Tratado de libre comercio entre Colombia y Estados Unidos: qu

advertisement
*
2UODQGR*UDFLD
+HUQDQGR=XOHWD
Abstract
!
"
#
$ #
%&
'
(
'
%)
#
*
'
'
%
$ ( '
%&+
!(
,-
'
$
'
'
.'''
(
%&'
'
'
'
+# %
Resumen
/
#
'
'
*
0
1
1
!
'
#
+
2
+
'*%+
.''
'
0
2
.'
!
3
%
+
*0
12
+
'
1*
4
%/
4'
1
'
'%/
!
,4- %*'
#4'.'
'
'
1
'
'
0
%
'.'
'.'
1
'
'3' +
%
5 6
,'
,
%
Palabras clave: Acuerdos internacionales de comercio, Colombia, Modelo multiregional.
+
3;0*6<=<>=?@B=%
/
#3
!<>BDDEF#3+
G'<HBDDE% ''
03
I%JJJJK%<BDDE%EE<=L%
N2O
%
0DXULFLR5RGUtJXH]WUDGXMRHVWHGRFXPHQWR\DFWXDOL]yODLQIRUPDFLyQ
,QYHVWLJDGRU6HQLRU)HGHVDUUROOR&DOOH%RJRWi&RORPELD(PDLORJUDFLD#IHGHVDUUROORRUJFR
8QLYHUVLGDGGHO5RVDULR\%URZQ8QLYHUVLW\'HSDUWPHQWRI(FRQRPLFV%R[%3URYLGHQFH5,
(PDLOKHUQDQGR]XOHWD#JPDLOFRP
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
$FWXDOPHQWH &RORPELD HVWi FHUFD GH WR
PDUXQLPSRUWDQWHSDVRHQEXVFDGHDXPHQ
WDUORVYtQFXORVFRPHUFLDOHVFRQHOUHVWRGHO
PXQGRILUPDQGRXQWUDWDGRGHOLEUHFRPHU
FLR 7/& FRQ (VWDGRV 8QLGRV 6LQ HPEDUJR
pVWH QR VHUi ~QLFR \D TXH RWURV SDtVHV GH
/DWLQRDPpULFD WDPELpQ QHJRFLDURQ 7/& FRQ
(VWDGRV 8QLGRV 3RU OR WDQWR OD HFRQRPtD
FRORPELDQD SRGUtD H[SHULPHQWDU GRV FKR
TXHV LQGHSHQGLHQWHV SHUR UHODFLRQDGRV 8Q
FDPELR HQ ODV UHJODV FRPHUFLDOHV HQWUH &R
ORPELD\(VWDGRV8QLGRV\XQFDPELRHQODV
UHJODV GH FRPHUFLR HQWUH DOJXQRV VRFLRV GH
&RORPELD
(O SULPHU SDVR SDUD HYDOXDU HO LPSDFWR
GHXQ 7/&HQWUH&RORPELD\(VWDGRV8QLGRV
HVUHYLVDUODH[SHULHQFLDWDQWRGH &RORPELD
FRPRGH0p[LFRFRQODOLEHUDOL]DFLyQFRPHU
FLDO GH ORV QRYHQWD \ HO 7UDWDGR 1RUWHDPH
ULFDQR GH /LEUH &RPHUFLR 1$)7$ SRU VXV
VLJODV HQ LQJOpV UHVSHFWLYDPHQWH $ SHVDU
GH ODV GLIHUHQFLDV HQ QLYHO GH LQJUHVR GLV
WDQFLDJHRJUiILFDFRQUHVSHFWRDORV(VWDGRV
8QLGRV\HVWUXFWXUDHFRQyPLFDODH[SHULHQ
FLD0H[LFDQDSXHGHDUURMDUOHFFLRQHVSDUDHO
FDVRFRORPELDQRIXQGDPHQWDOPHQWHSRUTXH
OD DEXQGDQFLD UHODWLYD GH IDFWRUHV FRQ UHV
SHFWRDORV(VWDGRV8QLGRVHVVLPLODUHQORV
GRVSDtVHVODWLQRDPHULFDQRV$VtHVSUHYLVL
EOH TXH GHVSXpV GH OD HYHQWXDO HQWUDGD HQ
YLJHQFLDGHO7/&ORVSDWURQHVGHHVSHFLDOL]D
FLyQGH0p[LFR\&RORPELDVHDQVLPLODUHV
(O 1$)7$HVXQDFXHUGRGHOLEUHFRPHUFLR
HQWUH(VWDGRV8QLGRV&DQDGi\0p[LFRTXH
IXHILUPDGRHQGLFLHPEUHGH\HQWUyHQ
YLJHQFLD HO GH HQHUR GH $ SDUWLU GH
OD YLJHQFLD GHO WUDWDGR HO FRPHUFLR H[WHULRU
PH[LFDQRVHPXOWLSOLFy\0p[LFRGHVSOD]yD
-DSyQGHODVHJXQGDSRVLFLyQHQWUHORVVRFLRV
FRPHUFLDOHVGH(VWDGRV8QLGRV(QHVWHVHQ
WLGR0p[LFRFRQVWLWX\HXQH[SHULPHQWRQD
WXUDOLGHDOSDUDHVWXGLDUORVSRVLEOHVHIHFWRV
GHXQ7/&
(Q VHJXQGR OXJDU VH UHDOL]D XQD EUHYH
SUHVHQWDFLyQ GHO FDVR FKLOHQR IUHQWH D OD OL
EHUDOL]DFLyQ (YLGHQWHPHQWH ORV HIHFWRV GH
XQD OLEHUDOL]DFLyQ XQLODWHUDO SXHGHQ VHU GL
IHUHQWHV D ORV HIHFWRV GH XQ 7/& (Q SULPHU
OXJDUODOLEHUDOL]DFLyQXQLODWHUDOQRLQFOX\H
FRPSURPLVRV DGLFLRQDOHV FRPR FDPELRV GH
OHJLVODFLyQ HQ OR TXH FRQFLHUQH D SDWHQWHV
HQ VHJXQGR OXJDU QR KD\ FRPSURPLVR GH
PDQWHQHURUHGXFLUDUDQFHOHVHQHOIXWXUR\
SRU~OWLPRORVVRFLRVFRPHUFLDOHVQRVHFRP
SURPHWHQDUHGXFLUDUDQFHOHVRHOLPLQDUFXR
WDV1RREVWDQWHXQDGHODVSUHRFXSDFLRQHV
IXQGDPHQWDOHV SODQWHDGDV SRU ORV FUtWLFRV
GHOOLEUHFRPHUFLRHVSUHFLVDPHQWHTXHXQ
DXPHQWRHQHOIOXMRGHLPSRUWDFLRQHVSURYH
QLHQWHV GH SDtVHV GHVDUUROODGRV HV SHUMXGL
FLDOSDUDODSURGXFFLyQ\HOHPSOHRQDFLRQDO
'H DFXHUGR FRQ HVWH DUJXPHQWR UHVXOWD LQ
GLIHUHQWHVLKD\ 7/&ROLEHUDOL]DFLyQXQLODWH
UDO 3RU HVWH PRWLYR XQD YLVLyQ JHQHUDO GH
ODH[SHULHQFLDFKLOHQDSXHGHDUURMDUDOJXQDV
OXFHVHQHVWHGHEDWH
(QHVWHSXQWRYDOHODSHQDDFODUDUTXHHO
SUHVHQWH GRFXPHQWR VH OLPLWD DO DQiOLVLV GH
IOXMRV FRPHUFLDOHV SRU HMHPSOR QR VH HVWX
GLDQORVSRVLEOHVHIHFWRVGHFDPELRVHQODOH
JLVODFLyQVREUHGHUHFKRVGHSURSLHGDG
)LQDOPHQWH VH XVD XQ PRGHOR GH (TXL
OLEULR *HQHUDO &RPSXWDEOH (*& FDOLEUDGR
SDUD&RORPELD\VHVLPXODQODVSRVLEOHVFRQ
VHFXHQFLDVGHGLVWLQWDVSROtWLFDVFRPHUFLDOHV
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
EDMR GLIHUHQWHV HVFHQDULRV LQWHUQDFLRQDOHV
3RU~OWLPRVHLGHQWLILFDQORVHIHFWRVPiVVLJ
QLILFDWLYRV TXH HO 7/& SXHGH SURGXFLU HQ OD
HFRQRPtDFRORPELDQD\VHSURSRQHXQDVHULH
GHDFFLRQHVTXHWLHQHQHOSRWHQFLDOSDUDUH
IRU]DUHOLPSDFWRSRVLWLYRGHO 7/& PLHQWUDV
VHVXDYL]DHOHIHFWRVREUHODSREUH]D\ODGLV
WULEXFLyQGHOLQJUHVR
'HVSXpV GH GHVFULELU ODV FDUDFWHUtVWLFDV
GHODHFRQRPtDFRORPELDQDKDFLHQGRHVSH
FLDO pQIDVLV HQ VXV SDWURQHV \ SHUVSHFWLYDV
GH FRPHUFLR H LGHQWLILFDQGR ORV VHFWRUHV \
UHJLRQHVPiVVHQVLEOHVDODILUPDGHXQ 7/&
VHHQFXHQWUDTXHORVHIHFWRVGHO7/&FRQ(VWD
GRV8QLGRVVHUiQVHPHMDQWHVDORVTXHWXYLH
URQ UHIRUPDV OLEHUDOL]DGRUDV GHO FRPHUFLR
LPSOHPHQWDGDVSRU&RORPELDHQHOSDVDGR
$O UHYLVDU OD H[SHULHQFLD GH 0p[LFR \
&KLOHWUDWDPRVGHH[WUDHUDOJXQDVOHFFLRQHV
LPSRUWDQWHVSDUDHOFDVRFRORPELDQR(QFRQ
WUDPRVTXHGHVSXpVGHO 1$)7$0p[LFRWXYR
XQ VREUHVDOLHQWH GHVHPSHxR HFRQyPLFR GH
LJXDO IRUPD OD HFRQRPtD FKLOHQD PRVWUy XQ
EXHQ FRPSRUWDPLHQWR WUDV OD LPSOHPHQWD
FLyQ GH ODV UHIRUPDV FRPHUFLDOHV $PERV
SDtVHV H[SHULPHQWDURQ XQ DXPHQWR HQ ORV
VDODULRV SURPHGLR DVt FRPR XQ LQFUHPHQWR
GH OD IRUPDFLyQ EUXWD GH FDSLWDO FRPR SRU
FHQWDMHGHO 3,%VLJQLILFDWLYDPHQWHVXSHULRUD
OD HYLGHQFLDGD SDUD &RORPELD HQ OD ~OWLPD
GpFDGD 3DUD HO FDVR GH 0p[LFR DOJXQRV GH
ORVHIHFWRVVREUHODGLVWULEXFLyQGHOLQJUHVR
PHUHFHQ HVSHFLDO DWHQFLyQ L /D EUHFKD GH
LQJUHVRVHQWUHUHJLRQHVDXPHQWy&LXGDGGH
0p[LFR \ ODV iUHDV FHUFDQDV D (VWDGRV 8QL
GRV IXHURQ ODV PiV IDYRUHFLGDV LL HO miumVDODULDOGHODPDQRGHREUDFDOLILFDGD
FUHFLy GUDPiWLFDPHQWH \ LLL ODV PDQXIDF
WXUDVIXHURQSRUDPSOLDGLIHUHQFLDHOVHFWRU
PiVIDYRUHFLGRPLHQWUDVTXHODDJULFXOWXUD
HVSHUFLELGDFRPRHOFODURSHUGHGRU
(QODOLWHUDWXUDHPStULFDVHHQFXHQWUDQDO
JXQRVSXQWRVFRPXQHVFRQUHVSHFWRDOHIHF
WRTXHODVUHIRUPDVHQFDPLQDGDVDOLEHUDUHO
FRPHUFLRWLHQHQVREUHODGLVWULEXFLyQGHOLQ
JUHVRLHO'VDODULDODXPHQWDHQPiV
R PHQRV HO PLVPR SRUFHQWDMH HQ WRGDV ODV
LQGXVWULDVLLODSURSRUFLyQGHWUDEDMDGRUHV
FDOLILFDGRVDXPHQWDHQFDGDLQGXVWULD\LLL
ORV VHFWRUHV TXH HQIUHQWDQ OD PD\RU UHGXF
FLyQGHDUDQFHOHVHLQFUHPHQWRGHODVLPSRU
WDFLRQHVFRPSHWLGRUDVH[SHULPHQWDQXQDX
PHQWRGHODLQIRUPDOLGDGHQHOHPSOHR6LQ
HPEDUJR VL VH FRPSDUD FRQ OR RFXUULGR HQ
0p[LFRHOHIHFWRTXHODVUHIRUPDVFRPHUFLD
OHVWXYLHURQVREUHODGLVWULEXFLyQVDODULDOHQ
&RORPELDIXHOHYH6XJHULPRVFRPRSRVLEOH
H[SOLFDFLyQDHVWHKHFKRHOFRPSRUWDPLHQWR
GHODLQYHUVLyQH[WUDQMHUDGLUHFWD,('HQORV
GRVSDtVHV(QHIHFWR0p[LFRHVHOGHVWLQRGH
FDVLGRVWHUFLRVGHOD ,('HQ/DWLQRDPpULFD\
ODLQYHUVLyQH[WUDQMHUDHVWDDVRFLDGDFRQDX
PHQWRVHQODGHPDQGDGHWUDEDMRFDOLILFDGR
\ SRU HVWD YtD FRQ DXPHQWRV HQ OD GLVSHU
VLyQVDODULDO
)LQDOPHQWHEDVDGRVHQODH[SHULHQFLDGH
0p[LFR\&KLOH\FRQHODSR\RGHODVVLPX
ODFLRQHVSRGHPRVDILUPDUTXHHOHIHFWRGHO
7/& HQWUH &RORPELD \ (VWDGRV 8QLGRV VHUi
SHTXHxRSHURSRVLWLYRSDUDODHFRQRPtDFR
ORPELDQD1RREVWDQWHSDUDJDUDQWL]DUTXH
ORVEHQHILFLRVGHULYDGRVGHGLFKRWUDWDGRVH
3RUHMHPSOR$WWDQDVLR*ROGEHUJDQG3DYFQLN
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
SXHGDQ GLIXQGLU SRU ORV GLIHUHQWHV VHFWRUHV
\UHJLRQHVGHOSDtVHOJRELHUQRFRORPELDQR
GHEHWRPDUDOJXQDVPHGLGDVLLQWHJUDUWR
GDV ODV UHJLRQHV GHO SDtV OR TXH LPSOLFD OD
FRQVWUXFFLyQ\HOPHMRUDPLHQWRGHODLQIUDHV
WUXFWXUDGHOWUDQVSRUWHLLDXPHQWDUODSDU
WLFLSDFLyQ GH WUDEDMDGRUHV FDOLILFDGRV HQ OD
RIHUWDODERUDOORTXHVLJQLILFDPD\RU\PiV
HILFLHQWHJDVWRGHOJRELHUQRHQHGXFDFLyQ\
LLLGHEHVHUFODUDODFODVHGHHVWUXFWXUDSUR
GXFWLYD TXH HV IDYRUDEOH SDUD OD VRFLHGDG
FRORPELDQD 3DUWLFXODUPHQWH FRPR HO WUD
WDGRSXHGHDIHFWDUQHJDWLYDPHQWHSDUWHGHO
VHFWRUDJUtFRODGHEHVHUFODURVLHOJRELHUQR
GHEH R QR QHJRFLDU FOiXVXODV HVSHFLDOHV HQ
HVWH VHQWLGR 3DUD UHVSRQGHU HVWD SUHJXQWD
HVQHFHVDULRXQHVWXGLRGHWDOODGRGHOVHFWRU
DJUtFRODHQHOTXHVHHYDOXpVXHILFLHQFLDGH
PDQGD GH WUDEDMR \ VX LPSRUWDQFLD SDUD OD
HFRQRPtDGHOSDtV
ILQDQFLHURGHVWLQDGDVDDXPHQWDUODPRYLOL
GDGGHUHFXUVRV
/D7DEODPXHVWUDGRVGLPHQVLRQHVGH
ODUHIRUPDFRPHUFLDOHODUDQFHOSURPHGLR\
ODGLVSHUVLyQGHORVDUDQFHOHV$GHPiVVHWLH
QH HO tQGLFH GH SROtWLFD FRPHUFLDO FDOFXODGR
SRU/RUDTXHWLHQHHQFXHQWDHVWDVGRV
GLPHQVLRQHV(OSURFHVRGHOLEHUDOL]DFLyQVH
OOHYyDFDERHQGRVHWDSDV\
'HVSXpV GH HO DUDQFHO SURPHGLR
DSHQDVGLVPLQX\y\ODGLVSHUVLyQGHDUDQFH
OHVDXPHQWyOLJHUDPHQWH
(YDOXDUHOLPSDFWRGHODVUHIRUPDVGHORV
DxRVQRYHQWDQRHVXQDWDUHDIiFLOWHQLHQGR
HQFXHQWDHODPSOLRHVSHFWURGHSROtWLFDVLP
SOHPHQWDGDV&RQHOILQGHKDFHUPiVVHQFL
OODHVWDODERUQRVHQIRFDPRVHQWUHVYDULDEOHV
FODYH GHVHPSHxR FRPHUFLDO GLVWULEXFLyQ
GHOLQJUHVR\FUHFLPLHQWRHFRQyPLFR
(V LPSRUWDQWH PHQFLRQDU HO HIHFWR TXH
ODVUHIRUPDVWXYLHURQVREUHH[SRUWDFLRQHVH
LPSRUWDFLRQHVFRPRSRUFHQWDMHGHO3,%/D)L
JXUDSUHVHQWDHOtQGLFHDSHUWXUDHFRQyPL
FD VXPD GH H[SRUWDFLRQHV H LPSRUWDFLRQHV
FRPR SRUFHQWDMH GHO 3,% (QWUH \ ODSULPHUDHWDSDGHODOLEHUDOL]DFLyQHOLQ
FUHPHQWRGHHVWHtQGLFHHVHYLGHQWHVLHQGR
VXSHULRUDORVSXQWRV6LQHPEDUJRFXDQ
GR VH WRPDQ ORV YDORUHV SURPHGLR DQWHV \
GHVSXpV GH ODV UHIRUPDV HO LQFUHPHQWR GHO
tQGLFHHVHQWUH\GHO3,%$FWXDOPHQWH
HO FRPHUFLR LQWHUQDFLRQDO GH &RORPELD HVWi
DOUHGHGRU GHO GHO 3,% VXVWDQFLDOPHQWH
PHQRUTXHHOGH0p[LFR\&KLOHDOUHGHGRU
GHOHQDPERV
$ ILQDOHV GH ORV DxRV RFKHQWD &RORPELD
HPSH]y XQD LPSRUWDQWH UHIRUPD FRPHUFLDO
pVWD IXH DFRPSDxDGD SRU PRGLILFDFLRQHV
GHOUpJLPHQODERUDOFRQHOILQGHUHGXFLUODV
ULJLGHFHV \ DOJXQDV UHIRUPDV HQ HO VLVWHPD
6LELHQODVUHIRUPDVKDQWHQLGRHIHFWRVR
EUHHOSHVRGHOFRPHUFLRLQWHUQDFLRQDOHQOD
HFRQRPtD FRORPELDQD pVWH KD VLGR UHODWLYD
PHQWHSHTXHxR&RPRSRVLEOHVH[SOLFDFLRQHV
SDUDHVWHKHFKRHQFRQWUDPRVODVVLJXLHQWHV
!"
3DUDXQDHYDOXDFLyQFRPSUHQVLYDGHODUHIRUPDYHU,$'%\
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
/D JHRJUDItD FRORPELDQD VH FRQVWLWX\H
HQXQDEDUUHUDQDWXUDOSDUDHOFRPHUFLRSRU
ORPHQRVVLVHFRPSDUDFRQODPH[LFDQDROD
FKLOHQD3RUHMHPSOR&RORPELDQRJR]DGHOD
FHUFDQtDD(VWDGRV8QLGRVTXHWLHQH0p[LFR
$VtPLVPRODGLVWDQFLDSURPHGLRDOPDUHV
PXFKRPD\RUHQ&RORPELDTXHHQ&KLOH
/RVDUDQFHOHVDQWHVGHODVUHIRUPDVHUDQ
PD\RUHVHQ&RORPELDTXHHQ&KLOH\0p[L
FRGHKHFKRHODUDQFHOSURPHGLRHQ&RORP
ELDDXQHVPD\RUYHU7DEOD
(ODWUDVRHQODLQIUDHVWUXFWXUDGHOWUDQV
SRUWHDXPHQWDORVFRVWRVGHOFRPHUFLRLQWHU
QDFLRQDOYHUWDEODV\D
(QOD7DEODSXHGHYHUVHTXHODGLIHUHQ
FLDHQORVDUDQFHOHVQRHVODSULQFLSDOFDXVD
GHOD³EUHFKDFRPHUFLDO´(VWRVLJQLILFDTXH
OD DSHUWXUD GH OD HFRQRPtD GHSHQGH FRQVL
GHUDEOHPHQWHGHORVHVIXHU]RVGHOJRELHUQR
FRORPELDQR SRU PHMRUDU OD LQIUDHVWUXFWXUD
GHO WUDQVSRUWH (Q SRFDV SDODEUDV HO HIHFWR
GHXQ 7/&VHUiSRFRVLJQLILFDWLYRVLQRYLHQH
DFRPSDxDGRSRURWURVFDPELRV
'HVSXpVGHHVWDEUHYHDSUR[LPDFLyQDOD
HYROXFLyQ GHO FRPHUFLR H[WHULRU GH &RORP
ELD HO VLJXLHQWH SDVR HV LGHQWLILFDU ORV ³JD
QDGRUHV´\ORV³SHUGHGRUHV´GHODDSHUWXUD
FRPHUFLDO HVWR HV TXp VHFWRUHV VH YLHURQ
EHQHILFLDGRV \ TXH VHFWRUHV IXHURQ SHUMXGL
FDGRV SRU OD UHGXFFLyQ GH ORV DUDQFHOHV /D
7DEODSUHVHQWDODFRPSRVLFLyQVHFWRULDOGH
ODVH[SRUWDFLRQHVFRORPELDQDVSDUDHQ
OD 7DEOD FDOFXODPRV OD WDVD GH FUHFLPLHQ
WR GH ODV H[SRUWDFLRQHV HQ GyODUHV SDUD ODV
GpFDGDV GH ORV DxRV RFKHQWD \ GH ORV DxRV
QRYHQWDILQDOPHQWHHQOD7DEODUHSHWLPRV
HOHMHUFLFLRSDUDODVLPSRUWDFLRQHV
/R TXH REVHUYDPRV HV TXH ODV H[SRUWD
FLRQHVPDQXIDFWXUHUDVKDQVLGRODVJUDQGHV
JDQDGRUHV GH ORV DxRV QRYHQWD H[SHULPHQ
WDQGR DXPHQWRV LPSRUWDQWHV SDUWLFXODU
PHQWHGHSURGXFWRVTXtPLFRVPDTXLQDULD\
HTXLSRV\PHWDOHVEiVLFRV(QHORWURH[WUH
PRVHHQFXHQWUDQODVH[SRUWDFLRQHVGHRUR\
DOJXQRVSURGXFWRVDJUtFRODVTXHHQJHQHUDO
PXHVWUDQXQDUHGXFFLyQLPSRUWDQWH6LELHQ
ODV H[SRUWDFLRQHV GH FDIp WLHQHQ XQ SREUH
GHVHPSHxR HQ HVWH SHULRGR HVWH VH H[SOLFD
PiV SRU OD UXSWXUD GHO SDFWR LQWHUQDFLRQDO
GHOFDIpTXHSRUODOLEHUDOL]DFLyQGHOFRPHU
FLRHQ&RORPELD&RQUHVSHFWRDODVLPSRUWD
FLRQHVHOD]~FDUHOFRPHUFLRODFD]D\SHVFD
\ ODV PDGHUDV SUHVHQWDURQ OD PD\RU DFHOH
UDFLyQGHpVWDVGHVSXpVGHODVUHIRUPDVYHU
7DEOD
(QFRQFOXVLyQODOLEHUDOL]DFLyQFRPHUFLDO
MXQWRFRQODLQWHJUDFLyQUHJLRQDOKDQWHQLGR
XQLPSDFWRSRVLWLYRVREUHHOGHVHPSHxRGH
ODV H[SRUWDFLRQHV PDQXIDFWXUHUDV 1R REV
WDQWH HV LPSRUWDQWH GLIHUHQFLDU HQWUH FUHD
FLyQ \ GHVYLDFLyQ GH FRPHUFLR (O FRPSRU
WDPLHQWR GH ODV H[SRUWDFLRQHV FRORPELDQDV
SXHGHHVWDUH[SOLFDGRPiVSRUODLQWHJUDFLyQ
UHJLRQDOTXHSRUODOLEHUDOL]DFLyQ/DVH[SRU
WDFLRQHVD0p[LFR9HQH]XHOD3HU~\(FXD
GRUFUHFHQPXFKRPiVUiSLGDPHQWHTXHODV
H[SRUWDFLRQHVDRWURVGHVWLQRV7DEOD$Vt
HO GHVHPSHxR H[SRUWDGRU GH &RORPELD VH
H[SOLFDSRUHODFFHVRH[FOXVLYRDORVPHUFD
GRV DQGLQRV PiV TXH SRU OD OLEHUDOL]DFLyQ
FRPHUFLDO
$GLFLRQDOPHQWH ODV FDUDFWHUtVWLFDV GHO
PHUFDGRGHORV(VWDGRV8QLGRVVRQVXVWDQ
FLDOPHQWH GLIHUHQWHV D ODV GH ORV PHUFDGRV
ODWLQRDPHULFDQRV 'DGD OD HVWUXFWXUD SUR
GXFWLYDHQJHQHUDO\ODDEXQGDQFLDUHODWLYD
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
GH IDFWRUHV HQ SDUWLFXODU ORV HIHFWRV GH XQ
7/&FRQORV(VWDGRV8QLGRVSXHGHQVHUPX\
GLIHUHQWHVDQLYHOVHFWRULDO
0LHQWUDVODHYLGHQFLDUHVSDOGDODLGHDGH
TXHODVUHIRUPDVGHORVDxRVQRYHQWDJHQHUD
URQXQDXPHQWRHQODHILFLHQFLDYHU)HUQDQ
GHV\(VODYDHWDOH[LVWHDOJXQD
SUHRFXSDFLyQVREUHHOHIHFWRTXHHOFRPHUFLR
WLHQHVREUHODGHVLJXDOGDGGHLQJUHVRV3DUD
DSUHFLDU GLFKR HIHFWR REVHUYDPRV OD HYROX
FLyQ GHO FRHILFLHQWH GH *LQL HQ OD )LJXUD VHPXHVWUDHOFRPSRUWDPLHQWRGHHVWHFRHIL
FLHQWH FDOFXODGR SDUD HO LQJUHVR ODERUDO HQ
WUH\/RTXHVHHQFXHQWUDHVTXH
GXUDQWH ORV DxRV QRYHQWD VH H[SHULPHQWy
XQ DXPHQWR GH OD GHVLJXDOGDG 6L ELHQ XQD
FRPSOHWDGHVFULSFLyQGHHVWHUHVXOWDGR\VXV
FDXVDVPHUHFHXQHVWXGLRPiVSURIXQGRHO
GHWHULRURGHODGLVWULEXFLyQGHOLQJUHVRSXH
GHHVWDUUHODFLRQDGRSULQFLSDOPHQWHFRQGRV
IDFWRUHV HO GHVHPSHxR GLVSDU GH ORV VHFWR
UHV HFRQyPLFRV \ HO DXPHQWR GHO '
VDODULDO 1R REVWDQWH OD )LJXUD WDPELpQ
PXHVWUDTXHODGHVLJXDOGDGKDVHJXLGRXQD
WHQGHQFLD GHFUHFLHQWH GHVGH HO LQLFLR GH OD
SUHVHQWHGpFDGD$VtQRKD\XQDHYLGHQFLD
IXHUWHTXHSHUPLWDUHODFLRQDUHOGHWHULRURHQ
ODGLVWULEXFLyQGHOLQJUHVRFRQODOLEHUDOL]D
FLyQGHOFRPHUFLR
&RPRVHYHHQOD)LJXUDHOVDODULRUHDO
SURPHGLRSUHVHQWyXQDWDVDGHFUHFLPLHQWR
SRVLWLYDSDUDODPD\RUtDGHORVVHFWRUHVHQWUH
\6LQHPEDUJRODVWDVDVGHFUHFL
PLHQWR HQWUH VHFWRUHV QR IXHURQ LJXDOHV GH
KHFKR SDUD DOJXQRV GH pVWRV VH HYLGHQFLDQ
WDVDV QHJDWLYDV (O VHFWRU FRPHUFLDO PRV
WUy XQD FDtGD GHO VDODULR UHDO SRVLEOHPHQWH
FRPRFRQVHFXHQFLDGHOJUDQDXPHQWRGHODV
LPSRUWDFLRQHVHQHVWHVHFWRUYHU7DEOD/D
)LJXUD D PXHVWUD OD PLVPD YDULDEOH HQWUH
\(QHVWHSHULRGRODWDVDGHFUH
FLPLHQWR GH ORV VDODULRV HV QHJDWLYD SDUD OD
PD\RUtDGHORVVHFWRUHVH[FHSWRSDUDORVGH
VHUYLFLRVTXHIXHURQORV~QLFRVTXHSHUFLELH
URQLQFUHPHQWRVGHOVDODULRUHDO
(QFXDQWRDO'VDODULDOHOWHPDIXH
WUDWDGR DQWHULRUPHQWH SRU $WWDQDVLR *ROG
EHUJ \ 3DYQLF (VWRV DXWRUHV XWLOL]D
URQGDWRVGHO'HSDUWDPHQWR$GPLQLVWUDWLYR
1DFLRQDO GH (VWDGtVWLFD '$1( HO 'HSDUWD
PHQWR 1DFLRQDO GH 3ODQHDFLyQ '13 \ ODV
1DFLRQHV8QLGDVSDUDHOSHUtRGRHQWUH
ăREWHQLHQGRHQWUHRWURVUHVXOWDGRVORV
VLJXLHQWHV
/DVUHIRUPDVFRPHUFLDOHVDIHFWDURQSRVL
WLYDPHQWHHO'VDODULDO
(OFDPELRHQHO'HVDSUR[LPDGD
PHQWHHOPLVPRHQWRGDVODVLQGXVWULDV
1R H[LVWH HYLGHQFLD GH XQD UHGLVWULEX
FLyQ GH OD PDQR GH REUD (VWH UHVXOWDGR HV
FRQVLVWHQWHFRQODGLIHUHQFLDTXHVHYHHQOD
WDVDGHFUHFLPLHQWRGHORVVDODULRVUHDOHVHQ
ORVGLIHUHQWHVVHFWRUHV
/D SURSRUFLyQ GH WUDEDMDGRUHV FDOLILFD
GRVDXPHQWyHQWRGDVODVLQGXVWULDV(VWRVX
JLHUHTXHGXUDQWHORVDxRVQRYHQWDPXFKDV
GHODVILUPDVFRORPELDQDVLQWURGXMHURQFDP
ELRVWHFQROyJLFRVVHVJDGRVKDFLDODPDQRGH
REUDFDOLILFDGD
/RVVHFWRUHVTXHH[SHULPHQWDURQODPD
\RU UHGXFFLyQ GH DUDQFHOHV \ DXPHQWR GH
LPSRUWDFLRQHVYLHURQXQDXPHQWRHQHOHP
SOHRLQIRUPDO
(OHIHFWRTXHODVUHIRUPDVFRPHUFLDOHVWX
YLHURQVREUHODGLVWULEXFLyQVDODULDOHQ&RORP
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
ELDHVSHTXHxRFRPSDUDGRFRQHOTXHVHGLRHQ
0p[LFRYHU*RUGyQ/RDQWHULRUSXHGH
VHUH[SOLFDGRSRUODGLQiPLFDTXHVLJXLyOD,('
HQ HVWRV SDtVHV (Q JHQHUDO OD ,(' \ HO FDSLWDO
KXPDQR VRQ FRPSOHPHQWDULRV GH PRGR TXH
ORV DXPHQWRV HQ OD ,(' JHQHUDQ LQFUHPHQWRV
HQODGHPDQGDGHWUDEDMRFDOLILFDGR\SRUHVWD
YtDSUHVLRQDQKDFLDDUULEDODUHPXQHUDFLyQDO
FDSLWDOKXPDQR$VtHOKHFKRGHTXH0p[LFR
VHDHOPD\RUUHFHSWRUGHLQYHUVLyQH[WUDQMHUD
GH$PpULFD/DWLQDSXHGHD\XGDUDH[SOLFDUVX
HOHYDGDGLVSHUVLyQVDODULDO
+DVWDDKRUDKHPRVSUHVHQWDGRORVHIHF
WRV GLVWULEXWLYRV GH ODV UHIRUPDV SHUR QR
KHPRV LGHQWLILFDGR ORV HIHFWRV VREUH OD HFR
QRPtDFRORPELDQDFRPRXQWRGR(QHODJUH
JDGR¢IXHURQEXHQDVODVUHIRUPDV"¢'HEHHO
JRELHUQR LPSOHPHQWDU PiV UHIRUPDV HQ OD
PLVPDGLUHFFLyQ"(QOD)LJXUDVHSXHGHYHU
HO FUHFLPLHQWR GHO 3,% \ HO FRPSRUWDPLHQWR
GHODLQIODFLyQGXUDQWHOD~OWLPDGpFDGDGHO
VLJOR;;(QWpUPLQRVGHLQIODFLyQODGpFDGD
UHVXOWyVHUDEVROXWDPHQWHH[LWRVD6LQHPEDU
JR HO FUHFLPLHQWR HFRQyPLFR QR IXH FRQVLV
WHQWHPHQWHDOWR'HKHFKRODSULPHUDPLWDG
GHODGpFDGDVHFDUDFWHUL]ySRUXQDDFHOHUD
FLyQGHOFUHFLPLHQWRHFRQyPLFRSHURDSDUWLU
GHHOFUHFLPLHQWRHPSH]yDGHWHQHUVH\
HQHOSDtVVXIULyODSHRUUHFHVLyQHQ
DxRV$SHVDUGHTXHODUHFHVLyQSXHGHUHOD
FLRQDUVHFRQORVFDPELRVHQODSROtWLFDFRPHU
FLDOVXVFDXVDVIXQGDPHQWDOHVVHHQFXHQWUDQ
HQODFULVLVLQWHUQDFLRQDO\HOPDQHMRLQWHUQR
GHODSROtWLFDILVFDO/D&RQVWLWXFLyQGH
LPSXVR FUHFLHQWHV REOLJDFLRQHV GH JDVWR DO
JRELHUQRFRORPELDQRFRPRFRQVHFXHQFLDHO
JDVWRS~EOLFRFRPRSRUFHQWDMHGHO3,%SDVyGH
HQDHQOOHJDQGRD
HQ(OFUHFLPLHQWRGHOJDVWRS~EOLFROOH
YyDXQDDSUHFLDFLyQGHOSHVRTXHMXQWRFRQ
ODUHGXFFLyQGHDUDQFHOHVJHQHUDURQXQJUDQ
GpILFLW FRPHUFLDO /D VLWXDFLyQ PDFURHFRQy
PLFDGHSULQFLSLRVGHORVQRYHQWDOOHYyDORV
LQGLYLGXRVDLQFUHPHQWDUHOFRQVXPR\SRUOR
WDQWRDXQDXPHQWRGHOUHFDXGRGHLPSXHV
WRV FRQ OR TXH VH PDQWXYR HO EDODQFH ILVFDO
GXUDQWHDOJXQRVDxRV6LQHPEDUJRHOJDVWR
S~EOLFR VXSHUy D ORV LQJUHVRV GHO JRELHUQR
JHQHUDQGRXQFUHFLHQWHGpILFLWILVFDODILQDOHV
GHORVQRYHQWD)LQDOPHQWHODSHUVLVWHQFLDGHO
GpILFLWILVFDO\FRPHUFLDOMXQWRFRQODVFULVLV
GH RWURV SDtVHV ODWLQRDPHULFDQRV FDXVDURQ
XQDLQWHUUXSFLyQGHOIOXMRGHFDSLWDOHVKDFLD
OD HFRQRPtD FRORPELDQD \ XQD IXHUWH GHYD
OXDFLyQGHODPRQHGD
(QFRQVHFXHQFLDQRHVSRVLEOHFXOSDUGH
ODFULVLV~QLFDPHQWHDODUHGXFFLyQGHDUDQ
FHOHV SXHV WDPELpQ IXH FXOSDEOH OD PH]FOD
GHPDODSROtWLFDHFRQyPLFD\YRODWLOLGDGGH
IOXMRV GH FDSLWDO 7HQLHQGR HQ FXHQWD HVWRV
IDFWRUHV XQ DQiOLVLV FRPSUHKHQVLYR GH ORV
HIHFWRVTXHODVUHIRUPDVHFRQyPLFDVSXHGHQ
WHQHUHQHOODUJRSOD]RGHEHKDFHUSUHFLVLyQ
VREUH ORV LQFHQWLYRV SDUD LQYHUWLU &XDWUR
IDFWRUHV VXJLHUHQ TXH ODV UHIRUPDV IXHURQ
H[LWRVDVDXPHQWDQGRORVLQFHQWLYRVSDUDLQ
YHUWLUWDQWRFDSLWDOItVLFRFRPRKXPDQR
L (O DXPHQWR GHO ' VDODULDO UHIOHMD
DXPHQWRVHQORVLQFHQWLYRVSDUDLQYHUWLUHQ
FDSLWDOKXPDQR
8QDLQWHUSUHWDFLyQDOWHUQDWLYDHVTXHODVSULYDWL]DFLRQHVDWUDMHURQLQYHUVLyQH[WUDQMHUD5HQWDEOHVHPSUHVDVS~EOLFDVSDVD
URQDPDQRVSULYDGDV\VXVQXHYRVGXHxRVQRHUDQFRORPELDQRV6LQHPEDUJRODUHOHYDQFLDHPStULFDGHHVWDLQWHUSUHWDFLyQ
HVGpELOYHU)HUQiQGHVR(VODYDHWDO
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
LL/DFUHFLHQWHLQYHUVLyQH[WUDQMHUDYHU)L
JXUD PXHVWUD TXH OD DFXPXODFLyQ GH FD
SLWDOItVLFRVHYROYLyPXFKRPiVSURGXFWLYD
WUDVODVUHIRUPDV
LLL'HDFXHUGRFRQ)HUQiQGHVXQDUH
GXFFLyQGHODUDQFHODGYDORUHPGHSXQWRV
SRUFHQWXDOHVVHWUDGXFHHQXQDXPHQWRGHO
HQODSURGXFWLYLGDGPDQXIDFWXUHUD
LY6HJ~Q(VODYDHWDO³ODVUHIRUPDV
GHPHUFDGRHVWiQDVRFLDGDVFRQFUHFLHQWHOD
SURGXFWLYLGDG TXH HQ JHQHUDO VH GD \ TXH
HV FDXVDGD SRU OD UHDVLJQDFLyQ GH UHFXUVRV
GHVGHORVQHJRFLRVGHEDMDKDFLDORVGHDOWD
SURGXFWLYLGDG´
#
$O FRPSDUDU OD WDVD GH FUHFLPLHQWR GH
ODV H[SRUWDFLRQHV DQWHV \ GHVSXpV GH ODV
UHIRUPDV SRGHPRV IRUPDUQRV XQD LGHD GH
VXLPSDFWRVREUHODGLUHFFLyQGHOFRPHUFLR
/D7DEODPXHVWUDODVH[SRUWDFLRQHVVHJ~Q
GHVWLQRFRPRSRUFHQWDMHGHOWRWDOH[SRUWDGR
HQ \ HQ \ OD WDVD GH FUHFLPLHQWR
GH ODV H[SRUWDFLRQHV HQWUH \ DQ
WHVGHODVUHIRUPDVHQWUH\\
\GHVSXpVGHpVWDV(VWDGRV8QLGRVVH
PXHVWUD FRPR HO SULQFLSDO LPSRUWDGRU GH
ELHQHV FRORPELDQRV VHJXLGR GH 9HQH]XHOD
PLHQWUDV TXH OD 8QLyQ (XURSHD DSDUHFH HQ
WHUFHUOXJDU/DVUHIRUPDV\ORVDFXHUGRVFR
PHUFLDOHVIDYRUHFLHURQODVH[SRUWDFLRQHVKD
FLD/DWLQRDPpULFDHQSDUWLFXODUKDFLDOD&R
PXQLGDG $QGLQD LQLFLDOPHQWH \ 0p[LFR
ODVH[SRUWDFLRQHVGLULJLGDVD(VWDGRV8QLGRV
QR VH YLHURQ DIHFWDGDV \ ODV H[SRUWDFLRQHV
KDFLDOD8QLyQ(XURSHDFODUDPHQWHGHFUHFLH
URQKDVWDHO
/D7DEODPXHVWUDODFRPSRVLFLyQVHJ~Q
GHVWLQR GH ODV H[SRUWDFLRQHV QR WUDGLFLR
QDOHV H[FOX\HQ FDIp \ SHWUyOHR /R TXH VH
HQFXHQWUDHVTXHORVHIHFWRVGHODVUHIRUPDV
\ORVDFXHUGRVFRPHUFLDOHVHQHVWHFDVRVRQ
PD\RUHV/DVH[SRUWDFLRQHVKDFLDORVSDtVHV
FRQ ORV TXH &RORPELD KDEtD ILUPDGR WUDWD
GRV FRPHUFLDOHV 9HQH]XHOD 3HU~ (FXDGRU
\ 0p[LFR SUHVHQWDURQ XQ FUHFLPLHQWR RV
WHQVLEOHPHQWHVXSHULRUGXUDQWHORVQRYHQWD
IUHQWHDOGHODVGpFDGDVDQWHULRUHV
(QOD7DEODVHSUHVHQWDODFRPSRVLFLyQ
GH ODV LPSRUWDFLRQHV VHJ~Q VX RULJHQ HQ
\\VXWDVDGHFUHFLPLHQWRHQ
WUH\\HQWUH\(Q
(VWDGRV8QLGRVVHPXHVWUDFRPRHOSULQFLSDO
RULJHQGHODVLPSRUWDFLRQHVFRORPELDQDVVH
JXLGRSRUOD8QLyQ(XURSHD\0p[LFR9LHQ
GR ODV WDVDV GH FUHFLPLHQWR GH ODV LPSRUWD
FLRQHVăSDUHFHTXHODVUHIRUPDV
\ORVDFXHUGRVFRPHUFLDOHVIDYRUHFLHURQDODV
LPSRUWDFLRQHVSURYHQLHQWHVGHVGHOD&RPX
QLGDG$QGLQDHVSHFLDOPHQWHODVSURYHQLHQ
WHVGH(FXDGRU\WDPELpQDODVSURYHQLHQWHV
GH%UDVLO\0p[LFRODVLPSRUWDFLRQHVGHVGH
&KLQDFUHFLHURQGHIRUPDDFHOHUDGDODVLP
SRUWDFLRQHVGHVGH(VWDGRV8QLGRVFUHFLHURQ
PRGHUDGDPHQWH PLHQWUDV TXH ODV LPSRUWD
FLRQHV GHVGH -DSyQ 9HQH]XHOD \ OD 8QLyQ
(XURSHDFD\HURQ
&RPRVHDILUPyDQWHULRUPHQWHHVWRVKH
FKRVVXJLHUHQTXHSDUWHGHOFRPSRUWDPLHQWR
GHO FRPHUFLR H[WHULRU SXHGH VHU H[SOLFDGR
SRUGHVYLDFLyQGHFRPHUFLR
/DWDVDGHFUHFLPLHQWRGHODVLPSRUWDFLR
QHVăPXHVWUDTXHHOLQFUHPHQWR
HQODVLPSRUWDFLRQHVFRORPELDQDVQRVHGH
ELy ~QLFDPHQWH D ODV UHIRUPDV FRPHUFLDOHV
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
VLQRWDPELpQDODUHFXSHUDFLyQGHODHFRQR
PtD FRORPELDQD /DV LPSRUWDFLRQHV SURYH
QLHQWHVGH&KLQD0p[LFR\%UDVLOFUHFLHURQ
GHIRUPDDFHOHUDGD0LHQWUDVTXHODVSURYH
QLHQWHV GH (VWDGRV 8QLGRV FUHFLHURQ SRFR
ODVLPSRUWDFLRQHVGHVGH9HQH]XHOD\OD&R
PXQLGDG$QGLQDFD\HURQ
'H ODV WDEODV \ VREUHVDOHQ GRV KH
FKRVLDXQTXH(VWDGRV8QLGRVKDSHUGLGR
DOJRGHSHVRHQHOFRPHUFLRFRORPELDQRVL
JXH VLHQGR HO SULQFLSDO VRFLR FRPHUFLDO GH
&RORPELD\LLORVDFXHUGRVFRPHUFLDOHVILU
PDGRVFRQORVSDtVHVDQGLQRVKDQWHQLGRXQ
LPSDFWR LPSRUWDQWH VREUH ORV IOXMRV FRPHU
FLDOHVGXUDQWHORVQRYHQWD3RUORWDQWRSD
UHFHHYLGHQWHTXHXQDFXHUGRELODWHUDOHQWUH
&RORPELD \ (VWDGRV 8QLGRV WHQGUi HIHFWRV
VLJQLILFDWLYRVVREUHHOYROXPHQ\ODFRPSR
VLFLyQGHOFRPHUFLRFRORPELDQR
2WURSRVLEOHHIHFWRGHODHQWUDGDHQYLJRU
GHO 7/& FRQ (VWDGRV 8QLGRV HV XQD FDtGD HQ
ODVLPSRUWDFLRQHVSURYHQLHQWHVGHRWUDVHFR
QRPtDVGHVDUUROODV$FWXDOPHQWHKD\XQ 7/&
ILUPDGRFRQ&DQDGi\VHHVWDQHJRFLDQGRXQR
FRQOD8QLyQ(XURSHDGHPRGRTXHHVGLItFLO
SUHGHFLUFDPELRVHQODFRPSRVLFLyQGHODLP
SRUWDFLRQHVFRORPELDQDVSRUSDtVGHRULJHQ
1R REVWDQWH VL HO 7/& FRQ ORV (VWDGRV 8QL
GRVHQWUDHQYLJRUDQWHVTXHORVRWURVGRVHV
SUHYLVLEOHXQDUHFRPSRVLFLyQWHPSRUDOGHOD
LPSRUWDFLRQHVDHQFRQWUDGH(XURSD\&DQD
Gi$XQTXHXQDH[SOLFDFLyQGHWDOODGDGHHVWH
KHFKR HVWi OHMRV GHO SURSyVLWR GH HVWH GRFX
PHQWRHQHOIXWXURVHUtDLQWHUHVDQWHUHDOL]DU
XQD LQYHVWLJDFLyQ DO UHVSHFWR SDUD GHWHUPL
QDUFRPRHQXQDHUDGHEORTXHVFRPHUFLDOHV
ODDXVHQFLDGHWUDWDGRVFRQHVWRVSDtVHVSXHGH
JHQHUDUGHVYLDFLyQGHFRPHUFLR
/D7DEODPXHVWUDODEDODQ]DFRPHUFLDO
HQWUH&RORPELD\XQJUXSRGHSDtVHVSDUDORV
DxRVGH\/DEDODQ]DFRQDO
JXQDVUHJLRQHVHVSHUVLVWHQWHPHQWHGHILFLWD
ULDHJ-DSyQPLHQWUDVTXHFRQRWUDVRFX
UUHORFRQWUDULRHJOD&RPXQLGDG$QGLQD
6LQ HPEDUJR HO IOXMR FRPHUFLDO GH ELHQHV \
VHUYLFLRV HQWUH (VWDGRV 8QLGRV \ &RORPELD
SDUHFH VHU VHQVLEOH DO HQWRUQR PDFURHFRQy
PLFRUD]yQSRUODFXDOSDUDDOJXQRVDxRVOD
EDODQ]DHVSRVLWLYD\SDUDRWURVHVQHJDWLYD
(QOD7DEODVHSUHVHQWDODFRPSRVLFLyQ
VHFWRULDOGHODVLPSRUWDFLRQHVGHVGH(VWDGRV
8QLGRVSUiFWLFDPHQWHODPLWDGVRQPHWDOHV
\ PDTXLQDULD \ HTXLSR (VWH KHFKR MXQWR
FRQHOQLYHODFWXDOGHDUDQFHOHVYHUDSpQGL
FHVXJLHUHTXHHO7/&YDDUHGXFLUHOFRVWRGH
ORVELHQHVGHFDSLWDO\JHQHUDQGRLQFHQWLYRV
SDUDODLQYHUVLyQ6LQHPEDUJRHODFWXDOJR
ELHUQRKDLPSOHPHQWDGRXQDSROtWLFDGHFHUR
DUDQFHO SDUD OD LPSRUWDFLyQ GH ELHQHV UHOD
FLRQDGRV FRQ OD DWUDFFLyQ GH LQYHUVLyQ SRU
WDQWRODUHGXFFLyQHQFRVWRVDODTXHVHKDFH
PHQFLyQSXHGHVHUPHQRU
(QFRQFOXVLyQXQDFXHUGRFRPHUFLDOHQ
WUH &RORPELD \ (VWDGRV 8QLGRV QR WHQGUtD
FRQVHFXHQFLDV QHJDWLYDV VREUH HO EDODQFH
FRPHUFLDO \ SXHGH UHGXFLU HO FRVWR GH ORV
ELHQHVGHFDSLWDOHQ&RORPELD6LQHPEDUJR
SRUUD]RQHVGHYHQWDMDFRPSDUDWLYD\HVSH
3RUDFXHUGRFRPHUFLDOQRVUHIHULPRVDODUHGXFFLyQRHOLPLQDFLyQELODWHUDOGHDUDQFHOHV6LODUHGXFFLyQGHORVDUDQFHOHVQR
HVELODWHUDOORVHIHFWRVVRQGLIHUHQWHV
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
FLDOL]DFLyQ OD SURGXFFLyQ HQ DOJXQRV VHFWR
UHVSXHGHYHUVHDIHFWDGDQHJDWLYDPHQWH
$%
(QODVVHFFLRQHVDQWHULRUHVKHPRVUHYLVD
GRHOUHFLHQWHFRPSRUWDPLHQWRGHOFRPHUFLR
GH&RORPELDFRQHOILQGHSURQRVWLFDUODVSR
VLEOHVFRQVHFXHQFLDVGHXQ7/&HQWUH&RORP
ELD\(VWDGRV8QLGRV(QHVWDVHFFLyQWUDWD
PRVGHREWHQHUDOJXQDVOHFFLRQHVUHOHYDQWHV
GH OD H[SHULHQFLD PH[LFDQD GHVSXpV GH OD
ILUPD GH VX DFXHUGR FRPHUFLDO FRQ (VWDGRV
8QLGRV\&DQDGi\GHODH[SHULHQFLDGH&KL
OH\DTXHHQWUHORVSDtVHVODWLQRDPHULFDQRV
HVHOTXHWLHQHODHFRQRPtDPiVOLEHUDOL]DGD
HQWpUPLQRVGHFRPHUFLRLQWHUQDFLRQDO
&''
(
(O 1$)7$ HV XQ DFXHUGR HQWUH (VWDGRV
8QLGRV &DQDGi \ 0p[LFR TXH IXH ILUPDGR
HQGLFLHPEUHGH\HQWUyHQYLJHQFLDHO
GHHQHURGH(O1$)7$UHSUHVHQWDXQRGH
ORVPD\RUHVORJURVHFRQyPLFRVSDUD0p[LFR
%DUFOD\V &DSLWDO 5HVHDUFK (PHUJHQW 0DU
NHWV 'ULYHUV HQHUR (O DFXHUGR KD
SXHVWR D 0p[LFR HQ XQD UXWD GH FUHFLPLHQ
WR H[SRUWDGRU VLQ SUHFHGHQWHV HQ DxRV
ODVH[SRUWDFLRQHVVHFXDGUXSOLFDURQSDVDQ
GR GH ELOORQHV GH GyODUHV HQ D ELOORQHVGHGyODUHVHQSDUDHVHDxROD
VXPDWRWDOGHH[SRUWDFLRQHVHLPSRUWDFLRQHV
DVFHQGLy D ELOORQHV GH GyODUHV HTXLYD
OHQWHDOGHO 3,%FRPSDUDGRFRQWDQVyOR
ELOORQHVGHGyODUHVHQ&RPRUHVXOWD
GRGHHVWR0p[LFRKDGHVSOD]yD-DSyQGHOD
VHJXQGDSRVLFLyQHQWUHORVVRFLRVFRPHUFLD
OHVGH(VWDGRV8QLGRVOXJDUTXHRFXSyKDV
WD FXDQGR IXH GHVSOD]DGR SRU &KLQD
(O 1$)7$ DGHPiV D\XGy D TXH OD HFRQRPtD
PH[LFDQD VH GLYHUVLILFDUD \ UHGXFLHQGR DVt
VXGHSHQGHQFLDSHWUROHUD/DVH[SRUWDFLRQHV
GH SHWUyOHR UHSUHVHQWDEDQ HO GHO WRWDO
H[SRUWDGR D SULQFLSLR GH ORV DxRV RFKHQWD
SHURFD\HURQKDVWDXQGHOWRWDOHQ
VHJXLGRGHXQDDXPHQWRGHSXQWRVSRU
FHQWXDOHV HQ GHELGR D TXH OD WDVD GH
FDPELRHVWDEDVREUHYDOXDGD(O1$)7$H[SDQ
GLyODVRSRUWXQLGDGHVGHLQYHUVLyQHQ0p[L
FR OOHYiQGROR D XQ SHUtRGR GH LPSRUWDQWH
FUHFLPLHQWR HFRQyPLFR MDORQDGR SRU VX GL
QDPLVPRH[SRUWDGRU/D ,('TXHKDEtDVLGR
FDUDFWHUtVWLFDPHQWHEDMDSDVyGHELOORQHV
HQDELOORQHVGHGyODUHVUHFLHQWHPHQ
WHJUDFLDVDODFXHUGR'HKHFKR0p[LFRVHKD
FRQYHUWLGRHQHOGHVWLQRGHDOUHGHGRUGHGRV
WHUFLRVGHOD,('HQ/DWLQRDPpULFD
)LQDOPHQWH SDUD WHQHU XQD LGHD GH ORV
HIHFWRVGHO 1$)7$HQORVGLIHUHQWHVVHFWRUHV\
VREUH HO FRPHUFLR FRQ ORV GLIHUHQWHV SDtVHV
ODV WDEODV \ SUHVHQWDQ OD FRPSRVLFLyQ
VHFWRULDO GHO FRPHUFLR LQWHUQDFLRQDO PH[LFD
QR\VXVVRFLRVFRPHUFLDOHV'HOD7DEODVH
H[WUDHTXHHOVHFWRUPiVDFWLYRHQFXDQWRDH[
SRUWDFLRQHVHVHOPDQXIDFWXUHUR3RUORWDQWR
VLODVSUHGLFFLRQHVGHODWHRUtDGHOFRPHUFLR
VRQFRUUHFWDVHVSHUDPRVREVHUYDUDXPHQWRV
HQODSURGXFWLYLGDGGHOGHHVHVHFWRU
&RQ UHVSHFWR D OD GLUHFFLyQ GH ORV IOXMRV
FRPHUFLDOHV (VWDGRV 8QLGRV HV VLQ GXGD HO
9HUHOtQGLFHGHOLEHUWDGHFRQyPLFDFRPSXWDGRSRUOD+HULWDJH)RXQGDWLRQSDUDSDtVHVGHVGH
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
PD\RUVRFLRFRPHUFLDOGH0p[LFR1RREVWDQ
WHHVHSDtVHVPiVLPSRUWDQWHFRPRPHUFDGR
SDUDODVH[SRUWDFLRQHVTXHFRPRIXHQWHGH
LPSRUWDFLRQHV3RUWDQWRSDUHFHTXHHOHIHF
WRGHO 1$)7$IXHODDPSOLDFLyQGHPHUFDGRV
SDUD ORV SURGXFWRV PH[LFDQRV PiV TXH HO
DXPHQWRGHODFRPSHWHQFLDGHORVSURGXFWRV
LPSRUWDGRV SURYHQLHQWHV GH 1RUWHDPpULFD
$GHPiVGH(VWDGRV8QLGRVODVLPSRUWDFLR
QHVPH[LFDQDVSURYLHQHQPD\RULWDULDPHQWH
GHVGH$VLD(XURSD\/DWLQRDPpULFD
)
D OD LQWHJUDFLyQ GHO ODERUDO HQ 1RUWHDPpUL
FD /RV VDODULRV HQ (VWDGRV 8QLGRV D~Q VRQ
VXVWDQFLDOPHQWHPiVDOWRVTXHHQ0p[LFROR
TXHSXHGHHVWDUUHODFLRQDGRFRQODVEDUUHUDV
H[LVWHQWHVDOIOXMRGHIDFWRUHVTXHOLPLWDQOD
PLJUDFLyQKDFLD(VWDGRV8QLGRV\GHVLQFHQ
WLYDQODLQYHUVLyQHQ0p[LFR
'H WRGDV IRUPDV HO 1$)7$ KD WHQLGR FOD
UDV LPSOLFDFLRQHV VREUH HO PHUFDGR ODERUDO
PH[LFDQR /D OLWHUDWXUD UHIHUHQWH DO LPSDF
WRTXHWXYLHURQODVUHIRUPDVDGRSWDGDVSRU
0p[LFRVREUHORVVDODULRVUHVDOWDORVVLJXLHQ
WHVHIHFWRVYHU*RUGRQ
/D LQWHJUDFLyQ GH 0p[LFR D OD HFRQRPtD
QRUWHDPHULFDQDKDWHQLGRSURIXQGDVFRQVH
FXHQFLDVVREUHHOPHUFDGRODERUDOPH[LFDQR
'HDFXHUGRDODWHRUtDFOiVLFDGHOFRPHUFLRHO
OLEUHFRPHUFLRGHEHOOHYDUDODLJXDODFLyQGH
SUHFLRVGHORVELHQHVWUDQVDEOHV\GHSUHFLRV
GHORVIDFWRUHV6LQHPEDUJRODVGLIHUHQFLDV
HQWUH 0p[LFR \ 1RUWHDPpULFD QR VH OLPLWDQ
~QLFDPHQWHDODDEXQGDQFLDUHODWLYDGHIDF
WRUHVODWHFQRORJtDWDPELpQHVGLIHUHQWH(Q
SDUWLFXODUODSURGXFWLYLGDGWRWDOGHORVIDF
WRUHV37)HVPD\RUHQ(VWDGRV8QLGRVTXH
HQ0p[LFR
LY /RV VDODULRV GH ORV HVWDGRV PH[LFDQRV
VREUHFHUFDQRVDODIURQWHUDFRQ(VWDGRV8QL
GRV HYLGHQFLDURQ XQ DXPHQWR UHODWLYR FRQ
UHVSHFWRDORVVDODULRVGHOUHVWRGHOSDtV
$SDUWHGHOOLEUHFRPHUFLRHO1$)7$JHQH
UyXQLQFUHPHQWRHQHOIOXMRGHFDSLWDOGHVGH
(VWDGRV 8QLGRV KDFLD 0p[LFR \ HQ HO IOXMR
GHWUDEDMDGRUHVGHVGH0p[LFRKDFLD(VWDGRV
8QLGRV (VWDV GRV IXHU]DV FDXVDURQ TXH OD
GLIHUHQFLD HQ OD DEXQGDQFLD UHODWLYD GH IDF
WRUHVH[LVWHQWHHQWUHORVGRVSDtVHVDQWHVGHO
DFXHUGRVHUHGXMHUD6LQHPEDUJRD~QTXH
GD XQ ODUJR FDPLQR SRU UHFRUUHU HQ FXDQWR
(O DXPHQWR HQ ORV VDODULRV SURPHGLR HV
XQR GH ORV UHVXOWDGRV HVSHUDGRV GHO 1$)7$
6LQHPEDUJRFRPRDQWHVVHGLMRORVVDODULRV
HQ (VWDGRV 8QLGRV VLJXHQ VLHQGR PD\RUHV
TXHHQ0p[LFR\ODEUHFKDQRSDUHFHHVWDUVH
FHUUDQGR3RUORWDQWRHOHIHFWRGHODLQWHJUD
FLyQ FRPHUFLDO VREUH ORV VDODULRV SURPHGLR
QRSXHGHFRQVLGHUDUVHFRPRVLJQLILFDWLYR
L$XPHQWRHQORVVDODULRVSURPHGLR
LL$XPHQWRHQODYRODWLOLGDGVDODULDO
LLL8Q LQFUHPHQWR VXVWDQFLDO HQ HO '
VDODULDOFRQGXFLHQGRDXQDPD\RUGHVLJXDO
GDGVDODULDO
'DGRTXH0p[LFRVHXQLyDOD20&DQWHVGHILUPDUHO1$)7$KDEtDH[SHULPHQWDGRXQDUHGXFFLyQLPSRUWDQWHGHVXV
DUDQFHOHVDILQDOHVGHORVRFKHQWD
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
/DUHGXFFLyQGHODVEDUUHUDVDOFRPHUFLR
\ D OD LQYHUVLyQ H[WUDQMHUD KD OOHYDGR D XQ
DXPHQWRGHODGHPDQGDGHPDQRGHREUDFD
OLILFDGDHQ0p[LFRFRPRUHVXOWDGRHOUHWRU
QRDODHGXFDFLyQH[SHULPHQWyXQLQFUHPHQ
WRLPSRUWDQWH/RVLQFUHPHQWRVGHOUHWRUQRD
OD HGXFDFLyQ GXUDQWH ORV DxRV QRYHQWD IXH
URQDQLYHOQDFLRQDO\VHJXtDQODGLQiPLFDGH
ORVLQFUHPHQWRVH[SHULPHQWDGRVHQ(VWDGRV
8QLGRV YHU *RUGRQ /D LQWHJUDFLyQ
SDUFLDOGHOPHUFDGRODERUDOD\XGDDH[SOLFDU
pVWHKHFKR/D ,('PiVODLQQRYDFLyQWHFQR
OyJLFDVHVJDGDKDFLDODVWHFQRORJtDVXVXDULDV
GHPDQRGHREUDFDOLILFDGDSXHGHQH[SOLFDU
HOUHVWRGHODKLVWRULD
)LQDOPHQWH HO KHFKR GH TXH ORV VDODULRV
FUHFLHUDQPiVHQODVUHJLRQHVFRQPD\RU ,('
\HODXPHQWRHQODPLJUDFLyQKDFLD(VWDGRV
8QLGRVLQGLFDQTXHODLQWHJUDFLyQHFRQyPL
FD GH 0p[LFR FRQ HO UHVWR GH 1RUWHDPpULFD
D\XGy D ORV WUDEDMDGRUHV GH DTXHOODV UHJLR
QHVHQODVTXHODLQWHJUDFLyQVHKL]RHYLGHQ
WH (Q RWUDV SDODEUDV VyOR SDUWH GH 0p[LFR
JR]y GH ORV EHQHILFLRV GHULYDGRV GHO 1$)7$
ORTXHUHIOHMDODIDOWDGHLQWHJUDFLyQHQWUHODV
UHJLRQHVGHOSDtV
#" 8QDGHODVSULQFLSDOHVUD]RQHVSRUODFXDO
ORV HFRQRPLVWDV HVWiQ D IDYRU GHO OLEUH FR
PHUFLR HV SRUTXH OD HVSHFLDOL]DFLyQ XVXDO
PHQWH HVWi DFRPSDxDGD GH XQD DVLJQDFLyQ
HILFLHQWHGHIDFWRUHV\GHHVWDIRUPDDXPHQ
WDODSURGXFWLYLGDG(QHOFDVRGH0p[LFRHO
FRPSRUWDPLHQWRGHOD37)DQWHVGHO1$)7$IXH
LQGXGDEOHPHQWHSREUHORTXHOHVLUYLyFRPR
PRWLYDFLyQSDUDVHUPLHPEURGHOEORTXHFR
PHUFLDO (O GHVHPSHxR JHQHUDO GH OD 37) HQ
0p[LFR IXH GHFHSFLRQDQWH GHVGH SULQFLSLRV
GHORVRFKHQWDKDVWDPHGLDGRVGHORVQRYHQ
WDHQWUHPHQRV\PHQRVSRUFLHQWRFRQ
HVWR OD OLEHUDOL]DFLyQ FRPHUFLDO VH FRQYLUWLy
HQHOGXURFDPLQRGHXQQXHYRGHVSHJXHGHO
FUHFLPLHQWRHFRQyPLFR
7UDV RFKR DxRV GHO DFXHUGR )HUQDQGR
/ySH] &yUGRYD SUHVHQWy XQ HVWXGLR
TXHWUDWDEDGHLGHQWLILFDUORVHIHFWRVGHO1$)
7$ VREUH OD SURGXFWLYLGDG PDQXIDFWXUHUD
&XDWURHIHFWRVPHUHFHQVHUVHxDODGRV
/DVLQGXVWULDVTXHFRPSLWHQFRQODVLPSRU
WDFLRQHVQRUWHDPHULFDQDVYLHURQXQVDOWRGH
HQVXSURGXFWLYLGDGHQWUH\
/DVLQGXVWULDVH[SRUWDGRUDVH[SHULPHQWD
URQXQFUHFLPLHQWRGHHQVXSURGXFWLYL
GDGGXUDQWHHOPLVPRSHULRGR
/DVLQGXVWULDVVLQYtQFXORVFRQHOFRPHUFLR
H[WHULRURFRQODLQYHUVLyQH[WUDQMHUDYLHURQ
XQDXPHQWRGHVX37)HTXLYDOHQWHDO
(O LQFUHPHQWR HQ ODV SUHIHUHQFLDV JDUDQ
WL]DGDVDORVELHQHVPH[LFDQRVDXPHQWyVX
QLYHO GH SURGXFWLYLGDG PiV QR VX WDVD GH
FUHFLPLHQWR
3RU OR WDQWR ORV HIHFWRV GHO 1$)7$ VREUH
OD SURGXFWLYLGDG PDQXIDFWXUHUD IXHURQ SR
VLWLYRVHLPSRUWDQWHVODFUHFLHQWHFRPSHWHQ
FLDGHODVLPSRUWDFLRQHVIXHPiVLPSRUWDQWH
TXHHODFFHVRDXQPHUFDGRPiVDPSOLR\QR
VyOR ODV LQGXVWULDV DIHFWDGDV SRU HO WUDWDGR
H[SHULPHQWDURQ DXPHQWRV VLJQLILFDWLYRV GH
ODSURGXFWLYLGDG
+,
&RPRVHGLMRDQWHVORVSURGXFWRVPDQX
IDFWXUDGRV VRQ XQ EXHQ HMHPSOR GHO HIHFWR
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
SRVLWLYR GHO 1$)7$ /D DJULFXOWXUD VLQ HP
EDUJR HV GHVFULWD SRU DOJXQRV SHULRGLVWDV
\ DJULFXOWRUHV FRPR XQ FRPSOHWR GHVDVWUH
(QHVWDVHFFLyQUHYLVDPRVFRQDOJ~QGHWDOOH
ORVGDWRVGLVSRQLEOHVFRQHOILQGHSUHVHQWDU
XQDSHUVSHFWLYDJHQHUDOGHOGHVHPSHxRGHO
VHFWRU\DVtSRGHUGLIHUHQFLDUFODUDPHQWHORV
HIHFWRVGHO 1$)7$GHORVSUREOHPDVHVWUXFWX
UDOHVGHODHFRQRPtDPH[LFDQD
/D DJULFXOWXUD PH[LFDQD IXH GHVGH HO
SULQFLSLR HO VHFWRU PiV SURWHJLGR GHO 1$)
7$ 'H KHFKR HO GH ODV H[SRUWDFLRQHV
DJUtFRODV JDQDURQ LQPHGLDWDPHQWH DFFHVR
OLEUH GH DUDQFHO D (VWDGRV 8QLGRV \ HO D &DQDGi PLHQWUDV TXH GH ODV LPSRUWDFLR
QHV DJUtFRODV PH[LFDQDV VyOR HO GH ODV
SURYHQLHQWHVGH(VWDGRV8QLGRV\HOGH
ODV SURYHQLHQWHV GH &DQDGi TXHGDURQ GHQ
WURGHODFDQDVWDGHGHVJUDYDFLyQLQPHGLDWD
0p[LFR UHGXMR D FHUR ORV DUDQFHOHV GHO GHODVLPSRUWDFLRQHVRULJLQDULDVGH(VWDGRV
8QLGRVHQXQSOD]RGHDxRVTXHWHUPLQy
HQ\HOGHODVLPSRUWDFLRQHVGHVGH
(VWDGRV8QLGRVPDQWHQGUiQXQDUDQFHOSR
VLWLYRKDVWD(QFRQWUDVWHHOGHODV
LPSRUWDFLRQHV HVWDGRXQLGHQVHV SURYHQLHQ
WHVGH0p[LFRHVWiQOLEUHVGHDUDQFHOHVGHVGH
6HFUHWDUtD GH (FRQRPtD GH 0p[LFR
6LELHQODDJULFXOWXUDPH[LFDQDHVHOVHF
WRU PiV SURWHJLGR DO LQWHULRU GH 1RUWHDPp
ULFD 0p[LFR SHUWHQHFH D OD 2UJDQL]DFLyQ
0XQGLDO GHO &RPHUFLR 20& \ SDUD SRGHU
FXPSOLU FRQ ORV DFXHUGRV ILUPDGRV HQ HVH
FRQWH[WRGHEHGDUOHDFFHVROLEUHGHDUDQFHOHV
DODVLPSRUWDFLRQHVGHFLHUWRVSURGXFWRV(Q
SDUWLFXODUVyORHOGHODVLPSRUWDFLRQHV
DJUtFRODV PH[LFDQDV VRQ OLEUHV GH DUDQFHOHV
GHELGRDO1$)7$YHU&RQGRQ\6LQKD
/DVH[SRUWDFLRQHVDJUtFRODVGH0p[LFRVH
KDQEHQHILFLDGRGHODDSHUWXUDFRPHUFLDO(Q
FXDQGR0p[LFRVHDGKLULyDO$FXHUGR
*HQHUDO VREUH &RPHUFLR \ $UDQFHOHV *$77
SRU VXV VLJODV HQ LQJOpV ODV H[SRUWDFLRQHV
DJUtFRODV HVWDEDQ HVWDQFDGDV HQWUH \
ODWDVDGHFUHFLPLHQWRDQXDOGHODVH[
SRUWDFLRQHV DJUtFRODV IXH HQ SURPHGLR GHO
/DV LPSRUWDFLRQHV WDPELpQ DXPHQWD
URQ HQWUH \ DXPHQWDURQ HQ XQ
SRUDxR&RQHO1$)7$GHVGHKDVWD
HOFUHFLPLHQWRSURPHGLRGHODVLPSRU
WDFLRQHVDJUtFRODVIXHGHO
'HQWURGHOVHFWRUDJUtFRODODVIUXWDV\ORV
YHJHWDOHV KDQ UHVXOWDGR VHU ORV SURGXFWRV
PiVH[LWRVRVGXUDQWHHO 1$)7$/DVH[SRUWD
FLRQHV GH IUXWDV \ YHJHWDOHV PH[LFDQRV KD
FLD(VWDGRV8QLGRVDXPHQWDURQHQXQ
GHVGHKDVWDSDVDQGRGHELOOR
QHVGHGyODUHVDELOORQHVGHGyODUHV(O
RWURODGRGHODKLVWRULDHVHOFRPSRUWDPLHQWR
GHOVHFWRUSURGXFWRUGHFiUQLFRV/DFDUQHGH
UHV KD VLGR XQR GH ORV SURGXFWRV PiV SHU
MXGLFDGRV OD OLEHUDOL]DFLyQ GHO PHUFDGR GH
FDUQHHPSH]yHQFXDQGRVHHOLPLQDURQ
ODVEDUUHUDVDUDQFHODULDVFRQHOILQGHVXSH
UDUODHVFDVH]GRPpVWLFDDWUDYpVGHLPSRUWD
FLRQHV(QWUH\ODVLPSRUWDFLRQHV
GHFDUQHDXPHQWDURQGHDGHODSUR
(VPiV0p[LFRKDDGRSWDGRXQHVTXHPDGHSURWHFFLyQVLPLODUDOXVDGRHQ(VWDGRV8QLGRVLH0p[LFRKDHVWDGRSURYH
\HQGRVXEVLGLRVGLUHFWRVDDOJXQDSRUFLyQGHVXVDJULFXOWRUHV
³/DSROtWLFDGH&RPHUFLR([WHULRUGH0p[LFRHQHO6HFWRU$JURDOLPHQWDULR´-RVp5RGROIR$ULDV$UL]SH6HFUHWDUtDGH$JUL
FXOWXUD*DQDGHUtD'HVDUUROOR5XUDO3HVFD\$OLPHQWDFLyQ0p[LFRQRYLHPEUH
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
GXFFLyQGRPpVWLFDPLHQWUDVTXHODSURGXF
FLyQORFDOFUHFLyDODQXDO'HLJXDOIRU
PDHQHVHPLVPRSHULRGRODVLPSRUWDFLRQHV
GHFDUQHGHFHUGRSDVDURQGHODO
GHODSURGXFFLyQGRPpVWLFDPLHQWUDVTXHOD
SURGXFFLyQ GRPpVWLFD FUHFLy DO DQXDO
$SULPHUDYLVWDHO 1$)7$SDUHFLySHUMXGLFDU
DOVHFWRUSURGXFWLYRGHFDUQH6LQHPEDUJR
XQDGHODVUD]RQHVSDUDHOLQFUHPHQWRGHHV
WDV LPSRUWDFLRQHV DJUtFRODV HV HO KHFKR GH
TXH HO FRQVXPR SHU FiSLWD GH SURWHtQD GH
RULJHQDQLPDOKDFUHFLGRUiSLGDPHQWHHQORV
~OWLPRVDxRV'HVGHKDVWDHOFRQ
VXPRSHUFiSLWDGHFDUQHGHUHVSDVyGH
DNLORJUDPRVPLHQWUDVTXHHOFRQVXPR
GHFDUQHGHFHUGRSDVyGHDNLORJUD
PRVSRUSHUVRQD
(Q UHVXPHQ VL ELHQ HO GHVHPSHxR GH OD
DJULFXOWXUDPH[LFDQDGHVGHHOLQLFLRGHO1$)
7$QRIXHVREUHVDOLHQWHHOOLEUHFRPHUFLRHVWi
D\XGDQGR D TXH WHQJD OXJDU UHDVLJQDFLyQ
HILFLHQWHGHUHFXUVRVHQODViUHDVUXUDOHV'H
OD PLVPD IRUPD OD HYROXFLyQ GHO FRQVXPR
SHUFiSLWDGHSURWHtQDGHRULJHQDQLPDO LQ
GLFD TXH HO OLEUH FRPHUFLR KD WHQLGR p[LWR
HOHYDQGR HO ELHQHVWDU GH ORV FRQVXPLGRUHV
(VWRV UHVXOWDGRV VRQ FRQVLVWHQWHV FRQ ORV
HIHFWRVHVSHUDGRVGHXQ7/&
-
.
)'
(O GHVHPSHxR HFRQyPLFR GH &KLOH \
0p[LFR KD VLGR FODUDPHQWH VXSHULRU DO GH
&RORPELD GHVGH ILQDOHV GH ORV RFKHQWD YHU
)LJXUD6LQHPEDUJRHOH[FHOHQWHGHVHP
/RPLVPRRFXUULyFRQHOFRQVXPRGHSROOR\KXHYRV
SHxRHFRQyPLFRGH&KLOHKDVLGRSHUVLVWHQWH
PLHQWUDV TXH OD VHQGD VHJXLGD SRU OD HFR
QRPtD PH[LFDQD KD VLGR DOJR LUUHJXODU /D
)LJXUD LQGLFD OD EUHFKD GHO 3,% SHU FiSLWD
HQWUH&RORPELD\0p[LFRIXHFRQVWDQWHHQWUH
\SHURHQWUH\ODEUHFKD
VHUHGXMRSDUDDXPHQWDUQXHYDPHQWHDSDU
WLUGH$SHVDUGHTXHQRVHSXHGHUHV
SRQVDELOL]DU ~QLFDPHQWH DO FRPHUFLR LQWHU
QDFLRQDO UHVXOWD HYLGHQWH TXH ODV UHIRUPDV
FRPHUFLDOHVTXHWXYLHURQOXJDUHQ&KLOH\HO
1$)7$HQ0p[LFRD\XGDQDH[SOLFDUHQEXH
QDPHGLGDODGLIHUHQFLDH[LVWHQWHHQWUHHVWRV
WUHVSDtVHV
&RPR\DVHKDGLFKRHOGHVHPSHxRHFR
QyPLFR GH 0p[LFR GHVSXpV GHO 1$)7$ IXH
VREUHVDOLHQWH\ODHFRQRPtDFKLOHQDWDPELpQ
WXYR XQ EXHQ GHVHPSHxR WUDV ODV UHIRUPDV
FRPHUFLDOHV(QDPERVSDtVHVHOVDODULRSUR
PHGLRDXPHQWy\ODIRUPDFLyQEUXWDGHFDSL
WDOFRPRSRUFHQWDMHGHO 3,%IXHVLJQLILFDWLYD
PHQWH VXSHULRU D OD H[KLELGD SRU &RORPELD
HQODGpFDGDSDVDGDYHUILJXUDV\
6LQ HPEDUJR HO FUHFLPLHQWR HFRQyPLFR
H[SHULPHQWDGR SRU 0p[LFR \ &KLOH KD VLGR
FRPSOHWDPHQWHGLIHUHQWHHQODVGRV~OWLPDV
GpFDGDV GHO VLJOR ;; DPERV SDtVHV H[SHUL
PHQWDURQ SURIXQGDV FULVLV D SULQFLSLRV GH
ORV RFKHQWD SHUR VX VHQGD GH UHFXSHUDFLyQ
KDVLGRFRPSOHWDPHQWHGLIHUHQWH 0LHQWUDV
&KLOH UHFXSHUy VX GLQiPLFD GH FUHFLPLHQWR
HQPHQRVGHXQDGpFDGD\GHVGHHQWRQFHV
VXWDVDGHFUHFLPLHQWRKDVLGRPD\RUTXHOD
DQWHULRUDODFULVLV0p[LFRQRORJUyWDVDVGH
FUHFLPLHQWR SHU FiSLWD SRVLWLYDV VLQR KDVWD
ILQDOHVGHORVQRYHQWD
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
/D OLWHUDWXUD HFRQyPLFD RIUHFH WUHV SRVL
EOHVH[SOLFDFLRQHVSDUDODVGLIHUHQFLDVHQHO
GHVHPSHxRHFRQyPLFRGHHVWRVGRVSDtVHV
L 6DODULRV UHDOHV 'H DFXHUGR FRQ HVWD H[
SOLFDFLyQ HO JRELHUQR FKLOHQR UHYLVy VX SR
OtWLFD GH LQGH[DFLyQ GH ORV VDODULRV UHDOHV \
SHUPLWLyTXHHVWRVFD\HUDQ$WUDYpVGHHVWD
SHUVSHFWLYD VH DUJXPHQWD TXH HVWH FDPELR
GH SROtWLFD MXQWR FRQ ODV SROtWLFDV TXH SUR
GXMHURQXQDUiSLGDGHSUHFLDFLyQGHODWDVDV
GH FDPELR UHDO JHQHUDURQ XQ ERRP H[SRU
WDGRU TXH LPSXOVy OD UiSLGD UHFXSHUDFLyQ
LL(OHIHFWRGHODGHXGDH[WHUQDVREUHHOHQ
WRUQR GH OD LQYHUVLyQ 6HJ~Q HVWD KLSyWHVLV
ORVLQYHUVLRQLVWDVVXIULHURQGHGHVLQFHQWLYRV
SDUDLQYHUWLUHQ0p[LFRSURGXFWRGHOWHPRU
DTXHJUDQSDUWHGHORVUHWRUQRVDHVDLQYHU
VLyQ IXHUDQ JUDYDGRV SDUD TXH HO JRELHUQR
SXGLHUD SDJDU DQWLJXRV SUpVWDPRV LLL 5H
IRUPDVHVWUXFWXUDOHV'HDFXHUGRDHVWHSXQ
WRGHYLVWDODSULQFLSDOGLIHUHQFLDSXHGHHQ
FRQWUDUVH HQ OD IRUPD HQ TXH DPERV SDtVHV
GLULJLHURQ DOJXQDV UHIRUPDV HVWUXFWXUDOHV
UHIHUHQWHV D SROtWLFD ILVFDO SULYDWL]DFLRQHV
FRPHUFLR\EDQFD
%HUJRHLQJ HW DO SUHVHQWDQ XQ HV
WXGLR UHYLVDQGR WRGDV ODV SRVLEOHV H[SOLFD
FLRQHV6HJ~QHOORVHOGLIHUHQWHGHVHPSHxR
HFRQyPLFR H[SHULPHQWDGR SRU 0p[LFR \
&KLOHWUDVODFULVLVGHORVRFKHQWDIXHFDXVD
GRSRUGLIHUHQFLDVHQODWDVDGHFUHFLPLHQWR
GHOD37)/DSURGXFWLYLGDGVLJXLyVHQGDVGH
FUHFLPLHQWRGLIHUHQWHVSRUTXH&KLOHDGRSWy
LPSRUWDQWHVUHIRUPDVHQHOVLVWHPDEDQFDULR
\HQODVOH\HVGHEDQFDUURWDTXHHQ0p[LFR
QR WXYLHURQ OXJDU 3DUD %HUJRHLQJ HW DO HO
IDFWRUPiVLPSRUWDQWHIXHODGLVSRVLFLyQFKL
OHQDDSDJDUHOFRVWRGHUHIRUPDUHOVLVWHPD
EDQFDULR \ GHMDU TXH ODV ILUPDV LQHILFLHQWHV
IXHUDQ D OD EDQFDUURWD (VWH KHFKR H[SOLFD
TXH GHVGH ORV RFKHQWD &KLOH SUHVHQWDUD XQ
PD\RUQLYHOGHFUpGLWRGRPpVWLFRFRPRSRU
FHQWDMHGHO 3,%FRPSDUDGRFRQHOREVHUYDGR
SDUD0p[LFRHQHOPLVPRSHUtRGRYHU)LJX
UD(QVHJXQGROXJDU&KLOH\DJR]DEDGH
EHQHILFLRVGHODVUHIRUPDVUHIHUHQWHVDODSUL
YDWL]DFLyQGXUDQWHORVRFKHQWDPLHQWUDVTXH
0p[LFRDSHQDVHPSH]DEDDLPSOHPHQWDUGL
FKDVUHIRUPDV'HODPLVPDIRUPDODDSHUWX
UDDOD ,('\ODGHVUHJXODFLyQGHODLQGXVWULD
GRPpVWLFDWXYROXJDUSULPHURHQ&KLOH
$GLFLRQDOPHQWH KD\ WUHV LQGLFDGRUHV
SDUD ORV TXH &KLOH H[KLEH PHMRU FRPSRUWD
PLHQWRTXH0p[LFR\&RORPELD(OSULPHUR
HVODHGXFDFLyQ/DVILJXUDV\PXHVWUDQ
ODWDVDGHDQDOIDEHWLVPRHQDGXOWRV\HOLQJUH
VRDODHGXFDFLyQWHUFLDULDUHVSHFWLYDPHQWH
/D WDVD GH DQDOIDEHWLVPR PH[LFDQD KD VLGR
FRQVLVWHQWHPHQWH HO GREOH GH OD DSUHFLDGD
SDUD&KLOHHQODWDVDGHDQDOIDEHWLVPR
HVWDEDFHUFDGHOODWDVDFKLOHQDHQ
6HJXQGRGHVSXpVGHORVRFKHQWDHOLQJUHVR
DODHGXFDFLyQWHUFLDULDKDFUHFLGRFRQWLQXD
PHQWH HQ &KLOH PLHQWUDV TXH HQ 0p[LFR KD
SHUPDQHFLGRFRQVWDQWH
8QD WHUFHUD GLIHUHQFLD TXH VH HQFXHQWUD
WLHQH TXH YHU FRQ OD WHFQRORJtD GLVSRQLEOH
HQFDGDSDtV/DVILJXUDV\PXHVWUDQOD
SHQHWUDFLyQGHORVFRPSXWDGRUHVSHUVRQDOHV
\ORVWHOpIRQRVPyYLOHVHQORVWUHVSDtVHVUHV
SHFWLYDPHQWH/DVSHTXHxDVGLIHUHQFLDVTXH
3DUDXQWUDWDPLHQWRGHWDOODGRGHHVWDVKLSyWHVLVYHUSRUHMHPSOR %HUJRHLQJ.HKRH.HKRH\6RWR*ODGH
+DFKHWWH\/XGHUV'HOD&XDGUD\+DFKHWWH6DFKV\&RUER\)LVKHU
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
VH SUHVHQWDEDQ D SULQFLSLRV GH ORV QRYHQWD
KDQFUHFLGRKDVWDFRQYHUWLUVHHQGLIHUHQFLDV
VXVWDQFLDOHVHQ
2WUDGLIHUHQFLDUHOHYDQWHHVODLQIUDHVWUXF
WXUD GHO WUDQVSRUWH (Q OD VHJXQGD VHFFLyQ
GH HVWH GRFXPHQWR PRVWUDPRV ORV tQGLFHV
GH HILFLHQFLD SRUWXDULD \ ORV NLOyPHWURV GH
FDUUHWHUDV SRU PLOOyQ GH KDELWDQWHV /R TXH
VHSXHGHGHFLUDOUHVSHFWRHVTXH&KLOHWLHQH
PHMRUHVSXHUWRVTXH0p[LFR\DVXYH]HVWH
~OWLPRWLHQHPHMRUHVSXHUWRVTXH&RORPELD
6LQ HPEDUJR FRQ UHVSHFWR D ODV FDUUHWHUDV
0p[LFR HV OLJHUDPHQWH PHMRU TXH &KLOH (Q
WRGRFDVRHODWUDVRGH&RORPELDHVHYLGHQWH
ODVFDUUHWHUDVGHEHQVHUPXOWLSOLFDGDVSRUXQ
IDFWRUGHSDUDORJUDUXQDUHGGHFDUUHWH
UDVWDQEXHQDFRPRODPH[LFDQD
)LQDOPHQWH GH DFXHUGR FRQ &DEDOOHUR
(QJHO \ 0LFFR OD IOH[LELOLGDG PL
FURHFRQyPLFDHVPD\RUHQ&KLOH\&RORPELD
TXHHQ0p[LFRHVWRLPSOLFDTXHODUHVSXHV
WD D QLYHO GH ODV ILUPDV DQWH FDPELRV HQ HO
HQWRUQRHFRQyPLFRHVPiVUiSLGDHQORVGRV
SULPHURV
$/
&
(QODVVHFFLRQHVSUHYLDVKHPRVUHYLVDGR
HOUHFLHQWHFRPSRUWDPLHQWRGHODVHFRQRPtDV
FRORPELDQDFKLOHQD\PH[LFDQDREWHQLHQGR
DOJXQDVOHFFLRQHVSDUDHOIXWXUR(QHVWDVHF
FLyQ VLPXODPRV ODV SRVLEOHV FRQVHFXHQFLDV
GHXQ 7/&HQWUH&RORPELD\(VWDGRV8QLGRV
EDMR GLIHUHQWHV HVFHQDULRV LQWHUQDFLRQDOHV
XWLOL]DQGRXQPRGHORGH(TXLOLEULR*HQHUDO
&RPSXWDEOH(*&PXOWLUHJLRQDO
$FWXDOPHQWH ODV LPSRUWDFLRQHV SURFH
GHQWHV GH ORV SDtVHV DQGLQRV %ROLYLD &R
ORPELD(FXDGRU\3HU~DWUDYpVGHOD/H\
GHSURPRFLyQGHFRPHUFLDODQGLQD\HUUDGL
FDFLyQGHODGURJD $73'($SRUVXVVLJODVHQ
LQJOpV WDPELpQ FRQRFLGD SRU VXV DQWLJXDV
VLJODV $73$ UHFLEHQ XQ WUDWR SUHIHUHQFLDO
SRU SDUWH GH (VWDGRV 8QLGRV 6LQ HPEDUJR
VL(VWDGRV8QLGRVOOHJDVHDILUPDUXQDFXHU
GRFRQFXDOTXLHUDGHORVSDtVHVDQGLQRVHVDV
SUHIHUHQFLDV XQLODWHUDOHV SXHGHQ DFDEDUVH
3RU HVWD UD]yQ HV ~WLO VLPXODU HO HIHFWR GH
GLVWLQWRVDFXHUGRVLQWHUQDFLRQDOHV3DUDHVWR
SURFHGHPRV GH OD VLJXLHQWH IRUPD SULPHUR
SUHVHQWDPRV ORV SULQFLSDOHV DVSHFWRV GH OD
PRGHODFLyQ HQIDWL]DQGR HQ ODV IRUWDOH]DV \
GHELOLGDGHVGHODQiOLVLV/XHJRSUHVHQWDPRV
ODVVLPXODFLRQHV\ILQDOPHQWHGLVFXWLPRVORV
UHVXOWDGRVGHpVWDV
01
(OPRGHORPXOWLUHJLRQDOHVUHDOL]DGRVR
EUH HO SDTXHWH *7$3LQ*$06 pVWH RIUHFH XQ
PRGHORGH (*&EiVLFRVLPLODUDOPRGHORGHO
3UR\HFWR GH $QiOLVLV GHO &RPHUFLR *OREDO *7$3 SRU VXV VLJODV HQ LQJOpV +HUWHO HW
DO(QHVWHGRFXPHQWRDJUHJDPRVODV
GLIHUHQWHV UHJLRQHV GHO *7$3 HQ UHJLRQHV
6LELHQHOPRGHORIXHVXPLQLVWUDGRSRUOD'LUHFFLyQGH(VWXGLRV(FRQyPLFRVGHO'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQGH
&RORPELDODVRSLQLRQHVSUHVHQWDGDVHQHVWHGRFXPHQWRFRUUHVSRQGHQH[FOXVLYDPHQWHDORVDXWRUHV\QRFRPSURPHWHQDO
JRELHUQRFRORPELDQRQLDQLQJXQRGHVXVIXQFLRQDULRV
(VWDVHFFLyQVLJXH'13\/LJKW
9HU*7$3LQ*$06HQKWWSGHEUHXFRORUDGRHGXJWDS
3DUDXQDGHVFULSFLyQGHORVGDWRVYHUKWWSZZZJWDSDJHFRQSXUGXHHGXGDWDEDVHVYYBGRFRDVS
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
LQFOX\HQGR &RORPELD TXH VRQ UHOHYDQWHV
SDUD HO FDVR FRORPELDQR \ GLFKD DJUHJD
FLyQ VH KDFH WHQLHQGR HQ FXHQWD HO FRPSRU
WDPLHQWR KLVWyULFR GHO SDWUyQ GH FRPHUFLR
/DHVSHFLILFDFLyQJHQHUDOGHOPRGHORVHKDFH
VLJXLHQGR HVWXGLRV SUHYLRV VREUH DFXHUGRV
FRPHUFLDOHVFRPRHOPRGHORGHRSFLRQHVGH
SROtWLFD FRPHUFLDO SDUD &KLOH \ %UDVLO *UX
JHO HW DO \ HO DQiOLVLV GHO $/&$ SDUD
&RORPELD5XWKHUIRUG\/LJKW(OPR
GHOR LQFRUSRUD VHFWRUHV SURGXFWLYRV \ IDFWRUHVGHSURGXFFLyQ$GHPiVORVVHFWRUHV
SURGXFWLYRV VRQ DJUHJDGRV HQ JUDQGHV
VHFWRUHV /DV WDEODV $ D $ GHO DSpQGLFH
SUHVHQWDQ ORV VHFWRUHV ORV IDFWRUHV GH SUR
GXFFLyQ\ORVGDWRVFRUUHVSRQGLHQWHVDODHV
WUXFWXUDGHOPRGHORSDUDFRPHUFLRFRQVXPR
\SURGXFFLyQHQHODxREDVH
/D HVSHFLILFDFLyQ GHO PRGHOR VH KDFH VL
JXLHQGR HO WUDEDMR GH 5XWKHUIRUG \ 7DUU
\ 5XWKHUIRUG \ /LJKW 3DUD
HVWH HMHUFLFLR QRV FRQFHQWUDPRV HQ HO PR
GHOR³EDVH´TXHHVHVWiWLFR\VXSRQHUHQGL
PLHQWRVFRQVWDQWHVDHVFDOD5&($SDUWHGHO
KHFKR GH TXH ODV H[SRUWDFLRQHV H LPSRUWD
FLRQHV VH HQFXHQWUDQ GLVFULPLQDGDV SRU UH
JLRQHV OD HVWUXFWXUD GHO PRGHOR SDUD FDGD
SDtV HV VLPLODU DO PRGHOR EiVLFR GH *7$3LQ
*$06(VWRHVODSURGXFFLyQUHTXLHUHGHOXVR
WDQWR GH IDFWRUHV SULPDULRV 7UDEDMR 7LHUUD
\&DSLWDOFRPRGHELHQHVLQWHUPHGLRV/RV
IDFWRUHV SULPDULRV WLHQHQ PRYLOLGDG LQWHU
VHFWRULDODQLYHOLQWUDUUHJLRQDOSHURVRQLQ
PyYLOHVLQWHUQDFLRQDOPHQWH$VXPLPRVXQD
IXQFLyQ GH HODVWLFLGDG FRQVWDQWH GH VXVWL
WXFLyQ&(6SRUVXVVLJODVHQLQJOpVSDUDOD
JHQHUDFLyQYDORUDJUHJDGR\XQDIXQFLyQGH
SURGXFFLyQ/HRQWLHISDUDORVELHQHVILQDOHV
HV GHFLU SHUPLWLPRV TXH H[LVWD VXVWLWXFLyQ
HQWUHHOFDSLWDO\HOWUDEDMRHQODSURGXFFLyQ
GHYDORUDJUHJDGRSHURLPSRQHPRVXQDUH
ODFLyQFRQVWDQWHHQWUHORVELHQHVLQWHUPHGLRV
\ HO YDORU DJUHJDGR OR TXH VXSRQH VLVWHPD
HFRQyPLFR FRQ XQD HVWUXFWXUD PHQRV IOH[L
EOH /D SURGXFFLyQ VH GLIHUHQFLD HQWUH SUR
GXFFLyQGRPpVWLFD\H[SRUWDFLRQHVSHURODV
H[SRUWDFLRQHV QR SXHGHQ VHU GLIHUHQFLDGDV
VHJ~QHOSDtVGHGHVWLQR
/RVFDPELRVHQHOELHQHVWDUVRQPHGLGRV
D WUDYpV GH OD XWLOLGDG GHO DJHQWH UHSUHVHQ
WDWLYR8VDPRVFRPRPHGLGDGHHVWRVFDP
ELRVOD9DULDFLyQ(TXLYDOHQWHDWUDYpVGHOD
FXDOVHSXHGHQFRPELQDUHOHIHFWRSUHFLRV\
HO HIHFWR LQJUHVR (VWD PHGLGD FRPSXWD HO
FDPELR HQ HO QLYHO GH XWLOLGDG D WUDYpV GH
FDPELRVHTXLYDOHQWHVHQHOQLYHOGHLQJUHVR
(OSDTXHWH *7$3LQ*$06QRVSHUPLWHHYDOXDU
H[SOtFLWDPHQWHODLPSRUWDQFLDTXHWLHQHSDUD
&RORPELDPHMRUDUHODFFHVRDPHUFDGRVFRQ
(VWDGRV 8QLGRV \ FRQ RWUDV UHJLRQHV DVt
FRPR ORV SRVLEOHV HIHFWRV QHJDWLYRV TXH OD
GHVYLDFLyQ GH FRPHUFLR SXHGH WHQHU VREUH
ORVSDtVHVYHFLQRVFRPR9HQH]XHOD(FXDGRU
\%UDVLO
/RVGDWRVGHODxREDVHSURYLHQHQGHODV
FXHQWDVQDFLRQDOHVGH3DUDLQFRUSRUDU
ORV DFXHUGRV ILUPDGRV GHVSXpV GH HVH DxR
DMXVWDPRVHOPRGHOR\ODHVWUXFWXUDDUDQFH
ODULDGHIRUPDWDOTXHVHYHDQUHIOHMDGRVORV
DFWXDOHV UHJLPHQHV FRPHUFLDOHV /RV DFXHU
GRV FRQVLGHUDGRV FRPR UHOHYDQWHV VRQ HO
iUHD GH OLEUH FRPHUFLR FRQWHPSODGD HQ HO
PDUFR GH OD &RPXQLGDG $QGLQD GH 1DFLR
9HUILJXUD$GHODSpQGLFH
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
QHV&$1\HO0(5&2685TXHSUHWHQGHHOHVWD
EOHFLPLHQWRGHXQPHUFDGRFRP~QHQWUHORV
SDtVHVPLHPEURVSHURTXHSRUHOPRPHQWR
HVXQiUHDGHOLEUHFRPHUFLR$GHPiVGHpV
WRV DVXPLPRV TXH HO 1$)7$ RSHUD FRPR XQ
7/&HIHFWLYRFRQFHURDUDQFHOHVHQWUH(VWDGRV
8QLGRV&DQDGi\0p[LFRSHURGRQGHFDGD
XQRGHORVSDtVHVWLHQHVXSURSLRDUDQFHOH[
WHUQR$VtPLVPRH[LVWHQRWUDVHULHGHDFXHU
GRVUHJLRQDOHVGHFRPHUFLRHQWRGD$PpULFD
FRQGLIHUHQWHVQLYHOHVGHHIHFWLYLGDGVLQHP
EDUJRODEDVHGHGDWRV*7$3QRLQFRUSRUDPX
FKDV GH ODV WDULIDV SUHIHUHQFLDOHV JHQHUDGDV
SRUGLFKRVDFXHUGRV3RUORWDQWRXWLOL]DPRV
XQD FRPELQDFLyQ GH ODV WDULIDV DUDQFHODULDV
WRPDGDVGHODEDVHGHGDWRV *7$3\GHODV
HVWDGtVWLFDVPiVUHFLHQWHVGHODEDVHGHGDWRV
GH FRPHUFLR GHO %DQFR ,QWHU$PHULFDQR GH
'HVDUUROOR%,'
&RPRFXDOTXLHURWURPRGHORHVWHHVXQD
VLPSOLILFDFLyQGHXQSUREOHPDHFRQyPLFRD
WUDYpVGHOXVRGHIXHUWHVVXSXHVWRVWHyULFRV
(OXVRGHHVWRVVXSXHVWRVQRLQYiOLGDODUH
OHYDQFLD GH ORV UHVXOWDGRV VLQ HPEDUJR HV
QHFHVDULRWHQHUORVHQFXHQWDDOPRPHQWRGH
LQWHUSUHWDUODVVLPXODFLRQHV$FRQWLQXDFLyQ
VHSUHVHQWDQODVIRUWDOH]DV\ODVOLPLWDFLRQHV
GH OD DSOLFDFLyQ GH XQ PRGHOR GH FRPHUFLR
PXOWLUHJLRQDOHQHODQiOLVLVGHODSROtWLFDFR
PHUFLDOELODWHUDO
2
3
Ć (QIRTXH PXOWLUHJLRQDO (VWD DSUR[LPD
FLyQ WLHQH GRV YHQWDMDV 3ULPHUR PXHVWUD
H[SOtFLWDPHQWH ORV HIHFWRV TXH ORV DFXHUGRV
FRPHUFLDOHVWLHQHQVREUHWRGRVORVSDtVHVH[
WUDQMHURV(VWRHVLPSRUWDQWHSRUTXHSHUPLWH
REVHUYDUFDPELRVHQODYHQWDMDFRPSDUDWLYD
HQWRGRVORVSDtVHV\GHHVWDIRUPDGHWHUPL
QDUODFUHDFLyQ\ODGHVYLDFLyQGHFRPHUFLR
6HJXQGRHVWHHQIRTXHGHVFULEHODLPSRUWDQ
FLDTXHWLHQHQORVDFXHUGRVVREUHHOELHQHVWDU
GHRWURSDtV3RUHMHPSORHVSRVLEOHLGHQWL
ILFDU ODV H[SRUWDFLRQHV FODYH GH 0p[LFR ăOR
TXH D\XGDUi D &RORPELD D HQWHQGHU ORV UH
VXOWDGRVWUDVODVSROtWLFDVDGRSWDGDVSRUVXV
SULQFLSDOHV VRFLRV FRPHUFLDOHV (O HQIRTXH
PXOWLUHJLRQDOQRVSHUPLWHDSUHFLDUODVFRP
SOHPHQWDULHGDGHV HVWUDWpJLFDV HQWUH SDt
VHV LGHQWLILFDU SRVLEOHV VRFLRV FRPHUFLDOHV
\REVHUYDUORVHIHFWRVTXHSXHGHQWHQHUORV
DFXHUGRVFRPHUFLDOHVVREUHORVSDtVHVTXHQR
SDUWLFLSDQGHGLFKRVDFXHUGRVGHWDOIRUPD
TXHORVHQFDUJDGRVGHKDFHUSROtWLFDQRVyOR
WHQJDQ HQ FXHQWD HO HIHFWR GH VXV SURSLDV
SROtWLFDVVLQRTXHWDPELpQWHQJDQSUHVHQWH
HOHIHFWRGHODVSROtWLFDVHMHFXWDGDVHQRWURV
SDtVHV
Ć'DWRVFRQVLVWHQWHV\FRPSDUDEOHV/DEDVH
GH GDWRV *7$3 \ HO PRGHOR *7$3LQ*$06 SUR
YHHQXQDVHULHGHGDWRVFRQVLVWHQWHV\FRP
SDUDEOHV HQWUH XQ JUDQ Q~PHUR GH SDtVHV
(VWR HV HO JUXSR GH LQYHVWLJDFLyQ GHO *7$3
HVFXLGDGRVRHQGHILQLUFRQVLVWHQWHPHQWHOD
QDWXUDOH]DGHFDGDcommodity'DGRTXHODV
GHILQLFLRQHVVHFWRULDOHVKDQVLGRFXLGDGRVD
PHQWH UHDOL]DGDV \ UHYLVDGDV ORV GDWRV GH
SURGXFFLyQ\FRQVXPRHQWUHVHFWRUHV\SDt
VHVSXHGHQVHUFRPSDUDGRV
9HUHOVLWLRZHEGH*7$3SDUDXQDGHVFULSFLyQGHWDOODGDGHFyPRVHFDOFXODQORVDUDQFHOHV\ODVEDUUHUDVQRDUDQFHODULDV
/DVEDUUHUDVDUDQFHODULDVHQDJULFXOWXUDHQUHDOLGDGVRQPD\RUHV9HU'13
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
&
Ć(QIRTXHGHODJHQWHUHSUHVHQWDWLYR$WUD
YpVGHOPRGHORQRHVSRVLEOHGHWHUPLQDU HO
HIHFWR GH ORV DFXHUGRV FRPHUFLDOHV VREUH OD
GLVWULEXFLyQ GDGR TXH VyOR KD\ XQ DJHQWH
SRUSDtV&RPRHOHQIRTXHGHDJHQWHUHSUH
VHQWDWLYRPXHVWUDORVFDPELRVHQHOELHQHV
WDU GHO FLXGDGDQR SURPHGLR QR VH SXHGHQ
REWHQHUFRQFOXVLRQHVVREUHHOHIHFWRHQODSR
EUH]DRHQODGLVWULEXFLyQGHOLQJUHVR
Ć 5HQGLPLHQWRV FRQVWDQWHV D HVFDOD 5&(
&RQ HVWH VXSXHVWR VyOR HV SRVLEOH DQDOL]DU
ODOLEHUDOL]DFLyQGHOFRPHUFLRGHELHQHVVLQ
HPEDUJR UHFLHQWHV WUDEDMRV WHyULFRV KDQ
PRVWUDGRTXHODPD\RUSDUWHGHODVJDQDQ
FLDV GHULYDGDV GHO FRPHUFLR VH HQFXHQWUDQ
HQ HO FRPHUFLR GH VHUYLFLRV PiV TXH HQ HO
GHELHQHV'DGRTXHHOFRPSRQHQWHGHVHU
YLFLRV QR HV FDSWXUDGR SRU HO PRGHOR PXO
WLUHJLRQDO ORV EHQHILFLRV SURGXFLGRV SRU OD
WUDQVIHUHQFLDWHFQROyJLFD\GHFRQRFLPLHQWR
TXHVHGDQFRQODOLEHUDOL]DFLyQGHOFRPHUFLR
GHVHUYLFLRVSHUPDQHFHUiQVLQVHUPHGLGRV
Ć$JUHJDFLyQVHFWRULDO(OPRGHOR *7$3GLV
WLQJXHVHFWRUHVSURGXFWLYRVGLIHUHQWHV6L
ELHQpVWHHVXQJUDQQ~PHURGHVHFWRUHVHQ
FXDQWRDOFRVWRGHFRPSXWDUHOPRGHOR\GH
REWHQHU ORV GDWRV QR HV OR VXILFLHQWHPHQWH
HVSHFtILFRSDUDDOJXQDVLQGXVWULDV
Ć ([SRUWDFLRQHV SRWHQFLDOHV \ HVWUXFWXUD
HFRQyPLFD(OPRGHORGHFRPHUFLRPXOWLUH
JLRQDOQRLQFOX\HVHFWRUHVHQORVTXHQRKD\D
KDELGR FRPHUFLR GXUDQWH HO DxR EDVH (VWRH[FOX\HODSRVLELOLGDGGHTXHKD\DH[
SRUWDFLRQHVHQQXHYRVVHFWRUHVTXHFXHQWDQ
FRQXQDYHQWDMDFRPSDUDWLYDD~QVLQH[SOR
WDU 'H IRUPD PiV JHQHUDO VH SXHGH GHFLU
TXH HO PRGHOR HVWi DPDUUDGR D OD LQIRUPD
FLyQGHODxREDVH\QRUHIOHMDSRVLEOHVFDP
ELRVHFRQyPLFRVLPSRUWDQWHV
Ć 5HVWULFFLyQ HQ OD FXHQWD FRUULHQWH %DMR
QXHVWUR PDUFR HVWiWLFR FRQ UHQGLPLHQWRV
FUHFLHQWHV D HVFDOD \ DJHQWH UHSUHVHQWDWLYR
HOEDODQFHGHODFXHQWDFRUULHQWHVHPDQWLHQH
FRQVWDWHGXUDQWHORVHMHUFLFLRVFRQWUDIDFWXD
OHV(VWDUHVWULFFLyQLQWURGXFHDOJXQRVFDP
ELRVLQGHVHDGRVHQORVWpUPLQRVGHLQWHUFDP
ELRGHXQSDtV(QSDUWLFXODUODHOLPLQDFLyQ
GH DUDQFHOHV HQ (VWDGRV 8QLGRV LQGXFLUi D
XQ DXPHQWR GH ODV H[SRUWDFLRQHV GH ELHQHV
FRORPELDQRV KDFLD HVH SDtV VLQ HPEDUJR
GDGDODUHVWULFFLyQVREUHODFXHQWDFRUULHQWH
HVWH DXPHQWR QHFHVDULDPHQWH VHUi FRPSHQ
VDGR SRU XQ DXPHQWR GH ODV LPSRUWDFLRQHV
GHVGH(VWDGRV8QLGRV
Ć0DUFRHVWiWLFR(QVHQWLGRGLQiPLFRVHHVSH
UDUtDTXHHOSURFHVRGHOLEHUDOL]DFLyQSURGX
MHUDFDPELRVHVWUXFWXUDOHVHQORVSDWURQHVGH
LQYHUVLyQ\HQODSURGXFWLYLGDGDORODUJRGH
XQDVHULHGHVHFWRUHVFUtWLFRVHQODSURYLVLyQGH
ELHQHV\VHUYLFLRVTXHFDXVDUtDQLQFUHPHQWRV
VLJQLILFDWLYRVGHO3,%PHMRUGHVHPSHxRH[SRU
WDGRU\PHMRUDVHQHOEDODQFHH[WHUQR/DDQ
WHULRUGLQiPLFDQRHVFDSWDGDSRUXQPRGHOR
HVWiWLFR%DMRODKLSyWHVLVGHOLQJUHVRSHUPD
QHQWHODOLEHUDOL]DFLyQFRPHUFLDOJHQHUDUiXQ
LQFUHPHQWRHQHOFRQVXPR\HQHOFRUWRSOD]R
XQGpILFLWFRPHUFLDOYHU.HKRH
Ć3OHQRHPSOHR/DRIHUWDODERUDOHVILMDFRQ
ORFXDOHOLPSDFWRGHOOLEUHFRPHUFLRVREUH
OD UHPXQHUDFLyQ D ORV IDFWRUHV SXHGH VHU
H[DJHUDGR
/
/DV VLPXODFLRQHV VRQ UHDOL]DGDV FRQWUD
ORVGDWRVGHODxREDVH(ODxREDVHKDFHUH
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
IHUHQFLD D OD HVWUXFWXUD GH OD HFRQRPtD FR
ORPELDQDSDUDVHJ~QODEDVHGHGDWRV
GH *7$3 PiV ODV DFWXDOL]DFLRQHV SHUWLQHQ
WHV D ODV WDULIDV DUDQFHODULDV SDUD ORV SDtVHV
TXHILUPDURQDFXHUGRVGHVSXpVGHHVHDxR
'DGR TXH HV GLItFLO HVWLPDU HO QLYHO GH ORV
DUDQFHOHVJHQHUDGRVSRUHVWRVQXHYRVDFXHU
GRVFXDQGRQRH[LVWHLQIRUPDFLyQVXILFLHQWH
VXSRQHPRVDUDQFHOHVLJXDOHVDFHURDOLQWH
ULRU GH ORV EORTXHV FRPHUFLDOHV \ DUDQFHOHV
GH QDFLyQ PiV IDYRUHFLGD SDUD HO FRPHUFLR
IXHUDGHORVEORTXHV6LQHPEDUJRWDQWRORV
GDWRVGHORVSDtVHVDQGLQRVFRPRORVGH(V
WUDGRV8QLGRVVHHQFXHQWUDQFRPSOHWDPHQ
WHDFWXDOL]DGRV(QHODSpQGLFHVHHQFXHQWUD
LQIRUPDFLyQFRPSOHWDVREUHODHVWUXFWXUDGH
ODHFRQRPtDFRORPELDQDREWHQLGDGHODEDVH
GHGDWRVGHO *7$3DVtFRPRGHODHVWUXFWXUD
DUDQFHODULDLPSOtFLWDHQOD &$1\HQHOWUDWD
PLHQWRSUHIHUHQFLDOGH(VWDGRV8QLGRVDDO
JXQRV SURGXFWRV FRORPELDQRV HQ HO PDUFR
GHO$73'($
3DUWLPRV GH FXDWUR HVFHQDULRV EiVLFRV
SDUDHOPRGHORFRQ5&(
$37'($ 6XSRQHPRV TXH (VWDGRV 8QLGRV
XQLODWHUDOPHQWHILMDXQDUDQFHOGHFHURSDUD
WRGRVORVELHQHVRULJLQDULRVGHORVSDtVHVDQ
GLQRV %ROLYLD &RORPELD (FXDGRU \ 3HU~
(VWH H[SHULPHQWR QRV SHUPLWH REVHUYDU ODV
SRVLEOHVSpUGLGDVTXHHVWRVSDtVHVHQHVSH
FLDO&RORPELDSXHGHQVXIULUFXDQGRHO $73
'($VHGpSRUWHUPLQDGReVWHQRHVH[DFWD
PHQWH XQ H[SHULPHQWR FRQWUDIDFWXDO GDGR
TXH HO $73'($ D~Q HVWi YLJHQWH SHUR SXHGH
VHUPX\~WLOSDUDHYDOXDUODSUHFLVLyQGHODV
SUHGLFFLRQHV GHO PRGHOR \ SDUD REVHUYDU
ORV HIHFWRV GH SHUGHU ODV SUHIHUHQFLDV DUDQ
FHODULDVFRQ(VWDGRV8QLGRV\QRILUPDUXQ
DFXHUGRFRQHVHSDtV
%,/$7%DMRHVWHHVFHQDULRLPSOHPHQWDPRV
XQDFXHUGRELODWHUDOGHOLEUHFRPHUFLRHQWUH
&RORPELD \ (VWDGRV 8QLGRV PDQWHQLHQGR
ODV SUHIHUHQFLDV GHO $73'($ SDUD HO UHVWR GH
ORVSDtVHVDQGLQRV(QWRQFHV&RORPELD\(V
WDGRV 8QLGRV HOLPLQDQ SRU FRPSOHWR WRGDV
ODV EDUUHUDV FRPHUFLDOHV DUDQFHODULDV \ QR
DUDQFHODULDVDVtFRPRORVVXEVLGLRVDODVH[
SRUWDFLRQHV GH ELHQHV \ VHUYLFLRV HQWUH ORV
GRVSDtVHV(VWHHVFHQDULRQRVSHUPLWHREVHU
YDUORVHIHFWRVVREUHHOELHQHVWDU\ODFRPSH
WLWLYLGDGHQ&RORPELDHQFRQWUDVWHFRQHOHV
FHQDULR$73'($HVGHFLUFXiQWRSXHGHJDQDU
RSHUGHU&RORPELDVLHO $73'($VHPDQWLHQH
SRU VLHPSUH \ VH ILUPD XQ 7/& FRQ (VWDGRV
8QLGRV/DGLIHUHQFLDFXDQWLWDWLYDHQWUHHVWH
HVFHQDULR \ HO HVFHQDULR $73'($ QRV PXHV
WUD ODV SRVLEOHV SpUGLGDV R JDQDQFLDV TXH
REWHQGUtD &RORPELD WUDV OD ILUPD GH XQ 7/&
FRQ(VWDGRV8QLGRVEDMRHODFWXDOFRQWH[WR
HFRQyPLFR
86&2/ (Q HVWH HVFHQDULR VLPXODPRV XQ
DFXHUGR ELODWHUDO GH OLEUH FRPHUFLR HQWUH
(VWDGRV8QLGRV\&RORPELDHOLPLQDQGRODV
SUHIHUHQFLDV GHO $73'($ SDUD HO UHVWR GH ORV
SDtVHVDQGLQRV(VWHH[SHULPHQWRHVVLPLODU
DOGH %,/$7\DTXHQRVSHUPLWHREVHUYDUODV
JDQDQFLDV HQ FRPSHWLWLYLGDG TXH &RORPELD
SXHGH H[SHULPHQWDU VL VH FRPSDUD FRQ HO
UHVWRGHORVSDtVHVDQGLQRVXQDYH]VHHOLPL
QHHO$73'($(VWHHVXQHVFHQDULRLQWHUHVDQWH
\PiVUHDOLVWDGDGRTXHODVSUHIHUHQFLDVXQL
ODWHUDOHVGH(VWDGRV8QLGRVQRVHYDQDPDQ
WHQHUSRUVLHPSUH$GHPiV86&2/QRVSHUPL
WH FXDQWLILFDU ORV HIHFWRV SDUD &RORPELD GH
VHUXQRGHORVSULPHURVSDtVHVHQILUPDUXQ
DFXHUGRFRQ(VWDGRV8QLGRV
)7$$$FiVLPXODPRVHO$FXHUGRGHOLEUH
FRPHUFLRGHODV$PpULFDV$/&$R )7$$SRU
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
VXV VLJODV HQ LQJOpV HOLPLQDQGR WRGDV ODV
EDUUHUDVFRPHUFLDOHVDOLQWHULRUGH$PpULFD
WRPDQGR HO $73'($ FRPR SXQWR GH SDUWLGD
3RUWDQWRHVWHHVFHQDULRHVXQDFRPELQDFLyQ
GHOHVFHQDULR$73'($PiVOLEHUDOL]DFLyQPXO
WLODWHUDO
/D 7DEOD PXHVWUD ORV FXDWUR HVFHQD
ULRV \ HO WLSR GH DFXHUGRV TXH FXEUH FDGD
XQRGHpVWRV
4
%DMR ORV HVFHQDULRV GHVFULWRV HQ OD VHF
FLyQ DQWHULRU ORV UHVXOWDGRV GHO PRGH
OR PXHVWUDQ TXH D SHVDU GH VHU SHTXHxR
KDEUi XQ DXPHQWR HQ HO ELHQHVWDU \ HQ OD
SURGXFFLyQ GH ORV FRQVXPLGRUHV \ ILUPDV
FRORPELDQDVUHVSHFWLYDPHQWH&RPRVHHV
SHUDED XQ DFXHUGR ELODWHUDO UHIXHU]D ORV
EHQHILFLRV TXH DFWXDOPHQWH VH GHULYDQ GH
ODV SUHIHUHQFLDV DUDQFHODULDV REWHQLGDV D
SDUWLUGHO$73'($
/DV VLPXODFLRQHV PXHVWUDQ HO HVFHQDULR
$73'($FRPRHOPHMRUSDUDODHFRQRPtDFR
ORPELDQDYHU7DEOD(VWHUHVXOWDGRSD
UHFHFRQWUDLQWXLWLYR\DTXHVHHVSHUDUtDXQ
PD\RUDXPHQWRHQHOELHQHVWDU\HQODSUR
GXFFLyQHQXQHQWRUQRGHPD\RULQWHJUDFLyQ
SRUHMHPSOREDMRHO$/&$SHURVHSXHGHH[
SOLFDUSRUORVVXSXHVWRVKHFKRVVREUHHOJR
ELHUQR\ODVEDUUHUDVFRPHUFLDOHV(OJRELHU
QR UHFDXGD LPSXHVWRV VREUH OD SURGXFFLyQ
\ HO FRQVXPR \ WUDQVILHUH HVWRV LQJUHVRV
GLUHFWDPHQWHDODJHQWHUHSUHVHQWDWLYRFRPR
XQDGRWDFLyQ3RUWDQWRDXQTXHORVDUDQFH
OHVQRVRQLPSRUWDQWHVSDUDODHVWUXFWXUDGH
LQJUHVRVGHOJRELHUQRVXUHGXFFLyQUHGXFH
ODV SRVLELOLGDGHV GH FRQVXPR GHO DJHQWH
UHSUHVHQWDWLYR(VWHUHVXOWDGRVHGHULYDGHO
VXSXHVWRGHTXHODH[LVWHQFLDGHEDMDVEDUUH
UDVDUDQFHODULDVHQWUHGRVVRFLRVFRPHUFLDOHV
FDPELDORVWpUPLQRVGHLQWHUFDPELRDIDYRU
GHOSDtVTXHLPSRQHODVEDUUHUDV$GLFLRQDO
PHQWH OD GLIHUHQFLD HQWUH XQ DFXHUGR ELOD
WHUDO \ HO $73'($ QR VH SXHGH WRPDU FRPR
TXH HO VHJXQGR VHD VXSHULRU DO SULPHUR (O
DFXHUGR ELODWHUDO SXHGH FUHDU SUHIHUHQFLDV
FRPHUFLDOHVSHUPDQHQWHVDVtFRPRSHUPLWLU
FRQGLFLRQHVPiVHVWDEOHVSDUDODLQYHUVLyQ
/D7DEODPXHVWUDORVUHVXOWDGRVDJUH
JDGRV GH ODV VLPXODFLRQHV 6H GHEHQ GHV
WDFDU WUHV SXQWRV GH HVWD WDEOD 3ULPHUR OD
LQWHJUDFLyQ HFRQyPLFD FRQOOHYD XQ PD\RU
ELHQHVWDU\SURGXFFLyQGHODHFRQRPtDJH
QHUDGRVSRUODUHGXFFLyQHQHOSUHFLRGHORV
ELHQHV LPSRUWDGRV \ SRU OD H[SDQVLyQ GHO
PHUFDGR GH ODV H[SRUWDFLRQHV 6HJXQGR OD
WDVD GH FDPELR UHDO VH GHSUHFLD EDMR WRGRV
ORV HVFHQDULRV TXH LPSOLFDQ OD HOLPLQDFLyQ
GHDUDQFHOHVSRUSDUWHGH&RORPELDORTXH
HVWiHQOtQHDFRQODFRQVLVWHQFLDLQWHUQDGHO
PRGHOR\ODLQIRUPDFLyQGHODxREDVHGRQ
GHODFXHQWDFRUULHQWHPXHVWUDXQGpILFLWGHO
GHO3,%SRUWDQWRSDUDPDQWHQHUODFXHQ
WD FRUULHQWH LQDOWHUDGD OD H[SDQVLyQ HQ ODV
H[SRUWDFLRQHVGHEHVHUFRPSHQVDGDSRUXQ
DXPHQWRHQODVLPSRUWDFLRQHVORTXHJHQHUD
(OPRGHORSHUPLWHGLIHUHQWHVHODVWLFLGDGHVGHVXVWLWXFLyQWUDQVIRUPDFLyQ\HODVWLFLGDGSUHFLRGHODVLPSRUWDFLRQHV$Fi
PRVWUDPRVORVUHVXOWDGRVGHXQHVFHQDULRUHDOLVWDGHEDMDVHODVWLFLGDGHVGRQGHODHODVWLFLGDGGHODVLPSRUWDFLRQHVDODSUR
GXFFLyQGRPpVWLFDHVODHODVWLFLGDGGHWUDQVIRUPDFLyQGHODSURGXFFLyQGRPpVWLFDDODVH[SRUWDFLRQHVHV\ODHODVWLFLGDG
SUHFLRGHODVLPSRUWDFLRQHVHV(QFDVRGHVHUVROLFLWDGRVORVUHVXOWDGRVFRUUHVSRQGLHQWHVDHVFHQDULRVGHDOWDHODVWLFLGDG
VHSXHGHQSURYHHU
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
GHSUHFLDFLyQ7HUFHURORVLQJUHVRVDUDQFHOD
ULRVVHUHGXFHQDIHFWDQGRODVWUDQVIHUHQFLDV
GHOJRELHUQRDORVFRQVXPLGRUHV3DUDSRGHU
HOLPLQDU HVWH HIHFWR VH GHEHQ FUHDU QXHYDV
IXHQWHVGHLQJUHVRVSDUDHOJRELHUQR
(Q HVWH WLSR GH PRGHORV OD SURGXFFLyQ
ODV H[SRUWDFLRQHV \ ODV LPSRUWDFLRQHV GLV
FULPLQDQGRSRUVHFWRUHVVRQJXLDGDVSRUHO
FDPELR HQ ORV SUHFLRV UHODWLYRV TXH JHQHUH
HO DFXHUGR (Q OD 7DEOD SXHGH REVHUYDU
VHTXHEDMRHODFXHUGRELODWHUDO7/&\EDMR
HO HVFHQDULR )7$$ VH JHQHUDQ LPSRUWDQWHV
PHMRUDV HQ ORV WpUPLQRV GH LQWHUFDPELR
GHWHUPLQDGDV SRU OD UHGXFFLyQ HQ HO SUHFLR
GH ODV LPSRUWDFLRQHV WUDV OD HOLPLQDFLyQ GH
ODVEDUUHUDVFRPHUFLDOHV6LFRPSDUDPRVHV
WRV UHVXOWDGRV FRQ ORV TXH VH REWLHQHQ EDMR
HO $73'($ \ FRQVLGHUDQGR ODV GLIHUHQFLDV GH
WDPDxRGHORVVRFLRVFRPHUFLDOHVHVWHUHVXO
WDGRUHVDOWDHOLPSDFWRVREUHODUHGXFFLyQGH
FRVWRVSDUDORVFRQVXPLGRUHV
7DQWR H[SRUWDFLRQHV FRPR LPSRUWDFLR
QHVVHPXHYHQHQODGLUHFFLyQHVSHUDGDYHU
WDEODV \ 6L ELHQ KD\ XQD UHGXFFLyQ
HQ OD SURGXFFLyQ HQ DOJXQRV VHFWRUHV DIHF
WDGRVSRUHODXPHQWRHQODFRPSHWHQFLDGH
ODVLPSRUWDFLRQHVORVVHFWRUHVHQH[SDQVLyQ
DEVRUEHQ UHFXUVRV GH ODV DFWLYLGDGHV HQ
GHWHULRUR JUDFLDV DO FDPELR HQ ORV SUHFLRV
UHODWLYRVYHUWDEODV\&RPRVHGLMR
DQWHVHVWDUHDVLJQDFLyQGHUHFXUVRVHVGLIt
FLOGHREVHUYDUFRQORVGDWRVGLVSRQLEOHV\
ODVH[SHULHQFLDVGHOLEHUDOL]DFLyQFRPHUFLDO
YLYLGDV SRU ORV SDtVHV SHUR HV FRQVLVWHQWH
FRQ ORV VXSXHVWRV GHO PRGHOR (Q SDUWLFX
ODUHOPRGHORQRSXHGHFDSWXUDUORVDMXVWHV
TXHVHSUHVHQWDUtDQGHVSXpVGHTXHDOJXQDV
FOiXVXODV \ H[FHSFLRQHV VH LQFOX\DQ HQ HO
WH[WRGHODFXHUGR
6HFWRUSRUVHFWRUORVUHVXOWDGRVPXHVWUDQ
FDPELRV HQ OD UHPXQHUDFLyQ UHODWLYD GH ORV
IDFWRUHV YHU 7DEOD /D UHPXQHUDFLyQ DO
WUDEDMR QR FDOLILFDGR VH LQFUHPHQWD HQ PD
\RUSURSRUFLyQTXHODGHOWUDEDMRFDOLILFDGR
\TXHODGHORVRWURVIDFWRUHVGHSURGXFFLyQ
ORTXHHVFRQVLVWHQWHFRQODWHRUtDWUDVHOPR
GHORPiVQRFRQORVKHFKRVGHVFULWRVHQODV
VHFFLRQHVDQWHULRUHV(VWRVHSXHGHH[SOLFDU
SRU ORV VXSXHVWRV VLPSOLILFDGRUHV WDQWR VR
EUHODFRPSHWHQFLDHQWUHILUPDVFRPRVREUH
HOPHUFDGRODERUDO
+#+5+#6+"7&+
$SHVDUGHTXHODVYHQWDMDVGHXQDFXHU
GR ELODWHUDO VRQ HYLGHQWHV DOJXQRV HVWDUiQ
WHQWDGRV D SHQVDU TXH HV PHMRU UHQRYDU ODV
SUHIHUHQFLDVDUDQFHODULDV\SURWHJHUDODVILU
PDVQDFLRQDOHVGHODVLPSRUWDFLRQHVSURYH
QLHQWHV GH (VWDGRV 8QLGRV $ FRQWLQXDFLyQ
RIUHFHPRVGRVDUJXPHQWRVHQFRQWUDGHHVWH
SXQWRGHYLVWDXQRVHGHULYDGHORVUHVXOWD
GRV GHO PRGHOR \ HO RWUR GH OD H[SHULHQFLD
PH[LFDQD
/RV UHVXOWDGRV GH OD VLPXODFLyQ PXHV
WUDQ TXH XQ DFXHUGR ELODWHUDO HV XQ PHMRU
HVFHQDULR TXH HO $73'($ GDGRV WUHV EHQHIL
FLRV IXQGDPHQWDOHV TXH VRQ VXSHULRUHV HQ
HO SULPHUR L WpUPLQRV GH LQWHUFDPELR LL
UHPXQHUDFLyQDORVIDFWRUHV\LLLSUHFLRVDO
FRQVXPLGRU /RV WpUPLQRV GH LQWHUFDPELR
VRQPD\RUHVEDMR%,/$7SXHVWRTXHORVH[SRU
WDGRUHVFRORPELDQRVHQIUHQWDQPD\RUHVSUH
FLRVGHODVH[SRUWDFLRQHV\PHQRUHVSUHFLRV
GHODVLPSRUWDFLRQHV/DUHPXQHUDFLyQDORV
IDFWRUHVHVPD\RUSRUTXHVHGDXQDFRPSOH
WD UHDVLJQDFLyQ GH ORV UHFXUVRV TXH HV H[
SHULPHQWDGD EDMR HO HVFHQDULR $73$ $73'($
)LQDOPHQWH ORV FRQVXPLGRUHV DSUHFLDQ XQD
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
FDtGDHQORVSUHFLRVGHORVELHQHVGHFRQVX
PR TXH QR HV FRPSOHWDPHQWH WUDGXFLGD HQ
XQDXPHQWRGHELHQHVWDUGDGDODUHGXFFLyQ
HQHOLQJUHVRGHOJRELHUQRTXHHVFRPSOHWD
PHQWH WUDQVPLWLGD DO LQJUHVR GLVSRQLEOH GH
ORVDJHQWHV
$GLFLRQDOPHQWHHQWUHORVHIHFWRVTXHQR
VRQWHQLGRVHQFXHQWDHQHVWRVPRGHORVXQD
GHODVJUDQGHVYHQWDMDVGHILUPDUXQDFXHUGR
WLHQHTXHYHUFRQODHVWDELOLGDGGHODVUHJODV
GH LQYHUVLyQ 0LHQWUDV TXH ODV SUHIHUHQFLDV
XQLODWHUDOHVGHO $73'($VRQWHPSRUDOHV\GH
EHQVHUUHQRYDGDVFRQVWDQWHPHQWHXQDFXHU
GRELODWHUDOSURYHHUiPD\RUVHJXULGDGSDUD
ORVLQYHUVLRQLVWDVHVWDELOL]DUiVXVH[SHFWDWL
YDV\SHUPLWLUiXQDXPHQWRGHODLQYHUVLyQ
GH ODUJR SOD]R HQ ORV VHFWRUHV SURGXFWLYRV
TXH UHVXOWHQ VHU H[LWRVRV EDMR ODV QXHYDV
FRQGLFLRQHVGHOPHUFDGR6LQHPEDUJRHVWRV
FDPELRV SRVLWLYRV LQGXFLGRV SRU HO DFXHU
GR ELODWHUDO QR VH YDQ D GDU SRU Vt PLVPRV
HVQHFHVDULRTXHHOSDtVJRFHGHHVWDELOLGDG
PDFURHFRQyPLFD TXH OOHYH D FDER PHMRUDV
HQVXLQIUDHVWUXFWXUD\TXHHOFOLPDSDUDOD
LQYHUVLyQVHDPiVIDYRUDEOH
$
'HVSXpV GH DSUHFLDU ORV HIHFWRV GH ODV
UHIRUPDVTXHOOHYDURQDODOLEHUDOL]DFLyQFR
PHUFLDO \ WUDV HYDOXDU ORV SRVLEOHV HIHFWRV
GHXQ7/&HQWUH&RORPELD\(VWDGRV8QLGRV
SURSRQHPRVODVVLJXLHQWHVFRQFOXVLRQHV
6L ELHQ ODV UHIRUPDV OOHYDGDV D FDER SRU
&RORPELDHQHOSDVDGRWXYLHURQHIHFWRVREUH
OD FRPSRVLFLyQ GHO FRPHUFLR LQWHUQDFLRQDO
GLFKRHIHFWRKDVLGRUHODWLYDPHQWHSHTXHxR
VLVHFRPSDUDFRQORRFXUULGRHQ&KLOHRHQ
0p[LFR
'DGRTXHJUDQSDUWHGHODOLEHUDOL]DFLyQ
HFRQyPLFD\DVHKDKHFKRORVHIHFWRVGHXQ
7/&HQWUH&RORPELD\(VWDGRV8QLGRVGHEHQ
VHU UHODWLYDPHQWH SHTXHxRV HQ WpUPLQRV GH
FUHFLPLHQWR DJUHJDGR SHUR VLJQLILFDWLYRV D
QLYHO VHFWRULDO HVSHFLDOPHQWH SDUD HO VHFWRU
DJUtFROD
8Q 7/& FRQ (VWDGRV 8QLGRV WHQGUi HIHF
WRVSRVLWLYRVVREUHODHFRQRPtDFRORPELDQD
FRPRXQWRGR
3DUDJDUDQWL]DUTXHORVEHQHILFLRVGHULYD
GRVGHGLFKRWUDWDGRVHGLIXQGDQDWRGDVODV
UHJLRQHV\DWRGRVORVVHFWRUHVHFRQyPLFRVHO
JRELHUQRFRORPELDQRGHEHLPSOHPHQWDULP
SRUWDQWHVPHGLGDVLLQWHJUDUWRGDVODVUH
JLRQHVGHOSDtVHQXQDXQLGDGHFRQyPLFDOR
TXHLPSOLFDODH[SDQVLyQ\HOPHMRUDPLHQWR
GHODLQIUDHVWUXFWXUDGHOWUDQVSRUWHLL$X
PHQWDUODSDUWLFLSDFLyQGHODPDQRGHREUD
FDOLILFDGDHQODIXHU]DODERUDOSDUDORTXHVH
QHFHVLWDPD\RU\PiVHILFLHQWHJDVWRGHOJR
ELHUQRHQHGXFDFLyQ
$SHVDUGHTXHODVYHQWDMDVGHXQDFXHU
GR ELODWHUDO VRQ HYLGHQWHV DOJXQRV SXH
GHQSHQVDUTXHHVPHMRUUHQRYDUHO $73'($
PDQWHQLHQGRDFFHVRSUHIHUHQFLDODOPHUFD
GRGH(VWDGRV8QLGRVPLHQWUDVODVILUPDV
QDFLRQDOHV SHUPDQHFHQ SURWHJLGDV GH ODV
LPSRUWDFLRQHV SURYHQLHQWHV GH HVH SDtV
3DUDFRQIURQWDUHVWHSXQWRGHYLVWDRIUHFH
PRVWUHVUD]RQHVSRUODVFXDOHVXQDFXHUGR
ELODWHUDO HV VXSHULRU DO HVTXHPD GH SUHIH
UHQFLDV XQLODWHUDOHV L WpUPLQRV GH LQWHU
FDPELR LL UHPXQHUDFLyQ D ORV IDFWRUHV \
LLLSUHFLRVDOFRQVXPLGRU3RURWUDSDUWH
H[LVWHHYLGHQFLDTXHKDEUtDPD\RUHILFLHQ
FLDHQODDVLJQDFLyQGHUHFXUVRV$GHPiVGH
HVWR HQFRQWUDPRV TXH XQD GH ODV JUDQGHV
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
YHQWDMDV TXH WLHQH OD ILUPD GH XQ WUDWDGR
UHFDH HQ OD HVWDELOLGDG HQ ODV UHJODV GH LQ
YHUVLyQ 0LHQWUDV ODV SUHIHUHQFLDV XQLODWH
UDOHVGHO$73'($VRQWHPSRUDOHV\GHEHQVHU
UHQRYDGDVFRQVWDQWHPHQWHXQDFXHUGREL
ODWHUDOSURYHHUiPD\RUVHJXULGDGSDUDORV
LQYHUVLRQLVWDVHVWDELOL]DUiVXVH[SHFWDWLYDV
\SHUPLWLUiXQDXPHQWRGHODLQYHUVLyQGH
ODUJRSOD]RHQORVVHFWRUHVSURGXFWLYRVTXH
UHVXOWHQVHUH[LWRVRVEDMRODVQXHYDVFRQGL
FLRQHVGHOPHUFDGR
'HEHVHUFODURHOWLSRGHHVWUXFWXUDSUR
GXFWLYD TXH HV PiV EHQHILFLRVDV SDUD OD VR
FLHGDG FRORPELDQD (Q SDUWLFXODU KD\ TXH
WHQHU HQ PHQWH TXH HO WUDWDGR SXHGH DIHF
WDU SDUWH GHO VHFWRU DJUtFROD SRU OR WDQWR HO
JRELHUQR GHEHUtD WHQHU FODULGDG VREUH VL VH
QHJRFLDQRQRFOiXVXODVHVSHFLDOHVSDUDHVWH
VHFWRU 3DUD DFODUDU HVWH SXQWR VXUJH OD QH
FHVLGDGGHUHDOL]DUXQHVWXGLRGHWDOODGRGHO
VHFWRU DJUtFROD HQ HO FXDO VH HYDO~H VX HIL
FLHQFLDVXGHPDQGDGHWUDEDMR\VXSHVRHQ
ODHFRQRPtDFRPRXQWRGR
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
4 $ULDV -5 /D SROtWLFD GH &RPHUFLR ([WHULRU GH
0p[LFRHQHO6HFWRU$JURDOLPHQWDULR6HFUHWDULD
GH $JULFXOWXUD *DQDGHUtD 'HVDUUROOR 5XUDO
3H]FD\$OLPHQWDFLyQ0p[LFR
$WWDQDVLR2*ROGEHUJ3.3DYFQLN17UDGH5H
IRUPVDQG:DJH,QHTXDOLW\LQ&RORPELDJournal
R#0
%DUFOD\V&DSLWDO5HVHDUFK(PHUJLQJ0DUNHWV'ULYHUV
-DQXDU\
%HUJRHLQJ5.HKRH3.HKRH76RWR5$'HFDGH
/RVWDQG)RXQG0H[LFRDQG&KLOHLQWKH¶V
S#0R &DEDOOHUR5(QJHO(0LFFR$0LFURHFRQRPLF
)OH[LELOLW\LQ/DWLQ$PHULFD1%(5:RUNLQJ3D
SHU1R:
&RQGRQ %- 6LQKD 7 Drawing Lines in Sand and
Snow: Border Security and North American Economic Integration 0( 6KDUSH (GLWRUV $UPRQN
1HZ<RUN
&ODUN ; 'ROODU ' 0LFFR $ 3RUW (IILFLHQF\
0DULWLPH 7UDQVSRUW &RVWV DQG %LODWHUDO 7UDGH
1%(5:RUNLQJ3DSHU1RZ
&RUER9)LVKHU6/HVVRQVIURPWKH&KLOHDQ6WD
ELOL]DWLRQDQG5HFRYHU\,Q'RUQEXVK5/DEiQ5
HGVThe Chilean Economy: Policy Lessons and Challenges. 7KH %URRNLQJV ,QVWLWXWLRQV :DVKLQJWRQ
'&
'H OD &XDGUD 6 +DFKHWWH ' Liberalizing Foreign
Trade, The Experience of Chile,Q3DSDJHRUJLRX'
0LFKDHO\0&KRNVL$HGV/LEHUDOL]LQJ)RUHLJQ
7UDGH%DVLO%ODFNZHOO2[IRUG
'HSDUWDPHQWR 1DFLRQDO GH 3ODQHDFLyQ (IHFWRV
GH XQ DFXHUGR ELODWHUDO GH OLEUH FRPHUFLR FRQ
(VWDGRV8QLGRV$UFKLYRVGH(FRQRPtD'HSDUWD
PHQWR1DFLRQDOGH3ODQHDFLyQ1R
(VODYD0+DOWLQZDQJHU-.XJOHU$.XJOHU0
7KH (IIHFW RI 6WUXFWXUDO 5HIRUPV RQ 3URGXFWL
YLW\ DQG 3URILWDELOLW\ (QKDQFLQJ 5HDOORFDWLRQ
(YLGHQFHIURP&RORPELD;'
R#
Economics
)HUQDQGHV $0 7UDGH 3ROLF\ 7UDGH 9ROXPHV
DQG3ODQW/HYHO3URGXFWLYLW\LQ&RORPELDQ0D
QXIDFWXULQJ,QGXVWULHV7KH:RUOG%DQN3ROLF\
5HVHDUFK3DSHU6HULHV
*ODGH : 3ULYDWL]DWLRQV 3LFWXUHV RI D 3URFHVV
,Q &RURQD 5 DQG *ODGH : HGV %igger Economies, Smaller Governments: Privatization in Latin
America.+DUSHU&ROOLQV1HZ<RUN
*RUGRQ + :KDW KDV KDSSHQHG WR ZDJHV LQ
0H[LFR VLQFH 1$)7$" 1%(5 :RUNLQJ 3DSHU 1R
Z
*XUJHO $ +DUULVRQ * 5XWKHUIRUG 7) 7DUU ' 5HJLRQDO 0XOWLODWHUDO DQG 8QLODWHUDO 7UDGH 3R
OLFLHV RI 0(5&2685 IRU *URZWK DQG 3RYHUW\
5HGXFWLRQ LQ %UD]LO :RUOG %DQN (FRQRPLF 5H
VHDUFK$UFKLYHV:DVKLQJWRQ'&
+DFKHWWH ' /XGHUV 5 3ULYDWL]DWLRQ LQ &KLOH
,QWHUQDWLRQDO &HQWHU IRU (FRQRPLF *URZWK 6DQ
)UDQFLVFR
+HUWHO 7 +RUULGJH 0 3HDUVRQ . *7$3 %RRN
(VVHQWLDO 3URJUDPV &HQWHU IRU *OREDO 7UDGH
$QDO\VLV3XUGXH8QLYHUVLW\
+DUULVRQ*5XWKHUIRUG77DUU'4XDQWLI\LQJ
WKH 8UXJXD\ 5RXQG The Economic Journal ,$'%,3(6Good Jobs Wanted: Labor Markets
in Latin America ,QWHU$PHULFDQ 'HYHORSPHQW
%DQN
,$'%,3(6*
R
Reforms,QWHU$PHULFDQ'HYHORSPHQW%DQN
.HKRH7-:KDW&DQ:H/HDUQIURPWKH&XUUHQW
&ULVLV LQ $UJHQWLQD"´ " ;'
/
Economy
/LJKW0.&RORPELDQ7UDGH/LEHUDOL]DWLRQ4XDQ
WLWDWLYH$VVHVVPHQW86$,'UHSRUWPLPHR%RJRWi
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
/LJKW0.5XWKHUIRUG7))UHH7UDGH$UHDRIWKH
$PHULFDV$Q,PSDFW$VVHVVPHQWIRU&RORPELD
$UFKLYRV GH (FRQRPtD 'HSDUWDPHQWR 1DFLRQDO
GH3ODQHDFLyQ1R
5XWKHUIRUG 7) $SSOLHG *HQHUDO (TXLOLEULXP
0RGHOLQJ ZLWK 036*( DV D *$06 6XEV\VWHP
$Q 2YHUYLHZ RI WKH 0RGHOLQJ )UDPHZRUN DQG
6\QWD['
0
/RSH]&RUGRYD ( 1$)7$ DQG 0DQXIDFWXULQJ
3URGXFWLYLW\ LQ 0H[LFR Economia: Journal of the
*
0
6DFKV - 7KH 'HEW 2YHUKDQJ RI 'HYHORSLQJ
&RXQWULHV,Q5)LQGOD\*&DOYR3.%UDJDGH
1DFHGR - HGV 'HEW Stabilization and Development: Essays in Memory of Carlos Diaz-Alejandro
%ODFNZHOO2[IRUG
/RUD(/DV5HIRUPDV(VWUXFWXUDOHVHQ$PpULFD
/DWLQD ¢4Xp VH KD UHIRUPDGR \ FyPR PHGLUOR"
,'%ZRUNLQJSDSHU
6HFUHWDUtDGH(FRQRPtDGH0p[LFR³(O 7/&\HO
FDPSR´
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
0
#8&9+8)4+&8&8)7+:+
0;<=
1990
0;;=
1999
9
A
+
0,21
83
0,41
23
0,52
13
0,56
12
6
28
14
5
6
Fuente: Lora (2001).
1
+4+:&/B9:66#8&9+8)4+&
+
1985
46,4
36,0
34,0
.
)'
1990
23,0
14,9
13,1
9
A
1999
11,8
10,6
10,1
1985
0,29
0,49
0,29
1990
0,41
0,57
0,42
1999
0,56
0,61
0,51
Fuente: BID y Lora (2001).
C
D&E)48/6+444+/#84)&&E:6F+7+:/
.
)'
860
900
350
Fuente: Federación Colombiana de Transportadores de Carga por Carretera.
C
2:+#84+4+
.
)'
9
G,H
.I6AJ
9-HH
0
0,5
0,5
3
7
4
3,76
2,26
3,34
!
"
!
#
$
prohíbe ofrecer servicios de manejo de carga.** Tomado de Clark, Dollar y Micco (2004).
Fuente: Clark, Dollar y Micco (2004).
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
K
8&8)7+8)#8/E:6&+/L#84+8:/I1MMNJ
#
2A
:
+,A
) K<OK1P
5,99%
25,95%
11,94%
4,54%
=0O=<P
7,63%
43,06%
Fuente: DANE.
=
8&8)7+4):86&+/L#84+8:/
IJ
#
2A
Oro
+,A
7
Flores
8,A
) %A
'
+
)
)
#
Fuente: DANE.
Años ochenta
Años noventa
-4,99%
34,30%
-2,83%
62,20%
56,99%
297,44%
8,95%
-32,15%
8,57%
14,66%
18,03%
-15,70%
18,77%
33,28%
11,16%
19,52%
25,70%
24,67%
13,40%
133,78%
8,33%
1,89%
6,70%
12,94%
8,92%
1,41%
6,04%
9,17%
8,78%
1,66%
1,79%
2,41%
5,33%
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
N
8&8)7+4):86&+/)#84+8:/
IJ
+,
3
&
+3S
8,A
)
%A
)
/"
/""
/"
1976-1986
1986-1996
26,10%
21,82%
27,41%
29,88%
15,73%
30,18%
74,68%
23,36%
50,09%
26,44%
115,70%
28,06%
28,04%
49,57%
27,08%
32,41%
37,75%
45,06%
92,00%
21,55%
55,90%
20,85%
-1,16%
20,11%
29,57%
30,61%
28,31%
21,85%
23,34%
34,35%
41,60%
18,36%
35,24%
Fuente: DANE.
T
8&8)7+6/:86&+/L#84+8:/
+:
$3
Perú
)48/4
)'
1MM0
1MMN
0;<M50;;M
0;;M51MM0
1MM051MMN
42,72%
13,90%
22,44%
14,14%
2,26%
5,70%
1,78%
2,13%
39,56%
13,67%
8,15%
11,08%
2,84%
5,07%
1,02%
2,38%
54,63%
-34,01%
-43,96%
-57,46%
78,29%
-43,80%
-45,35%
19,94%
3,46%
-50,92%
307,22%
369,78%
70,97%
417,16%
62,53%
251,95%
83,64%
90,02%
-28,26%
55,10%
149,84%
74,27%
13,90%
121,86%
Fuente: DANE.
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
<
8&8)7+6/:86&+/L#84+8:/:84+68:+&/
&'
'!&
Japón
Latinoamérica
CAN
Venezuela
Perú
Ecuador
+&/;<='/
México
1980
1990
2000
2007*
27,7%
17,2%
4,2%
43,0%
26,0%
18,7%
2,0%
5,2%
1,6%
1,0%
36,0%
17,2%
5,0%
33,8%
11,8%
6,2%
2,7%
2,7%
1,4%
1,5%
31,6%
9,8%
1,1%
51,2%
31,4%
20,1%
3,7%
7,0%
3,2%
3,2%
20,9%
0,4%
25,7%
5,1%
9,0%
3,5%
)XHQWH'$1(
(QHURăPDU]R
;
8&8)7+6/:86&+/)#84+8:/
0;;K51MMM
0;;K
V
.
+:
$3
)48/4
7
)'
31,86%
20,66%
9,56%
0,76%
13,08%
9,63%
2,17%
5,44%
3,58%
2,86%
1MMM
1,94%
-20,94%
-52,46%
290,26%
3,24%
-17,86%
22,08%
3,53%
19,11%
60,66%
50O=KP
1MMN
32,99%
16,58%
4,62%
3,03%
13,71%
8,04%
2,69%
5,72%
4,33%
4,67%
1MMN
28,32%
20,50%
0,00%
1109,91%
-40,01%
-5,99%
81,09%
239,86%
266,63%
285,96%
011O=CP
26,45%
13,24%
3,61%
8,48%
5,09%
5,72%
2,66%
9,62%
7,20%
8,76%
Fuente: DANE.
0M
8&8)7+7+&+:W+8)4+&#844(E:I)&&8:/6/65287J
0;;=
1MMM
1MMN
H
V
+&+6
+:
)
)'
.
.
-2751,3
2160,5
-143,0
-816,2
2879,0
3115,6
81,4
-12,4
75,0
-802,0
-281,3
-550,0
-698,6
59,0
-1890,5
215,2
657,6
2009,0
-489,9
-268,7
-2070,3
-379,7
-286,4
-1615,7
-44,2
-43,5
-217,9
-58,7
-289,9
-1558,5
Fuente: DANE.
8QLyQ(XURSHD
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
00
8&8)7+)#84+8:/6/6/+68/:68/#84/84
1MMN
+,
)A
) +
O
#
'
%A
)
O
8
9,06%
1,23%
89,65%
3,27%
3,15%
2,57%
14,72%
48,20%
0,05%
)XHQWH'$1(
01
)XL8L#84+8:/)#84+8:/#84/84I1MMTHJ
'
Petróleo
Crudo
8'
No petroleras
Agrícolas
Extractivas
Manufacturas
14,27%
12,31%
1,96%
85,73%
3,74%
0,65%
81,33%
Consumo
Intermedios
Capital
)XHQWH,1(*,
14,60%
73,34%
12,06%
(QHURăDEULO
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
0C
)XL8L#84+8:/)#84+8:/1MMN
'
1,91%
0,32%
0,91%
0,44%
0,15%
1,94%
88,67%
3,37%
0,11%
1,21%
0,18%
0,39%
2,82%
0,20%
0,21%
0,04%
0,03%
2,51%
67,73%
9,69%
1,79%
12,96%
2,39%
4,80%
+&+6H
)HH
4&
+48)HHH
Y
+I)8J
.
V
$VRFLDFLyQ/DWLQRDPHULFDQDGH,QWHJUDFLyQ0HUFDGR&RP~Q&HQWURDPHULFDQR7UDWDGRGH/LEUH&RPHUFLRHQWUHHO*RELHU
QRGH&RVWD5LFD\OD&RPXQLGDGGH(VWDGRVGHO&DULEH
)XHQWH,1(*,
0K
/%)+6&+//)&+8:/4+&W+6+/
+#6+
7
A
+#6+
7&+
/8&
2++
sí
no
no
sí
sí
no
no
sí
no
no
sí
sí
)XHQWH(ODERUDFLyQSURSLD
0=
4/):64/&+68/
$"
Z#
Z,
I[)J
Z
Z'.
)XHQWH*7$3&iOFXORVSURSLRV
+#6+
7&+
/8&
2++
0,79
0,38
55,33
-1,21
3,4
20,4
0,52
0,17
-635,86
0,38
31,4
27,1
0,54
0,17
-637,54
0,36
31,0
27,9
0,28
0,19
-1107,57
1,8
20,3
22,5
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
0N
$+4+E:#84:+&:&8/X4):8/6:4+)78
8
,
8,A
,AA
) ,
+
'
8 /"
+#6+
7&+
/8&
2++
0,93
5,08
1,6
1,3
1,41
2,47
4,5
1,45
0,86
19,69
17,2
5,15
2,03
3,02
6,04
15,46
4,61
0,33
19,8
17,81
5,52
2,03
3,02
6,56
15,83
4,54
0,33
22,36
18,02
11,03
7,62
8,99
12,35
18,62
6,65
-0,05
)XHQWH*7$3&iOFXORVSURSLRV
0T
)#84+8:/8&8)7+:+/I$8&):O$+4+E:#84:+&J
8
,
8,A
,AA
) ,
+
'
8 /"
+#6+
7&+
/8&
2++
6,0
3,1
7,2
3,7
2,8
6,7
5,0
2,9
4,8
142,1
156,2
72,9
37,4
38,6
84,2
64,3
25,7
1,9
141,3
153,6
71,7
37,1
38,2
82,0
62,7
25,6
1,8
120,1
134,2
47,4
17,5
19,2
57,2
41,7
16,5
-0,8
)XHQWH*7$3&iOFXORVSURSLRV
0<
L#84+8:/8&8)7+:+/I$8&):O$+4+E:#84:+&J
8
,
8,A
,AA
) ,
+
'
8 /"
+#6+
7&+
/8&
2++
11,0
77,2
11,8
-4,1
11,1
32,4
42,5
5,1
-3,2
9,1
81,9
13,9
-1,3
14,0
35,9
99,2
7,4
-1,2
9,3
84,6
14,4
-1,2
14,3
37,0
99,9
7,8
-1,2
9,2
61,6
13,6
1,4
7,8
33,7
83,3
5,7
0,7
)XHQWH*7$3&iOFXORVSURSLRV
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
0;
#486E:8&8)7+:+I$+4+E:#84:+&J
+#6+
7&+
/8&
2++
-0,1
6,4
0,4
-2,4
-1,6
0,5
2,5
-1,7
-0,3
0,3
-6,4
7,3
0,1
-1,1
-1,6
0,3
6,4
-2,4
-0,3
-0,5
-6,4
7,5
0,0
-1,2
-1,7
0,3
6,3
-2,4
-0,3
-0,5
-7,0
6,2
-0,5
-0,5
-2,2
-0,1
8,9
-1,6
-0,1
-1,0
8
,
8,A
,AA
) ,
+
'
8 /"
#
)XHQWH*7$3&iOFXORVSURSLRV
1M
#48/+&8:/)684I$+4+E:#84:+&J
+#6+
7&+
/8&
2++
0,1
-1,6
0,6
0,0
-0,7
0,1
-0,8
-0,6
0,2
0,5
-2,4
-2,5
0,7
0,4
-0,7
0,0
-2,8
-1,1
0,7
1,1
-2,4
-2,5
0,7
0,4
-0,7
0,0
-2,8
-1,1
0,8
1,1
-2,4
-2,1
0,5
-0,3
-2,0
-0,1
-3,3
-1,3
1,0
1,4
8
,
8,A
,AA
) ,
+
'
8 /"
#
)XHQWH*7$3&iOFXORVSURSLRV
10
4):4+E:+&8/2+84/:8&8)7+I$+4+E:#84:+&J
+#6+
7&+
/8&
2++
0,0
0,6
0,3
0,9
-3,0
0,6
1,2
0,8
1,7
-0,7
0,6
1,2
0,8
1,7
-0,8
1,0
1,6
1,1
2,1
0,7
/D&5&+784
:/D&&+784
+#+&
+#5#482
:54/
)XHQWH*7$3&iOFXORVSURSLRV
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,0
8&8)7++#44+
3RUFHQWDMHGHO3,%
)XHQWH:RUOG3HQQ7DEOHV
2,1
)XHQWH'$1(
,PSRUWDFLRQHVGHELHQHV
3RUFHQWDMHGHO3,%
0LOORQHVGHSHVRVSUHFLRVFRQVWDQWHVGH
8&8)7+)#84+8:/67:/\/4$8/
GHO3,%HMHVHFXQGDULR
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
2,1+
8&8)7+L#84+8:/8+&/F++$:W&+
0LOORQHVGHGyODUHV
)XHQWH'$1(
2,C
8&8)7+82:6(:
&RHILFLHQWHGH*LQL
)XHQWH'$1(
)XHQWH'$1(
5HVWR
6HUYLFLRVFRPXQLWDULRV
6HUYLFLRVGHOJRELHUQR
6HUYLFLRVILQDQFLHURV
5HVWR
6HUYLFLRVFRPXQLWDULRV
6HUYLFLRVGHOJRELHUQR
6HUYLFLRVILQDQFLHURV
7UDQVSRUWH
&RPHUFLR
&RQVWUXFFLyQ
(OHFWULFLGDGJDV\DJXD
,QGXVWULD
9DULDFLyQSRUFHQWXDO
7UDQVSRUWH
&RPHUFLR
&RQVWUXFFLyQ
(OHFWULFLGDGJDV\DJXD
,QGXVWULD
9DULDFLyQSRUFHQWXDO
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,K
8&8)7+4):86&/+&+484+&I0;<<51MM0J
)XHQWH'$1(
8&8)7+4):86&/+&+484+&I1MM051MMNJ
2,K
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
2,=
8&8)7+4):8:2&+E:
9DULDFLyQSRUFHQWXDO
&UHFLPLHQWR
)XHQWH'$1(
,QIODFLyQ
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,N
2&V8/6:$4/E:L4+:V4+64+/(]:+$6+68:E)+
0LOORQHVGHGyODUHV
6HFWRUSHWUROHUR
0LQDV\FDQWHUDV
LQFOX\HFDUEyQ
(OHFWULFLGDGJDV\DJXD
$JULFXOWXUDFD]DVLOYLFXOWXUD
\SHVFD
0DQXIDFWXUHUDV
&RQVWUXFFLyQ
&RPHUFLRUHVWDXUDQWHV\KRWHOHV
7UDQVSRUWHVDOPDFHQDPLHQWR
\FRPXQLFDFLRQHV
(VWDEOHFLPLHQWRVILQDQFLHURV
6HUYLFLRVFRPXQDOHV
)XHQWH%DQFRGHOD5HS~EOLFD
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
2,T
#7#4^#++V/+68#84#+46+66#864+6%/$8I##+J
'yODUHV
&KLOH
&RORPELD
0p[LFR
)XHQWH:RUOG3HQQ7DEOHV
2,<
)XL8/+&+484+&I0;<M51MMTJ
ËQGLFHGHVDODULRUHDO
)XHQWH&(3$/
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,;
F&/+&+484+&I0;<M51MMTJ
ËQGLFHGHVDODULRUHDO
)XHQWH&(3$/
2,0M
284)+E:74+6+#+&I#84:+V6&#7J
3RUFHQWDMHGHO3,%
&KLOH
&RORPELD
0H[LFR
)XHQWH%DQFR0XQGLDO
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
2,00
4X6868)X/86&/847+:+48I#84:+V6&#7J
3RUFHQWDMHGHO3,%
&RORPELD
&KLOH
0p[LFR
)XHQWH%DQFR0XQGLDO
2,01
+/+6+:+&2+7/)8:&+#87&+E:)+\8460=+_8/
3RUFHQWDMHGHSREODFLyQDQDOIDEHWDPD\RUGHDxRV
)XHQWH&(3$/
&KLOH
&RORPELD
0p[LFR
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,0C
:(4/8+&+6+E:4+4+
3RUFHQWDMHGHSHUVRQDVTXHLQJUHVDQDODHGXFDFLyQWHUFLDULD
&KLOH
&RORPELD
0p[LFR
)XHQWH%DQFR0XQGLDO
2,0K
8)#+684/#4/8:+&/#84+6+0MMF+7+:/
&KLOH
&RORPELD
0H[LFR
)XHQWH%DQFR0XQGLDO
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
2,0=
&X28:8/)E$&/#84+6+0MMF+7+:/
&KLOH
)XHQWH%DQFR0XQGLDO
&RORPELD
0H[LFR
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
+ 04,O +0
4(8:/:&)86&868)48)&4(8:+&
+"
4,
8&
$:
L+#*
L/)
74+
)/4
)L
)
+:
/+
4
48`
Colombia
Venezuela
Comunidad Andina de Naciones (CAN)
Resto de Suramérica
Brasil
+&/;<='/$
>
México
Centroamérica y el Caribe
Canadá
&'
'!&?#@
Resto del mundo
* Ecuador, Perú y Bolivia
Fuente: Elaboración propia.
+1
F+84/6#486E:
+"
4,
&:6
/D&
&+7
+#
4/
Tierra
GH
Trabajo básico
Capital
Recursos naturales
Fuente: Elaboración propia.
+C
/84/6&)86&8
+"
/
+"
/
+"
PDR
KQG
U/<
VOL
MIL
PCR
Aceites minerales y grasas
Productos lácteos
Arroz procesado
OME
OMF
ELY
=U/
Azúcar
UWG
OFD
WTR
CNS
Construcción
TEX
WAP
LEA
]'+
TRD
OTP
WTP
ATP
Comercio
Transporte
Transporte marítimo
Transporte aéreo
/+^
Leche sin procesar
PPP
CMN
Comunicación
WOL
Lana-seda-capullos
de gusano
P_C
FRS
Silvicultura
CRP
`=Q
Pesca
Alimentos
Bebidas y productos
del tabaco
Textiles
Prendas de vestir
Productos de cuero
Productos de madera
Productos de papelpublicaciones
Petróleo y productos
del carbón
Productos químicos,
de goma y plásticos
Productos minerales
Maquinaria y equipo
Manufacturas
Electricidad
UX
Z
distribution
Agua
PFB
OCR
CTL
OAP
Arroz con cáscara
Trigo
Cereales
Vegetales-frutas y frutos
de cáscara
Semillas oleaginosas
Caña de azúcar- Azúcar
de remolacha
Fibras de plantas
Otros cultivos
U
Productos animales
COL
Carbón
I_S
OIL
Petróleo
Uw=
V_F
OSD
C_B
NMM
OFI
=
ISR
Seguros
OBS
Servicios de negocio
Recreación y otros
servicios
Administración pública
y defensa-educaciónsalud
Propiedad de la
vivienda
Metales ferrosos
ROS
NFM
Metales
<=U
U
FMP
Productos metálicos
DWE
OMN
Minerales
+{Q
CMT
Productor cárnicos
Otros productos
cárnicos
OTN
Partes y motores de
vehículos
Equipo de transporte
ELE
Equipos electrónicos
OMT
Fuente: Elaboración propia.
B_T
/
;UW
Bienes de ahorro
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
+1
!I(+#0;;TJ
+K
/44++4+:&+4+#+4+8&8)7+\//)+\84//88/1M
6
F
Azúcar
Productos lácteos
Otros cultivos
Semillas oleaginosas
Prendas de vestir
Textiles
Otros alimentos
Productos de cuero
Químicos, gomas y plásticos
Frutas y vegetales
U
Productos metálicos
Otra maquinaria
Equipo electrónico
Derivados del petróleo
Otro equipo de transporte
Otros productos minerales
Cultivos mayores
Industria pesada
Productos cárnicos
Madera, papel y publicaciones
Cereales
Partes y motores de vehículos
=
cios
Comunicación
Bienes de ahorro
Propiedad de la vivienda
Carbón
Petróleo
Transporte
Servicios públicos y privados
8&
L/)
4
L/)
8&
8&
;T
M1
8&
8&
4
18,0
19,0
9,0
11,0
20,0
16,0
18,0
13,0
8,0
14,0
5,0
14,0
9,0
6,0
10,0
3,0
14,0
14,7
13,8
16,4
13,6
12,0
15,0
53,0
42,0
22,0
18,0
15,0
12,0
11,0
6,0
5,0
5,0
4,0
3,0
3,0
2,0
2,0
2,0
2,0
2,0
1,5
1,5
1,2
1,0
1,0
53,0
42,0
3,0
0,0
3,0
6,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
53,0
42,0
22,0
18,0
13,2
16,0
11,0
5,7
2,0
5,0
0,0
2,0
2,0
1,8
1,5
0,9
6,0
1,7
0,9
2,0
1,3
1,0
1,2
18,0
19,0
9,0
0,0
20,0
16,8
18,0
16,3
7,0
14,0
5,0
13,8
8,4
6,6
9,3
3,7
15,0
17,6
10,5
13,2
11,6
12,0
23,4
0,0
19,0
9,0
0,0
18,4
20,0
18,0
10,0
12,0
14,0
5,0
14,8
14,0
6,0
9,0
20,0
14,0
17,1
5,8
10,8
10,5
12,0
30,0
76,0
88,0
3,0
0,0
13,0
11,0
29,0
5,0
7,0
15,0
0,0
4,0
2,0
4,5
0,2
1,0
7,0
18,2
0,1
46,8
1,5
39,0
4,1
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,5
0,0
0,0
0,0
0,0
0,0
0,0
0,6
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
&&''}"~
&'UGw€#}}"&&''~
&'H>W
#&'/~'!&?#@‚=+~<=ƒ
„
`~UGw€„;…
„
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
+=
/44+6&8//84/L#84+684/8&8)7+:8/10
Petróleo
Otros cultivos
Transporte
Prendas de vestir
=
otros servicios
Industria pesada
Otros alimentos
Derivados del petróleo
Frutas y vegetales
Químicos, gomas y
plásticos
Servicios públicos y
privados
Carbón
Otros productos minerales
Productos de cuero
Textiles
Azúcar
Madera, papel y
publicaciones
Metales
Otra maquinaria
Productos cárnicos
Cultivos mayores
Partes y motores de
vehículos
Equipo electrónico
Comunicación
Otro equipo de transporte
Productos lácteos
Cereales
U
Semillas oleaginosas
L5
I)
/6J
'
I)
/6J
P5L
&+7a$+
IPJ
/D&a$+
IPJ
+#a$+
IPJ
4/a$+
IPJ
1.641,3
980,0
383,0
305,5
2.143,5
2.802,9
1.851,7
495,9
53,7
82,0
16,7
18,7
10,2
46,5
71,1
53,5
2,1
0,6
13,5
7,7
48,1
25,1
15,3
38,8
39,6
27,8
0,0
0,0
206,4
1.462,1
10,8
28,5
22,8
48,7
0,0
189,8
179,9
177,5
152,5
515,9
576,8
339,2
480,7
10,5
9,9
14,8
14,6
29,2
33,5
57,2
46,5
7,7
7,2
10,4
0,6
63,1
59,2
32,3
25,1
0,0
0,0
0,0
27,8
118,6
1.210,6
15,0
33,4
7,8
58,9
0,0
111,5
512,3
0,9
41,4
28,4
30,2
0,0
98,2
50,7
44,6
42,5
39,2
902,5
198,8
146,5
310,0
254,1
90,1
10,9
14,4
14,8
17,1
15,4
41,0
42,8
45,5
37,2
1,3
6,7
6,2
6,8
8,0
41,7
52,3
51,0
47,7
54,8
41,6
0,0
0,0
0,0
0,0
33,3
288,4
6,9
43,7
7,5
48,8
0,0
13,0
12,6
11,8
11,3
123,6
387,6
47,4
92,8
10,3
15,9
0,4
1,3
46,1
49,7
49,0
41,5
8,1
12,2
2,4
3,0
45,8
38,0
26,6
42,6
0,0
0,0
22,1
12,8
3,2
118,9
7,7
59,8
11,9
28,3
0,0
2,3
0,9
0,9
0,5
0,1
0,1
0,0
14,8
10,3
15,9
8,2
1,0
5,9
1,1
3,5
0,4
5,4
0,4
0,3
0,8
0,4
52,0
21,5
60,5
35,6
46,6
47,9
46,6
12,4
17,2
11,3
5,2
0,5
7,0
0,5
35,6
61,3
28,2
59,2
25,1
30,6
25,1
0,0
0,0
0,0
0,0
27,8
14,6
27,8
‚Z&&„''„~ $
H & ' †Z‚~ ! H $
!]w>‡{w~
!HH…
=^]~
!H
„;w€‡{w~
!
„/&=‡{w~
!
en el valor agregado.
`~UGw€„;…
„
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
+N
)#84+8://+68:6://\&+#+4#+E:68&8)7+
Petróleo
Otros cultivos
Transporte
Prendas de vestir
=
Industria pesada
Otros alimentos
Derivados del petróleo
Frutas y vegetales
Químicos, gomas y plásticos
Servicios públicos y privados
Carbón
Otros productos minerales
Productos de cuero
Textiles
Azúcar
Madera, papel y publicaciones
Metales
Otra maquinaria
Productos cárnicos
Cultivos mayores
Partes y motores de vehículos
Equipo electrónico
Comunicación
Otro equipo de transporte
Productos lácteos
Cereales
U
Semillas oleaginosas
I)
/6J
I)
/6J
IPJ
+
8&IPJH
55.396,5
6.925,0
60.470,6
36.967,7
43.308,6
75.766,4
14.423,0
7.853,9
5.000,2
66.076,6
42.316,5
294,5
12.825,9
19.893,5
19.611,3
1.220,3
41.645,2
16.407,3
147.719,3
5.567,0
10.628,4
109.116,5
151.114,4
8.912,3
17.662,3
1.206,6
548,5
9.878,3
477,8
1.641,3
980,0
383,0
305,5
206,4
189,8
179,9
177,5
152,5
118,6
111,5
98,2
50,7
44,6
42,5
39,2
33,3
13,0
12,6
11,8
11,3
3,2
2,3
0,9
0,9
0,5
0,1
0,1
0
3,0
14,2
0,6
0,8
0,5
0,3
1,2
2,3
3,1
0,2
0,3
33,3
0,4
0,2
0,2
3,2
0,1
0,1
0,0
0,2
0,1
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,0
22,0
0,0
15,0
0,0
1,5
11,0
2,0
5,0
5,0
0,0
0,0
2,0
6,0
12,0
53,0
1,2
3,0
3,0
1,5
2,0
1,0
2,0
0,0
2,0
42,0
1,0
4,0
18,0
w
&'
HUGw€#}}"„w
H
del ATPDEA.
`~UGw€„;…
„
& 2 < 8 1 7 8 5 $ ( & 21Ï0, & $ , 19 ( 6 7 ,*$& ,Ï1 (& 21 Ï0,& $< 62& ,$/
+T
8:/)8:8&8)7+I)&&8:/6/6JH
#G
Servicios públicos y privados
=
Productos cárnicos
Transporte
Químicos, gomas y plásticos
Propiedad de vivienda
Cultivos mayores
Otros alimentos
Industria pesada
Otra maquinaria
Madera, papel y publicaciones
Frutas y vegetales
Partes y motores de vehículos
Cumunicación
Textiles
Prendas de vestir
Productos lácteos
Derivados del petróleo
Otros productos minerales
Petróleo
Equipo electrónico
Productos metálicos
Azúcar
Productos de cuero
Otro equipo de transporte
U
Otros cultivos
Cereales
Semillas oleaginosas
Carbón
55.125
13.737
11.338
10.263
10.191
9.779
8.276
5.855
5.749
5.720
4.757
3.764
3.232
2.442
2.429
2.403
2.321
2.291
2.216
1.999
1.866
1.505
1.347
1.001
872
751
700
681
411
121
31,8
7,9
6,5
5,9
5,9
5,6
4,8
3,4
3,3
3,3
2,7
2,2
1,9
1,4
1,4
1,4
1,3
1,3
1,3
1,2
1,1
0,9
0,8
0,6
0,5
0,4
0,4
0,4
0,2
0,1
0TC0K1
100
IPJ
IPJ
1,6
11,7
1,0
10,3
30,1
0,0
10,6
7,0
20,8
63,0
13,9
5,2
54,5
0,8
23,3
7,0
3,8
10,6
16,8
0,0
78,0
24,5
0,4
9,3
68,2
6,3
6,0
48,7
20,8
0,0
27,9
14,3
44,6
21,7
38,2
0,0
28,4
11,9
15,8
43,6
30,9
11,0
14,5
19,0
25,2
67,2
15,3
14,6
26,0
0,0
57,1
34,1
4,1
9,8
44,1
18,0
16,3
67,4
55,6
0,0
+
5
IPJH
0,0
0,0
16,4
0,4
8,0
0,0
14,7
18,0
13,8
9,0
13,6
14,0
15,0
0,0
16,0
20,0
19,0
10,0
14,0
0,0
6,0
14,0
18,0
13,0
3,0
5,0
9,0
12,0
11,0
0,0
w
;H
UGw€#}}"„w
H
ATPDEA.
`~UGw€„;…
„
7 5 $7 $' 2 ' ( / , %5(& 20(5& ,2(1 75(& 2/20%,$< (67$'2681,'2 6
2,+0
/44+
#
Exportaciones
V= 2
Producción
Producción
Doméstica
V= 0
Valor agregado
Insumos Intermedios
V= 0.5
V= 0
Capital
Trabajo
Recursos
Intermedio 1
Intermedio j
Naturales
V= 2
Doméstico
Importados 1
Importados k
`
!'/w
V= 1
Bien 2
Bien 1
Vdm= 2
Domésticos
Importados
Vmm= 4
Región 1 . . . Región k
Bien j
Vdm= 2
Domésticos
Importados
Vmm= 4
Región 1 . . . Región k
Vdm= 2
Domésticos
Importados
Vmm= 4
Región 1 . . . Región k
Descargar