VWXGLRV +XPDQtVWLFRV - Revistas Universidad de León
Anuncio
(VWXGLRV+XPDQtVWLFRV
)LORORJtD
>@
(VWXGLRV+XPDQtVWLFRV
)LORORJtD
1>@
,661
5HYLVWDGHORV'HSDUWDPHQWRVGH)LORORJtD+LVSiQLFD\&OiVLFD\)LORORJtD
0RGHUQDGHOD)DFXOWDGGH)LORVRItD\/HWUDV
/HyQ
(678',26+80$1Ì67,&26),/2/2*Ì$
5HYLVWDGHORV'HSDUWDPHQWRVGH)LORORJtD+LVSiQLFD\&OiVLFD\)LORORJtD0RGHUQD
8QLYHUVLGDGGH/HyQ
',5(&725
0DUtD$VXQFLyQ6iQFKH]0DQ]DQR
6(&5(7$5,2
&pVDU)*XWLpUUH]9LxD\R
&216(-2'(5('$&&,Ð1
-RVp0DUtD%DOFHOOV'RPpQHFK
0DUtD/X]GLYLQD&XHVWD7RUUH
,PHOGD0DUWtQ-XQTXHUD
0DULVD)HUQiQGH]/ySH]
0DQXHO6HRDQH5RGUtJXH]
&20,7e&,(17Ì),&2
$QWRQLR&KLFKDUUR&KDPRUUR8QLYHUVLGDGGH*UDQDGD)UDQFLVFR-DYLHU'tH]GH5HYHQJD8QLYHUVLGDGGH0XU
FLD-RVp0DUtD)HUQiQGH]&DUGR8QLYHUVLGDGGH2YLHGR)HUQDQGR*DOYiQ5HXOD8QLYHUVLGDGGH$OFDOi6DOYD
GRU*XWLpUUH]2UGyxH]8QLYHUVLGDGGH/HyQ-RVp$QWRQLR3DVFXDO5RGUtJXH]8QLYHUVLGDG&DUORV,,,GH0DGULG
*XLOOHUPR5RMR6iQFKH]8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD-$*$UGLOD8QLYHUVLGDGGH(GLPEXUJR
9LoHQ%HOWUiQ8QLYHUVLWjGL5RPD/D6DSLHQ]D,VDEHO9HOi]TXH]6RULDQR8QLYHUVLGDG&RPSOXWHQVH0DGULG
&RQFHSFLyQ)HUQiQGH]0DUWtQH]8QLYHUVLGDGGH6HYLOOD
BBBBBBBBBBBBBBBB
(QYtRGHDUWtFXORV
(678',26+80$1Ì67,&26),/2/2*Ì$
'HSDUWDPHQWRGH)LORORJtD+LVSiQLFD\&OiVLFD\'HSDUWDPHQWRGH)LORORJtD0RGHUQD
)DFXOWDGGH)LORVRItD\/HWUDV
8QLYHUVLGDGGH/HyQ
/HyQ
7OIQ)D[
HPDLODVDQP#XQLOHRQHV
6XVFULSFLRQHVSHGLGRVLQWHUFDPELR\FRUUHVSRQGHQFLD
6HFUHWDULDGRGH3XEOLFDFLRQHV
(GLÀFLRGH6HUYLFLRV
&DPSXVGH9HJD]DQDVQ
8QLYHUVLGDGGH/HyQ
/HyQ
3HULRGLFLGDG$QXDO
&RQWHQLGR
(VWXGLRVRULJLQDOHVPRQRJUiÀFR\UHVHxDV
(OSUy[LPRQ~PHURGH(VWXGLRV+XPDQtVWLFRV)LORORJtDVHUiHODERUDGRHQ2SHQ-RXUQDO6\VWHP
8QLYHUVLGDGGH/HyQ
ÉUHDGH3XEOLFDFLRQHV
/RVDXWRUHV
,661
'HSyVLWR/HJDO/(
0DTXHWDFLyQHLPSUHVLyQ
,PSUHQWD.DGPRV
(678',26+80$1Ì67,&26),/2/2*Ì$1
,661
Ì1',&(
>0212*5É),&2³/$,1)/8(1&,$'(/$)È%8/$(6Ï3,&$(1/$
/,7(5$785$(8523($´@
&XDGHUQRPRQRJUiÀFRQ&RRUGLQDFLyQ\HGLFLyQGH0DUtD/X]GLYLQD
&XHVWD7RUUH
3UHVHQWDFLyQ0DUtD/X]GLYLQD&XHVWD7RUUH
7(5(6$$5$8-23UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
$1$0$5Ì$0$5,f2$5,$6'H*UHFLDD1DUQLDODIiEXODGHOOHyQ\HOUDWyQ
IXHUDGHODVFROHFFLRQHVGHIiEXODV
-26e(15,48(0$57Ì1(=)(51É1'(=8QDPLUDGDVREUHODIiEXODHVSD
xRODGHOVLJOR;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
-8$1/8,60215($/3e5(=(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUD
UHQDFHQWLVWDDOHPDQD
$1'5e60217$1(5%8(128QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRV
WHULRUWUDGLFLyQHVSDxRODDQiOLVLV\SRVLELOLGDGHVGLGiFWLFDVGHODVPLVPDVHQODV
DXODVGHHGXFDFLyQSULPDULD
$1$3$,9$025$,6$LQVFULoDRGD¶9LGDGH(VRSR·QDVSULPHLUDVFROHFoRHVGH
IiEXODVHPSRUWXJXrV/LYURGH([RSRVpF;,9H9LGDHIiEXODVGRLQVLJQHID
EXODGRUJUHJR(VRSRWUDGX]LGDVSRU0DQXHO0HQGHVGD9LGLJXHLUD
5,&$5'23,f(52025$/'HIiEXODV\EHVWLDULRVODHVWpWLFDGHORVDQLPDOHV
HQOD(GDG0HGLD
720$6$3$675$1$6$17$0$57$3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQ
HO%DOGR
0$5Ì$6É1&+(=3e5(=7UDGLFLyQ\PRGHUQLGDGODIiEXOD¶/DUDSR]DVHYD
DO+DGMLOLN·HQHOSHULyGLFRVHIDUGt(ONRQVHMHUR6DOyQLFD
>(678',26@
,10$&8/$'$/Ð3(=&$/$+2552)UDQFLVFR$\DOD\HOKXPDQLVPRGHO
H[LOLR
)5$1&,6&2-,0e1(=&$/'(5Ð16REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WR
SRpWLFRODOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHODJXD
>5(6(f$6@
0DQXHO5LFR)XJLWLYDFLXGDG-XDQ&DUORV$EULO
&ODUD , 0DUWtQH] &DQWyQ (O ULWPR FRPR FODYH GHO YHUVR HQ $QWRQLR &ROLQDV
(OHPHQWRVUtWPLFRVQRPpWULFRV1XULD6iQFKH]9LOODGDQJRV
6pQHFD7UDJHGLDVFRPSOHWDV(GLFLyQ\WUDGXFFLyQGH/HRQRU3pUH]*yPH]
-XDQ&DUORV$EULO
$QWRQLR&KDV$JXLyQ&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOOD
QRGHOVLJOR;9$QD0DUtD0DULxR$ULDV
5DIDHO)RPEHOOLGD9LROHWDSURIXQGR-XDQ&DUORV$EULO
0DQXHO &LIR *RQ]iOH] HG /DV FXDWUR HVWDFLRQHV +RPHQDMH D 3HGUR *DUFtD
0RQWDOYR&HOLD5RSHUR6HUUDQR
)UDQFLVFR$UHQDV'ROoHG5HWyULFD\GHPRFUDFLD3HUVSHFWLYDVFUtWLFDVVREUHHO
HVWDGRGHODLQYHVWLJDFLyQ0DUtD$VXQFLyQ6iQFKH]0DQ]DQR
>0RQRJUiÀFR
ODLQÁXHQFLD
GHODIiEXOD
HVySLFDHQ
ODOLWHUDWXUD
HXURSHD@
&8$'(5120212*5É),&21
´/DLQÁXHQFLDGHODIiEXODHVySLFD
HQODOLWHUDWXUDHXURSHDµ
&RRUGLQDFLyQ\HGLFLyQGH
0DUtD/X]GLYLQD&XHVWD7RUUH
35(6(17$&,Ð1'(/1Ó0(520212*5É),&2
/DHVSHFLHKXPDQDVHFDUDFWHUL]DHQWUHRWURVUDVJRVTXHODGLIHUHQFLDQGHRWURV
DQLPDOHVSRUVHUOD~QLFDTXHEXVFDODUHODFLyQFRQRWUDVHVSHFLHVDQLPDOHVGHIRUPD
GHVLQWHUHVDGDPDQWHQLHQGRPDVFRWDV(VWHUDVJRVHPDQLÀHVWDHQGLIHUHQWHVpSRFDV\
FXOWXUDV\QRKDFHVLQRUHÁHMDUXQDDFWLWXGGHREVHUYDFLyQKDFLDHOFRPSRUWDPLHQWR
DQLPDO \ GH FRPSDUDFLyQ GH HVWH FRQ HO KXPDQR /RV RUtJHQHV GH OD IiEXOD GH WLSR
HVySLFRVHHQFXHQWUDQSUREDEOHPHQWHHQHVWDDFWLWXG/DVVRFLHGDGHVGHOD$QWLJHGDG
EXVFDURQHOFRQRFLPLHQWRGHODQDWXUDOH]DKXPDQDHQODREVHUYDFLyQGHOPXQGRDQLPDO
'HDKtTXHXQFRPSRQHQWHHVHQFLDOGHODIiEXODVHDHOGLGDFWLVPRODHQVHxDQ]DTXHVH
GHVSUHQGHGHHOODTXHDYHFHVHVPRUDOSHURVLHPSUHSURIXQGL]DHQODVPRWLYDFLRQHV
GHOFRPSRUWDPLHQWRKXPDQR6LQHPEDUJRDXQVLHQGRXQJpQHURGLGiFWLFRODIiEXOD
KDVLGRGHVGHVXVRUtJHQHVXQJpQHURSOHQDPHQWHOLWHUDULRTXHVHKDH[SUHVDGRFRQ
IUHFXHQFLD HQ IRUPD PHWULÀFDGD OR TXH UHYHOD VXV LQWHUHVHV DUWtVWLFRV $XQTXH VH
HQFXHQWUD HQWUH ORV JpQHURV OLWHUDULRV PiV DQWLJXRV \ WXYR XQ DPSOtVLPR GHVDUUROOR
HQOD(GDG0HGLD\HQpSRFDVSRVWHULRUHVGHODOLWHUDWXUDRFFLGHQWDOHQHOFDVRGHOD
/LWHUDWXUDHVSDxRODKDUHFLELGRSRFDDWHQFLyQSXHVJHQHUDOPHQWHVHFRQVLGHUDQVXV
SURGXFFLRQHVGHQWURGHOPDUFRPD\RUGHOFXHQWR
(OSUR\HFWRGHLQYHVWLJDFLyQTXHGLULMRVXEYHQFLRQDGRSRUOD-XQWDGH&DVWLOOD
\/HyQ´$GDSWDFLyQ\WUDQVIRUPDFLyQGHODIiEXODHVySLFDHQHO/LEURGHEXHQDPRUµ
/($ VH KD GHGLFDGR DO HVWXGLR GH ODV IiEXODV SURFHGHQWHV GH OD WUDGLFLyQ
OLWHUDULDDQWHULRUDOWHUDGDV\UHHODERUDGDVHQFDVWHOODQRHQHOVLJOR;,9SRU-XDQ5XL]
$UFLSUHVWHGH+LWDSDUDKDFHUODVVHUYLUDQXHYDVLQWHQFLRQHVLGHROyJLFDV\DUWtVWLFDV(O
WUDEDMRUHDOL]DGRHQHVWHSUR\HFWRKDFRQVWLWXLGRXQYLDMHSHUVRQDOGHUHGHVFXEULPLHQWR
GH OD LPSRUWDQFLD TXH XQ JpQHUR KDELWXDOPHQWH FRQVLGHUDGR PHQRU KD WHQLGR HQ OD
OLWHUDWXUDHVSDxROD\HQRWUDVOLWHUDWXUDVHXURSHDVGHVGHVXPtWLFDFUHDFLyQDWULEXLGD
D (VRSR 3DUD FRPSUHQGHU FXiO KDEtD VLGR OD ODERU GHO $UFLSUHVWH GH +LWD HQ VXV
DGDSWDFLRQHVHVySLFDVIXHQHFHVDULRUHPRQWDUVHDODFRPSOHMDWUDQVPLVLyQWH[WXDOGH
ODVIiEXODVD2FFLGHQWHFRPSDUDUODVFRQODVYHUVLRQHVHQOHQJXDVURPDQFHVDQWHULRUHVD
ODTXHRIUHFH-XDQ5XL]\SHUFLELUODQHFHVLGDGGHDERUGDUHOFRQWH[WRFXOWXUDOOLWHUDULR
\DUWtVWLFRTXHODVFRQHFWDEDFRQHOIROFORUHORVEHVWLDULRVODOLWHUDWXUDSURYHUELDORFRQ
ODVUHSUHVHQWDFLRQHVDUWtVWLFDVGHDQLPDOHV/DSHUVLVWHQFLDGHYDULDQWHVGHODVIiEXODV
HVySLFDVTXHVHLQFRUSRUDURQHQHOVLJOR;,9DO/LEURGHEXHQDPRUHQODOLWHUDWXUDFXOWD
SRVWHULRU\VXSHUYLYHQFLDHQODOLWHUDWXUDRUDOGHWLSRWUDGLFLRQDOPXHVWUDHOYLJRUGH
XQJpQHURFUHDGRVLKHPRVGHFUHHUODVQRWLFLDVPiVDQWLJXDVKDFHPiVGHGRVPLOHQLRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
\PHGLR(OKHFKRGHTXHHQXQDREUDWDQSULQFLSDOGHQWURGHODOLWHUDWXUDHVSDxROD
KXELHUDWRGDYtDWDQWRVDVSHFWRVSRUGHVFXELU\HVWXGLDUKL]RVXUJLUODLGHDGHFHOHEUDU
XQ SHTXHxR FRQJUHVR TXH UHXQLHUD D LQYHVWLJDGRUHV GH GLIHUHQWHV HVSHFLDOLGDGHV HQ
WRUQRDOJpQHURIDEXOtVWLFR
(Q OD LOXVLyQ SRU OD FHOHEUDFLyQ GH GLFKR FRQJUHVR ORV PLHPEURV GHO HTXLSR
LQYHVWLJDGRUGHOSUR\HFWRFRQWDPRVFRQHODSR\RGHGLIHUHQWHVLQVWLWXFLRQHVHQWUHODV
TXHFDEHGHVWDFDUOD8QLYHUVLGDGGH/HyQOD6RFLHGDG(VSDxRODGH(VWXGLRV&OiVLFRV
RHO,QVWLWXWRGH(VWXGLRV0HGLHYDOHV
/DV SiJLQDV TXH D FRQWLQXDFLyQ VH SUHVHQWDQ DERUGDQ HO JpQHUR IDEXOtVWLFR
GHVGH GLVWLQWDV RULHQWDFLRQHV D WUDYpV GH REUDV FRQFUHWDV R GH VX LPSRUWDQFLD H
LQÁXHQFLDHQGLVWLQWDVOLWHUDWXUDV\JpQHURVOLWHUDULRV\FRQVWLWX\HQXQDVHOHFFLyQGH
ODVFRPXQLFDFLRQHVHQWUHJDGDVSRUORVDXWRUHVWUDVGLFKRFRQJUHVR
/HyQGHDEULOGH
0DUtD/X]GLYLQD&XHVWD7RUUH
0212*5É),&2(1(/35Ð;,021Ó0(52
(OWHPDGHOSUy[LPRPRQRJUiÀFRVHUi´/LWHUDWXUDLQGXVWULD\
PHGLRDPELHQWHHVWXGLRVHFRFUtWLFRVµ
/DVHOHFFLyQGHORVDUWtFXORV\VXHGLFLyQFRUUHUiDFDUJR
GHOD3URI,PHOGD0DUWtQ-XQTXHUD
/RVWUDEDMRVGHFRRUGLQDFLyQ\HGLFLyQGHHVWH0RQRJUiÀFRIRUPDQSDUWHGHXQSUR\HFWRGHLQYHVWL
JDFLyQVXEYHQFLRQDGRSRUOD-XQWDGH&DVWLOOD\/HyQFRQUHIHUHQFLD/($/DVODERUHVÀQDOHVGH
FRUUHFFLyQGHSUXHEDVVHKDQUHDOL]DGRHQHOPDUFRGHOSUR\HFWRGHLQYHVWLJDFLyQVXEYHQFLRQDGRSRUHO
0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDGGHO*RELHUQRGH(VSDxD'*,&\7FRQUHIHUHQFLD)),
$PERVSUR\HFWRVGLULJLGRVSRUOD'UD/X]GLYLQD&XHVWD7RUUHHVWiQGHGLFDGRVDOHVWXGLRGH
GLVWLQWRVDVSHFWRVGHODIiEXODHQODOLWHUDWXUDHVSDxRODPHGLHYDO/DVFRQIHUHQFLDVSUHVHQWDGDVHQHO
&RQJUHVRTXHYHUVDQVREUHHO/LEURGHO%XHQ$PRUVHSXEOLFDUiQFRQMXQWDPHQWHHQHOOLEUR$GDSWDFLyQ\
WUDQVIRUPDFLyQGHODVIiEXODVHVySLFDVHQHO´/LEURGHEXHQDPRUµFRRUGLQDGRSRU/X]GLYLQD&XHVWD7RUUH
HQSUHQVD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
35É7,&$6(6Ð3,&$6(032578*8È66e&8/26;9,,;9,,,
7(5(6$$5$Ó-2
8QLYHUVLGDGH1RYDGH/LVERD
5HVXPR
(QWUHHOLQLFLRGHOVLJOR;9,,\HORFDVRGHOVLJXLHQWHSRFDVFROHFFLRQHVGHIiEXODVHQSRUWXJXpVVDOLHURQ
GHODVLPSUHQWDVGHOUHLQR6LQHPEDUJRREVHUYDQGRHVWHDUFRWHPSRUDOIiFLOPHQWHVHQRWDHOLQWHUpVGH
ORVOHWUDGRVSRUODWUDGLFLyQHVySLFDHOSULPHUIDEXODULRGH6HLVFLHQWRVDOFDQ]yXQQ~PHURLQIUHFXHQWH
GHHGLFLRQHV\HOJpQHURIXHFRQVWLWX\HQWHGHYDULDV\GLVWLQWDVREUDVRDWUDYpVGHSURFHGLPLHQWRVDOX
VLYRVRGHUHFUHDFLRQHVPiVRPHQRVOLEUHV6LVXDSOLFDFLyQIXHVREUHWRGRDUJXPHQWDWLYDHQHOFDPSR
GHODVOHWUDVÀFFLRQDOHVDYHFHVORJUyPiVFRPSOH[LGDG(VWHHVWXGLRLQFLGHVREUHDOJXQRVDVSHFWRVGH
ODGLYHUVLGDGGHODVSUiFWLFDVIDEXOtVWLFDV\SURIXQGL]DODTXHDUWLFXOyORVHVTXHPDVUHWyULFR\SRpWLFR
3DODYUDVFKDYHIiEXODHVySLFD%DUURFR3RUWXJDO
$EVWUDFW
%HWZHHQWKHEHJLQQLQJRIWKHVHYHQWHHQWKFHQWXU\DQGWKHHQGRIWKHHLJKWHHQWKYHU\IHZIDEOHFROOHF
WLRQVLQ3RUWXJXHVHZHUHSULQWHGLQ3RUWXJDO1RQHWKHOHVVGXULQJWKLVSHULRGRIWLPHRQHFDQQRWLFHWKH
VFKRODUV·LQWHUHVWUHJDUGLQJWKH$HVRSLDQWUDGLWLRQWKHÀUVWVHYHQWHHQWKFHQWXU\IDEOHFROOHFWLRQKDGDQ
XQXVXDOQXPEHURIHGLWLRQVDQGWKHJHQUHDSSHDUHGLQVHYHUDORWKHUZRUNVHLWKHUWKURXJKDOOXVLRQRU
IUHHUHFUHDWLRQV$OWKRXJKLWVDSSOLFDWLRQZDVPRVWO\DUJXPHQWDWLYHZKHQLWFRPHVWRÀFWLRQWKHTXHV
WLRQLVVRPHWLPHVPRUHFRPSOH[7KLVVWXG\DLPVWRLGHQWLI\VRPHRIWKHZULWLQJSUDFWLFHVFKDUDFWHULVWLF
RIIDEOHVDQGH[DPLQHVWKRURXJKO\WKHRQHWKDWDUWLFXODWHVUKHWRULFDODQGSRHWLFH[SUHVVLRQ
.H\ZRUGVDHVRSLDQIDEOH%DUURF3RUWXJDO
$DMXL]DUSHORSDQRUDPDHGLWRULDOGDVFROHo}HVHVySLFDVHPSRUWXJXrVGLUVHLD
TXHRLQWHUHVVHGRVOHWUDGRVGRVVpFXORV;9,,H;9,,,SHODIiEXODIRLGLPLQXWRQRSDtV
&RPHIHLWRHQWUHDSXEOLFDomRGD9LGDH)DEXODVGR,QVLJQH)DEXODGRU*UHJR(VRSR0HQGHV
GD9LGLJXHLUDHDÁRUHVFrQFLDGHFROHWkQHDVRFXUULGDQRVÀQDLVGH6HWHFHQWRV
6RDUHV*XHUUHLUR&UH\RQmRVDLXGRVSUHORVTXDOTXHURXWURQRYR
DFHUYR3HORFRQWUiULRDRFRQVLGHUDUVHRFRQMXQWREDUURFRGHOLPLWDGRQRVHXÀQDO
WDUGLR SHOR 7HUUDPRWR GH TXHU GDV IRUPDV DOXVLYDV H GDV DWXDOL]Do}HV PHQRV
8QLYHUVLGDGH 1RYD GH /LVERD &RUUHRH WHUHVDUDXMR#IFVKXQOSW 5HFLELGR $FHSWDGR
2 HVWXGR IRL SUHSDUDGR QR kPELWR GR 3URMHWR GH ,QYHVWLJDomR DSRLDGR SHOD )XQGDomR
SDUDD&LHQFLDH7HFQRORJtD$)iEXODQD/LWHUDWXUD3RUWXJXHVD&DWiORJRH+LVWRULD&UtWLFD37'&&/(
//,
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7HUHVD$UD~MR
FRQFLVDV GH WHPDV IDEXOtVWLFRV LQWHUSRODGDV HP FRQWH[WRV JHQROyJLFRV GLIHUHQFLDGRV
TXHUFRPRRGDVFRPSRVLo}HVHODERUDGDVjPDQHLUDGH(VRSRDSHUFHSomRpGLYHUJHQWH
&RQVWDWDVHDSUHVHQoDGDIiEXODQRXQLYHUVRGDVOHWUDVVREUHWXGRDWUDYpVGRVVHXV
HIHLWRV DR QtYHO GD DSOLFDomR DUJXPHQWDWLYD H SRpWLFD ² D TXDO VXS}H D FRPSHWrQFLD
IDEXOtVWLFD H KHUPHQrXWLFD GRV HVFULWRUHV H GR VHX S~EOLFR 7RGDV HVWDV H[SUHVV}HV
HPERUDLQGLUHWDVDVVHJXUDPQRVRFRQKHFLPHQWRDUUHLJDGRGRJpQHUR
$V PRVWUDV GD IDPLOLDULGDGH UHPRQWDP DR FpOHEUH PDQXVFULWR PHGLHYDO R
/LYURGH([RSRHODERUDGRQRFRQWH[WRGDWUDGLomRHVySLFDHXURSHLDHDHVFULWRV
LPSUHVVRVTXHVHVXFHGHUDPDRORQJRGH4XLQKHQWRVFRPRRGH'LRJR3LUHVUHGLJLGR
HPODWLPHHGLWDGRHP9HQH]DPDVGHGLFDGRDRVPHVWUHVHHVFRODUHVGH/LVERDFRPR
VXEOLQKRXUHFHQWHPHQWH$QWyQLR$QGUDGH
$ VLQJXODU FRPSLODomR GH 0HQGHV GD 9LGLJXHLUD PRVWURX D FRQWLQXLGDGH GR
LQWHUHVVHHUHYLWDOL]RXRFRPRVHSRGHHVWLPDUSHORQ~PHURLQFRPXPGHUHLPSUHVV}HV
EDUURFDVIHLWDVHPWHUUDSHQLQVXODU²RTXDODSHQDV
SRGHVHUFRPSUHHQGLGRSHODYROXPRVDGHPDQGDGRVOHWUDGRVHSHORQDWXUDOEHQHItFLR
GRVOLYUHLURVTXHSURYLQKDGDSURYiYHOXWLOLGDGHSHGDJyJLFDGDFROHomRHGRDSUHoRSHOD
ÀFomRLQYHURVtPLOHHGLÀFDQWHGHIHQGLGDQRPHDGDPHQWHSHOR'RXWRUGD&RUWHQD$OGHLD
/RER$GLYXOJDomRIDEXOtVWLFDDOLPHQWDGDSHOROLYURSRUWXJXrVGHYHWHUVLGR
DFRPSDQKDGDFRPRDQWHULRUPHQWHSHODGDVLPSUHVV}HVHPODWLPPDVWDPEpPSHOD
GDVFROHo}HVHVSDQKRODVTXHDSDUGHRXWUDVREUDVFRPLJXDOSURYHQLrQFLDFLUFXODYDP
QR SDtV HP YLUWXGH GDV FRQGLo}HV SROtWLFDV H FXOWXUDLV GD pSRFD SDUWLFXODUPHQWH GR
ELOLQJXLVPRGRVOHWUDGRVSRUWXJXHVHV'HIDFWRH[LVWHPSHORPHQRVQRVDUTXLYRVGD
%LEOLRWHFD1DFLRQDOGH/LVERD%13GD%LEOLRWHFD*HUDOGD8QLYHUVLGDGHGH&RLPEUD
%*8&HGD%LEOLRWHFD&HQWUDOGD0DULQKD%&0FLQFRIDEXOiULRVDQWLJRVHPHVSDQKRO
QDVVHJXLQWHVHGLo}HV/LEURGHOVDELRHFODUtVVLPRIDEXODGRU<VRSRKLVWRULDGRHDQQRWDGR
SHUWHQoDGR$UFHELVSRGHeYRUD'7HRWyQLRGH%UDJDQoDHSRVWHULRUPHQWH
GR&RQYHQWRGH6DQWD0DULDGH6FDODGH&RHOLeYRUD2UGHPGD&DUWX[DSRUGRDomR
GR$UFHELVSRHIXQGDGRUGDFDVDQD%13QRVIXQGRVGH&RLPEUD/DYLGD\IDEXODVGHO
(VRSRDODVTXDOHVVHDxDGLHURQDOJXQDVPX\JUDFLRVDVGH$YLDQR\GHRWURVVDELRVIDEXODGRUHV
TXH WHUi VLGR XPD GDV IRQWHV GD SHoD GUDPiWLFD (VRSDLGD RX 9LGD GH (VRSR GH
$QWyQLR-RVpGD6LOYDVHJXQGRPRVWURX-RVp2OLYHLUD%DUDWD%DUDWDQR
DUTXLYR GD %13 9LGD \ H[HPSORV GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR
H/LEURGHODYLGD\IiEXODVGHHOVDELR\FODULVVLPRIDEXODGRU,VRSRQRGD%&0
)DEXODV\YLGDGH,VRSRFRQODVGHRWURVDXWRUHV
-i R FRQWULEXWR GR IDEXOiULR GH /D )RQWDLQH QmR SDUHFH WHU VLGR WmR IUXWtIHUR
FRPRWDPEpPDOYLWURX-RVp2OLYHLUD%DUDWDQRHVWXGRGDREUDGR-XGHXDOHJDQGRR
FUtWLFRTXHDLQÁXrQFLDGDFXOWXUDIUDQFHVDDSHQDVVXSODQWRXSOHQDPHQWHDGRV6LJORV
GH 2UR QDV /X]HV 1D YHUGDGH DWp HQWmR R GRPtQLR GR LGLRPD
(P EUHYH VHUi GLVSRQLELOL]DGR R UHVSHFWLYR FRUSXV JUDoDV j LQYHVWLJDomR GHVHQYROYLGD QR kPELWR
GR3URMHWRGH,QYHVWLJDomRDSRLDGRSHOD)XQGDomRSDUDD&LrQFLDH7HFQRORJLD$)iEXODQD/LWHUDWXUD
3RUWXJXHVD&DWiORJRH+LVWyULD&UtWLFDDSRLDGRSHOD)XQGDomRSDUDD&LrQFLDH7HFQRORJLD37'&&/(
//,(QWUHWDQWRUHPHWRSDUDGRLVFRQWULEXWRUHFHQWHVRGH$OH[DQGUD0DGDLOHR
GH/XFLDQR3HUHLUD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
IUDQFrV QmR HUD DODUJDGR DV SULPHLUDV WUDGXo}HV GDV IiEXODV GR SRHWD GH 7KLHUU\
SDUD SRUWXJXrV Vy FRPHoDUDP D VHU UHDOL]DGDV SHORV iUFDGHV H HP OLYUR DXWyQRPR
DSHQDVVXUJLUDPTXDQGRHVWDYDHQWUDGRRVpFXOR;,;)iEXODV(VFROKLGDVHQWUHDVGH-/D
)RQWDLQH1DVFLPHQWRH$V0HOKRUHV)iEXODVGH/D)RQWDLQH6HPHGR
2VUHÁH[RVIUDQFHVHVIRUDPSRUWDQWRWDUGLRVSRVWHULRUHVDRSHUtRGRHPDQiOLVH
DSHVDUGHIDFLOPHQWHVHDGPLWLUTXHRDXWRUGHDOJXPDVDOXV}HVIDEXOtVWLFDV5DSKDHO
%OXWHDX FRQKHFHX D REUD GH /D )RQWDLQH SHOR PHQRV QD pSRFD TXH HVWHYH UHWLUDGR
HP )UDQoD QD WUDQVLomR GH 6HLVFHQWRV SDUD R VpFXOR VHJXLQWH (P WRGR R FDVR QmR
WHUiVLGRDREUDIUDQFHVDDGLWDUDVPHQo}HVIDEXOtVWLFDVGRWHDWLQRGDGRRFRQWH[WR
GDVXDRFRUUrQFLDR9RFDEXOiULR3RUWXJXH]H/DWLQR%OXWHDX²FXMDHGLomR
´SUtQFHSVµGRVSULPHLURVYROXPHVFRPHPRUDHVWHDQRRWHUFHLURFHQWHQiULR%OXWHDX
DRH[SOLFDURVFRQFHLWRVGH´)DPLOLDULGDGHµH´3UHWH[WRµQRDSDUWDGR´9RFDEXODULRGH
6\QRQLPRVH)UDVHV3RUWXJXH]DVµHYRFRX´R$SRORJRGDYDFFDGDFDEUDHGDRYHOKD
TXHDQGDQGRjFDoDVHDFRPSDQKDUD}FRPKXP/HD}µ3HUU\QQ
HR´/RERGD)DEXOD>TXHSDUD@MXVWLÀFDUVHDWDFRXDR&RUGHLURTXHQROXJDURQGH
HVWDYDEHEHQGRWXUYDYDDDJXDµ3HUU\QQUHVSHFWLYDPHQWH
%OXWHDXH$FRQFLVmRGDVDOXV}HVFDODDVXDSURYHQLrQFLDHDOLVWDGH
REUDV FRQVXOWDGDV DSUHVHQWDGD QR GLFLRQiULR WDPEpP QmR RIHUHFH QRWtFLD UHOHYDQWH
PDVpPHQRVSURYiYHOWHUHPSURFHGLGRGDFROHomRIUDQFHVDPHVPRGDVHVSDQKRODV
FRQVHUYDGDVHP3RUWXJDO/DYLGD\IDEXODVGHO(VRSRH9LGD\H[HPSORVGHO
QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR GR TXH GD SRUWXJXHVD
0HQGHV GD 9LGLJXHLUD H UHVSHWLYDPHQWH RX LQFOXVLYDPHQWH GR
UHSHUWyULRWUDQVPLWLGRRUDOPHQWH²WDOFRPRPXLWRVGRVSURYpUELRVFLWDGRVDPL~GHQR
GLFLRQiULR
'HVFRQWDQGRDLQFHUWH]DGDVXDSURJpQLHDVPHQo}HVGRHUXGLWRLQWHUSRODGDV
HP FRQWH[WR OH[LFRJUiÀFR FRUUHVSRQGHUDP QR VHX GHVHQKR EUHYH H FRQGHQVDGR D
XPGRVHVTXHPDVIRUPDLVGDSUiWLFDIDEXOtVWLFDEHPFRPRDXPDGDVPRGDOLGDGHV
VHPkQWLFDVGDDSOLFDomRHDXPDGDVPROGXUDVGRUHFXUVR,VWRpFRQVWLWXtUDPXPD
DOXVmRTXHUHSURGX]LXRVHQWLGRGRWHPDHYRFDGRQXPTXDGURGHPRQVWUDWLYR0DLV
FRPSOH[DVIRUDPDVTXHDSDUGHFRQVWUXo}HVVHPHOKDQWHVjGH%OXWHDXHPHUJLUDPQR
FDPSROLWHUiULRQRPHDGDPHQWHDVDOXV}HVRXDVDWXDOL]Do}HVPDLVH[WHQVDVGRSRQWR
GHYLVWDQDUUDWLYRTXHUHFRQÀJXUDUDPRVLJQLÀFDGRGDIiEXODSUpYLDHDJLUDPUHWyULFD
H SRHWLFDPHQWH (VWHV FDVRV GH DSOLFDomR IDEXOtVWLFD FRQWLQXDUDP D UHYHVWLUVH GD
PROGXUDDUJXPHQWDWLYDGDpSRFDPHGLHYDOHPWRGRRFDVRMiHYLGHQFLDUDPXPRUQDWR
GHVHQKDGRjOX]GDSHUVXDVmRGHOHLWRVDTXHWLQKDSDUDOHORVGRRXWURODGRGDIURQWHLUD
0DUWLQ *DUFtD (PERUD QmR UHSUHVHQWDVVHP R YROWHGHIDFH GD IiEXOD
GDÀORVRÀDSDUDDSRHVLDUHDOL]DGRSHODUHLQYHQomRJHQROyJLFDGH/D)RQWDLQHDLQGD
GHVFRQKHFLGD HP 3RUWXJDO GHQRWDUDP D FUHVFHQWH FRQVLGHUDomR GDV YLUWXDOLGDGHV
SRpWLFDVGDWUDGLomRHVySLFD
2EVHUYHPRV GXDV DOXV}HV LQWHUSRODGDV QDV &DUWDV )DPLOLDUHV GH ' )UDQFLVFR
0DQXHOGH0HORTXHH[HPSOLÀFDPRVGRLVWLSRVGHDWXDOL]DomRVHPkQWLFDGD
IiEXOD$HYRFDomRGRWHPDGRORERHGRFRUGHLURDRIXQFLRQDUFRPRSUHkPEXORGD
HStVWROD VREUH XPD DOWHUFDomR SROtWLFD QmR UHFRQÀJXURX R VHQWLGR GR WH[WR SUpYLR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7HUHVD$UD~MR
FRPHQWDGR UHFHQWHPHQWH SRU 6LPRQH 5HJD]]RQL SRU VH DMXVWDU DR GR QRYR
FRQWH[WR
'LJRYRVTXHKDSD]HVTXHQRVHVWD}PXLWRPDOHPXLWRSHRUTXHPDVFHOHEUDSRUTXHQXQFD
YLDPLJRRFRUGHLURHRORERTXHQD}IRVVHPDOSDUDRFRUGHLUR0HOR
-iDPHQomRjIiEXODGRJDORHGDSpUROD3HUU\QQ
DRVHUDSOLFDGDQDPLVVLYDTXHGHSUHFLDDVDÀUPDo}HVGH1HPUHODomRDRDXWRU
DGRWRXIRUPDSDUyGLFD´0DVLVWRKHRPHVPRTXHRJDOORFRPDSpUROD1D}PH
VHUYHWDOFDVWDGHKRQUDµ0HOR$DOXVmRDVVRFLRXHPLPDJHPLQYHUWLGD
DVFRQVLGHUDo}HVGH1jSHGUDSUHFLRVDVDJH]DHRDXWRUGDFDUWDDRSURWDJRQLVWD
GDIiEXODTXHpLQYHFWLYDGRQRUHVSHFWLYRHSLPtWLRSRUVHULQFDSD]GHUHFRQKHFHUD
VDEHGRULDHDVVLPGHVDSURYHLWDURVVHXVIUXWRVFRPRUHOHPEURXSRUH[HPSOR$QD
3DLYD0RUDLV$LQYHUVmRSURGX]LXFRPRVHSHUFHEHHIHLWRVGHLURQLD
HViWLUD
$IiEXODPHQFLRQDGDQHVWDFDUWDQmRIRLFRQWHPSODGDSRU0HQGHVGD9LGLJXHLUD
QD VXD FROHWkQHD PDV R WHPD WHYH ODUJD WUDGLomR HXURSHLD GHVGH D pSRFD PHGLHYDO
7DODYHUDH0RUDLVUHSHUFXWLQGRVHSRUH[HPSORQDREUDGR
$UFLSUHVWH GH +LWD 5XL] HVWURIHV H QR/LYUR GH ([RSR (P6HLVFHQWRVIRLLQWHJUDGRQDVHGLo}HVGRVDFHUYRVHPHVSDQKROTXHVHHQFRQWUDP
GHSRVLWDGDVQRVIXQGRVELEOLRJUiÀFRVGH&RLPEUDH/LVERD/DYLGD\IDEXODVGHO(VRSR
H D 9LGD \ H[HPSORV GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR
EHPFRPRQR)DEXODULRHQTXHVHFRQWLHQHQIiEXODV\FXHQWRVGLIHUHQWHV0H\
TXH DVVXPLX QRWRULHGDGH 'H RQGH WHUi SURYLQGR HVWD H D DQWHULRU DOXVmR
PHORGLQDV"2FDEHGDOHUXGLWRGRDXWRUDEUHXPJUDQGHOHTXHGHSRVVLELOLGDGHVPDV
RIDFWRGHDVWHUDSOLFDGRQRVHXSUHVtGLRQD7RUUHGH%HOpPRQGHSURYDYHOPHQWHQmR
GLVSXQKDGHOLYURVTXHOKHUHFRUGDVVHPDVIiEXODVID]DGPLWLUXPDRULJHPPHPRULDO
FRPXPjGRVVHXVOHLWRUHV(PWRGRRFDVRQHQKXPDGDVDWXDOL]Do}HVGRVIDEXOiULRV
H[SULPHRVHQWLGRGDHYRFDomRGH')UDQFLVFR0DQXHOHDLQGDDVVLPRVOHLWRUHVGDV
&DUWDV )DPLOLDUHV FRPSUHHQGHUDP R VLJQLÀFDGR DOXVLYR SRU GLVSRUHP GR WHPD QR
VHX UHSHUWyULR PHPRULDO GH RULJHP OLYUHVFD RX RXWUD H GH FRPSHWrQFLDV GH OHLWXUD
LQWHUWH[WXDOTXHOKHVSHUPLWLDPDKHUPHQrXWLFDGDFRQH[mR
3HODV PHVPDV UD]}HV R S~EOLFR GDV $YHV ,OOXVWUDGDV DOFDQoRX R VHQWLGR GD
DSOLFDomRGDPHVPDIiEXODVREIRUPDQDUUDWLYDH[WHQVDGHVHQYROYLGDFRPDDUWLFXODomR
GHHOHPHQWRVIDEXOtVWLFRVHGHPDWHULDLVHVWUDQKRVDRWHPDHPRUGHPDRSURJUDPD
UHWyULFRPDVWDPEpP´GHOHLWRVRµGDREUDGHYRFLRQDOGH0DULDGR&pX
eYHUGDGHTXHRURX[LQRO´LOOXVWUDGRµLQWURGX]LXDQDUUDWLYDHVFODUHFHQGRDVXD
LQWHUORFXWRUDVREUHDPDWUL]GRVHXUHODWRFRQWXGRWDPEpPOKHIH]QRWDUDGLIHUHQoDGR
QRYRWH[WRHQmROKHLQGLFRXRUHVSHFWLYRWHPD´DLQGDTXHSDUHoDDSRORJRGH(VRSR
KHPHQRVDQWLJRµ0DULDGR&pX'HWHQKDPRQRVSRUDJRUDQDDGYHUWrQFLD
SDVVDUHLUD SRU VHU DSUHFLiYHO GR SRQWR GH YLVWD GD UHÁH[mR PHWDOLWHUiULD VREUH D
SUiWLFDEDUURFDGDIiEXOD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
(P SULPHLUR OXJDU R DYLVR GR URX[LQRO GHL[RX WUDQVSDUHFHU D RVFLODomR
WHUPLQROyJLFD GD pSRFD UHODWLYDPHQWH DR TXH KRMH FRQVLGHUDPRV IiEXOD $OXGLX j
UHIHUrQFLDPDWULFLDOGRUHODWRSRU´DSRORJRGH(VRSRµHQTXDQWRRXWUDVYR]HVFDQRUDV
GR OLYUR D GHVLJQDUDP WDPEpP SRU ´IDEXODµ ´H[HPSORµ HQWUH RXWURV WHUPRV FRP
VLJQLÀFDGRPDLVSUy[LPRDRGHÀFomR
&RPR REVHUYiPRV WDPEpP %OXWHDX D QRPHRX LQGLIHUHQFLDGDPHQWH SHORV
GRLVYRFiEXORVDSHVDUGHWHUWHQWDGRÀ[DUQRPHVPRGLFLRQiULR´DSRORJRµFRPRD
GHVLJQDomR GH XPD FDWHJRULD GH ´IDEXODµ HVWDEHOHFLGD VREUH D LGHLD GH UHVLVWrQFLD j
JHQWLOLGDGHSULPRUGLDOGRJpQHUR'HÀQLXRFRPRXPD
>H@VSHFLHGHIDEXODPRUDOHPTXHVHLQWURGX]HPDQLPDHVDUYRUHVRXWUDVFRXVDVLQDQLPDGDV
IDOODQGRGL]HQGRFRXVDVGHTXHVHSRGHWLUDUDOJXPDGRXWULQD%OXWHDX
H[HPSOLÀFDQGRRVHJXLGDPHQWHFRPDQDUUDomRGHXPHSLVyGLRGR/LYURGRV-Xt]HV
LQVHUWDQR´6HUPmR+LVWyULFR3DQHJtULFRQRV$QRVGD5DLQKD'0DULD)UDQFLVFD
GH6DERLDµGR3DGUH$QWyQLR9LHLUD%OXWHDX1RYROXPHVHJXLQWHGHVFUHYHX
´IDEXODµFRPRQDUUDWLYD
LQYHQWDGDFRPSRVWDGHVXFHVVRVTXHQD}VD}YHUGDGHLURVQHPYHURVLPHLVPDVFRPFXULRVD
QRYLGDGHDGPLUDYHLVFRPRDWUDQVIRUPDoD}GH'DIQHHP/RXUH\URGH1DUFL]RHPÁRUF1D}
GHL[DD)DEXODGHVHUSURYHLWRVD1DV)DEXODVGH(VRSRGH3KHGURVHHQFHUUD}DGPLUDYHLV
GRFXPHQWRVEHOODVPRUDOLGDGHV%OXWHDX
DSUHVHQWDQGRSRVWHULRUPHQWHH[HPSORVGHUHODWRVPLWROyJLFRVHGHREUDVLQWLWXODGDV
SRU$SRORJR%OXWHDX
$LQGLVWLQomRWHUPLQROyJLFDWDPEpPVHPDQLIHVWRXQRXWUDREUDGHYRFLRQDOD
1RYD)ORUHVWDGR3DGUH0DQXHO%HUQDUGHVSHODPmRGDTXDOWHUPLQDUiHVWH
HVWXGRSRUFRQWHUH[HPSORVGDSUiWLFDGDIiEXODEDVHDGDQDUHFULDomRQDUUDWLYDGRV
WHPDVVHPDOLEHUGDGHLQYHQWLYDHSRpWLFDGRURX[LQROGDV$YHV,OOXVWUDGDVPDVFRP
RUHFXUVRDHOHPHQWRVGHRXWUDIiEXODHVySLFD$QWHVGLVVRYHMDPRVTXHQDGLJUHVVmR
VREUH R FRQFHLWR PRUDO H UHOLJLRVR GH ´$OPDµ QRPHDGDPHQWH QD GHPRQVWUDomR GR
LPSHUDWLYRGDSUHVHQoDGRVFOpULJRVQDVFRPXQLGDGHVGHÀpLVDOPDVSHODVTXDLVHUDP
UHVSRQViYHLV%HUQDUGHVUHODWRXRTXHFRQVWLWXLXDSULPHLUDDWXDOL]DomRHPSRUWXJXrV
GDIiEXODGDFRWRYLDHGRODYUDGRU3HUU\HQHQ$VXD
QDUUDWLYDIRLLQWURGX]LGDFRPR´RDSRORJRTXHVHFRQWDGDVFRWRYLDVTXHWLQKD}VHXV
QLQKRVHQWUHDVVHDUDVµ%HUQDUGHVHFRQFOXtGDFRPRXWUDGHQRPLQDomR
´>D@PRUDOLGDGHGHVWDIDEXODTXHRV*UHJRVFKDPD}HSLP\WKLRQHVWjPX\jÁRUGD
WHUUDPDVH[SOLFDOODKHLPDLVQD}FRPSDODYUDVPDVFRPFDVRVµ%HUQDUGHV
&RPRVHYHULÀFDHPERUDRDXWRUWHQKDPDQLIHVWDGRRFRQKHFLPHQWRHUXGLWRGRJpQHUR
DRGHQRPLQDURFRQVWLWXLQWHÀQDOGDIiEXODDWUDYpVGDGHVLJQDomRFOiVVLFDH[SULPLXD
LQGLIHUHQFLDomRWHUPLQROyJLFDGRURX[LQROHGHWDQWDVÀJXUDVEDUURFDVHXURSHLDV
2 SUREOHPD GD QRPHQFODWXUD Mi WLQKD XPD DYXOWDGD H FRPSOH[D KLVWyULD
SURIXQGDPHQWH UHODFLRQDGD FRP D JpQHVH H HYROXomR GR JpQHUR PDV D IRUWXQD GR
YRFiEXOR´DSyORJRµDGYpPVREUHWXGRGDUHIXQGLomRKXPDQLVWDGRJpQHURIDEXOtVWLFR
HQWmRFRQVLGHUDGRGHVHJXQGDOLQKD²QRWHVHTXHHQWUHRXWURVDVSHFWRVHUDDWULEXtGR
DGRLVHVFUDYRV$QRYDPRGDOLGDGHFRPRH[SOLFRXSRUH[HPSOR&RQVRODFLyQ%DUDQGD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7HUHVD$UD~MR
DSUR[LPRXVH GH PRGHORV FXOWRV GH FRPSRVLomR DOHJyULFD LQWURGX]LQGR
PDLVÀJXUDVPLWROyJLFDVGRTXHDVQDUUDWLYDVHVySLFDVSHUVRQLÀFDo}HVGHFRQFHLWRV
DEVWUDWRVHDUWLFXODQGRDQDUUDWLYDFRPRHVTXHPDGRGLiORJROLWHUiULR1RHQWDQWR
QmRVHDIDVWRXPXLWRGDWUDGLomRIDEXOtVWLFDDRGHVHQYROYHUSURJUDPDVGHLQVWUXomR
PRUDO'HPRGRTXHVHJXQGRVDOLHQWRX%DUDQGDRDSyORJRQmRVHUHSHUFXWLXGHIRUPD
PXLWRDFHQWXDGDQDSUHFHSWLYDHSRFDOVHQmRQDVREUDVGH$OHMRGH9HQHJDVH/ySH]
3LQFLDQR TXH GLYXOJDUDP D GLFRWRPLD GH -XDQ /XLV 9LYHV HQWUH DSyORJR RX IiEXOD
HVySLFDHIiEXOD´PLOHVLDµ$WUDWDGtVWLFDGH6HLVFHQWRVSRUVHXODGRQmRGLVWLQJXLX
GHÀQLWLYDPHQWHRDSyORJRGDDQWLJDIiEXODQRPHDGDPHQWHDWHRUL]DomRGH%DOWD]DU
*UDFLiQFXMRFRQWULEXWRSRQGHUHLQRXWUROXJDUHGHVFUHYHXUHFHQWHPHQWH0DUtD3LODU
&XDUWHURHWmRSRXFRRIH]ROH[LFyJUDIR%OXWHDX
'H PDQHLUD TXH D GHVLJQDomR GR URX[LQRO ´LOOXVWUDGRµ p H[HPSODU GHVWD
LQGLIHUHQFLDomRWHUPLQROyJLFDFRPRULJHQVQDUHIXQGLomRKXPDQLVWDGDIiEXODHHP
~OWLPD LQVWkQFLD ² FRQVLGHUDQGR D PRGDOLGDGH GH DWXDOL]DomR TXH HOD LQWURGX] ²
GD UHFULDomR HUXGLWD LQLFLDGD SHORV KXPDQLVWDV H SUDWLFDGD WDPEpP HPERUD FRP DV
GHYLGDVGLVWkQFLDVSRU')UDQFLVFR0DQXHOGH0HORHPPHDGRVGRVpFXOR;9,,VRE
RWtWXOR$SyORJRV'LDORJDLV
3RU RXWUR ODGR D DGYHUWrQFLD GR URX[LQRO p WDPEpP HVWLPiYHO SRU GHÀQLU D
QDUUDWLYD LPHGLDWD DWUDYpV GRV FULWpULRV GH VHPHOKDQoD H GLIHUHQoD UHODWLYDPHQWH j
PDWpULDSUpYLDHSRUGHVWHPRGRWDPEpPHVWDEHOHFHURSURWRFRORKHUPHQrXWLFRGR
QRYRWH[WR
2UHODWRGDDYHLQWHUSRODGRQR´'LVFXUVRµSURWDJRQL]DGRSHODÀJXUDFDQRUD²
XPSURFHGLPHQWRGHDWXDOL]DomRGDIiEXODQDIiEXODGHVHQYROYLGRSRURXWURVWH[WRV
FRPRPRVWUDUHLQRXWUROXJDU²FRQWDRVHJXLQWHXPJDORWHQGRHQFRQWUDGRXPDSpUROD
XPREMHFWRGHYLGURHXPDSHGUDGHVDOHQmRYHQGRDXWLOLGDGHTXHSRGLDUHWLUDUGRV
DFKDGRVEHPGLVWLQWRVGRGHVHMDGRJUmRGHFHUHDOSURFXURXRFRQVHOKRGHXPDiJXLD
SDUD GHFLGLU D GLVWULEXLomR GR SHF~OLR 5HFRPHQGRXOKH ´6XD 0DJHVWDGH$TXLOLQDµ
TXH HQWUHJDVVH R VHJXQGR ´i GDPDµ SDUD TXH D PDWpULD GR REMHFWR D DGYHUWLVVH GD
SUHFDULHGDGHGDVXDH[LVWrQFLDRWHUFHLUR´DRKRPHPµFRPRLQWXLWRGHRH[RUWDUj
VDOYDomRHDSpURODDVLPHVPD´TXHDTXHURHQÀDUHPKXPUD\RGH$SROORSRUTXH
D WXGR R PDLV SUHFLRVR WHP GLUHLWR RV GHRVHVµ 0DULD GR &pX 2 DQLPDO
GRPpVWLFRFRQWHVWRXDGHFLVmRGDRIHUWDD$SRORPDVSHUDQWHDH[SOLFDomRLPHGLDWD
GRLPSRQHQWHSiVVDUR´>U@HSDUWLRRJDOORRVHXDFKDGRFRQIRUPHDVHQWHQoDGDDJXLD
TXHDPX\WRVSRGHGH\[DULOXVWUDGRVHDWRGRVDGYHUWLGRVµ0DULDGR&pX
&RQIURQWHPRVDQDUUDWLYDFRPDVUHIHUrQFLDVIDEXOtVWLFDVFLWDGDVDSURSyVLWRGD
DOXVmRPHORGLQDDRPHVPRWHPD²YROWDQGRDQmRDJUHJDUR/LEURGHODYLGD\IDEXODV
GHHOViELR\FODULVVLPRIDEXODGRU,VRSRHPYLUWXGHGRH[HPSODUGD%LEOLRWHFD1DFLRQDO
GH/LVERDFRUUHVSRQGHUDXPDHGLomRTXDVHFRLQFLGHQWHFRPRIDOHFLPHQWRGD
DXWRUD
´)iEXODH3ROtWLFDQD5HVWDXUDomRµ'HGDOXV5HYLVWDGD$VVRFLDomR3RUWXJXHVDGH/LWHUDWXUD&RPSDUDGD
QRSUHOR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
2 UHODWR FDQRUR DXPHQWRX R SHF~OLR HQFRQWUDGR SHOR JDOR GD IiEXOD D ÀP
GHID]HUUHÁHWLUQDPRUDOLGDGHRV´WySRLµGDIUDJLOLGDGHKXPDQDHGDVDOYDomRSHOD
SDODYUD EtEOLFD DOXGLGD SHOD PHWiIRUD GR VDO TXH VH Or QRV (YDQJHOKRV GH 0DUFRV
0DWHXV H /XFDV H VHJXLQWHV 7DPEpP LQWURGX]LX XP QRYR
SURWDJRQLVWD FULVWLDQL]DGR HPERUD ´LOXVWUDGRµ SHOD VDEHGRULD GR VHX GHXV 6RO H
GHYRWRGH$SRORSDUDUHFRQÀJXUDURSHUFXUVRQDUUDWLYRGRJDORGDIiEXODHPRUGHP
j VXD PHWDPRUIRVH FULVWm &RP HIHLWR D DYH GH FDSRHLUD LUURPSHX QD QDUUDWLYD GR
URX[LQROWmRLQVHQVDWDTXDQWRDHVySLFDDLQGDTXHDLPSUXGrQFLDGRJDORGH(O/LEUR
GH %XHQ $PRU 5XL] HVWURIHV H GR /LYUR GH ([RSR DSUHVHQWH
PROGXUDpWLFRÀORVyÀFDRGH/DYLGD\IDEXODVGH(VRSRHGH9LGD\H[HPSORV
GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR XPD FRQÀJXUDomR
OLWHUiULDGHDFRUGRFRPDWUDGLomRFOiVVLFDRGR)DEXODULRHQTXHVHFRQWLHQHQIDEXODV
\FXHQWRVGLIHUHQWHV0H\XPFDUiFWHUPRUDOHRGH6yURU0DULDGR&pXXP
FRQWRUQR UHOLJLRVR 1R HQWDQWR R JDOR GDV $YHV ,OOXVWUDGDV DR FRQWUiULR GH WRGRV RV
RXWURVDFDERXUHJHQHUDGRHSUXGHQWHFULVWLDQL]DGRPHGLDQWHDOLomRGDiJXLDVREUH
D WUDQVFHQGrQFLD GRV DFKDGRV HVSHFLDOPHQWH D GR PDLV YDOLRVR 1D H[SODQDomR GD
PRUDOLGDGHGDVXDIiEXODRURX[LQRODPSOLÀFRXDLQGDDGLPHQVmRVLPEyOLFDGRYDORU
GDSpURODHVySLFDSRUTXDQWROKHDWULEXLXQmRVyYDOLDHVSLULWXDOFRPRPDWHULDOSDUD
GHVWHPRGRDID]HUUHSUHVHQWDUDLGHLDGHWRWDOLGDGH
&RPRVHREVHUYDDUHFUHDomRIDEXOtVWLFDIRLLPSRVWDSHODÀQDOLGDGHGHH[RUWDomR
SLHGRVDHDSOLFDGDVHJXQGRRHVTXHPDUHWyULFRGDH[HPSOLÀFDomRHGHPRQVWUDomRQR
HQWDQWRWDPEpPVHSHUFHEHQDUHFRPSRVLomRXPSURJUDPDGHSHUVXDVmRGHOHLWRVDHD
QRomRGDVSRWHQFLDOLGDGHVSRpWLFDVGRJpQHUR
7LQKDUD]mRRSiVVDURQDUUDGRUDRDGYHUWLUSDUDDQRYLGDGHGRVHXUHODWRPDV
H[LVWLUDP RXWUDV SUiWLFDV FRQWHPSRUkQHDV j VXD TXH HPERUD VHP HVWD OLEHUGDGH
SRpWLFD FRQVWLWXtUDPVH D SDUWLU GH XP SURFHGLPHQWR LJXDOPHQWH FULDWLYR ² H
EDVWDQWH UHYHODGRU GD IDPLOLDULGDGH GD WUDGLomR HVySLFD QR PXQGR GDV OHWUDV ²
D FRQMXJDomR GH GLIHUHQWHV IiEXODV 2EVHUYHPROR SDUD FRQFOXLU HP GRLV UHODWRV
FRPLJXDOFRPSRVLomRWHPiWLFDDSOLFDGRVUHWRULFDPHQWHQD1RYD)ORUHVWDQDVVXDV
GLJUHVV}HVVREUHDVDVW~FLDVGDOLQJXDJHPSDUDGLVVLPXODUDIDOWDGHUD]mRHVREUH
DSHUYHUVLGDGHGDLPSXWDomRGHFXOSDDRVLQRFHQWHV%HUQDUGHVH
UHVSHFWLYDPHQWH,QLFLDPDVVLP
3RGHPRVH[HPSOLÀFDORF}RDSRORJRGRTXHVXFFHGHRDRFRUGH\ULQKRFRPRORER'L]HPTXH
WLQKD}HVWHVIHLWRWUHJRDVSRUFHUWRWHPSRDQWHVGHVHDFDEDUVHHQFRQWUDUD}DPERVEHEHQGR
HPKXPUHJDWR'HVHMDYDRORERTXHEUDUDVWUHJRDVHFRPHURFRUGH\URHSDUDDFKDURFFDVLD}
GHEULJDGLVVHOKHPX\VDQKXGR3DUDTXHPHWXUEDLVDDJRDTXHHVWRXEHEHQGR"%HUQDUGHV
1D} GHL[DUH\ GH FRQWDU XP DSRORJR HQJUDoDGR TXH D HVWH SURSRVLWR WUD] R 3DGUH >-HUHPLDV@
'UH[HOLR1RWHPSRHPTXHRORERHRFRUGHLURHVWDYD}HPWUHJXDVGHVHMDYDDTXHOOHTXHVH
RIHUHFHVVH RFDVLD} SDUD DV URPSHU ( KXP GLD TXH DPERV VH DFKDUD} QDV PDUJHQV GH KXP
UHJDWRLQGREHEHUGLVVHRORERPX\HQFROHUL]DGRSDUDRFRUGHLUR3RUTXHPHWXUEDLVDDJXDTXH
YRXEHEHU"%HUQDUGHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7HUHVD$UD~MR
$VGXDVQDUUDWLYDVWHUPLQDPGHDFRUGRFRPRGHVIHFKRGRWHPDGRORERHGR
FRUGHLURPDVDPEDVFRPHoDPFRPDSUHVHQoDGDIiEXODGRORERHGDVRYHOKDV3HUU\
Q Q QRPHDGDPHQWH FRP R VHX PRWLYR GDV WUpJXDV HQWUH RV
SURWDJRQLVWDVDTXLDGDSWDGRDRQRYRFRQWH[WRVRERGRDUPLVWtFLRLQWHQFLRQDOPHQWH
LQWHUURPSLGRSHORORER²GRTXDOUHVXOWRXH[WUHPDGRRFRQWUDVWHHQWUHDDEHUWXUDHR
ÀQDOGDIiEXODSUHSRQGHUDQWHGRWH[WRGH%HUQDUGHVEHPFRPRDUHVSHFWLYDSHUItGLD
OXSLQD
2DXWRULQGLFRXDSURYHQLrQFLDGRVHXUHODWRPDVOHQGRR2UELV3KDsWKRQYHULÀFD
VHTXHRMHVXtWDDOHPmRDRH[SRURVHQWLGRGHFDO~QLDDSOLFRXDSHQDVDIiEXODGRORER
HGRFRUGHLURGHQRPLQDGDSHORYRFiEXORWDPEpPXVDGRSHORVOHWUDGRVSHQLQVXODUHV
DSDUWLUGRWH[WRFOiVVLFR´>D@SSRVLWXPKXLFUHLDSRORJXPUHFLWDQV3K GUXVµ'UH[HOLR
$UHFULDomRFRPSRVWDSHORVGRLVWHPDVIRLSRUWDQWRGDODYUDGH%HUQDUGHV
TXHSRGLDFRQKHFHURGRORERHGDRYHOKDVDWUDYpVGDVFROHo}HVVHLVFHQWLVWDVHVSDQKRODV
/DYLGD\IDEXODVGHO(VRSRHQWUHRXWUDVRXGHXPDPHPyULDOLYUHVFDRX
LPDWHULDOPDLVDQWLJDVHFRQVLGHUDUPRVDIyUPXODGHDEHUWXUDGRSULPHLURUHODWR´>G@
L]HP TXHµ &RP HIHLWR R /LYUR GH ([RSR Gi WHVWHPXQKR QDV VXDV QDUUDWLYDV GH XPD
FKDYHVHPHOKDQWH´>F@RPWHVVHTXHµHLQFOXVLYDPHQWHLQFOXLDGLWDIiEXOD
,QWHQVLÀFDGR GHVWH PRGR FULDWLYR R VLJQLÀFDGR GRV WHPDV SUpYLRV QHQKXP
GRVGRLVUHODWRVGD1RYD)ORUHVWDLQWURGX]LXRXWURDVSHFWRUHFRQÀJXUDGRUGLJQRGH
QRWDUHVXOWDQGRDPROGXUDpWLFRUHOLJLRVDGDVXDDSOLFDomRGRFRQWH[WRGDREUDHVVH
VHPHOKDQWHDRGR2UELV3KDsWKRQ
%,%/,2*5$),$
$QGUDGH$QWyQLR0DQXHO/RSHV´$)iEXODQD2EUD3RpWLFDGH'LRJR3LUHVµ
ÉJRUD(VWXGRV&OiVVLFRVHP'HEDWH
%DUDQGD&RQVRODFLyQ´(ODSyORJR\HOHVWDWXWRGHODÀFFLyQHQHO5HQDFLPLHQWRµ6WXGLD
DXUHD5HYLVWDGH/LWHUDWXUD(VSDxROD\7HRUtD/LWHUDULDGHO5HQDFLPLHQWR\6LJORGH2UR
ZZZVWXGLDDXUHDFRPDUWLFXORSKS"LG &RQVXOWDGRHPQRYHPEURGH
%DUDWD-RVp2OLYHLUD´,QWURGXomRµLQ$QWyQLR-RVpGD6LOYD(VRSDLGDRX9LGDGH(VRSR
HGLomRVLQySWLFDHLQWHUSUHWDWLYDOHLWXUDGRPDQXVFULWRLQWURGXomRQRWDVHFRPHQWiULRV
GH-RVp2OLYHLUD%DUDWD&RLPEUD3RU2UGHPGD8QLYHUVLGDGH
%HUQDUGHV 3DGUH 0DQXHO 1RYD )ORUHVWD RX 6\OYD GH 9DULRV $SKRWKHJPDV H 'LWRV
6HQWHQFLRVRV(VSLULWXDHVH0RUDHV«FRPR9DULRGD(UXGLoD}DVVLP'LYLQDFRPR+XPDQD
7RPRV,H,,/LVERD1D2IÀFLQDGH9DOHQWLPGD&RVWD'HVODQGHV7RPRV,,,
/LVERD1D2IÀFLQD'HVODQGLDQD7RPRV,9H9/LVERD2FFLGHQWDO1D2IÀFLQDGH
-RVHSK$QWRQLRGD6LOYD
%OXWHDX5DSKDHO9RFDEXODULR3RUWXJXH]H/DWLQR,,9&RLPEUD&ROpJLRGDV$UWHV
99,,, /LVERD 3DVFRDO GD 6\OYD 6XSOHPHQWR DR 9RFDEXODULR
3RUWXJXH]H/DWLQR,/LVERD-RVHSK$QWRQLRGD6\OYD,,3DWULDUFDO2IÀFLQDGD
0XVLFD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,,
&UH\R 5RPmR )UDQFLVFR$QWyQLR )DEXODV /LWWHUDULDV GH 7KRPDV <ULDUWH WUDGX]LGDV GR
FDVWHOKDQRSRU5RPmR)UDQFLVFR$QWRQLR&UH\R3RUWR2IIGH9LXYD0DOOHQ)LOKRVH
&RPS
&XDUWHUR 6DQFKR 0DUtD 3LODU ´/D IiEXOD HQ *UDFLiQµ %LEOLRWHFD 9LUWXDO 8QLYHUVDO
ZZZELEOLRWHFDRUJDUOLEURVSGIFRQVXOWDGRHPQRYHPEURGH
'UH[HOLR+LHUHPLD2UELV3KDsWKRQKRFHVWGHYQLXHUVLVYLWLLVOLQJXDHSDUVDOWHUD0RQDFKLL
)DEXODV \ YLGD GH ,VRSR FRQ ODV GH RWURV DXWRUHV WUDGX]LGDV SRU -XDQ GH /DPD 0DGULG
$ORQVR3DGLOOD
*XHUUHLUR 0LJXHO GR &RXWR )iEXODV GH (VRSR UHGX]LGDV D ULPD FRP DSOLFDo}HV
DFRPRGDGDVjPRUDOFULVWmRIHUHFLGDVDRH[PR6HQKRU'-RVpGH$VVLV0DVFDUHQKDV
/LVERD2IÀFLQD3DWULDUFDOGH)UDQFLVFR/XL]$PHQR
/DYLGD\IDEXODVGHO(VRSRDODVTXDOHVVHDxDGLHURQDOJXQDVPX\JUDFLRVDVGH$YLDQR\GHRWURVVDELRV
IDEXODGRUHVHQODRÀFLQD3ODQWLQLDQD
/LEURGHODYLGD\IiEXODVGHHOViELR\FODUtVVLPRIDEXODGRU,VRSR
0DGULG*UHJRULR5RGULJXH]DFRVWDGH,XDQGH9DOGHV0DGULGHQOD,PSUHQWD5HDO
DFRVWDGH$QWRQLR5RGULJXH]GHO5LEHUR9DOHQFLDSRU/RUHQoRGH&DEUHUD9DOHQFLD
SRU/RUHQoRGH&DEUHUD0DGULGLPSGH$QJHO3DVFXDO0DGULG3HGUR-RVHSK$ORQVR
GH3DGLOOD6HJyYLD0DGULG(QODLPSUHQWDGH(VSLQRVDHQODGHOPLVPR
/LEURGHOVDELRHFODUtVVLPRIDEXODGRU<VRSRKLVWRULDGRHDQQRWDGR6HYLOODSRU-XDQ&URPEHUJHU
/LYURGH([RSRHGLomRFUtWLFDFRPLQWURGXomRHQRWDVGH$GHOLQRGH$OPHLGD&DODGR
&RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFRGD8QLYHUVLGDGHGH&RLPEUD
/RER)UDQFLVFR5RGULJXHV&RUWHQD$OGHLDLQWURGXomRQRWDVHÀ[DomRGRWH[WR
GH-RVp$GULDQRGH&DUYDOKR/LVERD3UHVHQoD
0DGDLO $OH[DQGUD 0DULD GH 0HOR 5HFHSomR /LWHUiULD GH (VRSR H )HGUR HP $XWRUHV
3RUWXJXHVHV>'LVVHUWDomRGH0HVWUDGR@$YHLUR8QLYHUVLGDGHGH$YHLUR
0DULDGR&pX6yURU$YHV,OOXVWUDGDVHP$YLVRVSDUDDV5HOLJLRVDV6HUYLUHPRV2IÀFLRVGRV
VHXV0RVWHLURV/LVERD2IÀFLQD0LJXHO5RGULJXHV
0DUWLQ *DUFtD )UDQFLVFR ´,QWURGXFFLyQµ LQ $QWRORJtD GH IiEXODV HVySLFDV HQ ORV
DXWRUHVFDVWHOODQRVKDVWDHOVLJOR;9,,,&XHQFD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD
0HOR')UDQFLVFR0DQXHOGH&DUWDV)DPLOLDUHVSUHIiFLRHQRWDVGH0DULDGD&RQFHLomR
0RUDLV6DUPHQWR/LVERD,PSUHQVD1DFLRQDO&DVDGD0RHGD
0HOR'$SyORJRV'LDORJDLVHGLomRHLQWURGXomRGH3HGUR6HUUD,2V5HOyJLRV)DODQWHV
$9LVLWDGDV)RQWHV,,2(VFULWyULR$YDUHQWR2+RVSLWDOGDV/HWUDV%UDJD$QJHOXV1RYXV
0HQGHVGD9LGLJXHLUD0DQXHO9LGDH)iEXODVGR
,QVLJQH)DEXODGRU*UHJR(VRSR(YRUD0DQXHOGH/\UD/LVERD-RUJH5RGULJXHV
/LVERD $QWRQLR $OYDUH] /LVERD )UDQFLVFR 9LOOHOD /LVERD )UDQFLVFR 9LOOHOD
&RLPEUD-RVp$QWXQHVGD6LOYD,PSUHVVRUGD8QLYHUVLGDGH
0H\6HEDVWLDQ)DEXODULRHQTXHVHFRQWLHQHQIiEXODV\FXHQWRVGLIHUHQWHVDOJXQRV
QXHYRV \ SDUWH VDFDGRV GH RWURV DXWRUHV HGLFLyQ H LQWURGXFFLyQ GH & %UDYR
9LOODVDQWH0DGULG)XQGDFLyQ8QLYHUVLWDULD(VSDxROD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7HUHVD$UD~MR
1DVFLPHQWR)UDQFLVFR0DQXHOGR>)LOLQWR(OtVLR@)iEXODVHVFROKLGDVHQWUH
DVGH-/D)RQWDLQH/RQGUHV7\SRJUDSKLDGH+%U\HU/LVERD,PSUHQVD5HJLD3DULV
QD2IÀFLQDGH&HOORW
3DLYD0RUDLV$QD´+LVWyULDVGRÌQÀPRµ)RUPD%UHYH$)iEXOD
3HUHLUD /XFLDQR -RVp GRV 6DQWRV %DSWLVWD $ )iEXOD HP 3RUWXJDO &RQWULEXWRV SDUD D
+LVWyULDH&DUDFWHUL]DomRGD)iEXOD/LWHUiULD3RUWR3URIHGLo}HV
3HUU\%(%DEULXVDQG3KDHGUXV)DEOHV&DPEULGJH0DVVDFKXVHWWV/RQGRQ+DUYDUG
8QLYHUVLW\3UHVV/RHE&ODVVLFDO/LEUDU\
5HJD]]RQL6LPRQH´'X/RXS)RUFHHW/RLµ(VFULWXUDHLPDJHQYROH[W
5XL] -XDQ$UFLSUHVWH GH +LWD (O /LEUR GH %XHQ $PRU$OLFDQWH %LEOLRWHFD 9LUWXDO
0LJXHO GH &HUYDQWHV ZZZFHUYDQWHVYLUWXDOFRPREUDHOOLEURGHEXHQDPRU
&RQVXOWDGRHPQRYHPEURGH
6HPHGR &XUYR >%HOPLUR 7UDQVWDJDQR@ $V 0HOKRUHV )iEXODV GH /D )RQWDLQH /LVERD
,PSUHVVmR5HJLD
6RDUHV0DQXHOGH0RUDLV)iEXODVGH)HGUR(VFUDYR)RUURGH$XJXVWR&pVDU/LVERD
2IÀFLQD3DWULDUFDOGH)UDQFLVFR/XL]$PHQR
7DODYHUD &XHVWD 6DQWLDJR ´(VWXGLR JHQHUDO GH ODV IiEXODVµ LQ /D IiEXOD HVySLFD HQ
(VSDxDHQHOVLJOR;9,,,&XHQFD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD
9LGD\H[HPSORVGHOQDWXUDOSKLORVRSKR\IRUPRVLVVLPRIDEXODGRU(VRSR6DODPDQFD(P
FDVDGH$QWRQLD5DPLUH]
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV
'(*5(&,$$1$51,$/$)É%8/$'(//(Ð1<(/5$7Ð1
)8(5$'(/$6&2/(&&,21(6'()É%8/$6
$1$0$5Ì$0$5,f2$5,$6
8QLYHUVLGDGGH/HyQ
5HVXPHQ
/DVIiEXODVDGHPiVGHWUDQVPLWLUVHDWUDYpVGHFROHFFLRQHVUHYLVDGDV\UHKHFKDVXQD\RWUDYH]DORODU
JRGHODKLVWRULDSRUGLIHUHQWHVDXWRUHVVHKDQLQFRUSRUDGRFRPRSDUWHGHODUJXPHQWRHQRWURVJpQHURV
\WUDGLFLRQHVFRQDOJXQRVFDPELRVSHURFRQVHUYDQGRVXDUJXPHQWRSULQFLSDO(QHOSUHVHQWHDUWtFXORVH
HVWXGLDGHTXHPRGRVHKDKHFKRHQHOFDVRFRQFUHWRGHODIiEXODHVySLFDGHOOHyQ\HOUDWyQHQWUHVREUDV
XQFXHQWRDQyQLPRGHO$QWLJXR(JLSWRHO/LEURGHO%XHQ$PRU\/DV&UyQLFDVGH1DUQLD
3DODEUDVFODYHIiEXODOHyQUDWyQ(VRSR(JLSWRFXHQWR/LEURGHO%XHQ$PRU1DUQLD
$EVWUDFW
)DEOHV KDYH EHHQ WUDQVPLWWHG WKURXJK KLVWRU\ LQ WKRXVDQG WLPHV FKHNHG DQG UHPDGH FROOHFWLRQV E\
GLIIHUHQWDXWKRUV%HVLGHVWKH\KDYHEHHQDWWDFKHGWRWKHWRSLFVRIRWKHUJHQUHVDQGOLWHUDU\WUDGLWLRQV
ZLWKDIHZFKDQJHVEXWSUHVHUYLQJWKHLUPDLQVWRU\OLQH7KLVDUWLFOHVWXGLHVWKHSUHVHQFHRIWKHHVRSLF
IDEOHRIWKHOLRQDQGWKHPRXVHLQWKUHHGLIIHUHQWZRUNVDQDQRQ\PRXVWDOHIURPWKH$QFLHQW(J\SW(O
/LEURGHO%XHQ$PRUDQG1DUQLD&KURQLFOHV
.H\:RUGVIDEOHOLRQPRXVH(VRSR(J\SWWDOH/LEURGHO%XHQ$PRU1DUQLD
/D IiEXOD HV XQ JpQHUR PX\ UHODFLRQDGR FRQ OD WUDGLFLyQ RUDO \ OD OLWHUDWXUD
SRSXODUFX\DHVHQFLDHVODEUHYHGDG\ODLQWHQFLyQPRUDO$GHPiVGHVXFRQGLFLyQGH
JpQHURKLSHUWH[WXDO\DTXHDOVHUXQJpQHURPHQRU\XQWLSRGHOLWHUDWXUDSRSXODU
VXWUDGLFLyQWH[WXDOHVWiDELHUWDGHVGHOD$QWLJHGDGVHKDQWUDGXFLGRLQWHUSUHWDGR
\ UHFUHDGR ODV PLVPDV IiEXODV 6LQ HPEDUJR FRQ OD WUDGLFLyQ YD XQLGD OD YDULDFLyQ
DXQTXHPiVHQODIRUPDTXHHQHOWRQRSXHVHODUPD]yQOyJLFR\DUJXPHQWDOGHOD
IiEXODHVPX\UtJLGR
$QWRQLR &DVFyQ 'RUDGR SRQH GH PDQLÀHVWR TXH VH SURGXFHQ
VLPLODUHV IHQyPHQRV GH WUDQVPLVLyQ HQ OD IiEXOD \ HO H[HPSOXP FDPELR GH
SHUVRQDMHVGHVLWXDFLRQHVDUJXPHQWDOHVDPSOLDFLRQHVDEUHYLDFLRQHVGXSOLFDFLRQHV
&RUUHRHNKHQGUD#KRWPDLOHV5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD0DUtD0DULxR$ULDV
FRQWDPLQDFLRQHVFDPELRVGHLQWHQFLRQDOLGDG«IHQyPHQRVTXHVHDSUHFLDQIiFLOPHQWH
DOUHDOL]DUFRPSDUDFLRQHVHQWUHGLVWLQWDVYHUVLRQHVGHODPLVPDIiEXOD
3HUR DGHPiV GH ODV PRGLÀFDFLRQHV TXH VH DSUHFLDQ DO FRPSDUDU ODV GLYHUVDV
FROHFFLRQHVGHIiEXODVODVIiEXODVWDPELpQSXHGHQLQWHJUDUVHFRPRSDUWHGHODUJXPHQWR
HQREUDVGHRWURVJpQHURVOLWHUDULRVDOWHUDQGRLJXDOPHQWHDOJXQRVGHVXVHOHPHQWRV
HQIXQFLyQGHODVQHFHVLGDGHVRLQWHQFLRQHVGHODXWRUSHURFRQVHUYDQGRFODUDPHQWH
VXHVHQFLD
$VtSXHVDFRQWLQXDFLyQHVWXGLDUHPRVODIRUPDHQTXHKDVLGRDGDSWDGDXQD
IiEXODHVySLFDODIiEXODGHOOHyQ\HOUDWyQHQWUHVREUDVGHPD\RUH[WHQVLyQGHJpQHURV
GLIHUHQWHV\GHPRPHQWRV\OXJDUHVPX\GLVSDUHVXQFXHQWRHJLSFLRDQyQLPRHO/LEUR
GHO%XHQ$PRUGHO$UFLSUHVWHGH+LWD\/DV&UyQLFDVGH1DUQLDGH&6/HZLV
$ (VRSR QR OH FRQVLGHUDEDQ ORV JULHJRV FRPR HO LQYHQWRU GHO JpQHUR VLQR HO
LQWURGXFWRUHQ*UHFLDGHODSULPHUDFROHFFLyQGHIiEXODVTXHÀMyHOWLSRFOiVLFRGHWDOHV
UHODWRVEUHYHV\GLGiFWLFRVFRQXQDHVWUXFWXUDQDUUDWLYDFDUDFWHUtVWLFD6REUHpOVHWHMLy
GHVGHPX\DQWLJXRXQDOH\HQGDELRJUiÀFDQ~FOHRGHOD9LGDGH(VRSRFX\DLGHRORJtD
FRLQFLGHFRQODTXHVHGHVSUHQGHGHODFROHFFLyQGHIiEXODV(VRSRVHYDOHGHODDVWXFLD
SDUDWULXQIDUHQXQPXQGRGRQGHLPSHUDQODIXHU]DHOHQJDxR\ODOXFKDFRQVWDQWHGH
XQRVFRQWUDRWURVVLQPiVVDQFLyQPRUDOTXHHOp[LWRRHOIUDFDVR
/DIiEXODGHOOHyQ\HOUDWyQHQODUHGDFFLyQDWULEXLGDD(VRSR+FRQVLVWH
HQXQDVHQFLOODDQpFGRWDXQUDWyQMXHJDFRQRWURVKDVWDTXHGHVSLHUWDDXQOHyQ\pVWH
ORFRJHSDUDDFRPpUVHOR(OUDWyQOHSLGHTXHORVXHOWHSURPHWLHQGRTXHOHSDJDUiHO
IDYRU\IHOLQRDFFHGHDXQTXHVLQWRPDUVHHQVHULRHORIUHFLPLHQWR8QGtDHVDSUHVDGR
SRUXQRVFD]DGRUHVDWDGRDXQiUERO\OLEHUDGRSRUHOUDWyQTXHURHODFXHUGD3RU
~OWLPRVHFLHUUDFRQXQSDUODPHQWRGHOUDWyQH[SUHVDQGRTXHWDPELpQORVSHTXHxRV
WLHQHQJUDWLWXG
(O WHPD IXQGDPHQWDO TXH LOXVWUD HVWD IiEXOD HV HO GHO DQLPDO DJUDGHFLGR
GHVDUUROODGRSDUDSRQHUGHPDQLÀHVWRHOGHVDJUDGHFLPLHQWRGHORVKRPEUHV7HPDTXH
VHUHSLWHHQRWUDVIiEXODVHPSOHDQGRRWURVDQLPDOHVDVtFRPRODOLEHUDFLyQGHHOHIDQWHV
\JDFHODVSRUUDWRQHVDSDUHFHQHQIiEXODVGHOD,QGLDTXHSXHGHQVHULQGHSHQGLHQWHV
RGHULYDGDVGHODVJULHJDV5RGUtJXH]$GUDGRV
/DHJLSWyORJD(PPD%UXQQHU7UDXWFRQVLGHUDTXHHVWDIiEXODJULHJD
WLHQHFRPRPRGHORXQFXHQWRHJLSFLRTXHGHVDUUROODGHPDQHUDPXFKRPiVH[WHQVDOD
WUDPD6HEDVDHQWUHRWUDVFRVDVHQTXHHQOD9LGDGH(VRSRVHVLW~DDOJULHJRUHFRSLODQGR
PDWHULDOHVSDUDVXVIiEXODVHQODVRULOODVGHO1LOR6LQHPEDUJR5RGUtJXH]$GUDGRV
SLHQVDSRUHOFRQWUDULRTXHHOPRGHORHVODIiEXODJULHJDFRQVLGHUDQGR
TXHHVpVWDODTXHWLHQHXQRULJHQDQWLJXRPHVRSRWiPLFRSRUODHVWUXFWXUDGHODIiEXOD
JULHJDTXHHVSHUIHFWDPHQWHUHJXODU\SRVLEOHPHQWHDUFDLFDGDGDVXRUJDQL]DFLyQHQ
GRVDFWRV\TXHHQHO3DxFDWDQWUDH[LVWHXQSDUDOHORFDVLH[DFWRVXVWLWX\HQGRHOOHyQ
SRU XQ HOHIDQWH$GHPiV GH TXH HO WHPD GHO DQLPDO DJUDGHFLGR VH HQFXHQWUD YDULDV
YHFHVHQWDQWRHQIiEXODVJULHJDVFRPRLQGLDV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV
(VWHFXHQWRHJLSFLR%UXQQHU7UDXWIXHUHGDFWDGRHQpSRFDKHOHQtVWLFD
\WUDQVFULWRHQHOVLJOR,,G&HQFDUDFWHUHVGHPyWLFRV(QpOXQSRGHURVR\DWHUUDGRU
OHyQYDUHFRUULHQGRHOGHVLHUWREXVFDQGRDOKRPEUHSDUDFDVWLJDUOHSRUODVWURSHOtDV
TXHKDKHFKRDORVGLYHUVRVDQLPDOHVTXHVHYDHQFRQWUDQGRXQDSDQWHUDXQFDEDOOR
\XQDVQRXQWRUR\XQDYDFDXQRVRHLQFOXVRDRWUROHyQ(QVXSHULSORHVWiDSXQWR
GHSLVRWHDUDXQUDWRQFLOORTXHOHRIUHFHVDOYDUOHGHODGHVJUDFLDFRVDTXHHOSUHSRWHQWH
OHyQVHWRPDDEURPDSHURTXHDOLJXDOTXHHQODIiEXODHVySLFDWHUPLQDVLHQGRORTXH
RFXUUHFXDQGRHOIHOLQRFDHHQODUHGGHOFD]DGRU)LQDOPHQWHDPERVVHPDUFKDQMXQWRV
GHYXHOWDDOGHVLHUWR
(QODYHUVLyQGH(VRSRHOUDWyQVHGLVFXOSDSRUVXLJQRUDQFLDDOKDEHUPROHVWDGR
DO OHyQ \ HV HO OHyQ HO TXH FRQVLGHUD TXH HV LQGLJQR GH pO YHQJDUVH GH XQ VHU WDQ
SHTXHxR6LQHPEDUJRHQHOFXHQWRHJLSFLRHOURHGRUVXSOLFDDOHJDQGRTXHVLVHOR
FRPHQRVDFLDUiVXKDPEUH\SURPHWLpQGROHFDVLYDWLFLQiQGROHTXHVLOHSHUGRQDOD
YLGDDOJ~QGtDSRGUiGHYROYHUOHHOIDYRUDOJRTXHFDXVDODKLODULGDGGHOIHOLQRDXQTXH
DFDEDVROWiQGRORLJXDOPHQWHSHQVDQGRTXHQROHLEDDOOHQDUHOFRPpUVHOR/DDFFLyQ\
SURPHVDGH(VRSRVHFRQYLHUWHQHQGHVWLQR\SUHPRQLFLyQDOLPEULFDUVHHQXQFRQWH[WR
UHOLJLRVRXQDFRQYHUVDFLyQHQODTXHHOPRQRPHQVDMHUR7KRWHQWUHWLHQH\DFRQVHMDD
ODGLRVDOHRQD7HIQXWODJDWDGHOVROGXUDQWHVXSHUHJULQDFLyQ
3RUWDQWRHQHOFDVRGHOFXHQWRHJLSFLRHOWHPDPiVTXHHQHODJUDGHFLPLHQWRHQ
VtVHFHQWUDHQUHVDOWDUODYDOtDGHORTXHDVLPSOHYLVWDSDUHFHLQVLJQLÀFDQWHHOSRGHURVR
\DUURJDQWHOHyQTXHVHGLVSRQHDYHQJDUDOUHVWRGHORVDQLPDOHVDWURSHOODGRVSRUOD
FUXHOGDGGHOKRPEUHDFDEDFD\HQGRHQXQDGHODVWUDPSDVGHpVWH\VLHQGRVDOYDGR
SRUXQPLQ~VFXORUDWRQFLWRGHOTXHVHEXUOy$VtFRPRTXHFXDQGRHOGHVWLQRDVtOR
GHWHUPLQDORVPiVGpELOHVSXHGHQD\XGDUDORVPiVIXHUWHVDOJRPX\LPSRUWDQWHHQ
HOFRQWH[WRHQHOTXHVHHQPDUFD
([LVWHRWURFXHQWRGH.RUGRIiQDORHVWHGHO$OWR1LOR]RQDGHLQÁXHQFLDGHOD
WLHUUDGHORVIDUDRQHVGHULYDGRGHODQWHULRUFRQVHUYDGRRUDOPHQWH\UHFRSLODGRHQHO
VLJOR;;SRU/)UREHQLXV%UXQQHU7UDXW$TXtHVHOUDWyQHOTXHSURYRFD
DOOHyQUHVDOWDQGRTXHODLQWHOLJHQFLDHVSUHIHULEOHDODIXHU]D\OHUHWDDHQIUHQWDUVHDO
KRPEUHTXHUHVXOWDVHUXQFRPHUFLDQWHGHPDGHUDTXHSDVDEDSRUDOOt(OOHxDGRUÀQJH
DFHSWDUHOUHWR\FRQVLJXHTXHHOOHyQVHGHMHDWDUDXQiUEROFRVDTXHDSURYHFKDSDUD
JROSHDUOHFRQXQDFXHUGD&XDQGRÀQDOPHQWHHOKRPEUHVHPDUFKDHOUDWyQDFFHGH
DGHVDWDUDOOHyQWUDVORJUDUTXHOHSURPHWDDPLVWDGHWHUQD(OOHyQLQWHQWDYHQJDUVH
SHURWHUPLQDHVFDOGDGROLWHUDOPHQWH\FXDQGRYXHOYHDYHUDOUDWyQLQWHQWDFRPpUVHOR
FXOSiQGRORGHODVLWXDFLyQHQODTXHVHKD\DSHURHOURHGRUORJUD]DIDUVHGHODSUHVD
FRQDVWXFLD7LHPSRGHVSXpV\WUDVYDULDVWUHWDVPiVHOOHxDGRUWHUPLQDFRQVLJXLHQGR
TXHHVHOHyQ\WRGDXQDPDQDGDGHOHRQHVOHMXUHHVWDUDVXVHUYLFLR
$SHVDUGHODLQGHSHQGHQFLDGHODWUDPDORVHOHPHQWRVHVHQFLDOHVLGpQWLFRVOOHYDQ
DODFRQFOXVLyQGHTXHQRKDQSRGLGRVHUFUHDGRVGHIRUPDLQGHSHQGLHQWH(OGLVWLQWR
DPELHQWHFXOWXUDO\HOGLIHUHQWHHVWDGRGHiQLPRH[SOLFDQHODXPHQWRGHODFUXHOGDG\
HOVHQWLGRÀQDOGHOFXHQWRH[SOLFDUODUHODFLyQHQWUHORVIDUDRQHV\ORVOHRQHVQRVROR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD0DUtD0DULxR$ULDV
VtPEROR GH VREHUDQtD WDPELpQ DFRPSDxDQWHV \ SURWHFWRUHV HQ OD JXHUUD %UXQQHU
7UDXW
(Q DPERV FDVRV VH PDQWLHQHQ YDULRV HOHPHQWRV GH OD IiEXOD RULJLQDO ORV
SURWDJRQLVWDVHOOHyQ\HOUDWyQVLELHQHQORVFXHQWRVVHLQFOX\HODSUHVHQFLDKXPDQD
\ WDPELpQ HO WHPD GH OD FUXHOGDG DXVHQWHV HQ HO WH[WR JULHJR (O FXHQWR HJLSFLR QR
LQFOX\HHODSUHVDPLHQWRGHOURHGRUVLQRTXHHOIHOLQRFDVLORSLVDSHURHQHOGH.RUGRIiQ
VtRFXUUHDVtFRPRHOKHFKRGHTXHHOSXQWRLQLFLDOGHODWUDPDVHDTXHHOUDWyQPROHVWD
DOOHyQDXQTXHGHGLVWLQWDIRUPD6LQHPEDUJRDGLIHUHQFLDGHODIiEXODHVDSULVLyQGHO
UDWyQVXFHGHGHVSXpVGHODOLEHUDFLyQGHODVFXHUGDVGHOOHyQSRUHOUDWyQ\URPSLHQGR
HOIHOLQRDVtVXSURPHVDGHDPLVWDGHWHUQDDOURHGRU$GHPiVpVWHVHOLEUDGHODVJDUUDV
QRFRQSURPHVDVVLQRFRQD\XGDGHVXLQJHQLR\DSURYHFKDQGRHOPLHGRTXHHQHVH
PRPHQWROHWLHQHHOOHyQDOKRPEUH
/DUHFHSFLyQPHGLHYDOGHODREUDGH(VRSRIXHWUD]DGDKDFHPiVGHXQVLJORSRU
+HUYLHX[HQVXH[WHQVRHVWXGLRDFHUFDGHORVIDEXOLVWDVODWLQRVGHVGHODpSRFDGH
$XJXVWRKDVWDÀQDOHVGHOD(GDG0HGLD6HSURGXFHELHQSRUPHGLRGH)HGURHQODWtQ
VREUHWRGRDWUDYpVGHODYHUVLyQHQSURVDODWLQDGHO5RPXOXVELHQPHGLDQWHODREUDGH
%DEULRHQJULHJR\HVSHFLDOPHQWHPHGLDQWHODYHUVLyQHQGtVWLFRVHOHJLDFRVODWLQRVGH
$YLDQR(OORGHWHUPLQDODH[LVWHQFLDHQHVWHSHULRGRGHGRVOtQHDVGHWUDQVPLVLyQGHODV
IiEXODVHVySLFDVDODVTXHORVGLVWLQWRVUHFRSLODGRUHVLUiQDxDGLHQGRRWUDVGHGLVWLQWDV
SURFHGHQFLDVKDFLHQGRTXHGHFLHQWRFLQFXHQWDSDVHQDVHUPiVGHGRVFLHQWDVIiEXODV
(Q HVWD pSRFD (VRSR SHUWHQHFtD DO JUDGR LQIHULRU GH ORV ´DXFWRUHV PLQRUHVµ
HPSOHDGRSDUDODHQVHxDQ]DGHODJUDPiWLFD\GHODUHWyULFDGDGRTXHVXVIiEXODVJUDFLDV
D VX EUHYHGDG VHQFLOOH] \ IiFLO PRUDOL]DFLyQ HUDQ XQ DGHFXDGR PDWHULDO GLGiFWLFR
&RQHVWDRULHQWDFLyQVXUJHHO´(VRSRPRUDOL]DGRµXQDYHUVLyQODWLQDYHUVLÀFDGDHQOD
TXH VH FULVWLDQL]DQ ODV IiEXODV \ VH DGDSWDQ DO XVR HVFRODU PHGLHYDO 6H DWULEX\H DO
SRHWD:DOWHUHO,QJOpVR*XDOWHULXVÉQJOLFXVGHOVLJOR;,,TXHVHVLUYLyGHO5RPXOXV
YXOJDULVR5HFHQVLRJDOOLFDQDGHOVLJOR9R9,HOPiVGLIXQGLGRGHORV5RPXOLHQSURVD
(O VXSXHVWR DXWRU 5RPXOR QR FRQRFLy OD REUD GH (VRSR VLQR OD WUDGLFLyQ ODWLQD GH
)HGURFX\DVIiEXODVSDUDIUDVHD\UHRUJDQL]DDODTXHDxDGHRWURVPDWHULDOHV\QXHYDV
IiEXODVFUHDGDVDSDUWLUGHODLPLWDFLyQGHOHVWLORGH)HGUR(VWDVIiEXODVGH*XDOWHULXV
ÉQJOLFXVFRPRREUDGHOHFWXUDREOLJDWRULDHQODFODVHGHOJUDPPDWLFXVVHGLIXQGLHURQ
HQOD(GDG0HGLDSRUPHGLRGHFRPHQWDULRVTXHDFRPSDxDURQDORVGtVWLFRVRULJLQDOHV
GHVGHÀQDOHVGHOVLJOR;,,,
(O$UFLSUHVWHGH+LWDVHEDVyPD\RULWDULDPHQWHHQHVWDREUDDXQTXHHQDOJXQRV
FDVRV SDUHFH DOHMDUVH GH HOOD SRU PDQHMDU XQ PDQXVFULWR FRQ JORVDV LQWHUOLQHDOHV \
H[WHQVRVFRPHQWDULRVHQODVIiEXODVTXHSRQHHQERFDGHODVSURWDJRQLVWDVSULQFLSDOHV
HQHOHSLVRGLRGHGRxD*DUR]DHQHO/LEURGHO%XHQ$PRUFRPRKDHVWXGLDGR%LHQYHQLGR
0RUURV$ORODUJRGHGRVGtDVODDOFDKXHWD7URWDFRQYHQWRV\ODPRQMDDPDGD
SRU HO DUFLSUHVWH LQWHUFDPELDQ GLH] IiEXODV TXH VLUYHQ SDUD LOXVWUDU VXV RSLQLRQHV
FRQWUDSXHVWDVVLELHQQRVLHPSUHVHHVWDEOHFHFODUDPHQWHODUHODFLyQHQWUHHOFRQWHQLGR
GHODVIiEXODV\ODVLWXDFLyQDODTXHSUHWHQGHQDSOLFDUODV(VEDVWDQWHSUREDEOHTXH
HVWRVHGHEDDTXHHODXWRURWRUJDPiVLPSRUWDQFLDDODVLQWHUSUHWDFLRQHVPRUDOHVGH
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV
ORVFRPHQWDULVWDVGHORVKH[iPHWURVGH*XDOWHULRTXHDODOLWHUDOLGDGGHORH[SXHVWR
SRUODIiEXOD0RUURV
(Q HO SUHVHQWH FDVR OD IiEXOD GHO OHyQ \ HO UDWyQ -XDQ 5XL] VH FLxH EDVWDQWH
DO WH[WR GH ÉQJOLFR \ VyOR UHFXUUH D ODV JORVDV LQWHUOLQHDOHV FXDQGR HO WH[WR QR HV
VXÀFLHQWHPHQWHFODUR0RUURV
1RREVWDQWHHOSDSHOGHOSURWDJRQLVWDDXQTXHFRQWLQ~DVLHQGRSRVLWLYRQROR
HVWDQWRFRPRHQODYHUVLyQGH*XDOWHULR(VWRUHVSRQGHDTXHODIiEXODHVWiQDUUDGD
SRU7URWDFRQYHQWRVTXHVHLGHQWLÀFDFRQHOUDWyQPLHQWUDVDWULEX\HDGRxD*DUR]DHO
SDSHOGHOOHyQGHDKtTXHVHDHOSULPHURHOTXHPXHVWUDPD\RULQJHQLR\FDSDFLGDG
GLVFXUVLYDFRPRKDVHxDODGR/X]GLYLQD&XHVWD
$VtSXHVQRVHQFRQWUDPRVFRQXQDYHUVLyQGHHVWDIiEXODHQHO(Q[LHPSORGHO
OHyQHGHOPXUSXHVWRHQERFDGHODDOFDKXHWDHQHOPRPHQWRHQTXHVXV
DQWHULRUHVSURSXHVWDVWDPELpQH[SUHVDGDVDWUDYpVGHIiEXODVKDQGHVSHUWDGRODLUD
GHODPRQMD(OPLHGRDODPDOYHODGDDPHQD]DLQVSLUDDODYLHMDDDSURYHFKDU\UHIRU]DU
FRQ ORV HORFXHQWHV DUJXPHQWRV GHO UDWyQ OD HQVHxDQ]D PRUDO GHO HVFDVR KRQRU TXH
VXSRQHSDUDHOJUDQGHHOKHFKRGHYHQFHUDOSHTXHxRSUHVHQWHHVSHFLDOPHQWHHQOD
LQWHUSUHWDFLyQGH*XDOWHULRGHODIiEXODGHOOHyQ\HOUDWyQ
$GHPiVHOFRPHQWDULVWDGHÉQJOLFRLGHQWLÀFDEDDOOHyQFRQHOULFR\DOUDWyQFRQHO
SREUH\HVSHFLÀFDEDTXHHOSREUHSXHGHUHVXOWDUGHJUDQXWLOLGDGHQHODVSHFWRUHOLJLRVR
DOULFRFRQRFLHQGRHOWUDWRTXHORVHYDQJHOLRVRWRUJDQDOPHQHVWHURVR'HHVWHPRGR
7URWDFRQYHQWRV SUHWHQGH DO LGHQWLÀFDUVH FRQ HO UDWyQ GDU FXHQWD GH VX XWLOLGDG HQ
FXDOTXLHU FLUFXQVWDQFLD RIUHFLHQGR D FDPELR GH SRGHU \ ULTXH]D VX HQWHQGLPLHQWR
\ DVWXFLD 6LQ HPEDUJR VH PDQWLHQH OD DPELJHGDG GH WRGD OD REUD SRU OR TXH VH
DEVWLHQHGHDFODUDUFRQTXpSURSyVLWRVLSDUDDÀDQ]DU\FRQVROLGDUVXDPRUSRU'LRVR
VLSRUHOFRQWUDULRSUHWHQGHLQYLWDUODDYDOHUVHGHVXDVWXFLDHLQWHOLJHQFLDSDUDHOXGLU
HOFDVWLJRGHLQFXUULUHQHOSHFDGRGHOORFRDPRU0RUURV
&XDQGR &OLYH 6WDSOHV /HZLV SURIHVRU GH /HQJXD \ /LWHUDWXUD ,QJOHVDV HQ OD
SUHVWLJLRVD 8QLYHUVLGDG GH 2[IRUG SXEOLFy HQ (O OHyQ OD EUXMD \ HO DUPDULR OD
SULPHUDGHVLHWHQRYHODVGH/DV&UyQLFDVGH1DUQLDHUDXQDXWRUDFDGpPLFR
GH JUDQ UHOLHYH SRU VXV HVWXGLRV HUXGLWRV GH /LWHUDWXUD 5HQDFHQWLVWD ,QJOHVD \ VXV
UHÁH[LRQHVVREUHODFRQGLFLyQKXPDQD
6X DPSOLD IRUPDFLyQ DFDGpPLFD XQLGD D VX SDVLyQ SRU OD OHFWXUD GHVGH OD
LQIDQFLDKDFHTXHHQRFDVLRQHVHQVXREUDDSDUH]FDXQDDPDOJDPDGHHOHPHQWRVH
LQÁXHQFLDVGLVSDUHVKDVWDHOSXQWRTXHVXDPLJRFROHJD\WDPELpQFUHDGRUGHREUDV
GH IDQWDVtD -55 7RONLHQ QR FRPSUHQGtD FyPR /HZLV KDEtD SRGLGR HVFULELU DOJR
WDQ SRFR FRKHUHQWH \ PHQRV D~Q FyPR D SHVDU GH HOOR KDEtD WULXQIDGR&DUSHQWHU
/HZLVIXHSURIHVRUGHOLWHUDWXUDLQJOHVDPHGLHYDO\UHQDFHQWLVWDSUiFWLFDPHQWHWRGDVXYLGD)XHIHOORZ
HQHO0DJGDOHQ&ROOHJH\PLHPEURGHOFRQVHMRGH*RELHUQRGHOD8QLYHUVLGDGGH2[IRUGHQWUH
\DxRV\HQIXHQRPEUDGRSURIHVRUHQOD8QLYHUVLGDGGH&DPEULGJHHQODFXDOHQVHxy
KDVWDVXPXHUWHHQDxRV(VGHFLUGHGLFyDxRVDODDFDGHPLDGHORVTXHHOHVFULWRUSDVy
SRUHVWHPXQGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD0DUtD0DULxR$ULDV
<HVWRWHQLHQGRHQFXHQWDTXHHOJHUPHQGH1DUQLDIXHHOUHVXOWDGRGHHFKDU
DVXHUWHVODGHFLVLyQGHTXLHQGHHOORVHVFULELUtDXQDQRYHODEDVDGDHQXQYLDMHHVSDFLDO
/HZLV\TXLHQHQXQRWHPSRUDO7RONLHQ&DUSHQWHU
1DUQLD HV XQ PXQGR LPDJLQDULR SREODGR SRU SHUVRQDMHV GH PX\ GLVWLQWDV
IXHQWHV FUHDGR HQ (O VREULQR GHO PDJR SRU HO ~QLFR SHUVRQDMH TXH DSDUHFH HQ
WRGDODVDJD$VODQXQJUDQOHyQFRVDTXHQRUHVXOWDQDGDVRUSUHQGHQWHGDGRTXHVX
QRPEUHHVODWUDGXFFLyQGHOHyQHQWXUFR
/D HOHFFLyQ GH XQ OHyQ FRPR SHUVRQDMH IXQGDPHQWDO SXHGH DWULEXLUVH D
P~OWLSOHV PRWLYRV H LQÁXHQFLDV GHVGH OD DVWURORJtD HO PXQGR FOiVLFR HO FXOWR GH
0LWUDODKHUiOGLFD«3HURHQHVWHFDVRHVPiVTXHHYLGHQWHODFRQH[LyQGHODLPDJHQ
GHOOHyQFRQODÀJXUDGH&ULVWRDOLJXDOTXHHQORV%HVWLDULRVPHGLHYDOHV\HQXQDODUJD
WUDGLFLyQOLWHUDULD\WHROyJLFD(QSDODEUDVGHOSURSLRDXWRUHQXQDFDUWD´/HGLIRUPD
GHOHyQSRUTXHVHVXSRQHTXHHOOHyQHVHOUH\GHODVEHVWLDV\&ULVWRHVHO/HyQGH-XGi
PHQFLRQDGRHQOD%LEOLDµ
1RREVWDQWHWDPELpQSRGHPRVUDVWUHDUXQDFODUDLQÁXHQFLDGHODIiEXODHVySLFD
TXHSUREDEOHPHQWHOH\yHQVXLQIDQFLDIDVFLQDGRFRPRHVWDEDFRQODVKLVWRULDVFX\RV
SURWDJRQLVWDV HUDQ DQLPDOHV FRPR ODV GH %HDWUL[ 3RWWHU &DUSHQWHU (Q
FRQFUHWRHQ(OOHyQODEUXMD\HODUPDULRHQFRQWUDPRVUDVWURVGHGRVIiEXODVHVySLFDV
PiVDSDUWHGHODGHOOHyQ\HOUDWyQHQODVTXHORVOHRQHVVRQODFODYH
(Q SULPHU OXJDU OD GHO OHyQ FRPR UH\ GH ODV EHVWLDV + 6H WUDWD GH XQ
UHLQDGRLGtOLFRHQHOTXHORVIXHUWHVGDQFXHQWDGHVXVDFWRVDORVGpELOHV\WRGRVORV
DQLPDOHVVRQIHOLFHV(Q1DUQLDORYHPRVUHÁHMDGRHQODSURIHFtDGHOFDVWRU
/DLQMXVWLFLDYHUiVXÀQ
FXDQGR$VODQYXHOYDSRUDTXt
FRQVXSRWHQWHUXJLGR
ODVSHQDVKDEUiQGHVDSDUHFLGR
HQFXDQWRORVFROPLOORVPXHVWUH
HOLQYLHUQRHVWDUiKHULGRGHPXHUWH
\FXDQGRDJLWHODPHOHQD
UHJUHVDUiODSULPDYHUD(OOHyQODEUXMD\HODUPDULR
7DPELpQVHDSUHFLDFRQFODULGDGHOUDVWURGHODIiEXODGHOOHyQYLHMR\GpELO+
TXHKDGHVRSRUWDUHOHVFDUQLR\ODVLQMXULDVGHORVRWURVDQLPDOHVDKRUDTXH\D
QRHVWHPLGRKDVWDTXHODIUXVWUDFLyQOHOOHYDDFODYDUVHVXVSURSLDVJDUUDVHQHOSHFKR
SDUD PDWDUVH (Q HVWH FDVR \ VLJXLHQGR OD OtQHD GH OD DOHJRUtD FULVWROyJLFD$VODQ VH
HQWUHJDYROXQWDULRFRPRYtFWLPDVDFULÀFLDOSDUDVDOYDUDXQRGHORVQLxRVSURWDJRQLVWDV
(VWRSURSLFLDTXHDSURYHFKDQGRVXGHELOLGDGDOSHUPLWLUTXHOHDWHQODVPDOpYRODV\
EDMDVFULDWXUDVSLHUGHQHOWHPRU\OHJROSHDQ\DIHLWDQDQWHVGHPDWDUORFODYiQGROHXQ
FXFKLOORGHSLHGUDHQHOFRUD]yQGDGRTXHODVDOLGDGHOVXLFLGLRVHUtDLPSHQVDEOHHQHO
FRQWH[WRFULVWLDQRHQHOTXHQRVPRYHPRV(OOHyQODEUXMD\HODUPDULR
8QDFDUWDLQpGLWDGHODXWRUGHHVWRVOLEURVUHYHODODHYLGHQFLDFODUD\FRQWXQGHQWHGHOPHQVDMHTXHpO
TXLVRSODVPDUHQ/DV&UyQLFDVGH1DUQLD(VWDFDUWDFRQIHFKDGHODxRIXHHQYLDGDSRU&6/HZLV
DXQQLxRTXHOHtDVXVKLVWRULDV\KDVLGRGLYXOJDGDSRU:DOWHU+RRSHUTXLHQIXHVHFUHWDULRGH/HZLV\
VHFRQYLUWLyHQVXELyJUDIR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV
,QFOXVR HQ HO ~OWLPR YROXPHQ GH OD VDJD /D ~OWLPD EDWDOOD HO FRQÁLFWR
VHDUWLFXODHQWRUQRDODIiEXODGHODVQRYHVWLGRFRQODSLHOGHOHyQ\ORVSUREOHPDV\
FRQIXVLRQHVTXHSURYRFDDOKDFHUVHSDVDUSRU$VODQ
3HURYROYLHQGRDODIiEXODTXHQRVRFXSDODGHOOHyQ\HOUDWyQVXSUHVHQFLDHQ
ODWUDPDHVHYLGHQWHVLELHQPRGLÀFDGD\DGDSWDGDDODVQHFHVLGDGHVGHOUHODWRHQHO
TXHVHLQVHUWD
7UDVHOVDFULÀFLRGHOOHyQHQOD0HVDGH3LHGUDORVDVHVLQRVVHPDUFKDQGHMDQGR
HOFDGiYHUDWDGR\HVHQHVHPRPHQWRFXDQGRDSDUHFHQFLHQWRVGHPLQ~VFXODVIRUPDV
JULVHVTXHUHVXOWDQVHUUDWRQHVTXHOOHJDQSDUDURHUODVFXHUGDVTXHDSULVLRQDQDOJUDQ
IHOLQR
(V OODPDWLYR HO KHFKR GH TXH OD SULPHUD UHDFFLyQ GH XQD GH ODV GRV QLxDV
SURWDJRQLVWDV GH OD REUD TXH HVWiQ OORUDQGR OD PXHUWH GHO OHyQ VHD OD GH UHFKD]DU
D ORV URHGRUHV \ DSDUWDUORV GHO FDGiYHU GH VX DPLJR (PSOHD DGHPiV ORV DGMHWLYRV
´DVTXHURVRVµ ´KRUULEOHVµ \ ´PXJULHQWRVµ DQWHV GH LQWHQWDU DSDUWDUORV )LQDOPHQWH
DOSHUFDWDUVHJUDFLDVDVXKHUPDQDGHODDFWLYLGDGDODTXHHVWDEDQHQWUHJDGRVOHV
SHUPLWHQFRQWLQXDUVLELHQPHQFLRQDQODLQXWLOLGDGGHWDODFFLyQ
'H HVWH PRGR VH KD VXSULPLGR OD SULPHUD SDUWH GHO DUJXPHQWR RULJLQDO OD
GHO UDWyQ SUHVR TXH UHFLEH OD PHUFHG GHO SHUGyQ GHO OHyQ (O KHFKR GH QR H[LVWLU OD
GHXGDGHYLGDTXHRULJLQDODVDOYDFLyQGHOOHyQGHODUHGTXHORDSULVLRQDSHUPLWHOD
DSDULFLyQ GH XQ QXHYR FRPSRQHQWH DXVHQWH HQ ODV YHUVLRQHV DQWHULRUHV OD JUDWLWXG
GHOOHyQSRVLEOHJUDFLDVDODUHVXUUHFFLyQGHOJUDQIHOLQRDODPDQHFHU\TXHDGHPiV
FRQWULEX\HDDXPHQWDUORVUDVJRVSRVLWLYRVGHODÀJXUDGHOOHyQPX\DGHFXDGRGDGR
TXHUHSUHVHQWDDO0HVtDVFULVWLDQR
(O SUtQFLSH &DVSLDQ OD VLJXLHQWH QRYHOD SXEOLFDGD LQFRUSRUD XQRV
SHFXOLDUHVSHUVRQDMHVGRFHUDWRQHVTXHD\XGDQDSHOHDUDOSURWDJRQLVWDHOSUtQFLSH
&DVSLDQ FRQWUD HO XVXUSDGRU 0LUD] VX WtR 6RQ PiV JUDQGHV GH OR KDELWXDO WLHQHQ
ODUJDVRUHMDV\SRUWDQHVSDGDVFRQDLUHPDUFLDOGHPRGRTXHDOFRQRFHUORV&DVSLDQ
WXYR TXH HVIRU]DUVH SDUD QR UHtUVH GH VX RIUHFLPLHQWR GH D\XGD \ WDPSRFR VH OHV
SHUPLWHVHUMXHFHVHQHOGXHORHQWUH0LUD]\HOUH\3HWHU6LQHPEDUJRGXUDQWHODEDWDOOD
GHVHPSHxDQXQSDSHOIXQGDPHQWDOFODYDQVXVHVWRTXHVHQORVSLHVGHORVHQHPLJRV
KDFLHQGRTXHFDLJDQ\HVWRUEiQGROHV
$ SHVDU GH VX YDORU 5HHSLFKHHS VX OtGHU UHVXOWD PX\ PDO KHULGR \ DXQTXH
ORJUDQFXUDUOHSLHUGHVXFRODHQODEDWDOOD8QKHFKRTXHSDUHFHQLPLRDORVRMRVGHORV
GHPiVSHURTXHVXSRQHXQJUDQGHVKRQRUSDUDHOORVSRUORTXHVXSOLFDQD$VODQTXH
VHODGHYXHOYDRWRGRVHOORVVHFRUWDUiQODVFRODVHQVROLGDULGDGFRQVXMHIH(VHQHVWH
PRPHQWRFXDQGR$VODQLQIRUPDGHFyPRSDJyVXGHXGDFRQORVUDWRQHVTXHOHOLEHUDURQ
GHODVFXHUGDVRWRUJiQGROHVHOGRQGHOKDEOD<FRPRQXHYDPXHVWUDGHJUDWLWXG\D
TXH HVWRV VRQ ORV GHVFHQGLHQWHV GH DTXHOORV \ DVRPEUDGR SRU OD VROLGDULGDG GH ORV
UDWRQHVGHFLGHGHYROYHUODFRODSHUGLGDDOMHIHGHORVURHGRUHVSHVHDTXHOHSDUHFH
H[FHVLYDVXREVHVLyQSRUHOKRQRU(OSUtQFLSH&DVSLDQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD0DUtD0DULxR$ULDV
$VtSXHVHVWRVSHTXHxRVDQLPDOLOORVVHKDQHOHYDGRFRQVXDFFLyQOLEHUDGRUD
GH ODV DWDGXUDV GHO IHOLQR GHVGH ORV GHQLJUDQWHV FDOLÀFDWLYRV TXH 6XVDQ OHV GHGLFD
HQHOSULPHUOLEUR´UDWRQHVKRUULEOHVµ\´FULDWXUDVPXJULHQWDVµDVHUHVSURYLVWRVGH
KRQRU\TXHUHVXOWDQGHJUDQLPSRUWDQFLD6XYDOtDHVWDOTXHHQ/DWUDYHVtDGHO9LDMHUR
GHO$OEDQRVLQIRUPDQGHTXH5HHSLFKHHSUHFLELyODSURIHFtDGHXQDGUtDGHDO
QDFHU$OÀQDOGHODREUDGHVHPEDUFDHQVXSURSLRERWHPLQLDWXUDGHVDSDUHFH\QRV
GDQ D HQWHQGHU TXH ÀQDOPHQWH OOHJD DO 3DtV GH$VODQ XQD HVSHFLH GH 3DUDtVR LJXDO
TXH1DUQLDSHURVLQGHIHFWRV,QFOXVRVHOHOOHJDDHTXLSDUDUFRQODÀJXUDGH6DQ3HGUR
GHELGRDVXSDSHOFRPRSHUVRQDMHTXHGDODELHQYHQLGDDORVTXHOOHJDQDHVWH3DUDtVR
HQ/D~OWLPDEDWDOODFXDQGRDVLVWLPRVDOÀQDOGH1DUQLD
'HHVWHPRGRFRPRYHPRVHOHOHPHQWRFHQWUDOGHOUDWyQTXHOLEHUDDOOHyQGH
ODVDWDGXUDVTXHOHDSULVLRQDQVHPDQWLHQHDVtFRPRHOGHODJUDGHFLPLHQWRSUHVHQWH
HQODIiEXODHVySLFD\HOKHFKRGHTXHDXQTXHDOJRSDUH]FDLQVLJQLÀFDQWHFRPRXQ
UDWyQSXHGHUHVXOWDUGHXWLOLGDGDDOJXLHQTXHDSULRULHVPXFKtVLPRPiVSRGHURVR
DOLJXDOTXHHQWRGRVORVFDVRVDQWHULRUHV6LELHQDOQRH[LVWLUODGHXGDGHYLGDDQWHULRU
SRUSDUWHGHOURHGRUORTXHQRVHQFRQWUDPRVHVHOHQFXPEUDPLHQWRGHOUDWyQHQXQD
ÀJXUDKRQRUDEOHJHQHURVDYDOLHQWH\SURIXQGDPHQWHHVSLULWXDOFXDOLGDGHVTXHQLHQ
ODVIiEXODVQLHQHOLPDJLQDULRFROHFWLYRVRQDWULEXLGDVMDPiVDORVUDWRQHV
/OHJDGRV D HVWH SXQWR KHPRV SRGLGR REVHUYDU TXH HO DUPD]yQ DUJXPHQWDO
SULQFLSDOVHKDPDQWHQLGRHQORVWUHVFDVRVHVWXGLDGRVODOLEHUDFLyQGHOOHyQGHVXV
DWDGXUDV$VtFRPRODGREOHHQVHxDQ]DGHODIiEXODHOHPHQWRHVHQFLDOGHOJpQHURGDGR
VXDIiQGLGiFWLFRHOYDORUSRWHQFLDOGHORTXHSDUHFHLQVLJQLÀFDQWH\HOKHFKRGHTXH
QLQJXQDEXHQDDFFLyQTXHGDVLQUHFRPSHQVDFRQLQGHSHQGHQFLDGHTXHODUHFRPSHQVD
VHDGHOUDWyQDOOHyQRDOFRQWUDULR
3HURSHVHDHOORFDGDDXWRUKDSRGLGRMXJDUFRQORVHOHPHQWRV\DGDSWDUORVHQ
IXQFLyQGHVXVQHFHVLGDGHVRLQWHQFLRQHV&DGDXQRVLQGXGDKDSURSRUFLRQDGRXQ
HVWLOR HVSHFtÀFR \ FDUDFWHUtVWLFR D HVDV FRPSRVLFLRQHV UHIRU]DGR DOJXQRV HOHPHQWRV
VXSULPLHQGRRWURVDPSOLDQGRODWUDPD«\DXQDVtODIiEXODKDORJUDGRPDQWHQHUVX
HVHQFLD\VXYLJHQFLDDWUDYpVGHOWLHPSRHOHVSDFLRRHOLGLRPD
%,%/,2*5$)Ì$
%HVWLDULR0HGLHYDO0DGULG6LUXHOD
%OHFXD$(G/LEURGHO%XHQ$PRU0DGULG&iWHGUD
%UXQQHU7UDXW(&XHQWRVGHO$QWLJXR(JLSWR0DGULG(GDI
&DUSHQWHU+/RV,QNOLQJV%DUFHORQD%LEOLRWKHFD+RPROHJHQV
&DUSHQWHU+&DUWDVGH-557RONLHQ%DUFHORQD0LQRWDXUR
&DVFyQ'RUDGR$´)HQyPHQRVFRPXQHVHQODWUDVPLVLyQGHOH[HPSOXP
\ODIiEXODµ+DELV
&XHVWD7RUUH0/´(OHQVLHPSORGHOOHyQ\GHOFDEDOOR\ODFUtWLFDDODFDEDOOHUtD
HQHO/LEURGH%XHQ$PRUµ%ROHWtQGHOD%LEOLRWHFD0HQpQGH]3HOD\R
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV
&XHVWD7RUUH0/´/DVIiEXODVHVySLFDVVREUHOHRQHVGHO/LEURGHO%XHQ$PRUµ
HQ1DWDOLD)HUQiQGH]5RGUtJXH]\0DUtD)HUQiQGH])HUUHLURHGV
'H\HUPRQG$ ´/HRQHV \ WLJUHV HQ OD OLWHUDWXUD PHGLHYDO FDVWHOODQDµ HQ$
/ySH]\/&XHVWDHGV
)HUQiQGH] 5RGUtJXH] 1 \ 0 )HUQiQGH] )HUUHLUR /LWHUDWXUD 0HGLHYDO \
5HQDFHQWLVWDHQ(VSDxDOtQHDV\SDXWDV6DODPDQFD*UiÀFDV&HUYDQWHV
)UDGHMDV5XHGD-0HWDOLL$FWDVGHO;,,,&RQJUHVR,QWHUQDFLRQDOGHOD$VRFLDFLyQ
+LVSiQLFD GH /LWHUDWXUD 0HGLHYDO 9DOODGROLG 8QLYHUVLGDG \ $\XQWDPLHQWR GH
9DOODGROLG
*DUFtD*XDO&,QWURGXFFLyQD)iEXODVGH(VRSR9LGDGH(VRSR)iEXODVGH%DEULR
0DGULG*UHGRV
+HUYLHX[//HV)DEXOLVWHVODWLQVGHSXLVOHVLqFOHG·$XJXVWHMXVTX·jODÀQGX0R\HQ
ÇJH 9RO 3KqGUH HW VHV DQFLHQV LPLWDWHXUV GLUHFWV HW LQGLUHFWV ,, 3DULV )LUPLQ
'LGRWYROVUHLPS+LOGHVKHLP*HRUJ2OPV
/DFDUUD 0- ´)iEXODV \ SURYHUELRV HQ HO (VRSR DQRWDGRµ 5HYLVWD GH SRpWLFD
PHGLHYDO
/DFDUUD0-´/DIRUWXQDGHO,VRSHWHHQ(VSDxDµHQ-0)UDGHMDVHWDOLLHGV
/HZLV&6(OOHyQODEXMD\HODUPDULR%DUFHORQD&tUFXORGH/HFWRUHV
/HZLV&6(OVREULQRGHOPDJR%DUFHORQD&tUFXORGH/HFWRUHV
/HZLV&6(OSUtQFLSH&DVSLDQ%DUFHORQD&tUFXORGH/HFWRUHV
/HZLV&6/DWUDYHVtDGHOYLDMHURGHO$OED%DUFHORQD&tUFXORGH/HFWRUHV
/HZLV&6/D~OWLPDEDWDOOD%DUFHORQD&tUFXORGH/HFWRUHV
/ySH]&DVWUR$\&XHVWD7RUUH0/$FWDVGHO;,&RQJUHVR,QWHUQDFLRQDOGHOD
$VRFLDFLyQ+LVSiQLFDGH/LWHUDWXUD0HGLHYDO/HyQ8QLYHUVLGDGGH/HyQ
0RUURV0HVWUH%´(OHSLVRGLRGHGRxD*DUR]DDWUDYpVGHVXVIiEXODV/LEURGHO
%XHQ$PRU1XHYD5HYLVWDGH)LORORJtD+LVSiQLFD
3pUH] 'tH] 0& 3RU 6LHPSUH -DPiV &6 /HZLV \ OD 7LHUUD GH 1DUQLD /HyQ
8QLYHUVLGDGGH/HyQ
5RGUtJXH]$GUDGRV ) +LVWRULD GH OD IiEXODJUHFRODWLQD 0DGULG 8QLYHUVLGDG
&RPSOXWHQVH
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
81$0,5$'$62%5(/$)É%8/$(63$f2/$'(/;,;
/$6)É%8/$6'(3$6&8$/)(51É1'(=%$(=$
-26e(15,48(0$57Ì1(=)(51É1'(=
8QLYHUVLGDGGH/HyQ
5HVXPHQ
(QHOVLJOR;,;ODIiEXODHVSDxRODPDQWXYRXQDIHFXQGLGDGVHPHMDQWHDODGHOVLJORDQWHULRU(VWHDUWt
FXORDQDOL]DODVIiEXODVSROtWLFDV\PRUDOHVGHXQDXWRUFDVLROYLGDGRGHGLFKRVLJOR3DVFXDO)HUQiQGH]
%DH]DTXHRFXSyDOWRVFDUJRVHQOD0DJLVWUDWXUD\SXEOLFyDOJXQDVFROHFFLRQHVGHIiEXODVFRQXQDGREOH
ÀQDOLGDGODViWLUDSROtWLFD\ODHGXFDFLyQPRUDOGHQLxRV\MyYHQHVIXQGDGDHQSULQFLSLRVWUDGLFLRQDOHV
FRPRODREHGLHQFLDHOHVWXGLR\HODPRUDOWUDEDMR'HVWDFDODYDULHGDGUtWPLFDGHODVIiEXODVTXHVRQ
XQH[FHOHQWHPXHVWUDULRGHODVFRPELQDFLRQHVPpWULFDVGHVXpSRFD
3DODEUDVFODYH)iEXODVSROtWLFDV\PRUDOHV)HUQiQGH]%DH]DViWLUDHGXFDFLyQSULQFLSLRVWUDGLFLRQD
OHVYDULHGDGPpWULFD
$EVWUDFW
'XULQJWKHWKFHQWXU\WKHJHQUHRIWKHIDEOHPDLQWDLQHGWKHVXFFHVVLWDFKLHYHGGXULQJWKHSUHYLRXV
FHQWXU\7KLVVWXG\DQDO\VHVWKHSROLWLFDODQGPRUDOIDEOHVRI3DVFXDO)HUQiQGH]%DH]DDQDOPRVWIRU
JRWWHQDXWKRUZKRKHOGVHQLRUSRVLWLRQVLQWKHMXGLFLDU\DQGZKRSXEOLVKHGDQXPEHURIIDEOHVZLWK
DGXDODLPWRZRUNERWKDVSROLWLFDOVDWLUHVDQGDVPRGHOVRIPRUDOHGXFDWLRQIRUFKLOGUHQDQG\RXQJ
DGXOWVEDVHGRQWUDGLWLRQDOYDOXHVVXFKDVREHGLHQFHDQGWKHLPSRUWDQFHRIVWXG\LQJDQGORYLQJZRUN
7KHUK\WKPLFYDULHW\VKRZQE\WKHIDEOHVSDUWLFXODUO\VWDQGVRXWDVDQH[FHOOHQWVDPSOHRIWKHPHWULF
FRPELQDWLRQVRIWKHWLPH
.H\ZRUGV3ROLWLFDODQGPRUDOIDEOHV)HUQiQGH]%DH]DVDWLUHHGXFDWLRQWUDGLWLRQDOYDOXHVUK\WKPLF
YDULHW\
7UDVHOWHPSUDQRÁRUHFLPLHQWRGHODIiEXODHQOD(VSDxDPHGLHYDOORV6LJORVGH
2URODUHOHJDURQDXQDSUHVHQFLDHVSRUiGLFDHQREUDVWHDWUDOHVDVFpWLFDV\SLFDUHVFDV
´5HDSDUHFLyGHODPDQRGH/D)RQWDLQHFRQODV)iEXODVPRUDOHVGH)pOL[0DUtD
6DPDQLHJR TXH ÀMyHO PRGHORGHOD IiEXOD HVSDxRODPRGHUQDVHHVFULELUiHQ YHUVR
FRQ OD PD\RU YDULHGDG PpWULFD SRVLEOH \ VH EXVFDUi FRPR FXDOLGDG SULPRUGLDO OD
OLJHUH]DQDUUDWLYDµ1DYDV5XL]9,,,8QDxRGHVSXpVHGLWDED7RPiVGH,ULDUWH
VXV)iEXODVOLWHUDULDV(Op[LWRGHXQR\RWURDXWRU\HODSURYHFKDPLHQWRGHVXV
&RUUHRHMHPDUI#XQLOHRQHV5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
IiEXODVHQODHQVHxDQ]DKDVWDWLHPSRVQRPX\DOHMDGRVGHQRVRWURVORVKDFRQYHUWLGR
HQORVFOiVLFRVGHOJpQHURSRUH[FHOHQFLD6LHQHO;9,,,ODIiEXODVHLQWHJUyIiFLOPHQWH
HQODFRUULHQWHXWLOLWDULVWDGHOPRPHQWRTXHGHIHQGtDODIXQFLyQGLGiFWLFD\PRUDOGHO
DUWHHQHOVLJORVLJXLHQWHHOJpQHURPDQWHQGUiXQFXOWLYRSXMDQWH
$XQTXH VH FRQVLGHUD HO VLJOR ;9,,, FRPR HO SURSLR GH OD IiEXOD pVWD WXYR VX DSRJHR HQ HO
VLJXLHQWH\HQWUH\KHFRQWDGRXQFHQWHQDUGHDXWRUHVHVSDxROHVFRQXQRRPiVOLEURV
HQVXKDEHU%DVWDQWHVWXYLHURQYDULDVHGLFLRQHV\DOJXQRVSDUDXVRHVFRODUVHUHLPSULPLHURQGH
PRGRWDQSURGLJLRVRFRPRHO/LEURGHORVQLxRVGH0DUWtQH]GHOD5RVDTXHSDVyGHODVVHWHQWD
HGLFLRQHV*DUFtD&DVWDxHGD
/DVUD]RQHVGHOp[LWRODVH[SOLFD1DYDV5XL]
(O VLJOR ;,; IXH H[WUDRUGLQDULDPHQWH IHFXQGR HQ IDEXOLVWDV < QR HV H[WUDxR VL VH WLHQH HQ
FXHQWDTXHSRUVXQDWXUDOH]DPRUDOL]DQWH\SRUVXH[DFWDREVHUYDFLyQGHODUHDOLGDGODIiEXOD
VH DSUR[LPD D OD OLWHUDWXUD FRVWXPEULVWD WDQ HQ ERJD HQWRQFHV \ HV VXPDPHQWH DSWD SDUD OD
FUtWLFDVRFLDOLGHDOGHXQDJUDQSDUWHGHODOLWHUDWXUDGHFLPRQyQLFD3RURWURODGRDXQQLYHO
GHVRFLRORJtDOLWHUDULDODIiEXODVHFRQYLUWLyHQ(VSDxDHQHOLQVWUXPHQWRLGHDOSDUDPDQWHQHU
XQD HGXFDFLyQ UHOLJLRVD \ PRUDO VREUH EDVHV WUDGLFLRQDOHV GH OD TXH PX\ SRFRV ²ORV PHMRUHV
SRUVXSXHVWR\QRVLHPSUH²VXSLHURQUHPRQWDUVHSDUDUHÁHMDUODVLQTXLHWXGHV\ODVWHQGHQFLDV
QXHYDV1DYDV5XL]
-XDQ(XJHQLR+DU]HQEXVFK0LJXHO$JXVWtQ3UtQFLSH\5DPyQGH&DPSRDPRU
VRQORVIDEXOLVWDVGHO;,;TXHKDQVXVFLWDGRPD\RULQWHUpVSHURIXHURQPXFKRVORV
TXHHVFULELHURQ\SXEOLFDURQFROHFFLRQHVGHIiEXODV3RUQRKDFHUXQWHGLRVROLVWDGR
GH ORV PLVPRV PH OLPLWR D FLWDU D ORV TXH HQ VX )DEXODULR HVSDxRO 6DLQ] GH 5REOHV
FRQVLGHUDED´GLJQRVGHPHQFLyQµ
(O PDJLVWUDGR \ VHQDGRU GHO 5HLQR GRQ 3DVFXDO )HUQiQGH] %DH]D TXH SXEOLFy HQ XQD
&ROHFFLyQGHIiEXODVSROtWLFDV\PRUDOHVHOGLSXWDGRJHQHUDOGH9L]FD\DHKLVWRULDGRUGHO6HxRUtRGH
*XHUQLFDGRQ-RVp$JXVWtQGH5HQWHUtD²D²FX\DVIiEXODVKDQVLGRSXEOLFDGDV²²
SRU HO HUXGLWR$ORQVR &RUWpV HQ XQD FROHFFLyQ HVFRJLGD GH )iEXODV FDVWHOODQDV HO VDFHUGRWH \
DERJDGR SURIHVRU GH 5HOLJLyQ \ 0RUDO GH GRQ$OIRQVR ;,, GRQ &D\HWDQR )HUQiQGH] GH OD
$FDGHPLD6HYLOODQDGH%XHQDV/HWUDVDXWRUGHXQDV)iEXODVDVFpWLFDVHORLGRUGHOD$XGLHQFLD
GH$UDJyQ \ FRQVHMHUR GH 6 0 GRQ 5DIDHO -RVp &UHVSR TXH GHGLFy VXV )iEXODV
\HSLJUDPDVDOPLQLVWUR&DORPDUGHGRQ-XDQ3LVyQ\9DUJDVDXWRUGHXQDV)iEXODVSROtWLFDV\
PRUDOHVPX\DODEDGDVSRU1~xH]GH$UFH6DLQ]GH5REOHV
1RHVFDVHDODELEOLRJUDItDFUtWLFDVREUH+DUW]HQEXVFK\&DPSRDPRUSHURVDOYR
H[FHSFLRQHVORVGHPiVKDQPHUHFLGRHVFDVRDSUHFLR
(Q OD ODUJD OLVWD GH IDEXOLVWDV HVSDxROHV GHO ;,; ÀJXUD FRPR KHPRV YLVWR
3DVFXDO )HUQiQGH] %DH]D HQ EXHQD SDUWH ROYLGDGR SHUR TXH HQ VX pSRFD JR]y GH
FLHUWDFRQVLGHUDFLyQ1DFLyHQ3RQIHUUDGDHQGHQWURGHXQDIDPLOLDGHODQXHYD
EXUJXHVtDTXHGLVSXWDEDHOSRGHUDO$QWLJXR5pJLPHQ5HDOL]yVXVSULPHURVHVWXGLRV
HQVXYLOODQDWDOHVWXGLRVTXHWXYRTXHLQWHUUXPSLUFRQODHQWUDGDHQHOODGHODVWURSDV
IUDQFHVDVHOGHHQHURGHKX\HQGRFRQVXIDPLOLDDODVPRQWDxDVYHFLQDV/RV
UHDQXGDUtD HQ 0RQIRUWH GH /HPRV &XUVy 'HUHFKR HQ 9DOODGROLG FRQFOX\pQGROR HQ
\ HMHUFLHQGR D SDUWLU GH HVH PRPHQWR GLVWLQWRV H LPSRUWDQWHV FDUJRV GHQWUR
GHOD0DJLVWUDWXUD3URPRWRUÀVFDOGHVXYLOODQDWDODSDUWLUGH&RUUHJLGRUHQ
/XJR 0DJLVWUDGR HQ OD$XGLHQFLD GH 9DOODGROLG )LVFDO \ PLQLVWUR HQ OD GH 0DGULG
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
QRPEUDGR HQ DJRVWR GH PLHPEUR GHO &RQVHMR 5HDO HQ VH MXELOy VLHQGR
9RFDOVXSHUQXPHUDULRGHO7ULEXQDOFRQWHQFLRVRDGPLQLVWUDWLYR*DUFtD
(VWH EHUFLDQR GH QR JHQLDO SHUR Vt SUHFR] \ FODUR WDOHQWR GH DIDEOH WUDWR \ SDODEUD FDULxRVD
\ FRQYLQFHQWH GH ULVXHxD ID] \ HGXFDGtVLPDV PDQHUDV GH DFWLYLGDG LQFDQVDEOH \ HMHPSODU
LQWHJULGDGGHLGHDVOLEHUDOHV\PLOLWDQWHDFWLYRFRQWUDHODEVROXWLVPRGH)HUQDQGR9,,IXHXQ
HQWXVLDVWDHPSHGHUQLGRGHOSURJUHVRGHODSURYLQFLDDSHVDUGHTXH²FRPRWDQWRVRWURV²YLYLy
IXHUDGHHOODODUJRWLHPSRSHURDODTXHUHSUHVHQWyHQHO&RQJUHVRGHORV'LSXWDGRVGHVGH
\HQHO6HQDGRHQ0DUWtQH]*DUFtD
0XULy)HUQiQGH]%DH]DHQ0DGULGHQ
(VWHKRPEUHGH´YLJRURVDFRQFLHQFLDFLXGDGDQDµ&DUQLFHUHVDXWRUGHO
0pWRGRSUiFWLFRGHVDFDUDSXQWHV\IRUPDUH[WUDFWRVFODURV\H[DFWRVGHOUHVXOWDGRGHORVSURFHVRV
OLEURTXHHQVXWLHPSRKL]REXHQVHUYLFLRDORVDX[LOLDUHVGH-XVWLFLDHODERUy
XQDPX\FHOHEUDGD(VWDGtVWLFDFULPLQDOGHOWHUULWRULRGHOD$XGLHQFLDGH0DGULGXQ
UHJODPHQWRGHODVFiUFHOHVGHOD&RUWH\XQDREUDGHJUDQHPSHxRTXHGHMyLQDFDEDGD
)XQGDPHQWRVGHOD/HJLVODFLyQ)XHKRPEUHSUHRFXSDGRSRUFXHVWLRQHVDUTXHROyJLFDV
KDVWDHOSXQWRGHSUHVLGLUGXUDQWHDOJXQRVDxRVOD$FDGHPLDHVSDxRODGH$UTXHRORJtD
\*HRJUDItD/LWHUDULDPHQWHJXVWyGHODSRHVtD\SXEOLFyDOJXQDVFRPSRVLFLRQHVHQ
SHULyGLFRVSURYLQFLDOHVHQSXEOLFyHQ3RQIHUUDGD$)DELR(StVWRODVDWtULFDHQTXH
VHGHVFULEHQORVYLFLRVSROtWLFRV\PRUDOHVGHOD&RUWHODUJDFRPSRVLFLyQGHYHUVRVTXH
FLWDPRVDTXtSRUTXHFRLQFLGHFRQODLQWHQFLyQTXHPRYLyODHVFULWXUDGHVX&ROHFFLyQGH
IiEXODVSROtWLFDV\PRUDOHVSXEOLFDGDHQ\GHVX1XHYDFROHFFLyQGHIiEXODVPRUDOHV
WRPR,,TXHDSDUHFLyHQ/DSULPHUDGLRIDPDDOMXULVFRQVXOWRVREUHWRGRSRUVHU
GHFODUDGDGHOHFWXUDREOLJDWRULDHQODVHVFXHODVS~EOLFDV
$ODIiEXODVHOHKDDVLJQDGRHQWUHVXVÀQDOLGDGHVODGHODHGXFDFLyQPRUDO
SRUORTXHGHVGHHOSULQFLSLRIXHURQFRQVLGHUDGDVPX\~WLOHVHQODHQVHxDQ]DDVSHFWR
VXEUD\DGRSRUWtWXORVFRPR)iEXODVGHODHGXFDFLyQGH$QWRQLR7UXHED\&DUORV
3UDYLD0RUDOLQIDQWLOGH0DQXHO2VRULR%HUQDUG(ODPDQWHGHORVPDHVWURV
GH$QGUpV&RGRxHUHWFHWF(Op[LWRHVFRODUGHODIiEXODVHSURORQJyGXUDQWHEXHQD
SDUWHGHOVLJOR;;0DUtD5RVDULR2]DHWDDQRWDTXHHQODVGRVFLHQWDVSiJLQDVGHOOLEUR
SULPHURGHODV/HFWXUDVJUDGXDGDVSXEOLFDGDVHQSRUODHGLWRULDO/XLV9LYHVKD\
FLQFRIiEXODVGH(VRSRFLQFRGH6DPDQLHJRGRVGH,ULDUWHGRVGH+DUW]HQEXVFKGRV
GH$QWRQLRGH7UXHED\XQDGHFDGDXQRGHORVVLJXLHQWHVDXWRUHV0DQXHOGHO3DODFLR
&DPSRDPRU &D\HWDQR )HUQiQGH] )ORULDQ 3UtQFLSH 6FKPLG \ )HUQiQGH] %DH]D \
DxDGHTXHLJXDORFXUUHFRQRWURVOLEURVHVFRODUHVORTXHPXHVWUD´ODJUDQSURIXVLyQ
DVtFRPRGHOFDUiFWHUSHGDJyJLFR\PRUDOL]DQWHGHODIiEXODWDQWRHQODVHJXQGDPLWDG
GHO;,;FRPRHQODSULPHUDPLWDG²\DYHFHVPiVDOOi²GHOVLJOR;;µ2]DHWD
&RPR KHPRV DGHODQWDGR HQ SXEOLFy )HUQiQGH] %DH]D VX &ROHFFLyQ GH
ODV IiEXODV SROtWLFDV \ PRUDOHV %DMR HO QRPEUH GHO DXWRU YHQtD OD VLJXLHQWH DQRWDFLyQ
´3UHVLGHQWH GH OD 6DOD GH OD $XGLHQFLD GH HVWD FRUWH 6HQDGRU GHO 5HLQR \ DQWHV
FRQVWDQWHPHQWH'LSXWDGRSRUHOGLVWULWRGH3RQIHUUDGDµ(OSUyORJRDODFROHFFLyQHV
LQVWUXFWLYRUHVSHFWRDODVFLUFXQVWDQFLDVGHFRPSRVLFLyQDOHQWHQGLPLHQWR\ÀQDOLGDG
GHODVIiEXODV\DODUD]yQGHVXSXEOLFDFLyQ1RSDUHFH²VLQRVDWHQHPRVDVXVSDODEUDV²
TXH )HUQiQGH] %DH]D WXYLHUD HQ H[FHVLYD HVWLPD D OD SRHVtD HQ JHQHUDO$O ÀQ \ DO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
FDERVyOROHGHGLFDEDFRPRDRFXSDFLyQPHQRUORVHVFDVRVPRPHQWRVGHRFLRGHTXH
GLVSRQtD
6LHPSUHKHFRQVLGHUDGRFRPRXQSUHFLRVRWHVRURHOKiELWRGHOWUDEDMR3DUDQRLQWHUUXPSLUOH
GHVGH PLV SULPHURV DxRV DFRVWXPEUp D HPSOHDU HQ HVWXGLRV DJUDGDEOHV ORV EUHYHV UDWRV TXH
ODVDWHQFLRQHVGHPLFDUUHUDPHGHMDEDQOLEUHV&RQHOPLVPRSURSyVLWRHQORV~OWLPRVWLHPSRV
GHGLTXpDOFXOWLYRGHODV0XVDVDTXHOORVPRPHQWRVGHTXHHQORVGtDVGHÀHVWDRYDFDFLRQHV
PHSHUPLWtDQGLVSRQHUPLVGHEHUHVFRPRPDJLVWUDGRLQGLYLGXRGHO&RQJUHVR\SUHVLGHQWHGH
YDULDVMXQWDV
(VSRUORWDQWRRFXSDFLyQHVSRUiGLFDODGHODSRHVtDXQJpQHURTXHQRUHTXHUtD
QLPXFKRWLHPSRQLODFRQWLQXLGDGGHRWURWLSRGHREUDV´FRPSRVLFLRQHVOLJHUDVµODV
GHQRPLQDHVGHFLUOHYHVGHHVFDVDLPSRUWDQFLDSRUORTXHODIiEXODDXQTXH´ÀFFLyQ
OLJHUD\H[SUHVLYDµOHSDUHFLyGHQWURGHORSRpWLFRPiVDFRUGHFRQHOYLHMRSUHFHSWR
LOXVWUDGR GH ´HQVHxDU GHOHLWDQGRµ 3RU RWUR ODGR OD IiEXOD OH SDUHFHUtD D 3DVFXDO
)HUQiQGH] %DH]D ´PRGDOLGDG PX\ FRQFRUGH FRQ HO HVStULWX FUtWLFR PRUDOL]DQWH \
DOHFFLRQDGRU GH VX YRFDFLyQ MXUtGLFDµ &DUQLFHU 'RV ÀQDOLGDGHV YLR QXHVWUR
HVFULWRUHQODIiEXODTXHODKDFHQPiVGLJQDTXHHOPHURSDVDWLHPSRYHUVLÀFDGRUOD
PRUDOHQVHxDQ]DGLULJLGDDQLxRV\MyYHQHV\ODVDWtULFDHQFDPLQDGDDODDFWLYLGDG
SROtWLFDTXHFRQRFtDELHQ'HDKtHOWtWXORGHVXFROHFFLyQ\ODGLYLVLyQHQGRVSDUWHV
SROtWLFDV\PRUDOHVDWHQGLHQGRDXQD\RWUDÀQDOLGDG6LJDPRVVXVSURSLDVSDODEUDV
(QPHGLRGHVHPHMDQWHVRFXSDFLRQHVQRPHHUDSRVLEOHHPSUHQGHUQLQJXQDREUDGHODVTXH
UHTXLHUHQ SURIXQGD PHGLDFLyQ \ ODUJR HPSHxR VLQR TXH GHEtD UHGXFLUPH D FRPSRVLFLRQHV
OLJHUDVGHODVTXHVHFRQFLEHQ\WUDVODGDQDOSDSHOUiSLGDPHQWH+X\HQGRGHODIULYROLGDGGL
SUHIHUHQFLDDODIiEXODÀFFLyQOLJHUD\H[SUHVLYDFX\RSULQFLSDOREMHWRHVIRUPDUHOFRUD]yQGH
ODLQIDQFLD\GHODMXYHQWXGLPSULPLHQGRFRQLQGHOHEOHHVWDPSDPi[LPDVGHVDQDPRUDOLGDG
\ FRVWRVDV OHFFLRQHV GH OD H[SHULHQFLD 2EHGHFtD WDPELpQ SRU HVWH FDPLQR DO LQVWLQWR TXH
QDWXUDOPHQWHPHLQFOLQDDIXVWLJDUFRQODVDUPDVGHOULGtFXORORVPXFKRVYLFLRVGHTXHQXHVWUD
VRFLHGDGSROtWLFDDGROHFHHPSOHRVDPERVPX\FRQIRUPHVDODVROLFLWXGGHXQEXHQSDWULFLR\
DOFDUiFWHUGHXQPDJLVWUDGR
6L KDFHPRV FDVR D GRQ 3DVFXDO VyOR HVFULELUi VXV IiEXODV SDUD UHFLWDUODV HQ
IDPLOLD ODV PRUDOHV R HQWUH ORV DPLJRV ODV SROtWLFDV$OJXQDV VH SXEOLFDURQ HQ HO
SHULyGLFR/DEHULQWR\DOOHHUODV´XQRGHQXHVWURVOLWHUDWRVPiVLQVLJQHVµQRVGLFHOH
DQLPyDVHJXLUHVFULELHQGRIiEXODV\DLQVWDQFLDGHRWUDVJHQWHVDSXEOLFDUODV
/D &ROHFFLyQ GH ODV IiEXODV SROtWLFDV \ PRUDOHV GH FRQVWD GH GRV SDUWHV
FRQIRUPHDOWtWXORGHVSXpVGHXQDSLH]DGHLQWURGXFFLyQ´/RVGRVQLxRVµVRQODV
IiEXODVSROtWLFDVDODVTXHVLJXHQFLQFRHSLJUDPDV\ODVPRUDOHV/D~OWLPD´)iEXOD
YHUGDG /D YLGD GHO KRPEUHµ QR HV SURSLDPHQWH XQD IiEXOD TXH DQWHV KD GHÀQLGR
FRPR´ÀFFLyQ OLJHUD\H[SUHVLYDµHQFDPELROD~OWLPDHVXQD´IiEXODYHUGDGµTXH
FRQWUDSRQHDODVGHPiVHOVRQHWR²WDPELpQHQHVRVHGLVWLQJXHHOSRHPDSXHVHVHO
~QLFR GH OD FROHFFLyQ² HV XQD SDUiIUDVLV SRpWLFD GHO WySLFR GH OD YLGD FRPR UtR TXH
HQQXHVWUDOHQJXDDFXxy-RUJH0DQULTXH/DVIiEXODVPRUDOHVGLVIUXWDURQHQGH
XQDVHJXQGDHGLFLyQDXPHQWDGDFRQVLHWHIiEXODVQXHYDV&ROHFFLyQGHIiEXODVPRUDOHV
´GHFODUDGDVGHWH[WRSDUDODVHVFXHODVµFRPRH[SUHVDODSRUWDGD
(QODVFLWDVDFWXDOL]RODRUWRJUDItDGHOHWUDV\GHDFHQWRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
(QDSDUHFLyXQWRPRSULPHURWLWXODGR1XHYDFROHFFLyQGHODVIiEXODVSROtWLFDV
\PRUDOHVGH3DVFXDO)HUQiQGH]%DH]D´6HQDGRUGHO5HLQR\&RQVHMHUR5HDO-XELODGRµ
\XQWRPRVHJXQGR1XHYDFROHFFLyQGHIiEXODVPRUDOHVTXHÀJXUDFRPRWHUFHUDHGLFLyQ
DXPHQWDGDHQHVWHFDVREDMRHOQRPEUHGHODXWRUVHOHHORVLJXLHQWH´&RQVHMHURUHDO
MXELODGR6HQDGRUGHO5HLQR\DQWHVGHVHUORFRQVWDQWHPHQWH'LSXWDGRD&RUWHVSRU
HOGLVWULWRGH3RQIHUUDGDVXSDWULDµHVWHWRPRVHJXQGROOHYDH[DFWDPHQWHHOPLVPR
SUyORJRTXHODFROHFFLyQGHSHURHOWRPRSULPHURDxDGHDDTXHOSUyORJRTXH
WDPELpQ LQFOX\H DOJXQDV SiJLQDV PiV HQ HOODV DFODUD TXH IXH -XDQ 1LFDVLR *DOOHJR
XQRGHQXHVWURV~OWLPRVSRHWDVQHRFOiVLFRVTXLHQOHLQFLWyDODSXEOLFDFLyQ
GH DTXHOOD LQLFLDO FROHFFLyQ \ TXH DGHPiV YDORUy FDGD XQD GH ODV IiEXODV \ FLWD ODV
UHYLVWDV \ SHULyGLFRV TXH VH RFXSDURQ GH OD FROHFFLyQ GH (O 2EVHUYDGRU /D
(VSHUDQ]D /D 1DFLyQ /D eSRFD /D ,OXVWUDFLyQ (O 8QLYHUVR 3LQWRUHVFR \ /D (VSDxD FRQ
ÀUPDVGH9HOLVFD6HXGyQLPR3HGUR&DOYR$VHQVLR\(XJHQLR2FKRDTXHHUD'LUHFWRU
GH ,QVWUXFFLyQ 3~EOLFD$xDGH TXH VH RFXSy WDPELpQ GH VXV IiEXODV -RDTXtQ 0DUtD
/ySH]HQVXV/HFFLRQHVGHHORFXHQFLDLPSDUWLGDVHQHO$WHQHR\SXEOLFDGDVHQ7RGR
HOOROHLQIXQGLyHVWtPXORVSDUDHVFULELUQXHYDVIiEXODVSHURFRQXQDGLIHUHQFLDDVX
SDUHFHUGHODVDQWHULRUHV
+DEtDKDVWDHQWRQFHVSUHVFLQGLGRGHODGRUQRGHODGHVFULSFLyQSDUDFRQFHQWUDUPiV\PiVHO
SHQVDPLHQWRSHURPHGHFLGtDFRPSRQHUDOJXQDVIiEXODVGHVFULSWLYDVDÀQGHGDUOHVQRYHGDG
\DJUDGDUDORVTXHDQWHSRQHQDODFRQFLVLyQORÁRULGRGHODVGHVFULSFLRQHV
(QHIHFWRDVtHVHQGHWHUPLQDGDVIiEXODVHQODVTXHODGHVFULSFLyQWLHQHDOJRGH
DPSOLÀFDWLRDXQTXHJDQDQHQSODVWLFLGDG
(QHOSUyORJRH[SOLFD)HUQiQGH]%DH]DTXHHOQ~PHURGHIiEXODVFUHFLyWDQWR
TXHVHYLRREOLJDGRDSXEOLFDUGRVWRPRVRUJDQL]DGRFDGDXQRGHHOORVHQGRVOLEURV
HOSULPHURGHFDGDWRPRDFRJHODVIiEXODVSXEOLFDGDVHQHOVHJXQGROLEURODV
IiEXODV QXHYDV HO SULPHU WRPR HV WRGR pO GH IiEXODV SROtWLFDV IiEXODV PiV XQD
SLH]DGHLQWURGXFFLyQ´/RVQLxRVµ\XQHSLJUDPD\HOVHJXQGRGHIiEXODVPRUDOHV
HQ WRWDO LQWURGXFLGDV WDPELpQ SRU ´/RV QLxRVµ$xDGH HO DXWRU GRV FXHVWLRQHV
PiVODSULPHUDTXHODVIiEXODVPRUDOHVIXHURQGHFODUDGDV´~WLOHVSDUDODHQVHxDQ]D
GHODQLxH]µSRU5HDO2UGHQGHGHPD\RGH\TXHFRQLGpQWLFRÀQHVFULELyHQ
YHUVR ODV RUDFLRQHV GH OD LJOHVLD 3DGUH 1XHVWUR$YH 0DUtD OD 6DOYH HO &UHGR HWF
TXHXQLyDHOODVHQOD1XHYDFROHFFLyQODVHJXQGDFXHVWLyQHVTXHDQWHVGHSXEOLFDU
ODVQXHYDVIiEXODVEXVFyODRSLQLyQFUtWLFDGHFDOLGDGHQHVWHFDVRGH$QWRQLR$OFDOi
*DOLDQR\(XJHQLR0RUHQR/ySH]
8QDYH]H[SOLFDGRVORVSRUPHQRUHVRFLUFXQVWDQFLDVH[WHUQDVGHODVFROHFFLRQHV
GH\VHWUDWDGHHVWXGLDUODVIiEXODVSROtWLFDVSRUXQODGR\ODVPRUDOHVSRUHO
RWUR3HURDXQDV\RWUDVODVHQFDEH]DODPLVPDFRPSRVLFLyQ´/RVQLxRVµFRPRKHPRV
UHLWHUDGRHQUD]yQGHTXHHQHOODRIUHFHHODXWRUODÀQDOLGDGGHVXVIiEXODV´7DPELpQ
FRPRHOQLxRDQDGLHUHSUHQGRORVYLFLRVWDQVRORDWDFDQPLVYHUVRV\DTXHO
TXHVHRIHQGDFRQÀpVDVHUHRµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
)É%8/$632/Ì7,&$6
´/D IiEXOD SROtWLFD HVSDxROD HQ HO VLJOR ;,;µ IXH HVWXGLDGD SDUFLDOPHQWH SRU
*DUFtD&DVWDxHGD(QVXWUDEDMRUHYLVDFURQROyJLFDPHQWHODVHVFULWDV
SRUIUD\5DPyQ9DOYLGDUHV&ULVWyEDOGH%HxD3DEORGH-pULFD-RVp0DUtD*XWLpUUH]
GH$OED+DUW]HQEXVFK\)HUQiQGH]%DH]DSDUDFRQFOXLUTXHORVHMHPSORVHVFRJLGRV
0XHVWUDQODYLGDHVSDxRODGHVGHKDVWDPHGLDGRVGHVLJORFXDQGRJRELHUQDQORV´HVSDGRQHVµ
GHWXUQR\SRUTXHUHÁHMDQHOPRGRGHSHQVDUGHTXLHQHVUHSUHVHQWDQDHVDV´GRV(VSDxDVµTXH
VH HQIUHQWDQ HQ HO ;,; +H DTXt HO SDWULRWLVPR D XOWUDQ]D GH XQ 3 9DOYLGDUHV DEVROXWLVWD HO
FRPEDWLYR FRQVWLWXFLRQDOLVPR GH %HxD \ GH -pULFD OD YHUERUUHD GHPDJyJLFD GH *XWLpUUH] GH
$OEDWDQFDUDFWHUtVWLFDGHDTXHOODMXYHQWXGGHPRFUiWLFDGHORVDxRVHOHVFHSWLFLVPRGHXQ
+DUW]HQEXVFKWHVWLJRGHOGHVJRELHUQRGH(VSDxDGXUDQWHPHGLRVLJOR\SRUÀQHOOLEHUDOLVPR
WHPSODGR GHO PDJLVWUDGR )HUQiQGH] %DH]D TXLHQ YHtD ORV SUREOHPDV GHO SDtV HQ WpUPLQRV
OHJDOHV\SDUODPHQWDULRV*DUFtD&DVWDxHGD
/DV IiEXODV SROtWLFDV GH )HUQiQGH] %DH]D YDQ GLULJLGDV FRQWUD ORV YLFLRV GH
TXLHQHV HMHUFHQ HO SRGHU HO JRELHUQR ORV GLSXWDGRV \ FRQWUD TXLHQHV OR MDOHDQ ORV
SHULRGLVWDV SRQJDPRV SRU FDVR 7LHQHQ FRPR HV OyJLFR XQ SXQWR VDWtULFR &RPR
LQGLFD*DUFtD&DVWDxHGDHOPDJLVWUDGR)HUQiQGH]%DH]DIXHVLHPSUHXQOLEHUDOTXH
FRQORVDxRVHYROXFLRQyKDFLDHOPRGHUDQWLVPRDOJRTXHQRSXHGHVHJXLUVHSRUODV
IiEXODVDOUHFRJHUODVVLQRUGHQ\VLQFRQVLJQDUODIHFKDGHODVPLVPDV$xDGHGLFKR
HVWXGLRVR
$VXQWRVGHYDULDVHVHOGHVSRWLVPRRSURELRGHORVSXHEORVDXQTXHHOGpVSRWDGHKR\\DQRHV
HOUH\VLQRORVJRELHUQRVFRQVHUYDGRUHVXQDV\HJXDVDODVTXHPROHVWDXQ/RERDFXGHQDO7LJUH
SDUDTXHODVGHÀHQGD\pVWHDFDEDSRUGHYRUDUODV/DPRUDOHMDDFODUD´6LHVXQPDOODDJLWDFLyQ
GHOJRELHUQROLEHUDOHVODFDOPDVHSXOFUDOEDMRODGRPLQDFLyQGHXQGpVSRWDPD\RUPDOµ
´/D\HJXDGDµ
/DHVFHQDSROtWLFDUHÁHMDGDDTXtQRKDFDPELDGRFRQORVDxRV/RVFDQGLGDWRVVLJXHQRIUHFLHQGR
OLEHUWDG \ PHUFHGHV D VXV HOHFWRUHV \ FXDQGR OOHJDQ DO SRGHU QR FXPSOHQ OR SURPHWLGR ´(O
3ROOR \ ODV *DOOLQDVµ ORV PHMRUHV SXHVWRV FRQWLQ~DQ HQ PDQRV GH WUHSDGRUHV \ DGXORQHV \
HO JRELHUQR TXH HVWi HQFDUJDGR GH GDU OH\HV HV HO SULPHUR HQ TXHEUDQWDUODV ´(O /RER \ HO
=RUURµ/DPRUDOLGDGS~EOLFDQRH[LVWHFXDQGRORVJREHUQDQWHVVHHQULTXHFHQDFRVWDGHOHUDULR
´(O/HJR\HO6DQWRµ\WDQWRODRSRVLFLyQFRPRODSUHQVDTXHWLHQHDVXFDUJRHOGHQXQFLDU
ORVDEXVRVGHMDQGHKDFHUORFXDQGROHVFRQYLHQH$VtORLOXVWUDODIiEXODGHOSHUURTXHODGUDED
LQGLJQDGRDXQJDWRTXHGHYRUDEDXQMDPyQUREDGRKDVWDTXHFD\yXQSHGD]RDOVXHOR\HO
SHUURGHMyGHODGUDUSDUDFRPHUOR´$FXiQWRVFRPRHOSHUURKHFRQRFLGRTXHODQ]DQGRDO
JRELHUQRDWDTXHVUXGRVXQWUR]RGHWXUUyQORVGHMyPXGRVµ*DUFtD&DVWDxHGD
6HxDOD HO PHQFLRQDGR FUtWLFR TXH HO PDJLVWUDGR TXH IXH GRQ 3DVFXDO YHtD HQ
FDPELR´ODIHOLFLGDGGHOSDtVHQODREVHUYDQFLDGHODOH\\QRHQODUHYROXFLyQµ
$GYLHUWHHQFRQWUDGHODVFRDOLFLRQHVGHSDUWLGRVRSXHVWRVSRUTXHWUDHQFRQIXVLyQ\DQDUTXtD
´/RV PRQVWUXRVµ SUHYLHQH D ORV HVSDxROHV FRQWUD OD SDVLyQ SDUWLGLVWD TXH KDFH ROYLGDU ORV
YHUGDGHURVLQWHUHVHVGHODSDWULD´/RVJDOORVµ\UHFXHUGDDORVDPELFLRVRVODYLHMDPi[LPDGH
TXHOD5HYROXFLyQGHYRUDDVXVSURSLRVKLMRV´7RGRHOTXHVXEDDOSRGHUSRUXQDVXEOHYDFLyQ
GHEHHVSHUDUFRQUD]yQTXHOHOOHJXHDVXFHGHUTXLHQWHQJDLJXDODPELFLyQµ´/RV/RERVµ
/DViWLUDGHOIDEXOLVWDYDGLULJLGDFRQWUDHOIDYRULWLVPR\HOPD\RUDSUHFLRGH
ODDSDULHQFLDYDQDTXHGHODYLUWXG\HOWUDEDMR\FRQWUDORVYLFLRV\ODFRUUXSFLyQGHO
SRGHU\HOGLQHUR6LJXLHQGRHOKLORGHODVGLIHUHQWHVIiEXODV)HUQiQGH]%DH]DFULWLFDD
ODVRFLHGDG\ODFRPXQLGDGSROtWLFDTXHDSUHFLDQ\SUHPLDQPiVODDSDULHQFLDTXHHO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
PpULWRYHUGDGHUR´/DDEHMD\HOJULOORµ´(OSROOR\ODVJDOOLQDVµ´/DVQRWDELOLGDGHVµ
D ORV FRPSUDGRV R FRUURPSLGRV SRU HO SRGHU R HO GLQHUR ´(O SHUUR \ HO JDWRµ ´(O
UHFODPRµ´(OSHUURUDELRVRµFHQVXUDORVGLVFXUVRVYDQRVGHGLSXWDGRVDSDUHQWHPHQWH
VHULRV´/RVJUDMRVµDORVTXHDEGLFDQGHYRWDUHQFRQFLHQFLDSRUPLHGRRFREDUGtDR
EXVFDQGRHOSURSLRSURYHFKR´(OFRQJUHVRGHDQLPDOHVµDORVDGXODGRUHV´/RVGRV
SHUURVµHOIDOVRSDWULRWLVPRODKLSRFUHVtDGHORVTXHPDQGDQTXHKDFHQORFRQWUDULR
GHORTXHGLFHQ$WDFDDOSHULRGLVPRDGXODWRULRGHOSRGHU´(OUHFODPRµ\DOSHWXODQWH
DODYH]TXHLJQRUDQWH´(OPRQR\OD]RUUDµ´/RVJR]TXHVµ/DViWLUDFDHFRQWUDHO
JRELHUQRTXHTXHEUDQWDODOHJDOLGDG´(OORERHO]RUURµFRQWUDODDQDUTXtDGHFDGD
XQRSRUVXODGR´/RVFRORUHVµFRQWUDORVTXHÀDGRVGHYDQDVWHRUtDV\SUR\HFWRV
VLQ WUDEDMR QL H[SHULHQFLD SUHWHQGHQ HO JRELHUQR ´JUDQ PDO TXH D (VSDxD DTXHMDµ
HVFULEHHOIDEXOLVWDHQ´/DUHFHWDµTXHVXEWLWXOD´&XHQWRµSXHVFXHQWRHQYHUVRHVXQ
DQFLDQRH[SHULPHQWDGRKDFHYHUDXQMRYHQLQH[SHUWR\SUHVXQWXRVRODQHFHVLGDGGHO
WUDEDMR\ODSUiFWLFDSUHYLDVDFXDOTXLHUWDUHDGHJRELHUQR
(QODVQXHYDVIiEXODVSROtWLFDVGHODViWLUDHVDPLSDUHFHUPiVGLUHFWD
FRQWUDORVDEXVRVGHSRGHU\FRQWUDHOPDOJRELHUQRFRQWUDHOFRPEDWHSROtWLFRFX\R
SUHWH[WRHV~QLFDPHQWHKDFHUVHFRQHOSRGHU´/RVJDOORVµFRQWUDODPXOWLSOLFDFLyQGH
SDUWLGRVSDUDREWHQHUDOJRGHOERWtQFXDQGRQRKD\SDUDWRGRV/DODQJRVWDµFRQWUD
ORVJREHUQDQWHVTXHUHVLVWHQHQHOSRGHU\OOHYDQHOSDtVDOGHVDVWUHFRPRRFXUUHFRQHO
SLORWRTXHVLQRtUODVDGYHUWHQFLDVGHOWLPyQODQ]DVXEXTXHDOQDXIUDJLR´(OWLPyQ\
HOSLORWRµFRQWUDODDPELFLyQSROtWLFD´(OFLHUYRµHWF3HURHQHIHFWRFRPRDGYHUWtD
*DUFtD&DVWDxHGDHOPDJLVWUDGRGRQ3DVFXDOOLEHUDOPRGHUDGRÀQDOPHQWHQRFUHtDHQ
ODUHYROXFLyQFRPRUHGHQFLyQGHOSXHEORDOHMHPSORDQWHULRUGH´/RVORERVµSRGHPRV
DxDGLUODIiEXOD²FXHQWRPiVTXHIiEXOD²GH´(ODUUR\RµHQHOTXHXQDMRYHQOOHQDVX
FiQWDURPLHQWUDVVXSOiFLGDFRUULHQWHQRVHFRQYLHUWHHQ´IXULRVRWRUUHQWHµTXHDUUDVD
FXDQWRHQFXHQWUDDVXSDVR´&RPRODEHOODMRYHQSDWULDPtDHQODVUHYROXFLRQHV
TXHEDVWDUGDDPELFLyQSURPXHYH\JXtDKDOODUiVTXHGRPLQDQGHLJXDOPRGRTXH
DODUUR\XHORHOVXFLRIDQJR\ORGRODVVyUGLGDVSDVLRQHV\GHVWUX\HQ\DUUDVDQODV
QDFLRQHVµ
0HWLGR HQ OD EDWDOOD SROtWLFD HO 6HQDGRU GHO 5HLQR \ 'LSXWDGR SRU HO GLVWULWR
GH3RQIHUUDGD¢DxRUDUtDDOJXQDYH]ODWUDQTXLOLGDGGHVXYLOODQDWDO"/DODUJDIiEXOD
´(OFLHUYRµHVXQDDPDUJDViWLUDGHODDPELFLyQSROtWLFD(ODQLPDOTXHSOiFLGDPHQWH
FDPSDED SRU YDOOHV \ VHOYDV HV HOHJLGR ´YDOLGRµ GHO UH\ \ DFDED VLHQGR RGLDGR SRU
WRGRV KDVWD HO SXQWR GH FDHU GHO SRGHU \ QR KDOODU GRQGH FRELMDUVH \ HO IDEXOLVWD
H[FODPD´£$\TXLpQGHWLVHItDRKSROtWLFD\FLHJRSRUODDPELFLyQWRPiQGRWH
SRUJXtDGHOFDPSRGHMDHOSOiFLGRVRVLHJRµ
$ ODV IiEXODV SROtWLFDV VLJXHQ HQ OD FROHFFLyQ GH FLQFR HSLJUDPDV TXH
SDUWLFLSDQ GHO PLVPR WRQR VDWtULFRSROtWLFR TXH ODV IiEXODV DWDFDQGR HO FDPELR GH
SULQFLSLRV VHJ~Q OD FRQYHQLHQFLD OD LJQRUDQFLD GH TXLHQHV ULJHQ ORV GHVWLQRV GH OD
3DWULDHOPHGURGHORVKDELOLGRVRVIUHQWHDORVHVIRU]DGRVHWF
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
)É%8/$6025$/(6
'HDFXHUGRFRQHOSUyORJR\DFRPHQWDGRGHOD&ROHFFLyQGHODVIiEXODVSROtWLFDV
\PRUDOHVGHVLDTXHOODVWHQtDQXQDÀQDOLGDGVDWtULFDODVPRUDOHVOyJLFDPHQWH
DUELWUDEDQXQDÀQDOLGDGPRUDOGLULJLGDDMyYHQHV\QLxRV/DIiEXODHUDDFDVRFRPR
\D DQXQFLDPRV HO JpQHUR PiV SURSLFLR SDUD LQVWUXLU GHOHLWDQGR SDUD RIUHFHU XQD
HQVHxDQ]DPRUDOSRUPHGLRGHXQDQDUUDFLyQJXVWRVDRDPHQD
&XDUHQWD \ RFKR VRQ ODV IiEXODV GH OD PHQFLRQDGD FROHFFLyQ GH $O DxR
VLJXLHQWHDOSXEOLFDUODVHJXQGDHGLFLyQGHODVPRUDOHV&ROHFFLyQGHIiEXODVPRUDOHV
VHDxDGHQVLHWHPiV\VHSUHVFLQGHGHXQD´/DVJDOOLQDVµVRQODVTXHUHLWHUDHQ
DxDGLHQGR QXHYDV (Q WRWDO VRQ SRU OR WDQWR ODV IiEXODV PRUDOHV SXEOLFDGDV
SRU )HUQiQGH] %DH]D Q~PHUR PiV TXH VXÀFLHQWH SDUD GDUQRV FXHQWD GH FXiQWR OH
SUHRFXSDEDDOPDJLVWUDGRODIRUPDFLyQPRUDOGHQLxRV\MyYHQHV'HKHFKRHQPXFKDV
GHODVIiEXODVORVSURSLRVQLxRVVHFRQYLHUWHQHQSURWDJRQLVWDVDOJRYLVLEOHHQWtWXORV
FRPR´(OQLxR\HOSiMDURµ´(OQLxR\HOFDQDULRµ´(OQLxR\HOFD]Rµ´(OQLxR\HO
FLHUYRµ´/RVQLxRV\ORVJDOJRVµ´/DVGRVQLxDVµ´(OSHTXHxRµHWF(QRWURVFDVRVOD
PRUDOHMDH[SOLFLWDVXGHVWLQDWDULR´6LRVGLHUHQ£RKQLxRVFRQVHMRVYLOODQRVREUDG
FRPRHOSHUURJXDUGLiQGHOJDQDGRµ´(OORER\HOSHUURGHOJDQDGRµ/DPLVPD
PpWULFD URPDQFHV UHGRQGLOODV VHJXLGLOODV YHUVRV WHWUDVtODERV HQ DOJXQRV FDVRV
FRODERUDEDHQODSUHWHQVLyQGHTXHODIiEXODIXHUDDVHTXLEOH\IiFLOGHPHPRUL]DUSRU
VXULWPRWUDGLFLRQDOHLQFOXVRSRUVXEUHYHGDGHQPXFKRVFDVRV
'DGD OD FDQWLGDG GH IiEXODV PRUDOHV QR HV IiFLO VLQWHWL]DU ORV PRWLYRV TXH
ODV PXHYHQ HQ FXDOTXLHU FDVR VRQ FRPR HV OyJLFR SULQFLSLRV WUDGLFLRQDOHV FRPR
OD REHGLHQFLD HO DPRU DO WUDEDMR HWF 8Q EXHQ Q~PHUR GH IiEXODV VH FHQWUDQ HQ OD
QHFHVLGDGGHOHVWXGLR\ODDSOLFDFLyQDOPLVPR´(OQLxR\HOFDQDULRµ´/RVQLxRV\ORV
JDOJRVµ´(OSUHPLRRORVGRVQLxRVµR´(OJROSHµTXHDxDGHDODVFXDOLGDGHVQDWXUDOHV
HOJHQLRHOHVWXGLRSDUDORJUDUXQEXHQUHVXOWDGRHWF2WUDVFRPR´(OSHOtFDQR\HO
WLHPSRµR´(OFDPHOOR\ODKRUPLJDµFHUFDQDVWHPiWLFDPHQWHFHOHEUDQHOWUDEDMRHO
HVIXHU]RHOVDFULÀFLR\ODFRQVWDQFLDYLUWXGHVTXHWDUGHRWHPSUDQRDFDEDUiQGDQGR
IUXWR(QHVWHiPELWRDOJXQDVIiEXODVSURSRQHQWUDEDMDUHQDTXHOORGHORTXHVHDOFDQFH
DOJ~QIUXWR´/DVFRQFKDVµ´/DVGRVQLxDVµODXQLyQGHHVWXGLR\H[SHULHQFLD´(O
WHyULFRµ\WUDEDMDUQRSDUDHOSUHVHQWHVLQRSDUDORJUDUODIHOLFLGDGHWHUQD´(OFHUGR\
HOJXVDQRGHVHGDµ
(OFXLGDGR\ODSUXGHQFLDHQHOREUDUHVODHQVHxDQ]DTXHVHH[WUDHGHIiEXODV
FRPR ´(O QLxR WUDYLHVRµ ´/RV JDWRV \ HO QLxRµ ´(O JDOiSDJR \ OD ODJDUWLMDµ R ´/D
DOGHDQDµ(OKDFHUHOELHQQRVyORHVFRQYHQLHQWHVLQRTXHVXHOHWHQHUVXUHFRPSHQVD
´(ORVR\HOSHUURGH6DQ%HUQDUGRµ´/DVQLxDV\HOKRUWHODQRµHQHVWHFDPSRKD\
TXHPRVWUDUVHDJUDGHFLGRV\OHDOHVFRQTXLHQQRVKDFHELHQ´(OJR]TXH\HOPDVWtQµ
´(OORER\HOSHUURGHJDQDGRµ(QRWUDVIiEXODV´(OIHRµ´(OSHTXHxRµ´(OWXHUWRµ
R´/DFRMHUDµVHFRQFOX\HFRQTXHHVHOYDOHU\ODKHUPRVXUDLQWHULRUGHODOPDORTXH
LPSRUWDSRUHQFLPDGHODVDSDULHQFLDVItVLFDVRWUDHQVHxDQ]DHVTXHLPSRUWDPiVHO
SURSLRYDOHUTXHHOTXHVHDSR\DHQHOYDOHUGHRWUR´/DKLHGUD\HODYHOODQRµ\PiV
ORTXHXQRHVTXHORTXHDSDUHQWDFRPRH[SUHVDODPRUDOHMDGH´(OURFtQ\HOFDEDOORµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
$OJXQDVFRPSRVLFLRQHVKDEODQGHODQHFHVLGDGGHODEXHQDDPLVWDGFRPRD\XGDSDUD
HYLWDUSHOLJURVHQODYLGD´(OSHUURGHODQDV\HOFDFKRUURGHFD]DµSRUORTXHWDO
DPLVWDG KD\ TXH FXLGDUOD VLQ DEXVDU GHO DPLJR FRPR HQ ´/D XUUDFD \ HO SHUUR GH
ODQDVµKL]RDTXHOODFRQHOVHJXQGR
6L ODV DQWHULRUHV VRQ SURSXHVWDV SRVLWLYDV RWUDV IiEXODV KDEODQ GH YLFLRV TXH
HOQLxR\HOMRYHQKDQGHFRPEDWLUFRPRODPHQWLUD´(OQLxR\HOJDOJRLQJOpVµHO
RUJXOOR \ HO HQJUHLPLHQWR ´/D FRPHWDµ OD SUHVXQFLyQ OD DYDULFLD ´/D FRPDGUHMD
\ ORV UDWRQHVµ OD JXOD GHVFRQVLGHUDGD OD HQYLGLD ´(O SHUUR \ HO JDWRµ ´/D OXQD \
ORVYDSRUHVµODVDFFLRQHVWUDLFLRQHUDV\HQJDxRVDV´(OSHUUROD]RUUD\HOORERµOD
DPELFLyQTXHOOHYDDTXHUHUGHVWDFDUVLQIRUPDFLyQVXÀFLHQWHDQWHVGHWLHPSR´(O
DOELOORDJUD]\ODIUHVDµRDLOXVLRQDUVHFRQVDOLUGHVX´KRQHVWDPHGLDQtDµ´/RVQLxRV
EDOHDUHVµ
&DStWXOR LPSRUWDQWH HQ ODV IiEXODV GH )HUQiQGH] %DH]D VRQ ODV MyYHQHV OD
IRUPDFLyQPRUDOGHODVMyYHQHV1ROHSRGHPRVSHGLUDOPDJLVWUDGR\IDEXOLVWDTXH
IXHUDXQDGHODQWDGRDVXWLHPSRXQWLHPSRHQHOTXHODPXMHUGHVDUUROODEDVXYLGD
HQ HO iPELWR IDPLOLDU \ FX\R GHVWLQR FRQVLVWtD HQ VHU EXHQD PDGUH \ EXHQD HVSRVD
VLQDXWRQRPtDSHUVRQDOQLODERUDOQLLQGHSHQGHQFLDHFRQyPLFD/DHGXFDFLyQEDMRHO
VHFXODUSDUDJXDVGHOD,JOHVLDIRUPDEDPXMHUHVSLDGRVDVTXHIXHUDQH[SHUWDVHQ´ODV
ODERUHVSURSLDVGHVXVH[RµVHJ~QIyUPXODPX\XWLOL]DGDHQODpSRFD1XHVWURIDEXOLVWD
YHODSRUODPXMHUSUXGHQWHFDXWHORVDGHPRGDOHVGLJQRVDWHQWDDODEHOOH]DLQWHULRU
PiVTXHDODH[WHUQD$OKLORGHODVIiEXODVTXHWLHQHQFRPRGHVWLQDWDULDGLUHFWDDOD
PXMHUSRGHPRVHVWDEOHFHUDOJXQRVJUXSRVWHPiWLFRVVHJ~QVXVSURSXHVWDVPRUDOHV
(Q HO SULPHUR \ PiV DEXQGDQWH VLWXDUtDPRV DTXHOODV IiEXODV TXH SUHYLHQHQ FRQWUD
HODPRUHQJDxRVRODIiEXODPiVDWUDFWLYDHQHVWHiPELWRHV´/DVVLUHQDVµFRQHOHFR
RGLVHLFRGHODVVLUHQDV\8OLVHVVHSUHYLHQHDODVMyYHQHVFRQWUDORVFDQWRVGHVLUHQD
HQJDxRVRV GH TXLHQHV ODV DGXODQ ´,QRFHQWHV GHO FDQWR IHPHQWLGR GH LQVLGLRVRV
DPRUHV \ VXV WRQRV WUDLGRUHV DSDUWDG FDXWHORVDV HO RtGRµ 'H LJXDO PRGR VH
SUHYLHQHDODVFRQÀDGDVHQVXH[SHULHQFLD´/DFRURQDµ1RHVDMHQRDQXHVWURWLHPSR
HOKHFKRGHTXHODVRFLHGDGGLVFXOSHDOVHGXFWRUSHURGHQLJUHDODVHGXFLGD´6LDOJXQD
VHDEDQGRQDHOPXQGRQRSHUGRQDVXSHUGLFLyQ\DFKiFDOHODFXOSDPLHQWUDV
DO VHGXFWRU VH OH GLVFXOSDµ ´/RV JDWRV FRQ SHVWHµ 0iV D~Q HV D OD PXMHU D OD TXH
VH FXOSD GH ORV GHVPDQHV GHO KRPEUH ´£&XiQWDV MyYHQHV GHO GtD DO HUL]R DELHUWR
LJXDOHVGDQPDUJHQFRQVXVPRGDOHV\JHVWRVDODRVDGtDµ´/RVGRVHUL]RVGH
FDVWDxRµ 2WUR WHPD HV HO GHO YDORU GH OR QDWXUDO H LQWHULRU IUHQWH D OR DUWLÀFLRVR \
H[WHULRU´(OEDUQL]µ8QWHUFHUWHPDDWDxHDODPXMHUYLUWXRVD´-yYHQHVVHGYLUWXRVDV
LQVSLUDUpLV SXUR DPRU \ QR FXDO PDULSRVDV DÀFLRQHV SHOLJURVDV IUXWR GHO
EULOORH[WHULRUµ´(OQLxR\ODPDULSRVDµ)LQDOPHQWHODVDFWLWXGHVGHODPXMHUHQHO
PDWULPRQLRLQVSLUDQRWUDVIiEXODVDFDVRODVPiVFXULRVDV\ODVTXHPHMRUPXHVWUDQHO
ODGRFRQVHUYDGRUGHGRQ3DVFXDO)HUQiQGH]%DH]D(OKRJDUFRPROXJDUSURSLRGHOD
PXMHUDSDUHFHHQ´/DVGRVSULPDVµ´£-yYHQHVHQHODPRUGHORVKLMRV\HOHVSRVR\
GRPpVWLFDODERUVHKDOODHOJRFHHQFDQWDGRUQRHQHOIHVWtQEXOOLFLRVRµ$OPDULGR
HQFDPELRKD\TXHGHMDUOHVXHOWR´/DTXHFRQVHUYDUTXLHUDXQDPDQWHVLQFHUR
QRROYLGHSRUELHQVX\RORGHOQLxR\HOFLHUYRµHVGHFLUTXHQRVXMHWHDOFLHUYRHO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
DPDQWHFRPRXQFDUFHOHURSXHVDFDEDUiKX\HQGREXVFDQGROLEHUWDG(VSUREDEOHTXH
´/DVGRVJDOOLQDVµGHODFROHFFLyQGHGHVDSDUHFLHUDHQODVHGLFLRQHVVLJXLHQWHV
SRUODSURSXHVWDGHSHUGRQDUHQHOFDVDGRORTXHDODFDVDGDQRVHOHSHUGRQDUtD´6L
XQGHOLULRFRPHWLHUHQORVPDULGRVVHGSUXGHQWHVHVSRVDVEXVFDGOHVFDULxRVDV
\SUHVWRVORVYHUpLVDUUHSHQWLGRVµ
(Q UHVXPHQ GRQ 3DVFXDO DODED D OD MRYHQ SUXGHQWH TXH FLHUUD RtGRV D
KDODJRV\SDODEUDVHQJDxRVDVDODPXMHUFX\DEHOOH]DQDWXUDOQRGHEHVHUUHVDOWDGD
DUWLÀFLRVDPHQWHDODPXMHUPRGRVDFRPHGLGDPRGHVWDGHDGHPDQHVKRQHVWRVDOD
PXMHUTXHQRVHFRQItDVLHPSUHSUHYHQLGDFRQWUDORVSRVLEOHVHQJDxRVGHOKRPEUH\
HQÀQDODPXMHUKRJDUHxDTXHKDOODODIHOLFLGDGHQHOVHQRIDPLOLDU
0e75,&$
/DKDELOLGDGPpWULFDGHORVSULQFLSDOHVIDEXOLVWDVHVSDxROHVKDVLGRJHQHUDOPHQWH
UHFRQRFLGD GH ,ULDUWH VREUH WRGR HQWUH ORV GHO ;9,,, SXHV ORV UHFXUVRV PpWULFRV GH
6DPDQLHJRPiVPRQyWRQRV\SUHYLVLEOHV´VRQLQIHULRUHVDORVGH,ULDUWHODULPDHV
SREUHEDVDGDHQP~OWLSOHVRFDVLRQHVHQYHUERV\DGYHUELRVSUHGRPLQDODVLOYDTXH
OHSHUPLWHJUDQOLEHUWDG\VRQIUHFXHQWHVODVHVWURIDVGHFXDWURYHUVRV\ORVSDUHDGRVµ
6RWHOR/DULTXH]DUtWPLFDGH7RPiVGH,ULDUWHHQFDPELRODKDQPDQLIHVWDGR
WDQWRORVHVWXGLRVGHPpWULFDHVSDxRODFRPRORVTXHYHUVDQVREUHHOIDEXOLVWDFDQDULR
'H1DYDUUR7RPiVVRQHVWDVH[SUHVLYDVSDODEUDV
(OHMHPSORGH,ULDUWHGHEHQRWDUVHQRVyORSRUTXHHQVD\DUDXQDYDULHGDGGHPHWURVQRLJXDODGD
SRUQLQJ~QRWURDXWRUFRQWHPSRUiQHRQLDQWHULRUDVXWLHPSRVLQRSRUHOVHQWLGRDUWtVWLFRTXH
GHQWURGHOWRQRVHQFLOOR\IDPLOLDUGHVXVIiEXODVVXSRWHQHUSRUJXtDDODFRPRGDUDFDGDRFDVLyQ
HO HIHFWR UtWPLFR PiV DGHFXDGR >@ 6LQ LQYHQWDU QLQJ~Q YHUVR TXH QR WXYLHUD SUHFHGHQWH HQ
HVSDxROFRQWULEX\yDUHVWDEOHFHUPRGHORVROYLGDGRVDGDUYLGDSURSLDDWLSRVHVSHFLDOHVTXH
KDVWDHQWRQFHVQRVHKDEtDQXVDGRGHPDQHUDLQGHSHQGLHQWH\DSRSXODUL]DUVXVH[SHULHQFLDV
SRUWRGDVODViUHDVGHOLGLRPD1DYDUUR7RPiV
´,ULDUWHFRQVLJXLyHQODV)iEXODVHOUHSHUWRULRPpWULFRPiVULFRGHWRGRHOVLJOR
;9,,,µKDFRQVLJQDGRXQHGLWRUGHVXVIiEXODVTXHFRQVLGHUDTXHHOJpQHURSHUPLWH
PXFKD YHUVDWLOLGDG UtWPLFD 3ULHWR GH 3DXOD $FDVR SRU HVR ORV IDEXOLVWDV
GHOVLJOR;,;VHFDUDFWHUL]DQFRPR,ULDUWHSRUODYDULHGDGPpWULFDGHVXSURGXFFLyQ
IDEXOtVWLFDHPSH]DQGRSRU+DUW]HQEXVFKSXHV´GHVGHHODPSOLRULWPRGHODVLOYDDO
DOHJUHGHODVHJXLGLOODFDVLWRGRVORVYHUVRV\HVWURIDVGHOHVSDxROHVWiQUHSUHVHQWDGRV
HQ ODV )iEXODVµ 1DYDV 5XL] ;;,, (Q FXDQWR D 0LJXHO $JXVWtQ 3UtQFLSH pO
PLVPRFHUWLÀFyHQHOWtWXORODGLYHUVLGDGUtWPLFDGHVXVFRPSRVLFLRQHV\VXLQWHUpVSRU
ORVDVSHFWRVPpWULFRV)iEXODVHQYHUVRFDVWHOODQR\HQYDULHGDGGHPHWURVSUHFHGLGDGHXQ
SUyORJRTXHFRQWLHQHODKLVWRULDGHOD)iEXODGHVGH(VRSRKDVWDQXHVWURVGtDV\VHJXLGDGHXQ
´$UWHPpWULFDµGRVWRPRV
3DVFXDO )HUQiQGH] %DH]D QR OHV YD D OD ]DJD D ORV QRPEUDGRV HQ YDULHGDG
PpWULFRUtWPLFD\HQHOLQWHQWRGHDFRPRGDUHOULWPRDODPDWHULDJUDYHROLJHUDGHOD
IiEXOD3RGHPRVGHFLUTXHXWLOL]DWRGRVORVPHWURVTXHYDQGHOWULVtODERDOGRGHFDVtODER
HQ ODV GLYHUVDV FRPELQDFLRQHV TXH OD WUDGLFLyQ PpWULFD KDEtD \D H[SHULPHQWDGR (Q
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
HVWH VHQWLGR QR HV )HUQiQGH] %DH]D XQ LQQRYDGRU FRPR QR OR IXH WDPSRFR ,ULDUWH
SRQJDPRVSRUFDVR1LORIXHQLSRGtDPRVHVSHUDUTXHORIXHUD
/D~QLFDFRPSRVLFLyQHQYHUVRVWULVtODERVHV´(OQLxRHOSHUUR\HOJDWRµTXHGDGD
ODULPDDVRQDQWHGHORVYHUVRVFXDUWR\RFWDYRGHFDGDHVWURIDHQODSUiFWLFDOHFWRUDVH
FRQYLHUWHQHQXQDVXFHVLyQGHYHUVRVKH[DVtODERVHQIRUPDGHURPDQFHRURPDQFLOOR
FRPRGHPXHVWUDRWUDIiEXOD´(OPRFKXHORµXQURPDQFLOORKH[DVLOiELFRFX\DPRUDOHMD
GHGRFHYHUVRVWULVtODERVQRHVPiVTXHXQDFRQÀJXUDFLyQPiVDLURVDGHORVKH[DVtODERV
GLYLGLGRVHQVXVKHPLVWLTXLRV´/HFWRUHVFUHHGPHDPXFKRVSRUVHULRV\GDUVH
JUDQ WRQR JXDUGDQGR VLOHQFLR OHV WLHQHQ SRU VDELRV \ VRQ ¢TXp" 0RFKXHORVµ
(O YHUVR GH FXDWUR VtODEDV XWLOL]DGR FRPR TXHEUDGR HQ SRHPDV GH YHUVRV
RFWRVtODERV QR VH HPSOHy GH PRGR LQGHSHQGLHQWH KDVWD HO QHRFODVLFLVPR \ HO
URPDQWLFLVPR'RPtQJXH]&DSDUUyV\DOFDQ]y´DPSOLDUHSUHVHQWDFLyQFRQ
ODVIiEXODV/DXUUDFD\ODPRQD\/DDUGLOOD\HOFDEDOORGH,ULDUWHµ1DYDUUR7RPiV
/RXWLOL]y)HUQiQGH]%DH]DHQHVWURIDVGHGRFHYHUVRVGLYLGLGDVHQGRVSDUWHV
VLPpWULFDVHQFXDQWRDODGLVSRVLFLyQGHODVULPDV/DGLYLVLyQODPDUFDODFRQVRQDQFLD
DJXGDHQWUHORVYHUVRV\9HPRVWDOHVWURIDGXRGpFLPDHQ´(OSUHPLRRORVGRV
QLxRVµGRQGHWRGRVORVYHUVRV\GHFDGDHVWURIDULPDQHQyQ\HQ´(OOHJR\HO
VDQWRµFX\DGLVSRVLFLyQGHULPDVSUHVHQWDHVWDIRUPDDDE²FFE/DIiEXOD´/RVGRV
SHUURVµ SUHVHQWD XQ MXHJR GH ULPDV PiV WUDEDGR DEEDF ²GHHGF WDQWR HO YHUVR FRUWR
FRPR OD GLVSRVLFLyQ GH ODV ULPDV UHSURGXFH UtWPLFDPHQWH OD LQTXLHWXG GHO SHUULWR \
VX ODGULGR SHUVLVWHQWH ´8Q GRJXLWR OH PRVWUDED D VX GXHxR GXUR FHxR \
ODGUDEDFRQIXURUKDVWDWDQWRTXHYHtDTXHDWHQGLGRVXFKLOOLGROHGHFtD
¶/DGUDGRU·µ
(OYHUVRSHQWDVtODERORXVD)HUQiQGH]%DH]DFRPELQDGRFRQHOKHSWDVtODERHQODV
VHJXLGLOODVUHODWLYDPHQWHIUHFXHQWHV/DVHJXLGLOODXVDGDSRUQXHVWURIDEXOLVWDHVVLQ
H[FHSFLRQHVODOODPDGDFRPSXHVWDHVGHFLUODTXHDORVFXDWURYHUVRVWUDGLFLRQDOHVXQH
XQHVWULELOORGHWUHVYHUVRVHOSULPHUR\HOWHUFHURSHQWDVtODERVTXHULPDQHQDVRQDQWH
\ HO LQWHUPHGLR KHSWDVtODER EODQFR ,QGLFD 'RPtQJXH] &DSDUUyV TXH HVWD IRUPD GH
VHJXLGLOOD VH H[WLHQGH D SDUWLU GHO VLJOR ;9,,, HQ HO TXH DOFDQ]y PXFKD
SRSXODULGDG)HUQiQGH]%DH]DXVDODVHJXLGLOODFRPSXHVWDHQQXHYHFRPSRVLFLRQHVDO
PHQRVFDVLVLHPSUHEUHYHVUHGXFLGDVDXQDGRVRWUHVVHJXLGLOODV´/DFRPHWDµ´/DV
DSDULHQFLDVµ´(OEDUQL]µ´/RVJDVHVµ´(OJROSHµ´/DPRGHVWLDµ\´(OFDPHOOR\OD
KRUPLJDµ6RQODVGHXQDVRODVHJXLGLOODVREUHWRGRHMHPSORGHVtQWHVLV\HVFDVH]GH
DFFLyQ
/RV GHPiV YHUVRV GH DUWH PHQRU KH[DVtODERV KHSWDVtODERV \ RFWRVtODERV
ORV XVD )HUQiQGH] %DH]D HQ YDULDGDV FRPELQDFLRQHV (O URPDQFH HV XQD GH HOODV
/RV KH[DVLOiELFRV R URPDQFLOORV GH ULWPR OLJHUR \ DQGDGXUD iJLO ORV YHPRV HQ ´(O
PRFKXHORµ ´(O ORER \ HO SHUUR GH JDQDGRµ ´/D ODQJRVWDµ \ ´(O SHUUR UDELRVRµ HQ
pVWHFRQFLHUWRDODUGHGHLQJHQLRYDQDOWHUQDQGRORVHVWULELOORV´SRUIDWDOLGDGµ\´SRU
FDVXDOLGDGµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
(OURPDQFHKHSWDVtODERORHPSOHDHQ´(OFLHJR\VXVREULQRµ´(OJDOJRµ´(O
QLxRWUDYLHVRµ´/RVJDWRV\HOQLxRµ´(OQLxR\HOFLHUYRµ´/DDEXELOOD\HODUPLxRµ
´(ODVQRSUHVXPLGRµ\´/DDEHMD\HO]iQJDQR
(OURPDQFHSURSLDPHQWHGLFKRHQRFWRVtODERVDSDUHFHHQIiEXODVFRPR´/DUHFHWDµ
´(OQLxR\HOSiMDURµ´/DVGRVJRORQGULQDVµ\´/DOXQD\ORVSiMDURVµ
)HUQiQGH] %DH]D QRV GD EXHQD PXHVWUD GH GLVWLQWDV PRGDOLGDGHV HVWUyÀFDV HQ
YHUVRVGHDUWHPHQRUSDUHDGRVHQ´(OIHRµ\´/DVQLxDV\HOKRUWHODQRµUHGRQGLOODV
HQ´/DFRODµ´(OOHEUHO\HOPDVWtQµ´(OQLxR\HOFDQDULRµ\RWUDVFDWRUFHRTXLQFH
FRPSRVLFLRQHV PiV OR TXH QRV LQGLFD HO DSUHFLR SRU XQD IRUPD TXH ORV SRHWDV
QHRFOiVLFRV KDEtDQ GHVHFKDGR \ ORV URPiQWLFRV YROYLHURQ D UHFXSHUDU FXDUWHWDV HQ
´(ODOELOORDJUD]\ODIUHVDµ´/DVGRVQLxDVµ\DOJXQDVIiEXODVPiVHQTXLQWLOODVVH
GHVDUUROODQIiEXODVFRPR´/DFRMHUDµ´(OWHyULFR´/DVGRVSULPDVµ\´/DDOGHDQDµ
SHUR D OD TXLQWLOOD UHFXUULy SULQFLSDOPHQWH SDUD OD PRUDOHMD HQ IiEXODV GLVSXHVWDV
HQRWUDVPRGDOLGDGHVHVWUyÀFDVORVURPDQFHVGH´(OQLxR\HOJDOJRLQJOpVµR´/RV
GRVDOKHOtHVµSRUHMHPSORWHUPLQDQFRQXQDTXLQWLOODODIiEXOD´/RVGRVJDOORVµHQ
FXDUWHWRV HQGHFDVtODERV WHUPLQD FRQ HVWD TXLQWLOOD ´4XLHQ FRQ YLROHQWD RSUHVLyQ DEXVDQGRGHOSRGHUFDXVDLQMXVWDYHMDFLyQDORVKRPEUHVGHYDOHUOHVGDPiV
JUDQGH RSLQLyQµ 3HUR HO IDEXOLVWD EHUFLDQR H[SHULPHQWD WDPELpQ FRQ RWUDV IRUPDV
PpWULFDV PiV FRPSOHMDV FRPR OD RFWDYLOOD \ OD GpFLPD /D RFWDYLOOD DJXGD HQ GRV
VHPLHVWURIDVVLPpWULFDVFRQSDXVDPDUFDGDODSUDFWLFyHQ´(OURFtQ\HOFDEDOORµ\HQ
´(OJORWyQµFRQXQDPLVPDIyUPXODDDE²FFEGRQGHORVYY\WHUPLQDQHQDJXGD
HUDODPLVPDTXHSRSXODUL]y(VSURQFHGDHQOD´&DQFLyQGHOSLUDWDµ(QFXDQWRDOD
GpFLPDVyORODXWLOL]yHQGRVIiEXODV´/DSHUSHWXD\ODURVDµ\´/DDUDxDµ
(OHQGHFDVtODERHVFRQPXFKRHOYHUVRPiVXVXDOGHODUWHPD\RUHQPX\GLIHUHQWHV
FRPELQDFLRQHVSDUHDGRV´(ORVR\HOSHUURGH6DQ%HUQDUGRµ\DOJXQDVIiEXODVPiV
WHUFHWRVHQFDGHQDGRV´(OSyOLSRµFXDUWHWRV\VHUYHQWHVLRV´/RVFRORUHVµ´/RVGRV
JDOORVµ´(OFRQJUHVRGHDQLPDOHVµ´(OSDVWRUµ´/DKLHGUD\HODYHOODQRµRFWDYDV
UHDOHV´(ODYHVWUX]\HOUXLVHxRUµXQDVRODRFWDYD
/R PiV IUHFXHQWH HV OD FRPELQDFLyQ GHO HQGHFDVtODER FRQ HO KHSWDVtODER HQ
YDULDGDV PRGDOLGDGHV HVWUyÀFDV VHUYHQWHVLRV HQ ´/RV RFKDYRV \ ODV PRQHGDV GH
SODWDµ$E$E2WUDVFRPELQDFLRQHVFRQULPDFRQVRQDQWHWRGRXQPXHVWUDULRVRQ
$ED% ´(O JDQVR OHJLVODGRUµ D%D% ´(O SHUUR \ HO JDWRµ ´(O DVQR IDQIDUUyQµ DED%
´/DYLROHQFLDµD%$%´(OSHUUROD]RUUD\HOORERµ$E$%´(OWLPyQ\HOSLORWRµ
´(O ODJDUWR \ HO ]RUURµ $EE$ ´/DV GRV JDOOLQDVµ ´/DV VLUHQDVµ D%%D ´/D DEHMDµ
´/DHQYLGLDµD%%$´/RVJR]TXHVµDD%%´/DVDOTXLWDUDVµ´(OJDWROD]RUUD\HO
JDOJRµSDUHDGRVSHURGLVSXHVWRVHQIRUPDGHFXDUWHWRVFRPR´/DPRQDµ´/RVJDWRV
FRQSHVWHµ\´(OPRQR\OD]RUUDµHQHVWDIiEXODFRQODIyUPXODD$E%(QFXDOTXLHU
FDVRVRQFRPELQDFLRQHVTXHVHHPSOHDURQPXFKRWDQWRHQHOQHRFODVLFLVPRFRPRHQ
HOURPDQWLFLVPR1DYDUUR7RPiV\
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
&RPELQDFLyQGLIHUHQWHHVODGH´(OSHUURGHODQDV\HOFDFKRUURGHFD]DµIiEXOD
TXHDOWHUQDKHSWDVtODERVLPSDUHV\HQGHFDVtODERVSDUHVGHPRGRTXHDTXHOORVVRQ
EODQFRV\ORVSDUHVRHQGHFDVtODERVDVRQDQWDGRVHQiRPDQWHQLHQGRSRUORWDQWR
XQDHVWUXFWXUDURPDQFHDGD
/DVLOYDFRQVXOLEHUWDGRIDOWDGHGLVFLSOLQDIRUPDOIXHPX\SURSLFLDSDUDHO
GHVDUUROORGHFXDOTXLHUWLSRGHDVXQWRODHPSOHDURQORVGLVWLQWRVIDEXOLVWDV\ODXVy
WDPELpQ)HUQiQGH]%DH]DHQ´(OFRQYLWHµ´(ODUUR\Rµ´(OFXHUYRµ´/RVQLxRVDOHDUHV
´/DFLJHxD\HOPLUORµ\´(OSHOtFDQR\HOWLHPSRµ
2FDVLRQDOPHQWHHPSOHDHOGRGHFDVtODERVyORHQ´(OUXLVHxRU\VXVKLMRVµHQ
VHUYHQWHVLRV
'H PD\RU RULJLQDOLGDG VRQ ODV FRPELQDFLRQHV FRQ ULPD DVRQDQWH )RUPDV
DVRQDQWHV HPSOHD )HUQiQGH] %DH]D HQ FRPELQDFLRQHV GH GHFDVtODERV \ KH[DVtODERV
DOJRTXHVHGDHQ´(OPLODQR\ODVSDORPDVµ´/DFLJHxD\HOJRUULyQµ\´(OPDQ]DQR
\ODFDVWDxDµFRQHVWDHVWUXFWXUDDORODUJRGHFDGDFRPSRVLFLyQ$E$E$E$E/RV
LPSDUHVVRQGHFDVtODERV\ULPDQWRGRVHQWUHVt\ORVSDUHVKH[DVtODERVULPDQWDPELpQ
HQWUH HOORV FRQ ULPD GLIHUHQFLDGD GH ORV GHFDVtODERV 3RU RWUR ODGR ORV GHFDVtODERV
OOHYDQDFHQWRHQWHUFHUDVH[WD\QRYHQDVtODEDVGHFDVtODERDQDSpVWLFRRGHKLPQR\
ORVKH[DVtODERVHQVHJXQGD\TXLQWDDQÀEUiTXLFR$OJXQRVHMHPSORV´/DFLJHxD\HO
JRUULyQµVHFRPSRQHGHYHUVRVGLVWULEXLGRVSRUHOVHQWLGRHQFXDUWHWRVORVLPSDUHV
GHFDVtODERVULPDQWRGRVHQ²pD\ORVSDUHVKH[DVtODERVWRGRVHQ²iR´(OPDQ]DQR\
ODFDVWDxDµHVXQDODUJDIiEXODGHYHUVRVHQODTXHORVGHFDVtODERVRLPSDUHVULPDQ
HQ²pR\ORVSDUHVRKH[DVtODERVHQ²iRHQ´(OPLODQR\ODVSDORPDVµORVGHFDVtODERV
RLPSDUHVULPDQHQ²pR\ORVKH[DVtODERVRSDUHVHQHQ²iR
´(VFXFKDGPLDPLVWRVRFRQVHMRµ
GHFtDXQPLODQR
GHSDORPDVDXQEDQGRTXHHOYXHOR
OOHYDEDPX\DOWR
9XHVWURELHQPHLQWHUHVDHQH[WUHPR
\YHRDGPLUDGR
TXHRVFDQViLVHQVXELURVDOFLHOR
VLQIUXWRYRODQGR
1R KH SRGLGR FRQWUDVWDU HO XVR GH IRUPDV PpWULFDV VHPHMDQWHV 'HVGH OXHJR
HOURPDQWLFLVPRKDEtDH[SHULPHQWDGRFRPELQDFLRQHVYDULDGDVGHULWPRV\PHGLGDV
3HURQRFDEHGXGDGHTXHODIDEXOtVWLFDGH)HUQiQGH]%DH]DWRGRXQPXHVWUDULRGH
SRVLELOLGDGHVHVPX\ULFDPpWULFDPHQWHDODDOWXUDSUREDEOHPHQWHGHORVIDEXOLVWDV
DQWHULRUPHQWH PHQFLRQDGRV HQ HVWH iPELWR HQ HO TXH HUD GLItFLO TXH HO EHUFLDQR QR
HPXODUDDTXLHQHVOHSUHFHGLHURQ$QWHULRUPHQWHFLWDPRVODIiEXOD´(OSHUURUDELRVRµ
HQ OD TXH DOWHUQDQ ORV HVWULELOORV ´SRU IDWDOLGDGµ \ ´SRU FDVXDOLGDGµ 0H SDUHFH
LQGXGDEOHTXHDOJRWXYRTXHYHUHQHODVXQWRXQDGHODVPiVFpOHEUHVIiEXODVGH,ULDUWH
´(OEXUURÁDXWLVWDµTXHUHLWHUDXQPLVPRHVWULELOOR´3RUFDVXDOLGDGµ(QRWUDIiEXOD
FRQFUHWDPHQWHHQ´(OJUDEDGRU\VXDXGLWRULRµVHHYRFDD,ULDUWH\VXFRQRFLGDSLH]D
´(O JDWR HO ODJDUWR \ HO JULOORµ HVFULWD SDUD VDWLUL]DU HO ´HVWLOR UHWXPEDQWHµ \ FX\D
FDUDFWHUtVWLFDHVODULPDHVGU~MXODGHWRGRVVXVYHUVRVHQGHFDVtODERVSDUHDGRVWRGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-RVp(QULTXH0DUWtQH])HUQiQGH]
XQ DODUGH HQ HVH VHQWLGR (Q ´(O JUDEDGRU \ VX DXGLWRULRµ )HUQiQGH] %DH]D TXLHUH
SODVPDU´ODFKDUODDOWLVRQDQWHGHXQUHWyULFRµ\FRPLHQ]DUHFRUGDQGRORVYHUVRVGHO
IDEXOLVWDFDQDULR´£4XHQRUHVXFLWDUDHQHVWHGtD,ULDUWHDTXHOKRPEUHWDQFLHQWtÀFR
HQFRSLDUHOOHQJXDMHFXDOVDEtDGHFLHUWRVDQLPDOHVHVSHFtÀFRVµSHURDIDOWDGH
,ULDUWHORKDUipOFRQLURQtDEXUOD\ViWLUDFRQWUDTXLHQGHÀHQGHODWLUDQtDGHORV5H\HV
DXQTXHDSDUHQWHPHQWHVHRSRQJDDHOOD(QODPRUDOHMDYXHOYHDQRPEUDUDOIDEXOLVWD
FDQDULR´¢1RHQFRQWUiLVHQYHUGDGHQHVWHSUyORJRORVKRPEUHVTXH,ULDUWHSLQWy
FUtWLFRGHOJULOOR\GHOODJDUWRHQHODSyORJRQRSHQVDQGRHQKDEODUFRPRSROtWLFR"µ
/R LQWHUHVDQWH SDUD QRVRWURV HV OD LPLWDFLyQ PpWULFD SXHV HQ ORV VHUYHVWHVLRV GH
)HUQiQGH] %DH]D WRGRV ORV YHUVRV SDUHV WLHQHQ WHUPLQDFLyQ HVGU~MXOD ´©'H OD PDU
LPLWDG HO DO]DPLHQWR YLQR D GHFLU HO RUDGRU OXQiWLFR 1R VXIUiLV GLFWDGXUDV QL
XQ PRPHQWRª &RQ WRGR HO GLFWDGRU DSODXGH HQIiWLFRµ &RPR HQ ,ULDUWH OR UDUR
H KLSHUEyOLFR GH OD ULPD HVGU~MXOD FRQWULEX\H D OD EXUOD ULGLFXOL]DGRUD GHO ´RUDGRU
DOWtVRQRSLQGiULFRµ
(Q UHVXPHQ VL QR KD\ QRYHGDGHV PpWULFDV Vt KD\ FLHUWD RVWHQWDFLyQ GH XQD
YDULHGDGFRQODTXH)HUQiQGH]%DH]DSURSRUFLRQDXQEXHQPXHVWUDULRGHODPD\RU
SDUWHGHODVFRPELQDFLRQHVUtWPLFDVTXHXQSRHWDGHVXVLJORSRGtDSUDFWLFDU
%,%/,2*5$)Ì$
&DUQLFHU5´8QMXULVWDSRQIHUUDGLQR3DVFXDO)HUQiQGH]%DH]Dµ)LHVWDVGHOD
(QFLQD3RQIHUUDGDLQFOXLGRHQ'HO%LHU]R\VXJHQWH9DOODGROLG-XQWD
GH&DVWLOOD\/HyQ
'DYLG .RVVRII $ HW DOLL FRRUGV $FWDV GHO 9,,, &RQJUHVR GH OD $VRFLDFLyQ
,QWHUQDFLRQDOGH+LVSDQLVWDV,0DGULG,VWPR
'RPtQJXH] &DSDUUyV - 'LFFLRQDULR GH PpWULFD HVSDxROD 0DGULG $OLDQ]D
(GLWRULDO
)HUQiQGH]%DH]D3&ROHFFLyQGHODVIiEXODVSROtWLFDV\PRUDOHV0DGULG,PSUHQWD
DFDUJRGH&*RQ]iOH]
)HUQiQGH]%DH]D3&ROHFFLyQGHIiEXODVPRUDOHVHGLFLyQDXPHQWDGD0DGULG
,PSUHQWDDFDUJRGH&*RQ]iOH]
)HUQiQGH]%DH]D3$)DELR(StVWRODVDWtULFDHQTXHVHGHVFULEHQORVYLFLRVSROtWLFRV
\PRUDOHVGHOD&RUWH3RQIHUUDGD,PSUHQWDGH-RDTXtQ/HyQ6XiUH]
)HUQiQGH] %DH]D 3 1XHYD FROHFFLyQ GH ODV IiEXODV SROtWLFDV \ PRUDOHV WRPR ,
0DGULG,PSUHQWDGH0&DPSR5HGRQGR
)HUQiQGH] %DH]D 3 1XHYD FROHFFLyQ GH IiEXODV PRUDOHV WRPR ,, HGLFLyQ
DXPHQWDGD0DGULG,PSUHQWD\(VWHUHRWLSLDGH05LYDGHQH\UD
*DUFtD&DVWDxHGD6´/DIiEXODSROtWLFDHVSDxRODHQHOVLJOR;,;µHQ$'DYLG
.RVVRIIHWDOLLFRRUGV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D
*DUFtD0-3DVFXDO)HUQiQGH]%DH]D/HyQ)XQGDFLyQ3HGURÉOYDUH]2VRULR
$\XQWDPLHQWRGH3RQIHUUDGD
0DUWtQH]*DUFtD)+LVWRULDGHOD/LWHUDWXUD/HRQHVD/HyQ(YHUHVW
1DYDUUR7RPiV70pWULFDHVSDxROD5HVHxDKLVWyULFD\GHVFULSWLYDHG0DGULG
*XDGDUUDPD/DERU
1DYDV 5XL] 5 ´,QWURGXFFLyQµ D - ( +DU]HQEXVFK )iEXODV 0DGULG (VSDVD
&DOSH&OiVLFRV&DVWHOODQRV9,,;;9
2]DHWD 0 5 ´/RV IDEXOLVWDV HVSDxROHV FRQ HVSHFLDO UHIHUHQFLD D ORV VLJORV ;9,,,
\ ;,;µ KWWSVHUYOHW6LUYH2EUDV
SKWP"PDU&RQVXOWDGRHQGLFLHPEUHGH
3ULHWRGH3DXODÉ/´,QWURGXFFLyQµD7GH,ULDUWH)iEXODOLWHUDULDV0DGULG
&iWHGUD
6DLQ]GH5REOHV)&)DEXODULRHVSDxRO0DGULG(VSDVD&DOSH$XVWUDO
6HEROG53+LVWRULDGHODOLWHUDWXUDHVSDxROD6LJOR;9,,,HQ*&DUQHURFRRUG
0DGULG(VSDVD&DOSH
6RWHOR$,´,QWURGXFFLyQµD)06DPDQLHJR)iEXODV0DGULG&iWHGUD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
(/862','É&7,&2'(/$)É%8/$
(1/$/,7(5$785$5(1$&(17,67$$/(0$1$
-8$1/8,60215($/3e5(=
)DFXOWDGGH(GXFDFLyQ8QLYHUVLGDGGH0XUFLD
5HVXPHQ
(OSUHVHQWHDUWtFXORH[DPLQDHQHOFRQWH[WRGHO+XPDQLVPRUHQDFHQWLVWDHXURSHRHOXVRGHODIiEXODHQ
OD$OHPDQLDUHQDFHQWLVWD\PiVFRQFUHWDPHQWHODXWLOL]DFLyQGHODPLVPDSRUSDUWHGHKXPDQLVWDVUHQD
FHQWLVWDVDOHPDQHVFRPR/XWHUR\0HODQFKWRQ(VWRVUHIRUPDGRUHVDOHPDQHVYLHURQODXWLOLGDGGLGiF
WLFDGHODIiEXODFRPRPHGLRSDUDDFFHGHUDOFRQRFLPLHQWRJHQHUDOGHODOHQJXD\SDUDDGTXLULUVHQWLGR
FUtWLFRHQODYLGD,JXDOPHQWHFRQVLGHUDURQTXHODIiEXODHQFXDQWRJpQHUROLWHUDULRHUDXQLQVWUXPHQWR
HÀFD]SDUDHODSUHQGL]DMHHVFRODU(OLQWHUpVGHDFHUFDUORVWH[WRVDORVOHFWRUHVOHVOOHYyDFXOWLYDUHOJpQH
URGHORVSURYHUELRVORVDGDJLRVORVUHIUDQHV\ODIiEXODFRQODÀQDOLGDGGHKDFHUHOOHQJXDMHDFFHVLEOH
FXHVWLyQTXHOHVHUDIXQGDPHQWDOHQVXFRQFHSFLyQGHODOHQJXD
3DODEUDVFODYH)iEXOD3URYHUELR5HIUiQ5HDOLGDG)LFFLyQ
$EVWUDFW
7KLVDUWLFOHDQDO\]HVWKHXVHRIWKHIDEOHLQ(XURSHDQ5HQDLVVDQFHVSHFLÀFDOO\LQ*HUPDQ5HQDLVVDQFH
+XPDQLVP DQG LWV XVHG E\ /XWKHU DQG 0HODQFKWRQ DV PHPEHUV RI WKLV PRYHPHQW 7KH\ UHDOL]HG
KRZXVHIXOWKH\ZHUHGLGDFWLFDOO\WRHQKDQFHWKHDFFHVVWRJHQHUDOOLQJXLVWLFNQRZOHGJHDQGDFULWLFDO
DSSURDFKWRWKHLVVXHVRIWKHLUOLIH0RUHRYHUWKH\FRQVLGHUHGWKHOLWHUDU\IRUPRIWKHIDEOHDQHIIHFWLYH
LQVWUXPHQWIRUWKHOHDUQLQJSHULRG7KHZLOOWRDSSURDFKWH[WVWRWKHUHDGHUPDGHWKHPGHDOZLWKWKH
OLWHUDU\IRUPRISURYHUEVDGDJLDUHIUDLQVDQGIDEOHVWREULQJODQJXDJHFORVHUDQGPRUHIDPLOLDUZKDW
ZDVEHQFKPDUNLQWKHLUFRQFHSWRIODQJXDJH
.H\ZRUGV)DEOH3URYHUE6D\LQJ5HDOLW\)LFWLRQ
(/5(1$&,0,(172$/(0É15()250$<('8&$&,Ð1
(OUHQDFLPLHQWRDOHPiQHQOtQHDVJHQHUDOHVSDUWLFLSDGHODÀORVRItDKXPDQLVWD
TXHFDUDFWHUL]DDWRGRHOUHQDFLPLHQWRHXURSHReVWDQRHVVLPSOHPHQWHODYXHOWDDOR
DQWLJXRDOHVWXGLRGHODVOHWUDV\DUWHVGH5RPD\*UHFLDVLQRODDFWLWXGFRQTXHVH
UHDOL]DHOKRPEUHHVODEDVHGHOSHQVDPLHQWRGHO+XPDQLVPRUHQDFHQWLVWD3DULV
(O+XPDQLVPRHVSXHVXQPHGLR\XQFDPLQRSDUDFRQVHJXLUHOUHQDFLPLHQWRGHOD
&RUUHRHMOPRQUHDO#XPHV5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
SURSLDFLYLOL]DFLyQ1RHVPHUDLPLWDFLyQGHORDQWLJXRVLQRUHHODERUDFLyQDSDUWLUGH
VXSURSLDVLWXDFLyQKLVWyULFD\FXOWXUDO0RXUHOOHGH/HPD
&RQVLGHUDQGR OR VHxDODGR DQWHULRUPHQWH VH SXHGH LQGLFDU TXH ORV WpUPLQRV
5HQDFLPLHQWR \ +XPDQLVPR HVWiQ PDUFDGRV SRU XQ FDUiFWHU KLVWyULFR \ SRU XQD
ÀORVRItD GH UHQRYDFLyQ GHO KRPEUH TXH EXVFD VX DUPRQtD FRQ HO XQLYHUVR QDWXUDO
2UWHJD
(Q$OHPDQLD WDO FRPR VXFHGLy HQ ORV SDtVHV HXURSHRV PiV LPSUHJQDGRV GHO
+XPDQLVPRUHQDFHQWLVWDHQORVWUHVSULPHURVGHFHQLRVGHOVLJOR;9,VHSURGXMRXQFOLPD
PX\IDYRUDEOHKDFLDWRGRORTXHVXSRQtDUHQRYDFLyQQXHYRVYDORUHV\UHFXSHUDFLyQ
GHODFXOWXUDDQWLJXDDWUDYpVGHODFFHVRDORVHVWXGLRVSURIDQRVSULQFLSDOPHQWHORV
FOiVLFRV0RQUHDO/RVKXPDQLVWDVHQ$OHPDQLDDOLJXDOTXHVXFHGLyWDPELpQ
HQRWURVSDtVHVHXURSHRV9LGDOIRUPDURQXQFROHFWLYRFUHFLHQWHiYLGRGH
FDPELRV \ PX\ VHQVLEOH D YHUVH DWUDtGR KDFLD DTXHOORV SHUVRQDMHV TXH VH SXVLHURQ
D OD FDEH]D GH OR TXH UHSUHVHQWDEDQ ORV YDORUHV PiV VLJQLÀFDWLYRV GHO +XPDQLVPR
UHQDFHQWLVWDFRPRHVHOFDVRGH/XWHUR\(UDVPR/LOMH
/RV KXPDQLVWDV DOHPDQHV YLHURQ HQ /XWHUR PiV TXH XQ OtGHU GH OD UHOLJLyQ
\ OD WHRORJtD /R TXH LGHQWLÀFDURQ HQ pO IXH XQ JUDQ GHIHQVRU GH DTXHOORV YDORUHV
KXPDQLVWDVFRQVLGHUDGRVFRPRHOHPHQWRVGHUHJHQHUDFLyQGHODYLHMDVRFLHGDGWDOHV
FRPRODHVWLPDSRUORVHVWXGLRVSURIDQRVFOiVLFRVHOUHFKD]RGHODOLWHUDWXUDEDVDGD
HQODWHRORJtDHVSHFXODWLYD\ODQHFHVLGDGGHXQDQXHYDHQVHxDQ]DTXHFRQOOHYDUDXQ
FDPELRIXQGDPHQWDOHQODRUJDQL]DFLyQHVFRODU*UDQH
(QODUHIRUPDGHODHQVHxDQ]D\HQODQXHYDRUJDQL]DFLyQHVFRODUTXHHPSUHQGH
OD UHIRUPD SURWHVWDQWH /XWHUR VH DX[LOLD SDUD WDO PLVLyQ GH VX DPLJR \ HVWUHFKR
FRODERUDGRU FRPR IXH 0HODQFKWRQ SXHVWR TXH DPERV FRLQFLGtDQ HQ OD QHFHVDULD
UHIRUPDTXHKDEtDTXHOOHYDUDFDERLQGHSHQGLHQWHPHQWHGHTXHHQDOJXQDVFXHVWLRQHV
IXQGDPHQWDOHV GLVLQWLHUDQ$PERV MXJDURQ HQ OD FXHVWLyQ GH OD HQVHxDQ]D XQ SDSHO
LPSRUWDQWH\FDGDXQRFRQXQDIXQFLyQGLVWLQWD/XWHURSRUVXSDUWHFRPRLQVSLUDGRU
GHODUHIRUPD\0HODQFKWRQFRPRHOHMHFXWRU/XWHURHQHVWHFDPSRGHODHGXFDFLyQ
SRUSXURSUDJPDWLVPRPXHVWUDVXFDUDGHKXPDQLVWD(JLGR
6LQ HPEDUJR ODV H[SHFWDWLYDV TXH ORV KXPDQLVWDV DOHPDQHV GHSRVLWDURQ HQ
/XWHUR FRPR KRPEUH KXPDQLVWD SURQWR VH IXHURQ GHVYDQHFLHQGR D PHGLGD TXH HO
PRQMHDOHPiQVHIXHUDGLFDOL]DQGRHQODFXHVWLyQUHOLJLRVD\WHROyJLFD\VHSURGXMHUD
HQ$OHPDQLDODUHYROXFLyQUHOLJLRVD(OORVXSXVRHOGHVSOD]DPLHQWRGHOLQWHUpVSRUHO
SUR\HFWRGHODUHIRUPDKXPDQLVWD\ODHQWUDGDGHOFRQÁLFWRUHOLJLRVRTXHFRQVXPyOD
5HIRUPD 3URWHVWDQWH (VWD VLWXDFLyQ KL]R TXH HO ÁRUHFLPLHQWR KXPDQLVWD DOHPiQ VH
YLHUDWUXQFDGR\QRORJUDUDFRQVROLGDUDOJXQDVGHODVUHIRUPDVTXHDQXQFLDEDVREUH
WRGRHQORUHODWLYRDODHQVHxDQ]D-DQVHQ3DUWH6HJXQGD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
862'(5(&85626/,7(5$5,26(1(/5(1$&,0,(172(8523(2
3DUD ORV KXPDQLVWDV UHQDFHQWLVWDV HXURSHRV HUD PX\ LPSRUWDQWH KDFHU
DFFHVLEOH HO FRQRFLPLHQWR DQWLJXR \ UHDO DO SXHEOR D WUDYpV GHO XVR GHO OHQJXDMH
LQGHSHQGLHQWHPHQWHGHODOHQJXDXWLOL]DGDIXHUDHOODWtQRXQDOHQJXDYHUQiFXOD/D
DFFHVLELOLGDG DO FRQRFLPLHQWR QR HUD LQFRPSDWLEOH FRQ HO ULJRU GHO PLVPR D WDO ÀQ
VH XVDEDQ OD IiEXOD HO SURYHUELR HO UHIUiQ \ VH UHFXUUtD HQ ORV OLEURV GHQRPLQDGRV
PLVFHOiQHDV \ ÁRULOHJLRV DO XVR GH FLWDV PRGLVPRV VHQWHQFLDV DQpFGRWDV H[HPSOD \
RWUDV ÁRUHV GH HUXGLFLyQ FOiVLFD TXH VHUYtDQ D OD SDU GH DOLPHQWR SDUD HO HVStULWX \
GHSiEXORSDUDODFRPSRVLFLyQOLWHUDULD\HOORFRQHOREMHWLYRGHSRQHUDODOFDQFHGHO
OHFWRUHOVDEHUGHOPXQGRDQWLJXR6HUUDQR
$SDUWH GH OD IiEXOD FRPR UHFXUVR OLWHUDULR TXH XWLOL]DURQ ORV KXPDQLVWDV
UHQDFHQWLVWDVHXURSHRVHQWUHORVTXHHVWiQ/XWHUR\0HODQFKWRQWDPELpQVHXVDURQ
RWURVUHFXUVRVOLWHUDULRVFRPRHOSURYHUELR\HOUHIUiQWDOFRPRKLFLHURQ(UDVPR-XDQ
GH9DOGpV\6HEDVWLiQ)UDQFN(QWUHHVWRVWUHVUHFXUVRVOLWHUDULRVKD\HVWUHFKDUHODFLyQ
\WRGRVHOORVIRUPDQSDUWHGHOFRQWHQLGRGHORVOLEURVOODPDGRVPLVFHOiQHDV\ÁRULOHJLRV
$WHQGLHQGR D GLFKRV XVRV VH H[DPLQDQ SUHYLDPHQWH ODV DSRUWDFLRQHV GH (UDVPR
9DOGpV\)UDQFNUHOHYDQWHVKXPDQLVWDVHXURSHRVDOSURYHUELRDGDJLD\DOUHIUiQ
DQWHVGHFHQWUDUQRVHQODIiEXODFRQ/XWHUR\0HODQFKWRQ
(OSULPHUR(UDVPRLQFRUSRUySURYHUELRVHQVXREUD$GDJLD\HQODTXH
ODIiEXODHVXQDSDUWHGHODPLVPD\HOVHJXQGR9DOGpVXVyORVUHIUDQHVHQVXREUD
'LiORJR GH OD OHQJXD (Q DPEDV VLWXDFLRQHV VXV DSRUWDFLRQHV OLWHUDULDV WLHQHQ
FDUiFWHUGLGiFWLFR\VHWUDWDHQHOFDVRGH(UDVPRGHXQDFROHFFLyQGHSURYHUELRVTXH
UHÁHMDQODVDELGXUtDGHOPXQGRFOiVLFRDQWLJXR\HQHOFDVRGH-XDQGH9DOGpVFRQVXV
UHIUDQHVDQWLJXRVFDVWHOODQRVEXVFDSRQHUHQYDORUODOHQJXDUHDO
(UDVPRWUDQVLWDSRUHOPXQGRFOiVLFRQRGHIRUPDVXSHUÀFLDO\UHVXOWDGRGHHVWH
FDPLQRHVODREUD$GDJLDRULHQWDGDDH[DOWDUODFXOWXUDKXPDQLVWDGHODVOHWUDV\HVFULWD
SDUDIRPHQWDUHOSHQVDPLHQWR\ODOHQJXDODWLQD
8Q UDVJR GH (UDVPR D UHVDOWDU HQ VX FRQGLFLyQ GH ÀOyORJR HV HO HVIXHU]R
TXH KL]R HQ WRGD VX REUD \ SDUWLFXODUPHQWH HQ VXV $GDJLD SDUD KDFHUOD DFFHVLEOH \
FRPSUHQVLEOH D WRGRV /D RULHQWDFLyQ GLGiFWLFD GH HVWD REUD FRQVWLWX\y XQ REMHWLYR
LPSRUWDQWH VLJXLHQGR HQ pVWH FRPR HQ RWURV DVSHFWRV OD OtQHD GHO KXPDQLVPR (VWR
H[SOLFDTXHDOFDQ]DUDHQ(XURSDXQFRQVLGHUDEOHp[LWR\IXHUDXQDGHODVREUDVPiV
OHtGDVSRUSDUWHGHORVHVWXGLRVRVGHODODWLQLGDG
(UDVPRDOUHIHULUVHDODIiEXODHQORV$GDJLDXWLOL]DORVWpUPLQRVODWLQRVIDEXOD
IDEHOOD\DSRORJXVDVLJQiQGROHDOSULPHURGHHOORVIDEXODORVPLVPRVUHIHUHQWHVTXH
SRVHtDHQODOLWHUDWXUDODWLQD$GHPiVODLQFOXVLyQTXH(UDVPRKDFHGHODIiEXODHQOD
1RHVREMHWLYRGHHVWHDUWtFXORDQDOL]DUHVWHJpQHUROLWHUDULRVLQRHOXVRTXHGHOPLVPRVHKDKHFKRHQ
XQSHULRGRKLVWyULFRFXOWXUDOGHWHUPLQDGRFRPRHVHQHO5HQDFLPLHQWRDOHPiQ(QFXDOTXLHUFDVRVt
TXHUHPRVVHxDODUTXHFRQODGHQRPLQDFLyQIDEXODDORODUJRGHODKLVWRULDGHHVWHJpQHUROLWHUDULRVHKDQ
DERUGDGRRWUDVFRPSRVLFLRQHV\VHQWLGRVOLWHUDULRVSUy[LPRV7DODYHUDHOORH[SOLFDTXH
ODIiEXODVHD´XQJpQHURSRSXODU\WUDGLFLRQDOHVHQFLDOPHQWHCDELHUWRTXHYLYHHQLQÀQLWDVYDULDQWHVµ
5RGUtJXH]$GUDGRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
FROHFFLyQGHSURYHUELRVTXHFRQWLHQHODREUD$GDJLDVHH[SOLFDSRUODUHODFLyQTXHGHVGH
DQWLJXR VH HVWDEOHFtD HQWUH IiEXOD \ SURYHUELR \ TXH OD WUDGLFLyQ KXPDQLVWD UHIRU]y
D~QPiV7DQHVWUHFKDHVODYLQFXODFLyQHQWUHHVWRVGRVWpUPLQRVTXHODIiEXODSXHGH
H[SUHVDUVHHQXQSURYHUELRHQIRUPDGHPRUDOHMD\DVXYH]pVWHSXHGHJHQHUDUXQD
IiEXOD6HUUDQR
(OVHJXQGR-XDQGH9DOGpVUHFRJHWDPELpQODWUDGLFLyQUHQDFHQWLVWDTXHUHODFLRQD
SURYHUELRV \ UHIUDQHV \ D VX YH] pVWRV FRQ ODV IiEXODV HVySLFDV &RQ HVWH OHJDGR GH
JpQHURVOLWHUDULRV9DOGpVSURSRQHHQVXREUD'LiORJRGHODOHQJXDHOXVRGHORVUHIUDQHV
DQWLJXRVFRPRYHUGDGHURSDWULPRQLRGHODOHQJXDUHDODQWHODIDOWDGHEXHQDVREUDV\
DXWRUHVTXHPDUTXHQODGLUHFFLyQGHODSHUIHFFLyQHQODOHQJXDFDVWHOODQD/RVUHIUDQHV
HQVXRSLQLyQDXQTXHQDFLGRVGHOYXOJRVLQHPEDUJRVRQWHVWLPRQLRGHOXVRDXWpQWLFR
\JHQHUDOL]DGRGHFLHUWDVIRUPDVOp[LFDV\VLQWiFWLFDV%DUERODQL
(OUHFXUVRDORVUHIUDQHVTXHSUHVHQWD9DOGpVFRPRPHGLRGHPHMRUDUODOHQJXD
QRFDEHGXGDTXHHVXQDFODUDDOWHUQDWLYDDODE~VTXHGDGHODSHUIHFFLyQGHODOHQJXD
SRUODYtDGHOODWLQLVPR\FXOWLVPR9DOGpV
&RQ OD XWLOL]DFLyQ GHO UHFXUVR GH ORV UHIUDQHV 9DOGpV HV FRQVFLHQWH GH TXH
HQWURQFDFRQWRGDXQDWUDGLFLyQOLWHUDULDGHRULHQWDFLyQFRQFUHWD\UHDOTXHWDQWRHQ
HOSDVDGRpSRFDPHGLHYDOFRPRHQHOSUHVHQWHKDEtDWHQLGRVXp[LWR\HÀFDFLDHQHO
GHVDUUROORGHODOHQJXDHVSDxRODHQWpUPLQRVFRQFUHWRV\HQWpUPLQRVJHQHUDOHVKDEtD
HQULTXHFLGRODOHQJXDFRPRLQVWUXPHQWRGHFRPXQLFDFLyQWDOFRPR(UDVPRKL]RHQ
VXV$GDJLD/DSHVD
(QVXPDORTXHVHPDQLÀHVWDHQ9DOGpVDWUDYpVGHVXDPRU\DSUHFLRGHORV
UHIUDQHVHVODDWUDFFLyQTXHVLHQWHSRUODOHQJXDSRSXODU(QHOODYHODVREULHGDGGHO
HVWLOR\ODQLWLGH]HQODH[SUHVLyQTXHQRVRQPiVTXHUDVJRVQDWXUDOHVGHODSHUIHFFLyQ
GHODOHQJXD9DOGpV
3RU ~OWLPR 6HEDVWLiQ )UDQFN KXPDQLVWD DOHPiQ YLYLy FRPR
ORV GH VX JHQHUDFLyQ HQWUH HO DPELHQWH TXH GRPLQDED D ÀQDOHV GH OD (GDG 0HGLD
HO HVFRODVWLFLVPR \ OD LQÁXHQFLD GHO KXPDQLVPR TXH VHQWDED ODV EDVHV GH OD QXHYD
FXOWXUD6XDSRUWDFLyQGHVGHHOWHUULWRULRDOHPiQDOUHFXUVROLWHUDULRGHORVSURYHUELRV
KDVLGRVLJQLÀFDWLYDFRQODSXEOLFDFLyQGHXQDFROHFFLyQGHSURYHUELRV6SULFKZ|UWHU
HQHQ)UDQNIXUW)UDQFNpVWDIXHUHLPSUHVDYDULDVYHFHVFRQYDULDFLRQHV\
ORJUyWHQHUDPSOLDDFHSWDFLyQSUHFLVDPHQWHSRUHOFDUiFWHUSRSXODUTXH)UDQFNOHGLR
DHVWDREUD&iFHUHV\0DUWtQ*DLWHUR
(QODFRQWULEXFLyQGH)UDQFNDOJpQHURGHORVSURYHUELRVVHUHFRJHODWUDGLFLyQ
PHGLHYDO DOHPDQD HQ HVWH FDPSR SHUR WDPELpQ HV PDQLÀHVWD OD LQÁXHQFLD GH RWURV
KXPDQLVWDVHXURSHRVHQHVWDREUDFRPRODGH9LYHV\VREUHWRGRODGH(UDVPR
>«@\DTXHQRFUHHQHFHVDULRFLWDUHOQRPEUHGH(UDVPRSXHV>«@QRKD\UHIUiQWUDGXFLGRGHO
ODWtQTXHQRKD\DVLGRWRPDGRGHORV$GDJLDVHxDODGRV\FRPHQWDGRVDQWHULRUPHQWHSRU
(UDVPR*LOO\
&RQYLHQHVHxDODUÀQDOPHQWHTXHODDSRUWDFLyQOLWHUDULDGH)UDQFNDWUDYpVGH
VXFROHFFLyQGHSURYHUELRVD~QVLHQGRLPSRUWDQWHKDTXHGDGRUHOHJDGDDXQVHJXQGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
SODQR SRU KDEHU RFXSDGR XQ SULPHU SODQR VX FRQWURYHUWLGD SRVLFLyQ WHROyJLFD VX
UDGLFDOFUtWLFDDOD,JOHVLDLQVWLWXFLRQDOLQFOXLGDDODUHIRUPDGD.R\Up\VXV
RWUDVREUDVFRPR&KURQLFD\3DUDGR[DGHFDUiFWHUWHROyJLFRUHOLJLRVRTXHSURGXMHURQ
IXHUWHV UHDFFLRQHV HQWUH ORV UHVSRQVDEOHV GH ODV LJOHVLDV \ HQWUH ORV OtGHUHV GHO
SHQVDPLHQWRWHROyJLFRUHOLJLRVRGHOPRPHQWR
862'(/$)É%8/$&2025(&8562/,7(5$5,2(1(/5(1$&,0,(1
72$/(0É1
/D IiEXOD HV RWUR UHOHYDQWH UHFXUVR OLWHUDULR XWLOL]DGR HQ ORV OODPDGRV OLEURV
PLVFHOiQHDV \ ÁRULOHJLRV \ PX\ XWLOL]DGR SRU OD OLWHUDWXUD UHQDFHQWLVWD DOHPDQD (O
WpUPLQRGHODOHPiQDQWLJXR0LWWHOKRFKGHXWVFKCIDEHOHSURYLHQHGHOODWtQCIDEXOD
\ IXH FDOLÀFDGR SRU 3KDHGUXV FRPR XQ JpQHUR OLWHUDULR )DEXODH $HVRSLFDH /DV
)iEXODV GH (VRSR IXHURQ WUDGXFLGDV DO DOHPiQ SRU HO KXPDQLVWD DOHPiQ +HLQULFK
6WHLQK|ZHO\FX\DIDPDKDHVWDGRVLHPSUHUHODFLRQDGDFRQODWUDGXFFLyQ
GHGLFKDREUD/DSULPHUDWUDGXFFLyQGHODV )iEXODVGH(VRSRODKL]RHQODWtQDOHPiQ
HQODYHUVLyQWLWXODGD´8OPHU$HVRSµ\SXEOLFDGDSRUSULPHUDYH]HQHQ8OP
(Q ORV DxRV VLJXLHQWHV 6WHLQK|ZHO FRQWLQXy WUDGXFLHQGR ODV )iEXODV GH (VRSR DVt
FRPRRWUDVREUDVVLJQLÀFDWLYDVFRPRDOJXQDVGH3HWUDUFD\%RFFDFFLRORTXHKL]RTXH
VXVWUDEDMRVIXHUDQFRQRFLGRVHQ(XURSDHOORFRQWULEX\yDVXUHFRQRFLPLHQWRFRPR
UHOHYDQWHKXPDQLVWDDOHPiQPX\LQVSLUDGRSRUHO5HQDFLPLHQWRLWDOLDQR\GRWDGRGH
XQDVyOLGD\GLYHUVDIRUPDFLyQ
(OSURFHVRGHLQFRUSRUDFLyQGHODIiEXODDODOLWHUDWXUDDOHPDQDWRPDFXHUSR
HQOD(GDG0HGLDHQHOiPELWRJHUPiQLFRHQHVWDpSRFD\DH[LVWtDXQDULFDWUDGLFLyQ
HQ HVWH JpQHUR 'LFNH \ *UXEPOOHU \ VH OH DVLJQDED WDPELpQ XQD IXQFLyQ
*UXEPOOHU 'HVGH HVWRV DQWHFHGHQWHV \ EDMR HVWD LQÁXHQFLD VH H[SOLFD OD
SRVWHULRUFRQWULEXFLyQGH6WHLQK|ZHODOD)iEXOD<DHQHVWHWLHPSRHVWHJpQHUROLWHUDULR
VH H[SUHVDED SRU ORV WpUPLQRV EvVSHO R EvVKDI TXH HQ DOHPiQ PRGHUQR HTXLYDOHQ DO
WpUPLQRHMHPSOR$PERVWpUPLQRVPXHVWUDQTXHVHWUDWDGHXQDQDUUDFLyQHGXFDWLYD
/D SDODEUD EvVSHO LQGLFD OD UHODFLyQ HQWUH IiEXOD SDUiEROD \ UHIUiQ 6H UHÀHUH D XQD
QDUUDFLyQTXHQRVHUHSUHVHQWDDVtPLVPDVLQRTXHUHSUHVHQWDRWUDFRVDFX\RVHQWLGR
QRUHVLGHHQORTXHVHFXHQWD$OUHVSHFWR5HLQKDUG'LWKPDUVHxDODTXH´FRQFUHWDPHQWH
HQ HO VLJOR ;,,, VH GHVSUHFLy HO WpUPLQR VSHO SDVDQGR D VHU OR TXH QR WLHQH QLQJ~Q
VLJQLÀFDGRLPSOtFLWRRLQFOXVRXQDQDUUDFLyQGHVFDEHOODGDPLHQWUDVTXHEvVSHOPXHVWUD
ORYHUGDGHUREDMRHOHQYROWRULRGHORTXHHQWUHWLHQH7DPELpQODVSDUiERODV\DOHJRUtDV
EtEOLFDVVHGHQRPLQDQEvVSHO>«@(QOD/LWHUDUXUD0HGLHYDOVHGHQRPLQDQODVIiEXODV
GH(VRSRFRPREvVSHO'LWKPDU
7LHQHLQWHUpVDOUHVSHFWRHODUWtFXORGH*'LFNHVREUHHO(VRSRGH+6WHLQK|ZHOV/RFDOLÀFDGHLQWHUpV
XQLYHUVDO\GHPX\FRPSUHQVLEOHSDUDODSURVDDOHPDQD'LFNH
/DWUDGXFFLyQGHODFLWDKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV
HOVLJXLHQWH%HUHLWVLP-DKUKXQGHUWZLUGGHU%HJULIIVSHO(U]lKOXQJ%HULFKWDEJHZHUWHW]XUQLFKW
YHUEUJWHQXQGVRPLWXQZDKUHQRGHUVRJDUOJHQKDIWHQ(U]lKOXQJZlKUHQGEvVSHODOVGLH²YRQHLQHU
XQWHUKDOWVDPHQ+OOHXPJHEHQ²:DKUKHLWHUVFKHLQW$XFKGDVELEOLVFKH*OHLFKQLVZLUGEvVSHOJHQDQQW
>«@,QGHUPLWWHODOWHUOLFKHQ6SUXFKGLFKWXQJZHUGHQGLHlVRSLVFKHQ)DEHOQDOVEvVSHOEH]HLFKQHW
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
/DODUJDWUDGLFLyQGHODIiEXODHQ$OHPDQLD\HOLQWHUpVSRUVXYDORUHGXFDWLYR
HQpSRFDVGRQGHKDEtDXQDJUDQSUHRFXSDFLyQVRFLDOSRUODWUDGLFLyQFXOWXUDOKDFHTXH
DQDOLFHPRVHVWHJpQHUROLWHUDULRDWUDYpVGHOXVRTXHKL]RGHOPLVPR/XWHUR
(/ 862 '( /$ )É%8/$ &202 *e1(52 /,7(5$5,2 325 /87(52 <
0(/$1&+721
/XWHURHQWHQGLySHUIHFWDPHQWHTXHHOp[LWRGHVXPHQVDMHRUDO\HVFULWRUHVLGtD
HQKDFHUGHODOHQJXD\GHOOHQJXDMHXQYHUGDGHURLQVWUXPHQWRGHFRPXQLFDFLyQFRQ
VXVR\HQWHV\OHFWRUHVDWUDYpVGHODVIRUPDVOLWHUDULDVFRQYHQLHQWHVSDUDFRQYHUWLUOR
HQDWUDFWLYR
8QHMHPSORGHODFDOLGDGGHOOHQJXDMHHPSOHDGRSRU/XWHURVHYHUHÁHMDGRHQ
VXV&KDUODVGH6REUHPHVDRODV7LVFKUHGHQHQDOHPiQ\FX\DHGLFLyQIXHWDUGtDeVWDV
UHFRJHQXQDWHPiWLFDPX\YDULDGDVREUHGLVWLQWDVFXHVWLRQHVGHODYLGDGH/XWHUR\
TXHIXHURQUHFRUGDGDVSRUpVWHDQWHORVFRPHQVDOHVTXHIRUPDEDQXQFtUFXORIDPLOLDU
UHGXFLGR
(OYDORUGHHVWRVWH[WRVODV7LVFKUHGHQHVFRQVLGHUDEOH\UHÁHMDQELHQHOXVRGHO
OHQJXDMHSRUSDUWHGH/XWHUR(OKHFKRGHTXHpVWRVQRIXHUDQHVFULWRVGLUHFWDPHQWHSRU
pOQROHUHVWDQYDORU\DTXHORVFRSLVWDVGHORVWH[WRV²FRPRVHxDOD(JLGR²
>«@ ORV WUDQVFULELHURQ FRQ PLPR 3RU HVR HQ ODV HGLFLRQHV FUtWLFDV VH SXHGHQ FRQWUDVWDU ODV
ODJXQDV\GHIHFWRVGHVXVQRWDVDSUHVXUDGDV3HURWDPELpQJUDFLDVDVXFXLGDGRVHSXHGHJR]DU
GHHVWRVGLFKRVH[SUHVDGRVHQHVWLORWDQGH/XWHURHVGHFLUFRQWUD]RVTXHDYHFHVUD\DQHQ
OLULVPR\HQRWUDV²PXFKDV²RFDVLRQHVVHUHFUHDQHQUHVRUWHVGHOSHRUJXVWRFRQODLQHYLWDEOH
DSR\DWXUDHQODVUHIHUHQFLDVVH[XDOHV(JLGR
(VWH LQWHUpV GH DFHUFDU ORV WH[WRV D ORV OHFWRUHV OH OOHYy D /XWHUR D FXOWLYDU HO
JpQHURGHORVSURYHUELRVORVDGDJLRVORVUHIUDQHV\ODIiEXODFRQODÀQDOLGDGGHKDFHU
HOOHQJXDMHDFFHVLEOHFXHVWLyQTXHOHHUDIXQGDPHQWDOHQVXFRQFHSFLyQGHODOHQJXD
/DIiEXODHQWUHHVWRVUHFXUVRVOLWHUDULRVHUDSDUD/XWHURPX\DSUHFLDGRVREUH
WRGRSRUTXHOHYHtDXQDJUDQXWLOLGDGGLGiFWLFDFRPRPiVDGHODQWHVHLQGLFDUi6XLQWHUpV
SRUHVWHJpQHUROLWHUDULROHOOHYyDFRQRFHUORELHQ\DIDPLOLDUL]DUVHFRQHOPLVPR3RU
HOORVLQWLyXQDJUDQDGPLUDFLyQSRU(VRSRYDORUDQGRVXVHVFULWRVFRQVLGHUDEOHPHQWH
WUDGXFLHQGRVXVIiEXODVTXHSRURWUDSDUWHOHVLUYLHURQGHUHIHUHQWHHQVXVREUDV
3UXHED GH OD YDORUDFLyQ TXH KDFHQ WDQWR /XWHUR FRPR 0HODQFKWKRQ GH OD
XWLOLGDGGHODIDEXODFRPRUHFXUVRGLGiFWLFRHVVXSURSXHVWDGHXWLOL]DUODVIiEXODVGH
(VRSRHQODQXHYDRULHQWDFLyQGHODHQVHxDQ]DTXHSURSRQHODUHIRUPDSURWHVWDQWH$O
UHVSHFWRHVLOXVWUDWLYRHOVLJXLHQWHIUDJPHQWR
$VtVHJ~QORHVWDEOHFHQODV,QVWUXFFLRQHVSDUDORV9LVLWDGRUHVGHODV(VFXHODV3DUURTXLDOHVC8QWHUULFKW
GHU 9LVLWDWRUHQ DQ GLH 3IDUKHUUQ LP &KXUIUVWHQWKXPE ]X 6DFKVHQ ²GRFXPHQWR HVFULWR
FRQMXQWDPHQWHSRU/XWHUR\0HODQFKWKRQHQFRQHOÀQGHQRUPDUHOIXQFLRQDPLHQWRGH
HVWDVHVFXHODV²ODHGXFDFLyQEiVLFDGHEtDFRQVWDUGHWUHVHWDSDV(QODSULPHUDGHHOODVORVQLxRV
DSUHQGHUtDQDOHHU\HVFULELUHQODWtQHQULTXHFHUtDQVXYRFDEXODULR\VHOHVGLFWDUtDORVSULPHURV
UXGLPHQWRVGHJUDPiWLFD/DVHJXQGDHWDSDHVWDUtDGHGLFDGDSRUFRPSOHWRDODJUDPiWLFD\D
ODVSULPHUDVOHFWXUDVGHREUDVGHDXWRUHVFOiVLFRVFRPRSRUHMHPSORODVIiEXODVGH(VRSR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
)LQDOPHQWH HQ OD WHUFHUD HWDSD VH OHV GDUtD D ORV HVWXGLDQWHV REUDV GH DXWRUHV FRPR 9LUJLOLR
2YLGLR&LFHUyQ\VHOHVLQWURGXFLUtDDOHVWXGLRGHODOyJLFD\GHODUHWyULFD6XiUH]
)UXWRGHOLQWHUpVGH/XWHURSRUODIiEXODFRPRJpQHUROLWHUDULRHVVXWUDGXFFLyQ
GHODVIiEXODVGH(VRSRSDUDGLFKRWUDEDMRVHDSR\yHQWH[WRVDOHPDQHVSUHH[LVWHQWHV
DGHPiVGHWHQHUHQFXHQWDWDPELpQRWUDVREUDVHVFULWDVHQODWtQ
(QFXDQWRDOXVRTXH/XWHURKL]RGHODIiEXODpVWHVLJXLyODWUDGLFLyQUHQDFHQWLVWD
DOUHVSHFWRXWLOL]iQGRODVSDUDIDFLOLWDUODOHFWXUD\GLYXOJDUODVPRUDOHMDVFRQWHQLGDV
HQ ODV PLVPDV$SDUWH GH HVWD IXQFLyQ GLGiFWLFD JHQHUDO /XWHUR XWLOL]D HVWH UHFXUVR
OLWHUDULR SDUD FULWLFDU ODV FRQGXFWDV GH ORV SDSLVWDV GH GHWHUPLQDGRV SHUVRQDMHV
SROtWLFRV\UHOLJLRVRVGHGHWHUPLQDGRVVHFWRUHVGHODVRFLHGDGGHVXWLHPSRPHGLDQWH
H[SUHVLRQHVUHODFLRQDGDVFRQDQLPDOHVVDFDGRVGHODVIiEXODVGH(VRSR&RQHVWHXVR
/XWHURUHSURGXFHODSUiFWLFDKDELWXDOGHHVWHJpQHUROLWHUDULRTXHHMHPSOLÀFDPRGHORV
PRUDOHVWDQWRSDUDUHVDOWDUODVYLUWXGHVGHOVHUKXPDQRFRPRSDUDFULWLFDUODVPLVHULDV
GHODVFRQGXFWDVSRUVHUGHVDFHUWDGDV\FHQVXUDEOHV$EUDKDPHWDO
1RIDOWDQIUDJPHQWRVHQODVREUDVGH/XWHURHQORVTXHKDFHFUtWLFDGHGLIHUHQWHV
VLWXDFLRQHV\DWDOÀQXWLOL]DPRUDOHMDVGHULYDGDV\UHODFLRQDGDVFRQHOJpQHURGHODV
IiEXODV$PRGRGHHMHPSORSUHVHQWDPRVDOJXQRVIUDJPHQWRVGHREUDVGH/XWHURTXH
WHVWLPRQLDQHOREMHWLYR\ODÀQDOLGDGGHHVWHUHFXUVROLWHUDULR
2EUDC/DOLEHUWDGGHOFULVWLDQR9RQGHU)UHLKHLWHLQHV&KULVWHQPHQVFKHQ
0iV TXH REUD SRGUtD GHFLUVH REULOOD R WUDWDGLOOR 3HUWHQHFH D ORV HVFULWRV GH
UHIRUPD\VHFDUDFWHUL]DSRUFLHUWDRULHQWDFLyQPtVWLFD
/XWHURSODQWHDHQHVWHIUDJPHQWRHOSUREOHPDGHODMXVWLÀFDFLyQWHPDFHQWUDOGHVX
WHRORJtDHQORVVLJXLHQWHVWpUPLQRV\SUHFLVDPHQWHHVHQHVHFRQWH[WRHQHOTXHUHFXUUH
DODVIiEXODV\GH)HGUR
+RQRU WDO OR FRQVLJXH HO FULVWLDQR SRU OD IH VROR QR SRU REUDV %LHQ FODUR VH YH SRU OR GLFKR
FyPRHOFULVWLDQRHVWiOLEUHGHWRGRHVWiVREUHWRGDVODVFRVDVSRUORPLVPRQRWLHQHSUHFLVLyQ
GH UHFXUULU DO FRQFXUVR GH QLQJXQD EXHQD REUD SDUD VX MXVWLÀFDFLyQ \ VDOYDFLyQ OD IH VH OR
RWRUJDWRGRVREUHDEXQGDQWHPHQWH6LIXHVHWDQQHFLRFRPRSDUDSHQVDUTXHSXHGHFRQVHJXLU
ODVDQWLGDGODOLEHUWDGSRUXQDREUDEXHQDSHUGHUtDODIH\WRGRORGHPiVOHSDVDUtDH[DFWDPHQWH
LJXDOTXHDOSHUURTXHOOHYDEDXQDWDMDGDGHFDUQHHQODVIDXFHVTXLVRDWUDSDUODFDUQHTXHVHUHÁHMDEDHQ
HODJXD\VHTXHGyVLQODFDUQH\VLQVXUHÁHMR/XWHUR
2EUD C$ ORV PDJLVWUDGRV GH WRGDV ODV FLXGDGHV DOHPDQDV SDUD TXH FRQVWUX\DQ
\ PDQWHQJDQ HVFXHODV FULVWLDQDV $Q GLH 5DGVKHUUQ DOOHU 6WHGWH GHXWVFKHV /DQGV 'DV VLH
&KULVWOLFKH 6FKXOHQ DXIIULFKWHQ XQG KDOOWHQ VROOHQ 7DPELpQ HQ HVWH FDVR HV XQD
SHTXHxDREUD6HWUDWDGHXQDOHJDWRHQIDYRUGHODHGXFDFLyQTXHFRQVWLWX\yXQSLODU
IXQGDPHQWDOGHVXUHIRUPD
(QHOVLJXLHQWHIUDJPHQWR/XWHURDOKDFHUXQDIXHUWHFUtWLFDHQUHODFLyQDODPDOD
HQVHxDQ]DGHOODWtQSRUFXOSDGHSURIHVRUHVLJQRUDQWHVLQFRUSRUDODFRUUHVSRQGLHQWH
PRUDOHMDFRPRSDUWHGHODIiEXOD
(VWiPDUFDGRFRQFXUVLYDODSDUWHGHOWH[WRTXHFRUUHVSRQGHDGLFKRJHQHUROLWHUDULR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
¢1R KD VLGR XQD ODPHQWDEOH FDODPLGDG OR VXFHGLGR KDVWD DKRUD FXDQGR XQ PXFKDFKR WHQtD
TXHHPSOHDUYHLQWHDxRVRPiVSDUDDSUHQGHUXQODWtQWDQGHOH]QDEOHVyORSDUDKDFHUVHFXUD
R OHHU OD PLVD >«@ ¢4XLpQ HV HO FXOSDEOH GH OR RFXUULGR" 1R KDEtD PiV OLEURV TXH ORV QHFLRV
IUDLOHV \ ©VRÀVWDVª ¢4Xp RWUD FRVD SRGtD VDOLU TXH GLVFtSXORV \ PDHVWURV ]DÀRV FRPR ]DÀRV
HUDQORVOLEURVHQORVTXHWHQtDQTXHHVWXGLDU"8QJUDMRQRSXHGHFULDUSDORPDVQLXQORFRSHUVRQDV
LQWHOLJHQWHV/XWHUR
2EUDC'HODUWHGHWUDGXFLU6HQGEULHIYRP'ROPHWVFKHQ
(VWDREUDHVUHDOL]DGDEDMRODIRUPDOLWHUDULDGHHStVWROD\HQYLDGDDVXDPLJR
:HQFHVODR /LQN HQ HOOD WUDQVPLWH VX SHQVDPLHQWR DFHUFD GH OD WUDGXFFLyQ \ GH
OD H[pJHVLV (O RULJHQ GH OD REUD UHVLGH HQ OD SROpPLFD TXH /XWHUR PDQWXYR FRQ ORV
SDSLVWDV D SURSyVLWR GH KDEHU DxDGLGR CVyOR SRU OD IH D VX WUDGXFFLyQ GHO WH[WR GH
OD%LEOLD$UELWUDPXUKRPLQHQMXVWLÀFDULH[ÀGHDEVTXHRSHULEXV\DTXHDVtGLFH/XWHUR
ODOHQJXDUHVXOWDPiVLQJHQLRVD\DUPRQLRVDFRQODOHQJXDDOHPDQD5HVXOWDGRGHOD
IXHUWHDJUHVLYLGDGGH/XWHURDQWHHVWDVLWXDFLyQHVHOXVRIUHFXHQWHHQHVWDREUDGH
PRUDOHMDVQXHYDPHQWHYLQFXODGDVDIiEXODV9HDPRVGRVHMHPSORV
6LDOJXQDIDOWDKHFRPHWLGRGHORTXHQRWHQJRFRQFLHQFLDSXHVWRTXHDVDELHQGDVQLXQDOHWUD
KH WUDGXFLGR GH IRUPD LQH[DFWD D OR TXH QR HVWR\ GLVSXHVWR HV D WROHUDU TXH ORV SDSLVWDV VH
FRQVWLWX\DQHQMXHFHVVREUHHOORVXV©LMDLMDªVRQGHPDVLDGRÁRMRVSDUDMX]JDUPLVWUDGXFFLRQHV
6pPX\ELHQHODUWHODHQWUHJDHOVHQWLGRFRP~Q\ODLQWHOLJHQFLDTXHUHTXLHUHHOEXHQWUDGXFLU
GHHVWRVDEHQPHQRVHOORVTXHHODVQRGHOPROLQHURSXHVWRTXHQXQFDKDQSXHVWRPDQRDODREUD/XWHUR
(VWR\GHFLGLGRDVHJXLUGHVSUHFLiQGRORVPLHQWUDVVLJDQVLHQGRJHQWHTXLHURGHFLUERUULFRVGH
HVWDFDODxD3RUTXHHQWUHHOORVKD\LQVROHQWHVWDQGHVFDUDGRVFRPRHOGRFWRU6FKPLGWHOGRFWRU
5RW]O|IIHO \ VLPLODUHV TXH MDPiV KDQ DSUHQGLGR VX SURSLD FLHQFLD HV GHFLU OD FLHQFLD GH ORV
VRÀVWDV\VLQHPEDUJRVHODQ]DQFRQWUDPtHQHVWDVFRVDVTXHQRVyORVXSHUDQWRGDVRÀVWHUtD
VLQRTXHWDPELpQFRPRGLFH6DQ3DEORVHHQFXHQWUDQPX\SRUHQFLPDGHWRGDODVDELGXUtDGHO
PXQGR\GHODUD]yQ1RWLHQHTXHHVIRU]DUVHHODVQRSRUFDQWDUSRUTXHSRUODVRUHMDVVHOHGLVWLQJXH
LQPHGLDWDPHQWH/XWHUR
(Q OD KLVWRULD GH OD IRUPDFLyQ GH OD IiEXOD HVWiQ SUHVHQWHV WDQWR HOHPHQWRV
UHDOHVFRPRVLPEyOLFRVRÀFFLRQDOHVGHODVRFLHGDG$ODSDUWHÀFFLRQDO´VHOHVXSRQH
HOFDPXÁDJHRH[WUDYtRGHOVHQWLGRTXHHQFLHUUDµ&HUWHDX/DSUHVHQFLDGH
HVWRVGRVHOHPHQWRVSRUXQDSDUWHSXHGHFUHDUFRQIXVLyQDYHFHV\SRURWUDSXHGH
UHTXHULU HQ GHWHUPLQDGDV H[SUHVLRQHV LQWHUSUHWDFLyQ GH OR TXH UHDOPHQWH TXLHUH
VLJQLÀFDU
(VWD GREOH VLJQLÀFDFLyQ ²JpQHUR OLWHUDULR \ H[SUHVLyQ GH OD ÀFFLyQ OLWHUDULD
R GLVFXUVR LUUHDO² ´KD FRQGXFLGR HQ RSLQLyQ GH 'LWKPDU KDVWD QXHVWUR VLJOR D
PDOHQWHQGLGRVDFDXVDGHORVFXDOHVODVIiEXODVGH(VRSRVXIULHURQLQMXVWDPHQWHHO
GHVFUpGLWRµ'LWKPDU
/XWHUR VXSHUy OD FRQIXVLyQ HQWUH HO FRQFHSWR GHO JpQHUR GH OD IiEXOD \ HO GH
OD FUHDFLyQ ÀFFLRQDO DO DXQDU FUtWLFD GH OD UHDOLGDG \ YDORU GLGiFWLFR GH HVH JpQHUR
/DWUDGXFFLyQGHODFLWDKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV
HOVLJXLHQWH´'LHVH'RSSHOEHGHXWXQJ²*DWWXQJVEH]HLFKQXQJXQG$XVGUXFNIUHUGLFKWHWHXQZDKUH
5HGH²KDWELVXQVHU-DKUKXQGHUWLPPHUZLHGHU]X0LȕYHUVWlQGQLVVHQJHIKUWGXUFKZHOFKHGLHlVR
SLVFKH)DEHO]XXQUHFKWLQ0LȕNUHGLWJHULHWµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
OLWHUDULR6LQHPEDUJRHVXQDFRQIXVLyQLQMXVWLÀFDGD\DTXHHQDPERVFDVRVVHFULWLFD
ODUHDOLGDG$OUHVSHFWRGHQXHYRVHxDOD5KHLQKDUG'LWKPDU
(QFRQFOXVLyQIiEXOD\UHDOLGDGQRWLHQHQSRUTXpFRQWUDSRQHUVH\/XWHURORWXYRHQFXHQWD
SDUDTXHVXWUDGXFFLyQGHOD%LEOLDIXHUDGLGiFWLFDPHQWHHIHFWLYD$VtHQODWUDGXFFLyQOXWHUDQD
GHOD6HSWXDJpVLPDODSDODEUDJULHJDCP\WKRVVHWUDGXMRSRUHOWpUPLQRCIDEXODFXDQGRVH
WUDWDGHODQDUUDFLyQPRUDOL]DQWHGHGLFKRWH[WREtEOLFR'LWKPDU(QUHODFLyQDOR
DQWHULRU5HLQKDUG'LWKPDUPHQFLRQDHOUHVXOWDGRDOTXHOOHJy$GROI-OLFKHUHQVXPRQXPHQWDO
REUD'LH*OHLFKQLVUHGHQ-HVXFXDQGRGLFHTXH´GHKHFKRSHUWHQHFHDODHVHQFLDGHODIiEXODHO
TXHDFWXDOLFHXQVXFHVRSDVDGR\DFDEDGRHOTXHFRPXQLTXHODUHDOLGDGGHOPLWRµ-OLFKHU
/$,1)/8(1&,$'((6232(1(/862'(/$)É%8/$325/87(52
(VRSR JR]DED GH XQD JUDQ LQÁXHQFLD HQ OD VRFLHGDGGH OD pSRFD JUDFLDV D OD
FREHUWXUDTXHOHGDEDQODVIiEXODV3DUD/XWHUR(VRSRHUDPXFKRPiVTXHHOFUHDGRU
GHODVIiEXODV5HSUHVHQWDEDSRUXQDSDUWHHOPRGHORGHFUtWLFDDODVRFLHGDGGHOD
pSRFD\SRURWUDHUDHODXWRUGHIiEXODVFRQODVTXHHGXFDUDQLxRVHQODYHUGDG\HO
DPRU DO DUWH )XH OR PLVPR TXH UHDOL]y +HLQULFK +HLQH FRQ VX :LQWHUPlUFKHQ SDUD
FULWLFDUODVRFLHGDGDOHPDQDVLQVHUFHQVXUDGR
3UHFLVDPHQWH GHELGR D OD DGPLUDFLyQ TXH /XWHUR VHQWtD SRU (VRSR VH ÀMy HO
REMHWLYRGHGHSXUDUODWUDGXFFLyQGHODV)iEXODVGH(VRSRTXHKL]R6WHLQK|ZHOORTXH
OHOOHYDUtDDSXEOLFDUXQOLEURTXHFRQWXYLHUDDTXHOODVIiEXODVPiVHVHQFLDOHV\~WLOHV
\TXHHVWXYLHUDQDOQLYHOGHODIHUHOLJLRVDDXQTXHKLFLHUDQUHtU3RUHVWRVHKDGLFKR
TXH/XWHUR´TXLHUHFRPSOHWDUVXSURSLR(VRSRHO(VRSRSXURTXHUHFRPLHQGDDWRGRV
ORVFRUD]RQHVSLDGRVRVHQOXJDUGHO(VRSRDOHPiQ\SHFDPLQRVRFRQXQD9LWD(VRSLµ
'LWKPDU(OOLEURDSDUHFLySRUSULPHUDYH]HQHQHOTXLQWRYROXPHQGH
VXHGLFLyQGH-HQDFRQHOWtWXOR/DVIiEXODVFRPSOHWDVGH(VRSRYHUWLGDVDO$OHPiQSRU
'0/FRQXQDFXLGDGDLQWURGXFFLyQSDUDHOXVR\VDWLVIDFFLyQGHGLFKROLEURSRUWRGD
SHUVRQDGHFDGDHVWDPHQWRSDUDTXHOROHDQFRQGHOHLWH\DSURYHFKDPLHQWR
1RFDEHGXGDSXHVGHODLPSRUWDQFLDGHOVLJQLÀFDGRSROtWLFRGHODÀJXUDGH(VRSR
QLGHVXXWLOL]DFLyQFRQÀQHVUHOLJLRVRV6LQHPEDUJR/XWHURFRQFLELyHVWRVREMHWLYRV
FRQ DPELFLyQ WDO TXH GHVHy TXH HVH OLEUR IXHUD OHtGR SRU WRGRV ORV PLHPEURV GH OD
VRFLHGDG
,1)/8(1&,$'(/$)É%8/$(1/$/$%2575$'8&725$'(/87(52
(O LQWHUpV TXH OD IiEXOD GHVSHUWy HQ /XWHUR VH YLR UHÁHMDGR HQ VX ODERU GH
WUDGXFFLyQ6XE~VTXHGDSRUODVHQFLOOH]GHOOHQJXDMH\TXHIXHUDDFFHVLEOHDOSXHEOR
/DWUDGXFFLyQGHODFLWDODKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV
HOVLJXLHQWH´JHK|UWHV]XP:HVHQGHU)DEHOGDȕVLH9HUJDQJHQHV9ROOHQGHWHVEHLEULQJWGDȕVLHLKUHP
0\WKXVNXKQGHU:LUNOLFKNHLW]XWHLOWµ
/DWUDGXFFLyQGHODFLWDODKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQ
HVHOVLJXLHQWH´'HQQHU/XWHURZLOOVHLQHQHLJHQHQGHQJHUHLQLJWHQ(VRSXVGHQHUDOOHQCIURPPHQ
+HU]HQDQ6WHOOHGHVC'HXGVFKHQVKlQGOLFKHQ(VRSXP6WHLQK|ZHOVHPSÀHOWGXUFKHLQH9LWD(VRSL
HUJlQ]HQµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
OHOOHYyDXWLOL]DUDOPi[LPRHQODWUDGXFFLyQDTXHOORVJpQHURVOLWHUDULRVTXHIDFLOLWDUDQ
GLFKR REMHWLYR HQWUH ORV TXH HVWi OD IiEXOD /D WUDGXFFLyQ GH OD %LEOLD D OD OHQJXD
DOHPDQDVHUiODRFDVLyQ
/RV GRV FULWHULRV R SULQFLSLRV TXH RULHQWDQ OD REUD GH WUDGXFFLyQ GH /XWHUR
VRQ QRDOHMDUVHGHODOHWUD\DOPLVPRWLHPSRSUHVFLQGLUGHODPDWHULDOLGDGGHODOHWUD
*DUFtD<HEUD6LJXLHQGRHVWRVGRVFULWHULRV/XWHURHVFRQVFLHQWHGHTXH
ODVHQVHxDQ]DVTXHDEXQGDQHQOD%LEOLDDOLJXDOTXHHQODIiEXODQRUDGLFDQVRORHQOR
TXHVHGLFHQLHQORTXHHVWiHQHOWH[WR3RUHOOR/XWHURVHxDODTXHODVWUDGXFFLRQHVQR
GHEHQRVFXUHFHUHOVLJQLÀFDGRPHWDIyULFRGHODVDOHJRUtDV\SDUiERODVHVSHFLDOPHQWH
ODVGHOD%LEOLDSRUHVR´GHÀHQGHVLQDPEDMHVHQORV6XPDULRVVREUHORVVDOPRV\FDXVDV
GHODWUDGXFFLyQTXH©QRHVHOVHQWLGRTXHGHEHVHUYLUDODVSDODEUDVVLQRODVSDODEUDVDO
VHQWLGRªµ%UDQGHQEHUJHU
(VWDIRUPDGHHQWHQGHU/XWHURODWUDGXFFLyQOHOOHYDDXWLOL]DUHQVXWUDGXFFLyQ
EtEOLFDXQDOHPiQFHUFDQRDOKRPEUHVHQFLOORTXHDSHODUDDVXVFRQRFLPLHQWRVSUHYLRV
\ D VX H[SHULHQFLD FRWLGLDQD \ GRQGH OR IDEXORVR LQWHUHVDQWH \ HPRFLRQDQWH KLFLHUD
FUHtEOH HO PLWR (Q HO VLJXLHQWH IUDJPHQWR GH VX REUD (O DUWH GH WUDGXFLU /XWHUR GHMD
WUDVOXFLUSHUIHFWDPHQWHVXIRUPDGHHQWHQGHU\GHUHDOL]DUHOXVRGHODOHQJXDHQHVWH
FDVRGHODOHQJXDDOHPDQDSDUDTXHWRGRVOHHQWLHQGDQ
1RKD\TXHVROLFLWDUDHVWDVOHWUDVODWLQDVFyPRKD\TXHKDEODUHODOHPiQTXHHVORTXHKDFHQ
HVRVERUULFRVDTXLHQHVKD\TXHLQWHUURJDUHVDODPDGUHHQODFDVDDORVQLxRVHQODFDOOHDO
KRPEUHFRUULHQWHHQHOPHUFDGR\GHGXFLUVXIRUPDGHKDEODUÀMiQGRVHHQVXERFD'HVSXpVGH
KDEHUKHFKRHVWRHVFXDQGRVHSXHGHWUDGXFLUVHUiOD~QLFDPDQHUDGHTXHFRPSUHQGDQ\GH
TXHVHGHQFXHQWDGHTXHVHHVWiKDEODQGRFRQHOORVHQDOHPiQ/XWHUR
/$)É%8/$<68862','É&7,&2
/XWHURFRQWULEX\yDPRVWUDUODXWLOLGDGGLGiFWLFDGHXQJpQHURFRPRODIiEXOD
TXHSHUVLJXHFRPRREMHWLYRIDYRUHFHUHOFRQRFLPLHQWRGHODOHQJXD\HOVHQWLGRFUtWLFR
H[SUHVDGR PHGLDQWH OD PRUDOHMD GH OD IiEXOD 3RU HOOR /XWHUR FRQVLGHUy ODV IiEXODV
FRPRXQPDWHULDOGLGiFWLFR~WLOSDUDHODXODDOIDFLOLWDUHODSUHQGL]DMHGHODOHQJXD
IDYRUHFHUHOGHVDUUROORGHOVHQWLGRFUtWLFRHQORVDOXPQRV\PRVWUDUHOYDORUPRUDOL]DQWH
GHODVFRQGXFWDVFRPRDSDUHFHHQVXREUD7LVFKUHGHQ&KDUODVGHVREUHPHVDDOUHODWDU
KLVWRULDVFRUWDVGHHVWDQDWXUDOH]DFRPRDQWHULRUPHQWHKL]R(UDVPRGH5RWHUGDPHQ
VXV$GDJLD
&RKHUHQWHPHQWHFRQHOYDORUTXH/XWHUR\0HODQFKWRQOHDWULEX\HQDODIiEXOD
SRUVHUXQEXHQLQVWUXPHQWRGLGiFWLFRSDUDODHGXFDFLyQGHORVDOXPQRVWLHQHQPX\HQ
FXHQWDGLFKDHVWLPDHLQFOX\HQODHQVHxDQ]DGHODVIiEXODVGH(VRSRHQHOFXUULFXOXP
HVFRODUGHODHVFXHODDOHPDQDUHIRUPDGD1RFDEHGXGDTXHODFRKDELWDFLyQHQODIiEXOD
GHHOHPHQWRVUHDOHV\GHÀFFLyQSXHGHIRPHQWDUODFUHDWLYLGDGHQODHVFXHOD\IDYRUHFH
WDPELpQ OD SUHSDUDFLyQ SDUD OD YLGD UHDO 3RVLEOHPHQWH pVWRV \ HO UHVWR GH DVSHFWRV
VHxDODGRVHQHODUWtFXORH[SOLTXHQODSHUYLYHQFLDGHHVWHJpQHURDORODUJRGHOWLHPSR
5RGUtJXH]$GUDGRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD
&21&/86,Ð1
(OUHFXUVRDODIiEXODFRPRJpQHUROLWHUDULR\VXXVRGLGiFWLFRGHVGHODSHUVSHFWLYD
FXOWXUDOGHORVUHQDFHQWLVWDV\UHIRUPLVWDVDOHPDQHVHQWUHORVTXHVREUHVDOHQ/XWHUR
\ 0HODQFKWRQ KD FRQWULEXLGR D FRPSUHQGHU VX YDORU HGXFDWLYR \ D VHU WUDQVPLVRUD
GHODYHUGDGGHODYLGD/DQHFHVLGDGGHUHODFLRQDUHOPXQGRUHDO\HOPXQGRGHOD
HGXFDFLyQ HQ HO TXH VH XWLOL]DQ HOHPHQWRV VLPEyOLFRV \ ÀFWLFLRV SDUD HO DSUHQGL]DMH
HVLQWUtQVHFRDODYLVLyQGHODIiEXODHQJHQHUDO\WDPELpQDODYLVLyQOXWHUDQDGHOD
IiEXOD
%,%/,2*5$)Ì$
%DUERODQL & ´,QWURGXFFLyQµ HQ - GH 9DOGpV 'LiORJR GH OD OHQJXD 0DGULG
(GLFLRQHV&iWHGUD
%UDQGHQEHUJHU7´,QWURGXFFLyQµHQ0/XWHUR&DUWDVREUHHODUWHGHWUDGXFLU
0DGULG&DSDUUyV(GLWRUHV
&iFHUHV , \ 0DUWtQ*DLWHUR 5 ´/RV UHIUDQHV ÁDPHQFRV GH 3LHWHU %UXHJHOµ
5HYLVWD3DUHPLDQ
&HUWHDX0/DIiEXODPtVWLFDVLJORV;9,;9,,0DGULG(GLFLRQHV6LUXHOD
'LFNH * +HLQULFK 6WHLQK|ZHOV (VRSXV XQG VHLQHU )RUWVHW]HU 8QWHUVXFKXQJHQ ]X
HLQHP%XFKHUIROJGHU)UKGUXFN]HLW7ELQJHQ1LHPH\HU
'LFNH*\*UXEPOOHU.'LH)DEHOQGHV0LWWHODOWHUVXQGGHU)Uq+HUHQ1HX]HLW(LQ
.DWDORJGHUGHXWVFKHQ9HUVLRQHQXQGLKUHUODWHLQLVFKHQ(QWVSUHFKXQJHQ0QFKHQ
)LQN
'LWKPDU5'LH)DEHO3DGHERUQ)HUGLQDQG6FK|QLQJK
(JLGR7HG/XWHUR2EUDV6DODPDQFD(GLFLRQHV6tJXHPH
)UDQFN66SULFKZ|UWHU6FK|QH:HLVH+HUUOLFKH&OXJUHGHQXQG+RIIVSUXFK
UHSURGXFFLyQGHODHG)UDQNIXUWFRQXQSUHIDFLRGH:ROIJDQJ0LHGHU
+LOGHVFKHLP2OPV
*DUFtD<HEUD9´/XWHURWUDGXFWRU\WHyULFRGHODWUDGXFFLyQµ5HYLVWD$UERU
7RPR&,,Q0DU]R
*LOO\&´(UDVPROD5HIRUPDUDGLFDO\ORVKHWHURGR[RVUDGLFDOHVHVSDxROHVµ
HQ70DUWtQH]5RPHUR(GLWRU/HVOOHWUHVKLVSDQLTXHVDOVVHJOHV;9,;9,,L;9,,,
&DVWHOOyGHOD3ODQD3XEOLFDWLRQVGHOD8QLYHUVLWDW-DXPH,
*UDQH / 0RGXV /RTXHQGL 7KHRORJLFXV /XWKHUV .DPSI XP GLH (UQHXHUXQJ GHU
7KHRORJLH/HLGHQ(-%ULOO
*UXEPOOHU.0HLVWHU$HVRSXV8QWHUVXFKXQJHQ]X*HVFKLFKWHXQG)XQFWLRQLP
0LWWHODOWHU=ULFK0QFKHQ$UWHPLV
-DQVVHQ-´/DFXOWXUDDOHPDQDDQWHV\GHVSXpVGH/XWHURµHQ+LVWRULD8QLYHUVDO
9RO9,,,ELV%DUFHORQD/LEUHUtD5HOLJLRVD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
-XDQ/XLV0RQUHDO3pUH]
-OLFKHU$'LH*OHLFKQLVUHGHQ-HVX=ZHL7HLOHLQHLQHQ%DQG'DUPVWDGW,PSUHVLyQ
UHSURJUDÀDGDGHODHGLFLyQGHGRVYRO~PHQHV(GLFLyQ
.R\Up$0tVWLFRV(VSLULWXDOHV\$OTXLPLVWDVGHOVLJOR;9,DOHPiQ0DGULG$NDO
/DSHVD5´,QWURGXFFLyQµ6HOHFFLyQHVWXGLR\QRWDVHQ-GH9DOGpV'LiORJR
GHODOHQJXD=DUDJR]D(GLWRULDO(EUR
/LOMH+/XWHUR%DUFHORQD6DOYDW(GLWRUHV
/XWHUR 0 2EUDV (GLFLyQ SUHSDUDGD SRU 7 (JLGR 6DODPDQFD (GLFLRQHV
6tJXHPH
0RQUHDO - / ´-XDQ GH 9DOGpV KXPDQLVWD \ OLQJLVWDµ 5HYLVWD &XDGHUQRV GHO
,QVWLWXWR+LVWRULDGHOD/HQJXD
0RQUHDO-/´/DSHUVSHFWLYDUHOLJLRVD\HOXVRGHODOHQJXDHQ/XWHURµ5HYLVWD
)XWKDUN
0RXUHOOHGH/HPD0´)XQGDPHQWRVÀORVyÀFRVGHO+XPDQLVPRGH9LYHVµHQ
-XDQ/XLV9LYHV0DGULG*UXJDOPD
2UWHJD$)UD\/XLVGH/HyQKXPDQLVWD6DODPDQFD(GLWRULDO&(,$6
3DULV & ´9LYHV \ OD IRUPDFLyQ GHO VDEHU PRGHUQRµ HQ $QDOHV GH OD &iWHGUD
)UDQFLVFR6XDUH])DVF8QLYHUVLGDGGH*UDQDGD
5RGUtJXH]$GUDGRV)+LVWRULDGHODIiEXODJUHFRODWLQD0DGULG(GLWRULDOGHOD
8QLYHUVLGDG&RPSOXWHQVH
6HUUDQR$´/DIiEXODJUHFRODWLQDHQORV$GDJLDGH(UDVPR\VXLQÁXHQFLDHQHO
KXPDQLVWD)HUQDQGRGH$UFHµ5HYLVWD0\UWLD
6XiUH]57´(OVHQWLGRKLVWyULFRGHOSUR\HFWRHGXFDWLYRGH/XWHURµ,5HYLVWD
)UyQHVLV9RO
KWWSZZZUHYLVWDVOX]HGXYHLQGH[SKSIURQHDUWLFOHYLHZ
&RQVXOWDGRHQQRYLHPEUHGH
7DODYHUD6/DIiEXODHVySLFDHQ(VSDxDHQHOVLJOR;9,,,&XHQFD(GLFLRQHVGHOD
8QLYHUVLGDG&DVWLOOD/D0DQFKD
9DOGpV-´'LiORJRGHODOHQJXDµHQ2EUDV&RPSOHWDV,'LiORJRV(VFULWRVHVSLULWXDOHV
&DUWDV0DGULG(GLFLRQHVGHOD)XQGDFLyQ-RVp$QWRQLRGH&DVWUR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
81$6(/(&&,Ð1'()É%8/$6'((6232<'(/$3267(5,25
75$',&,Ð1(63$f2/$$1É/,6,6<326,%,/,'$'(6','É&7,&$6
'(/$60,60$6(1/$6$8/$6'(('8&$&,Ð135,0$5,$
$1'5e60217$1(5%8(12
8QLYHUVLGDGGH0XUFLD
5HVXPHQ
(QODSUHVHQWHLQYHVWLJDFLyQHVQXHVWURREMHWLYROOHYDUDFDERXQDQiOLVLVGHODVIiEXODVGH(VRSR\GHODV
GHDOJXQRVIDEXOLVWDVGHODWUDGLFLyQHVySLFDHVSDxRODORVFXDOHVKDQFRQWULEXLGRDFUHDU\DFRQIRUPDU
WRGDXQDVHULHGHHVWHUHRWLSRVFXOWXUDOHV\VRFLDOHVHQWRUQRDORVTXHVHKDFRQÀJXUDGRXQGLVFXUVRTXH
OHJLWLPD\IDYRUHFHODLGHRORJtDGHODVFODVHVGHPD\RUSRGHUGHODVRFLHGDGRFFLGHQWDO6LUYLpQGRQRVGH
VXVFRPSRVLFLRQHVODVHPSOHDUHPRVHQODVFODVHVGH(GXFDFLyQ3ULPDULDFRPRUHFXUVRSDUDGHVDUUROODU
HQ HO DOXPQDGR ODV FRPSHWHQFLDV VRFLRFXOWXUDO H LQWHUFXOWXUDO (Q HVWH VHQWLGR SURSRQHPRV DOJXQDV
FXHVWLRQHVGLULJLGDVDTXHORVHVWXGLDQWHVUHFRQR]FDQ\DFHSWHQHOSOXUDOLVPRVRFLDO\UDFLDOFRPRXQD
UHDOLGDGSRVLWLYDSURSLDGHQXHVWURVLJOR
3DODEUDVFODYH)iEXODV(VRSRHVWXGLRVFXOWXUDOHVWUDGLFLyQIDEXOtVWLFDHVSDxRODGLGiFWLFDGHODOLWHUD
WXUDHGXFDFLyQHQYDORUHV
$EVWUDFW
7KH SXUSRVH RI WKLV UHVHDUFK LV WR DQDO\]H WKH$HVRS·V IDEOHV DQG VRPH$HVRSLDQ 6SDQLVK IDEXOLVWV
ZKLFKKDYHKHOSHGWRFUHDWHDQGVKDSHDUDQJHRIFXOWXUDODQGVRFLDOVWHUHRW\SHVDURXQGZKLFKVHWD
GLVFRXUVHWKDWOHJLWLPDWHVDQGSURPRWHVWKHLGHRORJ\RIWKHPRVWSRZHUIXOFODVVHVRI:HVWHUQVRFLHW\
8VLQJWKHVHFRPSRVLWLRQVZHZLOOHPSOR\WKHPLQ(OHPHQWDU\(GXFDWLRQFODVVHVDVDUHVRXUFHIRUVWX
GHQWVWRGHYHORSVNLOOVLQVRFLRFXOWXUDODQGLQWHUFXOWXUDO7KHUHE\ZHSURSRVHVRPHTXHVWLRQVDGGUHVVHG
WRVWXGHQWVWRUHFRJQL]HDQGDFFHSWVRFLDODQGUDFLDOSOXUDOLVPDVDSRVLWLYHUHDOLW\RIRXURZQFHQWXU\
.H\ZRUGV$HVRS·V)DEOHVFXOWXUDOVWXGLHV6SDQLVKIDEXOLVWLFWUDGLWLRQGLGDFWLFOLWHUDWXUHYDOXHVHGX
FDWLRQ
,1752'8&&,Ð1
7HQLHQGRHQFXHQWDTXHXQJpQHURFRPRODIiEXODKDOOHJDGRKDVWDQXHVWURVGtDV
KDELHQGRQDFLGRDSUR[LPDGDPHQWHHQHOVLJOR9,D&HVWRHVFXHQWDFRQXQDYLGD
GHPiVGHYHLQWLVpLVVLJORVVHFRPSUHQGHUiHQVHJXLGDODLPSRUWDQFLDTXHXQWHPD
&RUUHRHDQGUHVBUD\RV#KRWPDLOFRP5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QGUpV0RQWDQHU%XHQR
FRPRpVWHSXHGHVXVFLWDUHQHOLQYHVWLJDGRUOLWHUDULR$HVWHSURSyVLWRYDPRVDHQIRFDU
QXHVWUDFRPXQLFDFLyQVREUHODIiEXODHQGRVVHQWLGRVPX\GLIHUHQWHV(OSULPHURGHHOORV
VHUiSXUDPHQWHOLWHUDULR\ORGHGLFDUHPRVDUHÁH[LRQDUWHyULFDPHQWHVREUHODIiEXOD
FRPRPDQLIHVWDFLyQOLWHUDULD\VREUH(VRSRFRPRSULPHUDXWRURFFLGHQWDODOTXHVHOH
DWULEX\HQHVWHWLSRGHFUHDFLRQHV$SDUWLUGHpOLUHPRVWUD]DQGRPX\VXFLQWDPHQWHXQ
UHFRUULGRSRUODWUDQVPLVLyQGHVXIDEXOtVWLFDDRWURVDXWRUHVHXURSHRVSDUDWHUPLQDU
VXEUD\DQGRODLPSRUWDQFLDTXHWXYRHQODWUDGLFLyQHVSDxRODGHORVVLJORV;9,,,\;,;
FRQWDQGRFRQODSUHVHQFLDGHDXWRUHVWDQGHVWDFDGRVFRPR7RPiVGH,ULDUWH)pOL[0DUtD
GH6DPDQLHJR5DPyQGH&DPSRDPRUR-XDQ(XJHQLRGH+DUW]HQEXVFK(OVHJXQGR
LUiPiVUHODFLRQDGRDOGHVDUUROORGHXQDSURSXHVWDHGXFDWLYDPHGLDQWHHOHPSOHRGH
IiEXODVHQODVDXODVGH(GXFDFLyQ3ULPDULD$VtSDUWLHQGRGHORVHVWHUHRWLSRVQHJDWLYRV
TXH DSDUHFHQ HQ DOJXQDV IiEXODV HVySLFDV \ TXH VRQ UHFRJLGRV HQ PD\RU R PHQRU
PHGLGD SRU ORV DXWRUHV HVSDxROHV DQWHULRUPHQWH PHQFLRQDGRV WUDWDPRV GH RIUHFHU
XQD VHULH GH FXHVWLRQHV TXH VH UHÀHUHQ D iPELWRV FRQWURYHUWLGRV \ TXH VH SODQWHDQ
HQIRFDGRVDODHGXFDFLyQHQYDORUHVDWUDYpVGHOGHEDWHHQODVDXODV
/$)É%8/$&2020$1,)(67$&,Ð1/,7(5$5,$
(QHVWHDSDUWDGRTXHFRPHQ]DPRVHVQXHVWURREMHWLYRHVWXGLDUFXDWURDVSHFWRV
TXHVHUHODFLRQDQFRQODIiEXODFRPRPDQLIHVWDFLyQOLWHUDULDODFXDOKDOOHJDGRKDVWD
QXHVWURVGtDVGHPX\GLYHUVDVPDQHUDV(QSULPHUOXJDUYDPRVDFHQWUDUQRVHQTXp
HV OR TXH OD FUtWLFD OLWHUDULD HQWLHQGH SRU IiEXOD HQ VHJXQGR OXJDU LQYHVWLJDUHPRV
DFHUFD GH VXV RUtJHQHV HQ WHUFHU OXJDU GH TXp PDQHUD VH KDQ SUHVHQWDGR VXV WLSRV
DUJXPHQWDOHVDORODUJRGHODKLVWRULDOLWHUDULD\VXUHODFLyQFRQRWURVWH[WRVOLWHUDULRV
\HQ~OWLPROXJDUHOYDORUTXHWLHQHQORVSHUVRQDMHVTXHDSDUHFHQHQHOODV7RGRHOOR
VH KDUi WHQLHQGR HQ FXHQWD DVLPLVPR OD FRQWLQXLGDG HVHQFLDO GHO PXQGR FXOWXUDO
IDEXOtVWLFRHQ2FFLGHQWHHQGLVWLQWDVpSRFDV\OXJDUHV
&RPHQ]DQGR SRU RIUHFHU XQD GHÀQLFLyQ GH IiEXOD YDPRV D DGVFULELUQRV D OD
RIUHFLGDSRU/ySH]&DVLOGRTXLHQVHxDODTXHODPLVPDHV´XQDFRPSRVLFLyQ
OLWHUDULD HQ SURVD R HQ YHUVR HQ TXH PHGLDQWH XQD ÀFFLyQ GH WLSR DOHJyULFR \ OD
SHUVRQLÀFDFLyQ GH DQLPDOHV LUUDFLRQDOHV REMHWRV LQDQLPDGRV R LGHDV DEVWUDFWDV VH
LQWHQWDGDUXQDHQVHxDQ]DSUiFWLFDDYHFHVLQFOXVRFRQODLQWHUYHQFLyQGHSHUVRQDMHV
KXPDQRV\GLYLQRVµ6HWUDWDGHXQDFRPSRVLFLyQGHFDUiFWHUHMHPSODUIRUPDGDSRUXQ
UHODWRJHQHUDOPHQWHEUHYHDOTXHVLJXHXQFRQVHMRPRUDORUHJODGHFRPSRUWDPLHQWR
PRUDOHMD GLULJLGD D HQVHxDU XQ SULQFLSLR JHQHUDO GH FRQGXFWD SUHVHQWDQGR XQ
PRGHORHVSHFtÀFRGHFRPSRUWDPLHQWR/DFXHVWLyQFRQWURYHUWLGDHVWiFRPRYHUHPRV
PiV DGHODQWH HQ TXH D OD KRUD GH ÀMDU HO HMHPSOR GH FRQGXFWD LQÁX\y VLQ GXGD HO
SHQVDPLHQWR GHO SRGHU JREHUQDQWH GH FDGD pSRFD FRQ VXV LQWHUHVHV SDUWLFXODUHV H
LGHROyJLFRV(VWHKHFKRKL]RGHODPRUDOHMDHQRFDVLRQHVXQÀMDGRUGHHVWHUHRWLSRV
QHJDWLYRVTXHSRUODUD]yQGHYHQLUDUJLGRSRUXQDDXWRULGDGOLWHUDULDIXHDVXPLGR
SRUODVSHUVRQDVTXHOHtDQRHVFXFKDEDQODPLVPD
&RQUHVSHFWRDORVRUtJHQHVGHODIiEXODKHPRVGHVHxDODUTXHVHWUDWDGHXQ
DVXQWRPX\FRQWURYHUWLGR\DTXHGXUDQWHPXFKRWLHPSRODFUtWLFDKDHVSHFXODGRVREUH
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
HO PLVPR HQ XQ LQWHQWR GH DYHULJXDU VL SURFHGtD RULJLQDULDPHQWH GH *UHFLD R GH OD
,QGLD\FXiOGHODVGRVWUDGLFLRQHVKDEtDWHQLGRLQÁXHQFLDVREUHODRWUD1RREVWDQWH
FRQHOGHVFXEULPLHQWRGHODH[LVWHQFLDGHIiEXODVDVLULDVKDTXHGDGRGHPRVWUDGRTXH
OD IDEXOtVWLFD PiV DQWLJXD WLHQH VX RULJHQ HQ 0HVRSRWDPLD 'HVGH HVWD ]RQD KDEUtD
OOHJDGRD*UHFLDDWUDYpVGHO$VLD0HQRU\SRURWUDSDUWHD,QGLDDWUDYpVGH3HUVLD'H
RWURODGRSRUORTXHUHVSHFWDDODSULPHUDIiEXOtVWLFDRFFLGHQWDOpVWDWXYRVXRULJHQ
HQ*UHFLDFRQVLGHUiQGRVHWUDGLFLRQDOPHQWHTXHHOFUHDGRUGHODIiEXODJULHJDIXHXQ
SHUVRQDMHHQLJPiWLFROODPDGR(VRSRVLJOR9,D&$pOVHKDQDWULEXLGRWRGDXQD
VHULHGHIiEXODVTXHHQUHDOLGDGYHQGUtDQDVHUDQyQLPDV\SHUWHQHFHUtDQDXQJpQHUR
WUDGLFLRQDOFX\DGLIXVLyQVHOOHYyDFDERGHIRUPDRUDO
$ERUGDQGRDKRUDODFXHVWLyQDFHUFDGHODPDQHUDHQTXHODVIiEXODVVHRUJDQL]DQ
GH DFXHUGR D VX GLVSRVLFLyQ LQWHUQD DUJXPHQWDO SRGHPRV FODVLÀFDU ODV PLVPDV HQ
WUHVWLSRVGLIHUHQWHV(OSULPHURGHHOORVVHUtDHOGHFRQIURQWDFLyQRDJRQDOHQHOTXH
GRVSHUVRQDMHV²DYHFHVPiV²GLVSXWDQVREUHDOJXQDFRVD(OVHJXQGRYHQGUtDDVHUHO
VLWXDFLRQDOHQHOTXHVHSUHVHQWDDXQSHUVRQDMHDQWHXQDVLWXDFLyQGDGD\VHVDFDQXQD
VHULHGHFRQFOXVLRQHV3RU~OWLPRHOWHUFHURHVHOFRQRFLGRFRPRHWLROyJLFRHQHOTXH
VHLQWHQWDH[SOLFDUODFDXVDRHORULJHQGHDOJR3RURWUDSDUWHHQFXDQWRDVXUHODFLyQ
FRQRWURVWH[WRVKHPRVGHVHxDODUTXHODIiEXODHQODWUDGLFLyQOLWHUDULDKDDSDUHFLGR
\D FRPR XQ VLPSOH HMHPSOR PH]FODGR FRQ RWURV GH FDUiFWHU PtWLFR R DQHFGyWLFR R
FRQVtPLOHVSURYHUELRVHWF\DFRPRXQHMHPSOR´HQVHJXQGRJUDGRµGHQWURGHRWUR
WH[WROLWHUDULRFXHQWRVDSyORJRVQRYHODVHQVD\RV«HVWRHVSRQLpQGRODHQERFDGH
XQSHUVRQDMHGHQWURGHOPLVPR\DHQFROHFFLRQHVHQTXHVHODVFRORFDXQDVGHWUiVGH
RWUDVDPRGRGHUHWDKtODGHVRUGHQDGDRELHQHPSOHDQGRXQPDUFRTXHODVRUJDQL]D\
ODVRUGHQDHQIXQFLyQGHFULWHULRVHVSHFtÀFRV
&HQWUiQGRQRVSRU~OWLPRHQORVSHUVRQDMHVTXHSURWDJRQL]DQODVIiEXODVKD\
TXH LQGLFDU TXH ORV PLVPRV WDO \ FRPR VHxDOD 5RGUtJXH] $GUDGRV DFW~DQ
FRPRVtPERORVGHORVGLVWLQWRVFDUDFWHUHVKXPDQRVODDFFLyQTXHVXFHGHHQWUHHOORVHV
SDUDGLJPiWLFDGHORTXHRFXUUHHQWUHODVSHUVRQDV$HVWRGHEHPRVDxDGLUVXFDUiFWHU
DWHPSRUDO \ FRQVWDQWH SXHV ORV SDWURQHV GH FRPSRUWDPLHQWR VHUtDQ LGpQWLFRV HQ
WLHPSRV \ OXJDUHV GLIHUHQWHV < HOOR GHELGR D TXH OD QDWXUDOH]D GH ORV KHFKRV HV OD
PLVPDHOGLVIUD]RODFRQGLFLyQVRFLDOODHGDGHWFQRFDPELDQODPDQHUDGHDFWXDU
GHORVDQLPDOHV\SRUHQGHGHORVKRPEUHV/DFRQFHSFLyQGHODYLGDKXPDQDTXH
VXE\DFHDHOODVHVUHDOLVWD\VDWtULFDDSHVDUGHTXHVHDxDGHQFRQIUHFXHQFLDUDVJRV
FyPLFRVDORVDQLPDOHV6LQHPEDUJRHVWRQRRFXOWDVLQRTXHDYLYDPiVODGXUH]DGH
ODYLGDODFXDOHVFRQFHELGDFRPRXQFRQVWDQWHHQIUHQWDPLHQWRHQWUHVHUHVKXPDQRV
FRPR XQD OXFKD HQFDUQL]DGD GH ORV XQRV SRU LPSRQHU VX SRGHU \ GH ORV RWURV SRU
HYLWDUVHUVRPHWLGRVDOPLVPR
(6232<68/(*$'2025$/,67$
&RPR\DKDTXHGDGRGLFKRIXH(VRSRHODXWRUDOTXHVHDWULEX\yHORULJHQGHOD
IiEXOD\DSRUORVDXWRUHVGHOVLJOR9D&FRQYLUWLpQGRVHDVtHQXQDÀJXUDHPEOHPiWLFD
FX\RQRPEUHIXHVLHPSUHFLWDGRDODKRUDGHFRPSRQHUQXHYRVWH[WRV$SHVDUGHHVWR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QGUpV0RQWDQHU%XHQR
SRFRVGDWRVSRVHHPRV²\DOJXQRVGHHOORVQRPX\ÀDEOHV²UHVSHFWRDODH[LVWHQFLDGHVX
SHUVRQDDOJXQRVQRVORVLW~DQHQHOVLJOR9,D&FRPRQDWXUDOGH)ULJLDR7UDFLD$pO
VHKDFHUHIHUHQFLDHQDOJXQRVSDVDMHVGHREUDVGHDXWRUHVFRPR+HURGRWR$ULVWyIDQHV
3ODWyQ$ULVWyWHOHVR)HGUR(QORVPLVPRVVHQRVGHVFULEHDODXWRUFRPRHVFODYRGHXQ
WDO,DGPyQHQODLVODGH6DPRVGRQGHFRPSDUWHWDOFRQGLFLyQFRQ5RGRSLVDPDQWH
GHOKHUPDQRGH6DIR$VLPLVPRVHPHQFLRQDVXPXHUWHDPDQRVGHORVKDELWDQWHVGH
'HOIRVDFXVDGRIDOVDPHQWHGHXQURERVDFUtOHJR
$VtSXHVVLJXLHQGRD*DUFtD*XDOWHQHPRVTXHODIiEXODHVySLFDIXHPiV
HOQRPEUHTXHVHDWULEX\yDODVUHFRSLODFLRQHVGHIiEXODVFRQODVTXHSRVWHULRUPHQWH
VH IRUPDURQ FROHFFLRQHV TXH D XQD FUHDFLyQ SURSLD \ H[FOXVLYD GH GLFKR DXWRU /D
SULPHUDGHHVWDVUHFRSLODFLRQHVGHODVTXHWHQHPRVFRQVWDQFLDHVODTXHDOUHGHGRUGHO
DxRD&HVFULELyHOÀOyVRIR'HPHWULRGH)DOHUR(QHOODVHHQFXHQWUDQUHFRJLGDV
\SURVLÀFDGDVIiEXODVHPSOHDGDVFRPRPRGHORVGHFRQGXFWDHQODOLWHUDWXUDDQWHULRU
\SUHVHQWDGDVFRPRSLH]DVHQXQFRUSXVRUJDQL]DGR$GHPiVGHODPHQFLRQDGDQRV
KDQOOHJDGRRWUDVWUHVFROHFFLRQHVGHODpSRFDDQWLJXDJUHFRODWLQDODGH)HGURODGH
%DEULR \ XQD GH )iEXODV$QyQLPDV *ULHJDV (Q ODV PLVPDV ODV IiEXODV GH DQLPDOHV
VHHQFXHQWUDQPH]FODGDVFRQFXHQWRVPi[LPDV\DQpFGRWDVFRQIXQFLyQPRUDOLVWD\
SHUVLJXLHQGRREMHWLYRVGHDSUHQGL]DMHHQODVHVFXHODV$OJXQDVFROHFFLRQHVSRVWHULRUHV
VRQODVGH'RVLWHRVLJOR,,/LEDQLR\$IWRQLRVLJOR,9\$YLDQRÀQDOHVGHOVLJOR,9
6LWXiQGRQRV \D HQ OD (GDG 0HGLD KDOODPRV TXH HQ HVWD pSRFD VH UHFRJLy
OD WUDGLFLyQ HVySLFD DGTXLULHQGR OD IiEXOD JUDQ SRSXODULGDG HQWUH HO SXHEOR \
HPSOHiQGRVHWDQWRFRPRHOHPHQWRPRUDOL]DGRUFRPRDPRGRGHViWLUD(QOD(VSDxD
EDMRPHGLHYDO(VSDxDUHFLELy\DVXYH]WUDQVPLWLyORVIDEXODULRVPHGLHYDOHVRULHQWDOHV
GHHVWDPDQHUD3HGUR$OIRQVRFRPSXVRDSULQFLSLRVGHOVLJOR;,,XQDFRPSLODFLyQ
GHDSyORJRVRULHQWDOHVWUDGXFLGRVGHOiUDEHDOODWtQTXHWLWXOy'LVFLSOLQDFOHULFDOLV3RU
VXSDUWH$OIRQVR;HQHQFDUJyODWUDGXFFLyQGHO&DOLOD\'LPQD\GHO6HQGHEDU
GHRUtJHQHVSUREDEOHPHQWHLQGLRV(QORVVLJORVVLJXLHQWHV;,9\;9VHGHVDUUROODURQ
IiEXODV\DSyORJRVHQODVREUDVGHO$UFLSUHVWHGH+LWD\GH'RQ-XDQ0DQXHO
3RVWHULRUPHQWHHOVLJOR;9,IXHXQSHUtRGRGHWUDQVLFLyQ\DTXHDSHVDUGHTXH
ODVIiEXODVWXYLHURQVXLPSRUWDQFLDIXHURQUHDOPHQWHORVVLJORV;9,,\;9,,,HQORVTXH
ODIiEXODDOFDQ]yVXPi[LPRHVSOHQGRU7DOFRPRLQGLFD-DQVVHQ/D)RQWDLQH
HPSOHy HQ )UDQFLD HO DQWLJXR JpQHUR UHYHVWLGR GH QXHYRV PRWLYRV \ GH pO SDUWLy OD
FRQFHSFLyQPRGHUQDGHODIiEXODFRPRJpQHURH[FOXVLYDPHQWHDQLPDOtVWLFR*UDFLDV
DOIUDQFpVHOJpQHURUHFLELyXQLPSXOVRUHQRYDGRTXHVHSODVPyHQ*D\HQ,QJODWHUUD
/HVVLQJHQ$OHPDQLD3LJQRWWLHQ,WDOLDR.U\ORYHQ5XVLD
/$ ,10$1(1&,$ '( /$ 75$',&,Ð1 (6Ð3,&$ 0É6 1(*$7,9$ (1
$/*8126)$%8/,67$6(63$f2/(6'(/266,*/26;9,,,<;,;
7UDV HO UHFRUULGR KLVWyULFR UHDOL]DGR DQWHULRUPHQWH SRU ORV DXWRUHV HXURSHRV
GH IiEXODV TXH PiV VH KDQ YLVWR LQÁXLGRV SRU (VRSR QRV FHQWUDUHPRV DKRUD HQ OD
WUDGLFLyQHVSDxROD0iVFRQFUHWDPHQWHYDPRVDDQDOL]DUODVTXHIXHURQVLQGXGDODV
FXDWURÀJXUDVPiVGHVWDFDGDVHQHVWHiPELWRHQORVVLJORV;9,,,\;,;$VDEHU7RPiV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
GH,ULDUWH\)pOL[0DUtDGH6DPDQLHJRHQHOVHWHFLHQWRV\5DPyQGH&DPSRDPRU\-XDQ
(XJHQLRGH+DUW]HQEXVFKHQHORFKRFLHQWRV'HHQWUHVXVSURGXFFLRQHVIDEXOtVWLFDV
DTXt YDPRV D H[DPLQDU OD SDUWH GH HOODV TXH RIUHFH OD YLVLyQ PiV HVWHUHRWLSDGD \
WHQGHQFLRVDGHOLPDJLQDULRVRFLDORFFLGHQWDOODFXDOKDQUHFRJLGRGH(VRSR\GHRWURV
IDEXOLVWDVDORVTXHpVWHLQVSLUy\SRVWHULRUPHQWHKDQUHHODERUDGR\YHUVLRQDGRVHJ~Q
ODVFRVWXPEUHVGHOPRPHQWR
'HDFXHUGRFRQHVWRYDPRVDSUHVHQWDUODVSURGXFFLRQHVIDEXOtVWLFDVHQWRUQRD
GRVDVXQWRVGHFDUiFWHUVRFLDOTXHVHKDQHQIRFDGRDORODUJRGHODKLVWRULDGH2FFLGHQWH
GHVGHXQSXQWRGHYLVWDH[FOXVLYLVWD\VHVJDGR\FDVLVLHPSUHFRQXQPDUFDGRFDUiFWHU
LPSRVLWLYR(OSULPHURGHHOORVWLHQHTXHYHUFRQODWUDGLFLRQDOUHJXODFLyQMHUiUTXLFDGH
ODVVRFLHGDGHVGHSHQGLHQGRGHODVHWQLDVDODVTXHpVWDVGHQFDELGD$VtODVRFLHGDG
RFFLGHQWDOKDYLVWRHQORVH[WUDQMHURVFRQXQFRORUQHJURGHSLHO²IXQGDPHQWDOPHQWH
SHUVRQDV RULHQWDOHV R ODWLQRDPHULFDQDV² D VHUHV LQIHULRUHV LQFDSDFHV GH UD]RQDU \
D YHFHV LQFOXVR DVLPLODEOHV D DQLPDOHV FRPR HO PRQR (O VHJXQGR VH UHODFLRQD FRQ
ODPDQHUDHQTXHGHQWURGHODVRFLHGDGRFFLGHQWDOVHKDQHVWDEOHFLGRXQDVHULHGH
SURWRWLSRV\MXLFLRVGHYDORUDSULRUtVWLFRVDFHUFDGHODVFDUDFWHUtVWLFDVTXHGHEHQWHQHU
ORVKRPEUHV\ODVPXMHUHVSDUDVHUFRQVLGHUDGRVDWRGRVORVHIHFWRVFRPRWDOHV7RGD
SHUVRQDTXHQRFXPSOLHUDFRQHVWRVUHTXLVLWRVDVRFLDGRVDVXJpQHURSRGtD\D~QHQ
RFDVLRQHVSXHGHVHUQLQJXQHDGDRGHIHQHVWUDGDHQGHWHUPLQDGRVFtUFXORVVRFLDOHV
&RQ HO ÀQ GH HVWXGLDU OD LQPDQHQFLD HQ ORV DXWRUHV HVSDxROHV GH ORV VLJORV
;9,,,\;,;GHIiEXODVGHHVWDWHPiWLFDTXH\DDSDUHFtDHQ(VRSRYDPRVDSUHVHQWDUD
FRQWLQXDFLyQHMHPSORVGHORVGRVWLSRVSDUWLHQGRGHORVWH[WRVGHOJULHJR9HUHPRVDVt
FRPRGLFKDVIiEXODVKDQLGRUDPLÀFiQGRVH\DVHQWiQGRVHOLWHUDULDPHQWH\SRUHQGHHQ
HOSHQVDPLHQWRFROHFWLYRGHODVRFLHGDGHXURSHDHQJHQHUDO\ODHVSDxRODHQSDUWLFXODU
VLQRHQVXWRWDOLGDGSRUVHUPX\JUDQGHODKRVWLOLGDGTXHODVRULJLQDOHVSUHVHQWDQVt
HQFLHUWRVDGMHWLYRV\DWULEXWRVFRQTXHVHFDOLÀFD\FXDOLÀFDDGHWHUPLQDGRVSHUVRQDMHV
TXHFXPSOHQFRQODFRQGLFLyQTXHHVREMHWRGHDWDTXH\REXUOD
´(OQHJURµ\´(OFDUURGH+HUPHV\ORViUDEHVµ
6RQGRVODVIiEXODVGH(VRSRHQODVTXHVHPXHVWUDGHPDQHUDPiVFRQWXQGHQWH
HOVHVJRUDFLVWDDOTXHKHPRVKHFKRUHIHUHQFLDDQWHULRUPHQWH6HWUDWDGHODVWLWXODGDV
´(OQHJURµ\´(OFDUURGH+HUPHV\ORViUDEHVµ(QODSULPHUDGHHOODVVHQRVSUHVHQWD
XQDVLWXDFLyQHQTXHXQKRPEUHFRPSUDXQFULDGRQHJURSDUDDFRQWLQXDFLyQLQWHQWDU
TXLWDUOHHVHFRORUGHSLHOTXHpOFUHHTXHHVGHELGRDVXIDOWDGHKLJLHQH\HQODVHJXQGD
VHFDUDFWHUL]DDORViUDEHVFRPRDODHWQLDPiVPHQWLURVDPDOYDGD\IDOVDGHODVTXH
H[LVWHQHQHOPXQGR3UHVHQWDPRVORVHMHPSORV
´(OQHJURµ
´8QKRPEUHFRPSUyXQQHJURFUH\HQGRTXHWHQtDWDOFRORUSRUGHVFXLGRGHVXDQWHULRUGXHxR
<FXDQGROROOHYyDVXFDVDOHDSOLFyWRGRWLSRGHMDERQHVHLQWHQWyOLPSLDUORFRQEDxRVGHWRGD
FODVH<QRSXGRFDPELDUVXFRORUSHUROHKL]RHQIHUPDU/DIiEXODPXHVWUDTXHODVQDWXUDOH]DV
VHPDQWLHQHQFRPRIXHURQDOSULQFLSLRµ(VRSR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QGUpV0RQWDQHU%XHQR
´(OFDUURGH+HUPHV\ORViUDEHVµ
´(Q FLHUWD RFDVLyQ +HUPHV FRQGXFtD SRU WRGD OD WLHUUD XQ FDUUR OOHQR GH PHQWLUDV PDOLFLD \
HQJDxRHLEDGLVWULEX\HQGRXQSRFRGHFDUJDHQFDGDWHUULWRULR6HGLFHTXHHOFDUURVHURPSLy
GHUHSHQWHFXDQGROOHJyDOWHUULWRULRGHORViUDEHVeVWRVDUUHEDWDURQODFDUJDTXHLEDHQpOFRPR
VLIXHUDPX\YDOLRVD\QRSHUPLWLHURQTXHVLJXLHUDDGHODQWHKDFLDRWURVKRPEUHV/RViUDEHVVRQ
PHQWLURVRV\PHQGDFHVSRUHQFLPDGHWRGDUD]D3XHVHQVXOHQJXDQRKD\YHUGDGµ(VRSR
6LJXLHQGRHVWHWRQRGHPHQRVSUHFLR\GHVFDOLÀFDFLyQKDFLDORVPLHPEURVGHODV
FXOWXUDV FRQ XVRV FRVWXPEUHV \ UHOLJLRQHV GLIHUHQWHV D ODV HXURSHDV \ FRQ DWULEXWRV
pWQLFRVGLVWLQWRVORVIDEXOLVWDVHVSDxROHVGHORVVLJORV;9,,,\;,;UHDOL]DURQXQDVHULHGH
FRPSRVLFLRQHVHQODVTXHFRQWLQXDURQFRQHVWHWUD]DGRWHQGHQWHDPDQFLOODUODGLJQLGDG
\HOYDORUKXPDQRGHORVKDELWDQWHVGHHVWRVSXHEORV'HHVWDPDQHUDFRPHQ]DQGR
SRUHOVLJOR;9,,,QRVHQFRQWUDPRVFRQTXHVHJXUDPHQWHORVGRVIDEXOLVWDVHVSDxROHV
PiVUHFRQRFLGRVFRPRVRQ7RPiVGH,ULDUWH\)pOL[0DUtDGH6DPDQLHJRHVFULELHURQ
DOJXQDVHQODVTXHVHVLJXHHVWDFRQFHSFLyQFXOWXUDOMHUDUTXL]DGD$VtHQHOSULPHURGH
HOORVWHQHPRVIiEXODVFRPR´/RVKXHYRVµ\´/DPRQDµHQODVTXH\DVHPXHVWUDHO
GHVGpQSRUORVVLWLRVOHMDQRVGHRULHQWHFRPRODV,VODV)LOLSLQDVDORVTXHQLVLTXLHUDKDQ
OOHJDGRORVKXHYRV\DVHVLW~DFRPROXJDUGHRULJHQGHODVPRQDVODFLXGDGPDUURTXt
GH7HWXiQFRQXQHYLGHQWHDIiQGHVSUHFLDWLYR(QHOVHJXQGRWHQHPRVWH[WRVFRPR´(O
OHRSDUGR\ODVPRQDVµ´/DPRQDFRUULGDµ\´/DPRGDµHQORVTXHVHVLJXHKDFLHQGR
KLQFDSLpHQTXH0DUUXHFRVHVHOSDtVGHORVPRQRVSRUH[FHOHQFLDFX\RVSREODGRUHV
VLJXHQPRGDV\FRVWXPEUHVDQWLFXDGDV\SURSLDVGHVDOYDMHV
'HOPLVPRPRGRWDPELpQHQORVIDEXOLVWDVGHOVLJOR;,;HVSDxROSRGHPRVKDOODU
UHQRYDGD HVWD FRQFHSFLyQ GLVFULPLQDWRULD HQ DXWRUHV FRPR 5DPyQ GH &DPSRDPRU
\-XDQ(XJHQLRGH+DUW]HQEXVFK'HOFUHDGRUDVWXULDQRVREUHVDOHHQHVWHVHQWLGROD
WLWXODGD´(OSDVWRU\HOQDYtRµHQODTXHVHSRQHHQHYLGHQFLDHOFDUiFWHUHPLQHQWHPHQWH
FRORQLDOLVWD GH ODV SRWHQFLDV HXURSHDV UHVSHFWR D ODV UHJLRQHV ODWLQRDPHULFDQDV \
RULHQWDOHV 3RU VX SDUWH HQ HO DXWRU PDGULOHxR VRQ EDVWDQWHV QXPHURVDV ODV TXH VH
FHQWUDQHQHVWRVDVXQWRVSXGLpQGRVHGHVWDFDUODVLQWLWXODGDV´/DWLHUUDGHORVFRMRVµ
´(O ORURµ ´(O UHORM GH VROµ \ ´/RV FDULEHVµ HQ ODV TXH HV UHFXUUHQWH HO WHPD GH ORV
GHIHFWRVItVLFRVHLQWHOHFWXDOHVTXHSUHVHQWDQORVRULXQGRVGHWLHUUDVDMHQDVFXOWXUDO\
VLPEyOLFDPHQWHDOHVSDFLRGHGRPLQLRRFFLGHQWDO
´=HXV\ODYHUJHQ]Dµ
&RQVWLWX\HODIiEXODGHQRPLQDGD´=HXV\ODYHUJHQ]DµHOWHVWLPRQLRH[SOtFLWR
PiVHORFXHQWHGHOUHFKD]RKDFLDXQDFRQFHSFLyQLGHQWLWDULDDELHUWDGHOKRPEUH\GH
ODPXMHUODFXDOOHVSHUPLWDHMHUFHUFXDOHVTXLHUDDFWRVFRQWRWDOOLEHUWDG6HRIUHFHHQ
HOODXQDYLVLyQXQtYRFDGHFDGDJpQHURFRQHOÀQGHTXHFDGDXQRGHHOORVVHSDFXiOHV
VRQORVSDWURQHVItVLFRV\SVLFROyJLFRVTXHHVWiQDFRUGHVFRQpO\VHDGHF~HQDORTXH
VHHVSHUDVLVLJXHQ´QDWXUDOPHQWHµVXVLQFOLQDFLRQHVtQWLPDV&XDOTXLHURWUDPDQHUD
GH HQWHQGHU HO FRQFHSWR GH KRPEUH \ GH PXMHU \ SRU VXSXHVWR WHQHU LQFOLQDFLRQHV
KRPRVH[XDOHVUHVXOWDXQDFRUUXSFLyQGHODQDWXUDOH]DXQDDEHUUDFLyQ\XQDIDOWDGH
YHUJHQ]D9HPRVHOWH[WRHVySLFR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
´&XDQGR =HXV PRGHOy D ORV KRPEUHV LQVXÁy HQ HOORV ORV GHPiV VHQWLPLHQWRV SHUR ROYLGy
OD YHUJHQ]D < DO QR VDEHU SRU GyQGH LQWURGXFLUOD RUGHQy TXH SHQHWUDUD SRU HO DQR eVWD
LQGLJQDGDDOSULQFLSLRVHRSXVR3HURFXDQGR=HXVOHLQVLVWLyFRQURWXQGLGDGGLMR(QWURFRQ
ODFRQGLFLyQGHTXHQRVHLQWURGX]FD(URVVLHQWUDpO\RPHVDOGUpDOLQVWDQWH!!'HDTXtYLHQH
HOTXHWRGRVORVLQYHUWLGRVVRQGHVYHUJRQ]DGRV/DIiEXODPXHVWUDTXHORVTXHVRQGRPLQDGRV
SRU(URVVRQGHVYHUJRQ]DGRVµ(VRSR
'HPDQHUDDQiORJDDORRFXUULGRFRQHOPRWLYRLVRWySLFRDQWHULRUODSURSDJDFLyQ
GHIiEXODVGHtQGROHKRPRIyELFDOOHJyKDVWDORVVLJORV;9,,,\;,;HQORVTXHSRGHPRV
HQFRQWUDU FRPSRVLFLRQHV GLULJLGDV D PRUDOL]DU VREUH ODV LQFOLQDFLRQHV VH[XDOHV
GH KRPEUHV \ PXMHUHV ODV FXDOHV QR GHEHQ VyOR VHU DFDWDGDV LQWHUQDPHQWH VLQR VHU
GHPRVWUDGDV H[WHUQDPHQWH PHGLDQWH OD DVXQFLyQ GH URSDV PDQHUDV \ FRVWXPEUHV
DGHFXDGDV $ HVWH UHVSHFWR HQ HO VLJOR ;9,,, GHVFXEULPRV HQ 6DPDQLHJR OD IiEXOD
WLWXODGD ´(O FKLYR DIHLWDGRµ TXH DWDFD DO YDUyQ TXH VH SHUIXPD VH FXLGD \ VH DIHLWD
WLOGiQGRORGHYDQLGRVR\GHSRFRKRPEUH7DPELpQHQFRQWUDPRVHQHO;,;GRVIiEXODV
GH+DUW]HQEXVFKTXHKDEODQVREUHODQHFHVLGDGGHTXHORVKRPEUHV\ODVPXMHUHVQR
VHGHVYtHQGHORVFRPSRUWDPLHQWRVTXHODQDWXUDOH]DOHVLPSRQHSRUSHUWHQHFHUDXQR
XRWURVH[R/DVPLVPDVVHWLWXODQ´/RVSUHPLRVGHODHPSHUDWUL]µ\´/DVIXULDVµ
¢32'(026 87,/,=$5 $/*81$6 '( /$6 )É%8/$6 (6Ð3,&$6 '(
/$ 75$',&,Ð1 (63$f2/$&2025(&8562('8&$7,92(1/$6$8/$6
'(('8&$&,Ð135,0$5,$3$5$('8&$5(19$/25(6"5()/(;,21(6<
35238(67$','É&7,&$
$ODYLVWDGHOSHQVDPLHQWRWHQGHQFLRVRTXHVHWUDVOXFHHQODVIiEXODVGH(VRSR
VHOHFFLRQDGDV\HQVXVSRVWHULRUHVYHUVLRQHVHVSDxRODVHQORVVLJORV;9,,,\;,;SXHGH
SDUHFHUHQFLHUWDPHGLGDFRQWUDSURGXFHQWHOOHYDUDODVDXODVGH(GXFDFLyQ3ULPDULDXQD
VHULHGHWH[WRVTXHGHÀHQGHQHQVXVOtQHDVLGHDVFRPRHOVHJUHJDFLRQLVPRLQWHUFXOWXUDO
RXQDFRQFHSFLyQUtJLGD\FDVWUDQWHGHODSHUVRQDHQIXQFLyQGHVXJpQHUR6LQHPEDUJR
GHVGHQXHVWUDSHUVSHFWLYDGRFHQWH\VLJXLHQGRD.RKOHUFRQVLGHUDPRVTXHSDUD
QXHVWURVHVWXGLDQWHVSXHGHVLQGXGDUHVXOWDUPiVULFD\VLJQLÀFDWLYDXQDHGXFDFLyQ
HQYDORUHVEDVDGDHQODFRQVWUXFFLyQSRUVXSDUWHGHXQSHQVDPLHQWRFUtWLFR\VHQVLEOH
FRQORVGLIHUHQWHVDHOORVTXHFXDOTXLHURWURLQVWUXPHQWRTXHGHÀHQGDVLQPHGLWDFLyQ
GH QLQJ~Q WLSR XQ GHFiORJR GH FRQGXFWDV D DGRSWDU TXH VHUiQ FRQRFLGDV \ KDVWD
DSUREDGDVHQWHRUtDSHURHQPXFKRVFDVRVQRDVXPLGDVLQWHUQDPHQWH\SRUWDQWRQR
REVHUYDGDVHQODSUiFWLFD
7HQLHQGR FODUR QXHVWUR REMHWLYR YDPRV D LQWHQWDU OOHYDUOR D OD SUiFWLFD
RIUHFLHQGR XQD SURSXHVWD GLGiFWLFD EDVDGD HQ OD SUHVHQWDFLyQ GH DFWLYLGDGHV TXH
SHUVLJXHQIXQGDPHQWDOPHQWHODLGHQWLÀFDFLyQGHORVFRQWUDYDORUHVGHDOJXQDVIiEXODV
VHOHFFLRQDGDV FRQ HO ÀQ GH IRPHQWDU OD FRPSUHQVLyQ HO UHVSHWR \ HO HQWHQGLPLHQWR
PXWXRHQWUHODVSHUVRQDVSRUGLIHUHQWHVTXHVHDQORVSXQWRVGHDQFODMHTXHVXVWHQWHQ
VXPXQGR+DOO3UHVHQWDQGR\DODHOHFFLyQHQVtVHFRPSRQHODPLVPDGHGRV
IiEXODV GH GRV DXWRUHV HVSDxROHV GH pSRFDV GLIHUHQWHV 6DPDQLHJR GHO VLJOR ;9,,, \
+DUW]HQEXVFKGHO;,;'HOSULPHURKHPRVHVFRJLGRODVIiEXODV´/DPRGDµ\´(OFKLYR
DIHLWDGRµ\GHOVHJXQGR´/DWLHUUDGHORVFRMRVµ\´/RVSUHPLRVGHODHPSHUDWUL]µ$
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QGUpV0RQWDQHU%XHQR
FRQWLQXDFLyQSUHVHQWDUHPRVORVWH[WRVWUDQVFULWRV\PiVDEDMRODVSUHJXQWDVVREUHODV
TXHGHEHUiQLQWHUDFWXDUORVDOXPQRVHQWUHVt\FRQHOSURIHVRUHOFXDODFWXDUiFRPR
JXtDGHODSUHQGL]DMHGHODVFRPSHWHQFLDVVRFLRFXOWXUDOHLQWHUFXOWXUDODLPDJHQGHXQD
DQWLJXDPD\pXWLFDVRItVWLFDDTXtUHQRYDGD\OOHYDGDDODVDXODVDFWXDOHV
± )iEXODVGH)pOL[0DUtDGH6DPDQLHJR
´/DPRGDµ
´'HVSXpVGHKDEHUFRUULGRFLHUWRGDQ]DQWH0RQRSRUFDQWRQHV\SOD]DVGHFLXGDGHQFLXGDGHO
PXQGRWRGRORJUyGLFHODKLVWRULDDXQTXHQRFXHQWDHOFyPRYROYHUVHOLEUHPHQWHDORVFDPSRV
GHOÉIULFDRUJXOORVR/RVPRQRVDOYLDMHURUHFLEHQFRQPiVJR]RTXHD3HGURHO]DUORVUXVRV
TXHORVJULHJRVD8OLVHVJHQHURVR'HOH\HVGHFRVWXPEUHVQLpOKDEORQLDOJ~QRWUROHSUHJXQWy
SDODEUDSHURGHWUDMHV\GHPRGDVWRGRV(QFLHUWDMHULJRQ]DFRQH[WUDQMHURWRQROHVKL]RXQ
JUDQGHWDOOHGHORPiVUHPDUFDEOHDORVFXULRVRV²(PSHFHPRVGHFtDQDXQTXHVHDSRUSRFR
+LFLpURQVH]DSDWRVFRQFiVFDUDVGHQXHFHVSRUORSURQWR7RGDODUD]DPRQDDQGDEDFRQVXV
FKRFORV\HOQRWUDHUORVHUDIDOWDUDODGHFHQFLD\DOGHFRUR8QOHRSDUGRKDPEULHQWRWUHSDSDUD
ORVPRQRVHOORVKXLULQWHQWDQDVDOYDUVHHQORViUEROHVGHOVRWR/DVFKLQHODVORHVWRUEDQ\GH
PX\IiFLOPRGRDTXt\DOOtPDWDEDKDFLHQGRDVXSODFHUGRVPLOGHVWUR]RV(Q7HWXiQGHVGH
HQWRQFHVPDQGDHOVHQDGRGRFWRTXHFXDOTXLHUXVRRPRGDGHSDtVHVFHUFDQRVRUHPRWRVDQWHV
TXHOOHJXHHOFDVRGHDGRSWDUVHHQHOSURSLRKD\DGHH[DPLQDUVHHQMXQWDGHSROtWLFRVDIRQGR
&RQ WDQ MXVWR GHFUHWR \ HO VXFHVR KRUURURVR ¢GHMDURQ WDOHV PRGDV" 3ULPHUR GHMDUtDQ GH VHU
PRQRVµ6DPDQLHJR
$FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO
WH[WR
% ¢4XpFLXGDGHVGHOPXQGRSXGRYLVLWDUHOPRQRGDQ]DQWHSURWDJRQLVWDGHOD
IiEXOD"
% ¢(QTXpSDtVVHHQFXHQWUDODFLXGDGGH7HWXiQ"¢4XpVDEpLVVREUHHOPLVPR
\VREUHVXVFRVWXPEUHV"¢(QTXpVHGLIHUHQFLDQGHODVYXHVWUDV"
% ¢(VGLFKRSDtVXQOXJDUHQHOTXHKD\DUHDOPHQWHPXFKRVPRQRV"¢&UHpLV
TXHHOIDEXOLVWDVHSXHGHUHIHULUPDOLQWHQFLRQDGDPHQWHDORVKDELWDQWHVGHO
PLVPR"
% 6LHVDVt«¢9HLVDGHFXDGDODPRUDOHMD´¢GHMDURQWDOHVPRGDV"3ULPHURGHMDUtDQ
GHVHUPRQRVµFRQTXHWHUPLQDHOWH[WR"
% ¢2VJXVWDUtDTXHDYXHVWURSDtV\DYRVRWURVVHRVLGHQWLÀFDVHFRPRDPRQRV
FDUHQWHVGHXVRGHUD]yQ"
´(OFKLYRDIHLWDGRµ
´8Q FKLYR FRPR PXFKRV HQ HO PXQGR YDQR H[WUHPDGDPHQWH VH PLUDED DO HVSHMR GH XQD
IXHQWH£4XpOiVWLPDGHFtDTXHHVWpPLMXYHQWXG\OR]DQtDSRUVLHPSUHGLVIUD]DGDGHEDMRGH
HVWDEDUEDWDQSREODGD!!(OFKLYRIXHJXLDGRGHVXWRQRDODWLHQGDGHXQPRQREDUEHULOOR
DIDPDGRTXHDIHLWyDOVHxRULWRGHFRQWDGR6DOHEDUELODPSLxRDODFDPSDxD$OYHUXQDÀJXUD
H[WUDxDQRKXERSHUURQLJDWRTXHQROHKLFLHVHEXUODDOPHQWHFDWR/RVFKLYRVOHGHVSUHFLDQ
GHPDQHUDTXHQRKD\PiVTXHGHFLU£4XLpQORFUH\HUDXQUHVSHWDEOHPDFKRGLFHQTXHVHULy
FRPRXQPXFKDFKRµ6DPDQLHJR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
$FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO
WH[WR
% ¢4XpDQLPDOHVHOFKLYR"¢6DEUtDLVGLEXMDUOR"
% ¢4XpRVSDUHFHTXHHOFKLYRTXLHUDFXLGDUVXDVSHFWRSHUVRQDO"¢'HEHGHMDU
GHKDFHUORSRUVHUYDUyQ"
% ¢(QWHQGpLVODVEXUODV\GHVSUHFLRVKDFLDpOSRUTXLWDUVHODEDUED"¢$TXpODV
DFKDFDUtDLV"¢RVJXVWDUtDTXHRVODVKLFLHUDQDYRVRWURV"
% ¢7LHQHHOKRPEUHXQSURWRWLSRGHWHUPLQDGRDFHUFDGHFyPRVHU\FyPRYHVWLU
HQODVRFLHGDGDFWXDO"¢'HEHUtDWHQHUOR"
% ¢(QWHQGpLVTXHVHSXHGDPDUJLQDUDDOJXLHQSRUVHUGLVWLQWRGHOUHVWR"
± )iEXODVGH-XDQ(XJHQLRGH+DUW]HQEXVFK
´/DWLHUUDGHORVFRMRVµ
´1R OHMRV GHO (VWUHFKR TXH KR\ HV GH *LEUDOWDU DSHOOLGDGR KXER DQWHV XQ SDtV \D VHSXOWDGR
SRUODIXULDGHOPDU$OOtQRKDEtDQLXQKRPEUHTXHDODQGDUIXHVHGHUHFKROH\QDWXUDOTXHGH
VRUSUHVDHPEDUJDSRU~QLFDHQHOPXQGRWRGDYtDQDFHUDORVLQGtJHQDVKDFtDFRQXQDSLHUQD
FRUWD\ODRWUDODUJD6DOWDSXHVDORVRMRVTXHDWDOGLVSRVLFLyQGHSLHUQDVHUDFRQVLJXLHQWH\
SUHFLVDODFRMHUDSXHVDXQTXHKD\PXFKRVFRMRVSRUYDULDVFDXVDVTXHGHFLUQRLPSRUWDFRMRHV
HOTXHVHYHSRUVXGHVGLFKDFRQXQDSLHUQDODUJD\ODRWUDFRUWDRWpUPLQRVXVDQGRJHQHUDOHV
HOTXHWLHQHODVSLHUQDVGHVLJXDOHV$SDUWHGHODJUDFLDVXVRGLFKDFXDOVLWXYLHUDQHQODOHQJXD
QXGRVPXMHUHV\YDURQHVKDEODEDQDGHPiVDWURPSLFRQHVFRMRVHUDQHQÀQ\WDUWDPXGRV
$UULEyDHVWHSDtVXQHXURSHR\DOQRWDUFLUFXQVWDQFLDWDQFKRFDQWHGLMRPX\DUURJDQWH²5H\
YR\DVHUDTXtSXHVQRFRMHR(OKRPEUHVHOOHYyWHUULEOHFKDVFR1RELHQGHXQDFLXGDGODVFDOOHV
SLVDFXDQGRYLpQGROHDQGDUORVPRUDGRUHVTXLpQGHOiVWLPDH[FODPDTXLpQGHULVDIUXQFHQHO
JHVWR\DSDUHQWDQDVFRVHxRULWDVVHxRUDV\VHxRUHVKDFLHQGRPXHFDV\VROWDQGRSXOODVVLJXHOD
PXOWLWXGDOIRUDVWHURTXHDQGDFRPRORVSDYRV\ODVJUXOODV\KDVWDXQGHVSLOIDUUDGR]DSDWHUR
DVLpQGROHGHOEUD]RHQWRPDUOHPHGLGDVHHPSHxDEDSDUDKDFHUOHXQDERWDTXHVXSOLHUDFRQOR
DOWRGHOWDFyQHOJUDQSHGD]RTXHVHJ~QpOMX]JDEDHQXQDSLHUQDDORWUROHIDOWDED\DQRSXGR
FDOODU²3XHEORVLQMXLFLRJULWDFRQYR]UREXVWD\DOWDQHUDLUGHUHFKRQRHVYLFLRORYLFLRVR\OR
IHRHVHOYDLYpQHOWRUSHEDPEROHRTXHVLQFHVDUYDLVGDQGRSRUQRSRGHUDQGDU\RVR\HOTXH
DQGR\DWyQLWRVGHYHUPLJDOODUGtDFDGDFXDOLPLWDUPHGHEHUtDVLHVWROHIXHVHGDEOHDXQD
WXUEDGHFRMRVPLVHUDEOH7RGDVHVWDVLQMXULDVLPSUXGHQWHVQRODVR\HURQELHQDTXHOODVJHQWHV
SXHVFRPRDOVRQGHODSULPHUDIUDVHGHOFROpULFRKXpVSHGREVHUYDURQTXHQRHUDWDUWDPXGRQR
HVSHUDURQDTXHpOVXVLQYHFWLYDVDFDEDVHSDUDDWXUGLUOHDYRFHV\VLOELGRV&RVDIXHGHWDSDUVH
ORVRtGRV²£4XpTXpTXpTXpGHFtDQOHQJXDJXDMH'HGHORTXHKDEODHOPXPXPX\VDOYDMH
ODOD PLPLPLWDG VHVH FRFRPH TXH XQ PDPDHVWUR VHVH OHOH OOHYH \ D IXIXIXHU]D GHGH
]X]XUULGRVTXHTXHODODFRVWXWXWXPEUHWRPHGHGHKDEODU\DQDQGDUFRFRPRGHEH6LHQ
HVFDSDUGHDOOtVHWDUGDXQSRFRPHOHHQMDXODQSRUORFR7DOVXHOHDFRQWHFHUDOGHVGLFKDGRTXH
DFRPEDWLUVHDWUHYHXQHUURUSRUHOWLHPSRFRQVDJUDGRµ+DUW]HQEXVFK
$FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO
WH[WR
% ¢&UHpLV TXH KD\ DOJXQD H[SOLFDFLyQ UD]RQDEOH SDUD TXH OD ´7LHUUD GH ORV
&RMRVµVHVLW~HPiVDOOiGHO´(VWUHFKRGH*LEUDOWDUµ"¢4XpSDtVHVSRGHPRV
HQFRQWUDUHQHVDSDUWHGHOPXQGR"¢(OLJHHODXWRUOD]RQDGHIRUPDLQRFHQWH"
% ¢+D\DOJ~QSDtVHQTXHORVKRPEUHVQD]FDQWRGRVHOORVFRQGHIHFWRVItVLFRV
FRQJpQLWRVSRUVHUGHXQDGHWHUPLQDGD]RQDGHOPXQGR"
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QGUpV0RQWDQHU%XHQR
% ¢&yPRLQWHUSUHWDUtDLVODDVHYHUDFLyQTXHKDFHHODXWRUDFHUFDGHTXHHQHVH
SDtV ´LU GHUHFKR HV YLFLRµ" ¢7LHQH DOJR TXH YHU FRQ OD GLFRWRPtD 2ULHQWH
2FFLGHQWH"
% ¢&UHpLVTXHHOFDUiFWHUVDOYDMHGHORVKRPEUHVGHHVWHSDtVHVUHDORHVODPDQHUD
GHSUHVHQWiUQRVORVGHOKRPEUHHXURSHRORTXHKDFHTXHORVYHDPRVDVt"
% ¢&UHpLVTXHVRPRVORVHXURSHRVXQSXHEORTXHDFRJHGHIRUPDDJUDGDEOHDORV
KDELWDQWHVGHRWUDVFXOWXUDV"¢3RUTXp"
´/RVSUHPLRVGHODHPSHUDWUL]µ
´/D(PSHUDWUL]6RItDFXDWURYHFHVDODxRUHSDUWtDHQS~EOLFDVHVLyQGRVPHGDOORQHVFDGDFXDO
GHYDORUGHFLHQGREORQHVSUHPLRGHOFROHJLDO\FROHJLDODTXHHUDQHQORVH[iPHQHVMX]JDGRVHQ
JUDGRVXSHULRUDYHQWDMDGRV9HVWLGLWRVGHJDOD\GHFXULRVDPXOWLWXGFHUFDGRVHQWUDEDQMXQWRV
HQODULFDVDODGRQGHDOVRQGHWURPSHWDV\DWDEDOHVDYHFHVFRQODMR\DUHFLEtDQRWURVGLYHUVRV
GRQHVGHODVSUyGLJDVPDQRVLPSHULDOHVDOSDVRTXHHQDOJXQDVRFDVLRQHVFRUULGRVQLxR\QLxD
VHYHtDQDOUHFLELUGHODQWHGHDTXHOQXPHURVtVLPRFRQFXUVRGiGLYDWDQFKRFDQWHTXHODSOHEH\
ODFRUWHVLQUHFXUVREXUOiEDQVHFRQGXUDSHUWLQDFLDGHORVGRVDQJHOLWRVYHUELJUDFLD%HQLWR\
9DOHQWLQDFKLFRVGHGRFHDEULOHVpOGRFWRHQODJUDPiWLFDODWLQD\KiELOHOODHQODERUHVIHPHQLOHV
IXHURQ ORV GRV HOHFWRV SRU OD MXQWD GH HVFXHODV FRPSHWHQWH FRPR SDUHMD LJXDO VREUHVDOLHQWH
FRPRDOXPQRVSHUIHFWRVGHODWtQ\FRVWXUD/LQGDPHQWH3HURHVHOFDVRTXHHQSDODFLRKDEtDXQ
SDMDULWRD]XOTXHORVGHIHFWRVGHORVQLxRVGHHVFXHODGHVFXEUtD\HOSiMDURPDOGLWRFRQWyDOD
(PSHUDWUL]«£4XpSLFDUGtD\RYDPRVHOSHVFXH]ROHWRUFLHUDFRQWyGH9DOHQWLQD\GH%HQLWR
ODFRUWDIULROHUDGHTXHpOHUDXQOORUyQ\HOODXQDÀHUD<DOOHJyHOGtDGHIXQFLyQSUHVFULWR/D
VHxRULWD SXHV \ HO VHxRULWR SUHSiUDQVH GH SULVD \ YDQ GHVSDFLR SRUTXH PHMRU ORV PLUHQ D
SDODFLR6X0DMHVWDGDOFXHOOROHVSRQHDOVRQGHODWDEDOVRQRURORVFRGLFLDGRVPHGDOORQHVGH
RUR\GHVSXpVDTXtHVHOORGLFHD%HQLWRDVt²&LHUWDDYHFLOODTXHRVDWLVEDODVIDOWDV\ODVSLOOD
WHDFXVDGHPDULFD\DSRFDGRSRUORFXDOTXHWHFRPSUHQKHPDQGDGRHVHFXPSOLGRFKDO\HVD
PDQWLOODSyQWHORVGHFRQWDGR<XVWHGGLMRDODQLxDTXHHVSHUVRQDGHOVH[RGpELO\GHFODVH
ÀQDSHURTXHDXGD]\GtVFROD\JULWRQDHQYH]GH9DOHQWLQDPHUHFHTXHVHODOODPH9DOHQWRQD
VHSDTXHSRUVXVU~VWLFDVKRPEUDGDVOHYDDSODQWDUDTXtPLFDPDUHUDXQSDUGHFKDUUHWHUDV
HQFDUQDGDV\XQDJRUUDGHSHORJUDQDGHUD3XHVRUHQXQFLDQDVXVHU\QRPEUHRKDQGHWHQHU
SRUFXDOLGDGSULPHUDGXO]XUDODPXMHUYDORUHOKRPEUHµ+DUW]HQEXVFK
$FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO
WH[WR
% $YXHVWURHQWHQGHU«¢7LHQHTXHVHUODPXMHUOORURQD\HOKRPEUHYDOLHQWH"
¢6RQHVWRVSDSHOHVHVWDEOHVRGHSHQGHQGHOPRPHQWR\GHODVLWXDFLyQHQTXH
ODSHUVRQDVHHQFXHQWUH"
% ¢([LVWHDOJ~QVH[RTXHVHD´GpELOµWDO\FRPRVHOHHHQODIiEXOD"¢&XiO"¢3RU
TXp"
% ¢7LHQHQORVKRPEUHV\ODVPXMHUHVTXHWUDEDMDUHQXQRÀFLRDGHFXDGRDVX
JpQHUR"¢4XpRVSDUHFH"
% ¢(VpWLFRTXHVHLQVXOWHDDOJXLHQSRUVXRULHQWDFLyQVH[XDO"¢/RKDEpLVKHFKR"
¢/RKDEpLVVXIULGR"
% ¢(VWiLVGHDFXHUGRFRQODPRUDOHMDÀQDO´2UHQXQFLDQDVXVHU\QRPEUHR
KDQGHWHQHUSRUFXDOLGDGSULPHUDGXO]XUDODPXMHUYDORUHOKRPEUHµ"¢3RU
TXp"
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
&21&/86,21(6
7UDV KDEHU UHDOL]DGR HVWH WUDEDMR GH LQYHVWLJDFLyQ FHQWUDGR HQ OD UHÁH[LyQ
WHyULFDVREUHODDGHFXDFLyQpWLFDRQRGHGHWHUPLQDGDVFXHVWLRQHVTXHVHHQFXHQWUDQ
HQGHWHUPLQDGDVIiEXODVHVySLFDV\HQODDSRUWDFLyQGHXQDSURSXHVWDSUiFWLFDSDUD
ODVDXODVGH(GXFDFLyQ3ULPDULDTXHWUDWDGHLQGXFLUDODUHÁH[LyQFUtWLFDSRUSDUWHGHO
DOXPQDGRKHPRVOOHJDGRDXQDVHULHGHFRQFOXVLRQHVVREUHODVFXDOHVSRGUiQHVWDU
GH DFXHUGR R QR RWURV LQYHVWLJDGRUHV 6RQ ODV VLJXLHQWHV &UHHPRV VLQFHUDPHQWH
TXHKD\XQGHVFRQRFLPLHQWRJHQHUDOL]DGRHQ2FFLGHQWHVREUHODIDEXOtVWLFDRULHQWDO
SXHVQRKD\DSHQDVHVWXGLRVUHDOL]DGRVVREUHHOWHPD\DGHPiVIUHFXHQWHPHQWHVH
LJQRUD TXH JUDQ SDUWH GH ODV IiEXODV JULHJDV VH DSR\DQ HQ WHPDV \ DVXQWRV TXH \D
VH HQFRQWUDEDQ HQ ODV FRPSRVLFLRQHV LQGLDV \ PHVRSRWiPLFDV (VRSR FRPR DXWRU
GHEH TXHGDU GHÀQLWLYDPHQWH UHGXFLGR D XQD ÀJXUD PtWLFD SXHV OD PD\RUtD GH ODV
IiEXODVTXHDpOVHDWULEX\HQVRQGHFDUiFWHUDQyQLPR\IXHURQWUDQVPLWLGDVRUDOPHQWH
GH JHQHUDFLyQ HQ JHQHUDFLyQ /D WUDGLFLyQ IDEXOtVWLFD HXURSHD GH ORV VLJORV ;9,,
;,;\WDPELpQODHVSDxRODVHKL]RHFRGHGHWHUPLQDGRVHVWHUHRWLSRVUDFLVWDVFRQHO
REMHWLYR GH VHUYLU D LQWHUHVHV HFRQyPLFRV VRFLDOHV H LGHROyJLFRV IXQGDPHQWDOPHQWH
HQODFXHVWLyQFRORQLDOLVWD1RWRGDVODVIiEXODVSUHVHQWDQXQPRGHORGHFRQGXFWD
HMHPSODU KDFLD GHWHUPLQDGRV JUXSRV VRFLDOHV GHVGH ORV SDUiPHWURV YLJHQWHV HQ HO
VLJOR;;,\&RQVLGHUDPRVTXHXQDEXHQDPDQHUDGHOOHYDUDODXODGH(GXFDFLyQ
3ULPDULDODVIiEXODVPiVFRQWURYHUWLGDVGHODWUDGLFLyQHVySLFDSRGUtDVHUDWUDYpVGH
ODSUHVHQWDFLyQGHODVPLVPDVSDUWLHQGRGHFRQWUDHMHPSORVTXHVLUYDQDORVHVWXGLDQWHV
FRPRPRWLYRGHGHEDWH\GHUHÁH[LyQ
%,%/,2*5$)Ì$
&DPSRDPRU5GH)iEXODVFRPSOHWDV%XHQRV$LUHV(G6RSHQD
(VRSR)iEXODV0DGULG(G$OLDQ]D
*DUFtD*XDO&´+LVWRULD\pWLFDGHODIiEXODHVySLFDµ(Q$FWDVGHO9&RQJUHVR
(VSDxROGH(VWXGLRV&OiVLFRV0DGULG
+DOO(78QGHUVWDQGLQJFXOWXUDOGLIIHUHQFHV0DLQH(G,QWHUFXOWXUDO3UHVV
+DUW]HQEXVFK-(GH)iEXODV0DGULG(GLFLRQHV,QWHUQDFLRQDOHV8QLYHUVLWDULDV
,ULDUWH7GH)iEXODVOLWHUDULDV0DGULG(G&iWHGUD/HWUDV+LVSiQLFDV
-DQVVHQ-/DIDEOHHWOHVIDEXOLVWHV%UXVHODV(G&ROOHFWLRQ/HEqJXHHWQDWLRQDOH
.RKOHU ) 6WpUpRW\SHV FXOWXUHOV HW FRQVWUXFWLRQV LGHQWLWDLUHV 7RXUV (G 3UHVVHV
8QLYHUVLWDLUHV)UDQoRLV5DEHODLV
/ySH]&DVLOGR*´,QWURGXFFLyQµ(Q(VRSR)iEXODV0DGULG(G$OLDQ]DSS
5RGUtJXH]$GUDGRV)'H(VRSRDO/D]DULOOR+XHOYD(G6HUYLFLRGH3XEOLFDFLRQHV
GHOD8QLYHUVLGDGGH+XHOYD
6DPDQLHJR)0GH)iEXODV%DUFHORQD(G'HEROVLOOR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
$,16&5,d®2'$¶9,'$'((6232·1$635,0(,5$6&2/(&d¯(6'(
)É%8/$6(032578*8È6/,952'((;2326e&;,9(9,'$()É%8/$6
'2,16,*1()$%8/$'25*5(*2(623275$'8=,'$63250$18(/
0(1'(6'$9,',*8(,5$
$1$3$,9$025$,6
8QLYHUVLGDGH1RYDGH/LVERD)&6+,(/7
5HVXPHQ
&RQIUHFXHQFLDOD9LGDGH(VRSRVHHQFXHQWUDHQODVFROHFFLRQHVGHIiEXODVSRVWHULRUHVDODLPSUHVLyQGH
6WHLQK|ZHOGH²(VRSRGH8OP²FRPRSUyORJR6XVLWXDFLyQGHHVFDOyQSUHYLRVLUYHH[FHOHQWHPHQWH
SDUDLQVFULELUODPDUFDGHODXWRU\OHJLWLPDUDÀQDOHVGHOD(GDG0HGLDODVFROHFFLRQHVGHIiEXODV/DVH
JXQGDGHODVGRVSULPHUDVFROHFFLRQHVHQSRUWXJXpVDFWXDOPHQWHFRQRFLGDV²/LYURGH([RSRVpFXOR;,9
H9LGDHIiEXODVGRLQVLJQHIDEXODGRUJUHJR(VRSRWUDGX]LGDVSRU0DQXHO0HQGHVGD9LGLJXHLUD
²VLJXHODWUDGLFLyQTXHHPSH]yHQHO(VRSRGH8OP/DSULPHUDTXHHVDQWHULRUDODHGLFLyQGH6WHLQ
K|ZHOQRLQFOX\HOD9LGDGH(VRSR6LQHPEDUJRSUHVHQWDHQVXSUyORJRDOJXQRVGDWRVELRJUiÀFRVGHO
SRHWDJULHJRORTXHUHVXOWDVHUXQWUD]RVLQJXODUHQHOFRQMXQWRGHODVFROHFFLRQHVFRHYDV\GHODVTXHOD
SURFHGLHURQ(QHVWHDUWtFXORH[DPLQDUpODVPDUFDVGHODYLGDGH(VRSRLQVFULWDVHQHOSUyORJRGHO/LYUR
GH([RSR\HQOD9LGDGH(VRSRGHODFROHFFLyQGH\DQDOL]DUpORVPRGRVGHFRQVWUXFFLyQWH[WXDO
GHODXWRUGHIiEXODV
3DODEUDVFODYHIiEXODV²YLGDGH(VRSR²ELRJUDItD
$EVWUDFW
$/LIHRI$HVRSKDVRIWHQEHHQLQFOXGHGLQIDEOHFROOHFWLRQVSULQWHGDIWHU6WHLQK|ZHO·VHGLWLRQDOVR
NQRZQDVWKH8OP$HVRS,W·VORFDWLRQEHIRUHWKHIDEOHV²DVDSURORJXHZKHUHWKHDXWKRULVXVXDOO\LQWUR
GXFHG²KDVEHHQXVHGHIÀFLHQWO\LQODWHPHGLHYDOIDEOHFROOHFWLRQVWRFRQÀUPWKHIDEOHDVDJHQUH2IWKH
WZRÀUVWNQRZQERRNVRIIDEOHVLQSRUWXJXHVH²WKH/LYURGH([RSRWKFHQWXU\DQGWKH9LGDHIiEXODVGR
LQVLJQHIDEXODGRUJUHJR(VRSRWUDQVODWHGE\0DQXHO0HQGHVGD9LGLJXHLUD²RQO\WKHVHFRQG
RQHRSHQVZLWKD/LIHRI$HVRSVLQFHLWLVWKHÀUVWWREHSXEOLVKHGLQSRUWXJXHVHDIWHUWKH8OP·V$HVRS
ZDVSULQWHG$VIRUWKH/LYURGH([RSRLWDOVRLQFOXGHVVHYHUDOWRSLFVIURP$HVRS·VELRJUDSK\VRPHWKLQJ
WKDWUDUHO\KDSSHQVLQFRQWHPSRUDU\RUHDUOLHUFROOHFWLRQV7KLVDUWLFOHH[DPLQHVWKHLQFOXVLRQRIWRSLFV
IURP$HVRS·VELRJUDK\ERWKLQWKH/LYURGH([RSR·VSURORJXHDQGLQWKH9LGDGH(VRSR/LIHRI$HVRSIURP
(VWH DUWLJR p DSUHVHQWDGR QR kPELWR GR SURMHFWR ´$ )iEXOD QD /LWHUDWXUD 3RUWXJXHVD &DWiORJR H
+LVWyULD &UtWLFDµ 37'&&/(//, ÀQDQFLDGR SHOD )&7 ² )XQGDomR SDUD D &LrQFLD H D
7HFQRORJLDHWHPSRULQVWLWXLomRGHDFROKLPHQWRD)DFXOGDGHGH&LrQFLDV6RFLDLVH+XPDQDVGD8QL
YHUVLGDGH1RYDGH/LVERDHSRUXQLGDGHGHLQYHVWLJDomRGHDFROKLPHQWRR,(/7²,QVWLWXWRGH(VWXGRV
GH/LWHUDWXUD7UDGLFLRQDO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD3DLYD0RUDLV
0HQGHVGD9LGLJXHLUD·VFROOHFWLRQDQGLWDLPVWRVKRZKRZWKHDXWKRUEHFRPHVDÀFWLRQDOFKDUDFWHULQ
WKHVHWZRFROOHFWLRQVRIIDEOHV
.H\ZRUGVIDEOHV²OLIHRI$HVRS²ELRJUDSK\
0$5&$6'$%,2*5$),$'((623212/,952'((;232
$V GXDV SULPHLUDV FROHFo}HV FRPSOHWDV GH IiEXODV HP OtQJXD SRUWXJXHVD
DFWXDOPHQWHFRQKHFLGDVDSDUHFHUDPQXPDpSRFDUHODWLYDPHQWHWDUGLDVHFRPSDUDUPRV
RGHVHQYROYLPHQWRGDVFROHFo}HVGHIiEXODVHPSRUWXJXrVFRPRGRVIDEXOiULRVHP
RXWUDVOLWHUDWXUDVHXURSHLDV
$SULPHLUDGHODVGHQRPLQDGDQDVXD~OWLPDHGLomR/LYURGH([RSRpGDWDGD
GR VpFXOR ;,9 QD VXD UHGDFomR SULPLWLYD FRPS}HVH GH IiEXODV HP SURVD H GRV
UHVSHFWLYRVHSLPtWLRVPRUDOL]DGRVHpHQFDEHoDGDSRUXPSUyORJR'HVWDFROHFomRHP
YHUVmRSRUWXJXHVDFRQKHFHVHXP~QLFRPDQXVFULWRGRVpFXOR;9TXHHVWiFRQVHUYDGR
QD%LEOLRWHFD1DFLRQDOGHÉXVWULDFRPDFRWDRQGHIRLGHVFREHUWRDFLGHQWDOPHQWH
SRU-RVp/HLWHGH9DVFRQFHORVHPHTXHFRQKHFHXDWpjGDWDWUrVHGLo}HV-/HLWH
GH 9DVFRQFHORV QD 5HYLVWD /XVLWDQD 9DVFRQFHORV -XYLQR $OYHV 0DLD -XQLRU
TXH GHOD HVWDEHOHFHX XPD HGLFmR FUtWLFD HP GLVVHUWDomR GH PHVWUDGR DSUHVHQWDGD j
8QLYHUVLGDGHGH6mR3DXORHP0DLD-XQLRU$GHOLQR$OPHLGD&DODGRTXH
HGLWRXR/LYURGH([RSRHP&DODGR
$JHQHDORJLDGRIDEXOiULRSRUWXJXrVWUDoDGDFRPEDVHHPDQiOLVHVGRSUySULR
9DVFRQFHORV H GH .HLGHO H DFWXDOL]DGD SRU &DODGR GHPRQVWUD
TXH HVWD FROHFomR HQWURQFD QD SDUiIUDVH UHDOL]DGD QR VpFXOR ;,, HP ,QJODWHUUD SRU
DXWRUDQyQLPRTXHVHDFUHGLWRXVHU:DOWHURX*XDOWHUXV$QJOLFXVKRMHKDELWXDOPHQWH
GHQRPLQDGD$QRQ\PXV1HYHOHWLHVHJXHDYHUVmRDPSOLDGDTXHFRQWpPIiEXODV
2FRWHMRGDVIiEXODVGR/LYURGH([RSRHGR$QRQ\PXVFRQÀUPDTXHDFROHFomR
SRUWXJXHVDVHJXLXDWUDGLomRGHVWH~OWLPRDSHVDUGHQmRVHFUHUTXHWHQKDVLGRSRUYLD
GLUHFWDPDVDQWHVUHPRWDPHQWHEDVHDGDQDTXHODFROHFomRSRUPHLRGHXPPRGHOR
LQWHUPpGLRFROLJLGRHPSURVDODWLQDTXHVHJXQGR.HLGHOWHULDVLGRXPDFySLDLWDOLDQD
9DVFRQFHORV H H .HLGHO $SHVDU GHVWHV FRQWULEXWRV VmR
DLQGDJUDQGHVDVGLÀFXOGDGHVHPGHWHUPLQDUFRPDOJXPDSUHFLVmRDIRQWHSUy[LPD
GR WUDGXWRU GR /LYUR GH ([RSR DVVLP FRPR VXEVLVWHP SUREOHPDV FRQVLGHUiYHLV QD
SHUFHSomRGDVDOWHUDo}HVTXHIRUDPLQWURGX]LGDVQRWH[WRSRUWXJXrVDLQGDTXHVHMD
SRVVtYHOLGHQWLÀFDURFRQMXQWRGHSURYpUELRVSRUWXJXHVHVLQWURGX]LGRVQRWH[WRFRPR
XPD PDUFD SURYiYHO GH LQWHUYHQomR GH FXQKR SHVVRDO &DODGR WDO FRPR
QRWDUDP9DVFRQFHORVH.HLGHOFRUURERUDGRVSRU&DODGR
$ HVWHV SUREOHPDV OHYDQWDGRV SHOD FROHFomR PHGLHYDO HP OtQJXD SRUWXJXHVD
DFUHVFH XP RXWUR D TXH DTXL GDUHPRV PDLRU DWHQomR R GD DXWRULD GR IDEXOiULR RX
PDLVSUHFLVDPHQWHRGDUHSUHVHQWDomRGRDXWRUGHIiEXODVQR/LYURGH([RSR1DVXD
UHFHQVmRGR/LYURGH(VRSRHGLWDGRSRU9DVFRQFHORVHSXEOLFDGRHP.HLGHOGHGLFRX
XPDODUJDSDUWHGRVHXWH[WRDRH[DPHGDVIRQWHVGHVWHIDEXOiULRGDQGRSDUWLFXODU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
GHVHQYROYLPHQWRjTXHODTXHpUHIHULGDQRSUyORJR.HLGHO&RPHIHLWRD
~QLFD IRQWH GLUHFWDPHQWH FLWDGD SHOR DXWRU GR /LYUR GH ([RSR p R /LYUR GD YLGD H GRV
FXVWXPHVGRVSKLORVRIRVGRTXDOQmRVHFRQKHFHFySLDPHGLHYDOHPOtQJXDSRUWXJXHVD
PDVGHTXHH[LVWHPWUrVWHVWHPXQKRVHPHVSDQKROFRPRWtWXOR9LGD\FRVWXPEUHVGH
ORVYLHMRVÀORVRIRVGHULYDGDVGDYHUVmRODWLQDGDDXWRULDGRLQJOrV:LOOLDP%XUOH\/LEHU
GHYLWDHWPRULEXVSKLORVRIRUXPTXHWHYHODUJXtVVLPDGLIXVmRDRORQJRGRVVpFXORV;,9
H ;9 .QXVW :LOOLDP SRU VXD YH] WHUi XVDGR FRPR IRQWH GD YLGD GH (VRSR
RXGLUHFWDPHQWHDFROHFomRGHIiEXODVGH9LQFHQWGH%HDXYDLVLQVHULGDQR6SHFXOXP
+LVWRULDOH9LQFHQWGH%HDXYDLVRXXPDIRQWHFRPXPDHVWDREUD.QXVW
RTXHSHUPLWHFRQFOXLUFRPRRIH].HLGHOTXHRWH[WRGR/LYURGH([RSRQRTXHUHVSHLWD
jYLGDGH(VRSRHVWiGHFHUWDIRUPDOLJDGRDRGRDXWRUIUDQFrVSRULQWHUPpGLRGDREUD
FLWDGDQRSUyORJRDLQGDTXHDVFRQH[}HVHQWUHHVWHVWH[WRVFDUHoDPGHHVFODUHFLPHQWRV
PDLVSUHFLVRV
(P WRGR R FDVR D LQYRFDomR GR QRPH GH (VRSR QD DEHUWXUD GDV FROHFo}HV
SDUHFHWHUWLGRGHVGHPXLWRFHGRRHIHLWRGHFRQWUDULDUDGLVSHUVmRGHXPFRUSXVTXH
GH FDUiFWHU PDUFDGDPHQWH KHWHURJpQHR VH WLYHUPRV HP FRQVLGHUDomR D FRQVWLWXLomR
GDV SULPHLUDV FROHFo}HV %LVFpUp GLVSHUVmR TXH VH PDQWHYH FRPR XPD
IRUoDDFWLYDQDYLGDGHVWHJpQHUR3RURXWURODGRDUHIHUrQFLDD(VRSRQRVSUyORJRV
WDPEpPSHUPLWLXFRQWUDULDUDRVFLODomRRXDLQGHÀQLomRGDVIiEXODVHQWUHQDUUDWLYD
HPRUDOHGLPLQXLUDSUySULDIDOWDGHFODUH]DGRVWHUPRV¶P\WKRV·H¶ORJRV·QDVVXDV
YiULDV DSOLFDo}HV HP WUDWDGRV WpFQLFRV VREUH D IiEXOD QD$QWLJXLGDGH GHYLGR j VXD
SROLVVHPLD'LMN&RPSUHHQGHVHTXHDVHODERUDo}HVKLVWyULFDVjYROWDGRQRPH
GR SURWRIDEXODGRU SRVVDP WHU FRQWULEXtGR HP SULPHLUR OXJDU SDUD FRQIHULU DOJXP
JUDXGHHVWDELOLGDGHHGHFUHGLELOLGDGHDXPFRQMXQWRGHQDUUDWLYDVGHYDORUHIXQomR
LPSUHFLVRV
$VVLPFRPRUHFRUGDYDQ'LMNGHVGHD$QWLJXLGDGH&OiVVLFDDDVVRFLDomRGR
QRPH GH (VRSR jV IiEXODV SURFHVVDVH GH TXDWUR PDQHLUDV SRVVtYHLV D IiEXOD p
DSUHVHQWDGDFRPRVHQGRFRQWDGDVSRU(VRSR²(VRSRpDSHUVRQDJHPSULQFLSDOGD
6mRLGHQWLÀFDGRVSRU.HLGHOTXDWURJUXSRVGHIRQWHVGR/LYURGH([RSRDVTXHVHUHIHUHPjYLGDGH
(VRSRTXHFRQVWLWXLDSULPHLUDSDUWHGRSUyORJRUHODWLYDVjFDUDFWHUL]DomRGDVIiEXODVQDVHJXQGD
SDUWH GR SUyORJR UHVSHLWDQWHV jV IiEXODV SURSULDPHQWH GLWDV IRQWHV UHIHUHQWHV DRV HSLPtWLRV
PRUDOL]DGRVFRPDVVXDVH[SORUDo}HVDOHJyULFDVDVUHIHUrQFLDVHDVFLWDo}HVGHRXWUDVREUDV
.QXVWHGLWRXXPDYHUVmRGD9LGD\FRVWXPEUHVDSDUWLUGRPDQXVFULWRHVFXULDOHQVHR~QLFRFRQKHFLGR
QDpSRFD5HFHQWHPHQWH)UDQFLVFR&URVDV&URVDVHGLWRXXPRXWURWHVWHPXQKRGHVWHWH[WR
1RWHVHDSHUVLVWrQFLDQDVWUDGXo}HVIUDQFHVDVGR6SHFXOXPKLVWRULDOHGRVPRWLYRVLQVHULGRVQRSUyOR
JRGR/LYURGH([RSR+XJXHV9DJDQD\
$RDQDOLVDUDFRQVWLWXLomRGRFRUSXVGDVIiEXODVQDWUDGLomRJUHJD$%LVFpUpLQWURGX]XPDLPSRUWDQWH
TXHVWLRQDomRDFHUFDGDUHODomRHQWUHRDXWRUHRJpQHUR´7HOOHHVWGRQFODQDWXUHGXFRUSXVGHV¶)DEOHV
G·eVRSH·XQHQVHPEOHKpWpURJqQHHWUHODWLYDPHQWHWDUGLIXQHWUDPHIDEXOHXVHjSOXVLHXUVPDLQVGRQW
ODSOXVDQFLHQQHFROOHFWLRQHVWDXPLHX[FRQWHPSRUDLQHGH3KqGUHDXSLUHELHQSRVWpULHXUHj%DEULXV
3RXUQRXVPRGHUQLVWHVOHFWHXUVGH/D)RQWDLQHOHSOXVLPSRUWDQWHVWPDLQWHQDQWGHVDYRLUFRPPHQW
OHVpGLWHXUVVFLHQWLÀTXHVHWjOHXUVXLWHOHVpGLWHXUVHWWUDGXFWHXUVTXLRQWPLVjODSRUWpHGHWRXVOHWH[WH
GHVIDEOHVJUHFTXHVVHVRQWDUUDQJpVGHFHWWHVLWXDWLRQ4XHOLVRQVQRXVQRXVOHFWHXUVIUDQoDLVORUVTXH
QRXVOLVRQVFHTXLQRXVHVWSUpVHQWpFRPPHGHV¶)DEOHV·G·eVRSHGDQVO·pGLWLRQELOLQJXHGH&KDPEU\RX
GDQVFHOOHSOXVUpFHQWHGH'DQLHO/RD\]DSDUH[HPSOH"µ%LVFpUpE
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD3DLYD0RUDLV
IiEXOD²GL]VHGDIiEXODTXHp¶GH(VRSR·RXTXHp¶HVySLFD·YDQ'LMN
7DPEpPQD,GDGH0pGLDDSHUPDQrQFLDGRQRPHGH(VRSRQRWtWXORHPGHWULPHQWR
GRQRPHGHRXWUDVLQVWkQFLDVDXWRUDLVPDLVUHFHQWHVPRVWUDTXmRLPSRUWDQWHpRQRPH
GRDXWRUSDUDDSHUFHSomRGDVIiEXODVHQTXDQWRWDOHpSRVVtYHODÀUPDUFRPR%UXQ
TXHQRFDVRGDVIiEXODVRTXHGLVWLQJXHDREUDpRVHXDXWRU%UXQ
1R /LYUR GH ([RSR p D VLWXDomR GHVFULWD SRU YDQ 'LMN HP TXH SUHGRPLQD H
HODYHULÀFDVHQRFRQWH[WRGRSUyORJRHQmRGHXPDRXYiULDVIiEXODVHPSDUWLFXODU
DSOLFDQGRVH DVVLP D WRGD D FROHFomR QD VXD JHQHUDOLGDGH 2 QRPH GH (VRSR p
FLWDGRSRUWUrVYH]HVQRSUyORJRGRIDEXOiULRSRUWXJXrVHPHVWUHLWDFRQH[mRFRPD
WUDGLomRELRJUiÀFDGHVGHFHGRHVWDEHOHFLGDHPDLVHPSDUWLFXODUFRPDFRQÀJXUDomR
ELRJUiÀFD GR DXWRU QR 6SHFXOXP +LVWRULDOH RQGH HOH ÀJXUD HP LJXDO Q~PHUR GH
UHIHUrQFLDVRQRPiVWLFDVSDUDDOpPGHVHYHULÀFDUDFRH[LVWrQFLDQRVGRLVWH[WRVGH
YiULRV HOHPHQWRV GD YLGD GH (VRSR 1RWHVH TXH DV UHIHUrQFLDV DR QRPH VXSHUDP
HP TXDQWLGDGH DV GD SUySULD IRQWH UHIHULGD QR SUyORJR R TXH SDUHFH LQGLFDU XPD
SDUWLFXODU LQVLVWrQFLD GR WH[WR SRUWXJXrV QD ELRJUDÀD GH (VRSR TXH p WDQWR PDLV
HYLGHQWHTXDQWRHODpVXEOLQKDGDSHODUHSHWLGDLQVFULomRKLVWyULFDGRDXWRU´&RQWD
VVHTXHQRWHPSRGHOOUUH\dLURUUH\GH3HUVLDHVWHDXWRUYLYLDµ/LYURGH([RSR
OLQKDVHPDLVDEDL[R´$TXHVWH([RSRQRSULPH\URDQQRGRSUHGLFWRUUH\dLUR
VVHFRQWDTXHIRVVHPRUWRGHPDDPRUWHSHUHPYHMDµ/LYURGH([RSROLQKDV
$YLGDGH(VRSRHQFRQWUDVHSRLVWRGDHODFLUFXQVFULWDKLVWRULFDPHQWHSHODÀJXUDGR
UHLdLURRTXHFRQWULEXLSDUDDSURIXQGDUDYHUWHQWHELRJUiÀFDGDÀJXUDWXWHODUGDV
IiEXODVHSDUDVLWXDUDVSUySULDVIiEXODVGHQWURGHXPDPROGXUDKLVWyULFDDOpPGR
HQTXDGUDPHQWRQDUUDWLYRTXHDELRJUDÀDGH(VRSRWDPEpPOKHVIRUQHFH1RHQWDQWR
HVWDUHODomRKLVWyULFDQDGDUHWLUDjFRPSRQHQWHOHQGiULDTXHPDQWpPDYLGDGH(VRSR
QR IDEXOiULR SRUWXJXrV PDV DQWHV p XPD PRGDOLGDGH GD DWULEXLomR GD DXWRULD TXH
UHIRUoDDXQLGDGHGDVIiEXODVHDVVLPVXEOLQKDDOyJLFDGDVXDUHXQLmRQROLYUR:HVW
3RUXPODGRDLQVLVWrQFLDQDYLGDGRDXWRUGHIiEXODVHSRURXWUR
ODGRDEUHYLGDGHGHVWDHDVXDLQFOXVmRQXPSUHIiFLRTXHVHDSUHVHQWDFRPSyVLWRH
FRPRJUDQGHFRPSOH[LGDGH²RQGHjELRJUDÀDVHMXQWDDGHVFULomRGDHVWUXWXUDGD
FROHFomR H D H[SOLFLWDomR GR VHQWLGR DOHJyULFR GDV IiEXODV ² UHYHODP D ÁH[LELOLGDGH
GRHQTXDGUDPHQWRELRJUiÀFRGHWDOPRGRTXHHVWHDVVHJXUDDXQLGDGHQDFROHFomR
PDV IiOR GH PRGR VXÀFLHQWHPHQWH YDJR H ÁH[tYHO SDUD SHUPLWLU D LQFRUSRUDomR GH
DOWHUDo}HVHDGHTXDo}HVSDUWLFXODUHVQmRVyQRSUyORJRFRPRWDPEpPHVREUHWXGR
QDVIiEXODVGDFROHFomR
$VVLP D DXWRULD GH (VRSR WHP XPD IXQomR HVSHFtÀFD PDV HOD p PDLV XPD
FRQVHTXrQFLD GD SUySULD QDWXUH]D LPSUHFLVD H LWHUDWLYD GD IiEXOD GR TXH XP IDFWRU
TXH SRVVD GHWHUPLQDU D FRQÀJXUDomR GDV IiEXODV$ DWULEXLomR GD DXWRULD LQVHUHVH
QDHFRQRPLDGRJpQHURGDIiEXODWDOFRPRDPDWpULDWUDEDOKDGD²´(VWH([RSRHP
&RQVXOWHVH PDLV GHPRUDGDPHQWH R UHIHULGR DUWLJR GH / %UXQ SDUD XPD DSUHFLDomR
H[WHQVLYDGDLPSRUWkQFLDGDYR]GRIDEXODGRUPHGLHYDOQDVFROHFo}HVGHIiEXODVQRPHDGDPHQWHQD
FRQVWUXomRGRVWtWXORVHDWUDYpVGDVPHQo}HVDRDXWRUQRVSUyORJRV
:HVWVXEOLQKDDLPSRUWkQFLDGDDWULEXLomRELRJUiÀFDQDSDVVDJHPGDFLUFXODomRGLVSHUVDGDVIiEXODV
jFRQVWLWXLomRGDVFROHFo}HVGHIiEXODV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
DTXHVWHVVHXOLYURSRHPPX\WDVHVWRULDVIIUHPRVDVGDQLPDOLDVGHKRPHØ HVHGHDYHV
H GH RXWUDV FRXVDV VHJXPGR HP HOOH YHUHGHVµ &DODGR OLQKDV ² RX
D FRQÀJXUDomR DOHJyULFD GR VHQWLGR TXDQGR VH XVD R UHFXUVR jV ÀJXUDV H IyUPXODV
WUDGLFLRQDLVGDLQWHUSUHWDomRLQWHJXPHQWDOQDVFROHFo}HVGHIiEXODV
(DVVHPHOKDHVWHVVHXOLYURDKNJXRUWRQRTXDOOHVWDPÁRUHVHIUX\WRV3HOODVIURUHVVVHHPWHPGHP
DVHVWRULDVHSHOORIUX\WRVVHHPWHPGHDVHPWHQoDGDHVWRULD(FRPYLGDRVKRPӁHVHDPRHVWDRV
TXHYHQKDPDFROKHUGDVIURUHVHGRIUX\WR$LQGDFRPSDUDHVWHVVHXOLYURDDQR]TXHKDGXUD
FDVFDHDRVSLQKR}HVTXHGHPWRWHHPDVFRPGLGRRPHRORTXHKHVVDERULGR$VV\HVWHOLYUR
WHPHPVV\HVFRQGLGRPX\WDVQRWDYHHVVHPWHQoDV&DODGROLQKDV
1HVWH VHQWLGR p OtFLWR DÀUPDU FRPR IH] -HDQ0DULH 6FKDHIIHU TXH D DXWRULD
ELRJUiÀFDVXUJLXJUDoDVDXPGLVSRVLWLYRGHSURMHFomRÀFFLRQDOGDRULJHPGDIiEXOD
(VWD SURMHFomR GD RULJHP p XPD GDV FDUDFWHUtVWLFDV FRQVWLWXLQWHV GHVWH JpQHUR 3RU
XPODGRHODRSHUDUHWURDFWLYDPHQWHDRLQVWLWXLUXPSDLGRJpQHURHSRURXWURODGR
SURVSHFWLYDPHQWH SHOD GLPHQVmR WUDQVWH[WXDO GH TXH VH UHYHVWH HVWD SDWHUQLGDGH
TXDQGRVHDSOLFDDTXHODDXWRULDDWRGDVDVIiEXODVHPJHUDOVHMDPHODVGHH[LVWrQFLD
GLVSHUVDRXFROLJLGDVHPIDEXOiULR6FKDHIIHU$IiEXODHVySLFDH[HUFHX
GHVGH D $QWLTXLGDGH XPD IRUWH SUHVVmR JHQROyJLFD VREUH RXWUDV IRUPDV GD IiEXOD
JUDoDVjTXDODÀJXUDGR(VRSRLQYHQWRUGRJpQHURS{GHVXSODQWDUQRRFLGHQWHRXWURV
SRWHQFLDLV UHVSRQViYHLV WDLV FRPR R ViELR 3LOSD\ H DFDEDU SRU DVVLPLODU WUDGLo}HV
YDULDGDVGDVIiEXODVjGLQkPLFDGDRULJHPHVySLFD
1R /LYUR GH ([RSR p FXULRVR QRWDU TXH D IRUWH PDUFD GD DXWRULD H[LVWHQWH QR
SUyORJRQmRVHUHSHUFXWHGDPHVPDIRUPDQDVIiEXODVRQGHRFRQWH[WRGHHQXQFLDomR
WHQGH D HOLPLQDU DV PDUFDV GH XPD DXWRULGDGH SHUVRQDOL]DGD $V IyUPXODV GH
LQWURGXomRGDVQDUUDWLYDVHGRVHSLPtWLRVPRUDOL]DGRVHPFDGDXPDGDVIiEXODVVmR
VLJQLÀFDWLYDPHQWHHVWHUHRWLSDGDV$WpjIiEXOD´2FmR]LQKRHRDVQRµDSULPHLUD
SDUWH GDV IiEXODV p LQWURGX]LGD SHOD H[SUHVVmR ´&RPWDVVH TXHµ H D PRUDO LQLFLD
VH SRU ´(P DTXHVWD KHVWRULD R GRXWRU GL] TXHµ $ SDUWLU GDTXL HVWDV H[SUHVV}HV
VmR VXEVWLWXtGDV UHVSHFWLYDPHQWH SRU ´3RP HVWH GRXWRU RX SRHWD HP H[HPSOR H
GL] TXHµ H ´3HU HVWH HP[HPSOR HVWH GRXWRU QRV DPRVWUD TXHµ ­ PHGLGD TXH D
FROHFomRYDLDYDQoDQGRDUHIHUrQFLDDR¶SRHWD·FRPRDXFWRULWDVWHQGHDVXEVWLWXLUDGH
¶GRXWRU·SRGHQGRSRUYH]HVIXQGLUVHHP¶GRXWRUSRHWD·6HMDTXDOIRUDH[SUHVVmR
XVDGDDWyQLFDpSRVWDQDLPSHVVRDOLGDGHVHQGRDLQVWkQFLDGHHQXQFLDomRUHPHWLGD
SDUDXPDÀJXUDGHDXWRULGDGHQmRQRPHDGDPDVTXHQmRVHFRQIXQGHQHPFRPR
LQYHQWRUGRJpQHURQHPFRPRUHGDFWRUeGHVDOLHQWDUWDPEpPDPDUFDDFHQWXDGD
QD YHUWHQWH GLGiFWLFD GDV IiEXODV SHOR SUHGRPtQLR GR WHUPR ¶HP[HPSOR· RX PHQRV
IUHTXHQWHPHQWH¶HQVLQDPHQWR·TXHVHDSOLFDPWDQWRjSDUWHQDUUDWLYDGDIiEXODFRPR
j PRUDOLGDGH FULDQGR R HIHLWR GH XPD REUD LQWHLUDPHQWH GLGiFWLFD H VHP JUDQGHV
FRQFHVV}HVjYHUWHQWHGHHQWUHWHQLPHQWRQHPDHODERUDo}HVHVWLOtVWLFDVTXHFDUUHJXHP
XPD PDUFD GH DXWRU 7RGDV HVWDV FDUDFWHUtVWLFDV GDV IiEXODV QR (VRSR SRUWXJXrV
FRQFRUUHP SDUD DWHQXDU D PDUFD GD ÀJXUD DXWRUDO TXH HVWi SUHVHQWH QR SUyORJR H
FULDP HQWUH R SUyORJR H DV IiEXODV XPD VHSDUDomR PDLV SURIXQGD GR TXH DFRQWHFH
QD JHQHUDOLGDGH GRV OLYURV GH IiEXODV EDVHDGRV QD WUDGLomR GR $QRQ\PXV 1HYHOHWL
eH[FHSomRDIiEXOD´2VDWHQLHQVHVHRVHXUHLµTXHHQWUDDEUXSWDPHQWHQDQDUUDWLYD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD3DLYD0RUDLV
GLVWLQomRHVWDTXHSRGHUiÀFDUDGHYHUVHjSURYiYHORULJHPHFOHVLiVWLFDGRUHGDFWRU
GRQRVVRIDEXOiULRTXHIRLVXEOLQKDGDWDQWRSRU9DVFRQFHORVHSRU.HLGHO
FRPRPDLVWDUGHSRU&DODGRH3RUpPWDOQmRHOLPLQDDIRUoD
GHXQLGDGHTXHpFRQIHULGDjFROHFomRSHODDXWRULDELRJUiÀFDLQVHULGDQRSUyORJRGR
/LYURGH([RSR
$75$',d®2'$´9,'$'((6232µ1$9,'$()É%8/$6'2,16,*1(
)$%8/$'25*5(*2(6232'(0$18(/0(1'(6'$9,',*8(,5$
$FROHFomRGHIiEXODVLQWLWXODGD9LGDH)iEXODVGR,QVLJQHIDEXODGRUJUHJR(VRSR
GHQRYRMXQWDVWUDGX]LGDVFRPEUHYHVDSOLFDoRHQVPRUDHVDFDGDIiEXODSRU0DQXHO0HQGHV
GD9LGLJXHLUDIRLSXEOLFDGDSHODSULPHLUDYH]HPeYRUDSRU0DQXHOGH/\UDHP
'HVWDHGLomRQmRPHIRLSRVVtYHODWpDRPRPHQWRHQFRQWUDUUDVWRDQmRVHUDOJXPDV
EUHYHVUHIHUrQFLDVHPFDWiORJRV'RWUDGXWRUWDPEpPPXLWRSRXFRVHVDEHDOpPGR
TXH %DUERVD GH 0DFKDGR UHJLVWD QD VXD %LEOLRWHFD /XVLWDQD H TXH IRL
UHWRPDGRSHODFUtWLFDGHXPDIRUPDJHUDO6HJXQGRHVWDIRQWHWUDWDVHGHXPHUXGLWR
RULXQGRGDYLODDOHQWHMDQDGD9LGLJXHLUDTXHWHUiHQVLQDGROHWUDVKXPDQDVÀORVRÀD
HSUHFHLWRVGHJUDPiWLFDGDOtQJXDODWLQDHP6HYLOKDHPYiULDVWHUUDVGR$OHQWHMRH
QR$OJDUYHQDFLGDGHGH/DJRVSRURUGHPGR%LVSRGR$OJDUYH')HUQmR0DUWLQV
0DVFDUHQKDV7DPEpPpUHIHULGRTXHWUDGX]LX'LRGRUR6LFXORHTXHFRPS{VR'LVFXUVR
HPORXYRUGD$UWHGH*UDPPDWLFDDGGLFLRQDGDSHOR3$QWRQLR9HOH]HR5RPDQFHDR1XPHUR
7HUQDULRHPFRSODV1mRPHGHWHUHLDTXLQDIRUWXQDQRWiYHOTXHWHYHDVXDFROHFomRGH
IiEXODVPDVÀ[DUPHHLQDTXLORTXHDGLVWLQJXHGROLYURGHIiEXODVPHGLHYDOGHTXH
DFLPDWUDWHLQRTXHVHUHIHUHjVPDUFDVGDYLGDGH(VRSR
1DUHDOLGDGHHVWDpDSULPHLUDFROHFomRHPOtQJXDSRUWXJXHVDDLQFOXLUD9LGDGH
(VRSRTXHOKHVHUYHGHSUyORJR6LJRDTXLDRULHQWDomRGH-HDQQH0DULH%RLYLQ
TXH FRQVLGHUD FRPR XP SUyORJR D 9LGD GH (VRSR TXH DQWHFHGH D FROHFomR GH
IiEXODVGH-XOLHQ0DFKR1HVWDPHGLGDHVWDFROHFomRpWDPEpPDSULPHLUDLPSUHVVD
HP3RUWXJDODVHJXLUDWUDGLomRTXHPXLWRVHGLIXQGLXQD(XURSDDSDUWLUGR~OWLPR
TXDUWHOGRVpFXOR;9TXHID]DFRPSDQKDURVOLYURVGHIiEXODVGHVWHWH[WR3HUU\
$9LGDGH(VRSRQHVWDFROHFomRWHPPXLWRVWUDoRVGHVHPHOKDQoDFRPRXWUDV¶9LGDVGH
(VRSR·TXHVHSURSDJDUDPFRPEDVHQDWUDGXomRGH5HPLFLRHpFHUWDPHQWH
EDVHDGDQHVWDWUDGLomRQDUUDWLYDPDVDSUHVHQWDWDPEpPDOJXPDVSDUWLFXODULGDGHV
TXHVmRGLJQDVGHQRWD
(P SULPHLUR OXJDU QRWDVH XP Q~PHUR FRQVLGHUDYHOPHQWH PDLV UHGX]LGR GH
HSLVyGLRV QD 9LGD SRUWXJXHVD GR TXH QD JHQHUDOLGDGH GDV WUDGXo}HV HODERUDGDV D
SDUWLUGDGH6WHLQK|ZHOTXHWRPRXSRUEDVHDYHUVmRODWLQDGH5HPLFLRUHIHULQGRPH
HVVHQFLDOPHQWHDGXDVDGH-XOLHQ0DFKR/\RQHDTXHHVWiLQFOXtGDQR(VRSHWH
\VWRULDGR7RXORXVH1mRVyRVHSLVyGLRVVmRHPQ~PHURPHQRUFRPRWDPEpP
VmREDVWDQWHPHQRVGHVHQYROYLGRV1RHQWDQWRDGLIHUHQoDPDLVVLJQLÀFDWLYDHVWiQR
SHVR PXLWR LQIHULRU RX PHVPR QXOR GDGR SHOR IDEXOiULR SRUWXJXrV jV IiEXODV QD
9LGDGH(VRSR6XUSUHHQGHQWHDDXVrQFLDGHIiEXODVQDWUDGXomRGH0DQXHO0HQGHV
3RUHVWHPRWLYREDVHLRDVREVHUYDo}HVIHLWDVQHVWHDUWLJRQDHGLomRGHTXHIRLDSULPHLUDDWHU
UHSHUFXVVmRVLJQLÀFDWLYDTXHFKHJRXDWHUGLPHQVmRLQWHUQDFLRQDO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
HQTXDQWRQDWUDGLomRGH6WHLQK|ZHOVXUJHPYiULDVIiEXODVDSRQWXDUDELRJUDÀDGH
(VRSRJHUDOPHQWHLQVHULGDVQDIDVHÀQDOGHVWD$VVLPDSULPHLUDIiEXODSURIHULGD
SRU(VRSRQD9LGDGH-XOLHQ0DFKRpDGRDFRUGRGHSD]HQWUHRVORERVHDVRYHOKDV
0HpQDUUDGDQXPPRPHQWRFUXFLDOGRFRQÁLWRHQWUHRV6kPLRVHRUHL&UHVR
SDUDDGYHUWLURVSULPHLURVGRVSHULJRVGHVHVHSDUDUHPGRVHXPDLRUWUXQIRRXVHMD
RSUySULR(VRSRRFRQVHOKHLURTXHMiRVWLQKDFRQGX]LGRjYLWyULDHPYiULDVRFDVL}HV
'HSRLV GHVWD (VRSR QDUUD PDLV FLQFR IiEXODV VHPSUH RIHUHFLGDV FRPR FRQVHOKR H
FRPR SURYD GD VXD VDEHGRULD$ OLJDomR HQWUH D QDUUDomR GDV IiEXODV SRU (VRSR H
DVXDFDSDFLGDGHSDUDGHFLIUDURVHQLJPDVVHUYHSDUDGHPRQVWUDUFDEDOPHQWHTXHD
IiEXODVHHQTXDGUDQDVWpFQLFDVGRGRPtQLRGDSDODYUD1HVVDPHGLGDD¶9LGD·WHP
FRPRIXQomRQDFROHFomRGHIiEXODVPDQLIHVWDUDVH[FHSFLRQDLVTXDOLGDGHVGLVFXUVLYDV
HLQWHUSUHWDWLYDVGH(VRSRHDVVLPÀFDMXVWLÀFDGDDVXDDXWRULDGDVIiEXODV
(VWHSURJUDPDGHDXWRUL]DomRGH(VRSRDWUDYpVGDVXDELRJUDÀDpPXLWRFODUR
WDQWRQD¶9LHG·eVRSH·QDFROHFomRGH0DFKRFRPRQD¶9LGDGHO(VRSR·QR(VRSHWH\VWRULDGR
0DVDWUDGXomRGH0DQXHO0HQGHVGD9LGLJXHLUDTXHpPXLWRPDLVDEUHYLDGDQmR
SRGHUiVHUFRQVLGHUDGDQRPHVPRSDWDPDUGDTXHODVQRTXHVHUHIHUHjUHSUHVHQWDomR
GH (VRSR FRPR ÀJXUD DXWRUDO 1mR WHQGR PHLRV VXÀFLHQWHV SDUD LGHQWLÀFDU D IRQWH
GLUHFWDGDWUDGXomRGD9LGDGH(VRSRSDUDSRUWXJXrVUHVWDQRVFRPSDUiODFRPRXWURV
H[HPSORVGHVWDWUDGLomRQDUUDWLYDGHRQGHHODSURYHLRLQGXELWDYHOPHQWH
$SULPHLUDDXVrQFLDGLJQDGHQRWDQD9LGDGH(VRSRHPSRUWXJXrVpDGRHSLVyGLR
HPTXH(VRSRUHFXSHUDDIDOD1DHFRQRPLDQDUUDWLYDGHVWHWH[WRQDVRXWUDVYHUV}HV
HVWDpXPDHWDSDIXQGDPHQWDOGDELRJUDÀDGRSURWRIDEXODGRUQDPHGLGDHPTXHHOD
MXVWLÀFDHVXEOLQKDDUHODomRHVSHFtÀFDFRPDSDODYUDTXHHOHLUiGHVHQYROYHUDRORQJR
GRVHXSHUFXUVRGHYLGDHTXHFXOPLQDUiFRPDVXDPRUWHWDPEpPSURYRFDGDSHOR
VHXXVRWHPHUiULRGDVSDODYUDVeLPSRUWDQWHQRWDUTXHQHVWHHSLVyGLRDSDUHFHPFHUWDV
PDUFDV GR PDUDYLOKRVR QRPHDGDPHQWH DWUDYpV GD LQWHUYHQomR GLYLQD GD GHXVD GD
+RVSLWDOLGDGH0RXDGHXVDGDSLHGDGHHGDFDULGDGH(<TXHDWULEXLRGRP
GDIDODD(VRSRPDUFDVHVWDVTXHVmRWRWDOPHQWHLJQRUDGDVSHORWUDGXWRUSRUWXJXrV
$LQGD QD SHUVSHFWLYDGDFRQVWUXomRGDFRPSHWrQFLDRUDWyULDGRDXWRUGHIiEXODVp
GH DVVLQDODU RXWUD DXVrQFLDQD FROHFomRGH0DQXHO0HQGHVRHSLVyGLRGDVOtQJXDV
TXH WDPEpP HVWi LQWLPDPHQWH UHODFLRQDGR FRP R GRPtQLR GD SDODYUD 0 H
(< 1RWHVH TXH $ YLGD GHO (VRSR QR (VRSHWH <VWRULDGR WHP XPD FDUJD GH IiEXODV
VXSHULRUjGDFROHFomRGH0DFKRTXHVmRDSUHVHQWDGDVQmRVyDWUDYpVGDQDUUDomR
PDVWDPEpPGDDOXVmRSHDDOXVmRjIiEXODGRJDORHGDSHGUDSUHFLRVDQDSDUWH
LQWURGXWyULDHDLQGDDSUHVHQWDXPDDFHQWXDGDWHQGrQFLDSDUDDWHRUL]DomRGDIiEXOD
%XUUXVH*ROGEHUJ1D9LGDGDFROHFomRGH0DQXHO0HQGHVSRURXWURODGR
HQFRQWUDPRVPXLWRSRXFRVYHVWtJLRVGHVWDWyQLFDQDIiEXODTXHVHOLPLWDDXPDEUHYH
UHIHUrQFLDQRPRPHQWRGDVXDOLEHUWDomRDROLYURGHIiEXODVFRPSRVWRSRU(VRSRTXH
RWUDGXWRUDSUHVHQWD
$VIiEXODVGD¶9LHG·eVRSH·QDFROHFomRGH-XOLHQ0DFKRVHUmRVHPSUHLQGLFDGDVSHODVLJOD0DVIiEX
ODVGD¶9LGDGHO(VRSR·GR(VRSHWH\VWRULDGRSHODVLJOD(<HDVIiEXODVGD¶9LGDGH(VRSR·GH0DQXHO0HQGHV
GD9LGLJXHLUDSHODVLJOD009
´2UDWRHDUmµ0´DMRYHPDTXHPPHWHUDPRVHQWLGRQRFRUSRµ0´RKRPHPTXHQXQFD
WLQKDHVWDGRQDFLGDGHµ0H´DUDSDULJDTXHIRLYLRODGDSHORSDLµ0
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD3DLYD0RUDLV
2XWURVPXLWRVFDVRVVXFFHGHUD}D(VRSRFRP;DQWRTXHGHL[RSRUEUHYLGDGHDWpTXHYHLRDVHU
OLYUHJRYHUQDUD6DPRFRQGHFRPSRVHPOLQJXD*UHJDHVWHYROXPHGHIDEXODVFRPRXWUDV
PXLWDVREUDVTXHDLQGDQDPIRUDPWUDGX]LGDV0HQGHVGD9LGLJXHLUD
$QDUUDomRGHIiEXODVpSRLVHVEDWLGDHHPVHXOXJDUpVDOLHQWDGRRWDOHQWRGH
(VRSRSDUDDGHFLIUDomRGHHQLJPDVVHPTXHHVWHVQRHQWDQWRVHMDPH[SOLFLWDPHQWH
DVVRFLDGRV j IiEXOD 3RUpP HVWD TXDOLGDGH GR (VRSR GHFLIUDGRU GH HQLJPDV p
UHIHULGDQDVHTXrQFLDGDVXDOLEHUWDomRRTXHLPSOLFLWDPHQWHDVVRFLDjOLEHUGDGHR
GHVHQYROYLPHQWRGRGRPtQLRGDSDODYUD
1DWXUDOPHQWH DR UHIHULU H[SUHVVDPHQWH TXH DV IiEXODV ´DLQGD QD} IRUD}
WUDGX]LGDVµRWUDGXWRUSURFXUDHQDOWHFHUDVXDWDUHIDDSUHVHQWDQGRDWUDGXomRFRPR
XPJHVWRGHUHIXQGDomRGRJpQHURGDIiEXODQXPDRXWUDOtQJXDRSRUWXJXrV$VVLP
DWUDGXomRGDVIiEXODVGH(VRSRDSDUWLUGRJUHJRDOpPGHVHUUHIHULGDQRWH[WRGD
¶9LGD·pWDPEpPDQXQFLDGDQRWtWXORHPYiULDVHGLo}HVGHVWDFROHFomR9LGDHIiEXODV
GRLQVLJQHIDEXODGRU*UHJR(VRSRGHQRYRMXQWDVHWUDGX]LGDVFRPEUHYHVDSOLFDo}HVPRUDHV
DFDGDIiEXODRX)iEXODVGH(VRSRWUDGX]LGDVGDOtQJXDJUHJDFRPDSOLFDo}HVPRUDHV
D FDGD IiEXOD SRU 0DQXHO 0HQGHV GD 9LGLJXHLUD 1mR WHPRV PHLRV TXH SRVVDP
FRPSURYDUTXHDWUDGXomRGH0DQXHO0HQGHVGD9LGLJXHLUDVHWHQKDHIHFWLYDPHQWH
UHDOL]DGR FRP EDVH QXP PRGHOR JUHJR DSHVDU GH DV IXQo}HV TXH H[HUFHX SRGHUHP
LQGLFLDUXPDUD]RiYHOIDPLOLDULGDGHFRPRVDXWRUHVFOiVVLFRVQXPDpSRFDHPTXHR
FRQKHFLPHQWRGRVJUHJRVHVWDYDHPIUDQFDH[SDQVmRQD(XURSDRFLGHQWDO$DYDOLDU
SHODV HVWUDWpJLDV GH FRQÀUPDomR DXWRUDO DVVHQWHV QD ÀJXUD GH (VRSR SDUHFH OtFLWR
FRQMHFWXUDU TXH HVWD IRUPD GH DSUHVHQWDU D WUDGXomR WHQKD WLGR FRPR REMHFWLYR
DFHQWXDURJHVWRGHUHPLVVmRSDUDXPDRULJHPUHPRWDGDIiEXODSUy[LPDGDÀJXUD
GR(VRSRLQYHQWRUGDIiEXOD$VVLPDÀJXUDVHQRVPXLWRSRVVtYHOTXHDWUDGXomRGH
0DQXHO0HQGHVWHQKDVLGRHODERUDGDQmRGLUHFWDPHQWHGRJUHJRPDVFRPEDVHQXP
PRGHORODWLQRSRUVXDYH]WUDGX]LGRGRJUHJRRTXHPHSDUHFHFRUUHVSRQGHUDXPD
OLQKDJHPGHWUDGXomRPDLVSUy[LPDGRTXHVHSUDWLFDYDGHVGHRVpFXOR;9QD(XURSD
IXQGDPHQWDOPHQWHDSDUWLUGDYXOJDWDGH3ODQXGHV3HUU\(IHFWLYDPHQWHWXGR
OHYDDFUHUTXHRHUXGLWRSRUWXJXrVQmRWHQKDWLGRFRQKHFLPHQWRGDFROHFomRPHGLHYDO
HPOtQJXDSRUWXJXHVDDSHVDUGHVHSHQVDUTXHRPDQXVFULWRTXHDFRQVHUYRX
DLQGDHVWDULDHP3RUWXJDOQRVpFXOR;9,,&DODGRHTXHHOHJHQXLQDPHQWH
DFUHGLWRXHVWDUDUHDOL]DUDSULPHLUDWUDGXomRGDVIiEXODVGH(VRSRSDUDRSRUWXJXrV
0DVVHQDFROHFomRHPSRUWXJXrVGHVHLVFHQWRVDWUDGXomRpXPJHVWRTXHVH
MXQWDjVGHPDLVHVWUDWpJLDVGHDXWRUL]DomRGDIiEXODDYHUGDGHSRUpPFRPRYLPRV
pTXHDOLJDomRGD9LGDGH(VRSRjFROHFomRGHIiEXODVpDtFRQVLGHUDYHOPHQWHWpQXH
H[LVWLQGRHQWUHDVGXDVSDUWHVGRYROXPHXPDGLVWLQomRGDPDWpULDQDUUDWLYDEDVWDQWH
PDLV YLQFDGD GR TXH QDV FROHFo}HV TXH D DQWHFHGHUDP $VVLP HPERUD KDMD XPD
UHPLVVmRSDUDDELRJUDÀDGRIDEXODGRUQRHSLPtWLRGDIiEXOD¶-XQRHRSDYmR·DVIRQWHV
LQYRFDGDVVHPSUHQRVHSLPtWLRVVmRVREUHWXGRFOiVVLFDVRXGHFXQKRUHQDVFHQWLVWD
WUrV UHIHUrQFLDV D +RUiFLR GXDV D 0DUFLDO GXDV D %DSWLVWD )XOJRVR XPD D 0LPR
3XEOLFDQR XPD D$SSLQLR 3ROLER XPD D$XOLR *HOLR XPD D$OFLDWR H DLQGD XPD
UHIHUrQFLDPLWROyJLFDDRViELR8OLVVHV$RPHVPRWHPSRHVWDVUHIHUrQFLDVVXUJHP
0096XS,,6XS;,
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD«
SRUYH]HVSDUDFRQÀUPDURWHPSRSUHVHQWHHSDUDLPSOLFDURVXMHLWRGDHQXQFLDomR
QDIiEXODDWUDYpVGDPRUDOFRPRDFRQWHFHQRHSLPtWLRGDIiEXOD¶RORERHRJURX·TXH
FRPHoDDVVLP´'L]0LPR3XEOLFDQR>@HHXDVVLPRHQWHQGRµ009;9,,
3RGHPRV FRQFOXLU TXH D LQVFULomR GD 9LGD GH (VRSR QD FROHFomR GH IiEXODV
WUDGX]LGD SRU 0DQXHO 0HQGHV GD 9LGLJXHLUD QR LQtFLR GH VHLVFHQWRV REHGHFH D
FRQYHQo}HV OLWHUiULDV FRQVLGHUDYHOPHQWH GLVWLQWDV GDV TXH QRUWHDUDP D LQFOXVmR
GH HOHPHQWRV ELRJUiÀFRV GR SURWRIDEXODGRU QRV OLYURV GH IiEXODV WDUGRPHGLHYDLV
(VRSR QmR VH DSUHVHQWD WH[WXDOPHQWH GH PRGR WmR DFHQWXDGR FRPR XP PHVWUH QDV
DUWHVGDSDODYUDQHPFRPRXPDDXWRULGDGHLQWUDGLHJpWLFDSRWHQFLDGRUDQXPQtYHO
PHWDSRpWLFRGHRXWUDVDXFWRULWDWHVUHIHULGDVQRVSUyORJRVRXQDVIiEXODV1HVWHFDVR
D VXD PDUFD DXWRUDO UHFXD QD 9LGD H PDLV DLQGD QDV IiEXODV RQGH VXUJHP RXWUDV
PRGDOLGDGHVFRQFRUUHQFLDLVGHJDUDQWLUDOHJLWLPLGDGHGRJpQHUR
%,%/,2*5$),$
$GUDGRV)5HWDOLLHGV/D)DEOH+XLWH[SRVpVVXLYLVGHGLVFXVVLRQV)RQGDWLRQ
+DUGW*HQqYH
%LVFpUp$´/HVIDEOHVG·(VRSHXQHRHXYUHVDQVDXWHXU"µ/H)DEOLHU
%RLYLQ-0´/D9LHG·eVRSHXQSURORJXHRULJLQDOG·XQUHFXHLOGHIDEOHVGH
-XOLHQ0DFKRµ5HLQDUGXV
%RLYLQ-0´3URORJXHVHWpSLORTXHVGHVLVRSHWVµ5HLQDUGXV
%UXQ/´/DYRL[GXIDEXOLVWHPpGLpYDOjWUDYHUVOHVLVRSHWVµ35,60$
%XUUXV9$DQG*ROGEHUJ+HGV(VRSHWH\VWRULDGR7RXORXVH0DGLVRQ
7KH+LVSDQLF6HPLQDURI0HGLHYDO6WXGLHV
&DODGR$GH$/LYURGH([RSR&RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFRGD
%LEOLRWHFDGH&RLPEUD
&URVDV)HG©9LGD\FRVWXPEUHVGHORVYLHMRVÀOyVRIRVª/DWUDGXFFLyQFDVWHOODQD
FXDWURFHQWLVWD GHO ©'H YLWD HW PRULEXV SKLORVRSKRUXPª DWULEXtGR D :DOWHU %XUOH\
0DGULG(GLWRULDO,EHURDPHULFDQD9HUYXHUW
.HLGHO*&´1RWHVRQ$HVRSLF)DEOH/LWHUDWXUHLQ6SDLQDQG3RUWXJDO'XULQJ
WKH0LGGOH$JHVµ=HLWVFKULIWIU5RPDQLVFKH3KLORORJLH
.HLGHO * & ´1RWHV RQ )DEOH ,QFXQDEXOD &RQWDLQLQJ WKH /LIH RI $HVRSµ
%\]DQWLQLVFKH=HLWVFKULIW>5HSULQW@
.HLGHO*&´2/LYURGH(VRSRIDEXOiULRSRUWXJXrVPHGLHYDO/LVERDµ
=HLWVFKULIWIUURPDQLVFKH3KLORORJLH+DOOH
.QXVW+/LEHUGH9LWDHWPRULEXVSKLORVRSKRUXPSRHWDUXPTXHYHWHUXPH[PXOWLVOLEULV
WUDFWXVQHFQRQEUHYLWHUHWFRPSHQGLRVHSHUYHQHUDELOHPYLUXPPDJLVWUXP:DOWHUXP
%XUOH\ FRPSLODWXU LQFLSLW IHOLFLWHU PLW HLQHU DOWVSDQLVFKHQ EHUWVHW]XQJ GHU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QD3DLYD0RUDLV
(VNXULDOELEOLRWKHNKHUDXVJHJHEHQYRP7ELQJHQ%LEOLRWKHNGHVOLWWHUDULVFKHQ
9HUHLQVLQ6WXWWJDUW
0DFKDGR'%GH%LEOLRWKHFD/XVLWDQDKLVWRULFDFULWLFDHFURQRORJLFDQDTXDOVH
FRPSUHKHQGHDQRWLFLDGRV$XWKRUHV3RUWXJXH]HVHGDV2EUDVTXHFRPSXVHUmRGHVGH
RWHPSRGDSURPXOJDomRGD/H\GD*UDoDDWpDRWHPSRSUH]HQWH2IIHUHFLGDj$XJXVWD
0DJHVWDGHGH'-RmR9QRVVRVHQKRUSRU'LRJR%DUERVD0DFKDGR,,,/LVERD2ÀFLQD
GH,JQiFLR5RGULJXHV
0DLD-XQLRU-$)DEXOiULRPHGLHYDOSRUWXJXrV6mR3DXOR8QLYHUVLGDGHGH6mR
3DXOR²)DFXOIDGHGH)LORVRÀD/HWUDVH)LORVRÀD+XPDQD
0pODQJHV(3LFRW,3DULV'0RUDQG
0H\HU3´2/LYURGH(VRSRIDEXOiULRSRUWXJXrVµ5RPDQLD
3HUU\%(>WUDG@>@%DEULXVDQG3KDHGUXV+DUYDUG8QLYHUVLW\3UHVV7KH
/RHE&ODVVLFDO/LEUDU\
3HUU\ %( ´7KH 7H[W 7UDGLWLRQ RI WKH *UHHN /LIH RI$HVRSµ 7UDQVDFWLRQV DQG
3URFHHGLQJVRIWKH$PHULFDQ3KLORORJLFDO$VVRFLDWLRQ
6FKDHIIHU-0´$HVRSXVDXFWRULQYHQWXVµ3RpWLTXH
6FKRHWWNH 6 ´'H OD ¶VRXUFH· j ¶O·HQYRO· eVRSH HW 6RFUDWH GDQV OH GLVSRVLWLI
OLPLQDLUH GHV )DEOHV GH /D )RQWDLQHµ 5HYXH GH OLWWpUDWXUH FRPSDUpH Q
VSpFLDO´/D)RQWDLQHHWODIDEOHµ
'LMN*-YDQ´7KHIDEOHVLQWKHJUHHQOLIHRI$HVRSµ5HLQDUGXV
'LMN *- YDQ ´7KHRU\ DQG 7HUPLQRORJ\ RI WKH *UHHN )DEOHµ 5HLQDUGXV 9DJDQD\ + HG ´/D PHU GHV +LVWRLUHV 9LQJW IDEOHV G·(VRSH WUDGXFWLRQ HQ
IUDQoDLVGX;9HVLqFOHµLQ0pODQJHV(3LFRW,3DULV'0RUDQG
9DVFRQFHORV-/GHHG2/LYURGH(VRSRIDEXOiULRSRUWXJXrVPHGLHYDO6HSDUDWD
GD5HYLVWD/XVLWDQDH
9LQFHQW GH %HDXYDLV >5HSUW $NDGHPLVFKH 'UXFN8 9HUODNVWDOW *UD]
$XVWULD@ 6SHFXOXP +LVWRULDOH 'RXDL %DOWKD]DU %HOOqUH SRXU OHV %pQpGLFWLQV
GH'RXDL
:HVW0/´7KH$VFULSWLRQRI)DEOHVWR$HVRSµLQ$GUDGRV)5HWDOLLHGV
/D)DEOH+XLWH[SRVpVVXLYLVGHGLVFXVVLRQV)RQGDWLRQ+DUGW*HQqYH
&25386'($1É/,6(
&DODGR$GH$HG/LYURGH([RSR&RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFR
GD%LEOLRWHFDGH&RLPEUD
0HQGHVGD9LGLJXHLUD09LGDHIiEXODVGRLQVLJQHIDEXODGRUJUHJR(VRSR'HQRYRMXQWDVH
WUDGX]LGDVFRPEUHYHVDSOLFDo}HVPRUDLVDFDGDIiEXOD/LVERD$QWyQLR$OYDUH]
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
'()É%8/$6<%(67,$5,26
/$(67e7,&$'(/26$1,0$/(6(1/$('$'0(',$
5,&$5'23,f(52025$/
8QLYHUVLGDGGH6DODPDQFD
5HVXPHQ
/RVDQLPDOHVHQOD(GDG0HGLDSXHGHQVHUFRQVLGHUDGRVFRPRXQHOHPHQWRGHVHQWLGRTXHWUDQVFLHQGH
ORVOtPLWHVGHVXFRQGLFLyQELROyJLFD'HVGHHOSXQWRGHYLVWDÀORVyÀFRQRVyORRIUHFHQXQDYLUWXDOLGDG
H[WUDRUGLQDULDSRUORTXHUHVSHFWDDVXDVSHFWRIRUPDOVLQRTXHSUHVHQWDQ\UHSUHVHQWDQXQFRQMXQWRGH
YDORUHVTXHQRVSHUPLWHQHVWDEOHFHUSXQWRVGHHQFXHQWURHQWUHORVGLYHUVRViPELWRVGHODFXOWXUD$UWH
WHRORJtDOLWHUDWXUDÀORVRItDELRORJtD«WLHQHQHQVXKRUL]RQWHODLPDJHQGHODQLPDOFRPRXQUHIHUHQWH
SULYLOHJLDGRSDUDOOHJDUDFRPSUHQGHUHOVHQWLGRGHODUHDOLGDG\GHOSURSLRVHUKXPDQRTXHODKDELWD
3DODEUDVFODYH(VWpWLFDDQLPDOHV(GDG0HGLDEHVWLDULR
$EVWUDFW
7KHDQLPDOVLQWKH0LGGOH$JHVFDQEHFRQVLGHUHGDQHOHPHQWRIVHQVHWKDWRYHUFRPHVWKHOLPLWVRIKLV
ELRORJLFDOFRQGLWLRQ)URPWKHSKLORVRSKLFDOSRLQWRIYLHZQRWRQO\WKH\RIIHUDQH[WUDRUGLQDU\YLUWXDO
LW\IRUZKDWLWFRQFHUQVWRKLVIRUPDODVSHFWEXWWKH\SUHVHQWDQGUHSUHVHQWD¶FRUSXV·RIYDOXHVWKDW
DOORZXVWRHVWDEOLVKSRLQWVRIPHHWLQJDPRQJWKHGLYHUVHDUHDVRIWKHFXOWXUH$UWWKHRORJ\OLWHUDWXUH
SKLORVRSK\]RRORJ\«KDYHLQKLVKRUL]RQWKHLPDJHRIWKHDQLPDODVDPRGDOIDYRXUHGWRPDQDJHWR
XQGHUVWDQGWKHVHQVHRIWKHUHDOLW\DQGRIWKHKXPDQEHLQJZKROLYHVLW
.H\ZRUGV$HVWKHWLFVDQLPDOV0LGGOH$JH%HVWLDU\
'(/$5($/,'$''(/$6%(67,$6$/6(17,'2'(/$6,0É*(1(6
(ODUWHPHGLHYDOHQVXFRQMXQWRQRVRIUHFHXQD]RRWHFDLQFRPSDUDEOH$TXHOORV
TXHWUDEDMDPRVGLUHFWDPHQWHFRQSHUJDPLQRV\YLWHODVGLVIUXWDPRVFDGDGtDGHHOOD1R
LPSRUWDVLHOHVFHQDULRHVXQ/LEURGH+RUDVGHWDORFXDOUHLQDRXQDFRSLDPLQLDGDGHOD
1DWXUDOLV+LVWRULDGH3OLQLR«(VWDSUHVHQFLDGHORDQLPDODFDHFHWDQWRVLHOPDQXVFULWR
SUHWHQGHVHUWUDQVPLVLyQGHXQWH[WRVDJUDGRRXQLQYHQWDULRGHPDGXUD\REMHWLYD
FLHQFLDSURIDQD,QFOXVRDYHFHVHODUWHPHGLHYDOHVWDQSRGHURVRWDQYLUWXDO«TXH
HVFDSD]GHXQLUHQXQDVRODPLQLDWXUDODPX\SXUD$QXQFLDFLyQGHOD9LUJHQ0DUtD
&RUUHRHUSP#XVDOHV5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
²HQFX\RVXFHVRVXHOHDSDUHFHUDGHPiVXQDQLPDOHVSHFtÀFRODSDORPDFRPR(VStULWX
6DQWR² FRQ XQD HVFHQD SURIDQD HQ OD TXH XQ SHTXHxR ViWLUR ²VtPEROR GH OD OXMXULD
PiVSURIDQDSHQVDEOH²WRFDGLVSOLFHQWH\EXUOyQXQOD~G$KRUDELHQWDOYH]VLORV
DQLPDOHVRFXSDURQORVPiUJHQHVGHORVPDQXVFULWRVHVSRUTXHHQUHDOLGDGMXJDEDQ
XQSDSHOFHQWUDOHQODFXOWXUDGHOPHGLRHYR
(O PXQGR GH ORV DQLPDOHV PHGLHYDOHV HV SUHIHUHQWHPHQWH HO PXQGR GH ODV
LPiJHQHVGHORVDQLPDOHVeVWRVHVWiQPiVDOVHUYLFLRGLGiFWLFRTXHEDMRODPLUDGDGHO
LQWHUpVFLHQWtÀFR3RUTXHVXVHU¶LPDJHQ·OHVFRQYLHUWHHQXQWLSRHVSHFLDOGHHQWLGDGHV
/RVKRPEUHVGHOPHGLRHYRVHORVDSURSLDQORVGHYRUDQDOKDFHUGHHOORVLQWHOLJHQFLD
LPDJLQDFLyQPHPRULD/RVDQLPDOHVHQOD(GDG0HGLDVRQPiVXQDFUHDFLyQKXPDQD
TXH GLYLQD FRPR VL OD DFFLyQ DGiQLFD GH OD GHQRPLQDFLyQ ORV KXELHUD FRQYHUWLGR
HQ XQD SRVHVLyQ PiV GHO KRPEUH (Q OD LPDJHQ GHO DQLPDO PHGLHYDO SULPD PiV VX
FRQVWUXFFLyQVLPEyOLFDTXHFXDOTXLHURWUDPRWLYDFLyQ\DVHDpVWDELROyJLFDRLQFOXVR
HVWpWLFD$VSHFWRQDWXUDO\DUWtVWLFRHVWiQDOVHUYLFLRGHVXVHQWLGR
/RVWH[WRVPHGLHYDOHVFRPR%HDWRVOH\HQGDVIiEXODVREHVWLDULRVVRQHOUHÁHMR
GH XQD DSURSLDFLyQ R VL VH TXLHUH GH XQD VXEYHUVLyQ HQ HO PXQGR GH OD QDWXUDOH]D
TXH WLHQH FRPR ÀQ HO HVWDEOHFLPLHQWR GH XQD KHUPHQpXWLFD FRQ XQ SRGHU HVSHFLDO
FRQVLVWHQWHHQFRQYHUWLUDORVDQLPDOHVHQHVSHMRGHORVVHUHVKXPDQRV(OSHQVDPLHQWR
HVWpWLFRPHGLHYDOJHQHUDGHHVWHPRGRXQDLQYHUVXVPXQGL\VLQRVRPRVFRQVFLHQWHV
GHHOOD\QRODDSOLFDPRV²GHODPLVPDPDQHUDTXHXQPLRSHXWLOL]DVXVOHQWHV²MDPiV
OOHJDUHPRVDHQWHQGHUDTXHOORTXHVHQRVSUHVHQWDSDWHQWHPHQWHDQWHQXHVWURVRMRV
/RV DQLPDOHV HQ FXDQWR LPDJHQ SDUHFH TXH VRQ GLUHFWRV LQPHGLDWRV SHUR
VX SUHVHQFLD RQWROyJLFD GLJDPRV QR HV HTXLYDOHQWH D VX VHPiQWLFD LFRQROyJLFD /D
GLÀFXOWDGGHHVWDLQYHUVLyQGHOPXQGRUDGLFDHQTXHXQVHUGHDSDULHQFLDPiVRPHQRV
VLPLODUSXHGHGHVSOHJDUGLIHUHQWHVVLJQLÀFDGRVVHJ~QHOOXJDUODpSRFD\HQJHQHUDO
HOFRQWH[WRHQHOTXHVHVLW~D'HOPLVPRPRGRTXHXQDSDODEUDSXHGHWHQHUYDULRV
VLJQLÀFDGRVVLPXOWiQHRVRVXFHVLYRVODLPDJHQGHXQDQLPDOSXHGHVHUYHKtFXORGH
LGHDV \ YDORUHV QR VyOR GLIHUHQWHV VLQR DEVROXWDPHQWH RSXHVWRV (VWH SULQFLSLR GH
LQYHUVLyQTXHFRQYLHUWHHOPXQGRQDWXUDOHQXQFRPSOHMR\SROLVpPLFRXQLYHUVRGH
VHQWLGRVKDGHVHUWHQLGRHQFXHQWDFRPRXQGDWRSUHYLRDODKRUDGHSHQVDUHODQLPDO
HQOD(GDG0HGLD
8QDGHODVLQYHUVLRQHVDODYH]PiVH[WUDxDV\PHMRUDVXPLGDVSRUHOKRPEUHHV
TXHHQODVIiEXODVGHOPHGLRHYRORVDQLPDOHVKDEODQFRQWRGDQDWXUDOLGDG7UDQVIHULPRV
DORVDQLPDOHVDSHQDVVLQGDUQRVFXHQWDXQSDWULPRQLRWDQH[FOXVLYRFRPRHOOHQJXDMH
&RPRSXHGHYHUVHHQHO/LEURGH+RUDVIUDQFpVPLQLDGRKDFLDSRU-HDQ)RXTXHWTXHVHFRQVHUYD
HQOD%LEOLRWHFD5HDOGH&RSHQKDJXHFRQODVLJQDWXUD*O.JO6DPOIU
7HVQLqUH0+
%HQWRQ-5
6DOLVEXU\-(
&I&XUWLXV(
&I)ORUHV&HG
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
(QHVDWUDQVPLVLyQOLQJtVWLFDVHLQFOX\HDGHPiVODFDSDFLGDGGHSHQVDU\UD]RQDUGH
WDOPDQHUDTXHFXDOTXLHUDGHORVSHUVRQDMHVGHXQDIiEXODQRVyORH[SRQHGHYLYDYR]
DTXHOORTXHGHVHDVLQRTXHDGHPiVORKDFHVLJXLHQGRXQSODQDUJXPHQWDWLYRSUHFLVR
FRQYLQFHQWHUHWyULFRHQHOPHMRUGHORVVHQWLGRVSXHVHVFDSD]GHDXQDUSHQVDPLHQWR
\ GLFFLyQ GH XQ PRGR FXDOLÀFDGR 1DGLH VH H[WUDxD GHO GLVFXUVR SDXVDGR \ ELHQ
PHGLGRGHXQ]RUURRGHXQDVQR²SRUSRQHUFDVRVGHDQLPDOHVQRPX\ELHQYLVWRV
SRUODLGLRVLQFUDVLDGHVX¶FDUiFWHU·²VLQFDHUHQODFXHQWDGHTXHHQHVDWUDQVSRVLFLyQ
OLQJtVWLFDYDHQHOIRQGRWRGRHO¶JHQRPD·GHOVHUKXPDQRWRGRDTXHOORTXHKDVWD
HQWRQFHVQRVKDFtDGLIHUHQWHVDODVEHVWLDVWRGRDTXHOORTXHQRVVHUYtDSDUDFRQVWUXLU
QXHVWUDLGHQWLGDG/DVIiEXODVKXPDQL]DQORVDQLPDOHVSDUDKDFHUYHUDOKRPEUHVX
SURSLDDQLPDOLGDG
/RVEHVWLDULRVQRGDQODYR]DORVVHUHVTXHORVSXHEODQ7RGRORPiVDWULEX\HQ
D DOJXQRV GH HOORV OD FDSDFLGDG GH KDEODU FRPR DO ORUR WRQWRUUyQ R D OD SHUYHUVD
PDQWtFRUD(QHOORVODSXHVWDHQHVFHQDFDPELD6XVWLWX\HQODWUDQVIHUHQFLDOLQJtVWLFD
SRUODLFyQLFD8QEHVWLDULRSDUDPRVWUDUODQDWXUDOH]DGHXQDQLPDOHVWiDWDGRDOD
LPDJHQFRPRHOSHUVRQDMHGHXQDIiEXODORHVWiDVXYR]$WUDYpVGHVXUHSUHVHQWDFLyQ
ODEHVWLDQRVFXHQWDFyPRHVFyPRVHFRPSRUWDFXiOHVVRQVXVKiELWRVVXVJXVWRVVXV
PLHGRVHVRVtORKDFHVLQDEULUODERFD4XLHQHVKDEODQHQXQOLEURGHEHVWLDVVRQOD
LPDJHQ\HO¶H[SHUWR·²HQVXGREOHFRQGLFLyQGHQDWXUDOLVWD\PRUDOLVWD²SHURORKDFHQ
GH XQD PDQHUD PX\ SHFXOLDU VyOR SRUTXH ORV EHVWLDULRV DQWURSRORJL]DQ DO DQLPDO ²
LQYLHUWHQVXPXQGR²WUDVODGHVFULSFLyQItVLFDSXHGHQVDFDUFRQVHFXHQFLDVPRUDOHV
WDQWRGHVXQDWXUDOH]DFRPRGHVXFRPSRUWDPLHQWR
´/RVKLVWRULDGRUHVGHODVFLHQFLDVQXQFDVHKDQSUHJXQWDGRSRUTXpODKLVWRULDQDWXUDOQRKDEtD
UHDOL]DGRQLQJ~QSURJUHVRHQOD(GDG0HGLD/DUD]yQHVHQFLDOHVWULEDHQTXHORVWHyORJRVOD
VXVWLWX\HURQSRUHOVLPEROLVPRDQLPDO(QORVHVFULWRVPHGLHYDOHVODKLVWRULDQDWXUDOFRPRHQ
ODVIiEXODVGH/D)RQWDLQHHVVyORXQFDStWXORGHODPRUDO1RKD\QLQJXQDGLIHUHQFLDHQWUHHO
QDWXUDOLVWD\HOPRUDOLVWDSRUTXHORVDQLPDOHVQRVHHVWXGLDQQLHQVtQLSRUVtPLVPRVVLQR
FRPRHVER]RVRUHÁHMRVGHOKRPEUHFHQWURGHOD&UHDFLyQSDUDHOFXDOHOPXQGRDQLPDORIUHFH
XQHVSHMRDODYH]GHDXPHQWR\GHIRUPDQWHGHVXSURSLDQDWXUDOH]DODLPDJHQRODFDULFDWXUD
GHVXVSDVLRQHVYLUWXGHV\YLFLRVµ
$VtOD(GDG0HGLDDFRJHODQDWXUDOH]DDQLPDOFRPRXQSXQWRUHOHYDQWHWDQWR
SDUDODUHÁH[LyQÀORVyÀFDFRPRSDUDODUHSUHVHQWDFLyQSOiVWLFDKDFLHQGRGHODVEHVWLDV
XQSDUDGLJPDGHFRPSUHQVLyQGHOVHUKXPDQRTXHOHVSRQHHOQRPEUH6HJHQHUD
GHHVWHPRGRXQDHVSHFLHGHIDPLOLDULGDGTXHDSRUWDUiXQDYtDGHDQiOLVLVGHJUDQ
ULTXH]DKHUPHQpXWLFD(OXQLYHUVRFXOWXUDOGHOPHGLRHYRHVWiSREODGRSRULQÀQLGDG
GHDQLPDOHVQRVyORSRUHOWUDEDMRIXQGDPHQWDOTXHGHVHPSHxDQHQORVWUDEDMRVGH
3D\QH$
(OSVLWWDFXVTXHDSDUHFHHQXQRGHORVEHVWLDULRVPHGLHYDOHVTXHVHFRQVHUYDQHQOD%LEOLRWHFD5HDOGH
&RSHQKDJXHUHVXOWDXQHMHPSORLQFXHVWLRQDEOH*O.JOIY
&I5RFKHVWHU%HVWLDU\HQOD%ULWLVK/LEUDU\GH/RQGUHVF5R\DO06)[LLL
5pDX/
*O.JOIY
'pORUW5
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
ODDJULFXOWXUDVLQRWDPELpQFRPRDXWpQWLFRVFRPSDxHURVGHOKRPEUHHQRWUDVWDUHDV
FRPR OD FD]D VLQ ROYLGDU TXH FRQVWLWX\HQ XQD EDVH DOLPHQWLFLD SDUD HO VHU KXPDQR
3HUR OR TXH PH LQWHUHVD PRVWUDU HV TXH OD LQWHUDFFLyQ FRQ ORV DQLPDOHV FRQÀJXUD OD
H[SHULHQFLDGHOPXQGRTXHHOKRPEUHSRVHH/DSHUFHSFLyQGHODQDWXUDOH]DDQLPDO
D\XGyDORVKRPEUHVPHGLHYDOHVDFRQVWUXLUODLPDJHQGHOPXQGR\VHVLUYLyGHHOORV
SDUDGRWDUGHXQVHQWLGRPiVDPSOLRDVXSURSLDFRQGLFLyQFRPRVHUHVFUHDGRVSRU
XQPLVPR'LRV
$QLPDOHVUHDOHVRLPDJLQDULRV«XQDGLVWLQFLyQFX\DFRPSHWHQFLDQRVHIXQGD
HQVXHIHFWLYLGDG3DUDHOQDWXUDOLVWDRHOPRUDOLVWDORIXQGDQWHGHODUHODFLyQFRQHO
DQLPDOQRHVXQFULWHULRRQWROyJLFRGHH[LVWHQFLDUHDOVLQRODUHODFLyQHVSHFXODUTXH
SXHGHVHUWUD]DGDHQWUHGLIHUHQWHVWLSRVGHFULDWXUDV(OLQWHUpVQRUDGLFDHQSUR\HFWDU
\ÀQDQFLDUXQDH[SHGLFLyQ]RROyJLFDD$UDELDRD(WLRStDRDODVOHMDQDVWLHUUDVGHOD
,QGLDSDUDFRPSUREDUVREUHHOWHUUHQRODH[LVWHQFLDGHORVVHUHVGHORVTXHKDEODXQ
EHVWLDULRFRPRHO3K\VLRORJXVQLHQUHFRUUHUORVPDUHVGHOVXUHQEXVFDGHVLUHQDV«
/D PHQWDOLGDG PHGLHYDO SUHÀHUH GDU SRU VHQWDGD OD ¶UHDOLGDG· GH HVDV FULDWXUDV
SRUTXHH[LVWDQHIHFWLYDPHQWHRQRHOFDVRHVTXHSRVHHQXQDFDSDFLGDGH[SOLFDWLYD
H[WUDRUGLQDULD
/DOLWHUDWXUDPHGLHYDOFRPRSRURWUDSDUWHODOLWHUDWXUDDQWLJXDHVWiSODJDGD
GHUHÁH[LRQHVTXHQRVOOHYDQDXQDHVSHFLHGHHWRORJtDFRPSDUDGDHQWUHORVDQLPDOHV\
HOKRPEUH/RVFXHQWRVODVQDUUDFLRQHVODSRHVtDUHWUDWDQHQLQQXPHUDEOHVRFDVLRQHV
DQLPDOHV TXH DFW~DQ VREUH OD VHQVLELOLGDG \ OD LPDJLQDFLyQ \ RIUHFHQ XQ SXQWR GH
YLVWDDOWHUQDWLYRTXHWHUPLQDSRUSUHVHQWDUHOFRPSRUWDPLHQWRGHORVDQLPDOHVFRPR
VLIXHUDHOGHORVVHUHVKXPDQR(VWRVUHWUDWRVFRPSDUDGRVHVWiQHQORVFODXVWURVGH
ORVPRQDVWHULRVHQODVIiEXODVHQORVPDQXVFULWRVPLQLDGRVHQORVVHUPRQHVGHORV
SUHGLFDGRUHVHVGHFLUHVWiQDODOFDQFHGHWRGRVQRLPSRUWDVXFRQGLFLyQFRQVDJUDGD
RODLFDQRHVUHOHYDQWHHOQLYHOFXOWXUDOTXHVHWHQJDQRGLVFULPLQDHQWUHODULTXH]D\OD
SREUH]D6XQLYHOGHLPSODQWDFLyQHVWDQDPSOLRTXHDQDGLHOHUHVXOWDDMHQRHVWDEOHFHU
XQSDUDQJyQHQWUHpOPLVPR\ORVDQLPDOHVHQWUHVtPLVPR\ORRWURGHVt
´/RVDQLPDOHVWLHQHQXQDKLVWRULD3HURSDUWLFLSDQWDPELpQGHODQXHVWUDSRUTXHORVVtPERORVD
ORVTXHOHVDVRFLDPRVGHVGHHODOERUGHORVWLHPSRVVRQWHVWLPRQLRGHQXHVWUDSURSLDFRQFHSFLyQ
GHOPXQGRµ
)iEXODV UHODWRV pSLFRV EHVWLDULRV VRQ WRGRV HOORV SXQWR GH HQFXHQWUR HQWUH
HO KRPEUH \ HO PXQGR HQWUH OR KXPDQR \ OR DQLPDO$~Q PiV ORV DQLPDOHV VRQ HO
HVSHMRHVDFRQGLFLyQGHREMHWLYDFLyQQHFHVDULDDWRGDUHÁH[LyQGHVHJXQGRRUGHQHQ
OD TXH HO IDFWRU PHUDPHQWH HVSHFXODU GHYLHQH GHVDUUROOR HVSHFXODWLYR /RV DQLPDOHV
VHWRPDQFRPRXQDSUR\HFFLyQQHFHVDULDTXHSRUXQODGRQRVGLVWDQFLDGHQRVRWURV
PLVPRV SHUPLWLHQGR DVt XQD FRQWHPSODFLyQ VRVHJDGD GLVWDQWH VHSDUDGD SHUR SRU
RWURQRVUHERWDQRVUHGLULJHODPLUDGDKDFLDQRVRWURVPLVPRVFRPRVLIXpUDPRVHO
%D[WHU5
*O.JOIY
*O.JOIY
7HVQLqUH0+
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
DXWpQWLFRSXQWRGH¶UHÁH[LyQ·HOSXQWRHQHOTXHHOLU\YHQLUGHOSHQVDPLHQWRJHQHUD
FRQRFLPLHQWR (VFUXWDU OD VRFLHGDG VXV SUREOHPDV HO UpJLPHQ SROtWLFR OD KLVWRULD
EXVFDU HO VHQWLGR GHO PXQGR« WRGDV HVDV WDUHDV VH FXPSOHQ D OD SHUIHFFLyQ HQ HO
H[DPHQGHODUHODFLyQKRPEUHDQLPDO
0$5Ì$'()5$1&,$<2'Ð1'(&+(5,721$1,0$/(6'(/$&25
7(</$,*/(6,$
6LH[FHSWXDPRVHOEHVWLDULRFXDQGROHHPRVORVWH[WRVDQLPDOtVWLFRVPHGLHYDOHV
SDUDGyMLFDPHQWHDSUHQGHPRVUHODWLYDPHQWHSRFRVREUHVXVFDUDFWHUtVWLFDVELROyJLFDV
SHURHQVHJXLGDYHPRVORTXHHVRVDXWRUHVTXHORVHVFULEHQSHQVDEDQVREUHORVKRPEUHV
$FRQWLQXDFLyQH[SRQGUpWDQVyORGRVHMHPSORVSDUDKDFHUPiVVyOLGDODDÀUPDFLyQ
TXH DFDER GH IRUPXODU 5HSDVDUHPRV GRV FRPSLODFLRQHV GH UHODWRV HVHQFLDOHV ODV
IiEXODVGH0DUtDGH)UDQFLD\ODVGH2GyQGH&KHULWRQ/RTXHOHVLQWHUHVDDHVWRVGRV
IDEXOLVWDVHVUHÁHMDUHOFRQWH[WRVRFLDOGHVXpSRFDODVFXHVWLRQHVSROtWLFDVHOVWDWXTXR
SHURGHVGHGRVSXQWRVGHYLVWDGLIHUHQWHVUHVSHFWLYDPHQWHODFRUWH\ODLJOHVLDGRV
FROLQDVSULYLOHJLDGDVHQWRGRVORVVHQWLGRVGHVGHODVTXHRWHDUXQDPSOLRKRUL]RQWH
(VWRVGRVDXWRUHVFRPSDUWHQHOKHFKRGHUHWUDWDUDQLPDOHV\SUHVHQWDUORVFRPR
WUDVXQWRVGHODFRQGLFLyQ\GHOFRPSRUWDPLHQWRKXPDQRV\DGHPiVHVRVDQLPDOHV
TXHGHVFULEHQVHFRQYLHUWHQHQODPDQLIHVWDFLyQGHYDORUHV\FRQWUDYDORUHVSUHFLVRV
KDFLHQGR GH OD OLWHUDWXUD VXSXHVWDPHQWH IDQWiVWLFD XQD JXtD GH RULHQWDFLyQ SDUD
OD UHDOLGDG VXSXHVWDPHQWH H[LVWHQWH 6H SXHGHQ HVWDEOHFHU GRV JUDQGHV WLSRV GH
DQLPDOHVDTXHOORVTXHUHSUHVHQWDQORVYDORUHVPiVGHVHDGRVORTXHOHVFRQYLHUWHHQ
VHUHVUHVSHWDGRV\GHXQDGLJQLGDGH[FHOHQWH²SRQJDPRVSRUFDVRHOOHyQ²\DTXHOORV
RWURVTXHVRQHOFRQWUDSXQWRGHODH[FHOHQFLDTXHUHÁHMDQORQRGHVHDGRSHURUHDOGHO
PXQGRTXHUHWUDWDQ²SRUHMHPSORORVSHUURV²
1XHVWUROHQJXDMHSRSXODUHVKHUHGHURGHHVDFDWDORJDFLyQD[LROyJLFD&XDQGRVH
TXLHUHKDODJDUODIRUWDOH]DODYLUWXGODUHVLVWHQFLDODPDMHVWXRVLGDGDXWRPiWLFDPHQWH
HODQLPDOTXHQRVYLHQHDODFDEH]DHV²HOOHFWRUHVWDUiGHDFXHUGRFRQPLJR²HOOHyQ3RU
HOFRQWUDULRFXDQGRTXHUHPRVLQVXOWDULQMXULDUGHVSUHVWLJLDUUHEDMDUODFDWHJRUtDGH
DOJXLHQXQDGHODVH[SUHVLRQHVPiVFRPXQHVLQFOX\HXQDFRPSDUDFLyQFRQHOSHUUR
(VWDVYtDVHVSHFXODUHV²TXHQRPHQRVHVSHFXODWLYDVDSHVDUGHDSDUHFHUIXHUDGHORV
WUDWDGRVÀORVyÀFRVFRQYHQFLRQDOHV²VHFRQVWUX\HQ\DSOLFDQSRUH[WHQVRHQODFXOWXUD
PHGLHYDO3HURYHDPRVODVDSRUWDFLRQHVGHORVGRVIDEXOLVWDVPHQFLRQDGRV
0DUtDGH)UDQFLDHVVLQGXGDXQRGHORVUHIHUHQWHVIXQGDPHQWDOHVGHORTXH
SRGUtDPRVGHQRPLQDUXQJpQHURIDEXOtVWLFRFRUWHVDQR6XÀJXUDQRHVODPHQWDEOHPHQWH
PX\FRQRFLGD3RGHPRVVLWXDUODHQHOVLJOR;,,\GHFyPRHVWiQHVFULWRVVXVWH[WRV
SRGHPRVFROHJLUTXHWHQtDXQDEXHQDIRUPDFLyQHQORVFOiVLFRV²FRQRFtDVLQGXGDD
ORVDXWRUHVJULHJRV\URPDQRV²3UREDEOHPHQWHYLYLyHQOD,QJODWHUUDQRUPDQGD\VXV
REUDV WDO YH] IXHUDQ ELHQ OHtGDV HQ OD FRUWH GH (QULTXH ,, \ GH VX LOXVWUDGD HVSRVD
:RRGV%$
6SLHJHO+HGWUDQV&XHQFD/$GHHG
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
/HRQRUGH$TXLWDQLD/DIHFKDGHSURGXFFLyQGHVXVIiEXODVSXHGHÀMDUVHHQWUH
\7RGDVVXVKLVWRULDVXQWRWDOGHFLHQWRWUHVWRGDVHQYHUVRWHUPLQDQFRQXQD
PRUDOL]DFLyQ \ HVWiQ EDVDGDV HQ ODV GH )HGUR \ HQ WUDGLFLRQHV SRSXODUHV 6REUH OD
DXWRUtDQRKD\GXGDSXHVHQHOSURSLRWH[WRSRGHPRVOHHU0DUtDHVPLQRPEUH\VR\GH
)UDQFLD
/DVIiEXODVGH0DUtDWUDVFHQGLHURQHOHVFHQDULRFRUWHVDQRHLQÁX\HURQHQRWURV
FRQWH[WRV6XVUHODWRVHVWiQHVFULWRVHQIUDQFpVPLHQWUDVTXHORVGHPiVUHODWRVGHOD
pSRFDORHVWDEDQHQODWtQ7DOYH]HVWHGDWRQRVVLUYDSDUDHQWHQGHUVXUiSLGD\EXHQD
GLIXVLyQSXHVVHFRQVHUYDQXQEXHQQ~PHURGHPDQXVFULWRVORTXHDYDODVLQGXGD
ODSRSXODULGDGGHHVWDFROHFFLyQGHIiEXODVDXQTXHELHQHVFLHUWRTXHDVXVWH[WRVVH
IXHURQDxDGLHQGRRWURVGHGLIHUHQWHVDXWRUHV2WURDVSHFWRTXHIDFLOLWyVXH[SDQVLyQ
HVODKDELOLGDGPLVPDGHODDXWRUDFDSD]GHFRQYHUWLUWH[WRVFOiVLFRVPX\ÀUPHV\
VHYHURVFRQGHPDVLDGDYHUERUUHDHQUHODWRVPX\DPHQRVPX\FHUFDQRVTXHSRGtDQ
VHUWRPDGRVFRPRKLVWRULHWDVSDUDGLYHUWLUHQODFRUWHJUDFLDVDXQDSDUWLFXODUIRUPD
GH YHUVLÀFDU OR TXH UHYHOD XQD JUDQ FDSDFLGDG DUWtVWLFD SDUD SUHVHQWDU HVFHQDULRV \
SURWDJRQLVWDV VXUJLGRV HQ pSRFDV PX\ UHPRWDV \ KDFHUORV SDUHFHU DGHFXDGRV D VX
PRPHQWRKLVWyULFR
2GyQGH&KHULWRQQDFLGRKDFLDHQ,QJODWHUUDHQHOVHQRGHXQDIDPLOLDGH
PX\EXHQDSRVLFLyQ&KHULWRQGDEDQRPEUHDXQDGHVXVSRVHVLRQHVVHRULHQWDKDFLD
ODYLGDFRQVDJUDGD(VXQFOpULJRTXHVHIRUPDHQ,QJODWHUUDSHURFXOPLQDVXVHVWXGLRV
GRFWRUiQGRVHHQWHRORJtDHQOD8QLYHUVLGDGGH3DUtV(VXQYLDMHURLQFDQVDEOHUHFRUUH
)UDQFLD\(VSDxD\FRQRFHPX\ELHQODYLGDPRQiVWLFD$XQTXHQRKD\QRWLFLDH[DFWD
VREUHVXSHUWHQHQFLDDODRUGHQGHO&tVWHUORFLHUWRHVTXHHQVXREUD²GHVDUUROODGDHQ
SOHQRVLJOR;,,,²VHGHWHFWDQDOJXQRVDVSHFWRVTXHOHSRGUtDQYLQFXODUFRQHOLGHDULR
HVWpWLFRFLVWHUFLHQVHVREUHWRGRHQORTXHUHVSHFWDDODOXFKDFRQWUDORVDEXVRV\ORV
H[FHVRVHVWpWLFRV\SROtWLFRV
0LHQWUDV TXH D 0DUtD GH )UDQFLD OH LQWHUHVD RIUHFHU XQ HVSHMR FRUWHVDQR ODV
IiEXODVGH2GyQVLUYHQGHUHÁHMRGHOPXQGRUHOLJLRVRTXHOHFLUFXQGDGHODVRFLHGDG
HFOHVLiVWLFD TXH OH URGHD 6L HQ ODV IiEXODV GH OD DXWRUD IUDQFHVD ORV DQLPDOHV HUDQ
FRUWHVDQRV HQ ODV GHO LQJOpV VRQ PRQMHV \ FOpULJRV $XQTXH XQR \ RWUR SDUWHQ GHO
WURQFR FRP~Q GH ORV IDEXOLVWDV JUHFRURPDQRV VH VHSDUDQ SDXODWLQDPHQWH GH HOORV
PRVWUDQGRXQDLGHQWLGDGSHUIHFWDPHQWHGLIHUHQFLDGDFRQUHVSHFWRDVXVSUHGHFHVRUHV
9HDPRVDOJXQDGHHVDVGLIHUHQFLDVHQHOPXQGRDQWLJXR(VRSRSRUHMHPSORXWLOL]D
VXVSHUVRQDMHVFRPRSHRQHVGHXQDMHGUH]TXHLQWHQWDQFULWLFDUXQRUGHQVRFLDOGDGR
HO SURSLR )HGUR HQ HO VLJOR SULPHUR GH QXHVWUD HUD GHÀQH HVWULFWDPHQWH ODV IiEXODV
FRPRXQDFUHDFLyQOLWHUDULDTXHVXUJHHQWUHORVHVFODYRVSDUDSRGHUKDEODUFRQWRGD
OLEHUWDG\FULWLFDUWRGRDTXHOORTXHFRQVLGHUDQLQMXVWR
7DQWRHQHODXWRUJULHJRFRPRHQHOURPDQRORVUHODWRVDQLPDOtVWLFRVORVRQFRPR
XQLQVWUXPHQWRHQFULSWDGR´HQHOTXHWLHQHOXJDUXQDHQVHxDQ]DPRUDO\XQDViWLUD
.HLGHO*&
-DFREV-&HG&I6iQFKH]6DORU(HG
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
VRFLDORSROtWLFDµ/DVIiEXODVGHODDQWLJHGDGVRQXQYHKtFXORUHÁH[LYRDVDOYRGH
ODFHQVXUD\GHODPLUDGDGLUHFWDGHTXLHQRVWHQWDHOSRGHU6LQHPEDUJRHQORVVLJORV
;,,\;,,,FXDQGRVHUHVWDXUDQODVIiEXODVFOiVLFDVHOSRGHUFLYLO\ODLJOHVLDODVXVDQ
FRPRXQDUPDFDSD]GHLQFLGLUHQHOFRPSRUWDPLHQWRGHOSXHEORGHODVRFLHGDGGH
OD FRPXQLGDG (O FDPELR GH SHUVSHFWLYD HV HYLGHQWH ORV UHODWRV ¶IDQWiVWLFRV· SDVDQ
GH VHU XQ DUPD FRQWUD HO RUGHQ HVWDEOHFLGR D VHU XQ LQVWUXPHQWR GH HVH SRGHU SDUD
MXVWLÀFDUVHSDUDGDUVHXQDFDUWDGHLGHQWLGDG\SDUDPRVWUDUVHFRPRODPHMRURSFLyQ
GHODVSRVLEOHV)UHQWHDOFULWLFLVPRFOiVLFRODIiEXODPHGLHYDOHVXQDKHUUDPLHQWDSDUD
PDQWHQHUHOHVWDGRSUHVHQWHGHODVUHODFLRQHVXQLQVWUXPHQWRGHDXWRFRQVHUYDFLyQHQ
HOTXHDGHPiVVHRIUHFHWRGDXQDYLVLyQGHOPXQGRFRQXQDVMHUDUTXtDVXQRVUROHV
XQDVFUHHQFLDV\WRGRXQVLVWHPDGHYDORUHV
(Q RFDVLRQHV ODV IiEXODV GH 0DUtD KDQ VLGR GHVSUHFLDGDV \ PX\ FULWLFDGDV
SRUHVWDVUD]RQHVSRUTXHVHUYtDQFRPRPHFDQLVPRVGHFRQWUROGHORUGHQVRFLDO\SRU
KDEHUSHUGLGRVXFDSDFLGDGGHSRQHUHQWHODGHMXLFLRODVFRQGXFWDVGHORVTXHORULJHQ
SHURHQWRGRFDVRDÀUPDFLRQHVFRPRpVWDVVRQGHPDVLDGRJHQHUDOHV\HQODOLWHUDWXUD
IDEXOtVWLFDPHGLHYDOWDPELpQVHSXHGHQHQFRQWUDUYHWDVGHFUtWLFDPX\ÀQDFRQWUDORV
SRGHUHVSROtWLFRVODVLQMXVWLFLDVVRFLDOHV\ODVDUELWUDULHGDGHVHFOHVLiVWLFDVDGHPiVGH
XQDPDJQtÀFDDGHFXDFLyQGHORVSHUVRQDMHVFOiVLFRVDXQQXHYRFRQWH[WR
0DUtD GH )UDQFLD \ 2GyQ GH &KHULWRQ WDO YH] WHQJDQ XQD RULHQWDFLyQ PiV
FRQVHUYDGRUDTXHODGH(VRSRR)HGURSHURWXYLHURQXQDFDSDFLGDGGHLQÁXHQFLDPX\
VHPHMDQWH D OD GH VXV SUHGHFHVRUHV )XHURQ FDSDFHV GH FRQVWUXLU UHODWRV TXH OD pOLWH
GHODFXOWXUDHPSOHySDUDGHVHPSHxDUVXVWDUHDVGHJRELHUQRSROtWLFR\UHOLJLRVR/D
XWLOL]DFLyQGHIiEXODV\QDUUDFLRQHVVHSUHVWDSHUIHFWDPHQWHSDUDPRVWUDUXQPXQGR
MHUDUTXL]DGR /RV DQLPDOHV UHVSRQGHQ PX\ DGHFXDGDPHQWH SDUD SRGHU RIUHFHU XQD
YLVLyQHVWUDWLÀFDGDRUGHQDGD\FXDOLÀFDGDGHOVLVWHPDVRFLDOTXHVHTXLHUD6XYDOLGH]
HVPHDWUHYHUtDDGHFLUFDVLXQLYHUVDO\XQLYHUVDOL]DEOH\DGHPiVFXHQWDFRQODYHQWDMD
TXHDODLGHQWLÀFDFLyQDQLPDOHOVHUKXPDQRDFFHGHFRPRSRUQDWXUDOH]DHVGHFLUOD
DFHSWDVLQHVWULGHQFLDVFRPRXQPRGRQDWXUDOGHFRQFHELUVXPXQGR
(Q ORV FDPELRV TXH ORV IDEXOLVWDV PHGLHYDOHV LQWURGXFHQ HQ ORV UHODWRV
DQLPDOtVWLFRV VH FRQVWDWD OD WUDQVIRUPDFLyQ TXH VH SUHWHQGH UHDOL]DU HQ OD FRQGXFWD
GHORVKRPEUHVGHVGHXQSXQWRGHYLVWDRUJiQLFRVRFLDOFRPXQLWDULR(QXQDIiEXOD
DQWLJXD FDGD DQLPDO UHSUHVHQWD D XQ VHU KXPDQR VLQ HPEDUJR HQ ORV YHUVRV GH
0DUtDFDGDDQLPDOFRUUHVSRQGHDXQJUXSRVRFLDOFRPSOHWR\DVHDQHVWRVORVSURSLRV
JREHUQDQWHVRVXVVLHUYRV8QDQLPDOIXHUWHQRUHSUHVHQWDDXQLQGLYLGXRIXHUWHVLQR
D XQ WLSR GH LQGLYLGXR /D SHUVSHFWLYD HV VLHPSUH JOREDOL]DGRUD HO DQLPDO GHYLHQH
WLSRKXPDQRQRLQGLYLGXRFDGDDQLPDOUHÁHMDHOPRGRGHVHUGHXQJUXSRVRFLDOOD
QREOH]DHOULFRHOVLHUYRGHODJOHEDHOSREUHKDFLHQGRSRVLEOHXQDWUDQVSRVLFLyQGH
ODSDUWLFXODULGDGGHOLQGLYLGXRDODWRWDOLGDGGHODFODVHDODTXHSHUWHQHFH<HVHOOD
0DUtDGH)UDQFLDODTXHGHFLGHHVFULELUSDUDXQHVFHQDULRODFRUWHTXHDOEHUJDXQWLSR
7HVQLqUH0+
%ODFNKDP+-+HQGHUVRQ$&
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
GHSHUVRQDMHHOSRGHURVRHOHQFDUJDGRGHRUJDQL]DUMHUiUTXLFDPHQWHWRGRXQPXQGR
GHUHODFLRQHV
(VWHQLYHOJOREDOL]DGRUHVWDPELpQHQHOTXHVHEDVDQORVUHODWRVGH2GyQ6X
¶WLSR·HVHOKRPEUHGHLJOHVLD\VXVDQLPDOHVUHSUHVHQWDQORVLQWHUHVHVHFOHVLiVWLFRVGH
PRGRSDUDOHORDFyPRORHMHFXWDHQHOiPELWRFRUWHVDQRODIDEXOLVWDIUDQFHVD3DUDHO
GH&KHULWRQHOFRQFHSWRGHMHUDUTXtDHVIXQGDPHQWDOSRUTXHDSDUWLUGHpOGHVSOLHJD
ORVFDUDFWHUHVGHORVSHUVRQDMHV6XPXQGRHVXQWRGRELHQRUGHQDGRFRPSDFWRHQHO
TXHWRGDSRVLEOHÀVXUDQRHVPiVTXHXQDDPHQD]DGHODTXHQHFHVDULDPHQWHKD\TXH
OLEHUDUVH6LHQODFRUWHVHGHÀHQGHQYDORUHVFRPRHOSRGHU\ODIRUWDOH]DHQHOKRUL]RQWH
HFOHVLDO VHUiQ OD LQWHJULGDG \ OD FRPSDVLyQ GRV GH ORV EDOXDUWHV UHTXHULGRV$PERV
JDUDQWL]DQODOHDOWDG\ODFRQWLQXLGDGGRVFRQGLFLRQHVGHSRVLELOLGDGGHODH[LVWHQFLD
PLVPDGHOD,JOHVLD'HVGHODLQWHJULGDG\ODFRPSDVLyQSXHGHQVHUFRPEDWLGRVHOYLFLR
HQFXDOTXLHUDGHVXVJUDGRV\ODKLSRFUHVtD1RHVGHH[WUDxDUTXHORVSUHGLFDGRUHV
HQFRQWUDUDQHQHVWRVWH[WRVXQDSR\RGHYDORULQFDOFXODEOHSDUDSUHVHQWDUODUHOLJLyQ
FRPRXQOXJDUQDWXUDOSDUDHOKRPEUH
'(/$7$;2120Ì$=22/Ð*,&$$/$$;,2/2*Ì$025$/
7UDVODFRQYHUVLyQGHORSDUWLFXODUDORJHQHUDOGHORLQGLYLGXDODORFROHFWLYR
WDQVyORUHVWDEDVHUFDXWRVDODKRUDGHVHOHFFLRQDUORVDQLPDOHVTXHLEDQDVHUYLUGH
FRUUHDGHWUDQVPLVLyQSDUDORVPHQVDMHVSROtWLFRVHQXQFDVR\UHOLJLRVRVHQHORWUR
(QYLUWXGGHODMHUDUTXL]DFLyQORVDQLPDOHVSURWDJRQLVWDVGHODVKLVWRULDVGH0DUtDGH
)UDQFLDIXHURQDVXYH]FODVLÀFDGRVFRPRHMHPSODUHVSDUDXQGHWHUPLQDGRHVWUDWR
+DEtDDQLPDOHVGHFODVHDOWD\DQLPDOHVGHFODVHEDMDSHURHVWDFODVLÀFDFLyQQRVHUHÀHUH
DXQDGLYLVLyQVRFLDOHQVHQWLGRHVWULFWRVLQRDXQDGLIHUHQFLDFLyQPRUDOGHQWURGHXQ
PLVPR JUXSR VRFLDO (Q OD H[FHOHQFLD ORV SXHVWRV PiV HOHYDGRV HQ OD MHUDUTXtD VRQ
RFXSDGRVFRPRHUDGHHVSHUDUSRUHOOHyQRHOiJXLOD$~QDVtpVWRVWLHQHQVLHPSUHXQ
DQWDJRQLVWDELHQGHÀQLGR
(QVXGHVFULSFLyQGHOEXHQUH\0DUtDORFRPSDUDFRQHOiJXLODPRVWUDQGRDHVWH
DYHFRPRXQVHUPDJQiQLPRJORULRVRHVSHFLDOPHQWHYDOHURVR\PX\GLJQR&XDOLGDGHV
WRGDVHOODVTXHKDGHSRVHHUXQJREHUQDQWHUHDOPHQWHQREOHSRUVXFRQGLFLyQVRFLDO
\ PRUDO 3RU VX SDUWH HO OHyQ UHSUHVHQWD WDPELpQ DO EXHQ UH\ D DTXpO TXH HMHUFH VX
SRWHVWDGFRQPDJQDQLPLGDG\MXVWLFLDUHSUHVHQWDDODQREOH]DSRUVXUDQJR¶QDWXUDO·
3HUR FRPR FRQWUDVtPEROR HO UH\ LQMXVWR GHVSLDGDGR TXH VH DSURYHFKD FRQ PDODV
8QRGHORVFDVRVHQORVTXHODMHUDUTXtDVHWHPDWL]DGHPDQHUDPiVH[SOtFLWDHVHOGHODIiEXOD6REUHOD
FLJHxD\HOORER´8QDYH]XQORERHVWDEDFDVLDKRJDGRFRQXQKXHVR%XVFyXQPpGLFR/HGLMHURQVXV
VLHUYRV/DFLJHxDWLHQHXQODUJRSLFR\SRGUiVDFDUHOKXHVRGHODJDUJDQWD!!0DQGyEXVFDUDOD
FLJHxDSURPHWLpQGROHXQDJUDQUHFRPSHQVD9LQRODFLJHxD\OHVDFyHOKXHVR(OODSLGLyODUHFRP
SHQVD(OORERQROHTXLVRGDUQDGDGLFLpQGROH¢$FDVRQRSXGHPDWDUWHFXDQGRWHQtDVWXFDEH]D
PHWLGDHQPLERFD"¢1RWHHVVXÀFLHQWHTXHWHKD\DGHMDGRVHJXLUYLYLHQGR"!!'HODPLVPDIRUPDORV
FDPSHVLQRV\SREUHVFXDQGRVLUYHQDDOJXLHQQRSXHGHQHVSHUDUQLQJXQDUHFRPSHQVD'LFHHQHIHFWR
HOVHxRU(OKRPEUHHVPtR¢QRHV\DPXFKRQRGHVROODUWH\GHMDUWHYLYLU"!!µ6iQFKH]6DORU(HG
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
DUWHVGHVXVV~EGLWRVWLHQHFRPRLPDJHQDOORERXQDQLPDOPDOYDGRJORWyQDVHVLQR\
WHUURUtÀFRFRPRSRFRV
(QWUHORVDQWDJRQLVWDVPiVUHQRPEUDGRVHQODVIiEXODVPHGLHYDOHVHQFRQWUDPRV
DO]RUURXQDQLPDOFX\DSRSXODULGDGDWUDYLHVDORVUHODWRV\ORVVLJORV&RPRSUHGDGRU
UHSUHVHQWD XQ VWDWXV VRFLDO HOHYDGR &LHUWDPHQWH QR WLHQH OD IXHU]D GHO OHyQ QL OD
IHURFLGDGGHOORERSHURVXDVWXFLDORFRQYLHUWHHQXQSDUDGLJPDGHHVSHFLDOLQWHUpV
HQ OD H[SOLFDFLyQ GH OD QDWXUDOH]D KXPDQD 3DUD VHU FD]DGR VH UHTXLHUHQ PXFKRV
SHUURVTXHVLJDQVXGLItFLOUDVWUR6XLQJHQLRHVLQPHQVR\TXHGDELHQSODVPDGRHQODV
IiEXODVHQORVUHODWRVpSLFRV\HQORVEHVWLDULRV0DUtDGH)UDQFLDORPHQFLRQDHQRQFH
GHVXVKLVWRULDVPRUDOL]DGDVHQODVTXHQRVORSUHVHQWDFRPRXQLFRQRGHGHOPDOGH
ODSREUH]DGHOHQJDxR\GHODKLSRFUHVtD
/DMHUDUTXL]DFLyQVRFLDOSROtWLFD\UHOLJLRVDHQWUHSRGHURVRV\V~EGLWRVHQWUH
SUHGDGRUHV\SUHVDVQRSXHGHREYLDUODLQFRUSRUDFLyQHQHOUHODWRHOSXQWRGHYLVWD
GHODVYtFWLPDV6LELHQHVFLHUWRTXHHOLQWHUpVPHGLHYDO²\HOQ~PHURGHSiJLQDVHVXQ
GDWRTXHORFRUURERUD²VHFHQWUDPiVHQHOSRGHURVRWDPELpQODVYtFWLPDVDSDUHFHQ
HQ HVFHQD DXQTXHVHDGHPDQHUDPDUJLQDO(QWUHHOODVHOJDOORHOFRUGHURHODVQR
HOSHUUR«'HHOODVVLHPSUHVHQRVRIUHFHXQDRSLQLyQPX\GHVIDYRUDEOHVHUHWUDWDQ
PXFKDVYHFHVFRPRFULDWXUDVHVW~SLGDVLQJHQXDV\ODSURSLDIDEXOLVWDODVGHVDFUHGLWD
VREUH WRGR FXDQGRLQWHQWDQSURJUHVDUHQHORUGHQVRFLDOHVWDEOHFLGR(QODVIiEXODV
GHODSRHWLVDIUDQFHVDORVFDPELRVGHFODVHVRQLPSHQVDEOHV\QRVpKDVWDTXpSXQWR
LQGHVHDEOHV
/D SHUVSHFWLYD GH 2GyQ UHVSHFWR D ODV YtFWLPDV HV GLIHUHQWH WDO YH] SRU VX
LQQHJDEOH RULHQWDFLyQ SDVWRUDO OR TXH OH LPSLGH WUDWDU FRQ GHVGHxR D ORV SREUHV \
DORVPHQRVIDYRUHFLGRV6XLQWHUpVSRUHOFRQWUDULRHVWiHQPRVWUDUVXVFXDOLGDGHV
XQDVYLUWXGHVGHODVTXHFDUHFHQSRUORJHQHUDOWRGRVDTXHOORVFHUFDQRVDODVULTXH]DV
²FRPRQRVUHFXHUGDSRUHMHPSORHOSHUVRQDMHTXHRFXSDHOFHQWURHQODUHSUHVHQWDFLyQ
GHOLQÀHUQRGHO%HDWRGH6LORVHQWHWUDOyEXOR²,QFOXVRKDFHXQH[DPHQPX\ÀQRGHODV
UHODFLRQHVGHVHUYLGXPEUHFRPRTXHGDELHQHMHPSOLÀFDGRHQXQDGHVXVIiEXODVHQ
2GyQLGHQWLÀFDHQYDULDVRFDVLRQHVDO]RUURFRQHOGLDEOR'HVWDFDFyPRHVHVSHFLDOPHQWHDVWXWRVX
FRPSRUWDPLHQWRLQFOXVRFXDQGRVHHQIUHQWDDOORERFRPRHQ6REUHOD]RUUDHOORER\HOFXERGHOSR]R(O
UHODWR6REUHORVHQJDxRVGHOD]RUUD\GHOJDWRPDUFDODGLIHUHQFLDHQWUHORVTXHSDUDOLEUDUVHGHOPDOVXEHQ
KDFLDORDOWR²ORVÀHOHVUHSUHVHQWDGRVHQHVWDRFDVLyQSRUHOJDWR²\ORVTXHVyORTXLHUHQHPEDXFDUFRQ
VXVDUGLGHV²ORV]RUURV²FX\RÀQDOHVVHUGHYRUDGRVSRUORVSHUURVGHOFD]DGRU(Q6REUHOD]RUUDFRPSDUD
VXWiFWLFDGHFD]DKDFLpQGRVHODPXHUWDFRQODIRUPDHQTXHHOGLDEORVHÀQJHPXHUWRSDUDDWUDSDUODV
DOPDVGHORVSHFDGRUHV'HHVWHFRPSRUWDPLHQWRODGLQR\IUDXGXOHQWRGDFXHQWD6REUHHOHQJDxRGHOD
]RUUDGRQGHYHPRVFyPRVHFDPXÁDSRQLpQGRVHXQDSLHOGHFRUGHURSDUDPHWHUVHHQWUHODVRYHMDV\DVt
VDFLDUVXVDSHWLWRV
/DRULHQWDFLyQSDVWRUDO\ODGHIHQVDGHOKRPEUHMXVWRHVWiPDJQtÀFDPHQWHUHÁHMDGDFXDQGRQDUUDORV
SHOLJURVTXHOHDFHFKDQFXDQGRVHHQIUHQWDDOGLDEORFRPRHQODIiEXOD'HODYHTXHVHOODPDTXHEUDQWDKXH
VRV´+D\XQDYHTXHVHOODPDTXHEUDQWDKXHVRVIUHLQRVSRUTXHFRQVXSLFRTXHEUDQWDORVKXHVRV\VH
FRPHHOVHER\HOWXpWDQR&XDQGRSRUVXGXUH]DQRSXHGHURPSHUORVORVOOHYDDORDOWR\ORVGHMDFDHU
VREUHODVURFDV\DVtORVKXHVRVVHURPSHQ$VtKDFHHOGLDEORFXDQGRQRSXHGHURPSHUDXQKRPEUH
ÀUPHOHOOHYDDODVDOWXUDVGHORVFDUJRV\HQWRQFHVOHGHMDFDHUDVtORGHVWUR]DWRWDOPHQWH\FXDQWRPiV
DOWRHVHOFDUJRWDQWRPiVJUDYHHVODFDtGD(OUHFRUULGRGHXQDSLHGUDHVPD\RUFXDQGRFDHGHORDOWR
TXHFXDQGRFDHGHOREDMR$VtORVPDOYDGRVUH\HVORVSHUYHUVRVRELVSRV\ORVULFRVVXIUHQXQDFDtGD
PD\RUGHVGHORDOWRKDVWDHOLQÀHUQRTXHORVSREUHVµ6iQFKH]6DORU(
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
ODVTXHVHQDUUDQODVSHULSHFLDVGHXQPDFKRFDEUtR\XQDVQRODFDEUDHQJDxDDODVQR
SDUDTXHVHDVXVLUYLHQWHpVWHVHGDFXHQWD\ODDSODVWD
´XQPDFKRFDEUtRVHKL]RXQDYH]VLHUYRGHXQDVQR\OHYLRVHQFLOOR\KXPLOGH6XELyHQFLPD
GHODVQR\SUHWHQGLyFDEDOJDUHQpO(ODVQRDLUDGROHYDQWyODVSDWDVGHODQWHUDV\FD\yVREUHOD
HVSDOGDGHOPDFKRFDEUtR\OHDSODVWy\PDWyGLFLHQGR$XQTXHWXGXHxRVHDXQDVQRQR
FDEDOJXHVVREUHpO!!'HLJXDOIRUPDPXFKRVYHQDVXVGXHxRVVHQFLOORVRDQFLDQRVRFLHJRVR
LQKiELOHV\OHVGHVSUHFLDQ\VHUtHQGHHOORVµ
/DPRUDOHMDUHYHODTXpOHVVXFHGHDORVTXHQRUHVSHWDQDVXVVHxRUHVVREUHWRGRVL
IXQGDQVXUHODFLyQHQHOHQJDxR\HQODEXUOD4XpIRUPDWDQVHQFLOODGHH[SOLFDUODV
FRQVHFXHQFLDVGHODUHEHOLyQGHO$GYHUVDULRFRQWUD'LRV
3HUR OD YtFWLPD SRU H[FHOHQFLD GH ORV UHODWRV PHGLHYDOHV HV HO FRUGHUR &ULVWR
QDFLGR FRPR &RUGHUR GH 'LRV HV VDFULÀFDGR 6L eO TXH HV 'LRV EDMR OD DGYRFDFLyQ
GHFRUGHURHVLQPRODGRTXpQROHFDEHHVSHUDU²WHPHU²DDTXHOORVTXHWDPELpQVRQ
FRUGHURVSHURFX\RVHxRUQRHO6HxRU&ULVWRHVDGHPiVHO%XHQ3DVWRUTXHDWLHQGH
FXLGD\GDODYLGDSRUVXUHEDxR3RUXQDODGRHOVLPEROLVPRGHOFRUGHURPDQWLHQH
OD H[FHOHQFLD GH VHU XQ VDFULÀFLR GH UHGHQFLyQ SDUD OD KXPDQLGDG \ HO FULVWLDQLVPR
PHGLHYDOGHVSOLHJDFRPRHQQLQJXQDRWUDpSRFDODYLUWXDOLGDGGHHVWDLPDJHQEDVWD
FRQYHUHOWUDWDPLHQWRTXHGHHOODRIUHFHQSRUHMHPSOR6DQ)UDQFLVFR²FX\DUHODFLyQ
GHHPSDWtDFRQORVDQLPDOHVHVELHQFRQRFLGD²\6DQ%XHQDYHQWXUD²TXHHVFULEHFRQ
JUDQVHQVLELOLGDGVREUHODVLPERORJtDGHODV6DJUDGDV(VFULWXUDV²
6L HO SDSHO QDWXUDO GHO KpURH HQ OD OLWHUDWXUD PHGLHYDO HUD HO GH SUHGDGRU ²HO
OHyQ\HOiJXLODORVRQ²HOSDSHOGHYtFWLPDHVWDEDUHVHUYDGRSDUDORVSHUGHGRUHV
/D~QLFDH[FHSFLyQHVHOFRUGHURFXDQGRHVHO&RUGHURGH'LRVXQDYtFWLPDVtSHUR
TXHUHSUHVHQWDODPi[LPDKHURLFLGDG\TXHSRVLELOLWDODVDOYDFLyQGHODKXPDQLGDG(O
FRPEDWHHQWUHORERV\FRUGHURVUHSURGXFHHOFRPEDWHGHO0DOLJQRFRQWUDHO5HGHQWRU
ODOXFKDGHODVEHVWLDVGHOLQÀHUQRFRQWUDORViQJHOHVGHOFLHOR0DUtD\2GyQUHÁHMDQ
WDPELpQHVWHFRPEDWHHQODFRUWH\HQOD,JOHVLDGRVPyQDGDVFRQSXHUWDV\YHQWDQDV
GHVGHODTXHVHSXHGHFRQWHPSODUODUHDOLGDGGHOPXQGRDXQTXHVHDDSDUWLUGHVHUHV
TXHQRH[LVWDQUHDOPHQWHRTXHVHDQKDELWDQWHVGHRWURVUHLQRV
/DV IiEXODV PHGLHYDOHV HQ UHDOLGDG QRV SRQHQ HQ HO FDPLQR GH H[DPLQDU OD
VRFLHGDGODMXVWLFLDHOSHQVDPLHQWRODUHOLJLyQODFLYLOL]DFLyQDOFRPSOHWRLQFOXLGD
ODSURSLDLPDJHQHVSHFXODUGHOKRPEUHHVGHFLUODSURSLDYLVLyQGHOKRPEUHVREUHVt
PLVPRDODOX]GHXQXQLYHUVRGHFULDWXUDVFUHDGDVSRUHOLQPHQVRSRGHUGH'LRV$
6REUHHOPDFKRFDEUtRDFDEDOOR,EtG6iQFKH]6DORU(
&I3LxHUR5
+HPRVGHOODPDUODDWHQFLyQVREUHHOKHFKRGHTXHHVWRVGRVDQLPDOHVWLHQHQXQDDPELYDOHQFLDFRQ
WUDVWDGD HQ ODV IiEXODV GH 2GyQ HV GHFLU XQDV YHFHV UHSUHVHQWDQ D 'LRV \ RWUDV DO GLDEOR 6H SXHGH
FRQVWDWDUSRUHMHPSORFyPRHQHOUHODWRWLWXODGR6REUHODFRUQHMDHOiJXLODUHSUHVHQWDDOUH\MXVWRD'LRV
PLHQWUDVTXHHQ6REUHODWRUWXJD\HOiJXLODpVWDUHSUHVHQWDDOPLVPtVLPRGLDEOR$VtSXHVODWDUHDKHU
PHQpXWLFDKDGHVHUGHVDUUROODGDFRQFDXWHODDQDOL]DQGRFXLGDGRVDPHQWHHOVHQWLGRGHFDGDDQLPDOHQ
FDGDXQDGHODVIiEXODV1RFDEHSRUWDQWRXQDLQWHUSUHWDFLyQJOREDOGDGRTXHQRVFRQGXFLUtDDHUURUHV
JUDYHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD
2GyQGH&KHULWRQOHREVHVLRQDEDMXVWDPHQWHHVDYLVLyQGH'LRVWRGRSRGHURVRFRPR
XQDYtDSDUDFRPSUHQGHUODUHDOLGDG6XVGLVHxRVDOHJyULFRVLQFLGHQMXVWDPHQWHHQHVH
LQWHQWRGHGHVYHODUODQDWXUDOH]DGHODVFULDWXUDVSDUDHYLWDUHOHUURUTXHQRVKDFHFDHU
HQHODELVPRGHOLQÀHUQR
(QVXDUTXLWHFWyQLFDOLWHUDULDHOIXQGDPHQWRQRHVOD]RRORJtDVLQROD(VFULWXUD
QRROYLGHPRVTXHHUDGRFWRUHQWHRORJtDSRUOD8QLYHUVLGDGGH3DUtV6XFUHDWLYLGDG
QRUHVSRQGHWDQVyORDOLQWHUpVSRUHOHMHUFLFLRDUWtVWLFROLWHUDULRVLQRTXHVHLQVHUWDHQ
HOLQWHQWRGHHVFODUHFHUODPHQWHGHORVKRPEUHVSDUDTXHFRQR]FDQORVSODQHVGH'LRV
\HQWDEOHQXQFRPEDWHFRQWUDHOGLDEOR3RUHVRQRVKDEODGHHVFDUDEDMRVGH]RUURV
GHVDSRVWUDQVIRUPDQGRHOMXHJROLWHUDULRHQXQVHUYLFLRUHOLJLRVRHQHOTXHVHLQWHQWD
HQVHxDUDGLVFULPLQDUHOELHQGHOPDOODYHUGDGGHODIDOVHGDGHOYLFLRGHODYLUWXG
HO HQJDxR GHO HPEDXFDGRU GH OD EXHQD QXHYD GHO &RUGHUR$Vt HVFULEH HQ OD IiEXOD
WLWXODGD6REUHHOHQJDxRGHOD]RUUD
´/D]RUUDHUDWDQFRQRFLGDSRUODVRYHMDVTXHpVWDVVHJXDUGDEDQPXFKRGHHOODGHIRUPDTXH
QRVDOtDQGHVXUHGLOQLVHDSDUWDEDQGHOSHUURTXHODVJXDUGDED3HQVyOD]RUUD6pTXpKDFHU
PHSRQGUpXQDSLHOGHRYHMD\PHLQWURGXFLUpHQWUHODVRYHMDVHQWRQFHVSRGUpDSURYHFKDQGROD
RFDVLyQFRPHUFRUGHURV\RYHMDV!!<DVtORKL]R$VtVRQPXFKRVUHOLJLRVRVTXHWLHQHQYHVWLGRV
EODQFRVGHPDQHUDTXHSDUHFHQRYHMDVGH&ULVWR(VWRVVRQORVIDOVRVSURIHWDVTXHYLHQHQFRQ
ODSLHOGHRYHMDSHURTXHSRUGHQWURVRQORVORERVUDSDFHV\]RUUDVIUDXGXOHQWDV7DOHVVRQORV
IDOVRVPRQMHVORVIDOVRVSUHGLFDGRUHVORVIDOVRVUHOLJLRVRVTXHQREXVFDQRWUDFRVDGHORVULFRV
VLQRWLHUUDVYLxDVGLQHUR\PROHVWDQDORVTXHHVWiQDVXODGRPiVTXHDQLQJ~QRWUR3RUHVR
\RSUHÀHURWHQHUSRUYHFLQRDXQSDJDQRRDXQMXGtRDQWHVTXHDXQUHOLJLRVRDVt6L\RFUH\HUD
TXHORVYHVWLGRVEODQFRVPHVDQWLÀFDQFROJDUtDVREUHPLFXHOORWRGROREODQFRTXHSXGLHUDµ
/D SRSXODULGDG GH ODV IiEXODV HQ OD (GDG 0HGLD \ OD GHÀQLFLyQ HMHPSODU GH
ORVDQLPDOHVD\XGyGHPDQHUDIRUPLGDEOHDODGLIXVLyQQRGHVLPSOHVQDUUDFLRQHV
DWUDFWLYDV\VHQFLOODVGHFRPSUHQGHUVLQRDODH[SDQVLyQGHXQPRGRGHYHUHOXQLYHUVR
\GHFRQWHPSODUHOOXJDUTXHHQpORFXSDHOVHUTXHGLRQRPEUHDWRGRVORVDQLPDOHV/RV
EHVWLDULRVGHHVWHPRGRVHFRQYLHUWHQHQ¶KXPDQDULRV·\ODVIiEXODVHQFUHDFLRQHVTXH
QRVSHUPLWHQVRxDUFRQXQPXQGRHQHOTXHQXHVWUDFDSDFLGDGGHFUHDFLyQQXHVWURV
GHVHRV\QXHVWUDOLEHUWDGVHUHDOL]DQHVGHFLUSDVDQGHODÀFFLyQDODH[LVWHQFLD
(Q6REUHHOKHUHMH\ODPRVFD2GyQHQVHxDTXHQHJDUHOSRGHUFUHDGRUGH'LRVQRVyORHVXQDKHUHMtDVLQR
TXHVXSRQHXQDGHVWUXFFLyQWRWDOGHODSyVWDWD
&RPRHQ6REUHODVTXHMDVGHODVRYHMDVDOOHyQFRQWUDHOORERR6REUHORVDVQRVYHVWLGRVFRQSLHOGHOHyQR6REUH
HODMHGUH]R6REUHODPRVFD\ODKRUPLJD\VREUHWRGRHQ6REUHODE~VTXHGDGHODHWHUQDIHOLFLGDGSRUSDUWHGH
*RGHUR
´'HLJXDOIRUPDTXHHOHVFDUDEDMREDWHVXVDODVUXLGRVDPHQWHGDQGRODLPSUHVLyQTXHGLFH)UDLELHQ
IUDLELHQ\DODSRVWUHFKRFDFRQWXURVWUR$VtGLFHQDOJXQRV)UDLELHQIUDLELHQSURPHWHQXQJHQWRV
\GDQWRUPHQWRSURPHWHQURVDV\GDQRUWLJDVµ6REUHHOHVFDUDEDMR6iQFKH]6DORU(HG
'HOHVFDUDEDMR2GyQGLFHDGHPiVTXHHVXQDFULDWXUDPDOGLWD\DQWLQDWXUDOSRUTXH´OHVDEHPHMRUHO
HVWLpUFROGHOSHFDGRTXH&ULVWRORVOXJDUHVGHOGLDEOR\HOHVWLpUFRO>@TXHODYLGD\ORVHMHPSORVGHORV
VDQWRVµ6REUHXQHVFDUDEDMR\WHUPLQDKDFLHQGRUHIHUHQFLDDO&RPHQWDULRDORV6DOPRVGH6DQ$JXVWtQ
²FXDQGRORVFRPSDUDFRQDTXHOORVTXHWLHQHQFRUURPSLGRHOSDODGDUGHVXDOPDDFDXVDGHVX
ÀHEUHGHLQLTXLGDG
6REUHHOVDSR\ODUDQDHVXQDH[SRVLFLyQGLUHFWD\GHPROHGRUDVREUHHOFRPSRUWDPLHQWRGHORVDYDURV
\ORVWDFDxRV
6iQFKH]6DORU(
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5LFDUGR3LxHUR0RUDO
%,%/,2*5$)Ì$
%D[WHU5%HVWLDULHVDQGWKHLU8VHUVLQWKH0LGGOH$JHV3KRHQL[0LOO
%HQWRQ-57KHPHGLHYDOPHQDJHULHDQLPDOVLQWKHDUWRIPLGGOHDJHV1HZ<RUN
%ODFNKDP+-7KH)DEOHDV/LWHUDWXUH/RQGRQ
&XHQFD/$GHHG/DLV0DUtDGH)UDQFLD0DGULG
&XUWLXV((XURSHDQ/LWHUDWXUHDQGWKH/DWLQ0LGGOH$JHV3ULQFHWRQ
'pORUW5/HVDQLPDX[RQWXQHKLVWRULUH3DULV
)ORUHV&HG$QLPDOVLQWKH0LGGOH$JHV1HZ<RUN/RQGRQ
+HQGHUVRQ$&´$QLPDO)DEOHVD9HKLFOHVRI6RFLDO3URWHVWDQG6DWLUH7ZHOIWK
&HQWXU\WR+HQU\VRQµHQ*RRVVHQV-6RGPDQQ7HGV7KLUG,QWHUQDWLRQDO
%HDVW(SLF)DEOHDQG)DEOLDX&ROORTXLXP.|OQ
-DFREV-&HG7KH)DEOHVRI2GRRI&KHULWRQ6\UDFXVH
.HLGHO*&´7KH+LVWRU\RIWKH)UHQFK)DEOH0DQXVFULSWVµHQ3XEOLFDWLRQVRI
0RGHUQ/DQJXDJH$VVRFLDWLRQ
3D\QH$0HGLHYDO%HDVWV/RQGRQ
3LxHUR5/DVEHVWLDVGHOLQÀHUQR6DODPDQFD
5pDX/,FRQRJUDItDGHODUWHFULVWLDQR,QWURGXFFLyQJHQHUDO%DUFHORQDYRO,
6DOLVEXU\-($QLPDOVLQWKH0LGGOH$JHV1HZ<RUN
6iQFKH]6DORU(HG)iEXODVODWLQDVPHGLHYDOHV0DGULG
6SLHJHO+HGWUDQV0DULHGH)UDQFH)DEOHV7RURQWR
7HVQLqUH0+GLU%HVWLDLUHDXPR\HQkJHOHVDQLPDX[GDQVOHVPDQXVFULWV3DULV
7HVQLqUH0+%HVWLDLUHPpGLpYDO3DULV
:RRGV%$7KH'HYLOLQ'RJ)RUP$3DUWLDO7\SH,QGH[RI'HYLO/HJHQGV%HUNHOH\
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
35(6(1&,$<(&26'()É%8/$6(6Ð3,&$6(1(/%$/'2
720$6$3$675$1$6$17$0$57$
8QLYHUVLGDGGH/HyQ
5HVXPHQ
(ODXWRUGHO%DOGRQRVSUHVHQWDXQOLEURGHFDEDOOHUtDVHQHOTXHODLQWHQFLyQGHHQWUHWHQLPLHQWRQRHVPH
QRUTXHODGHPRVWUDUHUXGLFLyQ\PRGHORVGHFRQGXFWDDSURSLDGRVHQODVRFLHGDGSDUDHOORLQWURGXFH
DOODGRGHODVDYHQWXUDVSURSLDVGHHVWRVOLEURVUHIHUHQFLDVDDXWRUHVFOiVLFRVHQWUHORVTXHÀJXUD(VRSR
FRQDOJXQDGHVXVIiEXODVUHFRJLGDVHQHO(VRSHWH\VWRULDGR(QHVWHHVWXGLRVHRIUHFHXQDFRPSDUDFLyQGH
ODVIiEXODVHVySLFDVTXHDSDUHFHQHQDPERVOLEURVVHDQDOL]DQVXVYDULDQWHVGLVWLQWDVLQWHUSUHWDFLRQHV
DVtFRPRHOXVRTXHHODXWRUKDFHGHODVPLVPDVHQODREUDDUJXPHQWDUGDUFRQVHMRVVREUHPRGHORVGH
FRQGXFWD\PRVWUDUODVVHPHMDQ]DVHQORVFRPSRUWDPLHQWRVGHKRPEUHV\DQLPDOHV
3DODEUDVFODYH%DOGR(VRSR(VRSHWH\VWRULDGRIiEXODVYHUVLRQHVOLEURVGHFDEDOOHUtDVGLGDFWLVPRFRQ
VHMRVDUJXPHQWDFLyQ
$EVWUDFW
7KHDXWKRURI%DOGXVSUHVHQWVXVZLWKDFKLYDOULFERRNLQZKLFKWKHDLPRIHQWHUWDLQPHQWLVQRWRIOHVV
LPSRUWDQFH WKDQ WKDW RI VKRZLQJ HUXGLWLRQ DQG RIIHULQJ PRGHOV IRU DSSURSULDWH EHKDYLRU LQ VRFLHW\
,QRUGHUWRJHWWKLVREMHFWLYHWKHDXWKRUFRPELQHVWKHW\SLFDODGYHQWXUHVIURPFKLYDOULFERRNVZLWKD
P\ULDGRIUHIHUHQFHVWRFODVVLFDODXWKRUVDPRQJZKRPZHÀQG$HVRSZKRVHIDEOHVKDGEHHQFRPSLOHG
LQWKH(VRSHWH\VWRULDGR7KHSUHVHQWVWXG\RIIHUVDFRPSDULVRQRIWKH$HVRSLDQIDEOHVWKDWDUHPHQWLRQHG
LQ%DOGXVZLWKWKRVHDSSHDULQJLQWKHRULJLQDOWH[W:HRIIHUDQDQDO\VLVRIWKHYHUVLRQVWKHLULQWHUSUHWD
WLRQDQGWKHXVHWKHDXWKRURI%DOGXVPDNHVRIWKHPLQKLVZRUNSHUVXDVLRQDGYLVLQJDERXWDSSURSULDWH
EHKDYLRUDQGSRLQWLQJRXWWKHVLPLODULWLHVEHWZHHQDQLPDODQGKXPDQEHKDYLRU
.H\ZRUGV%DOGXV$HVRS(VRSHWH\VWRULDGRIDEOHVYHUVLRQVFKLYDOULFERRNVGLGDFWLFDGYLFHSHUVXD
VLRQ
,1752'8&&,Ð1
/DSUHVHQFLDGHFRQWHQLGRGLGiFWLFRHQODVREUDVGHO;9,HUDHOHPHQWRQHFHVDULR
SDUDTXHQRIXHUDQREMHWRGHFUtWLFDSRUSDUWHGHORVPRUDOLVWDViXUHRV$XQTXHHOYDORU
GLGiFWLFRGHODOHFWXUDGHKHFKRVKHURLFRVYHUGDGHURVRQR\DKDEtDVLGRVHxDODGRHQ
&RUUHRHWRPDVDS#KRWPDLOFRP5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7RPDVD3DVWUDQD6DQWDPDUWD
/DVVLHWH3DUWLGDVGH$OIRQVR;\SRURWURVDXWRUHVFRPR)HOLFLDQRGH6LOYDRHOSURSLR
DXWRUGHO%DOGR´¢4XLpQHVGHWDQSHTXHxDFDSDFLGDGTXHOXHJRQRYHDHOSURYHFKR
TXHOHSXHGHQGDUODVIiEXODVQRSHUMXGLFLDOHV"µHVWRQRHUDyELFHSDUDTXHORVFUtWLFRV
´HVWRVVHYHURV&DWRQHVTXHTXLHUHQHQYLDUODVREUDVEXHQDVDXQTXHIDEXORVDVDORV
LQÀHUQRVFRQTXLHQODVKLFLHURQµDWDFDUDQORVOLEURVGHFDEDOOHUtDVFRPROHFWXUDLQ~WLO
3RUHVRVHFRQYLHUWHFDVLHQOXJDUFRP~QODDOXVLyQHQORVSUyORJRVDOFDUiFWHUGLGiFWLFR
GHHVWDVREUDVDPRGRH[FXOSDWRULRHQ%DOGRHODXWRUGLFHTXHLQWURGXFHHQVHxDQ]DV
GH´ÀOyVRIRVPRUDOHVSDUDTXHWRPHDOJ~QSURYHFKRHOOHFWRUDORTXHYDPLLQWHQFLyQ
HQFDPLQDGDµ
0DUWtQ5RPHURFRPHQWDTXHHOHQWUHWHQLPLHQWRHQORVOLEURVGHFDEDOOHUtDVVH
YH´PRWLYDGRSRUUD]RQHVpWLFDVFDPXÁDGRSRUHOODVRVLPSOHPHQWHPH]FODGRFRQ
GLVTXLVLFLRQHV PRUDOHVµ$Vt HQFRQWUDPRV HQ HO %DOGR GLJUHVLRQHV TXH UHFXHUGDQ DO
VHUPyQDYHQWXUDVFDEDOOHUHVFDVTXHVLUYHQGHPRGHORGHFRPSRUWDPLHQWRSDVDQGR
SRUFLWDVGHHVFULWRUHVDQWLJXRV\UHIHUHQFLDVFULVWLDQDV(OSUHVHQWHWUDEDMRLQWURGXFH
XQHOHPHQWRPiVDHVWDOLVWDODIiEXODHVySLFDFX\DSUHVHQFLDHVWiWRGDYtDVLQHVWXGLR
HQ ORV OLEURV GH FDEDOOHUtDV 6H DQDOL]D DKRUD OD SUHVHQFLD \ HO XVR GH WDOHV WH[WRV HQ
HO%DOGRFRQODLQWHQFLyQGHFRQWULEXLUDDEULUHOFDPLQRDHVWXGLRVVLPLODUHVHQRWURV
OLEURVGHFDEDOOHUtDV
35(6(17$&,Ð1'(%$/'2
(O%DOGRGHOTXHVRORFRQVWDXQDHGLFLyQIHFKDGDHQHQHOWDOOHUGH'RPHQLFR
GH5REHUWLVHVHOFXDUWROLEURGHOFLFOR5HLQDOGRVGH0RQWDOEiQ(VWDREUDWLHQHYDULDV
SDUWLFXODULGDGHVTXHODKDFHQGLVWDQFLDUVHGHORVOLEURVGHFDEDOOHUtDVDOXVRHQSULPHU
OXJDU\KDVWDHOFDStWXOR[[[YGHOSULPHUOLEURVHWUDWDGHXQDWUDGXFFLyQGHXQDREUD
LWDOLDQD GH GHO PRQMH EHQHGLFWLQR 7HyÀOR )ROHQJR TXH XVD SRU VHXGyQLPR HO
QRPEUH GH 0HUOtQ &RFD\R SRU RWUR ODGR QR UHVSRQGH DO SDWUyQ WtSLFR GH ORV OLEURV
GH FDEDOOHUtDV SXHV HQ HOOD KD\ FDELGD SDUD WH[WRV GLYHUVRV TXH QRV KDFHQ UHFRUGDU
RWURVJpQHURVTXHYDQGHVGHHOWtSLFDPHQWHFDEDOOHUHVFRDUHODWRVTXHSDUHFHQDQXQFLDU
ODQRYHODSLFDUHVFDSDVDQGRSRUUHÁH[LRQHVGHODXWRU\FRPSLODFLRQHVGHVDEHUTXH
UHFXHUGDQDPLVFHOiQHDVGRQGHODVREUDVFOiVLFDVFRQYLYHQFRQODVGHOUHQDFLPLHQWR
LWDOLDQR\FRQWH[WRVGHXQFDULVPDPiVSRSXODUTXHHQWURQFDQFRQODVUHFRSLODFLRQHV
GHIiEXODVHVySLFDV\HVSHMRVGHSUtQFLSHV7RGRHOORHVIUXWRFRPRGLFH/DFDUUDGHO
´QXHYRLPSXOVRTXHODOLWHUDWXUDVDSLHQFLDOFREUDGXUDQWHHOKXPDQLVPRµ
$XQTXHHQVXPRPHQWRXQOLEURGHFDEDOOHUtDVHUDWRGRORRSXHVWRDFXDOTXLHU
REUDGHODTXHVHSXGLHUDH[WUDHUQLQJXQDXWLOLGDGHQHO%DOGRODLQWHQFLyQGLGiFWLFD
%DOGRSiJ
%DOGRSiJ
6REUHHVWHWHPDYHU0DUWtQ5RPHUR´%XHQDVGRFWULQDV\HQ[HPSORVµ$VSHFWRVVDSLHQFLDOHV\GLGiF
WLFRVHQORVOLEURVGHFDEDOOHUtDV
%DOGRSiJ
0DUWtQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
TXHGDSDWHQWHHQHVWRVFRPHQWDULRVTXHHODXWRUDxDGHDDOJXQRVGHORVFDStWXORV\
HQ ORV WHPDV TXH RFXSDQ FDStWXORV HQWHURV HQ ORV TXH HO OHFWRU SXHGH SHQVDU KDEHU
FDPELDGRGHREUD
7e50,12´)É%8/$µ
6LJXLHQGRODGHÀQLFLyQGH6DQ,VLGRURODVIiEXODVVHRSRQHQDWRGRORTXHHV
YHUtGLFRRKLVWyULFRVRQ´FRVDVQRQIHFKDVPDVÀQJLGDVµVRQUHVÀFWDH´)DEXODVVRQ
DTXHOODVFRVDVTXHQLVRQKHFKDVQLSXHGHQVHUKHFKDVSRUTXHVHUtDQKHFKDVIXHUDGH
ODQDWXUDOH]DµIUHQWHDODVUHVJHVWDH´/DVKLVWRULDVVRQYHUGDGHUDV\DVtKHFKDVFRPR
VHFXHQWDQµ
(Q/DYLGDGH(VRSROHHPRV
+D\GLYHUVDVIiEXODVSRUTXHDOJXQDVVRQGLFKDV´HVySLFDVµODVFXDOHVKL]R\FRPSXVRHOPX\
FODUtVLPR(VRSR\VRQGRQGHODVDQLPDOLDVLUUDFLRQDOHVTXHQRWLHQHQKDEODVRQLQWURGXFLGDV\
ÀQJLGDVTXHKDEODQ
<FRQHVWRVGRVVLJQLÀFDGRVXVDHOWpUPLQRHODXWRUGHO%DOGRFRPRXQDKLVWRULD
ÀFWLFLDRSXHVWDDDOJRYHUtGLFRLQFOX\HQGRDTXtÀFFLRQHVQDUUDFLRQHVPLWROyJLFDV\ODV
IiEXODVWDO\FRPRODVHQWHQGHPRVKR\FRPRFRUURERUDQHVWDVFLWDV´1RSHQVpLVTXHOR
TXHQRVFXHQWD&tQJDUVRQIiEXODV(VWRHVORTXH\RYL\SXHGHFUHHUVHµ´6HPHMDQWH
HVDTXHVWRDODIiEXOLOODGH,VRSRTXHFXHQWDGHOUDWyQFLXGDGDQR\GHOFDPSHVLQRµ
35(6(1&,$'()É%8/$6(1(/%$/'2
$ODQDOL]DUODVIiEXODVHQHO%DOGRPHFHQWURWDQVRORHQODV´IiEXODVHVySLFDVµ
GHMDQGR D XQ ODGR ODV VLPSOHV PHQFLRQHV D DQLPDOHV TXH QRV UHPLWHQ D IiEXODV \
REYLDQGRWDPELpQRWUDVFRQXQFDUiFWHUPiVRULHQWDOTXHUHFXHUGDQDODVXVDGDVSDUD
HGXFDUDSUtQFLSHVWDOHVFRPRODIiEXODGHODOGHDQR\HORGUHTXH&tQJDUSUHVHQWDHQ
HOFDStWXOR;/,GHO/LEUR,,GHO%DOGR
$VtSXHVWHQGUtDPRVGRVIiEXODVHVySLFDVHQHOSUyORJRGHO%DOGRODUDSRVD\ODV
PRVFDVHOFDEDOOR\HOFLHUYRDGHPiVGHXQDTXHLQYHQWDHOSURSLRDXWRUODGH&HUHV
ODJRORQGULQD\ODDQJXLOD(QHO/LEUR,)DOTXHWRSUHVHQWDODIiEXODGHODFRJXMDGD\OD
PLHVGHQWURGHORVFDStWXORVHODXWRUKDFHUHIHUHQFLDVDGRVIiEXODVPiVHOSHUUR\HO
WUR]RGHFDUQHHOOHyQ\ODPRVFD<HVHQODVDQRWDFLRQHVWUDVORVFDStWXORVGRQGHVH
HQFXHQWUDHOPD\RUQ~PHURGHHOODVORVGRVUDWRQHVHOEXH\\ODUDQDOD]RUUD\ODV
SHUDVHOFXFOLOORHOUXLVHxRU\HODVQR(VGHFLUXQWRWDOGHIiEXODVHVySLFDVHQWRGD
ODREUD
(VRSHWH<VWRULDGRSiJ
(VRSHWH<VWRULDGRSiJ
(VRSHWH<VWRULDGRSiJ
(VRSHWH<VWRULDGRSiJ
%DOGRSiJ
%DOGRSiJ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7RPDVD3DVWUDQD6DQWDPDUWD
862'(/$6)É%8/$6
%L]DUULQRVLQGLFDTXH\D5RPXOXVDÀQHVGHOVLJOR9,,,RFRPLHQ]RV
GHO ,; KDEODED GHO XVR GH ODV IiEXODV FRPR PRGHOR GH FRQGXFWD ´TXLG KRPLQHV
REVHUYDUHGHEHDQW9HUXPXWYLWDPKRPLQXPHWPRUHVRVWHQGHUHWµVLUYHQSXHVSDUD
RIUHFHU ´XQD IRUPD ÀJXUDGD GH UHSUHVHQWDU ODV FRQGXFWDV KXPDQDVµ (Q /D YLGD GH
(VRSRWDPELpQVHLQFLGHHQHVWR
(DVVLDTXHOTXHTXLHUHOHHUHVWHOLEURGHODFRORUGHODÁRUHVWRHVGHODIDEXODQRQGHYHFXUDU
PDVDQWHVGHODGRFWULQDHQHOODFRQWHQLGDHWLQVHUWDSDUDDGTXLULU\DOFDQ]DUEXHQDVFRVWXPEUHV
\YLUWXGHV\SDUDHYLWDU\JXDUGDUVHGHORVPDORVXVRVFKXSDQGR\WRPDQGRDVLHQYLDQGDGHO
iQLPD\GHOFXHUSR
(OSUyORJRDOSULPHUOLEURGHO(VRSHWHFRLQFLGHFRQHVWR\DxDGHDGHPiVVXWRQR
O~GLFR
3RUTXHD\XGH\DSURYHFKHDODYLGDKXPDQDHOSUHVHQWHOLEURHVFRPSXHVWRDODPDQHUDGH
IiEXODVGHUHtUSRUTXHODVFRVDVSURYHFKRVDV\QHFHVDULDVPHMRU\PiVGXOFHPHQWHVHWRPDQ
SLQWDGDV\IXOFLGDVFRQFRVDVSURYRFDQWHVDULVD\SODFHU«(ODEUHYHGDGGHODVIiEXODVWUDH
FDUJDKRQHVWDGHFRVWXPEUHVFRPRODFiVFDUDVHFDFXEUHPXFKDVYHFHVHOEXHQPHROOR
(OSUyORJRDO%DOGRWLHQHXQWtWXORPX\VLJQLÀFDWLYR´3UyORJRVREUHODSRHVtDGH
0HUOLQR&RFD\RSRHWD0DQWXDQRTXHGHPXHVWUDFyPRVHKDGHVDFDUXWLOLGDGGHODV
IiEXODV\ODFDXVDSRUTXHVHLQYHQWDURQµ(QWHQGLHQGRDTXtSRU´IiEXODµUHVÀFWLFLD\
QRVRORHQHOVHQWLGRGH´IiEXODHVySLFDµDXQTXHHODXWRUWDPELpQGHÀHQGHODVIiEXODV
HVySLFDVSURSLDPHQWHGLFKDV´ODVFXDOHVFODURHVWiTXHPX\SRFRGDxRWUDHQSRUTXH
\DVHQRPEUDQSRUFRVDVIDOVDV\ODFRVDFODUDQRHQJDxDµ
7DPELpQ HQ HO %DOGR VH VHxDODQ ORV GRV XVRV DQWHULRUHV D ODV IiEXODV ´GDU
H[HPSORDORVKXPDQRVµHQWHQGLHQGRTXHKD\TXHLQWHUSUHWDUODVSXHVVRQXQDVXHUWH
GHSDUiERODVFRQXQVLJQLÀFDGRSURIXQGR\D\XGDQDGHFLGLUFyPRDFWXDUHORWURXVR
VHUtDHODWUDHUHOiQLPR\GHVSHUWDUHOLQWHUpVGHTXLHQHVFXFKDVLHQGRSRUHVREXHQDV
KHUUDPLHQWDVSDUDWUDVPLWLUHQVHxDQ]DV'LFHHODXWRUHQHOSUyORJRHQXQSDVDMHTXH
PHUHFHODSHQDWUDQVFULELUVH
$VLPLVPR ODV SXVLHURQ HQ VXV REUDV JUDQGHV YDURQHV \ FHOHEpUULPRV ÀOyVRIRV FRPR 3ODWyQ
$ULVWyWHOHV 3OXWDUFR \ 3OLQLR SRUTXH VRQ HOODV GH WDO PDQHUD TXH SHQHWUDQ ORV iQLPRV GH ORV
OHFWRUHV \ FRQ FLHUWDV VHPHMDQWHV YDOHQ SDUD FRQPRYHU ORV iQLPRV GH ORV KRPEUHV \ GH WDO
PDQHUDTXHHORtUODVOXHQJDVRUDFLRQHVHKLVWRULDVRUGHQDGDVHQKDVWtDQDXQTXHVHDQGHFRVDV
SURYHFKRVDVVLQRVHHQWUHPHWHQHVWDVIiEXODV6HDQRVWHVWLJRXQRUDGRUGH$WHQDVTXHRUDQGR
GHODQWHGHOSXHEORDWHQLHQVHFRPRORYLHVHSRFRDWHQWRURJyOHVTXHWXYLHVHQSRUELHQGHRtU
XQDIiEXOD(OORVHQWRQFHVGtFHQOHTXHODGLJD\DJX]DQODVRUHMDVSDUDRtUOD(QWRQFHVpOGLFHDVt
²&HUHVYXHVWUDGLRVD²SRUTXHHUDDOOtDGRUDGD²FRQODJRORQGULQD\ODDQJXLOD\HQGRFDPLQDQGR
DOOHJDURQDXQUtR/DJRORQGULQDORSDVyYRODQGR\ODDQJXLODQDGDQGR
&RPRDFDEyHORUDGRUGHGHFLUHVWRFDOOyVHXQSRFR7RGRVHQWRQFHVFRPLpQ]DQOHDSUHJXQWDU
TXpKDEtDKHFKR&HUHVeOUHVSRQGLy
²(QRMyVHFRQYRVRWURVYXHVWUDGLRVDSRUTXHQRTXHUpLVRtUODVFRVDVSURYHFKRVDVSHURPX\
DWHQWRVRtVODVFRQVHMDV
%DOGRSiJ
%DOGRSiJ
%DOGRSiJ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
(Q HO %DOGR ODV IiEXODV VH XWLOL]DQ FRQ WUHV LQWHQFLRQHV RIUHFHU XQ PRGHOR GH
FRQGXFWDKDFHUFRPSDUDFLRQHVHQWUHHOFRPSRUWDPLHQWRKXPDQR\HODQLPDO\VHUYLU
GH DUJXPHQWR SDUD GHIHQGHU XQD LGHD (VWDV GRV ~OWLPDV \D ODV VHxDODEDQ %XUUXV \
*ROGEHUJ
$ FRQWLQXDFLyQ SUHVHQWR XQ DQiOLVLV GH HVWRV XVRV KDFLHQGR KLQFDSLp HQ ODV
IiEXODV \ VX VLJQLÀFDGR FRPSDUiQGRODV FRQ HO (VRSHWH <VWRULDGR REUD GH TXH
SXHGHFRQVLGHUDUVHODIXHQWHIDEXOtVWLFDPiVFRQRFLGDHQODpSRFD
8VRFRPRDUJXPHQWDFLyQ
/D PD\RU SUHVHQFLD GH IiEXODV OD WHQHPRV HQ OD ´PRUDOLGDGµ ´DGLFLyQ GHO
WUDVODGDGRUµ R ´H[FODPDFLyQµ FRQ TXH FRQFOX\HQ DOJXQR GH ORV FDStWXORV (VWRV
WH[WRVVRQFUHDFLyQSURSLDGHOWUDGXFWRUGHO%DOGRTXHDFXGHDOWySLFRGHOPDQXVFULWR
HQFRQWUDGRTXHQRVyORWUDGXFHVLQRTXHGHFLGHHQULTXHFHU´\VDELHQGRELHQTXHHVWR
HVIiEXODPHWtWDPELpQIiEXODVHKLVWRULDVDQWLJXDVµ\FRQWLQ~D
'HDGRQGHWXYHSRUELHQKDFHUDOÀQGHORVFDStWXORVTXHIXHVHQPHQHVWHUVXVDGLFLRQHVVDFDGDV
GHÀOyVRIRVPRUDOHVSDUDTXHWRPHDOJ~QSURYHFKRHOOHFWRUDORTXHYDPLLQWHQFLyQHQFDPLQDGD
QRFRPRDTXHOORVOLEURVTXHVRODPHQWHDOHJUDQ\D~QHVRFRQJUDFLDVGHVKRQHVWDV
(VWRV HOHPHQWRV DxDGLGRV VRQ UHÁH[LRQHV HUXGLWDV UHSOHWDV GH FLWDV D DXWRUHV
FOiVLFRV SHUVRQDMHV PLWROyJLFRV \ HQ RFDVLRQHV PHQFLRQHV D IiEXODV (O WHPD GH
ORV PLVPRV VH UHODFLRQD FRQ PD\RU R PHQRU GHVHQYROWXUD FRQ OR WUDWDGR HQ HO
FDStWXOR VRQ FRPHQWDULRV DO FRPSRUWDPLHQWR GH ORV SHUVRQDMHV TXH LQFOXVR VH
VRPHWHQDLQWHUSUHWDFLRQHVDOHJyULFDVHQXQDFODUDLQWHQFLyQGLGiFWLFDGHLQFXOFDUXQ
FRPSRUWDPLHQWRPRUDOPHQWHDFHSWDGRSRUODVRFLHGDG
/DDSDULFLyQGHIiEXODVHVySLFDVHQHVWDVDGLFLRQHVUHVSRQGHDODVQHFHVLGDGHV
GHOSURFHVRDUJXPHQWDWLYRGHODXWRUTXHSDUDGHIHQGHUVXVLGHDVXWLOL]DHODSR\RGH
REUDVGHHVFULWRUHVDQWLJXRV\FRQLQWHQFLyQGHFRQWLQXDUXQKLORGLVFXUVLYRLQWURGXFH
ODVIiEXODVGH(VRSRVLQFRQVLGHUDUODVDUJXPHQWRVLQIHULRUHVDODVSDODEUDVGHHVFULWRUHV
FOiVLFRVFRQVDJUDGRVGHKHFKRQRVGLFH´PiVDXWRULGDG\SURYHFKRWUDHXQUHIUiQGH
ORVH[SHULPHQWDGRVTXHXQGLFKRGHVDELRVµ
$HVRSLF IDEOHV DUH VKRUW LOOXVWUDWLYH QDUUDWLYHV WKDW LOOXPLQDWH VRPH DVSHFW RI KXPDQ EHKDYLRU ,Q
WKHLUOLWHUDU\UHDOL]DWLRQVWKH\DUHFRPSLOHGZLWKSURP\WKLDRUHSLP\WKLDRUWKH\DUHLQFRUSRUDWHGLQWR
DODUJHUQDUUDWLYHZKHUHWKH\HLWKHUDGYDQFHWKHDFWLRQGHVFULEHWKHDWWULEXWHVRIDFKDUDFWHURUDFWDV
SHUVXDVLYHWRROVLQGLVFRXUVH%XUUXV\*ROGEHUJYLLL
%DOGRSiJ
0DUWLQ5RPHURVHxDODHOHVWXGLRGH&DFKR%OHFXDVREUHHO$PDGtVDOUHVSHFWR1RVRORODVDFFLRQHV
GHORVFDEDOOHURVVLQRODVGHORVSURSLRVGLRVHVPLWROyJLFRVHUDQREMHWRGHLQWHUSUHWDFLyQDOHJyULFDFRQ
ÀQDOLGDG PRUDO *HUQHUW FLWDQGR D -HDQ 6H]QHF /RV GLRVHV GH OD$QWLJHGDG HQ OD (GDG 0HGLD \ HO
5HQDFLPLHQWR0DGULGSGLFH´ORV'LRVHVGHO5HQDFLPLHQWRFRQWLQXDEDQVLHQGRFRQPXFKD
IUHFXHQFLDÀJXUDVGLGiFWLFDVLQFOXVRLQVWUXPHQWRVSDUDODHGLÀFDFLyQGHODVDOPDVµ*HQHUW
%DOGRSiJ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7RPDVD3DVWUDQD6DQWDPDUWD
'RVYHFHVKDFHPHQFLyQD(VRSRDOSUHVHQWDUXQDIiEXODODGHORVGRVUDWRQHV
\ODGHOD]RUUD\ODVSHUDVHQODVUHVWDQWHVRFDVLRQHVELHQVHODVDWULEX\HD+RUDFLROD
UDQD\HOEXH\RQRVHKDFHPHQFLyQDODDXWRUtD
8VRHQODVPRUDOLGDGHV
6HXVDQSDUDDSR\DUDUJXPHQWRVODVVLJXLHQWHVIiEXODV
/D IiEXOD GH ORV GRV UDWRQHV TXH ÀJXUD FRQ HO Q~PHUR ;; HQ HO /LEUR , GHO
(VRSHWH'RVVRQORVVLJQLÀFDGRVGHHVWDIiEXODSRUXQODGRGHÀHQGHODSREUH]DIUHQWH
DODULTXH]DSRURWURFULWLFDDTXLHQHVVHDFHUFDQDORVSRGHURVRVSDUDWHQHUPiVGHOR
TXHOHVFRUUHVSRQGHVHJ~QVXHVWDGR
(ODXWRUGHO%DOGRGHÀHQGHODSULPHUDGHODVLGHDVFULWLFDODVULTXH]DVGHSRUVt
LQFOXVRODVTXHVHREWLHQHQSRUHOSURSLRWUDEDMR\DTXHHOSUREOHPDHVODHQYLGLDTXH
JHQHUDQSRUHOORHOTXHUHQXQFLDDORVELHQHVHVIHOL](ODXWRUVLJXHFRQDJLOLGDGOD
OtQHDDUJXPHQWDWLYDGHOFDStWXORTXHFHUUDEDFRQODKLVWRULDGH$ULyQ\DGYLHUWHFRQWUD
ORVPDOHVTXHDFDUUHDODSRVHVLyQGHULTXH]D6HDOXGHVyORDOWtWXORGHODIiEXODSXHV
VXSRQHTXHHOOHFWRUHVFRQRFHGRUGHODPLVPD
6HPHMDQWHHVDTXHVWRDODIiEXOLOODGH,VRSRTXHFXHQWDGHOUDWyQFLXGDGDQR\GHOFDPSHVLQR
DVt TXH VyOR DTXHO HVWDED GHVFDQVDGR HO TXH KXELHUH GHVHFKDGR ODV ULTXH]DV \ QR OH SHVH GH
KDEpUVHODVTXLWDGRRWUR,
/D IiEXOD GH OD UDQD \ HO EXH\ WDPELpQ VH XVD SDUD DUJXPHQWDU (V OD IiEXOD
;; GHO /LEUR ,, GHO (VRSHWH &RPLHQ]D ´VL DOJ~Q SREUH TXLHUH LJXDODUVH FRQ DOJ~Q
SRGHURVRHOWDOVHGHVWUX\H\SHUHFHµWHUPLQDFRQ´<SRUHVWRVHGLFH´QRWHKLQFKHV\
QRUHYHQWDUiVµ,,(QXQDLQWHUSUHWDFLyQDOHJyULFDGHOFDStWXORSUHFHGHQWHODQDYH
GH%DOGRVHHTXLSDUDDODQDYHGHOPXQGRTXHQDYHJDSRUODYLGD/RVYLHQWRVVRQORV
YLFLRV\HODXWRUVHFHQWUDHQODDPELFLyQ\HVHQWRQFHVFXDQGRLQWURGXFHODIDEXODGHO
EXH\\ODUDQD6HSURGXFHXQFDPELROLJHURHQHODUJXPHQWRFRQUHVSHFWRDORULJLQDO
SXHV VH GLFH TXH HO EXH\ KDEtD PDWDGR D YDULDV UDQDV DQWHV GH TXH XQD GH HOODV VH
HQIUHQWDUDDpO´ODUDQD«FRPRKXELHVHSUHJXQWDGRDXQKLMXHORVX\RTXHYHQtD
KX\HQGRGHOEXH\TXHFRQORVSLHVKDEtDWULOODGRDVXVKHUPDQRVµ,DVtHOGHVHR
GHODUDQDQDFHUtDGHXQVHQWLPLHQWRGHYHQJDQ]D(QODYHUVLyQGHO(VRSHWHVHGLFHTXH
HOEXH\SDFtDHQXQSUDGRFXDQGRDXQDUDQDOHHQWUDURQJDQDVGHVHUFRPRpOHODQWRMR
HVWDUtDFDXVDGRSRUODHQYLGLD´XQDUDQDYLHQGRSDFHUXQEXH\HQHOSUDGRSHQVy
HQWUHVtTXHSRGtDVHUWDQJUDQGHVLDTXHOODVXSLHO\FXHURDUUXJDGRSXGLHVHKLQFKDUµ
,,
3HUR PiV LPSRUWDQWH HV HO FDPELR GH VLJQLÀFDGR SXHV PLHQWUDV HO (VRSHWH
DGYLHUWHGHOSHOLJURGHDXWRGHVWUXFFLyQTXHFRUUHHOSHTXHxRDOTXHUHULJXDODUVHFRQ
HO JUDQGH HO %DOGR DGYLHUWH FRQWUD ORV KRPEUHV GH EDMR HVWDGR TXH FRPHWHQ URERV
KRPLFLGLRVFRQMXUDFLRQHVHWFSRUFRGLFLDSXHVHOSHTXHxRXUGHFRQMXUDFLRQHVFRQWUD
HOSRGHURVRSDUDDFDEDUFRQpO(OKXPLOGHHVFXOSDELOL]DGRGHVGHHOSULQFLSLRSRUVX
LQWHQFLyQFDVLLQQDWDGHKDFHUGDxR
ODVHGLHQWDDPELFLyQ«HVXQGHVHRWDQJUDYHGHKRQUDVTXHDORVKRPEUHVKLQFKDDFDGDXQR
GDGLYHUVDVLPDJLQDFLRQHVDXQRVTXHKDQGHVHUJUDQGHVSUtQFLSHVTXHKDQGHKDEHUJUDQGHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
GLJQLGDGHVJUDQGHVKRQUDV$ORVFXDOHVTXLHUD'LRVQRDFRQWH]FDORTXHDODUDQDTXHFXHQWD
HOSRHWD+RUDFLRODFXDOFRPRKXELHVHSUHJXQWDGRDXQKLMXHORVX\RTXHYHQtDKX\HQGRGHO
EXH\TXHFRQORVSLHVKDEtDWULOODGRDVXVKHUPDQRVVLSRGUtDVHUHOODWDQJUDQGHFRPRDTXHOOD
EHVWLD²1RUHVSRQGLypODXQTXHUHYLHQWHV
'H DGRQGH YLHQH TXH XQ KRPEUHFLOOR GH ]HYLO \ PX\ EDMR HVWDGR GH YLO OLQDMH \ GH SHRUHV
FRQGLFLRQHVOHYDQWHFRQMXUDFLRQHVDFRPHWDKRPLFLGLRVKDJDODWURFLQLRVWUDEHFXHVWLRQHVVLQR
SRUODDPELFLyQ,
2WUDIiEXODTXHVHXVDSDUDDSR\DUXQDWHVLVHVODGHODUDSRVD\ODVSHUDVTXH
HQFRQWUDPRV DEULHQGR HO /LEUR ,9 GHO (VRSHWH OD IiEXOD , ´OD SULPHUD IiEXOD GH OD
UDSRVD\GHODVXYDVµ,9
(QHO%DOGRKD\DOJ~QFDPELRVXSHUÀFLDOSXHVODVXYDVVHVXVWLWX\HQSRUSHUDV
TXHODUDSRVDSUHWHQGHKDFHUFDHUGDQGRJROSHVFRQODFROD1RKD\TXHGLULPLUFXiO
HVODYHUVLyQRULJLQDOSXHV\D-RQHVUHFXHUGD´:HPXVWUHPHPEHUWKDWDIRONWDOHLVWKH
VXPRILWVYHUVLRQVWKHYHUVLRQVDUHQRWSDUWLDOUHÁHFWLRQVRUHYROYHGH[DPSOHVRIDQ
RULJLQDOLGHDOWH[Wµ%XUUXV\*ROGEHUJ[YLL
(OUHSHUWRULRSURYHUELDOGHO(VRSHWHIDFLOLWDGRSRU/DFDUUDLQGLFDVREUH
HVWD IiEXOD ´3UXGHQFLDHV GLVLPXODUTXH QR VH SURFXUD OD FRVDFXDQGRQR VH SXHGH
DOFDQ]DUµFRLQFLGLHQGRFRQHOXVRTXHVHGDHQHO%DOGR(OFDStWXOR;9,,,VLQDWDFDU
ODÀORVRItDDFXVDDORVTXHGHVSXpVGHKDEHUGHVSHUGLFLDGRVXYLGDHQDUJXPHQWRV
ÀORVyÀFRV LQ~WLOHV VLQ DSOLFDFLyQ SUiFWLFD TXH EHQHÀFLH D OD UHS~EOLFD ÀQJHQ QR
LQWHUHVDUVHSRURWURVWHPDVTXHHQUHDOLGDGGHVHDUtDQDSUHQGHU
´'HDGRQGHYLHQHTXHORVTXHHQHVWRKDQJDVWDGRWRGDVXYLGD\VHYXHOYHQDDSUHQGHUODV
RWUDVFRVDVSHURFRPRQRODVSXHGHQDSUHQGHUSRUTXHHVWiQ\DGXURVPHQRVSUpFLDQODV&RPR
OHDFRQWHFLyHQDTXHOWLHPSRTXH+LVRSRGLRSDODEUDVDORVDQLPDOHVDOD]RUUDODFXDOFRPR
KDPEULHQWDYLHVHXQJUDQSHUDOOOHQRGHPXFKDIUXWDFRPLHQ]DDGDUFRQVXFRODDOSLHGHO
iUEROSHQVDQGRSRGHUKDFHUFDHUDOJ~QIUXWRSHURFRPRQXQFDSXGRQLTXHFD\HVHQODVSHUDV
TXHTXHUtDVHYDGLFLHQGRTXHQRDERUUHFtDDPiVPDQMDUTXHDODVSHUDV&RQHVWDVIiEXODVH
UHSUHQGHQORVTXHDUULEDGLMLPRVTXHVREUHFRVDVGHSRFRVHVRVHPDWDQ\JDVWDQORPHMRUGHVX
HGDGµ,
/D~OWLPDIiEXODTXHVHXVDFRQLQWHQFLyQDUJXPHQWDWLYDHVODGHOUXLVHxRUHO
FXFOLOOR\HODVQR1RVHSRGUtDDVHJXUDUVLVHWUDWDGHODIiEXOD,9GHO/LEUR,9GHO(VRSHWH
´GH-XQR\GHOSDYyQ\GHOUXLVHxRUµSXHVVRORFRPSDUWHDOJXQRVHOHPHQWRVFRPXQHV
HOFDQWRGHOUXLVHxRUFDXVDHQYLGLDDRWURV(QHO%DOGRHOHQYLGLRVRHVHOFXFOLOORHQHO
(VRSHWHHOSDYRUHDOHQDPEDVREUDVDSDUHFHODÀJXUDGHXQMXH]HQ%DOGRHVXQDVQR
HQHO(VRSHWH-XQRHQHO(VRSHWH-XQRGLFWDPLQDTXHFDGDDQLPDOWLHQHVXGRQSURSLR
VXWDOHQWRPLHQWUDVTXHHQHO%DOGRHOUXLVHxRUSLHUGHIUHQWHDOFXFOLOORFRQFOX\HQGR
DVtTXHORVWRUSHVQRDSUHFLDQODYHUGDGRTXHQRWRGRMXH]VDEHMX]JDURTXHQRKD\
TXHÀDUVHGHODVDSDULHQFLDVSXHVODVRUHMDVJUDQGHVQRLPSOLFDQQHFHVDULDPHQWHVDEHU
RtU/D´PRUDOLGDGµGHOFDStWXORHVXQDUHLYLQGLFDFLyQGHODYHUGDG6HPHQFLRQDHVWD
IiEXODSDUDHMHPSOLÀFDUFyPRODYHUGDGHVPHQRVSUHFLDGDGHORVKRPEUHVSRUTXHQR
SXHGHQHQWHQGHUVXEHOOH]D
%XUUXV\*ROGEHUJSJHQ-RQHV6WHYHQ6ZDQQ´7KHVWUXFWXUHRI6QRZ:KLWH,Q)DLU\7DOHVDQG
6RFLHW\,OOXVLRQ$OOXVLRQDQG3DUDGLJP(G5XWK%%RWWLJKHLPHU3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYD
QLD3UHVV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7RPDVD3DVWUDQD6DQWDPDUWD
$QGDODYHUGDGHQHVWHWLHPSREXVFDQGRKRPEUHVTXHODDFRMDQPHQRVSUHFLDGDGHORV
PDORVFRPRHOUXLVHxRUHOFXDOXQDYH]FRQWHQGLyDFDQWDUFRQHOFXFOLOOR\HVFRJLHURQDO
DVQRSRUMXH]SRUTXHWHQtDPiVOXHQJDVRUHMDV\DVtSHQVDURQTXHRLUtDPHMRU+DELHQGR
FDQWDGRHOKDUSDGRUXLVHxRU\HOURQFRFXFOLOORGHODQWHGHpOpOGLRODYLFWRULDDOFXFOLOOR
FRQGHQDQGR DO GXOFH FDQWR GHO UXLVHxRU SRUTXH QR OR HQWHQGtD 'H DGRQGH HVWD DYH
HQRMDGD DSHOy D ORV KRPEUHV \ VLHPSUH FXDQGR YH D DOJXQR VH SDUD D FDQWDU PiV
VXDYHPHQWHTXHFXDQGRHVWiVRORSDUDTXHMX]JXHSRUpO3HURHOKRPEUHHQWHQGLHQGROR
TXHHVVXLQWHQFLyQQRSDVDVLQGDUOHYLFWRULD,
8VRFRPRPRGHORGHFRQGXFWD
&RPRVHxDOpDOFRPLHQ]RRWURGHORVXVRVGHODIiEXODHVHOVHUYLUGHPRGHOR
GHFRQGXFWD\HQHOSUyORJRDO%DOGRVHRIUHFHQGRVHMHPSORVTXHVHDSOLFDQSDUDHO
UHJLPLHQWRGHUHLQRV
(O DXWRU GHO %DOGR KDFH UHIHUHQFLD D OD IiEXOD ,; GHO /LEUR ,9 GHO (VRSHWH ´GHO
FDEDOOR\GHOFLHUYR\GHOFD]DGRUµSDUDDOXGLUDXQKHFKRKLVWyULFRHQHOTXHHOXVR
GH XQD IiEXOD HYLWy TXH XQ SXHEOR IXHUD VRPHWLGR (VWD IiEXOD PDQWLHQH HO PLVPR
VLJQLÀFDGRTXHHQHOUHSHUWRULRSURYHUELDOGHO(VRSHWH´1RSRQJDHOKRPEUHHQHPLVWDG
FRQTXLHQOHSHVHGHVSXpVGHKDEHUODWRPDGRµ
HOSRHWD6WHVLFKRURDSDUWyDORVFLXGDGDQRVGH+tPHUDFRQODIiEXODGHOFDEDOORTXHSRUYHQJDUVH
GHOFLHUYRVHGHMyHQIUHQDU\GHVSXpVGHYHQFLGRVHTXHGyHQSRGHUGHOKRPEUHDTXHSDUD
YHQJDUVHQRWRPDVHQDOWLUDQR)DODULVUH\GHORVDJULJHQWLQRVSRUTXHDXQTXHYHQFLHVHQDVXV
HQHPLJRVTXHGDUtDQHQVXMHFLyQSHUSHWXD
/DVHJXQGDIiEXODHVySLFDPHQFLRQDGDSHURTXHQRÀJXUDHQHO(VRSHWHHVODGH
ODUDSRVD\ODVPRVFDV
$VLPLVPRHOIDEXODGRU,VRSRDSRUWyDORVGH6DPRFRQODIiEXODGHODUDSRVDPRUGLGDGHODV
PRVFDVTXHQRPXGDVHQMXHFHV3RUHVWDFDXVD7LEHULR&pVDUGDEDORVPDJLVWUDGRVGHOXHQJR
WLHPSRSRUTXHQRSHUGRQDDORVSXHEORVHOUHLQREUHYH
(Q/DYLGDGH(VRSRHOSURWDJRQLVWDDOHFFLRQDDORVKDELWDQWHVGH6DPRQRFRQ
HVWDIiEXODVLQRFRQODGHORVORERVODVRYHMDV\ORVSHUURV(VWRTXL]iVLQGLTXHTXHHO
DXWRUGHO%DOGRPDQHMDEDXQDYHUVLyQGLVWLQWDGH/DYLGDGH(VRSR
7HQHPRVRWUDIiEXODODPiVH[WHQVDGHO%DOGRTXHQRDSDUHFHUHFRJLGDHQHO
(VRSHWHVLQRHQ1RFWHVDWWLFDHGH$XOR*HOLR\TXHVLQHPEDUJRHVWHDXWRUODDWULEX\HD
(VRSR*HUQHUWVXJLHUHFRPRWtWXORSDUDHOOD´ODFRJXMDGD\ODPLHVµ(VWDIiEXODRFXSD
WRGRHOFDStWXOR;;,;GHOOLEUR,,GH/DVQRFKHViWLFDV´$SRORJXV$HVRSL3KU\JLVPHPRUDWX
QRQLQXWLOLVµ$SyORJR~WLOGH(VRSRHO)ULJLR6HSUHVHQWDODIiEXODWUDVGHGLFDUD(VRSR
XQUHFRQRFLPLHQWR
HQVHxy QR FRQ OD LPSHULRVD VHYHULGDG GH XQ ÀOyVRIR TXH GRJPDWL]D VLQR GLVLPXODQGR VXV
OHFFLRQHVEDMRIiEXODVSLFDQWHV\DPDEOHVTXHKDFHQHQWUDUODVPiV~WLOHVUHÁH[LRQHVHQODPHQWH
FRQTXLVWDGDSRUODDWUDFFLyQGHORDPHQRYRO,
(OIDEXODGRUIUDQFpV/D)RQWDLQHLQWURGXFHHQHO/LEUR;,,GHVXV)iEXODVXQDVHPHMDQWHTXHOOHYDHO
Q~PHUR(O]RUURODPRVFD\HOHUL]R
%DOGRSiJ;LLL
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
1XHVWURDXWRUVLJXLyHQHO%DOGRHOPLVPRHVStULWXTXHPRYtDD$XOLR*HOLRHQ
VXREUDFRPSLODUHQVHxDQ]DVLQWHUHVDQWHVSDUDTXHHOS~EOLFRGHVXOLEURWXYLHUDXQD
KRQHVWDHUXGLFLyQ6LDQDOL]DPRVHOWH[WRRULJLQDOYHPRVTXHHODXWRUGHO%DOGRKDFH
FDVLXQDWUDGXFFLyQOLWHUDOGHOPLVPRDXQTXHVXSULPHDOJ~QFRPHQWDULRHOKHFKRGH
TXHORVSROOXHORVHVWDVDYHVFXDQGROOHJDODVLHJD\DWLHQHQSOXPDV\DxDGHDOJ~QRWUR
VHGLFHTXHODFRJXMDGDHV´YLHMD\H[SHULPHQWDGDµ
)DOTXHWRKDFLHQGRGHQDUUDGRUPHWDGLHJpWLFRHVTXLHQQRVFXHQWDHVWDIiEXOD
TXHR\yGHERFDGHXQSDVWRUDQFLDQR\TXHHPSLH]DFRQXQSURYHUELR´QRFRQItHVHQ
RWURVVLQRHQWLµ,(OSDVWRUTXHFRQVXKLMRHVSHUDLQIUXFWXRVDPHQWHD\XGD
GHSDUWHGHYHFLQRV\IDPLOLDUHVSDUDHVTXLODUHOUHEDxRUHFXHUGDSRUODVLPLOLWXGGHO
HVFHQDULRODIiEXODGHODFRJXMDGDHQODTXHVHFDPELDHOHVTXLODURYHMDVSRUUHFRJHU
HOWULJR6HJXLGDPHQWHHOSDGUHUHFDOFDDOKLMRWDPELpQODOHFFLyQ´(VWRQRVDPRQHVWD
KLMRTXHQRFRQÀHPRVFRPROLYLDQRVHQHOVRFRUURGHQXHVWURVDPLJRVRSDULHQWHVµ
,3RUODH[FHVLYDH[WHQVLyQGHODPLVPD\ODVOLPLWDFLRQHVGHHVSDFLRQRVH
UHSURGXFH
8VRFRPRFRPSDUDFLyQ
(V OXJDU FRP~Q GHFLU TXH HO UHLQR DQLPDO QRV RIUHFH FRPSRUWDPLHQWRV TXH
SXHGHQFRPSDUDUVHFRQORVGHORVKRPEUHV\GHKHFKRODVIiEXODVXWLOL]DQHVWRFRPR
UDVJRGLVWLQWLYRGHJpQHUR$Vt/DYLGDGH(VRSRFRPLHQ]DH[SOLFDQGRVXRULJHQ´IXHURQ
IDOODGDVSRUTXHSRUODVSDODEUDVÀQJLGDVGHODVDQLPDOLDVLUUDFLRQDOHVGHXQDVDRWUDVOD
LPDJHQFRVWXPEUHVGHORVRPEUHVIXHVHQFRQRVFLGDVµ
(QHOSURSLR%DOGRVHGLFHTXHODVWUDQVIRUPDFLRQHVRPHWDPRUIRVLVHQSLHGUDV
iUEROHVDYHVRDQLPDOHVTXHVXIUHQTXLHQHVVHSDVHDQSRUHOLQÀHUQRUHVSRQGHQDODV
FDUDFWHUtVWLFDVGHODVSHUVRQDV
&LUFHFRQYHUWLGRUDGHKRPEUHVHQEUXWRVDQLPDOHVHQVHxDORVKRPEUHVVRODPHQWHHQODIRUPD\
KXPDQDYR]VHUSUHVWRFRQYHUWLGRVHQORVWRUSHVGHVHRVDTXHVXYROXQWDG\LQFOLQDFLyQDWUDHQR
OHVFRQWUDGLFLHQGRVHPHMiQGRVHFDGDXQRDODIRUPDTXHDPDFRPRORVOLELGLQRVRVHQRVRVORV
VRxROLHQWHVHQSXHUFRVORVWUDJRQHVHQORERVORVIHURFHVVLQVDEHUHQOHRQHV\DVtORVRWURV
/DSULPHUDDSDULFLyQGHXQDIiEXODTXHFRPSDUDHOFRPSRUWDPLHQWRGHXQRV
KRPEUHV DO FRPSRUWDPLHQWR TXH VH UHÁHMD HQ XQD IiEXOD OD WHQHPRV HQ HO FDStWXOR
;9,,6LJXLHQGRHOHVWLORKHWHURGR[RSURSLRGHO%DOGRHQHOFDStWXOR;9,,HOKHFKRGH
OOHJDUDXQDSOD\DFRQSLHGUDVTXHEULOODQ\GHVFXEULUHQWUHHOODVODSLHGUDÀORVRIDOGD
OXJDUSDUDUHODWDUD&tQJDUODKLVWRULDGHOYLGULR(OFDStWXORSDUHFHWUDQVIRUPDUVHHQ
XQHQVD\RVREUHODDOTXLPLDTXHVHSURORQJDKDVWDHOFDStWXORVLJXLHQWH\TXHWLHQHSRU
SURWDJRQLVWDVQR\DDORVFDEDOOHURVVLQRDORVÀOyVRIRV\QLJURPiQWLFRVGH&RULQWLRD
TXLHQHVORVFLXGDGDQRVPRYLGRVSRUODDYDULFLDUHTXHUtDQSDUDTXHOHVHQVHxDUDQHODUWH
GHODDOTXLPLDOOHJDQGRDYHQGHUVXVSRVHVLRQHVSDUDFRQVHJXLUOR(VHQWRQFHVFXDQGR
HODXWRUDPRGRGHFRPSDUDFLyQ\QRFRPRDUJXPHQWDFLyQHQIDYRUGHQLQJXQDLGHD
PHQFLRQDODIiEXODGHO´SHUUR\HOWUR]RGHFDUQHµFRQHOPLVPRVLJQLÀFDGRTXHHQOD
(VRSHWH<VWRULDGRSiJ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7RPDVD3DVWUDQD6DQWDPDUWD
IiEXOD9GHO/LEUR,GHO(VRSHWH´QRGHEHHOKRPEUHFRGLFLDQGRORDMHQR\GXGRVR
GHMDUORVX\RTXHHVFLHUWRDXQTXHORTXHFRGLFLDOHSDUH]FDPiVµ,
7RGRV ORV PiV YHQGtDQ VXV KDFLHQGDV GiQGRVHODV D ORV ÀOyVRIRV SRUTXH ODV PXOWLSOLFDVHQ
SHQVDQGR TXHGDU PX\ ULFRV 1R SDUHFtD VLQR DO SHUUR TXH GHMDED HO ERFDGR TXH WHQtD SRU OD
PD\RUVRPEUDTXHHQHODJXDYHtD\SHUGLyORWRGR,
7HQHPRV RWUR PRPHQWR HQ TXH HO DXWRU GHO %DOGR PHQFLRQD XQD IiEXOD SDUD
KDEODUGHOFRPSRUWDPLHQWRGHGRVFDEDOOHURVODGHOOHyQ\ODPRVFD
1RPLUDQGRHVWR%HOLDUWHGHpOGiQGROHUHFLRVJROSHVFRPRODSHTXHxDPRVFDTXHDOJUDQGH
OHyQSLFDFRQÀiQGRVHHQHOYXHOR\HOOHyQVHYDSRFRDSRFRHQVDxDQGRDVt%DOGRVHLEDDLUDQGR
\SRUGHUULEDUOROHGLRXQSHTXHxRJROSHHQORVSHFKRVPDVGDQGRODSXQWDGHODHVSDGDHQ
FRVDEODQGDTXHHUDXQMXEyQVHHQWUySRUORVSHFKRVDWUDYHViQGROHHOFRUD]yQ,,
3RGHPRV UDVWUHDU HQ HO /LEUR ,, GHO <VRSHWH OD IiEXOD ;,, FRQ XQ VLJQLÀFDGR
VLPLODUVLELHQFRQRWURVSHUVRQDMHVHOFDOYR\ODPRVFD,,/DLQWHQFLyQGLGiFWLFD
FRLQFLGLUtDSXHVQRVHQVHxDTXHQRGHEHPRVKDFHUPDODRWURVTXHVLQQLQJ~QWUDEDMR
SXGLHUDQFDXVDUQRVGHVJUDFLDHOFDOYRDXQTXHVHKDJDGDxRFRQVXVSURSLRVPDQRWD]RV
PDWDODPRVFD(VWDPHQFLyQDODIiEXODQRVYXHOYHDLQGLFDUTXHQXHVWURDXWRUWDOYH]
QRPDQHMDUDODPLVPDHGLFLyQGHO<VRSHWHRTXHLQWURGXFtDYDULDQWHVFRQRFLGDVHQOD
pSRFD
&21&/86,Ð1
(O %DOGR HV XQ OLEUR GH FDEDOOHUtDV SRFR RUWRGR[R HQ FXDQWR DO ULJRU WHPiWLFR
SURSLRGHHVWDVREUDVSXHVGDFDELGDDXQDPSOLRUHSHUWRULRWH[WXDO/DDYDODQFKDGH
PDWHULDOHUXGLWRVHGLVWULEX\HGHIRUPDPX\GHVLJXDOHQXQDWUDED]yQYHUWLJLQRVDGH
UHIHUHQFLDVDIDEXODVFLWDVFOiVLFDV\GRFWULQDUHOLJLRVDGRQGHORFXOWR\ORSRSXODUVH
HQFXHQWUDQ
(QHVWHPRGRGHQDUUDUGLVWLQWRODVIiEXODVHOHPHQWRSURSLRGHODOLWHUDWXUD
SRSXODUVHFRORFDQDOODGRGHPHQFLRQHVD$ULVWyWHOHV3ODWyQ2YLGLR6yFUDWHVHWF
DGTXLULHQGR DVt OD PLVPD FDWHJRUtD \ VH XVDQ D GLVFUHFLyQ FXDQGR HO DXWRU QHFHVLWD
DSR\DUVXVLGHDVSURSRQHUVHPHMDQ]DVHQWUHHOFRPSRUWDPLHQWRKXPDQR\DQLPDOR
GDUFRQVHMRV(VWDVHQVHxDQ]DVIDEXODGDVQRSRGtDQGHMDUVHGHODGRHQXQDpSRFDHQ
TXHODOLWHUDWXUDGLGiFWLFDHVWiHQSOHQRDXJH(ODXWRUUHFRJHODWUDGLFLyQFOiVLFDGH
ODV IiEXODV DXQTXH DGDSWiQGRODV D VXV LQWHQFLRQHV QDUUDWLYDV LQFRUSRUDQGR QXHYDV
LQWHUSUHWDFLRQHV\XVDQGRYHUVLRQHVGLVWLQWDVGHODVPiVFRQRFLGDV
(ODXWRUGHO%DOGRVLQGXGDDFDOODUtDFXDOTXLHUFRPHQWDULRTXHDWDFDUDVXREUD
SRUFDUHQFLDGHXWLOLGDGSXHVGHPDQHUDHIHFWLYDFXPSOHORTXHSURPHWHHQVXSUyORJR
´TXH WRPH DOJ~Q SURYHFKR HO OHFWRUµ (O DXWRU FRQIHFFLRQD XQ WH[WR FRPSOHMR \
GHQVR OOHQR GH HQVHxDQ]DV SURSLDV GH XQD REUD GH PLVFHOiQHDV XQ FRPSHQGLR GHO
VDEHUGHOPRPHQWRTXHVLUYHGHEDVHSDUDSURSRQHUPRGHORVGHFRQGXFWD~WLOHVSDUD
YLYLUHQVRFLHGDG\HQHOTXHODVIiEXODVHVySLFDVHQFXHQWUDQXQHVSDFLRDOODGRGHODV
REUDVFOiVLFDV\DFRQVDJUDGDV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR
%,%/,2*5$)Ì$
%L]DUUL+´(O(VRSHWH\VWRULDGR\ODVWHRUtDVVREUHODIiEXODµ$FWD3RpWLFD
%XUUXV 9 \ *ROGEHUJ + HGV (VRSHWH <VWRULDGR 7RXORXVH 0DGLVRQ
+LVSDQLF6HPLQDU\RI0HGLHYDO6WXGLHV
&DWWDQ)´$GDSWDFLRQHVFLFHURQLDQDVHQ1RFWHV$WWLFDHGH$XOR*HOLRµHQ9-RUQDGDV
GHHVWXGLRVFOiVLFRV\PHGLHYDOHV´GLiORJRVFXOWXUDOHVµ8QLYHUVLGDG1DFLRQDOGHOD
3ODWD$UJHQWLQD
*HOLR$1RFWHV$WWLFDH0DUFRV&DVTXHUR0$\'RPtQJXH]*DUFtD$HGV
YRO/HyQ8QLYHUVLGDGGH/HyQ
*HUQHUW)´/DUHFHSFLyQGHODPLWRORJtDHQORVOLEURVGHFDEDOOHUtDV(O%DOGR
µ HQ )ULHGOHLQ 5 \ 1HXPHLVWHU 6 HGV /D PLWRORJtD DQWLJD
D OHV OLWHUDWXUHV FDWDODQD L FDVWHOODQD HQWUH O·(GDW 0LWMDQDL OD 0RGHUQD %DUFHORQD
3XEOLFDFLRQVGHO·$EDGLDGH0RQWVHUUDW
*HUQHUW ) HG %DOGR 6HYLOOD $OFDOi GH +HQDUHV &HQWUR GH (VWXGLRV
&HUYDQWLQRV
*HUQHUW ) %DOGR *XtD GH OHFWXUD $OFDOi GH +HQDUHV &HQWUR GH (VWXGLRV
&HUYDQWLQRV
/DFDUUD 0- ´)iEXODV \ SURYHUELRV HQ HO (VRSR$QRWDGRµ 5HYLVWD GH SRpWLFD
PHGLHYDO
/D)RQWDLQH)DEXODV%DUFHORQD0RQWDQHU\6LPRQ
0DUWtQ5RPHUR--´%XHQDVGRFWULQDV\HQ[HPSORVµ$VSHFWRVVDSLHQFLDOHV\GLGiFWLFRV
HQ ORV OLEURV GH FDEDOOHUtDV 0HPRUDELOLD >SDUQDVHRXYHV
PHPRUDELOLDPHPRUDELOLDPDUWLQLQGH[KWP@ FRQVXOWDGR HQ RFWXEUH GH
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
75$',&,Ð1<02'(51,'$'/$)É%8/$/$5$32=$6(9$$/+$'-,/,.
(1(/3(5,Ð',&26()$5'Ì(/.216(-(526$/Ð1,&$
0$5Ì$6É1&+(=3e5(=
8QLYHUVLGDGGH6DODPDQFD
5HVXPHQ
(O SHULyGLFR VHIDUGt (O .RQVHMHUR IXH SXEOLFDGR HQ 6DOyQLFD HQ (VWDED GLULJLGR SRU 'DYLG %DUXM
%H]pVXQHGLWRU\WUDGXFWRUPX\FRQRFLGRHQ6DOyQLFDDGHPiVGHXQRGHORVLPSUHVRUHVPiVLPSRU
WDQWHVGHODFLXGDGDFRPLHQ]RVGHOVLJOR;;6RODPHQWHKHPRVFRQVHUYDGRXQQ~PHURGH(O.RQVHMHUR
FRQFUHWDPHQWHHOSULPHUR
(OREMHWLYRGHHVWHDUWtFXORHVGDUDFRQRFHUODIiEXOD´/DUDSRVDVHYDDOKDGMLOLFNµSXEOLFDGDHQHVWH
SHULyGLFRVHIDUGtHLQWHQWDUUDVWUHDUVXVSRVLEOHVIXHQWHV
3DODEUDVFODYH(O.RQVHMHUR'DYLG%DUXM%H]pVSUHQVDVHIDUGtHVMXGHRHVSDxROIiEXOD´/DUDSRVDVH
YDDOKDGMLOLFNµ
$EVWUDFW
7KH6HSKDUGLFQHZVSDSHU(O.RQVHMHURZDVSXEOLVKHGLQ7KHVVDORQLNLLQ,WZDVUXQE\'DYLG%DUXM
%H]pVDQHGLWRUDQGWUDQVODWRUZHOONQRZLQ7KHVVDORQLNLDOVRRQHRIWKHPRVWLPSRUWDQWSULQWHULQWKLV
FLW\LQWKHHDUO\WZHQWLHWKFHQWXU\2QO\ZHKDYHUHWDLQHGDQXPEHURI(O.RQVHMHURVSHFLÀFDOO\WKHÀUVW
7KHDLPRIWKLVSDSHULVWRSUHVHQWWKHIDEOH´/DUDSRVDVHYDDOKDGMLOLFNµSXEOLVKHGLQWKLV6HSKDUGLF
QHZVSDSHUDQGDWWHPSWLQJWRHVWDEOLVKWKHLUSRVVLEOHVRXUFHV
.H\ZRUGV(O.RQVHMHUR'DYLG%DUXM%H]pVSUHVV6HSKDUGLF-XGHR6SDQLVKIDEOH´/DUDSRVDVHYDDO
KDGMLOLFNµ
,1752'8&&,Ð1/26-8'Ì266()$5'Ì(6(1/$',É6325$
/RVMXGtRVHVSDxROHVTXHIXHURQH[SXOVDGRVGHODVFRURQDVGH&DVWLOOD\$UDJyQHQ
VHDVHQWDURQHQVXGLiVSRUDSRUGLIHUHQWHVOXJDUHVGHOPXQGRIXQGDPHQWDOPHQWH
HQOD]RQDGH0DUUXHFRV\GHORV%DOFDQHV(VDFXOWXUDVHIDUGtGLDVSyULFDKDWHQLGR
FRPRUDVJRVHVSHFtÀFRVGHVXLGHQWLGDGHOMXGDtVPR\VXVRUtJHQHVKLVSiQLFRV<FRPR
OHQJXD GH FRPXQLFDFLyQ \ GH H[SUHVLyQ OLWHUDULD XQD YDULHGDG OLQJtVWLFD URPiQLFD
GHULYDGDGHOHVSDxROPHGLHYDOHOMXGHRHVSDxROVHIDUGtRODGLQR
&RUUHRHPDULDVDQFKH]SHUH]#XVDOHV5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
6LQGXGDXQRGHORVOXJDUHVGRQGHORVVHIDUGtHVHQFRQWUDURQPHMRUDFRJLGDIXH
HQHO,PSHULRRWRPDQR(OVXOWiQ%D\DFHWR,,FRQVFLHQWHGHTXHORVMXGtRVFRQVWLWXtDQ
XQLPSRUWDQWtVLPRSRWHQFLDOHFRQyPLFR\KXPDQROHVGLRWRGDFODVHGHIDFLOLGDGHV
SDUDDVHQWDUVHHQVXVWHUULWRULRV'XUDQWHORVVLJORV;9,\;9,,ODSUHSRQGHUDQFLDGHORV
VHIDUGtHVHQHOPXQGRMXGtRRULHQWDOLQÁX\yGHFLVLYDPHQWHHQODYLGDSROtWLFDFXOWXUDO
\HFRQyPLFDGHO,PSHULRRWRPDQRGHKHFKRIXHURQORVVHIDUGtHVTXLHQHVLQWURGXMHURQ
ODLPSUHQWDHQHO,PSHULR\TXLHQHVODWXYLHURQFRPRPRQRSROLRKDVWD²IHFKDHQ
ODTXHVHOHYDQWyDORVWXUFRVODSURKLELFLyQGHLPSULPLUHQVXOHQJXD²3RURWUDSDUWHHO
VLJOR;9,,,HVFRQVLGHUDGRFRPRHO6LJORGH2URGHODVOHWUDVVHIDUGtHV\DTXHHOPXQGR
VHIDUGtGH2ULHQWHFRQRFLyXQVLQJXODUÁRUHFLPLHQWRGHODOLWHUDWXUDHQMXGHRHVSDxRO
3RVWHULRUPHQWH D PHGLDGRV GHO VLJOR ;,; FRPHQ]DURQ D VRSODU QXHYRV YLHQWRV HQ
HO WUDGLFLRQDO PXQGR VHIDUGt HQWUDED HO LQÁXMR GH 2FFLGHQWH 6XUJLHURQ HQWRQFHV
ORV OODPDGRV JpQHURV DGRSWDGRV VLQ WUDGLFLyQ HQ OD OLWHUDWXUD MXGtD SUHFHGHQWH \ TXH
HPSH]DURQDFXOWLYDUVHFRQXQFODURDIiQGHHPXODFLyQSRUODVOLWHUDWXUDVRFFLGHQWDOHV
VH HVFULELHURQ QRYHODV \ SRHVtD GH DXWRU D OD PDQHUD HXURSHD VXUJLHURQ DTXt \ DOOi
JUXSRVGHWHDWURDÀFLRQDGRVTXHSURGXFtDQWH[WRVWHDWUDOHVSDUDVXSURSLRFRQVXPR
\DGDSWDEDQRWUDGXFtDQODVREUDVGHRWUDVOLWHUDWXUDV\SUROLIHUDURQODVSXEOLFDFLRQHV
SHULyGLFDV$VtSXHVODGLIXVLyQGHODSUHQVDIXHXQIDFWRUGHFLVLYRHQHOGHVDUUROOR
GHODVFRPXQLGDGHVVHIDUGtHVGH2ULHQWH<VHFUHyXQDDFWLYDLQGXVWULDHGLWRULDOHQ
GLIHUHQWHV FLXGDGHV GHQWUR \ IXHUD GHO ,PSHULR RWRPDQR FRPR 6DOyQLFD (VPLUQD
&RQVWDQWLQRSOD9LHQD6RItD-HUXVDOpQ(O&DLURGLYHUVDVFLXGDGHVGH(VWDGRV8QLGRV
HWF
6$/Ð1,&$<(/3(5,Ð',&2(/.216(-(52
8QD GH ODV SULQFLSDOHV FRPXQLGDGHV VHIDUGtHV GH 2ULHQWH ²GHVGH ÀQDOHV GHO
VLJOR;9KDVWDHO+RORFDXVWRQD]L²IXHODGH6DOyQLFD6HWUDWDGHODFLXGDGGHOLPSHULR
RWRPDQR GRQGH KDELWy OD PD\RU FRPXQLGDG MXGtD SULQFLSDOPHQWH VHIDUGt GHVGH
VX OOHJDGD D ÀQDOHV GHO VLJOR ;9 KDVWD OD 6HJXQGD *XHUUD 0XQGLDO 0DUN 0D]RZHU
VHxDODED
6DOyQLFD²OD´FLXGDGFRGLFLDGDµ>«@²HUDXQSURWRWtSLFRSXHUWRSROtJORWDGHO,PSHULRRWRPDQR
FX\RV OLPSLDERWDV VH KDFtDQ HQWHQGHU HQ PHGLD GRFHQD GH OHQJXDV SHUR SRVHtD XQ UDVJR
VLQJXODUGHOFDOLGRVFRSLRpWQLFRTXHIRUPDEDVXSREODFLyQHOJUXSRPiVQXPHURVRQRHUDQORV
JULHJRVORVWXUFRVORVDOEDQHVHVQLORVHVODYRVVLQRORVMXGtRVVHIDUGtHV0D]RZHU\
&RPRHVWXGLRGHFRQMXQWRVREUHORVVHIDUGtHVYpDVH'tD]0DV3DUDODKLVWRULDGHORVVHIDUGtHV
VRQ~WLOHVORVDUWtFXORVGHODFROHFWiQHDHGLWDGDSRU0pFKRXODQ(QHOFDVRGHODKLVWRULDGHORV
VHIDUGtHVRULHQWDOHVHV\DFOiVLFRHOHVWXGLRGH)UDQFR3DUDHOSURFHVRGHRFFLGHQWDOL]DFLyQ\PR
GHUQL]DFLyQGHODVFRPXQLGDGHVVHIDUGtHV%HQEDVVD\5RGULJXH\ORVDUWtFXORVLQFOXLGRVHQ'tD]
0DV\6iQFKH]3pUH]3DUDODFUHDFLyQOLWHUDULDVHIDUGtYpDVH5RPHUR\HVSHFLDOPHQWHSDUD
ORVJpQHURVDGRSWDGRVSiJV6REUHHOSDSHOGHOSHULRGLVPRFRPRHOHPHQWRGHPRGHUQL]DFLyQ
GHORVVHIDUGtHVGHOLPSHULRRWRPDQRYpDVHHOOLEURGH$EUHYD\D6WHLQ8QDVtQWHVLV~WLOVREUHOD
OHQJXDVHIDUGtHVODGH/OHDO
9pDQVHWDPELpQ1HKDPD%HQEDVVD\5RGULJXH\0D]RZHU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
/RV VHIDUGtHV HVWDEDQ SUHVHQWHV HQ WRGDV ODV HVFDODV VRFLDOHV GHVGH ODV PiV
KXPLOGHVKDVWDODVPiVSULYLOHJLDGDV6DOyQLFDVHFRQYLUWLyDVtHQXQRGHORVFHQWURV
PiV LPSRUWDQWHV GH OD YLGD FXOWXUDO \ UHOLJLRVD VHIDUGt \ GHVGH HO VLJOR ;9, IXH OD
FRPXQLGDG MXGtD PiV LPSRUWDQWH GHO 0HGLWHUUiQHR RULHQWDO KDVWD HO SXQWR GH VHU
FRQRFLGDFRPR´OD-HUXVDOpQGHORV%DOFDQHVµ
(OPi[LPRHVSOHQGRUGHODFRPXQLGDGVHIDUGtGH6DOyQLFDVHSURGXMRDSDUWLU
GHPHGLDGRVGHOVLJOR ;,;FXDQGRODFLXGDGYLYLyXQDXWpQWLFRUHQDFLPLHQWRJUDFLDV
DVXLQGXVWULDOL]DFLyQFRQYLUWLpQGRVHHQXQFHQWURHFRQyPLFRQHXUiOJLFRGHQWURGHO
,PSHULR RWRPDQR $ OD UHQRYDFLyQ TXH YLYLy OD SURSLD FLXGDG KD\ TXH XQLU GHVGH
ÀQDOHVGHOVLJOR;9,,,ODLQÁXHQFLDGHFLVLYDGHOD+DVNDOiTXHTXLHUHGHFLU¶LOXVWUDFLyQ·
\ TXH IXH LPSODQWiQGRVH SDXODWLQDPHQWH HQ ODV FRPXQLGDGHV VHIDUGtHV JUDFLDV
DO LPSXOVR GHO MXGDtVPR UXVR \ FHQWURHXURSHR $ HOOR KD\ TXH DxDGLU GH PDQHUD
GHFLVLYDODLPSODQWDFLyQGHODUHGGHHVFXHODVTXHUHDOL]yOD$OOLDQFH,VUDpOLWH8QLYHUVHOOH
GHVGHHQGLIHUHQWHVFLXGDGHVGHOPXQGR5RGULJXH´3RUPHGLRGHHOODV
VH FDQDOL]D KDFLD HO VHIDUGt OD SURGXFFLyQ OLWHUDULD \ ORV YDORUHV FXOWXUDOHV HXURSHRV
(O VHIDUGt VH DEUH SXHV D RFFLGHQWHµ 5RPHUR *UDFLDV D OD ODERU GH HVWD
RUJDQL]DFLyQÀODQWUySLFDGHRULJHQIUDQFpVFX\RREMHWLYRHUDD\XGDUDODUHJHQHUDFLyQ
PDWHULDO \ PRUDO GH VXV FRUUHOLJLRQDULRV ORV DLUHV GH OD PRGHUQL]DFLyQ HO ODLFLVPR
\ OD RFFLGHQWDOL]DFLyQ FDODURQ PX\ SURQWR HQ ODV FRPXQLGDGHV VHIDUGtHV DO PHQRV
HQDOJXQRVVHFWRUHV/DOLWHUDWXUDWUDGLFLRQDO\SDWULPRQLDOMXGtDFRQWLQXDUiSHURVH
DxDGH\DODLQÁXHQFLDGHOPXQGRFXOWXUDOGHRFFLGHQWHGHFDUiFWHUQRMXGtRGHDKt
HO VXUJLPLHQWR GH ORV OODPDGRV JpQHURV DGRSWDGRV ²FRPR FLWDPRV DO SULQFLSLR² HQWUH
ORVTXHVHLQFOX\HHOSHULyGLFRTXHDKRUDDQDOL]DPRV\HOKHFKRGHTXHHQpOVHKD\D
OOHJDGRDSXEOLFDUHQWUHRWURVFXHQWRV\IDFHFLDVXQDIiEXOD
3HQVHPRVTXHFRQVHUYDPRVPiVGHSHULyGLFRVVHIDUGtHVGHVGHPHGLDGRVGHO
VLJOR;,;KDVWDOD6HJXQGD*XHUUD0XQGLDOHVIXQGDPHQWDOHOFDWiORJRGH*DRQ
%XHQD SDUWH GH HVWD SUHQVD SHULyGLFD VHIDUGt VH SXEOLFy HQ MXGHRHVSDxRO DOMDPLDGR
DXQTXH H[LVWH WDPELpQ DOJ~Q SHULyGLFR HQ FDUDFWHUHV ODWLQRV \ KD\ SXEOLFDFLRQHV HQ
RWUDVOHQJXDV²HQKHEUHRRIUDQFpVSRUHMHPSOR²\SRUORWDQWRXWLOL]DQGLVWLQWDVJUDItDV
\DOIDEHWRV/RVFRQWHQLGRVTXHHQFRQWUDPRVHQHVWRVSHULyGLFRVVRQGHPX\GLYHUVD
tQGROHREUDVGHLQIRUPDFLyQJHQHUDOSXEOLFDFLRQHVGHWHQGHQFLDVSROtWLFDVGLVWLQWDV
²VLRQLVWDV VRFLDOLVWDV² SHUR WDPELpQ H[LVWHQ SHULyGLFRV VDWtULFRV KXPRUtVWLFRV
OLWHUDULRV FLHQWtÀFRV HWF YpDQVH +DVViQ 5RPHUR $EUHYD\D
6WHLQ7RGRVHVWRVSHULyGLFRVWXYLHURQXQDGLIHUHQWHGXUDFLyQ\FDUiFWHUKXER
SHULyGLFRV PX\ ORQJHYRV TXH VH SXEOLFDURQ LQLQWHUUXPSLGDPHQWH GXUDQWH GpFDGDV
²FRPR (O 7LHPSR GH (VWDPEXO /D %XHQD (VSHUDQ]D GH (VPLUQD R /D eSRND GH
6DOyQLFD²SHURPXFKRVRWURVIXHURQLQWHQWRVIDOOLGRVRSXEOLFDFLRQHVHItPHUDVGHODV
TXHDSDUHFLHURQVRORXQRVSRFRVQ~PHURV(O.RQVHMHURTXHHVODSXEOLFDFLyQTXHDKRUD
QRVRFXSDIXHXQRGHHVRVSHULyGLFRVHItPHURVGHOTXH~QLFDPHQWHVHKDFRQVHUYDGR
XQHMHPSODUGH
(VWHWUDEDMRVHLQVFULEHGHQWURGHOSUR\HFWRGHLQYHVWLJDFLyQ´/RVVHIDUGtHVDQWHVtPLVPRV\VXVUHOD
FLRQHVFRQ(VSDxD,,,µ)),GHO0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDG0DQHMDPRVUH
SURGXFFLyQGHOHMHPSODUTXHVHHQFXHQWUDHQHO,QVWLWXWR%HQ=YLGH-HUXVDOpQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
3RUWDGDGHOSULPHU\~QLFRQ~PHURFRQVHUYDGRGHOSHULyGLFR(O.RQVHMHUR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
&$5$&7(5Ì67,&$6'(/3(5,Ð',&2(/.216(-(52
(O .RQVHMHUR *DRQ Q~P VH SXEOLFy FRPR OD PD\RUtD GH ORV
SHULyGLFRVVHIDUGtHVHQMXGHRHVSDxRODOMDPLDGRHVGHFLUHVFULWRHQFDUDFWHUHVKHEUHRV
'HOSHULyGLFR(O.RQVHMHURVRODPHQWHKHPRVFRQVHUYDGRODVFXDWURSiJLQDVGHOSULPHU
Q~PHURHQODVTXHVHLQGLFDTXHHOSHULyGLFRHUDUHDOL]DGRSRUHOLPSUHVRU\HGLWRU
'DYLG%DUXM%H]pV\DTXHHVpOPLVPRTXLHQÀUPDDOSULQFLSLRGHODSXEOLFDFLyQOD
GHFODUDFLyQGHLQWHQFLRQHVGHpVWD\SUHFLVDPHQWHVDOLyGHODPLVPDLPSUHQWDTXHpO
SRVHtDHQ6DOyQLFDFRPRVHxDODDOÀQDOGHOSHULyGLFR´(VWDPSDUtD'DYLG%DUXM%H]pV
NXDUWLHU5RJRVµ6DEHPRVTXH'DYLG%DUXM%H]pVIXHXQHGLWRUUHGDFWRU\WUDGXFWRU
PX\FRQRFLGRHQ6DOyQLFDDGHPiVGHXQRGHORVLPSUHVRUHVPiVLPSRUWDQWHVGHOD
FLXGDGDFRPLHQ]RVGHOVLJOR;;'HODVSUHQVDVGHVXLPSUHQWDVDOLHURQREUDVHGLWDGDV
\UHGDFWDGDVSRUpOPLVPRFRPRSRUHMHPSORXQRGHORVOLEURVGHPLVFHOiQHDSURSLRV
GH ODV IHVWLYLGDGHV (O EXTXHWR GH 3pVDK 6DOyQLFD VD TXH LQFOXtD ORV UHODWRV GH ´(O
DPRU GH 5RVDµ ´¢&DOH PXHULUPRV"µ ´(O GHWHFWLYH FULPLQDOµ \ ´(O DQLYHUVDULRµ
7UDGXMR GHO LQJOpV ODV VLJXLHQWHV REUDV (O WHVWDPHQWR \ +XPEHUWR \ $GHOLQD TXH VH
SXEOLFy HQ OD %LEOLRWHFD GH OD KHUPRVD (ORLVD HQ 'DYLG %DUXM %H]pV IXH WDPELpQ
HGLWRU GH PDK]RULP GH <RP .LSXU TXH FRPR RWURV GH 6DOyQLFD
LQFOXtDQORVWH[WRVGH<HKtUDVyQ\6pGHU¶DERGi)XHHGLWRUGHOSHULyGLFRTXHDKRUDQRV
RFXSD(O.RQVHMHUR\SRVWHULRUPHQWHWDPELpQORIXHGHOSHULyGLFRIHVWLYR (O%XUOyQ
5RPHUR
5HÀULpQGRQRV DKRUD D ODV FDUDFWHUtVWLFDV GHO SHULyGLFR OD FDEHFHUD GH (O
.RQVHMHURHUDPX\VHQFLOODRFXSDQGRXQVRORUHQJOyQDSDUHFtDHOWtWXORGHOSHULyGLFR
HQ OHWUDV PHUXEi 'HEDMR HQ XQD HVSHFLH GH VXEWtWXOR VH LQWHJUDEDQ GRV UHQJORQHV
PiVHQHOPLVPRWLSRGHJUDItDFRQODVLJXLHQWHLQGLFDFLyQ´5HNRMJRPX\NXLGDGR
GH SUREHUYLRV UDURV L GLYHUVRV UDNRQWRV GH SDVDWLHPSR NH GLYHUWLUiQ PX\ PXFKR D
ORVPHOGDGRUHVµ&RQHVWRVGDWRVDOPHQRVVDEHPRVFXiOHUDODSULPHUDLQWHQFLyQGH
'DYLG%DUXM%H]pVSUHVHQWDUXQDVHULHGHSURYHUELRV\UHIUDQHVMXQWRFRQODLQFOXVLyQ
GHFXHQWRV\IDFHFLDVHQWUHVXVSiJLQDV'HHOODVVHGHGXFHTXHHOSUHFHSWRKRUDFLDQR
GHGHOHFWDUHHWSURGHVVHHVWDEDPX\SUHVHQWHHQODPHQWHGHHVWHHGLWRUVHIDUGtDODKRUD
GHFRPSRQHUVXSXEOLFDFLyQ
(QWUHODVSiJLQDVGHHVWHSHULyGLFRVHKDOODSUHFLVDPHQWHODIiEXODGHODTXHQRV
RFXSDUHPRVDFRQWLQXDFLyQ
,QFOXLPRVDOÀQDOXQJORVDULRDFODUDQGRDTXHOORVWpUPLQRVTXHHQQXHVWUDRSLQLyQSXHGHQRIUHFHU
DOJXQDGLÀFXOWDGGHFRPSUHQVLyQDOOHFWRUKLVSDQRFXOWR
/DODERUGHWUDGXFFLyQODUHDOL]yHQFRODERUDFLyQFRQVXKLMR%HQHGHW%H]pV
0HUXEiOHWUDFXDGUDGD5DVKtVHPLFXUVLYD
(Q ORV WH[WRV VHIDUGtHV XWLOL]DPRV ODV VLJXLHQWHV HTXLYDOHQFLDV JUiÀFRIRQpWLFDV E ELODELDO RFOXVLYD
GMSUHSDODWDODIULFDGDVRQRUDĈKXYXODUIULFDWLYDVRUGD
VRQRUDEYELODELDOIULFDWLYDVRQRUDE
̗MSUHSDODWDOIULFDWLYDVRQRUDċO\ODWHUDOSDODWDOΏTXHODPD\RUSDUWHGHODVYHFHVVHUHDOL]DHQ
MXGHRHVSDxROFRPR\Q\QDVDOSDODWDOĎVDOYHRODUIULFDWLYDVRUGDV]DOYHRODUIULFDWLYDVRQRUD
]VKSUHSDODWDOIULFDWLYDVRUGDñWVDOYHRODUDIULFDGDVRUGDð3XQWXDPRVDFHQWXDPRV\YHUVDOL
]DPRVORVWH[WRVTXHFLWDPRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
)É%8/$´/$5$32=$6(9$$/+$'-,/,.µ
/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHVGHFLU/D]RUUDVHYDGHSHUHJULQDFLyQRFXSD
HOVH[WROXJDUGHQWURGHODVVHFFLRQHVGHOSHULyGLFR\DTXHORVFRQWHQLGRVGHOSHULyGLFR
(O.RQVHMHURVRQORVVLJXLHQWHV
>SFROD@>&DEHFHUD@©(O.RQVHMHUR5HNRMJRPX\NXLGDGRGHSUREHUYLRV
UDURV L GLYHUVRV UDNRQWRV GH SDVDWLHPSR NH GLYHUWLUiQ PX\ PXFKR D ORV
PHOGDGRUHVª
>S FRO D@ ©'RV YLHUERVª >(Q HVWH DSDUWDGR VH LQFOX\H OD GHFODUDFLyQ GH
LQWHQFLRQHVGHODSXEOLFDFLyQ@
>SFROD@©/DHVWDPSDª>(ORJLRGHODLPSUHQWD@
>SFROE@©(OPLO\RQLVWDGHJDUYDQVRVª
>SFROE@©5HIUDQHVLIUD]HVNDVWHO\DQDVª
>SFROD@©/DUDSR]DVHYDDOKDGMLOLNª
>SFROE@©5HIUDQHVª
>SFROD@©(ODGPLQLVWUDGRULHOWDYLHUQHURª
>SFROD@©(OOHFKHUR\ODPXODª
>SFROE@©5HIUDQHVª
>SFROE@>&RORIyQ@©(VWDPSDUtD'DYLG%DUXM%H]pVNXDUWLHU5RJRVª
$VtSXHVHQWUHGLIHUHQWHVFXHQWRVDQpFGRWDV\UHIUDQHVVHKDOODQXHVWUDIiEXOD
FX\RWH[WRHQHOSHULyGLFRHVHOVLJXLHQWH
8QDYH]L]RWDQWDOXYLDDPXFKHGXPEUHLPLHQWUHVWDQWRVGtDVNDQWLGDGNHXQDVLHUWDUDSR]D
VHLYDDPXHULUGHODDPEUHPDHQVXYHQWXUDNHGyODOXYLDLVDOLyHOVRO(QWRQVHVVDOLyHO\D
VLQLSRNUH]tDWXYLHQGRHQVXJDUJDQWDHQNROJDGRXQWUHVSLOLNDPLQDQGRDYDJDUVLQPLUDUPiV
NH DGHODQWUH GH Vt$O YHUOD DQVt XQ JDO\R OHV GLMR D VXV JDtQDV ©9HR OD VHQ\RUD UDSR]D PX\
SHQVDWLYOHLPX\DEDWLGDYHQLGOHDYODUHPRVª
²6HDVELHQYHQLGDVHQ\RUDUDSR]D²OHGL]RHOJDO\R
².HGDGYRVHQEXHQDRUD²OHGL]RODVHQ\RUDUDSR]DNRQPXFKRDEDWLPLHQWR
²¢ÉQGHYDVWDQWRSHQVDWLYOH"
²$OKDGMLOLN
²9DPRVLQR]RWURV
²9HQLGPDDWLQDGSRUNHDPtQRPHSOD]HNHPHDJiVKSHNDUPiVSXHGHPHDUHSHQWHSRUORV
PDOHVNHWXYHHFKRLYRSDUDVDOYDUDPLDOPD
,YDQDGHODQWHODVJDO\QDVNRQVXJD\RLGHGHWUiVODVHQ\RUDUDSR]DLNRQWLQ~DQNDPLQDQGR
XQSRNRPiV(QIUHQWHELQLHURQDHQNRQWUDUVHQNRQWUHVEDEiVLVXVPDULGRVODVNXDOHVDSHQDV
YLHURQ D OD UDSR]D NH NDPLQD WDQWR DEDWLGD NRQ ODV JDO\QDV <DPDURQ D DNHDV L WRPDURQ OD
OLVHQVLDGHDNRPSDQ\DUODV
.DPLQDURQPiVDGHODQWUHLODVYLHURQDOJXQDVLQGLDQDVNHYLHURQLHO\DVWDPELpQHQGMXQWRL
NDPLQyODUDSR]DDVWDNHVHL]RGHQRFKH(QWRQVHVGLMRDORVNHHVWDYDQNRQHO\D©(NHGDGYRV
XQSRNR\DVDYpVKNHPRVHVWDPRV\HQGRSDUDHOKDGMLOLNLNDOHNHHVWDQRFKHPRVNHGHPRV
DNtHQHVWDNDYHUQD9R]RWURVYRVYDVKPiVSDUDDLDODIRQGXUDL\RPHYRDDULPDUDNtGHODQWUH
SDUDNHQRHQWUHDOJXQDRWUDUDSR]DLYRVNRPDLVHUiNDYVDNHWHUQpSHNDGRSRUHO\RDJRUDD
ODYHMHVª
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
,DQVtIXHHFKRPDDODPDQ\DQDODVHQ\RUDUDSR]DD]tNRPRVLVHHVWXYLHUDVRQ\DQGRLNHGHODV
YR]HVGHOJDO\RLGHODVJDO\QDVVHGHVSHUWyDWXUYDGDL\DPyGHODQWUHGHHO\DSULPHURDOJDO\R
©²%UHHUPDQR²OHGL]H²7RGRVORVRPEUHVWRPDQXQDPHMRUW~HPSHURVDOLWHVGHWXVWpUPLQRV
LDXQNRQWRGRQRSHQVDVK¢NyPRPRVYDPRVSDUDHOKDGMLOLN"ª
(VWRGL]LHQGRVLQHVSHUDUQLQJXQDUHSXHVWDHFKDODPDQRNHULGRVPtRVDIHUDDOJDO\RLVHOR
NRPH 'HVSXpV \DPD D ODV JDtQDV ©<D YHQLG DNt YR]RWUDV VHQ\RUDV YR]RWUDV GDQ\DWHVK DO
PXQGRLSRNRPDQNDNHSRUYXHVWUDNDY]DODV\RUH<RLWRGDVODVPXMHUHVSDUHQFKLNDNULDWXUD
LQRVHORVVLHQWHQLHOSRUWDOGHODSXHUWDLYR]RWUDVNRQXQJHYH]LNRNHSDUtVKPHGDQ\DVWHVK
NRQYXHVWURVJULWRVLPHHQVRGUHVpVKORVRtGRVª
, NRPR IXH SRU HO JD\R ODV GH]JUDVLDGDV GH ODV JDtQDV WDPELpQ WXYLHURQ OD PL]PD VXHUWH
'HVSXpV\DPDDODVEDEiV²9HQLGYRVSUHJXQWDUp¢9XHVWURVSDGUHVVKDVWUHVHUDQ"
²1RUHVSRQGLHURQODVEDEiV
² <R HQWRQVHV NRQ ODGURQHV QR PH YR DO KDGMLOLN SRUNH ¢DQGH ODV WRSDWHVK WDQWDV NRORUHV"
9HGUHNRORUDGRUXELR'LRXQVDOWRODVDIHUyLVHODVNRPLy,DHO\DVHVLQ~WLOHGHGH]LUNHODV
LQGLDQDVWDPELpQQRWXYLHURQPHMRUVXHUWH,IXHNXDQGR\DDNDYyHQODNDYHUQDVXRUDVLyQNH
DUHELYLyLNRPRSHNDGRUDVHUHSLQWLyLQRIXHDOKDGMLOLNVLQRNHNXDQGRODHQVHUyRWUDYH]OD
OXYLD
(VWR HVSOLND NH NDOH DOHVKDUPRV GH ORV RPEUHV LSyNULWDV PiVLPDPHQWH GH DNHRV NH O\D
NRQRVLPRVHONRPSRUWRNHWLHQHQ
$ WUDYpV GH OD OHFWXUD GH HVWD IiEXOD YHPRV FyPR VH SUHVHQWD D XQD ]RUUD
DUUHSHQWLGDTXHFXDQGRVHYHHQSHOLJURGHPXHUWHVHSURSRQHLUGHSHUHJULQDFLyQ
SDUDH[SLDUVXVFXOSDV'XUDQWHVXFDPLQRVHWRSDFRQGLIHUHQWHVDYHV²JDOOLQDVRFDV
SDYRV²TXHDOYHUODWDQDEDWLGD\FDEL]EDMDGHFLGHQDFRPSDxDUODHQVXSHUHJULQDFLyQ
$O OOHJDU OD QRFKH OD ]RUUD VLJXH FRPSRUWiQGRVH GH XQ PRGR DIDEOH DO LQGLFDU D ODV
DYHV TXH VH UHVJXDUGHQ HQ XQD FXHYD PLHQWUDV HOOD VH TXHGDUi HQ OD SXHUWD SDUD
SURWHJHUODV 6LQ HPEDUJR D OD PDxDQD VLJXLHQWH HQWUH HO FDQWR GHO JDOOR ²TXH OD
GHVSLHUWD VREUHVDOWDGD² \ HO DOERURWR GH ODV JDOOLQDV DO SRQHU ORV KXHYRV MXQWR FRQ
HODEDQLFRGHFRORUHVGHVSOHJDGRSRUORVSDYRVKDFHTXHOD]RUUDVDTXHDUHOXFLUVX
YHUGDGHUDQDWXUDOH]DGHSUHGDGRUDVHHQIXUH]FD\GHFLGDFRPHUVHDWRGRVHOORVVLQ
PRVWUDUÀQDOPHQWHQLQJ~QWLSRGHDUUHSHQWLPLHQWR/DPRUDOHMDSRUVXSDUWHTXHGD
FODUD ´(V FRQYHQLHQWH TXH QRV DOHMHPRV GH ODV SHUVRQDV KLSyFULWDV HVSHFLDOPHQWH
FXDQGR\DFRQRFtDPRVVXVFRPSRUWDPLHQWRVGHDQWHPDQRµ
/DIiEXODTXHDTXtSUHVHQWDPRVWRPDODLGHDGHOD]RUUDFRPRDQLPDODVWXWR
FUXHO\SRFRGHÀDUFRQFHSWRVTXH\DHVWDEDQHQODVIiEXODVGH(VRSR\HQODWUDGLFLyQ
IRONOyULFDSRVWHULRU6DEHPRVTXHH[LVWHQHYLGHQWHVSDUDOHORVHQWUHODWUDGLFLyQHVySLFD
\DOJXQRVWH[WRVGHO7DOPXG\GHO0LGUiV0LUDOOpV0DFLi\GHVGHOXHJRH[LVWHQ
VHPHMDQ]DVHQWUHHOWH[WRTXHDTXtSUHVHQWDPRVFRQRWURVH[HPSOXPRIiEXODVFRPR'H
ORTXHDFRQWHoLyDXQUDSRVRFRQXQJDOORUHFRJLGRHQ(O&RQGH/XFDQRURHQIiEXODVPX\
FRQRFLGDVFRPR(OiJXLOD\OD]RUUD/D]RUUD\ODVXYDV/D]RUUD\ODOLHEUHHWFGRQGHOD
´7DOPXG KHEUHR ¶HQVHxDQ]D· FRPHQWDULR UDEtQLFR D OD 7RUi TXH HVWi FRPSXHVWR D VX YH] SRU GRV
SDUWHVOD0LVKQi\OD*XHPDUi\VHGLYLGHHQYDULRVyUGHQHVRWUDWDGRV0LGUiVKKHE¶LQWHUSUHWDFLyQ·
FRPHQWDULRGHORVOLEURVEtEOLFRVTXHH[WUDHGHHOORVOHFFLRQHVSULQFLSLRVPRUDOHV\FRQFHSWRVWHROyJLFRV
LQWHJUDQGRDEXQGDQWHVPDWHULDOHVKDJLRJUiÀFRV\OHJHQGDULRVµ$PEDVGHÀQLFLRQHVHVWiQWRPDGDVGH
'tD]0DV\'HOD3XHQWHVYWDOPXGVYPLGUiVK
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
UDSRVDVXHOHDSDUHFHUFDUDFWHUL]DGDFDVLVLHPSUHSRUVXDVWXFLDSHURWDPELpQSRUVX
PDOREUDURHQHVWHFDVRSRUVXKLSRFUHVtD
$KRUD ELHQ ¢GH GyQGH WRPy 'DYLG %DUXM %H]pV HVWD IiEXOD SDUD LQFOXLUOD HQ
VXSHULyGLFR"6DEHPRVTXHHQDOJXQDVRFDVLRQHVODVIXHQWHVGHORVHGLWRUHVGHHVWDV
SXEOLFDFLRQHV VHIDUGtHV HUDQ RWURV SHULyGLFRV ²ORFDOHV QDFLRQDOHV R H[WUDQMHURV²
DVt FRPR WDPELpQ OLEURV PDQXDOHV WUDGXFFLRQHV HWF SHUR VRQ PX\ SRFRV ORV TXH
FRQVLJQDQHOOXJDUGHOTXHVDFDEDQORVFRQWHQLGRVSDUDVXVSHULyGLFRVIUHQWHDXQRV
SRFRVTXHVtSUHIHUtDQKDFHUORHQXQDH[SUHVLyQGHLQWHQWDUGDUPD\RUSUHVWLJLRDVX
SXEOLFDFLyQ
(QWUH ORV VHIDUGtHV HO FXHQWR SRSXODU KD WHQLGR GHVGH VLHPSUH XQ OXJDU
GHVWDFDGR <D ORV SULPHURV URPDQLVWDV TXH HVWXGLDURQ HO MXGHRHVSDxRO UHFRJLHURQ
FXHQWRVHQVXVHQFXHVWDVGHFDPSRHQWUHRWURV:DJQHU/XULD&UHZV
\KDVWDpSRFDUHFLHQWHORVFXHQWRV\UHODWRVVHKDQPDQWHQLGRYLYRVHQOD
WUDGLFLyQVHIDUGtFRPRORGHPXHVWUDQODVDQWRORJtDVGH.RHQ6DUDQR
(VFLHUWRTXHHQODWUDGLFLyQVHIDUGtH[LVWHQGLIHUHQWHVFRQVHMDV\FXHQWRVFRUWRV
²GHFDUiFWHUPDUDYLOORVRFyPLFRVHWF²SHURHVOODPDWLYRHLPSRUWDQWHGHVWDFDUTXH
DSHQDVVHKDQGRFXPHQWDGRIiEXODVGHDQLPDOHV
$O UDVWUHDU ODV SRVLEOHV IXHQWHV GH HVWD IiEXOD KHPRV FRPSUREDGR TXH QR VH
HQFXHQWUD GRFXPHQWDGD GH IRUPD H[DFWD HQ OD WUDGLFLyQ KLVSiQLFD &KHYDOLHU &DPDUHQD\&KHYDOLHU\(VSLQRVD\QLHQODVHIDUGt/DUUHD3DODFtQ
+DERXFKD'DGDODSUiFWLFDLQH[LVWHQFLDGHIiEXODVGHDQLPDOHVHQOD
WUDGLFLyQRUDOVHIDUGtSDUHFHPX\SUREDEOHTXHQRSURYHQJDGHDKtVLQRTXHVHWUDWH
GHXQDWUDGXFFLyQRDGDSWDFLyQGHRWUDOHQJXD²FRPRYHUHPRVDFRQWLQXDFLyQ²
(QRWUDRFDVLyQKHPRVHQFRQWUDGRHQWUHODVSiJLQDVGHHVWRVSHULyGLFRVFXHQWRV
\IDFHFLDVTXHWLHQHQXQDFODUDUDLJDPEUHPHGLHYDO(QDOJXQRVFDVRVSURYLHQHQGH
ODFXOWXUDRULHQWDO\VHWUDGXMHURQHQ&DVWLOODHQOD(GDG0HGLDSHURHQRFDVLRQHVHV
GLItFLOVDEHUVLORVVHIDUGtHVFRQRFtDQHVRVFXHQWHFLOORVDWUDYpVGHODOLWHUDWXUDPHGLHYDO
KLVSiQLFD²\SRUORWDQWRSHUWHQHFtDQDVXEDJDMHFXOWXUDODQWHVGHVXH[SXOVLyQ²R
VLHVDWUDGLFLyQOHVOOHJDEDGLUHFWDPHQWHGHOPXQGRPXVXOPiQ\GHHVWHPRGRDVX
FRQYLYHQFLDGXUDQWHVLJORVHQGLIHUHQWHVSDtVHVLVOiPLFRVYpDVH6iQFKH]3pUH]
< HVWR HV SUHFLVDPHQWH OR TXH QRV HQFRQWUDPRV HQ HVWH FDVR WRGR SDUHFH
LQGLFDUTXHVHWUDWDGHXQDIiEXODTXHGHEtDHVWDUHQODWUDGLFLyQiUDEH\DTXHKHPRV
HQFRQWUDGRXQFXHQWRSRSXODUPX\SDUHFLGRDQXHVWUDIiEXODHQXQDQRYHODGHODXWRU
6REUHODVHQFXHVWDVGH6XEDN\/XULDYpDQVH/LHEO\
9pDQVHDGHPiVORVWUDEDMRVGH+DERXFKD\$OH[DQGHU3UHFLVDPHQWHHQ.RHQ6DUDQR
VHHQFXHQWUDUHFRJLGDXQDFRQVHMDFRQHOWtWXOR´/DUDSR]DµSHURQDGDWLHQHTXHYHUFRQOD
IiEXODTXHDKRUDQRVRFXSD
(QHO0RWLI,QGH[GH7KRPSVRQ7KRPSVRQDSDUHFHQUHFRJLGRVGLIHUHQWHVPRWLYRVIRONOyUL
FRVUHODFLRQDGRVFRQHO]RUURTXHSRGUtDQWHQHUDOJXQDOLJHUDVHPHMDQ]DFRQQXHVWUDIiEXODFRPRSRU
HMHPSOR$(QPLW\EHWZHHQIR[DQGFKLFNHQV%)R[GHWHUPLQHVURDGWREHWDNHQ%)R[
IDVWVDVSHQDQFH.)R[FRQIHVVHVWRFRFNWKHQHDWVKLP
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
JULHJR 6WUDWtV 7VLUFDV 7VLUFDV HVFULELy XQD WULORJtD WLWXODGD &LXGDGHV D OD GHULYD HQ
OD TXH GHVFULEH OD DFFLyQ GHO SDUWLGR FRPXQLVWD HQWUH OD SREODFLyQ JULHJD GH YDULDV
FLXGDGHVGHO0HGLWHUUiQHRHQXQPRPHQWRHQTXH*UHFLDHVWiRFXSDGDSRUORVQD]LV\
ORVJULHJRVHQHOH[LOLRLQWHQWDQIRUPDUXQJRELHUQRSDUDFXDQGR*UHFLDVHDOLEHUDGD
(VWiFRPSXHVWDSRUODVQRYHODV(O&OXE²TXHVHGHVDUUROODHQ-HUXVDOpQEDMRHOPDQGDWR
EULWiQLFR² $ULDJQL ²FX\D DFFLyQ VH GHVDUUROOD HQ (O &DLUR² \ %DW ²TXH WUDQVFXUUH HQ
$OHMDQGUtD²(VSUHFLVDPHQWHHQODVHJXQGDQRYHOD$ULDJQLGRQGHHQFRQWUDPRVHVWD
IiEXODHQERFDGHXQPHQGLJRFLHJR6KiOWDP
+DEtDXQDYH]XQUDWyQTXHWHQtDPXFKDKDPEUH0LHQWUDVEXVFDEDDOJRTXHFRPHUDSDUHFHHO
JDWR(OUDWyQVHHVFRQGHGHWUiVGHXQWDEOyQ/HGLFHHOJDWR(KUDWyQ¢WHYLHQHVFRQPLJRD
HVSLDUDODVJDOOLQDV"/HGLFHHOUDWyQ0LSDGUHPHKDGLFKRTXHQRPHItHGHPLHQHPLJR\TXH
QRWHQJDWUDWRFRQpO$PLJROHGLFHHOJDWR\RKHKHFKRODSHUHJULQDFLyQVR\XQKDFKOOHYRXQ
URVDULRJUDQGH\KHGDGRPLSDODEUDGHQRKDFHUGDxRMDPiVDXQUDWyQ0HSDVRHOGtDUH]DQGR
(OUDWyQIXHDVXPDGUH\VHORFRQWy+LMRPtROHGLFHQRYD\DVFRQWXHQHPLJRWXSDGUHWHOR
KDSURKLELGR3HURPDGUHHVWHHVXQKDFKOOHYDDOFXHOORXQURVDULRJUDQGHSDUDOOHYDUFXHQWD
GHVXVRUDFLRQHV$KEXHQRHQWRQFHVSXHGHVLUFRQpO6LQSHQViUVHORGRVYHFHVYDDEXVFDUDO
JDWR'HDFXHUGROHGLFHLUpFRQWLJR$OFDERGHWUHVGtDVHOJDWRVLQWLyKDPEUH6H]DPSyHO
UDWyQGHXQERFDGR(OFXHQWRHQVHxDQRWHItHVGHWXHQHPLJRQRWHQJDVWUDWRFRQpO7VLUFDV
&RPRYHPRVWDQWRHQODIiEXODVHIDUGtFRPRHQHVWHFXHQWRVHPHQFLRQDHOKDGM
²KDMMKDFKKDJJ²RSHUHJULQDFLyQPXVXOPDQDDOD0HFD\HOWUHVSLOHVGHFLUHOURVDULR
R VDUWD GH FXHQWDV TXH XWLOL]DQ ORVPXVXOPDQHV(QDPERVFDVRVQRVKDOODPRVDQWH
DQLPDOHVTXHFRQItDQHQVXVHQHPLJRV²XQD]RUUDHQXQFDVRXQJDWRHQHORWUR²\
pVWRVÀQDOPHQWHWHUPLQDQGHYRUiQGRORV/DPRUDOHMDHQORVGRVFDVRVHVODPLVPD
3DUHFHFODURSRUWDQWRTXHVHWUDWDGHXQFXHQWRRIiEXODGHODWUDGLFLyQiUDEH\HQ
HOFDVRGHOSHULyGLFRVHIDUGtHVPX\DFRUGHFRQHOHQWRUQRRWRPDQRHQHOTXHVHSXEOLFy
(O .RQVHMHUR HQ VRODPHQWH XQ DxR GHVSXpV GH TXH OD FLXGDG VH LQFRUSRUDVH D
*UHFLDFXDQGRWRGDYtDHODPELHQWH\ODVRFLHGDGHUDQSURIXQGDPHQWHRWRPDQRV\QR
VHKDEtDSURGXFLGRD~QHOSURFHVRGHKHOHQL]DFLyQTXHVHOOHYDUtDDFDERHQORVDxRV
SRVWHULRUHV0RUFLOOR5RVLOOR0D]RZHU\
(VWXGLDQGRORVFRQWHQLGRVGHHVWRVSHULyGLFRVSDUHFHHYLGHQWHTXHODLQFOXVLyQ
GHHVWRVHOHPHQWRVGHODOLWHUDWXUDRUDO²FXHQWRVIDFHFLDVIiEXODVUHIUDQHV²FRQWULEXtD
D SUHVHUYDU OD WUDGLFLyQ HQWUH ODV FRPXQLGDGHV VHIDUGtHV GH 2ULHQWH \ FRQ HOOD VXV
UDVJRVLGHQWLWDULRV3HURSRURWURODGRHOKHFKRGHTXHEDVWDQWHVHGLWRUHV\GLUHFWRUHV
VHIDUGtHVGHHVWRVSHULyGLFRVVHGHGLFDUDQDWUDGXFLU\DGDSWDUREUDVGHRWUDVOLWHUDWXUDV
\ WUDGLFLRQHV ²FRPR RFXUUH HQ HVWH FDVR² UHYHOD OD LPSRUWDQFLD TXH WHQtD SDUD HOORV
D\XGDUDOGHVDUUROOR\DODUHJHQHUDFLyQPRUDOGHVXVFRUUHOLJLRQDULRV
/D LQFOXVLyQ GH HVWH WLSR GH WH[WRV HQ XQD SXEOLFDFLyQ FRPR (O .RQVHMHUR GH
SULQFLSLRVGHOVLJOR ;;UHÁHMDDVSHFWRVVLJQLÀFDWLYRVGHODLGHQWLGDG\ODPHQWDOLGDG
VHIDUGtHV (Q HVWH VHQWLGR DOJXQRV GH HVWRV LPSUHVRUHV \ HGLWRUHV VHIDUGtHV OR TXH
6WUDWtV7VLUFDVHVHOVHXGyQLPRGH<DQLV-DWVLDQGUHDVXQDXWRUFRPXQLVWDJULHJRTXHSDU
WLFLSy HQ OD ,, *XHUUD 0XQGLDO FRQ ODV WURSDV JULHJDV TXH IRUPDEDQ SDUWH GHO HMpUFLWR DOLDGR FRQWUD
+LWOHU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
SUHWHQGtDQFRQVXVSXEOLFDFLRQHVQRHUDGLIXQGLUXQDVHULHGHFRQWHQLGRVLQIRUPDWLYRV
RGHWRQRJUDYHVLQRFXPSOLUPiVELHQFRQXQDIXQFLyQGHHYDVLyQGHORFRQRFLGR\
ORFRWLGLDQRMXQWRFRQODHQVHxDQ]DGHXQDVHULHGHYDORUHVLQVWUXFWLYRV\GHPDUFDGR
FDUiFWHUGLGiFWLFRPRUDO
*/26$5,2
DIHUD¶DIHUUDDJDUUDDWUDSD·
DJiVK¶KDJiLV·
DNHRV¶DTXHOORV·
KDGMLOLN¶SHUHJULQDFLyQ·
DOHVKDUPRV¶DOHMDUQRV·
EDEiV¶RFDVJDQVRV·
GDQ\DWHVK¶GDxDVWHLV·
HQGMXQWR¶MXQWRD·
JDtQDV¶JDOOLQDV·
LQGLDQDV¶SDYRV·
NDOH¶KDFHIDOWDHVLQGLVSHQVDEOH·
NDVWHO\DQDV¶FDVWHOODQDV·
NDY]D¶FDXVD·
NHGy¶FHVySDUy·
NRORUDGR¶URMR·
NXDUWLHU¶EDUULR·
OXYLD¶OOXYLD·
PDQND¶IDOWD·
PHOGDGRUHV¶OHFWRUHV·
PLO\RQLVWD¶PLOORQDULR·
SHQVDWLYOH¶SHQVDWLYD·
UDNRQWRV¶QDUUDFLyQGHXQVXFHVRLPDJLQDULRFXHQWR·
UHNRMJR¶FROHFFLyQ·
UXELRDTXt¶DPDULOOR·
VKDVWUH¶VDVWUH·
WRSDWHVK¶HQFRQWUDVWHLV·
WUHVSLO¶HVSHFLHGHURVDULRRVDUWDGHFXHQWDVTXHXVDQORVPXVXOPDQHV·
YHGUH¶YHUGH·
YLHUERV¶SDODEUDV·
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR«
%,%/,2*5$)Ì$
$EUHYD\D6WHLQ60DNLQJ-HZV0RGHUQWKH\LGGLVKDQGODGLQRSUHVVLQWKH5XVVLDQ
DQG2WWRPDQ(PSLUHV%ORRPLQJWRQ,QGLDQD8QLY3UHVV
$OH[DQGHU 7 7KH WUHDVXUH RI RXU IDWKHUV MXGHRVSDQLVK WDOHV -HUXVDOpQ 0LVJDY
<HUXVKDOD\LP
%HQEDVVD(\$5RGULJXH+LVWRULDGHORVMXGtRVVHIDUGtHV'H7ROHGRD6DOyQLFD
0DGULG$EDGD(GLWRUHV
&DPDUHQD-\0&KHYDOLHU&DWiORJRWLSROyJLFRGHOFXHQWRIRONOyULFRHVSDxRO$OFDOi
GH+HQDUHV&HQWURGH(VWXGLRV&HUYDQWLQRV
&DPDUHQD-\0&KHYDOLHU&DWiORJRWLSROyJLFRGHOFXHQWRIRONOyULFRHVSDxROFXHQWRV
GHDQLPDOHV0DGULG*UHGRV
&KHYDOLHU0&XHQWRVIRONOyULFRVHVSDxROHVGHO6LJORGH2UR%DUFHORQD&UtWLFD
&UHZV&0´7H[WRVMXGHRHVSDxROHVGH6DOyQLFD\6DUDMHYRFRQFRPHQWDULRV
OLQJtVWLFRV\JORVDULRµ(VWXGLRV6HIDUGtHV
&UHZV&05HFKHUFKHVVXUOHMXGpRHVSDJQROGDQVOHVSD\VEDONDQLTXHV3DUtV(
'UR]
'tD]0DV3/RVVHIDUGtHV+LVWRULDOHQJXD\OLWHUDWXUD%DUFHORQD5LRSLHGUDV
'tD]0DV3\&GHOD3XHQWH-XGDtVPRH,VODP%DUFHORQD$UHV\0DUHV
'tD]0DV3\06iQFKH]3pUH]/RVVHIDUGtHVDQWHORVUHWRVGHOPXQGRFRQWHPSRUiQHR
,GHQWLGDG\PHQWDOLGDGHV0DGULG&6,&
(VSLQRVD$0&XHQWRVSRSXODUHVUHFRJLGRVGHODWUDGLFLyQRUDOGH(VSDxD0DGULG
&6,&
(VSLQRVD$0&XHQWRVSRSXODUHVGH(VSDxD%XHQRV$LUHV(VSDVD&DOSH
)UDQFR0(VVDLVXUO·+LVWRLUHGHV,VUDpOLWHVGHO·(PSLUH2WWRPDQGHSXLVOHV2ULJLQHV
-XVTX·DQRV-RXUV3DUtV/LEUDLUH$'XUODFKHU
*DRQ0'$%LEOLRJUDSK\RIWKH-XGHR6SDQLVK/DGLQR3UHVV-HUXVDOpQ%HQ=YL
,QVWLWXWH7KH+HEUHZ8QLYHUVLW\>HQKHEUHR@
+DERXFKD57\SHVDQGPRWLIVRIWKH-XGHR6SDQLVKIRONWDOHV1XHYD<RUN/RQGUHV
*DUODQG
+DVViQ,0´(OHVWXGLRGHOSHULRGLVPRVHIDUGtµ6HIDUDG>UHVHxD
GHOOLEURHQKHEUHRGH0'*DRQ@
.RHQ6DUDQR0.XHQWRVVDODGRVGMXGHRHVSDQ\ROHV9DOHQFLD(GLVLRQHV&DSLWHOXP
.RHQ6DUDQR0'H6DUDJRVDD<HUXVKDOi\LPNXHQWRVVHIDUDGtV=DUDJR]D,EHU&DMD
.RHQ 6DUDQR 0 'MRKD NH GL]H" .XHQWRV SRSXODUHV GMXGHRHVSDQ\ROHV -HUXVDOpQ
.DQD
.RHQ 6DUDQR 0 .XHQWRV GHO )RONORU GH OD )DPL\D 'MXGHRHVSDQ\ROD -HUXVDOpQ
.DQD
/DUUHD 3DODFtQ $UFDGLR GH &XHQWRV SRSXODUHV GH ORV MXGtRV GHO QRUWH GH
0DUUXHFRV7HWXiQ(GLWRUD0DUURTXt
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DUtD6iQFKH]3pUH]
/LHEO&´$YtH~QHYH]«-XOLXV6XEDN0D[$/XULDDQGSKRQRJUDSKLFÀHOG
UHVHDUFKDPRQJ6HSKDUGLFFRPPXQLWLHVLQWKH%DONDQVµHQ3'tD]0DV0
6iQFKH]3pUH]HGV
/LHEO&-XGHR6SDQLVKIURPWKH%DONDQV7KH5HFRUGLQJVE\-XOLXV6XEDNDQG
0D[ $ /XULD 6RXQG 'RFXPHQWV IURP WKH 3KRQRJUDPPDUFKLY RI WKH
$XVWULDQ$FDGHP\RI6FLHQFHV7KH&RPSOHWH+LVWRULFDO&ROOHFWLRQV
6HULHV2($:3+$&'9LHQD
/OHDO & (O MXGH]PR (O GLDOHFWR VHIDUGt \ VX KLVWRULD %DUFHORQD 8QLYHUVLWDW GH
%DUFHORQD
/XULD0$$6WXG\RIWKH0RQDVWLU'LDOHFWRI-XGHR6SDQLVK%DVHGRQ2UDO0DWHULDO
&ROOHFWHGLQ0RQDVWLU<XJR6ODYLD1XHYD<RUN,QVWLWXWRGHODV(VSDxDVHQORV
(VWDGRV8QLGRV
0D]RZHU0/DFLXGDGGHORVHVStULWXV6DOyQLFDGHVGH6XOHLPiQHO0DJQtÀFRKDVWD
ODRFXSDFLyQQD]L%DUFHORQD&UtWLFD
0D]RZHU0/RV%DOFDQHV%DUFHORQD0RQGDGRUL
0pFKRXODQ+HG/HV-XLIVG·(VSDJQH+LVWRLUHG·XQHGLDVSRUD3DUtV
/LDQD /HYL 7UDGXFLGR DO HVSDxRO HQ + 0pFKRXODQ HG /RV MXGtRV GH (VSDxD
+LVWRULDGHXQDGLiVSRUD0DGULG7URWWD
0LUDOOHV0DFLi/RUHQD´0RWLYRVÀORHVySLFRVHQHO0LGUiV)iEXODV\DQpFGRWDV
GHUDELQRVHQ/HYtWLFR5DEEiµ6HIDUDG
0RUFLOOR 5RVLOOR 0DWLOGH ´/D FRPXQLGDG VHIDUGt GH 6DOyQLFD GHVSXpV GH ODV
JXHUUDVEDOFiQLFDVµ6HIDUDG
1HKDPD-+LVWRLUHGHV,VUDpOLWHVGH6DORQLTXH6DOyQLFD0ROKRYROV
5RGULJXH$)UHQFK-HZV7XUNLVK-HZV7KH$OOLDQFH,VUDpOLWH8QLYHUVHOOHDQGWKH
3ROLWLFVRI-HZLVK6FKRROLQJLQ7XUNH\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\
3UHVV
5RPHUR(/DFUHDFLyQOLWHUDULDHQOHQJXDVHIDUGt0DGULG0DSIUH
6iQFKH] 3pUH] 0 ´(QWUH HVFULWXUD \ RUDOLGDG FXHQWRV WUDGLFLRQDOHV HQ HO
SHULyGLFR VHIDUGt <HUXVKDOD\LP µ HQ 3 'tD]0DV 0 6iQFKH] 3pUH]
HGV
7KRPSVRQ 6 0RWLI,QGH[ RI )RON/LWHUDWXUH $ &ODVVLÀFDWLRQ RI 1DUUDWLYH
(OHPHQWVLQ)RONWDOHV%DOODGV)DEOHV0HGLDHYDO5RPDQFHV([HPSOD)DEOLDX[-HVW
ERRNVDQG/RFDO/HJHQGV&RSHQKDJXH%ORRPLQJWRQ,QGLDQD8QLYHUVLW\
7VLUFDV6&LXGDGHVDODGHULYD7ULORJtDHGLFLyQGH,RDQQD1LFRODLGRXWUDGXFFLyQ
GH9LFHQWH)HUQiQGH]*RQ]iOH]HWDO0DGULG&iWHGUD
:DJQHU0/´&DUDFWHUHVJHQHUDOHVGHOMXGHRHVSDxROGH2ULHQWHµDQHMRGH
OD5HYLVWDGH)LORORJtD(VSDxROD
:DJQHU0/%HLWUlJH]XU.HQQWLVGHV-XGHQVSDQLVFKHQYRQ.RQVWDQWLQRSHO9LHQD
$OIUHG+|OGHU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
>(VWXGLRV@
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
)5$1&,6&2$<$/$<(/+80$1,602'(/(;,/,2
,10$&8/$'$/Ð3(=&$/$+2552
8QLYHUVLGDGGH*UDQDGD
5HVXPHQ
)UDQFLVFR$\DODIXHHGLWRUGHODVUHYLVWDV5HDOLGDG\/D7RUUHDVtFRPRGHOD%LEOLRWHFDGH&XOWXUD%iVLFD
GHOD8QLYHUVLGDGGH3XHUWR5LFR(QHOODVVHUHVHxDQSULPHUDVWUDGXFFLRQHVDOHVSDxROGHOLEURVIXQGD
PHQWDOHVVREUHODVDQWLJXDV*UHFLD\5RPDRUHÁH[LRQHVVREUHHOKXPDQLVPR\VXYLQFXODFLyQFRQOD
$QWLJHGDG(QHVWHDUWtFXORUHSDVDPRVHVWDVSXEOLFDFLRQHV\QRVDFHUFDPRVDODVÀJXUDVGHORVDXWRUHV
TXHFRPSDUWLUiQHOGHVWLQRGHOH[LOLR
3DODEUDVFODYH
+XPDQLVPRH[LOLRWUDGXFWRUHV*UHFLD5RPD)UDQFLVFR$\DOD
$EVWUDFW
)UDQFLVFR$\DODZDVDQHGLWRURIWKHPDJD]LQHV5HDOLGDGDQG/D7RUUHDQGDOVRRIWKH%LEOLRWHFDGH&XO
WXUD%DVLFDRIWKH8QLYHUVLW\RI3XHUWR5LFR7KHUHKHUHYLHZVÀUVWWUDQVODWLRQVLQWR6SDQLVKRIIXQGD
PHQWDOERRNVRQ$QFLHQW*UHHFHDQG5RPHRUUHÁHFWLRQVRQ+XPDQLVPDQGLWVUHODWLRQVKLSWR$QFLHQW
7LPHV,QWKLVSDSHUZHORRNWKURXJKWKHVHSXEOLFDWLRQVDQGSD\DWWHQWLRQWRWKHDXWKRUVZKRZLOOVKDUH
ZLWKKLPWKHGHVWLQ\RIH[LOH
.H\ZRUGV
+XPDQLVPH[LOHWUDQVODWRUV*UHHFH5RPH)UDQFLVFR$\DOD
(QWUHVXHOR\VXEVXHORPLHQWUDVWDQWRXQDHVSHVDKXPDQLGDG
²QRVRWURV²VHDJORPHUDVHDIDQDVHGHVYLYH
)UDQFLVFR$\DOD´(QWUHSDORPDV\UDWDVµRWRxRGH
,1752'8&&,Ð1
(O H[LOLR HV XQ WLHPSR \ XQ HVSDFLR TXH GHWHUPLQD \ WUDQVIRUPD OD YLGD GH
FXDQWRV LQWHOHFWXDOHV HQFRQWUDURQ HQ HO FRQWLQHQWH DPHULFDQR OD VDOLGD LQGLYLGXDO D
ORV WRWDOLWDULVPRV TXH LQYDGLHURQ (XURSD DO ÀQDO GH OD SULPHUD PLWDG GHO VLJOR ;;
&RQ HO H[LOLR VH VXFHGH OD SDUDGRMD GH TXH OHMRV GH FRQVLGHUDUVH YtFWLPDV GH WDOHV
FLUFXQVWDQFLDVSDUWHGHHVWRVLQWHOHFWXDOHVORLQWHUSUHWyFRPRXQDRSRUWXQLGDGTXHORV
&RUUHRHLQPORS#XJUHV5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
OLEHUDED GH FRPSRUWDPLHQWRV UtJLGRV \ FRQVHQVXDGRV GH PRGR TXH VH HQFRQWUDEDQ
DQWHXQDRSRUWXQLGDGSDUDUHSODQWHDUVHUHÁH[LRQHVPiVOLEUHVVREUHHOYtQFXORGHO\R
FRQ OD FROHFWLYLGDG R GHO \R FRQ OD KHUHQFLD FXOWXUDO H LGHROyJLFD 6RQ ODV SDODEUDV
GHOSHGDJRJRUHSXEOLFDQR/RUHQ]R/X]XULDJDFRQTXLHQ)UDQFLVFR$\DODFRQIRUPDUi
OD GLUHFFLyQ RÀFLRVD GH OD UHYLVWD 5HDOLGDG ´1RVRWURV QR VRPRV H[LOLDGRV ([LOLDGRV
VRQORVTXHKDQTXHGDGRDOOtVLQOLEHUWDG\VLQSRVLELOLGDGHVGHWHQHUODSRUWRGDXQD
JHQHUDFLyQµ&/R]DQR6HLMDVDSXG*DUFtD0RQWHUR;;;9,
'H LJXDO PDQHUD )UDQFLVFR$\DOD GHVGH XQD SRVLFLyQ HVWRLFD TXH OR SURWHJH
GH OD QRVWDOJLD GHO UHFXHUGR YLYH HO H[LOLR FRPR XQD RSRUWXQLGDG TXH OH SHUPLWH
SDUWLFLSDU ´tQWHJUDPHQWH HQ HO GLVFXUVR FOiVLFR VREUH HO KXPDQLVPRµ HQ HO TXH VH
SURGXFHODWHQVLyQHQWUHODXQLYHUVDOLGDGGHSULQFLSLRVTXHFRQIRUPDQHOSDWULPRQLR
KXPDQR¶KRPRXQLYHUVDOLV·\ODFRQFLHQFLDGHIUDJLOLGDGGHOLQGLYLGXR1DYDMDV
(VWDFODUDUHODFLyQFRQHOKXPDQLVPRGHKHUHQFLDFOiVLFDVHUHÁHMDUiHQXQ
GLiORJRGLUHFWRHQWUHORVWH[WRVGHOD$QWLJHGDG\HOSUHVHQWHGHHVWRVLQWHOHFWXDOHV/D
WUDJHGLDJULHJDHOSHQVDPLHQWRJULHJRRÀJXUDVURPDQDVFRPR&LFHUyQFREUDUiQXQD
DFWXDOLGDGTXHQRSUHFLVDUi\DGHODKHUHQFLDYHUWLFDOSDUDMXVWLÀFDUVH/DWUDGXFFLyQ
SRU SULPHUD YH] DO HVSDxRO GH OLEURV IXQGDPHQWDOHV SDUD HO FRQRFLPLHQWR GH OD
$QWLJHGDGVHUiXQLQVWUXPHQWRLPSUHVFLQGLEOHSDUDHVWHFDPELRGHUHODFLyQFRQHO
SDVDGRDOWLHPSRTXHVHUHLYLQGLFDHOYDORUGHODFXOWXUDRFFLGHQWDO
(QHVWHVHQWLGRODODERUTXH)UDQFLVFR$\DODUHDOL]yFRPRHGLWRUIXHGHJUDQ
YDORU SXHVWR TXH VXPiQGRVH DO LPSXOVR GH JUDQGHV HGLWRULDOHV FRPR )RQGR GH
&XOWXUD(FRQyPLFDSHUPLWLUiTXHVHGLYXOJXHODODERUGHJUDQGHVLQWHOHFWXDOHVTXH
HQHVWHSHUtRGRKLVWyULFRDSRUWDURQUHÁH[LRQHVRWUDEDMDURQVREUHWH[WRVGHODVDQWLJXDV
*UHFLD\5RPDLGHQWLÀFDGRVDGHPiVFRQHOGLVFXUVRLGHROyJLFRSRVWHULRUDOD6HJXQGD
*XHUUD0XQGLDO6HUiQORVQRPEUHVGH:HQFHVODR5RFHV:HUQHU-DHJHU.DUO.HUpQ\L
3DUDHVWDLQWURGXFFLyQVREUHHOH[LOLR\ODUHODFLyQFRQHOKXPDQLVPRFRQVLGHUDPRVHVHQFLDOHODUWtFXOR
GH*RQ]DOR1DYDMDVWLWXODGR´/DHVFULWXUDGHODOLEHUWDG\ODFXOWXUDLQGXVWULDOHQ)UDQFLVFR$\D
ODµ$XQTXHQRVGHWHQHPRVHQFLWDVSXQWXDOHVVHxDODPRVORVVXEWtWXORVGHODUWtFXOR´,+XPDQLVPRH
KLVWRULDFXOWXUDO,,(O\R\ODVXSUDLQGLYLGXDOLGDG,,,/DOLWHUDWXUDHQODFXOWXUDLQGXVWULDOGHPDVDV
,9&RQFOXVLyQ(OH[LOLRFRPRDSHUWXUDµ$VLPLVPRODLQWURGXFFLyQTXHEDMRHOWtWXOR´/DDYHQWXUDGH
SHQVDUHOPXQGRµHVFULEH/XLV*DUFtD0RQWHURSDUDODHGLFLyQIDFVtPLOGHODUHYLVWD5HDOLGDG
´(OSHUÀOLQWHOHFWXDOGH$\DODQRRSHUDHQHOYDFtRQLOHFRUUHVSRQGHH[FOXVLYDPHQWHDpO(VSURSLR
GHODÀJXUDGHOLQWHOHFWXDOGHHQWUHJXHUUDVTXHH[SHULPHQWDODSULPHUDJUDQFULVLVGHOSDUDGLJPDGHOD
FXOWXUDPRGHUQDDÀOLDGDWRGDYtDFRQHOKXPDQLVPRFOiVLFR>«@3DUD6SHQJOHUODDPHQD]DVHFRQFUHWD
HQODIXHU]DDQyQLPD\FLHJDGHODVVRFLHGDGHVSHULIpULFDVGHQWURGHOPDUFRRFFLGHQWDOHVGHFLUDTXHOODV
FXOWXUDVQRFRQHFWDGDVGLUHFWDPHQWHFRQHOPRGHORJUHFRODWLQR>«@)UDQFLVFR$\DODTXHGDLQVHUWRHQ
HVWRVSDUiPHWURV\KDFHXQDDSRUWDFLyQHVSHFtÀFDGHQWURGHHOORV6XSRVLFLyQHSLVWHPROyJLFD\pWLFD
PiVFRPSUHQVLYDVHIXQGDPHQWDHQODLQGHSHQGHQFLDGHO\RLQGLYLGXDOIUHQWHDORVPRGHORVVXSUDLQGL
YLGXDOHVWRWDOL]DQWHVµ1DYDMDV$VLPLVPRVREUHHOKXPDQLVPRGH$\DODFI*DUFtD-XUDGR
\/ySH]&DODKRUUR
6REUHHOLPSXOVRGHHVWDHGLWRULDOHVIXQGDPHQWDOODÀJXUDGH-RVp0HGLQD(FKDYDUUtDFRPSDxHUR\
DPLJRGH)UDQFLVFR$\DODHQOD6HFUHWDUtDGH&RUWHVWDPELpQH[LOLDGRFRQPRWLYRGHOD*XHUUD&LYLO\
SHUVRQDIXQGDPHQWDOSDUDVXSRVWHULRUUHODFLyQFRQOD8QLYHUVLGDGGH3XHUWR5LFR(FKDYDUUtDHQVX
SULPHUGHVWLQRHQ0p[LFRVHHQFDUJyGHFRQYHUWLUDOD(GLWRULDO)RQGRGH&XOWXUD(FRQyPLFDHQXQD
HGLWRULDOGHSUHVWLJLR6iQFKH]0RQWHVGHORTXHGDPRVPXHVWUDHQHVWHWUDEDMRSRUORVWtWXORV
GHODVREUDVFLWDGDV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
/XGZLJ6FKDMRZLF]R5RJHU/DEURXVVHORVTXHHQHVWHWUDEDMRSUHVHQWDUHPRVFRPR
WHVWLPRQLRGHHVWDFXHVWLyQ
%8(126$,5(65($/,'$'5(9,67$'(,'($6
'XUDQWH VX H[LOLR HQ %XHQRV $LUHV )UDQFLVFR $\DOD DFHSWD OD
SURSXHVWDGHGLULJLUXQDQXHYDUHYLVWDGHGLVFXVLyQLQWHOHFWXDODODTXHVHOODPy5HDOLGDG
5HYLVWDGH,GHDV6XSULPHUQ~PHURVHSXEOLFyHQORVPHVHVGHHQHURIHEUHURGH
EDMRODGLUHFFLyQGH)UDQFLVFR5RPHURDSURSXHVWDGHOSURSLR$\DOD1RREVWDQWHHQ
ODGLUHFFLyQRÀFLRVDHVWDEDQ)UDQFLVFR$\DOD\/RUHQ]R/X]XULDJDPLHPEURVDVLPLVPR
GHOFRQVHMRGHUHGDFFLyQMXQWRFRQ$PDGR$ORQVR(GXDUGR0DOOHD(]HTXLHO0DUWtQH]
(VWUDGD-XOLR5H\3DVWRU\*XLOOHUPRGHOD7RUUH(VWDUHYLVWDVHSXEOLFyHQWUHHQHUR
IHEUHURGH\VHSWLHPEUHGLFLHPEUHGHFRQXQWRWDOGHQ~PHURV/DLGHD
HUDTXHODUHYLVWDWXYLHUD´VHVJRHQVD\tVWLFRRFUtWLFRµ$\DODSHURVREUH
WRGR IXH HO LQVWUXPHQWR XWLOL]DGR SDUD OD GLVFXVLyQ VREUH ´OD GHIHQVD GH ODV UDtFHV
GHPRFUiWLFDV GHO SHQVDPLHQWR RFFLGHQWDOµ *DUFtD 0RQWHUR ;/, DO WLHPSR
TXHVHSURSLFLDEDHOKHFKRPiVFHUFDQRRFR\XQWXUDO)UHQWHDO2FFLGHQWHYtFWLPDGH
ORV WRWDOLWDULVPRV SROtWLFRV 5HDOLGDG HQDUEROD ´OD FDSDFLGDG FXOWXUDO \ PRUDO GHO VHU
KXPDQRµLELG(OHGLWRULDOGHOSULPHUQ~PHUREDMRODSOXPDGH)UDQFLVFR5RPHUR\
)UDQFLVFR$\DOD*DUFtD0RQWHUR;;;,;GDFXHQWDGHODGLPHQVLyQXQLYHUVDO\
GHFRQFLHQFLDKLVWyULFDTXHWHQtDODFUHDFLyQGHHVWDUHYLVWDGHLGHDV
(O2FFLGHQWHGHEHDOFDQ]DUFRQFLHQFLDGHVtGHVXVUDtFHV\IXQGDPHQWRVGHORTXHHQpOHV
DFFLGHQWH\GHORTXHHVHVHQFLDGHVXPpGXODYLYDGHVXVOLPLWDFLRQHV\GHVXVSRVLELOLGDGHV
'HEHWDPELpQDEDUFDUVXFULVLVHQWHQGHUODMX]JDUODDUELWUDUORVPHGLRVSDUDVDOLUGHHOOD(VWR
HQFXDQWRDORTXHSXGLHUDOODPDUVHHODVSHFWRLQWHUQR(QFXDQWRDORH[WHUQRGHEHH[DPLQDU
ODQXHYDVLWXDFLyQDEULUVHDXQDFRPSUHQVLyQPiVJHQHURVD\FDEDOGHODVRWUDVFXOWXUDVSDUD
UHVSHWDUHQHOODVVXGHUHFKRSDUDLQFRUSRUDUDTXHOORVGHVXVYDORUHVTXHUHVXOWHQDGPLVLEOHV
VLQGHVPHGURGHODSHFXOLDULGDGSURSLDSDUDFRUUHJLUORTXHDFi\DOOiKXELHUDGHDQJRVWR\
XQLODWHUDO8QDFXOWXUDQRVHLPSRQHDTXLHQHVQRODWHQJDQSRUSURSLD~QLFDPHQWHHVOHJtWLPR
SURSRQHUOD>«@$FDVRHOSRUYHQLUGHODKXPDQLGDGHQORVVLJORVSUy[LPRV²RHOSRUYHQLUGH
ODKXPDQLGDGVLQPiVSHQGDHQHVWDVROHPQHRFDVLyQGHTXHODSURSXHVWDGH2FFLGHQWHVHD
DFHSWDGD<HOORGHSHQGHDVXYH]GHTXHUHVXOWHDFHSWDEOH5HDOLGDG
6REUH OD FDOLGDG GH OD UHYLVWD )UDQFLVFR $\DOD HVFULELUi TXH ´FXDQGR DOJXQD
YH] SRU XQR X RWUR PRWLYR KRMHR VXV SiJLQDV YHR TXH FRQWLHQHQ WUDEDMRV GH PX\
6REUHHOQDFLPLHQWRGH5HDOLGDGQRVGLFH$\DOD´4XHUtD0DOOHDLQVLVWLHQGRPXFKRHQHOORTXHHOGL
UHFWRUIXHUD\RSHURPHQHJXpHQUHGRQGR0HQHJXpSRUTXHVLPLUHSXJQDQFLDGHVLHPSUHDHMHUFLWDU
FXDOTXLHUHVSHFLHGHDXWRULGDGTXHKXELHVHGHLPSRQHUGHFLVLRQHVDPLVVHPHMDQWHVPHKDKHFKRUHKXLU
DORODUJRGHODYLGDWRGDSRVLFLyQGHPDQGR¢FyPRKXELHUDGHKDEHUDFHSWDGRODWLWXODULGDGGHHVH
SRGHULUULVRULRTXHIDFXOWDSDUDGHFLGLUVREUHODLQVHUFLyQGHWDORFXDOWH[WRHQXQDSXEOLFDFLyQH[SR
QLpQGRPH²\PiVGDGDPLFRQGLFLyQGHH[WUDQMHURDODVI~WLOHVSHURLPSODFDEOHVLUDVGHORVGHVDLUDGRV
HQWHUUHQRWDQYLGULRVRFRPRHVHOGHODVSUHWHQVLRQHV\YDULHGDGHVOLWHUDULDV"3URSXVHSDUDHOFDUJRD
)UDQFLVFR5RPHUR>«@/X]XULDJD\\ROHSURPHWLPRVTXHHQFDOLGDGGHVHFUHWDULRVGHUHGDFFLyQKD
UtDPRVWRGRHOWUDEDMRFRQORFXDOWHUPLQypOSRUUHVLJQDUVHDDSDUHFHUFRPRGLUHFWRUSUHVWiQGRQRVVX
QRPEUH$VtIXHFRPRVHKL]RUHDOLGDGODUHYLVWD5HDOLGDGµ$\DOD
6REUHODVUHIHUHQFLDV\FLWDVGHODUHYLVWD5HDOLGDGXWLOL]DUHPRVODSDJLQDFLyQGHODHGLFLyQIDFVtPLO6H
YLOOD5HQDFLPLHQWR&ROHFFLyQ)DFVtPLOHVGH5HYLVWDV/LWHUDULDV(QODELEOLRJUDItDUHFXSHUDPRV
ODSDJLQDFLyQRULJLQDODVtFRPRHODxRGHHGLFLyQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
DOWDFDOLGDG\TXHHQQLQJ~QPRPHQWRGHFD\yVXQLYHOµ$\DODRTXHDOOt
FRQÁX\HURQODV´PHMRUHVÀUPDVGHOPXQGRHQDTXHOORVPRPHQWRV,QJOHVHVDOHPDQHV
LQFOXVRSRUWXJXHVHVµ1~xH]7DOHVÀUPDVFRQFUHWDGDVHQDUWtFXORVRUHVHxDV
GHOLEURVVREUHHVWXGLRVRWHPiWLFDVGHODVDQWLJXDV*UHFLD\5RPDVRQ
- / 5 ´7HRGRUR 0RPPVHQ (O PXQGR GH ORV &pVDUHV (G ¶)RQGR GH &XOWXUD
(FRQyPLFD·0p[LFRµ5HDOLGDGYRO,
/RUHQ]R/X]XULDJD´:HUQHU-DHJHU3DLGHtD/RVLGHDOHVGHODFXOWXUDJULHJD)RQGR
GH &XOWXUD (FRQyPLFD 0p[LFR YRO µ 5HDOLGDG YRO , (GXDUGR*RQ]iOH]/DQX]D´(FR\QDUFLVRHQVD\RVREUHDUWHµ5HDOLGDGYRO
-RVp*DRV´(O$ULVWyWHOHVGH-DHJHUµ5HDOLGDGYRO,,
5RGROIR 0RQGROIR ´%HQMDPtQ )DUULQJWRQ &LHQFLD JULHJD GH 7DOHV D $ULVWyWHOHV
&ROHFFLyQ 3LQJLQR HGLW /DXWDUR %XHQRV$LUHV µ 5HDOLGDG YRO ,, - / 5 ´/XGZLJ )ULHGOlQGHU /D VRFLHGDG URPDQD KLVWRULD GH ODV FRVWXPEUHV HQ
5RPDGHVGH$XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD0p[LFR
µ5HDOLGDGYRO,,,
-RVp0&KDFyQ\&DOYR´4XHYHGR\ODWUDGLFLyQVHQHTXLVWDµ5HDOLGDGYRO,,,
)UDQFLVFR 9HUD ´%HSSR /HYL /H\HQGR D (XFOLGHV (GLWRULDO 5RVDULR 5RVDULR GH
6DQWD)Hµ5HDOLGDGYRO,,,
$GROIR3&DUSLR´8QDWUDGXFFLyQGH3ORWLQRµ5HDOLGDGYRO9
&DUPHQ*iQGDUD´6yFUDWHVOD1DWXUDOLGDG\ODPXHUWHµ5HDOLGDGYRO9,
3DUWHGHHVWRVLQWHOHFWXDOHVVRQH[LOLDGRVGH(VSDxDRGHOD(XURSDGHOD6HJXQGD
*XHUUD 0XQGLDO 'DGD OD VLJQLÀFDFLyQ GH DOJXQRV GH ORV HVWXGLRV R GH ODV PLVPDV
ÀJXUDVHQHOiPELWRGHORV(VWXGLRV&OiVLFRVUHDOL]DPRVXQDEUHYHVHPEODQ]DGHHOODV
\ VX DSRUWDFLyQJUDFLDVDODH[LVWHQFLDGH 5HDOLGDGHQFRQFUHWRGH:HQFHVODR5RFHV
-RDTXtQ;LUDX:HUQHU-DHJHU\.DUO.HUpQ\L
,QLFLDOHVGH-RVp/XLV5RPHUR(QHVWDVUHIHUHQFLDVELEOLRJUiÀFDVUHVSHWDPRVODSDJLQDFLyQGHORULJLQDO
1RQRVGHWHQHPRVQRREVWDQWHHQODÀJXUDGHOLQVLJQHÀOyVRIRLWDOLDQR5RGROIR0RQGROIRH[LOLDGR
HQ&yUGREDGRQGHUHVLGLyGHVGHD\SRVWHULRUPHQWHHQ7XFXPiQGHVGHFRPLHQ]RVGH
KDVWD\GRQGHFRLQFLGLUiFRQRWURLQWHOHFWXDOHXURSHRH[LOLDGR5RJHU/DEURXVVHFX\DÀJXUDWUD
WDUHPRVSRVWHULRUPHQWH6yORDxDGLUVREUHODÀJXUDGH0RQGROIRTXHFRQVLGHUDGRFRPRXQDXWpQWLFR
KXPDQLVWD\XQUHIHUHQWHGHORV(VWXGLRV&OiVLFRVHQ$UJHQWLQDDGHPiVGHODUHVHxDFLWDGDVREUHODREUD
GH%HQMDPtQ)DUULQJWRQHQODUHYLVWD/D7RUUHGLULJLGDWDPELpQSRU)UDQFLVFR$\DODHQ3XHUWR5LFRSX
EOLFDUi´6pQHFD\ODLQÀQLWXGGHOSURJUHVRHVSLULWXDOµ0RQGROIRTXHYHUiODOX]HOPLVPR
DxRHQ,WDOLDHQ&ULWLFD6RFLDOH0LODQR$SULOH$0RQGROIRGDGDODHQWLGDGGHVXVHVWXGLRV'LHJR
)3UyOHGHGLFDXQOLEURHQGRVYRO~PHQHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
:HQFHVODR5RFHV
([LOLDGRHQ0p[LFR\SURIHVRUGH'HUHFKR\)LORVRItDHQOD8QLYHUVLGDG1DFLRQDO
GH 0p[LFR :HQFHVODR 5RFHV IXH XQD GH ODV ÀJXUDV PiV UHSUHVHQWDWLYDV GHO H[LOLR
HVSDxRO'HVWDFDVXODERUFRPRWUDGXFWRUSDUDHO)RQGRGH&XOWXUD(FRQyPLFD\DpO
VHOHGHEHHQWUHXQLQJHQWHQ~PHURGHWUDGXFFLRQHVODSULPHUDYHUVLyQGH(OFDSLWDO
GH.DUO0DU[R/DIHQRPHQRORJtDGHOHVStULWXGH+HJHO(QFXDQWRDORVWH[WRVUHODWLYRV
DODVDQWLJXDV*UHFLD\5RPDWUDGXFLGRVSRU:HQFHVODR5RFHVHQ5HDOLGDGVHUHVHxDQ
ORVVLJXLHQWHV
´7HRGRUR0RPPVHQ(OPXQGRGHORV&pVDUHV(G¶)RQGRGH&XOWXUD(FRQyPLFD·
0p[LFRµ
(V XQD ¶QRWD GH OLEURV· UHDOL]DGD SRU -RVp /XLV 5RPHUR (Q OD UHVHxD 5RPHUR
GHVWDFDTXH´HOWtWXORGHHVWHOLEURQRHVHOGHRULJLQDOGH0RPPVHQHOJUDQKLVWRULDGRU
DOHPiQTXHUHQRYyORVHVWXGLRVURPDQRVµ5RPHUR1RVH[SOLFDDVLPLVPR
TXHFRQHOWtWXOR(OPXQGRGHORV&pVDUHV:HQFHVODR5RFHVUHFRJHODREUDGH0RPPVHQ
´/DV SURYLQFLDV GHVGH&pVDUKDVWD'LRFOHFLDQR \FRPSOHWDGDVX+LVWRULD5RPDQDµLELG
/DVSURYLQFLDVGHVGH&pVDUKDVWD'LRFOHFLDQRSXEOLFDGRHQHVHOTXLQWRYROXPHQ
GH +LVWRULD GH 5RPD VLHQGR HVWD WUDGXFFLyQ GH 5RFHV OD SULPHUD YHUVLyQ HQ OHQJXD
FDVWHOODQDGHHVWHYROXPHQ,QFRUSRUDHOWUDGXFWRUXQDVHOHFFLyQGHWH[WRVGHORVWUHV
SULPHURV OLEURV GH +LVWRULD GH 5RPD 3DUD 5RPHUR OD VHOHFFLyQ GHO WUDGXFWRU GHEHUtD
KDEHUVHDMXVWDGRDOD´IRUPDRULJLQDOGHODVREUDVTXHVHWUDGXFHQWDQWRSDUDIDFLOLWDU
VXFRQVXOWDFRPRSDUDQRLQGXFLUDHUURUDORVOHFWRUHVµLELG1RREVWDQWHHOYDORUGH
ODREUDTXHGDFODUDPHQWHH[SXHVWRQRVyORSRUHOGHODWUDGXFFLyQ\ODVHOHFFLyQVLQR
SRUSRQHUDODOFDQFHGHORVOHFWRUHV\HVWXGLRVRVHQOHQJXDKLVSDQDXQDGHODVREUDV
PiVLPSRUWDQWHVVREUHODDQWLJXD5RPD
8QD WUDGXFFLyQ H[FHOHQWH SHUPLWH XQD OHFWXUD SURYHFKRVD GH HVWH OLEUR SRU WDQWRV PRWLYRV
LQWHUHVDQWHV<SHVHDODREMHFLyQVHxDODGDHOOHFWRUFXOWRQRGHMDUiGHDJUDGHFHUDOHGLWRUHO
TXHKD\DLQFRUSRUDGRDOYROXPHQORVFDStWXORVGHOD+LVWRULD5RPDQDDTXHQRVKHPRVUHIHULGR
LELG
´/XGZLJ)ULHGOlQGHU/DVRFLHGDGURPDQDKLVWRULDGHODVFRVWXPEUHVHQ5RPDGHVGH
$XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD0p[LFRµ
-XQWRDODGHVFULSFLyQTXHUHDOL]DPRVGHORVOLEURVUHVHxDGRVGDGDVXLPSRUWDQFLDHQHOiPELWRGH
ORV(VWXGLRV&OiVLFRVLQGLFDPRVTXHGHODVWUDGXFFLRQHVVREUHWHPDVGH*UHFLD\5RPDDGHPiVGHORV
H[SXHVWRV5RFHVUHDOL]yODVVLJXLHQWHVWUDGXFFLRQHV'UR\VHQ-RKDQ*XVWDY$OHMDQGUR0DJQR0p[LFR
)&( S *UHJRURYLXV /XGZLJ $WHQDV HQ OD (GDG 0HGLD \ RWURV HQVD\RV 3UyORJR GH :5
0p[LFR)&(S0D\U5REHUWYRQ+LVWRULDGHO'HUHFKR5RPDQR%DUFHORQD/DERUYRO
5RKGH(GZLQ3VLTXHODLGHDGHODOPD\ODLQPRUWDOLGDGGHORVJULHJRV0p[LFR)&(S6RKP
5XGROI,QVWLWXFLRQHVGH'HUHFKR3ULYDGR5RPDQRKLVWRULD\VLVWHPD0DGULG5'3S&LWDPRV
SRUODSiJLQDGHODZHEGHOD)XQGDFLyQ:HQFHVODR5RFHV
/DVUHIHUHQFLDVELEOLRJUiÀFDVVRQFLWDGDVWDO\FRPRDSDUHFLHURQHQ5HDOLGDG
6XWtWXORRULJLQDOHV'DV5|PLVFKH,PSHULXPGHU&lVDUHQ5|PLVFKH*HVFKLFKWH
5|PLVFKH *HVFKLFKWH HVFULWD HQWUH WUDGXFLGD DO HVSDxRO HQ SRU$OHMR *DUFtD 0RUHQR
FRPR+LVWRULDGH5RPD3DUDODÀJXUDGH$OHMR*DUFtD0RUHQRFI0LULOOD5RPHUR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
6XWtWXORRULJLQDOHV'DUVWHOOXQJHQDXVGHU6LWWHQJHVFK5RP·VLQGHU=HLWYRQ$XJXVW
ELV]XP$XVJDQJGHU$QWRQLQHYROWKHG(QODUHYLVWD5HDOLGDG
YRO,,,VLQQ~PHURGHSiJLQDODHGLWRULDO)RQGRGH&XOWXUD(FRQyPLFDDQXQFLD
HOOLEURGH)ULHGOlQGHU
0DJQtÀFDWUDGXFFLyQGHXQDGHODVREUDVPiVIDPRVDVGHODOLWHUDWXUDKLVWyULFDDSDUHFLGDEDMR
HOWtWXORGH´&XDGURVGHKLVWRULDGHODVFRVWXPEUHVURPDQDVKHUPRVDPHQWHLOXVWUDGDFRQ
OiPLQDVDWRGDSiJLQDHQFXDGHUQDGD«
(VHQHOQ~PHURVLJXLHQWH,,,GRQGHDSDUHFHODUHVHxDGH-RVp
/XLV5RPHURVREUHHOOLEURFRQODWUDGXFFLyQGH5RFHV5HVDOWD5RPHURTXHFDVLXQVLJOR
GHVSXpVGHTXHVDOLHUDDODOX]VHWUDGXFHDOHVSDxROODJUDQREUDGHOHUXGLWRDOHPiQ
)ULHGOlQGHUVHJXLGRUGH7HRGRUR0RPPVHQ\GH-DFRE%XUFNKDUGWHVFULELyHVWHOLEUR
HQXQPRPHQWRSRVWHULRUDODFULVLVGHUD]yQSRUODTXHORVKLVWRULDGRUHVFDPELDURQ
HOFRQWHQLGRKLVWyULFRSROtWLFRDQWHULRU$VtQRVH[SOLFD5RPHURODVFDUDFWHUtVWLFDVTXH
KDFHQGHODREUDGH)ULHGOlQGHUXQWH[WRIXQGDPHQWDOSDUDFRQRFHUOD$QWLJHGDG\
ODLPSRUWDQFLDGHTXHSRUSULPHUDYH]VHWUDGX]FDDOHVSDxROSUiFWLFDPHQWHXQVLJOR
GHVSXpVGHVXSXEOLFDFLyQ
*UDQGHVFXDGURVGHFRQMXQWRHQORVTXHFRUUHVSRQGLHURQDOSXHEORXQSDSHOGHSULPHUSODQR
PRVWUDQGRVXVIRUPDVGHYLGD\ODVDOWHUQDWLYDVGHVXDFWLWXGIUHQWHDODVÀJXUDVVLQJXODUHV
TXHSDUHFtDQGLULJLUODYLGDVRFLDO>«@$VtVXUJLyGHXQFRQMXQWRQRPX\RUJiQLFRSRUFLHUWR
ORTXHVHHPSH]yDOODPDUVLQGHPDVLDGDSUHFLVLyQSRUORGHPiVKLVWRULDGHODFXOWXUDRGHOD
FLYLOL]DFLyQ
'HQWURGHHVWDFRUULHQWHTXHGHVSHUWDEDHQVXWLHPSRVHRULHQWy/XGZLJ)ULHGOlQGHU\IUXWR
GHVXVLQYHVWLJDFLRQHVHQHVHVHQWLGRIXHVXQRWDEOHOLEURVREUHODVRFLHGDGURPDQDTXHDFDEDGH
SXEOLFDUVHHQ0p[LFRWUDGXFLGRSRUSULPHUDYH]DOHVSDxRO5RPHUR
:HQFHVODR5RFHV-RDTXtQ;LUDX\:HUQHU-DHJHU
´:HUQHU -DHJHU 3DLGHtD /RV LGHDOHV GH OD FXOWXUD JULHJD )RQGR GH &XOWXUD
(FRQyPLFD0p[LFRYROµ
3DLGHtDHVXQRGHORVWH[WRVIXQGDPHQWDOHVGHDQiOLVLVGHODFXOWXUDJULHJDHQ
WRUQRDOFRPSOHMRFRQFHSWRJULHJRTXHGDWtWXORDOOLEURFX\RDOFDQFHHVPXFKRPiV
DPSOLRGHORTXHSRGUtDPRVWUDGXFLUHQQXHVWUDOHQJXDFRPR´HGXFDFLyQµ3XEOLFDGD
HQ)RQGRGH&XOWXUD(FRQyPLFDODSULPHUDHGLFLyQHQHVSDxROGHFRQVWDGHXQ
SUyORJRGHODXWRUDOHPiQ(QpOGDJUDFLDVD-RDTXtQ;LUDXFRPRWUDGXFWRUTXHDVtOR
IXHGHORVOLEURV,\,,SHURVXDQWLFLSDGDPXHUWHKL]RTXH:HQFHVODR5RFHVWUDGXMHUDORV
OLEURV,,,\,9SRUORTXHQRHVPHQFLRQDGRHQHOSUyORJR/DHGLFLyQHQWUHVYRO~PHQHV
TXH UHVHxD 5RPHUR VH VXFHGH HQWUH ORV DxRV \ VLHQGR ORV OLEURV ,,, \ ,9
SXEOLFDFLRQHVSRUSULPHUDYH]GHORULJLQDODOHPiQWDPELpQLQpGLWR\FRQODWUDGXFFLyQ
DOHVSDxRO/DSULPHUDHGLFLyQHQXQ~QLFRYROXPHQVHUiPX\SRVWHULRUGH
-RDTXtQ ;LUDX HV WDPELpQ XQ H[LOLDGR GH OD *XHUUD &LYLO HVSDxROD GH RULJHQ
FDWDOiQ\DÀQFDGRHQ0p[LFR'LVFtSXORGHOD,QVWLWXFLyQ/LEUHGH(QVHxDQ]DGHFDQR
GHOD)DFXOWDGGH)LORVRItDGH%DUFHORQDKX\yKDFLD)UDQFLDHQODPLVPDDPEXODQFLD
/DSULPHUDHGLFLyQHQDOHPiQHQ\XQDVHJXQGDHQWLHQHQWDPELpQSUyORJRVGH:-DHJHU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
TXH$QWRQLR0DFKDGR5HSUHVHQWD;LUDXODÀJXUDGHXQDXWpQWLFRSHGDJRJRTXHVH
RFXSySURIXQGDPHQWHGHORVPpWRGRVGHHQVHxDQ]D6HJXLGRUGHVXDGPLUDGR5DPyQ
/OXOHVFULELUiFLWiQGROR´(ODPRUKDVLGRFUHDGRSDUDSHQVDUµ;LUDX(VSRU
FRQVLJXLHQWHXQDXWpQWLFRKXPDQLVWDTXHHQVXH[LOLRHQ0p[LFRDGTXLULyXQDQXHYD
IRUPDGHPLUDUORVHVWXGLRVKXPDQtVWLFRVWDO\FRPRVXKLMR5DPyQ;LUDXQRV
UHODWDVREUHVXPHPRULD
0LSDGUHPHGLMR\GLMRDYDULRVGHQRVRWURVTXHHQ0p[LFRKDEtDGHVFXELHUWRD(VSDxD2WUD
(VSDxDHQHIHFWRODGHORVKXPDQLVWDVODGH9LYHVODGH6DKDJ~Q/DV&DVDV9DVFRGH4XLURJD
(Q WRGRV HOORV KD\ DOJR GH FRP~Q \ GH YDORU HVSHFLDOPHQWH LPSRUWDQWH HQ QXHVWURV GtDV GH
GHVYDORUHO´RUGHQGHODPRUµ
6REUHODWUDVFHQGHQFLDGHORVHVWXGLRVGH;LUDXHQHOiPELWRGHODHGXFDFLyQ
$QWRQL0RUDUHLYLQGLFDVXÀJXUDSUHFLVDPHQWHDODOX]GHODSDODEUDJULHJDWLWXODQGR
´/DSDLGHtDUHSXEOLFDQDGH-RDTXtQ;LUDXµDOSUyORJRGHO7RPR,,,GHVXVREUDVFRPSOHWDV
0RUD;,;;HQHOTXHHVWDEOHFHODUHODFLyQ\ODGLIHUHQFLDHQWUHHOFRQFHSWR
¶HGXFDFLyQ·GH;LUDX\HOGH-DHJHU(VDVtTXHVHHVWDEOHFHXQDOtQHDGHFRPXQLFDFLyQ
LQGLUHFWDHQWUHOD$QWLJHGDG\ODDFWLWXGDFWLYDÀORVyÀFDSROtWLFD\SHGDJyJLFDGHO
SHGDJRJRFDWDOiQ
(Q FXDQWR DO OLEUR GH -DHJHU UHFRUGDPRV TXH QR HV VyOR XQ HVWXGLR VREUH OD
DQWLJXD*UHFLDVLQRWDPELpQXQDQiOLVLVTXHWUDVFLHQGHODFXOWXUDHXURSHDHLJXDOPHQWH
WUDQVPLVRUGHOFRPSURPLVRKXPDQtVWLFRGHVXDXWRU3DUDHOORQRVVLUYHQODVSDODEUDV
GHODXWRUHQHOSUyORJRGHODHGLFLyQHVSDxRODHVFULWRHQOD8QLYHUVLGDGGH+DUYDUG
HQ MXOLR GH DGRQGH VH KDEtD H[LOLDGR HO DOHPiQ KX\HQGR GHO QD]LVPR (Q HO
SUyORJRHQHOTXHKDFHUHIHUHQFLDDODSULPHUDHGLFLyQTXHFRUUHVSRQGtDDOSHUtRGRGH
HQWUHJXHUUDVGLFH
(VWHOLEURVHHVFULELyGXUDQWHHOSHUtRGRGHSD]TXHVLJXLyDODSULPHUD*XHUUD0XQGLDO<DQR
H[LVWHHO´PXQGRµTXHSUHWHQGtDD\XGDUDUHFRQVWUXLU3HUROD$FUySROLVGHOHVStULWXJULHJRVH
DO]DFRPRXQVtPERORGHIHVREUHHOYDOOHGHODPXHUWH\GHVWUXFFLyQTXHSRUVHJXQGDYH]HQOD
PLVPDJHQHUDFLyQDWUDYLHVDODKXPDQLGDGGROLHQWH-DHJHU;
'HVGHHVDPLUDGDTXHVREUHYXHODORTXHDFDHFHHQHOWLHPSRFRQWHPSRUiQHR
GHODXWRUDFDXVDGHODVGRVJXHUUDVPXQGLDOHVGHODVTXHODVXFHVLYDUHGDFFLyQGHORV
OLEURVTXHFRQIRUPDQ3DLGHtDVRQWHVWLPRQLRHVHOWDPELpQSHGDJRJR\FRODERUDGRUGH
)UDQFLVFR$\DOD/RUHQ]R/X]XULDJDHOHQFDUJDGRGHODUHVHxDSDUD5HDOLGDG'HVXV
SDODEUDVGHVWDFDPRVODYDORUDFLyQTXHKDFHGHOOLEURGH-DHJHUSRUVXDFWXDOLGDG
&XDQGRVHEXVFDQORVRUtJHQHVGHODVLGHDVHLQVWLWXFLRQHVHVHQFLDOHVGHQXHVWUDFXOWXUDVLHPSUH
YHQLPRVDSDUDUSRUXQFDPLQRXRWURDODIXHQWHFULVWDOLQDGH*UHFLD$OJXLHQKDGLFKRHQ
HVWHVHQWLGRTXHH[FHSWRODVIXHU]DVFLHJDVGHODQDWXUDOH]DQDGDVHPXHYHHQHOPXQGRTXHQR
VHDJULHJRHQVXRULJHQ$VtYHPRVSRUHMHPSORTXHORVLGHDOHVSROtWLFRVSHGDJyJLFRVTXHKDQ
HVWDGRHQSXJQD~OWLPDPHQWH\TXHD~QORHVWiQHQFLHUWRPRGRHOWRWDOLWDULR\HOGHPRFUiWLFR
OLEHUDOWLHQHQVXVDQWHFHGHQWHVUHPRWRVSHURPDQLÀHVWRVGHODHGXFDFLyQKHOpQLFDODHVSDUWDQD
\ODDWHQLHQVH$SHVDUGHWRGDVODVDSDUHQWHVGLIHUHQFLDVHVWDVFRQFHSFLRQHVVHFRUUHVSRQGHQ
GHXQPRGRWDQPDQLÀHVWRFRQDTXHOORVLGHDOHVTXHHVUDURTXHQRVHKD\DUHFRQRFLGRDQWHV
HVDFRLQFLGHQFLD'HDTXtTXHHOHVWXGLRGHODFXOWXUDFOiVLFDWHQJDXQYDORUSHUPDQHQWH\DTXH
QRVSHUPLWHYHUHQVXRULJLQDULDSXUH]DODVLGHDVTXHSUHGRPLQDQHQODYLGDGHQXHVWUDpSRFD
/X]XULDJD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
(VWD FRQFLHQFLD GH OD FRPSDUDFLyQ HQWUH ORV GRV WLHPSRV HQWUH HO GH OD
$QWLJHGDG \ HO GH OD pSRFD TXH YLYHQ ORV H[LOLDGRV HQ$UJHQWLQD SURGXFWR GH ORV
FRQÁLFWRVEpOLFRVTXHDVRODQ(XURSDHVIXQGDPHQWDOHQORVDQiOLVLVTXHGHODUHDOLGDG
KDFHWDPELpQ)UDQFLVFR$\DODXWLOL]DQGRODVUHIHUHQFLDVGHOPXQGRFOiVLFR&XDQGRHQ
FDVLWUHLQWDDxRVGHVSXpVHVFULEHHOSUyORJRSDUDODHGLFLyQGH(OWLHPSR\\RRHO
PXQGRDODHVSDOGDFRPSUREDPRVHOHMHUFLFLRGHXQDUHODFLyQVHPHMDQWHDODH[SXHVWD
SRU/X]XULDJDHQODUHVHxDVREUHHOOLEURGH-DHJHUFRQODFRQFLHQFLDGHODSHUPDQHQFLD
GHODFXOWXUDFOiVLFDSRUVXDFWXDOLGDG
3RUHMHPSORORLQDXGLWRGHXQDQRWLFLDOHtGDHQHOSHULyGLFRPDWXWLQRTXHQRVKDHVFDQGDOL]DGR
SRUORSURQWRFRPRPXHVWUDLQFUHtEOHGHODORFXUDGHQXHVWURVWLHPSRVSXHGHOOHYDUQRVKDFLD
XQWH[WRFOiVLFRGRQGHORUHIHULGRHQHOGLDULRHQFXHQWUDVXSDUDQJyQ&RQHVWRODWULYLDOLGDGGHO
VXFHVRSXEOLFDGRKR\SDUDTXHPDxDQDHVWpROYLGDGRDGTXLHUHVREUHHOIRQGRGHOWH[WRODWLQR
ODGLJQLGDGGHXQDSHUPDQHQFLDTXHORKDFHSHUHQQHPLHQWUDVTXHDVXYH]HOWH[WRYLHMR\
GLVWDQWHDSHUJDPLQDGRVHQRVKDFHDFWXDODOVXIULUDQWHQXHVWURVRMRVODLQYDVLyQGHXQDVDQJUH
FDOLHQWH$\DOD
.DUO.HUpQ\L
(QORVQ~PHURV\GHOYROXPHQ,,,GH5HDOLGDGHQVHSXEOLFDODFRQRFLGD
´&DUWD VREUH HO KXPDQLVPRµ GH 0DUWLQ +HLGHJJHU \ (QWUHDPEDVSDUWHVHQTXHVHGLYLGHHOWH[WRGH+HLGHJJHUVHSXEOLFDUi´(OKXPDQLVWD
HQ OD HQFUXFLMDGDµ GH .DUO .HUpQ\L 6REUH VX ÀJXUD HQ HO DUWtFXOR
SXEOLFDGRHQ5HDOLGDGHQQRWDDSLHGHSiJLQDVHVHxDOD´3URIHVRUGHOD8QLYHUVLGDG
GH %XGDSHVW HV XQR GH ORV PiV SUHVWLJLRVRV HVSHFLDOLVWDV DFWXDOHV HQ 0LWRORJtD H
+LVWRULDGHODVUHOLJLRQHVµLELG.HUpQ\LGRFWRUHQ)LORORJtDFOiVLFD
SRUOD8QLYHUVLGDGGH%XGDSHVWDOXPQRYLVLWDQWHHQGLVWLQWDV8QLYHUVLGDGHV\GHORV
SUHVWLJLRVRVÀOyORJRVFOiVLFRV(GXDUG1RUGHQ\8OULFKYRQ:LODPRZLW]0RHOOHQGRUII
GHVHUWRU SROtWLFR HQ FXDQGR ORV QD]LV HQWUDURQ HQ +XQJUtD YtFWLPD DVLPLVPR
GHO HVWDOLQLVPR \ H[LOLDGR ÀQDOPHQWH HQ 6XL]D GRQGH FRQVHJXLUi OD QDFLRQDOLGDG \
GHVDUUROODUiSDUWHGHVXVHVWXGLRVHVXQRGHORVJUDQGHVHUXGLWRVGHORVKXPDQLVWDV
GHOD$QWLJHGDG\XQRGHORVIXQGDGRUHVGHORVHVWXGLRVPRGHUQRVVREUHPLWRORJtD
-XQWRFRQ&DUO*XVWDY-XQJHVFULELy,QWURGXFFLyQDODHVHQFLDGHODPLWRORJtD
.HUpQ\L HQ ´(O KXPDQLVWD HQ OD HQFUXFLMDGDµ ÀUPDGR HQ %XGDSHVW LQYLHUQR
GHVWDFD OD FRQWUDSRVLFLyQ HQWUH OD KXPDQLWDV \ OR ´LQKXPDQRµ \ UHSDVD
HO FRQFHSWR ¶KXPDQLVPR· HQ ODV DQWLJXDV *UHFLD \ 5RPD SDUD UHFODPDU HO SDSHO
HVHQFLDOTXHKDGHHMHUFHUHOÀOyORJRFOiVLFRFRQWHPSRUiQHRPiVDOOiGHOHMHUFLFLRGHOD
LQYHVWLJDFLyQKLVWyULFD
$KRUD Vt GHEH KDEODU HO ÀOyORJR SUHFLVDPHQWH SRU WHQHU FRQFLHQFLD GH VX RFXSDFLyQ QR HV
LGpQWLFDDO¶KXPDQLVPR·HQVXVHQWLGRPiVDPSOLRWDOFRPRORGHÀQLPRVDQWHV\PiVD~QGH
/DWUDGXFFLyQGHODREUDGH0+HLGHJJHU´&DUWDVREUHHOKXPDQLVPRµVHGHEHD$:DJQHUGH5H\
QDSXEOLFDGRHQ5HDOLGDG
´+R\GtDFXDQGRKHPRVDEDQGRQDGRKDVWDODLGHDGHTXHSXHGDSUR\HFWDUVHDOJXQDFODULGDGGHVGH
ODKXPDQLWDVKDVWDVXSRORRSXHVWRKDOOHJDGRODKRUD\ODWHQVLyQHQORLQKXPDQRHQIDYRUGHOKXPD
QLVPRFRPRWDO\SDUDORVHVWXGLRVKXPDQtVWLFRVRPHMRUORTXHKDTXHGDGRHQSLHGHHVWRVHVWXGLRV
FRPRLQYHVWLJDFLyQFLHQWtÀFDGHOD$QWLJHGDGµ.HUpQ\L
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
TXHHVDRFXSDFLyQKXPDQtVWLFDVyORSRUVXRULJHQHQFXDQWRLQYHVWLJDFLyQKLVWyULFDKDSHUGLGR
GHVGHKDFHWLHPSRDTXHODSDVLRQDGRLQWHUpVSRUHOKRPEUHTXHFDUDFWHUL]D\FDUDFWHUL]DUiDO
¶KXPDQLVWD·PXFKRPiVTXHHOFRQRFLPLHQWRGHOODWtQ\HOJULHJR.HUpQ\L
6RQ UHVHxDEOHV VXV FRQFOXVLRQHV TXH UHODFLRQDQ HO KXPDQLVPR WDQWR SRU
VHPHMDQ]DFRPRSRUGLIHUHQFLDFRQVXYDORUHQOD$QWLJHGDG
7DPELpQHVWHKXPDQLVPREXVFDEDVROXFLRQHVHQOD$QWLJHGDGVROXFLRQHVGHODSUREOHPiWLFD
GH OD IRUPDFLyQ QR PHUDPHQWH GHO VHU KRPEUH 3RU DTXHO HQWRQFHV WRGDYtD QR VH LPSXVR OD
HYLGHQFLD GH TXH HQ OXJDU GHO KRPEUH SXHGH SUHVHQWDUVH GH UHSHQWH WDPELpQ HO QRKRPEUH
7XYRTXHOOHJDUODVHJXQGDJXHUUDPXQGLDOSDUDTXHFRPRDOXVLyQDOPHQRVHOJUDQÀOyORJR
.DUO5HLQKDUGWIRUPXODUDODSUHVXQFLyQGHTXHODVROXFLyQFOiVLFDVHRULJLQDDOOtGRQGH¶VHOXFKD
SRUODLPDJHQGHOKRPEUHDPHQD]DGD·µ.HUpQ\L
8QRGHORVHOHPHQWRVIXQGDPHQWDOHVGHFRQH[LyQFRQODREUDGH)UDQFLVFR$\DOD
YLHQH GHWHUPLQDGR SRU HO XVR GHO SUHFHSWR VRFUiWLFRGpOÀFR ¶FRQyFHWH D WL PLVPR·
.HUpQ\LDSURSyVLWRGH6yFUDWHVGLFHXWLOL]DQGRDOÀOyORJRFRPRVXMHWR
/DVHQWHQFLDGpOÀFD¶FRQyFHWHDWLPLVPR·ORUHPLWHDXQDFXHVWLyQTXHKDEUtDGHUHVROYHUVHDQWHV
TXHQLQJXQDRWUD\DODTXHpOWRGDYtDQRSXHGHFRQWHVWDUVLDFDVRpOHOKRPEUH6yFUDWHVQR
HVXQPRQVWUXRPiVFRPSOLFDGR\PiVPRQVWUXRVRD~QTXHHOIHQRPHQDO7LIHR¢2DFDVRpO
HOKRPEUHHVXQVHUPiVVXDYH\PiVVHQFLOORTXHSDUWLFLSDHQDOJRGLYLQR\QRPRQVWUXRVR"
.HUpQ\L
(VWDVHQWHQFLDHVWDUiSUHVHQWHHQ)UDQFLVFR$\DODFRPRSULQFLSLRUHFWRU/ySH]
&DODKRUUR(VTXL]iHOHOHPHQWRIXQGDPHQWDOFRQHOTXHHOLQWHOHFWXDO
UHÁHMDVXFRPSURPLVRYLWDOLQGLYLGXDOVXPHGLGDKXPDQDORTXHHQRWUROXJDUKHPRV
OODPDGR¶KXPDQLVPRLQDSHODEOH·/ySH]&DODKRUUR3HURWDPELpQKD\RWURV
SXQWRVGHHQFXHQWURHQWUHHOÀOyORJR\)UDQFLVFR$\DODGHPRGRTXHDOUHSDVDU.HUpQ\L
HOFRQFHSWRKXPDQLVPRLQFRUSRUDODVDSRUWDFLRQHVSURFHGHQWHVGHORVDXWRUHVJULHJRV
\URPDQRVFRPR7HUHQFLR0HQDQGURR3ODWyQ\WUDVHOORVDSDUHFHODJRUJRQD0HGXVD
7HQHPRVTXHOHHUHVWRVWULVWHVVLJQRV<FRQHOORFREUDYLGDHOURVWURGHODJRUJRQDTXHHVWDED
VLHPSUHDQWHQXHVWURVRMRVVLQTXHQRVGLpUDPRVFXHQWD(PHUJHSRUDVtGHFLUOR\DFW~D(VSHUR
TXHDFW~HGHXQPRGRELHQGLVWLQWRDOGHODPLWROyJLFDFDEH]DGHPHGXVDpVWDSDUDOL]DEDDWRGR
ORYLYLHQWHPLHQWUDVTXHODQXHYDGHELHUDOLEHUDUORSDUDOL]DGR.HUpQ\L
3XEOLFDGR HO WH[WR GH .HUpQ\L HQ GHVWDFDPRV OD VLPLOLWXG HQ HO XVR GH
PHGXVD TXH QRV H[SRQH )UDQFLVFR$\DOD HQ VX HQVD\R ´&DOGHUyQ 3RUTXH QR VHSDV
TXH Vpµ SXEOLFDGR HQ (Q HVWH WH[WR$\DOD UHÁHMD XQD FRQWUDGLFFLyQ VLPLODU D
ODGH.HUpQ\LVREUHODDFFLyQSDUDOL]DQWHGHODJRUJRQDDOUHFODPDUTXHVXDFFLyQVHD
OLEHUDGRUDHQOXJDUGHSDUDOL]DGRUDUHODWLYLGDGTXHHQ$\DODVHUHÁHMDUiHQXQGREOH
VHQWLGRWDQWRHQODDPELJHGDGGHTXLHQHVDJHQWHSRUWDGRUGHODPLUDGDSDUDOL]DQWH
6REUH HO KXPDQLVPR GH$\DOD ´$Kt HQ HVD LQGLYLGXDOLGDG TXH WDQ FDUD FXHVWD HV GRQGH YHR TXH
UDGLFD HO ¶KXPDQLVPR LQDSHODEOH· GH$\DOD &LFHUyQ \$XOR *HOLR KDEODURQ VREUH OD GLPHQVLyQ GH OD
KXPDQLWDV/DPHGLGDKXPDQDVHKDYLVWRWHUULEOHPHQWHDPHQD]DGDHQHOVLJOR;;3HUR$\DODQRSXHGH
VHUHQWHQGLGRVLQHVDPHGLGDHVSHFtÀFDPHQWHKXPDQD&RPRKDYLVWR,QPDFXODGDODPHMRUH[SUHVLyQ
GHHVWDPHGLGDHVHOVRFUiWLFRGpOÀFR¶FRQyFHWHDWLPLVPR·´*DUFtD-XUDGR
(OWH[WRHVWiQLQFOXLGRHQ/DSOXPDVGHOIpQL[$\DOD
(QVXHQVD\R´3RUTXHQRVHSDVTXHVpµUHÁHMDHODVSHFWRFRQWHPSRUiQHRGHHVWDPLUDGDGH0HGXVD
´6HJLVPXQGRTXLHUHH[WHUPLQDUDOLQWUXVRTXLHUHTXHEUDUHOHVSHMRGHODFRQFLHQFLDDMHQDSRUTXHVH
VLHQWHGHJUDGDGRDVXVRMRV/DYLVWDGHOH[WUDxRGHORWURHVVLHPSUHPLUDGDGH0HGXVDTXHQRVSHWULÀ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
RODPLUDGDWDPELpQOLEHUDGRUDGHODFRQFLHQFLDPiVH[DFWDPHQWHLQWHUURJDGRUDTXH
SRGUiVHUODFDEH]DGHOFRUGHURHQHOUHODWRTXHOOHYDHVWHQRPEUH/ySH]&DODKRUUR
38(5725,&2/$7255(<%,%/,27(&$'(&8/785$%É6,&$
'H$UJHQWLQD PDUFKD )UDQFLVFR$\DOD D 3XHUWR 5LFR GRQGH RFXSDUi OD SOD]D
GH&DWHGUiWLFRGH&LHQFLDV6RFLDOHV\GLULJLUiHO6HUYLFLRGH3XEOLFDFLRQHV$3XHUWR
5LFR OOHJD SDUD GDU XQ FXUVR HQ OD 8QLYHUVLGDG \ DOOt SRU HQFDUJR GHO UHFWRU GH OD
8QLYHUVLGDG -DLPH %HQtWH] HO HVFULWRU SRQGUi HQ PDUFKD HQ FRODERUDFLyQ FRQ OD
5HYLVWDGH2FFLGHQWHODFROHFFLyQ%LEOLRWHFDGH&XOWXUD%iVLFDGHOD8QLYHUVLGDGGH
3XHUWR5LFR7DPELpQGLULJLUiXQDQXHYDUHYLVWD/D7RUUHTXHDFWXDOPHQWHVHVLJXH
HGLWDQGR$PEDVHPSUHVDVVHIXQGDUiQHQ\HQQLQJXQDGHHOODVWDO\FRPRKDEtD
RFXUULGRHQ5HDOLGDGDSDUHFHUiHOQRPEUHGHQXHVWURHVFULWRU *DUFtD0RQWHUR
(Q/D7RUUHGHVWDFDPRVODSUHVHQFLDGHGRVHUXGLWRVGHODPLWRORJtDPRGHUQD
/XGZLJ6FKDMRZLF]\0LUFHD(OtDGH'XUDQWHHOSHUtRGRHQTXH)UDQFLVFR$\DODGLULJH
ODUHYLVWD/D7RUUHVHSXEOLFD´2UIHR\$QÀyQµGH6FKDMRZLF]\RWURDUWtFXOR
GH PLWRORJtD D FDUJR GHO (OLDGH ´/RV PLWRV HQ HO PXQGR PRGHUQRµ $PERV
WtWXORVVHSUHVHQWDQHQQ~PHURVVXFHVLYRVGHODUHYLVWDHQFRQFUHWRHQORVQ~PHURV
\UHVSHFWLYDPHQWH6REUHODÀJXUDGHOUXPDQR0LUFHD(OLDGHDQRWDPRVWDPELpQ
VX FRQGLFLyQ GH H[LOLDGR FRQ PRWLYR GH OD 6HJXQGD *XHUUD 0XQGLDO LQVWDOiQGRVH
SULPHUDPHQWH HQ 3DUtV \ SRVWHULRUPHQWH HQ &KLFDJR 6X DPSOtVLPD ELEOLRJUDItD
GD FXHQWD GH VX WDOOD LQWHOHFWXDO \ GH VXV DPSOLRV H LQQRYDGRUHV FRQRFLPLHQWRV
HVSHFLDOPHQWHHQHOiPELWRGHODPLWRORJtD
(QFXDQWRD/XGZLJ6FKDMRZLF]GHRULJHQDXVWULDFRHQHPLJUyD&XED
GRQGH IXQGy HO 7HDWUR 8QLYHUVLWDULR GH OD +DEDQD 3RVWHULRUPHQWH PDUFKy HQ D3XHUWR5LFRFRPRLQYLWDGRSDUDLPSDUWLUXQDVFRQIHUHQFLDV\GRQGHVHHVWDEOHFLy
KDVWD VX PXHUWH FRPR &DWHGUiWLFR GH OD 8QLYHUVLGDG (QWUH VXV REUDV GHVWDFDPRV
0LWR\H[LVWHQFLD\(OPXQGRWUiJLFRGHORVJULHJRV\GH6KDNHVSHDUH0LWR\
H[LVWHQFLDHVWiSHQVDGRWUHLQWDDxRVDQWHVGHVXSXEOLFDFLyQHVGHFLULQFOXVRDQWHVGHO
FD\FRQYLHUWHHQREMHWR¢4XLpQHQHOPXQGRKDEUiVLGRWDQGLFKRVRTXHQXQFDKD\DVHQWLGRHOLPSXOVR
GHDQLTXLODU²VLTXLHUDVHDDVXYH]FRQODPLUDGDDOTXHQRVKDVRUSUHQGLGRDFDVRHQXQPRPHQWRGH
GHELOLGDG">«@7RGRHVWRTXHHQQXHVWURVGtDVKDSXHVWRPX\GHUHOLHYHHODQiOLVLVH[LVWHQFLDOVHHQ
FXHQWUDH[SUHVDGRFRQIyUPXODGHÀQLWLYDHQORVGRVYHUVRVGH&DOGHUyQµ$\DOD
´-DLPH%HQtWH]>«@PHSURSXVRTXHPHTXHGDUDFRQXQFRQWUDWRSHUPDQHQWHSDUDRUJDQL]DUHOFXUVR
EiVLFRGHFLHQFLDVVRFLDOHV$ODxRVLJXLHQWHPHHQFRPHQGyODGLUHFFLyQGHODHGLWRULDOXQLYHUVLWDULDSDUD
GHVDUUROODUXQSURJUDPDGHSXEOLFDFLRQHVEDVWDQWHDPSOLRGHQWURGHOFXDOIXQGp\SXVHHQPDUFKDXQD
UHYLVWD/D7RUUHTXHKDVLGRSRUYDULRVDxRVODPHMRUSXEOLFDFLyQGHVXJpQHURHQOHQJXDFDVWHOODQDµ
$\DOD
´$PLOOHJDGDD3XHUWR5LFRIXLHQFDUJDGRGHUHRUJDQL]DUHOFXUVREiVLFRGHFLHQFLDVVRFLDOHV>«@SHUR
\DDODxRVLJXLHQWHPHSURSXVRHOUHFWRUTXHPHKLFLHUDFDUJRGHOD(GLWRULDO8QLYHUVLWDULD\SODQHDVHXQ
SURJUDPDHQFRRSHUDFLyQFRQOD5HYLVWDGH2FFLGHQWH\SRUFLHUWRTXHVLHVWRFRPSRUWDEDXQHQULTXH
FLPLHQWRFXOWXUDOSDUDDTXHOSDtVODYHQWDMDHFRQyPLFDIXHSDUD2UWHJD\VXIDPLOLD6HUtDFDVLXQDODUGH
GHSDUWHPtDODPHUDHQXPHUDFLyQGHODVREUDVTXHVHSXEOLFDURQHQXQEUHYHODSVRµ$\DOD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
HQVD\R´2UIHR\$QÀyQµDOTXHFLWDUtDHQVXSXEOLFDFLyQSRVWHULRU(QHOSUyORJRGH
ODHGLFLyQGHFRQIHFKDGHDEULOGHHGLWDGRWDPELpQSRUOD8QLYHUVLGDGGH
3XHUWR5LFR6FKDMRZLF]DQRWD
(VWH OLEUR HV OD YHUVLyQ UHYLVDGD \ FRQVLGHUDEOHPHQWH DPSOLDGD GH XQ WUDEDMR TXH WHUPLQp D
SULQFLSLRVGH$OJXQRVFDStWXORVGHODSULPHUDYHUVLyQDSDUHFLHURQHQODVUHYLVWDV/D7RUUH
3XHUWR5LFR\+XPDQLWDV0p[LFR6FKDMRZLF]
&DUORV5RMDVDSURSyVLWRGHXQHVWXGLRVREUHORV¶WUDQVWHUUDGRV·HQ3XHUWR
5LFRGHVWDFDHQSULPHUOXJDUSUHFLVDPHQWHDOLQWHOHFWXDODXVWULDFR3URIHVRUHQHVWH
SDtV GH YDULDV JHQHUDFLRQHV GH HVWXGLDQWHV VHJXLGRU GH 1LHW]VFKH \ GH +HLGHJJHU
6FKDMRZLF]UHVWLWX\HHOSHQVDPLHQWRPtWLFRJULHJRIUHQWHDOPRQRWHtVPRUHOLJLRVRGH
PRGRTXHSDUDpO´HOPLWRHVODYHUGDGGHODH[LVWHQFLDµ5RMDV/DSUHVHQFLD
GHODXVWULDFRVHPXHVWUDGHVGHHOSULPHUQ~PHURGHODUHYLVWD/D7RUUHFRQHODUWtFXOR
´/DIRUPDLQWHULRUGHODOLWHUDWXUDHXURSHDµ'HVSXpVGHFLWDUXQDGHODVREUDV
IXQGDPHQWDOHVVREUHHODQiOLVLVGHODOLWHUDWXUDHXURSHD\VXUHODFLyQFRQODOLWHUDWXUD
URPDQD ²QRV UHIHULPRV D OD LPSRUWDQWH REUD GH (UQVW 5REHUW &XUWLXV (XURSlLVFKH
/LWHUDWXUDQG/DWHLQLVFKHV0LWWHODOWHULELG²6FKDMRZLF]UHÁH[LRQDVREUHODUHODFLyQ
HQWUH OD WUDJHGLD JULHJD \ OD WUDJHGLD ¶PRGHUQD· PRVWUDQGR HO YtQFXOR TXH SHUPLWH
VHJXLUGRWDQGRGHDFWXDOLGDGDOJUDQJpQHUROLWHUDULRGHOD*UHFLDFOiVLFD3DUDHOORHO
VLJXLHQWHWH[WRHVXQEXHQH[SRQHQWHHQHOTXHVHVLQWHWL]D\H[SUHVDHOKXPDQLVPR
GH FDUiFWHU FOiVLFR KHUHGDGR DO WLHPSR TXH VH LPSUHJQD GH FRQWHPSRUDQHLGDG \
DFWXDOLGDG/D$QWLJHGDGQRHV\DVyORXQUHGHVFXEULPLHQWRVLQRFRPRGLFHHODXWRU
HV´XQDLPDJHQODWHQWHµTXHHOKRPEUHRFFLGHQWDOUHGHVFXEUHHQVtPLVPR
¢3HUR HV TXH H[LVWHQ DFDVR LPSXOVRV GH OD FUHDFLyQ HVSHFtÀFRV GHO 2FFLGHQWH ²DXQTXH VHDQ
¶KHUHGDGRV·GHOD$QWLJHGDG&OiVLFDTXHWXYLHUDQTXHREMHWLYDUVHHQREUDVSRpWLFDVWRWDOPHQWH
GLIHUHQWHVGHODVRWUDVFXOWXUDV"$HVWRFRQWHVWDUtDHQVHQWLGRDÀUPDWLYR8QRGHORVPHMRUHV
HMHPSORV SRGUtD VXPLQLVWUiUQRVOR HO JpQHUR GH OD WUDJHGLD TXH GHVSXpV GH VX QDFLPLHQWR
SOHQLWXG\PXHUWHHQ*UHFLDYROYLyDVXUJLUHQHO2FFLGHQWHUHQDFHQWLVWDpVWHOR¶DSUHQGLyHQ
ODHVFXHODGH6pQHFDORWUDQVIRUPy0DUORZH6KDNHVSHDUHFULVWLDQL]iQGRORDYHFHV&DOGHUyQ
5DFLQH\ORLQFRUSRUyDVtDVXDFHUYRGHWUDGLFLRQHVOLWHUDULDV3HURODSRVLELOLGDGGHODH[LVWHQFLD
GHODWUDJHGLD¶PRGHUQD·QRVHGHEHVLPSOHPHQWHDOUHGHVFXEULPLHQWRGHHVWHJpQHURGUDPiWLFR
VLQRDXQDGHWHUPLQDGDSUHGLVSRVLFLyQHQHOKRPEUHRFFLGHQWDODODLPDJHQODWHQWHTXHKDEtD
HQ pO GH OD UHDOLGDG WUiJLFD GH UHSHQWH GHVYHODGD SRU HO QXHYR FRQWDFWR FRQ OD$QWLJHGDG
6FKDMRZLF]
2PiVSUHFLVDPHQWHVXSURSLDFLWD´9pDVHPLHQVD\R2UIHR\$QÀyQ/DLPDJHQGHOSURWRDUWLVWDHQ
ODSRHVtDPRGHUQDLQFOXLGRHQHOQGH/D7RUUH8QLYHUVLGDGGH3XHUWR5LFRPDU]RGHGRQGH
PHUHÀHURDORVDVSHFWRVWUiJLFRVGHODH[LVWHQFLDGHODUWLVWDSS¶/RTXHpVWHVLHQWHFRPRODPiV
VX\RQRHVWiVRPHWLGRDVXFRQWUROHVXQSDVDMHURGRQGHSRGHUHVFHOHVWHVTXL]iVFDSULFKRVRV\KDVWD
PDOpÀFRVGHVGHODSHUVSHFWLYDGHOKRPEUH(ODUWLVWDHVXQFRQGHQDGRDODFUHDFLyQHOODOHRIUHFHPR
PHQWRVGHV~ELWDHXIRULDSHURWDPELpQOHKDFHSDVDUSRUDJRQtDVOHQWDV&RPRXQHVSHFWURDPHQD]DDO
FUHDGRUODGHVHVSHUDQ]DSRUODOHMDQtDGHORVGLRVHV<KDVWDODSUHVHQFLDGHHOORVSXHGHVHUXQDSUXHED
SRUHQFLPDGHODVIXHU]DVKXPDQDV¢1RKDEtDDGYHUWLGR\D$SRORHVWDYXOQHUDELOLGDG\HVFODYLWXGGHO
KRPEUHFUHDGRUFXDQGRVHGLULJLyDODVPXVDVGHVSXpVGHUHYHODUVHD$QÀyQ"£$PDGOHFXLGDGOH3HUR
VDEHGTXHSDUDpO\DQRKD\IHOLFLGDG«6yORYLYHSDUDPt/HKHHVFRJLGRFRPRXQDFLPDHVHVFRJLGD
SRUHOUD\R·µ6FKDMRZLF]
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
-XQWRDODUHYLVWD/D7RUUHVHLQDXJXUDHORWURSUR\HFWRGHOD8QLYHUVLGDGGH
3XHUWR 5LFR OD %LEOLRWHFD GH &XOWXUD %iVLFD HQ FRQ )DXVWR GH *RHWKH 'H OD
LPSRUWDQFLDGHHVWDVHOHFFLyQ*UHJRULR:HLPEHUJHVFULELUiXQDLPSRUWDQWHUHVHxD
VREUH OD FROHFFLyQ FXDWUR DxRV GHVSXpV HQ /D UHYLVWD GH OD %LEOLRWHFD 1DFLRQDO GH
%XHQRV$LUHV%DMRHOWtWXOR´%LEOLRWHFDGH&XOWXUD%iVLFDµ:HLPEHUJHOSURIHVRU
GHOD8QLYHUVLGDGDUJHQWLQDUHVXPHORSRFRFRP~QGHODVUHIHUHQFLDVGHHVWHFDUiFWHU
JOREDO TXH YHUVDQ VREUH FROHFFLRQHV GH REUDV FOiVLFDV FLUFXQVFULWDV QRUPDOPHQWH D
GHWHUPLQDGRVOLEURVRDXWRUHV/DUD]yQGHRFXSDUVHGHODFROHFFLyQHQVXFRQMXQWR
VHGHEHDODVFXDOLGDGHVTXHLPSUHJQDQODVHOHFFLyQGHFDGDXQRGHORVWH[WRVTXHOD
FRPSRQHQ \ TXH H[SOLFLWD GHO VLJXLHQWH PRGR ´(Q XQD SDODEUD ORV SREUHV FOiVLFRV
VRQTXL]iORSHRUWUDWDGRVGHWRGDODJDOHUtDGHDXWRUHVµ:HLPEHUJ\HVWR
DSURSyVLWRGHFyPRKDVWDODIHFKDVHKDEtDQLGRWUDGXFLHQGRREUDVFOiVLFDVGHXQRV
LGLRPDVDRWURVVLQWHQHUHQFXHQWDHORULJLQDORFRQHVWXGLRVQRFRLQFLGHQWHVWH[WRV
LQFRPSOHWRV\XQDVXHUWHGLYHUVDGHLQH[DFWLWXGHVTXHGHVFXLGDEDQHOULJRUFLHQWtÀFR
(Q FRQWUDSRVLFLyQ OD FROHFFLyQ TXH GLULJH$\DOD HYLGHQFLD ´XQD SUHRFXSDFLyQ PX\
VHULD \ XQ UHVSHWR HQFRPLDEOH SRU ORV TXHKDFHUHV GH OD LQWHOLJHQFLDµ DGHPiV GH
GHVWDFDU´HOYDORUGHORVWtWXORVDSDUHFLGRVKDVWDODIHFKDµLELG3RVWHULRUPHQWH
:HLPEHUJFHQWUDVXFRPHQWDULRVREUHHO'LVFXUVRGHOPpWRGRHO)DXVWR/RV/XVtDGDV(O
SUtQFLSHGH0DTXLDYHORODV/HFFLRQHVVREUHODÀORVRItDGHODKLVWRULDXQLYHUVDOGH+HJHO\ODV
2EUDVFRPSOHWDVGH6KDNHVSHDUHGHVWDFDQGRHQFDGDXQDGHHVWDVREUDVWDQWRHOYDORU
GHODVWUDGXFFLRQHVHOHJLGDVODVPiVFRQRFLGDVRHUXGLWDVKDVWDODIHFKDFRPRHOGH
ODFDOLGDGGHORVSUyORJRVLQFRUSRUDGRVHQFDGDXQDGHHVWDVHGLFLRQHV(QGHÀQLWLYD
ORVOLEURVTXHLQWHJUDQODFROHFFLyQGHOD%LEOLRWHFDGH&XOWXUD%iVLFDVRQXQKLWRHQ
HVH PRPHQWR SRU VX ULJRU FLHQWtÀFR 'HVWDFD SRU HMHPSOR OD WUDGXFFLyQ GH OD REUD
FRPSOHWDGH(GJDU$OODQ3RHHQFDUJDGDSRU)UDQFLVFR$\DODD-XOLR&RUWi]DU(QOR
TXHUHÀHUHDREUDVIXQGDPHQWDOHVGH*UHFLD\5RPDVHSXEOLFD/D,OtDGDGH+RPHUR
\/DVOH\HVGH&LFHUyQ1LQJXQDGHODVGRVREUDVHVWiUHVHxDGDSRU:HLPEHUJSHUR
FXULRVDPHQWH Vt VH ODV FLWD HQ OD HQWUHYLVWD TXH HO SXHUWRUULTXHxR $UPLQGR 1~xH]
UHDOL]yD)UDQFLVFR$\DODVREUHVXHVWDQFLDHQ3XHUWR5LFRHQ
8QRGHORVHOHPHQWRVPiVVLJQLÀFDWLYRVGHVXREUDHQ3XHUWR5LFRQRPHUDPHQWHHVODIXQGDFLyQ
\ODPDUFDGHLGHQWLGDGGH/D(GLWRULDOVLQRODLPSRUWDQFLDGHORVWH[WRVWUDGXFLGRV\ODVHOHFFLyQ
GHWUDGXFWRUHVFRQRFHGRUHVGHVXRÀFLRWDOHVFRPR,OGHIRQVR*LO/ySH]/DV/XVtDGDV5LVLHUL
)URQGL]L(OGLVFXUVRGHOPpWRGR/XLV$URFHQD(OSUtQFLSH/XLV$VWUDQDREUDVGH6KDNHVSHDUH
5RJHU/DEURXVVH/DV/H\HV/XLV6HJDOi(VWDOHOOD/D,OtDGD\$QWRQLR(VSLQDREUDVGH9ROWDLUH
1~xH]
3UHFLVDPHQWHVRQXQRVYHUVRVGH)DXVWRGH*RHWKHORVTXHLQLFLDQFDGDXQRGHORVQ~PHURVGH/D7RUUH
FRQODVLJXLHQWHWUDGXFFLyQGH-XDQ5DPyQ-LPpQH]´1DFtSDUDYHUPLVLQRHVPLUDUMXUDGRDPLWR
UUHHOPXQGRPHJXVWD/ROHMDQRPLURPLURORFHUFDQRODOXQD\ODHVWUHOODODVHOYD\HOFRU]Rµ
*UHJRULR:HLPEHUJKXPDQLVWD\SURIHVRUGHOD8QLYHUVLGDGGH%XHQRV$LUHVIXHWDP
ELpQGLUHFWRUGHOD%LEOLRWHFD1DFLRQDO\GLUHFWRUGHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtÀFDV\
7pFQLFDV'XUDQWHODGLFWDGXUDVXIULyDVLPLVPRODPDUJLQDFLyQSHURSRVWHULRUPHQWHUHLQFRUSRUDGRDOD
8QLYHUVLGDG\UHFRQRFLGRFRQGLVWLQWRVKRQRUHVSUHPLRV\GLVWLQFLRQHV
<DxDGH´(VDSULPHUDFROHFFLyQGHODTXHKDEOiEDPRVOD%LEOLRWHFDGH&XOWXUD%iVLFDTXHWRGDYtDVHVLJXH
XWLOL]DQGRHQPXFKRVFXUVRVXQLYHUVLWDULRV¢XVWHGODFRQFLELyDUDt]GHXQDVFRQYHUVDFLRQHVFRQGRQ-DLPHRXVWHG
WUDtD\DODLGHD"1RWRGRIXHVXUJLHQGRVREUHODPDUFKDFUHiQGRVHGHXQPRGRDFWLYRHVSRQWiQHRSHU
VRQDOSHURQRFRPRVLIXHUDDOJRTXHOOHYDXQR\ORVDFDHQHOPRPHQWRSDUDDSOLFDUORVLQRTXHVHLED
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
$ OD LQWHUYHQFLyQ GHO SHULRGLVWD HO LQWHOHFWXDO JUDQDGLQR UHVSRQGH FRQ XQ
HVFXHWR´6tµ$FRQWLQXDFLyQH[SRQHPRVXQDQiOLVLVGHODVHOHFFLyQGHODWUDGXFFLyQ\
HOHVWXGLRSUHOLPLQDUGHTXHFRQVWDFDGDXQDGHODVGRVREUDVLQFOXLGDVHQHOFDWiORJR
GHODFROHFFLyQ$FWXDOPHQWHDPEDVREUDVIRUPDQSDUWHGHORVIRQGRVGHOD)XQGDFLyQ
)UDQFLVFR$\DODHQ*UDQDGD(VSDxDHQXQFRQMXQWRGHGLH]TXHKDSRGLGRUHFXSHUDU
ODLQVWLWXFLyQ
/D,OtDGDGH+RPHURSRU*XLOOHUPR7KLHOH\/XLV6HJDOi
/D,OtDGDGHOD%LEOLRWHFDGH&XOWXUD%iVLFDFRQVWDGHODFRQRFLGD\SUHVWLJLRVD
WUDGXFFLyQGH6HJDOiGHTXHFRQVWLWX\yMXQWRFRQHOUHVWRGHODREUDGH+RPHUR
XQDGHODVFXDWURSDUWHVGHXQRGHORVJUDQGHVKLWRVGHOKRPHULVPRHQOHQJXDHVSDxROD
\TXHIRUPDSDUWHGHODV2EUDVFRPSOHWDVGH+RPHURSXEOLFDGDVHQ(OTXHIXHUD
&DWHGUiWLFR GH *ULHJR GH OD 8QLYHUVLGDG GH %DUFHORQD GHVGH /XLV 6HJDOi \
(VWDOHOOD\TXHPRULUtDHQOD*XHUUD&LYLOHVSDxRODHQXQRGHORVIUHFXHQWHV
ERPEDUGHRVTXHVXIULyODFLXGDGFDWDODQDUHDOL]yXQDWUDGXFFLyQGHODREUDGH+RPHUR
FDUDFWHUL]DGDSRUXQDÀGHOLGDGDEVROXWDDOWH[WRGHWDOPRGRTXHKDVWDORVDxRV
VHGLFHTXH+RPHUR¶KDEOySRUERFDGH6HJDOi·&DUOHV0LUDOOHVHQODVHPEODQ]DTXH
GHGLFDDOSURIHVRUGHOD8QLYHUVLGDGGH%DUFHORQDVHxDODODSDUDGRMDÀQDOGHXQ6HJDOi
ROYLGDGRGHVSXpVGHVXPXHUWHDOWLHPSRTXHVXVWUDGXFFLRQHVKRPpULFDVQRFHVDEDQ
GHVHUUHHGLWDGDVLQFHVDQWHPHQWH0LUDOOHV
$QWHVGHODIHFKDGHDxRHQTXHVHSXEOLFDHVWD,OtDGDGHOD%LEOLRWHFDGH
&XOWXUD%iVLFDGHOD8QLYHUVLGDGGH3XHUWR5LFRDORWURODGRGHO$WOiQWLFRVHSXEOLFDQ
ODV VLJXLHQWHV HGLFLRQHV GH ODV REUDV GH +RPHUR OD 2GLVHD WDPELpQ YHUVLyQ GLUHFWD
\OLWHUDOGHOJULHJRGH/XLV6HJDOi%XHQRV$LUHV(VSDVD&DOSH\ODFRQRFLGD
WUDGXFFLyQGH$OIRQVR5H\HVGHORV,;SULPHURVFDQWRVGHOD,OtDGD0p[LFR%XHQRV
$LUHV)RQGRGH&XOWXUD(FRQyPLFD(QODUHVHxDGH-RUJH3iUDPR3RPDUHGD
FRQVWDWDPRV ODV VLJXLHQWHV SXEOLFDFLRQHV KLVSDQRDPHULFDQDV GH WHPD
IRUPDQGRFRQODSUiFWLFD(QHVRVDxRVVHFUHDOD)DFXOWDGGH(VWXGLRV*HQHUDOHVGRQGHVHRIUHFHQHVRVFXUVRVGH
FXOWXUDEiVLFDSDUDORVHVWXGLDQWHVGHSULPHUDxR\VLPXOWiQHDPHQWHXVWHGODERUDHQORVFRPLHQ]RVGHODPLVPD
&RQHVDFROHFFLyQVHHVWiQFUHDQGRMXVWDPHQWHORVWH[WRVSDUDORVFXUVRVTXHDOOtVHRIUHFHQ(UDODLGHDGH-DLPH
%HQtWH]DODTXH\RPHVXPp\FRRSHUpFRQODPHMRUGLVSRVLFLyQGHiQLPRDVtTXHIXHXQUHVXOWDGRGHO
IUXWRGHXQDFRODERUDFLyQLQWHOHFWXDODPLVWRVDµ1~xH]
&LWDPRVDFRQWLQXDFLyQHOFRQMXQWRGHREUDVTXHKDVWDVHSXEOLFDURQFRQHOÀQGHFRQWUDVWDUOD
LPSRUWDQFLDGHODVGRVREUDVGHOOHJDGRJUHFRUURPDQRHQHVWHFRUSXV6HJXLPRVHOHVWXGLRGH0DQXHO
*yPH]5RV´*RHWKH-RKDQQ:ROIJDQJYRQ)DXVWR7UDGXFFLyQGH-RVp5RYLUDOWD%RUUHOO
(VWXGLRGH:LOOLDP6LQ]>6LQIHFKDIXHHOSULPHUYROXPHQGHODFROHFFLyQ@+HJHO*HRUJ:LOKHOP)ULH
GULFK/HFFLRQHVVREUHODÀORVRItDGHODKLVWRULDXQLYHUVDO7UDGXFFLyQGH-RVp*DRV(VWXGLRSUHOLPLQDU
GH$GROIR*&DUSLR'HVFDUWHV5HQp(OGLVFXUVRGHOPpWRGR7UDGXFFLyQHVWXGLRSUHOLPLQDU\QRWDV
GH5LVLHUL)URQGL]L&DPRHQV/XtV/RV/XVLDGDV7UDGXFFLyQSUyORJR\QRWDVGH,GHOIRQVR0DQXHO
*LO0DTXLDYHOR1LFROiV(OSUtQFLSH7UDGXFFLyQGH/XLV1DYDUUR(GLFLyQQRWDV\DSpQGLFHVGH
/XLV$$URFHQD6KDNHVSHDUH:LOOLDP2EUDVFRPSOHWDV,0DFEHWK7UDEDMRVGHDPRUSHUGLGRV0XFKRUXLGR
SDUDQDGD(GLFLyQ\WUDGXFFLyQGH/XLV$VWUDQD0DUtQ9HJD/RSHGH/D'RURWHD(GLFLyQ
SUyORJR\QRWDVGH-RVp0DQXHO%OHFXD&LFHUyQ/DVOH\HV7UDGXFFLyQLQWURGXFFLyQ\QRWDVGH
5RJHU/DEURXVVH+RPHUR/D,OtDGD7UDGXFFLyQGH/XLV6HJDOiµ
&RQHOVXEWtWXOR9HUVLyQGLUHFWD\OLWHUDOGHOJULHJRSRU/XLV6HJDOi\(VWDOHOODHGLFLyQDGRUQDGDFRQLOXV
WUDFLRQHVDUTXHROyJLFDVGHFDUiFWHUKRPpULFR%DUFHORQD0RQWDQHU\6LPyQHGLWRUHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
KRPpULFR DQWHULRUHV D OD GH$OIRQVR 5H\HV GRQGH LQGLFD OD \D H[LVWHQWH HGLFLyQ GH
6HJDOiTXHFLUFXODEDFRPR¶SLUDWD·
OD ,OtDGD GH *XLOOHUPR -QHPDQQ &RQFHSFLyQ &KLOH \ GHO 3DGUH$ /DSDOPD %XHQRV
DLUHVVIORVIUDJPHQWRVGHOD,OtDGD\OD2GLVHDWUDGXFLGRVSRU/HRSROGR/XJRQHVODHGLFLyQ
¶SLUDWD·GHXQPDODUUHJORGHODYHUVLyQGH6HJDOi\(VWDOHOODGHELGRDOD8QLYHUVLGDG1DFLRQDO
GH0p[LFR,OtDGDYROV2GLVHDYROGRVUHLPSUHVLRQHVGHODPLVPDWUDGXFFLRQHV
XQD FRQ LQWURGXFFLyQ GH 3HGUR +HQUtTXH] 8UHxD %XHQRV $LUHV \ RWUD FRQ HVWXGLR
SUHOLPLQDU GH -XDQ 'DYLG *DUFtD %DFFD %XHQRV$LUHV &OiVLFRV -DFNVRQ \ ODV 2EUDV GH
+RPHUR FRPSUHQGLGRV ORV +LPQRV 3DVWR WUDGXFLGDV SRU HO FRORPELDQR /HRSROGR
/ySH]ÉOYDUH]
(O WH[WR KRPpULFR HVWi DFRPSDxDGR GH XQD ´,QWURGXFFLyQµ H ´ÌQGLFHVµ GH
*XLOOHUPR7KLHOHSURIHVRUGHOD8QLYHUVLGDGGH%XHQRV$LUHV/DHQWLGDGGHOWH[WRTXH
VLUYHGHLQWURGXFFLyQDODWUDGXFFLyQGH6HJDOiVHUiSXEOLFDGRHQ&DUDFDVFRQ
HOWtWXOR+RPHUR\VX,OtDGDGLVWLQJXLGRSRUHODxDGLGRGHXQ~QLFRSXQWRTXHOOHYDSRU
WtWXOR´/DIXQHVWDPrQLVµ7KLHOH1RREVWDQWHQRKD\QLQJXQDUHIHUHQFLD
DODHGLFLyQSUHYLDGH3XHUWR5LFR&RPRFRQWUDSRUWDGDOHHPRVHQODHGLFLyQGH
HOVLJXLHQWHWH[WRTXHGHVWDFDODLPSRUWDQFLDGHVXHVWXGLR
&RQVXKRQGXUD\SHUVSLFDFLDKDELWXDOHVHOSURIHVRU*XLOOHUPR7KLHOHKDHVFULWRXQDREUDGH
VtQWHVLVDODYH]HUXGLWD\DPHQDTXHSXHGHVHUFRQVLGHUDGDMXQWRDORVPHPRUDEOHVWUDEDMRV
GH$OIRQVR5H\HVFRPRODFRQWULEXFLyQPiVHIHFWLYD\SHUGXUDEOHKHFKDKDVWDKR\HQQXHVWUR
LGLRPD DO HVWXGLR GH OD HSRSH\D JULHJD \ GH VX PiV H[LPLR UHSUHVHQWDQWH 6H WUDWD ²FRPR pO
PLVPRORH[SOLFDGH¶XQDEUHYHH[FXUVLyQDWUDYpVGHHVHODEHULQWRTXHVXHOHOODPDUVHODFXHVWLyQ
KRPpULFD·
(QFXDQWRDORVtQGLFHVLQFOXLGRVSRU7KLHOH´ÌQGLFHVGHQRPEUHV\GHPDWHULDVµ
GHVWDFDPRVHOULJRUGHODUHYLVLyQDSDUWLUGHORVWpUPLQRVXWLOL]DGRV
SRU6HJDOi&RQDEVROXWRUHVSHWRDODHGLFLyQGHOÀOyORJRFDWDOiQ7KLHOHHVFULEH
(VWHtQGLFHUH~QHWRGRVORVQRPEUHVSURSLRVTXHVHHQFXHQWUDQHQODSUHVHQWHYHUVLyQGHOD,OtDGD
\HQODIRUPDHQTXH6HJDOi\(VWDOHOODOHVGLR/HVDJUHJDDOJXQRVWpUPLQRVTXHHOWUDGXFWRU
YHUWLyDOFDVWHOODQRPLHQWUDVTXHODELEOLRJUDItDLQWHUQDFLRQDOUHFLHQWHVXHOHUHIHULUVHDHOORVFRQ
ODUHVSHFWLYDYR]JULHJDSHM.HUHVYpDVH3DUFDV/LWDLYpDQVH6~SOLFDV$OOtGRQGHODYHUVLyQ
GHMD OXJDU D GXGDV HO tQGLFH WUDWD GH GHVYDQHFHUODV >«@ (O tQGLFH SUHWHQGH VHU H[KDXVWLYR
(VGHFLUHQXPHUDSRUUHJODWRGRVORVSDVDMHVHQTXHDSDUHFHXQQRPEUH>«@(OtQGLFHHVWi
HODERUDGRVREUHODEDVHGHORULJLQDOJULHJR&RPRHVLPSRVLEOHVHxDODUYHUVRSRUYHUVRORTXHOH
FRUUHVSRQGHHQHOWH[WRGH6HJDOi\(VWDOHOODHOOHFWRUGHEHUiJXLDUVHSRUODQXPHUDFLyQJOREDO
DOPDUJHQ
3iUDPRUHPLWHDODHGLFLyQGHGH6HJDOiHQODQRWDGHODUHVHxD'LFH6HJDOi/;,9/;9
´$OJRHVFDPDGRVDOYHUTXHQRVHWUDWDEDGHXQDQXHYDWUDGXFFLyQSURFXUDPRVOHHUODVGRVSiJLQDV
GHGLFKDREUDTXHVHUHSURGXFtDQHQUHGXFLGRWDPDxR\FXiOQRVHUtDQXHVWURDVRPEURDOGHVFXEULU
TXHODWUDGXFFLyQSXEOLFDGDHUDXQDVHJXQGDHGLFLyQGHODQXHVWUDVLQHVWDPSDUHQHOODHOQRPEUHGHO
WUDGXFWRU´
&RPSUREDPRV GH HVWH PRGR FyPR FXPSOH OD HGLFLyQ GH HVWD ,OtDGD FRQ ODV YLUWXGHV UHDO]DGDV SRU
:HLPEHUJHQVXUHVHxDVREUHHOFRQMXQWRGHODFROHFFLyQGLULJLGDSRU)UDQFLVFR$\DOD²>@HVWDHMHPSODU
HPSUHVDTXHHVOD²%LEOLRWHFDGH&XOWXUD%iVLFD²SDWURFLQDGDSRUOD8QLYHUVLGDGGH3XHUWR5LFRDGH
PiVGHORVYDORUHVLQWUtQVHFRVGHVXVSXEOLFDFLRQHVGHEHUiVHUYLUGHHMHPSORSDUDTXHHQHOIXWXURVH
DEDQGRQHODSROWURQHUtDLQWHOHFWXDO\VHSRQJDFXLGDGRHQODVHOHFFLyQGHORVWH[WRVORVTXHGHEHUiQ
HVWDUDFRPSDxDGRVVLHPSUHGHHVWXGLRVSUHOLPLQDUHVPRGHUQRVQRWDVRSRUWXQDVLOXVWUDFLRQHVDGHFXD
GDVtQGLFHVFRPSOHWRVHWF²:HLPEHUJ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
/DVOH\HVGH&LFHUyQSRU5RJHU/DEURXVVH
/DSXEOLFDFLyQGH/DVOH\HVGH&LFHUyQHQHVWDFROHFFLyQQRHVXQDFDVXDOLGDG
(OLQWHUpVGHOLQWHOHFWXDOJUDQDGLQRSRUODREUDGHOURPDQRSURFHGHGHDOPHQRVXQD
GpFDGD DQWHULRU D HVWD SXEOLFDFLyQ GH FRLQFLGLHQGR \D FRQ VX pSRFD GH H[LOLR
$VtHQ+LVWRULDGHODOLEHUWDGWH[WRDPSOLDGRSRVWHULRUPHQWHHQ´(QVD\RVREUHOD
OLEHUWDGµOHHPRV
'HHVWDQXHYDVFRUULHQWHVGHSHQVDPLHQWRGHVDUUROODGDVVREUHWRGRHQHOFDPSRGHODDQWLJXD
FXOWXUDJULHJDUHSUHVHQWDHQ5RPDXQEURWHPDJQtÀFR\SUHFR]&LFHUyQ²SHQVDGRUPXHUWR
DxRVDQWHVGHOQDFLPLHQWRGH&ULVWRTXHHQVXHVFULWR'HODV/H\HVVHRSRQH\DFRQYLJRURVRV
DUJXPHQWRV D OD YLHMD GRFWULQD DULVWRWpOLFD GH OD GHVLJXDOGDG QDWXUDO HQWUH ORV KRPEUHV
GHIHQGLHQGR OD WHVLV GH OD LJXDOGDG GH WRGRV ORV KXPDQRV IXQGDGR HQ OD FRPXQLGDG GH OD
QDWXUDOH]D UDFLRQDO GH GRQGH HPDQD HO GHUHFKR 8Q VLJOR PiV WDUGH 6pQHFD IRUPDGR HQ OD
ÀORVRItDHVWRLFDSURFODPDODLJXDOFDSDFLGDGGHWRGRVORVKRPEUHVSDUDODYLUWXGHTXLSDUDQGR
GHHVWDPDQHUDDOLEUHV\HVFODYRV$\DOD
'HVSXpV GH WUHFH DxRV HVWH LQWHUpV \D PDQLÀHVWR SRU OD REUD GH &LFHUyQ VH
PDWHULDOL]DFRQODHGLFLyQGH5RJHU/DEURXVVHTXHKDEUtDGHVHUYLUSDUDORVHVWXGLRV
GH OD 8QLYHUVLGDG SXHUWRUULTXHQVH 6REUH OD UHODFLyQ GH $\DOD FRQ /DEURXVVH HQ
5HDOLGDG,VHUHVHxDVXOLEUR(QWRUQRDOD7HRGLFHD(GLW)DFXOWDGGH
)LORVRItD\/HWUDV7XFXPiQ/DEURXVVHHVXQLQWHOHFWXDOGHRULJHQ
IUDQFpVDXWRH[LOLDGRHQFRQPRWLYRGHOHVWDOOLGRGHOD6HJXQGD*XHUUD0XQGLDO
'H 0p[LFR PDUFKD D $UJHQWLQD LQVWDOiQGRVH HQ OD 8QLYHUVLGDG GH 7XFXPiQ FRPR
SURIHVRUHQ$OOtVHURGHDUiGHXQQXWULGRJUXSRGHLQWHOHFWXDOHVDUJHQWLQRV\
RWURV LJXDOPHQWH H[LOLDGRV GH (XURSD SRU ORV FRQÁLFWRV EpOLFRV WDOHV FRPR 0DQXHO
*DUFtD 0RUHQWH 5RGROIR 0RQGROIR %HQYHQXWR 7HUUDFLQL (OVD 7DEHUQLJ R -DFNTXHV
5XVK&DWHGUiWLFRGHODWtQ\OLWHUDWXUDIUDQFHVDHQSDODEUDVGH-XGLWK&DVDOLGH%DERW
/DEURXVVHIXH´XQHUXGLWR\VXWLOODWLQLVWDXQSURIXQGRFRQRFHGRUGHODFXOWXUDFOiVLFD
/D SHUPDQHQFLD GH VX REUD QRV SHUPLWH FRQWDU KR\ FRQ OD LPSHFDEOH LQWURGXFFLyQ
WUDGXFFLyQ H LQWHUSUHWDFLyQ GH /DV OH\HV GH &LFHUyQµ &DVDOL 9tFWLPD D
VXYH]GHODVQXHYDVLQMXVWLFLDVWRWDOLWDULDVTXHVXIULUi$UJHQWLQDVHUiH[SXOVDGRGH
VXFiWHGUDHQ6XUHVWLWXFLyQHQOOHJDUiWDUGHSXHVHVHODxRHQTXHPXHUH
FRLQFLGLHQGR FRQ OD SXEOLFDFLyQ HQ OD FROHFFLyQ %LEOLRWHFD GH &XOWXUD %iVLFD GH OD
8QLYHUVLGDG GH 3XHUWR 5LFR REUD TXH VLJXH XWLOL]iQGRVH FRPR ELEOLRJUDItD HQ ORV
SODQHVGHHVWXGLRGHHVWDXQLYHUVLGDG
/DHGLFLyQGH/DVOH\HVGH&LFHUyQMXQWRFRQODGHÉOYDUR'·2UVHVXQD
DSXHVWDSRUGDUDFRQRFHUHVWDREUDGHORUDGRUURPDQRKDVWDHQWRQFHVSRFRFRQRFLGD
2WDPELpQ´(VWDVUHÁH[LRQHVWRPDGDVGHOSHQVDGRUUXVR³FRPSDUWLGDVSRU/DEURXVVHQRTXHGDURQ
HQPHURVDQiOLVLVHVSHFXODWLYRVODVKL]RSDUWHGHVXYLGDODVYROFyFRPRGRFHQWHFRPRLQYHVWLJDGRU
FRPRDPLJRDWUDYpVGHVXFRPSURPLVRFRQOD8QLYHUVLGDG1DFLRQDOGH7XFXPiQ'HDTXtVXDVRPEUR
HLQFRPSUHQVLyQ\VXVUHLWHUDGDVQRWDVVROLFLWDQGRXQDH[SOLFDFLyQFXDQGRHVGHMDGRFHVDQWHHQ
SRULQLFLDWLYDGH&DUORV$JXLODUJROSHIDWDOSDUDXQKRPEUHGHVXGHGLFDFLyQ$XQTXHFRQWLQXDUDFRQ
VXV&XUVRVHQVXFDVD\HQHO&tUFXORGHOD3UHQVDHVWDPHGLGDSULYyDQXHVWUD8QLYHUVLGDGGHXQDSHU
VRQDOLGDGH[FHSFLRQDO6XUHLQFRUSRUDFLyQ³PHMRUGLFKROD5HVROXFLyQSRUODTXHVHGLVSRQtDVXUHLQ
WHJUDFLyQHQ6RFLRORJtD&iWHGUDTXHQLVLTXLHUDHUDODVX\DGHELGRDOD~QLFDSDUWLGDH[LVWHQWHOOHJy
GHPDVLDGRWDUGHHLUyQLFDPHQWHGHODPDQRGHXQJRELHUQRPLOLWDUTXHGHUULEDEDDXQUpJLPHQFRQV
WLWXFLRQDOHOGH3HUyQSHURGHVQDWXUDOL]DGRSRUHODXWRULWDULVPR\ODDUELWUDULHGDGµ&DVDOL
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
IXHUD GHO iPELWR MXUtGLFR$PERV WUDGXFWRUHV /DEURXVVH \ '·2UV SXQWXDOL]DUiQ WDO
FLUFXQVWDQFLDHQVXVUHVSHFWLYDVLQWURGXFFLRQHVVHxDODQGR'·2UVTXH´HO'HOHJLEXVHV
XQDSLHGUDIXQGDPHQWDOGHQWURGHODDUTXLWHFWXUDGHQXHVWUDKLVWRULDGH2FFLGHQWHµ
3RUVXSDUWH/DEURXVVHHVFULEHTXH´(OWUDWDGRGH/DVOH\HV'HOHJLEXVGH
0DUFR7XOLR&LFHUyQHVXQDREUDLPSRUWDQWH\VLQHPEDUJRPDOFRQRFLGDGHQWURGHOD
OLWHUDWXUDFOiVLFDODWLQDµVXEUD\DQGRDGHPiVTXH´GHWRGRVORVWUDEDMRVGRFWULQDOHVGH
&LFHUyQTXL]iVHDpVWHHOTXHSHUPLWDDSUHFLDUPHMRUODÁH[LELOLGDG\DYHFHVODJUDFLD
GHOWDOHQWRGHVXDXWRUµ/DEURXVVH,;
'HODH[WHQVDLQWURGXFFLyQGHODHGLFLyQGH/DEURXVVHPX\GHVWDFDEOHVVRQODV
SLQFHODGDVTXHQRVWUDVODGDVREUHODÀJXUDGH&LFHUyQPRVWUiQGRORFHUFDQR\IDPLOLDU
HQ XQD FRPSDUDFLyQFRQHOKRPEUHFRQWHPSRUiQHRFRPRRFXUUHFRQHOUHWUDWRTXH
QRVKDFHGH´(OKRPEUH&LFHUyQµLELG;;,;;;;,,GHOTXHGHVWDFDPRVHOVLJXLHQWH
SDVDMH
/DYLGDGHHVWHKRPEUHQRIXHODGHXQJUDQHVWDGLVWD\WHQGUHPRVTXHH[DPLQDUODLQFLGHQFLD
GHVXVOLPLWDFLRQHVVREUHVXREUDGHSHQVDGRUSROtWLFR>«@3RURWURODGRFRQYLHQHLQWHUSUHWDU
FRQFLHUWDSUXGHQFLDODVH[SUHVLRQHVGHORVGLVFXUVRV\GHORVOLEURVGH0DUFR7XOLR+DEtDGRV
UHJLVWURVHQODYLGDURPDQDHOSULYDGR\HOS~EOLFR\HQWUHHOORVODGLVWDQFLDHUDQRUPDOPHQWH
PXFKRPD\RUTXHHQQXHVWUDFLYLOL]DFLyQ>«@3HQVDEDQGHVGHHOFRPLHQ]R\FRQVHUYDEDQHO
KiELWRGHSHQVDUTXHHOKRPEUHTXHKDEODGHWRJDQRGHEHWHQHUODVHQFLOOH]\ODIDPLOLDULGDGGHO
KRPEUHTXHDEUHVXDOPDDXQDPLJR7DOYH]HOFULVWLDQLVPRVHJXUDPHQWHHOURPDQWLFLVPR\OD
GHPRFUDFLDPRGHUQDQRVKDQVXJHULGRRWURVXVRVQRVGHVQXGDPRVSRUVLQFHULGDG\OODPDPRV
GHFODPDWRULR D WRGR OR TXH SDUHFH LQGLFDU VROHPQLGDG HQ HO HVWLOR \ HQ ORV VHQWLPLHQWRV
/RV URPDQRV TXH QRV KXELHUDQ MX]JDGR LQGHFHQWHV FRQVLGHUDEDQ DO FRQWUDULR TXH FLHUWDV
FRQYHQFLRQHVYHUEDOHVHUDQLPSUHVFLQGLEOHVSDUDPDQWHQHUODGLJQLGDGGHODYLGDFROHFWLYD\
SUHVHUYDUODKHUHQFLDPRUDOGHORVDQWHSDVDGRVPRVPDLRUXP/DEURXVVH;;,;;;;
$VLPLVPR HQ HVWD LQWURGXFFLyQ HQFRQWUDPRV WH[WRV TXH GLDORJDQ HQWUH HO
SDVDGRFOiVLFR\HOSUHVHQWHGHOWUDGXFWRUFRPRKHPRVFRPSUREDGRHQRWURVHVWXGLRV
LQFOXLGRV HQ HVWH WUDEDMR (Q HVWH VHQWLGR HV SDUWLFXODUPHQWH GHVWDFDEOH FXDQGR D
SURSyVLWRGHOOLEUR,GH/DVOH\HV/DEURXVVHHVWDEOHFHXQGLiORJRHQWUHHOSHQVDPLHQWR
GH&LFHUyQ\VXFRQWHPSRUDQHLGDGGRQGHODLQFRUSRUDFLyQGHRWURVWH[WRVGHODXWRU
URPDQRHQHVWHFDVRSURFHGHQWHVGH'HÀQLEXVGHMDDELHUWRHQHOWLHPSRHOFDPSRGH
DFFLyQUHLYLQGLFDGRSDUDODKXPDQLWDV
+HPRVUHFLELGRDOQDFHU´XQDFKLVSDGHUD]yQµSXHV´YHPRVHQORVQLxRVFRPRGHVWHOORVGH
YLUWXGHQORVTXHGHEHHQFHQGHUVHODUD]yQGHOÀOyVRIRSDUDTXHpVWDFRPRVLDQGXYLHUDEDMROD
FRQGXFWDGHXQGLRVDOFDQFHHOÀQ~OWLPRGHODQDWXUDOH]Dµ3HURVLQHODX[LOLRGHXQDEXHQD
HGXFDFLyQGHMDPRVTXHVHDSDJXHFDVLGHOWRGR3RUHVRODVRFLHGDGJHQHUDOQHFHVLWDHOUHIXHU]R
GHODVVRFLHGDGHVSDUWLFXODUHV1RREVWDQWHHVWRQRVLJQLÀFDTXHQRHMHU]DLQÁXHQFLDDOJXQDHQ
ODYLGDGHOFLXGDGDQR$OFRQWUDULRGHODSHUWHQHQFLDDXQDPLVPDHVSHFLHGHULYDODYLUWXGGH
KXPDQLWDVHVGHFLUDTXHOODTXHFRQVLVWHHQUHVSHWDUDWRGRKRPEUHSRUHOVRORKHFKRGHTXHHV
QXHVWURVHPHMDQWHLELG/,;
5HIHUHQFLDHQQRWDD)LQ9
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
&21&/86,Ð1
+HPRV H[SXHVWR HQ HVWH WUDEDMR OD UHODFLyQ GH )UDQFLVFR$\DOD FRQ XQ JUXSR
LPSRUWDQWH GH LQWHOHFWXDOHV TXH SXEOLFDURQ HQ ODV UHYLVWDV TXH GLULJLy HQ VX H[LOLR
SULPHUR MXQWR FRQ /RUHQ]R /X]XULDJD HQ 5HDOLGDG \ OXHJR HQ /D 7RUUH FRQ -DLPH
%HQtWH] FRPR GLUHFWRU 7UDGXFWRUHV KHOHQLVWDV \ ODWLQLVWDV GHMDURQ HQ HVWRV OXJDUHV
GRFXPHQWRVIXQGDPHQWDOHVGHDQiOLVLV\HVWXGLRGHOD$QWLJHGDGSDUDODFLYLOL]DFLyQ
FRQWHPSRUiQHD-XQWRFRQHOORWDQWRODVHOHFFLyQGHODVREUDVFRPRDOJXQDVFXHVWLRQHV
GHDQiOLVLVH[SXHVWDVUHYHODQHOLQWHUpVSRUHOKXPDQLVPRGHRULJHQFOiVLFR'HVGHOD
3DLGHtDGH-DHJHUWUDGXFLGDSRU:HQFHVODR5RFHVD/DVOH\HVGH&LFHUyQWUDGXFLGD\
SURORJDGDSRU5RJHU/DEURXVVHKHPRVUHFRUULGRXQLWLQHUDULRTXHYDGHOELHQLR
FRQ5HDOLGDGDORVDxRVFRQ/D7RUUHHQHOTXHODÀJXUDGH)UDQFLVFR
$\DODSHUPLWHTXHHVWRVWH[WRVVHGLIXQGDQDWUDYpVGHVXSXEOLFDFLyQHQGRVGHODV
UHYLVWDVPiVLPSRUWDQWHVHQOHQJXDHVSDxRODGHHVHPRPHQWR
(QWUH ODV UHVHxDV \ DUWtFXORV GH 5HDOLGDG VH LQWHUFDODQ GRV GRFXPHQWRV
VREUH HO KXPDQLVPR HO FRQRFLGR WH[WR GH 0DUWLQ +HLGHJJHU \ HO GH .DUO .HUpQ\L
HYLGHQFLiQGRVH XQ FODUR LQWHUpV SRU VX SXEOLFDFLyQ SDUDOHOD \ FRQWUDVWDGD (O WH[WR
GH.HUpQ\LFRPRÀOyORJRGHOHQJXDVFOiVLFDVLQFLGHHQDVSHFWRVGHOKXPDQLVPRHQ
OD$QWLJHGDGDVtFRPRHQHOSDSHOTXHGHEHGHVHPSHxDUHOÀOyORJRFRQWHPSRUiQHR
DQWHXQKXPDQLVPRTXHQRGHEHUHGXFLUVHDOHVWXGLRKLVWyULFR'HWUiVGHHOORHVWiHO
HMHUFLFLR GHO FRPSURPLVR DFWLYR GHO KRPEUH \ QR VyOR HO HVWXGLR GHO VHU QL VLTXLHUD
FRPRSXGRSURPRYHUVHHQODVDQWLJXDV*UHFLD\5RPD
(QHVWHFRQWH[WRQRVyORHQFDMDODSXEOLFDFLyQGHXQDQXHYD,OtDGDGH+RPHURFRPR
OLEURIXQGDFLRQDOGHODOLWHUDWXUDRFFLGHQWDOVLQRWDPELpQ/DVOH\HVGH&LFHUyQ8QDGH
ODVFODYHVHVWiHQODUHIHUHQFLDDODKXPDQLWDVFLFHURQLDQD%DVWHUHWRPDUXQDGHODVFLWDV
GHRWURGHORVWH[WRVGH&LFHUyQTXHXWLOL]D/DEURXVVHHQFRQFUHWRSURFHGHQWHGH/RV
GHEHUHV/DEURXVVH/;´'HEHPRVDVLJQDUQRVXQDVRODPHWDLGHQWLÀFDUHOLQWHUpV
GHFDGDXQRFRQHOGHWRGRVORVGHPiVµ2II(VWDIUDVHGH&LFHUyQSDUHFHUHVRQDU
HQWRGRVORVHVFULWRVDTXtH[SXHVWRVHQODVHOHFFLyQGHORVWH[WRVDVtFRPRHQODVYLGDV
H[LOLDGDVTXHSXVLHURQHQPDUFKDWRGDXQDPDTXLQDULDGHFRQRFLPLHQWR\GHHVWXGLR
/D$QWLJHGDG\DQRHVVyORXQFRQRFLPLHQWRKHUHGDGRDWUDYpVGHGLYHUVRVHVWUDWRV
GHODKLVWRULD\VXVQHFHVDULDVDGDSWDFLRQHV/D$QWLJHGDGHVUHFXSHUDGDHQYLYR\
GLUHFWRGLiORJRFRQHOSUHVHQWHFRPRHVHQFLDTXHGHVFXEUHHOVHURFFLGHQWDOH[LOLDGR
GHQWURGHVt²WDO\FRPRQRVORKDH[SXHVWR6FKDMRZLF]²\TXHVHVXPDDOFRPSURPLVR
LQWHOHFWXDOTXHKDFHGHWRGRVORVDXWRUHVDTXtUHVHxDGRVDXWpQWLFRVKXPDQLVWDVSDUDOD
3DUDGHVWDFDUODLPSRUWDQFLDGHDPEDVUHYLVWDVFRQUHVSHFWRD5HDOLGDGQRVGLFH/*DUFtD0RQWHUR
;;,;´5HDOLGDGSXEOLFDGDHQWUHHQHURGH\GLFLHPEUHGHIXHXQDGHODVUHYLVWDVPiV
LPSRUWDQWHVGHODFXOWXUDKLVSiQLFDHQVXpSRFD6XVUHVSRQVDEOHVSXGLHURQVHQWLUVHRUJXOORVRVHQPiV
GHXQDRFDVLyQGHKDEHUSURWDJRQL]DGRXQHVIXHU]RGHDOWDFDOLGDGFRQFRODERUDFLRQHVRSRUWXQDV\
PX\VLJQLÀFDWLYDV&RQYRFDURQDORPHMRUGHODFXOWXUDGHVXWLHPSRSDUDLQWHQWDUFRPSUHQGHUGLDJ
QRVWLFDU\SHQVDUHQXQPXQGRHQFULVLVµRFRQUHVSHFWRD/D7RUUH0-6iQFKH]0RQWHV
´'XUDQWHORVDxRVTXHHVWXYRDOFXLGDGRGH)UDQFLVFR$\DOD/D7RUUHIXHODPHMRUUHYLVWDGHVXJpQHUR
HQOHQJXDHVSDxRODµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
VHJXQGDPLWDGGHOVLJOR;;(OFRQFHSWRURPDQRKXPDQLWDVHVWiSUHVHQWHHQTXLHQHV
FRPR)UDQFLVFR$\DODIRUMDURQXQHVSDFLRHQVD\tVWLFR\GLYXOJDWLYRDOVHUYLFLRGHORV
PHMRUHV LQWHOHFWXDOHV H LQYHVWLJDGRUHV GHO PRPHQWR ,QWHOHFWXDOHV YtFWLPDV GH XQD
pSRFDWRWDOLWDULD\EpOLFDSHURFRQVFLHQWHVGHVXODERUSHGDJyJLFD\FXOWXUDODOLYLDGD
GHVHUYLGXPEUHVHQHOFRQWLQHQWHDPHULFDQR
%,%/,2*5$)Ì$
$\DOD)5HFXHUGRV\ROYLGRV0DGULG$OLDQ]D
$\DOD)>@+LVWRULDGHODOLEHUWDGHGLFLyQIDFVtPLO*UDQDGD$\XQWDPLHQWR
GH*UDQDGD>%XHQRV$LUHV$WOiQWLGD@
$\DOD)>@(OWLHPSR\\RRHOPXQGRDODHVSDOGD0DGULG&RPXQLGDGGH
0DGULG&RQVHMHUtDGH(GXFDFLyQ9LVRUOLEURV
$\DOD)2EUDV&RPSOHWDV,,,(VWXGLRVOLWHUDULRVHGLFLyQGH&DURO\Q5LFKPRQG
%DUFHORQD&tUFXORGH/HFWRUHV*DOD[LD*XWHPEHUJ
&DVDOL--RUUDW-/XSLixH]*´5RJHU/DEURXVVHVXVDSRUWHVKLVWRULRJUiÀFRV
HQHOFDPSRGHODÀORVRItDSROtWLFDµHQ$$''$FWDVGHO3ULPHU&RQJUHVR
VREUHOD+LVWRULDGHOD8QLYHUVLGDGGH7XFXPiQ7XFXPiQ6HFUHWDUtD*HQHUDOGHOD
817
&KLFKDUUR$(OSHQVDPLHQWRYLYRGH)UDQFLVFR$\DODFRO$OPLQDUHV*UDQDGD
'DXUR
'tD]'tD]*\6DQWRV(VFXGHUR&%LEOLRJUDItDÀORVyÀFDKLVSiQLFD
0DGULG&6,&
(OLDGH0´/RVPLWRVHQHOPXQGRPRGHUQRµ/D7RUUH
(PLOLR]]L,HG)UDQFLVFR$\DODHQ/D1DFLyQGH%XHQRV$LUHV9DOHQFLD3UH
7H[WRV
*DUFtD-XUDGR)´3UyORJRµHQ,/ySH]&DODKRUUR)UDQFLVFR$\DOD\HO
PXQGRFOiVLFR*UDQDGD8QLYHUVLGDGGH*UDQDGD
*DUFtD 0RQWHUR / ´/D DYHQWXUD GH SHQVDU HO PXQGRµ LQWURGXFFLyQ DO
IDFVtPLOGHODUHYLVWD5HDOLGDG,FRO)DFVtPLOHVGH5HYLVWDV/LWHUDULDV6HYLOOD
5HQDFLPLHQWR;;,;/;;9
*DUFtD0RQWHUR/)UDQFLVFR$\DOD(OHVFULWRUHQVXVLJORFRO/RVOLEURVGHOD
(VWUHOOD*UDQDGD'LSXWDFLyQGH*UDQDGD
*yPH]5RV0´)UDQFLVFR$\DODHGLWRUµHQ/*DUFtD0RQWHUR\05RGUtJXH]
*XWLpUUH]HGV'HHVWHPXQGR\ORVRWURV(VWXGLRVVREUH)UDQFLVFR$\DOD
0DGULG9LVRU/LEURV
+HLGHJJHU0>@´&DUWDVREUHHOKXPDQLVPRµ5HDOLGDGYRO,,,\
>@\>@
-DHJHU:>@3DLGHtD0p[LFR)RQGRGH&XOWXUD(FRQyPLFD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
-LPpQH]'HOJDGR-´6XSHUYLYHQFLDGH&LFHUyQµ+HOPiQWLFDYRO
.HUpQ\L.>@´(OKXPDQLVWDHQODHQFUXFLMDGDµ5HDOLGDGYRO,,,
>@
/ySH] &DODKRUUR , )UDQFLVFR $\DOD \ HO PXQGR FOiVLFR *UDQDGD (GLWRULDO
8QLYHUVLGDGGH*UDQDGD
/ySH] &DODKRUUR , ´/D WUDQVIRUPDFLyQ GHO PLWR GH 0HGXVD HQ )UDQFLVFR
$\DOD 'H 2YLGLR D /XFDQRµ HQ - /XTXH 0 'RORUHV 5LQFyQ H , 9HOi]TXH]
HGV'XOFHV&DPHQDH3RpWLFD\SRHVtDODWLQDV-DpQ*UDQDGD6RFLHGDGGH
(VWXGLRV/DWLQRV
/X]XULDJD/>@´:HUQHU-DHJHU3DLGHtD/RVLGHDOHVGHODFXOWXUDJULHJD)RQGR
GH &XOWXUD(FRQyPLFD0p[LFRYROµ5HDOLGDGYRO, >@
0HQpQGH] 3HOD\R 0 ´$SXQWHV VREUH HO FLFHURQLDQLVPR HQ (VSDxD \ VREUH
OD LQÁXHQFLD GH &LFHUyQ HQ OD SURVD ODWLQD GH ORV KXPDQLVWDV HVSDxROHVµ HQ
%LEOLRWHFD+LVSDQR/DWLQD&OiVLFD,,,
0LUDOOHV & /OXLV 6HJDOi 6HPEODQoD ELRJUiÀFD %DUFHORQD ,QVWLWXW G·(VWXGLV
&DWDODQV
0RPPVHQ7>@(OPXQGRGHORV&pVDUHVWUDGXFFLyQ\SUyORJRGH:HQFHVODR
5RFHV FRO &RQPHPRUDWLYD $QLYHUVDULR 0p[LFR )RQGR GH &XOWXUD
(FRQyPLFD
0RQGROIR5>@´%HQMDPtQ)DUULQJWRQ&LHQFLDJULHJDGH7DOHVD$ULVWyWHOHV
&ROHFFLyQ3LQJLQRHGLW/DXWDUR%XHQRV$LUHVµ5HDOLGDGYRO,,
>@
0RQGROIR5´6pQHFD\ODLQÀQLWXGGHOSURJUHVRHVSLULWXDOµ/D7RUUH
0RUD$´/DSDLGHtDUHSXEOLFDQDGH-RDTXtQ;LUDXµSUyORJRHQ5;LUDX
2EUDVFRPSOHWDVGH-RDTXtQ;LUDX7RPR,,,YRO(VFULWRVVREUHKLVWRULDGHOD)LORVRItD
0DGULG)XQGDFLyQ&DMD0DGULG$QWKURSRVHGLWRULDO
1DYDMDV * ´/D HVFULWXUD GH OD OLEHUWDG \ OD FXOWXUD LQGXVWULDO HQ )UDQFLVFR
$\DODµ+LVSDQLDYRO
1~xH]$´(VWRGHUHFRUGDUDORVDxRVµ/D7RUUH
2YLHGR * ´5RGROIR 0RQGROIR +XPDQLVWD GH L]TXLHUGDµ &X\R $QXDULR GH
)LORVRItDDUJHQWLQD\DPHULFDQD
3iUDPR-´/D,OtDGDGH+RPHUR7UDVODGRGH$OIRQVR5H\HV3ULPHUDSDUWH$TXLOHV
DJUDYLDGR 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD SiJVµ 7KHVDXUXV
%ROHWtQGHO,QVWLWXWR&DUR\&XHUYR7RPR;
3Uy'5RGROIR0RQGROIRYRO%XHQRV$LUHV/RVDGD
5LYD\D % ´&RPXQLVPR \ FRPSURPLVR LQWHOHFWXDO :HQFHVODR 5RFHVµ FRQ
SUHVHQWDFLyQDFDUJRGH-RVp0DUtD/DVR3DSHOHVGHOD),0\
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
,QPDFXODGD/ySH]&DODKRUUR
5RMDV2VRULR&´/DÀORVRItDHQ3XHUWR5LFRORVWUDQVWHUUDGRVµ5HYLVWD)LORVRItD
8QLYHUVLGDG&RVWD5LFD;/,,,
5RPHUR)GLU>@5HDOLGDG5HYLVWDGHLGHDV%XHQRV$LUHV
SUyORJRGH/*DUFtD0RQWHURFROHFFLyQFRPSOHWDQ~PHURVFRO)DFVtPLOHV
GH5HYLVWDV/LWHUDULDV6HYLOOD5HQDFLPLHQWR
5RPHUR-/>@´7HRGRUR0RPPVHQ(OPXQGRGHORV&pVDUHV(G¶)RQGRGH
&XOWXUD(FRQyPLFD·0p[LFRµ5HDOLGDGYRO,>@
5RPHUR - / >@ ´/XGZLJ )ULHGOlQGHU /D VRFLHGDG URPDQD +LVWRULD GH ODV
FRVWXPEUHVHQ5RPDGHVGH$XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD
µYRO,,,>@
5RPHUR 0 ´7UDGXFFLRQHV \ HGLFLRQHV GH OD REUD GH 0RPPVHQ HQ (VSDxD
µ HQ - 0DUWtQH]3LQQD FRRUG (Q HO FHQWHQDULR GH 7KHRGRU
0RPPVHQ KRPHQDMH GHVGH OD 8QLYHUVLGDG HVSDxROD 0iODJD 80$
6HUYLFLRGH3XEOLFDFLRQHV
6iQFKH] *XHYDUD 2 ´/XGZLJ 6FKDMRZLF] D XQ VLJOR GH VX QDFLPLHQWRµ
FRQVXOWDGRHQMXOLRGH
6iQFKH] 0RQWHV 0 - ´$\DOD HQ 3XHUWR 5LFR 3XHUWR 5LFR HQ$\DODµ HQ$
6iQFKH] 7ULJXHURV \ 0 $ 9i]TXH] 0HGHO )UDQFLVFR $\DOD \ $PpULFD
6HYLOOD$OIDU
6FKDMRZLF]/´/DIRUPDGHODOLWHUDWXUDHXURSHDµ/D7RUUH
6FKDMRZLF]/´2UIHR\$QÀyQµ/D7RUUH
6FKDMRZLF]/>@0LWR\H[LVWHQFLD3XHUWR5LFR8QLYHUVLGDGGH3XHUWR5LFR
4XLxyQH]%$\$OH0&´/RVHVWXGLRVFOiVLFRVHQ7XFXPiQµ&LUFHFOiV
PRGFRQVXOWDGRHQMXOLRGH
5RFHV:´%LEOLRJUDItDWUDGXFLGDSRU:HQFHVODR5RFHVµ$VRFLDFLyQ&XOWXUDO:HQFHVODR
5RFHVFRQVXOWDGRHQMXOLRGH
:HLPEHUJ*´%LEOLRWHFDGH&XOWXUDEiVLFDµ/D%LEOLRWHFD5HYLVWDGHOD%LEOLRWHFD
1DFLRQDO7RPR,;%XHQRV$LUHV
;LUDX5´-RDTXtQ;LUDX8QHVER]RµFRQVXOWDGRHQMXOLRGH
(GLFLRQHVGHOD,OtDGD\OD2GLVHDGH+RPHURFRQVXOWDGDV
+RPHUR/D,OtDGD3ULPHUDSDUWH$TXLOHVDJUDYLDGRWUDVODGRGH$5H\HV0p[LFR
)RQGRGH&XOWXUD(FRQyPLFD
+RPHUR>@2GLVHDWUDGXFFLyQGH/6HJDOiLQWURGXFFLyQGH$/ySH](LUH
0DGULG(VSDVD&DOSH
+RPHUR/D,OtDGDWUDGXFFLyQGH/6HJDOiLQWURGXFFLyQHtQGLFHVGH*XLOOHUPR
7KLHOH 0DGULG (GLFLRQHV GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR 5HYLVWD GH
2FFLGHQWH
+RPHUR ,OtDGD SUyORJR WUDGXFFLyQ \ QRWDV GH 2 0DUWtQH] *DUFtD 0DGULG
$OLDQ]D
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR
(GLFLRQHVGH/DVOH\HVGH0DUFR7XOLR&LFHUyQFRQVXOWDGDV
&LFHUyQ072EUDVFRPSOHWDVGH&LFHUyQ7RPR9,7UDWDGRGHOD5HS~EOLFD7UDWDGR
GH/DVOH\HVYHUVLyQFDVWHOODQDGH)UDQFLVFR1DYDUUR0DGULG%LEOLRWHFD&OiVLFD
&LFHUyQ 0 7 >@ /DV OH\HV WUDGXFFLyQ LQWURGXFFLyQ \ QRWDV SRU ÉOYDUR
'·2UV0DGULG,QVWLWXWRGH(VWXGLRV3ROtWLFRV
&LFHUyQ/D5HS~EOLFD\/DVOH\HVHGLFLyQGH-01~xH]*RQ]iOH]0DGULG$NDO
&LFHUyQ /DV OH\HV HGLFLyQ ELOLQJH LQWURGXFFLyQ WUDGXFFLyQ \ QRWDV GH 5
/DEURXVVH 0DGULG (GLFLRQHV GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR 5HYLVWD GH
2FFLGHQWH
&LFHUyQ /DV OH\HV LQWURGXFFLyQ WUDGXFFLyQ \ QRWDV GH 5 /DEURXVVH 0DGULG
$OLDQ]D
&LFHUyQ 0 7 /DV OH\HV WUDGXFFLyQ LQWURGXFFLyQ \ QRWDV GH &DUPHQ 7HUHVD
3DEyQ0DGULG*UHGRV
6REUHODVLQLFLDOHVGHORUDGRUURPDQR´07µ0DUFR7XOLRODVDQRWDPRVHQORVFDVRVHQTXHORVDX
WRUHVGHODVHGLFLRQHVODVKDQKHFKRFRQVWDU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
62%5(/$(6758&785$',6&856,9$'(/7(;7232e7,&2/$/(1*8$
9,68$/'(+8,'2%52(1(/(63(-2'($*8$
)5$1&,6&2-,0e1(=&$/'(5Ð1
8QLYHUVLGDGGH([WUHPDGXUD
5HVXPHQ
(OSUHVHQWHWUDEDMRDQDOL]DODHVWUXFWXUDGLVFXUVLYDGHORVWH[WRVGH(OHVSHMRGHDJXDGH9LFHQWH+XLGR
EURFRQVLGHUDQGRORVYDORUHVYLVXDOHVGHORVYHUVRV\SDODEUDVTXHFRQIRUPDQVXVSRHPDV3DUDHOOR
VHFRQFLEHQGLFKRVYDORUHVFRPRSDUWHGHOULWPRGHOSRHPDFRPRIDFWRUHVTXHLQÁX\HQIXHUWHPHQWH
HQVXUHFHSFLyQÀQDO\VHUHODFLRQDQFRQLPSUHVLRQHVYLVXDOHVGHULYDGDVGHODSDUDWRPHWDIyULFR\GHO
VLJQLÀFDGRGHOWH[WR/DFRQFOXVLyQHVTXHODGLVWULEXFLyQHVSDFLDOGHORVHOHPHQWRVUHVXOWDFODYHHQOD
HVWUXFWXUDLQWHUQD\HQHOVLJQLÀFDGRGHOSRHPD\DIHFWDGHOPLVPRPRGRDOSRHPDULRHQVXFRQMXQWR
HQHO(VSHMRGHDJXDODUHFHSFLyQYLVXDOPiVVXWLOTXHHQRWUDVREUDVGHODXWRUUHVXOWDFODYHSDUDXQD
LQWHUSUHWDFLyQLQWHJUDO
3DODEUDVFODYHHVWUXFWXUDGLVFXUVLYDWH[WROLWHUDULRJpQHURSRpWLFRXVROLWHUDULRGHODOHQJXD(OHVSHMR
GHDJXD
$EVWUDFW
7KLVSDSHUDQDO\]HVWKHGLVFXUVLYHVWUXFWXUHRIWKHWH[WVRI(OHVSHMRGHDJXDE\9LFHQWH+XLGREURFRQ
VLGHULQJYLVXDOYDOXHVRIWKHYHUVHVDQGZRUGVLQKLVSRHPV)RUWKLVWKHVHYDOXHVDUHFRQFHLYHGDVSDUW
RIWKHUK\WKPRIWKHSRHPDVIDFWRUVWKDWVWURQJO\LQÁXHQFHWKHLUÀQDOSHUFHSWLRQDQGWKH\DUHUHODWHG
WRYLVXDOLPSUHVVLRQVZKLFKWKHPHWDSKRULFDOPHDQLQJRIWKHWH[WSURGXFHV7KHFRQFOXVLRQLVWKDWWKH
GLVWULEXWLRQRIWKHHOHPHQWVLVFUXFLDOIRUWKHLQWHUQDOVWUXFWXUHDQGPHDQLQJRIWKHSRHPDQGLWDIIHFWV
WKHZRUNDVDZKROHLQ(OHVSHMRGHDJXDYLVXDOUHFHSWLRQZKLFKLVPRUHVXEWOHWKDQLWLVLQRWKHUZRUNV
RIWKHDXWKRULVHVVHQWLDOWRDFRPSUHKHQVLYHLQWHUSUHWDWLRQ
.H\ZRUGVGLVFXUVLYHVWUXFWXUHOLWHUDU\WH[WSRHWLFJHQUHOLWHUDU\XVHRIODQJXDJH(OHVSHMRGHDJXD
&RUUHRHIMLPFDO#XQH[HV5HFLELGR$FHSWDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
,1752'8&&,Ð1
(QWUH VXV QXPHURVRV UDVJRV HO GLVFXUVR OLWHUDULR SUHVHQWD XQD VHULH GH
SHFXOLDULGDGHVTXHDIHFWDQDODFDUDFWHUL]DFLyQGHYDULRVGHVXVJpQHURV3LpQVHVHSRU
HMHPSORHQODGLÀFXOWDGTXHWUDGLFLRQDOPHQWHKDLPSOLFDGRODGHÀQLFLyQGHOWHDWURHQ
HOTXHSDUDGyMLFDPHQWHFRQYLYHQODH[LVWHQFLD\SHUPDQHQFLDGHXQWH[WRHVFULWR\OD
FRPSRVLFLyQGHHVHWH[WRSHQVDGDSDUDODHVFHQD(QXQDOtQHDVLPLODUSXHGHVLWXDUVH
HO JXLyQ FLQHPDWRJUiÀFR FX\D SXEOLFDFLyQ HV DGHPiV PXFKR PHQRV IUHFXHQWH
GHELGR DO FDUiFWHU SHUPDQHQWH GH OD SHOtFXOD HQ TXH GHVHPERFD H[LVWHQ FDVRV QR
REVWDQWH HQ ORV TXH HO JXLRQ WDPELpQ HO WH[WR WHDWUDO SURSRUFLRQD LQIRUPDFLRQHV
TXH QR VH PDQLÀHVWDQ HQ HO ÀOPH FRQ OR TXH QRV HQFRQWUDPRV GH QXHYR FRQ GRV
SODQRVGHOPLVPRIHQyPHQRHQDPERVFDVRVFLQH\WHDWURORVWH[WRVHVFULWRVSXHGHQ
FRQVLGHUDUVHJpQHURVOLWHUDULRVRJpQHURVGLVFXUVLYRVDOPHQRVTXHFRQYLYHQFRQODV
UHSUHVHQWDFLRQHVHQTXHIUXFWLÀFDQHODQiOLVLVGHFDGDXQRGHORVSODQRVRGHDPERV
HQFRQMXQWRUHVSRQGHSRUGHVFRQWDGRDHQIRTXHVGLIHUHQWHV&RQVLGpUHVHSRU~OWLPR
HOJpQHURSRpWLFRDOTXHDOFDERVHUHÀHUHQODVSUHVHQWHVOtQHDV(OSRHPDVHFRQFLEH
WDPELpQGHVGHGRVSHUVSHFWLYDVHQWDQWRTXHSXHGHUHFLELUVHSRUYtDGHOUHFLWDGRRSRU
YtDGHODOHFWXUD$VtHOSRHWDDPSDUDGRHQODYDULDELOLGDGGHODPpWULFD\WHQLHQGRHQ
FXHQWDDPERVFDQDOHVSXHGHDKRQGDUHQHOKDOOD]JRGHHIHFWRVVRQRURVSHURWDPELpQ
YLVXDOHV
6HSURGXFHDVtXQDDVRFLDFLyQHQWUHSRHVtDHLPDJHQTXHVHUHYHODFRPRXQ
iPELWRDPSOtVLPRWDQWRGHVGHHOSXQWRGHYLVWDFUHDWLYRFRPRGHVGHODSHUVSHFWLYDGHO
LQYHVWLJDGRU/DSUHVHQFLDGHODLPDJHQHQODSRHVtDHVWiUHSUHVHQWDGDVLQLUPiVOHMRVSRU
ODPHWiIRUDTXHDFXGHDXQDÀJXUDYLVXDOSDUDUHSUHVHQWDUXQFRQFHSWRXRWUDUHDOLGDG
GLIHUHQWH3HURH[LVWHQSRVLELOLGDGHVPiVGLUHFWDVFRPRHOFDOLJUDPDTXHFRQVWLWX\H
XQDUHSUHVHQWDFLyQYLVXDOSRUPHGLRGHUHFXUVRVWLSRJUiÀFRVHOSURFHGLPLHQWRKXQGH
VXVUDtFHVHQODDQWLJHGDGSHURUHFLELyXQJUDQLPSXOVRDSDUWLUGHO5HQDFLPLHQWR
8WLOL]DPRVHOWpUPLQRGLVFXUVRSDUDUHIHULUQRVDOSURGXFWRWH[WXDOGLVFXUVLYRRULJLQDGRHQXQiPELWR
GLVFXUVLYRWDPELpQFRQFUHWR(OHQIRTXHHQHOTXHVHDPSDUDHVWDFODVLÀFDFLyQWH[WXDOHVHQHIHFWRHO
GHODQiOLVLVGHOGLVFXUVR/RVVXEWLSRVGHWH[WRVVHJ~QGLFKDSHUVSHFWLYDFRQVWLWX\HQJpQHURVGLVFXUVLYRV
TXHSUHVHQWDQFLHUWDVGLIHUHQFLDVSHURFRPSDUWHQHOPLVPRiPELWR&RPRLQWURGXFFLyQDODVXQWRYLG
SRUHMHPSOR&DOVDPLJOLD\7XVyQRPiVHQUHODFLyQFRQHODQiOLVLVGHJpQHURV%DMWtQ
(QWRUQRDHOORYLGODVFHUWHUDVFRQVLGHUDFLRQHVGH7UDQFyQVREUHWRGRHQHOFDStWXOR´&RPSR
QHQWHVEiVLFRVGHOWHDWURµS\HVSHFLDOPHQWHHQHODSDUWDGR´(OWH[WRWHDWUDOµS
7HQHPRVHQSUHSDUDFLyQXQDUWtFXORVREUHODSHOtFXOD7KH+XVWOHU5REHUW5RVVHQTXHPXHVWUD
FyPRXQDUHIHUHQFLDHQODVDFRWDFLRQHVGHOJXLRQSURSRUFLRQDLQWHUSUHWDFLRQHVGHOÀOPHDODVTXHKDEUtD
VLGRPX\GLItFLOOOHJDU~QLFDPHQWHDWUDYpVGHOYLVLRQDGR
/DPHWiIRUDQRHVH[FOXVLYDGHODOLWHUDWXUDVLQRTXHHVWiSUHVHQWHHQWRGDVODVYDULHGDGHV\UHJLVWURV
OLQJtVWLFRV7yPHVHFRPRHMHPSORHOGLVFXUVRFLHQWtÀFR*DOiQ5RGUtJXH]
(OUHIHUHQWHFOiVLFRVRQORVWHFKQRSDLJQLDJULHJRV\ORVFDUPLQDÀJXUDWDHQORVTXHVHIRUPDQÀJXUDV
PHGLDQWHORVYHUVRVHVFULWRV/DSDODEUD\ODLPDJHQQRREVWDQWHVHDVRFLDQWDPELpQHQFLYLOL]DFLRQHV
DQWHULRUHVFRPRODHJLSFLD&y]DU
3RURWURODGRXQSXQWRGHUHIHUHQFLDDOUHVSHFWRGHODVUHODFLRQHVHQWUHSRHVtDHLPDJHQHVHOFRQRFLGR
WySLFRKRUDFLDQR´8WSLFWXUDSRHVLVµTXHHVWDEOHFHXQDVHULHGHFRUUHVSRQGHQFLDVHQWUHODSRHVtD\OD
SLQWXUD6REUHGLFKRWySLFR\VXGHVDUUROORHQODVUHODFLRQHVHQWUHODOLWHUDWXUD\RWUDVDUWHVSXHGHFRQ
VXOWDUVHHOWUDEDMRGH&RUEDFKR&RUWpVDXWRUDWDPELpQGHXQPRQRJUiÀFRHQHOTXHVHDQDOL]DHO
UHFXUVRDODSLQWXUDHQSRHPDVGH0DQXHO0DFKDGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
\DOFDQ]ySOHQRGHVDUUROORHQODHWDSDGHODVYDQJXDUGLDVGHFRPLHQ]RVGHOVLJOR;;
(QHVWHSHULRGRSUHRFXSDHVSHFLDOPHQWHDORVSRHWDVODUHFHSFLyQYLVXDOGHOWH[WR\OD
IRUPDHQTXHHVWHVHSODVPDHQHOSDSHODKtHQFXHQWUDVXUD]yQGHVHUSRUHMHPSOR
HOYHUVROLEUHTXHQRHVWiREOLJDGRDGHWHQHUVHRSURORQJDUVHSRUUD]RQHVGHPpWULFD
²HQ HO VHQWLGR HVWULFWDPHQWH VLOiELFR² \ SHUPLWH PX\ GLYHUVRV DODUGHV IRUPDOHV 'H
KHFKRHOYDORUYLVXDORWLSRJUiÀFRSXHGHFRQFHELUVHFRPRSDUWHGHOULWPRGHOSRHPD
SXHVSURGXFHQHFHVDULDPHQWHHIHFWRVFRPRODUHSHWLFLyQRODHOLVLyQ/RVPRYLPLHQWRV
GH YDQJXDUGLD HQ VX DIiQ GH UXSWXUD DSURYHFKDQ HVWD FLUFXQVWDQFLD \ VH YDOHQ GH
UHFXUVRVFRPROD¶LQWUDWLSRJUDItD·TXHDIHFWDDODGLYLVLyQLQWHUQDGHODSDODEUDDOD
DOWHUQDQFLDGHJUDItDVYHUVDOHV\PLQ~VFXODVDODPH]FODGHWLSRV\WDPDxRVHWFpWHUD
\ SURSXJQDQ OD ¶KHWHURPHWUtD· R OtQHDV TXHEUDGDV 7RGRV HVWRV UHFXUVRV FRQIRUPDQ
XQ¶ULWPRYLVXDO·TXHFRQOOHYDHOUHFKD]RYDQJXDUGLVWDGHOHVWDWLVPR\GHOUHFRUULGR
KRUL]RQWDOGHODPLUDGDHQODOHFWXUDTXHSURYRFDXQ¶PRYLPLHQWR·HQHOSRHPDHQHO
TXHODGLVSHUVLyQWLSRJUiÀFDVHPDQLÀHVWDFRPRUDVJRPiVSHUFHSWLEOH
7HQLHQGRHQFXHQWDWRGRHOORHOSUHVHQWHWUDEDMRVHDSUR[LPDDODREUDGHXQR
GH ORV HVFULWRUHV PiV GHVWDFDGRV HQ OD UHFXSHUDFLyQ YDQJXDUGLVWD GHO YtQFXOR HQWUH
OLWHUDWXUDHLPDJHQHOFKLOHQR9LFHQWH+XLGREUR6LELHQH[LVWHQREUDVGH+XLGREURHQ
ODVTXHHOSRHWDSURIXQGL]DUDGLFDOPHQWHHQHOPDQHMRORVUHFXUVRVYLVXDOHVHODQiOLVLV
TXHVHSURSXJQDDFRQWLQXDFLyQVHGHWLHQHHQXQSRHPDULRUHODWLYDPHQWHPHVXUDGR
(O HVSHMR GH DJXD$XQTXHQRGHIRUPDWDQHYLGHQWH FRPRHQWUDEDMRVSRVWHULRUHVHO
SRHPDULR VHJ~Q VH PXHVWUD HQ ODV OtQHDV VLJXLHQWHV SUHVHQWD XQD JUDQ ULTXH]D GH
HOHPHQWRV YLVXDOHV TXH GD FRQVLVWHQFLD DO FRQMXQWR GH ORV YHUVRV 6H SUHWHQGH HQ
GHÀQLWLYD SUHFLVDU ORV FRQWHQLGRV WH[WXDOHV D WUDYpV GHO HVWXGLR GHO PHQFLRQDGR
ULWPR YLVXDO GDGR TXH OD JUDItD FRPR FyGLJR SDUDOHOR DO GHO VRQLGR SURSRUFLRQD
PDWLFHVLPSHUFHSWLEOHVDF~VWLFDPHQWH$VtSXHGHQVLVWHPDWL]DUVHHQHOSRHPDULRORV
VLJQLÀFDGRV TXH SRUWDQ UHVSHFWLYDPHQWH OD ODUJXUD \ OD FRUWHGDG GH ORV YHUVRV ORV
GLVWLQWRVWLSRVGHHVSDFLRVHQEODQFR\ODVUHSUHVHQWDFLRQHVLFyQLFDVDTXHGDOXJDUOD
FRORFDFLyQ GH ORV YHUVRV OR FXDO SURSRUFLRQD DVLPLVPR GHWHUPLQDGRV VLJQLÀFDGRV
SDUDORVSRHPDV\SDUDHOWH[WRHQVXFRQMXQWR
/RVDUWLVWDVGHODVYDQJXDUGLDVHQVXDIiQGHH[SHULPHQWDFLyQQRGXGDURQHQPLVWXUDUDUWHVGLIHUHQ
WHV\ODOLWHUDWXUD\ODSLQWXUDVHUHODFLRQDURQFRQSURIXVLyQ6REUHHOSDUWLFXODUSXHGHFRQVXOWDUVHHQ
WUDEDMRGH0RQHJDO$FHUFDGHODVYDQJXDUGLDVYLG&LUORW5DPtUH]\SDUDHOiPELWR
ODWLQRDPHULFDQR6FKZDUW
+D\HVWXGLRVRVQRREVWDQWHTXHQRSDUWLFLSDQGHHVWDLGHDHQWDQWRTXHRWURVKDQKDEODGRGHHVWH
¶ULWPRYLVXDO·(ODVXQWRHVWiSHUIHFWDPHQWHVLQWHWL]DGRHQORVWUDEDMRVGH/ySH]0DUWtQH]
/ySH]DQDOL]DHQVXVDUWtFXORVYDULRVSURFHGLPLHQWRVTXHORVSRHWDVGHOHPSOHDURQSDUDGRWDUGH
FDUiFWHUYLVXDODVXVYHUVRVPXFKRVGHORVFXDOHVVHGRFXPHQWDQWDPELpQHQHOSUHVHQWHHVWXGLRDSUR
SyVLWRGH(OHVSHMRGHDJXD
6REUH OD REUD GH +XLGREUR ²OD ELEOLRJUDItD HV H[WHQVtVLPD² YLG &DUDFFLROR \ &RVWD \
WDPELpQ ODV DSRUWDFLRQHV GH 0RQWHV $FHUFD GHO &UHDFLRQLVPR PRYLPLHQWR DO TXH HO SRHWD VH
DGVFULEHSXHGHFRQVXOWDUVH$XOOyQGH+DUR\0DUWtQ)HUUHUVLELHQHVDDGVFULSFLyQQR
KDHVWDGRH[HQWDGHSROpPLFDVREUHWRGRHQUHODFLyQFRQHOIHFKDGRGHSUHFLVDPHQWH(OHVSHMRGHDJXD
5XWWHU5RMDV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
(/(63(-2'($*8$<68&217(;72
(VHVWHXQSRHPDULRVLQJXODUHQODREUDGH+XLGREUR6HWUDWDGHXQWUDEDMR
EUHYHSXHVFRQVWDWDQVyORGHQXHYHSRHPDV\VHVLW~DHQWUHGRVREUDVIXQGDPHQWDOHV
SDUDHOSRHWD$GiQGRQGHSRUSULPHUDYH]VHDGKLHUHDOYHUVROLEULVPRDXQTXH
DQWHV\DKDEtDSXEOLFDGRSRHPDVHQSURVD\+RUL]RQFDUUpTXHVXSRQHHOLQLFLR
GHODVREUDVIUDQFHVDVGH+XLGREURLPEXLGR\DHQODVYDQJXDUGLDVHXURSHDV
(Q HO PRPHQWR HQ TXH FRPSRQH (O HVSHMR GH DJXD +XLGREUR VH KDOOD LQPHUVR HQ
WHQWDWLYDVGHGHÀQLFLyQSRpWLFDTXHLUiSODVPDQGRHQGLVWLQWRVPDQLÀHVWRV(Q$GiQ
GHVDUUROODYDULDVLGHDVDFHUFDGHFyPRGHEHVHUODQXHYDSRHVtD\HOSULPHUSRHPDGH
(OHVSHMRGHDJXDVHUHÀHUHWDPELpQDWDOHVSUHFHSWRV3RUORTXHUHVSHFWDD+RUL]RQFDUUp
+XLGREUR GHVSOLHJD XQ JUDQ Q~PHUR GH UHFXUVRV YLVXDOHV \ VH DFHUFD DO FDOLJUDPD
FRPR\DKDEtDKHFKRHQ´-DSRQHUtDVGHHVWtRµWtWXOREDMRHOTXHVHDJUXSDQWUHVSRHPDV
YLVXDOHVLQFOXLGRVHQ&DQFLRQHVHQODQRFKH(OUHFXUVRDOFDOLJUDPDVXSRQHXQD
GHFODUDFLyQGLUHFWDVREUHHOVLJQLÀFDGRYLVXDOTXHRIUHFHHOYHUVR2EVpUYHVHHOFRQRFLGR
SRHPD´3D\VDJHµGH+RUL]RQFDUUp
/DHGLFLyQXWLOL]DGDSDUDHVWHHVWXGLRKDVLGRODGH0RQWHV 3DUD FRQVLGHUDFLRQHVJHQHUDOHV
VREUHHOSRHPDULRYLG&RVWD\<~GLFH\VV\ODVSUHFLVLRQHVGH5XWWHU
\5RMDV
9LGQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
&RPRVHYHFDGD¶HVWURID·UHSUHVHQWDODLPDJHQGHDTXHOORDORTXHDOXGHOD
OXQDHOiUEROODPRQWDxDHOUtRODKLHUED\HOUHEDxR3HURHOMXHJRYLVXDOQRVHGHWLHQH
DKt/DFLUFXQIHUHQFLDTXHIRUPDHOYHUVRTXHDOXGHDODOXQDGHMDJUDQGHVHVSDFLRVHQ
EODQFRORTXHVHUHODFLRQDFRQODOXPLQRVLGDGGHOVDWpOLWHODIRUPDUHGRQGDDGHPiV
UHFXHUGDDXQHVSHMRORFXDOGDUtDPiVVHQWLGRDOYHUVR´/DOXQHR~WXWHUHJDUGHµ(O
iUERODOVHU´SOXVDXWTXHODPRQWDJQHµVHVLW~DHQXQSODQRVXSHULRUDHOODDGHPiV
OD SDODEUD ´DUEUHµ FRURQD OD UHSUHVHQWDFLyQ \ OD SDODEUD ´PRQWDJQHµ OD VRVWLHQH /D
PRQWDxDDOVHU´VLODUJHTX·HOOHGHSDVVDLWOHVH[WUHPLWHVGHODWHUUHµVREUHVDOHHQHO
H[WUHPR L]TXLHUGR GH OD FRPSRVLFLyQ \ UHVXOWD HQ HIHFWR PiV DQFKD TXH DOWD (Q
FXDQWRDOUtRVXIRUPDHVFDORQDGDLQGLFDTXH´FRXOHµ<DGHPiVGHODVSURSLDVIRUPDV
KD\SDODEUDVHQHOSRHPDTXHUHIXHU]DQVXFDUiFWHUYLVXDO(VHOFDVRGH´UHJDUGHµTXH
REOLJDQRDOHHUHOSRHPDVLQRDPLUDUOR<WDPELpQHODGMHWLYR´SHLQWHµTXHQRVyOR
DOXGHD´O·KHUEHµVLQRDWRGRORTXHHOOHFWRUFRQWHPSOD
$Vt HVWH WLSR GH FRPSRVLFLRQHV VH FRQFLEH FRQVLGHUDQGR ODV SRVLELOLGDGHV
HVSDFLDOHV GH OD SiJLQD (Q (O HVSHMR GH DJXD QR VH HQFXHQWUDQ WH[WRV SXUDPHQWH
FDOLJUDPiWLFRV FRQ OR TXH HO VHQWLGR GH ORV WH[WRV HVWi HQ JHQHUDO UHSUHVHQWDGR
SRU XQLGDGHV PiV GHÀQLGDV PHQRV GLVSHUVDV JUiÀFDPHQWH GH KHFKR +RUL]RQ
&DUUpLQFRUSRUDYDULDFLRQHVGHSRHPDVGH(OHVSHMRGHDJXDTXHPXHVWUDQHOVDOWRGHO
GHVDUUROORXQLWDULRGHOWHPDDODGLVJUHJDFLyQHVSDFLDOGHOVLJQLÀFDGRTXHREOLJDDXQD
OHFWXUDGHVSOD]DGDGHOWH[WR\TXHSRWHQFLDVXPHQVDMH1RREVWDQWHHVWHSRHPDULR
UHÁHMDODQXHYDQRFLyQGHHVSDFLRPDQHMDGDSRU+XLGREURSXHVHQpO´DGTXLHUHXQD
LPSRUWDQFLDTXHORHULJHHQSULQFLSLRHVWUXFWXUDGRUGHOPLVPRPRGRTXHVHMXHJDFRQ
ODWLSRJUDItD\ODVQXHYDVSURSXHVWDVGHOGLVHxRµ
/2632(0$6'((/(63(-2'($*8$<6869$/25(69,68$/(6
$QDOL]DPRVSRUVHSDUDGRFDGDXQRGHORVSRHPDVTXHFRPSRQHQ(OHVSHMRGH
DJXDHQXQDSDUWDGRSURSLR3DUDIDFLOLWDUHODQiOLVLVUHSURGXFLPRVORVSRHPDVDOLQLFLR
GH FDGD DSDUWDGR $QWHV GH HQWUDU HQ HO FRPHQWDULR GH ORV WH[WRV UHDOL]DPRV XQDV
EUHYHVFRQVLGHUDFLRQHVVREUHHOWtWXORGHOSRHPDULR
7tWXOR
(O PLVPR WtWXOR GH OD REUD UHVXOWD PX\ VLJQLÀFDWLYR GHVGH HO SXQWR GH YLVWD
TXHWRPDHOSUHVHQWHWUDEDMR1RVHWUDWDGHXQDH[FHSFLyQHQODREUDGH+XLGREUR
SXHVPXFKRVGHVXVSRHPDULRV\SRHPDVWRPDQQRPEUHVTXHDOXGHQDOFRQFHSWRGHO
HVSDFLRRGHODLPDJHQ´/RVIUHVFRVLOXVRULRVµGH/DJUXWDGHOVLOHQFLR´(UDXQDYLVLyQµ
&I%DUyQ(QVXWUDEDMR%DUyQSURSRQHXQDWHQWtVLPRDQiOLVLVGHODVYDULDFLRQHVGHORVWH[WRV
HQ+RUL]RQ&DUUp1RVRWURVQRVFHQWUDPRVDTXtHQHOSDVRSUHYLRDHVDVYDULDFLRQHVHQHODSURYHFKD
PLHQWRHVSDFLDO\ORVUHFXUVRVJUiÀFRV²PHQRVRVDGRV\SRUWDQWRGHPHQRUDOFDQFHDXQTXHQRH[HQWRV
GHVHQWLGR²TXHSUHVHQWDQORVSRHPDVHQ(OHVSHMRGHDJXD
3L]DUUR
1LHVWDPSRFRXQDH[FHSFLyQHQODVREUDVGHRWURVSRHWDVYDQJXDUGLVWDVYLGWUDEDMRVFLWDGRVHQQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
´7ULiQJXORDUPyQLFRµ´)UHVFRQLSyQµGH&DQFLRQHVHQODQRFKH´/DDPDGDUHÁHMiQGRVH
HQHODJXDµGH/DVSDJRGDVRFXOWDV+RUL]RQFDUUp\HQpO´3D\VDJHµ´)LOPµHQ$XWRPQH
UHJXOLHUHWFpWHUD
3RU OR TXH UHVSHFWD D (O HVSHMR GH DJXD HO WtWXOR VXSRQH XQD GHFODUDFLyQ GH
LQWHQFLRQHVSXHV+XLGREURDUUHPHWHHQVXVFRQFHSFLRQHVSRpWLFDVFRQWUDHOWySLFR
DULVWRWpOLFRGHODPtPHVLVGHODUHDOLGDG(OSRHWDQRKDGHUHSUHVHQWDUODUHDOLGDGVLQR
FUHDUODFRQORFXDOODSRHVtDQRGHEHVHUXQ´HVSHMRµGHODUHDOLGDGVLQRXQDUHDOLGDG
SURSLD(OVLQWDJPD´HOHVSHMRGHDJXDµSRUWDQWRQRSUHWHQGHUHÁHMDUORTXHHOSRHWD
YHVLQRORTXHHOSRHWDFUHD3RURWURODGRODLGHDGH´HVSHMRµLQYLWDGLUHFWDPHQWHD
PLUDUQRVyORDOHHUORVSRHPDVSXHV´ODSRHVtDGH+XLGREURLPSOLFDXQDHVWpWLFDGH
ODVXSHUÀFLHGHOXPLQRVRVHIHFWRVGHV~ELWDVSHUFHSFLRQHV>«@/DGH+XLGREURHV
HQFLHUWDPHGLGDXQDUHWLQDLPSUHVLRQLVWDµ(OKHFKRSRU~OWLPR\HQUHODFLyQFRQOD
VLQJXODULGDGFUHDGRUDGHTXHHOHVSHMRVHD´GHDJXDµLQGLFDTXHQRYDDFRQWHPSODUVH
XQDYLVLyQH[DFWDGHOPXQGRVLQRGLVWRUVLRQDGDÀOWUDGDSRUODPDQRGHOSRHWD
´$UWHSRpWLFDµ
4XHHOYHUVRVHDFRPRXQDOODYH
4XHDEUDPLOSXHUWDV
8QDKRMDFDHDOJRSDVDYRODQGR
&XDQWRPLUHQORVRMRVFUHDGRVHD
<HODOPDGHOR\HQWHTXHGHWHPEODQGR
,QYHQWDPXQGRVQXHYRV\FXLGDWXSDODEUD
(ODGMHWLYRFXDQGRQRGDYLGDPDWD
(VWDPRVHQHOFLFORGHORVQHUYLRV
(OP~VFXORFXHOJD
&RPRUHFXHUGRHQORVPXVHRV
0DVQRSRUHVRWHQHPRVPHQRVIXHU]D
(OYLJRUYHUGDGHUR
5HVLGHHQODFDEH]D
3RUTXpFDQWiLVODURVD£RK3RHWDV
+DFHGODÁRUHFHUHQHOSRHPD
6yORSDUDQRVRWURV
9LYHQWRGDVODVFRVDVEDMRHO6RO
(OSRHWDHVXQSHTXHxR'LRV
$OUHVSHFWRVHxDOD0LWUHTXH´(Q¶(OHVSHMRGHDJXD·SRHPDTXHGDQRPEUHDOOLEURKDOOD
PRVODLPDJHQGHOHVSHMRFRQYHUWLGDHQXQDUHDOLGDGÁX\HQWHFRPRHOUtR¶0LHVSHMRFRUULHQWHSRUODV
QRFKHV6HKDFHDUUR\R\VHDOHMDGHPLFXDUWR·(VWDLPDJHQIXQGDXQDLGHQWLGDGHVSHMRUtRTXHKDFH
SRVLEOHGHQWURGHXQPDUFRGHHVWULFWDOyJLFD²SRpWLFDGHVGHOXHJR²RWUDLPDJHQSRVWHULRUµ(QHIHFWR
VHWUDWDGH¶LGHQWLGDGHV·PiVTXH¶HYRFDFLRQHV·
0LWUH
$OUHVSHFWRGHOSRHPD´(OHVSHMRGHDJXDµTXHGDWtWXORDOSRHPDULRDÀUPD*RLF´3RHPD
PHWDSRpWLFRSRHPDTXHKDEODGHODSRHVtD\GHVXIDFWXUDFUHDFLRQLVWDHVGHFLUGHVXWUDQVIRUPDFLyQ
GHOPXQGRHQHOSURFHVRGHKDFHUOR\GHSODVPDUORHIHFWLYDPHQWHGLVWLQWRPiJLFR\H[DOWDGRµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
(O SRHPD TXH DEUH (O HVSHMR GH DJXD VH UHODFLRQD tQWLPDPHQWH FRQ OR TXH
H[SRQtDPRVHQHODSDUWDGRDQWHULRUVREUHHOWtWXOR(OQRPEUHGHOSRHPD´$UWHSRpWLFDµ
\D HV VXÀFLHQWHPHQWH H[SOtFLWR (Q pO +XLGREUR VH UHÀHUH D OD FDSDFLGDG FUHDGRUD
GHORVSRHWDVTXHQRKDQGHFRQIRUPDUVHFRQ´FDQWDUµ²PLPHWL]DU²HOPXQGRVLQR
TXH GHEHQ GDUOH XQD QXHYD IRUPD TXH KD GH SODVPDUVH HQ OD HVWUXFWXUD WH[WXDO HQ
ODLQWHJUDFLyQGHORVSODQRVJUiÀFR\VLJQLÀFDWLYR\HQODUHODFLyQGHDPERVFRQOD
PDQLIHVWDFLyQGHOSRHWD
5HSiUHVH FRQFUHWDPHQWH ORV UHFXUVRV YLVXDOHV TXH FRPR LQGLFiEDPRV HQ
QXHVWUD´,QWURGXFFLyQµVHPDQLÀHVWDQVLHPSUHHQXQDDVRFLDFLyQLQGLVROXEOHFRQHO
DVSHFWR VHPiQWLFR \ PHWDIyULFR GH OD FRPSRVLFLyQ 3DUD HPSH]DU HO VHJXQGR YHUVR
GHODSULPHUDHVWURIDHVPiVFRUWRTXHORVGHPiV\HOORVHUHODFLRQDFRQVXFRQWHQLGR
´4XHDEUDPLOSXHUWDVµHOHVSDFLRHQEODQFRUHFUHDHOHVSDFLRGHODVSXHUWDVDELHUWDV(O
YHUVRVLJXLHQWHDQXQFLDHOOLJHURHVFDORQDPLHQWRSRVWHULRUPHGLDQWHORVYHUERV´FDHµ
\´YRODQGRµTXHHQFLHUUDQODLGHDGHGHVFHQVR$GHPiVODH[SUHVLyQ´FXDQWRPLUHQ
ORVRMRVµVHOOHQDGHVHQWLGRHQHVWHFRQWH[WRSXHVUHPLWHSRUXQODGRDODYROXQWDG
GHFUHDFLyQGHOSRHWD\SRURWURDODQDWXUDOH]DYLVXDOTXHHOSURSLRSRHPDFRPR
FRPSHQGLRGHREMHWRVFUHDGRVDGTXLHUH
/D VHJXQGD HVWURID DFDED FRQ OD SDODEUD ´PDWDµ TXH VH VLW~D IUHQWH D ´YLGDµ
IRUPDQGRXQDDQWtWHVLV/DQRFLyQGHÀQTXHSRUWD´PDWDµHQFXHQWUDVXFRUUHVSRQGHQFLD
HOHVSDFLRHQEODQFRLQWHUHVWUyÀFR
(OYHUVRPiVFRUWRGHODWHUFHUDHVWURIDHV´(OP~VFXORFXHOJDµ(VFLHUWRTXHHO
YHUER´FROJDUµHQSULQFLSLRWHQGUtDXQJUDQHIHFWRHQXQYHUVRODUJRSHURHOKHFKR
GHTXHVHDVRFLHDXQP~VFXORDLVODGRTXHFDUHFHGHXQWRGRMXVWLÀFDODORQJLWXGGH
HVWH YHUVR \ HO HVSDFLR HQ EODQFR UHVXOWDQWH (O FXDUWR YHUVR HV HO PiV ODUJR \ HOOR
FRQÀHUHpQIDVLVDVX~OWLPDSDODEUD´IXHU]DµORVWpUPLQRVTXHDOXGHQDXQLQFUHPHQWR
GH FDQWLGDG R PHGLGD GHWHUPLQDQ HO FUHFLPLHQWR GHO YHUVR VREUH WRGR VL RFXSDQ OD
SRVLFLyQÀQDO
3RU OR TXH UHVSHFWD D OD FXDUWD HVWURID OODPD HVSHFLDOPHQWH OD DWHQFLyQ VX
~OWLPDSDODEUD´6ROµ'HELGRDODFRUWHGDGGHOYHUVRDQWHULRU\DOLQPHGLDWRHVSDFLR
HQEODQFRLQWHUHVWUyÀFRHO´6ROµFUHDGRSRUHOSRHWDSDUHFHUHVSODQGHFHUHQHOYHUVR
8QDLPDJHQPX\YLVXDO´+DFHGODÁRUHFHU>ODURVD@µFRPSOHWDHOYDORUJUiÀFRGHOD
HVWURID\UHIXHU]DHOFRQWHQLGRGHOWH[WR
$OJR VLPLODU D OR TXH RFXUUtD FRQ ´6ROµ DFRQWHFH FRQ ´'LRVµ HQ HO YHUVR TXH
FLHUUDHOSRHPD$OWpUPLQR²TXHDOXGHHQHVWHFDVRDOFUHDGRUQRDORFUHDGR²VHOR
UHYLVWHGHOX]DOFRORFDUORHQWUHHOHVSDFLRHQEODQFRLQWHUHVWUyÀFRDQWHULRU\HOHVSDFLR
HQEODQFRTXHSURYRFDHOÀQDOGHOWH[WR
,QVLVWLPRVHQHOORHODVSHFWRYLVXDODGTXLHUHPiVVHQWLGRDOFRQFHELUODUHDOLGDGSRpWLFDFRPRFUHDFLyQ
QXHYDQRFRPRPHUDHYRFDFLyQGHKHFKRHOYDORUYLVXDOFRQWULEX\HFRPRHODSDUDWRPHWDIyULFRROD
DGMHWLYDFLyQ´(ODGMHWLYRFXDQGRQRGDYLGDPDWD´DODGLVRFLDFLyQHQWUHORFUHDGR\ODUHDOLGDGFRWL
GLDQDTXH´VLJQLÀFDXQDPXWLODFLyQGHOKRPEUHµ0LWUH$SOtTXHVHSRUWDQWRODFRQGLFLyQGH
¶FUHDGR·DFXDQWRVHOHPHQWRVGHOSRHPDVHDQDOL]DQDTXtGHVGHHOSXQWRGHYLVWDYLVXDO3RURWURODGR
DXQTXHHVWHQRHVOXJDUSDUDGLVHUWDUVREUHHOORQRGHEHQSHUGHUVHGHYLVWDORVHFRVQLHW]VFKHDQRVTXH
VXE\DFHQHQODLGHDGHOSRHWDFRPRKRPEUHQXHYRFUHDGRUGHXQDUHDOLGDGQXHYD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
´(OHVSHMRGHDJXDµ
0LHVSHMRFRUULHQWHSRUODVQRFKHV
6HKDFHDUUR\R\VHDOHMDGHPLFXDUWR
0LHVSHMRPiVSURIXQGRTXHHORUEH
'RQGHWRGRVORVFLVQHVVHDKRJDURQ
(VXQHVWDQTXHYHUGHHQODPXUDOOD
<HQPHGLRGXHUPHWXGHVQXGH]DQFODGD
6REUHVXVRODVEDMRFLHORVVRQiPEXORV
0LVHQVXHxRVVHDOHMDQFRPREDUFRV
'HSLHHQODSRSDVLHPSUHPHYHUpLVFDQWDQGR
8QDURVDVHFUHWDVHKLQFKDHQPLSHFKR
<XQUXLVHxRUHEULRDOHWHDHQPLGHGR
(VWHSRHPDTXHGDQRPEUHDWRGRHOFRQMXQWRDKRQGDHQODUHÁH[LyQVREUHHO
SRHWDFUHDGRU´PHYHUpLVFDQWDQGRµ/DDJUXSDFLyQGHYHUVRVHQSDUHV²HQWHUFHWRHQ
HO~OWLPRFDVR²UHIXHU]DHOFDUiFWHUPXVLFDOSHURWDPELpQFRPSRUWDXQYDORUJUiÀFR
TXHVHUHODFLRQDFRQHOUHFRUULGRHQGRVGLUHFFLRQHVGHODV´RODVµDODVTXHHOSRHWD
VHUHÀHUH\VREUHODVTXHQDYHJDQVXV´EDUFRVµ(VDLGHDGHQDYHJDFLyQVHSRWHQFLD
FRQHOYHUVRPiVODUJRHODQWHSHQ~OWLPRVREUHHOTXHHOSRHWDSDUHFHQDYHJDU´HQOD
SRSD>«@FDQWDQGRµ/DSDODEUD´SRSDµWDPELpQSDUHFHMXJDUFRQODODUJXUDGHOYHUVR
FX\RÀQVHLGHQWLÀFDUtDFRQODSURDGHOEDUFR/DORQJLWXGGHOYHUVRSRUFLHUWRVyORHV
YLVXDOSXHVQRHVHO~QLFRYHUVRGHOSRHPDFRQWUHFHVtODEDV
2WURV WpUPLQRV GHO SRHPD DOXGHQ D OD GLVWDQFLD R DO PRYLPLHQWR \ HQ
FRQVHFXHQFLD VH DGHFXDQ D OD ORQJLWXG GH ORV YHUVRV QLQJXQR GH ORV FXDOHV WLHQH
PHQRVGHGLH] VtODEDV´FRUULHQWHµ´DUUR\Rµ\´DOHMDµHQHOSULPHUSDU´SURIXQGRµ
\´DKRJDURQµHQHOVHJXQGR´PXUDOODµ\´DQFODGDµHQHOFXDUWR\HQÀQ´FLHORVµ\
´DOHMDQµHQHOTXLQWR
(OVLQWDJPD´0LHVSHMRµDGHPiVUHIXOJHDOFRORFDUVHDOSULQFLSLRGHGRVHVWURIDV
TXHSRURWUDSDUWHDOFRPHQ]DUGHOPLVPRPRGRUHPLWHQDODLGHDGH¶UHÁHMR·HQOD
TXHFRQÁX\HQODVGRVGLPHQVLRQHVSURSXHVWDVODGHOSURSLR´HVSHMRµ\ODGHOHOHPHQWR
OtTXLGR TXH VXJLHUHQ ´DUUR\Rµ ´HVWDQTXHµ HWFpWHUD /D SDODEUD ´GHVQXGH]µ HQ HO
WHUFHU SDU WDPELpQ VH DSURYHFKD GHO HVSDFLR LQWHUHVWUyÀFR (Q OD SHQ~OWLPD HVWURID
ODVHFXHQFLDIRUPDGDSRU´6REUHVXVRODVEDMRFLHORVµSDUHFHFRUUHVSRQGHUVHWDPELpQ
FRQHOHVSDFLRLQWHUHVWUyÀFRTXHUHSUHVHQWDUtDHOHVSDFLRH[LVWHQWHHQWUHODV´RODVµ\
ORV´FLHORVµ
$OXVLyQTXHSXHGHFRQWHPSODUVHHQFODYHGHPLVHHQDE\PH*RLF
$KRQGDHQHOOR*RLFSDUDOOHJDUDFRQFOXVLRQHVHQWRUQRDODUHSUHVHQWDFLyQGHOSRHWDHQHO
WH[WRYLGQDQWHULRU\DVXGHVDUUROORPHWDIyULFRFRQFLHQFLDFRPRHOHPHQWROtTXLGRFUHDFLRQHVFRPR
EDUFRVHWFpWHUDDXQTXHVLQHQWUDUHQFRQVLGHUDFLRQHVVREUHODGLVWULEXFLyQHVSDFLDOGHORVHOHPHQWRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
´(OKRPEUHWULVWHµ
/ORUDQYRFHVVREUHPLFRUD]yQ«
1RPiVSHQVDUHQQDGD
'HVSLHUWDHOUHFXHUGR\HOGRORU
7HQHUFXLGDGRFRQODVSXHUWDVPDOFHUUDGDV
/DVFRVDVVHIDWLJDQ
(QODDOFRED
'HWUiVGHODYHQWDQDGRQGHHOMDUGtQVHPXHUH
/DVKRMDVOORUDQ
(QODFKLPHQHDODQJXLGHFHHOPXQGR
7RGRHVWiREVFXUR
1DGDYLYH
7DQVyORHQHORFDVR
%ULOODQORVRMRVGHOJDWR
6REUHODUXWDVHDOHMDEDXQKRPEUH
(OKRUL]RQWHKDEOD
'HWUiVWRGRDJRQL]DED
/DPDGUHTXHPXULyVLQGHFLUQDGD
7UDEDMDHQPLJDUJDQWD
7XÀJXUDVHLOXPLQDDOIXHJR
<DOJRTXLHUHVDOLU
(OFKRUURGHDJXDHQHOMDUGtQ
$OJXLHQWRVHHQODRWUDSLH]D
8QDYR]YLHMD
£&XiQOHMRV
8QSRFRGHPXHUWH
7LHPEODHQORVULQFRQHV
(Q HVWH SRHPD HQ FRQVRQDQFLD FRQ OD WULVWH]D D OD TXH DOXGH HO WtWXOR
HQFRQWUDPRVYDULRVWpUPLQRVYLQFXODGRVDODVROHGDG²QRFLyQGHDLVODPLHQWR²\DOD
PXHUWH²QRFLyQGHDFDEDPLHQWR0XFKRVGHHOORVUHVDOWDQHQWUHHVSDFLRVHQEODQFROR
FXDOKDOODFRUUHVSRQGHQFLDFRQODVQRFLRQHVPHQFLRQDGDV(VHOFDVRGH´QDGDµHQOD
SULPHUDHVWURIDTXHVHVLW~DDOÀQDOGHOYHUVRPiVFRUWR7DPELpQRFXUUHFRQ´PXHUHµ
HQODWHUFHUDHVWURIDDXQTXHHQHVWDRFDVLyQORVHVSDFLRVHQEODQFRVHSURGXFHQSRU
DODUJDPLHQWRGHOYHUVRHVHDODUJDPLHQWRDGHPiVVHUHODFLRQDFRQODDFFLyQGXUDWLYDD
ODTXHDOXGH´VHPXHUHµTXHSURORQJDODDFFLyQGHPRULUHQHOWLHPSR2FXUUHWDPELpQ
FRQ´YLYHµHQODTXLQWDHVWURIDTXHSRUWDXQVHQWLGRQHJDWLYRDODVRFLDUVHFRQ´QDGDµ
\FRQOOHYDGHQXHYRXQDUHIHUHQFLDDODLVODPLHQWR(QODRFWDYDHVWURIDDSDUHFH´VDOLUµ
FHUUDQGRXQYHUVRFRUWRTXHSURYRFDRWURJUDQHVSDFLRLGHQWLÀFDGRFRQHVDVDOLGD<
HQOD~OWLPDHVWURIDVHKDOOD´PXHUWHµDLVODGDSRUODFRUWHGDGGHOYHUVR\HOHVSDFLR
LQWHUHVWUyÀFR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
7DPELpQDSDUHFHQVLJQLÀFDGRVGHOHMDQtDHQHOSRHPD/DVH[WDHVWURIDGHYHUVR
~QLFRH[SUHVDFyPR´VHDOHMDEDXQKRPEUHµORFXDOHQFDMDFRQODODUJXUD\ODXQLFLGDG
GHOYHUVR<HQODSHQ~OWLPDHVWURIDHVDOHMDQtDVHPDUFDD~QPiVFRQHOGHVSOD]DPLHQWR
KDFLDODGHUHFKDGHOYHUVR´£&XiQOHMRVµTXHYHUGDGHUDPHQWHVHDOHMDGHOFRPLHQ]R
QDWXUDOGHODOtQHD/RVHVSDFLRVVXSHULRUSRUODFRUWHGDGGHOYHUVRDQWHULRUHLQIHULRU
SRUODGLVWDQFLDLQWHUHVWUyÀFDDXPHQWDQODVHQVDFLyQGHDOHMDPLHQWR
´(OKRPEUHDOHJUHµ
1ROORYHUiPiV
3HURDOJXQDVOiJULPDV
%ULOODQD~QHQWXVFDEHOORV
8QKRPEUHVDOWDHQHOVRO
6XVRMRVOOHQRVGHOSROYRGHWRGRVORVFDPLQRV
<VXFDQFLyQQREURWDGHVXVODELRV
(OGtDVHURPSHFRQWUDORVYLGULRV
<ODVDQJXVWLDVVHGHVYDQHFHQ
(OXQLYHUVR
(VPiVFODURTXHPLHVSHMR
(OYXHORGHORVSiMDURV\HOJULWDUGHORVQLxRV
(VGHOPLVPRFRORU
9HUGH
6REUHORViUEROHV
0iVDOWRVTXHHOFLHOR
6HR\HQFDPSDQDVDOYXHOR
$OFRQWUDULRGHORTXHRFXUUtDHQHODQWHULRU²ORVWtWXORVVRQRSXHVWRV²HQHVWH
SRHPDSURIXVRHQHVSDFLRVHQEODQFRDEXQGDQORVWpUPLQRVDVRFLDGRVDODOX]\DO
FRORUHOSRHWDSDUHFHUHFRQFLOLDUVHFRQORTXHORURGHD\DOXGHDHVHPXQGRTXHVHJ~Q
VXVFULWHULRVQRVHGHEHFDQWDU'HVGHODSHUVSHFWLYDGH+XLGREURSRUWDQWRHOSRHWD
QRGHVFULEHODUHDOLGDGVLQRTXHFRQVWUX\HFRQSDODEUDVXQDUHDOLGDGQXHYDHQODTXH
VHPH]FODQODVSHUVSHFWLYDVLQWHULRU\H[WHULRUHVSDFLDO\WHPSRUDOHOSRHWDHQIUHQWD
YLVXDOPHQWHHO´XQLYHUVRµ\HOSDUWLFXODU´HVSHMRµTXHUHVXOWDGHVXVYHUVRV
'HVGHHVHSXQWRGHYLVWDHOHVFDORQDPLHQWRTXHFRQVWLWX\HODSULPHUDHVWURID
UHPLWH D YDULRV GH ORV FRQFHSWRV TXH DSDUHFHQ HQ HOOD OD FDtGD GH OD ´OOXYLDµ \ ODV
´OiJULPDVµVLELHQpVWDVVRQPHWDIyULFDV\WDPELpQGHORVFDEHOORV(OYHUVRVLJXLHQWH
FXOPLQD HQ OD SDODEUD ´VROµ TXH FRPR RFXUUtD HQ ´$UWH SRpWLFDµ VH DSURYHFKD GH
ORV HVSDFLRV TXH UHFLEH HO YHUVR DLVODGR (VSHFLDOPHQWH OXPLQRVR HV WUDV HO HVSDFLR
LQWHUHVWUyÀFR ´(O GtD VH URPSH FRQWUD ORV YLGULRVµ \ GHO PLVPR WLSR GH HVSDFLR VH
&I%DUyQ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
EHQHÀFLDHOWpUPLQR´GHVYDQHFHQµTXHVHGHVOL]DKDFLDHOYDFtR7DPELpQUHOXFHQORV
YRFDEORV´FODURµ\´HVSHMRµDFDXVDGHODFRUWHGDGGHOYHUVRDQWHULRU\QXHYDPHQWH
GHODGLVWDQFLDLQWHUHVWUyÀFD
3RUVXODUJXUDGRVYHUVRVGHVWDFDQHQHVWHSRHPD\DPERVLQFRUSRUDQYRFDEORV
UHODFLRQDGRV FRQ HO PRYLPLHQWR \ OD GLVWDQFLD (O SULPHUR GH HOORV HO YHUVR TXLQWR
VHFLHUUD FRQ OD SDODEUD´FDPLQRVµFX\DLGHDGHGLVWDQFLDUHFRUULGDVHUHIXHU]DFRQ
HOPRUIHPDGHSOXUDOODVSDODEUDV´OOHQRVµ\´WRGRVµFRQVLJQLÀFDGRVGHFDQWLGDG
FRQWULEX\HQ DO DSR\R YLVXDO (O YHUVR XQGpFLPR SRU VX SDUWH IRUWDOHFH VX ORQJLWXG
PHGLDQWH´(OYXHORGHORVSiMDURVµ
$LVODGDPHQWHFRPRVLGHXQDSLQFHODGDVHWUDWDVHDSDUHFH´9HUGHµLQWURGXFLGR
SRUHO´FRORUµGHOYHUVRDQWHULRU\HVFXGDGRSRUORV´iUEROHVµGHOYHUVRVLJXLHQWH6H
WUDWDGHODSDODEUDPiVUHVDOWDGDGHOWH[WR\GHVGHHOSXQWRGHYLVWDFURPiWLFRVHKDOOD
URGHDGDGHOX]\FODULGDG(QHVWHSXQWRHOSRHPDVHDSUR[LPDDODFRQFHSFLyQGHXQ
FXDGURSRUFXDQWRSXHGHSHUFLELUVHFRPRXQDFRPELQDFLyQGHFRORUHVHQPHGLRHO
´9HUGHµ\DOUHGHGRUGHVWHOORVTXH´%ULOODQµ´HOVROµ´(OGtD>TXH@VHURPSHFRQWUD
ORVYLGULRVµ\HO´XQLYHUVR>«@FODURµ8QFXDGURGHKHFKRTXHQRHVRWUDFRVDTXH
ODUHDOLGDGVLQJXODUTXHHOSRHWDLQVWDXUD&LHUWRHVTXHODFRPSRVLFLyQSUHVHQWDXQD
JUDGDFLyQ RUJDQL]DGD GH ODV SHUFHSFLRQHV \ TXH OD YHUVLyQ GHO SRHPD LQFOXLGD HQ
+RUL]RQ &DUUp URPSH GHÀQLWLYDPHQWH FRQ FXDOTXLHU WLSR GH FRQWLQXLGDG PLPpWLFD
SHURHOORQRLQYDOLGDODYROXQWDGGHDSURYHFKDPLHQWRHVSDFLDOHQHOWH[WR
(QOD~OWLPDHVWURIDVHMXHJDFRQODSRVLFLyQGHODV´FDPSDQDVDOYXHORµSXHV
VHHQFXHQWUDQGHVGHHOSXQWRGHYLVWDYLVXDOHQODSDUWHPiVEDMDGHOSRHPDSHUR
DOPLVPRWLHPSRVHKDOODQ´6REUHORViUEROHV0iVDOWRVTXHHOFLHORµ/DQRFLyQGH
´YXHORµFRPRHQHOFDVRDQWHULRUVHDSURYHFKDGHODSRVLFLyQVDOLHQWHGHOYHUVR
´1RFWXUQRµ
/DVKRUDVUHVEDODQOHQWDPHQWH
&RPRODVJRWDVGHDJXDSRUXQYLGULR
6LOHQFLRQRFWXUQR
(OPLHGRVHHVSDUFHSRUHODLUH
<HOYLHQWROORUDHQHOHVWDQTXH
£2K«
/DQRFLyQGH´YXHORµPX\LQYROXFUDGD²VLUYDQGHPXHVWUDORVYHUVRVDOXGLGRV²HQHOULWPRYLVXDOGH
ORVSRHPDVGH+XLGREURHVHVSHFLDOPHQWHVLJQLÀFDWLYDSRUFXDQWRFRQVWLWX\HXQDOtQHDVyOLGDSDUDOD
FRQVLGHUDFLyQGHOFRQMXQWRGHVXSRHVtDYLG0LWUHHVSHFLDOPHQWHHODSDUWDGR´3RHVtDGHOYXHORµ
\HVELHQYLVLEOHHQHVWHSRHPDULR´6HDÀUPD>HQ(OHVSHMRGHDJXD@HO\ROtULFR\OHYDQWDHOYXHORTXHKDUi
GH+XLGREURHOSRHWDGHOKXPDQLVPRLQWHUSODQHWDULRµ3L]DUUR
&I%DUyQ2FXUUHWDPELpQFRQ´2WRxRµ´1RFWXUQRµ´1RFWXUQR,,µR´$OJXLHQLEDD
QDFHUµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
(VXQDKRMD
6HGLUtDTXHHVHOÀQGHODVFRVDV
7RGRHOPXQGRGXHUPH«
8QVXVSLUR
(QODFDVDDOJXLHQKDPXHUWR
(OWtWXORGHHVWHSRHPDFRQWUDVWDIXHUWHPHQWHFRQORVWpUPLQRVOXPLQRVRVELHQ
DUURSDGRVSRUODGLVSRVLFLyQWLSRJUiÀFDTXHYHtDPRVHQHOSRHPDDQWHULRU'HVGHHVH
SXQWRGHYLVWDHOSRHWDFRQWLQ~DMXJDQGRFRQODRSRVLFLyQGHFRORUHV
(QOD SULPHUDHVWURIDVHDOXGHDOPRYLPLHQWROHQWR´UHVEDODQOHQWDPHQWHµ\
HOORVHFRUUHVSRQGHWDQWRFRQHOULWPRIyQLFR²FRQWLQXDGR²GHORVYHUVRVFRPRFRQVX
ODUJXUD$OJRSDUHFLGRRFXUUHHQODWHUFHUDHVWURIDGRQGHVHDOXGHDOPRYLPLHQWR\DO
HVSDFLR´VHHVSDUFHSRUHODLUHµ´HOYLHQWROORUDµ(VWRVYHUVRVODUJRVFRQWUDVWDQFRQ
HOVHJXQGRFX\DFRUWHGDGXQLGDDORVHVSDFLRVLQWHUHVWUyÀFRVUHIXHU]DQHVH´6LOHQFLR
QRFWXUQRµFODYHHQODHVWUXFWXUDGHOSRHPD\VXVLJQLÀFDGR'LFKRVLOHQFLRVHTXLHEUD
FRQORTXHVHGLFHHQRWURYHUVRFRUWR´8QVXVSLURµTXHFRPRWDPELpQRFXUUHFRQ
´(VXQDKRMDµSDUHFHWHQHUOXJDUHQXQLQVWDQWHLGyQHRSDUDHOYHUVRFRUWRFRQORTXH
ODEUHYHGDGVHPDQLÀHVWDDODYH]HQHOWLHPSR\HQHOHVSDFLR1XHYDPHQWHFRPRHQ
´(OKRPEUHWULVWHµODPXHUWHVHFRORFDDOÀQDOGHOSRHPD´KDPXHUWRµHOHVSDFLRÀQDO
SURSRUFLRQDODVHQVDFLyQYLVXDOGHYDFtR\DFDEDPLHQWR
´2WRxRµ
*XDUGRHQPLVRMRV
(OFDORUGHWXVOiJULPDV«
/DV~OWLPDV
<DQROORUDUiVPiV
3RUORVFDPLQRV
9LHQHHORWRxR
$UUDQFDQGRWRGDVODVKRMDV
£2KTXpFDQVDQFLR
8QDOOXYLDGHDODV
&XEUHODWLHUUD
(O RWRxR HVWDFLyQ D OD TXH VH GHGLFD HVWH SRHPD DSDUHFH MXVWR HQ OD PLWDG
YLVXDOGHODFRPSRVLFLyQHQXQHMHPSORGHFyPRHOPRWLYRWHPiWLFRGHOWH[WRSXHGH
FRORFDUVH HVWUDWpJLFDPHQWH (Q HO SUHOXGLR D OD YHQLGD GHO RWRxR HV GHFLU HQ OD
SULPHUDHVWURIDHQFRQWUDPRVXQSDUGHUHFXUVRVYLVXDOHVGLUHFWRV(QSULPHUOXJDU
ORVSXQWRVVXVSHQVLYRVVLUYHQGHFRUUHVSRQGHQFLDDODVOiJULPDVDOXGLGDVDOJRTXH
WDPELpQ RFXUUtD DXQTXH GH IRUPD PHWDIyULFD HQ ´(O KRPEUH WULVWHµ ´/ORUDQ YRFHV
VREUHPLFRUD]yQ«µ(OYHUVRPiVFRUWRGHOSRHPDHOWHUFHURFRPSRUWDXQDLGHDGH
DFDEDPLHQWRTXHVXHOHDGHFXDUVHDORVYHUVRVEUHYHVSXHVVHUHIXHU]DFRQHOPD\RU
HVSDFLRTXHVHFUHDWUDVVXÀQDO´/DV~OWLPDVµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
(QFXDQWRDOYHUVRPiVODUJRHQODVHJXQGDHVWURIDVHDGHFXDDODUHSUHVHQWDFLyQ
GHOFDPLQRDQXQFLDGRGRVYHUVRVPiVDUULED\´$UUDQFDQGRµSRUHOFDUiFWHUGXUDWLYR
GHOJHUXQGLRFRPSRUWDODLGHDGHPRYLPLHQWRTXHVHDFRSODDODODUJXUDGHOYHUVR
(OWHGLRDOTXHDOXGHHOVpSWLPRYHUVR´£2KTXpFDQVDQFLRµVHYHUHIRU]DGRSRU
VXFRQGLFLyQGHDLVODGR
(QOD~OWLPDHVWURIDHQÀQHOFRQWHQLGRVHDMXVWDSRUFRPSOHWRDODGLVWULEXFLyQ
HVSDFLDO OD ´OOXYLD GH DODVµ ²QXHYDPHQWH OD QRFLyQ GH ¶YXHOR· DO ÀQDO GHO YHUVR \
URGHDGDGHHVSDFLR²VHKDOODHQFLPDGH´ODWLHUUDµOD´FXEUHµ
´1RFWXUQR,,µ
/DSLH]DGHVLHUWD
&HUUDGDHVWiODSXHUWD
6HVLHQWHLUVHODOX]
/DVVRPEUDVVDOHQGHGHEDMRGHORVPXHEOHV
<DOOiOHMRVORVREMHWRVSHUGLGRV
6HUtHQ
/DQRFKH
/DDOFREDVHLQXQGD
(VWR\SHUGLGR
8QJULWROOHQRGHDQJXVWLD
1DGLHKDUHVSRQGLGR
(VWH VHJXQGR ´1RFWXUQRµ SUHVHQWD YDULDV DSHODFLRQHV YLVXDOHV HQ VXV YHUVRV
(Q SULPHU OXJDU VH WUDWD GH XQ SRHPD FLHUWDPHQWH GHVFULSWLYR SRU FXDQWR HO SRHWD
HODERUD XQ UHWUDWR GH OD HVWDQFLD HQ OD TXH VH HQFXHQWUD ´SLH]D GHVLHUWDµ ´FHUUDGD
>«@SXHUWDµ´PXHEOHVµ´DOFREDµ9DULRVWpUPLQRVDGHPiVDOXGHQDODRVFXULGDGGHO
OXJDU´FHUUDGD>«@SXHUWDµ´LUVHODOX]µ´/DVVRPEUDVµ´ODQRFKHµ
(OMXHJRGHOWHUFHUYHUVRHVGREOH3RUXQODGRHOHVSDFLRLQWHUHVWUyÀFRSRWHQFLD
ODLGHDGHKXtGDRIUHFHXQDVDOLGDDOYHUVR6LDGHPiVORTXHVHYDHV´ODOX]µHVWD
VHDVRFLDDOKXHFRHQEODQFRUHVXOWDQWH/DDOLWHUDFLyQGH¶V·SRUVXSDUWHUHIXHU]DHO
ULWPRIyQLFRGHOYHUVR\ODQRFLyQGHPRYLPLHQWR
3HURHOYHUVRTXHPiVPRYLPLHQWRFRPSRUWDHVHOVLJXLHQWHHOFXDUWRTXHDGHPiV
HVHOPiVODUJRGHOSRHPD´/DVVRPEUDVVDOHQGHGHEDMRGHORVPXHEOHVµ/DDQWtWHVLV
FRQ ´OD OX]µ GHO YHUVR DQWHULRU \ FRQ HO HVSDFLR LQWHUHVWUyÀFR PHQFLRQDGR RWRUJD
IXHU]DDODVDOLGDGH´/DVVRPEUDVµ7DPELpQH[LVWHDOLWHUDFLyQGH¶V·DOFRPLHQ]RGHO
YHUVRFRQLGpQWLFDIXQFLyQTXHHQHODQWHULRU(QHVDPLVPDHVWURIDVHHQFXHQWUDXQR
GHORVGRVYHUVRVWULVtODERVGHOSRHPD´6HUtHQµ6XFRUWHGDG\HOHVSDFLRLQWHUHVWUyÀFR
LQPHGLDWRDtVODQHVDULVDGH´ORVREMHWRVSHUGLGRVµ\ODVLW~DQHQHIHFWR´$OOiOHMRVµ
(OYHUVRPiVHQIDWL]DGRGHODFRPSRVLFLyQHVHORWURWULVtODER´/DQRFKHµ(O
pQIDVLVTXHDGTXLHUHSRUVHUHO~QLFRYHUVRDLVODGRSDUHFHWHxLUGHRVFXULGDGDWRGRHO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
SRHPDSXHVORVHVSDFLRVHQEODQFRSURORQJDQVXHIHFWRHQXQMXHJRFURPiWLFRVLPLODU
DOTXHYHtDPRVHQ´(OKRPEUHDOHJUHµFRQ´9HUGHµ7DPELpQHQFRQWUDPRVHOUHFXUVR
HQHOSULPHU´1RFWXUQRµFRQHOYHUVR´6LOHQFLRQRFWXUQRµ
/D~OWLPDHVWURIDSUHVHQWDXQMXHJRJUiÀFRPX\LQWHUHVDQWH(OYHUVRPiVFRUWR
´(VWR\SHUGLGRµDOURGHDUVHGHRWURVPiVODUJRVUHSUHVHQWDDOSURSLRSRHWDGHQWUR
GH OD DOFRED (O YHUVR PiV ODUJR SRU VX SDUWH LQFRUSRUD XQ WpUPLQR TXH DOXGH D OD
FDQWLGDG´OOHQRµORFXDOFRPRVHKDYLVWRHQHMHPSORVDQWHULRUHVVXHOHDFRPRGDUVHD
ORVYHUVRVODUJRV/DODUJXUDGHHVWHYHUVRDGHPiVSURORQJDHO´JULWRµGH´DQJXVWLDµ
3RU~OWLPRHOSRHPDFRPRRWURVDQWHULRUHVVHFLHUUDFRQXQDDOXVLyQDODLVODPLHQWR
´1DGLHKDUHVSRQGLGRµTXHGDSDVRDOHVSDFLRÀQDO
´$xRQXHYRµ
(OVXHxRGH-DFREVHKDUHDOL]DGR
8QRMRVHDEUHIUHQWHDOHVSHMR
<ODVJHQWHVTXHEDMDQDODWHOD
$UURMDURQVXFDUQHFRPRXQDEULJRYLHMR
/DSHOtFXODPLOQRYHFLHQWRVGLHFLVpLV
6DOHGHXQDFDMD
/DJXHUUDHXURSHD
/OXHYHVREUHORVHVSHFWDGRUHV
<KD\XQUXLGRGHWHPEORUHV
+DFHIUtR
'HWUiVGHODVDOD
8QYLHMRKDURGDGRDOYDFtR
(VWDYLVLyQPiVELHQSHVLPLVWDGHOFDPELRGHDxRDOXGHGLUHFWDPHQWHDOiPELWR
GHORYLVXDO(QFRQFUHWRHODxRQXHYRVHUHFLEHFRPRVLGHXQDSHOtFXODVHWUDWDVH6H
SUHVHQWDHODxRFRPRVHLQÀHUHGHOSRHPDPDUFDGRSRUODJXHUUD²OD3ULPHUD*XHUUD
0XQGLDO²\+XLGREURFRPSDUDDORVHXURSHRVFRQ´HVSHFWDGRUHVµTXHFRQWHPSODQHO
FRQÁLFWRLQWHUQDFLRQDO(OVHJXQGRYHUVRDOXGHGLUHFWDPHQWHDODFODYHGHLQWHUSUHWDFLyQ
GHOWH[WRHOOHFWRUKDGH¶FRQWHPSODU·HOFDPELRGHDxRTXHHOSRHWDFRQVWUX\HFRQVXV
YHUVRVHQVX´HVSHMRµSDUWLFXODUGHPRGRTXHODPHWiIRUDTXHVXSRQHWRGRHOSRHPD
JXDUGDXQDSHUIHFWDUHODFLyQFRQODGLVSRVLFLyQGHORVYHUVRVHQHOHVSDFLR/RVSODQRV
HVSDFLDO\WHPSRUDOLQWHULRU\H[WHULRUVHHQWUHFUX]DQHQHOWH[WRORFXDOGDOXJDUDXQD
H[SORUDFLyQTXHUHODFLRQDHOFDPELRGHWLHPSR²\GHWLHPSRV²FRQODWUDQVPXWDFLyQ
FLQHPDWRJUiÀFDTXHDOFDERIXQFLRQDWDPELpQFRPRHVSHMRLQFRUSyUHRGHODUHDOLGDG
/DVYDQJXDUGLDVSRpWLFDVHQWDEODURQWDPELpQHVWUHFKDVUHODFLRQHVFRQHOFLQH$OUHVSHFWRYLG96iQ
FKH]%LRVFD6REUHODUHODFLyQJHQHUDOHQWUHFLQH\OLWHUDWXUDODELEOLRJUDItDHVDPSOtVLPD9LGSRU
HMHPSOR6iQFKH]1RULHJD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
PDWHULDOFDUQDOODSHUFHSFLyQGHOSRHPDSRUWDQWRREOLJDDODFRQVLGHUDFLyQFRQMXQWD
GHDPERVQLYHOHVHVSDFLDO\WHPSRUDO
'HVGH HO SXQWR GH YLVWD HVWULFWDPHQWH JUiÀFR OD SULPHUD HVWURID EDVWDQWH
XQLIRUPH HQ FXDQWR D OD PpWULFD GH ORV YHUVRV VH FRUUHVSRQGH FRQ OD ´WHODµ HQ OD
TXHODSHOtFXODYDDSUR\HFWDUVH(O~OWLPRYHUVROLJHUDPHQWHPiVODUJRFRQWLHQHOD
IRUPDYHUEDO´DUURMDURQµTXHSRUWDXQVLJQLÀFDGRGHGHVSOD]DPLHQWRIUHFXHQWHHQ
YHUVRVODUJRVVHJ~QVHKDYLVWRHQPXHVWUDVDQWHULRUHV5HSiUHVHWDPELpQHQODIRUPD
OLJHUDPHQWHVHPLFLUFXODUTXHVHFUHDWUDVORVYHUVRVVHJXQGR\WHUFHURPX\DGHFXDGD
DODLPDJHQGHO´RMRµTXH´VHDEUHIUHQWHDOHVSHMRµ
(Q OD VHJXQGD HVWURID HO SULPHU YHUVR SDUHFH VDOLU GHO VHJXQGR FRPR VL
YHUGDGHUDPHQWHXQDWLUDGHSHOtFXODFLQHPDWRJUiÀFDVHGHVHQUROODVHGHVGHVXODWD
(OSULPHUYHUVRDLVODGRSRUVXSDUWHFRUUHVSRQGHUtDDODSURSLDSHOtFXOD´/D
JXHUUDHXURSHDµ\GHKHFKRSRGUtDSDVDUSRUHOWtWXORGHXQÀOPHSUR\HFWDGRHQHVWH
FDVRVREUHORVHVSDFLRVHQEODQFRTXHORURGHDQ
(QODHVWURIDVLJXLHQWHODOOXYLD´VREUHORVHVSHFWDGRUHVµVHFRORFDHQHOSULPHU
YHUVRHOSODQRVXSHULRU\ORV´WHPEORUHVµ²EDMRORVHVSHFWDGRUHVVHHQWLHQGH²HQHO
VHJXQGRYHUVRHOSODQRLQIHULRU
(ODQWHSHQ~OWLPRYHUVR´+DFHIUtRµUHIXHU]DWDOLGHDDOQRHVWDUDEULJDGRHV
GHFLUDODSDUHFHUDLVODGRHQODHVWURID
<SRU~OWLPRHQOD~OWLPDHVWURIDHOVHJXQGRYHUVRHVPiVODUJRTXHHOSULPHUR
\HOORFRQWULEX\HDOVLJQLÀFDGRGHPRYLPLHQWRTXHSRUWD´KDURGDGRµ$GHPiVFRPR
RFXUUtD HQ RWUDV FRPSRVLFLRQHV HO SRHPD VH FLHUUD FRQ XQ WpUPLQR TXH UHPLWH D OD
DXVHQFLD´YDFtRµ\TXHGDSDVRXQDYH]PiVDOHVSDFLRHQEODQFRÀQDO(O´YLHMRµDO
TXHDOXGHODHVWURIDSRURWUDSDUWHVHFRUUHVSRQGHFRQHODxRTXHVHDFDED
´$OJXLHQLEDDQDFHUµ
$OJRUR]DORVPXURV«
8QDOPDTXLHUHQDFHU
&LHJDD~Q
$OJXLHQEXVFDXQDSXHUWD
0DxDQDVXVRMRVPLUDUiQ
8QUXLGRVHDKRJDHQORVWDSLFHV
¢7RGDYtDQRHQFXHQWUDV"
&I*RLF\VV=RQDQDDOXGHDHVWHSRHPDFRPRPXHVWUDGHOFRQFHSWRSRpWLFR
KXLGREULDQR´/DYLVLyQGHOSRHWD²HOQXHYRGLRV²SRVHHXQSRGHUFRJQRVFLWLYRUHYHODGRU\RUDFXODU
PDQLÀHVWDORVOD]RVVHFUHWRVTXHXQHQDODVFRVDVHQWUHVt\ORVGDDFRQRFHU(QHOGREOHPRYLPLHQWRGHO
RMRTXHDVXPHODUHDOLGDG\ODPDQLÀHVWDOXHJRWUDQVIRUPDGDHOVXMHWROtULFRSDUHFHUHVSRQGHUDPHFD
QLVPRVGHFDSWDFLyQ\SUR\HFFLyQItOPLFDµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
3XHVELHQYHWH
1RYHQJDV
(QODYLGD
6yORDYHFHVKD\XQSRFRGHVRO
6LQHPEDUJRYHQGUi
$OJXLHQODHVSHUD
/DLGHDGHQDFLPLHQWRTXHFRPSRUWDHVWHSRHPDHVWDEOHFHXQDDQWtWHVLVFRQVX
SRVLFLyQ ÀQDO SURFHGLPLHQWR TXH FRQVWLWX\H XQ UHFXUVR JUiÀFR HQ Vt PLVPR 'LFKR
QDFLPLHQWRSRUVXSDUWHWLHQHTXHYHUFRQHOSRHWDTXH+XLGREURUHFODPDEDHQ´$UWH
SRpWLFDµHOWH[WRTXHDEUHODREUD'HHVWHPRGRHOSRHPDULRTXHGDFHUUDGRPHGLDQWH
XQDHVWUXFWXUDWHPiWLFDFLUFXODU
(QFXDQWRDORVUHFXUVRVJUiÀFRVFRQFUHWRVHQHOVHJXQGRYHUVRH[LVWHXQDFHUWHUD
FRPSOHPHQWDFLyQHQWUH´QDFHUµ\HOHVSDFLRLQWHUHVWUyÀFRLQPHGLDWR7UDVpOKDOODPRV
HOYHUVRDLVODGR´&LHJDD~QµHQHOTXHHODGYHUELRHQHIHFWRVHSDUDODFHJXHUDGHOD
OX]TXHVHSURGXFHPHGLDQWHHODLVODPLHQWRGHOYHUVR
(OTXLQWRYHUVRDQXQFLDTXH´0DxDQDVXVRMRVPLUDUiQµ\HVDHVSHUDQ]DYXHOYH
DHVWDUUHSUHVHQWDGDSRUODGLVWDQFLDLQWHUHVWUyÀFD/DGXUDFLyQGHO´UXLGRµGHOYHUVR
VLJXLHQWHSRUVXSDUWHVHSURORQJDJUDFLDVDVXORQJLWXG
(OYHUVRPiVODUJRGHOSRHPDHVHODQWHSHQ~OWLPRTXHVHFLHUUDFRQHOWpUPLQR
´VROµHVWHVHEHQHÀFLDFRPRRFXUUtDHQSRHPDVDQWHULRUHVGHODFODULGDGTXHOHDSRUWD
ODORQJLWXGGHOYHUVR\HOHVSDFLRLQWHUHVWUyÀFRSRVWHULRU0iVDSHUWXUDHQFXHQWUDHO
~OWLPRVLQWDJPDGHOSRHPD´ODHVSHUDµ$Vt´$OJXLHQLEDDQDFHUµDSRUWDXQPDWL]GH
LQPLQHQFLDFRQYHQLHQWHPHQWHUHIRU]DGRSRUORVHIHFWRVGHVFULWRVDWRGRHOSRHPDULR
TXHVHHULJHFRPRHODQXQFLRGHOQXHYRSRHWD
&21&/86,Ð1
(VWH WUDEDMR KD SUHWHQGLGR XQ DFHUFDPLHQWR D (O HVSHMR GH DJXD D WUDYpV ORV
YDORUHV JUiÀFRV TXH FRPSRUWD LQWHJUDGRV HQ HO ULWPR ²HQ VHQWLGR JHQHUDO² GHO
SRHPD\UHODFLRQDGRVLQHYLWDEOHPHQWHFRQVXVVLJQLÀFDGRV(VWHHQIRTXHQRH[FOX\H
SRU GHVFRQWDGR FXDOHVTXLHUD RWURV TXH VH DSOLTXHQ DO HVWXGLR GHO SRHPDULR VHJ~Q
KHPRVDSXQWDGRHQSDUWHDOUHPLWLUDGHWHUPLQDGDVUHIHUHQFLDVELEOLRJUiÀFDV6HUtD
GHVHDEOHDGHPiVFRPSHQGLDUORVVLJQLÀFDGRVGHHVWHWLSRUHFXUVRVHQODWRWDOLGDGGH
ODREUDSRpWLFDGH+XLGREURFRQHOREMHWLYRGHVLVWHPDWL]DUGHPDQHUDPiVVyOLGDORV
SURFHGLPLHQWRV HPSOHDGRV \ DSOLFDU ODV FRQFOXVLRQHV UHVXOWDQWHV D OD FRQVLGHUDFLyQ
JHQHUDOGHVXWH[WRSRpWLFR
3RU RWUD SDUWH ORV VLJQLÀFDGRV GH HVWRV UHFXUVRV YLVXDOHV QR WLHQHQ SRU TXp
VHU H[FOXVLYRV GH OD REUD GH +XLGREUR VLQR TXH HQ UD]yQ GH VX HÀFDFLD SXHGHQ
PDQLIHVWDUVHHQFRPSRVLFLRQHVGHRWURVSRHWDV/RTXHKDFHVLQJXODUDOULWPRYLVXDOHQ
ORVYHUVRVGH+XLGREURHVVXUHODFLyQFRQODVUHDOLGDGHVFUHDGDVHQVXSRHVtDHVGHFLUD
ODQDWXUDOH]DGHORVREMHWRVFUHDGRVFRQWULEX\HQ²MXQWRFRQODVLQJXODULGDGPHWDIyULFD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
RODVSRVLELOLGDGHVIyQLFDV²ODVHVSHFLÀFLGDGHVYLVXDOHVH[SUHVDGDVHQORVWH[WRVTXH
UHIXHU]DQORVVLJQLÀFDGRVDORVTXHHOSRHWDOOHJD$VtVLORFRPSDUDPRVFRQRWUDVGH
VXV REUDV IXQGDPHQWDOPHQWH ODV SRVWHULRUHV (O HVSHMR GH DJXD QR HV HVSHFLDOPHQWH
LFRQRFODVWD HQ FXDQWR D OD IRUPD VH UHÀHUH FDVL WRGRV ORV YHUVRV FRPLHQ]DQ D OD
PLVPD DOWXUD ODV ULPDV VRQ DEXQGDQWHV WDQWR ODV DVRQDQWHV FRPR ODV FRQVRQDQWHV
VHUHVSHWDODSXQWXDFLyQKDELWXDOHWFpWHUD6LQHPEDUJRHOSRHPDULRSRVHHXQDFDUJD
YLVXDOPX\FRQVLGHUDEOHTXHFRPSOHWDORVVHQWLGRVGHORVYHUVRV(QVtQWHVLVHOSRHWD
DSURYHFKDORVHVSDFLRVHQEODQFRSDUDDUURSDUIXQGDPHQWDOPHQWHGRVQRFLRQHVODGH
DFDEDPLHQWRHQODTXHLQFOX\HWpUPLQRVFRPR´PXHUWRµ´QDGLHµ´YDFtRµR´VROHGDGµ
\WDPELpQ´YXHORµR´VDOLGDµFUHDQGRFRQWH[WRVHQORVTXHHOEODQFRVHFRUUHVSRQGH
FRQHOHVSDFLRDOTXHVH¶VDOH·R¶YXHOD·\ODGHOXPLQRVLGDGHQODTXHUH~QHYRFDEORV
FRPR´VROµ´OX]µ´HVSHMRµR´IXHJRµ5HVSHFWRGHODORQJLWXGGHORVYHUVRV²TXHVH
UHODFLRQDLQHYLWDEOHPHQWHFRQORVHVSDFLRVHQEODQFRTXHSURYRFDVXYDULDELOLGDG²VH
FRPSUXHEDTXHHOYHUVRODUJRDOEHUJDFRQWHQLGRVTXHLPSOLFDQGXUDFLyQPRYLPLHQWR
RLQWHQVLGDGFRPR´WHPEODQGRµ´IXHU]Dµ´FDPLQRVµR´DUURMDURQµPLHQWUDVTXHHO
YHUVRFRUWRDPSDUDDOXVLRQHVDODEUHYHGDGFRPR´VXVSLURµRLQFOXVRDODQHJDFLyQ
FRPR´1RYHQJDVµ´1ROORYHUiPiV´R´1DGDYLYHµ&RPRFRPSOHPHQWR\GHVGH
XQSXQWRGHYLVWDPiVJHQHUDODEXQGDQORVFRQWUDVWHVFURPiWLFRV\SDVDPRVGH´HO
GtDµD´ODQRFKHµGH´HOVROµD´HORFDVRµGH´HOIXHJRµDODV´VRPEUDVµGHO´REVFXURµ
DO´YHUGHµGH´ODPXHUWHµD´ODYLGDµ
3HUR OD FDUJD YLVXDO GH (O HVSHMR GH DJXD VXSHUD HO UHFXUVR D HIHFWRV YLVXDOHV
FRQFUHWRV FRQ FRPSRVLFLRQHV TXH VH DFHUFDQ LQFOXVR DO FDOLJUDPD 2FXUUH FRQ ´(O
KRPEUH DOHJUHµ \ ´$xR QXHYRµ SXHV HQ DPERV WH[WRV WRGR VH GLVSRQH SDUD TXH
YLVXDOPHQWH HO SRHPD VH FRUUHVSRQGD FRQ DTXHOOR TXH VLJQLÀFD (Q HVHQFLD HVH HV
HO YDORU GH WRGD OD FDUJD YLVXDO GHO SRHPDULR HO KHFKR GH TXH ORV HIHFWRV JUiÀFRV
FRQWULEX\DQ D OD HVSHFLÀFLGDG GH OD UHDOLGDG FUHDGD SRU HO SRHWD TXH MXHJD FRQ OD
DOWHUQDQFLDGHORVSODQRVHVSDFLRWHPSRUDOHV\FRQHOOXJDUTXHHOVXMHWRRFXSDHQHOORV
$OUHVSHFWRHOWtWXORGHODREUDVHJ~QVHKDPHQFLRQDGR\DHVFODYH\FRDG\XYDDVX
XQLFLGDG/RVSRHPDVGH(OHVSHMRGHDJXDVRQPXHVWUDVGHOXQLYHUVRDOTXHHOSRHWDGD
IRUPDPHGLDQWHXQXVRGHODOHQJXD²GHODVSDODEUDV\GHVXVFRPELQDFLRQHV²TXH
GHVHPERFD HQ HIHFWRV YLVXDOHV DO VHUYLFLR GHO GHVDUUROOR PHWDIyULFR \ OD GLVSHUVLyQ
GH VLJQLÀFDGRV (O SRHWD HO ´+RPEUH'LRVµ TXH HYROXFLRQD GHO ´+RPEUH(VSHMRµ
9pDVHHOVRPHURDQiOLVLVDQWHULRUGH´3D\VDJHµ$OUHVSHFWRDÀUPD%DUyQTXH´+XLGREUR
LQFRUSRUDGHIRUPDtQWHJUDODLQQRYDFLyQTXHVXSRQHFRQVLGHUDUODSiJLQDFRPRHVSDFLRGHFUHDFLyQ
DSDUWLUGHODSXEOLFDFLyQGH+RUL]RQ&DUUpµ\KDEODGH´ODGLVSRVLFLyQHVWUyÀFDFOiVLFDGH(OHVSHMRGH
DJXDµORFXDOQRLPSLGHVHJ~QVHKDYLVWRHODSURYHFKDPLHQWRGHODSiJLQDSDUDHOKDOOD]JRGHVHQWLGRV
YLVXDOHV
/DQHJDWLYLGDGHLQGHWHUPLQDFLyQVHLQWHQVLÀFDQVHJ~QKDGHPRVWUDGR%DUyQ\VVHQODV
YHUVLRQHVGH+RUL]RQ&DUUp
(Q0LWUH(VD¶HYROXFLyQ·HVQtWLGDPHQWHSHUFHSWLEOHHQFLHUWRVWH[WRVGH(OHVSHMRGHDJXD
%DUyQDSURSyVLWRGH´(OKRPEUHDOHJUHµVHUHÀHUHD´HOVHQWLGRGHDVFHQVLyQ>«@ODVFDUDF
WHUtVWLFDVFyVPLFDVGH¶81+200(·>«@ODXQLyQYLUWXDOGHDPEDVLQVWDQFLDVODGHOVXMHWRGHOSRHPD
FRQODGHODÀJXUDGHOSRHWDFyVPLFRµ$XQTXHODVSDODEUDVVHUHÀHUHQDODYHUVLyQGH+RUL]RQ&DUUpHQ
ODTXHVH´SHUIHFFLRQDODXQLGDGGHGLFKRHQLJPD>FyPRHOORFXWRUGHOSRHPDSXHGHOOHJDUDVHUSRHWD
UHSUHVHQWDEOH@µODUHODFLyQHQWUHODVGRVHQWLGDGHVHOVXMHWR´PLHVSHMRµ\HOSRHWD´XQKRPEUHµ\D
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR-LPpQH]&DOGHUyQ
JHQHUDHQWLGDGHVSRHPDVTXHGHEHQVHUPLUDGRVSDUDVXSOHQDDVLPLODFLyQ\HQHVH
SXQWRFRQHFWD+XLGREURGHVGHVXFRQFHSFLyQSDUWLFXODUGHODSRHVtDSOHQDPHQWHFRQ
ODVYDQJXDUGLDV\VXSUHFHSWRGHLPSRVLELOLGDGGHVHSDUDFLyQGHODVDUWHV
%,%/,2*5$)Ì$
$XOOyQGH+DUR3/DPRGHUQLGDGSRpWLFDODYDQJXDUGLD\HOFUHDFLRQLVPR0iODJD
8QLYHUVLGDGGH0iODJD
%DMWtQ00(VWpWLFDGHODFUHDFLyQYHUEDO0DGULG6LJOR9HLQWLXQR
%DUyQ-´+XLGREURHQWUH(OHVSHMRGHDJXD1RUG6XG\+RUL]RQ&DUUpµ&DKLHUV
GXPRQGHKLVSDQLTXHHWOXVREUpVLOLHQ
&DOVDPLJOLD%ODQFDIRUW+\7XVyQ9DOOV$/DVFRVDVGHOGHFLU0DQXDOGHDQiOLVLV
GHOGLVFXUVR%DUFHORQD$ULHO
&DUDFFLROR7UHMR(/DSRHVtDGH9LFHQWH+XLGREUR\OD9DQJXDUGLD0DGULG*UHGRV
&LUORW//DVFODYHVGHODVYDQJXDUGLDVDUWtVWLFDVGHOVLJOR;;%DUFHORQD$ULHO
&RUEDFKR &RUWpV & /LWHUDWXUD \ DUWH (O WySLFR ´8W SLFWXUD SRHVLVµ &iFHUHV
8QLYHUVLGDGGH([WUHPDGXUD
&RUEDFKR&RUWpV&3RHVtD\SLQWXUDHQ0DQXHO0DFKDGR&iFHUHV8QLYHUVLGDG
GH([WUHPDGXUD
&RVWD5GH9LFHQWH+XLGREUR\HOFUHDFLRQLVPR0DGULG7DXUXV
&y]DU5GH3RHVtDHLPDJHQ)RUPDVGLItFLOHVGHLQJHQLROLWHUDULR6HYLOOD(OFDUUR
GHODQLHYH
*DOiQ5RGUtJXH]&´/DFLHQFLDFRPRPHWiIRUDµ$QXDULRGHHVWXGLRVÀOROyJLFRV
*RLF & ´9LFHQWH +XLGREUR SRHVtD GH GRV WLHPSRV ¶SHULW XW YLYDW·µ 5HYLVWD
LEHURDPHULFDQD
/ySH]0DUWtQH]0,´9DORUHVJUiÀFRVGHOYHUVROLEUHHQHOJUXSRGHO,µ
$QXDULRGHHVWXGLRVÀOROyJLFRV;
/ySH]0DUWtQH]0,´9DORUHVJUiÀFRVGHOYHUVROLEUHHQHOJUXSRGHO,,µ
$QXDULRGHHVWXGLRVÀOROyJLFRV;,
0DUWtQ )HUUHU + 8OWUDtVPR FUHDFLRQLVPR VXUUHDOLVPR DQiOLVLV WH[WXDO 0iODJD
8QLYHUVLGDGGH0iODJD
0LWUH(´/DLPDJHQHQ9LFHQWH+XLGREURµ5HYLVWDLEHURDPHULFDQD;/,,
0RQHJDO $ (Q ORV OtPLWHV GH OD GLIHUHQFLD SRHVtD H LPDJHQ HQ ODV YDQJXDUGLDV
KLVSiQLFDV0DGULG7HFQRV
HVWiSUHVHQWHHQHOWH[WRGH(OHVSHMRGHDJXD%DUyQDKRQGDHQHVWDLGHDHQUHODFLyQFRQODV
YHUVLRQHVGH´$OJXLHQLEDDQDFHUµ\´(OKRPEUHWULVWHµHQ´HOWHPDGHODFULVLVGHLGHQWLGDG\GHOORFX
WRUFRPRSRHWDµ+RUL]RQ&DUUpDOFDQ]D´PD\RUJUDGRTXH(OHVSHMRGHDJXDµ
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD
0RQWHV+9LFHQWH+XLGREUR$QWRORJtDSRpWLFD0DGULG&DVWDOLD
0RQWHV+9LFHQWH+XLGREUR2EUDVFRPSOHWDV6DQWLDJRGH&KLOH$QGUpV%HOOR
3L]DUUR$´3DUDXQDQXHYDOHFWXUDGH+XLGREURµ&DQHOREUH
5DPtUH]-$(ODUWHGHODVYDQJXDUGLDV0DGULG$QD\D
5RMDV:´(OIHFKDGRGXGRVRGH(OHVSHMRGHDJXDDODOX]GHODWHQWDWLYDSRpWLFD
IUDQFHVDGH9LFHQWH+XLGREUR¢8QH[WUDYtRGHODQKHORGHRULJLQDOLGDGUDGLFDO"
&DKLHUVGXPRQGHKLVSDQLTXHHWOXVREUpVLOLHQ
5XWWHU)UDQN´+XLGREUR\¶(OHVSHMRGHDJXD·QXHYDVREVHUYDFLRQHVµ,QVXOD
\
6iQFKH]%LRVFD9&LQH\YDQJXDUGLDVDUWtVWLFDVFRQÁLFWRVHQFXHQWURVIURQWHUDV
%DUFHORQD3DLGyV
6iQFKH] 1RULHJD - / 'H OD OLWHUDWXUD DO FLQH WHRUtD \ DQiOLVLV GH OD DGDSWDFLyQ
%DUFHORQD3DLGyV
6FKZDUW - /DV YDQJXDUGLDV ODWLQRDPHULFDQDV WH[WRV SURJUDPiWLFRV \ FUtWLFRV
0DGULG&iWHGUD
7UDQFyQ67HRUtDGHOWHDWUR0DGULG)XQGDPHQWRV
<~GLFH*9LFHQWH+XLGREUR\ODPRWLYDFLyQGHOOHQJXDMH%XHQRV$LUHV*DOHUQD
=RQDQD9*´*HRJUDItDRFXODUHOHPHQWRVSDUDXQDSRpWLFDGHODYLVLyQHQ
OD SRHVtD GH YDQJXDUGLD KLVSDQRDPHULFDQD +XLGREUR \ 0DUHFKDOµ 5HYLVWD
FKLOHQDGHOLWHUDWXUD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
>5HVHxDV@
0DQXHO 5LFR )XJLWLYD FLXGDG 0DGULG +LSHULyQ 3UHPLR ,QWHUQDFLRQDO ©0LJXHO
+HUQiQGH]&RPXQLGDG9DOHQFLDQDªSiJV
0DQXHO 5LFR 0DGULG HV XQR GH ORV SRHWDV HVSDxROHV PiV LPSRUWDQWHV
DFWXDOHV\ORGHPXHVWUDXQDODUJDWUD\HFWRULDFRUURERUDGDSRUXQDYR]TXHFRQORV
DxRV VH KD LGR DVHQWDGR HQ HO SDQRUDPD VLHPSUH PDJPiWLFR GH ODV JHQHUDFLRQHV \
ORVHVWLORV0iVDOOiSUHFLVDPHQWHGHJHQHUDFLRQHV\HVWLORVVHHQFXHQWUDVXREUDHQ
OD TXH VH LQVFULEHQ WtWXORV FRPR 'RQGH QXQFD KXER iQJHOHV 'H YLHMDV HVWDFLRQHV
LQYHUQDOHV\DKRUD)XJLWLYDFLXGDGHOOLEURTXHDTXtQRVRFXSD6LDOJRKD
GHPRVWUDGR0DQXHO5LFRDORODUJRGHVXVHQWUHJDVKDVLGRXQDLQGHSHQGHQFLDDWUDYpV
GHODFXDOKDUHDOL]DGRXQDVLQJXODUOHFWXUDGHODV~OWLPDVWUDGLFLRQHVHQODVTXHVH
KDQGHVDUUROODGRODVSRpWLFDVFRQWHPSRUiQHDV4XL]iGHVGHHVDySWLFDSRGUtDPRVOHHU
)XJLWLYDFLXGDGXQWtWXORTXHQRKDSDVDGRGHVDSHUFLELGRDORVOHFWRUHV²UHFRUGHPRV
TXH OD SRHVtD QR WLHQH S~EOLFR SHUR Vt OHFWRUHV² SRU VX DOWD LQWHQVLGDG HPRFLRQDO
VX WHQVLyQ LGHROyJLFD ²FRPSURPHWLGD² \ VX FUtWLFD GH WRGR OR TXH QRV GHMy \D SDUD
VLHPSUH \ D OR TXH SHUWHQHFLPRV /ODPD OD DWHQFLyQ HQ HVH VHQWLGR ODV FRQH[LRQHV
FRQ/DRWUDVHQWLPHQWDOLGDG²ODFRUULHQWHPDU[LVWDJUDQDGLQDTXHOXHJRVHGLOX\yHQ
ODSUiFWLFDVRFLROyJLFDGHODSRHVtDGHODH[SHULHQFLD²TXHPiVDOOiGHXQDLQÁXHQFLD
VHSODQWHDFRPRXQDOHFWXUDSHUVRQDOGHORTXHVLJQLÀFyODL]TXLHUGDHQXQDpSRFD
XQDV DVSLUDFLRQHV FROHFWLYDV \ XQRV SODQWHDPLHQWRV SROtWLFRV TXH VH FRPSDUWLHURQ
HQ (VSDxD D ÀQDOHV GH ORV VHWHQWD \ GXUDQWH ORV RFKHQWD \ TXH OHMRV GH VHU XQRV
SRVWXODGRV©IHFKDGRVªDKRUDSRGHPRVREVHUYDUDODVFODUDVTXHGHXQPRGRXRWUR
VLJXHQYLJHQWHVVLHPSUHTXHDOJXLHQHVFDSD]GHDFWXDOL]DUORV\UHDOL]DUSRHPDVFRPR
ORVTXHQRVKDUHJDODGR5LFR/HFWXUDSHUVRQDORPHMRUGLFKRUHOHFWXUDSRUORTXH
LPSOLFDGHPLUDGDUHWURVSHFWLYDKDFLDXQWLHPSRLGRSHURDODYH]HMHUFLFLRSHUVRQDOGH
LQGDJDFLyQKLVWyULFDHQHOVHQRGHORVGHEDWHVGHOHQJDJHPHQW\HQODVHQWLPHQWDOLGDG
GHXQDpSRFDGHWHUPLQDGDYLYLGDGHPDQHUDDEVROXWDPHQWHSHUVRQDO\FRQDTXHOODV
FODYHV JHQHUDFLRQDOHV TXH VH FRPSDUWLHURQ HQWUH OD SURJUHVtD GH HQWRQFHV 7DPELpQ
XQDPLUDGDDYHFHVUHVLJQDGDDYHFHVHQIDGDGD\RWUDVPHODQFyOLFDKDFLDXQSDVDGR
TXH KD VLGR DEVRUELGR SRU XQD PHQWDOLGDG SRVPRGHUQD ²LQVWUXPHQWDOL]DGD SRU XQ
FRQVXPLVPRHQHOTXHVHKDDEROLGRHOKXPDQLVPR²HQODTXHWRGRHQORTXHVHFUH\y
HQXQWLHPSR²ODOXFKDXWySLFDODVHVSHUDQ]DVFROHFWLYDVODFUHHQFLDHQXQDVRFLHGDG
PHMRU\PiVMXVWD²KDVLGRGHYRUDGRSRUODLQGROHQFLDGHOFDSLWDOLVPRWDUGtR\HOÀQ
GHOVXHxRLOXVWUDGR
'LFKR HVWR WDQWR SRU FXULRVLGDG HVWLOtVWLFD FRPR SRU UDVJR GHÀQLWRULR H
LGHQWLWDULR GHQWUR GH XQ PDUFR GH DOWR YROWDMH LGHROyJLFR OD OHFWXUD GH )XJLWLYD
FLXGDGHVXQDXWpQWLFRSODFHUSDUDHOOHFWRUTXHEXVFDSRHPDVHQORVTXHKD\DYLGD
KLVWRULDDYHQWXUDDQpFGRWDUHÁH[LyQ\HPRFLyQ(OSHUVRQDMHSULQFLSDOTXHGHDPEXOD
SRU HVWRV WH[WRV ²\ TXH SRGUtDPRV FRQYHQLU TXH VH LGHQWLÀFD FRQ HO SRHWD SHUR QR
QHFHVDULDPHQWH²VHDGHQWUDHQORVDxRVGHODPDGXUH]\UHDOL]DXQDYLVLyQQRVLHPSUH
SOiFLGD GH OR YLYLGR FRQ OD GLJQLGDG WRGDYtD HUJXLGD \ FRQ XQ SXxDGR GH EXHQDV
UD]RQHVSRUODVTXHVREUHYLYLU\VHJXLUOXFKDQGR+D\UD]RQHVDQWLJXDVTXHVLJXHQ
VLHQGRYiOLGDVDSHVDUGHORVWLHPSRVGHQLHEODTXHYLYLPRV<SRUFLHUWRODSDODEUD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
©QLHEODªDSDUHFHPXFKDVYHFHVHQ)XJLWLYDFLXGDGFLXGDGTXHKX\HOLWHUDOPHQWHSHUR
WDPELpQTXHVHFRQIXQGHHQWUHODQLHEODDQWHQXHVWURVRMRV1LHEODTXHVHUHSLWHFRQ
VX FRQVHFXHQWH VLPERORJtD KDVWD HO SXQWR GH TXH OD YR] SRHPiWLFD VH GHÀQD FRPR
©KLMRVGHODQLHEODªS
(Q HO OLEUR LPSHUD XQD QDUUDWLYLGDG GH JUDQ FDOLEUH OD FXDO YD VHUSHQWHDQGR
SRU ORV YHUVRV GH XQD PDQHUD UtWPLFDPHQWH DMXVWDGD \ TXH QRV OOHYD GH OD PDQR
GXUDQWHWRGDODOHFWXUDGHHVWHFRQMXQWRGHSRHPDV(QPXFKDVRFDVLRQHVDVLVWLPRV
PiV ELHQ D IUDJPHQWRV GH XQ GLVFXUVR LGHROyJLFR \ SRGUtD HVWDEOHFHUVH IiFLOPHQWH
XQDUHODFLyQHQWUHQDUUDWLYLGDG\GLVFXUVLYLGDG\DTXHKD\XQDH[WUDFFLyQGLUHFWDGHO
SHQVDPLHQWRGHL]TXLHUGDV²HQHVWHFDVRQRKHJHPyQLFR²HQVXVFRQWUDGLFFLRQHVGH
KR\(VWHGLVFXUVRELHQHODERUDGR\HQJDU]DGRFRQQXPHURVRVJXLxRVLQWUDWH[WXDOHV
WHPiWLFRV\HVWUXFWXUDOHVSHUWHQHFHDORTXH5RODQG%DUWKHVGHQRPLQy©IUDJPHQWRV
GHXQGLVFXUVRDPRURVRª8QGLVFXUVRGLVSHUVRSRUDQWRQRPDVLDFRPRSRGUtDVHUHVWD
HVWURID«
3HURKR\\DFUHFLGR\VLQIUtR
WHDPRVLQFXOSD\GLIHUHQWH
%RUURVRPEUDVGHDQWDxRSHUWHQH]FR
DXQDUD]DGHÀHEUHV\GHVyUGHQHVHVFDUER
PiVDOOiGHWXMHUVH\EXVFRHVTXLQDV
\KDELWDFLRQHVTXHWHDEULJXHQ
\PHGHMROORYHUS
©1HEXORVDª SS OXHJR DSDUHFH GH QXHYR HQ ©&RQWUD OD (QFLFORSHGLDª
S\©5pPRUDVGHORULJHQªSSSRVHHXQDUpSOLFDHQ©)LQ\SULQFLSLRGH
VLJORªS\SRUFLWDURWURDOJXQDVQRFLRQHV\FRQFHSWRVGH©%XNRZVNL0DGULG
HOODª S OXHJR VH YHQ GXSOLFDGRV HQ ©&HUWH]Dª SS 3RGUtDPRV VHxDODU
RWURVSHURODVLGDV\YHQLGDVVRQXQDFRQVWDQWHHQHVWDSULPHUDSDUWHGHOSRHPDULROD
PiVH[WHQVDXQUDVJRTXHUHVDOWDODHVWUXFWXUDHVWLOtVWLFD2WUDVUHODFLRQHVVHSRGUtDQ
HVWDEOHFHUHQHOVXHxRFROHFWLYRTXHXQDYH]DXQyDPLOORQHVGHWUDEDMDGRUHV\TXHVH
YHUHSUHVHQWDGR©(QODWXPEDGH*UDPVFLªSSFRQ©%HUOtQªS
/RVKRPHQDMHVD3LHU3DROR3DVROLQLHQHVHVHQWLGRVRQHYLGHQWHVFXDQGRHO
DXWRU PRQRORJD DQWH OD WXPED GHO SHQVDGRU PDU[LVWD VDUGR PXHUWR HQ ODV FiUFHOHV
PXVVROLQLDQDV'HLJXDOIRUPDGHVWDFDHOKRPHQDMHTXHVHUHDOL]DDOD*HQHUDFLyQGHO
FRQODVFLWDVGH-DLPH*LOGH%LHGPDHQYDULRVPRPHQWRVGHODFXDUWDSDUWH©,9
)RUPHQWRU PHGLR VLJOR ª HQ XQD FRQH[LyQ FRQ OD L]TXLHUGD GH PHGLDGRV
GH VLJOR \ GH XQRV SODQWHDPLHQWRV TXH DO PHQRV SRpWLFDPHQWH FREUDQ GH QXHYR
DFWXDOLGDG+DFHIDOWDPLUDUKDFLDDWUiVSDUDUHVFDWDUORTXHPHUHFHODSHQDGHORTXH
GHMDPRV1RWRGRHOSDVDGRSRUVHULGRHVSHRU'HKHFKR)XJLWLYDFLXGDGYXHOYHXQD
\RWUDYH]KDFLDHOWHPDXUEDQRXQWHPDTXHUHYLYHDKRUDFRPRHQ©'tDQRODERUDEOH
HQHOSROtJRQRLQGXVWULDOªSRHQ©(OEDUULRTXHIXHPtRªSS&LXGDGSRU
WDQWRFRQPXFKRVUHFRYHFRV\FDOOHMRQHVVyWDQRV\FLHORVSDUDGHVFXEULU\WUDQVLWDU
\TXHKD\TXHUHFRUUHUHQWRGRVXHVSOHQGRU0DQXHO5LFRQRVKDHQWUHJDGRXQOLEUR
QHFHVDULR\~WLOHPRFLRQDQWH\O~FLGRGRQGHKHPRVSRGLGRKDOODUXQDYR]TXHQRV
KDFtDIDOWD
-XDQ&DUORV$EULO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
&ODUD,0DUWtQH]&DQWyQ(OULWPRFRPRFODYHGHOYHUVRHQ$QWRQLR&ROLQDV(OHPHQ
WRVUtWPLFRVQRPpWULFRV/HyQ8QLYHUVLGDGGH/HyQÉUHDGH3XEOLFDFLRQHV
SS
/RV SRHWDV HQ VXV FUHDFLRQHV LQVWDXUDQ PXQGRV HQFHUUDGRV TXH FRQWLHQHQ
GHQWURGHVtHOSRGHUGHODVSDODEUDVTXHVXJLHUHQPiVTXHH[SOLFLWDQ\TXHHYRFDQPiV
TXHDÀUPDQ$KRUDELHQODSRHVtDQRVyORFRQVWDGHSDODEUDVRQRHV~QLFDPHQWHXQD
VXFHVLyQGHSDODEUDVRUGHQDGDVVHJ~QXQRVGHWHUPLQDGRVSDUiPHWURVSDUDSURGXFLU
XQGHWHUPLQDGRJRFHHVWpWLFRVLQRTXHODVFRPSRVLFLRQHVSRpWLFDVJXDUGDQGHQWURGH
VtFLHUWDVFODYHVPpWULFDV\QRPpWULFDVTXHVHVLJXHQRVHWUDQVJUHGHQ3UHFLVDPHQWH
DFHUFDGHORVHOHPHQWRVUtWPLFRVQRPpWULFRVORFDOL]DGRVHQSRHPDVGH$QWRQLR&ROLQDV
WUDWD HOHVWXGLRGHODLQYHVWLJDGRUD&ODUD,0DUWtQH]&DQWyQ (OULWPRFRPRFODYHGHO
YHUVRHQ$QWRQLR&ROLQDV(OHPHQWRVUtWPLFRVQRPpWULFRVPHUHFHGRUHQODFRQYRFDWRULD
GHGHO;9,3UHPLR´0DULDQR5RGUtJXH]SDUD-yYHQHV,QYHVWLJDGRUHVµ7DO\FRPR
UHFRQRFH&ODUD,0DUWtQH]´HOHVWXGLRGHORVUHFXUVRVUtWPLFRVQRPpWULFRVGHOYHUVR
UHVXOWDEDPX\DWUDFWLYRGDGRTXH>«@HVXQFDPSRGHVXPDLPSRUWDQFLDTXHUDUDYH]
HVDERUGDGR\DTXHORVHVWXGLRVSRpWLFRVVXHOHQFHQWUDUVHELHQHQHOVHQWLGRRELHQHQ
ODPpWULFDµ6LQHPEDUJRORVUHFXUVRVUtWPLFRVQRPpWULFRVSXHGHQDSRUWDU´PXFKR
D OD VLJQLÀFDFLyQ GHO SRHPD 'H HOOR VXUJH OD GHFLVLyQ GH HVWXGLDUORV DSOLFDGRV D OD
REUDGHXQSRHWDµ/DHOHFFLyQGH$QWRQLR&ROLQDVSDUDHMHPSOLÀFDUODVWHRUtDVGHOD
LQYHVWLJDGRUDVHGHEHDSUHIHUHQFLDVSHUVRQDOHVRDODDGPLUDFLyQH[SUHVDSRUODREUD
GHOSRHWDOHRQpV
7UDVXQDLQWURGXFFLyQTXHDYLVDGHORVREMHWLYRVGHODLQYHVWLJDFLyQDSDUHFHQ
ORVDSDUWDGRVGHGLFDGRVDODH[SOLFDFLyQWHyULFDGHORVUHFXUVRVUtWPLFRVVLVWHPiWLFRV
\ QR VLVWHPiWLFRV \ HQ FRQFUHWR ORV UHFXUVRV TXH WLHQHQ TXH YHU FRQ OD IRQpWLFD OD
VLQWD[LV\ODVHPiQWLFDUtWPLFDVVLQROYLGDUVHGHORVUHFXUVRVYLVXDOHV\GHOWRQR\OD
HQWRQDFLyQ(OHVWXGLRÀQDOL]DFRQXQDFRQFOXVLyQTXHVXSRQHXQDFRPSLODFLyQGHORV
SUHVXSXHVWRVGHIHQGLGRVDVtFRPRODFRQYHQLHQFLDGHPHMRUDUODSUHVHQWHLQYHVWLJDFLyQ
UHODFLRQDQGR´HOXVRGHHVWRVUHFXUVRVUtWPLFRVFRQHOHVWXGLRGHODPpWULFDGHODXWRUµ
'HHVWDPDQHUDORV´FRPSOHPHQWRVUtWPLFRVµFRPRORVGHQRPLQDUD1DYDUUR
7RPiV VHUtDQ ´HOHPHQWRV VXVFHSWLEOHV GH JHQHUDU ULWPR TXH VRQ QR FRQVWLWXWLYRV
GHO YHUVR SHUR TXH SXHGDQ DSDUHFHU \ FRQWULEX\HQ DO ULWPR \ OD PXVLFDOLGDGµ HQ
FXDOTXLHUDGHVXVQLYHOHV²IyQLFRVLQWiFWLFR\VHPiQWLFR²FRPRSURSRQH'RPtQJXH]
&DSDUUyV(QWUHORVUHFXUVRVPpWULFRVQRUtWPLFRVVHKDOODUtDQVHJ~Q&ODUD,0DUWtQH]
OD HQWRQDFLyQ HO WRQR DVSHFWRV YLVXDOHV HWF SXHV HO REMHWLYR GHO WUDEDMR SDVD SRU
´UHDOL]DUXQDQiOLVLVGHHVWRVIHQyPHQRVTXHDSR\DQHOULWPRGHOYHUVRSHURTXHQR
OOHJDQDVHUHOHPHQWRVPpWULFRVGDGDVXIDOWDGHVLVWHPDWLFLGDGµ
/D H[KDXVWLYLGDG GH OD LQYHVWLJDGRUD SDVD SRU DQDOL]DU ORV UHFXUVRV PpWULFRV
QR UtWPLFRV GH ORV GLIHUHQWHV QLYHOHV DSR\DGRV HQ HMHPSORV FRQFUHWRV H[WUDtGRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
GH ORV SRHPDV GH $QWRQLR &ROLQDV $Vt HQWUH ORV UHFXUVRV GH IRQpWLFD UtWPLFD WUDWD
ODDOLWHUDFLyQ²FRQODTXH´VHSUHWHQGHFUHDUXQDUHFXUUHQFLDIyQLFDTXHHQVXFDVR
PiV SHUIHFWR VH EDVD HQ HO SRGHU VXJHVWLYR GH ORV VRQLGRV TXH FRQFXHUGD FRQ ORV
FRQWHQLGRV TXH VH PDQLÀHVWDQ HQ HO YHUVRµ² R OD SDURQRPDVLD TXH ´QR WLHQH HQ OD
SRHVtDGH&ROLQDVHOVHQWLGRLUyQLFRTXHHQFRQWUDPRVHQRWURVSRHWDV%XVFDSRUHO
FRQWUDULRODFDSDFLGDGVLPEyOLFDHQODUHLWHUDFLyQGHSDODEUDVFRQVHPHMDQWHVµ3RUOR
TXHVHUHÀHUHDORVUHFXUVRVGHVLQWD[LVUtWPLFDKDEODGHOSDUDOHOLVPRODHQXPHUDFLyQ
HOKLSpUEDWRQHOTXLDVPRODDQiIRUDODHStIRUDODFRQFDWHQDFLyQSHURWDPELpQGHOD
DXVHQFLDGHSXQWXDFLyQTXHWDPELpQDIHFWDDSDUWHGHDODVLQWD[LV´DODHQWRQDFLyQ
\ FRQVWLWX\H DGHPiV XQ HOHPHQWR YLVXDOµ 3RU VX SDUWH HQ SDODEUDV GH OD DXWRUD
´ORV IHQyPHQRV OLJDGRV D OD VHPiQWLFD QRV LQFXPEHQ GHQWUR GHO FDPSR GHO ULWPR
VLHPSUHTXHKD\DXQDUHODFLyQHQWUHODVLJQLÀFDFLyQGHODVSDODEUDV\ODHVWUXFWXUDFLyQ
UtWPLFDGHOOHQJXDMHµ(QWUHORVIHQyPHQRVVHPiQWLFRVUtWPLFRVWUDWDODFRUUHODFLyQROD
UHSHWLFLyQLQVLVWHQWHGHFLHUWDVSDODEUDVSHURQRODPHWiIRUDODVLQHVWHVLDRODDQWtWHVLV
´GH JUDQ YDORU VLJQLÀFDWLYR SHUR TXH QR SURGXFHQ SURSLDPHQWH XQ ULWPR VLQR TXH
DSDUHFHQGHPDQHUDDLVODGDµHQORVSRHPDVGH&ROLQDV
3RU RWUR ODGR HQ HO DSDUWDGR GH ORV UHFXUVRV YLVXDOHV &ODUD , 0DUWtQH] QRV
UHFXHUGDTXHWDO\FRPR0DUWtQH])HUQiQGH]DVHYHUDODSRHVtDFRQWHPSRUiQHD´HVWi
IDEULFDGD\SUHSDUDGDSDUDODOHFWXUDHQVROHGDGORTXHGDFXHQWDGHODLPSRUWDQFLD
TXH ORV UHFXUVRV YLVXDOHV WLHQHQ DFWXDOPHQWHµ (Q HO FDVR GH $QWRQLR &ROLQDV VyOR
HQFRQWUDPRV HQ VX REUD SRpWLFD HO UHFXUVR OODPDGR ´YHUVRV HVFDORQDGRVµ R ´OtQHD
SRpWLFD HVFDORQDGDµ WDPELpQ OODPDGR ´YHUVR SDUWLGRµ R ´YHUVR OLEUH GLVHPLQDGRµ
VHJ~QORVDXWRUHV(VWDYDULHGDGGHGHQRPLQDFLRQHV´GDGDVDHVWHIHQyPHQRQRVKDFH
YHUTXHQRHVXQUHFXUVRH[WUDxRHQODSRHVtDDFWXDO(QHVWHWUDEDMRQRVLQFOLQDUHPRV
SRUODGHQRPLQDFLyQGHHVFDORQDPLHQWRRYHUVRVHVFDORQDGRVµ6HJ~QODLQYHVWLJDGRUD´HQ
$QWRQLR &ROLQDV QR HQFRQWUDPRV HO HVFDORQDPLHQWR FRPR LQWHUUXSFLyQ GH XQLGDGHV
FRQMXQWDV Op[LFD R VLQWiFWLFDPHQWH 1R KD\ SRGHPRV GHFLU XQD VHSDUDFLyQ HQWUH
HOHPHQWRVFRKHVLRQDGRVHTXLYDOHQWHVDORVTXHFDXVDUtDQHQFDEDOJDPLHQWRHQWUHORV
YHUVRVTXHVHSUHVHQWDQHQHVFDOHUD6LPSOHPHQWHVHUHDO]DODSDXVDVHOHRWRUJDPiV
LPSRUWDQFLDµ(QUHDOLGDGHVWHHVFDORQDPLHQWRDVtFRPRODSUHVHQFLDGHRWURVUHFXUVRV
JUiÀFRV´VRQSRUWDGRUHVGHFRQWHQLGRVHVWLOtVWLFRV\H[SUHVLYRVµSRUTXHVXSRQHQTXH
HOSRHPDVHD´YLVWRDQWHVTXHOHtGRµFRODERUDQGR´DSUHFLDEOHPHQWHHQHOUHDOFHGHOD
LQWHQVLGDGVLJQLÀFDWLYDGHOSRHPDµ
3RUORTXHUHVSHFWDDODHQWRQDFLyQ&ODUD,0DUWtQH]DGPLWHTXH´HVWRGDYtD
XQFRPSRQHQWHGLItFLOGHVLVWHPDWL]DUSDUDODOLQJtVWLFDGHELGRHQSDUWHDVXFDUiFWHU
VXSUDVHJPHQWDO /D HQWRQDFLyQ UH~QH YDORUHV H[SUHVLYRV DIHFWLYRV HWF KiELWRV
OLQJtVWLFRV DFHQWR UHJLRQDO \ WDPELpQ IXQFLRQHV LQWHUURJDWLYD H[FODPDWLYD
GXELWDWLYDHWFµ/DLQYHVWLJDGRUDFRQVLGHUD´ODHQWRQDFLyQFRPRXQHOHPHQWRUtWPLFR
TXHDFRPSDxDVLHPSUHDOYHUVRµ1RREVWDQWHPDQWLHQHTXHODHQWRQDFLyQVHUtD´XQ
LPSXOVRQRDEVROXWDPHQWHGLIHUHQWHDOUtWPLFRµSHURQRFRPR´HOHPHQWRIXQGDPHQWDO
GHOYHUVRSRUTXHDSDUWHGHUHSHWLUVHXQLIRUPHPHQWHXQDXQLGDGHQWRQDWLYDHQFDGD
YHUVR QR HQFRQWUDPRV IDFWRUHV TXH QRV KDJDQ SHQVDU TXH HO YHUVR VH RUJDQLFH HQ
OD PD\RU SDUWH GH ORV FDVRV FRQIRUPH D XQRV SDWURQHV HQWRQDWLYRV UHJXODUHVµ 3RU
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
HOOR&ODUD,0DUWtQH]ÀQDOL]DHVWHDSDUWDGRUHFRQRFLHQGRTXH´ODHQWRQDFLyQHVXQ
HOHPHQWRPX\ULFRHQPDWLFHVTXHGHSHQGHHQEXHQDSDUWHGHODOHFWXUDTXHGHPRVD
ORVWH[WRVSHURFRQFLHUWRVSXQWRVFRPXQHVSDUDWRGRUHFHSWRUTXHSXHGHQXWLOL]DUVH
HQODSRHVtDSDUDUHVDOWDUGHWHUPLQDGRVFRQWHQLGRVRGDUOHVXQDHQWRQDFLyQFRQFUHWDµ
$QWRQLR&ROLQDVSUHÀHUHXVDUHQVXREUD´ODWRQDOLGDGPiVH[SUHVLYDGHODH[FODPDFLyQ
\ODLQWHUURJDFLyQRLQFOXVRGHOSDUpQWHVLVHQORVPRPHQWRVGHPiVWHQVLyQHPRWLYDµ
)LQDOPHQWH HQ HO ~OWLPR FDStWXOR GHO OLEUR HO UHIHULGR D ODV FRQFOXVLRQHV OD
LQYHVWLJDGRUD UHLWHUD TXH ´HO REMHWLYR GH HVWH WUDEDMR KD VLGR HO HVWXGLR GH DTXHOORV
UHFXUVRVFRQLQFLGHQFLDHQHOULWPRSRHPiWLFRSHURVLQFDUiFWHUVLVWHPiWLFRHVGHFLU
VLQ IXQFLyQ PpWULFDµ $VHJXUD DVLPLVPR TXH $QWRQLR &ROLQDV XVD ORV UHFXUVRV
IRQpWLFRV SDUD LQWHQWDU ´FUHDU XQD WHQVLyQ HQWUH VRQLGR \ VHQWLGRµ OR TXH WDPELpQ
SUHWHQGHFRQVHJXLUDWUDYpVGHOXVRGHORVUHFXUVRVVLQWiFWLFRV\VHPiQWLFRVGDGDOD
LPSRUWDQFLDTXH´HODXWRURWRUJDDODPXVLFDOLGDG\HOULWPRHQHOSRHPDµ6LQGXGD
DOJXQDHVWXGLRVFRPRHOSUHVHQWHGH&ODUD,0DUWtQH]D\XGDQDUHVROYHUHODQiOLVLVGHO
ULWPRFDUDFWHUtVWLFRGHXQDFRPSRVLFLyQFRQFUHWDRGHXQDXWRUHQSDUWLFXODUORTXH
UHVXOWDFODYHSDUDGHVHQWUDxDUODPXVLFDOLGDGTXHHPHUJHGHFDGDSRHPDSXHVVHJ~Q
HOSURSLR&ROLQDV´UHVSLUDQGRFRQHOULWPRGHOYHUVR²GHOSRHPD²H[LVWLPRVHQHOPiV
DOWRJUDGRGHFRQVFLHQFLDVDQDPRV\EXVFDPRVODOLEHUDFLyQµ
1XULD6iQFKH]9LOODGDQJRV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
6pQHFD7UDJHGLDVFRPSOHWDV(GLFLyQ\WUDGXFFLyQGH/HRQRU3pUH]*yPH]0DGULG
&iWHGUDSiJV
(OVLJOR,HVHOVLJORGHOD$QWLJHGDG²DSDVLRQDQWHFRPRSRFRVHQOD+LVWRULD²
TXHPiVSDOSLWDGHO,PSHULR5RPDQRVLELHQFDGDPRPHQWRKLVWyULFRSRVHHVXLQWHUpV
HVSHFtÀFR\GHSHQGHWDPELpQGHORVJXVWRVGHTXLHQVHDFHUFDDXQSHULRGRGHWHUPLQDGR
/DOLWHUDWXUDGHHVHVLJORODKLVWRULRJUDItDODVDUWHVHQJHQHUDOODSRHVtD²FRPHQ]DQGR
SRU 9LUJLOLR² \ OD pSLFD R FXDOTXLHUD GH ORV JpQHURV TXH ÁRUHFLHURQ HQWRQFHV FRPR
ORV LQVXSHUDEOHV (SLJUDPDV GH 0DUFLDO OD )DUVDOLD GH /XFDQR D OD VD]yQ VREULQR GH
6pQHFDMXQWRDORVGHVPDQHV\SHUYHUVLGDGHVGHHPSHUDGRUHVViGLFRVFRPR7LEHULR
&DOtJXOD R 1HUyQ VLQ ROYLGDUQRV GH 'RPLFLDQR KDFHQ GH HVH PRPHQWR XQR GH ORV
PiVDWUDFWLYRV\UHSXJQDQWHVHQJHQHUDOHQOD+LVWRULD/HHUODV+LVWRULDVGH7iFLWR
ROD9LGDGHORVGRFHFpVDUHVGH6XHWRQLR\DHQWUDGRHOVLJOR,,QRVGHPXHVWUDQTXHHO
VLJORDQWHULRUWXYRTXHVHUHVSHFLDOPHQWHPRYLGR«WDQWRTXHVXHVWHODVHIXQGHFRQ
HOÀQDOGHOVLJOR,,\ODPXHUWHGH0DUFR$XUHOLR~OWLPRJUDQHPSHUDGRU\ÀOyVRIR
(Q PHGLR GH HVWH PDUDVPR GH OXFKDV LQWHVWLQDV PXHUWHV \ H[FHVRV GH HVWH VLJOR
IXQGDPHQWDO/XFLR$QQHR6pQHFDQDFLGRHQODDQWLJXD&yUGREDDSULQFLSLRVGHOVLJOR
,\PXHUWRHQKLMRGH6pQHFDHO9LHMRFRQRFLGRFRPRRUDGRU²DXQTXHTXL]iPiV
FRPRUpWRU²WDPELpQGHRULJHQKLVSDQRIXHXQÀOyVRIRIDPRVRHQVXpSRFD\GHELGR
DHVRVHJUDQMHyQRSRFDVHQYLGLDV\DGPLUDFLRQHVDPLVWDGHV\HQHPLVWDGHV/DÀJXUD
GH6pQHFDKDWUDVFHQGLGRDVXpSRFDFRPRSRFRVÀOyVRIRV\HVFULWRUHV\VXÀORVRItD
HVWRLFD WUXIDGD GHFLHUWRHSLFXUHtVPRKDVLGRXQUHIHUHQWHDORODUJRGHODKLVWRULD
VREUHWRGRHQODFRQWHPSRUDQHLGDG([SUHVLRQHVSRSXODUHVFRPR©HVHKRPEUHHVXQ
6pQHFDªGHPXHVWUDQHOFDODGRGHXQ©SHUVRQDMHªTXHHVELHQFRQRFLGR\KDVLGRXQ
UHIHUHQWH D OR ODUJR GH PiV GH GRV PLO DxRV HQ OD KLVWRULD XQLYHUVDO HQ FRQFUHWR HQ
2FFLGHQWH,QFOXVRVHKDEOyGHXQKLSRWpWLFRFULVWLDQLVPRGH6pQHFDWDO\FRPRDSXQWD
ODSURIHVRUD/HRQRU3pUH]*yPH]HQOD,QWURGXFFLyQGHODREUDTXHUHVHxDPRV
7DPELpQKD\HVFULWRVGHGXGRVDDWULEXFLyQRFLHUWDPHQWHHVSXULRVFX\RHMHPSORPiVIDPRVR
HVODVXSXHVWDFRUUHVSRQGHQFLDHQWUH6pQHFD\3DEORGH7DUVRSURGXFWRGHXQDOH\HQGDTXH
FRQWULEX\yDDXPHQWDUODUHSXWDFLyQGHOÀOyVRIRGXUDQWHOD(GDG0HGLDS
&RPR VH VDEH 6pQHFD IXH HO SUHFHSWRU GH 1HUyQ SHUR DO LJXDO TXH ORV TXH
URGHDURQDOHPSHUDGRUWLUDQRDFDEyVXIULpQGRORHQFDUQHYLYD\HOSURSLRSXSLOROH
SLGLyTXHVHVXLFLGDUD$OJXQDVUHSUHVHQWDFLRQHVSLFWyULFDVHOHYDQODPXHUWHGH6pQHFD
DODGHRWURVÀOyVRIRVDQWLJXRVFRPR6yFUDWHV$JULSLQDODQXHYDHVSRVDGH&ODXGLR²
WUDVHODVHVLQDWRGH0HVDOLQD²\PDGUHGH1HUyQWDPELpQDFDEyPXULHQGRDPDQRVGH
VXSURSLRKLMR<DVtSRGUtDPRVGHVDUUROODUXQHOHQFRQHIDQGRGHPXHUWHV\FUtPHQHV
LQQRPEUDEOHV1RKD\TXHROYLGDUTXHODVLQWULJDVGH$JULSLQDFRPRDVLPLVPRKDEtDQ
VLGRODVGH0HVDOLQDHVWDEDQHQVLQWRQtDFRQODVXVDQ]DVVDQJULHQWDV\PRQVWUXRVDV
GH VXV SUHGHFHVRUHV HVSHFLDOPHQWH FUXHOHV D SDUWLU GH 7LEHULR < UHFRUGHPRV TXH
1HUyQKDEtDOOHYDGRDOFLUFRDVHQDGRUHV\FDEDOOHURVHFKiQGRVHSRUWDQWRHQFRQWUD
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
D ODV ROLJDUTXtDV TXH YHtDQ FyPR SDUD FRQWHQWDU DO SXHEOR FRQ PHGLGDV SRSXOLVWDV
\GHPDJyJLFDVKDEtDFDUJDGRFRQWUDHOORVFRQWUDORVHVWDPHQWRVPiVVDJUDGRVTXH
IXQGDPHQWDEDQODVRFLHGDGURPDQD
$SDUWiQGRVHGHODVSURSXHVWDVDULVWRFUiWLFDVHQODVTXHODFLUFXODFLyQGHODOLWHUDWXUDHQJHQHUDO
\GHOWHDWURHQSDUWLFXODUKDEtDHVWDGRUHGXFLGDDODVpOLWHVFXOWDV1HUyQDWHQGLyORVJXVWRVGHO
JUDQS~EOLFRPXOWLSOLFDQGRORVHVSHFWiFXORVSDUDHOSXHEORHQXQSURFHVRHQHOTXHpOPLVPR
QRGXGyHQFRQYHUWLUVHHQDFWRUFRPRWDPSRFRHQREOLJDUDVXELUDHVFHQDREDMDUDODDUHQDGHO
FLUFRDPLHPEURVGHODDULVWRFUDFLDFDEDOOHURV\VHQDGRUHVTXHHQFRQWUDGHVXDQFHVWUDOGLJQLWDV
VHFRQYHUWtDQHQGLYHUVLyQSDUDHOSXHEORFRQWUDYLQLHQGRVXVPiVSURIXQGRVSUHMXLFLRVS
$VtODFRQMXUDSDUDPDWDUD1HUyQHVWDEDVLUYLpQGRVHHQORVFtUFXORVSDODFLHJRV
\ GH OD DOWD VRFLHGDG URPDQD GH OD TXH SRU FLHUWR 6pQHFD VH KDEtD DSDUWDGR HQ XQ
UHWLUR YROXQWDULR HQ YLHQGR TXL]i YHQLU OR TXH VH DYHFLQDED 1R REVWDQWH GH XQ
PRGRXRWURVHYLRHQYXHOWRHQODFRQMXUDGH3LVyQ\ORFLHUWRHVTXHIXHURQPXFKRV
ORVTXHPXULHURQDUDt]GHHVWDHQWUHHOORVWDPELpQ/XFDQRTXLHQVtVHVDEHTXHKDEtD
SDUWLFLSDGRDFWLYDPHQWH\DTXHHOHPSHUDGRU²FHORVRGHVXSRHVtD²OHKDEtDSURKLELGR
SXEOLFDU R UHFLWDU VXV YHUVRV SRU OR TXH DFDEy HQ ORV ~OWLPRV DxRV GLIDPDQGR \
VDWLUL]iQGROR
/DKLVWRULDGH6pQHFD\GHOVLJOR,HVUHDOPHQWHDSDVLRQDQWHFRPRDSDVLRQDQWHV
VRQ VXV 7UDJHGLDV FRPSOHWDV TXH DKRUD VH SUHVHQWDQ FRQ XQD WUDGXFFLyQ DVRPEURVD
\ XQ DSDUDWR FUtWLFR GHVOXPEUDQWH \ TXH KDUi ODV GHOLFLDV GH OHFWRUHV DÀFLRQDGRV R
LQYHVWLJDGRUHV TXH GHVHHQ DGHQWUDUVH HQ OD pSRFD \ HQ XQ O~FLGR DQiOLVLV GH OR TXH
VLJQLÀFDQ SDUD OD KLVWRULD GH OD GUDPDWXUJLD GH OD WUDJHGLD \ GHO GUDPD HQ JHQHUDO
OOHJDQGRKDVWDQRVRWURVVXVUHSHUFXVLRQHVSDUDHOSURSLR6pQHFD\SDUDODpSRFDHQ
ODTXHIXHURQHVFULWDV6yORDFHUFDUQRVDOD,QWURGXFFLyQTXHODSURIHVRUD/HRQRU3pUH]
*yPH] KD SUHSDUDGR SDUD HVWD HGLFLyQ \ OHHUQRV ODV PiV GH FLHQWR YHLQWH SiJLQDV
HV XQ OXMR< GHVFRQHFWDPRV GH OD ©DFWXDOLGDGª OH\HQGR FRQ SODFHU XQ WH[WR TXH KD
LQGDJDGRHQORVPLO\XQUHFRYHFRVGHXQDXWRU\GHXQDVREUDVTXHKDQVLGRGXUDQWH
PiV GH GRV PLOHQLRV UHIHUHQFLD KR\ FRQYHQLHQWHPHQWH WUDGXFLGDV \ SXHVWDV DO GtD
²©DFWXDOL]DGDVª²HQXQDWUDGXFFLyQHQODTXHQRIDOWDQLXQGHWDOOH6HWUDWDFODURHVWi
GHHVR
'HODVGLH]WUDJHGLDVTXHFRPSRQHQHOFRUSXVGUDPiWLFRTXHQRVKDOOHJDGR
ODPD\RUtDVRQGHLQÁXHQFLDJULHJDGHDOWRFRWXUQR\OD2FWDYLDGHRULJHQURPDQR
VLHQGRVXDXWRUtDGHHVWD~OWLPDODPiVGLVFXWLGD&DGDXQDGHHVWDVSLH]DVSRVHHXQD
LQWURGXFFLyQHQMXQGLRVDDVXYH]TXHPDQWHQGUiHOLQWHUpV\SRQGUiODJXLQGDHUXGLWD
DFDGDXQRGHORVYHUVRV\ODEHULQWRVWH[WXDOHVÀOROyJLFRVÀORVyÀFRVRGHDOJ~QRWUR
WLSRHQWUHVDFDQGRORPiVLQWHUHVDQWHGHWRGRORTXHVHKDHVFULWRVREUHHODVXQWR(V
DVRPEURVRHQHVHVHQWLGRODLQJHQWHFDQWLGDGGHPDWHULDOUHFRSLODGR
'LVIUXWDU GH FXDOTXLHUD GH HVWDV SiJLQDV ²VH WUDWD GH XQ YROXPHQ GH PiV GH
² HV OR TXH FXDOTXLHU DPDQWH GH OD OHFWXUD ²UHOHHU HQ HVWD QXHYD YHUVLyQ² HQ
HVSDxRO SXHGH KDFHU D SDUWLU GH DKRUD HQ XQD HGLFLyQ HFRQyPLFD \ DFFHVLEOH HQ OD
SUHVWLJLRVD HGLWRULDO &iWHGUD SDUD DSUHQGHU FRQFHSWRV EiVLFRV GH QXHVWUD FXOWXUD \
VHJXLUIRUPiQGRQRVRFRPSOHWDUODJXQDVHQRWURVFDVRVFRPRODGLYLVLyQUDWLRIXURU
STXHVHKDSURSXHVWRSRUODFUtWLFDFRPRXQRGHORVPRWRUHVGHODVWUDJHGLDVR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
SODQWHDUTXHSUHFLVDPHQWHHOWHPDGHODVWUDJHGLDVVRQODVSDVLRQHV©(QHIHFWRVLQ
SDVLRQHVQRKD\WUDJHGLDªS\TXHHVWDVHUDQODSLHGUDGHWRTXHGHORVHVWRLFRV
SDUDFRQWURODUODVIUHQDUODVHQFLHUWRPRGRWDPELpQDKtFRLQFLGtDQFRQORVHSLF~UHRV\
PiVHQHOHVWRLFLVPRDOPRGRVXRGH6pQHFDTXLHQUHFDEyORPHMRUGHOÀOyVRIRGH6DPRV
2 LQWHUSUHWDU DOJXQDV GH HVWDV REUDV FRPR XQD FUtWLFD DO SRGHU GHVGH DOJXLHQ TXH
VLHPSUHHVWXYRWDQDSHJDGRDOSRGHUGHVGHXQDDFWLWXGpWLFDTXHOHJXLy\TXHGHÀQLy
HQVXV&DUWDVD/XFLOLR«6HDFRPRIXHUHVXSHQVDPLHQWRVXÀJXUDVXWUDVFHQGHQFLD
KLVWyULFD\VXVWUDJHGLDVDKRUDIRUMDURQXQ©SHUVRQDMHªTXHFRQHOHMHPSORHQFDUQy
XQDPDQHUDGHYLYLU\SHQVDUURGHDGRGHXQKDORGHYHUGDG\PHVXUDTXHQRSXGR
LPSHGLU TXH 1HUyQ DFDEDUD DFWXDQGR FRQ VHYLFLD \ TXH HVWD IXHUD OD PRQHGD GH
FDPELRGHXQDVRFLHGDGTXHKR\YHPRVFRPRDGPLUDEOH\GHWHVWDEOHDODYH]3RFR
QRVTXHGDTXHDxDGLUH[FHSWRUHFRPHQGDUHVWDPDJQtÀFDHGLFLyQ\HVWDOHFWXUDHVWH
DUUHEDWDGRUYROXPHQHQHOTXHVHQRVSXHGHLUPHGLDYLGDSDUDOHHUORSHURTXpGHFLU
SDUDWUDGXFLUORHGLWDUVXVPLOHVGHSiJLQDVPLOHVGHQRWDVDSLHGHSiJLQD«
-XDQ&DUORV$EULO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
$QWRQLR&KDV$JXLyQ&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQR
GHOVLJOR;9$OHVVDQGULD(GL]LRQLGHOO·2UVRSS
$QWRQLR&KDV$JXLyQ3URIHVRU7LWXODUGH/LWHUDWXUD(VSDxRODGHOD8QLYHUVLGDG
GH 9LJR KD FHQWUDGR VX LQYHVWLJDFLyQ HQ OD OLWHUDWXUD PHGLHYDO HVSDxROD \ PiV
FRQFUHWDPHQWHHQWRUQRDOVLJOR;9FRQSXEOLFDFLRQHVFRPR$PRU\FRUWH/DPDWHULD
VHQWLPHQWDOHQODVFXHVWLRQHVSRpWLFDVGHOVLJOR;9-XDQ$OIRQVRGH%DHQD\ORVGLiORJRVSRpWLFRV
GH VX FDQFLRQHUR R 3UHJXQWDV \ UHVSXHVWDV HQ OD SRHVtD FDQFLRQHULO FDVWHOODQD /D SUHVHQWH
REUD&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQRGHOVLJOR;9VHVLW~DFRPR
HOFXDUWRYROXPHQGHODFROHFFLyQ0HGLRHYR,VSDQLFRGLULJLGDSRU3LODU/RUHQ]R*UDGtQ
\GHQWURGHOSUR\HFWR$XWRUHVHWH[WRVJDOHJRVQDSRHVtDFDVWHOiPHGLHYDOVXEYHQFLRQDGR
SRUOD;XQWDGH*DOLFLD
(VWD SXEOLFDFLyQ SUHVHQWD XQD DFWXDOL]DFLyQ \ DYDQFH GHO WHPD SRU SDUWH GHO
DXWRUGDGDVXGHFODUDGDLQWHQFLyQGHYROYHUHQXQIXWXURVREUHHOPLVPR\HQXQ
FRQWH[WRGHFUHFLHQWHLQWHUpVSRUSDUWHGHORVHVWXGLRVRVHQWRUQRDODSRHVtDFDQFLRQHULO
FDPSRGHHVWXGLRHQHOTXHD~QH[LVWHQLPSRUWDQWHVODJXQDVTXHKDQGHVHUUHOOHQDGDV
FRPRHVHOFDVRGHODYDULHGDG\KHWHURJHQHLGDGGHVXEWLSRVSRpWLFRV
$ OR ODUJR GH ORV VLHWH FDStWXORV TXH OD LQWHJUDQ HVWD EUHYH H LQWHUHVDQWH
PRQRJUDItD DFRJH XQ SHTXHxR \ VHOHFWR PXHVWUDULR GH HVWDV FDWHJRUtDV SRpWLFDV
FDQFLRQHULOHVPLQRULWDULDVDJUXSDGDVHQWUHVVHFFLRQHVGHLQJHQLRGHLXUH\GHDPRUH
'HQWUR GH HVWD FODVLÀFDFLyQ VH HQFXDGUDQ SLH]DV GH SRHWDV GH FDQFLRQHUR GH PX\
GLIHUHQWHVJHQHUDFLRQHV\RUtJHQHVFRPRHQWUHRWURV9LOODVDQGLQR0HQD6DQWLOODQD
ORV0DQULTXH(Q]LQD3HGURGH8UUHD
/D GHQRPLQDFLyQ GH ´PLQRULWDULDVµ GHO WtWXOR OHMRV GH VHU HQ PRGR DOJXQR
XQ PDUEHWH GHVSHFWLYR KDFH DOXVLyQ D TXH VH WUDWD GH PRGDOLGDGHV SRpWLFDV TXH
FXDQWLWDWLYDPHQWHQRDOFDQ]DURQWDQWDGLIXVLyQHQORVFDQFLRQHURVGHODpSRFDFRPR
SXHGHVHUHOFDVRGHFDQFLRQHVGH]LUHVYLOODQFLFRVSUHJXQWDV\UHVSXHVWDVURPDQFHV«
TXHDGHPiVWDPELpQKDQVLGRREMHWRGHXQDDWHQFLyQPD\RUSRUSDUWHGHODFUtWLFD
HVSHFLDOL]DGD
(O SULPHU Q~FOHR GH LQJHQLR LQWHJUD WUHV FDStWXORV FRUUHVSRQGLHQWHV D WUHV
VXEWLSRVSRpWLFRVGHÀQLGRVSULQFLSDOPHQWHSRUSUHVHQWDUXQFRPSRQHQWHGHDJXGH]D
DGHPiV GH XQ DOWR JUDGR GH KDELOLGDG WpFQLFD SHUTXpV DGLYLQDQ]DV \ GLVSXWDV
EXUOHVFDV7RGRVHOORVWH[WRVFDUDFWHUL]DGRVSRUDGRSWDUODHVWUXFWXUDGLDOyJLFD\DVHDQ
GLIHUHQWHV SRHWDV ORV LQWHUORFXWRUHV FRPR HQ ODV DGLYLQDQ]DV \ GLVSXWDV EXUOHVFDV
\D VHD XQ GLiORJR HVWDEOHFLGR SRU HO SRHWD FRQVLJR PLVPR FRPR HQ PXFKRV GH ORV
SHUTXpV(QWRGDVHVWDVFRPSRVLFLRQHVVHSRQHHVSHFLDOPHQWHGHPDQLÀHVWRHOFDUiFWHU
VRFLDO\GHMXHJRTXHORVKLFLHURQWDQSRSXODUHVFRPRSDVDWLHPSRFRUWHVDQR
(O VHJXQGR DSDUWDGR GH LXUH LQFOX\H GRV FDWHJRUtDV PX\ UHYHODGRUDV GH XQ
LPSRUWDQWHUDVJRGHODSRHVtDFDQFLRQHULOTXHHVODFDSDFLGDGSDUDLQWHJUDUPDWHULDOHV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
SURFHGHQWHVGHPX\GLYHUVDVIXHQWHV\TXHJHQHUDOPHQWHQRVHFRQVLGHUDDSWRVSDUDOD
FRPSRVLFLyQOLWHUDULDHQFRQFUHWRDTXtWUDWDORVSURFHVRVMXGLFLDOHV\ORVWHVWDPHQWRV
6H WUDWD GH XQD GHPRVWUDFLyQ PiV GH OD LQFRPSDUDEOH FUHDWLYLGDG \ FDSDFLGDG GH
H[SHULPHQWDFLyQTXHGHPXHVWUDQORVSRHWDVGHORVFDQFLRQHURVDGHPiVGHPRVWUDUVX
LQFUHtEOHIDPLOLDUL]DFLyQFRQODUHDOLGDGMXUtGLFDGHODpSRFD
3RU ~OWLPR HQ GH DPRUH &KDV $JXLyQ H[SORUD ORV JpQHURV TXH XWLOL]DURQ ORV
GLVWLQWRV DXWRUHV SDUD SODVPDU ODV FDUDFWHUtVWLFDV GH VX HVSHFtÀFD FRQFHSFLyQ GH
OD DIHFWLYLGDG ORV PDQXDOHV GH JHQWLOH]D \ ODV GHÀQLFLRQHV GH DPRU /RV PDQXDOHV
LQFOX\HQ XQD JUDQ YDULHGDG GH UHÁH[LRQHV \D VHDQ GHVGH XQD ySWLFD VHULD R ELHQ
SDUyGLFDVREUHHOFRPSRUWDPLHQWRDGHFXDGRGHOJDOiQHQODFRUWHGHPRVWUDQGRDVtHO
DOWRJUDGRGHFRGLÀFDFLyQTXHKDEtDQDOFDQ]DGRHVWRVHVSDFLRVDÀQDOHVGHOVLJOR;9
$GHPiVGHHVWRORVSRHWDVH[SORUDQWRGDVODVSHUVSHFWLYDVGHOIHQyPHQRGHODPRU
GHWHQLpQGRVHDHQXPHUDUVXVHIHFWRVSURSLHGDGHVFRQGLFLRQHV\FRQVHFXHQFLDVHQOR
TXHVHGHQRPLQDQ´GHVFULSFLRQHVGHDPRUµ
&DGDXQRGHHVWRVVLHWHFDStWXORVGHGLFDGRVDFDGDWLSRGHFRPSRVLFLyQSUHVHQWD
XQDHVWUXFWXUDVLPLODUFRPHQ]DQGRFRQXQHVWDGRGHODFXHVWLyQTXHJHQHUDOPHQWH
VLUYHSDUDSRQHUGHPDQLÀHVWRODHVFDVDLQIRUPDFLyQTXHRIUHFHQODVSUHFHSWLYDVGHOD
pSRFD\ODHVFDVDYDORUDFLyQRIUHFLGDSRUORVWH[WRVGHOPRPHQWR$VtPLVPRFXDQGR
HVSRVLEOHHODXWRUH[SRQHORVDQWHFHGHQWHVGHODWLSRORJtDHQFXHVWLyQ\HODERUDXQDV
WDEODVTXHSODVPDQGHIRUPDPX\FODUD\UHYHODGRUDDVSHFWRVWDOHVFRPRODGLIXVLyQ
RHOLQWHUpVVXVFLWDGRSRUHVWDVFDWHJRUtDVHQGLVWLQWRVPRPHQWRVGHODHYROXFLyQGH
ODSRHVtDFDQFLRQHULO$GHPiVWLHQHHQFXHQWDODQHFHVLGDGGHGHÀQLUODVSDUWLFXODUHV
FDUDFWHUtVWLFDVGHFDGDVXEFRQMXQWRGDGRTXHPD\RULWDULDPHQWHHVWDVFUHDFLRQHVQR
HVWiQOLJDGDVDQLQJXQDPpWULFDÀMDVLQRTXHVHGHÀQHQSRUVXWHPiWLFDDH[FHSFLyQ
GHOSHUTXp
7UDV HVWDV WUHV UHYHODGRUDV FDWHJRUtDV GH OD SRpWLFD FDQFLRQHULO PLQRULWDULD VH
VLW~DXQDELEOLRJUDItDTXHD~QVLQOOHYDUODSUHWHQVLyQGHVHUXQDQyPLQDH[KDXVWLYD
GH SXEOLFDFLRQHV HQ WRUQR D OD SRHVtD GH FDQFLRQHUR VLQR WDQ VROR OD HQXPHUDFLyQ
RUGHQDGDGHODVUHIHUHQFLDVFLWDGDVDORODUJRGHODREUDLQFOX\HXQJUDQQ~PHURGH
REUDVTXHPXHVWUDQHOJUDQULJRU\GHGLFDFLyQFRQTXHHODXWRUKDLQYHVWLJDGRHOWHPD
\SUHSDUDGRODSXEOLFDFLyQ
(QGHÀQLWLYD&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQRGHOVLJOR;9
HVXQDREUDLPSUHVFLQGLEOHSDUDDTXHOORVTXHTXLHUDQDKRQGDUHQHOFRQRFLPLHQWRGHOD
SRpWLFDFDQFLRQHULOHVSHFLDOPHQWHHQORVDVSHFWRVPHQRVFRQRFLGRV\PiVGHVFXLGDGRV
SRUODFUtWLFDKDVWDDKRUD
$QD0DUtD0DULxR$ULDV
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
5DIDHO)RPEHOOLGD9LROHWDSURIXQGR6HYLOOD5HQDFLPLHQWRSiJV
5DIDHO )RPEHOOLGD 7RUUHODYHJD &DQWDEULD QRV WLHQH DFRVWXPEUDGRV D
XQDSRHVtDGHLQWHQVLGDGHQODTXHODSDODEUDVHFRQGHQVDKDVWDFUHDUXQDDWPyVIHUD
FRQPXFKRVPDWLFHVVHPiQWLFRV(OFKRTXH\ODFRQFHQWUDFLyQFRQODVTXHREOLJDDODV
SDODEUDVSURGXFHHVDSROLVHPLD6XVREUDVPiVUHFLHQWHVKDQGDGRGHTXpKDEODUHQORV
OHFWRUHV\ODFUtWLFDFRPRVRQ'HXGDVGHMXHJR1RUWHPDJQpWLFR\&DQFLyQ
RVFXUD3HURVLQGXGDDOJXQDHQ9LROHWDSURIXQGRVX~OWLPDHQWUHJDSXEOLFDGDHQ
ODSRHVtDGH)RPEHOOLGDKDGDGRXQVDOWRGHFXDOLGDGTXHHOOHFWRUDJUDGHFH\D
TXHHQHOPHUFDGRDFWXDOKD\XQtQGLFHGHLQÁDFLyQHGLWRULDOGHPDVLDGRDPSOLRFRQ
WDQWRVWtWXORVÁRMRVHLQVXVWDQFLDOHV
'HHVWHPRGRHOFDPELRHQHOFRQMXQWRGHODWUD\HFWRULDSRpWLFDGH)RPEHOOLGD
SRGUtD UHVXPLUVH HQ WRUQR D FXHVWLRQHV GH HVWUXFWXUD QR WDQWR HVWLOtVWLFDV ²VLJXH
SUHGRPLQDQGR HO HQGHFDVtODER EODQFR HQ WLUDGDV GH PHGLDQD H[WHQVLyQ² VLQR HQ
HO VHQWLGR GH TXH DIHFWDQ D OD HVWUXFWXUD SURIXQGD GHO WH[WR GLFKR VHD GH SDVR
SDUDIUDVHDQGRHOWtWXORGHOSRHPDULRODVROWXUDUtWPLFDGHODPD\RUSDUWHGH9LROHWD
SURIXQGRLQÀHUHRWUDQDUUDWLYLGDG²VHJ~QHVWiEDPRVDFRVWXPEUDGRV²\WRGRHVRSXHGH
VHUH[SOLFDGRDSDUWLUGHXQUDSWXVGHDOWDVGLPHQVLRQHVTXHKDJXLDGRDODXWRU+D\
XQDQWHV\XQGHVSXpVHQODREUDGH)RPEHOOLGDFRQHVWHOLEUR\EXHQDPXHVWUDGH
HVWR VRQ SRHPDV FRPR ©&ROHFFLyQ SDUWLFXODUª SS ©/D FXHQWD GHO EHEHGRUª
SS©$LOOHXUVªSS©$UUHGRUGDLOODªS©+XLUDOOiªS©4XLHW
6RQJª SS HWFpWHUD 6LJXLHQGR FRQ HO HQGHFDVtODER EODQFR HQ HO TXH VH KDQ
DOWHUQDGR UDUDV YHFHV RWURV PHWURV LPSDUHV HO SRHWD HQVD\D XQD HVWUXFWXUD LQWHUQD
TXHYDPiVDOOiGHO©FRUVpªHOHJLGRFRQORTXHHOUHVXOWDGRQRSXHGHVHUPiVIHOL]
<SUHFLVDPHQWHHOFLWDGR©+XLUDOOiªSRGUtDLQGLFDUQRVODLQWHQVLGDGGHOUDSWXVHQHO
GREOHVHQWLGRGHIXJD\UDSWRGHOELQRPLRTXHFUHDQHYDVLyQHLQVSLUDFLyQ/DYLGD
²©4XpPRGHVWRHVYLYLU\TXpSRFRVHSUHFLDªQRVGLFHHOSRHWDHQHOPLVPRSRHPD²
YLYLGD FRPR XQD DYHQWXUD SDUD SURWHJHUQRV GH OD LQGROHQFLD \ HO DEXUULPLHQWR GHO
WHGLRGHODFRWLGLDQLGDGLQVXOVD\HOQLKLOLVPRTXHQRVUHFRUUH/DYLGDTXHWHQHPRV\
TXHSRUWHQHUODQRDSUHFLDPRV8QDYLGDHQODTXHHODPRUHVODSLHGUDDQJXODUSDUD
GLVIUXWDUOD3ODJDGRSRUHVWRGHXQKRQGRYLWDOLVPRODYLVLyQ~OWLPDGHORVSRHPDV
VXHOHHVWDUPDWL]DGDSRUXQDPDUJRSHVLPLVPR©(OPXQGRHVXQSXxDGRGHQLHYH\
URGDGXUDVXQDYHQWDFLHJDXQOXJDUVLQKRJDUª,EtG(VWHSRGUtDVHUHOHMHLQWHUQR
TXH PRWLYD HVD HVWUXFWXUD \ TXH RWRUJD HQ VX FRPELQDFLyQ HVH ULWPR GLVWLQWR TXH
KHPRVGHVFXELHUWRHQHOFRQMXQWRGHOOLEUR$VtKDEUtDXQDFRUUHVSRQGHQFLDHQWUHOD
HVWUXFWXUDIRUPDOHOHJLGDODVDOWHUQDQFLDVUtWPLFDVVHxDODGDV\ODVGXUDVUHÁH[LRQHV\
FRQFOXVLRQHVDODVTXHOOHJD
3RUTXHOODPDODDWHQFLyQ\HVRVtTXHQRHVQDGDQXHYRHQODSRHVtDGH)RPEHOOLGD
ODXQLGDGWHPiWLFD²GHIRQGR²GHOSRHPDULRGHOTXHSRGUtDPRVHQWUHVDFDUDOJXQRV
GHVXVDVSHFWRVYHUWHEUDGRUHVFRPRSRGUtDVHUHOGHODOX]DSDUWLUSUHFLVDPHQWHGHO
WtWXOR\GHVXUHIHUHQFLDYHVSHUWLQDFRQWUDSXHVWDDODPDQHFHUODFXDOLPSRQHXQWRQR
FUHSXVFXODU\GHFDGHQWHTXHLPSUHJQDRIRUPDSDUWHGHHVHSHVLPLVPRDOXGLGR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
/D KRUD YLROHWD OD KRUD HQ OD TXH VH LQVHUWD HO OLEUR HV OD KRUD HQ OD TXH ODV
PHODQFROtDVDSDUHFHQ&RPLHQ]DWDPELpQORVPLHGRV1RVyORQRVDGHQWUDPRVHQOD
QRFKHVLQRTXHQRVGHVSHGLPRVGHODOX]/DQRFKHHVHVHOXJDULQKyVSLWRFHUFDQRDOD
PXHUWH\HOGtDVRORSXHGHVHUVXFDUDRSXHVWDODYLGD3RUHVRODFRQFLHQFLDGHHVH
DWDUGHFHUQRVVXPHUJHHQXQDFRQFLHQFLDGHVHVSHUDGD\SDVLRQDODYHFHVQHFHVDULD
SHUR TXH QRV GDxD ©4Xp KDUtD VLQ WL VXIULU VL WH SHUGLHUDª S /D FRQFLHQFLD ²
SDWROyJLFDHQHOVHQWLGRHWLPROyJLFRGHOWpUPLQR²GHOSRHWDFRQOOHYDXQDPRUDOTXH
D SHVDU GH WRGR QRV LQYLWD D YLYLU 6LQ HPEDUJR ORV SRHPDV HQ ORV TXH OD OX] GH OD
PDxDQD DSXQWD FRPR EHQHIDFWRUD QR D\XGDQ GHPDVLDGR FRPR SRU HMHPSOR HQWUH
RWURVHO©$OEDGHOUHQHJDGRªSRHO©$OEDGHOQHJOLJHQWHªS©¢$TXpKDV
YHQLGRDOEDVLQRSDUDÀMDUQRVHQWXDSORPR\FDQWDUWXEDODGDVREUHHOFHxR
GH XQ DUFiQJHO PLWDG GHVREHGLHQWH"ª ,EtG (Q PHGLR GH DPERV WH[WRV VH HQPDUFD
©ÉUERO GH QRFKHª SS XQ FDQWR D OD RVFXULGDG \ D OD PRUWDOLGDG D QXHVWUD
YXOQHUDELOLGDGGRQGHDSDUHFHQDOJXQRVGHORVVLJQRVPiVGHVWDFDGRVGHOSRHPDULR
FRPRVRQODFDGXFLGDGHOHQYHMHFLPLHQWRODHQIHUPHGDGHOYDFtR«©ÉUEROGHQRFKH
PDJQR\FUXGRHVWHF~PXORGHPtVHDUURSDHQWXHVSOHQGRUªDFDED(OGtSWLFR©/D
DORQGUDHOUXLVHxRUªSSYHQGUtDDUHVXPLUHVWDVGRVOXFHVTXHVRQODVPLVPDV
SHUR HQ FODYH RSXHVWD \ TXH VLPEROL]DQ OR PLVPR SHUR HQIUHQWDGDV HQIUHQWiQGRVH
HQODSURSLDFRQFHSFLyQGHVXRULJHQXQDTXHQDFH\RWUDTXHPXHUHVLELHQHQ©/D
DORQGUDªSODYR]SRpWLFDQRVHHVFXGDHQHVSHUDQ]DVYDQDV\SRUHVR©([SOLFDUOR
HVVHQFLOOR9R\SHUGLHQGRIHHQHODPDQHFHUªLEtG
/ODPD WDPELpQ OD DWHQFLyQ TXH HQ PXFKRV SRHPDV HO YRFDEXODULR HOHJLGR
LPSULPHDYHFHVFLHUWRIHtVPRTXHVHWUDGXFH²HQWHQGHPRV²FRPRFUXGH]DWDO\FRPR
UH]DHQHOYHUVRFLWDGRGH©ÉUEROGHQRFKHª1RHVFDVXDOODHOHFFLyQGHHVWHPDWHULDO
DYHFHVGHVDJUDGDEOH\TXHSRQHXQDQRWDFRORULVWD\H[WUDYDJDQWHFRPRVLGHXQD
SLQWXUDRWH[WRH[SUHVLRQLVWDVHWUDWDUD2ULQHVPHDGRVKHFHVSXWUHIDFFLyQS~VWXODV
OODJDVHWFpWHUDDSDUHFHQHQQXPHURVDVRFDVLRQHVGHPDQHUDFRQVFLHQWHHQWURQFDQGR
FRQHVDSRVLEOHHVWDPSDGHODPLVHULDVRFLDOFRPRHQWUHRWURVHQ©&RQVRODFLyQDEDMRª
©(VWDFLXGDGGHQRFKHHVSHOLJURVD+D\QDYDMDVWULIXOFDVERUUDFKHUDVªSR
HQHO©H[WUDUUDGLRªGH©4XLHW6RQJªSTXHWLHQHPXFKRTXHYHUFRQODPLVHULD
PRUDOLPSHUDQWH+D\XQDFRUUHODFLyQHYLGHQWHFRQODGHJUDGDFLyQGHOLQGLYLGXR²HQ
VXYHUWLHQWHPiVPDWHULDOFRUSRUDO²\ODGHJUDGDFLyQGHODVRFLHGDG\GHOPXQGRTXH
VHFRUURPSH©FDVLªSRUQDWXUDOH]D\VLQUHPHGLR
3DUDFRQFOXLUQRVJXVWDUtDUHVDOWDUTXH9LROHWDSURIXQGRVHGLYLGHHQGRVSDUWHV
FRQVFLHQWHPHQWHGHVHTXLOLEUDGDVHQFDQWLGDGGHSRHPDV©&DPSRGH0DUWHª\©/D
EHOODKRPLFLGDª/DDUTXLWHFWXUDGHOOLEURKDEODSRUVtVROD\D\XGDHQODLQWHUSUHWDFLyQ
GHO FRQMXQWR (Q OD SULPHUD SDUWH VH GHVDUUROOD HVD OXFKD \ OD VHJXQGD VHUtD FRPR
XQDVXHUWHGHVDOLGDFRQUHYHUEHUDFLRQHVJyWLFDV²DOPiVSXURHVWLORDQJORVDMyQ²TXH
KDFHQPiVDWUDFWLYDODOHFWXUDJOREDO(OFDPELRHVWUyÀFRTXHHVWDVHJXQGDSDUWHSRVHH
FRQXQRVSRHPDVTXHVHVDOHQGHODWyQLFDGHOSRHPDULRHQWURQFDFRQHVRVKDOOD]JRV
UtWPLFRVGHODSULPHUDSDUWHVHxDODGRV\RIUHFHQXQFRQWUDSXQWRQDGDGHVGHxDEOH(Q
VXPDFRQVWUXFFLyQWH[WXDO\XQLGDGIRUPDOVRQFODYHVSDUDOHHUXQOLEURTXHDEXHQ
VHJXUROODPDUiODDWHQFLyQGHOHFWRUHV\UHFRPHQGDPRVYLYDPHQWH
-XDQ&DUORV$EULO
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
0DQXHO&LIR*RQ]iOH]HG/DVFXDWURHVWDFLRQHV+RPHQDMHD3HGUR*DUFtD0RQ
WDOYR0XUFLD8QLYHUVLGDGGH0XUFLDSS
/RVOLEURVGHKRPHQDMHVQRVLHPSUHFRQVLJXHQHOREMHWLYRGHGHMDUXQDVHPEODQ]D
GHOSHUÀOLQWHOHFWXDOGHOSURIHVRUTXHUHFLEHHOUHFRQRFLPLHQWRGHVXVFRPSDxHURV\
DPLJRV3XHVWRTXHVHWUDWDGHXQDÀJXUDSUR\HFWDGDWDQWRHQHODVSHFWRGHODFUtWLFD
\GHODQiOLVLVGHOGLVFXUVRQDUUDWLYRFRPRHQODSURGXFFLyQOLWHUDULDHQHVHJpQHUROD
IRUPDGHHVWHOLEURSDUHFHVHUYLUDOSURSyVLWRGHREVHUYDUHVDGREOHIDFHWDGHFUHDGRU
OLWHUDULR \ PDHVWUR GH OD WpFQLFD GH FRPSRVLFLyQ &LHUWDPHQWH ODV REUDV FRQ ODV TXH
DMXVWDHOOHQJXDMHHQXQHVWLORSURSLRQRVRORKDQGHVSHUWDGRLQWHUpVHQWUHHOS~EOLFR
OHFWRUVLQRTXHKDQVLGRREMHWRGHYDULRVHVWXGLRV3RUHVRQRVRUSUHQGHODGLIHUHQFLD
HQWUH ODV FRQWULEXFLRQHV TXH VH UHFRJHQ SDUD HO KRPHQDMH 3RU XQ ODGR QDUUDFLRQHV
EUHYHV\XQDPXHVWUDSRpWLFDSRURWURHVWXGLRVFUtWLFRVVREUHODVQRYHODV\FXHQWRV
GH *DUFtD 0RQWDOYR OD WpFQLFD GLGiFWLFD HQ XQ iPELWR GH E~VTXHGD GH PpWRGRV \
UHVXOWDGRVÀQDOPHQWHDOJXQDVFRQWULEXFLRQHVGHWHPiWLFDOLWHUDULD\UHWyULFD
(O WtWXOR FRUUHVSRQGH WDPELpQ D HVD YDULHGDG TXH UHÁHMD ODV GLVWLQWDV IDFHWDV
TXHSUR\HFWDQODLPDJHQGHXQDDFWLYLGDGLQWHOHFWXDOULFD\FRPSOHMDDOWLHPSRTXH
UHPHPRUD XQD FROHFFLyQ GH FXHQWRV LQDXJXUDO GH OD HWDSD GH UHVLGHQFLD OLWHUDULD HQ
0XUFLDODSULPDYHUDHQYLDMHKDFLDHOLQYLHUQR'HRWUDSDUWHORVHVWXGLRVFUtWLFRVGDQ
FXHQWDGHORVUDVJRVTXHGHÀQHQHOPRYLPLHQWROLWHUDULRGHHVDHWDSDGHFUHDFLyQDODTXH
VHXQLyGHPDQHUDHQWXVLDVWD*DUFtD0RQWDOYR6HWUDWDGHXQDQDUUDWLYDGHVFULSWLYD
FRQUHFXUVRVTXHUDOHQWL]DQHOULWPRQRYHODVGHSHUVRQDMHHQFX\DVGHVFULSFLRQHVVH
SRWHQFLDHOVLPEROLVPRHQGLIHUHQWHVSODQRV7$OEDODGHMR$$OEHUWXV(0RURWH-RVp
%HOPRQWH7&DUR0*RQ]iOH]&(VFXGHUR3*DUFtD00DUWtQH]-/0DUWtQH]
-2UUL]R(6iQFKH]5RVLOOR\$7UDSLHOORH[SOLFDQFRPROHFWRUHV\FUtWLFRVVXYLVLyQ
GHODREUDGH*DUFtD0RQWDOYR'HVGHODH[SHULHQFLDGHORVHVFULWRUHVGHSRVJXHUUD
OD ODUJD HYROXFLyQGHODOLWHUDWXUD GHOVLJOR;;HVSDxROVHGLEXMDFRQVXVDFFLGHQWHV
SURSLRV3HURWDPELpQHVWRVHVWXGLRVGHMDQELHQSDWHQWHODIXJD]SUHVLyQGHODOLWHUDWXUD
HXURSHD PRGHODED ODV IRUPDV QDUUDWLYDV TXH DGPLWHQ DQWHFHGHQWHV D YHFHV OHMDQRV
FRPRVRQORVGHODOLWHUDWXUDFOiVLFDRUHQDFHQWLVWDRWUDVHOJXVWRSRUODVVHQVDFLRQHV
FRPSDUWLGDVDWUDYpVGHODUHFUHDFLyQHQSDODEUDV
$OJXQRV SiUUDIRV HVFULWRV SRU ORV DPLJRV SRGUtDQ VHUYLU SDUD HQULTXHFHU XQD
VHPEODQ]DELRJUiÀFDSXHVFDGDXQRUHFRJHODVLPSUHVLRQHVTXHODPHPRULDGHFDGD
FXDODWHVRUDXQDXWRUYLVWRGHVGHIXHUDGHVXREUDTXHYLDMD\HYROXFLRQDDPHGLGD
TXHDYDQ]DHQVXYLDMH6LQHPEDUJRODUHODFLyQGHHVWDSHULSHFLDYLWDOFRQODKLVWRULD
OLWHUDULDHQODTXHHOHVFULWRUVHKDLQVHUWDGRSURSRUFLRQDUiXQDFFHVRIiFLODFXDQWRV
VH LQWHUHVHQ SRU HVWD REUD QDUUDWLYD 'H DKt OD XWLOLGDG TXH VXSHUD OD DQpFGRWD HO
KRPHQDMHODFLUFXQVWDQFLDHQTXHHVWHOLEURDSDUHFH
&HOLD5RSHUR6HUUDQR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
)UDQFLVFR$UHQDV'ROoHG5HWyULFD\GHPRFUDFLD3HUVSHFWLYDVFUtWLFDVVREUHHOHV
WDGRGHODLQYHVWLJDFLyQ9DOHQFLD,QVWLWXFLy$OIRQVHO0DJQDQLPSS
$PiVGHWUHLQWDDxRVGHGLVWDQFLDGHODVHQWDPLHQWRGHODGHPRFUDFLDHQ(VSDxD
DOJXQDVYRFHVVHDO]DQUHFODPDQGRXQDGHSXUDFLyQGHODVDGKHUHQFLDVTXHVHOHKDQ
LGR LQFUXVWDQGR HQ HO HQJUDQDMH GH VXV LQVWLWXFLRQHV 7DO YH] KR\ ODPHQWDPRV HO
GHVFXLGRGHODWHQGHQFLDDODUHFXSHUDFLyQGHODUHWyULFDSDUODPHQWDULDHQORVSULPHURV
DxRVHQORVTXHHOFXLGDGRGHODSUHVHQWDFLyQGHSURSXHVWDVGHOGLiORJRS~EOLFRHQWUH
RSLQLRQHVGLYHUVDVSUHWHQGtDHVWDEOHFHUXQDFRVWXPEUHGHUHVSHWRGHOOHQJXDMH\GHODV
IRUPDVH[SUHVLYDV
3RUHVRHOOLEURTXHSUHVHQWDPRVHVDQWHWRGRXQDOODPDGDGHDWHQFLyQVREUHOD
IXQFLyQGHODUHWyULFDHQHOFXLGDGRGHXQDGHPRFUDFLDVDQD\~WLOSDUDXQDDGHFXDGD
JHVWLyQ GH ORV DVXQWRV S~EOLFRV 1R VROR OD IDOWD GH DUJXPHQWDFLyQ ORV WLWXODUHV
OODPDWLYRV VLQ IRQGR DUJXPHQWDO \ HO DGHOJD]DPLHQWR GHO YRFDEXODULR SROtWLFR
GHVYLUW~DQHOLQWHUFDPELRGHLGHDVVLQRVHQWHQFLDQSRUDGHODQWDGRWRGDSRVLELOLGDG
GH DFHSWDU OD SRVLFLyQ GH ORV TXH SLHQVDQ GLIHUHQWH &LHUWDPHQWH HV PiV IXHUWH HO
PDO HMHPSOR GH ORV SROtWLFRV TXH SUHVXPHQ GH GHPyFUDWDV \ GDQ OD HVSDODGD D ORV
LGHDOHVTXHGHIHQGLHURQRWURVGHEXHQDIH3HURVDOYDGDODFRKHUHQFLDHQWUHOHQJXDMH
\FRPSRUWDPLHQWRHOSULPHURGHEHUtDVHUFRQVLGHUDGRXQDSUHIHUHQFLDREOLJDGDGHOD
FRQYLYHQFLDVRFLDO\GHODDFWLYLGDGSROtWLFD
(QODVSULPHUDVOtQHDVGHOHVWXGLRSUHOLPLQDUVHSUHVHQWDODGHPRFUDFLDEDMRHO
UDVJRGHODFRRSHUDFLyQ/DGLIHUHQFLDHQWUHHOHQIUHQWDPLHQWRGLDOpFWLFR\ODFRRSHUDFLyQ
HVHYLGHQWH(OGLiORJRTXHDKRQGDHQHOFRQRFLPLHQWRPXWXRVHHQULTXHFHHQXQJUDGR
VXSHULRUFRQODFRRSHUDFLyQTXHUHFRQRFHHOYDORUGHODVGLIHUHQWHVSHUVRQDV\DJHQWHV
VRFLDOHVTXHSUHVHQWDQVXVSURSXHVWDVHQODOHDOWDGDXQREMHWLYRFRP~Q6LQGXGDHVWH
LGHDOpWLFRQRSXHGHHVWDUYDFtR/DHGXFDFLyQHQHOUHVSHWRHVWRGDYtDXQDDVLJQDWXUD
SHQGLHQWHHQQXHVWUDVRFLHGDGHQODTXHPXFKRVVHFRQVLGHUDQFRQGHUHFKRDDWURSHOODU
DORVGHPiV3RUHVRODDSRUWDFLyQGHHVWHOLEURGHVGHODDWDOD\DGHODLQVWLWXFLyQTXH
OR SXEOLFD GHEH DOFDQ]DU ORV HVSDFLRV \ ODV PHQWHV GH ORV TXH WRGDYtD FUHHQ HQ ORV
UHFXUVRVGHQXHVWUDVRFLHGDGSDUDFRQVWUXLUXQDHVWUXFWXUDGHFRQYLYHQFLDPiVVyOLGD
\UHVLVWHQWHHQHOPDUGHLQWHUHVHVTXHDPSDUDGRVHQXQUHFODPRGHDGDSWDFLyQDOD
PRGHUQLGDGURPSHQFRQWUDODVPiVÀUPHVFRQYLFFLRQHV
(OFRQFHSWRGHKXPDQLVPRFtYLFRTXHVHFRPHQWDHQVXVSiJLQDVVXSRQHXQD
UHFUHDFLyQGHXQLGHDOGHFLXGDGDQRSDUWLFLSDWLYRTXHFRQItDHQXQDUHGGHUHODFLRQHV
LQVWLWXFLRQDOHVDODPHGLGDGHOKRPEUHSHUPHDEOHVDODVFDPELDQWHVVLWXDFLRQHVTXH
SXHGDQVREUHYHQLU3HURSDUDFRQWUDVWDUHVWDLGHDHOOLEURQRVRIUHFHHOFRQWUDVWHGH
DTXHOORVIXQGDPHQWRVGHOGHVDUUROORGHODUHWyULFDTXHVHHQFXHQWUDQHQOD$QWLJHGDG
/D$WHQDV FOiVLFD R OD RUDWRULD FLFHURQLDQD VH HULJHQ FRQ XQ QXHYR SHUÀO SDUD JXLDU
QXHVWUDUHÁH[LyQVREUHORVSUREOHPDVFRQWHPSRUiQHRVGHQXHVWUDVGHPRFUDFLDV'HVGH
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
HOSXQWRGHYLVWDÀORVyÀFRODUHWyULFDRIUHFHXQDLQWHUSUHWDFLyQGHODYLGD\GHOYLYLU
-HV~V&RQLOOHPHUJLHQGRGHODSRHWL]DFLyQLQWUtQVHFDGHODSRHWL]DFLyQYLWDO-RVp/XLV
5DPtUH]FRUURERUDHVWDDSUR[LPDFLyQDODFDSDFLGDGKXPDQDSDUDODUHWyULFDKDVWDOD
GLPHQVLyQGHOVHUKXPDQRFRPRDQLPDOUHWyULFR6LVHWUDWDGHXQDUHDOLGDGGHOVHU
KXPDQRQRHVH[WUDxRTXHQRVUHPRQWHPRVPiVDOOiHQHOWLHPSR\PiVOHMRVGHORV
HVSDFLRVGHOD+pODGHDQWLJXDSDUDHQFRQWUDUHVER]RVGHORVYDORUHVTXHVRVWHQtDQOD
DXWRULGDG GHO FRQVHMR GH DOJXQRV PLHPEURV GH OD FRPXQLGDG FX\DV FRQVHFXHQFLDV
VHWUDVODGDEDQJHQHUDFLyQWUDVJHQHUDFLyQGHVGHODLQYHQFLyQGHODOLWHUDWXUDHVFULWD
HQ HO ,9 \ ,,, PLOHQLR 'H HVWRV HVFULWRV GHGXFH /XLV )ROJDGR %HUQDO ODV QRUPDV GH
SUHSDUDFLyQRUDWRULDHQ6XPHU
3DUDHOPXQGRJULHJRODKDELWXDOFRQWXQGHQFLDFRQTXH)UDQFLVFR5RGUtJXH]
$GUDGRVGHÀHQGHODDFWXDOLGDGGHOSULPHULPSXOVRGHPRFUiWLFRHXURSHRHQODFXQD
GHODFLYLOL]DFLyQJULHJDVHH[SUHVDGHQXHYRFXDQGRUHFXHUGDODpSRFDGHOHDOWDGHQOD
TXHQRKDEtD´XQKXHFRSDUDH[WUHPLVWDV\UHYROXFLRQDULRVQLSDUDLQGHSHQGHQWLVWDVµ
7DOYH]HQODGHULYDGHQXHVWUDVGHPRFUDFLDVGHOVLJOR;;QRSUHSDUDGDVSDUDFRQWHQHU
ODV HQRUPHV LQMXVWLFLDV VRFLDOHV UHVXOWDQWHV GH ODV FDWiVWURIHV \ GH ODV GHVLJXDOGDGHV
KDQIRU]DGRODHQWUDGDSDWHQWHDORVGHIHQVRUHVGHORVSHUMXGLFDGRVSRUHVRVDJUDYLRV
8QDVRFLHGDGMXVWDQRQHFHVLWDUtDUHFRUGDUORVGHVDVWUHVGHOSDVDGR6LQHPEDUJRHO
SURIHVRU$GUDGRVH[SOLFDEDPX\ELHQODWUDLFLyQDORVLGHDOHVpWLFRVGHOD$WHQDVFOiVLFD
TXHFRQGXMRDODGHUURWDGHOD*XHUUDGHO3HORSRQHVR\DODSpUGLGDGHODOLEHUWDGGH
*UHFLD/DFUtWLFDGHORVJUDQGHVDXWRUHVGHOWHDWURFOiVLFRSRGUtDKDEHUHYLWDGRWDOHV
FDODPLGDGHVVLKXELHUDVLGRHVFXFKDGD3UHFLVDPHQWHHQHVWHJpQHURVHGHVDUUROOyOD
DUJXPHQWDFLyQ\HOXVRGHOOHQJXDMHHQODGLVFXVLyQGHSRVWXUDVHQIUHQWDGDV(OPHQVDMH
GHHVWHFDStWXORUHFXHUGDFyPRHOHUURUKXPDQRTXHQRHVXQSUREOHPDH[FOXVLYRGH
ODLGHRORJtDGHPRFUiWLFDDXQTXHVLQGXGDORTXHVHHQWHQGtDSRUGHPRFUDFLDHQOD
$QWLJHGDGWLHQHLPSRUWDQWHVGLIHUHQFLDVSRUORTXHFRQRFHPRVKR\FRQHVHQRPEUH
VXHOHVHUROYLGDGR\QRVHFRUULJH
/DGHOLEHUDFLyQSROtWLFDTXHQRHVHOFRQVWDQWHHQORVPHGLRVGHFRPXQLFDFLyQ
´VHQWDUVH D QHJRFLDUµ LPSOLFD XQD SUHSDUDFLyQ GH ORV TXH LQWHUYLHQHQ HQ HO GHEDWH
SDUD GLVFXWLU OD SURSXHVWD DQXQFLDGD 'H DKt TXH HO SURIHVRU$UHQDV 'ROo UHFXUUD D
ORVSDVDMHVGHOWHDWURJULHJRSDUDUHSODQWHDUHQRWUDGLPHQVLyQHVWHGLiORJRQHFHVDULR
6LQHPEDUJRUHFRQRFHHVDVGLIHUHQFLDVGHPHQWDOLGDG\VLWXDFLyQGHOLQGLYLGXRHQHO
FXHUSRVRFLDOTXHHUDQSURSLRVGHDTXHOODDQWLJXDFRPXQLGDGKHOpQLFDVXSHUDGRVHQ
QXHVWURVGtDVDUJXPHQWRVGHVXSHULRULGDGUDFLDOROLJDUTXtDPLOLWDUSUHHPLQHQFLDGHO
GLVFXUVR MXGLFLDO VREUH HO GHOLEHUDWLYR 3HUR WDPELpQ DGYLHUWH GH RWUDV FRQGLFLRQHV
GHOKRPEUHDFWXDOTXHGHVFRQItDGHVtPLVPRTXHREWLHQHXQDLQIRUPDFLyQFRQIXVD\
WHQGHQFLRVDVREUHFXHVWLRQHVTXHOHDIHFWDQTXHQRVHFUHHVXÀFLHQWHPHQWHFDSDFLWDGR
SDUDGHFLGLUORTXHWUDVFLHQGHDRWURVIUHQWHDORVTXHDYHFHVGHVFRQRFHGRUHVGHHVWD
ODUJD HYROXFLyQ GHPRFUiWLFD EXVFDQ HQ QXHVWUR PXQGR XQ SRGHU RPQtPRGR FRPR
DQWDxR
0LJXHO+HUUHURGH-iXUHJXLHVFULEHXQFDStWXORHQFDEH]DGRFRQODLQTXLHWDQWH
SUHJXQWDVREUHODFXOSD8QWHPDSURSLRGHOWHDWUR\GHODFXOWXUDFOiVLFDJULHJDTXH
HVWi WDQ HQUDL]DGR HQ QXHVWUD PDQHUD GH YLYLU TXH GHVGH QLxRV EXVFDPRV FDXVDV \
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
FXOSDEOHV SDUD VHQWLUQRV VHJXURV GH ORV OtPLWHV GH QXHVWUD UHVSRQVDELOLGDG 0iV
DFXFLDQWHWRGDYtDVHUtDSDUDQRVRWURVODFXOSDKHUHGDGDTXHQXHVWURLQGLYLGXDOLVPR\
GHVFDUJRGHFRQFLHQFLDSUHWHQGHROYLGDUSDUDVLHPSUHFRPRtQGLFHGHODVFRVWXPEUHV
DWUDVDGDVRGHODVFRPXQLGDGHVGHÀQLGDVSRUOD]RVGHVDQJUH\QRSRUHOOLEUHDOEHGUtR
(Q HIHFWR HQ ODV VRFLHGDGHV DQWLJXDV HVWH FRQFHSWR WHQtD XQD LQGXGDEOH XWLOLGDG
SROtWLFDODDPHQD]DDORVGHVFHQGLHQWHVHUDXQDJDUDQWtDGHOHJLWLPLGDGFRQVWLWXFLRQDO
\GHHVWDELOLGDGQRVRORXQPHFDQLVPRGHH[FOXVLyQ\XQUHFXUVRGHSUHYHQFLyQGHOD
YHQJDQ]D
/DVtQWHVLVDGPLUDEOHGHODPDGXUH]GHODFXOWXUDKHOpQLFD\GHODSHUVSHFWLYD
SUiFWLFDURPDQDTXHORJUyH[SUHVDU&LFHUyQHQVXSURGXFFLyQLQWHOHFWXDOVHLQWHUSUHWD
GHVGHODUHWyULFDODOLWHUDWXUD\ODÀORVRItDFRQODDJXGH]DGH-DLPH6LOHV'HODSDUWH
WpFQLFDGHOHVWLORGLVFXWHODGLVWLQFLyQGHODWLFLVPRVHJ~QODSHUVSHFWLYDPHGLWDGDGHORV
FUtWLFRV(ODSURYHFKDPLHQWRGHOYRFDEXODULRWpFQLFROLWHUDULRSRUORVWHyULFRVURPDQRV
GHOHVWLOR\SRU&LFHUyQHQGHIHQVDGHVXIRUPDGHH[SUHVLyQ\FRPRKLVWRULDGRUGH
ODUHWyULFDURPDQDHVVRORXQDPXHVWUDGHODGLYHUVLGDGGHSRVWXUDVTXHXQDUiSLGD
OHFWXUDVLQRDSUHVXUDGDGHORVPDQXDOHVQRSRGUtDGHVFXEULU
(Q 5RPD VH DVXPHQ \ VLQWHWL]DQ ORV SULQFLSDOHV UHFXUVRV RUDWRULRV XQD YH]
VXSHUDGRHOWDPL]GHODpWLFDS~EOLFD'HDKtHVDGLVWDQFLDUHVSHFWRDODVRItVWLFDTXH
GHVWDFD-RUJH7iUUHJDHQVXDQiOLVLVGHODSUHFHSWLYDSDUDYDORUDUODDGPLVLyQGHOD
PHQWLUD FRPR UHFXUVR HQ OD RUDWRULD URPDQD /RV YDORUHV GH OD UHWyULFD GHOLEHUDWLYD
TXHGDQDXQODGRDODYLVWDGHODSUiFWLFDGHFODPDWRULDTXHPRVWUDEDGHRWUDPDQHUDOD
FRPSHWHQFLDHQHOHMHUFLFLRGHODOLWHUDWXUDQRHVFULWDGHVGHDQWLJXR5HSUHVHQWDQRWUD
IDFHWDGHODWpFQLFDGHODH[SUHVLyQHQS~EOLFRWUDQVPLWLGDSRUODFRVWXPEUHFHxLGDDO
HMHUFLFLRFRQVWDQWHGHHQWUHQDPLHQWRSDUDGHSXUDUODDFWLRDJLOL]DUODPHPRULD\YDULDU
HO WRQR UHLQWHUSUHWDQGR ORV WH[WRV /D SHUVSHFWLYD GH (VWHEDQ %pUFKH] FRPSOHWD HVWD
PLUDGDDHVWDSUiFWLFD
/D UHWyULFD GH JpQHUR MXGLFLDO QR TXHGD PDUJLQDGD HQ HVWRV HVWXGLRV VLQR
TXH 'DYLG 5RV VH LQWHUHVD SRU OD SRVLELOLGDG GH KDEODU HQ HO VHQDGR UHSXEOLFDQR \
HQVXVWULEXQDOHVDQWHODVRVSHFKDGHTXHDOJXQRVDJHQWHVGHVWDFDGRVSUDFWLFDUDQHO
REVWUXFFLRQLVPRSDUDIDYRUHFHUORVLQWHUHVHVGHFLHUWDIDFFLyQ;DYHULR%DOOHVWHUVXJLHUH
ODSRVLELOLGDGIXQGDGDHQ´FRQFRUGDQFLDVOLQJtVWLFDVµGHTXHHO'LiORJRGHORVRUDGRUHV
VHSXGLHUDGHEHUDOJHQLRGH4XLQWLOLDQR
8QEXHQFRQRFHGRUGHODOLWHUDWXUDHOKXPDQLVWD-XDQ/XLV9LYHVSDUHFHPRGHUDU
FRQ VX HQVHxDQ]D OD DSOLFDFLyQ GH OD UHWyULFD D VRFLHGDGHV PXFKR PiV FRPSOHMDV
TXH ODV DQWLJXDV (VWRV KXPDQLVWDV DEULHURQ FDPLQR DO GHEDWH pWLFR SRVWHULRU FRQ
*XLDQEDWWLVWD 9LFR \ +REEHV VREUH OD DXWRQRPtD GHO LQGLYLGXR UHVSHFWR GHO (VWDGR
XQD FRQVWUXFFLyQ TXH VH LED DÀDQ]DQGR GH PDQHUD LQHYLWDEOH HQ HO SURJUHVR GH ORV
SXHEORV3RUHVRHOHVWXGLRGH%M|UQ+DPPDUVHFRPSOHPHQWDFRQORVDQiOLVLVVREUH
HODXJHFRQWHPSRUiQHRGHORVPHGLRVGHFRPXQLFDFLyQLPSUHJQDGRVGHXQDFLHUWD
SUiFWLFDUHWyULFDDGDSWDGDDODVRFLHGDGGHPDVDVGH0LFKDHO2·0DUD\/ROD%DxiQ
/DXQLGDGGHHVWDGHQVDSDQRUiPLFDGHODUHWyULFDGHVGHSXQWRVGHYLVWDpWLFRV
ÀORVyÀFRV VRFLDOHV KLVWyULFRV FUtWLFRV \ OLQJtVWLFRV VH SUHVHQWD FRQ JUDQ DFLHUWR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
WLSRJUiÀFR TXH IDFLOLWD OD OHFWXUD (O FXLGDGR ÀOROyJLFR GHO HGLWRU KD SUHYLVWR OD
FRKHUHQFLDGHOYROXPHQ\KDGLVSXHVWRXQDYLVRGHVLJODVTXHUHIUHQGDODSUHFLVLyQGH
ODWHUPLQRORJtD\GHODVUHIHUHQFLDV
3RUWRGRHOORFRQVLGHURTXHHVWHOLEUREULOODFRQOX]SURSLDHQWUHODVSURSXHVWDV
DFWXDOHVSDUDODFRPSUHQVLyQGHODQDWXUDOH]D\IXQFLyQGHODUHWyULFD
0DUtD$VXQFLyQ6iQFKH]0DQ]DQR
,661
(VWXGLRV+XPDQtVWLFRV)LORORJtD
