHUDVRQPX\D
PHQXGRSHUtRGRGHFHOLEDWR
0XFKDVPXMHUHVKDEtDQSDVDGRODUJRVSHULRGRVGHWLHPSRGHVXVYLGDVVLQUHODFLR
QDUVH VH[XDOPHQWH FRQ XQ FRPSDxHUR ¥\ DOJXQDV YHFHV KDVWD VLQ PDVWXUEDUVH¥
SRUPXFKDVUD]RQHV
œ0L PDULGR \ \R SDVDPRV SRUWLHPSRVPX\QHFHVDULRVGHUHWLURHPRFLRQDO\
HQWDOHVSHULRGRVQRUHDOL]DPRVHODFWRVH[XDO/OHYDPRVMXQWRVFDWRUFHDxRV\DO
JXQDVYHFHVPHVLHQWRDEUXPDGDSRUXQDVHQVDFLyQGHHVWDUMXQWRVGHPDVLDGR8QD
YH]HVWXYLPRVVLQKDFHUQRVHODPRUGXUDQWHGRVDxRVDXQTXH\RWXYHRUJDVPRVPH
GLDQWHODPDVWXUEDFLyQ5HVXOWyQRVHUXQDSULYDFLyQVH[XDOJUDYH\SRUVXSXHVWR
GXUDQWHWDQODUJRSHULRGRGHWLHPSRHVWiEDPRVHQFRQVWDQWHFRQWDFWRItVLFR
œ7UDVSHUPDQHFHUVROWHUDWRGDPLYLGDSRUVXSXHVWRTXHKHSDVDGRODUJRVSH
ULRGRV GH FHOLEDWR HQWUH XQR \ RWUR DPDQWH $KRUD PLVPR KDFH VHLV PHVHV TXH QR
VRVWHQJRUHODFLRQHVVH[XDOHVFRQQDGLH\QRWHQJRODVHQVDFLyQGHHFKDUORGHPHQRV
HQ DEVROXWR 'H YH] HQ FXDQGR PH PDVWXUER 'HVGH OXHJR WRGDV pUDPRV FpOLEHV
FXDQGRpUDPRVQLxDVHQPLFDVRWUDQVFXUULHURQYHLQWHDxRVDQWHVGHTXHPHGHVYLU
JDVHQ6LHQWRQFHVHVWRQRPHPDWyVRVSHFKRTXHWDPSRFRRFXUULUiDKRUD
œ0H KH GLYRUFLDGR KDFH DxR \ PHGLR \ GXUDQWH HVH WLHPSR QR KH VRVWHQLGR
PXFKD DFWLYLGDG VH[XDO (Q HVWH PRPHQWR GH PL YLGD QR HV FRVD UHDOPHQWHLPSRU
3RURWUDSDUWHTXL]iODPDVWXUEDFLyQ\ODFHUWH]DGHORUJDVPRHQHVHPRPHQWRVHUHODFLRQDQPiVSXUDPHQWH
DXQDQHFHVLGDGGHGHVDKRJR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WDQWH \ GH WRGDV IRUPDV QR SXHGR KDOODU PXFKRV KRPEUHV TXH PH H[FLWHQ OR VXIL
FLHQWH FRPR SDUD DFRVWDUPH FRQ HOORV (O VH[R GHVHPSHxD XQ SDSHO PX\ SRFR LP
SRUWDQWHHQPLYLGD\ODYHUGDGHVTXHQRORHFKRQDGDGHPHQRV
œ'HVGH TXH URPSLPRV QXHVWUDV UHODFLRQHV KDFH RQFH PHVHV HO VH[R VH KD
YXHOWRFRQVLGHUDEOHPHQWHPDVLPSRUWDQWHSDUDPtSHURFUHRTXHHVDXQPiVLPSRU
WDQWH TXH H[LVWD UHODFLyQ FRQ XQ KRPEUH 'HVSXpV GH PLV GRV HQFXHQWURV VH[XDOHV
WUDVPLVHSDUDFLyQDPERVGHXQDVRODQRFKHGHFLGtQRKDFHUORHQDXVHQFLDGHDO
PHQRVXQDSRWHQFLDOUHODFLyQ+D\PXFKRVGtDVHQORVTXHPHVLHQWRPX\FDOLHQWH\
PDOKXPRUDGD \ HQ WDOHV PRPHQWRV GHVHR HO FRLWR DXQTXH VHD RFDVLRQDO VyOR SDUD
VHJXLUDGHODQWH\UHDOL]DUORFRQKRPEUHVDWUDFWLYRVSHURGXUDQWHODPD\RU SDUWHGHO
WLHPSR PH VLHQWR ELHQ \ DO ILQDO DQVtR SDVDU HO WLHPSR FRQ DPLJDV R FRQ KRPEUHV
VLQUHODFLyQVH[XDOTXHPHDJUDGDQTXL]iVHQWDUPHHQFDVDFRQXQOLEURHQWUHODV
PDQRVRPDVWXUEDUPHSDUDDOLYLDUODWHQVLyQVH[XDOHQOXJDUGHLUPHDODFDPDFRQ
XQRTXHQRGHVHDORTXHDOJXLHQHQ6H[XDO+RQHVW\ OODPy¦KRPEUHVGHFDOLGDG§
œ6R\VROWHUD\PLYLGDVH[XDOHVWDEOHHVFRQPLJRPLVPDSRURSFLyQSHUVRQDO
(QFXDQWRDODVUHODFLRQHVVH[XDOHVFRQRWURVFUHRTXHODVDQVtRFDGDGRVPHVHVPDV
RPHQRVORFXDOVLJQLILFDTXHOOHJRDGHVHDUHOFRQWDFWRVH[XDOFRQRWURFXHUSROR
VXILFLHQWH FRPR SDUD TXH PLV REMHFLRQHV VH PLQLPLFHQ /D PD\RUSDUWHGHOWLHPSR
FUHR TXH QR GHVHR HVWDU WDQ FHUFD GH QLQJ~Q KRPEUH TXH FRQR]FD R SLHQVR TXH OD
FRVDHVGHPDVLDGRFRPSOLFDGDHQWpUPLQRVGHVHQWLPLHQWRV\H[SHFWDWLYDVSRUSDUWH
VX\DRPtD
œ<RVROtDVHUPX\UtJLGDHQWRGRFXDQWRVHUHIHUtDDOVH[R\QROOHJXpDOFRLWR
KDVWD FXPSOLU ORV WUHLQWD \ FXDWUR DxRV HVWR HV UHDO (UD PX\ UHOLJLRVD \ SHQVDED
TXH VHJXUR TXH DOJ~Q GtD PH FDVDUtD\DVtHVSHUDEDTXHHOPDWULPRQLRLQLFLDVHPL
YLGDVH[XDO3HURQXQFDHQFRQWUpDXQKRPEUHFRQHOTXHGHVHDUDSDVDUWRGDVXYLGD
\DVtFXDQGRWXYHWUHLQWD\WDQWRVDxRV\PLVGHVHRVVH[XDOHVVHKLFLHURQPiVIXHU
WHVFRPSURPHWtPLVFUHHQFLDVUHOLJLRVDV$OSULQFLSLRVHQWtFLHUWRFRPSOHMRGHFXO
SDELOLGDGSHURUiSLGDPHQWHORVXSHUp\DTXHMDPiVKDEtDFRQRFLGRWDQHQFDQWDGRUD
SUR[LPLGDG\WHUQXUDRWDQWRSODFHUItVLFR<VXSHHQWRQFHVTXHFXDOTXLHUFRVDFR
PRDTXHOODTXHPHKDFtDVHQWLUPHWDQELHQQRSRGtDVHUPDOD(UDPDUDYLOORVRHQ
FRQWUDUVHWDQFHUFDItVLFD\HVSLULWXDOPHQWHGHRWURVHUKXPDQR$KRUDKDFH\DWUHV
DxRVTXHHVWHKRPEUHVHIXHGHPLYLGDSHURPHKHVHQWLGRPX\ELHQVLQDFWLYLGDG
VH[XDO6R\EDVWDQWHEXHQDSDUDVXEOLPDUODVFRVDVVXSRQJR\DYHFHVPHPDVWXU
ER7RGDYtDPHUHVXOWDLPSRVLEOHHOFRLWRFRQFRPSDxHURVRFDVLRQDOHVRFRQDOJ~Q
DPLJRVXSHUILFLDO6yORTXLHURKDFHUORFRQXQKRPEUHTXHSDUDPtVLJQLILTXHDOJR
œ+HVRVWHQLGRXQDVUHODFLRQHVVH[XDOHVWDQSREUHVFRQPLHVSRVRGXUDQWHVLHWH
DxRVTXH\DQRWHQJRGHVHRVVH[XDOHV$QWHVVROtDWHQHUORVSHURQXQFDOOHJXpDDO
FDQ]DUODVDOWXUDVGHODSDVLyQTXH\RGHVHDED6HPHIRUPyHQDOJXQDSDUWHXQEOR
TXHRPHQWDOGXUDQWHORV~OWLPRVDxRV\VHQFLOODPHQWHDEDQGRQp
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
$XQTXHODPD\RUtDGHODVPXMHUHVGLMHURQTXHHFKDEDQGHPHQRVHOWDFWR\ORVDEUD
]RVTXHVHGDQHQHOVH[RKLFLHURQKLQFDSLpHQTXHSDUDFRQVHJXLUORQRLUtDQœFRQ
FXDOTXLHUKRPEUH
œ(O KHFKR GH FDUHFHU GH YLGD VH[XDO QR PH SUHRFXSD OR VXILFLHQWH FRPR SDUD
VDOLUDODFDOOH\DFRVWDUPHFRQDOJXLHQDTXLHQQRDPRRFRQTXLHQQRPHVLHQWRD
JXVWR3RUHOPRPHQWRVR\IHOL]GXUPLHQGRFRQPLVDQLPDOHV
œ&UHR TXH SUREDEOHPHQWH PH SDVDUp VLQ DFWLYLGDG VH[XDO D PHQRV TXH HQ
FXHQWUHDDOJXLHQSRUTXLHQVLHQWDXQSURIXQGRDIHFWR(OVH[RSRUVtVRORUHSUHVHQ
WDPX\SRFRSDUDPt&UHRTXHOR~QLFRLPSRUWDQWHHVORTXHSXHGDKDEHUGHWUiVGHO
VH[RHQWUHRWUDSHUVRQD\\R$GHPiVHVWDUVRODSXHGHVHUUHIUHVFDQWH
œ&XDQGRHVWR\HQDPRUDGDQRSXHGRDJXDQWDUPDVGHGRVVHPDQDVVLQHOFRLWR
0HVLHQWRVRODFXDQGRGXHUPRVLQFRPSDxtDSHURWDPELpQSXHGRDFRVWXPEUDUPHD
HOOR3UHILHURPDVWXUEDUPHTXHWHQHUUHODFLRQHVVH[XDOHVFRQFXDOTXLHUD
œ(O VH[R HV LPSRUWDQWH VyOR FXDQGR SLHQVR HQ pO 'XUDQWH ODUJRV SHULRGRV GH
WLHPSRSXHGRSDVDUPHVLQpOKDVWDTXHDOJXLHQTXHPHJXVWDPHWRFD3HURHVGLItFLO
HQFRQWUDUDOJXLHQFRQTXLHQSXHGDLQWHJUDUHODPRULQWHOHFWXDO\HOHPRFLRQDO0iV
WDUGH OD LQHYLWDEOH VHSDUDFLyQ VLHPSUH GXHOH (O VH[R HV XQ OXMR \ XQD FRPRGLGDG
SHURQRDOJRHVHQFLDO
œ0H PDQWHQJR FpOLEH SRUTXH QR KH HQFRQWUDGR D XQ KRPEUH TXH PH H[FLWH
VH[XDOPHQWH(FKRPXFKRGHPHQRVHOGLVIUXWDUGHXQDUHJXODUYLGDVH[XDO/DPDV
WXUEDFLyQHVPX\DJUDGDEOHSHURPHDJUDGDGHVSHUWDU\VHQWLUPHDEUD]DGD \DFDUL
FLDGDHWF7HQJRODHVSHUDQ]DGHHQFRQWUDUSURQWRDDOJXLHQTXHUHDOPHQWHPHJXV
WH
œ1R VLHQWR TXH HFKH QDGD GH PHQRV FXDQGRQRGXHUPRFRQDOJXLHQ$OLJXDO
TXH (XURSD TXH VLHPSUH HVWi DOOi OHMRV \ DOJ~Q GtD OD SLVDUp SHUR HQ HVWH SUHFLVR
PRPHQWRQRHVWR\WDQLQWHUHVDGDSRURWURVLQWHUHVHVTXHWHQJRDTXt
$OJXQDV YHFHV HO FHOLEDWR SURYRFDED XQD PD\RU VHQVDFLyQ GH OLEHUWDG H LQGHSHQ
GHQFLD
œ$OJXQDVYHFHVPHVLHQWRPX\VDWLVIHFKDDOFDUHFHUGHDFWLYLGDGVH[XDO&UHR
TXHHVWRVHGHEHDODVHQVDFLyQGHQRGHSHQGHUGHQDGLHSDUDQDGD
œ'HVGHKDFHVHLVPHVHVQRKHWHQLGRQLQJXQDUHODFLyQGHWLSRVH[XDO$OSULQ
FLSLRIOXFWXpHQWUHODGHSUHVLyQ\ODH[XEHUDQFLDSHURDOFDERGHFLHUWRWLHPSRQRWp
TXHDXPHQWDEDPLVHQVDFLyQGHLQGHSHQGHQFLD\OLEHUWDGSHUVRQDODVtFRPRODFRQ
ILDQ]DHQPtPLVPD$KRUDPHJXVWD\UHDOPHQWHPHUHVXOWDDJUDGDEOHWHQHUFRQWURO
VREUHPLVGHVHRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ+H SDVDGR PXFKR WLHPSR VLQ VH[R KDVWD DxR \ PHGLR DXQTXH QR UHFLHQWH
PHQWH 'XUDQWH WDOHV SHULRGRV WXYH XQD VHQVDFLyQ GH FUHFLPLHQWR H LQGHSHQGHQFLD
HVSLULWXDO\XQDPD\RUFRQILDQ]DHQPtPLVPD
œ(VWXYHXQDYH]VLHWHPHVHVVLQQLQJ~QFRQWDFWRGHFDUiFWHUVH[XDO0HDOHJUp
HQFLHUWDPDQHUDGHHVWDUOLEUHGHDPDQWHVSDUDSHQVDUODVFRVDV3RUPXFKRWLHPSR
HOVH[RIXH ODFRVDPiVLPSRUWDQWHGHPLYLGDKDVWDHOSXQWRGHTXHPHVHQWtFRPR
SHUGLGDVLQRWHQtDDOJ~QDPDQWH$OFRQWHQHUPHDSUHQGtDWHQHUPDVLQWHUpVSRUPt
FRPRSHUVRQDFRPRLQGLYLGXRDVHQWLUPiVLQWHUpVSRUPLVDPLVWDGHVPLFDUUHUD\
PL YLGD$KRUDQRHVWR\WDQGHVHVSHUDGDSRUHOVH[R\SRUSUREDUPLYDOtDDWUDYpV
GHOPLVPR7RGDYtDHVPDUDYLOORVRSHURQRORFRQVXPHWRGR
œ0HPDQWHQJRFpOLEH$PtPHJXVWDSHURODVRFLHGDGDYHFHVKDFHGLItFLOHO
KHFKR GH HVWDU VROD VLQ FRPSDxHUR +D\ DFWLYLGDGHV TXHHYLWRSRUTXHHVQHFHVDULR
OOHYDU¦SDUHMD§/DJHQWHDPHQXGRSLHQVDTXHDOJ~QIDOORWHQGUiVFXDQGRQRIRUPDV
SDUWHGHXQDSDUHMDSHURSDUDVHULQGHSHQGLHQWHYDOHODSHQD¦SDVDUSRUHOOD§
œ/RVSHULRGRVGHFHOLEDWRSXHGHQVHUPX\~WLOHVSDUDUHYDORUL]DUODYLGDGHXQD
\ D OD YH] UHGHVFXEULU QXHVWUD VH[XDOLGDG EDUEHFKR R WLHUUD TXH GHVFDQVD DQWHV GH
TXHFUH]FDQFRVDVQXHYDV/RKLFHDSHULRGRVDOWHUQRVGXUDQWHFLQFRDxRV$OQRWH
QHUTXHFRPSODFHUDRWUDSHUVRQDSXGHGLVSRQHUGHWLHPSRVXILFLHQWHSDUDSRQHUPH
HQFRQWDFWRSURIXQGRFRQPLJRPLVPD\SHUIHFFLRQDU\GHVDUUROODUPLHQWHQGLPLHQWR
GHO PXQGR PLHQWUDV TXH DQWHV VLHPSUH URGHDGD GH DPLJRV \ GHSHQGLHQGR HVWUH
FKDPHQWHGHHOORVFDUHFtDGHWLHPSRSDUDSHQVDUHQPLUHODFLyQEDMRXQDSHUVSHFWLYD
PDVDPSOLD0HGLFXHQWDGHTXHHOUHQXQFLDUDOVH[RItVLFRHUDXQSUHFLRPX\EDMR
œ(Q FXDQWR VH UHILHUH DO FHOLEDWR FUHR TXH FDGD PXMHU GHEHUtD FRQWHPSODUOR
FRPRXQDDOWHUQDWLYD'XUDQWHDxRVHVWXYHWDQRFXSDGDFXPSOLHQGRH[SHFWDWLYDVGH
KRPEUHV TXH QR SXGH QXQFD VDEHU OR TXH \R VHQWtD &UHR TXH KD\ PXFKDV PXMHUHV
TXH SDVDQ SRU OR TXH SDVp \R $KRUD VyOR WHQJR DFWLYLGDG VH[XDO FRQPLJR PLVPD
EXVFDQGRQRVpTXpVLPSOHPHQWHGHVFXEULpQGRPHDPtPLVPDVH[XDOPHQWH
6LQ HPEDUJR RWUDV PXMHUHV VH VHQWtDQ FRPR DLVODGDV GXUDQWH ORV SHULRGRV GH
FHOLEDWR GHVGH HO PRPHQWR HQ TXH HO VH[R HV OD ~QLFD DFWLYLGDG HQ OD TXH QXHVWUD
VRFLHGDGQRVSHUPLWHHVWDUFHUFDGH RWURVHUKXPDQRSXHVWRTXHWRGDVODVIRUPDV
GHFRQWDFWRItVLFRVHFDQDOL]DQHQHOFRLWRKHWHURVH[XDO
œ&XDQGR SDVR PXFKR WLHPSR VLQ VH[R FRPLHQ]R D DQVLDU DIHFWR \ UHDILUPD
FLyQ0HVLHQWRDLVODGDGHORVGHPiVDVtFRPRXQDLQWHQVDQHFHVLGDGGHFDULxRFD
ORU\FXDOTXLHUIRUPDGHFRQWDFWRFRQRWURVHUKXPDQR
œ1R PH SDUHFH TXH PH PROHVWH ItVLFDPHQWH SHUR HPRFLRQDOPHQWH PH SRQJR
WHQVD(FKRGHPHQRVHOFRQWDFWRGHRWURFXHUSR\FRQVLGHURWDOVLWXDFLyQH[WUHPD
GDPHQWH IUXVWUDQWH ([LVWH XQD FODVH HVSHFLDO GH VROHGDG DO KDOODUVH D VRODV HQ XQD
FXOWXUDTXHSDUHFHSHQVDUHQWpUPLQRVGHSDUHMDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6LQ VH[R PH VLHQWR FRPR PXHUWD IHD \ DOLHQDGD FRPR VL OD YLGD SDVDUD GH
ODUJRMXQWRDPt&RPLHQ]RDVHQWLUTXHQHFHVLWRDOVH[RFRPRDOLYLRSVLFROyJLFR
œ$OFDERGHWUHVVHPDQDV\DVLHQWRKDPEUHGHDIHFWR\GHFRPSDxtD\ODYLGD
PH SDUHFH GUiVWLFDPHQWH LQFRPSOHWD (FKR GH PHQRV HO JHQHUDO FRQWDFWR ItVLFR HQ
HVSHFLDO GRUPLUVH \ GHVSHUWDU FRQ DOJXLHQ HVWDU HQ HVRV PRPHQWRV GH FRQVFLHQFLD
SDUFLDO\VHQWLUTXHQRHVWR\VROD
œ0HYXHOYRLQWURYHUWLGD\PHVLHQWRLQKLELGDDLVODGD\DWHPRUL]DGD(QWDOHV
SHULRGRVVXIURHQRUPHVGHSUHVLRQHV\PHVLHQWRGHVFRQHFWDGDGHODUD]DKXPDQD
œ5HDOPHQWHPHPROHVWD6LQVH[RPHVLHQWRVROD\UHFKD]DGD(OVH[RHVPDJ
QLILFRSDUDURPSHUODFRQFKDGHVROHGDG\WHPRUTXHSDUHFHFDHUFRPRXQDFRUWLQD
HQWUHHOPXQGR\PLSREUHSHUVRQDFXDQGRQRWHQJRDQDGLHDTXLHQDPDU&RQVLGHUR
DOVH[RFRPRXQDHVSHFLHGHUHWLUDGDKDFLDXQUHIXJLRGHFRPRGLGDGFDORU\HPR
FLyQHQXQPXQGRIUtRFRPRVLVHWUDWDUDGHXQD]RQDPiJLFDGHUHIXJLR
(OFRQWDFWRItVLFRœFDUQHFRQFDUQHFiOLGD\GXUDHVWUHPHQGDPHQWHLPSRU
WDQWH \ HO VH[R HV FDVL HO ~QLFR PHGLR GH FRQVHJXLUOR HQ QXHVWUD FXOWXUD FXDQGR
VRPRVœSHUVRQDVPD\RUHV&RPRH[SOLFyXQDPXMHUœ6tPHVHQWtDSURIXQGDPHQWH
GHSULPLGDIUtDVRODLQFOXVRFRQXQH[WUDxRHOVH[RSRGtDVHUSDUDPtXQDHVSHFLHGH
UHJHQHUDFLyQ/DSUR[LPLGDGSURYRFDHQPtODVHQVDFLyQGHTXHQRHVWR\VROD\TXH
ODYLGDGHVSXpVGHWRGRQRHVWDQDPDUJD$GHPiVPHKDFHVHQWLUTXHVR\DPDGD\
HVSHFLDO2WUDPXMHUGLMRTXHORTXHOHJXVWDEDPiVGHO VH[RHUDœ/DSURIXQGDVHQ
VDFLyQGHDPLVWDGTXHSURSRUFLRQDDOJXQDVYHFHVIDOVDPHQWH<ODVHJXULGDGDXQ
TXHVHDPRPHQWiQHDGHVHUDEUD]DGD/DSUR[LPLGDGODLQWLPLGDGODKRQHVWLGDG\
GHVSXpVFXDQGRXQDVHVLHQWHIHOL]\FRPROOHQDGHYLGDHQIRUPD WDOTXHQRVHVLHQ
WHHQQLQJ~QRWURPRPHQWR
/D LGHD GH TXH GHEDPRV WHQHU FLHUWD FDQWLGDG GH UHJXODU FRQWDFWR JHQLWDO TXH
OODPDPRV œVH[R HV XQDQRFLyQPX\PHFiQLFDSRUGHFLUORPtQLPR8QDPXMHUOD
GHVFULELy PX\ ELHQ œ+XER XQ WLHPSR HQHOTXHHQWRGRHOSDtVORVEHEpVHUDQDOL
PHQWDGRVDODVGRVDODVVHLV\DODVGLH]HQSXQWR(QWRQFHVUHSHQWLQDPHQWHHVWDOOy
XQDUHYROXFLyQORVH[SHUWRVGHFLGLHURQTXHORVEHEpVGHEtDQDOLPHQWDUVH¦DSHWLFLyQ
VX\D§FDGDGLH]PLQXWRVVLHUDQHFHVDULR7UDQVFXUULyPXFKRWLHPSRDQWHVGHTXHVH
KLFLHVHHYLGHQWHTXHHVWRVGRVPpWRGRVQRHUDQWDQGLIHUHQWHVGHVSXpVGHWRGRDP
ERVVHEDVDEDQHQODDXWRULGDGGHORVH[SHUWRV$KRUDQRVGLFHQTXHGHEHPRVWHQHU
UHODFLRQHV VH[XDOHV HQ IRUPD ¦UHJXODU§ TXH HV QHFHVDULR PDQWHQHU XQD VDQD YLGD
VH[XDOGHDEVROXWDUHJXODULGDGSHURDQWHVVHVXSRQtDTXHQRGHEtDVKDFHUORH[FHSWR
DOJXQDYH]TXHRWUD0LHUGD1RQHFHVLWRDQLQJ~QH[SHUWRTXHPHGLJDFXiQGRKH
GH WHQHU UHODFLRQHV VH[XDOHV HQ TXp FDQWLGDG \ GH TXp FODVH 6L VLHQWR GHVHRV ODV
WHQGUp\VLQRQR(VPL YLGD\PL FXHUSR\HQFRQVHFXHQFLDKDUpORTXHTXLHUDFRQ
HOORV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
&21&/86,¾1
)LQDOPHQWH ˜FXiO IXH HO DXWpQWLFR VLJQLILFDGR GH OD UHYROXFLyQ VH[XDO GH ORV
DxRVVHVHQWD"
$XQTXH OD VH[XDOLGDG HV PX\ LPSRUWDQWH UHVXOWD GLVFXWLEOH VL HV LPSRUWDQWH
SRUVtPLVPDDSDUWHGHVXVLJQLILFDGRHQODYLGDSURSLDHQVXFRQMXQWR(OLQFUHPHQ
WRGHOpQIDVLVTXHVHKDFHVREUHHOVH[R\ODVUHODFLRQHVSHUVRQDOHVFRPRIXHQWHEi
VLFDGHIHOLFLGDG\UHDOL]DFLyQSHUVRQDOHVWiHQIXQFLyQGHODSRVLELOLGDGGHFUHFLHQWH
GH HQFRQWUDU OD SOHQD UHDOL]DFLyQ VLTXLHUD SDUFLDO D WUDYpV GHO WUDEDMR (Q SULPHU
OXJDUODPD\RUtDGHODJHQWHQRSXHGHSHUPLWLUVHHOOXMRGHHOHJLUXQWUDEDMRRODERU
GHVXDJUDGRSDUDODPD\RUtDGHODVSHUVRQDVWRGRHVFXHVWLyQGHHQFRQWUDUDOJXQD
PDQHUDGHPDQWHQHUVHWDQUiSLGDPHQWH\WDQELHQFRPRVHSXHGDDSDUWLUGHODVPX\
OLPLWDGDV RSRVLFLRQHV FRQ TXH VH FXHQWD D PHQRV TXH VH WHQJD DOJ~Q FDSLWDO SDUD
HPSH]DU3RUDxDGLGXUDHVWiHOKHFKRGHTXHGDGRTXHODWHFQRORJtD\HOGHVDUUROOR
GHJUDQGHVFRUSRUDFLRQHVKDQDFDSDUDGRFDVLFDGDDVSHFWRGHODYLGDODPD\RUSDUWH
GHORVHPSOHRVVHKDQYXHOWRUHSHWLWLYRVLPSHUVRQDOHV\DEXUULGRV&DVLQRKD\PD
QHUD GH TXH KR\ GtD OD PD\RUtD GH JHQWH SXHGD HQFRQWUDU XQD UHDOL]DFLyQ SHUVRQDO
UHDODWUDYpVGHOWUDEDMRTXHGHKHFKRGHVHPSHxDQ7DOFRPRXQDPXMHUPDQLIHVWy
œ(O VH[R VH HPSOHD FODUDPHQWH FRPR SDQDFHD XQLYHUVDO SDUD PDQWHQHU SDFtILFDV D
ODVPDVDV\HYLWDUTXHFRPSUHQGDQHOYDFtRIDOWDGHVHQWLGR\DOLHQDFLyQGHVXVYL
GDVGHWUDEDMR(VLQWHUHVDQWHQRWDUHQHVWHFRQWH[WRTXHODUHYROXFLyQVH[XDOOOHJy
HQXQPRPHQWRHQHOTXHSDUDORV(VWDGRV8QLGRVHUDXQSUREOHPDODLQTXLHWXGVR
FLDO\SROtWLFD
/DVH[XDOLGDG\ODVUHODFLRQHVVH[XDOHVSXHGHQVHUVXVWLWXWRVXRVFXUHFHUQXHV
WUD QHFHVLGDG GH XQD UHODFLyQ PiV VDWLVIDFWRULD FRQ RWUR PXQGR PiV DPSOLR SRU
HMHPSORFRQHOWUDEDMR(QFLHUWDPDQHUDPLHQWUDVDFHSWHPRVHVWDFRPSDUWLPHQWDOL
]DFLyQ HVTXL]RLGH GH OD YLGD S~EOLFD \ SULYDGD HVWDPRV DEURJDQGR QXHVWUD REOLJD
FLyQPRUDOGHWRPDUSDUWHDFWLYDHQODGLUHFFLyQGHHVWHPXQGRPiVDPSOLR\DOD
YH]DFHSWDQGRXQDpWLFDGHLPSRWHQFLD0LHQWUDVWDQWRODFRPHUFLDOL]DFLyQ\WULYLD
OL]DFLyQ GHO VH[R DYDQ]D PiV \ PiV HQ QXHVWUDV YLGDV SULYDGDV \ RVFXUHFH VX PiV
SURIXQGRVHQWLGRSHUVRQDOSDUDQRVRWUDV'HKHFKRpVWDHVODYHUGDGQRKHPRVWHQL
GRXQDUHYROXFLyQVH[XDOSHURQHFHVLWDPRVXQD
'HODPLVPDIRUPDHQTXHHOSDSHOGHODPXMHUKDSDVDGRGHUHSURGXFWRUDDREMHWRVH[XDOGHVGHODGHFDGHQ
FLDGHODUHSURGXFFLyQDVLPLVPRHOpQIDVLVTXHDQWHVVHSRQtDVREUHODUHDOL]DFLyQSHUVRQDOKDYDULDGRGHVGH
ODIDPLOLDFRPRXQJUXSRPiVDPSOLRGHSHUVRQDVKDVWDHODPRUVH[XDO\URPiQWLFRKD\DRQRPDWULPRQLR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
0XMHUHVPD\RUHV
/DUHYROXFLyQVH[XDOQRLQFOX\yDODVPXMHUHVPD\RUHV HQWUHDTXHOODVTXHSR
GtDQ DKRUD GLVIUXWDU GHO VH[R DXQTXH HVWD QHJDWLYD QR HV QDGD QXHYR HQ UHDOLGDG
'XUDQWHVLJORVHQQXHVWUDFXOWXUDKDVLGRXQGHWHVWDEOHFOLFKpHOTXHODVPXMHUHVPD
\RUHVVRQDMHQDVDORVH[XDO0HSUHJXQWRFXiQWDVOHFWRUDVPiVMyYHQHVDOOHHUODV
GHVFULSFLRQHVGHODPDVWXUEDFLyQRGHORVRUJDVPRVSRUHMHPSORHVWDEDQUHSUHVHQ
WiQGRVHPHQWDOPHQWHDPXMHUHVFRQVyORYHLQWHRWUHLQWDDxRVGHHGDG(QHVWDVHF
FLyQ YHUHPRV OR HUUyQHDV TXH VRQ WRGDV HVWDV LGHDV DFHUFD GH ODV PXMHUHV GH FLHUWD
HGDGHQFRPHQWDULRVPX\HORFXHQWHVGHPXMHUHVPX\LQWHUHVDQWHV
˜(148e0(','$$)(&7$/$('$'$/$6(;8$/,'$')(0(1,1$"
&RQUHVSHFWRDFyPRODPHQRSDXVLDRKLVWHUHFWRPtDDIHFWDDODVVHQVDFLRQHV
VH[XDOHV+HOHQ.DSODQH[SOLFDTXH
œ0LHQWUDV TXH DOJXQDV PXMHUHV LQIRUPDQ VREUH XQD GLVPLQXFLyQ HQ HO GHVHR VH[XDO
PXFKDVPXMHUHVVLHQWHQHQUHDOLGDGXQDXPHQWRGHODSHWLWRHUyWLFRGXUDQWHORVDxRVGHOD
PHQRSDXVLD 8QD YH] PiV OD VXHUWH GH OD OLELGR SDUHFH GHSHQGHU GH XQD FRQVWHODFLyQ GH
IDFWRUHVTXHWLHQHQOXJDUGXUDQWHHVWHSHUtRGRLQFOX\HQGRORVFDPELRVILVLROyJLFRVODRSRU
WXQLGDGVH[XDO\ODGLVPLQXFLyQGHODLQKLELFLyQ'HVGHXQSXQWRGHYLVWDSXUDPHQWH ILVLR
OyJLFR OD OLELGR GHEH WHyULFDPHQWH DXPHQWDU HQ OD PHQRSDXVLD SRUTXH OD DFFLyQ GH ORV
DQGUyJHQRV GH OD PXMHU QR HV PDWHULDOPHQWH DIHFWDGD SRU OD PHQRSDXVLD QR VXIUH DKRUD
RSRVLFLyQSRUHOHVWUyJHQR9HUGDGHUDPHQWHDOJXQDVPXMHUHVSDUHFHQFRPSRUWDUVHGHHVWD
PDQHUD VREUH WRGR VL QR VH VLHQWHQ GHSULPLGDV \ SXHGHQ KDOODU LQWHUHVDGRV H LQWHU HVDQWHV
FRPSDxHURV
0DU\-DQH6KHUIH\WDPELpQKDVHxDODGRTXHODFDSDFLGDGVH[XDOIHPHQLQDDX
PHQWDFXDQGRODVPXMHUHVVHKDFHQPD\RUHVSRUTXHGHVDUUROODQXQVLVWHPDGHYHQDV
YDULFRVLGDGHVPD\RU\PiVFRPSOHMRHQOD]RQDJHQLWDO
8QDYH]PiV ODFRQIXVLyQTXHKD\HQWUHODDFWLYLGDGUHSURGXFWRUD\HOSODFHU
VH[XDO KDFH HVWUDJRV HQ QXHVWUDV YLGDV (V FLHUWRTXHODFDSDFLGDGGHUHSURGXFFLyQ
˜&XiQGRVH SXHGHFRQVLGHUDUœPD\RUDXQDSHUVRQD"'HVGHOXHJRQRKD\UHVSXHVWDSDUDHVDSUHJXQWD
(VWR\GHDFXHUGRFRQ*UDFH$WNLQVRQFXDQGRGLFHœ/DPXMHUPD\RUVRPRVWRGDVQRVRWUDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FHVDHQODPHQRSDXVLD\TXHSXHGH GLVPLQXLUODOXEULFDFLyQYDJLQDOSHURODH[FLWD
FLyQ VH[XDO \ FDSDFLGDG GH RUJDVPR GH ODV PXMHUHV HQ UHDOLGDG DXPHQWD /R TXH
RFXUUHHQODPHQRSDXVLDHVDOJRTXHVXFHGHVRODPHQWHDQXHVWURVyUJDQRVGHUHSUR
GXFFLyQODVH[XDOLGDG\ODFDSDFLGDGGHH[SHULPHQWDUHOSODFHUVH[XDOVRQDWULEXWRV
SDUDWRGDODYLGD/DLQIDQFLDHVRWUDpSRFDHQODTXHDXQTXHQRVRPRVFDSDFHVGH
UHSURGXFFLyQ Vt VRPRV FDSDFHV GH VHQWLU HO SODFHU VH[XDO 'HEHPRV FRQWHPSODU
QXHVWURVFXHUSRVFRPRVH[XDOHVGXUDQWHWRGDQXHVWUDYLGDGHVGHHOQDFLPLHQWRKDVWD
ODPXHUWHSHURFRQODDGLFLyQGXUDQWHFLHUWRVDxRVGHOSRWHQFLDOSDUDODUHSURGXF
FLyQ
(VPX\SUREDEOHTXHXQDPXMHUHVWXYLHVHKDEODQGRSRUWRGDVODVPXMHUHVœPiV
MyYHQHVTXHSHQVDEDQHQODYHMH]FXDQGRGLMRœ6yORWHQJRYHLQWLRFKRDxRVSHUR
\DODHVWR\WHPLHQGR\SHQVDQGRPXFKRHQHOODPH LQGLJQDTXHORVSXQWRVGHYLVWD
GHODVRFLHGDGVREUHODYHMH]GHODVPXMHUHVVHDQPXFKRPiVQHJDWLYRVTXHVREUHOD
¦PDGXUH]§GHORVKRPEUHV1RYHRUD]yQDOJXQDSDUDTXHXQDPXMHUGHEDVHQWLUXQD
SpUGLGDGHVH[XDOLGDGRGHDWUDFWLYRHQODPHQRSDXVLD(VVHQFLOODPHQWHRWUDIDVHGHO
FLFORIHPHQLQR\IRUPDSDUWHGHOVHUPXMHU
˜(QTXpPHGLGDDIHFWDODHGDGDOVH[R"&RQODHGDG˜DXPHQWDRGLVPLQX\HHOGH
VHRVH[XDO"˜2QLQJXQDGHODVGRVFRVDV"˜6HJR]DGHOVH[R"
/DPD\RUtDGHODVPXMHUHVTXHUHVSRQGLHURQDHVWDSUHJXQWDPDQLIHVWDURQTXH
VXSODFHUVH[XDOKDEtDDXPHQWDGRFRQODHGDG
œ&UHRTXHHOGHVHRVH[XDODXPHQWDFRQODHGDG$XPHQWDWDPELpQHOGLVIUXWH
SXHGRDVHJXUDUOR
œ1RVDEtDTXHDOKDFHUPHPD\RUHOVH[RVHUtDPXFKRPHMRU$KRUDWHQJRFLQ
FXHQWD\XQDxRV™\HVWR\HPSH]DQGR
œ'HILQLWLYDPHQWH OD DFWLYLGDG VH[XDO VH KDFH PHMRU D PHGLGD TXH SDVDQ ORV
DxRV(QORVGRV~OWLPRVKHGLVIUXWDGRWRGRFXDQWRKHGHVHDGRHQHVWHVHQWLGR9LYR
FDGDGtDFRPRVLIXHVHHO~OWLPRGHPLYLGD(VPDJQtILFR
œ&UHRTXHORVKRPEUHVWLHQGHQDFUHHUTXHSDUDHOORVHOGHVHRVH[XDOGLVPL
QX\HFRQODHGDG1RFUHRTXHGLVPLQX\DGUiVWLFDPHQWHSDUDQDGLHHQHVSHFLDO SDUD
ODV PXMHUHV 0LVPHMRUHVH[SHULHQFLDVVH[XDOHVPHHVWiQYLQLHQGRGHODPDGXUH]\
GHODFRQILDQ]DSURSLD
œ0HSRQJRPX\FDOLHQWHDORVFLQFXHQWD\FLQFRDxRVFRPRDORVTXLQFH™SHUR
PLFRPSDxHURPHFRQVLGHUDGHPDVLDGRYLHMDSDUDVHUVH[XDO
œ&UHtTXHODPHQRSDXVLDHUDHOIDFWRUSULQFLSDOGHPLFRQGXFWRYDJLQDOVHFRH
LUULWDEOH0LVPpGLFRVSHQVDURQTXHHUDXQDIDOWDGHKRUPRQDVSHURFRQPLQXHYR
DPDQWHKHYXHOWRDQDFHU™$EXQGDQWHOXEULFDFLyQ\QDGDGHLUULWDFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0L FRPSDxHUD GH KDELWDFLyQ WLHQH FLQFXHQWD \ WDQWRV DxRV IXH VRPHWLGD D
XQDKLVWHUHFWRPtDKDFHFLQFRDxRV$MX]JDUSRU ORTXHREVHUYRGHVXYLGDVH[XDOKD
FDPELDGRGUiVWLFDPHQWHPiVFRPSDxHURV\PiVUHODFLRQHVVH[XDOHVTXHDQWHV
œ'LVIUXWR GHO VH[R PiV SRUTXH \D QR WHPR DO HPEDUD]R KH SDVDGR OD PHQR
SDXVLD7DPELpQHVPXFKRPiVDJUDGDEOHGHVGHTXHPLVKLMRV\DQRHVWiQHQFDVD
ORVKLMRVSXHGHQLQKLELUODDFWLYLGDGVH[XDO&RPR\RJR]RPiVWDPELpQPLPDULGR
JR]DPiV(QFXHQWUDTXHHVXQDDJUDGDEOHVRUSUHVD'HKHFKR™VR\\RODTXHDQLPD
VXYLGD
œ5HVSRQGR D VX FXHVWLRQDULR SRUTXH FUHR TXH QR KD\ VXILFLHQWHV HVWDGtVWLFDV
VREUpPXMHUHVVHSWXDJHQDULDVWHQJRVHWHQWD\RFKRDxRVQLVHFRPSUHQGHORVXIL
FLHQWHODVLWXDFLyQGHODYLXGD$PLHGDG\VLQUHVSRQVDELOLGDGHVQRGHVHRHOPDWUL
PRQLRSHURWHQJRXQFRQWLQXDGRLPSXOVRVH[XDOTXHPHKDFHSDUHFHUTXLQFHRYHLQ
WHDxRVPDVMRYHQFRQUHVSHFWRDPLHGDGFURQROyJLFD7DPELpQKDFHGRVDxRVVXIUt
XQDRSHUDFLyQFDUGLDFDTXHPHKDUHMXYHQHFLGR4XLHURYLYLUKDVWDHOPi[LPRGHPL
FDSDFLGDG
œ/DPHQRSDXVLDORKDFHWRGRPHMRUPiVIiFLO\PHQRVGHSHQGLHQWHGHOWLHP
SR0LVFRPSDxHURVJR]DQGHPLOLEHUWDGItVLFDDOLJXDOTXH\R3DVpHOSHUtRGRGHOD
PHQRSDXVLDEDVWDQWHIiFLOPHQWH
œ7HQJR VHVHQWD \ VHLV DxRV \ PL DSHWLWR VH[XDO QR KD GLVPLQXLGR (O JR]R HV
WDQJUDQGHFRPRVLHPSUH&UHRTXHSRGUtDGLVPLQXLUVLQRVHSXGLHUDWHQHUDFWLYLGDG
VH[XDO3HURHOGLVIUXWDUORQRWLHQHQDGDTXHYHUFRQODHGDG
œ&UHRTXHHOGHVHRVH[XDODFWLWXGHVSODFHUHWFVLQGXGDDOJXQDFDPELDQFRQ
ODHGDGSHURHOFDPELRHVPiVELHQFXDOLWDWLYRTXHFXDQWLWDWLYR(VXQDFXHVWLyQGH
FUHFLPLHQWR\GHVDUUROORGHVGHXQFRQFHSWRVLPSOLVWDGHOVH[RGHVtRQRDPXFKD
PD\RUFRPSOHMLGDGYDULHGDGVXWLOH]DIOXLGH]1RTXLHURGHFLUFRQHVWRTXHODWpF
QLFDVH[XDOHQHVWHFDVRVHDPiVVRILVWLFDGDDXQTXHVXSRQJRTXHWDPELpQODWpFQLFD
IRUPDSDUWHGHWRGRHOOR(VFRPRODGLIHUHQFLDTXHKD\HQWUHXQMRYHQDUEXVWR\XQ
iUEROFRQPXFKDVUDPDV\XQDIRUPD~QLFDHVWUXFWXUD\IRUPDGHFUHFLPLHQWRSUR
SLDV(VWHHVXQSURFHVRQDWXUDOGHGHVDUUROORSHURFUHRTXHHQQXHVWUDFXOWXUDHVWH
SURFHVR VH LQKLEH \ UHWDUGD PX\ D PHQXGR D WRGRV VH QRV KD GLFKR TXH GH QRFKH
WRGRVORVJDWRVVRQSDUGRVHQODRVFXULGDG\PXFKDVGHQRVRWUDVOOHJDPRVEDVWDQWH
WDUGH DO UHFRQRFLPLHQWR \ DSUHFLDFLyQ GH OD SURSLD SHUVRQDOLGDG VH[XDO ~QLFD HLQ
WULQFDGD $KRUD HQFXHQWUR PXFKR PiV IiFLO FRQRFHU \ DFHSWDU XQ DFWR TXH GHVHR \
VLHQWRHQOXJDUGHSUHRFXSDUPHSRUVLORGHERGHVHDU\VHQWLU
6LQHPEDUJRDOJXQDVPXMHUHVGHFODUDQTXHHOVH[RKDGHMDGRGHVHUWDQLPSRUWDQWH
SDUDHOODV
œ&UHR TXH OD HGDG ˜R SXHGH TXH VHD HO HVWDGR PHQWDO"HO¦HVSDFLRGRQGHVH
HQFXHQWUDPLFDEH]D§KDUHGXFLGRFRQVLGHUDEOHPHQWHPLVQHFHVLGDGHVVH[XDOHVHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHFLU TXH \D QR H[FLWR VH[XDOPHQWH D ODV QXHYDV SHUVRQDV TXH FRQR]FR ¥QL HOODV
PH H[FLWDQ D Pt¥ 3RU RWUD SDUWH QR PH VLHQWR WDPSRFR DWUDtGD SRU PLV SULPHUDV
UHODFLRQHVDPRURVDV6LPSOHPHQWHQRHVWR\LQWHUHVDGD
œ7HQJRVHWHQWD\WUHVDxRV¥YLYRVROD¥ \QRHFKRQDGDGHPHQRV/DFRPSD
xtD PDVFXOLQD HV XQ DEXUULPLHQWR 0H FDVp KDFH FLQFXHQWD DxRV 1R GHVHR FRQ
FHQWUDUPHHQHVWHFXHVWLRQDULRSHURORFRQWHVWDUtDVLWXYLHUDFXDUHQWDDxRVRDVt,Q
FOX\RHQHOVREUHGRVGyODUHV'HVHDUtDSRGHUHQYLDUPiV%XHQDVXHUWH
2WUDVPXMHUHVVHVHQWtDQLQWHUHVDGDVSRUHOVH[RSHURWHQtDQGLILFXOWDGHVSDUDHQ
FRQWUDUFRPSDxHURVGHVXDJUDGR
œ7HQJR FLQFXHQWD \ FXDWUR DxRV \ YLYR HQ XQ QXHYR HVWDGR \ QXHYD FLXGDG
DFDERGHPXGDUPH+DVWDDKRUDQRKHKDOODGRDQDGLHTXHPHLQWHUHVHVH[XDOPHQ
WH\DVHDKRPEUHRPXMHU3DUHFHTXHQRGHVSLGR¦RQGDV§VH[XDOHVDHVWDVDOWXUDV
(FKR GH PHQRV HO VH[R SHUR PLV DSHWLWRV WDPELpQ SDUHFHQ PX\ UHGXFLGRV WXYH
RSRUWXQLGDG GH GLVIUXWDU VH[XDOPHQWH FXDQGR YLVLWp D DOJXQDV DPLJDV D PL PDUFKD
SHURORFLHUWRHVTXHQRPHVHQWtQDGDLQWHUHVDGD0HPDVWXUER\HVWRSDUHFHVDWLVID
FHUPHSRUDKRUDSHURUHFLHQWHPHQWHPHFRPSUpXQYLEUDGRUTXHQRKDFHQDGDSRU
Pt0HVHQWtGHFHSFLRQDGD
œ7HQJR DKRUD FXDUHQWD \ FXDWUR DxRV \ KH UHDOL]DGR DOJXQRV YLDMHV DPRURVRV
VHQVDFLRQDOHV SHUR DO DYDQ]DU HQ HGDG HO VH[R KD FDPELDGR SDUD Pt D FDXVD GH
KDEHUOOHJDGRDOFHQLWVHOHFWLYR \GHODDFWXDOLQVLVWHQFLDGHOPXQGRHQFRQVLGHUDUDO
VH[R FRPR VtPEROR GH OD MXYHQWXG <R KDEtD SHQVDGR HQ TXH VL XQD SHUVRQD XQD
PXMHU VH PDQWHQtD GHVHDEOH H LQFOXVR DGPLUDEOH VX DWUDFWLYR VH[XDO WDPELpQ VH
PDQWHQGUtD FRPR DOJR HYLGHQWH GXUDQWH WRGD OD YLGD ™4Xp GHVLOXVLyQ &UHR TXH OD
UHYROXFLyQVH[XDOHVPDJQtILFDSHURHVWR\LPSDFLHQWHSRUTXHVHLQFOX\DDODVDEXH
ODV HQ OD UD]D GH ORV VHUHV VH[XDOPHQWH GHVHDEOHV (VWD HVXQDUD]yQSRUODFXDOKH
LQLFLDGR XQ SUR\HFWR FRQFHUWDGR FRQPLJR PLVPD KDFLD HO DXWRHURWLVPR PLHQWUDV
SXHGD&RQORTXHVpTXHVR\FDSD]GHKDFHU\ORTXHKD\GLVSRQLEOHSDUDPtHQHO
œPHUFDGRVH[XDOFUHRTXHSDUDWRGDVODVTXHKHPRVSDVDGRGHORVFXDUHQWDDxRV
HOLQYLHUQRYDDVHUODUJR\IUtR™0DOGLWDVHD
œ/DPHQRSDXVLDQRPHSDUHFHDOPHQRVDPtXQD¦H[SHULHQFLD§WRGDYtDWRPR
StOGRUDVDQWLFRQFHSWLYDVFRPRKRUPRQDV6pTXHPLFXHUSRHVPHQRVYLJRURVRTXH
WHQJRPHQRVHQHUJtDVTXHSDUH]FR¦YLHMD§\VXSRQJRTXHORVR\5HVXOWDGXURGDUVH
FXHQWDGHTXHXQDWLHQHFLQFXHQWD\FXDWURDxRVSHURQRKDJRQLQJ~QHVIXHU]RSDUD
RFXOWDUPLHGDGRDxRVGHH[SHULHQFLDVLPSOHPHQWHORV¦WHQJR§1RPHSDUHFHTXH
H[FLWRDORVKRPEUHVSXHGHTXHPiVDPXMHUHV˜"SHURWHPRDPDUDXQDSHUVRQD
TXH SXHGD VXIULU XQD HQIHUPHGDG ODUJD VHQLOLGDG HWF <D KH VXIULGR EDVWDQWH FRQ
HVR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&UHRTXHSRGUtDSURSRUFLRQDUGRVVHULHVGHUHVSXHVWDVDHVWDVSUHJXQWDVXQD
FRQUHVSHFWRDOSHUIHFWRPDWULPRQLR\RWUDUHIHUHQWHDODVUHODFLRQHVVH[XDOHVHQOD
YLXGHGDG3DUH]FRFDSD]GHLQWHUHVDUVRODPHQWHDKRPEUHVFDVDGRV\HVWRVLJQLILFD
VRVWHQHU UHODFLRQHV FODQGHVWLQDV 1R KH DOFDQ]DGR HO RUJDVPR FRQ QLQJXQR GH PLV
FRPSDxHURV DXQTXH Vt PDVWXUEiQGRPH &XDQWR PDV SURPLVFXD PH YXHOYR GHVGH
TXHPHTXHGpYLXGDWXYHYDULDVUHODFLRQHVGHFRUWD GXUDFLyQFUHRD~QPDVTXHGH
VHRORTXHWXYHGXUDQWHWDQWRVDxRVHODPRUODDWHQFLyQ\HODIHFWRGHXQVRORKRP
EUH6LQHPEDUJRODYLGDHVDJUDGDEOHHVSHFLDOPHQWHFRQORVKRPEUHV3HURPLHJR
VLHPSUH LQWHUILHUH FXDQGR VH WUDWD GH KRPEUHV FDVDGRV SRUTXH ™TXLHUR VHU OD ~QLFD
HVWUHOODGHODILHVWD
œ$ORVFLQFXHQWDDxRVGHHGDGQRKHOOHJDGRDEXVFDURHVSHUDUQLQJ~QLGHDO
&UHRTXHMX]JRSREUHPHQWHDORVKRPEUHV\DGHPiVGHVGHKDFHDxRVQLQJ~QKRP
EUH VH KD DFHUFDGR D Pt VHULDPHQWH %LHQ QLQJXQR TXH PH DJUDGDUD 'HVHR KDFHU
PXFKDVFRVDV\TXLHURFRQVHJXLUODVDQWHVGHTXHVHDGHPDVLDGRWDUGH/RVKRPEUHV
WHWRPDQPXFKRWLHPSRDOPHQRVORVKRPEUHVTXH\RHVFRMR(VWR\FDQVDGDGHD\X
GDUORV D DFDEDU VX GRFWRUDGR HVFULELU VXV OLEURV HQVHxDU D DPDU FULDU VXV KLMRV \
HQVHxDU D TXH GHMHQ D ODV PXMHUHV UHDOL]DUVH 1R SXHGR HPSUHQGHU XQD UHODFLyQ
KRPRVH[XDOQRWHQJRWHQGHQFLDKDFLDHOOR3XHGRSDVDUPHVLQHOVH[R\DKRUDPLV
PRQRGHVHRQLQJXQDFODVHGHUHODFLyQDQRVHUODGHODDPLVWDGTXHSDUDPtHVYL
WDO1HFHVLWRFKDUODUVXIULURJR]DUGHFLHUWDVUHDFFLRQHVSHQVDUUHtUREWHQHUDSR\R
PRUDO LQVSLUDU D RWURV FRPHUFLDU D\XGDU \ TXH PH D\XGHQ $KRUD PLV UHODFLRQHV
LGHDOHVVRQODVGHODDPLVWDGFRQPXMHUHVQRWDEOHVRFRQPXMHUHVTXHVHKDQUHDOL]D
GR FRPR WDOHV HQ WRGRV ORV WHUUHQRV $OJXQDV YHFHV WRGDYtD VLHQWR XQ EUHYH GHVHR
SRUXQKRPEUHSHURHQWRQFHVPHSUHJXQWR˜TXLpQ"¥pVWHQRDTXpOWDPSRFR3HUR
WRGDYtDHVSHURQRKDEHUPHDFRVWDGRFRQPL~OWLPDSHUVRQD
œ(VWR\VHJXUDGHTXHKHDPDGR1RHVWR\VHJXUDGHTXHIXHUDQUHODFLRQHVVD
OXGDEOHV SHUR QR FRQR]FR QLQJXQDTXHORVHD/DVSDUHMDVTXH\RFUHtDTXHVHOOH
YDEDQ PHMRU \ TXH SDUD Pt HUDQ H[FHOHQWHV DKRUD HVWiQ GLYRUFLDGDV 3HUR HVWR QR
WLHQHTXHYHUFRQHOWHVW˜YHUGDG"0HJXVWy PXFKRODPXMHUTXHHQ6H[XDO+RQHVW\
GLMRTXHDFDEDEDGHFRPSOHWDUVXWHUFHUPDWULPRQLRGHp[LWR
$OJXQDVPXMHUHVPD\RUHVWHQtDQDPDQWHV
3ULPHURDOJXQDVUHVSXHVWDV
œ(VWD HV OD SULPHUD RSRUWXQLGDG TXH WHQJR GH KDFHU VDEHU D DOJXLHQ FyPR KD
FDPELDGRPLYLGDHQORV~OWLPRVRFKRDxRV7HQJRXQDDPLJDPX\tQILPDTXHFRQR
FHDPLDPDQWHSHURDSDUWHGHHOODQDGLHORVDEHFRPRGHEHVHUHQEHQHILFLRWDQWR
GHVXHVSRVDFRPRGHPLPDULGR1RPHVLHQWRFXOSDEOHHQHVWHVHQWLGRSRUTXHFUHR
TXHFRPSUHQGRPiVDPLPDULGR\VXVQHFHVLGDGHVDSDUWLUGHPLHGDGPDGXUD
œ$KRUDWHQJRFLQFXHQWD\XQDxRV\FRQVHJXtPtSULPHURUJDVPRDORVFXDUHQ
WD\FXDWURDxRVGXUDQWHXQDVHVLyQGHDPRUFRQPLDPDQWH$SUR[LPDGDPHQWHDORV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VLHWHDxRVGHHGDGKLFHXQGpELOLQWHQWRGHPDVWXUEDUPHPRPHQWRHQHOTXHPHVRU
SUHQGLy PL PDGUH 5HFXHUGR TXH DFRQWLQXDFLyQPHVROWyXQODUJRVHUPyQDFHUFD
GHORLQVDQDVTXHHUDQWDOHVSUiFWLFDV$TXpOODIXHOD~OWLPDYH]TXHWUDWpGHPDVWXU
EDUPHKDVWDKDFHDKRUDVLHWHDxRV
œ+D\ PXFKRV KRPEUHV FRQ ORV FXDOHV FUHR TXH VHUtD PDJQtILFR VRVWHQHU UHOD
FLRQHVVH[XDOHVSHURKDVWDDKRUDVyORORKHKHFKRFRQPLPDULGR\FRQPLDPDQWH
&RQ PL PDULGR VLHPSUH KH KHFKR OR TXH PH KD SHGLGR SDUD TXH VH PDQWHQJD GH
KXPRU6LHPSUHKDVLGRPX\UiSLGRHQWHQHUHORUJDVPR\OXHJRVHGXHUPHGHMiQ
GRPHDPHQXGRFRQODVOiJULPDVHQORVRMRVHQPLVSULPHURVDxRVGHPDWULPRQLR
\ DKRUD HQ XQ HVWDGR GH H[FLWDFLyQ VH[XDO &RQ PL DPDQWH VLHPSUH KD KDELGR XQD
QHFHVLGDG PXWXD \MDPiVPHKDGHMDGRLQVDWLVIHFKD0LHVSRVRMDPiVWLHQHWLHPSR
SDUD Pt 6LQ HPEDUJR PL DPDQWH VLHPSUH SDUHFH SHQVDU SULPHUR HQ Pt 4XL]i SRU
HOORHVWDDYHQWXUDKDGXUDGRWDQWRVLHWHDxRV0LDPDQWHSDUHFHGLVIUXWDUHVSHUDQGR
HOWLHPSRQHFHVDULRSRUPX\ODUJRTXHVHDSDUDTXH\ROOHJXHDH[FLWDUPHGHELGD
PHQWH0LPDULGRVyORPHGHGLFDFLQFRRVHLVPLQXWRV
œ&UHRTXHPLPDULGRFXDQGRQRVFDVDPRVFDUHFtDGHXQDEXHQDLQIRUPDFLyQ
HQODPLVPDPHGLGDTXH\R\TXHQRVHKDPROHVWDGRORPiVPtQLPRHQDSUHQGHU
PiVFRVDV0LDPDQWHHVTXLHQPHKDHQVHxDGRDVHUXQDPXMHUVH[XDO\TXLHQPH
KD GHPRVWUDGR SHUIHFWDPHQWH TXH \R QR HUD XQD IpPLQD IUtJLGD $KRUD PH VLHQWR
FDSD]GHSHGLUOHFRVDVTXHPHHVWLPXOHQ\pOVLHPSUHPHUHVSRQGHDGHFXDGDPHQWH
7DPELpQpOPHSLGHFRVDVTXHOHJXVWDQ1RVVHQWLPRVWRWDOPHQWHOLEUHV\QRHVWR\
HQDEVROXWRDYHUJRQ]DGD'HKHFKRPHVLHQWRPX\RUJXOORVD
œ7HQJR FXDUHQWD\RFKRDxRV\MDPiVPHKHVHQWLGRWDQRSWLPLVWD\WDQOOHQD
GHHVSHUDQ]DV$~QQRJR]RVH[XDOPHQWHWRGRFXDQWRQHFHVLWRSHURFRQWUHVQXHYRV
DPDQWHVHQSHUVSHFWLYD\GRVTXHHQODDFWXDOLGDGKDFHQHODPRUFRQPLJRFUHRTXH
PHLUiELHQ0LYLGDVH[XDOKDGHMDGRPXFKRTXHGHVHDUSHURPLYLGDDPRURVD FDVL
VLHPSUH IXH ULFD \ SOHQD \ DKRUD PLVPR QR HV XQD H[FHSFLyQ (VWR\ FDVDGD GHVGH
KDFHRQFHDxRVSRUVHJXQGDYH]2GLRHVWDUFDVDGDSHURWUDWRGHTXHPLHVWDGRQR
DIHFWHSDUDQDGDDPLGLVSRVLFLyQ0LPDWULPRQLRIXHFRPSOHWDPHQWHQXORHQHOWH
UUHQR VH[XDO GXUDQWHFLQFRDxRV\PHGLRHOHFFLyQPtDGHELGRDLQFRPSDWLELOLGDG
VH[XDO 7XYH DSUR[LPDGDPHQWH XQDV GLH] DYHQWXUDV DPRURVDV $OJXQDV GXUDURQ XQ
DxR\RWUDVKDVWDFLQFR(OHIHFWRTXHKDQSURGXFLGRVREUHPLSHUVRQDOLGDGIXHHOGH
KDFHUPHFRPSOHWDPHQWHIHOL]VREUHWRGRHQORV~OWLPRVVLHWHDxRVRDVt/RFLHUWR
HV TXH HVWD LQILGHOLGDG PDWULPRQLDO KD VLGR SUHFLVDPHQWH OD FDXVD GH TXH PL PD
WULPRQLR GXUDVH WDQWR HQ EHQHILFLR GH QXHVWUR KLMR FRPR SRU FRPRGLGDG (O PDWUL
PRQLRSXHGHVHUPDJQtILFRSDUDDOJXQDVSHUVRQDVVLQHPEDUJRSDUDQRVRWURVSDUH
FHVHUPX\LPSRUWDQWHPDQWHQHUODVDSDULHQFLDV
œ&RPR KH GLFKR WHQJR FLQFXHQWD \ XQ DxRV \ KH HVWDGR FDVDGD FRQ XQ VROR
KRPEUHGXUDQWHWUHLQWD\WUHVDxRV7HQHPRVFXDWURKLMRVHQFDQWDGRUHVTXH\DHVWiQ
FDVDGRV\TXHQRVKDQGDGRQXHYHQLHWRV<RQRWHUPLQpPLSHUtRGRGHVHJXQGDHQ
VHxDQ]D KDVWD TXH QDFLy PL FXDUWR KLMR HQ DTXHOORV GtDV WHUPLQp PL ~OWLPRDxRGH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FODVH H LQJUHVp HQ OD XQLYHUVLGDG \ GHVGH HQWRQFHV PH KLFH SURIHVRUD 'XUDQWH ORV
~OWLPRV YHLQWH DxRV KH WUDEDMDGRHQXQDHVFXHODSDUDPLQXVYiOLGRV0LPDULGRWHU
PLQR VX VHJXQGD HQVHxDQ]D \ KD WUDEDMDGR HQ PXFKDV FRVDV GLIHUHQWHV (Q ORV GRV
~OWLPRVDxRVKDHVWDGRLQFDSDFLWDGRWUDVYDULRVDWDTXHVJUDYHV+DFHRFKRDxRVFR
QRFtDXQKRPEUHGHOTXHPHHQDPRUpSURIXQGDPHQWH(VGLH]DxRVPiVMRYHQTXH
\R 0DQWXYH ODV GLVWDQFLDV SRUTXH SHQVDED TXH HUD XQD HVWXSLGH] SRU PL SDUWH \
HVWDED VHJXUD GH TXH pO PH FRQVLGHUDED YLHMD eO KL]R HO SULPHU LQWHQWR GH DFHUFD
PLHQWR\\RSURFXUpDVHJXUDUPHGHTXHVXSLHUDTXHHVWDEDFDVDGD\ODHGDGTXH\R
WHQtD'HVGHHQWRQFHVVHFRQYLUWLyHQPLSURIHVRU\DPDQWH\WRGDYtDORHV7DPELpQ
HVWiFDVDGR\WLHQHFXDWURKLMRV(VEXHQRFRQVXHVSRVDHKLMRV\SRUQDGDGHOPXQ
GR VHUtD \R FDSD] GH GHVKDFHU HVWH PDWULPRQLR 0H VLHQWR VDWLVIHFKtVLPD FRQ WRGR
FXDQWR KH DSUHQGLGR GH pO TXH HO VH[R HV EXHQR \TXH\RVR\XQDPXMHUDWUDFWLYD
VH[XDO\GHVHDEOH6LGHVGHDKRUDPLVPRPHDVHJXUDVHQTXHQRYROYHUtDDVRVWHQHU
UHODFLRQHVVH[XDOHVFRQQDGLHQRPHLPSRUWDUtD\DTXHKHGLVIUXWDGRGHVLHWHDxRV
GHJR]RVH[XDOTXHQRSXHGHQROYLGDUVH\SRUTXHPHGLDQWHWDOHV UHODFLRQHVVXSHDO
ILQTXH\RHUDXQDDXWpQWLFDPXMHU)XLKLMD~QLFDFULDGDSRUXQDPDGUHPX\UtJLGD
TXH GXUDQWH VX YLGD VH KDEtD FDVDGR FXDWUR YHFHV 1XQFD FRQRFt D PL SDGUH VyOR
SDGUDVWURV/DDFWLWXGGHPLPDGUHKDFLDHOVH[RHVWR\VHJXUDGHHOOR IXHSDUWHGH
PLSUREOHPDFRPRDVLPLVPRORIXHHOKHFKRGHTXHPLPDULGRQRVHVLQWLHUDPX\
LQWHUHVDGRHQODSDUWHTXHDPtPHFRUUHVSRQGtDHQHODFWRVH[XDO$QWHVGHOPDWUL
PRQLRSRUVXSXHVWRKLFHPXFKDVPDQLWDVFRQPLQRYLRSHURVLHPSUHPHFRQWXYH
SRUTXHODV¦EXHQDVFKLFDV§QXQFDSDVDQGHHVWR'HVSXpVGHOPDWULPRQLRTXLVHSD
VDUPH WRGR OR SRVLEOH SHUR FRPR PL PDULGR HUD WDQ UiSLGR QR WUDQVFXUULy PXFKR
WLHPSRDQWHVGHTXHPHOLPLWDUDDVRSRUWDUHOVH[RSRUTXHpOORSHGtD(VGLItFLOH[
SOLFDUOHORTXHPLDPDQWHKDKHFKRSRUPtPHYLVWRGHIRUPDGLIHUHQWHSLHQVRGH
IRUPD WDPELpQ GLIHUHQWH \ DKRUD PH YHR PDV ELHQ FRPR SHUVRQD DWUDFWLYD FXDQGR
DQWHV VyOR PH FRQVLGHUDED FRPR PXMHU GH HGDG LQWHUPHGLD TXH SRFR D SRFR LED
HQYHMHFLHQGR
œ7HQJR FXDUHQWD \ WUHV DxRV +H HVWDGR FDVDGD GXUDQWH YHLQWLFLQFR GH HVRV
DxRV7HQJRXQDKLMDGHYHLQWLFLQFRVtPHFDVpSRUTXHDORVGLHFLVLHWHDxRVHVWDED
HPEDUD]DGD\GHVHVSHUDGD\WDPELpQWHQJRXQDKLMDGHYHLQWLWUpVDxRVDODTXHWR
GDYtD GHER PXFKR HQ FXDQWR VH UHILHUH D GHFLU YHUGDGHV 3HUWHQHFHPRV D OD FODVH
PHGLDEDMDRDODFODVHEDMDDOWDORTXHVHSUHILHUD&UHRTXHIXHXQDOiVWLPDFDVDU
PHWDQMRYHQ3RUHQWRQFHVHVWDEDPX\SRFRVHJXUDGHPtPLVPDKDVWDHOSXQWRGH
DFHSWDU ORV YDORUHV GH PL PDULGR FRPR OD ~QLFD PRUDOLGDG VH[XDO ¦FRUUHFWD§ /R
DFHSWp\DVtGXUDQWHYHLQWLFLQFRDxRVLQWHQWpYLYLUGHDFXHUGRFRQVXLGHDOGHDPRU
VH[XDO H[FOXVLYLVWD \ SRVHVLYR (VWR HUD WRWDOPHQWH FRQWUDULR D PL QDWXUDOH]D SXHV
DKRUDVpTXHFXDQWRPiVDPRPiVSXHGRDPDU6R\LQFDSD]GHODLQKLELFLyQVHOHFWL
YD/D~QLFDH[SHULHQFLDTXHDIHFWyGUiVWLFDPHQWHPLYLGDVH[XDOIXHFRQRFDVLyQGH
WRPDUXQDPDQWHWUDVYHLQWLFLQFRDxRVGHDEVROXWDILGHOLGDGPDULWDO<RHUDXQD¦HV
SRVDIUtJLGD§\PHKDEtDFRQYHUWLGRHQXQDGHHOODVFRPRUHVXOWDGRGHODQHFHVLGDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
GHILQJLURUJDVPRVSDUDSRGHUSUHVHUYDUHODPRU(VWRQRVHGHEtDDPLSHUVRQDODFWL
WXG KDFLD OD IXQFLyQ GHO VH[R VLQR PiV ELHQ D XQ I~WLO LQWHQWR GH VXERUGLQDU PLV
VHQWLPLHQWRV QDWXUDOHV D ORV FRQGLFLRQDPLHQWRV VRFLDOHV GH PLPDULGR(OUHVXOWDGR
ILQDO GH PLV HVIXHU]RV SRU GRPLQDU PL LPSXOVR VH[XDO ¦DQWLVRFLDO§ IXH UHSULPLU WR
WDOPHQWH WRGD SRVLELOLGDG GH UHVSXHVWD HVSRQWiQHD /D SULPHUD YH] TXH PH IXL FRQ
PLDPDQWHPHVHQWtDDWHUURUL]DGDGHQROOHJDUDVHQWLUQDGDFRQpO3HURIXHWDQSD
FLHQWH\KiELOTXHSXGHUHGHVFXEULUORTXHXQDYH]KDFtDWDQWRWLHPSRKDEtDFRQR
FLGR0LDPDQWHGHVSHUWyHQPtDTXHOORTXH\RKDEtDGHVSHUGLFLDGRWDQWRVDxRVWUD
WDQGRGHQHJDU0LDPDQWHHUDYHLQWHDxRVPiVMRYHQTXH\RSHUROHHVWR\\HVWDUp
VLHPSUHLQILQLWDPHQWHDJUDGHFLGD\ORPLVPRGHEHUtDVHQWLUPLPDULGR\DTXHDKRUD
pOGLVIUXWDFRQPLUHYLWDOL]DFLyQVH[XDO
$OJXQDVPXMHUHVPD\RUHVKDEtDQFRPHQ]DGRDUHODFLRQDUVHVH[XDOPHQWHFRQRWUDV
PXMHUHV
œ+HSDVDGRSRUPXFKDVH[SHULHQFLDVVH[XDOHVFRQKRPEUHV\ODVHQFRQWUpVD
WLVIDFWRULDV6LQHPEDUJRKDFHGLHFLRFKRDxRVWHQJRDKRUDVHVHQWD\VHLVFRQRFtD
6DUDK SRU OD TXH VHQWtD JUDQ DGPLUDFLyQ \ UHVSHWR &XDQGR HOOD GHFODUy TXH PH
DPDED \ SURFHGLy D GHPRVWUDUOR \D QR WXYH PiV QHFHVLGDG GH KRPEUHV 7HQJR OD
VHQVDFLyQGHTXHPLYLGDVH[XDOHVDKRUDWDQFRPSOHWDFRPRORHUDDQWHV1RKHVRV
WHQLGRUHODFLRQHVVH[XDOHVFRQRWUDVPXMHUHV3DUDPtHQHVWRVPRPHQWRVVHUtDLP
SRVLEOH&UHRTXHPLYLGDHVPiVFRPSOHWD\IHOL]TXH VLHVWXYLHVHIRUPDOPHQWHFD
VDGD /D QXHVWUD QR HV XQD UHODFLyQ ¦YDUyQKHPEUD§ VLQR XQ FRPSDUWLUOR WRGR FRQ
PXWXRUHVSHWR
(VWDUHVSXHVWDIXHILUPDGD SRUXQDPXMHUTXHHYLGHQWHPHQWHWHQtDPX\SRFRV
WHPRUHVHQODYLGD
2WUDVPXMHUHVGLVIUXWDURQGHOVH[RFRQKRPEUHVPiVMyYHQHVTXHHOODV
œ&UHRTXHHOVH[RHVPXFKRPHMRUDKRUDDPLVFXDUHQWD\WDQWRVDxRVTXHDQ
WHV0HVLHQWRHQODIORUGHODYLGD\HQPLSOHQLWXG1XQFDPHKDEtDVHQWLGRPHMRU
RWHQLGRPHMRUDVSHFWR0HVLHQWRELHQFRQPLJRPLVPD¥PL FXHUSR\PLPHQWH¥
+H KDOODGR D XQ KRPEUH TXH HV GRFH DxRV PiV MRYHQ TXH \R \ QXHVWUDV UHODFLRQHV
VRQDEVROXWDPHQWHVDWLVIDFWRULDV6LQGXGDDOJXQDOOHJDUiHOPRPHQWRHQTXHHVWRKD
GHWHUPLQDU\FUHRTXHDPERVORVDEUHPRVDWLHPSRSHUR\RFUHRUHDOPHQWHTXHHQ
WRQFHVVHLQLFLDUiXQDQXHYDIDVHHQPLYLGD0HJXVWDUtDTXHWRGDVODVPXMHUHVHQ
FRQWUDUDQORTXH\RKHHQFRQWUDGR
œ'RV VHPDQDV GHVSXpV GH GLYRUFLDUPH WXYH XQD PDUDYLOORVD H[SHULHQFLD 8Q
KRPEUHYHLQWHDxRVPiVMRYHQTXH\RPHSLGLyXQDFLWDSDUDHOGtDVLJXLHQWH$PERV
VDEtDPRVTXHPX\SUREDEOHPHQWHVyORVHWUDWDUtDGHODDYHQWXUDGHXQGtD\TXHQR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
YROYHUtDPRV D YHPRV GH QXHYR DSDUWH TXH QR WHQtDPRV SUiFWLFDPHQWH QDGD HQ FR
P~QH[FHSWRTXHORVGRVHVWiEDPRVPX\FDOLHQWHV7XYHWLHPSRSDUDSHQVDUOR\QR
PHODQFpDSUHVXUDGDPHQWHKDFLDQDGDQRHVWDEDHQDPRUDGD\QRWHQtDREOLJDFLRQHV
FRQQDGLHQLKDFLDpOQLKDFLDQLQJXQDRWUDSHUVRQDSRUSULPHUDYH]HQPLYLGDPH
VHQWtDOLEUHGHWRPDUXQDGHFLVLyQVREUHPLYLGDVH[XDOVLQSUHRFXSDUPHSRUODVFRQ
VHFXHQFLDV3DVDPRVXQDWDUGHPDUDYLOORVDKDFLHQGRODVFRVDVTXHDORVGRVQRVJXV
WDEDQ KDVWD VHQWLUQRV FRPSOHWDPHQWH IHOLFHV \ VDWLVIHFKRV (UD XQ PDUDYLOORVR LQ
WHUORFXWRU\DVLPLVPRHUDODSULPHUDSHUVRQDDODTXH\RKDEODEDVREUHRWUDVPXMH
UHV7DPELpQIXHODSULPHUDYH]TXHVXSHTXHRWUDVPXMHUHVQRSRGtDQOOHJDUDORU
JDVPRVLQPDQLSXODUHOFOtWRULVFRPR\R7XYHPiVWDUGHPXFKDVRWUDVH[SHULHQFLDV
WDPELpQPDUDYLOORVDVDOJXQDVGHHOODVVH[XDOPHQWHVXSHULRUHVGHELGRDORVDxRVGH
H[SHULHQFLDGHWHUQXUD\GHDPRUTXHVLHQWRSRUPLFRPSDxHURSHURDTXHOODVHGHV
WDFDGHELGRDPXFKDVUD]RQHV8QDGHHOODVHVTXHODHGDGQRHVWDEOHFHQLQJXQDGLIH
UHQFLD GH WLSR VH[XDO (O KHFKRGHKDEHUVLGRDWUDFWLYDSDUDDTXHOKRPEUHIXHDOJR
TXHPHKDODJySURIXQGDPHQWHVREUHWRGRGHVSXpVGHPLUHFLHQWHGLYRUFLR2WURGH
ORV IDFWRUHV IXHURQ DTXHOODV YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ VDELHQGR TXH SRGtD
FDPELDUGHLGHDVL\RTXHUtD
6LQHPEDUJREDVWDQWHVPXMHUHVVHVLQWLHURQGHFHSFLRQDGDV\GRORULGDVSRUVXVH[
SHULHQFLDVVH[XDOHV
/DVWUHVPXMHUHVVLJXLHQWHVVHH[SOLFDURQFRQH[WHQVLyQ
œ(O VH[R QR HV FRVD LPSRUWDQWH SDUD Pt 7HQJR FLQFXHQWD \ RFKR DxRV HVWR\
FDVDGD FRQHOPLVPRKRPEUH\KHVLGRILHOGXUDQWHWUHLQWD\FLQFRDxRV0RQWRQHV
GHGLItFLOHVDxRVKHPRVFULDGR\HGXFDGRDGRVKLMRV¥XQGHQWLVWD\XQDERJDGR¥
TXHQRVKDQGDGRFXDWURHQFDQWDGRUHVQLHWRV+DFHFLQFRDxRVPLPDULGRFRPHQ]y
DEHEHUFDGDQRFKH\DGDPHSDOL]DV-DPiVRtGHVXVODELRVXQDVRODSDODEUDGHDOD
EDQ]DDQRVHUHQHOPRPHQWRGHOFRLWR\QRKDJRPiVTXHSUHJXQWDUPHFRPRGLD
EORVSRGtDDJUDGDUPHWDOFRVDFXDQGRHVWR\WDQSREUHHQFXDOTXLHURWURDVSHFWR
œ6yOR WHQJR RUJDVPRV GH YH] HQ FXDQGR HQ VXHxRV FRQ SHUVRQDV H[WUDxDV
3DUDPtVRQPX\LPSRUWDQWHVORVEHVRVHQODQXFDDILQGHORJUDUHORUJDVPR6HOR
KHGLFKRDPLPDULGRGXUDQWHDxRVSHURMDPiVORKDFH1RPHJXVWDDOVH[RRUDOR
UHFWDOSHURDPERVPHKDQVLGRLPSXHVWRV3XHGRVHQWLUPHWLHUQDFRQHOFRLWRYDJL
QDO \ FXDQGR pO PHQFLRQD HO RUDO R HO UHFWDO OR DFHSWR SHUR HO HQFDQWRGHVDSDUHFH
HVSHURTXHVHGLYLHUWDKDEODQGRGHWDOHVFRVDV
œ+HLQWHQWDGRPDVWXUEDUPHSHURQRKHFRQVHJXLGRQDGD
œ(QORVSULPHURVDxRVLQLFLpODUHODFLyQVH[XDOYDULDVYHFHVSHURQXQFDOOHJD
URQDQLQJXQDSDUWHKDGHVHULGHDVX\D(OVH[RWLHQHSRVLELOLGDGHVGHVHUDJUDGDEOH
FXDQGRHVWDPRV¦DPLJRV§FRQHOFRPSDxHURVRVSHFKRTXHXVWHGGLUiTXHPHVLHQWR
PX\ DPDUJDGD +DFH GRV DxRV DFXGt D OD FRQVXOWD GH XQ FRQVHMHUR PDWULPRQLDO ¥
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
VR\ LQPDGXUD¥ PL PDULGR RGLD D WRGDVODVPXMHUHVFRPHQ]DQGRSRUVXPDGUH¥
PHHQYtDURVDV¥PHFRPSUDUHJDORV\PHGLFHFXDQHVW~SLGDVR\
œ6tILQMRRUJDVPRV¥FDVLFDGDYH]¥ORFXDOTXLHUHGHFLUFDVLFDGDQRFKHHQ
RFDVLRQHVGRVYHFHV
œ$KRUDPHVLHQWRPX\SUHRFXSDGDSRUTXHTXLHUHYHQGHUQXHVWUDFDVDWUHLQWD\
GRVDxRV\PXGDUQRVDXQDSHTXHxDFLXGDGPHHQWUHJyHVWHFXHVWLRQDULR\GLMRTXH
DTXtSRGUtDHQWHUDUPHELHQSRUTXpPHVLHQWRWDQQHUYLRVD1RPHVLHQWRHQDEVROXWR
FRQ JDQDV GH UHOOHQDU HVWH FXHVWLRQDULR SHUR Vt DQKHOR XQDV FXDQWDV SDODEUDV DPD
EOHV
œ0LYLGDVH[XDODFWXDOHVFHUR<KDVLGRFHURGXUDQWHYHLQWL~QDxRV(VGHFLU
PHKHPDQWHQLGRFpOLEHGXUDQWHYHLQWL~QDxRV$KRUDWHQJRVHVHQWD\GRV\KHHVWD
GR FDVDGD YHLQWLFLQFR DxRV PL DFWXDO PDWULPRQLR (VWR\ FDVDGD FRQ HO WtSLFR PD
FKR JURVHUR HJRtVWD LQVHQVLEOH WDPELpQ DOFRKyOLFR SHUR VLJR DTXt SRUTXH HVWR\
HQYHMHFLHQGR FDUH]FR GH SURIHVLyQ SDUD JDQDUPH OD YLGD \ DGHPiV SDGH]FR SUR
EOHPDVFDUGtDFRV
/DPDVWXUEDFLyQKDVLGRLPSRUWDQWHSDUDPtSRUTXHQRSXHGREXVFDUHOVH[R
IXHUDGHOPDWULPRQLRDXQHVWDQGRpVWHWDQSRGULGR$VtSXHVODPDVWXUEDFLyQHVXQ
DOLYLRSHURQRODSUDFWLFRLQWHQVDPHQWHDFDXVDGHFLHUWRVWDE~HVUHOLJLRVRV\IDPL
OLDUHVTXHFROHDQGHVGHODLQIDQFLD0HVLHQWRFXOSDEOH6LQHPEDUJRGHVGH HOPR
YLPLHQWRIHPLQLVWDFRQVXFRQVLJXLHQWHOLWHUDWXUDPLVSXQWRVGHYLVWDVHHVWiQPRGL
ILFDQGRPXFKR*R]RGHODPDVWXUEDFLyQPLHQWUDVODUHDOL]RSHURGHVSXpVPHVLHQ
WRFXOSDEOH\HQWRQFHVWUDWRGHUDFLRQDOL]DU6XHOHVXFHGHUGXUDQWHHOVXHxR7HQJR
XQ VXHxRGHOTXHGHVSLHUWRVH[XDOPHQWHH[FLWDGD([WLHQGRPLVSLHUQDV\PDQLSXOR
PLFOtWRULVRDFDULFLRPL]RQDYDJLQDOKDVWDORJUDUHORUJDVPR
&RQPLPDULGRVyORDOJXQDVYHFHVKHWHQLGRRUJDVPRVeOVLHPSUHHVWXYRPiV
LQWHUHVDGRSRUVXVQHFHVLGDGHVTXHSRUODVPtDV3RURWUDSDUWHMDPiVQDGLHVHPR
OHVWyHQSURSRUFLRQDUPHLQIRUPDFLyQGHFDUiFWHUVH[XDO™&LHORV˜4XLpQVHDWUHYtDD
SUHJXQWDUFRVDVDORVSDGUHV\PDHVWURV"/DSULPHUDYH]TXHUHDOLFpHOFRLWRQRWHQtD
ODPHQRULGHDGHORTXHGHEtDHVSHUDU\PLPDULGRHUDXQFHUGRJURVHUR'LMR¦9HD
ODYDUWH§ 1LQJXQD VHQVLELOLGDG QDGD GH QDGD <R HUD XQ REMHWR XQD FRQYHQLHQFLD
3HURPHFDVpFRQpOSRUHVFDSDUGHFDVDDVtTXHKLFHORTXHSXGH'HWRGRVPRGRV
HO URPDQFH HV UHDOPHQWH XQ FKLVWH QR HV PiV TXH XQD OLVWD GH PHUFDQFtDV TXH QRV
YHQGHQORVSDGUHVHOPHGLR\ORVIDEULFDQWHVGHSURGXFWRV'HVGHHOHPEDUD]RKDVWD
ODWXPEDVHQRVODYDHOFHUHEURFRQODSDODEUD5RPDQFH
&RPR GXUDQWH WRGRV HVWRV DxRV KH VLGR DVH[XDO \ VHJXLUp VLpQGROR PH KH
DGDSWDGRDODVLWXDFLyQ0HSURSRUFLRQDVHQVDFLyQGHOLEHUWDGQRWHQJRTXHSDUWLFL
SDUHQMXHJRVHVW~SLGRVRXWLOL]DUHOVH[RSDUDQHJRFLDURSDUDPDQLSXODUFRPRKLFH
HQHOSDVDGR/DPHQWRQRVHUXQDGHODVPXMHUHVMyYHQHVGHKR\GtD+R\VRQGXHxDV
GHVtPLVPDVVRQOLEUHVGHHOHJLUXQDXRWUDFDUUHUDGHYLYLUVXYLGD\GHVHULQGH
SHQGLHQWHV0XFKDVPXMHUHVPD\RUHVFRPR\RVyORKDQFRQRFLGRHOPDWULPRQLR\OD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
IDPLOLD VX SURSLD YLGD VLHPSUH TXHGy VXPHUJLGD HQ HO VHUYLFLR D ORV GHPiV 6RQ
SHUGHGRUDV™3UHJ~QWDVHORDHOODV
0LV VHQWLPLHQWRV R VHQVDFLRQHV VH[XDOHV VH KDQ UHSULPLGR VLPSOHPHQWH SRU
FXOSD GH OD VLWXDFLyQ \ QR D FDXVD GH PL HGDG 6L XQDWLHQHXQDPDQWHFRPSDxHUR
˜SRUTXpKDQGHGLVPLQXLUORVVHQWLPLHQWRV"/DHGDGQRGHEHUtDVHUODFDXVDH[FHSWR
VLHOFRPSDxHURHVWiHQIHUPRSRUHMHPSOR0HVRPHWtDXQDKLVWHUHFWRPtDUDGLFDO\
D~QH[SHULPHQWRVHQVDFLRQHVVH[XDOHV3HURGDGRTXHQRWHQJRFRQWDFWRUHDOFRQPL
FRPSDxHURQRSXHGRKDEODUVREUHHODVSHFWRItVLFR/DKLVWHUHFWRPtDPHGHMy SUR
IXQGDPHQWH GHSULPLGD KDFH FLQFR PHVHV \ HQ OD DFWXDOLGDG HVWR\ VXMHWD D WHUDSLD
GHELGRDDTXHOSUREOHPD\SRUVXSXHVWRHODSR\RRD\XGDHQHOKRJDUQRHV\DWDQ
EXHQRFRPRDQWHVGHPDQHUDTXHPHDOHJURGHHVWDUVRPHWLGDDWHUDSLD
+HFRQWHVWDGRDHVWRSRUVLDOJXQDRWUDPXMHUSXHGHLGHQWLILFDUVHFRQPLJR\
GHVFXEULUTXHQRHVWiVROD™RMDOi9LYRHQXQSXHEORSXULWDQRGHOVXUHQGRQGHODV
PXMHUHVKDFHQSRFDVFRVDV\ORVKRPEUHVOHVSUHVWDQHVFDVDDWHQFLyQ(QHVWHOXJDU
UHLQD XQD LJQRUDQFLD LQFUHtEOH DXQTXH XQ JUXSLWR GH QRVRWUDV WUDWDPRV GH FDPELDU
HVWDVLWXDFLyQ7HGHVHRVXHUWH
œ$KRUDWHQJRFLQFXHQWD\VHLVDxRVODPD\RUSDUWHGHOWLHPSRKHVLGRDPDGH
FDVD1XQFDWUDEDMpFXDQGRORVQLxRVHUDQSHTXHxRV(QUHDOLGDGQXQFDKDEtDWUDED
MDGR \QRWHQtDFRQILDQ]DHQPtPLVPD0LPDULGRVROtDKDEODUPH\GDUPHODLPSUH
VLyQGHTXH\RQXQFDSRGUtDKDFHUQDGDHQIRUPDDOJXQDTXHODJHQWHHVWXYLHUDGLV
SXHVWD D SDJDU $KRUDVpTXHDPERVWHQHPRVXQDPRQXPHQWDOIDOWDGHSURSLDHVWL
PDFLyQ 1RV DXWRYDORUiEDPRV HQ GHPDVtD R QRV VXEYDORUiEDPRV ODPHQWDEOHPHQWH
$KRUDHVWLPRPLSHUVRQDPHMRUTXHDQWHVSHURPLPDULGRWRGDYtDVHUHVLVWHDFUHHU
TXHSXHGDH[LVWLUWDOFRVDRWDOSRVWXUD(QYDULRVSHULRGRVGHWLHPSRFXLGpQLxRVIXL
GHSHQGLHQWD UHFHSFLRQLVWD HPSOHDGD GH XQRV DUFKLYRV \ ™~OWLPDPHQWH KH FREUDGR
XQVXHOGRSRUGHFRUDULQWHULRUHV7HQJRHVWXGLRVVXSHULRUHV
<RHUDYLUJHQFXDQGRPHFDVpDORVYHLQWHDxRV\HVWDEDDFRPSOHMDGD+LFHOR
TXH SHQVDED TXH VH HVSHUDED GH Pt 1XQFD PLUp D RWUR KRPEUH TXLHUR GHFLU TXH
DSDUWDEDODYLVWD1RVDEtDORTXHHUDXQRUJDVPR7DPELpQDKRUDVpTXHPLPDULGR
MDPiVVXSRORTXHHVWDEDKDFLHQGR6yORVpTXHHQFRQMXQWRWRGRIXHPX\GHFHS
FLRQDQWH0HHQFDQWDEDQORVSUHOLPLQDUHV\SDUDVHUVLQFHUDODVHQVDFLyQGHSRGHU
TXH\RWHQtDVREUHpO3RGtDHQFHQGHUORHQXQPLQXWRFRPRVLKLFLHUDIXQFLRQDUXQ
LQWHUUXSWRUGHODOX]
œ$FXGtGRVYHFHVDXQFRQVHMHURIDPLOLDUSRUTXHPHVHQWtDLQIHOL]\GHVHVSHUD
GD0HD\XGyDKRUDVpTXHSXHGRKDFHUIUHQWHDODVLWXDFLyQ 9DORURPLPDWULPRQLR
SRUVtPLVPR<DQRHVWR\¦HQDPRUDGD§GHPLPDULGRSHURpOHVEXHQRFRQPLJR\
ORV GRV QRV QHFHVLWDPRV PXWXDPHQWH &RPSDUWLPRV PXFKRV LQWHUHVHV \ FUHR TXH
DXQTXHPHDJUDGDUtDLQWHQWDUYLYLUVRODFRQWRGDODOLEHUWDGTXHWDOSRVWXUDPHSUR
SRUFLRQDUtDQRHVWR\VHJXUDGHVHUORVXILFLHQWHPHQWHYDOLHQWHSDUDHQIUHQWDUPHDOD
VLWXDFLyQ\DTXHGHSHQGRWRWDOPHQWHGHPLPDULGRHQHOWHUUHQRHFRQyPLFR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
3HURDOJXQDVPXMHUHVHVWDEDQYLYLHQGRQXHYDVH[SHULHQFLDV
6KHUH+LWH
œ/OHYRWUHLQWD\VHLVDxRVMXQWRDOPLVPRKRPEUH1XQFDWXYHH[SHULHQFLDVH[
WUDPDULWDOHV 1R DSUXHERHOKHFKRGHTXHPLFRPSDxHURR\RQRVFRPSRUWHPRVGH
WDOPDQHUDSRUTXHHVWDPRVIHOL]PHQWHFDVDGRV\HOVH[RQRHVXQDEDUUHUDSDUDQLQ
JXQR GH ORV GRV (Q FXDQWR D Pt FRQFLHUQH OD HGDG WHQJR DKRUD FLQFXHQWD \ RFKR
DxRVSXHGRDVHJXUDUTXHVRODPHQWHPHMRUDDODVSHFWRVH[XDOEDMRFLHUWDVFRQGLFLR
QHV FRPR PH RFXUUH D Pt DIRUWXQDGDPHQWH D HVWDV DOWXUDV PL PDULGR \ \R QRV
KHPRVUHWLUDGRGHOWUDEDMRHQMXQLRGHOSDVDGRDxR\GHELGR DODFRPSOHWDOLEHUWDG
PHQWDO\DFDXVDGHGLVSRQHUGHPXFKRWLHPSROLEUHSDUDGHVFDQVDUKHPRVGHVFX
ELHUWR TXH HO VH[R KD PHMRUDGR HQ XQ FLHQ SRU FLHQ SRUTXH DKRUD \D QR KD\ QLxRV
SRU OD FDVD WDPSRFR SDULHQWHV \ WRGR HO WLHPSR HV QXHVWUR 5HDOL]DPRV HO FRLWR
FXDQGR TXHUHPRV PXFKDV YHFHV GXUDQWH HO GtD \ OD QRFKH \ GH OD IRUPD TXH PiV
QRVDJUDGDDQGDPRVGHVQXGRVSRUWRGDODFDVDKDFHPRVHMHUFLFLR\WRPDPRVEDxRV
GH VRO WRGR OR FXDO KDFHTXHDSUHFLHPRVPXFKRPiVDQXHVWURVFXHUSRV'LFKRHQ
RWUDV SDODEUDV GLVIUXWDPRV GH ¦OLEHUWDG VH[XDO§ \ QRV FRQVLGHUDPRV OLEUHV GH ODV
YLHMDVEDUUHUDVEDVDGDVHQWDE~HVVH[XDOHV7HQJRFLQFXHQWD\RFKRDxRV\PLPDUL
GRFLQFXHQWD\VLHWHKHPRVWHQLGRGRVKLMRVYDURQHVHQQXHVWURVWUHLQWD\VLHWHDxRV
GH PDWULPRQLR $KRUD \R OOHJR DQWHV TXH pO \ pO GHVSXpV SRUTXH pO SLHQVD TXH OD
SDVLyQ VH RULJLQD HQ OD KHPEUD 6LHPSUH PH DPD GXUDQWH KRUDV \ PH HVWLPXOD HQ
FLHQIRUPDVGLIHUHQWHVTXHGiQGRVHpOHQVHJXQGRSODQR0DVWHUV\-RKQVRQPHSD
UHFLHURQ FRUUHFWRV SHUR PL PDULGR \ \R SRGtDPRV KDEHU HVFULWRHOOLEUR™HOORVVRQ
DPDWHXUV
œ6tKHJR]DGRGHRUJDVPRVSHURHQPL\DODUJDYLGDKDQVLGRGHPDVLDGRSR
FRV$KRUDV~ELWDPHQWHYXHOYRDGLVIUXWDUGHOVH[R(VGHFLUPDVWXUEiQGRPHFRVD
TXHKDJRFDVLFDGDQRFKH$OJXQDVYHFHVGXUDQWHHOGtD'HVGHTXHFRPHQFpDPDV
WXUEDUPH YROXQWDULDPHQWH \ FRQ IXHU]D VLQ MXJXHWHRV GHER FRQIHVDU TXH PH KDFH
HQWHUDPHQWHIHOL]DXQTXHHQUHDOLGDGPHVLHQWRIHOL]FDVLWRGRHOWLHPSR7HQJROD
LPSUHVLyQGHTXHPHOLEHUDRDOPHQRVPHOLEHUDPiV6XHORVHUXQDSHUVRQDHQRU
PHPHQWHWtPLGD\KDVWDSXHGRDYHFHVPRVWUDUPHVXPDPHQWHUtJLGD\GHVDJUDGDEOH
$KRUDFUHRTXHPHPXHVWURPiVVRFLDEOH\FRQPHMRUFDUiFWHU(OVH[RVLQHORUJDV
PR PH SRQtD H[WUHPDGDPHQWH QHUYLRVD \ PROHVWD &UHt TXH HUD FXOSD PtD &XDQWR
PiV WUDWDED GH ORJUDUOR PHQRV OR FRQVHJXtD &RQ PLV GRV DQWHULRUHV PDULGRV VR
ODPHQWHUHDOLFpHOFRLWRYDJLQDO0HDJUDGDEDPHH[FLWDEDSHURHVRHUDWRGR
œ8QDYH]FRPHQFpDXVDUXQYLEUDGRU7XYHODVHQVDFLyQGHTXHPHLED DSDUWLU
HQGRV(OGRORUTXHVHQWtIXHPDUDYLOORVR6LHPSUHFUHtTXHPRULUVHUtDDOJRSRUHO
HVWLOR&RPRVDOLUODQ]DGDDOHVSDFLRH[WHULRU7XYHXQLQWHQVRRUJDVPR\VHQWtFRPR
VLYRODUDVREUHODPRQWDxDPiVDOWDGHOPXQGR+DFHGRVRWUHVVHPDQDVQLVLTXLHUD
SHQVDED HQ PDVWXUEDUPH $KRUD GHVGH TXH FRPHQFp D HQWHQGHU HO IHPLQLVPR PH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HQFDQWD KDFHUOR 'HVJUDFLDGDPHQWH QHFHVLWR GHPDVLDGDV KRUDV ¥GHVGH WUHV D VHLV
KRUDV¥ VLORKDJRDPDQR
œ'XUDQWH PL YLGD \ VLQ QLQJXQD UD]yQ VLHPSUH PH HQDPRUp SURIXQGDPHQWH
0HHQDPRUpPiVGHXQDYH]0HSDUHFHTXH\RHUDXQDSHUVRQDHPRFLRQDOPHQWHLQ
PDGXUDGHVHDQGRSHUGHUPH1RFUHRTXHHQODDFWXDOLGDGSXGLHVHVHQWLUORPLVPR
1R PH JXVWD GHFLU TXH PH VLHQWR VXSHULRU DO KRPEUH SHUR QR HQFXHQWUR XQD H[
SUHVLyQ TXH VHD PDV DGHFXDGD 0LV UHODFLRQHV FRQ ORV KRPEUHV VLHPSUH IXHURQ GH
WLSR XQLODWHUDO VyOR PDWHULDOHV \ PHFiQLFDV )XL H[WUHPDGDPHQWH IHOL] FXDQGR PLV
KLMRVHUDQEHEpV$QVLDEDWHQHUDOPHQRVGRFHSHURFXDQGRQDFLyHOVH[WRQRWXYH
PiVUHPHGLRTXHSDUDU
œ$KRUD VRVWHQJR UHODFLRQHV PX\ SURIXQGDV FRQ PL SURIHVRU GH P~VLFD 0H
D\XGDPXFKtVLPRHQPLWpFQLFD\H[SUHVLyQ3HURQRPHH[FLWDVH[XDOPHQWH1LQJ~Q
KRPEUHKL]RHVWRGHVGHKDFHGLH]DxRV6LDXQKRPEUHOHDJUDGDUDMXJDUFRQPLJR\
H[FLWDUPHVH[XDOPHQWHKDVWDTXH\RORJUDUDHORUJDVPRTXL]i\RDFHSWDUD6LQHP
EDUJRHVWRQRPHSDUHFHSRVLEOHQL\RORVROLFLWDUtD
œ$KRUDPHJXVWDPXFKtVLPRKDEODUVREUHHOVH[R\DSUHQGHUPiVFRVDVVREUH
WDOWHPD0HJXVWDQPXFKRHVWDVSUHJXQWDV$OUHOOHQDUHVWHFXHVWLRQDULRPHHQWUDQ
GHVHRVGHFRQRFHUODSHUVRQDOPHQWH\FRQWLQXDUFRQQXHVWUDVSUHJXQWDV\UHVSXHVWDV
VREUHWRGRDKRUDTXHFRQWHPSORDOVH[RGHVGHXQiQJXOR\HVWR\GLIHUHQWH'XUDQWH
PXFKRVDxRVHVWXYHFRQYHQFLGDGHTXHODVPXMHUHVKDQGHGHVHPSHxDUXQQXHYRH
LPSRUWDQWtVLPRSDSHOQRSDUDGHVWUXLUDORVKRPEUHVVLQRSDUDPHMRUDUHVWHPXQGR
0HSDUHFHTXHHOIHPLQLVPRHVXQSR]RVLQIRQGRSDUDGHVFXEULULQFUHtEOHVWHVRURV
GHORVTXHQLQJXQDGHQRVRWUDVVRPRVFRQVFLHQWHV(VUHDOPHQWHSDUDHVDWDUHDTXH
HVWR\YLYLHQGR\OXFKDQGR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
+DFLDXQDQXHYDVH[XDOLGDGIHPHQLQD
5('(),1,5(/6(;2
1XHVWUDGHILQLFLyQGHOVH[RSHUWHQHFHDXQDYLVLyQGHOPXQGRTXH\DKDSDVDGR
¥RTXHHVWiSDVDQGR/DVH[XDOLGDG\ODVUHODFLRQHVVH[XDOHV\DQRGHILQHQHOLP
SRUWDQWH GHUHFKR GHSURSLHGDGFRPRXQDYH]ORKLFLHURQORVKLMRVWDPSRFRVRQ\D
SXQWRFHQWUDOSDUDHOSRGHUELHQVHDGHO(VWDGRRGHOLQGLYLGXR$XQTXHWRGDVQXHV
WUDVLQVWLWXFLRQHVVRFLDOHVVHKDOODQD~QWRWDOPHQWHEDVDGDVVREUHIRUPDVSDWULDUFDOHV
\ MHUiUTXLFDV HO SDWULDUFDGR FRPR IRUPD HVWi UHDOPHQWH PXHUWR FRPR OR HVWi OD
VH[XDOLGDGTXHORGHILQLy1RVKDOODPRVHQXQSHUtRGRGHWUDQVLFLyQDXQTXHWRGDYtD
DSDUHFHSRFRFODURHOFDPLQRKDFLDORTXHSXHGDVHU1RVHQIUHQWDPRVFRQHOGHVDItR
GHSUR\HFWDUXQDVRFLHGDGPiVKXPDQDXQDVRFLHGDGTXHDSURYHFKHORPHMRUGHORV
YLHMRVYDORUHVFRPRSRUHMHPSORODDPDELOLGDG\ODFRPSUHQVLyQODFRODERUDFLyQ
ODLJXDOGDG\ODMXVWLFLDDWUDYpVGHWRGDV ODVFDSDVVRFLDOHVGHODYLGDS~EOLFD\SUL
YDGDXQDPHWDPRUIRVLVKDFLDXQDVRFLHGDGPiVSHUVRQDOPiVKXPDQL]DGD
(VSHFtILFDPHQWHHQODVUHODFLRQHVVH[XDOHV¥TXHTXL]iGHEHUtDPRVFRPHQ]DU
DOODPDUVLPSOHPHQWHUHODFLRQHVItVLFDV¥ SRGHPRVGHQXHYRYROYHUDDEULUPXFKDV
RSFLRQHV7RGDVODVFODVHVGHLQWLPLGDG ItVLFDTXHVHFDQDOL]DURQHQQXHVWUDPHFiQL
FD\~QLFDGHILQLFLyQGHOVH[RSXHGHQDKRUDYROYHUDSHUFLELUVH\YROYHUDGLIXQGLUVH
HQQXHVWUDVYLGDVLQFOX\HQGRODVIRUPDVVLPSOHVGHWRFDUVH\GHOFiOLGRFRQWDFWRGHO
FXHUSR 1R HV QHFHVDULD XQD QHWD GLVWLQFLyQ HQWUH ODV FDULFLDV GH WLSR VH[XDO \ OD
DPLVWDG $Vt FRPR ODV PXMHUHV GHVFULEHQ OD œH[FLWDFLyQ FRPR XQR GH ORV PHMRUHV
IDFWRUHV GHO VH[R \ OD LQWLPLGDG R SUR[LPLGDG FRPR HO PiV DJUDGDEOH DVSHFWR GHO
FRLWRDVtODLQWHQVDLQWLPLGDGItVLFDSXHGHVHUXQD GHODVDFWLYLGDGHVPiVVDWLVIDFWR
ULDVSRVLEOHVHQVtPLVPDV\SRUVtPLVPDV
$XQTXHWHQGHPRVDSHQVDUHQHOVH[RFRPRHQXQPRGHOR\DHVWDEOHFLGRFRPRXQ
JUXSRGHDFWLYLGDGHVHQHVHQFLDDFWLYLGDGUHSURGXFWRUDQRKD\QHFHVLGDGGHOLPL
WDUQRV HQ HVWD PDQHUD 1R KD\ UD]yQ SDUD TXH OD LQWLPLGDG ItVLFD FRQ ORVKRPEUHV
SRUHMHPSORGHEDFRQVLVWLUHQXQRVœSUHOLPLQDUHVVHJXLGRVGHOFRLWR\GHORUJDVPR
PDVFXOLQR\QRKD\UD]yQSRUODFXDOHOFRLWRGHEDVLHPSUHIRUPDUSDUWHGHOVH[R
KHWHURVH[XDO (O VH[R HV tQWLPR FRQWDFWR ItVLFR FRQ RWUD SHUVRQD R VLPSOHPHQWH D
VRODV6HSXHGHWHQHUDFWLYLGDGVH[XDOKDVWDHORUJDVPRRVLQOOHJDUDpOVH[XDOLGDG
JHQLWDO RVyORLQWLPLGDGItVLFD¥ORTXHQRVSDUH]FDPHMRU¥1RKD\QXQFDUD]yQ
DOJXQDSDUDTXHHOœREMHWLYRGHEDVHUHOFRLWR\SDUDWUDWDUGHKDFHUORTXHVHFUHD
(VWRVHGLVFXWLUiGHVGHHOSXQWRGHYLVWDGHORVKRPEUHVHQHODQiOLVLVGHODVUHVSXHVWDVUHFLELGDVDOFXHVWLR
QDULRSDUDKRPEUHVTXHVHSXEOLFDUiHQXQSUy[LPRIXWXUR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
PiVDGHFXDGRGHQWURGHHVHFRQWH[WR(QHVHFDPSRQRKD\QRUPDOL]DFLyQHQORTXH
OODPDPRV œKHFKR HMHFXFLyQ R FXPSOLPLHQWR VH[XDO FRQWUD HO FXDO GHEDPRV PH
GLUQRVQDGLHHVWiJREHUQDGRSRUODV œKRUPRQDVRODœELRORJtD7RGRHOPXQGRHV
OLEUH SDUD H[SORUDU \ GHVFXEULU VX SURSLD VH[XDOLGDG DSUHQGHU R GHVDSUHQGHU FXDO
TXLHU FRVD TXH GHVHHPRV \ KDFHU GH ODV UHODFLRQHV ItVLFDV FRQ RWUDV SHUVRQDV GH
FXDOTXLHUDGHORVGRVVH[RVDTXHOORTXHPiVQRVJXVWH
(/)87852'(/&2,72
(OVH[R˜FRPRGHFRVWXPEUH"
'HEHKDEHUTXHGDGREDVWDQWHFODURHQHVWHOLEURORKDUWDVTXHHVWiQODVPXMHUHV
GHOYLHMRPRGHORPHFiQLFRGHUHODFLRQHVVH[XDOHVTXHJLUDDOUHGHGRUGHODHUHFFLyQ
PDVFXOLQD SHQHWUDFLyQ PDVFXOLQD \ RUJDVPR PDVFXOLQR &RPR XQD PXMHU GLMR HQ
FLHUWDRFDVLyQœ(OKHFKRGHLQWHUUXPSLUXQRUJDVPRQRPHGHMDIUXVWUDGDVLPHHV
WR\PDVWXUEDQGRSHURFDGDYH]PHHQFROHUL]D\PROHVWDPiVLQWHUUXPSLUODDFWLYL
GDG VH[XDO FRQ PL PDULGR VyOR SRU HO KHFKR GH TXH pO \D KD TXHGDGR VDWLVIHFKR
&RQWLQXDU FRQ ORV PLVPRV LQVDWLVIDFWRULRV PRGHORV VH[XDOHV VLJQLILFD SDUD Pt XQD
IDOWD GH FRQVLGHUDFLyQ \ GH SUHRFXSDFLyQ KDFLD PL SHUVRQD TXH HVWR\ HQFRQWUDQGR
LQDFHSWDEOH1RHVWDQLPSRUWDQWHODLQWHUUXSFLyQGHORUJDVPR\ODWHQVLyQELROyJLFD
TXHVLJXHORTXHPHGDxDVLQRTXHHVHOGDxRHPRFLRQDOORTXHPHIUXVWUD
(QUHVSXHVWDDPXFKDVSUHJXQWDVGLIHUHQWHVODVPXMHUHVPHQFLRQDURQVXIUXV
WUDFLyQ\GLVJXVWRKDFLDHVWHPRGHOR\PXFKDVGHHOODVGHVHDEDQDOJRGLIHUHQWH
˜4XpHVORTXHOHJXVWDUtDKDFHUPiVDPHQXGR"˜&yPROHJXVWDUtDYHUFDPELDGD
ODQRUPDOœHVFHQDGHGRUPLWRULR"
/RVVLJXLHQWHVWLSRVGHUHVSXHVWDVVXUJLHURQXQD\RWUDYH]
œ'HVHR TXH ORV KRPEUHV PDQLILHVWHQ PiV VHQVLELOLGDG \ TXH QR DFW~HQ FRPR
XQHQRUPHSHQHORJUDUHORUJDVPR\HVRHVWRGR<RGLUtDTXHHOVHWHQWD\FLQFRSRU
FLHQWRGHORVKRPEUHVTXHKHFRQRFLGRQRVDEtDQDGDGHQDGDVREUHORTXHHUDXQD
PXMHUH[FHSWRHOKHFKRGHTXHDOFDQ]DEDQHORUJDVPR\HVRVHUtDXQJUDQREVHTXLR
SDUDPt
œ0HJXVWDUtDTXHFDPELDVHWRGDODUXWLQDGHOQRVEHVDPRVQRVWRFDPRVWHHV
WLPXORPHHVWLPXODVMRGHPRV
œ0HJXVWDUtDPiVDPRU\WHUQXUDHQOXJDUGHXQDVLPSOHHVWLPXODFLyQVH[XDO
PiVHPRFLyQ\FRPXQLFDFLyQHQYH]GHOVH[RTXHVLJXHODVSDXWDVGHH[SHFWDWLYDV\
GHPDQGDV\GHVSXpVSURFHGLPLHQWRGHUXWLQD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H SRQH HQIHUPD FRQFHQWUDU WDQWR OD DWHQFLyQ HQ SHQHV \ FRxRV 1XQFD PH
JXVWyODLGHDGHTXHQRSXHGDDFDULFLDUDPLFRPSDxHURVLQTXHUiSLGDPHQWHpOWHQ
JD TXH SRVHHUPH R FRUUHUVH HVR VLJQLILFD TXH PH YHR REOLJDGD D UHSULPLU PXFKRV
VHQWLPLHQWRVVyORSRUHOVLPSOHKHFKRGHTXHQRWHQJD\RJDQDVHQHVHPRPHQWRGH
UHDOL]DU HO FRLWR 3RU RWUD SDUWH WDPELpQ PH JXVWD SURIXQGL]DU HQ OD H[SHULHQFLD
VH[XDO WDQWR FRPR VHD SRVLEOH \ PH VLHQWR WHUULEOHPHQWH IUXVWUDGD FXDQGR QR OR
KDFHPRVSRUTXHpOOOHJDDORUJDVPR\VHGXHUPH0HJXVWDUtDOOHJDUDORUJDVPRVt
SHUROXHJRVHJXLUKDFLHQGRHODPRU\QRKDFHUGHODH\DFXODFLyQPDVFXOLQDHOILQGH
WRGR
œ0iVEHVRVPiVWLHPSRPiVWHUQXUD˜3RUTXpDORVKRPEUHVQROHVJXVWDTXH
OHVWRTXHQRWUDVSDUWHVGHVXVFXHUSRV"$PtPHJXVWDKDFHUOR0HJXVWDUtDFRQRFHU
DKRPEUHVFRQPiVLPDJLQDFLyQ
œ0HJXVWDUtDQORVEHVRVERFDDERFDPiVDPHQXGR0HJXVWDUtDTXHPLPDUL
GRDFWXDUDPHQRVFRQWURODGDPHQWHTXHFRQWURODUDPHQRV\WDPELpQPHJXVWDUtDH[
FLWDUPHKDVWDDOFDQ]DUXQSXQWRGHWRWDODEDQGRQR(VWR~OWLPRMDPiVORKHFRQRFL
GR
œ/RV KRPEUHV GHEtDQ SHUPDQHFHU GHVSLHUWRV PiV WLHPSR GHVSXpV 7DPSRFR
GHEHUtDQDEDQGRQDUODFDPDGHVSXpVGHOFRLWRSDUDODYDUVH
œ-DPiVSXGHGHFLU¦6tHVWRKDVLGRWRGRFXDQWRSRGtDGHVHDUQRTXLHURQDGD
PiV§6LHPSUHKHWHQLGRODVHQVDFLyQGHTXHWRGRVPLVDFWRVVH[XDOHVVyORKDQVLGR
LQLFLRVQXQFDVHKDQQLVLTXLHUDDFHUFDGRDOSXQWRTXH\RGHVHDED
œ0H JXVWDUtD YHU SDVLyQ HVSRQWiQHD 1R VLWXDFLRQHV DPDxDGDV FRPR SRU
HMHPSORTXHWHQHPRVTXHDSDJDUODOX]TXHWHQHPRVTXHHVWDUHQODFDPDOLPSLDU
HOVHPHQVHUFRUWHVHVGHOLFDGRVPRGHVWRV™0LHUGD
œ0iVSDVLyQ$PHQXGRpOWLHQHGHPDVLDGDSULVD\SUHVWDH[FHVLYDDWHQFLyQD
PLYDJLQD\QRODVXILFLHQWHDFXDOTXLHU ]RQDVHQVLEOHFHUFDQDDPLFOtWRULV0HJXV
WDUtD OD PDQLSXODFLyQ D EDVH GH FDULFLDV GH OD ]RQD JHQLWDO FRQ ODV URSDV SXHVWDV
DO]iQGRPHHOYHVWLGRDSDUWDQGRODVSUHQGDVLQWHULRUHVHVDVFRVDVWDQH[FLWDQWHV3RU
RWUDSDUWHPHJXVWDUtDVHUOLEUHSDUDKDFHUFXDOTXLHUFRVDVLQVHQWLUPHYLROHQWDFRQ
WRWDODEDQGRQR
0XFKDVPXMHUHVWDPELpQHVWDEDQFDQVDGDVGHODSUHRFXSDFLyQGHORVKRPEUHVSRU
ODSHUIHFFLyQPHFiQLFDGHODHMHFXFLyQ\SRUODIDOWDGHLQWHUpVSRUODVVHQVDFLRQHV
JHQHUDOHVGHOFXHUSR
œ0XFKRV KRPEUHV QR VRQ OR VXILFLHQWHPHQWH OLEUHV FRPR SDUD VHU VHQVXDOHV
SRUWRGRHOFXHUSRRGDUDODVPXMHUHVWDQWRFRPRpVWDVOHVGDQDHOORV&DVLVLHPSUH
FHQWUDQWRGDVXDWHQFLyQHQORVJHQLWDOHV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/RVKRPEUHVSDUHFHQLQKLELGRVHQFLHUWDPDQHUDHLQFOXVRPXHVWUDQWHPRUGH
PLFXHUSR\KDFLDWRGD¦UHDFFLyQVRUSUHQGHQWH§TXHSXHGDWHQHUDSDUWHTXHVLHPSUH
HVWiQHVSHFLDOPHQWHSUHRFXSDGRVFRQVXVSHQHV
œ0XFKRV KRPEUHV SLHQVDQ TXH HO VH[R HV VLPSOHPHQWH MRGHU R DOJR TXH KD\
TXHKDFHUFRQODVPDQRVERFD\SLFKDSHURQRFRQHOUHVWRGHOFXHUSR/RVKRPEUHV
QRFUHHQTXHWRGRVXFXHUSRHVKHUPRVRRTXHODVLPSOHFDULFLDGHFRQWDFWRGHPXVOR
FRQWUDPXVORVHDWDQDJUDGDEOHFRPRHOWRTXHGHXQDPDQR
œ1RLPSRUWDORTXHKDJDRGLJD/DPD\RUtDGHORVKRPEUHVQRFUHHQTXHSDUD
PtHVUHDOPHQWHLPSRUWDQWHTXHPHEHVHQHQODVRUHMDV\HQODQXFD0HJXVWDMXJDU
FRQ VXV FXHUSRV SHUR PH SDUHFH TXH H[FHSWR OD HVWLPXODFLyQ GH VXV SHQHV FRQ OD
ERFDRDFDULFLiUVHORVFRQODPDQRQRSDUHFHQJR]DUPXFKRFRQHOOR1RWHQJRFODUR
VLWLHQHQUHDOPHQWHWDQSRFDV]RQDVHUyJHQDVRVLWLHQHQPLHGRGHH[FLWDUVHHQ]RQDV
¦QRVH[XDOHV§GHVXVFXHUSRV
œ+DVWDTXHYLYtFRQKRPEUHVJD\VQXQFDPHGLFXHQWDGHTXHXQKRPEUHSR
GtDJR]DULQWHQVDPHQWHFRQHOVH[RHQPLH[SHULHQFLDHQWLHQGRTXHODVPXMHUHV\ORV
JD\V VH SHUPLWHQ D Vt PLVPRV UHVSRQGHU PiV HQ VXV UHODFLRQHV VH[XDOHV PLHQWUDV
TXHORVKRPEUHVKHWHURVH[XDOHVDSULHWDQORVGLHQWHV\FRQFHQWUDQWRGDVXDWHQFLyQHQ
ORVPRYLPLHQWRVGHVXFXHUSRFRQHOREMHWRGHSURORQJDUORORVXILFLHQWHSDUDSRGHU
OOHJDU
˜&UHHXVWHGTXHORVKRPEUHVJR]DQPiVFRQHOFRLWRTXHFRQHOMXHJRVH[XDO"
6t
1R
0LFRPSDxHURQR
1RQHFHVDULDPHQWH
¥¥
œ6tORVKRPEUHVSLHQVDQHQORVSUHOLPLQDUHVFRPRGHPRUDLQQHFHVDULD'XUDQ
WHHOSUHOLPLQDUMXHJRVH[XDOPHVLHQWRFRPRVLFRQGHVFHQGLHUDQDHOORFRPRVLSD
VDUDQSRUXQDLQFRPRGLGDGQHFHVDULDSDUDREWHQHUXQEHQHILFLRDODUJRSOD]R
œ(O SULQFLSDO LQWHUpV \ PHWD GHO YDUyQ HV OD H\DFXODFLyQ \ GHVJUDFLDGDPHQWH
FXDQWRPiVUiSLGDPHMRU'HVGHKDFHPXFKRWLHPSRKHDSUHQGLGRTXHHVHVHQFLDOUH
WUDVDUVXJUDWLILFDFLyQKDVWDTXH\RHVWp\DGLVSXHVWD
œ6t OD PD\RU SDUWH GH ORV KRPEUHV GHVHDQ DOFDQ]DU HO RUJDVPR \ HO MXHJR
VH[XDOHVVX¦FRQWULEXFLyQ§DPLSODFHQ
œeOFUHHTXHORVSUHOLPLQDUHVVRQXQIDYRUFRPRDEULUXQDSXHUWD
œ6tOHVJXVWDPiVHOFRLWRSHURODIHOODWLR OHVLJXHGHPX\FHUFD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ6tOHVDJUDGDHOMXHJRVH[XDOVLHPSUH\FXDQGRHOORVVHDQHOFHQWURGHQXHV
WUDDWHQFLyQ
œeOJR]DFRQPiVUDSLGH]TXH\RSHURWDPELpQSDUHFHGLVIUXWDUPiVGHVXRU
JDVPRVLMXHJRFRQpOODUJRWLHPSRDQWHVGHOFRLWR
œ/HVDJUDGDPXFKRHOMXHJRVH[XDOPLHQWUDVHOORVVHDQHOMXJXHWH
0XFKDVPXMHUHVFUHHQTXHHVWDPHFiQLFDDSUR[LPDFLyQSRUSDUWHGHODPD\RUtDGH
KRPEUHV UHIOHMD QR VRODPHQWH XQD IDOWD JHQHUDO GH VHQWLPLHQWRV KDFLD HOODV VLQR
WDPELpQ FDUHQFLD GH XQ GHVDUUROOR GH OD SURSLD VHQVXDOLGDG GHO KRPEUH D OD YH]
TXHLQFDSDFLGDGSDUDGLVIUXWDUGHVXSURSLRFXHUSR
œ6tOHVJXVWDPiVHOFRLWRSHURFUHRTXHVHWUDWDGHXQFRQGLFLRQDPLHQWR\D
TXHORVKRPEUHVVXSRQHQTXHHOMXHJRVH[XDOHVLQGLJQR\GHODWRU3HURHQUHDOLGDG
SXHGHQGLVIUXWDUORWDQWRFRPRQRVRWUDV
œ6LXQKRPEUHRSLQDGHHVDPDQHUD\RFUHHUpTXHVHWUDWDGHXQLQGLYLGXR VLQ
PDGXUDUVLQGHVDUUROODUVHSXHVWRTXHD~QQRKDOOHJDGRDDSUHFLDUODVVXWLOH]DVGHO
VH[R
œ6tORVKRPEUHVDPHQXGRQRVDEHQFyPRLQLFLDUHOMXHJRRVLPSOHPHQWHODV
FDULFLDVSRUTXH~QLFDPHQWHHVWiQSHQGLHQWHVGHVXRUJDVPR3HURSXHGHQDSUHQGHU
œ6tVRQVHUHVWDQWHUULEOHPHQWHGHVRULHQWDGRVHLJQRUDQWHVTXHQRYDOHODSHQD
PROHVWDUVHSRUHOORV/RVKRPEUHVTXHQRDFDULFLDQVXHOHQVHUSpVLPRVDPDQWHV(O
WLHPSR HV LPSRUWDQWH HQ OD FDPD \ VL XQ KRPEUH HV GHPDVLDGR LPSDFLHQWH SRU DO
FDQ]DUVXVORJURVSUREDEOHPHQWHWDPELpQVHPRVWUDUiLPSDFLHQWHXQDYH]KD\DOOH
JDGR1RVDEUiFyPRJR]DUGHWRGRHOOR
œ1RVLHOKRPEUHKDPDGXUDGRVH[XDOPHQWHVLHVXQDSHUVRQDVHQVLEOHYLYD
0LPDULGRGLFHTXHHVXQPLWRPDVFXOLQRHVRGHTXHORVKRPEUHVJR]DQPiVFRQHO
FRLWR
8QD PXMHU H[SOLFy HQ XQD ODUJD UHVSXHVWD OR GHFHSFLRQDGD TXH VH VHQWtD DQWH OD
IDOWDGHLQWHUpVGHOPDULGRSRUWRGRORTXHQRIXHVHHOFRLWR
œ6LHPSUHFRQVLGHUpHODPRUHQHOPDWULPRQLRFRPRXQPXWXRGHVDUUROORHQOD
KDELOLGDG\FDSDFLGDGGHH[SUHVDUHODPRU\HOSODFHU3HURHQPLPDWULPRQLRQRKH
YLVWR WDO GHVDUUROOR 0L PDULGR QR SDUHFH GLVIUXWDU GH QDGDDQRVHUFRQHOFRLWR\
D~QDVtPX\EUHYHPHQWH\QRVpTXpKDFHUSDUDTXHFDPELH/RKHLQWHQWDGRGHYH
UDV
/DPDVWXUEDFLyQHVSDUDPtPX\LPSRUWDQWH\ODPHQWRQRKDEHUORGHVFXELHU
WR DQWHV FRPHQFp D PDVWXUEDUPH KDFH PHQRV GH XQ DxR D OD HGDG GH YHLQWLVLHWH
DxRV 0H VHQWtD PX\ LQWHUHVDGD SRU PL VH[XDOLGDG SHUR PL PDULGR QR $Vt SXHV
GHFLGt KDFHU DOJR SDUD UHPHGLDUOR +DFH WUHV DxRV PH LQWHUHVy OD LGHD GH OD PDV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
WXUEDFLyQSDUDPXMHUHVDGXOWDVTXHVHGDEDHQ7KH6HQVRXV:RPDQ/ORUp\OORUp\
OORUpSRUTXH\RWHQtDODURPiQWLFDLGHDGHTXHHUDPLPDULGRTXLHQGHEtDFXLGDU\
SHUIHFFLRQDUPLVHQVXDOLGDG\VH[XDOLGDG\FXDOTXLHUSHTXHxDDFFLyQHQHVWHVHQWL
GRPHKDFtDHVWDUOHHWHUQDPHQWHDJUDGHFLGDHQFDULxDGD\SUy[LPDDpO1XQFDKD
EtDVRVWHQLGRUHODFLRQHVVH[XDOHVKDVWDFDVDUPH(VWRHUDUHDOPHQWHLPSRUWDQWHSDUD
Pt \ DVt GXUDQWH ORV GRV DxRV VLJXLHQWHV OH VXJHUt SULPHUR \ GHFODUp DELHUWDPHQWH
GHVSXpV TXH HUD PL GHVHR GLVIUXWDU VH[XDOPHQWH \ GHVDUUROODU PL FDSDFLGDG VH[XDO
1RRFXUULyQDGD)LQDOPHQWHOHGLMH¦%LHQVLQRWHLPSRUWDPLVH[XDOLGDGDPtVt§
(QWRQFHV OH SUHJXQWp TXp RSLQDED VREUH OD PDVWXUEDFLyQ 'HVFXEUt FRQ VRUSUHVD
TXHWDPELpQpOVHPDVWXUEDEDGHYH]HQFXDQGR\TXHSHQVDEDTXHVHUtDPDJQtILFR
TXH\RORKLFLHUDWDPELpQOROLEUDDpOGHHVDUHVSRQVDELOLGDG"GHWHQHUTXHWRFDU
DFDULFLDU\DSUHQGHUVREUHPLVJHQLWDOHV"$KRUDKHDSUHQGLGRDPDVWXUEDUPH\
GLVIUXWRKDFLpQGRORSHURPHVLHQWRPX\WULVWHFXDQGRSLHQVRTXHQRSXHGRGHVDUUR
OODU PL VH[XDOLGDG FRQ PL PDULGR 3DUD PXFKDV PXMHUHV HO VH[R HV XQD XQLyQ FRQ
RWUDSHUVRQD\HOXQLYHUVRFyVPLFR(VXQDEDQGRQRGHOFXHUSR\ODGLVROXFLyQGHO
SURSLRHVStULWXSDUDTXHSXHGDWHUPLQDUHODLVODPLHQWR1RVpSRUTXpSHURQRSXH
GRGHMDUGHSHQVDUTXHPLVROHGDGVHLQWHQVLILFDPDVSRUHOKHFKRGHTXHPLFRPSD
xHUR VH[XDO VH SUHRFXSD PX\ SRFR GH PtHQHVWHVHQWLGR(QHVWHVHQWLGRGHVHDUtD
KDEHU DSUHQGLGR PXFKDV PiV FRVDV VREUH PL SURSLD VH[XDOLGDG \ SRU PL SURSLD
FXHQWD VHU XQD DGROHVFHQWH \ DSUHQGHU VREUH HO SURSLR FXHUSR QR HV OR PLVPR TXH
VHUXQDPXMHUFDVDGDDGXOWDTXHDSUHQGHVREUHVXSURSLRFXHUSRSRUTXHVXFyQ\XJH
QRHVWiLQWHUHVDGRHQHOOR
+HDFHSWDGRODPRQRJDPLDGXUDQWHVLHWHDxRVSRUTXHPHKHVHQWLGRSURIXQ
GDPHQWH YLQFXODGD D PL PDULGR \ OR DPR PXFKR (VWDV VRQ ODV ~QLFDV UHODFLRQHV
VH[XDOHVTXHKHWHQLGRHQPLYLGD1RFUHRTXH\RVHDODFODVHGHSHUVRQDTXHSXHGH
DFRVWDUVH FRQ FXDOTXLHUD DXQTXH VLHQWR FLHUWD DGPLUDFLyQ \ FLHUWD HQYLGLD KDFLD OD
PXMHUTXHVHPHWHHQXQDFDPDFRQFXDOTXLHUD\ORSDVDELHQ3HURDPRPXFKRDPL
HVSRVR 0H VLHQWRPX\DWUDtGDKDFLDpO6LHQWRDIHFWRSRUpO4XLHURHVWDUFHUFDGH
pO&UHRTXHHVXQDSHUVRQDPDUDYLOORVDHQPXFKRVVHQWLGRVSHURPHVLHQWRDODYH]
HQRUPHPHQWHGHFHSFLRQDGD\GRORULGDHQFXDQWRVHUHILHUHDQXHVWUDYLGDVH[XDO1R
KHSRGLGRD~QFRQWHPSODUQLQJXQDFODVHGHSURJUHVRHQQXHVWUDKDELOLGDGRFDSDFL
GDGGHDPDUQRVELHQHOXQRDORWUR
2OYLGDODPLWDGGHODVFRVDVTXHOHGLJRTXHPHH[FLWDQRTXHPHGHMDQIUtD
$OSULQFLSLRGHFLUOHFRVDVDVtUHVXOWDEDPX\HPEDUD]RVRSRUTXHKXELHUDSUHIHULGR
TXHIXHUDpOTXLHQPHORSUHJXQWDUDDPtTXHPHSUHJXQWDUDORTXHPiVPHJXVWDED
1R OR KL]R QXQFD \ DVt FRPHQFp D SURSRUFLRQDU LQIRUPDFLyQ SRU PL FXHQWD DO
SULQFLSLR PX\ GHOLFDGDPHQWH 0iV WDUGH OH KDEOp PiV DELHUWDPHQWH $O SULQFLSLR
DFHSWpVXLJQRUDQFLDFRQPXFKDIDFLOLGDG1RKDEtDSUREOHPDVWHQtDPRVRSRUWXQL
GDG GHGHVDUUROODUQRVDPERVVH[XDOPHQWH\MXQWRV3HURWUDVVHLVDxRVGHPDWULPR
QLRYHRTXHVXLJQRUDQFLDHVXQDSUXHEDHYLGHQWHGHIDOWDGHLQWHUpV\HVRUHDOPHQ
WHGXHOH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
eOWRGDYtDFRQVLGHUDQLFOtWRULVFRPRDOJRVHFUHWRRFXOWRSRUHOYHOORODSUL
PHUDYH]TXHVHFRORFyVREUHPtSDUDHVWLPXODUPHFRQODOHQJXDDOFDERGHXQUDWR
VH OHYDQWy HVFXSLHQGR YHOOR $KRUD FXDQGR PH HVWLPXOD FRQ ORV ODELRV DSDUWD HO
YHOOR FRQ PLQXFLRVLGDG (V SDUD pO DOJR LQFRQYHQLHQWH 6LQ HPEDUJR FRQVLGHUD VX
SHQHFRPRDOJRPX\FRQYHQLHQWH\GLVSRQLEOHDXQFXDQGRVHVLHQWHREOLJDGRDVDO
WDUGHODFDPD\ODYDUVHUiSLGDPHQWHGHVSXpVGHOFRLWR(VWR\OOHJDQGRDODFRQFOX
VLyQGHTXHORTXH\RQHFHVLWRHVXQFRPSDxHURPiVH[SHULPHQWDOPiVHVSRQWiQHR
VLQLQKLELFLRQHVXQKRPEUHTXHSRVHDHOVHQWLGRUHDOGHOJRFHGHOVH[R\GHKDFHUHO
DPRU
˜'HVHDQVLHPSUHODVPXMHUHVHOFRLWR"
/DVPXMHUHVQRVRODPHQWHHVWDEDQKDUWDVGHOYLHMRPRGHORGHOœMXHJRSUHOLPL
QDUGHODSHQHWUDFLyQGHOFRLWR\GHODH\DFXODFLyQVLQRTXHPXFKDVFRQVLGHUDEDQ
TXHWHQHUTXHUHDOL]DUVLHPSUH HOFRLWRVDELHQGR GHVGHHOSULQFLSLRTXHHUDODFRQ
FOXVLyQ GH WRGR HV DOJR PHFiQLFR \ DEXUULGR 6L VH VDEH GH DQWHPDQR TXH HO FRLWR
KDGHIRUPDUSDUWHGHFDGDHQFXHQWURVH[XDOHQWRQFHVFDVLQRKD\PDQHUDGH HYLWDU
HOYLHMRPRGHORGHUHODFLRQHVVH[XDOHV\DTXHHOFRLWRJHQHUDOPHQWHFRQGXFHDORU
JDVPRPDVFXOLQRTXHQRUPDOPHQWHVHxDODHOILQDOGHOœVH[R6HUtDPX\LQWHUHVDQ
WHLQYHVWLJDUVLHVSUHFLVRTXHHVWRVHDDVt6LODVUHODFLRQHVKHWHURVH[XDOHVKDQGH
VHUGHVLQVWLWXFLRQDOL]DGDVHOFRLWRQRGHEHVHUXQDFRQFOXVLyQSUHGHWHUPLQDGDQLHO
RUJDVPRPDVFXOLQRGXUDQWHHOFRLWRFRPRFRQFOXVLyQGHOœVH[RWDPSRFRGHEHVHU
XQDFRQFOXVLyQSUHGHWHUPLQDGD/DVPXMHUHVGHEHQUHFODPDUHOGHUHFKRDQR UHDOL]DU
HO FRLWR DPHQRVTXHHOODVORGHVHHQLQFOXVRFXDQGRWHQJDQUHODFLRQHVItVLFDVFRQ
XQ KRPEUH 'HVSXpV GH WRGR ˜SRU TXp HV œQDWXUDO TXH HO KRPEUH HVSHUH HO FRLWR
SDUDOOHJDUDORUJDVPRFRQRVLQHVWLPXODFLyQGHOFOtWRULVSHURWUDLFLRQHURSDUDXQD
PXMHUHVSHUDUODHVWLPXODFLyQGHOFOtWRULVSDUDDOFDQ]DUHORUJDVPRVLQFRLWR"
3RU RWUD SDUWH OD FODVH GH FDPELR GHO TXH HVWDPRV KDEODQGR HQ HVWH OLEUR HV
PXFKRPiVSURIXQGDTXHODVRODLGHDGHTXHœXQDPXMHUQHFHVLWDWDPELpQDOFDQ]DU
HORUJDVPR1RHVFXHVWLyQGHTXHODPXMHUWHQJDXQRUJDVPR\TXHOXHJRHOKRP
EUHJRFHGHOVX\RRYLFHYHUVD(OKHFKRGHFHQWUDUODDWHQFLyQHQHORUJDVPRFRPR
REMHWLYR KDFH TXH WDPELpQ ODV UHODFLRQHV ItVLFDV VLJDQ XQ PRGHOR PHFiQLFR 'H
KHFKRHOVH[RQRQHFHVLWDVHUGLULJLGR VLHPSUHKDFLDHORUJDVPRRLQFOXVRDODHVWL
PXODFLyQJHQLWDO+D\PXFKDVRWUDVIRUPDVGHUHODFLRQDUVHItVLFDPHQWHFRQXQDSHU
VRQD/DVH[XDOLGDGPDVFXOLQDGHEHDPSOLDUVHPXFKRPiVLQFOXLUPXFKDVPiVRS
FLRQHVVLQODFDVLKLVWpULFDILMDFLyQHPRFLRQDOHQHOFRLWR\RUJDVPRTXHSUHYDOHFHQ
HQODDFWXDOLGDG/RTXHVHQHFHVLWDUHDOPHQWHHVXQDWRWDOUHGHILQLFLyQRGLJDPRV
XQD LQGHILQLFLyQ GH OD VH[XDOLGDG \ XQD DPSOLDFLyQ GH QXHVWUD LGHD GH UHODFLRQHV
ItVLFDVDRWURQLYHOGHFRQFLHQFLD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
˜'HVHDUtDQODVPXMHUHVHOFRLWRHQIRUPDDOJXQDSXHVWRTXHQRUPDOPHQWHQROHV
SURGXFHRUJDVPRGHQRVHQWLUVHSUHVLRQDGDVSDUDUHDOL]DUOR"
&XDQGR VH OHV SUHJXQWy œVL WXYLHVH XVWHG TXH HVFRJHU HQWUH HO FRLWR \ OD
HVWLPXODFLyQGHOFOtWRULV˜TXpHOHJLUtD"ODPD\RUtDGHODVPXMHUHVVHVLWXDURQHQWUH
HOFRLWR\ODPDVWXUEDFLyQ™VLQFRQVLGHUDUVLTXLHUDODHVWLPXODFLyQGHOFOtWRULVFRPR
SRVLELOLGDGSRUSDUWHGHVXVFRPSDxHURV
(QVXVUHVSXHVWDVODPD\RUtDGHODVPXMHUHVPRVWUDURQVHQWLPLHQWRVPH]FODGRV
œ˜4XpHVFRJHUtD"1RORVpSRUXQDSDUWHQRPHDJUDGDUtDHOFRLWRHQDEVROXWR
VLQROHDPDUD3RUVtPLVPRHOFRLWRQRHVUHDOPHQWHQDGDSHURFRQpOHQHORWUR
H[WUHPRHVGLQDPLWD6LQHPEDUJRVyOROOHJRDORVRUJDVPRVPHGLDQWHODPDVWXUED
FLyQ-DPiVWXYHXQRUJDVPRFRQPLDPDQWHDXQTXH'LRVVDEHTXHORKHPRVLQWHQ
WDGR < JR]DU GH RUJDVPRV HV SDUD Pt H[WUHPDGDPHQWH LPSRUWDQWH &XDQGR PL
DPDQWH WLHQH XQR\\RPHWHQJRTXHGRUPLUGHVHDQGRSRGHUWHQHUXQRVHUtDFDSD]
GHOORUDU\DPHQXGRORKHKHFKRKDVWDTXHGDUPHGRUPLGD6LQHPEDUJRHYLGHQ
WHPHQWHGLVIUXWRGHOVH[R\DTXHGHQRVHUDVtQRGRUPLUtDFRQpO3HURWRGRLUtD
PHMRU VL \R WXYLHUD RUJDVPRV 3XHGH TXH SDUWH GHO SUREOHPD FRQVLVWD HQ TXH PH
PDVWXUERGHIRUPDPX\SRFRFRUULHQWHWHQJRTXHDSR\DUPHVREUHDOJRFRPRSRU
HMHPSORXQDVLOOD\KDFHUXQPRYLPLHQWRGHURWDFLyQ6XSRQJRTXHVLQRORDPDUD
QRTXHUUtDUHDOL]DUHOFRLWRWDQDPHQXGRSHURQRHVWR\PX\VHJXUDGHORTXHGHVHD
UtD
œ6LWXYLHUDTXHHOHJLUHQWUHHOFRLWRRODHVWLPXODFLyQFOLWyULFDHOHJLUtDODHVWL
PXODFLyQFOLWyULFDORKHSHQVDGRPXFKR\QRORVp,PDJLQRTXHODVEXHQDVUHODFLR
QHV VH[XDOHV GHEHQ GH VHU XQD H[SHULHQFLD HQ ODTXHODVGRVSHUVRQDVGHVHHQGDUVH
PXWXDPHQWH HO SODFHU TXHGDU VDWLVIHFKDV WDQ LQWHQVDPHQWH FRPR VHD SRVLEOH \ QR
XQWUDWRHQHOTXHODVDWLVIDFFLyQGHOFRPSDxHURVHDODPRQHGDTXHVHHPSOHDSDUD
FRPSUDUODSURSLDVDWLVIDFFLyQ
œ0HJXVWDEDPXFKRODSHQHWUDFLyQSHUR~OWLPDPHQWHQRODHFKDUtDGHPHQRV
VL PH IDOWDUD )tVLFDPHQWH QR PH HVWLPXOD H[FHSWR FXDQGR OD SHQHWUDFLyQ HV PX\
SURIXQGD 3VLFROyJLFDPHQWH PH HQFDQWD OD SUR[LPLGDG SHUR DXQ DVt QR HV WDQ LP
SRUWDQWHSDUDPt6LQHPEDUJRORHVSDUDPLDPDQWH'HVGHHOPRPHQWRHQTXHDpO
OHSUHRFXSDPLVDWLVIDFFLyQWDPELpQDPtPHSUHRFXSDODVX\D3RUORWDQWRPHVH
UtDPX\GLItFLOHOHJLUXQDFRVD\GHMDUODRWUD
œ(O FRLWR HV DOJR TXH SRU VL PLVPR QXQFD PH SURSRUFLRQDUi HO RUJDVPR SRU
PX\ H[FLWDQWH TXH SXHGD VHU GHELGR D RWUDV UD]RQHV &XDQGR YDQ D FRPHQ]DU ODV
FRQWUDFFLRQHVHQHORUJDVPRILQDO FUHRTXHVHGHWLHQHQDFDXVDGHODUHVLVWHQFLDTXH
SUHVHQWDHOSHQHPLVPR<RUHVROYHUtDHOSUREOHPDFRQYLUWLHQGRPLRUJDVPRHQDOJR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
TXHQDGDWHQJDTXHYHUFRQHOFRLWR(QWRQFHVSRGUtDGHMDUPHLUHQWHUDPHQWH\JR]DU
FRUSRUDO \ HVSLULWXDOPHQWH GHO HVWDGR GH WUDQFH \ GH OD HVSHFLDO TXtPLFD YDUyQ
KHPEUDFDUDFWHUtVWLFDGHOEXHQFRLWR
œ6LHPSUHKHWHQLGRODLPSUHVLyQGHTXHHOKHFKRGHDFHSWDUXQSHQHHQPLYD
JLQDHUDXQDFWRGHFRPSODFHQFLDKDFLDHOKRPEUH$OSULQFLSLRPHVXSHUUHJRFLMDED
HQPLQXHYDFDSDFLGDGGHFRPSODFHU\GHGDUSODFHU0HVHQWtDUHDOPHQWHIHOL](UD
HQYHUGDGPX\DJUDGDEOHODVHQVDFLyQGHFRPSODFHUDDOJXLHQDTXLHQ\RDPDEDWDQ
GLUHFWD \ HVSHFLDOPHQWH < PH JXVWDED SRUTXH pO WDPELpQ PH DPDED H LQWHQWDED
FRPSODFHUPH\PHJXVWDEDVHU DFDULFLDGDFRQLQWHQVLGDGTXHVHPHSUHVWDUDPXFKD
DWHQFLyQ \ DVt \R PH JDQDED HO DPRU GH PL KRPEUH HQ IRUPDUHDOPHQWHSURIXQGD
<RWHQtDHQWRQFHVGLHFLRFKRDxRV\GHVHDEDVHUXQDPXMHUVHJ~QPLIRUPDGHSHQ
VDU QHFHVLWDED XQ KRPEUH SDUD VHU PXMHU \ HQ FRQMXQWR PHSDUHFtDUHDOPHQWHXQ
EXHQWUDWR<RHVWDEDORJUDQGRPXFKDVGHODVFRVDVTXHGHVHDEDDPRUDIHFWRItVLFR
DWHQFLyQSURWHFFLyQ\XQSDSHOTXHGHVHPSHxDUTXHPHKLFLHUDSDUHFHUUHDODGXOWD
UHDOL]DGD 3HUR D PHGLGD TXH IXH SDVDQGR HO WLHPSR \ FRPR HV OyJLFR WDPELpQ
QXHVWUDIDVHGHDPRUURPiQWLFRQLHOXQRQLHORWURIXLPRV\DHOFHQWURWRWDOGHQXHV
WUDVPXWXDVHQHUJtDVODYLGDVLJXLyVXFXUVR0LDPDQWHHVWDEDPX\DWDUHDGRWUDED
MDQGRODUJDVKRUDVDFXGLHQGRDUHXQLRQHVSRUODVQRFKHVGDQGRFODVHVHQORVILQHV
GHVHPDQDHWF&RPHQ]yDFDHUHQODUXWLQDGHO¦JUDFLDVVHxRUD\KDVWDPDxDQD§\
PH VHQWt HVWDIDGD XWLOL]DGD \ UHFKD]DGD ,QWHQWp ROYLGDU HO DVXQWR (O SDSHO GH XQD
PXMHU FRPR GHEH HV QR KDFHU SUHJXQWDV D VX KRPEUH &XDQGR SRU ILQ PH GHFLGt D
KDEODUFRQpO\R\DHVWDEDDSXQWRGHHVWDOODUGHFyOHUD3RUHQWRQFHV\DKDEtDLQL
FLDGR PLV SUHJXQWDV OR TXH \R TXHUtD KDFHU \ OR TXH PHKDFtDIHOL](QWRQFHVFR
PHQ]yXQSHULRGRGHWLHPSRGHGRORURVDE~VTXHGDHLQWHUURJDQWHVTXH GXUyFXDWUR
DxRVFRQHOPLVPRKRPEUHSXHVPHJXVWD\DXQQRKDWHUPLQDGRFRQODUJRVSH
ULRGRV HQ ORV TXH SHQVDED VREUH OD YXHOWD D ORV YLHMRV WLHPSRV HQ ORV TXH \R PH
DGDSWDEDDVXVJXVWRV\FDSULFKRVSDUDFRPSODFHUOHSHQVDUVyORHQpO\VHQWLUPHGH
QXHYRFRQWHQWD\DJXVWR$KRUD\RWHQGUtDTXHKDFHUDOJRPiVTXHHOVLPSOHFRLWR
SHURD~QGLVIUXWRFRQHVWHVLVWHPDDOJXQDVYHFHV
œ0HDJUDGDHOFRLWRHQDOJXQRVDVSHFWRV0HJXVWDODVHQVDFLyQGHWHQHUHOSH
QHHQPLLQWHULRU/RTXHQRPHJXVWDHVHOVHQWLPLHQWRSVLFROyJLFRGHODSUHVLyQSD
UD TXH ¦OOHJXH§ SDUD TXH GHVHPSHxH PL SDSHO 6L HO KRPEUH VH FRUUH GHPDVLDGR
DSULVDWHQJRODLPSUHVLyQGHTXH\RQRKHSDUWLFLSDGRHQDEVROXWR\VLOHFXHVWDOOH
JDU PH VLHQWR LQDGHFXDGD FRPR VL HVWXYLHUD KDFLHQGR DOJR PDO R QR KDFLHQGR OR
TXHGHEHUtDKDFHU0HJXVWDHVWDUVHQFLOODPHQWHWHQGLGDFRQHOSHQHGHOKRPEUHGH
QWURGHPLFXHUSRSHURFXDQGRHOKRPEUHFRPLHQ]DDPRYHUVHHQWRQFHVPHVLHQWR
FRPRGHVSOD]DGDSDVLYDFRPRVLIXHUDXQREMHWRVLQWRPDUSDUWHHQORTXHHVWiVX
FHGLHQGR1RSDUHFHTXHHVWHPRVMXQWRV
$OJXQDVPXMHUHVVtHOLJLHURQODHVWLPXODFLyQGHOFOtWRULV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&XDQGR PH VHQWtD D~Q PX\ HQDPRUDGD GH PL PDULGR GHVHDED VHU SHQHWUDGD
SRUpOWRGRHOGtD\WRGDODQRFKH(VWRGXUyPXFKRWLHPSRSHURJUDGXDOPHQWHIXH
DXPHQWDQGRODQHFHVLGDGGHUHDOL]DUPHQRVFRLWRV$KRUDQRPHJXVWDUtDHOHJLUSH
URVLWXYLHVHTXHKDFHUORHOHJLUtDODHVWLPXODFLyQGHOFOtWRULV
œ3DUD Pt OD SHQHWUDFLyQ YDJLQDO HV PiV VDWLVIDFWRULD SVLFROyJLFD TXH ItVLFD
PHQWH $OJXQDVYHFHVODHQFXHQWURDEXUULGD\QRPHLPSRUWDUtDGHMDUHQWHUDPHQWHHO
FRLWR 1R PH JXVWD OD LGHD GH VHQWLUPH REOLJDGD DO FRLWR GHVSXpV GHO MXHJR VH[XDO
FRPRVLIXHVHDOJRLQHYLWDEOH0HJXVWDUtDTXHIXHUDPiVIOH[LEOH\RSFLRQDOHQOX
JDU GH VHU XQ UHJXODU R SULQFLSDO FXUVR GH DFFLyQ (Q HO FRLWR KD\ FLHUWD IRUPD GH
XQLGDGTXHHVEHOODSHURGXUDQWHRWUDVIRUPDVGHOVH[RFXDQGRKDFHPRVFRVDVSDUD
GDPRVSODFHUHOXQRDORWURKD\DKtWDPELpQXQFODURVHQWLGRGHXQLGDG6LQOXJDUD
GXGDV\RHVFRJHUtDODHVWLPXODFLyQGHOFOtWRULV/RHQFXHQWURPXFKRPiVH[FLWDQWH
GHOLFDGRDIHFWLYR\SOHQR
<DOJXQDVPXMHUHVHOLJLHURQHOFRLWR
œ<R HVFRJHUtD HO FRLWR 0H VLHQWR PX\ FRQWHQWD HQWRQFHV PX\ FHUFD GH PL
FRPSDxHURDODYH]TXHVpTXHORKDJRIHOL]
œ$XQTXHPHVLHQWRItVLFDPHQWHPX\VDWLVIHFKDGHVSXpVGHPDVWXUEDUPHHFKR
GH PHQRV OD VHQVDFLyQ GH FRPSDUWLUOR WRGR FRPR GXUDQWH HO FRLWR $OJXQDV YHFHV
PH VLHQWR PX\ GHVRULHQWDGD \FRQIXQGLGDLQFOXVRFXOSDEOHDQWHHOSHQVDPLHQWRGH
TXHHVWR\PiVVDWLVIHFKDGHVSXpVGHODPDVWXUEDFLyQTXHGHVSXpVGHOFRLWR$PRD
PLPDULGR\ODXQLyQGHQXHVWURVGRVFXHUSRVHVXQDKHUPRVDH[SHULHQFLDSDUDPt
6LQ HPEDUJR PH VLHQWR PiV D JXVWR GHVSXpV GH XQ RUJDVPR \ HVWR VRODPHQWH PH
VXFHGHFXDQGRPHPDVWXUER+D\YHFHVHQODVTXHHVWR\FRQPLPDULGR\QRPHH[
FLWRHQDEVROXWR7HQJRTXHKDFHUXQHVIXHU]RGHLPDJLQDFLyQSDUDHVWDUGLVSXHVWDDO
FRLWR3HURVREUHWRGRPHJXVWDPiVFXDQGRPLPDULGRVHPXHVWUDPX\VH[\WDQWR
TXHQRSXHGRUHVLVWLUOR\DFRPSDVRPLVPRYLPLHQWRVDORVVX\RV\PHGHMRLU(VWR
HVORPHMRUSDUDPt\SRUVXSXHVWRQRHOHJLUtDKDFHUQDGDTXHLPSOLFDUDQRFRP
SDUWLUVXRUJDVPR
œ(VPiVIiFLOOOHJDUDORUJDVPRPHGLDQWHODHVWLPXODFLyQGHOFOtWRULVVLQHOFR
LWRSHUR\RSUHIHULUtDHVWH~OWLPRSRUTXHHVXQDH[SHULHQFLDPiVSOHQDPiVWRWDO\
FUHRTXHHOKHFKRGHFRPSDUWLU ODSHQHWUDFLyQHVXQDH[SHULHQFLDPXFKRPiVIHOL]
œ7DO YH] FRQFHGD GHPDVLDGR YDORU D OD SHQHWUDFLyQ WHQGLHQGR D GHVFRQWDU
RWUDVIRUPDVGHVH[RFRPRVLQRIXHUDQ¦UHDOPHQWH§VH[R\HVRVLQVWDQWHVSDUHFHQ
PHQRV GLVWDQWHV PHQRV FRQWURODGRV PXFKR PHQRV SODQLILFDGRV TXH ORV RWURV <R
HOHJLUtDHOFRLWRSHURTXL]iVyORSXHGDGHFLUHVRSRUTXHODSHQHWUDFLyQUHDOPHQWHPH
OOHYDDORUJDVPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
%DVWDQWHV PXMHUHV PHQFLRQDURQ KDEHU H[SHULPHQWDGR VHQVDFLRQHV VH[XDOHV HQ OD
DGROHVFHQFLDPXFKRPiVIXHUWHVGXUDQWHHOSHULRGRGHœDUUXOORVDQWHVGHTXHHO
VH[RLQFOX\HVHVLHPSUHODUHDOL]DFLyQGHOFRLWR
œ0LV PHMRUHV H[SHULHQFLDV IXHURQ DOJXQRV HVFDUFHRV VH[XDOHV QR FRLWRV
FXDQGR\R HUDPHQRUGHHGDG(QDTXHOORVGtDVHOVH[RSDUHFtDXQDSRGHURVDIXHU]D
TXH SRGtD YHQFHU D WRGD FODVH GH LQKLELFLRQHV \ FRQYHQFLRQDOLVPRV 0LHQWUDV TXH
KR\GtDFRPRPXMHUGHWUHLQWDDxRVGHHGDGPHSDUHFHTXHHVPXFKRPiVXQDPD
QHUDPHFiQLFD\UXWLQDULDTXHVHDO]DHQWUHHOKRPEUH\\RSDUDLPSHGLUH[SHULPHQ
WDUQRV UHDOPHQWH HO XQR HQ HO RWUR 3HUR HQ DTXHOORV GtDV HUD PX\ SDUHFLGR D XQD
IXHU]DSRGHURVtVLPDTXHQRVXQtDYLROHQWDPHQWH
œ/DVUHVSXHVWDVGHPLFXHUSRDKRUDVRQODVPLVPDVDXQTXHFUHR TXHPHHV
WLPXODEDPXFKRPiVIiFLOPHQWHFXDQGRHUDYLUJHQ\VLHPSUHDOFDQ]DEDHORUJDVPR
DXQYHVWLGD(VSRVLEOHTXHVHGHELHUDDODH[FLWDFLyQGHVDEHUTXHQROOHJDUtDDOFR
LWR
œ<RORSDVpELHQHQORVDxRVFLQFXHQWDDXQTXHPHWLGDHQHOFHSRGHWHQHU TXH
FRQFHGHUDOJRFRQREMHWRGHORJUDUFLWDVFRQORVPXFKDFKRVSHURQRVHSHUPLWtDMR
GHU 7XYH LQQXPHUDEOHV RUJDVPRV VLQ SHQHWUDFLyQ &XDQGR OOHJy OD SHQHWUDFLyQ \D
QRORSDVpWDQELHQ
œ0HPDVWXUEpGHVGHTXHWHQtDGRFHDxRVGHHGDGVLHPSUHGHXQDPDQHUDKDEL
WXDODOFDQ]DQGRHOFOtPD[SHURODSHQHWUDFLyQGHOSHQHHQPLSULPHUFRLWRQRPH
SURGXMRHQDEVROXWRODVPLVPDVVHQVDFLRQHVGHSODFHU9DJDPHQWHSHQVpSRUODSUL
VD GH pO TXH \R KDEtD DOFDQ]DGR HO FOtPD[ FXDQGR QRV KLFLPRV HO DPRU SHUR IXH
WRWDOPHQWHGLIHUHQWHDODPDVWXUEDFLyQ\HQPLYDJDLQRFHQFLDQRUHODFLRQpODVGRV
FRVDV+XEROXHJRRWUDSHUVRQDFRQODTXHKLFHHODPRU6DOtFRQpOGXUDQWHGRVDxRV
\ GHVSXpV YLYt FRQ pO GXUDQWH XQR (Q HO FXUVR GH WUHV PHVHV QR KLFLPRV PiV TXH
H[FLWDUQRVPXWXDPHQWHFRQFDULFLDVKDVWDTXH\RFRPHQFpDWRPDUODStOGRUD1XHV
WUDVFDULFLDVHUDQSXURp[WDVLV\FUHRTXHHQWRGDPLYLGDQRPHKHVHQWLGRWDQIHOL]
/XHJRFXDQGRPHVHQWtVHJXUDFRQODStOGRUDKLFLPRVHODPRUHQPLDSDUFDPLHQWR
GHQWURGHOFRFKH\EDMRHOYRODQWH(OVHFRUULyLQVWDQWiQHDPHQWHFRVDVRUSUHQGHQWH
\DTXHFXDQGR\RQRHVWDEDVHJXUDFRQODStOGRUDpOQRVHFRUUtDFRQWDQWDIDFLOLGDGD
SHVDU GH WRGDV QXHVWUDV PXWXDV FDULFLDV )XH PX\ GHFHSFLRQDQWH SDUD ORV GRV \
QXHVWUD YLGD VH[XDO VH GHVDUUROOy SREUHPHQWH HQ ORV GRV DxRV VLJXLHQWHV (O MXHJR
VH[XDO DQWHV GHO FRLWR HUD PX\ SREUH QR SRGtD DFRVWXPEUDUPH D HOOR GHVSXpV GH
WRGDVDTXHOODVKRUDVGHPXWXDVFDULFLDVDQWHULRUHVDOSULPHUFRLWR\DOJXQDVYHFHV
pOWUDWDEDGHDODUJDUORWRGRORSRVLEOHSHURQRSRGtD)XHHQWRQFHVFXDQGRFRPHQFp
DGDUPHFXHQWDGHTXH6WHYHQXQFDWRFDEDPLFOtWRULV\\RVDEtDFXiQWRPHH[FLWDED
FDGDYH]TXHORKDFtD\RUHFRUGDEDPLPDVWXUEDFLyQ,QWHQWpGHOLFDGDPHQWHHQVH
xDUOHDKDFHUOR\pOVHSXVRIXULRVRGLFLHQGRTXHVLQRHUDKRPEUHVXILFLHQWHSDUDPt
HWFHWF0HVHQWtPX\GHSULPLGD\WUDVRWURVYDULRVWtPLGRVLQWHQWRVGHHQVHxiUVH
ORPHUHQGt
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ0H JXVWDUtD TXH HQ HO DFWR VH[XDO KXELHVH PiV EHVRV PiV FDULFLDV \ PXFKD
PiV VHQVXDOLGDG 4XL]iV HQWRQFHV YROYHUtD D VHQWLU DTXHOODV PDUDYLOORVDV VHQVDFLR
QHV GH ¦PDULSRVDV HQ HO HVWyPDJR§ TXH H[SHULPHQWDED GXUDQWH KRUDV FXDQGR WHQtD
TXLQFHDxRVFRQLQWHUPLQDEOHVFDULFLDVVLQFRLWRQLRUJDVPR
œ/R TXH PL JHQHUDFLyQ OODPDED ¦PDJUHR§ HUD PX\ H[FLWDQWH eUDPRV ¦VHPL
YtUJHQHV§ OR TXH SRGtD VLJQLILFDU FXDOTXLHU FRVD PLHQWUDV QXHVWUR KLPHQ SHUPDQH
FLHUDLQWDFWR$XQTXHHOVH[RJHQLWDOHVDJUDGDEOHQXQFDOOHJDDDOFDQ]DUODDOWXUDGH
ODVFDULFLDVYLUJLQDOHV
<XQDPHQRUGHHGDGGLMR
œ(VFXULRVRSHURODVFRVTXLOODVHQPLHVSDOGDPHSURSRUFLRQDQHQRUPHSODFHU
\ QR LQVLVWR HQ HOODV DXQTXH D PHQXGR VXJLHUR TXH PH DJUDGDUtDQ \ JR]DUtD FRQ
HOODV7DO\FRPRHVWiQODVFRVDVSUHILHURODVFRVTXLOODVHQODHVSDOGDDOFRLWRSHUR
KDVWDDKRUDQRKHGLFKR QDGDGHHVWRDXQKRPEUH3HURFUHRTXHSURQWRORKDUpSDUD
YHUORTXHRFXUUH(VWR\FDQVDGDGHJXDUGDUWDQWRVHFUHWRSUHIHULUtDTXHPHOODPDUDQ
UDUDRTXH¦QRVR\XQDDXWpQWLFDPXMHU§DWHQHUWRGDVHVWDVLQKLELFLRQHV\VHFUHWRV
3HURDOJXQDVPXMHUHVSHQVDURQTXHHOFRLWRHUDSODFHQWHURDXQTXHQRFXOPLQDVHHQ
HORUJDVPR
œ/DVHQVDFLyQGHODSHQHWUDFLyQHVSHFLDOPHQWHVLHOSHQHHVOREDVWDQWHJUDQ
GHDPtPHUHVXOWDIDQWiVWLFD$OJXQDVYHFHVPHDJUDGDUHWHQHUORGHQWURGHPtVLQ
PRYHUPHHQDEVROXWR0HDJUDGDQPXFKRODVGLVWLQWDVVHQVDFLRQHVTXHH[SHULPHQWR
UHFXUULHQGRDGLIHUHQWHVSRVWXUDV0HJXVWDWDPELpQTXHHOKRPEUHPHSHQHWUHPX
FKR TXH VH PXHYD FRQ IXHU]D DXQTXH PXFKRV KRPEUHV QR SDUHFHQ QL SHQHWUDU
SURIXQGDPHQWHQLPRYHUVHFRQGXUH]DVXILFLHQWHDOJXQRVORKDQKHFKRDVtTXHVpOR
TXHPHJXVWD3RURWUDSDUWHWDPELpQPHDJUDGDODVHQVDFLyQTXHGLVIUXWRFXDQGRHO
KRPEUHVDFDHOSHQHFDVLGHOWRGR\YXHOYHDLQWURGXFLUORHLQFOXVRFXDQGRORVDFD
GHOWRGR\\RWHQJRTXHVXSOLFDUOHTXHYXHOYDDLQWURGXFLUOR1XQFDPHFRQGXFHDO
RUJDVPR
œ(OKHFKRGHVHUOOHQDGDHVSDUDHOFXHUSRXQHQRUPHSODFHU+D\QRFKHVHQODV
TXHORGHVHRWRGR GHQWURGHPtLQFOXVRPLERFDPLVRtGRVPLYDJLQD\PLUHFWR
™8DX
œ$OJXQDV YHFHV FXDQGR PL DPDQWH PH SHQHWUD PX\ OHQWDPHQWH \ PX\ PX\
SURIXQGDPHQWH\OXHJRQRVHPXHYHVLHQWRTXHPHLQYDGHXQPDJQtILFRp[WDVLVTXH
VHFRPXQLFDDPLEDMRYLHQWUHSRUGHQWUR\SRUIXHUD1RHVH[DFWDPHQWHXQFOtPD[
¥QRVDEUtDELHQFyPRGHILQLUOR¥SHURFXDQGRPLDPDQWHPHSHUPLWHHQWHUDPHQWH
JR]DUGHVXSHQHVLQPRYLPLHQWRGLUHFWRSRUVXSDUWHODVHQVDFLyQHVJORULRVD
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
)LQDOPHQWHVHJ~QVHKDREVHUYDGRDQWHULRUPHQWHHQHOOLEURPXFKDVPXMHUHVJXV
WDEDQGHSURSRUFLRQDUSODFHUDOKRPEUHTXHDPDEDQ\VHQWLUFyPRHOFXHUSRGHpO
ORH[SHULPHQWDED
œ(OFRLWRQRPHSURSRUFLRQDXQSODFHUHQRUPHRHORUJDVPRSHURD~QDVtOOHJR
PX\OHMRV/DPD\RUSDUWHGHODH[FLWDFLyQVHEDVDHQDEUD]DU\HQVHUDEUD]DGDHV
SHFLDOPHQWHFXDQGRpOVHFRUUHPRPHQWRTXHORVGRVSRGHPRVVHQWLULQWHQVDPHQWH
\HVWRHVSDUDPtPX\VDWLVIDFWRULR
)LQDOPHQWHSDUDUHVSRQGHUDODSUHJXQWDGHVLODVPXMHUHVVHJXLUtDQTXHULHQGR
HOFRLWRVLQRVHVLQWLHUDQREOLJDGDVDUHDOL]DUORODFXHVWLyQQRHVVLODVPXMHUHVHQ
JHQHUDO TXHUtDQWRGDYtDHOFRLWRVLQRTXHVHFRQYHUWLUtDHQHOHFFLyQHQRSFLyQSDUD
FDGDPXMHULQGLYLGXDO(OKHFKRGHUHDOL]DUHOFRLWRRQROOHJDUtDDVHUDFWLWXGGHVX
SURSLDHOHFFLyQ \QRDOJRTXHKDGHKDFHUFRQHOREMHWRGHVRVWHQHUUHODFLRQHVItVLFDV
FRQHOKRPEUH
(O FRLWR FRPR IRUPD SODFHQWHUD GHO FRQWDFWR ItVLFR VLHPSUH VHUi XQR GH ORV
FDPLQRVTXHODJHQWHHVFRJHUiSDUDUHODFLRQDUVH6LQHPEDUJRQRVHJXLUiVLHQGRHO
~QLFR FDPLQR3HUGHUiLPSRUWDQFLD\VHUiXQDGHODVPXFKDVSRVLELOLGDGHVRDOWHUQD
WLYDV HQ WRGR HO HVSHFWUR GH ODV SRVLEOHV UHODFLRQHV ItVLFDV /D H[SUHVLyQ GH FRLWR
KHWHURVH[XDOHVGHILQLFLyQGHPDVLDGRHVWUHFKDFRPRSDUDVHUOD~QLFDSDUDODPD\R
UtDGHODJHQWHODPD\RUSDUWHGHOWLHPSR
3RUVXSXHVWRHQHVWHPRPHQWRVyORVHSXHGHFRQMHWXUDUFXiQWRGHORTXHVHQ
WLPRVGXUDQWHHOFRLWRHVSODFHUUHDO\FXiQWRHVSURGXFWRGHODJORULILFDFLyQGHOFRL
WR/DPD\RUtDGHODVPXMHUHVSUREDEOHPHQWHVHJXLUiQTXHULHQGRDOJXQDVYHFHVHO
FRLWRVREUHWRGRFRQKRPEUHVSRUORVTXHVLHQWHQXQJUDQDPRURVLPSOHDIHFWR$O
JXQDVPXMHUHVSXHGHQTXHUHUUHDOL]DUHOFRLWRFDVLVLHPSUHPLHQWUDVTXHRWUDVSXH
GHQQRTXHUHUORFDVLQXQFD4XL]iSRGUtDGHFLUVHTXHPXFKDVPXMHUHVSRGUtDQPRV
WUDUVH LQGLIHUHQWHV DO FRLWR VL QR HVWXYLHUDQ SUHVHQWHV ORV VHQWLPLHQWRV TXH H[SHUL
PHQWDQKDFLDXQKRPEUHSDUWLFXODU
7UHV PXMHUHV GHMDURQ GH HIHFWXDU HO FRLWR SHUR FRQWLQXDURQ GXUPLHQGR FRQ VXV
FRPSDxHURVFRQYDULRVUHVXOWDGRV\SRUYDULDVUD]RQHV
œ$ Pt PH VROtD JXVWDU HO FRLWR SHUR OD LQVLVWHQFLD SRU SDUWH GH PLV DPDQWHV
DFHUFD GHO HVWDEOHFLGR PRGHOR GH MXHJR VH[XDOFRLWRGRUPLU PH KL]R DEDQGRQDU HO
DFWR 6LHPSUH PH VHQWt SUHVLRQDGD D HIHFWXDU HO FRLWR ¦˜(VWiV \D VXILFLHQWHPHQWH
SUHSDUDGD"§&RPHQFpDUHVHQWLUPHGHHOOR\HQODDFWXDOLGDGSUHVFLQGRGHOFRLWR
KDVWDHOSXQWRGHTXHORKLFHXQDRGRVYHFHVHQHOSDVDGRDxR0HDJUDGDSLVDUILU
PH\REWHQHUGHPLDPDQWHORTXHTXLHURSHURHVWDDFWLWXGKDFUHDGRRWUDGLILFXOWDG
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
SRUTXH DO HPSHxDUPH HQQRUHDOL]DUHOFRLWRSDUHFHVHUTXHODFRPXQLFDFLyQHQWUH
DPERVKDFHVDGR\TXHQRSRGHPRVVDWLVIDFHUQRVPXWXDPHQWH6LQHPEDUJRGHVGH
TXH GHMp GH UHDOL]DU HO FRLWR DQWH PL LQVLVWHQFLD VH KD KHFKR PX\ GLItFLO SDUD PL
DPDQWHHOLJQRUDUPLLQVDWLVIDFFLyQVH[XDOFRVDTXHIXHIiFLOSDUDpOLJQRUDUPLHQ
WUDV VH VHQWtD VDWLVIHFKR $O PHQRV DKRUD pO KD FRPHQ]DGR \D D EXVFDU VROXFLRQHV
WDPELpQ
œ7HQJRXQDPLJRKDFHFXDWURDxRV\KHPRVGHMDGRGHUHDOL]DUHOFRLWRHQJUDQ
PHGLGDSRUTXHSDUDPtQRYDOtDODSHQD\pOQRTXLHUHTXH\RORKDJDVLQRORGH
VHR(VXQDSHQRVDSpUGLGDGHWLHPSRFRQWRGRVORVSUREOHPDVTXHWUDHQFRQVLJRORV
DQWLFRQFHSWLYRV\ODIDOWDGHRUJDVPRV(QORV~OWLPRVFXDWURPHVHVKHPRVKHFKRHO
FRLWRGRVYHFHV0HVLHQWRXQSRFRFXOSDEOHDOQRKDFHUORFRQPLDPLJRSHURVpTXH
WHQJR UD]yQ eO OOHJD LJXDOPHQWH \ \R WDPELpQ \ QR WHQJR TXH SUHRFXSDUPH SRU
SRVLEOHVHPEDUD]RV$VtHVPHMRU0HYXHOYRORFDVLKDFHPRVHOFRLWR\QRDOFDQ]R
HORUJDVPRQXQFDORORJUpPHVLHQWR¦IUtJLGD§\¦UHPRWD§FXDQGRPLFRPSDxHUR
HVWiHQWUDQFH0HVLHQWRHVW~SLGDWHQJRODLPSUHVLyQGHVHUXQVDFRGHJLPQDVLR
œ$FDER GH YHQLU GH ODV YDFDFLRQHV PX\ HQWXVLDVPDGD SDUD VHU VH[XDOPHQWH
KRQHVWD \ KH WURSH]DGR FRQ GLILFXOWDGHV HQ OR TXH FRQFLHUQH D PL DPLJR 0H HVWi
SUHVLRQDQGRSDUDTXHPHSRQJDXQGLDIUDJPDSHURWHQJRXQDHVSHFLHGHUHSDURHQ
KDFHUOR /R SHQVp PXFKR \ GHFLGt TXH QR TXLHUR KDFHU XQD SURPRFLyQ RILFLDO GHO
FRLWRDGTXLULHQGRDOJRTXHORKDJDVLHPSUHSRVLEOHSRUTXHHQUHDOLGDGQRPHJXVWD
HO DFWR VH[XDO /H GLMH HVWR D PL DPLJR VH VLQWLy LQVXOWDGR PH KL]R XQD HVFHQD \
GHFODUyTXHORGLVFXWLUtDPRVPiVDGHODQWH$XQQRORKHPRVGLVFXWLGRGRVGtDVPiV
WDUGHSHURWHQJRODLPSUHVLyQGHTXHFRQREMHWRGHVHJXLUYLpQGRORH[LVWHHOSUH
UUHTXLVLWRGHWHQHUTXHHIHFWXDUFRQpOHOFRLWR(VWRPHPROHVWDWHUULEOHPHQWH
+DFLDXQDQXHYDFODVHGHFRLWR
1RVRODPHQWHHOFRLWR\HORUJDVPRPDVFXOLQRQRVRQQHFHVDULRVHQWRGRFRQ
WDFWRKHWHURVH[XDOVLQRTXHSRUDxDGLGXUDODIRUPDHQTXHVHSUDFWLFDHOFRLWRSXH
GH FDPELDU SDUD FRQYHUWLUVH HQ DOJR PXFKR PiV PXWXR \ YDULDGR 1R HV QHFHVDULR
SDUDUHDOL]DUHOFRLWRTXHH[LVWDODDFWLYLGDGœGRPLQDQWHGHOPDFKR(OFRLWRSXHGH
OOHJDU D VHU SUiFWLFD LQGLYLGXDO \ YDULDGD TXH VH SXHGH UHDOL]DU HQ FXDOTXLHU IRUPD
TXH VH SXHGD FUHDU 3RU HMHPSOR KD\ PXFKDV PDQHUDV GH XQLUVH \ KDFHU HO FRLWR
DGHPiVGHODœSHQHWUDFLyQ\œPRYLPLHQWRVGHOYDUyQ˜5HFRUGDPRVODVUHVSXHVWDV
TXHGLHURQODVPXMHUHVHQHOFDStWXORGHGLFDGRDOFRLWRH[SOLFDQGRFyPRHOODVOOHJD
EDQDORUJDVPRGXUDQWHHODFWR"*UDQSDUWHGHHVWRVFRLWRVQRLPSOLFDEDQPRYLPLHQ
WRVGHOSHQHKDFLDGHQWUR\KDFLDIXHUDVLQRPiVELHQXQDHVSHFLHGHSUHVLyQFRQ
HOSHQHLQWURGXFLGRSDUDTXHDVtHOFOtWRULVSXGLHUDDOFDQ]DUHOJUDGRGHHVWLPXODFLyQ
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
FRQWLQXD QHFHVDULD SDUD HO RUJDVPR (O FRLWR QR SUHFLVD VHU WDQ JLPQiVWLFR FRPR
XVXDOPHQWHKHPRVFUHtGR\HVSUREDEOHTXHORTXHFUHHPRVVRQPRYLPLHQWRVœQDWX
UDOHVItVLFRVPRYLPLHQWRVWtSLFRVGHOFRLWRQRVHDQPiVTXHUHVSXHVWDVœDSUHQGL
GDV ˜1R HV SRVLEOH TXH VH OHV KD\D GLFKR D ORV KRPEUHV TXH œPRQWDU \ HPSXMDU
PRYLpQGRVH HV OR TXH KD\ TXH KDFHU SHUR TXH WDPELpQ VL VH OHV SHUPLWLHUD H[
SHULPHQWDUKDOODUtDQPXFKDVRWUDVPDQHUDVHQODVTXHOHVJXVWDUtDHIHFWXDUHOFRLWR"
$XQTXHODSRVWXUDPiVFRUULHQWHSDUDHIHFWXDUHOFRLWRHVODGHOKRPEUHVREUH
OD PXMHU QR H[LVWH UD]yQ ItVLFD DOJXQD TXH DERQH HO KHFKR GH TXH WDO SRVWXUD VHD
SHRUSDUDHOKRPEUH(QUHDOLGDG0DVWHUV\-RKQVRQKDQVHxDODGRTXHVLXQKRPEUH
VH FRORFD GHEDMR SXHGH UHFLELU PiV SODFHU GXUDQWH HO RUJDVPR \D TXH QR VH SUHR
FXSDUiHQWRQFHVGHVRVWHQHUItVLFDPHQWHVXFXHUSRHWF$GHPiVGHFLUTXHœPRQWDU
\DUUHPHWHUHVDOJRœLQVWLQWLYR\PDVFXOLQRHVDOWDPHQWHFXHVWLRQDEOH'HVSXpVGH
WRGRODPD\RUtDGHORVKRPEUHVVHPDVWXUEDQQRKDFLHQGRORVPRYLPLHQWRVWtSLFRV
GH SHQHWUDFLyQ VLQR PRYLHQGR ODV PDQRV VREUH HO SHQH ODV PXMHUHV FRQ OD PDV
WXUEDFLyQ7LSR,,,VLHPSUHVHPXHYHQHQIRUPDVLPLODU˜4XpHVORQDWXUDO"
'HKHFKRDOJXQDVPXMHUHVSHQVDEDQTXHODSRVLFLyQGHOKRPEUHVREUHHOODVHV
PiVSROtWLFDTXHQDWXUDOFRPRTXHGDH[SXHVWRHQVXVUHVSXHVWDVDœ˜&UHHXVWHGTXH
HOVH[RHVHQDOJXQDIRUPDSROtWLFR"
œ™6t ™™™˜4XLpQ HVWi DUULED" 7RGR HO PXQGR VDEH TXH HV PiV IiFLO TXH XQD
PXMHU OOHJXH DO RUJDVPR FRORFiQGRVH VREUH HO KRPEUH SXHVWR TXH WLHQHV PiV FRQ
WURO (VWDQGR GHEDMR GHO KRPEUH FRRSHUD XQD PiV R PHQRV FRQ TXLHQ HVWi HQFLPD
FRPRVLXQDWXYLHUDXQKRPEUHTXHFXLGDUDGHWLFRPRVLXQDFDVLIXHUDXQEHEp
œ6t HV SROtWLFD HQ WRGR PRPHQWR /RV KRPEUHV H[LJHQ \ ODV PXMHUHV KDQ GH
FRQFHGHU\FRPSODFHU/RVKRPEUHVVHFRORFDQDUULEDHQXQ VHQWLGR WUDGLFLRQDOHQ
ODVRFLHGDG\HQHOFRLWRFRQYHQFLRQDO/RVKRPEUHVDFW~DQ\ODVPXMHUHVVRQHORUL
ILFLRTXHVHKDGHXVDU™(VWR\FDQVDGDGHHQFRQWUDUPHHQHOH[WUHPRUHFHSWRU
6LQ HPEDUJR XQD YH] PiV OD FXHVWLyQ QR HV œLQYHUWLUODVLWXDFLyQVLQRDP
SOLDU QXHVWUDV LGHDV GH OR TXH SXHGHQ VHU ODV UHODFLRQHV ItVLFDV QR KD\ UD]yQ SDUD
FUHHUTXHHVWDUDUULEDHVVLHPSUHPHMRUTXHHVWDUGHEDMRSDUDWRGDVODVPXMHUHV0X
FKDVPXMHUHVJXVWDQGHKDOODUVHGHEDMRDOJXQDVYHFHVSULQFLSDOPHQWHSRUTXHUHVXOWD
DJUDGDEOHHVWDUWHQGLGDFRQHOFXHUSRGHRWUDSHUVRQD\URGHDGDSRUHOOHFKRTXHWH
URGHDFRPSOHWDPHQWH\WHHQYXHOYH
œ0HJXVWDHVWDUGHEDMR(QWRQFHVPHVLHQWRPiVXQLGD\PiVFHUFDGHpO
œ0HJXVWDKDOODUPHGHEDMR$UULEDPHVLHQWRWtPLGD\SRUHOOR SUHILHURODSRV
WXUDFRQYHQFLRQDO
$XQTXHODHVWLPXODFLyQPDVFXOLQDSDUDSURYRFDUHORUJDVPRSXHGHVHUGLVFRQWLQXDODHVWLPXODFLyQGHOD
KHPEUDGHELGRDODVGLIHUHQFLDVDQDWyPLFDVGHEHVHUFRQWLQXD SDUDTXHVHSURGX]FDHORUJDVPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ(VWDUDUULEDHVPXFKRPiVHVWLPXODQWHFXDQGRSLHQVRTXHDVtH[LVWHXQDSRVL
ELOLGDGGHOOHJDUDORUJDVPR(VWDUGHEDMRHVPiVFyPRGRtQWLPR\HQFDQWDGRUHQHO
VHQWLGRGHTXHXQDVHVLHQWHOLEUHSDUDDEUD]DU
'HODPLVPDPDQHUDHOGHVHRDSDVLRQDGRGHVHUœWRPDGDRœSRVHtGDSRUDO
JXLHQGXUDQWHHODFWRVH[XDOQRHVDXWRPiWLFDPHQWHXQDVHxDOGHYLFWLPL]DFLyQGDGR
TXHQRHVHO~QLFRVHQWLPLHQWRTXHVHWLHQH/RVGHVHRVGHVHUœWRPDGDRGHœSR
VHHUDDOJXLHQGHœWRPDUDDOJXLHQVRQVLPSOHPHQWHSDUWHGHOHVSHFWURGHVHQWL
PLHQWRV TXH SXHGHQ H[SHULPHQWDU WDQWR KRPEUHV FRPR PXMHUHV HQ PRPHQWRV GH
JUDQLQWHQVLGDG
(OFRLWRWDPELpQSXHGHKDFHUVHPiVDQGUyJLQR
œ6REUH HVWH SXQWR PH VLHQWR LQFOLQDGDDLQWHQWDUGHVFULELUODVLWXDFLyQFRQPL
DFWXDO DPDQWH eO HV GLH]DxRVPiVMRYHQTXH\R\HUDYLUJHQFXDQGRQRVKLFLPRV
DPDQWHV $XQTXH \R KDEtD WHQLGR \D DQWHV QR SRFDV H[SHULHQFLDV VH[XDOHV GLItFLO
PHQWHSXHGRGHFLUTXHOHHQVHxpWRGRFXDQWRpOVDEtDVXDELHUWRFDUiFWHU\PDUDYL
OORVDFXULRVLGDGPHOOHYDURQDH[SORUDFLRQHVTXH\RDSHQDVSXGHHQWRQFHVVRxDUHQ
IRUPDGLUHFWD\DEVROXWDPHQWHQDWXUDO7DPELpQOXFKDPRVPXFKRFRQWUDODVGLIHUHQ
FLDV TXH H[LVWtDQ HQWUH QXHVWUDV UHVSHFWLYDV VH[XDOLGDGHV HVSHFLDOPHQWH FRQWUD OD
OLPLWDGDKDELOLGDGGHORVKRPEUHVSDUDWHQHURUJDVPRV3RUILQSDUDKDFHUHODPRU
UHVROYLPRVVHJXLUXQFDPLQRTXHVHDFRPRGDEDDQXHVWUDVQHFHVLGDGHVRDOPHQRV
OR LQWHQWDPRV XVXDOPHQWH FRPHQ]DQGR FRQ ODUJRV EHVRV EHVRV OHQWRV \ FDULFLDV
DVLPLVPR VHJXLGDPHQWHHVWLPXODFLyQPDQXDO\RUDO$PHGLGDTXHPHH[FLWRDSH
QDVPHTXHGDWLHPSRSDUDSUHVWDUDWHQFLyQDORTXHOHHVWR\KDFLHQGRDpO\PHGH
WHQJRSRUHOPRPHQWRGHMDQGRTXHpOFRQWLQ~HFRQVXVFDULFLDVKDVWDTXHJR]RYD
ULRVRUJDVPRV(QWRQFHVpOPHSHQHWUD¥ODVSRVWXUDVSXHGHQVHUYDULDV¥ \FRQWLQ~D
HVWLPXOiQGRPH PLHQWUDV SXHGH 6XHOR DOFDQ]DU HO FOtPD[ YDULDV YHFHV DOJXQDV FRQ
LQWHQVLGDG HPRFLRQDO WHUULEOH 3RFR DQWHV GH TXH pO HVWp D SXQWR GH H\DFXODU FDP
ELDPRVGHSRVWXUDGHPDQHUDTXHpOTXHGHGHEDMR\\RVHQWDGDHQFLPDSHURFRQHO
SHQH HQ PL LQWHULRU 0H PXHYR GH DUULED DEDMR FLxpQGROH FRQ PL YDJLQD \ XVXDO
PHQWH LQVHUWR XQ GHGR HQ VX DQR \ MXJXHWHR FRQ VXV WHWLOODV eO DGRSWD XQD DFWLWXG
SDVLYDSHUPDQHFHDOOtWHQGLGR\¦VLHQWH§WRGDODLQWHQVLGDGGHVXRUJDVPR6tWRGR
HVWR PH SURSRUFLRQD FLHUWD VHQVDFLyQ GH SRGHU \ WDPELpQ GH JR]R GH GHYROYHUOH HO
SODFHU TXH pO WDPELpQ PH GD /RV VHQWLPLHQWRV \ ODV VHQVDFLRQHV VRQ PX\ IXHUWHV
3RURWUDSDUWHWHQJRODLPSUHVLyQGHVHQWLUORPLVPRTXHpODOLQWURGXFLUXQGHGRHQ
VXDQRDpOOHJXVWDPXFKR\DPLPHJXVWDSHQHWUDUOR\DVtQRRFXUUHVyORGHODRWUD
PDQHUD
œ/OHJXpDOSXQWRHQYDULDVRFDVLRQHVWDQWRFRQKRPEUHVFRPRFRQPXMHUHVGH
HVWDUPX\H[FLWDGDDOHVWDUHQFLPD\VHQWLUTXHWHQtDRGHVHDUtDWHQHUXQSHQHSDUD
SHQHWUDUOHV2WUDVYHFHVKHSHQVDGRTXHVHUtDPX\GLYHUWLGRFDPELDUORVFXHUSRV\
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
DYHULJXDUORTXHVLHQWHXQKRPEUHDOKDFHUHODPRU,GHQWLILFDUPHFRQVXSHQH\FRQ
WRGRVXFXHUSR\DODYH]FRQWRGDVODVHPRFLRQHVTXHKD\WUDVVXGHVHR
6XSRQJDPRVTXHORVKRPEUHVQRFRRSHUDVHQHQUHGHILQLUHOFRLWRRHQGHMDUGH
KDFHUOR DOJXQDV YHFHV ˜4Xp RFXUULUtD VL HOORV WRGDYtD LQWHQWDUDQ VHJXLU ORV YLHMRV
PRGHORV GH UHODFLRQHV VH[XDOHV" 1R KD\ UD]yQ SRU OD FXDO ODV PXMHUHV WHQJDQ TXH
D\XGDU D ORV KRPEUHV GXUDQWH HO FRLWR (O KHFKR HV TXH FRRSHUDPRV PX\ H[WHQVD
PHQWHGXUDQWHHOFRLWRFRQREMHWRGHTXHHOKRPEUHOOHJXHDGLVIUXWDUGHVXRUJDV
PR 1RV PRYHPRV DMXVWiQGRQRV D VX ULWPR PDQWHQHPRV ODV SLHUQDV VHSDUDGDV \
QXHVWURVFXHUSRVHQSRVWXUDVTXHKDFHQSRVLEOHWDQWRODSHQHWUDFLyQFRPRHOPRYL
PLHQWRGHOKRPEUHVREUHQRVRWUDV\FDVLQXQFDLQWHUUXPSLPRVHOFRLWRDPHQRVTXH
HOKRPEUHKD\DWHQLGR\DHORUJDVPR1RWHQHPRVSRUTXp FRRSHUDUGHHVWDPDQHUD
FRQXQKRPEUHVLpOQRFRRSHUDFRQQRVRWUDV
$XQTXH QR WHQHPRV SRU TXp VHQRVKDHQVHxDGRTXHFXDOTXLHURWUDFRVDTXH
KDJDPRVTXHQRVHDD\XGDUGXUDQWHHOFRLWRRDOPHQRVQRLQWHUIHULUHVORPLVPR
TXHVLFDVWUiUDPRVDOKRPEUH(VWRHVXQDWRQWHUtD1XHVWUDIDOWDGH FRRSHUDFLyQFRQ
ORV KRPEUHV HQ HO VH[R QR HV SHRU TXH VX IDOWD GH FRRSHUDFLyQ FRQ QRVRWUDV SRU
HMHPSORFXDQGRHPSOHDQODHVWLPXODFLyQGHOFOtWRULVFRPRWpFQLFDSUHOLPLQDU\OXH
JR OD VXVSHQGHQ DQWHVGHTXHDOFDQFHPRVHORUJDVPR7HQHPRVSHUIHFWRGHUHFKRD
VHJXLUHOHMHPSORGHDTXHOODPXMHUTXHGLMRœ0HVLHQWRHQFRPSOHWDOLEHUWDGGHVXV
SHQGHUHOFRLWRHQHOFDVRGHTXHQRIXQFLRQHELHQRVL\RFRPLHQ]RDVHQWLUPHPR
OHVWDRFRQSRFRLQWHUpV<RWUDPXMHUDFRQVHMyœ3URFXUDUFRQVHJXLUORTXHGHVHiLV
\ KDFHUDTXHOORTXHJXVWpLV1RWHPiLVDFWXDUGHDFXHUGRFRQYXHVWURVGHVHRVPiV
EiVLFRV VHFUHWRV \ XOWUDVHFUHWRV 6L HQ SOHQR FRLWR QR HVWiLV JR]DQGR GHFLGOR DVt
™&KLFDVQRWHQpLVTXHKDFHUQDGDGHQDGDVLQRVHQWtVJDQDVGHKDFHUOR
<RWUDPXMHU œ3DVpODPD\RUSDUWHGHPLYLGDKDFLHQGRORTXHGHEtDSDViQGR
ORKRUULEOHPHQWH&XDQGRKDFHSRFRWLHPSRURPStFRQWDOPROGHHOVH[RFRPHQ]yD
WHQHUDOJ~QVLJQLILFDGRSDUDPt<QRUHFLEtD\XGDGHODFXOWXUDSRSXODUQLGHOSVL
FRDQiOLVLVQLGHQDGDH[FHSWRGHDOJRTXHGLMRXQDDPLJDSRUSXUDFDVXDOLGDG\GHO
PRYLPLHQWR IHPLQLVWD <R DFRQVHMDUtD D ODV PXMHUHV TXH PLUHQ KDFLD VXV SURSLRV
FRUD]RQHV\FXHUSRV\ORVVLJDQDGRQGHpVWRVFRQGX]FDQ
˜1HFHVLWDQORVKRPEUHVHOFRLWR"
$QWHVGHTXHDXWRPiWLFDPHQWHUHDFFLRQHPRVDQWHODVHFFLyQDQWHULRUSUHJXQ
WDQGR œ%LHQ ˜\ TXp KD\ GH ORV KRPEUHV" ˜1R QHFHVLWDQ HO FRLWR" ˜$FDVR OD UH
GXFFLyQGHOFRLWRQRVLJQLILFDSDUDHOORVPHQRVSODFHU"YROYDPRVDH[DPLQDUDXQ
TXH VHD PX\ EUHYHPHQWH OR SRFR TXH VDEHPRV VREUH OD VH[XDOLGDG PDVFXOLQD 1R
KD\ QLQJXQD EDVH SDUD GHFLU TXH ORV KRPEUHV HVWiQ ORJUDQGR HO PD\RU SODFHU TXH
SXHGHQORJUDUGHQXHVWURDFWXDOPRGHORGHUHODFLRQHVItVLFDVDXQTXHSRUORPHQRV
GLVIUXWDQGHRUJDVPRV˜1RHVSRVLEOHTXHODVH[XDOLGDGPDVFXOLQDVHDFDSD]GHPiV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
\PiVHQODIRUPDGHYDULHGDGLQGLYLGXDOGHORTXHODVUHYLVWDVVH[XDOHVPDVFXOLQDV
QRVKDFHQFUHHU"˜(VWDPRVVHJXUDVGHTXHVDEHPRVFyPRHVODVH[XDOLGDGPDVFXOL
QD"+DQFRPHQ]DGRDDSDUHFHUOLEURV\DUWtFXORVHVFULWRVSRUKRPEUHVTXHSRQHQHQ
HQWUHGLFKR HVWRV YLHMRV PROGHV \ PXFKRV KRPEUHV ¥DXQTXH KDVWD DKRUD PX\ SR
FRV¥ HVWiQFRPHQ]DQGRDUHYLVDUORTXHHVWiQORJUDQGRFRQVXVUHODFLRQHVVH[XDOHV
5ROOR 0D\ \ 0DUF )HLJHQ )DVWHDX HQWUH RWURV KDQ HVFULWR TXH FUHHQ TXH ORV
KRPEUHVDOFRQFHQWUDUWRGDVXDWHQFLyQHQORJUDUHORUJDVPR\HQODVDWLVIDFFLyQGHO
GHVHR HQ FLHUWD PDQHUD HVWiQ SHUGLHQGR OR SULQFLSDO GHO SODFHU VH[XDO TXH HV SUR
ORQJDUHOSODFHU\HOVHQWLPLHQWRGHOGHVHRRKDFHUOROOHJDUPiV\PiVDOWR(VWRHV
GH OR TXH KDEODQ ODV PXMHUHV HQ HO FDStWXOR VREUH HO RUJDVPR FXDQGR GHVFULEHQ OD
LQWHQVLGDGGHVXH[FLWDFLyQVH[XDODQWHVGHORUJDVPR5ROOR0D\
œ(OSODFHUHQHOVH[RVHGHVFULEHSRU)UHXG\RWURVFRPRODUHGXFFLyQGHODWHQVLyQ
HQ HURV SRU HO FRQWUDULR QR GHVHDPRV VHU OLEHUDGRV GH OD H[FLWDFLyQ VLQR PiV ELHQ DG
KHULPRVDHOODJR]DUQRVHQHOODHLQFOXVRDXPHQWDUOD
6L OD LPSRUWDQFLD GHO RUJDVPR IHPHQLQR KD VLGR VXEYDORUDGD SRU GHFLU ORPt
QLPRODLPSRUWDQFLDGHORUJDVPRPDVFXOLQRKDVLGRH[WUDRUGLQDULDPHQWHH[DJHUDGD
$XQTXHHORUJDVPRHVPDUDYLOORVRXQDJUDQSDUWHGHOSODFHUFRQVLVWHSUHFLVDPHQWH
HQDXPHQWDUODH[FLWDFLyQKDFLDHORUJDVPRFRPRHVFULELy)DVWHDX
œ(O JHQHUDO GHVSUHFLR PDVFXOLQR SRU OD VHQVDFLyQ KDFH TXH ORV KRPEUHV HQ
WLHQGDQ GLItFLOPHQWH TXH HO HVWDGR GH GHVHR HV XQD GH ODV PHMRUHV TXL]i OD PHMRU
SDUWHGHODH[SHULHQFLDGHODPRU
8QDPXMHUHQHVWHHVWXGLRGLMRDOJRSDUHFLGRDHVWRœ0LVH[XDOLGDGWLHQHPiV
TXHYHUFRQHOGHVHRTXHFRQODVDWLVIDFFLyQ1RPHVLHQWRLQWHUHVDGDSRUOD¦VDWLV
IDFFLyQ§1RVpORTXHHVRSRUTXpVHODFRQVLGHUDYDOLRVD0HJXVWDWHQHUKDPEUH
GHXQDSHUVRQDGHVHDUODLQWLPLGDG\HQWHQGLPLHQWRHVWDULQVSLUDGDSDUDDPDU\KD
OODUVHQWLPLHQWRVUHFtSURFRV(OYHUGDGHURSODFHUGHODVUHODFLRQHVVH[XDOHVHQWRQ
FHVHQHVWHVHQWLGRHVODSURORQJDFLyQ\DXPHQWRGHOGHVHRQRWHUPLQDUORROLEHUDU
VHGHpOWDQUiSLGDPHQWHFRPRVHDSRVLEOH
(QHODQWLJXRViQVFULWR\OLWHUDWXUDKLQG~VHUHFRPHQGDED\UHDOPHQWHVHSUDF
WLFy HQ OD FRORQLD RQHLGD GH 1XHYD <RUN HQHOVLJOR;,;TXHORVKRPEUHVSRGtDQ
ORJUDUHOPD\RUSODFHUPHGLDQWHHOFRQVWDQWHPDQWHQLPLHQWRGHDOWRVQLYHOHVGHH[FL
WDFLyQFRQWHQLHQGRORVRUJDVPRVGXUDQWHODUJRVSHULRGRVGHWLHPSR
œ(Q HVWD WpFQLFD HV FRP~Q TXH HO LQGLYLGXR H[SHULPHQWH KDVWD XQD GRFHQD R YHLQWH
SXQWRVFXOPLQDQWHVGHUHVSXHVWDTXHPLHQWUDVOOHJDQPX\FHUFDGHOFOtPD[VH[XDOHYLWDQ
GHOLEHUDGDPHQWH OR TXH LQWHUSUHWDUtDPRV FRPR RUJDVPR UHDO /DV SHUVRQDV TXH SUDFWLFDQ
WDOHVWpFQLFDVLQVLVWHQHQTXHHQFDGDXQRGHHVRVQLYHOHVGHH[FLWDFLyQOOHJDQDORUJDVPR
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
HQWRGRV\FDGDXQRGHORVSXQWRVFXOPLQDQWHVDXQTXHFDGDXQRGHHOORVVHPDQ WLHQHDOJR
SRUGHEDMRGHODUHVSXHVWDFRPSOHWD\VHHYLWDODH\DFXODFLyQ
(VWHFRQFHSWRVHHVWiSUREDQGRGHQXHYRSRUDOJXQRVJUXSRVGHKRPEUHVTXH
YLYHQHQDOJXQDVFRORQLDVH[SHULPHQWDOHV
1RKD\UD]yQSRUODFXDOODUHLQWHJUDFLyQGHOFRLWRHQWRGRHOHVSHFWURGHODVUH
ODFLRQHVItVLFDVGHEDDPHQD]DUDORVKRPEUHV/RVKRPEUHVWDPELpQSXHGHQEHQHIL
FLDUVHGHDEULUVH\YROYHUDH[DPLQDUVXFRQFHSFLyQVREUHORTXHHVODVH[XDOLGDG/D
DVRFLDFLyQGHOFRLWRFRQODPDVFXOLQLGDGHVSRUORPHQRVWDQFXOWXUDOFRPRItVLFD\
HVGHHVSHUDUTXHODVH[XDOLGDGPDVFXOLQDWDPELpQVXIUDXQSURFHVRGHH[SDQVLyQ\
GH LQGLYLGXDOL]DFLyQ /RV KRPEUHV TXH GHVHHQ FRQWULEXLU FRQ VX LQIRUPDFLyQ HLP
SUHVLRQHVUHVSRQGLHQGRDOFXHVWLRQDULRPDVFXOLQRSXHGHQHVFULELUPHD12:1HZ
<RUN(DVWOWK6W1<1<
72&$5(66(;27$0%,e1
6HQWLPLHQWRVVREUHODSUR[LPLGDGItVLFD
$GHPiV GHFDPELDUODLQHYLWDELOLGDG\PDQHUDVGHOFRLWR˜TXpRWURVFDPELRV
YHUtDQFRQVXPRDJUDGRODVPXMHUHVHQODVUHODFLRQHVItVLFDV"8QRGHORVPiVEiVL
FRV LPSOLFD YDORUDU HO FRQWDFWR ItVLFR \ OD LQWLPLGDG R SUR[LPLGDG SRU Vt PLVPRV
PiVELHQTXH~QLFDPHQWHFRPRSUHOXGLRSDUDHOFRLWR\HORUJDVPR
œ(QHOPHMRUGHWRGRVORVPXQGRVSRVLEOHVHOVH[RGHEHUtDVHUXQDPDQHUDGH
HVWDU FHUFD GH FRPXQLFDUVH FRQ RWUD SHUVRQD (VWR QR VLJQLILFDUtD QHFHVDULDPHQWH
TXHWXYLpVHPRVWRGRVTXHVRVWHQHUUHODFLRQHVVH[XDOHVFRQPDVSHUVRQDVRTXH\R
SRUHMHPSORDQGXYLHVHSRUDKtPHWLpQGRPHHQODFDPDFRQWRGDVPLVDPLVWDGHV3R
GUtD VHU LQFOXVR SRVLEOH SDUD Pt JR]DU GH OD SUR[LPLGDG \ DIHFWR TXH QHFHVLWR VLQ
TXHLQHYLWDEOHPHQWHWDODFWLWXGFRQGX]FDDOFRLWRVH[XDO4XL]iVLWRGRVQRVUHOD
FLRQiUDPRV FRQ PiV SHUVRQDV FRQ DIHFWR ItVLFR \ FRQWDFWRV WDPELpQ ItVLFRV SRVL
EOHPHQWH GLVIUXWDUtDPRV GH XQD HQFDQWDGRUD \ DJUDGDEOH DWPyVIHUD HQ OD FXDO YLYLU
FyPRGDPHQWH QR SUHFLVDUtDPRV VHQWLU TXH WRGR FRQWDFWR ItVLFR DSXQWD HQ OD GLUHF
FLyQGHOFRLWR
/RTXHOODPDPRVVH[RDJUDGDEOH˜WLHQHDOJRTXHYHUFRQORVRUJDVPRV"
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
/DVPXMHUHVGLMHURQPX\DPHQXGRHQUHVSXHVWDDpVWD\DRWUDVPXFKDVSUH
JXQWDVTXHSDUDHOODVHUDPXFKRPiVLPSRUWDQWHHOVLPSOHFRQWDFWRItVLFRGHOFXHU
SR \ OD SUR[LPLGDG TXH ORV RUJDVPRV HQ HO VH[R FRQ XQ FRPSDxHUR (VWR SRGUtD
DFHSWDUVHSXUDPHQWHHQVXVLJQLILFDGRPiVOLWHUDOVLQHPEDUJR\SXHVWRTXHODVPX
MHUHV VH PDVWXUEDEDQ SDUD DOFDQ]DU RUJDVPRV HVWi FODUR TXH WDPELpQ HVWRV ~OWLPRV
VRQLPSRUWDQWHVSDUDHOODV/DYHUGDGHVTXHWDQWRORVRUJDVPRVFRPRHOtQWLPRFRQ
WDFWR GHO FXHUSR R OD SUR[LPLGDG ItVLFD VRQ H[WUHPDGDPHQWH LPSRUWDQWHV SDUD ODV
PXMHUHV SHURPX\DPHQXGRVHKDQYLVWRREOLJDGDVDOOHJDUDHOORVVLJXLHQGRFDPL
QRVVHSDUDGRV(OSXQWRPiVVLJQLILFDWLYRHQODVUHVSXHVWDVTXHVLJXHQHVORLPSRU
WDQWHV TXH VRQ HO FRQWDFWR GHO FXHUSR R OD SUR[LPLGDG ItVLFD GH RWUD SHUVRQD \ OD
PHGLGDHQTXHHVWRVGRVIDFWRUHVVHKDQVXEYDORUDGRHQQXHVWURPRGHORGHUHODFLR
QHVItVLFDV
œ/RVRUJDVPRVVRQLPSRUWDQWHVSHURHVWDUFHUFD\DPDUHVLJXDOPHQWHLPSRU
WDQWH 0L PDULGR VDELHQGR TXH JR]R GH P~OWLSOHV RUJDVPRV FUHH TXH FXDQWRVPiV
WHQJDPiVIHOL]KHGHVHQWLUPH(VWRQRHVYHUGDGPLVRUJDVPRVVRQSXUDPHQWHItVL
FRV\SXHGRGLVIUXWDUGHHOORVVLQTXHDQWHVKD\DPXFKRMXHJRGHH[FLWDFLyQVH[XDO
&UHRTXHQRVHSXHGHKDEODUGH¦KDFHUHODPRU§VyORSRUTXHVHWHQJDXQRUJDVPR
7RGDYtDVHSXHGHFDOLILFDUGH ¦UiSLGRFRLWR§
œ/OHJRDLQWHQVRVRUJDVPRVGXUDQWHODPDVWXUEDFLyQSHURHOFRLWRLPSOLFDXQD
VDWLVIDFFLyQWDQWRItVLFDFRPRHPRFLRQDODOHVWDUFRQHOKRPEUHTXHDPR'HVGHXQ
SXQWRGHYLVWDTXHFRQWHPSOHVyORHORUJDVPRODPDVWXUEDFLyQSXHGHVHUWDQVDWLV
IDFWRULDSHURHOUHVWRGHPLFXHUSRQRTXHGDUiDJXVWR6HJXLUpDQVLDQGRTXHHOUHVWR
GHPLFXHUSRVHDDFDULFLDGREHVDGR\VHQWLUDPLODGRDXQKRPEUHFiOLGR
œ3DUDPtORTXHVHOODPD¦EXHQVH[R§HVDOJRPXFKRPiVTXHJHQLWDO,PSOLFD
GRVFXHUSRV\GRVDOPDVH[SORUiQGRVHPXWXDPHQWHDPiQGRVHFRQLQWHQVLGDGDFD
ULFLiQGRVHFRQWHPSOiQGRVH\HORUJDVPRSXHGHVHUODFLPDGHWDOSURFHVRSHURVyOR
HVXQIDFWRUQRQHFHVDULDPHQWHHOPHMRUHQXQFRPSOHMRSURFHVR
œ&UHRTXHHOpQIDVLVTXHVHKDFHVREUHHORUJDVPRODVHSDUDFLyQGHORUJDVPR
GHODVHQVXDOLGDGJHQHUDOGHOFDORUSHUVRQDO\GHODPRUHVDFWLWXGRSRVWXUDYHUGD
GHUDPHQWHLQIRUWXQDGD7HQJRODVHQVDFLyQGHTXHODVH[XDOLGDGGHODVPXMHUHVHVWi
HPXODQGR HQ HVWR DO PHFiQLFR HVWLOR GHO YDUyQ RULHQWDGR KDFLD HORUJDVPR$OPH
QRVSDUDPtHOEXHQVH[RWLHQHPXFKRPiVTXHYHUFRQXQVHQWLGRGHDXWpQWLFDFR
PXQLFDFLyQ\SUR[LPLGDG
9HUDSpQGLFHSDUDGHVJORVHHVWDGtVWLFR0XFKDVRWUDVUHVSXHVWDVDHVWDSUHJXQWDUHIOHMDQXQDPLOLWDQFLDHQ
HORUJDVPRTXHQRHVWiQUHSUHVHQWDGDVHQHVWDVFLWDV3RUHMHPSOR
œ6LQRSXGLHUDWHQHURUJDVPRFRQHVWHFRPSDxHUREXVFDUtDRWUR6LXQDPXMHUQRKDWHQLGRQXQFD XQ
RUJDVPRSXHGHSHQVDUTXHWLHQHXQDEXHQDDFWLYLGDGVH[XDOVLQHOORVSHUR\RQXQFDORKDUtD1RHVWiVUHDO
PHQWHH[SHULPHQWDQGRODVH[XDOLGDGVLQRUJDVPRV
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ&UHR TXH XVWHG KDFH GHPDVLDGR KLQFDSLp VREUH HO RUJDVPR 0H SDUHFH D Pt
TXHVHWUDWDGHXQFRQWLQXXPHUyWLFRGHOTXHHORUJDVPRHVVLPSOHPHQWHXQSXQWR
XQSHULRGRPiVLQWHQVRSHURQRGLIHUHQWHFXDOLWDWLYDPHQWHGHODH[SHULHQFLDSUHFH
GHQWH\GHODVLJXLHQWH$PHQXGRPHSUHJXQWRVLORVFXHVWLRQDULRVFRPRpVWH\ORV
OLEURVTXHKD\SRUDKtVREUH¦FyPRKDFHUOR§QRVHUiQFRVDSDUHFLGDDORVPDQXDOHV
XQLYHUVLWDULRV TXH PHQFLRQDQ ORV SRUFHQWDMHV GH ORV RUJDVPRV &RPR HVWD SUREDGR
FLHQWtILFDPHQWHTXHODVPXMHUHVWLHQHQRUJDVPRVHQWRQFHVVLQRORVWLHQHQFDGDPL
QXWRHVTXHKD\DOJRTXHPDUFKDPDOHQHOODV/RVEHVRVODV FDULFLDVODFKDUOD\OD
WHUQXUDTXHKD\HQWUHGRVSHUVRQDVFXDQGRVHJXVWDQ\GLVIUXWDQFRQHVWDUMXQWDVHV
PXFKRPiVLPSRUWDQWHTXHHORUJDVPR(OVH[RKDGHDSR\DUVHHQWRGRPRPHQWRHQ
ODFRPSUHQVLyQGHODPXWXDVHQVXDOLGDG\HQODDSUHFLDFLyQGHODSUR[LPLGDGItVLFD
(VXQDHVSHFLHGHLQWHQVLILFDGDH[SHULHQFLDHVWpWLFDHQODTXHWRGRVORVVHQWLGRVGH
XQDSHUVRQDH[SHULPHQWDQODEHOOH]DFRPSOHWDGHODRWUD
˜'LVIUXWDXVWHGFRQODVFDULFLDV"
œ/DVFDULFLDV\HOFRQWDFWRItVLFRHVODSDUWHPiVLPSRUWDQWHGHOVH[RSDUWHGH
XQHURWLVPRQDWXUDOHVWDUHQFRQWDFWRItVLFRFRQPLFXHUSR\ORVFXHUSRVGHRWURV
œ/RVHQFXHQWURVODUJRVGHOLFDGDPHQWHDSDVLRQDGRVFRQPXFKDVFDULFLDV\HQ
WXVLDVPRV PH GDQ OD VHQVDFLyQ GH VHU DPDGD GH DUULED DEDMR \ VRQ WRGR FXDQWR
QHFHVLWRODPD\RUSDUWHGHOWLHPSR
œ0H DJUDGDQ ODV FDULFLDV WRWDOPHQWH YHVWLGD ¥ORV EHVRV \ FDULFLDV PX\ OLJH
UDV¥WRGDVODVSUHQGDVSXHVWDV\WRGRVORVERWRQHVDEURFKDGRVFRQFDULFLDV\FKDU
OD3UHIHULUtDHVRPXFKDVYHFHVDOFRLWR<SDUDPt QRHVORPLVPRVLVHWUDWDVyOR
GH XQ SUHOXGLR SDUD MRGHU 0XFKDVYHFHVUHDOL]RHOFRLWRFXDQGRSUHIHULUtDVyORVHU
DFDULFLDGD6XSRQJRTXHQRSLHQVRHQHVWRFRPRHOHFFLyQ
œ1RWHSXHGHJXVWDUHOVH[RVLQDPDUODVFDULFLDV\VHUDFDULFLDGD(OSULQFLSDO
SODFHUFRQVLVWHHQODSUR[LPLGDGItVLFDGHOVH[R&RQPLDFWXDODPDQWHQRVSDVDPRV
GH GRV D VHLV KRUDV DFDULFLiQGRQRV WRFiQGRQRV KDFLpQGRQRVPLPRV\DUUXOORVEH
ViQGRQRV\VLPSOHPHQWHGHVFDQVDQGRXQRFRQWUDHORWUR(VXQDVHQVDFLyQPDUDYL
OORVD
œ/RV DEUD]RV VRQ FRVD UHDOPHQWH LPSRUWDQWH SDUD Pt 7DPELpQ PH JXVWDQ ORV
EHVRV\TXHPHDFDULFLHQWRGDVODVSDUWHVGHOFXHUSR0HDJUDGDPXFKRWDPELpQTXH
PHPLUHQDORVRMRV\TXHPHDFDULFLHQODFDUD\ODFDEH]D'HSHQGHGHPLFRPSDxH
UR\GHOKXPRUTXH\R WHQJDHOKHFKRGHTXHODFRQYHUVDFLyQSXHGDVHULPSRUWDQWH
'LVIUXWRFRQHVWDVDFWLYLGDGHVWDQWRRPiVTXHFRQHOFRLWRSRUTXHVRQPX\SHUVRQD
OHV\PX\FRPXQLFDWLYDV0HJXVWDTXHHOKRPEUHSURQXQFLHPLQRPEUH<GLVIUXWR
HVWDQGRDEUD]DGDDpO
œ/RPHMRUVRQODVKRUDVODUJDV\IOHPDVGXUDQWHODVTXHQRVHVWLPXODPRVPX
WXDPHQWH\QRVUHODMDPRVDQWHVGHORUJDVPR\OXHJRFRPHQ]DPRVGHQXHYRDFKDU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ODU\DDFDULFLDPRV(VH[WUHPDGDPHQWHLPSRUWDQWHSDUDPtGLVIUXWDUGHHVWHFRQWDF
WRFRUSRUDO\PHDJUDGDQORVMXHJRVODOXFKD\EDLODUGHVQXGD8QDQWHULRUDPDQWH
PHGLMRXQGtDTXH\ROHKDEtDGHPRVWUDGRTXHKDFHUHODPRUFRQVLVWtDHQXQVHWHQWD
\FLQFRSRUFLHQWRGHFRQWDFWRItVLFR\HOYHLQWLFLQFRGHFRLWR
œ0H JXVWD TXH PH DFDULFLHQ WHQGLGD HQ OD DOIRPEUD YHVWLGD MXJXHWHDU VLPX
ODQGRHVWR\ORRWUR™VLQWLpQGRPHHQFRPSOHWRDEDQGRQRGHPtPLVPD
œ+D\DOJRPX\FiOLGRHtQWLPR\EHOOtVLPRDODYH]HQKDOODUVHFRQRWUDSHUVR
QDHQODRVFXULGDGHQSOHQRDEUD]R\FKDUODQGRHQYR]EDMD)UDQFDPHQWHJR]RPDV
FRQHVWRHQHVWHPRPHQWRTXHFRQHOVH[RJHQLWDOSHURSRVLEOHPHQWHHVWRVHGHEDD
PLOLPLWDGDH[SHULHQFLD
œ(OVH[RSHUVHQRHVWHUULEOHPHQWHLPSRUWDQWHSDUDPtSHURHOFRQWDFWRItVLFR
HQIRUPDGHDEUD]RVEHVRV\FDULFLDVHVPX\LPSRUWDQWH0H LQWHUHVDPiVGLVIUXWDU
GH HVWD FODVH GH FRQWDFWR TXH HO TXH WHQJR HQ HO VH[R (O VH[R QR WLHQH GHPDVLDGD
LPSRUWDQFLD HQ PL YLGD 7HQJR HVWH FRQWDFWR FRQ OD SHUVRQD TXH DPR \ PH JXVWD
/XHJRSXHGHTXHOOHJXHHOVH[RDXQTXHQRVLHPSUH
œ&UHR PX\ ILUPHPHQWH TXH PDQWHQHUVH HQ FRQWDFWR ItVLFR UHDOPHQWH ItVLFR
FDUQH FRQ FDUQH FRQ RWUR R FRQ RWURV VHUHV KXPDQRV HV DEVROXWDPHQWH QHFHVDULR
SDUDPDQWHQHUVHHQEXHQHVWDGRGHVDOXGFXHUGR6p TXHHVDVtSDUDPt(VSRUHOOR
TXHFUHRTXHœHOVH[RHVDOJRPiVTXHHVRVLQTXHQDGLHKDHQFRQWUDGRWRGDYtDODV
IRUPDV SDUD YHU FXiOHV VRQ ORV HIHFWRV GHO VH[R ¥HO DSDUHDPLHQWR MRGHU WRFDUVH
WRGRORItVLFR¥ VREUHODJHQWHTXHORKDFHMXQWD3LHQVRTXHGHEHQGHKDEHUVXWLOHV
LQWHUDFFLRQHVQHXUROyJLFDV\TXtPLFDVTXHVHSRQHQHQDFFLyQ HQHOFXHUSRGHFDGD
SHUVRQDSRUHOFRQWDFWRItVLFRGLUHFWRFRQODRWUDSHUVRQD
(ODEUXPDGRUQ~PHURGHUHVSXHVWDVUHFLELGDVDHVWDSUHJXQWDIXHURQFRPRpV
WDVHOGHVHRGHPDVFDULFLDV\FRQWDFWRFRUSRUDOIXHPiVRPHQRVXQLYHUVDO
$OJXQDVYHFHVVHKDGLFKRTXHODVFDULFLDVVRQFRVDGHJHQWHSRFRPDGXUDDO
JRTXHODJHQWHKDFHVRODPHQWHFXDQGRQRHVFDSD]GHVHJXLUDGHODQWH(VWRQRHV
YHUGDG /DV FDULFLDV GHVGH WLHPSR LQPHPRULDO KDQ VLGR SULQFLSDOtVLPD IRUPD GH
VH[XDOLGDGSHURXQDYH]PiVIXHURQFRQGHQDGDVHQORVFyGLJRVMXGHRFULVWLDQRVD
PHQRVTXHIXHVHQSUHOXGLRGHOFRLWR\FRQWLQ~DQHQHVWHVWDWXV KDVWDHVWHPRPHQWR
2WURVPDPtIHURVWDPELpQVHDFDULFLDQPXFKRFRPRIRUPDGHHYLGHQWHVH[XD
OLGDGFRPRKDVHxDODGR.LQVH\
œ(QWUHODPD\RUtDGHODVHVSHFLHVGHPDPtIHURVKD\HQUHDOLGDGXQDJUDQFD QWLGDGGH
MXHJRVVH[XDOHVTXHQXQFDFRQGXFHQDOFRLWR&DVLWRGRVORVPDPtIHURVFXDQGRHVWiQH[FL
WDGRV VH[XDOPHQWH VH XQHQ VH KXHOHQ \ H[SORUDQ FRQ VXV QDULFHV ERFDV \ SDWDV WRGR HO
FXHUSRGHORWUR(VWDEOHFHQFRQWDFWRVGHFDUiFWHUItVLFRGHODELRVFRQODELRVROHQJXDVFRQ
OHQJXDV\HPSOHDQODERFDSDUDPDQLSXODUWRGDVODVSDUWHVGHVXFRPSDxHURLQFOX\HQGRORV
JHQLWDOHV(OHVWXGLDQWHLQWHUHVDGRHQREVHUYDUHOFRLWRHQORVDQLPDOHVGHH[SHULPHQWDFLyQ
DYHFHVWLHQHTXHHVSHUDUKRUDV\KRUDVRGtDVGHMXHJRVVH[XDOHVDQWHVGHTXHSXHGDWHQHU
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
ODRSRUWXQLGDGGHREVHUYDUHOYHUGDGHURFRLWRVLHVTXHORVDQLPDOHVILQDOPHQWHQRVHVHS D
UDQVLQOOHJDUDLQWHQWDUXUMDXQLyQJHQLWDO
1R KD\ UD]yQ SDUD TXH QR GHEDPRV FUHDUWDQWRVJUDGRVGLIHUHQWHV\FODVHVGH
VH[RFRPRTXHUDPRVFRQGX]FDQRQRDORUJDVPR\VHDQRQRJHQLWDOHV6LODGHIL
QLFLyQGHOSODFHUVH[XDOHVVRVWHQHUHOGHVHR\FRQVHJXLUH[FLWDUVHPiV\PiV¥VLQ
WHUPLQDUOR¥ HQWRQFHV VH DEUHQ PXFKDV PiV SRVLELOLGDGHV SDUD HO SODFHU VH[XDO \
SDUDH[FLWDUDODRWUDSHUVRQD/DYHUGDGHVTXHHOœVH[RHVPD\RUTXHHORUJDVPRH
LPSOLFD FXDOTXLHU FODVH GH LQWLPLGDG ItVLFD SURIXQGD TXH VH FRPSDUWH FRQ RWUR (O
LQWHQVRFRQWDFWRItVLFRHVXQDGHODVDFWLYLGDGHVSRVLEOHVPiVVDWLVIDFWRULDVHQ\SRU
VtPLVPR
6LQHPEDUJRODUHVSXHVWDDSUHJXQWDVVREUHVXVGHVHRVGHDIHFWRItVLFR\FDULFLDV
PXFKDVPXMHUHVGLMHURQTXHD ORVKRPEUHVHVWRQROHVDJUDGDEDDQRVHUGXUDQWHHO
DFWRVH[XDO
œ/DV FDULFLDV VRQ LPSRUWDQWHV SHUR \R QR ODV KDJR WDQWR FRPR GHVHR /RV
KRPEUHVQRTXLHUHQDFDULFLDU\EHVDUVLQFRLWR
œ/DVFDULFLDVVRQPX\LPSRUWDQWHV\VLJQLILFDWLYDVSHURQRVHSURGLJDQSRUTXH
ORV KRPEUHV FXDQGR OD DFDULFLDQ D XQD VyOR WLHQHQ XQ SHQVDPLHQWR HQ VX PHQWH
$XQTXHKHGLVFXWLGRHVWRFRQPLPDULGRpOVLJXHLJQRUiQGRPH(LQVLVWHHQTXHpO
VDEHTXH\RGHVHRHOFRLWRSRUHQFLPDGHWRGR
œ5HDOPHQWHJR]RFRQODVFDULFLDV \FRQHOFRQWDFWRItVLFRGHRWURFXHUSRSHUR
KHGHVFXELHUWRTXHDOJXQRVKRPEUHVQRHQWLHQGHQHVWR\DVtFXDQGRVHH[FLWDQGH
VHDQHOFRLWR6LQHPEDUJR\RVyORGHVHDEDDIHFWR\FDULFLDV$YHFHVFRQHOREMHWR
GH ORJUDUOR KH WHUPLQDGR SRU DFHSWDU HO FRLWR TXH QR HV OR TXH \R GHVHDED HQ XQ
SULQFLSLR
œ7HQtD DFWLYLGDG VH[XDO SDUD HVWDU FHUFD \ WRFDU D XQ KRPEUH SHUR \D QR OR
KDJR D PHQXGR SRUTXH HO RUJDVPR PH OR SURYRFR \R \ HO GHVHR GH DEUD]R PH OR
VDWLVIDFHHQJUDQPHGLGDPLKLMD
œ'HVSXpV GHO DFWR VH[XDO SDUD Pt UHVXOWD GHSULPHQWH OD VLWXDFLyQ VL QR KD\
DEUD]RV\FDULFLDV0HVLHQWRFRPRXQ]DSDWRYLHMRSHURODPD\RUtDGHORVKRPEUHV
QRORHQWLHQGHQDVt
œ&UHRTXHHODIHFWRHVPX\LPSRUWDQWH™&XiQDJUDGDEOHHVVDEHUTXHDOJXLHQ
WHDEUD]DSRUTXHUHDOPHQWHWHTXLHUHFRPRDXQDSHUVRQD\QRFRPRDXQFRxR6L
XQFRPSDxHURQRVHPXHVWUDDIHFWXRVRItVLFDPHQWHDYHFHVFXDQGRQRHVWiHOVH[RHQ
PHGLRPiVWDUGHPHUHVLHQWRSVLFROyJLFDPHQWHSRUTXHFRPSUHQGRTXHVLPHDFDUL
FLDQOXHJRHVFRQREMHWRGHTXHVLJDXQFRLWR0XFKRVKRPEUHVDFW~DQGHHVWDPD
QHUDWRUSH
(O,QIRUPH+LWH¤ (VWXGLRGHOD6H[XDOLGDG)HPHQLQD
6KHUH+LWH
œ/DVFDULFLDVVRQH[WUHPDGDPHQWHLPSRUWDQWHV0HDJUDGDQORVDEUD]RV\WR
GDV ODV GHPRVWUDFLRQHV ItVLFDV GH DIHFWR $KRUD PLVPR VR\ FDSD] GH KDFHU WRGR
FXDQWRGHVHR\UHFLELUWDQWRFRPRTXLHUR\DTXHPHUHODFLRQRH[FOXVLYDPHQWHFRQ
PXMHUHV(UDGLItFLOREWHQHUORVXILFLHQWH\GDUORVXILFLHQWHFRQORVKRPEUHV
œ2SLQRTXHHODIHFWRItVLFR\ODVFDULFLDVVRQPXFKRPDVLPSRUWDQWHVTXHORV
RUJDVPRVSHURPHVLHQWRXQSRFRLQVHJXUDSRUTXHPLDPLJRPHDVHJXUDTXHWDOGH
VHRLPSOLFDODSUHVHQFLDGHXQDLQVHJXULGDGQHXUyWLFD
œ$QVtRDIHFWRItVLFR1RORWHQJRHQPLKRJDUKHVDOLGRDODFDOOH\WRPDGRXQ
DPDQWHSRUTXHPHDEUD]DED1HFHVLWRTXHPHDEUDFHQ\PLPHQ\DFDPELRGR\VH
[R(VWRPHYDELHQSRUTXHPHJXVWDHOVH[R6LQHPEDUJRTXLHURGHMDUELHQVHQWDGR
HOKHFKRGHTXHORTXHUHDOPHQWHEXVFRHVTXHXQKRPEUHPHWRTXH
œ<RVROtDWHQHUKDPEUHGHDIHFWRItVLFR\SRUHOORVRVWXYHUHODFLRQHVFRQKRP
EUHV VLQ EXVFDU HQ HOORV QLQJXQD VDWLVIDFFLyQ VH[XDO SRGtD VDWLVIDFHUPH \R PLVPD
FRQPiVIDFLOLGDGVLQRPiVELHQHOFRQWDFWRItVLFR\ODWHUQXUDTXHHVORTXHPiV
GHVHR $KRUD OR FRQVLJR HQ JUDQ PHGLGD FRQ PL PDULGR SHUR KDFH WLHPSR SURED
EOHPHQWHHVWDFDUHQFLDGHDIHFWRIXHOD~QLFDUD]yQTXHPHLPSXOVRDLUDODFDPD
FRQFXDOTXLHUD
œ&RQPLPDULGRHOFRQWDFWRItVLFRVLHPSUHFRQGXFHDOFRLWRORFXDOPHLQKLEH
GH PRVWUDUPH DIHFWXRVD FXDQGR GHVHR TXH PH DFDULFLHQ R PLPHQ \ QR UHDOL]DU HO
DFWRVH[XDO
œ(O DIHFWR ItVLFR HV WHUULEOHPHQWH LPSRUWDQWH SDUD Pt $ PHQXGR ODPHQWR HO
KHFKRGHTXHPLPDULGROLPLWHODPD\RUSDUWHGHVXVEHVRVDVLWXDFLRQHVTXHWHQGUiQ
HO FRLWR FRPR UHVXOWDGR ILQDO 0H DJUDGD TXH PH DEUDFHQ \ PH EHVHQ HVSRQWiQHD
PHQWH\MXJXHWHDUSHURDpOQR
œ(ODIHFWRItVLFR\ODVFDULFLDVVRQH[WUHPDGDPHQWHLPSRUWDQWHVSDUDPt\GHV
HPSHxDQLPSRUWDQWHSDSHOHQHOSODFHUGHVH[RDOPHQRVHQORTXHDPtFRQFLHUQH
6LQHPEDUJRWRGRHVWRIDOWDHQPLVUHODFLRQHVPDULWDOHV8QDFDULFLDRXQEHVRSXH
GHQVHUPDUDYLOORVRVSHURQRXQEHVRGHSH]PXHUWRHOTXHVHGDDOFDERGHXQRV
FXDQWRVDxRVGHPDWULPRQLR
œ6t PXFKR 3HUR DFDULFLDU \ EHVDU WRGR FXDQWR D Pt PH JXVWD KDFH TXH ORV
KRPEUHVVHFDQVHQGH