/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

,661


/$(5(&&,Ð1(1(63$f$'(75(6(67$78$6'(+e52(6
2%5$1257($0(5,&$1$


)HUPtQGHO3LQR'tD]
&6,&


5(680(1
(V IUHFXHQWH HQ QXHVWURV GtDV TXH PXFKRV PRQXPHQWRV S~EOLFRV VH YHDQ FXHVWLRQDGRV SRU ORV
FLXGDGDQRVTXHORVKHUHGDQSRUFDPELRGHUpJLPHQSROtWLFRJHQHUDOPHQWH\HVWRKDRFXUULGRHQ
WRGRHOPXQGR(XURSDSRVWFRPXQLVWDRSRVIDVFLVWD$VLDR$IULFDGHVFRORQL]DGD$PpULFDSRVWGLF
WDWRULDO«&RQYLHQHUHIOH[LRQDUVREUHODOyJLFDGHHVWRVFDPELRVGHODRSLQLyQS~EOLFD\DVLPLVPR
VREUHDTXHOORVRWURVGHEXHQDFRQVHUYDFLyQGHORVPLVPRVSRUHMHPSORVREUHODFRQVHUYDFLyQGHOD
PLVPDHVWDWXDGH3L]DUURHQ([WUHPDGXUDRHQ3HU~RGH&ROyQHQ(VSDxD,WDOLD\HQ$UJHQWLQD
-XQWRFRQHVWDHVWDWXDGH3L]DUURHQ7UXMLOORVRQFRQVLGHUDGRVGRVHVWDWXDVFRQWHPSRUiQHDV
HULJLGDVHQ6HYLOOD(O&LG\+XHOYD)UDLOHIUDQFLVFDQRFHUFDQRD&ROyQWRGDVHOODVUHDOL]DGDVSRU
LQLFLDWLYDQRUWHDPHULFDQD\GHFRQWLQXDGRDSR\RSRSXODU

$%675$&7

,WLVFRPPRQQRZDGD\VWKDWPDQ\SXEOLFPRQXPHQWVZLOOEHTXHVWLRQHGE\WKHSHRSOHZKRLQKHU
LWHGWKHPE\FKDQJHRISROLWLFDOUHJLPHXVXDOO\DQGWKLVKDVKDSSHQHGDOORYHUWKHZRUOGSRVW
&RPPXQLVW(XURSH$VLDRUGHFRORQL]HGRUSRVIDVFLVW$IULFDSRVWGLFWDWRUVKLS$PHULFD,WLV
LPSRUWDQWWRUHIOHFWRQWKHORJLFRIWKHVHFKDQJHVLQSXEOLFRSLQLRQDQGDOVRRQWKRVHRWKHUJRRG
FRQVHUYDWLRQRIWKHPIRUH[DPSOHRQWKHFRQVHUYDWLRQRIWKHVDPHVWDWXHRI3L]DUURLQ([WUHPD
GXUDRU3HUXRU&RORQLQ6SDLQ,WDO\DQG$UJHQWLQD$ORQJZLWKWKLVVWDWXHRI3L]DUURLQ7UXMLOOR
DUHFRQVLGHUHGWZRFRQWHPSRUDU\VWDWXHVHUHFWHGLQ6HYLOOD(O&LGDQG+XHOYDQHDU&R
OXPEXV)UDQFLVFDQ)ULDUDOOPDGHE\$PHULFDQLQLWLDWLYHDQGFRQWLQXHGSRSXODUVXSSRUW


3$/$%5$6&/$9(0RQXPHQWRS~EOLFRHVWDWXDVHUHFFLyQGHUULERVFROyQSL]DUURHOFLG
VHYLOODKXHOYDWUXMLOORFKDUOHVFDU\UXPVH\JHUWUXGHYDQGHUELOWZKLWQH\DQQDYDXJKQK\DWWKXQWLQJWRQ 

.(<:25'63XEOLFPRQXPHQWVVWDWXHVHUHFWLRQGHPROLWLRQV&RORQ3L]DUUR(O&LG6HYLOOH
+XHOYD7UXMLOOR&KDUOHV&DU\5XPVH\*HUWUXGH9DQGHUELOW:KLWQH\$QQD9DXJKQ+\DWW+XQWLQJ
WRQ






/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

/D FRQVDJUDFLyQ GH ORV FRQTXLVWDGRUHV ILOR $UFKHU 0 +XQWLQJWRQ OD HVFXOWRUD
HVSDxROHV FRPR KpURHV FLYLOL]DWRULRV HV
XQD WHQGHQFLD TXH VH LQLFLD HQ (VSDxD D
SDUWLU GH OD  SpUGLGD FRORQLDO GHO  HQ
JUDQ SDUWH DSR\DGD SRU OD LQWHUSUHWDFLyQ
PRGHUQD TXH SURSRQHQ ORV SDtVHV HXUR
SHRV GLVSXHVWRV D XQ QXHYR UHSDUWR FR
$QQD 9 +\DWW D OD ([SRVLFLyQ ,EHURD
PHULFDQD GH 6HYLOOD HO  GH PD\R GH
<SRU~OWLPRODIDPRVDHVWDWXDGH
3L]DUUR H[SXHVWD DQWHULRUPHQWH HQ 3DUtV
SRU HO HVFXOWRU QRUWHDPHULFDQR &KDUOHV
5XPVH\ TXH IXH GRQDGD DO SXHEOR HVSD
ORQLDO D SDUWLU GHO &RQJUHVR GH %HUOtQ xROSRUVXYLXGD0DU\+DUULPDQHOGH
/DQRWDGHLQWHUpVTXHPHJXVWDUtD MXQLRGH\GHODFXDOVHKL]RSRVWH
GHVDUUROODU HV TXH HVWH QXHYR FRQFHSWR ULRUPHQWH XQD FRSLD HQ  FHQWHQDULR
QDFLRQDO DFHUFD GHO SDVDGR KLVSDQR HQ GH OD IXQGDFLyQ GH /LPD SDUD GRQDUOD DO
$PpULFD HV DSR\DGR SRU ORV (VWDGRV SXHEORSHUXDQR
8QLGRV TXLHQHV GHVGH OD ¶GRFWULQD 0RQ
URH·FRQVLGHUDQTXHOHVFRUUHVSRQ
GH DKRUD RFXSDUVH GHO FRQWLQHQWH DPHUL
FDQR FRPR WHUULWRULR GRQGH H[WHQGHU VX
FLYLOL]DFLyQVXFHGLHQGRD(VSDxDQRFLyQ
TXH VH FRPLHQ]D D SUHGLFDU DELHUWDPHQWH
GHVGH
 (VWD GRFWULQD DPHULFDQD OD YR\ D
H[DPLQDU HQ HO FDPSR GH OD HUHFFLyQ HQ
WLHUUD HVSDxROD GH HVWDWXDV GH DQWLJXRV
FRQTXLVWDGRUHV &XULRVDPHQWH ODV WUHV
HVWDWXDV PiV IDPRVDV GH HVWRV SURWDJR
QLVWDVVHGHEHQDGRQDQWHVQRUWHDPHULFD

62%5((/6(17,'2&2175$',&
725,2'(/$6(67$78$6

0L LQWHUpV SRU ODV HVWDWXDV VH LQLFLy UH
FLHQWHPHQWHFXDQGRVXSHTXHHUDQREMH
WRS~EOLFRGHXQDHQRUPHDWHQFLyQSROtWL
FD\UHOLJLRVD/DVQRWLFLDVGHSUHQVD\79
HQ HVWRV ~OWLPRV DxRV VH KDQ KHFKR HFR
IUHFXHQWH GH YDULDV HVWDWXDV GHUULEDGDV
SRU HMHPSOR ODV HJLSFLDV \ DVLULDV UHFLHQ
QRVWRGRVGHODxR\PiVFXULRVD
PHQWH D~Q VLHPSUH GH SDUWH GH PXMHUHV
)Xp XQR GH HOORV HO PRQXPHQWR GHO SUL
PHUYLDMHGH&ROyQFRQVWUXLGRHQ+XHOYD
REUD GH ODHVFXOWRUD 0UV *HUWUXGLV9DQ
GHUELOW :KLWQH\ LQDXJXUDGR FRQ JUDQ
VROHPQLGDGSRUHOSULPHUPLQLVWUR3ULPR
GH 5LYHUD \ HO HPEDMDGRU GH ORV (VWDGRV
8QLGRV 0U 2JGHQ + +DPPRQG HO 
GH DEULO GH  2WUR IXp OD HVWDWXD
HFXHVWUH GHO &LG FDPSHDGRU ODEUDGD \
GRQDGDSRUODPXMHUGHOFpOHEUHKLVSDQy

´>@ DILUPDU FRPR XQ SULQFLSLR TXH DIHFWD D
ORV GHUHFKRV H LQWHUHVHV GH ORV (VWDGRV 8QLGRV
TXH ORV FRQWLQHQWHV DPHULFDQRV SRU OD FRQGLFLyQ
GH OLEUHV H LQGHSHQGLHQWHV TXH KDQ DGTXLULGR \
WHPHQWH GHUULEDGDV SRU PRYLPLHQWRV
LVODPLVWDVEDMRXQFUHGRIXQGDPHQWDOLVWD
(OOR HV GHELGR D TXH OD UHOLJLyQ LVOiPLFD
VH RSRQH D OD UHSUHVHQWDFLyQ LFyQLFD GH
KRPEUHV R DQLPDOHV FRPR VL IXHUDQ UH
IOHMR GH XQ VHQWLPLHQWR LGROiWULFR /R
PLVPRKDEtDRFXUULGRDQWLJXDPHQWHHQHO
iPELWR FULVWLDQR GXUDQWH OD WHPSUDQD
(GDG0RGHUQDHQWUHSURWHVWDQWHV\FDWy
OLFRV FXDQGR ORV KXJRQRWHV IUDQFHVHV R
ORV FDOYLQLVWDV VXL]RV KRODQGHVHV \ DOH
PDQHVGHUULEDURQODVHVWDWXDVGHORVVDQ
WRVHULJLGDVHQODVLJOHVLDVFDWyOLFDV&XDO
TXLHUDTXHYLVLWHODFLXGDGGH/D5RFKHOOH
R 5RXHQ HQ )UDQFLD IHXGR GHO PRYL
PLHQWR KXJRQRWH HQ ORV VLJORV ;9,
PDQWLHQHQ QR GHEHQ HQ OR DGHODQWH VHU FRQVLGH ;9,,RGH$PEHUHVDQWLJXRIRFRFDWy
UDGRV FRPR REMHWRV GH XQD FRORQL]DFLyQ IXWXUD
SRUQLQJXQDSRWHQFLDHXURSHD-DPHV0RQURH OLFRGH+RODQGDRSXHVWRDÉPVWHUGDP\
GLFLHPEUHGHFRQVXOWDGRRQOLQH



/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

5RWWHUGDP SRGUi REVHUYDU WRGDYtD OD
GHVQXGH]FDVLWRWDOGHVXVLJOHVLDVFDWHGUD
OHV
 +D\ XQD DPSOLD ELEOLRJUDItD VREUH
ORV SDUHFLGRV LFRQRFODVWDV HQWUH SURWHV
WDQWHV\RWRPDQRVGXUDQWHHOV;9,TXH
DFWXDURQ GH FRP~Q DFXHUGR FRQWUD OD
KHJHPRQtD FDWyOLFD GH ORV +DEVEXUJRV
3DUNHU%XOXW*RIIPDQ
UDV UHOLJLRVDV FRPR LQFOXtD OD SLQWXUD WUD
GLFLRQDOGHO5HQDFLPLHQWRFDWyOLFR
 )LQDOPHQWH OD LFRQRFODVLD KD RFX
UULGR DVLPLVPR HQ HO FDPSR SXUDPHQWH
SROtWLFR LQFOXVR HQ HO FDPSR FDWyOLFR
SHUR QR FRQWUD ODV HVWDWXDV FRPR WDOHV
VLQRFRQWUDHOVHQWLGRGHODVILJXUDVUHSUH
VHQWDGDV SRU HMHPSOR ORV FDPELRV GH
UpJLPHQ SROtWLFR HQ ORV SDLVHV H[
*RRG\  +XER DFXHUGRV GLSORPiWL FRPXQLVWDV R H[WRWDOLWDULRV FRPR ,UDN
FRVHQWUH,VDEHO,GH,QJODWHUUD*XLOOHUPR FRQ 6DGDP +XVVHLP 3HUVLD FRQ HO VKD
GH2UDQJH0DXULFLRGH2UDQJH\&DUORV 5XPDQtDFRQ&HDVHVFXRODSURSLD(VSD
,; GH )UDQFLD FRQ HO LPSHULR RWRPDQR xDFRQHVWDWXDVGH)UDQFR
6ROLPiQHO0DJQtILFRKDVWD0XUDG
,,,\OXHJR6HOLP,,\FRQHOUH\GH0D  +R\ PH TXLHUR UHIHULU DVLPLVPR DO
UUXHFRV0XOH\$KPDGDO0DQVXU%DVD FDVRGHODHVWDWXDGHOH[WUHPHxR3L]DUUR
GRV HQ VX FRP~Q HQHPLVWDG FRQ OD PR TXH IXH LQVWDXUDGD DOHJUHPHQWH HQ /LPD
QDUTXtDFDWyOLFD\VXGHYRFLyQ¶LGROiWULFD· HQFRQPHPRUDQGRVXIXQGDFLyQ\
DODVLPiJHQHV TXHWUDVYDULRVFDPELRVGHVLWXDFLyQGHO
DWULRGHODFDWHGUDOHQDXQDSOD]XHOD
 (V FRQRFLGD OD WROHUDQFLD UHOLJLRVD
GH ORV KRODQGHVHV KDFLD HO LVODPLVPR HQ
VX JREHUQDFLyQ GH ,QGRQHVLD TXH WHU
PLQy IDYRUHFLHQGR OD IRUPDFLyQ GH XQD
LPDJHQ QDFLRQDO FRKHVLRQDGD D SHVDU GH
WHQHU HO PD\RU Q~PHUR GH LVODV GHO PXQ
GR  PLO VLHQGR HO SDtV PDKRPHWDQR
IUHQWH DO SDODFLR GH JRELHUQR HQ 
WHUPLQy SRU VHU UHWLUDGD GHO FHQWUR GH OD
FLXGDG \ OOHYDGD D XQ OXJDU VHFXQGDULR
DXQTXH QR PX\ DOHMDGR HO  SDUTXH GH OD
0XUDOOD (QWUH ODV SULQFLSDOHV UD]RQHV GH
HVWDUHWLUDGDSURPRYLGDSRUHODOFDOGH'
/XLV &DVWDxHGD \ DOJXQRV FRQFHMDOHV \
PiVGHQVRGHPRJUiILFDPHQWH\HOFXDUWR DUTXLWHFWRV FRQWDEDHQ UHDOLGDG OD QXHYD
GHO PXQGR QR PDKRPHWDQR IUHQWH D OD FRUULHQWH LQGLJHQLVWD TXH DWUDYHVDED HO
GHVXQLyQ GH VX YHFLQD ,QGRFKLQD 9LHW SDtVEDMRODSUHVLGHQFLDGH$OHMDQGUR7R
QDP /DRV &DPER\D %LUPDQLD \7DLODQ OHGR \ VX HVSRVD OD DQWURSyORJD EHOJD
GLDHQPDQRVGHXQD)UDQFLDFDWyOLFDTXH
QR DFHSWDED OD LQIOXHQFLD FKLQD HQ 9LHW
QDP9HUDHVWHUHVSHFWRHOOLEUR\DFOiVL
FR GH %HQHGLFW$QGHUVRQ TXH GHGLFD XQ
FDStWXOR UHVSHFWLYR D FDGD FDVR $QGHU
0DULDQQH .DUS 1R VH FRQVXOWy FRQ
QLQJ~Q FXHUSR FLXGDGDQR SDUD HVWH WUDV
ODGR DXQTXH IXH XQD GHFLVLyQ DSR\DGD
GHFLGLGDPHQWH SRU OD SULPHUD GDPD D
SHVDUGHXQDDPSOLDSURWHVWDHQODSUHQVD
VRQ %HQHGLFW  < HVD LFRQRFODVLD
FDOYLQLVWD QR KD WHQLGR FRQVHFXHQFLDV
VRODPHQWH HQ HO iPELWR GH OD FRQVWUXF
FLyQ QDFLRQDO VLQR WDPELpQ GHO DUWH OD
GHYRFLyQKRODQGHVDKDFLDHOSDLVDMHQDWX
UDO\ORVERGHJRQHVKDWHQLGRLQFOXVRDOJR
TXH YHU FRQ HO WHPRU D VHU DFXVDGRV GH
LGyODWUDVSRUWDQWDUHSUHVHQWDFLyQGHILJX


\UDGLR
 (Q UHDOLGDG OD UHWLUDGD GH HVWDWXDV
KLVWyULFDV QR HV XQ IHQyPHQR H[FHSFLR
QDO SXHV KD RFXUULGR UHFLHQWHPHQWH HQ
PXFKRVRWURVSDtVHVSRUHMHPSORODHVWD
WXDGH&ROyQVLWXDGDIUHQWHDOD&DVD5R
VDGD GH %XHQRV $LUHV RIUHFLGD HQ 
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$
GHVGH ,WDOLD H LQDXJXUDGD HQ  FRQ
JUDQIHUYRUGHODFRORQLDLWDOLDQD6HGHFL
GLy WUDVODGDUOD HQ GLFLHPEUH GH  D OD
YHFLQDFLXGDG0DUGHO3ODWDHQODOODPDGD
3OD]D&ROyQ\VXEVWLWXLUODSRUXQDHVWD
WXDGHODOLGHUHVDLQGHSHQGHQWLVWDEROLYLD
QD-XDQD$]XUGX\HOSUHVLGHQWHEROLYLDQR
 )(50Ì1'(/3,12'Ì$=
QRV
 $PERVDVLPLVPRIXHURQLQIOXLGRV
SRU HO PRGHOR GH OD-XDQD GH$UFR UHDOL
]DGR SUHYLDPHQWH SRU HO HVFXOWRU IUDQFpV
(PPDQXHO)UHPLHWTXHVHHQFXHQWUDKR\
HQODSDULVLQD3OD]DGHODV3LUiPLGHVGHV
(YR 0RUDOHV GRQy XQ PLOOyQ GH GyODUHV GH)LQDOL]DGDODH[SRVLFLyQGH6DQ
SDUD VX WUDVODGR /D GHFLVLyQ IXH QDFLR
QDO SHUR SDUHFH TXH VH RULJLQy HQ XQD
VXJHUHQFLD GHO SUHVLGHQWH YHQH]RODQR
&KiYH]HQXQDGHVXVYLVLWDVDOSDtVGRQ
GH SURSXVR GHGLFDUOD PHMRU DO ¶SXHEOR
RULJLQDULR· $O ILQDO WUDV PHVHV GH GLVFX
VLyQ GHELGR D OD UHVLVWHQFLD GHO JREHUQD
GRUORFDOVHOHXELFyHQODSURSLD%XHQRV
$LUHVWUDVXQDxRGHHVSHUDHQHOVXHOROD
HVWDWXDIXHUHPRYLGDDO$HURSDUTXH-RUJH
1HZEHU\DXQD]RQDPDUJLQDGDFRPROD
HVWDWXDOLPHxDGH3L]DUUR
 /RLPSRUWDQWHSDUDQRVRWURVHVTXH
ODHVWDWXDGH3L]DUURXELFDGDHQ/LPDWDO
YH] HO PRQXPHQWR ´DO FRQTXLVWDGRU HV
SDxRO PiV HPEOHPiWLFR GHO FRQWLQHQWHµ
)UDQFLVFR HQ OD TXH IXH SUHPLDGD FRQ
PHGDOOD GH EURQFH OD HVWDWXD GH 3L]DUUR
IXQGLGD SRU + 5RXDUG HQ 3DUtV UHWRUQy
DOWDOOHUSDULVLQRGHOHVFXOWRUGHVGHGRQGH
VDOGUtD XQD GpFDGD GHVSXpV SDUD HPSOD
]DUVHHQ7UXMLOOR(QVXDXWRU5XP
VH\ KDEtD IDOOHFLGR HQ XQ DFFLGHQWH DXWR
PRYLOtVWLFR GHMDQGR RWURV GHVWDFDGRV
PRQXPHQWRV S~EOLFRV HQ 1XHYD <RUN
DGHPiVGHODHVWDWXDGH3L]DUUR

&2,1&,'(1&,$'((67$78$6
1257($0(5,&$1$6

/DHVWDWXDGH3L]DUURKDEtDIRUPDGRSDUWH
*XWLpUUH]9LxXDOHVSQRHUD HQGHODVREUDVGHDUWHH[KLELGDVHQ
XQD REUD KLVSDQD VLQR QRUWHDPHULFDQD OD H[SRVLFLyQ 3ULPDYHUD GH OD SLQWXUD \ OD
(QHODxRVHKDEtDFHOHEUDGRHQ6DQ HVFXOWXUD  SRU SDUWH GHO 3HWLW 3DODLV
)UDQFLVFR OD UHFRUGDGD ´([SRVLFLyQ ,Q &DPSRV (OtVHRV GH 3DUtV FHUFD GH OD
WHUQDFLRQDO 3DQDPi3DFLILFµ FX\R SUR
PRWRU $OH[DQGHU 6WLUOLQJ &DOGHU HQFDUJy
D GLIHUHQWHV HVFXOWRUHV OD UHDOL]DFLyQ GH
HVWDWXDV GH SHUVRQDMHV KLVWyULFRV (Q OD
VHOHFFLyQ GH ORV PLVPRV VH LQFOX\y D
+HUQiQ &RUWpV \ D )UDQFLVFR 3L]DUUR
TXLHQHV D OD SRVWUH VHUtDQ REMHWR GH ORV
PRQXPHQWRV PiV GHVWDFDGRV WDQWR SRU
VX FDUiFWHU HFXHVWUH \ VXV GLPHQVLRQHV
FRPR SRU HVWDU XELFDGRV IODQTXHDQGR HO
HPEOHPiWLFR HGLILFLR GH OD OODPDGD ¶7R
ZHUV RI -HZHOV· OD HVWDWXD GHO FRQTXLVWD
GRU GH 0p[LFR IXH UHDOL]DGD SRU &KDUOHV
1LHKDXV\ODGH3L]DUURSRU&KDUOHV&DU\
5XPVH\ DPERV HVFXOWRUHV QRUWHDPHULFD
3ODFHGHOD&RQFRUGHHQODFXDOVHULQGLy
HVSHFLDO KRPHQDMH DO HQWRQFHV UHFLHQWH
PHQWHIDOOHFLGR5XPVH\FRQXQDH[WHQVD
UHWURVSHFWLYD GH VX REUD /D HVWDWXD GH
ELGR D VXV FRORVDOHV GLPHQVLRQHV VH FR
ORFy HQ OD VDOD GH OD F~SXOD GHO 3HWLW 3D
ODLVTXHOOHYDEDDxRVVLQXWLOL]DUVHSDUD
H[KLELU REUD DOJXQD 3RFR WLHPSR GHV
SXpV SRU PHGLDFLyQ GHO 'XTXH GH $OED
DQWHODYLXGDGH0U5XPVH\ODPLOORQD
ULD0DU\+DUULPDQKLMDGHOIDPRVRPDJ

&RQFHELGR HQ  SDUD OD H[SRVLFLyQ XQLYHU
VDOGHHO3HWLW3DODLVVHFRQVWUX\yFRQF~SX
ODWUDVSDUHQWH\HVGHVWLQDGRDFWXDOPHQWHD0XVHR
GH%HOODV$UWHVGHOD9LOODGH3DUtV:LNLSHGLD



/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

QDWH GH ORV IHUURFDUULOHV FXDQGR FRLQFL PHQWHD7UXMLOORFXQDGHOFRQTXLV

GLHURQ HQ VX YLDMH D (VWDGRV 8QLGRV VH WDGRU(QPLSDtVHVFDVHDQORVPR
DSUREyHOWUDVODGRGHODHVWDWXDGH3DUtVD QXPHQWRV TXH UHFXHUGDQ D VXV
7UXMLOOR +H DTXt HO PRGR FRPR FRQWDED JUDQGHV ILJXUDV KLVWyULFDVµ 'XTXH
GHVSXpV HO GXTXH GH$OED OD GHFLVLyQ JH
QHURVDGHODYLXGDDPHULFDQD
(Q VHSWLHPEUH GH  UHVROYLPRV
PLPXMHU\\RKDFHUXQYLDMHSRUORV
(VWDGRV 8QLGRV SDtV TXH QLQJXQR
GH ORV GRV FRQRFtDPRV >«@ &RQR
FLGD HV OD KRVSLWDOLGDG DPHULFDQD
FRQ QRVRWURV VH PRVWUy DPDELOtVL
GH$OED

/D LQVWDODFLyQ DSUREDGD SRU HO HVFXOWRU
HVSDxRO 0DULDQR %HQOOXUH VHUtD ILQDQFLD
GD WRWDOPHQWH SRU OD 6UD +DUULPDQ TXH
YLQRD7UXMLOORHQDOJXQDRFDVLyQSUHYLD\
HQODLQDXJXUDFLyQ(VHGtDGHMXQLRGH
PDLQYLWiQGRQRVHQ1XHYD<RUND
FRPLGDV GLVFXUVRV HWFpWHUD 0H
WRFy HVWDU FRORFDGR HQ OD PHVD DO
ODGR GH XQD VLPSiWLFD GDPD PX\
UHODFLRQDGDHQORVFHQWURVDULVWRFUi
WLFRVGH1XHYD<RUNOODPDGD0DU\
5XPVH\>@
 ´0L PDULGR FRQ TXLHQ XVWHG MX
JDED DO ¶SROR· HQ 2VWHQGH HQ  'H
DXYLOOHHWFPXULy\SRUFLHUWRHUD
XQHVFXOWRUPX\GLVWLQJXLGR\PX\
DILFLRQDGR D ODV %HOODV $UWHV (Q
3DUtV WHQtD XQ HVWXGLR 'XUDQWH WR
GD VX YLGD IXH PL PDULGR XQ JUDQ
DGPLUDGRUGH3L]DUUR\DOILQVHGH
FLGLy D ODEUDU XQD HVWDWXD HFXHVWUH
GH VX KpURH IDYRULWR HVWDWXD TXH
WHUPLQySRFRWLHPSRDQWHVGHPR
ULU \ HVWi KR\ HQ OD ([SRVLFLyQ GHO
3HWLW  3DODLV GH 3DUtV GRQGH OD
SXHGHXVWHGYHUDVXUHJUHVRD(X
URSD+H
SHQVDGR HQ HO GHVWLQR TXH SRGUtD
WHQHUODHVWDWXD\DKRUDLQLFLRWUDWRV
SDUDUHJDODUODDO*RELHUQRIUDQFpVµ
(QWRQFHVOHGLMH\R
´¢< SRU TXp UHJDODUOD DO*RELHUQR
IUDQFpV" 1R FUHH XVWHG PiV RSRU
 DFXGLUtDQ DVLPLVPR D 7UXMLOOR
DGHPiV GH OD IDPLOLD UHDO HO GXTXH GH
$OED \ QXPHURVRV SHUVRQDMHV $O IUHQWH
GH OD FRPLWLYD RILFLDO VH KDOODED HO SUHVL
GHQWH GH JRELHUQR 3ULPR GH 5LYHUD TXH
DO GtD VLJXLHQWH VH WUDVODGDUtD D OD YHFLQD
9LOODQXHYDGHOD6HUQDSDUDLQDXJXUDURWUR
PRQXPHQWR LQGLDQR OD HVWDWXD GH 3HGUR
GH 9DOGLYLD GHELGD DO HVFXOWRU HVSDxRO
*DELQR $PD\D &RPR VHxDOD RSRUWXQD
PHQWH HO 'U *XWLpUUH]9LxXDOHV FLWDQGR
XQFRPHQWDULRSHULRGtVWLFRGHHVDLQDXJX
UDFLyQ
<DHQHVWHDxRGHJUDFLDGHVH
KDQ UHJLVWUDGR WUHV FDVRV DQiORJRV
\HQWRGRVODPXMHUQRUWHDPHULFDQD
MXHJD LPSRUWDQWH SDSHO PLVWUHVV
+XQWLQJWRQ\PLVWUHVV:KLWQH\DX
WRUDV \ GRQDGRUDV GH ORV PRQX
PHQWRV DO &LG &DPSHDGRU \ D
&ROyQ LQDXJXUDGRV UHFLHQWHPHQWH
HQ 6HYLOOD \ 3DORV \DKRUD PLVWUHVV
5XPVH\ GRQDGRUD GHO PDJQtILFR
PRQXPHQWRD3L]DUUR

´(Q([WUHPDGXUDVHLQDXJXUDQORVPRQXPHQ
WRVD3L]DUUR\9DOGLYLDµS)XHUHSUR
GXFLGD DVLPLVPR HVWD WHPSRUDO VLPXOWDQHLGDG GH
HVWDWXDV SRU HO 'XTXH GH $OED  (IHFWLYD
PHQWDPELpQHO'XTXHGH$OEDWXYRHQXQ
UHFXHUGRGHORVRWURVGRVPRQXPHQWRVDWHQGLGRV
WXQR KDFHUOR D (VSDxD FRQFUHWD HQ HVWH HQVD\R DO &LG \ D &ROyQ ´3RU DTXHOORV
WLHPSRVWXYLPRVTXHDJUDGHFHUWDPELpQDODJHQH



/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

 ODVR FRVD TXH QXQFD VH KL]R XQ SHUVR
0H LQWHUHVD DSURYHFKDU HVWH SURWDJRQLV
PR QRUWHDPHULFDQR SDUD GHVWDFDU TXH
HVWDV HUHFFLRQHV GH HVWDWXDV KLVWyULFDV
DXQTXH SXGLHUDQ SDUHFHU XQ JHVWR KLVSD
QR HQ UHFXHUGR GH VXV KD]DxDV QR HUDQ
GHOWRGRDVt/DHVWDWXDOLPHxDGH3L]DUUUR
VHIXQGLyVREUHHOPROGHGHKHFKR
RULJLQDOPHQWH SRU 5XPVH\ \ IXQGLGD SRU
QDMHPX\GLVWLQWRD3L]DUURFDUDFWHUL]DGR
SRUODEHOODHYRFDFLyQOLWHUDULDGHOLPSHULR
LQFDLFR HQ OD SULPHUD SDUWH GH VX REUD
&RPHQWDULRVUHDOHV\SRUODFUtWLFDDVXFDtGD
YLROHQWDHQODVHJXQGD&RPRUHFRQRFHUi
HO KLVWRULDGRU SHUXDQR 5DIDHO 9DUyQ *D
ED\
(O PLQLVWUR SOHQLSRWHQFLDULR HVSD
(*DUJDQLHQ%URRNO\Q1<RUNGRQGH xRO/XLV$YLOpV\7LVFDUSLGLyUHVSH
VH HPEDUFy SDUD /LPD HO  GLF GH  WXRVDPHQWH D ODV DXWRULGDGHV SH
PHGtD  P GH DOWXUD \ SHVDED  UXDQDVTXHDOFRVWDGRGH3L]DUURVH
NJ  (UD GH QXHYR XQ GRQDWLYR GH OD SXVLHVH XQD HVWDWXD GHO LQFD *DUFL
YLXGD GH 5XPVH\ 0DU\ +DUULPDQ TXH ODVRGHOD9HJDKHFKDSRUHOHVFXO
PRULUi MXVWDPHQWH GLH] GtDV GHVSXpV FR WRUHVSDxRO0DQXHO3LTXHUDV&RWROt
PRFRQVHFXHQFLDGHXQDFDtGDGHFDEDOOR TXH KDEtD VLGR FRVWHDGD SRU OD FR
RFXUULGD HO PHV DQWHULRU  GH QRYLHP ORQLDHVSDxROD
EUH HQ XQD FDFHUtD 6X PDULGR KDEtD
PXHUWR LJXDOPHQWH GH XQ DFFLGHQWH DX
WRPRYLOtVWLFRHQSRFRDQWHVGHTXH
VX YLXGD RIUHFLHVH DO GXTXH GH $OED OD
SULPHUDHVWDWXDIXQGLGDHQ3DUtV(VSR
VLEOHYHUHQHVWRVDFFLGHQWHVYLWDOHVFLHUWD
LGHQWLILFDFLyQHQWUHODIDPLOLD5XPVH\FRQ

'HEHUHFRUGDUVHTXHHQODUHS~EOL
FD HVSDxROD QR WHQtD HVSHFLDO LQWHUpV HQ
UHFRUGDUODJHVWDGHODFRQTXLVWDVLQRPiV
ELHQ HQ XQD SROtWLFD GH KHUPDQDPLHQWR
FXOWXUDO(OHVFXOWRU3LTXHUDVKDEtDQDFLGR
HOFRQTXLVWDGRU3L]DUURHQVXFRQFHSFLyQ
DYHQWXUHUD\DUULHVJDGDGHODYLGD
 /D VHJXQGD HVWDWXD GRQDGD DO JR
ELHUQRSHUXDQRVHLQDXJXUDUiHQ/LPDHO
 GH HQHUR FHOHEUDQGR HO ,9 FHQWHQDULR
GH OD IXQGDFLyQ GH /LPD SRU )UDQFLVFR
3L]DUUR(QUHODFLyQFRQHVWDHVWDWXDUHIH
ULGDODGH3L]DUURHQ/LPDORTXHSURSX
VRODFRORQLDHVSDxRODHQ/LPD\HOHPED
MDGRUHVSDxROHUDPiVELHQDFRPSDxDUOD
HVWDWXDGH3L]DURFRQRWUDGHOLQFD*DUFL

URVLGDG DPHULFDQD RWURV GRQDWLYRVµ (Q WHUFHU
OXJDUVHUHILHUHDHVWDFRLQFLGHQFLDQRUWHDPHULFD
QD'DQLHO5DOVWRQODYHQWDMDHQHVWHFDVRHV
TXH PXHVWUD FLHUWRV FRQWDFWRV  \ H[SUHVLRQHV
FRPSHWHQFLD KDELGRV HQWUH HOORV WUHV 8VR SDUD
HVWD UHFRQVWUXFFLyQ JHQHUDO OD REUD GH 5RGULJR
*XWLpUUH]9LxXDOHVSS
9HU1HZ<RUN7LPHVGtDS\GtDS


HQ /XFHQD &yUGRED SHUR \D OOHYDED
YLYLHQGRHQ3HU~GHVGHKDFtDTXLQFHDxRV
FRPRSURIHVRUGHOD(VFXHOD1DFLRQDOGH
$UWHV \ 2ILFLRV \ VH KDEtD DFOLPDGR DO
SDtV KDVWD ORJUDU SURSRQHU FRQ p[LWR XQ
HVWLOR DUWtVWLFR TXH VHUtD FRQRFLGR FRPR
´QHRSHUXDQRµ LQWHQWDQGR XQD VLPELRVLV
GHORLQFDLFRORFRORQLDO\ORUHSXEOLFDQR
+DEtD UHDOL]DGR YDULDV REUDV SUHYLDV GH
LQWHUpVSDWULyWLFRHQ/LPDPRQXPHQWRD
5LFDUGR 3DOPD D %DUWRORPp +HUUHUD D
+LSyOLWR8QDQXHHOVDOyQGHJRELHUQRHQ
KRPHQDMH D OD EDWDOOD GH $\DFXFKR \ IL
QDOPHQWHODVILJXUDVDOHJyULFDVGHVWLQDGDV
DO PDXVROHR GHO IXQGDGRU GH /LPD HO
H[WUHPHxR)UDQFLVFR3L]DUURHQODFDSLOOD
TXH VH LQDXJXUDUtD HQ OD &DWHGUDO 0HWUR
SROLWDQD HQ HQHUR GH  )XH HQWRQFHV
SUHFLVDPHQWH FXDQGR VH OH HQFDUJyFRQV
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

WUXLU HO SDEHOOyQ SHUXDQR HQ OD ([SRVL DLUHV SDQDPHULFDQLVWDV FRQ ORV TXH
FLyQ ,EHURDPHULFDQD GH 6HYLOOD TXH VH VX SDtV KDEtD YHQLGR EXVFDQGR UH
LQDXJXUD HO  GH PD\R GHO DxR  TXH HPSOD]DU OD KHJHPRQtD GH ODV SR
D~Q IXQFLRQD HQ 6HYLOOD FRPR VHGH GHO WHQFLDV HXURSHDV HQ +LVSDQRDPpUL
FRQVXODGR SHUXDQR \ FX\D REUD DUTXL
WHFWyQLFD KD VLGR GHVFULWD DVt SRU *XWLp
UUH]9LVXDOHV
(O UHVXOWDGR ILQDO XQD IXVLyQ GH OR
LQGtJHQD\ OR FRORQLDO FRQ VROXFLR
QHV HVSDFLDOHV ³H LQFOXVLYH RUQD
PHQWDFLRQHV³PRGHUQDVYHUGDGH
URHMHPSORGHLQWHJUDFLyQGHODVDU
WHV LED FODUDPHQWH HQ FRQVRQDQFLD
FRQ VX SHQVDPLHQWR ILORVyILFR
DUWtVWLFR \ GHIHQGtD VX FULWHULR GL
FLHQGRTXHQRHUD¶SLQWRUHVFR·VLQR
FD

4XLHURSHQVDUTXHODSURSXHVWDKLVSDQLVWD
HQ /LPD SRU SDUWH GH HVWH HPEDMDGRU
QRUWHDPHULFDQR QR HUD WDQWR XQ ROYLGR
GH VX PHWD SDQDPHULFDQLVWD FRPR PiV
ELHQODHOHFFLyQLQWHUHVDGDGHXQPRGHOR
GH¶SDWURQDWR·SROtWLFRDPHULFDQRHQXQD
HVSHFLHGHDSURSLDFLyQGHOUROGHVDUUROOD
GR SRU (VSDxD HQ HO SDVDGR (VWH KLVSD
QLVPR QRUWHDPHULFDQR SRVWEpOLFR VLQ
PRQXPHQWDO HPEDUJR KD VRUSUHQGLGR D PXFKRV LQWH
OHFWXDOHV HVSDxROHV PRGHUQRV 5HFXHUGR
 DKRUD OD LPSUHVLyQ TXH VH OOHYy HO MRYHQ
-XOLR&DUR%DURMDVREULQRGH3tR%DURMD
&RPR VH YH OD SDUWLFLSDURQ HVSDxROD HQ
ODV HVWDWXDV DPHULFDQDV SRVWHULRUHV D OD
LQGHSHQGHQFLDWHQGtDDEXVFDUODDUPRQtD
HQWUHORVSXHEORVDPHULFDQRV\HOHVSDxRO
GDGR TXH QR SRGtD SHUPLWLUVH XQ SDSHO
KHJHPyQLFR QL HUD OR SROtWLFDPHQWH FR
PLHPEUR GH OD JHQHUDFLyQ GHO  HQ VX
YLVLWDGHORVDxRVDOPXVHRGHODPDUL
QD GH :DVKLQJWRQ FXDQGR YLy WUDWDGDV
FRQWDQWRUHVSHWRODVEDQGHUDV\GHVSRMRV
HVSDxROHV´(OQRKDEtDVLGRSXHVWDQ
GHVDVWURVRFXDQGRHOYHQFHGRUOHGDEDWDO
UUHFWR GDGD VX VHQVLELOLGDG QDFLRQDO \D
LQGHSHQGLHQWH &RPR GLFH HO SURIHVRU
SHUXDQR59DUyQDSURSyVLWRGHODHVWD
WXDGH3L]DUURHQ/LPDLQDXJXUDGDSRFRV
DxRV PiV WDUGH TXLHQ VXEUD\DED OD JHVWD
HVSDxROD HUD XQ SHUVRQDMH QRUWHDPHULFD
QR
(O HPEDMDGRU GH (VWDGRV 8QLGRV
)UHG 0RUULV 'HDULQJ GHVWDFy >HQ
VX GLVFXUVR GH LQDXJXUDFLyQ@ ¶OD
REOLJDFLyQ LQPHQVD GH WRGRV QXHV
WURVSXHEORVKDFLDODPDGUH(VSDxD
JUDQFRORQL]DGRUDGHO1XHYR0XQ
GR·ROYLGDQGRSRUXQPRPHQWRORV

8QDUHLYLQGLFDFLyQUHFLHQWHGH3LTXHUDV&RWROt
HQ3HU~KDVLGRREUDGHOKLVWRULDGRUGHODUWH/XLV
(GXDUGR:XIIDUGHQ
LPSRUWDQFLDµ   1R HV TXH VH
KXELHVH DSUHFLDGR PLOLWDUPHQWH HQ :DV
KLQJWRQDOHQHPLJRYHQFLGRSURSLDPHQWH
KDEODQGR VLQR TXH VH DSUHFLDED HO SDSHO
LPSHULDO FXPSOLGR HQ HO SDVDGR SRU (V
SDxDGHOTXHHOYHQFHGRUVHFRQVLGHUDED
LQWHUHVDGDPHQWHVXKHUHGHUROHJtWLPR









/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$
(/&,'&$03($'25(16(9,//$
 OXHJR GLYHUVDV H[SHGLFLRQHV UHYLVWDV
(O PLVPR PHV HQ TXH VH LQDXJXUDED HO
 )(50Ì1'(/3,12'Ì$=
FRQ WDQ VyOR  DxRV KDVWD (VSDxD SDUD
FRQRFHUOD LQ VLWX WUDV XQD YLVLWD LQLFLDO D
0p[LFR HQ  TXH GHVHQFDGHQy VX
KLVSDQLVPR   (Q VX VHJXQGD YLVLWD HQ
HQHUR GH  OOHJy D 6HYLOOD DTXt FR
PHQ]DUtD VX ODERU DUTXHROyJLFD HQ ODV
H[FDYDFLRQHV GH ,WiOLFD H LQLFLDUtD XQD
FROHFFLyQDUWtVWLFDTXHVHH[KLELUtDSRVWH
ULRUPHQWH HQ VX 6RFLHGDG +LVSiQLFD GH
1XHYD <RUN (IHFWLYDPHQWH HO  GH
PD\R GH  +XQWLQJWRQ IXQGy HVWD
VRFLHGDG FRQ HO ILQ GH HVWDEOHFHU XQD EL
EOLRWHFD\XQPXVHRS~EOLFRVSDUDGLIXQ
GLU OD FXOWXUD HVSDxROD \ ODWLQRDPHULFDQD
JUDWXLWDPHQWH/D6RFLHGDGKDILQDQFLDGR
DFDGpPLFDVHLPSRUWDQWHVH[SRVLFLRQHVGH
DUWH $FWXDOPHQWH OD +LVSDQLF 6RFLHW\ RI
SDEHOOyQSHUXDQRHQ6HYLOODPD\R $PHULFD HV HO PD\RU \ PiV LPSRUWDQWH
\PX\FHUFDGHOPLVPRORKDFtDDVLPLVPR PXVHR GH DUWH HVSDxRO IXHUD GH (VSDxD
RWUD HVWDWXD HFXHVWUH GRQDGD LJXDOPHQWH FRQ SLQWXUDV TXH DEDUFDQ GHVGH OD pSRFD
SRU RWUD PHFHQDV QRUWHDPHULFDQD OD HV PHGLHYDO KDVWD QXHVWURV GtDV H LQFOX\HQ
FXOWRUD$QQD9DXJKK +\DWW  DXWpQWLFDVMR\DVGHO6LJORGH2URGHO;,;
VHxRUDGHVGHGHOPiVIDPRVRKLVSD \GHSULQFLSLRVGHO;;
QLVWD QRUWHDPHULFDQR $UFKHU 0LOWRQ
+XQWLQJWRQ  eO HUD PX\ FR  &DEH UHFRUGDU DKRUD TXH +XQ
QRFLGR \D FRPR IXQGDGRU GH OD 6RFLHGDG WLQWJWRQ IXH SLRQHUR HQ WUDGXFLU DO LQJOpV
+LVSiQLFD GH $PpULFD +LVSDQLF 6RFLHW\ RI

$PHULFD  \ MXQWR FRQ OD HVWD
WXDGHO&LGHOPDWULPRQLRGRQyHQ
GRV FXDGURV GHO SLQWRU EDUURFR 9DOGpV
/HDODODFLXGDGGH6HYLOODORTXHSURYRFy
TXH WDQWR HOOD FRPR VX PDULGR IXHUDQ
GHFODUDGRVKLMRVDGRSWLYRVGHODFLXGDG
 $UFKHU 0 +XQWLQJWRQ KDEtD QDFL
 6XV DQWLJXRV FRQWDFWRV FRQ &DWDOXxD IXHURQ
UHFRQRFLGRVHQFRQXQ PRQROLWRDpOGHGL
FDGR HQ OD PXUDOOD GHO SDODFLR GH 3HGUDOEHV 9HU
,PPDFXODGD6RFLDV%DWHW
6XV LQWHUHVHV LQLFLDOHV SRU HO QRUWH GH (VSDxD
GHORTXHHVFULELyXQOLEURGHYLDMHVHYROFDURQDO
VXU\VXVULFDVDQWLJHGDGHVSUHURPDQDV/DGHFOD
UDFLyQGHJXHUUDGH(VWDGRV8QLGRVFRQWUD(VSD
xDHQIHEUHURLQWHUUXPSLyVXVHVWXGLRVDQGDOXFHV
WHQLHQGRTXHGHSHQGHUGHORVHQYtRVGHVXVDPL
GR HQ  HQ 7KURJJV 1HFN %URQ[ JRVDQGDOXFHV
(QWUH ODV MR\DV GH VX FROHFFLyQ VH HQFXHQWUDQ
+LMR GH XQ LQGXVWULDO IXQGDGRU GH OD /DGXTXHVDGH$OEDYHVWLGDGHQHJURGH*R\D
FRPSDxtD GH IHUURFDUULOHV &HQWUDO 3DFLILF REUDV GH 9HOi]TXH] 5HWUDWR GH QLxD (O FDUGHQDO
5DLOURDG \ GH ORV DVWLOOHURV 1HZSRUW1HZV
GHOTXHUHFLELyXQDGHODVPD\RUHVIRUWX
QDV GH (VWDGRV 8QLGRV PRVWUy GHVGH
PX\ MRYHQ XQ JUDQ LQWHUpV SRU OD FXOWXUD
HVSDxROD +DEtD YLDMDGR GHWHQLGDPHQWH


$VWDOOL\(OFRQGHGXTXHGH2OLYDUHV0XULOOR \ =XU
EDUiQ \ XQD LPSUHVLRQDQWH VDOD GHGLFDGD D -RD
TXtQ6RUROODFRQORVJUDQGHVOLHQ]RVTXHpOPLVPR
SLQWySRUHQFDUJR/DVUHJLRQHVGH(VSDxD7DPELpQ
UHXQLy FXDGURV GH 0DULDQR )RUWXQ\ 5DPyQ &D
VDV 6DQWLDJR 5XVLxRO ,VLGUR 1RQHOO H ,JQDFLR
=XORDJD GH TXLHQ RUJDQL]y XQD H[SRVLFLyQ HQ
DODxRGHVXDSHUWXUD
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

HO ´&DQWDU GHO 0tR &LGµ UHDOL]DQGR XQD

SULPRURVD HGLFLyQ HQ WUHV WRPRV ²
GRQGHRIUHFLySRUSULPHUDYH]XQD
YHUVLyQ LQJOHVD FRPSOHWD DGHPiV GHO
WH[WR HVSDxRO \ ODV QRWDV \ XQ GHOLFDGR
DQiOLVLV FXOWXUDO HQ HO TXH LQYLUWLy XQRV
GLH] DxRV TXH IXH HORJLDGR FRPR ´EUL
OODQWHµSRUORVHVSHFLDOLVWDVHVSDxROHV$Vt
ORJUy LQWURGXFLUVH SOHQDPHQWH HQ ORV
iPELWRVLQWHOHFWXDOHVGH6HYLOODHQWDEODQ
GR DPLVWDG FRQ SHUVRQDMHV FRPR HO DU
TXHyORJRIUDQFRLQJOpV*HRUJH%RQVRUR
ORV HUXGLWRV DQGDOXFHV )UDQFLVFR 5RGUt 
JXH]0DUtQR-RVp*HVWRVR\IXHHOHJLGR
$xRV DQWHV  GH GLFLHPEUH GH
HQPLHPEURGHOD5HDO$FDGHPLDGH
 KDEtD UHDOL]DGR RWUD IDPRVD HVFXO
%HOODV$UWHV\%XHQDV/HWUDV
WXUD GHGLFDGDD OD MRYHQKHURtQD IUDQFHVD
 6X HVSRVD VH KDOODED WDPELpQ DSD -XDQD GH $UFR  GXUDQWH OD
VLRQDGDSRUODKLVWRULD\FXOWXUDGH(VSD JXHUUD GH ORV  DxRV SDUD HVWUHFKDU
xD \ SRU HOOR YLVLWy 6HYLOOD GXUDQWH SUR OD]RVFRQ)UDQFLDFX\RHPEDMDGRUDVLVWLy
ORQJDGDV HVWDQFLDV OD XQLyQ PDULWDO OD DODLQDXJXUDFLyQPLHQWUDVVXSDtVHVWDED
LQWURGXMRPiVHQORVDPELHQWHVHOLWLVWDV\
FXOWXUDOHVGHOPRPHQWRFRODERUDQGRFRQ
VXHVSRVRHQWRGRORUHODWLYRDVXVFROHF
FLRQHV \ PXVHRV (Q  OD DXWRUD UHD
OL]y XQD HVFXOWXUD GHO &LG FRPR SURWRWL
HQJXHUUDFRQ$OHPDQLDTXHIXHXELFDGD
HQ 5LYHUVLGH 3DUN GH 0DQKDWDQ 6X LQ
WHUpVSRU-XDQDGH$UFRVHLQLFLyGXUDQWH
VXVHVWXGLRVGHHVFXOWXUDHQ)UDQFLDGHV
GH  FRQ PDHVWURV IUDQFHVHV HQWUH
SR D PHQRU HVFDOD TXH VH HQFXHQWUD HQ
%URRNJUHHQ *DUGHQV &DUROLQD GHO 6XU
$QQH +XQWLQJWRQ UHDOL]y YDULDV FRSLDV
PiVODSULPHUDIXHUHDOL]DGDSDUDFHQWUDU
ODSOD]DTXHVHDEUHGHODQWHGHODVHGHGH
OD+LVSDQLF6RFLHW\HQ1<RUN/HVHJXLUtDQ
ORV GH %XHQRV $LUHV 6DQ 'LHJR \ 6DQ
)UDQFLVFR 'H HVWD ~OWLPD HO HVFXOWRU HV
SDxRO-XDQGHÉYDORVUHDOL]DUtDOXHJRXQD
FRSLD TXH VH HQFXHQWUD HQ OD FLXGDG GH
9DOHQFLD GRQGH HO &LG  PXULy HO DxR
HOORV (PPDQXHO )UHPLHW \ SRU HVWH WUD
EDMRUHFLELyHQGHOJRELHUQRIUDQFpV
OD PHGDOOD GH OD /HJLyQ GH +RQRU -XQWR
DO FLWDGR PRQXPHQWR DO &LG HVWH RWUR
GHVSHUWy HO HQWXVLDVPR GH ODFUtWLFDDUWtV
WLFD LQWHUQDFLRQDO PDQLIHVWDQGR TXH DP
EDV REUDV HUDQ ODV GRGH PD\RU HQYHUJD
GXUDTXHMDPiVKDEtDKHFKRXQDPXMHUHQ
ODKLVWRULDGHODUWH
 (QFRQDxRVGHHGDGFR
PLHQ]DUtDODTXHVHUtDVXREUDPiVFRQR
 'H KHFKR KDVWD ILQDOHV GHO VLJOR
FLGD HO JUXSR HVFXOWyULFR/RVSRUWDGRUHVGH
;;HOPRQXPHQWRDO&LGGHOD6UD+XQ
OD DQWRUFKD TXH HQ  VHUtD UHJDODGD D
WLQJWRQ HVWXYR FRQVLGHUDGR FRPR OD HV
0DGULG \ FRORFDGD HQ OD FLXGDG XQLYHUVL
FXOWXUDPiVJUDQGHUHDOL]DGDSRUXQDPX
WDULDSOD]D5DPyQ\&DMDODOIUHQWHGHOD
MHUHQ(XURSD
)DFXOWDG GH )DUPDFLD $ ILQDOHV GH HVH
  PLVPRDxRVHSURGXMRHOIDOOHFLPLHQWRGH
VX PDULGR HQ 1XHYD <RUN XQD SpUGLGD



/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

TXH IXH PX\ VHQWLGD HQ (VSDxD SRU VX  (O  GH (QHUR GH  (O*ORER
YLQFXODFLyQDOPXQGRGHODFXOWXUDKLVSi HQVXQ~PHURUHFRJtD\DODQRWLFLD
QLFD VLWXDGDHQ1XHYD<RUN´8QPRQXPHQWR
/$(67$78$'(&2/Ð1(1
+8(/9$
 FRQVWUXFFLyQ GH XQ PRQXPHQWR D &ROyQ
)LQDOPHQWH DOXGLUHPRV D OD HVFXOWXUD \
FRQMXQWR DUTXLWHFWyQLFR TXH IXH HQWUHJD
GRD(VSDxDSULPHURGHWRGRVHQGH
DEULOGHO\FRQXQGHVSOLHJXHDUWtVWL
FR PD\RU SXHVWR TXH VH WUDWD GH YDULDV
ILJXUDV HVFXOWyULFDV GH XQD HVWpWLFD PiV
DYDQ]DGD$SHVDUGHHOORHOPRQXPHQWR
HQFXHVWLyQKDSDVDGRDVHUHOVtPERORGH
OD FLXGDG GH +XHOYDHVWH PRQXPHQWR VH
HQFXHQWUD HQ OD ´3XQWD GHO 6HERµ HQ OD
UtDGRQGHVHXQHQORVUtRV7LQWR\2GLHO
 EDMRODGLUHFFLyQGH)ORUHQFH-0F$XOLI

(QIXHVXVFULWRHOWUDWDGRGHFRRSHUDFLyQ
HQWUH(VSDxD\ORV(VWDGRV8QLGRVTXHDEUtDODV
SXHUWDVLQWHUQDFLRQDOHVDOUpJLPHQGH)UDQFRXQ
HVWDGR WRWDOPHQWH DLVODGR WUDV OD  JXHUUD PXQ
GLDO(QPDU]RVLJXLHQWHODFLXGDGGH%DUFHORQDOH
GHGLFDED XQ KRPHQDMH D pO \ D VX HVSRVD TXH DO
SULQFLSLR VH LQWHUHVDURQ SRU ODV DQWLJHGDGHV
PHGLHYDOHV FDWDODQDV DQWHV GH GHVFXEULU HO 6XU
DQGDOX]
$%&  (O GLDULR UHSURGXMR ORV GLVFXUVRV
FRPSOHWRV GHO HPEDMDGRU +DPPRQG \ GH 3ULPR
GH 5LYHUD $XQTXH :KLWQH\ LQYLWDUtD D ORV +XQ
WLQJWRQDODLQDXJXUDFLyQFXDQGRVHVDOXGDURQHQ
FDVDGHOHPEDMDGRUQRUWHDPHLFDQRpVWRVVHH[FX
VDURQSRUVDOLUGHYLDMHKDFLDHOQRUWHGH(VSDxD
HOODFRQRFtD\DXQDYHUVLyQGHO&LGGH$QQDGHOD
FRSLDGH1<RUN&RPRVHYHUiDPEDVHVFXOWR
UDVPDQWXYLHURQXQDFRPSHWHQFLDGHSRUYLGD&I
5DOVWRQRSFLW


D &ROyQµ SRU OD TXH HO H[ HPEDMDGRU
QRUWHDPHULFDQR HQ 0DGULG 0 $OH[DQGHU
0RRUH FRQVWLWX\y XQ &RPLWp SDUD OD
HQ ODV HVWULEDFLRQHV GHO SXHUWR GH 3DORV
FX\RVFRVWHVVHUtDQGHVXVFULSFLyQS~EOLFD
QRUWHDPHULFDQD DVt  FRPR HO GLVHxR \ OD
GLUHFFLyQ GH ODV REUDV 3DUD HQWRQFHV
IRUPXODED OD SHUHJULQD LGHD GH TXH HVWH
W~PXOR HVWXYLHVH UHVXHOWR SDUD OD SULPD
YHUD GH  HVSHUDQGR OD DVLVWHQFLD GH
XQDFRQFXUULGDSUHVHQFLDGHODGLSORPDFLD
LEHURDPHULFDQD
 (OPRQXPHQWRHQFDUJDGR\ILQDQ
FLDGR SRU OD &ROXPEXV 0HPRULDO )RXQ
GDWLRQ GH 1XHYD <RUN IXH SUR\HFWDGR
SRU OD HVFXOWRUD QRUWHDPHULFDQD 0LVV
*HUWUXGH 9DQGHUELOW :KLWQH\ HQ OD VH
JXQGD PLWDG GH  \ SULPHU WHUFLR GH
6HFRQVWUX\yVREUHXQDSODWDIRUPD
GHKRUPLJyQDUPDGRGHXQRVQXHYHPH
WURV \ PHGLR HQ FXDGUR IRUPDGR SRU
FDUULOHV \ EDUUDV UHGRQGDV GH KLHUUR /D
HVFXOWXUD OD ODEUDUtDQ DUWLVWDV H[WUDQMHURV
IH\ FRQ DUUHJOR D ORV PRGHORV HQYLDGRV
SRU*HUWUXGLV:KLWQH\3DUDVXFRQVWUXF
FLyQ HQ OD TXH VH LQYLUWLHURQ DSUR[LPD
GDPHQWH GRV DxRV VH WUDMR OD SLHGUD GH
XQD FDQWHUD H[LVWHQWH HQ OD YHFLQD ORFDOL
GDGGH1LHEOD(OGtDGHDEULOVHLQDX
JXUyDQWHVTXHOD([SRVLFLyQLEHURDPHUL
FDQDGH6HYLOOD\QRSXGRHVWDUSUHVHQWH
HO UH\ FRVD TXH GHSORUDURQ HO HPEDMDGRU
\HOSUHVLGHQWHGHJRELHUQRDXQTXHKDEtD
GHOHJDGR HQ HO LQIDQWH GRQ &DUORV (O
SUHVLGHQWH +RRYHU KDEtD DXWRUL]DGR TXH
XQEDUFRGHODDUPDGDQRUWHDPHULFDQDVH
XQLHVH D OD DUPDGD HVSDxROD \ TXH VH
KLFLHVH XQD FXHVWDFLyQ SRSXODU SDUD HVWH
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

PRQXPHQWRD&ROyQ  *HUWUXGLV 9DQGHUELOW:KLWQH\

WDPELpQFRQRFLGDFRPR0UV:KLWQH\
GH HQHUR GH    GH DEULO GH 
IXH XQD HVFXOWRUD \ ILOiQWURSD HVWDGRXQL
GHQVH SHUWHQHFtD D XQD PX\ DFRPRGDGD
IDPLOLD KLMD PD\RU GHO PDWULPRQLR HQWUH
&RUQHOLXV 9DQGHUELOW ,,  \
$OLFH &OD\SRROH *Z\QQH 
6XV SULPHURV DxRV VH GHVDUUROODURQ GH
DFXHUGR FRQ VX FDWHJRUtD VRFLDO SDVy ORV
YHUDQRV HQ OD PDQVLyQ IDPLOLDU IXH HGX
FDGD SRU WXWRUHV SULYDGRV \ SDVy OXHJRD
OD H[FOXVLYD (VFXHOD %UHDUOH\ GH 1XHYD
<RUN $ ORV  DxRV VH FDVy FRQ HO EDQ
TXHUR H LQYHUVRU +DUU\ 3D\QH :KLWQH\
 6X YRFDFLyQ DUWtVWLFD VXUJLy
DSULQFLSLRVGHVLJORDOFRQRFHUGHSULPH
UD PDQR OD ERKHPLD DUWtVWLFD SDULVLQD \
 OXHJRUHFLELyFODVHVHQ3DUtVFRQ$XJXVWH
 (O PRQXPHQWR HQ Vt HV GH HVWLOR 5RGLQ :KLWQH\ LQVWDOy VHQGRV HVWXGLRV
FXELVWD PLGH  PHWURV GH DOWXUD \ HVWi GH DUWH HQ *UHHQZLFK 9LOODJH 1XHYD
IRUPDGR SRU XQ SHGHVWDO FRQ EDMRUUHOLH
YHV HQ ODV HVTXLQDV VXSHULRUHV TXH UHSUH
VHQWDQ D ODV FXOWXUDV D]WHFD LQFD PD\D \
FULVWLDQD 6REUH HVWH SHGHVWDO GHVFDQVD OD
ILJXUD GH XQ IUDLOH IUDQFLVFDQR GH SLH
PLUDQGR KDFLD OD UtD FXELHUWR SRU XQ
PDQWR \ DSR\DGR HQ XQD FUX] HQ IRUPD
GH7DXHPEOHPDGHODRUGHQIUDQFLVFDQD
<RUN \ HQ 3DVV\ 3DUtV 'XUDQWH OD 3UL
PHUD*XHUUD0XQGLDO*HUWUXGH:KLWQH\
FUHy \ ILQDQFLy XQ KRVSLWDO GH JXHUUD HQ
1HXLOO\VXU6HLQH\UHDOL]yYDULDVHVFXOWX
UDV FRQPHPRUDWLYDV GHO ILQDO GHO FRQIOLF
WR:KLWQH\DEULyHQHO:KLWQH\6WX
GLR&OXEXQDJDOHUtDSDUDDUWLVWDVMyYHQHV
VHQWy DVt ODV EDVHV GHO IXWXUR 0XVHR
)XHURQ ORV IUDLOHV GHO 0RQDVWHULR GH /D
5iELGD GHVWDFDQGR SULQFLSDOPHQWH )UD\
$QWRQLRGH0DUFKHQD\)UD\-XDQ3pUH]
TXLHQHVFRQVXIH\SHUVHYHUDQFLDMXJDURQ
XQ SDSHO FUXFLDO D\XGDQGR D &ULVWyEDO
&ROyQ D TXH OOHYDUD D EXHQ ILQ VX JHVWD
GHVFXEULGRUD (O SHGHVWDO HV KXHFR FRQ
DFFHVR SRU HO IUHQWH GHOPRQXPHQWR (Q
VX LQWHULRU VH HQFXHQWUDQ XQDV HVFXOWXUDV
GH ORV 5H\HV &DWyOLFRV VHQWDGRV \ HQ ODV
SDUHGHV UHOLHYHV GH SODQRV UHODWLYRV DO
GHVFXEULPLHQWR\QRPEUHVGHSHUVRQDVH
LQVWLWXFLRQHVTXHKLFLHURQSRVLEOHODUHDOL
]DFLyQGHODREUD


:KLWQH\ 1XHYD <RUN FX\D IXQGDFLyQ
HQ  IXH GHFLGLGD FXDQGR HO 0XVHR
0HWURSROLWDQR GH $UWH UHFKD]y OD GRQD
FLyQGHVXFROHFFLyQGHDUWHPRGHUQR(Q
HVWRVPRPHQWRVHO0XVHR:KLWQH\GH1
<RUN VH KD WUDVODGDGR SRU FXDUWD YH] DO
DQWLJXR PDWDGHUR GH 0HDWSDWFKLQJ FRQ
YLVWDVDODHVWDWXDGHOD/LEHUWDG\HO(P
SLUH6WDWH%XLOJLQGHQXQHGLILFLRGHDFH
URGHSODQWDVREUDGHODUTXLWHFWRLWDOLD
QR5HQ]R3LDQR
 &XULRVDPHQWH ODV VHxRUDV :KLWQH\
\ +XQWLQJWRQ WHQtDQ PXFKDV FRVDV HQ

(O3DLV
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

FRP~QFRPRXQDIRUPDFLyQHQHVFXOWXUD VHUYDGR HQ VX VLWLR RULJLQDO \ KDQ VLGR

IUDQFHVD KDELHQGR UHFLELGR DPEDV XQD DVXPLGDVFRPRKRQURVDVSRUODVFLXGDGHV
PHGDOODGHOD/HJLyQGHKRQRUHQ\ UHFHSWRUDV $XQTXH OD LQLFLDWLYD QR IXHUD
 MXQWR FRQ OD JUDQ FUX] GH $OIRQVR SURSLDDOPHQRVODREUDHQVtPLVPDFRQ
;,, HQ  /D 6UD +XQWLQJWRQ QR VXV PRGHORV HVWpWLFRV H LGHROyJLFRV \
TXHUtD WDQWD IDQIDUULD HQ OD LQDXJXUDFLyQ
GHVX&LG&DPSHDGRUFRPROD6UD:KLW
QH\FRPRUHFRQRFtDDTXpOODHQFDUWDDVX
IDPLOLD GH  GH DEULO 3RU VX SDUWH pVWD
SHQVDEDTXHHOFDEDOORGHO&LGHUDGHPD
VLDGRDUFDLFR\WUDGLFLRQDO&XULRVDPHQWH
ODRSLQLyQGHOD6UD+XQWLQJWRQVREUHHO
FDEDOOR GH 3L]DUUR HUD SDUHFLGD HQ FDUWD
DQWHULRU GH  GH DEULO 'H KHFKR \D FR
QRFtD HVWH PRGHOR GH HVFXOWXUD GHVGH
 SXHV YLy HO PRGHOR GH PHQRU WDOOD
HOGHIHEUHUR
 UDFRVPRSROLWDVLQRGHQDFLRQHVGHVHRVDV
62%5(/$3(59,9(1&,$'(/$6
(67$78$6$02'2'(&21&/8
6,Ð1
 VLJQLILFDGRSURIXQGRFRQVDJUDEDHOV~ELWR
&RPRKHPRVYLVWRODVWUHVHVWDWXDVQRU
WHDPHULFDQDV VREUH KpURHV HVSDxROHV KDQ
WHQLGR PXFKD IRUWXQD SXHV VH KDQ FRQ

'DWRVWRPDGRVGH'DQLHO5DOVWRQRSFLW
 VXV UHVSHFWLYRV SDtVHV (Q HO FDVR GH ORV


WDPSRFR VX FRVWH HFRQRPLFR HO SDtV
UHFHSWRURODFLXGDGUHFHSWRUDVHLGHQWLIL
FDURQ FRQ HO VLJQLILFDGR GH ORV PLVPRV
$OILQ\DOFDERVHWUDWDEDGHODHVFHQLIL
FDFLyQVROHPQHGHXQSDVDGRH[LWRVRRDO
PHQRV GH XQD LQWHUSUHWDFLyQ SRVLWLYD \
WUDVFHQGHQWH GH ORV SHUVRQDMHV UHSUHVHQ
WDGRVHOUHFRQRFLPLHQWRGHHVHVLJQLILFD
GRSRVLWLYRSRUSDUWHGHOSDtVKHJHPyQL
FRHQHOSUHVHQWHHUDSHUFLELGRSRUHOSDtV
UHFHSWRU HQ FRPSHQVDFLyQ GH OD SpUGLGD
HYLGHQWH GH SRGHU (V GHFLU FRPR XQD
UHYDORUL]DFLyQS~EOLFD
 7RGRORFRQWUDULRTXHPXFKDVHVWD
WXDVGHHVWRVPLVPRV¶KHURHV·HQORVSDL
VHV DPHULFDQRV GRQGH ODV pOLWHV SROtWLFDV
JREHUQDQWHV DFWXDOHV KDQ SHUFLELGR TXH
ORV SHUVRQDMHV UHSUHVHQWDGRV VROHPQH
PHQWH QR HUDQ SURSLDPHQWH ¶VXV· KpURHV
/RV WUHV KpURHV PHQFLRQDGRV SRU QRVR
WURV HUDQ FRQTXLVWDGRUHV GH QXHYDV WLH
UUDV \ HQ pVWDV KDEtDQ FDPELDGR OD LGHD
VREUHVXSURSLDLGHQWLGDGFRPSDUWLGDSRU
VXV UHSUHVHQWDQWHV \D QR VH WUDWDED GH
WLHUUDV VDWLVIHFKDV SRU SDUWLFLSDU GHO RUEH
FRQRFLGRFRPRUHFHSWRUHVGHXQDFXOWX
GHWHQHUXQDFXOWXUDSURSLD\RUJXOORVD
 7DO YH] OD SUHVHQFLD IHPHQLQD SRU
SDUWHGHORVHVFXOWRUHV\PHFHQDVD\XGDED
D UHFLELU GH PHMRU PRGR HO UHJDOR FX\R
FDPELRGHSRGHUVREUHHOUHVWRGHOPXQ
GR0RVWUDEDDVLPLVPRXQSRFRPHQRVHO
FDUiFWHUKHJHPyQLFRGHOGRQDQWHVLELHQ
ODV SHUVRQDV FRQFUHWDV HUDQ WRGDV HOODV
UHSUHVHQWDQWHVGHODFODVHPiVHOHYDGDGH
/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

PHGLDGRUHV HVSDxROHV 'XTXH GH $OED 

0DUTXpVGHOD9HJD$UPLxR«VHWUDWDED
LJXDOPHQWH GH XQD DULVWRFUDFLD HVSDxROD 
TXH UHFRQRFtD OD VXSHULRULGDG DMHQD OOH 
YDGD D HOOR SRU VX FXOWXUD FRVPRSROLWD
+D\ TXH GHFLU TXH ORV JREHUQDQWHV HVSD 
xROHVDSURYHFKDURQORVJHVWRVSDUDQRP

EUDUDHVWRVGRQDQWHVFRPR¶PHGLDGRUHV·
HQWUH(VSDxD\(VWDGRV8QLGRV3ULPRGH 
5LYHUD TXLVR TXH ORV GHUHFKRV DUDQFHOD
ULRVVREUHORVSURGXFWRVHVSDxROHVYHQGL 
GRVHQ(VWDGRV8QLGRVIXHVHQUHEDMDGRV

(O SURSLR $OIRQVR ;,, KDEtD DSURYHFKD
GRHOFRQWUDWRGHSLQWRUHVFRPR-RDTXtQ 
6RUROOD SRU OD +LVSDQLF 6RFLHW\ 
SDUDPHMRUDUODLPDJHQRILFLDOGH(VSDxD 
WUDVODJXHUUDGHO

 3RU HO FRQWUDULR HO SDSHO UHSUHVHQ

WDGR SRU ORV (VWDGRV 8QLGRV R ODV FROR
QLDV GH HPLJUDQWHV \ GLYHUVRV PHFHQDV 
ILQDQFLHURV HQ OD HUHFFLyQ GH HVWDWXDV GH
GHVFXEULGRUHVRFRQTXLVWDGRUHVHXURSHRV 
HQSDLVHVDPHULFDQRVHUDPiVFODURHQVX 
IDFHWDGRPLQDQWH/DVFODVHVDULVWRFUiWLFDV
TXHVHDOHJUDURQGHSHUWHQHFHUDOXQLYHUVR 
FRVPRSROLWD\UHFLELHURQDOSULQFLSRFRQ
ORVEUD]RVDELHUWRVODVHVWDWXDVGHKpURHV 
DMHQRV KDQ VLGR VXVWLWXLGDV HQ HO 1XHYR 
0XQGR SRU OtGHUHV \ HVWDGRV GH RSLQLyQ
PiV QDFLRQDOLVWDV \ SRSXODUHV<D QR ED 
VDQ VX OHJLPLGDG HQ GHVFHQGHU GH SDLVHV

FRQTXLVWDGRUHV VLQR DO FRQWUDULR GH ODV
FDSDV GH PLJUDQWHV WUDEDMDGRUHV TXH SR 
EODURQ HO WHUULWRULR YDFLR R GH QDWLYRV
FRQTXLVWDGRV TXH UHFODPDQ VX SULYLOHJLR 
GH¶SXHEORVRULJLQDULRV·






 3DUD XQD H[SRVLFLyQ FRPSDUDGD GH SURFHVRV 
FRQWUDULRV GH LGHQWLILFDFLyQ QDFLRQDO HQ ODV HVWD
WXDV\SLQWXUDVGHOPXQGRKLVSDQRKDEODQWHYHU5 
*XWLpUUH]\5*XWLpUUH]9LVXDOHV



/$$/%2/$),$5(9,67$'(+80$1,'$'(6<&8/785$  )(50Ì1'(/3,12'Ì$=

 $PpULFD\(VSDxD,PiJHQHVSDUDXQDKLVWRULD
,QGHSHQGHQFLD H LGHQWLGDG  0D
%,%/,2*5$)Ì$ GULG )XQGDFLyQ 0$3)5(  SS 
 
$%& ´,QDXJXUDFLyQ VROHPQH GHO PRQX *XWLpUUH] 9LxXDOHV 5RGULJR 0RQXPHQWR
PHQWR HULJLGR HQ +XHOYD D &ULVWyEDO FRQPHPRUDWLYR\HVSDFLRS~EOLFRHQ,EHURDPpULFD
&ROyQµ$EULO 0DGULG&iWHGUD
$QGHUVRQ%HQHGLFW,PDJLQHG&RPPXQLWLHV 0RQURH-DPHV'HFODUDFLyQGRFWULQDOGH
5HIOHFWLRQVRQWKH2ULJLQDQG6SUHDGRI1DWLRQ  FRQVXOWDGR RQOLQH 8QLWHG 6WDWHV
DOLVP9HUVRGDHGLFLyQ2ULJLQDO 'HSDUWPHQWRI6WDWH%DVLF5HDGLQJVLQ86
GH7UDGXFFLyQGHOPLVPRDxR 'HPRFUDF\ 7KH 0RQURH 'RFWULQH GHFHPEHU
HQ)&(GH0p[LFR 
%XOXW 0HKPHW 2WWRPDQ'XWFK HFRQRPLF
UHODWLRQV LQ WKH HDUO\ PRGHUQ SHULRG 
8LWJHYHULM9HUORUHQ
&DUR %DURMD -XOLR /RV %DURMD 0HPRULDV
IDPLOLDUHV0DGULG7DXUXV
'XTXHGH$OED´'HFyPRYLQRDHULJLUVH
HQ 7UXMLOOR XQD HVWDWXD D 3L]DUURµ $UWH
(VSDxRO 5HYLVWD GH OD 6RFLHGDG (VSDxROD GH
DPLJRVGHO$UWHDxR;;9,,žGHODpSR
FDWRPR;,9,WULPHVWUHSS
(O3DLV´8QEDVWLyQGHODUWHIUHQWHDOUtR
+XGVRQµ6iEDGRGHPD\RGHS

3DUNHU*HRIIUH\/HVOH\06PLWK(GV
7KH *HQHUDO FULVLV RI WKH VHYHQWHHQWK FHQWXU\
/RQGUHV5RXWOHGJH
5DOVWRQ 'DQLHO  ´6SDQLVK $PHULFDQ
$QQD +\DWW +XQWLQJWRQ·V 5HPRGHOHG
$PELWLRQV ²µ &RS\ULJKW ‹
7KH 7UXVWHHV RI &ROXPELD 8QLYHUVLW\ LQ
WKH &LW\ RI 1HZ <RUN 
ZZZFROXPELDHGXFXZDOODFK
6RFLDV %DWHW ,QPDFXODGD ´(O 0HPRULDO
GH %DUFHORQD  D $UFKHU 0LOWRQ +XQWLQJ
WRQ HO  IXQGDGRU GH OD +LVSDQLF 6RFLHW\
RI $PHULFD  \ D VX HVSRVD OD HVFXOWRUD
´(Q ([WUHPDGXUD VH LQDXJXUDQ ORV PR
QXPHQWRV D 3L]DUUR \ 9DOGLYLDµ 5HYLVWD
+LVSDQRDPHULFDQDGH&LHQFLDV/HWUDV\$UWHV
0DGULG DxR 9,,, 1ž  MXQLR GH 
S
*RIIPDQ 'DQLHO7KH2WWRPDQ(PSLUHDQG
HDUO\PRGHUQ(XURSH &DPEULGJH 8QLYHUVLW\
3UHVV
$QQD+\DWW+XQWLQJWRQµ(Q,GHP(G
&RQIOLFWRV EpOOLFV H[SROLDFLRQV FROOHFFLRQV
%DUFHORQD 3XEOLFDWLRQV \ HGLWLRQV GH OD
FLXGDG GH %DUFHORQD 
KWWSKGOKDQGOHQHW
9DUyQ *DED\ 5DIDHO ´/D HVWDWXD GH
)UDQFLVFR 3L]DUUR HQ /LPD +LVWRULD H
LGHQWLGDG QDFLRQDOµ 5HYLVWD GH ,QGLDV
Qž

*RRG\ -DFN ,VODP LQ (XURSH 3ROLW\ 3UHVV :XIIDUGHQ /XLV (GXDUGR (G 0DQXHO
&DPEULGJH3ROLW\3UHVV
*XWLpUUH] 5DPyQ \ *XWLpUUH] 9LVXDOHV
5RGULJR ´&RQVWUXFFLRQHV LFRQRJUiILFDV
GHODVQDFLRQHVDPHULFDQDV\(VSDxDµHQ
3LTXHUDV &RWROt  $UTXLWHFWR
HVFXOWRU \ XUEDQLVWD HQWUH (VSDxD \ HO 3HU~
/LPD0XVHRGH$UWHGH/LPD