Download as pdf or txt
Download as pdf or txt
You are on page 1of 12

)L/RVR), $ a0(',7$&,21(6

62 %5( /$9,'$
+$11$+ $5(1'7 +RPEUHVHQWLHPSRVGH
,
RVFXULGDG
3$8/ 5,&2(8 5 OG \ XWRSLD
HRORJLD
(5 1 (67 * (//1(5 &XO
WXUD
LGHQ
WLGDG\ SRWLWLF
D
-($ 1 )5 $1 2,6 /<2 7 $ 5' /D GLMH
UHQFLD
52 1$/' ': 2 5.,1 (O LPSHULR GHODMXVWLFLD
&2 51(/,86 &$ 6725,$ ', 6 /RV GRPLQLRV GHO KRPEUH SRU
.$5 / -$6 3(5 6 /D SUDF
WL
FH P HGLFR HQOD
HUDWHFQROJLF D -
X
/ 8' : ,* :,77 * (167(,1
5 REHU
W1 R]LFN
6RKUHODFHUWH
]D
-( $1 ) 5 $12, 6 /<27$5' ( OHQWX
VLD
VPR
- ( $ 1)5$1©R UV /<2 7$5' /D SRVPRGHUQLG
DG
H[SO
LFDDDD ORVQLLLRV
7=9 (7 $1 72'2529 ) UG
JLOIHOLFLGDG
*,$11, 9 $77,02 (OILQGH ODPRGHUQLGDG
*,$11, 9$77,02 WQ
W +HLGHJJHU
URDXFFLRQ©
-$& 2% %52 1 2:6., /RV RUL
JHQHVGHOFRQRFLPLHQWR
\ ODLPDJLQDHLRQ
125%(572 %2%%,2 ( OSUREOHPD GH ODJXHUUD
\ ODVYLDV
GHODSD]
*,//(6 '(/(8=( (PSLULVPR\ VXEMHWLYLGDG
,
7 LWXORGHO RULJ
LQD
O
7KH ([DP LQHG/LLH3 KLO RVRS
KLFDO0 HGLWDWLRQV
‹ E\ 5REHUW 1 R] LFN

7UDGX FFLQ &DUORV * DU


GLQ
L
' LV
HLL D * XVWDYR
R GH ODFXELHUW 0DFUL

,QGLFH

D HGL
FLQ %DUFHORQ
D (VSDQD
35/2*2

$*5 $ '(&LOYL,(17&6

,QWURGXFFLRQ U
'HUHFKRV
SDUD
WRGDV ODV
HGLFLR
QHVHQ FDV
WHOO
DQR 0RULU
3DGUH VHKLMR V
/D FUHDFL Q
‹ E\ (GLWRULDO
*HGLV
D 6 $ /D QDWXUDO H]DGH' LRVODQD WX
UDOH]D GHODIH
0 XQWDQHU HQWO R LD /D VDFUDOLGDGGH ODYL GDFRWLGLDQD
7HO /D VH[XDOLGDG
%DUFHORQD(VSDQD (OYLQFXORGHO DPRU
(PRF LRQHV
/D IHOLFLGDG
,6%1 a (QIRTXHV
WR,HJDU %
'HSRVL 6HUPDV UHDOHV a B
$E QHJDFL Q
3RVWXUDV
9DORU\ VLJQL ILFDGR
,P SUHVR HQ (VSDQ
D ,PSRUW DQFLD \ SHVR
3ULQWHG LQ6SDLQ / DUQDWUL] GHODUHDOLG DG
2 VFXULGDG \ OX] a
([SOLFDFLRQHV WHROJLFDV
(O+RORFDXVWR
,P SUHVR
HQ5RPDQ\D 9 DOO
V /D LOXPLQDFLQ
F, 9 HUGD
J XHU &DSHOODGHV $FDGDFR VDORVX\R
O4XHHVODVDELGX ULD\ SRUTXHORVILOVRIRV ODDPDQWDQWR"
/R LGHD O\ ORUHDO
(O]LJ]DJ GHODSROLWLFD
4XHGD SURKLELGDOD UHS
URGXFFLQ WRWD
OR SDUFL
DOSRUFXDOTXLHU
PHGLD /D YLGD GHODILORVR ILD
GHWPSUHVL
RQ HQIRUPDLGHQ WLFDH[WUD
FWD
GD R PRGLOO
FDGD HQ
FDVWHOODQ
R 5HWUDWR GHO ILVR IRDGR OHVF
HQW
H
R FXDOTXLHU
RWU
R LG
LRPD
,1 ',&('( 1 20%5(6
,

H- , WL O ‡ a

O
,

V H UUVL* LD DO RIUHFHUPRGHOR
XQ GHO YDORU D GD D
aa B HDaPSOHPHQWHELQDULR /D ,QWL a 3URFHVR
UQDFRQH[La HQWUHWU
LFDaD HQ TXH ODHUQRFLQ XHGH EULQGDU \ 9DORU
RFLRQ
GHOYDORU \GH VXFDWHJRULD UHOHYDQWH
PN DEDUFDGRUD XQ PRGHOR
DQD,JLFR

/DIHOLFLGDG

$OJXQRV W HRULFRV VRVWLHQHQ TXH OD IHOLFLGDG HVORXQLFR LP


ODYLGDDXQD SHUVRQD GLFHQ VOR GHEHULD LPSRUWDUOH VHU IHOL]ODXQL
SDXWDSDUD HYDOXDU XQD YLGD HVODFDQWLGDG GH IHOLFLGDG LU
RTXH FRQ
UXFRTXH HV WD SUHWHQVLRQ H[FOX\HQWH GH OD GLVWRUVLRQH
IHOLFLGDG HO GHVDERU
ORV PRP HQWRV IHOLFHV3XHV HQ HVRV PRPHQWRV FDVLWRGR SDUHFH U
HOUHVSODQGR UGHOVROHODVSHFWR GH HVDSHUVRQD HOIXOJRUGHO DJXD
>XHJRGH ORVSHUURV DXQTXH QR HODFWR GHO DVHVLQR DSHUWXUD GH(VWD
ODIHOL
aLGDG VX JHQHURVLGDG GHHVSLULWX \ VX DQFKXUD GHDSUHFLDFLQ VHGLVWR
QD< UHVWULQJH DQWHVXHTXIYRFD GHIHQVRUD ODSUHWHQVLRQ GHT
,D IHOLFLGDG$OFRQWUDULR IHOL
FLGDG
GHOD PLVPD HVWDSUHW
HQVLRQ UH]XPD ULYD
,LGDG / DIHOLFLGDG SXHGH VHUSUHFLRVD HLQFOXVR SURPLQHQWH SHU
GRXQDFRVDLPSRUWDQWH HQWUH RWUDV
+D\ YDU LRV PRGRV GH GHVPHQWLU DSD
UHQWH
OD REYLHGDG OD SHUVSHFWL
GH
YDGH TXH OD IHOLFLGDG HV OR LLQLFR LPSRUWDQWH 3ULPHUDDXQVLODIHOLFLGDG
IXHUDORLLQLFR TXH QRV LQWHUHVDUD QR QRV LPSRUWDULD WRWDO
VRORV
&XDQG R XVR HVWH QRV LQYLWR DOOHFWRU DH[DUQLQDU
VLHVWDGH DFXHUGR RQR
B 6L HVDVLHVWR\ HODERUDQGR \ H[SORUDQGR XQ HQIRTXH FRUPLQ SHUR H
FRQWUDU LR YLDMDUH D VRODV SRU
XQUDWR 7DPELHQ QRV LQWHUHVDUWDYHUFRP VH
GLVWULEX\H HVDIHOLFLGDG DORODUJR GH XQD YLGD ,PDJLQHPRV TXH
JUDILFRGH ODIHOLFLGDG WRWDOGH DOJXLHQ DWUDYHV GHODYLGDO IH
,LFLGDG HVWD UHSUHVHQWDGD HQHOHMHYHUWLFDO HOWLHPSR 6L HO HQHO
IHQPHQR GH ODIHOLFLGDG HVH[WUHPDGDPHQWH \ PXOWLGLPHQVLR
FRUQSOLFDGR
QDOHOJUDILFR QR VHUYLULD SDUD H[DPLQDU HVWD FDQWLGDG SHUR
PHWDGHPD[LUQL]DU QXHVWUD IHOLFLGDG WDPELHQ VHYXHOYHERUU 6LVRORLP
SRUWDUD ODFDQWLGDG WRWDO GH IHOLFLGDG QRV GDULD LJXDOXQD
HQLQFUHPHQWR FRQVWDQWH GHGHFUHFLPLHQWR
TXH XQD FRQVWDQWH XQD FXU
DVFHQVR TXH XQD HQ GHVFHQVR VLHPSUH TXH ODFDQWLGDG WRWDO
VXSHUILFLH BWRWDOEDMR,D
BBFXUYD IXHUD LJXDO HQ DPERV FDVRV6LQHPEDUJR
P D\RULD GH QRVRWURV SUHIHULULDPRV OD FXUYD DVFHQGHQWH D O
SUHIHULUIDPRV XQD YLGD GHIHOLFLGDG FUHFLHQWH GHFUHFLHQWH
DXQDGHIHOLFL
3DUWH GH D UD]Q SHUR VRORSDUWH SXHGH VHUTXHFRPRQRV KDFHIHOLF
SHUDU PD\RU IHOLFLGDGHVWR HOHYDULD
DXQPDV QXHVWUD IHOLFLGDG DFWXDO 3
ODSHUVRQD GH ODFXUYD GHVFHQGHQWH JR]DUID GHO SODFHUSURXV
GDU ODIHOLFLGDG SDVDGD 6LQHPEDUJR WRPHPRV HQFXHQWDHOSODFH
WLFLSDFLRQ LQFOX\HQGROR HQODFXUYD FX\D DOWXUD SRUHQGH VHL
@
,
!
, , O I ?

FLHUWRV
OXJDUH
V DXQDVI ODUQD
\ RULDGHQRVRWURV QRLQWHUHVDUL
QRV DPRV V, /DV+QHDV UHFWD VQR VRQ ODV XQL FDa FXUYDa QDUUDWLDV UR 3HI DWRQWR
HQ OD VXSHUILFLH TXHEDM
HVWD
R HVWDFXUYDPHMRUDGD VLQR
WDPELHQHQ OD
GLUHFa G HVFRJHUODPHMRU FXUYD GHIHK FGDG G YHUVDV E JUBBa FWVSXHGHQ HQ
FLRQ GH OD FXUYD
O4XH SUHIHULUIDPR
V SDUDQXHVW
UR
V KLMRVXQD YLGD GH
GHFO WUa/DU HOaPLVPD FXUYD\ WDPELHQ QRVLQWHUHVD HO FRQW HQLGR GHXQDELRJUD
QDFLRQ XQD
R YLGDGHSURJUHVR" Fa-DU Ha DQRVLQWHUHVH TXHODFXUYD DVFHQGHQWH DIHFWH HOUX UQO-"QDUUDWLYR GH
0DV DXQHVWDUIDUQ
RVGLVSXHVWRV DFHGHUFLHUWDFDQWLGDG IHOLGG
GHDFW ILD4WaaYLGDQRVXFDQWLGDG GHIHO LFLGDG&RQHVWDV KL VWRULDVFRQ VWDQWHV V
SDUDTXH ODQDUUDFLRQ
GHQXHVWUDYLGDVHGHVSOD]DUD HQODGLUHFFLRQ
FRUUHFWD
QX36 LD
aQWRQFHV QRVSRGUIDLQWHUHVDU
Â
ODFDQWL GD G GH I HF O GDG QR VX FXUYD V P
PHMRUDQGR HQJHQHUDOXQDFXUYD
$XQ VL GHVFHQGHQWH WXYLHUDXQDVXSHUI
LFLa a EDUJRHVWRWDPELHQ DSR\aUID HODUJXaH,@W2 JHQHUDO GHTXHKD\ aOJRXH
OLJHUDPHQWH PD\RU
GHEDMR SUHIHULULDUQRV QXHVWUDVYLGDV
TXH DVFHQGLHUDQ a UWDDO P DUJHQ GHODFDQWLGDGGH IHKFGDGXQD FXUYD DVFHQGHQWH WUDW
6L DEDUFDUD XQD VXSHUILFLH
P XFKLVLUQR
PD\RU OD HOHFFLRQSRGULD
PRGLILFDU LUQ
VH3R GHOD + QHDQDUUDWLYD R LDFXUYD G I H aH D GG
VH 3RUWDQWR HOFRQWRUQR
GHODIHOLFLGDG WLHQH
XQSHVRLQGHSHQGLHQWH DGH a 7DUQELHQ SRGHPRVGHPRVWUD,TXH PSRUWDQ RWUDV FRVDV DOPDUJHQ GHO
PDVGHURPSHUOD]RV HQWUH YLGDVFDQWLGDG
FX\D W DO GHIHOLFLGDGLJ X
RW HVDO U ODIHOLFLGDG DOREVHUYDU XQDYLGD TXH ORV SRVHH SHUR RWURV HQ VHQWL
SDFH ER G
&RQ HOREMH
WRGHORJUDUXQDGLUHFFLRQ
QDUUDWLYH
P DVGHVHDEOH D YHFHV
HVFR GRVHVYDGDXaD YLGaGHSODFHUHV "RaXa?a aaaD VDWLaaFaa a U Va H
JHULDPRV QR PD[LPL]DU
QXHVWUD IHOLFLGDG WRWDO
< VLHa IDFWRUGH
ODGLUHFFLQ ODV XQD 9OGDIHK] SHUR VXSHUQFDO 2ZW X DUW 0P HaQE / 6 PH
I QYR IHFKRHVPH-2U VHU
QDUUDWLYD
MXVWLILFD
SHUGLGDGH
OD FLHUWD
FDQWLGDGGHIHOLFLGDG RWURV
IDFWRUHV XQVHU KXPDQR LQVDWLVIHFKR TXHXQ FHUGRVDKV XQ6
WDPELHQORKDULDQ aWHVLQVDWLVIHFKR TXHXQQHGR VD WL
VIHFKR< DXQTXH ORUQHM"U VHULD VHU
aaWHV VDWLVIHFKR W
HQLHQGR OD IHOLFLGDG \ ODSURIXQGLGDG FHGHULDPRV FLHUWD
IaOLFLGDG SDUDJDQDU ODSURIXQGLGDG
6H UHTXLHUHFLHUWR FXLGDGR SDUD GHOLQHDUSUHFLVL
FRQ RQ ODSUHIHUHQFLD VLHQGR WRGDV ODV 1 RVRPRVUHGSLHQWHV YDGRV VHOOHQDQ
TXHFRQ FRVDV EXHQDV FRQSOD
GHPDV FRVDV LJXDOHVSRU ODFXUYD DVFHQGH QWHSDUD WRPDU HQFXH QWD WRGDVFRPSOHMODV LGDGHV
FH HU !V SHUWHQHQGDV HPRFLRQH VSR VLWLY DV RLQGXVR FRQXQDYLGD LQWHULRU ULFD
TXH LPSOLHV DQWLFLSDU < HYRFDU LQWHUYDORV GH WLHPSR GXUDGH
FLQ FDPELDQW HPLHQWUDV V XQR
H \ YDULDGD (VHUHGSLHQWH QRWLHQH HVWUXFWXUDDSRSLDGD
XaD HaaX P W HQRUH
PXHYH SRU OD YLGD 6LQHPEDUJ R OD SUHIHUHQGD SRU HO FRQWRUQR GHODYLGD GHQX HVWURV KLMRV
HOXGH HVWH SUREOHPD SXHV HQW RQFHVXQR HYDKLD OD YLGD XQD FRPRWRWDOLGDG GHVG H XQ SXQU R
LGR HQTXHODV H[SHULHQFLDV DUWLFXODQ
VH R VHSHUIODQFRQ H WOHPSR FDUHFH
H[WHPR DHOOD \ ODDQWLFLS DGQ \ HYRFDFLRQ QRHQWUDQ VLXQ RGHVFRQRFHFRQWRUQHO R GHHVD YL a HFLPQRUW aQFLDH[FHSWR TXH DOJXQDV FRQILJXUDFLRQHVYXHOYHQ PDV SURED
GD 6LODDQWLFLSDFLQ XQELHQIXWXUR
GH QRV FRPSODFH DKR PDV
UD TXHODHYRFDFLRQ GHXQELHQ aOHVSWaHYRV PRPHQWRV IHOLFHV (OHQIRTXH GHTXH VOR ODIHOLGGDG LPSRUWD
SDVDG R DIHFWDQG R DVL HO OXJDU GRQGH VHODVFXUY VLWLLDQ DV HVWH KHFKR PLVPR SRGULD LQGLFDU L QRUD D FXHVWLQ GH FPR VRPRV QRVRWUR V ORVFDQGLGDW RVD ODIHOLFL GDG
XQDSUHIHUHQGD SRUOD FXUYD DVFHQGHQWH $QDOR J DPHQWHODVSHUVRQDV FRQDP QHV LDSRGUI DQ I HUR FPRORP DVLPSRUWDQWHGHQXH VWUDYLGDSRGULD VHU DJXHOOR TXHHOOD
SUHI HU LUTXH XQD IHOLFLGDG GDG DHVWH HQHOIXWXUH \ QRHQHOSDVD GR DX TXHHOUHFXHUGR SXHGD
UHFXSHUDUVH 7DPELH QQHFHVL WDPRV GLVFHUQLU HQWUH ODSUHIHUHQFL D SRUOD FXUYD DVFHQ GHQW H \ OD aRQWLHQ H" O3RUTXH OD VH[SHULHQFLD VGHO SODF HU R OD IHOLFLGDG VHULDQ PDV LP
SUHIHUHQGD SRUXQILQDO IHOL]TXHSDUHGH UDLQ GL
FDG R SRUOD FXUYD DVF HQGHQW H 3HQVHP RV HQ SRUWDQWHV QXHTXH
VWURPRGR GHVHU "
XQDFXUY DTXHDVFL HQGH FDVLKDV WD HOILQDO \ RWUD FXUY DTXHGHVFLHQGH KDVWD FDVLHOILQDO FDGD )UHXGFRQV LGHUDEDXQ SULQ FLSLRIXQG DPHQWDO GHODFRQGXFW D TXHEXV
FXDO FRQODPLVPDVXSHU ILGHW RWDOGHEDMRHVWDV GRV FXUYDV FUX]DD HR
VHP RXQD; + DGDHOIU FDPRVHO SODFHU\ SUR F8 UDLUL2V HOXGIUHO GROR R HO aLVSODFaW"\ a GHaRPLQaEDD
QDOHPSHURODV FRVDV VRQ P DVFRP SOL FDGDV SDUDXQD SHUVRQD GH FDGD FXUY DKD\ODPLWDG GH
SUREDELOL GDGHVGHSHUP DQ HFHU HQHVH QLYHO \ ODPLWDG GHSUREDELOLGDGHV FDH UG GH
HLQPHGL DWR
HVWRHOSaU L L34 IOaO SOD FHU$ YHFHV HOFDUQPR D VHIHaEYRQDFLD HOS DFHU
RVHU HOHYD GDDO QLYHOGHODRWU DFXUYD FRQ ODYL GDW HUPLQDQGR SRFR GHVSXHV (OQLYHO GHHVH IL FRQVLVWHHQ QREXVFD UORGLU HFWDPHQWHXQRHIHFWX DG aV\ SV \ SRV WHUJD OD VD
QDO QRVHSXHGHSUHG HGU DSDUWLU GHOFXUV HGHOD FXUY DKDVWD HQWRQFHV HQHV VL
W
DVFLUFXQVWDQ W LVIDFFLLQ4I (aH "-, 6OaB"" aQXOO F-a$ FLaWO BVIXaQWWV Ga SODFHU GDGD OD
FLDV DLLQ VHSUHILHUH DVFHQGHQW OD FXUYD a DODGHVF HQGHQWH HVWD SUHIHUHQFLD FRQFLHUQH DOFXUV R ,?a KLUDLa] D GHOPXQGR H[W HP R 6HJOL Q) UHXG HVWRHUD DFW X" UGH DFXH UGRFRQ
GHODVFXUY DVQRVORDO ILQDO HO SULQ FLSLaGH UHD OLGLOG (L SULQ FLSLR GHUHDOL" DO IaHX"LaQR HV WDVXERUGLQ D
HU / D VXV
1XHV WUDSUHIHUHQGDOD SRU
FXUYD DVFHQGHQWH \ QXHVWUR GLVJXVWR ODGHVFHQG
SRU HQ WHSR
GUL DH[SOLFDU RWURVIHQPHQRV 5HFLHQWHPHQWH GRVSVLFORJRV $PRV 7YHUVN\ \ 'DQLHO .K aH
OR DOSUL QGSLR GHO SODF KWX FQGHO SQQ FS" aLHOSO DFH USRa HO
PDQ KDQ HQIDWL]DGR TXH UHDOL]DU
DO ODJHQWHMX]JD
RSFLRQHV ORVUHVXOWDGRV GHODV DFGRQHV F RQ SUL QFLSLR GHUHDOLGDG QR LPSOLFDXQ DEaQGRQR GHOSUPRSaR aHOSODF HUBVPR
WUDULDPHQWH ODVUHFRPHQGDFLRQHV
D GHW HRULDV QRUPDWL YDVH[LVWHQWHV QRVHJLOQ QLYHODEVROX
VX VRORXQUH VJXDUGR8 QSO DFHUPRPHQWD QHRGHUHV XOWDGR VP RHU WR6L HVDEDa a
WRVLQR VHJOLQ LQYROXFUHQ JDQDQFLDV SHUGLGDV HQ FRPSDUDFLQ
R FRQ
XQSXQ W
R GHUHIHU HQGD\ GRQDGR VROR FRQHOSUR S VL W
R GHJDQD UHQODQXHYDVHQGD XQSO DFH UJ DUDQK
TXHRW RUJDQP D\RUSHVRDODV SHUGLGDV TXH DODV JDQDQFLDV 9HDVH'DQLHO . DKQHPDQ \ $PRV ] DGR HQ XQPRP HQWR SV WHULRU
7YHUVN \ 3URVSHFW 7KHRU\ (FRQRPHWULFD YRO SDJV 5DWLRQDO 2WRLFH DQ G
WKH ) UDPLQ J RI ' HFLVLRQV HQ5RELQ + RJDUWK\ 0H OYLQ 5 HGHUFRPSV 5DWLRQDO 2Z LFH&KLFD ( VWR VSULQ FLSLR VVHSXH GHQIRU PXODUFRQ P D\ RUSUHFLVLRQ SHURDTX L
JR 8 QLY HUVL
W\ RI2WL FDJR3UHVV SDJV 6LODJHQW HSUHILHUH XQD FXUY D DVF HQG HQWH QRVHUHTXLHUHQ UHILQDPLHQW RVWHF QLFRVW1WHVH TXH SXHGH KDEHUGRVHVSH
FDEHHVSHUDU HVWRV GRVUDVJRVFDOLILFDUDQ ORVUHVXOWDGRV SRU HQFLPD GHEDMR
RSRU GHXQSLPWR
GHUHIHUHQGD DFWXDO RKLSRWHWOFR VRQ JDQDQFLDV SHUGLGDV"
R \ SRQGUDQ PD\ RUHQIDVLV HQ
HYLWDU ODVSHU GLGDV 6LQHPEDUJRVLODSUHIHUHQ FLDSRUODFXUY DDVFHQGHQ LH YDU IDVHJOLQ LD XRL )R UPXOD WL
RQV RQ WK H 7 ZR 3ULQFLSO
HV RI 0 HQWDO)XQFW LRQLQJ HQ-DPHV6WUDFKH\
FDFLQGHOQLY HOFHURHVDSUHIH UHQFLD QR VH SXHGH XVDU SDUD H[SOLFDU ORVGRV UDV JRV HQFXDO FRPS 7KH 6WD QGDUG( GLWLRQRI WKH &RPSOHWH
3V\ FKRORJ
LFDO: RUNVRI 6LJPXQG ) UHXG YRO /R Q
TXLHU FDVRDOJXQRV SRGGDQ WUDWDUGHSUHVHQ WDUOD H[SOLFDFLQHQGLUHFFLQ FRQWUDULD YLHQG R OD GUHV7 QH+ RJDUWK3UHVV SDJ B
SUHIH UH QFLDSRU ODFXUYD DVF HQGHQ W
H FRPR VXU JLGDDSDUW LUGHORVGRVUDVJRV W /R V SVLFORJRV FRQGX FWL
VWDV RIUHFH
Q YHUVLRQHVFXD QWLWD
KYDV PDVSUHDVDVGH LSQQD
S
W , W,

FLILF
DHLRQHV GHO SODFHUVH DUP D[LPL]D GR HOSODFHUQHWRLQPHGLD W
R HVGHFLU FLDVQRVVRQSODFHQWHUDV HQWRQFHV ODVGHVHDPRV HQFLHUWDPHG
HOSODFHU WRWDO LUXQHGLDWR GRORUPHQRV
R GLVSODFHU
HO WRWDO LQPHG LDWR ,a QRSODFHQWHUR VROR LQGLFD TXH DOJR HVGHVHDGR SRUVXV FXDOLGDGHV VHQVLEOH
FDQWLGDG WRWDOGHSODFHU QHWRGXUDQWHXQD YLGD (VWDVHJXQGD PHW DSRGULD4XHG DSHQGLHQWHLQWHUURJDQWH
HO GHVLOR GHVHDPRV WDQW
RFRPR SDUD VDFULIL
LQFRUSRUDUWRWDOPHQ W
HHOSUL QFLSLRGHUHDOLGD G GH)UHXG &RP R HOSODF HUDFDURWUD VFRVD VTXHFRQVLGHUDPRV EXH QDV\ VLRWUDV FRVDVWDPELHQ GHVHD
VRQ
VHDVSDUHGD GHP DVLDGR OLJDGR D OD VHQVDFLRQ R ODH[ FLW
DFLRQ LQPHGL DWD DOGDVH LQGXVR PDVGHVHDGDVTXH HOSODFHU 1 R HV SUHFLVR TXH XQDSHUVRQ D
JXQRV ILOVRIRV PRGXO DURQ HOSULQF LSLRGHOSODFH UGL VWLQJXL HQGRDOJXQDV TXHGHVHD HVFULELU XQSRHPD GHVHH SULPDULDPHQWH FXDOLGDGHV
ODV VHQWLGDV
FODVHV GHSODFHUFRPR VXSHULRUHV 3HURDXQTXH HVWDGLVWLQFLRQ HQWU HSODFHGHOHVFULE LUQLODVFXDOLGDGHV VHQW
LGDV GHTXH VHVHSD TXH KD HVFULWRHOSRH
UHVVXSH ULRUHVHLQIHULRUHV IRUPXO
VH DUD DGHFXDGDPH QW HF RVDTXHDX Q QRUQD4XL]DGHVHHSULPDULDPHQWH HVFULELUHVH SRHPD SRU HMHPSOR SRUTXH
, VHKD KHFKR HOOR
OSXHG H FLHU
WD
VRO
R DILDGLULD
FDQWLGDGSO GH
FRP SOL
DFHU LQ
FDFLRQHV DO
IHULRUFRQWUD
SUREO
SHVD
HP D GHODHO
U XQSOD FHUVXS
HFFLQ
HULRU
"
SLHQVD
SHFLDO
TXH HVYDOLRVR RHV YDOLRVD
HQ QLQJXQDFXDOL GDGVHQWLGD
DFWLYLGD
OD
GGHHVFUL ELUOR VLQ HQIDVLV
HV

O& XDQVXSHULR UHVVRQ ORVSODFHUHVVXSHULR UHV\ W DPELH QGLILHUH QHQVXSHUL R 1RVLQW HUHVDQ ODV FRVDVDGHPDV GHF PR VH VLHQWH QX HVWUD YLGD GHVGH
ULGDG"&XUXHVODPHWD J HQHUDOTXHLQFR USRU DHVWDGLV WLQFLRQ FXDOLWDWLYD"/DGHQWUR ( VW R VHP XHVWUD HQ HO VLJXLHQ W
HH[SHULPHQW RPHQWDO ,PDJLQHPRV
GLVWLQFLR
QQRGLFHTXH DOJR GL
IHUHQ W
HGH OSOD FHUWDP ELHQVHD LPSRUWDQW HV XQDP DTX LQDTXHSXGLH UDEU LQGDUQRV FXDOTXLHU H[SHULHQFLD R VHFXHQFLDGH
ORTXHOR LLQLFR LPSRUWDQWH HOSODFHUYL HQHHQGLYHUVDV JUDGDFLRQ FV H[SHULHQGDV TXHGHVHDUDPRV &XDQGRQRVFRQHFW DQDHVW DP DTXLQD SRGH
3RGHPRVREWHQH UP DV SUHFLVLRQ DFHUFD GHO SODFHU $O KDEODU GHSO DFHUUQRV WHQHU ODH[SHULHQFLD GHHVFULELU XQJUDQSRHPD RGHORJUDU ODSD] UQXQ
R VHQWLPLHQWR SODFHQWHUR P HUHILHURDXQ VH QWLPLHQW R TXHHVGHVH DGR HQ GLDOR GHDPDUD DOJXLH Q\ VHU FRUUHVSRQ GLGRV3RGHPRV H[ SHULPHQWDUOR V
SDUWH SRUVXV SURSLDV FXDOLGDGHVVHQVLEOHV (O VHQW
LPLHQ WR QR HVGHVHD GR SODFHUHVVHQW LGRVGHHVWDV FRVDVH[SHULPHQWDUORV WDOFRPR G HVGH VHVLHQW
WRW
DOPHQWH SRUDTXHOORD TXHFRQG XFHRORTXHSHUUQL WHKDFH URSRUT XHFXP OHQWUR 3RGHPRV SURJUDPDUQXHVWUDV H[SHUL
HQFLDV SDUDPDIWDQD R HVWDVH
SODFRQ DOJXQDH[KRUWDFLRQ 6LHVSOD FHQWHUR HVGHVHD GR DOP HQRV HQSDUWH LQDQD R HVWH DIL R LQGXVR SDUD HOUHVWR GHQXHVWUD YLGD6LQXHVWUD LUQDJL
SHU 686 SURSLD VFXDOLGDGHV 1R HVW R\ VRVWHQLHQG R TXHKD\DXQDFXDOL GDG QDFLQ VHHPSREU HFH SRGH PRVXVDU OD ELEOLRWHFDGH VXJHUHQFLDVH[WUDLGDV
TXHVLHUQ SUHHVWD SUHVHQ WH FXDQGRKD\ SOD FHU 6HUSODFHQWHU R HQ PLXVRGH GHOD VELRJUDILDV \ P HMRUDGDV SRU QRYHOLVWDV \ SVLFORJRV 3RGHPRV YLYLU
HVWHWHUPLQR HVIXQFLQGHVH UGHVHD GRHQSDUW HSRUVX VSU RSLDV FXDOLGDGRV QXHVWURV VXHQRV PDV HQWUDQDE OHV GHVG HGHQWUR / (VFRJHULDPRV KDFHUHVWR
VHQVLEOHV VHDQ FXDOHVIXHUHQ (Q HVWHHQIR TXH XQPDVRTXLVWD GTXH HVHDHO SRUHOUH VWR GHQXHV WU
DYLGD "(Q FDVRQHJDWLYR OSRUTXHQR" 2WUDV SHUVR
GRORU SRUVXSUR SLD FXDOL
GD G KDOODUD SODFHQ WHUR HOGRORU (VWRHV HQJ RUUR VR aDVW DP ELHQ WHQGULDQ ODPLVPDRSFLQGHXVDU HVWDVPDTXLQDV TXHVXSRQ
SHUR QR PDVTXH HOPDVRTXLVPR PLVPR 6LQHPEDUJR VLHOPDVRTXLV WDGH JDP RVQRVVRQ VXPLQLVWUDGDVSRU VHUHV DPDEOHV \ FRQILDEOHV GHRWUD JDOD
VHDHOGRORU SRUTXH FUHH LQFR QVFLHQWHPHQ WH TXHPHUHF HVHU FDVWLJD GR KHUL [LD DVLTXH QRHVSUHFLVR UHFKD]DU ODFRQH[LQ FRQ HOSURSVLWR GHD\XGDU D
GR RKXPLOODGR GHVHDQGR
QR HOGRORUSRUVXV SURSLDV FXDOLGDGHV VHQVLEOHV RWURV/DFXHVWLQ QR XVDU
HVODPDTXLQDWHPSRUDULDaaQWH VLQR HQWUDU HQ
VLQRSRUORTXHHVHGRORU DQ XQFLDHQHVHFDVR HOGRORU FXHQWD
QR FRUQRSOD HOODSRU HOUHVWR GHQXHVWUD YLGD 8QD YH] DGHQWUR QR UHFRUGDUHUQRV KDEHU
FHQWHUR $OJXLHQ GLVIU8WDGHXQDDFWLYLGDG HQODUQHGLGD HQTXHOD UHDOL]D SRU KHFKRHVWRHO SODFHUQRVHHVW URSHDUD SRUODFRPSUHLIVLQGH TXHHVJHQHUD
ODVSURSLHGDGHV LQWULQVHFDVGHODDFWL YLGDGQR VROR SRUORTXH JHQHUD RSUR GRSRUXQD PDTXLQD/D LQFHUWLGXPEUH WDUQELHQ HVWDULD
SURJUDPDGD DOXVDU
GXFH GHVSXHV BB/DVSURSLHGDGHV LQWULQVHFDV QRVH OLPLWDQ VLQHPEDUJR DODV HOGLVSRVLWLYR DOHDWRULR GHOD RSFLRQDO
PDTXLQD GHO FXDO SXHGHQGHSHQGHU
FXDOLGDGHV VHQVLEOHVHVWR GHMD SRVLELOLGDGGHTXH
DELHUWD OD DOJRVH GLVIUXWH YDULDVSRVLELOLGDGHV SUHVHOHFFLRQDGDV
VLQTXHVHDSODFHQWHUR 8Q HMHPSOR SRGULDVHUXQDSDUWLGDGH WHUQV VLQFRQ /D FXHVWLQ GHHQFKXIDUVH RQRDHVWD PDTXLQD GHH[SHULHQFLDV LPSOLFD
FHVLRQHVDO]DPEXOOLUVH WUDV ODSHO RWDDOUDVSDUVH \ FRGR
URGLOODV VHQHOVXH XQDSUHJXQWD VREUHHOYDORUODFXDOGHGRVSUHJXQWDV
GLILHUH HPSDUHQWDGDV
ORXQRGLVIUXWD GHOMXHJR DXQTXH QRVHDH[DFWDPHQWH SODFHQWHUR XQDHSaaWHPROJLaa- /FPRVDEHU VL \D QR HVWDPRV HQFKXIDGRV"` \ XQD PH
'H HVWD GHILQLFLRQ GHO SODFHU QRGHGXFH
VH H[LVWDQ H[SHULHQFLDV WDILVLFD
TXH ^ODVH[SHULHQFLDV GHODPDTXLQD QRFRQVWLWX\HQ XQPXQGR UHDO" /D
TXH VH GHVHDQ SRUVXVSURSLDV FXDOLGDGHV VHQVLEOHV QLTXH TXHUHPRV TXH SUHJXQWD QR HV VLHQFKXIDUVH HV SUHIHULEOH D SRVLELOLGDGHV H[
H[LVWDQH[SHULHQFLDVSODFHQWHUDVTXH GHVHDPRVDFDXVDGH VXVFXDOL GDGHV VRPEULDV XQD YLGDGH W RUWXUDVSRUHMHPSOR VLQR VLHQFKXIDUVH FRQVWL
VHQVLEOHV /R TXH VH GHGXFH GH PL XVRGHOWHUPLQR HVHVWR VLOD VH[SHU LHQ WXLULD ODPHMRU YLGD ROD YLGDPHMRU
DFFHVLEOH SRUTXH WRGR OR TXH LPSRUW
GHXQDYLGD HVFPR VHVLHQWH GHVGH GHQWUR
1WHVH TXH VH WUDWD UGH XQ H[SHULPHQWR PHQWDO GLVHQDGR SDUD DLVODU
GHOSODFHU HQHQXQGDFLRQHV D H\ GHGH
HIHFWRORV
LQ \ ORVHFRQRPLVWDV
YHVWLJDGRUHV RSHUDWLYRV XQD SUHJXQWD O6OR QRVLPSRUWDQ QXHVWURV VHQWLPLHQWRV LQWHPRV" 1R
/RV SULQ VREUH ODVDFGRQHV
RIUHFHQ WHRULDV IRQQDOHV DFHUFD GH ODVUHVWULFFLRQHV GHOD UHDOLGDG
\ GHOSODFHU HVWDQ UHWHMDGRVHQODHVWUXFWXUD
FLSLRV GHODUHDOLGDG GHODWHRUIDGHODVGHFL
GXDO
GHGLYHUVRV UHVXOWDGRV SRVLEOHV SDUD\ DFFLRQHVYLDEOHV
VLRQHV FRQVXVSUREDELOLGDGHV ODV
XWLOL
GDGHVGHHVWRV UHVXOWDGRV
LJXDO
TXH
DO)UHXG
OD WHRULD
GHODV GHFLVLRQHV
PDQWLHQW"
ODSULRULGDG 3UHVHULWHSRU SULPHUD YH] HVWH
GHOD
HMHLQSOR $LOUFK\
PDTXLQD GH H[SHULHQFLDV HQ 6WDWH
GHOSULQFLSLR GHOSODFHU
VXSURSLR
HQ SULQFLSLR GHPD[LPL]DFLQ
XWLOLGDG
GHODHVSHUDGD DQG8WRSLDSDJV
L
^
?

FDVR SXHVSUHJXQWDUVH VLHVD UQDTXLQD HV W HFQR


O J LFDUQHQW
H YL DEOH $GH UVBSHFWL
YDTXH KHGHVDUUROODGR HQRWUD SDUW H HVW R VXSRQH XQD FRQH[LQ
PDV HOHMHUQSOR GH PDTXL
ODQD VHGHEHH[DUQ LQDUSP VL PLVPR UHVSR QGHUOD aWH UQDGLUHFa \ H[SONLWD 'HVGHOXHJR QRVORTXH UHPRVHVWDE OHFHUFRQ
SUHJXQWD ILOWUDQGROD
SRUHOHQIRT XH ILMR GH
TXH ODV H[SHULHQFLDV LQWHUQDV VRQ WDFWR FRQ OD UHDOLGDG GH VHDPRV aVWDEOaBHUFRWDFW Ra GHFLHUWD GDVHH[SORU DU
ORXQLFRTXHLPSRUWDDVLTXHSRUFLHUWR HVWDULD ELH
Q HQ FKXIDUVV SHUGHULDOD ODUHD LLGDG \ UHVSRQGHUOH DOWHUDQG ROD\ FUH DQGR QXHYDVUH DOL
GDGH V 1 WHVH
RSRUWXQL
GDG GH YHULILFDUHQI HVH
RTXHLQGHSHQGLFQWH UQHQW V 8Q PRGR GH GH TXHQRP HOLPLWR DGHFLUTXHODPDTXLQD GHH[SHULHQFLDV HVGHIHFWXRVD SRU
WHUPLQD
U VLXQHQIRTXH HV LQDGHFXDGR FRQV LVW
V HQ YHULILFDU VXVFRQVHFXH Q TXHGHVH DPRVXQDFRQH[LQFRQOD UHDOLGD G\ HOOD QR QRVEULQG D OR TXHGH
FLD
V HQFDVRVSDUWLFXOD
UHV D YHFHV H[ WUH
PHV SHUR VLOJXLHQVLHUQS
D UH GHFLGH VHDPRVDXQTXHHOHMH PS OR HVXWL OSDU D GHPRVWUDU TXH GHVHD UQRV DOJR PDV
FXDO VHULD HO
HV
X WDGRHQ FXaOTaLHU FaVR UQ
HGLD QWH OD DSOLFDFL
RQ GHOHQIRTXH TXHH[SHUL HQFaDV \D TXHHa W UDQ VIRUPDULDHOaaaa W HQHUORTXHGHaDUQ"V
UUX
VPR HVW R LPSLGH GHVF XEULU VLHVDW LQDGR /R V,HFWRUH V TXHVRVWLHQ HQTXH HQ OD SDXWD3IOB,OaB, OO aVW
R\B aKFHQGRB TH ODFRQH[ Q FRQO D UHDKGD D HV P
VHHQ FKX IDULDQ HQODP DTXLQD GHEHQ QRW DUVLVX SUL P HULPSXOVH IRH K QR D SDUWDQWH LPSR
VLQ UWDUTX HOD GHVHH PRV RQR SRUHVROD GHVHDPRV \ OD
FHUOR VHJXL GROX HJR SRUHOSHQVDPLH QWR GHTXH FRPR VROR LPSRUWDQ ODV H[ PDTXLQD GH H[SHULHQFLDV HVLQDGHFXD GDSRUTXH QRQRVGDHVR
SHUL
HQFLD V ODP DTXLQ DHVWDULDELHQD OILQ \ DOFDER 6LQGXGD WDPELHQGHVHDPRV XQD FRQH[LQ FRQ ODUH DOLG DGTXHSRGD
3RFDV SHUVR QDVSLHQ VDQ GHYHUDVB TXHVRO R LPSRUW DQ ODV H[ SHUL
HQGDV PRVFRPSDUWLU FRQ RWUDV SHUVRQ DV 8 QDGH ODV FRVDV DQJX VWLDQWHVGH ODPD
1R GHVHDUID PRVSDU DQXHVW URVKLMRV XQDYLGDG HJUDQGH VVDWLVIDFFLRQHV XHF TXLQD GHH[SHUL HQFLDVTXH GHVFULELPRVTX HV
HXQRHV WD VROR GHQWU RGH VX LOX
GHSHQG LHUD WRWDOPHQWH GHHQJDQRV TXH HOO RVMDPDVGHW HFWDULDQ DXQT XHa VH VLQ ] ( V PDV DQJXVWLDQ W HTXH RWLRVFRPSD QR UW DQQXH VWURP XQG R R TXH
HQRUJXOOH] FDQ GHVXVORJUR VDUWL VWLFRV ORVFULWLFRV \ DPLJRVVOR ILQJHQDG HVWHPRVDLV ODGRVGHOTXH HOORVFRPSDUWH Q"6LQHP EDUJ R SRGHP RVLPDJLQDU
PLUDU VX REUDSHURVHUQRID Q D VXVHVSD OGDV ODDPDQ WH DSDUHQW HPHQWH ILHO TXHODPDTXLQD GH H[SHULHQFLD VEULQGD PLV ODPD LO XVLQ D WRGRV R DWR GRV
WLa
QHDP"UIRVVHF UHW HVVX VKL MRV DSD UHQ W
HPHQWH DIH FWXRVRV ORV GHWHVWDQ \ ORVTXH QRV LQWHUHVDQ GDQGR DFDGDSHUV RQD XQIUDJPHQWR FRRUGLQDGR GH
DVL VXFHVUYDPHQWH $ QWH HVWD GHVFULS FLRQSRFRVH[FODUQDULDP RV XM4XH YLGD GLFKDLOX VLQ &XDQ GRWRGRV IORWDQ QHO
H PLVPR WDQ TXHODPDTXLQD GHH[ SH
PDUDYL OORVD3DUH FH WD Q IHOL] \ SOD FHQW HUDSRUGHQW UR (VDSHU VRQDHVW DYL ULHQFLDVTXaR VHDWD Q BREMHWDEO H UFURHVREMHWaE OHD SHV DUaH WRG R &RP
YLHQGR HQ XQP XQ GR GHVXH ILRV FRPSODFLH QGRVVHQFRVD VTXH QRVRQ SOD SDUWLU SHUVSHF WLYDV FRRUGP DGDV SRGQDVH UXQ FQWH QR GHUH DKGDG SHUR QR
FHQWHUDV 3HUROR TXH GHVHD QR HV VROR FRPSODFHU VHHQHOOD V VLQR DXH VHDQ KD\ JDUDQ WLDV\ DGHPDV TXHUHPRV DPEDVFRVDV OD UHDOLGDG \ HOFRPSDUWLU
DVL9 DOH UDTXH VHDQ DVL \ VHFRPSLDF H HQHOOD VSRUTXHSLHQ VDTXH VRQ DVL 1WHVHTXH QRKHPRV GLFKR TXH XQRM DUQDVGHEHULD HQFKXIDUVHHV DD
1 RVHFRPSODFH VRO R HQSHQ VDUTXHORVRQ PDTXLQ D 3RGUL DHQVHIWDPRV FRVD V R WUDQVIR UPDUQR V GHXQP RGREHQHILFR
1R VROR QRVLQWH UHVD F P R ODVFRVDVVHVLHQ WHQ GHV GHGHQWUR ODYLGDQR SDUDQXHVW UD YLGD UHDO SRV WHULRU 7DUQELHQ SRGULD EULQGDUQRV SODFHUHV PX\
FRQVLVWH VROR HQ IHOL]
VHU1RVLQWHUHV DOR TXHUHD OPHQWHRFXUUH'HVHD P RV DFHYWDEOHVHQGRVLV OLPLWDGDV( VWR HV PX\GLIH UHQWH GH SDVDU HOUHVWR GH
TXHFLH UWDV VLWXDF LRQHV TXH YDORUDPRV SRQGH UDPRV\ FRQVLG HUDUQ RV LPSHU QXH aWUD YLGD HQOD PDTXLQD HO FRQWHQLGR LQWH UQRGHHVD YLGD HV
WDULD GHVFR
WDQWHV VHVRVWHQJDQ \ VHDQ DVL'HVHDPRV TXH QXHVWUDV FUHHQFLDV RDOJXQDV
GH HOODVVHDQ YHUGD GHU DV\ SUHFLVDV TXHUHUQRV QXHVWUDVTXH HUULRFLRULHV
FLHUWDV HPRFLRQHV LPSRUW DQWHV VHEDVHQ KHFKRV
HQ XJH VHVRV WHQJDQ\ VHDQ
a (OSVLFORJR *HRUJH
$LQVOL
HRIUHFHXQD LQJHQLRVD H[SOLFDFLQ DOWHUQDWL
YDGHQXHVWURLQWH
DGHFXDGDV 'HVHDPRV HVWDU FRQHF W
DGRV FRQ OD UHDOLGDGYL QR
YLU HQ XQDLOX
UHVSRU HVWDEOHFHU FRQWDFWR
‡ODUHDOLGDG
FRQ
aRQGH HVWR
VHYHFRPRXQPHGLR QR FRPR DOJR LQ
VLRQ/RGHVHDUQRV QRVRO RSDUD DGTXLULU SODFHUHV XRWUDV H[SHULHQFLDV FRPR WULQ VHFDPHQ
W
HYDOLRVR6HJOLQ$LQVOLH SDUDH\LWDU
a VDGHGDG \ SRU HQGH XQD GLVPLQXFLQ GHO
UH]D HO SULQFLSLR GHUHDOLGDG GH )UHXG 7DUQSRFR GHVHDPRV PHUDPHQWH HO SODFHU`PHGLDQWH VDWLVIDFFLRQHV LPDJLQDULDV
QHFHVLWDPRVLQ OLPLWa BFODURSDUD UHVWULQJLU
-V BSO
VHQW
LPLHQWR SODFHQWHUR DGLFLRQD OGHHV WDUFRQHF WDGRV FRQODUH DOLGDG(VH FHUHVDORVPHQRVIDFLOHVGH DNDQ]DU\ ODUHDOLGDG
RIUHFHa B OLPLWH ORVSODFHUHV HQOD UHDOLGDG
VHQWLUQLHQWR LQWHULRU VLHQGRLOXVRULR W
DPELHQ VH SXHGH KDOODUOD HQPDXX LQD VQaP ( aLaVRV\ HVSRUDGLaRV a %H\RQFW 0LFURHFRQR-, -FV HQ -Ra
*HaUJa $LQVOLH (OVWHU
GHH[SHULHQFLDV B FRPS 7KH0XOWLSOH 6HOI&DPEULGJH ,QJODWHUUD &DPEULGJH 8QLYHUVLW\ SDJV
3UHVV
HVSHFLDOPHQWH SDJV 1WHVH TXH HOIHQPHQR GHODVDFLHGDG TXL]DWHQJD XQD H[
/R TXH GHVHDPRV \ YDORUDPRVXQD HVFRQH[LRQ UHDO FRQ UHDOLGD
OD G SOND /RV RUJDQLVPRV TXH
GRQHYROXWLYD QRVHVDFLDQ HQ XQD DFWLYLGDG FRPD HQ ORV H[SHU
'HQRPLQHPRVOR VHJXQGR SULQFLSLR GHUHDOLGDG HOSUL PHURHUDHOGH) UHXG PHQWRV GRQGHFLHUWRV DSDUDWRV SHUPLWHQ DODVUDWDV HVWLPXODU GHSODFHU GHOORVFHQWURV
FHUHEUR
FRQFaQWUDUVHUHDOLGDG HQ Oa H[aHUQDFRQaQXHVWUDV FUHHQFLDV HYDOXDGRQHV \ VHDSH JDQDHOOD
FRQH[FOXVLRQ GH O WRGR
RGHPDV\ DVIPXHUHQ GHKDPEUH RDOPHQRV QRHQJHQ
HPRFRQHVHV YDKRVR HQV] P]VPR QR VROR FRPR PHGLR SDUDREWHQHU PDV GUDQ QL FULDQ XQD SUROH 3HUR HQ XQUHDOLGDG
PDUFR GH
ORV RUJDQLVPRV WDPELHQ GHEHQ GHPRV
WUDU \ QRVLPSOHPaQ
FLHUWRDXWRFRQWURO W
HSHUVHJXLU SODFHUHV IDFLOHVDXQ FXDQGR QR HVWH
SODFHUIHOLFLGDG
R < ORYDOLRVR HVHVWD FRQH[ L Q QRVROR WHQH UFUHHQFLDV YHU GRVDVITXH XQSULQFLSLRUHDOLGDG
GH QRFXPSOLULD SOHQDPHQWH HOSURSVLWR TXHGHVFULE
GDGHUDV /D SURSH QVLQD OD YHUGDG LQWURGXFH GHPRGR VXE WHPLQHR HOYD H \ SUHVXPLEOHPHQWH RWURVOLPLWHV FODURVWDPELHQ FXPSOLULDQ HVHSURSVLW
OL
ORU GH OD FRQH[LQ/ SRUTXHRWU DUD]Q ODVFUHHQFLDV YHUGDGHUDV VHUID
Q LQ GHSHQGHU XQD
GH GLYLVLRQ GHOGIDVHJWLQORVULWPRV OHV HOVXHILRHOPRPHQWR
ELROJLFRV SDUD ORV
WULQVHFDPHQ WH P DVYDOL RVDV TXH ODV IDOVDV HQ QXHVWUR <LQWHULRU" VLTXHU H \ LRV VXHILRVHOYHKLFXOR" 2WURVOLPLWHV SRGULDQ
SODFHUHV IDFLOHV HVL
GHSHQGHU
HPRV VRORV GHTXH
R DFRPSDLLDGRV UHFLHQ DOLPHQWDGRV RQRFHUFDGH
XQDOXQD OOHQDRORTXHIXHUHHVWRV WDPELH
PRV FRQHFWDPRV FRQ UHDOLGDG
OD \ QR VLPSOHPHQWH
FRQRFLHQGROD WHQLHQGR
SRGULDQ XVDUVH
SDUDGHOLPLWDU FXDQGR HV DFHSWDEOH IDFLO
ODGHOJDQDQFLD/D UHDOLGDG QR
SODFHU
FUHHQFLDV B YHUG DGHUDV VL HOFRQRFLPLHQ WR VXSRQHUDVWUHDU ORVKHFKRV XQD HVXQPHGLF WLQLFR
SDUDHOORQLQXHVWUR LQWHUHVODUHDOLGDG
HQHVVLPSOHPHQWH XQPHGLRB
aHFWLFWGH,LLUH
W aOLGD
G 7DPELIRGDODLP SUHVLQ GH QD X
DXH ODSHUVR
O SRG ‡ U QDYH] E HQFRP SOH W R HUD WDOTXHQRVH OHSRGIDDQDGLU QDGD TXHOR UQHM RUDVH
HQ DUQDTXPD QR QDUHDL]DU RSFLRQHV \ SRUFLH UW
RQRHOH OL
JLQD QDFWD
EUHU]HQWH
8 QDSDUWHGHOR TXHGHVHDUQRVXHVHTDUHDOHVQXH VWUD
HOHFFL TXHBH QW HQHUHVD FXDOLGDG GHQWURGHOVH QW QPHQ W
R
Y FWHVHR PD G E
\ OLEUH QRVRORVXDSDUL
HQ FLD QUHDO + D GRVFRQGLFLRQ HVHQ ODVFXDOHV VHQEPR VTXHQXHVWU a Y DHV XHQD
+DVWa DaRUDPLVUHIOH [LRQHV VREUHOD IHOLFL
GDG VHKDQFHQWUDGQ HQ WRU \
B aD TXHQR TXHUHPRVQDGDPDV FRQ OD SULPH UDXQDG QHFH VG DGSDUKFX ODU
QR GHOR OD ]3HURFXDOHV68 SDSHO
VOLP LLHVGH 68 SDSHO HQ YLGD DGa -DGR DQƒHVWDVDQV ‡ I HFKD YQ‡ ODVHR E
QQGD ¼6WD PRV HPEDUFD ‡
RVHQXQ SURFHVR R FD
TXHHV H[DFWDPHQWH FLGDG"/3 RUTXHVX SDSHO D UQHQXGR
OD IHOL H[DVH a\ \D a UQHGLDQ WHHOFDOVHVD WLVIDUDQODVRWUD VQHFHV GDGH V \ QR W HQHUQR VPDV
W W" [ ] O E U ! JaUD QXQR GTXHODGHHVWD U FRPSURPH WLGRV HQ HVHSURF HVR6XSRQJDQRV TXH
DQR YDQDVHPRFRQH VFLUFXDQ D-2 OD HK TXHWD
GH IHOLFLGDGMXQW R FRQDO JD W W E
BM
HFSaQD S
Q aH Q 622 GHVH a O QHFRQOR V DUUG J RV \ HVRKDFHBRU‡ FHUR‡ DP HQ
TXHP DV F RQYHQGU DOO DUQDUaWDGD GHDPPR aTP TPHURH[DUQLQDU-U HVWLSRV D + &O /

GHHPRF Q GH IHKF GD" SQUQHURVWDU H IHOL]GH TXHXQ D R PXFKD FRVDV Da +H DUD OD VDOD FLQHP DWRJUDILFD TXH HV WD QRVHKD\DPF HQGLDGR TXH
VHD DVL VH JXQGR VHQWLU TXHQXH VWUD YLGD HVEXHQ DDKRUD \ WHUF
HURHVWDU HYHFaU HVWH IXQFLRQDQGR HWFHWHUD 6LQHUUEDUJWRaDV HVWDV FRVDV Ia
VD VIHFKRVFRQ QXHVWUD
WL YLGD FRP R WRWDOLGDG &DGDXQDGHHVWD VWUHVHPRR H 3 B B GHO SURFHVR HQTXH
PDQ SDaDH HVWD FRPSURPHQGRKHJDU DQ SRUWXPR6H D
W &
QaVHUQ SDUHQ WDaDVaB[ KLEHODH D WUL
VWUXFWXU SOH TXHWLHQHQ ODVHPRFLRQHVGHV GLIH ‡ V GH
UHQWH aVH DUD LUDXQFRQ GHUWRDVR ODV D TXHUQD RUDFR - VD 'RPR SR
FQW DHQ ODPHGWD&RQDQWHULRU XQDFUHH QFLDXQD HYDOX DFL Q SRVLWLYD \ X V aQILQDOH V\ WHUPLQDO HV XQSXQW RHPDX]DG R SRU RQQ HZH\
FD P HUDa OW
VHQWLPLHQWR EDVD GR HQHOO DV ' RQGH GLILHUHQ HVWD
VWUHV HUQR FLRaHVHPSDUH Qa ULPHUP FOR GHQR TXHUHU QDGDPDVKDELWXDOP HQWHPYRX FUD LPS F D
WaGDVHV Ha HOREMBHWRGa OaFUHHQFLD \ ODHYDO XDRRQ\ TXL]D WDPELHQ HQHOFD HL SW 3O 8QGR Â HOYURF
P HQ H B aR B
HVR ( O3ULQFLSH

$]XOGH GORV FXHQW RVGHKDGDV QR
R B
PHW HUVHQWLGRGHOVHQ QPWHQWR DVRF
LHGRW GHVH DQD D G PDV R] XH KD KEH UGR Y GHVRRVD R DBD SUPFHVD SX HVaV
SR
a
‡X D Y L SB $

(OSULP HUWLSR "H IHOL


FLaDGHVWDU IHO
L] GHTXHDOJ R VH
DDVI HVEDVWD QWH WR VLJQLOL FDUD TXHYLYL UDQIHOLF HV VHP SUH-aDV
IDPLO LDU\ GaURXQHM FUQSOR GLUHFWRGHOR TXHVHGLMRDQWHV VREU
HODHPRFLQ 8QR SRGULDWHP HUTXHVH UIHK]W RGR HOWL HPSR aQHVW H VHJXQGa VH aa
( OVHJXQGR WLSR VHQWLUTXH QXHVUUDEXH YLGD
QDDKRUD
HV HVPDVLQWULQ FD GR GHODHPRFLQ GHIHOL FLGDGQRGHVHD UQDGDPDVHKPPH WRGDPRWOY DFPQ
GR 5 HFRUGH PRV HVR VPRP HQ WRVHQTXHSHQVDEDPR V\ VHQWLDUQRVMXELOR
VD DUDQXHYDVDFWLYLGDGH V R ORJU RV 6LQHPEaUJR V aR TXaUHPRVRW D FRVD
P HQaHaa HQRSRGLD P RV GHVHDU QDGDP DV\ QX HVWUD YLGDEX HUD
H]^D HQWRQ aXHHVW DULQYROXFU DGRVHQXQSURFHVR GH YGD GHFHUWRWOSR SRUH-HPSOR
FHV -P]DV HVWR RFXUULR UQLHQWUDV FDPLQDEDUQRV VRODVHQP DHGLDGHOD QDWX aQR U UXHLQYROXFUH H[SOR UDUUH VSRQGHUUHODFLRQDU VH\ FU HDU SRUFHUW R SR
UDOH]D R HV WD
QGR FRQXQDSHUV RQDDUQ DGD (VWHV P RPHQW RV VHFDUDFWHUL]
DQ Gaa aV GHVHDUHV \ SHaDUTXH HVWH SURFH VF W DLQE LHQLQFO XaD PXFKRVUQ RUQH a
SRUVXSO HQLWX G 7 HQHUQRVDOJ R TXH GHVHDPRV \ QR QRV DFXFLD RWUDQH FHVL WRVGHFRPSOHW D VD WL VIDFFL Q GHO SULP HUWSRQR SURFHVD ODV Q XHYDVFWL D
aDGHaHVHPRPHQW DQRGHVHD PRVQDGD PDV 1 RTXLH URGHFLUTXHHQWR QFHV YLGDGH VYHPSUHVD VVHUDQ FRPSRQHQW HVÂD HHVHP VUQRSPFHa
VWDOJPHQ VH QRVDFHUF DUDFRQ XQa ODP SDUD PDJLFD QRVDE UL
DPRVTXHSHGLU &XaGRDOJX LHQSLH QVD 0 LYL GDHVEXH QDDKRUD HOKHPSR GHQ RW DGR
3HUR HQ ORV PRPHQW RV TXHGHVF ULEHHVWRV RWURVGHVHR V PDV GLQHUR RWURBBBB BB I 2UHODKRUDQRHV WD ILMDGRGHDQ WHPDQR 3RUHQ GH aQRSXHGH FDUQE DUHV
WUDEDMRRWU R FKRFRODWH QR HVWDQ RSHUDQG R 1RVH VLH QWFQ QR DFHFKDQ HQ a WD UHIH UHQGD VHJWQ -DV QHFHVLGDGHV $ BX` BaU a 3a , RGRGHVGFKD "" a"
ORV ERaGHV( QHVRV QRP HaRVQR GHV HDPRVQD GDPDV" QR VHQWL
PRV UXQJXQ D SXHGH UHVWULQ JLUOD ZLUDGD DXQPRPHQWR PX\ SDUWLFXODU < QRGHVH DUQDDD
FDUHQF LD QXH VWUD VDWLVIDFFRQHV WRWD
O ( VW
R YD DFRPSDQDGRSRUXQ D VHQVD PDVHQW RQFHVLDOW HPDW LYDPHQWH GXU DQW HXQP RPHQW RGHVGFKa XQR SXH
FLQ GHLQWHQVD DOHJULD GHUHFRUGDU TXHGXU DQW HXQWLHPSR P DV H[W HQVRDOaXaOW DUQEHQ SRGH UQRV
(VWRV PRUQH
QWRVVRQUQD UD9L+RVRV HLQI
UHFXHQWHV + DELWX
DOUQHQWHODV + DP DUXDK RUD QXHV W
UDYLG DQR HVGHVGFKDGD aTP]DQR GHVHHPRa QDG D
QHFHV
LGDGHVDGLFLR
QDOHVVL
HP SUH DFHFKDQ D IDVSXHUWD V $LJXQRV VXJLaUHQ PDV TXH HVWDU FRPSURPHWLGRV FRQHVHSURFHVR YWO PRPHQaR GHVG FKDGR
TXH DOFDQ]DPRV HVWHGHVHDEOH HVWDGR GHGQR HVHDU QDGD PDVPHGLDQWH HO LQGXLGR3RU RWUD SDU WH GXUD QW HORV PRPHQW RVGH P W aUVSDIaKFaGD GDYHFHV
GaDVWLFRFDaQR GHHOLaQDU W
RGRV ORVGHVHRV 3HUR QR QRV\XG D D TXHQRV GHVH DPRVUHFRUG DURWUDV FRVDV3RU HMHUQSOR HQODWUDGDRQ -8GD HQOD V""
GJDQ TXHSQPHURQRV KEHUHPRVQGH XHVWUQVGHVHRV H[ LVWH
QW HV FRPRPRGR GDV VHUHFX HUGD \ VHUHFRQRFH HODFRQ WHFLPLHQWR PDV DUQDUJR ODGH VWUXFFPQ
GHDNDQ] DUHOHVWDGR
GRQGa QRVHGHVHD QDGD P DV < HVW R QRHVVR SRUTX H GH 7 HPSLRGXUDQ WH ORVUHHQF XHQWUR V GHFRPSDQ HUR VGHHVFXHOD VHSXHG H
GLGHP RV GH TXH HVWH
FDPPR FRQGX]FD XQD D DO HJULD FRQ FRPLWDQWH0D V KDFHU WPD SDXVDHQODFHOHEUD G Q SDUD FRUXQ HPRUDUD TP HQHV KDQPXHUWR
EHQaXHUHPRV TXH VHQRVKDEOH GH DOJRWDQEXH QR FX\ DQDWXUDOH]D VHD
WDQ 1R KHPRVROYLGDGR HVWR VDFRQ WHFLPLH QWR VQLHVWDV SHaVRQDV \ DXQ HQQXH V
FRPSOHWD\ VDWLVIDF
WRULDTXH DNDQ]DUOR LUQSHGLUD HODFRVRGHQXH YDV QHF
HVL WUD IHOLFLGDG P DVLQWHQVD HVRWR UUDPRVHO KJaa DSURS DGa
GDGHV \ TXHUHPaV TXHQVH
RVGLaDFPR DNDQ]D UO
R $ ULVWW HOHVSUR\HFWHQ /D W HUFH UDIRUPDGHODHPRGQGHODW HKFGDGVD WOVIDFFRQFRQQXH V
QGRODFXDKGDG
HOUQX GHOVHQWLIILOHQ
WRGH QRTXHUHUQDGD DGLFLRQD VRVWH L UUDYLG DHQVXW RW DOL GDG KD VLGR H[SO RUDG D SRUHO ILOVR IR SRODFR :ODG\ V
LD 7aWDUNLHZL F] 6HJ LQ VXH[SRVLGQ B OD IHOLFLGD G LPSOLFD XQDVDWL VIDF

6H UH
TOOLHU
HXQDIHQ
RP HQRO
RJLDSUHFLVDGHO
FDUDFW
HUHV
SHFLILFRGH HVWRVVH
QWLPLHQ
W
RV
: ODG\V
ODZ 7DWNLHZLF]$QDO\VLV
DU RI +DSSLQHVV
/D + D\D 0 DUWLQXV
1LMKRII SDJV
,

ÂWL ‡
, ,L?

a ,

FLQ FRP SO
HWD GXUDG
HU \ SOHQD
D SURIXQGD FRQ ODWRWD
OL
GDG GH
QXHVWUD
YLGD (VW HWH UFHUVH QWLGR GHIHOLFL GDGVDWLVIDFFL QFRQQXHV WUD YLGDFRPR
XQ DVDW LVID FFLQ FX\DHYDOXDFLRQ HVYHUGDGHUD \ MXVWLILFDGD 7DWDUN LHZLF]LQ WRWDOL
GDG SHUP LWHFRPSUHQG HUI DFLOP HQWHSRU TXHGHVHD UL
DPRV VH UIHOLFHV
FOX\HP XFKRVPDWLF HV HQ HVWD QRFLQ VDWLVIDF FLQ FRPSOHW D\ SOHQ D HWF H W
HQH UXQDYLGDIHOL]3UL P HU R HVWD VLPS OHPHQWH HOSODFHU GH W
HQ HUHVD HUQR
WHUD SRU TXHGHVHD TXH QDG D VHD VX SHULRUXQ D DYL GD IHOL] 3HUR HVWR GLIL FLQ 6HQWL UVHIHLL] RVDW LVIH FKR FRQODSUR SLD YLGD FRPR W RWDOL
GDGHVSODFHQ
FXOWDTXH KD\D GRV YLGDV IHOLFHV XQD P DV IHO L] TXHOD RWUD $TXLQR VHUH WHUR HQVI PLVPR HVDOJ R TXHTXHUHPRV SRUVXVSURS LDVFXDOLGDGH VVHQWLGDV
TXLHUH W DQWR ULJRU HQ FXDQWR ODSO HQLDWX G GH OD VDWLVIDFF LRQ QLDOJUDGR GH ( VWHVHQWL PLHQ WRQ HJHQH UDOQR VH UD aQ LQWHQ a VLQ HPEDUJR FRPR ODaOH
SRV LWL YLGDG TXHVXSRQH OD HYD OXDFLRQ 8QD YLGDIHOL ] VH HY DKL
D FRPR VXIL JULD TXHDFRPSDQD DODVH JXQGDQaFRQ GHIHKaGDG QR TXH UaULDGD P DV
FLHQ WHUQH QWHEXHQDHQ JHQH UDO 8QD YL GD W DP ELHQ SXHG H VHU IHOL] RW HQ UR 6LQHPEDUJR RW UDVHP RFLR QHVWDUQ E HQ SXHGH QPYROXFUDUVH QW PXHQW RVSOD
VHQWL GR DOFRQWHQ HUP XFKHVHSLVRGLR V GHIHOL FLGD G SRUXQDFRVDRSRURWUD FHQWHUR V LJ XDOPHQW H LQWHQVRV O HQWRQFH V SRUTXHODIHOLFL GDGRFXS DXQOX J DU
HOSUL P HUWL SRGHIHOLFLGD G (VDYLGD SRGULD VHUIHOL ] DPHQXGR SHUR QR HV WDQSURPL QHQ WH" 7D7E LHQGH VHDP V TX¼aVW D HPRFL QGHIHOL GGD G VHDDGH
SUHFLVH TXHHVDSHU VRQD HYDKLH SRVLWLYDPHQ WH VX YLG DHQVX W RWDOLGD G QLVL FXDGD 6L ODHPRFL Q VHDG HFXD DQXHV WUDYLGD HQW RQFHVOD VFUHHQ FLDV DFHUFD
TXLHUD LQFRQVFLH QW HPHQ WH (Q YH UGD G SRGUL DKDFH UOD HYDOXDFLRQ FRQWUDUL D GHQXHVWUDGDFRPR YL WRWDOLGDG VHUDQ YHUGDGHUDV \ OD HYDOXDGQSRVLWLY D
VLDER UGDU D VX YL GDFRP R WR WDOLGD G TXL]DSRU TXHFUHH TXHORV VH QWLPLHQW RV VHUD FRUU HFWD 3RUHQGHWH QGUHPRV XQ DYLGDYDOL RVDXQDYL GDTXHSRGHPRV
GHIHOLFLGDGFRQVWLWXWL YRVQR VRQ PX\ LP SRU WDQ WHV $ SHVDUGHVXVIUHFX HQ HYDOXDUFRUUHFWDP HQWHFRPR SRV LWL
YD
WHVPHPHQW RVIHO LFHVSXHVQR VHQD IHOL]HQ HOW HUFHUVHQWLG RGHHVW DUVDWLV IH ( O REMH WR GHHVWDWH UFHUD IRUPD OD GHHPRFLQGH IHOLFLG DGHVQXH VWUD
FKRFRQVXYLG DFRP R W RWDOLGDG YLG DFRPR WR WDOLGD G ( VHREMH W
R ODYLG D FRPR WRW DOLG
DG W DP ELH Q HVSUH
6HUL DPRV UH DFLRV DGHVLJQDU IHOL ] DDOJXLHQ Q H XQP HPHQW R SDUWL FXO DU FLVDPHQWH OR TXHW UDWDP RV GHHYD OXDU FXDQ GR SURFX UDPRVGHVF XEULU TXHHV
R HQODYLG DHQJHQH UDO VLSHQ VDUDPRVTXHOD VHYDOXDFLRQH VVRE UHODVFXDOHV XQDPX\ EXHQ D YLGD SDUD GH FLGLUFUQRYLYL U 4 XH VHULD PDV VL P SOHTXH
VHEDVD VX HPRFLRQ IXHU DQW RWDO P HQWH HUU DGDV 6LQ HPEDUJ R VHU IDGHPDVL D FRQFH QW UDUVH HQ XQDHPRFLQ TXHKDJD GLFKD HYDO XD GQ SRUQRVR WU
RV" $IOD
GR UHVWU LFWLYH UHTXH ULUVLPSOHP HQWH TXH ODV HYDOXD FLRQHV VHDQ FRUUHFWDV $O GDPRVTXHODHP RFLQ HVDGH FXD GD \ SRGUHPRV WHQHUFHUW ODH]D GHTXHHV
HYR FDU SHULRG RVKLV W
RULFR V DQWH ULRUHVYHPRVJ HQ W
HV KDFLH QGRHYDOXD FLRQHV XQDEXHQ DYL GD $QDGDPRV VORTXHODHYDOX DFLQHUDMX VWL
ILFDGDRQRHUD
TXH DQXHVWU R MXLFLRVRQ LQ FRU UHFWDV SHUR HUDQW RWDOP HQW H FRP SUHQ VLEOHV\ IODJUDQWHPHQWH IDOVD \ W LHQHEDVWDQ W
HVSUREDELOLG DGHVGHVHUEXHQD 6LQ
QR GHOWRGR LQMXVWLILFDGDV HQHVDHSRFD XQDHYD OXDFLQ QR GHE HULD TXHG DU HUULOL
DUJ R SRUORTXH VDE HPRVOD UD]QSRUODFXDOXQD YLGD IHOL] GHEHVH U
DXWRP DWLF DPHQW HH[ FOX LGD GHODIHOL FLG DGSRUVH ULQFRUUH FWD $ ILQGHFXHQ EXHQ D QR HV QHFH VDULDPHQ W
H SRUORVVHQWLUQ LHQWRV TXHFRQW LHQH VLQRVROR
WDV HVS HUDPRVTXHODVUH FLHQW HV J DQDQFLD V HQ ODVH QV LELOLGDG P RUD O DQW H RRUD XHOD YLGDW LHQHXHVHU
T EXHQD VL HVDHYDOXDFL Q HUD FRUUHF WD 3HQV DU
FXHVWL RQHVFRPR ODLJXDOG DGGHODP XMHUORVGHUHF KRVGHORVKRPRVH [XDOHV SRUTXH ODIHOLF LGDGFHUWLILFDTXH XQ DYLGDHVGH VHDEOH TXHODIHOL FLGDGLHW QH
OD LJXDOG DGUDFLD O\ ODV UHO DFLR QHVGH OD VPLQRUL DVQR VH DQ ODVLL OWLP DV / D
P HUDXV VWLWXFLRQ GH FRUUHFWD SRU MXVW LILFDGD R LQMX VWLILFDGD FODVL ILFD
ULD PDODODSHUV RQDFX\DH PRFLRQVH EDVD HQ HYDOX DFLRQ HVF RUUHFW DVSHUR LQ
FRQVR QDQGDFRQHOO R SHUR HQ VXHYRFDFLQ DFWXDO XQR HYDOXDSRVLWLYDPH QWHHVHP RPHQWR/ HUD
MXVWL ILFDGDV HQHV DHSR FD \ HVHFRQWH [WR4XL]D OR FRQ YH QLH QW HVHD HVWD EOHFH U IHO
L] HQWRQFHV R QR" 1XHVWURV VH
QWLUQLHQ
WRVQHJDWLYRV GHHQWRQFHV SXHGHQ VLJQLILFDU
TXHQRVR
ODGLV \XQFLRQPDV GHELO YHUGDGHUD RMX VWLILFDGD HQFLHUWR P RGR R QR GHOW R WURV DXQUHWURVSHFWL YDPHQW H QR HUDPRV IHOLFHV
HQWRQFHV DPHQRVTXHWDPELHQ WXYLHUDPRV HQ
GR LQMXVWL ILFDG D a UHP 6 UH DFLRVD OODaDUBIHOL ] BD DOJXLH QFX\ D HUQ RFLRQ VH WRQFHV PXFKHV VHQWLUQLHQWRV \ QXHVWUD
IHOLFHV
HYDOXDFLQ QHJDWLYDJHQHUDO GH HQWRQFHV TXH QR
EDVD HQ HY DOX DFLRQHV W RWDO \ IOBDJUDQ WHP HQWH LQMXVLLILFDGDV \ IDOVDVQR LP SURGXMR VHQWLPLHQ WRVGXUD GHURV GHLQIHOLFLGDG EDVDUD
VH IXQGDPHQWRVPDV
HQ DEVWUDFWRV SRU
HMHPSORQRHUDP RVKHU¤66HMHP SODUHV DJRELDGRVSRUVXIULPLHQWRVWU DJLFRV6LDKR UD HYDOXD
SRUWD FRPH VHVL HQW D (VHDOJXL HQGHELRW HQ HUP HMRU FULWHULD
PRVSRVLWLYDPHQWH HVH SHULRGR VLQWLHQGRQRV HQ HO\FRQVRQDQFLD
QRFRQWHQLDFRQ VHQWLPLHQ
WRVQHJDWLYHV GXUDGHURV HQWRQFHV DXQTXH IXH HYDOXDGR QHJDWLYDPHQWH OLO2SRGULDPRV OOHJDU D
ODFRQFOXVLRQGH IRH
TXH
XQ PRPHQWR IHOL]DSHVDU GHWRGR" (VDVFRPSOLFDGRQHV GLILFXOWDQ
XQ
1RWHVH TXHXQD HYDOXDFLRQKHFKDDKRUD VREUH QXHVWUDYLGDGXUDQWHXQSHQRG R DQWHULRU HQIRTXHSXOFU R\ SUHFLVH GHODIHOLFLGDG
SXHGH GLIHULU GHODHYDOXDFLRQ TXH HQWRQFHV
KDFLDPRV(OKHFKR GHTXHVH SXHGDQ SURGXFLUGL 1WHVH WDPELHQ XQDDUQELJXHGDG HQODQRFLQ GHQXHVWUD WRWDOLGDG
YLGD FRUQR
HOREMHWR
IHUHQWHVHYDOXDGRQHV VREUH HVH SHUIRGRODQXHV WU
D GHHQWRQFHV ODQXHVWUDDKRUGHD\ W DP TXHVHHY DOXD 3RGULDVLJQLILFDUOD WRWDOLGDGGHOSHULRGR WHPSRUDO GH QXHVWUDYL
GD DFWXDO LQ
ELHQ ODHYDOXDGRQ TXHKDFHQ ORVREVHUYDGRUHV FRPSOLFD ODFXHVWLQ GH GHFLGLU SHVLIXH XQ FOXLGRVWRGRV VXV DVSHFWRV QR VOR DOJXQRV SRGULDVLJQLILFDU
R WRWDOLGDG
OD GH QXHVWUD YLGD
ULRGRIHOL]6RPRVUHDFLRV DFRQVLGHUDU
TXHODHYDOXDFLRQ DGHFXDGDSDUD HV
WRVSURSRVLWRV HVOD KDVWD DKRUD ] (VR LQFOX\H WDPELHQHOIXWXUR TXH HVSHUD"
VH 8 QDSHUV RQDSRGUID VHUIHOL]DKRUD
TXHKL] R HQWR
QFHVODSHUVRQD 3RUHMHPSORHQ VL
WRQFHV HYDOXDEDPRV QXHVWUDYL
GDSRV LWL
YDPHQ DFDXVDGHVX YLGD DFWXDO \ VXFRUUHFWD HYDOXDFL QGHHOODDXQTXH VXSDVDGR KD\D VLGR W
DQLQ
WH \QRV VHQWLDPRV HQFRQVRQDQFLD HOOR SHUR
FRQ
DOHYRFDU W
RGDQXHVWUD YLGDDKRUDODHYDOX D IHOL]FRPR SDUD LQ
GXFLU ODQRVR ORDKDEHUOR HYDOXDGR QHJDWLYDPHQWH HQWRQFHV VLQR DKDFHU DKR
UQRV QHJDWLYDPHQWHOHUDPRVIHOLFHV
HQWRQFHV Q RR" (Q HVHPRPHQW D QRVVHQWL
DPRVIHOLFHVFRQ UDXQ EDODQFH QHJDWLYR GH WRGDVXYLGD KDVWD `OR\ /D FXHVWLQ GHVL XQDYL GD HVEXHQD HQJHQH
QXH VWU
D YLGD SHURDKRUD QR QRVVHQ
WLPRV IHOLFHVFRQQXHVWUD YLGDGHHQWRQ FHV'DGDU XHVWU D UDO QR VH FRQFHQWUD XQD VRLRHYDOXDFL
HQ Q GHOSHUL RGRDFWX DO QLVLPSOHP HQOH SURPHGLDODV
HYDOXDFL QQHJDWL
YD DFWXDO\ HVSHFLDOUQHQW
HVLDFIKHULUQ RVDHOODDKRUD VHULDPRVUHDFL
RVDGHFLU HYDOXDFLRQHV FRQWHP SRUDQ HDVGHFDGD SHUL
RGR DXQTXHHV WRVIXHUDQ SUHFLVRV SXHV ODUHVSXHV
TXHHQWRQFHV HUDPRV IHOLFHV WDSRGULD GHSHQGH UWDPELHQGHORV FRQ WRUQRV QDUUDWLY
RVGHQXHVWUD YLGD GHF UQ R HQFDMDQHV
,PLU-DPRVOD SUHJ XQWD6L HQW
RQFHV XQR HYDOX QHJDWLYDUQHQWH\ VX VHVYLGD
LQWLHQ WRVGLIHUHQWHV SHULRGRV
, II

, a ? ,

FLQ FRPSO DGHUDSURIXQGD\ SOHQD


HWD GXU FRQ ODWRWDO
LGDG GH QXHVWUD
YLGD (VWH WHUFHU VH QWLGR GHIHOLFL GDG VDWLVID FFLQ FRQQXHV WUD YLGDFRPR
XQDVDW LVID FFLQ FX\D HY DOXDFLQ HVYHUGDGHUD \ >XVW LILFDGD 7DWDUN LHZLF]LQ ZW DOL
GDG SHUP LWH FRPSUHQG HUIDG OP HQWHSP TXH GHVHD ULDPRVVHU IHO LFHV
FOX\HP XFKRVP DWLF HV HQ HVWD QRFLQ VDWLVIDFF LQ FRPSOHWD \ SOHQ D HWF H WHQH UXQDYLGDIHOL]3UL P HU R HVWD VLPS OHUQHQWH HOSODFHU GH WHQ HU HVD HPR
WHUD SRU TXH GHVHDTXH QDG D VHD VX
SHUL RU DXQDYL GD IHOL] 3HUR HVWR IL GL FLQ 6HQWL UVHIHLL ] R VDW LVIHFKR FRQ ODSUR SLD YLGD FRUQRW RWDOL
GDGHVSOD FHQ
FXOWDTXH KD\D GRV YLGDV IHOLFHV XQD P DVIHO L] TXHOD RW UD $TXLQR VHUH WH UR HQ VLPL VPR HVDOJRTXHTXHUHUQRV SRU VXVSURS LDVFXDOLGDGHVVHQWLGDV
TXLHUH W DQWR ULJRU HQ FXDQWR ODSOHQL
DWXG GH OD VDWLVIDF FLRQ QLDOJUDGR GH ( VWH VHQWLPLHQ WR HQ JHQH UDOQRU VH
DaQ LQWHQ a VLQ HPEDU JR FRPR ODaOH
SRV LWL YLGDG TXHVXSRQHOD HYD OXDF LRQ 8QD YLG D IHOL] VHHY DKL D FRPR VXIL JULD TXH DFRPSDQD ODVH D JXQGDQaFLRQ GHIHKaGDGQR TXH UaUUDGD P DV
FLHQ WHP HQWHEXHQDHQJHQH UDO 8QD YL GD W DP ELHQ SXHG H VHU IHOL] HQRW UR 6LQHPEDUJR RW UDV HPRFLR QHV WDP E HQSXHGHQPYROXFUDUVH QW P XHQW RVSO D
VHQWL GR DOFRQWH QHUP XFKHVHSLVRGLR V GHIHO LFLGD GSRUXQDFRVDR SRURWUD FHQW HURV LJ XDOPHQW H LQWHQVR VO HQWRQFH VSRUTXHODIHOLFLG DGRFXS DXQOX J DU
HOP LP HUWL SRGHIHOLFLGDG (VDYLGD RRG ULD VHU IHOL] DPHQXGR RHUR QR HV WDQSURPL QHOWH " 7DUQE LHQGHVHD Q VTXHHVW D HP RFLQ GHIHOL FLGD G VHD DGH
SUHFLVHTXHHVD SHU VRQD HYDO XHSRVLWL YDPHQW HVXYLG DHQVX W RWDOLGD G QLVL FXDGD 6LODHP RFLQ VHDG HFXD DQX HV WUDYLG
D HQW RQFHV ODVFUHHQ FLDV DFHUFD
TXLHUDLQ FRQVFLHQ WHPHQ WH (Q YH UGDG SRGUL DKDFH UOD HYDOXDFLRQ FRQWUDUL D GHQXHVWUD YLGDFRUQ RW RWDOLGDG VHUDQ YHUGDGHU DV \ OD HYDOX DFLQSRVLWL YD
VLDER UGDU D VXYL GDFRP R W RWDOLGD G TXL]DSRUTX HFUHH TXHORV VH QWLPLHQ WRV VHUD FRUUHFWD 3RUHQGHWH QGU HP RVXQD YLGDYDOL RVDXQDYL GDTXHSRGHP RV
GHIHOLFLGDGFRQVWLWX WLYRV QR VRQ PX\ LP SRU W
DQ WHV $ SHVDUGHVXVIUH FXHQ HYDOX DUFRUUHFWDPHQWH FRPR SRV LWL
YD
WHVPHPHQW RVIHO LFHV SXHVQR VHULDIHOL ] HQHOW HU FHUVHQ WLGR GHHV WDU VDWLVIH (O REMH W
R GHHVWDWH UFHUD IRUPD GHOD HPRFLQ GH IHOLFL GDGHV QXHVWU D
FKR FRQVXYLG DFRUQR WRW
DOLGDG YLG DFRPR W RW DOLGD G ( VHREM HWR ODYL GDFRPR WRW DOLG
DG W DP ELH Q HVSU H
6HUL DPRV UH DFLRV DGHVL JQHUIHOL ] DDO JXLHQ H Q XQP HPHQW R SDUW LFXO DU FLVD PHQWH OR TXHW UDWDPRV GH HYD OXD UFXDQGR SURFX UDPRV GHVF XEULU TXHHV
RHQODYLG DHQJHQH UDO VLSHQ VDUDPR VTXH OD VHYDOXDFLRQH VVRE UHODVFXDO HV XQDPX\ EXHQDYLGD SDUD GH FLGLUFUQRYLYL U 4 XH VH PDV
ULD VLPS OH TXH
VHEDVDVX HPRFLRQ IXHU DQW RWDO P HQWH HUU DGDV6LQ HPEDUJR VHU LDGHPDVL D FRQFH QWUDUVHHQXQ DHPRFLQTXHKDJDGLFKDHYDO XD GQ SRUQRVRWURV " $IWD
GRUHVWU LFWLYHUHTXH ULU VLPSO HUQ HQ WHTXH ODVHYDO XDFLRQHV VHDQ FRUUHFWDV $O GDPRVTXHODHP RFLQ HVDGH FXD GD \ SRGUHPRV WHQHUFHUW ODH]D GHTXHHV
HYRFDUSHULRG RVKLV W RULFRV DQW HULRUHV YHPRVJ HQ WHV KDFLH QGRHYDOXD FLRQHV XQDEXHQ DYL GD $QDGDPRVV OR TXHODHYDOX DFLQ HUDMX VWLIL
FDGDR QR HUD
TXHD QXHV WUR MXLFLR VRQLQ FRU UHFWDV SHUR HUDQ WR WDOPHQW H FRPSUH QVLEOHV\ IOD JUDQWHPHQWH IDO VD \ W LHQHEDVWDQ WHVSUREDEL OLGDGHVGH VHUEXHQD 6LQ
QR GHOWRGR LQMXVWLILFDGDV HQ HSHVD
RFD XQDHYD OXD FL Q QR GHE HULD TXHG DU HQE DUJ R SRUOR TXHVD EHPRVOD UD]Q SRUODFXDO XQD YLGD IHOL] GHEHVH U
DXWRP DWLFDPHQ W
H H[ FOXLGD GHODIHOLFLG DGSRUVH ULQ FRUUH FW
D $ ILQGHFXHQ EXHQ D QR HV QHFHVDU LDP HQ W
H SRUOR V VHQWLPLHQWRV TXHFRQW LHQH VLQ R VROR
WDVHVS HUDPRV TXHODVUH FLHQW HV J DQDQFL DVHQ ODVH QVLELOLGDG P RUD O DQW H RRUDXHOD YLGD W
LHQH TXH VHU EXHQD VL HVDHYDOXDFL Q HUD FRUUHF WD 3HQV DU
FXHVWL RQHV FRPR ODLJXDOG DG GHODP XMHUOR VGH UHF KRVGHORVKRPRVH[XDOH V SRUTXH ODIHOLFLGDG FHUWLILFD TXH XQ DYL GDHVGH VHDEOH TXHODIHOL FLGDG WLHQH
ODLJXDOG DGUDFLD O\ ODV UHOD FLRQHVGH OD VPLQRUL DV QR VHDQ ODVLLOWL P DV / D
PHUD X VVWLWXFLRQGH FRUUHF W
D SRUMXVW LILFDGD R LQMXVWL ILFDGD FODVLILFD
ULDPDODODSHUV RQDFX\DHPRF LRQVH EDVDHQ HYDOX DFLRQ HVF RUUHFW DVSHU R LQ
FRQVR QDLFLDFRQHOO R SHUR HQ VXHYRFDFL Q DFWXDO XQR HYDOXDSRVLWLYDPHQW
HHVHP RPHQW R OHUD
MXVWLILFDGDV HQHVD HSRFD \ HVHFRQW H[WR4XL]D OR FRQYHQLH QW HVHD HVWD EOHFHU IHO
L]HQW RQFHVRQR" 1XHVWUR VVH QWLPLHQWRVQHJDWLYRVGHHQW RQFHV
SXHGHQ VLJQLILFDU Q TXH
RVR
ODGLV \XQFLR QPDVGHELO YHU GDGHU DRMX VWL
ILFDGD HQFLHUWR P RGR R QR GHO WR WURV DXQUHWURVSHGL YDPHQ WH QR HUDPRV IHOLFHVHQWRQFHV DPHQRVTXHWDPELHQ WXYLHUDPRV HQ
GR LQMXVWL ILFDG D 6HU HPRVUHDFa " DB+" DU BIHOL ] BBDDOJXLHQ FX\D HPRFLRQB VH WRQFHV P XFKRVVHQWLPLHQ WRVIHOLFHV \ QXHVWUDHYDOXDFLQ QHJDWLYD
JHQHU DOGH HQWRQFHV TXHQR
EDVD HQHY DOX DFLRQHVIRW DO \ IOBDJUDQ WHP HQWH LQMXVWL ILFD GDV\ IDOVD V QR LP SURGXMRVHQWLPLHQWRV GXUD GHURV GHLQIHOLFLGDG EDVDUD
VH HQIXQGDPHQWRVPDV DEVWUDFWRV SHU
HMHPSOR QR IDDPRVKHURHVHMHPSODUHV DJRELDGRV SRUVXIULPLHQ
W
RVWUDJLFRV 6LDKR UD HYDOXD
SRUWD FRPH VHVLHQW D(VH DOJXL HQGHELRW HQ HUP HMRU FULW
HULR
PRVSRVLWLYDPHQWH SHULRGR
HVHVLQWLHQGRQRV HQ FRQVRQDQFLD HO\ QRFRQ
FRQWHQLD VHQWLPLHQ
WRVQHJDWLYRV GXUDGHURV HQWRQFHV DXQTXHIXHHYDOXDGR QHJDWLYDPHQWHWQR SRGULDPRV OOHJDU D
ODFRQFOXVLRQGH TXHIRHXQ PRUQHQWR IHOL]D SHVDUGH WRGR" (VDVFRPSOLFDFLRQHV GLILFXOWDQ
XQ
1RW HVH TXH
XQDHY DOXDFLRQ KHFKDDKRUD VREUHQXHVWUDYLGDGXUDQWHXQ
SHULRGRDQW HULRU HQIRTXHSXOFU R\ SUHFLVH GHODIHOLFLGDG
SXHGH GLIHULU GHODHYDOXDFLRQ
TXHKDFLDPRV HQWRQFHV KHFKR
(O GH
TXHVHSXHGDQSURGX FLUGL 1WHVHW DPELHQXQDDPELJXHGDG HQODQRFLQ GHQXHVWUDYLGD FRUQRWRWDOLGDGHOREMHWR
IHUHQWHV HYDOXDFLRQHVVREUH SHULRGROD
HVHQXHV WUDGHHQWRQFHVODQXHVWUDGHDKRU D\ WDP TXHVHH YDO
XD 3RGLD VLJQLILFDU OD WRWDOL
GDGGH OSHULRGR WHPSRUDO
GHQXHVWUDDFWXDO YLGDLQ
ELHQ ODHYDOXDGRQTXHKDFHQ ORVREVHUYDGRUHV IXHXQSH
FRPSOLFD ODFXHVWLQ GH GHFLGLU VL FOXLGRVW RGRV VXV DVSHFWRV QRVOR DOJXQRVSRGULD R VLJQLILFDUWRWDOLGDG
OD GH QXHVWUDYLG
ULRGRIHOL]6RPRV UHDFLRV
DFRQVLGHUDU TXHODHYDOXDFLRQ DGHFXDGDSDUDHVWRV
SURSRV LWRVHVOD KDVWDDK RUD] (VR LQ FOX\HW DPELHQ HO IXWXU
RTXH VH HVSH
UD" 8QDSHUVRQDSRGLDVH UIHOL]DKRUD
TXHKL] R HQWR
QFHVODSHUVRQD 3RUHMHPSOR VLHQWRQFHVYH DOXDEDPRVQXHVWUD
YLGDSRVLWL YDPHQ DFDXVD GHVXYLGDDFWXDO \ VX FRUUHFWD HYDOXDFL QGHHOODDXQTXH VXSDVDGR KD\ D VLGRWDQLQ
WH \QRV VHQWLDPRV HQFRQVRQDQFLD HOOR
LSHUR DOHYRFDU
FRQ WRGDQXHVWUD
YLG
DDK RUDODHYDOX D IHOL]FRPR SDUD LQGXFLU ODQR VR ORDKDEHUOR HYDOXDGR QHJDWLYDPHQWH
HQWRQFHV VLQR DKDFHU DKR
PRV QHJDWLYDPHQWH WHUDPRVIHOLFHVHQW
RQFHV QRR " (Q HVH
PRPHQW DQRVVHQWL
DPRVIHOLFH VFRQ UD XQEDODQFH QHJDWL YRGHWRGD VXYLGDKDVWD ` R\ /D FXHVWLQ GHVL
XQDYL GDHVEXHQD HQJHQH
QXH VWU
D YLGD SHUR DKRUDQR QRVVHQ W
LPRV IHOL
FHVFRQQXHVWUD YLGDGHHQWRQ
FHV'DGDQXHVWU D UDO QR VH FRQFHQWUD XQD VLRHHQ
YDO XDFLQ GHOSHULRG DOQLVLPSOHPH
R DFWX QOHSURPHGLDODV
HY DOXDFLQQHJDWL
YDDFWXDO \ HVSHFLDOUQHQW
HVLDGKHULUQRV DHOODDKRUDVHULDPRV
UHDFLRVDGHFLU HYDOXDFLRQHV FRQWHPSRUDQ HDVGHFDGD SHULRGR DXQTXH HVWRVIXHUDQ
SUHFLVRV SXHV ODUHVSXHV
TXHHQWRQFHV HUDUQRVIHOLFHV WDSRGULD GHSHQGH UW DPELHQGHORVFRQ W
RUQRVQDUU DWLY
RVGHQXHVWUDYLGD GHF P R HQFDMDQ HV
,P LU-DPRVOD SUHJXQWD 6L HQW
RQFHV XQR HYDOX QHJDWLYDUQHQWH VX VHV
M YLGD
LQWLH Q WRVGLIHUHQWHVSHULRGRV
a
, ,‡ ‡

LUU
SRUWHQ GD VX SUHUQD HQODYLGD HVFRPR SHQVD UTXH OD GHFODU DFLQ SRVLWLYD URV LFLQ IHOL]SRGULD HVWDUWULVWH HQ RFDVLRQHV DFDXVD GHIDFWRUHV HV
S UHGV SHURHVHHVWDGR GHDPPR QRH[SUHVDQD VX WHQHQFLD
G JHQHUD
GHXQFRQWDGRU HVHQ VIPLVUQR HOGDWR PDV LPSRUWDQWH HQODRSHUDFLQ GH
! ‡ !

3& IO 26 G
Ua 8 QD SUHGLVSRVFQIHO L] SXaGH VHU PDV P UFUWDQWH SDUDHWHUUUXQDU
! ‡ ! ‡
XQDFRP SDILLD &DGD GHFODUDFLQ P SHU
H R SRGUL D SURGX FLUVXV SURSLRV
HIHF
WRV a W QX HQWRV IHOLFHVTXH FXDOT XLHUDGHODVFUHHQFL DV YHUG DGHUDV \ HYDOXD
>RVaVHQQa LWLYD V GH X ‡
QDSHUVRQD SR U UHOHYDQWHV TXH !
HVWDV SDUH]FDQ HQ H
2 WUR PRGR GH H[SOLFDU HVWH SXQW R XQDYL GD QRSXH GH VHU VRORIHOL]VLQ
FRQW
HQHURWUD FRVDYDOLRVD /D IHOLF LGDG YDDFDE DOORGH RWUDVFRVD VFXYDHYD
FRQH
RUQ U SXHGH
HQWR VHU PDVLPSRU WDQWHTXHH FDUDF WaU HVSHFFRLI HGD VLWX D
OXDFL
RQ HVFRUUHF WDPHQ WHSRVL WLYH 6LQHOO DVODIHOL FLGDG QRDU UDQFD 8&O2QUHD 3RUH-HPSOR ODVSHUVRQDV DPHQXGR !
SHUVLJXHQ

P HWDV FRUQRGLQH
/D IHOLFLGDG SXH GH DFRQW HFHU HQHO UQH WDQLYHO FRPR HYDOXDFLRQ GH DY SDG HU FUH\ HQGRTXHODVKDUD Q IHOL
FHVSHURDODOFDQ]DUODV VROR
UR I IDP FHVW
U < HPSRUDUL DP HQ WH 1R VHGHP RUD QHQ UHD L]DU HYDXDF QHVSRV
QXH VWUDYL GD \ HQ HOQLY HOREM HWR FRP R XQVHQ WLUQLHQW
R GHQWUR GHOD YLGD
VRQHDHH XBa UDUQEV YDV OR VVHQKUULH QWRVFRQ FRP WDQW HVW DPSRFR GXUDQ
SXHGHHVWD UHQ DP ERVVLWLRV DOPLVPR WL HPSR 1 RHVDVRUQ EURVRTXHODIHOLFLa XYDV /
D FRQWLQXD DUPUDUORVUDVJRV
Y a ‡ ‡ ‡ ‡

GDG SXHG D SDUHF HUHOHOHP HQWRPDVLPSRU WDQWHGHXQDYL GD 3XHVGHKHFKR GHUQDVLD GR8QDW HQ GHQFL SRVWLY RVGHODVVWXD
HVH[WUH PDGD P HQWH LPSRUW DQWH HQHOUQ HWDQLY HO\ W DPEL HQDFR QWH FH \ WLHQH V WHQHU ORV VHQWLPL HQ WR VFRQ FRPLW DQ HVHQ RWUDV
W SDODEUDV XQD SUH
RRQH < E G a G a
FLHUWD LPSRUW DQFLD HQ HO QLYHO REMH WR -a BaSRUW DQFLD FHQWUDO GH D BIWHUFHUD GLV3RV LGQ IHOL]WL HQHP XFQDV PDV SURDRUQDDHVDH HQYDU HQVHQQ
QRFLQ GH IHO LFLGDG UHVLGH HQ HOP HWDQLYHO HPSHUR FRPR HYDOXDFLRQ GH UQLHQWRV FRQWL QXRVGHIHOLFLGDG
XQD YLGD HQ FXDQWR WDOLGDWR
G SRUHQGH OD SUHJXQWD FUXFLDO HVTXHFRVD HQ 6LKD\ DOJOLQ VHFUH W
R GH ODIOL FLGDG UHVLGH HL HVFaJHUUHJXODUPHQWH
SDU WLFXODUKDFHPHMR UXQ D YLGD O4XH FDUDFWHULV WLFDVGHEH SRVH HUSDUDVHU DXWD X H SHUUQLWD HY DOXDUFXD OHV UDVJRVGHODV W XDFQ DFWXDO VRQEXH
XQD3 a G E!
FRUUHFWDPHQWH HYDOXDGD GHP DQHUD H[ WUHP DGDUQH QWHSRV LWL
YD" 1R HVUQ X\ RV P H-RU DQ (OIRQGR FRQWUD FXHO
DOGHVWDFD \ SRUHQ H WDPHQQXHV
HVFODUHF HGRULQVLVWLU HQPHQFLRQDU P RFLRQ ODVH
HVGH IHOLF
LGDG WUD HYD OXDFL Q HVWDFRQVWL WXLGR SRUQXHV WUDVSURS LDVH[SHFWDWLYDV DVS
XD
(VWD FRQFOXVLRQ VHUHIXHU]DSU VL
HJXQWDPRV TXH HYDOXDF LQ SDUW LFXODU H SD X WDV \ H[LJHQFLDV < HVW
DV FRVDVGHSH Q GHQ G H QRVRWURV QGH
XHVWUR
RRQ ! RG
HQWUD HQ HVWD W
HUFHUD HPRFL RQGHIHOLFL GDG L &XDO GHODV P XFKD VHYDOX DFLR WURO8Q WU DV IRQGRLPSRUW DQWHGHHYD OXDFRQHVHOP R HQTXHDVFRVDV
QHVSRVL WLYDV SRVLEOHV KDFHDODIHOLFLGDG GHODYLGDFRPR WRWDOLGDG" 1 RTXH aaaQ UH GHQW HPHQWH 4XL]D ODLPSRUWD QFLD GHQXHV WUDIHOLFLGDG DQWH HOaHMR
OD YLGD VHDPRUDO SXHV HVRQR QHF HVDULDPHQWH QRV KDFHIHOLFHV QR TXHVHD M
HQ WR GHO DVFRVDV DQW HX QDXRWUD FXUYD DVF H Q G HQWH HQ QXHVWU D V9,GDV
IHOL
] SXHV HVH FLUFXORQRD\XGD QRVLPSOHPHQWH TXHVHDYD OLRVR TXHODYL GD a VaGHED SXHV DOD LPSR UWDQFLD LQWULQVHFDGH XQSURFHVR GLUaFLRQDO VLQR
H[LVWD TXHHOXQL YHUVRVHD XQ OXJDUPHMRU JUDFLDVDHO OD SXHV DOJXLHQ SRGULD DOKHF KRGHTXH HVH SURFH VRQRVLQGXFH MX D]JDU HO SUHVHQWa aJXQ HOSDVDGR
KDFHU HVD HYDOXDFLQ VLQ UIHOLVH
] QRVLPS OHPHQ WH TXH HVD YL GD HV EXHQD UHGH QWHDOFXDOIHOL ]PHQW HVXSHUD HQYH]GHXVDU aWUR FQWHQR TXH UHVXOWa
SXHV XQRSRGULD UHFRQRFHU HVRD UHJDILDGLHQ WHVVLQ SHQVD UTXHFXPSOL FRQ ULD LQVDWLVIDFWRULR SHUVRQD
8QDHPSHQDGD HQVHUIHK] DSUHQGH DHVFRJHU FQ
VXV SULQFLSDOHV REMHWLYRV IXHPX\ QLEXHQD
TXH 4XL]D OD HYDOX DFLRQ GH OD WHULRVHY GH
DO
XD G Q DGHF XDGRVYDULDQGRORV VHJXQODaVLWXDFLQ ,QFOXVR
YLGD GHED VHUDOJRSDUHFLGR VLJX DOR
LHQ W
H TXH HVPX\EXHQDLQFOXVR SDUDD BB SOHGaO`HJDU DHVFRJHU XQaB TOHBGLV-"La\D HVHUXVPRHaaIOBR a
SHUVRQD TXHID YLYHHQFXD OHVTX LHUD GLPHQV LRQHV HVD SHUVRQD FRQVLGHUH 6H SXHGH VHUYLU DOD IHOLFLGDG SaHV PaUXSXO aGR QXHVIUDV SDXWDV aH
PDVLPSRUWDQ WH\ HQFXDOHVTX LHUD GLPHQVLRQHV VHDQPDVLPSRUWDQ WHV(V W R HYDOXDFLQ FXDOHV LQYRFDPRV \TXHFQWHQRV XWLK]DPRV \ ODGLUHFFPQ
QRV GHMD FRQ HOLQWHUURJDQWH GH FXDOHV GHXQDGLPHQVLRQHV
YLGD VRQ LPSHU GHQXHV WUD DWHQFLQ TXH KaFKRV WHUPLQDPRV SRU HYDOXDU /D PDTXLQDGH
WDQWHV /&PRVH GHILQH XQD EXHQD YLGD" YH] PDV
8QDQR EDVWD FRQ VROR H[SHU LHQFLDV HUD REMHWDEOH SRUTXH QRV DLVODEDWRWDOLQHQWH UHaOL"DG
GH OD
PHQFLRQDU ODHPRFLQ GHIHOLFLG aG &XDQGR TXHUHPRV VDEHU TXHHVLPSRU O&XDQWR PHMRU HPSHUR HV SURFXUDU ODIHKFGDGPHGDaWH HVWD VHOHFWLYGDG
WDQWH TXHUHPRV VDEHU TXH WHQHPRV
FRQ TXH
VHUIHOLFHV GHOLEHUDGDDSXQWD TXH VRORDFLHUWRV DVaFWRV Ga ODUHDOaGDG \ FHUWDa SDXWDV
+D\ RWUR VHQWLGR W
HUPLQR
GHO IHOLFLGDG XQHVWDGR WHQHU GH DQ LPR R GHHYDOXDFLQ RPLWLHQGR RWUDV"//DIHKFGDG
DV FRQTPVWDGD VHQD
QR FRPR
SUHGLVSRVLFLQ IHOL] (VWR QR FRQVWLWX\H XQDHPRFLQ HQ VL PLVPD VLQR OD HVWDUHQ XQDPDTXLQD SDUFLDO GH H[SHULHQFLDV" (Q ODSU[LPD PHGLWDFLRQ UH
SURFOLYLGDG R WHQGHQFLD D \WHQHU VHQWLU ORVW UHV WLSRV GH IHOLFLGDG TXHDQ W
HV IOH[LRQRVREUH HOSUREOHPD
GHFXDOHV KHFKRV
aH GHEHQ HQIRFDU DXQTBXa ORV
GHVFULELPRV 8Q HVWDGR GH DQLPR XQD
HV WHQGHQFLD DUHDOL]DU HYDOXD
FLHUWDV SULQFLSLRV GH HYDOXDFLQ FRUUHFWRV VHDSKFDQ D HVWRV KHFKRV
TXH TP]D QR
FLRQHVFRQFHQ
D WUDUVH HQ KHFKRV TXHVH SXHGHQ HYDOXDU GHHVD PDQH UD \ D GHSHQGDQ GH QRVRWURV SDXWDV
ODV T H HPSOHDPRV \ QXHVWUD VDWLVIDaFLQ
WHQHU ORVVHQWLPLHQWRV FRQFRPLWDQWHV (Q XQHVWDGR GH DQLPR GHSUHV LYR HV FRPSDUDWLYD GHSHQGHQ
QR GH OD UHDOaGaG H[WHaD VPR GHQXHVWUD DFWLWXG
WDPRV GLVSXHVWRV DFRQFHQWUDUQRV QKHFKRV QHJDWLYRV H RHQORVUDVJRV QHJD1RKD\QLQJXQD YD UDRSDX WDGHPHGFRQ HVaWD HQHOPXQaRFXDQGR HQ
WLYRV GHVLWXDFLRQHV SRUOR GHPDV SRVLWLYDV \ SRU WDQWR D WHQHU ORV VHQWL SOHDPRV XQD DXQTXH HVFRMDPRV XQDa SDUWLFXODU BFRQHORELHWR GHVHUIHK
PLHQWRV FRQFRPLWDQWHV 8QD SHUVRQD IHOL] OODGR
VXHOHEULOODQ
PLUDU
W
H GHH FHVQRHVSUHFLVR QHJDU QLQJXQD S DRQGH ODUHDKGDG PGHVFRQHFWDUVH G
ODVFRVDV 6LQHPEDUJR VHULD WRQWR TXHUHU DFWXDU DVL HQFDGD VLWXDFLQ HOOD(QHVWHVHQWLGR
/D QXHVWUD IHOLFLGDG HVWDHQQXHVWUDV PDQRV 3HURHO
SUHGLVSRVLFLRQ XQD SHUVRQDPL
GH D MXLF LR HV XQD WHQGHQFLD XQQLYHO
HQ GHTXHODIHOLFLGDG GHSHQGD GH QXHVWUR RG" !GaPLUaUODVFaVDVSRUFLHU
PDVDUULED ODHQ WGHQFLD W DHQHU FLH UW
RV HVWDGRV DQLPR
GH 8QD SHUVRQD GH WRUQL UDUODV GH FLHUWRPRGR SXHGH VHUPDV GILROHQFLHUWDV RUFXQV WDQFDV

U ,
LPSRUW DQGD VXSUH UQD HQODYLGD HVFRPR SHQVD UTXH OD GHFOD UDFLQ SRVLWLYD ‡
?
VLFLQ IHOL] SRGULD HVWDU WULVWH HQ RFDVLRQHV D FDXVD GH ID
GHXQ FRQWDGRU HVHQ VLPLVPR HOGD WR PDV LPSRUWDQWH HQ RSHUDF
ODLQ GH SUH3R SHUR HVH HVWDGRDQLPR GH QRH[SUHVDULD 68 WHQGHQFLD JHQHUDO
a I&26 ‡ G
XQDFRPS DILLD &DGD GHFODUDFLQ HPSHU R SRGUL D SURG XFLUVXV SURSLRV Ua 8QD SUHGLVSRVF RQ IHOL] SX HG H VHU PDVPL[UWD QWH SDUD HWHUPPDU
HIHF
WRV a WQ!LH QWRV IHOLFHV TXHFXDOT XLHUDGHODVFUHH QFLDV YHUGDGHUDV \ HYDO XD
ORV VHQ Y
K X
aaL
WLYDV GHX

QDSHUVRQD SRU UHOHYDQWHV TXH HVWDV SDUH]FDQ
O
HQ H
2WU RPRGR GHH[SOLFDUHVW H SXQW R XQD YLGDQR SXHGH VHU VROR IFOL]VLQ F ! a

FRQ WHQ HURWUD FRVD YDOLRVD /D IHOLFLGDG YDDFDED OORGH RWUDVFRVD V FXYDHYDa I FQHRUQHQWUL
R SXHGHVHU PDVLPSRU WDQW H TXHH FDUDF WaUHVSHFFR LI GH DV D WX
Q
OXD

QXH
FLRQ HVFRUUHFWDPHQWH
/D IHOLFLGDG
VWUD YLGD \ HQ HOQL
SRVL
SXHGHDFRQW
YHOREM
WLYH 6LQ HOODV
HFHU HQHOP HWDQL
HWR FRP R XQVHQ
ODIHOLF

WL
LGDG QRDU UDQFD
YHO FRPR HYDOXDFL
PLHQWR HG QWUR
RQ GH
GHODYLGD
O RRQUI HD
UR DP < U
I OLFHV
3RUHHPSOR ODVSHUVRQDV DPHQXGR SHUVJXHQ
DY QRGHUFUH\ HQGR TXHODVKDUDQ
WHPSRUDUL DP HQ W

H 1R VHFHP RUD
IHOLF
P HWDV FRPDGPH
HV SHURDO DFDQ]DU
Q HQ UHD]DU HYD XDF QHVSRV
O DV62 R
O

SXHGHHVWDU HQ DP ERV VLWL RV DOP LVPR WLH P SR 1 R HVDVRP EURVR TXHODIHOLFLa I aV a H HVWRV FUXUELRV \ DVLORVVHQWL,7 LaQW
Ra FRQFRPLW DQW a W DUQUaR GQ
GDG SXHG D SDUH FHUHOHOHP HQWRPDVLPSRUWDQ W H GHXQDYL GD 3XHV GHKHFKR GHUQDVLD GR 8QDW HQGHQFLD FRQWLQ XDDaDUWRVUDVJRVV WL
aRa DV SUD
"XDa
- W

HV H[WUHPDGDPHQWH LPSRUW DQW H HQ HOPHWDQLYHO \ WDP ELHQ DFR QWHFH\ W LHQH L FLRQHV \ WHQHU ORVVHaWLUQL HQ WRa FRQ FaQXW DQEHaa GQ SGDD UD XQ a
FLHUWD LUQSRUWDQFLD HQ QLYHO
HOREMH W
R /DLPSRUWD QFLD FHQWUDO GHODIW HUFHUD GLVSDV LFLQ IHOL] KHQH PXFQDV PDV SUR DR DDH V DH HQYDU HQVHQQ
QRFLRQ GH IHO LFLGDGUHV LGH HQ HOUQ HWDQL YHO HPSHUR FRUQRHYDOXDFLR Q GH - ZHQWRV FRQ WLQXRV GH IHOLFLGDG
XQD YLGD HQ FXDQWR WRW
DOL GDG SRUHQGHOD SUHJXQWD FUXFLDOTXHFR HV VD HQ 6LKD \DOJOLQ VHFUH W
R GHODIOLFLGDG UHVLGH HL HVFaJHUUHJXODUPHQWH
SDUWLFXODU KDFHPHMR UXQD YL GD O4XH FDUDFWHULV W
LFDVGHEH SRVHH U SDUDVHU a SD XW DX HQI UPLWDH YDOXDUFXD OHV UDVJRV GHODV W XDFRQ DFWXDO VRQEXH
XQD a U G E
P H-RUDQ( OIRQGR FRQWUD FXDO
HO GHVWDFD \ SRU HQ HWDP HQ QXHV
FRUUH FWDPHQ W H HYDOXDGD GHP DQHUD H[ WUHUQ DGDUQHQ WHSRVLWL YD"1 R HVPX\
L

QRV
HVFODUH FHGRU LQVLVWLU HQPHQFLRQDU HPODV
RFLRQ HV GH IHOLFLGDG ‡ WUD HYDO XDFL Q HVW
D FRQVWLWX LGR SRUQXHV WUDVSURS LDV H[SHFWDWLYDV DVSLUD
(VWD FRQFOXVLRQ VHUHIXHU]D SUHJXQWDPRV VL TXH
HYDOXDF L Q SDUW LFXODU GRQH V SDXW DV\ H[LJHQFLDV < HV WDV FRVDV GHa QGHQGHQRVRWURVQGH XHVWUR
HQWUD HQ HVWD W HUFHUD HPRFLRQGHIHOLFL GDG L&XDOGH OD V UQX FKD V HYDOX DFLR a aURO 8Q WUDVIRQGRLPSR UWDQWH GHHYD OXDFQHV HO P RGR HQTXH ODVFRVDV
QHVSRVL WLY
DV SRVLEOHV KDFHDODIHOLFLG DG GHODYLGD FRPR W RWDOLGDG" 1R TXH a FRQH
HUDQUHGHQW HPHQWH4XL]D ODLPSRUWD QFLD GHQXHV WUDI HF D GG DQWHaH-2 H
OD YLGD VHD PRUDO SXHVHVR QRQHF HVD ULDPHQWH QRVKDFHIHOLFHV QR TXHVHD O M
HQ WR GHO DVFRVDV DQW H X QD XRW UDFX UYD DVFHQ GHQWH HQ
QXHVWU DV YLGDV
IHOL
] SXHV HVHGUFXOR QR D\XG D QRVLP SOHUQ HQWH TXH VHD YDOLRVR TXHODYL GD a VHGHEDSXHV DODLPSRUW DQFLD LQWUL QVHFDGH XQSURFHVR GLUaFLRQDO VLQR
H[LVWD TXH HOXQL YHUVRVH DXQOXJDUPHMRU JUD FLDV DHOOD SXHVDOJXLHQ SRGULD a DOKHF KRGH TXH HVH SURFHVR QRV LQGXFH MD X]JDU HO SaHVHQWa aJXQ HOSDVDGR
KDFHU HVD HYDOXDFLQ VLQ IHOL]
VHU QRVLUQS OHUQHQ WH TXH HVD YLGD HVEXHQD O UHGHQWH DOFXDOIHOL]PH QWH VXSHUDHQ YH] GH XVDU a/UR FQWHQR TXH UHVXOWa
SXHV XQR SRGULD UHFRQRFHU UHJDULDGLHQ
HVRD W HVVLQ SHQVD UTXHFXPSOLR FRQ a ULD LQVDWLVIDFWRULR 8QDSHUVRQD HPSHQDGD HQVHUIHK]DSUHQGH DH
VXV SULQFLSDOHV REMHWLYRV PX\QLEXHQD
TXH IXH 4XL]D OD HYD OXDF LRQ GH OD W WHULRVHYDO GHXD FLQ DGHFXDGRV YDULDQGRORV VHJXQ VLWXDFLQ
OD ,QFOXVR
YLGD GHED VHUDOJRSDUHFLGR
SHUVRQD TXH ID YLYHHQFXD O
VLJXLHQWH
HVTXLHUD
DORTXH HVUQX\
GLPHQV
EXHQD
LRQHV HVD SHUVRQD
LQFOXVR SDUDOD
FRQVLGHUH
O
, B-OOHGaOL-G
HYDOXDFLQ FXDOHV
aaa=
HaUDXaRIG^FLWa LVa
LQYRFDPRV \ TXHFQWHQRV
N=aaDVSa8WDVaH
XWLK]DPRV \ OD GLUHFFQ
PDV LPSRUWDQWHFXDOHVTX \ HQ LHUDGLPHQVLRQHV VHDQPDV LUQSRUWDQWHV (VWR
QRV GHMD FRQ HOLQWHUURJDQWH GH FXDOHV GLPHQVLRQHV GH XQD YLGD L GHQXHVVRQ W
UD DWHQFLQ TXH KaFKRV
LPSHU WHUUQLQDUQRV SRU HYDOXDU /D PDTXLQD G
WDQWHV /&PRVH GHILQH XQD EXHQD YLGD" YH] PDV
8QDQR EDVWD FRQ VROR a H[SHU LHQFLDV HUD REMHWDEOH SRUTXH WRWDOaHQWH QRV DLVOaED GH OD UHaOL"DG
, /&XDQWR PHMRU HPSHUR HV SURFXUDU ODIHKFGDGPHGDaWH HVWDVHOHFWL
PHQFLRQDU ODHPRFLQ GH IHOLFLG
WDQWH TXHUHPRV VDEHUFRQT
aG &XDQGR TXHUHPRV VDEHU
XH WHQHPRV TXH VHUIHOLFHV
HVLTXH
PSRU
L GHOLEHUDGD TXHDSXQWD VRORDFLHUWRV DVaFWRV GaODUHDOaGDG\ FHUWDa SDXWDV
+D\ RWUR VHQWLGR GHO WHUPLQR IHOLFLGDG XQHVWDGR WHQHUDQ
GHLPR R a GHHYDOXDFLQ RUQLWLHQGR RWUDV" DVO/DFRQTPVWDGD
IHKFGDG QR VHQD FRUQR
SUHGLVSRVLFLRQ IHOL] (VWR QR FRQVWLWX\H XQD VLPLVPD
HPRFLQ VLQRHQ
OD - HVWDUHQXQD SDUFLDO
PDTXLQD GH H[SHULHQFLDV" (QODSU[LUQD PHGLWDFLRQ U
SURFOLYLGDG R WHQGHQFLD D \WHQHU VHQWLU ORVW UHV WLSRV GH IHOLFLGDG TXHDQ W
HV U IOH[LRQR VREUH HOSUREOHPD GH FXDOHV aH KHFKRV
GHEHQ HQIRFDU DXQTaa ORV
GHVFULELPRV 8Q HVWDGR GH DQLPR HVXQD WHQGHQFLD DUHDOL]DU a
HYDOXD FLHUWDV SULQFLSLRV GH HYDOXDFLQ FRUUHF WRV TXH VHDSOLFDQ D HVWRV KHFKRV TP]D QR
FLRQHV DFRQFHQWUDUVH HQ KHFKRV TXH VHSXHGHQPDQH UD \ D GH HVD
HYDOXDU I GHSHQGDQ GH QRVRWURV SDXWDV
ODV TH HPSOHDPRV \ QXHVWUD VDWLVIDaFLQ
WHQHU ORVVHQWLPLHQWRV FRQFRPLWDQWHV (Q XQ HVWDGR GH DQLUQR GHSUHV LYR HV I FRUQSDUDWLYD QR GHSHQGHQ GH OD UHDKGDG H[WHPD VPR GH QXHVW
WDPRV GLVSXHVWRV DFRQFHQWUDUQRV HQKHFKRV QHJDWLYRV RHQORVUDVJRV ^ 1RKD\QLQJXQD QHJD YDUD R SDXWD GH PHGLFLQ HaWDHQHOPXQaR FXDQGRHQ
WLYRV GH VLWXDFLRQHV SRU OR GHPDV \ SRUSRVLWLYDV
WDQWR D WHQHU ORV VHQWL W SOHDPRV XQD DXQTXH HVFRMDUQRV a SDUKFXODDOU
XQD BFGRQGHORGEMHW2 GH VHU IHGK
UQLHQWRV FRQFRPLWDQWHV 8QD SHUVRQD IHOL] VXHOH EULOODQ PLUDU
W
H GH HO ODGR FHVQRHVSUHFLVR QHJDU QLQJXQD S DRQGH OD UH D P HVFRQHFWDUVH H
ODVFRVDV 6LQHPEDUJR VHULD WRQWR TXHUHU DFWXDU DVL HQFDGD L? HOOD(QHVWHVHQWLGR
VLWXDFLRQ /D QXHVWUD IHOLFLGDG HVWDHQQXHVWUDV PDQ
SUHGLVSRVLFLRQ GH XQD SHUVRQD PL MXLF LR HV
D XQD WHQGHQFLD XQQLYHO
HQ a GHTXHODIHOLFLGDG GHSHQGD GH aRG"
QXHVWUR
GH UQLUaUODVFaVDVBBSRUFLHU
PDVDUULED OD W HQGHQFLD W DHQHU FLHUWRV HVWDGRV GH DQLPR 8QD SHUVRQDWRUQLUDUODV GH GH FLHUWRPRGR SXHGH VHUPDV GIOROHQFHUWDV DUFXQV WDQFDV
QRVLQG XFHa SUHJXQa U FXDQ LPSRUaQWH ) XH
GH VHU ODIHOL
FLGDGPLVPD VLHV VRVWLHQ
HFXDQGR
ODSURED
ELOLGDG GHVD
HVD
WL XUDHV P D\RUTXH
VIDFFLQIXW
WDQDUEWUDQa (O PRFR HQ TXHDOJXLH Q UUXUD ODV
FRVDVVLQHPEDUJR SXHFW VH PHGLR
XQ
VHUXQ GDWRLPSRUWDQWH VREUH HO OD TXHQXQFD
JHQWH TXHG D VDWLVIHFKD
TXLa +HPRV KDOODGR YD
QDVUD]RQHVSDUD SHQVDUTXHOD IHKFGDG QR HVOR
Q" WH
QJ D VROR XQ "aVGLF
KDGR UDVJRGH WHP SHUDPHQWR VLQRXQ GHIHFWR GH
FD a LURSRUWDQWHHQ ODYLGD HORHUILO
GHODIHOLFL
GDG DWU DYHVGHXQ DYLGD OD
XQF a
UDFWHU3HUR P RGLILFDU FRQVWDQWH \ FDSULFKRVDPHQWHQXH VWUDV
SDXW
DV FHU UWDQFLD GHDO JXQFRQ WDFW
R FRQ OD UHDQGDG WDO FRPR OR GHPXHVWUD HO
DGHFXDUQR
VDYDULDVVLWXDFL
RQHVFRQHOREM
HWRGH VHQ
WLPRVIHO
LFHVHQaDG
LP3R
UQ GHOD PDRP QDGHH[SHQHQF DV H KHFKR GHTXHRWU DVHPRFQHV P M

XQDGa HOaaVWDPELHQ
SDUHFH O\ DUEL
YRODWL W 4XL]DVDXQTXHODVSDXWDVI
UDULR HaHa \ SRVLWLY DVaSRVHDQXQD MHUDUTXLDVLPLODU HOKHFKRGH TXHODV HYDOXD
QBR HVW DGDVSRUDOJRH[ W
HQ ILM aP R HV
SHUD
P RV TXHXQDSHU
VRQD GHPXHVWUH , WQ VLQFR
FLRQH
ELHQSFVHHQ
USRUDGDV DOD QRDRQDHH
UXRU
I OLF GDG VXSRQH QTXH RWU
$ aQDVLSRGHPRVF"QFHaHUTXH IHOLFL
DVFRVDV WD
a Da QR ORHVW
P
RGR
FLHUW
D FRQJUXH
QRD R FRKHUHQF
LDVROR
FRQ JUDGX
DOHV
FDPELRVGH UQDW
L]D WUD
YHVGHO WLHPSR $XQ DVL XQ DSHUVRQD SRGUID DXPHQW DUVX IHOLFLGDG ILMDU
DO aURSUHJXPDU QRVV QRHVFDV]WR GR P DVUQSRUWDQ WH O&RPR SRGHPRV

, IUWDU GHHVW LPDUSRUFH QWDMHVHQ VHPH MDQW H FXHVWLQ"MX]JDU $ SRUHOSHTXH


L
VXVPLU DVXQLIRUUQHV GHDFXHUG R FRQHVWR
/R VHV WDGRV GH DQLPRSXHGHQ DIHFWDUQXHV WURV VHQ WLPLHQWR VGH YDULDV ILRSDSHOGHODIHOL FLGD a HQPLVSUR SLD V UHIOH[LRQHVUQaFaRVGHHVWRV 3Q
PDQHUDV GLULJLHQGR OD DWHQFLRQ KDFLDKHF KRV SRVLWLYHV R QHJDW LYHV UHVLV a VDPLHQWRV IXHURQVXVFWDG RV SRUHOSHVR TXHRWURV OH DPEX\HQ HV VROR
WLHQGR OD LQIOXHQFLD GHFLH UWRV KHFKR VFXDQ GRQRV+ DPDQODDWHQ FLRQ DMXV , XQDSHTXHQDSDU
1R REVWDQW
WH GHOR TXHLQWHUH
H KDFLD HOILQD
VD
OGHHVWD PHGLWDFLQ GHVHR VHQDODU FXDQLQQH
WDQGR ODV SDXWDV LQWHQV LILFDQ GRHOJUDGRGHODHYDOX DFLRQ LQW HQ VLILFDQ GUHO ,
JUDG R GHOVH QWLPLHQW R DVRFLDGRDI DO
HFWDU HOIDFWRU GH SURSR UFLRQDOLG DG I JDEO HPH QWH PDU DYLOORVDV SXHGHQ VHU O
DIHOLFLG DG \ XQDSUHGLVSR VLFLQ IHOL]
DODUJDQGR OD GXUDFLRQ GHOVHQ WLPLHQW R 3HUR TXHGHWH UPLQ D HOHVW DGR GH &RQFX DQWD Q DWXUD OLGDG VHSLHQ VDHQWRQFHV TXH OD IHOLFLGD G HVR P DV LUQSR U
DQLP R" /R PDV REYLRHVODSUH GLV SRVLWLRQJHQ HUDOGHOD SHUVRQD 68 W HQGHQ a WDQWH HQ OD Y LGD B ( VRV P RPH QWRVHQ TX HGH VHDPRV EULQFD UR FRUUHU FRQ H[ X
FLD D WHQ HUFLH UWRV HVWDG RVGHDQ LPR 2 WU R IDFWRU PDVVRUSUHQGH QWHHV XQD , OHUDQWH
GHV HDU W
HQHU
HQHU
JOD FXDQGR VH
QXH VWUDY L
GDFRO
QRVDOLJH
PDGD GH
UD HOFRUD]Q OFPR SRGULDPRV
HOORV"7RG R SDUHF HHVWD UH Q VX
QRB
VLWLR
SUHGL FFLRQGHFXDOHV VHUDQ ODVHPRFLRQH VGHHV HGLD8QDSHUVR QD GHVSLHUWD,
SRUODP DILD QDFRQXQDLG HD JHQHUD OGHFXDOH VHPFFLRQHV OH GHSDUD HVHGLD RQ VXRSWLPLV PR OD IHOL GGD G HVSH UDTXH HVWRSHU GXUHFRQ VXJ HQHU RVL
FXDHVDFRQWHF LUQLH
QWRV VHSURG XFLUDQ \ FUQROR DIHFWDUDQ HVRV DFR QWHFL L a GDG O
DIHOLFLG DGG HVHD G HVERUGD U
PLHQW RV ' HVGHOXH JR HVW D SU HGLF FLRQ VXUJH GHFRQ RFLPL HQWRV DFHU FD GHODV ,I a 'HVGH OXHJR GHVHDPRV TXH OD JHQWH WHQJD PXFKRV PRPHQW RV \ GLDV
FRQGLFLRQHV \ DFRQ WHFLPLHQWRV GHD\HU\ OD VSUREDEL GDGHVSDUD KR\ SHUR ,
OL GHIHOLFLGDG ( OGLD HVODXQL GDGDGHF XDG DGHIHOLFLGDG " 3HURQRHVUD GDUR
WDPELH Q HV HQ JUDQ PHGL GD XQD LPDJHQ DXW RSUHGLF W
LYD $O HV WDEOHFH UHVWH W TXHTXH UDP RV HVRV PRPHa W RVFRQV WDaW HPHQWHR TXHUDUQ"V TXH QXHVWUD YL
HVWDGR GH DQLPR OD SUHGLFWLR Q DIHFW D ORTXH HVD SHUVRQD QRW DUD FRPR OR O GDFRQVLV WDW RWDOPHQWH HQHO ORV7DPEHQTXHUHPRV H[SHQPH QWDU RWURV VHQ
HYDOXDUD TXH VHQWLUD \ SRUHQGH FRQW ULEX\H DFXPSOLU VX SUR SLR YDWL FLQLR WLPLH QWRV VHQ WL
PLHQWRV FRQ DVSHFWRV YDOLRVRV TXH ODIHOLFLGDG QRS
8QHVWDGR GH DQLPR HVFRUQRXQD SUHGLFFLRQ GHOW LHPSR TXH SXG LHUDDIHFWDU, HOPLVPR YLJRU <DXQ ORV VHQWLPLHQWRV IHOLGGDG GH SXHGHQ TXHUHU FRQVD
HOWLHPSR 0DV DXQODSUHGLFFLRQ QRHVLQGHSHQGLHQWH SULPH GHO
UIDFWRU LD W JUDUVHD RWUDVD FWLY LGDGHV FRPR D\XGDU DO RV GHPDV R XQD WDUHD DUWLVWLFD
SUHGLVSRVLFLRQ GHODSHUVRQD I TXHHQW RQFHV LQ Y ROXFUDQ HO SUHGRPLQLR GH RWURV VHQWLPLHQWRV 4
6H VXHOH GHFLUODTXH H[SHFWDWLYD HVPHMRU UHDOL]DFLRQ
TXH OD + H DTXL , H[SH UL
HQFLDV DGHFXDGDV GH SURIXQGD FRQH[LQ FRQORV GHPDV GH SURIXQGD
XQDUD]RQSRU ODTXH DYHFHV RFXUUH HVWR &XDQGR WHQHPRV H[SHF W
DWLY DV VR , FRPSUHQVLQ GHORVIHQPHQRV QDWXUDOHV DUQRU GH
GHKRQGD FRQPRFLQ DQ
EUHXQDFaQWHFLPLHQWR IXaUR\SURED"OHXQDFRQWHFLUQLHQWR TXHGHVHDPRV , W
H
PXY
OD
G
PXVLFD
LIHUHQWHV
R OD
WUD
GHOD
J HGLD
URVDGD
GHW
DUHDV QXHYDV
HXIRULD
H
GH
LQQRYDGRUDV
ORV PRPHQWRV
H[SHULHQGDV
IHOLFHV (Q VLQ
QXHVWUR UXYHODFWXDO KDHQHVWDU VHQWLGR
GH VHHOHYD HQODPHGLGD GHHVDXWLOLa
GDGIXWXUD FRPR ODGHQRPPDQ ORV HFRQRUQVWDVTXH YHPRVGHO +HJDU
D W TXaUHUQRV X QDYLGD \ XQVLPLVUQR SDUD ORV FXDOHV ODIHOLFLGDG UHVVHD XQD
FXDO GHVFRQWDPRV ODSUREDELOLGDG 3DUD DFODUDUOR XQL O
ODVVXSRQJDPRV SXHV
TXHWD DGHFXDGD \ OXHJR GDUOH UHVSXHVWD
HVD
GDGHV GH IHOLFLGDG \ ODV SUREDELOLGDGHV SXGLHUDQVH FRQ H[DFWLLXGU
PHGLU

LQLGDO
QRV WUDHUD
RFXUULU GHO
GLH]XQLGDGHV
SRU FLHQWR HOHYDQXHVWUR QLYHO
P DFLQ L
(QWRQFHVSRU HMHPSORXQ DFRQWHGUQLHQWRTXHVHJOLQQXHVWUD
HVWL
\ WLHQH XQD
GHIHOLGGDG SUREDE
XQLGDGHV
LOL
GDGGH
HQVLHWH
SRU a
-
(VDH[SHFWDaYDHVHYDORUHVSHUDGR HVDFWXDO&XDQaR
DFRQWHFLP
LHO
HQWR VH ,
KD\ HVSDDR
SURGXFH DOILQ SDUDXQDHOHYDFRQGH VRORXQLGDGHV
WUHV PDV

,
4XH HVWR VXFHGD FXDQGR OD SUREDELOLGDG VXSHUD XQ PHGLR HVXQ IHQPHQR SV
(VWRFRUUHVSRQGH D OD LQFHUWLGXPEUH
TXHRFXUUDGH EDELOL L
OD UHVWDQWH
SUR LH\ $OJXQDV SHUVRQDV HVSHUDQWHQUODSRVLELOLGDG
IUHFXHQWHQRXQD FRQJUDQ TXF GH
HODFRQ
GDGGaB PBXOWLSOLFDGD
SRU aRU HQGaD H[aFWDWLYD SXHGHFLXVDUXQD WHFLPLHQWR
QRVHSURGX] HOIXWXUH
FD \SRUWDQWR GHVFXHQWDQ &XDQGR ODDQWLFLSDFLQ GHXQ ELHQ
VHQVDFRQPDV JUDWD GHVHWH
XQD HOHYDDRQ XPGDGHV TXH UHDOL]DFLQ , IXWXUR DQDGH XQD VXPD DODFWXDO QLYHOGH UHQWD GHXQD LUDDHVDSHUVRQD
SHUVRQD OFPR OH
VLHO
D HHYDFLQ GH UHV XQLGDGHV
FXDQGR DOILQDO
VHSURGXFH HVWH IHQPHQR DFRQWHFLPLHQWR
QRVH SURGXFH"

You might also like