(/6,67(0$<0e72'20É6(),&$=<5(92/8&,21$5,23$5$/$086&8/$&,Ð1'(/7521&2<3,(51$6
35(9(1&,Ð1<5(&83(5$&,Ð1'(/(6,21(6<0(-25$'(/$&21',&,Ð1)Ì6,&$'('(3257,67$6




&8$'5,&(36

,648,27,%,$/(6

/80%$5(6
*/87(26

(-(5&,&,2'((67,5$0,(172'(
,648,26</80%$5(6
'(6&2175$&785$17(
'(/$=21$/80%$5

 



 

 ,03257$1&,$'(/$)8(5=$086&8/$5(1(/6(5+80$12
7HQLHQGRHQFXHQWDTXHODPXVFXODWXUDHVHOVRVWpQGHODHVWUXFWXUDyVHDHOHVTXHOHWRSRGHPRV
GDUQRV FXHQWD GH LQPHGLDWR GH OD LPSRUWDQFLD TXH WLHQH SDUD HO EXHQ IXQFLRQDPLHQWR GH QXHVWUR
RUJDQLVPR/DPXVFXODWXUDVLQODFXDOQRSRGUtDPRVVRVWHQHUQRVGHSLHGHVGHTXHQDFHPRVYDHQ
DXPHQWRGHIRUPDJUDGXDOKDVWDDSUR[ORVDxRVFRQXQDDFWLYLGDGItVLFDQRUPDO/DPXVFXODWXUD
SRGUiVHUPD\RURPHQRUHQIXQFLyQDODIRUPDGHYLGDUHDOL]DGDPXFKDPRYLOLGDG±SUiFWLFDGH
GHSRUWHV±JLPQDVLD±PXVFXODFLyQHWF


(VWH HVTXHOHWR KXPDQR QR SRGUtD VRVWHQHUVH GH SLp VL QR FRQWDVH FRQ OD
PXVFXODWXUDFRUUHVSRQGLHQWH
0HGLDQWHODFRQWUDFFLyQPXVFXODU\HVWLUDPLHQWRSRVWHULRUGHELGRDVXFDSDFLGDG
HOiVWLFDHOP~VFXORSRVLELOLWDHOPRYLPLHQWRGHQXHVWURRUJDQLVPR
*UDFLDV D OD FRQWUDFFLyQ PXVFXODU SRGHPRV FRUUHU DQGDU VDOWDU \ PRYHUQRV
UHDOL]DQGRGLYHUVRVHVIXHU]RVGHPHQRUDPD\RUJUDGRGHGLILFXOWDG
'HSHQGLHQGR GH QXHVWUD  PXVFXODWXUD SRGUHPRV UHDOL]DU XQ PD\RU R PHQRU
HVIXHU]RFRUUHUPDV±OHYDQWDUPD\RUHVFDUJDV±HWF
6L D QXHVWUR FXHUSR OH H[LJLPRV XQ PD\RU HVIXHU]R GHO TXH HVWi FDSDFLWDGR HQ
IXQFLyQGHOGHVDUUROORGHVXVP~VFXORVHVWRVSXHGHQ³SURWHVWDU´\DSDUHFHUXQD
OHVLyQ
'HELGR D HOOR HV PX\ LPSRUWDQWH GHVDUUROODU XQD VHULH GH P~VFXORV EiVLFRV TXH
VRQHOVRVWpQSULQFLSDOGHQXHVWURHVTXHOHWR
$ PD\RU H[LJHQFLD ItVLFD HVSHFLDOPHQWH HQ GHSRUWLVWDV PD\RU GHEHUi VHU HO
WUDEDMRGHGHVDUUROORPXVFXODUPXVFXODFLyQ

9($026(1'21'(6((1&8(175$18%,&$'26/266,*8,(17(60Ò6&8/26(1(/&8(532+80$12

 

/DYLGDVHGHQWDULDHOHQYHMHFLPLHQWRHODXPHQWRGHSHVRODGLVPLQXFLyQGHIXHU]DODVPDODV
SRVWXUDV D OD KRUD GH WUDEDMDU SRU HM PXFKDV KRUDV VHQWDGR DQWH XQ RUGHQDGRU OHYDQWDU SHVRV \
FDUJDVVXSHULRUHVDQXHVWUDVIXHU]DV\VREUHWRGRODIDOWDGHHMHUFLFLRVGHPXVFXODFLyQDGHFXDGRV
FRQWULEX\HQ D TXH QXHVWUR FXHUSR ³SURWHVWH´ \ DSDUH]FDQ ODV WtSLFDV PROHVWLDV HQ OD HVSDOGD
OXPEDOJLDV\FLiWLFDVSUREOHPDVHQODVURGLOODVSDUDVXELUFXHVWDV\HVFDOHUDVIDOWDGHIXHU]DHQ
ODV SLHUQDVSURYRFDGRV SRU GHELOLWDPLHQWR GHO FXDGULFHSV ± LVTXLRWLELDOHV \ JHPHORVVyOHR
7DPELpQ VRQ IUHFXHQWHV IXHUWHV GRORUHV HQ ODV FHUYLFDOHV \ PXFKR GRORU GH FDEH]D GHELGR
IXQGDPHQWDOPHQWHDODIDOWDGHPXVFXODWXUDFHUYLFDO\ODVIUHFXHQWHVDSDULFLRQHVGHDUWURVLVHQODV
PHQWDGDV]RQDVGHQXHVWURRUJDQLVPR
$UWURVLV GHVYLDPLHQWR GH OD FROXPQD YHUWHEUDO ORUGRVLV SULQFLSLRV GH KHUQLDV GLVFDOHV
LQIODPDFLRQHV GH GLIHUHQWHV DUWLFXODFLRQHV HWF HWF VXHOHQ VHU JUDQ SDUWH GH ORV FDXVDQWHV GH ORV
PDOHV TXH DTXHMDQ D QXHVWUD VRFLHGDG PRGHUQD /D VROXFLyQ PpGLFD PiV LQPHGLDWD VRQ ORV DQWL
LQIODPDWRULRVDQDOJpVLFRVYLWDPLQDVGHOJUXSR%HVSHFLDOPHQWH%FDOFLRHWF7DPELpQVXHOHQ
UHFRPHQGDU XQ WUDWDPLHQWR ILVLRWHUDSpXWLFR R ELHQ JLPQDVLD FRUUHFWLYD \  UHKDELOLWDFLyQ HQ XQ
JLPQDVLR 'H LJXDO IRUPD VH OHV VXHOH UHFRPHQGDU EDMDU GH SHVR SDUD TXH ODV DUWLFXODFLRQHV TXH
³SURWHVWDQ´QRHVWpQWDQVREUHFDUJDGDVSDUDORFXDOGHEHUiQGHVRPHWHUVHDXQDGLHWDDGHFXDGD\D
UHDOL]DU HMHUFLFLR ItVLFR SDUD TXHPDU JUDVDV IRRWLQJMRJJLQJ /D ~OWLPD VROXFLyQ \ OD PHQRV
GHVHDGDHVODGHVRPHWHUVHDXQRSHUDFLyQSDUDVROYHQWDUHOSUREOHPDKHUQLDGLVFDOSRUHM

)227,1*²-2**,1*)21'22&$55(5$&217,18$'(/$5*$'85$&,Ð1
0XFKDV SHUVRQDV DGXOWDV GH PiV GH  DxRV GH HGDG VH YDQ D OD FDOOH D FRUUHU D KDFHU
)227,1*FRUULHQGRGLVWDQFLDVGHKDVWDNPRPiVFUH\HQGRTXHFRQHOORFXEUHQGRVIXQFLRQHV
IXQGDPHQWDOHV
4XHPDUJUDVDV\DGHOJD]DU
0HMRUDUVXHVWDGRItVLFRJHQHUDO
3UREDEOHPHQWH OD SULPHUD IXQFLyQ VH FXPSOD \ VH FRQVLJD HO SURSyVLWR GHVHDGR /D VHJXQGD
IXQFLyQ EDMR OD SUHPLVD GH &255(5 HV VXILFLHQWH SDUD HVWDU HQ EXHQD IRUPD ItVLFD SXHGH VHU
YiOLGR SDUD HO HVWtPXOR &$5',29$6&8/$5 5(6,67(1&,$ 086&8/$5 SHUR HV PX\
SUREDEOHTXHXQHVFDVRUHIRU]DPLHQWRGHODPXVFXODWXUDGHOWUHQLQIHULRUIDYRUH]FDODDSDULFLyQGH
GLYHUVDV OHVLRQHV GHELGR D XQD VREUHFDUJD SDWROyJLFD 1DGD PHMRU  SDUD ORV FRUUHGRUHV GH IRQGR
IXWEROLVWDVMXJDGRUHVGHEDORQFHVWRWHQLVWDVHWFSDUDSUHYHQLUHOGHVJDVWHGHVXVDUWLFXODFLRQHV\
PHMRUDUVXUHQGLPLHQWRItVLFRTXHHQWUHQDUDGHFXDGDPHQWHODPXVFXODWXUDGHVXWUHQLQIHULRU \OD
]RQD JO~WHR OXPEDU FRQ ORV HMHUFLFLRV GH PXVFXODFLyQ TXH PiV DGHODQWH LQGLFDUp TXH HVWiQ DO
DOFDQFHGHWRGRHOPXQGRSRUVXVHQFLOOH]EDMRFRVWH\JUDQHIHFWLYLGDG
(/ )257$/(&,0,(172 086&8/$5 '( /$6 &(59,&$/(6&8$'5,&(36,648,27,%,$/(6*/Ó7(2 < /80%$5(6
38('(6(5/$62/8&,Ð1'(),1,7,9$<3(50$1(17('(/$6&(59,$/*,$6/80%$/*,$6&,É7,&$6<)/2-('$'
'(3,(51$6<'2/25(6(1/$6$57,&8/$&,21(6'(/$652',//$6
/RVPDVDMHV\WUDWDPLHQWRVILVLRWHUDSpXWLFRVPHMRUDQHOUHQGLPLHQWRPXVFXODUVXWRQLILFDFLyQ
\VXEXHQIXQFLRQDPLHQWRJHQHUDO

,03257$1&,$'(/$&255(&7$086&8/$&,Ð1(1/26'(3257,67$6'($/725(1',0,(172
/D SUiFWLFD GHSRUWLYD DFWXDO PX\ HVSHFLDOPHQWH ORV GHSRUWLVWDV GH HOLWH GH DOWR UHQGLPLHQWR
GHSRUWLYR \ SURIHVLRQDOHV H[LJH XQDV DOWDV SUHVWDFLRQHV GH HVIXHU]R ItVLFR SDUD OR FXDO HV
LQGLVSHQVDEOH XQD SHUIHFWD \ H[WUDRUGLQDULD FRQGLFLyQ ItVLFD JUDFLDV D  OR FXDO VH SXHGD UHQGLU DO
Pi[LPRFRQHOPtQLPRULHVJRGHOHVLyQ'HEHWHQHUVHHQFXHQWDTXHODSUiFWLFDGHXQDDFWLYLGDG
GHSRUWLYDGHODUJDGXUDFLyQFRQFRQVWDQWHVFDPELRVGHULWPRGHFDUUHUDHLQWHQVLGDGHVGHHVIXHU]R
FRQIUHQDGDV\DUUDQFDGDVEUXVFDVFDUUHUDVODWHUDOHV\VDOWRVFRPRHQHOI~WEROEDORQFHVWRWHQLV
EDORQPDQRYROOH\ERODWOHWLVPRHWFODUHVLVWHQFLDRUJiQLFD\DHUyELFDUHVLVWHQFLDPXVFXODUTXH

 

VH WUDEDMD LQWHQVDPHQWH FRQ OD SUiFWLFD GH HVWRV GHSRUWHV GHEH LU DFRPSDxDGD SDUD TXH QR VH
RULJLQHXQHVWUpVPXVFXODUTXHDODODUJDSXHGHGHVHQFDGHQDUODDSDULFLyQGHGLYHUVDVOHVLRQHVHQ
ODV DUWLFXODFLRQHV GHO WUHQ LQIHULRU \ GH OD ]RQD OXPEDU SRU GHVJDVWH GH XQ EXHQ WUDEDMR GH
UHIRU]DPLHQWRPXVFXODUGHORVP~VFXORVIXQGDPHQWDOHVLPSOLFDGRVHQHOHVIXHU]RGHSRUWLYR7DQWR
HQ OD YLGD FRWLGLDQD FRPR HQ OD SUiFWLFD GHSRUWLYD HVSHFLDOPHQWH HQ ORV GHSRUWLVWDV GH DOWR
UHQGLPLHQWRORVSULQFLSDOHVP~VFXORVDGHVDUUROODUVHUiQORVVLJXLHQWHV
&8$'5,&(36±,648,27,%,$/(6±*/Ò7(26±/80%$5(6
'XUDQWHORVDxRVTXHOOHYRFRPRHQWUHQDGRUGHDWOHWLVPRSULPHURFRPRHQWUHQDGRUGHFOXE\
DFWXDOPHQWH FRPR HQWUHQDGRU GH OD 5)($ HQ HO &(1752 '( $/72 5(1',0,(172
'(3257,92 GH 6DQW &XJDW KH HQWUHQDGR D PXFKRV DWOHWDV HQ ODV HVSHFLDOLGDGHV GH SpUWLJD
YHORFLGDGVDOWRGHDOWXUDORQJLWXG\WULSOHVDOWR±YDOOLVWDVODQ]DGRUHVHWFTXHKDQEDWLGRHQPiV
GHRFDVLRQHVXQUpFRUGGH(VSDxDREWHQLHQGRHQPiVGHRFDVLRQHVODPHGDOODGHRURHQXQ
&DPSHRQDWRGH(VSDxDLQFOXVRXQRGHHOORVJDQyODPHGDOODGHEURQFHHQORV--22GH%DUFHORQD
\RWURODPHGDOODGHSODWDHQHO&WRGHO0XQGR-XQLRUDPERVHQVDOWRFRQSpUWLJD/DH[SHULHQFLD
DGTXLULGD HQWUHQDQGR FRQ HO 7,5$17( 086&8/$'25 D  PXFKRV  GH  HVWRV  DWOHWDV GH HOLWH
QDFLRQDO\PLVFRQWDFWRVSHUPDQHQWHVFRQORVSUHSDUDGRUHVItVLFRVGHRWURVGHSRUWHVI~WERO
WHQLVEDORQFHVWRHWFPHKDFRQILUPDGR\GHPRVWUDGRHOH[FHOHQWHUHQGLPLHQWR\HILFDFLDHQHO
GHVDUUROORPXVFXODUGHO
7,5$17('(086&8/$&,Ï1'(&8$'5,&(36,648,27,%,$/(6/80%$5(6*/Ò7(26
+HFRPSUREDGRDWUDYpVGHPXFKRVDxRVGHH[SHULHQFLDHLQYHVWLJDFLRQHVWDQWRDQLYHOSHUVRQDO
FRPRSRUPLVFRPSDxHURVGHHQWUHQDPLHQWRORVEXHQRVUHVXOWDGRVTXHVHREWLHQHQHQHOGHVDUUROOR
GHORVPHQWDGRVP~VFXORVGHIRUPD(;&e175,&$ (/È67,&$/DXWLOL]DFLyQGHO7,5$17(QR
LPSOLFDULHVJRV\SRUVXEDMRFRVWHHVDVHTXLEOHDWRGRHOPXQGR(O7,5$17(HVXQPHGLRPX\
HILFD]SDUD&(17526'(5(+$%,/,7$&,Ï1SDUDUHFXSHUDUDSHUVRQDVOHVLRQDGDVHQSURFHVRV
UHFXSHUDWRULRV SRVWRSHUDWRULRV \ SRVWWUDXPiWLFRV (QWUH ORV UHFXSHUDGRUHV ItVLFRV HVSHFLDOPHQWH
GHI~WEROHO75$%$-2'(5(&83(5$&,Ï1 086&8/$5HQ FRQWUDFWXUDVUXSWXUDVILEULODUHV
OXPEDOJLDVFLiWLFDVSUREOHPDVHQODVDUWLFXODFLRQHVGHODVURGLOODVKDVLGRPX\HILFD]DFRUWDQGROD
UHFXSHUDFLyQGHDOJXQDVOHVLRQHVHQYDULRVPHVHV

&8(532(1)250$&21(/´7,5$17(086&8/$'25µ'(&8$'5,&(36

,648,27,%,$/(6*/Ó7(26/80%$5(6<&(59,&$/(6
6H WUDWD GHO VLVWHPD \ PpWRGR PiV HILFD] \ UHYROXFLRQDULR SDUD OD PXVFXODFLyQ GHO FXHUSR
SUHYHQFLyQ \ UHFXSHUDFLyQ GH OHVLRQHV \ PHMRUD GH OD FRQGLFLyQ ItVLFD GH ORV GHSRUWLVWDV \
SHUVRQDVHQJHQHUDO
&RQ HO 7,5$17( 086&8/$'25 VH SRGUiQ  GHVDUUROODU GLFKDV  PXVFXODWXUDV HQ FXDOTXLHU
OXJDUHQGRQGHSXHGDILMDUVHSRVWHiUEROIDURODEDUDQGLOODHVSDOGHUDSRUWHUtDGHI~WEROHWF&RPR
SXQWRGHDSR\RSDUDORVSLHVSDUDQRUHVEDODUSXHGHXWLOL]DUVHXQODGULOORXQDFXxDGHPDGHUDXQ
ERUGLOOR ORV SLHV GH XQ FRPSDxHUR R ELHQ XQD WDULPD LQFOLQDGD GH ILMDFLyQ GH ORV SLHV
HVSHFLDOPHQWHGLVHxDGDSRUPLSDUDXWLOL]DUODSDUDHQWUHQDPLHQWRVFRQHO7,5$17(3XHGHOOHYDUVH
HQFLPD D FXDOTXLHU SDUWH HQ OD EROVD R ELHQ DWDGR D OD FLQWXUD  \D  TXH SHVD \ DEXOWD SRFR 6H
VXPLQLVWUD FRQ XQ FLQWXUyQ JUDGXDEOH ³$/$5*$'25´ GH P GH ORQJLWXG SDUD XWLOL]DUOR HQ
GLIHUHQWHV OXJDUHV \ FLUFXQVWDQFLDV TXH OR UHTXLHUDQ 6XVWLWX\H D FXDWUR PiTXLQDV GH PXVFXODFLyQ
FRVWRVDV\SRUVXEDMRSUHFLRHVWiDODOFDQFHGHWRGRVORVEROVLOORV

 

9(17$-$6)81'$0(17$/(6'(/$87,/,=$&,Ð1'(/´7,5$17(086&8/$'25µ
D (MHUFLFLRV GH HVWLUDPLHQWR PXVFXODU ³H[FpQWULFR´ LVTXLRVJO~WHRV \ OXPEDUHVPHMRUD GH OD
IOH[LELOLGDG\HVGHVFRQWUDFWXUDQWH
E$OVHUODFRQWUDFFLyQSUHGRPLQDQWHPHQWHH[FpQWULFDVHFUHDXQDPD\RUWHQVLyQPXVFXODURVHD
XQDPD\RUJDQDQFLDGHIXHU]D\HODVWLFLGDGGHOP~VFXOR
F ([LVWH XQD PD\RU LQFLGHQFLD VREUH HO WHMLGR HOiVWLFR SRU OR TXH OD KLSHUWURILD PXVFXODU HV
ORQJLWXGLQDO\QRWUDQVYHUVDO
G7RGDVODVSHUVRQDV\PX\HVSHFLDOPHQWHORVGHSRUWLVWDVGHHOLWHTXHKDQXWLOL]DGRHO7,5$17(
KDQ PHMRUDGR HQ PX\ SRFR WLHPSR VX HVWDGR ItVLFR \ UHQGLPLHQWR GHSRUWLYR \ DGHPiV QR VH KDQ
OHVLRQDGRWDQIiFLOPHQWHFRPRDQWHV
H3RGHUOROOHYDUGHYLDMHGHSRUWLYRRGHYDFDFLRQHVHQOD EROVD SDUD SRGHUHQWUHQDUDGRQGHVH
YD\D
I/DIDOWDGHSHOLJURVLGDGHQVXXWLOL]DFLyQSDUDGHVDUUROODUORVFXDGULFHSVHLVTXLRV(QODVWtSLFDV
³VHQWDGLOODV´FRQODVKDOWHUDVFRQSHVDVHQODHVSDOGDH[LVWHXQJUDQULHVJRGHOHVLyQHQODFROXPQD
YHUWHEUDO\HQORVGLVFRVLQWHUYHUWHEUDOHVDVtFRPRHQODVDUWLFXODFLRQHVGHODURGLOODHVSHFLDOPHQWH
HQ ODV PXMHUHV GHSRUWLVWDV GHEHQ DVHJXUDU OD FLQWXUD FRQ XQ FLQWXUyQ GH SURWHFFLyQ OXPEDU (VWH
ULHVJRHVPtQLPRFRQODXWLOL]DFLyQGHO7,5$17(

&20287,/,=$5&255(&7$0(17((/´7,5$17(086&8/$'25µ(1(/(175(1$0,(172
$QWHV GH HPSH]DU D PXVFXODU FRQ HO 7,5$17( HV FRQYHQLHQWH UHDOL]DU XQD VHVLyQ GH
FDOHQWDPLHQWR FRUULHQGR XQ PtQLPR GH  PLQXWRV VXDYHPHQWH \ GHVSXpV UHDOL]DU XQD VHVLyQ GH
HVWLUDPLHQWRV\DEGRPLQDOHV&RPRSULPHUHMHUFLFLRGHHQWUHQDPLHQWRVHUHDOL]DUi
(-(5&,&,2'((67,5$0,(172'(/80%$5(6*/Ò7(26,648,27,%,$/(6<*(0(/26
6H UHDOL]DUiQ DO PHQRV  UHSHWLFLRQHV GH
HVWLUDPLHQWR \ IOH[LELOLGDG GH OD ]RQD OXPEDU
JO~WHRVHLVTXLRWLELDOHVWDPELpQJHPHORV
(MHUFLFLRWDPELpQGHVFRQWUDFWXUDQWHHQFDVRGH
SDGHFHU XQD OXPEDOJLD R FLiWLFD 7DPELpQ HV
PXVFXODQWHGHOD]RQDOXPEDU


 

 086&8/$&,Ï1'(/&8$'5,&(36(1(67,5$0,(172(;&e175,&2

(;&e175,&2 &21&e175,&2
&217,5$17(086&8/$'25
&210È48,1$'(
0XVFXODFLyQGHFXDGULFHSV UHSHWL
086&8/$&,Ï1
FLRQHV&RQSHVRRVLQSHVRHQODVPD
QRVGHSHQGLHQGRGHODIXHU]DPXVFXODU
GHOLQGLYLGXRDFWXDQWH



 (-(5&,&,2'(086&8/$&,Ï1'(&8$'5,&(36
 ,620e75,&2(1(67,5$0,(172
 /DGXUDFLyQGHOHMHUFLFLRLVRPpWULFRHVWiWLFRVHUiGHD´
GHSHQGLHQGRGHODIXHU]DGHODSHUVRQDTXHUHDOL]DHOHMHUFLFLR



³(1*526$0,(172'(/7(1'Ï15278/,$12´

086&8/$&,Ï1'(,648,7,%,$/(6(1(67,5$0,(172(;&e175,&2

0XVFXODFLyQH[FpQWULFDGHLVTXLRWLELDOHV
UHSHWLFLRQHVFRQSHVRHQODVPDQRVR
VLQSHVRGHSHQGLHQGRGHODIXHU]DGHO
0XVFXODFLyQFRQFpQWULFDFRQ
LQGLYLGXRDFWXDQWH
PiTXLQDGHPXVFXODFLyQ
&,1785Ï1),-$'2'(%$-2'(/$
52',//$2%,(13$5$12,55,7$5
(/7(1'Ï15278/,$12-86720È6$55,%$


086&8/$&,Ï1(;&e175,&$'(/80%$5(6<*/Ò7(26
0XVFXODFLyQH[FpQWULFDGHOXPEDUHV\JO~
WHRVUHSHWLFLRQHVFRQSHVRHQODVPDQRV
RVLQSHVRGHSHQGLHQWHGHODIXHU]DGHO
LQGLYLGXRDFWXDQWH


 0XVFXODFLyQFRQFpQWULFD
GHOXPEDUHV\JO~WHRV



$7(1&,Ï1
$OHQWUHQDUHOLVTXLRWDPELpQVHPXVFXODOLJHUDPHQWHHOOXPEDU\HOJO~WHR
$OHQWUHQDUORVOXPEDUHV\HOJO~WHRWDPELpQVHPXVFXODOLJHUDPHQWHORVLVTXLRV

 

 086&8/$&,Ï1'(6Ï/(26<*(0(/26


 3RVLFLyQLQLFLDO ([WHQVLyQGHOWRELOOR± 3RVLFLyQLQLFLDO
  3RVLFLyQLVRPpWULFDDSUR[´
  5HSHWLFLRQHV[
086&8/$&,Ï1'($%'20,1$/(6<&8$'5,&(36 &20%,1$'2
3$5$$7/(7$608<086&8/$'26


    3RVLFLyQLQLFLDO
5(3(7,&,Ï168&(6,9$6'(/$6326,&,21(6±+$67$[\UHWRUQRDSRVLFLyQ

(/(175(1$0,(172&21(/³7,5$17(086&8/$'25´
3DUD DWOHWDV \ GHSRUWLVWDV IRUPDGRV GHQWUR GH VX SURJUDPDFLyQ VHPDQDO GH HQWUHQDPLHQWR
PXVFXODU UHFRPLHQGR OD XWLOL]DFLyQ GHO 7,5$17(    YHFHV D OD VHPDQD  GtDV DOWHUQRV OXQHV
PLpUFROHV \ YLHUQHV 'HEHQ GH UHDOL]DUVH  HMHU ORV GtDV GH HQWUHQDPLHQWR GH PXVFXODFLyQ GH
FXDGULFHSVLVTXLRWLELDOHV\JO~WHRV\OXPEDUHVFRQUHSHWLFLRQHVH[FHSWXDQGRHO~OWLPRHQHO
TXHVHFRPELQDHODEGRPLQDO\HOFXDGULFHSVTXHSRUVXGXUH]DVRORVHUHDOL]DUiQUHSHWLFLRQHV
GH FDGD HMHUFLFLR (O HMHUFLFLR LQLFLDO GH HVWLUDPLHQWR OXPEDU  VROR VH UHDOL]DUi DO LQLFLR GHO
HQWUHQDPLHQWRPXVFXODUFRQHO7,5$17(UHSHWLFLRQHV/DXWLOL]DFLyQGHFDUJDVDGLFLRQDOHVHQ
ODVPDQRVRHQODQXFDSDUDGHSRUWLVWDVPX\PXVFXODGRVDXPHQWDODKLSHUWURILDPXVFXODU
FRQODFRQVLJXLHQWHPHMRUDPXVFXODU(QWUHHMHUFLFLR\HMHUFLFLRHVUHFRPHQGDEOHUHDOL]DUDOJXQRV
ERWHVGLQiPLFRVDUULED\DEDMRGHXQSOLQJWRQRHVFDOyQHOHYDGRFRQGLH]UHSHWLFLRQHV7DPELpQHV
UHFRPHQGDEOH UHDOL]DU FDUUHUDV SURJUHVLYDV GH  P HQWUH ORV HMHUFLFLRV GH PXVFXODFLyQ SDUD
HVWLPXODUODVILEUDVUiSLGDVGHOP~VFXOR
(O HQWUHQDPLHQWR ELHQ UHDOL]DGR FRQ HO 7,5$17( SXHGH VXVWLWXLU WRWDO R SDUFLDOPHQWH HO
HQWUHQDPLHQWRFRQSHVDVHQDTXHOORVGHSRUWLVWDVTXHVHGHGLFDQDFRUUHU\VDOWDUFRPREDVHGHVX
HQWUHQDPLHQWR FRUUHGRUHVVDOWDGRUHVYDOOLVWDVIXWEROLVWDVWHQLVWDVMXJDGRUHV GH EDORQPDQR
YROOH\EROHWFHWF(VHOVLVWHPDLGHDOGHPXVFXODFLyQSDUDGHSRUWLVWDVFRQSUREOHPDVHQODHVSDOGD
\HQODVURGLOODVDVtFRPRHQODUHFXSHUDFLyQGHPXFKDVOHVLRQHVDUWLFXODUHVHQODVTXHXQDFDUJDHQ
ODHVSDOGDQRHVUHFRPHQGDEOH
/26 '(3257,67$6 129(/(6 < 32&2 )250$'26 086&8/$50(17( GHEHQ GH
UHGXFLUODVFDUJDVODVUHSHWLFLRQHVGHORVHMHUFLFLRV \ORVGtDVGHHQWUHQDPLHQWR'HEHWHQHUVHHQ
FXHQWDHVSHFLDOPHQWHHQHOHQWUHQDPLHQWRGHFXDGULFHSVTXHDPD\RUIOH[LyQGHSLHUQDV\DPD\RU
LQFOLQDFLyQ GHO WURQFR KDFLD DWUiV PD\RU FDUJD H[LVWH VREUH HO  FXDGULFHSV \ PD\RU WHQVLyQ
 

PXVFXODU \ GLILFXOWDG SDUD UHDOL]DU HO HMHUFLFLR \ ODV  UHSHWLFLRQHV UHFRPHQGDEOHV /DV PLVPDV
FRQVLGHUDFLRQHV GHEHQ GH WHQHUVH HQ FXHQWD SDUD SHUVRQDV PD\RUHV TXH SUDFWLFDQ GHSRUWH
RFDVLRQDOPHQWHSDUDPDQWHQHUVHHQIRUPD

086&8/$&,Ï1'(/$6&(59,&$/(675$3(&,2

0XVFXODFLyQGHODFHUYLFDOHVGHIRUPDLVRPpWULFDHVWiWLFD
6H VXMHWDUi HO 7,5$17( HQ XQ SRVWHHVSDOGHUDiUEROHWF VH
LQWURGXFLUi OD FDEH]D HQ XQR GH ORV KXHFRV GHO PLVPR GHMiQGRVH
FDHUODWHUDOPHQWHDOIUHQWH\KDFLDDWUiVVXVSHQGLGRGHO7,5$17(
YpDVH GLEXMRV 3DUD OD VXMHFLyQ SXHGH XWLOL]DUVH HO
³$/$5*$'25´ GH FRORU QDUDQMD (O WUDEDMR GHEH GH VHU
LVRPpWULFR GXUDQWH XQ SHULRGR GH WLHPSR GH ´ FRQ DSUR[ 
UHSHWLFLRQHV
(VWH WLSR GH HMHUFLFLR VXVWLWX\H D ODV SUHVLRQHV PDQXDOHV
LQFRQWURODGDV\PX\DJRWDGRUDV'HEHGHFRPHQ]DUVHGHPHQRVD
PDVDORODUJRGHOSHULRGRGHWLHPSRTXHVHXWLOLFHHVWHWLSRGH
HQWUHQDPLHQWR(VWRVHMHUFLFLRVGHEHUtDQHVWDUFRQWURODGRVSRUXQ
PpGLFRRILVLRWHUDSHXWD




',)(5(17(67,326'(086&8/$&,Ï1&(59,&$/
7$0%,(1(-(5&,&,26,620e75,&26

0DQXDOHVFULWRHQ%DUFHORQD(VSDxDDGHVHSWLHPEUHGH
(ODXWRU
-8$1+$1658)*,0e1(=
(175(1$'251$&,21$/'($7/(7,602(63(&,$/,=$'2

&21/$&2/$%25$&,Ï1'(/
'U$1'5(8$548(5
0pGLFRGHOD5HDO)HGHUDFLyQ(VSDxRODGH$WOHWLVPRHQHO&$5GH6DQW&XJDW
\
0,48(/$1*(/&26025(5$
)LVLRWHUDSHXWD\2VWHySDWD

0$18$/*5$78,723$752&,1$'2325
+LJK3HUIRUPDQFH6SRUWV(TXLSPHQW('%6/%

 

 BASES CIENTÍFICAS del entrenamiento con el TIRANTE MUSCULADOR
inventado y patentado por HANS RUF GIMÉNEZ.
3RU-RVp0DQXDO*21=$/(=GH6862-$1$5,=
'HSDUWDPHQWRGH),6,2/2*,$&HQWUHG
$OW5HQGLPHQW&$56DQW&XJDW
/RVFRPHQWDULRVTXHVHLQFOX\HQPiVDGHODQWHVHKDQHODERUDGRDSDUWLUGHLQIRUPDFLyQUHFRJLGDHQSXEOLFDFLRQHV
FLHQWtILFDVDVtFRPRGHODVH[SHULPHQWDFLRQHVUHDOL]DGDVHQHO&$5FRQHVWHVLVWHPDGHHQWUHQDPLHQWR3DUDOD
HODERUDFLyQGHOGRFXPHQWR\ODUHDOL]DFLyQGHORVHVWXGLRVH[SHULPHQWDOHVKHPRVFRQWDGRFRQODFRODERUDFLyQGHO
'U-XOLR7RXVTXHKDSURSRUFLRQDGRODXWLOL]DFLyQGHOVLVWHPD086&/(/$%70
/DDSOLFDFLyQGHO7,5$17(086&8/$'25FRPRVLVWHPDGHHQWUHQDPLHQWRVHFDUDFWHUL]DHQORTXHVHUHILHUHDO
WUDEDMR GH IXHU]D SRU OD SRVLELOLGDG GH HIHFWXDU DFFLRQHV PXVFXODUHV LVRPpWULFDV \ GLQiPLFDV /DV DFFLRQHV
GLQiPLFDVSXHGHQVHUFRQFpQWULFDV\H[FpQWULFDVHVGHFLUDFFLRQHVHQODVTXHVHSURGXFHXQDWHQVLyQPXVFXODU
VXSHULRUDODUHVLVWHQFLDH[WHUQD\DFFLRQHVHQODVTXHODUHVLVWHQFLDH[WHUQDSURYRFDXQDWHQVLyQVXSHULRUDODGHO
P~VFXOR5HVSHFWRDRWURVVLVWHPDVGHHQWUHQDPLHQWRGHODIXHU]DHO7,5$17(086&8/$'25VHFDUDFWHUL]DSRU
SURSRUFLRQDUFRQXQJUDQQLYHOGHVHJXULGDG\VLQULHVJRVSDUDHOGHSRUWLVWDGRVWLSRVGHHVWtPXORPXVFXODU
LVRPpWULFRRHVWiWLFRHQHVWLUDPLHQWRyHORQJDFLyQ
GLQiPLFRHQHVWLUDPLHQWRyHORQJDFLyQ
/D XWLOL]DFLyQ GH DOJXQRV HMHUFLFLRV SOLRPpWULFRV WHUPLQRORJLD GLIXQGLGD SDUD KDEODU GH OD DFWLYDFLyQ GHO FLFOR
HVWLUDPLHQWRDFRUWDPLHQWRFRQDFFLRQHVPXVFXODUHVQHJDWLYDVHVWiWLFDV\SRVLWLYDVFRPRSHMVDOWRVGHXQDDOWXUD
FRQUHERWHGURSMXPSSXHGHJHQHUDUXQDVHULHGHWUDXPDWLVPRVUHSHWLGRVTXHFRQOOHYHQDXQDVREUHXWLOL]DFLyQ
GHHVWUXFWXUDVWHQGLQRVDVFRQODDSDULFLyQGHWHQGLQLWLV


5HJLVWUR(0*FRQ7,5$17(086&8/$'25
HMHUFLFLRGHFXDGULFHSV
5RMRYDVWRPHGLDORLQWHUQR
$]XOYDVWRODWHULDORH[WHUQR
9HUGHUHFWRIHPRUDORDQWHULRU
1HJURSHURQHRODWHUDOODUJR





0HGLDQWH HOHFWURPLRJUDItD (0* VH KD GHWHUPLQDGR HO SDWUyQ GH OD DFWLYDFLyQ PXVFXODU GH GHWHUPLQDGRV
PRYLPLHQWRVHIHFWXDGRVSRUGHSRUWLVWDVGHDOWRUHQGLPLHQWRFRQ\VLQ7,5$17((VWRVWUDEDMRVHIHFWXDGRVHQHO
&$5KDQSHUPLWLGRRULHQWDUUHVSHFWRDOJUDGRGHDFWLYDFLyQGHXQLGDGHVPRWRUDVTXHVRQODVUHVSRQVDEOHVGHOD
FRQWUDFFLyQPXVFXODU(QODWDEODDGMXQWDVHSUHVHQWDQUHVXOWDGRVGHXQVDOWDGRUHQHMHUFLFLRVGLIHUHQWHV/RV
YDORUHV FRUUHVSRQGHQ D PLFUR9ROWLRV —9 GH VHxDO (0* SURFHVDGD SRU HO VLVWHPD 086&/(/$%70 (QWUH
SDUpQWHVLVILJXUDHOGHVHxDOREVHUYDGRUHVSHFWRDODGHOHMHUFLFLR7,5$17(FRQNJ
(MHUFLFLR 0~VFXORVHxDO—9 )DVH GH OD DFFLyQ
(QWUHSDUpQWHVLVGLIHUHQFLD7,5$17(NJ PXVFXODU
9DVWRPHGLDO 9DVWRODWHUDO 5HFWRIHPRUDO
7LUDQWHVHQWDGLOOD    ([FpQWULFD
&XDGUtFHSVNJ    &RQFHQWULFD
7LUDQWHVHQWDGLOOD    ([FpQWULFD
&XDGULFHSVNJ    &RQFpQWULFD
([WHQVLyQSLHUQDVNJ    ([FpQWULFD
PiTXLQD&&$    &RQFpQWULFD
6HQWDGLOODFOiVLFDFRQ    ([FpQWULFD
NJ    &RQFpQWULFD

 


(QHVWDWDEODFRQVWDWDPRVODJUDQDFWLYDFLyQPXVFXODUJHQHUDGDDQLYHOGHODPXVFXODWXUDH[WHQVRUDGHODURGLOOD
HQ HO HMHUFLFLR 7,5$17(FXDGULFHSV FRQ NJ (O ~QLFR HMHUFLFLR TXH SURSRUFLRQD XQD VHxDO VXSHULRU HV HO GH
VHQWDGLOODFRQNJHQORVKRPEURVSHUR~QLFDPHQWHSDUDODIDVHH[FpQWULFDGHOYDVWRPHGLDO\FRQPXFKDPHQRU
VHxDOHQHOYDVWRODWHUDOFRQFpQWULFR\HQHOUHFWRIHPRUDO
/RVHQWUHQDPLHQWRVFRQSHVDVOLEUHVWLSRVHQWDGLOODVRQPX\HVWLPXODQWHVSDUDXQDJUDQSDUWHGHODPXVFXODWXUD
GHO GHSRUWLVWD 6LQ HPEDUJR SUHVHQWDQ ULHVJRV SRWHQFLDOHV SDUD OD VDOXG DO JHQHUDU JUDQGHV WHQVLRQHV \
FRPSUHVLRQHVDQLYHOGHODFROXPQDYHUWHEUDOSRUODJUDQFDQWLGDGGHNLORJUDPRVTXHGHEHVRSRUWDUHOGHSRUWLVWD
3RURWURODGRHQODPD\RUSDUWHGHFHQWURVGHHQWUHQDPLHQWRH[LVWHODGLVSRQLELOLGDGGHPiTXLQDVGHPXVFXODFLyQ
TXHREOLJDQDODUHDOL]DFLyQGHOHQWUHQDPLHQWRGHIXHU]DGHODVH[WUHPLGDGHVLQIHULRUHVHQ


&DGHQD&LQpWLFD
&DGHQD&LQpWLFD 
&HUUDGD&&&
$ELHUWD&&$ 
7,5$17(




FDGHQDFLQpWLFDDELHUWD&&$\HVWRVXSRQHXQULHVJRSHUDDOJXQDVHVWUXFWXUDVDQDWyPLFDVFRPRORVOLJDPHQWRV
FUX]DGRVGHODURGLOOD
)UHQWH D HVWRV PpWRGRV GH HQWUHQDPLHQWR HO 7,5$17( 086&8/$'25 VXSRQH XQD DOWHUQDWLYD FODUD SDUD
IDYRUHFHUODSURJUHVLyQHQHOUHQGLPLHQWRGHORVGHSRUWLVWDVTXHVHFDUDFWHUL]DSRU
$\XGDUDODDFFLyQGHHVWLUDPLHQWRPXVFXODUGHIRUPDJUDGXDOSURJUHVLYD\FRQWURODGD
)DYRUHFHUXQHQWUHQDPLHQWRPXVFXODUH[FpQWULFR~WLOHQODSUHYHQFLyQGHSDWRORJtDVFRPRODRVWHRDUWULWLV\FRQ
HILFDFLDGHPRVWUDGDHQODJHVWLyQGHGLVIXQFLRQHVRUWRSpGLFDVHQOHVLRQHV\HQIHUPHGDGHVFUyQLFDV
)DYRUHFHUHOUHIRU]DPLHQWRGHODVHVWUXFWXUDVTXHSRWHQFLDQODHVWDELOLGDGDUWLFXODUPHMRUDQGRODDPRUWLJXDFLyQ
GXUDQWH DFFLRQHV FRPR FDPLQDU FRUUHU R VDOWDU DGHPiV GH D\XGDU D IUHQDU HO HVWUpV yVHR \ HO GHVJDVWH
FDUWLODJLQRVRTXHSXHGHQRULJLQDUOHVLRQHVDUWLFXODUHV
 3URSRUFLRQDU XQ HQWUHQDPLHQWR HQ FDGHQD FLQpWLFD FHUUDGD TXH SUREDEOHPHQWH UHVXOWD PiV HILFD] HQ OD
UHKDELOLWDFLyQGHOHVLRQHV
 (O HQWUHQDPLHQWR HQ FDGHQD FLQpWLFD FHUUDGD UHVSHFWR DO GH FDGHQD FLQpWLFD DELHUWD SURSRUFLRQD PHMRUHV
UHVXOWDGRVHQYDORUDFLRQHVGHOUHQGLPLHQWRHIHFWXDGDVDSDUWLUGHSUXHEDVGHVDOWRYHUWLFDO\KRUL]RQWDOVXJLULHQGR
XQDPD\RUHVSHFLILFLGDGSDUDODPHMRUDGHOUHQGLPLHQWRHQFLHUWDVSUXHEDVDWOpWLFDV
(OWUDEDMRPXVFXODUFRQWLUDQWHHVWLPXODPiVODVDFWLYLGDGHVIXQFLRQDOHV\SUHSDUDDORVGHSRUWLVWDVSURGXFLHQGR
XQDGHFXDGRHQWUHQDPLHQWRPXVFXODU\QHXURPXVFXODU
(VXQPpWRGRGHUHIRU]DPLHQWRPXVFXODUPiVVHJXURSDUDODVDUWLFXODFLRQHVSRUTXHSURYRFDPHQRVIXHU]DVGH
FL]DOODPLHQWR
 (V XQ VLVWHPD GH HQWUHQDPLHQWR PiV HFRQyPLFR SXHVWR TXH ORV UHTXHULPLHQWRV SDUD VX SUiFWLFD VRQ SRFR
FRVWRVRVDGHPiVGHSUDFWLFDUVHHQFXDOTXLHUVLWLR
7UDEDMDQGRGHIRUPDJUDGXDOVHSXHGHQHYLWDUORVSUREOHPDVLQLFLDOHVGHWRGRHMHUFLFLRH[FpQWULFR(OHMHUFLFLR
H[FpQWULFRIDFLOLWDODSUHYHQFLyQGHIXWXUDVOHVLRQHV3RUWRGRVHVFRQRFLGDODIUHFXHQFLDGH


 

 OHVLRQHVGHODPXVFXODWXUDLVTXLRWLELDOHQDWOHWLVPR\GHSRUWHVGHHTXLSRFRPRHOI~WERO(VWDPXVFXODWXUDQRHVWi
PX\ DFRVWXPEUDGD D UHDOL]DU WUDEDMR H[FpQWULFR GXUDQWH VX VROLFLWDFLyQ KDELWXDO \ SRU HOOR HV XQD PXVFXODWXUD
H[SXHVWDDOHVLRQDUVH
/DUHDOL]DFLyQGHXQSURJUDPDGHHQWUHQDPLHQWRH[FpQWULFRFRQHOWLUDQWHPXVFXODGRUD\XGDUiSUREDEOHPHQWH
DODSUHYHQFLyQGHOHVLRQHVHQP~VFXORVELDUWLFXODUHV
(VXQLQVWUXPHQWRVHQFLOORSDUDHYLWDUUHFDtGDVGHOHVLRQHVTXHVHKDFRPSUREDGRSXHGHQHVWDUUHODFLRQDGDV
FRQODIDOWDGHHQWUHQDPLHQWRH[FpQWULFRHQHOSURJUDPDGHUHKDELOLWDFLyQ
(QODVILJXUDVTXHVHPXHVWUDQPiVDEDMRVHSUHVHQWDQDOJXQRVGHORVHMHUFLFLRVGHHQWUHQDPLHQWRTXHVHSXHGHQ
UHDOL]DUFRQHO7,5$17(086&8/$'25(VWRVHMHUFLFLRVSXHGHQGHVDUUROODUVHFRQJUDQVHQFLOOH]\HQFXDOTXLHU
OXJDU GRQGH H[LVWD XQD ILMDFLyQ \ DSR\R SDUD ORV SLHV HVSDOGHUD iUERO SRVWH SRUWHUtD GH I~WERO YDOOD HWF
VROLFLWDQGRHQWUHRWURVFXDGULFHSVLVTXLRWLELDOHVOXPEDUHVJO~WHRV\P~VFXORVFHUYLFDOHV
&8$'5,&(36 ,VTXLRWLELDOHV ([WHQVRUHVOXPEDUHV


7RXV-1XHYDVWHQGHQFLDVHQIXHU]D\PXVFXODFLyQ(UJR%DUFHORQD
%URFNHWL &\FRO+XPDQKDPVWULQJ PXVFOHVDGDSWWR HFFHQWULFH[HUFLVHE\ FKDQJLQJRSWLPXPOHQJWK 0HG6FL
6SRUWV([HUF
:tON.(\FRO.LQHWLFFKDLQH[HUFLVHLPSOLFDWLRQVIRUWKHDQWHULRUFUXFLDWHOLJDPHQWSDWLHQW-6SRUW5HWWDELO


Ó/7,0$6129('$'(648($&216(-$1/$87,/,=$&,Ð1'(/7,5$17(086&8/$'25
3XEOLFDGRHQOD5(9,67$´$38176µ²GHO,1()&GH%DUFHORQDž7ULPHVWUH²SiJVGHODO

$1È/,6,6(/(&7520,2*5È),&2<'(3(5&(3&,Ï1'((6)8(5=2'(/7,5$17(
086&8/$'25&215(63(&72$/(-(5&,&,2'(0(',2648$7
3iJ±5HVXPHQ'HORVUHVXOWDGRVREWHQLGRVVHGHULYDTXHHOHMHUFLFLRFRQHO707LUDQWH0XVFXODGRUSXHGHVHUXQD
DOWHUQDWLYDPX\HILFD]SDUDHOHQWUHQDPLHQWRGHODIXHU]DHQWUHVXVYHQWDMDVSRGHPRVGHVWDFDUVXIDFLOLGDGGHXVREDMRFRVWR
HFRQyPLFR\VREUHWRGRHOKHFKRGHSRGHUVHUXQPHGLRGHHQWUHQDPLHQWRTXHSXHGDHYLWDUOHVLRQHVDOQRSUHFLVDUGHFDUJDV
H[WHUQDVH[FHVLYDPHQWHHOHYDGDV
3iJ  ± $SDUWDGR  (O KHFKR GH SURGXFLU UHVSXHVWDV QHXURPXVFXODUHV HTXLYDOHQWHV DO PHGLR VTXDW VLQ VREUHFDUJDU OD
FROXPQDYHUWHEUDOSUHVXSRQHTXHGLFKRPHGLRGHHQWUHQDPLHQWRSXHGHVHUXWLOL]DGRGHPDQHUDEHQHILFLRVDFRPRVXEVWLWXWR
GHOHQWUHQDPLHQWRFRQVREUHFDUJDHQORVFDVRVHQTXHH[LVWDSHOLJURGHOHVLyQHQODFROXPQDYHUWHEUDO$GHPiVODDGDSWDFLyQ
TXH WLHQH OXJDU DO HQWUHQDUVH GH IRUPD LVRPpWULFD FRQ HO 70 FDXVD XQ ³(1*526$0,(172 '(/ 7(1'Ï1
5278/,$12´ KDELHQGR VLGR HVWR FRPSUREDGR GHVSXpV GH  VHPDQDV GH HQWUHQDPLHQWR D WUDYpV GH OD HYDOXDFLyQ
³(&2*5È),&$´*$5&Ë$0$162HWDO$XQTXHHQHOSUHVHQWHHVWXGLRQRVHKDUHDOL]DGRFRQWUROHFRJUiILFRQR
VHUtDGHH[WUDxRTXHWDOHQJURVDPLHQWRGHOWHQGyQURWXOLDQRVHSURGXMHVHWDPELpQDOHQWUHQDUFRQHO70GHIRUPDGLQiPLFD