&DStWXOR SHQVDQGRHQVXQXHYRWUDEDMRTXH\RSXHGDWHQHUDOJXQDVLGHDVQXHYDVSRUPLSDUWH
R FRQ PL PDULGR GH IRUPD TXH ODV FRVDV SXGLHUDQ VHU GLIHUHQWHV FXDQGR XVWHG
(OFRPSOHMRGH(GLSR
-LOO%RVZHOO
8QDSDFLHQWHTXHQRWHQtDKLMRVVRxyTXHHVWDEDHPEDUD]DGD©(QHOVXHxRWHQJR
XQ YLHQWUH JUDQGH \ GXUR GHER HVWDU D SXQWR GH GDU D OX]ª &RPHQWDPRV HO VXHxR
WHQLHQGRHQFXHQWDVXSRVLEOHUHODFLyQFRQODLQWHUUXSFLyQYHUDQLHJDGHFLQFRVHPDQDV
GHO DQiOLVLV LQWHUUXSFLyQ TXH HUD LQPLQHQWH 3DUD ORV SDFLHQWHV HQ DQiOLVLV XQD
LQWHUUXSFLyQ SXHGH VHU GLItFLO GH WROHUDU SRUTXH OHV KDFH GDUVH FXHQWD GH PDQHUD
DJXGDGHTXHVXDQDOLVWDWLHQHXQDYLGDSULYDGDLQGHSHQGLHQWH(QHVWDRFDVLyQDOJR
TXHODSDFLHQWHGLMRDFHUFDGHOVXHxRPHOOHYyDFRPHQWDUTXHODYHUVLyQTXHGDEDGH
Vt PLVPD GH HQFRQWUDUVH SHVDGDPHQWH HPEDUD]DGD VRQDED D LQFRPRGLGDG \ TXH
SRGUtDHVWDUGHVHRVDGHTXHHOEHEpKXELHUDQDFLGR6HPRVWUyPX\LPSUHVLRQDGDFRQ
HVWDLGHDGXUDQWHPXFKRWLHPSRVHKDEtDDIHUUDGRDODFUHHQFLDGHTXHQDGDSRGtDVHU
PiV GHVHDEOH SDUD XQD PDGUH \ XQ EHEp TXH XQ HVWDGR GH HPEDUD]R LQWHUPLQDEOH
(VWDFUHHQFLDVHYLQFXODEDFRQHOGHVHRGHIRUPDUSDUWHGHWDOHQWLGDGPDGUH\EHEp
$XQ DGPLWLHQGR TXH HVWR HUD LUUDFLRQDO FUHtD QR REVWDQWH TXH OD SURWHJHUtD GH
UHDOLGDGHVWHPLGDVWDOHVFRPRODLQWHUUXSFLyQYHUDQLHJDHQTXHHVWDUtDPRVVHSDUDGRV
0LFRPHQWDULRVREUHHOVXHxRSDUHFtDWRFDUXQDFRQVFLHQFLDFUHFLHQWHGHPLDQDOL]DGD
TXHUHWRPyGHQXHYRHQODVLJXLHQWHVHVLyQ
(Q SULPHU OXJDU GLMR TXH VH VHQWtD GLVJXVWDGD \ SHQVDED TXH HUD D FDXVD GH OD
LQWHUUXSFLyQ'LMR©0HKHGDGRFXHQWDGHORTXHYDDRFXUULUª'HVSXpVGHXQDVHULH
GHTXHMDV\FRPHQWDULRVDJULRVVXWRQRVHDOWHUyFXDQGRYLQRDFRQWDUPHTXHKDEtD
LGRGHFRPSUDVDTXHOODPDxDQD\VHKDEtDGDGRFXHQWDGHTXHHQODFRODGHWUiVVX\R
KDEtDXQDPXMHUMRYHQTXHHVWDEDREYLDPHQWHHPEDUD]DGD/DSDFLHQWHPHGLMR©/H
SUHJXQWp³¢TXLHUHSDVDUSULPHURDQRVHUTXHOHIDOWHPXFKR"´<ODMRYHQPXMHUPH
FRQWHVWy³GLHFLVpLVGtDV´ª/DVGRVVHULHURQ\ODPXMHUOHGLMR©1RSXHGRSHQVDUHQ
RWUDFRVDª0LSDFLHQWHPHGLMR SRGUtD KDEHU FDPELRV /D LQWHUSUHWDFLyQ LQWHQWDED SRQHU HQ FODUR VXV SHQVDPLHQWRV
0HGLFXHQWDGHTXHXVWHGWHQtDUD]yQD\HU$OJXLHQTXHKDWHQLGRXQEHEpVDEHELHQHVWR$SHVDU
GHVXUHVHQWLPLHQWRSDUHFtDPiVGLVSXHVWDDFRPSUHQGHUHOGHVHRGHODPDGUHGHTXHHOEHEpKXELHUD
QDFLGRHLPSOtFLWDPHQWHORYLQFXOyFRQPLLQWHUUXSFLyQ/DFDOLGH]\HOKXPRUGHVXUHODWRGHQRWDEDQ
TXH OD LQWHUUXSFLyQ QR HUD H[SHULPHQWDGD OODQDPHQWH FRPR XQ UHFKD]R LQWROHUDEOH (Q VX PHQWH HOOD
SRGtDUHQXQFLDUDOFRQWURORPQLSRWHQWHVREUHPtTXHUHSUHVHQWDEDDODPDGUHWUDVHOODHQODFRODGHOD
FRPSUD\SHUPLWtDTXHPHDGHODQWDUDSDUDWHQHUXQDVYDFDFLRQHVRXQEHEp
'HVSXpVKDEOyGHVXSUR\HFWRGHXQQXHYRWUDEDMRHQRWRxRSRUTXHHOTXHHVWDED
HMHUFLHQGRQROHGHMDEDHVSDFLRSDUDVXVSURSLDVLGHDVFRPHQWyTXHHVWHDxRVHVHQWtD
PHQRVGHVHVSHUDGDDFDXVDGHODLQWHUUXSFLyQDXQTXHVHGDEDFXHQWDGHTXHWRGDYtD
HVWDED HQRMDGD FRQPLJR SRU GHMDUOD /H LQWHUSUHWp TXH VHQWtD DOJR FUHDWLYR \ SRGtD
DIURQWDUODLQWHUUXSFLyQGHODQiOLVLVVLELHQHOSUHFLROHSDUHFtDPX\DOWRDFHSWDUSRU
DVt GHFLUOR KDEHU QDFLGR SHUPLWLpQGRPH XQDV YDFDFLRQHV OHMRV GH HOOD (VWXYR GH
DFXHUGRSHURUHSLWLyTXHHVWHDxRHUDVRORXQDLQWHUUXSFLyQ\QRXQGHVDVWUHFRPR
KDEtDDFRVWXPEUDGRVHU'HVSXpVGHXQDSDXVDVHSUHJXQWyVLKDEUtDDOJ~QFDPELRHQ
HOFRQVXOWRULRFXDQGRYROYLHUDHQVHSWLHPEUH
/H GLMH ©4XLHUH XVWHG GHFLU PLHQWUDV HVWp XVWHG DXVHQWH \ SXHGH VHU WDPELpQ

YXHOYDª/HLQWHUSUHWpGHHVWHPRGRSRUTXHSHQVDEDTXHPLSDFLHQWHHVWDEDOXFKDQGR
FRQ OD LGHD GH XQD SDUHMD SDUHQWDO TXH HQ VX PHQWH VH LED D UHXQLU PLHQWUDV HOOD
HVWXYLHVHDXVHQWH8QUHVXOWDGRGHODUHODFLyQGHORVSDGUHVXQQXHYRHPEDUD]RVHUtD
SRVLEOHFXDQGRHOODVHKXELHVHDXVHQWDGR\SHQVpTXHHVWHSHQVDPLHQWRLQFRQVFLHQWH
VHKDOODEDWUDVVXUHIHUHQFLDDORVFDPELRVTXHSXGLHUDQSURGXFLUVHHQPLFRQVXOWRULR
/D SDFLHQWH PX\ PROHVWD UHSOLFy TXH PL PDULGR QR WHQtD QDGD TXH YHU FRQ HO
FRQVXOWRULR©(VWHHVVXFRQVXOWRULR'XGRTXHVHSDROHLPSRUWHORTXHDTXtRFXUUHª
/HGLMH©6R\\RTXHORKHWUDtGRDTXt\XVWHGLQPHGLDWDPHQWHORKDH[SXOVDGRª
(VSHUyVLOHQFLRVDXQPRPHQWRSHURGHVSXpVPHKDEOyGHXQDILHVWDHQODTXHKDEtD
HVWDGR GXUDQWH HO ILQ GH VHPDQD \ KDEtD HQFRQWUDGR D XQD SDUHMD XQD PXMHU TXH
SLHQVDTXH\RFRQR]FR\VXPDULGRTXHWUDEDMDHQXQVHFWRUUHODFLRQDGRFRQHOPtR
©'LMRTXHODKDEtDQLQYLWDGRDKDFHUXQWUDEDMRPX\LQWHUHVDQWHSDUDPLFRPSDxtD\
\RUHDFFLRQpFRQXQRGHPLVFRPHQWDULRV/HGLMHDJUHVLYDPHQWH³¢<SRUTXpVHOR
SLGHQDXVWHG"´<VXPXMHUGLMR³3RUTXHHVEXHQR´ORTXHHVYHUGDG'HVSXpVPH
GROLyKDEHUGLFKRDTXHOORª
/H GLMH ©&XDQGR \R KH LQWURGXFLGR D PL PDULGR KDFH XQ PRPHQWR \ XVWHG KD
GLFKRHQHIHFWR¢SRUTXppO\QR\R"(VWROHPRYLyDVHQWLUQXHYDPHQWHTXH\RVROR
WHQGUtDTXHTXHUHUHVWDUDTXtFRQXVWHGFRPRXQDPDGUHHPEDUD]DGDFRQXQEHEpTXH
QXQFD QDFLHUD 3LHQVR TXH OH VDEH PDO VHU WDQ FHORVD \ DJUHVLYD SRUTXH TXLVLHUD VHU
PiV JHQHURVD < WDPELpQ VH GD FXHQWD TXH TXLVLHUD VHU PiV OLEUH SDUD VHJXLU VXV
SURSLDV LGHDV 3HUR FRQ OD LQWHUUXSFLyQ WDQ SUy[LPD GH V~ELWR QR KD SRGLGR WROHUDU
TXH\RKD\DLQWURGXFLGRHOWHPD\KDUHDFFLRQDGRIXULRVDPHQWHHQFRQWUD
(V HYLGHQWH TXH HO PHQFLRQDU D PL PDULGR KDEtD UHVXOWDGR GRORURVDPHQWH
SURYRFDWLYR\KDEtDFRQOOHYDGRODUHVSXHVWDDLUDGDGHODSDFLHQWH6LQWLyYLYDPHQWHOD
LQMXVWLFLD GH GHMDU HVSDFLR SDUD pO LQFOXVR HQ HO FRQVXOWRULR TXH HQ PL VHQWLU
UHSUHVHQWDED SDUD HOOD HO FXHUSR GH OD PDGUH TXL]i VX ~WHUR (OOD GHVHDED TXH \R
HVWXYLHVH YDFtD KDVWD TXH YROYLHVH VL ELHQ KDEtD H[SUHVDGR VXV VRVSHFKDV GH TXH
TXHSDUHFtDQDFHUFDUVHDODFRQFLHQFLD
'H HVWH LQWHUFDPELR FOtQLFR HV SRVLEOH DGYHUWLU TXH FXDQGR OD IDQWDVtD PiV
SULPLWLYD GH XQD LQWHUPLQDEOH XQLyQ PDGUHEHEp HPSLH]D D DIORMDU OD SUHVLyQ TXH
HMHUFtD HQ VX PHQWH VXV SHQVDPLHQWRV \ VHQWLPLHQWRV FDPELDQ GH PDQHUD
VLJQLILFDWLYD(QSULPHUOXJDUHVFDSD]GHVHQWLUVHPiVVHSDUDGD\HQWUHRWUDVFRVDV
HVWR OH SHUPLWH REVHUYDU OD LQFRPRGLGDG GH OD PXMHU HPEDUD]DGD HQ OD FROD 6X
JHVWLFXODFLyQFRPHGLGDDVtFRPRHOKXPRUFRQTXHFXHQWDODKLVWRULDGHQRWDQTXHQR
HVWiWDQGRPLQDGDSRUODHQYLGLD\HORGLRDODSDUHMD(QVHJXQGROXJDUFXDQGRHO
RGLR\ORVFHORVHPHUJHQYLYDPHQWHHQODVHVLyQFRQVXVSHQVDPLHQWRVDFHUFDGHPL
PDULGR LQYLWDGR D WRPDU VX OXJDU GXUDQWH OD LQWHUUXSFLyQ GHO WUDWDPLHQWR SXHGH
H[SUHVDUFLHUWRSHVDUSRUKDEHUOHDWDFDGRORTXHVHUHSUHVHQWDSRUHOPDULGRGXUDQWH
ODILHVWD
(Q ORV WHPDV SUHGRPLQDQWHPHQWH HGtSLFRV GH HVWRV H[WUDFWRV SRGHPRV YHU D XQD
SDFLHQWHTXHVHHVIXHU]DHQH[SUHVDU\YHULILFDUVXVVHQWLPLHQWRVDFHUFDGHORVKHFKRV
GHODYLGDDFHUFDGHOQDFLPLHQWRTXHUHSUHVHQWDDODYH]ODSpUGLGD\ODHVSHUDQ]D\

DFHUFDGHODH[FOXVLyQGHOQLxRGHODUHODFLyQVH[XDOGHORVSDGUHVFRQODHQYLGLD\
ORVFHORVTXHHVWRSURYRFD-XQWRDODH[SHULHQFLDGHH[FOXVLyQGLVFXUUHODH[SHULHQFLD
GHO GHVFXEULPLHQWR \ HO DSUHQGL]DMH (VWH SURFHVRGHFDPELR\PDGXUDFLyQVLHPSUH
FRQOOHYD VXIULPLHQWR SHUR WDPELpQ OLEHUD HO SRWHQFLDO SDUD UHODFLRQHV PiV FiOLGDV \
JHQHURVDV $XQTXH HVWR WUDQVFXUUtD FRQ GLILFXOWDGHV SDUD OD SDFLHQWH FXDQGR SXGR
OOHYDU D FDER HVWH FDPELR SDUHFLy RIUHFHUOH OD HVSHUDQ]D GH TXH WDPELpQ HOOD SRGtD
DQKHODUXQDUHODFLyQPiVOLEUHQRVRORFRQVXDQDOLVWDVLQRHQVXYLGDH[WHUQDFRQOD
LGHDGHTXHSRGUtDHQFRQWUDUQXHYDVPDQHUDVGHGHVDUUROODUVXSURSLDFUHDWLYLGDG
/DHOXFLGDFLyQGHHVWRVFRQIOLFWRVHGtSLFRVHVFHQWUDOHQODVWDUHDVGHXQDQiOLVLV
(Q OD SUDFWLFD NOHLQLDQD HO DQDOLVWD HVWDUi DWHQWR D ODV YDULDFLRQHV HQ HO SHQVDU \ HO
VHQWLU GHO SDFLHQWH SXHV SRGUtDQ UHIOHMDU XQ PRYLPLHQWR HQWUH OD SRVLFLyQ HVTXL]R
WUDEDMRDQDOtWLFRSDFLHQWHSDUDGLVFHUQLUFRQPiVVHJXULGDGHVWDWHQGHQFLDDODPHMRUtD
DODUJRSOD]RTXHSHUPLWLHUDLQWHUSUHWDFLRQHVGHXQPRGRPiVSUHFLVR$OKDFHUHVWR
HODQDOLVWDWUDWDGHRULHQWDUVHFRQODVUHVSXHVWDVTXHUHFLEHGHODSDFLHQWHFRVDTXHOH
D\XGD D MX]JDU HO WRQR \ HO QLYHO HPRFLRQDO GH ODV LQWHUDFFLRQHV HQ HO FXUVR GH OD
VHVLyQ 0iV DGHODQWH HQ HVWH FDStWXOR QRV GHWHQGUHPRV HQ DOJ~Q PDWHULDO GH XQ
SDFLHQWH TXH VH HQFRQWUDED HQ XQ HVWDGR PHQWDO PiV SHUWXUEDGR \ HQ HO TXH ORV
PHFDQLVPRV SULPLWLYRV ²IDQWDVtDV \ GHIHQVDV² GRPLQDEDQ FODUDPHQWH VXV
SHQVDPLHQWRV
0HODQLH.OHLQ\HOFRPSOHMRGH(GLSR
SDUDQRLGH \ OD SRVLFLyQ GHSUHVLYD YpDVH FDStWXOR  (Q OD VHJXQGD VHVLyQ TXH KH
GHVFULWR OD SDFLHQWH HVWDED HQRMDGD FRQ VX DQDOLVWD \ VHQWtD RGLR KDFLD VX PDULGR
DXQTXHQRSHUGLyFRQWDFWRFRQVHQWLPLHQWRVPiVFiOLGRVFLHUWDFXOSD\SUHRFXSDFLyQ
SRU ORV VHQWLPLHQWRV DMHQRV /D LQWHUUXSFLyQ DXQTXH SHQRVD QR VH YHtD FRPR XQ
GHVDVWUH SDUD HOOD 3RGtD REVHUYDU VXV REMHWRV HQ OXJDU GH VHQWLUVH PiV R PHQRV
)XH 0HODQLH .OHLQ OD SULPHUD HQ UHFRQRFHU OD H[LVWHQFLD GH IDQWDVtDV \ GHVHRV
HGtSLFRVSULPLWLYRV\ORVUHILULyDODSULPHUDLQIDQFLD6XVLGHDVVREUHHOFRPSOHMRGH
(GLSRVHEDVDEDQHQHOWUDEDMRSLRQHURGH)UHXGSHURHOODGHVDUUROOyHOFRQFHSWRHQ
XQ FRQVLGHUDEOH Q~PHUR GH GLUHFFLRQHV $QWHV GH H[SRQHU VX LGHD JHQHUDO HV
QHFHVDULRFRQVLGHUDUQXHYDPHQWHHOFRQFHSWRGH)UHXG
LGHQWLILFDGD FRQFUHWDPHQWH FRQ HOORV \ HVWR VH YLQFXODED FRQ XQD WROHUDQFLD D OD
VHSDUDFLyQ TXH OH SHUPLWtD WDPELpQ UHIOH[LRQDU VREUH VXV SURSLRV VHQWLPLHQWRV \
WDPELpQ SHQVDU KDVWD FLHUWR SXQWR HQ VX GHVHQYROYLPLHQWR IXWXUR /RV LQGLFLRV
SDUHFtDQVHxDODUTXHVHVHQWtDOREDVWDQWHLQWHJUDGDSDUDSRGHUWROHUDUVXDQJXVWLD\VX
FyOHUD$XQTXHHOVXHxRUHIOHMDEDVXIDQWDVtDWDQWRWLHPSRDFDULFLDGDGHXQLyQFRQHO
DQDOLVWDSXGRUHQXQFLDUDHOODKDVWDFLHUWRSXQWR\DXQTXHHQIDGDGDQRSDUHFtDVHQWLU
TXHHVWXYLHVHHQXQPXQGRKRVWLOGHRGLRVVLQODH[SHULHQFLDGHGDURUHFLELUDIHFWR
(VWHGHVSOD]DPLHQWRKDFLDHOIXQFLRQDPLHQWRGHODSRVLFLyQGHSUHVLYDQXQFDSXHGH
)UHXGEEFRQFHGLyDOFRPSOHMRGH(GLSRXQOXJDUFHQWUDO
HQ VX WHRUtD GHO GHVDUUROOR SVLFRVRFLDO XQ OXJDU TXH VLJXH FRQVHUYDQGR $O GDU
QRPEUHDVXWHRUtDFRQHOPLWRJULHJRGHOUH\(GLSRTXHVLQVDEHUORPDWyDVXSURSLR
SDGUH \ VH FDVy FRQ VX PDGUH )UHXG VHxDODED OD XQLYHUVDOLGDG GH HVWH SRGHURVR
FRPSOHMRLQFRQVFLHQWH&RQVLGHUDEDTXHODVWHQVLRQHVHGtSLFDVHQWUDEDQHQMXHJRHQ
HO HVWDGLR IiOLFR GH ORV WUHV D ORV FLQFR DxRV GH HGDG FXDQGR HO SHQH DGTXLHUH XQ
VLJQLILFDGR HVSHFLDO SDUD QLxRV \ QLxDV /D SDODEUD ©IiOLFRª LPSOLFD XQD LGHD GHO
SHQH VLPEyOLFR HQFDUQDQGR XQD HVSHFLH GH SRGHU LQH[SXJQDEOH HVWH SRGHU HV
OOHJDU D VHU FRPSOHWR \ WDPSRFR SXHGH VHU SHUPDQHQWH YpDVH FDStWXOR  (Q OD DWULEXLGR SRU ORV KLMRV D DPERV SDGUHV DQWHV GH TXH GHVFXEUDQ ODV GLIHUHQFLDV
SDFLHQWHGHVFULWDPiVDUULEDOR TXH DSDUHFH FRPR XQ FDPELR HPRFLRQDO LPSRUWDQWH
SXGR VHU UHFRQRFLGR SRU HOOD \ SRU VX DQDOLVWD GHVSXpV GH XQDV VHPDQDV GH WUDEDMR
SURGXFWLYR 6LQ HPEDUJR HQ VHVLRQHV XOWHULRUHV LQPHGLDWDPHQWH GHVSXpV GH OD
LQWHUUXSFLyQODSDFLHQWHSDUHFtDDPHQXGRLQFDSD]GHPDQWHQHUVHILUPHDQWHHVWDGRV
GHODPHQWHPiVSULPLWLYRVHQORVTXHVHIUDJXDEDRGLRKDFLDHODQDOLVWD\DSHUVRQDV
DOOHJDGDV WDPELpQ PDQLIHVWDED XQD LQWHQVD DQVLHGDG SRU VX HVWDGR TXH D YHFHV
H[SHULPHQWDED HQ IRUPD GH WHPRUHV FRUSRUDOHV GH HQIHUPHGDG \ GH PXHUWH (VWDV
DQDWyPLFDV )UHXG GHVFULELy XQD IRUPD SRVLWLYD \ RWUD QHJDWLYD GHO FRPSOHMR GH
(GLSR VHJ~Q TXH HO GHVHR GHO PRPHQWR IXHVH KDFLD HO SDGUH GHO PLVPR VH[R R GHO
VH[R RSXHVWR )UHXG SHQVDED TXH HO FRPSOHMR HGtSLFR SRVLWLYR LPSOLFDED GHVHRV
JHQLWDOHV KDFLD OD PDGUH FRQ ORV VXSXHVWRV FHORV GHO SDGUH TXH GDUtDQ OXJDU D
VHQWLPLHQWRV FULPLQDOHV FRQWUD pO (O SDGUH HQWRQFHV VH FRQYHUWLUtD HQ XQD ILJXUD
UHWDOLDGRUDHVSDQWRVDTXHSURKLELUtDORVGHVHRVVH[XDOHV\DPHQD]DUtDFRQFDVWUDUDO
KLMR(OPLHGRDODFDVWUDFLyQSRUSDUWHGHOQLxROHIRU]DUtDDUHQXQFLDUDVXVGHVHRV
DQVLHGDGHVPiVWtSLFDVGHODSRVLFLyQHVTXL]RSDUDQRLGHYpDVHFDStWXORVHYLYtDQ OLELGLQDOHV KDFLD ORV SDGUHV \ HQ HO FXUVR KDELWXDO GHO GHVDUUROOR UHQXQFLDUtD D OD
HQYDULRVFRQWH[WRVHQWpUPLQRVHGtSLFRVYHQtDQDIRFDOL]DUVHHQXQDHQYLGLD\RGLR PDGUH FRPR REMHWR VH[XDO (O SDGUH SURKLELGRU \ SXQLWLYR VHUtD LQWUR\HFWDGR SDUD
DODVSDUHMDVFRQKLMRV IRUPDU HO Q~FOHR GHO 6XSHU\y HO FXDO ©SHUSHW~D OD SURKLELFLyQ GHO SDGUH FRQWUD HO
(VWRSODQWHDHOSUREOHPDGHVLHOGHVOL]DPLHQWRKDFLDODSRVLFLyQGHSUHVLYDHUDUHDO LQFHVWRª)UHXGSHURTXHWDPELpQOOHYDDODIRUPDFLyQGHODFRQVFLHQFLD\D
R LOXVRULR 3RGUtD GHGXFLUVH TXH OD SDFLHQWH SRGtD KDEODU GHO PRGR TXH OR KDFtD XQ VHQWLGR PRUDO (O HVWDEOHFLPLHQWR GHO 6XSHU\y FRQVWLWXLGR HQ GHILQLWLYD SRU ODV
SRUTXH HQ DTXHOODV VHVLRQHV HQ VX IDQWDVtD HVWDED YLYLHQGR HO VXHxR GH TXH HOOD LPDJRVGHDPERVSDGUHVDXQTXHGRPLQDGRSRUODGHOSDGUHFRQWLQ~DSDUD)UHXGOD
PLVPD HVWDED HPEDUD]DGD 6L HQ HO FXUVR GH OD VHVLyQ HO WUDEDMR DQDOtWLFR QR SXGR UHVROXFLyQ²GHKHFKRSDUD)UHXGODGLVROXFLyQGHOFRPSOHMRGH(GLSR
SHUWXUEDU XQD FUHHQFLD FRQFUHWD FRUSRUDO DXQTXH LQFRQVFLHQWH GH TXH HOOD HUD DO &RQ ODV QLxDV HO SURFHVR HUD GLIHUHQWH XQD YH] OD QLxD VH GDED FXHQWD GH TXH QR
PLVPR WLHPSR PDGUH \ EHEp HQ WRGR FDVR OD PRGLILFDFLyQ TXH KDEtDPRV QRWDGR WHQtDSHQH\DQRSRGtDWHPHUODFDVWUDFLyQ(QVXOXJDUODIDOWDGHSHQHOOHJDDVHU
SXGLHUDKDEHUVLGRPiVDSDUHQWHTXHUHDO(OVXEVLJXLHQWHIUDFDVRDOSHUVHYHUDUHQHOOD
SRGUtDFRQILUPDUHVWR3RURWURODGRSRGUtDKDEHUVLGRXQSURJUHVREDVWDQWHUHDOSHUR
IXJD]VLQODVROLGH]VXILFLHQWHSDUDUHVLVWLUODVSUHVLRQHVLPSXHVWDVSRUODLQWHUUXSFLyQ
TXH VH DYHFLQDED \ VX JUDQ GLILFXOWDG SDUD WROHUDU OD IUXVWUDFLyQ 6HUtD QHFHVDULR XQ

XQDSUHRFXSDFLyQFHQWUDOHQYLGLDGHOSHQH\PRWLYDVXDOHMDPLHQWRGHODPDGUHTXH
VH FRQYLHUWH HQ XQD ILJXUD GHVDFUHGLWDGD \ EXVFD HO SHQH GHO SDGUH \ HQ ~OWLPR
WpUPLQR OR EXVFD HQ VX SURSLR EHEp TXH LQFRQVFLHQWHPHQWH VH HTXLSDUD D XQ SHQH
3DUD HOOD HO FRPSOHMR GH (GLSR QR VH UHVROYtD QXQFD PiV ELHQ SXHGH GHFLUVH TXH
DFHSWDEDXQDWUDQVDFFLyQ)UHXGSHQVDEDTXHODVQLxDVWHQtDQXQDSHJRSUHHGtSLFRDOD

PDGUHSDUWLFXODUPHQWHODUJR\WHQD]TXHVHWUXQFDSRUODDPDUJXUDGHGHVFXEULUTXH
XQDKHPEUDQRWLHQHSHQH1RSHQVDEDTXHQLxRV\QLxDVWXYLHUDQFRQRFLPLHQWRGHOD
YDJLQD KDVWD DOFDQ]DU OD PDGXUH] JHQLWDO D OD SXEHUWDG +DVWD HQWRQFHV HO IDOR VH
WHQGUtD FRPR HO ~QLFR yUJDQR VH[XDO HQ OD IDQWDVtD VX SRVHVLyQ RWRUJDED
RPQLSRWHQFLD \ VX SpUGLGD OOHYDUtD D OD PXWLODFLyQ JUDYH GHO VHOI R LQFOXVR D OD
PXHUWH
/D REUD GH 0HODQLH .OHLQ VREUH OD H[SHULHQFLD LQIDQWLO WHPSUDQD OD OOHYy D KDFHU
UHYLVLRQHVH[WHQVDVGHHVWDWHRUtD)XHFXLGDGRVDHQVHxDODUHQTXpSXQWRVFRLQFLGtD
HPRFLRQDO \ FRJQLWLYD (O FRQFHSWR GH GLVROXFLyQ GHO FRPSOHMR GH (GLSR VH
GHVYDQHFtDSXHVWRTXHODVSRVLFLRQHVQRVHFRQFHEtDQFRPRILMDVVLQRUHODWLYDPHQWH
IOXLGDV HQ UHVSXHVWD D SUHVLRQHV H[WHUQDV DVt FRPR D HVWDGRV DIHFWLYRV H LPSXOVRV
LQWHUQRV
9DPRV D H[DPLQDU EUHYHPHQWH HVWDV LGHDV WDO FRPR VH GHVDUUROODURQ HQ HO
SHQVDPLHQWRGH.OHLQ\DUHYLVDUHOGHVDUUROORVXEVLJXLHQWHGHDOJXQDVGHDTXHOODV
OOHYDGRDFDERSRUFROHJDV\VHJXLGRUHV6LELHQ.OHLQVHUHILULyDOFRPSOHMRGH(GLSR
D OR ODUJR GH VXV HVFULWRV VXV GRV WUDEDMRV FHQWUDOHV VREUH HO WHPD VRQ (VWXGLRV
FRQPXFKRVGHORVKDOOD]JRVGH)UHXGWDOHVFRPRHOGHVHRGHOQLxRKDFLDVXPDGUH SUHFRFHV GHO FRPSOHMR GH (GLSR  \ (O FRPSOHMR GH (GLSR D OD OX] GH ODV
FRQ HO RGLR VXEVLJXLHQWH GHO SDGUH \ HO PLHGR GH OD UHWDOLDFLyQ SDWHUQD 7DPELpQ DQVLHGDGHVWHPSUDQDV
SHQVyTXHQLxRVGHDPERVVH[RVWLHQHQIDQWDVtDVDFHUFDGHVXVSURSLRVJHQLWDOHV\HO
GH ORV SDGUHV IDQWDVtDV TXH FRORUHDQ VXV GHVHRV \ VXV WHPRUHV \ HQ VXV WUDEDMRV (OFRPSOHMRGH(GLSRSUHFR]
FOtQLFRVHODERUyH[WHQVDPHQWHHVWRVSXQWRV7DPELpQHVWXYRGHDFXHUGRFRQ)UHXGDO
SHQVDU TXH HO 6XSHU\y VH FRQVWUX\H HQ SULPHUD LQVWDQFLD D SDUWLU GH ORV REMHWRV &RPRKHPRVYLVWR.OHLQSHQVDEDTXHORVVHQWLPLHQWRVJHQLWDOHVHPHUJtDQDOILQDO
SDUHQWDOHV LQWHUQDOL]DGRV 'H WRGRV PRGRV VREUHVDOWy D PXFKRV GH VXV
FRQWHPSRUiQHRV DO VLWXDU HO LQLFLR GHO FRPSOHMR GH (GLSR HQ ODV SRVWULPHUtDV GHO
SULPHUDxRPXFKRDQWHVGHORTXH)UHXGSHQVDED6RVWHQtDTXHXQVLJQRGHHOORHUD
OD DSDULFLyQ PiV WHPSUDQD GH ORV VHQWLPLHQWRV GH FXOSD TXH VH REVHUYDQ HQ ORV
WHPRUHVSHUVHFXWRULRVSULPLWLYRVGHQLxRVPX\SHTXHxRV
GHO SULPHU DxR GH YLGD YpDVH FDStWXOR  (QFRQWUy TXH PXFKRV QLxRV SHTXHxRV
PRVWUDEDQ HYLGHQFLD GH DOJ~Q FRQRFLPLHQWR LQQDWR R SUHFRQFHSFLyQ GH yUJDQRV
VH[XDOHVPDVFXOLQR\IHPHQLQR²DXQTXHGHPDQHUDPX\SULPLWLYD²\WDPELpQGHO
FXHUSR GH OD PDGUH 'H WRGRV PRGRV REVHUYy TXH DO FRPLHQ]R DTXHOODV LGHDV
HOHPHQWDOHV VROR SRGtDQ LQWHUSUHWDUVH VHJ~Q ODV SULQFLSDOHV PRGDOLGDGHV GH
(QVHJXQGROXJDUFUHtDTXHHO6XSHU\yGH)UHXGDORVDxRVHUDHQUHDOLGDG H[SHULHQFLD GHO QLxR HVWUHFKDPHQWH OLJDGD DO FXHUSR HV GHFLU OD RUDO \ OD DQDO R
XQD YHUVLyQ HYROXFLRQDGD GH XQ PXQGR GH REMHWRV LQWHUQRV TXH VH KDEtD FRQVWUXLGR XUHWUDO$VtSXHVVXJLULyTXHSDUDXQEHEpGHXQRXRWURVH[RHOSHQHGHOSDGUHSRGUtD
JUDGXDOPHQWH JUDFLDV D XQ SURFHVR GH SUR\HFFLyQ H LQWUR\HFFLyQ GHVGH HO FRPLHQ]R VHUGHVHDGRDQWHWRGRRUDOPHQWHORTXHLPSOLFDDOJXQDLGHDGHFKXSDUGHpOFRPRVL
GH OD YLGD YpDVH FDStWXOR  (Q WHUFHU OXJDU VHQWtD TXH HO FXUVR TXH VHJXtD XQ IXHUD XQ SHFKR 6L IXHVH RGLDGR HQ OD IDQWDVtD SRGUtD VHU PRUGLGR \ GHYRUDGR HV
GHVDUUROORHGtSLFRLQGLYLGXDOGHSHQGtDVREUHWRGRGHVXSULPHUDUHODFLyQGHREMHWROD GHFLU LQFRUSRUDGR R LQWHUQDOL]DGR FRPR XQ REMHWR GDxDGR \ YHQJDWLYR (VWDV
UHODFLyQFRQODPDGUH(OSHFKRLQWHUQDOL]DGRSHQVDEDHOODDOTXHSURQWRVHDxDGHHO
SHQH SDWHUQR LQWHUQDOL]DGR HUD FRPR HO IXQGDPHQWR GHO 6XSHU\y HQ VXV P~OWLSOHV
IDFHWDV'HDKtVXUJLyVXFXDUWRSXQWRGHGLIHUHQFLDFRQ)UHXGVREUHODVH[XDOLGDG
IHPHQLQD .OHLQ SHQVDED TXH QLxRV \ QLxDV WLHQHQ GHVGH HO FRPLHQ]R XQ
FRQRFLPLHQWRLQFRQVFLHQWHGHORVyUJDQRVVH[XDOHVPDVFXOLQR\IHPHQLQR $GHPiV
HQFRQWUyTXHODVQLxDVSHTXHxDVVHQWtDQODH[LVWHQFLDGHVXVyUJDQRVVH[XDOHVLQWHUQRV
\ VX SRWHQFLDO SDUD WHQHU KLMRV 3HQVDED TXH OD HQYLGLD GHO SHQH HQ ODV KHPEUDV
DXQTXH IUHFXHQWH QR HUD SULPDULD /D HQYLGLD FHQWUDO GH OD QLxD HUD KDFLD ODV
FDUDFWHUtVWLFDVGHORVDWULEXWRVGHVXPDGUH²VXVSHFKRV\VREUHWRGRVXFDSDFLGDGGH
IDQWDVtDVVHDSOLFDUiQWDPELpQDOSHFKRGHODPDGUH(OFRLWRSDUHQWDOHUDFRQFHELGR
GH YDULDV PDQHUDV OR FXDO SRGUtD LQFOXLU XQ DOLPHQWDUVH PXWXDPHQWH R XQ DWDTXH
YLROHQWR /D QRFLyQ UXGLPHQWDULD GHO EHEp GH FRPR SRGUtDQ IXQFLRQDU ORV yUJDQRV
VH[XDOHVFRQWULEXtDDODVIDQWDVtDVGHOSHQHGHOSDGUHFRQFUHWDPHQWHORFDOL]DGRHQHO
LQWHULRUGHODPDGUH6LHVDWDFDGRHVWHSHQHLQWHUQRVHYROYHUiSHOLJURVRFRVDTXHVH
DxDGH D OD DQVLHGDG SRU HO FXHUSR GH OD PDGUH 3DUWLFXODUPHQWH DWHUUDGRUD HUD OD
LPDJHQ GHO REMHWR FRPELQDGR TXH SDUHFtD HVWDU FRPSXHVWR GH ORV FXHUSRV GH ORV
SDGUHVHQPHVFRODQ]DGHXQDPDQHUDFRQIXVD\GLVWRUVLRQDGDHQHOFXUVRGHXQFRLWR
ViGLFR FRQWLQXDGR HO ©REMHWR FRPELQDGRª LQFOX\H OD IDQWDVtD GHO SHQH GHQWUR GH OD
PDGUH .OHLQ SHQVDED TXH HVWR MXVWLILFDED LGHDV GH OD ©PXMHU IiOLFDª VXJHULGDV SRU
GDUDOX]DKLMRVTXHHOSDGUHOHVGD²(OTXLQWRGHVDFXHUGRGH.OHLQFRQ)UHXGVH )UHXGFRPRHYLGHQFLDGHTXHORVQLxRVFUHtDQTXHODVPXMHUHVWLHQHQXQSHQH
UHIHUtDDVXWHRUtDGHODUHVROXFLyQGHOFRPSOHMRGH(GLSR&RPRVHLQGLFyPiVDUULED (Q VX WUDEDMR (VWDGRV SUHFRFHV GHO FRPSOHMR GH (GLSR  .OHLQ VXEUD\y HO
.OHLQYLQRDYLQFXODUODPDGXUH]HPRFLRQDOFRQORTXHHOODGHQRPLQDED©HODERUDFLyQ SDSHO GHO VDGLVPR \ OD HQYLGLD SULPDULD 6LQ HPEDUJR DO GHVFULELU VXV FRQFHSWRV
GH OD SRVLFLyQ GHSUHVLYDª (Q  KDEtD UHYLVDGR VX WHPSUDQR GHVFXEULPLHQWR FHQWUDOHV GH OD SRVLFLyQ GHSUHVLYD  \ OD SRVLFLyQ HVTXL]RSDUDQRLGH 
GHTXHODH[SHULHQFLDHGtSLFDVXUJHHQHOPRPHQWRGHPi[LPRVDGLVPRGHOD
YLGDLQIDQWLODILUPDQGRHQVXOXJDUTXHVXUJtDFXDQGRHPSH]DEDQDSUHGRPLQDUORV
VHQWLPLHQWRV PiV DPRURVRV TXH FRPSRUWDQ FXOSD GHSUHVLYD SUHRFXSDFLyQ \ GHVHRV
UHSDUDGRUHV(VWRVLQIOXtDQHLQWHUDFWXDEDQFRQORVGHVHRVJHQLWDOHVKDFLDORVSDGUHV\
WDPELpQFRQHOUHFRQRFLPLHQWRFUHFLHQWHGHODUHDOLGDGH[WHUQDLQFOX\HQGRODUHODFLyQ
SDUHQWDO0RGLILFyRSRUWXQDPHQWHHOHQIRTXHGH)UHXGGHODV©IDVHVªVH[XDOHVRUDO
YpDQVHFDStWXORV\VXSHQVDPLHQWRVHDOHMyGHXQDYLVLyQGHOQLxRGRPLQDGRSRU
VXVSXOVLRQHVSULPLWLYDV²HVSHFtILFDPHQWHODHQYLGLDDVRFLDGDDODSXOVLyQGHPXHUWH
²SDUDDFHUFDUVHDXQDYLVLyQGHOGHVDUUROORPiVFHQWUDGRHQODVUHODFLRQHVGHREMHWR
VRVWHQLGDVSRUHOLQWHUMXHJRGHO DPRU\HORGLR(QIDWL]yFDGD YH]PiVTXHHODPRU
SRU HO EXHQ REMHWR ²HO SHFKR PDWHUQR² HUD OD EDVH HVHQFLDO VREUH OD FXDO SRGtD
FRQVWUXLUVHXQPXQGRLQWHUQRVHJXUR.OHLQSHQVDEDTXHODVIUXVWUDFLRQHVLQIOLQJLGDV
DQDO\JHQLWDO(QVXOXJDUHQIDWL]yHOFRQFHSWRGH©SRVLFLRQHVªHVWDGRVPHQWDOHV SRU OD PDGUH VREUH WRGR HO GHVWHWH SURPRYHUtDQ TXH HO QLxR VH YROYLHUD KDFLD VX
FRPSOHMRV TXH HQ HVHQFLD SUHFLVDEDQ OD PDQHUD GH RUJDQL]DUVH WRGD OD H[SHULHQFLD SDGUH GH IRUPD TXH VX SHQH VX IXQFLyQ FUHDWLYD PDVFXOLQD YLQLHUD D IRUPDU HO

 
VHJXQGRREMHWRLQWHUQRLPSRUWDQWH(VWRD\XGDEDDGLOXLUODLQWHQVDDQVLHGDGDVRFLDGD
DO©SHFKRPDORª\GDEDDSR\RDOQLxRDEUXPDGRSRUODFXOSDJHQHUDGDSRUVXSURSLR
RGLR
3HUR GHVGH DTXHOOD pSRFD HO QLxR HPSH]DED D GDUVH FXHQWD GH VXV SURSLRV
VHQWLPLHQWRV JHQLWDOHV \ ORV FRQHFWDED FRQ VX FUHFLHQWH DGYHUWHQFLD GH XQD UHODFLyQ
VH[XDOHQWUHVXVSDGUHVTXHLPSOLFDEDVHQWLPLHQWRVGHHQYLGLD\FHORVKDFLDXQRGH
GHLPSRUWDQFLDFUXFLDOSDUDVXGHVDUUROORVH[XDO(QHOFDVRGHOQLxRODFRQWUDSDUWLGD
VHUtDHOWHPRUGHFDVWUDFLyQDPDQRVGHXQSDGUHSXQLWLYRTXHVHLPDJLQDVLWXDGRHQ
HO LQWHULRU GHO FXHUSR GH OD PDGUH 8Q EXHQ REMHWR SDWHUQR HV HVHQFLDO SDUD HO QLxR
SDUD LGHQWLILFDUVH FRQ XQD ILJXUD PDVFXOLQD VH[XDO TXH OH SURWHMD FXDQGR HVWi
DWHUURUL]DGRSRUVXVSURSLRVVHQWLPLHQWRVGHULYDOLGDG
/D ©IDVH IHPHQLQDª HV HQ HVHQFLD XQ HVER]R SUHFR] GH OD WHRUtD NOHLQLDQD GH OD
HVWRV R KDFLD ORV GRV \ TXH SURGXFLUtDQ UHSHWLGDV H[SHULHQFLDV GH UDELD \ DQJXVWLD LGHQWLILFDFLyQ SUR\HFWLYD D FRQ VXV LPSOLFDFLRQHV GH LQWUXVLyQ \ FRQWURO GHO
(VWDVSHQRVDVHPRFLRQHVVRORSRGtDQDIURQWDUVH\HODERUDUVHFRQHODSR\RLQWHUQRGH REMHWR YpDVH FDStWXOR  (VWD IDQWDVtD GH LGHQWLILFDFLyQ FRQ OD PDGUH SXGR VHU
ORV REMHWRV EXHQRV YpDVH FDStWXOR  6LQ HOORV HO GHVDUUROOR HPRFLRQDO VH YHUtD
GLILFXOWDGR (Q SDUWLFXODU HO QLxR VHUtD LQFDSD] GH HVWDEOHFHU OD SRVLFLyQ GHSUHVLYD
SRUTXHODLQWHJUDFLyQGHORVDVSHFWRVEXHQRV\PDORVGHOREMHWRHQ~OWLPDLQVWDQFLD
LPSOLFDQODXQLyQHQODPHQWHGHORVSDGUHVVH[XDOHVHQXQEXHQFRLWR
(O UHFRQRFLPLHQWR GHO SOHQR MXHJR GH VHQWLPLHQWRV WDQWR ORV EXHQRV FRPR ORV
PDORVKDDFDEDGRSRUFRQVLGHUDUVHXQDLPSRUWDQWHWDUHDGHFUHFLPLHQWR\GHVDUUROOR
\ HV XQD ILQDOLGDG LPSRUWDQWH GHO WUDWDPLHQWR SVLFRDQDOtWLFR 6H FRQVLGHUD TXH
DVXPLGD HQ HO VXHxR GH OD SDFLHQWH HQ TXH HVWDED HPEDUD]DGD 3DUD HOOD SDUHFtD
IXQFLRQDU FRPR XQD GHIHQVD FRQWUD HO RGLR HQYLGLRVR GHVSHUWDGR SRU OD LQPLQHQWH
LQWHUUXSFLyQGHODQiOLVLV&XDQGRODVIDQWDVtDVHGtSLFDVHPHUJLHURQHQODVVHVLRQHVOD
HQYLGLDIXHIRFDOL]iQGRVHHQORVSDGUHVFRPRSDUHMD\HQVXFUHDWLYLGDGVH[XDO
&RQHOWLHPSR\FRQXQDPELHQWHUHODWLYDPHQWHEXHQRODYLROHQFLD\ODFRQFUHFLyQ
GHDTXHOODVIDQWDVtDVWHPSUDQDVGLVPLQX\HQOHQWDPHQWH(OQLxRDSUHQGHUiDWROHUDUOD
VHSDUDFLyQ \ UHQXQFLDUi D OD SRVHVLyQ GH OD PDGUH \ VHUi PiV FDSD] GH WROHUDU VX
SURPXHYH OD FRQVFLHQFLD GH UHDOLGDG SVtTXLFD HV GHFLU LQWHUQD DVt FRPR OD
FRQVFLHQFLDGHUHDOLGDGH[WHUQD(VWiUHODFLRQDGRFRQODFUHDWLYLGDG\ODFDSDFLGDGGH
DSUHQGL]DMH
.OHLQHQFRQWUyTXHGHVGHPX\WHPSUDQRORVEHEpVWLHQHQXQDDUGLHQWHFXULRVLGDG
SRUHOLQWHULRUGHODPDGUHLQWHULRUTXHVLHQWHQDFRJHGRURPX\SHOLJURVRVHJ~QHO
HVWDGR PRPHQWiQHR GH OD PHQWH GHO EHEp /DV IDQWDVtDV VH[XDOHV FXDQGR QR HVWiQ
LPSUHJQDGDVGHVDGLVPR\SRUWDQWRGHDQVLHGDGHUDQSDUD.OHLQFRPRSDUD)UHXG
H[FOXVLyQ GH OD UHODFLyQ VH[XDO GH ORV SDGUHV 3DUD .OHLQ HVWD FDSDFLGDG GH
GHVSUHQGLPLHQWRSURJUHVDHQXQDIRUPDGHUHVWLWXFLyQKDFLHQGREXHQRDTXHOORTXHHQ
OD IDQWDVtD KDEtD VLGR FDSWXUDGR R GHVWUXLGR GH PDQHUD HQYLGLRVD 9HtD HVWD
UHSDUDFLyQGLVFXUULHQGRGHVGHXQVHQWLPLHQWRGHFXOSDEDVDGRHQHOUHPRUGLPLHQWR\
HODPRUSRUXQREMHWREXHQR(VWRHUDXQSDVRDGHODQWHHQH[WUHPRVLJQLILFDWLYRFRQ
UHVSHFWR DO DQWHULRU FRQFHSWR IUHXGLDQR GH OD UHVROXFLyQ GHO FRPSOHMR GH (GLSR
EDVDGRHQHOWHUURUGHUHWDOLDFLyQ3DUD.OHLQODHODERUDFLyQGHORVFRQIOLFWRVHGtSLFRV
XQ DVSHFWR LPSRUWDQWH GH OD FXULRVLGDG \ HO GHVDUUROOR VH[XDO \ FRQWULEXtDQ D OD
LGHQWLILFDFLyQ GHO QLxR FRQ HO SDGUH VH[XDO TXHULGR \ DGPLUDGR 3HUR FXDQGR OD
HQYLGLDHUDHVSHFLDOPHQWHLQWHQVDLQFOXVRODHQYLGLDGHORVSDGUHVHGtSLFRVHOQLxRVH
YHtD PRYLGR D HQWUDU GHQWUR GH OD PDGUH FRQWURODU \ DSURSLDUVH GH VXV FRQWHQLGRV
HQWUH HOORV HO SHQH GHO SDGUH (O GHVHR GH GHVFXEULU HVWDUtD HQ HVWH SXQWR FRQHFWDGR
FRQODDJUHVLyQKDVWDODYLROHQFLD(QVXIDQWDVtDHOQLxRVHLQWURGXFLUtDHQHOFXHUSR
H[FLWDQWH SHUR SHOLJURVR GH OD PDGUH SDUD SRVHHUOR R DWDFDU HQYLGLRVDPHQWH VXV
FRQWHQLGRV.OHLQOODPyDHVWRODIDVHGHIHPLQLGDGXQDLGHQWLILFDFLyQFRQODPDGUH
TXHDUUDQFDQRWDQWRGHXQGHVHRGHXQLyQVH[XDOFRQHOODTXHGHXQGHVHRGHSRVHHU
UHTXHUtDQXQDFDSDFLGDGGHFXOSDGHSUHVLYDQRSHUVHFXWRULD\SUHRFXSDFLyQSRUORV
REMHWRV\HVWRGHSHQGtDGHXQ6XSHU\yTXHIXHUDHVHQFLDOPHQWHDPRURVR\SURWHFWRU
$O PLVPR WLHPSR .OHLQ FXLGy GH GLVWLQJXLU HQWUH XQ REMHWR ©EXHQRª \ XQ REMHWR
©LGHDOL]DGRª SXHV SDUD DIURQWDU OD UHDOLGDG VHD LQWHUQD R H[WHUQD VH UHTXLHUH
QHFHVDULDPHQWHHOUHFRQRFLPLHQWR\WROHUDQFLDDOIUDFDVRRDODLPSHUIHFFLyQ
3DUDDOJXQRVHOGHVDUUROORGHXQVHQWLGRGHUHDOLGDGSXHGHTXHQRVHDILDEOHPHQWH
FRQVHJXLGR /D GHVFULSFLyQ FOtQLFD TXH VLJXH VHxDOD TXH LQFOXVR HQ OD DGXOWH] ODV
IDQWDVtDVSULPLWLYDVSXHGHQGRPLQDU\SHUWXUEDUHOSHQVDPLHQWR\ODSHUFHSFLyQ
VXV DWULEXWRV HQ SDUWLFXODU VX IHUWLOLGDG VH[XDO HV GHFLU VHU HOOD (O UHVXOWDGR
SUHYLVWRVHUtDXQDUHWDOLDFLyQYLROHQWDSRUSDUWHGHXQRGHORVSDGUHVSRUWDQWRHVWD
FXULRVLGDGLQWUXVLYDVHDFRPSDxDUiGHFXOSDJUDYHODFXOSDSHUVHFXWRULDFDUDWHUtVWLFD
GHODSRVLFLyQHVTXL]RSDUDQRLGH6LQRVHPRGLILFDODDQVLHGDGLQWHQVDSURGXFLGDSRU
HVWDV IDQWDVtDV SRGUtD FRQWULEXLU D XOWHULRUHV GLILFXOWDGHV GH DSUHQGL]DMH D
LQKLELFLRQHV WDQWR LQWHOHFWXDOHV FRPR VH[XDOHV SRUTXH LQFRQVFLHQWHPHQWH HO QLxR
OOHJyDFRQYHQFHUVHGHTXHHVSHOLJURVRVHUFXULRVR\SRUWDQWRDSUHQGHU
(VWDVLGHQWLILFDFLRQHVIHPHQLQDVVHUtDQQRUPDOPHQWHEUHYHVHQHOQLxRSHURHQOD
QLxDIRUPDQODEDVHGHVXVHQWLGRGHLGHQWLGDGFRPRKHPEUD6LVXDWDTXHIDQWDVHDGR
DOLQWHULRUGHODPDGUHKDVLGRSDUWLFXODUPHQWHIHUR]\FRQWLQXDGRHOWHUURUGHODQLxD
GH XQD UHWDOLDFLyQ FRQ OD PLVPD PRQHGD OD VXPLUi HQ SURIXQGDV DQVLHGDGHV HQ
UHODFLyQ FRQ VX SURSLR FXHUSR \ HQ SDUWLFXODU SRU OR TXH DWDxH D VX IHUWLOLGDG (Q
FLUFXQVWDQFLDV IDYRUDEOHV OD QLxD SXHGH LQFOLQDUVH SRU XQD UHODFLyQ FRQ HO ©SHQH
EXHQRªGHVXSDGUHHQEXVFDGHDSR\R\SDUDPLWLJDUDTXHOODVDQVLHGDGHVHVWRVHUtD
 
,OXVWUDFLyQFOtQLFD
8Q KRPEUH PX\ DLVODGR KDEtD DFXGLGR DO DQiOLVLV SRUTXH VH YHtD LQFDSD] GH
PDQWHQHU UHODFLRQHV HVWUHFKDV GH FXDOTXLHU WLSR 9LYtD FRQ VXV SDGUHV SHUR
SHUPDQHFtDODPD\RUSDUWHGHOWLHPSRHQVXKDELWDFLyQHQGRQGHOOHJDEDDDEVRUEHUVH
WDQWR HQ VXV IDQWDVtDV TXH OOHJDEDQ DO SXQWR GH KDFpUVHOH GLItFLO GLVWLQJXLUODV GH OD
UHDOLGDG 'XUDQWH HO ILQ GH VHPDQD DQWHULRU D ODV VHVLRQHV TXH YR\ D FRPHQWDU HO
SDFLHQWHFRVDH[FHSFLRQDOKDEtDHVWDGRHQXQDILHVWDGHODHPSUHVDGRQGHWUDEDMDED
$OOtKDEtDSUHVHQWDGRXQDMRYHQPXMHUTXHFRQRFtDYDJDPHQWHDXQFROHJDVROWHUR
'HSURQWRHPSH]yDLPDJLQDUTXHKDEtDQWUDEDGRXQDUHODFLyQVH[XDOTXHpOKDEUtD
IDFLOLWDGR
(QODVHVLyQGHOOXQHVFRQWyTXHKDEtDLGRDVXFDVDGHVSXpVGHODILHVWD\HVWXYR
REVHVLRQDGR FRQ SHQVDPLHQWRV VH[XDOHV HQ WRUQR D OD PXMHU $O ILQDO VH VLQWLy
REOLJDGR D PDVWXUEDUVH SDUD DFDEDU FRQ OD H[FLWDFLyQ &RQ IUHFXHQFLD HYLWDED OD
PDVWXUEDFLyQ SRUTXH ODV IDQWDVtDV TXH OD DFRPSDxDEDQ HUDQ SHUWXUEDGRUDV SRU
YLROHQWDV \ SHUYHUVDV $ SHVDU GH WRGR FRQWLQXy VLQWLpQGRVH PX\ H[FLWDGR \
SHUWXUEDGR WRGR HO ILQ GH VHPDQD (VWR SRGtD FRPSUHQGHUVH FRPR XQD IDQWDVtD GH
RUJDQL]DU\OXHJRLQWURGXFLUVHHQXQHQFXHQWURVH[XDOGHXQDSDUHMDTXHUHSUHVHQWDUtD
DORVSDGUHV(VGHQRWDUTXHHOSDFLHQWHQRVHLPDJLQDEDH[FOXLGRGHDTXHOODUHODFLyQ
LPDJLQDULD \ PLHQWUDV OD REVHUYDED LPDJLQy LQPHGLDWDPHQWH TXH pO HVWDED
LPSOLFDGR /RV VHQWLPLHQWRV TXH VXUJtDQ HQ pO HUDQ RPQLSRWHQWHV ViGLFRV \ PX\
DJLWDGRV ,QFDSD] GH DSUR[LPDUVH D XQD PXMHU VHQWtD HQ FDPELR TXH KDEtD
DSUR[LPDGR D OD SDUHMD SHUR GHVSXpV SURFHGLy D HOLPLQDU DO KRPEUH \ SRVHHU D OD
PXMHU
,QPHGLDWDPHQWH GHVSXpV GH WHUPLQDU OD VHVLyQ HQ TXH FRQWy WRGR HVR HO SDFLHQWH
YROYLyDPLFDVD\GLMRTXHSHQVDEDTXHKDEtDGHMDGRVXFDUWHUDHQODVDODGHHVSHUD
9LpQGRPHHQHOWUDQFHGHKDFHUDOJXQDJHVWLyQDQWHVGHDWHQGHUDOSDFLHQWHVLJXLHQWH
OH KLFH HVSHUDU HQ HO YHVWtEXOR SDUD TXH YHULILFDUD VL UHDOPHQWH HVWDED DOOt 3XGH RtU
TXHVHPDUFKDEDSRFRWLHPSRGHVSXpV$OGtDVLJXLHQWHHVWDEDWRGDYtDSHUWXUEDGR
'HHQWUDGDVHH[FXVy\GLMRTXHHQUHDOLGDGQRKDEtDROYLGDGRVXFDUWHUDDTXtTXH
KDEtDHVWDGRWRGRHOWLHPSRHQHOPDOHWHURGHVXFRFKH'HVSXpVGLMRTXHKDEtDLGRD
WUDEDMDU \ VX GLUHFWRUD OH KDEtD DERUGDGR GLFLHQGR ©£< SXHV ¢4Xp OH RFXUUH D
XVWHG"ª(OSDFLHQWHSHQVyTXHTXL]iKDEtDWHQLGRQRWLFLDVGHODILHVWD\GHXQPRGR
GHOLURLGHSHQVyTXHVDEtDDOJRGHVXPDVWXUEDFLyQ\GHVXVIDQWDVtDVLQWUXVLYDV6H
D]DUy \ QR SXGR UHVSRQGHUOH \ VLQWLy TXH HOOD HVWDED XWLOL]DQGR DOJR GH OR TXH OH
KXELHUDQSRGLGRGHFLU
/HGLMHTXHpOVDEtDTXH\ROHKDEtDYLVWRYROYHUD\HUGHVSXpVGHODVHVLyQ\TXH
VHQWtD TXH \R TXHUUtD VDEHU OR TXH KDEtD RFXUULGR (VWDED DVXVWDGR GH TXH PH
PRVWUDUDVXVSLFD]\KRVWLOSRUTXHFRQRFtDWRGRVVXVSHQVDPLHQWRV\IDQWDVtDVDOHQWUDU
GHHVWDPDQHUD
'LMRTXHHQUHDOLGDGVHKDEtDWUDQTXLOL]DGRDOYHUTXH\RQRGDEDLPSRUWDQFLDDTXH
KXELHVHYXHOWRD\HU3HURKDEtDHVSHUDGRTXH\RYROYLHUDSDUDYHUOHVDOLU'HKHFKR
KDEtD YLVWR TXH OD SXHUWD GHO FRQVXOWRULR HVWDED DELHUWD \ TXH SRGtD YHU HO LQWHULRU
3HQVyTXHSRGtDHQWUDU\UREDUDOJR\\RQRORKXELHVHDGYHUWLGR/RGLMRFRQPXFKD
DQVLHGDG
&RQWyTXHOXHJRGXUDQWHHOGtDKDEtDLGRDOFRPHGRUGHVXHPSUHVD7RPyXQFDIp
\SHQVyHQODPXMHUGHODILHVWD\WXYRODRFXUUHQFLDGHTXH\RWHQGUtDTXHLPSHGLU
TXH KLFLHVH HVWR 'HVSXpV VX PHQWH GLVFXUULy VREUH RWUR LQFLGHQWH UHFLHQWH FXDQGR
pOVHVHQWtDPRYLGRDUHFXSHUDUSHURDOKDFHUHVWRVHYHtDDWUDSDGRHQRWUDHQDFWDFLyQ
GHVXIDQWDVtD$OQRHVWDU\RSDUDYHUOHPDUFKDUVHTXHGyHQXQHVWDGRGHDQVLHGDG
SHOLJURVDPHQWH H[FLWDGR \ DQVLRVR GHELGR D VXV SURSLDV LQWHQFLRQHV \ VH DVXVWy
PXFKR DQWH OD LGHD GH VHU FDVWLJDGR 6HQWtD TXH QHFHVLWDED GH XQD ILJXUD
SUREDEOHPHQWH XQ SDGUH TXH REVHUYDVH VX HVWDGR PHQWDO \ OH LPSLGLHUD KDFHU DOJR
GHVWUXFWLYR(VWDVHUtDXQDILJXUDHGtSLFDILUPHSHURDIHFWXRVDFDSD]GHFRPSUHQGHU
VXLQWHQVDQHFHVLGDGGHLQWURGXFLUVHFDSD]GHFRPSUHQGHUWDPELpQVXRGLRHQYLGLRVR
SHUR GH XQ PRGR QR UHWDOLDWRULR (Q YH] GH HVWR VH VHQWtD DIURQWDQGR XQD ILJXUD
DFXVDGRUDTXHOHSUHJXQWDED©¢4XpOHRFXUUHDXVWHG"ªFRVDTXHpOLQWHUSUHWyFRPR
KRVWLO/DSDUDQRLDHYLGHQWHHQVXUHDFFLyQDDTXHOODSUHJXQWDVHLQWHQVLILFyFRQOD
FRQYLFFLyQGHTXHODGLUHFWRUDVDEtDORTXHKDEtDHVWDGRSHQVDQGR\KDFLHQGRSRUVX
FXHQWDGXUDQWHHOILQGHVHPDQDHVGHFLUVXVIDQWDVtDV\DFWLYLGDGHVVHFUHWDV(VWRHUD
XQDFRQWUDSDUWLGDGHVXSURSLDLQWUXVLYLGDGHQODTXHpOHQUHDOLGDGSDUHFtDVHQWLUTXH
HVWDEDGHQWURGHPtGHOPLVPRPRGRDTXHOODRWUDILJXUDORVDEtD\YHtDWRGRHQHO
PLVPR VHQWLGR TXH XQ FUH\HQWH WHPHURVR SRGtD VHQWLU TXH HO RMR GH 'LRV OH VHJXtD
GRQGHTXLHUDTXHHVWXYLHVH
/R TXH HVWH PDWHULDO LQWHQWD LOXVWUDU HV GH TXp PRGR HO HVWDGR GH ORV REMHWRV
SDUHQWDOHVLQWHUQDOL]DGRVGHXQSDFLHQWH²VX6XSHU\y²SXHGHDIHFWDUVXSHUFHSFLyQ
GHOPXQGR(OSDFLHQWHHUDSUHVDGHXQDLQWHQVDH[FLWDFLyQVH[XDOL]DGDSRUHOKHFKR
GH HQFRQWUDUVH HQ XQD ILHVWD XQ DFRQWHFLPLHQWR H[WUDRUGLQDULR SDUD pO SXHV VX YLGD
VH[XDO HQ DTXHO WLHPSR HUD SRU HQWHUR XQD FXHVWLyQ GH IDQWDVtD \ PDVWXUEDFLyQ (O
FRQWDFWRVH[XDOUHDOHUDGHPDVLDGRHVSDQWRVRSDUDpOSUREDEOHPHQWHDFDXVDGHVXV
IDQWDVtDVYLROHQWDVOHUHVXOWDEDPX\SHOLJURVR6XLPSOLFDFLyQHQORTXHGHV~ELWRVH
WUDQVIRUPy SDUD pO HQ XQD YHUGDGHUD UHODFLyQ VH[XDO HQWUH OD SDUHMD GH OD YHODGD
FRQWLQXyHQVXPHQWHGXUDQWHHOILQGHVHPDQDFRQODVIDQWDVtDVHQWRUQRDODPXMHU
6XLQWUXVLyQH[FLWDGDHQODHVFHQDVHGUDPDWL]DSDUFLDOPHQWHFRQHODQDOLVWDHOOXQHV
7RGRORTXHRFXUULyIXHLQWHUSUHWDGRSRUHOSDFLHQWHDODOX]GHVXHVWDGRGHOLUDQWH
(Q SDUWLFXODU VXV REMHWRV LQWHUQRV \ VX UHODFLyQ FRQ HOORV VH SUR\HFWDURQ HQ ILJXUDV
H[WHUQDV FX\DV FDUDFWHUtVWLFDV KDELWXDOHV HUDQ PRGLILFDGDV SRU pO GH PDQHUD
VLJQLILFDWLYD(VWRSXGRDFUHGLWDUVHDSDUWLUGHOHQFXHQWURFRQVXGLUHFWRUDPiVWDUGH
GXUDQWH HO GtD +DELWXDOPHQWH HUD YLYLGD FRPR XQD ILJXUD VLPSiWLFD \ DPDEOH SHUR
HQWRQFHV VX SUHJXQWD FDVXDO FRQOOHYDED XQ GHMH VLQLHVWUR \ KRVWLO 6LQWLy TXH SRGtD
FRQVHUYDUPH FRPR XQD ILJXUD ERQGDGRVD SRU HO KHFKR GH TXH QR PH KXELHUD
VLQWLyTXHKDEtDKDEODGRGHXQPRGRGHPDVLDGRtQWLPRDXQDPXMHUTXHWUDEDMDEDFRQ
XQKRPEUHGHUDQJRVXSHULRUDOVX\RHQODHPSUHVD6HVHQWtDPX\SUHRFXSDGRSRU
DTXHOODVFRVDVTXHHVWDEDKDFLHQGR
/HLQWHUSUHWpTXHKDEtDHVWDGRPX\SUHRFXSDGRSRUTXHOHSHUPLWLHUDHVWDUHQHVWD
SDUWH GH PL FDVD FXDQGR \R QR HVWDED TXH KXELHVH WHQLGR TXH LPSHGLU TXH KLFLHUD
HVWRHVGHFLUPHWHUVHHQGRQGHQRWHQtDTXHHVWDU\HQGRQGHSRGtDUREDUPLVFRVDV PXMHU HVWDED VHULDPHQWH LQKLELGD SUREDEOHPHQWH SRUTXH VX HQYLGLD \ RGLR D ODV
\R KXELHUD WHQLGR TXH HYLWDU TXH HVWR RFXUULHUD $KRUD VH VHQWtD PX\ WUDQVWRUQDGR
H[FLWDGR\DQVLRVRSRUWRGRDTXHOORTXHDOSDUHFHUOHKDEtDSURYRFDGRDTXHOUHYXHOR
(VWH SDFLHQWH SDUHFtD HVWDU SUHVR SRU IDQWDVtDV SULPLWLYDV DFHUFD GH OD LQWUXVLyQ \
DSURSLDFLyQDQWHWRGRGHOFRLWRSDUHQWDO\WDPELpQGHORVFRQWHQLGRVGHOFXHUSRGHOD
PDGUHHTXLSDUDGRDOFRQVXOWRULR(VSRVLEOHTXHLQFRQVFLHQWHPHQWHFUH\HUDTXHVX
FDUWHUDHUDXQSHQHVXSURSLRSHQHRLQFOXVRHOGHVXSDGUHGHMDGRHQPLLQWHULRUTXH
LQTXLHWDGRSRUVXUHWRUQRGHVSXpVGHODVHVLyQSHURODVLJXLHQWHILJXUDSDUHQWDOFRQ
TXHWURSH]yVHYROYLyDULVFD\SXQLWLYD
(Q HVWH KRPEUH ORV VHQWLPLHQWRV GHSUHVLYRV VH PH]FODEDQ FRQ LGHDV YLROHQWDV \
SDUDQRLGHV \ VH VHQWtD DJRELDGR SRU VX FRPSXOVLyQ D PDVWXUEDUVH FRQ IDQWDVtDV GH
PXMHUHV DJUHVLYDV \ GHJUDGDQWHV /D FDSDFLGDG GH IXQFLRQDU VH[XDOPHQWH FRQ XQD
PXMHUHVOHOOHYDEDDVHQWLUVHURGHDGRGHILJXUDVVXSHU\RLFDVSULPLWLYDVWDQWRH[WHUQDV
FRPRLQWHUQDV(VWDVSDUHFtDQHVWDUFRPSXHVWDVGHREMHWRVSDUFLDOHVLUUHDOHVDVSHFWRV
IUDJPHQWDGRVGHVXVREMHWRVLQWHUQRVGDxDGRVSRUODVIDQWDVtDV\DWDTXHVGHOSDFLHQWH
\SRUWDQWRWHUURUtILFRV(OWHUURUSRGtDGLVFXUULUGHVGHODUHWDOLDFLyQLPDJLQDGDKDVWD
ODV UHODFLRQHV ViGLFDV GLVWRUVLRQDGDV HQWUH HOODV HQ VX PHQWH 'LIHUHQWHV
FDUDFWHUtVWLFDVIUDJPHQWDGDVVHSUR\HFWDEDQHQWRQFHVHQUDVJRVGHODVSHUVRQDVGHVX

 
DOUHGHGRU(QHODQiOLVLVKDEODEDDPHQXGRGHODPDUJRUHVHQWLPLHQWRKDFLDVXPDGUH
SRUTXHOHQHJOLJtDGHODPLVPDPDQHUDTXHFXDQGRHUDXQQLxR\HVWRORH[SUHVDEDD
PHQXGR HQ H[SORVLRQHV GH UDELD \ GHVFRQVXHOR DQWHV GH FXDOTXLHU LQWHUUXSFLyQ GHO
DQiOLVLV 6XV DQKHORV GH FRQWDU FRQ XQ SDGUH IXHUWH \ SURWHFWRU HUD RWUR UDVJR
GHSUHVLYRGHHVWHSDFLHQWH\SRGtDUHIOHMDUODH[SHULHQFLDGHVXSDGUHDIHFWXRVRSHUR
GpELO
SHQVDPLHQWR\HODSUHQGL]DMHGHSHQGtDQYLWDOPHQWHGHXQDDFWLWXGDQWHODUHDOLGDGTXH
EURWDEDGHODUHODFLyQPiVWHPSUDQDFRQHOSHFKR8WLOL]yHOVtPEROR.²HOGHVHRGH
VDEHU² SDUD GHILQLU XQ YtQFXOR IXQGDPHQWDO HQWUH GRV SHUVRQDV \ OH GLR XQ HVWDWXV
LJXDODOGHO©DPRUª\HO©RGLRª(ODQYHUVRGHODHSLVWHPRILOLDHOGHVHRGHQRYHUIXH
OODPDGR SRU .OHLQ ©HVFRWRPL]DFLyQª -RKQ 6WHLQHU KD H[DPLQDGR HO(GLSR 5H\ GH
6yIRFOHV HQ UHODFLyQ FRQ HO GHVHR GH VDEHU \ HO PLHGR D VDEHU HQ ORV SULQFLSDOHV
SHUVRQDMHVGHODREUD
/DWHPSUDQDUHODFLyQFRQHOSHFKR
(QODWHRUtDNOHLQLDQDVHFRQVLGHUDTXHHO6XSHU\yVHFRQVWUX\HJUDGXDOPHQWHGHVGH
HO FRPLHQ]R GH OD YLGD \ TXH DO SULQFLSLR OD FXDOLGDG GH ORV REMHWRV LQWHUQRV HV
YDULDEOH SXHV HO LQWHUMXHJR GH SUR\HFFLRQHV H LQWUR\HFFLRQHV UHIOHMD ODV IDQWDVtDV
IUDJPHQWDGDV\ORVHVWDGRVDIHFWLYRVGHOQLxR'XUDQWHORVSULPHURVPHVHVRVLHPSUH
TXHSUHGRPLQHHOIXQFLRQDPLHQWRHVTXL]RSDUDQRLGHSHQVDPRVTXHODVFXDOLGDGHVGH
ORVREMHWRVVHH[SHULPHQWDQJOREDOPHQWHVLQPDWLFHVFRPREODQFRRQHJURDFDXVD
GHODHVFLVLyQSUDFWLFDGDSDUDSURWHJHUDO<RGHVHUDQRQDGDGR(VWDHVFLVLyQMXHJDXQ
SDSHO LPSRUWDQWH HQ ORV SUHFRFHV LQWHQWRV GHO QLxR GH PDQHMDU VXV LQWHQVRV
VHQWLPLHQWRV KDFLD ORV SDGUHV (V KDELWXDO TXH XQR GH ORV SDGUHV VHD LGHDOL]DGR
PLHQWUDVTXHHORWURHVRGLDGR\HVWDVHVFLVLRQHVVLVRQUHODWLYDPHQWHIOXLGDVSXHGHQ
D\XGDUDSUHVHUYDUXQVHQWLGRGHERQGDGHQPRPHQWRVGHFHORVDJXGRVRGHFXDOTXLHU
RWURHVWUpV1RREVWDQWHVLORVVHQWLPLHQWRVDIHFWXRVRVGHXQQLxRSDUDFRQVXSDGUH
SRQJDPRVSRUFDVRHVWiQIXHUWHPHQWHLQIOXLGRVSRUODGXUH]D\HORGLRDVXPDGUHHV
SUREDEOHTXHODUHODFLyQVHDIUiJLO\SUHFDULD$QiORJDPHQWHSXHGHHVWDEOHFHUVHXQD
LGHDOL]DFLyQ GHO SHFKR JUDFLDV D XQD HVFLVLyQ TXH PDQWLHQH XQD LPDJHQ GHO SDGUH
FRPRXQREMHWRPDOR6LHVWDHVFLVLyQSHUGXUDVHIRPHQWDXQDIRUPDGHUHSOLHJXHD
XQD UHODFLyQ SUHHGtSLFD FRQ ORV SDGUHV SDUD SURWHJHUVH FRQWUD DQVLHGDGHV
5RQDOG %ULWWRQ  KD H[SORUDGR DOJXQDV FRQH[LRQHV HQWUH HO UHFRQRFLPLHQWR
TXH WLHQH HO QLxR GH OD UHODFLyQ VH[XDO GH VXV SDGUHV \ VX FDSDFLGDG GH DERUGDU OD
UHDOLGDG HQ XQ VHQWLGR PiV DPSOLR ,PDJLQDQGR DO QLxR HQ XQ SXQWR GHO WULiQJXOR
HGtSLFR%ULWWRQGHVFULEHHOYtQFXORFRQFDGDXQRGHORVSDGUHVFRPRIRUPDQGRGRV
ODGRV GHO WULiQJXOR (O WHUFHU ODGR HO PiV LPSRUWDQWH HV OD OtQHD TXH XQH D ORV GRV
SDGUHVHQWUHVt\DOUHFRQRFHUHVWHWHUFHUYtQFXORHOQLxRHVWiREVHUYDQGRDORVSDGUHV
HQXQDUHODFLyQTXHOHH[FOX\H(OUHVXOWDGRHV©HOFLHUUHGHOWULiQJXORHGtSLFRJUDFLDV
DOUHFRQRFLPLHQWRGHOYtQFXORTXHXQHDORVSDGUHVª6LPEyOLFDPHQWHHVWRFUHDXQD
HVWUXFWXUDPHQWDOVREUHODFXDOVHEDVDODFDSDFLGDGGHDGDSWDFLyQDODUHDOLGDGTXH
0HODQLH .OHLQ DVRFLDED FRQ OD FDSDFLGDG GH HQIUHQWDU OD VLWXDFLyQ HGtSLFD $TXt
HQFDUDU OD UHDOLGDG LPSOLFD UHQXQFLDU DO FRQWURO RPQLSRWHQWH GH ORV SDGUHV XQ
HOHPHQWRHVHQFLDOHQHOORJUR\HODERUDFLyQGHODSRVLFLyQGHSUHVLYD%ULWWRQVXEUD\D
OD FDSDFLGDG GH REMHWLYLGDG ²SRVLFLRQDUVH HQ OD UHODFLyQ FRQ ORV GHPiV WROHUDU HO
REVHUYDU \ HO VHU REVHUYDGR \ DOJR LPSRUWDQWH REVHUYDUVH D Vt PLVPR² 'H HVWR
GHSHQGHODFDSDFLGDGGHLQWHJUDUODREVHUYDFLyQ\ODH[SHULHQFLD
,OXVWUDFLyQOLWHUDULD
$OJXQD GH HVWDV LGHDV KDQ HQFRQWUDGR YtYLGD H[SUHVLyQ HQ XQD QRYHOD FRUWD GH
LQVRSRUWDEOHV&RQHOWLHPSRHVSUREDEOHTXHUHGXQGHHQXQDLQKLELFLyQGHOSURSLR
GHVDUUROORVH[XDOGHOQLxR
&XULRVLGDGDSUHQGL]DMHVLPEROL]DFLyQ
&RPRVHKDLQGLFDGRDQWHULRUPHQWH0HODQLH.OHLQFRQVLGHUDEDODFXULRVLGDGFRPR
XQD IXHU]D SXOVLRQDO FHQWUDO HQ HO GHVDUUROOR HPRFLRQDO \ FRJQLWLYR \ OD DVRFLDED D
HVWDGLRVPiVSUHFRFHVGHOFRPSOHMRGH(GLSR3DUDTXHHOQLxRSXHGDOLEHUDUVHGHOD
WHPSUDQDLPSOLFDFLyQFRQIXVDFRQODPDGUH\VXFXHUSRHVGHLPSRUWDQFLDFUXFLDOXQ
EXHQHTXLOLEULRGHFXULRVLGDG\DQVLHGDG8QTXDQWXPGHFXULRVLGDGLPSXOVyDOQLxRD
EXVFDURWUDVUHODFLRQHVPHQRVFDUJDGDVGHSHOLJURFXDQGRODDQVLHGDGQRHVH[FHVLYD
YD D LQWHUDFWXDU FRQ OD FXULRVLGDG SDUD HVWLPXODU OD SURVHFXFLyQ GH QXHYDV
H[SHULHQFLDV\QXHYRVREMHWRV
/DSURSLD.OHLQGHVDUUROOyHVWDVLGHDVHQVXWUDEDMRVREUHODIRUPDFLyQGHVtPERORV
+HQU\ -DPHV 7KH $VSHUQ 3DSHUV  TXH RIUHFH WDPELpQ XQD LOXVWUDFLyQ
FRQYLQFHQWHGHODFXULRVLGDGREVHVLYD6HUHILHUHDXQHVWXGLRVRGHODOLWHUDWXUDTXHVH
KD GHGLFDGR D LQYHVWLJDU OD YLGD GH XQ IDPRVR SRHWD \D IDOOHFLGR OODPDGR -HIIUH\
$VSHUQ (O HVWXGLRVR FX\R QRPEUH QR VH PHQFLRQD QXQFD SDUHFH TXH HQ FLHUWR
VHQWLGRYLYHPiVDWUDYpVGHODYLGD\ODLGHQWLGDGGH$VSHUQTXHHQODVX\DSURSLD
/D KLVWRULD VH VLW~D HQ 9HQHFLD HQ GRQGH VH KD LQVWDODGR SDUD SDVDU HO YHUDQR
GHFLGLGRDSRGHUDFFHGHUD0LVV-XOLDQD%RUGHUHDXXQDDQFLDQD\VROLWDULDGDPDTXH
IXH HQ RWUR WLHPSR DPDQWH GH VX KpURH eO FUHH TXH WRGDYtD JXDUGD FDUWDV \ RWURV
GRFXPHQWRVFRPRUHFXHUGRGHVXVUHODFLRQHV&RQHVWHILQVHLQWURGXFHHQVXFDVD\
OD HQFXHQWUD YLYLHQGR HQ OD SREUH]D HQ XQ JUDQ SDODFLR YDFtR FRQ VX VREULQD \D
HQWUDGDHQDxRVXQDILJXUDVLQQLQJXQDJUDFLDTXHOHUHFLEHWtPLGDPHQWH\OHH[SOLFD
TXHQXQFDYHDQDGLH\QXQFDYDDQLQJXQDSDUWH
(QVXLQWHQWRGHKDFHUVHFRQODSRVHVLyQGHGRFXPHQWRVHOQDUUDGRUSHUFLEHTXHOD
VREULQD0LVV7LQDSRGUtDVHUOH~WLO/DWtDHVVXVSLFD]\PX\UHVHUYDGD\FHORVDGH
 \ GHVGH HQWRQFHV XQ FLHUWR Q~PHUR GH DXWRUHV NOHLQLDQRV KDQ KHFKR VX UHODFLyQ FRQ $VSHUQ 6LQ HPEDUJR FXDQGR VH GD FXHQWD TXH HO QDUUDGRU HVWi
FRQWULEXFLRQHVLPSRUWDQWHV/DFRQH[LyQHQWUHODVLPEROL]DFLyQODWDUHDGHVHSDUDUVH GLVSXHVWR D SDJDU XQD FDQWLGDG H[RUELWDQWH GH DOTXLOHU DFFHGH D FHGHUOH XQDV
GHO REMHWR SULPDULR \ OD SRVLFLyQ GHSUHVLYD IXHURQ PiV WDUGH HVWXGLDGRV SRU +DQQD KDELWDFLRQHVGXUDQWHHOYHUDQR/DH[SORWDFLyQFtQLFDGHOFUHFLHQWHHQFDSULFKDPLHQWR
6HJDOYpDVHWDPELpQFDStWXOR:LOIUHG%LRQVHLQVSLUyHQODREUDGH)UHXG GH 0LVV 7LQD SRU pO VDOWD D OD YLVWD SDUD HO OHFWRU SHUR SDUD HO QDUUDGRU OD ~QLFD
HQ HVSHFLDO )RUPXODFLRQHV VREUH ORV GRV SULQFLSLRV GHO IXQFLRQDPLHQWR PHQWDO UHODFLyQ VH[XDO LPSRUWDQWH HVWi HQ HO SDVDGR &RQILHVD D 0LVV 7LQD VX GHVHR GH
D \ PRVWUy HQ $SUHQGLHQGR GH OD H[SHULHQFLD D \ RWURV HVFULWRV TXH HO KDFHUVHFRQODVFDUWDV\VXH[FLWDFLyQ\DQVLHGDGDOFDQ]DQXQWRQRIHEULOFXDQGROD

 
YLHMD GDPD SDUHFH HVWDU D SXQWR GH PRULU 6X WHPRU HV TXH VL VRVSHFKD GH VXV GH LQWURGXFLUVH \ DSURSLDUVH HQWURPHWLpQGRVH HQ OD UHODFLyQ VLPEyOLFDPHQWH
LQWHQFLRQHVVHFUHWDVHOODSRGUtDTXHPDUORVSDSHOHVDQWHVGHPRULU SDUHQWDO $ OD SRVWUH -XOLDQD OH YHQFH SRUTXH VX FRPSUHQVLyQ GH OD JHQWH \ VX
(Q XQD HVFHQD GUDPiWLFD HO QDUUDGRU HQWUD D KXUWDGLOODV HQ OD VDOD GH HVWDU GH OD FDSDFLGDG GH REVHUYDU HVWiQ PiV GHVDUUROODGDV TXH ODV GH pO SDUD OOHYDU D WpUPLQR
DQFLDQDVHxRUDFUH\HQGRTXHHOODHVWiHQVXOHFKRGHPXHUWH\HPSLH]DDEXVFDUORV WRGDVVXVDVWXFLDVHLQYHVWLJDFLRQHVVDEHELHQSRFR\HQFDPELRHOODSRUVXUHFOXVLyQ
SDSHOHV-DPHVQRVPXHVWUDVXLQWHQWRLQIDQWLOPHQWHLQWHUHVDGRSDUDFRQYHQFHUVHGH \VXSREUH]DVDEHDOJRPiV(OOHFWRUVHGDFXHQWDGHTXHDXQTXHEUHYHPHQWHHOOD
TXH0LVV7LQDTXLHUHUHDOPHQWHTXHpOH[DPLQHHOHVFULWRULR WXYR XQD YH] XQD YLGD \ XQD UHODFLyQ DSDVLRQDGD HO QDUUDGRU KD LQWHQWDGR
6LHOODQRORTXLVLHUDVLGHVHDVHPDQWHQHUPHDOHMDGRSRUTXpQRKDEUtDFHUUDGRFRQOODYHODSXHUWD
VLPSOHPHQWHYLYLUDFRVWDGHODVSDVLRQHVGHORVGHPiV
GH FRPXQLFDFLyQ HQWUH OD VDOD GH HVWDU \ HO VDOyQ (OOD VDEH TXH \R KH YHQLGR FRQ XQ SURSyVLWR XQ
SURSyVLWRTXHHVWiDKRUDUHSUHVHQWDGRSRUODGHGXFFLyQPiVTXHVXWLOGHTXHSDUDREOLJDUPHKDDELHUWR &RQFOXVLyQ
HO VHFUHWHU <R QR PH SURSRQtD KDFHU QDGD HQ PRGR DOJXQR QL WDQ VROR EDMDU OD WDSD VROR TXHUtD
YHULILFDUPLWHRUtDYHUVLODWDSDVHGHVSOD]DED (QHVWHFDStWXORKHPRVFRPHQWDGRHOWUDEDMRLQQRYDGRUGH0HODQLH.OHLQVREUHHO
1XQFDVDEUHPRVVLWHQtDUD]yQSRUTXHV~ELWDPHQWHFDPELDGHWHPD FRPSOHMR GH (GLSR VHxDODQGR FyPR VH EDVy HQ OD REUD GH )UHXG D OD YH] TXH OD
GHVDUUROODED H LQWHJUDED FRQ LPSRUWDQWHV FRQFHSWRV SURSLRV /D UHODFLyQ HQWUH HO
-XOLDQDHVWDEDDOOtFRQVXFDPLVDGHQRFKHHQODHQWUDGDGHVXKDELWDFLyQYLJLOiQGRPHVXVPDQRV
HVWDEDQHQDOWRKDEtDOHYDQWDGRODYLHMDFRUWLQDTXHFXEUtDODPLWDGGHVXURVWUR\SRUSULPHUDYH]OD
FRPSOHMRGH(GLSR\ODSRVLFLyQGHSUHVLYDKDVLGRHQIDWL]DGDMXQWRFRQVXLPSRUWDQWH
~OWLPD OD VROD YH] FRQWHPSOp VXV RMRV H[WUDRUGLQDULRV 0H IXOPLQDURQ UHOXPEUDQWHV SDUD XQ ODGUyQ YtQFXORFRQHOSHQVDPLHQWRHODSUHQGL]DMH\HOUHFRQRFLPLHQWRGHODUHDOLGDG(VWDV
DWUDSDGR HUDQ FRPR HPSDSDUVH V~ELWDPHQWH GH XQD ROHDGD GH OX] GH JDV 0H DYHUJRQ]DURQ LGHDV HQ SDUWLFXODU KDQ VLGR XOWHULRUPHQWH H[SORUDGDV SRU VXFHVLYRV DXWRUHV
KRUULEOHPHQWH
NOHLQLDQRV /D WHRUtD SVLFRDQDOtWLFD VXJLHUH TXH HO DFWR GH OD UHODFLyQ VH[XDO HV HO
(OODOHDEXFKHyGLFLHQGR©£$KW~HGLWRUVLQYHUJHQ]Dª SURWRWLSR GH WRGD FUHDWLYLGDG LPSOLFDQGR OD UHODFLyQ GH GRV SHUVRQDV TXH HQ VXV
(OpQIDVLVHQORVRMRVGHODDQFLDQDGDPD²KDVWDHQWRQFHVGLVLPXODGR²H[SUHVD IXQFLRQHV FRPSOHPHQWDULDV IHPHQLQD \ PDVFXOLQD VRQ FDSDFHV GH GDU YLGD D XQ
VXPLUDGDDWHUUDGRUDDODYH]DFXVDGRUD\SHQHWUDQWH&RQVXVRMRVQRVROROHDFXVD WHUFHUR 6H FRQVLGHUD TXH OD WDUHD SHQRVD \ GLItFLO GH UHQXQFLDU D OD IDQWDVtD GH
OHGHVHQPDVFDUDKDVWDDTXHOPRPHQWRKDSRGLGRKDFHUFUHHUTXHQRHVWDEDKDFLHQGR SRVHVLyQ VH[XDO GH ORV SDGUHV HV XQ IDFWRU EiVLFR HQ HO GHVDUUROOR HPRFLRQDO H
DOJR PDOR ©<R VROR TXHUtD YHULILFDU PL WHRUtD QL VLTXLHUD HVWR QDGD GH QDGD 1R LQWHOHFWXDO$XQTXHQXQFDFRPSOHWDGRHOHVIXHU]RHVFHQWUDOHQWRGDFUHDWLYLGDG\HQ
TXHUtDDEULUHOSXSLWUH\FRJHUORVSDSHOHVª-XOLDQDVDEHH[DFWDPHQWHORTXHpOHVWi HOWUDEDMRGHUHSDUDFLyQGHOPXQGRLQWHUQR
SHUVLJXLHQGR\VXPLUDGD\ORTXHHOODVDEHOHDYHUJHQ]DQGHV~ELWRWHUULEOHPHQWH /RVNOHLQLDQRVHQODDFWXDOLGDGKDQDEDQGRQDGRHQJUDQPHGLGDHOOHQJXDMHDQDWyPLFRGHREMHWRSDUFLDO
TXH.OHLQXWLOL]DEDSLHQVDQPiVHQWpUPLQRVGHIXQFLyQ²SRUHMHPSOR©DOLPHQWDUªHQOXJDUGH©SHFKRª²
&XDQGRHOLQWUXVRHQODKLVWRULDWUDWDGHFRQYHQFHUVHGHTXH0LVV7LQDGHEHKDEHU FRPRXQDHVWUXFWXUDGHODPHQWH9pDVH6SLOOLXV
VRVSHFKDGRTXHVHLQILOWUDUtDSDUDUREDUORVSDSHOHVVXSHQVDPLHQWRHVVLPLODUDOGHO
SDFLHQWHDQWHVUHIHULGRFXDQGRSHQVDEDTXHDOGHMDUOHVRORMXQWRDODSXHUWDDELHUWDGH
PL FRQVXOWRULR FDVL OH HVWDED LQYLWDQGR D HQWUDU \ ©UREDUª PLV FRVDV (V LQWHUHVDQWH
QRWDUTXHHQXQR\RWURFDVRHVWRVHGHGXFHGHODDSDULFLyQGHXQRMRTXHWRGRORYH
(QHOFDVRGHOSDFLHQWHHUDODGLUHFWRUDSUHJXQWiQGROH©¢4XpOHRFXUUHDXVWHG"ªGH
PRGR TXH SHQVy TXH HOOD GHEtD VDEHU OR RFXUULGR GXUDQWH HO ILQ GH VHPDQD \ VXV
PLVPRV SHQVDPLHQWRV (Q 7KH $VSHUQ 3DSHUV VRQ ORV RMRV ©H[WUDRUGLQDULDPHQWH
DFXVDGRUHVªGH-XOLDQD(QWpUPLQRVGH%ULWWRQHOQDUUDGRUHVREVHUYDGRHQHODFWRGH
HQWURPHWHUVHGHV~ELWRDGTXLHUHDXWRFRQFLHQFLD\VHYHWDOFRPRHV3RUSULPHUDYH]
VHVLHQWHFXOSDEOH
(Q OD KLVWRULD GH -DPHV HO QDUUDGRU HVWi WDQ GHFLGLGR D SRVHHU ORV SDSHOHV TXH
LJQRUDODSHUWXUEDFLyQ\HOPDOHVWDUTXHFDXVDHVSHFLDOPHQWHDODVHQVLELOLGDGGHOD
VREULQD/DLURQtDHVTXHGXUDQWHWRGRHOWLHPSRODYLHMDGDPDKDHVWDGRSODQHDQGR
VDFDUSDUWLGRGHVXREVHVLyQ4XLHUHOOHYDUOHDTXHVHFDVHFRQ0LVV7LQDTXHDFWXDUi
D VX IDYRU FXDQGR HOOD KD\D PXHUWR (Q HO WHVWDPHQWR GHMD SDUD pO ORV ©SDSHOHV GH
$VSHUQªDFRQGLFLyQGHTXHDFHSWHHOFDVDPLHQWR&XDQGRHOQDUUDGRUDGYLHUWHHVR
VHGDDODIXJD\SRGHPRVYHUTXHHVWRQRVRORHVGHELGRDTXH0LVV7LQDVHDVRVD\
SRFR DWUDFWLYD 8Q KRPEUH PiV DILDQ]DGR HQ VX VH[XDOLGDG JHQLWDO KDEUtD YLVWR OD
VLWXDFLyQ VH[XDO LQPLQHQWH \ OD KXELHVH HYLWDGR R OD KXELHVH XWLOL]DGR FRQ PiV
DVWXFLD6XFXULRVLGDGHGtSLFDSDUHFHLPSXOVDGDVREUHWRGRSRUXQDQKHORSULPLWLYR