Éiulfd&Doyr//Xfk 0dulhod) Huuhlud - Xdq/Hyq3Udgrv, Qpdfxodgd Duftd6Iqfkh) 5Dtxho3Puh) 2ugiv

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 9



81$1/,6,6'$)262%5((;35(6,1&25325$/
'(6'(/$3(563(&7,9$'(/$('8&$&,1)6,&$$&78$/


IULFD&DOYR//XFK

3URIHVRUDGHOD8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD DFDOOOX#XSRHV 


0DULHOD)HUUHLUD

3URIHVRUDGHOD80&(6DQWLDJR&KLOH


-XDQ/HyQ3UDGRV

3URIHVRUGHOD8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD MDOHRSUD#XSRHV 


,QPDFXODGD*DUFtD6iQFKH]

3URIHVRUDGHOD8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD LJDUFLD#XSRHV 


5DTXHO3pUH]2UGiV

3URIHVRUDGHOD8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD USHURUG#XSRHV 



5(680(1



(VWH DUWtFXOR VXSRQH XQD UHIOH[LyQ VREUH OD VLWXDFLyQ DFWXDO GH OD ([SUHVLyQ
&RUSRUDO GHQWUR GHO FRQWH[WR GH OD (GXFDFLyQ )tVLFD \ GHO 'HSRUWH 7UDV PXFKRV
DxRV GH HVWDU tQWLPDPHQWH LQFOXLGRV GHQWUR GHO PXQGR GH OD (GXFDFLyQ )tVLFD HV
QHFHVDULRTXHUHFDSDFLWHPRVVREUHXQDVHULHGHLQWHUURJDQWHVGHGyQGHYHQLPRV
GyQGHHVWDPRV\VREUHWRGRKDFLDGyQGHTXHUHPRVLU(OWUDEDMRTXHSUHVHQWDPRV
VH VXVWHQWD HQ XQD LQYHVWLJDFLyQ OOHYDGD D FDER HQ OD )DFXOWDG GHO 'HSRUWH GH
6DQWLDJRGH&KLOHFRQXQJUXSRGHSURIHVLRQDOHV\HVSHFLDOLVWDVHQHOiPELWRGHOD
([SUHVLyQ&RUSRUDO\OD'DQ]D+HPRVXWLOL]DGRXQVLVWHPDGHDQiOLVLVFRQRFLGRFRQ
ODVVLJODV'$)2 'HELOLGDGHV$PHQD]DV)RUWDOH]DV\2SRUWXQLGDGHV 3DUWLPRVGHOD
EDVH GH TXH HO WUDEDMR GH UHIOH[LyQ GH FXDOTXLHU DFWLYLGDG \D VHD OXFUDWLYD R QR
GHSHQGHGHORVSURSLRVHQWHQGLGRVHQODPDWHULDHVGHFLUQDGLHTXHQRHQWLHQGDR
FRQWUROH OD ([SUHVLyQ &RUSRUDO GHEH RSLQDU VREUH HOOD \D TXH SXHGH GHVYLUWXDU HO
FRQWH[WR\SRUVXSXHVWRODVFRQFOXVLRQHV


3$/$%5$6&/$9(


$QiOLVLV'$)2(GXFDFLyQ)tVLFD([SUHVLyQ&RUSRUDO\'DQ]D
(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



,1752'8&&,1



&UHHPRV TXH KD OOHJDGR HO PRPHQWR GH UHIOH[LRQDU VREUH OR TXH VRPRV OR
TXHKDFHPRV\VREUHWRGRORTXHSRGHPRVKDFHU/D([SUHVLyQ&RUSRUDOGHQWURGHO
FRQWH[WRGHOD(GXFDFLyQ)tVLFD\GHO'HSRUWHVLJQLILFDXQUHFXUVRXQDKHUUDPLHQWD
D GLVSRVLFLyQ GH ORV SURIHVLRQDOHV GH DPEDV GLVFLSOLQDV WDQ YiOLGD FRPR RWUD
FXDOTXLHUD $GHPiV WDQWR HQ OD HWDSD GH (GXFDFLyQ 3ULPDULD FRPR HQ OD GH
6HFXQGDULD HV XQ FRQWHQLGR D GHVDUUROODU GHQWUR GH ORV GLVHxRV FXUULFXODUHV HQ HO
DFWXDO6LVWHPD(GXFDWLYR(VSDxRO


/D ([SUHVLyQ &RUSRUDO HV XQD GLVFLSOLQD TXH SHUPLWH HQFRQWUDU XQ OHQJXDMH
SURSLR PHGLDQWH HO HVWXGLR \ OD SURIXQGL]DFLyQ GHO HPSOHR GHO FXHUSR 6FKLQFD
  (VWD GHILQLFLyQ SDUWH GHO KHFKR GH TXH WRGR VHU KXPDQR GH XQD PDQHUD
FRQVFLHQWH R LQFRQVFLHQWH VH PDQLILHVWD PHGLDQWH VX FXHUSR \ XWLOL]D VX FXHUSR
FRPR XQ LQVWUXPHQWR LUUHHPSOD]DEOH GH H[SUHVLyQ TXH OH SHUPLWH SRQHUVH HQ
FRQWDFWR FRQ HO PHGLR \ FRQ ORV GHPiV 'H HVWD IRUPD HOFXHUSR VH FRQYLHUWH HQ
XQDIRUPDGHH[SUHVLyQTXHHOLQGLYLGXRHPSOHDHQVXFRPXQLFDFLyQKDELWXDOSHUR
TXH SXHGH DSUHQGHU D XWLOL]DU PHMRU DGTXLULHQGR LQVWUXPHQWRV TXH OH SHUPLWDQ
HQULTXHFHU VX H[SUHVLyQ FUHDWLYLGDG \ VHQVLELOLGDG HVWpWLFD *DUFtD6iQFKH] HW DO
 

(OWUDEDMRHVSHFtILFRGHH[SUHVLyQWLHQHFDELGDGHQWURGHXQDVHULHGHiUHDV
TXH FRQFLEHQ OD ([SUHVLyQ &RUSRUDO FRPR XQD WpFQLFD FRQ GLIHUHQWHV XWLOLGDGHV \
ILQDOLGDGHV 0DWHXHWDO 

 UHD SVLFROyJLFD HVWD iUHD FRQFLEH OD H[SUHVLyQ FRPR XQ PHGLR FRQ
ILQDOLGDGWHUDSH~WLFD
 UHD DUWtVWLFD HVWD iUHD FRQFLEH OD H[SUHVLyQ FRPR XQ PHGLRFRQ ILQDOLGDG
SURIHVLRQDO (O REMHWLYR SULQFLSDO HV OD WHFQLILFDFLyQ SDUD ORJUDU XQ FRQWURO
SUHFLVRGHWRGDOD([SUHVLyQ&RUSRUDO
 UHD PHWDItVLFD HVWD iUHD FRQFLEH OD H[SUHVLyQ FRPR XQ PHGLR SDUD HO
GHVDUUROORHVSLULWXDO
 UHD SHGDJyJLFD HVWD iUHD FRQFLEH OD H[SUHVLyQ FRPR XQ SURFHGLPLHQWR
GLGiFWLFRLQWHUGLVFLSOLQDULR8QPHGLRFRQILQDOLGDGHGXFDWLYD


7HQHPRV XQD WUD\HFWRULD WHQHPRV XQ FRQWHQLGR TXH GHVDUUROODU WHQHPRV
XQD KHUUDPLHQWD TXH SRFDV PDWHULDV WLHQHQ \ WHQHPRV OR PiV LPSRUWDQWH OD
FRQYLFFLyQ GH TXH OD ([SUHVLyQ &RUSRUDO WLHQH HQWLGDG HQ Vt PLVPD \ TXH QDGD QL
QDGLHSXHGHFXHVWLRQDUVXXWLOLGDG


3HUR WHQHPRV OD HQWLGDG FLHQWtILFD VXILFLHQWH FRPR SDUD VHU XQD SDUWH
LQWHJUDQWH GH XQ FXUUtFXOR GHQWUR GHO PXQGR GH OD (GXFDFLyQ )tVLFD" 2 PiV D~Q
SRGHPRV WHQHU XQ KXHFR UHFRQRFLGR HQ OD LQYHVWLJDFLyQ" /D UHVSXHVWD HV 6, D OD
SULPHUD FXHVWLyQ \ 12 D OD VHJXQGD (V GHFLU WHQHPRV XQ KXHFR DILDQ]DGR HQ HO
PXQGR GH OD (GXFDFLyQ )tVLFD SHUR QR OR KHPRV FRQVHJXLGR HQ HO iPELWR GH OD
LQYHVWLJDFLyQ 6L ELHQ HV FLHUWR TXH HPSH]DPRV \ HVWDPRV HQ OD YtD DFHUWDGD HQ
FXDQWR D SURIHVLRQDOHV \ GLIXVLyQ GH ORV FRQWHQLGRV (V LQGXGDEOH \ DVt VH SXHGH
FRQVWDWDUHOKHFKRGHTXHHQ(VSDxDKD\WHVLVGRFWRUDOHVOHtGDV\HQHOUHVWRGHO
PXQGRXQWRWDOGH DOJXQDVHVFULWDVHQFLUtOLFRFRQORTXHODFRPSUREDFLyQGH
GLFKDV WHVLV KD VLGR LPSRVLEOH  FRQ UHIHUHQFLD D ([SUHVLyQ &RUSRUDO \R 'DQ]D 3RU
(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



RWUD SDUWH HO Q~PHUR GH DUWtFXORV HQ ',&( \R /DWLQGH[ VH YD LQFUHPHQWDQGR GtD D
GtDSHURWDPELpQHVPX\FLHUWRTXHHOFDPLQRHVODUJR\GLILFXOWRVR


6H KDFH QHFHVDULR SRU WDQWR TXH QRV SODQWHHPRV XQD DFWXDFLyQ XUJHQWH
SHUR PHGLWDGD \ SDUD HOOR KHPRV FRQVHQVXDGR OD SRVLELOLGDG GH UHIOH[LRQDU HQ
XQDVFRQGLFLRQHVySWLPDVSDUDHOOR\VDFDUXQDVHULHGHFRQFOXVLRQHVTXHSXHGDQ
D\XGDUDPXFKRVFROHFWLYRVLQWHUHVDGRVHQODPDWHULD


(OWUDEDMRGHUHIOH[LyQGHFXDOTXLHUDFWLYLGDG\DVHDOXFUDWLYDRQRGHSHQGH
GHORVSURSLRVHQWHQGLGRVHQODPDWHULDHVGHFLUQDGLHTXHQRHQWLHQGDRFRQWUROH
OD([SUHVLyQ&RUSRUDOGHEHRSLQDUVREUHHOOD\DTXHSXHGHGHVYLUWXDUHOFRQWH[WR\
SRUVXSXHVWRODVFRQFOXVLRQHV


3DUWLHQGR GH HVWD LGHD \ DSURYHFKDQGR XQD HVWDQFLD HQ OD IDFXOWDG GHO
'HSRUWHGH6DQWLDJRGH&KLOHFRQSHUVRQDOHQWHQGLGR\HVSHFLDOL]DGRHQODPDWHULD
OD PD\RUtD SURIHVRUHV XQLYHUVLWDULRV GH ([SUHVLyQ &RUSRUDO \ 'DQ]D  OOHYDPRV D
FDERXQDVMRUQDGDVGHUHIOH[LyQVREUHQXHVWUDWHPiWLFD$VtGXUDQWHHOPHVGHMXOLR
GH  XQ JUXSR GH H[SHUWRV HVWXYLPRV UHIOH[LRQDQGR VREUH OD PDWHULD GHVGH XQ
SXQWR GH YLVWD WDQWR H[WHUQR FRPR LQWHUQR 3DUD HOOR UHDOL]DPRV XQ DQiOLVLV '$)2
'HELOLGDGHV $PHQD]DV )RUWDOH]DV \ 2SRUWXQLGDGHV  GXUDQWH GRV MRUQDGDV
FRPSOHWDV /RV LQWHJUDQWHV GH GLFKD UHIOH[LyQ IXHURQ ORV TXH UHFRJHPRV D
FRQWLQXDFLyQ

0DULHOD )HUUHLUD 3URIHVRUD 'RFWRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO
8QLYHUVLGDG0HWURSROLWDQDGH&LHQFLDVGHOD(GXFDFLyQ6DQWLDJR&KLOH 
&pVDU $ULDV 3URIHVRU GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO 8QLYHUVLGDG
0HWURSROLWDQDGH&LHQFLDVGHOD(GXFDFLyQ6DQWLDJR&KLOH 
QJHO 2VRULR 3URIHVRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO )DFXOWDG GH
$UWHV\(GXFDFLyQ)tVLFD6DQWLDJR&KLOH 
0DUtD 7HUHVD )HUUXILQR 3URIHVRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO
)DFXOWDGGH$UWHV\(GXFDFLyQ)tVLFD6DQWLDJR&KLOH 
,QJULG (PLJ 3URIHVRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO 8QLYHUVLGDG
6DQWR7RPiV6DQWLDJR&KLOH 
(OL]DEHWK )ORUHV (VWXGLDQWH GH OD DVLJQDWXUD GH ([SUHVLyQ &RUSRUDO
8QLYHUVLGDG0HWURSROLWDQDGH&LHQFLDVGHOD(GXFDFLyQ6DQWLDJR&KLOH 
%HUWD 5RMDV 3URIHVRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO 8QLYHUVLGDG
6DQWR7RPiV6DQWLDJR&KLOH 
IULFD &DOYR 3URIHVRUD 'RFWRUD GH OD DVLJQDWXUD ([SUHVLyQ &RUSRUDO \
'DQ]D8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD(VSDxD 
5DTXHO3pUH]2UGiV 3URIHVRUD'RFWRUDGHODDVLJQDWXUD([SUHVLyQ&RUSRUDO\
'DQ]D8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD(VSDxD 
,QPDFXODGD *DUFtD 6iQFKH] 3URIHVRUD 'RFWRUD GH OD DVLJQDWXUD ([SUHVLyQ
&RUSRUDO\'DQ]D8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD(VSDxD 




-XDQ $QWRQLR /HyQ 3UDGRV 3URIHVRU 'RFWRU GH OD DVLJQDWXUD *LPQDVLD
DFUREiWLFD8QLYHUVLGDG3DEORGH2ODYLGH6HYLOOD(VSDxD 

(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



'(6$552//2


32548e81'$)2"


'HEtDPRV XVDU XQD KHUUDPLHQWD OR PiV YDOLGDGD \ FRQRFLGD SRVLEOH SDUD
TXH QXHVWURV UHVXOWDGRV IXHUDQ FRQWUDVWDGRV \ ILGHGLJQRV \ HV SRU HOOR TXH QRV
LQWHUHVy XWLOL]DU XQ VLVWHPD GH DQiOLVLV DO TXH QRUPDOPHQWH UHFXUUHQ ODV HPSUHVDV
SDUDGDUH[SOLFDFLyQ\DYDQ]DUHQVXVVLVWHPDVSURGXFWLYRV 'DYLG /DUD]yQ
GHDFXGLUDOVLVWHPDHPSUHVDULDOSDUDWRPDUHOFRQFHSWRGHPDWULFHV'$)2HVSRU
XQD UD]yQ GH RULJHQ HV GHFLU DFXGLU D ODV IXHQWHV GH HVWH VLVWHPD
LQGHSHQGLHQWHPHQWHGHUHYLVDUORVDQiOLVLV'$)2TXHVHUHDOL]DQHQHOiPELWRGHOD
HGXFDFLyQ  'H XQD IRUPD PiV FRQFUHWD HOHJLPRV HVWD KHUUDPLHQWD SRU XQD VHULH
GHQHFHVLGDGHVTXHH[SRQHPRVDFRQWLQXDFLyQ

1HFHVLGDG GH XQD UHIOH[LyQ 7UDV PXFKRV DxRV GH HVWDU tQWLPDPHQWH
LQFOXLGRV GHQWUR GHO PXQGR GH OD (GXFDFLyQ )tVLFD HV QHFHVDULR TXH
UHFDSDFLWHPRV GH GRQGH YHQLPRV GRQGH HVWDPRV \ VREUH WRGR KDFLD
GRQGHTXHUHPRVLU
1HFHVLGDG GH XQD FRQWH[WXDOL]DFLyQ 6LQ GXGD OD H[SUHVLyQ FRUSRUDO HVWi
LQIOXHQFLDGDSRU HO PXQGR GHO DUWH \GHO HVSHFWiFXORSHUR VRPRV H[SHUWRV
HQ OOHYDU HVWD LQIOXHQFLD D QXHVWUR FDPSR GH DFWXDFLyQDSOLFDFLyQ HO
iPELWRGHODGRFHQFLD\HOGHODVDFWLYLGDGHVGHDQLPDFLyQRFLRHQHOFXDO
WHQHPRVXQFDPSRSURIHVLRQDOH[WUDRUGLQDULR
1HFHVLGDGGHUHFRQRFLPLHQWR

1HFHVLGDGGHWHQHUXQDQHFHVLGDG"


)81'$0(17$&,135(9,$48e(681'$)2"


%iVLFDPHQWHHVXQDQiOLVLVTXHVHUHDOL]DGHIRUPDLQWHUQDSHURWHQLHQGRHQ
FXHQWD IDFWRUHV WDQWRLQWHUQRV FRPR H[WHUQRV /RV RUtJHQHV GH HVWH WLSR GH DQiOLVLV
SURYLHQHQGHOPXQGRGHODHPSUHVDVREUHWRGRGHODVHVWUXFWXUDVDPHULFDQDVTXH
HQVXQHFHVLGDGFRQVWDQWHGHDYDQ]DU\GHVHUPiV\PiVFRPSHWLWLYRVLQYHQWDURQ
XQ VLVWHPDGH UHIOH[LyQDFFLyQEDVDGRHQFXDWUR FRQFHSWRV FRQFUHWRVTXHGHEHQ
VHUUHIHULGRV\H[SOLFDGRVGHVGHXQDSRVLFLyQLQWHUQD\H[WHUQD 6DQWRV 


(ODQiOLVLV'$)2VHFRPSRQHGH

'HELOLGDGHV
$PHQD]DV
)RUWDOH]DV
2SRUWXQLGDGHV


/D HVWUXFWXUD GH HVWH WLSR GH UHIOH[LRQHV \ GLVFXVLRQHV VH GHEH UHDOL]DU FRQ
UHVSHFWRDOHVTXHPDTXHSUHVHQWDPRVHQODILJXUDLQGHSHQGLHQWHPHQWHGHRWUDV
HVWUXFWXUDVKHPRVHVFRJLGRpVWDSRUVHUPX\FODULILFDGRUD




(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-




)LJXUD$QiOLVLV'$)2&RQFHSWRVSDUDODUHIOH[LyQDFFLyQ




&DGDXQRGHORVFRQFHSWRVGHEHHQWHQGHUVHGHVGHODVLJXLHQWHSHUVSHFWLYD


'(%,/,'$'(6FRQFHSWRFRQVWLWXLGRSRUORVHOHPHQWRVUHFXUVRVKDELOLGDGHV\
DFWLWXGHVTXHODDFWLYLGDG\DWLHQH\TXHFRQVWLWX\HQ RSXHGHQFRQVWLWXLU EDUUHUDV
SDUDORJUDUODEXHQDPDUFKDGHOFRQWHQLGR(VGHFDUiFWHULQWHUQRHVDQDOL]DGRSRU
SHUVRQDVH[SHUWDVHQHVWDPDWHULD


$0(1$=$6 PHGLDQWH HO DQiOLVLV GH ODV DPHQD]DV SRGHPRV HVWDEOHFHU ORV
SULQFLSDOHVKHFKRVRHYHQWRVGHODPELHQWHTXHWLHQHQDOJXQDUHODFLyQFRQQXHVWUR
DQiOLVLV1RUPDOPHQWHVRQVLWXDFLRQHVQHJDWLYDVH[WHUQDVDOSURJUDPDRSUR\HFWR
TXH SXHGHQ DWHQWDU FRQWUD pVWH $Vt OOHJDGR DO FDVR SRGUtD VHU QHFHVDULR GLVHxDU
XQD HVWUDWHJLD DGHFXDGD SDUD SRGHU VRUWHDUODV R HVTXLYDUODV (V XQ FRQFHSWR GH
FDUiFWHU H[WHUQR DXQTXH WDPELpQ GHEH VHU DQDOL]DGR SRU SHUVRQDV TXH HQWLHQGDQ
ODVLWXDFLyQGHODDFWLYLGDGDWUDWDU


(V LPSRUWDQWH TXH QR FRQVLGHUHPRV ODV GHELOLGDGHV \ ODV DPHQD]DV FRPR
HOHPHQWRV QHJDWLYRV 6RQ XQ SXQWR GH SDUWLGD SDUD SRGHU FRQWURODU HVRV DVSHFWRV
TXH QRV SXHGHQ VHUYLU FRPR UHYXOVLYR \ FRPR GLIHUHQFLDGRU GH VLWXDFLRQHV \
FRQWHQLGRV/DPHWDHVTXHODVGHELOLGDGHV\ODVDPHQD]DVVHDQFRQRFLGDVFRQHO
ILQGHSRGHUFRPEDWLUODVHQFDVRQHFHVDULRRDXQDUHVIXHU]RVSDUDFRQWURODUODV
(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-




)257$/(=$6 VRQ WRGRV DTXHOORV HOHPHQWRV LQWHUQRV \ SRVLWLYRV TXH
GLIHUHQFLDQDOSURJUDPDRSUR\HFWRGHRWURVGHLJXDOFODVH&RPRHVGHGXFLEOH\
\D KHPRV FRPHQWDGR HV WRGR DTXHOOR TXH QRV GLIHUHQFLDV GH RWUDV GLVFLSOLQDV \
SUiFWLFDV\TXHVRQGHFDUiFWHUPRWLYDGRU


2325781,'$'(6 HVWiQ FRPSXHVWDV SRU WRGDV ODV VLWXDFLRQHV H[WHUQDV \
SRVLWLYDV TXH VH JHQHUDQ HQ HO HQWRUQR \ TXH XQD YH] LGHQWLILFDGDV SXHGHQ VHU
DSURYHFKDGDV(VXQRGHORVDVSHFWRVPiV H[WHQVRVGHQXHVWUDPDWHULD\TXHQRV
SXHGHGDUODRULHQWDFLyQSDUDSRVWHULRUHVDFWXDFLRQHV


/RVDQiOLVLV'$)2GHEHQUHDOL]DUVHVLHPSUHGHVGHXQSXQWRUHIOH[LYR\WRGRV
ORV PLHPEURV GHEHQ FRQRFHUWDQWR ORV IXQGDPHQWRVGH OR TXH HV XQ DQiOLVLV '$)2
FRPRODLPSOLFDFLyQ\ODVFDUDFWHUtVWLFDVGHFDGDXQRGHORVDSDUWDGRV


&RPR \D KHPRV FRPHQWDGR ODV UHXQLRQHV GH UHIOH[LyQ GH HVWH WUDEDMR VH
UHDOL]DURQGHQWURGHXQFXUVRGHHVSHFLDOL]DFLyQGH([SUHVLyQ&RUSRUDOUHDOL]DGRHQ
6DQWLDJR GH &KLOH GXUDQWH HO PHV GH -XOLR GH  VLHQGR ORV SDUWLFLSDQWHV ODV
SHUVRQDV TXH FRPSRQHQ HO IRUR GH UHIOH[LyQ \ OD XQLGDG GH WUDEDMR SDUD ODV
FRQFOXVLRQHV


(O SODQWHDPLHQWR SDUWH GH XQD QHFHVLGDG GH FRQWH[WXDOL]DUQRV GHQWUR GH OD
(GXFDFLyQ)tVLFDFLHQFLDGHODFXDOWRPDPRVWRGRVORVHVWDEOHFLPLHQWRVGHSXHVWD
HQ SUiFWLFD SHUR UHDOPHQWH 7HQHPRV XQD FRQWH[WXDOL]DFLyQ WHyULFD TXH QRV
VRSRUWD" 7HQHPRV XQD QHFHVLGDG GH UHFRQRFLPLHQWR" < SRU ~OWLPR (V HO
PRPHQWR GH SODQWHDUQRV WRGR HVWR" 7HQHPRV OD QHFHVLGDG GH WHQHU OD
QHFHVLGDG"3RUH[SOLFDUQRVXQSRFRPiVFODUDPHQWH(VHOPRPHQWRGHPDGXUH]
ySWLPRSDUDSODQWHDUQRVXQSHUIHFFLRQDPLHQWRHQQXHVWUDiUHD"


,QGXGDEOHPHQWHSRGHPRVHQFRQWUDUPXFKDELEOLRJUDItDUHIHULGDD([SUHVLyQ
&RUSRUDO GHVGH VX PiV DPSOLR HVSHFWUR \D KHPRV LQGLFDGR DQWHV HO Q~PHUR GH
7HVLV\ODSURGXFFLyQFLHQWtILFDGHVGHXQSXQWRGHYLVWDLQYHVWLJDGRU6LQHPEDUJR
VLJXH VLHQGR XQD SURGXFFLyQ EDMD FRQ UHVSHFWR D RWUDV iUHDV GH FRQRFLPLHQWR
GHQWURRQRGHOD$FWLYLGDG)tVLFD


0XOWLWXG GH SUHJXQWDV TXH WLHQHQ P~OWLSOHV UHVSXHVWDVSHUR TXHWRGDV HVWiQ
PHGLWDGDVGHVGHXQSXQWRGHYLVWDHVWUXFWXUDGRDWUDYpVGHHVWHDQiOLVLV'LJDPRV
TXH KD VLGR XQ VLVWHPD HPLQHQWHPHQWH HPSUHVDULDO HO TXH KHPRV WRPDGR FRPR
SXQWRGHSDUWLGDSDUDGLJQLILFDUHOiUHDTXHHQGHILQLWLYDPiVQRVSUHRFXSDSRUVHU
HOFRQWHQLGRDOTXHGHGLFDPRVQXHVWUDVLQYHVWLJDFLRQHV


/RV IRURV GH GLVFXVLyQ \ UHIOH[LyQ VH UHDOL]DURQ GH IRUPD FRQMXQWD FRQ
SHULRGRV GH UHIOH[LyQ LQGLYLGXDO FRQ HO ILQ GH TXH ODV DSRUWDFLRQHV IXHUDQ PiV
HQULTXHFHGRUDV8QDYH]WHUPLQDGDODSULPHUDIDVHODH[SRVLFLyQ\GLVFXVLyQGHOD
WHPiWLFDVHKL]RGHIRUPDFRP~QFDGDJUXSRSRGtDRSLQDUGHODVDSRUWDFLRQHVGH
ORVGHPiV


/DVFRQFOXVLRQHVPiVLPSRUWDQWHVDODVTXHKHPRVOOHJDGRVRQODVVLJXLHQWHV
\VHUiQHQXPHUDGDVWDO\FRPRVHUHFRJLHURQHQODVUHXQLRQHVGHSXHVWDHQFRP~Q
GHORVJUXSRVGHWUDEDMR7RGDVIXHURQGLVFXWLGDVSRUWRGRVORVSDUWLFLSDQWHV


(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



D '(%,/,'$'(6

(VFDVDSURGXFFLyQGHWUDEDMRVFLHQWtILFRVHQHOiUHDGH([SUHVLyQ&RUSRUDO\
'DQ]D

&RQFHSWRV FRQIXVRV \ IDOWD GH IRUPDFLyQ SRU SDUWH GH ORV SURIHVRUHV GH OD
DVLJQDWXUDHQWRGRVORVQLYHOHVLQFOXLGRHO8QLYHUVLWDULR

,PSDUWLFLyQ GH FRQWHQLGRV VLQ KLOR FRQGXFWRU \ VLQ REMHWLYRV FODURV


$FWLYLGDGHV VLQ VHQWLGR GHVHQFDGHQDGDV \ FDUHQWHV GH QH[R (VWR SURGXFH
XQDIDOWDGHLQWHJUDFLyQSRUIDOWDGHXQREMHWLYRFRQFUHWR

/D QR H[LVWHQFLD GH XQD UHIOH[LyQ VREUH OD DFFLyQ HQWUH HO DOXPQDGR \ HO
SURIHVRUDGR

7HQGHQFLD D FRSLDU PRGHORV DSUHQGLGRV R HVWDEOHFLGRV \ QR D FUHDU (O


FRQRFLPLHQWRQRVHXVDSDUDODJHQHUDFLyQGHQXHYRFRQRFLPLHQWR

1R KD\ WUDVFHQGHQFLD KDFLD XQD LQWHULRUL]DFLyQ QR KD\ UHIOH[LyQ QL DXWR
UHFRQRFLPLHQWRGHOWUDEDMRDSUHQGLGR

6LJXHQ H[LVWLHQGR PXFKRV SUHMXLFLRV DFHUFD GHO FXHUSR \ VX FDSDFLGDG


H[SUHVLYD (VWR JHQHUD XQD FRQIXVLyQ HQ HO FRQFHSWR GHO FXHUSR \ HQ OD
SRVLELOLGDG GH XWLOL]DUOR HQ EHQHILFLR QXHVWUR \ HQ OD HQVHxDQ]D GH ORV
FRQWHQLGRVGHODH[SUHVLyQ\ODH[SUHVLYLGDG


E $0(1$=$6

9LVLyQ VRFLRFXOWXUDO QHJDWLYD UHVSHFWR DO VLJQLILFDGR GHO FRQFHSWR HPStULFR
SUiFWLFD GHOD([SUHVLyQ&RUSRUDO\OD'DQ]D

'HQWUR GHO JpQHUR PDVFXOLQR VLJXH H[LVWLHQGR XQD UHWLFHQFLD D ODV


DFWLYLGDGHVGH([SUHVLyQ&RUSRUDO\'DQ]D

2WURVSURIHVLRQDOHVGHOiUHDDUWtVWLFDWDOHVFRPREDLODULQHVDFWRUHVDFUyEDWDV
GH FLUFR HWF VXSRQHQ R SXHGHQ VXSRQHU XQD LQWURPLVLyQ GHQWUR GH OD
GRFHQFLDGHORVFRQWHQLGRVGHOD([SUHVLyQ&RUSRUDO\OD'DQ]D

,QVWDQFLDV GH SHUIHFFLRQDPLHQWR \ GH DFWXDOL]DFLyQ HQ HO FRQWH[WR GH OD
(GXFDFLyQ )tVLFD VRQ HVFDVRV \ ORV FXUVRV R VHPLQDULRV RUJDQL]DGRV SRU
SURIHVLRQDOHV GH DUWHV HVFpQLFDV VRQ JHQHUDOPHQWH PX\ FHUUDGRV X
RULHQWDGRVDEDLODULQHV\DFWRUHVPiVTXHDGRFHQWHV

&RQGLFLRQDPLHQWRVVRFLDOHVGHHGXFDFLyQ\QRUPDVGHXUEDQLVPREORTXHDQ
ODVSRVLELOLGDGHVGHGHVDUUROORGHOFRQWHQLGR


F )257$/(=$6

$FWLYLGDG KROtVWLFDDIHFWLYD VL KDEODPRV GHVGH XQ SXQWR GH YLVWD VRFLDO \
ILVLROyJLFR

)yUPXOD LGHDO HQ FXDQWR DO GHVDUUROOR GH OD DXWRHVWLPD \ HQ JHQHUDO GH OD
SHUVRQDOLGDG

*HQHUDUHODFLRQHVLQWHUSHUVRQDOHVHLQWUDJUXSR

0XFKDFRQH[LyQFRQRWURVFDPSRVGHWUDEDMRHQFXDQWRDDUWHVHVFpQLFDV(O
JHVWRFRPRPHGLRGHFRPXQLFDFLyQ

(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



0XFKDV SRVLELOLGDGHV GH FRQH[LyQ FRQ RWUDV iUHDV GHO FXUUtFXOXP \


DSUHQGL]DMHVHVFRODUHV


G 2325781,'$'(6

)RUPDFLyQ\SHUIHFFLRQDPLHQWRHQQXHVWUDiUHD

7UDEDMRLQVHUFLyQODERUDO1XHYRViPELWRVGHSRVLELOLGDGSDUDWUDEDMDU

3RVLELOLGDG GH LQYHVWLJDFLyQ HQ RWURV iPELWRV FRPR SXHGH VHU HO $UWH OD
(GXFDFLyQ)tVLFDOD6DOXG\OD(GXFDFLyQHQJHQHUDO

3RVLELOLGDG GH IRUWDOHFHU HO iUHD FRQ DFFLRQHV FRQMXQWDV GH DFWXDOL]DFLyQ \
SHUIHFFLRQDPLHQWR DGHPiV GH UHGHV GH LQYHVWLJDFLyQ \ WUDEDMR WDQWR HQ HO
iPELWR QDFLRQDO FRPR LQWHUQDFLRQDO DSR\iQGRVH HQ JUXSRV GH H[SHUWRV H
LQWHUFDPELDQGR\DXQDQGRFULWHULRVLGHDV\RSLQLRQHV

&21&/86,21(6



'HEHPRV FRQVLGHUDU XQD VHULH GH FRQFOXVLRQHV IUXWR GH QXHVWUR WUDEDMR
UHIOH[LYR +DQ VLGR WUDQVFULWRV WH[WXDOPHQWH GHVGH HO JUXSR GH WUDEDMR \
HQFRQWUDPRV PXFKDV VLPLOLWXGHV FRQ HO WUDEDMR UHDOL]DGR HQ  SRU 5H\QR \
'HOJDGRGRQGHORVWpUPLQRVFRLQFLGHQFRQORVUHVXOWDGRVGHQXHVWURWUDEDMRHQXQD
JUDQPD\RUtD


/D([SUHVLyQ&RUSRUDO\OD'DQ]DHVWiQLQWHJUDGDVGHQWURGHOFRQWH[WRGHOD
(GXFDFLyQ )tVLFD SHUR FRQ PXFKDV UHWLFHQFLDV SRU SDUWH GH RWUDV PDWHULDV VREUH
WRGR ODV UHODFLRQDGDV FRQ HO DOWR UHQGLPLHQWR GHSRUWLYR  (VWDV UHWLFHQFLDV YLHQHQ
FRQIHULGDVGHVGHORVHVWDPHQWRVGHIRUPDGRUHVGHIRUPDGRUHVWDQWRODVIDFXOWDGHV
GH &LHQFLDV GH OD $FWLYLGDG )tVLFD \ 'HSRUWH FRPR HQ ODV FODVHV GH (GXFDFLyQ
)tVLFDHQSULPDULD\VHFXQGDULD


/RV FRQWHQLGRV GHQWUR GH OD ([SUHVLyQ &RUSRUDO \ OD 'DQ]D HVWiQ DOJR
FRQIXVRVDSOLFiQGRVHGHIRUPDVPX\GLVSDUHVHQIXQFLyQGHORVFRQRFLPLHQWRVGHO
SURIHVRUDGR/RVFRQWHQLGRVVRQPX\DPSOLRV


(O iPELWR GH OD LQYHVWLJDFLyQ HVWi YHWDGR R LQVXILFLHQWHPHQWH FRQVLGHUDGR
SDUDORVSURIHVLRQDOHVGHOD([SUHVLyQ&RUSRUDO\OD'DQ]D


$GHPiVGHOiPELWRHGXFDWLYRDWUDYpVGHOD(GXFDFLyQ)tVLFDWHQHPRVPiV
FDPSRV GH DFWXDFLyQ HQ ORV TXH SRGHPRV FRODERUDU \ DSRUWDU FRVDV SRVLWLYDV $
PRGRGHHMHPSORSRGUtDPRVGHVWDFDUHOFDPSRGHODVDUWHVHVFpQLFDVHOFRQMXQWR
GHDFWLYLGDGHVItVLFRGHSRUWLYDVFRQXQFRPSRQHQWHHVWpWLFRH[SUHVLYRODLQGXVWULD
GHORFLRRHOiPELWRWHUDSpXWLFR


(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



%,%/,2*5$)$


'DYLV 5)   &RQFHSWRV GH $GPLQLVWUDFLyQ (VWUDWpJLFD  HGLFLyQ  0p[LFR
3HDUVRQ3UHQWLFH+DOO
*DUFtD6iQFKH],3pUH]5\&DOYR$  ,QLFLDFLyQDODGDQ]DFRPRDJHQWH
HGXFDWLYR GH OD ([SUHVLyQ &RUSRUDO HQ OD (GXFDFLyQ )tVLFD DFWXDO $VSHFWRV
PHWRGROyJLFRV 5HWRV 1XHYDV WHQGHQFLDV HQ (GXFDFLyQ )tVLFD 'HSRUWHV \
5HFUHDFLyQ
0DWHX 0 'XUiQ & \ 7URJXHW 0    (MHUFLFLRV \ MXHJRV DSOLFDGRV D ODV
DFWLYLGDGHVGHH[SUHVLyQ%DUFHORQD3DLGRWULER
5H\QR$\'HOJDGR0$  /RVFRQWHQLGRV\QHFHVLGDGHVSDUDHOGHVDUUROOR\
DSOLFDFLyQ GH ODV DFWLYLGDGHV GH H[SUHVLyQ PRWUL] HQ OD IRUPDFLyQ LQLFLDO GH ORV
SURIHVRUHVGHHGXFDFLyQItVLFD8QHVWXGLRH[SORUDWRULR0RWULFLGDG*UDQDGD
6DQWRV 0   (O DQiOLVLV '$)2 &yPR YDORUDU ODV GHELOLGDGHV DPHQD]DV
IRUWDOH]DV\RSRUWXQLGDGHVGHODHPSUHVD5HYLVWD(PSUHQGHGRUHV
6FKLQFD 0   ([SUHVLyQ FRUSRUDO 7pFQLFD \ H[SUHVLyQ GHO PRYLPLHQWR
%DUFHORQD3UD[LV
7RROVDQG&RQFHSWVRI7RGD\0DQDJHUV+DUYDUG%XVLQHVV6FKRRO3UHVV&DPEULGJH
0DVVDFKXVHWWVSS
9LYHUQHW  (ODQiOLVLV'$)2&RQVHMHUtDGH(GXFDFLyQ&LHQFLD\7HFQRORJtDGH
OD
-XQWD
GH
([WUHPDGXUD

)81'(&<7

S
2Q
OLQH
>$FFHVLEOHZZZYLYHUQHWFRPLQIRHPSUHQGHLGHDDQDOLVLVGDIRGRF@
>$FFHVR
@



)HFKDGHUHFHSFLyQ
)HFKDGHDFHSWDFLyQ















(PiV)5HYLVWD'LJLWDOGH(GXFDFLyQ)tVLFD$xR1XP MXOLRDJRVWRGH 
,661'HSyVLWR/HJDO-



You might also like