Download as pdf or txt
Download as pdf or txt
You are on page 1of 120

0XQGRSRVW&KHUQyELO

3HQVDUQXHVWURPXQGRQXHVWUDVFLXGDGHV\QXHVWURVPHGLRVGHWUDQVSRUWH\FRPXQLFDFLyQ
FRPSRUWD SHQVDU FUtWLFDPHQWH HQ ODV WHFQRORJtDV \ ODV IXHQWHV GH HQHUJtD TXH VH XWLOL]DQ
GH GyQGH SURFHGHQ \ TXp LPSOLFDQ LPSRQHQ H KLSRWHFDQ \ FXiOHV VRQ VXV ULHVJRV /D
UHDOLGDG FRQWHPSRUiQHD GH ODV FDWiVWURIHV QXQFD QDWXUDOHV DXQTXH OR SDUH]FDQ DO VHU
WHUUHPRWRV KXUDFDQHV R LQFHQGLRV VH QRV SUHVHQWD FRPR XQ KHFKR HVHQFLDO GH QXHVWUR
PXQGR/RVHIHFWRVGHHVWDVFDWiVWURIHVVRQVRFLDOHV\VXVFDXVDVQRVRQQDWXUDOHVVLQR
DUWLILFLDOHV HQ OD PHGLGD HQ TXH ODV REUDV GH DUTXLWHFWXUD LQJHQLHUtD \ XUEDQLVPR VH KDQ
KHFKRHUUyQHDPHQWHFRQWUDQDWXUD(VDVtSRUODIDOWDGHUHVSRQVDELOLGDG\DXWRFUtWLFDGHO
PXQGRGHODWHFQRORJtDFDSLWDOLVWDTXHKDLPSXHVWRODUHQWDELOLGDG\ORLQVWUXPHQWDOFRPR
~QLFR FULWHULR GH HYDOXDFLyQ 3RU HOOR FDGD YH] KD\ PiV FRODSVRV \ DSDJRQHV HQ SDtVHV
FRPR ,WDOLD (VWDGRV 8QLGRV &DQDGi R &DWDOXxD XQRV DSDJRQHV TXH VH UHSLWHQ \ TXH
GHSHQGHQ GH XQRV VLVWHPDV HQHUJpWLFRV REVROHWRV \ YXOQHUDEOHV \ GH XQDV FRPSDxtDV
SULYDGDV GH HOHFWULFLGDG GHVUHJXODUL]DGDV \ WDFDxDV TXH QR WLHQHQ D SXQWR VXV
LQIUDHVWUXFWXUDV1RROYLGHPRVTXHQXHVWURFRQVXPRHQHUJpWLFRVHVXVWHQWDSRUXQDSDUWH
\ HQ XQ JUDQ SRUFHQWDMH HQ OD HQHUJtD QXFOHDU \ SRU RWUD \ HQ RWUR JUDQ SRUFHQWDMH HQ
UHVHUYDV GH SHWUyOHR VLWXDGDV HQ SDtVHV FRQ GLFWDGXUDV WROHUDGDV LQWHUHVDGDPHQWH SRU
2FFLGHQWH
/D KHUHQFLD HQ PDWHULD GH PHGLR DPELHQWH TXH KD GHMDGR OD VRFLHGDG LQGXVWULDO
HVSHFLDOPHQWH OD GHO VLJOR ;; \ HVSHFtILFDPHQWH ODV TXH SRGUtDPRV GHQRPLQDU
JHQHUDFLRQHVGH$WLODGHVGHODVGpFDGDVGH\QRSXHGHVHUSHRUH[SORWDFLyQ
GH ORV OXJDUHV SULYLOHJLDGRV \ GHVHUWL]DFLyQ H[WLQFLyQ GH HVSHFLHV \ DJRWDPLHQWR GH ODV
PDWHULDV SULPDV HQYHQHQDPLHQWR \ FRQWDPLQDFLyQ  'HVGH ILQDOHV GH OD GpFDGD GH 


GHELGRDODH[SDQVLyQGHODVFHQWUDOHVQXFOHDUHVKDQSUROLIHUDGRORVDFFLGHQWHVJUDYHVHQ
OD 8QLyQ 6RYLpWLFD HO 5HLQR 8QLGR \ (VWDGRV 8QLGRV TXH JHQHUDOPHQWH VH VLOHQFLDURQ \
FUHFHQ ODV FDWiVWURIHV PDUtWLPDV FDXVDGDV SRU HO FRODSVR GH SHWUROHURV HQ ODV FRVWDV
HXURSHDV (Q HO DxR  XQ LQIRUPH GHQXQFLDED TXH HQ OD 8QLyQ (XURSHD VH XWLOL]DQ
SURGXFWRVTXtPLFRVGHULHVJR

/$(5$3267&+(51Ï%,/
9LYLPRV HQ OR TXH SRGUtDPRV GHQRPLQDU OD HUD SRVW&KHUQyELO VDEHPRV TXH QXHVWUR
PRGHOR HFRQyPLFR EDVDGR HQ OD GHSUHGDFLyQ GH OD QDWXUDOH]D VLQ UHVSRQVDELOLGDGHV QL
OtPLWHV WLHQH IHFKD GH FDGXFLGDG SHUR OD PD\RUtD VH QLHJD D DGPLWLUOR \ OR TXH HV PiV
JUDYH ODV HPSUHVDV TXH VH OXFUDQ FRQ HOOR LQYLHUWHQ HQ FDPSDxDV SXEOLFLWDULDV
VHXGRFLHQWtILFDV SDUD QHJDUOR \ SDUD QR DVXPLU UHVSRQVDELOLGDG DOJXQD 'HVGH OD GpFDGD
GHORVHFRORJLVWDVDQXQFLDEDQGHVDVWUHVQXFOHDUHVSHURLQFOXVRODFDWiVWURIHQXFOHDU
UHDO ²&KHUQyELO HQ  HO PD\RU DFFLGHQWH GHO VLJOR ;;² QR IXH VXILFLHQWH SDUD
UHDFFLRQDU < DXQTXH KD\D KDELGR RWURV DFFLGHQWHV QXFOHDUHV FRPR HO GH OD FHQWUDO
HVWDGRXQLGHQVHGH7KUHH0LOH,VODQGHQ+DUULVEXUJHOGHPDU]RGHPDOTXH QRV
SHVH UHFRQRFHUOR HO SHRU DFFLGHQWH VH SURGXMR HQ OD 8QLyQ 6RYLpWLFD TXH XQDV GpFDGDV
DWUiV KDEtDQ FUHDGR ORV OtGHUHV \ PDVDV UHYROXFLRQDULDV /R TXH KDEtD DUUDQFDGR FRQ
YROXQWDG GH VHU XQD QXHYD VRFLHGDG PiV MXVWD VH FRQYLUWLy HQ OD FDXVDQWH GH OD WUDJHGLD
PiVVLQLHVWUD(OSHRUDFFLGHQWHGHODHUDLQGXVWULDOVHSURGXMRHQHOSDtVTXHHQFDEH]DED
HO OODPDGR VRFLDOLVPR UHDO (Q FRQVHFXHQFLD &KHUQyELO KD VLGR XQD GREOH FDWiVWURIH XQD
FULVLV SODQHWDULD \ HO QDXIUDJLR DQWH WRGR HO PXQGR GHO LQPHQVR FRQWLQHQWH GHO VRFLDOLVPR
UHDO3RUWDQWR&KHUQyELOVHFRQYLHUWHHQODH[SUHVLyQPi[LPDGHXQDFULVLVGHYDORUHVTXH
HQJORED WDQWR D XQ 2FFLGHQWH FDSLWDOLVWD \ GHSUHGDGRU FRPR D XQDV OODPDGDV VRFLHGDGHV
FRPXQLVWDV R GH VRFLDOLVPR UHDO TXH VH EDVDURQ HQ OD SULPDFtD GHVSyWLFD GH OD UD]yQ OD
SURGXFFLyQ HO SRGHU \ HO FRQWURO \ TXH GHPRVWUDURQ FRQ HO DFFLGHQWH GH &KHUQyELO VX
UHDOLGDG PiV VLQLHVWUD 4XLQFH DxRV PiV WDUGH HQ HO  ODV IRWRJUDItDV GH 5REHUW
3ROLGRUL VRQ XQ WHVWLPRQLR PDJLVWUDO \ GHFLVLYR GH OD KHUHQFLD GH XQD FDWiVWURIH TXH
VHxDODEDDODYH]HOLQLFLRGHXQDFULVLVLUUHYHUVLEOHWDQWRGHODFRQFHSFLyQDXWRULWDULDGH
OD VRFLHGDG FRPXQLVWD FRPR GHO UDFLRQDOLVPR SURGXFWLYLVWD \ GHSUHGDGRU
,UUHYHUVLEOHPHQWH &KHUQyELO QRV KD KHFKR SDVDU GH XQD pSRFD D RWUD HQ OD TXH D~Q
HVWDPRV \ DQWH OD TXH QR KHPRV VDELGR UHDFFLRQDU LQFOXVLYH GHVSXpV GH OD FDWiVWURIH
QXFOHDUGH)XNXVKLPDHQ
(V HQ HVWH FRQWH[WR TXH HO XUEDQLVWD UDGLFDO HVWDGRXQLGHQVH 0LNH 'DYLV VRVWLHQH HQ VX
OLEUR (FRORJ\ RI )HDU /RV $QJHOHV DQG WKH ,PDJLQDWLRQ RI 'LVDVWHU  GRQGH VH VXPD HO


PLOHQDULVPR PDU[LVWD FRQ XQ HFRORJLVPR DSRFDOtSWLFR TXH HQ XQ FRQWH[WR FRPR HO
FDOLIRUQLDQRFRQXQDVRFLHGDGRSXOHQWDDVHQWDGDVREUHXQDIDOODWHFWyQLFDVRORVHSXHGH
SURGXFLUXQDUHYROXFLyQVRFLDOVLKD\XQFDWDFOLVPRHFROyJLFR
7DPELpQODFRPXQLGDGFLHQWtILFDLQWHUQDFLRQDOKDDYLVDGRFRQWLQXDPHQWHVREUHORVSHOLJURV
GH OD HQHUJtD QXFOHDU \ ORV HIHFWRV GHO FDOHQWDPLHQWR JOREDO (O VRFLyORJR (UQHVW *DUFtD
H[SOLFDED HQ HO  TXH ODV HQFXHVWDV GHPRVWUDEDQ XQD IXHUWH ELSRODUL]DFLyQ GH OD
VRFLHGDG YDOHQFLDQD TXH SRGHPRV FRQVLGHUDU VLPLODU D RWUDV VRFLHGDGHV FDGD YH] PiV
DFWLYDV XQDV PLQRUtDV FRQFLHQFLDGDV DOWHUQDWLYDV HFRORJLVWDV \ DQWLJOREDOL]DFLyQ SHUR DO
PLVPR WLHPSR DXPHQWD HO FRQVXPLVPR \ OD GHVSUHRFXSDFLyQ GH OD PD\RU SDUWH GH OD
VRFLHGDG/DVFODVHVSXGLHQWHVYLYHQHQVXVEXUEXMDVVXPRGRGHYLGDVHEDVDHQSHQVDU
TXH ODV FULVLV VRQ GH ORV RWURV TXH ODV FDWiVWURIHV VROR VXFHGHQ D ORV GHVKHUHGDGRV 6H
SLHQVD TXH VLHPSUH TXHGDUiQ FDVDV HQ XUEDQL]DFLRQHV FHUUDGDV \ FRQ UHIXJLRV
DQWLQXFOHDUHV\DQWLUURERVIRUWDOH]DVGHOXMR\FHQWURVFRPHUFLDOHVFRQDLUHDFRQGLFLRQDGR
GRQGHJXDUHFHUVHFRQVXPLHQGRSHURQRVHGDQFXHQWDGHODSUR[LPLGDGGHODPLVHULD\GH
ODFRQWDPLQDFLyQDODVTXHVHKDFRQGHQDGRDORVSDtVHVHQGHVDUUROOR(OOtPLWHHQWUHODV
]RQDVULFDV\ODVSREUHVHVXQDIURQWHUDPX\IUiJLO\FDOLHQWHHQHOPXQGRSRVW&KHUQyELO
ODUXLQDHFRQyPLFD\HODFFLGHQWHWRWDODFHFKDDWRGRVSRULJXDO

(;3257$&,Ï1'(&$7È6752)(6
1RV KHPRV DFRVWXPEUDGR D FRQYLYLU FRQ OD SRVLELOLGDG GHO DFFLGHQWH JUDYH \ GHO FRODSVR
SRUFRQWDPLQDFLyQVLQTXHUHUVHUPX\FRQVFLHQWHVGHHOOR(Q&DWDOXxDSODQHDODDPHQD]D
SHUPDQHQWH GH ODV FHQWUDOHV QXFOHDUHV GH 9DQGHOOyV \ $VFy HQYHMHFLGDV D PHQXGR
DYHULDGDV \ FRQ H[WUDxRV IDOORV VLQ HPEDUJR VH SUHILHUH ROYLGDU $GHPiV FLHUWRV SDtVHV
GHVDUUROODGRV JHQHUDOPHQWH FRQ XQD VRFLHGDG FLYLO FRQ XQD ODUJD WUDGLFLyQ GH H[LJHQFLD \
HQGRQGHVHKDLQVWDODGRXQOHQJXDMHGHORSROtWLFDPHQWHFRUUHFWRHQFXHVWLRQHVGHPHGLR
DPELHQWH OR TXH KDFHQ HV YHUWHU OD EDVXUD \ OD FRQWDPLQDFLyQ HQ ORV WHUULWRULRV GH ORV
SDtVHV HQ GHVDUUROOR (Q HVWR PRGHUQLGDG \ SRVPRGHUQLGDG FRORQLDOLVPR \
SRVFRORQLDOLVPR KDQ VLGR LJXDO GH KLSyFULWDV 0LHQWUDV HO 5HLQR 8QLGR \ )UDQFLD
SURFODPDEDQ OD ,OXVWUDFLyQ \ OD GHPRFUDFLD IRPHQWDEDQ HO PiV GXUR HVFODYLVPR \ OD
H[SORWDFLyQ PiV FUXHO HQ ODV FRORQLDV +R\ SDtVHV TXH VH SUHWHQGHQ PRGHORV GH
VRVWHQLELOLGDG FRPR )LQODQGLD 6XHFLD +RODQGD $OHPDQLD R &DQDGi FXPSOHQ FLHUWDV
QRUPDV LQWHUQDV SHUR H[WHUQDOL]DQ WRGD OD SDUWH VXFLD GH VXV H[SORWDFLRQHV HQ SDtVHV HQ
GHVDUUROOR 4XLHQHV YLYLPRV HQ ORV SDtVHV GHVDUUROODGRV SUHIHULPRV QR VDEHU OR TXH SDVD
FRQ QXHVWURV RUGHQDGRUHV \ HOHFWURGRPpVWLFRV FXDQGR VH FRQYLHUWHQ HQ EDVXUD QL YHU
FyPRWUDEDMDGRUHVHQOD,QGLD%DQJODGHVK&KLQDR/DJRVUHFLFODQODVSLH]DVXQDDXQD
HQFRQGLFLRQHVLQIUDKXPDQDVGHDOWtVLPDFRQWDPLQDFLyQ
/D KLVWRULD GH ORV JUDQGHV GHVDVWUHV LQGXVWULDOHV HV LQWHUPLQDEOH FRQ VXFHVRV TXH KDQ
HVWDOODGRSXQWXDOPHQWHFRPRHOGH6HYHVRHQ,WDOLDHOGHMXOLRGHRFRQXQHIHFWR
TXH VH YD QRWDQGR DO FDER GH PXFKRV DxRV FRPR OD FRQWDPLQDFLyQ SRU SHVWLFLGDV HQ
SODQWDFLRQHV GH SOiWDQRV GH OD 'ROH )RUG &RPSDQ\ HQ 1LFDUDJXD TXH SURYRFy JUDYHV
HQIHUPHGDGHV HQWUH ORV WUDEDMDGRUHV WDO FRPR PXHVWUD HO GLUHFWRU )UHGULN *HUWWHQ HQ HO
GRFXPHQWDO%DQDQDV  
/D FDWiVWURIH PD\RU VRFLDO \ PHGLRDPELHQWDOPHQWH IXH OD GH %KRSDO HQ OD ,QGLD OD
PDGUXJDGD GHO  GH GLFLHPEUH GH  FXDQGR VH SURGXMR XQD IXJD GH  WRQHODGDV GH
JDV 0,& LVRFLDQDWR GH PHWLOR  XQR GH ORV TXtPLFRV PiV Wy[LFRV MDPiV LQYHQWDGR GH OD
IiEULFDGHSHVWLFLGDVHVWDGRXQLGHQVH8QLRQ&DUELGH(VDQRFKHPXULHURQURFLDGRVSRUORV
JDVHVSHUVRQDV\HQODVVHPDQDVVLJXLHQWHVORVPXHUWRVVHJ~QODVFLIUDVRILFLDOHV
IXHURQDXQTXHSXGLHURQOOHJDUKDVWD6HPDQWLHQHKR\XQDHVWHODVLQLHVWUD
GHFRQWDPLQDFLyQHQORVVXHORV\HQORVDFXtIHURVGHOD]RQDFRQXQDVSHUVRQDV
DIHFWDGDV \ GLVFDSDFLWDGDV FRQ VHFXHODV SHUPDQHQWHV GXUDQWH JHQHUDFLRQHV FiQFHU
HQIHUPHGDGHVGHHVWyPDJRKtJDGRULxyQ\SXOPRQHVWUDVWRUQRVKRUPRQDOHV\PHQWDOHV
GHIRUPDFLRQHVSDUiOLVLV\PLQXVYDOtDVHQORVQLxRV/RVUHVSRQVDEOHV8QLRQ&DUELGH\VX
SUHVLGHQWH :DUUHQ $QGHUVRQ TXH HVFDSDURQ GH OD ,QGLD DEDQGRQDQGR WRGRV ORV
FRQWDPLQDQWHV\Wy[LFRVKDQFRQVHJXLGRHOXGLUODFDXVDFULPLQDODELHUWDHQVXFRQWUD\KDQ
FXELHUWRXQDVUDTXtWLFDVLQGHPQL]DFLRQHV$SHVDUGHWRGDVODVOXFKDVGHODVDVRFLDFLRQHV
GH YtFWLPDV FRPR &KLJDUL 7UXVW HQ ODV TXH VH XQHQ OD SHUVSHFWLYD GH JpQHUR \ OD
PHGLRDPELHQWDO TXH KDQ VHJXLGR UHFODPDQGR DO *RELHUQR LQGLR \ D 'RZ &KHPLFDOV OD
HPSUHVDTXHHQHOFRPSUy8QLRQ&DUELGH HOODUJXtVLPRSURFHVRMXGLFLDOGHPiVGH


DxRVVHVDOGyYHUJRQ]RVDPHQWHDPHGLDGRVGHOFRQVRORRFKRFRQGHQDVOHYHV
DXQTXHDILQDOHVGHOPLVPRDxRHO7ULEXQDOVXSUHPRGHOD,QGLDUHDEULyHOFDVR(QVH
HVWDEOHFLHURQ XQDV LQGHPQL]DFLRQHV GH XQRV  HXURV TXH PXFKDV GH ODV YtFWLPDV QR
FREUDURQ<'RZ&KHPLFDOVTXHQXQFDDFHSWyQLQJXQDUHVSRQVDELOLGDGGH8QLRQ&DUELGH
VH GHGLFD D SURGXFLU \ YHQGHU HO LQVHFWLFLGD 'XUVEDQ TXH SRU VX WR[LFLGDG HVWi SURKLELGR
SDUDXVRFRPHUFLDOHQ(VWDGRV8QLGRV
(VODUJRHOKLVWRULDOGHFDWiVWURIHVH[SRUWDGDV(VSDxDKDVLGRWDPELpQYtFWLPDGHHOODV
FRPR HO GHUUDPDPLHQWR RFDVLRQDGR SRU OD HPSUHVD VXHFD %ROLGHQ 0HWDOO HQ HO UtR
*XDGLDPDU FHUFD GHO 3DUTXH 1DFLRQDO GH 'RxDQD OD PLVPD HPSUHVD TXH KDEtD
HQYHQHQDGR GRV EDUULRV GH OD FLXGDG SRUWXDULD GH $ULFD HQ &KLOH 2WUDV YHFHV VRQ
HPSUHVDV HVSDxRODV ODV TXH FRPHWHQ ORV DEXVRV FRPR HO LQFXPSOLPLHQWR GH OD SHWUROHUD
5HSVRO<3)GHXQDSDUWHGHORVFRPSURPLVRVGHLQYHUVLRQHVHQ1HXTXpQ$UJHQWLQD
+D\ LQGLFLRV LPSXQHV FRPR TXH ODV UHVHUYDV GH DJXD GXOFH HQ OD 7ULSOH )URQWHUD HQWUH
$UJHQWLQD 3DUDJXD\ \ %UDVLO HO DFXtIHUR *XDUDQt HVWiQ EDMR REVHUYDFLyQ PLOLWDU GH
(VWDGRV8QLGRVRFRPRTXHGLYHUVDVPXOWLQDFLRQDOHVWHQJDQFRPRREMHWLYRXWLOL]DUHOHMHGH
ORV UtRV 3DUDQi \ 3DUDJXD\ SDUD DSURSLDUVH GH OD ULTXH]D GH OD ]RQD 'H KHFKR DOJXQRV
PDSDVHQORVOLEURVGHWH[WRHQ(VWDGRV8QLGRVLQFOX\HQ\DFRPRWHUULWRULRVSURWHJLGRVSRU
HOSDtVHQFODYHVULFRVHQELRGLYHUVLGDGGHOD$PD]RQLDEUDVLOHxD\GHKHFKRORVPLVPRV
SRWHQWDGRV GH ORV SDtVHV TXH H[WHUQDOL]DQ VX KXHOOD HFROyJLFD VRQ ORV TXH HVWiQ
FRPSUDQGRODVPHMRUHViUHDVQDWXUDOHVGH/DWLQRDPpULFD
8QD GH ODV OXFKDV PiV HPEOHPiWLFDV HV OD TXH PDQWLHQHQ ORV SREODGRUHV DUJHQWLQRV GH
(QWUH 5tRV FRQWUD OD SDSHOHUD ILQODQGHVD TXH VH KD LQVWDODGR HQ OD RULOOD XUXJXD\D GHO UtR
8UXJXD\XQDHPSUHVDGHSURGXFFLyQGHSDVWDGHSDSHOTXHSXHGHFRQWDPLQDUJUDYHPHQWH
HO UtR \ TXH KD JHQHUDGR JUDQGHV SURWHVWDV GH ORV KDELWDQWHV GH OD SDUWH DUJHQWLQD \
IXHUWHVWHQVLRQHVGLSORPiWLFDV
< XQR GH ORV FDVRV PiV GHVFDUDGRV VH SURGXFH HQ 0p[LFR GRQGH XQD HPSUHVD
FDQDGLHQVH SURSLHWDULD GH OD 0LQHUD 6DQ ;DYLHU HVWi GHVWUX\HQGR HO SDWULPRQLR
IXQGDFLRQDO\ODFROLQDGHO&HUURGH6DQ3HGURTXHGLRRULJHQHLPDJHQDODFLXGDGGH6DQ
/XLV 3RWRVt D SHVDU GH OD RSRVLFLyQ GH ORV KDELWDQWHV TXH TXHGDQ HQ HO OXJDU \ GH ORV
VLQGLFDWRV\JUXSRVHFRORJLVWDV\DOWHUQDWLYRVGHODFLXGDG/DOXFKDFRQWUDHVWDPDQHUDGH
H[SORWDUORVUHFXUVRVVLQKDEHUWHQLGRHQFXHQWDDODFRPXQLGDGWLHQHXQGREOHPRWLYRQR
VRORGHVSUHFLDGHVWUX\H\SULYDWL]DXQSDLVDMHRULJLQDULR\XQSDWULPRQLRGHORVVLJORV ;9,,,\
;,;VLQRTXHHOFLDQXURTXHVHXWLOL]DHQODH[WUDFFLyQSDUDODVHSDUDFLyQGHODSODWDHVWi
FRQWDPLQDQGR HO VXHOR \ HO DJXD TXH DOLPHQWD D OD FLXGDG \ TXH EHEHQ ODV DYHV HQ ODV
SLOHWDVGHOL[LYLDFLyQ
3RU OR PHQRV KDVWD KR\ HO ~OWLPR KLWR GH ORV JUDQGHV DFFLGHQWHV VXFHGLy HO  GH DEULO
GHO  FRQ OD URWXUD GH OD ERFD GHO SR]R GH OD %3 %ULWLVK 3HWUROHXP  HQ HO *ROIR GH
0p[LFR D  PHWURV GH SURIXQGLGDG TXH KD HVWDGR YHUWLHQGR SHWUyOHR FUXGR \ JDV D
DOWD SUHVLyQ HQWUH  \  EDUULOHV GLDULRV GXUDQWH WUHV PHVHV OR TXH KD
RFDVLRQDGRXQGHVDVWUHHFROyJLFRGHGHVWUXFFLyQ\FRQWDPLQDFLyQGHHIHFWRVGHYDVWDGRUHV
\ LPSUHYLVLEOHV FDXVDGR SRU XQD FRPSDxtD SHWUROHUD LUUHVSRQVDEOH TXH QXQFD KDEtD
SUHYLVWRODSRVLELOLGDGGHXQDFFLGHQWH
&KHUQyELO%KRSDOHO*ROIRGH0p[LFR\)XNXVKLPDVHxDODQHOSDVRDODQXHYDHUDGHORV
DFFLGHQWHVGHOWHUFHUWLSRTXHFRPRKDHVFULWR)HUQDQGR'tH] GHVSXpVGHORVGHOSULPHU


WLSRSRFRIUHFXHQWHV²IHQyPHQRVQDWXUDOHVTXHVRUSUHQGHQODLPSUHYLVLyQKXPDQDTXHKD
FRQVWUXLGR FRQWUD QDWXUD² \ GH ORV GHO VHJXQGR WLSR ²DFFLGHQWHV SURGXFLGRV SRU HO
FRODSVRGHLQYHQWRVKXPDQRVFRPRDXWRPyYLOHVWUHQHVEXTXHVRDYLRQHV\TXHPiVDOOi
GHORVIDOOHFLGRV\KHULGRVFRQFOX\HQFRQHOILQGHODHVWUXFWXUDIDOOLGD²ORVGHOWHUFHUWLSR
WLHQHQ HIHFWRV LQFRQWURODEOHV GHVFRQRFLGRV \ GLODWDGRV HQ HO WLHPSR (O DFFLGHQWH QR
WHUPLQD HQ Vt PLVPR VLQR TXH GHMD XQD KXHOOD SHUHQQH HQ HO SODQHWD \ HQ PLOHV GH
SHUVRQDV
32581086(2'(/$&&,'(17(
6LQHPEDUJRODVVRFLHGDGHVSUHILHUHQROYLGDU3RUHVWRHOILOyVRIR\DUTXLWHFWR3DXO9LULOLR
SURSXVRXQ³0XVHRGHO$FFLGHQWH´GRQGHVHDSURYHFKHODFDSDFLGDGUHYHODGRUDGHHVWRV
\VHSLHQVHVREUHORVSHOLJURVLQWUtQVHFRVTXHHOSURJUHVRFRQOOHYDVREUHODSRVLELOLGDGGHO
DFFLGHQWH WRWDO 1R VH WUDWD GH QRVWDOJLD QL HQ HO UHFKD]R DO DYDQFH WHFQROyJLFR VLQR GH
SURJUHVDU VLQ HQJDxRV FRQ FRQRFLPLHQWR GH ODV FRQWUDSDUWLGDV GHVWUXFWLYDV TXH FDGD
RSFLyQWHFQROyJLFDFRPSRUWD/RVSROtWLFRVVLQHPEDUJRVRQORVSULPHURVHQQRUHVSRQGHU
D VX UHVSRQVDELOLGDG QR SUHYpQ QDGD QL UHFRQRFHQ VXV HUURUHV FRPR HO GHVDVWUH GHO
EXTXH 3UHVWLJH HQ OD FRVWD JDOOHJD HQ HO  QL WRPDQ PHGLGDV VXILFLHQWHV SDUD HPLWLU
PHQRV&2KDFHQSROtWLFDVGHSUHVHQWH\QRGHIXWXUR
/D H[SRVLFLyQ TXH HO DUTXLWHFWR \ ILOyVRIR 3DXO 9LULOLR   SUHVHQWy HQ HO  HQ OD
)RQGDWLRQ&DUWLHUSXUO¶$UW&RQWHPSRUDLQHQ3DUtVWLWXODGD&HTXLDUULYH8QNQRZQTXDQWLW\
SDUWtDGHODFLWDGH6LJPXQG)UHXGGHTXH³ODDFXPXODFLyQERUUDODLPSUHVLyQGHD]DU´ (Q 

HOOD FRPR HQ VXV HVFULWRV 9LULOLR GHPRVWUDED TXH HO DFFLGHQWH IRUPD SDUWH GH OD
H[SHULHQFLD FRWLGLDQD GH OD PRGHUQLGDG ORV WHUUHPRWRV ODV H[SORVLRQHV ORV DFFLGHQWHV
DpUHRV ORV QDXIUDJLRV ORV DWHQWDGRV ORV VLQLHVWURV LQGXVWULDOHV \ FLHQWtILFRV ODV
FDWiVWURIHV HFROyJLFDV 'HVGH HO QDXIUDJLR GHO 7LWDQLF HQ  KDVWD HO DWHQWDGR HQ ODV
7RUUHV *HPHODV HQ HO  SDVDQGR SRU HO DFFLGHQWH GH &KHUQyELO HQ  PDUFDQ OD
LGHQWLGDGFDWDVWUyILFDGHQXHVWUDPRGHUQLGDG
3DXO 9LULOLR WUDEDMy SULPHUR FRPR DUTXLWHFWR \ IRUPy MXQWR FRQ &ODXGH 3DUHQW HO JUXSR
$UFKLWHFWXUH 3ULQFLSH   SDUD UHDOL]DU SURSXHVWDV WHyULFDV GH XQD ³DUTXLWHFWXUD
REOLFXD´ \ FRQVWUXLU LJOHVLDV FRQ IRUPD GH E~QNHU (Q  SDUWLFLSy DFWLYDPHQWH HQ ODV
UHYXHOWDVSDULVLQDV\GHFLGLyFDPELDUVXDFWLYLGDGVLJXLyHQHOWHUULWRULRGHODHQVHxDQ]DGH
OD DUTXLWHFWXUD SHUR GHFLGLy SDVDU D OD WHRUtD \ D OD ILORVRItD &RPR pO PLVPR GLFH
³$EDQGRQpHO(63$&,2 GH OR REOLFXR SDUD GHGLFDUPH DO 7,(032 R PiV SUHFLVDPHQWH D
ORVGLYHUVRVIHQyPHQRVGHODDFHOHUDFLyQHQODHUDGHODFLXGDGJOREDO´
'HHQWUHVXVPXFKRVOLEURVSXHGHGHVWDFDUVH/DHVWpWLFDGHODGHVDSDULFLyQ XQWH[WR 

VREUHODYHORFLGDGHQHOWLHPSRGHODHUDHOHFWUyQLFDHQHOTXHUHVXPH OD FRPSOHMLGDG GH


ODV LGHDV GH HVWH DUTXLWHFWR FRQYHUWLGR HQ ILOyVRIR OD YHORFLGDG TXH FDUDFWHUL]D QXHVWUR
PRGRGHYLGDOOHYDVLHPSUHDSDUHMDGRHOULHVJRGHOFRODSVRHOSURJUHVRWpFQLFR\FLHQWtILFR
FRPSRUWDHOSURJUHVRGHODFFLGHQWH\SUREDEOHPHQWHYLFHYHUVD(QHVWHVHQWLGR9LULOLRQR
SXHGHVHULQWHUSUHWDGRGHVGHORVFULWHULRVGXDOHVFOiVLFRVGHRSWLPLVWDRSHVLPLVWDHVODV
GRV FRVDV D OD YH] HQ OD PHGLGD HQ TXH UHFRQRFH TXH HO SURJUHVR QHFHVDULDPHQWH
FRPSRUWD HO ULHVJR 'H KHFKR OR TXH 9LULOLR RIUHFH VLJXLHQGR D :DOWHU %HQMDPLQ HV XQD
PLUDGDFUtWLFDDQXHVWUDUHDOLGDGYHUWLJLQRVD&RPR :DOWHU %HQMDPLQ %HUWROW %UHFKW +DQV
0DJQXV(Q]HQVEHUJHUR=\JPXQW%DXPDQ9LULOLRGHVYHODHOODGRRVFXURGHORVPHGLRVGH
OD PRGHUQLGDG \ QR SUHWHQGH TXH SRU HOOR GHEDPRV UHQXQFLDU D HOOD 9LULOLR QR HVWi HQ
FRQWUD GH ODV WHFQRORJtDV TXH OH DSDVLRQDQ  VLQR HQ FRQWUD GH OD FHJXHUD H
LUUHVSRQVDELOLGDG GH TXLHQHV ODV PDQHMDQ /D FODYH UDGLFD HQ FRQVHJXLU TXH OD WHFQRORJtD
VHDLQWHUSUHWDGD\XWLOL]DGDGHPDQHUDFUtWLFD\KXPDQLVWD
3DUD 3DXO 9LULOLR FRPR SDUD HO QRYHOLVWD - * %DOODUG IXH UHYHODGRUD VX H[SHULHQFLD GH
QLxR GXUDQWH OD ,, *XHUUD 0XQGLDO TXH OR OOHYy D LQWHUSUHWDU OD JXHUUD QR FRPR H[FHSFLyQ
VLQRFRPRODHVHQFLDPLVPDGHODPRGHUQLGDG
(QGLFKDH[SRVLFLyQ9LULOLRSODQWHDEDHOHPEULyQGHXQIXWXUR³0XVHRGHO$FFLGHQWH´6LHO
DFFLGHQWHIRUPDSDUWHGHQXHVWUDYLGDFRWLGLDQDHVQHFHVDULRGHGLFDUOHXQPXVHRPLUDUOR
FDUDDFDUDSDWULPRQLDOL]DUVXKLVWRULDSDUDSRGHUDSUHQGHUDOHHUORUHIOH[LRQDU\SUHYHQLU
WD[RQRPL]DU ORV PHFDQLVPRV GH OD SURGXFFLyQ GHO PLHGR 6HJ~Q HO SULQFLSLR GH
UHVSRQVDELOLGDG SDUD IXWXUDV JHQHUDFLRQHV OD PDJQLWXG GH ORV DFFLGHQWHV SODQWHD ORV
OtPLWHV HFROyJLFRV OD FRQFLHQFLD GH TXH QXHVWUR SODQHWD HV GHPDVLDGR SHTXHxR \ IUiJLO
SDUDQXHVWUDLUUHVSRQVDELOLGDG\FDSDFLGDGGHGHVWUXFFLyQ
(OFRUD]yQGHODH[SRVLFLyQFRQGXFtDDXQLQTXLHWDQWHHVSDFLRHQSHQXPEUDGHVGHHOTXH
VH DVLVWLUtD D OD FRQYHUVDFLyQ ILOPDGD HQWUH 3DXO 9LULOLR \ OD SHULRGLVWD ELHORUUXVD 6YHWODQD
$OH[LHYLFKDXWRUDGHOOLEUR/DSOHJDULDGH&KHUQyELO HVFDORIULDQWHWHVWLPRQLRGHOGHVDVWUH


LQFRPSUHQVLEOH GH OD FHQWUDO QXFOHDU XFUDQLDQD  GRQGH HQWUHYLVWD D ERPEHURV




GHVDKXFLDGRVWRWDOPHQWHDIHFWDGRVSRUODUDGLDFLyQ\DORVKDELWDQWHVGHOD]RQD&RPR
GHVGH XQD FXHYD SODWyQLFD R XQ QXHYR PXQGR RVFXUR HO ILOyVRIR \ OD SHULRGLVWD GLDORJDQ
VREUH HO GHVDVWUH GH &KHUQyELO LQWHUSUHWDGR FRPR HO SDUDGLJPD GH XQ QXHYR WLSR GH
VXFHVR HO DFFLGHQWH JOREDO ³(O DFFLGHQWH GH &KHUQyELO FUHy XQD QXHYD UHDOLGDG
FRPSOHWDPHQWH PiV DOOi GH QRVRWURV PiV DOOi GH QXHVWUD FXOWXUD PiV DOOi GH QXHVWUR
SRWHQFLDO ELROyJLFR´  &RQ OD FDWiVWURIH GH &KHUQyELO WRGD XQD FRQFHSFLyQ PDWHULDOLVWD \


FLHQWtILFD GHO PXQGR VH KXQGtD +HFKRV FRPR $XVFKZLW] +LURVKLPD \ &KHUQyELO
SURYRFDGRVRQRKDQVLGR³DXWpQWLFRVDFFLGHQWHVGHOVHQWLGRGHOPXQGR´

$/7(51$7,9$6
1R KD\ VROXFLRQHV PiJLFDV SHUR VHJXUR TXH XQR GH ORV SURFHVRV FODYH HV OD
FRQFLHQFLDFLyQ GHO PXQGR HPSUHVDULDO \ WpFQLFR HQ UHODFLyQ FRQ XQ GHVDUUROOR VRVWHQLEOH
DOJR TXH WLHQH \D KLWRV GHVGH OD &DUWD GH ODV (PSUHVDV SDUD XQ 'HVDUUROOR 6RVWHQLEOH
  KDVWD OD 'HFODUDFLyQ GH %DUFHORQD VREUH (GLILFDFLyQ 6RVWHQLEOH SURPRYLGD SRU HO
&RQVHMR 6XSHULRU GH ORV &ROHJLRV GH $UTXLWHFWRV GH (VSDxD   \ TXH VH DJOXWLQy HQ
RUJDQL]DFLRQHV FRPR HO (FRIRUR &LYLO (XURSHR FRQ VHGH HQ 0DGULG \ %DUFHORQD  R
&RQVWUXFFLyQ9HUGH(VSDxD FRQVHGHHQ0DGULG 
(Q ORV ~OWLPRV WLHPSRV DOJXQRV H[SHUWRV HQ HFRORJtD FRPR -DPHV /RYHORFN R 5DPRQ
)ROFK KDQ LQVLVWLGR HQ TXH QR VH WUDWD GH FXOSDU VLQR GH DFWXDU (V FLHUWR TXH OD
FXOSDELOL]DFLyQWLHQHTXHYHUFRQODVUHOLJLRQHVSHURQRVHSXHGHROYLGDU\VHKDQGHH[LJLU
UHVSRQVDELOLGDGHV DXQTXH DOJXQDV YHFHV VHDQ GH ODV PLVPDV JUDQGHV FRPSDxtDV R
$GPLQLVWUDFLRQHVODVTXHILQDQFLDQORVHVWXGLRVGHGLFKRVH[SHUWRV
(OVLJOR ;;WXYRHODYLVRGHO7LWDQLFSHURQRVHR\yKDVWDODLPSORVLyQGHORVFDPSRVGH
FRQFHQWUDFLyQQD]L+R\WHQHPRVORVGH&KHUQyELO%KRSDOHO*ROIRGH0p[LFRR)XNXVKLPD
\ RWUDV FDWiVWURIHV SHUR VH QRV SUHWHQGH DPQpVLFRV VH FXHQWD FRQ TXH VLHPSUH KDEUi
ERPEHURVKHURLFRVGLVSXHVWRV D DSDJDU IXHJRV D UHVFDWDU QLxRV EDMR ORV HVFRPEURV \ D
VDFULILFDU VXV YLGDV SDUD FXEULU FRQ HO KRUPLJyQ GHO ROYLGR ORV LJQRPLQLRVRV HUURUHV GH ORV
JREHUQDQWHVODDYDULFLDGHORVHPSUHVDULRV\ODLUUHVSRQVDELOLGDGGHORVWpFQLFRV(VWDHV
OD HVHQFLD GH QXHVWUR PXQGR SRVW&KHUQyELO VDEHU TXH HVWD VRFLHGDG WDUGRFDSLWDOLVWD
FRQGXFH D OD GHVWUXFFLyQ OD FRQWDPLQDFLyQ \ HO DELVPR SHUR QR DGRSWDU PHGLGDV SDUD
HYLWDUOR\SDUDFUHDUQXHYRVVLVWHPDVHFRQyPLFRVVRFLDOHV\HQHUJpWLFRV3DUHFHTXHVH
SUHILHUHFRQYLYLUH[SOtFLWDPHQWHFRQHODFFLGHQWHHVFRQGHUODFDEH]D\UHWUDVDUXQFDPELR
LPSUHVFLQGLEOH$SHVDUGHORVDFXFLDQWHVDYLVRVGHOFDGDGtDPiVHYLGHQWHIHQyPHQRGHO
FDOHQWDPLHQWRJOREDOFRQHOGHVKLHORGHORVSRORV\HOSDXODWLQRDXPHQWRGHOQLYHOGHOPDU
ODFDSDFLGDGGHUHDFFLyQVLJXHVLHQGRSRFDHQQXHVWUDHUDFRQ³VtQGURPHSRVW&KHUQyELO´
SUHIHULPRVROYLGDUWRPDQGRHOQDUFyWLFRHItPHURGHOFRQVXPR
9LGDEDVXUDRVORZIRRG

'HEHPRV LQWHUSUHWDU ODV FLXGDGHV FRPR PiTXLQDV TXH FRQVXPHQ DOLPHQWRV \ UHIOH[LRQDU
VREUH VX SURFHGHQFLD FXDOLGDGHV H LQFRQYHQLHQWHV DVt FRPR VREUH ORV PRGRV GH YLGD
XUEDQRVGHQWURGHODVRFLHGDGGHFRQVXPR
(VWHSUHGRPLQLRGHODVRFLHGDGGHFRQVXPRKDVLGRFDUDFWHUL]DGRSRU=\JPXQW%DXPDQ
FRPR³PRGHUQLGDGOtTXLGD´GRQGHSUHYDOHFHOD³YLGDOtTXLGD´ 6HWUDWDGHXQDVVRFLHGDGHV


EDVDGDVHQODYHORFLGDGGHORVFDPELRVHOWUDEDMRSUHFDULR\HOFRQWLQXRLQFUHPHQWRGHORV
VHFWRUHV GH H[FOXVLyQ +D VLGR HQ ODV ~OWLPDV GpFDGDV GHO VLJOR ;; FXDQGR VH KD
FRQVROLGDGR OR TXH SRGHPRV GHQRPLQDU YLGD EDVXUD H[SUHVDGD HQ IHQyPHQRV
FDUDFWHUtVWLFRV GH OD YLGD FRQWHPSRUiQHD GHWHFWDGRV \ QRPEUDGRV KDFH DxRV OD FRPLGD
UiSLGD IDVWIRRGRFRPLGDEDVXUD ORVSURJUDPDVGHWHOHYLVLyQFRQYHUWLGRVHQWHOHEDVXUD
GRQGH SUHGRPLQDQ OD FKDEDFDQHUtD \ OR TXH 3ULPR /HYL OODPy ³YLROHQFLD LQ~WLO´ \ ORV
FRQWUDWRV EDVXUD GH WUDEDMR WHPSRUDO SUHFDULR \ PDO UHPXQHUDGR FDGD YH] PiV
DEXQGDQWH (Q  HO &HQWUH GH &XOWXUD &RQWHPSRUjQLD GH %DUFHORQD &&&%  SUHVHQWy
XQDH[SRVLFLyQHVSHFLDOPHQWHVLQWRPiWLFDWLWXODGD&XOWXUDEDVXUD HQ OD TXH VH H[SORUDED
ODDUTXHRORJtDGHOPDOJXVWRGHORNLWVFK\ORKRUWHUDUDVWUHDQGRVXVUDtFHVFXOWXUDOHV /D 

YLGD EDVXUD HQ GHILQLWLYD WLHQH VXV RUtJHQHV HQ OD IUDJLOLGDG SURJUDPDGD \ RUJDQL]DGD
VREUH ORV REMHWRV GH FRQVXPR TXH D SDUWLU GH OD GpFDGD GH  VH KDQ SURGXFLGR SDUD
KDFHUORVPiVUiSLGDPHQWHREVROHWRV\SDVDGRVGHPRGD
(VWRVPRGRVGHYLGDVHGDQPiVHQWUHODJHQWHMRYHQ\GHPHGLDQDHGDGORV VHFWRUHV
VRFLDOHV PiV YXOQHUDEOHV R PiV LQIOXHQFLDEOHV SRU PHFDQLVPRV VLQ HVFU~SXORV FRPR OD
SXEOLFLGDG(QVXPRPHQWRHOIHQyPHQRVHGHQRPLQyOD*HQHUDFLyQ;\KDLGRDIHFWDQGR
DODVJHQHUDFLRQHVQDFLGDVDSDUWLUGHODGpFDGDGH\HQGpFDGDVVLJXLHQWHVFRPROD
TXHDSULQFLSLRVGHOVLJOR;;,VHOODPDQLQLTXHQLHVWXGLDQLWUDEDMD
/RTXHKHPRVGHQRPLQDGRYLGDEDVXUDWLHQHTXHYHUFRQODYLGDUiSLGDVXSHUILFLDO\VLQ
FDOLGDG FRQGLFLRQDGD SRU HO WUDEDMR EDVXUD TXH DGHPiV GH QR WHQHU FRQWLQXLGDG \ HVWDU
PDOSDJDGRHVXUJHQWHLPSHUVRQDOGHVFXDOLILFDGR\PHFiQLFR4XLHQORUHDOL]DQRSXHGH
LGHQWLILFDUVH FRQ OR TXH KDFH KD GHVDSDUHFLGR FXDOTXLHU UHODFLyQ HQWUH TXLHQ WUDEDMD \ OR
TXH SURGXFH YHQGH R LQIRUPD 8QR GH ORV WUDEDMRV TXH PiV OR HYLGHQFLD HV HO GH
WHOHYHQGHGRU GH VHUYLFLRV GHVGH GLIHUHQWHV ODWLWXGHV TXH QR WLHQH HQ FXHQWD ORV KRUDULRV
GHOGHVWLQRGHODOODPDGD
8QD YLGD EDVXUD TXH WLHQH TXH YHU FRQ HO FUHFLPLHQWR GHO JDPEHUULVPR \ FRQ HO LQWHQWR
QDGDLQRFHQWHGHGHMDUGHJUDGDUODHQVHxDQ]DS~EOLFD6HSUHYpTXHHQXQIXWXUR\DPX\
FHUFDQRYDQDH[LVWLUSRFRVWUDEDMRVFXDOLILFDGRV\HQFDPELRVHQHFHVLWDUiXQHMpUFLWRGH
WUDEDMDGRUHV TXH VH ORFDOLFHQ HQ FXDOTXLHU VLWLR \ TXH VH UHQXHYHQ D PHQXGR (Q IHEUHUR
GHO  HQ %DUFHORQD HQ HO )yUXP 6RFLDO SHU O¶(GXFDFLy D &DWDOXQ\D GHGLFDGR D ³2WUD
HGXFDFLyQHVSRVLEOH´HOVLQGLFDOLVWDEHOJD1LFR+LUWWGHQXQFLyTXHHQXQIXWXURLQPHGLDWR
GH FRPSHWHQFLD LQWHUQDFLRQDO H[WUHPD \ VRFLHGDGHV IXHUWHPHQWH GLDOL]DGDV VH YDQ D
QHFHVLWDU VROR XQ   GH OXJDUHV GH WUDEDMR PX\ FXDOLILFDGRV \ HO   UHVWDQWH YD D
LQWHUHVDUTXHVHDQSRFRFXDOLILFDGRVFRQXQDIRUPDFLyQWHPSRUDOUHFLELGDUiSLGDPHQWHHQ
ORVPLVPRVOXJDUHVGHWUDEDMRSDUDXQDPDQRGHREUDIOH[LEOH\GHVORFDOL]DEOHVXEDOWHUQD
GHOIDOVDPHQWHRSXOHQWRPXQGRGHODV7,&\GHODIOXFWXDQWHLQGXVWULDWXUtVWLFD(OPHUFDGR
TXLHUHHQVHxDQ]DGHFDOLGDGSDUDXQDVpOLWHV\XQDHQVHxDQ]D
PDVLILFDGD SDUD PDQR GH REUD EDUDWD \ HOOR HVWi UHODFLRQDGR FRQ IDYRUHFHU D ODV
XQLYHUVLGDGHVSULYDGDV\FRQODFDtGDGHLQYHUVLRQHVHQXQDXQLYHUVLGDGS~EOLFDTXHLQWHQWD
PDQWHQHUODFDOLGDGFRQHOHVIXHU]RGHXQDSDUWHGHVXSURIHVRUDGR\GHVXVHVWXGLDQWHV
< SUHFLVDPHQWH HO PXQGR DFWXDO VH FDUDFWHUL]D SRU OD GXDOL]DFLyQ HQWUH XQD JOREDO FODVV
FRVPRSROLWD \ FRQ PXFKRV PHGLRV \ OR TXH VH SXHGH GHQRPLQDU VHUYRSUROHWDULDGR TXH
WUDEDMD LQYLVLEOHPHQWH HQ OD KRVWHOHUtD ORV VHUYLFLRV SHUVRQDOHV HO WUDEDMR GRPpVWLFR HQ
GHILQLWLYDHOWUDEDMREDVXUD 

'HWUiVGHOWUDEDMREDVXUDVHHQFXHQWUDQWDPELpQODVRFXOWDVIURQWHUDVGHODH[SORWDFLyQ
6HJ~QGDWRVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 HQHODxRDOPHQRV
PLOORQHVGHSHUVRQDVHQHOPXQGRWUDEDMDEDQHQFRQGLFLRQHVGHHVFODYLWXGVLQVDODULR
VLQ OLEHUWDG SRU GHXGDV FRQWUDtGDV \ VRPHWLGRV D PDORV WUDWRV \ HQ HO   PLOORQHV
GHODWLQRDPHULFDQRVSDGHFHQHOWUDEDMRIRU]RVR5HSHWLGDPHQWHGLYHUVDVLQVWLWXFLRQHVKDQ
GHQXQFLDGRODH[SORWDFLyQLQIDQWLOHQHOPXQGRPLOORQHVGHQLxRV\QLxDVHQVHJ~Q
81,&() 6HJ~Q OD 2,7  HQ   PLOORQHV GH QLxRV HVWDEDQ REOLJDGRV D WUDEDMDU D


FDXVDGHODSREUH]D6HJ~QOD2UJDQL]DFLyQSDUDOD6HJXULGDG\OD&RRSHUDFLyQGH(XURSD
26&( HQHOKDEtDPiVGHQLxRVHVFODYRV
'HPDQHUDVRODSDGDHOPHUFDGRFRPSLWHFRQODHQVHxDQ]DEiVLFDREOLJDWRULDLQFXOFDQGR
YDORUHV GH OD VRFLHGDG GHO FRQVXPR SDUD JDUDQWL]DU VX UHSURGXFFLyQ LPSRQLHQGR XQDV
PDQHUDV GH YLYLU HQWUH ORV QLxRV \ PiV WDUGH ORV DGROHVFHQWHV ORV IDVKLRQ YLFWLPV
GHILQLGRV SRU XQDV SDXWDV DJUHVLYDV GHWHUPLQDGDV SRU ODV PRGDV HItPHUDV OD WHOHYLVLyQ
ORVYLGHRMXHJRVODSXEOLFLGDGODFRPLGDEDVXUD\ODVPDUFDVGHIUDQTXLFLDV
/D PRGHUQLGDG OtTXLGD JHQHUD FDGD YH] PiV GHVSHUGLFLRV ItVLFRV \ KXPDQRV (Q HVWH
FRQWH[WRHQTXHHOIXHUWHFRQVXPRH[SXOVDDORVFRQVXPLGRUHVLQVROYHQWHVGHVHPSOHDGRV
IDOOLGRV R IUXVWUDGRV \ GRQGH ORV IXHUWHV PRYLPLHQWRV PLJUDWRULRV FDXVDGRV DKRUD SRU OD
JOREDOL]DFLyQODVJXHUUDVHO
KDPEUH \ ODV FDWiVWURIHV HFROyJLFDV GHVSOD]DQ SDXODWLQDPHQWH D JUXSRV OHMRV GH VXV
OXJDUHVGHSURFHGHQFLDODVPDVDVGHPDUJLQDGRV\YXOQHUDEOHVDXPHQWDUiQFRQWLQXDPHQWH
VLQ WHFKR HQIHUPRV GURJRGHSHQGLHQWHV HPLJUDQWHV \ GHVHPSOHDGRV D ORV TXH KD\ TXH
VXPDUORVJUXSRVFXOWXUDOHVQRKRPRORJDGRVFRPRORVJLWDQRV \DOPLVPRWLHPSRGHEHQ
DXPHQWDU ORV VHUYLFLRV GH DWHQFLyQ SURWHFFLyQ H LQVHUFLyQ ODERUDO HQ XQ (VWDGR GH
ELHQHVWDUTXHIUHQWHDGLFKDGLYHUVLGDGGHSUREOHPDVVRORVDEHXWLOL]DUPHGLGDVSDOLDWLYDV
\DVLVWHQFLDOHV

/$9,'$/(17$
/DYLGDEDVXUDYLHQHFDUDFWHUL]DGDWDPELpQSRUHODQWDJRQLVWDTXHVHKDLGRJHQHUDQGR
OD YLGD WUDQTXLOD FXDOLILFDGD \ GHVDFHOHUDGD TXH EXVFD OD FDOPD \ OD FDOLGDG TXH IRUPD
SDUWHGHODVWHQGHQFLDVPXQGLDOHVSRUXQDYLGDOHQWDFRPRHOPRYLPLHQWR6ORZTXHVXUJLy
VLJXLHQGRODVSURSXHVWDVGHODVORZIRRG)UHQWHDORVPXFKRVGHVDItRVFRQWHPSRUiQHRV
FXDOTXLHU DOWHUQDWLYD GHEH SDVDU SRU OD WUDQVIRUPDFLyQ GH OD YLGD FRWLGLDQD GH ORV KiELWRV
GHOFRQVXPR\GHORVULWPRV
7RGR HVWH PRYLPLHQWR GH OD FRPLGD \ OD YLGD OHQWD WLHQH TXH YHU FRQ XQD DOWHUQDWLYD
SURGXFWLYD FODYH OD UHFXSHUDFLyQ \ OD UHYLWDOL]DFLyQ GHO VHFWRU DJUtFROD FXDOLILFDGR OD
GHIHQVD GH OD ELRGLYHUVLGDG GH ODV VHPLOODV OD SURPRFLyQ GH XQD DJULFXOWXUD YHUGH OD
SURGXFFLyQHQSUR[LPLGDGODGHIHQVDGHXQRVVHFWRUHVDJUtFRODVTXHGDEDQYLGDVDOXG\
WUDEDMR\TXHODPRGHUQLGDGWUDQVPXWDGDHQJOREDOL]DFLyQHVWiDUUDVDQGR
(OPRYLPLHQWR6ORZHQWLHQGHTXHHQODFDOLGDGGHODDOLPHQWDFLyQUDGLFDHOIDFWRUFODYHGH
WUDQVIRUPDFLyQ GH XQD VRFLHGDG SRU VX FHQWUDOLGDG HQ ORV PRGRV GH YLGD SRU WHQHU TXH
YHUFRQODSUR[LPLGDGGHORVFXOWLYRVSRUSRQHUHQHYLGHQFLDORVFRVWHV\ODFRQWDPLQDFLyQ
TXHRFDVLRQDHOWUDQVSRUWHHQGHILQLWLYDSRUH[LJLUXQUHHTXLOLEULRVLVWpPLFRHQWUHHOFDPSR
\ODFLXGDG
(V HYLGHQWH TXH OD FDOLGDG GH YLGD WLHQH TXH YHU FRQ GLVSRQHU GH WLHPSR \ WUDQTXLOLGDG
SDUD GLVIUXWDUOD \ OD YLGD EDVXUD WLHQH TXH YHU FRQ HO H[FHVR GH DFWLYLGDG ODV SULVDV \ HO
SOXULHPSOHRSUHFDULR\TXHLPSDFWDFRQPiVIXHU]DHQORVGRVH[WUHPRVGHODVRFLHGDGHQ
ORV MyYHQHV TXH SUDFWLFDQ FDGD YH] PiV HO XVDU \ WLUDU \ HQ ORV DQFLDQRV TXH TXHGDQ
LUUHPHGLDEOHPHQWH H[FOXLGRV DO PDUJHQ GH XQD YLGD DFHOHUDGD \ XQDV VRFLHGDGHV
LQIRUPDWL]DGDVGRQGH\DQRTXHGDHVSDFLRQLWLHPSRSDUDHOORV 

/D H[SHULHQFLD GH FLXGDGHV LWDOLDQDV SURPRWRUDV GHO PRYLPLHQWR 6ORZ &LWLHV HPSH]DGR
HQ %UDVLO KD GHPRVWUDGR TXH H[LVWH XQD FRUUHODFLyQ GLUHFWD HQWUH ORV FRFKHV \ OD
FRPXQLGDG FXDQWR PHQRV WUiILFR KD\ HQ XQD ]RQD \ PD\RU HV OD OHQWLWXG FRQ TXH IOX\H
WDQWRPiVFRQWDFWRVRFLDOH[LVWHHQWUHORVYHFLQRV
,PiJHQHV GH OD YLGD EDVXUD HQ HO HVFHQDULR XUEDQR VRQ HO PRWRFLFOLVWD D WRGD YHORFLGDG
TXH HVTXLYD ORV FRFKHV DO ERUGH GHO DFFLGHQWH TXH PROHVWD DO YHFLQGDULR FRQ HO UXLGR \
TXHGHYH]HQFXDQGRVHOOHYDSRUGHODQWHDDOJ~QYLHMHFLWROHQWR\GHVSLVWDGRTXHQROR
YH R QR OR R\H 7DPELpQ VRQ HPEOHPiWLFDV ODV ODUJDV FRODV SDUD LU D FRQVXPLU HQ ORV
JUDQGHVFHQWURVFRPHUFLDOHVORVHVSDFLRVS~EOLFRVGHVSXpVGHXQDILHVWDRODVSOD\DVSRU
ODWDUGHDEDUURWDGDVGHEDVXUD
<D HQ  HQ VX OLEUR &RPXQLGDG \ SULYDFLGDG  6HUJH &KHUPD\HII \ &KULVWRSKHU


$OH[DQGHU VHxDODEDQ TXH ORV GRV SULQFLSDOHV HQHPLJRV GH OD FDOLGDG GHO KiELWDW KXPDQR
HUDQHODXWRPyYLO\HOUXLGR'pFDGDVPiVWDUGHDPERVVLJXHQVLHQGRSUREOHPDVFODYHTXH
KLSRWHFDQ OD FDOLGDG GH YLGD GH ODV FLXGDGHV OD OyJLFD GH ORV DXWRPyYLOHV KD H[LJLGR XQDV
FLXGDGHV FDUUHWHUD \ HO UXLGR IRUPD PLOHQDULD GH WRUWXUD VH KD HQVHxRUHDGR GH ODV
FLXGDGHV$PERVIHQyPHQRVDGHPiVHVWiQHVWUHFKDPHQWHUHODFLRQDGRV
&LHUWDPHQWHODVSROtWLFDVGHUHGXFFLyQGHOSRGHU\SULYLOHJLRVGHOFRFKHKDQDXPHQWDGR
HQ HVSHFLDO GHVGH OD &XPEUH GH OD 7LHUUD HQ  'LYHUVDV FLXGDGHV FRPR %DUFHORQD
HVWiQ DGKHULGDV DO PRYLPLHQWR GH ODV ³FLXGDGHV VLQ FRFKH´ VLF  FDGD DxR VH FHOHEUD HO
'tD HXURSHR VLQ FRFKHV \ VH KD WHQGLGR D UHGXFLU OD YHORFLGDG Pi[LPD GHQWUR GH ODV
JUDQGHVFLXGDGHV6LQHPEDUJRHOORQRVLJQLILFDTXHVHKDJDVXILFLHQWHFDVRSDUDDWHQGHU
ODV SURSXHVWDV GH ODV DVRFLDFLRQHV FRQWUD OD FRQWDPLQDFLyQ DF~VWLFD HQ IDYRU GH OD
SDFLILFDFLyQGHOWUiILFR\SRUODSURPRFLyQGHOWUDQVSRUWHS~EOLFR6HGHEHUtDQSHDWRQDOL]DU
PiViUHDVFRPRHQODFLXGDGGH*LURQDTXHKDFRQVHJXLGRXQFHQWURKLVWyULFRWUDQTXLOR
DSUHQGHUGH3DUtVFX\DULEHUDGHO6HQDHVWRPDGDSRUORVSDWLQDGRUHV\SDVHDQWHVFDGD
GtD IHVWLYR R GH %RJRWi TXH DSRVWy HQ VX GtD SRU KDFHU PiV DFHUDV FDUULOHV SDUD
ELFLFOHWDV\WUDQVSRUWHS~EOLFRDQWHV GH FRQVWUXLU ODV DXWRSLVWDV TXHOREELHV \ WHFQyFUDWDV
KDEtDQ SUR\HFWDGR \ TXH FDGD GRPLQJR GHGLFD VXV DYHQLGDV D ORV FLFOLVWDV H LQFOXVR
GHEHUtD SHQVDUVH HQ HO HMHPSOR GH /RQGUHV GRQGH VH H[LJH XQ SDJR GH RFKR OLEUDV
HVWHUOLQDVSDUDHQWUDUHQFRFKHSRUOD]RQDFHQWUDODSDUWLUGHOGHIHEUHURGHOTXH
KDLGRDFWXDOL]DQGRHOSUHFLR\OD]RQDGHDOFDQFH\TXHKDFRQVHJXLGRXQDUHGXFFLyQGHO
WUiILFR SULYDGR GH DOUHGHGRU GH XQ   R FRPR ODV FLXGDGHV \ WHUULWRULRV KRODQGHVHV
GDQHVHVRVXHFRVRUJDQL]DGRVFRQUHGHVGHFDUULOHVGHELFLFOHWDV
1RVGRPLQDQODVIRUPDVGHYLGDSURYRFDGDVSRUODVRFLHGDGGHFRQVXPRVLQLPDJLQDFLyQ
QL PHPRULD GRQGH VH HV DOJXLHQ HQ OD PHGLGD HQ TXH VH SRVHHQ FRFKHV \ PRWRV
WHOHYLVRUHV \ DQWHQDV SDUDEyOLFDV RUGHQDGRUHV WHOpIRQRV PyYLOHV \ MXHJRV HOHFWUyQLFRV
VLHPSUH QXHYRV H LQGHIHFWLEOHPHQWH FDGXFRV DO LQVWDQWH 8Q PXQGR EDVXUD SHQVDGR SDUD
XVDU\WLUDUTXHVHRSRQHDFXDOTXLHUFULWHULRGHVRVWHQLELOLGDG\GHSUHYLVLyQGHOIXWXURXQ
PXQGR EDVXUD TXH VH DOLPHQWD GHO KDPEUH GH FDPSHVLQRV DVLiWLFRV \ DPHULFDQRV GH OD
PXHUWHGHDIULFDQRVSRUODVJXHUUDVODUYDGDV\RFDVLRQDGDVSRUHOSRGHUGHH[WUDFFLyQGH
PLQHUDOHV LPSUHVFLQGLEOHV SDUD QXHVWUD PRGHUQLGDG WHFQROyJLFD FX\D EDVXUD DOWDPHQWH
FRQWDPLQDQWHYDDSDUDUPX\OHMRVGHQXHVWURVRMRVDUUXLQDQGRYLGDV\SDLVDMHVOHMDQRV

(/9272'(/&216802
6LQGHVPHQWLUODVFUtWLFDVDOFRQVXPLVPRLQGLVFULPLQDGRDODGHVLJXDOGDGGHRSRUWXQLGDGHV
HVSHFLDOPHQWHHQWLHPSRVGHFULVLV\SDURDOGHVSLOIDUUR\DODJRWDPLHQWRGHORVUHFXUVRV
\VLQROYLGDUTXHHQHOPXQGRSRFRPiVGHOGHVXVKDELWDQWHVSRVHHQHOGHOD
ULTXH]D WLHQH DFFHVR DO FRQVXPR TXH FDVL HO   GH ORV FDWDODQHV YLYH SRU GHEDMR GHO
XPEUDO GH OD SREUH]D \ TXH OD ,JOHVLD FDWyOLFD GH :DVKLQJWRQ UHFRUGDED HQ VXV FHQWURV
HVFRODUHV TXH HO   GH ODV IDPLOLDV GH OD FLXGDG VRQ SREUHV +HPRV GH UHFRQRFHU VLQ
HPEDUJR TXH HVWDPRV GHQWUR GH OD VRFLHGDG GHO FRQVXPR \ TXH HV QHFHVDULR VXSHUDU
FLHUWRSUHMXLFLRWUDGLFLRQDOGHOSHQVDPLHQWRGHL]TXLHUGDVFRQWUDHOFRQVXPR
(O FRQVXPR QRV FDUDFWHUL]D FRPR VXMHWRV FRQWHPSRUiQHRV \ QRV SHUPLWH FLHUWRV
PiUJHQHVGHHOHFFLyQSRGHPRVVDFDUHOPi[LPRUHQGLPLHQWRDHVWRVPiUJHQHV([LVWLPRV
HQODPHGLGDHQTXHFRQVXPLPRVSDUDFXEULUQXHVWUDVQHFHVLGDGHV'HVGHODVGHFLVLRQHV
SULYDGDVHQODHVIHUDGHODODERUGRPpVWLFDKDVWDFDGDRSFLyQTXHWRPDPRVDOFRPSUDU²
GyQGH TXp FyPR YLHQH HQYXHOWR HWF² HVWDPRV HQ FLHUWD PDQHUD YRWDQGR (OHJLPRV
XQDV PDUFDV XQ WLSR GH SURGXFWRV XQDV WLHQGDV \ XQRV HQYROWRULRV \ HVWD SRVLELOLGDG GH
HOHFFLyQ WLHQH XQ IXHUWH SRGHU GHWHUPLQDQWH /DV WHQGHQFLDV GH ORV FRQVXPLGRUHV VHxDODQ
ODVGLUHFFLRQHVKDFLDODVTXHGHEHQLUQHFHVDULDPHQWHODVHPSUHVDVFRQVXVSURGXFWRV
3RU HOOR FLHUWDV SRVLELOLGDGHV WLHQHQ FDGD YH] PiV UHOHYDQFLD FRPR HO FRPHUFLR MXVWR
TXH FRQVROLGD XQ WLSR GH FRQVXPR UHVSRQVDEOH GRQGH SXHGH JDUDQWL]DUVH TXH OR TXH
FRPSUDPRV VH KD FXOWLYDGR \ WUDQVSRUWDGR FRQ JDUDQWtDV SDUD VXV SURGXFWRUHV TXH QR
HVWiQH[SORWDGRVKD\PHQRVLQWHUPHGLDULRV\QRVHXWLOL]DQLXQH[FHVRGHIHUWLOL]DQWHVQL
SHVWLFLGDVQLFRQWDPLQDQWHVQLWUDQVJpQLFRV
(Q QXHVWUR FRQVXPR SRGHPRV HOHJLU KDVWD FLHUWR SXQWR OD FDOLGDG \ OD SURFHGHQFLD
IDYRUHFHUHOFRPHUFLRORFDOFRPSUDQGRHQODVWLHQGDVGHOEDUULRHQORVPHUFDGRVRHQODV
IHULDV DUWHVDQDV ORFDOHV HQ OXJDU GH DFXGLU D ORV JUDQGHV DOPDFHQHV R D ORV FHQWURV
FRPHUFLDOHV (Q ORV ~OWLPRV YHLQWH DxRV KD DXPHQWDGR FXDQWLWDWLYDPHQWH HQ &DWDOXxD HO
SRUFHQWDMH GH SHUVRQDV TXH FRPSUDQ HQ HO SURSLR EDUULR (O DXPHQWR GH FRPSUD HQ HO
EDUULR HV XQD PXHVWUD GHO HIHFWR GH ODV GHFLVLRQHV SHUVRQDOHV HQ UHODFLyQ FRQ OR JOREDO
)UHQWH DO FDQWR GH VLUHQDV GH OD YLGD VXEXUELDO GH YLYLHQGDV XQLIDPLOLDUHV \ ODV JUDQGHV
VXSHUILFLHV ODV VRFLHGDGHV PDGXUDV \ FRQVFLHQWHV RSWDQ SRU OD FLXGDG GHQVD GLYHUVD
PH]FODGD\FRPSDFWD&RQVXPLUSURGXFWRVHQWLHQGDVFHUFDQDVLPSOLFDHODKRUURGHOJDVWR
GH HQHUJtD H LQIUDHVWUXFWXUDV GH WUDQVSRUWH XQ GHVSLOIDUUR TXH WDQWR UHQGLPLHQWR GD D ORV
LQWHUPHGLDULRV\WDQWRSHUMXGLFDDOWHUULWRULRDOSDLVDMH\DORVSURGXFWRUHV
7DPELpQSRGHPRVLQIRUPDUQRVGHTXpFRQVHFXHQFLDVWLHQHHQHOPHGLRDPELHQWHORTXH
FRQVXPLPRV SURFHGHQFLD WUDQVSRUWH HQHUJtD FRQVXPLGD UHVLGXRV JHQHUDGRV
SRVLELOLGDGHV GH UHFLFODMH HWF 3RU WDQWR SRGHPRV WHQHU HQ FXHQWD OD DFWLWXG pWLFD GH ODV
HPSUHVDV VL LQGLFDQ FODUDPHQWH OD SURFHGHQFLD \ ORV FRPSRQHQWHV GH VXV SURGXFWRV VL
UHVSHWDQ ORV GHUHFKRV GH VXV WUDEDMDGRUHV VL HQ VXV PpWRGRV GH SURGXFFLyQ DKRUUDQ
HQHUJtD \ UHVSHWDQ HO SODQHWD HWF (Q HVWH VHQWLGR ODV FDPSDxDV GH VLQGLFDWRV
RUJDQL]DFLRQHVGHFRQVXPLGRUHV\21*FRQWUDODVLQGXVWULDVTXHUHFXUUHQDODH[SORWDFLyQ
LQIDQWLORTXHHQJDxDQDORVFRQVXPLGRUHVKDQWHQLGRFLHUWDUHSHUFXVLyQ
3RGHPRVWHQHUHQFXHQWDODDFWLWXGpWLFDGHORVEDQFRVDORVTXHDFXGLPRVVLDGHPiV
GH VX DFWLYLGDG RWRUJDQ D\XGDV \ PLFURFUpGLWRV VL IRPHQWDQ XQD REUD VRFLDO \ FXOWXUDO DOOt
GRQGHVHLPSODQWDQVLSURPXHYHQSUR\HFWRVDIDYRUGHODVRVWHQLELOLGDGVLHYLWDQHQWUDUHQ
LQYHUVLRQHVEDVXUD\GHDOWRULHVJR(VWHYRWRGHOFRQVXPLGRUSXHGHH[LJLUXQDDFWLWXGpWLFD
D ODV HPSUHVDV \ SXHGH SHQDOL]DU D DTXHOODV TXH QR WLHQHQ pWLFD HQ OR TXH SURGXFHQ HQ
FyPRORSURGXFHQRHQHOWUDWRDVXVWUDEDMDGRUHV
(Q GHILQLWLYD XQD FRPSUD VRVWHQLEOH VH FRUUHVSRQGH FRQ XQ FRQVXPR LQWHOLJHQWH EXVFD
GXUDELOLGDG\HILFLHQFLDPHQRVLPSDFWRDPELHQWDO\PiVEHQHILFLRVVRFLDOHV6LORVXVXDULRV
\ORV*RELHUQRVORFDOHVH[LJLHUDQHOHFWURGRPpVWLFRVTXHDKRUUHQHQHUJtDDXWRPyYLOHVTXH
XWLOLFHQ HQHUJtDV DOWHUQDWLYDV \ YLYLHQGDV HFROyJLFDV \ ELHQ GLVHxDGDV HO PHUFDGR QR
WHQGUtDRWURUHPHGLRTXHRIUHFHUHVWRVQXHYRVSURGXFWRV
6RQ ODV QHFHVLGDGHV GH PLOHV GH FRPSUDGRUHV ODV TXH SXHGHQ JHQHUDU SURGXFWRV
GHWHUPLQDGRVFRPRORVVDFRVGHFHPHQWRGHNLORV\QRGHNLORVTXHODVHPSUHVDV
EUDVLOHxDVFRPHUFLDOL]DURQSDUDSRGHUVHUWUDQVSRUWDGRVSRUODVPXMHUHVTXHVRQHOSLODU
VREUH HO TXH VH EDVD OD DXWRFRQVWUXFFLyQ GH YLYLHQGDV < VRQ VXV H[LJHQFLDV ODV TXH
SXHGHQ LU WUDQVIRUPDQGR ORV SURGXFWRV FRPR OD GLVPLQXFLyQ GHO XVR GH DHURVROHV HQ
HVSHFLDOFRQ&)&RHOUHFKD]RDORVSURGXFWRVGHOLPSLH]DFRQVXVWDQFLDVSHOLJURVDV
3RFR D SRFR FLHUWDV DFWLWXGHV TXH SRGtDQ SDUHFHU WHVWLPRQLDOHV SXHGHQ OOHJDU D WHQHU
SHVRFRPRODUHG6ORZ)RRGOD/RFDO)RRGHVWDGRXQLGHQVHRODDJULFXOWXUD\DOLPHQWDFLyQ
SURFHGHQWHV GH IXHQWHV RUJiQLFDV \ HFROyJLFDV  5HFODPDU XQ HPSDTXHWDGR QR


FRQWDPLQDQWH HYLWDU HO DEXVR GH ODWDV WHWUDEULNV \ GH EROVDV GH SOiVWLFR GLItFLOPHQWH
UHFLFODEOHV R XWLOL]DU HQYDVHV GH SOiVWLFR UHXWLOL]DEOHV \ QR DEVXUGDPHQWH GHVHFKDEOHV
3RFRDSRFRFDPELDTXHYD\DPRVDOPHUFDGRRDODVWLHQGDVFRQQXHVWUDVSURSLDVEROVDV
GHWHODSDUDHYLWDUHOH[FHVRGHHPEDODMHV
(O FRQVXPR WLHQH HVWD FDUD SRVLWLYD TXH QRV D\XGD D UHDOL]DUQRV FRPR GLUtDQ ORV
H[LVWHQFLDOLVWDV HQ FDGD FRPSUD TXH KDFHPRV \ SURGXFWR TXH XWLOL]DPRV HVWDPRV
SULPDQGR XQDV HPSUHVDV XQ WLSR GH FRPHUFLR FLHUWRV SURGXFWRV \ XQ HPSDTXHWDGR
HFROyJLFRHQGHILQLWLYDHVWDPRVYRWDQGRDIDYRUGHXQFLHUWRPRGRGHYLGD\GHFRQVXPR
\HQFRQWUDGHDTXHOORVSURGXFWRVHQYROWRULRVRHPSUHVDVTXHUHFKD]DPRV6XSHUDQGRHO
SXULWDQLVPR DQWLFRQVXPLVWD TXH HQ RWURV WLHPSRV QHJy OD SRVLELOLGDG GHO RUQDPHQWR R GHO
WUDEDMRDUWHVDQDO\TXHSUHWHQGHQHJDUHOSODFHUGHFRPSUDUORTXHGHVHDPRVRGHYHVWLU
FRPR QRV JXVWH SRGHPRV VHU FRQVXPLGRUHV UHVSRQVDEOHV \ VROLGDULRV HQ XQD QXHYD HUD
SRVFRQVXPRGRQGHVHDPRVFRQVFLHQWHVGHODVUHSHUFXVLRQHVHQFDGHQDTXHFDGDHOHFFLyQ
FRPSRUWD
/DVGLILFXOWDGHVGHUHJODPHQWDUHVWRVDEXVRVHQHOFRQVXPRHOGHVSLOIDUURHQHUJpWLFRR
HO WXULVPR VRQ HYLGHQWHV FXDQGR VH GHPXHVWUDQ ODV UHWLFHQFLDV D LPSRQHU HFRWDVDV D
JUDYDU LPSXHVWRV GH OXMR SRU WHQHU DXWRPyYLOHV R D JUDYDU FRPR VH KD LQVWLWXLGR HQ
)UDQFLDDTXHOORVSURGXFWRVSURFHGHQWHVGHPiVGHNLOyPHWURVGHGLVWDQFLD
/DV UHODFLRQHV GH WRGR OR H[SXHVWR FRQ HO XUEDQLVPR \ OD DUTXLWHFWXUD VRQ HYLGHQWHV
'HVGH PX\ GLYHUVRV QLYHOHV VH SXHGHQ KDFHU DSRUWDFLRQHV FODYH SDUD XQD PD\RU FDOLGDG
GH YLGD GHVGH OD WHUUD]D HQ OD YLYLHQGD TXH SHUPLWH GDUVH XQ UHVSLUR \ GLVIUXWDU GH XQD
YLVWD H[WHULRU OD DFFHVLELOLGDG \ SUR[LPLGDG GH HVSDFLRV FRPXQLWDULRV OD FDOLGDG GH ORV
HVSDFLRV\HGLILFLRVS~EOLFRVKDVWDXQEXHQVLVWHPDGHWUDQVSRUWHS~EOLFRUiSLGR\GHDOWD
IUHFXHQFLDTXHKDJDHYLGHQWHHOFRQVXPRGHWLHPSR\HQHUJtDPDOJDVWDGDHQORVYHKtFXORV
SULYDGRV 6LQ ROYLGDU TXH SDUD HOOR VRQ QHFHVDULDV FLXGDGHV FRQ PH]FODV GH XVRV
FRQFHQWUDGDV \ GHQVDV TXH FDGD EDUULR SURYHD D GLVWDQFLDV UHFRUULEOHV D SLH WRGR OR
QHFHVDULR SDUD VDWLVIDFHU OD YLGD FRWLGLDQD ,QFRUSRUDU OD QDWXUDOH]D HQ OD FLXGDG ]RQDV
YHUGHV XUEDQDV TXH VH HQWUHODFHQ IRUPDQGR UHGHV H LQFRUSRUDU OD SURGXFFLyQ DJUtFROD GH
SUR[LPLGDG 3RU VXSXHVWR HVWR LPSOLFD D\XGDV H LQFHQWLYRV ILVFDOHV \ HFRQyPLFRV SHUR
¢HV TXH DFDVR QR ORV UHFLEHQ ODV HPSUHVDV PXOWLQDFLRQDOHV D WUDYpV GH DPSOLDFLRQHV GH
SXHUWRV\DXWRSLVWDVSDUDEHQHILFLDUUHGHVGHFRPHUFLDOL]DFLyQLQVRVWHQLEOHVRFRQEDMDV\
SUHEHQGDV ILVFDOHV TXH UHFLEHQ SDUD FRORFDU VXV VHXGRIDFWRUtDV GRQGH DGHPiV
FRQWUDWDUDQWHPSRUDOPHQWHDODPD\RUtDGHVXVWUDEDMDGRUHV"
3RUWRGRHOORGHVGHODSODQLILFDFLyQWHUULWRULDOKDVWDHOPDWHULDOXWLOL]DGRFRPRDFDEDGRHQ
XQD YLYLHQGD LPSOLFDQ VLVWHPDV GH SURGXFFLyQ \ FRQVXPR TXH SXHGHQ R QR WHQGHU D OD
VRVWHQLELOLGDG\FDOLGDGGHYLGD
&RQODSODQLILFDFLyQWHUULWRULDOSXHGHQHVWDEOHFHUVHOtPLWHVD]RQDVXUEDQL]DEOHVSULRUL]DU
VLVWHPDVGHUHGHVGHWUDQVSRUWHS~EOLFRHQODVPHWUySROLVXVRVHILFLHQWHV\QRUHSDUWLGRV
GH VXHORV SURGXFWLYRV (Q ORV EDUULRV GRQGH VH PH]FODQ DFWLYLGDGHV SHUVRQDV \ WLHPSRV
VHSRWHQFLDTXHODYLGDGHODJHQWHVHGHVDUUROOHFRQFDOLGDG\HQSUR[LPLGDGVHJDQDDO
QR WHQHU WLHPSRV LQ~WLOHV GH WUDVODGRV VH DKRUUD HQHUJtD VH HQULTXHFHQ ODV UHODFLRQHV
VRFLDOHV\ODYLGDWLHQHXQVHQWLGRPiVDPSOLRTXHODPHUDVDWLVIDFFLyQSRURWURODGRQXQFD
UHVXHOWD GH OD FRPSUD FRPR DFWLYLGDG GH RFLR TXH SURSRQH HO PRGHOR GHO VXEXUELR
GLVSHUVR\HOFHQWURFRPHUFLDO
&RQMXJDQGR ODV LGHDV GH YLGD \ FRPLGD OHQWD VH SURSRQHQ VROXFLRQHV DOWHUQDWLYDV GH
SURGXFFLyQ GH DOLPHQWR GHVGH FRRSHUDWLYDV GH FRQVXPR D KXHUWRV FROHFWLYRV S~EOLFRV \
FRPXQLWDULRV LQVHUWDGRV HQ OD FLXGDG \ HQ ORV SURSLRV HGLILFLRV TXH VL ELHQ QR SXHGHQ
VXVWLWXLUHODOLPHQWRGHSURGXFFLyQVtTXHPRGLILFDQODVUHODFLRQHVHQWUHODVSHUVRQDV\HO
SURSLR FRQVXPR D WUDYpV GH OD FRSDUWLFLSDFLyQ HQ OD SURGXFFLyQ GH DOLPHQWRV 3DUD OD YLOOD
ROtPSLFD GH ORV -XHJRV 2OtPSLFRV GH ,QYLHUQR HQ 9DQFRXYHU   VH SURSXVR XQ QXHYR
EDUULRGRQGHFDGDHGLILFLRSXGLHVHWHQHUVXSURSLRKXHUWR\ORViUEROHVHQODVFDOOHVIXHUDQ
IUXWDOHV
0(75Ï32/,6

7RGDDOWHUQDWLYDGHIXWXURSDVDSRUODFLXGDG7DOFRPRHVFULELy0DUtD=DPEUDQRHQVXOLEUR3HUVRQD\GHPRFUDFLDOD
KLVWRULDVDFULILFLDO³RUJDQL]DUODYLGDHQODFLXGDGHVKDFHUSROtWLFD´\³ODFLXGDGSULPHUDIRUPDGHYLGDGHPRFUiWLFDHV
HOPHGLRGHYLVLELOLGDGGHOKRPEUH\ODPXMHUGRQGHDSDUHFHHQVXFRQGLFLyQGHVHUKXPDQR´<ODVFLXGDGHVKR\VRQ
ODV JUDQGHV PHWUySROLV FRQ VXV FXDOLGDGHV \ HVSHUDQ]DV FRQ VX SRGHU GH VHGXFFLyQ \ SRVLELOLGDGHV GH WUDEDMR
H[SUHVLyQ\FRPXQLFDFLyQSHURWDPELpQFRQVXVJUDYHVSUREOHPDV\PLVHULDVGHILFLHQFLDV\GHVLJXDOGDGHV
8UEDQLVPRWDUGRUUDFLRQDOLVWDGH/D&DUWDGH$WHQDVDOD
FLXGDGJOREDO

6L DFHSWDPRV HO FRQFHSWR GH JOREDOL]DFLyQ FRPR DTXHO TXH FDUDFWHUL]D OD FRQGLFLyQ
FRQWHPSRUiQHDSXHGHXWLOL]DUVHODH[SUHVLyQ³FLXGDGJOREDO´SDUDGHILQLUODVWHQGHQFLDVGH
ODFLXGDG DSDUWLU GHO~OWLPR FXDUWRGHO VLJOR ;; (Q HOOD VH KDFHQ SDWHQWHV ODV FULVLV GH XQ
PRGHOR XUEDQR PDUFDGR SRU OD IXQFLRQDOL]DFLyQ GH WRGR HO WHUULWRULR OD GLIXVLyQ \ OD
GLVSHUVLyQ GH ODV iUHDV XUEDQDV TXH FRQIRUPDQ XQ PRVDLFR GH IUDJPHQWRV VLQ UHODFLyQ
HQWUHVt'LFKDVLWXDFLyQYLHQHUHIRU]DGDSRUODSpUGLGDGHOHVSDFLRS~EOLFRHQEHQHILFLRGH
LQWHUHVHV VHFWRULDOHV H LQGLYLGXDOHV TXH VH DSURSLDQ GH OD PHPRULD \ GH OD KHUHQFLD
FROHFWLYDUHGXFLpQGRODVDPHUDVHVFHQRJUDItDV
<DHQVX'LDOpFWLFD GH OD ,OXVWUDFLyQ  7KHRGRU : $GRUQR \ 0D[ +RUNKHLPHU H[LOLDGRV


HQWRQFHV HQ (VWDGRV 8QLGRV FULWLFDEDQ OD FLXGDG GH /RV ÈQJHOHV SRU VX DXVHQFLD GH
FLYLWDV\GHHVSDFLRS~EOLFR3DUDHOORV/RVÈQJHOHVFRQVWLWXtD HO VtPEROR GH OD FULVLV GHO
SUR\HFWRPRGHUQRLQLFLDGRSRUOD,OXVWUDFLyQTXHDQXQFLDEDODHOLPLQDFLyQGHODLQWHUUHODFLyQ
HQWUHFLXGDG\SHUVRQDSDUDYHUVHVXSODQWDGDSRUODGHFLXGDG\DXWRPyYLO(ODQiOLVLVGH
$GRUQR \ +RUNKHLPHU VH FRQYLHUWH HQ XQD SURIHFtD VREUH HO FRQVXPLVPR GH OD FXOWXUD GH
PDVDV FRQWHPSRUiQHD $O SULQFLSLR GHO FDStWXOR ³/D LQGXVWULD FXOWXUDO´ GH VX OLEUR
SURIXQGL]DQ HQ VX FUtWLFD DO LQGLYLGXDOLVPR \ D OD YLGD HQ HO VXEXUELR ³<D ODV FDVDV PiV
YLHMDV HQ WRUQR D ORV FHQWURV GH KRUPLJyQ DUPDGR WLHQHQ HO DLUH GH VOXPV \ ORV QXHYRV
EXQJDORZVHQORVPiUJHQHVGHODFLXGDGPXHVWUDQFRPRODVIUiJLOHVFRQVWUXFFLRQHVGHODV
H[SRVLFLRQHV LQWHUQDFLRQDOHV ORV ORGRV GHO SURJUHVR WpFQLFR LQYLWDQGR D OLTXLGDUORV
GHVSXpVGHXQUiSLGRXVRFRPRODWDVGHFRQVHUYD3HURORVSUR\HFWRVXUEDQRVGLVHxDGRV
SDUD SHUSHWXDU DO LQGLYLGXR FRPR VHU LQGHSHQGLHQWH KDELWDQGR SHTXHxDV H KLJLpQLFDV
YLYLHQGDVORVRPHWHQD~QPiVUDGLFDOPHQWHDVXDQWtWHVLVHOSRGHUDEVROXWRGHOFDSLWDO´ 

(Q GHILQLWLYD HO KDELWDQWH GH ORV VXEXUELRV VH YXHOYH PiV YXOQHUDEOH \ GHSHQGLHQWH < GH
KHFKRHOVXEXUELRKLMRGHODSDUHMDLQIHUQDOFDVDXQLIDPLOLDUFRFKHKDVLGRODPD\RUHVWDID
XUEDQD \ WHUULWRULDO GHO VLJOR ;; OD IDOVD YHQWD GH IHOLFLGDG \ DXWRQRPtD D FRVWD GH OD
GHVWUXFFLyQ GHO SDLVDMH GHO FRQVXPR GH SHWUyOHR \ GHO DEDQGRQR GH ODV FLXGDGHV
KLVWyULFDV(OGRFXPHQWDOGLULJLGRSRU*UHJRU\*UHHQH7KH(QGRI6XEXUELD2LO'HSOHWLRQ
DQGWKH&ROODSVHRI7KH$PHULFDQ'UHDP  FRQVWLWX\HODFUtWLFDPiVHPEOHPiWLFD\
DUJXPHQWDGDDOVXEXUELR
&LHUWDPHQWH D OR ODUJR GHO VLJOR ;; /RV ÈQJHOHV VH FRQYLUWLy HQ XQ SDUDGLJPD
FRQWUDGLFWRULR FLXGDG GHO HWHUQR YHUDQHR WLHUUD GH OD SULPDYHUD SHUSHWXD VHGH GH
+ROO\ZRRGIiEULFDGHVXHxRV\FDQWHUDSDUDODFRQVWUXFFLyQGHODKLVWRULDHVWDGRXQLGHQVH
6HJ~QODLQWHUSUHWDFLyQRSWLPLVWDGH5H\QHU%DQKDPHQVXWH[WRGH/RV$QJHOHV7KH
$UKLWHFWXUHRI)RXU(FRORJLHV HVWDFLXGDGFRQWHQGUtDFXDWURHFRORJtDVORVVXUIXUELDODV


FROLQDVODVSODQLFLHVGHO,G\ODDXWRStD6LQHPEDUJRGHVGHODVLQWHUSUHWDFLRQHVFUtWLFDV
DGHPiV GH VHU HO OXJDU GH OD FULVLV GH OD PRGHUQLGDG VHJ~Q +RUNKHLPHU \ $GRUQR /RV
ÈQJHOHV VH FRQYLUWLy FRQWHPSRUiQHDPHQWH HQ HO HVFHQDULR UHDO GH ORV VDTXHRV \ HQ HO
DQXQFLRDSRFDOtSWLFRGHODVFULVLVHFROyJLFDVWDOFRPRKDHVFULWR0LNH'DYLV 8QDFLXGDG 
EDVDGD HQ HO FRQVXPR GH HQHUJtD DO OtPLWH RUJDQL]DGD VHJ~Q DXWRSLVWDV SRU ODV TXH VH
FLUFXODDXQDYHORFLGDGTXHLPSLGHYHUDORWUR\DODUHDOLGDGFRQFUHWDXQDFLXGDGKDELWDGD
SRUHOPLHGRDORGHVFRQRFLGRGRQGHORVRWURVVHSHUFLEHQFRPRHQHPLJRV
$QWHVGHTXHHOPRGHORVHKLFLHUDSUHVHQWHHQPXFKDVFLXGDGHVGHOPXQGRDORODUJRGH
ODV ~OWLPDV GpFDGDV GHO VLJOR ;; /RV ÈQJHOHV \D PRVWUDED ODV SDUWHV HVHQFLDOHV GH OD
FLXGDG WDUGRFDSLWDOLVWD VXUJtD GH OD IRUPXODFLyQ ]RQLILFDGD GH /D &DUWD GH $WHQDV TXH
HQFDMDEDFRQHOLGHDOGHFLXGDGVLQD]DUGHOLQGLYLGXDOLVPRODVHJUHJDFLyQ\HOFRQVXPR\
FRQWLQXDEDFRQODSODVPDFLyQGHODIUDJPHQWDFLyQGHODFLXGDGJOREDO

/$6$8723,67$6
(O SULPHU HOHPHQWR XUEDQR HVHQFLDO GHO XUEDQLVPR WDUGRUUDFLRQDOLVWD VRQ ODV DXWRSLVWDV
6XSODQWDGRUDVGHODFDOOHFRPRHVWUXFWXUDYHUWHEUDGRUDGHODPHWUySROLVODVDXWRSLVWDVVH
KDQ FRQIRUPDGR HQ FRQWUD GHO HVSDFLR S~EOLFR WUDGLFLRQDO GH OD FDOOH FRQYLUWLpQGRVH HQ OD
QHJDFLyQGHVXHVHQFLD<DDFRPLHQ]RVGHODHUDGHODXWRPyYLO+HQU\)RUG²LQYHQWRUGH
ODFDGHQDGHPRQWDMH\GHODSURGXFFLyQHQVHULHGHPLOHVGHFRFKHVLJXDOHV²SURPRYtDDO
PLVPR WLHPSR OD FRQVWUXFFLyQ GH EDUULRV UHVLGHQFLDOHV IXHUD GH ODV FLXGDGHV DFFHVLEOHV
VRORFRQORVYHKtFXORVSULYDGRVTXHpOPLVPRIDEULFDED$SDUWLUGHODGpFDGDGHOD
HQWURQL]DFLyQ GH OD FLYLOL]DFLyQ GHO DXWRPyYLO FRPSRUWy OD FRQILJXUDFLyQ GH ODV FLXGDGHV D
SDUWLUGHODVDXWRSLVWDVHOHVSDFLRJHQXLQRSDUDHODXWRPyYLO\ODYHORFLGDG
(O SUHGRPLQLR GH ODV DXWRSLVWDV FRQOOHYD XQ PRGR GH YLGD HVSHFtILFR EDVDGR HQ HO
DLVODPLHQWR GHQWUR GH OD EXUEXMD TXH VXSRQH HO DXWRPyYLO KDFLHQGR TXH WRGR HVWp
UiSLGDPHQWHDFFHVLEOHPLGLHQGRHOWLHPSR\HOHVSDFLRHQIXQFLyQGHORVGHVSOD]DPLHQWRV
HQ YHKtFXOR SULYDGR (O PXQGR UHDO VH SHUFLEH D WUDYpV GH OD YHQWDQD KRUL]RQWDO \ HQ
PRYLPLHQWRGHOSDUDEULVDVVHFRQYLHUWHHQXQDILFFLyQOHMDQDHQXQDHVSHFLHGHSURJUDPD
GHWHOHYLVLyQHQXQFXDGURELGLPHQVLRQDO6HDFFHGHDODVDXWRSLVWDVGHODPLVPDPDQHUD
TXHVHHQFLHQGHHOWHOHYLVRU6HKDFUHDGRXQPXQGRSHQVDGRSDUDVHUVHUYLGRHILFD]PHQWH
GHVGH ODV HQWUDGDV \ VDOLGDV GH ODV DXWRSLVWDV VH KD FRQIRUPDQGR OR XUEDQR
H[FOXVLYDPHQWHGHVGHVXYDPSLUL]DFLyQGHVGHVXXVRGHVGH VX DFFHVLELOLGDG D WUDYpV GH
SXHQWHVW~QHOHV\QXGRV
/DFLXGDGUHDODKRUDLQYLVLEOHGHVGHODYHORFLGDG\ODSRVLFLyQHOHYDGDGHODXWRPyYLO\D
QRHVXQOXJDUSDUDHOFRPSURPLVR\ODFXOWXUDFUtWLFD$PHGLGDTXHDXPHQWDQORVVLVWHPDV
GH VHJXULGDG \ FRQIRUW EOLQGDMH FLQWXURQHV GH VHJXULGDG SDUDFKRTXHV DLUEDJ DLUH
DFRQGLFLRQDGRHWF LQFUHPHQWDHODLVODPLHQWRHQHODXWRPyYLO\DXPHQWDQODYXOQHUDELOLGDG
\ GHELOLGDG GHO SHDWyQ \ HO PRWRULVWD IUHQWH D DTXHO (O WUiILFR VH FRQYLHUWH HQ OD
RUJDQL]DFLyQ VLPEyOLFD \ HIHFWLYD GH OD FLXGDG \ HO DXWRPyYLO HV VX FpOXOD EiVLFD TXH
FRQIRUPDXQDPDQHUDGHVHULQGLYLGXDOLVWD\FRPSHWLWLYDYLROHQWDHLQVROLGDULD 

(VWHHVHOPRGHORGHFUHFLPLHQWRXUEDQRTXHVHGHVDUUROOyHQ(VWDGRV8QLGRVDSDUWLUGH
ODGpFDGDGHFXDQGRFRQVFLHQWHPHQWHVHSURPRYLy
OD VHJUHJDFLyQ VRFLDO EDVDGD HQ ODV YLYLHQGDV XQLIDPLOLDUHV ORV LWLQHUDULRV GH ORV
IHUURFDUULOHV VH GHVPDQWHODURQ SDUD KDFHU DXWRSLVWDV VXVWLWX\HQGR ORV VLVWHPDV GH
WUDQVSRUWH S~EOLFR SRU XQD LQPHQVD UHG GH YtDV UiSLGDV ILQDQFLDGDV FRQ IRQGRV IHGHUDOHV
(VWDVVRQODVUDtFHVGHODWHQGHQFLDHQODVJUDQGHVFLXGDGHVDFUHFHUVHJ~QDXWRSLVWDV\
EDUULRVUHVLGHQFLDOHVSHULIpULFRV\DLVODGRV$GHPiVVHJ~QHVWHPRGHORGHSUHGRPLQLRGHO
DXWRPyYLO\ODVDXWRSLVWDVODJUDQFLXGDGVHYDOOHQDQGRGHHVWDFLRQHVGHVHUYLFLRXELFDGDV
HQ ORV PHMRUHV OXJDUHV HQ ODV HVTXLQDV \ TXH FRQ VXV WLHQGDV \ EDUHV DELHUWRV ODV 
KRUDVVHFRQYLHUWHQHQVXVWLWXWRVGHORVDXWpQWLFRVQHJRFLRVORFDOHV\FDIHWHUtDV
(VWD HVWUXFWXUD GH DXWRSLVWDV TXH RUJDQL]D OR XUEDQR SUHGRPLQD HQ PXFKDV FLXGDGHV
DPHULFDQDV²FRPR/RVÈQJHOHV0LDPL+RXVWRQ&DUDFDV0RQWHUUH\R6DQWLDJRGH&KLOH
² GRQGH OD FLXGDG HV DWUDYHVDGD SRU DXWRSLVWDV TXH SDVDQ SRU WHUULWRULRV VLQ WUD]DV QL
YLGDSUHYLD

/26&(175267(5&,$5,26
(O VHJXQGR HOHPHQWR XUEDQR HVHQFLDO HV OD DJOXWLQDFLyQ GH OD HQHUJtD HPSUHVDULDO \
UHSUHVHQWDWLYD HQ ORV FHQWURV WHUFLDULRV GRQGH GRPLQDQ OD GHQVLGDG HGLOLFLD \ OD DOWXUD GH
ORVHGLILFLRVGRQGHORVYDORUHVGHODPRGHUQLGDGFDSLWDOLVWDVHH[SUHVDQPHGLDQWHODVPiV
DYDQ]DGDVWHFQRORJtDV/RVFHQWURVWHUFLDULRVVHSURSRQHQFRPRHVSDFLRVGHGLYHUVLGDG\
GH UHFXSHUDFLyQ GH OD YLGD XUEDQD LQFOXVR GH OD PHPRULD FROHFWLYD VLQ UHSDUDU HQ TXH OD
ILFFLyQFUHDGDFRQIDOVDYDULHGDGHVFRQGHXQDKRPRJHQHLGDGVRFLDOHVWpULO
7DPELpQORVFHQWURVWHUFLDULRVWLHQGHQDODH[FOXVLyQGHORVH[WUDxRV\DODVHOHFFLyQGH
VXV SREODGRUHV TXH VH HVWUXFWXUDQ D SDUWLU GH ORV VHUYLFLRV GH ODV DXWRSLVWDV GHO DFFHVR
UiSLGRHQYHKtFXORSULYDGR\GHODGLVSRQLELOLGDGGHJUDQGHViUHDVGHDSDUFDPLHQWR6LHQ
ODDXWRSLVWDVRORHQWUDHOSURSLHWDULRGHXQYHKtFXORSULYDGRYHOR]HQHOFHQWURWHUFLDULRVROR
HQWUD TXLHQ GLVSRQH GH WDUMHWDV WDUMHWDV GH LGHQWLILFDFLyQ GH FUpGLWR \ GH DSDUFDPLHQWR
(VWRV VLVWHPDV GUiVWLFRV GH FRQWURO LQYDGHQ HO HVSDFLR S~EOLFR XUEDQR TXH URGHD ORV
FHQWURV WHUFLDULRV 'H HVWD PDQHUD ODV DFHUDV PiV DPSOLDV TXH SDUHFHQ VHU SOD]DV
S~EOLFDV VRQ HVSDFLRV VREUH ORV TXH VH H[WLHQGHQ ORV GRPLQLRV GH OD OyJLFD GHO HVSDFLR
SULYDGRDXQTXHODDSDULHQFLDIRUPDOLQGLTXHORFRQWUDULR

/265$6&$&,(/26
'HQWURGHORVFHQWURVWHUFLDULRVHOHOHPHQWRPiVGHSUHGDGRUHVHOUDVFDFLHORV<DXQTXH
ELHQ XWLOL]DGR HO UDVFDFLHORV HPEOHPD GH ODV WRSRORJtDV HQ OD FLXGDG FRQWHPSRUiQHD  HV
FDSD]GHFUHDUFLXGDG²YpDQVHORVHMHPSORVFOiVLFRVGH&KLFDJR\1XHYD<RUN²HOXVR
TXHKDFHGHHOORVODFLXGDGJOREDOHVHVSHFXODUFRQVXWLSRORJtDTXHSXHGHFRQVHJXLUPiV
UHQWDELOLGDGHVSHFXODWLYDFRQODPHQRULQYHUVLyQHQXQHQWRUQRTXHTXHGDGHSUHGDGR\GHO
TXHVHYDPSLUL]DQVXVPHMRUHVFXDOLGDGHVVLQDSRUWDUQDGDDFDPELR
(O UDVFDFLHORV HVSHFXODWLYR \ DLVODGR HV OD Pi[LPD H[SUHVLyQ GHO FDSLWDOLVPR FRQ VX
UHFKD]R \ GHVSUHFLR SRU ODV FDUDFWHUtVWLFDV WRSROyJLFDV HFROyJLFDV KXPDQDV
SDWULPRQLDOHV \ VRFLDOHV GHO OXJDU $GHPiV OD YLGD VRFLDO TXH VH SRGUi SURGXFLU HQ XQ
UDVFDFLHORV VLHPSUH VHUi PX\ OLPLWDGD HO UDVFDFLHORV HVFXSH HO HVSDFLR S~EOLFR VH DtVOD
GH OD FLXGDG UHDO QR SHUPLWH OXJDUHV GH HQFXHQWUR SXHV WRGD YLGD VRFLDO VH FHQWUD HQ HO
YHVWtEXOR \ HO DVFHQVRU \ ORV LQWHUFDPELRV VH KDFHQ SRU HQWUHJD D GRPLFLOLR $GHPiV HV
HQHUJtYRUR %DVDGR HQ OD FOLPDWL]DFLyQ DUWLILFLDO REOLJD DO XVR GHO DVFHQVRU SDUD FXDOTXLHU
PRYLPLHQWRSRWHQFLDXQDYLGDLQVDQD\SXHGHJHQHUDUXQHIHFWRPiVFDUDVREUHHODVROHR
GHO EDUULR  (Q GHILQLWLYD ODV WRUUHV HQ OD FLXGDG JOREDO VRQ XQ HPEOHPD QHJDWLYR GH ODV


SHRUHVFDUDFWHUtVWLFDVGHODFLXGDGWDUGRUUDFLRQDOLVWD\GHOFDSLWDOLVPR

(/&(1752&20(5&,$/
(QHOPRGHORGHODFLXGDGJOREDOVHKDLGRFRQVROLGDQGRXQWHUFHUJUDQHOHPHQWRHOFHQWUR
FRPHUFLDO &RQIRUPDGR SRU JUDQGHV YRO~PHQHV FRQVWUXLGRV WDO FRPR VRVWLHQH *HRUJH
5LW]HUHOFHQWURFRPHUFLDOVHFRQYLHUWHHQXQDDXWpQWLFDFDWHGUDOGHOFRQVXPR 3UHVHQWHV

\D HQ ORV SUR\HFWRV %URDGDFUH &LW\   \ /LYLQJ &LW\   GH )UDQN /OR\G
:ULJKW ORVJUDQGHVFHQWURVFRPHUFLDOHVKDQVLGRSHQVDGRVFRPRHGLILFLRVDXWyQRPRVHQ


FX\R LQWHULRU HFORVLRQDQ WRGR WLSR GH DFWLYLGDGHV GHGLFDGDV DO HQWUHWHQLPLHQWR \ DO
FRQVXPR/DDUWLILFLDOLGDGHVODEDVHSDUDODLGHQWLILFDFLyQGHORVHVSDFLRVSURSXHVWRVSRU
ORV FHQWURV FRPHUFLDOHV VH FUHD XQ DPELHQWH GH VLPXODFUR GH OD QDWXUDOH]D OD KLVWRULD R
XQD IDQWDVtD IXWXULVWD VH HVWDEOHFHQ PRYLPLHQWRV ³DVLVWLGRV´ \ VH LQWURGXFH XQD
WHPSHUDWXUD DUWLILFLDO \ XQD LOXPLQDFLyQ FRQWURODGD (Q GHILQLWLYD VH FUHD XQ HVWDGR LGHDO
SDUD OD HVWDQFLD LOLPLWDGD \ SRU WDQWR FRQ ODV Pi[LPDV SRVLELOLGDGHV SDUD HO FRQVXPR XQ
QR OXJDU TXH VH SUHWHQGH DMHQR D WRGR FRQIOLFWR GHUHFKR XUEDQR UHLYLQGLFDFLyQ R
UHFODPDFLyQ $Vt HQ PXFKDV FLXGDGHV DPHULFDQDV \ DVLiWLFDV EXHQD SDUWH GH OD YLGD
VRFLDO\IDPLOLDUVHGHVDUUROOD\DHQGLFKRVFHQWURVFHUUDGRV
3DUDGyMLFDPHQWH XQD YH] VH KD IDJRFLWDGR OD GLYHUVLGDG XUEDQD GH OD FDOOH SOD]D R
PHUFDGRHOLQWHULRUGHORVFHQWURVFRPHUFLDOHVYXHOYHDVLPXODUORV/DVHVFHQRJUDItDVSDUD
FHQWURV GH HQWUHWHQLPLHQWR ²HXIHPLVPR TXH HVFRQGH HO FRQVXPR FRPR ~QLFR VXVWHQWR²
VRQ UpSOLFDV R VLPXODFURV GH ODV VLWXDFLRQHV XUEDQDV SHUGLGDV 8Q JUDQ FHQWUR FRPHUFLDO
FRPRHOGH0DNDWLHOGLVWULWRGHQHJRFLRVGH0DQLODTXHSUHWHQGHVHUXQHVSDFLRYHUGH\
DELHUWRDUWLFXODGR HQ WRUQR D MDUGLQHV \ ERVTXHV HQ UHDOLGDG VROR SHUPLWH HO DFFHVR D ORV
FRQVXPLGRUHV TXH KDQ SDVDGR XQ H[KDXVWLYR FRQWURO SROLFLDO \ GH HVFDQHDGR GH VXV
SHUWHQHQFLDV(QWUDUHQHVWHFHQWURFRPHUFLDOHVORPiVSDUHFLGRDOLQJUHVRDXQDSULVLyQ
<HQHVWHFDVRODDGXFFLyQGHOPXQGRH[WHULRUVHFRPSOHWDFRQXQDLJOHVLDGHPLVDGLDULD
HQHOFRUD]yQDMDUGLQDGRGHOFHQWURFRPHUFLDO
'HOPLVPRPRGRTXHODDXWRSLVWDPHWURSROLWDQDVXVWLWX\HHOSDSHOYHUWHEUDGRUGHODFDOOH
HOFHQWURFRPHUFLDOLQWHQWDVXVWLWXLUHOHVSDFLRS~EOLFRGHODSOD]DHOPHUFDGRODJDOHUtDR
OD FDOOH FRPHUFLDO OOHQD GH SHTXHxDV WLHQGDV < FXDQGR OR ORJUD ODV FRQTXLVWDV VRFLDOHV
FRQVHJXLGDVHQHOHVSDFLRS~EOLFRYXHOYHQDUHVWULQJLUVHEDMRODVQRUPDVODYLJLODQFLD\ORV
JXDUGLDVGHVHJXULGDGGHORVFHQWURVFRPHUFLDOHVSULYDGRV\FHUUDGRV(OFHQWURFRPHUFLDO
VXVWLWX\H DO HVSDFLR S~EOLFR \ OR SULYDWL]D \ HQ PXFKDV FLXGDGHV GHVDSDUHFHQ ODV
DOWHUQDWLYDVSDUDHOSDVHRRODUHXQLyQFRWLGLDQD/DSDXODWLQDVXVWLWXFLyQGHODVSHTXHxDV
WLHQGDV \ ORV PHUFDGLOORV SRSXODUHV SRU FHQWURV FRPHUFLDOHV LPSLGH TXH ODV FODVHV
PRGHVWDV ORV LQPLJUDQWHV \ ORV JUXSRV QyPDGDV VH LQWHJUHQ HQ OD VRFLHGDG PHGLDQWH HO
SURFHVR WUDGLFLRQDO GHO SHTXHxR FRPHUFLR \ ORV SXHVWRV GH DUWHVDQtD 6ROR TXHGD OD
SRVLELOLGDGGHOWUDEDMRSUHFDULRTXHGHSHQGHGHODVJUDQGHVFDGHQDVFRPHUFLDOHV\GHODV
IUDQTXLFLDV FRQVXPDQGR DVt XQ FDPELR GH PRGHOR \ GH FXOWXUD 3RU HOOR UHVXOWD WDQ
LPSRUWDQWHSUHYHUHQHOXUEDQLVPRGHORVQXHYRVEDUULRVODH[LVWHQFLDGHSHTXHxDVWLHQGDV
\ QHJRFLRV TXH UHIXHU]DQ OD HFRQRPtD \ ODV UHGHV VRFLDOHV GHO EDUULR \ QR ORV FHQWURV
FHUUDGRVTXHHPSREUHFHQ\GHVHUWLILFDQ
'H WRGDV IRUPDV QR QHFHVDULDPHQWH ORV FHQWURV FRPHUFLDOHV \ GH RFLR WLHQHQ SRU TXp
VHU QHJDWLYRV SDUD ODV FLXGDGHV $XQTXH JHQHUDOPHQWH VH WUDWD GH SURGXFWRV XUEDQRV
SUR\HFWDGRV GHVGH IXHUD TXH QR WLHQHQ HQ FXHQWD HO HQWRUQR XUEDQR \ SDLVDMtVWLFR QL
JXDUGDQ UHODFLyQ FRQ OD FLXGDG \ VX FXOWXUD LQWURYHUWLGRV FRQIRUPDGRV FRPR UDWRQHUDV
GRQGH HV IiFLO HQWUDU \ GLItFLO VDOLU SXHGHQ FRQYHUWLUVH HQ HOHPHQWRV TXH DXPHQWHQ ODV
GHVLJXDOGDGHV VRFLDOHV \ ORV SUREOHPDV GH VX HQWRUQR LQPHGLDWR 6LQ HPEDUJR SXHGH
KDEHU FHQWURV FRPHUFLDOHV TXH DSRUWHQ HVSDFLRV S~EOLFRV VL GLVSRQHQ GH DFFHVRV DO
PLVPR QLYHO TXH OD FDOOH VH DWUDYLHVDQ IiFLOPHQWH \ VDEHQ LQWHJUDUVH HQ OD FXOWXUD GH OD
FLXGDGSRUORTXHSXHGHQOOHJDUDVHUH[SHULHQFLDVXUEDQDVSRVLWLYDVFRPRHVHOFDVRGH
/¶,OOD 'LDJRQDO GH 5DIDHO 0RQHR \ 0DQXHO GH 6ROj0RUDOHV %DUFHORQD   HO GH
6DQ 0LJXHO 0DOO RI $VLD GHO HVWXGLR $UTXLWHFWRQLFD 0DQLOD   R HO GHO FHQWUR
FRPHUFLDOHQHOSRSXODUEDUULRGH6WUDWIRUGHQ/RQGUHVTXHVLUYHGHSDVRHQWUHODHVWDFLyQ
GH EXV GH IHUURFDUULO \ GH PHWUR \ HO FHQWUR KLVWyULFR GHO EDUULR SRWHQFLDQGR DVt OD
H[LVWHQFLDGHSHTXHxRVQHJRFLRVGHLQPLJUDQWHV

/2668%85%,26</$685%$1,=$&,21(6&(55$'$6
3RU ~OWLPR XQD SDUWH HVHQFLDO GH OD FLXGDG JOREDO TXHGD GHILQLGD SRU ORV FRQMXQWRV
UHVLGHQFLDOHVFHUUDGRVTXHDGRSWDQVLWXDFLRQHVPRUIRORJtDV\WLSRORJtDVPX\GHILQLGDV\
TXH VRQ XQD FRQWLQXDFLyQ GH OD WUDGLFLyQ DQWLXUEDQD GHO VXEXUELR GHVDUUROODGD WUDV OD ,,
*XHUUD0XQGLDO
8QD SDUWH GH OD SREODFLyQ GH ODV JUDQGHV FLXGDGHV \D VHDQ GH SDtVHV GHVDUUROODGRV R
HQGHVDUUROORJHQHUDOPHQWHDTXHOORVTXHQRYDORUDQODPHPRULDXUEDQDQLFRPSUHQGHQTXH
OD HVHQFLD GH OD FLXGDG HQ OD GLYHUVLGDG HOLJH YLYLU IXHUD GH ODV FLXGDGHV HQ ORV PDO
OODPDGRV EDUULRV R FRPXQLGDGHV FHUUDGDV PDO OODPDGRV SXHVWR TXH VROR VRQ
XUEDQL]DFLRQHV \ QR WLHQHQ ODV FXDOLGDGHV GH XQ EDUULR QL GH XQD FRPXQLGDG 6H WUDWD GH
XQDHVSHFLHGHQROXJDUHVRHVSDFLRVVLQPHPRULDGHDFFHVRUHVWULQJLGRTXHFRQVWLWX\HQ
YXOJDUL]DFLRQHV GH XQD YLGD IHOL] XWySLFD \ VHGDGD GRQGH VH KD HOLPLQDGR OR LQFLHUWR \ OR
LPSUHYLVLEOH 3UHWHQGLGR RDVLV GH FDOPD \ VHJXULGDG D HOORV QR SXHGHQ DFFHGHU ORV
PLHPEURVGHRWUDVFXOWXUDV\GHPHQRVUHFXUVRVHFRQyPLFRV8QDYLGDHGXOFRUDGD\IDOVD
HQ XQ OXJDU GRQGH WRGRV SUHWHQGHQ VHU LJXDOHV 'LFKR IHQyPHQR VH H[WLHQGH SRU WRGR HO
SODQHWDGHVGH(VWDGRV8QLGRV0p[LFRR&KLOHKDVWDOD,QGLDRORV(PLUDWRVÈUDEHV
/DV UDtFHV \ FRQVHFXHQFLDV GHO VXEXUELR KDQ VLGR DPSOLDPHQWH DQDOL]DGDV (Q VX OLEUR
/DVHVWUXFWXUDVVRFLDOHVGHODHFRQRPtD 3LHUUH%RXUGLHXH[SOLFDODHVWUDWHJLDSURPRYLGD


SRU $OELQ &KDODQGRQ PLQLVWUR GH ,QIUDHVWUXFWXUDV GH )UDQFLD HQ  SDUD FRQVHJXLU TXH
HO (VWDGR VH UHWLUDUD GHO VHFWRU GH OD FRQVWUXFFLyQ JUDFLDV DO GHVSUHVWLJLR GH OD YLGD HQ
EORTXHV \ HGLILFLRV FROHFWLYRV SDUD D SDUWLU GH  SURPRFLRQDU FRQFXUVRV
LQWHUQDFLRQDOHVGHFDVDVXQLIDPLOLDUHVGHDFXHUGRFRQODVHPSUHVDVGHOVHFWRU(QVXOLEUR
9LGDXUEDQDHLGHQWLGDGSHUVRQDO 5LFKDUG6HQQHWWGHPXHVWUDTXHODUD]yQPiVSURIXQGD


GHODDSDULFLyQGHOVXEXUELRHVODYROXQWDGGHLQWHQVLILFDUORVOD]RVGHODIDPLOLDWUDGLFLRQDO
FRPR PLFURFRVPRV HQ XQD YLGD WUDQTXLOD \ VLQ FRQIOLFWRV HQ XQ HVFHQDULR KRPRJpQHR
DMHQR D OD GLYHUVLGDG XUEDQD (IHFWLYDPHQWH OD YLGD HQ HO VXEXUELR R HQ OD XUEDQL]DFLyQ
FHUUDGD HV VROR SDUD OD IDPLOLD QXFOHDU WUDGLFLRQDO \ H[FOX\H D TXLHQHV VRQ GLIHUHQWHV
SHUVRQDV TXH YLYHQ VRODV SDUHMDV JDLV SDUHMDV VLQ KLMRV SDUHMDV PD\RUHV MyYHQHV
VHSDUDGRV HQ GHILQLWLYD WRGRV DTXHOORV TXH QR YLYHQ HQ XQD HVWUXFWXUD IDPLOLDU
FRQYHQFLRQDO ODV QXHYDV IDPLOLDV R ORV QXHYRV WLSRV GH XQLGDGHV GH FRQYLYHQFLD /HZLV
0XPIRUG H[SOLFy ORV HIHFWRV QHJDWLYRV GHO HVSDUFLPLHQWR GH ORV VXEXUELRV WUDV KDEHU
DEDQGRQDGRODOyJLFDGHOWUDQVSRUWHIHUURYLDULR\KDEHUORVXVWLWXLGRSRUHOWUiILFRSULYDGRGHO
DXWRPyYLO TXH SHUPLWH H[WHQGHU VLQ OtPLWHV ODV FDUUHWHUDV \ OD XUEDQL]DFLyQ SRU HO
WHUULWRULR7DPELpQ-DQH-DFREVUHLYLQGLFyODYLGDXUEDQDGHODFLXGDGGHQVDIUHQWHDODYLGD
HQ HO VXEXUELR XQD YLGD TXH VH KDEtD SURPRFLRQDGR D EDVH GH GHVSUHVWLJLDU OD FLXGDG
KLVWyULFD
3DUDGyMLFDPHQWH ODV XUEDQL]DFLRQHV FHUUDGDV FRQWHPSRUiQHDV DGRSWDQ ODV PRUIRORJtDV
GHODFLXGDGMDUGtQUHDOL]DQGRHQIRUPDGHVXEXUELRGHJUDGDGRODXWRStDGHODFLXGDGFRQ
DQLOORV YHUGHV GH (EHQH]HU +RZDUG (VWDV FRPXQLGDGHV FHUUDGDV SUHWHQGHQ VHJXLU
FULWHULRV HFROyJLFRV GH VRVWHQLELOLGDG RUJDQL]iQGRVH HQ WRUQR D ODJRV DUWLILFLDOHV FDPSRV
GHGHSRUWHRSLVWDVGHJROISUHYLDHOLPLQDFLyQHQHOOXJDUGHWRGRUDVWURGHPDQWRYHJHWDO
GHODYHJHWDFLyQDXWyFWRQD\DQWLJXD\GHODJXDSUHH[LVWHQWHXQRVPHFDQLVPRVWRWDOPHQWH
FDUHQWHVGHDXWHQWLFLGDGSXHVQLQJ~QORJURHQODGLUHFFLyQGHODVRVWHQLELOLGDGSXHGHSDVDU
SRU FUHDU JXHWRV SDUD pOLWHV GRQGH VH SUHWHQGD HOLPLQDU OD FRQWDPLQDFLyQ WUDVODGiQGROD D
VXVFRQILQHV
6LODHVHQFLDGHODFLXGDGHVVXFDUiFWHUS~EOLFRDOFRQYHUWLUSDUWHVGHHOODHQSULYDGDV
HVWDGHMDGHWHQHUVXIXQFLyQ\VHFRQYLHUWHHQXQDDEHUUDFLyQ(QUHDOLGDGHVWDQHJDFLyQ
GH OD FLXGDG H[LVWHQWH FRPR OXJDU SDUD OD YLGD S~EOLFD QR HV PiV TXH XQ HVSHMLVPR HO
WUDEDMRODHGXFDFLyQHORFLR\HOVXPLQLVWURVLJXHQGHSHQGLHQGRGHODJUDQFLXGDGTXHVH
KDDEDQGRQDGR
3RURWURODGRODE~VTXHGDGHUHIHUHQFLDVKLVWyULFDVPLWLILFDGDVDODKRUDGHUHDOL]DUODV
YLYLHQGDV VH FRQWUDGLFH FRQ OD LPDJHQ GH ORV OXJDUHV GH WUDEDMR 0LHQWUDV ORV FHQWURV
WHUFLDULRVFRQIRUPDGRUHVGHHVWHXUEDQLVPRWDUGRFDSLWDOLVWDDGRSWDQODVIRUPDVGHODDOWD
WHFQRORJtD OD YLYLHQGD DGRSWD XQD LPDJHQ WUDGLFLRQDO DXQTXH DPEDV VH EDVHQ HQ HO
Pi[LPRFRQWUROWHFQROyJLFR3DUDGyMLFDPHQWHODWHFQRORJtDFRPREDVHGHXQDYLGDXUEDQD
HQ FRQVWDQWH PXWDFLyQ HOLJH SDUD HO KiELWDW XQD LPDJHQ EXFyOLFD LQWHPSRUDO \ GH IDOVR
SDVDGR 3RU HOOR ODV WLSRORJtDV DUTXLWHFWyQLFDV TXH VH XWLOL]DQ UHPLWHQ D OD QRVWDOJLD
DUFiGLFD GH FDVLWDV XQLIDPLOLDUHV SULPLWLYDV ²ELHQ VHDQ GH PDGHUD ODGULOOR X KRUPLJyQ R
YHUQiFXODV YLFWRULDQDV R PHGLWHUUiQHDV² WRGR HOOR EDMR HO FRQWURO IpUUHR GH XQ FRQWUDWR
PHUFDQWLO GRQGH VH UHFRUWDQ ODV OLEHUWDGHV \ VH HVWDEOHFHQ ORV GHUHFKRV GH FDGD TXLHQ
LQFOXLGDVODVUHFRPHQGDFLRQHVIRUPDOHVSDUDODVYLYLHQGDV
$XQTXH OD UHDOLGDG GH HVWDV XUEDQL]DFLRQHV FHUUDGDV SDUD ULFRV VH FRQWUDSRQH D ORV
EDUULRV SRSXODUHV DXWRFRQVWUXLGRV ²UDQFKRV YLOODV PLVHULD IDYHODV \ EDUULDGDV² HQ HO
IRQGRIRUPDQSDUWHGHOPLVPRVLVWHPD(OEDUULRFHUUDGRQHFHVLWDDOEDUULRDXWRFRQVWUXLGR
SDUD TXH OR VLUYDQ HQ ODV WDUHDV GRPpVWLFDV GH MDUGLQHUtD GH UHSDUDFLRQHV R GH UHSDUWR
SUHYLRSDVRSRUHOILOWURGHOH[WUHPRFRQWURO(VFLHUWRTXHHQODVGpFDGDVGH\
VH SURPRYLHURQ HQ /DWLQRDPpULFD SROtWLFDV GH DSR\R D OD DXWRFRQVWUXFFLyQ TXH RIUHFtDQ
YLYLHQGDV HYROXWLYDV TXH PHMRUDEDQ ODV LQIUDHVWUXFWXUDV GH ORV EDUULRV SRSXODUHV \ TXH ORV
LQWHJUDEDQ HQ OD FLXGDG KDVWD ORV FDVRV DFWXDOHV GH UHQRYDFLyQ GH HVWDV LGHDV FRQ
SURJUDPDV FRPR )DYHOD %DLUUR HQ 5tR GH -DQHLUR 0HGHOOtQ FRQ VX XUEDQLVPR VRFLDO R HO
FRQFXUVR(OHPHQWDOHQ&KLOH6LQHPEDUJRKHPRVGHUHFRQRFHUTXHORVEDUULRVPDUJLQDOHV
FRQVWLWX\HQ XQD SLH]D PiV GHJUDGDGD \ GHVSUHFLDGD TXH HV IXQFLRQDO D OD IUDJPHQWDULD
FLXGDGJOREDO
$OWLHPSRTXHVHKDH[WHQGLGRHOFRQFHSWRGHFLXGDGJOREDO 5HP.RROKDDVKDDFXxDGR


OD H[SUHVLyQ ³FLXGDG JHQpULFD´ TXH pO KD GHWHFWDGR \ TXH HQ FLHUWD PDQHUD MXVWLILFD /D
FLXGDGJHQpULFDQRWLHQHKLVWRULDVXUJHGHODWiEXODUDVD\GHEHUHQRYDUVHFRQWLQXDPHQWH
HV PXOWLUUDFLDO \ PXOWLFXOWXUDO HVWi IRUPDGD HVHQFLDOPHQWH SRU UDVFDFLHORV \ SRU XQD
³FRUWH]D GH FDVXFKDV LPSURYLVDGDV´ HQ HOOD GRPLQD HO HVWLOR SRVPRGHUQR SXHV HV GH
³HVWLOROLEUH´GHSHQGHGHUHJtPHQHVPiVRPHQRVDXWRULWDULRV\HQHOOD³ODSUHVHQFLDGHOD
KLVWRULDWDQVRORGHELOLWDVXUHQGLPLHQWR´ /DWLSRORJtDIDYRULWDGHODFLXGDGJHQpULFDHVHO


UDVFDFLHORV\VXVGHULYDGRVHQODPHGLGDHQTXHSHUPLWHQHOPi[LPRDSURYHFKDPLHQWRGHO
VXHORFRQHOPtQLPRFRQWDFWRFRQODUHDOLGDGGHOOXJDUWRUUHVDOWDVSDUDYLYLHQGDVKRWHOHV\
RILFLQDV

'(/$&$57$'($7(1$6$/$&,8'$'*/2%$/
$O DQDOL]DU ORV FRPSRQHQWHV VHJUHJDWLYRV GHO PRGHOR GHO XUEDQLVPR JOREDO VH FRPSUXHED
TXH HQ UHDOLGDG VH WUDWD GHO FDQWR GH FLVQH GHO XUEDQLVPR WDUGRUUDFLRQDOLVWD TXH QR HV
PiV TXH OD XOWHULRU UHIRUPXODFLyQ UHQWDEOH GH OD ]RQLILFDFLyQ GHO XUEDQLVPR UDFLRQDOLVWD (O
PRGHOR XUEDQR \ WHUULWRULDO TXH SURSRQH HO QHRFRQVHUYDGXULVPR OLEHUDO FX\RV LQWHUHVHV
HFRQyPLFRVQRWLHQHQUDtFHVHQQLQJ~QOXJDUQRVRORSUHWHQGHVXVWLWXLUHOHQWRUQRQDWXUDO
ORV FHQWURV KLVWyULFRV ODV FDOOHV \ ORV HVSDFLRV S~EOLFRV VLQR TXH ODV FXDWUR IXQFLRQHV R
SDUWHV HVHQFLDOHV GHO XUEDQLVPR UDFLRQDOLVWD GH /D &DUWD GH $WHQDV ²YLYLHQGD WUDEDMR
HVSDUFLPLHQWR\FLUFXODFLyQ²KDQLPSORVLRQDGRSRUXWLOL]DUHOWpUPLQRGH-HDQ%DXGULOODUG 

\ KDQ HQFRQWUDGR VX FRQFUHFLyQ HQ ORV FXDWUR HOHPHQWRV XUEDQRV HVHQFLDOHV GH OD FLXGDG
JOREDOKDELWDFLyQHQ OD XUEDQL]DFLyQ FHUUDGD WUDEDMR HQ HO FHQWUR WHUFLDULR UHSUHVHQWDWLYR
HVSDUFLPLHQWR \ FRQVXPR HQ ORV FHQWURV FRPHUFLDOHV \ FHQWURV GH RFLR \ FLUFXODFLyQ SRU
ODVDXWRSLVWDV/DFLXGDGJOREDOVHFRQIRUPDGHXQDPDQHUDLQFOXVRPXFKRPiVREMHWXDOH
LQFRQH[DTXHODFLXGDGPRGHUQDGH/D&DUWDGH$WHQDV 

'HKHFKRWDQWR/D&DUWDGH$WHQDVFRPRODFLXGDGJOREDOVHEDVDQHQERUUDUODKLVWRULD
GHODFLXGDGHQODPHGLGDHQTXHGHEHVHUYLUGHVRSRUWHDXQVLVWHPDGHSURGXFFLyQTXH
QRQHFHVLWDFRQFLHQFLD\DOTXHOHPROHVWDODPHPRULD(OVXHxRGHOLUDQWHGHODWiEXODUDVD
HQ OD UDt] GH OD FLXGDG PRGHUQD VH KD LGR UHSURGXFLHQGR GHVGH /RV ÈQJHOHV R $WODQWD
KDVWD 6LQJDSXU 6KDQJKiL R +RQJ .RQJ (O FUHFLPLHQWR HQ VXEXUELRV \ EDUULRV FHUUDGRV
SHULIpULFRV GLVFXUUH SDUHMR DO DEDQGRQR GH ORV FHQWURV KLVWyULFRV FRQYHUWLGRV HQ VOXPV
FRPR\DVHxDODURQ$GRUQR\+RUNKHLPHU(VHQWRQFHVFXDQGRDEDQGRQDGDVDVXVXHUWH
ODVFDOOHVWUDGLFLRQDOHVGHORVFHQWURVKLVWyULFRVVHFRQYLHUWHQHQWULQFKHUDHQOXJDUHVSDUD
DWUDYHVDU YHOR]PHQWH GHQWUR GHO FRFKH XQ OXJDU GRQGH FRPSLWHQ ORV YHQGHGRUHV
DPEXODQWHV \ ORV FRPHUFLRV GHSDXSHUDGRV HQ ODV SODQWDV EDMDV VREUH ODV TXH OD FLXGDG
\DFH DEDQGRQDGD 8QD YH] GHSDXSHUDGRV ORV FHQWURV VH SUHVHQWDQ FRPR QXHYDV
RSRUWXQLGDGHVGHQHJRFLRJOREDO'HHVWHPRGRHOPHUFDGRVHFRQYLHUWHHQHOVDOYDGRU\
HO SODQLILFDGRU XUEDQR TXH WUDQVSRQH OD OyJLFD GHO VLPXODFUR \ OD GLYHUVLyQ GH ORV FHQWURV
FRPHUFLDOHVDODFLXGDGUHDO3UXHEDGHHOORHVODUHFRQYHUVLyQGHOiUHDGH7LPHV6TXDUH
HQ 1XHYD <RUN HQFDUJDGD D OD HPSUHVD 'LVQH\ HQ OD GpFDGD GH  GRQGH OD FLXGDG
UHDO VH FRQYLHUWH HQ XQD HVFHQRJUDItD SDUD HO FRQVXPR VHJXUR GH OD FODVH PHGLD
VXEXUEDQDTXHYLHQHDFRQWHPSODUHOH[RWLVPRTXHOHVRIUHFHODFLXGDG
1R WRGDV ODV SHULIHULDV GH ODV FLXGDGHV JOREDOHV VH WUDWDQ GH OD PLVPD PDQHUD (O
DQiOLVLVGHODFLXGDGGH0DGULGSHUPLWHYHUFODUDPHQWHTXLpQKDELWDFDGD]RQDVHJ~QXVRV
\ IXQFLRQHV /D ]RQD VXU GH OD FLXGDG KLVWyULFDPHQWH HO FLQWXUyQ REUHUR DFXPXOD
YHUWHGHURV JUDYHUDV FHPHQWHUDV GHSXUDGRUDV FHQWUDOHV WpUPLFDV H LQFLQHUDGRUDV 3RU
RWUR ODGR OD ]RQD QRUWH DFXPXOD FDPSRV GH JROI \ XUEDQL]DFLRQHV UHVLGHQFLDOHV GH OXMR
SDUWH GH HOODV FHUUDGDV /D DOWD FRQFHQWUDFLyQ GH FDSLWDO ILQDQFLHUR \ UHSUHVHQWDFLyQ GH
HPSUHVDVPXOWLQDFLRQDOHVSURGXFHFRPRUHVXOWDGRXQDIXHUWHVHJUHJDFLyQVRFLRHFRQyPLFD
TXH TXHGD UHIOHMDGD HQ HO WHUULWRULR \ HQ ORV PHGLRV GH WUDQVSRUWH HO WUDQVSRUWH S~EOLFR
SDUD ORV WUDEDMDGRUHV HPLJUDQWHV \ PXMHUHV ODV DXWRSLVWDV SDUD ORV FRFKHV GH OXMR GHO
QRUWHGHODFLXGDG
'HWRGDVPDQHUDVH[LVWHQGLIHUHQFLDVGHSODQWHDPLHQWRHQWUHHOXUEDQLVPRUDFLRQDOLVWD\
HO WDUGRUUDFLRQDOLVWD \D TXH HO SULPHUR IRUPDED SDUWH GH XQ SUR\HFWR VRFLDO \ pWLFR GH
PHMRUD GH ODV FRQGLFLRQHV GH KDELWDELOLGDG \ HO VHJXQGR HV XQ SUR\HFWR ILQDQFLHUR \
HVSHFXODWLYR7DOFRPRVHKDH[SOLFDGRRWUDGLIHUHQFLDLPSRUWDQWHHQWUHHOPRGHORXUEDQR
GH/D&DUWDGH$WHQDV\HOGHODFLXGDGJOREDOHVHOVXEXUELRUHVLGHQFLDOGHEDMDGHQVLGDG
TXHFRQVXPH\FRQWDPLQDWHUULWRULRVLVWHPiWLFDPHQWH(OPRGHORWHyULFRGHVHJUHJDFLyQGH
IXQFLRQHV HQFDMy SHUIHFWDPHQWH FRQ HO PRGHOR GH FRQVWUXFFLyQ GH WHUULWRULR XUEDQL]DGR
SURSLRGH(VWDGRV8QLGRV(QVXOLEUR%XLOGLQJ6XEXUELD*UHHQ)LHOGVDQG8UEDQ*URZWK
  'RORUHV +D\GHQ H[SOLFD OD HYROXFLyQ KLVWyULFD GH HVWH GHVHR DQWLXUEDQR \


DQWLHXURSHRSURSXJQDGRSRUODVpOLWHVHVWDGRXQLGHQVHVTXHKDQOOHYDGRD(VWDGRV8QLGRV
DFRQYHUWLUVHHQHOSDtVTXHPiV&2JHQHUDSRUKDELWDQWHSRQLHQGRHQSHOLJURHOSODQHWD
3HURSDUDGyMLFDPHQWHWDOFRPRQDUUD+D\GHQVRQHVWRVVHFWRUHVPiVULFRVH[SDQVLYRVH
LQVRVWHQLEOHVORVPLVPRVTXHHQVXVVXEXUELRVYLYHQVREUHODFRQWDPLQDFLyQSURYRFDGDHQ
VXVSURSLRVDFXtIHURV
(Q GHILQLWLYD SRU VX H[SDQVLyQ GHULYDGD GH OD SURPRFLyQ GH ORV LGHDOHV GH YLGD
JHQHUDGRVGHVGHODSXEOLFLGDGODVVHULHVWHOHYLVLYDV\ODVSHOtFXODVHOPRGHORGHVXEXUELR
FRQ YLYLHQGD DLVODGD HV KR\ XQD GH ODV SHRUHV SODJDV GHO SODQHWD \ XQR GH ORV PD\RUHV
HQJDxRV GHO VLJOR ;; 8QD YH] DWUDSDGRV HQ HVWH PRGR GH YLGD VROR TXHGDQ GHXGDV
GHULYDGDVGHORVDOWRVHVWiQGDUHVGHFRQVXPR\ODFRQVWDWDFLyQGHTXHGHHVWHPRGRQR
VH DOFDQ]D OD IHOLFLGDG (O FRQVXPR GH DQVLROtWLFRV \ HO DOFRKROLVPR GH ODV PXMHUHV GH ORV
VXEXUELRV HVWDGRXQLGHQVHV HV PD\RU TXH HQ ODV FLXGDGHV \ \D HQ OD GpFDGD GH  OD
QRYHOD5HYROXFLRQDU\5RDGGH5LFKDUG<DWHVGDFXHQWDGHHOOR
6LQ HPEDUJR PLHQWUDV HVWH PRGHOR XUEDQR VH VLJXH H[WHQGLHQGR SRU HO PXQGR
FRQVXPLHQGR WHUULWRULR \ HVSDUFLHQGR ODV FLXGDGHV HQ VX SDtV GH RULJHQ (VWDGRV 8QLGRV
ORV PLHPEURV GHO 1HZ 8UEDQLVP OR FULWLFDQ VLVWHPiWLFDPHQWH SRU FRQGLFLRQDU HO IXWXUR GH
IRUPD QHJDWLYD (VWH PRYLPLHQWR HVWi HPSH]DQGR D EXVFDU DOWHUQDWLYDV TXH SHUPLWDQ
VXSHUDU HO IHQyPHQR SURSRQLHQGR HO OODPDGR FUHFLPLHQWR LQWHOLJHQWH  /RV PLVPRV


SURPRWRUHV GH HVD FLXGDG JOREDO \ GHVPHPEUDGD \D KDQ YLVWR VXV FXDOLGDGHV QRFLYDV \
GHVWUXFWLYDV \ SRU WDQWR LQWHQWDQ H[SXOVDU GLFKR PRGR GH GHJUDGDFLyQ XUEDQD D RWURV
SDtVHV
(Q XQD pSRFD HQ OD TXH HO SUR\HFWR XUEDQR QHFHVLWD DOWHUQDWLYDV SOXUDOHV FRQ GLVWLQWRV
DWUDFWRUHV PHFDQLVPRV GH VRVWHQLELOLGDG \ HVWUDWHJLDV SDUD HQULTXHFHU HO WHUULWRULR
DPELHQWDOHOXUEDQLVPRGHODFLXGDGJOREDOQRHVPiVTXHXQDFRQWLQXDFLyQGHOXUEDQLVPR
UDFLRQDOLVWD TXH LQWHQWD FRQVWUXLUOR PiV UiSLGR \ PiV UHQWDEOH SHUR TXH DO PLVPR WLHPSR
KLSRWHFD FDGD YH] PiV HO IXWXUR GH ODV FLXGDGHV \ GHO WHUULWRULR XQ XUEDQLVPR TXH VLJXH
HVWDQGR SHQVDGR SRU KRPEUHV \ VROR SDUD KRPEUHV XQ YDUyQ TXH FLUFXOD FRQ SULVD HQ VX
WRGRWHUUHQR DFRQGLFLRQDGR TXH FRQWLQ~D FRQ HO SDWUyQ PDFKLVWD SURSXHVWR SRU HO 0RGXORU
GH /H &RUEXVLHU XQ KRPEUH PRGHOR PXVFXORVR \ GH  PHWURV GH DOWXUD (Q GHILQLWLYD
XQ XUEDQLVPR VLQ PXOWLSOLFLGDG GH SURWDJRQLVWDV DQFODGR HQ FRQFHSFLRQHV GXDOHV \
DQWDJyQLFDV\EDVDGRHQXQPRGHORIDPLOLDUSHULFOLWDGR
+DOOHJDGR\DHOPRPHQWRGHTXHRWURVSURWDJRQLVWDVSLHQVHQ\GLVHxHQODVFLXGDGHVGH
PRGRTXHIUHQWHDODGRPLQDQWHFLXGDGHVSHFXODWLYD\VHJUHJDWLYDVHLQFRUSRUHQSXQWRVGH
YLVWDSOXUDOHVTXHSXHGDQUHLQYHQWDUODFLXGDGKXPDQD
&LXGDGHVDOWHUQDWLYDV&XULWLED6HDWWOH%RJRWi\0HGHOOtQ

(Q HO FRQWH[WR GH OD JOREDOL]DFLyQ OD FRQIOLFWLYLGDG ODV IURQWHUDV \ OD FUHDFLyQ GH FDSLWDO
PRQRSROLVWDODVDOWHUQDWLYDVUDGLFDQHQODUHRUJDQL]DFLyQGHODVSURSLDVFLXGDGHVSDUDTXH
VHDQ PiV VRVWHQLEOHV SDUD TXH VH FRPSOHPHQWHQ FRQ XQDV HVWUXFWXUDV UXUDOHV
FRQIRUPDGDVSRUFRPXQLGDGHVHFROyJLFDVSDUDTXHVHIRUWDOH]FDQVXVUHODFLRQHVVRFLDOHV
LPSOHPHQWDQGR HO HVSDFLR S~EOLFR \ ORV HTXLSDPLHQWRV SDUD TXH VH UHIXHUFHQ VXV
FDUDFWHUtVWLFDV VLQJXODUHV VXV PRYLPLHQWRV DUWtVWLFRV \ VX WUDGLFLyQ FXOWXUDO (Q HVWH
HQVD\R DQDOL]DUHPRV YDULDV FLXGDGHV DPHULFDQDV TXH HQ ODV ~OWLPDV GpFDGDV KDQ
GHVWDFDGR SRU VXV SROtWLFDV XUEDQDV DOWHUQDWLYDV TXH WLHQGHQ D OD VRVWHQLELOLGDG OD
SDUWLFLSDFLyQ\ODGLIHUHQFLDFLyQIDYRUHFLHQGRODFXOWXUDSRSXODU

&85,7,%$/$8723Ë$(&2/Ï*,&$
/DV FLXGDGHV EUDVLOHxDV FRQWHPSRUiQHDV KDQ DSRUWDGR GLIHUHQWHV PRGHORV XUEDQRV \ HQ
GLYHUVRV SHUtRGRV %UDVLOLD OD QXHYD FDSLWDO GHO UDFLRQDOLVPR HO GHVDUUROOR \ OD FLUFXODFLyQ
HQ DXWRPyYLO &XULWLED OD FLXGDG GH ORV SUR\HFWRV HFRORJLVWDV 3RUWR $OHJUH OD FDSLWDO GH
ORVSURJUDPDVGHSDUWLFLSDFLyQYHFLQDOHQODVGHFLVLRQHVSUHVXSXHVWDULDVGXUDQWHODGpFDGD
GH  5tR GH -DQHLUR HQ VXV GRV SURJUDPDV FRPSOHPHQWDULRV 5LR &LGDGH \ )DYHOD
%DLUURHQODGpFDGDGHTXHKR\FRQWLQ~DQFRQ0RUDU&DULRFD
&XULWLED FDSLWDO GHO HVWDGR GH 3DUDQi KD FRQYHUWLGR XQD SROtWLFD XUEDQD GH FXDWUR
GpFDGDVHQXQPRGHORGHFLXGDGIXWXUD(OLQLFLRGHODSODQLILFDFLyQGHOWUDQVSRUWHS~EOLFR\
GH ODV LQWHUYHQFLRQHV DPELHQWDOHV VH SURGXMR HQ XQ PRPHQWR HQ HO TXH GRPLQDEDQ ORV
PRGHORVXUEDQRVEDVDGRVHQODGLVSHUVLyQ\HQODFRQVWUXFFLyQGHJUDQGHVLQIUDHVWUXFWXUDV
YLDULDV SDUD HO WUDQVSRUWH SULYDGR (Q HVWH FRQWH[WR HO HMHPSOR GH &XULWLED DSRUWD XQD
QXHYD UHIHUHQFLD SDUD OD FLXGDG FRQWHPSRUiQHD EDVDGD HQ HO WUDQVSRUWH S~EOLFR \ HQ OD
HFRORJtD /D FRQVROLGDFLyQ GHO PRGHOR HFROyJLFR GH &XULWLED KD VLGR SRVLEOH JUDFLDV D OD
FRQWLQXLGDGHQHOGHVDUUROORGHXQQXHYRSUR\HFWRXUEDQRSURPRYLGRSRUXQDPSOLRHTXLSR
PXOWLGLVFLSOLQDU GH DUTXLWHFWRV XUEDQLVWDV LQJHQLHURV HFRQRPLVWDV DERJDGRV VRFLyORJRV
KLVWRULDGRUHV \ RWURV WpFQLFRV (O HTXLSR WpFQLFR GH &XULWLED IXH HQFDEH]DGR SRU HO
DUTXLWHFWR LQJHQLHUR \ XUEDQLVWD -DLPH /HUQHU 1DFLGR HQ &XULWLED HVWXGLy DUTXLWHFWXUD HQ
VXFLXGDGQDWDO\IXHDOFDOGHGHVXFLXGDGHQWUHVSHUtRGRV\

7RGDODRSHUDFLyQGH&XULWLEDVHKDEDVDGRHQHOWUDEDMRWpFQLFRGHO,338& ,QVWLWXWRGH
3HVTXLVD H 3ODQHMDPHQWR 8UEDQR GH &XULWLED  FUHDGR HQ  FRPR yUJDQR UHVSRQVDEOH
GHOGHVDUUROORGHOSODQHQFDUJDGRDOD6RFLHGDGH6HUHWHGH(VWXGRVH3URMHWRVDVRFLDGDD
ORVDUTXLWHFWRV5RVD.OLDVV\-RUJH:LOKHLP(OSODQ:LOKHLP,338&EDVDEDHOFUHFLPLHQWR
XUEDQR HQ XQD VHULH GH GLUHFWULFHV \ QR HQ OD YLVLyQ GH XQ SODQR DFDEDGR \ GHWDOODGR
FRQWUDULDPHQWH DO DQWHULRU SODQ SDUD OD FLXGDG   GH $OIUHG $JDFKH /DV SULQFLSDOHV
GLUHFWULFHV HVWDEOHFtDQ XQ SODQHDPLHQWR LQWHJUDGR HO GHVDUUROOR SUHIHUHQFLDO HQ HO HMH
QRUGHVWHVXGRHVWH HO FUHFLPLHQWR OLQHDO GHO FHQWUR SULQFLSDO VHUYLGR SRU YtDV WDQJHQFLDOHV
GHFLUFXODFLyQUiSLGD]RQDVSDUDSHDWRQHVDPSOLDFLyQ\DGHFXDFLyQGH]RQDVYHUGHVTXH
FUHDUDQ XQ SDLVDMH XUEDQR SURSLR \ OD UHQRYDFLyQ XUEDQD \ OD SUHVHUYDFLyQ KLVWyULFD \
WUDGLFLRQDO &RQ OD DSOLFDFLyQ GH HVWDV GLUHFWULFHV LQVWDXUDGDV FDVL GHVGH HO SULQFLSLR GHO
SHUtRGR GH FUHFLPLHQWR GH OD FLXGDG HO PRGHOR GH &XULWLED KD VHUYLGR SDUD GHWHQHU \
VXSHUDUXQDGHJUDGDFLyQPHGLRDPELHQWDOMXVWRFXDQGRHVWDHPSH]DEDDLQLFLDUVH(OSODQR
:LOKHLPFRQVLVWtDHQXQDPH]FODGHOSUR\HFWRSDUDODPRQXPHQWDO$YHQLGD3DXOLVWDHQ6mR
3DXOR\GHODVSURSXHVWDVGHFOXVWHUVGHO7HDP;FRPR7RXORXVHOH0LUDLOGHOHTXLSRGH
DUTXLWHFWRV&DQGLOLV-RVLF\:RRGV
(O SULPHU HOHPHQWR TXH GHVWDFD GHO PRGHOR GH &XULWLED HV HO HODERUDGR VLVWHPD GH
WUDQVSRUWHS~EOLFRODFROXPQDYHUWHEUDOGHOIXQFLRQDPLHQWR\FUHFLPLHQWRSURJUDPDGRGHOD
FLXGDG&RQORVDxRVHVWHVLVWHPDVHKDLGRSHUIHFFLRQDQGR\GHVGHODGpFDGDGH
ORV DXWREXVHV ELDUWLFXODGRV FLUFXODQ SRU XQ FDUULO SURSLR \ GLVSRQHQ GH XQDV HVWDFLRQHV
WXEXODUHV /DV SDUDGDV \ ORV DXWREXVHV VH KDQ GLVHxDGR \ SURGXFLGR HQ OD FLXGDG
VLJXLHQGR OD GLUHFWUL] GH FUHDU XQ SDLVDMH XUEDQR SURSLR DO LJXDO TXH KD RFXUULGR HQ OD
SULPHUD GpFDGD GHO VLJOR ;;, FRQ HO GLVHxR GH SDUDGDV GH DXWREXVHV VHFXQGDULRV
SDSHOHUDV\RWURVHOHPHQWRVGHOPRELOLDULRXUEDQR(Q&XULWLEDTXHHQHODxRUR]DORV
GRVPLOORQHVGHKDELWDQWHVFDGDGtDVHUHDOL]DQYLDMHVHQDXWRE~V/DFLXGDGVH
SXHGH UHFRUUHU GH SXQWD D SXQWD HQ YHLQWH PLQXWRV \ OD IUHFXHQFLD GH SDVR GH ORV
DXWREXVHV HV GH QRYHQWD VHJXQGRV (OOR VLJQLILFD TXH HO   GH ORV YLDMHV VH UHDOL]D HQ
DXWRE~V\HOEXHQIXQFLRQDPLHQWRGHOVLVWHPDVHEDVDHQHOFDUULOHVSHFLDOSDUDDXWREXVHV
FRQ VHPiIRURV VLQFURQL]DGRV \ HQ ODV SDUDGDV WXEXODUHV GRQGH VH GLVSRQH
DQWLFLSDGDPHQWH GHO ELOOHWH \ VH HPEDUFD GLUHFWDPHQWH D OD DOWXUD GHO DXWRE~V FXDQGR HO
ELDUWLFXODGRVHGHWLHQH\HQODSDUDGDVHH[WLHQGHQODVSHTXHxDVSDVDUHODVGHHPEDUTXH
(VWRSHUPLWHTXHODOtQHDIXQFLRQHFRQODUDSLGH]\HILFDFLDGHXQDOtQHDGHPHWURFXDQGR
OD LQYHUVLyQ KD VLGR FLHQ YHFHV PHQRU TXH ODV FRVWRVDV LQIUDHVWUXFWXUDV GH XQ IHUURFDUULO
VXEWHUUiQHR$SUR[LPDGDPHQWHXQNLOyPHWURGHOtQHDGHPHWURFXHVWDGLH]YHFHVPiVTXH
XQRGHWUDQYtD\FLHQTXHXQRGHDXWRE~V
/RTXHHVPiVVRUSUHQGHQWHGHOHILFD]VLVWHPDGHWUDQVSRUWHS~EOLFRGH&XULWLEDHVTXH
OD SURSLHGDG GH ORV DXWREXVHV ELDUWLFXODGRV HV SULYDGD \ SHUWHQHFHQ D XQD GHFHQD GH
HPSUHVDV FRQFHVLRQDULDV 8QD HILFD] JHVWLyQ PXQLFLSDO GHVGH OD HPSUHVD FRQFHVLRQDULD
S~EOLFD 85%6 SHUPLWH TXH HO VLVWHPD GH WUDQVSRUWH S~EOLFR JHVWLRQDGR GHVGH HO
$\XQWDPLHQWR \ UHDOL]DGR SRU HPSUHVDV SULYDGDV VHD DOWDPHQWH UHQWDEOH \ TXH ODV
JDQDQFLDVVHUHLQYLHUWDQHQODFLXGDG
(OVLVWHPDOLQHDOGHWUDQVSRUWHVWLHQHPXFKRTXHYHUFRQODHVWUXFWXUDOLQHDOPRGHUQDGH
OD FLXGDG VLPLODU D ORV FOXVWHUV SURSXHVWRV SRU HO 7HDP ; TXH VLJXH ODV GLUHFWULFHV GHO
FUHFLPLHQWROLQHDO\GHODVYtDVUiSLGDVWDQJHQFLDOHVDOFHQWUR6HWUDWDGHGRVHMHVOLQHDOHV
FXUYRV TXH YDQ GH HVWH D VXU \ GH QRUWH D RHVWH WDQJHQFLDOPHQWH DO FHQWUR KLVWyULFR XQ
HVTXHPD TXH FRLQFLGH FRQ OD SURSXHVWD SDUD 7RNLR GH OD )LEHUFLW\ GH .HQ]R 7DQJH 3ODQ
SDUD 7RNLR   $ SDUWLU GH  VH SRWHQFLy XQ HVTXHPD GH YHUWLFDOL]DFLyQ GHO VHFWRU
HVWUXFWXUDO GH OD FLXGDG HV GHFLU DYHQLGDV SRU ODV TXH GLVFXUUHQ ODV OtQHDV SULQFLSDOHV GH
WUDQVSRUWHS~EOLFR\GRVYtDVUiSLGDVSDUDOHODVGHVHQWLGR~QLFRSDUDORVYHKtFXORVOLJHURV
(OVHJXQGRJUDQHOHPHQWRGHIXQFLRQDPLHQWRGHODFLXGDGHVHOGHOVLVWHPDGHSDUTXHV
6XIXQFLyQRUJiQLFDHVODGHVHUYLUGHGUHQDMHGHXQWHUULWRULRGHOTXHQDFHQYDULDVFXHQFDV
KtGULFDVGHLPSRUWDQFLDVXEFRQWLQHQWDO/DSROtWLFDGHFUHDFLyQGHiUHDVYHUGHVHQ&XULWLED
KD VLGR WDQ LQWHQVD TXH SDVy GH  P  GH ]RQD YHUGH SRU KDELWDQWH HQ  D  P  HQ
 

 8QD SDUWH LPSRUWDQWH GH HVWRV SDUTXHV VH VLWXy HQ DQWLJXDV FDQWHUDV \ UHFLQWRV
LQGXVWULDOHVORTXHSHUPLWLyXQDVLQWHUYHQFLRQHVPtQLPDV\JUDGXDOHVTXHORVUHJHQHUDEDQ
\KDFtDQTXHIXHUDQXWLOL]DEOHVSRUODFLXGDGDQtD'LFKRVSDUTXHVVLUYHQSDUDSURWHJHUORV
UtRV \ SUHVHUYDU ORV IRQGRV GHO YDOOH &RPR FRQWUDSDUWLGD D HVWD DSXHVWD D OD FLXGDG OH
IDOWDQ HVSDFLRV GH HVSDUFLPLHQWR MXHJR \ HQFXHQWUR GHQWUR GHO WHMLGR FRQVROLGDGR /DV
SOD]DVXUEDQDVVRQHVFDVDV\ODPD\RUSDUWHGHGLFKRVJUDQGHVSDUTXHVVHVLW~DQHQORV
ERUGHVGHODFLXGDG
(VWD KXPDQL]DFLyQ GH OD FLXGDG KD YHQLGR SDUHMD D OD SHDWRQDOL]DFLyQ GH OD SDUWH
KLVWyULFD 'H HOOR IXH HPEOHPiWLFD OD UiSLGD DFFLyQ OOHYDGD D FDER HQ HO LQYLHUQR GH 
FXDQGR SRU OD QRFKH XQ JUXSR GH FLXGDGDQRV GH PDQHUD RUJDQL]DGD \ FRRUGLQDGD \ FRQ
FLHUWD FRPSOLFLGDG FRQ ODV DXWRULGDGHV PXQLFLSDOHV GHVWUX\HURQ HO DVIDOWR GH OD FDOOH
SULQFLSDOFRQSLFRVSHUIRUDGRUDV\SDODVPHFiQLFDVFRQORTXHFRQVLJXLHURQUREDUHVSDFLR
DODXWRPyYLOSDUDFRQYHUWLUORHQODSULPHUDFDOOHSHDWRQDOGHODFLXGDG
3DUD FRQYHUWLU &XULWLED HQ XQD FDSLWDO HFROyJLFD KD VLGR QHFHVDULR FXLGDU \ UHYLWDOL]DU HO
FHQWUR KLVWyULFR 6H KDQ UHVWDXUDGR VXV HGLILFLRV KLVWyULFRV VH KDQ FRQVWUXLGR QXHYRV
HTXLSDPLHQWRVVHKDUHIRU]DGRHOVLVWHPDGHHVSDFLRVS~EOLFRV²SDUTXHVSOD]DV\FDOOHV
SHDWRQDOHV²\HQGHILQLWLYDVHKDUHVFDWDGRVXPHPRULDKLVWyULFD\FXOWXUDO
8Q HOHPHQWR FRPSOHPHQWDULR DO VLVWHPD GH WUDQVSRUWH S~EOLFR D OD LPSODQWDFLyQ GH
SDUTXHV\DODSHDWRQDOL]DFLyQGHODFLXGDGKLVWyULFDIXHODFUHDFLyQDSDUWLUGHGHOD
UHG GH FDUULOHV ELFL TXH VLUYHQ WDPELpQ SDUD SURWHJHU ]RQDV GH SRVLEOH GHJUDGDFLyQ
DPELHQWDO
(O ORJUR VRFLDO EiVLFR FRQVHJXLGR GXUDQWH HVWRV DxRV KD VLGR HO GH OD HGXFDFLyQ
DPELHQWDOTXHKDSURPRYLGRTXHXQDFLXGDGPRGHVWDWUDQVIRUPHWRWDOPHQWHVXVKiELWRV\
TXH VXV KDELWDQWHV VH FRQVLGHUHQ FRUUHVSRQVDEOHV GHO IXQFLRQDPLHQWR GH OD FLXGDG &RQ
SRFRVPHGLRV\PXFKDLPDJLQDFLyQVHKDFRQVHJXLGRUHFLFODUHOGHORVUHVLGXRV6ROR
FRQHOUHDSURYHFKDPLHQWRGHOSDSHOYLHMRODFLXGDGHYLWDODWDODGHiUEROHVDOGtD(Q
HVWHVHQWLGR&XULWLEDKDVLGRPRGpOLFDHQODGLIXVLyQGHQXHYRVKiELWRVFROHFWLYRVQXHYRV
YDORUHV \ QXHYDV SHUFHSFLRQHV UHODFLRQDGDV FRQ ODV FXHVWLRQHV DPELHQWDOHV 6X DSXHVWD
SRU OD LPDJLQDFLyQ \ HO UHFLFODMH KD VLGR FODYH VLUYD FRPR HMHPSOR OD FRQYHUVLyQ GH ORV
YLHMRV DXWREXVHV HQ DXODV \ RILFLQDV DPEXODQWHV OXJDUHV PyYLOHV SDUD HO DSUHQGL]DMH \ OD
JHVWLyQGHPRFUiWLFD 
'HQWUR GH HVWD WUDQVIRUPDFLyQ VRFLDO GH OD FLXGDG KD VLGR HVHQFLDO OD FUHDFLyQ GH XQ
QXHYR HMH SHDWRQDO ²OD 5XD  KRUDV² GRQGH ORV KDELWDQWHV GH &XULWLED GLVSRQHQ GH
OXJDUHV GH HQFXHQWUR \ GH PX\ GLYHUVRV QHJRFLRV D FXDOTXLHU KRUD GHO GtD \ GH OD QRFKH
WLHQGDVEDUHVUHVWDXUDQWHVIDUPDFLDVHWF6LQHPEDUJRODYLGDGHHVWHDUWHIDFWRQRKD
VLGRDFRPSDxDGDSRUHOHQWRUQRTXHKDTXHGDGRREVROHWR\HQKDWHQLGRTXHUHYLVDU
VXVFRQWHQLGRVSDUDUHFRQVLGHUDUVXLGRQHLGDG
3RU ~OWLPR HO HOHPHQWR PiV LPSRUWDQWH \ HPEOHPiWLFR GHO PRGHOR GH &XULWLED HV OD
8QLYHUVLGDGH /LYUH GR 0HLR $PELHQWH   REUD GHO DUTXLWHFWR 'RPLQJRV (QULTXH
%RQJHVWDEVVLWXDGDHQXQRGHORVSDUTXHV\OOHYDGDDFDERFRQXQDPDJQtILFDDUTXLWHFWXUD
UHFLFODGD $O SHTXHxR HGLILFLR GH OD XQLYHUVLGDG VH OOHJD VLJXLHQGR XQ UHFRUULGR SHDWRQDO D
WUDYpV GHO ERVTXH MXQWR D XQ ULDFKXHOR TXH OOHJD DO SDUTXH FRQVWUXLGR HQ XQD DQWLJXD
FDQWHUD\DVFLHQGHSRUODVUDPSDV\ODVHVFDOHUDVGHODVHVWUXFWXUDVGHPDGHUDUHFLFODGD
TXHFRQIRUPDQODVDXODV
7RGRVORVSDUTXHV\HGLILFLRVFXOWXUDOHVVHKDQOOHYDGRDFDERVLJXLHQGRHOPLVPRPRGHOR
GH JHVWLyQ HO ,338& FRPR yUJDQR GH SODQHDPLHQWR HO 85%6 FRPR yUJDQR HMHFXWLYR TXH
FRQWUDWDRFRQVWUX\HODVREUDV\OD)XQGDomR&XOWXUDOTXHGDYLGDFXOWXUDO\DFWLYLGDGHVD
ODVREUDVWHUPLQDGDV
'H WRGDV IRUPDV HO PRGHOR GH &XULWLED HV GH XQ HFRORJLVPR GHVDUUROOLVWD /RV
DUJXPHQWRVPHGLRDPELHQWDOHVFRQVWLWX\HQHOSULQFLSDOIDFWRUXWLOL]DGRSDUDHOGHVDUUROORHO
FUHFLPLHQWR\HOHQULTXHFLPLHQWR(QHOPRGHOR&XULWLEDQRKD\QLQJXQDQRVWDOJLDUXUDOLVWDR
GHFLXGDGMDUGtQ'HWUiVGHPXFKDVGHODVRSHUDFLRQHVPiVHPEOHPiWLFDVH[LVWHQUD]RQHV
HFRQyPLFDV GHVWDFDEOHV $Vt OD XUEDQL]DFLyQ GH ODV JUDQGHV DYHQLGDV FRQ ORV HMHV GH
DXWREXVHV MXQWR FRQ OD SURSXHVWD GH FRQVWUXFFLRQHV YHUWLFDOHV \ HVFDORQDGDV VLUYH SDUD
SURGXFLU \ REWHQHU DOWDV SOXVYDOtDV FRQ ORV VRODUHV XUEDQL]DGRV VXVFHSWLEOHV GH
FRQVWUXFFLRQHVGHJUDQDOWXUDSOXVYDOtDVTXHVHUHLQYLHUWHQHQODFLXGDG
(O $\XQWDPLHQWR GH &XULWLED KD UHFLELGR FUtWLFDV SRU KDEHU FUHDGR PXFKRV SDUTXHV ²
UHODWLYDPHQWHEDUDWRVGHFRQVWUXLU\PDQWHQHU²\SRFDYLYLHQGDVRFLDO²PiVFRVWRVDGH
FRQVWUXFFLyQ \ PDQWHQLPLHQWR² PHQRV UHSUHVHQWDWLYD \ SXEOLFLWDULD SHUR PiV ~WLO GHVGH
XQ SXQWR GH YLVWD VRFLDO 'HVSXpV GH OD SULPHUD JHVWLyQ GHO DOFDOGH /HUQHU FRQ HO QXHYR
SUHIHFWR6DXO5DL]  VHLQLFLyXQDWtPLGDSROtWLFDGHYLYLHQGDVRFLDOSDUDVXVWLWXLU
SDUWH GH ODV IDYHODV XQD SROtWLFD GH YLYLHQGD TXH /HUQHU LQWHQWy DPSOLDU HQ VX VHJXQGR
PDQGDWRWUDVYROYHUGHVXDFWLYLGDGFRPRSURIHVRULQYLWDGRHQOD8QLYHUVLW\RI&DOLIRUQLDHQ
%HUNHOH\
3RUORTXHUHVSHFWDDODSDUWLFLSDFLyQFLXGDGDQDHOPRGHORGH&XULWLEDVHDFHUFDPiVD
ODVSURSXHVWDVGHOGHVSRWLVPRLOXVWUDGRTXHDODSDUWLFLSDFLyQGLUHFWDGHODFLXGDGDQtD6H
WUDWD GH XQ HFRORJLVPR SURSXHVWR GHVGH OD $GPLQLVWUDFLyQ SRU XQ JUXSR FXOWR \
PRGHUQL]DGRU GH SROtWLFRV \ WpFQLFRV IRUPDGRV HQ OD GpFDGD GH  HQ XQ FULVWLDQLVPR
SURJUHVLVWD\KXPDQLVWDGHUDt]IUDQFHVD
$O PLVPR WLHPSR VH KD FRQVHJXLGR TXH &XULWLED VHD XQD FLXGDG SUyVSHUD \ VHGXFWRUD
SHUR ORV SUREOHPDV GH PLVHULD GHJUDGDFLyQ \ FUHFLPLHQWR LQIRUPDO VH KDQ H[SXOVDGR D OD
SHULIHULD\DORVPXQLFLSLRVGHDOUHGHGRUDXQiUHDPHWURSROLWDQDIXHUDGHOUDGLRGHFRQWURO
PXQLFLSDO GH &XULWLED 3DUDGyMLFDPHQWH HO SURSLR p[LWR GH &XULWLED KD SURPRYLGR OD
DIOXHQFLDGHPDQRGHREUDDGLFKDVSHULIHULDV
$O PRGHOR XUEDQtVWLFR GH %UDVLOLD OH KD VDOLGR OD DOWHUQDWLYD GHO PRGHOR UHDOLVWD GH
&XULWLED TXH VDFD HO Pi[LPR SDUWLGR GH OD UHDOLGDG SUHH[LVWHQWH UHYLWDOL]D HO FHQWUR
KLVWyULFR DSXHVWD SRU OD FLXGDG KHWHURJpQHD \ ORV EDUULRV PXOWLIXQFLRQDOHV SRU ODV FDOOHV
SHDWRQDOHV \ HO WUDQVSRUWH FROHFWLYR SRU OD GLYHUVLGDG GH ORV SDUTXHV \ HTXLSDPLHQWRV
XUEDQRVSRUHOPRGHORGHXQGHVDUUROORVRVWHQLEOHTXHLQWHQWDFRQFLOLDUVHFRQORVLQWHUHVHV
LQPRELOLDULRVHLQGXVWULDOHV

6LQHPEDUJRHQVHSXGRFRPSUREDUFyPRHQORV~OWLPRVDxRVODFLXGDGQRKDVLGR
DMHQD DO FUHFLPLHQWR HVSHFXODWLYR \ GH EDMD GHQVLGDG DXQTXH OD WLSRORJtD GRPLQDQWH IXHUD
GHDOWDFRQFHQWUDFLyQHGLILFDGDSXHVORTXHSULPDQVRQODVWRUUHVHQDOWXUD&XULWLEDRFXSD
\D OD WRWDOLGDG GHO iUHD GHO PXQLFLSLR GH SRFR PiV GH  NP  +R\ HO VLVWHPD GH

WUDQVSRUWHS~EOLFRHVPHQRVHILFLHQWHGHELGRDODVJUDQGHVGLVWDQFLDV\ODVFODVHVPHGLDV
KDQRSWDGRSRUHOWUDQVSRUWHSULYDGRFRQORTXHODVFDOOHVVHFRODSVDQ<SRVLEOHPHQWHOR
PiV HUUDGR GHO SODQWHDPLHQWR KD VLGR OD FRQFHQWUDFLyQ GH ODV ]RQDV FRPHUFLDOHV HQ
JUDQGHVVXSHUILFLHV\GHMDUTXHODVFDOOHVIXHUDQVLPSOHVDFFHVRVDORVHGLILFLRV\SDVRGH
YHKtFXORV

6($77/(/266,*1,),&$'26'(/$&,8'$'32602'(51$
3RU VX PDVD FUtWLFD VX FXOWXUD \ VXV UHFXUVRV HFRQyPLFRV GHVGH OD GpFDGD GH 
6HDWWOH VH KD FRQYHUWLGR HQ HPEOHPD GH FLXGDG ULFD FXOWD \ FUHDWLYD TXH WUDEDMD HQ OD
GLUHFFLyQGHODVRVWHQLELOLGDGLQWHQWDQGRFRQFLOLDUORVFRPSURPLVRVGHOD$GPLQLVWUDFLyQFRQ
ODLQLFLDWLYDGHORVFLXGDGDQRV6HDWWOHHVODVHGHGHJUDQGHVHPSUHVDVFRPR%RHLQJTXH
FRQIRUPDFRQVXVIDFWRUtDVDOPDFHQHVRILFLQDV\PXVHRWRGRXQEDUULRRFRPR0LFURVRIW
ODJUDQPXOWLQDFLRQDOGHODLQIRUPiWLFD/DFLXGDGFXHQWDFRQSOD]DV\FDOOHVFRQSDUTXHV\
HVSDFLRV S~EOLFRV \ VX SREODFLyQ HV PD\RULWDULDPHQWH MRYHQ  1R HV FDVXDO TXH HO


PRYLPLHQWR DQWLJOREDOL]DFLyQ WXYLHUD VX QDFLPLHQWR PHGLiWLFR HQ 6HDWWOH D ILQDOHV GH 
/DV SURWHVWDV TXH HVWDOODURQ GXUDQWH OD FXPEUH GH OD 2UJDQL]DFLyQ 0XQGLDO GH &RPHUFLR
20& GHHVHPLVPRDxRSXVLHURQHQHYLGHQFLDKHFKRVWUDVFHQGHQWDOHVFX\RVVLJQLILFDGRV
GHEHQ LQWHUSUHWDUVH GHVGH HVWDV GRV ySWLFDV FRPSOHPHQWDULDV HO FDUiFWHU SURSLR GH OD
FLXGDG\ORVDFRQWHFLPLHQWRVGH6HDWWOHFRPRSXHVWDHQHVFHQDGHODVFRQWUDGLFFLRQHVGHO
LPSHULDOLVPRJOREDOL]DGRU
6HDWWOHVHRULJLQyFRPRFLXGDGFRPHUFLDOGHIURQWHUDKDFLD&DQDGiDILQDOHVGHOVLJOR ;,;
6X SHTXHxR EDUULR KLVWyULFR VH KD UHVWDXUDGR \ VH PDQWLHQH FRPR XQD IDQWDVPDJyULFD
SHUYLYHQFLD YLVLWDEOH GHEDMR OD FRWD DFWXDO GH ODV FDOOHV 6LQ HPEDUJR HO 6HDWWOH
FRQWHPSRUiQHR GH UDVFDFLHORV GH YLGULR VH KD UHLQYHQWDGR FRPR FLXGDG SRVPRGHUQD TXH
FRQItDHQHOSODQHDPLHQWRXUEDQR\TXHRWRUJDXQOXJDUHVHQFLDODORVHVSDFLRVS~EOLFRV\D
ORVHTXLSDPLHQWRV
6HDWWOHIXHXQDGHODVSULPHUDVFLXGDGHVTXHUHFXSHUyXQDDQWLJXDLQVWDODFLyQLQGXVWULDO
ODIiEULFDGHJDVGHULYDGRGHOFDUEyQFRQVWUXLGDHQHQODSDUWHQRUWHGHOODJR8QLRQ
TXHHQWUH\VHFRQYLUWLyHQXQJUDQSDUTXHHPEOHPiWLFRFRQXQPXVHRDODLUH
OLEUH GRQGH VH H[SOLFDQ ODV PiTXLQDV \ FRQ XQ FHQWUR GH DFWLYLGDGHV MXHJRV \ FRQFLHUWRV
SUR\HFWDGRSRU5LFKDUG+DDJSRUHQFDUJRGHO'HSDUWDPHQWRGH3DUTXHV\5HFUHDFLyQGHO
$\XQWDPLHQWRGH6HDWWOH 

8Q DxR GHVSXpV GH OD &XPEUH GH OD 7LHUUD HQ 5tR GH -DQHLUR GH  6HDWWOH IXH OD
SULPHUD FLXGDG HQ LQLFLDU OD GHILQLFLyQ GH VXV LQGLFDGRUHV GH VRVWHQLELOLGDG TXH SDVDURQ D
VHU HO PRGHOR SDUD PXFKDV RWUDV FLXGDGHV ,QPHGLDWDPHQWH GHILQLy VX *HQHUDO 3ODQ
7RZDUG D 6XVWDLQDEOH 6HDWWOH ³3ODQ JHQHUDO SDUD XQ 6HDWWOH VRVWHQLEOH´  
UHYLVDGR\DFWXDOL]DGRHQHO&RPSUHKHQVLYH3ODQIRU0DQDJLQJ*URZWK ³3ODQJOREDOSDUDOD
JHVWLyQ GHO FUHFLPLHQWR´   6HDWWOH HV XQ UHIHUHQWH SRU KDEHU VLGR XQD GH ODV
FLXGDGHV HVWDGRXQLGHQVHV TXH KD VLWXDGR HO SODQHDPLHQWR XUEDQR \ OD SDUWLFLSDFLyQ
FLXGDGDQD FRPR ORV IDFWRUHV HVHQFLDOHV SDUD FRQWUDUUHVWDU \ FRUUHJLU OD FRQVWUXFFLyQ
WDUGRFDSLWDOLVWDGHODFLXGDGGHLGHRORJtDQHROLEHUDO\VLQUHJXODFLRQHV/DSDUWLFLSDFLyQGH
ODFLXGDGDQtDVHHQFXHQWUDHQODEDVHGHHVWDGHIHQVDGHOSODQHDPLHQWRXUEDQRIUHQWHDOD
FLXGDGQHROLEHUDO
&RQ ORV SODQHV XUEDQRV GH 6HDWWOH VH HVWi LQWHQWDQGR GHPRVWUDU TXH XQ FXLGDGR SRU HO
PHGLR DPELHQWH \ SRU OD VRFLDELOLGDG DFDED VLHQGR UHQWDEOH HFRQyPLFDPHQWH SDUD OD
FRPXQLGDG\EHQHILFLRVRSDUDWRGRHOSODQHWDVREUHWRGRVLVHFRQVLGHUDTXHHOLQGLFDGRU
GHODFDOLGDGGHYLGDYHFLQDODPLVWRVDHLQWHUFRQHFWDGDHVWDQLPSRUWDQWHFRPRHO3,%/DV
HVWUDWHJLDVSURPRYLGDVSRUOD1HLJKERUKRRG%XVLQHVV'LVWULFW6WUDWHJ\ ³(VWUDWHJLDYHFLQDO
GHO 'LVWULWR GH 1HJRFLRV´  WLHQHQ FRPR REMHWLYRV LQFHQWLYDU OD YLWDOLGDG \ FUHDWLYLGDG HQ HO
WUDEDMRSURWHJHUHOFDUiFWHUGHFDGDYHFLQGDULRPHMRUDUORVLWLQHUDULRVXUEDQRVFRQ³FDOOHV
DPDEOHVFRQORVSHDWRQHV´SRWHQFLDQGR OD H[LVWHQFLD GH FRPHUFLRV \ IUHQDQGR DO Pi[LPR
HOGRPLQLRGHOFRFKH\GHORVDSDUFDPLHQWRVLQWURGXFLUYLYLHQGDVHQORVEDUULRVGHQHJRFLRV
\ YLFHYHUVD \ FRQVHJXLU EXHQRV GLVHxRV D WUDYpV GHO GHVDUUROOR GH OD IOH[LELOLGDG \ GH OD
H[SHULPHQWDFLyQGHQXHYDVYROXPHWUtDV
(Q OD FLXGDG VH KDQ FRQVWUXLGR XQD VHULH GH HGLILFLRV S~EOLFRV HPEOHPiWLFRV
HVSHFLDOPHQWH HQ VX ]RQD FHQWUDO HVWDGLRV GHSRUWLYRV HQ HO H[WUHPR VXU PLHQWUDV TXH HO
H[WUHPRQRUWHOD]RQDTXHKDEtDVLGRRFXSDGDSRUOD([SRVLFLyQ8QLYHUVDOGHVHKD
FRQYHUWLGRHQXQJUDQSDUTXHO~GLFRFXOWXUDOTXHFXHQWDFRQKLWRVFRPRHO([SHULHQFH0XVLF
3URMHFW XQ PXVHR GH OD P~VLFD URFN \ GHO FLQH IDQWiVWLFR   REUD GH )UDQN 2
*HKU\(QHOGRZQWRZQGH6HDWWOHGHVWDFDXQDREUDGHJUDQFDOLGDGOD%LEOLRWHFD3~EOLFD
  SUR\HFWR GH 5HP .RROKDDV \ -RVKXD 5DPXV H[FHOHQWH PXHVWUD GH OD
DUTXLWHFWXUDPiVFRQWHPSRUiQHDDOWLHPSRTXHVHFRQYLHUWHHQXQHVSDFLRGHDFRJLGDTXH
UHFLEHDWRGRVORVKDELWDQWHVGHODFLXGDGGXUDQWHVXVPiVGHGLH]KRUDVGHDSHUWXUDWRGRV
ORV GtDV GH OD VHPDQD /D UHFXSHUDFLyQ GHO 3LNH 0DUNHW VREUH HO IUHQWH SRUWXDULR GH OD
(OOLRWW%D\XQSXQWRWXUtVWLFR\FRWLGLDQRDODYH]RODFRQVWUXFFLyQGHO6HDWWOH$UW0XVHXP
  REUD GH 5REHUW 9HQWXUL \ 'HQLVH 6FRWW %URZQ VRQ DFFLRQHV XUEDQDV TXH LQWHQWDQ
UHFXSHUDUHOFHQWURFRPRHVSDFLRGHYLGD\QHJRFLRGHWXULVPR\FRWLGLDQHLGDG(OPXVHR
KDVLGRDPSOLDGRFRQXQSDUTXHGHHVFXOWXUDVLQDXJXUDGRHQTXHFRPXQLFDXQD]RQD
UHVLGHQFLDO FRQ HO ERUGH GH OD EDKtD /D UHYLWDOL]DFLyQ GHO FHQWUR \ OD DSXHVWD SRU OD
VRVWHQLELOLGDG VH UHIXHU]DQ FODUDPHQWH FRQ WUDQVSRUWH S~EOLFR JUDWXLWR HQ WRGD HO iUHD
FHQWUDO
(Q HVWH VHQWLGR HO XUEDQLVPR SDUWLFLSDWLYR \ UHJXODGRU GH 6HDWWOH HV XQD PXHVWUD GH
FyPRKDFHUFLXGDGFRQEDVHVORFDOHVHVFDSDQGRGHODDSDUHQWHPHQWHOyJLFDLQHOXGLEOHGH
ODFLXGDGJOREDOFX\DSODQLILFDFLyQHVHQFLDOYLHQHGHWHUPLQDGDSRUORVVLVWHPDVGHILQDQ]DV
6HDWWOHVHQRVSUHVHQWDFRPRXQSRVLEOHPRGHORGHFLXGDGSRVPRGHUQDHVFXLGDGRVDFRQ
ORV SDOLPSVHVWRV TXH TXHGDQ GH VX SDVDGR \ TXH UHVSRQGHQ D ODV GLYHUVDV PHPRULDV GH
pSRFDV \ JUXSRV VRFLDOHV \ DO PLVPR WLHPSR HV XQD FLXGDG XOWUDPRGHUQD FRQ VXV
UDVFDFLHORVXUEDQRVHQHOGRZQWRZQFRPSHWLWLYD\SDUWLFLSDWLYDDODYH]FRQFLHUWDVLQWRQtD
FRQ ORV SULQFLSLRV GHO PRYLPLHQWR 1HZ 8UEDQLVP /D GLDOpFWLFD HQWUH FRQWLQXLGDG \ FDPELR
HV EiVLFD SDUD DIURQWDU FRQ FRQVLVWHQFLD XQD UHDOLGDG LQWHUQDFLRQDO HQ FRQWLQXD
WUDQVIRUPDFLyQ SDUD FRQWUDUUHVWDU FRQ FXOWXUD FUtWLFD XUEDQD XQRV PHFDQLVPRV
JOREDOL]DGRUHV TXH QDGLH SXHGH HOXGLU SHUR HQ UHODFLyQ FRQ ORV FXDOHV HV SRVLEOH
FRQWUDSRQHUHOSHVRKXPDQRFUHDWLYRVRFLDO\SROtWLFRGHFDGDFLXGDG 

%2*27È/$5(,19(1&,Ï1'(/$*(67,Ï1<(/352<(&7285%$12
%RJRWi KD VLGR XQ HMHPSOR GH FUHDWLYLGDG \ GH FRQWLQXLGDG GH ODV SROtWLFDV XUEDQDV GH
GLIHUHQWHV*RELHUQRV'HVGHTXHHQ$QWDQDV0RFNXVHODOFDOGHSHGDJRJRSURIHVRU
GH PDWHPiWLFDV \ ILORVRItD JDQDUD ODV HOHFFLRQHV PXQLFLSDOHV VH LQLFLy XQ SURFHVR GH
UHFXSHUDFLyQ XUEDQD SRU \ SDUD ORV KDELWDQWHV GH %RJRWi TXH KDVWD  KD LGR
H[SDQGLpQGRVH \ TXH KD JHQHUDGR XQD FLXGDG PRGHUQD TXH KD DIURQWDGR WRGRV ORV
SUREOHPDV GH OD FLXGDG FRQWHPSRUiQHD SDUWLHQGR GH OD UHDOLGDG \ VRxDQGR XQD FLXGDG
SRVLEOHSDUDODFLXGDGDQtDUHDO
(QXQSDtV\HQXQDFLXGDGGRQGHHOPLHGR\ODLQVHJXULGDGKDEtDQKHFKRFDVLLPSRVLEOH
ODYLGDXUEDQDVHSODQWHyXQSUR\HFWRGHIXWXURDPELFLRVR\UHDOLVWD0RFNXVKHUHGyXQD
KDFLHQGDPXQLFLSDOPX\VDQHDGD²ORJURGHODQWHULRUDOFDOGH-DLPH&DVWUR²\GHFLGLyTXH
HO SULPHU SDVR GHEtD FRQVLVWLU HQ OD WUDQVPLVLyQ GH XQRV QXHYRV YDORUHV XUEDQRV \ GH
FRQYLYHQFLD (VWH SURIHVRU XQLYHUVLWDULR HQWUH UDGLFDO \ OLEHUDO HQWHQGLy TXH ODV PHMRUDV
XUEDQDVGHEHQLUSDUHMDVFRQORVFDPELRVGHPHQWDOLGDG6HGHEHQKDFHUREUDV\GRWDUD
OD FLXGDG GH XQ VHQWLGR VRFLDO \ FXOWXUDO SURFHVRV DPERV TXH GHEHQ SODQLILFDUVH
FRQFLHQ]XGDPHQWH $Vt ODV FDOOHV \ ORV HVSDFLRV S~EOLFRV GH %RJRWi VH FRQYLUWLHURQ HQ
HVFHQDULRV VLQ VROXFLyQ GH FRQWLQXLGDG GRQGH XQRV FLXGDGDQRV TXH KDFtDQ GH DFWRUHV \
PLPRV FDOOHMHURV HQVHxDEDQ FyPR XVDU FtYLFDPHQWH OD FLXGDG \ HPSH]DEDQ D WUDQVPLWLU
XQDQXHYDLGHDGHYLGDXUEDQDFtYLFD\VROLGDULD
(Q OD VHJXQGD HWDSD EDMR HO PDQGDWR GH (QULTXH 3HxDORVD   OOHJy HO
PRPHQWRGHDFWXDUFRQVWUX\HQGR6HGHVSOHJyXQDPSOLRDEDQLFRGHDFFLRQHVDUWLFXODGDV
HQ WRUQR D OD SROtWLFD GH FUHDFLyQ GH ELEOLRWHFDV S~EOLFDV OD UHXUEDQL]DFLyQ \ OD
UHFXSHUDFLyQGHOHVSDFLRS~EOLFR²HVSHFLDOPHQWHDFHUDV\FDUULOHVELFLVTXHIDYRUHFtDQD
WRGRVDTXHOORVTXHQRXWLOL]DQHOYHKtFXORSULYDGR²ODUHFXSHUDFLyQGHODVULHUDVTXHEDMDQ
GH ODV PRQWDxDV OD FRQVWUXFFLyQ GH OD SULPHUD OtQHD GH DXWREXVHV S~EOLFRV HO
7UDQVPLOHQLR \ODUHFXSHUDFLyQGHOFDVFRIXQGDFLRQDOHOEDUULRGH/D&DQGHODULD
(O3ODQGH%LEOLRWHFDV3~EOLFDVKDFRQVLVWLGRHQPHGLRFHQWHQDUGHELEOLRWHFDVGHEDUULR\
FXDWUR GH JUDQ WDPDxR 'RV GH HVWDV VH HQFDUJDURQ D ORV PHMRUHV DUTXLWHFWRV
FRORPELDQRV OD GHO 3DUTXH 6LPyQ %ROtYDU D 5RJHOLR 6DOPRQD \ OD GHO 7LQWDO D 'DQLHO
%HUP~GH]DXWRUWDPELpQGHODFXDUWDJUDQELEOLRWHFDTXHMXQWRFRQGRVWHDWURVFRQILJXUDQ
HO&HQWUR&XOWXUDO-XOLR0DULR6DQWR'RPLQJRILQDOL]DGRHQ
/RVDXWREXVHVS~EOLFRV7UDQVPLOHQLRVHLQVSLUDQHQORVyPQLEXVGH&XULWLEDSHURODLGHD
VH KD PHMRUDGR FRQ GRV FDUULOHV EXV HQ FDGD VHQWLGR OR TXH SHUPLWH OD FLUFXODFLyQ GH
GLYHUVDV OtQHDV DO PLVPR WLHPSR \ RIUHFH VHUYLFLRV PiV UiSLGRV FRQ PHQRV SDUDGDV \
SRVLELOLWD ORV DGHODQWDPLHQWRV FRQ XQDV PRGHUQDV PDUTXHVLQDV HQ VXSHUILFLH OLYLDQDV \
WUDQVSDUHQWHVUHVXOWDGRGHXQFRQFXUVRS~EOLFR
/DUHVWDXUDFLyQ\UHYLWDOL]DFLyQGHOEDUULRFRORQLDOGH/D&DQGHODULDKDVLGRPX\DFHUWDGD
/D FDOLGDG GH OD YLYLHQGD VH KD PHMRUDGR VH KDQ LQWURGXFLGR HTXLSDPLHQWRV S~EOLFRV \ VH
KD IDYRUHFLGR OD LQVWDODFLyQ GH OXJDUHV SDUD OD FXOWXUD FRPR SHTXHxRV WHDWURV \ JDOHUtDV
GHDUWH
(Q OD WHUFHUD HWDSD QXHYDPHQWH HOHFWR $QWDQDV 0RFNXV VH LQFRUSRUy HO SURFHVR GH
DXWRJHVWLyQSDUWLFLSDWLYDSDUDSUR\HFWRVGHHVFDODGHEDUULRGRQGHJUXSRVGHYHFLQRVKDQ
SDUWLFLSDGR HQ OD FRQIRUPDFLyQ GH ORV HVSDFLRV \ HGLILFLRV S~EOLFRV GH VX EDUULR &RQ
SHTXHxDV D\XGDV SDUD FDGD EDUULR \ VHFWRU VH HVWLPXODED D ORV FLXGDGDQRV SDUD
FRQVHJXLU VXEYHQFLRQHV SDUD SUR\HFWRV XUEDQRV FRPR SOD]DV HVFDOHUDV SDVDUHODV
HTXLSDPLHQWRVRMDUGLQHVTXHVHUtDQVHOHFFLRQDGRVSUR\HFWDGRVJHVWLRQDGRV\UHDOL]DGRV
SRUHO$\XQWDPLHQWR
7RGRVORVSUR\HFWRVKDQJHQHUDGRXQLPSDFWRPX\SRVLWLYRHQODFLXGDG\KR\%RJRWiHV
XQHMHPSORGHXUEDQLVPR(OOODPDGRPRGHOR%DUFHORQDQRKDVLGRFRSLDGROLWHUDOPHQWHHQ
VXV IRUPDV \ PRELOLDULR VLQR TXH VH KD HQWHQGLGR FRPR XQ SURFHVR GH OHFWXUD
UHFRQRFLPLHQWR DQiOLVLV \ DFWXDFLyQ HQ XQD GHWHUPLQDGD FLXGDG $O DFWXDU \ SUR\HFWDU
GHVGH \ SDUD %RJRWi VH KD FUHDGR SRU HMHPSOR XQ QXHYR WLSR GH SDYLPHQWR GH ODGULOOR
ORFDOSDUDODVDFHUDVGHVSXpVGHKDEHULQYHVWLJDGR\GHVDUUROODGRXQDPH]FODGHFHPHQWR
\DUFLOODVGXUDGHUDDSWDSDUDHOFOLPD\DWUDFWLYDYLVXDOPHQWH$GHPiVGHVHUXQHOHPHQWR
GHLGHQWLGDGSDUDODFLXGDGODREUDS~EOLFDUHYLHUWHHQFUHDFLyQGHHPSOHRORFDO
<QRVRORHVQHFHVDULRFUHDUPXFKRHVSDFLRS~EOLFRDOOtGRQGHORVFLXGDGDQRVORSLGHQ\
HV SRVLEOH VLQR TXH WDPELpQ HV QHFHVDULR YHODU SRU VX FDOLGDG 3DUD HOOR 0RFNXV KD
OXFKDGR SDUD TXH QR SUROLIHUHQ DFWRV TXH PRQRSROLFHQ HO XVR GHO HVSDFLR S~EOLFR \ SDUD
FRQWURODU D ORV YHQGHGRUHV LQIRUPDOHV TXH VH LQFRUSRUDQ D ORV PHUFDGRV \ D ORV
FRQWHQHGRUHVPiVSHUPDQHQWHV
/DFODYHGHORVSUR\HFWRVLQLFLDGDSRU0RFNXVKDVLGRODGHLQYHQWDUXQDQXHYDUHODFLyQ
HQWUHODWHRUtDDFDGpPLFD\ODSUiFWLFDXUEDQDHQWUHHOSURFHVRLQWHOHFWXDOGHSODQLILFDFLyQ
\ODVGLQiPLFDVVRFLDOHV&DGDXQDGHODVLQWHUYHQFLRQHVUHFRJHODKHUHQFLDLQWHOHFWXDOWDQ
FXDOLILFDGD GH ORV VRFLyORJRV JHyJUDIRV DQWURSyORJRV DUTXLWHFWRV \ XUEDQLVWDV
FRORPELDQRV&DGDXQRGHORVJUDQGHVSUR\HFWRV²FRPRHOGHHVWUXFWXUDUORVEDUULRVFRQ
ELEOLRWHFDV² VH SHQVy SUHYLDPHQWH GHVGH HO PXQGR XQLYHUVLWDULR HVSHFLDOPHQWH GHVGH HO
2EVHUYDWRULR GH &XOWXUD 8UEDQD XQ FROHFWLYR IRUPDGR SRU VRFLyORJRV XUEDQLVWDV H
KLVWRULDGRUHV -XDQ&DUORV3pUJROLV$OEHUWR6DOGDUULDJD\RWURV TXHDFWXDEDFRPRJUXSR
FXOWRSHQVDQWHGHREVHUYDFLyQSHQVDPLHQWR\SURSRVLWLYRHQVLQWRQtDFRQHO$\XQWDPLHQWR
8QRV GH ORV HQFODYHV GH PiV GLItFLO DFWXDFLyQ HUDQ ORV EDUULRV GHO &DUWXFKR \ GH 6DQWD
,QpVGRQGHDSDUWLUGHVHFRQVWUX\yHO3DUTXH7HUFHU0LOHQLRHQXQD]RQDTXHOLQGD
FRQHOFHQWURKLVWyULFRMXVWRDOODGRGHGRQGH/H&RUEXVLHU-RVHS/OXtV6HUW\3DXO/HVWHU
:LHQHU SUHVHQWDURQ HQWUH  \  VXV SURSXHVWDV SDUD OD 3OD]D GH %ROtYDU HQ HO
FRUD]yQ GHO 3ODQ 3LORWR GH %RJRWi XQD SURSXHVWD EDVDGD HQ OD FUHDFLyQ GH JUDQGHV
EXOHYDUHV YHUGHV SHUR TXH VH UHDOL]y HQ XQD tQILPD SDUWH +DFLD HO VXU VH H[WLHQGHQ ORV
EDUULRVPiVGHVIDYRUHFLGRV\HVDV]RQDVPiVFHQWUDOHVVHKDQFRQYHUWLGRHQJXDULGDGHO
QDUFRWUiILFRODYHQWDGHDUPDVODSURVWLWXFLyQ\ODIDOVLILFDFLyQGHGRFXPHQWRV/DGHFLVLyQ
IXHDFWXDULPSODFDEOHPHQWHHQWpUPLQRVGHHOHPHQWRVFRQVWUXLGRV²KDFHUGHVDSDUHFHUHO
WHMLGR²XQDGHFLVLyQGHIXHUWHLPSDFWR\PX\YLVLEOHTXHIXHDFRPSDxDGDSRUXQDSROtWLFD
UHDO GH UHGHV FRPSOHMDV GH VHUYLFLRV VRFLDOHV SDUD TXH TXLHQHV TXLVLHUDQ SXGLHUDQ
LQVHUWDUVH HQ OD OHJDOLGDG 6H FUHDURQ SRU HMHPSOR SURJUDPDV ODERUDOHV SDUD
GURJRGHSHQGLHQWHV HQ REUDV S~EOLFDV \ UHFRQRFLPLHQWR FRQ FDUQp PpGLFR SDUD ODV
SURVWLWXWDV
/D VLJXLHQWH HWDSD IXH OD GHO DOFDOGH GH L]TXLHUGDV /XLV (GXDUGR *DU]yQ TXLHQ VLQ
URPSHUFRQODPDJQLILFDWUDGLFLyQXUEDQDKDLQWHQWDGRGHMDUVXLPSURQWDFRQSUR\HFWRVD~Q
PiV VRFLDOHV FRQ XQD SROtWLFD FHQWUDGD HQ OD FRQVWUXFFLyQ GH QXHYDV HVFXHODV \ HQ OD
PRGHUQL]DFLyQGHODVH[LVWHQWHV
'LHFLVpLV DxRV GH SROtWLFDV S~EOLFDV FRQWLQXDGDV KDQ KHFKR TXH OD %RJRWi GH SULQFLSLRV
GHOVLJOR ;;, VHD XQ UHIHUHQWH \ SURPHWHQ XQD RSRUWXQLGDG GH FDPELR SDUD ORV KDELWDQWHV
KDVWD KDFH SRFR PiV ROYLGDGRV %RJRWi HV KR\ XQD FLXGDG DFRJHGRUD XQ HQYLGLDEOH
HMHPSOR SDUD ODV HQYHMHFLGDV FLXGDGHV HXURSHDV ODVWUDGDV SRU OD LQHUFLD \ OD EXURFUDFLD
TXHSXHGHQYHUTXHXQDFLXGDGGHUHFXUVRVHFRQyPLFRVOLPLWDGRV\FRQJUDYHVSUREOHPDV
GHSDUWLGDSHURFRQXQDJUDQIRUPDFLyQLQWHOHFWXDOXQDFDSDFLGDGLPDJLQDWLYDLQDJRWDEOH\
XQD VRFLHGDG FLYLO YLWDOLVWD VH KD FRQYHUWLGR HQ XQ ODERUDWRULR GH H[SHULPHQWDFLyQ XUEDQD
ILHODORTXHVXVFLXGDGDQRVGHVHDQDODFLXGDGTXHHQWUHWRGRVOOHYDEDQDxRVLPDJLQDQGR
\TXHDKRUDVHKDKHFKRHQSDUWHSRVLEOH

0('(//Ë1(/'(5(&+2$/$&,8'$'
(O FDVR GH 0HGHOOtQ HV HO GH ODV JDQDV \ HO HVIXHU]R GH PXFKRV GH VXV JUXSRV VRFLDOHV
SDUDVXSHUDUORVIDFWRUHVTXHREVWDFXOL]DEDQHOGHUHFKRDVHUXQDFLXGDGSDFtILFDYLYLGHUD
\DPDEOHODVGLILFXOWDGHVGHODWRSRJUDItD\GHOFOLPDODVGLIHUHQFLDVVRFLDOHV\ODYLROHQFLD
LQVWDXUDGDSRUHOQDUFRWUiILFR
(OFDPELRVHLQLFLyDSULQFLSLRVGHOEDMRHOPDQGDWRGHODOFDOGH6HUJLR)DMDUGR1R
REVWDQWH GLFKR SURFHVR KDEtD HPSH]DGR DQWHV FRQ OD DSXHVWD SRU XQ WUDQVSRUWH S~EOLFR
SRWHQWHFRPRHOPHWURHQUHDOLGDGXQWUHQHOHYDGRXQSRFRVREUHGLPHQVLRQDGR\DJUHVLYR
HQ VX SDVR SRU HO FHQWUR KLVWyULFR (VWD UHG VH DPSOLy HQ OD OHJLVODWXUD DQWHULRU D )DMDUGR
FRQHOLPDJLQDWLYRLQYHQWRGHO0HWURFDEOHXQVLVWHPDGHWHOHIpULFRFRQFDELQDVSDUDRFKR
SDVDMHURVTXHSDVDQFRQWLQXDPHQWH\TXHSHUPLWHQVDOYDUGLVWDQFLDV\DOWXUDVGHDFFHVRD
ORV EDUULRV SREUHV VLWXDGRV HQ ODV ORPDV PiV DEUXSWDV (O 0HWURFDEOH VH DPSOLy HQ HO
SHUtRGRGH)DMDUGR\SRVWHULRUPHQWHVHKDH[WHQGLGRKDFLDPiVEDUULDGDV6HWUDWDGHXQD
LQIUDHVWUXFWXUDFRQWHFQRORJtDGHODHPSUHVDIUDQFHVD3RPDJDOVNLTXHDSRUWDXQDVROXFLyQ
SDUD FRQWH[WRV XUEDQRV R UXUDOHV FRQJHVWLRQDGRV GHQVRV \ GH JUDQGHV GHVQLYHOHV < OR
TXHQRHVXQDFXHVWLyQPHQRUVHKDDSURYHFKDGRHOSDVRGHODLQIUDHVWUXFWXUDSDUDFUHDU
HVSDFLRV S~EOLFRV \ VH KD PHMRUDGR OD DFFHVLELOLGDG SHDWRQDO FRQ FDOOHV FRQ DFHUDV
UDPSDV\HVFDOHUDVSDUDVDOYDUGHVQLYHOHV
/RVQXHYRVSDUTXHV\SOD]DV FRPRHO3DUTXHGHOD3UHVLGHQWD ODVDYHQLGDV\HVSDFLRV
DWHUUD]DGRV FRPRORVTXHKDJHQHUDGRHO0HWURFDEOH \ORVQXHYRVHGLILFLRVS~EOLFRVKDQ
SURYRFDGR XQ FDPELR HQ OD DFFHVLELOLGDG \ HQ HO HTXLSDPLHQWR S~EOLFR TXH KD KHFKR PiV
YLVLEOHVYLVLWDEOHV\YLYLGHURVORVEDUULRVSUHFDULRV\PDUJLQDOHVTXHVHH[WLHQGHQSRUFDVL
WRGDVODVODGHUDVGH0HGHOOtQGHQRUWHDVXU
'HQWUR GH HVWDV LQWHUYHQFLRQHV GHVWDFD XQD VHULH GH QXHYDV ELEOLRWHFDV SODQHDGDV
VLJXLHQGR HO HMHPSOR GH %RJRWi XELFDGDV HQ XQ SDUTXH \ FRQHFWDGDV FRQ HO 0HWURFDEOH
(VHOFDVRGHODELEOLRWHFDGHOEDUULRGH%HOpQILQDQFLDGDSRUHO*RELHUQRMDSRQpVREUDGHO
DUTXLWHFWR +LURVKL 1DLWR HQ FRODERUDFLyQ FRQ ORV DUTXLWHFWRV GH OD (PSUHVD GH 'HVDUUROOR
8UEDQR TXH VH LQDXJXUy HQ PDU]R GHO  (O FRQMXQWR LQWHQWD VHU XQD VtQWHVLV GH OD
DUTXLWHFWXUD WUDGLFLRQDO GH -DSyQ \ &RORPELD MXQWR FRQ OD PRUIRORJtD GH XQD FDVD SDWLR
RUJDQL]DGDHQSDEHOORQHVFRQFXELHUWDVLQFOLQDGDVHQWRUQRDXQJUDQHVWDQTXH
(QWUHHVWRVHTXLSDPLHQWRVGHODFLXGDGHOPiVIDPRVRHVHO3DUTXH%LEOLRWHFD (VSDxD
HQ HO EDUULR GH 6DQWR 'RPLQJR REUD GH *LDQFDUOR 0D]]DQWL XQ DUTXLWHFWR FRQ JUDQ
FDSDFLGDGFUHDWLYDH[SHUWRHQHOGLVHxRGHHVSDFLRVS~EOLFRV\DXWRUGHXQQXHYRVLVWHPD
GH HVFXHODV SDUD %RJRWi 0D]]DQWL SUR\HFWD JHQHUDOPHQWH D EDVH GH OD FRPELQDFLyQ GH
GLYHUVRV SULVPDV \ HQ HVWD RFDVLyQ RSWy SRU WUHV YRO~PHQHV PLQHUDOHV VLWXDGRV
GUDPiWLFDPHQWH HQ OD ODGHUD LQVSLUDGRV HQ REUDV GH 5HP .RROKDDV FRPR HO SUHFLRVR
YROXPHQ GH OD &DVD GD 0~VLFD GH 2SRUWR  R GH 'DYLG &KLSSHUILHOG FRPR ORV WUHV
YRO~PHQHV SDUD HO &HQWUR 0XOWLPHGLD GH OD 8QLYHUVLGDG GH +RQJ .RQJ  &DGD XQR GH ORV
YRO~PHQHVWLHQHXQXVRODELEOLRWHFDVHXELFDHQYDULRVQLYHOHVHQHOYROXPHQFHQWUDOXQR
GH ORV ODWHUDOHV DOEHUJD HO FHQWUR GH HQFXHQWURV \ DFWLYLGDGHV \ HQ HO WHUFHUR VH KDOOD HO
DXGLWRULR$XQTXHODREUDKD\DVLGRFRQVWUXLGDFRQHVFDVRWLHPSRODLGHDGHOSUR\HFWRHV
VXPDPHQWHYDOLRVD\ORTXHHVPiVLPSRUWDQWHKR\HVXQVLJQRGHVDWLVIDFFLyQ\RUJXOOR
SDUDVXVKDELWDQWHVTXHVHVLHQWHQLQFOXLGRVHQORVHTXLSDPLHQWRVGHODFLXGDG
(O FRQMXQWR HFROyJLFR GHO -DUGtQ %RWiQLFR MXQWR FRQ HO 3DUTXH \ HO 0XVHR ,QWHUDFWLYR
([SORUD SUR\HFWDGR SRU HO XUEDQLVWD $OHMDQGUR (FKHYHUUL KD VLGR OD RFDVLyQ SDUD TXH
GLYHUVRVHTXLSRVGHDUTXLWHFWRVMyYHQHVSXHGDQH[SHULPHQWDUFRQDUTXLWHFWXUDVOLJHUDV(O
-DUGtQ %RWiQLFR -RDTXtQ $QWRQLR 8ULEH HV XQ SXOPyQ YHUGH YHFLQR DO EDUULR DXWRFRQVWUXLGR
GH0RUDYLD+DVWDHVWDUHIRUPDHUDXQHVSDFLRGHDFWLYLGDGHVSULYDGDV\GHSDJRSDUDHO
TXHHO*RELHUQRGHODFLXGDGSUR\HFWy\JHVWLRQyVXUHFRQYHUVLyQHQXQHVSDFLRGHXVR\
DFFHVRS~EOLFR3DUDHOORVHGHUULEyHODQWLJXRPXURFLHJRTXHORVHSDUDEDGHODFLXGDG\
VH FRQVWUX\y XQ QXHYR OtPLWH WUDQVSDUHQWH \ UHWLUDGR GH OD FDOOH &RQ OD PRGLILFDFLyQ GHO
OtPLWH VH JDQy XQ HVSDFLR S~EOLFR SHULPHWUDO GH JUDQ FDOLGDG SDUD HO SDVHR \ OD HVWDQFLD
(QWUH ODV QXHYDV DUTXLWHFWXUDV HQFRQWUDPRV HO 2UTXLGHRUDPD ²REUD GH 3ODQ % -XDQ
0LJXHO\-XDQ)HOLSH0HVD\HOHTXLSR-3&5LQWHJUDGRSRU-3DXO\&DPLOR5HVWUHSR²HO
DFFHVR FLOtQGULFR FRQ HO EDU \ OD WLHQGD ²GH $QD (OYLUD 9pOH] \ /RUHQ]R &DVWUR² \ XQ
DXGLWRULR DO DLUH OLEUH XQD HVSHFLH GH REUD GH ODQG DUW ²GHO MRYHQ DUTXLWHFWR (PHUVRQ
0DUtQ² GRQGH ORV DVHRV HVWiQ VHPLKXQGLGRV \ HO IRQGR GHO HVFHQDULR HVWi IRUPDGR SRU
SDQHOHVTXHVRSRUWDQ\DOLPHQWDQSODQWDV\IORUHVGHPRGRTXHHOHGLILFLRVHLQWHJUDHQHO
OXJDUVHGLOX\HHQVXDPELHQWH
3RU ~OWLPR HQ  VH LQDXJXUy XQD REUD SyVWXPD GHO JUDQ DUTXLWHFWR FRORPELDQR
PRGHUQR 5RJHOLR 6DOPRQD HO &HQWUR GH 'HVDUUROOR &XOWXUDO GH 0RUDYLD (O EDUULR GH
0RUDYLD HV XQ FRQMXQWR GH EDUULRV DXWRFRQVWUXLGRV IRFR GH PRYLPLHQWRV VRFLDOHV
UHLYLQGLFDWLYRV FRQ XQD JUDQ YDULHGDG GH YLGD XUEDQD FRPHUFLDO ODERUDO \ DVRFLDWLYD HQ
IDVH LQLFLDO GH XQ SURFHVR GH PHMRUD TXH FXHQWD \D FRQ HVWH PDJQtILFR HGLILFLR FXOWXUDO
SDUD HO EDUULR VLHPSUH OOHQR GH QLxRV TXH MXHJDQ XWLOL]DQ ORV RUGHQDGRUHV R DSUHQGHQ
P~VLFD7HUPLQDGRSRUODDUTXLWHFWD0DUtD(OYLUD0DGULxiQVRFLD\HVSRVDGH6DOPRQD\
FRQODGLUHFFLyQGHREUDGH0DUFR$XUHOLR0RQWHVHOFHQWURFXOWXUDOGHODGULOOR\KRUPLJyQ
VHFRPSRQHGHYRO~PHQHVSXURVUDPSDV\WHUUD]DVWRGRHOORRUJDQL]DGRDOUHGHGRUGHXQ
SDWLRGHHQFXHQWUR'LULJLGRDODHQVHxDQ]DGHODP~VLFDSDUDFKLFRV\FKLFDVHOHGLILFLRVH
KDFRQYHUWLGRHQODPHMRUSXHUWDSDUDXQEDUULRTXHHVSHUDFXPSOLUODVSURPHVDVGHPHMRUD
VLQ QHFHVLGDG GH H[SXOVDU D VXV KDELWDQWHV GH SRFRV UHFXUVRV TXH DKRUD YLYHQ HQ XQD
]RQDHVWUDWpJLFDGH0HGHOOtQMXQWRDODQWLJXRHMHIHUURYLDULRGHVDOLGDGHODFLXGDG\HQOR
TXH IXHUD HO YLHMR YHUWHGHUR GH EDVXUDV TXH QXWULy GH FKDWDUUD \ WUDEDMR D ODV SULPHUDV
JHQHUDFLRQHVGH0RUDYLD
$~Q HQ UHDOL]DFLyQ \ FRQ PHGLRV OLPLWDGRV OD H[SHULHQFLD GH 0HGHOOtQ GHPXHVWUD OD
FDSDFLGDG GH UHFXSHUDU HO GHUHFKR D OD FLXGDG HV GHFLU D ODV LQIUDHVWUXFWXUDV DO
VDQHDPLHQWR DO WUDQVSRUWH \ ORV HVSDFLRV S~EOLFRV D ORV HGLILFLRV GH HTXLSDPLHQWRV \ ODV
YLYLHQGDVGLJQDV
&DGD XQR GH ORV FDVRV SUHVHQWDGRV HQ HVWH WH[WR GHPXHVWUD FyPR ODV FLXGDGHV ELHQ
JHVWLRQDGDV \ FRQ XQD FLXGDGDQtD FUtWLFD \ DFWLYD SXHGHQ VHU OD FODYH SDUD PHMRUDU HO
PXQGR
(OWXULVPR\ODWHPDWL]DFLyQGHODVFLXGDGHV

(OWXULVPRHVODSULPHUDLQGXVWULDPXQGLDOODDFWLYLGDGGRPLQDQWHHQXQPXQGRDXWRGHILQLGR
SRU GRV FRQFHSWRV WLSR DQWDJyQLFRV JOREDOL]DFLyQ \ VRVWHQLELOLGDG TXH VHUtDQ
SRVLEOHPHQWHGRVGHORVWLSRVLGHDOHVTXHVLJXLHQGRODFRQFHSWXDOL]DFLyQGH0D[:HEHU
FDUDFWHUL]DUtDQ ODV WHQGHQFLDV GH QXHVWUD pSRFD  < PLHQWUDV OD JOREDOL]DFLyQ VHD


HVHQFLDOPHQWH QHROLEHUDO VHUi DQWDJyQLFD FRQ HO REMHWLYR GH OD VRVWHQLELOLGDG (Q HVWH
FRQWH[WRODH[WUHPDFRPSOHMLGDGGHORVSURFHVRVJHQHUDGRVSRUHOWXULVPRHVHOIHQyPHQR
TXH PHMRU VLQWHWL]D ODV FRQWUDGLFFLRQHV GH OD VRFLHGDG FRQWHPSRUiQHD ODV WHQVLRQHV TXH
VHSURGXFHQHQFXDQWRDODHOHFFLyQHQWUHORJOREDO\ORORFDOHQWUHODKRPRJHQHL]DFLyQ\HO
PDQWHQLPLHQWRGHODPHPRULDYLYDHQWUHHOFRQVXPR\ODFXOWXUDHQWUHODWHQGHQFLDKDFLDHO
PRQRFXOWLYR GHO VHFWRU GH ORV VHUYLFLRV \ XQD UHDO \ VRVWHQLEOH WUDQVIRUPDFLyQ SURGXFWLYD
HQWUHORVELHQHVHVFDVRV\VXFRQVXPR(OWXULVPRVLHQGRXQDH[SHULHQFLDHVHQFLDOGHOVHU
KXPDQR PRGHUQR VH KD WUDQVIRUPDGR HQ XQ IHQyPHQR TXH DUUDVD DO VHU XQ WXULVPR
PDVLYR\FXDQWLWDWLYR

&21',&,21(6
3RGHPRV FRQVLGHUDU TXH HO WXULVPR VH FRQVWLWX\H GLDOpFWLFDPHQWH FRPR XQ VLVWHPD GH
DFWLYLGDGHV TXH VH VXSHUSRQH D ODV HVWUXFWXUDV H[LVWHQWHV HO VLVWHPD WXUtVWLFR SXHGH
DJRWDUHPSREUHFHU\GHVWUXLUORVVLVWHPDVQDWXUDOHVVRFLDOHV\XUEDQRVSHURWDPELpQOD
HQHUJtD \ OD ULTXH]D TXH JHQHUDQ SXHGHQ WRPDUVH GH PDQHUD SRVLWLYD FRPR RSRUWXQLGDG
SDUDUHKDFHU\HQULTXHFHUORVWHMLGRVVRFLDOHVSURGXFWLYRVXUEDQRV\SDLVDMtVWLFRVTXHQR
WLHQHQ VXILFLHQWHV PHGLRV SURSLRV SDUD FRQVHJXLUOR SXHGH VHUYLU SDUD RWRUJDU PRWLYRV GH
VDWLVIDFFLyQ\RUJXOORDXQJUXSRFLXGDGRVRFLHGDG
/DV XWRStDV HQ HO VHQWLGR GH ODV E~VTXHGDV GH XQRV QXHYRV OXJDUHV SDUD XQDV QXHYDV
VRFLHGDGHV VH KDQ VXVWLWXLGR HQ OD SRVPRGHUQLGDG SRU HO FRQWLQXR UHOHYR GH WXULVWDV TXH
REVHUYDQDORVQDWLYRVSRUODFRPSUREDFLyQGHTXHORFRUULHQWHHQXQOXJDUHVH[yWLFRSDUD
HO YLVLWDQWH SRU OD YLGD IXJD] \ SODFHQWHUD HQ OXJDUHV GLVWLQWRV GH QXHVWUR SODQHWD HVR Vt
LQWHQWDQGRQRVXIULUVXVSUREOHPDVFRWLGLDQRV(OWXULVPR¢VHUtDOD~OWLPDXWRStD"

&216(&8(1&,$6
3RU VX WRWDO DGVFULSFLyQ D ORV PHFDQLVPRV QHROLEHUDOHV GHO VLVWHPD FDSLWDOLVWD DFWXDO HO
VLVWHPD GHO WXULVPR JHQHUD XQD VHULH GH FRQVHFXHQFLDV (Q HO FRQWH[WR GH OD HUD GH OD
LQIRUPDFLyQODVVRFLHGDGHVHVWiQGRPLQDGDVSRUHOVHFWRUGHVHUYLFLRVGRQGHVHWLHQGHD
ODUHGXFFLyQGHORVSXHVWRVGHWUDEDMRFXDOLILFDGRV\DODGXDOL]DFLyQHQWUHTXLHQHVWLHQHQ
GHUHFKR DO RFLR \ DO WXULVPR \ TXLHQHV WLHQHQ WUDEDMRV SUHFDULRV GH WHPSRUDGD XQD JUDQ
SDUWH GH HOORV HQ ODV LQGXVWULDV WXUtVWLFD \ GHO HQWUHWHQLPLHQWR XQ VHFWRU TXH IRPHQWD HO
VHUYLOLVPR\TXHQRFUHDUDtFHVQLFXDOLILFDFLyQ3RUHOORODSULPHUDFDUDFWHUtVWLFDHVTXHHO
PXQGRGHOWXULVPRQRWLHQGHDIRUPDU\FUHDUFDOLGDGVLQRWUDEDMREDVXUD
2WUD VHULH GH FRQVHFXHQFLDV OLJDGDV D OD LPSRVLFLyQ GHO VLVWHPD WXUtVWLFR VREUH HO
VLVWHPD GH OD YLGD FRWLGLDQD HV OD SDXODWLQD H[SXOVLyQ GH ORV KDELWDQWHV GHQWUR GH XQ
SURFHVR GH DSURSLDFLyQ GH ORV PHMRUHV HQFODYHV DXQ D FRVWD GH LOHJDOLGDGHV H
LUUHJXODULGDGHV ²FRPR HV HO FDVR GHO KRWHO : R 9HOD HQ %DUFHORQD² \ GH FRQTXLVWD GH
WHMLGRVXUEDQRVFHQWUDOHV\HVWUDWpJLFRV(OORFRQOOHYDXQH[FHVRGHKRWHOHVTXHVXVWLWX\HQ
WHMLGR UHVLGHQFLDO \ XQ H[FHVR GH SLVRV GH DOTXLOHU WHPSRUDO TXH H[SXOVDQ D DQWLJXRV
YHFLQRV
< WRGR HVWR JXDUGD UHODFLyQ FRQ TXH OD PLUDGD GHO WXULVWD HV VLHPSUH LQGLIHUHQWH D ORV
SUREOHPDVUHDOHV\DORVLQFRQYHQLHQWHVTXHVXIUHQORVKDELWDQWHV8QEDUULRFRQWXULVWDVQR
FUHD OD]RV VRFLDOHV QR UHLYLQGLFD HTXLSDPLHQWRV QL HODERUD XQD FRQFLHQFLD SROtWLFD < QR
VRORSLHUGHQODVSHUVRQDVVLQRWDPELpQORVEDUULRVHOWXULVWDQLVHFRPSURPHWHQLFXLGDHO
EDUULR QL UHLYLQGLFD HTXLSDPLHQWRV \ HVSDFLRV S~EOLFRV QL VH VROLGDUL]D QL XVD ODV
SDSHOHUDV QL UHFLFOD QL DKRUUD DJXD 1R DSRUWD QDGD D OD FLXGDG GRQGH UHVLGH
RFDVLRQDOPHQWH\VLQHPEDUJRRFXSDHOOXJDUGHXQYHFLQRUHDO6RORTXLHUHTXHODFLXGDG
HVWp D VXV SLHV \ D VX FDSULFKR 8Q GHELOLWDGR GHVHR KXPDQR GH XWRStD KDEUtD TXHGDGR
VXVWLWXLGR SRU OD VHXGRXWRStD SRVLEOH \ FRQVXPLEOH GH YHU GLVWUDtGD \ RFLRVDPHQWH FyPR
YLYHQORVRWURVH[SHULPHQWDGRHQXQDHVSHFLHGHSDQRUiPLFRSDUTXHWHPiWLFRJOREDO
7RGR HOOR FUHD HQWUH ORV KDELWDQWHV GH ORV EDUULRV PiV DIHFWDGRV SRU OD SUHVLyQ GHO
WXULVPR XQD SHUFHSFLyQ GH DJUDYLR FRPSDUDWLYR GH FRPSHWHQFLD GHVOHDO GH OD LQGXVWULD
WXUtVWLFDGHVHUFLXGDGDQRVGHVHJXQGD&UHFHODRSLQLyQGHTXHORVPLVPRVUHVSRQVDEOHV
SROtWLFRVTXHKDQSURPRYLGRHOWXULVPRVRQLQFDSDFHVGHDIURQWDUVXVH[FHVRVVXVSHOLJURV
\VXVLQIOXHQFLDVQHJDWLYDV

81&$0%,2'(0(17$/,'$'1(&(6$5,2
(O SURFHVR GH SDVR GH OD VRFLHGDG LQGXVWULDO EDVDGD HQ HO GHVDUUROOLVPR HO FRQVXPR GH
WHUULWRULR\ODVXVWLWXFLyQFRQWLQXDDODVRFLHGDGSRVWLQGXVWULDO\DODFRQGLFLyQSRVPRGHUQD
GHEHUtD IXQGDPHQWDUVH HQ XQD WRWDO WUDQVIRUPDFLyQ DWHQWD D ODV FDXWHODV HFROyJLFDV \ DO
UHFLFODMHXUEDQRDORVYDORUHVGHODKLVWRULD\GHODPHPRULD7RGRHOORH[LJHTXHHOVLVWHPD
WXUtVWLFR VH UHSODQWHH GH XQD IRUPD JOREDO $IURQWDU HVWH QHFHVDULR FDPELR GH PHQWDOLGDG
UHTXHULUtD TXH ORV VLVWHPDV WXUtVWLFRV VH FRQVWUX\HUDQ UHVSHWDQGR \ HQULTXHFLHQGR ORV
VLVWHPDV SUHH[LVWHQWHV 3HUR HOOR FRPSRUWD XQD GREOH GLILFXOWDG 3RU XQ ODGR KHPRV
KHUHGDGR GH OD PRGHUQLGDG OD LQFDSDFLGDG GH UHODFLRQDU ODV QXHYDV LQWHUYHQFLRQHV
DUTXLWHFWyQLFDV FRQ ORV HVWUDWRV H[LVWHQWHV VH FUHH TXH OR QXHYR VROR HV FDSD] GH H[LVWLU
GHVWUX\HQGRORDQWLJXR6LQHPEDUJRDORODUJRGHODKLVWRULDGHVGHHOUHQDFLPLHQWRKDVWD
HO QHRFODVLFLVPR \ HO HFOHFWLFLVPR VH KDEtD HVWDEOHFLGR XQD UHODFLyQ QDWXUDO HQWUH ODV
QXHYDV LQWHUYHQFLRQHV \ HO UHVSHWR SRU ODV SUHH[LVWHQFLDV 3RU RWUR ODGR OD OyJLFD
GRPLQDQWH GH ORV VHFWRUHV ILQDQFLHURV H LQPRELOLDULRV GH OD TXH IRUPDQ SDUWH ORV JUDQGHV
RSHUDGRUHVWXUtVWLFRVQRWLHQHVXILFLHQWHFRQFRQVWUXLUVXVQXHYRVVLVWHPDVGHWUDQVSRUWH
WXULVPR H LQYHUVLRQHV VLQR TXH WDPELpQ QHFHVLWD GHVWUXLU ODV SUHH[LVWHQFLDV QDWXUDOHV \
XUEDQDVSURYRFDQGRHQXQDHWDSDSUHYLDTXHTXHGHQREVROHWRV\VHGHJUDGHQKDVWDTXH
QR KD\D PiV UHPHGLR TXH HOLPLQDUORV SDUD FUHDU HO JUDGR FHUR GHVGH HO TXH LQLFLDU OD
LQIUDHVWUXFWXUD WXUtVWLFD (Q HVWH VHQWLGR OD LQGXVWULD WXUtVWLFD XWLOL]D SDUD VXV HQFODYHV
PHFDQLVPRVVLPLODUHVDORVHPSOHDGRVSRUORVSURPRWRUHVGHXUEDQL]DFLRQHVFHUUDGDV
8QDFODYHPHWRGROyJLFDSDUDDQDOL]DUHLQWHUYHQLUHQHVWRVSDLVDMHVH[LVWHQWHVDORVTXH
VHVXSHUSRQHQORVLWLQHUDULRV\HQFODYHVWXUtVWLFRVHVHOFRQFHSWRGHHVWUXFWXUD\ODWHRUtD
GH ORV VLVWHPDV  OD DFWLYLGDG WXUtVWLFD GHEHUtD FRQVWLWXLUVH HQ XQ VLVWHPD TXH VH YD


LPSODQWDQGR HQ FRPSDWLELOLGDG FRQ ORV VLVWHPDV H[LVWHQWHV GH PDQHUD TXH UHIXHUFH OD
UHDOLGDGGHSDOLPSVHVWRV\GHODFLXGDGFRPRKLSHUWH[WR 

(Q HVWH VHQWLGR HO UHFLFODMH GH ODV LQIUDHVWUXFWXUDV REVROHWDV ²SXHUWRV FRQMXQWRV
IDEULOHV DUTXLWHFWXUDV DJUDULDV² IHQyPHQR TXH SUHGRPLQD HQ (XURSD SXHGH VHU
SRWHQFLDGR HQ SDUWH SRU OD HQHUJtD GHO PLVPR WXULVPR 3RGUtD WHQHU XQ WULSOH VHQWLGR HO
SURFHVDO GH OD UHXWLOL]DFLyQ HO VLPEyOLFR GH UHYDORUL]DU OD PHPRULD GH OD FROHFWLYLGDG \ HO
IXQFLRQDOGHJHQHUDUHVSDFLRVGHDWUDFFLyQWXUtVWLFD(VWRHVORTXHVHKDSODQWHDGRHQOD
LQLFLDWLYDHO,%$6((HQ$OHPDQLDSDUDODGpFDGDGHODOUHJHQHUDQGRODDQWLJXD
]RQDPLQHUDGH/DXVLW]FHUFDGHODIURQWHUDFRQ3RORQLDPX\GHSDXSHUDGD\FRQWDPLQDGD
'LYHUVDVLQWHUYHQFLRQHVGXUDQWHHVWRVDxRVFRQItDQHQTXHODDUTXLWHFWXUD\HOSDLVDMLVPR
OD UHFXSHUDFLyQ GH YLHMDV LQIUDHVWUXFWXUDV FRPR HO JLJDQWHVFR SXHQWH JU~D OD DFFLyQ GHO
DJXD\GHODQDWXUDOH]DODVLQWHUYHQFLRQHVDUWtVWLFDV\ORVPRYLPLHQWRVGHOWXULVPRQDFLRQDO
SRWHQFLDUiQODUHJHQHUDFLyQGHOiUHDHLPSXOVDUiQTXHVXVKDELWDQWHVVHVLHQWDQRUJXOORVRV
GHXQDUHJLyQTXHVHHVWiGHVSREODQGR3DUDHOORHVQHFHVDULRSRWHQFLDUXQDFXOWXUDGHOD
LQWHUYHQFLyQ SDUD YDORUDU ORV HQWRUQRV H[LVWHQWHV SDLVDMtVWLFRV DJUDULRV PLQHURV
LQGXVWULDOHV\XUEDQRV
7DPELpQWRGDODRSHUDFLyQGHO(PVFKHU3DUNHQ$OHPDQLDUHDOL]DGDGHQWURGHODLQLFLDWLYD
GHO ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ ,%$  HQ OD FXHQFD GHO 5XKU GXUDQWH OD GpFDGD GH 
KD VLGR XQ PDJQtILFR HMHPSOR GH XQD QXHYD FRQFHSFLyQ GHO SDLVDMH UHODFLRQDGR FRQ HO
UHVSHWR SRU ODV SUHH[LVWHQFLDV OD FDSDFLGDG HQ OD E~VTXHGD GH QXHYRV HTXLOLEULRV
DPELHQWDOHV OD YROXQWDG GH UHFUHDFLyQ GH OD PHPRULD YLYD TXH UHLQYHQWDQ HO VLVWHPD
SURGXFWLYR\QROR³PXVHLILFDQ´FUHDGRSDUDODFRPXQLGDG\QRSDUDODYLVLWDWXUtVWLFD
+D\ GLVWLQWDV FODYHV TXH VH FRPSOHPHQWDQ \ TXH SDVDQ SRU TXH FDGD FLXGDG GHFLGD
SDUWLFLSDWLYDPHQWHXQRVREMHWLYRV\XQRVLQGLFDGRUHVSDUDPHGLUOD³FDSDFLGDGGHFDUJD´GH
FDGDPRQXPHQWRHQFODYH\EDUULR\SDUDFRQWURODUTXHHVWRVQRVHVXSHUHQ<XQRGHORV
LQGLFDGRUHVEiVLFRVGHVRVWHQLELOLGDGFRQVLVWLUtDHQDQDOL]DUVLHOVLVWHPDWXUtVWLFRVHJUHJD
FUHDHQFODYHV\JXHWRVJHQHUDQROXJDUHVRVLVHLQWHJUDSRWHQFLD\HQULTXHFHODUHDOLGDG
H[LVWHQWH \ WDPELpQ VL H[SXOVD KDELWDQWHV \ GHVSDUHFH HO FRPHUFLR FRWLGLDQR GH
SUR[LPLGDG 2WUD PHGLGD FODYH TXH \D VH DSOLFD HQ PXFKDV FLXGDGHV IUDQFHVDV HV OD
HFRWDVD R LPSXHVWR WXUtVWLFR SDUD UHLQYHUWLU HQ ORV OXJDUHV WXUtVWLFRV \ WDPELpQ SDUD
FRQFLHQFLDUDORVPLVPRVWXULVWDVGHORVSUREOHPDVHFROyJLFRV

/$7(0$7,=$&,Ï1'(/$6&,8'$'(6785Ë67,&$6
$XQTXH SXHGD SDUHFHU SDUDGyMLFR OD FRPSHWHQFLD \ HVSHFLDOL]DFLyQ GH ODV JUDQGHV
FLXGDGHV HV XQ IHQyPHQR TXH HVWi HVWUHFKDPHQWH UHODFLRQDGR FRQ OD JOREDOL]DFLyQ (O
PXQGRJOREDOH[LJHTXHFDGDFLXGDGVHGHILQDVHFDUDFWHULFH\VHHVSHFLDOLFH\DOPLVPR
WLHPSR VH HVTXHPDWLFH \ VH VLPSOLILTXH SDUD VHU REMHWR GH GHVHR H LQYHUVLyQ \ PiV
IiFLOPHQWH WUDQVPLVLEOH \ GLJHULEOH FRPR WDO 6LJXLHQGR ODV FRRUGHQDGDV GH OD FUtWLFD D OD
LQGXVWULD GH OD FXOWXUD GH FRQVXPR GHVGH 7HRGRU : $GRUQR \ 0D[ +RUNKHLPHU KDVWD
-HUHP\5LINLQ\0LFKDHO6RUNLQGHEHPRVHQWHQGHUTXHODFLXGDGKDHQWUDGRWDPELpQHQOD
OyJLFD GH OD LQGXVWULD GHO FRQVXPR FXOWXUDO FRPR OD P~VLFD SRS TXH H[LJH TXH WRGD
FUHDFLyQ FXPSOD XQDV SDXWDV GH VLPSOLILFDFLyQ WRSLILFDFLyQ \ PRGLILFDFLyQ FRQVWDQWH 3RU
WDQWR FRPR REMHWR GHO WXULVPR GH PDVDV \ GH OD LQYHUVLyQ LQPRELOLDULD OD FLXGDG VH KD
FRQYHUWLGRHQREMHWRGHFRQVXPR\HQHVSDFLRFRPHUFLDO3HURDOPLVPRWLHPSRWDOFRPR
KD VHxDODGR 'DYLG +DUYH\  KD\ XQD UHODFLyQ GLUHFWD HQWUH HO LQWHUpV TXH XQD FLXGDG


FRQFUHWD GHVSLHUWD HQ HO SDQRUDPD JOREDO \ VX FDSDFLGDG SDUD GLIHUHQFLDUVH FXOWXUDO \
VRFLDOPHQWH /D JUDQ SDUDGRMD HV TXH D PD\RU SUHVHQFLD JOREDO PiV LQYHUVLyQ \ PiV
WXULVPR \ SRU WDQWR PD\RU SUHVLyQ KDFLD OD KRPRJHQHL]DFLyQ TXH VL VH FRQVROLGDVH
DQXODUtD ODV SRVLELOLGDGHV GH GLFKD FLXGDG GH VHU IXHUWH HQ HO PHUFDGR JOREDO &RQ HOOR
GHPRVWUDUtD TXH HO IXQFLRQDPLHQWR GH OD OyJLFD GHO WXULVPR JOREDOL]DGR \ ILQDQFLHUR HV
LQVRVWHQLEOH\DTXHHQHOFDVRGHODVFXDOLGDGHVGHODFLXGDGGHVWUX\HVXSURSLDUD]yQGH
VHU
7DO FRPR VXFHGH HQ ORV SURGXFWRV GH FRQVXPR HO REMHWLYR WXUtVWLFR HQ HVWH FDVR OD
FLXGDGVHSUR\HFWDGHVGHVXOXJDUGHRULJHQKDFLDHOH[WHULRUFRPRXQVLQJXODUREMHWRGHO
GHVHR /D FLXGDG VH YD FRQYLUWLHQGR HQ REMHWR GH FRQVXPR FRPR OD PRGD < WDO FRPR
HVFULELy&HVDUH3DYHVHHOPHFDQLVPRGHFRQVXPRWLHQHXQp[LWRWRWDOSRUTXHVLQWRQL]DFRQ
ORV PHFDQLVPRV LQVDFLDEOHV GHO GHVHR < HO FLQH HV XQR GH ORV PHMRUHV UHFXUVRV SDUD
SRWHQFLDU ODV FLXGDGHV TXH VH SUHVHQWDQ FRPR HVFHQDULR GH JUDQGHV HYHQWRV FXOWXUDOHV R
GHSRUWLYRV \ ODV SHOtFXODV GH p[LWR FRPHUFLDO FRPR 9LFN\ &ULVWLQD %DUFHORQD   GHO
GLUHFWRU:RRG\$OOHQ
6LQ HPEDUJR VHJ~Q OD PDVD FUtWLFD FXOWXUDO \ SROtWLFD GH ODV FLXGDGHV HVWH SURFHVR
SXHGH FRPSRUWDU UHVXOWDGRV GLYHUVRV 3XHGH KDEHU FLXGDGHV GRQGH SUHGRPLQHQ VXV
PXVHRV ²FRPR HQ /RQGUHV 3DUtV +HOVLQNL \ HVSHFLDOPHQWH HQ ODV FLXGDGHV PHGLDV
DOHPDQDV² SHUR VL HVWRV PXVHRV VRQ DFWLYRV \ PDQWLHQHQ UHODFLRQHV FRQ ORV LQWHUHVHV
FXOWXUDOHV GH OD FLXGDGDQtD OD FLXGDG QR VH PXVHLILFD QL WHPDWL]D OR HVHQFLDO HV TXH OD
FLXGDG FRQWLQ~H YLYD +D\ FLXGDGHV HQ FDPELR TXH KDQ LQWHUSUHWDGR HO PXVHR FRPR
LQVWLWXFLyQ HVWiWLFD GHWHQLGD HQ HO WLHPSR \ KDQ DSOLFDGR OD PLVPD OyJLFD SDUD VX FHQWUR
KLVWyULFR $OJXQDV SDUWHV GH 9HQHFLD )ORUHQFLD \ 3UDJD VHUtDQ HPEOHPDV GH XQD
PXVHLILFDFLyQLUUHYHUVLEOH6HUtDQFLXGDGHVGRUPLGDVHQODHQVRxDFLyQGHVXVFROHFFLRQHV
UHVWDXUDFLRQHV\UHFUHDFLRQHVFRPR&DUFDVRQQHHQ)UDQFLDR7DOOLQHQ(VWRQLD/DFLXGDG
HVWDGRXQLGHQVH GH :LOOLDPVEXUJ UHSUHVHQWD XQ FDVR H[WUHPR GH PXVHLILFDFLyQ \
WHPDWL]DFLyQDOJXQRVGHVXVKDELWDQWHVGLVIUD]DGRVFRPRVLYLYLHUDQDPHGLDGRVGHOVLJOR
;9,,,IRUPDQSDUWHFDGDGtDGHXQDHVFHQRJUDItDKLVWyULFD
2SWDUSRUODWHPDWL]DFLyQLPSOLFDGHGLFDUSDUWHVDFRWDGDVFRPSUHQVLEOHV\FRPSOHWDVD
XQ WHPD FRQFUHWR TXH VH RIUHFH FRPR DWUDFWLYR DO WXULVPR 1XHYD <RUN KD WHPDWL]DGR
DOJXQDVGHVXViUHDVFRPR7LPHV6TXDUHVHJ~QHOSUR\HFWRXUEDQRGLULJLGRSRU'LVQH\OD
HPSUHVDPDGUHGHOHQWUHWHQLPLHQWRFRPRFRQVXPR(Q(VSDxDODFLXGDGPiVWHPDWL]DGD
HV 9DOHQFLD TXH KD FRQIHFFLRQDGR XQD LPDJHQ PiV VLPSOH \ FRPHUFLDO FHQWUDGD HQ OD
&LXGDG GH ODV $UWHV \ ODV &LHQFLDV HQ VX FRVWD PHGLWHUUiQHD OOHQD GH XUEDQL]DFLRQHV \
KRWHOHV \ HQ VX SDUWH PDUtWLPD SXHVWD HQ HO PHUFDGR SDUD GHGLFDUOD D OD &RSD GHO
$PpULFD  \VXVFDOOHVFRQYHUWLGDVHQXQFLUFXLWRGH)yUPXOD&RQHOORVHSRWHQFLD
XQFUHFLPLHQWRGHVPHVXUDGRDOWLHPSRTXHVHGHMDHQDEDQGRQRHOFHQWURXUEDQRSDUDTXH
OD GHJUDGDFLyQ SHUPLWD VX FRPSOHWD WUDQVIRUPDFLyQ IXWXUD ([FXVDV FRPR HO WXULVPR \ ODV
REUDV GH ODV HVWUHOODV LQWHUQDFLRQDOHV GH OD DUTXLWHFWXUD VLUYHQ SDUD HQPDVFDUDU OD
HVSHFXODFLyQ
&RPRUHVXOWDGRGHOWXULVPRGHPDVDVODWHPDWL]DFLyQFRPSRUWDXQDVHULHGHLQYDULDQWHV
H[LJH OD Pi[LPD IDFLOLGDG GH FRPSUHQVLyQ SDUD HO YLVLWDQWH OR FXDO LPSOLFD VLPSOLILFDU OD
FRPSOHMLGDGGHODSURSLDKLVWRULDSDUDRIUHFHUXQGLVFXUVRUiSLGDPHQWHWUDQVPLVLEOHGHEHQ
RIUHFHUVH IDFLOLGDGHV SDUD UHFRUUHU OD FLXGDG HQ XQ SDU GH LWLQHUDULRV WXUtVWLFRV FDVL VLQ
EDMDU GHO DXWRFDU )XQFLRQDOPHQWH HOOR VLJQLILFD HO SUHGRPLQLR GH OD RIHUWD KRWHOHUD \ VXV
GHULYDGRV OR TXH SURPXHYH OD WLSRORJtD GHO KRWHO FRPR REMHWR DXWyQRPR H[WUDxR DO WHMLGR
XUEDQR\VRFLDOGRQGHVHVLW~D$OPLVPRWLHPSRXQVHFWRUWXUtVWLFRSDUDOHOR\DEXVLYRYD
FUHDQGR KRWHOHV SRU GtDV \ VHPDQDV HQ YLHMRV LQPXHEOHV GH ODV FLXGDGHV KLVWyULFDV \
WXUtVWLFDV WDOFRPRVXFHGHHQ1XHYD<RUN%DUFHORQDR9DOHQFLD GHORVTXHSUHYLDPHQWH
VHKDLGRH[SXOVDQGRDVXVKDELWDQWHVPXFKDVYHFHVDQFLDQRVPHGLDQWHODSUHVLyQLOtFLWD
GHOPREELQJLQPRELOLDULR
'H HVWD PDQHUD VH YDQ HODERUDQGR HQWRUQRV KLSHUUHDOHV TXH RIUHFHQ DO YLVLWDQWH XQD
LPDJHQ GHSXUDGD \ FRQFHQWUDGD GHO WHPD GH FDGD FLXGDG < ORV KDELWDQWHV UHDOHV VH YDQ
FRQYLUWLHQGRHQVLPSiWLFRV\VRQULHQWHVFRPSDUVDVGHXQGHFRUDGRHQHOTXHHQGHILQLWLYD
ORV DUJXPHQWDV GH FDGD FLXGDG VH YDQ VLPSOLILFDQGR GHQWUR GH XQD VRFLHGDG JOREDO TXH
SUHWHQGH XQD ³HVWXSLGLILFDFLyQ´ JHQpULFD XQD ³GLVQH\ILFDFLyQ´ GHO PXQGR TXH QLYHOD SRU OR
EDMR

(/&$62'(%$5&(/21$
6L HO WXULVPR FRQVWLWX\H XQR GH ORV IHQyPHQRV PiV HPEOHPiWLFRV GH OD JOREDOL]DFLyQ
QHROLEHUDOHQHOFDVRGH%DUFHORQDHVVXPDPHQWHFUXFLDOHQODPHGLGDHQTXHODFLXGDGKD
KHFKR OD DSXHVWD DUULHVJDGD \ SRFR UHVSRQVDEOH SRU HO PRQRFXOWLYR GHO WXULVPR \ WRGDV
ODVVHUYLGXPEUHVTXHHOORFRPSRUWD
(VWHSURFHVRGHFRQILDUSOHQDPHQWHHQODVHQHUJtDVGHOWXULVPR\GHVSUHFLDUODVGHPiV
IXHQWHVGHHQULTXHFLPLHQWR\HYROXFLyQGHXQDFLXGDGVHDJXGL]yDSDUWLUGHO)zUXP\
GHODpSRFDHQODTXH-RDQ&ORVIXHDOFDOGHTXHSXVRFRPRREMHWLYRSULRULWDULRHODXPHQWR
FXDQWLWDWLYR GH ORV WXULVWDV 1R ROYLGHPRV WDPSRFR TXH %DUFHORQD HV KLVWyULFDPHQWH XQD
FLXGDGFRQYROXQWDGWXUtVWLFDH[SUHVDGDFRQLQLFLDWLYDVFRPRODUHYLVWD%DUFHORQD$WUDFFLyQ
GXUDQWHODVSULPHUDVGpFDGDVGHOVLJOR;;
8QHMHPSORHPEOHPiWLFRGHPXVHLILFDFLyQ\WHPDWL]DFLyQHVHOGHOOODPDGREDUULRJyWLFR
XQDGHQRPLQDFLyQTXHDSDUHFHHQ)XHLQYHQWDGRDOPLVPRWLHPSRTXHODDSHUWXUDGH
OD 9LD /DLHWDQD H[LJtD HO GHUULER GH XQD SDUWH GH OD FLXGDG DQWLJXD FRQ VXV FDOOHV
LUUHJXODUHV\DEXQGDQWHPDWHULDODUTXHROyJLFR\GHMDEDDODYLVWDIUDJPHQWRVGHODPXUDOOD
URPDQD (QWRQFHV ORV PLVPRV DUTXLWHFWRV UHVSRQVDEOHV GH OD QXHYD DUTXLWHFWXUD FRPR
-RVHS 3XLJ L &DGDIDOFK -HURQL 0DUWRUHOO R $GROI )ORUHQVD IXHURQ LQYHQWDQGR LPiJHQHV
LGHDOHV GH OD FLXGDG DQWLJXD FRPR OD 3ODoD GH 5DPRQ %HUHQJXHU \ SHQVDURQ XQ UHFLQWR
DOUHGHGRU GH ORV SULQFLSDOHV PRQXPHQWRV JyWLFRV HO VDOyQ GHO 7LQHOO \ OD FDWHGUDO 6X
HMHFXFLyQ VH LQLFLy HQ  FRQ HO HVWtPXOR GH OD ([SRVLFLyQ ,QWHUQDFLRQDO GH  6LQ
HPEDUJR HQ HO OODPDGR EDUULR JyWLFR OR TXH VH YH HQ UHDOLGDG QR HV OD PXUDOOD PHGLHYDO
GHUULEDGD HQ   VLQR OD PXUDOOD URPDQD FRQ ODV WRUUHV SULVPiWLFDV HQ HO SHUtPHWUR \
FLOtQGULFDV HQ ODV SXHUWDV  \ HO WUD]DGR GH OD FLXGDG HQ DTXHOOD iUHD ²FRQ HO HMH GH ODV
FDOOHV )HUUDQ \ 3ULQFHVD \ GH OD 3ODoD GH 6DQW -DXPH² UHVSRQGH D DSHUWXUDV GH
PHGLDGRVGHOVLJOR;,;6HWUDWDGHXQFDVRIODJUDQWHGHLQYHQFLyQGHXQDWUDGLFLyQ 

7DO FRPR \D KHPRV H[SOLFDGR OD QHFHVDULD VLPSOLILFDFLyQ GH OD FLXGDG SDUD VX FRQVXPR
OOHYDDFUHDUIDOVDVMHUDUTXtDVXUEDQDVPHGLDQWHUHFRUULGRV³VDQLWDUL]DGRV´DFHQWXDGRVSRU
OD SUHVHQFLD GH IUDQTXLFLDV GH PRGD \ FDIpV )XHUD GH HVWDV UXWDV TXHGDQ EDUULRV GRQGH
SUHGRPLQD OD YLGD FRWLGLDQD \ SHTXHxRV PXVHRV TXH YLVLWDQ ORV DPDQWHV GHO DUWH \ ORV
WXULVWDVTXHTXLHUHQDSUHQGHU\GHVFXEULU
$PERV SURFHVRV PXVHLILFDFLyQ R HPEDOVDPDPLHQWR  \ WHPDWL]DFLyQ R VLPSOLILFDFLyQ 
HVWiQ UHODFLRQDGRV FRQ OD GHSHQGHQFLD SOHQD GHO WXULVPR GH PDVDV HQ %DUFHORQD VH
SURGXFHQ ORV GRV D OD YH] 3RU XQD SDUWH OD PXVHLILFDFLyQ DO KDEHU HQWUHJDGR VX SDUWH
KLVWyULFD HO OODPDGR EDUULR JyWLFR D XQ SURJUHVLYR HPEDOVDPDPLHQWR  \ SRU RWUD OD


WHPDWL]DFLyQ FRQYHUWLUVH HQ OD FLXGDG GHO PRGHUQLVPR DO SUHFLR GH KDEHU ERUUDGR VX
PHPRULDLQGXVWULDO\REUHUDHVDPHPRULDTXHWDQWRGLVJXVWDEDDORVQRXFHQWLVWHV\VLJXH
GLVJXVWDQGRDPXFKRVGHORVSROtWLFRVHLQWHOHFWXDOHVWDUGRQRXFHQWLVWHV
(Q HVWD PXVHLILFDFLyQ SRGHPRV HQFRQWUDU DOJ~Q VHQWLGR SRVLWLYR SRU HMHPSOR ORV
FHQWHQDUHVGHHVFXOWXUDVFRQWHPSRUiQHDVH[SXHVWDVDODLUHOLEUHHQWRGDODFLXGDGTXHKD
LGR LQVWDODQGR HO $\XQWDPLHQWR HQ ODV ~OWLPDV WUHV GpFDGDV 6LQ HPEDUJR HVWH SURFHVR
FRPSRUWD VDFULILFDU DOJXQRV HQFODYHV FRPR OD 3ODoD &DWDOXQ\D \ OD SOD]D GH OD &DWHGUDO
FHQWURV VLPEyOLFRV GH OD FLXGDG TXH VH KDQ FRQYHUWLGR HQ WHUPLQDOHV GH WRXUV \
HPSOD]DPLHQWR GH VHGHV EDQFDULDV \ GH IUDQTXLFLDV /D WHPDWL]DFLyQ HQ %DUFHORQD WLHQH
SRWHQWHV IRFRV HQ ORV DOUHGHGRUHV GHO &DPS 1RX OXJDU GH MXHJR GHO PtWLFR )XWERO &OXE
%DUFHORQD HQ WRUQR D OD 6DJUDGD )DPLOLD ~OWLPD RSRUWXQLGDG PXQGLDO GH DVLVWLU D OD
FRQVWUXFFLyQ WDUGtD GH XQD FDWHGUDO HQ HO 3DUN *HOO TXH VXIUH HO H[FHVR DEXVR \
YDQGDOLVPR GHO DOXYLyQ GH YLVLWDV WXUtVWLFDV D OR ODUJR GH ODV 5DPEODV FX\RV QHJRFLRV \
UHVWDXUDQWHV VRQ GH DXWHQWLFLGDG GXGRVD \ GRQGH SUHGRPLQDQ ODV UHGHV LQWHUQDFLRQDOHV \
QR ORFDOHV \ HQ YHUDQR ODV SOD\DV TXH VXIUHQ XQ JUDQ GHVJDVWH FDGD YH] WLHQHQ PiV
VXSHUILFLHSULYDWL]DGD\GHGLFDGDDOQHJRFLR\FDGDGtDWHUPLQDQKHFKDVXQEDVXUDO7RGRV
VRQ HVFHQDULRV XUEDQRV HQWUHJDGRV D OD OyJLFD GHO NLWVFK TXH FRPR GHILQLy HO QRYHOLVWD
0LODQ .XQGHUD FRPSRUWD OD DFHSWDFLyQ DFUtWLFD GH ORV KHFKRV \ GH ODV IRUPDV ³(O NLWVFK
HOLPLQD GH VX SXQWR GH YLVWD OR TXH HQ OD H[LVWHQFLD KXPDQD HV HVHQFLDOPHQWH
LQDFHSWDEOH´ 

1R HV FDVXDO TXH ORV WXULVWDV HVWDGRXQLGHQVHV TXH YLVLWDQ HO EDUULR JyWLFR GH %DUFHORQD
SUHJXQWHQ UHFXUUHQWHPHQWH ¢FXiQGR VH FLHUUD" 1R SXHGHQ HQWHQGHU TXH HQ DTXHO UHFLQWR
PXVHLILFDGR\WHPDWL]DGRGHGLFDGRGHOOHQRDOWXULVPR\VXFRPHUFLRTXHYDGHOD3ODoD
&DWDOXQ\DDOSXHUWR\GHO0XVHX3LFDVVR\OD9LD/DLHWDQDDODV5DPEODVKD\DSHUVRQDV
TXH YLYDQ DOOt FXDQGR ORV JUDQGHV DOPDFHQHV ODV WLHQGDV \ ORV PXVHRV FLHUUDQ $O KDEHU
LGHQWLILFDGRHOHQWRUQRXQLWDULRDFRWDGR\WHPDWL]DGROHVSDUHFHLQFRPSUHQVLEOHTXHQRVH
FLHUUHSRUODQRFKHFRPRVXFHGHHQXQSDUTXHGHDWUDFFLRQHVRXQFHQWURFRPHUFLDO(QOD
PHGLGD HQ TXH HO HVSDFLR GHO WXULVPR HV XQ HVSDFLR GH RFLR \ FRQVXPR DO WXULVWD OH
VRUSUHQGHTXHHOFHQWURKLVWyULFRVHDDGHPiVXQOXJDUSDUDYLYLU¢+D\JHQWHTXHYLYHHQ
XQFHQWURFRPHUFLDO"VHSUHJXQWDQLQFUpGXORV
(Q HO FDVR GH &LXWDW 9HOOD HO GHVJDVWH GH OD FLXGDG HV WULSOH HO KDELWXDO GH VXV
KDELWDQWHV HO FDXVDGR SRU ORV WXULVWDV \ DGHPiV HO TXH JHQHUDQ OD PD\RUtD GH ODV
LQVWLWXFLRQHV S~EOLFDV TXH VLW~DQ VXV VHGHV HQ HO FHQWUR UHSUHVHQWDWLYR GH OD FLXGDG 6XV
KDELWDQWHV DGHPiV VH GHVGREODQ HQ GLYHUVRV JUXSRV ORV DQWLJXRV UHVLGHQWHV ORV
SURIHVLRQDOHV FRQ UHFXUVRV TXH VH LQFRUSRUDQ D YLYLU HQ HO FHQWUR KLVWyULFR \ ORV
LQPLJUDQWHVSURFHGHQWHVGHFXOWXUDVFRQXQXVRGHOHVSDFLRS~EOLFR\SULYDGRPX\GLYHUVR
HQJHQHUDOPX\LQWHQVR1HFHVDULDPHQWHODFDOOHVHXWLOL]DFRPRDOLYLRGHOKDFLQDPLHQWRTXH
HQPXFKRVFDVRVVHVXIUHHQODVYLYLHQGDV
8Q HMHPSOR TXH D SHVDU GH VXV GLILFXOWDGHV \ OHQWLWXG HQ OD HMHFXFLyQ SXHGH
LQWHUSUHWDUVH SRVLWLYDPHQWH SRU VX YROXQWDG GH TXH OD QXHYD FLXGDG FRPSDWLELOLFH ORV XVRV
GHODYLGDFRWLGLDQD\HOPDQWHQLPLHQWRGHODPHPRULDSRUXQDSDUWH\ODPRQXPHQWDOL]DFLyQ
GHKLWRVTXHHOWXULVPRSLGHSRURWUDHVHOFRQMXQWRHQWRUQRDO0HUFDWGH6DQWD&DWHULQD
  GH (QULF 0LUDOOHV \ %HQHGHWWD 7DJOLDEXH (O PHUFDGR VH KD FRQYHUWLGR HQ
³PLFUySROLV´ XQ QXGR XUEDQR FRQ OD Pi[LPD WHQVLyQ \ VXSHUSRVLFLyQ GH FDSDV
DUTXHROyJLFDV WUDPDV XUEDQDV \ VLVWHPDV FRQVWUXFWLYRV 'HEDMR GH XQD JUDQ FXELHUWD
RQGXODGD\DVLPpWULFDTXHVHDVRPDKDVWDHOSDVHRSHDWRQDO\GRQGHODVPLOHVGHSLH]DV
FHUiPLFDV KH[DJRQDOHV TXH FXEUHQ OD FRPSOHMD FXELHUWD UHFUHDQ ILJXUDV JLJDQWHVFDV GH
IUXWDVVHGHVDUUROODODYLGDFRWLGLDQDGHOFRPHUFLRGRQGHFRQYLYHQYHFLQRV\WXULVWDV7RGD
OD FRPSOHMLGDG GHO FRQMXQWR HQ HO TXH VREUH XQD SDUWH GHO PHUFDGR VH VXSHUSRQH HO
YROXPHQ GH XQDV YLYLHQGDV DVLVWLGDV SDUD SHUVRQDV PD\RUHV HQ IRUPD GH YRODGL]R
SURSRQH OD FRQWLQXLGDG GH ORV OOHQRV \ YDFtRV GHO HQWRUQR KLVWyULFR GH OD FLXGDG PHGLHYDO
SHTXHxDVSOD]DVILODPHQWRVGHFDOOHMXHODV\DQJRVWRVUHFRUULGRVLQWHULRUHV8QDREUDTXH
SHUPLWHTXHDIORUHQORVSDOLPSVHVWRVGHODFLXGDG 

&21&/86,21(6
8QDFLXGDGWHPDWL]DGDSXHVWDDGLVSRVLFLyQGHOWXULVPRGHPDVDVHVWiSDUDHVRSDUDVHU
FRQVXPLGD SDUD TXH ORV YLVLWDQWHV KDJDQ FRQ HOOD OR TXH TXLHUDQ LQFOXVR ROYLGDQGR ODV
IpUUHDV QRUPDV GH FRQGXFWD GH VXV SDtVHV GH RULJHQ SDUD HQVXFLDUOD FRPR EDVXUHUR \
EDxRS~EOLFR\SDUDJULWDU\KDFHUWRGRHOUXLGRTXHTXLHUDQ
/D WHPDWL]DFLyQ HQ GHILQLWLYD H[LJH OD WRSLILFDFLyQ \ HVSHFLDOL]DFLyQ IXQFLRQDO GH OD
FLXGDGTXHRIUH]FDVXFRPSOHMLGDGSDUDVHUFRQVXPLGDUiSLGDPHQWH0iVDOOiGHVXSURSLD
GLQiPLFDODVFLXGDGHVVHYHQSUHVLRQDGDVSDUDTXHVHWHPDWLFHQ\PXVHLILTXHQ\DPERV
SURFHVRV D PHQXGR VH PH]FODQ \ FRQIXQGHQ SRWHQFLDQGR OD FLXGDG FRPR PHUR FHQWUR
FRPHUFLDO DO DLUH OLEUH < VL QR VH VDEH LQWHJUDU \ UHVSHWDU HO HQWRUQR VRFLDO \ FXOWXUDO
H[LVWHQWHHVWRVSURFHVRVSXHGHQVHUPRUWDOHVSDUDODYLWDOLGDGGHODVFLXGDGHV\DODODUJD
SDUDHOSURSLRWXULVPR
(Q FRQFOXVLyQ SRGHPRV FRQVLGHUDU TXH HO VLVWHPD GH LWLQHUDULRV WXUtVWLFRV WLHQH VHQWLGR
FXDQGR VH VXSHUSRQH FRPR RWUR PiV VREUH ORV VLVWHPDV H[LVWHQWHV VLQ KDFHUORV
GHVDSDUHFHUFXDQGRODFLXGDG\HOSDLVDMHIXQFLRQDQUHDOPHQWHFRPRXQKLSHUWH[WRRFRPR
XQSDOLPSVHVWR(VWRHVORTXHVHGHIHQGLyFRQHOSUR\HFWRDOWHUQDWLYRGHODxRSDUDOD
IiEULFD&DQ5LFDUWUHLYLQGLFDGRSRUORVYHFLQRVWDOFRPRVHH[SOLFDPiVDGHODQWHHQHVWH
OLEUR
6LQ HPEDUJR OR TXH WLHQGH D VXFHGHU HV OR FRQWUDULR ODV FLXGDGHV VRQ LQYDGLGDV SRU
VtPERORV LPSOHPHQWDGRV FRPR HO FDVR GH OD WRUUH $JEDU SUR\HFWDGD SRU HO HTXLSR GH
-HDQ 1RXYHO XQ HPEOHPD GHO SRGHU GH XQD FRPSDxtD SULYDGD TXH VH KD HULJLGR HQ HO
VtPERORGHOD%DUFHORQDDFWXDODXQTXHVLJXLHQGRODSURSLDOyJLFDLGHROyJLFDGHODUTXLWHFWR
GH TXH VHD XQ DJUHVLYR REMHWR DLVODGR TXH GHVSUHFLD HO HVSDFLR S~EOLFR FLUFXQGDQWH 2
FRPRHOHGLILFLR0LUDGRUGH%ODQFD/OHy\095'9HQHOEDUULRUHVLGHQFLDOGH6DQFKLQDUUR
HQ 0DGULG TXH VH \HUJXH FRPR VtPEROR FXDQGR HQ UHDOLGDG HV XQD SURWHVWD HQ UHODFLyQ
FRQ XQ PHGLR XUEDQR PHGLRFUH VH FRQYLHUWH HQ LPDJHQ GH XQ EDUULR FRQ XQ XUEDQLVPR
QHIDVWR\FXDQGRODPD\RUSDUWHGHODVYLYLHQGDVGHOFRQMXQWRVRQSpVLPDV<HOORWLHQHTXH
YHUFRQHOHPEHOOHFLPLHQWRHSLGpUPLFRGHODVFLXGDGHVFRQODFRVPpWLFD(QHVWHVHQWLGR
0DGULGSUHWHQGHUtDVHUKR\ODFLXGDGPiVVH[\GH(VSDxD
/D~QLFDDOWHUQDWLYDSDUDFRQVHJXLUTXHORVWHMLGRVXUEDQRVKLVWyULFRVQRVHDQHQJXOOLGRV
SRU HO VLVWHPD WXUtVWLFR \ VXV KDELWDQWHV SDXODWLQDPHQWH H[SXOVDGRV UDGLFD HQ FRQVHJXLU
TXH ODV $GPLQLVWUDFLRQHV \ ORV RSHUDGRUHV WXUtVWLFRV LQYLHUWDQ HQ OD FDOLGDG GH YLGD GH
GLFKRV OXJDUHV D WUDYpV GH FXRWDV LPSXHVWRV \ WDVDV (V GHFLU TXH ORV EHQHILFLRV GHO
WXULVPR VH UHSDUWDQ HQWUH WRGRV \ WRGDV SRWHQFLDQGR OyJLFDV GH UHGLVWULEXFLyQ GHO p[LWR
IDYRUHFLHQGR SROtWLFDV VRFLDOHV GH YLYLHQGD UHYLVDQGR FRQWLQXDPHQWH HO SODQ GH XVRV \ HO
HTXLOLEULR GH ORV FRPHUFLRV SDUD HYLWDU TXH ODV WLHQGDV GH DOLPHQWDFLyQ VH VXVWLWX\DQ SRU
EDUHV \ UHVWDXUDQWHV WLHQGDV GH PRGD \ GH VRXYHQLUV SURPRYLHQGR OD FDOLGDG \
PDQWHQLPLHQWR GHO HVSDFLR S~EOLFR \ UHDOL]DQGR HTXLSDPLHQWRV HVSHFtILFRV SDUD OD YLGD
FRWLGLDQD²JXDUGHUtDVFHQWURVGHDVLVWHQFLD SULPDULD ELEOLRWHFDV HVFXHODV SDUD DGXOWRV
HWF²TXHFRPSOHPHQWHQ ORV HTXLSDPLHQWRV JHQpULFRV ²PXVHRV H LQVWLWXFLRQHV² TXH \D
SRVHHQHVWRVEDUULRV
2WUDFODYHHVODFUHDFLyQGHDXWpQWLFRVHVSDFLRVS~EOLFRVGHGRPLQLRS~EOLFR1RFRPROD
3RWVGDPHU 3ODW] HQ %HUOtQ FRQ XQD 6RQ\ 3OD]D TXH WLHQH XQDV UHJODV GH UpJLPHQ LQWHUQR
H[FOXVLYDV\SULYDGDVTXHORSURKtEHQFDVLWRGR\VRORSHUPLWHQFRQVXPLU/DV1RUPDVGHO
&LYLVPR HQ %DUFHORQD GHO DxR  WRPDURQ HQWUH RWURV SUHFHGHQWHV ODV UHJODV GH OD
6RQ\ 3OD]D TXH SURKtEHQ OD YHQWD DPEXODQWH LQWHUSUHWDU P~VLFD \ DFWXDU PHQGLJDU
PDQLIHVWDFLRQHV SROtWLFDV \ SURSDJDQGD LU HQ ELFLFOHWD \ HQ SDWtQ ORV SHUURV GHEHQ LU FRQ
FRUUHD\QRVHSXHGHDOLPHQWDUDODVSDORPDVQLOOHYDUJORERVRODQ]DUIXHJRVDUWLILFLDOHV
FXDOTXLHU LQIUDFFLyQ VH FDVWLJD FRQ XQD PXOWD /D SDUDGRMD HV TXH %DUFHORQD XQD FLXGDG
UHDO VH KD\D LQVSLUDGR HQ ODV UHJODV GH XQ FHQWUR FRPHUFLDO WHPDWL]DGR HV GHFLU XQD
FLXGDG QR UHDO (Q OD DFWXDOLGDG VH FRQVLGHUD D %DUFHORQD OD FLXGDG PiV QRUPDWLYD \
UHSUHVLYDGH(VSDxD
/RV DXWpQWLFRV HVSDFLRV S~EOLFRV VHUtDQ OXJDUHV FRPR HO &HQWUR &XOWXUDO GH 6kR 3DXOR
&&63  GH /XL] %HQHGLWR 7HOOH] \ (XULFR 3UDGR /RSHV \ HO 6(6& 3RPSHLD GH /LQD %R
%DUGL WDPELpQ HQ 6kR 3DXOR OD %LEOLRWHFD 3~EOLFD HQ 6HDWWOH (VWDGRV 8QLGRV GH 5HP
.RROKDDV \ -RVKXD 5DPXV R OD 0HGLDWHFD HQ 6HQGDL -DSyQ GH 7R\R ,WR OXJDUHV GH
DFFHVROLEUH\TXHRIUHFHQVHUYLFLRVJUDWXLWRV 

/DFXHVWLyQFODYHHVTXHHOWXULVPRGHPDVDVHVVLHPSUHHOPLVPR\ORTXHVRQGLVWLQWDV
VRQ ODV FLXGDGHV 3RU HOOR FDGD FLXGDG GHEH IRUWDOHFHU VX PDVD FUtWLFD \ HODERUDU
FRQWLQXDPHQWHVXVFULWHULRVQRUPDV\OtPLWHVFDUDFWHUtVWLFRVSDUDTXHVHDQFXPSOLGRVSRU
ORVYLVLWDQWHV1RDVXPLUORHVPRWLYRGHLQFRKHUHQFLDV(VPX\VLQWRPiWLFRTXHXQRGHORV
PRQXPHQWRV PiV YLVLWDGRV GH (VSDxD VHD OD 6DJUDGD )DPLOLD \ TXH SDUD PXFKRV
EDUFHORQHVHV HVWD VHD XQ VtPEROR GH PDO JXVWR DOJR TXH QL VH FRQWHPSOD (O PLVPR
$\XQWDPLHQWRGH%DUFHORQDQXQFDOHKDRWRUJDGRHOSHUPLVRGHREUDV+HDTXtODPHWiIRUD
GHORVHIHFWRVGHOWXULVPRDOJRSUHVHQWHSHURTXHSUHIHULPRVQRPLUDUGHFDUDPLHQWUDV
ORV KRWHOHV VLJXHQ H[SDQGLpQGRVH \ ODV FDOOHV VRQ LQYDGLGDV SRU DXWRFDUHV \ JUXSRV GH
WXULVWDV(QHVWDGLUHFFLyQODVFLXGDGHVHVWiQFRQVWUX\HQGRLGHQWLGDGHV\PHPRULDVIDOVDV
VLQFDSDFLGDGGHDFXPXODULQYHQWDQGRFDGDDxRDFRQWHFLPLHQWRVTXHVHUHSLWHQGHFLXGDG
HQ FLXGDG LQFDSDFHV GH FUHDU VX SURSLD WUDGLFLyQ FRQWHPSRUiQHD GH SUHYHU GHEDWLU \
SURPRYHU OD SDUWLFLSDFLyQ VREUHH[FLWDGDV GH DFRQWHFLPLHQWRV SREUHV HQ KHUHQFLDV
SURIXQGDV<HOSULPHUSDVRHVWRPDUFRQFLHQFLDGHODVFRPSOHMDVLPSOLFDFLRQHVGHOWXULVPR
\ODGLILFXOWDGHQGHILQLUFDSDFLGDGHVGHFDUJD\HQPDUFDUORVOtPLWHV(QGHILQLWLYDVHWUDWD
GH FRQVHJXLU PDQWHQHU HO ³GHUHFKR D OD FLXGDG´ DKRUD XQ GHUHFKR TXH FRPSDUWHQ
FLXGDGDQRV KDELWDQWHV \ FLXGDGDQRV WXULVWDV FRQ VXV UHVSHFWLYDV REOLJDFLRQHV XQD FDUWD
GHGHEHUHV\GHUHFKRVTXHHOWXULVWDFXLGHHOOXJDUTXHYLVLWDSDUDTXHWRGRVGLVIUXWHQOD
FLXGDG VLQ TXH HVWD YD\D VLHQGR GLOXLGD SDUD TXH HO SDLVDMH QR VH GHWHULRUH SDUD TXH HO
SODQHWD VH VDOYH FRQ OD FRQFLHQFLD GH TXH ORV UHFXUVRV TXH DWUDHQ DO WXULVPR VRQ XQD
KHUHQFLDFRP~QGHODKXPDQLGDG
/DPHQWDEOHPHQWHHVPX\FODULYLGHQWHODYLVLyQFtQLFD\DSRFDOtSWLFDGH5HP.RROKDDVHQ
VX H[SRVLFLyQ 7KH *XOI HQ OD %LHQDO GH $UTXLWHFWXUD GH 9HQHFLD GHO  GHGLFDGD D ODV
QXHYDV FLXGDGHV HQ .XZDLW 4DWDU $EX 'KDEL 'XEiL \ 5DV $O .KDLPDK \ FHQWUDGD HQ HO
HVSHFWiFXOR XUEDQR FRQWHPSRUiQHR .RROKDDV HVFULEH ³)UHQWH D ODV FULVLV HFROyJLFDV HO
WXULVPR GH PDVDV VH GLULJH D FRQWHPSODU HO GHOLULR GHO FRQVXPR YLVLWD ORV OXJDUHV PiV
DPHQD]DGRV GH GHVDSDULFLyQ ORV ELHQHV FXOWXUDOHV \ SDLVDMtVWLFRV D SXQWR GH VHU
GLVXHOWRV´
98/1(5$%,/,'$'(6

(QHVWHSDQRUDPDQRHVOtFLWRPLUDUVRORDODDUTXLWHFWXUDGHORVSRGHURVRVVLQRTXHODFODYHHVWiHQYLVLELOL]DUODV
LQMXVWLFLDV YHU ORV VHFWRUHV PiV YXOQHUDEOHV GH QXHVWUD VRFLHGDG SDUD FRQRFHU ODV JUDQGHV KHULGDV TXH GHEHUtDQ
VDQDUVH(OIXWXURGHODDUTXLWHFWXUDUDGLFDHQWHQHUXQDPD\RUHPSDWtDKDFLDODGLYHUVLGDGGHORVXVXDULRV\HQXQD
LQFRUSRUDFLyQ DFWLYD GH HVWRV 7DPELpQ HQ PHMRUDU \ UHKDFHU WRGDV DTXHOODV SDUWHV PDUJLQDOHV \ VXEXUELDOHV GHO
WHUULWRULR
7UDXPDVXUEDQRVHOERUUDGRGHODPHPRULD

/DWHPDWL]DFLyQGHODVFLXGDGHVHVHOUHVXOWDGRGHODSpUGLGDGHODPHPRULDFUtWLFD8QDGH
ODV FDUDFWHUtVWLFDV GH ODV VRFLHGDGHV FRQWHPSRUiQHDV HV TXH D SHVDU GHO DXPHQWR
JHQHUDO GH ORV LQJUHVRV SHU FiSLWD HQ OD ~OWLPD GpFDGD GHO VLJOR ;; \ OD SULPHUD GHO ;;,
WDPELpQKDQDXPHQWDGRORVULHVJRV\ODVIUDJLOLGDGHV7RGRHOORVHSURGXFHVREUHODEDVH
GHXQDWHQGHQFLDJHQHUDOGHOVLVWHPDGHFRQVWUXFFLyQGHODVFLXGDGHVDERUUDUODPHPRULD
XUEDQDFRQHOREMHWLYRGHGHELOLWDUODVUHGHVVRFLDOHV\FRPXQLWDULDVTXHSRGUtDQRSRQHUVH
DGHWHUPLQDGRVSUR\HFWRVXUEDQRV\SRUWDQWRHFRQyPLFRV(QWUDPRVDTXtHQRWURGHORV
HQWUHVLMRV GH ORV SURFHVRV FRQWHPSRUiQHRV GH XUEDQL]DFLyQ OD GLVROXFLyQ GH OD PHPRULD
SOXUDO \ FRPSOHMD XQ PHFDQLVPR SROtWLFR TXH SUHWHQGH LPSRQHU QXHYDV LGHQWLGDGHV
FROHFWLYDV FRQFHSFLRQHV VLPSOHV \ PDQLSXODGDV GH OR VRFLDO &LHUWRV WUDXPDV XUEDQRV VH
SURGXFHQGHPDQHUDVLOHQFLRVD\ODUYDGD3RGHPRVKDEODUGHXQVLVWHPiWLFRERUUDGRGHOD
PHPRULD FROHFWLYD TXH VH SURGXFH HQ VLWXDFLRQHV QR H[SOtFLWDPHQWH WUDXPiWLFDV VLQ
FRQIOLFWRV VRFLDOHV DSDUHQWHV GH XQD PDQHUD OHQWD \ RFXOWD FRPR FRQVHFXHQFLD GHO
GHVDUUROOR WDUGRFDSLWDOLVWD \ QHROLEHUDO GH ODV JUDQGHV XUEHV TXH TXLHUHQ LPSRVWDU
LGHQWLGDGHV VLPSOHV SDUD HO FRQWURO LQWHUQR \ SDUD OD FRPXQLFDFLyQ H[WHUQD KDFLD ODV
LQYHUVLRQHV \ HO WXULVPR \ TXH VH WUDQVPLWHQ FRQYHQLHQWHPHQWH HGXOFRUDGDV D WUDYpV GH
FDPSDxDVSXEOLFLWDULDV
(QWRGRIHQyPHQRGHWUDQVIRUPDFLyQXUEDQDVHSURGXFHXQSURFHVRVLPLODUTXHPiVDOOi
GHODSXJQDGHORVLQWHUHVHVHFRQyPLFRV\GHODVSDXWDVGHILQLGDVSRUHOSRGHUPXQLFLSDOR
HVWDWDO VH GLULPH VLHPSUH HQ HO WHUUHQR GH ODV GHFLVLRQHV TXp VH PDQWLHQH TXp VH
WUDQVIRUPD TXp VH GHVWUX\H \ FyPR VH OOHYDQ D FDER GLFKRV SURFHVRV (V SRU HOOR SRU OR
TXH OD FXHVWLyQ GHO SDWULPRQLR DUTXLWHFWyQLFR XUEDQR \ SDLVDMtVWLFR UHVXOWD WDQ FODYH \
VLQWRPiWLFD *HQHUDOPHQWH VH WUDWD GH XQ SURFHVR OHQWR \ VRODSDGR TXH HQ RFDVLRQHV
HVWDOOD FRPR XQD OXFKD XUEDQD SDUD GHIHQGHU XQ HQFODYH KLVWyULFR XQ HGLILFLR XQ HVSDFLR
S~EOLFRRXQSDUTXH
$ UDt] GH ODV GLFWDGXUDV KLVWyULFDV ²FRPR OD GH $GROI +LWOHU HQ $OHPDQLD %HQLWR
0XVVROLQL HQ ,WDOLD R )UDQFR HQ (VSDxD² \ GH ODV GLFWDGXUDV FRQWHPSRUiQHDV ²FRPR OD
FKLQD² HO SURFHVR GH VXVWLWXFLyQ GH ODV SDUWHV KLVWyULFDV SRU DYHQLGDV \ PRQXPHQWRV
WRWDOLWDULRV TXH H[SXOVDQ D VXV KDELWDQWHV \ DUUDVDQ FRQ OD PHPRULD KD VLGR PXFKR PiV
GUiVWLFR\WUDXPiWLFR (QHVWRVFDVRVODIDOWDGHOLEHUWDGHV\GHUHFKRVVRQWDQGLUHFWRV\


IiFLOPHQWH YLVLEOHV TXH TXHGDQ SDUD HVFDUQLR D WUDYpV GH ORV WLHPSRV /DV UHVWLWXFLRQHV \
ERUUDGRVGHODPHPRULDHQODVGHPRFUDFLDVVHSURGXFHQGHPDQHUDPiVVLELOLQDHQYXHOWDV
HQHOJODPRXUGHOFRQVXPRODPRGHUQLGDG\ODILHVWD
7DO FRPR KD HVFULWR $QGUp &RUER] OD FLXGDG HV XQ KLSHUWH[WR TXH KD\ TXH GHVFLIUDU XQ
KLSHUWH[WR KHFKR GH HVWUDWRV PXFKRV GH ORV FXDOHV KDQ TXHGDGR RFXOWRV R ERUUDGRV QR
VROR SRU JXHUUDV VLQR WDPELpQ SRU SURFHVRV GH GHVWUXFFLyQ SODQLILFDGD \ VLVWHPiWLFD GHO
WHMLGRKLVWyULFRSDUDVHUVXVWLWXLGRVSRUQXHYRVSURGXFWRVXUEDQRV 

(O IHQyPHQR GHO ERUUDGR LQWHQFLRQDGR GH OD PHPRULD KD VLGR DQDOL]DGR HQ GLIHUHQWHV
HVWXGLRVSRUDXWRUHVFRPR0LNH'DYLVHQ&LXGDGGHFXDU]R$UTXHRORJtDGHOIXWXURHQ/RV
ÈQJHOHV 1RUPDQ0.OHLQHQ7KH+LVWRU\RI)RUJHWWLQJ/RV$QJHOHVDQGWKH(UDVXUHRI


0HPRU\  0 &KULVWLQH %R\HU HQ 7KH &LW\ RI &ROOHFWLYH 0HPRU\  R 'RORUHV +D\GHQ HQ
 

7KH3RZHURI3ODFH 

(/&21&(372'(0(025,$
(Q XQ FRQWH[WR PiV JHQHUDO D OR ODUJR GH OD pSRFD SRVPRGHUQD VH KD SDVDGR GH XQD
YLVLyQWRWDOL]DGRUD\PRQROtWLFD²FRPRODTXHSODQWHDEDQHQWUHRWURV$OGR5RVVLR-UJHQ
+DEHUODV²EDVDGDHQPRGHORVHQODYROXQWDGGHUHVWDXUDUHOGRPLQLRS~EOLFRHQODFLXGDG
HQODDGPLUDFLyQSRUHOSUR\HFWRUDFLRQDO\VRFLDOGHOD,OXVWUDFLyQ\HQODHPSDWtDSRUODV
WRWDOLGDGHVSHUGLGDVDXQDVLWXDFLyQTXHGHVGHODGpFDGDGHVHKDSXHVWRpQIDVLV
HQ OD SOXUDOLGDG HQ OD VHQVLELOLGDG SRU ODV PLQRUtDV HQ OD DFHSWDFLyQ GH YRFHV GLVWLQWDV
PXMHUHVDQFLDQRVQLxRVKRPRVH[XDOHVPDUJLQDGRVHWF 6LKDFLDODGpFDGDGHVH
LQWHQWyFRQVWUXLUXQFRQFHSWRLGHDOGHPHPRULDFROHFWLYD VLJXLHQGRSRUHMHPSORD0DXULFH
+DOEZDFKV DSDUWLUGHODGpFDGDGHHVWHFRQFHSWRVHKDLGRGHFRQVWUX\HQGRHQGRV
GLUHFFLRQHV RSXHVWDV SRU XQ ODGR SRU SDUWH GHO VLVWHPD SURGXFWLYR VH KDQ UHIRU]DGR ORV
PHFDQLVPRV GH ERUUDGR \ VXVWLWXFLyQ GH OD PHPRULD \ SRU RWUR SRU SDUWH GH ORV
PRYLPLHQWRV VRFLDOHV VH KD UHLYLQGLFDGR OD GLYHUVLGDG GH PHPRULDV H[LVWHQWHV HQ FDGD
FLXGDGGHIHQGLHQGRVXYLVLELOL]DFLyQ\GHVYHODQGRFyPRFRQYLYHQRFyPRXQDVVHLPSRQHQ
VREUH ODV RWUDV $PERV SURFHVRV DQWDJyQLFRV KDQ LQFUHPHQWDGR OD FRPSOHMLGDG \
FRQIOLFWLYLGDGGHODFRQVWUXFFLyQXUEDQD
8QD GH ODV PiV JUDQGHV DPELJHGDGHV SDUDGRMDV \ GLILFXOWDGHV TXH KD DSRUWDGR OD
FRQGLFLyQSRVPRGHUQDVRQORVSURFHVRVGHHOLPLQDFLyQGHODPHPRULDUHDO\ODLQYHQFLyQGH
PHPRULDV WHPiWLFDV H LPSRVWDGDV (V HO FDVR GH OD IDFLOLGDG FRQ OD TXH ODV FXOWXUDV
SRVPRGHUQDV FUHDQ LQPHGLDWDPHQWH WUDGLFLRQHV IHVWLYDV \ FHOHEUDFLRQHV H LPSRQHQ
HGLILFLRV ²UDVFDFLHORV R FHQWURV FRPHUFLDOHV² FRPR LPSUHYLVWRV VtPERORV GH ODV
FLXGDGHV&RQHOORVHSURGXFHXQSURFHVRSVLFROyJLFRGH³GLVWUDFFLyQ´FXDQGRVLQTXHOD
FROHFWLYLGDGVHDPX\FRQVFLHQWHGHHOORGHJROSHXQDIDOVDPHPRULDH[SXOVDDODH[LVWHQWH
TXH VH VXVWLWX\H SRU XQD LPDJR (Q HVWH VHQWLGR VH WUDWD D ORV EDUULRV \ D ODV FLXGDGHV
FRPR D ORV UHSOLFDQWHV GH %ODGH 5XQQHU   D TXLHQHV VH OHV LPSODQWD XQD PHPRULD
IDOVD8QDYDULDQWHGHHVWHSURFHVRGHGLVWUDFFLyQGHODPHPRULDHVFXDQGRVHSURGXFHOD
DSURSLDFLyQ GH XQ VLWLR DO YDFLDU VX FRQWHQLGR VLPEyOLFR \ FDPELDU VX VLJQLILFDGR 6ROR OD
PHPRULD PDQLSXODEOH HQ SURYHFKR GH ORV RSHUDGRUHV VH FRQVLGHUD XQD SLH]D TXH GD
JODPRXUDOD]RQD(VWHSURFHVRGHLQYHQFLyQLQVWLWXFLRQDOGHODVWUDGLFLRQHVFRQVXVWDQFLDO
FRQ OD KLVWRULD KXPDQD SRVHH HQ OD DFWXDOLGDG XQD PD\RU FRPSOHMLGDG \ GLILFXOWDG (Q
FXDOTXLHUFDVRVLODVKDELOLGDGHVGHODVWHFQRORJtDVGHODFRPXQLFDFLyQKDQDXPHQWDGRFRQ
HO ILQ GH LPSRQHU QXHYDV PHPRULDV WDPELpQ HVWDV PLVPDV WHFQRORJtDV KDQ SRWHQFLDGR OD
FDSDFLGDG VRFLDO SDUD UHVLVWLU UHLYLQGLFDU \ FRQRFHU DTXHOORV WHVWLPRQLRV TXH TXLHUHQ
ERUUDUVH9HDPRVDOJXQRVFDVRVGHHVWXGLR

18(9$<25.
8QHMHPSORHPEOHPiWLFRGHERUUDGRGHPHPRULDHV%DWWHU\3DUNHQ1XHYD<RUNXQFDVR
TXH KD VLGR DQDOL]DGR SRU 0 &KULVWLQH %R\HU  /XJDU FRQ XQD SRVLFLyQ HVWUDWpJLFD \


SULYLOHJLDGDHQ0DQKDWWDQHVWDEDGHVWLQDGRDODFRQVWUXFFLyQGHYLYLHQGDVVRFLDOHVVHJ~Q
HOSODQGLUHFWRUGH$xRVPiVWDUGHVHGHFLGLyFUHDUXQFHQWURILQDQFLHUR\XQD]RQD
GHYLYLHQGDVGHOXMRSDUDORVVHFWRUHVSUy[LPRVDODVILQDQ]DVGH:DOO6WUHHW(OUHVXOWDGR
ILQDO VH DUWLFXOD HQ WRUQR D XQ JUDQ FHQWUR FRPHUFLDO \ GH QHJRFLRV SUR\HFWDGR FRPR XQ
HVFHQDULRFLQHPDWRJUiILFRFRQXQDVIDOVDVYDULHGDG\PHPRULD%DWWHU\3DUNFRQWLHQHXQD
DSDUHQWHGLYHUVLGDGGHUHVWDXUDQWHV\FRPLGDVWRGRVSURSLHGDGGHODVPLVPDVHPSUHVDV
\ IUDQTXLFLDV 8QD YH] WHUPLQDGR HO FHQWUR FRPHUFLDO \ GH QHJRFLRV HQ  VH
SURPRYLHURQILHVWDV\FHOHEUDFLRQHVGHLQDXJXUDFLyQTXHGXUDURQFLQFRGtDV\TXHFUHDURQ
XQDIDOVDWUDGLFLyQFRPROHJLWLPDFLyQUHWyULFD\DKLVWyULFDTXHLQWHQWDRFXOWDUODPHPRULDGH
ORTXHH[LVWtD\GHDTXHOORTXHHVWDEDSUHYLVWRFRQVWUXLUHQHOOXJDU8QDYH]LQWURGXFLGRXQ
QXHYR HVSDFLR ODERUDO SDUD OD pOLWH GH ODV ILQDQ]DV VH SURPRYLy OD %DWWHU\ 3DUN &LW\ OD
]RQD SURSLDPHQWH GH YLYLHQGDV XQ EDUULR GH OXMR OOHQR GH ILOWURV \ EDUUHUDV SRFR YLVLEOHV
UHSOHWRGHFiPDUDVGHYLJLODQFLD\GHSROLFtDFRQVWUXLGRSDUDDIURQWDUHVFHQRJUiILFDPHQWH
GRV SUHPLVDV FUtWLFDV FRQ HO WHUULWRULR GLVSHUVR GHO VXEXUELR OD FLXGDG GHQVD FRPSDFWD \
YDULDGD\ODFLXGDGVRVWHQLEOH3DUDFXPSOLUDPERVUHTXLVLWRVKDFHIDOWDDOJRPiVTXHXQD
LPDJHQVLPSOLILFDGDKDFHIDOWDODLQFRUSRUDFLyQUHDOGHODGLYHUVLGDGVRFLDO\GHORVDFWRUHV
HFRQyPLFRV
3DUDFRPSOHWDUODHVFHQRJUDItDXUEDQDVHLQWURGXMHURQQXHYRVVtPERORVKLVWyULFRVIDOVRV
FRPR HO PRQXPHQWR GHGLFDGR D ORV LUODQGHVHV HPLJUDGRV D 1XHYD <RUN D FDXVD GH ODV
HSLGHPLDV\ODKDPEUXQDHQHOVLJOR;9,,,$OQRWHQHUQDGDTXHYHUFRQQLQJXQDSUHH[LVWHQFLD
SDWULPRQLDO GHO HQWRUQR HVWH PRQXPHQWR FRQVWUXLGR FRQ SLHGUD SURFHGHQWH GH ,UODQGD
JHQHUDLQWHQFLRQDGDPHQWHXQDOHFWXUDFRQIXVDGHVXVLJQLILFDGR
2WURHMHPSORHPEOHPiWLFRHVODWHPDWL]DFLyQGHXQRGHORVHQFODYHVPiVUHSUHVHQWDWLYRV
GH 1XHYD <RUN 7LPHV 6TXDUH /D ]RQD VH KDEtD FRQYHUWLGR HQ OD GpFDGD GH  HQ XQ
OXJDU KtEULGR \ EDVWDUGR GRQGH VH PH]FODEDQ WHDWURV \ VH[ VKRSV HQ XQ IHQyPHQR
LPSURSLR SDUD OD FLXGDG GH OD VHJXULGDG SURSXJQDGD SRU HO SRU HQWRQFHV DOFDOGH 5XG\
*LXOLDQL\SDUDVHUHVSDFLRGHFRQVXPR\RFLRGHODIDPLOLDHVWDGRXQLGHQVH3RUHOORSDUD
VX UHXUEDQL]DFLyQ VH OODPy HQ  D 'LVQH\ &RPSDQ\ OD HPSUHVD PDGUH GHO
HQWUHWHQLPLHQWR GH FRQVXPR TXH HQFDUJy HO SUR\HFWR D 5REHUW $ 0 6WHUQ 7UDV VX
UHPRGHODFLyQ OD ]RQD VH KD FRQYHUWLGR HQ XQD SDUWH GH OD FLXGDG WHPDWL]DGD TXH UHFUHD
XQDPHPRULDIDOVDEDVDGDHQXQDHGDGGHRURPtWLFDGHODGpFDGDGHDODGH
TXH KD OLPSLDGR OD H[LVWHQWH \ TXH VH H[SUHVD FRQ XQD WHFQRORJtD SXEOLFLWDULD
FRQWHPSRUiQHD < OR TXH HV PiV LPSRUWDQWH SUHVHQWD XQD IDOVD GLYHUVLGDG GH RSFLRQHV
SXHVWR TXH WRGR HVWi FRQWURODGR \ SURJUDPDGR SRU 'LVQH\ 6L OD GLYHUVLyQ HV FRQVXPR
HVWH VH WRUQD GLYHUVLyQ JUDFLDV D ORV HOHPHQWRV GH SURSDJDQGD GH SURGXFWRV D HVFDOD
JLJDQWH \ PHJDSDQWDOODV FRQ ODV FRWL]DFLRQHV GH EROVD TXH LQYDGHQ ODV IDFKDGDV (Q HO
FHQWURGHOHVSDFLRS~EOLFRGRVSDEHOORQHVUHVXOWDQPX\VLQWRPiWLFRVXQRGHODSROLFtD\HO
RWURSDUDHOUHFOXWDPLHQWRGHVROGDGRV
/D FUtWLFD -RDQ 2FNPDQ KD H[SOLFDGR FRQ SUHFLVLyQ HVWH SURFHVR GH SDVR GH OD FLXGDG
GHO SHFDGR D OD FLXGDG GHO VLJQR \ HVWH PHFDQLVPR XUEDQR SHQVDGR SDUD ³GHMDU 7LPHV
6TXDUH OLVWR SDUD %ODQFDQLHYHV´ FRQYLUWLpQGROD HQ XQ LQPHQVR WHDWUR DO DLUH OLEUH
HVSHFWiFXORGHSDQWDOODV\QHRQHVXQJUDQFLQHXUEDQRGHOtPLWHVLQGHWHUPLQDGRV 
/26È1*(/(6
/RV ÈQJHOHV OD FLXGDG PtWLFD GH +ROO\ZRRG DTXHOOD TXH SDUD 5H\QHU %DQKDP  HUD HO

PRGHOR GH FLXGDG SDUDGLVtDFD \ PRGHUQD SRU VX FOLPD VXV SOD\DV SDUD KDFHU VXUI VXV
ODGHUDV GH PRQWDxD VXV SDLVDMHV GH YDOOHV \ VXV DXWRSLVWDV GH JROSH HQ OD GpFDGD GH
 VH UHYHOy FRPR XQ PRGHOR GH GLVWRStD HQ HO OXJDU GH OD VHJUHJDFLyQ \ HO
HQIUHQWDPLHQWRVRFLDOHOHMHPSORGHXQDPDTXLQDULDSHUIHFWDGHOERUUDGRVLVWHPiWLFRGHOD
PHPRULD DQDUTXLVWD VRFLDOLVWD \ DOWHUQDWLYD GH OD FLXGDG D SULQFLSLRV GHO VLJOR ;; /RV
FRQIOLFWRVVRFLDOHV\pWQLFRVODWHQWHVWXYLHURQVXHFORVLyQHQORVULRWVGHTXHSXVLHURQ
HQHYLGHQFLDGpFDGDVGHPDOHVWDU
(QVXVOLEURV0LNH'DYLV  \ 1RUPDQ 0 .OHLQ KDQ UHVFDWDGR OD WUDGLFLyQ GH ODV QRYHODV


GLVWySLFDV\HOFLQHQHJURTXHDORODUJRGHWRGRHOVLJOR ;;KDEtDQSUHVHQWDGRODFLXGDG
GH/RVÈQJHOHVFRPROXJDUGHODYLROHQFLDODGHVLQWHJUDFLyQ\HOFRODSVRFLYLOHQGHILQLWLYD
FRPRHOPiVSULYLOHJLDGRHVFHQDULRGHODSRFDOLSVLVSHUPDQHQWH\SUHPRQLFLyQGHOHVWDOOLGR
GHFRQIOLFWRVUHDOHV
/DV DXWRSLVWDV \ ORV HGLILFLRV HPEOHPiWLFRV GH /RV ÈQJHOHV VRQ XQD UHVSXHVWD D HVWD
UHDOLGDG FRQIOLFWLYD GH XQD FLXGDG OOHQD GH XQD SREUH]D TXH RFXOWD \ GH XQD GLYHUVLGDG
pWQLFD D SXQWR GH HVWDOODU 3RU HOOR ODV DXWRSLVWDV DWUDYLHVDQ GH PDQHUD WUDXPiWLFD ORV
EDUULRV RFXOWRV D OD YLVWD GHVGH HO FRFKH (Q OD SHOtFXOD 8Q GtD GH IXULD   GH -RHO
6FKXPDFKHU HO SURWDJRQLVWD DWUDYLHVD D SLH GLVWLQWRV EDUULRV SRQLHQGR HQ HYLGHQFLD HVWH
URPSHFDEH]DV H[SORVLYR GH iUHDV PDUJLQDGDV GHVFRQRFLGDV GRQGH XQ H[WUDxR HV
SHOLJURVR \ FRUUH SHOLJUR SRU OD LQH[LVWHQFLD GH FyGLJRV XUEDQRV FRPSDUWLGRV \ SRU OD
H[WUDxH]DTXHFDXVDVXSURSLDSUHVHQFLD<HO+RWHO%XHQDYHQWXUDREUDGH-RKQ3RUWPDQ
DODUGHD HQ VX SURPRFLyQ GH TXH GHVGH pO SRU VX PRUIRORJtD DFFHVRV \ DSDUFDPLHQWRV
QRKD\SRVLELOLGDGGHWHQHUODGHVDJUDGDEOHYLVLWDGHORVYHFLQRVUHVLGHQWHVHQORVEDUULRV
GHDOUHGHGRU

%(5/Ë1
(O%HUOtQFRQWHPSRUiQHRHVRWURFDVRHPEOHPiWLFRHVSHFLDOPHQWHHQ3RWVGDPHU3ODW](Q
HVWD SOD]D VH KDQ ERUUDGR ORV YHVWLJLRV GH PHPRULD XUEDQD FRQ OD FRQVWUXFFLyQ GH XQD
DUTXLWHFWXUD JHQpULFD FRQ XQD YROXQWDG FRQWUDULD DO UHIRU]DPLHQWR \ HVSHFLILFLGDG GH OD
FLXGDG (QHVWHFDVRVHWUDWDGHXQDFLXGDGGHVWUXLGDSRUXQDJXHUUD\SRUODKHULGDGHOD


GLYLVLyQGHO0XURGH%HUOtQHQWUH\&LHUWDPHQWHHQDOJXQRVFDVRVWDOFRPROHV
VXFHGHDODVSHUVRQDVODVFROHFWLYLGDGHVSUHILHUHQQRUHFRUGDUORVHSLVRGLRVPiVSHVDGRV
GHVXSDVDGR6LQHPEDUJRVLHVFRQGHPRVODVKHULGDVSDUDTXHQRVHYHDQQLUHFXHUGHQ
YROYHUHPRVDFDHUHQORVPLVPRVHUURUHV
(O FRQMXQWR GH 3RWVGDPHU 3ODW] IXH SURPRYLGR SRU JUDQGHV HPSUHVDV 0HUFHGHV %HQ]
6RQ\ \ +\DWW  \ FRQVWUXLGR SRU ILUPDV DUTXLWHFWyQLFDV LQWHUQDFLRQDOHV &RQVWLWX\H XQ
HPEOHPDGHERUUDGRGHORVYHVWLJLRVH[LVWHQWHVHQHVWHFDVRODPHPRULDLJQRPLQLRVDGHO
0XURGH%HUOtQ\ODHOLPLQDFLyQGHOFRQWDFWRFRQHOPXQGRUHDOTXHORFLUFXQGDEDUULRVGH
HPLJUDQWHV\HO.XOWXUIRUXP6HWUDWDGHXQFDVRH[WUHPRGHVHJUHJDFLyQGHVHUWLHUUDGH
QDGLH KD SDVDGR D VHU XQ HQFODYH GH VXSHUOXMR FRQ XQD PRUIRORJtD \ XQRV HOHPHQWRV
XUEDQRV SUR\HFWDGRV GHOLEHUDGDPHQWH SDUD DLVODUVH GHO .XOWXUIRUXP \ GHO UHVWR GH OD
FLXGDG
(Q ORV FDVRV TXH VH WUDWDQ HQ HVWH WH[WR VH SURGXFH XQD SDXODWLQD LQMHUHQFLD GHO VHFWRU
SULYDGRHQODJHVWLyQGHXQHVSDFLRS~EOLFRTXHDFDEDFRQYLUWLpQGRVHHQOXJDUGHFRQWURO\
GHQRUPDV(OHGLILFLR6RQ\FX\DSOD]DFXELHUWDFRQVWLWX\HHOFRUD]yQPLVPRGH3RWVGDPHU
3ODW] HV XQ HMHPSOR FODUR GH HVWD SULYDWL]DFLyQ GHO HVSDFLR S~EOLFR GRQGH VROR VH
SRWHQFLDQ DFWLYLGDGHV GH FRQVXPR \ GRQGH HQ FDGD DFFHVR XQD SHTXHxD SODFD FRQ XQ
³UHJODPHQWR GH OD FDVD´ SURKtEH FXDOTXLHU DFFLyQ O~GLFD R UHLYLQGLFDWLYD PDQLIHVWDUVH OD
YHQWDDPEXODQWHODPHQGLFLGDGDQGDUHQELFLRSDWLQHVMXJDU\FRUUHUOOHYDUJORERVXWLOL]DU
IXHJRVDUWLILFLDOHVRVHQWDUVHHQODVHVFDOHUDVWDPSRFRSXHGHQGHMDUVHVXHOWRVORVSHUURV
QLGDUGHFRPHUDODVSDORPDV
(VWD LQMHUHQFLD HQ HO FRQWURO GHO HVSDFLR \ GH ORV VLVWHPDV S~EOLFRV JHVWLRQDGRV SRU OD
VHJXULGDG SULYDGD KD HQFRQWUDGR VXV UHIHUHQWHV GH OHJLWLPDFLyQ HQ ORV DWDTXHV GHO
UL]RPiWLFR QLKLOLVPR WHUURULVWD HO  GH VHSWLHPEUH GHO  HQ ODV 7RUUHV *HPHODV GH
1XHYD<RUNHOGHPDU]RGHOHQORVIHUURFDUULOHVGHDFFHVRD0DGULGHQQRYLHPEUH
GHOHQHQFODYHVGH%RPED\HWF/DPHQWDEOHPHQWHHVWRVDWHQWDGRVDORXUEDQR\D
OR FROHFWLYR FRPR EODQFR GH OD YLROHQFLD \ GHO IDQDWLVPR KDQ WUDQVIRUPDGR ORV PRGRV GH
YLGD XUEDQRV (O IHQyPHQR GHO WHUURULVPR DOLPHQWD OD KLVWHULD GHO FRQWURO IUHQWH D OD
LQVHJXULGDG
(Q HVWH VHQWLGR UHVXOWD HPEOHPiWLFR HO FDPELR GH PHQWDOLGDG GHVGH OD FRQILDQ]D D OD
GHVFRQILDQ]DTXHVHSURGXMRHQ7RNLRWUDVHODWDTXHDOPHWURFRQJDVWy[LFRHQ(Q
XQD FXOWXUD WUDGLFLRQDO H LVOHxD FRPR OD MDSRQHVD OD FRQILDQ]D VH WRUQy HQ XQD FXOWXUD GHO
PLHGR \ GH OD GHVFRQILDQ]D KDFLD HO RWUR HO H[WUDxR HO HPLJUDQWH /DV SXHUWDV GH ODV
FDVDVPXFKDVGHHOODVKDVWDHQWRQFHVDELHUWDVVHFHUUDURQFRQOODYH

%$5&(/21$
2WUR FDVR HYLGHQWH GH OD VLVWHPiWLFD GHVWUXFFLyQ GH ORV WHMLGRV VRFLDOHV FRQ PHPRULD \
FRQFLHQFLD GH FODVH VH KD SURGXFLGR HQ %DUFHORQD (O ERUUDGR SURJUDPDGR \ VLVWHPiWLFR
GH OD PHPRULD LQGXVWULDO \ REUHUD HQ HVSHFLDO OD OHQWD GHVWUXFFLyQ GHO WHMLGR VRFLDO \
SURGXFWLYRGHEDUULRVFRPR&LXWDW9HOOD\HO3REOHQRX YDVHJUHJDQGRDODSREODFLyQHQXQ
SURFHVR TXH UHIXHU]D OD VHSDUDFLyQ HQWUH ODV pOLWHV \ ODV PDVDV GH SREODFLyQ PRGHVWD \
TXHSRWHQFLDODVXVWLWXFLyQGHORVDQWLJXRVUHVLGHQWHVSRUODVQXHYDVFODVHVPHGLDVDOWDV
(O GLVWULWR # DQXQFLD HQ VXV SURSXHVWDV TXH FXDQGR OD WUDQVIRUPDFLyQ SUHYLVWD HVWp
FRPSOHWDGDHOGHVXVYHFLQRVGHO3REOHQRXVHUiQQXHYRVKDELWDQWHV
(Q %DUFHORQD VH KD SXHVWR HQ SUiFWLFD XQD PDQLILHVWD YROXQWDG GH HOLPLQDU FXDOTXLHU
YHVWLJLR GH OD OXFKD GH FODVHV \ GH ORV FRQIOLFWRV GH ORV VLJORV ;,; \ ;; HQ XQ SUR\HFWR GH
GHVWUXFFLyQGHODPHPRULDVRFLDOGRQGHVHKDQSXHVWRGHDFXHUGRHPSUHVDULRVEDQTXHURV
\SROtWLFRVGHODPD\RUSDUWHGHSDUWLGRVSDUODPHQWDULRV6HKDSULPDGRODDUTXLWHFWXUDGH
ORV SDODFLRV \ HGLILFLRV GHO PRGHUQLVPH \ VH KD ERUUDGR OD PHPRULD LQGXVWULDO GH ORV
EDUULRV ODV IiEULFDV \ ORV HGLILFLRV GH OD FRRSHUDFLyQ \ D\XGD PXWXD HQWUH REUHURV TXH
SHUPLWLHURQOD5HYROXFLyQLQGXVWULDO\HOHQULTXHFLPLHQWRGHODVIDPLOLDV%DWOOy*HOO*LURQD
5LFDUW*LOL*RGy%HUWUDQG)DEUD)ROFK9LODGRPLX\PXFKDVRWUDVDOJXQDVGHODVFXDOHV
WLHQHQ VXV SDODFLRV HQ HO 3DVVHLJ GH *UjFLD \ RWUDV FDOOHV GH OD FLXGDG  &DGD WLHPSR


QXHYREXVFDOHJLWLPDUVHHQDTXHOORTXHHQIDWL]DH[FOX\H\RFXOWD\FRQODPRGHUQLGDGKD
LGRFUHFLHQGRODLQVWUXPHQWDOL]DFLyQGHOSDVDGR(Q%DUFHORQDODDSRORJtDGHOPRGHUQLVPH
TXH KD OOHYDGR D FDER OD EXUJXHVtD ORFDO KD LGR OLJDGD DO ERUUDGR GH ODV LQIUDHVWUXFWXUDV
LQGXVWULDOHVTXHORQXWULHURQ
(OFDVRPiVHPEOHPiWLFRGHHVWHSURFHVRKDVLGRHOGHOFRQMXQWRIDEULOGH&DQ5LFDUWHQ
HO 3REOHQRX LQLFLDGR HQ  &RQ PiV GH  DxRV GH IXQFLRQDPLHQWR KDVWD MXQLR GHO
HVWXYRHQSOHQDDFWLYLGDG\FRQWDEDFRQSHUVRQDVHQWUHSHTXHxRVHPSUHVDULRV
DUWHVDQRV \ REUHURV $ SHVDU GH WRGR HOOR HVWDED SUHYLVWD VX FDVL WRWDO GHVWUXFFLyQ \
DXQTXH VH SURGXMR PXFKD UHVLVWHQFLD VH DFDEy GHVDORMDQGR D WRGRV VXV WUDEDMDGRUHV
URPSLHQGRODVUHGHV\OD]RVHQWUHODJHQWH\HOOXJDUGHVWUX\HQGRWDOOHUHVDUWHVDQDOHV\GH
UHSDUDFLyQEiVLFRVSDUDHOHQWRUQR\PXWLODQGRXQSDWULPRQLRLQGXVWULDOGHYDORU~QLFRTXH
MXQWR D &DQ %DWOOy GH OD %RUGHWD FRQVWLWX\HQ ORV ~QLFRV FRQMXQWRV LQGXVWULDOHV
GHFLPRQyQLFRVTXHD~QVLJXHQHQSLH(OREMHWLYRILQDOHUDFRQVWUXLUXQFRQMXQWRGHRILFLQDV
\ODERUDWRULRVGHDUTXLWHFWXUDJHQpULFDTXHDUUDVDEDQODPHPRULDSUHH[LVWHQWHGHQWURGHOD
OyJLFDGHODFLXGDGJOREDO&DEHGHVWDFDUTXHHVWHUHFLQWRIDEULOVHHQFXHQWUDHQHOGLVWULWR
#TXHHQVXVLQLFLRVSUHWHQGtDVHUXQDUHFUHDFLyQGHOD]RQDLQGXVWULDOTXHPDQWHQtDOD
LQGXVWULDH[LVWHQWHQRFRQWDPLQDQWHHLQFRUSRUDEDXQDQXHYDFDSDDODFRPSOHMLGDGXUEDQD
FRQ HPSUHVDV GH QXHYDV WHFQRORJtDV GH DKt OD # HQ HO QRPEUH  7DPELpQ VH H[SOLFDED
TXHFRPRXQVLVWHPDGHSUHPLRVFXDQWDVPiVFDSDVVHSUHVHUYDEDQPiVVHDXPHQWDED
OD HGLILFDELOLGDG 'HEH DFODUDUVH TXH KDVWD  QR VH KDEtD FRPSOHWDGR HO FDWiORJR
SDWULPRQLDOGHOEDUULR\SDUDHQWRQFHVODPD\RUSDUWHGHORVSODQHVHVSHFLDOHVGHUHIRUPD
\DHVWDEDQHQPDUFKD
$IRUWXQDGDPHQWHXQDODUJD\DPSOLDOXFKDFLXGDGDQDFRQVLJXLyGHWHQHUODGHVWUXFFLyQGH
XQDSDUWHGHOFRQMXQWRLQGXVWULDO3DUDDUJXPHQWDUODGHIHQVDGHODDVRFLDFLyQGHYHFLQRV
VH SODQWHy XQ SUR\HFWR DOWHUQDWLYR HQ FOXVWHU FRQ YROXQWDG GH FRQWLQXDU OD PRUIRORJtD GHO
FRQMXQWR IDEULO &RQ GLFKR SUR\HFWR DOWHUQDWLYR VH SUHWHQGtD GHMDU H[SUHVDGDV ODV WUHV
FDSDVGHOSDOLPSVHVWRXUEDQRODDQWLJXDHVWUXFWXUDLQGXVWULDODQWHULRUDO(QVDQFKH&HUGj
OD HVWUXFWXUD GH OD FLXGDG YHFLQDO \ UHSHWLWLYD GHO (QVDQFKH FRQ PDQ]DQDV FHUUDGDV \ OD
QXHYD HVWUXFWXUD PRGHUQD \ IOH[LEOH VREUH ODV SUHH[LVWHQFLDV \ GHQWUR GHO SODQ GHO #
'HVSXpV GH ORJUDU VDOYDU XQD SDUWH UHSUHVHQWDWLYD GHO FRQMXQWR IDEULO VH FRQYRFy XQ
FRQFXUVR SDUD VX UHVWDXUDFLyQ \ UHFRQYHUVLyQ HQ OD VHGH GH OD &DVD GH ODV /HQJXDV
FRQFXUVRTXHJDQy(0%7 

'H KHFKR HQ OD GpFDGD GH  OD 9LOOD 2OtPSLFD HQ HO PLVPR 3REOHQRX GH 0%0 VH
FRQVWUX\y HQ XQ GHVLHUWR GH UHIHUHQFLDV WUDV KDEHU GHUULEDGR HO SDWULPRQLR LQGXVWULDO HQ
XQD]RQDFRQSLH]DVWDQYDOLRVDVFRPRORV$OPDFHQHV*HQHUDOHVGH'HSyVLWR  REUD
GH(OLHV5RJHQWODSULPHUDREUDHQ&DWDOXxDGRQGHVHXWLOL]DURQEyYHGDVOLJHUDVJLJDQWHV
HPEULyQ HVWUXFWXUDO GHO PRGHUQLVPR \ HO LQLFLR GH ODV EyYHGDV JLJDQWHV GH ODGULOOR TXH
5DIDHO*XDVWDYLQRSURSDJySRU(VWDGRV8QLGRV FRPRODVGHOYHVWtEXORGHOD*UDQ&HQWUDO
6WDWLRQGH1XHYD<RUN \TXH-RVHS3XLJL&DGDIDOFKXWLOL]yHQODIiEULFD&DVDUUDPRQDHQ
%DUFHORQD
(VWDFXHVWLyQFODYHGHODPHPRULDXUEDQDFRPSRUWDPXFKDVSUHJXQWDV¢4XLpQSRVHHHO
GHUHFKR GH UHFRUGDU" ¢4Xp JUXSR R FODVH VRFLDO GH ORV GLYHUVRV TXH FRQIOX\HQ HQ FDGD
FLXGDG HV HO TXH WLHQH HO SRGHU GH GHILQLU OD PHPRULD" ¢&yPR YD FRQVWUX\HQGR VX
LPDJLQDULR FDGD FLXGDG D FRVWD GH HQIDWL]DU DOJXQRV DVSHFWRV \ ROYLGDU RWURV" $Vt SXHV
SDUD UHFRUGDU XQRV KHFKRV HV QHFHVDULR KDEHU ROYLGDGR RWURV 1R REVWDQWH HQ QXHVWUR
SUHVHQWH QR SRGHPRV PLQXVYDORUDU TXH DGHPiV GH SULPDU OD PHPRULD GH ODV FODVHV
GRPLQDQWHV GLItFLOPHQWH VH UHFRQRFHQ ODV PHPRULDV GH ORV HPLJUDQWHV SURFHGHQWHV GH
PX\GLYHUVDVFXOWXUDV$QWHWRGRVHVWRVIHQyPHQRVODSURIHVLyQGHODDUTXLWHFWXUDWLHQHOD
UHVSRQVDELOLGDGGHGHFLGLUVLFRQWULEX\HDGLFKDGHVWUXFFLyQGHODPHPRULDRVLVHSODQWHD
XQDGHIHQVDGHOSDWULPRQLRKLVWyULFR\ORFDO

&21&/86,21(6
&DGD YH] TXH VH DUUDVD OD YLGD FRPXQLWDULD \ HO SDWULPRQLR H[LVWHQWH VH SURGXFH XQ
SURFHVR GH LPSRVWDFLyQ GH XQD IDOVD PHPRULD VREUH OD H[LVWHQWH (V VDELGR TXH ORV
JUDQGHVRSHUDGRUHVILQDQFLHURVHLQPRELOLDULRVH[LJHQWHUUHQRVHQHVWDGRySWLPR²OLPSLRV
GH KDELWDQWHV \ OLEUHV GH WRGD FRQVWUXFFLyQ² SDUD SRGHU LPSODQWDU XQD FLXGDG JHQpULFD \
KRPRJpQHD < HVWD HVWUDWHJLD VLVWHPiWLFD GH GHVDORMR GH SHUVRQDV \ SDWULPRQLR WLHQH VX
FRQWUDSXQWR HQ ODV OXFKDV GH ORV PRYLPLHQWRV VRFLDOHV XUEDQRV *HQHUDOPHQWH ODV
DVRFLDFLRQHV GH YHFLQRV GHILHQGHQ HO SDWULPRQLR FRQ XQD GREOH LQWHQFLyQ SDUD VDOYDUOR \
SDUDFRQVHJXLUTXHHVRVHGLILFLRVVLUYDQFRPRHTXLSDPLHQWRVGHSUR[LPLGDGQHFHVDULRV
(QHVWHSURFHVRGHSURGXFFLyQGHXQDPHPRULDXUEDQDIDOVDVRQHPEOHPiWLFDVFLXGDGHV
FRPR 3HNtQ 6KDQJKiL R 'XEiL GRQGH WRGR TXLHUH VHU QXHYR \ VL H[LVWH PHPRULD VH
DUUDVD SRU FRPSOHWR < DXQTXH VH DGPLWD TXH HVWH ERUUDGR VLVWHPiWLFR GH FXOWXUDV \ GH
PHPRULDVFUHDKHULGDVItVLFDV\SVLFROyJLFDVHQODSREODFLyQVHFRQVLGHUDXQ³PDOPHQRU´
R ³HIHFWR FRODWHUDO´ TXH OD PRGHUQLGDG GH OD JOREDOL]DFLyQ QHROLEHUDO H[LJH TXH GHED
DVXPLUVH
6HWUDWDGHXQDOyJLFDTXHQRVRORDFDEDFRQHOSDWULPRQLRKLVWyULFRVLQRTXHDUUDVDFRQ
ORVVXEXUELRVSRSXODUHVORVVOXPVFRQVWUXLGRVSUHFDULDPHQWHTXHFXDQGRORVSURPRWRUHV
FRGLFLDQ HO VXHOR TXH RFXSDQ VH HOLPLQDQ H[SXOVDQGR D ORV KDELWDQWHV \ WUDVODGiQGRORV D
RWUDV SHULIHULDV PiV OHMDQDV SDUD FRQVWUXLU YLYLHQGDV SDUD OD FODVH PHGLD KRWHOHV R
HTXLSDPLHQWRV GHSRUWLYRV 'H KHFKR HQ OD GHVWUXFFLyQ GH EXOOGR]HUV TXH DUUDVDQ FRQ
YLYLHQGDV\SDWULPRQLR\EDMRXQDSUHWHQGLGDUHQRYDFLyQVLHPSUHODWHXQHVStULWXIDVFLVWD
FRPR KLFLHURQ ODV GLFWDGXUDV TXH KDQ HUUDGLFDGR EDUULRV SREUHV SDUD UHYDORUL]DU ORV
WHUUHQRVFRPRHVHOFDVRGHODVYLOODVPLVHULDGXUDQWHSHUtRGRGHODGLFWDGXUDDUJHQWLQD R 

ODGHVWUXFFLyQGHKRJDUHVSDOHVWLQRVSRUODVWURSDVLVUDHOtHV
(V HO PLVPR SURFHVR XWLOL]DGR SDUD FUHDU XUEDQL]DFLRQHV FHUUDGDV VH H[LJH UHHPSOD]DU
WRGD OD QDWXUDOH]D H[LVWHQWH ²iUEROHV YHJHWDFLyQ ODJRV HWF² SRU XQD FDSD YHJHWDO
QXHYDXQDVQXHYDVSODQWDFLRQHV\DJXDHQFLUFXLWRVFHUUDGRV6HWUDWDGHXQSURFHVRGH
VXVWLWXFLyQ FRQWLQXD TXH QR TXLHUH DFHSWDU QLQJXQD SUHH[LVWHQFLD \ TXH DO DUUDVDU FRQ HO
PDQWRYHJHWDOORViUEROHVORVHGLILFLRVKLVWyULFRVORVHVSDFLRVS~EOLFRVWUDGLFLRQDOHV\ODV
UHGHV VRFLDOHV VH OOHYDQ SDUD VLHPSUH ORV HVWUDWRV GH OD PHPRULD < DXQTXH VHD OR TXH
H[LJHQ ORV JUDQGHV RSHUDGRUHV LQPRELOLDULRV ILQDQFLHURV \ WXUtVWLFRV VL SHUGHPRV OD
PHPRULDWDPELpQSHUGHUHPRVHOVHQWLGR
1HRIHXGDOLVPRLQPRELOLDULRHOSUREOHPDGHODYLYLHQGD\
ODVFDVDVYDFtDV

(Q)UHGHULFK(QJHOVHVFULELyXQDVHULHGHWUHVDUWtFXORVEDMRHOWtWXORGH(OSUREOHPD
GHODYLYLHQGDTXHUHFRSLODGRVVHFRQYLUWLHURQHQXQOLEURIXQGDFLRQDO\FOiVLFR &RQHVWH


WH[WR(QJHOVHVWDEDGHOLPLWDQGR\FRQFHSWXDOL]DQGRXQSUREOHPDTXH\DHUDHVWUXFWXUDO\
HQGpPLFRGHODHFRQRPtDFDSLWDOLVWD6HJ~Q(QJHOVQLODILODQWURStDQLHOKLJLHQLVPRQLHO
VRFLDOLVPRXWySLFRLEDQDUHVROYHUHOSUREOHPDGHODYLYLHQGD(VWHVRORVHVROXFLRQDUtDFRQ
ODUHYROXFLyQVRFLDO\DTXHHOSUREOHPDGHODYLYLHQGDHVHVWUXFWXUDODOVLVWHPDHFRQyPLFR
GHO FDSLWDOLVPR TXH VH EDVD HQ OD SURSLHGDG SULYDGD GHO VXHOR \ HQ OD H[SORWDFLyQ GH OD
IXHU]D GH WUDEDMR (Q HO FRQWH[WR GHO FDSLWDOLVPR HO YDORU GH FDPELR GH OD YLYLHQGD HV XQ
HOHPHQWR FODYH GH GRPLQLR H[SORWDFLyQ \ HVFODYL]DFLyQ \D WHQJD HO REUHUR TXH EXVFDU OD
UHVLGHQFLDSRUVXFXHQWD\DVHDHOHPSUHVDULRRLQGXVWULDOHOTXHVHODIDFLOLWHFHUFDGHOD
IiEULFD R HO OXJDU GH WUDEDMR < HOOR QR LED D FDPELDU FRQ ODV SURSXHVWDV GHO SDWHUQDOLVPR
HPSUHVDULDORGHOVRFLDOLVPRXWySLFR(OPLVPR(QJHOVKDEtDGHMDGRFODUDODGLIHUHQFLDHQ
VX WH[WR HVHQFLDO 'HO VRFLDOLVPR XWySLFR DO VRFLDOLVPR FLHQWtILFR  3RU WDQWR OD


H[SORWDFLyQ GHO WUDEDMR YD HVWUHFKDPHQWH OLJDGD D OD SURSLHGDG GHO VXHOR \ DO FRQWURO GHO
PHUFDGRGHODYLYLHQGD
(Q OD DFWXDOLGDG WDO FRPR KD VHxDODGR OD XUEDQLVWD EUDVLOHxD 5DTXHO 5ROQLN ODV GRV
JUDQGHVFDUDFWHUtVWLFDVGHODFLXGDGHQHVWDpSRFDQHROLEHUDOKDQHVWDGRSRUXQDSDUWHOD
SUROLIHUDFLyQ GH OD DUTXLWHFWXUD GH ODV JUDQGHV ILUPDV GHGLFDGD D OD JOREDO FODVV ²ORV
UDVFDFLHORV\RWURVREMHWRVSUR\HFWDGRVSRUODVHVWUHOODVGHODDUTXLWHFWXUD\VXVVHFXDFHV
²\SRURWUDODLQVLVWHQFLDHQFRQYHQFHUDODVRFLHGDGGHODIDOVHGDGGHTXHFRQODFDVD
HQSURSLHGDG\HOFUpGLWRKLSRWHFDULRLQGLYLGXDOVHLEDDUHVROYHUHOSUREOHPDGHODYLYLHQGD
\GHODFLXGDG 

$SULQFLSLRVGHOVLJOR ;;,GLFKRSUREOHPDVLJXHVLHQGRDFXFLDQWHHQODVJUDQGHVFLXGDGHV
GH ORV SDtVHV GHVDUUROODGRV \ OR HV SDUDGyMLFDPHQWH HQ OD (VSDxD FRQWHPSRUiQHD
FDUDFWHUL]DGDSRUHOFDSLWDOLVPRLQPRELOLDULR\SRUODSROtWLFDQHROLEHUDODSOLFDGDGHVGH
KDVWDHO%DViQGRVHHQODIDOVHGDGGHTXHODYLYLHQGDHUDFDUDSRUODIDOWDGHVXHOR
HQ  VH GHFUHWy TXH WRGR HO VXHOR HUD XUEDQL]DEOH XQD OLEHUDOL]DFLyQ TXH JHQHUy XQD
WUDQVIRUPDFLyQ LQVRVWHQLEOH 6H GHPRVWUy TXH QR HV OD FDQWLGDG VLQR OD FDOLGDG ²
GRWDFLRQHVFHQWUDOLGDGVHUYLFLRV²ORTXHGDSUHFLRDOVXHORPLHQWUDVTXHHOSUHFLRGHOD
YLYLHQGD OR ILMD HO PHUFDGR HQ IXQFLyQ GHO Pi[LPR HQGHXGDPLHQWR SRVLEOH GH ODV IDPLOLDV
0LHQWUDVTXHHQODPD\RUSDUWHGH(XURSD²)UDQFLD$XVWULD)LQODQGLD6XHFLD$OHPDQLD
HWF² D SHVDU GHO HQFDUHFLPLHQWR GHO SUHFLR GH OD YLYLHQGD VH KD LQWHQWDGR JDUDQWL]DU HO
GHUHFKR D XQD YLYLHQGD GLJQD FRQ HO FRQWURO GH ORV SUHFLRV \ OD SURPRFLyQ GH YLYLHQGD
SURWHJLGD DGHFXDGD DO (VWDGR GH ELHQHVWDU HQ QXHVWUR SDtV ODV GRV OHJLVODWXUDV
JREHUQDGDV SRU OD SROtWLFD GH GHUHFKDV FRQVLJXLHURQ KDFHU UHDSDUHFHU HO SUREOHPD GH OD
YLYLHQGDEDMRODIyUPXODGHOD³EXUEXMDLQPRELOLDULD´TXHHPSH]yDGHVKLQFKDUVHHQHO
(VWH JUDYH IDFWRU GH ULHVJR SRU HO GRPLQLR GHO VHFWRU LQPRELOLDULR HQ HO (VWDGR HVSDxRO \
SRUORVHIHFWRVGHH[FOXVLyQIXHHVSHFLDOPHQWHGHVWDFDGRHQORVLQIRUPHVTXHHOUHODWRUGH
ODV 1DFLRQHV 8QLGDV SDUD HO GHUHFKR D OD YLYLHQGD 0LORRQ .RWKDUL HODERUy HQ  \
 

(OSUREOHPDQRHVTXHODPD\RUtDGHODVSHUVRQDVQRWHQJDQYLYLHQGDHQ(VSDxD²HO
GHODVYLYLHQGDVVHGLFHHVWiQKDELWDGDVSRUSURSLHWDULRV²VLQRTXHODPD\RUtDGHODV
IDPLOLDV HVWiQ KLSRWHFDGDV GH SRU YLGD \ TXH ORV ULHVJRV GH H[FOXVLyQ DXPHQWDQ 6ROR ORV
FUpGLWRV SDUD YLYLHQGD UHSUHVHQWDEDQ HO   GH OD UHQWD GLVSRQLEOH HQ  \ OD UDWLR GH
GHXGDFUHGLWLFLDWRWDOVREUHODUHQWDDOFDQ]DEDHO1LVHWUDWDGHTXHQRVHFRQVWUX\DQ
YLYLHQGDV\DTXHQXQFDVHKDEtDQFRQVWUXLGRWDQWDV²HQ²VLQRGHTXHXQ
DOWRSRUFHQWDMHHVWiQYDFtDV\DTXHVRQREMHWRGHLQYHUVLyQRGHDEDQGRQR
'HELGRDOEDMRUHQGLPLHQWRILQDQFLHURGHODVEROVDVDQLYHOPXQGLDOODYLYLHQGDVHFRQYLUWLy
HQXQIHVWtQHVSHFXODWLYRSDUDODVLQYHUVLRQHVWDQWRSULYDGDVFRPRGHHPSUHVDV\EDQFRV
$OPLVPRWLHPSRFDGDYH]PiVSREODFLyQTXHGDEDH[FOXLGDVLQWHQHUDFFHVRDXQGHUHFKR
FRQYHUWLGR HQ SXUR QHJRFLR /DV SOXVYDOtDV GHO ERRP LQPRELOLDULR TXH VH UHIRU]y GHVGH
 KDVWD VX HVWDOOLGR HQ  KDQ OOHYDGR D OD LQIODFLyQ GH SUHFLRV GH OD YLYLHQGD PiV
H[DJHUDGDHLUUHVSRQVDEOHGHODKLVWRULDTXHKDFRPSRUWDGRXQPD\RUHPSREUHFLPLHQWR\
GHELOLGDG GH OD HFRQRPtD GH OD PD\RUtD GH ORV FLXGDGDQRV HVSDxROHV 6H SXHGH FDOFXODU
TXH FDVL HO   GH ORV HVSDxROHV XQRV RFKR PLOORQHV TXHGDQ IXHUD GH OD SURPRFLyQ
SULYDGD\S~EOLFDGHYLYLHQGDHQORVTXHVHLQFOX\HHOTXHHVWiSRUGHEDMRGHOXPEUDO
GH OD SREUH]D 6H WUDWD GH VHFWRUHV PDUJLQDGRV LQFOXVR GH ODV SROtWLFDV S~EOLFDV TXH QR
SXHGHQDFFHGHUDYLYLHQGDVVRFLDOHVRGHSUHFLRVWDVDGRV
/D H[LVWHQFLD GH OD EXUEXMD LQPRELOLDULD HQ HO SUHFLR VREUHYDORUDGR GH OD YLYLHQGD HUD
HYLGHQWH 6HJ~Q GDWRV GHO DxR  HO %DQFR GH (VSDxD VLWXDED HVWD VREUHYDORUDFLyQ
FDVLHQXQ\7KH(FRQRPLVW HQ XQ   /D FULVLV SRU WDQWR QR KD REHGHFLGR D OD
HVFDVH] R DO HQFDUHFLPLHQWR GHO SUHFLR GHO VXHOR VLQR D XQ SURFHVR GH HQFDUHFLPLHQWR
GXUDQWHODV~OWLPDVGRVGpFDGDVTXHYLHQHGHWHUPLQDGRPiVDOOiGHORVFRVWHVUHDOHVGH
SURGXFFLyQ SRU GRV YDUHPRV GHO PHUFDGR SRU DEDMR HO SUHFLR Pi[LPR TXH XQD IDPLOLD
PHGLDSXHGHOOHJDUDSDJDUKLSRWHFiQGRVHGHDDxRV\SRUDUULEDHOSUHFLRPi[LPR
TXHHVWXYLHUDQGLVSXHVWRVDSDJDUXQRVLQYHUVRUHVTXHQLVLTXLHUDYLVLWDEDQODYLYLHQGDTXH
FRPSUDEDQ
0XFKRV SDtVHV GHVDUUROODGRV KDQ SDVDGR SRU OD H[SHULHQFLD GH IXHUWHV FULVLV
UHODFLRQDGDV FRQ ORV ERRPV LQPRELOLDULRV +RODQGD HQ  FXDQGR HO SUHFLR UHDO GH OD
YLYLHQGDFD\yXQ\)LQODQGLDHQWUH\XQ(OFDVRPiVHVSHOX]QDQWH
IXH HO GH -DSyQ TXH HQWUH  \  VXIULy XQD FDtGD DSUR[LPDGDPHQWH GHO  
SURYRFDGD SRU HO EODQTXHR GH GLQHUR HQ HO VHFWRU LQPRELOLDULR SRU SDUWH GH ODV UHGHV GH
FULPHQ RUJDQL]DGR GH ORV \D]XND ODV PDILDV MDSRQHVDV GHGLFDGDV DO WUiILFR GH
HVWXSHIDFLHQWHV OD SURVWLWXFLyQ \ OD H[WRUVLyQ (Q -DSyQ VH GHVHQFDGHQy XQ YHUGDGHUR
GHVDVWUH ILQDQFLHUR \ VRFLDO FRQ PLOHV GH SHUVRQDV TXH SHUGLHURQ VX YLYLHQGD FX\D
KLSRWHFD SDVDED D HVWDU SRU HQFLPD GH VX YDORU HQ HO PHUFDGR  \ VH YLHURQ DERFDGDV D
YLYLUVRODVHQODFDOOHDSHVDUGHTXHDOJXQRVPDQWXYLHURQVXVSXHVWRVGHWUDEDMR(VSRU
HOORSRUORTXHHQ-DSyQGHVGHKDDUUDQFDGRXQSURFHVRGHOXFKDOHJDOSDUDURPSHU
ORVYtQFXORVWDQIXHUWHVHQWUHHOVHFWRUGHODFRQVWUXFFLyQ\ORV\DNX]D < D FRQVHFXHQFLD
GH HVWDV FULVLV SDtVHV FRPR +RODQGD \ )LQODQGLD UHSODQWHDURQ VX SROtWLFD GH YLYLHQGD
UHIRU]DQGR OD FUHDFLyQ GH YLYLHQGD SURWHJLGD +DVWD OD UHGDFFLyQ GH HVWH OLEUR OD ~OWLPD
JUDQ FDtGD KD VLGR OD GH 'XEiL FRQ XQD GHVYDORUL]DFLyQ GH FHUFD GHO   D ILQDOHV GHO

3RU WDQWR VH GHVYHOD TXH OD FDtGD GHO Q~PHUR GH YLYLHQGDV SURWHJLGDV UHDOL]DGDV HQ
(VSDxDHQWUH\QRHUDQDGDLQRFHQWHSDUDSURWHJHUORVLQWHUHVHVLQPRELOLDULRV\
PDQWHQHUHODO]DGHORVSUHFLRVVHSURFXUyTXHODYLYLHQGDVRFLDOTXHGHFRQVWLWXLUHO
GHO WRWDO FRQVWUXLGR HQ OD GpFDGD GH  SDVy VROR DO   D ILQDOHV GH OD GH  QR
FRPSLWLHUD HQ HO PHUFDGR OLEUH (VWD VLWXDFLyQ VH WUDWy GH FRUUHJLU FRQ OD QXHYD SROtWLFD
GHVGHHO0LQLVWHULRGHOD9LYLHQGDGHO*RELHUQRGHO362(  TXHHQHODxR
SURPXOJy XQD QXHYD /H\ GHO 6XHOR TXH LQWHQWDED HYLWDU HO FUHFLPLHQWR H[SDQVLRQLVWD \
GHVDUUROOLVWD EXVFDQGR XQ XUEDQLVPR DFRUGH FRQ HO GHVDUUROOR VRVWHQLEOH \ GHVGH ODV
SROtWLFDV DXWRQyPLFDV FRPR OD GH &DWDOXxD FRQ VX /H\ SDUD HO 'HUHFKR D OD 9LYLHQGD
HODERUDGD SRU HO 'HSDUWDPHQWR GH 0HGLR $PELHQWH \ 9LYLHQGD GH OD *HQHUDOLWDW GH
&DWDOXQ\DDSHVDUGHTXHODFR\XQWXUDILQDQFLHUDQRKD\DVLGRQDGDIDYRUDEOHSDUDOOHYDUOD
DGHODQWH
&LHUWDPHQWH ODV GLYHUVDV LQVWLWXFLRQHV FHUFDQDV D OD DUTXLWHFWXUD KDQ HPSH]DGR D
UHDFFLRQDUGHVSXpVGHO+DVWDHQWRQFHVKDEtDQSUHGRPLQDGRODVEXHQDVLQWHQFLRQHV
HQ OD PDQHUD GH DERUGDU HO SUREOHPD ²FRQ H[SHULHQFLDV SUHVHQWDGDV HQ GLVWLQWDV
HGLFLRQHV GHO &RQVWUXPDW HQ %DUFHORQD FRPR &DVD %DUFHORQD %DUUDFD %DUFHORQD R
$370 GRQGH VH DERUGDEDQ LQWHUHVDQWHV WHPDV SUR\HFWXDOHV VLQ FXHVWLRQDU HO VLVWHPD
OHJDO\HFRQyPLFR²FXDQGRQRODGHMDGH]6RORDSDUWLUGHWDQWROD*HQHUDOLWDWGH
&DWDOXQ\DFRPRHO$\XQWDPLHQWRGH%DUFHORQDHQWHQGLHURQWDUGHODPDJQLWXGGHOSUREOHPD
OD SUR[LPLGDG FRQ ORV DIHFWDGRV OHV KL]R GHVSHUWDU GH XQD DOHWDUJDGD GHSHQGHQFLD GH OD
QHIDVWD SROtWLFD GH YLYLHQGD HVWDWDO 0XHVWUD GH HVWD GHFODUDFLyQ GH EXHQDV LQWHQFLRQHV
IXHURQ ODV UHFXUUHQWHV H[SRVLFLRQHV GH SUR\HFWRV GH YLYLHQGD GH OD *HQHUDOLWDW TXH
LQWHQWDEDQ VHU LQQRYDGRUHV \ IOH[LEOHV HQ HO &ROHJLR GH $UTXLWHFWRV GH %DUFHORQD \ HQ OD
(VFXHOD GH $UTXLWHFWXUD GH %DUFHORQD KDFLD ORV DxRV  \  (O $\XQWDPLHQWR GH
%DUFHORQD SRU VX SDUWH SUHVHQWy HQ HO  XQ QXHYR 3OD GH 6zO L +DELWDWJH ³3ODQ GHO
6XHOR\GHOD9LYLHQGD´ 
$ SHVDU GH HVWRV LQWHQWRV H LQWHQFLRQHV GH OD QXHYD OHJLVODFLyQ \ GH ODV QXHYDV
SURPRFLRQHVGHYLYLHQGDVRFLDOVHDUUDVWUDQWUHVSUREOHPDVJUDYHVHOUHWUDVRDFXPXODGR
GXUDQWH DxRV HQ PDWHULD GH OHJLVODFLyQ \ SURPRFLyQ GH YLYLHQGD S~EOLFD OD LPSUHYLVLyQ
IODJUDQWH DQWH ODV FRQVHFXHQFLDV GH OD FULVLV LQPRELOLDULD LPSHUGRQDEOH SDUD ORV
UHVSRQVDEOHV SROtWLFRV \ OD GH VX LQHYLWDEOH \ SHUPDQHQWH OHQWLWXG HQ DYDQ]DU HQ HVWRV
SURFHVRV FRQ SHVDGRV SDFWRV WLUD \ DIORMD UHWURFHVRV \ XQD HQRUPH GLILFXOWDG GH
FRQGLFLRQHV DYDQFHV \ SXHVWDV HQ SUiFWLFD TXH SULPHUR WLHQHQ TXH SDVDU SRU OD
OHJLVODFLyQ \ ORV FDPELRV HQ OD QRUPDWLYD < OD LUUHVSRQVDELOLGDG GH ODV HQWLGDGHV
ILQDQFLHUDV\EDQFDULDVTXHQRVRORQRKDQVDELGRKDFHUVXWUDEDMRVLQRTXHH[LJHQTXHVH
OHV D\XGH D VDOLU GHO DWROODGHUR FRQ GLQHUR S~EOLFR 1XHYRV SUREOHPDV ILQDQFLHURV D SDUWLU
GH ILQDOHV GHO  KDQ SURYRFDGR TXH OD PD\RU SDUWH GH ODV RSHUDFLRQHV GH YLYLHQGD
S~EOLFD\FDVLWRGDVODVGHSURPRFLyQSULYDGDVHGHWHQJDQ<HQVHKDQHPSH]DGRD
SRQHUHQSUiFWLFDODVUHVWULFFLRQHVHQODVLQYHUVLRQHVHVWDWDOHV
$SDUWLUGHFRQODFULVLVHFRQyPLFDHQ(VSDxDODVLWXDFLyQKDHPSHRUDGRSDUDORV
XVXDULRV/RVGHVDKXFLRVSRUQRSRGHUSDJDUODKLSRWHFDVHKDQFRQYHUWLGRHQXQRGHORV
SUREOHPDV VRFLDOHV PiV LPSRUWDQWHV GH &DWDOXxD FRQ  IDPLOLDV D SXQWR GH SHUGHU
VX FDVD D ILQDOHV GH  HQ (VSDxD H[LVWHQ XQDV  HMHFXFLRQHV KLSRWHFDULDV 1R
ROYLGHPRVTXHHQ(VWDGRV8QLGRVXQRVPLOORQHVGHSHUVRQDVKDQSHUGLGRVXYLYLHQGDR
ODSXHGHQSHUGHUDFDXVDGHODFULVLVGHODVKLSRWHFDVVXESULPHODPD\RUtDGHUD]DQHJUD
\GHRULJHQKLVSDQR<HQQXHVWURSDtVVHKDLGRGHVYHODQGRXQIHQyPHQRWHUULEOHTXLHQQR
SXHGH SDJDU SRU KDEHUVH TXHGDGR VLQ WUDEDMR GHVFXEUH TXH OD KLSRWHFD GHELGD
VREUHWDVDGDHQHOSHUtRGRGHODEXUEXMDLQPRELOLDULDVREUHSDVDDKRUDHOSUHFLRUHDOTXH
SRU HO SURFHGLPLHQWR GH HMHFXFLyQ KLSRWHFDULD WUDV OD VXEDVWD KD FDtGR DO   GH VX
SUHFLR(OEDQFRRFDMDTXHVHTXHGDODYLYLHQGDOHUHFODPDODGLIHUHQFLDHQWUHORTXHD~Q
GHEH\HOEDMRYDORUDFWXDO\H[WLHQGHHOHPEDUJRDDYDODGRUHV\IDPLOLDUHVLQFOXVRHQORV
SDtVHV GH RULJHQ FRPR %ROLYLD R (FXDGRU 1L HQ ORV SDtVHV GH OD 8QLyQ (XURSHD QL HQ
(VWDGRV 8QLGRV FXDQGR OD HQWLGDG ILQDQFLHUD VH TXHGD OD YLYLHQGD UHFODPD HQFLPD XQD
FDQWLGDG
(V SRU WRGR HOOR TXH KR\ SRGHPRV KDEODU GH QHRIHXGDOLVPR LQPRELOLDULR (Q OD (GDG
0HGLD ORV VHxRUHV IHXGDOHV VH IXHURQ DSURSLDQGR GH ODV WLHUUDV GH ORV FDPSHVLQRV D
PHGLGDTXHKDEtDFULVLVGHUHFROHFFLyQHQJURVDQGRVXHMpUFLWRGHVLHUYRVGHODSOHEH+R\
HOVLVWHPDILQDQFLHURKDHODERUDGRXQSDVRPiVVRILVWLFDGRD~QSDUDFRQFHQWUDUHOSRGHU\
HOGLQHUR\SDUDSURGXFLUH[FOXVLyQJHQHUDQGRPLOHVGHVLHUYRVGHORVEDQFRV

(/352%/(0$'(/$69,9,(1'$69$&Ë$6
'HQWUR GHO SUREOHPD GH OD YLYLHQGD OD H[LVWHQFLD GH YLYLHQGDV YDFtDV \ GH RWUDV PX\
GHWHULRUDGDV WLHQH XQD JUDQ UHOHYDQFLD < D SDUWLU GH OD FULVLV ILQDQFLHUD LQPRELOLDULD \
SURGXFWLYD GHO  HV HYLGHQWH TXH ODV FRQVWUXFFLRQHV LQDFDEDGDV DEDQGRQDGDV \
YDFtDVKDQDXPHQWDGR
(QHOFRQWH[WRDFWXDOGHFULVLVGHODYLYLHQGDHOIHQyPHQRGHODH[LVWHQFLDGHWDQWRVSLVRV
YDFtRV KD DGTXLULGR XQ FDUiFWHU KRUULSLODQWH \ PtWLFR D OD YH] /DV FLIUDV VRQ LPSDFWDQWHV
 PLOORQHV GH YLYLHQGDV GHVKDELWDGDV HQ (VSDxD  HQ &DWDOXxD \  HQ
%DUFHORQD VHJ~Q GDWRV GHO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD GHO  VREUH YLYLHQGDV HQ
ODVTXHQRILJXUDQLQJXQDSHUVRQDHPSDGURQDGD(QODVYLYLHQGDVYDFtDVHQ(VSDxD
OOHJDEDQ\DDORVWUHVPLOORQHV(QVHFDOFXODEDTXHHQ&DWDOXxDKDEUtDXQRV
SLVRV YDFtRV GH REUD QXHYD 2WURV FiOFXORV KDEODQ GH XQDV  YLYLHQGDV YDFtDV HQ
%DUFHORQD\DXWRUHVFRPR-XOL(VWHEDQUHFRQRFLHURQHQHVWDFLIUDSHURFRQVLGHUDURQ
TXH VyOR  HUDQ UHFXSHUDEOHV  2ILFLDOPHQWH HO $\XQWDPLHQWR GH %DUFHORQD VROR


UHFRQRFLy  D ILQDOHV GHO  (Q QXHVWUR SDtV HO SRUFHQWDMH GH YLYLHQGDV YDFtDV
URQGD HO   GHO WRWDO OD WDVD PiV DOWD GH OD 8QLyQ (XURSHD PiV RWUR   TXH VRQ
VHJXQGDVUHVLGHQFLDV FXDQGRHOSRUFHQWDMHGHYLYLHQGDVYDFtDVHQ+RODQGDHVGHO
RHQ6XHFLDGHO(QHVWDFLIUDQRVHFXHQWDQODVVHJXQGDVUHVLGHQFLDVXQDV
HQ &DWDOXxD TXH WDPELpQ VRQ FDVRV GH YLYLHQGDV LQIUDXWLOL]DGDV HQ OD &HUGDxD VH KD
FDOFXODGRTXHVHHPSOHDQXQDPHGLDGHGtDVDODxR 
7HQHPRV SRU WDQWR XQ GLDJQyVWLFR HQ XQ SDtV FRQ XQ JUDYH SUREOHPD GH DFFHVR D OD
YLYLHQGD\GHH[FOXVLyQVRFLDOKD\XQDSDUWHLPSRUWDQWHGHOSDWULPRQLRUHVLGHQFLDOTXHHVWi
LQIUDXWLOL]DGRPiVRPHQRVHOPLVPRTXHQHFHVLWDUtDQORVVHFWRUHVTXHQRWLHQHQDFFHVRD
ODYLYLHQGDWUHVPLOORQHVGHYLYLHQGDVYDFtDVSDUDRFKRPLOORQHVGHHVSDxROHVDORVTXHQR
OHVOOHJDQODVSROtWLFDVVRFLDOHVGHODYLYLHQGD(VWRVGDWRVVRQLQTXLHWDQWHVVLWHQHPRV HQ
FXHQWD TXH SRU HMHPSOR HQ %DUFHORQD FRQ WDQWDV YLYLHQGDV YDFtDV DGHPiV GH ODV PLOHV
GH SHUVRQDV TXH YLYHQ KDFLQDGDV \ GHO IHQyPHQR GH ODV OODPDGDV ³FDPDV FDOLHQWHV´ HQ
KDEtDWDOFRPRVHKDVHxDODGRXQRV³VLQWHFKR´
3HUR XQ IHQyPHQR WDQ YHUJRQ]RVR VH FRQYLHUWH WDPELpQ HQ PtWLFR VL WRGDV HVWDV
YLYLHQGDV YDFtDV VH UHFRQYLUWLHUDQ SDUD XVR GH OD VRFLHGDG VHUtD OD SDQDFHD SDUD
VROXFLRQDU HO SUREOHPD GH OD YLYLHQGD (Q SDUWH HV FLHUWR SHUR OD UHDOLGDG HV PXFKR PiV
FRPSOLFDGD (Q HO FDVR GH %DUFHORQD KD\ PXFKtVLPDV YLYLHQGDV YDFtDV R LQIUDXWLOL]DGDV
DJUXSDEOHV HQ FXDWUR FDVRV GLVWLQWRV GH SRUFHQWDMHV VLPLODUHV DTXHOODV TXH HVWiQ
GHVRFXSDGDVSRUTXHVRQYLHMDV\HVWiQHQPDOHVWDGRODVTXHHVWiQLQIUDXWLOL]DGDV\DTXH
VXVSURSLHWDULRVQRYLYHQHQ%DUFHORQDRHVWiQUHVHUYDGDVSDUDXVRIXWXURGHORVKLMRVGH
OD IDPLOLD ODV TXH VH DUJXPHQWD TXH HVWiQ HQ RIHUWD HQ HO PHUFDGR D OD HVSHUD GH
YHQGHUVHRDOTXLODUVH\ODVTXHVRQUHODWLYDPHQWHQXHYDV\UHDOPHQWHVHKDQFRPSUDGR\
VH UHWLHQHQ YDFtDV SDUD KDFHU QHJRFLR (V GHFLU WDQ VROR XQ   HV DFHSWDGR SRU VXV
SURSLHWDULRVTXHHVWiQUHDOPHQWHYDFtDV\SRGUtDQVHULQFOXLGDVHQHOPHUFDGRGHDOTXLOHUR
YHQWD
(QUHODFLyQFRQHOSULPHUFDVRHOSRUFHQWDMHGHYLYLHQGDVHQPDODVFRQGLFLRQHVHVDOWR
HQFRQFUHWRHQORVFDVFRVDQWLJXRVGHODVFLXGDGHV\PX\HVSHFLDOPHQWHHQ%DUFHORQDHQ
GRQGH VH FDOFXOD TXH HO   GH ODV TXH HVWiQ YDFtDV HV SRUTXH VH HQFXHQWUDQ HQ PDO
HVWDGR5HVSHFWRDODVYLYLHQGDVHQPDODVFRQGLFLRQHVVHJ~QHOHVWXGLR(QYHMHFLPLHQWR\
YLYLHQGD GHO  GHO DUTXLWHFWR -RUGL %RVFK HQ &DWDOXxD  SHUVRQDV PD\RUHV
UHVLGHQ HQ YLYLHQGDV FRQ SUREOHPDV GH FRQVHUYDFLyQ \  DQFLDQRV YLYHQ HQ LQPXHEOHV
FX\DSUHFDULHGDGHVWDOTXHKDQVLGRGHFODUDGRVUXLQRVRVRHVWiQHQWUiPLWHGHVHUOR 

3DUDDFWXDUVREUHHVWDVLWXDFLyQVHUtDLPSUHVFLQGLEOHXQDQXHYDFXOWXUDGHODYLYLHQGDTXH
IRPHQWDVH OD UHKDELOLWDFLyQ WRGD XQD QXHYD FXOWXUD GHO PDQWHQLPLHQWR (VWR WHQGUtD GRV
YHQWDMDV FUXFLDOHV FRQWULEXLUtD D LQFRUSRUDU YLYLHQGDV GH PD\RU VXSHUILFLH TXH OD PHGLD \
HYLWDUtDPiVFRQVXPRGHWHUULWRULR3DUDHOORVHUtDQHFHVDULDXQDQXHYDOHJLVODFLyQTXHQR
SRWHQFLDVH TXH ORV HGLILFLRV YLHMRV FX\D UHFRQVWUXFFLyQ FXHVWH PiV GHO   GH VX YDORU
SXHGDQ GHFODUDUVH HQ UXLQD \ GHUULEDUVH XQD OH\ D~Q YLJHQWH GH  DQDFUyQLFD \
QHIDVWD LGyQHD SDUD H[SXOVDU LQTXLOLQRV GH SRFRV UHFXUVRV \ SDUD HVTXLOPDU D~Q PiV HO
SDWULPRQLR DUTXLWHFWyQLFR UHVLGHQFLDO HQ &DWDOXxD VROR HO   GH ODV YLYLHQGDV VRQ
DQWHULRUHV D  \ GH ODV FRQVWUXLGDV HQ &DWDOXxD HQWUH  \  HO   GH ORV
SLVRVVHFRQVWUX\HURQFRQFHPHQWRDOXPLQRVR FDVL \HOKDQWHQLGRJUDYHV
SDWRORJtDV   (Q %DUFHORQD ODV YLYLHQGDV FRQVWUXLGDV DQWHV GH  VXPDQ HO 
 \ ODV SRVWHULRUHV D  FXEUHQ VROR HO   3RU WDQWR HO   GH ODV YLYLHQGDV VH
FRQVWUX\HURQHQWUH\
(Q(VSDxDHVPDQLILHVWRTXHODPD\RUSDUWHGHODVYLYLHQGDVYDFtDVVHHQFXHQWUDQHQORV
WHMLGRVKLVWyULFRVGHODVJUDQGHVFLXGDGHVFRPR0DGULG%DUFHORQD\9DOHQFLDTXHWLHQHQ
XQ   DSUR[LPDGDPHQWH GH ODV YLYLHQGDV HQ PDO HVWDGR \ GRQGH ORV SURFHVRV GH
HVSHFXODFLyQ VH EDVDQ HQ FRQVWUXLU YLYLHQGD QXHYD HQ VXV SHULIHULDV FRQ SRU HMHPSOR ORV
QXHYRV3$8GH0DGULG\9DOHQFLDFRQORVTXHVHGHMDGHJUDGDUORVFHQWURVKLVWyULFRV
5HVSHFWR DO VHJXQGR FDVR HO SRUFHQWDMH GH YLYLHQGDV LQIUDXWLOL]DGDV DXPHQWD
SDXODWLQDPHQWH SRU GLVWLQWDV UD]RQHV 6H SXHGH KDEODU GH XQ   GH ORV FDVRV PX\
RSDFRVIRUPDGRVSRUHOPHUFDGRQHJUR²DOTXLOHUHVQRGHFODUDGRV²\SRUHVWDVYLYLHQGDV
LQIUDXWLOL]DGDVVLQQLQJXQDSHUVRQDHPSDGURQDGDSRUHMHPSORSDUDXVRIXWXURGHORVKLMRV
R SDUD XVRV HVSRUiGLFRV $O PLVPR WLHPSR FDGD YH] KD\ PiV VHJXQGDV UHVLGHQFLDV GH
KDELWDQWHVGHRWUDVFLXGDGHVTXHWLHQHQHOOXMRGHSRVHHUXQSLVRHQ%DUFHORQD'HWRGRV
PRGRV VH UHFRQRFH TXH HO   GH ORV SLVRV HQ %DUFHORQD HQ ORV TXH QR KD\ QDGLH
HPSDGURQDGRHVWiQHQXVR 

(O WHUFHU \ FXDUWR JUXSR WLHQGHQ D FRQIXQGLUVH \D TXH JUDQ SDUWH GH ORV TXH FRPSUDURQ
SDUD LQYHUWLU ²HQ %DUFHORQD VH UHFRQRFH TXH HQ ORV DxRV GH OD EXUEXMD LQPRELOLDULD XQ
WHUFLRGHODVFRPSUDVGHSLVRVQXHYRVHUDQSDUDLQYHUVLyQ²FRQVHUYDQHVWDVYLYLHQGDVDOD
HVSHUDGHVHUYHQGLGDVRDOTXLODGDVXQDVLWXDFLyQTXHQXQFDVHVDEHVLHVUHDORILFWLFLD
7RGR HOOR VLWXDUtD OD FLIUD UHDO GH YLYLHQGDV YDFtDV XWLOL]DEOHV HQ DSUR[LPDGDPHQWH OD
PLWDG 'H WRGDV IRUPDV VL WDQ VROR XQ   GH ODV DSUR[LPDGDPHQWH  YLYLHQGDV
UHDOPHQWH YDFtDV \ XWLOL]DEOHV HQ %DUFHORQD HQWUDVH HQ HO PHUFDGR GHO DOTXLOHU VRFLDO HO
FDPELRFXDOLWDWLYRVHUtDUDGLFDOYLYLHQGDVGLVSRQLEOHVFXDQGROD9LOOD2OtPSLFDVXPD
XQDV'LDJRQDO0DUHOIUHQWH0DUtWLPRGHO3REOHQRXRWRGDODRSHUDFLyQ
GHODQXHYD'LDJRQDOXQDV2VLWDQVRORHOGHODVYLYLHQGDVYDFtDVHQ&DWDOXxD
HQWUDVHQHQHOPHUFDGRGHODOTXLOHUVRFLDO YLYLHQGDV VHUtDXQJUDQSDVR3DUDTXH
HVWR VXFHGLHUD VH GHEHUtD SURGXFLU XQD WUDQVIRUPDFLyQ WUDVFHQGHQWDO XQD DFFLyQ
SHGDJyJLFDTXHFRQFLHQFLDUDDODFLXGDGDQtD\SRWHQFLDUDXQDQXHYDFXOWXUDGHODYLYLHQGD
OD UHKDELOLWDFLyQ $Vt FRPR XQD OHJLVODFLyQ TXH IDYRUHFLHUD HVWLPXODUD \ D\XGDUD D OD
YLYLHQGD GH DOTXLOHU VRFLDO \ XQDV RUGHQDQ]DV ILVFDOHV \D SUHYLVWDV HQ FLXGDGHV FRPR
%DUFHORQD \ 6HYLOOD TXH JUDYDVHQ XQ   HO LPSXHVWR GH ELHQHV LQPXHEOHV D ORV
SURSLHWDULRVGHYLYLHQGDVYDFtDV
6H WUDWD GH SURFHVRV FRPSOHMRV SDUD PHMRUDU GHVGH OR S~EOLFR HO DFFHVR D OD YLYLHQGD
SHUR TXH \D VH DSOLFDQ HQ FLXGDGHV FRPR 3DUtV R %LOEDR &RQ OD FREHUWXUD GH OD
*HQHUDOLWDW GH &DWDOXQ\D \ OD /H\ GHO 'HUHFKR D OD 9LYLHQGD HQ HO SHUtRGR  VH
KDSRWHQFLDGRHODOTXLOHUVRFLDO\MRYHQFRQH[SHULHQFLDVSLRQHUDVEDVDGDVHQD\XGDVDORV
LQTXLOLQRV \ HQ OD FUHDFLyQ GH DOTXLOHU FRQ VHJXUR GH FREUR \ GH UHSDUDFLRQHV SDUD ORV
SURSLHWDULRV TXH GHVGH HO DxR  VH DSOLFDQ HQ %DUFHORQD /¶+RVSLWDOHW GH /OREUHJDW
6DQWD &RORPD GH *UDPHQHW \ RWURV PXQLFLSLRV GH OD UHJLyQ PHWURSROLWDQD TXH KDQ
SURPRYLGRHQDOTXLOHUWDVDGRXQDVHULHGHYLYLHQGDVJDUDQWL]DQGRDOSURSLHWDULRHOFREURGH
ODV PHQVXDOLGDGHV \ OD FRQVHUYDFLyQ GH OD FDVD \ SURFXUDQGR DO LQTXLOLQR XQRV DOTXLOHUHV
DVHTXLEOHV 0HGLDQWH OD DFFLyQ GH ODV %ROVDV GH 0HGLDFLyQ SDUD DOTXLOHU VRFLDO \ MRYHQ
KDVWD  VH KDQ LQFRUSRUDGR  YLYLHQGDV HQ &DWDOXxD SDUD DOTXLOHU FRQ DYDOHV <
RWUD SRVLELOLGDG LQFLSLHQWH LQLFLDOPHQWH OHJLVODGD SHUR SRFR DSOLFDGD HV OD ³PDVRQHUtD´ R
³DSDUFHUtD´XUEDQD

/$5(63216$%,/,'$''(/$$548,7(&785$
&LHUWDPHQWH WRGR HVWi FRQGLFLRQDGR SRU ODV SROtWLFDV GH YLYLHQGD SHUR OD DUTXLWHFWXUD QR
GHEHUtDVHJXLUVLHQGRODPLVPDFRQYHQFLRQDO\FRPHUFLDOVLQRTXHGHEHUtDDWHQGHUDORV
FDPELRV TXH VH HVWiQ SURGXFLHQGR HQ OD VRFLHGDG HVSDxROD \ FDWDODQD FDPELRV HQ OD
HVWUXFWXUDIDPLOLDULQPLJUDFLyQHQYHMHFLPLHQWRGHODSREODFLyQDXPHQWRGHODVPLQXVYDOtDV
LQFUHPHQWR GH ODV PDUJLQDFLRQHV GH WRGR WLSR LQFOXVLyQ GH ODV DFWLYLGDGHV GH HVWXGLR \
WUDEDMR HQ OD YLYLHQGD HWF $GHPiV KDQ VXUJLGR PXFKDV HVSHFLDOLGDGHV SDUD DUTXLWHFWRV
HQ QXHVWUD QXHYD VRFLHGDG H[SHUWRV HQ SURFHVRV GH SDUWLFLSDFLyQ HVSHFLDOLVWDV HQ
UHQRYDFLyQGHYLYLHQGDDXWRUHVH[SHULPHQWDGRVHQYLYLHQGDVRVWHQLEOHSUR\HFWRVXUEDQRV
SDUD UHKDFHU ORV EDUULRV LQIRUPDOHV \ SHULXUEDQRV TXH URGHDQ WRGDV ODV FLXGDGHV
HVSDxRODVHWF
(Q HVWH IHQyPHQR TXH DEDUFD WRGD OD VRFLHGDG HVSDxROD OD DUTXLWHFWXUD WLHQGH D WHQHU
XQ SDSHO PX\ VHFXQGDULR (V HO ~OWLPR IDFWRU DXQTXH QR GHEHUtD VHU HO GH PHQRU
LPSRUWDQFLD (Q HVWH HVFDORIULDQWH EDLOH GH FLIUDV QR WHQGUtD TXH VHU GHVGHxDEOH HO KHFKR
GH OD FDOLGDG GH HVWDV YLYLHQGDV VX EXHQD FRQVWUXFFLyQ RULHQWDFLyQ \ YHQWLODFLyQ TXH
WXYLHUDQ XQD SODQWD IOH[LEOH \ WUDQVIRUPDEOH TXH IDYRUHFLHUDQ OD GLYHUVLGDG GH XVRV \ VX
SHUIHFWLELOLGDG \ TXH SRWHQFLDVHQ OD LJXDOGDG \ OD GHVMHUDUTXL]DFLyQ TXH HVWXYLHUDQ
FRQVWUXLGDV VLJXLHQGR FULWHULRV GH VRVWHQLELOLGDG \ TXH VH FRQVROLGDVH XQD FXOWXUD GH
FRQVHUYDFLyQ \ UHXWLOL]DFLyQ GH ORV HGLILFLRV HQ XQ SDtV TXH KD GHVWUXLGR JUDQ SDUWH GH VX
SDWULPRQLR UHVLGHQFLDO DQWHULRU D  (V IODJUDQWH TXH OD FDOLGDG GH OD YLYLHQGD PDVLYD
FRQVWUXLGD \ TXH VH FRQVWUX\H HQ (VSDxD VHD PXFKR PHQRU TXH OD GH OD PD\RUtD GH ORV
SDtVHVHXURSHRV
(QHVWHVHQWLGRXQDVHULHGHFULWHULRVDUTXLWHFWyQLFRVQRVHUtDQQDGDPHQRUHVVLQRTXH
WHQGUtDQ PXFKR TXH YHU FRQ OD FDOLGDG GH YLGD OD HTXLGDG \ OD VRVWHQLELOLGDG GLVSRQHU GH
XQ HVSDFLR H[WHULRU SURSLR TXH QR KD\D EDxRV SULYDGRV HQ VXLWH VLQR DFFHVLEOHV SDUD
WRGRV ORV KDELWDQWHV GH OD YLYLHQGD TXH OD IDFKDGD HQ FDGD RULHQWDFLyQ VHD GLVWLQWD TXH
KD\D HVSDFLRV GH JXDUGDGR /DV FXHVWLRQHV UHODFLRQDGDV FRQ OD GHVMHUDUTXL]DFLyQ QR VRQ
PHQRUHVVLQRTXHVRQWUDVFHQGHQWDOHVSDUDSURPRYHUXQRVKiELWRVGHPRFUiWLFRV(OEDxR
HQ VXLWH HV XQ HVFiQGDOR GH OXMR \ GHVSUHFLR HQ XQ PXQGR HQ HO TXH  PLOORQHV GH
KDELWDQWHV GHO SODQHWD YLYHQ VLQ VDQHDPLHQWR HV GHFLU  GH FDGD  SHUVRQDV QR WLHQHQ
DFFHVR D QLQJXQD OHWULQD R LQRGRUR \ FXDQGR GLVSRQHU GH DJXD SRWDEOH D~Q HV WDQ GLItFLO
SDUDXQVHFWRUGHODSREODFLyQPXQGLDO 

(OSUREOHPDGHODYLYLHQGDQRSXHGHUHVROYHUVHFRQXQD~QLFDVROXFLyQEULOODQWHVLQRTXH
GHEHDERUGDUVHGHVGHIUHQWHVPX\GLYHUVRV\VLJXLHQGRSURFHVRVODERULRVRVPRYLPLHQWRV
VRFLDOHV FDPELRV HQ OD OHJLVODFLyQ HVWDWDO \ DXWRQyPLFD D\XGDV HFRQyPLFDV FRQWURO GHO
SUHFLR GHO VXHOR \ GH OD YLYLHQGD WHUPLQDGD SUR\HFWRV DUTXLWHFWyQLFRV H[SHULPHQWDOHV \
PRGpOLFRV PHMRUD WHFQROyJLFD \ DSOLFDFLyQ GH FULWHULRV GH VRVWHQLELOLGDG RSHUDFLRQHV TXH
DSXHVWHQ WDQWR SRU OD REUD GH QXHYD SODQWD FRPR SRU OD UHKDELOLWDFLyQ IOH[LELOLGDG HQ ORV
WLSRV GH WHQHQFLD \ SURPRFLyQ WDQWR HQ OD FRPSUD FRPR GLVWLQWDV PRGDOLGDGHV GH DOTXLOHU
$FWXDU VREUH XQD LQMXVWLFLD WDQ IODJUDQWH FRPR ORV PLOHV GH YLYLHQGDV YDFtDV HV
LPSUHVFLQGLEOH SHUR QR VXILFLHQWH 5HVXOWD FODYH DVHJXUDU XQD OHJLVODFLyQ D IDYRU GH OD
WHQHQFLDHQHODOTXLOHUFRQFRQWUROGHSUHFLRV\JDUDQWtDVGHFRQWLQXLGDG
6HWUDWDHQGHILQLWLYDGHSRWHQFLDUXQDVLWXDFLyQVRFLDODOWHUQDWLYDDODFUHDGDHQ(VSDxD
HQORVDxRVGHSUHGRPLQLRLPSXQHGHORVLQWHUHVHVGHORVQXHYRVULFRV\GHORVLQYHUVRUHV
XQDVLWXDFLyQUHWUDWDGDHQVXPRPHQWRiOJLGRFRQILQDLURQtDSRUHOHVFULWRU)HUUDQ7RUUHQW
HQ VXV QRYHODV 6RFLHGDG OLPLWDGD   \ (VSHFLHV SURWHJLGDV   DPELHQWDGDV HQ
XQR GH ORV OXJDUHV GH PiV GHVFDUDGD FRUUXSFLyQ LQPRELOLDULD OD FRVWD YDOHQFLDQD 8QD
QXHYDVLWXDFLyQHQODTXHDODUTXLWHFWROHFRUUHVSRQGHQRVRORGHQXQFLDUHOSUREOHPDVRFLDO
VLQRWDPELpQUHLYLQGLFDUODQHFHVDULDFDOLGDGGHODYLYLHQGDFRPRREMHWLYRGHODDUTXLWHFWXUD
8QD GH ODV FRQWUDSDUWLGDV TXH SXHGH DSRUWDU OD FULVLV HV TXH \D WRGD YLYLHQGD TXH VH
FRQVWUX\D QR VH YHQGD VL QR WLHQH XQD VHULH GH FXDOLGDGHV /DV YLYLHQGDV GHEHUiQ HVWDU
ELHQ VLWXDGDV \ VROHDGDV \ WHQGUiQ TXH VHU IOH[LEOHV \ GHVMHUDUTXL]DGDV VDQDV \
VRVWHQLEOHV $KRUD HO SRVLEOH FRPSUDGRU YD D SRGHU HOHJLU \ SRGUi VHU PiV H[LJHQWH 6LQ
HPEDUJRODKHUHQFLDGHKR\HVXQSDUTXHLQPHQVRGHYLYLHQGDVQXHYDVYDFtDV\GHSRFD
FDOLGDG
&LXGDGHVGHVOXPV\JHRJUDItDVGHORV³VLQWHFKR´

0iV DOOi GHO XUEDQLVPR IRUPDO \ OHJDO \D VHD SUR\HFWDGR SRU LQVWDQFLDV S~EOLFDV R
SURPRYLGR SRU OD LQLFLDWLYD SULYDGD HQ ODV FLXGDGHV GH ORV SDtVHV HQ GHVDUUROOR KD\ XQD
PHGLD GH DSUR[LPDGDPHQWH HO   GHO OODPDGR XUEDQLVPR LQIRUPDO 3DUD WUDWDU HVWH
IHQyPHQR WDQ SUHVHQWH HQ ODV JUDQGHV FLXGDGHV ²VOXPV VKDQW\ WRZQV LQIUDYLYLHQGD
DVHQWDPLHQWRV SUHFDULRV IDYHODV YLOODV PLVHULD R FKDERODV² VHJ~Q 3HWHU +DOO  0LNH


'DYLV \9HUHQD$QGUHDWWD ORSULPHURTXHYDPRVDKDFHUHVDFODUDUORVFRQFHSWRV


 

/26&21&(3726'(6/80<'(85%$1,602,1)250$/
$QWHVTXHQDGDKHPRVGHUHFRUGDUTXHWDOFRPRH[SOLFD0LNH'DYLVODSDODEUDVOXP VH
HPSLH]D D XWLOL]DU SRU SULPHUD YH] HQ ,QJODWHUUD HQ  SDUD GHVLJQDU iUHDV XUEDQDV
SREUHV \ GHJUDGDGDV \ HQVHJXLGD VH LGHQWLILFDQ FRQ OXJDUHV GH FULPLQDOLGDG $ PHGLDGRV
GHO VLJOR ;,; VH UHJLVWUDURQ VOXPV HQ )UDQFLD HQ OD ,QGLD \ HQ DOJXQRV OXJDUHV GH
1RUWHDPpULFD(VWHFRQFHSWRVHIRUPXODFRPRFRQWUDSRVLFLyQDODDSDULFLyQGHOXUEDQLVPR
FRPRGLVFLSOLQDFLHQWtILFDTXHYLHQHPDUFDGDSRUGRVSODQHVXUEDQRVHPEOHPiWLFRVHOGHO
LQJHQLHUR,GHOIRQV&HUGjSDUDHO(QVDQFKHGH%DUFHORQD  \HOGHOEDUyQ+DXVVPDQQ
SDUD3DUtVHQODGpFDGDGH/RLQIRUPDOVHGHILQHFRPRFRQWUDSRVLFLyQDOXUEDQLVPR
HQWHQGLGR \ SUDFWLFDGR FRPR SUR\HFWR \ SROtWLFD GH SODQLILFDFLyQ GH EDVH FLHQWtILFD 7RGR
DTXHOOR TXH QR HQWUD HQ OR FLHQWtILFR \ WpFQLFDPHQWH GHILQLGR VH FRQVLGHUD DQyPDOR 1R
SRQHPRV HQ GXGD OD SUHFDULD H[LVWHQFLD GH PXFKRV VHUHV KXPDQRV TXH KDELWDQ HQ
FRQGLFLRQHV LQVDOXEUHV SHUR GLVFUHSDPRV GHO WUDWDPLHQWR GH OR LQIRUPDO FRPR PDO TXH VH
GHED H[WLUSDU \ HVWDPRV PiV FHUFDQRV D ODV SURSXHVWDV GH UHFXSHUDU \ UHIRU]DU ODV
FXDOLGDGHVTXHSXHGDWHQHU
(QVXVSURSXHVWDVSDUDORVVOXPVGHOD,QGLDDSULQFLSLRVGHOVLJOR ;;3DWULFN*HGGHVVH
RSRQtD D OD WiEXOD UDVD R ³KDXVVPDQQL]DFLyQ´ GH ORV SURFHVRV GH UHQRYDFLyQ XUEDQD
SURSRQLHQGR XQD OHFWXUD DWHQWD GH OD UHDOLGDG SDUD PHMRUDUOD VHJ~Q VXV SURSLDV
SRWHQFLDOLGDGHV\RSRUWXQLGDGHV
6OXP HQ GHILQLWLYD TXH VXUJH FRPR FRQFHSWR SDUD GHILQLU ORV EDUULRV GHJUDGDGRV HQ OD
FLXGDG KR\ VH WLHQGH D HPSOHDU SDUD WRGR WLSR GH FRQVWUXFFLyQ GHO XUEDQLVPR GH OD
SREUH]DVHDXUEDQDRSHULIpULFD\WLHQHVLHPSUHXQVHQWLGRSH\RUDWLYR(VSRUHOORTXHHQ
OD KLVWRULD GH OD DUTXLWHFWXUD \ GHO XUEDQLVPR VRQ FODYHV ORV PRPHQWRV HQ ORV TXH GHVGH
SHQVDPLHQWRV DQDUTXLVWDV \ SDUWLFLSDFLRQLVWDV VH KD YDORUDGR HO XUEDQLVPR GH OD
LQIRUPDOLGDGHQFRQWUDGHOGRPLQLRGHODYLYLHQGDS~EOLFD\SULYDGDSURGXFLGDHQVHULHDOJR
\D SUHVHQWH HQ HO XUEDQLVPR YLWDOLVWD GH 3DWWULFN *HGGHV $ SULQFLSLRV GH OD GpFDGD GH
 &ROLQ :DUG HPSH]y D HVFULELU HQ OD UHYLVWD DQDUTXLVWD )UHHGRP HODERUDQGR HO
FRQFHSWR GH OD DXWRFRQVWUXFFLyQ (O DQWURSyORJR 2VFDU /HZLV GHIHQVRU GH ORV EDUULRV
DXWRFRQVWUXLGRV SXEOLFy HQ  VX OLEUR $QWURSRORJtD GH OD SREUH]D FLQFR IDPLOLDV  <

JUDQSDUWHGHHOORIXHKHUHGDGRSRUODVWHRUtDV\DFFLRQHVGHODUTXLWHFWR-RKQ)&7XUQHU
D IDYRU GH OD DXWRFRQVWUXFFLyQ \ HO SRGHU GH ORV XVXDULRV HQ OLEURV FRPR 7RGR HO SRGHU
SDUDORVXVXDULRV 

< QR HV FDVXDO TXH HQ HO FDVR GH %DUFHORQD OD WHVLV GRFWRUDO GHO XUEDQLVWD -RDQ
%XVTXHWVHVWXYLHUDGHGLFDGDD/DV³FRUHDV´GH%DUFHORQDHVWXGLRVVREUHODXUEDQL]DFLyQ
PDUJLQDO 

(VWH SURFHVR GH DQiOLVLV \ FRQFLHQFLDFLyQ GH ORV IHQyPHQRV XUEDQRV QR UHJODGRV
GHVDUUROODGR HQWUH OD GpFDGD GH  \ OD GH  SRWHQFLDUi TXH HVWH XUEDQLVPR
GHQRPLQDGR LQIRUPDO PDUJLQDO R WDPELpQ FRQVWUXFFLyQ VRFLDO GHO KiELWDW VH UHFRQR]FD
FRPR DOWHUQDWLYR DO IRUPDO \ UHJODGR FRPR DXWpQWLFD PDQHUD GH KDFHU FLXGDG \ VH
FRPLHQFHDVXSHUDUHOFDOLILFDWLYRVLHPSUHQHJDWLYRGHVOXP

',9(56,'$''(6/806
(Q VHJXQGR OXJDU HVWDEOHFHUHPRV GLIHUHQFLDV HQWUH OD JUDQ GLYHUVLGDG GH WLSRV GH WHMLGR
XUEDQRLQIRUPDOTXHH[LVWHQHQODUHDOLGDG
+D\XQDSULPHUDGLVWLQFLyQGHWDPDxRHQWUHORVLQPHQVRVEDUULRVDXWRFRQVWUXLGRVFRPR
HO TXH HQ &LXGDG GH 0p[LFR VH FRQVLGHUD TXH DORMD D VHLV PLOORQHV GH SHUVRQDV R ORV
PLQ~VFXORV EDUULRV SUHFDULRV FRQVWUXLGRV HQ KHQGLGXUDV R VRODUHV DEDQGRQDGRV MXQWR D
FDQDOHVWRUUHQWHVUtRVROtQHDVGHIHUURFDUULOHV
2WUD JUDQ GLVWLQFLyQ WLHQH TXH YHU FRQ OD PRUIRORJtD VHJ~Q VHDQ ORV EDUULRV
DXWRFRQVWUXLGRV HQ ODGHUDV GH PRQWDxDV TXH JHQHUDQ PRUIRORJtDV RUJiQLFDV \
ODEHUtQWLFDV IUDFWDOHV \ UL]RPiWLFDV R HQ WHUUHQRV OODQRV IiFLOHV GH SDUFHODU VLJXLHQGR
WUD]DGRVUHFWLOtQHRVWDOFRPRVXFHGHHQODPD\RUSDUWHGHODVYLOODVPLVHULDGHODSURYLQFLD
GH%XHQRV$LUHVTXHVLJXHQODH[WHQVLyQGHODFXDGUtFXOD7DPELpQVRQGLVWLQWRVVHJ~QODV
FDUDFWHUtVWLFDV GH WHUUHQRV \D VHDQ VHFRV FRPR HQ /LPD R SDQWDQRVRV H LQXQGDEOHV
FRPRHQ0DQLODORTXHREOLJDDHVWUXFWXUDVSDODItWLFDVGHPDGHUD
2WUD GLVWLQFLyQ EiVLFD UDGLFD HQWUH ORV VOXPV H[LVWHQWHV HQ HO LQWHULRU GH ORV WHMLGRV
XUEDQRV\ODVFRQVWUXFFLRQHVSUHFDULDVHQODVSHULIHULDV
(VWDV SULPHUDV JUDQGHV GLYLVLRQHV QRV OOHYDQ D GLIHUHQFLDU GH QXHYR HQWUH ORV VOXPV
IRUPDOHV\ORVLQIRUPDOHV
3RGHPRV GHFLU TXH FXDQGR VH GHJUDGD R VXSHUSXHEOD OD HVWUXFWXUD ItVLFD DXQTXH HVWD
VHD GH RULJHQ IRUPDO \ VH VLW~H HQ OD FLXGDG UHJODGD \ UHFRQRFLGD HO EDMR QLYHO GH ODV
FRQGLFLRQHV GH KDELWDELOLGDG SXHGHQ WUDQVIRUPDUOD HQ VOXPV FRPR VXFHGH HQ HO &HQWUR
+DEDQDHQ]RQDVGHO5DYDOGH%DUFHORQDRHQORVHGLILFLRVGHDSDUWDPHQWRVGHOFHQWURGH
6mR3DXORORVOODPDGRVFRUWLoRVDEDQGRQDGRV\RFXSDGRVSRUIDPLOLDVSREUHV/RPLVPR
SXHGH RFXUULU FXDQGR OD YLYLHQGD S~EOLFD HV GH PX\ EDMD FDOLGDG DOEHUJD XQD SREODFLyQ
KRPRJpQHD FXDQWLWDWLYDPHQWH LPSRUWDQWH \ VX HVWUXFWXUD XUEDQD \ XELFDFLyQ OD DtVOD GHO
HQWRUQR FUHDQGR JXHWRV R ORV FDVRV GH KDELWDQWHV TXH PDOYLYHQ HQ LQIUDYLYLHQGD
SHQVLRQHV \ KRVWDOHV KXPLOGHV (Q HO DSDUWDGR GH FLXGDGHV \ EDUULRV DXWRFRQVWUXLGRV
SRGHPRV HQFRQWUDU WDPELpQ FDVRV GH FLHUWD IRUPDOLGDG HQ ORV TXH ORV SURSLHWDULRV
SDUFHODQ VXV WLHUUDV \ HQWUHJDQ WtWXORV GH UHSDUFHODFLyQ VLQ YDORU OHJDO SHUR TXH SDUD ORV
GHVWLQDWDULRVHVXQDOHJDOLGDGGHWHQHQFLD
< RWUR FDStWXOR DSDUWH VRQ ORV RNXSDV TXH KDQ WHQLGR UHOHYDQFLD HQ GLYHUVDV FDSLWDOHV
HXURSHDV FRPR %DUFHORQD %LOEDR 5yWHUGDP %HUOtQ &RSHQKDJXH R /RQGUHV 6LQ
HPEDUJR VL HQ DOJXQDV GH HVWDV FDSLWDOHV VH KDQ GLFWDGR OH\HV WUDQVLWRULDV GH WROHUDQFLD
FRQODRFXSDFLyQHQ(VSDxDHQFDPELRODRFXSDFLyQHVGHOLWRGHVGHODSURPXOJDFLyQGHO
QXHYR&yGLJR3HQDOGH
< HQ HVWH DSDUWDGR GH OD LQIRUPDOLGDG DO OtPLWH HVWiQ ORV ³VLQ WHFKR´ TXH YLYHQ HQ ODV
FDOOHV GH ORV TXH VH WUDWDUi HQ OD VHJXQGD SDUWH GH HVWH FDStWXOR 7DO FRPR VHxDOD 0LNH
'DYLVWDPELpQHVWDVLWXDFLyQWDQSUHFDULDHVWiGHQWURGHOPHUFDGR\DTXHORVVLQWHFKR²
SRUHMHPSORORVTXHYLYHQHQVXVULFNVKDZVHQODVFDOOHVGHODVFLXGDGHVLQGLDVRILOLSLQDV
² WLHQHQ TXH SDJDU FXRWDV D SROLFtDV JXDUGLDV YLJLODQWHV R PDILDV (Q XQ PXQGR GRQGH
SULPD HO PHUFDGR \ HO QHJRFLR WRGR WLHQH SUHFLR LQFOXLGR HO LQWHQWR GH VREUHYLYLU
LQIUDKXPDQDPHQWH 

(O WHUUHQR GH OR LQIRUPDO TXH HV HO PD\RULWDULR D VX YH] VH VXEGLYLGH HQ GRV JUDQGHV
JUXSRVWRWDOPHQWHGLVWLQWRV
3RU XQ ODGR ODV XUEDQL]DFLRQHV SLUDWD FRQVWUXLGDV SRU SURPRWRUHV LOHJDOHV TXH WLHQHQ
VXILFLHQWHSRGHUSDUDHYLWDUVHUSHQDOL]DGRV\SHUVHJXLGRVSRUODVDXWRULGDGHV6HWUDWDGH
SDUFHODFLRQHV SLUDWDV GRQGH ORV HVSHFXODGRUHV YHQGHQ SDUFHODV ELHQ GHOLPLWDGDV VLQ
QLQJXQD LQIUDHVWUXFWXUD D YHFHV FRQ WtWXOR GH SURSLHGDG \ PXFKDV RWUDV YHFHV FRQ
GRFXPHQWRVIDOVRVFRPRKDVXFHGLGRSRUHMHPSORHQ6DQWD&UX]GHOD6LHUUD %ROLYLD $
PHQXGR HVWRV SDUFHODGRUHV LOHJDOHV VRQ ORV SURSLHWDULRV GH ODV UHGHV GH SHTXHxRV
DXWREXVHV FROHFWLYRVSHVHURVHWF TXHFXEUHQORVWUD\HFWRVGHVGHORVQXHYRVEDUULRVD
ORVQXGRVGHFRPXQLFDFLyQPiVFHQWUDOHV<ORVSULPHURVFRPHUFLRVTXHVHVLW~DQHQHVWDV
QXHYDV iUHDV LOHJDOHV XUEDQL]DGDV DGHPiV GH DOJXQD WLHQGD GH DOLPHQWDFLyQ VRQ
OyJLFDPHQWH ORV PLQRULVWDV GH PDWHULDOHV SDUD OD DXWRFRQVWUXFFLyQ GH HVWDV SDUFHODV (Q
HVWRV FDVRV HO SURFHVR SDVD SRU XQD SULPHUD RFXSDFLyQ OXHJR VH LQLFLD OD FRQVWUXFFLyQ
SUHFDULD \ VH FRQVROLGD 0iV WDUGH VH LQWHQWD FRQVHJXLU VHU DXWRUL]DGRV \ QR H[SXOVDGRV
HV GHFLU VHU LQFOXLGRV HQ HO SODQHDPLHQWR \ GHVSXpV VH OXFKDUi SRU FRQTXLVWDU ORV
GHUHFKRV D DJXD FRUULHQWH OX] LQIUDHVWUXFWXUDV GH VDQHDPLHQWR HTXLSDPLHQWRV \
WUDQVSRUWHHQGHILQLWLYDSDUDVHUOHJDOL]DGRVHLQFOXLGRVHQODHVWUXFWXUDGHORXUEDQR
3RURWURODGRVHHQFXHQWUDQORVEDUULRVDXWRFRQVWUXLGRVJHQHUDOPHQWHQRDXWRUL]DGRV\
VLHPSUHDXWRJHVWLRQDGRVWDOFRPRKDVXFHGLGRHQODPD\RUtDGHORVFDVRV$SDUWLUGHOD
GpFDGDGHFRQODVOODPDGDVSROtWLFDVGHDXWRFRQVWUXFFLyQHOXUEDQLVPRLQIRUPDOKD
SDVDGR D HVWDU DXWRUL]DGR LQFOX\HQGR OD SDUFHODFLyQ OD XUEDQL]DFLyQ \ ORV VHUYLFLRV
PtQLPRV (V HO FDVR GH 0RQWHUUH\ HQ 0p[LFR GRQGH SURPRFLRQHV S~EOLFDV FRPR OD GHO
EDUULR GH /D )DPD HQ 6DQWD &DWHULQD VH KD SDUWLGR GH XQD SDUFHODFLyQ \ XUEDQL]DFLyQ
EiVLFD GRQGH D FDGD IXWXUR KDELWDQWH VH OH HQWUHJy XQD SDUFHOD SDUD TXH VH
DXWRFRQVWUX\HUD OD FDVD &RQ ORV DxRV HOOR KD JHQHUDGR XQ EDUULR FRQ FLHUWD FDOLGDG
XUEDQD GHILQLGR SRU OD GLYHUVLGDG FRQ SHTXHxRV QHJRFLRV \ iUEROHV SODQWDGRV HQ ODV
DFHUDVSRUORVSURSLRVPRUDGRUHV
$VLPLVPR RWUD YDULDQWH GHQWUR GH ORV EDUULRV LQIRUPDOHV SHULIpULFRV HV OD RFXSDFLyQ GH
FRQVWUXFFLRQHV\DUHDOL]DGDV
< SRU ~OWLPR H[LVWH RWUD YDULDQWH GH EDUULR D~Q PiV SUHFDULD TXH HV HO FDVR GH ORV
FDPSRV GH UHIXJLDGRV TXH FRPLHQ]DQ SURYLVLRQDOHV FRQ D\XGDV LQWHUQDFLRQDOHV \ TXH
SXHGHQ DFDEDU HQ HO ROYLGR GH ODV LQVWLWXFLRQHV LQWHUQDFLRQDOHV /R TXH HQ XQ SULQFLSLR HUD
WHPSRUDOFRQXQPtQLPRGHVHUYLFLRVHLQIUDHVWUXFWXUDVDFDEDVLHQGRSHUPDQHQWH
(Q HO FDVR FRQFUHWR GH $UJHQWLQD OD PLVPD OHJLVODFLyQ TXH D ILQDOHV GH OD GpFDGD GH
 LQWHQWy FRQWURODU OD SDUFHODFLyQ GH YDVWDV VXSHUILFLHV FDUHQWHV GH LQIUDHVWUXFWXUDV
TXHGDEDOXJDUDODVOODPDGDVYLOODVPLVHULDSDUFHODGDVSRUSURPRWRUHVSULYDGRVKDVLGR
ODTXHKDSRWHQFLDGRODDSDULFLyQGHORVEDUULRVFHUUDGRVFRPRDOWHUQDWLYDFRPHUFLDODORV
FRXQWULHV (Q FRQVHFXHQFLD HQ $UJHQWLQD YLOOD PLVHULD \ EDUULR FHUUDGR VLJXHQ HQ ODV
~OWLPDVGpFDGDVXQDPLVPDOHJLVODFLyQVREUHQXHYRVEDUULRV
< HQ FXDOTXLHU FDVR \ WDO FRPR H[SOLFD 0LNH 'DYLV WDQWR ODV IDYHODV FRPR ODV
SDUFHODFLRQHVSLUDWDVIRUPDQSDUWHGHOPHUFDGRLQPRELOLDULRFRQDOTXLOHUHV\FRPSUDV

5(+$&(5/266/806
3RFR D SRFR HQ ODV ~OWLPDV GpFDGDV VH KD LGR HQWHQGLHQGR TXH HQ OD PHGLGD GH OR
SRVLEOH QR GHEHQ HUUDGLFDUVH ORV VOXPV VLQR PHMRUDUVH \ FRQVROLGDUVH GRWiQGRORV GH
LQIUDHVWUXFWXUDVXUEDQDV(VSULRULWDULRHOGHUHFKRDSHUPDQHFHUHQHOEDUULRDXWRFRQVWUXLGR
\ PDQWHQHU VX XELFDFLyQ \ HVWUXFWXUD VRFLDO 6ROR VH MXVWLILFD HUUDGLFDU DTXHOORV TXH HVWiQ
HQ VLWXDFLRQHV GH ULHVJR SRU LQXQGDFLRQHV GHVSUHQGLPLHQWRV R FRQWDPLQDFLyQ 7DPELpQ
SXHGHQ H[LVWLU REUDV GH LQWHUpV S~EOLFR TXH MXVWLILTXHQ GHVDORMDU DOJXQRV GH HVWRV EDUULRV
SHUR HVWRV GHVSOD]DPLHQWRV JHQHUDGRV SRU HO GHVDUUROOR GHEHUtDQ VHJXLU VLHPSUH ORV
SURWRFRORV GHULYDGRV GH ORV GHUHFKRV KXPDQRV D OD YLYLHQGD DO EDUULR \ D OD FLXGDG
VLJXLHQGRSULQFLSLRVEiVLFRV\GLUHFWULFHVVREUHORVGHVDORMRV\TXHFRPSRUWHQSURFHVRVGH
UHDORMR\QRPHUDVLQGHPQL]DFLRQHV/DRUJDQL]DFLyQQRJXEHUQDPHQWDO&2+5( &HQWHU2Q
+RXVLQJ 5LJKWV  (YLFWLRQV  YHOD SRU TXH VH FXPSODQ ORV SURWRFRORV GH ORV GHVDORMRV
PHGLDQWHVHJXLPLHQWRV\GHQXQFLDV
(V LPSRUWDQWH GHVWDFDU HO SDSHO GH QXPHURVDV DJHQFLDV GH FRRSHUDFLyQ \ 21* TXH
OOHYDQ DxRV WUDEDMDQGR SDUD TXH VH UHFRQR]FDQ D ORV KDELWDQWHV GH ORV VOXPV \ ORV VLQ
WLHUUDORVGHUHFKRVHVWDEOHFLGRVHQODPD\RUtDGHODVFRQVWLWXFLRQHVFRPRHOGHUHFKRDOD
YLYLHQGD\HOGHUHFKRDTXHUHVSHWHQVXWHQHQFLD(QODV~OWLPDVGpFDGDVVHKDJHQHUDGR
XQ FRQRFLPLHQWR PXQGLDO TXH KD FRODERUDGR HQ PHMRUDU ODV FRQGLFLRQHV GH SDUWLGD GH
PXFKRV EDUULRV DXWRFRQVWUXLGRV DO FRQWDU FRQ DVLVWHQFLD WpFQLFD (O WUDEDMR GH HVWDV
DJHQFLDV \ 21* KD FRQWULEXLGR D TXH VH GHEDQ SHQVDU DOWHUQDWLYDV RILFLDOHV D OD VLPSOH
HUUDGLFDFLyQ\UHORFDOL]DFLyQHQODVSHULIHULDV
&XDQGR HVWRV EDUULRV LQIRUPDOHV VRQ UHKHFKRV PHMRUDGRV H LQFRUSRUDGRV D OD FLXGDG
FRPRHOFDVRGH)DYHOD%DLUURHQ5tRGH-DQHLURHQODGpFDGDGHODPHMRUPDQHUD
GHHYLWDUTXHVXVKDELWDQWHVVHDQVXVWLWXLGRVSRURWURVSREODGRUHVGHFODVHVPiVDOWDVHV
PDQWHQHU WLSRORJtDV \ PRUIRORJtDV FRQ DOWXUDV \ YRO~PHQHV \ HVSHFLDOPHQWH
LPSRVLELOLWDQGR OD VXPDWRULD GH SDUFHODV TXH SHUPLWDQ OD LQWURGXFFLyQ GH RWURV WLSRV GH
FRQVWUXFWRUDV GH PD\RU HVFDOD \ SDUD RWUR S~EOLFR FRQ ORV WLSRV \ IRUPDV GH QHJRFLRV \
FRQ HO PLVPR Q~PHUR GH YLYLHQGDV SRU SDUFHODV &RQ WRGR HOOR SXHGH FRQVHJXLUVH QR
³JHQWULILFDU´OD]RQDTXHVHUHIXHUFHODHVWUXFWXUDH[LVWHQWHUHVSHWDUVXFDUiFWHUSRSXODU\
QRSHUPLWLUJUDQGHVSURFHVRVGHVXVWLWXFLyQVRFLDO
6LQ HPEDUJR SURJUDPDV FRPR 9LOOHV VDQV %LGRQYLOOHV HQ 0DUUXHFRV RUJDQL]DFLRQHV
LQWHUQDFLRQDOHVFRPR0iV&LXGDGHVVLQ6OXPVRORTXHPDQLIHVWy/XL],QiFLR/XODGD6LOYD
²FXDQGR WRGDYtD HUD SUHVLGHQWH GH %UDVLO HQ  \ GHVSXpV GH TXH 5tR GH -DQHLUR
JDQDUDODFDQGLGDWXUDDVHUFLXGDGROtPSLFDHQHO²GHTXHHOQRPEUHGHIDYHODLEDD
GHVDSDUHFHUKDFHQSHQVDUTXHVHSODQWHDPiVVXHOLPLQDFLyQTXHVXMXVWDFRQVROLGDFLyQ\
UHIRU]DPLHQWR ,QFOXVR 81 +DELWDW HVWi SURPRYLHQGR XQD SROtWLFD GH SUHYHQFLyQ GH ORV
VOXPVSRQLHQGRHQFULVLVHOPLWRGHODVFLXGDGHVHLQWHQWDQGRFRQYHQFHUDTXLHQHVYLYHQHQ
HOFDPSRGHTXHHQORVVOXPVXUEDQRVYDQDYLYLUPXFKRSHRU6LWDQWRHOSUHVHQWHFRPRHO
IXWXUR GH JUDQ SDUWH GHO FUHFLPLHQWR GH ODV FLXGDGHV VH KDUiQ FRQ VOXPV HQ OXJDU GH
HUUDGLFDUORVHOUHWRHVFyPRSODQLILFDUORVQXWULUORV\UHIRU]DUORVSDUDTXHVHDQPiVGLJQRV
SXHGDQSURJUHVDU\TXHHQHOORVVHUHVSHWHQORVGHUHFKRVKXPDQRV
'HWRGDVIRUPDVQRSHQVHPRVTXHHQORVSDtVHVGHVDUUROODGRVHVWDPRVWDQOHMRVGHORV
SUREOHPDVGHORVVOXPV 3RGHPRV DSUHQGHU PXFKR GH ODV H[SHULHQFLDV GH PHMRUD FRPR
ODVUHDOL]DGDVHQFLXGDGHVEUDVLOHxDV'HKHFKRORVSURFHVRVGHVXEXUEDQL]DFLyQGHVGHOD
GpFDGDGHHQSDtVHVHXURSHRVPHGLWHUUiQHRV²WDQWRSDUDFODVHVEDMDVFRPRSDUD
FODVHVPHGLDV²TXHKDQFRQILJXUDGRWHUULWRULRVFRQYLYLHQGDVDLVODGDVRHQKLOHUDGHEDMD
GHQVLGDG SRFDV LQIUDHVWUXFWXUDV \ HQ DOJXQRV FDVRV HQ VLWXDFLRQHV QDWXUDOHV QR
DGHFXDGDVUHTXLHUHQKR\GHHVIXHU]RVVLPLODUHVSDUDFRQYHUWLUORVHQFLXGDG<SHQVHPRV
TXH OD GHJUDGDFLyQ XUEDQD GH SDUWHV GH FLXGDGHV FRPR 7RNLR SRU GHJHQHUDFLyQ R
VXVWLWXFLyQ SRU WHMLGRV KLVWyULFRV R SRU GHQVLGDGHV DJRELDQWHV QR HVWiQ WDQ OHMRV GH ORV
VOXPVXUEDQRV\UXUDOHVGHSDtVHVHQGHVDUUROORRGHFLXGDGHVFRPR%RPED\

*(2*5$)Ë$'(/26³6,17(&+2´
$O PLVPR WLHPSR HQ WRGDV ODV FLXGDGHV DXPHQWDQ ORV JUXSRV KXPDQRV TXH VRQ H[FOXLGRV
SRU QR UHVSRQGHU DO PRGHOR GRPLQDQWH FRPR ORV DQFLDQRV ORV GLVFDSDFLWDGRV ORV
HQIHUPRV ORV GURJRGHSHQGLHQWHV ORV LQPLJUDQWHV ORV JLWDQRV ORV VLQ WHFKR TXH VRQ
PDUJLQDGRV \ FRQYHUWLGRV HQ PLQRUtDV FKLYRV H[SLDWRULRV GH ODV FRQWUDGLFFLRQHV \
SUHVLRQHVGHOVLVWHPDHFRQyPLFR
<GHQWURGHODH[FOXVLyQODFRQGLFLyQGHVHUXQVLQWHFKRFRUUHVSRQGHDOPD\RUJUDGRGH
PDUJLQDFLyQ TXH SXHGH GDUVH GHQWUR GH XQD PHWUySROLV /DV UD]RQHV TXH OOHYDQ D HVWD
VLWXDFLyQOtPLWHGHH[FOXVLyQTXHFRPSRUWDYLYLU\GRUPLUHQODFDOOHOOHYDQGRDFXHVWDVOR
SRFR TXH VH WLHQH VRQ GLYHUVDV SHUR JHQHUDOPHQWH VH XQHQ OD IDOWD GH WUDEDMR \ GH
UHFXUVRV FRQ OD SpUGLGD GH XQRV OD]RV IDPLOLDUHV \ VRFLDOHV TXH D\XGHQ D GLVSRQHU GH XQ
KRJDUDXQTXHVHDSURYLVLRQDO\REOLJDQDOVLQWHFKRDKDELWDUFXDOTXLHUULQFyQGHODFLXGDG
< DO PLVPR WLHPSR HV XQ DYLVR GHO DXPHQWR GH QXHVWUD YXOQHUDELOLGDG FXDOTXLHUD SXHGH
YHUVHHQYXHOWRHQXQDVLWXDFLyQHQODTXHVHYD\DQDFXPXODQGRGHVJUDFLDV\SpUGLGDVHV
GHFLU FXDOTXLHUD SXHGH TXHGDUVH VLQ WUDEDMR \ HPSREUHFHU VHSDUDUVH R SHUGHU D VX
IDPLOLD FRQWUDHU HQIHUPHGDGHV FUyQLFDV \ PHQWDOHV VHU YtFWLPD GH OD YLROHQFLD JUDWXLWD R
VXIULU XQ DFFLGHQWH R XQ LQFHQGLR FDHU HQ HO DOFRKROLVPR OD GURJRGHSHQGHQFLD R OD
OXGRSDWtD WHQHU SUREOHPDV MXGLFLDOHV VHU LQFDSD] GH SDJDU OD KLSRWHFD YtFWLPD GH OD
SpUGLGD GH UHFXUVRV \ GHO KXQGLPLHQWR GH OD EXUEXMD LQPRELOLDULD R VHU REMHWLYR GH ORV
GHVDSUHQVLYRV TXH HMHUFHQ HO PREELQJ SDUD YHUVH H[SXOVDGR GH XQD YLYLHQGD FRQ YDORU
XUEDQR TXH TXLHUHQ FRQYHUWLU HQ XQ KRWHO XQ DSDUWDPHQWR WXUtVWLFR R XQD YLYLHQGD GH OXMR
1DGLHHVWiDVDOYRGHFDHUHQXQDFDGHQDGHIDWDOLGDGHV
/RVVLQWHFKRUHSUHVHQWDQDORVSHUGHGRUHVDORVRWURVDODVPLQRUtDV6XSUHVHQFLDHV
PROHVWD \D TXH HVWiQ H[FOXLGRV GHO FRQVXPR \ SRU HOOR VRQ FRQVLGHUDGRV H[WUDxRV
5HSUHVHQWDQYLVLEOHPHQWHQRVRORXQWHPLEOHIUDFDVRSHUVRQDOVLQRVREUHWRGRHOIUDFDVR
GH ORV GLYHUVRV SUR\HFWRV VRFLDOHV GHO (VWDGR 7DO FRPR KDQ HVFULWR $UMXQ $SSDGXUDL  \ 

=\JPXQW %DXPDQ ORV VLQ WHFKR VRQ PROHVWRV SRUTXH UHSUHVHQWDQ D ORV PDUJLQDGRV GHO
PXQGRGHOFRQVXPR\GHODVIXHU]DVHFRQyPLFDVGHODJOREDOL]DFLyQ
/DJUDYHGDGGHODVLWXDFLyQGHORVVLQWHFKRVHH[SUHVDHQHOKHFKRGHTXHDOQRWHQHU
FDVDKDQSHUGLGRVXGHUHFKRDODYLGDSULYDGD\DODLQWLPLGDG6XYLGDFRWLGLDQDVHUHDOL]D
HQ HO HVSDFLR S~EOLFR GRQGH DGHPiV VRQ VXVFHSWLEOHV GH VHU H[SXOVDGRV PXWLODGRV
UREDGRVYHMDGRVRDJUHGLGRV(OORORVFRQYLHUWHHQPDUJLQDOHVORVGHJUDGDKXPDQDPHQWH
\ ORV KDFH WRWDOPHQWH IUiJLOHV \ YXOQHUDEOHV /R SULYDGR KD GHVDSDUHFLGR GLOXLGR HQ OR
S~EOLFR 6ROR SXHGH GHVDUUROODUVH OR SULYDGR ²GRUPLU FRPHU DVHDUVH² HQ OR S~EOLFR (
LQFOXVR HQ HO FDVR GH TXH SXHGDQ DFFHGHU RFDVLRQDOPHQWH D XQD SOD]D HQ XQ DOEHUJXH GH
LQGLJHQWHV ODV FRQGLFLRQHV GH SURPLVFXLGDG TXH HQ JHQHUDO GRPLQDQ HQ HVWRV OXJDUHV QR
OHVSHUPLWHUHFXSHUDUGHOWRGRQLODLQWLPLGDGQLODGLJQLGDG3RUWDQWRHQODH[SHULHQFLDGHO
VLQ WHFKR OD HVIHUD SULYDGD \ OD S~EOLFD VH GLVXHOYHQ OD UHODFLyQ \ ORV OtPLWHV HQWUH OR
SULYDGR\ORS~EOLFRVHKDQURWRWRWDOPHQWH
9LYLPRVHQXQVLVWHPDTXHYDH[FOX\HQGRFDGDYH]DPiVSREODFLyQ\TXHKDFHDXPHQWDU
ORVVHFWRUHVYXOQHUDEOHV7DOFRPRKDHVFULWR=\JPXQW%DXPDQQHQ9LGDV GHVSHUGLFLDGDV
/D PRGHUQLGDG \ VXV SDULDV  OD PRGHUQLGDG VH EDVD HVHQFLDOPHQWH HQ LQFUHPHQWDU HO


Q~PHURGHH[FOXLGRVGHYLGDVGHVSHUGLFLDGDV3RUHMHPSORODVSHUVRQDVFRQOLPLWDFLRQHV
HFRQyPLFDV HQ FLXGDGHV WXUtVWLFDV FRPR 1XHYD <RUN %HUOtQ 3DUtV 9HQHFLD %DUFHORQD R
9DOHQFLD YDQ VLHQGR H[SXOVDGDV GH VXV FDVDV PXFKRV GH HOORV DQFLDQRV TXH KDQ GH
UHFXUULU D SHQVLRQHV R UHVLGHQFLDV &RPR FRQVHFXHQFLD ORV EDUULRV SLHUGHQ SREODFLyQ
UHVLGHQWH \ ORV FRPHUFLRV GH SUR[LPLGDG VH UHGXFHQ \ VH WHPDWL]DQ 3RU WDQWR XQD SDUWH
GH ORV FLXGDGDQRV DXQTXH QR VH KD\DQ FRQYHUWLGR HQ VLQ WHFKR KDQ VLGR ³GHVKDELWDGRV´
H[SXOVDGRV GH VXV GRPLFLOLRV JHQWH PD\RU R VLQ UHFXUVRV D OD TXH KDQ VRPHWLGR DO
PREELQJLQPRELOLDULR\FX\RYLHMRHGLILFLRKDSDVDGRDVHUXQOXJDUSDUDWXULVWDV
/D JHRJUDItD GH ORV VLQ WHFKR HVWi GHILQLGD SRU ORV ULQFRQHV PiV SURWHFWRUHV GH FDGD
FLXGDG SXHQWHV SyUWLFRV SDUTXHV SRUWDOHV UHWUDQTXHRV KXHFRV GH ORV HVFDSDUDWHV GH
ODVWLHQGDVFDMHURVDXWRPiWLFRVRSLVRVDEDQGRQDGRVRFXSDGRV3DUDGRUPLUORVVLQWHFKR
EXVFDQ OXJDUHV HVSHFtILFRV FHUFD GH FHQWURV DVLVWHQFLDOHV \ UHGHV GH WUDQVSRUWH XUEDQR
SDUD SRGHU DFFHGHU D OXJDUHV GH D\XGD SDUD FRPLGD R URSD \ ULQFRQHV WUDQVLWDGRV SDUD
HYLWDUODYLROHQFLDYHUEDORItVLFD3RUVXPRUIRORJtDFRPSDFWDVXVHVSDFLRVLQWHUPHGLRV\
VXV UHFRYHFRV OD FLXGDG KLVWyULFD IDYRUHFH PiV OD H[LVWHQFLD GH ULQFRQHV SDUD OD YLGD
QyPDGD GH ORV VLQ WHFKR TXH ODV FLXGDGHV GH WUD]DGR PRGHUQR FRQ ]RQDV
PRQRIXQFLRQDOHV DPSOLDV DYHQLGDV HGLILFLRV DLVODGRV \ HVSDFLRV GHOLPLWDGRV /RV
LQGLJHQWHV VREUHYLYHQ PHMRU HQ ODV HVWUXFWXUDV XUEDQDV SUHLQGXVWULDOHV H LQGXVWULDOHV FRQ
PXFKRV iPELWRV DPELJXRV PiV DFRUGHV FRQ XQD YLGD FRQ SRFRV PHGLRV TXH HQ ORV
WUD]DGRV UHFWLOtQHRV \ HQ ORV HVSDFLRV DELHUWRV GHO XUEDQLVPR PRGHUQR SHQVDGRV
HVHQFLDOPHQWHSDUDPRYHUVHHQDXWRPyYLO(OWUD]DGRGHODFLXGDGFRQWHPSRUiQHDKDVLGR
GLVHxDGR PHGLDQWH GHUULERV FRQ JUDQGHV DYHQLGDV \ EXOHYDUHV KDXVVPDQQLDQRV TXH
HOLPLQDQ OD GLYHUVLGDG \ ORV SOLHJXHV ORV ULQFRQHV \ ODV LUUHJXODULGDGHV TXH SHUPLWLUtDQ
KDELWDUORVHQFRQWUDUVHXRFXSDUVH
<FXDQGRHVWHSURFHVRGHSpUGLGDSDXODWLQDHPSXMDKDVWDODVLWXDFLyQOtPLWHGHOOHJDUD
GRUPLU HQ OD FDOOH VRQ ODV RUJDQL]DFLRQHV GH D\XGD VRFLDO \ ODV LQVWLWXFLRQHV S~EOLFDV
ORFDOHVODVTXHORFDOL]DQDOVLQWHFKRHLQWHQWDQTXHUHFXUUDDFHQWURVGHDFRJLGD6HSXHGH
HVWDEOHFHU TXH HQ OD VLWXDFLyQ GH ORV VLQ WHFKR KD\ WUHV HWDSDV GLVWLQWDV OD LQLFLDO GH
GHVHVWUXFWXUDFLyQSHUVRQDO\FDtGDHQODPDUJLQDFLyQODPiVDYDQ]DGDRGHFRQVROLGDFLyQ
GH OD WUD\HFWRULD GH FDOOH \ SpUGLGD GH OD DXWRQRPtD SHUVRQDO FXDQGR VH OOHYD PiV GH XQ
DxR HQ HVWD VLWXDFLyQ \ OD GH FURQLILFDFLyQ XQ HVWDGLR HQ HO TXH HO VLQ WHFKR VH KDFH
UHWLFHQWH D ODV SROtWLFDV GH DSR\R /DV LQVWLWXFLRQHV S~EOLFDV LQWHQWDQ LQWHUYHQLU HQ OD
SULPHUD HWDSD PiV IiFLO \ SRVLEOH GH UHYHUWLU \ ODV 21* WUDEDMDQ PiV HQ ODV RWUDV GRV
HWDSDVPiVFUyQLFDV
/RV SULPHURV SDVRV HQ HO SURFHVR GH UHLQVHUFLyQ SDUD TXH ODV SHUVRQDV UHFXSHUHQ VX
SUR\HFWR GH YLGD VH UHDOL]DQ HQ ORV FHQWURV GH GtD ORV DOEHUJXHV \ ORV FRPHGRUHV HQ
EXHQD SDUWH SURPRYLGRV SRU 21* FRPR ORV TXH DFW~DQ HQ %DUFHORQD OD &RPXQLGDG GH
6DQW¶(JLGLR LQVWLWXFLyQ ODLFD GH UDt] FULVWLDQD TXH ORV DWLHQGH IDFLOLWiQGROHV FRPLGD $UUHOV
RUJDQL]DFLyQ TXH OHV D\XGD \ OHV RIUHFH FDPDV WDOOHUHV SUHODERUDOHV \ PHGLRV SDUD OD
UHLQVHUFLyQR0DGUH7HUHVDTXHIDFLOLWDFRPLGD\SOD]DVGHDOEHUJXH 

(Q  HO   GH ORV IRQGRV GHGLFDGRV D ORV VLQ WHFKR HQ &DWDOXxD HUDQ
JHVWLRQDGRV SRU HO VHFWRU SULYDGR \ HO UHVWR SRU DVLVWHQWHV VRFLDOHV HQ HO PDUFR GH ODV
SROtWLFDV PXQLFLSDOHV GH ELHQHVWDU VRFLDO (Q %DUFHORQD GRQGH GHVGH PDU]R GHO  VH
DSOLFD XQ SURJUHVLVWD 3ODQ GH ,QFOXVLyQ 6RFLDO HQ PDU]R GHO  KDEtD FDVL 
SHUVRQDV GXUPLHQGR HQ OD FDOOH SRU OD QRFKH \ RWUDV  HQ FHQWURV GH DFRJLGD PLWDG
PXQLFLSDOHV \ PLWDG GH 21* &DGD DxR HO 6HFWRU GH 6HUYLFLRV 3HUVRQDOHV DWLHQGH XQDV
SHUVRQDVVLQKRJDU(Q&DWDOXxDORVVLQWHFKROOHJDEDQDHQHODxR (Q 

HQ(VSDxDSHUVRQDVDFXGLHURQDFHQWURVGHDWHQFLyQSDUDJHQWHVLQKRJDU\
HQ HO  VH FRQWDELOL]DURQ  SHUVRQDV VLQ WHFKR (Q 9DOHQFLD HQ GLFLHPEUH GHO
VRORGHEDMRGHOSXHQWHGH&DEHFHUDSDVDEDQODQRFKHXQRVLQPLJUDQWHVHQVX
PD\RUtD VLQ SDSHOHV (Q  %DUFHORQD WHQtD  FDPDV HQ DOEHUJXHV 0DGULG  \
9DOHQFLD(QHQ%DUFHORQDH[LVWtDQFDVLSOD]DVHQDOEHUJXHV(Q(VWDGRV
8QLGRV HQ  XQRV WUHV PLOORQHV GH SHUVRQDV DSUR[LPDGDPHQWH H[SHULPHQWDEDQ OD
VLWXDFLyQ GH VLQ WHFKR FLIUD HQ DXPHQWR D FDXVD GHO SDUR \ GH OD FULVLV GH ODV KLSRWHFDV
VXESULPH&DEHUHFRUGDUTXH/RVÈQJHOHVHVHQORVSDtVHVGHVDUUROODGRVODFDSLWDO FRQ
PD\RU Q~PHUR GH VLQ WHFKR XQDV  SHUVRQDV (Q 0LDPL KD\ XQRV  \ HQ
FLXGDGHV GH SDtVHV HQ GHVDUUROOR FRPR %RPED\ VH HVWLPD TXH DSUR[LPDGDPHQWH XQ
PLOOyQ GH SHUVRQDV YLYHQ \ GXHUPHQ HQ ODV FDOOHV (Q 0DQLOD HVWRV FLHQWRV GH PLOHV GH
IDPLOLDV GH VLQ WHFKR YLYHQ HQ VXV ULFNVKDZV R HQ ODV PLVPDV REUDV GRQGH WUDEDMDQ
SUHFDULDPHQWH&DEHGHVWDFDUTXHHQORVSDtVHVGHVDUUROODGRVTXLHQYLYHHQODFDOOHVXHOH
VHU XQD SHUVRQD PD\RULWDULDPHQWH KRPEUH TXH FRPR KHPRV H[SOLFDGR SLHUGH WRGD UHG
GH VRSRUWH VRFLDO DIHFWLYR \ HFRQyPLFR (Q ORV SDtVHV HQ GHVDUUROOR VRQ IDPLOLDV HQWHUDV
TXHWLHQHQODFDOOHSRUKRJDU
&DGD FLXGDG GH ORV SDtVHV GHVDUUROODGRV XWLOL]D GLYHUVRV PpWRGRV GHVFDUDGDPHQWH HQ
FRQWUDGHORVVLQWHFKRTXHDYHFHVLQWHQWDQSDVDUGHVDSHUFLELGRVFRPRORVEDQFRVHQ
ORVTXHSRUVXIRUPDEUD]RV\EDUURWHVQRSHUPLWHQGRUPLUHQHOORV)XHHOVRFLyORJR0LNH
'DYLVTXLHQSXVRVREUHDYLVRGHHVWRVPHFDQLVPRV³DQWLVLQWHFKR´DODQDOL]DUODFLXGDGGH
/RV ÈQJHOHV HQ VX OLEUR &LXGDG GH FXDU]R *HQHUDOPHQWH GLFKRV PHFDQLVPRV VRQ PX\
H[SOtFLWRV FRPR OD IXHUWH LOXPLQDFLyQ GH ORV HVSDFLRV VXVFHSWLEOHV GH VHUYLU GH FRELMR  $


YHFHV ORV PpWRGRV VRQ PiV H[SHGLWLYRV \ DJUHVLYRV UHJDU ODV SOD]DV SDUTXHV \ EDQFRV
GXUDQWHWRGDODQRFKHROOHJDULQFOXVRDPHGLGDVSROLFLDOHVFRPRFRQILVFDUODVSHUWHQHQFLDV
R OD H[SXOVLyQ GH ORV OXJDUHV GH FRELMR 1LQJXQD GH HVWDV PHGLGDV HV OHJtWLPD VL QR VH
RIUHFHQDOWHUQDWLYDVSDUDORVVLQWHFKRFRPRDOEHUJXHV\FHQWURVGHGtDHQGHILQLWLYDWRGD
XQD UHG DVLVWHQFLDO TXH VH HVIXHUFH HQ LQFOXLUORV \ D\XGDUOHV D UHFXSHUDUVH \ D FRQVHJXLU
WUDEDMR
&XDQGRHVH[FOX\HQWHXQDFLXGDGQRFXPSOHFRQVXIXQFLyQHVHQFLDOGHDFRJLGD\DFDED
FRQYLUWLpQGRVHHQXQDDEHUUDFLyQ/DPD\RUGHODVPRQVWUXRVLGDGHVHVODGHODFLXGDGTXH
DUUHPHWHHLQFOXVRPDOWUDWD\DVHVLQDDVXVLQGLJHQWHVDVXVPLQRUtDVDVXVSHUGHGRUHV
TXH DFDEDQ FRQYLUWLpQGRVH HQ OD LPDJHQ GH XQ IUDFDVR \ XQD DQJXVWLD TXH DOJXQDV
SHUVRQDVTXLHUHQDQDWHPL]DUDJUHGLHQGRHOFXHUSRGHOVXEDOWHUQR

32%5(=$(,1',*(1&,$
6L HQ ORV SDtVHV GHVDUUROODGRV OR TXH PiV FDUDFWHUL]D DO VLQ WHFKR HV VX DLVODPLHQWR VLQ
OD]RVVRFLDOHVQLIDPLOLDUHVHQFDPELRSDUDGyMLFDPHQWHHVPiVSRVLEOHVREUHYLYLUVLQWHQHU
FDVDGHSDUWLGDHQORVSDtVHVHQGHVDUUROORHQ$PpULFD/DWLQDÈIULFD\$VLDDXQTXHVHD
HQOXJDUHVGHIXHUWHWRSRJUDItDLQFOLQDGDRiUHDVLQXQGDEOHVFRQWDPLQDGDVVLQVHUYLFLRV\
OHMRVGHORVFHQWURVTXHHQORVSDtVHVGHODVVRFLHGDGHVGHOELHQHVWDU(Q$PpULFD/DWLQD
GRQGHORVVLQWHFKRVRQPXOWLWXG\SXHGHQDJUXSDUVH\RUJDQL]DUVHODSREODFLyQWRWDOSDVy
HQWUH\GHDPLOORQHV6LQHPEDUJRHQHVWRVDxRVODSREODFLyQHQ
XUEDQL]DFLRQHVPDUJLQDOHVVHPXOWLSOLFySRUFLQFR1RVHWUDWDGHLQGLJHQWHVVLQRGHSREUHV
TXHIRUPDQXQDVRFLHGDG\TXHVHRUJDQL]DQHQUHGHVSDUDKDFHURFXSDFLRQHVGHWHUUHQRV
HQ HO H[WUDUUDGLR GH FLXGDGHV FRPR /LPD &LXGDG GH 0p[LFR &DUDFDV %RJRWi R %XHQRV
$LUHV \ UHDOL]DU XQD FRQVWUXFFLyQ VRFLDO GHO KiELWDW 'HVGH HO UHJODPHQWLVPR \ ODV UHJODV
EXURFUiWLFDVHVWRVEDUULRVTXHHQPXFKRVFDVRVSXHGDQDOEHUJDUDPiVGHODPLWDGGHOD
SREODFLyQGHXQDFLXGDGVRQOODPDGRVPDUJLQDOHVPHQRVSUHFLDGRVSRUGHEHUVXRULJHQD
XQ VLVWHPD GH DXWRFRQVWUXFFLyQ WHQLHQGR HQ FDGD SDtV XQD GHQRPLQDFLyQ GLIHUHQFLDGRUD
YLOODVPLVHULDSREODGRVMyYHQHVIDYHODVRELGRQYLOOHV
(QODVVRFLHGDGHVRSXOHQWDVVHFRQVLGHUDDOLQGLJHQWHFRPRXQVXMHWRDLVODGR\SHOLJURVR
TXHGHEHVHUHUUDGLFDGRGHOSUHWHQGLGRHVFHQDULRGHOXMR(QODOXMRVD\IXWXULVWDFLXGDGGH
9DQFRXYHUHQ&DQDGiFHUFDGHOFDVFRKLVWyULFRHQHOFUXFHHQWUH+DVWLQJV\0DLQ6WUHHW
MXVWRDOODGRGHWHDWURVPXVHRV\WLHQGDVGHOXMRHQXQSDUGHPDQ]DQDVDEDQGRQDGDV\
GHWHULRUDGDV PDOYLYHQ FRQILQDGRV FHQWHQDUHV GH VLQ WHFKR PDUJLQDGRV \
GURJRGHSHQGLHQWHV
3RU PXFKR TXH VH HVFRQGDQ ODV YXOQHUDELOLGDGHV XUEDQDV HVWiQ HQ DXPHQWR \ HO SHUILO
GHOVLQWHFKRHQORVSDtVHVGHVDUUROODGRVVHYDDPSOLDQGRGHOPiVFRP~Q²KRPEUHVVRORV
GH PHGLDQD HGDG² D PXFKRV RWURV SHUILOHV FRPR PXMHUHV VRODV \ FRQ KLMRV MyYHQHV H
LQPLJUDQWHV
7DOFRPRKDHVFULWR0DUJDUHW.RKQ IUHQWHDOIHQyPHQRGHORVVLQWHFKRHVHQFLDOPHQWH


FDEHQ WUHV SRVLFLRQHV OD OLEHUDO TXH WLHQGH D ]RQLILFDU HO SUREOHPD FRQILQDQGR D ORV VLQ
WHFKR D ]RQDV HVWUDWpJLFDV UHPLWLpQGRVH VLQ SLHGDG D OD OHJDOLGDG YLJHQWH \ UHVWULQJLHQGR
ORV XVRV GHO HVSDFLR S~EOLFR OD URPiQWLFD TXH HQ OD OLWHUDWXUD HO FLQH R ODV FUyQLFDV KD
FRQYHUWLGR DO VLQ WHFKR HQ XQ KpURH TXH VXSXHVWDPHQWH KD HOHJLGR XQ PRGR GH YLGD OLEUH
PLWLILFDQGR VX FRQGLFLyQ GH YLGD QyPDGD \ OD GHPRFUiWLFD TXH FRQVLGHUD TXH GHEH
YLVLELOL]DUVH\HQWHQGHUVHGHXQPRGRUHDOLVWDHOSUREOHPDGHORVVLQWHFKRRWRUJiQGROHVXQ
URVWURUHDOUHFRQRFLHQGRODVKLVWRULDVFRQFUHWDVGHFDGDSHUVRQDPDUJLQDGD\GHIHQGLHQGR
VXGHUHFKRDXQDYLGDGLJQD\SRUWDQWRDWHQHUXQDFDVD\VLHOORQRHVSRVLEOHDKDELWDU
WHPSRUDOPHQWH HO HVSDFLR S~EOLFR R XQ FHQWUR GH DFRJLGD 3RU WDQWR QR VH WUDWD GH
H[FOXLUORVQLGHFRQYHUWLUORVHQKpURHVVLQRGHYLVLELOL]DUORV\UHFRQRFHUORVFRPRSHUVRQDV
FRQFUHWDVGHIHQGHUVXVGHUHFKRV\FRQVWUXLUFLXGDGHV\DUTXLWHFWXUDVTXHWDPELpQSLHQVHQ
HQHOORV
$/7(51$7,9$6

(VWH OLEUR TXH KD HPSH]DGR FRQ XQD PLUDGD D OD KLVWRULD \ TXH KD SUHVHQWDGR XQD YLVLyQ FUtWLFD GHO PXQGR
FRQWHPSRUiQHR FRQFOX\H FRQ HO SODQWHDPLHQWR GH XQDV DUTXLWHFWXUDV \ XUEDQLVPRV DOWHUQDWLYRV D IDYRU GH ODV
SHUVRQDV \ GHO SODQHWD EDVDGR HQ XQDV QXHYDV SURSXHVWDV HQWUH ODV FXDOHV HO GLVFXUVR IHPLQLVWD HV XQR GH ORV
SULRULWDULRV
&LXGDGSUy[LPDXUEDQLVPRVLQJpQHUR

120%5$5/$&,8'$'(1)(0(1,12
(OJpQHURHVODFRQVWUXFFLyQFXOWXUDOGHUROHVDWULEXLGRVDORVVH[RVTXHDVLJQDHVSDFLRV\
HVWDEOHFH SULRULGDGHV OR SULYDGR \ OR S~EOLFR SDUHV FRPSOHPHQWDULRV \ DQWDJyQLFRV D OD
YH]ORFRWLGLDQRORLQWHULRU\ORSULYDGRVRQVHFXQGDULRV\UHODWLYRVHOH[WHULRU\ORS~EOLFR
VRQSULQFLSDOHVHLPSRUWDQWHV\SRUWDQWRVRORSXHGHQIRUPXODUVHGHVGHWHRUtDVQHXWUDOHV
UDFLRQDOHV\DEVWUDFWDV\QRGHVGHODH[SHULHQFLDSHUVRQDO(VWDYDORUDFLyQGLVFULPLQDGRUD
WLHQHVXIRUPDOL]DFLyQHQHORUGHQGRPpVWLFR\HQHOXUEDQRGRVILJXUDVFRPSOHPHQWDULDVH
LQVHSDUDEOHV
/D FRQVWUXFFLyQ GH ORV JpQHURV VH DUWLFXOD VHJ~Q ODV MHUDUTXtDV TXH FRPSRUWD OD
HVWUXFWXUD SDWULDUFDO \ ORV UROHV GH JpQHUR VRQ XQD GHILQLFLyQ VRFLRFXOWXUDO VREUH DTXHOOR
TXHUHVXOWDDSURSLDGRSDUDFDGDVH[R$FDGDUROOHFRUUHVSRQGHXQHVSDFLRODFDVD\OD
FLXGDG (Q HVWD RUJDQL]DFLyQ H[FOX\HQWH HO VXMHWR S~EOLFR HV HO KRPEUH HO VXMHWR GHO
GLVFXUVR GH OD KLVWRULD TXH FRQYLHUWH OR SDUFLDO HQ XQLYHUVDO ³/R TXH FRQRFHPRV FRPR
µKRPEUH¶ \ OR TXH FRQRFHPRV FRPR µPXMHU¶ QR FRQVLVWH HQ XQ FRQMXQWR GH DWULEXWRV HQ XQ
FRQMXQWR GH REMHWRV SUHGRPLQDQWHPHQWH QDWXUDOHV VLQR TXH VH WUDWD HQ JUDQ SDUWH GH
FRQVWUXFFLRQHV FXOWXUDOHV >«@ 6HJ~Q HO SHQVDPLHQWR GH OD GLIHUHQFLD VH[XDO HO VXMHWR GHO
FRQRFLPLHQWR QR VHUtD XQ VHU QHXWUR XQLYHUVDO VLQR VH[XDGR \ HO FRQRFLPLHQWR TXH HVH
VXMHWRSUHWHQGLGDPHQWHXQLYHUVDOKDSURGXFLGRDORODUJRGHODKLVWRULDVHUtDVRODPHQWHXQ
FRQRFLPLHQWR PDVFXOLQR HQ HO TXH ODV PXMHUHV QR QRV UHFRQRFHPRV 3RUTXH HQ ODV
VRFLHGDGHV SDWULDUFDOHV ORV KRPEUHV KDEUtDQ FRQVWUXLGR VX LGHQWLGDG PDVFXOLQD FRPR
~QLFDLGHQWLGDGSRVLEOH\QRVKDEUtDQQHJDGRDODVPXMHUHVXQDVXEMHWLYLGDGSURSLD´ 

(O GHVDItR FRQVLVWH HQ FRQVWUXLU XQ HVSDFLR VLQ JpQHUR QL RUGHQ SDWULDUFDO SRU WDQWR XQ
HVSDFLR VLQ MHUDUTXtDV KRUL]RQWDO XQ HVSDFLR TXH YLVLELOLFH ODV GLIHUHQFLDV \ QR ODV
GHVLJXDOGDGHVXQHVSDFLRGHWRGRV\WRGDVHQLJXDOGDGGHYDORUDFLyQGHPLUDGDVVDEHUHV
\H[SHULHQFLDV(OREMHWLYRHVUHVLJQLILFDUODFRQVWUXFFLyQGHQXHVWUDVFLXGDGHVDSDUWLUGHOD
H[SHULHQFLD TXH ORV KRPEUHV \ ODV PXMHUHV WLHQHQ GHO PXQGR GRV PDQHUDV P~OWLSOHV GH
HQXQFLDUODUHDOLGDG
6H WUDWDUtD GH DILUPDU OD H[SHULHQFLD GH FXHUSRV VH[XDGRV TXH VLJQLILTXH HO
UHFRQRFLPLHQWR GH ODV GLIHUHQFLDV GH OD LGHQWLGDG HVFRJLGD \ FRQVWUXLGD TXH VHUi OD TXH
SRVLELOLWHXQDHPSDWtDDXWpQWLFDFRQORVRWURV\ODTXHSHUPLWDODSHUWHQHQFLDRDGVFULSFLyQ
D JUXSRV R D FRQMXQWRV VRFLDOHV GHVGH XQD YHUGDGHUD VLQWRQtD \ HOHFFLyQ \ QR GHVGH OD
LPSRVLFLyQGHXQDMHUDUTXtDFXOWXUDOHGXFDWLYD\VRFLDO
/DUHSUHVHQWDFLyQKLVWyULFD²DWUDYpVGHODSLQWXUD²\ODFRQWHPSRUiQHD²DWUDYpVGH
ODSXEOLFLGDG²VLW~DQORVHVSDFLRVDVLJQDGRVDFDGDJpQHURODFDOOHSDUDORVKRPEUHVOD
FDOOH\HOLQWHULRUFRQWURODGRSDUDODVPXMHUHV 

/DVYHQWDQDV²UHDOHVRPHWDIyULFDV²VRQHOPDUFRSRUHOTXHORIHPHQLQRFRPRPRGHOR
FXOWXUDO \ MHUiUTXLFR VH FXHOD HQ HO H[WHULRU OD PXMHU YLYH HO H[WHULRU D WUDYpV GH ODV
H[SHULHQFLDV GHO KRPEUH GH OD FDVD REVHUYD OD FDOOH GHVGH OD YHQWDQD \ OD WHOHYLVLyQ OD
PXMHU YLYH XQD UHDOLGDG PHGLDGD \ YLYLGD SRU RWURV XQD UHDOLGDG TXH QR OH FRUUHVSRQGH
(VWDHVODFRQVWUXFFLyQLGHDOTXHEXVFDQODVMHUDUTXtDVGRPLQDQWHVDXQTXHVHGHVFRQR]FD
R QLHJXH ODV PXMHUHV KDQ HVWDGR \ HVWiQ SUHVHQWHV HQ HO HVSDFLR S~EOLFR (O H[WHULRU
XUEDQR HV HO HVSDFLR GRQGH ODV PXMHUHV GHVDUUROODQ LQGHIHFWLEOHPHQWH ODV ODERUHV
FRPSOHPHQWDULDVGHOURODVLJQDGR&RPRVHUDFWLYRHQODSURGXFFLyQHFRQyPLFDGHPXFKDV
VRFLHGDGHV DO LJXDO TXH HQ UHYROXFLRQHV SROtWLFDV \ FLYLOHV PRGHUQDV OD SUHVHQFLD GH ODV
PXMHUHVIXHLPSUHVFLQGLEOHSDUDODSURPRFLyQGHLPSRUWDQWHVFDPELRVHQORVTXHQRVHOHV
UHFRQRFHVXSDUWLFLSDFLyQ
(Q GHILQLWLYD ODV PXMHUHV KDQ HVWDGR SUHVHQWHV GH XQD IRUPD DFWLYD HQ WRGRV ORV
PRPHQWRVKLVWyULFDPHQWHGHFLVLYRVGHODFXOWXUDRFFLGHQWDOSHURKDQVLGRLQYLVLELOL]DGDV(O
SUREOHPDD~QSHUVLVWHHQODDFWXDOLGDGVRORVHUHFRQRFHXQDPDQHUDGHKDFHU\H[SOLFDU
ODV FRVDV \ VH KD VLOHQFLDGR \ DSDUWDGR D DTXHOODV PXMHUHV TXH KD\DQ URWR WDE~HV \
MHUDUTXtDV
/D FDWHJRUtD GH DQiOLVLV PiV GLItFLO HV OD GH PXMHU /D WHRUtD GH JpQHURV SODQWHD OD
GLILFXOWDGGHGHVEUR]DUTXpSDUWHGHOSHQVDPLHQWR³IHPHQLQRRGHPXMHUHV´HVSURSLD\FXiO
HV OD DVLJQDGD SRU ORV UROHV FXOWXUDOHV SDWULDUFDOHV \ MHUiUTXLFRV 6HJ~Q 0DUtD 0LODJURV
5LYHUD *DUUHWD ³3HQVDU HQ RWURV WpUPLQRV SODQWHD HO SUREOHPD GH VL HV SRVLEOH SHQVDU
GHVGH IXHUD GH OD FXOWXUD GHVGH IXHUD GHO RUGHQ VLPEyOLFR HQ HO TXH ODV PXMHUHV KHPRV
VLGR VRFLDOL]DGDV GHVGH IXHUD GHO RUGHQ SDWULDUFDO HQ HVWH FDVR +D\ TXLHQ VRVWLHQH TXH
QR TXH QDGD HVFDSD D OD PDUFD GH OD FXOWXUD TXH WHQHPRV SXHV HV HVWD OD TXH QRV
KXPDQL]D >«@ +D\ TXLHQ VRVWLHQH TXH HV SRVLEOH XQ µSHQVDPLHQWR GHO DIXHUD¶ IXHUD GHO
HVSDFLR FOiVLFR GH ODV UHSUHVHQWDFLRQHV >«@ (O SHQVDPLHQWR GH ODV PXMHUHV KD EXVFDGR
>«@SHQVDUHQRWURVWpUPLQRVSHQVDUIXHUDGHOVLVWHPDHVSXHVSRVLEOH´ 

+DFHU YLVLEOH OD GLIHUHQFLD HV HO SULPHU SDVR SDUD FRQVWUXLU XQ RUGHQ VLPEyOLFR GLIHUHQWH
GRQGH ODV PXMHUHV SXHGDQ H[SUHVDUVH GHVGH VX H[SHULHQFLD YLWDO /D SRVPRGHUQLGDG
FRPSRUWDDVXPLUODVGLIHUHQFLDVFRQVWLWX\HHOILQGHODPLUDGD~QLFD\GRPLQDQWH\GHEHUtD
SRVLELOLWDUQRV UHLYLQGLFDU OD SULPHUD GLIHUHQFLD ²VHU KRPEUH \ VHU PXMHU² VLQ SRU HOOR
UHFRQRFHU TXH GLFKD GLIHUHQFLD VLJQLILTXH GHVLJXDOGDG $ SDUWLU GH OD FRQVWUXFFLyQ GH HVWH
PXQGR GH GRV ²XQ PXQGR TXH D VX YH] HV P~OWLSOH \ D YHFHV FRPSOHPHQWDULR DXQTXH
HVHQFLDOPHQWH GLIHUHQWH² SRGHPRV FRPHQ]DU D SHQVDU HQ KDEODU GH SURFHVRV GH
LJXDOGDG³/DH[SHULHQFLDSHUVRQDOVXHVWDWXWRGHRULJLQDOLGDGHVWiPX\GHVSUHVWLJLDGDHQ
QXHVWUDpSRFD$HVWHGHVSUHVWLJLRKDQFRQWULEXLGRVREUHWRGRHOHVWUXFWXUDOLVPR\ODFULVLV
GH OD VXEMHWLYLGDG HO GHVPRURQDPLHQWR GH OD LGHQWLGDG HVWDEOH WRGR HVR TXH VH VXHOH
OODPDU µOD PXHUWH GHO DXWRU¶ XQ SHQVDPLHQWR TXH DQWHSRQH ODV HVWUXFWXUDV GHO GLVFXUVR DO
LQGLYLGXR TXH KDEOD DFXVDQGR GH HVHQFLDOLVWD HO UHFXUVR D OD SURSLD H[SHULHQFLD FRPR
MXVWLILFDFLyQ GH DOJR /D H[SHULHQFLD IHPHQLQD SHUVRQDO YLYH HQ FDPELR HQ OD SUiFWLFD
SROtWLFDGHOPRYLPLHQWRGHPXMHUHV´ 

)UHQWHDODYDORUDFLyQH[FHVLYDGHOVDEHUUDFLRQDOL]DGRXQLYHUVDOL]DGRSRUHOSRGHUVHKD
GH YDORUDU OD H[SHULHQFLD UHDO GHO RWUR /D SRVLELOLGDG GH GHFLUVH FRPLHQ]D SRU SRGHU
GHVFULELUODSURSLDH[SHULHQFLDSRUYDORUDUODVWUDQVPLVLRQHVGHVDEHUHVQRUHJODGRV\SRU
DFWLYDUODFDSDFLGDGFUtWLFDGHVGHFDGDPLUDGD

%5(9(5(6(f$'(/$6$3257$&,21(6'(08-(5(6$/
3(16$0,(17285%$12
/DLQYLVLELOLGDGGHODVPXMHUHVQRVRORVHSURGXFHHQODPXMHUSHUVRQDVLQRWDPELpQHQOD
IRUPDFLyQDFDGpPLFDTXHKDQUHFLELGRDTXHOODVPXMHUHVTXHKDQFRQWULEXLGR\FRQWULEX\HQ
DOSHQVDPLHQWRGHODFLXGDG
(Q HVWH VHQWLGR 'RORUHV +D\GHQ \ 'DSKQH 6SDLQ OOHYDQ GpFDGDV UHDOL]DQGR XQ WUDEDMR
HQFRPLDEOH HQ OD YLVLELOL]DFLyQ GH ODV DSRUWDFLRQHV GH ODV PXMHUHV SLRQHUDV HQ HO
SHQVDPLHQWR \ OD DFFLyQ GH OD QXHYD FLXGDG HVWDGRXQLGHQVH 1R SRGtD GHMDUVH SDVDU OD
RSRUWXQLGDG GH XQ QXHYR PXQGR \ DVt OR FRPSUHQGLHURQ PXFKRV KRPEUHV \ PXMHUHV TXH
SDUWLFLSDURQ FRQMXQWDPHQWH HQ SUR\HFWRV GH QXHYRV PRGRV GH YLYLU TXH HQWHQGtDQ OD FDVD
FRPRFpOXODEiVLFDGHOWHMLGRXUEDQR\HQWHQGtDQWDPELpQTXHVLHVWDVHFDPELDEDSRGtD
SHQVDUVHXQDHVWUXFWXUDXUEDQD\VRFLDOGLIHUHQWH
'RORUHV+D\GHQKDWUDEDMDGRFRQODPHPRULDGHFLXGDGDQRVTXHQXQFDVHKDQWHQLGRHQ
FXHQWD(QVXOLEUR7KH3RZHURI3ODFH FRQVWUX\HXQQXHYRSDLVDMHGHODPHPRULDGHOD


FLXGDG GH /RV ÈQJHOHV D SDUWLU GH WUDEDMRV SDUWLFLSDWLYRV 6XV WUDEDMRV SLRQHURV PXHVWUDQ
TXHHOGLVFXUVR~QLFRQRHVUHSUHVHQWDWLYR\VLJQLILFDHOGRPLQLRGHXQRVVREUHRWURV
(Q VX OLEUR 5HGHVLJQLQJ WKH $PHULFDQ 'UHDP 7KH )XWXUH RI +RXVLQJ :RUN DQG
)DPLO\ +D\GHQH[DPLQDFyPRODVPXMHUHVKDQVLGRVLVWHPiWLFDPHQWHH[FOXLGDVRVHODV


KDKHFKRVHQWLULQVHJXUDVHQORVDPELHQWHVXUEDQRV(QKDEtDHVFULWRXQHQVD\RTXH
FRPHQ]DED ³8QR GH ORV SULQFLSLRV PiV LPSRUWDQWHV GHO SUR\HFWR DUTXLWHFWyQLFR \ GHO
XUEDQLVPRHQ(VWDGRV8QLGRVGXUDQWHHO~OWLPRVLJORKDVLGR¶(OVLWLRGHODPXMHUHVWiHQHO
KRJDU¶ 8Q SULQFLSLR PiV ELHQ LPSOtFLWR TXH H[SOtFLWR SDUD XQD SURIHVLyQ FRQVHUYDGRUD \
GRPLQDGDSRUORVKRPEUHV>«@(VWDFXHVWLyQKDJHQHUDGRPXFKRPHQRVGHEDWHTXHRWURV
SULQFLSLRV RUJDQL]DWLYRV GH OD FLXGDG HVWDGRXQLGHQVH FRQWHPSRUiQHD HQ XQD HUD GHO
PRQRSROLR FDSLWDOLVWD TXH LQFOX\H OD SUHVLyQ GHVWUXFWRUD GH OD XUEDQL]DFLyQ GH WHUUHQRV
SULYDGRV OD GHSHQGHQFLD IHWLFKLVWD GH PLOORQHV GH YHKtFXORV SULYDGRV \ HO XVR GHVPHGLGR
GHODHQHUJtD>«@$OGHVRtUHVWDQRUPDODVPXMHUHVKDQLQJUHVDGRHQPDVDVHQODIXHU]D
ODERUDO SDJDGD (GLILFLRV EDUULRV \ FLXGDGHV GLVHxDGRV SDUD PDQWHQHU HQ HO KRJDU D ODV
PXMHUHV FRQVWULxpQGRODV ItVLFD VRFLDO \ HFRQyPLFDPHQWH >«@ (O UHPHGLR SDUD HVWD
VLWXDFLyQ HV GHVDUUROODU XQ QXHYR SDUDGLJPD GHO KRJDU GHO EDUULR \ GH OD FLXGDG >«@ TXH
GHEHUi VRSRUWDU PiV TXH UHVWULQJLU ODV DFWLYLGDGHV GH ODV PXMHUHV WUDEDMDGRUDV \ VXV
IDPLOLDV´ 

3RURWUDSDUWHHQVXOLEUR+RZ:RPHQ6DYHGWKH&LW\ 'DSKQH6SDLQGHVYHODHOSDSHO


LPSUHVFLQGLEOH GH ODV PXMHUHV HQ OD PHMRUD GH OD FDOLGDG GH YLGD GH ODV JUDQGHV FLXGDGHV
GHOHVWHGH(VWDGRV8QLGRVHQHOFDPELRGHOVLJOR ;,;DO ;; (Q SOHQR DXJH GHO PRYLPLHQWR
&LW\ %HDXWLIXO ODV PXMHUHV FRQVWDWDEDQ FyPR OD FLXGDG UHDO HUD LQYLVLEOH FDUHFtD GH
KLJLHQH GH HVSDFLRV GH FXLGDGR \ MXHJR SDUD ORV KLMRV GH PDGUHV WUDEDMDGRUDV \ IDOWDED
TXH OD FLXGDG IXHUD VRSRUWH SDUD OD YLGD FRWLGLDQD 6H OOHYDURQ D FDER FDPSDxDV SDUD
PHMRUDUODFLXGDGUHDOVHFRQVWUX\HURQEDxRVS~EOLFRVVHOLPSLDURQODVFDOOHVVHSURSXVR
OLPSLDUORVVRODUHVYDFtRVSDUDXWLOL]DUORVFRPRHVSDFLRVSDUDMXHJRVLQIDQWLOHV\VHFUHDURQ
JXDUGHUtDVSDUDORVKLMRVGHODVPDGUHVWUDEDMDGRUDV
8QDGHODVDSRUWDFLRQHVPiVVLJQLILFDWLYDV\UHFRQRFLGDVIXHODGH-DQH-DFREVTXLHQHQ
 HVFULELy 0XHUWH \ YLGD GH ODV JUDQGHV FLXGDGHV  -XQWR FRQ WRGD XQD VHULH GH


HVFULWRVDSDUHFLGRVHQHVDGpFDGDHOOLEURIRUPDSDUWHGHOFXHUSRGHFRQRFLPLHQWRFUtWLFR
HLQGHSHQGLHQWHTXHKDLQIOXLGRHQHOSHQVDPLHQWRXUEDQtVWLFRTXHFXHVWLRQDODFLXGDGGHOD
IXQFLyQ\GHODPiTXLQDDTXHOODTXHROYLGDDVXVKDELWDQWHV
2WUDFRQWULEXFLyQLPSUHVFLQGLEOHIXHODTXHDSRUWy'HQLVH6FRWW%URZQDORVWUDEDMRVTXH
UHDOL]yHQFRODERUDFLyQFRQ5REHUW9HQWXULHQHVSHFLDOHQ$SUHQGLHQGRGH/DV9HJDV XQ
OLEUR UHDOL]DGR HQ FRODERUDFLyQ FRQ 6WHYHQ ,]HQRXU HQ  /D PLUDGD GH 'HQLVH 6FRWW
%URZQPiVSRSXODU\DFRVWXPEUDGDDUHVDOWDU\DSUHQGHUGHODVDSRUWDFLRQHVGHODJHQWH
FRP~Q VH VXPy DO FRQRFLPLHQWR PiV FOiVLFR \ DFDGpPLFR GH 5REHUW 9HQWXUL OD XQLyQ GH
DPEDVPLUDGDVHVHOVHOORTXHILUPDODLQJHQWHSURGXFFLyQGHHVWHHVWXGLR
/DIDOWDGHUHFRQRFLPLHQWRDOWUDEDMRFRPSDUWLGROOHYyD'HQLVH6FRWW%URZQDUHDOL]DUOD
VLJXLHQWHDFODUDFLyQHQHOSUyORJRGHODHGLFLyQGH³/DQRWDGH5REHUW9HQWXULVREUH
ODDXWRUtDGHODSULPHUDHGLFLyQFRQVXUHFRQRFLPLHQWRGHFRDXWRUHV\FRODERUDGRUHVIXH
YLUWXDOPHQWH LJQRUDGD SRU FDVL WRGRV ORV TXH UHVHxDURQ HO OLEUR /RV UHVHQWLPLHQWRV
SHUVRQDOHV DQWH HO FDEDOOHURVR WUDWDPLHQWR D PL DSRUWDFLyQ \ ODV DWULEXFLRQHV TXH HQ
JHQHUDOKDQKHFKRDUTXLWHFWRV\SHULRGLVWDVPHOOHYDURQDDQDOL]DUODHVWUXFWXUDVRFLDOGHOD
SURIHVLyQ VX GRPLQDFLyQ SRU PDFKRV GH OD FODVH DOWD \ HO pQIDVLV GH VXV PLHPEURV HQ HO
6WDU6\VWHPDUTXLWHFWyQLFR(OUHVXOWDGRHVXQDUWLFXORWLWXODGR6H[LVPDQGWKH6WDU6\VWHP
LQ$UFKLWHFWXUH´ 

2WUDVDSRUWDFLRQHVLPSRUWDQWHVDOXUEDQLVPRGHVGHODSHUVSHFWLYDGHODVPXMHUHVVHKDQ
UHDOL]DGR GHVGH OD JHRJUDItD XUEDQD IHPLQLVWD VLHQGR ODV SUHFXUVRUDV ODV DFDGpPLFDV
EULWiQLFDV TXLHQHV FRPHQ]DURQ UHODWDQGR FXHVWLRQHV GHULYDGDV GH OD SURSLD H[SHULHQFLD
³5HFXHUGRFRQFODULGDGXQHVSHFWiFXORTXHVROtDLPSUHVLRQDUPHPXFKRFXDQGRWHQtDQXHYH
R GLH] DxRV <R YLYtD HQWRQFHV D ODV DIXHUDV GH 0DQFKHVWHU H µLU D OD FLXGDG¶ HUD XQ
DFRQWHFLPLHQWR>«@(QHOWUD\HFWRFUX]iEDPRVHOYDOOHOODQRGHOUtR0HUVH\>«@7RGDHVD
SODQLFLH WRGD OD H[WHQVLyQ GH 0DQFKHVWHU VH GLYLGtD HQ FDPSRV GH I~WERO \ GH UXJE\ >«@
FXELHUWDKDVWDGRQGHDOFDQ]DEDODYLVWDGHFLHQWRVGHSHUVRQDVSHTXHxLWDVTXHFRUUtDQGH
DTXt SDUD DOOi SHUVLJXLHQGR EDORQHV >«@ <R QR LED D HVRV FDPSRV GH MXHJR SDUHFtDQ
HVWDUPHYHGDGRVTXHSHUWHQHFtDDRWURPXQGR>«@0LSUHWHQVLyQVHOLPLWDDDILUPDUTXH
HVSDFLR \ OXJDU ORV HVSDFLRV \ ORV OXJDUHV DVt FRPR HO VHQWLGR TXH WHQHPRV GH HOORV VH
HVWUXFWXUDQ UHFXUUHQWHPHQWH VREUH OD EDVH GHO JpQHUR >«@ (VWD HVWUXFWXUD JHQpULFD GHO
HVSDFLR \ HO OXJDU VLPXOWiQHDPHQWH UHIOHMD ODV PDQHUDV FRPR HO JpQHUR VH FRQVWUX\H \
HQWLHQGHHQQXHVWUDVVRFLHGDGHV\WLHQHHIHFWRVVREUHHOODV´ 

'HVGHTXH(VSDxDUHFXSHUDUDODGHPRFUDFLDVHKDYLVLELOL]DGRXQSHQVDPLHQWRIHPLQLVWD
TXHWDPELpQKDOOHJDGRDODDUTXLWHFWXUD\HOXUEDQLVPR $QWHVGHOD*XHUUDFLYLOHVSDxROD


WUHV PXMHUHV VH WLWXODURQ HQ OD (VFXHOD 7pFQLFD 6XSHULRU GH $UTXLWHFWXUD GH 0DGULG OD
SULPHUD GH HOODV 0DWLOGH 8FHOD\   6LQ HPEDUJR QR IXH KDVWD  FXDQGR
FRPHQ]DURQDVDOLUFRQFXHQWDJRWDVDUTXLWHFWDVWLWXODGDVGHODVHVFXHODVHVSDxRODV(VWH
UHWUDVRDFDGpPLFRKDFRQOOHYDGRTXHODIRUPDFLyQGHODVIXWXUDVDUTXLWHFWDVHVWpVLJQDGD
SRU OD YLVLyQ PDVFXOLQD \ SUHWHQGLGDPHQWH QHXWUDO GH OD HQVHxDQ]D \ SRU WDQWR GH OD
SURIHVLyQ TXH KD OOHYDGR D RFXOWDU VHQVLELOLGDGHV \ PLUDGDV TXH OD DFDGHPLD QR KD
DYDODGR 

(QODVPX\GLYHUVDVDSRUWDFLRQHVDXQXUEDQLVPRFRQXQDYLVLyQGHJpQHURHQHOWHUULWRULR
HVSDxRO GHVWDFD OD FRQIHUHQFLD ³0XMHU \ YLYLHQGD´  TXH $QQD %RILOO SUHVHQWy HQ ODV ,


-RUQDGDV GH )HPLQLVWDV ,QGHSHQGLHQWHV HQ %DUFHORQD   GRQGH SURSRQtD XQD PLUDGD
GLIHUHQWH GH ODV PXMHUHV VREUH HO HQWRUQR \ SRQtD GH PDQLILHVWR OD UHODFLyQ HQWUH OD
HVWUXFWXUD SDWULDUFDO \ OD IRUPD GH QXHVWUDV FLXGDGHV (Q  HQ XQDV MRUQDGDV
LQWHUGLVFLSOLQDULDV RUJDQL]DGDV SRU HO 6HPLQDULR GH (VWXGLRV GH OD 0XMHU GH OD 8QLYHUVLGDG
$XWyQRPD GH 0DGULG VH KL]R XQD SULPHUD LQFXUVLyQ VREUH HO XVR GHO HVSDFLR HQ OD YLGD
FRWLGLDQD /D DQWURSyORJD 7HUHVD GHO 9DOOH SXEOLFy ORV HVWXGLRV /DV PXMHUHV HQ OD FLXGDG
(VWXGLR DSOLFDGR GH 'RQRVWLD \ $QGDPLRV SDUD XQD QXHYD FLXGDG  H ,VDEHO 6HJXUD


SXEOLFyOD*XtDGH0XMHUHVGH%DUFHORQD GRQGH EXVFD\ VLJXHODV KXHOODVGH ORVSDVRV




GHODVPXMHUHVSRUODFLXGDGGHVGHODpSRFDURPDQDKDVWDODDFWXDOLGDGKDFLHQGRYLVLEOH
ORTXHKD\PiVDOOiGHOPRQXPHQWRHQORVPiUJHQHVGHODKLVWRULDWUDGLFLRQDO
(Q OD GpFDGD GH  VH FHOHEUDURQ HQFXHQWURV \ MRUQDGDV SHULyGLFRV HQ GLIHUHQWHV
FLXGDGHV (Q  VH FHOHEUy HO HQFXHQWUR ³/D FLXGDG FRQ GH GHVGH SDUD VHJ~Q ODV
PXMHUHV´HQ9LWRULD\HVHPLVPRDxRODDVRFLDFLyQ/D0XMHU&RQVWUX\HGH0DGULGRUJDQL]y
ORVSULPHURV³(QFXHQWURVGHPXMHUHVHQDUTXLWHFWXUD´(QHQ%DUFHORQDVHUHDOL]yHO
SULPHU &RQJUHVR GH ODV 0XMHUHV GH %DUFHORQD FRPR UHVXOWDGR GH OD SDUWLFLSDFLyQ GH ORV
FRQVHMRVGH PXMHUHV GH ORV GLH] GLVWULWRV GH OD FLXGDG GRQGH VH SUHVHQWy OD SRQHQFLD ³(O
HVSDFLR XUEDQR ORV WLHPSRV \ ODV PXMHUHV´ FRQ GLIHUHQWHV SURSXHVWDV VREUH YLYLHQGD
HVSDFLR XUEDQR DFFHVLELOLGDG \ VHJXULGDG XUEDQD (VWH DxR WDPELpQ OD )XQGDFLy 0DULD
$XUqOLD &DSPDQ\ SXEOLFy HO 0DQXDO GH UHFRPHQGDFLRQHV SDUD OD FRQFHSFLyQ GH ORV
DJORPHUDGRV XUEDQRV GHVGH OD SHUVSHFWLYD GH JpQHUR FRPR UHVXOWDGR GHO SUR\HFWR
HXURSHR /DV 0XMHUHV \ OD &LXGDG UHDOL]DGR SRU $QQD %RILOO ,VDEHO 6HJXUD \ 5RVD 0
'XPHQMy
(QVHFHOHEUDURQHQ%DUFHORQDODV,-RUQDGDVGH8UEDQLVPR\*pQHURRUJDQL]DGDV
SRUOD'LSXWDFLyQGH%DUFHORQD\FRRUGLQDGDVSRU,VDEHOD9HOiVTXH]TXHUHVXOWDURQGHXQ
JUDQLPSDFWRPHGLiWLFR\FRQWDURQFRQODSDUWLFLSDFLyQGHWpFQLFDVQDFLRQDOHV\H[WUDQMHUDV
GH XQ DPSOLR DEDQLFR SURIHVLRQDO /D SHFXOLDULGDG GH HVWDV MRUQDGDV IXH OD LPSOLFDFLyQ GH
GLIHUHQWHVRUJDQLVPRV\TXHVXDPSOLDGLIXVLyQKLFLHUDTXHQRVHOLPLWDUDDXQVDEHUHQWUH
SRFDVSHUVRQDVVLQRXQDGLVFXVLyQDELHUWD(OLPSDFWRGHHVWHFRQJUHVRVHGHELyHQSDUWH
D OD DSHUWXUD GHVGH iPELWRV SROtWLFRV HVWDWDOHV DXWRQyPLFRV \ PXQLFLSDOHV GHO GHEDWH
VREUHODLJXDOGDGTXHWHQGUtDXQDKHUUDPLHQWDIXQGDPHQWDOHQOD/H\2UJiQLFDGHO
GHOGHPDU]RSDUDODLJXDOGDGHIHFWLYDGHPXMHUHV\KRPEUHV
(QWUHRWUDVDUTXLWHFWDVXUEDQLVWDV\SURIHVRUDVTXHOHYDQWDQXQDYR]GLVLGHQWHIUHQWHD
OD QHXWUDOLGDG LPSXHVWD VH GHVWDFD OD ODERU GH ,QpV 6iQFKH] GH 0DGDULDJD  TXLHQ KD


UHDOL]DGRWDQWRQXPHURVDVLQYHVWLJDFLRQHV\HVFULWRVHQWRUQRDXUEDQLVPR\JpQHURFRPR
KD DFWXDGR GHVGH OD SROtWLFD LQWHQWDQGR GHVHQPDVFDUDU ODV UHGHV SDWULDUFDOHV GH SRGHU
7DPELpQ VH GHEHQ PHQFLRQDU JUXSRV GH PXMHUHV TXH GHVGH XQD ODERU WpFQLFD \ FtYLFD
LQFHQWLYDQWDQWRODSDUWLFLSDFLyQGHODVPXMHUHVFRPRHODERUGDMHGHODVFXHVWLRQHVXUEDQDV
GHVGH RWUR SXQWR GH YLVWD *UXSR 6XEXUEDQD GH 6HYLOOD &ROāOHFWLX 3XQW  GH &DWDOXxD
3UHFDULDVDOD'HULYDGH0DGULGR+LULD.ROHFWLYRDGHO3DtV9DVFRHQWUHRWURV

35238(67$6'(9,'$&2081,7$5,$
&RQWLQXDQGRFRQORLQLFLDGRHQHOFDStWXORGHGLFDGRD³/DVWUDGLFLRQHVDOWHUQDWLYDVGHYLGD
FRPXQLWDULD´SHQVDGDVSDUDODLJXDOGDGUHDOGHRSRUWXQLGDGHVSDUDKRPEUHV\PXMHUHVOD
SULPHUDREUDTXHVHGHEHGHVWDFDUHVHOHGLILFLRGHYLYLHQGDV0DUJDUHWWH6FKWWH/LKRW]N\
+RIHQ9LHQDXQHMHPSORKHFKRSRU\SDUDPXMHUHV$SULQFLSLRVGHODGpFDGDGHHO
,QVWLWXWRGHOD0XMHUGHO$\XQWDPLHQWRGH9LHQDKL]RXQDQiOLVLVGHODSURGXFFLyQGHYLYLHQGD
S~EOLFD GLULJLGR SRU (YD .DLO (Q 9LHQD OD SURGXFFLyQ GH YLYLHQGDV S~EOLFDV HV PX\
LPSRUWDQWH H LQGDJDQGR VREUH VX DXWRUtD VH GLR FXHQWD GH TXH HQWUH ORV SUR\HFWLVWDV GH
ODVJUDQGHVREUDVGHYLYLHQGDS~EOLFDQRKDEtDPXMHUHV$QWHHVWDHYLGHQWHGLVFULPLQDFLyQ
VLQMXVWLILFDFLyQGHFLGLHURQUHDOL]DUXQDVHOHFFLyQGHDUTXLWHFWDVSDUDRUJDQL]DUHOFRQFXUVR
GH XQ SODQ JHQHUDO GRQGH VH GHILQLHUDQ ODV FRQGLFLRQHV GH ODV YLYLHQGDV SHQVDGDV SDUD
IDFLOLWDUODFRQFLOLDFLyQ\ODYLGDFRWLGLDQDGHODVPXMHUHV
(OSUR\HFWRGHDSUR[LPDGDPHQWHXQLGDGHVGHYLYLHQGDVVHGHVDUUROOyHQWUH\
 \ ODV PRWLYDFLRQHV IXQGDPHQWDOHV SDUD KDFHU XQ SUR\HFWR GH YLYLHQGDV SHQVDGR SRU
PXMHUHV\SDUDPXMHUHVIXHURQGRV/DSULPHUDWLHQHUHODFLyQFRQORVFDPELRVVRFLDOHV\GH
UROHV GH OD PXMHU HQ OD VRFLHGDG FRQWHPSRUiQHD UHFRQRFLHQGR TXH HQ HO SURFHVR
FRQYHQFLRQDO GH SODQLILFDFLyQ XUEDQD \ GH FRQVWUXFFLyQ DSHQDV VH WRPDQ HQ FXHQWD VXV
QHFHVLGDGHV \ SUREOHPDV HVSHFtILFRV *UDQ SDUWH GH HVWDV QHFHVLGDGHV HVSHFtILFDV
GHULYDQGHODLPSRVLFLyQGHUROHV\UHVSRQVDELOLGDGHVGHJpQHURDVLJQDGRVHOFXLGDGRGHO
KRJDU \ OD IDPLOLD /D ³PXMHU LGHDO´ GH KR\ \D QR HV HO DPD GH FDVD UHFDWDGD GH DQWDxR
VLQRDTXHOODTXHWUDEDMD\DOPLVPRWLHPSROOHYDHILFD]PHQWHODFDVD(Q9LHQDVHGHGLFDQ
KRUDVVHPDQDOHVDODVDFWLYLGDGHVUHODFLRQDGDVFRQHOKRJDU\HOUHFDHVREUHODV
PXMHUHV /RV FRQIOLFWRV HVSDFLDOHV DSDUHFHQ GHELGR D OD URWXUD GH ORV GRPLQLRV
WUDGLFLRQDOHV GHO KRPEUH \ GH OD PXMHU \ SDUD HYLWDUOR \ ORJUDU HO UHSDUWR LJXDOLWDULR GHO
WLHPSRGHOWUDEDMR\GHODIDPLOLDVHQHFHVLWDQHVWUXFWXUDVXUEDQDVTXHSHUPLWDQ\IDFLOLWHQ
D DPERV HOHJLU OLEUHPHQWH FyPR RUJDQL]DU VX YLGD /D VHJXQGD PRWLYDFLyQ HV OD DXVHQFLD
GHPXMHUHVHQWUHORVH[SHUWRVHQORVSURFHVRVGHSODQLILFDFLyQ\SUR\HFWDFLyQGHEDUULRV\
YLYLHQGDV
(O SUR\HFWR XUEDQR JDQDGRU IXH HO SUHVHQWDGR SRU )UDQ]LVND 8OOPDQ \ HO FRQMXQWR VH
GLYLGLy HQWUH ODV FXDWUR DUTXLWHFWDV SDUWLFLSDQWHV GHO FRQFXUVR OD PLVPD 8OOPDQQ *LVHOD
3RGUHND (OVD 3URFKD]ND \ /LVHORWWH 3HUHWWL /RV FULWHULRV HVHQFLDOHV GHO SUR\HFWR IXHURQ
ODVP~OWLSOHVIDFHWDVGHODYLGDFRWLGLDQDGHODPXMHUWDQWRHQORVSURFHVRVGHSODQLILFDFLyQ
XUEDQtVWLFD FRPR HQ OD FRQVWUXFFLyQ GH YLYLHQGDV (O REMHWLYR HUD GHPRVWUDU TXH ORV
FULWHULRV SDUD XQD YLYLHQGD DGDSWDGD D OD PXMHU QR FRQVWLWX\HQ VROR XQ PDQLILHVWR WHyULFR
VLQR TXH SXHGHQ OOHYDUVH D OD SUiFWLFD (O SUR\HFWR LQFRUSRUDED OD SDUWLFLSDFLyQ GH ODV
IXWXUDV XVXDULDV \ XVXDULRV FRPR XQ GDWR IXQGDPHQWDO \ QHFHVDULR \ HQWUH ODV
FDUDFWHUtVWLFDVGHSUR\HFWRPiVHVSHFtILFDVGHVWDFDODSURSXHVWDGHXVRVPL[WRVGHOVXHOR
TXH URPSH FRQ OD UtJLGD IXQFLRQDOL]DFLyQ GH OD FLXGDG HV GHFLU HQ HO PLVPR FRPSOHMR
FRQVWUXLGR FRQYLYHQ ODV YLYLHQGDV FRQ HVSDFLRV SDUD HO WUDEDMR UHSURGXFWLYR GH RFLR
HTXLSDPLHQWRV HGXFDWLYRV XQ FHQWUR GH VDOXG XQD FRPLVDUtD SDUD OD SROLFtD ORFDO
FRPHUFLRV \ HVSDFLRV SDUD HO WUDEDMR UHPXQHUDGR 3DUD TXH HVWH UHTXHULPLHQWR IXHUD
SRVLEOHODVDUTXLWHFWDVSDUWLFLSDQWHVHQHOFRQFXUVRWXYLHURQTXHVROLFLWDUXQDPRGLILFDFLyQ
GH OD QRUPDWLYD TXH SHUPLWLHUD HO XVR PL[WR GHO VXHOR VLQ HO FXDO HUD LPSRVLEOH SHQVDU
SURSXHVWDV HQ HO VHQWLGR LQGLFDGR (O HVSDFLR FRPXQLWDULR HVWi SUR\HFWDGR FRQ FULWHULRV
VRVWHQLEOHV \ VH SUHYLHURQ iPELWRV SDUD GLIHUHQWHV HGDGHV DGHFXDQGR VX SUR\HFWR D ORV
XVRV \ ORV GLIHUHQWHV XVXDULRV OXJDUHV GH MXHJR FHUFDQRV D ORV DFFHVRV SDUD ORV
DGROHVFHQWHVHVSDFLRVPiVUHVJXDUGDGRVSDUDORVQLxRV\]RQDVPiVWUDQTXLODVSDUDODV
SHUVRQDVPD\RUHV
6H EXVFy XQD YDULHGDG GH WLSRORJtDV FRQ OD Pi[LPD IOH[LELOLGDG HQ VX XVR \ OD Pi[LPD
UHODFLyQ HQWUH ODV FRFLQDV GH ODV YLYLHQGDV \ ORV HVSDFLRV GH MXHJR GH ORV QLxRV PiV
SHTXHxRV&DGDHGLILFLRFXHQWDFRQXQHVSDFLRFRPXQLWDULRFX\RXVRGHFLGHODFRPXQLGDG
/RV HVSDFLRV LQWHUPHGLRV R GH SDVR HVWiQ VREUHGLPHQVLRQDGRV SDUD TXH VLUYDQ GH
HVSDFLRVGHMXHJRVDOWHUQDWLYRVSDUDORVQLxRVHQGtDVGHPDOWLHPSR6HSUHYpQHVSDFLRV
FRPXQHV GH DOPDFHQDMH SDUD JUDQGHV EXOWRV HQ FDGD SODQWD \ SDUD ELFLFOHWDV FDUULWRV
WULFLFORV HWF HQ SODQWD EDMD WRGR HOOR GLVHxDGR EXVFDQGR OD Pi[LPD YLVLELOLGDG ODV
WUDQVSDUHQFLDV\JDUDQWL]DQGRODVHJXULGDGGHODVSHUVRQDV<ORPiVLPSDFWDQWHHVTXHHO
HVSDFLR DELHUWR LQWHULRU HV DXWpQWLFDPHQWH S~EOLFR GH SDVR GH MXHJR \ GH HVWDQFLD $
SDUWLUGHODSUHQGL]DMHGHHVWDSULPHUDH[SHULHQFLDVHKDFRQWLQXDGRFRQHOSURJUDPD\HQ
PDU]RGHOVHILQDOL]yODFRQVWUXFFLyQGHOWHUFHUFRQMXQWRGHHVWDVFDUDFWHUtVWLFDV
2WURHMHPSORHVHO6DUJIDEULNWDPELpQHQ9LHQDTXHUHVSRQGHDODLQLFLDWLYDFRRSHUDWLYD
GHXQJUXSRGHKDELWDQWHVTXHFRPSUDURQXQDDQWLJXDIiEULFDGHDWD~GHV\ODFRQYLUWLHURQ
HQ XQ HGLILFLR GH YLYLHQGDV FRQ HTXLSDPLHQWRV FRPSDUWLGRV (Q HVWH FDVR HO SURFHVR
SDUWLFLSDWLYR IXH GHWHUPLQDQWH \ FRQWy FRQ DVHVRUHV HQ GLFKD iUHD \ FRQ XQ FRQWUDWR
HVSHFLDO FRQ ORV DUTXLWHFWRV DXWRUHV GHO SUR\HFWR %.. 6H WUDWD GH XQ PRGHOR GH
LQQRYDFLyQGHVGHODJHVWLyQHOSUR\HFWR\HOXVR&DGDYLYLHQGDWLHQHFRFLQD\VXWDPDxR
YDUtDHQIXQFLyQGHODVQHFHVLGDGHVWHPSRUDOHVGHFDGDIDPLOLD&DGDJUXSRIDPLOLDUSXHGH
DxDGLU RWUR HVSDFLR R WHQHU OD FDVD GHVGREODGD HV GHFLU WHQHU HQ XQD SDUWH HO HVSDFLR
SDUD YLYLU FRQ EDxRV \ GLVSRQHU GH XQ HVSDFLR SDUD WUDEDMDU HQ RWUR OXJDU (O VyWDQR
DOEHUJDXQDVDXQDEDxRVGHYDSRUXQJLPQDVLR\HVSDFLRVGHMXHJR\HQODD]RWHDKD\XQ
KXHUWRTXHFXLGDQDTXHOORVKDELWDQWHVTXHDVtORTXLHUHQ(OFRQMXQWRFXHQWDWDPELpQFRQXQ
FRPHGRUFRPXQLWDULR
(VWD YLYLHQGD FROHFWLYD QR HV XQ PRGHOR UHSHWLEOH VLQR XQ HMHPSOR GH XQ JUXSR GH
SHUVRQDVTXHVHUH~QHQSDUDYLYLU\SDUDFRQIRUPDUODVYLYLHQGDVVHJ~QVXVQHFHVLGDGHV\
SULRULGDGHV6HWUDWDGHXQHGLILFLRTXHVLHPSUHHVWiDELHUWRGRQGHORVQLxRVMXHJDQHQHO
HVSDFLRLQWHUPHGLRFRPSDUWLGR
$ SDUWLU GH HVWD H[SHULHQFLD VH GHULYy RWUD GH PHQRU WDPDxR 0LVV6DUJIDEULN SHUR TXH
FRQWy FRQ HO PLVPR PRGHOR GH JHVWLyQ \ SDUWLFLSDFLyQ DXQTXH FRQ XQ SURJUDPD GLIHUHQWH
GHULYDGRGHODVQHFHVLGDGHVGHVXVKDELWDQWHV
(Q GHILQLWLYD VL HO PRGHOR ~QLFR GH IDPLOLD QR H[LVWH \ PHQRV D~Q HQ QXHVWUD VRFLHGDG
FRQWHPSRUiQHD JOREDO OD YLYLHQGD GHEH UHSHQVDUVH GH PDQHUD GHVSUHMXLFLDGD VLQ ROYLGDU
TXH ODV WDUHDV GHO KRJDU OOHYDQ WUDEDMR WLHPSR \ QHFHVLWDQ HVSDFLRV SHQVDGRV GHVGH VX
UHFRQRFLPLHQWR \ FRQRFLPLHQWR (VWDPRV HQ FDPLQR GH FUHDU HVSDFLRV SDUD YLYLU TXH QR
SHUSHW~HQ OD GHVLJXDOGDG GH RSRUWXQLGDGHV HQWUH PXMHUHV \ KRPEUHV TXH KDJDQ D ODV
SHUVRQDV PiV OLEUHV \ VRFLDOHV < SDUD HOOR QR GHEHPRV ROYLGDU TXH \D H[LVWH XQD ODUJD
WUDGLFLyQ GH YLYLHQGDV FRPXQLWDULDV \ TXH HQ OD DFWXDOLGDG H[LVWHQ PDJQtILFRV HMHPSORV
FRQWHPSRUiQHRV

/$&,8'$''(/7(5&(50,/(1,2
/D PLUDGD GH OD H[SHULHQFLD IHPHQLQD VREUH OD FLXGDG FRQVWUXLGD WLHQGH D XQD DGHFXDFLyQ
GHO HQWRUQR FRQVWUXLGR SDUD PHMRUDU OD LJXDOGDG GH RSRUWXQLGDGHV HQ HO XVR \ GLVIUXWH (Q
XQDSULPHUDDSUR[LPDFLyQWLHQHTXHYHUFRQKDFHUYLVLEOHODVQHFHVLGDGHVGHWRGRVDTXHOORV
D TXLHQHV QR WLHQH HQ FXHQWD HO SHQVDPLHQWR GRPLQDQWH (Q JUDQ SDUWH OD FLXGDG VH
SODQLILFD SDUD XQ KRPEUH URO GH JpQHUR \ QR GH VH[R  GH PHGLDQD HGDG HQ SOHQDV
FRQGLFLRQHV ItVLFDV FRQ WUDEDMR HVWDEOH \ ELHQ UHPXQHUDGR TXH OH SHUPLWH WHQHU FRFKH
SULYDGR\FRQXQDHVSRVDTXHOHDJXDUGDHQFDVDFRQWRGRKHFKR\SUHSDUDGR3HQVHPRV
VLQRHQODSURSRUFLyQGHLQYHUVLyQS~EOLFDOLJDGDDPHMRUDVYLDULDVSDUDYHKtFXORVSULYDGRV
²FDOOHV DXWRYtDV W~QHOHV URQGDV HWF² FRPSDUDGD FRQ OD GHO WUDVSRUWH S~EOLFR PiV
HILFLHQWH\TXHOOHJXHDPiVSXQWRV\FRQPD\RUIUHFXHQFLD/DSURSRUFLyQGHXVXDULRVGH
YHKtFXORV SULYDGRV HV PD\RULWDULDPHQWH PDVFXOLQD \ FRUUHVSRQGH D XQD PtQLPD SDUWH GHO
WRWDOGHODSREODFLyQ4XHGDFODURSXHVSDUDTXLpQVHSUR\HFWDODFLXGDG\HOWHUULWRULR
3RUVXYLYHQFLDFRPRDFRPSDxDQWHV\SRUDVLJQDFLyQOLJDGDDOJpQHURODVPXMHUHVSRQHQ
HQ HYLGHQFLD ODV GLILFXOWDGHV \ QHFHVLGDGHV GH RWUDV PXMHUHV TXH SODQWHDQ XQD PLUDGD QR
QHXWUD QL XQLYHUVDO /D PXMHU PDGUH FXLGDGRUD \ QXWULGRUD KDEOD SRU H[SHULHQFLDV
FRPSDUWLGDVDFHUDVLQVXILFLHQWHVSDUDDFRPSDxDUDTXLHQQHFHVLWDD\XGDSDUDSDVDUFRQ
FRFKHFLWRVGHEHEpVVLOODVGHUXHGDVRFDUURVGHODFRPSUDXQDLOXPLQDFLyQGHODVFDOOHV
TXH FRQWLQ~D SULPDQGR OD FDO]DGD HQ GHWULPHQWR GH OD DFHUD FRPR SRU HMHPSOR HQ OD
LOXPLQDFLyQ FRQ IDURODV GH FDUUHWHUD HQ FDOOHV FRQ DFHUDV DUERODGDV TXH LOXPLQDQ
HVFDVDPHQWH HO HVSDFLR SDUD SHDWRQHV R OD LOXPLQDFLyQ DO WUHVEROLOOR TXH GHMD ]RQDV GH
FRQWUDVWH OXPtQLFR  /RV WUDQVSRUWHV S~EOLFRV VLJXHQ SULPDQGR ORV WUDVODGRV TXH VH
FRQVLGHUDQ REOLJDGRV ²DTXHOORV TXH XQHQ ]RQDV UHVLGHQFLDOHV FRQ ]RQDV GH WUDEDMR \
HVWXGLR HQ KRUD SXQWD² VLQ FRQVLGHUDU ORV WUDVODGRV ²PiV FRPSOHMRV \ SRU WDQWR PiV
GLItFLOHVGHDQDOL]DU\GHUHVSRQGHUDHOORV²GHODVPXMHUHVFX\RVUHFRUULGRVQXQFDYDQGH
SXQWRDSXQWRVLQRHQ]LJ]DJDSURYHFKDQGRHOHVSDFLRHQWUHXQDVDFWLYLGDGHVSDUDKDFHU
RWUDV/RVUHFRUULGRVKDFLDODVHVFXHODVHVWiQDPHQXGROOHQRVGHREVWiFXORVGLILFXOWDGHV
\ SHOLJURV \ SXHGHQ OOHJDU DO H[WUHPR GH XELFDU XQD HVFXHOD HQ XQD YtD UiSLGD FRQ XQD
DFHUD HVWUHFKD ¢&XiQWR GHEHQ DQGDU ORV SHDWRQHV SDUD OOHJDU D XQ SDVR GH FHEUD"
6DEHPRV TXH D PHQRU Q~PHUR GH VHPiIRURV HO WUiILFR HV PiV IOXLGR \ SRU WDQWR PiV
UiSLGR\QXHYDPHQWHQRVSUHJXQWDPRV¢SDUDTXLpQVHSLHQVDODFLXGDG"
/D VHJXULGDG \ OD SHUFHSFLyQ GH HVWD VRQ PX\ GLIHUHQWHV SDUD ODV PXMHUHV \ SDUD ORV
KRPEUHV\SRUHOORHVLPSRUWDQWHFRQRFHUVXVH[SHULHQFLDVDODKRUDGHSODQLILFDUHVSDFLRV
S~EOLFRV8VRVOtPLWHVWUDQVSDUHQFLDVYLVLELOLGDGHLOXPLQDFLyQVRQYDULDEOHVTXHVHGHEHQ
WHQHUHQFXHQWDVHJ~QODH[SHULHQFLDGHODVPXMHUHV
/D SROtWLFD GHO WLHPSR \ ORV KRUDULRV HV RWUD FRPSOLFDFLyQ  &RPSDJLQDU KRUDULRV GH


FROHJLRV DFWLYLGDGHV H[WUDHVFRODUHV \ XQ WUDEDMR HQ OD HVIHUD SURGXFWLYD UHTXLHUH XQ JUDQ
HVIXHU]RFXDQGRQRODFODXGLFDFLyQGHODVSURSLDVDVSLUDFLRQHVSHUVRQDOHV\SURIHVLRQDOHV
GH ODV PXMHUHV /RV FRPHUFLRV GH SUR[LPLGDG SRU HMHPSOR IDYRUHFHQ HVWH FRPSDJLQDU HO
WLHPSR \ HO GRPLQLR GH ORV FHQWURV FRPHUFLDOHV URPSH ORV LWLQHUDULRV GH SUR[LPLGDG \ GH
YLGDFRWLGLDQDGHODVPXMHUHV/DVPXMHUHVUHFODPDQXQDFLXGDGFRPSOHMD\GHSUR[LPLGDG
FRQ XQ EXHQ WUDQVSRUWH S~EOLFR \ HVSDFLRV S~EOLFRV VHJXURV TXH SHUPLWDQ OLEHUWDG GH
HOHFFLyQ
$KRUDELHQVLKDFHPiVGHWUHLQWDDxRVTXHODFUtWLFDIHPLQLVWDGHQXQFLDHOVHVJRGHODV
SROtWLFDV XUEDQDV TXH SULPDQ D ORV KRPEUHV \ OD FLXGDG IXQFLRQDO \ TXH SRQHQ GH
PDQLILHVWR XQD HVWUXFWXUD TXH QR IDYRUHFH OD LJXDOGDG GH RSRUWXQLGDGHV HQWUH KRPEUHV \
PXMHUHV¢FyPRHVSRVLEOHTXHD~QSHUYLYDHOSHQVDPLHQWRGHODFLXGDGSRUSDUWHV"
1XHVWUDVRFLHGDGDOLHQDGDSRUODVLPiJHQHVGHFRQVXPRVHROYLGDGHYHUPiVDOOiGHOD
VXSHUILFLH8QDLPDJHQYDOHPiVTXHPLOSDODEUDV\HQHVWHFDVRGHPDQHUDQHJDWLYD8Q
UHQGHU FRQ IDOVRV HGLILFLRV \ KDELWDQWHV HV XQD HVFHQRJUDItD GH GLVFXUVRV YDFtRV TXH
HQPDVFDUDODHVSHFXODFLyQLQPRELOLDULDDODTXHQROHLQWHUHVDHOILQGHOGRPLQLRSDWULDUFDO
6HFRQWLQ~DSHQVDQGR\SUR\HFWDQGRODFLXGDGHQSDTXHWHVPRQRIXQFLRQDOHVDXQTXHVH
KD\DQ FDPELDGR ORV HQYROWRULRV \ ODV UD]RQHV FRQ TXH VH QRV SUHVHQWDQ 3RU XQ ODGR
WHQHPRV HVFHQRJUDItDV GH FDVDV XQLIDPLOLDUHV FRQ MDUGtQ DFWLYLGDGHV GH RFLR \ GLYHUVLyQ
SDUD WRGRV \ SRU RWUR VH HYLWD HO GLVFXUVR GH FODVH ²SRU WDQWR GH UHIRUPD VRFLDO² TXH
KDEtDGHWUiVGHODVSURSXHVWDVGHODSULPHUDPLWDGGHOVLJOR;;
$XWRSLVWDV\FDVDVDGRVDGDVIDOVRVHQVDQFKHVVLQHTXLSDPLHQWRVHGXFDWLYRVVDQLWDULRV
FXOWXUDOHVQLFRPHUFLR]RQDVGHQDYHVLQGXVWULDOHVFRQWHUUHQRV\HUPRVLQWHUPHGLRV«(VWH
HV HO SDLVDMH GH OD FLXGDG ²D YHFHV OODPDGD FLXGDG GLIXVD SDUD GLVPLQXLU HO LPSDFWR
QHJDWLYR GH OODPDUOD QR FLXGDG R VXEXUELR VLQ DWULEXWRV² TXH VH KD HVWDGR FRQVWUX\HQGR
VREUH HO WHUULWRULR DGHPiV GHO PRGHOR LQVRVWHQLEOH GH FUHFLPLHQWR TXH GHSHQGH GHO
YHKtFXOR SULYDGR \ GH ODV HQHUJtDV QR UHQRYDEOHV \ FRQWDPLQDQWHV < DQWH WRGR HVWR
VXUJHQ YDULDV SUHJXQWDV ¢&yPR VH LPDJLQDQ ODV YLGDV GH HVWRV KDELWDQWHV TXLHQHV
SODQLILFDQ" ¢&XiQWRV FRFKHV KD\ SRU FDGD YLYLHQGD" ¢&yPR VH FRPSDJLQD WHQHU KLMRV \
WUDEDMDUKDFHUODVWDUHDVGRPpVWLFDV\WUDEDMDUHQODHVIHUDSURGXFWLYD"(QGHILQLWLYD¢TXp
YLGD HV SRVLEOH HQ HVWH PRVDLFR LQILQLWR GH IUDJPHQWRV LQFRQH[RV" 7DO FRPR KD HVFULWR
&pVDU 1DVHOOL HVD IUDJPHQWDFLyQ GHVXQLyQ \ GHVFRRUGLQDFLyQ GHO PHGLR DPELHQWH HV
WRWDOPHQWH QHJDWLYD ³9LYLU HQWUH IUDJPHQWRV \ HQ XQ OXJDU TXH GLVXHOYH VXV DUWLFXODFLRQHV
HVWUXFWXUDOHV HV SUHFLVDPHQWH YLYLU HQ HO HVSDFLR GH OD DOLHQDFLyQ´ FXDQGR OR TXH VHUtD
QHFHVDULRHV³UHWHMHUODWUDPDGHUHODFLRQHVKXPDQDV\VRFLDOHV´ 

7DO FRPR KHPRV H[SOLFDGR HQ HO FDStWXOR ³0XQGR SRVW&KHUQyELO´ HVWD FLXGDG
WDUGRUUDFLRQDOLVWD QR GHMD GH VHU XQD UHSHWLFLyQ SHUYHUWLGD GH OD FLXGDG PRGHUQD TXH DXQ
SRGtD HQWHQGHUVH EDMR XQ LGHDO GH LJXDOGDG XQLYHUVDO SDUD WRGDV ODV FODVHV DXQTXH VX
UHDOL]DFLyQ KD\D HVWDGR OHMRV GH HVWH LGHDO  /D FLXGDG SRU SDUWHV OD GH ODV IXQFLRQHV


VHJUHJDGDVKDGHJHQHUDGRHQXQDFLXGDGWULSOHPHQWHVHJUHJDGDSRUIXQFLRQHVSRUFODVH
\SRUJpQHUR
0LHQWUDV H[LVWDQ GRV HVIHUDV GH WUDEDMR ²XQR UHPXQHUDGR UHFRQRFLGR \ YLVLEOH \ RWUR
QR UHPXQHUDGR QR UHFRQRFLGR H LQYLVLEOH² QR SRGUi KDEODUVH GH XQ QXHYR RUGHQ
VLPEyOLFR (O VLVWHPD MHUiUTXLFR SDWULDUFDO VH EDVD HQ OD GLYLVLyQ LQMXVWD GH WDUHDV VHD HO
VH[RTXHVHDHOTXHDVXPDFDGDUROGHJpQHUR DXQTXHDFWXDOPHQWHHVHOJpQHURIHPHQLQR
HO TXH VLJXH GHVHPSHxDGR PD\RULWDULDPHQWH SRU PXMHUHV WDO FRPR GHPXHVWUDQ ODV
HVWDGtVWLFDV PXQGLDOHV  /DV PXMHUHV WUDEDMDQ PiV KRUDV \ JDQDQ PHQRV SXHV OD PD\RU
SDUWHGHHVWDVKRUDVHVWiQGHGLFDGDVDODVLQYLVLEOHVWDUHDVGHODUHSURGXFFLyQVLQODVTXH
QR KD\ SURGXFFLyQ 3RU WDQWR XQ GHVDItR SDUD XQD FLXGDG PiV MXVWD \ VROLGDULD HV OD
FRUUHVSRQVDELOLGDG VRFLDO HQ HVWDV WDUHDV LPSUHVFLQGLEOHV \ SDUD HOOR XQD SODQLILFDFLyQ
XUEDQDGHSUR[LPLGDGHVWDPELpQLPSUHVFLQGLEOH
1XHYDVHSLVWHPRORJtDVSDUDHOXUEDQLVPRFRQWHPSRUiQHR

(QWUDGRV HQ HO VLJOR ;;, ODV WHRUtDV VREUH OD FLXGDG \ HO WHUULWRULR QHFHVLWDQ XQD SURIXQGD
UHYLVLyQ 3DUWH GH OD WHRUtD XUEDQtVWLFD GHVDUUROODGD HQ HO VLJOR ;; HVWi REVROHWD \ KD VLGR
VXSHUDGD SRU OD FRPSOHMLGDG GH OD UHDOLGDG /D SUiFWLFD XUEDQtVWLFD WHFQRFUiWLFD HVWi
GHVDFUHGLWDGD VX GLPHQVLyQ S~EOLFD KD TXHGDGR PDUFDGD SRU HO SUHGRPLQLR GH OD
HVSHFXODFLyQLQPRELOLDULD\HOREMHWLYRGHOELHQFRP~QVHKDFRQWDPLQDGRSRUODVH[LJHQFLDV
GHO PHUFDQWLOLVPR (VWD GLVROXFLyQ GHO XUEDQLVPR KD VLGR SRWHQFLDGD SRU HO SUHGRPLQLR GH
ODVREUDVSDUDODJOREDOFODVVEDVDGDVHQREMHWRVDXWyQRPRV\DLVODGRVSUR\HFWDGRVSRU
DUTXLWHFWRVHVWUHOODGHpWLFDFXHVWLRQDEOH
/D FXHVWLyQ FODYH HV FyPR DIURQWDU ORV JUDQGHV GHVDItRV VRFLDOHV \ PHGLRDPELHQWDOHV
FRQ XQD DUTXLWHFWXUD HFROyJLFD \ XQ XUEDQLVPR DXWpQWLFDPHQWH SDUWLFLSDWLYR GH PRGR TXH
VH HYROXFLRQH KDFLD OD LJXDOGDG \ HO UHFRQRFLPLHQWR GH OD GLYHUVLGDG KDFLD XQD
VRVWHQLELOLGDGHQWHQGLGDGHVGHODYHUWLHQWHVRFLDO
(Q HVWH VHQWLGR KD\ XQD SDUWH GH OD FXOWXUD DUTXLWHFWyQLFD \ GHO XUEDQLVPR
FRQWHPSRUiQHRV GLJQD \ UHVFDWDEOH TXH KD KHFKR JUDQGHV DSRUWDFLRQHV OD WUDGLFLyQ
RUJiQLFD\SDUWLFLSDWLYDGHOXUEDQLVPRODVSROtWLFDVGHYLYLHQGDVRFLDOFRPRODGHVDUUROODGD
HQ 9LHQD GXUDQWH FDVL XQ VLJOR ODV QXHYDV SROtWLFDV XUEDQDV EDVDGDV HQ ORV HVSDFLRV \
WUDQVSRUWHVS~EOLFRVORVHGLILFLRVS~EOLFRVSHQVDGRVSDUDHODSUHQGL]DMHODVRFLDELOL]DFLyQ
ODFRPXQLFDFLyQ\ODH[SUHVLyQGHODJHQWHORVHVSDFLRVYHUGHVORVHMHVSHDWRQDOHV\ORV
FDUULOHVELFLTXHIRPHQWDQODGLYHUVLGDG\ODVUHODFLRQHVLQWHUVXEMHWLYDV
< ODV UDtFHV GHO FDPELR UDGLFDQ HQ OD QHFHVDULD GHFRQVWUXFFLyQ GH ORV SURFHVRV
GRPLQDQWHV SDUD FRQVHJXLU DOWHUQDWLYDV FRPHUFLR MXVWR VORZ IRRG FRQVXPR ORFDO \
UHVSRQVDEOH EDQFD pWLFD FRRSHUDWLYDV GH FUpGLWR FRRSHUDWLYDV GH YLYLHQGDV DSDUFHUtD
XUEDQD HWF (VWH XUEDQLVPR DOWHUQDWLYR EDVDGR HQ OD DXWRRUJDQL]DFLyQ HQ HO
IXQFLRQDPLHQWRGHDEDMRDUULED ERWWRPXS \HQODMXVWLFLDGHEHUtDVXVWHQWDUVHDOPHQRV
HQ FXDWUR HMHV GH WUDQVIRUPDFLyQ HVWUHFKDPHQWH UHODFLRQDGRV LJXDOGDG \ GLYHUVLGDG
SDUWLFLSDFLyQ \ VRVWHQLELOLGDG HQ UHODFLyQ FRQ OD YROXQWDG GH SURPRYHU \ FRQVROLGDU XQD
GHPRFUDFLDUHDOPHQWHSDUWLFLSDWLYD\PHGLRDPELHQWDOLVWD

,*8$/'$'
/DLJXDOGDGDQWHODOH\WLHQHXQDUHODFLyQHVWUHFKDFRQODSUiFWLFDGHORVGHUHFKRVKXPDQRV
TXHSUHFRQL]DQHVWRVSULQFLSLRVGHOLEHUWDGLJXDOGDGIUDWHUQLGDG\QRGLVFULPLQDFLyQ
(QODHYROXFLyQGHORVGHUHFKRVKXPDQRVVHKDQSURGXFLGRGLYHUVDVIDVHV(QODSULPHUD
GHVGHOD,OXVWUDFLyQKDVWDHOVLJOR ;,;VHWUDWyGHHVWDEOHFHUORVGHUHFKRVGHOLQGLYLGXRSDUD
FRQWUDUUHVWDU HO SRGHU WRWDOL]DGRU GHO (VWDGR QDFLyQ (Q OD )UDQFLD UHYROXFLRQDULD \
SRVUHYROXFLRQDULD VH SURPXOJDURQ HO 'HUHFKR D OD LQWLPLGDG   HO 'HUHFKR D OD
SURSLHGDG   \ RWURV GHUHFKRV EiVLFRV TXH WHQtDQ TXH YHU FRQ OD FODVH EXUJXHVD
HPHUJHQWH 6LQ HPEDUJR OD SUHWHQGLGD XQLYHUVDOLGDG LQLFLDO GH ORV GHUHFKRV GH OD
5HYROXFLyQ HUD SDUFLDO SXHV HUDQ GH DSOLFDFLyQ SDUD HO VH[R PDVFXOLQR \ ODV PXMHUHV KDQ
WHQLGRTXHOXFKDU\UHFODPDUSDUDFRQVHJXLUFDGDXQRGHHVRVGHUHFKRV 

(Q XQD VLJXLHQWH IDVH KDFLD PHGLDGRV GHO VLJOR ;,; FRQ OD FRQVROLGDFLyQ GH OD VRFLHGDG
GH FODVHV \ HO DQTXLORVDPLHQWR GH FODVHV SRGHURVDV FRPR OD HFOHVLiVWLFD VH WRPDURQ
PHGLGDV GUiVWLFDV D IDYRU GH XQD LQFLSLHQWH LGHD GH ELHQ VRFLDO FRPR HO 'HFUHWR GH
'HVDPRUWL]DFLyQ GH 0HQGL]iEDO GLFWDGR HQ  HQ (VSDxD SDUD WUDQVIRUPDU ODV
FLXGDGHV JDQDQGR HVSDFLRV \ HGLILFLRV S~EOLFRV HQ HO OXJDU GH ORV JUDQGHV FRQMXQWRV
UHOLJLRVRV +HUHQFLD GH OD 5HIRUPD HVWH SURFHVR GH H[SURSLDFLyQ HUD XQ SDVR
LPSUHVFLQGLEOHSDUDODDFXPXODFLyQGHXQDQXHYDULTXH]DVRFLDO
$ORODUJRGHOVLJOR ;;VHHQWUySDXODWLQDPHQWHHQXQDQXHYDIDVHGHUHFODPDFLyQGHODV
REOLJDFLRQHVGHOLQFLSLHQWH(VWDGRGHELHQHVWDUSDUDFRQODFLXGDGDQtD8QDOH\SLRQHUDIXH
ODGHO'HUHFKRDODYLYLHQGD  HQOD5HS~EOLFDGH:HLPDUTXHGHFODUDEDHO³GHUHFKR
D XQ DORMDPLHQWR VDOXEUH´ SDUD WRGR FLXGDGDQR DOHPiQ < XQD WUDGLFLyQ PRGpOLFD HV OD
SROtWLFDGHVXHOR\SURSLHGDGS~EOLFDGHOD9LHQD5RMDGHODGpFDGDGHKDVWDKR\HQ
GtD $ OR ODUJR GH HVWH SHUtRGR ORV GHUHFKRV VH KDQ LGR UHJXODQGR LPSODQWDQGR \
GHIHQGLHQGRHQHOLQWHULRUGHFDGDSDtV/DVRFLDOGHPRFUDFLDFHQWURHXURSHDHQHOSHUtRGR
GHHQWUHJXHUUDVVHFRQVROLGyWUDVOD,,*XHUUD0XQGLDOFRQXQDVSROtWLFDVGHELHQHVWDUTXH
FRQVLJXLHURQFRQFLOLDUGHPRFUDFLDFRQODUHJXODFLyQGHODHFRQRPtDGHPHUFDGR
(VWD IDVH WXYR VX PRPHQWR FXOPLQDQWH FRQ OD 'HFODUDFLyQ 8QLYHUVDO GH ORV 'HUHFKRV
+XPDQRV    FRQ OD TXH VH HQWUy HQ XQD QXHYD HWDSD HQ OD TXH HO UHFODPR GH ORV


GHUHFKRV \ REOLJDFLRQHV QR VH KDFH SRU SDtVHV VLQR TXH SDVD D VHU XQLYHUVDO \ XQD
LQVWLWXFLyQODV1DFLRQHV8QLGDVYHODSDUDTXHFDGDSDtVORFXPSOD
'LFKRVGHUHFKRVHQJHQHUDOVHKDQLGRDGTXLULHQGRSRUHWDSDV\SRUVHFWRUHVVRFLDOHV
SULPHUR ORV KRPEUHV EODQFRV \ ULFRV PXFKR PiV WDUGH ODV PXMHUHV HXURSHDV \
QRUWHDPHULFDQDV\KR\HOREMHWLYRHVTXHHVWRVGHUHFKRVVHJHQHUDOLFHQVLQGLVFULPLQDFLyQ
GHQLQJ~QWLSR
(Q HVWD HYROXFLyQ XQR GH ORV WH[WRV FODYH IXH (O GHUHFKR D OD FLXGDG GH +HQU\
/HIHEYUH GRQGHVHWHRUL]yVREUHORVFDPELRVWHUULWRULDOHVSURGXFLGRVHQHOVLJOR ;; \ VH


GHILQLHURQORVQXHYRVGHUHFKRVUHODFLRQDGRVFRQODFLXGDGPRGHUQDODYLYLHQGD\HOEDUULR
ODUHLYLQGLFDFLyQGHODYLGDFRWLGLDQD\ODYROXQWDGGHIRUPDUSDUWH\SDUWLFLSDUHQODFLXGDG
(Q ODV ~OWLPDV GpFDGDV GHO VLJOR ;; HVWRV GHUHFKRV JHQHUDOHV ²YLYLHQGD VDQLGDG
HVSDFLR S~EOLFR FXOWXUD² KDQ HPSH]DGR D UHODFLRQDUVH GLUHFWDPHQWH D ORV *RELHUQRV
ORFDOHV \ PXQLFLSDOHV HVSHFLDOPHQWH HQ OD SULPHUD GpFDGD GHO VLJOR ;;, HQ OD TXH D
FRQVHFXHQFLD GH OD UHVSXHVWD QHROLEHUDO D ODV FULVLV HFRQyPLFDV PXFKRV (VWDGRV KDQ
HPSH]DGRDUHVWULQJLUDOJXQRVGHUHFKRVOLEHUWDGHV\DVLVWHQFLDV
+D\HMHPSORVFRQFUHWRVGHHVWDGHIHQVDGHXQGHUHFKREiVLFRFRPRHOGHODYLYLHQGDOD
21*9ROXQWDU\$UFKLWHFWV1HWZRUN 9$1 FUHDGDSRU6KLJHUX%DQSDUDSURPRYHUYLYLHQGDV
GH HPHUJHQFLD UHDOL]DGDV FRQ PDWHULDOHV OLJHURV \ UHFLFODGRV R 7KH +RXVLQJ /RDQ
3URJUDPPH  SURPRYLGR SRU HO *UDPHHQ %DQN HQ %DQJODGHVK EDVDGR HQ SUpVWDPRV GH


GyODUHV SDUDXQD FDVDWLSR GHXQRV P  TXH VH GHYXHOYHQ HQ XQRV GLH] DxRV &RQ


HVWHSURJUDPDHQVHKDEtDQUHDOL]DGRHQ%DQJODGHVKYLYLHQGDV

,*8$/'$''(*e1(526
4XH XQ XUEDQLVPR VHD DXWpQWLFDPHQWH LJXDOLWDULR VLJQLILFD TXH HV DXWpQWLFDPHQWH
GHPRFUiWLFR XQ FRQFHSWR GH OD PRGHUQLGDG TXH D~Q VH HVWi LQWHQWDQGR GHVSOHJDU GH
PDQHUD FRPSOHWD 6H KD FRQVHJXLGR HQ PD\RU PHGLGD HQ DOJXQRV SDtVHV \ SHUtRGRV GHO
VLJOR ;; SHUR JHQHUDOPHQWH KD VLGR LQFRPSOHWR H LQVXILFLHQWH WUDQVLWRULR \ QR FRQVROLGDGR
GHO WRGR 1R ROYLGHPRV OR LQFRPSOHWD TXH KD VLGR OD GHPRFUDFLD KDVWD KDFH SRFDV
GpFDGDV HO VXIUDJLR IHPHQLQR QR H[LVWtD HQ 6XL]D QR VH UHFRQRFLy HVWH GHUHFKR KDVWD

6H WUDWDUtD SRU WDQWR GH UHIRU]DU XQD LJXDOGDG TXH UHVSRQGD D OD GLYHUVLGDG
FRQWHPSRUiQHD TXH DOFDQ]DUD XQD YHUGDGHUD LJXDOGDG GH RSRUWXQLGDGHV HQWUH PXMHUHV \
KRPEUHV VLQ GLVFULPLQDFLyQ GH VH[R JpQHUR FXOWXUD OHQJXD UHOLJLyQ QL RULHQWDFLRQHV
VH[XDOHV
8QRGHORVIUHQWHVPiVDYDQ]DGRVHQODOXFKDSRUODLJXDOGDGHVODGHJpQHURVTXHSDUWH
GHODGLIHUHQFLDTXHH[LVWHD~QHQWUHODVSRVLELOLGDGHVGHPXMHUHV\KRPEUHVHQWRGRVORV
WHUUHQRVHQWUHODGLIHUHQFLDGHWLHPSRTXHGHGLFDQXQDV\RWURVDOWUDEDMRGRPpVWLFRHQWUH
ODV GLIHUHQFLDV HQ ORV VDODULRV UHFLELGRV SRU WUDEDMRV VLPLODUHV HQ ODV GLILFXOWDGHV GH ODV
PXMHUHV SDUD DFFHGHU D DOWRV FDUJRV HQ HO PXQGR HPSUHVDULDO SROtWLFR PHGLiWLFR R
XQLYHUVLWDULR HQ ODV GLILFXOWDGHV GH FRQFLOLDU YLGD IDPLOLDU \ SURIHVLRQDO HQ OD IDOWD GH
UHFRQRFLPLHQWR\YLVLELOLGDGGHODVDSRUWDFLRQHVGHODVPXMHUHVHQODQHFHVLGDGGHHVFULELU
QXHYDV KLVWRULDV TXH VXSHUHQ ODV KLVWRULDV ~QLFDV FRQVWUXLGDV GHVGH HO GRPLQLR \ HO
H[FOXVLYLVPRSDWULDUFDO
/D GLVFULPLQDFLyQ GH JpQHUR WLHQH XQD IXHUWH SODVPDFLyQ HQ HO XUEDQLVPR \ OD
DUTXLWHFWXUDGHVGHHOHVSDFLRS~EOLFRFRQVXVSDUTXHV\DFHUDVRODVFRQGLFLRQHVHQORV
VLVWHPDVGHWUDQVSRUWHKDVWDORVOXJDUHVGHWUDEDMR\ODHVWUXFWXUDMHUiUTXLFDTXHPXFKDV
YHFHV VH PDQWLHQH HQ OD YLYLHQGD 3RU WDQWR QR KD\ QLQJXQD SRVLELOLGDG GH MXVWLFLD H
LJXDOGDGVLQRVHSDUWHGHXQDSHUVSHFWLYDFUtWLFDGHJpQHUR
(OGLVFXUVRIHPLQLVWDQRVHOLPLWDDSUHWHQGHUVXVWLWXLUDORVKRPEUHVSRUODVPXMHUHVHQHO
FHQWUR GH ORV KHFKRV \ GHO SRGHU PDQWHQLHQGR LQWDFWRV GLVFXUVRV GH RSRVLFLyQ ELQDULRV
UHJODV GH GRPLQDFLyQ \ PHFDQLVPRV GH H[FOXVLyQ WRGR OR FRQWUDULR (V SRU HOOR TXH HO
SHQVDPLHQWR GH *D\DWUL 6SLYDN  SRQH HQ VLQWRQtD HO SHQVDPLHQWR IHPLQLVWD FRQ OD


GHFRQVWUXFFLyQHOIHPLQLVPRVHUHIXHU]DFXDQGRLQWHQWDGDUYR]DORVVXEDOWHUQRVFXDQGR
GHFRQVWUX\HODRSRVLFLyQHQWUHJpQHURIHPHQLQR\PDVFXOLQR\QRH[DFHUEDGLFKDSXJQD<
SRUHVWRSXHGH VHU WDQ IUXFWtIHUD OD SURSXHVWD GH 5RVL %UDLGRWL GH XQD QXHYD VXEMHWLYLGDG
QyPDGD  EDVDGD HQ ORV DIHFWRV \ ODV UHODFLRQHV LQWHUVXEMHWLYDV TXH VXUJH GH XQD YLVLyQ


QDGDYLFWLPLVWDSRVLWLYD\GHDILUPDFLyQGHLQFOXVLyQGHORWUR
(Q HVWD UHYLVLyQ GH OD FLXGDG \ GH OD DUTXLWHFWXUD VLJXH KDELHQGR XQD PLVLyQ SDUD ORV
KRPEUHV OD OXFKD SRU XQD VRFLHGDG MXVWD H LJXDOLWDULD WLHQH TXH YHU FRQ HO HVIXHU]R SDUD
UHSHQVDU \ YLYLU D SDUWLU GH OD OODPDGD FULVLV GH OD PDVFXOLQLGDG WUDGLFLRQDO VXSHUDQGR
SDXODWLQDPHQWH XQ PRGHOR FOiVLFR UDGLFDGR HQ OD DXWRULGDG SDWULDUFDO LQGLVFXWLEOH HQ OD
SULPDFtDGHOUDFLRQDOLVPRODDEVWUDFFLyQ\ORSUHWHQGLGDPHQWHREMHWLYRSRUHQFLPDGHORV
VHQWLPLHQWRV\ODH[SHULHQFLDGHODDOWHULGDG\GHODGLIHUHQFLD(VXQDYLVLyQPiVFRPSOHMD
OD TXH SHUPLWH VXSHUDU XQD FRQFHSFLyQ OLQHDO \ RSHUDWLYD GH OD YLGD TXH KD VLWXDGR OD
SURGXFWLYLGDGFRPRUD]yQGHXQDH[LVWHQFLDGLULJLGDDXQRVREMHWLYRV~QLFRV
6H WUDWDUtD HQ GHILQLWLYD GH FUHDU XQD QXHYD FXOWXUD ²XQD HFRVRItD WDO FRPR VRVWHQtD
)pOL[*XDWWDUL² XQRVPRGRVGHYLGDTXHLQFRUSRUHQODYLVLyQGHODVPXMHUHVSULRUL]DQGR


ORVVHUHVYLYRV\ODH[SHULHQFLD

',9(56,'$'
(OGHUHFKRDODLJXDOGDG\DODQRGLVFULPLQDFLyQHVWiHVWUHFKDPHQWHUHODFLRQDGRFRQRWUR
SURFHVREiVLFRODDFHSWDFLyQGHODGLYHUVLGDG(VGHFLULJXDOGDGHQFXDQWRDORVGHUHFKRV
GH ODV SHUVRQDV GLIHUHQFLDV HQ FXDQWR D LQGLYLGXRV (OOR VLJQLILFD TXH OD JUDQ GLYHUVLGDG
VRFLDO\FXOWXUDOGHOHQJXDVUHOLJLRQHV\FRVWXPEUHVHQODVVRFLHGDGHVSRVFRORQLDOHV\HQ
ODV FLXGDGHV PXOWLFXOWXUDOHV GHEH SRGHU H[SUHVDUVH HQ ODV IRUPDV \ HQ ORV YDORUHV GHO
HVSDFLR S~EOLFR  3RU HOOR OD H[SUHVLyQ GH OD LJXDOGDG WDPELpQ VLJQLILFD TXH HO HVSDFLR


S~EOLFRGHFDGDEDUULRGHEDUHIOHMDUODGLYHUVLGDGGHFXOWXUDVTXHHQpOKDELWDQLQFOX\HQGR
DORVHPLJUDQWHVDVXVFXOWXUDVVXVLPDJLQDULRVVXVFUHHQFLDVVXVVRQLGRVVXVFRPLGDV
VXV PDQHUDV GH UHODFLRQDUVH HQ HO HVSDFLR S~EOLFR \ VXV FDSDFLGDGHV H[SUHVLYDV \
FUHDWLYDV
(O REMHWLYR HV YDORUL]DU ODV H[SHULHQFLDV FRPXQLFDUODV \ FRPSDUWLUODV 3DUD HOOR ORV
UHFRUULGRV IRUPDV \ VtPERORV GH FDOOHV \ SOD]DV HVFXHODV \ HGLILFLRV S~EOLFRV GHEHQ
IDFLOLWDUGLFKDH[SUHVLYLGDGHLQWHUUHODFLyQ
8Q XUEDQLVPR DOWHUQDWLYR GHEH GDU OXJDU D OD GLYHUVLGDG DSRUWDGD SRU OD LQPLJUDFLyQ
HQWHQGLHQGR TXH ORV LPDJLQDULRV XUEDQRV VRQ GLVWLQWRV DVt FRPR HO XVR GHO HVSDFLR \ GHO
WLHPSRGHORVVtPERORV\ORVVRQLGRVGHORFLR\GHOWUDEDMRGHODVUHGHVGHLQWHUFDPELR\
GHVROLGDULGDG6HGHEHWHQHUHQFXHQWDHQTXpPHGLGDHOHPLJUDQWHKDLQWHQWDGRHOHJLUXQ
HQWRUQRTXHVHDDVLPLODEOHDOVX\R6HWUDWDSXHVGHIDYRUHFHUHVWHSURFHVR\SRWHQFLDU
TXHHOHVSDFLRS~EOLFR\ORVHTXLSDPLHQWRVVHFRQYLHUWDQHQUHGHVIDYRUDEOHVDODUHODFLyQ
HOFRQRFLPLHQWR\ODVRFLDELOLGDG
/D UHDOLGDG GH OD LQPLJUDFLyQ FRQWHPSRUiQHD FDSD] GH FUHDU VXV SURSLRV EDUULRV \
XQLYHUVRV VH H[SUHVDUi PHMRU HQ XQD FLXGDG FRQIRUPDGD SRU FDSDV KHFKD GH
VXSHUSRVLFLyQ GH UHDOLGDGHV EDVDGD HQ SRWHQFLDU P~OWLSOHV LQWHUUHODFLRQHV 3RUTXH HQ
GHILQLWLYD HO XUEDQLVPR GH OD GLYHUVLGDG HV HO TXH SRWHQFLD HVSDFLRV SDUD OD
LQWHUVXEMHWLYLGDG
$IRUWXQDGDPHQWH XQD SDUWH GH OD DUTXLWHFWXUD SRVPRGHUQD KD GHPRVWUDGR VX KDELOLGDG
HQSRWHQFLDU\PDQLIHVWDUODGLYHUVLGDGHQODDUTXLWHFWXUDTXHIDYRUHFHODSDUWLFLSDFLyQHQ
ODVWHRUtDV\REUDVGH5DOSK(UVNLQH/XFLHQ.UROO-RKQ)&7XUQHU&KULVWRSKHU$OH[DQGHU
R 1 -RKQ +DEUDNHQ HQ OD WUDGLFLyQ KRODQGHVD HQFDEH]DGD SRU $OGR YDQ (\FN \ +HUPDQ
+HU]EHUJHU FRQWLQXDGD D VX PDQHUD SRU 5HP .RROKDDV \ TXH KD GHVHPERFDGR HQ REUDV
FRPRHO6LORGDPHQÈPVWHUGDP  GHOJUXSR095'9(O6LORGDPVHFRQYLHUWHHQ
XQ PDQLILHVWR GH OD GLYHUVLGDG GH PRGRV GH YLGD HQ OD H[SUHVLyQ GHO GHVHR GH
FDUDFWHUL]DFLyQHLQGLYLGXDOL]DFLyQGHFDGDYLYLHQGDGHQWURGHXQFRQMXQWRFROHFWLYR
2WUR HMHPSOR TXH VH GHEH FLWDU VRQ ODV YLYLHQGDV VRFLDOHV GH EDMR FRVWH $UDQ\D HQ
,QGRUHOD,QGLDLQLFLDGDVHQSRU%DONULVKQD'RVKL FRODERUDGRUGH/RXLV,.DKQHQ


VXVREUDVHQOD,QGLD'RVKLFUHyXQDIXQGDFLyQGHDUTXLWHFWXUDOD9DVWX6KLOSD)RXQGDWLRQ
SDUDLPSDUWLUWDOOHUHVKDFHUH[SHULPHQWRV\SURPRYHUREUDVVRFLDOHV(OEDUULRGH$UDQ\D
VH EDVD HQ YLYLHQGDV PtQLPDV GH JUDQ FDOLGDG IRUPDO \ HVSDFLDO TXH ORV YHFLQRV SXHGHQ
WUDQVIRUPDU \ DPSOLDU TXH VH RUGHQDQ VHJ~Q XQ HVSDFLR S~EOLFR GH FODUD HVWUXFWXUD
UHWLFXODUGHFDOOHVSOD]XHODV\DFHUDVDPSOLDVTXHIRPHQWDHOHVStULWXGHODYDULHGDG\GH
ODLQWHUUHODFLyQHQWUHORVYHFLQRVDSDUWLUGHORVXVRVWUDGLFLRQDOHVGHODFDOOH\TXHIDYRUHFH
ODV UHODFLRQHV HQWUH OD GLYHUVLGDG GH KDELWDQWHV KLQG~HV PXVXOPDQHV VLMV EXGLVWDV
MDLQLWDVHWF
'H KHFKR LQFOXVR SDUWH GH OD DUTXLWHFWXUD PRGHUQD TXH SDUHFH HPEOHPiWLFD SRU VX
LQVLVWHQWH UHSHWLFLyQ GH PRGHORV HQ UHDOLGDG SUHYLy PXFKR PiV OD GLYHUVLGDG GH OR TXH
SDUHFH (UQVW 0D\ EDVy OD SROtWLFD GH YLYLHQGD HQ )UiQFIRUW HQ HO IRPHQWR GH XQD YDULDGD
VHULH GH WLSRV XQLIDPLOLDUHV SOXULIDPLOLDUHV GH DFFHVR SRU FRUUHGRU GH GLVWLQWDV
VXSHUILFLHV  7DPELpQ /H &RUEXVLHU DFDEy SURSRQLHQGR FDWRUFH YDULDQWHV HQ OD 8QLWp
G¶+DELWDWLRQPiVDOOiGHOWLSRGRPLQDQWHFRQGRVYDULDQWHV
(Q GHILQLWLYD OD RSFLyQ SRU OD GLYHUVLGDG WLHQH IXHUWHV LPSOLFDFLRQHV DEDQGRQDU ODV
SUHWHQVLRQHV GH XQLYHUVDOLGDG XQLGDG H LGHQWLGDG GH XQ GLVFXUVR ~QLFR GH XQD REUD
DXWyQRPD(VQHFHVDULRHQWHQGHUTXHSDUDXQDpSRFDHQODTXHQRH[LVWHQPRGRVGHYLGD
LJXDOHV SDUD WRGRV OD DOWHUQDWLYD HV OD GLYHUVLGDG HO SHQVDPLHQWR FRPSOHMR  OD WHRUtD GH


ORV VLVWHPDV \ ODV UHODFLRQHV  DWHQGHU GHVGH XQD SRVLFLyQ SRVPRGHUQD OD FRQGLFLyQ


FRQWHPSRUiQHDGHODVVRFLHGDGHVSRVFRORQLDOHV\HQGHILQLWLYDHQULTXHFHUHOSHQVDPLHQWR
ODFRPSUHQVLyQ\ODDWHQFLyQSRUHO³RWUR´\ODDOWHULGDG 

(Q HO WH[WR /D KXHOOD GHO RWUR  (PPDQXHO /pYLQDV HVFULEH ³$O PLWR GH 8OLVHV TXH


UHJUHVD D ËWDFD TXLVLpUDPRV FRQWUDSRQHU OD KLVWRULD GH $EUDKDP TXH DEDQGRQD SDUD
VLHPSUH VX SDWULD SRU XQD 7LHUUD GHVFRQRFLGD´ 3RUTXH HV YLWDO XQ FDPELR HSLVWHPROyJLFR
³'HVGH VX LQIDQFLD OD ILORVRItD KD HVWDGR DWHUURUL]DGD SRU HO µRWUR¶ TXH SHUPDQHFH VLHQGR
µRWUR¶KDVLGRDIHFWDGDSRUXQDDOHUJLDLQVXSHUDEOH´/pYLQDVGHVYHODFyPRKDSUHGRPLQDGR
WRWDOPHQWHXQDILORVRItDGHODLGHQWLGDGGHOµ\R¶GHORPLVPRGHODFUHHQFLDGHOVHUGHOD
DXWRQRPtD GHO HWHUQR UHWRUQR D Vt PLVPR (Q FDPELR HQ OD H[SHULHQFLD KHWHUyQRPD ³(O
µ\R¶IUHQWHDOµRWUR¶HVLQILQLWDPHQWHUHVSRQVDEOH(OµRWUR¶TXHSURYRFDHVWHPRYLPLHQWRpWLFR
HQODFRQFLHQFLD\TXHGHVDMXVWDODEXHQDFRQFLHQFLDGHODDXWRFRLQFLGHQFLDGHORµPLVPR¶
FRPSRUWD XQ DXPHQWR LQDGHFXDGR GH OD LQWHQFLRQDOLGDG´ HVFULEH /pYLQDV <D TXH OR ³RWUR´
QR SXHGH FRQYHUWLUVH HQ FDWHJRUtD \ HO PRYLPLHQWR KDFLD HO ³RWUR´ QR VH UHFXSHUD HQ OD
LGHQWLILFDFLyQQRUHJUHVDDVXSXQWRGHSDUWLGD

3$57,&,3$&,Ï1
6L OD LJXDOGDG \ OD GLYHUVLGDG VRQ YDORUHV OD SDUWLFLSDFLyQ HV XQ SURFHGLPLHQWR XQ
LQVWUXPHQWR 6LQ HPEDUJR VX DUJXPHQWDFLyQ \ SURWDJRQLVPR VRQ OD FODYH SDUD OD
WUDQVIRUPDFLyQ GH XQ XUEDQLVPR OOHYDGR D FDER SRU PX\ SRFRV SODQLILFDGRUHV KRPEUHV
KDFLDXQXUEDQLVPRDELHUWRDODVGHPDQGDVVRFLDOHV\TXHWLHQHQFRPRREMHWLYRORVYDORUHV
GHODLJXDOGDG\ODGLYHUVLGDG
/RVSURFHVRVGHSDUWLFLSDFLyQQRVRQQLQJXQDQRYHGDGHQODVVRFLHGDGHVGHPRFUiWLFDV
&RQVWLWX\HQ XQR GH ORV PiV LPSRUWDQWHV LQGLFDGRUHV GH TXH FDGD FLXGDG VH HVIXHU]D SRU
VHU PiV VRVWHQLEOH PiV KXPDQD \ PiV DWHQWD FRQ VX UHDOLGDG GLYHUVLGDG \ PHPRULD
GHPXHVWUDTXHVHWUDEDMDFRQHOREMHWLYRGHORJUDUEHQHILFLRVFRPXQHV\H[SUHVDHOGHVHR
GH OD PD\RU SDUWH GH OD FLXGDGDQtD GH IRUPDU H[SOtFLWDPHQWH SDUWH GH OD FLXGDG GH
UHFRQRFHUVHHQVXVWUDQVIRUPDFLRQHV/DSDUWLFLSDFLyQLPSOLFDXQDWUDQVSDUHQFLD\FODULGDG
GHLQWHUHVHV\REMHWLYRV
6LQ HPEDUJR PXFKRV PXQLFLSLRV FXHQWDQ FRQ OD SDUWLFLSDFLyQ HQWUH VXV SODQWHDPLHQWRV
SHURHQSRFRVFDVRVVHOOHYDDGHODQWHFRQULJRU6HKDEODPXFKRGHHOODSHURHQHOIRQGR
OD PD\RU SDUWH GH ORV SROtWLFRV \ WpFQLFRV OD WHPHQ \ SUHIHULUtDQ WRPDU GHFLVLRQHV VLQ OD
LQWHUYHQFLyQ GH ORV LPSOLFDGRV 3RFRV GH HOORV HVWiQ GLVSXHVWRV D DVXPLU HO HVIXHU]R GHO
WUDEDMR HQ HTXLSR \ GHO FDPELR GH PHQWDOLGDG HQ ORV SURFHVRV GH SUR\HFWR \ JHVWLyQ TXH
HOORLPSOLFD/RVPLVPRVDUTXLWHFWRVHVWiQPX\HQWUHQDGRVSDUDHVFXFKDUORTXHOHVSLGHQ
SDUDVXVFDVDVORVFOLHQWHVSULYDGRVSHURQRVXFHGHORPLVPRFRQODGLYHUVLGDGGHGHVHRV
GHORVYHFLQRVGHXQDSOD]DXQQXHYRHTXLSDPLHQWRRIXWXUDVYLYLHQGDVFROHFWLYDV
/D SDUWLFLSDFLyQ WLHQH XQ FRVWH ²QR SXHGH HVSHUDUVH TXH OD FLXGDGDQtD DGHPiV GH
SDUWLFLSDU\GHGLFDUWLHPSR\HVIXHU]RVHDODTXHSDJXHORVJDVWRV²\H[LJHXQDVHULHGH
HWDSDVSULPHURGLVSRQHUGHWRGDODLQIRUPDFLyQSDUDVHUHYDOXDGD\SDUDTXHIRUPHSDUWH
GH ORV SURFHVRV GH GLDJQyVWLFR DSRUWDQGR SXQWRV GH YLVWD \ H[SHULHQFLDV PiV WDUGH
GHEDWLU SURJUDPDU SODQLILFDU \ SURSRQHU FRPR UHVXOWDGR GLYHUVRV GLVHxRV SDUD VHU
GLVFXWLGRV UHYLVDGRV UHKHFKRV \ HOHJLGRV HODERUDU XQ VLVWHPD GH JHVWLyQ OR PiV
WUDQVSDUHQWH SRVLEOH \ SRU ~OWLPR VH GHEH SURGXFLU XQ VHJXLPLHQWR GH OD LQWHUYHQFLyQ
S~EOLFD \ VH GHEHQ HYDOXDU SDUD VHU YDORUDGRV \ VL HV QHFHVDULR UHIRUPXODGRV  8Q 

HMHPSORHQHVWHVHQWLGRHVHOFRPSOHMRVLVWHPDSDUWLFLSDWLYRTXHVHKDVHJXLGRDSDUWLUGH
HQHOHFREDUULRGH9DXYDQHQODFLXGDGDOHPDQDGH)ULEXUJR
1RVRORORVSURFHVRVGHSDUWLFLSDFLyQSHUPLWHQUHIRU]DUTXHODFLXGDGDQtDVHUHFRQR]FD
HQVXEDUULR\HQVXFLXGDGVLQRTXHGHEHUtDQVHUFODYHVWDQWRHQORVLQLFLRVFRPRFXDQGR
ODVREUDV\DHVWiQKHFKDV1LQJXQDLQWHUYHQFLyQXUEDQDSXHGHLQLFLDUVHVLQTXHORVYHFLQRV
LQWHUYHQJDQ HQ HO GLDJQyVWLFR \ WRGD REUD UHTXLHUH OD RSLQLyQ \ DFWLYLGDG GH ORV XVXDULRV
SDUDYDORUDU\FXDOLILFDUVXPDQWHQLPLHQWRSDUDLQWHUSUHWDUVXSRVWRFXSDFLyQ
6LQHPEDUJRFDVLQXQFDVHVLJXHKDVWDHOILQDOHOSURFHVRGHXQDDXWpQWLFDSDUWLFLSDFLyQ
0XFKRV D\XQWDPLHQWRV FRQIXQGHQ OD SDUWLFLSDFLyQ VROR FRQ LQIRUPDU \ D YHFHV OD
LQIRUPDFLyQHVHVFDVD\FRQIXVDGHGHILQLFLyQERUURVDFRQWLQXDPHQWHFDPELDGDGHHVWD
PDQHUDORVFLXGDGDQRVVLJXHQVLHQGRDJHQWHVSDVLYRV\SRFDVYHFHVVHOHVHVFXFKD(Q
RFDVLRQHV VH GHMD TXH DOJXQRV VHFWRUHV RSLQHQ VLQ OD PiV PtQLPD JDUDQWtD GH TXH OR
SODQWHDGRYD\DDVHUWHQLGRHQFXHQWD<HQWRGRVORVFDVRVHVLPSUHVFLQGLEOHTXHFDGD
XQRGHORVDFWRUHVLQGLYLGXDOHVSXHGDH[SUHVDUVHQRVLUYHQSURFHVRVSDUWLFLSDWLYRVHQORV
TXHVRORKDEOHQUHSUHVHQWDQWHV
8Q HMHPSOR GH OD IDOWD GH HVStULWX FUtWLFR \ SDUWLFLSDWLYR HQ PXFKRV HQWHV S~EOLFRV HV OD
FDVLWRWDOLQH[LVWHQFLDGHHVWXGLRVSRVWRFXSDFLyQUHDOL]DGRVSRUHTXLSRV PXOWLGLVFLSOLQDUHV
SDUDHYDOXDUORVHGLILFLRVRHVSDFLRVXUEDQRVXQDYH] LQDXJXUDGRV SDUD FRPSUREDU FyPR
HVWiQ IXQFLRQDQGR FXiO HV HO QLYHO GH VDWLVIDFFLyQ GH ORV XVXDULRV TXp PRGLILFDFLRQHV KD
FRQOOHYDGR VX XWLOL]DFLyQ \ SRU WDQWR TXp UHFWLILFDFLRQHV GHEHQ HVWDEOHFHUVH HQ IXWXURV
SUR\HFWRV
(Q HO HQWRUQR PHWURSROLWDQR GH %DUFHORQD H[LVWHQ FRQWDGRV HMHPSORV GH DXWpQWLFD
SDUWLFLSDFLyQFLXGDGDQD$OJXQRVGHHOORVVHUtDQOD3ODoD3LXV;,,HQ6DQW$GULjGHO%HVyV
  TXH SDUWLy GH XQD OLVWD GH UHTXHULPLHQWRV HVSHFtILFRV GH ORV YHFLQRV GH OD
SOD]D\GHOFRQVWDQWHGLiORJRFRQHOORVVHJ~QXQSUR\HFWRGHORVDUTXLWHFWRV(YD3UDWV\
5LFDUGR)ORUHV\HOSURFHVRGHGHILQLFLyQSURJUDPiWLFDSDUDODUHPRGHODFLyQGHOEDUULRGH
7ULQLWDW 1RYD TXH IXH FRRUGLQDGR SRU ,VDEHOD 9HOi]TXH] \ &DUORV 9HUGDJXHU GH *($
'HKHFKRH[LVWHXQDWUDGLFLyQGHFRRSHUDWLYDVGHYLYLHQGDVTXHWLHQHVXUD]yQGHVHUHQ
HVWRVSURFHVRVGHSDUWLFLSDFLyQ\GHRWRUJDUSRGHUDORVDFWRUHVXUEDQRVTXHQHFHVLWDUtD
UHIRU]DVH
,QWHUQDFLRQDOPHQWH H[LVWHQ PXFKRV HMHPSORV GH EXHQDV SUiFWLFDV HQ SDtVHV \
FLXGDGHV  FRPR HQ +RODQGD GRQGH VH HVWDEOHFHQ FRPLVLRQHV GH FLXGDGDQDV DKRUD


WDPELpQ GH FLXGDGDQRV ODV 9$& TXH DVHVRUDQ GHVGH KDFH PiV GH FLQFXHQWD DxRV OD
DGHFXDFLyQ \ GLYHUVLGDG GH OD YLYLHQGD 2 FRPR HQ OD FLXGDG EUDVLOHxD GH 3RUWR $OHJUH
UHFRQRFLGDSRUXQFRPSOHWR\PRGpOLFRVLVWHPDSDUWLFLSDWLYRGHVDUUROODGRGHVGHODGpFDGD
GHKDVWDHOEDVDGRHQUHXQLRQHVSHULyGLFDVHQFDGDEDUULRGRQGHVHGHEDWtDQ
ORVSUHVXSXHVWRV\VHGHFLGtDQODVSULRULGDGHV
7DOFRPRVHKDH[SOLFDGRHQHOFDStWXOR³&LXGDGHVDOWHUQDWLYDV&XULWLED6HDWWOH%RJRWi
\0HGHOOtQ´HQ6HDWWOHH[LVWHQFRPLVLRQHVFLXGDGDQDVIRUPDGDVSRUYHFLQRVSURIHVLRQDOHV
\ DUWLVWDV TXH LQWHUYLHQHQ HQ FDGD SUR\HFWR XUEDQR 'LFKDV FRPLVLRQHV VH UH~QHQ
TXLQFHQDOPHQWH GXUDQWH RFKR KRUDV \ ODV DFWDV VH SXEOLFDQ HQ OD SiJLQD ZHE GHO
$\XQWDPLHQWR\VHHQYtDQHQSDSHODWRGRVDTXHOORVFLXGDGDQRVTXHORKD\DQVROLFLWDGR'H
HVWD PDQHUD OD LQIRUPDFLyQ EDVH SULPDULD GH WRGR SURFHVR GH SDUWLFLSDFLyQ HV
WUDQVSDUHQWH \ DOFDQ]D D WRGRV ORV LQWHUHVDGRV VLQ LPSRUWDU VX SHUWHQHQFLD R QR D XQD
DVRFLDFLyQGHYHFLQRVUHFRQRFLGDSRUHO$\XQWDPLHQWR
(ODQiOLVLVGHODVGLYHUVDVH[SHULHQFLDVGHSDUWLFLSDFLyQGHPXHVWUDTXHHVWDVQRSXHGHQ
IRU]DUVH QL LQYHQWDUVH QL LPSODQWDUVH VLQR TXH GHEHQ VXUJLU GH ORV SURSLRV YHFLQRV \
PRYLPLHQWRVVRFLDOHVGHOXJDUHV\SUREOHPDVUHDOHV/RVPHMRUHVFDVRVHQODSUiFWLFDVH
SURGXFHQ FXDQGR VH VXPDQ GLYHUVRV IDFWRUHV \ DFWRUHV FXDQGR KD\ XQ DXWpQWLFR
PRYLPLHQWR ORFDO H[LVWHQ OtGHUHV R WpFQLFRV TXH SRVHHQ XQD YLVLyQ \ H[SHULHQFLD
FRVPRSROLWD FDSDFHV GH LPSXOVDU ORV PRYLPLHQWRV ORFDOHV \ UHODFLRQDUORV FRQ RWURV
VLPLODUHVHQFRQWH[WRVGLVWLQWRV\H[LVWHXQFRQWH[WROHJDOTXHORDPSDUH\ORSRWHQFLH
(VWHSHQVDPLHQWR\SUiFWLFDGHODSDUWLFLSDFLyQGHDEDMRDUULED ERWWRPXS WLHQHVyOLGDV
UDtFHVHQODWHRUtDDUTXLWHFWyQLFDFRQWHPSRUiQHDODVH[SHULHQFLDV\HVFULWRVGH-RKQ)&
7XUQHU LQIOXLGR SRU &KDUOHV $EUDPV \ &ROLQ :DUG HO PpWRGR GH ORV VRSRUWHV GH 1 -RKQ
+DEUDNHQ \ HO VLVWHPD GH UHTXHULPLHQWRV GLDJUDPDV \ SDWURQHV GH &KULVWRSKHU
$OH[DQGHU 

&RPRHMHPSORHPEOHPiWLFRGHSDUWLFLSDFLyQSRGHPRVWRPDUHOSURJUDPD)DYHOD%DLUUR
SURPRYLGR SRU HO DUTXLWHFWR /XL] 3DXOR &RQGH FXDQGR HUD VHFUHWDULR PXQLFLSDO GH
XUEDQLVPR\DOFDOGHGH5tRGH-DQHLUR\FRRUGLQDGRSRUORVXUEDQLVWDV6HUJLR0DJDOKDHV
\ 9HUHQD $QGUHDWWD 'HQWUR GH HVWH SURJUDPD GHVWDFDQ ODV LQWHUYHQFLRQHV GHO DUTXLWHFWR
GHRULJHQDUJHQWLQR-RUJH0DULR-iXUHJXL&RQODFRODERUDFLyQGHDUTXLWHFWRV\FLHQWtILFRV
VRFLDOHV -iXUHJXL KD FUHDGR XQ VLVWHPD SDUWLFLSDWLYR DELHUWR \ FRPSOHMR TXH OH SHUPLWH
VLWXDUVH \ FRQRFHU HO OXJDU SDUD SRGHU SODQWHDU SRVLEOHV OtQHDV GH LQWHUYHQFLyQ GHVGH OD
SURSLD OyJLFD GH ODV IDYHODV (Q VX PpWRGR -iXUHJXL DGHPiV GH ORV FRQRFLPLHQWRV
WpFQLFRV \ OHJDOHV VREUH DUTXLWHFWXUD H LQJHQLHUtD VLQWHWL]D DSRUWDFLRQHV GH OD ILORVRItD ²
FRPR ORV FRQFHSWRV GH SOLHJXH \ UL]RPD² SURFHGHQWHV GH OD VRFLRORJtD \ GH OD
SVLFRORJtD 
6267(1,%,/,'$'
7RPHPRV SRU ~OWLPR HO WpUPLQR GH VRVWHQLEOLGDG FRPR UHIHUHQFLD DXQTXH VHD PX\
SROpPLFR \ ³GHVDUUROOR VRVWHQLEOH´ FRQVWLWX\D XQ FXULRVR R[LPRURQ XQD FRQWUDGLFFLyQ
VHPiQWLFD FRPR ³DUTXHRORJtD LQGXVWULDO´ R ³JXHUUD SUHYHQWLYD´ \D TXH HQ HVHQFLD HO
GHVDUUROOR QR WLHQH HO REMHWLYR GH OD VRVWHQLELOLGDG GH FXLGDU ORV UHFXUVRV SDUD ODV IXWXUDV
JHQHUDFLRQHV
(O XUEDQLVPR PRGHUQR WLHQH VXV UDtFHV HQ HO GHVDUUROOR GHO SRVLWLYLVPR \ HQ OD LGHD GH
SURJUHVRGHOVLJOR ;,;\HOORVHPDQWLHQHKDVWDHOXUEDQLVPRGHORV&,$0HLQFOXVRHOGHO
7HDP ; /D FRQFLHQFLD GHO DJRWDPLHQWR GH ORV UHFXUVRV GHO H[FHVR GH UHVLGXRV \
FRQWDPLQDFLyQTXHJHQHUDHOFDSLWDOLVPRRGHOFDPELRFOLPiWLFRTXHVHHVWiSURGXFLHQGR
WRGR HOOR H[LJH WDQWR XQD QXHYD FRQFHSFLyQ GH OD HFRQRPtD FRPR UHFODPD XQD
WUDQVIRUPDFLyQWRWDOHQORVSURFHVRVGHOXUEDQLVPR\GHODVLQWHUYHQFLRQHVHQHOWHUULWRULR
(VWDHVXQDHVWULFWDQRYHGDGODFRQFLHQFLDGHORVOtPLWHVGHOSODQHWDGHVXFDSDFLGDGGH
FDUJD GH ODV LQPHQVDV KXHOODV HFROyJLFDV GH TXH TXL]iV \D KHPRV VREUHSDVDGR
LUUHYHUVLEOHPHQWHHOSXQWRGHQRUHWRUQR 

(VWDQXHYDVHQVLELOLGDGSRUHOPHGLRDPELHQWHFRQOOHYDODDWHQFLyQSRUODVSUHH[LVWHQFLDV
DPELHQWDOHV HO SDWULPRQLR OD PHPRULD \ ORV OD]RV VRFLDOHV H[LVWHQWHV 6yOR WHQLHQGR HVWR
HQFXHQWDVHSXHGHKDFHUXQXUEDQLVPRVRVWHQLEOH
&RQYHQGUtD SUHFLVDU ORV WpUPLQRV TXH XWLOL]DPRV SDUD FDUDFWHUL]DU DTXHOOD DUTXLWHFWXUD
FRQWHPSRUiQHD TXH WLHQH XQD YROXQWDG GH UHVSHWR SRU HO PHGLR DPELHQWH $ PHQXGR VH
FRQIXQGHQ ORV DGMHWLYRV ³HFROyJLFR´ \ ³VRVWHQLEOH´ TXH DXQTXH WLHQHQ PXFKDV DILQLGDGHV
KDQ HVWDGR GHILQLGRV HQ PRPHQWRV KLVWyULFRV PX\ GLVWLQWRV \ WLHQHQ XQ UDQJR FRQFHSWXDO
GLYHUVR
/D³HFRORJtD´HVODFLHQFLDTXHWUDWDORVHFRVLVWHPDVTXHLQFOX\HQODELRFHQRVLVRVHUHV
YLYRV \ ORV HFRWRSRV R HVWUXFWXUDV ItVLFDV HQWHQGLpQGRORV FRPR VLVWHPDV HQ FRQVWDQWH
UHHTXLOLEULR 3RGHPRV DSOLFDU HO FRQRFLPLHQWR TXH QRV DSRUWD D GLVWULEXLU ORV UHFXUVRV
QDWXUDOHV GH OD PDQHUD PiV EHQHILFLRVD SDUD ODV VRFLHGDGHV KXPDQDV UHVSHWDQGR HVWRV
HTXLOLEULRV
/D ³VRVWHQLELOLGDG´ HV XQ FRQFHSWR UHFLHQWH TXH VH KL]R QHFHVDULR FRQILJXUDU SDUD
DIURQWDU GHVGH XQ SXQWR GH YLVWD HFRQyPLFR ORV JUDYHV SUREOHPDV TXH VH SUHYHtDQ GH
HVFDVH] GH UHFXUVRV \ FRQWDPLQDFLyQ /D SULPHUD GHILQLFLyQ GH GHVDUUROOR VRVWHQLEOH VH
SUHVHQWy HQ HO LQIRUPH GH  GH OD &RPLVLyQ %UXQGWODQG :RUOG &RPPLVVLRQ RQ
(QYLURQPHQWDQG'HYHORSPHQW GHODV1DFLRQHV8QLGDVGRQGHVHSODQWHDEDXQQXHYRWLSR
GHGHVDUUROORFX\RREMHWLYRIXHUD³VDWLVIDFHUODVQHFHVLGDGHVGHODJHQHUDFLyQSUHVHQWHVLQ
FRPSURPHWHUODFDSDFLGDGGHTXHODVIXWXUDVJHQHUDFLRQHVSXHGDQVDWLVIDFHUODVVX\DV´
/DSURSXHVWDGHXQGHVDUUROORVRVWHQLEOHWLHQHTXHYHUFRQFULWHULRVPHVXUDEOHV(OORKD
HQFRQWUDGR VX LQVWUXPHQWR HQ ODV $JHQGDV  HVSHFtILFDV TXH GHILQHQ ORV LQGLFDGRUHV GH
VRVWHQLELOLGDGSDUDFDGDFLXGDGWDOFRPRVHSURSXVRHQOD&XPEUHGH5tRGH-DQHLURGH
'HVGHHQWRQFHVORVLQGLFDGRUHVGHVRVWHQLELOLGDGVHKDQLGRGHILQLHQGRPHVXUDQGR
\ UHYLVDQGR \ KDQ HQFRQWUDGR VX FRQFHSWR GH VtQWHVLV HQ HO FiOFXOR GH OD ³KXHOOD
HFROyJLFD´GHILQLGDSRUORVFLHQWtILFRVFDQDGLHQVHV0DWKLV:DFNHUQDJHO\:LOOLDP5HHVHQ
 
3RU WDQWR KDEODU GH VRVWHQLELOLGDG FRPSRUWD XWLOL]DU FiOFXORV QXPpULFRV YHFWRUHV HQ
UHODFLyQ FRQ ORV REMHWLYRV PHGLFLRQHV TXH VH KDQ GH LU DFWXDOL]DQGR \ UHSODQWHDQGR
FRQWLQXDPHQWH(VGHFLUPLHQWUDVODHFRORJtDGHILQHFULWHULRVSDUDQRGHVWUXLUORVHTXLOLEULRV
GH ORV VLVWHPDV QDWXUDOHV OD VRVWHQLELOLGDG WLHQH FRPR REMHWLYR FRPSUREDU PHGLDQWH
PHGLFLRQHVDWUDYpVGHLQGLFDGRUHVVLODVDFFLRQHVGHORVVHUHVKXPDQRVQRVDFHUFDQD
UHFXSHUDUORVVLVWHPDVHFROyJLFRVDGLIHUHQWHVHVFDODV XUEDQDVUHJLRQDOHVRSODQHWDULD 
'H DOJXQD PDQHUD ODV PHGLFLRQHV GH ODV $JHQGDV  \ GH FRQVXPRV HQHUJpWLFRV \
HPLVLRQHVGH&2 OR TXH QRV LQGLFDQ HV VL HVWDPRV HQ FDPLQR GH UHFRQVWUXLU XQ VLVWHPD
HFROyJLFRHQHTXLOLEULRTXHSHUPLWDD*HDFRQWLQXDUH[LVWLHQGR
(QHVWHVHQWLGRODDFWLWXGHFROyJLFDKDFLDODDUTXLWHFWXUD\HOXUEDQLVPRQRSXHGHYHUVH
FRPR XQD DFWLYLGDG PHUDPHQWH HFRQyPLFD R WHFQROyJLFD VLQR TXH VH GHEH FRQVLGHUDU
HVWDV DFWLYLGDGHV GHQWUR GH VLVWHPDV PiV FRPSOHMRV VRFLDOHV FXOWXUDOHV HFRQyPLFRV \
QDWXUDOHV 3RU HOOR DXQTXH VHD VXILFLHQWH TXH FLHUWDV DUTXLWHFWXUDV \ XUEDQLVPRV FXPSODQ
FRQFRQGLFLRQHVWHFQROyJLFDV\HQHUJpWLFDVSDUDTXHVHODVFRQVLGHUHVRVWHQLEOHVQRORHV
SDUDFRQVLGHUDUODVHFROyJLFDV\DTXHHOHFRQRPLFLVPRTXHGHWHUPLQDODVRVWHQLELOLGDGGHMD
IXHUDRWURVYDORUHVLPSUHVFLQGLEOHVHQODHFRORJtD
7RPDU FRPR SULQFLSDO UHIHUHQWH GHO XUEDQLVPR \ GH OD DUTXLWHFWXUD HO SDUDGLJPD
PHGLRDPELHQWDO VLJQLILFD UHFXUULU QHFHVDULDPHQWH D OD WHRUtD GH ORV VLVWHPDV 6LJQLILFD
WDPELpQ SDUWLU GH XQD FUtWLFD UDGLFDO R GHFRQVWUXFFLyQ GH OD PRGHUQLGDG HQ OD PHGLGD HQ
TXH UHFRQRFLHQGR VXV DSRUWDFLRQHV YLWDOHV HQ OD ,OXVWUDFLyQ GHVYHOD OD LQVDFLDEOH
FDSDFLGDG GHVWUXFWRUD GH OD WHFQRORJtD \ VX LQWUtQVHFD QHFHVLGDG GH JHQHUDU
FRQWLQXDPHQWHUHVLGXRV
/DV FRQGLFLRQHV SDUD XQ QXHYR XUEDQLVPR DOWHUQDWLYR \ VRVWHQLEOH QRV OOHYDQ D SURSRQHU
GRVDOWHUQDWLYDVFRPSOHPHQWDULDVTXHWLHQHQTXHYHUFRQFLHUWDUHDFWLYDFLyQ\GHQVLILFDFLyQ
GHORH[LVWHQWH
(Q SULPHU OXJDU RSWDU SRU TXH OD UHKDELOLWDFLyQ GH OR \D FRQVWUXLGR SUHGRPLQH VREUH OD
REUD GH QXHYD SODQWD UHKDFLHQGR ORV EDUULRV WUDGLFLRQDOHV \ WDPELpQ ORV EDUULRV GHO
XUEDQLVPR PRGHUQR FRQ QXHYR SDLVDMLVPR FRQVROLGDQGR HVWUXFWXUDV PHMRUDQGR
LQVWDODFLRQHV DXPHQWDQGR VXSHUILFLHV SDUD OD YLYLHQGD \ ORV HVSDFLRV FRPXQLWDULRV \
PHMRUDQGRORVVLVWHPDVSDVLYRV\DFWLYRVGHDKRUURHQHUJpWLFR
< HQ VHJXQGR OXJDU FXDQGR HO SUR\HFWR FRQVLVWH HQ QXHYRV WHMLGRV XUEDQRV VH GHEH
WUDWDU OD FLXGDG HQ VHFFLyQ VHJ~Q GLYHUVDV SODWDIRUPDV R FDSDV FRPR ODV TXH \D
SURSRQtDQ-DDS%DNHPD\7RHQYDQGHQ%URHFNHQODGpFDGDGH/RVQXHYRVPHGLRV
WHFQROyJLFRVGHWUDQVSRUWH\FRPXQLFDFLyQWDPELpQFRQWULEX\HQDSURPRYHUXQDFLXGDGGH
GLVWLQWRV HVWUDWRV VXSHUSXHVWRV \ HQWUHWHMLGRV < HVWD SURSXHVWD GH FLXGDG GH
VXSHUSRVLFLRQHV HVWi \D SUHVHQWH HQ SUR\HFWRV FRPR OD SURSXHVWD QR UHDOL]DGD GH 7R\R
,WR SDUD 3XGRQJ 6KDQJKiL &KLQD   TXH IRUPXODED TXH HVWDV VXSHUSRVLFLRQHV
GH HVWUDWRV IXHUDQ OR PiV IOXLGDV \ UHODFLRQDGDV SRVLEOHV FRQ HO PD\RU JUDGR GH
WUDQVSDUHQFLDRFRPRODSURSXHVWDTXHKDQHODERUDGR6DOYDGRU5XHGD\%23%$$SDUDHO
(QVDQFKHHQHO3REOHQRXFRQWUHVFDSDV²VXEVXHORFDOOHSHDWRQDOFRPHUFLDO\YLYLHQGDV
²SDUDKDFHUXQDFLXGDGHFROyJLFD<VHKDFRQVHJXLGRHQUHDOL]DFLRQHVFRPRORVQXHYRV
EDUULRV GH (XUDOLOOH HQ )UDQFLD FRQFXUVR GH   \ GH $OPHUH HQ +RODQGD  
DPERV FRQ SODQHV JHQHUDOHV SUR\HFWDGRV SRU 5HP .RROKDDV 20$  < WRGR HVWR
FRPSRUWDXQFDPELRHQODOyJLFDGHODOHJLVODFLyQODSURSLHGDG\ODJHVWLyQXUEDQD
(OOR QR LPSOLFD GHVHFKDU RWUDV SURSXHVWDV PiV HQ KRUL]RQWDO GH EDMD DOWXUD \ DOWD
GHQVLGDGTXHVHPH]FODQ\HQWUHFUX]DQSDUDFLXGDGHVPHGLDV\HQSDtVHVHQGHVDUUROOR
HQ ORV TXH VH HFRQRPL]DQ ORV UHFXUVRV SDUD VXPDU ODV VLQHUJLDV GH ORV IOXMRV SDUD
FRQFHQWUDUSDUDUHIRU]DUODFDOLGDGGHYLGDHQVLPELRVLVFRQHOHQWRUQR
8Q HMHPSOR GH EXHQD SUiFWLFD HV OD WHUPLQDO GH WUDQYtDV SUR\HFWDGD SRU =DKD +DGLG HQ
(VWUDVEXUJR  FLXGDGKLVWyULFDGHFDQDOHV\VHGHGHO3DUODPHQWR(XURSHRTXH
KDDSRVWDGRGHFLGLGDPHQWHDIDYRUGHOPHGLRDPELHQWH\ODFDOLGDGGHYLGDFRQHVSDFLRV
S~EOLFRV \ XQ VLVWHPD GH WUDQYtDV (VWDV OtQHDV TXH UHFRUUHQ OD FXLGDG VH FRPSOHPHQWDQ
FRQ XQD VHULH GH SDUN DQG ULGHV HQ VXV DFFHVRV \ HQ XQR GH HOORV HO GH OD SDUDGD GH
+RHQKHLP1RUG\SRUHQFDUJRGHOD&RPSDxtDGH7UDQVSRUWHVGH(VWUDVEXUJRVHVLW~DOD
REUD GH =DKD +DGLG /D DUTXLWHFWD SURSXVR XQD HVWUDWHJLD IRUPDO SDUD PHMRUDU HO HQWRUQR
XUEDQR XQ VLVWHPD GH SODQRV GH KRUPLJyQ ²GHVGH HO PLVPR VXHOR GH ORV DSDUFDPLHQWRV
KDVWD OD FXELHUWD GH ODV PDUTXHVLQDV² TXH UHRUJDQL]D HO FDPSR GH IXHU]DV GLQiPLFDV HQ
HVWH H[WUHPR GH OD FLXGDG UHFRQGXFLHQGR ORV IOXMRV &RQ XQ VLVWHPD XQLWDULR VH UHVXHOYHQ
FRQ FODULGDG \ HILFDFLD WRGRV ORV HOHPHQWRV GH HVWH LQWHUFDPELDGRU GRQGH FRQIOX\HQ
YLDMHURV HQ WUHQ WUDQYtD DXWRE~V FRFKH ELFLFOHWD \ D SLH &RPR VL IXHUD XQ FDPSR
PDJQpWLFRODVOtQHDVGHODVPDUFDVGHSLQWXUDEODQFDHQHOVXHORODVOXPLQDULDVLQFOLQDGDV
GHO DSDUFDPLHQWR ODV OXFHV IOXRUHVFHQWHV GH ODV PDUTXHVLQDV \ ORV SLODUHV FLUFXODUHV \
HVEHOWRVTXHODVVRVWLHQHQFRQIOX\HQKDFtDXQIRFR 

7RGRV ORV HMHPSORV FLWDGRV DSXQWDQ GH XQD PDQHUD X RWUD KDFLD XQD DUTXLWHFWXUD \ XQ
XUEDQLVPRGHODFRPSOHMLGDG\ODGLYHUVLGDGSHQVDGRVSDUDUHIRU]DUORVOD]RVGHQWURGHOD
FRPXQLGDGFRQSUR\HFWRVTXHIDYRUHFHQODLQWHUUHODFLyQSRWHQFLDQODLJXDOGDG\ODMXVWLFLD
VH EDVDQ HQ OD SDUWLFLSDFLyQ H LQWHUYHQFLyQ GH ORV XVXDULRV \ VRQ PiV VRVWHQLEOHV SRUTXH
LQWHQWDQWHQHUHQFXHQWDODVFRQGLFLRQHVGHOOXJDU\ODFXOWXUDHLPDJLQDULRVQHFHVLGDGHV\
PRYLPLHQWRV GH VXV KDELWDQWHV < WRGR HOOR QR VH SODQWHD GH XQD PDQHUD QRVWiOJLFD R
VHQWLPHQWDOVLQRTXHVHUHFXUUHDODVSRVLELOLGDGHVWpFQLFDVHLQGXVWULDOHVGHFDGDOXJDUD
ORVQXHYRVPHGLRVWHFQROyJLFRVGHWUDQVSRUWHS~EOLFRHLQIRUPDFLyQ
<VLODWUDVFHQGHQFLDGHORVGHUHFKRVKXPDQRVHUDDOJRTXH\DDSXQWDEDOD,OXVWUDFLyQ\
ODPRGHUQLGDGHQFDPELRODVHQVLELOLGDGSRUODGLYHUVLGDG\ODPLUDGDKDFLDHORWU#\GHO
RWU#ODGHYROXFLyQGHOSRGHUGHGHFLVLyQDODVRFLHGDGFRQORVSURFHVRVGHSDUWLFLSDFLyQ
\ OD FRQFLHQFLD GH ORV OtPLWHV \ GH OD HVFDVH] GH UHFXUVRV WRGR HOOR QR HVWDED HQ HO
KRUL]RQWHGHODPRGHUQLGDG3RUWDQWRGHILQHQ\FDUDFWHUL]DQODFRQGLFLyQSRVPRGHUQDXQD
PRGHUQLGDGVXSHUDGDTXHUHTXLHUHGHXQQXHYRXUEDQLVPR
&XOWXUDLQVWLWXFLRQDO\VRFLHGDGFLYLO

/DV VRFLHGDGHV FRQWHPSRUiQHDV VH FDUDFWHUL]DQ SRU VXV HVFLVLRQHV \ XQD GH ODV PiV
LPSRUWDQWHVHVODFDGDYH]PD\RUVHSDUDFLyQDYHFHVDELVPDOHQWUHODFXOWXUDLQVWLWXFLRQDO
\ OD VRFLHGDG FLYLO  HV GHFLU SRU XQD SDUWH HQWUH ORV DUJXPHQWRV \ H[SHFWDWLYDV TXH


SURSRQHQ ODV $GPLQLVWUDFLRQHV FRQ VXV SROtWLFDV EDVDGDV HQ OD LPDJHQ \ SURPRFLRQDGDV
KDFLD HO H[WHULRU \ SRU RWUD OD YLGD FRWLGLDQD GH ODV SHUVRQDV EDVDGD HQ OD H[SHULHQFLD
HPStULFDGHODUHDOLGDGFRQWRGDVVXVGLILFXOWDGHV\FRQWRGDVXFDSDFLGDGUHLYLQGLFDWLYD\
FUHDWLYD SDUD FUHDU UHGHV &DGD YH] VRQ PiV ORV VHFWRUHV TXH QR VH VLHQWHQ HQ DEVROXWR
UHSUHVHQWDGRVSRUORVSDUWLGRVSROtWLFRVKHFKRTXHVHUHIOHMDHQODDEVWHQFLyQFUHFLHQWHHQ
ODVHOHFFLRQHVSROtWLFDV&DGDYH]HVPiVYLVLEOHHODELVPRTXHVHSDUDDORVMyYHQHVFRQ
DOWRVSRUFHQWDMHVGHGHVHPSOHR\HVFDVDVH[SHFWDWLYDVGHIXWXURGHODVGHFLVLRQHVGHVXV
JREHUQDQWHV \ $GPLQLVWUDFLRQHV WDO FRPR VH KDQ H[SUHVDGR FRQWXQGHQWHPHQWH HQ SDtVHV
FRPR HO 5HLQR 8QLGR )UDQFLD \ *UHFLD HQ HO DxR  \ HQ SDtVHV GHO QRUWH GH ÈIULFD
FRPR7~QH](JLSWR\/LELDDSULQFLSLRVGHO(VWDFULVLVVHPDQLILHVWDWDPELpQGHQWUR
GHOD(XURSDFRPXQLWDULDHQHOGHVSUHVWLJLR\GHVLQWHUpVKDFLDODVLQVWLWXFLRQHVGHOD8QLyQ
(XURSHD<DHVFDODJOREDOODGLIXVLyQDWUDYpVGH:LNL/HDNVGHORVPLOHVGH³SDSHOHVGHO
'HSDUWDPHQWRGH(VWDGR´DILQDOHVGHODxRKDGHPRVWUDGRHODELVPRH[LVWHQWHHQWUH
ORVGLVFXUVRVRILFLDOHV\ORVKHFKRVUHDOHVGHSROtWLFRV\GLSORPiWLFRV
(V FLHUWR TXH QLQJXQR GH ORV GRV EORTXHV HV KRPRJpQHR 5HVXOWD FODYH VDEHU YHU TXH
KD\GLYHUVRVWLSRVGHSRGHULQVWLWXFLRQDOVHJ~QODVGLYHUVDVSRVLFLRQHVSROtWLFDVDODVTXH
UHVSRQGHFRQGLYHUVDVDFWLWXGHVPiVLPSRVLWLYDVRPiVGLDORJDQWHVPiVFHUUDGDVRPiV
FDSDFHVGHPHMRUDUODVFRQGLFLRQHVGHYLGDGHODVSHUVRQDV
< WDPSRFR OD VRFLHGDG FLYLO HV KRPRJpQHD \D TXH HQ PXFKRV FRQIOLFWRV XUEDQRV VRQ
RSXHVWRV ORV LQWHUHVHV GH OD VRFLHGDG FLYLO UHSUHVHQWDGD SRU FOXEHV GH I~WERO VRFLHGDGHV
FXOWXUDOHV\UHFUHDWLYDVHQWLGDGHVSRUWXDULDVRLQVWLWXFLRQHVUHOLJLRVDV\GHHQVHxDQ]DFRQ
IODJUDQWHV H[SHFWDWLYDV HVSHFXODWLYDV GH TXLHQHV GHILHQGHQ OD FLXGDGDQtD HQ ORV
PRYLPLHQWRVVRFLDOHVXUEDQRVDIDYRUGHORS~EOLFRRHQORVJUXSRVHFRORJLVWDVDIDYRUGHO
HTXLOLEULRHFROyJLFR
&LHUWDPHQWHXWLOL]DQGRHOGRPLQLR\ODLQIOXHQFLDGHORVPHGLRVODVLQVWLWXFLRQHVJHQHUDQ
XQD LPDJHQ H[WHULRU PDTXLOODGD TXH UHFXUUH DO LPSDFWR GH ORV DFRQWHFLPLHQWRV ORV
FRQWHQHGRUHV VH VREUHGLVHxDQ \ WRGR VH FRQYLHUWH HQ HVSHFWiFXOR FUHDQGR XQDV
H[SHFWDWLYDVIDOVDV\IRPHQWDQGRXQDVLPiJHQHVTXHQRVHFRUUHVSRQGHQFRQHOFRQWH[WR
0LHQWUDV WDQWR OD UHDOLGDG GH OD VRFLHGDG FLYLO GH OD FLXGDG LQWHULRU GH ORV SUREOHPDV
FRWLGLDQRV TXH VH UHIOHMDQ HQ ORV PRYLPLHQWRV YHFLQDOHV HQ ODV RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHV HQ ODV SUiFWLFDV FUHDWLYDV TXH LPSXOVDQ SUR\HFWRV DUWtVWLFRV HQ HO
HVSDFLRVRFLDOHQODVLQYHVWLJDFLRQHVXQLYHUVLWDULDVVREUHFXHVWLRQHVGHODUHDOLGDGRHQHO
HVWDGRGHSUREOHPDVFRPRHOGHODFFHVRDODYLYLHQGD7RGRHOORIRUPDFDGDYH]PiVSDUWH
GH XQ PXQGR UHDO TXH ODV $GPLQLVWUDFLRQHV SUHILHUHQ LJQRUDU \ RFXOWDU $QWH OD FUHFLHQWH
FRPSOHMLGDG\HOGHVFRQWHQWRGHODVVRFLHGDGHVODV$GPLQLVWUDFLRQHVWLHQGHQDUHSOHJDUVH
HQ ORV PLVPRV HVTXHPDV WUDGLFLRQDOHV GH JHVWLyQ \ FRQWURO GH UHSDUWR HQGRJiPLFR GH
SRGHU\GHUHFKD]RGHODFUtWLFDGHQRVDEHUHVFXFKDU\GHFHUUD]yQDGHYROYHUHOSRGHU
OHJtWLPRDODVRFLHGDG

/$&5,6,6'(/02'(/262&,$/'(0Ï&5$7$
7RGRV HVWRV IHQyPHQRV UHIOHMDQ OD FULVLV GHO PRGHOR GH VRFLHGDG VRFLDOGHPyFUDWD HQ
JHQHUDO \ GH ODV LQVXILFLHQFLDV GH OD FLXGDG VRFLDOGHPyFUDWD HQ FRQFUHWR +DQ FDPELDGR
SURIXQGDPHQWHODVFRQGLFLRQHVORVFRQFHSWRV\ORV SURWDJRQLVWDV TXH KDEtDQ SHUPLWLGR DO
PRGHORVRFLDOGHPyFUDWDDSOLFDUVH\HYROXFLRQDUHQ(XURSDHQHOSHUtRGRGHHQWUHJXHUUDV\
WUDV OD ,, *XHUUD 0XQGLDO FUHDQGR \ PDQWHQLHQGR HO (VWDGR GH ELHQHVWDU OD FDUD PiV
KXPDQD\PHQRVGHVWUXFWLYDGHOVLVWHPDFDSLWDOLVWD
(Q SULPHU OXJDU VH DJXGL]D HVWD HVFLVLyQ HQWUH HO SRGHU \ OD UHSUHVHQWDWLYLGDG GH ODV
LQVWLWXFLRQHVSROtWLFDVFRQODVH[SHFWDWLYDVTXHFUHDQSRUXQDSDUWH\ODGXUD\FRPSOHMD
UHDOLGDG GH OD VRFLHGDG GRQGH DXPHQWD OD YXOQHUDELOLGDG HO GHVHPSOHR OD SREUH]D \ OD
H[FOXVLyQ\GRQGHVHHQFDUHFHODYLGDSRUODRWUD/DVPLVPDVFLXGDGHVTXHVHSXEOLFLWDQ
FRPR PRGpOLFDV GHO (VWDGR GH ELHQHVWDU GHVYHODQ XQ SURIXQGR PDOHVWDU HQWUH VXV
FLXGDGDQRVSRUVHUOXJDUHVVXPDPHQWHFDURVJHQHUDOPHQWHVXFLRV\UXLGRVRV\DYHFHV
LQVHJXURV \ YLROHQWRV FRQ EDUULRV TXH QR WLHQHQ ORV HTXLSDPLHQWRV VRFLDOHV QHFHVDULRV
GHQWURGHXQDVFLXGDGHVPXFKRPiVSHQVDGDVSDUDODJOREDOFODVV\ORVWXULVWDVTXHSDUD
VXVKDELWDQWHV
8Q VtQWRPD GH HOOR HV TXH PLHQWUDV HVFDVHDQ ORV HTXLSDPLHQWRV SDUD MyYHQHV VH KD
GHGLFDGR HVSHFLDO DIiQ HQ HUUDGLFDU WRGDV ODV LQLFLDWLYDV GH DXWRRUJDQL]DFLyQ DFRUUDODQGR
ORV FHQWURV VRFLDOHV FUHDGRV SRU HO PRYLPLHQWR RNXSD \ FULPLQDOL]DQGR WRGD DOWHUQDWLYD
GLVHQVLyQ R SRVLFLyQ DQWLVLVWHPD (VWH HV XQ SURFHVR JHQHUDO GHO QHROLEHUDOLVPR TXH
UHFRUUH WRGD (XURSD \ GHO FXDO HO HPEOHPD HV OD YROXQWDG PXQLFLSDO GH &RSHQKDJXH GH
WHUPLQDUFRQODH[SHULHQFLDDXWRJHVWLRQDGDGH&KULVWLDQDODJUDQFRPXQDFUHDGDHQ\
KDVWD HO  WRWDOPHQWH YLJHQWH \ DFWLYD HQ OXFKD SDUD GHIHQGHU VX VLWXDFLyQ HQ XQRV
WHUUHQRVPX\GHVHDGRVSDUDODHVSHFXODFLyQLQPRELOLDULD
(QVHJXQGROXJDU\SRUORTXHUHVSHFWDDORVFDPSRVGHSRGHUHVWRVVHKDQYXHOWRPiV
GLIXVRV FRQ XQD SDUWH LOtFLWD PXFKDV YHFHV IXHUD GH ORV SRGHUHV SROtWLFRV (Q JHQHUDO OD
JREHUQDQ]DVXSUDQDFLRQDOSDUDORVJUDQGHVSUREOHPDVHFRQyPLFRVVRFLDOHVHFROyJLFRV\
GHGHUHFKRVQRIXQFLRQDDGHFXDGDPHQWH\HVWiGHVERUGDGDSRUODUHDOLGDG(QHOWHUUHQR
XUEDQRORVRSHUDGRUHVHQHOPHUFDGRLQPRELOLDULRKDQFDPELDGRHQUHODFLyQFRQODV~OWLPDV
GpFDGDV \ FDGD YH] PiV FRQVWLWX\HQ XQ FDPSR SDUD JUDQGHV LQYHUVRUHV LQWHUQDFLRQDOHV
TXHEXVFDQXQDUHQWDELOLGDGDOWDHLQPHGLDWDDOOtGRQGHGHFLGHQLQYHUWLUGHPDQHUDUiSLGD
HVSRUiGLFD \ GHVDUUDLJDGD (VWRV RSHUDGRUHV SURPXHYHQ ODV QXHYDV WLSRORJtDV GH OD
JOREDOL]DFLyQ ²KRWHOHV UDVFDFLHORV FHQWURV FRPHUFLDOHV SDUTXHV WHPiWLFRV
XUEDQL]DFLRQHV FHUUDGDV HWF² H[LJLHQGR OXJDUHV GH FHQWUDOLGDG \ DFFHVLELOLGDG OLPSLRV
GH SDWULPRQLR PHPRULD H LQTXLOLQRV  3RU HOOR VH KDFH PiV GLItFLO XQ PRGHOR GH FLXGDG


KHFKR FRQ SUHYLVLyQ YLVLyQ S~EOLFD H LQWHQFLRQHV GH VRVWHQLELOLGDG \ FRQ RSHUDGRUHV GH
HVWH WLSR VH KDFH PX\ GLItFLO GHVDUUROODU PRGHORV GH SURPRFLyQ GH YLYLHQGD VRFLDO \
SUR\HFWRVGHUHKDELOLWDFLyQ
(Q WHUFHU OXJDU SRU OR TXH UHVSHFWD DO WHMLGR VRFLDO HVWH HV PiV YDULDGR VH KD
WUDQVIRUPDGR WRWDOPHQWH FRQ QXHYRV SURWDJRQLVWDV TXH DSRUWDQ XQD FRPSOHMLGDG SDUD OD
TXHQRVHHVWDEDSUHSDUDGRDOPHQRVHQ(VSDxDODLQPLJUDFLyQFRQFXOWXUDV\UHOLJLRQHV
GLVWLQWDV HO WXULVPR GH PDVDV TXH SURGXFH XQ GHVJDVWH GH OD FLXGDG UHDO \ TXH FRQ VXV
PHGLRV HFRQyPLFRV YD GHVSOD]DQGR D OD SREODFLyQ DXWyFWRQD \ ORV MyYHQHV HQ JHQHUDO
YtFWLPDV GH OD SUHFDULHGDG ODERUDO \ TXH FDGD YH] VRQ PiV YXOQHUDEOHV D FDHU HQ OD
PDUJLQDOLGDG7RGRHOORJHQHUDXQDVLWXDFLyQIRUPDGDSRUPX\GLYHUVRVHVWUDWRVVRFLDOHVD
ORVTXHQRVHOHVSXHGHRIUHFHUXQDVROXFLyQ~QLFD
3RU~OWLPRODLQLFLDWLYDGHORVWpFQLFRV\SURIHVLRQDOHVHQODWRPDGHGHFLVLRQHVXUEDQDV
SRU HO KHFKR GH HVFXGDUVH HQ IDOVRV QHXWUDOLVPRV \ WHFQLFLVPRV DFDED IDYRUHFLHQGR ORV
LQWHUHVHVSULYDGRV\FRUSRUDWLYRVDQWHVTXHDODVRFLHGDGHQVXFRQMXQWR\DTXLHQHVVRQ
PiV YXOQHUDEOHV \ FDUHQWHV /RV TXH KLVWyULFDPHQWH KDEtDQ SUR\HFWDGR OD IRUPD GHO
FUHFLPLHQWR GH ODV FLXGDGHV ²DUTXLWHFWRV LQJHQLHURV \ RWURV SURIHVLRQDOHV
FRPSURPHWLpQGRVH HQ VXV SROtWLFDV XUEDQDV WDO FRPR YHtDPRV HQ HO FDStWXOR ³$FFLyQ
SROtWLFD GHVGH OD DUTXLWHFWXUD´² KDQ LGR TXHGDQGR DO PDUJHQ GH ODV GHFLVLRQHV \ GH ORV
SURFHVRV SRU OD SURSLD LQFDSDFLGDG GH UHSODQWHDU VX IRUPDFLyQ \ VX SUiFWLFD HQ
FRQVRQDQFLD FRQ HO FDPELR GH ODV FRQGLFLRQHV &RQ HVFDVD pWLFD SURIHVLRQDO ODV VDOLGDV
GRPLQDQWHVVRQHOLQGLYLGXDOLVPRHPSUHVDULDO\HOVHUYLOLVPRYLOFRQXQDSUiFWLFDSURIHVLRQDO
TXHWHPLHQGRFDHUHQODPDUJLQDOLGDGUHVSRQGHVLQFXHVWLRQDUODVH[LJHQFLDVGHOFOLHQWH\
VLQFRQVLGHUDUORVHIHFWRVUHDOHVVREUHODSREODFLyQ
(V HQ HVWD VLWXDFLyQ TXH XQD WUDGLFLyQ WDQ IUXFWtIHUD FRPR OD VRFLDOGHPRFUDFLD GHEH
VHJXLU UHLQYHQWiQGRVH \ WUDQVIRUPiQGRVH SDUD DFWXDOL]DUVH FRPR VLVWHPD VRFLDO TXH
FRQWUDUUHVWHHOGHVJDVWHDOTXHODKDQVRPHWLGRODVSUHVLRQHVGHORVPHUFDGRVILQDQFLHURV
\ HO HIHFWR QHJDWLYR GHO FDSLWDOLVPR QHROLEHUDO (VWH VHUi XQ SURFHVR DUGXR FRQ PXFKDV
LQFHUWLGXPEUHV SHUR TXH WLHQH XQD FHUWH]D OR DJRWDGR HV HO PRGHOR GH XQDV GHFLVLRQHV
LPSXHVWDVGHVGHOD$GPLQLVWUDFLyQ\ORYLWDOHVGDUHVSDFLR\YR]DODSDUWLFLSDFLyQHQWRGRV
ORVVHQWLGRV\DWRGRVORVHVWUDWRVVRFLDOHVTXHHQOXJDUGHDSOLFDUGHFLVLRQHVLPSXHVWDV
SRUODV$GPLQLVWUDFLRQHVDODVRFLHGDGFLYLOVHFUHHQODVFRQGLFLRQHVSDUDORFRQWUDULRSDUD
TXHVHDODFLXGDGDQtDODTXHLQIOX\DHQODV$GPLQLVWUDFLRQHVPiVDOOiGHXQDVHOHFFLRQHV
FDGDFXDWURDxRV3RUPXFKRTXHVHLQWHQWHUHDQLPDUDOPXHUWRODpSRFDGHOSDWHUQDOLVPR
HO GHVSRWLVPR LOXVWUDGR \ HO PHVLDQLVPR LOXPLQDGRU \ YDQJXDUGLVWD KD SHULFOLWDGR /D
DOWHUQDWLYDUDGLFDHQXQRVPHFDQLVPRVGHGHPRFUDFLDGLUHFWD\SDUWLFLSDWLYDGHORVTXH\D
VHKDKDEODGRHQHOFDStWXORDQWHULRU$XQTXHODSDUWLFLSDFLyQVHDXQDYLHMDLGHDTXHHVWD
VHSURGX]FDGHPDQHUDDFWLYD\UHDOHQWRGDVODVIDVHVGHOSURFHVR²GLDJQyVWLFRGHODV
QHFHVLGDGHV GLVHxR UHDOL]DFLyQ \ VHJXLPLHQWR² VLJQLILFD FDPELDU UDGLFDOPHQWH HO
IXQFLRQDPLHQWRGHHVWDVVRFLHGDGHV
3DUD FRQVWUXLU XQ QXHYR FRQWUDWR VRFLDO SDUD HO VLJOR ;;, FRPR HO TXH VLJQLILFy OD
VRFLDOGHPRFUDFLD HQ HO VLJOR ;; HV QHFHVDULR SDUWLU GH ODV QXHYDV FRQGLFLRQHV ODV FULVLV
HFROyJLFDV OD LPSURUURJDEOH FRQVHFXFLyQ GH OD LJXDOGDG GH JpQHURV XQDV VRFLHGDGHV
SRVFRORQLDOHV PiV FRPSOHMDV \ DWRPL]DGDV SREODFLRQHV HQYHMHFLGDV SDUD ODV TXH VH
GHEHUiQ EXVFDU DOWHUQDWLYDV GH DVLVWHQFLD \ SUREOHPDV GH JUDQ HVFDOD FRPR ODV
FDWiVWURIHV PHGLRDPELHQWDOHV \ ORV FRQIOLFWRV FUHDGRV SRU HO FULPHQ RUJDQL]DGR TXH
VREUHSDVDQODVIURQWHUDVGHORV(VWDGRV3DUDHVWHQXHYRFRQWUDWRVRFLDOHVLPSUHVFLQGLEOH
OOHJDUDXQPtQLPRDFXHUGRVREUHODVFDUDFWHUtVWLFDVGHOPXQGRFRPRUHIHUHQWHWHQLHQGRHO
REMHWLYRGHTXHVHDPiVVRVWHQLEOHSDUWLFLSDWLYRHLJXDOLWDULR

/$&5,6,6'(/02'(/2%$5&(/21$
8QHMHPSORHPEOHPiWLFRGHHVWHDELVPRHQWUHHOSRGHU\ODRSLQLyQS~EOLFDVHH[SUHVDHQ
OD FULVLV GHO PRGHOR %DUFHORQD \ HQ OR TXH UHSUHVHQWy HO )zUXP  HQ HVWD FLXGDG XQ
DFRQWHFLPLHQWRTXHODV$GPLQLVWUDFLRQHVSURPRWRUDVFDOLILFDURQGHp[LWRVLQHOPiVPtQLPR
DWLVER GH DXWRFUtWLFD \ TXH XQD SDUWH UHSUHVHQWDWLYD GH OD FLXGDGDQtD EDUFHORQHVD FULWLFy
GXUDPHQWH R VLPSOHPHQWH LJQRUy )XH XQ )zUXP FX\D SULQFLSDO PLVLyQ HUD PHGLiWLFD VLQ
FRQWHQLGRV UHDOHV GHGLFDGR D XQ QXHYR FRQVXPLGRU HO HVSHFWDGRU SDVLYR FRQ XQ WLHPSR
GHGLFDGR D XQRV ³GLiORJRV´ GH XQRV FRQWHQLGRV SUHYLDPHQWH SDFWDGRV \ GRQGH ODV
SRVLELOLGDGHVGHLQWHUYHQFLyQ\GLVFUHSDQFLDIXHURQPX\HVFDVDV
(Q HVWH )zUXP IXH VXPDPHQWH VLQWRPiWLFR TXH HO FRQWHQLGR GHO KRUULEOH HGLILFLR )zUXP
GHORVDUTXLWHFWRVVXL]RV+HU]RJ GH0HXURQIXHUDXQDH[SRVLFLyQWLWXODGD%DUFHORQD LQ
SURJUHVV TXH PRVWUDED \ VLJXLy PRVWUDQGR GXUDQWH DxRV ORV SUR\HFWRV HQ PDUFKD VLQ
QLQJ~Q WLSR GH H[SOLFDFLyQ GLGiFWLFD \ TXH FXOPLQDED HQ XQD HVSHFWDFXODU PDTXHWD ILQDO
LPDJHQSDUDLQYHUVRUHV\WXULVWDVGHODFLXGDGGH%DUFHORQD(QHVWDJUDQPDTXHWDFRQXQ
FRVWH HOHYDGtVLPR GH PDQWHQLPLHQWR ODV LUUHJXODULGDGHV VLQJXODULGDGHV R H[FHSFLRQHV GH
OD FLXGDG HVWDEDQ VLPSOLILFDGDV HUD OD YLVLyQ OHMDQD VLQ FRPSURPLVR GH XQD FLXGDG
UHWRFDGD\DYLVWDGHSiMDUR$TXtSRGUtDPRVKDEODU\DGHLPSRVWXUDGHLPSRVLFLyQGHXQD
YLVLyQ IDOVD GH OR TXH VH LPSOHPHQWD GHVFDUDGDPHQWH VLQ UHODFLyQ FRQ OD UHDOLGDG (VWD
PDTXHWDRPDSDUHFXHUGDODDILUPDFLyQGHOJHyJUDIRHKLVWRULDGRU$QGUp&RUER]³(OPDSD
HVPiVSXURTXHHOWHUULWRULRSRUTXHREHGHFHDOSUtQFLSH´ SRGUtDPRVGHFLUODPDTXHWD


HOUHQGHUODIRWRDpUHDVRQPHMRUTXHODUHDOLGDGSRUTXHREHGHFHQDORVQXHYRVSUtQFLSHV
6H WUDWD GH XQD UHDOLGDG FRPR OD TXH RIUHFH *RRJOH (DUWK R OD TXH UHSUHVHQWD XQ *36
GRQGHWRGRWHUULWRULRHVSODQRYLVWRGHVGHODPRYLOLGDGGHOFRFKH\QRGHVGHODUHDOLGDGD
SLHVLQQLQJXQDGLYHUVLGDGORFDOWRSRJUiILFDQLKXPDQD 

(/(63$&,2'(/26,17(/(&78$/(6<$57,67$6'(/267e&1,&26<
/26&5Ë7,&26
(Q HVWH SURFHVR OD FUtWLFD D OD LQGXVWULD FXOWXUDO \ D OD FXOWXUD HVSHFWiFXOR FRQ OR TXH
LPSOLFD GH H[LJHQFLD GH XQ SHQVDPLHQWR FUtWLFR \ GH FLHUWR WLSR GH LQWHUYHQFLRQHV GH ORV
WpFQLFRV\ORVSURIHVLRQDOHVKDVLGRXQKHFKRUHFXUUHQWHDORODUJRGHODVHJXQGDPLWDGGHO
VLJOR ;;H[SUHVDGRHQGLYHUVRVKLWRV7DOFRPRKHPRVFLWDGRHQVXHVWXGLR'LDOpFWLFD GH
OD ,OXVWUDFLyQ  0D[ +RUNKHLPHU \ 7KHRGRU : $GRUQR FULWLFDURQ GHVGH VX H[LOLR HQ /RV


ÈQJHOHVODQDFLHQWHLQGXVWULDGHODFXOWXUD\GHORVPHGLRVHQODVRFLHGDGGHPDVDVFRQVX
LOLPLWDGDFDSDFLGDGSDUDDEVRUEHUORWRGR
$SHVDUGHHOORHVYLWDOVHJXLUEXVFDQGRDOWHUQDWLYDVWDOFRPRKDFHQJUXSRVFUHDWLYRV\
DFWLYLVWDV FRPR 6DQWLDJR &LUXJHGD FRQ VX JUXSR 5HFHWDV 8UEDQDV R OD 3DQDGHUtD
DPERVGH6HYLOODFROHFWLYRVFRPR/DERUDWRULR8UEDQR  2EVHUYDWRULR0HWURSROLWDQR
  ³(VWR HV XQD SOD]D´ %DVXUDPD R (FRVLVWHPD 8UEDQR WRGRV HOORV GH 0DGULG TXH
KDQSXHVWRHQPDUFKDXQDQXHYDSUiFWLFDGHODDUTXLWHFWXUDDFWLYLVWDLPDJLQDWLYDFUtWLFD
FROHFWLYD\
VLQ SHUVRQDOLVPRV QL QRPEUHV SURSLRV LQLFLDWLYDV GH SURPRFLyQ GHO DUWH VRFLDO FRPR
,GHQVLWDW R JUXSRV DOWHUQDWLYRV GH MyYHQHV DUTXLWHFWRV FRPR /D &RO HQ %DUFHORQD R ODV


DFFLRQHVGHOJUXSR$WHOLHUG¶$UFKLWHFWXUH$XWRJHUqH DDD GH3DUtVFUHDGRSRU&RQVWDQWLQ


3HWFRX\'RLQH3HWUHVFX6HWUDWDGHSHTXHxRVSUR\HFWRVFRPSDUWLGRVTXHHQFXHQWUDQOD
SRVLELOLGDGGHVHUUHDOL]DGRVSODVPDQGRORTXHVHUtDXQDFLXGDGGHODQXHYDVXEMHWLYLGDG\
XQXUEDQLVPRDOWHUQDWLYR
2 FXDQGR GHVGH OD PLVPD $GPLQLVWUDFLyQ VH SRWHQFLDQ GLFKDV LQLFLDWLYDV FUHDWLYDV R
SDUWLFLSDWLYDV GHVGH FRQFHMDOtDV GH FXOWXUD MXYHQWXG SDUWLFLSDFLyQ PHGLR DPELHQWH R
ELHQHVWDU VRFLDO WDO FRPR KD VXFHGLGR HQ &DWDOXxD HQ FLXGDGHV FRPR *UDQROOHUV FRQ OD
FUHDFLyQ GHO &HQWUH &XOWXUDO \ $UWtVWLF )jEULFD GH OHV $UWV HQ HO DQWLJXR FRQMXQWR GH OD
IiEULFD5RFD8PEHUW\FRQODSROtWLFDGHSDUWLFLSDFLyQGHQLxRVHQHOSUR\HFWR\UHDOL]DFLyQ
GH XQ SDUTXH FHUFD GH VX HVFXHOD GHQWUR GHO SURJUDPD ³)HP XQ MDUGt´ ³+DJDPRV XQ
MDUGtQ´ 
7DO FRPR VHxDOD -DFTXHV 'HUULGD HQ (VSHFWURV GH 0DU[  HV YLWDO HVWDU YLJLODQWHV OD


KHUHQFLDGHOSHQVDPLHQWRFUtWLFRHVXQDWDUHDFRQVWDQWHTXHGHEHSDUWLUGHODUHOHFWXUDGH
ORV WH[WRV ILORVyILFRV \ OLWHUDULRV FODYH \ GH OD YROXQWDG GH SRQHU HQ FULVLV ODV GLFRWRPtDV
GRPLQDQWHV FRQ ODV TXH HO SRGHU VH KD LGR LQVWLWXFLRQDOL]DQGR PDVFXOLQRIHPHQLQR
HVSLULWXDOLGDGPDWHULDOLGDGREMHWLYRVXEMHWLYRHWF 
< WDO FRPR WDPELpQ VHxDOD OD FUtWLFD IHPLQLVWD HV QHFHVDULD GHVGH HO FRQRFLPLHQWR HO
DQiOLVLV \ OD H[SHULHQFLD XQD GHFRQVWUXFFLyQ GHO GLVFXUVR HVWDEOHFLGR 6RQ QHFHVDULDV
QXHYDV KHUUDPLHQWDV SDUD LQGDJDU DQDOL]DU FDUWRJUDILDU \ UHSUHVHQWDU ODV P~OWLSOHV
GLPHQVLRQHV GH OD UHDOLGDG HYLWDQGR FDHU HQ XQLYHUVDOLVPRV \ DEVWUDFFLRQHV
KRPRJHQHL]DGRUDV TXH HQPDVFDUDQ ODV GLYHUVLGDGHV &DGD HQWRUQR FDGD VLWXDFLyQ
GHPDQGDHOGHVSOLHJXHGHXQDVKHUUDPLHQWDV\HVWUDWHJLDVHVSHFtILFDV
(Q UHODFLyQ FRQ WRGR HOOR HO DQWURSyORJR 0DQXHO 'HOJDGR KD SODQWHDGR OD DOWHUQDWLYD GH
XQDDFFLyQFUtWLFDGHODUWLVWD\GHOLQWHOHFWXDOFRPRGREOHDJHQWHTXHSDUDVREUHYLYLUWLHQH
TXH FRODERUDU GH DOJXQD PDQHUD FRQ ODV LQVWLWXFLRQHV SHUR TXH HV FRQVFLHQWH D OD YH]
GHODLQWHQFLyQTXHHOSRGHUWLHQHPHGLDQWHHOXVRGHORVPHGLRVGHFRPXQLFDFLyQ\GHODV
PDQLIHVWDFLRQHVFXOWXUDOHVGHVHJXLUHQPDVFDUDQGRPDQLSXODQGR\FDPXIODQGR 

3RU WDQWR OD FRQVWUXFFLyQ GH GLFKD FXOWXUD FUtWLFD HV XQ REMHWLYR SULRULWDULR ¢&XiO SXHGH
VHUHOSDSHOFUtWLFRGHWRGDVDTXHOODVSHUVRQDV²HVFULWRUHVSURIHVRUHVWpFQLFRVDUWLVWDV
DUWHVDQRVHWF²TXHWLHQHQDFFHVRDODVHVIHUDVGHOSRGHUGHPRFUiWLFR\UHSUHVHQWDWLYR
\ SHUFLEHQ OD GHVFRQH[LyQ GH HVWDV LQVWLWXFLRQHV HQ UHODFLyQ FRQ OD H[SHULHQFLD GH OD
VRFLHGDGUHDOHODFWLYLVPRHQORVEDUULRVORVGLVWLQWRVWLSRVGHDVRFLDFLRQLVPRORVJUXSRV
DXWRRUJDQL]DGRVSDUDDWHQGHUDORVPDUJLQDGRVORVJUXSRVDOWHUQDWLYRVGHDUWLVWDV\WRGR
WLSRGHSURSXHVWDVFUtWLFDVHQHOWUDEDMRODHQVHxDQ]D\ODVDQLGDG"¢(VSRVLEOHTXHHVWH
SDSHOORGHVDUUROOHQTXLHQHVGLVIUXWDQGHFLHUWDFRQILDQ]DGHDOJXQDVLQVWLWXFLRQHVRWLHQHQ
SRVLELOLGDGHV GH LQWHUYHQFLyQ HQ OD RSLQLyQ S~EOLFD \ DO PLVPR WLHPSR VRQ FDSDFHV GH
GHIHQGHU KRQHVWDPHQWH ODV DVSLUDFLRQHV GH OD FLXGDGDQtD GH DGRSWDU XQD DFWLWXG pWLFD \
MXVWD IUHQWH D ORV FRQIOLFWRV GHIHQGLHQGR DO GpELO \ UHFODPDQGR MXVWLFLD" ¢4Xp PiUJHQHV
WLHQH SDUD KDFHU XQD WDUHD SHGDJyJLFD KDFLD OD FLXGDGDQtD D SDUWLU GH VXV FRQRFLPLHQWRV
WpFQLFRV \ SUR\HFWXDOHV" ¢&yPR DEULU HVSDFLRV PiV DOOi GH OD PDUJLQDOLGDG GHO
YROXQWDULVPR \ GHO WHVWLPRQLDOLVPR" 7RGDV HVWDV SUHJXQWDV UHVXOWDQ FODYHV SDUD XQD
DUTXLWHFWXUD FRQ YROXQWDG pWLFD SXHV OD HVHQFLD GH OD DUTXLWHFWXUD HV OD PHGLDFLyQ HO
SUR\HFWRGHIXWXURTXHFRQFLOLHORVREMHWLYRV\ODVSRVLELOLGDGHVGHODV$GPLQLVWUDFLRQHVFRQ
ODVQHFHVLGDGHV\DVSLUDFLRQHVGHODVRFLHGDG
3DUD SRGHU GHIHQGHU \ HQULTXHFHU XQDV FXOWXUDV GH OD H[SHULHQFLD IUHQWH D OD LPSRVLFLyQ
GHODFXOWXUDGHOHVSHFWiFXORHVQHFHVDULRRUJDQL]DU\FRRUGLQDUODVPX\GLYHUVDVFUtWLFDV\
UHLYLQGLFDFLRQHV GLVSHUVDV DKRUD HQ PXOWLWXG GH DFFLRQHV \ GH WH[WRV GH LQLFLDWLYDV \
DOWHUQDWLYDV GH UHVLVWHQFLDV \ GLVLGHQFLDV GH ZHEV \ EORJV OOHYDGDV DGHODQWH SRU
SHUVRQDVGHPX\GLVWLQWDVJHQHUDFLRQHV\H[SHULHQFLDV
(VSRUHOORTXHHVWHOLEURSODQWHDHVWHHVWDGRGHODFXHVWLyQ¢FyPRDQDOL]DUODUHDOLGDG\
SURSRQHU PXQGRV DOWHUQDWLYRV" 7DO FRPR VH KD HQIDWL]DGR OD FXOWXUD GH ORV FRQRFLPLHQWRV
OLJDGRV DO SUR\HFWR \ DO GLVHxR HV PX\ LPSRUWDQWH SRU VX FDSDFLGDG GH SUR\HFWDU
DOWHUQDWLYDV \ SRU OD SRVLELOLGDG GH PHGLDFLyQ GH DFWXDU FRPR DJHQWHV TXH IDYRUHFHQ OD
FRPXQLFDELOLGDG HQWUH GLVWLQWDV SDUWHV GH OD VRFLHGDG $GHPiV GH OD FDSDFLGDG GH
SUR\HFWDU OD DUTXLWHFWXUD \ HO XUEDQLVPR WLHQHQ XQ SDSHO HVSHFtILFR SDUD FRQWULEXLU D OD
IRUPDFLyQGHXQHVSDFLRFRPXQLFDWLYR\FRPSDUWLEOHGHFXOWXUD\FUtWLFDXQRVHQWRUQRVTXH
IDYRUH]FDQ OD LQWHUUHODFLyQ \ OD FDSDFLWDFLyQ TXH KDJDQ SRVLEOH OD FRPXQLFDFLyQ \ ODV
UHODFLRQHV LQWHUVXEMHWLYDV 7RGR HOOR HV LPSUHVFLQGLEOH SDUD DFHUFDU OD VRFLHGDG D ODV
LQVWLWXFLRQHV GHPRFUiWLFDV \ OD DUTXLWHFWXUD TXH LPDJLQD SUR\HFWD \ UHDOL]D HVSDFLRV
WLHQHPXFKDVSRVLELOLGDGHV\UHVSRQVDELOLGDGHV
3RUXQDFXOWXUDFUtWLFD\DOWHUQDWLYDGHODH[SHULHQFLD\HO
DFWLYLVPR

$ OR ODUJR GHO OLEUR KHPRV KHFKR XQD FUtWLFD GHO SHQVDPLHQWR \ OD SUiFWLFD QHROLEHUDOHV
SUHGRPLQDQWHV HQ XQ PXQGR FDGD YH] PiV VRPHWLGR DO PHUFDGR \ D ORV LQWHUHVHV
ILQDQFLHURV\KHPRVLGRVHxDODQGRDOWHUQDWLYDV/DPiVEiVLFDHLPSUHVFLQGLEOHSURSXHVWD
HVHOIRUWDOHFLPLHQWRGHXQDFXOWXUDFUtWLFD

/26',6&85626'(/1(2/,%(5$/,602$548,7(&7Ï1,&2
7DOFRPRKHPRVYLVWRHQHOFRQWH[WRPiVJHQHUDOGHOQHROLEHUDOLVPRODDUTXLWHFWXUDQRHV
XQD H[FHSFLyQ KD SHUGLGR HO VHQWLGR FUtWLFR TXH WXYR KDVWD OD GpFDGD GH  3RU WRGR
HOOR HV QHFHVDULR SRWHQFLDU XQD QXHYD FXOWXUD DUTXLWHFWyQLFD FUtWLFD FRQ ODV QXHYDV
QDUUDWLYDV GRPLQDQWHV GH OD HFRQRPtD JOREDO 7DPELpQ HQ HO WHUUHQR GH OD DUTXLWHFWXUD OD
SXEOLFLGDG OD UHSUHVHQWDFLyQ PHGLiWLFD \ HO JODPRXU GH ORV SURGXFWRV YD PiV DOOi GH VX
SURSLDUHDOLGDG\PDWHULDOLGDG3RUWDQWRHVLPSUHVFLQGLEOHGHVYHODU\UHYHODUPRVWUDUWRGR
ORTXHHVFRQGH
(V KDELWXDO TXH ORV DUTXLWHFWRV GH SUHVWLJLR HQ HO PHUFDGR JOREDO XWLOLFHQ DUJXPHQWRV
KHWHURJpQHRV \ FRQWUDSXHVWRV PXFKDV YHFHV DOHMDGRV GH OD DUTXLWHFWXUD \ HO XUEDQLVPR
TXH UHDOPHQWH KDFHQ 8QRV UD]RQDPLHQWRV SROLVpPLFRV \ QHROLEHUDOHV GDQ FREHUWXUD SDUD
TXHVHDUJXPHQWHDIDYRUGHODVRVWHQLELOLGDGFXDQGRVHUHFXUUHDOXVRGHDOWDWHFQRORJtD\
D OD GHVWUXFFLyQ GHO PHGLR SDUD TXH VH XWLOLFH OD H[SHULPHQWDFLyQ IRUPDO SDUD OHJLWLPDU OD
HVSHFXODFLyQ R SDUD UHFXUULU D DUJXPHQWRV GH MXVWLFLD VRFLDO FXDQGR OR TXH VH SURSRQH HV
HOLWLVPRFRQVXPLVWD
(QWUH ORV SURIHVLRQDOHV GHO GREOH GLVFXUVR \ GREOH PRUDO VH HQFXHQWUDQ DTXHOORV TXH
DFW~DQ EDMR HO DXVSLFLR GH HQWLGDGHV ILQDQFLHUDV \ RUJDQL]DFLRQHV UHOLJLRVDV GH PDUFDGR
FDUiFWHUUHDFFLRQDULRSURPRYLHQGRHYHQWRVFXOWXUDOHVUHYLVWDV\FRQJUHVRVGHVGHORVTXH
VHSUHWHQGHFRQVWUXLUDOWHUQDWLYDV\PRVWUDUDUTXLWHFWXUDVFRPSURPHWLGDVFRQHOSODQHWD\
ODVRFLHGDG
/D PD\RU SDUWH GH ORV DUTXLWHFWRV HVWUHOOD MXHJDQ D HVWH GREOH GLVFXUVR &RPR 5HQ]R
3LDQR5LFKDUG5RJHUV1RUPDQ)RVWHU-HDQ1RXYHOR5LFDUGR/HJRUUHWDTXHSRUXQODGR
SDUWLFLSDQ HQ ORV IRURV HQ GHIHQVD GHO XUEDQLVPR VRVWHQLEOH \ SRU RWUR VH SUHVWDQ D
RSHUDFLRQHV GH DOWD WHFQRORJtD \ DOWR FRQVXPR TXH QR WLHQHQ TXH YHU FRQ HO PHGLR TXH
JHQHUDQ XUEDQL]DFLRQHV FHUUDGDV TXH VHJUHJDQ VRFLDOPHQWH \ TXH GHVWUX\HQ SDWULPRQLR
VRFLDOXUEDQR\SDLVDMtVWLFR6RQHVWUHOODVTXHVLUYHQSDUDOHJLWLPDUSURFHVRVHVSHFXODWLYRV
\ GH H[SXOVLyQ GH ORV KDELWDQWHV GH ]RQDV HQ ODV TXH WUDEDMDQ VLQ FRQRFHUODV &RPR
EXHQRVDUTXLWHFWRVGHOSUtQFLSHFRQWHPSRUiQHROHVEDVWDHOSODQRRHOPDSDSDUDGHVWUXLU
\FRQVWUXLUHQFDGDOXJDU
(Q OD GpFDGD GH  HQ VX SULPHUD HWDSD FXDQGR SUHVHQWy OD SURSXHVWD SDUD XQ
FRQMXQWRUHVLGHQFLDOHQODV,VODV&DQDULDV\VHOHFULWLFyTXHVXSUR\HFWRQDGDWHQtDTXHYHU
FRQ ODV FRQGLFLRQHV FOLPiWLFDV \ TXH HQWUDEDQ HQ FRQWUDGLFFLyQ FRQ HO FRQWH[WR 5LFKDUG
5RJHUV FRQWHVWy VLQ OD PiV PtQLPD VHQVLELOLGDG HFROyJLFD TXH HQWRQFHV OR TXH VH
GHEHUtDKDFHUHUDFDPELDUHOFOLPDGHOOXJDUGHOSUR\HFWR+R\HOPLVPRDXWRUSURSRQHHO
GHFiORJR SDUD FLXGDGHV VRVWHQLEOHV HQ VX IDPRVR OLEUR &LXGDGHV SDUD XQ SHTXHxR
SODQHWD  PLHQWUDV SUR\HFWD FRQVWUXLU FHUFD GH OD FLXGDG GH *UDQDGD XQD JLJDQWHVFD


XUEDQL]DFLyQFHUUDGDFRQFDPSRGHJROILQFOXLGRSUHWHQGLGDPHQWHHQPDVFDUDGDFRPRXQ
EDUULRVRVWHQLEOH 

(QFRQWUDUtDPRV RWURV HMHPSORV HQ ORV DEXVRV GH DOJXQDV REUDV GH -HDQ 1RXYHO
H[SOtFLWDPHQWHYLROHQWRVFRQORVHQWRUQRVXUEDQRVHQORVTXHDFW~DFRPRODWRUUH$JEDUHQ
%DUFHORQDRODDPSOLDFLyQGHO&HQWURGH$UWH5HLQD6RItDHQ0DGULG\FRQDEHUUDFLRQHVHQ
WRGRVORVVHQWLGRVFRPRHO3DUTXH&HQWUDOGHO3REOHQRXWDPELpQHQ%DUFHORQD
3RU WDQWR GHEHUtDPRV LQWHUSUHWDU OD DUTXLWHFWXUD \ HO XUEDQLVPR FRQWHPSRUiQHRV FRQ
XQRVRMRVUDGLFDOPHQWHFUtWLFRVWDOFRPRKL]R-DQH-DFREVHQVXOLEUR0XHUWH\YLGDGHODV
JUDQGHVFLXGDGHV FRPRSODQWHDHOXUEDQLVPRUDGLFDOHVWDGRXQLGHQVHGH0LNH'DYLVRGH


1RUPDQ0.OHLQRFRPRKDFHQ'RORUHV+D\GHQHVSHFLDOPHQWHFRQ7KH3RZHURI3ODFH 

\ /HRQLH 6DQGHUFRFN FRQ VX &RVPRSROLV  WRGD XQD WUDGLFLyQ GH XUEDQLVWDV TXH KDQ


UHLYLQGLFDGRODySWLFDGHVGHODH[SHULHQFLDIHPHQLQD\ODPXOWLSOLFLGDGGHLGHQWLGDGHV

&5,6,6*(1(5$/'(/$&8/785$
/D FULVLV JHQHUDO GH OD FXOWXUD TXH YLYLPRV WLHQH XQD HVWUHFKD UHODFLyQ FRQ OD FULVLV
HFROyJLFDFRQODLQFDSDFLGDGGHORVVLVWHPDVSURGXFWLYRVGRPLQDQWHVGHUHODFLRQDUVHFRQ
HOPHGLRVLQDJRWDUOR\GHVWUXLUOR(VHQHVWHFRQWH[WRTXHSUHYDOHFHHVWDGREOHPRUDOGH
KDEODU RILFLDOPHQWH GH VRVWHQLELOLGDG SHUR D OD YH] SURPRYHU JXHUUDV \ DXPHQWDU ODV
HPLVLRQHV GH JDVHV FRQWDPLQDQWHV HO JDVWR GH HQHUJtDV QR UHQRYDEOHV OD FRQWLQXDGD
JHQHUDFLyQ GH UHVLGXRV HO FUHFLPLHQWR GH ODV FLXGDGHV GLIXVDV \ GH ODV GLIHUHQFLDV HQWUH
ULFRV\SREUHV
&DGDYH]HVPiVXUJHQWHXQDWRWDOWUDQVIRUPDFLyQGHOVLVWHPDSURGXFWLYRHVHQFLDOPHQWH
GHSUHGDGRU \ GHVWUXFWLYR LQMXVWR H LQKXPDQR 8QD VRFLHGDG FDSLWDOLVWD EDVDGD HQ ODV
LQGXVWULDV GHO DUPDPHQWR HO DXWRPyYLO \ HO SHWUyOHR HQ OD HVSHFXODFLyQ ILQDQFLHUD H
LQPRELOLDULD 8QD VRFLHGDG TXH KD DYDQ]DGR PXFKR WHFQROyJLFDPHQWH HQ XQD SDUWH GHO
PXQGRSHURSRFRGHVGHHOSXQWRGHYLVWDGHOFRQRFLPLHQWRKXPDQR\VRFLDO'HDKtODWRWDO
LUUHVSRQVDELOLGDG FRQ UHODFLyQ D ODV FRQVHFXHQFLDV GH OR TXH VH PDQLSXOD \ ODV FRQWLQXDV
FDWiVWURIHVHODFFLGHQWHGHOSHWUROHUR3UHVWLJHHQODVFRVWDVJDOOHJDV  RHOGH%3HQ
HO*ROIRGH0p[LFR  ORVDFFLGHQWHVHQODVFHQWUDOHVQXFOHDUHVRODVJXHUUDV
3RUWDQWRQRVHQFRQWUDPRVHQXQPXQGRHQHOTXHPLHQWUDVTXHVHFRQVLJXHQSHTXHxRV
DYDQFHV HQ PDWHULD GH VRVWHQLELOLGDG JUDFLDV D ORV VHFWRUHV PiV FRQVFLHQWHV GH ODV
VRFLHGDGHV D ODV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV \ D ODV $GPLQLVWUDFLRQHV ORFDOHV
SURJUHVLVWDVORVUHWURFHVRV\GHVDVWUHVDJUDQHVFDODVRQPXFKRPD\RUHV\PiVJUDYHV
JXHUUDV FDWiVWURIHV KDPEUXQDV HWFpWHUD 9LYLPRV HQ OD pSRFD GH OD UHWyULFD GH OD
VRVWHQLELOLGDG TXH RFXOWD OD UHDOLGDG VL QR KD\ JUDQGHV FDPELRV VRFLDOHV SROtWLFRV H
LQIUDHVWUXFWXUDOHVODVRVWHQLELOLGDGGHOSODQHWDHVXQREMHWLYRTXHVHDOHMD
(Q (VSDxD HV PDQLILHVWD OD WRWDO LQVXILFLHQFLD GH OD SROtWLFD VREUH HO PHGLR DPELHQWH $
SHVDUGHKDEHUILUPDGRHOSURWRFRORGH.LRWRODVHPLVLRQHVGH&2KDQDXPHQWDGRXQ
FRQHOVRSRUWHOHJDOGHODOLEHUDFLyQGHOVXHORVHJ~QHO5HDO'HFUHWR/H\\KDVWD
TXHQRVHSURPXOJyODQXHYD/H\GHO6XHORSDUDHYLWDUHOFUHFLPLHQWRH[SDQVLRQLVWD
\ GHVDUUROOLVWD \ SDUD EXVFDU XQ XUEDQLVPR VRVWHQLEOH /DPHQWDEOHPHQWH HQWUH  \
 VH LQFUHPHQWy GHVRUELWDGDPHQWH OD SUHSDUDFLyQ GH PiV VXHOR XUEDQR HQ ORV
PXQLFLSLRV GH ODV UHJLRQHV PHWURSROLWDQDV GH ODV JUDQGHV FLXGDGHV HVSDxRODV DSRVWDQGR
SRU XQDV QXHYDV FRURQDV TXH KDQ FUHFLGR HQ IRUPD GLVSHUVD GH PDQFKD GH DFHLWH \
JHQHUDOPHQWHVLJXLHQGRODPRUIRORJtDGHEDUULRVVXEXUELDOHVGHFDVDVHQKLOHUD(QFRQWUD
GHORTXHVHDUJXPHQWyFRQOD/H\GHO6XHORGHOGLVSRQHUGHPiVVXHORXUEDQL]DEOH
VLJXLy DXPHQWDQGR ORV SUHFLRV GH ODV YLYLHQGDV \D TXH HO SUHFLR GHO VXHOR QR EDMy DO
DXPHQWDUODRIHUWD\DOKDEHUPiVVXHORXUEDQL]DGRORVYDORUHVGHFHQWUDOLGDGVXELHURQ

$35(1'(5'(/$$548,7(&785$+80$1$<(&2/Ï*,&$
([LVWHXQDHVWHODGHREUDVFXDOLILFDGDVGHDUTXLWHFWRVKXPDQLVWDV\KRQHVWRV'HODPLVPD
PDQHUD TXH DXWRUHV GHO SHUtRGR GH SRVJXHUUD FRPR /LQD %R %DUGL $OLVRQ \ 3HWHU
6PLWKVRQ (UQHVWR 1DWKDQ 5RJHUV $OGR YDQ (\FN \ PXFKRV RWURV SXVLHURQ FRPR
SULRULWDULDV DFWLWXGHV pWLFDV HQ ODV ~OWLPDV GpFDGDV DOJXQRV DUTXLWHFWRV KDQ GHPRVWUDGR
XQDJUDQYROXQWDG\FDSDFLGDGSDUDDGDSWDUVHDORVFDPELRVGHODVFRQGLFLRQHVORFDOHV
(ODOHPiQ)UHL2WWR  KDLQWHQWDGRTXHVXVPHJDHVWUXFWXUDVVLUYDQSDUDPHMRUDUHO
PXQGR\KDSRWHQFLDGRPRGRVOLEUHVGHYLYLUFRQVXgNR+DXVHQ%HUOtQ  HQODTXH
pO FRQ +HUPDQ .HQGHOO \ XQ HTXLSR GH WpFQLFRV SUR\HFWDURQ OD HVWUXFWXUD \ ORV VLVWHPDV
FROHFWLYRV GH FRPXQLFDFLyQ H LQVWDODFLRQHV \ FDGD JUXSR IDPLOLDU KL]R R HQFDUJy VX FDVD
FRQVXVSURSLDVGLVWULEXFLRQHV\IDFKDGDV
1 -RKQ +DEUDNHQ   KD VLWXDGR HQ OXJDU SULPRUGLDO HO UHVSHWR SRU ODV SHUVRQDV
UHIOHMDGR HQ OD WHRUtD GH ORV ³VRSRUWHV´ HQ OD TXH VH UHFRQRFHQ ODV GLVWLQWDV HVFDODV GH
LQWHUYHQFLyQ HQ ORV HGLILFLRV GH YLYLHQGD XQ SURFHVR TXH H[WUDSROD D OD FLXGDG HQ HO OLEUR
7KH 6WUXFWXUH RI WKH 2UGLQDU\  +DEUDNHQ \ VHJXLGRUHV VX\RV FRPR 6WHYHQ .HQGDOO KDQ


SXHVWR D SXQWR XQ VLVWHPD HO ³HGLILFLR DELHUWR´ SDUD FRQVWUXLU XQ PXQGR FRPSDUWLGR
SHUVRQDOL]DGR\SDUWLFLSDGRHQHOTXHHOPHMRUUHVXOWDGRHVODGHVDSDULFLyQGHODXWRU
(O EUDVLOHxR 3DXOR 0HQGHV GD 5RFKD   WLHQH XQD REUD LPSHFDEOH IRUPDO \
FRQFHSWXDOPHQWH TXH FXHQWD HQ OD EDVH FRQ XQD YLVLyQ KXPDQLVWD \ FRQILDGD HQ ODV
SRVLELOLGDGHVGHODWpFQLFD\HQODPLVLyQGHODFLXGDGFRPRVHJXQGDQDWXUDOH]D
(OWHyULFR\DUTXLWHFWRDUJHQWLQR&ODXGLR&DYHUL  IXQGDGRUGHOD&RPXQLGDG7LHUUD
HQ 0RUHQR SURYLQFLD GH %XHQRV $LUHV HV GHIHQVRU GH OD DUTXLWHFWXUD GH ODV FDVDV
EODQFDV FRQ PHGLRV DUWHVDQDOHV SDUWLFLSDFLyQ GH ORV XVXDULRV \ UHFXUUHQFLD D IRUPDV
RUJiQLFDV\WUDQVIRUPDEOHVOLYLDQDV\HVSRQWiQHDV
(O SRUWXJXpV ÈOYDUR 6L]D   TXH VLJXH SHQVDQGR ODV REUDV XQD D XQD VDELHQGR
SRQHUHQUHODFLyQHOGHVDUUROORGHOSURJUDPDLQWHUQRFRQXQFRQWH[WRDPELHQWDOTXHWLHQHHQ
FXHQWD (V SUHFLVR GHVWDFDU HO KHFKR GH KDEHU UHFUHDGR HQ ORV HVSDFLRV OLEUHV GHO EDUULR
GH/D0DODJXHLUDHQODFLXGDGSRUWXJXHVDGHeYRUDFRQODFRODERUDFLyQGHORVSDLVDMLVWDV
,QpV 1RUWRQ \ -RmR *RPHV GD 6LOYD OD PHPRULD UXUDO TXH GHVDSDUHFH \ TXH SHUWHQHFH D
ORVTXHHPLJUDQGHOFDPSRDODFLXGDG
(O FDWDOiQ &DUORV )HUUDWHU   SRU HQFDUJR GH XQD 21* \ FRQ OD FRODERUDFLyQ GH
1XULD $\DOD HPSH]y D GHVDUUROODU HQ HO DxR  XQD OtQHD GH FDVDV GH FRORQLDV SDUD
QLxRVGHIRUPDDUTXHWtSLFDFRQHOHPHQWRVSUHIDEULFDGRV\FRQXQSUHVXSXHVWRPX\EDMR
PHQRV GH  ¼P  GHPRVWUDQGR OD YROXQWDG GH DGDSWDUVH D ODV QXHYDV FRQGLFLRQHV


HFRQyPLFDVSURGXFWLYDV\VRFLDOHV
(OFKLOHQR$OHMDQGUR$UDYHQD  TXHDGHPiVGHUHDOL]DUXQDREUDFRQFHSWXDOPHQWH
SURIXQGD \ FXLGDGRVD FRQVWUXLGD KD VLGR HO SURPRWRU MXQWR FRQ XQ DPSOLR HTXLSR
HQFDEH]DGR SRU $QGUpV ,DFREHOOL GH XQD DOWHUQDWLYD GH YLYLHQGD HYROXWLYD \ IOH[LEOH
HFRQyPLFDPHQWH YLDEOH SDUD ODV IDPLOLDV SREUHV 3DUD DPSOLDU OD SURSXHVWD RUJDQL]y HO
FRQFXUVR (OHPHQWDO &KLOH   GRQGH SDUWLFLSDURQ PiV GH  SURSXHVWDV HQWUH
DUTXLWHFWRV\HVWXGLDQWHVGHWRGRHOPXQGR
/D DUTXLWHFWD DXVWULDFD )UDQFLVND 8OOPDQQ HV H[SHUWD HQ OD KLVWRULD GH OD YLYLHQGD HQ
9LHQD \ DXWRUD GH FRQMXQWRV TXH H[SHULPHQWDQ PRGRV GH YLGD DOWHUQDWLYRV HQ IDYRU GH ORV
GHUHFKRVGHODVPXMHUHV\FRQIXHUWHpQIDVLVHQORVFULWHULRVGHVRVWHQLELOLGDG
/DDUTXLWHFWDDOHPDQDUDGLFDGDHQ6DO]EXUJR$QQD+HULQJHUHVH[SHUWDHQFRRSHUDFLyQ\
DUTXLWHFWXUD ELRFOLPiWLFD HQ SDtVHV HQ GHVDUUROOR SUHPLDGD SRU VXV GRV HVFXHODV GH
DUWHVDQtD HQ 5XGUDSXU %DQJODGHVK  0(7,   \ '(6,   HVWD ~OWLPD
SUR\HFWDGD FRQ HO WDPELpQ DXVWULDFR (LNH 5RVZDJ \ DPEDV UHDOL]DGDV FRQ PDWHULDOHV
DXWyFWRQRV\FRQWUDEDMDGRUHVORFDOHV
/RV DUTXLWHFWRV IUDQFHVHV $QQH /DFDWRQ \ -HDQ3KLOLSSH 9DVVDO TXH MXQWR FRQ )UpGpULF
'UXRWSUHFRQL]DQODUHKDELOLWDFLyQGHORVEDUULRVGHYLYLHQGDVRFLDOPRGHUQDSDUWLHQGRGHOD
PHMRUDGHODVYLYLHQGDV\ODUHPRGHODFLyQGHODVIDFKDGDVHLPSOHPHQWDQGRHTXLSDPLHQWRV
\HVSDFLRVS~EOLFRVIUHQWHDODYROXQWDGGHODLQLFLDWLYDS~EOLFD\SULYDGDGHGHUULEDU
2ODDFWLYLGDGGHODHVFXHODGHDUTXLWHFWXUDGHQWURGHOD$XEXUQ8QLYHUVLW\GH$ODEDPDHO
GHQRPLQDGR5XUDO6WXGLRLQLFLDGRSRU6DPXHO0RFNEHHHQHQ1HZEHUQ\FRQWLQXDGR
SRU XQ JUXSR HQWXVLDVWD GH SURIHVRUHV FRPR $QGUHZ )UHHDU \ ;DYLHU 9HQGUHOO SDUD
UHDOL]DUSUR\HFWRVVRFLDOHVGHUHFLFODMH\PHMRUDGHORH[LVWHQWH 

< HO HTXLSR GH 7RG :LOOLDPV   \ %LOOLH 7VLHQ   TXH UHDOL]DQ PX\ SRFRV
SUR\HFWRVH[WUHPDGDPHQWHFXOWRV\UHILQDGRVGLVFUHWRV\ELHQLQWHJUDGRVDOHQWRUQRWDOHV
FRPR7KH$PHULFDQ)RON$UW0XVHXPHQ1XHYD<RUN  
(QORV~OWLPRVDxRVKDQSUROLIHUDGRDOWHUQDWLYDVVRFLDOHVDODDUTXLWHFWXUDGRPLQDQWHFRQ
JUXSRV FRPR $UFKLWHFWXUH IRU +XPDQLW\ TXH IXH IXQGDGR HQ  \ HVWi FRRUGLQDGR SRU
&DPHURQ 6LQFODLU \ .DWH 6WRKU FRPR 21* TXH EXVFD VROXFLRQHV DUTXLWHFWyQLFDV \ GH
GLVHxR SDUD FULVLV KXPDQLWDULDV $UFKLWHFWXUH IRU +XPDQLW\ FRQVLJXH IRQGRV \ SHUPLWH D
GLYHUVRV DUTXLWHFWRV \ GLVHxDGRUHV SUR\HFWDU \ DFWXDU HQ OXJDUHV QHFHVLWDGRV WUDEDMDQGR
VLHPSUHFRQODVSURSLDVFRPXQLGDGHV\FRQVXVSURSLRVUHFXUVRV\FRQRFLPLHQWRV
6LQ ROYLGDU OD WUDGLFLyQ XUXJXD\D GH DUTXLWHFWRV \ DUTXLWHFWDV TXH WUDEDMDQ FRQ
FRRSHUDWLYLVWDVHQODFRQVHFXFLyQGHOGHUHFKRDODYLYLHQGDFRQSUR\HFWRVTXHYDQGHVGH
08-()$ &RRSHUDWLYD 0XMHUHV -HIDV GH )DPLOLD  HQ HO TXH VH UHKDELOLWy XQD FDVD HQ HO
FHQWURGH0RQWHYLGHRFRQODSDUWLFLSDFLyQGHODVIXWXUDVKDELWDQWHVSDUDWUDQVIRUPDUORHQ
YLYLHQGDV GH IDPLOLDV PRQRPDUHQWDOHV \ KDVWD YLYLHQGDV SDUD MyYHQHV SURIHVLRQDOHV GH
FODVHPHGLD
+HPRV GH WHQHU HQ FXHQWD WDPELpQ OD DSRUWDFLyQ GH ORV H[SHUWRV HVSDxROHV HQ
FRRSHUDFLyQ \ DUTXLWHFWXUD SRU VXV UHODFLRQHV DFWLYLGDGHV SXEOLFDFLRQHV \
IXQGDPHQWDOPHQWH SRU VX FRPSURPLVR FRQ OD XQLYHUVLGDG S~EOLFD FRPR -XOLiQ 6DODV
3HGUR/RUHQ]R(VWHEDQGH0DQXHOR6DQGUD%HVWUDWHQ
-XOLiQ 6DODV HV HO GHFDQR GH OD FRRSHUDFLyQ LQWHUQDFLRQDO GHVGH (VSDxD ,QJHQLHUR GH
IRUPDFLyQ KD VLGR SURIHVRU GH OD (VFXHOD 7pFQLFD 6XSHULRU GH $UTXLWHFWXUD GH 0DGULG
(76$0  \ HV LQYHVWLJDGRU GHO ,QVWLWXWR 7RUURMD 6X DPSOLD H[SHULHQFLD HQ HO FDPSR GH OD
FRRSHUDFLyQWDQWRHQ$PpULFD/DWLQDFRPRHQÈIULFDVHHQFXHQWUDUHFRJLGDHQXQDVHULH
GH OLEURV HODERUDGRV SDUD D\XGDU D FRQVWUXLU YLYLHQGDV \ HTXLSDPLHQWRV EiVLFRV FRQ
PDWHULDOHVGHOOXJDU\FRQWHFQRORJtDVDGHFXDGDV(QWUHHOORVGHVWDFDXQRGHORV~OWLPRV
+DFLDXQDPDQXDOtVWLFDXQLYHUVDOGHKDELWDELOLGDGEiVLFD 

3HGUR /RUHQ]R KD VLGR SURIHVRU GH OD (VFROD 7qFQLFD 6XSHULRU G¶$UTXLWHFWXUD GHO 9DOOqV
(76$9  \ KD GHGLFDGR VX YLGD SURIHVLRQDO D WUDEDMDU HQ OD E~VTXHGD GH VROXFLRQHV DO
DFFHVRDODYLYLHQGDGHGLIHUHQWHVJUXSRVHQ(VSDxDFRPRDUTXLWHFWRGHOD&RRSHUDWLYD
GH 9LYLHQGD /XLV /DELQ SRU PiV GH  DxRV \ HQ OD FRRSHUDFLyQ LQWHUQDFLRQDO
HVSHFLDOPHQWHHQ$PpULFD/DWLQDWUDEDMDQGRHQODFRQVWUXFFLyQGHJpUPHQHVGHYLYLHQGDV
(VWHEDQ GH 0DQXHO TXH D FRQWUDFRUULHQWH KD VHUYLGR DO GHQRPLQDGR FXDUWR PXQGR GH
VX FLXGDG 6HYLOOD WUDEDMDQGR HQ OD PHMRUD GH OD LQIUDYLYLHQGD GHIHQGLHQGR HO GHUHFKR GH
ORV PRUDGRUHV D SHUPDQHFHU HQ VXV EDUULRV SUHVLRQDGRV SRU SURFHVRV GH PHMRUD \
JHQWULILFDFLyQ 6X FRPSURPLVR FRQ OD FRRSHUDFLyQ LQWHUQDFLRQDO VH KD GHVDUUROODGR HQ
0DUUXHFRVGRQGHUHDOL]DWUDEDMRVFRQVXVHVWXGLDQWHVGHOD(VFXHOD7pFQLFD6XSHULRUGH
$UTXLWHFWXUDGH6HYLOOD (76$6 
<6DQGUD%HVWUDWHQMRYHQDUTXLWHFWDTXH\DGHILQLyFODUDPHQWHVXSHUILOSURIHVLRQDOHQVX
SUR\HFWR ILQDO GH FDUUHUD TXH IXH XQ HGLILFLR SDUD OD 8QLYHUVLGDG ,QGtJHQD &KLTXLWDQD HQ
%ROLYLD TXH SRVWHULRUPHQWH IXH FRQVWUXLGR SRU VLVWHPD GH FRRSHUDFLyQ \ D\XGD PXWXD
'HVGH VXV FXUVRV ³9LYLHQGD \ FRRSHUDFLyQ´ \ ³7HFQRORJtDV GH EDMR FRVWH´ HQ OD (VFROD
7qFQLFD6XSHULRUG¶$UTXLWHFWXUDGH%DUFHORQD (76$% &iWHGUD81(6&283&OOHYDGHVGH
HO  WUDEDMDQGR MXQWR FRQ HO DUTXLWHFWR (PLOLR +RUPtDV \ FRQ HVWXGLDQWHV GH
DUTXLWHFWXUD HQ SUR\HFWRV GH PHMRUD GH EDUULRV \ HTXLSDPLHQWRV HQ GLIHUHQWHV SDtVHV GH
/DWLQRDPpULFD (Q VX SUiFWLFD SURIHVLRQDO ORFDO WUDEDMD SDUD OD FRPXQLGDG FRPR HQ HO
SUR\HFWRSDUDODQXHYDVHGHGH&DOD'RQDHQ%DUFHORQDGRQGHDGHPiVGHFRQWDUFRQOD
SDUWLFLSDFLyQ DFWLYD GH ORV XVXDULRV SDUD HO SUR\HFWR VH GHFLGLy XQD DSXHVWD SRU OD
UHKDELOLWDFLyQFRQHOPtQLPRLPSDFWRDPELHQWDOSRVLEOH
< WDPELpQ PXFKRV DUTXLWHFWRV \ DUTXLWHFWDV MyYHQHV TXH VH FRPSURPHWHQ FRQ
H[SHULHQFLDV GH FRRSHUDFLyQ TXH DVHVRUDQ D DVRFLDFLRQHV YHFLQDOHV HQ VXV
UHLYLQGLFDFLRQHV R TXH SURSRQHQ DUTXLWHFWXUDV UHVSRQVDEOHV \ FRQVFLHQWHV FRQ HO PHGLR
VRFLDOXUEDQR\QDWXUDO
3HUR GLItFLOPHQWH VH SXHGH HQFRQWUDU HVD DFWLWXG HQ ORV JUDQGHV GHVSDFKRV GH ORV
DUTXLWHFWRV HVWUHOOD TXH RIUHFHQ VXV DUJXPHQWRV \ FRQRFLPLHQWRV DUTXLWHFWyQLFRV SDUD
OHJLWLPDU RSHUDFLRQHV HVSHFXODWLYDV 3DUD HOORV QR KD\ RWUR REMHWLYR FLHUWR TXH QR VHDQ OD
UHQWDELOLGDG \ HO QHJRFLR HO SUHVWLJLR \ HO SRGHU SRU PiV TXH VH HVFXGHQ HQ DUJXPHQWRV
IDOVDPHQWHWHyULFRVHVWpWLFRVXUEDQRVRHFRORJLVWDV

32581$&5Ë7,&$$)$925'(/$(;3(5,(1&,$<(/$&7,9,602
)UHQWH DO GHFUHWR GH OD PXHUWH GH OD KLVWRULD OD FUtWLFD \ OD WHRUtD SRU SDUWH GH DXWRUHV
QHROLEHUDOHV FRPR )UDQFLV )XNX\DPD  HV SUHFLVDPHQWH DKRUD FXDQGR HV PiV QHFHVDULR


UHIXQGDPHQWDU FULWHULRV SDUD XQ SUR\HFWR FUtWLFR HQ HO PDUFR GH XQ SHQVDPLHQWR
SRVPDU[LVWD TXH GHVHQPDVFDUH OD LGHRORJtD GRPLQDQWH TXH GHVDUWLFXOH ORV DUJXPHQWRV
QHROLEHUDOHV GH OD JOREDOL]DFLyQ 3UHFLVDPHQWH HQ HVWD pSRFD TXH VH SUHWHQGH GH
SHQVDPLHQWR ~QLFR ODV HVWUDWHJLDV GH GRPLQLR D WUDYpV GH OD LGHRORJtD VRQ ODV PiV
VRILVWLFDGDV GH OD KLVWRULD GH OD KXPDQLGDG 3DODEUDV TXH SDUHFHQ ELHQ LQWHQFLRQDGDV
PDTXLOODQSURSXHVWDVVLQPiVLQWHUpVTXHODHVSHFXODFLyQ
6H WUDWD GH FRQVWUXLU XQ QXHYR SHQVDPLHQWR TXH LQWHUSUHWH TXH GHWUiV GHO PXQGR GH ODV
IRUPDV H[LVWHQ LPSOLFDFLRQHV VRFLDOHV \ pWLFDV FDGD SRVLFLyQ IRUPDO UHPLWH D XQD
FRQFHSFLyQ GHO PXQGR GHO WLHPSR \ GHO VXMHWR 6H WUDWD GH FRQVWUXLU VLVWHPDV
LQWHUSUHWDWLYRVGHVtQWHVLVTXHVHSDQFRQFLOLDUODVLQWHUSUHWDFLRQHVIRUPDOHVFRQODFUtWLFDD
OD LGHRORJtD HV GHFLU TXH H[SOLTXHQ HO DUWH OD DUTXLWHFWXUD \ OD FLXGDG GHVGH OR VRFLDO \
SROtWLFR SHUR TXH DO PLVPR WLHPSR VHSDQ DQDOL]DU D IRQGR ODV REUDV UHFKD]DQGR
H[SOLFDFLRQHV VLPSOLVWDV \ HVTXHPiWLFDV TXH SUHWHQGDQ UHGXFLU OD FRPSOHMLGDG GH ORV
PXQGRVFUHDWLYRV\IRUPDOHVH[FOXVLYDPHQWHDFRQGLFLRQHVHFRQyPLFDVHLGHROyJLFDV 

+DEODPRV GH XQD QHFHVDULD FUtWLFD SRVPDU[LVWD HQ OR TXH SXHGD WHQHU GH
UHLQWHUSUHWDFLyQGHODSDUWHD~QYiOLGDGHODWUDGLFLyQPDU[LVWDGHDQiOLVLVSURIXQGRGHORV
KHFKRV\ORVREMHWRV8QDFUtWLFDTXHVHDFDSD]WDQWRGHVXSHUDUHVSHFLDOPHQWHODWUDGLFLyQ
GRJPiWLFD \ PDQLTXHtVWD TXH HO WDUGRPDU[LVPR IRPHQWy HQ OD GpFDGD GH  FRPR GH
GHVYHODU ORV FRQWHQLGRV UHDFFLRQDULRV GH XQRV SUR\HFWRV DFWXDOHV VHGXFWRUHV VROR
EDVDGRVHQDODUGHVJUiILFRVVLQFRQWHQLGRHVSDFLDO\HVWUXFWXUDOTXHQRWLHQHQHQFXHQWD
OD UHDOLGDG VRFLDO TXH SDUWHQ GH XQ WRWDO GHVFRQRFLPLHQWR \ GHVSUHFLR SRU HO VDEHU GH OD
KLVWRULD\TXHVHQXWUHQGHOFLQLVPR\ODIDOWDGHHVFU~SXORVGHODSXEOLFLGDG 

1RVLGHQWLILFDPRVFRQXQDFRQGLFLyQSRVPRGHUQDHQODPHGLGDHQTXHQRVUHFRQRFHPRV
HQ OD FULVLV GHO SUR\HFWR PRGHUQR GH OD ,OXVWUDFLyQ TXH LGHQWLILFy OD PRGHUQLGDG GHO
FDSLWDOLVPR FRQ OD DSRORJtD GHO GHVDUUROOLVPR OR FXDO KD FRPSRUWDGR OD GHVWUXFFLyQ GH OD
QDWXUDOH]DQRVHKDFRQVHJXLGRHQODV~OWLPDVGpFDGDVSDOLDUODVGHVLJXDOGDGHVVRFLDOHV
\VHKDLPSXHVWRXQDPRGHUQLGDGEDVDGDHQHOUHFKD]RGHORVRWURVODVPXMHUHVODVRWUDV
FXOWXUDV\ORVPDUJLQDGRV3HURDOPLVPRWLHPSRQRQRVHVFRQFHSWXDOPHQWHDGPLVLEOHHO
UHFKD]RGHOSUR\HFWRGHODPRGHUQLGDGEDVDGDHQODPHMRUDGHODVFRQGLFLRQHVGHYLGD\
HQODGHIHQVDGHORVGHUHFKRVKXPDQRV
3RU WRGR HOOR HV WRWDOPHQWH DGHFXDGR UHPLWLUQRV D XQD SRVLFLyQ GH FUtWLFD SRVPDU[LVWD
TXHDFHSWHWDOFRPRHVFULELy-DFTXHV'HUULGDHQ(VSHFWURVGH0DU[  TXH OD DOWHUQDWLYD


HVKDELWDUSURSLDPHQWHHQODFULVLVGHOPDU[LVPRHQVXVGHVGREODPLHQWRV5HLQWHUSUHWDQGR
ODV WHRUtDV GH 0DU[ \ RSRQLpQGRVH UDGLFDOPHQWH DO GLVFXUVR PHVLiQLFR \ XOWUDFRQVHUYDGRU
GH )UDQFLV )XNX\DPD 'HUULGD HVFULELy TXH HQ OD VLWXDFLyQ DFWXDO GHEHPRV UHFODPDU ³XQD
SROtWLFD GH OD PHPRULD GH OD KHUHQFLD GH ODV JHQHUDFLRQHV (Q QRPEUH GH OD MXVWLFLD 8Q
SULQFLSLRGHUHVSRQVDELOLGDG´
(O WH[WR (VSHFWURV GH 0DU[ SDUWH GH TXH ³HO WLHPSR HVWi GHVDUWLFXODGR GHVFR\XQWDGR
GHVHQFDMDGRGLVORFDGRHOWLHPSRHVWiWUDVWRFDGRDFRVDGR\WUDVWRUQDGRGHVTXLFLDGRD
ODYH]GHVDUUHJODGR\ORFR´<FRQFOX\HFLWDQGRD+DPOHWGH6KDNHVSHDUH³7KHWLPHLVRXW
RIMRLQW´6RVWLHQH'HUULGDTXH³QRKD\SRUYHQLUVLQ0DU[´/DFODYHUDGLFDHQVXFRQWLQXD\
VLHPSUH SRVLEOH UHLQWHUSUHWDFLyQ DSUHQGLHQGR GH VX YLVLyQ VRFLDO \ VXSHUDQGR ODV
VHUYLGXPEUHV\HUURUHVGHVXKLVWRULFLGDG5HFRQRFLHQGRTXH\DHQVXSURSLDUDt]VHKDEOD
³VREUH VX SURSLR µHQYHMHFLPLHQWR¶ SRVLEOH \ VX KLVWRULFLGDG LQWUtQVHFDPHQWH LUUHGXFLEOH´
'HUULGD HVFULEH ³+D\ TXH DVXPLU OD KHUHQFLD GHO PDU[LVPR DVXPLU OR PiV YLYR GH pO HV
GHFLUSDUDGyMLFDPHQWHDTXHOORGHpOTXHQRKDGHMDGRGHSRQHUVREUHHOWDSHWHODFXHVWLyQ
GHODYLGDGHOHVStULWXRGHORHVSHFWUDO´(OPDU[LVPRHVXQDKHUHQFLDTXHGHEHVDEHUVH
UHFXSHUDU UHLQWHUSUHWDU \ VXSHUDU ³/D KHUHQFLD QR HV QXQFD DOJR GDGR HV VLHPSUH XQD
WDUHD 6HU HV KHUHGDU´ 3DUD VHU FDSD] GH DQDOL]DU OD KHUHQFLD GH 0DU[ 'HUULGD HVFULEH
TXH OH JXVWDUtD GLVWLQJXLU OD UDt] GH ³HVWH HVStULWX GH OD FUtWLFD PDU[LVWD´ TXH SDUHFH KR\
PiVLQGLVSHQVDEOHTXHQXQFDGHRWUDVYHUWLHQWHVGHOPDU[LVPR\DFDGXFDVFXDQGRVHKD
HQWHQGLGR FRPR RQWRORJtD VLVWHPD ILORVyILFR R PHWDItVLFR HV GHFLU FRPR PDWHULDOLVPR
GLDOpFWLFR HO PDU[LVPR FRPR PDWHULDOLVPR KLVWyULFR R FRPR PpWRGR \ HO PDU[LVPR
LQFRUSRUDGR HQ DSDUDWRV GH SDUWLGR HQ (VWDGRV R HQ XQD ,QWHUQDFLRQDO 2EUHUD 3RU OR
WDQWR 'HUULGD GHILHQGH TXH ³OD FUtWLFD PDU[LVWD SXHGH VHJXLU VLHQGR IHFXQGD VL VDEHPRV
DGDSWDUODDFRQGLFLRQHVQXHYDV´
7UDWDQGR QXHVWUD pSRFD VXV SUREOHPDV \ RSRQLpQGRVH IURQWDOPHQWH DO FRQWHQLGR GH (O
ILQ GH OD KLVWRULD GH )UDQFLV )XNX\DPD VHxDOD TXH HQ QXHVWUD pSRFD OD LQVLJQLD VXSUHPD
GHO SRGHU HV YHU VLQ VHU YLVWR < DxDGH 'HUULGD FULWLFDQGR D )XNX\DPD ³(Q  HO
GLVFXUVR KHJHOLDQR VREUH HO ILQ GH OD KLVWRULD HQ HO VDEHU DEVROXWR KDEtD UHVRQDGR \D HQ
(XURSD HQ FRQVRQDQFLD FRQ PXFKRV RWURV WDxLGRV I~QHEUHV´ ³/D UHSUHVHQWDWLYLGDG
HOHFWRUDO R OD YLGD SDUODPHQWDULD QR VROR HVWi IDOVHDGD FRPR IXH VLHPSUH HO FDVR SRU XQ
JUDQ Q~PHUR GH PHFDQLVPRV VRFLRHFRQyPLFRV VLQR TXH VH HMHUFH FDGD YH] SHRU HQ XQ
HVSDFLR S~EOLFR SURIXQGDPHQWH WUDVWRUQDGR SRU ORV DSDUDWRV WHFQRWHOHPHGLiWLFRV´ (Q
GHILQLWLYD \ ³SDUD DQDOL]DU HVWDV JXHUUDV \ OD OyJLFD GH HVWRV DQWDJRQLVPRV XQD
SUREOHPiWLFD GH WUDGLFLyQ PDU[LVWD VHUi LQGLVSHQVDEOH GXUDQWH PXFKR WLHPSR´ 'HUULGD
FRQFOX\H GHIHQGLHQGR ³OD IRUPD GH DQiOLVLV FUtWLFD TXH KHPRV KHUHGDGR GHO PDU[LVPR´
³7RGRVORVVHUHVKXPDQRVVRQ>«@KHUHGHURVGH0DU[\GHOPDU[LVPRGHXQDSURPHVDGH
XQD IRUPD ILORVyILFD \ FLHQWtILFD HVWD WHQWDWLYD ~QLFD KD WHQLGR OXJDU 1R KD\ KHUHQFLD VLQ
OODPDGDDODUHVSRQVDELOLGDG´³(Q0DU[>«@VHLQDXJXUDODERULRVDGRORURVDWUiJLFDPHQWH
XQQXHYRSHQVDPLHQWRGHODVIURQWHUDVXQDQXHYDH[SHULHQFLDGHODFDVDGHOKRJDUGHOD
HFRQRPtD(QWUHWLHUUD\FLHOR´(VGHFLU³+DEUiTXHYROYHUDHPSH]DUWRGR´ 

(Q XQ PXQGR TXH \D QR WLHQH XQ FHQWUR DEVROXWR SDUD LQWHUSUHWDUOR WRGR VLQ JUDQGHV
UHODWRV \ OHJLWLPDFLRQHV DEDQGRQDGD FXDOTXLHU SUHWHQVLyQ GH UHFRQVWUXFFLyQ GH XQD
LGHRORJtD KHJHPyQLFD VLJXH VLHQGR LPSUHVFLQGLEOH XQD ODERU FXOWXUDO FUtWLFD VLJXLHQGR
DTXHODUJXPHQWRTXHHVWDEDHQODUDt]GHOPDU[LVPR\FRQWLQ~DHQHOSRVPDU[LVPRGHYHODU
LQWHUHVHV \ UHFODPDU MXVWLFLD (Q HOOR OD SUiFWLFD GH OD DUTXLWHFWXUD \ HO XUEDQLVPR WLHQH
PXFKRTXHGHFLUVLVDEHUHQDFHU<WDOFRPRSURSRQH5RVL%UDLGRWWL VHKDGHGHIHQGHU


XQD SROtWLFD DILUPDWLYD \ FDSDFLWDGRUD TXH IUHQWH D OD GHVWUXFFLyQ OD HVSHFXODFLyQ HO
GRPLQLR \ OD QHJDWLYLGDG SURSRQJD XQ F~PXOR GH SUiFWLFDV PLFURSROtWLFDV GH DFWLYLVPR
FRWLGLDQR\GHSUR\HFWRVSDUDFUHDUPXQGRVDOWHUQDWLYRV
/D FUtWLFD QRV DEUH XQ QXHYR KRUL]RQWH \ VRQ PXFKDV ODV DFFLRQHV SHQGLHQWHV GHVGH
UHJLVWUDU FUtWLFDPHQWH OD UHDOLGDG PDSHiQGROD KDVWD YLVLELOL]DU DTXHOOR TXH VH LQWHQWD
ERUUDU TXH KD TXHGDGR RFXOWR FRPR OD DSRUWDFLyQ GH ODV PXMHUHV R OD PHPRULD GH ORV
PRYLPLHQWRV VRFLDOHV XUEDQRV 'LFKR SUR\HFWR FUtWLFR VH KD GH HQULTXHFHU FRQ OD GHIHQVD
GHXQDVQXHYDVVXEMHWLYLGDGHVHFROyJLFDV\VROLGDULDV3RUHOORVHKDGHEDVDUHQYDORUDU
OD H[SHULHQFLD \ HQ SRWHQFLDU HO DFWLYLVPR UHFXSHUDQGR \ UHLQWHUSUHWDQGR GRV GH ORV
FRQFHSWRV GH +DQQDK $UHQGW HQ /D FRQGLFLyQ KXPDQD OD ODERU \ OD DFFLyQ FRPR
FDUDFWHUtVWLFDV HVHQFLDOHV GH OD H[LVWHQFLD KXPDQD < HO REMHWLYR GH OD DUTXLWHFWXUD GHO
IXWXURGHEHUtDVHUFRQWULEXLUDODIHOLFLGDGGHORVVHUHVKXPDQRVDSRUWDQGRHVSDFLRVSDUD
VXVODERUHVH[SHULHQFLDV\DFFLRQHV
&RPHQWDULRV\DJUDGHFLPLHQWRV

(VWHOLEURTXHSDUWHGHGRVFRQFHSWRVWDQFOiVLFRV\VXVWDQFLDOHVDODH[LVWHQFLDKXPDQD
HQ VRFLHGDG FRPR VRQ DUTXLWHFWXUD \ SROtWLFD VH FRUUHVSRQGH FRQ ORV FRQWHQLGRV GH OD
DVLJQDWXUD RSWDWLYD LPSDUWLGD HQ OD (VFROD 7qFQLFD 6XSHULRU G¶$UTXLWHFWXUD GH %DUFHORQD
(76$% DSDUWLUGHOFXUVRWLWXODGDLJXDOTXHHOOLEUR³$UTXLWHFWXUD\SROtWLFD´
'LFKRV FXUVRV KDQ HVWDGR PX\ SUROtILFRV FUHDWLYRV \ SURSRVLWLYRV \ HQ HOORV DGHPiV GH
ODV LGHDV GH ORV HVWXGLDQWHV KHPRV FRQWDGR FRQ OD LQHVWLPDEOH FRODERUDFLyQ GH GRV
MyYHQHVDUTXLWHFWRV5RVHU&DVDQRYDV\&DUOHV%DLJHV
/DV UHIOH[LRQHV GHO OLEUR LQWHQWDQ DIURQWDU OD GLILFXOWDG GH SHQVDU OD FRPSOHMLGDG GH ODV
QXHYDV UHODFLRQHV HQWUH XUEDQLVPR \ SROtWLFD HQ ODV VRFLHGDGHV SRVPRGHUQDV HQ XQDV
FRQGLFLRQHV TXH HVWiQ WUDQVIRUPDQGR ODV FRRUGHQDGDV SDUD UHDOL]DU OD FLXGDG
FRQWHPSRUiQHDUHVROYHUHOSUREOHPDGHODYLYLHQGDLQWHUSUHWDUODVWUDQVIRUPDFLRQHVGHOD
VRFLHGDG DIURQWDU ORV SUREOHPDV HFROyJLFRV UHFRQRFHU OD FUHFLHQWH VHSDUDFLyQ HQWUH
LQVWLWXFLRQHV\ODVRFLHGDGUHDOHQGHILQLWLYDUHSODQWHDUODIXQFLyQGHODWHRUtD\FUtWLFDGH
DUTXLWHFWXUD
6H SDUWH GH OD YROXQWDG GH UHSHQVDU OD VRFLHGDG \ ODV IRUPDV XUEDQDV GHVGH
DSRUWDFLRQHVFRQWHPSRUiQHDV\WUDVFHQGHQWDOHVGHODILORVRItD\ODVRFLRORJtD HV GHFLU D
SDUWLU GH ODV OHFWXUDV GH -DFTXHV 'HUULGD *D\DWU\ 6SLYDN *LOOHV 'HOHX]H )pOL[ *XDWWDUL
3DXO 9LULOLR 1LNODV /XKPDQQ &ODXGLR &DYHUL =\JPXQW %DXPDQ 'RORUHV +D\GHQ 1DRPL
.OHLQ5RVL%UDLGRWWL\PXFKRVRWURVDSRUWDFLRQHVGHOFDPSRGHODVFLHQFLDVVRFLDOHVTXH
QRVGDQDOJXQDOX]SDUDHQWHQGHUORVIHQyPHQRVFRPSOHMRVGHODDUTXLWHFWXUD\ODFLXGDG
$GHPiV GH OHFWXUDV YLDMHV \ YLVLWDV D PXFKRV UHFRYHFRV GH OD UHDOLGDG HVWH OLEUR QR
H[LVWLUtD VLQ ODV FRQYHUVDFLRQHV \ FRPHQWDULRV GH 9HUHQD $QGUHDWD 2ULRO %RKLJDV -RUGL
%RUMD$GD&RODX-DFLQW&RQLOO0DQXHO'HOJDGR$QD )DO~ (UQHVW *DUFLD 0LORRQ .RWKDUL
7DQLD 0DJUR -RDQ 0DUJDULW -RDQ 5RFD \ -DFRER 6XFDUL HQ %DUFHORQD &ODXGLR &DYHUL
0DUFHOR &RUWL \ )HUQDQGR 'LH] GH %XHQRV $LUHV &pVDU 1DVHOOL GH &yUGRED $UJHQWLQD 
5DTXHO 5ROQLN GH 6mR 3DXOR $UMXQ $SSDGXUDL 0LFKDHO &RKHQ \ 0DUJDULWD *XWPDQ GH
1XHYD <RUN $GHPiV KD VLGR FRPHQWDGR FRQ OD VRFLyORJD 5LWD 0RQWDQHU \ FRQ &ODUD
0RQWDQHU HVWXGLDQWH GH &LHQFLDV 0HGLRDPELHQWDOHV DPEDV KLMDV GH -RVHS 0DULD
0RQWDQHU
3RUWDQWRORVWH[WRVDTXtUHFRJLGRVVRQWDPELpQHOUHVXOWDGRGHXQSDXODWLQRSURFHVRGH
HYROXFLyQSHUVRQDOGHFDGDXQRGHORVDXWRUHV
3DUD -RVHS 0DULD 0RQWDQHU ODV LGHDV SUHVHQWHV HQ HVWH OLEUR DUUDQFDQ PiV R PHQRV
GRQGHWHUPLQDED5HSHQVDU%DUFHORQD (GLFLRQV83&%DUFHORQD OLEURHQHOTXHVH
UHFRJtDXQDSDUWHUHSUHVHQWDWLYDGHORVDUWtFXORVSXEOLFDGRVHQHOGLDULR(O3DtVHQWUH
\  8QR GH ORV ~OWLPRV DUWtFXORV DOOt UHFRJLGRV IXH ³/RV VLJQLILFDGRV GH 6HDWWOH´ WtWXOR
TXH VH UHILHUH D ORV VXFHVRV GH  \ DO LQLFLR GH XQD QXHYD HWDSD GH ORV OODPDGRV
PRYLPLHQWRVDQWLJOREDOL]DFLyQXQWH[WRUHHVFULWRTXHIRUPDSDUWHGHHVWHOLEUR
6RQ WDPELpQ SXQWR GH SDUWLGD GH HVWH OLEUR GLYHUVRV DUWtFXORV SXEOLFDGRV HQ HO GLDULR (O
3DtV FRQ SRVWHULRULGDG DO OLEUR FLWDGR TXH KDQ VLGR UHKHFKRV \ DPSOLDGRV DVt FRPR ODV
VHULHV GH DUWtFXORV HVFULWRV FRQMXQWDPHQWH SRU ORV DXWRUHV SXEOLFDGRV HQ HO VXSOHPHQWR
³&XOWXUDV´GH/D9DQJXDUGLDHVSHFLDOPHQWHODVHULHGHQRPLQDGD³&LXGDGHVGHOVLJOR;;\OD
KHUHQFLD GHO XUEDQLVPR PRGHUQR´ 7DPELpQ VH UHODFLRQDQ FRQ GLYHUVDV FRQIHUHQFLDV \ FRQ
SUHVHQWDFLRQHV HQ ORV FLFORV GH GHEDWH TXH RUJDQL]D SHULyGLFDPHQWH HO &HQWUH GH &XOWXUD
&RQWHPSRUjQLDGH%DUFHORQD &&&% 
3RU OR TXH UHVSHFWD D -RVHS 0DULD 0RQWDQHU D SULQFLSLRV GH OD GpFDGD GH  DVXPt
ODVLGHDVPDU[LVWDVMXQWRFRQDOJXQRVGHPLVFRPSDxHURVGHEDFKLOOHUDWR\GHOD(76$%
HQFtUFXORVGHOHFWXUD\DFFLRQHVSROtWLFDV$ILQDOHVGHODGpFDGDGHWRPpFRQFLHQFLD
GH ORV SUREOHPDV HFROyJLFRV \ HPSHFp D LQWHUHVDUPH SRU OD SDUWLFLSDFLyQ GH ORV XVXDULRV
HQ OD DUTXLWHFWXUD DSUHQGLHQGR GH ODV SURSXHVWDV GH -RKQ ) & 7XUQHU &KULVWRSKHU
$OH[DQGHU\1-RKQ+DEUDNHQ$SULQFLSLRVGHODGpFDGDGHHVSHFLDOPHQWHDUDt]GH
OD FXPEUH GH 5tR GH -DQHLUR DVXPLPRV FROHFWLYDPHQWH OD LGHD WLSR GH OD VRVWHQLELOLGDG
FRPR REMHWLYR VRFLDO GHVHDEOH $ SDUWLU GH HQWRQFHV HPSH]DPRV D WUDEDMDU \D HQ OD
VHJXQGDPLWDGGHODGpFDGDHQODHODERUDFLyQGHXQRVLQGLFDGRUHVSDUD%DUFHORQDGHQWUR
GHO PDUFR PXOWLGLVFLSOLQDU GHO )RUXP &tYLF %DUFHORQD 6RVWHQLEOH XQRV LQGLFDGRUHV SDUD
VDEHUVLFDGDFLXGDGRVRFLHGDGVHDFHUFDRVHDOHMDGHORVREMHWLYRVGHODVRVWHQLELOLGDG
+DFLDHPSHFpDLQFRUSRUDUORVSHQVDPLHQWRVEDVDGRVHQHOSURWDJRQLVPRGHO³RWUR´
HVSHFLDOPHQWH HO IHPLQLVPR TXH SRQHQ HQ FULVLV JUDQ SDUWH GH ORV HVTXHPDV GH
LQWHUSUHWDFLyQ GH UDt] SDWULDUFDO HVWDEOHFLGRV $ SDUWLU GHO  PL SDUWLFLSDFLyQ HQ
PRYLPLHQWRV XUEDQRV GH DVRFLDFLRQHV GH YHFLQRV TXH KDEtD VLGR LQWHUPLWHQWH GHVGH PL
DILOLDFLyQDODDVRFLDFLyQGHYHFLQRVGHPLEDUULRQDWDOOD6DJUDGD)DPLOLDPLFRPSURPLVR
IXH PiV LQWHQVR HVSHFLDOPHQWH HQ OD OXFKD SRU VDOYDU &DQ 5LFDUW \ HQ ODV FRODERUDFLRQHV
HQ OD SXEOLFDFLyQ /D YHX GHO FDUUHU GH OD )HGHUDFLy G¶$VVRFLDFLRQV GH 9HwQV \ 9HwQHV GH
%DUFHORQD )$9%  7DO FRPR VH DUJXPHQWD HQ HVWH OLEUR VH FRQVLGHUD TXH OD PHMRU
DOWHUQDWLYDVRQDFFLRQHVORFDOHVSDUWLFLSDUHQHOODV\GDUODVDFRQRFHUHQODGHIHQVDGHODV
EXHQDVSUiFWLFDV
(VWH OLEUR HPSH]y D UHGDFWDUVH \ DUWLFXODUVH HQ  8Q HVSDOGDUD]R PX\ LPSRUWDQWH
SDUDVXUHDOL]DFLyQKDVLGRHOVHPHVWUHVDEiWLFRFRQFHGLGRSRUOD8QLYHUVLWDW3ROLWqFQLFDGH
&DWDOXQ\DSUHFLVDPHQWHSDUDGHVDUUROODUIXHUDGH%DUFHORQDHVWHSUR\HFWRGHUHSHQVDUOD
WHRUtD \ OD FUtWLFD GH DUTXLWHFWXUD \ TXH VH GLVIUXWy GH DJRVWR GHO  KDVWD HQHUR GHO
WLHPSRGXUDQWHHOFXDOVHYLVLWy&LXGDGGH0p[LFR1XHYD<RUN&yUGRED $UJHQWLQD 
3RUWR$OHJUH\6mR3DXOR(OORSHUPLWLyXQDVOHFWXUDVPiVVHJXLGDVHLQWHQVDVXQDPD\RU
FRQFHQWUDFLyQHQODHVFULWXUD\UHHVFULWXUDGHWH[WRV\HOSULYLOHJLRGHHVWDUHQ VHSWLHPEUH
GHOLQYHVWLJDQGRHQODVELEOLRWHFDVGHOD&ROXPELD8QLYHUVLW\\SDUWLFLSDQGRHQFODVHV
HQ OD 1HZ 6FKRRO GH 1XHYD <RUN SRU LQYLWDFLyQ GH $UMXQ $SSDGXUDL 0LFKDHO &RKHQ \
0DUJDULWD*XWPDQ(VWDH[SHULHQFLDFRPSRUWyXQDSULPHUDUHHVWUXFWXUDFLyQGHOOLEURHQOD
TXHVHHOLPLQDURQFDStWXORVLQQHFHVDULRV\VHHVFULELHURQSDUWHVQXHYDV
3RUORTXHUHVSHFWDD=DLGD0X[tHVWHOLEURVLJQLILFDODFRQWLQXLGDGHQSRVLWLYRHVGHFLU
OD E~VTXHGD GH DOWHUQDWLYDV FRQFHSWXDOHV \ GH DFFLyQ TXH UHVSRQGDQ D ODV FXHVWLRQHV \
FRQVLGHUDFLRQHV DELHUWDV HQ VX OLEUR GHULYDGR GH OD WHVLV GRFWRUDO /D DUTXLWHFWXUD GH OD
FLXGDG JOREDO (GLWRULDO *XVWDYR *LOL %DUFHORQD  UHHGLWDGR SRU 1REXNR %XHQRV
$LUHV   (VH WUDEDMR SRQH DO GHVFXELHUWR ODV HVWUDWHJLDV GH OD JOREDOL]DFLyQ VREUH HO
HQWRUQR FRQVWUXLGR \ GHVFULEH ORV FDPELRV TXH LPSOLFD XQD VRFLHGDG JOREDO HVWDEOHFLGD
VHJ~QXQDHFRQRPtD\PHUFDGRVJOREDOHV8QOLEURDQWHULRUHQFRDXWRUtDFRQ-RUGL%RUMD
\D SRQtD HQ UHODFLyQ OD OHFWXUD HVSDFLDO FRQ ORV GHUHFKRV \ FRQ OD SROtWLFD 6H WUDWD GH
(VSDFLRS~EOLFRFLXGDG\FLXGDGDQtD (OHFWD;DU[DGH0XQLFLSLV%DUFHORQDYHUVLyQ
FDWDODQD/¶(SDLSXEOLFFLXWDWLFLXWDGDQLD'LSXWDFLyGH%DUFHORQD%DUFHORQD 
0L IRUPDFLyQ SHUVRQDO \ DFDGpPLFD HVWi LQIOXLGD SRU PL RULJHQ QLHWD GHO H[LOLR HQ
$UJHQWLQD\SRUODVHQVHxDQ]DVGHXQDIDPLOLDSURJUHVLVWDHVSHFLDOPHQWHPLSDGUHTXLHQ
PHWUDQVPLWLyHOVHQWLGRpWLFRGHWRGDDFFLyQSHUVRQDO\SURIHVLRQDO0LHWDSDGHIRUPDFLyQ
XQLYHUVLWDULD GXUDQWH HO VLOHQFLR GH OD GLFWDGXUD \ FRLQFLGLHQGR FRQ HO LQLFLR GH OD
UHFXSHUDFLyQ GHPRFUiWLFD GH PL SDtV GH RULJHQ PH KL]R H[SHULPHQWDU TXH HO FRPSURPLVR
SROtWLFRIRUPDEDSDUWHFRQVXVWDQFLDOGHODHGXFDFLyQ\ODDFFLyQSURIHVLRQDO$ORODUJRGH
YHLQWH DxRV GH UHVLGHQFLD HQ (VSDxD HQWUH %DUFHORQD \ 6HYLOOD KH FRQILUPDGR OD
FRQYLFFLyQ GH TXH OD DFWLYLGDG SURIHVLRQDO H[LJH XQ FRPSURPLVR pWLFR \ SROtWLFR
HVSHFLDOPHQWHHQODVDFWLYLGDGHVOLJDGDVDOWUDEDMRDFDGpPLFRHQODXQLYHUVLGDGS~EOLFD\DO
WUDEDMR SDUD OD VRFLHGDG D WUDYpV GH OD FRODERUDFLyQ FRQ ODV UHLYLQGLFDFLRQHV GH EDVH GH
ORVPRYLPLHQWRVVRFLDOHVXUEDQRVFRPRHOPHQFLRQDGRFDVRGH&DQ5LFDUW
$SDUWLUGHLQWURGXFLGDSRU,VDEHO6HJXUDDUDt]GHOFXUVRTXHLPSDUWLyHQHOPiVWHU
³/D FLXGDG SROtWLFD SUR\HFWRV \ JHVWLyQ´ GLULJLGR SRU -RUGL %RUMD FRPHQFp PL
GHVFXEULPLHQWRGHODVWHRUtDV\SUiFWLFDVIHPLQLVWDVHQJHQHUDO\GHODVUHODFLRQDGDVDOD
DUTXLWHFWXUD \ HO XUEDQLVPR HQ SDUWLFXODU 'HVGH HQWRQFHV \ FRQILUPDQGR OD IUDVH ³OR
SHUVRQDO HV SROtWLFR´ HQDUERODGD SRU ORV PRYLPLHQWRV IHPLQLVWDV GH OD GpFDGD GH 
DGHPiV GH UHYLVDU PLV SURSLRV SXQWRV GH YLVWDV KH LGR SURIXQGL]DQGR HQ HVWD E~VTXHGD
TXH FRPSRUWD UHLYLQGLFDU WRGR HO FRQRFLPLHQWR DGTXLULGR GHVGH OD ySWLFD GH OD H[SHULHQFLD
IHPHQLQDQHJDGD\GHVSUHFLDGDSRUHOVDEHURILFLDOSDWULDUFDO\IDOVDPHQWHQHXWUR
(QGHILQLWLYDVLSXHGHQWHQHULQWHUpVHVWRVWH[WRVHVWHUDGLFDHQVXVLWXDFLyQHVWUDWpJLFD
\ PXOWLGLVFLSOLQDU VH LQWHQWD SHQVDU HQ OD FRPSOHMLGDG GH ODV VRFLHGDGHV FRQWHPSRUiQHDV
GHVGHXQSXQWRGHYLVWDFRP~QHQHOTXHVHHQFXHQWUDQDUTXLWHFWXUD\SROtWLFDXQWLSRGH
UHIOH[LyQTXHQRHVWiPX\SUHVHQWHHQHOFDPSRGHODWHRUtDDUTXLWHFWyQLFDFRQWHPSRUiQHD
1RWDVELEOLRJUiILFDV

+,6725,$6
/RVFDStWXORV³/DVIRUPDVGHSRGHU´³'HOµVHQWLGRpWLFR¶GH:LOOLDP0RUULV\µHODUTXLWHFWR
HQ OD OXFKD GH FODVHV¶ GH +DQQHV 0H\HU D ODV µHVWUHOODV GH OD DUTXLWHFWXUD¶´ \ ³$FFLyQ
SROtWLFDGHVGHODDUTXLWHFWXUD´VHUHGDFWDURQHVSHFtILFDPHQWHSDUDHVWHOLEUR
³/DV WUDGLFLRQHV DOWHUQDWLYDV GH YLGD FRPXQLWDULD´ IXH SULPHUR XQD FRQIHUHQFLD LPSDUWLGD
SRU =DLGD 0X[t HQ 9DOHQFLD   \ HQ ODV -RUQDGDV &UtWLFDV GH 0DGULG   +D VLGR
SXEOLFDGRSRU=DLGD0X[tHQXQDYHUVLyQSUHYLDEDMRHOWtWXOR³9LYLHQGDFRPXQLWDULDUHYLVLyQ
FUtWLFD´3UR\HFWLYDQ~PYRO0HGHOOtQ

081'26
(OWH[WR³*OREDOL]DFLyQ\XQLYHUVRUL]RPiWLFR´VHUHGDFWySDUDODSUHVHQWHREUDDXQTXHOD
SULPHUD SDUWH DUUDQFD GHO OLEUR /D DUTXLWHFWXUD GH OD FLXGDG JOREDO GH =DLGD 0X[t \ OD
VHJXQGDIXHSXEOLFDGDFRPRDUWtFXORGH-RVHS0DULD0RQWDQHUHQ(O3DtV  GH RFWXEUH
GHO 
(OFDStWXOR³)URQWHUDVFDOLHQWHV´HVWiLQVSLUDGRHQHOOLEURGH&ODXGLR&DYHUL8QDIURQWHUD
FDOLHQWH\FRPRDUWtFXOREUHYHVHSXEOLFyLQLFLDOPHQWHHQ(O3DtV GHMXOLRGHO 
/D EDVH GHO WH[WR ³0XQGR SRVW&KHUQyELO´ IXH SXEOLFDGD LQLFLDOPHQWH SRU -RVHS 0DULD
0RQWDQHUHQ(O3DtV GHHQHURGHO \DTXtKDVLGRWRWDOPHQWHUHKHFKD\DPSOLDGD
/D SULPHUD \ OD WHUFHUD SDUWH GHO FDStWXOR ³9LGD EDVXUD R VORZ IRRG´ VH SXEOLFDURQ
LQLFLDOPHQWHHQ(O3DtVEDMRORVWtWXORV³9LGDEDVXUD´ GHVHSWLHPEUHGHO \³(OYRWR
GHOFRQVXPR´ GLFLHPEUHGHO 

0(75Ï32/,6
/D SULPHUD YHUVLyQ GHO WH[WR ³8UEDQLVPR WDUGRUUDFLRQDOLVWD GH /D &DUWD GH $WHQDV D OD
FLXGDGJOREDO´IXHSXEOLFDGRLQLFLDOPHQWHSRUDPERVDXWRUHVHQ$UTXLWHFWRVQ~P/LPD
\HQÈJRUDQ~P9DOHQFLDGHGLFDGRD³7HUULWRULRFLXGDG\VRVWHQLELOLGDG´
7DPELpQVHKDEtDGHVDUUROODGRLQLFLDOPHQWHHQODWHVLV\OLEURGH=DLGD0X[t
(O FDStWXOR ³&LXGDGHV DOWHUQDWLYDV &XULWLED 6HDWWOH %RJRWi \ 0HGHOOtQ´ HV OD VXPD
UHYLVDGD GH YDULRV DUWtFXORV SXEOLFDGRV SRU 0RQWDQHU \ 0X[t HQ HO VXSOHPHQWR ³&XOWXUDV´
GHO GLDULR /D 9DQJXDUGLD 3DUWH GHO WH[WR VREUH &XULWLED VH SXEOLFy HQ (FRORJtD 3ROtWLFD
Q~P  %DUFHORQD  DVt FRPR XQD YHUVLyQ PiV EUHYH \ DFWXDOL]DGD HQ /D
9DQJXDUGLD  GH MXOLR GHO   (O WH[WR VREUH 6HDWWOH DSDUHFLy SULPHUR HQ HO OLEUR
FROHFWLYR (OV FDUUHUV GH OD GHPRFUjFLD /¶HVSDL S~EOLF D OHV QRYHV FLXWDWV 'LSXWDFLy GH
%DUFHORQD%DUFHORQD SUHYLDPHQWHVHSXEOLFyHQ(O3DtV GHGLFLHPEUHGH
\SRVWHULRUPHQWHHQ/D9DQJXDUGLD GHPD\RGHO (OWH[WRVREUH%RJRWiDSDUHFLy
HQ SULPHUD YHUVLyQ HQ /D 9DQJXDUGLD  GH DJRVWR GHO   \ HO GH 0HGHOOtQ HQ /D
9DQJXDUGLD GHQRYLHPEUHGHO 
(OFDStWXOR³(OWXULVPR\ODWHPDWL]DFLyQGHODVFLXGDGHV´KDWHQLGRPXFKRVDQWHFHGHQWHV
FRPRHODUWtFXOR³/DFLXGDGPXVHRRSDUTXHWHPiWLFR´SXEOLFDGRHQ/D9DQJXDUGLD GH
QRYLHPEUH GHO   R ³/D WHPDWL]DFLyQ GH ODV FLXGDGHV´ GH -RVHS 0DULD 0RQWDQHU
1H[XVQ~P%DUFHORQD

98/1(5$%,/,'$'(6
(OWH[WR³7UDXPDVXUEDQRVHOERUUDGRGHODPHPRULD´WLHQHGRVDQWHFHGHQWHVDUUDQFDGH
OD SUHVHQWDFLyQ GH -RVHS 0DULD 0RQWDQHU SUHVHQWDGD HQ HO &&&% HQ HO DxR  \ IXH
SXEOLFDGR HQ XQD YHUVLyQ LQLFLDO WLWXODGD ³9XOQHUDELOLGDGHV XUEDQDV VHSDUDU ROYLGDU
GHVKDELWDU´HQ1RJXp-RDQ\5RPHUR-RDQ HGV /DVRWUDVJHRJUDItDV 7LUDQW R EODQFK
HGLFLRQV9DOHQFLD
$OJXQDV SDUWHV GH ³1HRIHXGDOLVPR LQPRELOLDULR HO SUREOHPD GH OD YLYLHQGD \ ODV FDVDV
YDFtDV´IXHURQDUWtFXORVEUHYHVGH0RQWDQHUSXEOLFDGRVLQLFLDOPHQWHHQ(O3DtV³9LYLHQGDV
YDFtDV´ GHIHEUHURGHO \³1HRIHXGDOLVPRLQPRELOLDULR´ GHGLFLHPEUHGHO 
(O FDStWXOR ³&LXGDG GH VOXPV \ JHRJUDItD GH ORV µVLQ WHFKR¶´ KD VLGR UHGDFWDGR
H[SUHVDPHQWH SDUD HO OLEUR DXQTXH ³*HRJUDItD GH ORV µVLQ WHFKR¶ ORV H[FOXLGRV´ IXH
SXEOLFDGR SRU -RVHS 0DULD 0RQWDQHU LQLFLDOPHQWH HQ (O3DtV  GH HQHUR GHO   FRPR
DUWtFXOREUHYH\WDPELpQIRUPDSDUWHGHOOLEURFROHFWLYR/DVRWUDVJHRJUDItDVRSFLW

$/7(51$7,9$6
³&LXGDG SUy[LPD XUEDQLVPR VLQ JpQHUR´ KD VLGR UHGDFWDGR SRU =DLGD 0X[t HVSHFLDOPHQWH
SDUDHVWHOLEUR
³1XHYDV HSLVWHPRORJtDV SDUD HO XUEDQLVPR FRQWHPSRUiQHR´ IXH SUHVHQWDGR SRU -RVHS
0DULD 0RQWDQHU FRPR FRQIHUHQFLD HQ OD 8QLYHUVLGDG ,QWHUQDFLRQDO 0HQpQGH] 3HOD\R GH
6DQWDQGHU   HQ HO FXUVR ³2WUDV PDQHUDV GH KDFHU FLXGDG DOWHUQDWLYDV D OD
JOREDOL]DFLyQ´GLULJLGRSRU=DLGD0X[t\HQOD,,%LHQDOGH$UTXLWHFWXUDGH&DVWUR8UGLDOHV
 
³&XOWXUD LQVWLWXFLRQDO VRFLHGDG FLYLO´ HV HO GHVDUUROOR GH XQ DUWtFXOR SXEOLFDGR SRU -RVHS
0DULD 0RQWDQHU HQ (O 3DtV YHUVLyQ FDWDODQD HQ =HURYXLWWUHVTXDUDQWD Q~PV 
9LODVVDUGH0DU 
³3RUXQDFXOWXUDFUtWLFD\DOWHUQDWLYD´IXHSXEOLFDGRHQXQDYHUVLyQLQLFLDO\PX\LQFLSLHQWH
FRPR DUWtFXOR HQ (O 3DtV  GH MXQLR GHO   \ HQ $UTXLWHFWXUD &2$0 Q~P 
0DGULGEDMRHOWtWXOR³2WUDFUtWLFDHVSRVLEOH´
(Q FXDOTXLHU FDVR WRGRV ORV FDStWXORV KDQ VLGR UHGDFWDGRV DPSOLDGRV DFWXDOL]DGRV \
UHYLVDGRVHVSHFLDOPHQWHSDUDHVWDSXEOLFDFLyQ
1RWDV

9pDVH6PLWK1HLOHWDO'HVSXpVGHOQHROLEHUDOLVPRFLXGDGHV\FDRVVLVWpPLFR0$&%$8$%%DUFHORQD
 ,OGHIRQV &HUGj XQR GH ORV IXQGDGRUHV GHO XUEDQLVPR PRGHUQR SRU VX SUiFWLFD HO 3ODQ GH %DUFHORQD  \ SRU VX REUD
FOiVLFD7HRUtD JHQHUDO GH OD XUEDQL]DFLyQ SUHFRQL]DED FRPR REMHWLYR GH OD RUGHQDFLyQ FRQVHJXLU XQD ³FLXGDG LJXDOLWDULD´
/DVLQQRYDFLRQHVXUEDQtVWLFDVGHVGHPHGLDGRVGHOVLJOR ;,;KDVWDODVHJXQGDPLWDGGHO ;; SUHWHQGtDQ VLHPSUH MXVWLILFDUVH
FRQDUJXPHQWRVKLJLHQLVWDVRVRFLDOHV]RQLQJFLXGDGMDUGtQFLXGDGOLQHDOHVSDFLRS~EOLFR JUDQGHVEXOHYDUHVSROtWLFDVGH
³HPEHOOHFLPLHQWR´XUEDQR JUDQGVHQVHPEOHV\QHZWRZQVHWF1RVLHPSUHORVUHVXOWDGRVUHVSRQGtDQDORVREMHWLYRVELHQ
SRUTXHVXHMHFXFLyQLQWURGXMRREMHWLYRVSROtWLFRVSHUYHUVRV²HOEDUyQ+DXVVPDQQHQHO3DUtVGHFLPRQyQLFR\VXYROXQWDG
GH VHJUHJDFLyQ VRFLDO \ GH FRQWURO GHO HVSDFLR S~EOLFR² R SRU OD DFFLyQ SRVWHULRU GH ORV PHFDQLVPRV GH PHUFDGR TXH
WUDGXFtDQHQHOWHUULWRULRODGHVLJXDOGDGVRFLDOGHORVLQJUHVRV\GHORULJHQVRFLDO

/D&DUWDSRUHO'HUHFKRDOD&LXGDGKDVLGRHODERUDGDSRU+,&$PpULFD/DWLQDEDMRODGLUHFFLyQGH(QULTXH2UWL]\/RUHQD
=iUDWH &LXGDGGH0p[LFR (OOLEURFROHFWLYRHGLWDGRSRU$QQD6XJUDQ\HV\&KDUORWWH0DWKLYHW GH+,& &LXGDGHVSDUD
WRGRVVHSXEOLFyHQ6DQWLDJRGH&KLOHHQ
3DXO$%DUDQIXHHODXWRUGHXQDREUD\DFOiVLFD/DHFRQRPtDGHOFUHFLPLHQWR  \MXQWRFRQ3DXO6ZHH]\HVFULELy
(O FDSLWDOLVPR PRQRSROLVWD   DPERV OLEURV HGLWDGRV SRU 0RQWKO\ 5HYLHZ (O WH[WR FLWDGR HV ³(O FRPSURPLVR GHO
LQWHOHFWXDO´ SXEOLFDGR HQ OD UHFRSLODFLyQ GH WH[WRV([FHGHQWH HFRQyPLFR H LUUDFLRQDOLGDG FDSLWDOLVWD 3DVDGR \ 3UHVHQWH
&yUGRED $UJHQWLQD 
$ULVWyWHOHV3ROtWLFDFLWDGRHQ$QVD\3LHUUH\6FKRRPERGW5HQp3HQVHUODYLOOH&KRL[GHWH[WHSKLORVRSKLTXHV$UFKLYHV
G¶$UFKLWHFWXUH0RGHUQH%UXVHODV6\PPDFKLDVLJQLILFD³XQDVLPSOHDOLDQ]D´
+DUULHV.DUVWHQ7KH(WKLFDO)XQFWLRQRI$UFKLWHFWXUH7KH0,73UHVV&DPEULGJH 0DVV 

'DWRH[WUDtGRGH$UFKLWHFWXUHIRU+XPDQLW\'HVLJQOLNH\RXJLYHD'DPQ0HWURSROLWDQ%RRNV1XHYD<RUNSiJ
TXHDVXYH]SURFHGHGH.DOLQ:DOWHUHWDO HGV 7KH)DFHRI+XPDQ5LJKWV/DUV0OOHU%DGHQ
9pDQVHORVFRPHQWDULRVVREUHHOIHQyPHQRGHOJUDQFUHFLPLHQWRGHODVPHWUySROLVHQSDtVHVGHGHPRFUDFLDVGpELOHVHQ
.RROKDDV 5HP ³7KH *HQHULF &LW\´ 'RPXV Q~P  PDU]R GH  YHUVLyQ FDVWHOODQD /D FLXGDG JHQpULFD (GLWRULDO
*XVWDYR*LOL%DUFHORQD 

9pDQVHODVPHPRULDVGH2ULRO%RKLJDV'LWR)HW'LHWDULGHUHFRUGV,,(GLFLRQV%DUFHORQDSiJV
 'XUDQG -HDQ1LFRODV/RXLV 3UHFLV GHV OHoRQV G¶DUFKLWHFWXUH GRQQpHV D O¶eFROH 5R\DOH 3RO\WqFKQLTXH 3DUtV 
YHUVLyQFDVWHOODQD&RPSHQGLRGHOHFFLRQHVGHDUTXLWHFWXUDSDUWHJUiILFDGHORVFXUVRVGHDUTXLWHFWXUD3URQDRV0DGULG
 
$UHQGW+DQQDK 7KH +XPDQ &RQGLWLRQ 8QLYHUVLW\ RI &KLFDJR 3UHVV &KLFDJR  YHUVLyQ FDVWHOODQD /D FRQGLFLyQ
KXPDQD3DLGyV%DUFHORQD%XHQRV$LUHV&LXGDGGH0p[LFR 

,EtG

,EtG
,EtG
:RROI9LUJLQLD$5RRPRI2QH¶V2ZQ>@&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH YHUVLyQ FDVWHOODQD 8QD
KDELWDFLyQSURSLD&tUFXORGH/HFWRUHV%DUFHORQD 
$UHQGW+DQQDKRSFLW
0XULOOR6ROHGDG(OPLWRGHODYLGDSULYDGD'HODHQWUHJDDOWLHPSRSURSLR6LJOR;;,HGLWRUHV0DGULG

 %HQWKDP -HUHP\ 3DQRSWLFRQ RU 7KH ,QVSHFWLRQ+RXVH 7 3D\QH /RQGUHV  YHUVLyQ FDVWHOODQD (O SDQySWLFR
(GLFLRQHVGH/D3LTXHWD0DGULGHG )XH0LFKHO)RXFDXOWTXLHQUHFXSHUyHOSDQySWLFRGH%HQWKDPHQHOFDStWXOR
³(OSDQRSWLVPR´HQ6XUYHLOOHUHWSXQLUQDLVVDQFHGHODSULVRQ*DOOLPDUG3DUtV YHUVLyQFDVWHOODQD9LJLODU\FDVWLJDU
6LJOR;;,HGLWRUHV&LXGDGGH0p[LFR 
/RVWH[WRVDTXtFLWDGRVGH*HRUJHV %DWDLOOH HVWiQ LQFOXLGRV HQ/HLFK1HLO HG  5HWKLQNLQJ $UFKLWHFWXUH $ 5HDGHU LQ
&XOWXUDO7KHRU\5RXWOHGJH/RQGUHV1XHYD<RUN+ROOLHU'HQLV$JDLQVW$UFKLWHFWXUH7KH:ULWLQJVRI*HRUJH%DWDLOOH
7KH0,73UHVV&DPEULGJH 0DVV \6SDUVKRWW)UDQFLV³7KH$HVWKHWLFVRI$UFKLWHFWXUHDQGWKH3ROLWLFVRI6SDFH´
HQ0LWLFV0LFKDHO03KLORVRSK\DQG$UFKLWHFWXUH5RGRSÈPVWHUGDP$WODQWD
 6XGMLF 'H\DQ 7KH (GLILFH &RPSOH[ +RZ WKH 5LFK DQG 3RZHUIXO 6KDSH WKH :RUOG 3HQJXLQ /RQGUHV  YHUVLyQ
FDVWHOODQD/DDUTXLWHFWXUDGHOSRGHU&yPRORVULFRV\SRGHURVRVGDQIRUPDDQXHVWURPXQGR$ULHO%DUFHORQD 
-DFREV-DQH7KH'HDWKDQG/LIHRI*UHDW$PHULFDQ&LWLHV3LPOLFR/RQGUHV YHUVLyQFDVWHOODQD0XHUWH\YLGDGH
ODVJUDQGHVFLXGDGHV&DSLWiQ6ZLQJ0DGULG 

 &DUVRQ 5DFKHO 6LOHQW 6SULQJ +DPLVK +DPLOWRQ /RQGUHV  YHUVLyQ FDVWHOODQD 3ULPDYHUD VLOHQFLRVD &UtWLFD
0DGULG 

 )RXFDXOW 0LFKHO /HV 0RWV HW OHV FKRVHV XQH DUFKpRORJLH GHV VFLHQFHV KXPDLQHV *DOOLPDUG 3DUtV  YHUVLyQ
FDVWHOODQD/DVSDODEUDV\ODVFRVDV6LJOR;;,HGLWRUHV&LXGDGGH0p[LFR\9LJLODU\FDVWLJDURSFLW
%DXGULOODUG-HDQ/H6\VWqPHGHVREMHFWV>@*DOOLPDUG3DUtV YHUVLyQFDVWHOODQD(OVLVWHPDGHORVREMHWRV
6LJOR;;,HGLWRUHV&LXGDGGH0p[LFR%XHQRV$LUHV 

(QFRQWDED\DFRQPiVGHFXDWURPLOORQHVGHFiPDUDVGHFLUFXLWRFHUUDGR &&79 \HQVRORHQHO*UDQ


/RQGUHVKDEtDPHGLRPLOOyQGHFiPDUDVFRQXQDPHGLDGHXQDSRUFDGDFDWRUFHKDELWDQWHV

(OGHVDUUROORGHHVWRVSUR\HFWRVFUtWLFRVHVWiH[SOLFDGRHQGHWDOOHHQWUHVOLEURVGH-RVHS0DULD0RQWDQHU'HVSXpVGHO
PRYLPLHQWRPRGHUQR  /DVIRUPDVGHOVLJOR;;  \6LVWHPDVDUTXLWHFWyQLFRVFRQWHPSRUiQHRV  WRGRVHOORV
SXEOLFDGRVSRUOD(GLWRULDO*XVWDYR*LOL
 3XJLQ $XJXVW :HOE\ 1RUWKPRUH &RQWUDVWV RU $ 3DUDOOHO %HWZHHQ WKH 1REOH (GLILFHV RI WKH 0LGGOH $JHV DQG
&RUUHVSRQGLQJ%XLOGLQJVRIWKH3UHVHQW'D\6KHZLQJWKH3UHVHQW'HFD\RI7DVWH'ROPDQ/RQGUHV
5XVNLQ-RKQ7KH6HYHQ/DPSVRI$UFKLWHFWXUH>@'RYHU3XEOLFDWLRQV1XHYD<RUN YHUVLyQFDVWHOODQD /DV
VLHWHOiPSDUDVGHODDUTXLWHFWXUD6W\ORV%DUFHORQD 

0DU[.DUO\(QJHOV)ULHGULFK0DQLILHVWRFRPXQLVWD>@$OLDQ]D0DGULG
9pDVHXQDQiOLVLVSUHFLVRGH-RKQ5XVNLQHQ6ROj0RUDOHV,JQDVLGH³-RKQ5XVNLQ6LHWHSDODEUDVVREUHODDUTXLWHFWXUD´
>@HQ,QVFULSFLRQHV(GLWRULDO*XVWDYR*LOL%DUFHORQD

0RUULV :LOOLDP ³3URVSHFWV RI $UFKLWHFWXUH LQ &LYLOL]DWLRQ´ >@ HQ+RSHV DQG )HDUV IRU $UW /RQJPDQV *UHHQ DQG
&R1XHYD<RUN
 9pDVH SRU HMHPSOR HO FDWiORJR :LOOLDP 0RUULV SXEOLFDGR SRU 'LUHFFLyQ *HQHUDO GH $UTXLWHFWXUD \ 9LYLHQGD 0238
0DGULG
0H\HU+DQQHV³(ODUTXLWHFWRHQODOXFKDGHFODVHV´HQ(ODUTXLWHFWR HQOD OXFKD GH FODVHV\ RWURV HVFULWRV (GLWRULDO
*XVWDYR*LOL%DUFHORQD
3RSSHU.DUO7KH2SHQ6RFLHW\DQG,WV(QHPLHV3ULQFHWRQ8QLYHUVLW\3UHVV3ULQFHWRQ 1XHYD-HUVH\  YHUVLyQ
FDVWHOODQD/DVRFLHGDGDELHUWD\VXVHQHPLJRV3DLGyV%DUFHORQD 

 5RZH &ROLQ &ROODJH FLW\ 7KH 0,7 3UHVV &DPEULGJH 0DVV   YHUVLyQ FDVWHOODQD &LXGDG FROODJH (GLWRULDO
*XVWDYR*LOL%DUFHORQD 
9pDVH0RQWDQHU-RVHS0DULD³/DILJXUDLGHROyJLFDGHODUTXLWHFWROLEHUDO´HQ'HVSXpVGHOPRYLPLHQWRPRGHUQR(GLWRULDO
*XVWDYR*LOL%DUFHORQD\³&XOWXUDGHOIUDJPHQWRHOFROODJH\HOPRQWDMH´HQ/DVIRUPDVGHOVLJOR;;(GLWRULDO*XVWDYR
*LOL%DUFHORQD
6HQQHW5LFKDUG)OHVK DQG 6WRQH 7KH %RG\ DQG WKH &LW\ LQ :HVHUQ &LYLOL]DWLRQ 1RUWRQ  &RPSDQ\ /RQGUHV1XHYD
<RUN YHUVLyQFDVWHOODQD&DUQH\SLHGUDHOFXHUSR\ODFLXGDGHQODFLYLOL]DFLyQRFFLGHQWDO$OLDQ]D0DGULG 

'DWRVH[WUDtGRVGH'HO&D]5RVDULR*LERVRV3DEOR\6DUDYLD0DQXHO/DFLXGDG\ORVGHUHFKRVKXPDQRV 7DODVD
0DGULG
:DWNLQ'DYLG0RUDOLW\DQG$UFKLWHFWXUH7KH8QLYHUVLW\RI&KLFDJR3UHVV/RQGUHV&KLFDJR YHUVLyQFDVWHOODQD
0RUDO\DUTXLWHFWXUD7XVTXHWV%DUFHORQD 'HQWURGHHVWDYLVLyQFRQVHUYDGRUD\QRVWiOJLFDSRGHPRVVLWXDUWDPELpQ
D :LWROG 5\EF]\QVNL \ OLEURV VX\RV FRPR +RPH $ 6KRUW +LVWRU\ RI DQ ,GHD 3HQJXLQ +DUPRQGVZRUWK  YHUVLyQ
FDVWHOODQD/DFDVDKLVWRULDGHXQDLGHD(GLWRULDO1HUHD0DGULG 

$UHQGW+DQQDK7KH +XPDQ &RQGLWLRQ 8QLYHUVLW\ RI &KLFDJR 3UHVV &KLFDJR  YHUVLyQ FDVWHOODQD /D FRQGLFLyQ
KXPDQD3DLGyV%DUFHORQD%XHQRV$LUHV&LXGDGGH0p[LFR 

 $GRUQR 7KHRGRU : ³)XQFWLRQDOLVP 7RGD\´ HQ 2SSRVLWLRQV Q~P  YHUDQR GH  (VWH GLVFXUVR GH FUtWLFD DO
SXULWDQLVPRFRQWUDHORUQDPHQWRKDVLGRUHFXSHUDGRSRU.DUVWHQ+DUULHVHQ7KH(WKLFDOIXQFWLRQRI$UFKLWHFWXUH7KH0,7
3UHVV&DPEULGJH 0DVV 
)XUWDGR*RQoDOR'HWUiVGHOOiSL]RODFRQVWUXFFLyQGHO3UR\HFWR&UtWLFR3RQWLILFLD8QLYHUVLGDG-DYHULDQD%RJRWi
(LVHQPDQ3HWHU³7KH(QGRIWKH&ODVVLFDO7KH(QGRIWKH%HJLQQLQJWKH(QGRIWKH(QG´3HUVSHFWD YRO  
YHUVLyQFDVWHOODQD³(OILQGHORFOiVLFRHOILQGHOFRPLHQ]RHOILQGHOILQ´$UTXLWHFWXUDV%LVQ~P%DUFHORQD 

3XLJL&DGDIDOFK-RVHS(VFULWVG¶DUTXLWHFWXUDDUWLSROtWLFD,QVWLWXWG¶(VWXGLV&DWDODQV%DUFHORQD
7DIXUL0DQIUHGR9LHQQD5RVVD/DSROLWLFDUHVLGpQ]LDOHQHOOD9LHQQDVRFLDOLVWD(OHFWD0LOiQ
 9pDVH 0RQWDQHU -RVHS 0DULD ³2WUD FUtWLFD HV SRVLEOH´ $UTXLWHFWXUD &2$0 Q~P  0DGULG  \ 0X[t =DLGD
³0XMHUHV\DUTXLWHFWXUDWHRUtD\SUiFWLFDGHODYLYLHQGD´$UTXLWHFWXUD&2$0Q~P0DGULG

*UDVVL*LRUJLR HG 'DVQHXH)UDQNIXUW'HGDOR0LOiQ


*HGGHV3DWULFN&LWLHVLQ(YROXWLRQ>@(UQVW%HQQ/RQGUHV YHUVLyQFDVWHOODQD&LXGDGHVHQHYROXFLyQ.5.
(GLFLRQHV2YLHGR 
 +DOO 3HWHU &LWLHV RI 7RPRUURZ $Q ,QWHOOHFWXDO +LVWRU\ RI 8UEDQ 3ODQQLQJ DQG 'HVLJQ LQ WKH 7ZHQWLHWK &HQWXU\ %DVLO
%ODFNZHOO 2[IRUG  YHUVLyQ FDVWHOODQD ³/D FLXGDG GH OD GLItFLO HTXLGDG´ HQ &LXGDGHV GHO PDxDQD +LVWRULD GHO
XUEDQLVPRHQHOVLJOR;;(GLFLRQHVGHO6HUEDO%DUFHORQD 

7\UZKLWW-DTXHOLQH HG 3DWULFN*HGGHVLQ,QGLD/XQG+XPSKULHV/RQGUHV


'H$QGUDGH*HUDOGR(GVRQ&DUPHQ3RUWLQKR3RUWRGDDPLQKDYLGD8(5-5tRGH-DQHLUR

/HIDLYUH/LDQH*URXQGXS&LW\3OD\DVD'HVLJQ7RRO3XEOLVKHUV5yWHUGDP
3RXUUHDX%HQRvW8Q3ROLWLTXHHQDUFKLWHFWXUH(XJqQH&ODXGLXV3HWLW  0RQLWHXU3DUtV
%DOORQ+LODU\\-DFNVRQ.HQQHWK7 HGV 5REHUW0RVHVDQGWKH0RGHUQ&LW\7KH7UDQVIRUPDWLRQRI1HZ<RUN::
1RUWRQ1XHYD<RUN/RQGUHV

6HUW-RVHS/OXtV&DQ2XU&LWLHV6XUYLYH"$Q$%&RI8UEDQ3UREOHPV7KHLU$QDO\VLV7KHLU6ROXWLRQV%DVHGRQWKH
3URSRVDOV)RUPXODWHGE\WKH&,$0+DUYDUG8QLYHUVLW\&DPEULGJH 0DVV 
9pDVH0RQWDQHU-RVHS0DULD6LVWHPDVDUTXLWHFWyQLFRVFRQWHPSRUiQHRV(GLWRULDO*XVWDYR*LOL%DUFHORQD
9pDVH0RQWDQHU-RVHS0DULD$UTXLWHFWXUDFRQWHPSRUjQLDD&DWDOXQ\D(GLFLRQV%DUFHORQD

9pDVH(QJHOV)UHGHULFN(OSUREOHPDGHODYLYLHQGD\ODV JUDQGHVFLXGDGHV (GLWRULDO *XVWDYR *LOL %DUFHORQD 


7ULVWiQ )ORUD 0L YLGD   /D XQLyQ REUHUD   \ 3DVHRV SRU /RQGUHV /D DULVWRFUDFLD \ ORV SUROHWDULRV LQJOHVHV
 
 $PDQQ $OFRFHU $W[X (O HVSDFLR GRPpVWLFR OD PXMHU \ OD FDVD WHVLV GRFWRUDO OHtGD HQ OD 8QLYHUVLGDG 3ROLWpFQLFD GH
0DGULGHQ
)RUW\$GULDQ7KH(OHFWULF+RPH2SHQ8QLYHUVLW\3UHVV0LOWRQ.H\QHV
3HDUVRQ/\QQ)7KH$UFKLWHFWXUDODQG6RFLDO+LVWRU\RI&RRSHUDWLYH/LYLQJ0DFPLOODQ3UHVV/RQGUHV

+D\GHQ'RORUHV5HGHVLJQLQJWKH$PHULFDQ'UHDP*HQGHU+RXVLQJDQG)DPLO\/LIH1RUWRQ1XHYD<RUN\7KH
*UHDW 'RPHVWLF 5HYROXWLRQ $ +LVWRU\ RI )HPLQLVP 'HVLJQV IRU $PHULFDQ +RPHV 1HLJKERXUKRRGV DQG &LWLHV 7KH 0,7
3UHVV&DPEULGJH 0DVV 
(EHQH]HU +RZDUG   SXEOLFy HQ RFWXEUH GH 7RPRUURZ D 3HDFHIXO 3DWK WR 5HDO 5HIRUP UHLPSUHVR HQ
EDMRHOWtWXOR*DUGHQ&LWLHVRI7R0RUURZ5RXWOHGJH/RQGUHV YHUVLyQFDVWHOODQD&LXGDGHVMDUGtQGHOPDxDQDHQ
$\PRQLQR&DUOR HG 2UtJHQHV\GHVDUUROORGHODFLXGDGPRGHUQD(GLWRULDO*XVWDYR*LOL%DUFHORQD ³/DSREODFLyQ
GH HVWD SHTXHxD FLXGDG >«@ GH XQRV  KDELWDQWHV FRQ  VRODUHV GH XQ WDPDxR PHGLR GH  ;  P $O GDUQRV
FXHQWDGHTXHODDUTXLWHFWXUD\ORVSUR\HFWRVPX\YDULDGRVTXHGHVSOLHJDQODVFDVDV\ORVJUXSRVGHFDVDV²DOJXQDVFRQ
MDUGLQHV\FRFLQDVFRPXQHV²DSUHQGLPRVTXHORVSXQWRVFODYHVRQHOFXPSOLPLHQWRJHQHUDOGHODDOLQHDFLyQGHODVFDOOHV
RODGHVYLDFLyQDUPRQLRVDGHHOOD´
+D\GHQ'RORUHV7KH*UDQG'RPHVWLF5HYROXWLRQRSFLW
:ULJKW*ZHQGRO\Q%XLOGLQJ WKH 'UHDP $ 6RFLDO +LVWRU\ RI +RXVLQJ LQ $PHULFD7KH 0,7 3UHVV &DPEULGJH 0DVV 


5RRVHYHOW7KHRGRU7KH)RHVRI2XU2ZQ+RXVHKROG*HRUJH+'RUDQ&RPSDQ\1XHYD<RUN

 %HHFKHU &DWKDULQH \ %HHFKHU 6WRZH +DUULHW 7KH $PHULFDQ :RPDQ¶V +RXVH >@ 5XWJHUV 8QLYHUVLW\ 3UHVV
3LVFDWDZD\
:ULJKW*ZHQGRO\QRSFLW

 9pDVH 0X[t =DLGD ³0XMHUHV \ DUTXLWHFWXUD WHRUtD \ SUiFWLFD GH OD YLYLHQGD´ $UTXLWHFWXUD &2$0 Q~P  0DGULG

$OYD0\UGDO  SUHVLGLyODVHFFLyQVRFLDOGHOD81(6&2HQ\HQUHFLELyHO3UHPLR1REHOGHOD3D]
MXQWRFRQ$OIRQVR*DUFtD5REOHV
 $UMXQ $SSDGXUDL 0RGHUQLW\ DW /DUJH &XOWXUDO 'LPHQVLRQV RI *OREDOL]DWLRQ 8QLYHUVLW\ RI 0LQQHVRWD 3UHVV 0LQHiSROLV
 YHUVLyQ FDVWHOODQD /D PRGHUQLGDG GHVERUGDGD GLPHQVLRQHV FXOWXUDOHV GH OD JOREDOL]DFLyQ )RQGR GH &XOWXUD
(FRQyPLFD%XHQRV$LUHV \)HDURI6PDOO1XPEHUV$Q(VVD\RQWKH*HRJUDSK\RI$QJHU'XNH8QLYHUVLW\3UHVV
'XUKDP YHUVLyQFDVWHOODQD(OUHFKD]RGHODVPLQRUtDVHQVD\RVREUHODJHRJUDItDGHODIXULD7XVTXHWV%DUFHORQD
 
0X[t=DLGD/DDUTXLWHFWXUDGHODFLXGDGJOREDO(GLWRULDO*XVWDYR*LOL%DUFHORQD VHJXQGDHGLFLyQSXEOLFDGDSRU
1REXNR%XHQRV$LUHV 

 %DXPDQ =\JPXQW :DVWHG /LYHV 0RGHUQLW\ DQG ,WV 2XWFDVWV 3ROLW\ &DPEULGJH  YHUVLyQ FDVWHOODQD 9LGDV
GHVSHUGLFLDGDV /D PRGHUQLGDG \ VXV SDULDV 3DLGyV %DUFHORQD   \ 1HZ )URQWLHUV DQG 8QLYHUVDO 9DOXHV &&&%
%DUFHORQD
 9pDVH &RORPLQD %HDWUL] 3ULYDF\ DQG 3XEOLFLW\ 0RGHUQ $UFKLWHFWXUH DV 0DVV 0HGLD 7KH 0,7 3UHVV &DPEULGJH
0DVV   YHUVLyQ FDVWHOODQD 3ULYDFLGDG \ SXEOLFLGDG OD DUTXLWHFWXUD PRGHUQD FRPR PHGLR GH FRPXQLFDFLyQ GH
PDVDV&HQGHDF&ROHJLR2ILFLDOGH$UTXLWHFWRVGH0XUFLD2EVHUYDWRULRGHO'LVHxR\OD$UTXLWHFWXUDGHOD5HJLyQGH0XUFLD
0XUFLD 

 'HOHX]H *LOOHV \ *XDWWDUL )pOL[ 0LOOH SODWHDX[ eGLWLRQV GH 0LQXLW 3DUtV  YHUVLyQ FDVWHOODQD 0LO 0HVHWDV
&DSLWDOLVPR\HVTXL]RIUHQLD3UHWH[WRV9DOHQFLD 
'DWRVH[WUDtGRVGH(O3DtVGHHQHURGHO

$SSDGXUDL$UMXQ(OUHFKD]RGHODVPLQRUtDVRSFLW
&DYHUL&ODXGLR8QDIURQWHUDFDOLHQWH/DDUTXLWHFWXUDDPHULFDQDHQWUHHOVLVWHPD\HOHQWRUQR6\QWD[LV%XHQRV$LUHV
 6REUH &ODXGLR &DYHUL \ OD &RPXQLGDG 7LHUUD YpDVH 0RQWDQHU -RVHS 0DULD 6LVWHPDV DUTXLWHFWyQLFRV
FRQWHPSRUiQHRV(GLWRULDO*XVWDYR*LOL%DUFHORQDVREUHVXSHQVDPLHQWRYpDVH0RQWDQHU-RVHS0DULD$UTXLWHFWXUD
\FUtWLFDHQ/DWLQRDPpULFD1REXNR%XHQRV$LUHV
 %DXPDQ =\JPXQW :DVWHG /LYHV 0RGHUQLW\ DQG ,WV 2XWFDVWV 3ROLW\ &DPEULGJH  YHUVLyQ FDVWHOODQD 9LGDV
GHVSHUGLFLDGDV /D PRGHUQLGDG \ VXV SDULDV 3DLGyV %DUFHORQD   \ 1HZ )URQWLHUV DQG 8QLYHUVDO 9DOXHV &&&%
%DUFHORQD

/D9DOOH5DQLHUR³/RVDxRVQRYHQWDXQDUHVWDXUDFLyQGHILQDOGHVLJOR´HQ%LPEL/LQGD HG 1RHQPLQRPEUH*XHUUD


\GHUHFKR7URWD0DGULG

(QHVWHFDStWXORVHWUDWDGHOVLJQLILFDGRGHODVXUEDQL]DFLRQHVFHUUDGDVFRPRIHQyPHQROHJDO\VRFLDO\HQHOFDStWXOR
³8UEDQLVPRWDUGRFDSLWDOLVWDGH/D&DUWDGH$WHQDVDODFLXGDGJOREDO´GHGLFDGR DO XUEDQLVPRWDUGRUUDFLRQDOLVWD VH WUDWD
FRPR PRUIRORJtD XUEDQD \ WHUULWRULDO $GHPiV ORV EDUULRV FHUUDGRV VRQ REMHWR GH FUtWLFD HQ HO OLEUR GH =DLGD 0X[t /D
DUTXLWHFWXUDGHODFLXGDGJOREDO(GLWRULDO*XVWDYR*LOL%DUFHORQD VHJXQGDHGLFLyQHQ1REXNR%XHQRV$LUHV 

 (Q &LGDGH GH PXURV FULPH VHJUHJDomR H FLGDGDQLD HP 6mR 3DXOR (GLWRUD ('863 6mR 3DXOR  YHUVLyQ
FDVWHOODQD&LXGDGGHPXURV*HGLVD%DUFHORQD 7HUHVD3LUHVGR5LR&DOGHLUDFRQWUDSRQHODVIURQWHUDVGHORVULFRV
FRQODFXOWXUDGHOKLSKRSGHORVMyYHQHV(QUHODFLyQFRQORVGHUHFKRVKXPDQRV\HOXUEDQLVPRYpDVH'HO&D]5RVDULR
*LJRVRV3DEOR\6DUDYLD0DQXHO/DFLXGDG\ORVGHUHFKRVKXPDQRV7DODVD0DGULG
 /D QRYHOD $QJRVWD 6HL[%DUUDO 0DGULG   GHO HVFULWRU FRORPELDQR +pFWRU $EDG )DFLROLQFH SODQWHD XQD GLVWRStD
SUy[LPDGHXQDFLXGDGGLYLGLGDHQWUHVQLYHOHVWRWDOPHQWHGLVWLQWRVHOGHODFLXGDGGHORVULFRVHQODSDUWHDOWDDLUHDGD\
IUtD D OD TXH VROR VH HQWUD WUDV ULJXURVRV FRQWUROHV HQ HO FKHFNSRLQW FRPR VL IXHUD XQ JUDQ EDUULR FHUUDGR OD FLXGDG
LQWHUPHGLDWLHUUDWHPSODGDSDUDXQDVFODVHVPHGLDVGHSDXSHUDGDVTXHKDELWDQHOTXHKDEtDVLGRHOYHUGDGHURFHQWURGH
$QJRVWD\ODFLXGDGLQIHULRUGHORVWHUFHURQHVGHJUDGDGDFRQWDPLQDGDYLROHQWD\PDUJLQDGDXQDXWpQWLFRLQILHUQRWyUULGR
ODWLHUUDFDOLHQWHDOUHGHGRUGHOD%RFDGHO,QILHUQR\HO6DOWRGHORV'HVHVSHUDGRV

 /XKPDQQ 1LNODV ,QWURGXFFLyQ D OD WHRUtD GH VLVWHPDV OHFFLRQHV SXEOLFDGDV SRU -DYLHU 7RUUHV 1DIDUUDWH  $QWKURSRV
8QLYHUVLGDG ,EHURDPHULFDQD,WHVR &LXGDG GH 0p[LFR  \ /XKPDQQ 1LNODV 6RFLHGDG \ VLVWHPD /D DPELFLyQ GH OD
WHRUtD3DLGyV,&(8QLYHUVLGDG$XWyQRPDGH%DUFHORQD%DUFHORQD
)XNX\DPD)UDQFLV7KH(QGRI+LVWRU\DQGWKH/DVW0DQ+DPLVK+DPLOWRQ/RQGUHV YHUVLyQFDVWHOODQD(OILQGH
ODKLVWRULD\HO~OWLPRKRPEUH3ODQHWD%DUFHORQD 

 0RQWDQHU -RVHS 0DULD ³$UWH \ HVSDFLR S~EOLFR ¢LQGXVWULD FUHDWLYLGDG R FUtWLFD"´ HQ )pOL[ 0DQLWR HG  &LXGDGHV
FUHDWLYDV9ROXPHQ&XOWXUDWHUULWRULRHFRQRPtD\FLXGDG)XQGDFLy.UHDQWD%DUFHORQD
'DYLV0LNH3ODQHWRIVOXPV9HUVR/RQGUHV1XHYD<RUN YHUVLyQFDVWHOODQD3ODQHWDGHFLXGDGHVPLVHULD(GLWRULDO
)RFD7UHV&DQWRV 

%HUJHU-RKQ³'LH]PHQVDMHVVREUHODUHVLVWHQFLDDQWHORVPXURV´(O3DtVGHIHEUHURGH
9pDVHSRUHMHPSOR3DOD0DULQD HG /DFLXGDGVRVWHQLEOH FDWiORJRGHODH[SRVLFLyQKRPyQLPD &&&%%DUFHORQD

'DYLV0LNH(FRORJ\RI)HDU/RV$QJHOHVDQGWKH,PDJLQDWLRQRI'LVDVWHU0HWURSROLWDQ%RRNV1XHYD<RUN

 6REUH OD WUDJHGLD GH %KRSDO YpDVH HQWUH PXFKDV RWUDV UHIHUHQFLDV /DSLHUUH 'RPLQLTXH \ 0RUR -DYLHU (UD
PHGLDQRFKHHQ%KRSDO3ODQHWD%DUFHORQD5RMDV$QD*DEULHOD³%KRSDOVLJXHPXULHQGR´(O3DtVGHQRYLHPEUH
GHO\5RMDV$QD*DEULHOD³2FKRFRQGHQDVOHYHVSRUODJUDQWUDJHGLDGH%KRSDO´(O3DtVGHMXQLRGH
'tH])HUQDQGR³$FFLGHQWHGHOWHUFHUWLSR´/D1DFLyQ%XHQRV$LUHVGHMXQLRGH
 &LWDGR HQ 9LULOLR 3DXO &H TXL DUULYH8QNQRZQ TXDQWLW\ )RQGDWLRQ &DUWLHU SXU O¶$UW &RQWHPSRUDLQ7KDPHV  +XGVRQ
3DUtV1XHYD<RUN

9LULOLR3DXO(VWKpWLTXHGHODGLVSDULWLRQ%DOODQG3DUtV YHUVLyQFDVWHOODQD(VWpWLFDGHODGHVDSDULFLyQ$QDJUDPD
%DUFHORQD 

 $OHNVLHYLFK 6YHWODQD &KHUQRELOVND\D PROLWYD NKURQLND EXGXVKFKHJR 2VWR]KH 0RVF~  YHUVLyQ FDVWHOODQD /D
SOHJDULDGH&KHUQyELOFUyQLFDGHOIXWXUR&DVLRSHD%DUFHORQD 
,EtG

,EtG
=\JPXQW%DXPDQKDGHVDUUROODGRVXLGHDGHXQDPRGHUQLGDGOtTXLGDHQGLYHUVRVOLEURVHQWUHORV TXH VH HQFXHQWUDQ
/LTXLG0RGHUQLW\3ROLW\3UHVV0DOGHQ YHUVLyQFDVWHOODQD0RGHUQLGDGOtTXLGD)RQGRGH&XOWXUD(FRQyPLFD&LXGDG
GH0p[LFR \/LTXLG/LIH3ROLW\3UHVV0DOGHQ YHUVLyQFDVWHOODQD9LGDOtTXLGD3DLGyV%DUFHORQD 
9pDVHHOFDWiORJRGHODH[SRVLFLyQ&XOWXUDSRUTXHULD8QDHVSHOHRORJLDGHOJXVW&&&%%DUFHORQD

 6DVVHQ 6DVNLD 7KH *OREDO &LW\ 1HZ <RUN /RQGRQ 7RNLR 3ULQFHWRQ 8QLYHUVLW\ 3UHVV 3ULQFHWRQ  YHUVLyQ
FDVWHOODQD/D FLXGDG JOREDO 1XHYD <RUN /RQGUHV 7RNLR (XGHED %XHQRV $LUHV   (Q HVWH OLEUR \D VH GHILQH HVWD
GXDOL]DFLyQVRFLDO\ODERUDO7DPELpQTXHGDUHWUDWDGDHQODSHOtFXODGHOGLUHFWRU.HQ/RDFK3DQ\URVDV  FRQJXLyQGH
3DXO/DYHUW\
'LYHUVDVQRWLFLDVSXEOLFDGDVHQHOSHULyGLFR(O3DtVGHGLFLHPEUHGHGHMXQLRGH\GHHQHURGH
\HQ$'1HOGHHQHURGH

 (Q UHODFLyQ FRQ HO XVR GHO WLHPSR YpDVH HO PDJQtILFR \ UHYHODGRU HQVD\R GH -RQDWKDQ &UDU\ ³6REUH ORV ILQDOHV GHO
VXHxRVRPEUDVHQHOUHVSODQGRUGHXQPXQGR´HGLWDGRHQORVFXDGHUQRVSRUWiWLOHVGHO0$&%$%DUFHORQDHQ
HOTXHVHGHPXHVWUDTXHHO~QLFRWHUUHQRKXPDQRQRFDSWXUDGRHOVXHxRGHFDGDSHUVRQDHVWiVLHQGRFRQTXLVWDGRSRFR
D SRFR SRU HO VLVWHPD SURGXFWLYR &UDU\ HVFULEH ³/D PRGHUQLGDG KD KHFKR FRQVWDQWHV LQFXUVLRQHV FRQWUD HO VXHxR (O
DGXOWRHVWDGRXQLGHQVHPHGLRGXHUPHDKRUDDSUR[LPDGDPHQWHVHLVKRUDV\PHGLDFDGDQRFKHXQDHURVLyQUHVSHFWRDODV
RFKRKRUDVGHXQDJHQHUDFLyQDWUiV\ GLItFLOGHFUHHU EDMDQGRGHODVGLH]KRUDVGHSULQFLSLRVGHOVLJOR;;´
 &KHUPD\HII 6HUJH \ $OH[DQGHU &KULVWRSKHU &RPPXQLW\ DQG 3ULYDF\ 7RZDUG D 1HZ $UFKLWHFWXUH RI +XPDQLVP
'RXEOHGD\ &R1XHYD<RUN YHUVLyQFDVWHOODQD&RPXQLGDG\SULYDFLGDGKDFLDXQDQXHYDDUTXLWHFWXUDKXPDQLVWD
1XHYD9LVLyQ%XHQRV$LUHV 
 9pDVH (O 0DQLILHVWR SDUD HO IXWXUR GH ODV VHPLOODV &RPLVLyQ ,QWHUQDFLRQDO VREUH HO )XWXUR GH ORV $OLPHQWRV \ OD
$JULFXOWXUD)ORUHQFLD\WRGRVORVWH[WRVGH9DQGDQD6KLYD\&DUOR3HWULQL
 +RUNKHLPHU 0D[ \ $GRUQR 7KHRGRU : 'LDOHNWLN GHU $XINOlUXQJ SKLORVRSKLVFKH )UDJPHQWH 4XHULGR ÈPVWHUGDP
 YHUVLyQFDVWHOODQD'LDOpFWLFDGHOD,OXVWUDFLyQIUDJPHQWRVILORVyILFRV$NDO0DGULG 

,EtG
%DQKDP5H\QHU/RV$QJHOHV7KH$UFKLWHFWXUHRI)RXU(FRORJLHV3HQJXLQ/RQGUHV

 'DYLV 0LNH &LW\ RI 4XDUW] ([FDYDWLQJ WKH )XWXUH LQ /RV $QJHOHV 9LQWDJH 1XHYD <RUN  YHUVLyQ FDVWHOODQD
&LXGDGGHFXDU]RDUTXHRORJtDGHOIXWXURHQ/RVÈQJHOHV/HQJXDGHWUDSR0DGULG 
6REUHODVDXWRSLVWDVYpDVH0F6KDQH&OD\'RZQWKH$VSKDOWK3DWK7KH$XWRPRELOHDQGWKH$PHULFDQ&LW\&ROXPELD
8QLYHUVLW\3UHVV1XHYD<RUN
3DTXRW7KLHUU\³(OUHJUHVRGHODVWRUUHV´HQ$$998UEDQLVPRDUTXLWHFWXUD\JOREDOL]DFLyQ/H0RQGH'LSORPDWLTXH
HGLFLyQFKLOHQD 6DQWLDJRGH&KLOH

 5LW]HU *HRUJH (QFKDQWLQJ D 'LVHQFKDQWHG :RUOG 3LQH )RUJH 3UHVV 7KRXVDQG 2DNV  YHUVLyQ FDVWHOODQD (O
HQFDQWRGHXQPXQGRGHVHQFDQWDGRUHYROXFLyQHQORVPHGLRVGHFRQVXPR$ULHO%DUFHORQD 
'H/RQJ'DYLG*)UDQN/OR\G :ULJKW DQGWKH /LYLQJ &LW\9LWUD 'HVLJQ 0XVHXP6NLUD *LQHEUD0LOiQ  YHUVLyQ
FDVWHOODQD)UDQN/OR\G:ULJKW\ODFLXGDGYLYLHQWH,9$09DOHQFLD 
 %RXUGLHX 3LHUUH /HV 6WUXFWXUHV VRFLDOHV GH O¶pFRQRPLH eGLWLRQV GX 6HXLO 3DUtV  YHUVLyQ FDVWHOODQD /DV
HVWUXFWXUDVVRFLDOHVGHODHFRQRPtD$QDJUDPD%DUFHORQD 

 6HQQHWW 5LFKDUG 7KH 8VHV RI 'LVRUGHU 3HUVRQDO ,GHQWLW\ DQG &LW\ /LIH : : 1RUWRQ 1XHYD <RUN  YHUVLyQ
FDVWHOODQD9LGDXUEDQDHLGHQWLGDGSHUVRQDO(GLFLRQHV3HQtQVXOD%DUFHORQD 
6REUHODFLXGDGJOREDOYpDVH0X[t=DLGD/DDUTXLWHFWXUDGHODFLXGDGJOREDO(GLWRULDO*XVWDYR *LOL %DUFHORQD 
VHJXQGDHGLFLyQSXEOLFDGDSRU1REXNR%XHQRV$LUHV 
 .RROKDDV 5HP ³7KH *HQHULF &LW\´ 'RPXV  PDU]R GH  YHUVLyQ FDVWHOODQD /D FLXGDG JHQpULFD (GLWRULDO
*XVWDYR*LOL%DUFHORQD 

 %DXGULOODUG -HDQ $PpULTXH *UDVVHW  )DVTXHOOH 3DUtV  YHUVLyQ FDVWHOODQD $PpULFD $QDJUDPD %DUFHORQD
 
 /H &RUEXVLHU /D &KDUWH G¶$WKqQHV 3ORQ 3DUtV  YHUVLyQ FDVWHOODQD /D &DUWD GH $WHQDV 3ULQFLSLRV GHO
8UEDQLVPR$ULHO%DUFHORQD 
+D\GHQ'RORUHV%XLOGLQJ6XEXUELD*UHHQ)LHOGVDQG8UEDQ*URZWK9LQWDJH1XHYD<RUN

'XDQ\$QGUHV6SHFN-HII\/\GQ0LNH7KH6PDUWK*URZWK0DQXDO0F*UDZ+LOO1XHYD<RUN
6REUH&XULWLEDYpDVH0HQH]HV&ODXGLQR/XL]'HVHQYROYLPHQWR8UEDQRH0HLR$PELHQWHD([SHULrQFLDGH&XULWLED
3DSLUXV&DPSLQDV\0RQWDQHU-RVHS0DULD³(OPRGHOR&XULWLELDPRYLOLGDG\HVSDFLRVYHUGHV´ (FRORJtD 3ROtWLFD
Q~P

/DPHGLDGHHGDGHQHUDGHDxRVFRQHOGHODSREODFLyQPD\RUGHDxRV\FRQHVWXGLRVXQLYHUVLWDULRV
 'LFKD REUD IXH VHOHFFLRQDGD SRU ,JQDVL GH 6ROj0RUDOHV SDUD OD H[SRVLFLyQ 3UHVHQWH \ IXWXURV $UTXLWHFWXUD HQ ODV
FLXGDGHVHQHO&RQJUHVRGHOD8,$GH
0RQWDQHU-RVHS0DULD³/¶HVSDLS~EOLFD6HDWWOHXQPRGHOXUEjFRQWHPSRUDQL´HQ$$99(OVFDUUHUVGHODGHPRFUjFLD
/¶HVSDLS~EOLFGHOHVQRYHVFLXWDWV'LSXWDFLyGH%DUFHORQD%DUFHORQD

:HEHU0D[*HVDPPHOWH$XIVlW]H]XU:LVVHQVFKDIWVOHKUH-&%0RKU7XELQJD YHUVLyQFDVWHOODQD(QVD\RV
VREUHPHWRGRORJtDVRFLROyJLFD$PRUURUWX%XHQRV$LUHV 
/XKPDQQ1LNODV,QWURGXFFLyQDODWHRUtDGHVLVWHPDV OHFFLRQHV SXEOLFDGDV SRU -DYLHU 7RUUHV 1DIDUUDWH  $QWKURSRV
8QLYHUVLGDG,EHURDPHULFDQD,WHVR&LXGDGGH0p[LFR
&RUER]$QGUp/H7HUULWRLUHFRPPHSDOLPSVHVWHHWDXWUHVHVVDLV/HVeGLWLRQVGHO¶,PSULPHXU%HVDQoRQ

+DUYH\'DYLGHWDO&DSLWDOILQDQFLHURSURSLHGDGLQPRELOLDULD\FXOWXUDO0$&%$8$%%DUFHORQD
5RFD-RDQ³*yWLFRWHPDWL]DGR´VXSOHPHQWR³&XOWXUDV´/D9DQJXDUGLDGHGLFLHPEUHGHO

8QEXHQDQiOLVLVGHORVHIHFWRVGHOWXULVPRHQORVYDORUHVDPELHQWDOHVGHODVFLXGDGHVHVHOGHOHQVD\RGH(QULF3RO
³6RVWHQLELOLGDG FLXGDG \ PHGLR DPELHQWH 'LQiPLFDV XUEDQDV \ FRQVWUXFFLyQ GH YDORUHV DPELHQWDOHV´ HQ *DUFtD 0LUD
5LFDUGR$\9HJD0DUFRWH3HGUR HGV 6RVWHQLELOLGDGYDORUHV\FXOWXUDDPELHQWDO(GLFLRQHV3LUiPLGH0DGULG
.XQGHUD0LODQ/DLQVRSRUWDEOHOHYHGDGGHOVHU7XVTXHWV%DUFHORQDSiJ
9pDVHODH[SRVLFLyQ/D&DWDOXQ\DSDLVDWJH$ODUHFHUFDG¶XQLPDJLQDULFRQWHPSRUDQL  SXEOLFDGDHQ1H[XV
Q~P%DUFHORQD\1H[XVQ~P%DUFHORQDGHGLFDGRD³1XHYDVSROtWLFDVSDUDHOWXULVPRFXOWXUDO
UHWRVUXSWXUDV\UHVSXHVWDV´FRQWH[WRVGH1pVWRU*DUFtD&DQFOLQL<YHV0LFKDXG*pUDUG5LFKH]\-RVHS0DULD0RQWDQHU
HQWUHRWURV

9pDVH0RQWDQHU-RVHS0DULD\0X[t=DLGD³(GLILFLRVTXHFUHDQSOD]DV´VXSOHPHQWR³&XOWXUDV´/D9DQJXDUGLDGH
MXQLRGHO

(OSURJUDPDGH5HP.RROKDDVSDUDOD%LHQDOGH9HQHFLDGHHVWiSXEOLFDGRFRPR5HP.RROKDDV$027KH*XOI
/DUV0OOHU%DGHQ
6XGMLF'H\DQ7KH (GLILFH &RPSOH[ +RZ WKH 5LFK DQG 3RZHUIXO 6KDSH WKH :RUOG 3HQJXLQ /RQGUHV  YHUVLyQ
FDVWHOODQD/DDUTXLWHFWXUDGHOSRGHUFyPRORVULFRV\SRGHURVRVGDQIRUPDDQXHVWURPXQGR$ULHO%DUFHORQD 

&RUER]$QGUp/H7HUULWRLUHFRPPHSDOLPSVHVWHHWDXWUHVHVVDLV/HVeGLWLRQVGHO¶,PSULPHXU%HVDQoRQ

'DYLV0LNH&LW\RI4XDUW]([FDYDWLQJWKHIXWXUHLQ/RV$QJHOHV9HUVR1XHYD<RUN/RQGUHV YHUVLyQFDVWHOODQD
&LXGDGGHFXDU]R$UTXHRORJtDGHOIXWXURHQ/RVÈQJHOHV/HQJXDGH7UDSR0DGULG 
.OHLQ1RUPDQ07KH+LVWRU\RI)RUJHWWLQJ/RV$QJHOHVDQGWKH(UDVXUHRI0HPRU\9HUVR1XHYD<RUN/RQGRQ
%R\HU0&KULVWLQH7KH&LW\RI&ROOHFWLYH0HPRU\7KH0,73UHVV&DPEULGJH 0DVV 

+D\GHQ'RORUHV7KH3RZHURI3ODFH8UEDQ/DQGVFDSHVDV3XEOLF+LVWRU\7KH0,73UHVV&DPEULGJH 0DVV 


%R\HU0&KULVWLQHRSFLW

2FNPDQ-RDQ³'HODFLXGDGGHOSHFDGRDODFLXGDGGHOVLJQRODWUDQVIRUPDFLyQGH7LPHV6TXDUH´HQ6ROj0RUDOHV
,JQDVLGH\&RVWD;DYLHU HGV 0HWUySROLV(GLWRULDO*XVWDYR*LOL%DUFHORQD
%DQKDP5H\QHU/RV$QJHOHV7KH$UFKLWHFWXUHRI)RXU(FRORJLHV3HQJXLQ/RQGUHV

6REUHODDSRUWDFLyQGH0LNH'DYLVYpDVH6FKDW]$GDP³7KH$PHULFDQ(DUWKTXDNH0LNH'DYLV DQG WKH 3ROLWLFV RI


'LVDVWHU´/LQJXD)UDQFD0DJD]LQHIHEUHURGH
6REUH%HUOtQYpDVH*DUFtD9i]TXH]&DUORV%HUOtQ3RWVGDPHU3ODW]0HWUySROL\DUTXLWHFWXUDHQWUDQVLFLyQ)XQGDFLyQ
&DMDGH$UTXLWHFWRV%DUFHORQD

9pDVH<QIDQWH-HV~V/RVQHJRFLRVGH3RUFLROHVODVVDJUDGDVIDPLOLDVGH%DUFHORQD0LQLSRGLR7RXORXVH  \
&DEDQD)UDQFHVF)jEULTXHVLHPSUHVDULV(OVSURWDJRQLVWHVGHODUHYROXFLyLQGXVWULDOD&DWDOXQ\D(QFLFORSHGLD&DWDODQD
%DUFHORQD
9pDQVHORVGRFXPHQWDOHVGH-DFRER6XFDUL/DOXFKDSRUHOHVSDFLRXUEDQR %DUFHORQD \'HVWUXLU \ FRQVWUXLU
+LVWRULDGHXQDIiEULFD %DUFHORQD 
 9pDVH 0X[t =DLGD /D DUTXLWHFWXUD GH OD FLXGDG JOREDO (GLWRULDO *XVWDYR *LOL %DUFHORQD  VHJXQGD HGLFLyQ
SXEOLFDGDSRU1REXNR%XHQRV$LUHV 

 (QJHOV )UHGHULFK =XU :RKQXQJVIUDJH 'LH /DJH GHU DUEHLWHQGHQ .ODVVH LQ (QJODQG QDFK HLJQHU $QVFKDXXQJ XQG
DXWKHQWLVFKHQ4XHOOHQ>@ YHUVLyQFDVWHOODQD(OSUREOHPDGHODYLYLHQGD\ODVJUDQGHVFLXGDGHV(GLWRULDO*XVWDYR*LOL
%DUFHORQD 
(QJHOV)UHGHULFK'HOVRFLDOLVPRXWySLFRDOVRFLDOLVPRFLHQWtILFR>@5LFDUGR$JXLOHUDHGLWRU0DGULG
5ROQLN5DTXHO³&RQILQDPLHQWRRFRQIODJUDFLyQPHWUySROLVEUDVLOHxDVDOOtPLWH´HQ$$99'HVSXpVGHOQHROLEHUDOLVPR
FLXGDGHV\FDRVVLVWHPiWLFR0$&%$%DUFHORQD
.RWKDUL0LORRQ³,QIRUPHGHO5HODWRU(VSHFLDOVREUHXQDYLYLHQGDDGHFXDGDFRPRHOHPHQWRGHOGHUHFKRDXQQLYHOGH
YLGDDGHFXDGR´HQ1DFLRQHV8QLGDV$VDPEOHD*HQHUDOGHIHEUHURGH

(VWHEDQ-XOL³/¶KDELWDWJHD%DUFHORQDHVWDWGHODTHVWLyLDOWHUQDWLYHV´3DSHUV 5HJLy 0HWURSROLWDQD GH %DUFHORQD


Q~P%DUFHORQDIHEUHURGH
(VWHEDQ-XOLRSFLW

*HRUJH5RVH7KH%LJ1HFHVVLW\7KH8QPHQWLRQDEOH:RUOGRI+XPDQ:DVWHDQG:K\,W0DWWHUV0HWURSROLWDQ%RRNV
1XHYD<RUN YHUVLyQFDVWHOODQD/DPD\RUQHFHVLGDG8QSDVHRSRUODVFORDFDVGHOPXQGR7XUQHU0DGULG 

+DOO3HWHU &LWLHV RI 7RPRUURZ $Q ,QWHOOHFWXDO +LVWRU\ RI 8UEDQ 3ODQQLQJ DQG 'HVLJQ LQ WKH 7ZHQWLHWK &HQWXU\ %DVLO
%ODFNZHOO 2[IRUG  YHUVLRQ FDVWHOODQD ³/D FLXGDG GH OD GLItFLO HTXLGDG´ HQ &LXGDGHV GHO PDxDQD +LVWRULD GHO
XUEDQLVPRHQHOVLJOR;;(GLFLRQHVGHO6HUEDO%DUFHORQD 
 'DYLV 0LNH 3ODQHW RI 6OXPV 9HUVR /RQGUHV  YHUVLyQ FDVWHOODQD 3ODQHWD GH FLXGDGHV PLVHULD )RFD 7UHV
&DQWRV 
$QGUHDWWD 9HUHQD ³)DYHOD%DLUUR XQ QXHYR SDUDGLJPD GH XUEDQL]DFLyQ SDUD DVHQWDPLHQWRV LQIRUPDOHV´ &XDGHUQRV
,QWHUQDFLRQDOHV GH WHFQRORJtD SDUD HO GHVDUUROOR KXPDQR Q~P  0DGULG MXQLR GHO  \ ³3REUHV HQ FLXGDGHV SREUHV
9LYLHQGD WUDQVSRUWH \ SODQLILFDFLyQ XUEDQD´ SRQHQFLD GHO ,, &RQJUHVR ,QWHUQDFLRQDO VREUH 'HVDUUROOR +XPDQR \
&RRSHUDFLyQ0DGULG
/HZLV&ROLQ)LYH)DPLOLHV0H[LFDQ&DVH6WXGLHVLQWKH&XOWXUHRI3RYHUW\%DVLF%RRNV1XHYD<RUN YHUVLyQ
FDVWHOODQD$QWURSRORJtDGHODSREUH]DFLQFRIDPLOLDV)RQGRGH&XOWXUD(FRQyPLFD&LXGDGGH0p[LFR 

7XUQHU -RKQ ) & +RXVLQJ E\ 3HRSOH 7RZDUGV $XWRQRP\ LQ %XLOGLQJ (QYLURQPHQWV 0DULRQ %R\DUV /RQGUHV 
YHUVLyQ FDVWHOODQD 7RGR HO SRGHU SDUD ORV XVXDULRV KDFLD OD HFRQRPtD HQ OD FRQVWUXFFLyQ GHO HQWRUQR %OXPH 0DGULG
 

 /D WHVLV IXH OHtGD HQ  \ SXEOLFDGD PiV WDUGH EDMR HO WtWXOR /D XUEDQL]DFLyQ PDUJLQDO (GLFLRQV 83& %DUFHORQD
 
'DYLV0LNHRSFLW

$SSDGXUDL$UMXQ)HDURI6PDOO1XPEHUV$Q(VVD\RQWKH*HRJUDSK\RI$QJHU'XNH8QLYHUVLW\3UHVV'XUKDP
YHUVLyQFDVWHOODQD(OUHFKD]RGHODVPLQRUtDVHQVD\RVREUHODJHRJUDItDGHODIXULD7XVTXHWV%DUFHORQD 
 %DXPDQ =\JPXQW :DVWHG /LYHV 0RGHUQLW\ DQG ,WV 2XWFDVWV 3ROLW\ &DPEULGJH  YHUVLyQ FDVWHOODQD 9LGDV
GHVSHUGLFLDGDV/DPRGHUQLGDG\VXVSDULDV3DLGyV%DUFHORQD 

 0RQWDQHU -RVHS 0DULD 5HSHQVDU %DUFHORQD (GLFLRQV 83& %DUFHORQD  \ ORV DUWtFXORV ³*HRJUDItD GH ORV VLQ
WHFKR´\³9LYLU\WUDEDMDUHQODFDOOH´HQ(O3DtVGHHQHURGH\GHDEULOGH
6tQGLFGH*UHXJHVGH&DWDOXQ\D(OIHQRPHQVHQVHOODUD&DWDOXQ\D*HQHUDOLWDWGH&DWDOXQ\D%DUFHORQD

9pDVH'DYLV0LNH&LW\ RI 4XDUW] ([FDYDWLQJ WKH )XWXUH LQ /RV $QJHOHV 9HUVR 1XHYD <RUN/RQGUHV  YHUVLyQ
FDVWHOODQD&LXGDGGHFXDU]R$UTXHRORJtDGHOIXWXURHQ/RVÈQJHOHV(GLFLRQHV/HQJXDGH7UDSR0DGULG 
.RKQ0DUJDUHW%UDYH1HZ1HLJKERUKRRGV7KH3ULYDWL]DWLRQRI3XEOLF6SDFH5RXWOHGJH1XHYD<RUN/RQGUHV

(VWHWtWXORKDVLGRWRPDGRGHOOLEURGH5LYHUD*DUUHWD0DUtD0LODJURV1RPEUDUHOPXQGRHQIHPHQLQR3HQVDPLHQWRGH
PXMHUHV\WHRUtDIHPLQLVWD,FDULD%DUFHORQDHG
,EtG
3LpQVHVHHQODGLIHUHQWHFRQQRWDFLyQTXHWRPD³KRPEUHS~EOLFR´GHODFDOOH\³PXMHUS~EOLFD´GHODFDOOH

,EtG
,EtG

+D\GHQ'RORUHV7KH3RZHURI3ODFH8UEDQ/DQGVFDSHVDV3XEOLF+LVWRU\7KH0,73UHVV&DPEULGJH 0DVV 


9pDVHWDPELpQ+D\GHQ'RORUHV7KH*UDQG'RPHVWLF5HYROXWLRQ$+LVWRU\RI)HPLQLVW'HVLJQVIRU $PHULFDQV +RPHV
1HLJKERUKRRGVDQG&LWLHV7KH0,73UHVV&DPEULGJH 0DVV 
+D\GHQ'RORUHV5HGHVLJQLQJ WKH $PHULFDQ 'UHDP 7KH )XWXUH RI +RXVLQJ :RUN DQG )DPLO\ 1RUWRQ  &RPSDQ\
1XHYD<RUN
+D\GHQ'RORUHV³:KDW:RXOGD1RQ6H[LVW&LW\%H/LNH"6SHFXODWLRQVRQ+RXVLQJ8UEDQ'HVLJQDQG+XPDQ:RUN´
-RXUQDORI:RPHQLQ&XOWXUHDQG6RFLHW\YROQ~PSULPDYHUDGHSiJV
6SDLQ'DSKQH+RZ:RPHQ6DYHGWKH&LW\8QLYHUVLW\RI0LQQHVRWD3UHVV0LQQHDSROLV

-DFREV-DQH7KH'HDWKDQG/LIHRI*UHDW$PHULFDQ&LWLHV3LPOLFR/RQGUHV YHUVLyQFDVWHOODQD0XHUWH\YLGD
GHODVJUDQGHVFLXGDGHV&DSLWiQ6ZLQJ0DGULG 
3UyORJRDODHGLFLyQUHYLVDGDGHGHOOLEUR9HQWXUL5REHUW,]HQRXU6WHYHQ\6FRWW%URZQ'HQLVH/HDUQLQJ IURP
/DV9HJDV7KH)RUJRWWHQ6\PEROLVPRI$UFKLWHFWXUDO)RUP7KH0,73UHVV&DPEULGJH 0DVV  YHUVLyQFDVWHOODQD
$SUHQGLHQGRGH/DV9HJDV(OVLPEROLVPRROYLGDGRGHODIRUPDDUTXLWHFWyQLFD(GLWRULDO*XVWDYR*LOL%DUFHORQD 
0DVVH\'RUHHQ%³6SDFH3ODFHDQG*HQGHU´'HEDWH)HPLQLVWDDxRYRODEULOGH

%RILOO/HYL$QQD3ODQHMDPHQWXUEDQtVWLFHVSDLVXUEDQVLHVSDLVLQWHULRUVGHVGHODSHUVSHFWLYDGHOHVGRQHV4XDGHUQV
GHO¶,QVWLWXW,QVWLWXW&DWDOjGHOHV'RQHV'HSDUWDPHQWGH3ROtWLFD7HUULWRULDOL2EUHV3~EOLTXHV%DUFHORQD
%RILOO/HYL$QQD³'RQDLKDELWDWJH´ ³0XMHU\YLYLHQGD´ 4XDGHUQVG¶$OOLEHUDPHQWQ~P%DUFHORQD

 'HO 9DOOH 7HUHVD /DV PXMHUHV HQ OD FLXGDG (VWXGLR DSOLFDGR GH 'RQRVWLD 6(0(%,0 6DQ 6HEDVWLiQ  \
$QGDPLRVSDUDXQDQXHYDFLXGDG/HFWXUDVGHVGHODDQWURSRORJtD$OLDQ]D0DGULG
6HJXUD,VDEHO*XtDGH0XMHUHVGH%DUFHORQDUHFRUULGRVKLVWyULFRV$MXQWDPHQWGH%DUFHORQD%DUFHORQD
6iQFKH]GH0DGDULDJD,QpVHWDO&LXGDGHVSDUDODVSHUVRQDV*pQHUR\XUEDQLVPRHVWDGRGHODFXHVWLyQ,QVWLWXWRGH
OD0XMHU0DGULG

0RQWDQHU-RVHS0DULD\0X[t=DLGD8VRVGHOWHPSVLODFLXWDW$MXQWDPHQWGH%DUFHORQD%DUFHORQD
1DVHOOL&pVDU'HFLXGDGHVIRUPDV\SDLVDMHV$UTXQD(GLFLRQHV$VXQFLyQ

9pDVH0RQWDQHU-RVHS0DULD\0X[t=DLGD³/DFLXGDGWDUGRUUDFLRQDOLVWD´5HYLVWD$UTXLWHFWRVQ~P/LPD

0XULOOR6ROHGDG(OPLWRGHODYLGDSULYDGDGHODHQWUHJDDOWLHPSRSURSLR>@(GLWRULDO6LJOR;;,0DGULG
'HO &D] 5RVDULR *LJRJRV 3DEOR \ 6DUDYLD 0DQXHO/D FLXGDG \ ORV GHUHFKRV KXPDQRV XQD PRGHVWD SURSRVLFLyQ
VREUHGHUHFKRVKXPDQRV\SUiFWLFDXUEDQtVWLFD7DODVD0DGULG\*LJRJRV3DEOR\6DUDYLD0DQXHO8UEDQLVPRSDUD
QiXIUDJRV)XQGDFLyQ&pVDU0DQULTXH/DQ]DURWH

 /HIHEYUH +HQUL /H 'URLW j OD FLWq $QWKURSRV 3DUtV  YHUVLyQ FDVWHOODQD (O GHUHFKR D OD FLXGDG 3HQtQVXOD
%DUFHORQD 

9pDVH6HUDJHOGLQ,VPDwO HG 7KH$UFKLWHFWXUHRI(PSRZHUPHQW$FDGHP\/RQGUHV


6SLYDN*D\DWUL&DQWKH6XEDOWHUQ6SHDN"5HIOHFWLRQVRQ WKH+LVWRU\RI DQ ,GHD &ROXPELD 8QLYHUVLW\ 3UHVV 1XHYD
<RUN  YHUVLyQ FDVWHOODQD SDUFLDO HQ ¢3XHGHQ KDEODU ORV VXEDOWHUQRV" 0DFED %DUFHORQD   \ 5LYHUD *DUUHWD
0DUtD0LODJURV1RPEUDUHOPXQGRHQIHPHQLQR,FDULD%DUFHORQD

 %UDLGRWWL 5RVL 7UDQVSRVLWLRQV 2Q 1RPDGLF (WKLFV 3ROLW\ 3UHVV &DPEULGJH  YHUVLyQ FDVWHOODQD
7UDQVSRVLFLRQHV6REUHODpWLFDQyPDGD*HGLVD%DUFHORQD 

 *XDWWDUL )pOL[ /HV 7URLV pFRORJLHV eGLWLRQV *DOLOpH 3DUtV  YHUVLyQ FDVWHOODQD /DV WUHV HFRORJtDV 3UHWH[WRV
9DOHQFLD 
$SSDGXUDL$UMXQ)HDURI6PDOO1XPEHUV$Q(VVD\RQWKH*HRJUDSK\RI$QJHU'XNH8QLYHUVLW\3UHVV'XUKDP
YHUVLyQ FDVWHOODQD (O UHFKD]R GH ODV PLQRUtDV HQVD\R VREUH OD JHRJUDItD GH OD IXULD 7XVTXHWV %DUFHORQD  
6DQGHUFRFN /HRQLH 7RZDUGV &RVPRSROLV - :LOH\  6RQV &KLFKHVWHU  \ 6DQGHUFRFN /HRQLH \ $WWLOL *LRYDQQL
:KHUH6WUDQJHUV%HFRPH1HLJKERXUV,QWHJUDWLQJ,PPLJUDQWVLQ9DQFRXYHU&DQDGD6SULQJHU1XHYD<RUN
6WHDOV-DPHV7KH&RPSOHWH$UFKLWHFWXUHRI%DONULVKQD'RVKL5HWKLQNLQJ0RGHUQLVPIRUWKH'HYHORSLQJ:RUG6XSHU
%RRN+RXVH%RPED\
 9pDVH 0RULQ (GJDU ,QWURGXFWLRQ j OD SHQVpH FRPSOH[H (6) 3DUtV  YHUVLyQ FDVWHOODQD ,QWURGXFFLyQ DO
SHQVDPLHQWRFRPSOHMR*HGLVD%DUFHORQD 

9pDVH/XKPDQQ1LNODV6RFLHGDG\VLVWHPD/DDPELFLyQGHODWHRUtD3DLGyV%DUFHORQD

 9pDVH 'HUULGD -DFTXHV /H 0RQROLQJXLVPH GH O¶DXWUH RX /D SURWKqVH G¶RULJLQH *DOLOpH 3DUtV  YHUVLyQ
FDVWHOODQD(OPRQROLQJLVPRGHORWUR0DQDQWLDO%XHQRV$LUHV 
/pYLQDV(PPDQXHO/DWUDFHGHO¶DXWUH>@ YHUVLyQFDVWHOODQD/DKXHOODGHORWUR7DXUXV&LXGDGGH0p[LFR 

6DUNLVVLDQ:HQG\HWDO.LWFKHQ7DEOH6XVWDLQDELOLW\(DUWKVFDQ/RQGUHV
*DODQR&DUORV0DQVDOYR-XDQ0X[t=DLGD\0HLW\$OHMDQGUR&LXGDGHVTXHHQDPRUDQ-RUQDGDVGHGHEDWHUHJLRQDO
9HUGH6XU(GLFLRQHVGHO)RUR(FRORJLVWDGH3DUDQi
 &KHUPD\HII 6HUJH \ $OH[DQGHU &KULVWRSKHU &RPPXQLW\ DQG 3ULYDF\ 7RZDUG D 1HZ $UFKLWHFWXUH RI +XPDQLVP
'RXEOHGD\ 1XHYD <RUN  YHUVLyQ FDVWHOODQD&RPXQLGDG \ SULYDFLGDG +DFLD XQD DUTXLWHFWXUD KXPDQLVWD (GLFLRQHV
1XHYD 9LVLyQ %XHQRV $LUHV   $OH[DQGHU &KULVWRSKHU 1RWHV RQ WKH 6\QWKHVLV RI )RUP +DUYDUG 8QLYHUVLW\ 3UHVV
&DPEULGJH 0DVV  YHUVLyQFDVWHOODQD(QVD\RVREUHODVtQWHVLVGHODIRUPD(GLFLRQHV,QILQLWR%XHQRV$LUHV
HG 
 0DFKDGR 5RGROIR HG  7KH )DYHOD%DLUUR 3URMHFW -RUJH 0DULR -iXUHJXL DUFKLWHFWV +DUYDUG 8QLYHUVLW\ *UDGXDWH
6FKRRORI'HVLJQ&DPEULGJH 0DVV \0RQWDQHU-RVHS0DULD6LVWHPDVDUTXLWHFWyQLFRVFRQWHPSRUiQHRV(GLWRULDO
*XVWDYR*LOL%DUFHORQD

'DYLG0LNH³¢4XLpQFRQVWUXLUiHO$UFDGH1Rp"(OLPSHUDWLYRXWySLFRHQOD(UDGHODFDWiVWURIH´HQ$$99 'HVSXpV
GHO QHROLEHUDOLVPR FLXGDGHV \ FDRV VLVWpPLFRV 0DFED %DUFHORQD  (O DXWRU LQWURGXFH OD SRVLELOLGDG GHVGH ORV
HVWXGLRVFLHQWtILFRVGHTXHQRKD\D\DPHFDQLVPRVGHFRUUHFFLyQSRVLEOHSDUDUHFRQGXFLUHOFDPELRFOLPiWLFR
 :DFNHUQDJHO 0DWKLV \ 5HHV :LOOLDP 2XU (FRORJLFDO )RRWSULQW 5HGXFLQJ +XPDQ ,PSDFW RQ WKH (DUWK 6RFLHW\
3XEOLVKHUV *DEULROD ,VODQG  YHUVLyQ FDVWHOODQD 1XHVWUD KXHOOD HFROyJLFD UHGXFLHQGR HO LPSDFWR KXPDQR VREUH OD
7LHUUD/206DQWLDJRGH&KLOH 

0RQWDQHU-RVHS0DULDRSFLW
 6YDPSD 0DULVWHOOD &DPELR GH pSRFD 0RYLPLHQWRV VRFLDOHV \ SRGHU SROtWLFR 6LJOR ;;, HGLWRUHV&/$&62 %XHQRV
$LUHV
0X[t=DLGD/DDUTXLWHFWXUDGHODFLXGDGJOREDO(GLWRULDO*XVWDYR*LOL%DUFHORQD VHJXQGDHGLFLyQSXEOLFDGDSRU
1REXNR%XHQRV$LUHV 
&RUER]$QGUp/H7HUULWRLUHFRPPHSDOLPSVHVWHHWDXWUHVHVVDLV/HVeGLWLRQVGHO¶,PSULPHXU%HVDQoRQ

 0RQWDQHU -RVHS 0DULD ÈOYDUH] )HUQDQGR \ 0X[t =DLGD HGV  $UFKLYR FUtWLFR 0RGHOR %DUFHORQD $MXQWDPHQW GH
%DUFHORQD(76$%83&%DUFHORQD
$GRUQR7KHRGRU:\+RUNKHLPHU0D['LDOHNWLNGHU$XINOlUXQJ3KLORVRSKLVFKHIUDJPHQWH6RFLDO6WXGLHV$VVRFLDWLRQ
1XHYD<RUN YHUVLyQFDVWHOODQD'LDOpFWLFDGHOD,OXVWUDFLyQ&tUFXORGH/HFWRUHV%DUFHORQD 

 0RQWDQHU -RVHS 0DULD ³0pV LGHQVLWDW 3HU XQD FXOWXUD XUEDQD´ HQ $$ 99 $UW H[SHULqQFLHV L WHUULWRULV HQ SURFpV
,GHQVLWDW$FWDU'%DUFHORQD
'HUULGD-DFTXHV6SHFWUHVGH0DU[O¶pWDWGHODGHWWHOHWUDYDLOGXGHXLOHWODQRXYHOOH,QWHUQDWLRQDOH*DOLOpH3DUtV
YHUVLyQFDVWHOODQD(VSHFWURVGH0DU[HOHVWDGRGHODGHXGDHOWUDEDMRGHOGXHOR\ODQXHYDLQWHUQDFLRQDO7URWWD0DGULG
 
 9pDVH 'HOJDGR 0DQXHO ³(O HVSDFLR S~EOLFR FRPR LGHRORJtD´ ,QVWLWXW &DWDOj G¶$QWURSRORJLD GH OD 8QLYHUVLWDW GH
%DUFHORQD%DUFHORQD\/DFLXGDGPHQWLURVDIUDXGH\PLVHULDGHOPRGHOR%DUFHORQD/D&DWDUDWD0DGULG
 5RJHUV 5LFKDUG &LWLHV IRU D 6PDOO 3ODQHW )DEHU  )DEHU /RQGUHV  YHUVLyQ FDVWHOODQD &LXGDGHV SDUD XQ
SHTXHxRSODQHWD(GLWRULDO*XVWDYR*LOL%DUFHORQD 

 5HVSHFWR DO SULPHU SUR\HFWR GH OD GpFDGD GH  UHFXpUGHVH TXH \D HQWRQFHV HPSH]DURQ D DSDUHFHU LQIRUPHV
FUtWLFRVVREUHHODJRWDPLHQWRGHORVUHFXUVRVFRPRHOGHO&OXEGH5RPD  6REUHORVHJXQGRYpDVHODH[SRVLFLyQ
5LFKDUG5RJHUV$UFKLWHFWV'HODFDVDDODFLXGDGHQHO&DL[D)RUXPGH%DUFHORQDHQHO
-DFREV-DQH7KH'HDWKDQG/LIHRI*UHDW$PHULFDQ&LWLHV3LPOLFR/RQGUHV YHUVLyQFDVWHOODQD0XHUWH\YLGD
GHODVJUDQGHVFLXGDGHV&DSLWiQ6ZLQJ0DGULG 
+D\GHQ'RORUHV7KH3RZHURI3ODFH8UEDQ/DQGVFDSHVDV3XEOLF+LVWRU\7KH0,73UHVV&DPEULGJH 0DVV 

6DQGHUFRFN/HRQLH7RZDUGV&RVPRSROLV3ODQQLQJIRU0XOWLFXOWXUDO&LWLHV-RKQ:LOH\ 6RQV&KLFKHVWHU
 +DEUDNHQ 1 -RKQ 7KH 6WUXFWXUH RI WKH 2UGLQDU\ )RUP DQG &RQWURO LQ WKH %XLOW (QYLURQPHQW 7KH 0,7 3UHVV
&DPEULGJH 0DVV 

5HVSHFWRD5XUDO6WXGLRYpDVH0RQWDQHU-RVHS0DULD6LVWHPDVDUTXLWHFWyQLFRVFRQWHPSRUiQHRV(GLWRULDO*XVWDYR
*LOL%DUFHORQD(QUHODFLyQFRQHVWDQXHYDDFWLWXGpWLFDYpDVHHOFDWiORJRGHH[SRVLFLyQ/HSLN$QGUHV HG 6PDOO
6FDOH%LJ&KDQJH1HZ$UFKLWHFWXUHRI6RFLDO(QJDJHPHQW0R0$1XHYD<RUN
 6DODV -XOLiQ +DFLD XQD PDQXDOtVWLFD XQLYHUVDO GH KDELWDELOLGDG EiVLFD &DWiORJR GH  ILFKDV GH FRPSRQHQWHV
VHUYLFLRVHLQVWDODFLRQHVGHPX\EDMRFRVWH0DLUHD(VFXHOD7pFQLFD6XSHULRUGH$UTXLWHFWXUD0DGULG

)XNX\DPD)UDQFLV7KH(QGRI+LVWRU\DQGWKH/DVW0DQ+DPLVK+DPLOWRQ/RQGUHV YHUVLyQFDVWHOODQD(OILQ
GHODKLVWRULD\HO~OWLPRKRPEUH3ODQHWD%DUFHORQD 
9pDVH0RQWDQHU-RVHS0DULD/DVIRUPDVGHOVLJOR ;;(GLWRULDO*XVWDYR*LOL%DUFHORQD\³5HP.RROKDDV7RGR
HQYHQWD'H/H&RUEXVLHUD3UDGD´6XPPDQ~P%XHQRV$LUHV
9pDVH/HDFK1HLO7KH$QDHVWKHWLFVRI$UFKLWHFWXUH7KH0,73UHVV&DPEULGJH 0DVV  YHUVLyQFDVWHOODQD/D
DQHVWpWLFDGHODDUTXLWHFWXUD(GLWRULDO*XVWDYR*LOL%DUFHORQD 

'HUULGD-DFTXHV6SHFWUHVGH0DU[O¶pWDWGHODGHWWHOHWUDYDLOGXGHXLOHWODQRXYHOOH,QWHUQDWLRQDOH*DOLOpH3DUtV
YHUVLyQFDVWHOODQD(VSHFWURVGH0DU[HOHVWDGRGHODGHXGDHOWUDEDMRGHOGXHOR\ODQXHYDLQWHUQDFLRQDO7URWWD0DGULG
 

'HUULGD-DFTXHVRSFLW
%UDLGRWWL5RVL³6XEMHWLYLGDGDILUPDFLyQGRORU\FDSDFLWDFLyQ´HQ$$99,GHDVUHFLELGDV8QYRFDEXODULRSDUDODFXOWXUD
DUWtVWLFDFRQWHPSRUiQHD0$&%$%DUFHORQD\7UDQVSRVLWLRQV2Q1RPDGLF(WKLFV 3ROLW\ 3UHVV &DPEULGJH 
YHUVLyQFDVWHOODQD7UDQVSRVLFLRQHVVREUHODpWLFDQyPDGD*HGLVD%DUFHORQD 
'LVHxRGHODFXELHUWD5DIDPDWHR6WXGLR
&XDOTXLHU IRUPD GH UHSURGXFFLyQ GLVWULEXFLyQ FRPXQLFDFLyQ S~EOLFD R WUDQVIRUPDFLyQ GH HVWD REUD VyOR SXHGH VHU
UHDOL]DGDFRQODDXWRUL]DFLyQGHVXVWLWXODUHVVDOYRH[FHSFLyQSUHYLVWDSRUODOH\'LUtMDVHD&('52 &HQWUR(VSDxROGH
'HUHFKRV5HSURJUiILFRVZZZFHGURRUJ VLQHFHVLWDIRWRFRSLDURHVFDQHDUDOJ~QIUDJPHQWRGHHVWDREUD

/D(GLWRULDOQRVHSURQXQFLDQLH[SUHVDQLLPSOtFLWDPHQWHUHVSHFWRDODH[DFWLWXGGHODLQIRUPDFLyQFRQWHQLGDHQHVWHOLEUR
UD]yQSRUODFXDOQRSXHGHDVXPLUQLQJ~QWLSRGHUHVSRQVDELOLGDGHQFDVRGHHUURUXRPLVLyQ

‹-RVHS0DULD0RQWDQHU=DLGD0X[t
‹(GLWRULDO*XVWDYR*LOL6/%DUFHORQD

,6%1

You might also like