Nuevas fronteras en el diagnóstico y combate de la
Anuncio
6HFWRU3~EOLFR 2FW X E U H 1~P H UR 1XHYDVIURQWHUDVHQHOGLDJQyVWLFR\ FRPEDWHGHODFRUUXSFLyQ /DFRUUXSFLyQIORUHFHGRQGHODVSROtWLFDVSURSRUFLRQDQLQFHQWLYRVSDUDHOOD \ ODV LQVWLWXFLRQHV GH UHVWULFFLyQ VRQ GpELOHV (O GLDJQyVWLFR GH OD FRUUXSFLyQ D\XGD D HQWHQGHU D XQ SDtV ODV GHILFLHQFLDV GH VXV SROtWLFDV H LQVWLWXFLRQHV DVt FRPR D GLVHxDU XQD HVWUDWHJLD TXH IRUWDOH]FD HO GHVHPSHxRGHOHVWDGR 'XUDQWHHODxRSDVDGRHO%DQFR 0XQGLDO KD D\XGDGR D $OEDQLD *HRUJLD \ /HWRQLD D PHGLU OD FRUUXSFLyQ \ D GLVHxDU HVWUDWHJLDV SDUD FRPEDWLUOD \ PHMRUDU OD JREHUQDELOLGDG (VWRV WUHV SDtVHV DKRUD HVWiQ SHUIHFFLRQDQGRHLPSOHPHQWDQGR HVWDV HVWUDWHJLDV (VWD QRWD H[SOLFD FyPR ODV HQFXHVWDV HPStULFDV SXHGHQ LQIRUPDU \ WUDQVIRUPDU HO GLiORJR VREUH ODV SROtWLFDV GH IRUPD WDO TXH VH SXHGD HVWDEOHFHU XQD DJHQGD DQWLFRUUXSFLyQ TXH VHD IDFWLEOH (VWHWDPELpQUHVDOWDORVGHVDItRV HQ OD UHDOL]DFLyQ GH HVWDV HQFXHVWDV \ HQ WUDQVIRUPDU ORV UHVXOWDGRV GH ODV PLVPDV HQ SULRULGDGHV SDUD OD UHIRUPD LQVWLWXFLRQDO ¢3RUTXp PHGLU FRUUXSFLyQ" OD /D LPSOHPHQWDFLyQ GH UHIRUPDV SDUDPHMRUDUODJREHUQDELOLGDGHV LQWUtQVHFDPHQWH GLItFLO 'HELGR D TXH WDOHV UHIRUPDV GLVPLQX\HQ GUDPiWLFDPHQWH ODV UHQWDV SURYHQLHQWHVGHODFRUUXSFLyQORV IXQFLRQDULRV VHQLRU RWURV SROtWLFRV\EXUyFUDWDVXVXDOPHQWH OH RSRQHQ UHVLVWHQFLD 6LQ HPEDUJR GLFKD UHVLVWHQFLD SXHGH YHUVH IUHFXHQWHPHQWH HQFXELHUWD SRU OD IDOWD GH HYLGHQFLD FRQFUHWD VREUH FRUUXSFLyQ \ OD DVXQFLyQ DKRUD UHIXWDEOHGHTXHODFRUUXSFLyQQR SXHGH PHGLUVH &XDQGR WDOHV HYLGHQFLDV HVWiQ GLVSRQLEOHV HO GHEDWH VREUH FRUUXSFLyQ SXHGH GHVSROLWL]DUVH \ VX HQIRTXH FDPELDUVH KDFLD SUREOHPDV VXVWDQWLYRV /D PHGLFLyQ GH OD FRUUXSFLyQ WDPELpQ RIUHFH RWUR EHQHILFLRV (VWD SXHGH D\XGDU DO HVWDEOHFLPLHQWR GH SULRULGDGHV SDUD OD UHIRUPD PHGLDQWH OD LGHQWLILFDFLyQ GH DFWLYLGDGHV \ DJHQFLDV GRQGH VH FRQFHQWUD OD FRUUXSFLyQ(VWDHGXFDDOS~EOLFR DFHUFDGHORVFRVWRVHFRQyPLFRV \ VRFLDOHV GH OD FRUUXSFLyQ < HVWDEOHFH XQD OtQHD EDVH FRQWUD ODFXDOPiVWDUGHSRGUiQPHGLUVH ORV p[LWRV \ IUDFDVRV GH OD UHIRUPD 5HSHWLGDV HQFXHVWDV FRPHQ]DQGR D PHVHV GHVSXpV GH TXH FRPLHQFH XQ SURJUDPD GH UHIRUPD \ SRU OR PHQRV XQD YH] DO DxR GHVSXpV GH HVWR VRQ OD FODYH SDUD SURSRUFLRQDUOH DO JRELHUQR OD LQIRUPDFLyQ TXH QHFHVLWD \ UH HQIRFDU ORV HVIXHU]RV GH OD UHIRUPD /RVHVWXGLRVHPStULFRV SXHGHQSURSRUFLRQDUOD LQIRUPDFLyQQHFHVDULD SDUDGHVDUUROODUXQD DJHQGDDQWLFRUUXSFLyQ ¢&XiOHV SURSXHVWDV HPStULFDV GHEHQ XWLOL]DUVH" +DVWD UHFLHQWHPHQWH VH FRQVLGHUDED LPSRVLEOH PHGLU VLVWHPiWLFDPHQWHODFRUUXSFLyQ 'HVGHOD9LFHSUHVLGHQFLDGH'HVDUUROOR(FRQyPLFR\5HGXFFLyQGHOD3REUH]D\OD5HGGH*HUHQFLD(FRQyPLFD /DVSHUVRQDV HQFXHVWDGDVHVWiQ GLVSXHVWDVDGLVFXWLUOD FRUUXSFLyQGHDJHQFLDV HVSHFtILFDVFRQ H[WUDRUGLQDULRFDQGRU HQ ODV LQVWLWXFLRQHV JXEHUQDPHQWDOHV \ GHWHUPLQDU VXV FRVWRV HFRQyPLFRV \ VRFLDOHV/DLQIRUPDFLyQFRQVLVWtD HQ PHGLFLRQHV JHQHUDOHV GH ODV SHUFHSFLRQHV GHO S~EOLFR \ H[SHUWRV VREUH OD WRWDOLGDG GH OD FRUUXSFLyQ HQ XQ SDtV 3HUR DYDQFHV UHFLHQWHV LQFOX\HQ HO DQiOLVLV GH OD LQIRUPDFLyQ D WUDYpVGHWRGRXQSDtVVREUHODV SHUFHSFLRQHV GH OD FRUUXSFLyQ FRQWUD OD LQVWLWXFLRQDO \ RWUDV UHODFLRQDGDV SDUD DVt HQWHQGHU PHMRU VXV FDXVDV \ FRQVHFXHQFLDV (VWRV HVWXGLRV KDQ PHMRUDGR QXHVWUR HQWHQGLPLHQWR GH OD FRUUXSFLyQ \ KDQ D\XGDGR D LGHQWLILFDU SUREOHPDV SRWHQFLDOHV HQ ORV DUUHJORV LQVWLWXFLRQDOHV GH ORV SDtVHV3RUHMHPSORHODQiOLVLVD WUDYpV GH WRGR XQ SDtV PXHVWUD TXHODFRUUXSFLyQHVPiVHOHYDGD HQ DTXHOORVSDtVHV TXH UHSULPHQ ODV OLEHUWDGHV FLYLOHV 6LQ HPEDUJR WDOHV ³EDQGHUDV´ QR SURSRUFLRQDQ HO GHWDOOH GH XQ SDtVHVSHFtILFRTXHHVQHFHVDULR SDUDGHVSROLWL]DUHOGHEDWHGHODV SROtWLFDV \ GLVHxDU ULJXURVDV DJHQGDVDQWLFRUUXSFLyQ /D IURQWHUD PiV QXHYD HQ OD OXFKD FRQWUD OD FRUUXSFLyQ HV HQFXHVWDU GLUHFWD \ VLPXOWiQHDPHQWH D ODV SDUWHV TXH LQWHUYLHQHQ HQ HOOD LQFOX\HQGRDORVPLHPEURVGHORV KRJDUHV JHUHQWHV GH HPSUHVDV \ IXQFLRQDULRV S~EOLFRV \ SUHJXQWDUOHV DFHUFD GHO FRVWR \ JDQDQFLDV SULYDGDV GH SDJDU VRERUQRV SDUD REWHQHU VHUYLFLRV S~EOLFRVSULYLOHJLRVHVSHFLDOHV\ HPSOHRVJXEHUQDPHQWDOHV +DVWD KDFH SRFR ORV HVFpSWLFRV FUHtDQ TXH ODV SDUWHV TXH LQWHUYLHQHQ HQ OD FRUUXSFLyQ WHQtDQ XQ LQFHQWLYR DO GHMDU GH UHSRUWDUOD 3HUR FRQ ORV DGHFXDGRV LQVWUXPHQWRV GH HQFXHVWDV \ WpFQLFDV GH HQWUHYLVWDV ORV HQFXHVWDGRV HVWiQ GLVSXHVWRV D GLVFXWLU OD FRUUXSFLyQ GH DJHQFLDV HVSHFtILFDV FRQ H[WUDRUGLQDULR FDQGRU $~Q FRQ UHSRUWHV LQH[DFWRV \ IDOWD GH UHVSXHVWD D DOJXQDV SUHJXQWDV GHOLFDGDV ORV UHVXOWDGRV RIUHFHQ UHYHODGRUHV HVWLPDGRV GH FRUUXSFLyQ HQ HO OtPLWHLQIHULRU /RV OtPLWHV GH ODV GLIHUHQWHV PHGLGDVGHFRUUXSFLyQVHxDODQOD FRQYHQLHQFLDGH XWLOL]DU P~OWLSOHV HQIRTXHV \ GDWRV GH GLIHUHQWHV IXHQWHV /RV KDOOD]JRV FRQVLVWHQWHV D OR ODUJR GH HVWRV HQIRTXHV \ IXHQWHV LQWHQVLILFDQ VLJQLILFDWLYDPHQWHODFRQILDELOLGDG \ IDFLOLGDG GH DFHSWDFLRQ GH OD HYLGHQFLD HPStULFD DVt FRPR OD FUHGLELOLGDG GH ODV DFFLRQHV TXH pVWDVXJLHUH ¢&XiOHV VRQ ORV SULPHURVUHVXOWDGRV" 6H FRQGXMHURQ HQFXHVWDV GHWDOODGDV VREUH FRUUXSFLyQ HQ $OEDQLD *HRUJLD \ /HWRQLD /RV UHVXOWDGRV SUHOLPLQDUHV SURSRUFLRQDQ XQD VRUSUHQGHQWH LOXVWUDFLyQ GH OD FRUUXSFLyQ VLVWHPiWLFD TXH OHVLRQD HO ELHQHVWDU S~EOLFR LPSRQH JUDYiPHQHV D OD DFWLYLGDG GHO VHFWRU SULYDGR \ HVWi SURIXQGDPHQWHLQVWLWXFLRQDOL]DGD ([LVWHQ PXFKRV WLSRV GH FRUUXSFLyQ \ HO SDWUyQ GH FDGD SDtVHVGLVWLQWR /RV HQFXHVWDGRV UHSRUWDQ PXFKRV WLSRV GH FRUUXSFLyQ LQFOX\HQGRODPDOYHUVDFLyQGH IRQGRV S~EOLFRV URER GH OD SURSLHGDG GHO HVWDGR VRERUQRV SDUD UHFRUWDU HO WLHPSR GH SURFHVDPLHQWR VRERUQRV SDUD REWHQHU SRGHU PRQRSyOLFR \ VRERUQRV HQ OD DGTXLVLFLyQ GH ELHQHV(Q*HRUJLDODIRUPDPiV FRP~Q GH FRUUXSFLyQ GH pVWD FRUWDOLVWDHVODPDOYHUVDFLyQGH IRQGRV S~EOLFRV (Q $OEDQLD \ /HWRQLD OD IRUPD PiV FRP~Q HV HO URER GH SURSLHGDGHV GHO HVWDGR(QDGLFLyQHOVRERUQRHQ OD DGTXLVLFLyQ GH ELHQHV HV FRP~QHQORVWUHVSDtVHV /DV FDXVDV LQVWLWXFLRQDOHV GH FRUUXSFLyQ GLILHUHQ OR FXDO VXJLHUH GLIHUHQWHV SULRULGDGHV SDUDODUHIRUPD (Q$OEDQLDODIUDJLOLGDGGHOSRGHU MXGLFLDO HV XQD GH ODV SULQFLSDOHV FDXVDV GH FRUUXSFLyQ ODV GHILFLHQFLDV UHJODPHQWDULDV VRQ PXFKR PHQRV LPSRUWDQWHV /DV GHILFLHQFLDV UHJODPHQWDULDV VRQ PiV JUDYHV HQ *HRUJLD \ /HWRQLD DPEDV HQ WpUPLQRV GHO H[FHVR GH UHJXODFLRQHV \ OD GLVFUHFLyQ RWRUJDGD D ORV UHJXODGRUHV TXH H[LJHQ VX FXPSOLPLHQWR /D GDWD SURSRUFLRQD LQIRUPDFLyQ TXH SXHGH D\XGDU D HVWDEOHFHU SULRULGDGHVHQFDGDXQDGHHVWDV iUHDV 3RU HMHPSOR OD UHFROHFFLyQ GH HVWDGtVWLFDV GHWDOODGDV VREUH ORV VRERUQRV SDJDGRV SRU ODV HPSUHVDV D ORV UHJXODGRUHV HQ GLIHUHQWHV DJHQFLDV (VWDLQIRUPDFLyQSXHGHXWLOL]DUVH SDUD HVWDEOHFHU FXiOHV DJHQFLDV HVWiQ UHFLELHQGR OD PD\RU SRUFLyQ GH SDJRV DO PDUJHQ ILJXUD /DVHPSUHVDV SDJDUtDQ PD\RUHV LPSXHVWRV Vt OD FRUUXSFLyQ IXHUD HOLPLQDGD /D FRUUXSFLyQ WLHQH VHULDV LPSOLFDFLRQHV HQ ODV ILQDQ]DV S~EOLFDV WDEOD 8Q JUDQ Q~PHUR GH SHTXHxRV VRERUQRV VRQ SDJDGRV D ORV IXQFLRQDULRV SDUD HYLWDU SDJDU LPSXHVWRV GHUHFKRV DGXDQDOHV \ RWUDV REOLJDFLRQHVSDUDFRQHOHVWDGR 7DEOD&RUUXSFLyQ\SpUGLGDGHLQJUHVRVWULEXWDULRV SRUFHQWDMH ,QGLFDGRU $OEDQLD *HRUJLD /HWRQLD (PSUHVDV GLVSXHVWDV D SDJDU LPSXHVWRV PiV HOHYDGRV Vt OD FRUUXSFLyQIXHVHHOLPLQDGD ,PSXHVWRV DGLFLRQDOHV FRPR XQD SRUFLyQ GHO LQJUHVR GH DTXHOODV HPSUHVDV GLVSXHVWDV D SDJDU LPSXHVWRV PiV HOHYDGRVVtODFRUUXSFLyQIXHVHHOLPLQDGD ,PSXHVWRVDGLFLRQDOHVFRPRXQDSRUFLyQGHOLQJUHVRGHWRGDV ODV HPSUHVDV TXH HVWiQ GLVSXHVWDV D SDJDU Vt OD FRUUXSFLyQ IXHUDHOLPLQDGD )XHQWH (VWXGLR GHO %DQFR 0XQGLDO GH JHUHQWHV GH HPSUHVDV HQ /HWRQLD +HFKRV GH /HWRQLD JHUHQWHV HQ *HRUJLD*25%,\JHUHQWHVHQ$OEDQLD$&(5 )LJXUD¢'yQGHRFXUUHODFRUUXSFLyQHQ*HRUJLD" 3HUPLVRVGH 6HUYLFLRVGH $OTXLOHUHVGHELHQHV %DQFD(VWDWDO FRQVWUXFFLyQ &RQWDFWRFRQ ,QVWDODFLRQHVGH SROLFtDGHFDUUHWHUDV OtQHDVWHOHIyQLFDV 5HJLVWURGH HPSUHVDV UDtFHVFRPHUFLDOHV SRVHtGRVSRUHOHVWDGR 6HUYLFLRVGH$JXD\ 5HJLVWURGH (OHFWULFLGDG 3URSLHGDGHV &UXFHGHIURQWHUDHQ ,QVSHFFLRQHVGHSHVDV\ DGXDQDV PHGLGDV ,QVSHFFLRQHVGH ,QFHQGLRV\6DPLWDULDV 3HUPLVRVGH([SRUWDFLyQ H ,PSRUWDFLyQ 3HUPLVRORJtD SDUD $GTXLVLFLRQHVR 3ULYDWL]DFLyQ ,QVSHFFLRQHVGH,PSXHVWRV \ )LQDQFLHUDV 0iV D~Q RWURV WLSRV GH VRERUQRV FRPR SDJRV QR RILFLDOHV D IXQFLRQDULRV S~EOLFRV SRU SULYLOHJLRV HVSHFLDOHV WDOHV FRPR GHFLVLRQHV MXGLFLDOHV IDYRUDEOHV TXH QR WLHQHQ LPSOLFDFLRQHVILVFDOHVGLUHFWDV SXHGHQ GHVSOD]DU HO SDJR GH LPSXHVWRV\RWUDVREOLJDFLRQHV SDUD FRQ HO HVWDGR 3RU VXSXHVWR OD FRUUXSFLyQ HV PX\ FRVWRVD SDUD ODV ILUPDV HQ $OEDQLD \ /HWRQLD ORV VRERUQRV VH HVWLPDQ HQ SRUFLHQWRGH ORV LQJUHVRV GH ODV ILUPDV TXH DGPLWHQ SDJDUORV (Q *HRUJLD ORV VRERUQRVVHFRQVLGHUDQHQ SRUFLHQWR GH ORV LQJUHVRV GH ODV ILUPDV /D SpUGLGD GH LQJUHVRV HV DOWD HQ WRGRV ORV WUHV SDtVHV HVSHFLDOPHQWH *HRUJLD /D FRUUXSFLyQ OHVLRQD GHVSURSRUFLRQDGDPHQWH DO SREUH (Q*HRUJLDHOSRUFLHQWRGH ORV KRJDUHV DGPLWHQ SDJDU VRERUQRV \ HQ /HWRQLD HO SRUFLHQWR $ SHVDU GH TXH HV PiV SUREDEOHTXHORVKRJDUHV PiV ULFRVSDJXHQVRERUQRVOD FDUJD GH FRUUXSFLyQ PHGLGD FRPR OD SRUFLyQ GH LQJUHVRV SDJDGRV HQ VRERUQRV HV PXFKR PiV JUDQGH SDUD ORV KRJDUHVPiVSREUHV /DFDUJDGHOD FRUUXSFLyQHVPXFKR PD\RUSDUDORV KRJDUHVPiVSREUHV /RV EXUyFUDWDV SDJDQ SRU SRVLFLRQHVOXFUDWLYDV (Q$OEDQLD*HRUJLD\/HWRQLD HO SUHFLR GH REWHQHU SRVLFLRQHV GH ³DOWD UHQWD´ HV ELHQ FRQRFLGD HQWUH ORV IXQFLRQDULRV S~EOLFRV \ HO S~EOLFR JHQHUDO OR FXDO VXJLHUHTXHODFRUUXSFLyQHVWi SURIXQGDPHQWH LQVWLWXFLRQDOL ]DGDILJXUD )LJXUD&RPSUDGH3RVLFLRQHV3~EOLFDV ,QVSHFWRUHVGH$GXDQDV ,QVSHFWRUHVGH,PSXHVWRV /LFHQFLDQWHGH5HFXUVRV1DWXUDOHV -XHFHV 3ROLFtD2UGLQDULD ,QYHVWLJDGRUHV\)LVFDOHV )XQFLRQDULRV/RFDOHV 0LQLVWURV 3RUFHQWDMHGH)XQFLRQDULRV3~EOLFRVTXHVHFUHHTXHKDQFRPSUDGRVXVSRVLFLRQHV )XHQWH (VWXGLRV GHO %DQFR 0XQGLDO GH IXQFLRQDULRV S~EOLFRV HQ /HWRQLD +HFKRV GH /HWRQLD IXQFLRQDULRVS~EOLFRVHQ*HRUJLD*25%,\IXQFLRQDULRVS~EOLFRVHQ$OEDQLD$&(5 6H SDJDQ DOWRV SUHFLRV SRU HPSOHRV HQ DJHQFLDV \ DFWLYLGDGHV TXH ORV KRJDUHV \ HPSUHVDV UHSRUWDQ VHU OD PiV FRUUXSWD OR FXDO LQGLFD TXH IXQFLRQDULRV FRUUXSWRV ³LQYLHUWHQ´ UDFLRQDOPHQWH FXDQGR FRPSUDQ VXV FDUJRV S~EOLFRV 6LHPEDUJRHOSDWUyQGHHVWRV SDJRV GLILHUH (Q /HWRQLD ODV SRVLFLRQHV PLQLVWHULDOHV VH FRPSUDQ PiV D PHQXGR TXH HQ $OEDQLD \ *HRUJLD \ SRVLFLRQHV GH QLYHOHV PiV EDMRV VH FRPSUDQ FRQ PHQRU IUHFXHQFLD (VWH SDWUyQ VXJLHUHTXHODFRUUXSFLyQJUDQ HVFDOD SXHGH FRQVWLWXLU PiV XQ SUREOHPD HQ /HWRQLD PLHQWUDV TXH OD FRUUXSFLyQ D PHQRUHVFDODHVPiVJUDYHHQ $OEDQLD\*HRUJLD ¢4Xp URO MXJy OD LQIRUPDFLyQ" /RVSURJUDPDVDQWLFRUUXSFLyQ HQ$OEDQLD*HRUJLD\/HWRQLD FRPSDUWHQ YDULDV FDUDFWHUtVWLFDV 7RGRV ORV WUHV SDtVHV SULPHUR EXVFDURQ DVLVWHQFLDGHHO%DQFRSDUDHO GLVHxR GH UHIRUPDV SDUD PHMRUDU OD JREHUQDELOLGDG 'DGDV ODV GLILFXOWDGHV LQWUtQVHFDV GH ODV UHIRUPD GHO VHFWRUS~EOLFRODWLWXODULGDGGH FOLHQWHV IXHUWHV IXH HVHQFLDO /XHJR ORV SDtVHV VH FRPSURPHWLHURQ D OD FUHDFLyQ GHSROtWLFDVGHIRUPDDELHUWD\ WUDQVSDUHQWH LQFOX\HQGR OD UHFROHFFLyQ GH LQIRUPDFLyQ GHWDOODGD VREUH FRUUXSFLyQ \ SDWURFLQDQGR WDOOHUHV S~EOLFRV SDUD GLVFXWLU OD GDWD \ OD DJHQGD GH SROtWLFDV )LQDOPHQWH ORV JRELHUQRV LQLFLDURQ ORV SURFHVRV GH SROtWLFDV TXH GHEHQ FXOPLQDU HQ SURJUDPDV DQWLFRUUXSFLyQ SDUDODVUHIRUPDVUHJXODWRULDV GH VHUYLFLRV VRFLDOHV \ DGPLQLVWUDFLyQ S~EOLFD \ OD MXGLFLDO (Q DGLFLyQ VH UHDOL]DURQ HVIXHU]RV SDUD SURPRYHUODSDUWLFLSDFLyQGHOD VRFLHGDG FLYLO /XHJR FRPHQ]y OD UHFROHFFLyQ \ GLVHPLQDFLyQ GH GDWRV (Q $OEDQLD \ *HRUJLD OD LQIRUPDFLyQIXHSUHVHQWDGDHQ WDOOHUHVTXHHVWDEDQDELHUWRVD PLHPEURV GH WRGDV ODV UDPDV GHO JRELHUQR OD FRPXQLGDG HPSUHVDULDO \ OD VRFLHGDG FLYLO (Q $OEDQLD OD LQIRUPDFLyQ DOWHUy GUDPiWLFDPHQWH HO GHEDWH VREUH ODV SROtWLFDV WRUQiQGROD GH DFXVDFLRQHV YDJDV \ VLQ IXQGDPHQWR KDFLD XQ SURFHVR HQIRFDGR HQ OD HYLGHQFLD HPStULFD \ OD IUDJLOLGDG VLVWHPiWLFD (Q DGLFLyQ ORV UHVXOWDGRVGHODVHQFXHVWDVVH LPSULPLHURQ HQ OD SULPHUD SiJLQDGHWRGRVORVSHULyGLFRV LPSRUWDQWHV (Q *HRUJLD HO HIHFWR LQPHGLDWR IXH PHQRV GUDPiWLFR SHUR VLJXLy VLHQGR VLJQLILFDWLYR (Q /HWRQLD HO JRELHUQR LQWURGXMR HO GHEDWH VREUHFRUUXSFLyQHQXQWDOOHUD LQLFLRV GH (Q -XQLR GH HO QXHYR JRELHUQR SUHVHQWy HO SURJUDPD EiVLFR HQ XQD FRQIHUHQFLD S~EOLFD DQWHV GH WHUPLQDU HO HVWXGLR 6H HVSHUD OD SUHVHQWDFLyQ \ DQiOLVLV GH OD LQIRUPDFLyQ D ILQDOHV GH DxR \ VHUi XVDGD SDUD SHUIHFFLRQDUHO SURJUDPD \ HVWDEOHFHUSULRULGDGHV ¢&XiOHV VRQ ORV GHVDItRV TXH VH HVSHUDQHQHOIXWXUR" /D UHFROHFFLyQ DQiOLVLV \ GLVHPLQDFLyQ GH LQIRUPDFLyQ GH XQ SDtV HVSHFtILFR PDUFD XQORJURHVSHFLDOHQHOGLiORJR GH ODV SROtWLFDV VREUH FRUUXSFLyQ 6LQ HPEDUJR ORV GHVDItRVFRQWLQ~DQ 3HUIHFFLRQDPLHQWR GH OD PHWRGRORJtD 6HUi HVHQFLDO FRQWLQXDU SHUIHFFLRQDQGRODPHWRGRORJtD SDUD WUDQVIRUPDU OD HYLGHQFLD GH ODV HQFXHVWDV HQ SULRULGDGHV SDUD OD UHIRUPD /DV QXHYDV KHUUDPLHQWDV GH GLDJQyVWLFR HVWiQ HQ HO OtPLWH GH PHGLU OD FRUUXSFLyQ HQ DJHQFLDV HVSHFtILFDV SHUR OD H[SHULHQFLD HQ OD PHGLFLyQ GH ORV FRVWRV HFRQyPLFRV \ VRFLDOHV VH HQFXHQWUD HQ XQD HWDSD SUHPDWXUD /RV FRVWRV ILQDQFLHURV GLUHFWRV GH OD FRUUXSFLyQ HQ GLIHUHQWHV DJHQFLDVHVXQLQGLFDGRUFODYH GH VX LPSDFWR VREUH HO ELHQHVWDU \ HO GHVDUUROOR GHO VHFWRU SULYDGR /D GLVSRVLFLyQ GH ODV ILUPDV D SDJDU LPSXHVWRV DGLFLRQDOHV Vt OD FRUUXSFLyQ IXHVH HOLPLQDGD WDPELpQ SURSRUFLRQD XQD PHGLGD LPSRUWDQWH GH VXV FRVWRV WRWDOHV DVt FRPR ODV PHGLFLRQHV GH ODV SUHIHUHQFLDV S~EOLFDV SDUD UHGXFLUODFRUUXSFLyQUHODWLYDD RWURV REMHWLYRV GH SROtWLFDV 6LQ HPEDUJR VH QHFHVLWDQ RWURVHQIRTXHV<PLHQWUDVORV DFWXDOHV LQVWUXPHQWRV GLDJQRVWLFDQ OD IUHFXHQFLD GH PXFKDVIRUPDVGHFRUUXSFLyQ VH QHFHVLWDQ KHUUDPLHQWDV LQQRYDGRUDV SDUD PHGLU OD FRUUXSFLyQGHJUDQHVFDOD )LQDOPHQWHHO %DQFR QHFHVLWD IRUWDOHFHU VX FDSDFLGDG SDUD D\XGDU D ORV FUHDGRUHV GH SROtWLFDV SDUD LQWHJUDU ODV OHFFLRQHV GH HVWRV GLDJQyVWLFRV HPStULFRV FRQ OD IDFWLELOLGDG SROtWLFD GH ODV GLIHUHQWHV UHFRPHQGDFLRQHV GH SROtWLFDV 9DOH OD SHQD HQIDWL]DUTXHWDOIDFWLELOLGDGQR HV XQD FRQVWDQWH OD DPSOLD IDFXOWDG TXH SURYLHQH GH HVWH HQIRTXHHPStULFR\WHFQyFUDWD SXHGHLQFOLQDUODEDODQ]DKDFLD ORVUHIRUPLVWDVHQDOLDQ]DFRQ ODVRFLHGDGFLYLO 6H SXHGHQ XWLOL]DU YDULDV HVWUDWHJLDVSDUDHVWDEOHFHUODV SULRULGDGHV SDUD OD UHIRUPD 8QD HVWUDWHJLD TXH HVWi VLHQGR XVDGD HQ $OEDQLD *HRUJLD \ /HWRQLD HV GLULJLU JUXSRVFHQWUDOHVHQODFXDOORV GLIHUHQWHV HOHFWRUHV GLVFXWHQ HQWUH RWURV WySLFRV OD FRUUXSFLyQ D JUDQ \ SHTXHxD HVFDOD \ OD IDFWLELOLGDG GH UHIRUPDV SRWHQFLDOHV 2WUD HVWUDWHJLD SDUD DERUGDU OD IDFWLELOLGDG SROtWLFD GH OD UHIRUPD HV HYDOXDU OD GLVSRVLFLyQ IDYRUDEOH GH XQ SDtV SDUD OD PLVPD DQDOL]DQGR ORV HIHFWRV TXH WHQGUiQ GLFKDV UHIRUPDV LQVWLWXFLRQDOHV \ GH SROtWLFDV VREUH ODV SDUWHV LQWHUHVDGDV FODYHV ,PSOHPHQWDFLyQ GH ODV UHIRUPDV /D HWDSD PiV GLItFLO GH XQ SURJUDPD DQWLFRUUXSFLyQ HV GHVSXpV TXH VH KD UHFROHFWDGR DQDOL]DGR \ GLVHPLQDGR OD LQIRUPDFLyQ GH ODV HQFXHVWDV FXDQGR HO JRELHUQR GHEH FRPHQ]DU D LQWURGXFLU ODV UHIRUPDV TXH DERUGHQ ODV IXHQWHV IXQGDPHQWDOHV GH FRUUXSFLyQ 8QD WHQWDFLyQ QDWXUDO SDUD XQ OtGHUGHXQSDtVHVGHVSHJDUHO SURJUDPDSLGLHQGRODUHQXQFLD GHIXQFLRQDULRVVHQLRUTXHKDQ GLULJLGR ODV DJHQFLDV PiV FRUUXSWDV 3HUR HQ PXFKRV SDtVHV OD FRUUXSFLyQ HV WDQ SHQHWUDQWH \ VLVWHPiWLFD TXH QR SXHGH DERUGDUVH ~QLFDPHQWHLQGLYLGXDOL]DQGRHO SUREOHPD 3RU ~OWLPR ORV HVIXHU]RV DQWL FRUUXSFLyQ GHEHQ HQIRFDUVH HQ OD UHIRUPD GH ODV SROtWLFDV S~EOLFDV H LQVWLWXFLRQHV FRQ XQ H[SOtFLWR DOWR QLYHO GH OLGHUD]JR \ FRPSURPLVR /D LQIRUPDFLyQ GH ODV HQFXHVWDV SURSRUFLRQD XQ SDQRUDPD GH ODV DFWLYLGDGHV PiV LQRSHUDQWHV \ GH DOOt ODV SULRULGDGHV SDUD OD UHIRUPD %DVDGR HQ ODV SULRULGDGHV HVSHFtILFDV TXH KDQ VXUJLGR HQ XQ SDtV HO GHVDItR HV LPSOHPHQWDU UHIRUPDV YHURVtPLOHV HQ FDGD iUHD <D VH KD LQLFLDGR WDO DFFLyQ HQ DOJXQRV SDtVHV /HWRQLD SRU HMHPSOR KD LQLFLDGR UHIRUPDV SDUD UHGXFLU OD FRUUXSFLyQ HQ ODV DGXDQDV \ OD DGPLQLVWUDFLyQ GH LPSXHVWRV 3HUR ORV UHWRV SHUVLVWHQ SRU HMHPSOR¢4XpSXHGHKDFHUVH SDUD UHIRUPDU FRPSOHWDPHQWH HO FRUUXSWR VLVWHPD MXGLFLDO GH $OEDQLD \ FyPR SXHGH LPSOHPHQWDUVH OD GHVUHJXODFLyQ HQ *HRUJLD \ /HWRQLD FXDQGR ORV LQWHUHVHV HQFXELHUWRV GH ORV PLQLVWURV GHO JRELHUQR LQYHQWDUiQ PDQHUDV GH FRQWLQXDU H[WUD\HQGRUHQWDV" 6XVWHQWDFLyQGHODVUHIRUPDV /DV UHIRUPDV SXHGHQ VXVWHQWDUVHDOHQWDQGR D WRGDV ODV UDPDV GHO HVWDGR OD VRFLHGDG FLYLO \ OD FRPXQLGDG HPSUHVDULDO SDUD TXH SDUWLFLSHQHQHOSURFHVRGHODV SROtWLFDV3XHGHQHVWDEOHFHUVH ³9LJLODQWHV´DMHQRVDOJRELHUQR SDUD LQVSHFFLRQDU HO FRPSURPLVR GHO HVWDGR FRQ OD DJHQGD DQWLFRUUXSFLyQ (Q DGLFLyQ HO JRELHUQR SXHGH HVWDU HQ FDSDFLGDG SDUD FRPSURPHWHUVH GH IRUPD YHURVtPLO FRQ OD UHIRUPD SHUPLWLHQGR OD FRPSHWHQFLD SULYDGD FRQ DOJXQRV VHUYLFLRV S~EOLFRV SRU HMHPSOR SHUPLWLHQGR IRUPDV SULYDGDV GH UHVROXFLyQ GH FRQIOLFWRV FRPR XQD DOWHUQDWLYD DO SRGHU MXGLFLDO )LQDOPHQWH OD UHFROHFFLyQ GH GDWRV UHTXLHUH HVWDU LQVWLWXFLRQDOL]DGD GH PDQHUD TXH ODV HVWDGtVWLFDV VREUH FRUUXSFLyQ SXHGDQ DFWXDOL]DUVHSRUORPHQRV XQD YH] DO DxR /D DPSOLD GLVHPLQDFLyQ GH HVWDV HVWDGtVWLFDV SXHGHQ IDFXOWDU DGLFLRQDOPHQWH D ODV SDUWHV LQWHUHVDGDV SDUD TXH FRQWLQ~HQODVUHIRUPDV (Q $OEDQLD *HRUJLD \ /HWRQLD ODV 21* D\XGDURQ D GHVDUUROODU SROtWLFDV 8QD HVWUDWHJLD TXH IXH XWLOL]DGD SDUD DOHQWDU OD SDUWLFLSDFLyQ SURJUHVLYD IXH FRQWUDWDU XQ LQVSHFWRU TXH SRWHQFLDOPHQWH SXGLHVH VHUYLU FRPR XQ YLJLODQWH FRQWUD OD FRUUXSFLyQ IXWXUD /D UHSXWDFLyQ GH HVWH LQVSHFWRU FRPR XQ SURIHVLRQDO LQGHSHQGLHQWH IXH FUXFLDO D OD FDUD GHO LQWHQVR HVFUXWLQLR S~EOLFR 'LVHxR GH HQFXHVWDV SDUD DJHQFLDV HVSHFtILFDV \ RWUDV KHUUDPLHQWDV (O %DQFR \D KD FRPHQ]DGR D GLVHxDU LQVWUXPHQWRV GH HQFXHVWDV FX\R SURSyVLWR HV UHFROHFWDU LQIRUPDFLyQ GHWDOODGD VREUH HO FRPSRUWDPLHQWRHQDOJXQDVGH ODV PiV LQRSHUDQWHV DJHQFLDV JXEHUQDPHQWDOHV (Q DGLFLyQ HO %DQFR HVWi DVHVRUDQGR SDtVHV SDUD UHXQLU GDWRV VyOLGRV VREUHFRUUXSFLyQ HQ HO VXPLQLVWUR GH VHUYLFLRV HVSHFtILFRV 3RU HMHPSOR OD FRUUXSFLyQHQHOVXPLQLVWUR GH VROXFLyQ VDOLQD SRU KRVSLWDOHV S~EOLFRV SXHGH HVWDEOHFHUVH PHGLDQWH OD FRPSDUDFLyQ GH SUHFLRV GH OD DGTXLVLFLyQ GH GLFKD VROXFLyQ GH GLIHUHQWHV KRVSLWDOHV GHVSXpV GH WRPDU HQ FRQVLGHUDFLyQ HO WUDQVSRUWH \ RWURVFRVWRVLGLRVLQFUiVLFRV &RQFOXVLRQHV HPHUJHQWHV /DV HQFXHVWDV GH GLDJQyVWLFR VRQ XQD KHUUDPLHQWD ~WLO \ SRGHURVD SDUD GHVFXEULU OD FRUUXSFLyQ H LGHQWLILFDU FRUUHODWLYRV HVSHFtILFRV VXV FRVWRV\iUHDV GHSUREOHPDV /DVHQFXHVWDVSXHGHQHQIRFDU HO GLiORJR SROtWLFR VREUH iUHDV FRQFUHWDV SDUD OD UHIRUPD /D WUDQVSDUHQFLD S~EOLFD JHQHUDGD SRU GDWRV VyOLGRV \ SURSXHVWDV WHFQRFUiWLFDV SXHGHQLQFHQWLYDUHOSURFHVR /RVHVIXHU]RVDQWL FRUUXSFLyQGHEH HQIRFDUVHHQUHIRUPDU ODVSROtWLFDVS~EOLFDVH LQVWLWXFLRQHV /DLQIRUPDFLyQHV SRGHURVDSDUD PRYLOL]DUHOVRSRUWH SDUDODVUHIRUPDV SHURLJXDOPHQWHORVRQ ORVLQWHUHVHV HQFXQELHUWRVTXHVH UHVLVWHQDWDOHV UHIRUPDV SDUWLFLSDWLYR TXH PRYLOL]D \ DFWLYD D OD VRFLHGDG FLYLO \ JHQHUD SUHVLRQHV SDUD OD UHIRUPD 3HURODVHQFXHVWDVULJXURVDV\ HO DQiOLVLV SURIXQGR GH VXV KDOOD]JRV VRQ VyOR XQD SDUWH GHO SURFHVR PXOWLIDFpWLFR SDUD FRPEDWLUODFRUUXSFLyQ<HOODV SXHGHQ HPSOHDUVH HUUyQHDPHQWH Vt QR VH UHDOL]DQ\FRORFDQHQFRQWH[WR DSURSLDGR6HUHTXLHUHTXHORV LQVSHFWRUHV VHDQ LQGHSHQGLHQWHV \ ODV PHWRGRORJtDV ULJXURVDV GH RWUD IRUPD ORV UHVXOWDGRV SXHGHQ FRQGXFLU D FRQFOXVLRQHV LQFRUUHFWDV $GHPiV H[LVWH HO ULHVJR GH WHQHU FKLYRV H[SLDWRULRV VDOYR TXH HO HQIRTXH FDPELH UiSLGDPHQWH KDFLD UHIRUPDV YHURVtPLOHV SDUD UHDO]DU ODV GLVIXQFLRQHV GHO VHFWRU S~EOLFR /D LQIRUPDFLyQ HV SRGHURVD SDUD PRYLOL]DU HO VRSRUWH SDUD ODV UHIRUPDV SHUR WDPELpQ OR VRQ ORV LQWHUHVHV HQFXELHUWRV TXH VH UHVLVWHQ D WDOHV UHIRUPDV(OUHWRGHORVOtGHUHV SROtWLFRV OD VRFLHGDG FLYLO \ ORV GRQDQWHV HV FDSLWDOL]DU HO GLVFHUQLPLHQWR\HOPRPHQWXP JHQHUDGRSRUORVGLDJQyVWLFRV PRYHUVH GHO GLDJQyVWLFR D OD DFFLyQ \ UHDOL]DU SURJUHVRV VLJQLILFDWLYRVVREUHHOWHUUHQR /HFWXUDVDGLFLRQDOHV .DXIPDQQ 'DQLHO 6DQMD\ 3UDGKDQ DQG 5DQGL 5\WHUPDQ ZLWK -DPHV $QGHUVRQ ³'LDJQRVLQJ DQG &RPEDWLQJ &RUUXSWLRQ $ )UDPHZRUN ZLWK $SSOLFDWLRQ WR 7UDQVLWLRQ (FRQRPLHV´ :RUOG %DQN:DVKLQJWRQ'& 7UDQVSDUHQF\ ,QWHUQDWLRQDO DQG WKH :RUOG %DQNV (FRQRPLF 'HYHORSPHQW ,QVWLWXWH ³1HZ 3HUVSHFWLYHV RQ &RPEDWLQJ &RUUXSWLRQ´ 3DSHU SUHSDUHG IRU 7UDQVSDUHQF\ ,QWHUQDWLRQDOVDQQXDOPHHWLQJ .XDOD /XPSXU 0DOD\VLD 6HSWHPEHU DQG IRU WKH ,0):RUOG %DQN DQQXDO PHHWLQJV :DVKLQJWRQ '& 2FWREHU (VWD QRWD IXH HVFULWD SRU 'DQLHO .DXIPDQQ *HUHQWH GH 'LYLVLyQ 5HIRUPD 5HJXODWRULD \ OD(PSUHVD3ULYDGD6HQMD\ 3UDGKDQ /tGHU 6HFWRULDO (XURSD \ $VLD &HQWUDO \ 5DQGL 5\WHUPDQ (VSHFLDOLVWD *HUHQFLDO 6HQLRU GHO 6HFWRU 3~EOLFR (XURSD \ $VLD &HQWUDO /RV DXWRUHV H[SUHVDQ VX DJUDGHFLPLHQWR D -LP $QGHUVRQ SRU HO DQiOLVLV GH OD LQIRUPDFLyQ\%LOO0RRUHSRUHO VRSRUWHJUiILFRGHHVWDQRWD (VWD VHULH GH QRWDV WLHQH OD LQWHQFLyQ GH FRPSHQGLDU OD EXHQD SUiFWLFD \ KDOOD]JRV GH SROtWLFDV FODYHV VREUH WySLFRV UHODWLYRV D 35(0 35(0QRWHV HV GLVWULEXLGR DPSOLDPHQWH DO SHUVRQDOGHO%DQFR\WDPELpQHVWiGLVSRQLEOHHQODSiJLQDZHEGH35(0KWWSSUHP 6t HVWiLQWHUHVDGRHQ HVFULELUXQD 35(0QRWH HQYtH VX LGHD SRU HPDLO D $VLHK .HK\DUL 3DUD FRSLDVDGLFLRQDOHVGH HVWD 35(0QRWH IDYRUFRQWDFWDU DO 6HUYLFLR GH $VHVRUtD GH 35(0 DO 3UHSDUDGRSRUHOSHUVRQDOGHO%DQFR0XQGLDO
