ËQGLFH

3RUWDGD
'HGLFDWRULD
$JUDGHFLPLHQWRV
3ULPHUDSDUWH¢3RUTXpODFRPSDVLyQKDFLDXQR
PLVPR"
&DStWXOR'HVFXEULUODFRPSDVLyQKDFLDXQRPLVPR
&DStWXOR3RQHUILQDODORFXUD
6HJXQGD SDUWH /RV FRPSRQHQWHV GH OD
FRPSDVLyQKDFLDXQRPLVPR
&DStWXOR/DERQGDGKDFLDXQRPLVPR
&DStWXOR(VWDPRVMXQWRVHQHVWR
&DStWXOR0LQGIXOQHVV
7HUFHUD SDUWH /RV EHQHILFLRV GH OD FRPSDVLyQ
KDFLDXQRPLVPR
&DStWXOR5HVLOLHQFLDHPRFLRQDO
&DStWXOR$EDQGRQDUHOMXHJRGHODDXWRHVWLPD
&DStWXOR0RWLYDFLyQ\FUHFLPLHQWRSHUVRQDO
&XDUWD SDUWH &RPSDVLyQ KDFLD XQR PLVPR HQ
UHODFLyQFRQORVGHPiV
&DStWXOR&RPSDVLyQKDFLDORVGHPiV
&DStWXOR(MHUFHUGHSDGUHVFRQFRPSDVLyQKDFLDQRVRWURV
PLVPRV
&DStWXOR$PRU\VH[R
4XLQWD SDUWH /D DOHJUtD GH OD FRPSDVLyQ KDFLD
XQRPLVPR
&DStWXOR(PHUJHODPDULSRVD
&DStWXOR$SUHFLRSRUXQRPLVPR
1RWDV
$5XSHUW\5RZDQSRUODDOHJUtDHODVRPEURHODPRU
\ODLQVSLUDFLyQTXHPHGDQ
 $*5$'(&,0,(1726

(Q SULPHU OXJDU \ VREUH WRGR WHQJR TXH GDU ODV

JUDFLDVDPLPDULGR5XSHUWSRUDQLPDUPHDHVFULELU
HVWHOLEURSRUD\XGDUPHDHODERUDUODSURSXHVWD\HO
OLEUR HQ Vt \ SRU VHU PL HGLWRU SULQFLSDO 0H KD
HQVHxDGR D GHMDU D XQ ODGR HO OHQJXDMH DFDGpPLFR
SDUD HVFULELU GH PDQHUD VHQFLOOD 1R SRGUtD KDEHU
HQFRQWUDGRXQPHQWRUPiVEULOODQWHQLPiVHORFXHQWH
*UDFLDV WDPELpQ D PL DPLJD \ DJHQWH (OL]DEHWK
6KHLQNPDQSRUFUHHUHQPt\FRQVHJXLUTXHPLVXHxR
VHKD\DKHFKRUHDOLGDG*UDFLDVDWRGDVODVSHUVRQDV
GH +DUSHU&ROOLQV WDQ DPDEOHV \ HILFDFHV SRU
DUULHVJDUVHFRQPLJR\GDUYLGDDHVWHOLEUR
0HJXVWDUtDPHQFLRQDUFRQWRGDPLJUDWLWXGDORV
SURIHVRUHV TXH PH KDQ D\XGDGR D HQWHQGHU HO
VLJQLILFDGR \ HO YDORU GH OD FRPSDVLyQ KDFLD XQR
PLVPR 5RGQH\ 6PLWK PL SURIHVRU GXUDQWH PXFKR
WLHPSR KD FRQWULEXLGR HQ JUDQ PHGLGD D PLV
FRQRFLPLHQWRV VREUH HO 'KDUPD \ KD VLGR XQ JXtD
FRPSDVLYR \ VDELR D OR ODUJR GH ORV DxRV 0XFKRV
RWURV SURIHVRUHV KDQ LQIOXLGR HQ Pt GH PDQHUD
QRWDEOH \D VHD HQ ORV UHWLURV GH PHGLWDFLyQ TXH
GLULJtDQ \R D WUDYpV GH ORV OLEURV TXH KDQ HVFULWR
6KDURQ 6DO]EHUJ +RZLH &RKHQ *X\ $UPVWURQJ
7KLFK 1KDW +DKQ -RVHSK *ROGVWHLQ -DFN .RUQILHOG
3HPD &K|GU|Q 7DUD %UDFK 7DUD %HQQHWW*ROHPDQ
5DP 'DVV (FNKDUW 7ROOH /HLJK %UDVLQJWRQ 6KLQ]HQ
<RXQJ 6WHYH $UPVWURQJ .DPDOD 0DVWHUV \ -RQ
.DEDW=LQQSRUFLWDUVRORDOJXQRV
7DPELpQGHERGDUODVJUDFLDVD3DXO*LOEHUWSRU
VXV EULOODQWHV LGHDV \ SRU VX LQYHVWLJDFLyQ VREUH OD
FRPSDVLyQDVtFRPRSRUDQLPDUPHHQPLWUDEDMR0L
FyPSOLFH HQ HVWD DYHQWXUD &KULVWRSKHU *HUPHU KD
VLGR XQ DPLJR PDUDYLOORVR \ XQ FROHJD HVWXSHQGR
(VSHUR TXH VLJDPRV HQVHxDQGR \ HVFULELHQGR MXQWRV
VREUH OD DXWRFRPSDVLyQ GXUDQWH PXFKRV DxRV 0H
JXVWDUtDGDUODVJUDFLDVD0DUN/HDU\TXHPHGLRHO
SULPHU HPSXMyQ DO SXEOLFDU PLV SULPHURV DUWtFXORV
WHyULFRV \ HPStULFRV VREUH OD FRPSDVLyQ KDFLD XQR
PLVPR eO WDPELpQ HV XQ LQYHVWLJDGRU EULOODQWH \ PH
HQFDQWDTXHHOHVWXGLRGHHVWDGLVFLSOLQDKD\DFDSWDGR
VX LQWHUpV ([LVWHQ PiV SHUVRQDV TXH KDQ
GHVHPSHxDGRXQSDSHOHVHQFLDOHQODFUHDFLyQGHHVWH
OLEUR SHUR VRQ GHPDVLDGDV SDUD PHQFLRQDUODV D
WRGDV
3RU ~OWLPR PH JXVWDUtD GDU ODV JUDFLDV D PLV
SDGUHV&DGDXQRDVXPDQHUDPHDEULyODPHQWH\HO
FRUD]yQDODHVSLULWXDOLGDGFXDQGRHUDSHTXHxDSDUD
TXHPLSHUVRQDOLGDGVHIRUPDVHHQWRUQRDOGHVHRGH
WRPDUFRQFLHQFLD
 35,0(5$3$57(

¢32548e/$&203$6,Ï1+$&,$812
0,602"
 &DStWXOR

'(6&8%5,5/$&203$6,Ï1+$&,$812
0,602

(VWH WLSR GH SUHRFXSDFLyQ FRPSXOVLYD HO ©<R Pt PtRª QR HV
DPDUQRV D QRVRWURV PLVPRV >@ $PDUQRV D QRVRWURV PLVPRV
LPSOLFD ODV FDSDFLGDGHV GH UHVLOLHQFLD FRPSDVLyQ \ FRPSUHQVLyQ
TXHIRUPDQSDUWHGHOVLPSOHKHFKRGHHVWDUYLYRV
6+$5216$/=%(5*7KH)RUFHRI.LQGQHVV

(Q HVWD VRFLHGDG LQFUHtEOHPHQWH FRPSHWLWLYD

¢FXiQWRV GH QRVRWURV VH VLHQWHQ UHDOPHQWH ELHQ
FRQVLJR PLVPRV" 6HQWLUVH ELHQ SDUHFH DOJR PX\
HItPHUR VREUH WRGR SRUTXH QHFHVLWDPRV FUHHUQRV
©HVSHFLDOHV\SRUHQFLPDGHODPHGLDªSDUDWHQHUXQD
DXWRHVWLPD DOWD &XDOTXLHU FRVD SRU GHEDMR GH HVH
HVWDGRSDUHFHXQIUDFDVR5HFXHUGRTXHHQPLSULPHU
DxRGHIDFXOWDGXQGtDPHSDVpKRUDVSUHSDUiQGRPH
SDUD XQD JUDQ ILHVWD \ DFDEp TXHMiQGRPH D PL QRYLR
GHTXHPLSHORPLPDTXLOODMH\ODURSDTXHOOHYDED
HUDQ WRWDOPHQWH LQDGHFXDGRV eO LQWHQWy GDUPH
iQLPRV
²1RWHSUHRFXSHVHVWiVELHQ
²¢%LHQ" $K EXHQR YDOH VLHPSUH KH TXHULGR
HVWDU©ELHQª
(O GHVHR GH VHQWLUVH HVSHFLDO HV FRPSUHQVLEOH
(OSUREOHPDHVTXHUHVXOWDLPSRVLEOHSRUGHILQLFLyQ
TXH WRGR HO PXQGR HVWp SRU HQFLPD GH OD PHGLD DO
PLVPR WLHPSR $XQTXH GHVWDTXHPRV HQ XQR X RWUR
FDPSR VLHPSUH KD\ DOJXLHQ PiV LQWHOLJHQWH PiV
JXDSRPiVEULOODQWH¢&yPRDIURQWDPRVHVR"1RPX\
ELHQ 3DUD YHUQRV GHVGH XQD SHUVSHFWLYD SRVLWLYD
WHQGHPRVDLQIODUQXHVWURVHJRV\PHQRVSUHFLDUDORV
GHPiV GH PDQHUD TXH VDOLPRV JDQDQGR FRQ OD
FRPSDUDFLyQ 6LQ HPEDUJR HVD HVWUDWHJLD WLHQH XQ
SUHFLRQRVLPSLGHGHVDUUROODUWRGRQXHVWURSRWHQFLDO
HQODYLGD

(63(-26'()250$17(6

6LWHQJRTXHVHQWLUPHPHMRUTXHW~SDUDVHQWLUPHELHQ
FRQPLJR PLVPR ¢FRQ TXp FODULGDG YR\ D YHUWH R D
YHUPH D Pt PLVPR" 'LJDPRV TXH KH WHQLGR XQ GtD
HVWUHVDQWHHQHOWUDEDMR\TXHHVWR\JUXxRQDHLUULWDEOH
FRQ PL PDULGR FXDQGR OOHJD D FDVD SRU OD QRFKH HV
XQD VLWXDFLyQ KLSRWpWLFD SRU VXSXHVWR  6L UHDOPHQWH
KDJRWRGRORSRVLEOHSRUWHQHUXQDLPDJHQSRVLWLYDGH
PtPLVPD\QRTXLHURDUULHVJDUPHDYHUPHGHPDQHUD
QHJDWLYD YR\ D YDULDU PL LQWHUSUHWDFLyQ SDUD
DVHJXUDUPH GH TXH ORV SRVLEOHV URFHV HQWUH QRVRWURV
SDUH]FDQFXOSDGHPLPDULGRQRPtRV

²%XHQR\DHVWiVHQFDVD¢+DVWUDtGRORTXHWH
SHGtGHOVXSHUPHUFDGR"
²$FDER GH HQWUDU ¢4Xp WDO DOJR FRPR ©0H
DOHJURGHYHUWHFDULxR¢&yPRWHKDLGRHOGtD"ª"
²6L QR IXHVHV WDQ GHVSLVWDGR D OR PHMRU QR
WHQGUtDTXHLUVLHPSUHGHWUiVGHWL
²3XHV PLUD SRU GyQGH Vt KH WUDtGR OR TXH PH
SHGLVWH
²$KEXHQR(VODH[FHSFLyQTXHFRQILUPDOD
UHJOD2MDOiQRIXHVHVWDQLQIRUPDO

1RHVSUHFLVDPHQWHXQDUHFHWDSDUDODIHOLFLGDG
¢3RU TXp UHVXOWD WDQ GLItFLO DGPLWLU TXH QRV
KHPRV SDVDGR TXH VRPRV GHVDJUDGDEOHV R
LPSDFLHQWHV" 3RUTXH QXHVWUR HJR VH VLHQWH PXFKR
PHMRU FXDQGR SUR\HFWDPRV HQ ORV GHPiV QXHVWURV
GHIHFWRV \ QXHVWUDV OLPLWDFLRQHV ©(V FXOSD WX\D QR
PtDª3LHQVDHQWRGDVODVGLVFXVLRQHV\SHOHDVTXHVH
GHVHQFDGHQDQDSDUWLUGHHVWDGLQiPLFD&XOSDPRVDO
RWUR SRU GHFLU R KDFHU DOJR PDOR MXVWLILFDQGR
QXHVWUDV SURSLDV DFFLRQHV FRPR VL QXHVWUD YLGD
GHSHQGLHVHGHHOORFXDQGRHQUHDOLGDGVDEHPRVTXH
GRV QR VH SHOHDQ VL XQR QR TXLHUH ¢&XiQWR WLHPSR
PDOJDVWDPRV HQ HVR" ¢1R VHUtD PXFKR PHMRU
UHFRQRFHUODVFRVDV\MXJDUOLPSLR"

6LQ HPEDUJR HV PiV IiFLO GHFLUOR TXH KDFHUOR

5HVXOWDFDVLLPSRVLEOHGDUVHFXHQWDGHHVRVDVSHFWRV
GHQRVRWURVPLVPRVTXHSURYRFDQSUREOHPDVFRQORV
GHPiV R TXH QRV LPSLGHQ DOFDQ]DU WRGR QXHVWUR
SRWHQFLDO VL QR VRPRV FDSDFHV GH YHUQRV FRQ
FODULGDG ¢&yPR SRGHPRV FUHFHU VL QR UHFRQRFHPRV
QXHVWUDV SURSLDV GHELOLGDGHV" 3RGHPRV VHQWLUQRV
PHMRU FRQ QRVRWURV PLVPRV ©WHPSRUDOPHQWHª VL
LJQRUDPRV QXHVWURV GHIHFWRV R VL FUHHPRV TXH
QXHVWURVSUREOHPDV\GLILFXOWDGHVVRQFXOSDGHRWURV
SHUR D OD ODUJD VROR QRV KDUHPRV GDxR SRUTXH QRV
TXHGDUHPRV DWDVFDGRV HQ XQ FtUFXOR YLFLRVR GH
HVWDQFDPLHQWR\FRQIOLFWR

(/35(&,2'(-8=*$56($8120,602
(O KHFKR GH DOLPHQWDU FRQWLQXDPHQWH QXHVWUD
QHFHVLGDG GH DXWRHYDOXDFLyQ SRVLWLYD HV DOJR DVt
FRPRGDUQRVXQDWUDFyQGHGXOFHV0RPHQWiQHDPHQWH
QXHVWURQLYHOGHD]~FDUVXEH\GHVSXpVVHSURGXFHHO
EDMyQ(LQPHGLDWDPHQWHGHVSXpVVLJXHXQVHQWLPLHQWR
GH GHVHVSHUDFLyQ FXDQGR QRV GDPRV FXHQWD GH TXH
SRU PXFKR TXH QRV JXVWH QR VLHPSUH SRGHPRV
DWULEXLUQXHVWURVSUREOHPDVDORVGHPiV1RSRGHPRV
VHQWLUQRV VLHPSUH HVSHFLDOHV \ SRU HQFLPD GH OD
PHGLD (O UHVXOWDGR VXHOH VHU GHYDVWDGRU 1RV
PLUDPRVHQHOHVSHMR\QRQRVJXVWDORTXHYHPRV HQ
VHQWLGR OLWHUDO \ ILJXUDGR  \ OD YHUJHQ]D HPSLH]D D
LQVWDODUVHHQQXHVWURLQWHULRU/DPD\RUtDGHQRVRWURV
VRPRV LQFUHtEOHPHQWH GXURV FRQ QRVRWURV PLVPRV
FXDQGR ILQDOPHQWH UHFRQRFHPRV DOJ~Q GHIHFWR R
FDUHQFLD©1RVR\ORVXILFLHQWHPHQWHEXHQR1RVLUYR
SDUD QDGDª 1R HV GH H[WUDxDU TXH RFXOWHPRV OD
YHUGDG FXDQGR OD KRQHVWLGDG QRV REOLJD D
HQIUHQWDUQRVDXQDFRQGHQDWDQGXUD
(Q DTXHOORV DVSHFWRV HQ ORV TXH UHVXOWD GLItFLO
HQJDxDUQRV D QRVRWURV PLVPRV FXDQGR FRPSDUDPRV
QXHVWUR SHVR FRQ HO GH ODV PRGHORV SRU HMHPSOR R
QXHVWUD FXHQWD EDQFDULD FRQ ODV GH ORV ULFRV \
IDPRVRV QRVSURYRFDPRVXQDHQRUPHFDUJDGHGRORU
HPRFLRQDO 3HUGHPRV OD IH HQ QRVRWURV PLVPRV
HPSH]DPRV D GXGDU GH QXHVWUR SRWHQFLDO \ VHQWLPRV
TXH QR QRV TXHGDQ HVSHUDQ]DV (Q HVH ODPHQWDEOH
HVWDGR QRV FULWLFDPRV D~Q PiV D QRVRWURV PLVPRV
GLFLpQGRQRV TXH VRPRV XQRV LQ~WLOHV SHUGHGRUHV \
QRVVHQWLPRVFDGDYH]SHRU
$XQTXH FRQVLJDPRV RUJDQL]DUQRV OR TXH
FRQVLGHUDPRV ©VXILFLHQWHPHQWH EXHQRª VLHPSUH
SDUHFH IXHUD GH QXHVWUR DOFDQFH \ HVR QRV SURYRFD
IUXVWUDFLyQ 7HQHPRV TXH VHU OLVWRV HVWDU HQ IRUPD
VHU PRGHUQRV H LQWHUHVDQWHV WHQHU p[LWR \ UHVXOWDU
VH[\V£$K<HVSLULWXDOHV3RUPX\ELHQTXHKDJDPRV
ODV FRVDV VLHPSUH KD\ DOJXLHQ TXH SDUHFH KDFHUODV
PHMRU (O UHVXOWDGR GH HVWD OtQHD GH SHQVDPLHQWR GD
TXH SHQVDU PLOORQHV GH SHUVRQDV QHFHVLWDQ WRPDU
PHGLFDPHQWRV SDUD DIURQWDU FDGD QXHYR GtD /D
LQVHJXULGDG OD DQVLHGDG \ OD GHSUHVLyQ VRQ
LQFUHtEOHPHQWH FRPXQHV HQ QXHVWUD VRFLHGDG \ HQ
JUDQSDUWHVHGHEHDORVMXLFLRVKDFLDXQRPLVPRHO
PDOWUDWR DO TXH QRV VRPHWHPRV FXDQGR VHQWLPRV TXH
QRVRPRVXQRVJDQDGRUHVHQHOMXHJRGHODYLGD

81$$&7,78'',)(5(17(

¢&XiO HV OD VROXFLyQ" 'HMDU GH MX]JDUQRV \ GH

HYDOXDUQRV'HMDUGHDXWRHWLTXHWDUQRVFRPR©EXHQRVª
R ©PDORVª \ DFHSWDUQRV FRQ JHQHURVLGDG 7UDWDUQRV
FRQ OD PLVPD DPDELOLGDG FDULxR \ FRPSDVLyQ TXH
PRVWUDUtDPRVKDFLDXQEXHQDPLJRRLQFOXVRKDFLDXQ
GHVFRQRFLGR3RUGHVJUDFLDQRKD\FDVLQDGLHDTXLHQ
WUDWHPRVWDQPDOFRPRDQRVRWURVPLVPRV
&XDQGR GHVFXEUt HO FRQFHSWR GH OD FRPSDVLyQ
KDFLDXQRPLVPRPLYLGDFDPELyFDVLGHLQPHGLDWR
)XHFXDQGRFXUVDEDPL~OWLPRDxRHQHOSURJUDPDGH
GRFWRUDGR GH GHVDUUROOR KXPDQR HQ OD 8QLYHUVLGDG
GH &DOLIRUQLD HQ %HUNHOH\ <R HVWDED GDQGR ORV
~OWLPRV UHWRTXHV D PL WHVLV (VWDED DWUDYHVDQGR XQ
PRPHQWR PX\ GLItFLO \D TXH PL SULPHU PDWULPRQLR
DFDEDED GH URPSHUVH \ VHQWtD PXFKD YHUJHQ]D \
DYHUVLyQ KDFLD Pt PLVPD 3HQVp TXH XQDV FODVHV GH
PHGLWDFLyQ HQ HO FHQWUR EXGLVWD ORFDO PH D\XGDUtDQ
0HLQWHUHVDEDODHVSLULWXDOLGDGRULHQWDOGHVGHTXHHUD
SHTXHxD PL PDGUH VLHPSUH WXYR XQD PHQWH PX\
DELHUWD 6LQHPEDUJRQXQFDPHKDEtDDFHUFDGRDOD
PHGLWDFLyQ HQ VHULR < WDPSRFR KDEtD HVWXGLDGR OD
ILORVRItD EXGLVWD \D TXH PL LQYHVWLJDFLyQ VREUH HO
SHQVDPLHQWR RULHQWDO HVWDED PiV RULHQWDGD KDFLD ODV
GLIHUHQWHVFRUULHQWHVGHO1HZ$JHFDOLIRUQLDQR/HtHO
FOiVLFR GH 6KDURQ 6DO]EHUJ $PRU LQFRQGLFLRQDO  \
\DQDGDYROYLyDVHUORPLVPR
6DEtD TXH ORV EXGLVWDV KDEODQ PXFKR GH OD
LPSRUWDQFLD GH OD FRPSDVLyQ SHUR QXQFD KDEtD
SHQVDGR TXH WHQHU FRPSDVLyQ KDFLD XQR PLVPR
SXGLHVH VHU WDQ LPSRUWDQWH FRPR WHQHUOD SRU ORV
GHPiV 'HVGH OD SHUVSHFWLYD EXGLVWD WLHQHV TXH
FXLGDUGHWLPLVPRSDUDSRGHUFXLGDUDORVGHPiV6L
WH MX]JDV \ WH FULWLFDV FRQWLQXDPHQWH LQWHQWDQGR DO
PLVPR WLHPSR VHU DPDEOH FRQ ORV GHPiV HVWiV
SRQLHQGR OtPLWHV DUWLILFLDOHV TXH OR ~QLFR TXH
SURYRFDQ HQ WL VRQ VHQWLPLHQWRV GH VHSDUDFLyQ \
DLVODPLHQWR (V OR FRQWUDULR GH OD LQWHJULGDG OD
LQWHUFRQH[LyQ\HODPRUXQLYHUVDO HOREMHWLYR~OWLPR
HQ OD PD\RUtD GH ORV FDPLQRV HVSLULWXDOHV GH
FXDOTXLHUWUDGLFLyQ 
5HFXHUGRXQDFRQYHUVDFLyQFRQPLQXHYRQRYLR
5XSHUW TXH VH DSXQWy FRQPLJR D ORV HQFXHQWURV
EXGLVWDV VHPDQDOHV <R QHJDED HQpUJLFDPHQWH FRQ OD
FDEH]D
²¢&UHHVTXHHVFLHUWRTXHSRGHPRVSHUPLWLUQRV
VHU DPDEOHV FRQ QRVRWURV PLVPRV WHQHU FRPSDVLyQ
KDFLDXQRPLVPRFXDQGRQRVHTXLYRFDPRVRSDVDPRV
SRU PRPHQWRV UHDOPHQWH GLItFLOHV" 1R OR Vp 6L
WHQJR GHPDVLDGD DXWRFRPSDVLyQ ¢QR FDHUp HQ OD
SHUH]D\HOHJRtVPR"
3HQVpHQHOORGXUDQWHXQPRPHQWR3RFRDSRFR
PH GL FXHQWD GH TXH OD DXWRFUtWLFD D SHVDU GH HVWDU
DSUREDGDVRFLDOPHQWH QRVLUYHSDUDQDGD'HKHFKR
VROR HPSHRUD ODV FRVDV 1R PH LED D FRQYHUWLU HQ
PHMRU SHUVRQD SRU HO KHFKR GH PDOWUDWDUPH
FRQWLQXDPHQWH 0iV ELHQ HVWDED SURYRFiQGRPH
VHQWLPLHQWRV GH LQDGDSWDFLyQ H LQVHJXULGDG < YHUWtD
PL IUXVWUDFLyQ HQ ODV SHUVRQDV PiV FHUFDQDV D Pt
$GHPiVQRTXHUtDUHFRQRFHUQDGDGHHVWRSRUPLHGR
DVHQWLURGLRKDFLDPtPLVPDVLDGPLWtDODYHUGDG
/RTXH5XSHUW\\RDSUHQGLPRVIXHTXHHQOXJDU
GH EDVDU QXHVWUD UHODFLyQ HQ OD E~VTXHGD GH OD
VDWLVIDFFLyQ GH WRGDV QXHVWUDV QHFHVLGDGHV GH DPRU
DFHSWDFLyQ \ VHJXULGDG WHQtDPRV TXH
SURSRUFLRQDUQRV HVRV VHQWLPLHQWRV D QRVRWURV
PLVPRV 'H HVH PRGR WHQGUtDPRV HO FRUD]yQ PXFKR
PiVOOHQRSDUDFRPSDUWLUORFRQHORWUR1RVVHQWLPRV
WDQ FRQPRYLGRV FRQ HO FRQFHSWR GH OD FRPSDVLyQ
KDFLD XQR PLVPR TXH HQ QXHVWUD ERGD DTXHO PLVPR
DxR WHUPLQDPRV QXHVWURV YRWRV DVt ©6REUH WRGR
SURPHWR D\XGDUWH D WHQHU FRPSDVLyQ KDFLD WL PLVPR
SDUDTXHSXHGDVHYROXFLRQDU\VHUIHOL]ª
'HVSXpV GH FRQVHJXLU PL GRFWRUDGR GHGLTXp
GRV DxRV D WUDEDMDU FRQ XQ LPSRUWDQWH LQYHVWLJDGRU
VREUHODDXWRHVWLPD4XHUtDVDEHUPiVVREUHFyPRVH
GHWHUPLQD HO VHQWLGR GH OD SURSLD YDOtD 0X\ SURQWR
GHVFXEUt TXH OD SVLFRORJtD DFWXDO HVWi GHMDQGR GH
XWLOL]DU OD DXWRHVWLPD FRPR LQGLFDGRU GHFLVLYR GH OD
EXHQDVDOXGPHQWDO$XQTXHVHKDHVFULWRPXFKtVLPR
VREUH OD LPSRUWDQFLD GH OD DXWRHVWLPD ORV
LQYHVWLJDGRUHV HVWiQ HPSH]DQGR D VHxDODU WRGDV ODV
WUDPSDV HQ ODV TXH SRGHPRV FDHU FXDQGR LQWHQWDPRV
GHVDUUROODU \ PDQWHQHU XQD DXWRHVWLPD DOWD
QDUFLVLVPR DEVWUDFFLyQ LUD SUHMXLFLRV
GLVFULPLQDFLyQ HWFpWHUD 0H GL FXHQWD GH TXH OD
FRPSDVLyQ KDFLD XQR PLVPR HUD OD DOWHUQDWLYD
SHUIHFWD D OD E~VTXHGD LQFDQVDEOH GH OD DXWRHVWLPD
¢3RUTXp"3RUTXHRIUHFHODPLVPDSURWHFFLyQFRQWUD
OD DXWRFUtWLFD GHVWUXFWLYD SHUR VLQ OD QHFHVLGDG GH
TXHQRVVLQWDPRVSHUIHFWRVRPHMRUHVTXHORVGHPiV
(Q RWUDV SDODEUDV OD FRPSDVLyQ KDFLD XQR PLVPR
RIUHFHORVPLVPRVEHQHILFLRVTXHXQDDXWRHVWLPDDOWD
SHURVLQVXVLQFRQYHQLHQWHV
&XDQGRFRQVHJXtXQSXHVWRGHSURIHVRUDDGMXQWD
HQOD8QLYHUVLGDGGH7H[DVHQ$XVWLQGHFLGtHPSH]DU
D LQYHVWLJDU VREUH OD FRPSDVLyQ KDFLD XQR PLVPR
$XQTXHQDGLHKDEtDGHILQLGRODDXWRFRPSDVLyQGHVGH
XQDSHUVSHFWLYDDFDGpPLFD \PXFKRPHQRVVHKDEtD
LQYHVWLJDGR VDEtDTXHHVHLEDDVHUHOWUDEDMRGHPL
YLGD
¢4Xp HV OD FRPSDVLyQ KDFLD XQR PLVPR" ¢4Xp
VLJQLILFD H[DFWDPHQWH" &UHR TXH SDUD GHVFULELUOD
SRGHPRV HPSH]DU XWLOL]DQGR OD GHILQLFLyQ GH XQD
H[SHULHQFLD PiV FRQRFLGD SRU WRGRV OD FRPSDVLyQ
KDFLD ORV GHPiV $O ILQ \ DO FDER OD FRPSDVLyQ HV
LJXDO WDQWR VL OD GLULJLPRV KDFLD QRVRWURV PLVPRV
FRPRKDFLDORVGHPiV

&203$6,Ï1+$&,$/26'(0È6

,PDJLQDTXHWHYHVDWUDSDGRHQXQDWDVFRGHFDPLQRDO
WUDEDMR\XQLQGLJHQWHWHSLGHXQDVPRQHGDVDFDPELR
GH OLPSLDUWH HO SDUDEULVDV ©£4Xp SHVDGR ²SLHQVDV
² 0H YD D UHWUDVDU 6HJXUDPHQWH VROR TXLHUH HO
GLQHURSDUDEHELGDRGURJDV$ORPHMRUPHGHMDHQ
SD]VLQROHKDJRFDVRª3HURQRWHGHMDHQSD]\W~
SHUPDQHFHVVHQWDGRHQWXFRFKHPLHQWUDVpOWHOLPSLD
HOSDUDEULVDV7HVLHQWHVFXOSDEOHVLQROHGDVDOJRGH
GLQHUR\UHVHQWLGRVLORKDFHV
8Q EXHQ GtD WLHQHV XQD HVSHFLH GH UHYHODFLyQ
(VWiV HQ RWUR DWDVFR HQ HO PLVPR VHPiIRUR D OD
PLVPD KRUD \ YHV DO LQGLJHQWH FRQ VX FXER \ VX
OLPSLDFULVWDOHV GH VLHPSUH 3RU DOJXQD UD]yQ
GHVFRQRFLGDORPLUDVFRQRWURVRMRV/RYHVFRPRD
XQD SHUVRQD QR FRPR XQD VLPSOH PROHVWLD 3HUFLEHV
VXVXIULPLHQWR©¢&yPRVREUHYLYH"/DPD\RUtDGHOD
JHQWH OH GLFH TXH VH YD\D 6H SDVD DTXt WRGR HO GtD
HQWUH HO WUiILFR \ HO KXPR \ VHJXUR TXH JDQD PX\
SRFR 6ROR HVWi RIUHFLHQGR XQ VHUYLFLR D FDPELR GH
XQDV SRFDV PRQHGDV 'HEH GH VHU GXUtVLPR TXH OD
JHQWH VH PXHVWUH WDQ LUULWDGD FRQWLJR FRQWLQXDPHQWH
0HSUHJXQWRFXiOKDEUiVLGRVXKLVWRULD¢&yPRKDEUi
DFDEDGR YLYLHQGR HQ OD FDOOH"ª (Q FXDQWR YHV DO
KRPEUH FRPR XQ VHU KXPDQR TXH VXIUH WX FRUD]yQ
FRQHFWD FRQ pO (Q OXJDU GH LJQRUDUOH GHVFXEUHV QR
VLQ VRUSUHVD  TXH HVWiV GHGLFDQGR XQ PRPHQWR D
SHQVDU HQ OR GLItFLO TXH HV OD YLGD 6X GRORU WH
FRQPXHYH\VLHQWHVODQHFHVLGDGXUJHQWHGHD\XGDUOH
GH DOJXQD PDQHUD 6L OR TXH VLHQWHV HV YHUGDGHUD
FRPSDVLyQQRVRORSHQDSHQVDUiVDOJRDVt©3RGUtD
SDVDUPH D Pt 6L KXELHVH QDFLGR HQ RWUDV
FLUFXQVWDQFLDVRVLKXELHVHWHQLGRPDODVXHUWHSRGUtD
HVWDU OXFKDQGR SRU VREUHYLYLU FRPR HVH KRPEUH
7RGRVVRPRVYXOQHUDEOHVª
3RU VXSXHVWR HQ HVH PRPHQWR WX FRUD]yQ
WDPELpQ SRGUtD HQGXUHFHUVH SRU FRPSOHWR WX SURSLR
PLHGRDWHUPLQDUHQODFDOOHKDFHTXHGHVKXPDQLFHVD
HVH KRPEUH KRUULEOH KDUDSLHQWR \ FRQ XQD EDUED
GHVFXLGDGD  0XFKD JHQWH OR KDFH 3HUR HVR QR OHV
FRQYLHUWH HQ SHUVRQDV IHOLFHV QR OHV D\XGD D
HQIUHQWDUVH D ODV WHQVLRQHV GH VX WUDEDMR VX YLGD HQ
SDUHMDRVXVKLMRVFXDQGROOHJDQDFDVD1ROHVVLUYH
SDUDHQIUHQWDUVHDVXVSURSLRVPLHGRV(QWRGRFDVR
HVDDFWLWXG TXHLPSOLFDVHQWLUVHPHMRUTXHHOKRPEUH
VLQ WHFKR  KDFH TXH ODV FRVDV SDUH]FDQ XQ SRFR
SHRUHV
3HUR LPDJLQHPRV TXH WX FRUD]yQ QR VH FLHUUD
3RQJDPRV TXH H[SHULPHQWDV DXWpQWLFD FRPSDVLyQ
KDFLDODPDODVXHUWHGHOLQGLJHQWH¢&yPRWHVLHQWHV"
/R FLHUWR HV TXH VH WUDWD GH XQD VHQVDFLyQ PX\
SRVLWLYD (V PDUDYLOORVR DEULU WX FRUD]yQ SRUTXH
LQPHGLDWDPHQWH WH VLHQWHV PiV FRQHFWDGR YLYR
SUHVHQWH
,PDJLQHPRV DKRUD TXH HO KRPEUH QR LQWHQWD
OLPSLDUWHHOSDUDEULVDVDFDPELRGHXQDVPRQHGDV$
ORPHMRUVRORHVWiPHQGLJDQGRSDUDFRPSUDUDOFRKRO
R GURJDV ¢'HEHUtDV VHQWLU FRPSDVLyQ KDFLD pO GH
WRGRV PRGRV" /D UHVSXHVWD HV Vt 1R WLHQHV TXH
LQYLWDUOH D WX FDVD 1L VLTXLHUD WLHQHV TXH GDUOH
GLQHUR 3XHGHV VLPSOHPHQWH GHGLFDUOH XQD VRQULVD
DPDEOH R GDUOH XQ ERFDGLOOR HQ OXJDU GH GLQHUR VL
FUHHVTXHHVORPHMRU(QFXDOTXLHUFDVRVtPHUHFHWX
FRPSDVLyQ 7RGRV OD PHUHFHPRV /D FRPSDVLyQ QR
VROR HV PHUHFLGD SRU ODV YtFWLPDV LQRFHQWHV VLQR
WDPELpQ SRU ORV TXH VXIUHQ IUDFDVRV GHELOLGDGHV
SHUVRQDOHV R PDODV GHFLVLRQHV 6t ODV PLVPDV TXH
WRPDPRVW~\\RWRGRVORVGtDV
 /DFRPSDVLyQHQWRQFHVLPSOLFDUHFRQRFHU\YHU
FODUDPHQWH HO VXIULPLHQWR GH ORV GHPiV 7DPELpQ
VLJQLILFD VHQWLU ERQGDG KDFLD ORV TXH VXIUHQ \ DVt
VXUJH HO GHVHR GH D\XGDU GH DOLYLDU HO VXIULPLHQWR 
3RU~OWLPRFRPSDVLyQVLJQLILFDUHFRQRFHUTXHHOVHU
KXPDQRHVLPSHUIHFWR\IUiJLO

&203$6,Ï1+$&,$126275260,6026

/DFRPSDVLyQKDFLDXQRPLVPRSRUGHILQLFLyQWLHQH
ODVPLVPDVFXDOLGDGHV(QSULPHUOXJDUUHTXLHUHTXH
WRPHPRV FRQFLHQFLD GHO SURSLR VXIULPLHQWR 1R
SRGHPRV FRQPRYHUQRV DQWH QXHVWUR SURSLR GRORU VL
QR HPSH]DPRV SRU UHFRQRFHU TXH H[LVWH 3RU
VXSXHVWR D YHFHV UHVXOWD HYLGHQWH TXH HVWDPRV
VXIULHQGR\QRSRGHPRVSHQVDUHQQDGDPiV/RPiV
KDELWXDO VLQ HPEDUJR HV TXH QR UHFRQR]FDPRV
QXHVWUR SURSLR GRORU /D FXOWXUD RFFLGHQWDO QRV
HQVHxD D PHQXGR D SHUPDQHFHU LPSDVLEOHV DQWH OD
UHDOLGDG 1RV GLFHQ TXH QR GHEHPRV TXHMDUQRV DQWH
ODVDGYHUVLGDGHVTXHWHQHPRVTXHVHJXLUDGHODQWH6L
QRVHQFRQWUDPRVHQXQDVLWXDFLyQHVWUHVDQWHRGLItFLO
UDUD YH] QRV WRPDPRV OD PROHVWLD GH SDUDU \
UHFRQRFHU OR GLItFLOHV TXH HVWiQ ODV FRVDV SDUD
QRVRWURVHQHVHPRPHQWR
 &XDQGRQXHVWURGRORUSURFHGHGHXQMXLFLRKDFLD
QRVRWURVPLVPRV VLHVWiVHQIDGDGRFRQWLJRSRUKDEHU
WUDWDGR PDO D DOJXLHQ R SRU KDEHU KHFKR XQ
FRPHQWDULR HVW~SLGR HQ XQD ILHVWD SRU HMHPSOR 
UHVXOWDWRGDYtDPiVGLItFLOUHFRQRFHUTXHHQUHDOLGDG
HVWDPRV VXIULHQGR 3RU HMHPSOR FRPR HQ DTXHOOD
RFDVLyQHQTXHPHHQFRQWUpFRQXQDDPLJDDODTXHQR
YHtD KDFtD WLHPSR \ PLUiQGROH OD EDUULJD OH
SUHJXQWp
²¢(VWiVHPEDUD]DGD"
²0PP1R²UHVSRQGLy²+HHQJRUGDGRXQ
SRFR
²$K²DxDGtPLHQWUDVPHSRQtDURMDFRPRXQ
WRPDWH
1RUPDOPHQWH QR UHFRQRFHPRV HVDV VHQVDFLRQHV
FRPR XQ VXIULPLHQWR TXH PHUHFH XQD UHVSXHVWD
FRPSDVLYD $O ILQ \ DO FDER PHWt OD SDWD ¢1R
VLJQLILFD HVR TXH GHEHUtD UHFLELU XQ FDVWLJR"
¢&DVWLJDVDWXVDPLJRVRDWXIDPLOLDFXDQGRPHWHQOD
SDWD"9DOHHVSRVLEOHTXHDYHFHVXQSRFRSHUR¢WH
VLHQWHVPHMRUSRUHOOR"
7RGRVFRPHWHPRVHUURUHVHQXQPRPHQWRXRWUR
HV QDWXUDO < VL OR SHQVDPRV ELHQ ¢SRU TXp GHEHUtD
VHUGHRWURPRGR"¢$FDVRILUPDPRVXQFRQWUDWRDQWHV
GH QDFHU SURPHWLHQGR TXH VHUHPRV SHUIHFWRV TXH
QXQFD QRV HTXLYRFDUHPRV \ TXH QXHVWUD YLGD VHUi
H[DFWDPHQWH FRPR QRVRWURV TXHUDPRV" ©(K XQ
PRPHQWR7LHQHTXHKDEHUXQHUURU<RVtTXHILUPpHO
SURJUDPD³7RGRLUiFRPRODVHGDKDVWDHOGtDHQTXH
PH PXHUD´ ¢3XHGR KDEODU FRQ HO HQFDUJDGR SRU
IDYRU"ª (V DEVXUGR \ VLQ HPEDUJR OD PD\RUtD GH
QRVRWURVQRVFRPSRUWDPRVFRPRVLKXELHVHRFXUULGR
DOJRWHUULEOHFXDQGRIDOODPRVRFXDQGRODYLGDGDXQ
JLURLQGHVHDGRRLQHVSHUDGR
8QR GH ORV LQFRQYHQLHQWHV GH YLYLU HQ XQD
FXOWXUDTXHHQVDO]DHOYDORUGHODLQGHSHQGHQFLD\ORV
ORJURV LQGLYLGXDOHV HV TXH VL QR ORJUDPRV QXHVWURV
REMHWLYRV LPDJLQDULRV QRV YHPRV REOLJDGRV D
FXOSDUQRV D QRVRWURV PLVPRV < VL VRPRV FXOSDEOHV
QR PHUHFHPRV FRPSDVLyQ ¢YHUGDG" 3HUR OD YHUGDG
HVTXHWRGRHOPXQGRPHUHFHFRPSDVLyQ6RORSRUHO
KHFKRGHVHUVHUHVKXPDQRVFRQVFLHQWHVTXHYLYLPRV
HQ HVWH SODQHWD VRPRV YDOLRVRV SRU QDWXUDOH]D \
PHUHFHPRV FDULxR 6HJ~Q HO 'DODL /DPD ©ORV VHUHV
KXPDQRV GHVHDPRV OD IHOLFLGDG SRU QDWXUDOH]D \ QR
TXHUHPRVVXIULU3RUHVHPRWLYRWRGRHOPXQGRLQWHQWD
FRQVHJXLU OD IHOLFLGDG \ OLEUDUVH GHO VXIULPLHQWR \
HVWH HV XQ GHUHFKR IXQGDPHQWDO SDUD WRGRV QRVRWURV
>@6LWHQHPRVHQFXHQWDHOYHUGDGHURYDORUGHXQVHU
KXPDQR WRGRV VRPRV LJXDOHVª (V HO PLVPR
VHQWLPLHQWR TXH LQVSLUy OD 'HFODUDFLyQ GH
,QGHSHQGHQFLD GH (VWDGRV 8QLGRV ©6RVWHQHPRV
FRPR HYLGHQWHV SRU Vt PLVPDV GLFKDV YHUGDGHV TXH
WRGRV ORV KRPEUHV VRQ FUHDGRV LJXDOHV TXH VRQ
GRWDGRV SRU VX &UHDGRU GH FLHUWRV GHUHFKRV
LQDOLHQDEOHVTXHHQWUHHVWRVHVWiQODYLGDODOLEHUWDG
\ OD E~VTXHGD GH OD IHOLFLGDGª 1R WHQHPRV TXH
JDQDUQRVHOGHUHFKRDODFRPSDVLyQ\DTXHQDFHPRV
FRQ pO 6RPRV KXPDQRV \ QXHVWUD FDSDFLGDG GH
SHQVDU\VHQWLUXQLGDDQXHVWURGHVHRGHVHUIHOLFHV\
QRVXIULUFRQOOHYDHQVtPLVPDODFRPSDVLyQ
$ SHVDU GH WRGR PXFKDV SHUVRQDV VH UHVLVWHQ D
VHQWLU FRPSDVLyQ KDFLD XQR PLVPR ¢1R HV HQ
UHDOLGDG FRPR WHQHU SHQD GH XQR PLVPR" ¢2 XQD
PDQHUD HGXOFRUDGD GH UHIHULUVH D OD
DXWRFRPSODFHQFLD"(QHVWHOLEURGHPRVWUDUpTXHHVWDV
LGHDVSUHFRQFHELGDVVRQIDOVDV\WRWDOPHQWHRSXHVWDV
DOVLJQLILFDGRUHDOGHODDXWRFRPSDVLyQ&RPRYHUiV
OD FRPSDVLyQ KDFLD XQR PLVPR FRQVLVWH HQ GHVHDU
VDOXG \ ELHQHVWDU \ FRQGXFH D XQ FRPSRUWDPLHQWR
SURDFWLYR HQ OXJDU GH SDVLYR  SDUD PHMRUDU OD
VLWXDFLyQSHUVRQDO7HQHUFRPSDVLyQKDFLDXQRPLVPR
QR VLJQLILFD FUHHU TXH PLV SUREOHPDV VRQ PiV
LPSRUWDQWHV TXH ORV WX\RV VLQR SHQVDU TXH PLV
SUREOHPDV WDPELpQ VRQ LPSRUWDQWHV \ UHTXLHUHQ PL
DWHQFLyQ
3RUWDQWRHQOXJDUGHFULWLFDUWHSRUWXVHUURUHV\
WXV IUDFDVRV SXHGHV XWLOL]DU OD H[SHULHQFLD GHO
VXIULPLHQWR SDUD DEODQGDU WX FRUD]yQ 3XHGHV
GHVKDFHUWH GH ODV H[SHFWDWLYDV GH SHUIHFFLyQ SRFR
UHDOLVWDV TXH WH KDFHQ VHQWLU LQVDWLVIHFKR \ DEULU OD
SXHUWDDXQDVDWLVIDFFLyQUHDO\GXUDGHUD<WRGRHVR
OR FRQVHJXLUiV VL WH EULQGDV OD FRPSDVLyQ TXH
QHFHVLWDVHQFDGDPRPHQWR
/DLQYHVWLJDFLyQTXHKHPRVOOHYDGRDFDERPLV
FROHJDV\\RHQORV~OWLPRVGLH]DxRVGHPXHVWUDTXH
OD DXWRFRPSDVLyQ HV XQD SRGHURVD KHUUDPLHQWD SDUD
FRQVHJXLU ELHQHVWDU HPRFLRQDO \ VDWLVIDFFLyQ
SHUVRQDO $O EULQGDUQRV D QRVRWURV PLVPRV DIHFWR \
FRQVXHORLQFRQGLFLRQDOHVDFHSWDQGRDOPLVPRWLHPSR
OD H[SHULHQFLD KXPDQD SRU GLItFLO TXH VHD HYLWDPRV
FRQGXFWDVGHVWUXFWLYDVFRPRHOPLHGRODQHJDWLYLGDG
\ HO DLVODPLHQWR $O PLVPR WLHPSR OD FRPSDVLyQ
KDFLDXQRPLVPRIRPHQWDHVWDGRVPHQWDOHVSRVLWLYRV
FRPR OD IHOLFLGDG \ HO RSWLPLVPR (O FDUiFWHU
HVWLPXODQWHGHODDXWRFRPSDVLyQQRVSHUPLWHDYDQ]DU
\DSUHFLDUODEHOOH]D\ODULTXH]DGHODYLGDLQFOXVR
HQ WLHPSRV GLItFLOHV &XDQGR FDOPDPRV QXHVWUDV
PHQWHV DJLWDGDV FRQ OD FRPSDVLyQ WHQHPRV PiV
FDSDFLGDGSDUDGLVWLQJXLUHQWUHORTXHHVWiELHQ\OR
TXHHVWiPDO\DVtRULHQWDUQRVKDFLDDTXHOORTXHQRV
SURSRUFLRQDDOHJUtD
/D FRPSDVLyQ KDFLD XQR PLVPR SURSRUFLRQD XQ
UHPDQVR GH SD] XQ UHIXJLR FRQWUD ORV PDUHV
WHPSHVWXRVRV GH OD DXWRFUtWLFD SRVLWLYD \ QHJDWLYD
KDVWDTXHILQDOPHQWHGHMDPRVGHSUHJXQWDUQRV©¢6R\
WDQ EXHQR FRPR HOORV" ¢6R\ OR VXILFLHQWHPHQWH
EXHQR"ª7HQHPRVHQQXHVWUDVPDQRVORVPHGLRVSDUD
SURSRUFLRQDUQRV HO DIHFWR TXH DQKHODPRV 6L
FRQHFWDPRV FRQ QXHVWUD IXHQWH LQWHULRU GH GXO]XUD \
UHFRQRFHPRV TXH OD LPSHUIHFFLyQ HV XQD
FDUDFWHUtVWLFD FRPSDUWLGD GH OD QDWXUDOH]D KXPDQD
SRGUHPRV HPSH]DU D VHQWLUQRV PiV VHJXURV
DFHSWDGRV\YLYRV
(Q PXFKRV DVSHFWRV OD FRPSDVLyQ KDFLD XQR
PLVPR HV FRPR OD PDJLD WLHQH HO SRGHU GH
WUDQVIRUPDU HO VXIULPLHQWR HQ DOHJUtD (Q $OTXLPLD
HPRFLRQDO 7DUD%HQQHWW*ROHPDQXWLOL]DODPHWiIRUD
GH OD DOTXLPLD SDUD VLPEROL]DU OD WUDQVIRUPDFLyQ
HVSLULWXDO \ HPRFLRQDO TXH SXHGH SURGXFLUVH FXDQGR
DFHSWDPRV QXHVWUR GRORU FRQ DIHFWR \ DWHQFLyQ
&XDQGR QRV GHGLFDPRV FRPSDVLyQ D QRVRWURV
PLVPRVHOQXGRGHODDXWRFUtWLFDQHJDWLYDHPSLH]DD
GHVKDFHUVH SDUD VHU VXVWLWXLGR SRU XQ VHQWLPLHQWR GH
DFHSWDFLyQ WUDQTXLOD \ FRQHFWDGD (V FRPR XQ
GLDPDQWHUHOXFLHQWHVXUJLHQGRGHOFDUEyQ

(-(5&,&,2

¢&yPRUHDFFLRQDVDQWHWLPLVPR\DQWHWXYLGD"

¢&8È/(66217865($&&,21(67Ë3,&$6$17(7,
0,602"

‡ ¢3RU TXp WLSR GH FRVDV WH MX]JDV \ WH FULWLFDV" DVSHFWR
SURIHVLyQUHODFLRQHVKLMRVHWFpWHUD 
‡¢4XpWLSRGHOHQJXDMHXWLOL]DVFRQWLJRPLVPRFXDQGRREVHUYDVXQ
GHIHFWR R FRPHWHV XQ HUURU" ¢7H LQVXOWDV R DGRSWDV XQ WRQR
DPDEOH\FRPSUHQVLYR"
‡&XDQGRHUHVPX\DXWRFUtWLFR¢FyPRWHVLHQWHVLQWHULRUPHQWH"
‡¢&XiOHVVRQODVFRQVHFXHQFLDVGHVHUWDQGXURFRQWLJRPLVPR"
¢7H KDFH VHQWLU PiV PRWLYDGR R PiV ELHQ GHVDQLPDGR \
GHSULPLGR"
‡ ¢&yPR FUHHV TXH WH VHQWLUtDV VL IXHVHV FDSD] GH DFHSWDUWH
UHDOPHQWH WDO \ FRPR HUHV" ¢(VD SRVLELOLGDG WH DVXVWD WH GD
HVSHUDQ]DVRDPEDVFRVDV"

¢&8È/(66217865($&&,21(67Ë3,&$6$17(/$6
',),&8/7$'(6'(/$9,'$"

‡ ¢&yPR WH WUDWDV D WL PLVPR FXDQGR VH WH SUHVHQWDQ UHWRV GH
PDQHUDUHSHQWLQD"¢7LHQGHVDLJQRUDUWXVXIULPLHQWR\WHFHQWUDV
H[FOXVLYDPHQWH HQ UHVROYHU HO SUREOHPD R KDFHV XQ DOWR SDUD
FXLGDUWH\FRQVRODUWH"
‡ ¢7LHQHV WHQGHQFLD D GHMDUWH OOHYDU SRU ODV GLILFXOWDGHV \ D
SHUFLELUODV SHRUHV GH OR TXH VRQ R PDQWLHQHV XQ SXQWR GH YLVWD
 HTXLOLEUDGR"
‡ ¢7H VLHQWHV GHVFRQHFWDGR GH ORV GHPiV FXDQGR ODV FRVDV YDQ
PDO LPDJLQDQGR TXH WRGR HO PXQGR HVWi PHMRU TXH W~ R LQWHQWDV
UHFRUGDU TXH WRGDV ODV SHUVRQDV H[SHULPHQWDPRV PRPHQWRV
GLItFLOHV"

6L FUHHV TXH WH IDOWD DXWRFRPSDVLyQ FRPSUXpEDOR FRQWLJR

PLVPR ¢WH FULWLFDV WDPELpQ SRU HVWR" 6L HV DVt GHMD GH KDFHUOR
DKRUD PLVPR ,QWHQWD VHQWLU FRPSDVLyQ SRU OR GLItFLO TXH UHVXOWD
VHU XQD SHUVRQD LPSHUIHFWD HQ HVWD VRFLHGDG WDQ FRPSHWLWLYD
1XHVWUD FXOWXUD QR IRPHQWD OD DXWRFRPSDVLyQ VLQR WRGR OR
FRQWUDULR1RVHQVHxDQTXHSRUPXFKRTXHORLQWHQWHPRVDXQTXH
GHPRV OR PHMRU GH QRVRWURV PLVPRV QXQFD HV VXILFLHQWH +D
OOHJDGR HO PRPHQWR GH FDPELDU $ WRGRV SXHGH EHQHILFLDUQRV
DSUHQGHU D VHU PiV DXWRFRPSDVLYRV \ HVWH HV XQ PRPHQWR
SHUIHFWRSDUDHPSH]DU

¢&yPRWHDDIHFWDDWLOHFWRUWRGRHVWR"7RGRV
ORVFDStWXORVGHHVWHOLEURLQFOX\HQHMHUFLFLRVTXHWH
D\XGDUiQDHQWHQGHUORGDxLQRTXHUHVXOWDODFRQWLQXD
DXWRFUtWLFD 7DPELpQ KD\ HMHUFLFLRV SDUD D\XGDUWH D
GHVDUUROODU OD FRPSDVLyQ KDFLD WL PLVPR KDVWD HO
SXQWRGHFRQYHUWLUODHQXQKiELWRFRWLGLDQRORTXHWH
SHUPLWLUi UHODFLRQDUWH FRQWLJR PLVPR GH XQD PDQHUD
PiV VDQD 3XHGHV GHWHUPLQDU WX QLYHO GH
DXWRFRPSDVLyQ XWLOL]DQGR OD HVFDOD TXH GLVHxp SDUD
PL LQYHVWLJDFLyQ 9LVLWD PL SiJLQD ZHE
ZZZVHOIFRPSDVVLRQRUJ! \VHOHFFLRQDODRSFLyQ
©7HVW +RZ 6HOI&RPSDVVLRQDWH $UH <RXª 'HVSXpV
GH UHVSRQGHU D XQD VHULH GH SUHJXQWDV HO SURJUDPD
FDOFXODUi WX QLYHO GH FRPSDVLyQ KDFLD WL PLVPR 6L
TXLHUHVSXHGHVJXDUGDUODSXQWXDFLyQ\UHSHWLUHOWHVW
FXDQGRDFDEHVGHOHHUHOOLEURSDUDFRPSUREDUVLKD
LQFUHPHQWDGR WX QLYHO GH DXWRFRPSDVLyQ FRQ OD
SUiFWLFD
1R HV SRVLEOH WHQHU OD DXWRHVWLPD DOWD HQ WRGR
PRPHQWR \ WX YLGD FRQWLQXDUi OOHQD GH
LPSHUIHFFLRQHV SHUR OD FRPSDVLyQ KDFLD XQR PLVPR
VLHPSUH HVWDUi DKt HVSHUiQGRWH FRPR XQ UHIXJLR
VHJXUR 7DQWR HQ ORV EXHQRV WLHPSRV FRPR HQ ORV
PDORVVLWHVLHQWHVHQODFLPDGHOPXQGRRHQORPiV
SURIXQGR GH XQ SR]R OD DXWRFRPSDVLyQ WH D\XGDUi D
VHJXLU DGHODQWH \ D WUDVODGDUWH D XQ OXJDU PHMRU 6H
UHTXLHUH HVIXHU]R SDUD URPSHU HO KiELWR GH OD
DXWRFUtWLFDGHVSXpVGHWRGDXQDYLGDSHURDOILQDOGHO
GtD VROR WHQGUiV TXH UHODMDUWH GHMDU TXH OD YLGD
WUDQVFXUUDWDOFRPRHV\DEULUWXFRUD]yQDWLPLVPR
(VPiVIiFLOGHORTXHLPDJLQDV\SRGUtDFDPELDUWX
YLGD

(-(5&,&,2

([SORUDUODFRPSDVLyQKDFLDXQRPLVPRPHGLDQWHOD
UHGDFFLyQGHXQDFDUWD
 35,0(5$3$57(

7RGRHOPXQGRWLHQHDOJRTXHQROHJXVWDGHVtPLVPRDOJRTXHOH
KDFH VHQWLU YHUJHQ]D LQVHJXULGDG R TXH QR HV ©VXILFLHQWHPHQWH
EXHQRª /D LPSHUIHFFLyQ IRUPD SDUWH GH OD FRQGLFLyQ KXPDQD \
ORV VHQWLPLHQWRV GH IUDFDVR H LQDGDSWDFLyQ VRQ LQKHUHQWHV D OD
H[SHULHQFLD GH YLYLU 3LHQVD HQ DOJ~Q DVSHFWR TXH WH KDJD VHQWLU
PDO FRQWLJR PLVPR DVSHFWR ItVLFR WUDEDMR UHODFLRQHV HWFpWHUD 
¢&yPR WH VLHQWHV LQWHULRUPHQWH" ¢$VXVWDGR WULVWH GHSULPLGR
LQVHJXUR HQIDGDGR" ¢4Xp HPRFLRQHV VH GHVHQFDGHQDQ FXDQGR
SLHQVDVHQHVHDVSHFWRGHWLPLVPR",QWHQWDVHUHPRFLRQDOPHQWH
KRQHVWR \ QR UHSULPDV QLQJ~Q VHQWLPLHQWR SHUR WDPSRFR WH
SRQJDVPHORGUDPiWLFR6LPSOHPHQWHWUDWDGHVHQWLUWXVHPRFLRQHV
H[DFWDPHQWHFRPRVRQQLPiVQLPHQRV

6(*81'$3$57(

$KRUD SLHQVD HQ XQ DPLJR LPDJLQDULR TXH WLHQH XQD DFWLWXG
FDULxRVD WROHUDQWH DPDEOH \ FRPSDVLYD ,PDJLQD TXH HVH DPLJR
YH WRGRV WXV SXQWRV IXHUWHV \ WXV GHELOLGDGHV LQFOX\HQGR HO
DVSHFWRGHWLPLVPRVREUHHOTXHDFDEDVGHUHIOH[LRQDU3LHQVDHQ
ORTXHVLHQWHHVHDPLJRSRUWLHQFyPRWHTXLHUH\WHDFHSWDWDO\
FRPR HUHV FRQ WRGDV WXV LPSHUIHFFLRQHV KXPDQDV (VH DPLJR
UHFRQRFH ORV OtPLWHV GH OD QDWXUDOH]D KXPDQD \ HV DJUDGDEOH \
FRPSUHQVLYR FRQWLJR (Q VX JUDQ VDELGXUtD HQWLHQGH WX KLVWRULD
YLWDO\ODVPLOHVGHFRVDVTXHWHKDQRFXUULGR\TXHKDQKHFKRGH
WL OD SHUVRQD TXH HUHV 7XV GHIHFWRV HVWiQ UHODFLRQDGRV FRQ
PXFKDVFRVDVTXHQRVLHPSUHKDVHVFRJLGRWXVJHQHVWXKLVWRULD
IDPLOLDUWXVFLUFXQVWDQFLDVYLWDOHV(OHPHQWRVTXHHVWiQIXHUDGH
WXFRQWURO
(VFULEHXQDFDUWDGLULJLGDDWLPLVPRGHVGHODSHUVSHFWLYD
GH HVH DPLJR LPDJLQDULR &pQWUDWH HQ ORV GHIHFWRV SRU ORV TXH
WLHQGHV D MX]JDUWH ¢4Xp WH GLUtD HVH DPLJR VREUH WX ©GHIHFWRª
GHVGH OD SHUVSHFWLYD GH XQD FRPSDVLyQ LOLPLWDGD" ¢&yPR
WUDQVPLWLUtD OD FRPSDVLyQ SURIXQGD TXH VLHQWH SRU WL VREUH WRGR
SRUORLQFyPRGRTXHWHVLHQWHVFXDQGRWHMX]JDVFRQWDQWDGXUH]D"
¢4XpHVFULELUtDHVHDPLJRSDUDUHFRUGDUWHTXHHUHVKXPDQRTXH
WRGDV ODV SHUVRQDV WHQHPRV SXQWRV IXHUWHV \ GpELOHV" < VL FUHHV
TXH HVH DPLJR SRGUtD VXJHULUWH SRVLEOHV FDPELRV ¢FyPR VHUtDQ
HVDV VXJHUHQFLDV VL VXUJLHUDQ GH XQ SURIXQGR VHQWLPLHQWR GH
FRPSUHQVLyQ\FRPSDVLyQLQFRQGLFLRQDOHV"0LHQWUDVWHHVFULEHVD
WL PLVPR GHVGH OD SHUVSHFWLYD GH HVH DPLJR LPDJLQDULR WUDWD GH
OOHQDU WX FDUWD GH XQ FODUR VHQWLGR GH DFHSWDFLyQ DPDELOLGDG
FDULxR\GHVHRGHVDOXG\IHOLFLGDGSRUSDUWHGHHVDSHUVRQDKDFLD
WL
&XDQGR WHUPLQHV OD FDUWD GpMDOD XQ PRPHQWR 'HVSXpV
UHOpHOD\GHMDTXHODVSDODEUDVWHLQXQGHQ6LHQWHFyPRWHOOHJDOD
FRPSDVLyQ FyPR WH FDOPD \ WH FRQVXHOD FRPR VL VH WUDWDVH GH
XQDEULVDIUHVFDHQXQGtDPX\FDOXURVR(ODPRUODFRQH[LyQ\OD
DFHSWDFLyQ VRQ GHUHFKRV GH QDFLPLHQWR 3DUD UHFODPDUORV VROR
WLHQHVTXHPLUDUHQWXLQWHULRU
 &DStWXOR

321(5),1$/$/2&85$

¢4Xp HV HVH \R HQ QXHVWUR LQWHULRU HVH REVHUYDGRU VLOHQFLRVR
FUtWLFR VHYHUR \ PXGR FDSD] GH DWHUURUL]DUQRV H LPSXOVDUQRV D
XQD DFWLYLGDG I~WLO \ TXH DO ILQDO QRV MX]JD WRGDYtD PiV
VHYHUDPHQWH SRU ORV HUURUHV D ORV TXH VXV UHSURFKHV QRV
FRQGXMHURQ"

76(/,27(OYLHMRHVWDGLVWD

$QWHVGHH[DPLQDUODFRPSDVLyQKDFLDXQRPLVPRFRQ
PiV GHWDOOH PHUHFH OD SHQD UHIOH[LRQDU VREUH
QXHVWURV HVWDGRV PHQWDOHV LQVDQRV PiV KDELWXDOHV
&XDQGR HPSH]DPRV D YHU HO IXQFLRQDPLHQWR GH
QXHVWUD SVLTXH FRQ PD\RU FODULGDG WDPELpQ
HPSH]DPRVDUHFRQRFHUKDVWDTXpSXQWRGHVYLUWXDPRV
QXHVWUD SHUFHSFLyQ GH OD UHDOLGDG FRQ HO ILQ GH
VHQWLUQRV PHMRU FRQ QRVRWURV PLVPRV (V FRPR VL
UHWRFiVHPRV FRQWLQXDPHQWH QXHVWUD LPDJHQ LQWHUQD
SDUD LQWHQWDU TXH QRV JXVWH PiV DXQTXH HVR
GLVWRUVLRQH UDGLFDOPHQWH OD UHDOLGDG $O PLVPR
WLHPSR QRV FULWLFDPRV VLQ FRPSDVLyQ D QRVRWURV
PLVPRV FXDQGR QR DOFDQ]DPRV QXHVWURV LGHDOHV \
UHDFFLRQDPRV FRQ WDQWD GXUH]D TXH OD UHDOLGDG VH
GLVWRUVLRQD LJXDO SHUR HQ OD GLUHFFLyQ RSXHVWD (O
UHVXOWDGRSXHGHSDUHFHUVHDXQFXDGURVXUUHDOLVWDGH
6DOYDGRU 'DOt SHUR PiV GHIRUPDGR  &XDQGR
HPSH]DPRVDFRQRFHUODFRPSDVLyQKDFLDXQRPLVPR
FRPRXQDDOWHUQDWLYDYLDEOHDHVDORFXUDQRVUHVXOWD
VHQFLOOR GHMDU GH MX]JDU ODV GLVIXQFLRQHV GH QXHVWUR
HJR ©£6R\ WDQ SUHSRWHQWH £'HEHUtD VHU PiV
KXPLOGHª ©£6R\ WDQ GXUR FRQPLJR PLVPR 'HEHUtD
VHU PiV FRPSUHQVLYR \ DFHSWDUPHª (V PX\
LPSRUWDQWHGHMDUGHFRQGHQDUVHSRUHVRVSDWURQHVGH
FRQGXFWD TXH VRQ WRWDOPHQWH LQ~WLOHV /D ~QLFD
PDQHUD GH VHQWLU YHUGDGHUD FRPSDVLyQ KDFLD XQR
PLVPR FRQVLVWH HQ WRPDU FRQFLHQFLD GH TXH HVRV
FLFORVQHXUyWLFRVGHOHJRQRVRQSRUSURSLDHOHFFLyQ
VLQR TXH VRQ QDWXUDOHV \ XQLYHUVDOHV 'LFKR GH RWUR
PRGR VH WUDWD GH DFHSWDU QXHVWURV GHIHFWRV FRQ
KRQHVWLGDGIRUPDQSDUWHGHQXHVWUDKHUHQFLDKXPDQD
$Vt ¢SRU TXp GXGDPRV HQWUH ODV GLVWRUVLRQHV
HJRtVWDV \ OD DXWRFUtWLFD LPSODFDEOH" 3RUTXH
TXHUHPRV VHQWLUQRV VHJXURV 1XHVWUR GHVDUUROOR
FRPR HVSHFLH \ FRPR LQGLYLGXRV VH DVLHQWD HQ
LQVWLQWRV EiVLFRV GH VXSHUYLYHQFLD 'DGR TXH ORV
VHUHV KXPDQRV WHQGHPRV D YLYLU HQ JUXSRV VRFLDOHV
MHUDUTXL]DGRVORVLQGLYLGXRVTXHGRPLQDQGHQWURGH
VX JUXSR WLHQHQ PHQRV SUREDELOLGDGHV GH VHU
UHFKD]DGRV\GLVSRQHQGHPiVUHFXUVRVDVXDOFDQFH
'HO PLVPR PRGR ORV TXH DFHSWDQ VX SRVLFLyQ
VXERUGLQDGDFXHQWDQFRQXQOXJDUVHJXURHQHORUGHQ
VRFLDO 1R SRGHPRV FRUUHU HO ULHVJR GH YHUQRV
GHVSOD]DGRV SRU ODV SHUVRQDV TXH QRV PDQWLHQHQ D
VDOYR1RVLTXHUHPRVFRQWLQXDUFRQYLGD6LQGXGD
QRSRGHPRVMX]JDUHVHFRPSRUWDPLHQWR¢GHTXpRWUD
PDQHUD SRGUtDPRV GHILQLU HO GHVHR GH HVWDU VDQRV \
VDOYRV VLQR FRPR DOJR QRUPDO \ QDWXUDO SDUD
FXDOTXLHURUJDQLVPRYLYR"

/$1(&(6,'$''(6(17,51260(-25(648(/26'(0È6

*DUULVRQ.HLOORUGHVFULEHODFLXGDGILFWLFLDGH/DJR
:REHJRQFRPRXQOXJDUGRQGH©WRGDVODVPXMHUHVVRQ
IXHUWHV WRGRV ORV KRPEUHV VRQ JXDSRV \ WRGRV ORV
QLxRVHVWiQSRUHQFLPDGHODPHGLDª3RUHVWDUD]yQ
DOJXQRV SVLFyORJRV XWLOL]DQ OD H[SUHVLyQ ©HIHFWR GHO
ODJR:REHJRQªSDUDGHVFULELUODWHQGHQFLDDFUHHUVH
VXSHULRU D ORV GHPiV HQ XQD ODUJD OLVWD GH UDVJRV
GHVHDEOHV GH OD SHUVRQDOLGDG /DV LQYHVWLJDFLRQHV
GHPXHVWUDQTXHHOGHORVHVWXGLDQWHVFUHHQTXH
HVWiQSRUHQFLPDGHODPHGLDHQORTXHUHVSHFWDDODV
UHODFLRQHV FRQ ORV GHPiV SRU HMHPSOR (O   GH
ORV PLHPEURV GH OD FRPXQLGDG XQLYHUVLWDULD FUHHQ
TXHVRQPHMRUHVSURIHVRUHVTXHVXVFROHJDV\HO
 GH ORV FRQGXFWRUHV RSLQDQ TXH WLHQHQ PiV
KDELOLGDG DO YRODQWH TXH HO UHVWR £,QFOXVR ODV
SHUVRQDV TXH KDQ SURYRFDGR XQ DFFLGHQWH GH FRFKH
KDFH SRFR WLHPSR FUHHQ TXH VRQ PHMRUHV
FRQGXFWRUHV /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH
WHQHPRV WHQGHQFLD D SHQVDU TXH VRPRV PiV
GLYHUWLGRV PiV OyJLFRV PiV SRSXODUHV PiV
DWUDFWLYRVPiVDJUDGDEOHVPiVGLJQRVGHFRQILDQ]D
PiV VDELRV \ PiV LQWHOLJHQWHV TXH ORV GHPiV
,UyQLFDPHQWH OD PD\RUtD GH ODV SHUVRQDV WDPELpQ
FUHHQ TXH HVWiQ SRU HQFLPD GH OD PHGLD HQ OD
FDSDFLGDGGHYHUVHGHVGHXQDSHUVSHFWLYDREMHWLYD
'HVGH XQ SXQWR GH YLVWD OyJLFR VL QXHVWUDV
SHUFHSFLRQHV GH QRVRWURV PLVPRV IXHVHQ SUHFLVDV
VROR OD PLWDG GH ODV SHUVRQDV GLUtDQ TXH HVWiQ SRU
HQFLPDGHODPHGLDHQFXDQWRDXQUDVJRGHWHUPLQDGR
/D RWUD PLWDG DGPLWLUtD TXH HVWi SRU GHEDMR GH OD
PHGLD 3HUR HVR FDVL QXQFD RFXUUH (Q QXHVWUD
VRFLHGDGUHVXOWDLQDFHSWDEOHVHUPHGLRFUH&DVLWRGR
HO PXQGR YH ODV FRVDV GH FRORU GH URVD DO PHQRV
FXDQGRQRVPLUDPRVHQHOHVSHMR¢'HTXpRWURPRGR
SRGUtDPRV H[SOLFDU OD SUHVHQFLD GH WRGRV HVRV
DVSLUDQWHV D SDUWLFLSDU HQ HO SURJUDPD GH WHOHYLVLyQ
$PHULFDQ ,GRO VLQ DSHQDV WDOHQWR TXH SDUHFHQ
WRWDOPHQWHVRUSUHQGLGRVFXDQGRVRQUHFKD]DGRV"
&DEUtD SHQVDU TXH OD WHQGHQFLD D FRQVLGHUDUVH
PHMRU\VXSHULRUTXHHOUHVWRVHHQFXHQWUDVREUHWRGR
HQFXOWXUDVLQGLYLGXDOLVWDVGRQGHODDXWRSURPRFLyQHV
XQHVWLORGHYLGD2FXUUHDVtSRUHMHPSORHQ(VWDGRV
8QLGRV¢(QTXpRWUROXJDUSRGUtDKDEHUSURQXQFLDGR
0RKDPHG $Ot OD IUDVH ©1R VR\ HO PiV JUDQGH VR\
GREOHPHQWH JUDQGLRVRª" (Q ODV FXOWXUDV DVLiWLFDV
PiV FROHFWLYDV \ GRQGH OD MDFWDQFLD QR HV ELHQ
UHFLELGD ¢ODV SHUVRQDV VRQ PiV PRGHVWDV" /D
UHVSXHVWD HV Vt OD PD\RUtD GH DVLiWLFRV SLHQVDQ TXH
VRQPiVPRGHVWRVTXHORVGHPiV/DVLQYHVWLJDFLRQHV
VXJLHUHQTXHWRGDVODVSHUVRQDVH[DJHUDPRVQXHVWUDV
FDUDFWHUtVWLFDVSRVLWLYDVSHURVRORODVTXHVHYDORUDQ
HQ ODV UHVSHFWLYDV FXOWXUDV 6L ORV QRUWHDPHULFDQRV
WLHQGHQ D SHQVDU TXH VRQ PiV LQGHSHQGLHQWHV
DXWRVXILFLHQWHVRULJLQDOHV\FRQGRWHVGHPDQGRTXH
HOFLXGDGDQRPHGLRORVDVLiWLFRVFUHHQTXHVRQPiV
FRODERUDGRUHV VDFULILFDGRV UHVSHWXRVRV \ KXPLOGHV
TXH VXV VHPHMDQWHV ©£6R\ PiV PRGHVWR TXH W~ª (V
FDVLORPLVPRHQWRGDVSDUWHV
<QRVRORQRVFRQVLGHUDPRV©PHMRUHVªDGHPiV
FUHHPRVTXHORVGHPiVVRQ©SHRUHVª/RVSVLFyORJRV
XWLOL]DQ OD H[SUHVLyQ ©FRPSDUDFLyQ VRFLDO
GHVFHQGHQWHªSDUDGHVFULELUODWHQGHQFLDDYHUDORV
GHPiVGHVGHXQDSHUVSHFWLYDQHJDWLYDSDUDDVtSRGHU
YHUQRV VXSHULRUHV 6L LQWHQWR DGRUQDU PL HJR FRQ
IDOVHGDGHV SXHGHV HVWDU VHJXUR GH TXH WUDWDUp GH
PDQFKDU HO WX\R ©6t HUHV ULFR SHUR £PLUD TXp
FDOYDª(VWDWHQGHQFLDVHLOXVWUDGHPDQHUDEULOODQWH
HQ OD SHOtFXOD &KLFDVPDODV /D FLQWD VH EDVD HQ HO
OLEUR GH QR ILFFLyQ 4XHHQ %HHV DQG :DQQDEHV GH
5RVDOLQG :LVHPDQ TXH GHVFULEH FyPR PDQWLHQHQ VX
HVWDWXVVRFLDOORVJUXSRVGHFKLFDVHQORVLQVWLWXWRV
&KLFDV PDODV QDUUD OD KLVWRULD GH WUHV MyYHQHV
JXDSDVULFDV\DOD~OWLPDPRGDTXHSDUHFHQWHQHUOR
WRGR $Vt OR FUHHQ HOODV ©4Xp SHQD TXH OD JHQWH PH
WHQJD WDQWD HQYLGLD 1R SXHGR HYLWDU VHU WDQ
SRSXODUª FRPHQWD XQD GH HOODV /DV FKLFDV VLQ
HPEDUJRVRQREMHWRGHORGLRGHORVGHPiVDSHVDUGH
VXSRSXODULGDG(OJUXSRWLHQHXQFXDGHUQRVHFUHWRHQ
HOTXHYDDQRWDQGRUXPRUHV\FRWLOOHRVVREUHODVRWUDV
FKLFDV GHO LQVWLWXWR ©6t ²GLFH XQD GH HOODV²
UHFRUWDPRV IRWRV GH FKLFDV GHO DQXDULR \ HVFULELPRV
FRPHQWDULRV ³7UDQJ 3DN HV XQD SXWD JRUGD \ IHD´
7RGDYtD HV YHUGDG ³'DZQ 6FKZHLW]HU HV YLUJHQ \
JRUGD´ 7RGDYtD HV PHGLR YHUGDGª &XDQGR WRGR HO
LQVWLWXWR VH HQWHUD GH OD H[LVWHQFLD GHO FXDGHUQR VH
SURGXFHXQDOWHUFDGR/DSHOtFXODIXHXQJUDQp[LWRHQ
(VWDGRV 8QLGRV GRQGH FRQHFWy FRQ HO S~EOLFR
$XQTXH FRQ ODV H[DJHUDFLRQHV SURSLDV GH XQD
FRPHGLD HO IHQyPHQR GH OD FKLFD PDOD R GHO FKLFR
PDOR HVELHQFRQRFLGRSDUDPXFKDJHQWH
$XQTXH OD PD\RUtD GH QRVRWURV QR OOHJDPRV DO
H[WUHPRGHFRQWDUFRQXQFXDGHUQRVHFUHWRVtHVPX\
FRP~Q EXVFDU GHIHFWRV HQ ORV GHPiV SDUD VHQWLUQRV
PHMRU FRQ QRVRWURV PLVPRV ¢3RU TXp VL QR QRV
HQFDQWDQ ODV IRWRV GH FHOHEULGDGHV HQ ELTXLQL TXH
GHMDQ YHU DOJ~Q NLOR GH PiV FRQ DWXHQGRV SRFR
DFHUWDGRVRFRQHOSHORPDODUUHJODGR"(VWHHQIRTXH
DXQTXHJUDWLILFDQWHSDUDHOHJRSRUXQPRPHQWRWLHQH
VHULRV LQFRQYHQLHQWHV &XDQGR YHPRV FRQWLQXDPHQWH
ORSHRUGHORVGHPiVQXHVWUDSHUFHSFLyQVHRVFXUHFH
FRQ XQD QXEH GH QHJDWLYLGDG 1XHVWURV SHQVDPLHQWRV
SDVDQ D VHU PDOLQWHQFLRQDGRV \ HVH HV HO PXQGR
PHQWDO TXH KDELWDPRV /DV FRPSDUDFLRQHV VRFLDOHV
GHVFHQGHQWHV VRQ PiV GDxLQDV TXH EHQHILFLRVDV $O
UHEDMDU D ORV GHPiV SDUD VHQWLUQRV VXSHULRUHV
WLUDPRV SLHGUDV FRQWUD QXHVWUR SURSLR WHMDGR SRUTXH
FUHDPRV \ PDQWHQHPRV HO HVWDGR GH GHVFRQH[LyQ \
DLVODPLHQWRTXHTXHUHPRVHYLWDU

(-(5&,&,2

9HUWHWDOFRPRHUHV
0XFKDV SHUVRQDV FUHHQ TXH HVWiQ SRU HQFLPD GH OD PHGLD HQ
FXDQWR D UDVJRV SHUVRQDOHV TXH OD VRFLHGDG YDORUD VHU PiV
DJUDGDEOHPiVOLVWRPiVDWUDFWLYRTXHODPHGLD (VWDWHQGHQFLD
QRV D\XGD D VHQWLUQRV PHMRU FRQ QRVRWURV PLVPRV SHUR WDPELpQ
SXHGH KDFHU TXH QRV VLQWDPRV PiV DOHMDGRV GHO UHVWR (VWH
HMHUFLFLR HVWi SHQVDGR SDUD D\XGDUQRV D YHUQRV FODUDPHQWH \ D
DFHSWDUQRV WDO FRPR VRPRV 7RGRV SRVHHPRV UDVJRV YDORUDGRV
FXOWXUDOPHQWH TXH SRGUtDQ FRQVLGHUDUVH ©PHMRUHVª TXH OD PHGLD
DOJXQRV UDVJRV TXH VH FRUUHVSRQGHQ FRQ OD PHGLD \ RWURV TXH
HVWiQ©SRUGHEDMRªGHODPHGLD¢3RGHPRVDFHSWDUHVWDUHDOLGDG
FRQJHQHURVLGDG\HFXDQLPLGDG"

$ (VFULEH FLQFR UDVJRV YDORUDGRV FXOWXUDOPHQWH TXH WH KDFHQ

HVWDU©SRUHQFLPDGHODPHGLDª

% (VFULEH FLQFR UDVJRV YDORUDGRV FXOWXUDOPHQWH TXH WH KDFHQ

HVWDU©HQODPHGLDª

& (VFULEH FLQFR UDVJRV YDORUDGRV FXOWXUDOPHQWH TXH WH KDFHQ

HVWDU©SRUGHEDMRGHODPHGLDª

'5HIOH[LRQDVREUHORVUDVJRVTXHDFDEDVGHHVFULELU¢$FHSWDV
WRGDV HVDV IDFHWDV GH WL PLVPR" 6HU KXPDQR QR VLJQLILFD VHU
PHMRUTXHORVGHPiVVLQRDEDUFDUWRGDODJDPDGHODH[SHULHQFLD
KXPDQDORSRVLWLYRORQHJDWLYR\ORQHXWUR6HUKXPDQRVLJQLILFD
 TXH HVWiV HQ OD PHGLD HQ PXFKRV DVSHFWRV ¢(UHV FDSD] GH
FHOHEUDU OD H[SHULHQFLD GH HVWDU YLYR HQ HVWD WLHUUD FRQ WRGD WX
FRPSOHMLGDG\WXH[FHSFLRQDOLGDG"

¢32548e(67$1',)Ë&,/'(-$5'(0$/75$7$5126"

3RVLEOHPHQWH QXHVWUD WHQGHQFLD D OD DXWRFUtWLFD

UHVXOWDWRGDYtDPiVFKRFDQWHTXHHOGHVHRGHSHQVDU
ELHQ VREUH QRVRWURV PLVPRV &RPR VHxDOy $QWKRQ\
3RZHOO QRYHOLVWD EULWiQLFR ©SDUHFH TXH HO DPRU
KDFLD XQR PLVPR QXQFD WLHQH UHFRPSHQVDª &XDQGR
QRUHLQWHUSUHWDPRVODUHDOLGDGSDUDVHQWLUQRVPHMRUHV
TXH ORV GHPiV FXDQGR QRV VHQWLPRV REOLJDGRV D
DIURQWDUHOKHFKRGHTXHQXHVWUDLPDJHQLQWHUQDWLHQH
PiV GHIHFWRV GH ORV TXH QRV JXVWDUtD ¢TXp RFXUUH"
&UXHOOD 'H 9LO R 0U +\GH VXUJHQ GH HQWUH ODV
VRPEUDV \ DWDFDQ D QXHVWUR \R LPSHUIHFWR FRQ XQD
FUXHOGDGVRUSUHQGHQWH<HOOHQJXDMHGHODDXWRFUtWLFD
UHVXOWDLPSODFDEOH
/D PD\RU SDUWH GH QXHVWURV SHQVDPLHQWRV
DXWRFUtWLFRV DGRSWDQ OD IRUPD GH XQ PRQyORJR
LQWHULRU HPLWLHQGR FRPHQWDULRV \ YDORUDFLRQHV
FRQVWDQWHV DFHUFD GH OR TXH H[SHULPHQWDPRV 'DGR
TXH QR H[LVWH FHQVXUD VRFLDO FXDQGR QXHVWUR GLiORJR
LQWHULRUUHVXOWDGXURRFUXHOQRVKDEODPRVDQRVRWURV
PLVPRV GH XQ PRGR HVSHFLDOPHQWH EUXWDO ©£(UHV
JRUGD \ GDV DVFRª ©(VR TXH KDV GLFKR HV XQD
HVWXSLGH]ª ©(UHV XQ SHUGHGRU 1R PH H[WUDxD TXH
QDGLHWHTXLHUDª£$\6HWUDWDGHXQPRGRGHPDOWUDWR
LQFUHtEOHPHQWH KDELWXDO /D
IORFFLQDXFLQLKLOLSLOLILFDFLyQ HQ LQJOpV HV XQD GH ODV
SDODEUDV PiV ODUJDV TXH H[LVWHQ  HV HO KiELWR GH
HVWLPDU TXH DOJR QR WLHQH YDORU (O PLVWHULR GH SRU
TXp OR KDFHPRV UHVXOWD WDQ GHVFRQFHUWDQWH FRPR VX
SURQXQFLDFLyQ
$SHVDUGHWRGRHVSRVLEOHTXHQXHVWUDFRQGXFWD
DO UHFRUGDU DFRQWHFLPLHQWRV SDVDGRV UHVXOWH PiV
FRPSUHQVLEOH TXH OD DXWRFUtWLFD $O LJXDO TXH HO
DXWRHQJUDQGHFLPLHQWR HV XQ WLSR GH FRPSRUWDPLHQWR
GHVHJXULGDGGLVHxDGRSDUDJDUDQWL]DUHOVHUDFHSWDGR
GHQWURGHOJUXSRVRFLDO $XQTXH HO SHUUR DOID FRPD
HOSULPHURHOSHUURTXHVHWXPEDERFDDUULEDWDPELpQ
VH OOHYD VX SDUWH &RQVLJXH XQ OXJDU VHJXUR HQ HO
JUXSRDXQTXHHVWpHQHO~OWLPRSXHVWRGHODMHUDUTXtD
/D DXWRFUtWLFD HV XQD FRQGXFWD GH VXPLVLyQ SRUTXH
QRV SHUPLWH GHJUDGDUQRV DQWH SHUVRQDV LPDJLQDULDV
TXH HPLWHQ VX MXLFLR VREUH QRVRWURV < HQWRQFHV
FRPSHQVDPRV QXHVWUD VXPLVLyQ FRQ XQDV FXDQWDV
PLJDMDV &XDQGR QRV YHPRV REOLJDGRV D DGPLWLU
QXHVWURV IDOORV SRGHPRV DFDOODU QXHVWURV MXLFLRV
PHQWDOHV DSUREDQGR VXV RSLQLRQHV QHJDWLYDV VREUH
QRVRWURV
3HQVHPRVSRUHMHPSORHQFyPRQRVFULWLFDPRV
GHODQWHGHRWUDVSHUVRQDV©&RQHVWHYHVWLGRSDUH]FR
XQDYDFDª©6R\WRWDOPHQWHLQ~WLOFRQHORUGHQDGRUª
©6R\ODSHUVRQDFRQHOSHRUVHQWLGRGHODRULHQWDFLyQ
TXH KH YLVWR HQ PL YLGDª \R WHQJR WHQGHQFLD D
H[FODPDUHVWD~OWLPDIUDVHVREUHWRGRFXDQGROOHYRD
DPLJRVDDOJ~QVLWLR\PHSLHUGRSRUHQpVLPDYH] (V
FRPR VL GLMpVHPRV ©0H YR\ D PDOWUDWDU \ D
FULWLFDUPHDQWHVGHTXHW~SXHGDVKDFHUOR5HFRQR]FR
OR LPSHUIHFWR TXH VR\ SDUD TXH W~ QR WHQJDV TXH
GHVSUHFLDUPH \ GHFLUPH OR TXH \D Vp (QWRQFHV
VHQWLUiV OiVWLPD SRU Pt HQ OXJDU GH MX]JDUPH \ PH
DVHJXUDUiV TXH QR VR\ WDQ PDOR FRPR SLHQVRª (VWD
SRVLFLyQGHIHQVLYDVXUJHGHOGHVHRQDWXUDOGHQRVHU
UHFKD]DGR\DEDQGRQDGR\FREUDVHQWLGRHQHOPDUFR
GHQXHVWURVLQVWLQWRVGHVXSHUYLYHQFLDPiVEiVLFRV

(/3$3(/'(/263$'5(6

3RUVXSXHVWRHOJUXSRVRFLDOPiVLPSRUWDQWHSDUDOD
VXSHUYLYHQFLDHVODIDPLOLDGLUHFWD/RVQLxRVFXHQWDQ
FRQ VXV SDGUHV SDUD TXH OHV SURSRUFLRQHQ DOLPHQWR
FRPRGLGDGHV FDULxR \ XQ WHFKR &RQItDQ
LQVWLQWLYDPHQWH HQ TXH VXV SDGUHV LQWHUSUHWDUiQ HO
VLJQLILFDGRGHODVFRVDVHQTXHOHVD\XGDUiQFRQORV
QXHYRVUHWRVTXHOHVDVXVWDQ\HQTXHOHVPDQWHQGUiQ
D VDOYR GH ORV SHOLJURV /RV QLxRV QR WLHQHQ PiV
HOHFFLyQTXHFRQILDUHQVXVSDGUHVSDUDVDOLUDGHODQWH
HQ HVWH PXQGR 3RU GHVJUDFLD VLQ HPEDUJR PXFKRV
SDGUHV QR SURSRUFLRQDQ FDULxR \ DSR\R VLQR TXH
LQWHQWDQ FRQWURODU D VXV KLMRV PHGLDQWH OD FUtWLFD
FRQVWDQWH0XFKDVSHUVRQDVFUHFHQFRQHVHSDWUyQGH
FRQGXFWDIDPLOLDU
&XDQGR ODV PDGUHV R ORV SDGUHV UHFXUUHQ D ODV
FUtWLFDVGXUDVFRPRPpWRGRSDUDPDQWHQHUDVXVKLMRV
DO PDUJHQ GH ORV SUREOHPDV ©1R KDJDV WRQWHUtDV WH
DWURSHOODUi XQ FRFKHª  R SDUD PHMRUDU VX
FRPSRUWDPLHQWR ©1XQFDOOHJDUiVDODXQLYHUVLGDGVL
VLJXHV VDFDQGR XQDV QRWDV WDQ PDODVª  ORV QLxRV
DVXPHQ TXH ODV FUtWLFDV VRQ XQD KHUUDPLHQWD
PRWLYDGRUD ~WLO \ QHFHVDULD &RPR DILUPD OD FyPLFD
3K\OOLV 'LOOHU ©1RV SDVDPRV ORV GRFH SULPHURV
PHVHVGHODVYLGDVGHQXHVWURVKLMRVHQVHxiQGROHVD
FDPLQDU\DKDEODU\ORVGRFHVLJXLHQWHVOHVGHFLPRV
TXH VH VLHQWHQ \ VH FDOOHQª 1R HV GH H[WUDxDU TXH
FRPR GHPXHVWUDQ ODV LQYHVWLJDFLRQHV ORV LQGLYLGXRV
TXHFUHFHQMXQWRDXQRVSDGUHVPX\FUtWLFRVGXUDQWHOD
LQIDQFLD VRQ PXFKR PiV SURSHQVRV D VHU FUtWLFRV
FRQVLJRPLVPRVFXDQGROOHJDQDODHGDGDGXOWD
/DV SHUVRQDV LQWHULRUL]DPRV SURIXQGDPHQWH ODV
FUtWLFDV GH ORV SDGUHV OR TXH VLJQLILFD TXH ORV
FRPHQWDULRVGHVSUHFLDWLYRVFRQWLQXDGRVTXHHVFXFKDQ
HQVXFDEH]DVXHOHQVHUHOUHIOHMRGHODVYRFHVGHVXV
SURJHQLWRUHV HQ DOJXQRV FDVRV VH WUDQVPLWHQ \ VH
UHSLWHQGHJHQHUDFLyQHQJHQHUDFLyQ &RPRPHGLMR
XQ KRPEUH HQ XQD RFDVLyQ ©1R SXHGR FDOODUPH 0L
PDGUH PH FULWLFDED SRU WRGR SRU FRPHU FRPR XQ
FHUGRSRUQRYHVWLUPHDGHFXDGDPHQWHSDUDODLJOHVLD
SRU YHU GHPDVLDGD WHOHYLVLyQ 3RU FXDOTXLHU FRVD
³1XQFDOOHJDUiVDQDGD´PHGHFtDXQD\RWUDYH]/D
RGLDED\PHSURPHWtDPtPLVPRTXHQXQFDFULDUtDD
PLVKLMRVGHHVDPDQHUD/RLUyQLFRGHOFDVRHVTXH
DXQTXH VR\ XQ SDGUH FDULxRVR \ FRPSUHQVLYR
FRQPLJRPLVPRVR\XQDXWpQWLFRLPEpFLO0HFULWLFR
FRQGXUH]DFRQVWDQWHPHQWH6R\SHRUGHORTXHHUDPL
PDGUHFRQPLJRª/DVSHUVRQDVFRQXQRVSDGUHVPX\
FUtWLFRV DSUHQGHQ SURQWR HO PHQVDMH GH TXH VRQ WDQ
PDORV \ WDQ LPSHUIHFWRV TXH QR WLHQHQ GHUHFKR D VHU
DFHSWDGRVWDOFRPRVRQ
/RV SDGUHV FUtWLFRV WLHQGHQ D GHVHPSHxDU HO
SDSHO GHO SROLFtD EXHQR \ HO SROLFtD PDOR FRQ VXV
KLMRV FRQ OD HVSHUDQ]D GH PROGHDUORV SDUD
FRQYHUWLUORV HQ OR TXH HOORV TXLHUHQ TXH VHDQ (O
SROLFtD PDOR FDVWLJD ORV FRPSRUWDPLHQWRV QR
GHVHDGRV \ HO SROLFtD EXHQR UHFRPSHQVD HO EXHQ
FRPSRUWDPLHQWR(VWHFRPSRUWDPLHQWRSURYRFDPLHGR
\GHVFRQILDQ]DHQORVQLxRVTXHHPSLH]DQDFUHHUTXH
VRORVHUiQGLJQRVGHDPRUVLVRQSHUIHFWRV'DGRTXH
OD SHUIHFFLyQ HV LPSRVLEOH ORV QLxRV SDVDQ D FUHHU
TXHHOUHFKD]RUHVXOWDLQHYLWDEOH
6L OD PD\RUtD GH ODV LQYHVWLJDFLRQHV VREUH ORV
RUtJHQHVGHODDXWRFUtWLFDVHFHQWUDQHQORVSDGUHVOR
FLHUWR HV TXH OD FUtWLFD FRQVWDQWH SRU SDUWH GH
FXDOTXLHU ILJXUD VLJQLILFDWLYD HQ OD YLGD GH XQ QLxR
XQ DEXHOR XQ KHUPDQR XQ SURIHVRU XQ HQWUHQDGRU
SXHGHKDFHUTXHGHVSLHUWHVXVGHPRQLRVLQWHULRUHVHQ
HWDSDVSRVWHULRUHVGHVXYLGD7HQJRXQDPLJRLQJOpV
.HQQHWK TXH VH PXHVWUD PX\ GXUR FRQVLJR PLVPR
3RUPXFKRVp[LWRVTXHFRQVLJDVLHPSUHHVWiSRVHtGR
SRUVHQWLPLHQWRVGHLQDGDSWDFLyQHLQVHJXULGDG7RGR
FREUD VHQWLGR FXDQGR KDEOD GH VX LQIDQFLD ©&DVL
WRGDV ODV SHUVRQDV TXH PH URGHDEDQ PH GHFtDQ OR
LQ~WLO TXH HUD 0L KHUPDQD HUD OD SHRU 0H JULWDED
³£(UHV DVTXHURVR´ VROR SRUTXH SHQVDED TXH KDFtD
GHPDVLDGR UXLGR DO UHVSLUDU 6H HVFRQGtD GHEDMR GH
VXFDPDKDVWDTXH\RVDOtDGHODKDELWDFLyQ0LPDGUH
QRPHGHIHQGtD\HQFLPDPHREOLJDEDDSHGLUSHUGyQ
DPLKHUPDQDSDUDTXHVHFDOPDVH\KXELHVHSD]ª
 /D UHDFFLyQ QDWXUDO GH ORV QLxRV TXH VXIUHQ
PDOWUDWR YHUEDO FRQVLVWH HQ DXWRSURWHJHUVH (Q
RFDVLRQHV OD GHIHQVD PiV VHJXUD SDVD SRU QR WHQHU
PRWLYRV SDUD VHU DWDFDGR (Q RWUDV SDODEUDV ORV
QLxRVHPSLH]DQDFUHHUTXHODDXWRFUtWLFDHYLWDUiTXH
FRPHWDQHUURUHVHQHOIXWXUR\GHHVHPRGRHYLWDUiQ
ODVFUtWLFDVGHORVGHPiV(Q~OWLPDLQVWDQFLDSXHGHQ
GHVPRQWDUODVFUtWLFDVGHRWURVKDFLHQGRTXHUHVXOWHQ
UHSHWLWLYDV8QDVDOWRYHUEDOQRWLHQHODPLVPDIXHU]D
FXDQGRVHOLPLWDDUHSHWLUORTXH\DWHKDVGLFKRDWL
PLVPR

(/3$3(/'(/$&8/785$

/D WHQGHQFLD D FULWLFDUQRV D QRVRWURV PLVPRV \ D

VHQWLUQRVLQ~WLOHVVHUHPRQWDHQSDUWHDORVPHQVDMHV
FXOWXUDOHV JHQHUDOHV 'H KHFKR H[LVWH XQD FRQRFLGD
KLVWRULDVREUHXQJUXSRGHVDELRVRFFLGHQWDOHVTXHVH
UHXQLHURQ FRQ HO 'DODL /DPD \ OH SUHJXQWDURQ FyPR
SRGtDQD\XGDUDODVSHUVRQDVFRQXQDDXWRHVWLPDEDMD
6X VDQWLGDG VH PRVWUy FRQIXVR IXH QHFHVDULR
H[SOLFDUOH HO FRQFHSWR GH OD DXWRHVWLPD 0LUy D ODV
SHUVRQDVTXHOHDFRPSDxDEDQKRPEUHVFRQFXOWXUD\
p[LWR \ OHV SUHJXQWy ©¢4XLpQ GH XVWHGHV VLHQWH TXH
WLHQHXQDDXWRHVWLPDEDMD"ª6HPLUDURQXQRVDRWURV
\ UHVSRQGLHURQ ©7RGRVª 8QR GH ORV LQFRQYHQLHQWHV
GH YLYLU HQ XQD FXOWXUD TXH VREUHYDORUD HO
LQGLYLGXDOLVPR\HOORJURSHUVRQDOHVTXHFXDQGRQR
DOFDQ]DPRV QXHVWURV REMHWLYRV VHQWLPRV TXH VROR
QRVRWURVVRPRVORVFXOSDEOHV
3RU VXSXHVWR ORV RFFLGHQWDOHV QR VRPRV ORV
~QLFRV TXH HPLWLPRV MXLFLRV PX\ GXURV FRQWUD
QRVRWURV PLVPRV 5HFLHQWHPHQWH OOHYDPRV D FDER XQ
HVWXGLR HQ (VWDGRV 8QLGRV 7DLODQGLD \ 7DLZiQ \
GHVFXEULPRV TXH HQ HVWH ~OWLPR SDtV GRQGH
SUHGRPLQD OD PRUDO FRQIXFLDQLVWD  WDPELpQ H[LVWH OD
FUHHQFLD GH TXH OD DXWRFUtWLFD HV XQD IXHU]D
PRWLYDGRUD (O LGHDO FRQIXFLDQLVWD HV TXH GHEHV
FULWLFDUWH D WL PLVPR SDUD PDQWHQHUWH D UD\D \
FRQFHQWUDUWH HQ VDWLVIDFHU ODV QHFHVLGDGHV GH ORV
GHPiV QR ODV SURSLDV (Q ORV SDtVHV GRQGH HO
EXGLVPR HMHUFH XQD LQIOXHQFLD PiV SRGHURVD HQ OD
YLGD FRWLGLDQD FRPR 7DLODQGLD ODV SHUVRQDV
PXHVWUDQPXFKDPiVFRPSDVLyQKDFLDVtPLVPDV'H
KHFKR GH QXHVWUR HVWXGLR PXOWLFXOWXUDO VH GHVSUHQGH
TXH HQ 7DLODQGLD H[LVWHQ ORV QLYHOHV PiV DOWRV GH
DXWRFRPSDVLyQ \ HQ 7DLZiQ ORV PiV EDMRV (VWDGRV
8QLGRVVHVLWXDUtDHQHOFHQWUR(QORVWUHVSDtVHVVLQ
HPEDUJR GHVFXEULPRV TXH OD DXWRFUtWLFD HVWi
FODUDPHQWH UHODFLRQDGD FRQ OD GHSUHVLyQ \ OD
LQVDWLVIDFFLyQ YLWDO $O SDUHFHU HO LPSDFWR QHJDWLYR
GH OD DXWRFUtWLFD SRGUtD VHU XQLYHUVDO DXQTXH ODV
GLIHUHQWHV FXOWXUDV OD IRPHQWHQ HQ PD\RU R PHQRU
PHGLGD

810(',23$5$$/&$1=5$81),1

6L SURIXQGL]DPRV XQ SRFR PiV YHPRV TXH OD

DXWRFUtWLFDGHVSLDGDGDVXHOHVHUXQDWDSDGHUDGHRWUD
FRVD GHO GHVHR GH FRQWURO 'DGR TXH ORV SDGUHV GH
ODV SHUVRQDV DXWRFUtWLFDV VXHOHQ VHU PX\
FRQWURODGRUHV D HGDGHV WHPSUDQDV VH UHFLEH HO
PHQVDMHGHTXHHODXWRFRQWUROHVSRVLEOH&XDQGRORV
SDGUHV FXOSDQ D VXV KLMRV GH FRPHWHU HUURUHV ORV
QLxRVDSUHQGHQTXHVRQORVUHVSRQVDEOHVGHWRGRVVXV
IUDFDVRV (QWRQFHV GHGXFHQ TXH HO IUDFDVR HV XQD
RSFLyQTXHQXQFDKD\TXHHOHJLU4XHTXHGDUVHOHMRV
GH OD SHUIHFFLyQ HV DOJR TXH VH SXHGH \ VH GHEH
HYLWDU6LORLQWHQWRGHEHUtDVHUFDSD]GHFRQVHJXLUOR
VLHPSUH¢QR"
£6HUtD HVWXSHQGR 2MDOi QRV EDVWDVH DJLWDU OD
QDUL]FRPR6DPDQWKDODSURWDJRQLVWDGH(PEUXMDGD
\ QR GHMDU QXQFD OD GLHWD QL WLUDU OD WRDOOD HQ XQ
WUDEDMRLPSRUWDQWHQLGHFLUDOJRGHORTXHSRGUtDPRV
DUUHSHQWLUQRVPiVWDUGH3HURODYLGDQRIXQFLRQDDVt
/DV FRVDV VRQ GHPDVLDGR FRPSOLFDGDV SDUD SRGHU
FRQWURODU WRGDV ODV FLUFXQVWDQFLDV H[WHUQDV \ WRGDV
QXHVWUDV UHDFFLRQHV D HVDV FLUFXQVWDQFLDV (VSHUDU
RWUDFRVDHVFRPRHVSHUDUTXHHOFLHORVHDYHUGHHQ
OXJDUGHD]XO
,UyQLFDPHQWHQXHVWURGHVHRGHVHUVXSHULRUHVVH
DOLPHQWD GH OD DXWRFUtWLFD (O FRQFHSWR TXH WHQHPRV
GH QRVRWURV PLVPRV WLHQH PXFKDV FDUDV \ QRV
LGHQWLILFDPRV FRQ GLIHUHQWHV DVSHFWRV GH QRVRWURV
PLVPRVHQFDGDPRPHQWR&XDQGRQRVMX]JDPRV\QRV
DWDFDPRVDGRSWDPRVHOSDSHOGHOTXHFULWLFD\HOTXH
HVFULWLFDGR$ODGRSWDUODSHUVSHFWLYDGHOTXHVXMHWD
HOOiWLJR\HOTXHVHHVWUHPHFHHQHOVXHORSRGHPRV
UHFUHDUQRVHQVHQWLPLHQWRVGHLQGLJQDFLyQMXVWLILFDGD
KDFLD QXHVWUDV SURSLDV FDUHQFLDV < OD LQGLJQDFLyQ
MXVWLILFDGD VLHQWD PX\ ELHQ ©$O PHQRV VR\ OR
VXILFLHQWHPHQWHOLVWRSDUDYHUORHVW~SLGRTXHKDVLGR
HVH FRPHQWDULR TXH DFDER GH KDFHUª ©6t KH WUDWDGR
PX\PDODHVDSHUVRQDQRWHQJRSHUGyQSHURVR\WDQ
MXVWRTXHDKRUDPHFDVWLJDUpDPtPLVPRVLQSLHGDGª
(QPXFKRVFDVRVODLUDQRVDSRUWDXQDVHQVDFLyQGH
IXHU]D \ SRGHU \ DVt FXDQGR QRV HQIDGDPRV FRQ
QRVRWURV PLVPRV SRU QXHVWURV IDOORV WHQHPRV OD
RSRUWXQLGDG GH VHQWLUQRV VXSHULRUHV D HVRV DVSHFWRV
QXHVWURV TXH MX]JDPRV 'H HVH PRGR UHIRU]DPRV
QXHVWUR VHQWLGR GH OD DXWRULGDG HQ SDODEUDV GH
7KRPDV+REEHV©1LQJXQDFULDWXUDYLYDHVWiVXMHWDDO
SULYLOHJLRGHODEVXUGRH[FHSWRHOKRPEUHª 
'H IRUPD VLPLODU FXDQGR QRV SODQWHDPRV
REMHWLYRVSRFRUHDOLVWDV\QRVIUXVWUDPRVDOIUDFDVDU
SRGHPRV UHIRU]DU VXWLOPHQWH ORV VHQWLPLHQWRV GH
VXSHULRULGDG DVRFLDGRV FRQ HO KHFKR GH KDEHUQRV
SODQWHDGRXQRVREMHWLYRVWDQDPELFLRVRVHQXQSULPHU
PRPHQWR &XDQGR QRV ODPHQWDPRV SRU KDEHU
HQJRUGDGRWDQWRRSRUUHFLELUXQFRPHQWDULRQHJDWLYR
VLQ LPSRUWDQFLD GHQWUR GHO FRQWH[WR GH XQ EDODQFH
DQXDO EULOODQWH HQYLDPRV HO PHQVDMH GH TXH
QRUPDOPHQWHHVWDPRVPX\SRUHQFLPDGHODPHGLDHQ
QXHVWUR p[LWR \ TXH VROR ©EXHQRª QR HV
VXILFLHQWHPHQWHEXHQRSDUDDOJXLHQWDQDFRVWXPEUDGR
DODH[FHOHQFLD
&XDQGR VH DFRPSDxDQ FRQ XQ WRTXH GH KXPRU
ODV KXPLOODFLRQHV KDFLD XQR PLVPR SXHGHQ VHU XQD
PDQHUD GH LQWHQWDU JDQDUVH HO FDULxR GH ORV GHPiV
©0HMRU TXH VH UtDQ FRQWLJR TXH GH WLª 8Q JUDQ
HMHPSOR VH HQFXHQWUD HQ OD HVFHQD TXH DEUH HO
GRFXPHQWDO 8QD YHUGDG LQFyPRGD GH $O *RUH (O
TXHIXHFDQGLGDWRDODSUHVLGHQFLDGH(VWDGRV8QLGRV
RFXSD XQ HVFHQDULR DQWH XQ S~EOLFR PXOWLWXGLQDULR \
GHWUiV WLHQH XQD SDQWDOOD HQRUPH /DV SULPHUDV
SDODEUDV TXH SURQXQFLD VRQ HVWDV ©+ROD PH OODPR
$O*RUH\DQWHVHUDHOSUy[LPRSUHVLGHQWHGH(VWDGRV
8QLGRVª $O PHQFLRQDU VX IUDFDVR GH PDQHUD
GHVSUHRFXSDGD *RUH VH JDQy DO S~EOLFR 1R
REVWDQWHH[LVWHXQDGLIHUHQFLDHQWUHHOKXPRUKXPLOGH
\ VDQR \ HO DXWRGHVSUHFLR LQVDQR (O SULPHUR LQGLFD
TXH OD SHUVRQD WLHQH OD VHJXULGDG VXILFLHQWH SDUD
UHtUVH GH Vt PLVPD (O VHJXQGR UHYHOD LQVHJXULGDGHV
SURIXQGDVVREUHODSURSLDYDOtD

81$352)(&Ë$48(6(+$&(5($/,'$'

'DGR TXH ODV SHUVRQDV DXWRFUtWLFDV FDVL VLHPSUH

SURFHGHQ GH XQ HQWRUQR IDPLOLDU SRFR FRPSUHQVLYR
WLHQHQ WHQGHQFLD D QR FRQILDU HQ ORV GHPiV \ FUHHQ
TXH ORV TXH VH SUHRFXSDQ SRU HOORV LQWHQWDUiQ
KDFHUOHV GDxR HQ XQ PRPHQWR X RWUR (VWH HVTXHPD
PHQWDO SURYRFD XQ HVWDGR GH WHPRU TXH FDXVD
SUREOHPDV HQ ODV LQWHUDFFLRQHV SHUVRQDOHV 3RU
HMHPSOR ODV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH ODV
SHUVRQDV PX\ DXWRFUtWLFDV WLHQGHQ D YLYLU UHODFLRQHV
GH SDUHMD LQVDWLVIDFWRULDV SRUTXH DVXPHQ TXH VXV
FRPSDxHURV OHV MX]JDQ FRQ OD PLVPD GXUH]D FRQ OD
TXH HOODV VH MX]JDQ D Vt PLVPDV /RV HUURUHV GH
SHUFHSFLyQ DO LQWHUSUHWDU FRPR GHQLJUDQWHV
DILUPDFLRQHV TXH HQ UHDOLGDG VRQ QHXWUDV VXHOHQ
SURYRFDUUHDFFLRQHVGHKLSHUVHQVLELOLGDG\FRQIOLFWRV
LQQHFHVDULRV (VWR VLJQLILFD TXH ODV SHUVRQDV
DXWRFUtWLFDVVDERWHDQODFHUFDQtD\HODSR\RTXHWDQWR
EXVFDQHQVXVUHODFLRQHV
0L DPLJD (PLO\ HUD DVt 'H SHTXHxD HUD XQD
QLxD WRUSH IODFXFKD \ H[WUHPDGDPHQWH WtPLGD 6X
PDGUH VHQWtD YHUJHQ]D GH HOOD \ VH OR GHFtD
FRQVWDQWHPHQWH ©¢3RU TXp WH TXHGDV VLHPSUH
HQFRJLGD HQ XQ ULQFyQ" 3RQWH GHUHFKD 3yUWDWH ELHQ
¢3RU TXp QR WH SDUHFHUiV PiV D WX KHUPDQD PD\RU"ª
(PLO\VHFRQYLUWLyHQEDLODULQDSURIHVLRQDOHQSDUWH
SDUD DFDOODU ODV FUtWLFDV GH VX PDGUH 3HQVDUiV TXH
XQD PXMHU KHUPRVD \ HOHJDQWH FRPR HOOD OR GHEHUtD
KDEHU WHQLGR IiFLO SDUD HQFRQWUDU XQD UHODFLyQ
VDWLVIDFWRULD\KDOODUHODPRU\ODDFHSWDFLyQTXHWDQWR
GHVHDED 3XHV QR (PLO\ QR WHQtD QLQJ~Q SUREOHPD
SDUD DWUDHU D ORV KRPEUHV \ FRPHQ]DU UHODFLRQHV
SHUR Vt OH FRVWDED PXFKR FRQVHJXLU TXH GXUDVHQ
(VWDEDWDQVHJXUDGHTXHODFRQVLGHUDEDQLQDGHFXDGD
TXH UHDFFLRQDED H[DJHUDGDPHQWH DO PiV PtQLPR
GHVSUHFLR GH VX SDUHMD /DV FRQGXFWDV LQRFHQWHV
FRPR ROYLGDUVH GH OODPDU OD SULPHUD QRFKH TXH pO
HVWDED IXHUD HQ YLDMH GH QHJRFLRV ODV YHtD FRPR
SUXHEDV GH TXH HQ UHDOLGDG QR VH SUHRFXSDED SRU
HOOD 6L OOHYDED XQ YHVWLGR QXHYR \ QR UHFLEtD XQ
FXPSOLGRVLJQLILFDEDTXHpOSHQVDEDTXHOHTXHGDED
PDO (VDV UHDFFLRQHV H[DJHUDGDV DFDEDEDQ
SURYRFDQGRTXHVXVSDUHMDVVHKDUWDVHQ\ODGHMDVHQ
'H HVH PRGR HO WHPRU GH (PLO\ DO UHFKD]R VH
WUDQVIRUPDEDHQUHDOLGDGXQD\RWUDYH]
3DUD HPSHRUDU WRGDYtD PiV ODV FRVDV ODV
SHUVRQDVTXHVHMX]JDQDVtPLVPDVFRQGXUH]DVXHOHQ
VHU VXV SHRUHV HQHPLJRV FXDQGR VH WUDWD GH HVFRJHU
SDUHMD %LOO 6ZDQQ SVLFyORJR VRFLDO DILUPD TXH ODV
SHUVRQDV TXHUHPRV TXH ORV GHPiV QRV FRQR]FDQ SRU
QXHVWUDV FUHHQFLDV \ QXHVWURV VHQWLPLHQWRV DFHUFD GH
QRVRWURV PLVPRV XQ PRGHOR FRQRFLGR FRPR ©WHRUtD
GH OD DXWRYHULILFDFLyQª  (Q RWUDV SDODEUDV
TXHUHPRV TXH OD YLVLyQ GH QRVRWURV PLVPRV VHD
YDOLGDGDSRUTXHQRVSURSRUFLRQDFLHUWDVHQVDFLyQGH
HVWDELOLGDG /D LQYHVWLJDFLyQ GH 6ZDQQ GHPXHVWUD
TXH LQFOXVR ODV SHUVRQDV TXH UHDOL]DQ HYDOXDFLRQHV
PX\ QHJDWLYDV GH Vt PLVPDV VLJXHQ HVH PRGHOR GH
FRQGXFWD%XVFDQODLQWHUDFFLyQFRQSHUVRQDVTXHQR
OHV FDHQ ELHQ SDUD TXH VXV H[SHULHQFLDV OHV UHVXOWHQ
PiVIDPLOLDUHV\FRKHUHQWHV
$KRUD \D VDEHV SRU TXp VLJXHV HOLJLHQGR D OD
SHUVRQDLQDGHFXDGD2SRUTXpORKDFHWXPDUDYLOORVR
\EULOODQWHDPLJR/DVSHUVRQDVDXWRFUtWLFDVVHVLHQWHQ
DWUDtGDV SRU SDUHMDV FUtWLFDV TXH FRQILUPDQ VXV
VHQWLPLHQWRVGHIDOWDGHYDOtD/DFHUWH]DGHOUHFKD]R
OHVKDFHVHQWLUPiVVHJXUDVTXHHOKHFKRGHQRVDEHUD
TXpDWHQHUVH(VORPDORFRQRFLGR3RUGHVJUDFLD\R
HVWR\PX\IDPLOLDUL]DGDFRQHVHSDWUyQGHVWUXFWLYR

0,+,6725,$$%$1'21$'$(,1',*1$'(6(5$0$'$

1XQFD IXL XQD DXWRFUtWLFD HVSHFLDOPHQWH GXUD DO

PHQRVQDGDIXHUDGHORQRUPDO3RUVXHUWHPLPDGUH
IXHXQDSUHVHQFLDPiVFDULxRVDTXHFUtWLFDGXUDQWHPL
LQIDQFLD D SHVDU GH TXH \R HUD EDVWDQWH PDOD /D
DXWRFUtWLFD UHVXOWD H[WUDRUGLQDULDPHQWH FRP~Q HQ
QXHVWUDVRFLHGDGVREUHWRGRHQWUHODVPXMHUHV<DPt
PH DIHFWDED HO PLVPR SUREOHPD TXH D PXFKDV KLMDV
SDSi
0LV SDGUHV VH FRQRFLHURQ HQ OD IDFXOWDG HQ HO
VXUGH&DOLIRUQLD(OODHUDODUHLQDGHODVILHVWDVXQD
EHOOH]D VX FLQWXUyQ VXV ]DSDWRV \ VX EROVR VLHPSUH
FRQMXQWDEDQeOHUDXQRGHORV©JUDQGHVªGHOFDPSXV
OLVWRDWOpWLFRDPELFLRVRJXDSR&XDQGRPLSDGUHVH
JUDGXyVHFDVDURQDOTXLODURQXQDFDVDHQODVDIXHUDV
\ WXYLHURQ GRV KLMRV HQFDQWDGRUHV XQ QLxR \ XQD
QLxD 0LSDGUHVHFRQYLUWLyPX\SURQWRHQXQMRYHQ\
SURPHWHGRU HMHFXWLYR GH XQD JUDQ HPSUHVD PLHQWUDV
TXHPLPDGUHGHMyGHHVWXGLDU\VHTXHGyHQFDVDDO
FXLGDGR GH ORV QLxRV (O VXHxR DPHULFDQR (O
SUREOHPDHUDTXHODGpFDGDGHKDEtDWHUPLQDGR
\ HVWiEDPRV HQ ORV DxRV VHVHQWD XQD pSRFD GH
UHYROXFLyQVRFLDOVLQSUHFHGHQWHV
0L SDGUH VH DPROGy D ORV FDPELRV \ VH GLR
FXHQWD GH TXH VX YLGD VH KDEtD FRQYHUWLGR HQ XQD
MDXOD GH FRQYHQFLRQDOLVPRV SHUR QR PDQHMy OD
VLWXDFLyQ FRQ PDGXUH] 1RV GHMy D PL PDGUH D PL
KHUPDQR\DPtFXDQGR\RWHQtDWUHVDxRVVHGHVSLGLy
GHO WUDEDMR VH FRQYLUWLy HQ XQ KLSSLH \ VH PDUFKy D
YLYLU D XQD FRPXQD HQ 0DXL +DZDL  $O YLYLU WDQ
OHMRV GH /RV ÈQJHOHV GRQGH HVWiEDPRV QRVRWURV
GXUDQWH PL LQIDQFLD VROR OR YL FDGD GRV R WUHV DxRV
SULQFLSDOPHQWH HQ ODV YDFDFLRQHV GH YHUDQR 
$XQTXH VH PRVWUDED FDULxRVR \ DWHQWR GXUDQWH ODV
YLVLWDV HVWDED DWUDSDGR HQ ©+LSSLHYLOOHª KDVWD HO
SXQWRGHTXHHUDLQFDSD]GHUHFRQRFHUTXHQRVKDEtD
DEDQGRQDGR©7RGRHVWiHQQXHVWURNDUPDªUHSHWtD
8QGtDFXDQGR\RWHQtDXQRVRFKRDxRVGHVSXpV
GHXWLOL]DUODSDODEUD©SDSiªHQHOWUDQVFXUVRGHXQD
FRQYHUVDFLyQFRQpOVHSXVRPX\VHULR\QRVSLGLyD
PLKHUPDQR\DPtTXHSRUIDYRUQRYROYLpVHPRVD
OODPDUOH DVt QXQFD PiV 4XHUtD TXH XWLOL]iVHPRV VX
QXHYR QRPEUH ©KHUPDQR 'LRQLVLRª SRUTXH ©WRGRV
VRPRV KHUPDQRV \ KHUPDQDV KLMRV GH 'LRVª <R PH
KDEtDDIHUUDGRDODIUiJLO\RFDVLRQDOUHODFLyQSDGUH
KLMDTXHWHQtDPRVSHURVXUHFKD]RGHOSDSHOGHSDGUH
IXH OD JRWD TXH FROPy HO YDVR 0L SDGUH PH KDEtD
DEDQGRQDGR GHO WRGR QR VROR ItVLFDPHQWH VLQR
WDPELpQ HPRFLRQDOPHQWH 6HQWt XQ YXHOFR HQ HO
FRUD]yQ SHUR IXL LQFDSD] GH OORUDU 1R SRGtD
H[SUHVDU QLQJXQD HPRFLyQ 1R TXHUtD DUULHVJDUPH D
HFKDU D SHUGHU OD FRQH[LyQ SRU HQGHEOH TXH IXHVH
TXH SXGLHVH TXHGDU HQWUH QRVRWURV $Vt GXUDQWH PiV
GHYHLQWHDxRVH[SHULPHQWpODGLItFLOVLWXDFLyQGHQR
VDEHU HQ ODV FRQWDGDV RFDVLRQHV HQ TXH OR YHtD
FyPR GLULJLUPH D pO (UD LQFDSD] GH XWLOL]DU VX
ULGtFXOR QRPEUH KLSSLH GH PDQHUD TXH DFDEp SRU
SUHVFLQGLU GH FXDOTXLHU RWUR QRPEUH ©0PP HK
SHUGRQD¢SXHGHVSDVDUPHODVDOSRUIDYRU"ª+XHOJD
GHFLU TXH HVH UHFKD]R SURYRFy FLFDWULFHV SURIXQGDV
HQPLSVLTXH
7HQGUtDLVTXHKDEHUYLVWRDORVFKLFRVTXHHOHJt
FRPR QRYLRV HQ HO LQVWLWXWR $XQTXH HUD XQD
HVWXGLDQWH H[FHOHQWH DWUDFWLYD \ DJUDGDEOH
EiVLFDPHQWH VROR PH JXVWDEDQ ORV TXH QR PH FDtDQ
ELHQ0HVHQWtDDWUDtGDSRUPXFKDFKRVFRQORVTXHQR
WHQtD QDGD TXH YHU 1R WHQtD QL LGHD GH PL SURSLD
YDOtD\HQFLHUWDPDQHUDHVWDEDLQWHQWDQGRUHFXSHUDU
ODUHODFLyQFRQPLSDGUH LQFRQVFLHQWHPHQWHWHQtDOD
HVSHUDQ]D GH SRGHU WUDQVIRUPDU PL H[SHULHQFLD GH
UHFKD]R HQ XQD GH DFHSWDFLyQ FRPR SRU DUWH GH
PDJLD  &DVL WRGRV PLV QRYLRV DFDEDURQ GHMiQGRPH
FRVD TXH PH VRUSUHQGLy HQ DTXHO PRPHQWR SHUR TXH
DKRUD FRQ OR TXH Vp YHR TXH WLHQH PXFKR VHQWLGR
6LPSOHPHQWH HVWDED UHFUHDQGR VLWXDFLRQHV TXH
YDOLGDEDQ PL VHQWLGR GHO \R FRPR XQD FKLFD LQGLJQD
GH VHU DPDGD TXH VLHPSUH WHUPLQDUtD VLHQGR
DEDQGRQDGD

¢+$67$'Ï1'(62<&$3$='(//(*$5"

$XQTXHPLVVHQWLPLHQWRVGHLQVHJXULGDGPHOOHYDURQ
D WRPDU GHFLVLRQHV HUUyQHDV DGHPiV GH KDFHUPH
LQIHOL]QRIXLXQFDVRH[WUHPR3RUGHVJUDFLDHOGDxR
FDXVDGR SRU ODV FUtWLFDV D XQR PLVPR SXHGH VHU
PXFKtVLPR SHRU /RV VHQWLPLHQWRV GH LQHSWLWXG H
LQIHULRULGDG VH DVRFLDQ FRQ FRQGXFWDV
DXWRGHVWUXFWLYDV FRPR HO FRQVXPR GH GURJDV \
DOFRKRO OD FRQGXFFLyQ WHPHUDULD R SURYRFDUVH
OHVLRQHVDXQRPLVPR TXHHQUHDOLGDGVRQLQWHQWRVGH
H[WHULRUL]DU\OLEHUDUHOGRORUHPRFLRQDO(QFDVRV
H[WUHPRVFXDQGRODDXWRFUtWLFDGXUDPXFKRVDxRVVLQ
VHUGHWHFWDGD\HOPDOWUDWRFRQVWDQWHDXQRPLVPRVH
FRQYLHUWH HQ OR KDELWXDO DOJXQDV SHUVRQDV RSWDQ SRU
KXLU GHO GRORU DFDEDQGR FRQ VX YLGD 'LYHUVRV
HVWXGLRV D JUDQ HVFDOD UHYHODQ TXH ORV DXWRFUtWLFRV
H[WUHPRV WLHQHQ PXFKDV PiV SUREDELOLGDGHV GH
LQWHQWDUVXLFLGDUVHTXHHOUHVWRGHODSREODFLyQ/RV
VHQWLPLHQWRV GH YHUJHQ]D H LQVLJQLILFDQFLD OHV
SXHGHQ OOHYDU D LQIUDYDORUDUVH KDVWD HO SXQWR GH
VXSHUDUHOLQVWLQWRPiVEiVLFR\IXQGDPHQWDOHOGHOD
VXSHUYLYHQFLD /RV SDWURQHV GH SHQVDPLHQWR TXH
UHODFLRQDQ OD DXWRFUtWLFD FRQ HO VXLFLGLR TXHGDQ
SDWHQWHV HQ HVWD HQWUDGD GH XQ EORJ GH XQD SiJLQD
VREUHODGHSUHVLyQ
/OHYRWRGDODYLGDFRQGHSUHVLyQ6LHPSUHKHVHQWLGRTXHDOJRHQ
PtIXQFLRQDEDPDO\TXHHUDHVW~SLGDIHD\YXOJDU4XLHURWHQHU
PiVDPLJRVSHURQRVpFyPRKDFHUOR+HOOHJDGRDWHQHUXQRR
GRVDPLJRVDODYH]SHURQRPHGXUDQ$OJXQRVPHWUDLFLRQDQ\
PH KDFHQ GDxR \ QXQFD Vp TXp KH KHFKR SDUD TXH PH RGLHQ
WDQWR 1R KDEOR PXFKR FXDQGR HVWR\ FRQ JHQWH SDUD QR GHFLU
WRQWHUtDV\TXHQDGLHVHUtDGHPt\PHKXPLOOH$VtTXHVLDOJXLHQ
HVDPDEOH\TXLHUHHVWDUFRQPLJR\RORDOHMRWDUGHRWHPSUDQR$
YHFHVPHVLHQWRWDQVRODTXHFUHRTXHVHUtDPHMRUHVWDUPXHUWD
3LHQVRHQODPXHUWHSRUTXHQRYDOJRSDUDQDGD\QDGLHPHTXLHUH
<R QR PH TXLHUR (VWDU PXHUWD WLHQH TXH VHU PHMRU TXH VHQWLUVH
PXHUWDSRUGHQWUR

(VWD WUiJLFD PDQHUD GH SHQVDU HV PXFKR PiV

KDELWXDO GH OR TXH FDEUtD HVSHUDU 6H FDOFXOD TXH HQ
WRGR HO PXQGR VH SURGXFHQ HQWUH GLH] \ YHLQWH
PLOORQHV GH LQWHQWRV GH VXLFLGLR FDGD DxR 3RU
GHVJUDFLD HVWH DFWR H[WUHPR GH YLROHQFLD KDFLD XQR
PLVPR VXHOH VHU XQD PDQLIHVWDFLyQ H[WHULRU GH OD
YLROHQFLD LQWHULRU TXH PXFKRV FRQRFHPRV OD
DXWRFUtWLFDGHVSLDGDGD

/$6$/,'$

$XQTXH HV LPSRUWDQWH TXH YHDPRV FRQ FODULGDG

QXHVWURV SDWURQHV SVLFROyJLFRV UHVXOWD LJXDOPHQWH
LPSRUWDQWH TXH QR QRV MX]JXHPRV SRU HOORV 6L WH
FULWLFDVKDELWXDOPHQWHUHFXHUGDTXHWXFRQGXFWDHVHQ
UHDOLGDGXQDPDQHUDFRPSOHMDGHFXLGDUWHXQLQWHQWR
GHPDQWHQHUWHDVDOYR\HQHOEXHQFDPLQR1RHVWX
LQWHQFLyQPDOWUDWDUWHSRUTXHVtFRQODYDQDHVSHUDQ]D
GHGHMDUGHKDFHUORDOJ~QGtD'HOPLVPRPRGRTXH
HO RGLR QR SXHGH YHQFHU DO RGLR VROR OR UHIXHU]D 
MX]JDUVH D XQR PLVPR QR SXHGH DFDEDU FRQ OD
DXWRFUtWLFD
3RU WDQWR OD PHMRU PDQHUD GH FRQWUDUUHVWDU OD
FUtWLFD GHVWUXFWLYD KDFLD XQR PLVPR FRQVLVWH HQ
HQWHQGHUOD VHQWLU FRPSDVLyQ SRU HOOD \ ILQDOPHQWH
VXVWLWXLUOD SRU XQD UHVSXHVWD PiV DPDEOH 6L QRV
SHUPLWLPRV FRQPRYHUQRV SRU HO VXIULPLHQWR TXH
H[SHULPHQWDPRV HQ PDQRV GH QXHVWUD DXWRFUtWLFD
UHIRU]DUHPRV QXHVWUR GHVHR GH VDQDU 'HVSXpV GH
GDUQRV FDEH]D]RV FRQWUD OD SDUHG XQD \ RWUD YH]
GHFLGLUHPRV TXH \D HV VXILFLHQWH \ H[LJLUHPRV HO ILQ
GHOGRORUTXHQRVSURYRFDPRVDQRVRWURVPLVPRV
3RUVXHUWHSRGHPRVSURSRUFLRQDUQRVDQRVRWURV
PLVPRV OD VHJXULGDG \ HO FXLGDGR TXH GHVHDPRV
7HQHPRV OD FDSDFLGDG GH UHFRQRFHU TXH ORV SXQWRV
GpELOHV \ OD LPSHUIHFFLyQ IRUPDQ SDUWH GH QXHVWUD
H[SHULHQFLD KXPDQD FRPSDUWLGD 3RGHPRV VHQWLUQRV
PiV FRQHFWDGRV FRQ QXHVWURV FRPSDxHURV GH YLDMH
WDQLPSHUIHFWRV\YXOQHUDEOHVFRPRQRVRWURV
$O PLVPR WLHPSR SRGHPRV GHMDU D XQ ODGR OD
QHFHVLGDG GH VHQWLUQRV PHMRUHV TXH ORV GHPiV \ YHU
ODVGLVWRUVLRQHVLQWHUHVDGDVTXHLQIODQQXHVWURVHJRVD
H[SHQVDVGHORVGHPiV
< HQ FXDOTXLHU FDVR ¢TXLpQ TXLHUH TXHGDUVH
SDUD VLHPSUH HQ XQD FDMD TXH OOHYD OD HWLTXHWD GH
©EXHQRª" ¢1R UHVXOWD PiV LQWHUHVDQWH GLVIUXWDU GH
WRGDODYDULHGDGGHODH[SHULHQFLDKXPDQD"(QOXJDU
GHLQWHQWDUFRQWURODUQRVDQRVRWURVPLVPRV\DQXHVWUD
SURSLD YLGD SDUD FRQVHJXLU XQ LGHDO SHUIHFFLRQLVWD
¢SRU TXp QR WRPDPRV OD YLGD WDO FRPR HV FRQ VXV
OXFHV \ VXV VRPEUDV" ¢4Xp DYHQWXUDV SRGUtDQ
VRUSUHQGHUQRV VL QRV OLEHUDPRV GH HVH PRGR" /D
IHOLFLGDGVHHQFXHQWUDFXDQGRQRVGHMDPRVOOHYDUFRQ
HOIOXMRGHODYLGDQRFXDQGROXFKDPRVFRQWUDpO\OD
FRPSDVLyQ KDFLD XQR PLVPR SXHGH D\XGDUQRV D
QDYHJDUSRUHVDVFRUULHQWHVWXUEXOHQWDVFRQVDELGXUtD
\DFHSWDFLyQHQHOFRUD]yQ

(-(5&,&,2

(OFUtWLFRHOFULWLFDGR\HOREVHUYDGRUFRPSDVLYR

(VWHHMHUFLFLRVHEDVDHQHOGLiORJRGHODVGRVVLOODVHVWXGLDGRSRU
OD WHUDSHXWD JHVWiOWLFD /HVOLH *UHHQEHUJ /RV FOLHQWHV VH VLHQWDQ
HQVLOODVGLIHUHQWHVSDUDHQWUDUHQFRQWDFWRFRQGLVWLQWDVSDUWHVGH
Vt PLVPRV SRU OR JHQHUDO HQ FRQIOLFWR \ H[SHULPHQWDU FDGD
DVSHFWRHQPRPHQWRVGLIHUHQWHV
3DUD HPSH]DU FRORFD WUHV VLOODV YDFtDV D VHU SRVLEOH
IRUPDQGRXQWULiQJXOR $FRQWLQXDFLyQSLHQVDHQXQWHPDTXHWH
SUHRFXSH D PHQXGR \ SRU HO TXH VXHODV FULWLFDUWH GXUDPHQWH D WL
PLVPR 'HVLJQD XQD VLOOD SDUD OD YR] GH WX FUtWLFR LQWHULRU XQD
SDUDODYR]GHODSDUWHGHWLTXHVHVLHQWHMX]JDGD\FULWLFDGD\OD
~OWLPDVLOODSDUDODYR]GHXQREVHUYDGRUVDELR\FRPSDVLYR9DVD
LQWHUSUHWDU HVDV WUHV SDUWHV GH WL PLVPR W~ W~ \ W~  3XHGH
SDUHFHUWHXQSRFRDEVXUGRDOSULQFLSLRSHURHVPX\SRVLEOHTXHWH
VRUSUHQGD HO UHVXOWDGR FXDQGR HPSLHFHV D GHMDU TXH WXV
VHQWLPLHQWRVIOX\DQ

 3LHQVD HQ WX ©WHPDª \ VLpQWDWH HQ OD VLOOD GHO FUtWLFR LQWHULRU
&XDQGRWRPHVDVLHQWRH[SUHVDHQYR]DOWDORTXHSLHQVD\VLHQWH
ODSDUWHFUtWLFDGHWL3RUHMHPSOR©2GLRTXHVHDVWDQFREDUGH\
TXHWHQJDVWDQSRFRFDUiFWHUª)tMDWHHQODVSDODEUDV\HQHOWRQR
GH YR] TXH XWLOL]D WX SDUWH FUtWLFD \ WDPELpQ HQ FyPR WH VLHQWHV
¢SUHRFXSDGR HQIDGDGR IDOVR H[DVSHUDGR" 2EVHUYD WX SRVWXUD
FRUSRUDO¢IXHUWHUtJLGDUHFWD"
 $ FRQWLQXDFLyQ RFXSD OD VLOOD GHO DVSHFWR FULWLFDGR ,QWHQWD
HQWUDU HQ FRQWDFWR FRQ WXV VHQWLPLHQWRV DO VHU MX]JDGR GH HVD
PDQHUD([SOLFDFyPRWHVLHQWHVUHVSRQGHGHPDQHUDGLUHFWDDWX
FUtWLFR LQWHULRU 3RU HMHPSOR ©0H KDFHV GDxRª R ©6LHQWR TXH QR
PH DSR\DVª 9HUEDOL]D OR TXH WH YHQJD D OD PHQWH 'H QXHYR
ItMDWHHQWXWRQRGHYR]¢(VWULVWHGHVDQLPDGRLQIDQWLODVXVWDGR
LQGHIHQVR" ¢&yPR HV WX SRVWXUD FRUSRUDO" ¢(VWiV HQFRJLGR FRQ
ODFDEH]DJDFKDFRQHOFHxRIUXQFLGR"
 +D] TXH GLDORJXHQ HVDV GRV SDUWHV GH WL PLVPR SDUD HOOR YH
FDPELDQGR GH OD VLOOD GHO FUtWLFR D OD GHO FULWLFDGR 3RQ WRGR WX
HPSHxR HQ TXH FDGD SDUWH GH WL PLVPR VHSD FyPR VH VLHQWH OD
RWUDSDUWH\GHMDTXHFDGDXQDH[SUHVHVXVSXQWRVGHYLVWD\VHD
HVFXFKDGD
2FXSDODVLOODGHOREVHUYDGRUFRPSDVLYR$SHODDWXVDELGXUtD
PiV SURIXQGD D WX SDUWH PiV DPDEOH \ GLUtJHWH DO FUtWLFR \ DO
FULWLFDGR ¢4Xp OH GLFH WX \R FRPSDVLYR DO FUtWLFR TXp SXQWR GH
YLVWD WLHQH" 3RU HMHPSOR ©7H SDUHFHV D WX PDGUH KDEODQGRª R
©9HRTXHHVWiVUHDOPHQWHDVXVWDGR\TXHLQWHQWDVD\XGDUPHSDUD
TXHQRPHFRPSOLTXHODYLGDª¢4XpOHGLFHWX\RFRPSDVLYRDWX
SDUWH FUtWLFD" 3RU HMHPSOR ©'HEH VHU PX\ GLItFLO HVFXFKDU HVRV
MXLFLRVWDQGXURVFRQWLQXDPHQWH9HRTXHWHHVWiVKDFLHQGRPXFKR
GDxRªR©/R~QLFRTXHTXLHUHVHVTXHWHDFHSWHQWDOFRPRHUHVª
,QWHQWD UHODMDUWH TXH WX FRUD]yQ VH FDOPH \ VH DEUD ¢4Xp
SDODEUDVGHFRPSDVLyQVHWHRFXUUHQ"¢&yPRHVWXWRQRGHYR]"
¢7LHUQR VXDYH FiOLGR" ¢< WX SRVWXUD FRUSRUDO" ¢(TXLOLEUDGD
FHQWUDGDUHODMDGD"
 &XDQGR FUHDV TXH HO GLiORJR KD OOHJDGR D VX ILQ UHIOH[LRQD
VREUH OR RFXUULGR ¢7LHQHV QXHYRV SXQWRV GH YLVWD VREUH OD
SURFHGHQFLD GH WXV SDWURQHV QXHYDV PDQHUDV GH SHQVDU PiV
SRVLWLYDV DFHUFD GH WX VLWXDFLyQ" 0LHQWUDV UHIOH[LRQDV VREUH OR
TXH KDV DSUHQGLGR SRQWH FRPR REMHWLYR UHODFLRQDUWH FRQWLJR
PLVPR GH XQ PRGR PiV DPDEOH \ VDQR HQ HO IXWXUR 3XHGHV
GHFODUDU XQD WUHJXD HQ WX JXHUUD LQWHUQD /D SD] HV SRVLEOH 7X
YLHMD FRVWXPEUH GH FULWLFDUWH D WL PLVPR QR WLHQH SRU TXp
JREHUQDUWHSDUDVLHPSUH/RTXHWLHQHVTXHKDFHUHVHVFXFKDUOD
YR]TXH\DHVWiDKtDXQTXHVHDXQSRFRHVFRQGLGDWX\RVDELR\
FRPSDVLYR
 6(*81'$3$57(

/26&20321(17(6'(/$&203$6,Ï1
+$&,$8120,602
 &DStWXOR

/$%21'$'+$&,$8120,602

&XDQGRHPSLH]DVDFRQWDFWDUFRQWXFRUD]yQRDGHMDUTXHRWURV
FRQWDFWHQFRQpOHPSLH]DVDGHVFXEULUTXHQRWLHQHIRQGRQLILQDO
TXHHVHQRUPHLQPHQVRHLOLPLWDGR(PSLH]DVDGHVFXEULUFXiQWR
FDORUGHOLFDGH]D\HVSDFLRKD\HQVXLQWHULRU
3(0$&+g'5g1(PSLH]DGRQGHHVWiV

7DO FRPR \R OD FRQFLER OD FRPSDVLyQ KDFLD XQR

PLVPR DEDUFD WUHV HOHPHQWRV IXQGDPHQWDOHV (Q
SULPHU OXJDU UHTXLHUH ERQGDG KDFLD XQR PLVPR VHU
DPDEOH \ FRPSUHQVLYR FRQ XQR PLVPR HQ OXJDU GH
FUtWLFR (Q VHJXQGR OXJDU HV QHFHVDULR TXH
UHFRQR]FDPRVQXHVWUDKXPDQLGDGHQFRP~QVHQWLUQRV
FRQHFWDGRVFRQORVGHPiVHQODH[SHULHQFLDGHYLYLU\
QRDLVODGRV\DOLHQDGRVSRUHOVXIULPLHQWR(QWHUFHU
OXJDU UHTXLHUH DWHQFLyQ SOHQD R PLQGIXOQHVV YLYLU
QXHVWUD H[SHULHQFLD FRQVFLHQWHPHQWH \ QR LJQRUDU HO
GRORU QL WDPSRFR H[DJHUDUOR 'HEHPRV FRQVHJXLU \
FRPELQDUHVWRVWUHVHOHPHQWRVHVHQFLDOHVSDUDOOHJDU
D OD DXWpQWLFD FRPSDVLyQ KDFLD XQR PLVPR (VWH
FDStWXOR \ ORV GRV VLJXLHQWHV VH FHQWUDQ HQ FDGD
HOHPHQWR SRU VHSDUDGR \D TXH ORV WUHV WLHQHQ OD
PLVPDLPSRUWDQFLD(PSH]DUHPRVFRQHOTXHWDOYH]
VHDHOFRPSRQHQWHPiVREYLRGHODFRPSDVLyQKDFLD
XQRPLVPRODERQGDG

(/&$0,12'(/$%21'$'+$&,$8120,602

/D FXOWXUD RFFLGHQWDO RWRUJD PXFKD LPSRUWDQFLD D OD

LGHD GH VHU EXHQRV FRQ ORV DPLJRV ORV IDPLOLDUHV \
ORV YHFLQRV TXH OR SDVDQ PDO 1R RFXUUH OR PLVPR
FXDQGR VH WUDWD GH QRVRWURV &XDQGR FRPHWHPRV XQ
HUURU R IUDFDVDPRV HQ DOJR WHQGHPRV D PDOWUDWDUQRV
HQ OXJDU GH SDVDUQRV XQ EUD]R SRU ORV KRPEURV HQ
VHxDO GH DSR\R 6REUH WRGR VL FUHHPRV TXH
FRQVRODUQRV GH HVD PDQHUD HV XQD LGHD DEVXUGD
$XQTXH QXHVWURV SUREOHPDV VH GHEDQ D IXHU]DV TXH
HVFDSDQDQXHVWURFRQWUROODERQGDGKDFLDXQRPLVPR
QR VXHOH VHU XQD DFWLWXG YDORUDGD HQ QXHVWUD FXOWXUD
(Q DOJ~Q PRPHQWR QRV KLFLHURQ FUHHU TXH ORV
LQGLYLGXRVIXHUWHVWLHQHQTXHVHUHVWRLFRV\PDQWHQHU
HQVLOHQFLRVXSURSLRVXIULPLHQWR FRPR-RKQ:D\QH
HQ XQD SHOtFXOD GHO RHVWH  3RU GHVJUDFLD HVDV
DFWLWXGHV QRV GHVSRMDQ GH XQR GH QXHVWURV
PHFDQLVPRV GH GHIHQVD PiV SRGHURVRV SDUD KDFHU
IUHQWHDODVGLILFXOWDGHVGHODYLGD
/D ERQGDG KDFLD XQR PLVPR SRU GHILQLFLyQ
FRQVLVWHHQGHMDUGHMX]JDUVH\GHHPLWLUFRPHQWDULRV
LQWHUQRVGHQLJUDQWHVDOJRTXHODPD\RUtDGHQRVRWURV
OOHJDPRV D FRQVLGHUDU QRUPDO 5HTXLHUH TXH
HQWHQGDPRV QXHVWURV SXQWRV GpELOHV \ QXHVWURV
IUDFDVRV HQ OXJDU GH FRQGHQDUORV (V QHFHVDULR TXH
QRV GHPRV FXHQWD GH KDVWD TXp SXQWR QRV KDFHPRV
GDxRFRQODDXWRFUtWLFDFRQVWDQWHSDUDDVtSRQHUILQD
QXHVWUDJXHUUDLQWHUQD
/D ERQGDG QR REVWDQWH LPSOLFD DOJR PiV TXH
GHMDU GH MX]JDUQRV &RQVLVWH HQ FRQVRODUQRV
DFWLYDPHQWHUHVSRQGLHQGRWDOFRPRORKDUtDPRVDQWH
XQ EXHQ DPLJR FRQ GLILFXOWDGHV 6LJQLILFD TXH QRV
GHPRV SHUPLVR SDUD FRQPRYHUQRV HPRFLRQDOPHQWH
DQWHQXHVWURSURSLRGRORU\TXHKDJDPRVXQDOWRSDUD
GHFLU ©/D VLWXDFLyQ HV PX\ GLItFLO ¢&yPR SXHGR
FXLGDUPH \ FRQVRODUPH HQ HVWH PRPHQWR"ª &RQ OD
ERQGDG KDFLD QRVRWURV PLVPRV DSDFLJXDPRV QXHVWUD
PHQWH DWRUPHQWDGD 1RV UHJDODPRV SD] FDORU
DPDELOLGDG \ HPSDWtD D QRVRWURV PLVPRV SDUD TXH
SXHGDSURGXFLUVHXQDDXWpQWLFDFXUDFLyQ
< VL QXHVWUR GRORU VH GHEH D XQ HUURU HV HO
PRPHQWRSUHFLVRGHEULQGDUQRVFRPSDVLyQDQRVRWURV
PLVPRV5HFXHUGRDOJRTXHPHRFXUULyFXDQGRLEDDO
LQVWLWXWR <R HVWDED FRODGD SRU XQ FKLFR \ WHQtD PL
SULPHUDFLWDFRQpO(VWDEDXQSRFRUHVIULDGDSHURQR
OHGLLPSRUWDQFLD0LHQWUDVKDEODED\UHtDLQWHQWDQGR
LPSUHVLRQDUOHFRQOROLVWD\ORGLYHUWLGDTXHHUDPH
PLUy GH UHRMR \ DUTXHy ODV FHMDV 0H FDOOp
SUHJXQWiQGRPHTXpRFXUUtD©0HQXGRPRFRªGLMRpO
0H VHQWt KXQGLGD SRU OD YHUJHQ]D \ OD
KXPLOODFLyQ GXUDQWH VHPDQDV 0H VHQWtD
FRPSOHWDPHQWHLGLRWD\PHORUHSHWtDDPtPLVPDXQD
\ RWUD YH] 2MDOi KXELHVH VDELGR HQWRQFHV OR TXH Vp
DKRUD
(Q OXJDU GH PDOWUDWDUQRV VLQ SLHGDG FXDQGR
IDOODPRV DXQTXH VH WUDWH GH XQ HUURU HVSHFWDFXODU
WHQHPRVRWUDRSFLyQ3RGHPRVUHFRQRFHUTXHWRGRHO
PXQGRVHHTXLYRFDGHYH]HQFXDQGR\WUDWDUQRVFRQ
DPDELOLGDG $ OR PHMRU QR VXSLPRV GDU HO SDVR
FRUUHFWR SHUR OR LQWHQWDPRV \ ORV IUDFDVRV IRUPDQ
XQD SDUWH LQHYLWDEOH GH OD YLGD 8QD SDUWH PX\
UHVSHWDEOHSDUDVHUH[DFWRV
/R WULVWH VLQ HPEDUJR HV TXH PXFKDV SHUVRQDV
FUHHQTXHQRGHEHQVHUEXHQDVFRQVLJRPLVPDVVREUH
WRGR VL KDQ UHFLELGR HVH PHQVDMH HQ OD LQIDQFLD (
LQFOXVR DTXHOODV TXH GHVHDQ VHU EXHQDV FRQVLJR
PLVPDV TXH VH GHVKDUtDQ GH VX WLUDQR LQWHULRU VL
SXGLHVHQVXHOHQFUHHUTXHHVHFDPELRQRHVSRVLEOH
< HV TXH WLHQHQ WDQ DUUDLJDGR HO KiELWR GH OD
DXWRFUtWLFDTXHQRVHFRQVLGHUDQFDSDFHVGHSUDFWLFDU
ODERQGDGKDFLDVtPLVPRV3RUVXHUWHVHUEXHQRFRQ
XQRPLVPRHVPiVIiFLOGHORTXHFUHHV

(/6,67(0$'($3(*2</26&8,'$'26

(OFHUHEUR\HOFXHUSRSRVHHQODFDSDFLGDGLQQDWDGH
GDU\UHFLELUFXLGDGRV(VWDFXDOLGDGIRUPDSDUWHGH
QXHVWUD KHUHQFLD JHQpWLFD /D VXSHUYLYHQFLD QR
GHSHQGH VROR GHO LQVWLQWR GH OXFKD R KXLGD VLQR
WDPELpQGHOGH©FXLGDU\IUDWHUQL]DUª(QPRPHQWRV
GHDPHQD]DRHVWUpVORVDQLPDOHVTXHSURWHJHQDVXV
FDFKRUURVWLHQHQPiVSUREDELOLGDGHVGHWUDQVPLWLUVXV
JHQHV FRQ p[LWR D OD VLJXLHQWH JHQHUDFLyQ 3RU HVWH
PRWLYRFXLGDUGHORVGHPiVSRVHHXQDFODUDIXQFLyQ
GHDGDSWDFLyQ
3RU HVWD UD]yQ WRGRV ORV PDPtIHURV QDFHPRV
FRQ XQ ©VLVWHPD GH DSHJRª XQ FRQMXQWR GH
FRPSRUWDPLHQWRV TXH SHUPLWHQ HVWDEOHFHU YtQFXORV
HPRFLRQDOHVVyOLGRVHQWUHORVFXLGDGRUHV\VXVFUtDV
$GLIHUHQFLDGHORVUHSWLOHVTXHVHSUHRFXSDQPHQRV
GH VXV FUtDV FXDQGR VDOHQ GHO FDVFDUyQ OR FLHUWR HV
TXH HQ PXFKRV FDVRV VH ODV FRPHQ  ORV PDPtIHURV
LQYLHUWHQ PXFKR WLHPSR \ HQHUJtDV HQ FXLGDU GH VXV
FDFKRUURVVHDVHJXUDQGHTXHHVWpQELHQDOLPHQWDGRV
\ OHV SURSRUFLRQDQ DIHFWR \ VHJXULGDG $O QDFHU ORV
PDPtIHURV VH HQFXHQWUDQ HQ XQ HVWDGR LQPDGXUR 1R
SXHGHQFXLGDUGHVtPLVPRV\GHSHQGHQGHVXVSDGUHV
KDVWD TXH HVWiQ OLVWRV SDUD DEDQGRQDU HO KRJDU /D
HYROXFLyQ KD JDUDQWL]DGR TXH ORV PDPtIHURV SXHGDQ
GDU\UHFLELUFXLGDGRVGHPDQHUDTXHORVSDGUHVQR
DEDQGRQDQDVXVFUtDVGHVSXpVGHOQDFLPLHQWR\HVWDV
QRVHDYHQWXUDQDHQIUHQWDUVHVRODVDORVSHOLJURV/D
HPRFLyQ TXH SURGXFH FXLGDU GH XQ VHU YLYR QRV
UHVXOWD QDWXUDO SRUTXH VLQ HOOD QXHVWUD HVSHFLH QR
SRGUtDVREUHYLYLU(VWRVLJQLILFDTXHODFDSDFLGDGGH
VHQWLU DIHFWR \ FRQH[LyQ IRUPD SDUWH GH QXHVWUD
QDWXUDOH]D ELROyJLFD 1XHVWUR FHUHEUR HVWi GLVHxDGR
SDUDFXLGDUGHORVGHPiV
(OFRQRFLGRSVLFyORJR+DUU\+DUORZIXHXQRGH
ORV SULPHURV TXH H[DPLQy HO GHVDUUROOR GHO VLVWHPD
GHDSHJRGHORVPDPtIHURVHQODGpFDGDGH(Q
XQD VHULH GH H[SHULPHQWRV LQJHQLRVRV DXQTXH
FXHVWLRQDEOHVGHVGHHOSXQWRGHYLVWDpWLFR +DUORZ
HVWXGLy OD FRQGXFWD GH PDFDFRV UHFLpQ QDFLGRV
VHSDUDGRVGHVXVPDGUHV\FULDGRVVRORVHQXQDMDXOD
/D FXHVWLyQ HUD FRPSUREDU VL ODV FUtDV GH PDFDFR
SDVDEDQ PiV WLHPSR FRQ XQD IDOVD PDGUH GH IHOSD
VXDYH TXHDOPHQRVRIUHFtDDOJRGHFDORU RFRQXQD
ILJXUD IUtD GH WHOD PHWiOLFD TXH GLVSRQtD GH XQ
GLVSHQVDGRUGHOHFKH/DUHVSXHVWDIXHPX\FODUD/DV
FUtDV VH DIHUUDEDQ D VXV ©PDPiVª GH IHOSD FRPR VL
OHV IXHVH OD YLGD HQ HOOR \ VROR VH DFHUFDEDQ D ODV
ILJXUDVGHDODPEUHHOWLHPSRMXVWRSDUDWRPDUXQSRFR
GHOHFKH/RVRUSUHQGHQWHGHHVWHH[SHULPHQWRHVTXH
HOFRQVXHORHPRFLRQDOTXHRIUHFtDXQDILJXUDGHWHOD
PXOOLGD GHVDUUROOy HQ ORV PDFDFRV XQ HVWtPXOR PiV
LQWHQVR TXH HO DOLPHQWR /RV FXLGDGRV UHVXOWDURQ WDQ
LPSRUWDQWHVFRPRODQXWULFLyQGHVGHHOSXQWRGHYLVWD
GH OD QHFHVLGDG GH VXSHUYLYHQFLD &RPR GLFH OD
%LEOLD©1RVRORGHSDQYLYHHOKRPEUHª$WUDYpVGH
VXV H[SHULPHQWRV +DUORZ SHQVy TXH KDEtD REWHQLGR
SUXHEDVGHORVIXQGDPHQWRVELROyJLFRVGHOVLVWHPDGH
DSHJR
-RKQ %RZOE\ RWUR LQIOX\HQWH SVLFyORJR GH OD
PLVPD pSRFD TXH +DUORZ OOHYy XQ SDVR PiV DOOi HO
HVWXGLR GHO DSHJR SHUR HVWD YH] FRQ KXPDQRV 6X
KLSyWHVLV HUD TXH ORV EHEpV GHVDUUROODQ XQ QH[R GH
DSHJR VHJXUR FRQ VXV SDGUHV FXDQGR VH VDWLVIDFHQ
SOHQDPHQWH VXV QHFHVLGDGHV 6L ORV QLxRV UHFLEHQ
FRQVXHOR \ DSR\R GH VXV SDGUHV FXDQGR HVWiQ
PROHVWRV R DVXVWDGRV DSUHQGHQ D FRQILDU HQ HOORV
&DGDYH]TXHXQDPDGUHWRPDHQEUD]RV\DFXQDDVX
EHEpFXDQGROORUDHVWHHPSLH]DDVHQWLUTXHHOPXQGR
HV XQ OXJDU VHJXUR \ TXH SXHGH UHFXUULU D PDPi HQ
EXVFD GH DSR\R VLHPSUH TXH OR QHFHVLWH 'H HVWH
PRGR ORV QLxRV XWLOL]DQ D VXV SDGUHV FRPR ©EDVH
VHJXUDª OR TXH VLJQLILFD TXH SXHGHQ H[SORUDU VLQ
PLHGR HO PXQGR TXH OHV URGHD SRUTXH VDEHQ TXH
VLHPSUH SRGUiQ SHGLU D\XGD FXDQGR OD QHFHVLWHQ 6L
ORV SDGUHV QR RIUHFHQ XQ DSR\R FRQVWDQWH R VL
PXHVWUDQ XQD DFWLWXG IUtD \ GH UHFKD]R ORV QLxRV
GHVDUUROODQORTXHVHFRQRFHFRPR©YtQFXORGHDSHJR
LQVHJXURª (VWD LQVHJXULGDG KDFH TXH ORV QLxRV QR
FRQItHQ HQ VXV SDGUHV SDUD FDOPDU VXV LQTXLHWXGHV
SDUD TXH OHV FRQVXHOHQ \ OHV GHQ EHVRV FXDQGR VH
KDFHQGDxR$SUHQGHQTXHHOPXQGRQRHVVHJXURTXH
QRSXHGHQGHSHQGHUGHVXVSDGUHV(QHVWHFRQWH[WR
ORV QLxRV QR GHVDUUROODQ OD FRQILDQ]D QHFHVDULD SDUD
H[SORUDU HO PXQGR \ HVD IDOWD GH FRQILDQ]D
QRUPDOPHQWHFRQWLQ~DKDVWDODHGDGDGXOWD
%RZOE\ DILUPy TXH ORV YtQFXORV GH DSHJR
WHPSUDQRVFRQORVSDGUHVLQIOX\HQHQODIRUPDFLyQGH
QXHVWUR ©PRGHOR GH IXQFLRQDPLHQWR LQWHUQRª HQ
UHODFLyQFRQORVGHPiV6HWUDWDGHXQUHWUDWRPHQWDO
LQFRQVFLHQWH \ SURIXQGR GH TXLpQHV VRPRV \ TXp
SRGHPRV HVSHUDU GH ORV GHPiV 6L ORV QLxRV
HVWDEOHFHQXQYtQFXORVHJXURFRQVXVSDGUHVVLHQWHQ
TXH VRQ GLJQRV GH VHU DPDGRV $O FUHFHU VH
FRQYLHUWHQHQDGXOWRVVDQRV\IHOLFHVVHJXURVGHTXH
SXHGHQ FRQWDU FRQ ORV GHPiV FXDQGR QHFHVLWHQ
FRQVXHOR\DSR\R(QFDPELRVLORVQLxRVHVWDEOHFHQ
XQRV YtQFXORV LQVHJXURV WLHQGHQ D VHQWLU TXH QR VRQ
GLJQRVGHDPRU\TXHQRSXHGHQFRQILDUHQORVGHPiV
'H HVWH PRGR VH FUHD XQ VHQWLPLHQWR GH LQVHJXULGDG
JHQHUDOL]DGRTXHSXHGHSURYRFDUWHQVLyQHPRFLRQDOD
ODUJR SOD]R H LQIOXLU HQ OD FDSDFLGDG GH GHVDUUROODU
UHODFLRQHV FHUFDQDV \ HVWDEOHV HQ HWDSDV SRVWHULRUHV
GHODYLGD
3RU WDQWR QR HV GH H[WUDxDU TXH QXHVWUD
LQYHVWLJDFLyQ GHPXHVWUH TXH ODV SHUVRQDV FRQ
YtQFXORV LQVHJXURV WLHQHQ PHQRV FRPSDVLyQ SRU Vt
PLVPDVTXHODVTXHFUHDQYtQFXORVVHJXURV(QRWUDV
SDODEUDVQXHVWURVPRGHORVGHIXQFLRQDPLHQWRLQWHUQR
GHO\RHMHUFHQXQDLQIOXHQFLDFRQVLGHUDEOHHQHOWUDWR
TXH QRV GLVSHQVDPRV D QRVRWURV PLVPRV FRQ
FRPSDVLyQ R FRQ GHVSUHFLR  < VL QXHVWURV PRGHORV
GHIXQFLRQDPLHQWRLQWHUQRQRVGLFHQTXHQRSRGHPRV
FRQILDU HQ TXH ORV GHPiV HVWpQ DKt FXDQGR ORV
QHFHVLWHPRVQRQRVSHUPLWLUHPRVDQRVRWURVPLVPRV
DFXGLU D HOORV &RPR (PLO\ OD EDLODULQD SURIHVLRQDO
FX\D KLVWRULD H[SOLFDPRV HQ HO FDStWXOR DQWHULRU HV
SRVLEOH TXH QRV UHVXOWH PiV IiFLO DFHSWDU OR SHRU \
DFWXDU HQ FRQVHFXHQFLD HQ OXJDU GH SHUPLWLUQRV VHU
YXOQHUDEOHV \ GHMDU TXH ORV GHPiV HQWUHQ HQ QXHVWUR
FRUD]yQ3HURHVWRQRVDOHMDGHODIHOLFLGDG
$IRUWXQDGDPHQWHVDEHPRVTXHQXHVWURVPRGHORV
GH IXQFLRQDPLHQWR LQWHUQR QR VRQ LQDPRYLEOHV 6H
SXHGHQ FDPELDU 'DGR TXH OD FDSDFLGDG GH GDU \
UHFLELU FXLGDGRV HV LQQDWD H[LVWH OD SRVLELOLGDG GH
©UHVHWHDUªORVERWRQHVGHODSHJR8QDSHUVRQDTXHHQ
VX LQIDQFLD VHQWtD XQ DSHJR LQVHJXUR SHUR TXH ORJUD
HQFRQWUDU XQD SDUHMD FDULxRVD \ DWHQWD HQ OD HGDG
DGXOWD SXHGH DSUHQGHU D GHVDUUROODU XQ YtQFXOR
VHJXUR /DV UHODFLRQHV URPiQWLFDV VDQDV QRV
SHUPLWHQ GDUQRV FXHQWD GH TXH Vt VRPRV YDOLRVRV \
TXH PHUHFHPRV FDULxR TXH SRGHPRV FRQILDU HQ ORV
GHPiV SDUD OD VDWLVIDFFLyQ GH QXHVWUDV QHFHVLGDGHV
/RV EXHQRV WHUDSHXWDV WDPELpQ SXHGHQ D\XGDU D
FDPELDU ORV YtQFXORV GH DSHJR LQVHJXURV
SURSRUFLRQDQGR XQ DSR\R LQFRQGLFLRQDO D VXV
FOLHQWHV(OHVSDFLRVHJXUR\ODHVFXFKDSURIXQGDTXH
EULQGDQ ORV WHUDSHXWDV SHUPLWHQ DFFHGHU D ORV
SDWURQHV DUUDLJDGRV HQ OD LQIDQFLD \ VDFDUORV D OD
VXSHUILFLHSDUDSRGHUGDUOHVXQDQXHYDIRUPD
 3RU VXSXHVWR HO KHFKR GH GHSHQGHU ~QLFDPHQWH
GH ORV GHPiV SDUD FDPELDU FyPR QRV VHQWLPRV FRQ
QRVRWURV PLVPRV SODQWHD SUREOHPDV /DV UHODFLRQHV
URPiQWLFDV SXHGHQ DFDEDU ORV WHUDSHXWDV SXHGHQ
PDUFKDUVH R QR HVWDU GLVSRQLEOHV SDUD QRVRWURV <
DTXHOORV HQ ORV TXH FRQILDPRV WLHQHQ VXV SURSLRV
SUREOHPDV HQIHUPHGDGHV GHSUHVLRQHV HVWUpV
ODERUDO  TXH KDFHQ TXH QR SXHGDQ D\XGDUQRV MXVWR
FXDQGR OHV QHFHVLWDPRV 3RU VXHUWH QR HV QHFHVDULR
GHSHQGHU VROR GH ORV GHPiV SDUD FDPELDU QXHVWURV
SXQWRV GH YLVWD &XDQGR QRV RIUHFHPRV FDULxR \
FRPSUHQVLyQDQRVRWURVPLVPRVGHPDQHUDFRQVWDQWH
WDPELpQ HPSH]DPRV D VHQWLUQRV PHUHFHGRUHV GH
FDULxR \ DFHSWDFLyQ &XDQGR QRV GDPRV HPSDWtD \
DSR\R DSUHQGHPRV TXH OD D\XGD VLHPSUH HVWi D
QXHVWURDOFDQFH&XDQGRQRVHQYROYHPRVHQHOFiOLGR
DEUD]R GH OD ERQGDG KDFLD QRVRWURV PLVPRV QRV
VHQWLPRVVDQRV\VDOYRV
3RUVXHUWHDOILQDO(PLO\DSUHQGLyWRGRHVWR6H
GLRFXHQWDGHTXHVLQRGHVDUUROODEDFRPSDVLyQKDFLD
ORV VHQWLPLHQWRV GH LQVHJXULGDG WDQ DUUDLJDGRV HQ HO
WHMLGR GH VX SHUVRQDOLGDG VHJXLUtD DOHMDQGR D ORV
KRPEUHV FRQ VXV UHDFFLRQHV GHIHQVLYDV (PLO\
HPSH]y D VHU PiV DPDEOH FRQVLJR PLVPD \ D
DFHSWDUVH PiV &DGD YH] TXH OH DVDOWDED XQD ROHDGD
GHLQVHJXULGDGVHGHFtD©0HTXLHUR\PHDFHSWRWDO
FRPRVR\ª&DGDYH]TXHHPSH]DEDDFULWLFDUVHDVt
PLVPDRDLQWHUSUHWDUORVDFWRVGHORVGHPiVFRPRXQ
UHFKD]R GHOLEHUDGR VH UHSHWtD ©0H TXLHUR \ PH
DFHSWR WDO FRPR VR\ª )LQDOPHQWH VH SHUPLWLy
H[SHULPHQWDUWRGRHOGRORUSURYRFDGRSRUHOUHFKD]R
\ODGHVDSUREDFLyQGHVXPDGUHSHURFDGDYH]TXHVH
UHSHWtD HVD IUDVH SRGtD VRSRUWDU VXV HPRFLRQHV VLQ
YHUVHVXSHUDGDSRUHOODV
&XDQGR HO GRORU UHPLWLy (PLO\ FRPHQ]y D
FRQILDU HQ ORV GHPiV GH QXHYR (PSH]y D GDUVH
FXHQWDGHORPXFKRTXHWHQtDTXHRIUHFHU\GHTXHVX
SDVDGR\DQRWHQtDQDGDTXHYHUFRQVXSUHVHQWH/D
~OWLPD YH] TXH VXSH GH HOOD (PLO\ HVWDED
FRPSURPHWLGD FRQ XQ KRPEUH PDUDYLOORVR TXH OD
TXHUtD\ODYDORUDEDPXFKtVLPRXQDPRU\XQDSUHFLR
TXHHOODSRUILQVHSHUPLWLyUHFLELU

/$48Ë0,&$'(/&$5,f2

(O SRGHU GH OD ERQGDG KDFLD XQR PLVPR QR HV VROR
XQDLGHDXQDQRFLyQSRVLWLYDSHURLQVXVWDQFLDOTXHHQ
UHDOLGDG QR FDPELD QDGD (V PX\ UHDO &XDQGR
FDOPDPRV QXHVWUR GRORU DSHODPRV DO VLVWHPD GH
DSHJR GH ORV PDPtIHURV 8QD GH ODV IXQFLRQHV PiV
LPSRUWDQWHVGHHVHVLVWHPDHVODGHOLEHUDUR[LWRFLQD
/RV LQYHVWLJDGRUHV KDQ EDXWL]DGR OD R[LWRFLQD FRPR
©OD KRUPRQD GHO DPRU \ HO YtQFXORª GHELGR DO
LPSRUWDQWH SDSHO TXH GHVHPSHxD HQ ODV UHODFLRQHV
VRFLDOHV 3RU HMHPSOR XQ HVWXGLR GHVFXEULy TXH ORV
QLYHOHVGHR[LWRFLQDHQPXMHUHVHPEDUD]DGDVGXUDQWH
HO SULPHU WULPHVWUH SUHGHFtDQ OD LQWHQVLGDG GHO
YtQFXOR HQWUH PDGUH H KLMR GHVSXpV GHO SDUWR /DV
LQYHVWLJDFLRQHV WDPELpQ GHPXHVWUDQ TXH HO DXPHQWR
GH ORV QLYHOHV GH R[LWRFLQD LQFUHPHQWD HQ JUDQ
PHGLGD HO VHQWLPLHQWR GH FRQILDQ]D SD] VHJXULGDG
JHQHURVLGDG \ FRQH[LyQ DGHPiV GH IRPHQWDU OD
FDSDFLGDG GH VHQWLU FDULxR \ FRPSDVLyQ SRU XQR
PLVPR/DR[LWRFLQDUHGXFHHOWHPRU\ODDQVLHGDG
\HVFDSD]GHFRQWUDUUHVWDUHODXPHQWRGHODSUHVLyQ
VDQJXtQHD \ GH FRUWLVRO DVRFLDGR FRQ HO HVWUpV /D
GURJD FRQRFLGD FRPR p[WDVLV LPLWD ORV HIHFWRV GH OD
R[LWRFLQD UD]yQ SRU OD TXH TXLHQHV OD FRQVXPHQ
DILUPDQ VHQWLUVH PiV UHODMDGRV FDULxRVRV \
FRPSUHQVLYRV FRQVLJR PLVPRV \ FRQ ORV GHPiV
FXDQGRHVWiQEDMRVXHIHFWR
/D R[LWRFLQD VH VHJUHJD HQ GLYHUVDV VLWXDFLRQHV
VRFLDOHVSRUHMHPSORFXDQGRXQDPDGUHDPDPDQWD
DVXEHEpFXDQGRORVSDGUHVLQWHUDFW~DQFRQVXVKLMRV
SHTXHxRV R FXDQGR DOJXLHQ GD R UHFLEH XQD FDULFLD
'DGR TXH ORV SHQVDPLHQWRV \ ODV HPRFLRQHV HMHUFHQ
HO PLVPR HIHFWR HQ HO FXHUSR WDQWR VL VH GLULJHQ D
QRVRWURV PLVPRV FRPR D ORV GHPiV HVWD
LQYHVWLJDFLyQ VXJLHUH TXH OD FRPSDVLyQ KDFLD XQR
PLVPR SRGUtD VHU XQ SRGHURVR GHVHQFDGHQDQWH GH OD
OLEHUDFLyQGHR[LWRFLQD
$O SDUHFHU OD DXWRFUtWLFD HMHUFH XQ HIHFWR PX\
GLVWLQWR HQ QXHVWUR FXHUSR /D DPtJGDOD HV OD SDUWH
PiVDQWLJXDGHOFHUHEUR\HVWiGLVHxDGDSDUDGHWHFWDU
UiSLGDPHQWH ODV DPHQD]DV HQ HO HQWRUQR &XDQGR
H[SHULPHQWDPRV XQD VLWXDFLyQ DPHQD]DQWH VH
GHVHQFDGHQD OD UHDFFLyQ GH OXFKD R KXLGD OD
DPtJGDOD HQYtD VHxDOHV TXH DXPHQWDQ OD SUHVLyQ
VDQJXtQHD OD DGUHQDOLQD \ OD KRUPRQD FRUWLVRO
PRYLOL]DQGRDVtODIXHU]D\ODHQHUJtDQHFHVDULDVSDUD
HQIUHQWDUVH D OD DPHQD]D R HYLWDUOD $XQTXH HVWH
VLVWHPD IXH GLVHxDGR SRU OD HYROXFLyQ SDUD DIURQWDU
ORV DWDTXHV ItVLFRV WDPELpQ VH DFWLYD FRQ ORV
DWDTXHV HPRFLRQDOHV GH QRVRWURV PLVPRV \ GH ORV
GHPiV &RQHOWLHPSRHODXPHQWRGHORVQLYHOHVGH
FRUWLVRO SURGXFH GHSUHVLyQ SRUTXH VH YDFtDQ ORV
QHXURWUDQVPLVRUHV LPSOLFDGRV HQ OD FDSDFLGDG GH
H[SHULPHQWDUSODFHU
$GHPiVH[LVWHQSUXHEDVTXHGHPXHVWUDQTXHOD
ERQGDG KDFLD XQR PLVPR \ OD DXWRFUtWLFD DFW~DQ GH
PDQHUD PX\ GLVWLQWD VREUH HO IXQFLRQDPLHQWR GHO
FHUHEUR 8Q HVWXGLR UHFLHQWH H[DPLQy ODV UHDFFLRQHV
DOIUDFDVRSHUVRQDOXWLOL]DQGRWHFQRORJtDGHLPiJHQHV
SRU UHVRQDQFLD PDJQpWLFD IXQFLRQDO 0LHQWUDV VH
VRPHWtDDORVSDUWLFLSDQWHVDXQHVFiQHUGHOFHUHEUR
VH OHV SODQWHy XQD VLWXDFLyQ KLSRWpWLFD FRPR OD
VLJXLHQWH ©5HFLEHV WUHV FDUWDV VHJXLGDV
FRPXQLFiQGRWH TXH QR KDV FRQVHJXLGR XQ SXHVWR GH
WUDEDMRDOTXHDVSLUDEDVª$FRQWLQXDFLyQVHOHVSLGLy
TXHLPDJLQDVHQVXUHDFFLyQDODVLWXDFLyQGHPDQHUD
DPDEOHRELHQDXWRFUtWLFD/DUHDFFLyQDXWRFUtWLFDVH
DVRFLyFRQODDFWLYLGDGHQHOFyUWH[SUHIURQWDOODWHUDO
\ HO FyUWH[ FLQJXODGR DQWHULRU GRUVDO ]RQDV GHO
FHUHEURUHODFLRQDGDVFRQHOSURFHVDPLHQWRGHHUURUHV
\ OD UHVROXFLyQ GH SUREOHPDV  6HU EXHQR \ DPDEOH
FRQ XQR PLVPR VH DVRFLy FRQ OD DFWLYDFLyQ GHO SROR
WHPSRUDO L]TXLHUGR \ OD tQVXOD ]RQDV GHO FHUHEUR
DVRFLDGDV FRQ ODV HPRFLRQHV SRVLWLYDV \ OD
FRPSDVLyQ  (Q OXJDU GH YHUQRV D QRVRWURV PLVPRV
FRPR XQ SUREOHPD TXH KD\ TXH UHVROYHU OD ERQGDG
QRV SHUPLWH WUDWDUQRV FRPR VHUHV KXPDQRV YDOLRVRV
TXHPHUHFHQFDULxR
&XDQGR H[SHULPHQWDPRV VHQWLPLHQWRV FDULxRVRV
\WLHUQRVKDFLDQRVRWURVPLVPRVQRVRORFDPELDPRV
QXHVWUDPHQWHVLQRWDPELpQQXHVWURFXHUSR(QOXJDU
GH VHQWLUQRV SUHRFXSDGRV \ DQVLRVRV QRV VHQWLPRV
WUDQTXLORV VDWLVIHFKRV FRQILDGRV \ VHJXURV /D
ERQGDGKDFLDQRVRWURVPLVPRVQRVSHUPLWHVHQWLUQRV
VHJXURV DQWH H[SHULHQFLDV GRORURVDV \ GHMDU GH
UHDFFLRQDU GHVGH HO PLHGR &XDQGR VXSHUDPRV OD
LQVHJXULGDG SRGHPRV SHUVHJXLU QXHVWURV VXHxRV FRQ
ODFRQILDQ]DQHFHVDULDSDUDDOFDQ]DUORV

(-(5&,&,2

3UiFWLFDGHDEUD]RV

8QDPDQHUDVHQFLOODGHFDOPDUWH\FRQVRODUWHDWLPLVPRFXDQGR
WH VLHQWHV PDO FRQVLVWH HQ GDUWH XQ DEUD]R FDULxRVR 3XHGH
SDUHFHU XQ SRFR DEVXUGR DO SULQFLSLR SHUR WX FXHUSR QR OR VDEH
GH PDQHUD TXH UHDFFLRQD UHVSRQGLHQGR D HVH JHVWR GH FDULxR
FRPRORKDUtDXQEHEpHQEUD]RVGHVXPDGUH1XHVWUDSLHOHVXQ
yUJDQRLQFUHtEOHPHQWHVHQVLEOH/DVLQYHVWLJDFLRQHVLQGLFDQTXHHO
FRQWDFWR ItVLFR OLEHUD R[LWRFLQD SURSRUFLRQD VHQVDFLyQ GH
VHJXULGDG DOLYLD ODV HPRFLRQHV HVWUHVDQWHV \ FDOPD OD WHQVLyQ
FDUGLRYDVFXODU3RUWDQWR¢SRUTXpQRLQWHQWDUOR"
6LWHVLHQWHVWHQVRSUHRFXSDGRWULVWHRDXWRFUtWLFRSUXHED
DGDUWHXQDEUD]RFiOLGRDFDUtFLDWHFRQWHUQXUDHOEUD]RRODFDUD
REDODQFHDVXDYHPHQWHWXFXHUSR/RLPSRUWDQWHHVTXHUHDOLFHV
XQJHVWRLQHTXtYRFRTXHWUDQVPLWDVHQWLPLHQWRVGHDPRUDWHQFLyQ
\ WHUQXUD 6L KD\ RWUDV SHUVRQDV FRQWLJR SXHGHV URGHDUWH HO
FXHUSR FRQ ORV EUD]RV GH PDQHUD GLVFUHWD \ GDUWH XQ DSUHWyQ
VXDYH\UHFRQIRUWDQWH7DPELpQSXHGHVLPDJLQDUVLPSOHPHQWHTXH
WHDEUD]DVVLQRSXHGHVUHDOL]DUHOJHVWRItVLFR
2EVHUYD FyPR VLHQWHV WX FXHUSR GHVSXpV GH UHFLELU HO
 DEUD]R ¢/R VLHQWHV PiV FiOLGR PiV WUDQTXLOR" 5HVXOWD
VRUSUHQGHQWH OR IiFLO TXH HV SRQHU HQ PDUFKD HO VLVWHPD GH OD
R[LWRFLQD\FDPELDUODH[SHULHQFLDELRTXtPLFD
3UXHED D GDUWH DEUD]RV YDULDV YHFHV DO GtD FXDQGR SDVHV
SRUXQDPDODUDFKD DOPHQRVGXUDQWHXQDVHPDQD (PSH]DUiV
D GHVDUUROODU HO KiELWR GH FRQVRODUWH ItVLFDPHQWH FXDQGR OR
QHFHVLWHV \ DSURYHFKDUiV DO Pi[LPR HVWH PpWRGR WDQ VHQFLOOR GH
VHUDPDEOHFRQXQRPLVPR

(/32'(5'(81$&$5,&,$

(OFiOLGRDEUD]RGHODERQGDGKDFLDXQRPLVPRKDFH
VRSRUWDEOH HO VXIULPLHQWR \ SURSRUFLRQD XQ EiOVDPR
TXHVXDYL]DODVDULVWDVGHQXHVWURGRORU&XDQGRQRV
WUDWDPRV D QRVRWURV PLVPRV FRPR OR KDUtD XQ DPLJR
FDULxRVR GHMDPRV GH HVWDU DEVRUWRV HQ HO SDSHO GHO
TXH VXIUH ©6t GXHOH 3HUR WDPELpQ VLHQWR FDULxR \
DWHQFLyQ 6R\ HO TXH FRQVXHOD \ HO TXH QHFHVLWD
FRQVXHOR6R\DOJRPiVTXHHOGRORUTXHVLHQWRDKRUD
PLVPRVR\WDPELpQODUHVSXHVWDVLQFHUDDHVHGRORUª
&XDQGRQRVFRQPXHYHORGLItFLOTXHSXHGHUHVXOWDUOD
YLGD HQ XQ PRPHQWR GHWHUPLQDGR HQ FLHUWD PDQHUD
HVH PRPHQWR QR UHVXOWD WDQ GLItFLO FRPR OR HUD XQ
VHJXQGR DWUiV $xDGLPRV XQ QXHYR LQJUHGLHQWH D
QXHVWUDH[SHULHQFLDTXHQRVSURSRUFLRQDDOLYLRFRPR
VL VH WUDWDVH GH XQ PDQDQWLDO GH DJXD IUHVFD HQ XQ
GHVLHUWRDUGLHQWH
5HFXHUGR XQD RFDVLyQ HQ OD TXH PH VHQWt
UHDOPHQWH PDO GHVSXpV GH HVFXFKDU XQ FRPHQWDULR
PH]TXLQRVREUHPt GHDOJXLHQTXHQRPHFRQRFtDGH
QDGD SHUR TXH D SHVDU GH HOOR SRQtD HQ GXGD PL
KRQHVWLGDG \ PL LQWHJULGDG  0H VHQWt FRPR VL PH
KXELHVH DWURSHOODGR XQ FRFKH ©£4Xp LQMXVWR £4Xp
GHVFDUR¢4XLpQVHFUHHTXHHV"ª'LVHxpWRGRWLSRGH
©YHQJDQ]DVª HQ PL FDEH]D SRQHU D HVD SHUVRQD HQ
HYLGHQFLD GHPRVWUDU S~EOLFDPHQWH TXH HVWDED
HTXLYRFDGD KDFHU TXH VH VLQWLHVH WDQ PDO FRQVLJR
PLVPD TXH OD DEUXPDVH OD YHUJHQ]D 6LQ HPEDUJR
HVDV SHOtFXODV PHQWDOHV VROR VLUYLHURQ SDUD TXH PH
VLQWLHVH SHRU \ UHYLYLHVH XQD \ RWUD YH] HO GRORU <
HQWRQFHV OR UHFRUGp ©/R TXH WHQJR TXH KDFHU HV
EULQGDUPH DXWRFRPSDVLyQ SRU OR GLItFLO TXH HV OD
VLWXDFLyQª 0H DFDULFLp VXDYHPHQWH ORV EUD]RV \ PH
KDEOpDPtPLVPDHQXQWRQRDPDEOH\FRPSUHQVLYR
©3REUHFLWD 4Xp VLWXDFLyQ WDQ GLItFLOª 0H FRQVROp
SRU HO GRORU GH KDEHU VLGR WUDWDGD GH PDQHUD WDQ
LQMXVWD
(VR HUD OR TXH UHDOPHQWH QHFHVLWDED HQ DTXHO
PRPHQWR (Q OXJDU GH GHVFDUJDU PL LUD QHFHVLWDED
VHQWLUPH TXHULGD \ FRPSUHQGLGD TXH PH YLHVHQ WDO
FRPRHUD(O~QLFRUHPHGLRSDUDFXUDUPLGRORUHUD
HVH$SDUWLUGHOPRPHQWRHQTXHFDPELpHOHQIRTXH
VHQWtTXHPLKXPRUPHMRUDED'HMpGHREVHVLRQDUPH
SRUODVSRVLEOHVYHQJDQ]DV\PHGLFXHQWDGHTXHOD
QHJDWLYLGDGGHDTXHOODSHUVRQDQRWHQtDQDGDTXHYHU
FRQPLJR(UDVXSUREOHPD)XLFDSD]GHSDVDUSiJLQD
FRQ UHODWLYD IDFLOLGDG UHFXSHUp HO HTXLOLEULR \ HO
LPSDFWRGHVXVSDODEUDVVHUHGXMRDFDVLQDGD
2SWDUSRUUHODFLRQDUQRVFRQQRVRWURVPLVPRVGH
PDQHUD DPDEOH \ QR GHVSUHFLDWLYD UHVXOWD PX\
SUDJPiWLFR1RWHQHPRVPXFKRFRQWUROVREUHQXHVWUDV
FDUDFWHUtVWLFDVSHUVRQDOHV ODSHUVRQDOLGDGFRQODTXH
QDFHPRVODFRQVWLWXFLyQFRUSRUDOODVDOXGODEXHQD
R OD PDOD VXHUWH HWFpWHUD  3HUR OR TXH Vt SRGHPRV
KDFHUHVHPSH]DUDVHUDPDEOHVFRQQRVRWURVPLVPRV
FXDQGR QRV HQIUHQWDPRV D QXHVWUDV OLPLWDFLRQHV \
VXIULUPHQRVSRUHOODV
8QD GH ODV PDQHUDV PiV LPSRUWDQWHV GH VHU
DPDEOH FRQ XQR PLVPR FRQVLVWH HQ FDPELDU HO
PRQyORJRLQWHULRUFUtWLFR0DUVKDOO5RVHQEHUJDXWRU
GH&RPXQLFDFLyQQRYLROHQWD KDFH KLQFDSLp HQ OD
LPSRUWDQFLD GH XWLOL]DU XQ OHQJXDMH HPSiWLFR QR
FUtWLFR FXDQGR KDEODPRV FRQ QRVRWURV PLVPRV
5RVHQEHUJDILUPDTXHSDUDHVWDUHQSD]FRQQRVRWURV
PLVPRVGHEHPRVUHGHILQLUQXHVWURVGLiORJRVLQWHUQRV
GH PDQHUD TXH H[SUHVHQ HPSDWtD KDFLD QXHVWUDV
QHFHVLGDGHVKXPDQDVEiVLFDV(OPpWRGRTXHVXJLHUH
5RVHQEHUJSDUDFRQVHJXLUORLPSOLFDTXHQRVKDJDPRV
FXDWURSUHJXQWDVPX\VHQFLOODV

 ¢4XpHVWR\REVHUYDQGR"
 ¢4XpVLHQWR"
 ¢4XpQHFHVLWRDKRUDPLVPR"
  ¢1HFHVLWR DOJR GH Pt PLVPR R GH RWUD
SHUVRQD"

(VWDV FXDWUR SUHJXQWDV QRV SHUPLWHQ SUHVWDU OD

Pi[LPDDWHQFLyQDORTXHQHFHVLWDPRVHQXQPRPHQWR
GHWHUPLQDGR
3RU HMHPSOR SRQJDPRV TXH WUDEDMDV HQ FDVD \
KDFHVXQDSDXVDSDUDSUHSDUDUWHXQWp&XDQGROOHJDV
DODFRFLQDYHVXQDSLODHQRUPHGHSODWRVVXFLRV(O
SULPHU SDVR FRQVLVWH HQ REVHUYDU VL WX PRQyORJR
LQWHULRUHVFUtWLFRRDFXVDGRU¢7HGLFHVDOJRGHHVWH
WLSR" ©6R\ XQ YDJR VLQ UHPHGLRª (O VLJXLHQWH SDVR
SDVDSRUFRQHFWDUFRQORVVHQWLPLHQWRVTXHVXE\DFHQ
EDMR WXV GXUDV SDODEUDV ¢7H VLHQWHV IUXVWUDGR
DEUXPDGR HQIDGDGR FRQWLJR PLVPR R FRQ OD
VLWXDFLyQ" (O WHUFHU SDVR LPSOLFD XQ H[DPHQ GH ODV
QHFHVLGDGHVQRVDWLVIHFKDVTXHSURYRFDQWXUHDFFLyQ
7DO YH] WH VLHQWHV IUXVWUDGR SRUTXH VDEHV TXH
QHFHVLWDV FLHUWR RUGHQ SDUD KDFHU IUHQWH D ODV
SUHVLRQHV GH WX WUDEDMR \ TXH HO FDRV HQ OD FRFLQD
HQWRUSHFH WX DYDQFH 3RU ~OWLPR SLHQVDV VL WLHQHV
DOJR TXH SHGLUWH D WL PLVPR R D RWUD SHUVRQD TXH
SXHGD D\XGDUWH D VDWLVIDFHU WXV QHFHVLGDGHV 3RU
HMHPSORSRGUtDVSHGLUDWXPHMRUDPLJRTXHWHHFKH
XQD PDQR KDVWD TXH WHUPLQHV HO WUDEDMR HQ HO SOD]R
TXH WH KDQ SHGLGR 2 SHGLUWH D WL PLVPR GHMDU GH
WUDEDMDUHQWXSUR\HFWRGXUDQWHPHGLDKRUD\UHFRJHU
OD FRFLQD FRQ HO ILQ GH GLVIUXWDU GH OD VHQVDFLyQ GH
DUPRQtDTXHQHFHVLWDVSDUDFRQFHQWUDUWH/DFXHVWLyQ
HV TXH FRQILUPHV \ HVFXFKHV OR TXH QHFHVLWDV
UHDOPHQWH\TXHH[SUHVHVHPSDWtDKDFLDWLPLVPRHQ
OXJDUGHFDVWLJDUWH

(-(5&,&,2

&DPELDUHOPRQyORJRGHWXFUtWLFRLQWHULRU

(VWHHMHUFLFLRGHEHUHDOL]DUVHGXUDQWHYDULDVVHPDQDV/OHJDUiXQ
PRPHQWR HQ TXH WH VHUYLUi GH JXtD SDUD FDPELDU WX PDQHUD GH
UHODFLRQDUWH FRQWLJR PLVPR $ DOJXQDV SHUVRQDV OHV YD ELHQ
HVFULELUXQGLDULRSDUDWUDEDMDUVXFUtWLFRLQWHULRU2WUDVVHVLHQWHQ
PiV FyPRGDV UHFXUULHQGR D ORV GLiORJRV LQWHUQRV 6L WH JXVWD
HVFULELUORTXHWHRFXUUH\UHOHHUORSRVWHULRUPHQWHHOGLDULRSXHGH
VHU XQD H[FHOHQWH KHUUDPLHQWD GH WUDQVIRUPDFLyQ 6L FRPR \R
QXQFD FRQVLJXHV VHU FRQVWDQWH FRQ XQ GLDULR UHFXUUH DO PpWRGR
TXH PHMRU WH IXQFLRQH 3XHGHV KDEODUWH HQ YR] DOWD R SHQVDU HQ
VLOHQFLR

 (O SULPHU SDVR SDUD FDPELDU OD PDQHUD HQ TXH WH WUDWDV D WL
PLVPR FRQVLVWH HQ GDUWH FXHQWD GH FXiQGR HUHV DXWRFUtWLFR
3RGUtD VHU FRPR QRV RFXUUH D PXFKRV TXH WX YR] DXWRFUtWLFD
DFW~H FRQ WDQWD IUHFXHQFLD TXH QL VLTXLHUD WH GHV FXHQWD GH VX
SUHVHQFLD 6LHPSUH TXH WH VLHQWDV PDO SRU DOJR SLHQVD HQ OR TXH
DFDEDVGHGHFLUWHDWLPLVPR,QWHQWDVHUSUHFLVR\UHSDVDUORTXH
WH GLFHV OLWHUDOPHQWH ¢4Xp SDODEUDV XWLOL]DV FXDQGR HUHV
DXWRFUtWLFR"¢7LHQHVXQDVIUDVHVTXHDFXGHQDWLXQD\RWUDYH]"
¢4Xp WRQR GH YR] HPSOHDV GXUR IUtR HQIDGDGR" ¢/D YR] WH
UHFXHUGD D DOJXLHQ TXH HQ HO SDVDGR KD VLGR FUtWLFR FRQWLJR" 7X
REMHWLYR HV FRQRFHU D OD SHUIHFFLyQ D WX DXWRFUtWLFR LQWHULRU \
WRPDU FRQFLHQFLD GH ODV RFDVLRQHV HQ TXH HVH MXH] LQWHULRU VH
DFWLYD3RUHMHPSORVLDFDEDVGHFRPHUWHPHGLDFDMDGHJDOOHWDV
¢WX YR] LQWHULRU WH GLFH DOJR FRPR ©(UHV DVTXHURVRª ©0H SRQHV
HQIHUPRª\FRVDVSDUHFLGDV",QWHQWDYHUFRQWRWDOFODULGDGFyPR
WHKDEODVDWLPLVPR
5HDOL]DXQHVIXHU]RFRQVFLHQWHSRUVXDYL]DUODYR]DXWRFUtWLFD
SHUR KD]OR FRQ FRPSDVLyQ \ QR FRQ VHQWLGR FUtWLFR SRU HMHPSOR
£QROHGLJDVDOJRGHOHVWLOR©(UHVXQDSXWDªDWXFUtWLFRLQWHULRU 
,QWHQWDTXHWXVSDODEUDVVHSDUH]FDQPiVDORVLJXLHQWH©6pTXH
LQWHQWDV PDQWHQHUPH D VDOYR \ KDFHUPH YHU HQ TXp QHFHVLWR
PHMRUDUSHURWXVFUtWLFDVWDQGXUDVQRPHD\XGDQ3RUIDYRUGHMD
GHVHUWDQFUtWLFRPHHVWiVFDXVDQGRXQGRORULQQHFHVDULRª
 &RQ DPDELOLGDG GH PDQHUD DPLVWRVD \ SRVLWLYD YXHOYH D
IRUPXODUODVREVHUYDFLRQHVUHDOL]DGDVSRUWXFUtWLFRLQWHULRU6LQR
HQFXHQWUDVODVSDODEUDVDGHFXDGDVSUXHEDDLPDJLQDUTXpWHGLUtD
XQDPLJRPX\FRPSDVLYRHQHVDVLWXDFLyQ3RGUtDD\XGDUWHDOJ~Q
WpUPLQR FDULxRVR TXH UHIXHUFH ORV VHQWLPLHQWRV GH DPDELOLGDG \
DWHQFLyQ SHUR VROR VL WH UHVXOWD QDWXUDO QR VHQVLEOHUR 3RU
HMHPSOR SXHGHV GHFLU DOJR FRPR ©&DULxR Vp TXH FRPHV WDQWDV
JDOOHWDVSRUTXHDKRUDPLVPRHVWiVPX\WULVWH\FUHHVTXHHVRWH
DQLPDUi SHUR OD YHUGDG HV TXH FDGD YH] WH VLHQWHV SHRU 4XLHUR
 TXH VHDV IHOL] DVt TXH ¢SRU TXp QR VDOHV D GDU XQ SDVHR" 7H
VHQWLUiV PHMRUª 0LHQWUDV WH GLULJHV HVWDV SDODEUDV DPDEOHV
DFDUtFLDWH ORV EUD]RV R VXMpWDWH OD FDUD FDULxRVDPHQWH FRQ ODV
PDQRV VLQRWHYHQDGLH $XQTXHDOSULQFLSLRWHFXHVWHDSHODUD
HPRFLRQHVGHHVWHWLSRORVJHVWRVItVLFRVGHFDULxRSXHGHQDFWLYDU
HO VLVWHPD LQWHULRU GH FXLGDGRV \ OLEHUDU R[LWRFLQD FRQ ORV
FRQVLJXLHQWHV FDPELRV HQ WX ELRTXtPLFD /R LPSRUWDQWH HV TXH
HPSLHFHVDDFWXDUGHPDQHUDDPDEOHORVVHQWLPLHQWRVGHFDULxR
\DWHQFLyQVXUJLUiQGHPDQHUDQDWXUDO

(OSRGHUFXUDWLYRGHODERQGDGKDFLDXQRPLVPR
VH GHPRVWUy HQ XQ HVWXGLR UHFLHQWH FRQ SDFLHQWHV GH
DFQp FUyQLFR 0XFKDV GH ODV SHUVRQDV TXH WLHQHQ
HVWH SUREOHPD VXIUHQ GHSUHVLyQ \ H[SHULPHQWDQ
VHQWLPLHQWRV LQWHQVRV GH YHUJHQ]D H LQIHULRULGDG
/RV LQYHVWLJDGRUHV UHDOL]DURQ XQD LQYHVWLJDFLyQ GH
GRVVHPDQDVHQODTXHHQVHxDURQDORVSDUWLFLSDQWHVD
SDOLDU ODV HPRFLRQHV QHJDWLYDV \ OD DXWRFUtWLFD
DVRFLDGDV FRQ VX SUREOHPD GH DFQp (QWUH RWUDV
FRVDV OHV GLMHURQ OR VLJXLHQWH ©'HQWUR GH FDGD XQR
GH QRVRWURV KD\ XQ FUtWLFR FDSD] GH GHFLU FRVDV
PH]TXLQDV \ QHJDWLYDV HQ XQ WRQR KRVWLO VREUH
QRVRWURV PLVPRV >@ 7DPELpQ WHQHPRV XQ
³DSDFLJXDGRU LQWHULRU´ XQD SDUWH FRPSDVLYD  TXH
SRVHHODFDSDFLGDGGHFDOPDUQRVFRQFRPHQWDULRVGH
DFHSWDFLyQ HQ XQ WRQR FiOLGR \ FRPSDVLYRª $
FRQWLQXDFLyQ ORV SDUWLFLSDQWHV VH VRPHWLHURQ D XQD
VHULH GH HMHUFLFLRV GLVHxDGRV SDUD D\XGDUOHV D
FRQVRODUVH6HOHVSLGLyTXHHVFULELHVHQFLQFRIUDVHV
FRPSDVLYDVHQXQDVWDUMHWDVSRUHMHPSOR©0HVLHQWR
PROHVWR SRU PL DFQp \ QR SDVD QDGD SRU VHQWLUPH
DVtª R ©6L XQ DPLJR HVWXYLHVH HQ PL OXJDU OR
DFHSWDUtD VLQ PiV 4XLHUR VHU DVt FRQPLJR PLVPRª
7DPELpQ VH OHV HQVHxy D GHVDILDU \ HQIUHQWDUVH D VX
FUtWLFR LQWHULRU 6H OHV SLGLy TXH HVFULELHVHQ FLQFR
IUDVHV PiV GHO WLSR ©1R HV FLHUWR TXH OD JHQWH PH
UHFKDFH VROR SRUTXH WHQJR DFQpª R ©7HQJR OD IXHU]D
LQWHULRUQHFHVDULDSDUDOXFKDUFRQWUDODDQJXVWLD\VR\
\RTXLHQODFUHDª
(O VLJXLHQWH SDVR FRQVLVWLy HQ OHHU ODV WDUMHWDV
WUHVYHFHVDOGtDGXUDQWHODVGRVVHPDQDVVLJXLHQWHV
DGHPiVGHUHDOL]DURWURVHMHUFLFLRVFRPRHVFULELUXQD
FDUWD FRPSDVLYD GLULJLGD D HOORV PLVPRV YpDVH
HMHUFLFLR  FDStWXOR   (O SURFHVR DOLYLy
FRQVLGHUDEOHPHQWH ORV VHQWLPLHQWRV GH GHSUHVLyQ \
YHUJHQ]DGHORVSDUWLFLSDQWHVGHELGRDVXSUREOHPD
GH DFQp /R LQWHUHVDQWH HV TXH WDPELpQ VH UHGXMHURQ
ODV PROHVWLDV ItVLFDV SURYRFDGDV SRU HO DFQp FRPR
ODVVHQVDFLRQHVGHTXHPD]yQ\SLFRU
&XDQGR QRV HQIUHQWDPRV D QXHVWUD LPSHUIHFFLyQ
KXPDQD SRGHPRV UHDFFLRQDU FRQ ERQGDG \
DWHQFLRQHV R ELHQ FRQ FUtWLFDV 8QD SUHJXQWD
LPSRUWDQWH TXH GHEHPRV KDFHUQRV HV OD VLJXLHQWH
¢TXp FXDOLGDGHV GHO FRUD]yQ \ OD PHQWH TXHUHPRV
IRPHQWDU HQ QRVRWURV PLVPRV" 1R SRGHPRV GHWHQHU
QXHVWURV SHQVDPLHQWRV FUtWLFRV SHUR WDPSRFR HV
QHFHVDULRTXHORVIRPHQWHPRVRTXHQRVORVFUHDPRV
6L QRV HQIUHQWDPRV D QXHVWUDV DXWRFUtWLFDV FRQ
GHOLFDGH]D \ FRPSUHQVLyQ OD IXHU]D GHO GHVSUHFLR
DFDEDUiSRUGHVDSDUHFHUSRUTXHVHYHUiSULYDGDGHO
VXVWHQWR TXH QHFHVLWD SDUD VREUHYLYLU 7HQHPRV HO
SRGHU GH YLYLU FRQ DOHJUtD \ VDWLVIDFFLyQ SHUR SDUD
HOOR GHEHPRV UHVSRQGHU D QXHVWUR VXIULPLHQWR FRQ
ERQGDG $XQTXH HVWH KiELWR QR VH HQVHxD HQ QXHVWUD
FXOWXUD HO FDPELR HV SRVLEOH /R Vp SRU H[SHULHQFLD
SURSLD

0,+,6725,$(48,92&$56((6+80$12

&RPR KH PHQFLRQDGR DO SULQFLSLR GHO OLEUR PL

SULPHUFRQWDFWRFRQHOPXQGRGHODFRPSDVLyQKDFLD
XQR PLVPR IXH HQ HO JUXSR GH PHGLWDFLyQ EXGLVWD DO
TXHPHXQtGXUDQWHPL~OWLPRDxRHQODXQLYHUVLGDG
/D SULQFLSDO UD]yQ SRU OD TXH PH DSXQWp IXH TXH PH
HVWDED DKRJDQGR HQ PLV VHQWLPLHQWRV GH YHUJHQ]D
FXOSD H LQXWLOLGDG %XVFDED GHVHVSHUDGDPHQWH XQ
SRFRGHSD]LQWHULRU2FXUULyXQRVPHVHVDQWHVGHTXH
5XSHUW\\RHPSH]iVHPRVDSUHSDUDUQXHVWUDERGD\
WRGDYtD YLYtD LQPHUVD HQ SDUWH GHO FDRV HQ TXH VH
KDEtDFRQYHUWLGRPLYLGDSHUVRQDOXQRVDxRVDQWHV
<DKDEtDHVWDGRFDVDGDeOVHOODPDED-RKQ QR
HV VX YHUGDGHUR QRPEUH  1RV FRQRFLPRV FXDQGR
HVWDED HQ HO ~OWLPR DxR GH FDUUHUD 'HVSXpV GH OD
OLVWDGHSHUGHGRUHVFRQORVTXHKDEtDVDOLGRGXUDQWH
PLDGROHVFHQFLDSHQVpTXHSRUILQKDEtDHQFRQWUDGR
D DOJXLHQ TXH FXLGDUtD GH Pt -RKQ HUD JXDSR
LQWHOLJHQWH\FXOWR<H[WUHPDGDPHQWHFUtWLFR&XDQGR
LQWHQWy URPSHU FRQPLJR GHELGR D OR TXH pO
FRQVLGHUDED PLV GHIHFWRV XQ WHPD KDELWXDO HQ PLV
UHODFLRQHV KDVWD HVH PRPHQWR  PH UHVLVWt ©(VWH HV
GHPDVLDGR EXHQR SDUD SHUGHUORª SHQVp < SRU
VXSXHVWR VX UHFKD]R VROR FRQVLJXLy HQJDQFKDUPH
PiV 3XVH HQ MXHJR WRGRV ORV UHFXUVRV GH TXH
GLVSRQtD SDUD VHGXFLUOH \ DO ILQDO VHJXLPRV MXQWRV
8QRVDxRVPiVWDUGHQRVFDVDPRV
-RKQ HUD XQ EXHQ KRPEUH SHUR VX QDWXUDOH]D
FUtWLFD KDFtD TXH VH PRVWUDVH H[WUHPDGDPHQWH
HVFpSWLFR KDFLD FXDOTXLHU WLSR GH HVSLULWXDOLGDG 1R
DSUREDED ODV FUHHQFLDV FRQ ODV TXH PH KDEtD FULDGR
SHQVDEDTXHHUDQWRQWHUtDV\QRWHQtDQLQJ~QUHSDUR
HQ GHFtUPHOR DELHUWDPHQWH  'DGR TXH \R GHVHDED
GHVHVSHUDGDPHQWH VHU DPDGD \ DFHSWDGD HPSHFp D
FRQYHUWLUPHHQODSHUVRQDTXHpOFUHtDTXHGHEtDVHU
&RPHQFp D VHU \R WDPELpQ XQD HVFpSWLFD \ GHMp GH
ODGRDTXHOORTXHKDEtDVLGRORPiVLPSRUWDQWHGHPL
YLGD KDVWD HQWRQFHV PL UHODFLyQ FRQ 'LRV R FRQ OD
FRQFLHQFLD XQLYHUVDO FRPR \R OR OODPDED 1R
REVWDQWH XQD SDUWH GH Pt \D KDEtD HPSH]DGR D
SODQWHDUVH ORV FRQFHSWRV GH OD UHHQFDUQDFLyQ HO
NDUPD \ OD LOXPLQDFLyQ HQ ORV TXH WDQWD IH KDEtD
WHQLGRGXUDQWHPLHWDSDGHQLxDFULDGDHQXQDPELHQWH
1HZ $JH ¢&yPR SRGtD VDEHU VL HVDV LGHDV HUDQ
UHDOHV R IUXWR GH XQ DXWRHQJDxR XQD HVSHFLH GH
FLHQFLD ILFFLyQ SDUD VHQWLUPH ELHQ" /D QDWXUDOH]D
HVFpSWLFD GH -RKQ IXH HO WUDPSROtQ SHUIHFWR SDUD PL
FULVLVGHIH\PHODQFpDHOODGHFDEH]D
3RFRGHVSXpVGHHPSH]DUQXHVWUDUHODFLyQGHMp
GH ODGR PLV LQWHUHVHV HVSLULWXDOHV \ PH PDWULFXOp HQ
%HUNHOH\ SDUD FRQYHUWLUPH HQ SVLFyORJD
LQYHVWLJDGRUD /D UDFLRQDOLGDG SDVy D VHU PL QXHYR
'LRV $TXHOOD HWDSD GXUy XQRV VLHWH DxRV 1R PH
GDED FXHQWD GH KDVWD TXp SXQWR VH KDEtD FHUUDGR PL
FRUD]yQFXDQGRGLODHVSDOGDDODHVSLULWXDOLGDG0L
PHQWH UDFLRQDO SRU Vt VROD QR HUD VXILFLHQWH SDUD
KDFHUPHIHOL]SHUR\RQRORVDEtD7DPSRFRHUDIHOL]
HQ PL PDWULPRQLR SHUR HUD HVWDEOH \ QR H[LVWtDQ
SUREOHPDV REYLRV GH PDQHUD TXH PL LQVDWLVIDFFLyQ
SHUPDQHFLy GRUPLGD GXUDQWH PXFKR WLHPSR 1XQFD
KDEtD H[SHULPHQWDGR OR TXH VH VLHQWH FXDQGR XQ
KRPEUHWHYHWDOFRPRHUHVWHYDORUD\WHDPDSRUOR
TXH HUHV $Vt TXH GL SRU VHQWDGR TXH EDVWDED FRQ
WHQHUDDOJXLHQTXHQRPHGHMDVH
6LQ HPEDUJR XQ GtD FRQRFt D DOJXLHQ TXH
HQWHQGtD\DSUHFLDEDPLYHUGDGHUR\R(UDXQKRPEUH
PD\RU OH OODPDUp 3HWHU  PiV VDELR \ FRQ PiV
H[SHULHQFLDTXH\R1XHVWUDDPLVWDGVHIXHKDFLHQGR
PiV \ PiV HVWUHFKD D OR ODUJR GH XQ DxR KDVWD TXH
HPSH]DPRV XQD UHODFLyQ VHQWLPHQWDO $ 3HWHU OH
H[SOLFDEDFRVDVTXHQXQFDPHKDEtDDWUHYLGRDFRQWDU
DQDGLHPiV\HVRKL]RTXHpOPHTXLVLHUDD~QPiV
(Q FLHUWD PDQHUD QXQFD KDEtD VLGR WDQ IHOL] FRPR
HQWRQFHV $EUt PL FRUD]yQ SRU FRPSOHWR \ VHQWt XQD
DOHJUtD XQD YLWDOLGDG \ XQD DXWRDFHSWDFLyQ PiV
LQWHQVDV GH OR TXH QXQFD KDEtD LPDJLQDGR 0L ODGR
HVSLULWXDO YROYLy D GHVSHUWDUVH 0H VHQWt FRPSOHWD
SRUSULPHUDYH]HQPXFKRWLHPSR6LQGXGDHOKHFKR
GHTXH3HWHUIXHVHPXFKRPD\RUTXH\RWDPELpQWXYR
DOJR TXH YHU 3UREDEOHPHQWH HO GHVHR GH TXH
HVWXYLHVH SHQGLHQWH UHIOHMDED LQFRQVFLHQWHPHQWH PL
QHFHVLGDGGHVHQWLUPHTXHULGDSRUPLSDGUH
6LQHPEDUJRPHVHQWtDPX\PDOSRUVHULQILHOD
-RKQ \ HUD LQFDSD] GH UHFRQRFHU OR TXH HVWDED
RFXUULHQGR QL VLTXLHUD D Pt PLVPD 0L FUtWLFR
LQWHULRU PH LPSHGtD DFHSWDU OR TXH HVWDED KDFLHQGR
XQ DXWRUUHWUDWR WDQ LQFULPLQDWRULR UHVXOWDED
GHPDVLDGR GRORURVR (UD FRPR VL KXELHVH
GHVDUUROODGRXQDGREOHSHUVRQDOLGDG\FDGDSDUWHGH
PLYLGDVHVLQWLHVHFRPSOHWDPHQWHGHVFRQHFWDGDGHOD
RWUD 3DVp SRU XQD HWDSD WHUULEOH GH PHQWLUDV \
HQJDxRV GXUy XQRV WUHV PHVHV \ PH VHQWt UHDOPHQWH
DOLYLDGDFXDQGRQRVGHVFXEULHURQ
3DUD UHVXPLU GHMp D -RKQ SRU 3HWHU &UHtD TXH
pUDPRVDOPDVJHPHODVGHVWLQDGDVDHVWDUMXQWDVSDUD
VLHPSUH ¢'H TXp RWUD PDQHUD SRGUtD MXVWLILFDU HO
HQRUPHGRORUTXHOHKDEtDFDXVDGRDPLPDULGRVLQR
HUDSRUXQPRWLYRSXUR\QREOH"3HWHUHQFDPELRQR
GHMyDVXPXMHUSRUPt
0H SUHFLSLWp D XQR GH ORV PRPHQWRV PiV
RVFXURVGHPLYLGD0HRGLDEDSRUKDEHUKHULGRWDQWR
D-RKQSHURWDPELpQRGLDEDD3HWHUSRUKDEHUKHFKR
GH Pt XQD PXMHU GHVKRQHVWD 3RU VXHUWH \D KDEtD
SODQHDGR XQD HVWDQFLD GH XQ DxR HQ OD ,QGLD SDUD
OOHYDU D FDER OD LQYHVWLJDFLyQ SDUD PL WHVLV WUDWDED
VREUH GHUHFKRV \ UHVSRQVDELOLGDGHV HQ ORV
PDWULPRQLRV HQWUH LQGLRV \ QR QR VH PH HVFDSy OD
LURQtDGHODVXQWR $TXHOODHWDSDHQHOH[WUDQMHURPH
GLRODRSRUWXQLGDGGHDOHMDUPHGHWRGR\ODPHUPHODV
KHULGDV (Q OD ,QGLD FRQRFt D 5XSHUW XQ HVFULWRU
EULWiQLFR TXH HVWDED UHGDFWDQGR XQD JXtD GH YLDMHV
VREUHODUHJLyQ$XQTXHOHGLMHTXHHVWDEDVXPLGDHQ
XQ FDRV HPRFLRQDO \ TXH QR OH FRQYHQtD DFHUFDUVH D
Pt FRVD TXH SDUD pO IXH FRPR RQGHDU XQD EDQGHUD
URMD GHODQWH GH XQ WRUR  ODV FRVDV HPSH]DURQ D
FXDMDU
&XDQGR UHJUHVp D %HUNHOH\ SDUD WHUPLQDU PL
WHVLVPHTXHGDEDSHQGLHQWHHQIUHQWDUPHDOFDRVTXH
KDEtD GHMDGR WUDV GH Pt 3HGLU GLVFXOSDV D -RKQ QR
VLUYLy GH QDGD 6HJXtD IXULRVR \ SRFR GLVSXHVWR D
SHUGRQDUPH 7RGDYtD KR\ QR OR KD KHFKR &XOSDU D
3HWHU WDPSRFR PH D\XGy < QR SRGtD FRQWLQXDU
HQIDGDGD FXDQGR PH HQWHUp GH TXH OH KDEtDQ
GLDJQRVWLFDGRXQFiQFHUSRFRGHVSXpVGHVHSDUDUQRV
\OHTXHGDEDQVRORXQRVPHVHVGHYLGD
)XHH[DFWDPHQWHHQHVHSXQWRGHPLYLGDFXDQGR
HPSHFp D UHFLELU LQIRUPDFLyQ VREUH OD FRPSDVLyQ
KDFLD XQR PLVPR HQ PLV UHWLURV EXGLVWDV VHPDQDOHV
6XSRQJR TXH LPDJLQDV TXH DTXHOOR IXH FRPR XQ
VDOYDYLGDV SDUD Pt (PSHFp D MX]JDUPH XQ SRFR
PHQRVDPtPLVPDDVHQWLUFRPSDVLyQSRUODVKHULGDV
GH PL LQIDQFLD \ D DFHSWDU ODV OLPLWDFLRQHV TXH PH
KDEtDQ OOHYDGR D VHU LQILHO 2MDOi KXELHVH VLGR OR
VXILFLHQWHPHQWH PDGXUD FRPR SDUD GDUPH FXHQWD GH
TXH PL PDWULPRQLR QR IXQFLRQDED \ KDEHU SRGLGR
HOHJLU XQD PDQHUD PiV KRQRUDEOH GH FDPELDU 2MDOi
KXELHVHVLGRORVXILFLHQWHPHQWHVDELDFRPRSDUDYHU
TXH OD IXHQWH GH OD YLWDOLGDG \ OD SDVLyQ TXH KDEtD
GHVFXELHUWR QR HVWDEDQ HQ PL DPDQWH VLQR HQ Pt
PLVPD 3HUR HQ DTXHO PRPHQWR QR OR VXSH YHU 1R
FRQVHJXtHVWDUDODDOWXUDGHPLVLGHDOHVDOJRSRUOR
GHPiVPX\KXPDQR
1R IXH IiFLO GHMDU D XQ ODGR OD DXWRFUtWLFD $O
PLUDUDWUiVYHRTXHLQWHQWDEDVDOYDUPLDXWRHVWLPDGH
XQPRGRPX\WRUWXRVR$OPHQRVODSDUWHGHPtTXH
PHMX]JDED\PHFULWLFDEDFRQVWDQWHPHQWHHUDEXHQD
DXQTXHHOUHVWRIXHVHPDOR
2WUDSLHGUDHQHOFDPLQRIXHODFUHHQFLDGHTXH
SHUGRQDUPH D Pt PLVPD HTXLYDOtD D VDOLU GHO
DWROODGHUR 3DUD PL VRUSUHVD GHVFXEUt TXH FXDQGR
HPSHFp D DFHSWDUPH FRQ PiV ERQGDG \ FRPSDVLyQ
SXGH VHU PiV KRQHVWD UHVSHFWR DO GDxR TXH KDEtD
FDXVDGR D RWUDV SHUVRQDV 1R VROR D -RKQ VLQR
WDPELpQD3HWHU\DVXPXMHU3HWHUFRQPiVPXQGR\
PiV H[SHULHQFLD TXH \R VDEtD TXH PL SDVLyQ LQLFLDO
SRU XQ KRPEUH PXFKR PD\RU TXH \R QR GXUDUtD
PXFKR'HERDGPLWLUTXHSUREDEOHPHQWHWHQtDUD]yQ
(Q FLHUWRV DVSHFWRV VROR OR XWLOLFp FRPR XQD YtD GH
HVFDSH GH PL LQIHOL] PDWULPRQLR $XQTXH QR PH GL
FXHQWD GH HOOR HQ VX PRPHQWR SUREDEOHPHQWH OR
KDEUtD GHMDGR XQD YH] FRQVHJXLGR HO REMHWLYR 3DUD
pOODRSFLyQFRUUHFWDIXHTXHGDUVHFRQVXPXMHUXQD
SHUVRQDIXHUWH\VXSULQFLSDOSXQWRGHDSR\RGXUDQWH
ORVPHVHVGHTXLPLRWHUDSLD
&XDQGR HPSHFp D SUDFWLFDU OD FRPSDVLyQ KDFLD
PtPLVPDORTXHPiVPHVRUSUHQGLyIXHODLQFUHtEOH
FDSDFLGDG TXH PH GLR SDUD YHUPH FRQ FODULGDG \
DSUHQGHUGHORVHUURUHVTXHKDEtDFRPHWLGR&XDQGR
GHMp GH DFREDUGDUPH \ HQFRQWUp OD YDOHQWtD SDUD
PLUDU ODV FRVDV GH FHUFD YL FRQ FODULGDG HQ TXp PH
KDEtD HTXLYRFDGR &RQ HO EHQHSOiFLWR GH PL
SURPHWLGR 5XSHUW UHDOLFp YDULDV FDPLQDWDV SRU OD
PRQWDxD FRQ 3HWHU \ OOHJDPRV D XQ SXQWR GH
FRPSUHQVLyQ PXWXD /D XUJHQFLD GH QXHVWUDV
FRQYHUVDFLRQHVVHLQWHQVLILFyGHELGRDODFHUFDQtDGH
VXPXHUWH(QWHQGtORVPRWLYRVGHPLVGHFLVLRQHV\GH
ODV GH 3HWHU 1R IXH XQD KLVWRULD DJUDGDEOH SHUR
WHQtDPRVTXHDFHSWDUFyPRKDEtDRFXUULGR
'HVSXpV GH VX IDOOHFLPLHQWR GHMp
GHILQLWLYDPHQWH DWUiV OD YHUJHQ]D \ OD DXWRFUtWLFD
&RPSUHQGtTXHDWDFDUPHVLQFHVDUSRUPLGHELOLGDG\
PL LQPDGXUH] HUD XQD SpUGLGD GH WLHPSR \ QR PH
VHUYtD SDUD QDGD \ D ORV GHPiV WDPSRFR  0H GL
FXHQWD GH TXH WUDWiQGRPH D Pt PLVPD FRQ ERQGDG \
FRPSUHQVLyQSRGtDHPSH]DUDFXUDUPH$TXHOQXHYR
ULQFyQ GH FDOLGH] LQWHULRU SD] \ HVWDELOLGDG
HPRFLRQDOQRVRORPHKL]RPiVIHOL]VLQRTXHDGHPiV
PHSHUPLWLyGDUPiVHQPLUHODFLyQFRQ5XSHUW

815(*$/235(&,262

/D FRPSDVLyQ KDFLD XQR PLVPR HV XQ UHJDOR DO

DOFDQFH GH WRGR HO TXH HVWp GLVSXHVWR D GHVFXEULUVH
&XDQGRGHVDUUROODPRVHOKiELWRGHODERQGDGLQWHULRU
HO VXIULPLHQWR VH FRQYLHUWH HQ XQD RSRUWXQLGDG SDUD
H[SHULPHQWDU DPRU \ WHUQXUD KDFLD QRVRWURV PLVPRV
1R LPSRUWD OR GLItFLOHV TXH VH SRQJDQ ODV FRVDV
VLHPSUH SRGHPRV URGHDU D QXHVWUR \R PDOWUHFKR FRQ
XQWLHUQRDEUD]R3RGHPRVFDOPDU\FRQVRODUQXHVWUR
SURSLR GRORU LJXDO TXH XQ QLxR VH FDOPD \ VH
FRQVXHODHQORVEUD]RVGHVXPDGUH1RWHQHPRVTXH
HVSHUDU D VHU SHUIHFWRV D TXH OD YLGD GLVFXUUD
H[DFWDPHQWHFRPRTXHUHPRV1RQHFHVLWDPRVDQDGLH
TXH QRV EULQGH FDORU \ FRPSDVLyQ SDUD VHQWLUQRV
GLJQRV GH DPRU 1R WHQHPRV TXH EXVFDU IXHUD GH
QRVRWURVODDFHSWDFLyQ\ODVHJXULGDGTXHDQKHODPRV
(VWRQRVLJQLILFDTXHQRQHFHVLWHPRVDORVGHPiV3RU
VXSXHVWR TXH ORV QHFHVLWDPRV SHUR ¢TXLpQ SXHGH
VDEHUPHMRUTXHW~FyPRWHVLHQWHVUHDOPHQWHEDMRHVD
IDFKDGD DOHJUH" ¢4XLpQ FRQRFH PHMRU HO DOFDQFH GHO
GRORU \ HO PLHGR D ORV TXH WH HQIUHQWDV TXLpQ VDEH
PHMRU TXH W~ OR TXH QHFHVLWDV" ¢4XLpQ HV OD ~QLFD
SHUVRQD GH WX YLGD TXH HVWi GLVSRQLEOH ODV
YHLQWLFXDWUR KRUDV GHO GtD \ ORV VLHWH GtDV GH OD
VHPDQDSDUDSURSRUFLRQDUWHDWHQFLRQHV\FDULxR"7~
 &DStWXOR

(67$026-81726(1(672

8Q VHU KXPDQR IRUPD SDUWH GH XQ WRGR DO TXH OODPDPRV
©XQLYHUVRª XQD SDUWH OLPLWDGD HQ HO WLHPSR \ HO HVSDFLR 6H
H[SHULPHQWD D Vt PLVPR VXV SHQVDPLHQWRV \ VHQWLPLHQWRV FRPR
DOJR VHSDUDGR GHO UHVWR DOJR DVt FRPR XQD LOXVLyQ ySWLFD GH VX
FRQFLHQFLD (VWD IDOVD LOXVLyQ HV SDUD QRVRWURV FRPR XQD SULVLyQ
TXH QRV UHVWULQJH D QXHVWURV GHVHRV SHUVRQDOHV \ DO DIHFWR TXH
SURIHVDPRV KDFLD ODV SRFDV SHUVRQDV TXH QRV URGHDQ 1XHVWUD
WDUHDGHEHVHUOLEHUDUQRVGHHVWDFiUFHODPSOLDQGRQXHVWURFtUFXOR
GH FRPSDVLyQ SDUD DEDUFDU D WRGDV ODV FULDWXUDV YLYDV \ DO
FRQMXQWRGHODQDWXUDOH]DHQWRGDVXEHOOH]D

$/%(57(,167(,1/RVGRFXPHQWRVGH(LQVWHLQ

(OVHJXQGRFRPSRQHQWHIXQGDPHQWDOGHODFRPSDVLyQ
KDFLD XQR PLVPR HV HO UHFRQRFLPLHQWR GH OD
H[SHULHQFLD KXPDQD FRP~Q 5HFRQRFHU TXH QXHVWUDV
YLGDVHVWiQLQWHUFRQHFWDGDVSRUQDWXUDOH]D GHKHFKR
ORHVWiQFRQODYLGDPLVPD QRVD\XGDDGLVWLQJXLUOD
DXWRFRPSDVLyQ GH OD VLPSOH DFHSWDFLyQ R GHO DPRU
KDFLD XQR PLVPR $XQTXH OD DFHSWDFLyQ \ HO DPRU
KDFLD XQR PLVPR VRQ LPSRUWDQWHV SRU Vt VRORV HVWiQ
LQFRPSOHWRV /HV IDOWD XQ HOHPHQWR HVHQFLDO ODV
SHUVRQDV TXH QRV URGHDQ 3RU GHILQLFLyQ OD
FRPSDVLyQ WLHQH TXH YHU FRQ ODV UHODFLRQHV
/LWHUDOPHQWHFRPSDVLyQVLJQLILFD©VXIULUFRQªORTXH
LPSOLFDXQDUHFLSURFLGDGEiVLFDHQODH[SHULHQFLDGHO
VXIULPLHQWR (O VHQWLPLHQWR GH FRPSDVLyQ VXUJH GHO
UHFRQRFLPLHQWR GH TXH OD H[SHULHQFLD KXPDQD HV
LPSHUIHFWD ¢3RU TXp RWUD UD]yQ GLUtDPRV ©(V
KXPDQRªSDUDFRQVRODUDDOJXLHQTXHKDFRPHWLGRXQ
HUURU" /D FRPSDVLyQ KDFLD XQR PLVPR HQDOWHFH HO
KHFKRGHTXHWRGRVORVVHUHVKXPDQRVVRPRVIDOLEOHV
GHTXHODVGHFLVLRQHVHUUyQHDV\ORVVHQWLPLHQWRVGH
DUUHSHQWLPLHQWRVRQLQHYLWDEOHVSRUPXFKDIXHU]DTXH
WHQJDPRV FRPR UH]D HO GLFKR ©7HQHU OD FRQFLHQFLD
OLPSLDHVVHxDOGHPDODPHPRULDª 
&XDQGR HVWDPRV HQ FRQWDFWR FRQ QXHVWUD
KXPDQLGDG FRP~Q UHFRUGDPRV TXH ORV VHQWLPLHQWRV
GHLQDGDSWDFLyQ\GHFHSFLyQVRQFRPSDUWLGRV(VWRHV
ORTXHGLIHUHQFLDODFRPSDVLyQKDFLDXQRPLVPRGHOD
SHQDSRUXQRPLVPR6LHVWD~OWLPDDFWLWXGHTXLYDOHD
SHQVDU©3REUHGHPtªODFRPSDVLyQQRVUHFXHUGDTXH
WRGRV VXIULPRV \ QRV RIUHFH FRQVXHOR SRUTXH WRGRV
VRPRVKXPDQRV(OGRORUTXHVLHQWRHQPRPHQWRVGH
GLILFXOWDGHVHOPLVPRTXHW~VLHQWHVFXDQGRODVFRVDV
QRWHYDQELHQ/RVGHVHQFDGHQDQWHVVRQGLVWLQWRVODV
FLUFXQVWDQFLDV VRQ GLVWLQWDV HO QLYHO GH GRORU HV
GLVWLQWR SHUR HO SURFHVR HV HO PLVPR 1R SXHGHV
FRQVHJXLUVLHPSUHORTXHTXLHUHV(VWRHVFLHUWRSDUD
WRGRHOPXQGRLQFOXVRSDUDORV5ROOLQJ6WRQHV
&XDQGR QRV REVHVLRQDPRV FRQ ORV DVSHFWRV QR
GHVHDGRV GH QXHVWUD YLGD QRV VHQWLPRV DVXVWDGRV \
HQIDGDGRV/DLQGHIHQVLyQ\ODIUXVWUDFLyQSRUQXHVWUD
LQFDSDFLGDGSDUDFRQWURODUODVFRVDV SDUDFRQVHJXLU
OR TXH TXHUHPRV SDUD VHU TXLHQHV TXHUHPRV VHU  VH
DSRGHUDQ GH QRVRWURV 1RV TXHMDPRV SRU WRGR \ QRV
DIHUUDPRVDQXHVWUDYLVLyQHVWUHFKDGHFyPRGHEHUtDQ
VHUODVFRVDV7RGRV\FDGDXQRGHORVVHUHVKXPDQRV
HVWDPRV HQ HO PLVPR EDUFR /R PiV KHUPRVR GH
UHFRQRFHUHVWHKHFKRIXQGDPHQWDOGHODYLGD HOUD\R
GHHVSHUDQ]DSRUDVtGHFLUOR HVTXHQRVSURSRUFLRQD
XQD YLVLyQ SURIXQGD GH OD FRQGLFLyQ KXPDQD TXH
WRGRVFRPSDUWLPRV

$,6/$'2<62/2

3RUGHVJUDFLDODPD\RUtDGHODJHQWHQRVHILMDHQOR
TXH WLHQH HQ FRP~Q FRQ ORV GHPiV VREUH WRGR VL VH
VLHQWHQ DYHUJRQ]DGRV R GHVSOD]DGRV (Q OXJDU GH
FRQWHPSODUVXLPSHUIHFFLyQDODOX]GHODH[SHULHQFLD
KXPDQD FRPSDUWLGD PXFKDV SHUVRQDV VH VLHQWHQ
DLVODGDV \ GHVFRQHFWDGDV GHO PXQGR TXH OHV URGHD
FXDQGRFRPHWHQXQHUURU
&XDQGR VROR SUHVWDPRV DWHQFLyQ D QXHVWUDV
FDUHQFLDVVLQWHQHUHQFXHQWDHOFRQMXQWRJOREDOGHOD
H[SHULHQFLD KXPDQD QXHVWUD SHUVSHFWLYD WLHQGH D
HVWUHFKDUVH 1RV YHPRV DEVRUELGRV SRU QXHVWURV
SURSLRV VHQWLPLHQWRV GH LQFDSDFLGDG H LQVHJXULGDG
&XDQGRQRVHQFHUUDPRVHQHOHVSDFLROLPLWDGRGHOD
DYHUVLyQ KDFLD QRVRWURV PLVPRV HV FRPR VL HO UHVWR
GH OD KXPDQLGDG QR H[LVWLHVH 1R HV XQ SURFHVR
OyJLFRGHSHQVDPLHQWRVLQRXQDHVSHFLHGHHVWUHFKH]
GHPLUDVHPRFLRQDO(QFLHUWDPDQHUDHVFRPRVL\R
IXHVH HO ~QLFR UHFKD]DGR HTXLYRFDGR R HVW~SLGR
&RPR HVFULEH 7DUD %UDFK DXWRUD GH 5DGLFDO
$FFHSWDQFH©6HQWLUTXHXQRQRWLHQHPpULWRYDGHOD
PDQRFRQVHQWLUVHDSDUWDGRGHORVGHPiVDSDUWDGRGH
OD YLGD 6L VRPRV LPSHUIHFWRV ¢FyPR SRGHPRV
VHQWLUQRV LQWHJUDGRV" 3DUHFH XQ FtUFXOR YLFLRVR
FXDQWR PiV LQ~WLOHV QRV VHQWLPRV PiV DSDUWDGRV \
YXOQHUDEOHVQRVVHQWLPRVª
( LQFOXVR FXDQGR YLYLPRV XQD H[SHULHQFLD
GRORURVD TXH QR HV SRU FXOSD QXHVWUD SRU HMHPSOR
QRV KDQ HFKDGR GHO WUDEDMR GHELGR D SUREOHPDV
HFRQyPLFRV  VHQWLPRV LUUDFLRQDOPHQWH TXH HO UHVWR
GHO PXQGR RFXSD IHOL]PHQWH XQ SXHVWR GH WUDEDMR \
TXHQRVRWURVVRPRVORV~QLFRVTXHQRVTXHGDPRVHQ
FDVDYLHQGRUHSRVLFLRQHVHQODWHOHWRGRHOGtD2VL
QRVSRQHPRVHQIHUPRVQRVSDUHFHTXHVHWUDWDGHXQ
HVWDGRLQXVXDO\DQRUPDO FRPRHOKRPEUHPRULEXQGR
GH RFKHQWD \ FXDWUR DxRV FX\DV ~OWLPDV SDODEUDV
IXHURQ©¢3RUTXp\R"ª &XDQGRFDHPRVHQODWUDPSD
GH FUHHU TXH ©VH VXSRQHª TXH ODV FRVDV GHEHUtDQ LU
ELHQ VL YDQ PDO WHQGHPRV D SHQVDU TXH KD RFXUULGR
DOJRWHUULEOH'HQXHYRQRVHWUDWDGHXQSURFHVRGH
SHQVDPLHQWR FRQVFLHQWH VLQR GH XQD SUHVXQFLyQ
RFXOWD TXH GD IRUPD D QXHVWUDV UHDFFLRQHV
HPRFLRQDOHV 6L DGRSWiVHPRV XQ HQIRTXH
FRPSOHWDPHQWHOyJLFRSHQVDUtDPRVTXHKD\PLOHVGH
FRVDVTXHSXHGHQLUPDOHQXQPRPHQWRXRWURSRUOR
TXH UHVXOWD DOWDPHQWH SUREDEOH HQ UHDOLGDG
LQHYLWDEOH  TXH H[SHULPHQWHPRV GLILFXOWDGHV FRQ
FLHUWDUHJXODULGDG3HURFDVLQXQFDVRPRVUDFLRQDOHV
HQ HVDV FXHVWLRQHV /R TXH KDFHPRV HV VXIULU \
VHQWLUQRVVRORVHQQXHVWURVXIULPLHQWR

/$1(&(6,'$''(6(17,56(,17(*5$'2
$EUDKDP 0DVORZ IXH XQ FRQRFLGR SVLFyORJR
DPHULFDQR GH PHGLDGRV GHO VLJOR ;; \ OtGHU GHO
PRYLPLHQWRGHODSVLFRORJtDKXPDQLVWD$ILUPyTXH
ODVQHFHVLGDGHVGHFUHFLPLHQWRLQGLYLGXDO\IHOLFLGDG
QRSXHGHQVHUFRQTXLVWDGDVVLQVDWLVIDFHUSULPHUROD
QHFHVLGDG EiVLFD GH FRQH[LyQ KXPDQD 6LQ OD]RV GH
DPRU \ FDULxR FRQ RWUDV SHUVRQDV QR SRGHPRV
GHVDUUROODU WRGR QXHVWUR SRWHQFLDO FRPR VHUHV
KXPDQRV (O SVLFRDQDOLVWD +HLQ] .RKXW TXH
GHVDUUROOy XQ PRGHOR OODPDGR ©DXWRSVLFRORJtDª D
SULQFLSLRV GH OD GpFDGD GH  SURSXVR TXH OD
LQWHJUDFLyQRHOVHQWLGRGHSHUWHQHQFLDHVXQDGHODV
QHFHVLGDGHV IXQGDPHQWDOHV GHO \R 'HILQLy OD
LQWHJUDFLyQFRPRHOVHQWLPLHQWRGHVHU©KXPDQRHQWUH
KXPDQRVª XQD LGHD TXH QRV SHUPLWH YHUQRV D
QRVRWURVPLVPRVFRQHFWDGRVFRQRWUDVSHUVRQDV8QD
GH ODV SULQFLSDOHV FDXVDV GH OD HQIHUPHGDG PHQWDO
VHJ~Q.RKXWHVODIDOWDGHLQWHJUDFLyQODSHUFHSFLyQ
GHHVWDUDLVODGRGHQXHVWURVVHPHMDQWHV
/D VROHGDG VXUJH GHO VHQWLPLHQWR GH HVWDU
DLVODGR WDQWR VL HVWDPRV HQ SUHVHQFLD GH RWUDV
SHUVRQDV FRPR VL QR 6L DVLVWHV D XQD ILHVWD
PXOWLWXGLQDULDHQODTXHQRDFDEDVGHHQFDMDUHVPX\
SRVLEOH TXH WH VLHQWDV VROR /D VROHGDG HV VHQWLUVH
GHVFRQHFWDGRGHORVGHPiVDXQTXHHVWpQDVRORXQRV
PHWURV /D DQVLHGDG DQWH HO KHFKR GH KDEODU HQ
S~EOLFR OD PD\RU IRELD HQ QXHVWUD FXOWXUD WDPELpQ
HVWi SURYRFDGD SRU HO WHPRU DO UHFKD]R \ HO
DLVODPLHQWR¢3RUTXpIXQFLRQDHO©WUXFRªGHLPDJLQDU
DO S~EOLFR HQ URSD LQWHULRU" 3RUTXH WH UHFXHUGD TXH
HVHS~EOLFRWDPELpQHVYXOQHUDEOHHLPSHUIHFWR\OD
LPDJHQ GHVHQFDGHQD HO VHQWLPLHQWR GH KXPDQLGDG
FRPSDUWLGD
,QFOXVRHOPLHGRDODPXHUWHVXUJHHQJUDQSDUWH
GHO WHPRU D SHUGHU OD FRPSDxtD OD LQWLPLGDG \ ODV
UHODFLRQHV FRQ ORV GHPiV /RV VHQWLPLHQWRV GH
DLVODPLHQWR SXHGHQ FRQWULEXLU D FRQYHUWLU HVH PLHGR
HQ XQD UHDOLGDG /DV LQYHVWLJDFLRQHV LQGLFDQ TXH HO
DLVODPLHQWR VRFLDO GXSOLFD H LQFOXVR WULSOLFD  HO
ULHVJR GH SDGHFHU HQIHUPHGDGHV FDUGLRYDVFXODUHV
3RU HO FRQWUDULR OD SDUWLFLSDFLyQ HQ XQ JUXSR GH
DSR\R UHGXFH OD DQVLHGDG \ OD GHSUHVLyQ GH ORV
HQIHUPRV GH FiQFHU DO WLHPSR TXH LQFUHPHQWD ODV
H[SHFWDWLYDV GH VXSHUYLYHQFLD 8QD GH ODV
SULQFLSDOHVUD]RQHVSRUODVTXHORVJUXSRVGHDSR\R
VRQ WDQ HILFDFHV HV TXH VXV PLHPEURV VH VLHQWHQ
PHQRV DLVODGRV GXUDQWH ORV PDORV PRPHQWRV /D
QHFHVLGDG GH LQWHJUDFLyQ SRU WDQWR HV IXQGDPHQWDO
SDUDODVDOXGItVLFD\ODVDOXGHPRFLRQDO
/RV VHQWLPLHQWRV GH FRQH[LyQ FRPR ORV GH
ERQGDGDFWLYDQHOVLVWHPDGHDSHJRGHOFHUHEUR/D
SDUWH DPLVWRVD GHO LQVWLQWR GH ©FXLGDU \ IUDWHUQL]DUª
VHUHODFLRQDFRQODWHQGHQFLDKXPDQDDXQLUVHDRWUDV
SHUVRQDV D IRUPDU JUXSRV FRQ HO ILQ GH VHQWLUVH
VHJXUR 3RU HVWD UD]yQ ODV SHUVRQDV TXH VH VLHQWHQ
FRQHFWDGDV D ORV GHPiV QR VH DVXVWDQ WDQWR DQWH ODV
FLUFXQVWDQFLDVGLItFLOHVGHODYLGD\VRQPiVIOH[LEOHV
DQWHODVDGYHUVLGDGHV
3RU VXSXHVWR HV PDUDYLOORVR FXDQGR
FRQVHJXLPRV VDWLVIDFHU QXHVWUD QHFHVLGDG GH
LQWHJUDFLyQ SRU PHGLR GH VHUHV TXHULGRV FRPR ORV
DPLJRV R OD IDPLOLD 3HUR VL WLHQHV SUREOHPDV SDUD
PDQWHQHU UHODFLRQHV SRVLWLYDV HVWH WLSR GH DSR\R
VRFLDOSRGUtDQRHVWDUSUHVHQWHHQWXYLGD(LQFOXVR
HQ ODV PHMRUHV FLUFXQVWDQFLDV ORV GHPiV QR VLHPSUH
VRQ FDSDFHV GH KDFHUQRV VHQWLU TXH HVWDPRV
LQWHJUDGRV\VRPRVDFHSWDGRV(QORPiVSURIXQGRGH
QXHVWUD PHQWH SRGHPRV VHQWLUQRV DLVODGRV HQ
FXDOTXLHU PRPHQWR LQFOXVR VL UHDOPHQWH QR HV DVt
1XHVWURV WHPRUHV \ QXHVWUDV FUtWLFDV LQWHUQDV VRQ
FRPRSDQWDOODVTXHQRVLPSLGHQYHUODVPDQRVTXHVH
H[WLHQGHQKDFLDQRVRWURVSDUDD\XGDUQRV7DPELpQHV
SRVLEOH TXH QRV DYHUJHQFH UHFRQRFHU QXHVWUR
VHQWLPLHQWR GH DLVODPLHQWR DQWH QXHVWURV VHUHV
TXHULGRVSRUWHPRUDTXHGHMHQGHTXHUHUQRVVLVDEHQ
FyPR VRPRV UHDOPHQWH $Vt RFXOWDU QXHVWUR
YHUGDGHUR \R D ORV GHPiV KDFH TXH QRV VLQWDPRV
WRGDYtDPiVVRORV
3RU HVR HV WDQ LPSRUWDQWH WUDQVIRUPDU QXHVWUD
UHODFLyQ FRQ QRVRWURV PLVPRV UHFRQRFLHQGR QXHVWUD
LQWHUFRQH[LyQ LQKHUHQWH 6L HQ ORV PRPHQWRV EDMRV
VRPRV FDSDFHV GH UHFRUGDU FRQ FRPSDVLyQ KDFLD
QRVRWURV PLVPRV TXH HO IUDFDVR IRUPD SDUWH GH OD
H[SHULHQFLDKXPDQDFRPSDUWLGDHODLVODPLHQWRGHMDUi
SDVR DO VHQWLPLHQWR GH SHUWHQHQFLD &XDQGR QXHVWUDV
H[SHULHQFLDVGLItFLOHV\GRORURVDVHVWiQDFRPSDxDGDV
SRUHOUHFRQRFLPLHQWRGHTXHPXFKDVRWUDVSHUVRQDV
SDVDQSRUGLILFXOWDGHVVLPLODUHVHOJROSHVHVXDYL]D
(O GRORU SHUVLVWH SHUR QR VH YH DJUDYDGR FRQ
VHQWLPLHQWRVGHDLVODPLHQWR6LQHPEDUJRORWULVWHHV
TXH QXHVWUD FXOWXUD QRV LQYLWD D FUHHU TXH VRPRV
~QLFRVORFXDOHVWiPX\OHMRVGHIRPHQWDUODLGHDGH
TXHWRGRVVRPRVLJXDOHV

(/-8(*2'(/$&203$5$&,Ï1

'DGR TXH QXHVWUD FXOWXUD QRV SLGH TXH QRV YHDPRV

FRPR SHUVRQDV ©HVSHFLDOHV \ SRU HQFLPD GH OD
PHGLDª FDHPRV HQ XQ SURFHVR HJRtVWD GH
FRPSDUDFLyQ VRFLDO FRQ ORV GHPiV &XDQGR QRV
GHGLFDPRV FRQ DIiQ D YHUQRV D QRVRWURV PLVPRV GH
PDQHUDSRVLWLYDWHQGHPRVDVHQWLUQRVDPHQD]DGRVVL
ORVGHPiVVRQPHMRUHVTXHQRVRWURV
/L]SRUHMHPSORVHVLQWLyPX\ELHQGHVSXpVGH
UHFLELU VX SULPHU LQIRUPH DQXDO HQ VX QXHYR WUDEDMR
(O GRFXPHQWR HORJLDED VX WUDEDMR \ VX HVIXHU]R
DGHPiVGHSURPHWHUXQDXPHQWRGHVXHOGRGHODO
FRPLHQ]RGHOVLJXLHQWHDxRODERUDO(XIyULFDOODPyD
VXQRYLRSDUDGDUOHODQRWLFLD©£)DQWiVWLFR7HQGUpHO
FKDPSiQ SUHSDUDGR FXDQGR OOHJXHV D FDVDª OH
UHVSRQGLy pO 0iV WDUGH HQ HO DSDUFDPLHQWR /L]
HVFXFKy OD DQLPDGD FRQYHUVDFLyQ WHOHIyQLFD GH XQ
FROHJD ©£(O LQIRUPH GLFH TXH VR\ HO HPSOHDGR PiV
SURPHWHGRU GHO DxR < QR WH OR SLHUGDV £YDQ D
DXPHQWDUPHHOVXHOGRXQ(VHOGREOHGHORTXH
OHGDQDWRGRHOPXQGR¢1RHVDOXFLQDQWH"ª(QPHGLR
VHJXQGR/L]SDVyGHVHQWLUVHJHQLDODFRQVLGHUDUVHXQ
FRPSOHWR IUDFDVR (Q OXJDU GH FHOHEUDU VX EXHQD
VXHUWHFRQVXQRYLRDOOOHJDUDFDVDWHUPLQyOORUDQGR
HQVXKRPEUR
8QD GH ODV FRQVHFXHQFLDV PiV WULVWHV GH OD
FRPSDUDFLyQVRFLDOHVFyPRQRVGLVWDQFLDPRVGHODV
SHUVRQDVFX\Rp[LWRQRVKDFHVHQWLUPDOFRQQRVRWURV
PLVPRV 8Q LQWHUHVDQWH HVWXGLR UHYHOy TXH HVWR HV
FLHUWROLWHUDOPHQWH\WDPELpQHQVHQWLGRILJXUDGR/RV
LQYHVWLJDGRUHV LQIRUPDURQ D ORV SDUWLFLSDQWHV GH TXH
HVWDEDQ HYDOXDQGR HO LQWHUpV \ ORV FRQRFLPLHQWRV GH
ORV HVWXGLDQWHV VREUH GLYHUVRV WHPDV SDUD XQ IXWXUR
FRQFXUVR GH SUHJXQWDV \ UHVSXHVWDV /RV HVWXGLDQWHV
SHQVDEDQ TXH LEDQ D VRPHWHUVH D ODV SUXHEDV HQ
SDUHMDV SHUR HQ UHDOLGDG HO RWUR HVWXGLDQWH IRUPDED
SDUWHGHOHTXLSRGHLQYHVWLJDFLyQ6HOOHYyDFDERXQ
IDOVR FRQFXUVR HQ HO TXH ORV SDUWLFLSDQWHV
VHOHFFLRQDURQ XQD VHULH GH SUHJXQWDV UHODFLRQDGDV
FRQ WHPDV FRPR OD P~VLFD URFN R HO I~WERO /RV
LQYHVWLJDGRUHV LQIRUPDURQ D ORV HVWXGLDQWHV GH TXH
KDEtDQ VXSHUDGR D VX SDUHMD R ELHQ DO FRQWUDULR $
FRQWLQXDFLyQ HYDOXDURQ OR FRPSHQHWUDGRV TXH VH
VHQWtDQ ORV SDUWLFLSDQWHV FRQ VX FRPSDxHUR
SUHJXQWiQGROHVFXiQWRWHQtDQHQFRP~Q\VLGHVHDUtDQ
WUDEDMDUDVXODGRHQHOIXWXUR,QFOXVRDQRWDURQDTXp
GLVWDQFLD VH VHQWDURQ HO XQR GHO RWUR FXDQGR IXHURQ
WUDVODGDGRV D RWUD VDOD /RV HVWXGLDQWHV D ORV TXH VH
LQIRUPy GH TXH VXV FRPSDxHURV OHV KDEtDQ VXSHUDGR
VHVLQWLHURQPiVGLVWDQWHVGHHVWRV\VHVHQWDURQPiV
OHMRV
/D WULVWH LURQtD HV TXH OD UD]yQ SRU OD TXH
TXHUHPRV WHQHU p[LWR HV SRUTXH GHVHDPRV VHQWLUQRV
DFHSWDGRV\YiOLGRVHVWDUFHUFDGHORVGHPiVVHQWLU
TXHHVWDPRVLQWHJUDGRV(VXQFDOOHMyQVLQVDOLGDPX\
KDELWXDO(OPHURKHFKRGHFRPSHWLUSRUHOp[LWRFUHD
XQDVLWXDFLyQGHJXHUUDSHUGLGDGHDQWHPDQRHQODTXH
ORV VHQWLPLHQWRV GH FRQH[LyQ TXH DQVLDPRV TXHGDQ
IXHUDGHQXHVWURDOFDQFH

12627526&2175$(//26

< QR VROR QRV FRPSDUDPRV FRQ RWUDV SHUVRQDV

7DPELpQ FRPSDUDPRV ORV JUXSRV D ORV TXH
SHUWHQHFHPRV DPHULFDQRV UXVRV UHSXEOLFDQRV
GHPyFUDWDV FULVWLDQRV PXVXOPDQHV HWFpWHUD  FRQ
RWURV JUXSRV 3RU HVR WHQHPRV WHQGHQFLD D OOHYDU
HPEOHPDVGHQXHVWUDVDILOLDFLRQHVHQDOJXQDVSUHQGDV
GHYHVWLU RHQHOFRFKH 1XHVWURVHQWLGRGHO\RHVWi
LPSUHJQDGR GH HWLTXHWDV VRFLDOHV TXH QRV GHILQHQ \
QRV KDFHQ VHQWLU VHJXURV \ DFHSWDGRV GHQWUR GH XQRV
OtPLWHV GH JUXSR FODUDPHQWH GHILQLGRV $XQTXH HV
SRVLEOHHQFRQWUDUXQVHQWLGRGHSHUWHQHQFLDGHQWURGH
HVDV LGHQWLGDGHV GH JUXSR QR GHMD GH VHU OLPLWDGR
&DGD YH] TXH QRV LGHQWLILFDPRV FRQ XQ VXEJUXSR HQ
OXJDUGHFRQWRGDODUD]DKXPDQDFUHDPRVGLYLVLRQHV
TXHQRVVHSDUDQGHQXHVWURVVHPHMDQWHV
3RU GHVJUDFLD HVDV GLYLVLRQHV FDVL VLHPSUH
GHVHPERFDQHQSUHMXLFLRV\RGLRV'HOPLVPRPRGR
TXHQRVJXVWDVHQWLUTXHVRPRVVXSHULRUHV\HVWDPRV
SRU HQFLPD GH OD PHGLD HQ FXDQWR D FDUDFWHUtVWLFDV
SHUVRQDOHV WDPELpQ QRV DJUDGD FUHHU TXH QXHVWUR
JUXSR HV VXSHULRU DO UHVWR 6HJ~Q OD WHRUtD GH OD
LGHQWLGDG VRFLDO GH +HQUL 7DMIHO FXDQGR
LQFRUSRUDPRV XQ JUXSR HQ QXHVWUD LGHQWLGDG QXHVWUD
DXWRHVWLPD SURFHGH GLUHFWDPHQWH GH OD SHUWHQHQFLD D
HVH JUXSR 3RU WDQWR QRV HPSOHDPRV D IRQGR HQ
YHUQRV D ©QRVRWURVª GH PDQHUD SRVLWLYD \ D ©HOORVª
GHPDQHUDQHJDWLYD%DMRODGLVFULPLQDFLyQGHJUXSR
\ HO UDFLVPR VXE\DFH QXHVWUR LQWHUpV SRU ODV
LGHQWLGDGHVVRFLDOHV/DUD]yQSRUODTXHTXLHURFUHHU
TXH WX JUXSR GH JpQHURpWQLFRUDFLDOSROtWLFR
QDFLRQDOHVLQIHULRUHVTXHDVtYDOLGRODSULPDFtDGH
PLSURSLRJUXSRORTXHPHDSRUWDXQVHQWLPLHQWRGH
RUJXOOR\GHVXSHULRULGDG&XDQGRXQPLHPEURGHO.X
.OX[.ODQVHSRQHVXW~QLFD\VXFDSLURWHEODQFRVR
XQ WHUURULVWD HQ SRWHQFLD SDUWLFLSD HQ DOWHUFDGRV
FDOOHMHURVVXVHQWLGRGHYDOtDSHUVRQDOHVPiVIXHUWH
\PiVSRGHURVR TXHFXDOTXLHUGURJD
/D LQYHVWLJDFLyQ GH 7DMIHO GHPRVWUy TXH HO
SURFHVR GHO SUHMXLFLR GH JUXSR VH SURGXFH LQFOXVR
FXDQGRORVJUXSRVDORVTXHSHUWHQHFHPRVVHEDVDQHQ
FULWHULRV DUELWUDULRV 3RU HMHPSOR VLWXDU D ODV
SHUVRQDV HQ GLIHUHQWHV JUXSRV VHJ~Q VX SUHIHUHQFLD
SRU .OHH R .DQGLQVN\ GRV SLQWRUHV DEVWUDFWRV R
LQFOXVR FRQ HO VLPSOH ODQ]DPLHQWR DO DLUH GH XQD
PRQHGD KDFH TXH D ORV LQWHJUDQWHV OHV FDLJDQ PHMRU
ORV PLHPEURV GH VX SURSLR JUXSR OHV SURSRUFLRQDQ
PiV UHFXUVRV \ GHVFRQItDQ GH ORV PLHPEURV GHO RWUR
JUXSR
/DLGHQWLGDGGHJUXSRHVODEDVHGHODPD\RUtD
GH FRQIOLFWRV YLROHQWRV \D VH WUDWH GH XQD ULxD HQWUH
GRV HTXLSRV GH I~WERO GH LQVWLWXWRV ORFDOHV R GH XQD
JXHUUD LQWHUQDFLRQDO 7DMIHO FRPSUREy GH SULPHUD
PDQRODVUDPLILFDFLRQHVGHHVWHWLSRGHSUHMXLFLRVGH
JUXSRMXGtRSRODFRHVWXGLDEDHQOD6RUERQDGH3DUtV
FXDQGR HVWDOOy OD 6HJXQGD *XHUUD 0XQGLDO )XH
OODPDGRDILODVSRUHOHMpUFLWRIUDQFpV\FDSWXUDGRSRU
ORVQD]LV9LYLyHQXQFDPSRGHFRQFHQWUDFLyQFRPR
SULVLRQHUR GH JXHUUD \ VREUHYLYLy SRUTXH QDGLH
GHVFXEULyTXHHUDMXGtR/DPD\RUtDGHVXVDPLJRV\
VXVIDPLOLDUHVPXULHURQ(O+RORFDXVWRIXHXQRGHORV
SHRUHVHMHPSORV SHURQRHO~OWLPRSRUGHVJUDFLD GH
KDVWD TXp SXQWR SRGHPRV PDOWUDWDUQRV XQRV D RWURV
FODVLILFDQGR DO JUXSR SURSLR \ DO UHVWR HQ
FRPSDUWLPHQWRVGLVWLQWRV
3RU VXHUWH ORV SVLFyORJRV KDQ GHVFXELHUWR TXH
FXDQGR QXHVWUR VHQWLGR GH SHUWHQHQFLD VH H[WLHQGH D
WRGDODKXPDQLGDGHQOXJDUGHTXHGDUVHHQORVOtPLWHV
GHQXHVWURVSURSLRVJUXSRVVRFLDOHVORVFRQIOLFWRVVH
UHGXFHQ GH IRUPD HVSHFWDFXODU 6L UHFRQRFHPRV TXH
HVWDPRV LQWHUFRQHFWDGRV HQ OXJDU GH FRQVLGHUDUQRV
HQWLGDGHV VHSDUDGDV OD FRPSUHQVLyQ \ HO SHUGyQ VH
DPSOtDQ D XQR PLVPR \ D ORV GHPiV FRQ PHQRV
EDUUHUDV HQWUH QRVRWURV 8Q HVWXGLR LOXVWUD PX\ ELHQ
HVWHSXQWR6HSUHJXQWyDXQJUXSRGHXQLYHUVLWDULRV
MXGtRV VL HVWDEDQ GLVSXHVWRV D SHUGRQDU D ORV
DOHPDQHV GH KR\ SRU HO +RORFDXVWR (O HVWXGLR
SODQWHDED GRV FRQGLFLRQHV VH GHVFULEtD HO
+RORFDXVWRFRPRXQHSLVRGLRHQHOTXHORVDOHPDQHV
KDEtDQ VLGR DJUHVLYRV FRQ ORV MXGtRV R FRPR XQ
KHFKR HQ HO TXH XQD VHULH GH VHUHV KXPDQRV KDEtDQ
VLGR DJUHVLYRV FRQ RWURV VHUHV KXPDQRV /RV
SDUWLFLSDQWHV MXGtRV VH PRVWUDURQ PiV GLVSXHVWRV D
SHUGRQDU D ORV DOHPDQHV FXDQGR FDOLILFDURQ OD
PDVDFUH FRPR XQ HSLVRGLR HQWUH KXPDQRV PiV TXH
HQWUH JUXSRV VRFLDOHV \ DGHPiV FRQVLGHUDURQ D ORV
DOHPDQHV PiV SDUHFLGRV D HOORV PLVPRV HQ HVH
VXSXHVWR &RQ VROR FDPELDU QXHVWUR PDUFR GH
UHIHUHQFLDGHODVGLIHUHQFLDVDODVVLPLOLWXGHVFRQORV
GHPiV SRGHPRV WUDQVIRUPDU HVSHFWDFXODUPHQWH
QXHVWUDV SHUFHSFLRQHV \ QXHVWUDV UHDFFLRQHV
HPRFLRQDOHV
([LVWH XQ PDUDYLOORVR SURJUDPD HGXFDWLYR
OODPDGR&KDOOHQJH'D\TXHD\XGDDORVDGROHVFHQWHV
D H[SHULPHQWDU LQWHQVDPHQWH OD SHUWHQHQFLD D XQD
KXPDQLGDG FRP~Q (O SURJUDPD FRQVLVWH HQ XQD
VHULHGHDFWLYLGDGHVUHDOL]DGDVDORODUJRGHXQGtD\
GLVHxDGDV SDUD IRPHQWDU HO VHQWLPLHQWR GH FRQH[LyQ
FRQORVFRPSDxHURV(QXQHMHUFLFLROODPDGR©/tQHDV
TXHQRVGLYLGHQªSRUHMHPSORORVMyYHQHVWLHQHQTXH
DOLQHDUVHHQXQODGRGHOJLPQDVLR8QOtGHUGHJUXSR
SODQWHDXQDVHULHGHH[SHULHQFLDVGRORURVDV\SLGHD
ORVFRPSDxHURVTXHSDVHQDORWURODGRGHOJLPQDVLR
VLWDPELpQKDQYLYLGRHVDH[SHULHQFLD&DGDHSLVRGLR
VH FRPXQLFD OHQWDPHQWH GHMDQGR WLHPSR VXILFLHQWH
SDUDTXHWRGRVYHDQTXLpQHVKDQVXIULGRORPLVPRTXH
HOORV ©3RU IDYRU FUX]DG OD OtQHD VL DOJXQD YH] RV
KDEpLV VHQWLGR KHULGRV R MX]JDGRV SRU HO FRORU GH
YXHVWUD SLHO >@ VL KDEpLV VLGR KXPLOODGRV HQ FODVH
SRU XQ SURIHVRU R XQ FRPSDxHUR >@ VL KDEpLV
VXIULGR DFRVR R EXUODV SRU OOHYDU JDIDV RUWRGRQFLD
DXGtIRQRSRUFyPRKDEOiLVSRUODURSDTXHOOHYiLVR
SRU HO WDPDxR OD IRUPD R HO DVSHFWR GH YXHVWUR
FXHUSRª /OHJD XQ PRPHQWR HQ HO TXH FDVL WRGRV ORV
SDUWLFLSDQWHV FUX]DQ OD OtQHD GHMDQGR SDWHQWH TXH
WRGRV ORV DGROHVFHQWHV VXIUHQ OD FUXHOGDG GH ODV
FUtWLFDVHQXQPRPHQWRXRWUR,QFOXVRORVFKLFRVPiV
GXURVDFDEDQSRUGHUUXPEDUVHGHVSXpVGHSDUWLFLSDU
HQ HO HMHUFLFLR \D TXH HVWD SUiFWLFD FRQVLJXH TXH OD
FRPSDVLyQ IOX\D KDFLD HOORV PLVPRV \ KDFLD ORV
GHPiV/DH[SHULHQFLDGHUULEDORVPXURVLPDJLQDULRV
TXHKDFHQTXHORVDGROHVFHQWHVVHVLHQWDQVRORV\OHV
SHUPLWH GDUVH FXHQWD GH TXH VX VHQVDFLyQ GH
DLVODPLHQWR HV IDOVD 'H HVH PRGR VH UHGXFHQ ORV
FRQIOLFWRVHQWUHHOORV
(VWD HV OD UD]yQ SRU OD TXH UHFRQRFHU TXH
SHUWHQHFHPRV D XQD KXPDQLGDG FRP~Q OR FXDO
FRQVWLWX\H XQR GH ORV HOHPHQWRV FODYH GH OD
FRPSDVLyQKDFLDXQRPLVPRWLHQHXQDIXHU]DFXUDWLYD
WDQ SRGHURVD &XDQGR QXHVWUD DXWRHVWLPD \ QXHVWUR
VHQWLGRGHSHUWHQHQFLDVHFLPHQWDQHQHOVLPSOHKHFKR
GH VHU KXPDQRV ORV GHPiV QR SXHGHQ UHFKD]DUQRV
1XQFDSRGUiQGHVSRMDUQRVGHQXHVWUDKXPDQLGDGSRU
PX\ KRQGR TXH FDLJDPRV (O PHUR KHFKR GH VHU
LPSHUIHFWRVFRQILUPDTXHVRPRVPLHPEURVGHODUD]D
KXPDQD \ SRU WDQWR VLHPSUH HVWDUHPRV FRQHFWDGRV
FRQHOWRGR

/$)$/$&,$'(/$3(5)(&&,Ï1

$ SHVDU GH WRGR QXHVWUD PHQWH QRV HQJDxD FRQ

GHPDVLDGDIUHFXHQFLDSDUDTXHFUHDPRVTXHSRGHPRV
GH KHFKR TXH GHEHPRV  VHU RWUR GLVWLQWR GHO TXH
VRPRV$QDGLHOHJXVWDDGPLWLUVXVGHIHFWRVSHURKD\
SHUVRQDV SDUD ODV TXH OD LPSHUIHFFLyQ UHVXOWD
HVSHFLDOPHQWH GLItFLO GH VRSRUWDU (O SHUIHFFLRQLVPR
VHGHILQHFRPRODQHFHVLGDGFRPSXOVLYDGHFRQVHJXLU
ORV REMHWLYRV UHVSHWDQGR D UDMDWDEOD ORV LGHDOHV
SHUVRQDOHV/RVSHUIHFFLRQLVWDVH[SHULPHQWDQHVWUpV\
DQVLHGDG SRU FRQVHJXLU TXH ODV FRVDV VDOJDQ ELHQ \
VH VLHQWHQ GHVRODGRV FXDQGR QR HV DVt /DV
H[SHFWDWLYDV GH ORV SHUIHFFLRQLVWDV VRQ WDQ LUUHDOHV
TXHFRQGXFHQLQHYLWDEOHPHQWHDODGHFHSFLyQ$OYHU
ODV FRVDV HQ WpUPLQRV DEVROXWRV EODQFR \ QHJUR R
VR\ SHUIHFWR R VR\ LQ~WLO  ORV SHUIHFFLRQLVWDV VH
VLHQWHQFRQVWDQWHPHQWHLQVDWLVIHFKRVFRQVLJRPLVPRV
7RPSRUHMHPSORHUDXQHVFULWRUTXHVHJDQDED
ELHQ OD YLGD FRPR DXWRU GH QRYHODV GH ILFFLyQ
KLVWyULFD SHUR QXQFD KDEtD WHQLGR XQ JUDQ p[LWR
$XQTXH SRGtD FXEULU JDVWRV FRQ OR TXH UHFLEtD HQ
FRQFHSWR GH GHUHFKRV GH DXWRU XQ ORJUR QDGD
GHVSUHFLDEOH SDUD XQ HVFULWRU  7RP VHQWtD TXH QR
HVWDUtD VDWLVIHFKR KDVWD FRQVHJXLU XQ VXSHUYHQWDV
QDFLRQDO < OH OOHJy VX PRPHQWR 6X ~OWLPD QRYHOD
REWXYRPDUDYLOORVDVFUtWLFDVHQHO1HZ<RUN7LPHV\
SRFRGHVSXpVIXHHQWUHYLVWDGRHQYDULDVHPLVRUDVGH
UDGLR\WHOHYLVLyQ/DVYHQWDVGHVXOLEURHPSH]DURQD
GLVSDUDUVH 3RFR GHVSXpV OD HGLWRULDO HPSH]y D
LPSULPLU OD IUDVH ©/D QRYHOD PiV YHQGLGDª VREUH OD
FXELHUWD GH OD HGLFLyQ HQ U~VWLFD $XQTXH VH YHQGLy
PX\ ELHQ \ HO OLEUR IRUPy SDUWH GH OD OLVWD GH
EHVWVHOOHUV SXHVWR   7RP QR VH VHQWtD VDWLVIHFKR
1R GHMDED GH GHFLUVH D Vt PLVPR TXH HO OLEUR SRGtD
YHQGHU D~Q PiV 1R HUD HO Q~PHUR XQR QL VLTXLHUD
HVWDEDHQWUHORVGLH]SULPHURV3DUDGyMLFDPHQWH7RP
VH VLQWLy WRGDYtD PiV GHSULPLGR FXDQGR ODV YHQWDV
DXPHQWDURQ PiV TXH QXQFD \D TXH OD SRVLELOLGDG GH
VHU©HOPHMRUªVHLQVWDOyFRQILUPH]DHQVXPHQWH6HU
VRODPHQWH ©EXHQRª QR HUD VXILFLHQWH GH PDQHUD TXH
WHUPLQyVLQWLpQGRVHXQIUDFDVDGRDSHVDUGHVXp[LWR
/DKLVWRULDGH7RPGHPXHVWUDODQDWXUDOH]DLQVLGLRVD
GHOSHUIHFFLRQLVPR\HOVXIULPLHQWRTXHSURYRFD
3RU OR WDQWR ¢WLHQH HO SHUIHFFLRQLVPR DOJXQD
YHQWDMD"(ODVSHFWRSRVLWLYRGHOSHUIHFFLRQLVPRHVOD
YROXQWDG GH GDU OR PHMRU GH XQR PLVPR (VIRU]DUVH
SRU FRQVHJXLU \ PDQWHQHU XQ QLYHO DOWR SXHGH VHU XQ
UDVJR SURGXFWLYR \ VDQR SHUR FXDQGR WRGD WX
DXWRHVWLPD VH EDVD HQ VHU SURGXFWLYR \ WHQHU p[LWR
FXDQGRQRVHGHMDHVSDFLRDOIUDFDVRHVHHVIXHU]RVH
FRQYLHUWH HQ XQD WLUDQtD < HV FRQWUDSURGXFHQWH /DV
LQYHVWLJDFLRQHV LQGLFDQ TXH ORV SHUIHFFLRQLVWDV
FRUUHQ PiV ULHVJR GH VXIULU WUDVWRUQRV DOLPHQWDULRV
DQVLHGDG GHSUHVLyQ \ PXFKRV RWURV SUREOHPDV
SVLFROyJLFRV
 6L IXpVHPRV SHUIHFWRV QR VHUtDPRV KXPDQRV
6HUtDPRVFRPR%DUELH\.HQILJXUDVGHSOiVWLFRFRQ
EXHQDVSHFWRSHURWDPELpQPXHUWDVFRPRHOSRPRGH
XQDSXHUWD/DYLGDKXPDQDFiOLGD\TXHUHVSLUDHV
XQD PDUDYLOOD HQ FRQVWDQWH HYROXFLyQ QR XQ HVWDGR
HVWiWLFR GH PRQRWRQtD \ SHUIHFFLyQ (VWDU YLYR
LPSOLFDOXFKD\GHVHVSHUDFLyQSHURWDPELpQDOHJUtD\
VDWLVIDFFLyQ([LJLUODSHUIHFFLyQHTXLYDOHDGDUOHOD
HVSDOGD D OD YLGD UHDO D WRGD OD JDPD GH OD
H[SHULHQFLD KXPDQD £< OD SHUIHFFLyQ HV DEXUULGD
.HOO\ HO SRSXODU SHUVRQDMH GH <RX7XEH XQD
DGROHVFHQWH LQWHUSUHWDGD SRU /LDP .\OH 6XOOLYDQ 
FDSWDDODSHUIHFFLyQHVHVHQWLPLHQWRFXDQGRGLFHFRQ
WRQR GH DGROHVFHQWH DEXUULGD ©<D KH HVWDGR HQ HO
FLHOR$OFDERGHFLQFRPLQXWRVWHQtDJDQDVGHLUPHª
¢1R HV FLHUWR" ¢5HDOPHQWH GHVHDUtDV YLYLU HQ XQ
PXQGR GRQGH WRGR \ WRGRV IXHVHQ DEVROXWDPHQWH
SHUIHFWRV" 1XHVWUDV YLGDV VRQ LQWHUHVDQWHV
SUHFLVDPHQWH JUDFLDV D TXH D YHFHV VXFHGHQ FRVDV
LQHVSHUDGDVRTXHQRGHVHDPRV
/D LPSHUIHFFLyQ DGHPiV SRVLELOLWD HO
FUHFLPLHQWR \ HO DSUHQGL]DMH 7H JXVWH R QR
DSUHQGHPRV SULQFLSDOPHQWH FRPHWLHQGR HUURUHV
FD\pQGRQRV FRPR FXDQGR DSUHQGLPRV D DQGDU
1XHVWURVSDGUHVSRGUtDQGHFLUQRVXQPLOOyQGHYHFHV
TXH QR WRFiVHPRV XQ IRJyQ FDOLHQWH SHUR VROR
HQWHQGLPRVUHDOPHQWHSRUTXpQRHUDXQDEXHQDLGHD
FXDQGR QRV TXHPDPRV /DV RSRUWXQLGDGHV GH
DSUHQGL]DMH TXH QRV EULQGDQ ORV IUDFDVRV SXHGHQ
D\XGDUQRV D ORJUDU QXHVWURV VXHxRV (Q SDODEUDV GHO
UHVWDXUDGRU :ROIJDQJ 3XFN ©+H DSUHQGLGR PiV GHO
~QLFR UHVWDXUDQWH TXH QR IXQFLRQy TXH GH WRGRV ORV
TXHIXHURQXQp[LWRª6tHOIUDFDVRHVIUXVWUDQWHSHUR
WDPELpQ WHPSRUDO \ DO ILQDO DSRUWD VDELGXUtD
3RGHPRV FRQVLGHUDU HO IUDFDVR FRPR SDUWH GHO
DSUHQGL]DMH GH OD YLGD 6L IXpVHPRV SHUIHFWRV \
WXYLpVHPRV WRGDV ODV UHVSXHVWDV QXQFD QRV KDUtDPRV
SUHJXQWDV\QRSRGUtDPRVGHVFXEULUQDGDQXHYR

/$,17(5&21(;,Ï1

&XDQGRQRVMX]JDPRVDQRVRWURVPLVPRVSRUQXHVWURV
GHIHFWRV GDPRV SRU VHQWDGR TXH H[LVWH XQD HQWLGDG
VHSDUDGD\FODUDPHQWHGHOLPLWDGDTXHOODPDPRV©\Rª
\ TXH HV OD FXOSDEOH GH QXHVWURV IUDFDVRV 3HUR ¢HV
HVR FLHUWR" 1XHVWUD LGHQWLGDG QXHVWUD PDQHUD GH
SHQVDU \ QXHVWUDV DFFLRQHV HVWiQ FRQHFWDGDV
LQH[WULFDEOHPHQWHFRQRWUDVSHUVRQDV\RWURVKHFKRV
OR TXH KDFH TXH OD DVLJQDFLyQ GH OD FXOSD UHVXOWH
DPELJXD3RQJDPRVTXHHUHVXQDSHUVRQDLUDVFLEOH\
WH FULWLFDV KDELWXDOPHQWH SRU HOOR ¢&XiOHV VRQ ODV
FDXVDV \ ODV FRQGLFLRQHV TXH WH OOHYDQ D HQIDGDUWH
WDQWR"3XHGHTXHODJHQpWLFDWHQJDDOJRTXHYHUSHUR
¢HOHJLVWH WXV JHQHV DQWHV GH OOHJDU DO PXQGR" 3RU
VXSXHVWR TXH QR WX FRPSRVLFLyQ JHQpWLFD VXUJH GH
IDFWRUHV TXH HVFDSDQ WRWDOPHQWH D WX FRQWURO 4XL]i
FUHFLVWH HQ HO VHQR GH XQD IDPLOLD FRQIOLFWLYD \ OD
~QLFDPDQHUDGHVHUHVFXFKDGRHUDDWUDYpVGHJULWRV
\HQIDGRV3HUR¢GHFLGLVWHW~TXHWXIDPLOLDIXHVHDVt"
6L H[DPLQDPRV GH FHUFD QXHVWURV IUDFDVRV
©SHUVRQDOHVªYHUHPRVFRQFODULGDGTXHQRVHGHEHQ
DXQDHOHFFLyQ/DVFLUFXQVWDQFLDVH[WHUQDVFRQVSLUDQ
SDUD GDU IRUPD D QXHVWURV SDWURQHV LQGLYLGXDOHV VLQ
TXHQRVRWURVWHQJDPRVQLQJXQDUHVSRQVDELOLGDGVREUH
HOORV 6L WXYLHVHV HO FRQWURO GH WXV SHQVDPLHQWRV
HPRFLRQHV \ FRPSRUWDPLHQWRV GH LQDGDSWDFLyQ WH
GHVKDUtDV GH HOORV 7H KDEUtDV OLEUDGR GH WX SDUWH
RVFXUD DQVLRVD \ QHXUyWLFD SDUD FRQYHUWLUWH HQ XQ
UD\RGHVROWUDQTXLOR\VHJXURGHVtPLVPR6LQGXGD
QDGLHWLHQHHOFRQWURODEVROXWRGHVXVDFFLRQHVGHOR
FRQWUDULR VROR WHQGUtDPRV FRPSRUWDPLHQWRV
DSUREDGRV SRU QRVRWURV PLVPRV 3RU WDQWR ¢SRU TXp
WHMX]JDVWDQGXUDPHQWHSRUVHUFRPRHUHV"
6RPRV OD H[SUHVLyQ GH PLOORQHV GH
FLUFXQVWDQFLDV SUHYLDV TXH VH KDQ XQLGR SDUD GDUQRV
IRUPD HQ HO SUHVHQWH 1XHVWUR EDJDMH HFRQyPLFR \
VRFLDOQXHVWUDVUHODFLRQHV\FRQYHUVDFLRQHVSDVDGDV
QXHVWUD FXOWXUD KLVWRULD IDPLOLDU \ JHQpWLFD 7RGR
GHVHPSHxD XQ LPSRUWDQWH SDSHO HQ OD FUHDFLyQ GH OD
SHUVRQD TXH HUHV KR\ (O PDHVWUR ]HQ 7KLFK 1KDW
+DKQORGHQRPLQD©LQWHUVHUª
6L HUHV SRHWD YHUiV FODUDPHQWH TXH IORWD XQD QXEH HQ HVWD KRMD
GH SDSHO 6LQ QXEH QR KDEUi OOXYLD VLQ OOXYLD ORV iUEROHV QR
FUHFHUiQ \ VLQ iUEROHV QR SRGUHPRV KDFHU SDSHO /D QXEH HVWi
DTXt /D H[LVWHQFLD GH HVWD SiJLQD GHSHQGH GH OD H[LVWHQFLD GH
XQDQXEH3DSHO\QXEHHVWiQXQLGRV

$ PXFKDV SHUVRQDV OHV DVXVWD UHFRQRFHU VX

LQWHUFRQH[LyQ HVHQFLDO SRUTXH VLJQLILFD TXH GHEHQ
DGPLWLU TXH QR WLHQHQ HO FRQWURO WRWDO GH VXV
SHQVDPLHQWRV \ VXV DFWRV (VWR OHV KDFH VHQWLU
LPSRWHQWHV1RREVWDQWHODLOXVLyQGHWHQHUHOFRQWURO
HV VROR HVR XQD LOXVLyQ < HV XQD LOXVLyQ GDxLQD
SRUTXHIRPHQWDODDXWRFUtWLFD\ODFXOSD(QUHDOLGDG
WLHQH WDQWR VHQWLGR FXOSDUQRV GXUDPHQWH D QRVRWURV
PLVPRV FRPR FXOSDU D XQ KXUDFiQ $XQTXH
EDXWLFHPRV D ORV KXUDFDQHV FRQ QRPEUHV FRPR
.DWULQD R 5LWD XQ KXUDFiQ QR HV XQD XQLGDG
LQGHSHQGLHQWH8QKXUDFiQHVXQIHQyPHQRWUDQVLWRULR
\ FDPELDQWH TXH VXUJH D SDUWLU GH XQ FRQMXQWR
GHWHUPLQDGRGHFRQGLFLRQHVLQWHUFRQHFWDGDV SUHVLyQ
GHO DLUH WHPSHUDWXUD GHO VXHOR KXPHGDG YLHQWR
HWFpWHUD (QQXHVWURFDVRRFXUUHORPLVPRWDPSRFR
VRPRV XQLGDGHV LQGHSHQGLHQWHV &RPR ORV SDWURQHV
FOLPiWLFRV WDPELpQ VRPRV IHQyPHQRV WUDQVLWRULRV \
FDPELDQWHV VXUJLGRV GH XQ FRQMXQWR GHWHUPLQDGR GH
FRQGLFLRQHVTXHLQWHUDFW~DQ6LQFRPLGDDJXDDLUH\
WHFKR QRV PRULUtDPRV 6LQ QXHVWURV JHQHV IDPLOLDV
DPLJRV KLVWRULD VRFLDO \ FXOWXUD QXHVWUR
FRPSRUWDPLHQWR\QXHVWURVVHQWLPLHQWRVVHUtDQRWURV
&XDQGRUHFRQRFHPRVTXHVRPRVHOSURGXFWRGH
LQQXPHUDEOHV IDFWRUHV FRQ ORV TXH QRUPDOPHQWH QR
QRV LGHQWLILFDPRV VH GHVYDQHFH OD QHFHVLGDG GH
WRPDUQRV WDQ D SHFKR ORV ©IUDFDVRV SHUVRQDOHVª
&XDQGR UHFRQRFHPRV OD LQWULQFDGD UHG GH FDXVDV \
FRQGLFLRQHVHQODVTXHWRGRVSDUWLFLSDPRVSRGHPRV
VHU PHQRV DXWRFUtWLFRV \ PHQRV FUtWLFRV FRQ ORV
GHPiV (QWHQGHU D IRQGR HO FRQFHSWR GH ©LQWHUVHUª
QRV SHUPLWH VHQWLU FRPSDVLyQ SRU HO HVIXHU]R TXH
GHEHPRVUHDOL]DUSDUDVDOLUDGHODQWH
(QHVWHSXQWRVHSODQWHDXQ©SHURª¢4XpKD\GH
PDOR HQ ODV FUtWLFDV" ¢1R VRQ QHFHVDULDV SDUD
GLVWLQJXLU OR EXHQR GH OR PDOR" ¢3DUD DVXPLU OD
UHVSRQVDELOLGDGGHQXHVWURVHUURUHV"
&RQYLHQH HVWDEOHFHU XQD GLVWLQFLyQ HQWUH OD
FUtWLFD \ OD VDELGXUtD GLVFULPLQDWLYD (VWD ~OWLPD
UHFRQRFH FXiQGR ODV FRVDV VRQ GDxLQDV R LQMXVWDV
SHUR WDPELpQ ODV FDXVDV \ ODV FRQGLFLRQHV TXH
FRQGXFHQ D HVDV VLWXDFLRQHV GDxLQDV R LQMXVWDV
&XDQGRORVPDOKHFKRUHVUHFLEHQFRPSDVLyQHQOXJDU
GH XQD FRQGHQD GXUD HV SRVLEOH LQWHUUXPSLU ORV
FLFORVGHFRQIOLFWR\VXIULPLHQWR
,PDJLQDTXHHVFXFKDVODKLVWRULDGHXQMRYHQTXH
UREDXQEDQFR\GLVSDUDHQXQEUD]RDXQDFDMHUDTXH
LQWHQWD SHGLU D\XGD 7X SULPHU LPSXOVR VHUtD HPLWLU
XQDFUtWLFDLPSODFDEOHHVHKRPEUHHVXQPRQVWUXR\
GHEHUtDHVWDUHQODFiUFHOHOUHVWRGHODHWHUQLGDG)LQ
GH OD KLVWRULD 3HUR HQWRQFHV WH OOHJD LQIRUPDFLyQ
VREUH OD YLGD GH HVD SHUVRQD 6XV SDGUHV HUDQ
GURJDGLFWRV $ ORV RQFH DxRV VH SDVDED HO GtD HQ OD
FDOOH HQ XQ EDUULR GRQGH WHQtD TXH SHOHDU \ UREDU
SDUD VREUHYLYLU ,QWHQWy FRQVHJXLU XQ WUDEDMR \
HQGHUH]DUVXYLGDSHUROHGHVSHGtDQGHWRGRVSRUTXH
QRVDEtDOHHUQLHVFULELUELHQ$FDEyGHOLQTXLHQGRGH
QXHYR 7X DFWLWXG GXUD KDFLD HO FULPLQDO SRGUtD
HPSH]DUDFDPELDUXQSRFR,QFOXVRSRGUtDVOOHJDUD
VHQWLU FRPSDVLyQ SRU pO (VD FRPSDVLyQ QR
VLJQLILFDUtD TXH WXYLHUDV TXH DEVROYHUOR GH OD
UHVSRQVDELOLGDG GH VXV FUtPHQHV R TXH WXYLHUDV TXH
FUHHU TXH OR TXH KL]R HVWi ELHQ (V SRVLEOH TXH
SHQVDUDVTXHGHEHUtDLUDODFiUFHOSDUDJDUDQWL]DUOD
VHJXULGDGGHODSREODFLyQSHURHQWHQGHUtDVPHMRUODV
FRQGLFLRQHV TXH OH OOHYDURQ D DFWXDU FRPR OR KL]R \
VHQWLUtDV UHVSHWR SRU VX KXPDQLGDG < ¢TXLpQ VDEH"
LQFOXVR SRGUtD FDPELDU GH DFWLWXG FRQ OD D\XGD \ HO
DSR\R DGHFXDGRV HV GHFLU FRQ XQDV QXHYDV
FRQGLFLRQHVYLWDOHV 
(Q HVR FRQVLVWH OD VDELGXUtD GLVFULPLQDWLYD /D
FUtWLFDGHILQHDODVSHUVRQDVFRPREXHQDVRPDODV\
WUDWD GH FDSWDU VX QDWXUDOH]D HVHQFLDO FRQ HWLTXHWDV
VLPSOLVWDV /D VDELGXUtD GLVFULPLQDWLYD UHFRQRFH OD
FRPSOHMLGDG\ODDPELJHGDGDGPLWHTXHDORODUJR
GHODYLGDVHYDQGHVDUUROODQGRGHWHUPLQDGRVKHFKRV
SHUR WDPELpQ FRQWHPSOD OD SRVLELOLGDG GH TXH ODV
FRVDV VHDQ PX\ GLVWLQWDV FRQ XQ QXHYR FRQMXQWR GH
FLUFXQVWDQFLDV
'H WRGRV VRQ FRQRFLGDV ODV SDODEUDV GH -HV~V
©(O TXH HVWp OLEUH GH SHFDGR TXH WLUH OD SULPHUD
SLHGUDª<PiVWDUGH\DPRULEXQGRHQODFUX]GLMR
©3DGUH SHUGyQDOHV SRUTXH QR VDEHQ OR TXH KDFHQª
(O PHQVDMH HV FODUR GHEHPRV FRPSUHQGHU \ VHQWLU
FRPSDVLyQ LQFOXVR SRU ORV SHRUHV PDOKHFKRUHV
LQFOX\pQGRQRVDQRVRWURV 

(-(5&,&,2
 'HVSUHQGHUQRVGHODVGHILQLFLRQHVGHQRVRWURVPLVPRV
UHFRQRFLHQGRQXHVWUDLQWHUFRQH[LyQ

3LHQVDHQXQDFDUDFWHUtVWLFDSRUODTXHWHMX]JDVFRQIUHFXHQFLD\
TXH UHSUHVHQWH PX\ ELHQ WX PDQHUD GH GHILQLUWH D WL PLVPR 3RU
HMHPSORWHFRQVLGHUDVWtPLGRSHUH]RVRPDOKXPRUDGRHWFpWHUD$
FRQWLQXDFLyQKD]WHODVVLJXLHQWHVSUHJXQWDV

 ¢&RQ TXp IUHFXHQFLD PDQLILHVWDV HVD FDUDFWHUtVWLFD" ¢/D

PD\RUSDUWHGHOWLHPSRDYHFHVVRORGHYH]HQFXDQGR"¢&yPR
HUHVFXDQGRQRPXHVWUDVHVDFDUDFWHUtVWLFD"¢6LJXHVVLHQGRW~"
¢([LVWHQFLUFXQVWDQFLDVFRQFUHWDVTXHWHKDFHQPDQLIHVWDUHVD
FDUDFWHUtVWLFD\RWUDVHQODVTXHQRDSDUHFH"¢(VDFDUDFWHUtVWLFD
WH GHILQH UHDOPHQWH VL HV SUHFLVR TXH VH GHQ XQDV GHWHUPLQDGDV
FLUFXQVWDQFLDVSDUDTXHVHPDQLILHVWH"
 ¢4Xp FDXVDV \ FRQGLFLRQHV WH OOHYDURQ D PDQLIHVWDU HVD
FDUDFWHUtVWLFD SRU SULPHUD YH] H[SHULHQFLDV IDPLOLDUHV HQ OD
LQIDQFLDJHQpWLFDSUHVLRQHVGHODYLGDHWFpWHUD "6LHVDVIXHU]DV
©H[WHULRUHVª VRQ UHVSRQVDEOHV HQ SDUWH GH TXH WHQJDV HVD
FDUDFWHUtVWLFD¢UHVXOWDDFHUWDGRSHQVDUTXHUHIOHMDWX\RLQWHULRU"
 ¢(VD FDUDFWHUtVWLFD WH GHILQH SRU GHFLVLyQ SURSLD" ¢7LHQHV OD
RSFLyQGHGHFLGLUVLODPXHVWUDVRQR"(QFDVRQHJDWLYR¢SRUTXp
WHFULWLFDVDWLPLVPRSRUWHQHUHVDFDUDFWHUtVWLFD"
 ¢4Xp RFXUUH FXDQGR FDPELDV WX GHVFULSFLyQ GH WL PLVPR \
GHMDV GH GHILQLUWH HQ IXQFLyQ GH HVD FDUDFWHUtVWLFD" 3RU HMHPSOR
HQOXJDUGHGHFLU©6R\XQDSHUVRQDPDOKXPRUDGDª¢TXpRFXUUHVL
GLFHV©$YHFHVHQGHWHUPLQDGDVFLUFXQVWDQFLDVPHSRQJRGHPDO
KXPRUª" 6L QR WH LGHQWLILFDV WDQ FODUDPHQWH FRQ HVD
FDUDFWHUtVWLFD¢FDPELDDOJR"¢6LHQWHVPiVHVSDFLRPiVOLEHUWDG
PiVFDOPDPHQWDO"
 7RGRV HVWDPRV VRPHWLGRV D ODV OLPLWDFLRQHV
KXPDQDV &DGD XQR GH QRVRWURV DWUDYLHVD PRPHQWRV
GLItFLOHV (O QRYHOLVWD EULWiQLFR -HURPH . -HURPH
HVFULELy ©6RQ QXHVWURV GHIHFWRV \ QXHVWURV HUURUHV
QR ODV YLUWXGHV ORV TXH QRV FRQPXHYHQ \ QRV KDFHQ
HQFRQWUDU HPSDWtD HQ ORV GHPiV 1XHVWUDV ORFXUDV
KDFHQ TXH WRGRV VHDPRV XQRª $O UHFRQRFHU OD
QDWXUDOH]D FRPSDUWLGD GH QXHVWUD LPSHUIHFFLyQ OD
FRPSDVLyQKDFLDXQRPLVPRDSRUWDHOVHQWLPLHQWRGH
FRQH[LyQ QHFHVDULR SDUD DYDQ]DU \ GHVDUUROODU WRGR
QXHVWURSRWHQFLDO(QOXJDUGHPLUDUIXHUDGHQRVRWURV
HQ EXVFD GH DFHSWDFLyQ H LQWHJUDFLyQ SRGHPRV
VDWLVIDFHU HVDV QHFHVLGDGHV GLUHFWDPHQWH VL PLUDPRV
HQQXHVWURLQWHULRU

0,+,6725,$'(72'2602'26¢48e(6/21250$/"

/D SUiFWLFD GH OD FRPSDVLyQ KDFLD XQR PLVPR \ HQ

HVSHFLDO HO KHFKR GH WHQHU HQ PHQWH QXHVWUD
KXPDQLGDG FRPSDUWLGD PH D\XGy FRQ HO PD\RU UHWR
GH PL YLGD KDVWD OD IHFKD 8Q SDU GH DxRV DQWHV GH
FRQVHJXLU XQ WUDEDMR HQ OD 8QLYHUVLGDG GH 7H[DV HQ
$XVWLQWXYHXQKHUPRVREHEpDOTXHOODPDPRV5RZDQ
$ORVGLHFLRFKRPHVHVVXSLPRVTXHDOJRLEDPDO1R
VHxDODEDFRQHOGHGRDOJRTXHFDVLWRGRVORVEHEpV
KDFHQ HQ WRUQR DO DxR GH YLGD 1R YROYtD OD FDEH]D
FXDQGR OH OODPiEDPRV SRU VX QRPEUH QL PH GHFtD
©PDPiª HQ UHDOLGDG QR PH OODPDED GH QLQJXQD
PDQHUD  6ROR XWLOL]DED XQDV FLQFR SDODEUDV WRGDV
HPSH]DEDQ FRQ OD OHWUD E  \ DOJXQRV QRPEUHV VREUH
WRGR ORV GH XQ MXHJR GH WUHQHV  6H SDVDED KRUDV
IRUPDQGRILODVFRQVXVDQLPDOHVGHMXJXHWH(UDFRPR
XQD REVHVLyQ 7HQtD UDELHWDV WHUULEOHV SRU FXDOTXLHU
QLPLHGDG6DEtDTXHODPDWHUQLGDGVHUtDGLItFLOSHUR
QR WDQWR ¢3RU TXp QR GHMDED GH FRPSRUWDUVH DVt"
¢$FDVR\RHUDXQDPDODPDGUH"¢1RHVWDEDVLHQGROR
EDVWDQWHILUPHFRQpO"
0H SUHJXQWp VL 5RZDQ WHQGUtD DOJ~Q WLSR GH
WUDVWRUQR GHO GHVDUUROOR ¢3RGtD VHU XQ SUREOHPD
DXGLWLYR XQ UHWUDVR GHO OHQJXDMH XQ WUDVWRUQR GHO
SURFHVDPLHQWRDXGLWLYRFHQWUDO"/ROOHYpDWRGRWLSR
GH HVSHFLDOLVWDV (QFDUJXp XQ OLEUR TXH SHQVp TXH
SRGUtDD\XGDUPH+LFHWRGRORTXHHVWDEDHQPLPDQR
H[FHSWR LQYHVWLJDU VL 5RZDQ PDQLIHVWDED VHxDOHV GH
DXWLVPR $O PLUDU DWUiV FUHR TXH LQFRQVFLHQWHPHQWH
VRVSHFKDEDTXHHUDDXWLVWDSHURPLPHQWHFRQVFLHQWH
QRTXHUtDDGPLWLUOR3HQVpTXHSDVDUDORTXHSDVDUD
QRHUDSRVLEOHTXHDTXHOQLxRDGRUDEOHHQFDQWDGRU\
GLYHUWLGR IXHVH DXWLVWD $O ILQ \ DO FDER HUD PX\
FDULxRVR\HVWDEOHFtDFRQWDFWRYLVXDO6HVXSRQHTXH
ORV QLxRV DXWLVWDV QR KDFHQ HVR ¢YHUGDG" 5HFXHUGR
TXH HQ XQD RFDVLyQ 5RZDQ PH GHGLFy XQD GH VXV
SUHFLRVDV \ FiOLGDV VRQULVDV \ \R OH GLMH D 5XSHUW
PHGLR HQ EURPD ©£$O PHQRV VDEHPRV TXH QR HV
DXWLVWDª
8Q GtD PLHQWUDV SUHSDUDED PLV FRVDV SDUD XQ
UHWLUR GH PHGLWDFLyQ TXH HPSH]DED SRU OD WDUGH QR
SXGH LJQRUDU SRU PiV WLHPSR PL SUHRFXSDFLyQ
5HVSLUpKRQGRYDULDVYHFHVPHDFHUTXpDORUGHQDGRU
\ WHFOHp ODV SDODEUDV ©$XWLVPR VHxDOHV WHPSUDQDVª
/D SiJLQD TXH HOHJt GHFtD TXH VL WX KLMR PDQLIHVWDED
DO PHQRV WUHV VHxDOHV GH XQD OLVWD GH GLH] HUD PX\
SUREDEOH TXH IXHVH DXWLVWD \ GHEtD VRPHWHUVH D XQD
YDORUDFLyQ SURIHVLRQDO GH LQPHGLDWR 5RZDQ WHQtD
QXHYHGHODVGLH]VHxDOHV/DIDOWDGHFRQWDFWRYLVXDO
HUDOD~QLFDVHxDOTXHQRPDQLIHVWDED
(Q DTXHO PRPHQWR VXSH TXH 5RZDQ HUD DXWLVWD
/ODPpD5XSHUW\VHORGLMH6HTXHGyWDQVRUSUHQGLGR
FRPR \R ©9R\ D FDQFHODU HO UHWLURª DQXQFLp ©1R
GHEHUtDVLU²GLMR5XSHUW²/RQHFHVLWDV<\RYR\D
QHFHVLWDU TXH HVWpV IXHUWH \ FHQWUDGD SDUD D\XGDUPH
FXDQGR YXHOYDVª /ORUp GXUDQWH ODV GRV KRUDV GHO
WUD\HFWR KDVWD HO FHQWUR GH PHGLWDFLyQ \ ORV FXDWUR
GtDV VLJXLHQWHV PH ORV SDVp VHQWDGD VLQWLHQGR HO
GRORUGHVDEHUTXHPLKLMRHUDDXWLVWD©¢&yPRSXHGH
VHU"ª ©¢6H QRV HVWi HVFDSDQGR 5RZDQ GH ODV
PDQRV"ª ©¢&yPR YDPRV D HQIUHQWDUQRV D HVWR"ª 0H
SHUPLWt VHQWLU PL PLHGR \ PL SHQD HQ WRGD VX
DPSOLWXG0HGHGLTXpWRGRHOFDULxR\ODFRPSDVLyQ
TXH SXGH 6L PH DVDOWDED XQ VHQWLPLHQWR GH
FXOSDELOLGDG ©¢&yPRSXHGRVHQWLUGRORUSRU5RZDQ
VL OR TXLHUR WDQWR"ª  QR PH SHUPLWtD FDHU HQ OD
DXWRFUtWLFD0LVVHQWLPLHQWRVGHGRORUHUDQQDWXUDOHV
DOJRSRUORTXHSDVDQWRGRVORVSDGUHVHQHVWHWLSRGH
VLWXDFLRQHV
&XDQGR UHJUHVp GHO UHWLUR 5XSHUW \ \R WXYLPRV
TXHHQIUHQWDUQRVDOKHFKRGHTXHDTXHOODHUDQXHVWUD
QXHYD YLGD 7RGRV QXHVWURV VXHxRV VREUH HO KLMR
SHUIHFWR KDEtDPRV OOHJDGR D SHQVDU SRU VXSXHVWR
TXH WHQGUtD XQ GRFWRUDGR FRPR \R R TXH WDO YH]
OOHJDUtDDVHUXQHVFULWRUGHp[LWRFRPRVXSDGUH VH
HVIXPDURQSRUFRPSOHWR7HQtDPRVXQKLMRDXWLVWD
$GPLWR DELHUWDPHQWH TXH HQ RFDVLRQHV PH
FRPSDGHFtGHPtPLVPD&XDQGRHVWDEDHQHOSDUTXH
FRQ5RZDQSRUHMHPSORPLUDEDDRWUDVPDGUHVFRQ
VXV QLxRV ©QRUPDOHVª \ VHQWtD PXFKD SHQD SRU Pt
PLVPD ©¢3RU TXp QR SXHGR WHQHU XQ QLxR QRUPDO"
¢3RU TXp 5RZDQ QL VLTXLHUD UHVSRQGH FXDQGR DOJ~Q
QLxR OH SUHJXQWD VX QRPEUH" ¢3RU TXp RWURV QLxRV
KDFHQ PXHFDV SRU VX FRPSRUWDPLHQWR WDQ UDUR"ª
(PSHFp D VHQWLUPH DLVODGD VROD DO PDUJHQ GHO
PXQGRGHODVIDPLOLDV©QRUPDOHVª*ULWDEDSDUDPLV
DGHQWURV ©£6H VXSRQH TXH WHQHU KLMRV QR HV HVWR
£(VWRQRHUDORTXH\RHVSHUDED¢3RUTXpDPt"ª3RU
VXHUWH OD FRPSDVLyQ KDFLD Pt PLVPD PH VDOYy GH
VHJXLU SRU HVH FDPLQR 0LHQWUDV REVHUYDED D RWURV
QLxRV GLVIUXWDQGR HQ ORV FROXPSLRV R HQ HO WRERJiQ
PH UHFRUGDED TXH OD PD\RUtD GH IDPLOLDV WLHQHQ
GLILFXOWDGHV SDUD FULDU D VXV KLMRV $XQTXH QR IXHVH
DXWLVPR SRGtDQ VHU PXFKDV RWUDV FRVDV GHSUHVLyQ
WUDVWRUQRV DOLPHQWDULRV GURJRGHSHQGHQFLDV DFRVR
HVFRODU DOJXQD HQIHUPHGDG JUDYH HWFpWHUD
2EVHUYDED D ODV GHPiV IDPLOLDV HQ HO SDUTXH \ PH
GHFtD TXH VHJXUDPHQWH WDPELpQ WHQtDQ VXV SHQDV \
VXV GHVJUDFLDV R ODV WHQGUtDQ WDUGH R WHPSUDQR  (Q
OXJDU GH SHQVDU ©3REUH GH Ptª LQWHQWp DEULU PL
FRUD]yQDWRGRVORVSDGUHVTXHVHHVIRU]DEDQSRUGDU
OR PHMRU GH Vt HQ FLUFXQVWDQFLDV DGYHUVDV ¢4Xp KD\
GH ORV PLOORQHV GH SDGUHV GH ORV SDtVHV GRQGH QL
VLTXLHUDWLHQHQORVXILFLHQWHSDUDGDUGHFRPHUDVXV
KLMRV"1RHUDOD~QLFDTXHORHVWDEDSDVDQGRPDO
$ UDt] GH HVWD OtQHD GH SHQVDPLHQWR RFXUULHURQ
GRV FRVDV (Q SULPHU OXJDU HPSHFp D VHQWLUPH
SURIXQGDPHQWHFRQHFWDGDFRQODLPSUHYLVLELOLGDGGHO
KHFKRGHVHUKXPDQR0LFRUD]yQVHOOHQyGHWHUQXUD
SRU WRGRV ORV UHWRV \ ODV GLILFXOWDGHV TXH FRPSRUWD
WHQHUKLMRVSHURWDPELpQSRUODDOHJUtDHODPRU\ODV
PDUDYLOODV TXH ORV QLxRV QRV DSRUWDQ (Q VHJXQGR
OXJDUDGRSWpXQDSHUVSHFWLYDPXFKRPiVFODUDVREUH
PLVLWXDFLyQ(QOXJDUGHFDHUHQODWUDPSDGHFUHHU
TXH ORV GHPiV SDGUHV OR WHQtDQ PiV IiFLO TXH \R
UHFRUGpTXHSRGUtDVHUSHRU PXFKRSHRU 'HQWURGH
WRGR HO DXWLVPR QR HUD WDQ PDOR \ KDEtD FRVDV TXH
SRGtDPRVKDFHUSDUDD\XGDUPXFKtVLPRD5RZDQ(O
DXWpQWLFRUHJDORGHODFRPSDVLyQKDFLDPtPLVPDGH
KHFKR IXH FRQVHJXLU OD HFXDQLPLGDG QHFHVDULD SDUD
HPSUHQGHU DFFLRQHV TXH UHDOPHQWH D\XGDURQ D PL
KLMR
3RVLEOHPHQWH OR PiV LPSRUWDQWH IXH TXH HO
SHQVDUHQPLSHUWHQHQFLDDXQDKXPDQLGDGFRP~QPH
D\XGyDTXHUHUD5RZDQWDOFRPRHUD$OUHFRUGDUPH
DPtPLVPDTXHWHQHUSUREOHPDV\HQIUHQWDUVHDUHWRV
HV SDUWH GH OD YLGD VXSHUp PiV IiFLOPHQWH OD
GHFHSFLyQGHQRWHQHUXQKLMR©QRUPDOª
<GHWRGRVPRGRV¢TXpHVOR©QRUPDOª"5RZDQ
WHQtD GLILFXOWDGHV SDUD H[SUHVDUVH PHGLDQWH HO
OHQJXDMH R SDUD SDUWLFLSDU HQ LQWHUDFFLRQHV VRFLDOHV
SHUR HUD XQ QLxR FDULxRVR \ IHOL] 6HU KXPDQR QR
VLJQLILFD VHU GH XQD PDQHUD GHWHUPLQDGD VH WUDWD GH
VHUFRPRODYLGDWHKDFUHDGRFRQWXVIRUWDOH]DV\WXV
GHELOLGDGHV WXV GRQHV \ WXV UHWRV WXV UDUH]DV \ WXV
VLQJXODULGDGHV$ODFHSWDUODFRQGLFLyQKXPDQDSXGH
DFHSWDU PHMRU D 5RZDQ \ WDPELpQ PL SDSHO FRPR
PDGUHGHXQQLxRDXWLVWD
 &DStWXOR

0,1')8/1(66

1RSXHGHVGHWHQHUODVRODVSHURSXHGHVDSUHQGHUDVXUIHDU

-21.$%$7=,11
0LQGIXOQHVVHQODYLGDFRWLGLDQDGRQGHTXLHUDTXHYD\DV
DKtHVWiV

(O WHUFHU HOHPHQWR FODYH GH OD FRPSDVLyQ KDFLD XQR

PLVPR HV OD DWHQFLyQ SOHQD R PLQGIXOQHVV (VWH
FRQFHSWR KDFH UHIHUHQFLD D OD YLVLyQ FODUD \ OD
DFHSWDFLyQ VLQ FUtWLFDV GH OR TXH RFXUUH HQ HO
PRPHQWR SUHVHQWH (Q RWUDV SDODEUDV DIURQWDU OD
UHDOLGDG /D LGHD HV TXH GHEHPRV YHU ODV FRVDV WDO
FRPRVRQQLPiVQLPHQRVFRQHOILQGHUHVSRQGHUD
QXHVWUDVLWXDFLyQDFWXDOGHODPDQHUDPiVFRPSDVLYD
\SRUWDQWRHILFD] 
'(-$5'(&(175$56((1(/68)5,0,(172

3DUD GDUQRV FRPSDVLyQ D QRVRWURV PLVPRV WHQHPRV

TXH HPSH]DU SRU UHFRQRFHU TXH HVWDPRV VXIULHQGR
1R SRGHPRV FXUDU OR TXH QR VHQWLPRV &RPR \D KH
PHQFLRQDGRQRVFXHVWDUHFRQRFHUORVVHQWLPLHQWRVGH
FXOSD ORV GHIHFWRV OD VROHGDG HWFpWHUD FRPR
PRPHQWRV GH VXIULPLHQWR D ORV TXH SRGHPRV
UHVSRQGHUFRQFRPSDVLyQ&XDQGRWHPLUDVDOHVSHMR
\OOHJDVDODFRQFOXVLyQGHTXHHUHVGHPDVLDGREDMRR
WXQDUL]HVPX\JUDQGH¢WHGLFHVLQPHGLDWDPHQWHTXH
HO VHQWLPLHQWR GH VHU LPSHUIHFWR UHVXOWD GRORURVR \
PHUHFH XQD UHVSXHVWD FDULxRVD" &XDQGR WX MHIH WH
OODPD D VX RILFLQD \ WH GLFH TXH WX UHQGLPLHQWR HVWi
SRU GHEDMR GH OD PHGLD ¢WX SULPHU LQVWLQWR HV
FRQVRODUWHSRUWHQHUTXHHQIUHQWDUWHDHVDH[SHULHQFLD
GLItFLO"3UREDEOHPHQWHQR
1R FDEH GXGD GH TXH VHQWLPRV GRORU SRU QR
DOFDQ]DUQXHVWURVLGHDOHVSHURQXHVWUDPHQWHWLHQGHD
FHQWUDUVH HQ HO IUDFDVR \ QR HQ HO GRORU TXH HVH
IUDFDVR QRV SURYRFD < VRQ GRV FRVDV WRWDOPHQWH
GLIHUHQWHV(QFXDQWRYHPRVDOJRGHQRVRWURVPLVPRV
TXH QR QRV JXVWD QXHVWUD DWHQFLyQ VH YH DEVRUELGD
FRPSOHWDPHQWH SRU DTXHOORV DVSHFWRV GH QRVRWURV
PLVPRVTXHFRQVLGHUDPRVGHIHFWRV(QHVHPRPHQWR
QRVIDOWDODSHUVSHFWLYDQHFHVDULDSDUDUHFRQRFHUTXH
QXHVWUR VHQWLPLHQWR GH LPSHUIHFFLyQ QRV SURYRFD
VXIULPLHQWR \ PXFKR PHQRV UHVSRQGHPRV FRQ
FRPSDVLyQKDFLDHVHVXIULPLHQWR 
<QRVRORLJQRUDPRVHOGRORUGHODLPSHUIHFFLyQ
SHUVRQDO 6RPRV VRUSUHQGHQWHPHQWH EUXVFRV FRQ
QRVRWURV PLVPRV FXDQGR ODV FLUFXQVWDQFLDV H[WHUQDV
GHQXHVWUDYLGDYDQPDO\QRHVGHELGRDQLQJ~QHUURU
TXHKD\DPRVFRPHWLGR,PDJLQDTXHWXPDGUHFDHPX\
HQIHUPD R TXH YDV FRQGXFLHQGR SRU OD DXWRSLVWD \
RWUR YHKtFXOR JROSHD DO WX\R SRU GHWUiV /D PD\RUtD
GH ODV SHUVRQDV DXQTXH QR VH FXOSHQ SRU VXV
FLUFXQVWDQFLDVHQHVWDVVLWXDFLRQHVWLHQGHQDDGRSWDU
LQPHGLDWDPHQWH HO ©PRGRª GH UHVROXFLyQ GH
SUREOHPDV,QYHUWLPRVHQRUPHVFDQWLGDGHVGHWLHPSR
\HQHUJtDJHVWLRQDQGRODFULVLVRUJDQL]DQGRFLWDVFRQ
PpGLFRV OODPDQGR D ODV DVHJXUDGRUDV HWFpWHUD
$XQTXH VRQ FRVDV QHFHVDULDV WDPELpQ HV PX\
LPSRUWDQWH UHFRQRFHU TXH HVDV H[SHULHQFLDV QRV
H[LJHQ PXFKR HPRFLRQDOPHQWH 'HEHPRV GHWHQHUQRV
SDUD WRPDU DOLHQWR \ UHFRQRFHU TXH HVWDPRV
DWUDYHVDQGR XQ PRPHQWR GLItFLO \ TXH QXHVWUR GRORU
PHUHFH XQD UHVSXHVWD DPDEOH \ DIHFWXRVD 6L QR OR
KDFHPRV QXHVWUR VXIULPLHQWR QR UHFLELUi OD DWHQFLyQ
QHFHVDULD\ORVVHQWLPLHQWRVGHHVWUpV\SUHRFXSDFLyQ
DXPHQWDUiQ 1RV DUULHVJDPRV D OOHJDU DO OtPLWH
DJRWDGRV R VREUHSDVDGRV SRU ODV FLUFXQVWDQFLDV SRU
KDEHU LQYHUWLGR WRGDV QXHVWUDV HQHUJtDV HQ LQWHQWDU
VROXFLRQDU SUREOHPDV H[WHUQRV VLQ UHFRUGDU TXH
WDPELpQGHEHPRVFXLGDUQRVSRUGHQWUR
1R HV GH H[WUDxDU TXH LJQRUHPRV QXHVWUR GRORU
FRQWDQWDIUHFXHQFLDWHQLHQGRHQFXHQWDTXHHVWDPRV
SURJUDPDGRVSDUDHYLWDUOR(OGRORUVHxDODTXHDOJR
YD PDO \ HQWRQFHV VH GHVHQFDGHQD QXHVWUD UHVSXHVWD
GH OXFKD R KXLGD (V FRPR VL HO GRORU JULWDUD
©£$WHQFLyQ KD\ XQ SUREOHPD £6DO GH DKt DKRUD
PLVPR £3HOLJURª ,PDJLQD TXH DO VHQWLU HO GRORU QR
IXpVHPRVFDSDFHVGHSHQVDULQPHGLDWDPHQWHDOJRWDQ
EiVLFRFRPR©'HGRDWUDSDGRHQODSXHUWDGHOFRFKH
DEULU OD SXHUWD \ UHWLUDU HO GHGR LQPHGLDWDPHQWHª
'HELGRDQXHVWUDWHQGHQFLDLQFRQVFLHQWHDDSDUWDUQRV
GHO GRORU SXHGH UHVXOWDU H[WUHPDGDPHQWH GLItFLO
HQIUHQWDUQRV D pO FDUD D FDUD DFHSWDUOR WDO FRPR HV
3RUHVRPXFKDVSHUVRQDVVHFLHUUDQDVXVHPRFLRQHV
(VDOJRPX\QDWXUDO
-DFRE HUD XQD GH HVDV SHUVRQDV (YLWDED ORV
FRQIOLFWRV \ WUDWDED GH FDOPDU D WRGR DTXHO TXH
PRVWUDUD HO PHQRU VtQWRPD GH GLILFXOWDG 1R TXHUtD
HQIUHQWDUVH D QLQJ~Q WLSR GH LQWHQVLGDG HPRFLRQDO
-DFREHUDXQEXHQKRPEUHSHURVHPRVWUDEDUHDFLRD
DIURQWDU HO GRORU GH VX SDVDGR 6X PDGUH KDEtD VLGR
XQD FRQRFLGD DFWUL] GH WHOHYLVLyQ HQWUHJDGD SRU
FRPSOHWR D VX FDUUHUD 'HMDED D -DFRE FRQ QLxHUDV
PLHQWUDV HOOD WUDEDMDED $ XQ QLYHO VXEFRQVFLHQWH
-DFRE HVWDED UHVHQWLGR SRU WRGR HO WLHPSR TXH VX
PDGUHKDEtDSDVDGROHMRVGHpOVHQWtDTXHKDEtDGDGR
SULRULGDG D VX FDUUHUD 6LQ HPEDUJR WHPtD TXH VL
DEUtD OD SXHUWD D VXV VHQWLPLHQWRV GH LUD SRGUtD
HPSH]DU D RGLDU D VX PDGUH \ GHVWUXLU HO YtQFXOR GH
DPRU\FRQH[LyQTXHORXQtDDHOOD'HPRGRTXHOR
TXHKDFtDHUDUHSULPLUVXLUD
+DFHYDULRVDxRV-DFREFD\yHQXQDGHSUHVLyQ
\ HPSH]y D KDFHU WHUDSLD (O WHUDSHXWD OH D\XGy D
GDUVHFXHQWDGHTXHVXGHSUHVLyQVHGHEtDHQSDUWHD
ODLUDTXHDOEHUJDEDKDFLDVXPDGUH\DOHVIXHU]RTXH
WHQtDTXHKDFHUSDUDUHSULPLUOD/RTXHQHFHVLWDEDHUD
HQWUDU HQ FRQWDFWR FRQ VXV YHUGDGHURV VHQWLPLHQWRV
&XDQGR -DFRE ILQDOPHQWH OR FRQVLJXLy HQ OXJDU GH
DFHSWDU VX LUD FRQ SOHQD FRQFLHQFLD VH YLR VXSHUDGR
SRUHOOD\DFDEyHVJULPLpQGRODFRPRVLIXHUDXQULIOH
GH DVDOWR 6H GHMy OOHYDU WRWDOPHQWH SRU VX LUD FDGD
YH] PiV PROHVWR DQWH OD LGHD GH TXH VX PDGUH OR
KDEtD WUDWDGR GH XQD PDQHUD ©KRUULEOHª (PSH]y D
YHUODFRPRXQPRQVWUXRQDUFLVLVWD HQVXLPDJLQDFLyQ
VHSDUHFtDD1RUPD'HVPRQGHQ6XQVHW%RXOHYDUG 
(Q UHVXPHQ -DFRE VH SXVR KLVWpULFR HQ OXJDU GH
SUHVWDUDWHQFLyQSOHQDDORTXHOHHVWDEDRFXUULHQGR
HV GHFLU XWLOL]DU HO PLQGIXOQHVV 3RU GHVJUDFLD HVWH
WLSR GH FDPELRV WHPSHUDPHQWDOHV WDQ H[WUHPRV HV
KDELWXDOFXDQGRVHHPSLH]DDWUDEDMDUFRQHPRFLRQHV
GLItFLOHV

+8,5'(/266(17,0,(1726'2/252626

&RPR -DFRE UHSULPLU ODV HPRFLRQHV SDUD DFDEDU

H[SORWDQGR HV DOJR TXH FDVL WRGRV KHPRV
H[SHULPHQWDGR0HJXVWDGHVFULELUHVWHSURFHVRFRPR
©VXSHULGHQWLILFDFLyQª 1XHVWUR VHQWLGR GHO \R TXHGD
WDQ HQYXHOWR HQ QXHVWUDV UHDFFLRQHV HPRFLRQDOHV TXH
HVWDV RFXOWDQ WRWDOPHQWH OD UHDOLGDG D QXHVWUR
DOUHGHGRU 1R TXHGD HVSDFLR PHQWDO SDUD GHFLU
©&DUDPEDPHHVWR\SRQLHQGRGHPDVLDGRQHUYLRVR$
OR PHMRU KD\ RWUD PDQHUD GH YHU HO SUREOHPDª (Q
OXJDU GH UHWURFHGHU \ REVHUYDU REMHWLYDPHQWH OR TXH
RFXUUH DFDEDPRV SHUGLGRV /R TXH SHQVDPRV \
VHQWLPRVSDUHFHXQDSHUFHSFLyQGLUHFWDGHODUHDOLGDG
\ROYLGDPRVTXHHVWDPRVGDQGRXQJLURSHUVRQDODODV
FRVDV
5HFXHUGR TXH HQ XQD RFDVLyQ PL PDGUH \ PL
VXHJUD YLQLHURQ D YLVLWDUPH \ WRPDURQ SUHVWDGR PL
FRFKHSDUDVDOLUDGDUXQDYXHOWDFRQ5RZDQPLKLMR
7HQJRXQ7R\RWDSODWHDGRTXHVHDEUHFRQXQPDQGRD
GLVWDQFLD 1R KD\ TXH DSUHWDU QLQJ~Q ERWyQ QL PHWHU
QLQJXQDOODYH(VWDWHFQRORJtDWDQQRYHGRVDODVSXVR
XQ SRFR QHUYLRVDV QR OHV LQVSLUDED FRQILDQ]D
'HVSXpVGHOSDVHRFXDQGRTXHUtDQYROYHUDPLFDVD
LQWHQWDURQ DFWLYDU DTXHOOD FRVD ©PiJLFDª FHUFD GHO
FRFKH SHUR QR OR FRQVLJXLHURQ 0L PDGUH SUREy HO
PDQGR XQD \ RWUD YH] SHUR HQ YDQR ©¢9HV" £1R WH
SXHGHVILDUGHHVWRVFKLVPHVPRGHUQRVª/DVGRVVH
VHQWtDQ PX\ GHFHSFLRQDGDV DOOt HVWDEDQ D FDVL XQD
KRUD GH FDVD FRQ XQ QLxR TXH QR HQWHQGtD TXp
RFXUUtD \ WRGR SRU FXOSD GH OD PDOGLWD WHFQRORJtD
PRGHUQD¢4XpLEDQDKDFHU"
/ODPDURQDOFRQFHVLRQDULRORFDOGH7R\RWD\OHV
GLMHURQTXHEXVFDVHQDXQFHUUDMHUR&RQWDFWDURQFRQ
XQR \ FXDQGR \D HVWDED GH FDPLQR YLHURQ D XQ
HPSOHDGR GH VHJXULGDG GHO DSDUFDPLHQWR 4XL]i
SRGUtDD\XGDUODVPLHQWUDVWDQWR©6HxRUQRSRGHPRV
DEULUHVWH7R\RWDKtEULGRTXHIXQFLRQDFRQHVWDOODYH
UDUD ¢8VWHG KD XWLOL]DGR XQD SDUHFLGD DOJXQD YH]"ª
(O KRPEUH PLUy HO PDQGR \ GHVSXpV REVHUYy HO
FRFKH ©6HxRUDV ¢KDQ GLFKR TXH HV XQ 7R\RWD
KtEULGR"(VWHFRFKHQRHVXQKtEULGR1LVLTXLHUDHV
XQ7R\RWDª0LFRFKHHVWDEDWUHVSOD]DVPiVDOOi6H
KDEtDQSHUGLGRGHWDOPDQHUDHQVXVUHDFFLRQHVTXHD
QLQJXQD GH ODV GRV VH OH KDEtD RFXUULGR GDU HO
VLJXLHQWH SDVR £FRPSUREDU VL QR HVWDEDQ LQWHQWDQGR
DEULU HO FRFKH HTXLYRFDGR (Q ODV LQPRUWDOHV
SDODEUDVGH&KDUOLH&KDSOLQ©9LVWDGHFHUFDODYLGD
HVXQDWUDJHGLDSHURGHOHMRVHVXQDFRPHGLDª
([LVWH RWUD UD]yQ SRU OD TXH XWLOL]R HO WpUPLQR
©VXSHULGHQWLILFDFLyQª SDUD GHQRPLQDU HVWH WLSR GH
SURFHVR PHQWDO /DV UHDFFLRQHV H[WUHPDV R
H[DJHUDGDV  VRQ HVSHFLDOPHQWH KDELWXDOHV FXDQGR HO
VHQWLGR GHO \R VH YH LPSOLFDGR HQ OD VLWXDFLyQ 6L
WHPR TXH ORV GHPiV PH MX]JXHQ SRU HMHPSOR WHQJR
TXHGDUXQDFRQIHUHQFLD\HVWR\QHUYLRVDSRUHVR ORV
VHQWLPLHQWRV TXH VXUJHQ FXDQGR SLHQVR HQ HVH KHFKR
WLHQGHQDGLVWRUVLRQDUH[DJHUDGDPHQWHODUHDOLGDG(Q
OXJDUGHOLPLWDUPHDQRWDUTXHHVWR\QHUYLRVDSXHGR
FUHDUHVFHQDULRVPHQWDOHVPX\VRILVWLFDGRVHQORVTXH
LPDJLQH TXH PH UHFKD]DQ VH EXUODQ GH Pt PH WLUDQ
YHUGXUDVSRGULGDVHWFpWHUD
&DVL VLHPSUH HVWH WLSR GH UHDFFLyQ HPRFLRQDO
H[DJHUDGD VH GHVHQFDGHQD FXDQGR LQWHQWDPRV HYLWDU
YHUQRV FRPR LPSHUIHFWRV R ©PDORVª &XDQGR HO
FRQFHSWR TXH WHQHPRV GH QRVRWURV PLVPRV VH YH
DPHQD]DGRODVFRVDVVHLQWHQVLILFDQUiSLGDPHQWH6H
PH RFXUUH XQ HMHPSOR UHFLHQWH DGPLWR TXH PX\
UHFLHQWH GHXQDUHDFFLyQ©VXSHULGHQWLILFDGDªSURSLD
&UHt TXH KDEtD SHUGLGR XQ LPSRUWDQWH FHUWLILFDGR GH
+DFLHQGDTXHKDEtDVROLFLWDGRKDFHXQRVPHVHV\TXH
DFDEDED GH UHFLELU SRU FRUUHR /D IHFKD OtPLWH SDUD
GHYROYHUOR HVWDED FDGD YH] PiV FHUFD 4XHUtD
HQYLDUOR D PL FRQWDEOH SHUR QR HQFRQWUDED HO SDSHO
SRU QLQJXQD SDUWH %XVTXp \ EXVTXp VLQ QLQJ~Q
UHVXOWDGR (PSHFp D VHQWLU SiQLFR \ XQD JUDQ
DQVLHGDG©£4XpGHVDVWUH£0HYR\DPHWHUHQXQOtRª
0H HQIDGp PH SXVH KLVWpULFD 3HUGt ORV SDSHOHV
QXQFDPHMRUGLFKR'HWUiVGHPLUHDFFLyQVHHVFRQGtD
HO WHPRU D VHU XQ GHVDVWUH D TXH PL IDOWD GH
FDSDFLGDG SDUD RUJDQL]DUPH HQ PL PHVD GH FRFLQD
VLHPSUHVHDSLODHOFRUUHRFRPRODVKRMDVHQRWRxR
KDEtDUHJUHVDGRSRUILQSDUDSHUVHJXLUPH3RUVXHUWH
ORJUp GDUPH FXHQWD GH OR TXH HVWDED RFXUULHQGR \
WRPp FRQFLHQFLD GH PLV UHDFFLRQHV 6t HVWDED PX\
QHUYLRVD SRU KDEHU SHUGLGR HO FHUWLILFDGR SHUR ¢HUD
SDUDWDQWR"6LHPSUHSRGtDSHGLURWUDFRSLD(VFLHUWR
TXH HUD XQD PROHVWLD SHUR QR HO ILQ GHO PXQGR
,QFOXVR FRQVHJXt VHQWLU FRPSDVLyQ SRU OD DQVLHGDG
TXHVHQWtD\UHFRQRFHUTXHSDUDODYLGDWDQDMHWUHDGD
TXHOOHYDEDHUDEDVWDQWHRUJDQL]DGDHQJHQHUDO+LFH
XQDOWRSDUDFRQVRODUPHHQDTXHOODVLWXDFLyQGRORURVD
\UHFRUGDUTXHHVWDVFRVDVSDVDQ
8QDV KRUDV PiV WDUGH PL PDULGR OOHJy D FDVD
3DUHFtDDYHUJRQ]DGR0HGLMRTXHKDEtDXWLOL]DGRVLQ
GDUVH FXHQWD OD SDUWH GH DWUiV GHO VREUH GH PL
FHUWLILFDGR SDUD HVFULELU OD OLVWD GH OD FRPSUD $Vt
TXHDOILQ\DOFDERQRVHKDEtDSHUGLGR(QOXJDUGH
UHSURFKiUVHORFRVDTXHSUREDEOHPHQWHKDEUtDKHFKR
VLKXELHVHFRQWLQXDGRGLFLpQGRPHDPtPLVPDTXHHUD
XQDLQFRPSHWHQWHPHUHtGHODVLWXDFLyQ¢&RQFXiQWD
IUHFXHQFLD KDFHPRV XQD PRQWDxD GH XQ JUDQR GH
DUHQD"¢&XiQWDVYHFHVLPDJLQDPRVTXHODVFRVDVVRQ
SHRUHVGHORTXHHQUHDOLGDGVRQ"6LVRPRVFDSDFHV
GHWRPDUFRQFLHQFLDGHQXHVWURVWHPRUHV\DQVLHGDGHV
HQ OXJDU GH VXSHULGHQWLILFDUQRV FRQ HOORV QRV
DKRUUDUHPRV PXFKR GRORU LQMXVWLILFDGR &RPR GLMR
0RQWDLJQH HO ILOyVRIR IUDQFpV GHO VLJOR ;9,, ©0L
YLGD KD HVWDGR OOHQD GH WHUULEOHV GHVJUDFLDV OD
PD\RUtDGHODVFXDOHVQXQFDVXFHGLHURQª
(OPLQGIXOQHVVQRVVLW~DHQHOPRPHQWRSUHVHQWH
\QRVDSRUWDODWRPDGHFRQFLHQFLDTXHIRUPDODEDVH
GHODFRPSDVLyQKDFLDXQRPLVPR&RPRXQHVWDQTXH
WUDQVSDUHQWH \ WUDQTXLOR VLQ RQGDV HO PLQGIXOQHVV
UHIOHMDORVKHFKRVDODSHUIHFFLyQ\VLQGLVWRUVLRQHV
(QOXJDUGHSHUGHUQRVHQQXHVWURFXOHEUyQSDUWLFXODU
QRV SHUPLWH REVHUYDU QXHVWUD VLWXDFLyQ FRQ
SHUVSHFWLYD\QRVD\XGDDQRVXIULULQQHFHVDULDPHQWH
&21&,(1&,$'(/$&21&,(1&,$

&XDQGR SHUFLELPRV QXHVWUR GRORU VLQ H[DJHUDUOR VH

SURGXFH XQ PRPHQWR GH PLQGIXOQHVV &RQVLVWH HQ
REVHUYDU OR TXH RFXUUH HQ QXHVWUR FDPSR GH
FRQFLHQFLD WDO FRPR HV DTXt \ DKRUD 5HFXHUGR FRQ
EDVWDQWH FODULGDG OD SULPHUD YH] TXH H[SHULPHQWp XQ
PRPHQWR GH PLQGIXOQHVV 7HQtD XQRV GRFH DxRV
KDEtD VDOLGR GHO FROHJLR \ HVWDED VROD HQ FDVD 0L
PDGUH WHQtD XQ HMHPSODU GH %H +HUH 1RZ >$TXt \
DKRUD@GH5DP'DVVHQODPHVDGHFHQWUR$XQTXH
KDFtD YDULRV PHVHV TXH HO OLEUR HVWDED DOOt XQ GtD
SRU OD UD]yQ TXH IXHVH PH SDUp D SHQVDU HQ HO
YHUGDGHUR VLJQLILFDGR GHO WtWXOR ©$TXt \ DKRUDª
0PPP (VWR\ DTXt \ HV DKRUD &UXFp HO VDOyQ
7RGDYtD HVWDED DOOt \ WRGDYtD HUD DKRUD (QWUp HQ OD
FRFLQD /R PLVPR ¢(Q TXp RWUR VLWLR SRGtD HVWDU VL
QR HVWDED DOOt" ¢4Xp RWUR PRPHQWR SRGtD VHU VLQR
DKRUD"<HQWRQFHVORHQWHQGtVRORH[LVWHHODTXt\HO
DKRUD 1R LPSRUWD GyQGH YD\DPRV R TXp KDJDPRV
VLHPSUH HVWDPRV DTXt \ DKRUD 6HQWt XQD HQRUPH
HPRFLyQ\FRUUtSRUWRGDODFDVDULHQGRDVRPEUDGD
©£$TXt £$KRUD £$TXt £$KRUD £$TXt £$KRUDª
+DEtD ORJUDGR HQWHQGHU XQD GH ODV YHUGDGHV
IXQGDPHQWDOHV GH OD YLGD OD SOHQD FRQFLHQFLD VROR
H[LVWHHQHODTXt\HODKRUD
 ¢3RU TXp HV LPSRUWDQWH" 3RUTXH HVH
FRQRFLPLHQWR SURIXQGR QRV SHUPLWH YHU TXH ORV
SHQVDPLHQWRV VREUH HO SDVDGR \ HO IXWXUR VRQ
H[DFWDPHQWHHVRSHQVDPLHQWRV(OSDVDGRVRORH[LVWH
HQ QXHVWURV UHFXHUGRV \ HO IXWXUR VROR H[LVWH HQ
QXHVWUDLPDJLQDFLyQ3RUWDQWRHQOXJDUGHSHUGHUQRV
HQHOKLORGHQXHVWURVSHQVDPLHQWRVSRGHPRVGDUXQ
SDVR DWUiV \ GHFLU ©$K HVWR HV OR TXH HVWR\
SHQVDQGRVLQWLHQGR\H[SHULPHQWDQGRDKRUDPLVPRª
3RGHPRV GHVSHUWDU D OD UHDOLGDG GHO PRPHQWR
SUHVHQWH
(Q RFDVLRQHV HO PLQGIXOQHVV VH FRQVLGHUD XQD
IRUPD GH ©PHWDFRQFLHQFLDª HV GHFLU FRQFLHQFLD GH
OD FRQFLHQFLD (Q OXJDU GH VHQWLU LUD VLQ PiV VR\
FRQVFLHQWH GH TXH HQ HVWH PRPHQWR HVWR\ VLQWLHQGR
LUD(QOXJDUGHVHQWLUVRODPHQWHODDPSROODGHOWDOyQ
VR\FRQVFLHQWHGHTXHODVLHQWRHQHVWHPRPHQWR1R
VROR SLHQVR HQ OR TXH YR\ D GHFLU HQ OD UHXQLyQ GH
PDxDQDVLQRTXHDGHPiVVR\FRQVFLHQWHGHTXHDKRUD
PLVPRHVWR\SHQVDQGRHQORTXHGLUpPDxDQD3XHGH
SDUHFHUXQDGLVWLQFLyQLPSUHFLVDHLQVXVWDQFLDOSHUR
VXSRQH XQD HQRUPH GLIHUHQFLD HQ QXHVWUD FDSDFLGDG
GHUHVSRQGHUGHPDQHUDHILFD]DVLWXDFLRQHVGLItFLOHV
&XDQGR VRPRV FDSDFHV GH YHU QXHVWUD VLWXDFLyQ FRQ
FODULGDG \ REMHWLYLGDG DEULPRV OD SXHUWD D OD
VDELGXUtD&XDQGRQXHVWUDFRQFLHQFLDVHHVWUHFKD\VH
SLHUGH HQ QXHVWURV SHQVDPLHQWRV \ QXHVWUDV
HPRFLRQHV QR SRGHPRV UHIOH[LRQDU VREUH QXHVWUDV
UHDFFLRQHV\SUHJXQWDUQRVVLHVWiQIXHUDGHOXJDU(VR
OLPLWDQXHVWUDFDSDFLGDGGHDFWXDUFRQLQWHOLJHQFLD
8QD DQDORJtD PX\ XWLOL]DGD HQWUH ORV TXH
HVFULEHQVREUH PLQGIXOQHVV HV OD GH OD VDOD GH FLQH
&XDQGR HVWiV YLHQGR XQD SHOtFXOD SRU HMHPSOR XQ
WKULOOHU \WHVXPHUJHVHQVXDUJXPHQWRHQRFDVLRQHV
UHFXHUGDV GH UHSHQWH TXH HVWiV YLHQGR XQD SHOtFXOD
8QRVVHJXQGRVDQWHVFXDQGRSHQVDEDVTXHHOYLOODQR
LEDDHPSXMDUDODKHURtQDSRUXQDYHQWDQDDJDUUDEDV
ORV UHSRVDEUD]RV FRQ IXHU]D GHELGR D OD WHQVLyQ (O
KRPEUHTXHKD\DWXODGRHVWRUQXGD\WHGDVFXHQWDGH
TXH HQ UHDOLGDG QR KD\ QLQJ~Q SHOLJUR HV VROR XQD
SHOtFXOD (Q OXJDU GH HVWDU FRPSOHWDPHQWH DEVWUDtGR
SRU OD WUDPD WX FRQFLHQFLD VH HQVDQFKD H LGHQWLILFDV
ORTXHHVWiRFXUULHQGRHQHOPRPHQWRSUHVHQWH6ROR
HVWiV YLHQGR St[HOHV GH OX] PRYLpQGRVH HQ XQD
SDQWDOOD $Vt TXH VXHOWDV ORV UHSRVDEUD]RV WX ULWPR
FDUGtDFRUHFXSHUDODQRUPDOLGDG\WHSHUPLWHVPHWHUWH
HQODKLVWRULDXQDYH]PiV
(O PLQGIXOQHVV IXQFLRQD GH XQ PRGR PX\
VLPLODU &XDQGR HUHV FRQVFLHQWH GH TXH HVWiV
H[SHULPHQWDQGR GHWHUPLQDGRV SHQVDPLHQWRV \
VHQWLPLHQWRV GHMDV GH HVWDU SHUGLGR HQ OD WUDPD
3XHGHV GHVSHUWDU \ PLUDU D WX DOUHGHGRU REVHUYDQGR
GHVGH IXHUD WX UHDOLGDG 3XHGHV YROFDU WX FRQFLHQFLD
GHQWUR GH Vt PLVPD FRPR VL HVWXYLHVHV PLUDQGR WX
UHIOHMRVREUHODVXSHUILFLHGHXQHVWDQTXH\YLHVHVXQD
LPDJHQ GH WL PLVPR REVHUYiQGRWH GHVGH XQ HVWDQTXH
TXH UHIOHMD WX LPDJHQ 3UXpEDOR DKRUD +DV OHtGR ODV
SDODEUDV GH HVWD SiJLQD VLQ GDUWH FXHQWD GH TXH
HVWDEDV OH\HQGR SHUR DKRUD SXHGHV OHHU HVWD IUDVH
FRQ OD FRQFLHQFLD GH TXH HVWiV OH\HQGR 6L HVWiV
VHQWDGR SUREDEOHPHQWH QR KDEUiV QRWDGR OD
VHQVDFLyQ GH TXH WXV SLHV HVWiQ VREUH HO VXHOR
&pQWUDWH HQ ODV VHQVDFLRQHV GH WXV SLHV 1R VROR WH
FRVTXLOOHDQ R HVWiQ FDOLHQWHV IUtRV DJDUURWDGRV
HWFpWHUD  DKRUD HUHV FRQVFLHQWH GH HVDV VHQVDFLRQHV
HQWXVSLHV(VRHVPLQGIXOQHVV
3RU VXHUWH -DFRE DSUHQGLy ILQDOPHQWH D WRPDU
FRQFLHQFLD GH OD LUD TXH KDEtD SURYRFDGR HQ pO OD
FDUUHUDGHDFWUL]GHVXPDGUHHQOXJDUGHGHMDUTXHVX
UDELDFDPSDVHDVXVDQFKDV6XWHUDSHXWDOHHQVHxyD
VHQWLU \ H[SHULPHQWDU SOHQDPHQWH HO GRORU \ HO
UHVHQWLPLHQWR TXH KDEtD DOEHUJDGR KDFLD VX PDGUH
GXUDQWH WRGRV DTXHOORV DxRV HQ OXJDU GH FUHHU
QHFHVDULDPHQWHTXHODKLVWRULDTXHVHKDEtDH[SOLFDGR
DVtPLVPRHUDUHDO\DXWpQWLFD/DLUDHUDDXWpQWLFD
SHUR DO VHU FRQVFLHQWH GH VX UDELD \ WUDWDUOD FRQ
ERQGDG KDFLD Vt PLVPR \ VLQ DXWRFUtWLFD DFDEy
GiQGRVHFXHQWDGHTXHHOSURIXQGRDPRUTXHVXPDGUH
VHQWtD SRU pO WDPELpQ HUD DXWpQWLFR 6t HOOD DGRUDED
VX FDUUHUD \ HVWDED HQWUHJDGD D HOOD WDO YH]
GHPDVLDGR SHURHQSDUWHHUDSRUTXHOHDSRUWDEDORV
UHFXUVRVHFRQyPLFRVQHFHVDULRVSDUDGLVIUXWDUGHODV
FRPRGLGDGHV TXH TXHUtD SDUD VX KLMR $QWHV GH
HQIUHQWDUVH D VX PDGUH FRQ DFXVDFLRQHV DLUDGDV
-DFREIXHFDSD]GHFDOPDUVH\FHQWUDUVHSUDFWLFDQGR
HO PLQGIXOQHVV 'HVSXpV WXYR XQD FRQYHUVDFLyQ
VLQFHUD\DPRURVDFRQVXPDGUHHQODTXHOHH[SOLFy
ODV GLILFXOWDGHV GH VX LQIDQFLD /R FLHUWR HV TXH DO
ILQDO DFDEDURQ PiV XQLGRV 6L -DFRE QR KXELHVH
HOHJLGR HO FDPLQR GHO PLQGIXOQHVV SRGUtD KDEHU
SURYRFDGR XQD ILVXUD GHVWUXFWLYD HQ VX UHODFLyQ TXH
KDEUtDWDUGDGRDxRVHQFXUDU

(1&(1'(5/$/8='(/$&21&,(1&,$

8QD GH ODV FODYHV SDUD HQWHQGHU HO PLQGIXOQHVV

FRQVLVWHHQGLIHUHQFLDUODFRQFLHQFLDHQVtPLVPDGH
VXFRQWHQLGR'HQWURGHOPDUFRGHQXHVWUDFRQFLHQFLD
VXUJHQ WRGR WLSR GH FRVDV VHQVDFLRQHV ItVLFDV
SHUFHSFLRQHV YLVXDOHV VRQLGRV RORUHV VDERUHV
HPRFLRQHVSHQVDPLHQWRV7RGRVHVRVHOHPHQWRVVRQ
FRQWHQLGRVGHQXHVWUDFRQFLHQFLDFRVDVTXHYLHQHQ\
YDQ /RV FRQWHQLGRV GH OD FRQFLHQFLD HVWiQ HQ
FRQVWDQWH FDPELR $XQTXH SHUPDQH]FDPRV
FRPSOHWDPHQWHLQPyYLOHVQXHVWUDUHVSLUDFLyQVXEH\
EDMD QXHVWUR FRUD]yQ ODWH QXHVWURV RMRV SDUSDGHDQ
ORV VRQLGRV VXUJHQ \ GHVDSDUHFHQ 6L ORV FRQWHQLGRV
GH OD FRQFLHQFLD QR FDPELDVHQ HVWDUtDPRV PXHUWRV
3RU GHILQLFLyQ OD YLGD LPSOLFD WUDQVIRUPDFLyQ \
FDPELR
6LQ HPEDUJR ¢TXp SDVD FRQ OD FRQFLHQFLD TXH
DEDUFD WRGRV HVWRV IHQyPHQRV OD OX] TXH LOXPLQD
QXHVWUD YLVLyQ ORV VRQLGRV ODV VHQVDFLRQHV \ ORV
SHQVDPLHQWRV"/DFRQFLHQFLDQRFDPELD(VOD~QLFD
H[SHULHQFLD KXPDQD TXH SHUPDQHFH HQ YLJLOLD
FRQVWDQWH ORV FLPLHQWRV WUDQTXLORV VREUH ORV TXH
GHVFDQVD QXHVWUD YLYHQFLD HQ FRQVWDQWH FDPELR /DV
H[SHULHQFLDV YDUtDQ FRQWLQXDPHQWH SHUR QR DVt OD
DWHQFLyQFRQVFLHQWHTXHLOXPLQDHVDVH[SHULHQFLDV
,PDJLQDXQFDUGHQDOURMRVXUFDQGRXQFLHORD]XO
(O SiMDUR UHSUHVHQWD XQ SHQVDPLHQWR R HPRFLyQ TXH
HVWiV H[SHULPHQWDQGR HQ HO PRPHQWR SUHVHQWH \ HO
FLHOR UHSUHVHQWD HO PLQGIXOQHVV TXH FRQWLHQH HO
SHQVDPLHQWRRODHPRFLyQ(OSiMDURSRGUtDHPSH]DU
D KDFHU JLURV LQHVSHUDGRV EDMDU HQ SLFDGR SRVDUVH
HQODUDPDGHXQiUEROHWFpWHUDSHURHOFLHORVHJXLUtD
DKt LPSHUWXUEDEOH &XDQGR QRV LGHQWLILFDPRV FRQ HO
FLHOR HQ OXJDU GH FRQ HO SiMDUR HQ RWUDV SDODEUDV
FXDQGRQXHVWUDDWHQFLyQVHGHSRVLWDHQODFRQFLHQFLD
PLVPD \ QR HQ HO SHQVDPLHQWR R OD HPRFLyQ TXH VH
GHVHQFDGHQD GHQWUR GH HVD FRQFLHQFLD 
SHUPDQHFHPRVWUDQTXLORV\FHQWUDGRV
(VWR HV LPSRUWDQWH SRUTXH FXDQGR SUDFWLFDPRV
HOPLQGIXOQHVVHQFRQWUDPRVQXHVWURUHSRVR RQXHVWUR
DVLHQWR FRPR WDPELpQ VH OH GHQRPLQD  1XHVWUR
VHQWLGR GHO \R GHMD GH HVWDU DWUDSDGR \ GH YHUVH
DUUDVWUDGR SRU HO FRQWHQLGR GH OD FRQFLHQFLD
SHUPDQHFH FHQWUDGR HQ OD FRQFLHQFLD PLVPD
3RGHPRV SHUFLELU OR TXH RFXUUH XQ SHQVDPLHQWR GH
HQIDGRXQWHPRUODVHQVDFLyQGHTXHQRVSDOSLWDQODV
VLHQHV  VLQ FDHU HQ OD WUDPSD GH SHQVDU TXH HVD LUD
HVH WHPRU R HVH GRORU QRV GHILQHQ 1R SRGHPRV
GHILQLUQRVDQRVRWURVPLVPRVSRUORTXHSHQVDPRV\
VHQWLPRVFXDQGRQXHVWUDFRQFLHQFLDHVFRQVFLHQWHGH
TXH HVWDPRV SHQVDQGR \ VLQWLHQGR 'H OR FRQWUDULR
¢TXLpQ HV HVD SHUVRQD FRQVFLHQWH GH QXHVWURV
SHQVDPLHQWRV\VHQWLPLHQWRV"

(-(5&,&,2
 3UiFWLFDGHSHUFHSFLyQ

7DPELpQ GLVSRQLEOH FRPR PHGLWDFLyQ JXLDGD HQ IRUPDWR 03 \

HQLQJOpVHQZZZVHOIFRPSDVVLRQRUJ!

8QD LPSRUWDQWH KHUUDPLHQWD XWLOL]DGD SDUD GHVDUUROODU HO

PLQGIXOQHVVHVODSUiFWLFDGHODSHUFHSFLyQ/DLGHDFRQVLVWHHQ
DSXQWDUXQDDQRWDFLyQPHQWDOFDGDYH]TXHVXUMDXQSHQVDPLHQWR
HPRFLyQ R VHQVDFLyQ (VWD WpFQLFD QRV D\XGD D WRPDU PD\RU
FRQFLHQFLD GH OR TXH H[SHULPHQWDPRV 6L SHUFLER TXH PH VLHQWR
HQIDGDGR SRU HMHPSOR WRPR PD\RU FRQFLHQFLD GH TXH HVWR\
HQIDGDGR 6L SHUFLER PROHVWLDV HQ OD HVSDOGD PLHQWUDV HVWR\
VHQWDGR GHODQWH GH PL PHVD GH WUDEDMR WRPR FRQFLHQFLD GH PL
LQFRPRGLGDG'HHVHPRGRWHQJRODRSRUWXQLGDGGHUHVSRQGHUFRQ
FULWHULR D PLV FLUFXQVWDQFLDV DFWXDOHV 7DO YH] GHEHUtD UHVSLUDU
SURIXQGDPHQWH YDULDV YHFHV SDUD WUDQTXLOL]DUPH R KDFHU XQRV
HVWLUDPLHQWRV SDUD DOLYLDU HO GRORU GH HVSDOGD /D SUiFWLFD GH OD
SHUFHSFLyQ VLUYH SDUD FXDOTXLHU VLWXDFLyQ \ D\XGD D FUHDU
PLQGIXOQHVVHQODYLGDFRWLGLDQD
%XVFDXQDSRVLFLyQUHODMDGD\SHUPDQHFHVHQWDGRGHGLH]
D YHLQWH PLQXWRV 3RQWH FyPRGR FLHUUD ORV RMRV \ OLPtWDWH D
SHUFLELU ORV SHQVDPLHQWRV HPRFLRQHV RORUHV VRQLGRV R FXDOTXLHU
RWUD VHQVDFLyQ ItVLFD TXH VXUMD HQ WX FRQFLHQFLD 3RU HMHPSOR
©,QVSLUDUª©5XLGRGHQLxRVMXJDQGRª©3LFRUHQHOSLHL]TXLHUGRª
©3UHJXQWDUPHTXpPHYR\DSRQHUSDUDODILHVWDª©,QVHJXULGDGª
©1HUYLRVLVPRª©$YLyQVREUHYROiQGRPHªHWFpWHUD&DGDYH]TXH
WRPHV FRQFLHQFLD GH XQD QXHYD H[SHULHQFLD LGHQWLItFDOD FRQ XQD
DQRWDFLyQPHQWDO$FRQWLQXDFLyQGHMDTXHWXDWHQFLyQVHFHQWUH
HQODVLJXLHQWHH[SHULHQFLD
(Q RFDVLRQHV WH SHUGHUiV HQ WXV SHQVDPLHQWRV \ WH GDUiV
FXHQWD GH TXH HQ ORV ~OWLPRV FLQFR PLQXWRV KDV HVWDGR SHQVDQGR
HQ OD FRPLGD \ KDV ROYLGDGR SRU FRPSOHWR OD SUiFWLFD GH
SHUFHSFLyQ1RWHSUHRFXSHV(QFXDQWRWHGHVFXHQWDGHTXHWH
KD SDVDGR HVR DQRWD PHQWDOPHQWH ©3HUGLGR HQ PLV
 SHQVDPLHQWRVª \ YXHOYH D FHQWUDU WX DWHQFLyQ HQ OD SUiFWLFD GH
SHUFHSFLyQ
3RGHPRVHQWUHQDUDOFHUHEURSDUDTXHSUHVWHPiVDWHQFLyQ
\ VHD PiV FRQVFLHQWH GH OR TXH QRV RFXUUH HQ FDGD PRPHQWR
(VWD KDELOLGDG HV PX\ JUDWLILFDQWH SRUTXH QRV SHUPLWH SDUWLFLSDU
PiV HQ HO SUHVHQWH \ QRV SURSRUFLRQD OD SHUVSHFWLYD PHQWDO
QHFHVDULD SDUD HQIUHQWDUQRV D ODV VLWXDFLRQHV FRPSOLFDGDV GH
PDQHUDHILFD]

5(6321'(5(1/8*$5'(5($&&,21$5

(O PLQGIXOQHVV QRV SURSRUFLRQD XQD JUDQ OLEHUWDG

SRUTXH VLJQLILFD TXH QR WHQHPRV TXH FUHHU TXH FDGD
SHQVDPLHQWR R FDGD HPRFLyQ TXH QRV DVDOWDQ VRQ
UHDOHV\DXWpQWLFRV6HWUDWDPiVELHQGHYHUTXHORV
GLIHUHQWHV SHQVDPLHQWRV \ HPRFLRQHV VXUJHQ \
GHVDSDUHFHQ \ SRGHPRV GHFLGLU FXiOHV PHUHFHQ
QXHVWUDDWHQFLyQ\FXiOHVQR3RGHPRVFXHVWLRQDUQRV
ODSUHFLVLyQGHQXHVWUDVSHUFHSFLRQHV\SUHJXQWDUQRV
VL HV QHFHVDULR WRPDUQRV QXHVWURV SHQVDPLHQWRV \
HPRFLRQHV WDQ HQ VHULR (O DXWpQWLFR WHVRUR TXH QRV
RIUHFH HO PLQGIXOQHVV VX YHQWDMD PiV VRUSUHQGHQWH
HV TXH QRV EULQGD OD RSRUWXQLGDG GH UHVSRQGHU HQ
OXJDUGHOLPLWDUQRVDUHDFFLRQDU
&XDQGR PH YHR DEUXPDGD SRU XQD HPRFLyQ
IXHUWH SRQJDPRVTXHPHVLHQWRRIHQGLGDSRUDOJRTXH
DFDED GH GHFLU PL DPLJR \ HVR PH SURYRFD GRORU H
LQGLJQDFLyQ  HV SUREDEOH TXH UHDFFLRQH GH XQD
PDQHUDTXHPiVWDUGHODPHQWDUp3RUHMHPSORHQXQD
RFDVLyQHVWDEDKDEODQGRSRUWHOpIRQRFRQXQDDPLJD\
HPSH]DPRV D GLVFXWLU <R LQWHQWDED FRQYHQFHUOD GH
TXH PL GHFLVLyQ VREUH XQ WHPD HUD DFHUWDGD $O
SULQFLSLR VROR HVWiEDPRV FKDUODQGR \R OH SODQWHDED
PLV UD]RQHV SDUD WRPDU OD GHFLVLyQ \ PL DPLJD PH
SODQWHDED VX SUHRFXSDFLyQ SRUTXH QR HVWDED VHJXUD
GHTXHIXHVHORPHMRUSDUDPt6LQHPEDUJRHQDOJ~Q
PRPHQWR PL DPLJD PDQLIHVWy VX WHPRU GH TXH
HVWXYLHVHVLHQGR©LQJHQXDª5HVXOWDFXULRVRORUiSLGR
TXH FDPELy HO WRQR GH OD FRQYHUVDFLyQ 0H VHQWt
LQVXOWDGD \ D FRQWLQXDFLyQ HQIDGDGD (PSHFp D
HOHYDUHOYROXPHQGHPLYR]KDVWDJULWDU'HIHQGtDPL
SXQWR GH YLVWD FRPR VL PL YLGD GHSHQGLHVH GH HOOR
H[DJHUDQGRPLSRVLFLyQGHTXHVDEtDORTXHHUDPHMRU
SDUDPt\WUDWpDPLDPLJDGHLJQRUDQWH\FRQIXQGLGD
/HFROJXpHOWHOpIRQRFDVLVLQGDUPHFXHQWD
3RUVXHUWHVRPRVYLHMDVDPLJDV\ODOODPpFLQFR
PLQXWRV GHVSXpV SDUD GLVFXOSDUPH &XDQGR
HPSH]DPRVDKDEODUWUDQTXLODPHQWHPHGLFXHQWDGH
TXH HOOD QR SUHWHQGtD LQVXOWDUPH SRU PDQLIHVWDU VX
WHPRU DQWH PL SRVLEOH LQJHQXLGDG HQ DTXHO WHPD /H
SUHRFXSDED UHDOPHQWH TXH WRPDVH XQD GHFLVLyQ VLQ
WHQHU OD H[SHULHQFLD R ORV FRQRFLPLHQWRV QHFHVDULRV
SDUD VDEHU VL HUD OR PHMRU 6LQ GXGD QR HVFRJLy ODV
SDODEUDVPiVDGHFXDGDVSHURVXLQWHQFLyQHUDEXHQD
\ \R UHDFFLRQp H[DJHUDGDPHQWH (O KHFKR GH KDEHU
WHQLGR XQ GtD HVWUHVDQWH HQ HO WUDEDMR SUREDEOHPHQWH
WDPSRFRD\XGyGHPDVLDGR
6L KXELHVH VLGR FDSD] GH SUDFWLFDU HO
PLQGIXOQHVVGXUDQWHQXHVWUDFRQYHUVDFLyQPHKDEUtD
GLFKRDPtPLVPD©6R\FRQVFLHQWHGHTXHPHVLHQWR
KHULGD LQVXOWDGD \ HQIDGDGD HQ HVWH PRPHQWR 9R\ D
UHVSLUDUKRQGR\DKDFHUXQDSDXVDDQWHVGHHPSH]DU
D JULWDU \ DFXVDU ¢&XiOHV VRQ VXV PRWLYRV"
¢5HDOPHQWH WLHQH LQWHQFLyQ GH KHULUPH"ª (Q RWUDV
SDODEUDVFXDQGRVRPRVFDSDFHVGHUHFRQRFHUORTXH
VHQWLPRV HQ HO PRPHQWR SUHVHQWH SRGHPRV LPSHGLU
TXH HVRV VHQWLPLHQWRV QRV ODQFHQ D OD DFFLyQ
3RGHPRV GHMDU GH FXHVWLRQDUQRV VL UHDOPHQWH
TXHUHPRV GHFLU OR TXH WHQHPRV HQ OD SXQWD GH OD
OHQJXD\RSWDUSRUGHFLUDOJRPiVSURGXFWLYR
6LQ HPEDUJR SDUD GHFLGLU TXp UHVSRQGHPRV
QHFHVLWDPRV HVSDFLR PHQWDO SDUD FRQVLGHUDU ODV
RSFLRQHV7HQHPRVTXHVHUFDSDFHVGHSUHJXQWDUQRV
¢TXp HVWi RFXUULHQGR UHDOPHQWH DTXt \ DKRUD" ¢(O
SHOLJUR HV UHDO R VROR VRQ SHQVDPLHQWRV GH SHOLJUR
FRPR St[HOHV GH OX] HQ XQD SDQWDOOD" ¢&XiO HV OD
VLWXDFLyQ UHDO D OD TXH GHER UHVSRQGHU" 'H HVWD
PDQHUDORJUDPRVODOLEHUWDGQHFHVDULDSDUDDFHUWDUHQ
QXHVWUDVGHFLVLRQHV
$XQTXH QR VHDPRV FDSDFHV GH UHDFFLRQDU GH
PDQHUD FRQVFLHQWH HQ HO PRPHQWR SUHFLVR TXH
DGPLWiPRVOR HV PX\ GLItFLO FXDQGR QXHVWUDV
HPRFLRQHV HVWiQ DO URMR YLYR  HO PLQGIXOQHVV QRV
SHUPLWH UHFXSHUDUQRV GH ODV UHDFFLRQHV H[DJHUDGDV
FRQ PD\RU UDSLGH] 1R IXL FDSD] GH PRUGHUPH OD
OHQJXD DQWHV GH FROJDU HO WHOpIRQR D PL DPLJD 3HUR
WDPSRFR WXYH TXH SDVDUPH ODV KRUDV ORV GtDV R ODV
VHPDQDV VLJXLHQWHV MXVWLILFDQGR PL FRPSRUWDPLHQWR
5HFRQRFt UiSLGDPHQWH OR TXH KDEtD RFXUULGR IXL
FDSD] GH WRPDU FRQFLHQFLD GH OD UHDOLGDG TXH
ODPHQWDEDPLFRPSRUWDPLHQWR GHUHSDUDUHOHUURU\
GHVHJXLUDGHODQWH
(O PLQGIXOQHVV HQFLHUUD XQ JUDQ SRGHU QRV
DSRUWD HO HVSDFLR QHFHVDULR SDUD UHVSRQGHU GH
PDQHUDVTXHQRVD\XGHQHQOXJDUGHKDFHUQRVGDxR<
SRU VXSXHVWR XQD GH ODV PDQHUDV TXH WHQHPRV GH
KDFHUQRV PiV GDxR HV HO KiELWR UHDFWLYR GH OD
DXWRFUtWLFD <D VHD SRU QXHVWUD HGXFDFLyQ IDPLOLDU
QXHVWUD FXOWXUD R QXHVWUD SHUVRQDOLGDG PXFKRV GH
QRVRWURV KHPRV GHVDUUROODGR FRQGXFWDV DJUHVLYDV
KDFLD QRVRWURV PLVPRV FXDQGR IUDFDVDPRV R
FRPHWHPRV DOJ~Q HUURU &XDQGR YHPRV DOJR GH
QRVRWURV TXH QR QRV JXVWD QXHVWUD UHDFFLyQ
DXWRPiWLFDFRQVLVWHHQGHMDUQRVDQRVRWURVPLVPRVD
OD DOWXUD GHO EHW~Q 6L QRV HQIUHQWDPRV D XQD
DGYHUVLGDG QRV VLWXDPRV LQPHGLDWDPHQWH HQ HO
©PRGR GH UHVROXFLyQ GH SUREOHPDVª VLQ SDUDUQRV D
DWHQGHU QXHVWUDV QHFHVLGDGHV HPRFLRQDOHV 3HUR VL
VRPRVFDSDFHVGHVHUFRQVFLHQWHVDXQTXHVHDSRUXQ
PRPHQWR GHO GRORU DVRFLDGR DO IUDFDVR R HO HVWUpV
TXH LPSOLFDQ ODV FLUFXQVWDQFLDV GLItFLOHV SRGUHPRV
UHWURFHGHU XQ SDVR \ UHVSRQGHU D QXHVWUR GRORU FRQ
FDULxR 7HQHPRV OD SRVLELOLGDG GH FDOPDUQRV \
FRQVRODUQRVFRQFRPSDVLyQ\FRPSUHQVLyQ3RGHPRV
UHIRUPXODU QXHVWUD VLWXDFLyQ D OD OX] GH QXHVWUD
FRQGLFLyQ KXPDQD FRP~Q SDUD QR VHQWLUQRV WDQ
DLVODGRV DQWH ODV DGYHUVLGDGHV 1R VROR VXIUR VLQR
TXH VR\ FRQVFLHQWH GH TXH VXIUR \ SRU WDQWR SXHGR
KDFHUDOJRDOUHVSHFWR
'HVSXpVGHXQSRFRGHSUiFWLFDSRGUiVFRQYHUWLU
OD FRPSDVLyQ KDFLD WL PLVPR HQ XQ KiELWR $Vt HQ
FXDQWR VLHQWDV VXIULPLHQWR DFWXDUiV DXWRPiWLFDPHQWH
FRQFRPSDVLyQKDFLDWLPLVPR,PDJLQDTXHHVFRPR
SXOVDU HO ERWyQ GH UHVHW GH WX RUGHQDGRU FXDQGR VH
EORTXHD (Q OXJDU GH TXHGDUWH DWDVFDGR HQ
VHQWLPLHQWRV GRORURVRV GH DXWRFUtWLFD R HVWRLFLVPR
LPSODFDEOH SXHGHV UHLQLFLDU WX FRUD]yQ \ WX PHQWH
SDUD TXH HPSLHFHQ D IOXLU OLEUHPHQWH GH QXHYR 'H
HVH PRGR SRGUiV OOHYDU D FDER ODV DFFLRQHV
QHFHVDULDV SDUD PHMRUDU WX VLWXDFLyQ FRQ PiV FDOPD
HVWDELOLGDG \ EHQHYROHQFLD \ FRQ PiV HILFDFLD SRU
VXSXHVWR 

68)5,0,(172 '2/25î5(6,67(1&,$

(OVXIULPLHQWRVXUJHGHXQDVRODIXHQWHGHFRPSDUDU
QXHVWUD UHDOLGDG FRQ QXHVWURV LGHDOHV &XDQGR OD
UHDOLGDG HQFDMD FRQ QXHVWURV GHVHRV QRV VHQWLPRV
IHOLFHV \ VDWLVIHFKRV &XDQGR OD UHDOLGDG QR HQFDMD
FRQ QXHVWURV GHVHRV VXIULPRV 3RU VXSXHVWR ODV
SRVLELOLGDGHV GH TXH QXHVWUD UHDOLGDG HQFDMH
FRPSOHWDPHQWHFRQQXHVWURVLGHDOHVHQWRGRPRPHQWR
VRQ PX\ HVFDVDV 3RU HVR HO VXIULPLHQWR HV
RPQLSUHVHQWH
(Q XQD RFDVLyQ SDUWLFLSp HQ XQ UHWLUR GH
PHGLWDFLyQ FRQ XQ SURIHVRU PDUDYLOORVR 6H OODPDED
6KLQ]HQ<RXQJ\PHGHGLFyXQDVVDELDVSDODEUDVTXH
QR ROYLGDUp MDPiV 0H GLMR TXH OD OODYH GH OD
IHOLFLGDG FRQVLVWH HQ HQWHQGHU TXH HO VXIULPLHQWR
DSDUHFHFXDQGRQRVUHVLVWLPRVDOGRORU1RSRGHPRV
HYLWDU HO GRORU DxDGLy SHUR QR WHQHPRV TXH VXIULU
GHELGRDHVHGRORU'DGRTXH6KLQ]HQHUDXQDHVSHFLH
GH ©ELFKR UDURª EXGLVWD LQFOXVR OOHYDED JDIDV GH
SDVWD RSWySRUH[SUHVDUHVDLGHDFRQXQDHFXDFLyQ
©6XIULPLHQWR  GRORU î UHVLVWHQFLDª < D
FRQWLQXDFLyQ DxDGLy ©(Q UHDOLGDG HV XQD UHODFLyQ
PiV H[SRQHQFLDO TXH PXOWLSOLFDWLYDª 4XHUtD GHFLU
TXH SRGHPRV GLVWLQJXLU HQWUH HO GRORU QRUPDO GH OD
YLGD ODV HPRFLRQHV GLItFLOHV HO PDOHVWDU ItVLFR
HWFpWHUD  \ HO VXIULPLHQWR UHDO TXH HV OD DQJXVWLD
PHQWDOSURYRFDGDSRUODOXFKDFRQWUDHOKHFKRGHTXH
ODYLGDDYHFHVUHVXOWDGRORURVD
,PDJLQDTXHHVWiVDWUDSDGRHQXQWHUULEOHDWDVFR
GH WUiILFR /D VLWXDFLyQ SXHGH UHVXOWDU HVWUHVDQWH \
PROHVWD 3UREDEOHPHQWH OOHJDUiV WDUGH DO WUDEDMR \
DGHPiV WH DEXUULUiV PLHQWUDV HVSHUDV VHQWDGR DO
YRODQWH 1DGD TXH QR VHSDV 6LQ HPEDUJR VL WH
UHVLVWHVDOKHFKRGHTXHHVWiVDWUDSDGRHQXQDWDVFR\
JULWDVPHQWDOPHQWH©£(VWRQRGHEHUtDHVWDUSDVDQGRª
HVSUREDEOHTXHHPSLHFHVDVXIULU7HVHQWLUiVPXFKR
PiV PROHVWR QHUYLRVR \ HQIDGDGR 0XFKRV
DFFLGHQWHV GH WUiILFR FRQ JUDYHV FRQVHFXHQFLDV VH
GHEHQDHVWHWLSRGHUHDFFLRQHVH[DJHUDGDV
(O VXIULPLHQWR HPRFLRQDO VH GHEH DO GHVHR GH
TXHODVFRVDVVHDQGLVWLQWDVDFRPRVRQ&XDQWRPiV
QRV UHVLVWLPRV D OR TXH RFXUUH HQ HO PRPHQWR
SUHVHQWH PiV VXIULPRV (O GRORU HV FRPR XQD
VXVWDQFLD JDVHRVD 6L SHUPLWHV TXH VLPSOHPHQWH HVWp
DKtOLEUHDFDEDUiGLVLSiQGRVHSRUVtVROR6LOXFKDV
FRQWUDHOGRORU\WHUHVLVWHVDpOFRQILQiQGRORHQXQ
HVSDFLR FHUUDGR OD SUHVLyQ DXPHQWDUi PiV \ PiV
KDVWDTXHVHSURGX]FDXQDH[SORVLyQ
5HVLVWLUVHDOGRORUHVFRPRGDUVHJROSHVFRQOD
FDEH]DFRQWUDHOPXURGHODUHDOLGDG&XDQGROXFKDV
FRQWUD HO KHFKR GH TXH HVWiV VLQWLHQGR GRORU HQ WX
H[SHULHQFLDFRQVFLHQWHDFXPXODVVHQWLPLHQWRVGHLUD
IUXVWUDFLyQ \ HVWUpV DGHPiV GHO GRORU HQ Vt PLVPR 
$Vt VROR LQWHQVLILFDV HO VXIULPLHQWR &XDQGR RFXUUH
DOJRQRKD\QDGDTXHSXHGDVKDFHUSDUDFDPELDUHVD
UHDOLGDGHQHOPRPHQWRSUHVHQWH/DVFRVDVVRQFRPR
VRQ3XHGHVRSWDUSRUDFHSWDUHVHKHFKRRQRSHUROD
UHDOLGDGVHJXLUiVLHQGRODPLVPDGHWRGRVPRGRV
(OPLQGIXOQHVVQRVSHUPLWHGHMDUGHUHVLVWLUQRV
D OD UHDOLGDG SRUTXH DFHSWD VLQ FUtWLFDV WRGD OD
H[SHULHQFLDGHVGHODFRQFLHQFLD1RVSHUPLWHDFHSWDU
HO KHFKR GH TXH HVWi RFXUULHQGR DOJR GHVDJUDGDEOH
DXQTXH QR QRV JXVWH $O UHODFLRQDUQRV GH PDQHUD
FRQVFLHQWH FRQ QXHVWUDV HPRFLRQHV GLItFLOHV HVWDV
VLJXHQ VX FXUVR QDWXUDO \ DFDEDQ GHVDSDUHFLHQGR 6L
SRGHPRVHVSHUDUDTXHSDVHODWRUPHQWDFRQUHODWLYD
HFXDQLPLGDGQRHPSHRUDUHPRVODVFRVDV(OGRORUHV
LQHYLWDEOHHOVXIULPLHQWRHVRSFLRQDO

(-(5&,&,2

7UDEDMDUFRQHOGRORUGHVGHHOPLQGIXOQHVV

3UDFWLFD HVWH SHTXHxR H[SHULPHQWR SDUD REVHUYDU FyPR QRV

D\XGDQHOPLQGIXOQHVV \ OD FRPSDVLyQ KDFLD XQR PLVPR D VXIULU
PHQRVHQPRPHQWRVGHGRORU

6XMHWDXQFXELWRGHKLHORFRQXQDPDQRGXUDQWHXQRVVHJXQGRV
WH UHVXOWDUi XQ SRFR PROHVWR  5HDFFLRQD FRPR OR KDUtDV
QRUPDOPHQWH \ GHMD HO FXELWR FXDQGR QR DJXDQWHV PiV VX
FRQWDFWR3HUFLEHODLQWHQVLGDGGHODPROHVWLD\FXiQWRWLHPSRKDV
VXMHWDGRHOFXELWRDQWHVGHWHQHUTXHGHMDUOR
 6XMHWD XQ FXELWR GH KLHOR FRQ OD RWUD PDQR GXUDQWH XQRV
VHJXQGRV (VWD YH] LQWHQWD QR UHVLVWLUWH D OD PROHVWLD TXH WH
SURYRFD 5HOiMDWH \ SHUFLEH OD VHQVDFLyQ VLQ PiV 7RPD
FRQFLHQFLD GH ODV FXDOLGDGHV GH OD VHQVDFLyQ IUtR TXHPD]yQ
FRVTXLOOHR0LHQWUDVORKDFHVKiEODWHDWLPLVPRFRQFRPSDVLyQ
SRU HMHPSOR SRGUtDV GHFLUWH ©$\ HVWR GXHOH GH YHUGDG (V XQD
VHQVDFLyQGLItFLOSHURQRSDVDQDGDORVXSHUDUpª 'HMDHOFXELWR
FXDQGR ODV PROHVWLDV VHDQ LQVRSRUWDEOHV 3HUFLEH GH QXHYR OD
LQWHQVLGDGGHODVPROHVWLDV\HOWLHPSRTXHKDVORJUDGRPDQWHQHU
HOFXELWRHQODPDQR

&XDQGR WHUPLQHV FRPSDUD ODV GRV H[SHULHQFLDV ¢+D

FDPELDGR DOJR FXDQGR QR WH KDV UHVLVWLGR DO GRORU" ¢+DV SRGLGR
VXMHWDU HO FXELWR GXUDQWH PiV WLHPSR" ¢/D LQFRPRGLGDG KD VLGR
PHQRV LQWHQVD" ¢+DV SRGLGR FRUURERUDU HPStULFDPHQWH OD
SURSRVLFLyQ©6XIULPLHQWR GRORU[UHVLVWHQFLDª"&XDQWRPHQRVWH
UHVLVWDVPHQRVVXIULUiV
/$5(/$&,Ï1&21/248((6&$3$$18(6752&21752/

$ YHFHV QR VLHPSUH SHUR D YHFHV  H[LVWH OD

SRVLELOLGDGGHLQWURGXFLUFDPELRVHQODUHDOLGDGSDUD
TXH ODV FLUFXQVWDQFLDV IXWXUDV PHMRUHQ 6L WH
UHODFLRQDV FRQ HO SUHVHQWH GH PDQHUD FRQVFLHQWH
HVWDUiVPHMRUSUHSDUDGRSDUDFRQVLGHUDUFRQFULWHULR
ORTXHTXLHUHVKDFHUDFRQWLQXDFLyQ6LWHMX]JDVDWL
PLVPR \ WH UHVLVWHV QR VROR WH SURYRFDUiV PiV
IUXVWUDFLyQ H LUD VLQR TXH DGHPiV HPSDxDUiV WX
FDSDFLGDGGHGHFLGLUFRQDFLHUWRWXVVLJXLHQWHVSDVRV
(OPLQGIXOQHVVSRUWDQWRQRVSHUPLWHFRQVLGHUDUORV
SDVRV SURDFWLYRV TXH SRGHPRV GDU SDUD PHMRUDU
QXHVWUD VLWXDFLyQ SHUR WDPELpQ UHFRQRFHU FXiQGR QR
SRGHPRVFDPELDUODVFRVDV\GHEHPRVDFHSWDUODV
/D RUDFLyQ GH OD VHUHQLGDG SRSXODUL]DGD SRU
$OFRKyOLFRV $QyQLPRV \ RWURV SURJUDPDV HQ GRFH
SDVRV FDSWDDODSHUIHFFLyQHVWDLGHD
'LRVFRQFpGHPHVHUHQLGDGSDUDDFHSWDUODVFRVDVTXHQRSXHGR
FDPELDU YDORU SDUD FDPELDU ODV FRVDV TXH Vt SXHGR FDPELDU \
VDELGXUtDSDUDUHFRQRFHUODGLIHUHQFLD

(O PLQGIXOQHVV QRV SHUPLWH GLVWLQJXLU HQWUH

DTXHOORV DVSHFWRV GH QXHVWUD H[SHULHQFLD TXH
SRGHPRV FDPELDU \ ORV TXH QR 6L PH FDH XQ REMHWR
SHVDGR VREUH XQ SLH SXHGR UHWLUDUOR HV DOJR TXH
SXHGR FDPELDU  6LQ HPEDUJR QR SXHGR FDPELDU OD
PROHVWLDTXHVLHQWRHQHOSLH DOPHQRVGHPRPHQWR 
6L DFHSWR HO KHFKR LQFOXVR FRQ XQ WRTXH GH KXPRU 
VHJXLUp VLQWLHQGR HO GRORU SHUR SHUPDQHFHUp
UHODWLYDPHQWHWUDQTXLORDPHGLGDTXHGHVDSDUHFH1R
LQWHQVLILFDUp ODV PROHVWLDV VLQWLHQGR IUXVWUDFLyQ R
QHUYLRVLVPRRJROSHDQGRFRQLUDHOREMHWRTXHPHKD
SURYRFDGR OD PROHVWLD SXHGH TXH WH KDJD JUDFLD
SHURVDEHVTXHWRGRVORKHPRVKHFKRDOJXQDYH] 0L
HVWDGR GH FDOPD WDPELpQ PH D\XGDUi D WRPDU XQD
EXHQDGHFLVLyQSRUHMHPSORSRQHUPHKLHORVREUHHO
SLHSDUDLPSHGLUTXHVHKLQFKH
$XQTXHSXHGDSDUHFHULOyJLFRXQDGHODVFRVDV
TXH GLItFLOPHQWH SRGHPRV FDPELDU HV OR TXH RFXUUH
HQ QXHVWUD FDEH]D /R TXH VXUJH GHQWUR GH QXHVWUR
FDPSR GH FRQFLHQFLD HV XQ PLVWHULR /RV
SHQVDPLHQWRV \ ODV HPRFLRQHV VH GHVHQFDGHQDQ GH
PDQHUD HVSRQWiQHD \ FDVL VLHPSUH VH TXHGDQ PiV
WLHPSR GHO TXH QRV JXVWDUtD 'HVHDUtDPRV WHQHU XQ
ILOWUR LQWHUQR VLPLODU DO ILOWUR DQWLSHOXVDV GH ODV
VHFDGRUDV  SDUD HYLWDU TXH QXHVWURV SHQVDPLHQWRV \
HPRFLRQHV QHJDWLYRV HQWUDVHQ HQ QXHVWUD FRQFLHQFLD
(QWRQFHV VROR WHQGUtDPRV TXH GHVSUHQGHUQRV GHO
PRQWyQ GH SHQVDPLHQWRV GRORURVRV FUtWLFRV \
DXWRVDERWHDGRUHV DFXPXODGRV \ WLUDUORV D OD EDVXUD
3HURQXHVWUDPHQWHQRIXQFLRQDDVt
/RV SHQVDPLHQWRV \ ORV VHQWLPLHQWRV VH
GHVHQFDGHQDQHQIXQFLyQGHQXHVWUDKLVWRULDQXHVWUDV
H[SHULHQFLDV \ DVRFLDFLRQHV SDVDGDV QXHVWUDV
FRQH[LRQHV GLUHFWDV QXHVWUR FLFOR KRUPRQDO QXHVWUR
QLYHO GH ELHQHVWDU ItVLFR QXHVWUR FRQGLFLRQDPLHQWR
FXOWXUDO QXHVWURV SHQVDPLHQWRV \ VHQWLPLHQWRV
SUHYLRV\PXFKRVRWURVIDFWRUHV&RPRVHPHQFLRQD
HQHOFDStWXORDQWHULRUH[LVWHQLQQXPHUDEOHVFDXVDV\
FRQGLFLRQHV SUHYLDV TXH VH VXPDQ \ GDQ OXJDU D
QXHVWUD H[SHULHQFLD PHQWDO \ HPRFLRQDO DFWXDO
FRQGLFLRQHV TXH YDQ PiV DOOi GH XQD HOHFFLyQ
FRQVFLHQWH 1RSRGHPRVFRQWURODUTXpSHQVDPLHQWRV
\HPRFLRQHVDWUDYLHVDQODVSXHUWDVGHODFRQFLHQFLD\
FXiOHV QR 6L GHWHUPLQDGRV SHQVDPLHQWRV \
VHQWLPLHQWRV QR VRQ VDQRV QR SRGHPRV KDFHU TXH
HVDV H[SHULHQFLDV PHQWDOHV GHVDSDUH]FDQ 6LQ
HPEDUJR Vt SRGHPRV FDPELDU QXHVWUD PDQHUD GH
UHODFLRQDUQRVFRQHOODV
&XDQGR QRV MX]JDPRV D QRVRWURV PLVPRV SRU
QXHVWUD H[SHULHQFLD PHQWDO QR KDFHPRV PiV TXH
HPSHRUDU ODV FRVDV ©£6R\ XQD SHUVRQD KRUULEOH SRU
WHQHUHVHSHQVDPLHQWRª©£8QDSHUVRQDPiVDJUDGDEOH
VHQWLUtD HPSDWtD HQ HVWD VLWXDFLyQ HQ OXJDU GH
PROHVWDUVHª 6LQ HPEDUJR ¢HVH SHQVDPLHQWR R HVD
HPRFLyQUHVSRQGHQDXQDHOHFFLyQSHUVRQDO"6LQRHV
DVt ¢GHEHUtDV MX]JDUWH GH HVD PDQHUD" 3RGHPRV
OLEHUDUQRV GHO QXGR HQPDUDxDGR GH OD DXWRFUtWLFD
DFHSWDQGRQXHVWUDH[SHULHQFLDDTXt\DKRUDWDOFRPR
HV©(VWRVVRQORVSHQVDPLHQWRV\ODVHPRFLRQHVTXH
HVWiQ VXUJLHQGR HQ PL FRQFLHQFLD HQ HO PRPHQWR
SUHVHQWHª 8QD DILUPDFLyQ VLPSOH VLQ FRQQRWDFLRQHV
GHFXOSD1RWHQHPRVTXHFDVWLJDUQRVSRUWHQHUHVRV
SHQVDPLHQWRV GHVDJUDGDEOHV R VHQWLU HVDV HPRFLRQHV
GHVWUXFWLYDV (V VXILFLHQWH FRQ GHMDU TXH SDVHQ
6LHPSUH\FXDQGRQRQRVSHUGDPRVHQXQDUJXPHQWR
TXH ORV MXVWLILTXH \ ORV UHIXHUFH DFDEDUiQ
GHVDSDUHFLHQGR SRU Vt VRORV /DV PDODV KLHUEDV TXH
QRVHULHJDQDFDEDQPDUFKLWiQGRVH$OPLVPRWLHPSR
FXDQGR VH GHVHQFDGHQD XQ SHQVDPLHQWR R XQ
VHQWLPLHQWR VDQR SRGHPRV DFRJHUOR FRQ FDULxR GH
PDQHUD FRQVFLHQWH \ GHMDU TXH IORUH]FD HQ WRGR VX
HVSOHQGRU
/RVQDWLYRVQRUWHDPHULFDQRVFXHQWDQXQDKLVWRULD
FDUJDGD GH VDELGXUtD SURWDJRQL]DGD SRU XQ YLHMR
FKHURNHH TXH HQVHxDED D VX QLHWR ODV FRVDV GH OD
YLGD©(QPLLQWHULRUH[LVWHXQDOXFKD²OHH[SOLFDED
DOQLxR²(VXQDOXFKDWHUULEOHHQWUHGRVORERV8QR
HV HO PDO OD LUD OD HQYLGLD OD SHQD HO
DUUHSHQWLPLHQWR OD DYDULFLD OD DUURJDQFLD OD
FRPSDVLyQGHXQRPLVPRPDOHQWHQGLGDODFXOSDHO
UHVHQWLPLHQWR OD LQIHULRULGDG ODV PHQWLUDV HO IDOVR
RUJXOORODVXSHULRULGDG\HOHJR(ORWURHVHOELHQOD
DOHJUtDODSD]HODPRUODHVSHUDQ]DODVHUHQLGDGOD
KXPLOGDGODDPDELOLGDGODEHQHYROHQFLDODHPSDWtD
ODJHQHURVLGDGODYHUGDGODFRPSDVLyQ\ODIH(VD
PLVPDOXFKDVHSURGXFHWDPELpQHQWXLQWHULRU\HQOD
GH WRGDV ODV SHUVRQDVª (O QLxR UHIOH[LRQy XQRV
VHJXQGRV\GHVSXpVSUHJXQWyDODEXHOR©¢&XiOGHORV
ORERV JDQDUi"ª < HVWD IXH OD UHVSXHVWD GHO YLHMR
FKHURNHH©(OTXHW~DOLPHQWHVª
(OUHJDORGHOPLQGIXOQHVVSRUWDQWRFRQVLVWHHQ
TXH DO DFHSWDU HO PRPHQWR SUHVHQWH HVWiV HQ PHMRU
GLVSRVLFLyQGHGDUIRUPDDWXVPRPHQWRVIXWXURVFRQ
VDELGXUtD \ OXFLGH] 1R VROR UHGXFLUiV WX SURSLR
VXIULPLHQWR VLQR TXH WDPELpQ WRPDUiV EXHQDV
GHFLVLRQHV VREUH WXV VLJXLHQWHV SDVRV 6L OR SLHQVDV
HVSHUIHFWDPHQWHOyJLFRSHURQRVHWUDWDGHXQKiELWR
TXH QRV KD\DQ HQVHxDGR GH SHTXHxRV (Q 2FFLGHQWH
QRV HGXFDQ SDUD DFXPXODU FRQRFLPLHQWRV SDUD
WUDEDMDU GXUR \ VHU PLHPEURV SURGXFWLYRV GH OD
VRFLHGDG SHUR QDGLH QRV HQVHxD D JHVWLRQDU
DGHFXDGDPHQWH QXHVWUDV HPRFLRQHV HVSHFLDOPHQWH
ODVGLItFLOHV 
$35(1'(5$$3/,&$5(/0,1')8/1(66

3RU VXHUWH HVWR HVWi HPSH]DQGR D FDPELDU /RV

FLHQWtILFRV RFFLGHQWDOHV FRPLHQ]DQ D GRFXPHQWDU ORV
EHQHILFLRV SDUD OD VDOXG GHO PLQGIXOQHVV \ D SUHVWDU
DWHQFLyQ D XQD LGHD RULJLQDGD HQ ODV WUDGLFLRQHV GH
PHGLWDFLyQRULHQWDOHVKDFHPLOHVGHDxRV1XPHURVRV
HVWXGLRV GHPXHVWUDQ TXH ODV SHUVRQDV TXH SUHVWDQ
DWHQFLyQ D VX H[SHULHQFLD SUHVHQWH GH PDQHUD
FRQVFLHQWH GLVIUXWDQ GH XQ PD\RU HTXLOLEULR
HPRFLRQDO 3RU HMHPSOR HVWXGLRV UHDOL]DGRV FRQ
HVFiQHUHV GHO FHUHEUR GHPXHVWUDQ TXH ODV SHUVRQDV
PiV DWHQWDV D VX SUHVHQWH QR UHDFFLRQDQ WDQWR D
LPiJHQHV DWHUUDGRUDV R DPHQD]DQWHV VH PLGH FRQ OD
DFWLYDFLyQ GH OD DPtJGDOD OD SDUWH UHSWLOLDQD GHO
FHUHEUR UHVSRQVDEOH GH OD UHVSXHVWD GH OXFKD R
KXLGD (QUHVXPHQQRSLHUGHQORVQHUYLRVFRQWDQWD
IDFLOLGDG\SRUORWDQWRQRVHYHQGRPLQDGDVSRUODV
FLUFXQVWDQFLDV3RUHVWDUD]yQKR\HQGtDWHUDSHXWDV\
RWURV SURIHVLRQDOHV GH OD VDOXG HVWiQ HQVHxDQGR ODV
KDELOLGDGHV GHO PLQGIXOQHVV SDUD D\XGDU D ODV
SHUVRQDV D WUDWDU HO HVWUpV ODV DGLFFLRQHV HO GRORU
ItVLFR\RWUDVIRUPDVGHVXIULPLHQWR
(O SURJUDPD GH UHGXFFLyQ GHO HVWUpV EDVDGR HQ
HOPLQGIXOQHVVGH-RQ.DEDW=LQQHVXQRGHORVPiV
SUDFWLFDGRV \ HILFDFHV 6H LPSDUWHQ FXUVRV VREUH
HVWD SUiFWLFD HQ FLHQWRV GH KRVSLWDOHV FOtQLFDV \
FHQWURVPpGLFRVGH(VWDGRV8QLGRV\RWURVSXQWRVGHO
SODQHWD (O SURJUDPD LQWHQVLYR GH RFKR VHPDQDV GH
GXUDFLyQ RIUHFH D ORV DVLVWHQWHV XQD VHULH GH
HMHUFLFLRV SDUD D\XGDUOHV D DSUHQGHU D VHU PiV
FRQVFLHQWHV GHO SUHVHQWH /DV LQYHVWLJDFLRQHV
GHPXHVWUDQ TXH HVWH FXUVR GH UHGXFFLyQ GHO HVWUpV
EDVDGR HQ HO PLQGIXOQHVV D\XGD D DIURQWDU ORV UHWRV
GH OD YLGD FRQ PHQRV HVWUpV \ PD\RU IDFLOLGDG (O
SURJUDPD DGHPiV VLUYH GH D\XGD D SDFLHQWHV FRQ
GRORU FUyQLFR (Q XQR GH ORV SULPHURV HVWXGLRV GH
.DEDW=LQQ SRU HMHPSOR VH GHVFXEULy TXH ODV
SHUVRQDV DIHFWDGDV GH GRORU GH HVSDOGD DJXGR
LQIRUPDEDQ GH XQ GHVFHQVR VXVWDQFLDO GHO GRORU HQ
WRUQRDOPHQRV GHVSXpVGHVHJXLUHOFXUVR
8QD GH ODV SUiFWLFDV PiV LPSRUWDQWHV TXH VH
HQVHxDQ HQ HVWH SURJUDPD HV OD PHGLWDFLyQ
FRQVFLHQWH (VWH WLSR GH PHGLWDFLyQ FRQVLVWH HQ
UHGXFLUODHQWUDGDGHHVWtPXORVVHQVRULDOHVSDUDHOOR
KD\TXHVHQWDUVHHQVLOHQFLR\FHUUDUORVRMRV\DTXH
DVt UHVXOWD PiV VHQFLOOR SUHVWDU DWHQFLyQ DO PRPHQWR
SUHVHQWH VLQ YHUVH VREUHSDVDGR SRU HO H[FHVR GH
VHQVDFLRQHV H[WHUQDV (Q JHQHUDO OD PHGLWDFLyQ
HPSLH]D FRQFHQWUiQGRVH HQ OD UHVSLUDFLyQ SDUD
DSDFLJXDU OD PHQWH \ PHMRUDU OD DWHQFLyQ &XDQGR OD
PHQWH HVWi WUDQTXLOD OD DWHQFLyQ VH GHVSOD]D
OLEUHPHQWH KDFLD FXDOTXLHU SHQVDPLHQWR VRQLGR R
VHQVDFLyQ TXH VXUMD HQ HO FDPSR GH FRQFLHQFLD /D
LGHD FRQVLVWH HQ REVHUYDU OR TXH VXUMD VLQ MX]JDUOR
VLQLQWHQWDUHYLWDUODVH[SHULHQFLDVTXHVHGHULYDQGH
HOOR \ WDPSRFR DIHUUiQGRVH D HOODV 6LPSOHPHQWH VH
WUDWD GH GHMDU TXH ORV SHQVDPLHQWRV YHQJDQ \ VH
PDUFKHQFRPRXQSiMDURTXHYXHODOLEUHHQHOFLHOR
/D SUiFWLFD GH OD REVHUYDFLyQ GH FyPR VXUJHQ \
GHVDSDUHFHQ ORV IHQyPHQRV PHQWDOHV GHVDUUROOD
KDELOLGDGHV TXH DXPHQWDQ OD FDSDFLGDG GH YLYLU FRQ
PLQGIXOQHVVFDGDGtDHQWRGRPRPHQWR
(VLPSRUWDQWHWHQHUHQFXHQWDVLQHPEDUJRTXH
DXQTXH OD PHGLWDFLyQ HV XQD SRGHURVD PDQHUD GH
UHIRU]DU HO P~VFXOR GHO PLQGIXOQHVV H[LVWHQ RWUDV
PDQHUDV GH FDOPDU OD PHQWH H LQWHUUXPSLU ODV
IDQWDVtDV GHO SHQVDPLHQWR FRPR OD RUDFLyQ HQ
VLOHQFLRRLQFOXVRXQSDVHRVROLWDULRSRUHOERVTXH 
2WURPpWRGRSUREDGRFRQVLVWHHQUHVSLUDUGHPDQHUD
OHQWD \ SURIXQGD YDULDV YHFHV SUHVWDQGR PXFKD
DWHQFLyQDWRGDVODVVHQVDFLRQHVJHQHUDGDVGXUDQWHHO
SURFHVR GH LQVSLUDFLyQ \ HVSLUDFLyQ (O PLQGIXOQHVV
QRHVXQDHVSHFLHGHSUiFWLFDHVRWpULFDTXHVHVDFDGH
OD FKLVWHUD GH XQ PDJR WRGRV QDFHPRV FRQ OD
FDSDFLGDG GH VHU FRQVFLHQWHV GH QXHVWUR SURSLR
FDPSR GH FRQFLHQFLD (VWR VLJQLILFD TXH HO
PLQGIXOQHVVHVXQRGHQXHVWURVSRGHUHV$GHPiVOD
FODYH FRQVLVWH HQ RSWDU LQWHQFLRQDGDPHQWH SRU
FHQWUDUQRV HQ ORV SHQVDPLHQWRV ODV HPRFLRQHV \ ODV
VHQVDFLRQHV TXH VXUJHQ HQ HO PRPHQWR SUHVHQWH GH
PDQHUDDIHFWXRVDVLQFUtWLFDV

(-(5&,&,2

0LQGIXOQHVVHQODYLGDFRWLGLDQD

3LHQVD HQ XQD DFWLYLGDG FRWLGLDQD SDUD SUDFWLFDU HO PLQGIXOQHVV

3XHGH VHU PLHQWUDV WH FHSLOODV ORV GLHQWHV HQ HO FDPLQR GHO
DSDUFDPLHQWR DO WUDEDMR PLHQWUDV GHVD\XQDV R FDGD YH] TXH
VXHQD WX PyYLO 7DO YH] SUHILHUDV HOHJLU XQD DFWLYLGDG TXH VH
SURGX]FDDSULPHUDKRUDGHOGtDSDUDD\XGDUWHDWRPDUFRQFLHQFLD
DQWHV GH TXH ODV WDUHDV GLDULDV WH DEVRUEDQ &XDQGR UHDOLFHV HVD
DFWLYLGDGFRQPLQGIXOQHVV SRU HMHPSOR GXUDQWH HO FDPLQR HQWUH
HO DSDUFDPLHQWR \ WX RILFLQD  FHQWUD WX FRQFLHQFLD HQ OD
H[SHULHQFLDHQHOPRPHQWRSUHVHQWH
,QWHQWD QR HPSH]DU D SHQVDU LQPHGLDWDPHQWH HQ OR TXH
WLHQHV TXH KDFHU FXDQGR OOHJXHV D OD RILFLQD /LPtWDWH D VHQWLU
FyPR FDPLQDV ¢4Xp VLHQWHQ WXV SLHV FXDQGR WRFDQ HO VXHOR"
¢1RWDV HO FDPELR GH VHQVDFLRQHV FDGD YH] TXH ORV SLHV VH
OHYDQWDQ \ VH SRVDQ GH QXHYR HQ HO VXHOR" ¢4Xp VLHQWHV HQ ODV
SLHUQDVPLHQWUDVWHPXHYHV\HOSHVRFDPELDGHODL]TXLHUGDDOD
GHUHFKD" ¢4Xp WHPSHUDWXUD KDFH" ¢&DORU" ¢)UtR" ,QWHQWD WRPDU
FRQFLHQFLD GHO Pi[LPR Q~PHUR GH DVSHFWRV GH OD H[SHULHQFLD GH
FDPLQDU5HVXOWD~WLOFHQWUDUVHHQODVVHQVDFLRQHVGHXQDHQXQD
DVt QR WH DJRELDUiV 6L WH SLHUGHV HQ SHQVDPLHQWRV R HPRFLRQHV
SHUFtEHOR \ YXHOYH D FHQWUDU OD FRQFLHQFLD HQ OD H[SHULHQFLD GH
 FDPLQDU
/R TXH HVWiV KDFLHQGR HV DJXGL]DU WX FDSDFLGDG GH
DWHQFLyQHMHUFLWDQGRWXP~VFXORGHOPLQGIXOQHVV(VWRWHVHUYLUi
GH D\XGD FXDQGR VXUMDQ VLWXDFLRQHV FRPSOLFDGDV SRUTXH VHUiV
FRQVFLHQWH GH ODV HPRFLRQHV GLItFLOHV VLQ KXLU GH HOODV 7RGRV
VRPRV FDSDFHV GH SUDFWLFDU HO PLQGIXOQHVV SHUR FRQ HVWD YLGD
WDQ DMHWUHDGD TXH OOHYDPRV WHQHPRV TXH GHFLGLU EDMDU HO ULWPR \
SHUFLELU DXQTXH VROR VHD XQ PRPHQWR  OR TXH RFXUUH DTXt \
DKRUD

'DGR TXH HO PLQGIXOQHVV HV XQR GH ORV

HOHPHQWRV EiVLFRV GH OD DXWRFRPSDVLyQ FXDQGR
PHMRUDPRV QXHVWUDV KDELOLGDGHV HQ HVH FDPSR
DXWRPiWLFDPHQWHLQFUHPHQWDPRVQXHVWUDFDSDFLGDGGH
VHU FRPSDVLYRV KDFLD QRVRWURV PLVPRV 9DULRV
HVWXGLRVGHPXHVWUDQTXHODSDUWLFLSDFLyQHQXQFXUVR
GH UHGXFFLyQ GHO HVWUpV EDVDGR HQ HO PLQGIXOQHVV
LQFUHPHQWD ORV QLYHOHV GH DXWRFRPSDVLyQ 7DPELpQ
VH KD GHPRVWUDGR TXH ODV SHUVRQDV H[SHUWDV HQ
PHGLWDFLyQ FRQ PLQGIXOQHVV SUDFWLFDQ PiV OD
FRPSDVLyQ KDFLD Vt PLVPDV TXH DTXHOODV FRQ PHQRV
H[SHULHQFLD
$XQTXH DXPHQWDU ODV KDELOLGDGHV GHO
PLQGIXOQHVVHVXQDPDQHUDLPSRUWDQWHGHIRPHQWDUOD
FRPSDVLyQ ORV RWURV GRV FRPSRQHQWHV GH OD PLVPD
OD ERQGDG KDFLD XQR PLVPR \ OD QDWXUDOH]D KXPDQD
FRP~Q  WDPELpQ IRPHQWDQ QXHVWUD FDSDFLGDG GH VHU
FRQVFLHQWHV \ FUHDU XQ FLFOR SRVLWLYR \ EHQHILFLRVR
8QR GH ORV HQHPLJRV GHO PLQGIXOQHVV HV HO SURFHVR
GH VXSHULGHQWLILFDFLyQ GHMDUQRV DEVRUEHU WDQWR SRU
QXHVWUR GUDPD SHUVRQDO TXH VRPRV LQFDSDFHV GH YHU
FODUDPHQWHORTXHRFXUUHHQHOPRPHQWRSUHVHQWH 6L
WH VLHQWHV PROHVWR SRUTXH QR GHMDV GH FULWLFDUWH D WL
PLVPRRWHVLHQWHVDLVODGRGHORVGHPiVWHUHVXOWDUi
PXFKRPiVGLItFLOWRPDUFRQFLHQFLDGHWXVHPRFLRQHV
GRORURVDV 6L HUHV FDSD] GH FDOPDUWH \ DOLYLDU WXV
VHQWLPLHQWRVGHGLFiQGRWHFDULxRRSRQLHQGRODVFRVDV
HQSHUVSHFWLYD UHFRUGDQGRQXHVWUDQDWXUDOH]DKXPDQD
FRP~Q  SRGUiV GDUWH HO HVSDFLR QHFHVDULR SDUD
URPSHU FRQ HO PHORGUDPD \ SRU WDQWR FRQ HO
VXIULPLHQWR'DUVHFXHQWDGHTXHVHHVWiUHDFFLRQDQGR
H[DJHUDGDPHQWH QR HV WDQ GLItFLO FXDQGR WH VLHQWHV
TXHULGR\FRQHFWDGR

75(6(175$'$6

/R PiV KHUPRVR GH XWLOL]DU OD FRPSDVLyQ KDFLD XQR

PLVPR FRPR KHUUDPLHQWD SDUD HQIUHQWDUVH D ODV
HPRFLRQHVGLItFLOHVHVTXHVHSXHGHHPSH]DUGHWUHV
PDQHUDV GLVWLQWDV &DGD YH] TXH VLHQWDV GRORU
GLVSRQGUiVGHWUHVSRVLEOHVOtQHDVGHDFFLyQ
  3XHGHVVHUDPDEOH\FDULxRVRFRQWLJRPLVPR
 3XHGHVUHFRUGDUWHTXHHOGRORUIRUPDSDUWHGH
ODH[SHULHQFLDKXPDQDFRPSDUWLGD
  3XHGHV SUHVWDU WRGD WX DWHQFLyQ FRQVFLHQWH D
WXVSHQVDPLHQWRV\WXVHPRFLRQHV

5HFXUULU D XQR GH HVWRV WUHV FRPSRQHQWHV GH OD

DXWRFRPSDVLyQ FXDQGR WH HQIUHQWHV D VHQWLPLHQWRV
GLItFLOHVWHIDFLOLWDUiHOFRQWDFWRFRQORVRWURVGRV$
YHFHVWHUHVXOWDUiPiVIiFLOHQWUDUSRUXQDSXHUWDTXH
SRU RWUD GHSHQGHUi GH WX HVWDGR GH iQLPR \ GH OD
VLWXDFLyQSHURXQDYH]TXHHVWpVGHQWURDKtHVWDUiV
+DEUiVFRQHFWDGRFRQHOSRGHUGHODDXWRFRPSDVLyQ
SHUPLWLpQGRWHWUDQVIRUPDUWXUHODFLyQFRQHOGRORUGH
OD YLGD GH XQD PDQHUD UHYROXFLRQDULD \ FUHDWLYD
'HVGHODSODWDIRUPDHVWDEOHGHODFRPSDVLyQKDFLDWL
PLVPR SRGUiV JXLDU WXV VLJXLHQWHV SDVRV FRQ
VDELGXUtD \ PHMRUDU WX VDOXG VHU PiV IHOL] H
LQFUHPHQWDU WX ELHQHVWDU (Q OXJDU GH GHMDU TXH WXV
HPRFLRQHV GLItFLOHV VH WH OOHYHQ SRU GHODQWH SXHGHV
OOHYDUODV W~ D XQ OXJDU PHMRU 3XHGHV DVXPLUODV
DFHSWDUODV\VHQWLUFRPSDVLyQKDFLDWLPLVPRFXDQGR
ODV VLHQWDV < OR VRUSUHQGHQWH HV TXH QR QHFHVLWDV
QDGD QL D QDGLH SDUD EULQGDUWH HVH UHJDOR 7DPSRFR
WLHQHV TXH HVSHUDU D TXH ODV FLUFXQVWDQFLDV VHDQ
H[DFWDPHQWH ODV DGHFXDGDV (V SUHFLVDPHQWH FXDQGR
HVWiV HQ XQ PDO PRPHQWR \ ODV FRVDV SUHVHQWDQ VX
SHRUFDUDFXDQGRODFRPSDVLyQHVWiPiVFHUFDGHWL

(-(5&,&,2

'LDULRGHWXFRPSDVLyQKDFLDWLPLVPR

,QWHQWDHVFULELUXQGLDULRGHWXFRPSDVLyQKDFLDWLPLVPRGXUDQWH
XQD VHPDQD R HO WLHPSR TXH TXLHUDV  8Q GLDULR RIUHFH XQD
PDQHUD HILFD] GH H[SUHVDU HPRFLRQHV \ HVWi GHPRVWUDGR TXH
IRPHQWDHOELHQHVWDUItVLFR\PHQWDO3RUODWDUGHQRFKHFXDQGR
WHQJDV XQ PRPHQWR GH WUDQTXLOLGDG UHYLVD OR RFXUULGR GXUDQWH HO
GtD (VFULEH HQ HO GLDULR FXDOTXLHU FRVD TXH WH KD\D KHFKR VHQWLU
PDO DOJR SRU OR TXH WH KD\DV FULWLFDGR R XQD H[SHULHQFLD GLItFLO
TXH WH KD\D SURYRFDGR GRORU 3RU HMHPSOR SRGUtD KDEHU RFXUULGR
TXHWHKXELHUDVHQIDGDGRFRQXQFDPDUHURSRUTXHWDUGyXQVLJOR
HQ WUDHUWH OD FXHQWD +LFLVWH XQ FRPHQWDULR LPSHUWLQHQWH \ WH
IXLVWH KHFKR XQD IXULD VLQ GHMDU SURSLQD < PiV WDUGH WH VHQWLVWH
DYHUJRQ]DGR SRU HVH FRPSRUWDPLHQWR 3UDFWLFD HO PLQGIXOQHVV
SDUDFDGDHYHQWRVLHQWHQXHVWUDKXPDQLGDGFRPSDUWLGD\WUiWDWH
FRQ FDULxR SDUD SURFHVDU ORV KHFKRV FRQ FRPSDVLyQ KDFLD WL
PLVPR

0,1')8/1(66

&RQVLVWH SULQFLSDOPHQWH HQ WRPDU FRQFLHQFLD GH ODV HPRFLRQHV

GRORURVDV TXH VH GHVHQFDGHQDQ GHELGR D OD DXWRFUtWLFD R SRU
FLUFXQVWDQFLDV GLItFLOHV (VFULEH FyPR WH VLHQWHV WULVWH
DYHUJRQ]DGR DVXVWDGR HVWUHVDGR HWFpWHUD 0LHQWUDV HVFULEHV
LQWHQWD DFHSWDU WX H[SHULHQFLD VLQ PiV VLQ MX]JDUOD VLQ TXLWDUOH
LPSRUWDQFLDSHURWDPSRFRGUDPDWL]DQGRHQH[FHVR3RUHMHPSOR
©0HKHSXHVWRQHUYLRVRSRUTXHHOFDPDUHURWDUGDEDPXFKR0H
KH HQIDGDGR KH UHDFFLRQDGR H[DJHUDGDPHQWH \ GHVSXpV PH KH
VHQWLGRIDWDOª

+80$1,'$'&203$57,'$

(VFULEH FyPR VH FRQHFWD WX H[SHULHQFLD FRQ OD H[SHULHQFLD

KXPDQDJHQHUDO3RUHMHPSORSXHGHVUHFRQRFHUTXHVHUKXPDQR
LPSOLFD VHU LPSHUIHFWR \ TXH WRGRV WHQHPRV H[SHULHQFLDV
GRORURVDV ©7RGRHOPXQGRH[DJHUDDYHFHVHQVXVUHDFFLRQHVHV
KXPDQRª  7DPELpQ SXHGHV SHQVDU HQ ODV FDXVDV \ ODV
FRQGLFLRQHV TXH VXE\DFHQ DO KHFKR GRORURVR ©0L IUXVWUDFLyQ VH
KD LQWHQVLILFDGR SRUTXH OOHJDED WDUGH DO PpGLFR \ KDEtD PXFKR
WUiILFR 6L ODV FLUFXQVWDQFLDV KXELHVHQ VLGR GLVWLQWDV
SUREDEOHPHQWHKDEUtDUHDFFLRQDGRGHRWUDPDQHUDª 

%21'$'+$&,$7,0,602

(VFULEH DOJXQDV SDODEUDV DPDEOHV \ FRPSUHQVLYDV GH FRQVXHOR

+D]WH VDEHU TXH WH SUHRFXSDV SRU WL DGRSWD XQ WRQR FDULxRVR \
UHFRQIRUWDQWH SRU HMHPSOR ©1R SDVD QDGD +DV PHWLGR OD SDWD
SHUR QR HV HO ILQ GHO PXQGR (QWLHQGR OR IUXVWUDGR TXH WH KDV
VHQWLGR \ VLPSOHPHQWH KDV SHUGLGR ORV SDSHOHV 6p TXH YDORUDV
PXFKR VHU DPDEOH FRQ ORV GHPiV \ OR PDO TXH WH VLHQWHV DKRUD
PLVPR 3RGUtDV LQWHQWDU VHU PiV SDFLHQWH \ JHQHURVR FRQ ORV
FDPDUHURVHVWDVHPDQDª
3UDFWLFDU ORV WUHV FRPSRQHQWHV GH OD DXWRFRPSDVLyQ FRQ
HVWH HMHUFLFLR GH HVFULWXUD WH D\XGDUi D RUJDQL]DU WXV
SHQVDPLHQWRV \ HPRFLRQHV DVt FRPR D FRGLILFDUORV HQ WX
PHPRULD6LHUHVGHHVDVSHUVRQDVDODVTXHOHVJXVWDHVFULELUXQ
 GLDULRWXVHMHUFLFLRVGHDXWRFRPSDVLyQVHUiQWRGDYtDPiVHILFDFHV
\SRGUiVWUDVODGDUORVFRQPD\RUIDFLOLGDGDWXYLGDFRWLGLDQD

0,+,6725,$683(5$5/26020(1726',)Ë&,/(6

/D FRPSDVLyQ KDFLD XQR PLVPR HV XQ DXWpQWLFR

VDOYDYLGDV /R Vp SRU H[SHULHQFLD SURSLD 0H VDFy
GHOSR]RGHODGHVHVSHUDFLyQHQPiVGHXQDRFDVLyQ
FXDQGR WXYH TXH HQIUHQWDUPH DO DXWLVPR GH 5RZDQ
&XDQGR PL PHQWH HPSH]DED D WUDQVLWDU HO FDOOHMyQ
RVFXUR GHO PLHGR ©¢4Xp YD D VHU GH pO" ¢6HUi
LQGHSHQGLHQWH DOJ~Q GtD" ¢7HQGUi WUDEDMR XQD
IDPLOLD"ª LQWHQWDEDDIHUUDUPHDOPRPHQWRSUHVHQWH
©(VWR\ DTXt DKRUD 5RZDQ HVWi ELHQ \ HV IHOL] 1R
WHQJRQLLGHDGHORTXHYDDSDVDUFRQpORFyPRVHUi
VXIXWXUR(VXQPLVWHULRSHURGHMDUPHOOHYDUSRUHO
PLHGR QR PH YD D D\XGDU 9R\ D FRQFHQWUDUPH HQ
FDOPDUPH\FRQVRODUPH3REUHFLWDVpORGLILFLOtVLPR
TXH HV HVWR SDUD WLª &XDQGR FDOPDED PL
DWRUPHQWDGD PHQWH FRQ HVWH WLSR GH FRPHQWDULRV
FDULxRVRV SRGtD PDQWHQHUPH FHQWUDGD VLQ DJRELRV \
GDUPH FXHQWD GH TXH IXHVH FXDO IXHVH HO IXWXUR GH
5RZDQ\ROHTXHUtDH[DFWDPHQWHWDOFRPRHUD
$ YHFHV FXDQGR SHQVDED TXH QR SRGUtD
VRSRUWDUOR PiV OD FRPSDVLyQ KDFLD Pt PLVPD PH
D\XGy D VHJXLU DGHODQWH &XDQGR 5RZDQ WHQtD XQD
UDELHWD WHUULEOH SRUTXH KDEtD SHUGLGR GH YLVWD VX
FHEUD GH MXJXHWH R SRU DOJ~Q RWUR PRWLYR
DSDUHQWHPHQWH LQVLJQLILFDQWH \R LQWHQWDED
FRQFHQWUDUPH HQ PL UHVSLUDFLyQ PH GHGLFDED
FRPSDVLyQSRUHOGRORUHQOXJDUGHOXFKDUFRQWUDpOR
GH UHVLVWLUPH D pO /DV UDELHWDV GH ORV QLxRV DXWLVWDV
VRQGHRULJHQQHXUROyJLFR\FDVLVLHPSUHVHGHEHQD
XQ VLVWHPD VHQVRULDO VREUHFDUJDGR /LWHUDOPHQWH QR
SXHGHQ GHWHQHU VX UHDFFLyQ R UHFLELU FRQVXHOR /R
~QLFR TXH SXHGHQ KDFHU ORV SDGUHV HV LQWHQWDU HYLWDU
TXH VX KLMR VH KDJD GDxR \ HVSHUDU D TXH SDVH OD
WRUPHQWD
&XDQGR OD JHQWH PH PLUDED PDO HQ HO
VXSHUPHUFDGR SRUTXH SHQVDEDQ TXH 5RZDQ HUD XQ
PRFRVRPDOFULDGR\\RXQDPDODPDGUHSRUQRVDEHU
FRQWURODU VX FRPSRUWDPLHQWR OD PDGUH GH XQD QLxD
DXWLVWDPHH[SOLFyTXHXQDGHVFRQRFLGDKDEtDOOHJDGR
D GDU XQD ERIHWDGD D VX KLMD SRUTXH RSLQDED TXH
QHFHVLWDED ©GLVFLSOLQD GH YHUGDGª  \R PH GHGLFDED
XQ SRFR GH FRPSDVLyQ D Pt PLVPD 7RPDED SOHQD
FRQFLHQFLDGHPLVVHQWLPLHQWRVGHGRORUSDUDLPSHGLU
TXHOOHJDVHQDVXSHUDUPH
(O DXWLVPR GH 5RZDQ PH REOLJy D UHQXQFLDU D
WRGD SUHWHQVLyQ GH FRQWURO \ HO PLQGIXOQHVV PH
HQVHxyTXHDORPHMRUHVRQRHUDWDQPDOR3RUPXFKR
TXHGHVHDVHEDMDUPHGHDTXHODYLyQDWUDSDGDDPLOHV
GH PHWURV GH DOWLWXG PLHQWUDV 5RZDQ QR GHMDED GH
JULWDU\ORVSDVDMHURVQRVPLUDEDQFRPRVLGHVHDVHQ
QXHVWUDPXHUWHWHQLHQGRTXHFRUUHUKDVWDHOEDxR TXH
HVWDEDRFXSDGRSRUVXSXHVWR SDUDFDPELDUD5RZDQ
SRUTXHVHKDEtDKHFKRFDFDQRWHQtDPiVRSFLyQTXH
HQIUHQWDUPH D HOOR 1R WHQtD RWUD RSFLyQ /R ~QLFR
TXHSRGtDKDFHUHUDLQWHQWDUVXSHUDUODVLWXDFLyQFRQ
OD PD\RU HOHJDQFLD SRVLEOH &XDQGR OR YL FODUR PH
LQYDGLyXQDSURIXQGDFDOPD6HQWtXQDDOHJUtDVHUHQD
VDEtD TXH PL SD] PHQWDO QR GHSHQGtD GH
FLUFXQVWDQFLDV H[WHUQDV 6L SRGtD VXSHUDU DTXHO
PRPHQWRSRGUtDVXSHUDUFXDOTXLHUD
/D FRPSDVLyQ KDFLD Pt PLVPD PH D\XGy D
GHVKDFHUPH GH OD LUD \ OD SHQD PH SHUPLWLy
FRPSRUWDUPH FRQ SDFLHQFLD \ DPRU FRQ 5RZDQ D
SHVDU GH ORV VHQWLPLHQWRV GH GHVHVSHUDFLyQ \
IUXVWUDFLyQ TXH VXUJtDQ LQHYLWDEOHPHQWH 1R QHJDUp
TXH KXER PRPHQWRV HQ TXH SHUGt OD SDFLHQFLD
0XFKDV YHFHV 3HUR VLHPSUH SRGtD UHFXUULU D OD
SUiFWLFD GH OD FRPSDVLyQ 3RGtD SHUGRQDUPH SRU
UHDFFLRQDUPDOSRUFRPHWHUHUURUHVSRUVHUKXPDQD
6L QR KXELHVH VLGR FRQVFLHQWH GHO SRGHU GH OD
FRPSDVLyQ KDFLD Pt PLVPD HQ DTXHOOD pSRFD GH PL
YLGD QR Vp FyPR KDEUtD VXSHUDGR XQRV DxRV WDQ
GLItFLOHV 3RU HVR VLHPSUH HVWDUp DJUDGHFLGD
VDELHQGR TXH HO iQJHO GH OD FRPSDVLyQ GHVFDQVD
VREUH PLV KRPEURV GLVSRQLEOH VLHPSUH TXH OR
QHFHVLWH
 7(5&(5$3$57(

/26%(1(),&,26'(/$&203$6,Ï1
+$&,$8120,602
 &DStWXOR

5(6,/,(1&,$(02&,21$/

6DEHV PX\ ELHQ HQ OR SURIXQGR GH WX VHU TXH VROR H[LVWH XQD
~QLFD PDJLD XQ ~QLFR SRGHU XQD ~QLFD VDOYDFLyQ \ VH OODPD
DPRU3RUWDQWRDPDWXVXIULPLHQWR1RWHUHVLVWDVDpOQRKX\DV
GHpO(VWXRGLRHOTXHKDFHGDxRQDGDPiV
+(50$11+(66(©(OTXHVDEHDPDUHVIHOL]6REUHHODPRUª

/DDXWRFRPSDVLyQHVXQDKHUUDPLHQWDLQFUHtEOHPHQWH
SRGHURVD SDUD HQIUHQWDUVH D ODV HPRFLRQHV GLItFLOHV
(V FDSD] GH OLEHUDUQRV GHO FLFOR GHVWUXFWLYR GH
UHDFWLYLGDG HPRFLRQDO TXH WDQ D PHQXGR JRELHUQD
QXHVWUDV YLGDV (Q HVWH FDStWXOR DQDOL]DPRV FRQ PiV
GHWDOOH OD UHVLOLHQFLD HPRFLRQDO \ OD PHMRUD GHO
ELHQHVWDU TXH QRV SURSRUFLRQD OD FRPSDVLyQ KDFLD
XQR PLVPR $O FDPELDU QXHVWUD IRUPD GH
UHODFLRQDUQRV FRQ QRVRWURV PLVPRV \ FRQ QXHVWUD
YLGD HQFRQWUDUHPRV OD HVWDELOLGDG HPRFLRQDO
QHFHVDULDSDUDVHUUHDOPHQWHIHOLFHV

$872&203$6,Ï1<(02&,21(61(*$7,9$6

8QR GH ORV GHVFXEULPLHQWRV PiV FODURV \ ILUPHV GH

ORV LQYHVWLJDGRUHV HV TXH ODV SHUVRQDV FRQ PiV
FRPSDVLyQ KDFLD Vt PLVPDV VXIUHQ PHQRV DQVLHGDG \
GHSUHVLyQ /D UHODFLyQ HV JUDQGH OD FRPSDVLyQ
KDFLDXQRPLVPRHVHOPRWLYRGHODYDULDFLyQGHHQWUH
XQ WHUFLR \ OD PLWDG UHVSHFWR D ORV QLYHOHV GH
DQVLHGDG \ GHSUHVLyQ (VWR VLJQLILFD TXH OD
FRPSDVLyQKDFLDXQRPLVPRFRQVWLWX\HXQLPSRUWDQWH
IDFWRU GH SURWHFFLyQ IUHQWH D HVRV GRV WUDVWRUQRV
&RPR \D KHPRV YLVWR OD DXWRFUtWLFD \ ORV
VHQWLPLHQWRVGHDLVODPLHQWRHVWiQUHODFLRQDGRVFRQOD
GHSUHVLyQ \ OD DQVLHGDG &XDQGR QRV VHQWLPRV
H[WUHPDGDPHQWH LPSHUIHFWRV LQFDSDFHV GH DIURQWDU
ORV UHWRV TXH OD YLGD QRV SODQWHD WHQGHPRV D
FHUUDUQRVHPRFLRQDOPHQWHHQUHVSXHVWDDOPLHGR\OD
YHUJHQ]D/RYHPRVWRGRQHJUR\ODVFRVDVHPSLH]DQ
DLUPDOSRUTXHQXHVWURHVWDGRPHQWDOQHJDWLYRLQIOX\H
HQ WRGDV QXHVWUDV H[SHULHQFLDV +H EDXWL]DGR HVWD
DFWLWXGFRPR©DOTXLWUiQPHQWDOª
$ SHVDU GH VHU SHJDMRVR \ GHVDJUDGDEOH HVH
SURFHVR HV QDWXUDO /DV LQYHVWLJDFLRQHV GHPXHVWUDQ
TXHQXHVWURFHUHEURWLHQHWHQGHQFLDDODQHJDWLYLGDG
OR TXH VLJQLILFD TXH VRPRV PiV VHQVLEOHV D OD
LQIRUPDFLyQ QHJDWLYD TXH D OD SRVLWLYD &XDQGR
DQDOL]DPRV D ORV GHPiV R D QRVRWURV PLVPRV SRU
HMHPSOR GDPRV PiV LPSRUWDQFLD D ORV KHFKRV
QHJDWLYRVTXHDORVSRVLWLYRV3LpQVDOR6LWHPLUDVHQ
HOHVSHMRDQWHVGHLUDXQDILHVWD\YHVTXHWLHQHVXQ
JUDQRHQODEDUELOODQRYDVDUHSDUDUHQTXHOOHYDVHO
SHORSUHFLRVRRTXHWXYHVWLGRHVIDEXORVR/R~QLFR
TXHYHUiVVHUiHVHJUDQRTXHFDSWDWXDWHQFLyQFRPR
OD OX] GH HPHUJHQFLD GH XQD DPEXODQFLD /D
SHUFHSFLyQ TXH WHQGUiV VREUH WX DVSHFWR HQ WX JUDQ
QRFKH GH ILHVWD TXHGD VHVJDGD < H[LVWH XQD UD]yQ
SDUDHOOR
(Q HO HQWRUQR QDWXUDO OD LQIRUPDFLyQ QHJDWLYD
VXHOH LQGLFDU XQD DPHQD]D 6L QR SHUFLELPRV GH
LQPHGLDWR OD SUHVHQFLD GH XQ FRFRGULOR TXH QRV
DFHFKDGHVGHODRULOODGHXQUtRQRVFRQYHUWLUHPRVHQ
VX FRPLGD 1XHVWUR FHUHEUR HYROXFLRQy SDUD VHU
DOWDPHQWH VHQVLEOH D OD LQIRUPDFLyQ QHJDWLYD \ DVt
SRGHUGHVHQFDGHQDUODUHVSXHVWDGHOXFKDRKXLGDGH
PDQHUD UiSLGD \ IiFLO HQ OD DPtJGDOD PD[LPL]DQGR
QXHVWUDV SUREDELOLGDGHV GH HPSUHQGHU ODV DFFLRQHV
RSRUWXQDV SDUD JDUDQWL]DU QXHVWUD VXSHUYLYHQFLD /D
LQIRUPDFLyQ SRVLWLYD QR HV WDQ FUXFLDO SDUD OD
VXSHUYLYHQFLDLQPHGLDWD\VtDODUJRSOD]R3HUFLELU
TXHHODJXDGHOUtRHVIUHVFD\OLPSLDHVLPSRUWDQWH
VREUH WRGR VL WHQHPRV VHG R VL EXVFDPRV XQ OXJDU
SDUD DFDPSDU SHUR DFWXDU HQ IXQFLyQ GH HVD
LQIRUPDFLyQQRWLHQHODPLVPDXUJHQFLD$VtQXHVWUR
FHUHEUR GHGLFD PHQRV WLHPSR \ DWHQFLyQ D OD
LQIRUPDFLyQSRVLWLYDTXHDODQHJDWLYD&RPRDILUPD
5LFN +DQVRQ XQR GH ORV DXWRUHV GH (O FHUHEUR GH
%XGD  ©QXHVWUR FHUHEUR HV FRPR YHOFUR SDUD ODV
H[SHULHQFLDV QHJDWLYDV \ WHIOyQ SDUD ODV SRVLWLYDVª
7HQGHPRV D GDU SRU FRQVDELGR OR SRVLWLYR \ QRV
FHQWUDPRV HQ OR QHJDWLYR FRPR VL QXHVWUD YLGD
GHSHQGLHVHGHHOOR
&XDQGR OD PHQWH VH HQFLHUUD FRQ SHQVDPLHQWRV
QHJDWLYRV HVWRV WLHQGHQ D UHSHWLUVH XQD \ RWUD YH]
FRPR XQ GLVFR UD\DGR (VWH SURFHVR VH GHQRPLQD
©UXPLDFLyQª OR PLVPR TXH KDFHQ ODV YDFDV FXDQGR
PDVWLFDQ OD KLHUED  \ FRQVLVWH HQ XQ HVWLOR GH
SHQVDPLHQWRUHFXUUHQWHLQWUXVLYRHLQFRQWURODEOHTXH
SXHGHSURYRFDUGHSUHVLyQ\DQVLHGDG/DUXPLDFLyQ
VREUH KHFKRV QHJDWLYRV GHO SDVDGR SURYRFD
GHSUHVLyQPLHQWUDVTXHVLVHFHQWUDHQKHFKRVIXWXURV
SRWHQFLDOPHQWHQHJDWLYRVFRQGXFHDODDQVLHGDG3RU
HVWDUD]yQODGHSUHVLyQ\ODDQVLHGDGVXHOHQLUGHOD
PDQR DPEDV VXUJHQ GH OD WHQGHQFLD VXE\DFHQWH D
UXPLDU
/DVLQYHVWLJDFLRQHVGHPXHVWUDQTXHODVPXMHUHV
VRQPXFKRPiVSURSHQVDVDUXPLDUTXHORVKRPEUHV
ORTXHD\XGDDH[SOLFDUSRUTXpODVPXMHUHVSDGHFHQ
HOGREOHGHGHSUHVLRQHV\DQVLHGDG$XQTXHDOJXQDV
GHHVWDVGLIHUHQFLDVGHJpQHURSRGUtDQWHQHUXQRULJHQ
ILVLROyJLFR OD FXOWXUD WDPELpQ WLHQH DOJR TXH YHU
+LVWyULFDPHQWHODVPXMHUHVWHQtDQPHQRVSRGHUHQOD
VRFLHGDG TXH ORV KRPEUHV GLVSRQtDQ GH PHQRV
FRQWURO VREUH OR TXH OHV RFXUUtD \ SRU WDQWR WHQtDQ
TXHHVWDUPiVDOHUWDDQWHORVSHOLJURV
6L WLHQHV WHQGHQFLD D UXPLDU R VL SDGHFHV GH
DQVLHGDG\GHSUHVLyQHVLPSRUWDQWHTXHQRWHMX]JXHV
SRUHVR5HFXHUGDTXHODUXPLDFLyQVREUHHPRFLRQHV
\SHQVDPLHQWRVQHJDWLYRVVXUJHGHOGHVHRVXE\DFHQWH
GHVHJXULGDG$XQTXHHVRVSDWURQHVPHQWDOHVSXHGDQ
VHU FRQWUDSURGXFHQWHV GHEHPRV WHQHUOHV UHVSHWR
SRUTXH QRV PDQWLHQHQ D VDOYR GH ODV IDXFHV GHO
FRFRGULOR 5HFXHUGD DGHPiV TXH DXQTXH DOJXQDV
SHUVRQDV WLHQGHQ D UXPLDU PiV TXH RWUDV WRGRV
WHQHPRV FLHUWR JUDGR GH VHVJR KDFLD OD QHJDWLYLGDG
)RUPDSDUWHLQGLYLVLEOHGHQXHVWURFHUHEUR

/,%(5$56('(/$6$7$'85$6
¢&yPR SRGHPRV OLEHUDUQRV GH HVD WHQGHQFLD WDQ
DUUDLJDGD D UHYROFDUQRV HQ HO ©DOTXLWUiQ PHQWDOª"
'iQGRQRV FRPSDVLyQ /DV LQYHVWLJDFLRQHV
GHPXHVWUDQTXHODVSHUVRQDVDXWRFRPSDVLYDVWLHQGHQ
D H[SHULPHQWDU PHQRV HPRFLRQHV QHJDWLYDV SRU
HMHPSOR PLHGR LUULWDELOLGDG KRVWLOLGDG R DQJXVWLD
TXH ODV TXH QR VLHQWHQ DXWRFRPSDVLyQ (VR QR
VLJQLILFD TXH QR YLYDQ HVDV HPRFLRQHV SHUR QR VRQ
WDQIUHFXHQWHVGXUDGHUDVRSHUVLVWHQWHV(OORVHGHEH
HQ SDUWH D TXH ODV SHUVRQDV TXH VLHQWHQ FRPSDVLyQ
KDFLDVtPLVPDVUXPLDQPXFKRPHQRVTXHODVTXHQR
ORVRQ/DUXPLDFLyQVHGHVDWDPXFKDVYHFHVGHELGR
D VHQWLPLHQWRV GH WHPRU YHUJHQ]D H LQDGDSWDFLyQ
'DGR TXH OD DXWRFRPSDVLyQ FRQWUDUUHVWUD HVDV
LQVHJXULGDGHV GH PDQHUD GLUHFWD SXHGH D\XGDU D
GHVKDFHUHOQXGRGHODUXPLDFLyQQHJDWLYD
&XDQGRDOEHUJDPRVSHQVDPLHQWRV\VHQWLPLHQWRV
QHJDWLYRV GH PDQHUD FRQVFLHQWH \ DFUtWLFD SRGHPRV
SUHVWDUOHV DWHQFLyQ VLQ TXHGDUQRV DWDVFDGRV FRPR VL
VHWUDWDVHGHYHOFUR(OPLQGIXOQHVVQRVSHUPLWHYHU
TXH QXHVWURV SHQVDPLHQWRV \ VHQWLPLHQWRV QHJDWLYRV
VRQ VROR HVR SHQVDPLHQWRV \ VHQWLPLHQWRV  QR
QHFHVDULDPHQWHODUHDOLGDG3RUWDQWRVHOHVGDPHQRV
LPSRUWDQFLD VHREVHUYDQSHURQRQHFHVDULDPHQWHVH
FUHHQ  'H HVH PRGR ORV SHQVDPLHQWRV \ ODV
HPRFLRQHV GH WHQGHQFLD QHJDWLYD VXUJHQ \
GHVDSDUHFHQVLQUHVLVWHQFLDSRUQXHVWUDSDUWH(VRQRV
SHUPLWHHQIUHQWDUQRVFRQPD\RUHFXDQLPLGDGDORTXH
VHQRVSUHVHQWH
8Q PpWRGR ~WLO SDUD UHODFLRQDUVH GH PDQHUD
FRQVFLHQWH FRQ ODV HPRFLRQHV QHJDWLYDV FRQVLVWH HQ
WRPDU FRQFLHQFLD GH HOODV FRPR VL VH WUDWDVH GH XQD
VHQVDFLyQItVLFD3XHGHSDUHFHUXQFRQFHSWRH[WUDxR
SHUR WHQHPRV OD FDSDFLGDG GH VHQWLU WRGDV ODV
HPRFLRQHV HQ HO FXHUSR /D LUD VH H[SHULPHQWD FDVL
VLHPSUH FRPR XQD SUHVLyQ HQ OD PDQGtEXOD R HQ OD
WULSD OD WULVWH]D VH PDQLILHVWD D PRGR GH SHVDGH]
DOUHGHGRUGHORVRMRVHOPLHGRFRPRXQDVHQVDFLyQ
GH DSULVLRQDPLHQWR GH OD JDUJDQWD &DGD SHUVRQD
H[SHULPHQWDODPDQLIHVWDFLyQItVLFDGHODVHPRFLRQHV
GH PDQHUD GLVWLQWD \ WDPELpQ FDPELD FRQ HO WLHPSR
SHUR SRGHPRV VHQWLUOD HQ HO FXHUSR VL OH SUHVWDPRV
DWHQFLyQ&XDQGRH[SHULPHQWDPRVQXHVWUDVHPRFLRQHV
D QLYHO ItVLFR HQ OXJDU GH SHQVDU HQ OR TXH QRV KDFH
WDQLQIHOLFHVUHVXOWDPiVVHQFLOORYLYLUHQHOSUHVHQWH
(V OD GLIHUHQFLD HQWUH SHUFLELU HVD ©WHQVLyQ HQ HO
SHFKRª\SHQVDU©1RSXHGRFUHHUTXHPHKD\DGLFKR
HVR¢4XLpQVHFUHHTXHHV"ª<DVtXQDYH]\RWUD\
RWUD $O FRQFHQWUDUQRV HQ HO FXHUSR SRGHPRV
FDOPDUQRV \ FRQVRODUQRV SRU HO GRORU TXH VHQWLPRV
VLQSHUGHUQRVHQODQHJDWLYLGDG
3RU DOJXQD UD]yQ D PHQXGR PH GHVSLHUWR HQ
WRUQRDODVFXDWURGHODPDGUXJDGDFRQXQHVWDGRGH
iQLPRQHJDWLYR\DQVLRVR(VWR\WXPEDGDHQODFDPD\
PL PHQWH GD YXHOWDV SUHVD GHO PLHGR \ OD
LQVDWLVIDFFLyQFRQFHQWUDGDHQWRGRORTXHYDPDOHQ
PLYLGD&RPRRFXUUHFRQUHJXODULGDGKHDSUHQGLGR
D YHU HVH HVWDGR FRPR XQD WRUPHQWD QRFWXUQD (Q
OXJDU GH GHMDUPH DWUDSDU SRU PLV SHQVDPLHQWRV
LQWHQWR LPDJLQDU TXH XQDV QXEHV QHJUDV SDVDQ VREUH
PL FDEH]D PLHQWUDV GHMDQ FDHU UD\RV \ WUXHQRV /RV
UD\RV UHSUHVHQWDQ OD DJLWDFLyQ GH PL FHUHEUR \ VH
GHVHQFDGHQDQ SRU PL FLFOR GH VXHxR (Q OXJDU GH
WRPiUPHOR GHPDVLDGR HQ VHULR LQWHQWR WRPDU
FRQFLHQFLD GH PL FXHUSR VX SHVR HQ OD FDPD OD
VHQVDFLyQGHODPDQWDVREUHPLFXHUSRTXpVLHQWRHQ
ODVPDQRV\HQORVSLHV,QWHQWRUHFRUGDUPHTXHHVWR\
DTXt\DKRUD\PHOLPLWRDGHMDUSDVDUODWRUPHQWD$O
ILQDO PH YXHOYR D GRUPLU \ PH GHVSLHUWR GH PHMRU
KXPRU(VHHVHOSRGHUGHOPLQGIXOQHVV1RVSHUPLWH
H[SHULPHQWDU OR TXH RFXUUH HQ HO PRPHQWR SUHVHQWH
VLQGHMDUQRVDWUDSDUSRUHOOR
1R REVWDQWH HO PLQGIXOQHVV SRU Vt VROR QR HV
VXILFLHQWH HQ PXFKRV FDVRV SDUD HYLWDU FDHU HQ
HVWDGRVPHQWDOHVGHGHSUHVLyQ\DQVLHGDG3RUPXFKR
TXH LQWHQWHPRV TXH QR RFXUUD D YHFHV OD PHQWH VH
TXHGD DWDVFDGD HQ OD QHJDWLYLGDG (Q HVH FDVR
WHQHPRVTXHLQWHQWDUFDOPDUQRVGHPDQHUDDFWLYD6L
VRPRV DPDEOHV FRQ QRVRWURV PLVPRV FXDQGR QRV
DVDOWD OD QHJDWLYLGDG \ QRV UHFRUGDPRV QXHVWUD
FRQH[LyQ LQKHUHQWH FRQ HO UHVWR GH OD KXPDQLGDG
HPSH]DUHPRV D VHQWLUQRV TXHULGRV DFHSWDGRV \
VHJXURV (TXLOLEUDPRV OD HQHUJtD RVFXUD GH ODV
HPRFLRQHVQHJDWLYDVFRQODHQHUJtDEULOODQWHGHODPRU
\ OD FRQH[LyQ VRFLDO (VRV VHQWLPLHQWRV GH FDOLGH] \
VHJXULGDG GHVDFWLYDQ HO VLVWHPD GH DPHQD]D GHO
FXHUSR \ DFWLYDQ HO VLVWHPD GH DSHJR OD DPtJGDOD
FHUHEUDO VH FDOPD \ DXPHQWD OD SURGXFFLyQ GH
R[LWRFLQD /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH OD
R[LWRFLQDD\XGDDVXSULPLUQXHVWUDWHQGHQFLDQDWXUDOD
ODQHJDWLYLGDG
([LVWH XQ HVWXGLR HQ HO TXH ORV LQYHVWLJDGRUHV
SLGLHURQ D ORV SDUWLFLSDQWHV TXH LGHQWLILFDVHQ ODV
HPRFLRQHVGHORVURVWURVGHXQDVHULHGHUHWUDWRV$
OD PLWDG GH ORV SDUWLFLSDQWHV VH OHV VXPLQLVWUy XQ
DHURVROQDVDOTXHFRQWHQtDR[LWRFLQDODRWUDPLWDG HO
JUXSRGHFRQWURO UHFLELyXQSODFHER/RVYROXQWDULRV
DORVTXHVHOHVKDEtDVXPLQLVWUDGRR[LWRFLQDWDUGDURQ
PiVHQLGHQWLILFDUODVH[SUHVLRQHVIDFLDOHVGHPLHGR\
VH HTXLYRFDURQ PHQRV HQ GLVWLQJXLU ODV HPRFLRQHV
SRVLWLYDV GH ODV QHJDWLYDV HQ FRPSDUDFLyQ FRQ HO
JUXSR GH FRQWURO (VWR VLJQLILFD TXH OD R[LWRFLQD
UHGXFH OD WHQGHQFLD GH OD PHQWH D DIHUUDUVH D OD
LQIRUPDFLyQQHJDWLYD
3RU WDQWR UHODFLRQDU ORV SHQVDPLHQWRV \ ODV
HPRFLRQHV QHJDWLYRV FRQ OD FRPSDVLyQ HV XQD EXHQD
PDQHUD GH UHGXFLU OD WHQGHQFLD D OD QHJDWLYLGDG /D
FRPSDVLyQ LPSLGH HO DYDQFH GH OD UXPLDFLyQ \ GD
OXJDU D XQD YLVLyQ HVSHUDQ]DGD TXH SODQWHD HVWD
SUHJXQWD ©¢&yPR SXHGR FDOPDUPH \ FRQVRODUPH HQ
HVWHPRPHQWR"ª

(-(5&,&,2

(QIUHQWDUVHDODVHPRFLRQHVGLItFLOHVHQHOFXHUSRFDOPDU
FRQVRODUSHUPLWLU

7DPELpQGLVSRQLEOHFRPRPHGLWDFLyQJXLDGDHQLQJOpVHQIRUPDWR
03HQZZZVHOIFRPSDVVLRQRUJ!

/D SUy[LPD YH] TXH H[SHULPHQWHV XQD HPRFLyQ GLItFLO \ TXLHUDV

WUDEDMDU FRQ HOOD GLUHFWDPHQWH LQWHQWD SURFHVDUOD HQ HO FXHUSR
HVWHHMHUFLFLRWHOOHYDUiHQWUHTXLQFH\YHLQWHPLQXWRV 
3DUDHPSH]DUVLpQWDWHHQXQDSRVLFLyQFyPRGDRW~PEDWH
HQ HO VXHOR ,QWHQWD ORFDOL]DU HO VHQWLPLHQWR GLItFLO HQ WX FXHUSR
¢'yQGHWLHQHVXFHQWUR"¢(QODFDEH]DODJDUJDQWDHOFRUD]yQHO
HVWyPDJR" 'HVFULEH OD HPRFLyQ XWLOL]DQGR OD DQRWDFLyQ PHQWDO
KRUPLJXHR SUHVLyQ ULJLGH] SXQ]DGDV DJXGDV OR VLHQWR SHUR
FXDQGR VH WUDWD GH GRORU HPRFLRQDO QR VRQ KDELWXDOHV ODV
VHQVDFLRQHVDJUDGDEOHV ¢(VXQDVHQVDFLyQGXUD\VyOLGDRIOXLGD
\ FDPELDQWH" $ YHFHV OR ~QLFR TXH VH VLHQWH HV XQ
DOHWDUJDPLHQWR 7DPELpQ SXHGHV FHQWUDU WX DWHQFLyQ HQ HVD
VHQVDFLyQ
6L HO VHQWLPLHQWR UHVXOWD HVSHFLDOPHQWH DQJXVWLRVR \ GLItFLO
GH H[SHULPHQWDU YH SRFR D SRFR 6H WUDWD GH VXDYL]DU OD
UHVLVWHQFLD KDFLD OD VHQVDFLyQ SDUD SRGHU SHUFLELUOD HQ WRGD VX
SOHQLWXG SHUR QR WLHQHV TXH VREUHSDVDU WXV OtPLWHV $ YHFHV
UHVXOWD ~WLO FHQWUDUVH SULPHUR HQ HO ©H[WHULRUª GH OD VHQVDFLyQ \
DYDQ]DUKDFLDHOLQWHULRUVRORVLWHUHVXOWDVHJXUR\VRSRUWDEOH
&XDQGRWHVLHQWDVHQFRQWDFWRFRQODHPRFLyQGRORURVDGH
WXFXHUSRHQYtDOHFRPSDVLyQ([SOtFDWHDWLPLVPRORGLItFLOTXHHV
VHQWLUVH DVt \ TXH WH SUHRFXSD WX ELHQHVWDU 3UXHED D XWLOL]DU
SDODEUDVFDULxRVDVTXHWHUHFRQIRUWHQSRUHMHPSOR©6pTXHHVWR
HV PX\ GLItFLO FDULxRª R ©6LHQWR TXH HVWpV SDVDQGR SRU HVWH
GRORUª,PDJLQDTXHDFDULFLDVHOSXQWRGRQGHVHXELFDODHPRFLyQ
GRORURVDFRPRVLHVWXYLHVHVDFDULFLDQGRODFDEH]DGHXQQLxRTXH
OORUD 5HStWHWH TXH QR SDVD QDGD TXH WRGR VDOGUi ELHQ \ TXH WH
GDUiVHODSR\RHPRFLRQDOQHFHVDULRSDUDVXSHUDUHVDH[SHULHQFLD
GLItFLO
&XDQGR QR SXHGDV HYLWDU YROYHU D SHQVDU HQ OD VLWXDFLyQ
TXH WH KDFH VXIULU YXHOYH D WRPDU FRQFLHQFLD GH OD VHQVDFLyQ
ItVLFDHQWXFXHUSR\HPSLH]DGHQXHYR
'XUDQWH HVWH HMHUFLFLR UHVXOWD ~WLO UHSHWLUVH PHQWDOPHQWH
HVWDVSDODEUDV©&DOPDUFRQVRODUSHUPLWLUª$VtWHUHFXHUGDVDWL
PLVPRTXHGHEHVDFHSWDUHOVHQWLPLHQWRWDOFRPRHVVLQUHVLVWLUWH
DpODOWLHPSRTXHWHFDOPDV\WHFRQVXHODVSRUHOVXIULPLHQWRTXH
WHSURYRFD
&XDQGRWHGHGLTXHVDXWRFRPSDVLyQREVHUYDVLFDPELDQODV
VHQVDFLRQHVItVLFDVTXHH[SHULPHQWDV¢6LHQWHVDOJ~QDOLYLR"¢/DV
VHQVDFLRQHV VRQ FDGD YH] PiV IiFLOHV GH VRSRUWDU" ¢7H SDUHFH
TXHHVDPDVDVyOLGDGHWHQVLyQHPSLH]DDGHVKDFHUVHDPRYHUVH
\ GHVDSDUHFHU" 7DQWR VL ODV FRVDV SDUHFHQ PHMRUDU HPSHRUDU R
 SHUPDQHFHUHVWDQFDGDVVLJXHEULQGiQGRWHFRPSDVLyQ
&XDQGR VLHQWDV TXH OOHJD HO PRPHQWR OHYiQWDWH UHDOL]D
XQRVHVWLUDPLHQWRV\FRQWLQ~DFRQWXUXWLQDGLDULD&RQXQSRFRGH
SUiFWLFD DSUHQGHUiV D DIURQWDU ODV VLWXDFLRQHV GLItFLOHV VLQ WHQHU
TXH SHQVDU GHPDVLDGR QL DGRSWDU HO ©PRGR GH UHVROXFLyQ GH
SUREOHPDVª (O SRGHU GH OD FRPSDVLyQ KDFLD WL PLVPR REUDUi VX
PDJLDHQWXFXHUSRSRUVtVROR

6(17,5/272'2

/DDXWRFRPSDVLyQD\XGDDUHGXFLUODSHUVLVWHQFLDGH
ODVHPRFLRQHVQHJDWLYDVSHURHVLPSRUWDQWHUHFRUGDU
TXH QR ODV KDFH GHVDSDUHFHU SRU RSRVLFLyQ D HOODV
(VWHSXQWRVXHOHUHVXOWDUFRQIXVRSRUTXHODVDELGXUtD
WUDGLFLRQDO \ODFRQRFLGDPHORGtDGH-RKQQ\0HUFHU
GLFH TXH GHEHPRV DFHQWXDU OR SRVLWLYR \ HOLPLQDU OR
QHJDWLYR (O SUREOHPD VLQ HPEDUJR HV TXH LQWHQWDU
HOLPLQDUORQHJDWLYRWLHQHHIHFWRVFRQWUDSURGXFHQWHV
/D UHVLVWHQFLD PHQWDO R HPRFLRQDO DO GRORU VROR
DFHQW~DHOVXIULPLHQWR UHFXHUGDVXIULPLHQWR GRORU
î UHVLVWHQFLD  1XHVWUR VXEFRQVFLHQWH UHJLVWUD ORV
LQWHQWRV GH HYLWDFLyQ R VXSUHVLyQ GH PDQHUD TXH
DFDEDPRVDPSOLILFDQGRORTXHLQWHQWDPRVHYLWDU
/RV SVLFyORJRV KDQ LQYHVWLJDGR PXFKR VREUH OD
FDSDFLGDG GH VXSULPLU GH PDQHUD FRQVFLHQWH ORV
SHQVDPLHQWRV \ ODV HPRFLRQHV QR GHVHDGRV 6XV
FRQFOXVLRQHV VRQ FODUDV QR WHQHPRV HVD FDSDFLGDG
3DUDGyMLFDPHQWH FXDOTXLHU LQWHQWR GH VXSULPLU
FRQVFLHQWHPHQWHORVSHQVDPLHQWRV\ODVHPRFLRQHVQR
GHVHDGRV KDFH TXH HVWRV VH LQWHQVLILTXHQ (Q XQ
HVWXGLRVHSLGLyDORVSDUWLFLSDQWHVTXHGHVFULELHVHQ
ORV SHQVDPLHQWRV TXH VH OHV SDVDEDQ SRU OD FDEH]D
GXUDQWH FLQFR PLQXWRV $QWHV GH HVR VH OHV LQGLFy
TXH QR SHQVDVHQ HQ XQ RVR EODQFR 6L ILQDOPHQWH
SHQVDEDQ HQ XQ RVR EODQFR WHQtDQ TXH KDFHU VRQDU
XQDFDPSDQLOOD/OHJyXQPRPHQWRHQTXHQRSDUDURQ
GH VRQDU (Q HO VLJXLHQWH HVWXGLR ORV SDUWLFLSDQWHV
WHQtDQ TXH SHQVDU HQ XQ RVR EODQFR GXUDQWH FLQFR
PLQXWRVYLVXDOL]DUORGHPDQHUDDFWLYD\GHVSXpVVH
OHVSLGLyTXHQRSHQVDVHQHQXQRVREODQFR8QDYH]
PiV UHFLELHURQ OD LQVWUXFFLyQ GH LQIRUPDU GH VXV
SHQVDPLHQWRVGXUDQWHXQLQWHUYDORGHFLQFRPLQXWRV\
KDFHUVRQDUXQDFDPSDQDFDGDYH]TXHSHQVDVHQHQXQ
RVR EODQFR /DV FDPSDQDV VRQDURQ PXFKR PHQRV (O
LQWHQWR GH VXSULPLU SHQVDPLHQWRV QR GHVHDGRV KDFH
TXH VXUMDQ HQ OD FRQFLHQFLD FRQ PXFKD PiV IXHU]D \
PiV IUHFXHQFLD TXH VL VH OHV SUHVWD DWHQFLyQ HQ XQ
SULPHU PRPHQWR 5HVXOWD LQWHUHVDQWH REVHUYDU TXH
SDUD HVH HVWXGLR VH HOLJLy XQ RVR EODQFR SRUTXH VH
GLFHTXH)LyGRU'RVWRLHYVNLHQXQLQWHQWRGHLOXVWUDU
HOSRGHUGHSHUVXDVLyQGHODPHQWHUHWyDVXKHUPDQR
DSHUPDQHFHUHQXQULQFyQGHXQDVDOD\QRPRYHUVH
KDVWD TXH GHMDVH GH SHQVDU HQ XQ RVR EODQFR (O
KHUPDQRQRFHQyDTXHOODQRFKH
/DVLQYHVWLJDFLRQHVGHPXHVWUDQTXHODVSHUVRQDV
FRQ PD\RUHV QLYHOHV GH DXWRFRPSDVLyQ VRQ PHQRV
SURSHQVDV D VXSULPLU ORV SHQVDPLHQWRV \ HPRFLRQHV
QR GHVHDGRV TXH DTXHOODV TXH FDUHFHQ GH
DXWRFRPSDVLyQ(VWiQPiVGLVSXHVWDVDH[SHULPHQWDU
VXV VHQWLPLHQWRV GLItFLOHV \ D UHFRQRFHU TXH VXV
HPRFLRQHVVRQYiOLGDVHLPSRUWDQWHV(OORVHGHEHD
ODVHJXULGDGTXHSURSRUFLRQDODFRPSDVLyQKDFLDXQR
PLVPR 1R SURGXFH WHPRU HQIUHQWDUVH DO GRORU
HPRFLRQDO FXDQGR VDEHV TXH YDV D WHQHU DSR\R
GXUDQWHHOSURFHVR'HOPLVPRPRGRTXHUHVXOWDPiV
VHQFLOORDEULUVHDXQDPLJRtQWLPRTXHVDEHVTXHVHUi
FDULxRVR \ FRPSUHQVLYR HV PiV IiFLO DEULUVH D XQR
PLVPR FXDQGR SXHGHV FRQILDU HQ TXH WX GRORU VHUi
UHFLELGRGHPDQHUDFRQVFLHQWH\FRPSDVLYD
/D EHOOH]D GH OD FRPSDVLyQ UDGLFD HQ TXH HQ
OXJDUGHVXVWLWXLUORVVHQWLPLHQWRVQHJDWLYRVSRURWURV
SRVLWLYRV VH JHQHUDQ QXHYDV HPRFLRQHV SRVLWLYDV
DFHSWDQGRODVQHJDWLYDV/DVHPRFLRQHVSRVLWLYDVGH
FDULxR \ FRQH[LyQ DFRPSDxDQ D ORV VHQWLPLHQWRV
GRORURVRV &XDQGR WHQHPRV FRPSDVLyQ SRU QRVRWURV
PLVPRV H[SHULPHQWDPRV ODV OXFHV \ ODV VRPEUDV GH
PDQHUD VLPXOWiQHD (V LPSRUWDQWH DVHJXUDUVH GH QR
DxDGLUHOFRPEXVWLEOHGHODUHVLVWHQFLDDOIXHJRGHOD
QHJDWLYLGDG $GHPiV QRV SHUPLWH FHOHEUDU OD JUDQ
YDULHGDG GH OD H[SHULHQFLD KXPDQD SDUD SRGHU
VHQWLUQRV LQWHJUDGRV &RPR GLMR 0DUFHO 3URXVW ©(O
VXIULPLHQWRVRORVHFXUDVRSRUWiQGRORKDVWDHOILQDOª

9,$-(+$&,$/$3/(1,78'

(OFDPLQRKDFLDODSOHQLWXGUHTXLHUHVXWLHPSR1RVH
UHFRUUH GH OD QRFKH D OD PDxDQD 5DFKHO HUD XQD
EXHQD DPLJD PtD GH OD XQLYHUVLGDG \ DXQTXH HUD
LQJHQLRVD H LQWHOLJHQWH WDPELpQ WHQtD VXV PRPHQWRV
GH RVFXULGDG /D FDPLVHWD TXH OOHYDED FXDQGR OD
FRQRFt OR UHVXPH EDVWDQWH ELHQ ©/D YLGD HV SHUUD
SRUTXHVLIXHVHSXWDVHUtDIiFLOª5DFKHOHUDODWtSLFD
SHQVDGRUD QHJDWLYD TXH VLHPSUH YHtD HO YDVR PHGLR
YDFtR,QFOXVRFXDQGRWRGRLEDUHODWLYDPHQWHELHQVLQ
DSHQDVUHWRVDORVTXHHQIUHQWDUVH5DFKHOVHFHQWUDED
FDVL H[FOXVLYDPHQWH HQ OR TXH LED PDO 'DED SRU
VDELGRWRGRORSRVLWLYRTXHKDEtDHQVXYLGDSRUTXH
QR HUD XQ SUREOHPD \ SRU WDQWR QR QHFHVLWDED
VROXFLyQ 6H VHQWtD DQVLRVD IUXVWUDGD \ GHSULPLGD
PX\DPHQXGR
5HFXHUGRTXHHQXQDRFDVLyQ5DFKHOSUHSDUyXQ
SDVWHOGHFKRFRODWHSDUDPLFXPSOHDxRV$SHVDUGH
TXH 5DFKHO QR KDEtD SRGLGR HQFRQWUDU VX PDUFD GH
FKRFRODWH IDYRULWD \ VH YLR REOLJDGD D XWLOL]DU RWUD
TXHQRHUDWDQEXHQDHOSDVWHOHVWDEDGHOLFLRVR3RU
PXFKR TXH OH GLMH TXH HVWDED EXHQtVLPR HOOD VROR
SXGRFHQWUDUVHHQVXFDOLGDGOLJHUDPHQWHLQIHULRUDOD
KDELWXDO 6H REFHFy WDQWR FRQ HO SDVWHO TXH DO ILQDO
GHFLGLy PDUFKDUVH GH OD ILHVWD GH FXPSOHDxRV DQWHV
GHORSUHYLVWR
<R QR SRGtD D\XGDU D 5DFKHO D ©JHVWLRQDUª VX
QHJDWLYLGDG SRUTXH VLHPSUH PH KDFtD UHtU 5HFXHUGR
XQDRFDVLyQHQTXHOHSUHJXQWpFyPROHKDEtDLGRVX
FLWDDFLHJDV©8QDEXUULPLHQWRWRWDO²PHGLMR²/H
SUHJXQWpFyPRHVWDED\PHORH[SOLFyª(OQRYLRTXH
KDEtD WHQLGR HQ OD XQLYHUVLGDG QR OD HQFRQWUDED WDQ
GLYHUWLGD \ ILQDOPHQWH OD GHMy 5DFKHO HPSH]y D
PDOWUDWDUVH SRU VHU WDQ QHJDWLYD FRVD TXH VROR
HPSHRUyD~QPiVODVLWXDFLyQ
&XDQGR WHUPLQy VXV HVWXGLRV 5DFKHO MXUy TXH
LED D FDPELDU 'HVSXpV GH OHHU DOJXQRV OLEURV VREUH
SHQVDPLHQWR SRVLWLYR HPSH]y D SURQXQFLDU
DILUPDFLRQHV SRVLWLYDV FDGD GtD SRU HMHPSOR ©6R\
XQD SHUVRQD UDGLDQWH GH HQHUJtD SRVLWLYDª \ ©&DGD
GtDVR\PHMRUHQWRGRVORVDVSHFWRVª,QWHQWySHQVDU
HQ SRVLWLYR HQ WRGDV ODV FLUFXQVWDQFLDV DXQTXH VH
VLQWLHVH PX\ PDO SRU GHQWUR 0DQWXYR HVD GLQiPLFD
GXUDQWH XQRV PHVHV SHUR OH SDUHFtD PX\ IDOVR \
UHTXHUtDGHPDVLDGRHVIXHU]RSDUDHOOD
5DFKHO \ \R KHPRV PDQWHQLGR HO FRQWDFWR
GHVSXpV GH WHUPLQDU QXHVWURV HVWXGLRV &XDQGR OH
H[SOLTXpTXHHVWDEDLQYHVWLJDQGRVREUHODFRPSDVLyQ
KDFLD XQR PLVPR DO SULQFLSLR QR VH PRVWUy
LPSUHVLRQDGD ©¢1R HV XQD PDQHUD GH DGRUQDU HO
KHFKRGHTXHODYLGDHVXQDVFR"ª'DGRTXHpUDPRV
YLHMDV DPLJDV \ HOOD YDORUDED PL RSLQLyQ FRQVLJXLy
YHQFHUVXUHVLVWHQFLDLQLFLDO\HVFXFKyPLH[SOLFDFLyQ
GHO FRQFHSWR 3HUPDQHFLy FDOODGD GXUDQWH XQ
PRPHQWR \R SHQVp TXH LED D KDFHU XQD PXHFD \ D
WLUDU SRU WLHUUD WRGRV PLV DUJXPHQWRV SHUR OR FLHUWR
HVTXHPHGLMRTXHTXHUtDLQWHQWDUVHUPiVFRPSDVLYD
FRQVLJRPLVPD\PHSLGLyD\XGD¢4XpGHEtDKDFHU"
/HH[SOLTXpORTXHKDEtDKHFKR\R
+DFH XQRV DxRV GHVDUUROOp HVWD SUiFWLFD FRPR
D\XGD SDUD DFRUGDUPH GH WHQHU FRPSDVLyQ KDFLD Pt
PLVPD\WRGDYtDKR\ODXWLOL]RPX\DPHQXGR(VXQD
HVSHFLH GH PDQWUD GH DXWRFRPSDVLyQ \ UHVXOWD PX\
HILFD] SDUD HQIUHQWDUVH D ODV HPRFLRQHV QHJDWLYDV
&DGD YH] TXH SHUFLER DOJR GH Pt PLVPD TXH QR PH
JXVWD R FXDQGR DOJR YD PDO HQ PL YLGD UHSLWR SDUD
PLVDGHQWURVODVVLJXLHQWHVIUDVHV
  (VWHHVXQPRPHQWRGHVXIULPLHQWR
 (OVXIULPLHQWRIRUPDSDUWHGHODYLGD
  3LGR VHU DPDEOH FRQPLJR PLVPD HQ HVWH
PRPHQWR
 3LGRGDUPHODFRPSDVLyQTXHQHFHVLWR

(VWDVIUDVHVPHUHVXOWDQHVSHFLDOPHQWH~WLOHVQR
VRORSRUTXHVRQEUHYHV\IiFLOHVGHPHPRUL]DUVLQR
WDPELpQ SRUTXH LQYRFDQ ORV WUHV DVSHFWRV GH OD
FRPSDVLyQKDFLDXQRPLVPR/DSULPHUDIUDVH©(VWH
HVXQPRPHQWRGHVXIULPLHQWRªHVLPSRUWDQWHSRUTXH
DSRUWD PLQGIXOQHVV DO KHFKR GH TXH SDVDV SRU XQ
PRPHQWR GRORURVR 6L HVWiV GLVJXVWDGR SRUTXH KDV
HQJRUGDGR XQRV NLORV R VL WH SDUD OD SROLFtD SRUTXH
KDV FRPHWLGR XQD LQIUDFFLyQ GH WUiILFR QR UHVXOWD
VHQFLOOR UHFRUGDU TXH VRQ PRPHQWRV GH VXIULPLHQWR
TXHPHUHFHQQXHVWUDFRPSDVLyQ
/DVHJXQGDIUDVH©(OVXIULPLHQWRIRUPDSDUWHGH
OD YLGDª QRV UHFXHUGD TXH OD LPSHUIHFFLyQ HV SDUWH
LQKHUHQWH GH OD FRQGLFLyQ KXPDQD TXH FRPSDUWLPRV
1R HV QHFHVDULR OXFKDU FRQWUD HO KHFKR GH TXH ODV
FRVDVQRVHDQH[DFWDPHQWHFRPRTXHUHPRV\DTXHVH
WUDWD GH XQ HVWDGR GH ODV FRVDV QRUPDO \ QDWXUDO (V
PiV WRGDV ODV SHUVRQDV H[SHULPHQWDPRV
LQVDWLVIDFFLyQ \ SRU WDQWR QR HVWDPRV VRORV HQ
QXHVWURVXIULPLHQWR
 /D WHUFHUD IUDVH ©3LGR VHU DPDEOH FRQPLJR
PLVPD HQ HVWH PRPHQWRª DSRUWD XQ VHQWLPLHQWR GH
LQWHUpV \ FDULxR KDFLD OD H[SHULHQFLD SUHVHQWH 7X
FRUD]yQHPSLH]DDFDOPDUVHFXDQGRWHFRQVXHODVSRU
HOGRORUTXHHVWiVSDVDQGR
/D~OWLPDIUDVH©3LGRGDUPHODFRPSDVLyQTXH
QHFHVLWRª H[SUHVD FRQ ILUPH]D OD LQWHQFLyQ GH VHU
DXWRFRPSDVLYR \ WH UHFXHUGD TXH PHUHFHV UHFLELU
DWHQFLyQ\FRPSDVLyQ
'HVSXpV GH XQDV VHPDQDV SUDFWLFDQGR HVWRV
PDQWUDVGHFRPSDVLyQKDFLDVtPLVPD5DFKHOHPSH]y
DVDERUHDUODOLEHUWDGGHQRHVWDUVLHPSUHVXMHWDDVX
QHJDWLYLGDG &RPHQ]y D VHU PiV FRQVFLHQWH GH VXV
SHQVDPLHQWRV RVFXURV \ GHSUHVLYRV OR TXH OH
SHUPLWLy QR SHUGHUVH WDQWR HQ HOORV 'HVFXEULy TXH
SRGtD VHU PHQRV FUtWLFD FRQVLJR PLVPD \ QR VH
TXHMDED WDQWR GH OR TXH LED PDO HQ VX YLGD &XDQGR
H[SHULPHQWDED SHQVDPLHQWRV \ HPRFLRQHV QHJDWLYRV
SURQXQFLDED PHQWDOPHQWH ODV IUDVHV H LQWHQWDED
FHQWUDUVHHQHOKHFKRGHTXHVHQWtDGRORU\QHFHVLWDED
FDULxR
6HJ~Q PH H[SOLFy OR TXH PiV OH JXVWy GH OD
FRPSDVLyQ KDFLD Vt PLVPD IXH TXH QR WHQtD TXH
HQJDxDUVH SDUD TXH IXQFLRQDVH $ GLIHUHQFLD GH OD
SUiFWLFD GH ODV DILUPDFLRQHV SRVLWLYDV FRQ ODV TXH
LQWHQWDEDFRQYHQFHUVHGHTXHWRGRLEDELHQDXQTXHQR
IXHVH DVt OD DXWRFRPSDVLyQ OH SHUPLWLy DFHSWDU \
UHFRQRFHUHOKHFKRGHTXHDYHFHVODYLGDUHDOPHQWH
HV XQ DVFR 3HUR QR WHQHPRV SRU TXp HPSHRUDU ODV
FRVDV /D FODYH GH OD FRPSDVLyQ KDFLD XQR PLVPR
FRQVLVWH HQ QR QHJDU HO VXIULPLHQWR VLQR UHFRQRFHU
TXHHVSHUIHFWDPHQWHQRUPDO1RKD\QDGDGHPDORHQ
OD LPSHUIHFFLyQ GH OD YLGD VLHPSUH \ FXDQGR QR
HVSHUHPRVTXHVHDGLVWLQWDDFRPRHV
©(V H[WUDxR ²PH GLMR 5DFKHO² SHUR D YHFHV
PL QHJDWLYLGDG VH GHVYDQHFH HQ FXDQWR GLJR ODV
IUDVHV $XQTXH QR LQWHQWH TXH GHVDSDUH]FD VH YD
£SXI FRPRVLIXHVHXQHVSHFWiFXOREDUDWRGH'DYLG
&RSSHUILHOGª
1R REVWDQWH 5DFKHO QR VH FRQYLUWLy HQ XQD
SHUVRQD UHERVDQWH GH RSWLPLVPR 7RGDYtD WLHQH
WHQGHQFLD D SHUFLELU OR TXH YD PDO HQ XQD VLWXDFLyQ
DQWHVGHYHUORTXHYDELHQ3HURVXQHJDWLYLGDG\DQR
OD KDFH GHVFHQGHU DO WHUUHQR GH OD GHSUHVLyQ (V
FDSD]GHUHtUVHGHODRVFXULGDGGHVXVSHQVDPLHQWRV
SRUTXH HVWRV \D QR OD FRQWURODQ &XDQGR VH DFXHUGD
GH GHGLFDUVH FRPSDVLyQ QR VROR YH OD SDUWH PHGLR
YDFtDGHOYDVRVLQRWDPELpQODPHGLROOHQD

(-(5&,&,2
 &UHDWXSURSLRPDQWUDGHFRPSDVLyQ

8Q PDQWUD GH FRPSDVLyQ HV XQ FRQMXQWR GH IUDVHV PHPRUL]DGDV
TXH GHEHV UHSHWLU HQ VLOHQFLR FDGD YH] TXH TXLHUDV GHGLFDUWH
FRQVXHOR 5HVXOWDQ PiV ~WLOHV HQ ORV PRPHQWRV iOJLGRV GH ODV
HPRFLRQHVTXHQRVDQJXVWLDQ
(VSRVLEOHTXHWHVLUYDQODVIUDVHVTXH\RLQYHQWpSDUDPt
SHURPHUHFHODSHQDTXHLQWHQWHVHQFRQWUDUXQDVTXHVHDGDSWHQ
PHMRUDWL/RPiVLPSRUWDQWHHVTXHLQFOX\DQORVWUHVDVSHFWRVGH
ODFRPSDVLyQKDFLDXQRPLVPRQRODVSDODEUDVHQVtPLVPDV
2WUDVYHUVLRQHVSRVLEOHVSDUDODSULPHUDIUDVH ©(VWHHVXQ
PRPHQWR GH VXIULPLHQWRª  VHUtDQ ©(VWR\ DWUDYHVDQGR XQ
PRPHQWR PX\ GLItFLO DKRUD PLVPRª ©0H UHVXOWD GRORURVR
VHQWLUPHDVtDKRUDªHWFpWHUD
9DULDFLRQHV SDUD OD VHJXQGD IUDVH ©(O VXIULPLHQWR IRUPD
SDUWH GH OD YLGDª  ©7RGR HO PXQGR VH VLHQWH DVt DOJXQD YH]ª
©)RUPDSDUWHGHODQDWXUDOH]DKXPDQDªHWFpWHUD
9DULDFLRQHV SDUD OD WHUFHUD IUDVH ©3LGR VHU DPDEOH
FRQPLJR PLVPD HQ HVWH PRPHQWRª  ©3LGR WUDWDU PL GRORU FRQ
WHUQXUDª ©3LGR VHU FDULxRVR \ FRPSUHQVLYR FRQPLJR PLVPRª
HWFpWHUD
9DULDFLRQHV SDUD OD ~OWLPD IUDVH ©3LGR GDUPH OD
FRPSDVLyQ TXH QHFHVLWRª  ©0HUH]FR UHFLELU FRPSDVLyQ GH Pt
PLVPRª©,QWHQWDUpVHUORPiVFRPSDVLYRSRVLEOHªHWFpWHUD
%XVFD FXDWUR IUDVHV FRQ ODV TXH WH VLHQWDV FyPRGR \
PHPRUt]DODV /D SUy[LPD YH] TXH WH FULWLTXHV R TXH WHQJDV XQD
H[SHULHQFLD GLItFLO SXHGHV XWLOL]DU WXV PDQWUDV SDUD D\XGDUWH D
UHFRUGDUTXHGHEHVWHQHUPiVFRPSDVLyQKDFLDWLPLVPR(VXQD
KHUUDPLHQWD~WLOSDUDFDOPDUODPHQWH

&203$6,Ï1 +$&,$ 812 0,602 ( ,17(/,*(1&,$

(02&,21$/
/D FRPSDVLyQ KDFLD XQR PLVPR HV XQD SRGHURVD
KHUUDPLHQWD GH LQWHOLJHQFLD HPRFLRQDO 7DO FRPR OD
GHILQH'DQLHO*ROHPDQHQVXLQIOX\HQWHOLEURVREUHHO
WHPD OD LQWHOLJHQFLD HPRFLRQDO LPSOLFD OD
FDSDFLGDG GH FRQWURODU ODV SURSLDV HPRFLRQHV \
XWLOL]DU HVD LQIRUPDFLyQ SDUD JXLDU HO SHQVDPLHQWR \
ODVDFFLRQHV HQRWUDVSDODEUDVVHUFRQVFLHQWHGHORV
SURSLRVVHQWLPLHQWRVVLQTXHHVWRVQRVGRPLQHQ\DVt
SRGHU WRPDU GHFLVLRQHV DFHUWDGDV  6L WH GDV FXHQWD
GH TXH WH SRQHV IXULRVR FRQ DOJXLHQ TXH DFDED GH
KDFHU XQ FRPHQWDULR GHVDIRUWXQDGR SRU HMHPSOR
SXHGHV VDOLU D GDU XQ SDVHR SDUD FDOPDUWH DQWHV GH
GLVFXWLUORHQOXJDUGHVROWDUHOSULPHUGLVSDUDWHTXHWH
YHQJD D OD PHQWH 6HJXUDPHQWH HV PHMRU QR GHFLU
©/ODPDUWH LGLRWD VHUtD XQ LQVXOWR SDUD WRGRV ORV
HVW~SLGRVª DXQTXH HQ HVH PRPHQWR WH UHVXOWH PX\
DSURSLDGR
/DVLQYHVWLJDFLRQHVGHPXHVWUDQTXHODVSHUVRQDV
PiV DXWRFRPSDVLYDV JR]DQ GH PD\RU LQWHOLJHQFLD
HPRFLRQDOORTXHVLJQLILFDTXHWLHQHQPiVFDSDFLGDG
SDUD PDQWHQHUVH HTXLOLEUDGDV FXDQGR VH GLVJXVWDQ
3RU HMHPSOR HQ XQ HVWXGLR VH REVHUYDURQ ODV
UHDFFLRQHV GH ORV SDUWLFLSDQWHV DQWH XQD WDUHD
FRPSOLFDGD\ERFKRUQRVDVHUJUDEDGRVH[SOLFDQGR
D FiPDUD XQ FXHQWR LQIDQWLO TXH HPSH]DVH FRQ ODV
SDODEUDV ©eUDVH XQD YH] XQ RVLWRª 0iV WDUGH VH
SLGLy D ORV SDUWLFLSDQWHV TXH REVHUYDVHQ VXV
JUDEDFLRQHV\GHVFULELHVHQODVHPRFLRQHVTXHKDEtDQ
H[SHULPHQWDGR PLHQWUDV KDEODEDQ /RV TXH WHQtDQ XQ
QLYHO PiV DOWR GH FRPSDVLyQ KDFLD Vt PLVPRV
DILUPDURQ VHQWLUVH IHOLFHV UHODMDGRV \ WUDQTXLORV
PLHQWUDVVHYHtDQH[SOLFDQGRXQDKLVWRULDWRQWD(QWUH
ORV TXH FDUHFtDQ GH DXWRFRPSDVLyQ VXUJLHURQ PiV
HVWDGRVGHWULVWH]DYHUJHQ]DRQHUYLRV
2WUR HVWXGLR REVHUYy FyPR VH HQIUHQWDQ D ORV
KHFKRV QHJDWLYRV GH OD YLGD FRWLGLDQD ODV SHUVRQDV
TXH WLHQHQ FRPSDVLyQ SRU Vt PLVPDV 6H SLGLy D ORV
SDUWLFLSDQWHV TXH GHVFULELHVHQ ORV SUREOHPDV
H[SHULPHQWDGRV D OR ODUJR GH XQ SHUtRGR GH YHLQWH
GtDV SRUHMHPSORXQDSHOHDFRQODSDUHMDRWHQVLyQ
HQ HO WUDEDMR  /RV UHVXOWDGRV LQGLFDURQ TXH ODV
SHUVRQDV FRQ PiV FRPSDVLyQ WHQtDQ XQD SHUVSHFWLYD
PiVDPSOLDGHVXVSUREOHPDV\PHQRVSUREDELOLGDGHV
GH VHQWLUVH DLVODGRV D FDXVD GH HVRV SUREOHPDV 3RU
HMHPSORSHQVDEDQTXHVXVSUREOHPDVQRHUDQSHRUHV
TXH ORV GHO UHVWR /DV SHUVRQDV DXWRFRPSDVLYDV
DGHPiV SUHVHQWDEDQ XQRV QLYHOHV GH DQVLHGDG PiV
EDMRV \ PHQRV LQKLELFLyQ FXDQGR SHQVDEDQ HQ VXV
SUREOHPDV
 ([LVWHQ GDWRV ILVLROyJLFRV TXH DSR\DQ OD
DILUPDFLyQ GH TXH ODV SHUVRQDV TXH VLHQWHQ
FRPSDVLyQ SRU Vt PLVPDV JR]DQ GH PD\RU IRUWDOH]D
HPRFLRQDO /RV LQYHVWLJDGRUHV PLGLHURQ ORV QLYHOHV
GH FRUWLVRO \ HO ULWPR FDUGtDFR GH XQ JUXSR GH
SHUVRQDVHQWUHQDGDVSDUDWHQHUPiVDXWRFRPSDVLyQ
(OFRUWLVROHVXQDKRUPRQDUHODFLRQDGDFRQHOHVWUpV
PLHQWUDVTXHODYDULDELOLGDGGHOULWPRFDUGtDFRHVXQ
LQGLFDGRUGHODFDSDFLGDGGHDGDSWDUVHDOHVWUpVFRQ
HILFDFLD &XDQWR PiV DXWRFRPSDVLYD \ PHQRV
DXWRFUtWLFDHVODSHUVRQDPHQRUHVVRQORVQLYHOHVGH
FRUWLVRO \ PD\RU HV OD YDULDELOLGDG GHO ULWPR
FDUGtDFR (VWR VXJLHUH TXH ODV SHUVRQDV TXH WLHQHQ
FRPSDVLyQSRUVtPLVPDVVRQFDSDFHVGHHQIUHQWDUVH
D ORV UHWRV GH OD YLGD FRQ PD\RU HTXLOLEULR
HPRFLRQDO
3RU VXSXHVWR ODV SHUVRQDV TXH H[SHULPHQWDQ
FDPELRVYLWDOHVH[WUHPRV SRUHMHPSORHVWDUDSXQWR
GH PRULU HQ XQ DFFLGHQWH GH WUiILFR R VXIULU XQD
YLRODFLyQ  SXHGHQ WHQHU VHULDV GLILFXOWDGHV SDUD
DIURQWDUORV (Q HVWRV FDVRV ODV YtFWLPDV SXHGHQ
GHVDUUROODU XQ WUDVWRUQR SRU HVWUpV SRVWUDXPiWLFR
7(37 (O7(37HVXQDUHDFFLyQHPRFLRQDOLQWHQVD
\ SURORQJDGD D XQ WUDXPD SVLFROyJLFR H[WUHPR (Q
PXFKRV FDVRV FRQOOHYD OD UHH[SHULPHQWDFLyQ GHO
KHFKRWUDXPiWLFRDWUDYpVGHIODVKEDFNVRSHVDGLOODV
FRQ SDWURQHV GH VXHxR DOWHUDGRV \ VHQWLPLHQWRV
SHUVLVWHQWHV GH PLHGR R LUD 8QR GH ORV SULQFLSDOHV
VtQWRPDVGHO7(37HVODHYLWDFLyQGHH[SHULHQFLDVOR
TXH VLJQLILFD TXH ODV YtFWLPDV GH WUDXPDV WLHQGHQ D
UHFKD]DU ODV HPRFLRQHV LQFyPRGDV UHODFLRQDGDV FRQ
ORRFXUULGR3RUGHVJUDFLDODHYLWDFLyQVRORHPSHRUD
ORV VtQWRPDV GHO 7(37 \D TXH ODV HPRFLRQHV
VXSULPLGDVWLHQGHQDLQWHQVLILFDUVHFXDQGROXFKDQSRU
HQWUDUHQHOHVWDGRFRQVFLHQWH(OHVIXHU]RQHFHVDULR
SDUD PDQWHQHU D UD\D ODV HPRFLRQHV VXSULPLGDV
DGHPiVFRQVXPHODHQHUJtDQHFHVDULDSDUDJHVWLRQDU
OD IUXVWUDFLyQ OR TXH VLJQLILFD TXH ORV SDFLHQWHV GH
7(37VXHOHQVHUSHUVRQDVLUULWDEOHV
([LVWHQSUXHEDVGHTXHODDXWRFRPSDVLyQD\XGD
D VXSHUDU HO 7(37 3RU HMHPSOR HQ XQ HVWXGLR FRQ
XQLYHUVLWDULRV TXH PRVWUDEDQ VtQWRPDV GH 7(37
GHVSXpV GH XQ KHFKR WUDXPiWLFR FRPR XQ DFFLGHQWH
XQ LQFHQGLR R XQD HQIHUPHGDG JUDYH  DTXHOORV FRQ
PiVFRPSDVLyQSRUVtPLVPRVWHQtDQVtQWRPDVPHQRV
JUDYHV TXH ORV TXH FDUHFtDQ GH DXWRFRPSDVLyQ (Q
SDUWLFXODU PRVWUDURQ PHQRV VHxDOHV GH HYLWDFLyQ
HPRFLRQDO\VHVHQWtDQPiVFyPRGRVHQIUHQWiQGRVHD
ORV SHQVDPLHQWRV ORV VHQWLPLHQWRV \ ODV VHQVDFLRQHV
GHVHQFDGHQDGRV SRU OR RFXUULGR &XDQGR HVWiV
GLVSXHVWR D VHQWLU ODV HPRFLRQHV GRORURVDV \
DFRJHUODVFRQFRPSDVLyQUHVXOWDPHQRVSUREDEOHTXH
LQWHUILHUDQHQWXYLGDFRWLGLDQD
/D FRPSDVLyQ SRU XQR PLVPR QRV DSRUWD OD
YDOHQWtD\HOVRVLHJRQHFHVDULRVSDUDPLUDUGHIUHQWH
ODVHPRFLRQHVQRGHVHDGDV'DGRTXHHVFDSDUGHORV
VHQWLPLHQWRVGRORURVRVQRHVSRVLEOHODPHMRURSFLyQ
FRQVLVWH HQ H[SHULPHQWDU ODV HPRFLRQHV GLItFLOHV GH
PDQHUD FODUD SHUR FRPSDVLYD WDO FRPR DSDUHFHQ HQ
FDGD PRPHQWR 7HQLHQGR HQ FXHQWD TXH WRGDV ODV
H[SHULHQFLDV WLHQHQ XQ ILQDO VL VRPRV FDSDFHV GH
SHUPLWLUQRV SHUPDQHFHU HQ HO SUHVHQWH FRQ QXHVWUR
GRORU HVWH SRGUi VHJXLU VX FLFOR QDWXUDO DSDULFLyQ
SXQWR iOJLGR \ GHVDSDULFLyQ  &RPR VH GLFH HQ OD
%LEOLD ©(VWR WDPELpQ SDVDUiª 2 FRPR GLMR %XGD
WRGDVODVHPRFLRQHVVRQ©SURSHQVDVDODGHVWUXFFLyQ
DGLVLSDUVHDGHVDSDUHFHUDFHVDUª
/RV VHQWLPLHQWRV GRORURVRV VRQ SDVDMHURV SRU
QDWXUDOH]D 3LHUGHQ IXHU]D FRQ HO WLHPSR VLHPSUH \
FXDQGR QR ORV SURORQJXHPRV R ORV LQWHQVLILTXHPRV
PHGLDQWH OD UHVLVWHQFLD R OD HYLWDFLyQ /D ~QLFD
PDQHUDGHOLEHUDUQRVGHOGRORUGHELOLWDQWHSRUWDQWR
FRQVLVWHHQDFHSWDUORWDOFRPRHV/D~QLFDVDOLGDHV
SDVDUSRUHOOR7HQHPRVTXHHQIUHQWDUQRVFRQYDOHQWtD
D QXHVWUR VXIULPLHQWR \ FRQVRODUQRV GXUDQWH HO
SURFHVR SDUD TXH HO WLHPSR SXHGD HMHUFHU VX PDJLD
FXUDWLYD

(/32'(5&85$7,92'(/$203$6,Ï13258120,602

3HQQ\ XQD FRPHUFLDO GLYRUFLDGD GH FXDUHQWD \ VHLV

DxRV GH HGDG VXIUtD XQD DQVLHGDG FDVL FRQVWDQWH
&XDQGR SDVDEDQ YDULRV GtDV VLQ TXH VX KLMD GH
YHLQWL~Q DxRV (ULQ TXH HVWDED HVWXGLDQGR IXHUD  OD
OODPDVH3HQQ\SHQVDEDLQPHGLDWDPHQWHTXHDOJRLED
PDO /H GHMDED PHQVDMHV GHVHVSHUDGRV HQ HO
FRQWHVWDGRU SUHJXQWiQGROH VL HVWDED ELHQ 'DED SRU
VHQWDGR TXH OD IDOWD GH QRWLFLDV HTXLYDOtD D PDODV
QRWLFLDV &XDQGR KDEODED FRQ (ULQ \ HVFXFKDED XQ
©£2K QRª LQWHUUXPStD OD FRQYHUVDFLyQ SDUD
SUHJXQWDUOH GHVHVSHUDGDPHQWH ©¢4Xp SDVD TXp
SDVD"ª $XQTXH (ULQ TXHUtD D VX PDGUH OH GDED
PLHGRLUDYLVLWDUODSRUTXHVLHPSUHHVWDEDPX\WHQVD
\QHUYLRVD3HQQ\HUDFRQVFLHQWHGHODVUHWLFHQFLDVGH
VX KLMD \ VH FULWLFDED FRQ GXUH]D D Vt PLVPD SRU VHU
WDQDJRELDQWH\QHUYLRVD1RTXHUtDVHUDVt
(ULQHVWDEDFRQYHQFLGDGHTXHODDQVLHGDGGHVX
PDGUH VH GHEtD D XQ WUDXPD HPRFLRQDO VLQ UHVROYHU
(OSDGUHGH3HQQ\KDEtDVLGRGDGRSRUGHVDSDUHFLGR
GXUDQWH OD JXHUUD GH 9LHWQDP FXDQGR HOOD VROR WHQtD
VHLV DxRV /D PDGUH GH 3HQQ\ VXIULy XQD FULVLV
QHUYLRVDDOUHFLELUODQRWLFLDSRUORTXH3HQQ\YLYLy
FRQVXDEXHODPDWHUQDGXUDQWHGRVDxRVKDVWDTXHVX
PDGUH HVWXYR HQ FRQGLFLRQHV GH FXLGDU GH HOOD GH
QXHYR (O SDGUH GH 3HQQ\ QXQFD DSDUHFLy \ HOOD QR
SXGRKDFHUHOGXHORFRUUHVSRQGLHQWH(OUHVXOWDGRIXH
TXH 3HQQ\ VHQWtD XQ WHPRU LUUDFLRQDO D SHUGHU D VX
KLMD(ULQGHODPLVPDPDQHUDTXHKDEtDSHUGLGRDVX
SDGUH/DDQVLHGDGKDEtDLQYDGLGRFDGDULQFyQGHVX
YLGD
(ULQ KDEtD DVLVWLGR D XQD FRQIHUHQFLD VREUH OD
FRPSDVLyQ KDFLD XQR PLVPR HQ OD XQLYHUVLGDG H
LQWHQWy FRQYHQFHU D VX PDGUH GH TXH GHEtD VHU PiV
DXWRFRPSDVLYD ©4XLHUR TXH VHDV IHOL] PDPi ²OH
GLMR² < FUHR TXH HVWR WH D\XGDUtD < D QXHVWUD
UHODFLyQª
$XQTXH FRQ UHWLFHQFLDV HO DPRU SRU VX KLMD
OOHYy D 3HQQ\ D HPSH]DU XQD WHUDSLD FRQ XQ
HVSHFLDOLVWD TXH LQFRUSRUDED H[SOtFLWDPHQWH OD
FRPSDVLyQ KDFLD XQR PLVPR HQ VX HQIRTXH
WHUDSpXWLFR3HQQ\TXHUtDGRPLQDUVXDQVLHGDGGHXQD
YH]SRUWRGDV\HQIUHQWDUVHDOGRORUTXHVHQWtDSRUOD
SpUGLGD GH VX SDGUH 6X WHUDSHXWD OH DFRQVHMy TXH
IXHVH GHVSDFLR \ TXH LQWHQWDVH HVWDU OR PiV FyPRGD
SRVLEOHHQFDGDPRPHQWR
 3HQQ\ LQWHQWy FHQWUDUVH SULPHUR HQ VHQWLU
FRPSDVLyQ SRU OD DQVLHGDG TXH SDGHFtD HQ HO
SUHVHQWH FRPR DGXOWD (PSH]y D GDUVH FXHQWD GH OR
PXFKR TXH VXIUtD SRUTXH HO PLHGR VLHPSUH HVWDED
SUHVHQWHHQVXFRUD]yQOLVWRSDUDVDOWDUHQFXDOTXLHU
PRPHQWR6XWHUDSHXWDOHUHFRUGyFRQGHOLFDGH]DTXH
VX DQVLHGDG HUD XQD H[SHULHQFLD LQFUHtEOHPHQWH
FRP~Q DOJR FRQ OR TXH PLOORQHV GH SHUVRQDV
OXFKDEDQ FDGD GtD &RQ HO WLHPSR 3HQQ\ DSUHQGLy D
MX]JDUVHFRQXQSRFRPHQRVGHVHYHULGDGSRUVHUWDQ
QHUYLRVD\HPSH]yDFRQVRODUVHSRUWHQHUHVHPLHGR
FRQVWDQWH H LQFRQWURODEOH &XDQGR VH VLQWLy
SUHSDUDGDSXGRFHQWUDUVXDWHQFLyQHQHORULJHQGHVX
PLHGR OD H[SHULHQFLD GH SHUGHU D VX PDGUH \ D VX
SDGUHDOPLVPRWLHPSRFXDQGRHUDSHTXHxD
$O SULQFLSLR 3HQQ\ VH FHQWUy SULQFLSDOPHQWH HQ
ODFRPSDVLyQTXHVHQWtDSRUVXPDGUHXQVHQWLPLHQWR
TXH OH SDUHFtD PiV PDQHMDEOH 6X FRUD]yQ HPSH]y D
DEULUVH FXDQGR SHQVy HQ HO KRUURU TXH VX PDGUH
KDEUtD H[SHULPHQWDGR DO HQWHUDUVH GH TXH VX PDULGR
HVWDEDGHVDSDUHFLGR\QRSRGHUVDEHUVLHVWDEDYLYR
R PXHUWR 'HVSXpV LQWHQWy VHQWLU FRPSDVLyQ SRU Vt
PLVPDSRUORDVXVWDGD\ORVRODTXHVHVLQWLyFXDQGR
VX SDGUH GHVDSDUHFLy \ VX PDGUH VH KXQGLy $O
SULQFLSLRVHVLQWLyFRPRSDUDOL]DGDLQFDSD]GHVHQWLU
QDGD
(O WHUDSHXWD OH SLGLy TXH OOHYDVH XQD IRWRJUDItD
GHSHTXHxDDODVLJXLHQWHVHVLyQ(QODIRWRDSDUHFtD
XQD QLxD GH VHLV DxRV FRQ XQ YHVWLGR GH WHUFLRSHOR
JUDQDWH DEULHQGR UHJDORV GH 1DYLGDG &XDQGR 3HQQ\
REVHUYy OD IRWR YLR HO URVWUR GH (ULQ PLUiQGROD
,PDJLQyFyPRVHKDEUtDVHQWLGRVXKLMDDODHGDGGH
VHLVDxRVVLOHKXELHVHRFXUULGRORTXHOHSDVyDHOOD
(VH SHQVDPLHQWR GHUULEy VXV GHIHQVDV \ YLYLy XQ
LQWHQVR PRPHQWR GH FRQWDFWR FRQ VX QLxD LQWHULRU GH
VHLV DxRV FRQ HO LQPHQVR PLHGR OD FRQIXVLyQ \ OD
WULVWH]DTXHVLQWLyHQWRQFHV
'XUDQWHYDULDVVHPDQDV3HQQ\QRSXGRHYLWDUHO
OODQWRFDGDYH]TXHSHQVDEDHQVXLQIDQFLD1RSRGtD
KDFHU QDGD SDUD DUUHJODU ODV FRVDV SDUD FDPELDU OR
RFXUULGR 1R SRGtD KDFHU QDGD SDUD DVHJXUDUVH GH
TXH VX KLMD QXQFD VXIULUtD QLQJ~Q GDxR 6ROR KDEtD
GRORU WULVWH]D SHQD SUHRFXSDFLyQ \ PLHGR 3HUR
WDPELpQ FRPSDVLyQ &DGD YH] TXH VHQWtD TXH VXV
HPRFLRQHV QHJDWLYDV SRGtDQ PiV TXH HOOD 3HQQ\
SHQVDEDHQODIRWRJUDItD,PDJLQDEDTXHDFDULFLDEDHO
SHOR GH DTXHOOD QLxD \ TXH OH GHFtD FRQ GXO]XUD TXH
WRGR LED D VDOLU ELHQ $XQTXH OD DQVLHGDG QR
GHVDSDUHFLy Vt HPSH]y D VHU PHQRV LQWHQVD PiV
VRSRUWDEOHPHQRVDEUXPDGRUD
 8Q GtD 3HQQ\ OOHJy PX\ HPRFLRQDGD D OD
FRQVXOWD©$\HU(ULQHVWXYRHQFDVD0LHQWUDVKDEODED
SRU WHOpIRQR Rt FyPR GHFtD ³£(VR HV WHUULEOH £2K
'LRV PtR´ 0L UHDFFLyQ LQVWLQWLYD IXH SUHJXQWDUOH
LQPHGLDWDPHQWH TXp SDVDED SHUR OR TXH KLFH IXH
SHUPLWLUPHVHQWLUHOPLHGR&RQVHJXtQRDEDODQ]DUPH
VREUHHOODHQFXDQWRFROJyHOWHOpIRQR\SHQVpTXHVL
VH WUDWDED GH XQD HPHUJHQFLD PH OR GLUtD HQVHJXLGD
)XHGXURHVSHUDUSHURPHVHQWtVXILFLHQWHPHQWHIXHUWH
SDUD FRQVHJXLUOR 5HVXOWD TXH XQR GH ORV SHUVRQDMHV
GHVXVHULHIDYRULWDKDEtDVLGRDVHVLQDGRHQHO~OWLPR
HSLVRGLR(VRHUDWRGR£0HQXGDYLFWRULDª
+LVWRULDVFRPRODGH3HQQ\VRQPX\KDELWXDOHV
6REUHWRGRFXDQGRVXVSURWDJRQLVWDVUHFLEHQD\XGDGH
XQ WHUDSHXWD OD DXWRFRPSDVLyQ WLHQH HO SRGHU GH
WUDQVIRUPDU YLGDV UDGLFDOPHQWH 3RU HVD UD]yQ
PXFKRV SVLFyORJRV FOtQLFRV HVWiQ HPSH]DQGR D
LQFRUSRUDU OD FRPSDVLyQ KDFLD XQR PLVPR HQ VXV
HQIRTXHVWHUDSpXWLFRV

(175(1$0,(1720(17$/&21&203$6,Ï1

3DXO *LOEHUW PpGLFR HQ OD 8QLYHUVLGDG GH 'HUE\ \

DXWRU GH 7KH &RPSDVVLRQDWH 0LQG HV XQR GH ORV
SULQFLSDOHV SHQVDGRUHV H LQYHVWLJDGRUHV VREUH OD
DXWRFRPSDVLyQ FRPR KHUUDPLHQWD WHUDSpXWLFD +D
GHVDUUROODGRXQPRGHORGHWHUDSLDGHJUXSROODPDGR
©(QWUHQDPLHQWR PHQWDO FRQ FRPSDVLyQª (0&  FX\R
REMHWLYR HV D\XGDU D ODV SHUVRQDV PX\ FUtWLFDV
FRQVLJRPLVPDV6XHQIRTXHVHFHQWUDHQD\XGDUDORV
SDFLHQWHVDHQWHQGHUHOGDxRTXHVHKDFHQPHGLDQWHOD
DXWRFUtWLFD FRQVWDQWH \ D WHQHU FRPSDVLyQ SRU HVH
FRPSRUWDPLHQWR *LOEHUW DILUPD TXH OD DXWRFUtWLFD HV
XQ PHFDQLVPR GH VXSHUYLYHQFLD EDVDGR HQ OD
HYROXFLyQ GLVHxDGR SDUD D\XGDUQRV D PDQWHQHUQRV
VHJXURV YpDVH FDStWXOR   \ SRU WDQWR QR GHEH VHU
MX]JDGD (O (0& D\XGD D HQWHQGHU HVH PHFDQLVPR \
HQVHxDDORVSDFLHQWHVDUHODFLRQDUVHFRQVLJRPLVPRV
FRQ FRPSDVLyQ HQ OXJDU GH FDVWLJDUVH (Q DOJXQRV
FDVRVHOSURFHVRUHVXOWDFRPSOLFDGR
0XFKRV GH ORV SDFLHQWHV GH *LOEHUW WLHQHQ
DQWHFHGHQWHV GH DEXVRV ItVLFRV R HPRFLRQDOHV SRU
SDUWH GH VXV SDGUHV 3RU HVD UD]yQ DO SULQFLSLR VH
PXHVWUDQ DVXVWDGRV DQWH OD FRPSDVLyQ \ VH VLHQWHQ
YXOQHUDEOHVFXDQGRVRQDPDEOHVFRQVLJRPLVPRV6H
GHEHDTXHGHSHTXHxRVODVPLVPDVSHUVRQDVTXHOHV
SURSRUFLRQDEDQ FXLGDGRV VXV SDGUHV  WDPELpQ
WUDLFLRQDURQ VX FRQILDQ]D DO KDFHUOHV GDxR (Q HVRV
FRQWH[WRVORVVHQWLPLHQWRVGHFDULxRVHPH]FODQFRQ
ORV GH WHPRU OR TXH GLILFXOWD PXFKR HQWUDU HQ OD
FRPSDVLyQKDFLDXQRPLVPR*LOEHUWDGYLHUWHTXHODV
SHUVRQDV FRQ DQWHFHGHQWHV GH DEXVRV GHEHQ UHFRUUHU
GHVSDFLR HO FDPLQR GH OD DXWRFRPSDVLyQ SDUD QR
VHQWLUVH DWHPRUL]DGDV R DEUXPDGDV ,QFOXVR HQ FDVRV
GH SDFLHQWHV VLQ HVWRV DQWHFHGHQWHV OD LQYHVWLJDFLyQ
GH *LOEHUW LQGLFD TXH PXFKDV SHUVRQDV WLHQHQ PLHGR
GHVHUFRPSDVLYDVFRQVLJRPLVPDV/HVSUHRFXSDVHU
GpELOHVRUHFLELUUHFKD]RVLQRXWLOL]DQODDXWRFUtWLFD
SDUD HQIUHQWDUVH D VXV FDUHQFLDV SHUVRQDOHV (VH
WHPRU D OD FRPSDVLyQ DFW~D FRPR XQ REVWiFXOR SDUD
WUDWDUVH D Vt PLVPRV FRQ DPDELOLGDG \ H[DFHUED OD
DXWRFUtWLFD\ORVVHQWLPLHQWRVGHLQFRPSHWHQFLD
(O (0& VH EDVD HQ HO XVR GH LPiJHQHV GH
FRPSDVLyQ SDUD JHQHUDU VHQWLPLHQWRV GH FDOLGH] \
VHJXULGDG /RV WHUDSHXWDV SLGHQ D ORV SDFLHQWHV TXH
JHQHUHQ XQD LPDJHQ GH XQ OXJDU VHJXUR SDUD
FRQWUDUUHVWDU ORV WHPRUHV TXH SXGLHVHQ VXUJLU $
FRQWLQXDFLyQ VH OHV SLGH TXH FUHHQ XQD LPDJHQ LGHDO
GHXQDILJXUDFDULxRVD\FRPSDVLYD(VSHFLDOPHQWHHQ
HO FDVR GH ODV SHUVRQDV D ODV TXH OHV FXHVWD PXFKR
VHQWLU FRPSDVLyQ SRU Vt PLVPDV HVD LPDJHQ SXHGH
VHUYLU FRPR IXHQWH GH UHODMDFLyQ )LQDOPHQWH OD
FRPSDVLyQSRUXQRPLVPRGHMDGHGDUWDQWRPLHGR\
SDVDDVHUXQDKHUUDPLHQWDDODTXHVHSXHGHUHFXUULU
SDUDWUDWDUORVVHQWLPLHQWRVGHLQIHULRULGDG
 (Q XQ HVWXGLR VREUH OD HILFDFLD GHO (0& SDUD
SDFLHQWHV GH XQ SURJUDPD GH WUDWDPLHQWR HQ XQ
KRVSLWDO GH VDOXG PHQWDO SHUVRQDV WUDWDGDV SRU VXV
LQWHQVRVVHQWLPLHQWRVGHYHUJHQ]D\DXWRFUtWLFD ORV
SDUWLFLSDQWHV UHFLELHURQ VHVLRQHV GH GRV KRUDV
VHPDQDOHV GH (0& GXUDQWH GRFH VHPDQDV (O
HQWUHQDPLHQWR VXSXVR XQD VLJQLILFDWLYD UHGXFFLyQ GH
ORV QLYHOHV GH GHSUHVLyQ DXWRDJUHVLyQ VHQWLPLHQWRV
GH LQIHULRULGDG \ YHUJHQ]D $GHPiV FDVL WRGRV ORV
SDFLHQWHV VH VLQWLHURQ SUHSDUDGRV SDUD VDOLU GHO
KRVSLWDODODFDEDUHOSURJUDPD

(-(5&,&,2

8WLOL]DULPiJHQHVFRPSDVLYDV

(MHUFLFLR DGDSWDGR GH 3DXO *LOEHUW 7KH &RPSDVVLRQDWH 0LQG

/RQGUHV&RQVWDEOH 

6LpQWDWHFyPRGDPHQWHHQXQOXJDUVLOHQFLRVR/DSULPHUDWDUHD
FRQVLVWH HQ YLVXDOL]DU XQ OXJDU VHJXUR 3XHGH VHU LPDJLQDULR R
UHDOFXDOTXLHUOXJDUTXHWHKDJDVHQWLUHQSD]UHODMDGR\WUDQTXLOR
XQD SOD\D GH DUHQDV EODQFDV HO FODUR GH XQ ERVTXH FRQ FLHUYRV
SDVWDQGRODFRFLQDGHODDEXHODRXQVLOOyQMXQWRDXQDFKLPHQHD
HQFHQGLGD ,QWHQWD YLVXDOL]DU HO OXJDU ¢4Xp FRORUHV WLHQH"
¢&XiQWDOXPLQRVLGDG"¢4XpVRQLGRVXRORUHVSHUFLEHV"6LDOJXQD
YH]VLHQWHVDQVLHGDGRLQVHJXULGDGHQWXYLDMHKDFLDODFRPSDVLyQ
UHFXUUHDODLPDJHQGHWXOXJDUVHJXURSDUDD\XGDUWHDFDOPDUWH
  /D VLJXLHQWH WDUHD FRQVLVWH HQ YLVXDOL]DU XQD ILJXUD FDULxRVD \
FRPSDVLYD DOJXLHQ TXH GHVSUHQGD VDELGXUtD IXHU]D FDORU \
DFHSWDFLyQ VLQ FUtWLFDV 3DUD DOJXQRV VHUi XQD ILJXUD UHOLJLRVD
FRQRFLGDFRPR-HVXFULVWRR%XGD3DUDRWURVVHUiDOJXLHQGHVX
SDVDGR FRPR XQD WtD R XQ SURIHVRU PX\ TXHULGRV < SDUD RWURV
SRGUtD VHU XQD PDVFRWD D OD TXH WHQtDPRV PXFKR FDULxR XQ VHU
FRPSOHWDPHQWH LPDJLQDULR R LQFOXVR XQD LPDJHQ DEVWUDFWD FRPR
XQD OX] EODQFD ,QWHQWD YLVXDOL]DU HVD LPDJHQ FRQ OD Pi[LPD
LQWHQVLGDGSRVLEOHLQFRUSRUDQGRWRGRVORVVHQWLGRVTXHSXHGDV
6LHVWiVVXIULHQGRSRUDOJ~QPRWLYRHQHVWHPRPHQWRSLHQVDHQ
ODVFRVDVVDELDV\FiOLGDVTXHHVDIXHQWHLGHDOL]DGDGHFRPSDVLyQ
WH GLUtD SDUD FRQVRODUWH ¢&yPR VHUtDQ VXV SDODEUDV" ¢4Xp
VHQWLPLHQWRVWHWUDQVPLWLUtDVXWRQRGHYR]"6LWHVLHQWHVXQSRFR
EORTXHDGRRFHUUDGRGDWHSHUPLVRSDUDGLVIUXWDUGHODSUHVHQFLD
FRPSDVLYDGHWXLPDJHQLGHDO/LPtWDWHDHVWDUSUHVHQWH
 /LEHUD WX LPDJHQ FRPSDVLYD LQVSLUD \ HVSLUD YDULDV YHFHV \
VLHQWHWXFXHUSRVDERUHDODFDOPDTXHKDVJHQHUDGRHQWXPHQWH
\ HQ WX FXHUSR 6DEHV TXH FDGD YH] TXH GHVHHV JHQHUDU
FRPSDVLyQ SDUD WL PLVPR SRGUiV XWLOL]DU HVD LPDJHQ D PRGR GH
WUDPSROtQ\WHSHUPLWLUiVUHFLELUHOUHJDORGHODERQGDG

&203$6,Ï1&216&,(17(

&KULVWRSKHU *HUPHU SVLFyORJR FOtQLFR DVRFLDGR D

+DUYDUG \ HVSHFLDOLVWD HQ OD LQWHJUDFLyQ GHO
PLQGIXOQHVV\ODSVLFRWHUDSLDHQVHxDFRPSDVLyQDOD
PD\RUtDGHVXVSDFLHQWHV&KULVHVXQDPLJR\FROHJD
FRQ HO TXH LPSDUWR WDOOHUHV GH FRPSDVLyQ KDFLD XQR
PLVPR (V DXWRU GHO PDUDYLOORVR (O SRGHU GHO
PLQGIXOQHVV  TXH UHVXPH ORV FRQRFLPLHQWRV
DGTXLULGRV D OR ODUJR GH ORV DxRV D\XGDQGR D VXV
SDFLHQWHV D UHODFLRQDUVH FRQVLJR PLVPRV GH PDQHUD
PiVFRPSDVLYD
*HUPHU REVHUYD TXH VXV SDFLHQWHV SDVDQ SRU
YDULDV IDVHV GH SUiFWLFD GH OD FRPSDVLyQ GXUDQWH VX
WHUDSLD 8QD H[SHULHQFLD KDELWXDO DO SULQFLSLR
HVSHFLDOPHQWH HQWUH ORV TXH PDQLILHVWDQ VHQWLPLHQWRV
LQWHQVRV GH LQIHULRULGDG HV OD ©FRQWUDFRUULHQWHª
&XDQGRXQIXHJRVHYHSULYDGRGHR[tJHQR\VHGHMD
HQWUDUDLUHGHUHSHQWHORKDELWXDOHVTXHVHSURGX]FD
XQD H[SORVLyQ 'H IRUPD VLPLODU ODV SHUVRQDV
DFRVWXPEUDGDV D OD DXWRFUtWLFD FRQVWDQWH VXHOHQ
H[SORWDUGHLUD\QHJDWLYLGDGLQWHQVDFXDQGRLQWHQWDQ
DGRSWDU XQ HQIRTXH PiV DPDEOH \ FDULxRVR FRQVLJR
PLVPDV (V FRPR VL VX VHQWLGR GHO \R VH KXELHVH
FHQWUDGR WDQWR HQ VHQWLUVH LQDGDSWDGR TXH HVH ©\R
LQ~WLOª OXFKD SRU VREUHYLYLU FXDQGR VH VLHQWH
DPHQD]DGR /D PDQHUD GH WUDWDU OD FRQWUDFRUULHQWH
FRQVLVWH HQ DFHSWDU OD H[SHULHQFLD GH PDQHUD
FRQVFLHQWH\WHQHUFRPSDVLyQSRUORGXURTXHUHVXOWD
H[SHULPHQWDUXQDQHJDWLYLGDGWDQLQWHQVD
&XDQGR UHPLWH OD UHVLVWHQFLD LQLFLDO ORV
SDFLHQWHVVLHQWHQXQJUDQHQWXVLDVPRSRUSUDFWLFDUOD
FRPSDVLyQKDFLDVtPLVPRVSRUTXHHPSLH]DQDGDUVH
FXHQWDGHORSRGHURVDTXHUHVXOWD3DUD*HUPHUHVOD
IDVH GH ©HQDPRUDPLHQWRª 'HVSXpV GH OXFKDU FRQWUD
Vt PLVPRV GXUDQWH WDQWR WLHPSR VH HQDPRUDQ GHO
VHQWLPLHQWR GH SD] \ OLEHUWDG TXH GHVFXEUHQ DO
WUDWDUVHFRQWHUQXUD&RPRVLUHFLELHVHQHOEHVRGHVX
SULPHUDPRUVHHVWUHPHFHQGHSLHVDFDEH]D'XUDQWH
HVD IDVH ORV SDFLHQWHV WLHQGHQ D DIHUUDUVH D ORV
EXHQRVVHQWLPLHQWRVTXHGHVSLHUWDODFRPSDVLyQKDFLD
XQRPLVPR\GHVHDQH[SHULPHQWDUORVFRQVWDQWHPHQWH
$ PHGLGD TXH SDVD HO WLHPSR VLQ HPEDUJR HO
HQDPRUDPLHQWR VH YD GHVYDQHFLHQGR /RV SDFLHQWHV
VHGDQFXHQWDGHTXHODFRPSDVLyQSRUVtPLVPRVQR
KDFH TXH WRGRV VXV SHQVDPLHQWRV \ VHQWLPLHQWRV
QHJDWLYRV VH GHVYDQH]FDQ FRPR SRU DUWH GH PDJLD
'HEHPRVUHFRUGDUTXHODFRPSDVLyQKDFLDXQRPLVPR
QR HUUDGLFD HO GRORU QL ODV H[SHULHQFLDV QHJDWLYDV
VRORORVDFHSWDFRQERQGDG\OHVGDHVSDFLRSDUDTXH
VH WUDQVIRUPHQ &XDQGR ODV SHUVRQDV SUDFWLFDQ OD
DXWRFRPSDVLyQ FRPR PpWRGR SDUD UHVLVWLUVH D VXV
HPRFLRQHV QHJDWLYDV ORV VHQWLPLHQWRV QHJDWLYRV QR
VROR SHUPDQHFHQ VLQR TXH DGHPiV HPSHRUDQ FDVL
VLHPSUH *HUPHU DILUPD TXH FRQVLGHUD XQD EXHQD
VHxDOHVDIDVHGHODWHUDSLDSRUTXHVLJQLILFDTXHORV
SDFLHQWHV SXHGHQ HPSH]DU D FXHVWLRQDUVH VXV
PRWLYDFLRQHV ¢6RQ FRPSDVLYRV SULQFLSDOPHQWH
SRUTXH TXLHUHQ VHU HPRFLRQDOPHQWH VDQRV R SRUTXH
GHVHDQHOLPLQDUVXGRORU"
6L ORV SDFLHQWHV FRQVLJXHQ FRQWLQXDU FRQ OD
SUiFWLFD GXUDQWH HVH PRPHQWR GH GHELOLGDG
ILQDOPHQWH GHVFXEUHQ OD VDELGXUtD GH OD ©YHUGDGHUD
DFHSWDFLyQª 'XUDQWH HVD IDVH OD PRWLYDFLyQ SRU OD
DXWRFRPSDVLyQSDVDGH©FXUDUªD©FXLGDUª(OKHFKR
GH TXH OD YLGD UHVXOWD GRORURVD \ TXH WRGRV VRPRV
LPSHUIHFWRVVHDFHSWDHQVXWRWDOLGDGFRPRSDUWHGHO
KHFKRGHHVWDUYLYRV6HHQWLHQGHTXHODIHOLFLGDGQR
GHSHQGH GH TXH ODV FLUFXQVWDQFLDV VHDQ H[DFWDPHQWH
FRPR TXHUHPRV TXH VHDQ R GH TXH QRVRWURV VHDPRV
H[DFWDPHQWH FRPR QRV JXVWDUtD VHU /D IHOLFLGDG VH
FRQVLJXH TXHULpQGRQRV \ TXHULHQGR D QXHVWUDV YLGDV
WDO FRPR VRQ VDELHQGR TXH OD DOHJUtD \ HO GRORU OD
IRUWDOH]D\ODVGHELOLGDGHVODJORULD\HOIUDFDVRVRQ
HOHPHQWRVHVHQFLDOHVGHODH[SHULHQFLDKXPDQD
&KULV *HUPHU \ \R HVWDPRV WUDEDMDQGR
DFWXDOPHQWH HQ XQ LQWHUHVDQWH SUR\HFWR QXHYR XQ
FXUVR GH FRPSDVLyQ FRQVFLHQWH $&&  GH RFKR
VHPDQDV (V VLPLODU DO GH .DEDW=LQQ \ HVSHUDPRV
FRQVHJXLUTXHVLUYDFRPRFRPSOHPHQWR(QHOSULPHU
GtD GHO WDOOHU QRV FHQWUDPRV HQ H[SOLFDU HO FRQFHSWR
GHODFRPSDVLyQKDFLDXQRPLVPR\HQTXpGLILHUHGH
OD DXWRHVWLPD YpDVH FDStWXOR   /DV VLJXLHQWHV
VHPDQDVWUDEDMDPRVHQFyPRVHXWLOL]DODFRPSDVLyQ
SDUD DIURQWDU ODV HPRFLRQHV GLItFLOHV FRQ GLIHUHQWHV
WLSRVGHPHGLWDFLRQHVGHEHUHVSDUDFDVD\HMHUFLFLRV
H[SHULPHQWDOHV LQFOX\HQGR HQWUH RWURV ORV TXH
DSDUHFHQ HQ HVWH FDStWXOR  (O SURJUDPD SDUHFH GDU
UHVXOWDGRV PX\ YLVLEOHV HQ FXDQWR D FDPELRV
SRVLWLYRVHQODYLGDGHORVSDUWLFLSDQWHV\HVSHUDPRV
GLVSRQHUSURQWRGHGDWRVTXHFRQILUPHQODHIHFWLYLGDG
GH OD $&& FRPR LQWHUYHQFLyQ WHUDSpXWLFD 7DQWR
*HUPHU FRPR \R HVWDPRV FRQYHQFLGRV GH TXH
SDUWLFLSDUHQHOFXUVR$&&D\XGDUiDORVSDFLHQWHVD
PD[LPL]DUVXUHVLOLHQFLDHPRFLRQDO\VXELHQHVWDU(Q
ZZZVHOIFRPSDVVLRQRUJ! \ HQ
ZZZPLQGIXOVHOIFRPSDVVLRQRUJ! HQFRQWUDUiV PiV
LQIRUPDFLyQVREUHHOSURJUDPD

(-(5&,&,2

(VFiQHUFRUSRUDOFRPSDVLYR

7DPELpQGLVSRQLEOHFRPRPHGLWDFLyQJXLDGDHQLQJOpVHQIRUPDWR
03HQZZZVHOIFRPSDVVLRQRUJ!HQLQJOpV

8QD WpFQLFD TXH VH HQVHxD KDELWXDOPHQWH HQ ORV FXUVRV GH

PLQGIXOQHVV HV HO ©HVFiQHU FRUSRUDOª /D LGHD FRQVLVWH HQ
FHQWUDU VLVWHPiWLFDPHQWH OD DWHQFLyQ GHVGH OD FRURQLOOD KDVWD OD
SODQWD GH ORV SLHV \ KDFHUOR FRQ FRQFLHQFLD SOHQD GH WRGDV ODV
VHQVDFLRQHV ItVLFDV GHO FXHUSR &KULV *HUPHU \ \R WDPELpQ
XWLOL]DPRVHVWDWpFQLFDHQQXHVWURVWDOOHUHVGH$&&SHURFRQXQD
YDULDQWHDxDGLPRVODFRPSDVLyQKDFLDXQRPLVPR/DLGHDHVTXH
FDGD YH] TXH HQWUDV HQ FRQWDFWR FRQ XQD VHQVDFLyQ LQFyPRGD
PLHQWUDVHVFDQHDVHOFXHUSRGHEHVLQWHQWDUVXDYL]DUODWHQVLyQGH
PDQHUD DFWLYD FRQVROiQGRWH SRU WX VXIULPLHQWR $O DFDULFLDU
PHQWDOPHQWH HO FXHUSR GH HVH PRGR SXHGHV D\XGDU D DOLYLDU WXV
GRORUHVFRQVLGHUDEOHPHQWH
3DUDHPSH]DUORPHMRUHVTXHWHWXPEHVHQXQDFDPDRHQ
HO VXHOR &RORFD ORV EUD]RV UHODMDGRV D XQRV TXLQFH FHQWtPHWURV
GHOFXHUSR\ODVSLHUQDVVHSDUDGDVDODDOWXUDGHORVKRPEURV(Q
\RJD HVWD SRVWXUD HV OD GHO FDGiYHU \ SHUPLWH UHODMDU
FRPSOHWDPHQWH WRGRV ORV P~VFXORV (PSLH]D SRU OD FRURQLOOD
3HUFLEH ODV VHQVDFLRQHV GHO FXHUR FDEHOOXGR ¢6LHQWHV SLFRUHV
FRVTXLOOHRFDORUIUtR"1RWDVLVLHQWHVDOJXQDPROHVWLDHQOD]RQD
6LHVDVtLQWHQWDUHODMDUODWHQVLyQ\GHGLFDDWHQFLyQ\FDULxRDHVD
SDUWH GH WX FXHUSR $OJXQDV SDODEUDV SURQXQFLDGDV SDUD WXV
DGHQWURVHQXQWRQRUHODMDQWH\UHFRQIRUWDQWHWDPELpQSXHGHQVHU
GH JUDQ D\XGD SRU HMHPSOR ©3REUHFLWR DTXt KD\ PXFKD WHQVLyQ
QRSDVDQDGDUHOiMDWHª&XDQGRKD\DVWUDWDGRFRQFRPSDVLyQHVD
SDUWH GH WX FXHUSR R VL QR VHQWtDV QLQJXQD PROHVWLD GHVGH XQ
SULQFLSLRSDVDDODVLJXLHQWHSDUWH
([LVWHQ PXFKRV FDPLQRV TXH SXHGHV WRPDU 1RUPDOPHQWH
\RSDVRGHODFRURQLOODDODFDUDGHVSXpVDODSDUWHSRVWHULRUGHOD
FDEH]D HO FXHOOR ORV KRPEURV HO EUD]R GHUHFKR GHVGH OD SDUWH
VXSHULRU GHO EUD]R KDVWD HO DQWHEUD]R \ OD PDQR  HO EUD]R
L]TXLHUGR HO SHFKR HO DEGRPHQ OD HVSDOGD OD UHJLyQ SpOYLFD ORV
JO~WHRVODSLHUQDGHUHFKD GHOPXVORDODURGLOODODSDQWRUULOOD\HO
SLH \ODSLHUQDL]TXLHUGD2WUDVSHUVRQDVHPSLH]DQSRUORVSLHV\
YDQ VXELHQGR KDVWD OD FDEH]D 1R KD\ XQD PDQHUD FRUUHFWD GH
KDFHUORVLQRODTXHOHYD\DPHMRUDFDGDXQR
$ PHGLGD TXH HVFDQHDV FDGD SDUWH GH WX FXHUSR GH
PDQHUD FRQVFLHQWH FRPSUXHED VL SHUFLEHV DOJXQD WHQVLyQ \
RIUpFHWH FRPSDVLyQ SRU WX GRORU WUDWDQGR GH FDOPDU UHODMDU \
FRQIRUWDUHVD]RQDFRQVFLHQWHPHQWH<RLQWHQWRH[SUHVDUJUDWLWXG
D OD SDUWH GHO FXHUSR TXH PH GXHOH \ DSUHFLDU OR GLItFLO TXH PH
UHVXOWD SRU HMHPSOR HO FXHOOR TXH WLHQH TXH VRVWHQHU PL JUDQ
FDEH]D  (V XQD RSRUWXQLGDG SDUD VHU DPDEOH FRQ XQR PLVPR GH
XQDPDQHUDPX\FRQFUHWD&XDQWRPiVOHQWD\FRQVFLHQWHVHDOD
HMHFXFLyQGHOHMHUFLFLRPiVEHQHILFLRVREWHQGUiVGHpO
&XDQGR DFDEHV GH HVFDQHDU FRQVFLHQWHPHQWH WX FXHUSR
SXHGHOOHYDUWHFLQFRPLQXWRVRPHGLDKRUDGHSHQGHGHORUiSLGR
TXH OR KDJDV  SUHVWD DWHQFLyQ D WRGR HO FXHUSR FRQ VXV
VHQVDFLRQHVYLEUDQWHV\SDOSLWDQWHV\HQYtDWHDPRU\FRPSDVLyQ
/D PD\RUtD GH ORV TXH SUDFWLFDQ HVWH HMHUFLFLR DILUPDQ VHQWLUVH
PDUDYLOORVDPHQWHUHODMDGRV\DOPLVPRWLHPSRDFWLYDGRVFXDQGROR
WHUPLQDQ<HVPiVEDUDWRTXHXQPDVDMH
 &DStWXOR

$%$1'21$5(/-8(*2'(/$
$872(67,0$

1R WH WRPHV GHPDVLDGR HQ VHULR HO HJR &XDQGR GHWHFWHV OD
SUHVHQFLD GHO HJR HQ WL PLVPR VRQUtH $ YHFHV KDVWD SXHGHV
UHtUWH ¢&yPR KD SRGLGR OD KXPDQLGDG HVWDU GRPLQDGD SRU HVWR
GXUDQWHWDQWRWLHPSR"
(&.+$5772//(8QQXHYRPXQGRDKRUDHQFXHQWUDHO
SURSyVLWRGHWXYLGD

/DLGHDGHTXHQHFHVLWDPRVWHQHUXQDDXWRHVWLPDDOWD
SDUDHVWDUSVLFROyJLFDPHQWHVDQRVHVWiWDQH[WHQGLGD
HQODFXOWXUDRFFLGHQWDOTXHPXFKDJHQWHVLHQWHWHUURU
GH TXH DOJR SXHGD KDFHUOD SHOLJUDU 1RV GLFHQ TXH
GHEHPRV SHQVDU GH PDQHUD SRVLWLYD VREUH QRVRWURV
PLVPRV D WRGD FRVWD /RV SURIHVRUHV HQWUHJDQ
HVWUHOODV GRUDGDV D ORV DOXPQRV SDUD TXH VH VLHQWDQ
RUJXOORVRV \ HVSHFLDOHV /D DXWRHVWLPD DOWD VH
UHSUHVHQWD FRPR XQ JUDQ WHVRUR TXH WRGRV GHEHPRV
FRQVHJXLUXQELHQSUHFLDGRTXHWHQHPRVTXHREWHQHU
\SURWHJHU
(V FLHUWR TXH ODV SHUVRQDV FRQ XQD DXWRHVWLPD
DOWD WLHQGHQ D VHU PiV DOHJUHV DILUPDQ WHQHU PXFKRV
DPLJRV \ VH VLHQWHQ PRWLYDGDV PLHQWUDV TXH ODV
SHUVRQDV FRQ XQD DXWRHVWLPD EDMD VRQ VROLWDULDV \
VXIUHQ GH DQVLHGDG \ GHSUHVLyQ /DV SHUVRQDV FRQ OD
DXWRHVWLPD DOWD VRQ RSWLPLVWDV \ FUHHQ TXH HO PXQGR
HVWiDVXVSLHV/DVTXHWLHQHQODDXWRHVWLPDEDMDFDVL
QRSXHGHQDWDUVHORV]DSDWRVSRUODPDxDQD/DLGHD
HV TXH OD DXWRHVWLPD SURYRFD HVRV UHVXOWDGRV /D IH
FDVL UHOLJLRVD TXH GHSRVLWDPRV HQ HO SRGHU GH OD
DXWRHVWLPD SDUD JR]DU GH XQD EXHQD VDOXG PHQWDO KD
WUDtGRFRQVLJRXQDOXYLyQGHFXUVRVVREUHDXWRHVWLPD
HQ FROHJLRV FHQWURV FtYLFRV \ FHQWURV GH VDOXG
PHQWDO(QHOHVWDGRGH&DOLIRUQLDSUHVHQWyVX
SURJUDPD 7DVN )RUFH RQ 6HOI(VWHHP DQG 3HUVRQDO
DQG 6RFLDO 5HVSRQVLELOLW\ FRQ XQ SUHVXSXHVWR DQXDO
GHGyODUHV/RVPRWLYRVDOHJDGRVIXHURQTXH
VLPHMRUDEDODDXWRHVWLPDGHORVQLxRVGH&DOLIRUQLD
VH SDOLDUtDQ SUREOHPDV FRPR HO DFRVR HVFRODU OD
GHOLQFXHQFLD ORV HPEDUD]RV DGROHVFHQWHV HO
FRQVXPR GH GURJDV \ HO IUDFDVR HVFRODU ,QFOXVR VH
DILUPy TXH LQYHUWLU HQ OD DXWRHVWLPD GH ORV QLxRV
FRPSHQVDUtD HQ IRUPD GH LQJUHVRV SRU LPSXHVWRV D
ODUJR SOD]R \D TXH ODV SHUVRQDV FRQ OD DXWRHVWLPD
DOWDWLHQGHQDJDQDUPiVGLQHURTXHODVTXHODWLHQHQ
EDMD 0XOWLWXG GH UHYLVWDV IHPHQLQDV KDQ SUHJRQDGR
ORVEHQHILFLRVGHODDXWRHVWLPDDOWD\VHKDQHVFULWR
PLOHVGHOLEURVVREUHFyPRFRQVHJXLUODPHMRUDUODR
FRQVHUYDUOD

(/75$-(18(92'(/(03(5$'25

/D IDVFLQDFLyQ SRU OD DXWRHVWLPD DOWD KD UHFLELGR HO

DSR\R GH ORV SVLFyORJRV GXUDQWH PXFKR WLHPSR 6H
KDQ SXEOLFDGR PiV GH TXLQFH PLO DUWtFXORV
DFDGpPLFRV VREUH HO WHPD 6LQ HPEDUJR HQ ORV
~OWLPRV WLHPSRV ORV SVLFyORJRV KDQ HPSH]DGR D
FXHVWLRQDUVH VL OD DXWRHVWLPD DOWD HV UHDOPHQWH OD
SDQDFHD TXH WRGRV KDEtDQ SHQVDGR /RV LQIRUPHV
VREUH OD HILFDFLD GH OD LQLFLDWLYD FDOLIRUQLDQD SDUD
IRPHQWDUODDXWRHVWLPDSRUHMHPSORVXJLHUHQTXHIXH
XQFRPSOHWRIUDFDVR$SHQDVVHFRQVLJXLyQLQJXQRGH
ORV UHVXOWDGRV HVSHUDGRV 3RU VXSXHVWR HVR QR
LPSLGLy TXH OD 7DVN )RUFH FRQFOX\HVH TXH ©OD
DXWRHVWLPD UHGXFLGD DSDUHFH FRPR XQD SRGHURVD
YDULDEOH LQGHSHQGLHQWH FRQGLFLyQ FDXVD IDFWRU  HQ
ODJpQHVLVGHSUREOHPDVVRFLDOHVLPSRUWDQWHV7RGRV
VDEHPRV TXH HVWR HV FLHUWR \ HQ UHDOLGDG QR HV
QHFHVDULRFUHDUXQJUXSRGHWUDEDMRHVSHFLDOVREUHHO
WHPDSDUDFRQYHQFHUQRVGHHOORª(QRWUDVSDODEUDV
VDEHPRVTXHODDXWRHVWLPDIXQFLRQDDXQTXHORVGDWRV
GH TXH GLVSRQHPRV GLJDQ TXH QR SRU WDQWR QR
GHEHUtDPRVKDEHUQRVPROHVWDGRHQLQWHQWDUGHPRVWUDU
OR TXH HUD HYLGHQWH GHVGH HO SULQFLSLR &RPR
FRPHQWy HO KXPRULVWD :LOO 5RJHUV HQ XQD RFDVLyQ
©<R QR FXHQWR FKLVWHV 6ROR REVHUYR DO JRELHUQR \
H[SOLFRORVKHFKRVª
(QXQLQIOX\HQWHDUWtFXORGHLQYHVWLJDFLyQVREUH
OD DXWRHVWLPD VH FRQFOX\H TXH OD DXWRHVWLPD DOWD HQ
UHDOLGDGQRPHMRUDHOUHQGLPLHQWRHVFRODURODERUDO
QLWDPSRFRODFDSDFLGDGGHOLGHUD]JRQLHYLWDTXHORV
QLxRV IXPHQ EHEDQ WRPHQ GURJDV \ HPSLHFHQ D
SUDFWLFDU VH[R GHPDVLDGR SURQWR (Q WRGR FDVR OD
DXWRHVWLPD HOHYDGD SDUHFH VHU OD FRQVHFXHQFLD PiV
TXH OD FDXVD GH XQD FRQGXFWD VDOXGDEOH (O LQIRUPH
DGHPiV FXHVWLRQD OD LGHD GH TXH ORV DFRVDGRUHV
DFW~DQ FRPR OR KDFHQ SRUTXH WLHQHQ XQD EDMD
DXWRHVWLPD'HKHFKRORVDFRVDGRUHVWLHQGHQDWHQHU
XQDDXWRHVWLPDWDQDOWDFRPRODGHFXDOTXLHUSHUVRQD
0HWHUVH FRQ ORV GHPiV HV XQD GH VXV SULQFLSDOHV
PDQHUDV GH VHQWLUVH IXHUWHV \ VXSHULRUHV /DV
SHUVRQDV FRQ OD DXWRHVWLPD DOWD WLHQGHQ D VHU
H[FOXVLYLVWDVHQJHQHUDOSUHILHUHQDORVPLHPEURVGH
ORV JUXSRV FHUUDGRV D ORV TXH SHUWHQHFHQ $Vt OD
LQYHVWLJDFLyQ GHPXHVWUD TXH ODV SHUVRQDV FRQ XQD
DXWRHVWLPD DOWD WLHQHQ WDQWRV SUHMXLFLRV VL QR PiV
TXH ODV TXH QR VH JXVWDQ D Vt PLVPDV $GHPiV ODV
SHUVRQDV FRQ XQD DXWRHVWLPD DOWD PDQLILHVWDQ
FRQGXFWDVVRFLDOPHQWHQRGHVHDEOHVFRPRFRSLDUHQ
ORV H[iPHQHV FRQ OD PLVPD IUHFXHQFLD TXH ODV
SHUVRQDVFRQIDOWDGHDXWRHVWLPD
<FXDQGRODVSHUVRQDVFRQODDXWRHVWLPDDOWDVH
VLHQWHQ LQVXOWDGDV DFRVWXPEUDQ D LQFUHSDU D ORV
GHPiV (Q XQ HVWXGLR SRU HMHPSOR VH LQIRUPy D XQ
JUXSR GH XQLYHUVLWDULRV TXH VXV UHVXOWDGRV HQ XQ WHVW
GHLQWHOLJHQFLDHVWDEDQSRUGHEDMRGHODPHGLD/RV
TXH WHQtDQ XQD DXWRHVWLPD DOWD FRPSHQVDURQ OD PDOD
QRWLFLD LQVXOWDQGR \ PHQRVSUHFLDQGR D ORV RWURV
SDUWLFLSDQWHV/RVTXHWHQtDQXQDEDMDDXWRHVWLPDSRU
RWUR ODGR UHDFFLRQDURQ FRQ PiV DPDELOLGDG \
IHOLFLWDURQ D ORV RWURV SDUWLFLSDQWHV FRQ HO ILQ GH
SDUHFHU PiV DJUDGDEOHV ¢&RQ TXLpQ SUHIHULUtDV
UHODFLRQDUWH FXDQGR VH GLVWULEX\DQ ORV LQIRUPHV
DQXDOHVGHUHQGLPLHQWRHQHOWUDEDMR"

'(72'2602'26¢48e(6/$$872(67,0$"
$QWHV GH FRQWLQXDU FRQYLHQH H[DPLQDU PiV GH FHUFD
HQTXpFRQVLVWHUHDOPHQWHODDXWRHVWLPD(QHOIRQGR
ODDXWRHVWLPDHVXQDYDORUDFLyQGHQXHVWURPpULWRXQD
FUHHQFLD GH TXH VRPRV SHUVRQDV EXHQDV \ YDOLRVDV
:LOOLDP -DPHV XQR GH ORV SDGUHV IXQGDGRUHV GH OD
SVLFRORJtDRFFLGHQWDODILUPyTXHODDXWRHVWLPDHVXQ
SURGXFWR GH OD ©FRPSHWHQFLD SHUFLELGD HQ WpUPLQRV
GH LPSRUWDQFLDª (VWR VLJQLILFD TXH OD DXWRHVWLPD
GHULYD GH SHQVDU TXH VRPRV EXHQRV HQ FRVDV TXH
WLHQHQ XQ VLJQLILFDGR SHUVRQDO SDUD QRVRWURV <R
SXHGR VHU PX\ EXHQD MXJDQGR D ODV GDPDV \ XQ
GHVDVWUH HQ DMHGUH] SHUR HVR VROR LQIOXLUi HQ PL
DXWRHVWLPD VL YDORUR HO KHFKR GH VHU EXHQD HQ ODV
GDPDV R HQ HO DMHGUH] /D GLQiPLFD TXH -DPHV
LGHQWLILFy VXJLHUH TXH H[LVWHQ GRV YtDV SULQFLSDOHV
SDUDDXPHQWDUQXHVWUDDXWRHVWLPD
8QHQIRTXHFRQVLVWHHQYDORUDUODVFRVDVTXHVH
QRVGDQELHQ\UHVWDUYDORUDDTXHOODVTXHVHQRVGDQ
PDO8QDGROHVFHQWHTXHMXHJDPX\ELHQDEDORQFHVWR
\HVXQGHVDVWUHHQPDWHPiWLFDVSRGUtDGHFLGLUTXHHO
EDORQFHVWR HV PX\ LPSRUWDQWH PLHQWUDV TXH ODV
PDWHPiWLFDVQRORVRQ(OSUREOHPDSRWHQFLDOGHHVWH
HQIRTXH HV TXH SRGHPRV PHQRVFDEDU OD LPSRUWDQFLD
GHDSUHQGHUKDELOLGDGHVYDOLRVDVVRORSRUTXHDVtQRV
VHQWLPRVPHMRUFRQQRVRWURVPLVPRV&XDQGRXQQLxR
FHQWUD WRGD VX HQHUJtD HQ FRQYHUWLUVH HQ XQ EXHQ
MXJDGRU GH EDORQFHVWR \ SDVD SRU DOWR ODV
PDWHPiWLFDV HVWi OLPLWDQGR VXV RSRUWXQLGDGHV
ODERUDOHVHQHOIXWXUR DOJRTXHRFXUUHFRQGHPDVLDGD
IUHFXHQFLD (QRWUDVSDODEUDVHOGHVHRGHFRQVHJXLU
XQD DXWRHVWLPD DOWD D FRUWR SOD]R SRGUtD VHU
SHUMXGLFLDOSDUDQXHVWURGHVDUUROORDODUJRSOD]R
/D RWUD YtD SDUD DXPHQWDU QXHVWUD DXWRHVWLPD
FRQVLVWH HQ LQFUHPHQWDU QXHVWUD FRPSHWHQFLD HQ
DTXHOORV FDPSRV TXH VRQ LPSRUWDQWHV SDUD QRVRWURV
3RUHMHPSORXQDPXMHUTXHYDORUDWHQHUHODVSHFWRGH
XQDPRGHORSRGUtDLQWHQWDUSHUGHUHVRV~OWLPRVVLHWH
NLORVTXHOHIDOWDQSDUDDOFDQ]DUHOSHVRGHVHDGR(O
SUREOHPDHVTXHDYHFHVUHVXOWDFRQWUDSURGXFHQWHHVH
DIiQ SRU PHMRUDU /D PXMHU TXH LQWHQWD PHWHUVH HQ
XQRVYDTXHURVGHODWDOODFXDQGRHQUHDOLGDGQRHV
GHOJDGD SRU QDWXUDOH]D DFDEDUi VLQWLpQGRVH
KDPEULHQWD IUXVWUDGD \ GHSULPLGD +XELHVH VLGR
PHMRU TXH QR GLHVH WDQWD LPSRUWDQFLD DO KHFKR GH
SDUHFHUXQDPRGHORHQSULPHUDLQVWDQFLD \DGHPiV
ODPD\RUtDGHORVKRPEUHVDILUPDQTXHSUHILHUHQODV
FXUYDV 
&KDUOHV +RUWRQ &RROH\ XQ FRQRFLGR VRFLyORJR
GH SULQFLSLRV GHO VLJOR ;; LGHQWLILFy RWUD IXHQWH
KDELWXDOGHDXWRHVWLPD3URSXVRTXHORVVHQWLPLHQWRV
GH DXWRHVWLPD VXUJHQ GHO ©\R HVSHMRª HV GHFLU
QXHVWUD SHUFHSFLyQ GH FyPR QRV YHQ ORV GHPiV 6L
FUHHPRV TXH ORV GHPiV QRV MX]JDQ GH PDQHUD
SRVLWLYDQRVVHQWLUHPRVELHQFRQQRVRWURVPLVPRV6L
FUHHPRVTXHORVRWURVQRVMX]JDQGHPDQHUDQHJDWLYD
QRV VHQWLUHPRV PDO FRQ QRVRWURV PLVPRV /D
DXWRHVWLPD HQ RWUDV SDODEUDV VXUJH QR VROR GH
QXHVWURV SURSLRV MXLFLRV VLQR WDPELpQ GH ORV MXLFLRV
SHUFLELGRV GH ORV GHPiV < GHEHPRV VXEUD\DU HO
WpUPLQR©SHUFLELGRVª
/DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH OD
DXWRHVWLPD UHFLEH PiV LQIOXHQFLD GH ORV MXLFLRV
SHUFLELGRV GH GHVFRQRFLGRV TXH GH ORV DPLJRV \ OD
IDPLOLD 3LpQVDOR &XDQGR WX PDGUH WH GLFH OR
HOHJDQWH R OR DWUDFWLYR TXH HUHV ¢KDVWD TXp SXQWR WH
WRPDV HO FRPHQWDULR HQ VHULR" ©&ODUR TXH PL PDGUH
GLUtD HVR £HV PL PDGUHª 7HQHPRV WHQGHQFLD D
RWRUJDUPiVSHVRDORTXH©RWURVªVLQQRPEUH\FDUD
SLHQVDQGHQRVRWURV FRPSDxHURVGHWUDEDMRYHFLQRV
FRPSDxHURVGHFROHJLRHWFpWHUD TXHVHVXSRQHVRQ
PiVREMHWLYRV(OJUDQYDFtRGHHVWHUD]RQDPLHQWRHV
TXH HO KLOR GHO TXH SHQGH QXHVWUD DXWRHVWLPD HV
H[WUHPDGDPHQWH ILQR (Q SULPHU OXJDU GDGR TXH ODV
SHUVRQDVTXHQRQRVFRQRFHQGHPDVLDGRQRHVWiQHQ
GLVSRVLFLyQ GH UHDOL]DU XQ MXLFLR DFHUWDGR VREUH
QRVRWURV ¢SRU TXp GHEHUtDPRV GHMDUQRV LQIOXLU SRU
VXV RSLQLRQHV" (Q VHJXQGR OXJDU ¢DFDVR FRQRFHPRV
VXVRSLQLRQHV"
&XDQGR LED D OD XQLYHUVLGDG PH SDVDED KRUDV
SHLQiQGRPH \ PDTXLOOiQGRPH DO HVWLOR JyWLFR FDGD
YH]TXHLEDDXQORFDOQRFWXUQRGHGHDWKURFN4XHUtD
SDUHFHU©JXD\ªDQWHORVGHPiVJyWLFRV6LQHPEDUJR
VLHPSUH PH VHQWtD XQD IDUVDQWH \ SHQVDED TXH ORV
GHPiV PH PLUDEDQ PDO (Q JHQHUDO WHQtD OD
DXWRHVWLPD EDMD UHVSHFWR D PLV SLQWDV GH URFNHUD D
SHVDU GH WRGRV PLV HVIXHU]RV GH PDTXLOODMH \
SHOXTXHUtD $xRV PiV WDUGH DOJXQRV DPLJRV PH
GLMHURQTXHORVGHPiVSHQVDEDQTXHWHQtDXQDVSHFWR
HVWXSHQGR\TXHLQFOXVRLQWHQWDEDQLPLWDUPH(QRWUDV
SDODEUDVPLVSHUFHSFLRQHVVREUHODVSHUFHSFLRQHVGH
ORV GHPiV HUDQ HUUyQHDV < GHVSXpV GH UHYLVDU ODV
SUXHEDV IRWRJUiILFDV VXV SHUFHSFLRQHV WDPELpQ PH
SDUHFLHURQHUUyQHDV3XHGRGHFLUGHILQLWLYDPHQWHTXH
HOHVWLORJyWLFRQRHUDSDUDPt
7HQHPRVWHQGHQFLDDSHQVDUTXHVRORORVMyYHQHV
FDHQ SUHVDV GH OD SUHVLyQ GHO JUXSR \ ODV
LQVHJXULGDGHV GH HVWH WLSR SHUR ORV DGXOWRV WDPELpQ
QRV VHQWLPRV ELHQ R PDO FRQ QRVRWURV PLVPRV VROR
SRUXQDLGHDYDJDHLQFRKHUHQWHVREUHFyPRQRVYHQ
©ORV GHPiVª 1XHVWUD SHUFHSFLyQ GH OD UHDOLGDG QR
VROR VH QXEOD VLJQLILFDWLYDPHQWH VLQR TXH DGHPiV
QXHVWUD REVHVLyQ SRU OD LPSUHVLyQ TXH FDXVDPRV
SXHGHSURYRFDUXQJUDQDXWRHQJDxR

(63(-,72(63(-,72

/DVSHUVRQDVFRQODDXWRHVWLPDDOWDVHGHVFULEHQDVt
PLVPDV FRPR PiV DJUDGDEOHV \ DWUDFWLYDV FRQ
PHMRUHV UHODFLRQHV FRQ ORV GHPiV TXH ODV SHUVRQDV
FRQ OD DXWRHVWLPD EDMD /RV REVHUYDGRUHV REMHWLYRV
VLQHPEDUJRQRQHFHVDULDPHQWHHVWiQGHDFXHUGR(Q
XQ HVWXGLR ORV LQYHVWLJDGRUHV H[DPLQDURQ FyPR
SXQWXDEDQ ORV SDUWLFLSDQWHV OLFHQFLDGRV
XQLYHUVLWDULRV  VXV KDELOLGDGHV LQWHUSHUVRQDOHV VX
FDSDFLGDG SDUD HQWDEODU QXHYDV UHODFLRQHV KDEODU \
DEULUVH D ORV GHPiV JHVWLRQDU ORV FRQIOLFWRV \
SURSRUFLRQDUDSR\RHPRFLRQDO/RVSDUWLFLSDQWHVFRQ
OD DXWRHVWLPD DOWD DILUPDURQ TXH SRVHtDQ HVDV
KDELOLGDGHVHQDEXQGDQFLD6HJ~QVXVFRPSDxHURVGH
KDELWDFLyQ VLQ HPEDUJR VXV KDELOLGDGHV
LQWHUSHUVRQDOHV HVWDEDQ £'LRV QR OR TXLHUD  GHQWUR
GH OD PHGLD (VWXGLRV VLPLODUHV UHYHODQ TXH ODV
SHUVRQDVFRQODDXWRHVWLPDDOWDWLHQHQPiVFRQILDQ]D
HQ VX SRSXODULGDG PLHQWUDV TXH ODV SHUVRQDV FRQ OD
DXWRHVWLPDEDMDFUHHQTXHQRFDHQGHPDVLDGRELHQD
ORV GHPiV 6LQ HPEDUJR OR KDELWXDO HV TXH ORV
GHPiV WHQJDQ OD PLVPD RSLQLyQ VREUH ODV SHUVRQDV
FRQODDXWRHVWLPDDOWD\ODVTXHODWLHQHQEDMD/RTXH
RFXUUHHVTXHODVTXHWLHQHQODDXWRHVWLPDEDMDUHVWDQ
LPSRUWDQFLDDFyPRORVYHQORVGHPiVPLHQWUDVTXH
ODVTXHWLHQHQODDXWRHVWLPDDOWDYDORUDQHQH[FHVROD
DSUREDFLyQ GHO SUyMLPR (Q RWUDV SDODEUDV OD
DXWRHVWLPD DOWD QR WLHQH QDGD TXH YHU FRQ VHU PHMRU
SHUVRQDVLQRFRQSHQVDUTXHVHHVPHMRUSHUVRQD
5REELHHODEXHORGHPLPDULGRIXHXQJUDQMHUR
EODQFR \ ULFR HQ =LPEDEXH TXH JHVWLRQDED VXV
SODQWDFLRQHV FRQ PDQR GH KLHUUR 7HQtD XQD HOHYDGD
RSLQLyQ GH Vt PLVPR \ GDED SRU VHQWDGR TXH ORV
GHPiV WDPELpQ 5HFXHUGR TXH HQ XQD YLVLWD D
=LPEDEXH PLHQWUDV HO VLUYLHQWH QHJUR GH 5REELH DO
TXHOODPDED©DPRª QRVVHUYtDXQWpHVWHH[SOLFyXQD
KLVWRULDVREUHVXVHPSOHDGRV\VXUHODFLyQFRQHOORV
$O ILQDO GH VX UHODWR 5REELH DGRSWy XQ VHPEODQWH
PHODQFyOLFR \ GLMR ©/D YHUGDG FUHR TXH OHV FDLJR
ELHQª 1R WHQtD QL OD PHQRU LGHD R OD KDEtD
VXSULPLGR  GH TXH VXV WUDEDMDGRUHV OH REHGHFtDQ
FLHJDPHQWH SRUTXH OHV DWHUUDED SHUGHU VXV SXHVWRV
$XQTXH5REELHQRWHQtDDPLJRV VHKDEtDDOHMDGRGH
FDVLWRGDVXIDPLOLDSRUVXFRPSRUWDPLHQWRWLUiQLFR 
VH DIHUUy DO DXWRHQJDxR GH VHU TXHULGR \ DGPLUDGR
KDVWD HO GtD GH VX PXHUWH 3RU FLHUWR OD PXHUWH GH
5REELHIXHUHSHQWLQDVRORXQRVGtDVGHVSXpVGHTXH
5REHUW 0XJDEH GHFODUDVH TXH LED D DSURSLDUVH GH
WRGDVODVJUDQMDVGHEODQFRVGH=LPEDEXH$ORPHMRU
5REELH QR TXHUtD YLYLU VLQ VX SULQFLSDO IXHQWH GH
DXWRHVWLPD
(VFLHUWRTXHODDXWRHVWLPDDOWDDOPHQRVUHSRUWD
XQ EHQHILFLR WDQJLEOH \ QDGD GHVGHxDEOH IHOLFLGDG
&XDQGR WH JXVWDV D WL PLVPR WLHQGHV D VHU DOHJUH
FXDQGR QR WH JXVWDV WLHQGHV D HVWDU GHSULPLGR (VRV
HVWDGRV GH iQLPR GDQ FRORU D QXHVWURV VHQWLPLHQWRV
VREUH QXHVWUD YLGD HQ JHQHUDO &XDQGR FUHHPRV TXH
VRPRV HVWXSHQGRV OD YLGD HV HVWXSHQGD VL QR
SHQVDPRVDVtODYLGDHVXQDVFR/DIHOLFLGDGHVXQ
LPSRUWDQWH HOHPHQWR GH XQD EXHQD YLGD \ QR FDEH
GXGDGHTXHPHUHFHODSHQDFXOWLYDUOD6LQHPEDUJR
HO SUHFLR TXH KD\ TXH SDJDU SRU OD IHOLFLGDG
PRPHQWiQHD TXH DSRUWD OD DXWRHVWLPD DOWD SXHGH VHU
PX\FDUR

(/(67$148('(1$5&,62

/RVQDUFLVLVWDVWLHQHQXQDDXWRHVWLPDH[WUHPDGDPHQWH
DOWD \ VH VLHQWHQ IHOLFHV FDVL VLHPSUH 3RU VXSXHVWR
WDPELpQWLHQHQXQDFRQFHSFLyQLQIODGD\SRFRUHDOLVWD
GHVXSURSLRDWUDFWLYRFRPSHWHQFLDHLQWHOLJHQFLD\
VHVLHQWHQPHUHFHGRUHVGHXQWUDWRHVSHFLDO
1DUFLVR HO SHUVRQDMH PtWLFR TXH GD QRPEUH DO
©QDUFLVLVPRªHUDKLMRGH&HILVRHOGLRVGHORVUtRV
\ GH OD QLQID /LUtRSH 6H HQDPRUy GH VX SURSLD
LPDJHQUHIOHMDGDHQXQHVWDQTXHKDVWDHOSXQWRGHVHU
LQFDSD] GH DSDUWDUVH GHO UHIOHMR \ DFDEy ODQ]iQGRVH
DO DJXD GRQGH PXULy (Q OD SVLFRORJtD PRGHUQD HO
QDUFLVLVPR VH PLGH DQDOL]DQGR ODV SXQWXDFLRQHV
REWHQLGDV HQ HO LQYHQWDULR GH SHUVRQDOLGDG
QDUFLVLVWDTXHLQFOX\HDILUPDFLRQHVFRPR©&UHRTXH
VR\XQDSHUVRQDHVSHFLDOª©0HJXVWDPLUDUPHHQORV
HVSHMRVª\©6L\RJREHUQDVHHOPXQGRVHUtDXQOXJDU
PHMRUª/DVLQYHVWLJDFLRQHVDILUPDQTXHODVSHUVRQDV
FRQ SXQWXDFLRQHV DOWDV HQ HVD HVFDOD WDPELpQ
GHPXHVWUDQ XQD JUDQ VDWLVIDFFLyQ FRQ VXV YLGDV ¢$
TXLpQ QR OH JXVWDUtD XQ HVSHFWiFXOR GHO TXH HV
SURWDJRQLVWD"
6LQ HPEDUJR ORV QDUFLVLVWDV VRQ SUHVRV GH XQD
WUDPSD VRFLDO $XQTXH GHVHDQ TXH VX JUDQGH]D
SHUVRQDOGHVSLHUWHODDGPLUDFLyQGHORVGHPiV\DVt
JDQDUDPLJRV\VHJXLGRUHVODUHDOLGDGHVTXHFRQHO
WLHPSR DFDEDQ DOHMDQGR D ODV SHUVRQDV (V SRVLEOH
TXH DO SULQFLSLR OD FRQILDQ]D \ ODV IDQIDUURQDGDV GH
ORVQDUFLVLVWDVLPSUHVLRQHQDORVGHPiVSHURDOILQDO
HVRV PLVPRV UDVJRV VRQ XQD IXHQWH GH GHFHSFLyQ $
FDVL QDGLH OH JXVWDQ ORV QDUFLVLVWDV \ VXV UHODFLRQHV
VXHOHQ IUDFDVDU 5HVXOWD FRPSOLFDGR VHQWLUVH
HQWHQGLGR R VDWLVIDFHU ODV QHFHVLGDGHV SHUVRQDOHV
FXDQGRWXSDUHMDHVWDQHJRFpQWULFD
0XFKDVSHUVRQDVFUHHQTXHORVQDUFLVLVWDVHQHO
IRQGR VH RGLDQ D Vt PLVPRV \ TXH VX DXWRLPDJHQ
LQIODGD HV VROR XQD WDSDGHUD GH VX LQVHJXULGDG (VWD
LGHD KD SHQHWUDGR HQ ORV PHGLRV GH FRPXQLFDFLyQ
SRSXODUHVHQ(VWDGRV8QLGRV(QXQGHEDWHVREUHORV
SUREOHPDV GH MyYHQHV HVWUHOODV FRPR /LQGVD\ /RKDQ
R 3DULV +LOWRQ SRU HMHPSOR XQ FRPHQWDULVWD GH OD
WHOHYLVLyQ DILUPy ©7LHQHQ WRGR OR TXH VH SXHGH
GHVHDUHQODYLGDKDQFRQVHJXLGRVDOLUHQWHOHYLVLyQ
3HUR PLHQWUDV WDQWR XQD YRFHFLWD LQWHULRU OHV GLFH
³1R HUHV OR VXILFLHQWHPHQWH EXHQD 1R HUHV OR
EDVWDQWH EXHQD´ª /D FXUD SDUD HO QDUFLVLVPR SRU
WDQWR VHUtD XQD DXWRHVWLPD PiV DOWD SHUR ODV
LQYHVWLJDFLRQHV GHPXHVWUDQ TXH QR HV DVt /RV
FLHQWtILFRVKDQHQFRQWUDGRXQDPDQHUDGHHYDOXDUODV
DFWLWXGHV LQFRQVFLHQWHV PHGLDQWH HO OODPDGR 7HVW GH
DVRFLDFLyQLPSOtFLWD 7$, 6HWUDWDGHXQDSUXHEDSRU
RUGHQDGRU TXH PLGH OD UDSLGH] FRQ OD TXH ORV
SDUWLFLSDQWHV DVRFLDQ ODV HWLTXHWDV ©\Rª \ ©\R QRª
FRQ SDODEUDV SRVLWLYDV FRPR ©PDUDYLOORVRª IUHQWH D
RWUDV QHJDWLYDV FRPR ©KRUULEOHª /DV SHUVRQDV TXH
DVRFLDQ UiSLGDPHQWH HO ©\Rª FRQ SDODEUDV SRVLWLYDV
SHUR WDUGDQ PiV HQ DVRFLDUOR FRQ ORV WpUPLQRV
QHJDWLYRV WLHQHQ XQD DXWRHVWLPD LPSOtFLWD DOWD HO
SDWUyQFRQWUDULRLQGLFDXQDDXWRHVWLPDLPSOtFLWDEDMD
$VtORVQDUFLVLVWDVFUHHQTXHVRQPDUDYLOORVRVWDQWR
LPSOtFLWDFRPRH[SOtFLWDPHQWH
&XDQGR3DULV+LOWRQDILUPy©1RKD\QDGLHHQHO
PXQGRFRPR\R&UHRTXHFDGDGpFDGDWLHQHXQLFRQR
UXELR FRPR 0DULO\Q 0RQURH R OD SULQFHVD 'LDQD
$KRUD PLVPR HVH LFRQR VR\ \Rª SUREDEOHPHQWH QR
OR KL]R SRUTXH HQ HO IRQGR VH VLHQWD LQVHJXUD
,QWHQWDU D\XGDU D XQ QDUFLVLVWD GLFLpQGROH TXH VH
TXLHUDPiVUHVXOWDWDQHILFD]FRPRDUURMDUJDVROLQDDO
IXHJR
/D PHWiIRUD GHO IXHJR UHVXOWD PX\ DFHUWDGD
6LHPSUH\FXDQGRUHFLEDQODDWHQFLyQ\ODDGPLUDFLyQ
TXH FUHHQ PHUHFHU ORV QDUFLVLVWDV VH VLHQWHQ HQ OD
FLPDGHOPXQGR(OSUREOHPDVXUJHFXDQGRHPSLH]DQ
D SHUGHU VX SRVLFLyQ GH VXSHULRULGDG &XDQGR VH
HQIUHQWD D XQ MXLFLR QHJDWLYR HO QDUFLVLVWD UHVSRQGH
FRQVHQWLPLHQWRVGHLUD\UHEHOGtD
(Q XQ HVWXGLR FOiVLFR ORV LQYHVWLJDGRUHV
H[DPLQDURQ OD FRQGXFWD GH ORV QDUFLVLVWDV FXDQGR
VLHQWHQTXHVXHJRHVDPHQD]DGR(OHVWXGLRSHGtDD
ORVSDUWLFLSDQWHVTXHHVFULELHVHQXQDUHGDFFLyQVREUH
XQWHPDLPSRUWDQWHTXHVXSXHVWDPHQWHLEDDVHUOHtGR
\ HYDOXDGR SRU XQ FRPSDxHUR XELFDGR HQ XQD VDOD
FRQWLJXD DTXLHQHOSDUWLFLSDQWHQROOHJDEDDFRQRFHU
SRUTXH HQ UHDOLGDG QR H[LVWtD  /DV UHGDFFLRQHV VH
FDOLILFDURQ FRQ XQR GH GRV FRPHQWDULRV HVFULWRV DO
D]DUSRUHOLQYHVWLJDGRUILFWLFLR©£(VWDHVXQDGHODV
SHRUHV UHGDFFLRQHV TXH KH OHtGR HQ PL YLGDª R
©£1LQJXQDVXJHUHQFLDSHUIHFWRª(QODVLJXLHQWHIDVH
GHO HVWXGLR TXH VH GHVFULELy FRPR XQD WDUHD GH
DSUHQGL]DMH ORV SDUWLFLSDQWHV UHFLELHURQ OD
LQVWUXFFLyQGHSXOVDUXQERWyQMXQWRDXQFRPSDxHUR
FRQODPD\RUUDSLGH]SRVLEOHGHVSXpVGHUHVROYHUXQ
SUREOHPDVHQFLOOR$FRQWLQXDFLyQVHOHVGLMRTXHHO
PiV OHQWR VHUtD YtFWLPD GH XQ UXLGR UHSHQWLQR \
HQVRUGHFHGRUSDUDD\XGDUOHDDSUHQGHU/DWDUHDSRU
VXSXHVWR HVWDED PDQLSXODGD 6H OHV GLMR D ORV
SDUWLFLSDQWHVTXHKDEtDQVLGRORVPiVUiSLGRV\VHOHV
SLGLy TXH DMXVWDVHQ HO YROXPHQ \ OD GXUDFLyQ GHO
UXLGR SDUD VX FRPSDxHUR ©OHQWRª OD PLVPD SHUVRQD
TXH DFDEDED GH HYDOXDU VX UHGDFFLyQ VHJ~Q VH OHV
KL]R FUHHU  /RV QDUFLVLVWDV TXH KDEtDQ UHFLELGR HO
FRPHQWDULR QHJDWLYR IXHURQ ORV PiV YLROHQWRV \
GLVSHQVDURQVRQLGRVSURORQJDGRV\DWURQDGRUHVFRPR
YHQJDQ]DSRUHOLQVXOWRUHFLELGR
 &XDQGR ORV QDUFLVLVWDV UHFLEHQ FUtWLFDV VX
YHQJDQ]DSXHGHVHUUiSLGD\IXULRVDLQFOXVRYLROHQWD
/D LUD QDUFLVLVWD GHVHPSHxD XQD LPSRUWDQWH IXQFLyQ
SDUDVXHPLVRUGHVYtDODDWHQFLyQQHJDWLYDKDFLDORV
GHPiV TXH HQWRQFHV SXHGHQ VHU FXOSDGRV SRU ODV
HPRFLRQHV RVFXUDV TXH H[SHULPHQWDQ (VH SDWUyQ
D\XGDDH[SOLFDUSRUTXpHOHVSHFLDOLVWDFOtQLFR2WWR
.HUQEHUJVHUHILHUHDODYLROHQFLDGHORVTXHGLVSDUDQ
HQ LQVWLWXWRV FRPR ©QDUFLVLVPR PDOLJQRª 3RU
HMHPSOR(ULF+DUULV\'\ODQ.OHEROGORVDXWRUHVGH
ODPDWDQ]DHQHO,QVWLWXWR&ROXPELQHFRPHWLHURQVXV
DWURFLGDGHV FRPR UHVSXHVWD D XQRV LQVXOWRV TXH
KDEtDQ UHFLELGR GH DOJXQRV FRPSDxHURV GHSRUWLVWDV
(Q VXV PHQWHV HJRFpQWULFDV DTXHOORV FRPSDxHURV
UHFLELHURQ VX PHUHFLGR 8QRV GtDV DQWHV GH GLVSDUDU
FRQWUDVXVFRPSDxHURV(ULF\'\ODQVHGLMHURQHQWUH
ULVDV ©¢$ TXH HV GLYHUWLGR FRQVHJXLU HO UHVSHWR TXH
YDPRVDPHUHFHU"ª
6LKDVFRQRFLGRDDOJ~QQDUFLVLVWDHVHSDWUyQWH
UHVXOWDUi IDPLOLDU /D QHFHVLGDG \ OD GHPDQGD GH
UHVSHWR GHO QDUFLVLVWD VRQ FRQVWDQWHV 'DGR TXH ORV
QDUFLVLVWDV VLHPSUH LQWHQWDQ DIHUUDUVH DO HVTXLYR
VHQWLPLHQWRGHXQDDXWRHVWLPDDOWDODLUDTXHVLHQWHQ
FXDQGRVXSUHFLDGRHJRVHYHHQSHOLJURSXHGHVHUXQ
HVSHFWiFXORGLJQRGHYHU
 0L DPLJD ,UHQH PH H[SOLFy HQ XQD RFDVLyQ OD
KLVWRULD GH XQD PXMHU TXH WHQtD WRGDV ODV
FDUDFWHUtVWLFDV GHO QDUFLVLVWD FOiVLFR 0H GLMR TXH D
SULPHUDYLVWDQDGLHKXELHUDGLFKRTXH6XVDQHUDXQD
QDUFLVLVWDWHQtDVREUHSHVRWUDEDMDEDGHPDVLDGR\QR
GLVIUXWDED GH XQD JUDQ YLGD VRFLDO 6X PD\RU SDVLyQ
HQ OD YLGD HUD D\XGDU D ORV QLxRV QHFHVLWDGRV
3DUWLFLSDEDFRPRYROXQWDULDHQPLVLRQHVHQHO7HUFHU
0XQGRDOPHQRVGRVYHFHVDODxRXQDWDUHDHQODTXH
KDEtDGHPRVWUDGRVHUPX\HILFD]
3RU GHVJUDFLD ,UHQH VH GLR FXHQWD GH IRUPD
GHVDJUDGDEOH GH TXH 6XVDQ XWLOL]DED VX WUDEDMR
GHVLQWHUHVDGRFRPRXQDPDQHUDGHVHQWLUVHVXSHULRU
6XVDQ HUD ©XQD GH ODV SULQFLSDOHV H[SHUWDV
PXQGLDOHVª HQ PDOQXWULFLyQ LQIDQWLO HQ HO 7HUFHU
0XQGR DO PHQRV VHJ~Q HOOD PLVPD  \ VH
LGHQWLILFDEDFODUDPHQWHFRQODSRVLFLyQGHOVDOYDGRU
HOFDEDOOHURGHODEULOODQWHDUPDGXUDTXHUHVFDWDDORV
QHFHVLWDGRV (O VXHxR GH 6XVDQ FRPR OH JXVWDED
H[SOLFDUHUDDEULUXQEDQFRGHDOLPHQWRVSDUDD\XGDU
GHIRUPDFRQWLQXDGDDORVQLxRVPDOQXWULGRV&XDQGR
,UHQH UHFLELy XQ GLQHUR LQHVSHUDGR HVWXYR HQ
GLVSRVLFLyQ GH KDFHU UHDOLGDG HO VXHxR GH VX DPLJD
'HFLGLy IXQGDU XQ EDQFR GH DOLPHQWRV HQ XQD ]RQD
UXUDO GH %DQJODGHVK GHO TXH 6XVDQ VHUtD OD
UHVSRQVDEOH
6LQ HPEDUJR HQ OXJDU GH DJUDGHFHUOH VX D\XGD
6XVDQHPSH]yDDWDFDUD,UHQHDKDEODUPDOGHHOODD
VXVHVSDOGDVDTXHMDUVHGHWHQHUTXHWUDEDMDUFRQXQD
PXMHUWDQHVW~SLGD(VWDEDGLVSXHVWDDVHUODGLUHFWRUD
GHO EDQFR GH DOLPHQWRV ©SRU HO ELHQ GH ORV QLxRVª
DILUPDEDSHURHUDFRPRXQFDVWLJRWHQHUTXHKDFHUOR
EDMR OD VXSHUYLVLyQ GH DOJXLHQ WDQ LQFRPSHWHQWH
6XVDQ FRPHQ]y D GLIXQGLU UXPRUHV GHVDJUDGDEOHV \
IDOVRV VREUH HO FDUiFWHU \ OD LQWHJULGDG SHUVRQDO GH
,UHQH 3RU VXHUWH XQ FRQRFLGR OH LQIRUPy GH OR TXH
HVWDED RFXUULHQGR XQD VHPDQD DQWHV GH OD IHFKD
SUHYLVWDSDUDODLQDXJXUDFLyQGHOEDQFRGHDOLPHQWRV
,UHQH FRQVLJXLy DQXODU HO FRQWUDWR FRQ 6XVDQ MXVWR D
WLHPSR
,UHQH VH VLQWLy FRPR VL OH KXELHVHQ GDGR XQD
ERIHWDGD SHUR SURQWR VH GLR FXHQWD GH TXH OD
FRQGXFWD GH 6XVDQ QR WHQtD QDGD TXH YHU FRQ HOOD
6XVDQKDEtDRIUHFLGRXQUHWUDWROXPLQRVRGHVtPLVPD
FRPR VDOYDGRUD GHO PXQGR \ HQFRQWUDUVH HQ OD
SRVLFLyQGHUHFLELUD\XGDHQOXJDUGHRIUHFHUODHUD
PX\ GLItFLO GH VRSRUWDU SDUD VX HJR 6XVDQ WHQtD TXH
KDFHUSDVDUD,UHQHSRUPDODSDUDPDQWHQHUVXSURSLD
LPDJHQDQJHOLFDO3RUGHVJUDFLDHOQDUFLVLVPRHVPiV
FRP~Q GH OR TXH SHQVDPRV HQWUH ODV SHUVRQDV TXH
KDFHQ EXHQDV REUDV &XDQGR HO PRWRU TXH GLULJH OD
ILODQWURStD HV OD E~VTXHGD GH XQD DXWRHVWLPD DOWD
LQFOXVR ORV DFWRV GH FDULGDG PiV KHUPRVRV SXHGHQ
YHUVHHPSDxDGRVSRUXQHJRQHFHVLWDGR\DYDULFLRVR

(/2*,26,1',6&5,0,1$'26

$XQTXH OD E~VTXHGD GH XQD DXWRHVWLPD DOWD SXHGH

JHQHUDU SUREOHPDV XQD DXWRHVWLPD VDQHDGD QR HV
PDODHQVtPLVPD5HVXOWDLQGLVFXWLEOHTXHHVPXFKR
PHMRU VHQWLUVH GLJQR \ YDOLRVR TXH LQ~WLO H
LQVLJQLILFDQWH /R TXH RFXUUH HV TXH H[LVWHQ FDPLQRV
VDQRV H LQVDQRV KDFLD OD DXWRHVWLPD DOWD &RQWDU FRQ
XQDIDPLOLDFRPSUHQVLYDRHVIRU]DUVHSDUDFRQVHJXLU
REMHWLYRV SUHFLDGRV VRQ GRV IXHQWHV VDQDV GH XQD
DXWRHVWLPDDOWD,QIODUHOSURSLRHJR\GHMDUPDODORV
GHPiV QR HVWi WDQ ELHQ /D PD\RUtD GH ODV
LQYHVWLJDFLRQHVVREUHODDXWRHVWLPDVLQHPEDUJRQR
GLVWLQJXHQ HQWUH XQD DXWRHVWLPD VDQD \ RWUDV IRUPDV
PHQRVSURGXFWLYDV
(OWHVWSDUDPHGLUODDXWRHVWLPDPiVXWLOL]DGROD
HVFDOD GH 5RVHQEHUJ SURSRQH DILUPDFLRQHV EDVWDQWH
JHQHUDOHV 3RU HMHPSOR ©&UHR TXH WHQJR YDULDV
FXDOLGDGHV SRVLWLYDVª R ©7HQJR XQD DFWLWXG SRVLWLYD
KDFLD Pt PLVPRª (O QDUFLVLVWD TXH FUHH TXH HV HO
PHMRULQYHQWRGHVGHHOSDQHQUHEDQDGDVVHGDUiXQD
SXQWXDFLyQPX\DOWDLJXDOTXHODSHUVRQDKXPLOGHTXH
VH JXVWD VLPSOHPHQWH SRUTXH HV XQ VHU KXPDQR TXH
PHUHFHUHVSHWR(QUHVXPHQHVLPSRVLEOHVDEHUVLOD
DXWRHVWLPD DOWD HV VDQD R LQVDQD VLQ GHWHUPLQDU
SULPHURVXRULJHQ
(O SUREOHPD GH PXFKRV GH ORV SURJUDPDV
HVFRODUHV SDUD DXPHQWDU OD DXWRHVWLPD HV TXH QR
GLVWLQJXHQHQWUHODVDQD\ODLQVDQD7LHQGHQDXWLOL]DU
HO HORJLR LQGLVFULPLQDGR SDUD IRPHQWDU OD SURSLD
LPDJHQ GH ORV QLxRV FHQWUiQGRVH ~QLFDPHQWH HQ VX
QLYHOGHDXWRHVWLPD\QRHQFyPRRSRUTXpHVDVt/D
FRQVHFXHQFLD HV TXH PXFKRV QLxRV DFDEDQ FUH\HQGR
TXHPHUHFHQFXPSOLGRV\DGPLUDFLyQVLHPSUHKDJDQ
ORTXHKDJDQ
-HDQ7ZHQJHHVFULEHDFHUFDGHHVWDWHQGHQFLDHQ
VX IDVFLQDQWH OLEUR *HQHUDWLRQ 0H >*HQHUDFLyQ
<R@2EVHUYDTXHORVSURJUDPDVGHDXWRHVWLPDSDUD
QLxRVHQHGDGHVFRODUWLHQGHQDDOLPHQWDUHOHJRKDVWD
ODQiXVHD$ORVQLxRVVHOHVRIUHFHQOLEURVFRPR7KH
/RYDEOHV LQ WKH .LQJGRP RI 6HOI(VWHHP >/RV
©GLJQRVGHDPRUªHQHOUHLQRGHOD$XWRHVWLPD@FRQ
HO TXH DSUHQGHQ TXH ODV SXHUWDV GH OD DXWRHVWLPD VH
DEULUiQSDUDHOORVVLUHSLWHQFRQRUJXOOR©£6R\GLJQR
GHDPDUªWUHVYHFHV9RO~PHQHVSHVDGRVFRPR%HD
:LQQHU $ 6HOI(VWHHP &RORULQJ DQG $FWLYLW\ %RRN
>&yPR VHU XQ JDQDGRU XQ OLEUR GH DXWRHVWLPD SDUD
FRORUHDUFRQDFWLYLGDGHV@D\XGDQDORVQLxRVDGDUVH
FXHQWD GH OR HVSHFLDOHV H LPSRUWDQWHV TXH VRQ &RQ
MXHJRV FRPR ©(O FtUFXOR PiJLFRª VH HOLJH D XQ QLxR
FDGDGtDSDUDTXHOOHYHXQDLQVLJQLDFRQHOOHPD©6R\
HVWXSHQGRª VXV FRPSDxHURV SRU VX SDUWH UHGDFWDQ
XQD OLVWD GH HORJLRV SDUD HO HOHJLGR GHO GtD /RV
FROHJLRV GH SULPDULD HQ HVSHFLDO SUHVXSRQHQ TXH VX
PLVLyQ HV DXPHQWDU OD DXWRHVWLPD GH ORV DOXPQRV
SUHSDUDUORV SDUD HO p[LWR \ OD IHOLFLGDG 3RU HVWD
UD]yQVHLQVWDDORVSURIHVRUHVDQRUHDOL]DUFUtWLFDV
SRGUtDQGDxDUODDXWRHVWLPDGHORVQLxRV
$OJXQRVFROHJLRVKDQHOLPLQDGROD)GHODVQRWDV
HOVXVSHQVR 6HOLPLWDQDDVLJQDUODOHWUD(SDUDHO
WUDEDMR QR DFHSWDEOH SRVLEOHPHQWH SRUTXH HV XQD
OHWUDVLQPDWLFHVFUtWLFRVTXHVLPSOHPHQWHVLJXHDOD
' ¢\ DGHPiV FRQ FRQQRWDFLRQHV SRVLWLYDV FRPR
©([FHOHQWHª WDO YH]"  (O GHVHR GH DXPHQWDU OD
DXWRHVWLPD GH ORV QLxRV KD OOHYDGR D LQIODU
FRQVLGHUDEOHPHQWH ODV FDOLILFDFLRQHV 8Q HVWXGLR
UHYHOy TXH HO   GH ORV DOXPQRV GH VHFXQGDULD
UHFLELHURQ XQD PHGLD GH $ HQ  HQ FRPSDUDFLyQ
FRQ HO   GH  1R HV GH H[WUDxDU TXH ORV
DOXPQRVDPHULFDQRVSLHQVHQTXHVRQORVPHMRUHVGHO
PXQGR DXQTXH ORV DOXPQRV GH RWURV SDtVHV ORV
VXSHUDQ HQ FDVL WRGDV ODV HVWDGtVWLFDV GH p[LWR
DFDGpPLFR 3RGUtDPRVFDPELDUQRVHOQRPEUHSRUHO
GH(VWDGRV8QLGRVGH/DJR:REHJRQ
$XQTXHHOKLQFDSLpHQDXPHQWDUODDXWRHVWLPDGH
ORVQLxRVREHGHFHDEXHQRVPRWLYRV\VHDOHMDGHODV
GXUDV SUiFWLFDV HGXFDWLYDV GHO SDVDGR TXH
SURYRFDEDQ WRGR OR FRQWUDULR ORV HORJLRV
LQGLVFULPLQDGRV SXHGHQ HQWRUSHFHU OD FDSDFLGDG GH
ORV QLxRV SDUD YHUVH FRQ FODULGDG OLPLWDQGR DVt ODV
SRVLELOLGDGHVGHDOFDQ]DUWRGRVXSRWHQFLDO
(VHKLQFDSLpHQODDXWRHVWLPDDFXDOTXLHUSUHFLR
WDPELpQ KD SURYRFDGR XQD SUHRFXSDQWH WHQGHQFLD DO
DXPHQWR GHO QDUFLVLVPR 7ZHQJH \ VXV FROHJDV
H[DPLQDURQ ODV SXQWXDFLRQHV GH PiV GH TXLQFH PLO
XQLYHUVLWDULRV TXH SDUWLFLSDURQ HQ HO LQYHQWDULR GH
SHUVRQDOLGDGQDUFLVLVWDHQWUH\'XUDQWH
HVRVYHLQWHDxRVODVSXQWXDFLRQHVIXHURQDXPHQWDQGR
KDVWDTXHHOGHORVDOXPQRVGHORV~OWLPRVDxRV
GLHURQ UHVXOWDGRV PiV DOWRV TXH ODV JHQHUDFLRQHV
DQWHULRUHV 1R HV FDVXDOLGDG TXH ORV QLYHOHV PHGLRV
GHDXWRHVWLPDGHORVDOXPQRVWDPELpQDXPHQWDUDQHQ
HOPLVPRSHUtRGR
7ZHQJH HV FRDXWRUD GH 7KH 1DUFLVVLVP
(SLGHPLF /LYLQJ LQ WKH $JH RI (QWLWOHPHQW MXQWR D
.HLWK &DPSEHOO XQ UHFRQRFLGR LQYHVWLJDGRU VREUH
QDUFLVLVPR /RV DXWRUHV H[DPLQDQ FyPR KD
GHVHPERFDGRHQXQDDXWpQWLFDHQIHUPHGDGFXOWXUDOHO
KHFKR GH KDFHU WDQWR KLQFDSLp HQ IRPHQWDU OD
DXWRHVWLPDHQ1RUWHDPpULFD
(V LPSRUWDQWH HQWHQGHU OD HSLGHPLD GHO QDUFLVLVPR SRUTXH VXV
FRQVHFXHQFLDVDODUJRSOD]RVRQGHVWUXFWLYDVSDUDODVRFLHGDG/D
WHQGHQFLD GH OD FXOWXUD DPHULFDQD D OD DXWRDGPLUDFLyQ KD
SURYRFDGRXQDKXLGDGHODUHDOLGDGKDFLDHOPXQGRGHODIDQWDVtD
JUDQGLORFXHQWH 7HQHPRV IDOVRV ULFRV FRQ KLSRWHFDV GH VROR
LQWHUHVHV \ XQ PRQWyQ GH GHXGDV  IDOVD EHOOH]D FRQ FLUXJtD
SOiVWLFD\WUDWDPLHQWRVFRVPpWLFRV IDOVRVDWOHWDV FRQGURJDVTXH
SRWHQFLDQHOUHQGLPLHQWR IDOVDVFHOHEULGDGHV SURFHGHQWHVGHORV
UHDOLWLHVGHWHOHYLVLyQ\GH<RX7XEH IDOVRVHVWXGLDQWHVEULOODQWHV
FRQ FDOLILFDFLRQHV KLQFKDGDV  XQD IDOVD HFRQRPtD QDFLRQDO FRQ
XQDGHXGDGHRQFHELOORQHVGHGyODUHV IDOVRVVHQWLPLHQWRVGHVHU
HVSHFLDO HQWUH ORV QLxRV FRQ ORV SDGUHV \ ORV HGXFDGRUHV
FHQWUDGRV HQ OD DXWRHVWLPD  \ IDOVRV DPLJRV FRQ HO DXJH GH ODV
UHGHVVRFLDOHV 7RGDHVDIDQWDVtDSXHGHSDUHFHUDJUDGDEOHSHUR
SRUGHVJUDFLDODUHDOLGDGVLHPSUHJDQD/DFDtGDGHODVKLSRWHFDV
\ODFULVLVHFRQyPLFDTXHVHGHULYDVRQVRORXQDGHPRVWUDFLyQGH
TXH ORV GHVHRV SRFR UHDOLVWDV DFDEDQ HVWUHOOiQGRVH FRQWUD HO
VXHOR

$QWHODVDODEDQ]DVLQFRQGLFLRQDOHVTXHSURIHVDQ
PDHVWURV\SDGUHVSDUDIRPHQWDUODDXWRHVWLPDGHORV
QLxRV KD\ TXLHQ DILUPD TXH ORV HORJLRV GHEHUtDQ
HVWDU VXSHGLWDGRV DO WUDEDMR GXUR \ HO HVIXHU]R SDUD
TXHORVQLxRVVHVLHQWDQELHQFRQVLJRPLVPRVVRORVL
OR PHUHFHQ ¢3RU TXp HVIRU]DUVH HQ KDFHU ODV FRVDV
ELHQVHUtDHOSODQWHDPLHQWRVLODPHGLRFULGDGUHFLEH
ODVPLVPDVDODEDQ]DVTXHHOWUDEDMRGHFDOLGDG"(VD
SRVWXUD LPSOLFD OD LGHD GH TXH ODV DODEDQ]DV \ ODV
FUtWLFDV VRQ IXHU]DV PRWLYDGRUDV HILFDFHV FXDQGR
HVWiQOLJDGDVDOp[LWR\DOIUDFDVR\TXHVHQWLUVHELHQ
FRQ XQR PLVPR GHEHUtD VXUJLU GHO SULPHU HVFHQDULR
QR GHO VHJXQGR 3RU GHVJUDFLD H[LVWHQ QXPHURVDV
SUXHEDVTXHGHPXHVWUDQTXHXWLOL]DUODDXWRHVWLPDGH
PDQHUD FRQGLFLRQDO SDUD VHQWLUVH ELHQ FRQ XQR
PLVPR VROR FXDQGR WHQHPRV p[LWR \ PDO FXDQGR
IUDFDVDPRV UHVXOWD WDQ SUREOHPiWLFR FRPR EDVDU OD
DXWRHVWLPDHQQLQJXQDGHODVGRVFRVDV

$872(67,0$)2578,7$

/D©DXWRHVWLPDIRUWXLWDªHVXQDH[SUHVLyQTXHXWLOL]DQ
ORV SVLFyORJRV DO UHIHULUVH D DTXHOOD DXWRHVWLPD TXH
GHSHQGHGHOp[LWRRGHOIUDFDVRGHODDSUREDFLyQROD
GHVDSUREDFLyQ 6H KDQ LGHQWLILFDGR YDULRV FDPSRV
FRPXQHV GH DXWRHVWLPD IRUWXLWD FRPR HO DWUDFWLYR
SHUVRQDO OD DSUREDFLyQ GH ORV FRPSDxHURV OD
FRPSHWHQFLDFRQORVGHPiVHOp[LWRHQHOWUDEDMRRHQ
HO FROHJLR HO DSR\R IDPLOLDU VHQWLUVH RUJXOORVR H
LQFOXVRHODPRUGH'LRV(OJUDGRVHJ~QHOFXDOOD
DXWRHVWLPD GHSHQGH GH ODV YDORUDFLRQHV SRVLWLYDV HQ
HVRV FDPSRV YDUtD HQ IXQFLyQ GH FDGD SHUVRQD +D\
TXLHQ DSXHVWD WRGR D XQ VROR Q~PHUR FRPR HO
DWUDFWLYRSHUVRQDOPLHQWUDVTXHRWURVOXFKDQSRUVHU
EXHQRV HQ WRGR /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH
FXDQWRPiVGHSHQGHHOVHQWLPLHQWRGHDXWRHVWLPDGHO
p[LWRHQGHWHUPLQDGDViUHDVGHODYLGDSHRUVHVLHQWH
XQRFXDQGRIUDFDVDHQHVDViUHDV
7HQHUXQDDXWRHVWLPDIRUWXLWDSXHGHSDUHFHUVHD
XQDHVSHFLHGHSDVHRHQHOWUHQGHODEUXMDHOHVWDGR
GH iQLPR SDVD GH OD HXIRULD D OD GHVRODFLyQ HQ XQ
PRPHQWR 3RQJDPRV TXH WX VHQWLGR GH OD DXWRHVWLPD
GHULYD GH GHVHPSHxDU ELHQ WX WUDEDMR GH PDUNHWLQJ
7HVHQWLUiVFRPRXQUH\FXDQGRWHQRPEUHQYHQGHGRU
GHOPHV\FRPRXQGHVJUDFLDGRFXDQGRWXVFLIUDVGH
YHQWDV PHQVXDOHV QR GHVWDTXHQ SRU HQFLPD GH OD
PHGLD2TXL]iWLHQGDVDEDVDUWXDXWRHVWLPDHQJXVWDU
D ORV GHPiV 7H VHQWLUiV HVWXSHQGDPHQWH FXDQGR
UHFLEDV XQ FXPSOLGR SHUR WH GDUiV GH EUXFHV FRQ HO
VXHORFXDQGRDOJXLHQWHLJQRUHR SHRU WHFULWLTXH
(Q XQD RFDVLyQ H[SHULPHQWp OD VHQVDFLyQ GH
VHQWLUPHPX\HORJLDGD\WHUULEOHPHQWHFULWLFDGDHQHO
PLVPR PRPHQWR (VWDED GH YLVLWD HQ XQ FHQWUR
HFXHVWUH FRQ 5XSHUW MLQHWH H[SHULPHQWDGR \ SDUHFtD
TXH DO LQVWUXFWRU HVSDxRO TXH GLULJtD ODV FXDGUDV OH
JXVWDEDPLDVSHFWRPHGLWHUUiQHR(QVXGHVHRGHVHU
JDODQWHPHGHGLFyORTXHpOFRQVLGHUyHOPD\RUGHORV
FXPSOLGRV ©(V PXXX\ JXDSD 1R VH DIHLWH QXQFD HO
ELLLLJRWHª
1R VXSH VL UHtUPH GDUOH XQD ERIHWDGD
HQFRJHUPHGHODYHUJHQ]DRDJUDGHFpUVHOR(OHJtOD
SULPHUD \ OD ~OWLPD RSFLyQ SHUR WDPELpQ FRQVLGHUp
PX\ VHULDPHQWH ODV RWUDV GRV 5XSHUW HVWDED
GHPDVLDGRRFXSDGRULpQGRVHSDUDGHFLUDOJR
,UyQLFDPHQWH ODV SHUVRQDV TXH GHVWDFDQ HQ
FDPSRV LPSRUWDQWHV SDUD VX DXWRHVWLPD VRQ ODV PiV
YXOQHUDEOHV D ODV GHFHSFLRQHV (O HVWXGLDQWH GH
VREUHVDOLHQWHVHVLHQWHDEDWLGRVLUHFLEHXQDQRWDSRU
GHEDMR GH HVH VREUHVDOLHQWH HQ XQ H[DPHQ PLHQWUDV
TXH HO TXH VLHPSUH VXVSHQGH VH FUHHUi HO UH\ GHO
PXQGR SRU FRQVHJXLU XQ DSUREDGR MXVWR &XDQWR PiV
VHVXEHPiVGXUDHVODFDtGD
/DDXWRHVWLPDIRUWXLWDSRVHHXQFDUiFWHUDGLFWLYR
GLItFLO GH HUUDGLFDU 'DGR TXH OD VXELGD LQLFLDO GH
DXWRHVWLPD VLHQWD WDQ ELHQ TXHUHPRV VHJXLU
UHFLELHQGRFXPSOLGRVRJDQDQGRHQDTXHOORHQORTXH
FRPSHWLPRV6HJXLPRVEXVFDQGRHVHVXELGyQLQLFLDO
SHUR FRPR RFXUUH FRQ ODV GURJDV R HO DOFRKRO
GHVDUUROODPRV WROHUDQFLD \ QHFHVLWDPRV XQD GRVLV
FDGD YH] PD\RU /RV SVLFyORJRV VH UHILHUHQ D HVWH
SURFHVR FRPR ©UXHGD GH PROLQR KHGRQLVWDª HO
KHGRQLVPR HV OD E~VTXHGD GH SODFHU  6H FRPSDUD
OD E~VTXHGD GH OD IHOLFLGDG FRQ XQD SHUVRQD HQ XQD
UXHGD GH PROLQR TXH WLHQH TXH HVIRU]DUVH FDGD YH]
PiVSDUDPDQWHQHUVHHQHOPLVPRVLWLR
,QWHQWDU GHPRVWUDU FRQWLQXDPHQWH HO PpULWR
SHUVRQDOHQDTXHOORVFDPSRVHQORVTXHVHGHSRVLWDOD
DXWRHVWLPD SXHGH VHU FRQWUDSURGXFHQWH 6L OD
SULQFLSDOUD]yQSRUODTXHTXLHUHVJDQDUHVHPDUDWyQ
HV VHQWLUWH ELHQ FRQWLJR PLVPR ¢TXp RFXUUH FRQ WX
DILFLyQDFRUUHUVLQPiV"(QOXJDUGHKDFHUORSRUTXH
GLVIUXWDVFRUULHQGRHPSLH]DVDKDFHUORSDUDREWHQHU
ODUHFRPSHQVDGHXQDDXWRHVWLPDDOWD<HVRVLJQLILFD
TXHWLHQHVPiVSUREDELOLGDGHVGHDEDQGRQDUVLGHMDV
GH JDQDU FDUUHUDV (V FRPR VHU XQ GHOItQ TXH
DWUDYLHVD XQ DUR HQ OODPDV GH XQ VDOWR VROR SRUTXH
TXLHUH VX UHFRPSHQVD HQ IRUPD GH SHVFDGR 6L QR
UHFLEHV OD UHFRPSHQVD VL GHMDV GH FRQVHJXLU HO
VXELGyQGHDXWRHVWLPDTXHEXVFDVHOGHOItQQRVDOWD
$ -HDQLH OH DSDVLRQDED HO SLDQR FOiVLFR
$SUHQGLy D WRFDU FRQ WDQ VROR FXDWUR DxRV (O SLDQR
HUD OD PD\RU IXHQWH GH IHOLFLGDG HQ VX YLGD OD
WUDQVSRUWDEDDXQOXJDUVHJXURGHVHUHQLGDG\EHOOH]D
6LQ HPEDUJR DO OOHJDU D OD DGROHVFHQFLD VX PDGUH
HPSH]yDDSXQWDUODDFRQFXUVRVGHSLDQR'HSURQWR
ODP~VLFDKDEtDSDVDGRDXQVHJXQGRSODQR'DGRTXH
VXLGHQWLGDGHQGHVDUUROORHVWDEDWDQFHQWUDGDHQVHU
XQD©EXHQDªSLDQLVWDLPSRUWDEDPXFKR D-HDQLH\D
VX PDGUH  VL TXHGDED SULPHUD VHJXQGD R WHUFHUD HQ
XQFRQFXUVR<VLQRREWHQtDQLQJXQRGHHVRVSXHVWRV
-HDQLH VH VHQWtD XQD FRPSOHWD LQ~WLO &XDQWR PiV VH
HVIRU]DED SRU WRFDU ELHQ SHRU OR KDFtD SRUTXH VH
FHQWUDEDPiVHQHOFRQFXUVRTXHHQODSURSLDP~VLFD
&XDQGRHPSH]yODXQLYHUVLGDG-HDQLHGHMyDXQODGR
HO SLDQR +DEtD GHMDGR GH VHU GLYHUWLGR ([LVWHQ
PXFKRV DUWLVWDV \ DWOHWDV FRQ KLVWRULDV SDUHFLGDV
&XDQGR HPSH]DPRV D EDVDU QXHVWUD DXWRHVWLPD HQ HO
UHQGLPLHQWR ODV FRVDV TXH PiV VDWLVIDFFLRQHV QRV
UHSRUWDQ HQ OD YLGD SXHGHQ SDVDU D FRQYHUWLUVH HQ
WDUHDVPX\SHVDGDV(OSODFHUVHFRQYLHUWHHQGRORU

&21)81',5(/0$3$&21(/7(55,725,2

&RPRVHUHVKXPDQRVFRQFDSDFLGDGSDUDUHIOH[LRQDU
\ FUHDU XQ FRQFHSWR GH QRVRWURV PLVPRV QXHVWURV
SHQVDPLHQWRV \ QXHVWUDV YDORUDFLRQHV DFHUFD GH
QXHVWUD LGHQWLGDG SXHGHQ FRQIXQGLUVH IiFLOPHQWH FRQ
TXLHQHV VRPRV HQ UHDOLGDG (V FRPR VL
FRQIXQGLpVHPRVODVIUXWDVGHXQERGHJyQGH&H]DQQH
FRQODVIUXWDVUHDOHVFRPRVLWRPiVHPRVODSLQWXUD\
HO OLHQ]R SRU ODV PDQ]DQDV ODV SHUDV \ ODV QDUDQMDV
TXH HO ERGHJyQ UHSUHVHQWD \ QRV IUXVWUiUDPRV DO
GDUQRV FXHQWD GH TXH QR SRGHPRV FRPpUQRVODV 3RU
VXSXHVWRQXHVWURFRQFHSWRGHQRVRWURVPLVPRVQRHV
QXHVWUR \R UHDO 6LPSOHPHQWH HV XQD UHSUHVHQWDFLyQ
XQ UHWUDWR D YHFHV SUHFLVR SHUR FDVL VLHPSUH PX\
LPSUHFLVR GH QXHVWURV SHQVDPLHQWRV HPRFLRQHV \
FRQGXFWDV KDELWXDOHV < OR WULVWH HV TXH ODV DPSOLDV
SLQFHODGDVTXHSHUILODQQXHVWURFRQFHSWRGHQRVRWURV
PLVPRV QL VLTXLHUD VH DFHUFDQ D KDFHU MXVWLFLD D OD
FRPSOHMLGDGODVXWLOH]D\ODPDUDYLOODGHQXHVWUR\R
UHDO
&RQ WRGR QRV LGHQWLILFDPRV WDQWR FRQ QXHVWUR
DXWRUUHWUDWRPHQWDOTXHSLQWDUXQDLPDJHQSRVLWLYD\
QR QHJDWLYD GH QRVRWURV PLVPRV SXHGH SDUHFHU XQD
FXHVWLyQ GH YLGD R PXHUWH 6HJ~Q HO SURFHVR PHQWDO
LQFRQVFLHQWHVLODLPDJHQTXHKHFUHDGRGHPtPLVPD
HV SHUIHFWD \ GHVHDEOH VR\ SHUIHFWD \ GHVHDEOH 3RU
WDQWR ORV GHPiV PH DFHSWDUiQ HQ OXJDU GH
UHFKD]DUPH6LODLPDJHQTXHKHFUHDGRGHPtPLVPD
HVGHILFLHQWHRLQGHVHDEOHQRYDOJRQDGD\WRGRVPH
UHFKD]DUiQ \ PH DEDQGRQDUiQ 1XHVWUR SHQVDPLHQWR
HQHVHWHUUHQRWLHQGHDVHULQFUHtEOHPHQWHH[WUHPLVWD
R VRPRV WRGRV EXHQRV £XI TXp DOLYLR  R VRPRV
WRGRV PDORV \ KD OOHJDGR HO PRPHQWR GH WLUDU OD
WRDOOD  &XDOTXLHU DPHQD]D FRQWUD QXHVWUD
UHSUHVHQWDFLyQ PHQWDO GH TXLHQHV VRPRV SRU WDQWR
SDUHFHUHDO\YLVFHUDO\UHVSRQGHPRVFRQWDQWDIXULD
FRPRXQVROGDGRGHIHQGLHQGRVXYLGD
1RVDIHUUDPRVDODDXWRHVWLPDFRPRVLIXHVHXQD
EDOVDKLQFKDEOHTXHVXSRQJDQXHVWUDVDOYDFLyQ RTXH
DO PHQRV VDOYH \ DSXQWDOH HO VHQWLGR SRVLWLYR GHO \R
TXH WDQWR DQVLDPRV  SHUR DFDEDPRV GHVFXEULHQGR
TXH OD EDOVD WLHQH XQ DJXMHUR \ VH HVWi TXHGDQGR VLQ
DLUHDPDUFKDVIRU]DGDV/DUHDOLGDGHVHVWDDYHFHV
PRVWUDPRV EXHQDV FXDOLGDGHV \ RWUDV YHFHV
PDQLIHVWDPRVFXDOLGDGHVQHJDWLYDV$YHFHVDFWXDPRV
GH PDQHUD ~WLO \ SURGXFWLYD \ HQ RFDVLRQHV VRPRV
GDxLQRV H LQDGDSWDGRV 3HUR HVDV FXDOLGDGHV \ HVDV
FRQGXFWDV QR QRV GHILQHQ 6RPRV XQ YHUER QR XQ
VXVWDQWLYR XQ SURFHVR QR XQD ©FRVDª LQDPRYLEOH
1XHVWUDV DFFLRQHV FDPELDQ VRPRV LQFRQVWDQWHV  HQ
IXQFLyQ GHO WLHPSR ODV FLUFXQVWDQFLDV HO HVWDGR GH
iQLPRHOHQWRUQR6LQHPEDUJRROYLGDPRVHVRFRQ
GHPDVLDGDIUHFXHQFLD\VHJXLPRVIODJHOiQGRQRVHQOD
E~VTXHGD LQFDQVDEOH GH XQD DXWRHVWLPD DOWD HO
HVFXUULGL]R 6DQWR *ULDO  LQWHQWDQGR HQFRQWUDU XQD
FDMD FRQ XQD HWLTXHWD TXH GLJD ©%XHQRª \ PHWHUQRV
GHQWUR
$O VDFULILFDUQRV DQWH HO GLRV LQVDFLDEOH GH OD
DXWRHVWLPD FDPELDPRV ODV PDUDYLOODV \ HO PLVWHULR
GH QXHVWUDV YLGDV HQ FRQVWDQWH HYROXFLyQ SRU XQD
SRODURLGLQPyYLO(QOXJDUGHGLVIUXWDUGHODULTXH]D\
ODFRPSOHMLGDGGHQXHVWUDH[SHULHQFLD²ODDOHJUtD\
HOGRORUHODPRU\ODLUDODSDVLyQORVWULXQIRV\ODV
WUDJHGLDV² LQWHQWDPRV FDSWXUDU \ UHVXPLU OD
H[SHULHQFLDYLYLGDFRQYDORUDFLRQHVH[WUHPDGDPHQWH
VLPSOLVWDVGHQXHVWUDSURSLDYDOtD6LQHPEDUJRHVWDV
FUHHQFLDV HQ XQ VHQWLGR PX\ UHDO QR VRQ PiV TXH
SHQVDPLHQWRV < PX\ SRFDV YHFHV VRQ SHQVDPLHQWRV
DFHUWDGRV /D QHFHVLGDG GH YHUQRV VXSHULRUHV QRV
KDFHIRPHQWDUODVHSDUDFLyQGHORVGHPiVHQOXJDUGH
OR TXH QRV XQH \ HVR SURYRFD VHQWLPLHQWRV GH
DLVODPLHQWR GHVFRQH[LyQ H LQVHJXULGDG 3RU WDQWR
FDEUtDSUHJXQWDUVH¢PHUHFHODSHQD"

$872&203$6,Ï19(5686$872(67,0$

(Q OXJDU GH LQWHQWDU GHILQLU QXHVWUD SURSLD YDOtD FRQ

FUtWLFDV \ YDORUDFLRQHV ¢TXp SDVDUtD VL QXHVWURV
VHQWLPLHQWRV SRVLWLYRV KDFLD QRVRWURV PLVPRV
SURFHGLHVHQ GH XQD IXHQWH WRWDOPHQWH GLVWLQWD" ¢< VL
VXUJLHVHQGHOFRUD]yQQRGHODPHQWH"
/D FRPSDVLyQ KDFLD XQR PLVPR QR SUHWHQGH
FDSWXUDU \ GHILQLU OD YDOtD R OD HVHQFLD GH TXLHQHV
VRPRV 1R HV XQ SHQVDPLHQWR R XQD HWLTXHWD QL XQD
FUtWLFDRXQDYDORUDFLyQ/DFRPSDVLyQHVXQDPDQHUD
GH UHODFLRQDUQRV FRQ HO PLVWHULR GH TXLHQHV VRPRV
(Q OXJDU GH JHVWLRQDU QXHVWUD SURSLD LPDJHQ FRQ HO
REMHWLYR GH TXH VLHPSUH QRV UHVXOWH DJUDGDEOH OD
DXWRFRPSDVLyQ UHVSHWD HO KHFKR GH TXH WRGRV ORV
VHUHV KXPDQRV WHQHPRV SXQWRV IXHUWHV \ GpELOHV (Q
OXJDU GH SHUGHUQRV HQ SHQVDU VL VRPRV EXHQRV R
PDORV WRPDPRV FRQFLHQFLD GH OD H[SHULHQFLD GHO
PRPHQWR SUHVHQWH \ QRV GDPRV FXHQWD GH TXH WRGR
FDPELD FRQVWDQWHPHQWH GH TXH WRGR HV WUDQVLWRULR
/RVp[LWRV\ORVIUDFDVRVYLHQHQ\YDQQRQRVGHILQHQ
QL GHWHUPLQDQ QXHVWUD YDOtD 6RQ VROR XQD SDUWH GHO
SURFHVR GH HVWDU YLYR 1XHVWUD PHQWH SXHGH LQWHQWDU
FRQYHQFHUQRV GH OR FRQWUDULR SHUR QXHVWUR FRUD]yQ
VDEHTXHODYHUGDGHUDYDOtDUDGLFDHQODH[SHULHQFLD
IXQGDPHQWDOGHVHUXQDSHUVRQDFRQVFLHQWHTXHVLHQWH
\SHUFLEH
(VWRVLJQLILFDTXHDGLIHUHQFLDGHODDXWRHVWLPD
ORV EXHQRV VHQWLPLHQWRV GH OD FRPSDVLyQ KDFLD XQR
PLVPR QR GHSHQGHQ GH VHU HVSHFLDO \ VXSHULRU D OD
PHGLD R GH DOFDQ]DU ORV REMHWLYRV LGHDOHV (VWRV
VHQWLPLHQWRV SURFHGHQ GH SUHRFXSDUQRV SRU QRVRWURV
PLVPRV IUiJLOHV H LPSHUIHFWRV SHUR WDPELpQ
PDJQtILFRV(QOXJDUGHHQIUHQWDUQRVFRQWLQXDPHQWHD
RWUDV SHUVRQDV HQ XQ MXHJR LQWHUPLQDEOH GH
FRPSDUDFLRQHV DFRJHPRV OR TXH FRPSDUWLPRV FRQ
ORV GHPiV \ QRV VHQWLPRV PiV FRQHFWDGRV \
FRPSOHWRV/RVEXHQRVVHQWLPLHQWRVGHODFRPSDVLyQ
KDFLDXQRPLVPRQRGHVDSDUHFHQFXDQGRPHWHPRVOD
SDWDRODVFRVDVYDQPDO'HKHFKRODDXWRFRPSDVLyQ
LQWHUYLHQH SUHFLVDPHQWH FXDQGR OD DXWRHVWLPD QRV
IDOOD FDGD YH] TXH IUDFDVDPRV R TXH QRV VHQWLPRV
LQDGDSWDGRV &XDQGR OD FDSULFKRVD H LQFRQVWDQWH
DXWRHVWLPDQRVDEDQGRQDHODEUD]RDELHUWR\DPSOLR
GHODFRPSDVLyQHVWiDKtHVSHUDQGRSDFLHQWHPHQWH
6LQGXGDORVHVFpSWLFRVVHHVWDUiQSUHJXQWDQGR
TXp HV OR TXH GHPXHVWUDQ ODV LQYHVWLJDFLRQHV (Q
UHVXPLGDV FXHQWDV VHJ~Q OD FLHQFLD OD FRPSDVLyQ
KDFLDXQRPLVPRSDUHFHRIUHFHUODVPLVPDVYHQWDMDV
TXH OD DXWRHVWLPD DOWD SHUR VLQ LQFRQYHQLHQWHV
DSDUHQWHV /R SULPHUR TXH KD\ TXH VDEHU HV TXH OD
DXWRFRPSDVLyQ \ OD DXWRHVWLPD WLHQGHQ D LU GH OD
PDQR6LHUHVXQDSHUVRQDTXHWLHQHFRPSDVLyQGHVt
PLVPD WHQGHUiV D WHQHU XQD DXWRHVWLPD PiV DOWD TXH
VLWHFULWLFDVFRQVWDQWHPHQWH<FRPRRFXUUHFRQXQD
DXWRHVWLPD DOWD OD DXWRFRPSDVLyQ VH DVRFLD FRQ
PXFKD PHQRV DQVLHGDG \ GHSUHVLyQ \ FRQ PiV
IHOLFLGDG RSWLPLVPR \ HPRFLRQHV SRVLWLYDV 6LQ
HPEDUJR OD FRPSDVLyQ KDFLD XQR PLVPR RIUHFH
YHQWDMDVFODUDVVREUHODDXWRHVWLPDFXDQGRODVFRVDV
YDQPDORFXDQGRQXHVWURHJRVHYHDPHQD]DGR
(QXQHVWXGLRTXHOOHYDPRVDFDERPLVFROHJDV\
\R SRU HMHPSOR SHGLPRV D XQ JUXSR GH HVWXGLDQWHV
XQLYHUVLWDULRV TXH FRPSOHWDVHQ XQRV WHVW VREUH
FRPSDVLyQKDFLDXQRPLVPR\DXWRHVWLPD'HVSXpV
OOHJyODSDUWHGLItFLO/HVSHGLPRVTXHSDUWLFLSDVHQHQ
XQD IDOVD HQWUHYLVWD GH WUDEDMR SDUD ©SRQHU D SUXHED
VXV FDSDFLGDGHV FRPR HQWUHYLVWDGRUHVª $ PXFKRV
HVWXGLDQWHV OHV SRQH QHUYLRVRV HO SURFHVR GH OD
HQWUHYLVWD VREUH WRGR SRUTXH HQ EUHYH HPSH]DUiQ D
VROLFLWDU SXHVWRV GH WUDEDMR HQ OD YLGD UHDO (O
H[SHULPHQWR LPSOLFDED TXH ORV DOXPQRV WHQtDQ TXH
HVFULELU XQD UHVSXHVWD D OD WHPLGD SHUR LQHYLWDEOH
FXHVWLyQ ©3RU IDYRU GHVFULED VXV PD\RUHV SXQWRV
GpELOHVª'HVSXpVOHVSHGLPRVTXHH[SOLFDVHQFyPR
VHKDEtDQVHQWLGRDOUHVSHFWR
/RV QLYHOHV GH FRPSDVLyQ KDFLD Vt PLVPRV GH
ORV SDUWLFLSDQWHV SHUR QR ORV GH DXWRHVWLPD  IXHURQ
XQLQGLFDGRUGHOJUDGRGHDQVLHGDGTXHVLQWLHURQ(Q
RWUDV SDODEUDV ORV DOXPQRV TXH VHQWtDQ FRPSDVLyQ
KDFLDVtPLVPRVDILUPDURQVHQWLUVHPHQRVFRKLELGRV\
QHUYLRVRV TXH ORV TXH FDUHFtDQ GH DXWRFRPSDVLyQ
SRVLEOHPHQWHSRUTXHVHVHQWtDQELHQDGPLWLHQGRVXV
SXQWRVGpELOHV\KDEODQGRVREUHHOORV /RVDOXPQRV
FRQ XQD DXWRHVWLPD DOWD SRU HO FRQWUDULR QR VH
PRVWUDURQ PHQRV QHUYLRVRV TXH ORV TXH WHQtDQ OD
DXWRHVWLPDEDMD+DEtDQSHUGLGRHOHTXLOLEULRDQWHOD
GLILFXOWDG GH WHQHU TXH KDEODU GH VXV GHIHFWRV 8Q
GDWR LQWHUHVDQWH ORV SDUWLFLSDQWHV DXWRFRPSDVLYRV
XWLOL]DURQ PHQRV SURQRPEUHV GH OD SULPHUD SHUVRQD
GHO VLQJXODU DO HVFULELU VREUH VXV GHELOLGDGHV \ PiV
GHO SOXUDO GH OD WHUFHUD SHUVRQD ©QRVRWURVª 
$GHPiV LQFOX\HURQ PiV UHIHUHQFLDV D DPLJRV
IDPLOLDUHV\RWUDVSHUVRQDV7RGRHVWRVXJLHUHTXHHO
VHQWLGR GH FRQH[LyQ LQKHUHQWH D OD FRPSDVLyQ KDFLD
XQR PLVPR GHVHPSHxD XQ LPSRUWDQWH SDSHO HQ VX
FDSDFLGDGGHUHGXFLUODDQVLHGDG
2WUR HVWXGLR SHGtD D ORV SDUWLFLSDQWHV TXH VH
LPDJLQDVHQ HQ VLWXDFLRQHV SRWHQFLDOPHQWH
HPEDUD]RVDVIRUPDUSDUWHGHXQHTXLSRGHSRUWLYR\
HFKDUDSHUGHUXQSDUWLGRLPSRUWDQWHSRUHMHPSORR
SDUWLFLSDU HQ XQD REUD GH WHDWUR \ ROYLGDU HO JXLyQ
¢&yPR VH VHQWLUtDQ VL OHV RFXUULHVH DOJR DVt" /RV
SDUWLFLSDQWHV DXWRFRPSDVLYRV WHQGUtDQ PHQRV
SUREDELOLGDGHV GH VHQWLUVH KXPLOODGRV R
LQFRPSHWHQWHV R GH WRPDUVH ORV IDOORV FRPR DOJR
SHUVRQDO $ILUPDURQ TXH VH WRPDUtDQ ODV FRVDV FRQ
FDOPD \ SHQVDUtDQ FRVDV GHO WLSR ©7RGR HO PXQGR
PHWH OD SDWD GH YH] HQ FXDQGRª R ©$ OD ODUJD HQ
UHDOLGDG QR LPSRUWDª 7HQHU OD DXWRHVWLPD DOWD VLQ
HPEDUJR DSHQDV VXSRQtD XQD GLIHUHQFLD /RV
SDUWLFLSDQWHV FRQ OD DXWRHVWLPD DOWD \ EDMD
PDQLIHVWDURQ TXH WHQGUtDQ SHQVDPLHQWRV FRPR ©6R\
XQSHUGHGRUªX©2MDOiPHPXULHVHª8QDYH]PiVOD
DXWRHVWLPD DOWD WLHQGH D SUHVHQWDUVH FRQ ODV PDQRV
YDFtDVFXDQGRODVFRVDVQRYDQELHQ
(Q RWUR HVWXGLR ORV SDUWLFLSDQWHV WHQtDQ TXH
SUHVHQWDUVH\GHVFULELUVHDQWHXQDFiPDUDGHYtGHR$
FRQWLQXDFLyQVHOHVLQIRUPyGHTXHDOJXLHQYHUtDVXV
SUHVHQWDFLRQHV \ RSLQDUtD VL SDUHFtDQ DJUDGDEOHV
LQWHOLJHQWHVVLPSiWLFRV\PDGXURV SRUVXSXHVWRHUDQ
RSLQLRQHV IDOVDV  /D PLWDG GH ORV SDUWLFLSDQWHV
UHFLELHURQ RSLQLRQHV SRVLWLYDV \ OD RWUD PLWDG
QHXWUDV /RV SDUWLFLSDQWHV FRQ FRPSDVLyQ KDFLD Vt
PLVPRV QR GLHURQ PXHVWUDV GH SUHRFXSDUVH
GHPDVLDGR SRU ODV RSLQLRQHV \D IXHVHQ SRVLWLYDV R
QHXWUDV\DILUPDURQTXHHVDVRSLQLRQHVVHEDVDEDQHQ
VX SHUVRQDOLGDG /RV SDUWLFLSDQWHV FRQ OD DXWRHVWLPD
DOWD HQ FDPELR VH PROHVWDURQ DQWH ODV RSLQLRQHV
QHXWUDV ©¢4Xp"¢6RORHVWR\HQODPHGLD"ª $GHPiV
KXER PiV FDVRV HQ TXH QHJDURQ TXH ODV RSLQLRQHV
QHXWUDV VH GHELHVHQ D VX SHUVRQDOLGDG VLQ GXGD HV
SRUTXH OD SHUVRQD TXH KD YLVWR OD FLQWD HV LGLRWD 
(VWRLQGLFDTXHODVSHUVRQDVDXWRFRPSDVLYDVDFHSWDQ
PHMRU TXLpQHV VRQ FRQ LQGHSHQGHQFLD GH ODV
DODEDQ]DV TXH UHFLEDQ GH ORV GHPiV /D DXWRHVWLPD
SRU RWUR ODGR VROR IORUHFH FXDQGR ODV FUtWLFDV VRQ
SRVLWLYDV \ SXHGH SURYRFDU WiFWLFDV HYDVLYDV \
FRQWUDSURGXFHQWHV FXDQGR H[LVWH OD SRVLELOLGDG GH
HQIUHQWDUVH D YHUGDGHV GHVDJUDGDEOHV VREUH XQR
PLVPR
5HFLHQWHPHQWH PL FROHJD 5RRV 9RQN \ \R
LQYHVWLJDPRV ORV EHQHILFLRV GH OD FRPSDVLyQ KDFLD
XQR PLVPR IUHQWH D OD DXWRHVWLPD FRQ PiV GH
WUHVFLHQWDVSHUVRQDVGHGLIHUHQWHViPELWRVGHODYLGD
(V HO HVWXGLR VREUH HVWH WHPD FRQ PiV SDUWLFLSDQWHV
TXH VH KD UHDOL]DGR KDVWD OD IHFKD 3ULPHUR
H[DPLQDPRV OD HVWDELOLGDG GH ORV VHQWLPLHQWRV
SRVLWLYRVH[SHULPHQWDGRVKDFLDVtPLVPRVDORODUJR
GHO WLHPSR ¢(VRV VHQWLPLHQWRV VXEtDQ \ EDMDEDQ
FRPR XQ \R\y R HUDQ UHODWLYDPHQWH FRQVWDQWHV"
3ODQWHDPRV OD KLSyWHVLV GH TXH OD DXWRHVWLPD HVWDUtD
UHODFLRQDGDFRQVHQWLPLHQWRVUHODWLYDPHQWHLQHVWDEOHV
VREUH OD SURSLD YDOtD \D TXH OD DXWRHVWLPD WLHQGH D
GLVPLQXLU FXDQGR ODV FRVDV QR YDQ WDQ ELHQ FRPR VH
GHVHDUtD 3RU RWUR ODGR GDGR TXH SRGHPRV
EULQGDUQRV FRPSDVLyQ D QRVRWURV PLVPRV HQ ORV
EXHQRV \ HQ ORV PDORV WLHPSRV HVSHUDPRV TXH ORV
VHQWLPLHQWRVGHYDOtDDVRFLDGRVFRQODDXWRFRPSDVLyQ
SHUPDQHFLHVHQPiVHVWDEOHVDORODUJRGHOWLHPSR
3DUD SUREDU HVWD LGHD SHGLPRV D ORV
SDUWLFLSDQWHV TXH H[SOLFDVHQ TXp VHQWLPLHQWRV WHQtDQ
VREUH Vt PLVPRV HQ HO PRPHQWR SUHVHQWH SRU
HMHPSOR ©0H VLHQWR LQIHULRU D ORV GHPiV HQ HVWH
SUHFLVR PRPHQWRª R ©0H VLHQWR ELHQ FRQPLJR
PLVPRª (O HVWXGLR OHV SHGtD TXH UHSLWLHVHQ HVWD
DFWLYLGDG GRFH YHFHV HQ PRPHQWRV GLVWLQWRV HQ XQ
SHUtRGRGHRFKRPHVHV
$ FRQWLQXDFLyQ FDOFXODPRV HO JUDGR HQ TXH ORV
QLYHOHV JOREDOHV GH DXWRFRPSDVLyQ R DXWRHVWLPD
SUHGHFtDQ OD HVWDELOLGDG GHO VHQWLPLHQWR GH YDOtD
SURSLDDORODUJRGHOWLHPSR&RPRHVSHUiEDPRVOD
FRPSDVLyQKDFLDXQRPLVPRVHUHODFLRQyFODUDPHQWH
FRQ VHQWLPLHQWRV GH YDOtD PiV FRQVWDQWHV TXH OD
DXWRHVWLPD 7DPELpQ GHVFXEULPRV TXH OD
DXWRFRPSDVLyQQRGHSHQGtDWDQWRFRPRODDXWRHVWLPD
GHUHVXOWDGRVFRQFUHWRVFRPRODDSUREDFLyQVRFLDOHO
p[LWR R HO DWUDFWLYR SHUVRQDO &XDQGR HO VHQWLPLHQWR
GHYDOtDSURSLDWLHQHFRPRRULJHQQXHVWUDFRQYLFFLyQ
GH VHU SHUVRQDV TXH PHUHFHPRV UHVSHWR SRU
QDWXUDOH]D HQ OXJDU GH GHSHQGHU GH OD REWHQFLyQ GH
GHWHUPLQDGRV LGHDOHV  QXHVWUR VHQWLPLHQWR GH YDOtD
SHUVRQDOQRVHWDPEDOHDWDQIiFLOPHQWH
2WUR GH QXHVWURV GHVFXEULPLHQWRV IXH TXH HQ
FRPSDUDFLyQ FRQ OD DXWRHVWLPD OD FRPSDVLyQ KDFLD
XQR PLVPR QR HVWDED WDQ UHODFLRQDGD FRQ OD
FRPSDUDFLyQ VRFLDO QL FRQ OD QHFHVLGDG GH WRPDU
UHSUHVDOLDV SRU OR TXH VH FRQVLGHUDQ IDOORV
SHUVRQDOHV < WDPSRFR FRQ OD ©QHFHVLGDG GH FLHUUH
FRJQLWLYRªTXHHVODQHFHVLGDGGHWHQHUUD]yQVLQTXH
QDGLH QRV FXHVWLRQH /DV SHUVRQDV TXH EDVDQ VX
SURSLD YDOtD HQ VHQWLUVH VXSHULRUHV H LQIDOLEOHV
WLHQGHQDHQIDGDUVH\DSRQHUVHDODGHIHQVLYDFXDQGR
VX SRVLFLyQ VH YH DPHQD]DGD (Q FDPELR ODV
SHUVRQDVTXHDFHSWDQFRQFRPSDVLyQVXLPSHUIHFFLyQ
QR QHFHVLWDQ HQWUDU HQ HVDV FRQGXFWDV LQVDQDV SDUD
SURWHJHUVXVHJRV'HKHFKRXQKDOOD]JRVRUSUHQGHQWH
GHO HVWXGLR IXH TXH ODV SHUVRQDV FRQ XQD DXWRHVWLPD
DOWD HUDQ PXFKR PiV QDUFLVLVWDV TXH ODV TXH
PDQLIHVWDURQXQDDXWRHVWLPDEDMD3RUHOFRQWUDULROD
FRPSDVLyQ KDFLD XQR PLVPR TXHGDED WRWDOPHQWH DO
PDUJHQ GHO QDUFLVLVPR /D UD]yQ GH TXH QR KXELHVH
XQD DVRFLDFLyQ QHJDWLYD HV TXH ODV SHUVRQDV TXH
FDUHFHQGHFRPSDVLyQSRUVtPLVPDVWDPSRFRWLHQGHQ
DVHUQDUFLVLVWDV

(-(5&,&,2

'HVFXEULUDOLPSRVWRU
 $(VFULEHXQDOLVWDFRQXQPi[LPRGHGLH]DVSHFWRVGHWLPLVPR
TXH GHVHPSHxHQ XQ SDSHO VLJQLILFDWLYR HQ WX DXWRHVWLPD FRVDV
TXHWHKDJDQVHQWLUELHQRPDOUHQGLPLHQWRHQHOWUDEDMRWXSDSHO
FRPRSDGUHRPDGUHWXSHVRHWFpWHUD 

%5HVSRQGHDODVVLJXLHQWHVSUHJXQWDVHQUHODFLyQDFDGDSXQWR
DQWHULRU\SLHQVDVLWXVUHVSXHVWDVFDPELDQWXPDQHUDGHSHQVDU
¢&UHHV TXH OD DXWRHVWLPD PDO HQWHQGLGD WH HVWi OOHYDQGR SRU HO
FDPLQRHTXLYRFDGR"

¢4XLHURVHQWLUPHPHMRUTXHORVGHPiVRVHQWLUPHFRQHFWDGR"
 ¢0L YDOtD SURFHGH GHO KHFKR GH VHU HVSHFLDO R VH GHEH D TXH
VR\XQVHUKXPDQR"
¢4XLHURVHUXQDSHUVRQDSHUIHFWDRXQDSHUVRQDVDQD"

/,%(5$56('(/(*2

$OJXLHQSRGUtDGHFLUTXHFRQODFRPSDVLyQKDFLDXQR
PLVPR HO HJR SDVD GHO SULPHU SODQR DO VHJXQGR
DXQTXH QXQFD GHVDSDUHFH GHO WRGR  (Q OXJDU GH
YDORUDUWH FRPR XQ LQGLYLGXR DLVODGR FRQ OtPLWHV
FODUDPHQWH GHILQLGRV HQ FRQWUDVWH FRQ ORV GHPiV WH
YHVFRPRSDUWHGHXQJUDQWRGRFRQHFWDGR/DLGHDGH
TXH H[LVWH XQ ©\R VHSDUDGRª TXH SXHGH VHU MX]JDGR
LQGHSHQGLHQWHPHQWH GH ODV QXPHURVDV FRQGLFLRQHV
TXH PHGLDQWH OD LQWHUDFFLyQ FUHDQ HVH ©\Rª HV XQD
LOXVLyQ 6ROR FXDQGR FDHPRV HQ OD WUDPSD GH FUHHU
TXH VRPRV ©HQWLGDGHV GLVWLQWDVª HQWUD HQ MXHJR HO
WHPDGHODDXWRHVWLPD3RUVXSXHVWRWRGRVTXHUHPRV
H[SHULPHQWDU OD IHOLFLGDG TXH VXSRQH VHQWLUQRV ELHQ
FRQQRVRWURVPLVPRV$GHPiVWHQHPRVGHUHFKRDHVD
IHOLFLGDG 6LQ HPEDUJR OD IHOLFLGDG UHDO \ GXUDGHUD
VHH[SHULPHQWDPHMRUFXDQGRSDUWLFLSDPRVHQHOIOXMR
GH OD YLGD FXDQGR HVWDPRV FRQHFWDGRV \ QR
VHSDUDGRVGHWRGR
&XDQGR ILOWUDPRV QXHVWUD H[SHULHQFLD D WUDYpV
GHO HJR LQWHQWDQGR PHMRUDU R PDQWHQHU QXHVWUD
DXWRHVWLPDDOWDHQWRGRPRPHQWRQRVQHJDPRVORTXH
HQ UHDOLGDG PiV GHVHDPRV VHU DFHSWDGRV WDO FRPR
VRPRV XQD SDUWH LQWHJUDO GH DOJR PXFKR PiV JUDQGH
TXH QXHVWUDV SHTXHxDV LQGLYLGXDOLGDGHV 6LQ OtPLWHV
6LQPHGLGDV/LEUHV
 &DStWXOR

027,9$&,Ï1<&5(&,0,(172
3(5621$/

/D FXULRVD SDUDGRMD HV TXH FXDQGR PH DFHSWR WDO FRPR VR\
HQWRQFHVSXHGRFDPELDU
&$5/52*(56(OSURFHVRGHFRQYHUWLUVHHQSHUVRQD

'RV IRUDMLGRV VHQWDGRV HQ XQ EDU PDQWLHQHQ HVWD

FRQYHUVDFLyQ
²¢+DVYLVWRD%LOO\HO1LxR~OWLPDPHQWH"
²6t&RPLPRVMXQWRVHORWURGtD
²¢$KVt"
²6t <R FUX]DED HO SXHQWH GH HQWUDGD D OD
FLXGDG D ORPRV GH PL FDEDOOR \ DOOt HVWDED %LOO\
DSXQWiQGRPHFRQXQUHYyOYHU©%DMDGHOFDEDOORªPH
GLMR ¢4Xp LED D KDFHU" eO WHQtD HO DUPD DVt TXH
REHGHFt %LOO\ DSXQWD D XQ PRQWyQ GH PLHUGD GH
FDEDOOR ©¢9HV OD PLHUGD" &yPHWHODª ¢4Xp LED D
KDFHU"eOWHQtDHODUPDDVtTXHREHGHFt<HQWRQFHV
%LOO\VHUtHVHUtHWDQIXHUWHTXHVHOHFDHHOUHYyOYHU
0HKDJRFRQpO©(K%LOO\²OHGLJR²$KRUDWHQJR
\R HO UHYyOYHU ¢9HV OD PLHUGD GH FDEDOOR"
&yPHWHODª ¢4Xp LED D KDFHU" <R WHQtD HO DUPD DVt
TXH REHGHFLy <D YHV FRPR WH GLMH HO RWUR GtD
FRPLPRVMXQWRV
(VWD KLVWRULD XQ WDQWR JUDWXLWD OR DGPLWR
VXEUD\D OD H[WHQGLGD FUHHQFLD GH TXH WHQHPRV TXH
DSXQWDU D DOJXLHQ FRQ XQD SLVWROD HQ OD FDEH]D SDUD
TXH KDJD DOJR GHVDJUDGDEOH HVSHFLDOPHQWH VL HVH
DOJXLHQVRPRVQRVRWURV 
/DSULQFLSDOUD]yQTXHGDQODVSHUVRQDVSDUDQR
VHUPiVFRPSDVLYDVFRQVLJRPLVPDVHVHOWHPRUDOD
SHUH]D \ OD DXWRFRPSODFHQFLD ©/D OHWUD FRQ VDQJUH
HQWUDª HV XQR GH ORV UHIUDQHV TXH UHYHOD OD FUHHQFLD
GH TXH VROR HO FDVWLJR GXUR SXHGH PDQWHQHU OD
LQGROHQFLDDUD\D(OFDVWLJRFRUSRUDO\DQRHVWiWDQ
SUHVHQWH HQ ORV FROHJLRV \ HQ ODV IDPLOLDV SHUR
WRGDYtD QRV DIHUUDPRV D HVD LGHD FRQ QRVRWURV
PLVPRVDOSHQVDUTXHODDXWRIODJHODFLyQ DXQTXHVHD
PHQWDO UHVXOWD~WLO\HILFD](VHOYLHMRSODQWHDPLHQWR
GH OD PDQR EODQGD IUHQWH D OD PDQR GXUD OD
DXWRFUtWLFDHVODPDQRGXUD\ODDXWRHVWLPDODEODQGD
6L KDFHV OR TXH VH HVSHUD GH WL DXQTXH QR TXLHUDV
KDFHUOR SXHGHV HYLWDU HO JROSH GH OD DXWRFUtWLFD \
VHQWLUWHPHMRUFRQWLJRPLVPR
(Q XQD RFDVLyQ WXYH XQD DOXPQD OODPDGD +ROO\
TXHDSR\DEDHVHHQIRTXHFRQFRQYHQFLPLHQWR(VWDED
VHJXUDGHTXHWHQtDTXHVHUGXUDFRQVLJRPLVPDSDUD
PDQWHQHUVHHQODGLUHFFLyQFRUUHFWD\OOHJDUDVHUOD
SHUVRQD TXH TXHUtD VHU 1DFLGD HQ HO VHQR GH XQD
FRQVHUYDGRUDIDPLOLDGH7H[DVFRQXQDVH[SHFWDWLYDV
LQFUHtEOHPHQWHDOWDVVHQWtDTXHQRHUDVXILFLHQWHXQD
OLFHQFLDWXUDXQLYHUVLWDULDTXHWHQtDTXHFRQVHJXLUXQ
PiVWHU 6XV SDGUHV QR KDEtDQ SDVDGR GHO LQVWLWXWR
WRGDV VXV HVSHUDQ]DV \ VXV VXHxRV HVWDEDQ
GHSRVLWDGRVHQHOp[LWRGHVXKLMD+ROO\PDQWHQtDHVD
LQWHQVDSUHVLyQDWUDYpVGHODDXWRFUtWLFDFRQVWDQWH6L
VDFDED XQD QRWD PiV EDMD GH OR HVSHUDGR HQ XQ
H[DPHQ VH FDVWLJDED FRQ XQ GXUtVLPR PRQyORJR
LQWHULRU ©(UHV HVW~SLGD H LQ~WLO 1XQFD FRQVHJXLUiV
QDGD VL VLJXHV PHWLHQGR OD SDWD GH HVWD PDQHUDª H
LGHDV VLPLODUHV /D UHFRPSHQVD TXH SHQGtD DQWH HOOD
SRUWUDEDMDUGXURHUDHORUJXOOR
+ROO\ TXHUtD TXH VXV SDGUHV VH VLQWLHVHQ
RUJXOORVRV GH HOOD \ VHQWLUVH RUJXOORVD GH Vt PLVPD
&UHtDTXHOD~QLFDPDQHUDGHDOFDQ]DUVXVREMHWLYRV
HUD©HVWLPXODUVHªFRQDXWRFUtWLFDVLPSODFDEOHV
 (VWH WLSR GH SHQVDPLHQWR HV LQFUHtEOHPHQWH
IUHFXHQWHSHUR¢HVDFHUWDGR"

(//È7,*2'(6025$/,=$'25

(QSULPHUOXJDUSHQVHPRVHQHOHVWDGRGHiQLPRTXH
HQJHQGUD OD DXWRFUtWLFD ¢4Xp VHQWLPLHQWRV WH
SURYRFDQ ODV SDODEUDV ©(UHV XQ LQ~WLO SHUH]RVR WH
RGLRª" ¢7H VLHQWHV FRQ HQHUJtDV LQVSLUDGR D SXQWR
SDUDFRPHUWHHOPXQGR"$GHODQWHFDPSHyQ
5HVXOWD WRGDYtD PiV HYLGHQWH FXDQGR SHQVDPRV
HQ PRWLYDU D RWUDV SHUVRQDV SRU HMHPSOR D ORV
QLxRV  3RQJDPRV TXH WX KLMD GH GLH] DxRV OOHJD D
FDVD FRQ XQ VXVSHQVR ¢&XiO HV OD PHMRU PDQHUD GH
DQLPDUOD D DGRSWDU XQRV KiELWRV GH HVWXGLR LGyQHRV
SDUD TXH OD SUy[LPD YH] OR KDJD PHMRU" ¢'HEHUtDV
FULWLFDUOD VLQ SLHGDG" ¢'HFLUOH TXH HV LQ~WLO \
FDVWLJDUOD VLQ FHQDU" 3RU VXSXHVWR TXH QR (VDV
FUtWLFDVWDQGXUDVODGHVDOHQWDUtDQKDVWDWDOSXQWRTXH
QR OH TXHGDUtDQ HQHUJtDV SDUD DSOLFDUVH HQ ORV
HVWXGLRV 3RU GHVJUDFLD DOJXQRV SDGUHV \ DOJXQDV
PDGUHV DGRSWDQ HVH HQIRTXH SHUR HVWi PX\ OHMRV GH
VHUHOLGHDO5HVXOWDUtDPXFKRPiVHILFD]UHFRUGDUD
OD QLxD TXH HVDV FRVDV RFXUUHQ TXH OD TXHUHPRV \
DQLPDUODFRQILUPH]DSHURWDPELpQFRQFRPSDVLyQD
VHJXLU XQD QXHYD UXWLQD GH HVWXGLR SRUTXH SXHGH
KDFHUORPHMRU\ORKDUi
7RGRV VDEHPRV TXH ORV PHQVDMHV SRVLWLYRV \
UHFRQIRUWDQWHVFUHDQHOHVWDGRGHiQLPRPiVSURSLFLR
SDUD HVIRU]DUVH \ DOFDQ]DU HO PD\RU SRWHQFLDO
SHUVRQDO1HFHVLWDPRVVHQWLUQRVWUDQTXLORVVHJXURV\
FDSDFHV SDUD GDU OR PHMRU GH QRVRWURV 3RU HVWD
UD]yQFXDQGRLQWHQWDPRVPRWLYDUDODVSHUVRQDVTXH
TXHUHPRVQRUPDOPHQWHQRVGHVYLYLPRVSRUKDFHUOHV
VDEHU TXH FUHHPRV HQ HOODV \ TXH VLHPSUH WHQGUiQ
QXHVWUD OHDOWDG QXHVWUR FDULxR \ QXHVWUR DSR\R 6LQ
HPEDUJR SRU DOJXQD H[WUDxD UD]yQ FRQ QRVRWURV
PLVPRVDGRSWDPRVHOHQIRTXHFRQWUDULR
/RVLQYHVWLJDGRUHVTXHHVWXGLDQORVPHFDQLVPRV
GHODPRWLYDFLyQVDEHQTXHHOJUDGRGHVHJXULGDGHQ
QRVRWURVPLVPRVHMHUFHXQHQRUPHLPSDFWRHQQXHVWUD
FDSDFLGDGGHDOFDQ]DUQXHVWURVREMHWLYRV'HFHQDVGH
HVWXGLRV FRQILUPDQ TXH QXHVWUDV FUHHQFLDV DFHUFD GH
QXHVWUDV FDSDFLGDGHV TXH HO SVLFyORJR LQYHVWLJDGRU
$OEHUW %DQGXUD FDOLILFD FRPR FUHHQFLDV GH
©DXWRHILFDFLDª  HVWiQ GLUHFWDPHQWH UHODFLRQDGDV FRQ
QXHVWUDFDSDFLGDGSDUDDOFDQ]DUQXHVWURVVXHxRV
3RU HMHPSOR VH KL]R XQ HVWXGLR FRQ XQ
VHJXLPLHQWR GH PiV GH GRVFLHQWRV HVWXGLDQWHV \
OXFKDGRUHVGHOXFKDOLEUHGXUDQWHXQDWHPSRUDGD6H
GHVFXEULy TXH FRQ LQGHSHQGHQFLD GH VXV p[LWRV
DQWHULRUHV ORV HVWXGLDQWHV TXH WHQtDQ XQDV FUHHQFLDV
GH DXWRHILFDFLD PiV VyOLGDV JDQDEDQ PiV HQFXHQWURV
TXHORVTXHGXGDEDQGHVtPLVPRV(VHGDWRVHKDFtD
PiVSDWHQWHHQODVVLWXDFLRQHVGHDOWDSUHVLyQGHODV
SUyUURJDV /DV OXFKDV TXH VH UHVXHOYHQ HQ SUyUURJD
VRQ D ©PXHUWH V~ELWDª JDQD HO SULPHU OXFKDGRU TXH
SXQW~D  6RQ GLItFLOHV SRUTXH ORV OXFKDGRUHV OOHJDQ
H[KDXVWRVDHVHPRPHQWR\SRUTXHODVLWXDFLyQLQGLFD
TXH ODV FDSDFLGDGHV ItVLFDV HVWiQ PX\ LJXDODGDV (Q
WDOHV FDVRV HO ~QLFR IDFWRU TXH SUHGLFH XQD YLFWRULD
HV OD FUHHQFLD PHQWDO GHO OXFKDGRU HQ VX SURSLD
FDSDFLGDG
'DGR TXH OD DXWRFUtWLFD WLHQGH D PLQDU ODV
FUHHQFLDVGHDXWRHILFDFLDSXHGHUHVXOWDUGDxLQDSDUD
QXHVWUD FDSDFLGDG GH GDU OR PHMRU GH QRVRWURV HQ
OXJDUGHEHQHILFLDUOD$OFDVWLJDUQRVFRQVWDQWHPHQWH
HPSH]DPRVDSHUGHUODIHHQQRVRWURVPLVPRVORTXH
VLJQLILFD TXH QR VHUHPRV FDSDFHV GH OOHJDU WDQ OHMRV
FRPR SRGUtDPRV /D DXWRFUtWLFD DGHPiV HVWi
GLUHFWDPHQWH UHODFLRQDGD FRQ OD GHSUHVLyQ \ XQ
HVWDGRGHiQLPRGHSUHVLYRQRFRQGXFHSUHFLVDPHQWH
DXQDDFWLWXGGH©OHYiQWDWH\FRQWLQ~Dª
3RU VXSXHVWR OD DXWRFUtWLFD WLHQH TXH VHU
HIHFWLYD HQ FLHUWD PDQHUD FRPR PRWLYDFLyQ GH OR
FRQWUDULRQRODSUDFWLFDUtDWDQWDJHQWH6LQHPEDUJR
VL OD DXWRFUtWLFD IXQFLRQD HV VROR SRU XQ PRWLYR HO
PLHGR 'DGR TXH UHVXOWD WDQ GHVDJUDGDEOH UHFLELU
DXWRFUtWLFDV GXUDV FXDQGR IUDFDVDPRV QRV PRWLYD HO
GHVHR GH KXLU GH HOODV (V FRPR VL FRORFiVHPRV OD
FDEH]DHQXQDJXLOORWLQDFRQODDPHQD]DFRQVWDQWHGH
OR SHRU VDELHQGR TXH HO WHUURU GH QXHVWUD SURSLD
DXWRFUtWLFDQRVLPSHGLUiVHUFRPSODFLHQWHV
(VH HQIRTXH IXQFLRQD KDVWD FLHUWR SXQWR SHUR
WLHQH DOJXQRV LQFRQYHQLHQWHV JUDYHV 8QR GH ORV
PD\RUHV SUREOHPDV GH XWLOL]DU HO PLHGR FRPR
PRWLYDGRU HV TXH OD DQVLHGDG HQ Vt PLVPD SXHGH
SHUMXGLFDU QXHVWUR UHQGLPLHQWR <D VH WUDWH GH
DQVLHGDGSRUKDEODUHQS~EOLFRRDQWHVGHXQH[DPHQ
HOEORTXHRGHOHVFULWRURHOSiQLFRHVFpQLFRVDEHPRV
TXHHOPLHGRDTXHQRVMX]JXHQQHJDWLYDPHQWHSXHGH
VHU PX\ GHELOLWDQWH /D DQVLHGDG QRV GLVWUDH GH OD
WDUHDTXHWHQHPRVHQWUHPDQRVHLQWHUILHUHHQQXHVWUD
FDSDFLGDG GH FRQFHQWUDUQRV \ GDU OR PHMRU GH
QRVRWURV
/D DXWRFUtWLFD QR VROR SURYRFD DQVLHGDG VLQR
TXH DGHPiV SXHGH FRQGXFLU D HQJDxRV SVLFROyJLFRV
GLVHxDGRV SDUD HYLWDU TXH QRV FXOSHPRV D QRVRWURV
PLVPRVHQFDVRGHIUDFDVR<HVRDVXYH]KDFHTXH
HOIUDFDVRVHDPiVSUREDEOH/DWHQGHQFLDDVDERWHDU
HO UHQGLPLHQWR GH PDQHUDV TXH FUHDQ XQD H[FXVD
SODXVLEOH SDUD IUDFDVDU VH FRQRFH FRPR
©REVWDFXOL]DUVH D XQR PLVPRª 8QD IRUPD FRP~Q GH
REVWDFXOL]DUVHHVVHQFLOODPHQWHQRHVIRU]DUVH6LQR
HQWUHQRSDUDHOSDUWLGRGHWHQLVTXHWHQJRSHQGLHQWH
SRGUpDFKDFDUODGHUURWDDPLIDOWDGHSUiFWLFD\QRD
TXHVR\XQPDOMXJDGRU2WUDHVWUDWHJLDKDELWXDOHVOD
SRVWHUJDFLyQ6LPHHTXLYRFRHQXQDWDUHDTXHQRKH
HPSH]DGR D SUHSDUDU KDVWD HO ~OWLPR PLQXWR SXHGR
DWULEXLUHOIUDFDVRDODIDOWDGHSUHSDUDFLyQ\QRDOD
LQFRPSHWHQFLD
/DVLQYHVWLJDFLRQHVLQGLFDQTXHORVDXWRFUtWLFRV
WLHQHQ PHQRV SUREDELOLGDGHV GH ORJUDU VXV REMHWLYRV
GHELGR D HVH WLSR GH HVWUDWHJLDV GH
DXWRREVWDFXOL]DFLyQ 3RU HMHPSOR VH UHDOL]y XQ
HVWXGLR FRQ XQ JUXSR GH HVWXGLDQWHV XQLYHUVLWDULRV
TXH WHQtDQ TXH GHVFULELU VXV REMHWLYRV DFDGpPLFRV
VRFLDOHV\GHVDOXG\GHVSXpVLQIRUPDUGHOSURJUHVR
TXHKDEtDQUHDOL]DGRUHVSHFWRDHVRVREMHWLYRV/RV
DXWRFUtWLFRVSURJUHVDURQPXFKRPHQRVTXHHOUHVWR\
UHFRQRFLHURQTXHUHFXUUtDQDODSRVWHUJDFLyQFRQPiV
IUHFXHQFLD $Vt HQ OXJDU GH VHU XQD KHUUDPLHQWD
PRWLYDGRUD ~WLO OD DXWRFUtWLFD SXHGH YROYHUVH HQ
QXHVWUDFRQWUD
-LPHUDXQRGHORVSHRUHVSRVWHUJDGRUHVTXHKH
FRQRFLGR /R KDFtD WRGR HQ HO ~OWLPR PLQXWR &DGD
YH] TXH VH VHQWtD LQVHJXUR VREUH VX FDSDFLGDG GH
OOHYDUDFDERXQDWDUHDLPSRUWDQWHODSRVWHUJDEDFRQ
HOILQGHWHQHUXQDH[FXVDVLIDOODED©0HKDIDOWDGR
WLHPSRª3DUDHOH[DPHQGHLQJUHVRHQODXQLYHUVLGDG
SRUHMHPSORQRHVWXGLyKDVWDXQRVGtDVDQWHV&XDQGR
VXSR OD QRWD TXH HVWDED ELHQ VLQ VHU IDQWiVWLFD PH
GLMR ©%XHQR QR HVWi WDQ PDO VL WHQHPRV HQ FXHQWD
TXH FDVL QR KDEtD HVWXGLDGRª &XDQGR OOHJy HO
PRPHQWR GH FRQVHJXLU XQ SXHVWR HQ SUiFWLFDV GHQWUR
GHO SURJUDPD GH WUDEDMR VRFLDO GH VX PiVWHU HVSHUy
KDVWD HO ~OWLPR PRPHQWR SDUD HQYLDU VX VROLFLWXG
&RPRHUDGHHVSHUDUOD~QLFDSOD]DTXHOHRIUHFLHURQ
IXHODTXHQDGLHPiVTXHUtD¢6XUHVSXHVWD"©%XHQR
ODPD\RUtDGHORVSXHVWRV\DHVWDEDQFXELHUWRVFXDQGR
HQYLpPLVROLFLWXG$OPHQRVKHFRQVHJXLGRDOJRª
/RSHRURFXUULyHOGtDGHVXERGD/DSURPHWLGD
GH -LP 1DRPL VH RFXSy GH WRGRV ORV SUHSDUDWLYRV
FRQ OD HVSHUDQ]D GH TXH OD FHUHPRQLD FHOHEUDGD HQ
ODSUHFLRVDLJOHVLDGHOVLJOR ;,;DODTXHDFXGtDFRQ
VXIDPLOLDFXDQGRHUDSHTXHxD IXHVHSHUIHFWD1DRPL
HVFRJLy ORV YHVWLGRV GH ODV GDPDV GH KRQRU \ ORV
HVPyTXLQHV SDUD -LP \ VXV WHVWLJRV /R ~QLFR TXH OH
SLGLyD-LPIXHTXHVHFRPSUDVHXQRV]DSDWRVQHJURV
/DFHUHPRQLDHUDXQGRPLQJRDPHGLRGtDGHPDQHUD
TXH-LPSHQVyTXHQRSDVDEDQDGDVLVHDFHUFDEDDO
FHQWUR FRPHUFLDO D ODV QXHYH GH OD PDxDQD 7HQGUtD
PXFKR WLHPSR SDUD FRPSUDUVH ORV ]DSDWRV \ OOHJDU D
ODLJOHVLDDODVRQFHWDOFRPROHKDEtDQSHGLGR
/RTXHKDEtDROYLGDGRSRUVXSXHVWRHUDTXHORV
GRPLQJRV HO FHQWUR FRPHUFLDO QR DEUtD KDVWD
PHGLRGtD1RKDEtDQLQJXQD]DSDWHUtDHQVX]RQDTXH
DEULHVH DQWHV GH ODV GRFH -LP QR WHQtD ]DSDWRV GH
YHVWLUVRORGRVSDUHVGHGHSRUWLYDVFKLOORQDV\XQDV
VDQGDOLDVGHFXHUR(VWDEDHQXQDSULHWR3RUVXHUWH
UHFRUGy TXH OD WLHQGD PXOWLSUHFLR ORFDO DEUtD D ODV
GLH]\WHQtDXQDSHTXHxDFROHFFLyQGH]DSDWRV$OJR
HQFRQWUDUtD/RV~QLFRV]DSDWRVQHJURVTXHWHQtDQVLQ
HPEDUJR HUDQ XQD HVSHFLH GH &URFV EDUDWRV GH
LPLWDFLyQ 7HQtDQ TXH VHUYLU 1DRPL QR YLR ORV
]DSDWRV GH -LP KDVWD TXH HVWH DSDUHFLy FDPLQDQGR
KDFLDHODOWDU\DXQTXHVXURVWURUHIOHMyFRQPRFLyQ\
KRUURU SRU XQRV VHJXQGRV GHFLGLy LJQRUDU HO WHPD \
FHQWUDUVH HQ OR PiV LPSRUWDQWH VXV YRWRV
PDWULPRQLDOHV 0iV WDUGH HQ HO EDQTXHWH OHV YL
PDQWHQLHQGR XQD FRQYHUVDFLyQ XQ WDQWR WHQVD ,QWHQWp
QR HVFXFKDU D HVFRQGLGDV EXHQR YDOH D OR PHMRU
FRWLOOHp XQ SRFR  SHUR Rt D -LP TXH GHFtD ©%XHQR
WHQLHQGRHQFXHQWDTXHQRKHLGRDFRPSUDUORVKDVWD
HVWD PDxDQD QR HVWiQ WDQ PDO < VRQ EDVWDQWH
FyPRGRVª
$XQTXH HV FLHUWR TXH -LP FRQVHJXtD LU WLUDQGR
FRQVXVHVIXHU]RVGH~OWLPRPLQXWR\VDOYDUVHGHOD
DXWRFUtWLFDLPSODFDEOHWHQLHQGRVLHPSUHXQDH[FXVDD
PDQR FXDQGR PHWtD OD SDWD QXQFD DOFDQ]y WRGR VX
SRWHQFLDO3RGUtDKDEHULQJUHVDGRHQXQDXQLYHUVLGDG
PHMRUHQODTXHVXLQWHOLJHQFLDGHVWDFDVHGHYHUGDGVL
KXELHVH HPSH]DGR D HVWXGLDU DQWHV 3RGUtD KDEHU
FRQVHJXLGRXQDSOD]DHQSUiFWLFDVPHMRUTXHOHGLHVH
H[SHULHQFLDHQHOFDPSRGHOWUDEDMRVRFLDOTXHPiVOH
JXVWDED VL KXELHVH HQYLDGR VXV VROLFLWXGHV FRQ PiV
WLHPSR < SRGUtD KDEHU HYLWDGR OD SHOHD FRQ VX \D
HVSRVD HO GtD GH VX ERGD VL KXELHVH LGR DO FHQWUR
FRPHUFLDO HO GtD DQWHULRU 6L -LP VH VHQWtD PiV
FyPRGR FRQ HO KHFKR GH TXH SRGtD IDOODU LQFOXVR
FXDQGR GDED OR PHMRU GH Vt QR WHQGUtD TXH
DXWRVDERWHDUVH FRQ HO ILQ GH VDOYDU VX HJR FXDQGR
UHDOPHQWH IDOODED < HO IUDFDVR HV LQHYLWDEOH FXDQGR
ORVHVIXHU]RVQRYDQDFRPSDxDGRVGHHQWXVLDVPR

32548(7(,03257$

¢3RU TXp OD DXWRFRPSDVLyQ HV XQ PRWLYDGRU PiV

HILFD]TXHODDXWRFUtWLFD"3RUTXHVXPRWRUHVHODPRU
QRHOPLHGR(ODPRUQRVSHUPLWHVHQWLUQRVVHJXURV\
FRQILDGRV HQ SDUWH SRUTXH IDYRUHFH OD SURGXFFLyQ
GH R[LWRFLQD  PLHQWUDV TXH HO PLHGR QRV KDFH VHQWLU
LQVHJXURV \ QHUYLRVRV KDFLHQGR TXH OD DPtJGDOD
FHUHEUDO WUDEDMH GHPDVLDGR H LQXQGH QXHVWURV
VLVWHPDV FRQ FRUWLVRO  6L FRQILDPRV HQ QXHVWUD
FDSDFLGDGGHVHUFRPSUHQVLYRV\FRPSDVLYRVFXDQGR
IDOODPRV QR QRV SURYRFDUHPRV HVWUpV \ DQVLHGDG
LQQHFHVDULDPHQWH 3RGHPRV UHODMDUQRV VDELHQGR TXH
VHUHPRV DFHSWDGRV WDO FRPR VRPRV 6LQ HPEDUJR VL
HVRHVFLHUWR¢SRUTXpGHEHUtDPRVHVIRU]DUQRV"¢3RU
TXp QR QRV GHGLFDPRV D FRPHU SL]]D \ YHU
UHSRVLFLRQHVHQODWHOHWRGRHOGtD"
0XFKDV SHUVRQDV FRQVLGHUDQ TXH OD FRPSDVLyQ
KDFLDXQRPLVPRHVXQDVHQVDFLyQFiOLGDHLQGHILQLGD
GH ELHQHVWDU XQD PDQHUD GH PLPDUQRV \ QDGD PiV
6LQ HPEDUJR OD VDQDFLyQ \ HO FUHFLPLHQWR QR VH
FRQVLJXHQ FRQ XQ WUDWDPLHQWR WDQ VXSHUILFLDO $
GLIHUHQFLD GH OD DXWRFUtWLFD TXH SUHJXQWD VL HUHV
VXILFLHQWHPHQWH EXHQR OD FRPSDVLyQ WH SUHJXQWD TXp
HV EXHQR SDUD WL /D FRPSDVLyQ KDFLD XQR PLVPR
FRQHFWDFRQHOGHVHRLQWHULRUGHHVWDUVDQR\IHOL]6L
WHRFXSDVGHWLPLVPRKDUiVORTXHWLHQHVTXHKDFHU
SDUDDSUHQGHU\FUHFHU4XHUUiVFDPELDUORVSDWURQHV
GH FRQGXFWD TXH QR WH D\XGDQ DXQTXH HVR LPSOLTXH
UHQXQFLDU D FLHUWDV FRVDV TXH WH JXVWDQ /RV SDGUHV
DWHQWRVQRGDQGXOFHVDVXVKLMRVFRQVWDQWHPHQWHVROR
SRUTXHDORVQLxRVOHVHQFDQWDQ6DWLVIDFHUWRGRVORV
FDSULFKRVGHXQQLxRQRHVVHUEXHQRVSDGUHV&XLGDU
GH DTXHOORV TXH QRV LPSRUWDQ LPSOLFD GHFLU ©QRª HQ
DOJXQDVRFDVLRQHV
'HOPLVPRPRGRODFRPSDVLyQKDFLDXQRPLVPR
LPSOLFDYDORUDUVHHQSURIXQGLGDG\WRPDUGHFLVLRQHV
TXH QRV DSRUWDUiQ ELHQHVWDU D ODUJR SOD]R /D
FRPSDVLyQ WUDWD GH VROXFLRQDU ODV GLVIXQFLRQHV QR
SHUSHWXDUODV 1R KD\ QDGD PDOR HQ DEDQGRQDUVH GH
YH] HQ FXDQGR $ YHFHV FRPHUVH HVH SHGD]R GH
SDVWHOGHOLPyQHVHQUHDOLGDGXQDIRUPDGHFXLGDUVH
6LQHPEDUJRORVH[FHVRV FRPHUVHWRGRHOSDVWHO QR
VRQ EXHQRV 5HVXOWDQ FRQWUDSURGXFHQWHV SRUTXH QRV
LPSLGHQ FRQVHJXLU OR TXH UHDOPHQWH TXHUHPRV
DOFDQ]DUQXHVWURPD\RUSRWHQFLDO
%XGD OODPDED ©UHFWR HVIXHU]Rª D OD FDOLGDG
PRWLYDGRUD GH OD FRPSDVLyQ KDFLD XQR PLVPR
'HVGHHVHSXQWRGHYLVWDHOHVIXHU]RHUUyQHRFRQVLVWH
HQRFXSDUVHGHPDVLDGRGHOHJRHQSRQHUVHDSUXHED
HQHOGHVHRGHFRQWURO(VWHWLSRGHHVIXHU]RDXPHQWD
HO VXIULPLHQWR SRUTXH QRV KDFH VHQWLU VHSDUDGRV \
GHVFRQHFWDGRV GHO UHVWR GHO PXQGR \ SODQWHD OD
H[SHFWDWLYD GH TXH ODV FRVDV VLHPSUH GHEHUtDQ VHU
FRPR QRVRWURV TXHUHPRV (O UHFWR HVIXHU]R SURFHGH
GHOGHVHRQDWXUDOGHVDQDUHOVXIULPLHQWR&RPRGLMR
%XGD ©(V FRPR SHUFLELU TXH HO FDEHOOR VH HVWi
TXHPDQGRª /DV DFFLRQHV TXH VH GHVHQFDGHQDQ
FXDQGR YHPRV TXH QRV VDOH KXPR GHO SHOR FRPR
WRPDU XQD WRDOOD K~PHGD R HQWUDU FRUULHQGR HQ OD
GXFKD VXUJHQ GHO GHVHR GH VROXFLRQDU HO SUREOHPD
GH KXLU GHO SHOLJUR GH TXHPDUQRV 1R SURFHGHQ GHO
GHVHRGHSRQHUQRVDSUXHED ¢YHVORELHQTXHPDQHMR
HOIXHJR" 'HOPLVPRPRGRHOHVIXHU]RTXHSURFHGH
GHODFRPSDVLyQKDFLDXQRPLVPRQRHVHOUHVXOWDGR
GHXQFRPSRUWDPLHQWRHJRtVWDVLQRGHOGHVHRQDWXUDO
GHSDOLDUHOVXIULPLHQWR
6LTXHUHPRVSURVSHUDUWHQHPRVTXHKDFHUIUHQWH
D ODV DFFLRQHV TXH SRGUtDQ GDxDUQRV \ SHQVDU HQ OD
PDQHUDGHKDFHUPHMRUODVFRVDV<HQHVHSURFHVRQR
WHQHPRV SRU TXp VHU FUXHOHV FRQ QRVRWURV PLVPRV
3RGHPRV VHU DPDEOHV \ FRPSUHQVLYRV HQ HO GLItFLO
FDPLQR GHO FDPELR 3RGHPRV UHFRQRFHU TXH OD YLGD
HVGXUDTXHORVUHWRVIRUPDQSDUWHGHODH[SHULHQFLD
KXPDQD 3RU VXHUWH OD DPDELOLGDG \ HO DSR\R FUHDQ
VHQWLPLHQWRV SRVLWLYRV \ D\XGDQ D VHJXLU HO
WUDWDPLHQWR

(-(5&,&,2
 ,GHQWLILFDUORTXHTXHUHPRVUHDOPHQWH

 3LHQVD FyPR XWLOL]DV OD DXWRFUtWLFD SDUD PRWLYDUWH ¢3RVHHV

DOJ~Q UDVJR SHUVRQDO SRU HO TXH WH FULWLFDV SRU HMHPSOR VHU
FDVFDUUDELDVRSHUH]RVRWHQHUVREUHSHVRHWFpWHUD SRUTXHFUHHV
TXH VHU GXUR FRQWLJR PLVPR WH D\XGDUi D FDPELDU" 6L HV DVt OR
SULPHUR HV LQWHQWDU HVWDEOHFHU FRQWDFWR FRQ HO GRORU HPRFLRQDO
TXH OD DXWRFUtWLFD WH SURYRFD \ GHGLFDUWH FRPSDVLyQ SRU OD
H[SHULHQFLDGHVHQWLUWHMX]JDGR
$FRQWLQXDFLyQSLHQVDHQXQDPDQHUDPiVDPDEOH\FDULxRVD
GH PRWLYDUWH SDUD UHDOL]DU HO FDPELR QHFHVDULR ¢4Xp SDODEUDV
XWLOL]DUtD XQ DPLJR XQ SDGUH XQ SURIHVRU R XQ PHQWRU VDELR \
FDULxRVR SDUD VHxDODU FRQ GHOLFDGH]D TXH WX FRQGXFWD HV
LPSURGXFWLYD DO WLHPSR TXH WH DQLPD D KDFHU ODV FRVDV GH RWUD
PDQHUD"¢&XiOHVHOPHQVDMHPiVDOHQWDGRUTXHVHWHRFXUUHTXH
FRLQFLGD FRQ WX GHVHR VXE\DFHQWH GH VHU XQD SHUVRQD VDQD \
IHOL]"
 &DGD YH] TXH WH GHVFXEUDV MX]JiQGRWH SRU HVH UDVJR QR
GHVHDGRHQHOIXWXURFpQWUDWHSULPHURHQHOGRORUGHODDXWRFUtWLFD
\ GHGtFDWH XQ SRFR GH FRPSDVLyQ $ FRQWLQXDFLyQ LQWHQWD
UHIRUPXODU WX GLiORJR LQWHULRU GH PDQHUD TXH UHVXOWH PiV
FRPSUHQVLYR \ DOHQWDGRU 5HFXHUGD TXH VL UHDOPHQWH TXLHUHV
PRWLYDUWHHODPRUHVPiVSRGHURVRTXHHOPLHGR

&203$6,Ï1$35(1',=$-(<&5(&,0,(1723(5621$/

0XFKDV SHUVRQDV WHPHQ QR VHU VXILFLHQWHPHQWH

DPELFLRVDV VL VRQ FRPSDVLYDV FRQVLJR PLVPDV /DV
LQYHVWLJDFLRQHVVXJLHUHQTXHHVWRGRORFRQWUDULR(Q
XQ HVWXGLR SRU HMHPSOR H[DPLQDPRV ODV UHDFFLRQHV
GH ORV SDUWLFLSDQWHV FXDQGR QR UHVSRQGtDQ D VXV
HVWiQGDUHV \ FyPR HUDQ HVRV HVWiQGDUHV
LQLFLDOPHQWH  'HVFXEULPRV TXH ODV SHUVRQDV
FRPSDVLYDV FRQVLJR PLVPDV WHQtDQ ODV PLVPDV
SUREDELOLGDGHVGHWHQHUXQRVHVWiQGDUHVDOWRVTXHODV
SHUVRQDV QR DXWRFRPSDVLYDV SHUR PXFKDV PHQRV GH
VHUGXUDVFRQVLJRPLVPDVFXDQGRQROOHJDEDQDHVRV
HVWiQGDUHV 7DPELpQ GHVFXEULPRV TXH ODV SHUVRQDV
FRPSDVLYDV HVWiQ PiV RULHQWDGDV DO FUHFLPLHQWR
SHUVRQDO TXH ODV TXH VH DXWRFULWLFDQ FRQVWDQWHPHQWH
6RQ PiV GDGDV D IRUPXODU SODQHV HVSHFtILFRV SDUD
ORJUDUVXVREMHWLYRVHLQWURGXFLUPiVHTXLOLEULRHQVXV
YLGDV/DFRPSDVLyQKDFLDXQRPLVPRQRUHVWDIXHU]D
D ORV REMHWLYRV YLWDOHV VLQR TXH VXDYL]D ODV
UHDFFLRQHV FXDQGR QR KDFHPRV ODV FRVDV FRPR
HVSHUiEDPRV < HVR Vt D\XGD D FRQVHJXLU ORV
REMHWLYRVDODUJRSOD]R
/D FDSDFLGDG GH GHVDUUROODU QXHVWUR SRWHQFLDO
GHSHQGH HQ SDUWH GH OD IXHQWH GH PRWLYDFLyQ ¢(V
LQWUtQVHFD R H[WUtQVHFD" /D PRWLYDFLyQ LQWUtQVHFD HV
DTXHOOD TXH QRV OOHYD D KDFHU DOJR SRUTXH TXHUHPRV
DSUHQGHU R FUHFHU R VHQFLOODPHQWH SRUTXH OD
DFWLYLGDG QRV UHVXOWD LQWHUHVDQWH /D PRWLYDFLyQ
H[WUtQVHFD VH SURGXFH FXDQGR KDFHPRV DOJR SDUD
JDQDU XQD UHFRPSHQVD R HVFDSDU GH XQ FDVWLJR
$XQTXH ODV UHFRPSHQVDV \ ORV FDVWLJRV SURFHGDQ GH
QXHVWUR LQWHULRU FRPR OD UHFRPSHQVD GH OD
DXWRHVWLPD R HO FDVWLJR GH OD DXWRFUtWLFD  QXHVWUD
PRWLYDFLyQ VLJXH VLHQGR H[WUtQVHFD SRUTXH QRV
LQYROXFUDPRVHQXQDDFWLYLGDGSRUPRWLYRVXOWHULRUHV
/D SVLFyORJD H LQYHVWLJDGRUD &DURO 'ZHFN
DXWRUDGH/DDFWLWXGGHOp[LWRGLVWLQJXHGRVUD]RQHV
SULQFLSDOHVSRUODVTXHGHVHDPRVFRQVHJXLUQXHVWURV
REMHWLYRV/DVSHUVRQDVFRQREMHWLYRVGHDSUHQGL]DMH
VH PRWLYDQ LQWUtQVHFDPHQWH FRQ OD FXULRVLGDG \ HO
GHVHR GH GHVDUUROODU QXHYDV FDSDFLGDGHV 4XLHUHQ
ORJURVSRUTXHGHVHDQREWHQHUFRQRFLPLHQWRV\ORPiV
LPSRUWDQWH FRQVLGHUDQ TXH FRPHWHU HUURUHV HV XQD
SDUWH GHO SURFHVR GH DSUHQGL]DMH /DV SHUVRQDV FRQ
REMHWLYRV GH UHQGLPLHQWR SRU RWUR ODGR VH PRWLYDQ
H[WUtQVHFDPHQWH SDUD GHIHQGHU R IRPHQWDU VX
DXWRHVWLPD
4XLHUHQKDFHUORELHQSDUDTXHORVGHPiVOHVGHQ
VX DSUREDFLyQ \ WLHQGHQ D HYLWDU HO IUDFDVR D WRGD
FRVWD (VWR VLJQLILFD TXH HQ OXJDU GH DVXPLU UHWRV
WRPDQ HO FDPLQR VHJXUR <D FRQRFHV D HVWH WLSR GH
SHUVRQDV 6RQ DTXHOODV TXH GHVHDQ OD PHMRU QRWD
SRVLEOHHQXQH[DPHQVLQLPSRUWDUORTXHDSUHQGDQHQ
HO SURFHVR /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH ORV
REMHWLYRVGHDSUHQGL]DMHVRQDODODUJDPiVHILFDFHV
TXH ORV GH UHQGLPLHQWR /RV SULPHURV LPSXOVDQ D
HVIRU]DUVH PiV GXUDQWH PiV WLHPSR SRUTXH VH
GLVIUXWD FRQ OR TXH VH KDFH $GHPiV SHUPLWHQ SHGLU
D\XGD FXDQGR VH QHFHVLWD SRUTXH D ODV SHUVRQDV TXH
ORV SUDFWLFDQ QR OHV LPSRUWD SDUHFHU LQFRPSHWHQWHV
SRUQRVDEHUODUHVSXHVWD
9HDPRV HO HMHPSOR GH .DWH \ 'DQLHOOH (VWDV
JHPHODV DGRUDEDQ D ORV DQLPDOHV FXDQGR HUDQ
SHTXHxDV\WHQtDQXQPRQWyQGHIRWRJUDItDVGHOHRQHV
FHEUDVULQRFHURQWHVMLUDIDV\RWURVDQLPDOHVH[yWLFRV
HQODVSDUHGHVGHVXGRUPLWRULR6RxDEDQFRQWUDEDMDU
HQ XQ ]RROyJLFR GH PD\RUHV $VLVWLHURQ D OD PLVPD
XQLYHUVLGDG ORFDO \ VH PDWULFXODURQ HQ XQ FXUVR GH
]RRORJtD HQ VX SHQ~OWLPR DxR GH FDUUHUD (O FXUVR
UHVXOWy VHU PX\ GLItFLO \ ODV GRV KHUPDQDV
VXVSHQGLHURQ HO SULPHU H[DPHQ 'DQLHOOH VLHPSUH VH
KDEtD FRQVLGHUDGR XQD EXHQD HVWXGLDQWH \ QR
VRSRUWDEDODLGHDGHVXVSHQGHUXQH[DPHQGHPDQHUD
TXHDEDQGRQyHOFXUVR.DWHQRVHSUHRFXSy(VWDED
DSUHQGLHQGR FRVDV VREUH ORV DQLPDOHV \ HVR HUD OR
PiVLPSRUWDQWH$FXGLyDODVFODVHVGHOD\XGDQWHGHO
SURIHVRUFDVLWRGDVODVVHPDQDV\FRQVLJXLyXQ%GH
QRWD ILQDO 7UDV OD JUDGXDFLyQ 'DQLHOOH REWXYR XQ
SXHVWR GH JHVWLyQ GH QLYHO LQLFLDO HQ XQD JUDQ
HPSUHVD (O WUDEDMR HVWDED ELHQ SDJDGR \ SXGR
LPSUHVLRQDU D WRGRV VXV DPLJRV FRPSUiQGRVH XQ
FRFKHQXHYRGHVSXpVGHVRORXQRVPHVHVWUDEDMDQGR
(O WUDEDMR HUD UHODWLYDPHQWH IiFLO \ VHJXUR SHUR
WDPELpQ PX\ DEXUULGR .DWH SRU VX SDUWH DKRUUy
VXILFLHQWH GLQHUR WUDEDMDQGR FRPR FDPDUHUD SDUD
YLDMDU D %RWVXDQD GRQGH SDVy HO PHMRU PHV GH VX
YLGD 'HFLGLy TXH XQ GtD WHQGUtD VX SURSLD HPSUHVD
GHVDIDULV\GHVSXpVGHYDULRVWUDEDMRVGHSUiFWLFDV
TXH OH SHUPLWLHURQ DSUHQGHU PXFKR DXQTXH PDO
SDJDGRV \ H[LJHQWHV ORJUy VX REMHWLYR .DWH \
'DQLHOOH HUDQ LQWHOLJHQWHV \ WUDEDMDGRUDV SHUR IXH
.DWHTXLHQVHUHWyDVtPLVPD\DFDEyDOFDQ]DQGRVX
VXHxR
&RPR FDEUtD VXSRQHU QXHVWUD LQYHVWLJDFLyQ
SODQWHD TXH ODV SHUVRQDV DXWRFRPSDVLYDV VRQ PiV
GDGDV D WHQHU REMHWLYRV GH DSUHQGL]DMH TXH GH
UHQGLPLHQWR 'DGR TXH VX PRWLYDFLyQ VXUJH GHO
GHVHR GH DSUHQGHU \ FUHFHU \ QR GH HVFDSDU GH OD
DXWRFUtWLFDDVXPHQULHVJRVFRQPD\RUIDFLOLGDG(OOR
VHGHEHHQJUDQSDUWHDTXHQRWHPHQWDQWRHOIUDFDVR
(QWUH XQ JUXSR GH HVWXGLDQWHV XQLYHUVLWDULRV TXH
KDEtDQ VXVSHQGLGR XQ H[DPHQ SDUFLDO SRU HMHPSOR
GHVFXEULPRV TXH ORV DOXPQRV FRPSDVLYRV FRQVLJR
PLVPRV HVWDEDQ PiV GLVSXHVWRV D UHLQWHUSUHWDU VX
IUDFDVR FRPR XQD RSRUWXQLGDG GH FUHFLPLHQWR \ QR
FRPR XQ YDUDSDOR D VX PpULWR SHUVRQDO &XDQGR
FRQItDV HQ TXH HO IUDFDVR VHUi UHFLELGR FRQ
FRPSUHQVLyQ\QRFRQFUtWLFDVGHMDGHVHUHO©KRPEUH
GHOVDFRªTXHDFHFKDHVFRQGLGRHQHODUPDULR$VtHO
IUDFDVR SDVD D VHU UHFRQRFLGR FRPR OR TXH HV XQ
H[FHOHQWHSURIHVRU
/DV LQYHVWLJDFLRQHV LQGLFDQ DGHPiV TXH HO
IUDFDVR WLHQH PHQRV SUREDELOLGDGHV GH GDxDU ODV
FUHHQFLDVGHDXWRHILFDFLDGHODVSHUVRQDVFRPSDVLYDV
FRQVLJRPLVPDV'DGRTXHHVWDVQRVHFXOSDELOL]DQ
FXDQGR DOJR OHV VDOH PDO FRQVHUYDQ OD FRQILDQ]D
VXILFLHQWHHQVXFDSDFLGDGSDUDOHYDQWDUVHHLQWHQWDUOR
GH QXHYR 'H KHFKR XQ HVWXGLR UHFLHQWH GHVFXEULy
TXHFXDQGRODVSHUVRQDVFRPSDVLYDVVHYHQREOLJDGDV
DUHQXQFLDUDXQREMHWLYRLPSRUWDQWHSDUDHOODV DOJR
LQHYLWDEOHHQXQPRPHQWRXRWUR WLHQGHQDGLULJLUVX
HQHUJtD KDFLD XQ QXHYR REMHWLYR /RV DXWRFUtWLFRV
SRU VX SDUWH VRQ PiV GDGRV D WLUDU OD WRDOOD /DV
SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV DGHPiV
SUDFWLFDQPHQRVODSRVWHUJDFLyQTXHODVTXHFDUHFHQ
GH DXWRFRPSDVLyQ (OOR VH GHEH HQ SDUWH SRUTXH
DILUPDQ SUHRFXSDUVH PHQRV SRU ODV RSLQLRQHV GH ORV
GHPiV\SRUWDQWRQRQHFHVLWDQXQDH[FXVDSODXVLEOH
SDUDIDOODU
3RUWDQWR\GHILQLWLYDPHQWHODFRPSDVLyQKDFLD
XQRPLVPRQRFRQGXFHDODFRPSODFHQFLD\ODLQHUFLD
7RGRORFRQWUDULR$OSHUGHUHOPLHGRDOIUDFDVRQRV
OLEHUDPRV \ DFHSWDPRV UHWRV PD\RUHV $O PLVPR
WLHPSRFXDQGRUHFRQRFHPRVODVOLPLWDFLRQHVGHOVHU
KXPDQR VRPRV PiV FDSDFHV GH UHFRQRFHU TXp
REMHWLYRV QRV IXQFLRQDQ \ FXiOHV QR \ FXiQGR HV HO
PRPHQWR GH DGRSWDU XQ QXHYR HQIRTXH /HMRV GH VHU
XQD IRUPD GH DXWRFRPSODFHQFLD OD FRPSDVLyQ KDFLD
XQR PLVPR \ ORV ORJURV UHDOHV YDQ GH OD PDQR /D
FRPSDVLyQ QRV LQVSLUD SDUD OXFKDU SRU QXHVWURV
VXHxRV \ IDYRUHFH OD PHQWDOLGDG YDOLHQWH FRQILDGD
FXULRVD\UHVLOLHQWHTXHQRVSHUPLWHORJUDUORV

(-(5&,&,2

&RPSDVLyQ\SRVWHUJDFLyQ

3RVWHUJDPRV ODV FRVDV SRU GLIHUHQWHV PRWLYRV $ YHFHV VROR

TXHUHPRV HYLWDU XQD WDUHD GHVDJUDGDEOH 2WUDV YHFHV ODV
SRVWHUJDPRV SRUTXH WHPHPRV HO IUDFDVR 3RU VXHUWH OD
FRPSDVLyQKDFLDQRVRWURVPLVPRVSXHGHD\XGDUQRVDJHVWLRQDUOD
SRVWHUJDFLyQSDUDTXHGHMHGHVHUXQREVWiFXOR

7$5($6'(6$*5$'$%/(6

5HVXOWD PX\ KDELWXDO SRVSRQHU ODV WDUHDV GHVDJUDGDEOHV SRU

HMHPSOR ODV UHODFLRQDGDV FRQ OD EXURFUDFLD R WHQHU TXH UHGDFWDU
HVRVLQIRUPHVWDQDEXUULGRVHQHOWUDEDMR,QFOXVRFXDQGRODWDUHD
QR UHVXOWD HVSHFLDOPHQWH SHVDGD FRPR GREODU \ JXDUGDU OD URSD
OLPSLD  D YHFHV VHQFLOODPHQWH QR QRV DSHWHFH KDFHUOD 1R HV
QDGD H[WUDxR HV PX\ QDWXUDO TXHUHU UHODMDUVH \ HYLWDU ODV WDUHDV
GHVDJUDGDEOHV<SRVWHUJDUHVHWLSRGHWDUHDVQRQHFHVDULDPHQWH
VXSRQHXQSUREOHPDDPHQRVTXHWHUPLQHSURYRFDQGRPiVHVWUpV
SRUTXH QR FXPSOLPRV FRQ QXHVWUDV REOLJDFLRQHV 6L HUHV GH ORV
TXH SRVWHUJDQ WDUHDV KDELWXDOPHQWH FXDQGR WLHQHV TXH KDFHU
FRVDV TXH QR TXLHUHV KDFHU SUXHED D DQDOL]DU OD HPRFLyQ TXH
VXE\DFH D WX UHVLVWHQFLD (YLWDPRV SHQVDU HQ ODV WDUHDV QR
GHVHDGDV SRUTXH QRV VHQWLPRV LQFyPRGRV 6LQ HPEDUJR H[LVWH
RWUR HQIRTXH EULQGDUWH FRPSDVLyQ SRU ODV UHDFFLRQHV WRWDOPHQWH
KXPDQDV GH GHVDJUDGR \ HYLWDFLyQ 3HUPtWHWH OOHJDU KDVWD HO
IRQGR GH OD VHQVDFLyQ GH PLHGR R OHWDUJR R OR TXH VHD TXH WH
SURGXFH HO KHFKR GH SHQVDU HQ OD WDUHD ¢6LHQWHV ODV HPRFLRQHV
HQWXFXHUSRGHPDQHUDFRQVFLHQWH\VLQFUtWLFDV"5HFRQRFHTXH
VRQ PRPHQWRV GH VXIULPLHQWR DXQTXH VHD D SHTXHxD HVFDOD
7RGDVWXVHPRFLRQHVPHUHFHQVHUVHQWLGDV\YDOLGDGDV&XDQGRWH
EULQGHV HO FRQVXHOR TXH EXVFDV SUREDEOHPHQWH EDMDUi WX
UHVLVWHQFLDDSRQHUWHHQPDUFKD

(/0,('2$/)5$&$62

$ YHFHV ODV HPRFLRQHV VXE\DFHQWHV D QXHVWUD SRVWHUJDFLyQ

KDELWXDO VRQ PiV SURIXQGDV 6L OD WDUHD HV LPSRUWDQWH SRU
HMHPSOR XQ JUDQ SUR\HFWR GH WUDEDMR  QRV DEUXPD OD SRVLELOLGDG
GH IUDFDVDU /RV VHQWLPLHQWRV GH WHPRU TXH VXUJHQ FXDQGR
SHQVDPRV HQ DERUGDU HO SUR\HFWR \ ORV GH LQXWLOLGDG FXDQGR
SHQVDPRV HQ OD SRVLELOLGDG GH IUDFDVDU SXHGHQ OOHJDU D
VXSHUDUQRV 'H QXHYR FXDQGR QR TXHUHPRV H[SHULPHQWDU
HPRFLRQHV GHVDJUDGDEOHV OD SRVWHUJDFLyQ HV XQ PpWRGR PX\
KDELWXDO SDUD PLUDU KDFLD RWUR ODGR $ YHFHV QXHVWUR
VXEFRQVFLHQWH LQWHQWD VDERWHDUQRV GH PDQHUD TXH VL IDOODPRV
 SRGHPRVHYLWDUVHQWLUQRVLQ~WLOHVDWULEX\HQGRHOIUDFDVRDTXHQR
KHPRVWHQLGRWLHPSRVXILFLHQWHSDUDKDFHUELHQHOWUDEDMR6LHVWH
SDWUyQHVKDELWXDOSRGUtDOLPLWDUVHULDPHQWHHODOFDQFHGHQXHVWUR
SRWHQFLDO
6L VRVSHFKDV TXH WX SRVWHUJDFLyQ VH GHEH DO WHPRU DO
IUDFDVRFRQYLHQHUHSDVDUORTXHVHKDGLFKRKDVWDDKRUDHQHVWH
OLEUR5HFXHUGDTXHWRGRVIUDFDVDPRVDYHFHVTXHHVSDUWHGHOD
FRQGLFLyQ KXPDQD < TXH FDGD IUDFDVR HV XQD JUDQ RSRUWXQLGDG
SDUDDSUHQGHU3URPpWHWHTXHVLIUDFDVDVVHUiVDPDEOHFDULxRVR
\ FRPSUHQVLYR FRQWLJR PLVPR QR DXWRFUtWLFR &RQVXHOD DO QLxR
DVXVWDGRTXHOOHYDVHQWXLQWHULRU\TXHQRTXLHUHDGHQWUDUVHHQOR
GHVFRQRFLGR DVHJ~UDOH TXH HVWDUiV DKt SDUD DSR\DUOH HQ WRGR
PRPHQWR < GHVSXpV LQWHQWD GDU HO SDVR &RPR VDEHPRV WRGRV
SRUH[SHULHQFLDSURSLDODSHRUSDUWHGHXQDWDUHDGLItFLOVXHOHVHU
UHXQLUODVIXHU]DVSDUDHPSH]DU

(1%86&$'(/$9(5'$'(5$)(/,&,'$'

/RV WLSRV GH VXHxRV TXH LQVSLUD OD FRPSDVLyQ KDFLD

XQR PLVPR VRQ PiV GDGRV D DSRUWDU YHUGDGHUD
IHOLFLGDG TXH ORV TXH HVWiQ PRWLYDGRV SRU OD
DXWRFUtWLFD 1XHVWUD LQYHVWLJDFLyQ LQGLFD TXH ODV
SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV WLHQGHQ D VHU
PiVDXWpQWLFDV\DXWyQRPDVHQVXYLGDPLHQWUDVTXH
ODV TXH FDUHFHQ GH DXWRFRPSDVLyQ WLHQGHQ D VHU PiV
FRQIRUPLVWDVSRUTXHQRTXLHUHQH[SRQHUVHDOMXLFLRR
DOUHFKD]RVRFLDO/DDXWHQWLFLGDG\ODDXWRQRPtDVRQ
IXQGDPHQWDOHV SDUD OD IHOLFLGDG SRUTXH VLQ HOODV OD
YLGDVHUtDXQDEXUULPLHQWRVLQVHQWLGR
+ROO\ODHVWXGLDQWHXQLYHUVLWDULDGHODTXH\DKH
KDEODGR HQ HVWH FDStWXOR DFDEy DSUHQGLHQGR HVWD
OHFFLyQ 'HVSXpV GH HVWXGLDU HO FRQFHSWR GH OD
FRPSDVLyQ KDFLD XQR PLVPR HQ XQD GH PLV FODVHV
HPSH]y D YHU TXH VHU WDQ DXWRFUtWLFD VROR OD HVWDED
GDxDQGR3DGHFtDPLJUDxDVTXHVHJ~QHOPpGLFRVH
GHEtDQDOHVWUpV(VWUpVDXWRLQGXFLGR/RVGRORUHVGH
FDEH]D DOFDQ]DURQ WDO PDJQLWXG TXH WHQtD SUREOHPDV
SDUD HVWXGLDU 7HQtD TXH KDFHU DOJR 'HFLGLy SUREDU
FRQODFRPSDVLyQ6HSXVRODDODUPDGHOPyYLOSDUD
TXHVRQDVHDLQWHUYDORVDORODUJRGHOGtD\FDGDYH]
TXHVRQDEDVHKDFtDODVLJXLHQWHSUHJXQWD¢TXpVHUtD
OR PiV VDQR \ OR PiV FRPSDVLYR SDUD Pt HQ HVWH
SUHFLVRPRPHQWR"&RPRYHV+ROO\HUDPX\PHWyGLFD
\GHFLGLGD
$OFDERGHXQPHVQRVUHXQLPRVSDUDKDEODUGH
VXH[SHULPHQWR3DUDVXVRUSUHVDGLMRTXHVHUDPDEOH
FRQVLJR PLVPD QR KDFtD TXH HVWXGLDVH PHQRV R VH
HVIRU]DVHPHQRV'HKHFKRFDGDYH]TXHSDUDEDSDUD
SUHJXQWDUVHTXpVHUtDORPiVVDQRSDUDHOODHQDTXHO
PRPHQWRODUHVSXHVWDFDVLVLHPSUHVHFHQWUDEDHQVXV
HVWXGLRV 1R REVWDQWH HPSH]y D KDFHU VLHVWDV VL VH
TXHGDEDDHVWXGLDUKDVWDPX\WDUGHODQRFKHDQWHULRU
'H HVH PRGR HVWDED PiV FRQFHQWUDGD HQ VX WUDEDMR
$GHPiV SUREy D XWLOL]DU XQ YRFDEXODULR PiV
GHOLFDGR\FRPSUHQVLYRFRQVLJRPLVPDFDGDYH]TXH
WHQtDGLILFXOWDGHVRVHTXHGDEDDWDVFDGD7DPELpQOH
UHVXOWy GH JUDQ D\XGD 'H KHFKR FDGD YH] TXH VH
HQFRQWUDED FRQ DOJXQD GLILFXOWDG PD\RU GH OR
KDELWXDO DFXGtD DO SURIHVRU HQ VXV KRUDV GH RILFLQD
SDUD EXVFDU D\XGD +ROO\ GHFtD TXH DQWHV QR VH OH
KDEUtD SDVDGR SRU OD FDEH]D KDFHU HVR SRU PLHGR D
SDUHFHU HVW~SLGD SHUR ILQDOPHQWH VH GLR FXHQWD GH
TXHQHFHVLWDUD\XGDHVKXPDQR/RVUHVXOWDGRVGHVX
WUDEDMRPHMRUDURQFRQVLGHUDEOHPHQWH
$SUR[LPDGDPHQWH XQ DxR PiV WDUGH +ROO\ VH
SDVy SRU PL RILFLQD SDUD VDOXGDUPH \ SHGLUPH XQD
FDUWDGHUHFRPHQGDFLyQSDUDVROLFLWDUODPDWUtFXODHQ
XQ SRVJUDGR +DEtD REWHQLGR HO WtWXOR GH
HPSUHVDULDOHV \ VLHPSUH KDEtD SHQVDGR TXH XQ GtD
FRQVHJXLUtD XQ PiVWHU (UD OR TXH VXV SDGUHV
GHVHDEDQ \ HVSHUDEDQ 6LQ HPEDUJR VX VROLFLWXG HUD
SDUDXQDHVFXHODGHHGXFDFLyQHVSHFLDO+ROO\KDEtD
VLGRYROXQWDULDHQXQDRUJDQL]DFLyQGHGLFDGDDQLxRV
GLVFDSDFLWDGRV DGPLWLy TXH OR KDEtD KHFKR SDUD
PHMRUDUVXFXUUtFXOXP \PHH[SOLFyTXHXQEXHQGtD
GHVFXEULy TXH HUD VX YRFDFLyQ (O WLHPSR TXH SDVy
FRPRYROXQWDULDIXHHOPiVIHOL]GHVXYLGD\TXHUtD
GHGLFDUVHSURIHVLRQDOPHQWHDHVHFDPSRSDUDLQWHQWDU
KDFHU XQ PXQGR XQ SRFR PHMRU $ SHVDU GH ODV
SURWHVWDV GH VXV SDGUHV +ROO\ VH GLR FXHQWD GH TXH
TXHUtD VHU IHOL] KDFHU DOJR TXH OH UHSRUWDVH
VDWLVIDFFLyQ SHUVRQDO &RQVLJXLy VX PiVWHU HQ
HGXFDFLyQ HVSHFLDO /R ~OWLPR TXH Vp GH HOOD HV TXH
HUDSURIHVRUDSDUDQLxRVFRQQHFHVLGDGHVHVSHFLDOHV
HQXQDHVFXHODORFDOGHSULPDULD/DFRPSDVLyQKDFLD
QRVRWURV PLVPRV SXHGH OOHYDUQRV D RSFLRQHV
LQHVSHUDGDVSHURVRQODVRSFLRQHVDGHFXDGDVSRUORV
PRWLYRV DGHFXDGRV HO GHVHR GH VHJXLU ORV GLFWDGRV
GHQXHVWURFRUD]yQ

/$&203$6,Ï1+$&,$8120,602<(/&8(532

*UDQ SDUWH GH ODV LGHDV TXH KH H[SXHVWR VREUH OD

FRPSDVLyQ KDFLD XQR PLVPR \ OD PRWLYDFLyQ VH
FHQWUDQ HQ HO FDPSR GHO DSUHQGL]DMH SUREDEOHPHQWH
SRUTXHVR\SURIHVRUDXQLYHUVLWDULD\WUDWRHVWRVWHPDV
WRGRV ORV GtDV 6LQ HPEDUJR OD FRPSDVLyQ HV XQ
SRGHURVR PRWLYDGRU HQ PXFKRV \ GLVWLQWRV FDPSRV
8QWHPDHQHOTXHGHVHPSHxDXQSDSHOHVSHFLDOPHQWH
LPSRUWDQWH HV HO GH OD OXFKD ©pSLFDª SRU DFHSWDU
QXHVWUR FXHUSR 1RV FULWLFDPRV VLQ SLHGDG VL QR
WHQHPRV HO DVSHFWR TXH GHVHDUtDPRV 2EVHUYDPRV D
ODVPRGHORVVXSHUGHOJDGDV\HVEHOWDVGHODVUHYLVWDV
\ FRPSUHQVLEOHPHQWH VHQWLPRV TXH QR HVWDPRV D OD
DOWXUD1LVLTXLHUDODVFKLFDVGHSRUWDGDFUHHQHVWDUD
OD DOWXUD \D TXH OD PD\RUtD GH ODV LPiJHQHV VH
UHWRFDQHQXQRUGHQDGRU
$QWH HO YDORU TXH OD VRFLHGDG RWRUJD D OD
EHOOH]D QR HV GH H[WUDxDU TXH HO DWUDFWLYR H[WHULRU
VHDXQRGHORVFDPSRVPiVLPSRUWDQWHVHQORVTXHOD
JHQWHLQYLHUWHVXVHQWLGRGHYDOtDSHUVRQDO<HVRHV
YiOLGR SDUD ORV GRV VH[RV SHUR HVSHFLDOPHQWH SDUD
ODV PXMHUHV 6L TXLHUHV VDEHU SRU TXp WDQWDV
DGROHVFHQWHV WLHQHQ SUREOHPDV GH DXWRHVWLPD VROR
WLHQHV TXH SHQVDU HQ VX DWUDFWLYR H[WHULRU /DV
LQYHVWLJDFLRQHVGHPXHVWUDQTXHODSHUFHSFLyQGHORV
FKLFRV UHVSHFWR D VX DWUDFWLYR WLHQGH D SHUPDQHFHU
UHODWLYDPHQWH HVWDEOH GXUDQWH ORV DxRV GH LQIDQFLD \
DGROHVFHQFLD WHUFHUR GH SULPDULD EXHQ DVSHFWR
SULPHUR GH (62 EXHQ DVSHFWR WHUFHUR GH (62
WRGDYtDFRQEXHQDVSHFWR /DVFKLFDVHQFDPELRVH
VLHQWHQ PiV LQVHJXUDV UHVSHFWR D VX ItVLFR D PHGLGD
TXH FUHFHQ WHUFHUR GH SULPDULD EXHQ DVSHFWR
SULPHURGH(62\DQRHVWR\VHJXUDWHUFHURGH(62
£TXp IHD VR\  ¢4Xp RFXUUH" ¢'H YHUGDG VRQ ORV
FKLFRVPiVDWUDFWLYRVTXHODVFKLFDV"&UHRTXHQR
(O SUREOHPD HV TXH ORV HVWiQGDUHV GH EHOOH]D
IHPHQLQD VRQ PXFKR PiV DOWRV TXH ORV GH OD EHOOH]D
PDVFXOLQDVREUHWRGRHQORTXHUHVSHFWDDOSHVR6H
VXSRQH TXH ODV PXMHUHV WLHQHQ TXH VHU GHOJDGtVLPDV
SHUR FRQ PXFKDV FXUYDV DO PLVPR WLHPSR XQ LGHDO
LPSRVLEOH VLQ FLUXJtD SOiVWLFD \ GLHWDV FRQVWDQWHV
3RGUtDPRV SHQVDU TXH VROR ODV ULFDV \ IDPRVDV
SXHGHQDOFDQ]DUHVHLGHDOLUUHDOFRPRDWHVWLJXDHVWH
FKLVWH©8QLQGLJHQWHVHDFHUFDDXQDPXMHUPX\ELHQ
YHVWLGD TXH YD GH FRPSUDV SRU 5RGHR 'ULYH \ OH
GLFH ³/OHYR FXDWUR GtDV VLQ FRPHU´ (OOD OH PLUD \
GLFH³'LRVRMDOi\RWXYLHVHVXIXHU]DGHYROXQWDG´ª
/DVLQYHVWLJDFLRQHVLQGLFDQTXHFXDWURGHFDGDFLQFR
PXMHUHV DPHULFDQDV HVWiQ LQVDWLVIHFKDV FRQ VX
DVSHFWR \ PiV GH OD PLWDG HVWi D GLHWD HQ DOJ~Q
PRPHQWR&DVLHOGHODVQLxDVGHVHLVDQXHYH
DxRVDILUPDQTXHOHVJXVWDUtDHVWDUPiVGHOJDGDV\
D ORV GLHFLRFKR DxRV HO   GH ODV FKLFDV DILUPDQ
TXHKDQHVWDGRDGLHWDHQDOJ~QPRPHQWR
(Q DOJXQRV FDVRV OD REVHVLyQ SRU OD GHOJDGH]
SURYRFDWUDVWRUQRVGHODDOLPHQWDFLyQFRPRDQRUH[LD
REXOLPLD /D DQRUH[LD FRQVLVWH HQ FRPHU PX\ SRU
GHEDMRGHODVQHFHVLGDGHVKDVWDUR]DUODLQDQLFLyQ/D
EXOLPLD LPSOLFD FRPHU JUDQGHV FDQWLGDGHV GH
DOLPHQWRV GH XQD YH] DWUDFRQHV  SDUD GHVSXpV
OLEUDUVHGHODVFDORUtDV SXUJD SURYRFDQGRHOYyPLWR
R DEXVDQGR GH ORV OD[DQWHV R GHO HMHUFLFLR ItVLFR $
SHVDUGHOp[LWRVRFLDOGHODGHOJDGH]\ODVGLHWDVHO
WUDVWRUQR GH OD DOLPHQWDFLyQ PiV H[WHQGLGR HV HQ
UHDOLGDGHOGHORVDWUDFRQHV ORVDIHFWDGRVFRPHQHQ
H[FHVRSHURQRVHSURYRFDQHOYyPLWRGHVSXpV 
/RV SVLFyORJRV FRLQFLGHQ HQ TXH ORV DWUDFRQHV
UHVSRQGHQ D XQ LQWHQWR GH VDFLDU HO KDPEUH
HPRFLRQDO +DUWDUVH GH FRPHU DGRUPHFH ORV
VHQWLPLHQWRVGRORURVRV(VXQDPDQHUDGHPHGLFDUVH
FRQ FRPLGD 'HMDUVH OOHYDU SRU ORV SODFHUHV GH OD
FRPLGDDGHPiVHVXQDPDQHUDIiFLOGHFRQVHJXLUXQ
PRPHQWRGHIHOLFLGDG(OLPSDFWRGHORVDWUDFRQHVD
ODUJR SOD]R VLQ HPEDUJR QR UHVXOWD DJUDGDEOH (O
Q~PHUR GH SHUVRQDV REHVDV VH KD GLVSDUDGR \ VH
FDOFXOD TXH DOUHGHGRU GH OD PLWDG GH HVDV SHUVRQDV
VXIUHQHOWUDVWRUQRGHODWUDFyQ(OORSURYRFDJUDQGHV
SUREOHPDVVDQLWDULRVHQODVRFLHGDG\FXHVWDPLOHVGH
PLOORQHVGHHXURVDODVDQLGDG3RUQRPHQFLRQDUHO
GRORU HPRFLRQDO \ HO RGLR KDFLD Vt PLVPDV TXH
H[SHULPHQWDQ ODV SHUVRQDV REHVDV (O WUDVWRUQR GH
LQJHVWDFRPSXOVLYDRDWUDFyQDWUDSDDOTXHORSDGHFH
HQXQDGHVJUDFLDGDHVSLUDOGHVFHQGHQWHODGHSUHVLyQ
LPSXOVD D FRPHU OR TXH SURYRFD REHVLGDG OR TXH
LQWHQVLILFDODGHSUHVLyQ
¢3RU TXp HV WDQ FRP~Q HO VREUHSHVR FXDQGR
WDQWDVSHUVRQDVHVWiQDGLHWD"3RUTXHFRPRFDVLWRGR
HOPXQGRVDEHSRUH[SHULHQFLDSHUVRQDOODVGLHWDVQR
IXQFLRQDQ/DJHQWHHPSLH]DXQDGLHWDSRUTXHRGLDVX
DVSHFWR SHUR FXDQGR OD GHMDQ FRVD TXH WRGR HO
PXQGRDFDEDKDFLHQGR FDVLVLHPSUHJDQDQPiVSHVR
GHOTXHKDEtDQSHUGLGR'HVSXpVGHFRPHUPiVGHOD
FXHQWDHQXQDFRPLGDGHWUDEDMRSRUHMHPSORSRGUtD
WHQHUOXJDUHOVLJXLHQWHPRQyORJRLQWHULRU©1RSXHGR
FUHHUTXHKD\DFRPLGRWDQWR0HGR\DVFR6XSRQJR
TXH SRGUtD DFDEDUPH HVDV SDWDWDV IULWDV \D TXH HVWi
FODUR TXH VR\ XQD FDXVD SHUGLGDª < SRU VXSXHVWR
HVWHWLSRGHDXWRFUtWLFDSUREDEOHPHQWHKDUiTXHVLJDV
FRPLHQGR PiV SDUD FRQVRODUWH FRPHV SDUD VHQWLUWH
PHMRUSRUTXHWHVLHQWHVPDOSRUFRPHU (VXQFtUFXOR
YLFLRVRGLItFLOGHURPSHU\XQDGHODVUD]RQHVSRUODV
TXHHVWDQKDELWXDOHOHIHFWR\R\yGHODVGLHWDV
/D UHVSXHVWD FRPSDVLYD DO KHFKR GH VDOWDUVH OD
GLHWD HV WRWDOPHQWH GLVWLQWD (Q SULPHU OXJDU VHU
FRPSDVLYR FRQWLJR PLVPR VLJQLILFD SHUGRQDUWH SRU
WXV GHVOLFHV 6L WX REMHWLYR ILQDO HV HVWDU VDQR QR
LPSRUWD TXH WH VDOWHV OD GLHWD GH YH] HQ FXDQGR 1R
VRPRVPiTXLQDVFRQXQERWyQDXWRPiWLFRGH©UHGXFLU
OD LQJHVWD GH FDORUtDVª /D PD\RUtD GH ODV SHUVRQDV
IOXFW~DQHQVXFDSDFLGDGGHSHUPDQHFHUFHQWUDGDVHQ
VXV REMHWLYRV DOLPHQWDULRV 'RV SDVRV DGHODQWH XQ
SDVR DWUiV SDUHFH OD PDQHUD QDWXUDO GH KDFHU ODV
FRVDV 6L HUHV FRPSDVLYR FRQWLJR PLVPR FXDQGR
IDOODV HQ OD GLHWD WHQGUiV PHQRV SUREDELOLGDGHV GH
GDUWHXQDWUDFyQSDUDLQWHQWDUVHQWLUWHPHMRU
8QHVWXGLRUHFLHQWHDSR\DHVDLGHD6HSLGLyD
XQ JUXSR GH HVWXGLDQWHV XQLYHUVLWDULDV TXH VH
FRPLHVHQ XQD URVTXLOOD VH OHV H[SOLFy OD IDOVD
KLVWRULD GH TXH HVWDEDQ SDUWLFLSDQGR HQ XQ HVWXGLR
VREUH KiELWRV GH DOLPHQWDFLyQ PLHQWUDV VH YH OD
WHOHYLVLyQ 'HVSXpVGHFRPHUVHODURVTXLOODODPLWDG
GHODVSDUWLFLSDQWHVUHFLELHURQLQVWUXFFLRQHVSDUDTXH
IXHUDQ FRPSDVLYDV FRQVLJR PLVPDV DQWH HO KHFKR GH
KDEHUVH GDGR XQ FDSULFKR ©9DULDV SHUVRQDV PH KDQ
GLFKR TXH VH KDQ VHQWLGR PDO SRU FRPHUVH OD
URVTXLOOD DVt TXH HVSHUR TXH QR VHDV GXUD FRQWLJR
PLVPD7RGRHOPXQGRWRPDDOLPHQWRVSRFRVDQRVGH
YH]HQFXDQGR\WRGDVODVSDUWLFLSDQWHVHQHOHVWXGLR
FRPHQ FRVDV DVt GH PRGR TXH QR FUHR TXH H[LVWD
UD]yQ DOJXQD SDUD VHQWLUVH PDO SRU HVRª $ OD RWUD
PLWDGHQHOJUXSRGHFRQWUROQRVHOHGLMRQDGD/RV
LQYHVWLJDGRUHV GHVFXEULHURQ TXH HQWUH ODV PXMHUHV
TXH HVWDEDQ D GLHWD ODV GHO JUXSR GH FRQWURO
DILUPDURQ VHQWLUVH PiV FXOSDEOHV \ DYHUJRQ]DGDV
GHVSXpV GH KDEHUVH FRPLGR OD URVTXLOOD 0iV WDUGH
FXDQGR VH OHV EULQGy OD RSRUWXQLGDG GH FRPHU WRGRV
ORVGXOFHVTXHTXLVLHUDQHQHOPDUFRGHXQDVXSXHVWD
VHVLyQGH©FDWDªFRPLHURQPiVFDQWLGDGTXHODVTXH
QR HVWDEDQ D GLHWD 3RU HO FRQWUDULR ODV PXMHUHV D
GLHWD D ODV TXH VH DQLPy D VHU FRPSDVLYDV FRQVLJR
PLVPDV HQ OD SULPHUD IDVH GHO H[SHULPHQWR VH
PRVWUDURQ PXFKR PHQRV QHUYLRVDV HQ HVWD VHJXQGD
IDVH 7DPSRFR FRPLHURQ HQ H[FHVR HQ OD VHVLyQ GH
FDWD GH GXOFHV OR TXH VLJQLILFD TXH HVWDEDQ PiV
GLVSXHVWDV D PDQWHQHU VXV REMHWLYRV GH SpUGLGD GH
SHVRDSHVDUGHKDEHUIDOODGRPRPHQWiQHDPHQWH
(OHMHUFLFLRHVRWURHOHPHQWRLPSRUWDQWHGHXQD
EXHQD VDOXG /DV LQYHVWLJDFLRQHV VXJLHUHQ TXH ODV
SHUVRQDVFRPSDVLYDVFRQVLJRPLVPDVWLHQGHQDKDFHU
HMHUFLFLRSRUODVUD]RQHVDGHFXDGDV3RUHMHPSORODV
PXMHUHV TXH WLHQHQ FRPSDVLyQ SRU Vt PLVPDV VXHOHQ
WHQHUXQDPRWLYDFLyQLQWUtQVHFD\QRH[WUtQVHFDSDUD
KDFHU GHSRUWH (VWR VLJQLILFD TXH KDFHQ HMHUFLFLR
SRUTXH OHV UHVXOWD VDWLVIDFWRULR \ EHQHILFLRVR QR
SRUTXH FUHDQ TXH VH VXSRQH TXH HV OR TXH GHEHQ
KDFHU /DV LQYHVWLJDFLRQHV WDPELpQ GHPXHVWUDQ TXH
ODVSHUVRQDVFRPSDVLYDVVHVLHQWHQPiVFyPRGDVFRQ
VXFXHUSR\QRHVWiQWDQREVHVLRQDGDVFRQVXDVSHFWR
ItVLFR FRPR ODV DXWRFUtWLFDV < DGHPiV VH
SUHRFXSDQPHQRVSRUFyPROHVYHQORVGHPiV
2SUDK:LQIUH\FX\RVHVIXHU]RVSRUSHUGHUSHVR
FDSWDURQ OD DWHQFLyQ GH ORV PHGLRV HV XQ EXHQ
HMHPSORVREUHFyPRKD\TXHWUDWDUORVSUREOHPDVGHO
FXHUSR GHVGH XQ SXQWR GH YLVWD FRPSDVLYR (Q XQ
PHPRUDEOH HSLVRGLR GH VX SURJUDPD WHOHYLVLYR HQ
 DSDUHFLy WLUDQGR GH XQ YDJyQ GH JUDVD TXH
UHSUHVHQWDEDORVWUHLQWDNLORVTXHKDEtDSHUGLGR3RFR
GHVSXpVUHFXSHUyHOSHVR9ROYLyDDGHOJD]DUHQ
PHGLDQWH XQD GLHWD ELHQ SURJUDPDGD \ HMHUFLFLR 'H
QXHYR UHFXSHUy FDVL WRGR HO SHVR $ SHVDU GH ORV
DOWLEDMRV2SUDKVLJXHFHQWUDGDHQORLPSRUWDQWH©0L
REMHWLYRQRHVHVWDUGHOJDGDVLQRTXHPLFXHUSRHVWp
HQXQSHVRTXHSXHGDPDQWHQHU4XHVHDIXHUWH\VDQR
TXHHVWpHQIRUPDTXHVHDpOPLVPR0LREMHWLYRHV
DSUHQGHU D DFHSWDU HVWH FXHUSR \ D GDU ODV JUDFLDV
FDGDGtDSRUORTXHpOPHGDDPtª
&XDQGR QR QHFHVLWDPRV VHU SHUIHFWRV SDUD
VHQWLUQRV ELHQ FRQ QRVRWURV PLVPRV SRGHPRV
SUHVFLQGLUGHODILMDFLyQREVHVLYDSRUVHUGHOJDGRVR
JXDSRV \ DFHSWDUQRV WDO FRPR VRPRV ,QFOXVR
GHOHLWDUQRV HQ TXLHQHV VRPRV (VWDU FyPRGRV HQ OD
SURSLD SLHO QRV SHUPLWH FHQWUDUQRV HQ OR UHDOPHQWH
LPSRUWDQWH HQ HVWDU VDQRV < HVR VLHPSUH VH UHIOHMD
HQHODVSHFWRH[WHULRU

(-(5&,&,2
 /DFRPSDVLyQKDFLDXQRPLVPR\HOFXHUSR

6HQWLU FRPSDVLyQ SRU OD LPSHUIHFFLyQ GH QXHVWUR FXHUSR SXHGH

UHVXOWDU HVSHFLDOPHQWH FRPSOLFDGR HQ XQD FXOWXUD FRPR OD
QXHVWUD REVHVLRQDGD FRQ HO DWUDFWLYR ItVLFR 7HQHPRV TXH
DSUHQGHU D TXHUHU \ DFHSWDU QXHVWUR FXHUSR WDO FRPR HV QR
FRPSDUiQGROR FRQ LPiJHQHV GH XQD EHOOH]D SRFR UHDOLVWD $O
PLVPRWLHPSRPXFKDVSHUVRQDVQRVHFXLGDQFRPRGHEHUtDQ(O
HVWUpV GH OD YLGD PRGHUQD QRV OOHYD D FRPHU \ EHEHU PiV GH OR
TXHQRVFRQYLHQH\QXHVWURFXHUSRSXHGHVXIULUGHELGRDODIDOWD
GH HMHUFLFLR \ GH FRQWDFWR FRQ OD QDWXUDOH]D (O HTXLOLEULR VH
HQFXHQWUD HQ DFHSWDU QXHVWUD LPSHUIHFFLyQ UHFRQRFLHQGR TXH OD
EHOOH]DWLHQHIRUPDV\WDPDxRVPX\GLYHUVRV\DOLPHQWDUODVDOXG
\HOELHQHVWDUItVLFRV

 7RPD SDSHO \ OiSL] \ UHGDFWD XQD YDORUDFLyQ VREUH WX FXHUSR
DPDEOHSHURKRQHVWD(PSLH]DSRUDQRWDUWRGRORTXHWHJXVWDGH
WX FXHUSR $ OR PHMRU WLHQHV XQ FDEHOOR HVSOpQGLGR R XQD VRQULVD
HQFDQWDGRUD 1R SDVHV SRU DOWR FRVDV TXH QRUPDOPHQWH QR
FRQVLGHUDUtDVLPSRUWDQWHVXQDVPDQRVIXHUWHVRXQHVWyPDJRTXH
GLJLHUH ELHQ OD FRPLGD DOJR TXH QR WRGR HO PXQGR SXHGH GHFLU 
3HUPtWHWHDSUHFLDUHQWRGDVXDPSOLWXGORVDVSHFWRVGHWXFXHUSR
FRQORVTXHHVWiVFRQWHQWR
$FRQWLQXDFLyQGHVFULEHDTXHOORVUDVJRVTXHQRWHJXVWDQWDQWR
3RU HMHPSOR WLHQHV LPSHUIHFFLRQHV HQ OD SLHO R WXV FDGHUDV VRQ
GHPDVLDGRDQFKDVRQRHVWiVHQIRUPD\WHFDQVDVUiSLGDPHQWH
6p FRPSDVLYR FRQWLJR PLVPR SRU OD GLILFXOWDG TXH VXSRQH VHU XQ
KXPDQRLPSHUIHFWR7RGRHOPXQGRWLHQHUDVJRVGHVXFXHUSRTXH
QR OH JXVWDQ &DVL QDGLH ORJUD VX LGHDO ItVLFR $O PLVPR WLHPSR
DVHJ~UDWH GH UHDOL]DU XQD YDORUDFLyQ REMHWLYD GH WXV GHIHFWRV
¢5HDOPHQWH HV XQ SUREOHPD WHQHU FDGD YH] PiV FDQDV" ¢(VRV
FLQFR NLORV GH PiV WH LPSLGHQ VHQWLUWH ELHQ \ VDQR" 1R LQWHQWHV
PLQLPL]DUWXVGHIHFWRVSHURWDPSRFRORVH[DJHUHV
 (O VLJXLHQWH SDVR FRQVLVWH HQ GHGLFDUWH FRPSDVLyQ SRU WXV
 LPSHUIHFFLRQHV UHFRUGDQGR OR GLItFLO TXH HV VHQWLU WDQWD SUHVLyQ
VRFLDO SRU WHQHU XQ GHWHUPLQDGR DVSHFWR ,QWHQWD VHU DPDEOH
DOHQWDGRU \ FRPSUHQVLYR KDFLD WL PLVPR FXDQGR WH HQIUHQWHV DO
VXIULPLHQWR FRPSDUWLGRFRQODPD\RUtDGHSHUVRQDV TXHVXSRQH
VHQWLUVHLQVDWLVIHFKRFRQHOSURSLRFXHUSR
 3RU ~OWLPR SLHQVD VL HVWiV GLVSXHVWR D GDU DOJ~Q SDVR TXH WH
D\XGHDVHQWLUWHPHMRUFRQWXFXHUSR2OYtGDWHGHODRSLQLyQGHORV
GHPiV ¢+D\ DOJR TXH WH JXVWDUtD FDPELDU SRUTXH WH SUHRFXSDV
SRUWL"¢7HVHQWLUtDVPHMRUVLSHUGLHVHVXQRVNLORVRVLKLFLHVHVPiV
HMHUFLFLRRVLWHKLFLHVHVUHIOHMRVHQHOSHORSDUDWDSDUHVDVFDQDV"
6L HV DVt £DGHODQWH &XDQGR HVFULEDV ORV FDPELRV TXH GHVHDV
LQWURGXFLUDVHJ~UDWHGHPRWLYDUWHFRQEXHQDVSDODEUDVHQOXJDUGH
UHFXUULU D OD DXWRFUtWLFD 5HFXHUGD TXH OR PiV LPSRUWDQWH HV WX
GHVHRGHHVWDUVDQR\IHOL]

&/$5,'$'3$5$6(50(-25

/D FRPSDVLyQ KDFLD XQR PLVPR QR VROR SURSRUFLRQD

XQSRGHURVRPRWRUPRWLYDGRUSDUDFDPELDUVLQRTXH
DGHPiV DSRUWD OD FODULGDG QHFHVDULD SDUD VDEHU TXp
KD\TXHFDPELDUHQSULPHUOXJDU/DVLQYHVWLJDFLRQHV
LQGLFDQ TXH ODV SHUVRQDV TXH VLHQWHQ YHUJHQ]D \ VH
FULWLFDQDVtPLVPDVVRQPiVSURSHQVDVDFXOSDUDORV
GHPiV SRU VXV HUURUHV ¢4XLpQ TXLHUH DGPLWLU VX
LQFRPSHWHQFLD VL HVR VLJQLILFD HQIUHQWDUVH D ORV
SHUURV GH OD DXWRFUtWLFD" (V PiV IiFLO HVFRQGHU ODV
FRVDVGHEDMRGHODDOIRPEUDRVHxDODUDRWUR
/RV KRPEUHV VRQ HVSHFLDOPHQWH YXOQHUDEOHV D
HVHSDWUyQ\DTXHHOKRPEUHLGHDOHQQXHVWUDFXOWXUD
HV IXHUWH H LQIDOLEOH &XDQGR VH HQIUHQWDQ D VX
LQFRPSHWHQFLD ORV KRPEUHV VXHOHQ UHFXUULU D OD LUD
SDUD GHVYLDU UHVSRQVDELOLGDGHV /D LUD OHV SHUPLWH
VHQWLUVHGXURV\SRGHURVRVSRUXQPRPHQWRDOWLHPSR
TXHRFXOWDQORVVHQWLPLHQWRVGHGHELOLGDGTXHVXUJHQ
GHO IUDFDVR SHUVRQDO 7DPELpQ HV SRVLEOH TXH DO
FXOSDUDORVGHPiVVHVLHQWDQFRPRYtFWLPDV GHORV
FDPELRV GH KXPRU R GH OD OHQJXD YLSHULQD GH VXV
PXMHUHV SRU HMHPSOR  OR TXH D VX YH] MXVWLILFD TXH
FUHDQTXHHVMXVWRTXHHVWpQHQIDGDGRV(VXQFtUFXOR
YLFLRVR TXH SXHGH OOHYDU D XQD FRQGXFWD UHDOPHQWH
DJUHVLYD
6WHYHQ 6WRVQ\ HO DXWRU GH /RYH :LWKRXW +XUW
>$PDU VLQ KHULU@ KD FUHDGR XQ SURJUDPD GH
UHKDELOLWDFLyQ SVLFROyJLFD GHVWLQDGR D DFRVDGRUHV
HPRFLRQDOHV \ ItVLFRV TXH VH FHQWUD HQ HO GHVDUUROOR
GH OD FRPSDVLyQ KDFLD XQR PLVPR (Q ORV WDOOHUHV
GH WUHV GtDV TXH pO GHQRPLQD ©FDPSR GH
HQWUHQDPLHQWRªKRPEUHVFRQSUREOHPDVJUDYHVGHLUD
DSUHQGHQ D YHU \ HQWHQGHU FRQ FODULGDG ORV
VHQWLPLHQWRV GH YXOQHUDELOLGDG TXH VXE\DFHQ D VX
UDELD 'H HVH PRGR SXHGHQ SRQHU ILQ DO FLFOR GH
FXOSD H LUD &XDQGR ORV KRPEUHV HPSLH]DQ D
UHODFLRQDUVHFRQVXVGHIHFWRVFRQFRPSDVLyQHQOXJDU
GH YHUJHQ]D GHMDQ GH QHFHVLWDU QHJDU VX
UHVSRQVDELOLGDG SHUVRQDO FRQ HO ILQ GH GHIHQGHU VXV
HJRV (VWR OHV SHUPLWH FHQWUDUVH HQ VX YHUGDGHUR
GHVHR IRPHQWDU UHODFLRQHV GH FDULxR \ DSR\R PXWXR
FRQ ORV GHPiV /RV WDOOHUHV GH JHVWLyQ GH OD LUD GH
6WRVQ\WLHQHQXQJUDQp[LWR\GHPXHVWUDQHOSRGHUGH
OD FRPSDVLyQ KDFLD XQR PLVPR SDUD IRPHQWDU OD
FODULILFDFLyQPHQWDO\HOFDPELR
8QHVWXGLRUHFLHQWHWDPELpQDSR\DODLGHDGHTXH
OD FRPSDVLyQ KDFLD XQR PLVPR IDFLOLWD HO KHFKR GH
DGPLWLUHQTXpVHQHFHVLWDPHMRUDU/RVSDUWLFLSDQWHV
WHQtDQ TXH UHFRUGDU XQ IUDFDVR XQ UHFKD]R R XQD
SpUGLGD TXH OHV KXELHVH KHFKR VHQWLU PDO FRQVLJR
PLVPRV $ FRQWLQXDFLyQ VH OHV SLGLy TXH
GHVFULELHVHQ HO KHFKR SRU HVFULWR TXp SURYRFy HO
KHFKRTXLpQHVWDEDSUHVHQWHTXpRFXUULyH[DFWDPHQWH
\ FyPR VH VLQWLHURQ \ VH FRPSRUWDURQ HQ DTXHO
PRPHQWR'HVSXpVORVLQYHVWLJDGRUHVHQWUHJDURQDXQ
JUXSRGHSDUWLFLSDQWHVXQRVHMHUFLFLRVSHQVDGRVSDUD
D\XGDUOHVDWHQHUFRPSDVLyQSRUHOKHFKRHQFXHVWLyQ
3RU HMHPSOR VH OHV SLGLy TXH HVFULELHVHQ XQD OLVWD
FRQ H[SHULHQFLDV VLPLODUHV GH RWUDV SHUVRQDV \ XQ
SiUUDIR H[SUHVDQGR VHQWLPLHQWRV GH DPDELOLGDG
LQWHUpV\FRPSUHQVLyQSRUORRFXUULGR$ORWURJUXSR
VRORVHOHSLGLyTXHHVFULELHVHQDFHUFDGHOKHFKRVLQ
PiVLQVWUXFFLRQHV(OJUXSRDOTXHVHDQLPyDVHQWLU
FRPSDVLyQSRUXQRPLVPRH[SUHVyPHQRVHPRFLRQHV
QHJDWLYDV SRU HMHPSOR LUD DQVLHGDG R WULVWH]D  DO
HVFULELU VREUH OR RFXUULGR $O PLVPR WLHPSR
GHPRVWUDURQ PD\RU UHVSRQVDELOLGDG SHUVRQDO SRU OR
RFXUULGR
/D FRPSDVLyQ KDFLD XQR PLVPR QR VH OLPLWD D
SHUPLWLUQRVVDOLUGHODWROODGHUR$OVXDYL]DUHOJROSH
GH OD DXWRFUtWLFD \ UHFRQRFHU OD LPSHUIHFFLyQ GH
QXHVWUD QDWXUDOH]D KXPDQD SRGHPRV YHUQRV FRQ
PXFKD PiV KRQHVWLGDG \ FODULGDG 3XHGH TXH
WHQJDPRV WHQGHQFLD D UHDFFLRQDU H[DJHUDGDPHQWH D
VHU LUUHVSRQVDEOHV SDVLYRV FRQWURODGRUHV HWFpWHUD
3DUDWUDEDMDUHVWDVFRQGXFWDV\D\XGDUQRV DQRVRWURV
PLVPRV \ D ORV GHPiV  D VXIULU PHQRV DQWH VX
SUHVHQFLDWHQHPRVTXHUHFRQRFHUQXHVWUDVFDUHQFLDV
(VQHFHVDULRTXHUHFRQR]FDPRVFyPRKHPRVGDxDGR
D ORV GHPiV SDUD FXUDU ODV KHULGDV TXH KHPRV
FDXVDGR $O DFHSWDU FRQ FRPSDVLyQ HO KHFKR GH TXH
WRGRVFRPHWHPRVHUURUHV\WHQHPRVFRPSRUWDPLHQWRV
TXH GHVSXpV ODPHQWDPRV SRGHPRV DGPLWLU PiV
IiFLOPHQWH HVRV HUURUHV H LQWHQWDU DUUHJODU ODV FRVDV
6L QRV FRQVXPHQ ORV VHQWLPLHQWRV GH YHUJHQ]D H
LQFRPSHWHQFLD SRU OR TXH KHPRV KHFKR HQ UHDOLGDG
QRV HQFHUUDPRV HQ QRVRWURV PLVPRV 1R FHQWUDPRV
QXHVWUD DWHQFLyQ \ QXHVWUD SUHRFXSDFLyQ HQ OR TXH
GHEHUtDPRVHQODSHUVRQDDODTXHKHPRVKHULGR/D
FRPSDVLyQKDFLDXQRPLVPRSURSRUFLRQDODVHJXULGDG
HPRFLRQDO QHFHVDULD SDUD DVXPLU OD UHVSRQVDELOLGDG
GHQXHVWURVDFWRVFRQVLGHUDUVXLPSDFWRHQORVGHPiV
\GLVFXOSDUQRVVLQFHUDPHQWHSRUQXHVWUDFRQGXFWD

0, +,6725,$ '(638e6 '( 72'26 (6726 $f26 6,*2

,17(17È1'2/2

'HVSXpVGHFDVLTXLQFHDxRVHVWXGLDQGRODFRPSDVLyQ
KDFLD XQR PLVPR ¢VDEHV TXp" 1R VLHPSUH SUHGLFR
FRQ HO HMHPSOR 7HQJR WHQGHQFLD D OD LUULWDELOLGDG
FXDQGR HVWR\ HVWUHVDGD FRPR \D KH H[SOLFDGR DO
SULQFLSLR GHO OLEUR  \ QRUPDOPHQWH OR SDJD 5XSHUW
PL PDULGR 3RQJDPRV TXH HVWR\ GH PDO KXPRU \ PH
GR\FXHQWDGHTXH5XSHUWQRKDPHWLGRORVSODWRVHQ
HO ODYDYDMLOODV OH WRFD D pO  3RGUtD WHQHU XQD
UHDFFLyQPX\QHJDWLYD\GHVSURSRUFLRQDGD(QWRQFHV
WLHQGR D H[DJHUDU OD JUDYHGDG GH OD FXHVWLyQ SDUD
MXVWLILFDU PLV HPRFLRQHV DELHUWDPHQWH QHJDWLYDV
©1XQFDSRQHVHOODYDYDMLOODV\GHMDVTXHODVXFLHGDG
GHORVSODWRVVHSXGUDª DXQTXHVpTXHHVRQRRFXUUH
FRQ WDQWD IUHFXHQFLD \ \R D YHFHV KDJR OR PLVPR 
©(UHV XQ LUUHVSRQVDEOHª SDVDQGR SRU DOWR HO KHFKR
GHTXHWLHQHPXFKtVLPRWUDEDMRTXHUHTXLHUHWRGDVX
DWHQFLyQ $QWHVGHHPSH]DUDSUDFWLFDUODFRPSDVLyQ
KDFLDPtPLVPDXWLOL]DEDWRGRPLLQJHQLRPHQWDOSDUD
FRQYHQFHUD5XSHUWGHTXHPLVUHDFFLRQHVHUDQSRUVX
FXOSDQRSRUODPtD6LPHDFXVDEDGHVHULQMXVWDHUD
FDSD]GHHQFRQWUDUGLH]UD]RQHVSDUDMXVWLILFDUTXHPL
UHDFFLyQ HUD SHUIHFWDPHQWH DGHFXDGD DQWH VXV
DFFLRQHV 5HVXOWD GRORURVR DGPLWLU TXH XQR D YHFHV
VH SRQH GH XQ KXPRU GH SHUURV \ SRU OD UD]yQ TXH
VHD VLHQWH HO LPSXOVR GH SDJDUOR FRQ ORV GHPiV
JHQHUDOPHQWHFRQORVTXHPiVTXHUHPRV 
8QD GH ODV YHQWDMDV GH SUDFWLFDU OD FRPSDVLyQ
KDFLD Pt PLVPD HV TXH DKRUD WHQJR PXFKD PiV
FDSDFLGDG SDUD YHUPH FODUDPHQWH \ DGPLWLU PLV
HUURUHV 6L HVWR\ HQIDGDGD \ KDJR DOJ~Q FRPHQWDULR
KLULHQWHVXHORSHGLUGLVFXOSDVDQWHVGHTXHD5XSHUW
OH Gp WLHPSR GH GHFLUPH TXH QR HVWR\ VLHQGR MXVWD
5HVXOWDH[WUDxRSHUR\DQRPHWRPRPLVHVWDGRVGH
iQLPRQHJDWLYRVGHPDQHUDWDQSHUVRQDO3RUODUD]yQ
TXH VHD ¢PLV FRQH[LRQHV PHQWDOHV HO FLFOR
KRUPRQDO HO FOLPD"  D YHFHV HVWR\ LUULWDEOH 1R
VLHPSUH QR D PHQXGR VROR D YHFHV (V PL WDOyQ GH
$TXLOHVSHURQRORTXHPHGHILQH
$OSUDFWLFDUODDXWRFRPSDVLyQFXDQGRHVHHVWDGR
GH iQLPR PH LQYDGH PH UHVXOWD PiV IiFLO DGPLWLU VL
PH KH SDVDGR GH OD UD\D \ FHQWUDUPH HQ UHVROYHU OD
VLWXDFLyQ 1RUPDOPHQWH HVWR VLJQLILFD H[SOLFDUOH D
5XSHUWTXHPHVLHQWRQHJDWLYDTXHQRWLHQHQDGDTXH
YHU FRQ pO \ HQWRQFHV pO SXHGH PRVWUDUVH
FRPSUHQVLYRLQFOXVRHPSiWLFRHQOXJDUGHSRQHUVHD
OD GHIHQVLYD $ FRQWLQXDFLyQ LQWHQWR HQFRQWUDU HO
PRGR GH FDPELDU HVH HVWDGR GH iQLPR 3HGLU XQ
DEUD]RHVXQJUDQUHPHGLR\PHMRUVLHVGHVSXpVGH
SHGLUGLVFXOSDV'HVSXpVGHODGLVFXOSD\HODEUD]R
¢TXp RFXUUH" 1RUPDOPHQWH 5XSHUW WDPELpQ VH
GLVFXOSD ODV GLVFXVLRQHV VXHOHQ VHU FRVD GH GRV
$XQTXHPLHVWDGRGHLUULWDFLyQWRGDYtDVHPDQLILHVWD
GHYH]HQFXDQGRQRORSDJRFRQ5XSHUWWDQWRFRPR
DQWHV
$Vt FXDQGR FRPHWDV HUURUHV R QR DOFDQFHV WXV
H[SHFWDWLYDV SXHGHV GHMDU D XQ ODGR HO OiWLJR \
FXEULUWH HQ VX OXJDU FRQ XQD PDQWD VXDYH GH
FRPSDVLyQ 7H VHQWLUiV PiV PRWLYDGR SDUD DSUHQGHU
FUHFHU\UHDOL]DUORVFDPELRVQHFHVDULRVHQWXYLGDDO
WLHPSR TXH YHUiV FRQ PD\RU FODULGDG GyQGH HVWiV \
DGyQGHWHJXVWDUtDLU7HQGUiVODVHJXULGDGQHFHVDULD
SDUD EXVFDU OR TXH UHDOPHQWH TXLHUHV DVt FRPR HO
DSR\R \ HO HVWtPXOR QHFHVDULRV SDUD KDFHU TXH WXV
VXHxRVVHFXPSODQ
 &8$57$3$57(

&203$6,Ï1+$&,$8120,602(1
5(/$&,Ï1&21/26'(0È6
 &DStWXOR

&203$6,Ï1+$&,$/26'(0È6

6LXQRHVFUXHOFRQVLJRPLVPR¢FyPRHVSHUDUTXHVHDFRPSDVLYR
FRQORVGHPiV"

+$6'$,,%16+$3587HUXGLWRMXGtRGHOVLJOR;

$TXHOODPXMHUWHQtDFXDUHQWD\FLQFRDxRVHOFDEHOOR
UXELR ORV RMRV JULVHV \ XQ URVWUR DJUDGDEOH
(VWiEDPRV HQ XQD FHQD VLUYLpQGRQRV HO KXPXV FRQ
]DQDKRULD SRU WXUQRV FXDQGR PH SUHJXQWy FyPR PH
JDQDEDODYLGD
²(VWXGLR OD FRPSDVLyQ KDFLD XQR PLVPR ²OH
UHVSRQGt
,QFOLQyOLJHUDPHQWHODFDEH]DDXQODGR
²¢+DFLD XQR PLVPR" <R SHQVDED TXH OD
FRPSDVLyQSRUGHILQLFLyQHVDOJRTXHVHVLHQWHSRU
ORV GHPiV ¢&yPR HV SRVLEOH VHQWLU FRPSDVLyQ SRU
XQRPLVPR"
/HH[SOLTXpTXHODFRPSDVLyQQRHVPiVTXHXQD
PDQHUDGHUHODFLRQDUQRVFRQHOVXIULPLHQWR\DVHDHO
WX\R R HO GH RWUD SHUVRQD 3HUFLEt FyPR GLJHUtD OD
LGHD
²0PP6XSRQJRTXHWLHQHVHQWLGR(QWRQFHV
¢WHQHUPiVFRPSDVLyQKDFLDXQRPLVPRVLJQLILFDTXH
WDPELpQSXHGHVVHQWLUPiVFRPSDVLyQSRUORVGHPiV"
²PHSUHJXQWy
²%XHQRVt\QR
/D JHQWH PH KDFH HVWD SUHJXQWD FRQWLQXDPHQWH
/D UHVSXHVWD HV XQ SRFR FRPSOLFDGD (Q HO SULPHU
HVWXGLR TXH UHDOLFp VREUH FRPSDVLyQ KDFLD XQR
PLVPRSODQWHpODVLJXLHQWHSUHJXQWD©¢7LHQGHVDVHU
PiV DPDEOH FRQWLJR PLVPR R FRQ ORV GHPiV"ª
'HVFXEUt TXH ODV SHUVRQDV FRQ SRFD DXWRFRPSDVLyQ
UHVSRQGtDQ TXH HUDQ PiV DPDEOHV FRQ ORV GHPiV
PLHQWUDV TXH ODV TXH PDQLIHVWDEDQ XQD FRPSDVLyQ
KDFLD Vt PLVPRV PiV DOWD DILUPDEDQ VHU LJXDO GH
DPDEOHVFRQORVGHPiVTXHFRQVLJRPLVPRV(QRWUDV
SDODEUDVWRGRHOPXQGRUHVSRQGLyTXHHUDQDPDEOHV
FRQ ORV GHPiV SHUR VROR ODV SHUVRQDV
DXWRFRPSDVLYDVWDPELpQORHUDQFRQVLJRPLVPDV
(Q RWUD LQYHVWLJDFLyQ PLV FROHJDV \ \R
GHVFXEULPRV TXH ODV SHUVRQDV FRPSDVLYDV FRQVLJR
PLVPDV QR REWLHQHQ SXQWXDFLRQHV PiV DOWDV TXH ODV
TXH QR OR VRQ HQ DPRU FRPSDVLYR HPSDWtD R
DOWUXLVPR HOHPHQWRV UHODFLRQDGRV FRQ HO ELHQHVWDU
DMHQR 6HGHEHDTXHORVLQGLYLGXRVTXHFDUHFHQGH
DXWRFRPSDVLyQTXHVHMX]JDQFRQVWDQWHPHQWHVXHOHQ
VHUPX\DWHQWRVFRQORVGHPiV
7RPHPRV FRPR HMHPSOR D OD PXMHU TXH FRQRFt
HQ OD FHQD 6KDURQ XQD HQIHUPHUD JHULiWULFD FRQ
PXFKD H[SHULHQFLD HUD XQ PRGHOR GH FRPSDVLyQ
6ROtDYLVLWDUDGRPLFLOLRDORVSDFLHQWHVGHPiVHGDG
\OHVOOHYDEDFDSULFKRVFRPRJDOOHWDVRIORUHVGHVX
MDUGtQ SDUD KDFHU TXH VH VLQWLHVHQ HVSHFLDOHV \
TXHULGRV /HV KDFtD EURPDV FRQVWDQWHPHQWH SDUD
SRQHUOHV GH EXHQ KXPRU ©6DEHV TXH HUHV YLHMR
FXDQGRWHQHUVXHUWHVLJQLILFDHQFRQWUDUWXFRFKHHQHO
DSDUFDPLHQWRª &XDQGR WHQtD TXH D\XGDU D VXV
SDFLHQWHV HQ DOJXQD WDUHD GHOLFDGD FRPR XQ FDPELR
GH SDxDO VH GHVYLYtD SRU DVHJXUDUVH GH TXH QR
VLQWLHVHQYHUJHQ]D©/HVSDVDDWRGRVQRVHDSXUHª
$XQTXH D 6KDURQ OH UHVXOWDED PX\ VHQFLOOR VHU
DPDEOH \ FRPSUHQVLYD FRQ ORV DQFLDQRV D ORV TXH
FXLGDEDHUDH[WUHPDGDPHQWHGXUDFRQVLJRPLVPD6L
OOHJDEDWDUGHDXQDFLWDRVHROYLGDEDGHKDFHUDOJXQD
WDUHDFRWLGLDQDVHPDFKDFDEDFRQDXWRFUtWLFDV©£4Xp
HVW~SLGD£(VDVSHUVRQDVGHSHQGHQGHWL¢&XiQGRYDV
D FUHFHU"ª /H SUHJXQWp VL DOJXQD YH] KDEODED D VXV
SDFLHQWHV HQ HVH WRQR TXH XWLOL]DED FRQVLJR PLVPD
©£3RU VXSXHVWR TXH QRª ¢3RU TXp HQWRQFHV VH
WUDWDED DVt" ©1R OR Vp ²PH UHVSRQGLy FRQ XQ JHVWR
GH GHVFRQFLHUWR² 6XSRQJR TXH FUHR TXH HV OR TXH
GHERKDFHUª
3HUVRQDV FRPR 6KDURQ ODV KD\ HQ WRGDV SDUWHV
HVSHFLDOPHQWH HQ 2FFLGHQWH GRQGH ODV WUDGLFLRQHV
UHOLJLRVDV \ FXOWXUDOHV WLHQGHQ D HQVDO]DU HO
DXWRVDFULILFLR < HVSHFLDOPHQWH HQWUH ODV PXMHUHV
1XHVWUD LQYHVWLJDFLyQ GHPXHVWUD TXH ODV PXMHUHV
VXHOHQPRVWUDUQLYHOHVGHFRPSDVLyQKDFLDVtPLVPDV
OLJHUDPHQWH PiV EDMRV TXH ORV KRPEUHV
SULQFLSDOPHQWH SRUTXH VH MX]JDQ \ VH FULWLFDQ
LQWHULRUPHQWHFRQPiVIUHFXHQFLD$OPLVPRWLHPSR
H[LVWHQ QXPHURVDV SUXHEDV TXH GHPXHVWUDQ TXH ODV
PXMHUHV VRQ PiV FDULxRVDV HPSiWLFDV \ JHQHURVDV
FRQ ORV GHPiV TXH ORV KRPEUHV /DV PXMHUHV VH
VRFLDOL]DQ SDUD VHU FXLGDGRUDV SDUD DEULU VXV
FRUD]RQHV D VXV PDULGRV VXV KLMRV VX DPLJRV VXV
SDGUHVDQFLDQRVSHURQDGLHOHVHQVHxDDFXLGDUVHDVt
PLVPDV &RPR VL KXELHVH TXHGDGR VHOODGR SDUD
VLHPSUH HQ OD LPDJLQDFLyQ FROHFWLYD JUDFLDV D OD
SHOtFXODGHORVDxRVVHWHQWD/DVHVSRVDVGH6WHSIRUG
ODPXMHULGHDOWLHQHTXHFXPSOLUHOSDSHOGHFRFLQHUD
VLUYLHQWDDPDQWH\QLxHUDVLQTXHMDDOJXQD6HVXSRQH
TXHQRWLHQHQHFHVLGDGHVQLSUHRFXSDFLRQHVSURSLDV
$XQTXHODUHYROXFLyQIHPLQLVWDKDFRQWULEXLGRD
DPSOLDU ORV SDSHOHV D ORV TXH ODV PXMHUHV WHQHPRV
DFFHVR \ DKRUD YHPRV D PiV PXMHUHV TXH QXQFD HQ
SXHVWRV GH UHVSRQVDELOLGDG OD LGHD GH TXH OD PXMHU
GHEH VHU XQD FXLGDGRUD GHVLQWHUHVDGD QR KD
GHVDSDUHFLGR (V VROR TXH DKRUD VH VXSRQH TXH OD
PXMHUGHEHWHQHUp[LWRHQVXFDUUHUDDGHPiVGHVHUOD
HVSRVD DPDQWH \ TXLHQ FUtD D ORV KLMRV FDVL HQ
H[FOXVLYD(QVXOLEUR6LOHQFLQJWKH6HOI>6LOHQFLDQGR
DO\R@'DQD&URZOH\-DFNHPSLH]DFRQXQDFLWDTXH
UHIOHMDODH[SHULHQFLDGHPXFKDVPXMHUHV
$XQTXH SXHGD GHFLU REMHWLYDPHQWH ©0X\ ELHQ WHQJR XQ DVSHFWR
SRU HQFLPD GH OD PHGLD KH WHQLGR PXFKR p[LWR FRQ PL DUWH KH
WHQLGR PXFKR p[LWR FRPR FDQWDQWH VR\ VRFLDEOH KDJR DPLJRV
IiFLOPHQWHª WRGDYtD TXHGD HVH ©1R VLUYHV SDUD QDGDª 6LHPSUH
KHVHQWLGRTXHHOIUDFDVRGHPLPDWULPRQLRIXHFXOSDPtDSRUTXH
\R TXHUtD WUDEDMDU \ QR VDEtD FyPR FRPSDJLQDU PL YLGD
SURIHVLRQDOFRQVHUHVSRVD

(Q OXJDU GH VHU FRPSDVLYDV FRQVLJR PLVPDV \

GDUVH FXHQWD GH TXH VRQ KXPDQDV \ KDFHQ OR TXH
SXHGHQ ODV PXMHUHV FRPR ODV GH OD FLWD DQWHULRU
WLHQGHQ D MX]JDUVH VLQ FHVDU HQ OD FUHHQFLD GH TXH
GHEHUtDQ KDFHU PiV /D FRQVHFXHQFLD HV TXH PXFKDV
PXMHUHV WLHQHQ HO VHQWLPLHQWR SURIXQGDPHQWH
DUUDLJDGRGHTXHQRWLHQHQGHUHFKRDVHUFRPSDVLYDV
FRQVLJRPLVPDV3DUDHQWHQGHUSRUTXpODFRPSDVLyQ
KDFLDXQRPLVPR\ODFRPSDVLyQKDFLDORVGHPiVQR
QHFHVDULDPHQWHYDQMXQWDVVRORWHQHPRVTXHREVHUYDU
D ODV PXMHUHV VDFULILFDGDV TXH KDQ FXLGDGR GH
QRVRWURVGXUDQWHWRGDVXYLGD

321(5/$6&26$6(13(563(&7,9$

'LFKR HVWR WDPELpQ H[LVWHQ SUXHEDV GH TXH OD

DXWRFRPSDVLyQ VH UHODFLRQD FRQ OD FRPSDVLyQ KDFLD
ORVGHPiVHQGHWHUPLQDGRVFRQWH[WRV3RUHMHPSORXQ
HVWXGLR UHFLHQWH GHVYHOy TXH ORV LQGLYLGXRV
FRPSDVLYRV FRQVLJR PLVPRV HVSHUDQ GH VXV
DPLVWDGHV FRVDV GLIHUHQWHV TXH ODV SHUVRQDV TXH
FDUHFHQ GH DXWRFRPSDVLyQ 6RQ PiV SURSHQVRV D
FHQWUDUVH HQ D\XGDU D DSR\DU D VXV DPLJRV \ VH
PXHVWUDQ PiV FRPSDVLYRV FRQ ORV HUURUHV \ ODV
GHELOLGDGHV GH HVWRV $GHPiV DGPLWHQ PiV VXV
SURSLRVHUURUHV\VXVGHELOLGDGHVDQWHVXVDPLVWDGHV
(Q UHVXPHQ HO HVWXGLR GHVFXEULy TXH ODV SHUVRQDV
FRPSDVLYDVFRQVLJRPLVPDVWLHQHQPiVFDSDFLGDGGH
FUHDU UHODFLRQHV FHUFDQDV DXWpQWLFDV \ GH PXWXR
DSR\R TXH ODV DXWRFUtWLFDV &RPR YHUHPRV HQ HO
VLJXLHQWHFDStWXORODLQYHVWLJDFLyQWDPELpQGHPXHVWUD
TXH ODV SHUVRQDV DXWRFRPSDVLYDV WLHQGHQ D VHU PiV
FRPSUHQVLYDVWROHUDQWHV\FDULxRVDVFRQVXVSDUHMDV
'DGR TXH HQ ODV UHODFLRQHV tQWLPDV VRPRV PX\
YXOQHUDEOHV HPRFLRQDOPHQWH SRUTXH QXHVWUR \R VH
GHVQXGD QRV VHQWLPRV LQVHJXURV DQWH OD SRVLELOLGDG
GH TXH HO RWUR QRV MX]JXH &XDQGR GHMDPRV GH
FULWLFDUQRV\HYDOXDUQRVVLQHPEDUJRQRQHFHVLWDPRV
SUHRFXSDUQRVWDQWRSRUODDSUREDFLyQGHORVGHPiV\
SRGHPRV FHQWUDUQRV HQ VDWLVIDFHU VXV QHFHVLGDGHV
HPRFLRQDOHV
$XQTXH OD FRPSDVLyQ LPSOLFD VHQWLPLHQWRV GH
FDULxR \ SUHRFXSDFLyQ SRU ORV GHPiV WDPELpQ H[LJH
DGRSWDUODSHUVSHFWLYDGHORVTXHVXIUHQ\FDPLQDUXQ
SRFRFRQVXV]DSDWRVSRUDVtGHFLUOR SHURQRHQHO
VHQWLGR TXH OH GLR HO KXPRULVWD HVFRFpV %LOO\
&RQQROO\FXDQGRGLMR©$QWHVGHMX]JDUDXQKRPEUH
FDPLQD XQ SDU GH NLOyPHWURV FRQ VXV ]DSDWRV
'HVSXpV ¢TXp PiV GD" eO HVWDUi D GRV NLOyPHWURV
GH GLVWDQFLD \ W~ WHQGUiV VXV ]DSDWRVª  (Q OXJDU GH
UHDOL]DUMXLFLRVUiSLGRV\IiFLOHVSRUORVHUURUHVTXH
RWURVFRPHWHQODFRPSDVLyQWLHQHHQFXHQWDFyPRVH
GHEH VHQWLU OD SHUVRQD TXH KD FRPHWLGR HO HUURU
&RQVLVWHHQPLUDUODVFRVDVGHVGHGHQWURHQOXJDUGH
KDFHUOR GHVGH IXHUD 3DUD VHQWLU FRPSDVLyQ SRU OD
ILJXUDS~EOLFDTXHPHWHODSDWDHVSUHFLVRDGRSWDUVX
SHUVSHFWLYD (Q OXJDU GH OLPLWDUVH D YHU ODV FRVDV
GHVGHWXSXQWRGHYLVWD £TXpGLYHUWLGR WDPELpQODV
YHVGHVGHHOSXQWRGHYLVWDGHHVDRWUDSHUVRQD £TXp
YHUJHQ]D 
7DPELpQWHQHPRVTXHWRPDUSHUVSHFWLYDFXDQGR
QRVGDPRVFRPSDVLyQDQRVRWURVPLVPRV(QOXJDUGH
OLPLWDUQRV D FHQWUDUQRV HQ QXHVWUR SURSLR SXQWR GH
YLVWD HQ ODV VLWXDFLRQHV GRORURVDV PH VLHQWR
KXPLOODGR DVXVWDGR LQFRPSHWHQWH HWFpWHUD 
DGRSWDPRV OD SHUVSHFWLYD GH ©RWURª KDFLD QRVRWURV
PLVPRV5HVSRQGHPRVFRQDPDELOLGDGHLQWHUpVKDFLD
QXHVWUDVSURSLDVOLPLWDFLRQHVKXPDQDVWDOFRPRKDUtD
XQ DPLJR XQ SDGUH R XQD PDGUH $O FRQWHPSODU
QXHVWUR\RLPSHUIHFWRGHVGHODSHUVSHFWLYDGHDOJXLHQ
H[WHUQR OD FRPSDVLyQ KDFLD QRVRWURV PLVPRV QRV
SHUPLWH GHMDU GH MX]JDUQRV WDQ GXUDPHQWH 1XHVWUD
LQYHVWLJDFLyQ GHPXHVWUD TXH ODV SHUVRQDV FRQ PiV
DXWRFRPSDVLyQ WDPELpQ VRQ ODV TXH PiV SUDFWLFDQ OD
WRPDGHSHUVSHFWLYDFXDQGRFRQWHPSODQORVIUDFDVRV
\ ODV GHELOLGDGHV GH RWUDV SHUVRQDV 6RQ PiV
SURSHQVRV D GHFLU DOJR DVt ©$QWHV GH FULWLFDU D
DOJXLHQ LQWHQWR LPDJLQDU FyPR PH VHQWLUtD \R VL
HVWXYLHVH HQ VX OXJDUª 3RU VX SURSLD QDWXUDOH]D OD
FRPSDVLyQHVUHODFLRQDO\SDVDGHXQDSHUVSHFWLYDD
RWUDGLVWLQWDSDUDYHUODUHFLSURFLGDGGHODFRQGLFLyQ
KXPDQD
$XQTXH UHVXOWD LPSRUWDQWH SDUD OD DUPRQtD
VRFLDO DGRSWDU OD SHUVSHFWLYD GH RWURV WLHQH XQ
LQFRQYHQLHQWH 3XHGH OOHJDU D VHU DEUXPDGRU VREUH
WRGR FXDQGR HO GRORU DMHQR HV PX\ LQWHQVR &XDQGR
YHPRVLPiJHQHVGHORVVXSHUYLYLHQWHVGHXQKXUDFiQ
SRUHMHPSORSRGHPRVWHPHUTXHVLGHMDPRVHQWUDUXQ
iSLFH GH VX GRORU HQ QXHVWURV FRUD]RQHV QRV
VHQWLUHPRV GHVERUGDGRV $Vt QRV FHUUDPRV SDUD
SURWHJHUQRV R FDPELDPRV GH FDQDO 6LQ HPEDUJR
H[LVWH RWUD RSFLyQ 1XHVWUD LQYHVWLJDFLyQ GHPXHVWUD
TXHODFRPSDVLyQKDFLDXQRPLVPRQRVSHUPLWHVHQWLU
HOGRORUDMHQRVLQTXHOOHJXHDDEUXPDUQRV(QRWUDV
SDODEUDVFXDQGRUHFRQRFHPRVORGLItFLOTXHUHVXOWDD
YHFHV HVWDU DKt SDUD ODV SHUVRQDV TXH OR HVWiQ
SDVDQGRPDO\QRVFRQVRODPRVDQRVRWURVPLVPRVHQ
HOSURFHVRSRGHPRVVHUPiVIXHUWHVPiVHVWDEOHV\
UHVLOLHQWHV SDUD DFRPSDxDU D ORV GHPiV HQ VX
VXIULPLHQWR (V XQD KDELOLGDG HVSHFLDOPHQWH
LPSRUWDQWH SDUD DTXHOORV TXH WUDEDMDQ D\XGDQGR D
SHUVRQDVFRQSUREOHPDV

)$7,*$325&203$6,Ï1
'HGLFDU PXFKD HQHUJtD D D\XGDU D ORV GHPiV SXHGH
SURYRFDU IDWLJD SRU FRPSDVLyQ XQ VtQGURPH TXH
DIHFWDSULQFLSDOPHQWHDWHUDSHXWDVHQIHUPHUDV\RWURV
FXLGDGRUHV/DIDWLJDSRUFRPSDVLyQHVXQVtQGURPH
GH DJRWDPLHQWR \ XQD VHQVDFLyQ GH KDEHU OOHJDGR DO
OtPLWH TXH VH H[SHULPHQWD D FRQVHFXHQFLD GHO WUDWR
FRQWLQXDGR FRQ SDFLHQWHV WUDXPDWL]DGRV &XDQGR
HVFXFKDQ KLVWRULDV SHUVRQDOHV GH DEXVRV X RWURV
KRUURUHV R FXDQGR DWLHQGHQ D SDFLHQWHV FX\RV
FXHUSRVPXHVWUDQVHxDOHVGHHQIHUPHGDGRYLROHQFLD
ORVFXLGDGRUHVVXHOHQUHYLYLUHOWUDXPDGHOSDFLHQWH
3RU HVD UD]yQ OD IDWLJD SRU FRPSDVLyQ VH FRQRFH
WDPELpQ FRPR ©HVWUpV WUDXPiWLFR VHFXQGDULRª /RV
VtQWRPDVGHOHVWUpVWUDXPiWLFRVHFXQGDULRVHSDUHFHQ
D ORV GHO HVWUpV SRVWUDXPiWLFR SHVDGLOODV
DOHWDUJDPLHQWR HPRFLRQDO \ VREUHVDOWRV H[DJHUDGRV 
(O HVWUpV VHFXQGDULR DGHPiV SXHGH SURYRFDU XQ
GHVFHQVR GHO VHQWLPLHQWR GH VHJXULGDG XQ DXPHQWR
GHOFLQLVPR\GHVFRQH[LyQGHORVVHUHVTXHULGRV
/RV FXLGDGRUHV PiV HPSiWLFRV \ VHQVLEOHV
WLHQGHQ D VHU ORV PiV H[SXHVWRV \D TXH VLHQWHQ PiV
SURIXQGDPHQWH HO GRORU GH VXV SDFLHQWHV 6H FDOFXOD
TXH DOUHGHGRU GH XQD FXDUWD SDUWH GH ORV
SURIHVLRQDOHVTXHWUDEDMDQFRQSDFLHQWHVWUDXPiWLFRV
H[SHULPHQWDQ DOJ~Q WLSR GH IDWLJD SRU FRPSDVLyQ
(QWUH ORV TXH WUDEDMDQ FRQ VXSHUYLYLHQWHV GH
VLWXDFLRQHVH[WUHPDVFRPRHODWHQWDGRHQ2NODKRPD
OD FLIUD HV FDVL WUHV YHFHV PiV DOWD $XQTXH QR
VDEHPRVFXiQWRVFXLGDGRUHVH[SHULPHQWDGRVGHMDQVX
WUDEDMRSRUHVWHPRWLYRQRKD\GXGDGHTXHODVFLIUDV
GHEHQGHVHUDOWDV
/DVLQYHVWLJDFLRQHVVXJLHUHQTXHORVFXLGDGRUHV
TXH UHDOL]DQ FXUVRV GH DXWRFRPSDVLyQ WLHQHQ PHQRV
SUREDELOLGDGHVGHVXIULUHVWHVtQGURPHGLVSRQHQGH
ODV KDELOLGDGHV QHFHVDULDV SDUD QR VHQWLUVH
GHPDVLDGR HVWUHVDGRV R OOHJDU DO OtPLWH FXDQGR
LQWHUDFW~DQ FRQ VXV SDFLHQWHV 7DPELpQ VH GHVSUHQGH
TXH OD FRPSDVLyQ KDFLD XQR PLVPR SURYRFD PiV
©VDWLVIDFFLyQSRUFRPSDVLyQªPiVHQHUJtDIHOLFLGDG
\ JUDWLWXG DQWH HO KHFKR GH SRGHU D\XGDU D KDFHU XQ
PXQGRXQSRFRPHMRU
&XDQGRORVFXLGDGRUHVVRQFRPSDVLYRVFRQVLJR
PLVPRVVRQPiVGDGRVDFXLGDUGHVtSRUHMHPSOR
HQFRQWUDQGRWLHPSROLEUHGXUPLHQGRPiV\FRPLHQGR
ELHQ 'HMDQ GH SUHRFXSDUVH SRU VXV SURSLDV
QHFHVLGDGHVHPRFLRQDOHVSRUTXHUHFRQRFHQORGLItFLO
TXH UHVXOWD HQIUHQWDUVH D WDQWR VXIULPLHQWR FDGD GtD
/DV GLILFXOWDGHV GH VHU FXLGDGRU VRQ WDQ YiOLGDV \
GLJQDV GH FRPSDVLyQ FRPR ODV GH OD YtFWLPD GH XQ
WUDXPD6LQGXGDH[LVWHQGLIHUHQFLDVHQORGHELOLWDQWH
H LQWHQVR TXH HV HO GRORU SHUR WRGR HO VXIULPLHQWR
PHUHFH VHU DEUD]DGR SRU OD FRPSDVLyQ SDUD TXH VH
SURGX]FDODFXUDFLyQ
/D FRPSDVLyQ HV XQD PDQHUD GH UHFDUJDU ODV
SLODV HPRFLRQDOHV (Q OXJDU GH TXHGDUQRV VLQ
HQHUJtDV SRU D\XGDU D ORV GHPiV OD DXWRFRPSDVLyQ
QRV SHUPLWH UHFDUJDU ODV UHVHUYDV LQWHUQDV SDUD TXH
WHQJDPRVPiVTXHRIUHFHUDORVTXHQRVQHFHVLWDQ(V
FRPRHVRVYtGHRVTXHSDVDQHQORVDYLRQHVDQWHVGH
GHVSHJDU H[SOLFDQGR TXH ORV DGXOWRV GHEHPRV
SRQHUQRVODPiVFDUDGHR[tJHQRDQWHVGHD\XGDUDORV
QLxRVDTXHVHSRQJDQODVX\D1HFHVLWDPRVGLVSRQHU
GH XQ VXPLQLVWUR FRQVWDQWH GH FRPSDVLyQ SDUD
QRVRWURVPLVPRVFRQHOILQGHDOPDFHQDUORVUHFXUVRV
DGHFXDGRV SDUD FRPSDUWLU FRQ ORV GHPiV 6L QRV
TXHGDPRV VLQ IXHU]DV SRU IDOWD GH UHFXUVRV ¢GH TXp
VHUYLPRV D DTXHOORV TXH FRQItDQ HQ QRVRWURV" (Q
PXFKRV DVSHFWRV SRU WDQWR OD FRPSDVLyQ KDFLD XQR
PLVPR HV XQ DFWR DOWUXLVWD SRUTXH QRV VLW~D HQ HO
HVWDGR PHQWDO \ HPRFLRQDO ySWLPR SDUD D\XGDU D ORV
GHPiVGHPDQHUDVRVWHQLEOH\GXUDGHUD

(-(5&,&,2

&XLGDUDOFXLGDGRU
6L WX SURIHVLyQ LPSOLFD FXLGDU GH RWUDV SHUVRQDV \ HVR LQFOX\H D
XQPLHPEURGHODIDPLOLD WHQGUiVTXHUHFDUJDUODVSLODVFRQHOILQ
GH GLVSRQHU GH VXILFLHQWH HQHUJtD SDUD LQYHUWLUOD HQ ORV GHPiV
&RQFpGHWH SHUPLVR SDUD VDWLVIDFHU WXV SURSLDV QHFHVLGDGHV
UHFRQRFH TXH HVWR QR VROR PHMRUDUi WX FDOLGDG GH YLGD VLQR
WDPELpQ WX FDSDFLGDG GH HVWDU DKt SDUD ORV TXH FRQItDQ HQ WL
9HDPRVDOJXQDVLGHDV

‡5HJiODWHXQPDVDMHXQDPDQLFXUDXRWURPLPRGHHVWHWLSR
‡eFKDWHXQDVLHVWDDPHGLDPDxDQD
‡ $VLVWH D XQ HVSHFWiFXOR GH FRPHGLD OD ULVD HV HVWXSHQGD SDUD
OLEHUDUWHQVLRQHV
‡(VFXFKDDOJXQDFDQFLyQTXHWHUHFRQIRUWH$PtPHJXVWD/HW,W
%HGHORV%HDWOHV6HGLFHTXH3DXO0F&DUWQH\ODHVFULELyHQXQ
PRPHQWR GLItFLO VRxy TXH VX PDGUH IDOOHFLGD 0DU\ WUDWDED GH
FRQVRODUORFRQODVSDODEUDV©OHWLWEHª ©GpMDORHVWDUª 
‡+D]PHGLDKRUDGHHVWLUDPLHQWRVR\RJD
‡'DXQSDVHRSRUODQDWXUDOH]D
‡ 7~PEDWH HQ HO VXHOR ERFD DEDMR PLHQWUDV DOJXLHQ WH EDODQFHD
GHVGHODSDUWHEDMDGHODHVSDOGD5HVXOWDLQFUHtEOHPHQWHUHODMDQWH
\QRUHTXLHUHGHPDVLDGRHVIXHU]RGHWXD\XGDQWH
‡6DODEDLODU6LQRTXLHUHVLUDXQORFDORDVLVWLUDFODVHVGHEDLOH
EXVFDRWUDVDOWHUQDWLYDVHQWX]RQD
‡5HDOL]DHOHVFiQHUFRUSRUDOFRPSDVLYR YpDVHSiJ 
‡ 6L GHFLGHV WRPDU HVD FRPSDVLYD FRSD GH YLQR WLQWR SDUD
D\XGDUWHDUHODMDUWHDOILQDOGHOGtDWRPDWDPELpQXQJUDQYDVRGH
DJXD SDUD QR GHVKLGUDWDUWH 2 VL TXLHUHV UHGXFLU HO FRQVXPR GH
DOFRKRO WRPD DOJ~Q ]XPR URMR RVFXUR GH DUiQGDQRV JUDQDGD R
FHUH]DV  PH]FODGR FRQ JDVHRVD HQ XQD FRSD GH YLQR /D YLVLyQ
GHOOtTXLGRURMRRVFXURHQODFRSDGHVHQFDGHQDUiXQDUHVSXHVWDGH
UHODMDFLyQ
&203$6,Ï1<3(5'Ï1

6HQWLU FRPSDVLyQ SRU ORV GHPiV QR VROR LPSOLFD

UHVSRQGHU D VX VXIULPLHQWR VLQR WDPELpQ SHUGRQDU D
ORVTXHQRVKDFHQGDxR(OSHUGyQVHSURGXFHFXDQGR
GHMDPRV GH DOEHUJDU UHQFRU \ QRV GHVSUHQGHPRV GHO
GHUHFKRDOUHVHQWLPLHQWRSRUKDEHUVLGRPDOWUDWDGRV
6LJQLILFD SRQHU OD RWUD PHMLOOD WUDWDU D ORV GHPiV
FRPR GHVHDUtDPRV TXH QRV WUDWDVHQ D QRVRWURV (O
SHUGyQ QR VLJQLILFD TXH WHQJDPRV TXH GHMDU GH
SURWHJHUQRVSHURVtGHSDJDUFRQODPLVPDPRQHGD
(VWR LQFOX\H OD UHYDQFKD HPRFLRQDO GH OD LUD \ OD
DFULWXG TXH D OD ODUJD VROR QRV GDxD D QRVRWURV /D
FRPSDVLyQ KDFLD XQR PLVPR IDFLOLWD HO SHUGyQ HQ
SDUWH SRUTXH QRV EULQGD OD FDSDFLGDG GH FXUDU ODV
KHULGDV HPRFLRQDOHV SURYRFDGDV SRU RWUDV SHUVRQDV
0LVFROHJDV\\RUHDOL]DPRVXQHVWXGLRSDUDHYDOXDU
GLUHFWDPHQWH OD UHODFLyQ HQWUH DXWRFRPSDVLyQ \
SHUGyQ 9DORUDPRV OD LQFOLQDFLyQ DO SHUGyQ
SUHJXQWDQGRDORVSDUWLFLSDQWHVVLHVWDEDQGHDFXHUGR
FRQ DILUPDFLRQHV FRPR ©&XDQGR DOJXLHQ PH
GHFHSFLRQDDFDERVXSHUiQGRORª\HQGHVDFXHUGRFRQ
DILUPDFLRQHV FRPR ©FXDQGR DOJXLHQ KDFH DOJR TXH
FUHRTXHHVWiPDOOHFDVWLJRGXUDQWHPXFKRWLHPSRª
'HVFXEULPRV TXH ODV SHUVRQDV FRPSDVLYDV FRQVLJR
PLVPDVVRQPXFKRPiVGDGDVDSHUGRQDUDORVGHPiV
TXHODVTXHQRORVRQ
8QD GH ODV SULQFLSDOHV YtDV SRU ODV TXH OD
FRPSDVLyQKDFLDXQRPLVPRVHWUDGXFHHQSHUGyQHV
HO UHFRQRFLPLHQWR GH QXHVWUD KXPDQLGDG FRP~Q
&RPRVHPHQFLRQDHQHOFDStWXORFXDQGRYHPRVD
ORV GHPiV FRPR LQGLYLGXRV VHSDUDGRV FRQ FRQWURO
FRPSOHWR GH VXV SHQVDPLHQWRV \ VXV DFFLRQHV HV
QDWXUDOFXOSDUDORVTXHQRVKLHUHQGHOPLVPRPRGR
TXHQRVFXOSDPRVDQRVRWURVPLVPRVFXDQGRPHWHPRV
OD SDWD 6LQ HPEDUJR FXDQGR HQWHQGHPRV PHMRU OD
LQWHUFRQH[LyQ HQWUH WRGD OD KXPDQLGDG YHPRV TXH
H[LVWHQ LQQXPHUDEOHV IDFWRUHV TXH LQIOX\HQ
FRQWLQXDPHQWH HQ TXLHQHV VRPRV \ OR TXH KDFHPRV
(PSH]DPRV D HQWHQGHU TXH HV LPSRVLEOH FXOSDU
FRPSOHWDPHQWHDXQVRORLQGLYLGXRSRUDOJR QRVRWURV
LQFOXLGRV  &DGD VHU FRQVFLHQWH IRUPD SDUWH GHO
HQWUDPDGR GH XQ HQRUPH Q~PHUR GH FDXVDV \
FRQGLFLRQHV LQWHUFRQHFWDGDV TXH LQIOX\HQ HQ QXHVWUD
FRQGXFWD (VWD LPDJHQ HV OD FODYH TXH QRV SHUPLWH
SHUGRQDUQRV\SHUGRQDUDORVGHPiVVROWDUODLUD\HO
UHVHQWLPLHQWR\JHQHUDUFRPSDVLyQSDUDWRGRV

0,+,6725,$3(5'21$5(6',9,12

6pTXHSDUDPtSHUGRQDUPHSRUWUDLFLRQDU\GHMDUD
PL SULPHU PDULGR \ SHUGRQDU D PL SDGUH SRU
DEDQGRQDUPH H LJQRUDUPH IXHURQ GRV DFWRV
HVWUHFKDPHQWH FRQHFWDGRV $QWHV GHO IUDFDVR GH PL
SULPHU PDWULPRQLR MX]JDED LPSODFDEOHPHQWH D PL
SDGUH\VHQWtDXQDHQRUPHLUDKDFLDpO&DGDYH]TXH
KDEODED GH pO FRQ PLV DPLJRV PiV FHUFDQRV KDFtD
FRPHQWDULRV VDUFiVWLFRV VREUH OD PDQHUD HQ TXH QRV
DEDQGRQyDPLKHUPDQR\DPt©$PRUOLEUHFDULxR
6LQDWDGXUDV$ODPDQHUDKLSSLHª1XQFDKLFHVDEHU
D PL SDGUH GLUHFWDPHQWH OR HQIDGDGD TXH HVWDED
1XHVWUDUHODFLyQSHQGtDGHXQKLORWDQILQRTXHVHQWtD
TXH QR VRSRUWDUtD QL HO PiV OHYH URFH (Q QXHVWUDV
YLVLWDVPX\RFDVLRQDOHVSRQtDODWtSLFDFDUDGH©KLMD
DGRUDEOHªSDUDFRQVHUYDUDTXHOSHGDFLWRGHUHODFLyQ
SDGUHKLMD TXH QRV TXHGDED (Q FXDQWR VDOtD SRU OD
SXHUWDHPSH]DEDQPLVFUtWLFDV1RHUDXQDGLQiPLFD
VDQD SHUR HUD OR ~QLFR TXH SRGtD KDFHU HQ DTXHO
PRPHQWRSDUDDIURQWDUPLVFRPSOLFDGRVVHQWLPLHQWRV
GHGRORULUD\UHFKD]R
<PiVWDUGHDFDEpGHMDQGRD-RKQSRU3HWHU1R
SRU PDOLFLD QL SRU IDOWD GH LQWHUpV VLQR SRUTXH XQD
SDUWH GH Pt HUD PX\ LQIHOL] \ GHVHDED \ QHFHVLWDED
OLEHUDUVH 7HUPLQp KDFLHQGR OR TXH SHQVp TXH QXQFD
KDUtDKHULU\DEDQGRQDUDXQVHUTXHULGR'HVSXpVGH
GHVFXEULUODFRPSDVLyQKDFLDXQRPLVPRHQHOFHQWUR
GHPHGLWDFLyQORFDOHPSHFpDHQWHQGHUPLFRQGXFWD\
HO GRORU TXH OD KDEtD SURYRFDGR (PSHFp D
SHUGRQDUPHSRUGHMDUD-RKQ\DSHUGRQDUD3HWHUSRU
QRKDEHUGHMDGRDVXPXMHUSRUPt0LFRPSUHQVLyQ
GHOFRUD]yQGHODVFRPSOLFDFLRQHV\OLPLWDFLRQHVGHO
VHU KXPDQR HPSH]y D FUHFHU \ D PDGXUDU (VWR
HMHUFLy XQ HIHFWR SDUDGyMLFR HQ PL UHODFLyQ FRQ PL
SDGUHPHVHQWtDFDGDYH]PiVHQIDGDGDFRQpO
8QRV PHVHV DQWHV GH FDVDUPH FRQ 5XSHUW
UHFXHUGRTXHKDEOpSRUWHOpIRQRFRQPLSDGUH1RVp
FyPRUHXQtHOYDORUSDUDH[SOLFDUOHORGROLGDTXHPH
VHQWtD SRU VX DEDQGRQR (O HTXLOLEULR TXH KDEtD
HPSH]DGR D FRQVHJXLU JUDFLDV D ODV SUiFWLFDV GH
PHGLWDFLyQ PH KDEtD GDGR YDORU 0L SDGUH VLQ
HPEDUJR QR VH WRPy GHPDVLDGR ELHQ DTXHOOD
KRQHVWLGDG UHFLpQ GHVFXELHUWD 6H SXVR QHUYLRVR \ D
OD GHIHQVLYD ©(V HO NDUPD WRGR RFXUUH SRU XQ
PRWLYRª ©£4XH OH GHQ DO NDUPDª JULWp DQWHV GH
FROJDUHOWHOpIRQR\SRQHUPHDOORUDU
5XSHUWLQWHQWyFRQVRODUPHSHURQRORFRQVLJXLy
1HFHVLWDED H[SHULPHQWDU WRGD PL UDELD PL LUD \ PL
GRORU /RV VHQWLPLHQWRV GHYDVWDGRUHV GH DEDQGRQR \
UHFKD]R VXUJLHURQ D ERUERWRQHV DPHQD]DQGR FRQ
GHVWUR]DUPH R HVR PH SDUHFLy HQ DTXHO PRPHQWR 
(QWUp HQ XQ OXJDU PX\ RVFXUR \ VXSH TXH KDEtD
OOHJDGR HO PRPHQWR GH UHFRQRFHU DELHUWDPHQWH PLV
VHQWLPLHQWRVGHGRORU\SHQD
$O PLVPR WLHPSR HVWDED SURFHVDQGR HO GRORU \
ODSHQDTXHOHKDEtDSURYRFDGRD-RKQ/DVLWXDFLyQ
OOHJyDXQSXQWRFUtWLFRGHVSXpVGHHQFRQWUiUPHORHQ
XQD ILHVWD RUJDQL]DGD SRU DPLJRV PXWXRV 6X PLUDGD
GH UHSURFKH \ GHVGpQ PH SDUDOL]y 0H PDUFKp GH OD
ILHVWDHQVHJXLGDODYHUJHQ]DPHVDOtDSRUFDGDSRUR
GH PL SLHO 0L SULPHUD UHDFFLyQ IXH DFHSWDU
GyFLOPHQWHODUHDFFLyQGH-RKQFRPRODFRQVHFXHQFLD
GH PL FRQGXFWD DERPLQDEOH \ HVR PH GHSULPLy
WRGDYtDPiV3RUVXHUWH5XSHUWDVLVWtDFRQPLJRDORV
WDOOHUHV GH FRPSDVLyQ \ ORJUy UHVFDWDUPH D WLHPSR
0H UHFRUGy TXH XQD GH ODV UD]RQHV SRU ODV TXH PH
KDEtD FDVDGR FRQ HO KRPEUH HTXLYRFDGR HUD OD
LQVHJXULGDGTXHPHKDEtDSURYRFDGRHODEDQGRQRGH
PL SDGUH +DEtD SURORQJDGR XQ FLFOR GH PDODV
GHFLVLRQHV EDVDGDV HQ XQD FRPSOLFDGD UHG GH GRORU
0H DQLPy D VHQWLU FRPSDVLyQ SRU PLV HUURUHV \ D
GHMDUGHMX]JDUPH(QVXPRPHQWRKLFHORPHMRUTXH
SXGH
(VWR PH OOHYy D SHQVDU HQ OR TXH KDEtD
LPSXOVDGR D PL SDGUH D DFWXDU FRPR OR KL]R D VHU
PHQRVFUtWLFD\PiVFRPSUHQVLYDWDPELpQFRQpO0L
SDGUHVHFULyFRQXQRVSDGUHVLQFUHtEOHPHQWHIUtRV\
GLVWDQWHVPX\UtJLGRV\DXWRULWDULRV1XQFDVHVLQWLy
UHDOPHQWHTXHULGRVLQRFRPRXQDFDUJDXQDERFDTXH
DOLPHQWDU \ SRFR PiV 6XV SDGUHV QL VLTXLHUD VH
PROHVWDURQHQDVLVWLUDVXERGDFRQPLPDGUHDSHVDU
GHTXHYLYtDQFHUFDSRUTXHVHVHQWtDQLQFyPRGRVHQ
ODV UHXQLRQHV VRFLDOHV 1R WHQtDQ QL LGHD GH FyPR
PDQHMDUORVFRQIOLFWRV'HVSXpVGHXQDSHOHDHQWUHPL
DEXHOD\RWURGHVXVKLMRVSRUHMHPSORQRYROYLHURQ
DKDEODUVHHQWUHLQWDDxRV(QFXDQWRDODUHODFLyQGH
PLV DEXHORV FRQPLJR HUD LQH[LVWHQWH 1XQFD PH
YLVLWDURQ GHVSXpV GH OD PDUFKD GH PL SDGUH DXQTXH
YLYtDQ D PHQRV GH XQD KRUD 6H VHQWtDQ GHPDVLDGR
DYHUJRQ]DGRV 3RU GHFLUOR FRQ SDODEUDV VXDYHV ORV
SDGUHVGHPLSDGUHHVWDEDQFRPSOHWDPHQWHFHUUDGRV
< HQWRQFHV SHQVp HQ OD KLVWRULD GH PL DEXHOR
/OHJy D (VWDGRV 8QLGRV FRQ VXV SDGUHV FRPR
LQPLJUDQWH SURFHGHQWH GH *UHFLD D SULQFLSLRV GHO
VLJOR ;; PLDSHOOLGR1HIIHVXQDYHUVLyQDEUHYLDGD
GHO JULHJR 1HIIHUDGRV  (UD HO PD\RU GH RFKR
KHUPDQRV \ XQ JUDQ HVWXGLDQWH *DQy SUHPLRV
SUHVWLJLRVRV HQ ILORVRItD \ GHSRUWHV \ FXDQGR VH
JUDGXyHQHOLQVWLWXWROHOOHJDURQRIHUWDVGHEHFDVGH
QXPHURVDVXQLYHUVLGDGHV(OVXHxRDPHULFDQRHVWDED
DSXQWRGHFRQYHUWLUVHHQUHDOLGDGSDUDpO(OGtDGH
VX JUDGXDFLyQ VLQ HPEDUJR VX SDGUH UHJUHVy D
*UHFLDGHVSXpVGHGHFLUOHDPLDEXHORTXHDKRUDTXH
HUDDGXOWRGHEtDDVXPLUODUHVSRQVDELOLGDGGHFXLGDU
GH VX PDGUH \ GH VXV KHUPDQRV \ KHUPDQDV 6H YLR
REOLJDGR D GHMDU DWUiV VXV VXHxRV GH HVWXGLDU GH
FRQVHJXLU XQD YLGD PHMRU \ HQWUy D WUDEDMDU HQ XQD
JDVROLQHUD SDUD PDQWHQHU D OD IDPLOLD 7UDEDMy HQ OR
PLVPR GXUDQWH WRGD VX YLGD DXQTXH DO ILQDO WXYR VX
SURSLD JDVROLQHUD 0L DEXHOR QXQFD VXSHUy DTXHOOD
GHFHSFLyQ\HVRORGHVWUR]yHPRFLRQDOPHQWH
(VD HV OD KLVWRULD (O GRORU \ OD GLVIXQFLyQ
SDVDURQ GH JHQHUDFLyQ HQ JHQHUDFLyQ /D PH]FOD GH
KHUHQFLDJHQpWLFD\FLUFXQVWDQFLDVHQHOHQWRUQRKDFHQ
TXH QXHVWUDV YLGDV WUDQVFXUUDQ VHJ~Q XQD FRPSOHMD
UHG GH FRQGLFLRQHV LQILQLWDPHQWH PiV JUDQGH TXH
QRVRWURV PLVPRV /D ~QLFD PDQHUD GH GHWHQHU HO
FtUFXOR YLFLRVR GH UHDFFLRQDU DO GRORU SURYRFDQGR
PiV GRORU FRQVLVWH HQ VDOLUVH GHO VLVWHPD 7HQHPRV
TXH GHMDU TXH QXHVWURV FRUD]RQHV VH OOHQHQ GH
FRPSDVLyQ \ SHUGRQDUQRV D QRVRWURV PLVPRV \ D ORV
GHPiV
(VWRIXHORTXHILQDOPHQWHFRQVHJXtKDFHUFRQPL
SDGUH'HVSXpVGHUHFXSHUDUVHGHODLPSUHVLyQTXHOH
FDXVy PL LUD HPSH]DPRV XQD UHODFLyQ VLQFHUD SRU
SULPHUD YH] HQ QXHVWUDV YLGDV 8QR R GRV DxRV
GHVSXpV GH DTXHOOD FRQYHUVDFLyQ WHOHIyQLFD GXUDQWH
XQDGHQXHVWUDVFRQWDGDVYLVLWDVPLSDGUHVHGLVFXOSy
VLQFHUDPHQWH 0H DVHJXUy TXH VLHPSUH PH KDEtD
TXHULGR SHUR TXH HUD LQFDSD] GH GDUPH OR TXH \R
QHFHVLWDED&XDQGRVHGLRFXHQWDGHTXHPLPDGUHQR
HUD OD PXMHU DGHFXDGD SDUD pO \ GH TXH HVWDED
DWUDSDGR HQ XQD YLGD TXH OH KDFtD SURIXQGDPHQWH
LQIHOL] QR SXGR HQIUHQWDUVH D HOOR FRQ PDGXUH]
1XQFDKDEtDWHQLGRXQEXHQHMHPSORGHFyPRKDEODU
GH ORV SUREOHPDV \ PXFKR PHQRV GH FyPR OOHJDU D
FRPSURPLVRV TXH HTXLOLEUDVHQ VXV SURSLDV
QHFHVLGDGHVFRQODVGHORVGHPiV6HYLRDWUDSDGRHQ
XQD YLGD TXH QR TXHUtD \ KX\y 1R PH H[SOLFy WRGR
HVWRSDUDH[FXVDUVHSRUVXFRPSRUWDPLHQWR6RORHUD
XQD H[SOLFDFLyQ (QWHQGt OD SHQD TXH VHQWtD SRU
KDEHUPH KHFKR WDQWR GDxR 3RU VXHUWH HQ DTXHO
PRPHQWR \R \D PH KDEtD SHUGRQDGR D Pt PLVPD \
KDEtDSHUGRQDGRDPLSDGUH \DVXSDGUH\DOSDGUH
GH VX SDGUH  \D TXH KDEtD SURIXQGL]DGR EDVWDQWH HQ
ODSUiFWLFDGHODFRPSDVLyQ/RLPSRUWDQWHHUDTXHVH
KDEtD URWR OD FDGHQD \ TXH HVWiEDPRV OLVWRV SDUD
HPSH]DUDUHODFLRQDUQRVGHRWUDPDQHUD
(V LPSRUWDQWH UHFRUGDU TXH SHUGRQDU QR
VLJQLILFD H[FXVDU ODV PDODV FRQGXFWDV R TXH
QHFHVLWDPRVLQWHUDFWXDUFRQODVSHUVRQDVTXHQRVKDQ
KHFKRGDxR(OEXHQMXLFLRYHFODUDPHQWHFXiQGRXQD
DFFLyQ HV GDxLQD R DQRUPDO \ FXiQGR QHFHVLWDPRV
SURWHJHUQRVGHORVTXHWLHQHQPDODVLQWHQFLRQHV3HUR
WDPELpQ HQWLHQGH TXH WRGRV VRPRV LPSHUIHFWRV TXH
WRGRV FRPHWHPRV HUURUHV (QWLHQGH TXH ODV SHUVRQDV
DFW~DQSRULJQRUDQFLDLQPDGXUH]PLHGRRXQLPSXOVR
LUUDFLRQDO \ TXH QR GHEHPRV MX]JDU D QDGLH SRU VXV
DFFLRQHV FRPR VL VH WXYLHVH HO FRQWURO SOHQR \
FRQVFLHQWHGHHOODV(LQFOXVRHQORVFDVRVHQTXHVH
HV FRQVFLHQWH GHO GDxR TXH VH SURYRFD KD\ TXH
SODQWHDU OD SUHJXQWD ¢TXp KD RFXUULGR SDUD TXH
SLHUGDQ HO FRQWDFWR FRQ VX FRUD]yQ" ¢4Xp KHULGD OHV
KD OOHYDGR D WHQHU XQ FRPSRUWDPLHQWR WDQ IUtR H
LQVHQVLEOH"¢&XiOHVVXKLVWRULD"
6HU KXPDQR LPSOLFD HTXLYRFDUVH (VWR VLJQLILFD
TXHMX]JDUDXQDSHUVRQDHTXLYDOHDMX]JDUDWRGRHO
PXQGRSHURSHUGRQDUDXQDSHUVRQDQRHVSHUGRQDUD
WRGRHOPXQGR QRVRWURVLQFOXLGRV 

(-(5&,&,2

3HUGRQDUDTXLHQPHKDKHFKRGDxR

3LHQVD HQ DOJXLHQ SRU TXLHQ KD\DV VHQWLGR LUD \ UHVHQWLPLHQWR

GXUDQWHPXFKRWLHPSR\DTXLHQDKRUDTXLHUHVSHUGRQDU6LQRWH
VLHQWHV SUHSDUDGR SDUD SHUGRQDU QR OR KDJDV (O SHUGyQ OOHJD HQ
VX PRPHQWR QR KD\ TXH SUHFLSLWDUVH &XDQGR HVWpV OLVWR XQD GH
ODVPHMRUHVPDQHUDVGHSHUGRQDUDDOJXLHQFRQVLVWHHQUHFRQRFHU
ODVFDXVDV\ODVFRQGLFLRQHVTXHOOHYDURQDHVDSHUVRQDDDFWXDU
FRPR OR KL]R 1XHVWURV SHQVDPLHQWRV HPRFLRQHV \
FRPSRUWDPLHQWRV VRQ HO SURGXFWR GH LQQXPHUDEOHV IDFWRUHV
FRQHFWDGRV PXFKRV GH ORV FXDOHV HVFDSDQ D QXHVWUR FRQWURO
(QWHQGHUODFRQH[LyQSXHGHIDFLOLWDUHOSURFHVRGHOSHUGyQ

&XDQGRSLHQVHVHQODVDFFLRQHVGDxLQDVGHODSHUVRQDWUDWDGH
LGHQWLILFDUIDFWRUHVRKHFKRVTXHSUHFLSLWDVHQHVDVDFFLRQHV¢(VD
SHUVRQD WHQtD PLHGR HVWDED FRQIXVD VHQWtD GHVHR VH[XDO LUD X
RWUDV HPRFLRQHV LQWHQVDV" ¢(VWDED SDVDQGR SRU XQD VLWXDFLyQ
HVWUHVDQWH SRUHMHPSORSUREOHPDVHFRQyPLFRV "¢&XiOHVSRGUtDQ
VHUORVGHPRQLRVDORVTXHVHHVWDEDHQIUHQWDQGR"
 3LHQVD SRU TXp DFWXy DVt HVD SHUVRQD /RV IDFWRUHV TXH
SHUPLWHQ HO DXWRFRQWURO PDGXUH] HPRFLRQDO HPSDWtD FDSDFLGDG
GHSRVSRQHUODJUDWLILFDFLyQHWFpWHUD QRHVWDEDQSUHVHQWHV¢3RU
TXp QR" ¢7XYR XQRV PRGHORV LQDGHFXDGRV TXH OH LPSLGLHURQ
GHVDUUROODUHVDVKDELOLGDGHV"
6LUHVXOWDTXHODSHUVRQDVRORDFWXySRUPH]TXLQGDGRHJRtVPR
SLHQVDHQFXiOHVSXGLHURQVHUORVPRWLYRVGHTXHWXYLHUDHVHWLSR
GH SHUVRQDOLGDG ¢9tQFXORV SRFR VyOLGRV DLVODPLHQWR VRFLDO
KLVWRULDYLWDOUDVJRVKHUHGDGRVJHQpWLFDPHQWH"
 &XDQGR HQWLHQGDV PHMRU ODV FDXVDV \ ODV FRQGLFLRQHV TXH
OOHYDURQ D HVD SHUVRQD D DFWXDU FRPR OR KL]R FRPSUXHED VL WH
UHVXOWD XQ SRFR PiV IiFLO GHVSUHQGHUWH GH OD LUD \ HO
UHVHQWLPLHQWR 6H WUDWD GH XQ VHU KXPDQR OLPLWDGR \ IDOLEOH \ORV
KXPDQRV D YHFHV KDFHPRV FRVDV TXH QR GHEHUtDPRV ¢3XHGHV
SHUGRQDU D HVD SHUVRQD" (VWR QR LPSOLFD QHFHVDULDPHQWH TXH
WHQJDV TXH YROYHU D LQWHUDFWXDU FRQ HOOD 3RGUtD QR VHU OR PiV
DFHUWDGR6LQHPEDUJRVLWHOLEHUDVGHORVHIHFWRVFRUURVLYRVGHOD
LUD \ OD FXOSD FRQWULEXLUiV D GDU PiV SD] \ VDWLVIDFFLyQ D WX
PHQWH
&8/7,9$5/$%21'$'

8QD GH ODV PDUDYLOODV GH OD FRPSDVLyQ KDFLD XQR

PLVPR HV TXH QRV SHUPLWH DEULU QXHVWUR FRUD]yQ <
FXDQGRHVWiDELHUWRHVWiDELHUWR/DFRPSDVLyQDSHOD
D OD FDSDFLGDG GH H[SUHVDU DPRU VDELGXUtD \
JHQHURVLGDG (V XQ KHUPRVR HVWDGR PHQWDO \
HPRFLRQDO VLQ OtPLWHV \ VLQ GLUHFFLyQ $O VHU PiV
FRPSUHQVLYRVFRQQRVRWURVPLVPRV\DFHSWDUQRVPiV
WDPELpQSRGHPRVVHUORFRQORVGHPiV$OUHVSHWDUODV
OLPLWDFLRQHV GH QXHVWUD SURSLD LPSHUIHFFLyQ KXPDQD
WHQHPRVPiVFDSDFLGDGSDUDSHUGRQDUORVHUURUHVGH
ORVGHPiV&XDQGRQRVFDOPDPRV\QRVFRQVRODPRVD
QRVRWURVPLVPRVDQWHORVVHQWLPLHQWRVGHLQVHJXULGDG
QRV SURSRUFLRQDPRV OD VHQVDFLyQ GH VHJXULGDG
QHFHVDULD SDUD H[SORUDU HO FRPSOHMR PXQGR
HPRFLRQDOKDELWDGRSRURWUDVSHUVRQDV
8QDGHODVSUiFWLFDVEXGLVWDVWUDGLFLRQDOHVSDUD
GHVDUUROODUODERQGDGKDFLDQRVRWURVPLVPRV\KDFLD
ORV GHPiV HV OD ©PHGLWDFLyQ FRQ ERQGDGª (Q HVWD
SUiFWLFD VH UHSLWHQ HQ VLOHQFLR IUDVHV TXH LQYRFDQ
VHQWLPLHQWRV EHQpYRORV GLULJLGRV D GLIHUHQWHV
REMHWLYRV 7UDGLFLRQDOPHQWH ODV IUDVHV VH GLULJHQ
SULPHUR KDFLD XQR PLVPR \ HO REMHWLYR HV
H[SHULPHQWDUSHUVRQDOPHQWHODERQGDGTXHVHJHQHUD
6H XWLOL]DQ GLIHUHQWHV YHUVLRQHV XQD GH HOODV HV OD
VLJXLHQWH ©4XH HVWp VHJXUR TXH HVWp WUDQTXLOR TXH
HVWpVDQRTXHYLYDUHODMDGRª/DVIUDVHVVHGLULJHQD
FRQWLQXDFLyQ D XQ PHQWRU R EHQHIDFWRU D XQ EXHQ
DPLJR D XQD SHUVRQD QHXWUD R D XQD FRQ SUREOHPDV
OHYHV \ ILQDOPHQWH D WRGRV ORV VHUHV FRQVFLHQWHV
©4XH HVWpV VHJXUR TXH HVWpV WUDQTXLOR TXH HVWpV
VDQRTXHYLYDVUHODMDGRª
&XDQGR OD SUiFWLFD GH OD ERQGDG OOHJy D
2FFLGHQWH ORV SURIHVRUHV VH HQFRQWUDEDQ FRQ TXH D
ORV DOXPQRV OHV FRVWDED PXFKR JHQHUDU VHQWLPLHQWRV
GHERQGDGKDFLDHOORVPLVPRVGHELGRDOpQIDVLVTXH
QXHVWUDFXOWXUDRWRUJDDODDXWRFUtWLFD3RUHVWDUD]yQ
PXFKDV SHUVRQDV FDPELDQ HO RUGHQ GH ORV
GHVWLQDWDULRVGHODVIUDVHVSDUDTXHHOSULPHURVHDXQ
PHQWRU R EHQHIDFWRU /D LGHD HV HOHJLU D DOJXLHQ FRQ
TXLHQ VH WHQJD XQD UHODFLyQ LQFRQGLFLRQDOPHQWH
SRVLWLYD\DTXHHQWRQFHVORVVHQWLPLHQWRVGHERQGDG
VXUJHQVLQHVIXHU]R LQFOXVRSRGUtDVHUXQDPDVFRWD 
&XDQGR OD ERQGDG HPSLH]D D IOXLU HV HO PRPHQWR GH
GLULJLUODVIUDVHVKDFLDXQRPLVPR
2EVHUYDTXHODVIUDVHVWUDGLFLRQDOHVGHERQGDG
HVWiQ SHQVDGDV SDUD FXOWLYDU VHQWLPLHQWRV GH EXHQD
YROXQWDG QR QHFHVDULDPHQWH GH FRPSDVLyQ /RV
VHQWLPLHQWRV GH EXHQD YROXQWDG VRQ UHOHYDQWHV HQ
WRGDV ODV VLWXDFLRQHV IHOLFHV R QR PLHQWUDV TXH OD
FRPSDVLyQ VROR VXUJH HQ UHVSXHVWD DO VXIULPLHQWR
3DUD DSHODU DO VHQWLPLHQWR GH FRPSDVLyQ PiV
GLUHFWDPHQWH &KULV *HUPHU \ \R SODQWHDPRV XQD
YDULDQWH GH ODV IUDVHV WUDGLFLRQDOHV GH ERQGDG HQ
QXHVWURV WDOOHUHV GH FRPSDVLyQ FRQVFLHQWH (VWiQ
SHQVDGDV SDUD D\XGDU D ORV DOXPQRV D JHQHUDU PiV
FRPSDVLyQ KDFLD Vt PLVPRV FXDQGR H[SHULPHQWDQ
VHQWLPLHQWRV GH LQIHULRULGDG ©4XH HVWp VHJXUR TXH
HVWp WUDQTXLOR TXH VHD DPDEOH FRQPLJR PLVPR TXH
PHDFHSWHWDOFRPRVR\ª6LHOVXIULPLHQWRVHGHEHD
FLUFXQVWDQFLDV H[WHUQDV SRGHPRV FDPELDU OD ~OWLPD
IUDVHSRU©4XHDFHSWHPLYLGDWDOFRPRHVª&UHHPRV
TXH OD YDULDQWH TXH LQFOX\H OD FRPSDVLyQ KDFLD XQR
PLVPR HQ ODV IUDVHV WLHQGH D VHU PiV LQWHQVD FXDQGR
HOTXHODSURQXQFLDHVWiSDVDQGRSRUXQPDOPRPHQWR
\QHFHVLWDLQWHUpV\FRPSDVLyQ
1R H[LVWH XQD PDQHUD ©FRUUHFWDª GH SUDFWLFDU
HVWDPHGLWDFLyQ0XFKDVSHUVRQDVFDPELDQODVIUDVHV
SDUD TXH OHV UHVXOWHQ PiV QDWXUDOHV 3RU HMHPSOR
DOJXQDV SUHILHUHQ HPSH]DUODV FRQ ©0H JXVWDUtDª
©(VSHURª R ©4XLHURª +D\ TXLHQ SUHILHUH TXH ODV
IUDVHV VXHQHQ PiV UHDOLVWDV \ DxDGHQ ©(Q OD PHGLGD
GHORSRVLEOHªDOILQDO
3RU ~OWLPR HV LPSRUWDQWH WRPDU FRQFLHQFLD GH
TXH OD PHGLWDFLyQ GH OD ERQGDG IXQFLRQD HQ HO QLYHO
GH OD LQWHQFLyQ 1XWULPRV HO GHVHR GH VDOXG \
IHOLFLGDG SDUDQRVRWURV\ORVGHPiV FRPRXQPHGLR
SDUDDEULUQXHVWURVFRUD]RQHV1RHVXQHMHUFLFLRGH
YLVXDOL]DFLyQ QL WDPSRFR LJQRUDPRV OD UHDOLGDG GH
TXHHOVXIULPLHQWRHVWiDKt/DLGHDHVTXHDOFXOWLYDU
ODLQWHQFLyQGHH[SHULPHQWDUELHQHVWDUSDUDQRVRWURV
\ ORV GHPiV ORV FRUUHVSRQGLHQWHV VHQWLPLHQWRV GH
DPRU LQWHUpV \ FRPSDVLyQ DFDEDUiQ SRU DIORUDU D OD
VXSHUILFLH (VWR D VX YH] VH WUDGXFH HQ DFWRV PiV
FRQFUHWRVGHERQGDGHLQWHUpV

(-(5&,&,2

'LULJLUODERQGDGKDFLDQXHVWURVXIULPLHQWR

7DPELpQGLVSRQLEOHFRPRPHGLWDFLyQJXLDGDHQLQJOpVHQIRUPDWR
03HQZZZVHOIFRPSDVVLRQRUJ!

6L OXFKDV FRQWUD OD DXWRFUtWLFD R VL WH HQFXHQWUDV HQ XQ PRPHQWR
GLItFLO \ HVWUHVDQWH WUDWD GH HQFRQWUDU TXLQFH R YHLQWH PLQXWRV DO
GtD SDUD FXOWLYDU VHQWLPLHQWRV GH ERQGDG \ FRPSDVLyQ KDFLD WL
PLVPR 3DUD HPSH]DU VLpQWDWH HQ XQ OXJDU WUDQTXLOR \ FyPRGR
GRQGHQDGLHWHPROHVWHRELHQVDODSDVHDUSRUXQD]RQDWUDQTXLOD
5HVSLUDSURIXQGDPHQWHYDULDVYHFHVSDUDFHQWUDUWHHQWXFXHUSR
\HQHOPRPHQWRSUHVHQWH(VWiVDTXtDKRUD
‡(PSLH]DSRUHVWDEOHFHUFRQWDFWRFRQODIXHQWHGHWXVXIULPLHQWR
¢7H VLHQWHV DVXVWDGR VROR HQIDGDGR LQ~WLO IUXVWUDGR" 7UDWD GH
DFHSWDU WXV HPRFLRQHV WDO FRPR VRQ VLQ SHQVDU GHPDVLDGR HQ OD
KLVWRULD TXH ODV KD SURYRFDGR OR TXH KDV KHFKR OR TXH QR
HWFpWHUD &XDOTXLHUFRVDTXHVLHQWDVHVWiELHQ7RGDVODVYLVLWDV
VRQELHQUHFLELGDV1RHVQHFHVDULRDIHUUDUVHDQDGDQLGHVWHUUDU
QDGD
‡ $KRUD WUDWD GH VHQWLU ODV HPRFLRQHV HQ WX FXHUSR 3RQJDPRV
TXH WH VLHQWHV WULVWH ¢&yPR VH VLHQWH OD WULVWH]D" ¢6LHQWHV FRPR
XQ DOHWDUJDPLHQWR XQD VHQVDFLyQ GH WLUDQWH] HQ ORV RMRV WHQVLyQ
HQWUHODVFHMDVHWFpWHUD"$OORFDOL]DUODVHPRFLRQHVHQHOFXHUSR
UHVXOWDPiVIiFLOVHQWLUODVVLQSHUGHUVHHQORVSHQVDPLHQWRV\DVt
H[SHULPHQWDUHOPRPHQWRSUHVHQWHWDOFRPRHV
‡ &RORFD XQD PDQR VREUH WX FRUD]yQ \ VLHQWH OD LQWHQFLyQ GH
RIUHFHUWH D WL PLVPR ERQGDG FRPSUHQVLyQ \ FRPSDVLyQ SRU HO
VXIULPLHQWR TXH HVWiV H[SHULPHQWDQGR HQ HVWH PRPHQWR
5HFXHUGD TXH OR TXH VLHQWHV IRUPD SDUWH GH OD H[SHULHQFLD
KXPDQD1RHVWiVVRORHQWXVXIULPLHQWR
‡5HSLWHODVVLJXLHQWHVIUDVHVHQVLOHQFLR\SRFRDSRFR

4XHHVWpVHJXUR
4XHHVWpWUDQTXLOR
4XHVHDDPDEOHFRQPLJRPLVPR
4XHPHDFHSWHWDOFRPRVR\

6LWHUHVXOWDPiVDGHFXDGRFDPELDOD~OWLPDIUDVHSRU

4XHDFHSWHPLYLGDWDOFRPRHV

‡ 6LJXH UHSLWLHQGR ODV IUDVHV VLQWLHQGR FDGD YH] VX FRQWHQLGR

HPRFLRQDO HVWDEOHFLHQGR FRQWDFWR FRQ ODV VHQVDFLRQHV GRORURVDV
GHWXFXHUSRRELHQVLQWLHQGRODVXDYH\UHFRQIRUWDQWHSUHVLyQGH
WXPDQRVREUHWXFRUD]yQ
‡ 6L QRWDV TXH WX PHQWH VH GHVSLVWD UHWRPD ODV IUDVHV OD
 H[SHULHQFLD GH WXV HPRFLRQHV HQ WX FXHUSR R OD VHQVDFLyQ GH WX
PDQRVREUHHOFRUD]yQ<HPSLH]DGHQXHYR
‡ 6L HQ DOJ~Q PRPHQWR WH VXSHUD OD HPRFLyQ VLHPSUH SXHGHV
YROYHUDUHVSLUDUSURIXQGDPHQWHSDUDFDOPDUWH&XDQGRWHVLHQWDV
FyPRGRUHJUHVDDODVIUDVHV
‡3RU~OWLPRUHVSLUDSURIXQGDPHQWHYDULDVYHFHV\TXpGDWHTXLHWR
XQ PRPHQWR 6L QRWDV HO VHQWLPLHQWR GH FRPSDVLyQ SHUPtWHWH
VDERUHDUOR6LQRHVDVtRVLUHVXOWDGHPDVLDGRWHQXHQRGHMDGH
VHUODYHUGDGLJXDOPHQWHKHUPRVDGHOPRPHQWRSUHVHQWH6DERUHD
ODEXHQDYROXQWDG\ODLQWHQFLyQGHRFXSDUWHGHWL(VORTXHPiV
LPSRUWD
‡ &XDQGR HVWpV OLVWR UHFXSHUD OHQWDPHQWH WX DFWLYLGDG QRUPDO
6DEHVTXHSXHGHVUHJUHVDUDODVIUDVHVVLHPSUHTXHORGHVHHV

8Q UHFLHQWH HVWXGLR OOHYDGR D FDER SRU 5LFKLH

'DYLGVRQ \ YDULRV FROHJDV FRQILUPD HO SRGHU GH OD
ERQGDG/RVLQYHVWLJDGRUHVIRUPDURQDXQJUXSRGH
SHUVRQDVSDUDUHDOL]DUPHGLWDFLyQGHERQGDGGXUDQWH
PHGLD KRUD GLDULD D OR ODUJR GH GRV VHPDQDV 3DUD
FRPSDUDU IRUPDURQ D RWUR JUXSR SDUD SHQVDU GH
PDQHUD PiV FRQVWUXFWLYD VREUH ODV VLWXDFLRQHV
GLItFLOHVGHVXVYLGDV(QRWUDVSDODEUDVHQVHxDURQD
XQJUXSRDFDPELDUVXVFRUD]RQHV\DORWURDFDPELDU
VXV FDEH]DV 6ROR HO JUXSR GH OD ERQGDG PRVWUy XQ
DXPHQWR VLJQLILFDWLYR GH OD FRPSDVLyQ KDFLD Vt
PLVPRV$GHPiVUHDOL]DURQHVFiQHUHVFHUHEUDOHVGH
ORVSDUWLFLSDQWHVPLHQWUDVOHVPRVWUDEDQLPiJHQHVGH
VXIULPLHQWR SRUHMHPSORXQQLxRFRQXQWXPRUHQXQ
RMR  /RV GHO JUXSR GH PHGLWDFLyQ GH ERQGDG
PRVWUDURQ PXFKD PiV HPSDWtD FRPR GHPRVWUy HO
DXPHQWR GH OD DFWLYLGDG HQ OD tQVXOD  TXH ORV GHO
JUXSR HQWUHQDGR SDUD FDPELDU VXV SDWURQHV GH
SHQVDPLHQWR $GHPiV FXDQWR PiV DXPHQWy OD
DXWRFRPSDVLyQPD\RUIXHHOQLYHOGHDFWLYDFLyQGHOD
tQVXOD OR TXH FRQILUPD OD LGHD GH TXH OD FRPSDVLyQ
KDFLD XQR PLVPR LQFUHPHQWD OD FDSDFLGDG GH WRPDU
SHUVSHFWLYD $O ILQDO GHO H[SHULPHQWR ORV
LQYHVWLJDGRUHV SUHJXQWDURQ D ORV SDUWLFLSDQWHV VL
TXHUtDQ GRQDU VXV KRQRUDULRV  GyODUHV  D XQD
FDXVDEHQpILFDRTXHGDUVHHOGLQHUR/RVGHOJUXSRGH
ERQGDG GRQDURQ PiV GLQHUR 3RU WDQWR LQFOXVR XQ
HQWUHQDPLHQWR EUHYH HQ PHGLWDFLyQ GH ERQGDG SXHGH
DXPHQWDU OD FRPSDVLyQ KDFLD XQR PLVPR \ KDFLD ORV
GHPiVDVtFRPRORVDFWRVGHPRVWUDEOHVGHLQWHUpV\
JHQHURVLGDG
/R PDUDYLOORVR GH OD SUiFWLFD GH OD PHGLWDFLyQ
GH ERQGDG HV TXH QR HV QHFHVDULR UHDOL]DUOD HQ XQ
HVSDFLRSUHSDUDGRSDUDODRFDVLyQ3RGHPRVJHQHUDU
VHQWLPLHQWRV GH ERQGDG \ FRPSDVLyQ PLHQWUDV
FRQGXFLPRVKDFHPRVODFRPSUDRHVSHUDPRVQXHVWUR
WXUQRHQHOGHQWLVWD/RTXHRFXUUHHVTXHHQWUHQDPRV
D QXHVWUR FHUHEUR SDUD TXH UHDFFLRQH DO VXIULPLHQWR
FRQ FDULxR $O FHQWUDUQRV HQ QXHVWUR GHVHR PiV
SURIXQGR TXH WRGRV ORV VHUHV VHDQ IHOLFHV HVWpQ
WUDQTXLORV \ VDQRV  SRGHPRV PHMRUDU QXHVWUD YLGD \
ODGHORVGHPiV/D%LEOLDQRVHQVHxDTXHUHFRJHPRV
ORTXHVHPEUDPRV$OSODQWDUVHPLOODVGHERQGDGHQ
QXHVWUR FRUD]yQ \ HQ QXHVWUD PHQWH SRGHPRV
WUDQVIRUPDU QXHVWUR SDLVDMH PHQWDO \ HPRFLRQDO HQ
DOJRLQILQLWDPHQWHKHUPRVR
([LVWH XQD FRQRFLGD KLVWRULD VREUH XQ PRQMH
WLEHWDQRTXHHVWXYRHQSULVLyQGXUDQWHDxRVYLJLODGR
SRU JXDUGLDV FKLQRV \ TXH DO VDOLU VH GLULJLy D OD
,QGLD\WXYRXQDDXGLHQFLDFRQHO'DODL/DPD&XDQGR
HVWHOHSUHJXQWyVREUHHOWLHPSRTXHKDEtDSDVDGRHQ
SULVLyQ HO PRQMH DILUPy TXH VH KDEtD HQIUHQWDGR DO
SHOLJUR HQ YDULDV RFDVLRQHV ©¢4Xp SHOLJUR"ª
SUHJXQWyHO'DODL/DPD©(OGHSHUGHUODFRPSDVLyQ
KDFLD ORV FKLQRVª UHVSRQGLy HO PRQMH 'HVGH OD
SHUVSHFWLYD EXGLVWD WHQHU FRPSDVLyQ KDFLD ORV TXH
QRVKLHUHQQRVSHUPLWHGLVIUXWDUGHSD]PHQWDOLQFOXVR
HQHOHQWRUQRPiVKRVWLOORTXHDVXYH]LPSLGHTXHHO
GRORUQRVGHVWUX\D/DFRPSDVLyQKDFLDORVGHPiVHV
XQ UHJDOR SDUD QRVRWURV SRUTXH QRV DOLPHQWD FRQ
VHQWLPLHQWRVERQGDGRVRV\QRVSHUPLWHVHQWLUQRVPiV
VHJXURV DO UHFRQRFHU QXHVWUD FRQH[LyQ FRQ OD
KXPDQLGDG &RQ OD HFXDQLPLGDG GH XQ FRUD]yQ
DELHUWRORVHQYLWHVGHQXHVWUDVGLItFLOHV\IUXVWUDQWHV
YLGDVSLHUGHQIXHU]D\HOVXIULPLHQWRVHFRQYLHUWHHQ
XQDSXHUWDKDFLDHODPRU
 &DStWXOR

(-(5&(5'(3$'5(6&21&203$6,Ï1
+$&,$126275260,6026

6HJ~QFRPRQRVRWURVORVDGXOWRVQRVFRPSRUWHPRV\YLYDPRVHQ
HO DPRU SRGUHPRV VHU PRGHORV \ JXtDV DGHFXDGRV SDUD QXHVWURV
KLMRV /R TXH VRPRV HQVHxD D ORV QLxRV PXFKR PiV TXH OR TXH
GHFLPRV GH PDQHUD TXH GHEHPRV VHU OR TXH TXHUHPRV TXH
QXHVWURVKLMRVVHDQ

-26(3+&+,/7213($5&(,QWURGXFFLyQD7HDFKLQJ
&KLOGUHQWR/RYHGH'RF/HZ&KLOGUH

/DDXWRFRPSDVLyQHVHVHQFLDOSDUDVHUEXHQRVSDGUHV
$O HQVHxDU D QXHVWURV KLMRV D WHQHU FRPSDVLyQ SRU
HOORVPLVPRVSRGHPRVD\XGDUOHVDJHVWLRQDUHOGRORU
\ OD LPSHUIHFFLyQ LQKHUHQWHV D OD YLGD 6L VRPRV
FRPSDVLYRV FRQ QRVRWURV PLVPRV SRGHPRV PDQHMDU
PHMRU ODV IUXVWUDFLRQHV \ ODV GLILFXOWDGHV GH OD
SDWHUQLGDG $Vt OD SURIHVLyQ PiV GXUD GHO PXQGR
DGPLWiPRVOR VHU SDGUHV HV XQD SURIHVLyQ VROR TXH
QRUHPXQHUDGD QRORVHUiWDQWR

&203$6,Ï1325126(581263$'5(63(5)(&726

&DUROLEDFRQUHWUDVR/DQLxHUDKDEtDOOHJDGRSURQWR
SDUDFXLGDUGHVXVGRVKLMRVPLHQWUDVHOODVDOtDDXQ
FRQFLHUWR FRQ XQRV DPLJRV 'HMy KLUYLHQGR XQRV
HVSDJXHWLV PLHQWUDV VH SHLQDED \ VH PDTXLOODED
&XDQGR YROYLy D OD FRFLQD VH GLR FXHQWD GH TXH VH
KDEtD SDVDGR FDVL GLH] PLQXWRV ©£0DPi PH PXHUR
GH KDPEUH ²SURWHVWy VX KLMR SHTXHxR² ¢&XiQGR
FHQDPRV"ª /RV HVSDJXHWLV SDVDGRV XQD YH]
HVFXUULGRVWHQtDQODFRQVLVWHQFLDGHOSXUpGHSDWDWDV
$xDGLyPiVVDOVDGHORKDELWXDOFRQODHVSHUDQ]DGH
TXH ORV QLxRV QR VH GLHVHQ FXHQWD SHUR HUD
GHPDVLDGRHVSHUDU©£4XpDVFR²H[FODPyHOPD\RU
IUXQFLHQGR HO FHxR \ DUUXJDQGR OD QDUL]² ¢(VSHUDV
TXH QRV FRPDPRV HVWR" ¢3RU TXp QR KDFHV FRPLGD
EXHQD FRPR -DQ"ª $TXHO IXH XQ FRPHQWDULR
HVSHFLDOPHQWH PDOLFLRVR -DQ HUD OD QXHYD PXMHU GH
VX H[ PDULGR XQD FKHI H[SHUWD HQWUH VXV PXFKRV
RWURVWDOHQWRV 
(OSULPHULQVWLQWRGH&DUROIXHDFHSWDUHOJROSH
\VHQWLUVHIDWDOSRUQRKDFHUQXQFDQDGDELHQSRUVHU
XQD PDGUH LQFDSD] SRU SHUGHU D VX PDULGR SRU XQD
PXMHU VXSHULRU D HOOD 3RU VXHUWH VH GLR FXHQWD D
WLHPSR ÒOWLPDPHQWH LQWHQWDED VHU PiV DPDEOH
FRQVLJR PLVPD \ HQWHQGLy TXH DTXHOOD HUD XQD
RSRUWXQLGDG SHUIHFWD SDUD VHQWLU PiV FRPSDVLyQ SRU
VtPLVPD5HFRUGyTXHODPDWHUQLGDGHVFRPRKDFHU
PDODEDULVPRV \ TXH HUD LQHYLWDEOH TXH DOJXQD PD]D
VH FD\HVH GH YH] HQ FXDQGR < XQRV HVSDJXHWLV
SDVDGRV QR VLJQLILFDEDQ H[DFWDPHQWH TXH WXYLHUD
GHIHFWRV ©/R VLHQWR ORV HVSDJXHWLV QR KDQ TXHGDGR
ELHQSHURQRHVHOILQGHOPXQGR¢4XpWDOVLSLGRXQD
SL]]D"ª+XHOJDGHFLUTXHDORVQLxRVOHVSDUHFLyPX\
ELHQODLGHD,QFOXVRRtTXHODQLxDOHVXVXUUDEDDVX
KHUPDQR ©4Xp ELHQ -DQ QXQFD QRV GHMD FRPHU
SL]]Dª&RPRGLMR3HWHUGH9ULHV©+D\RFDVLRQHVHQ
TXHODSDWHUQLGDGHVFRPRDOLPHQWDUDODPDQRTXHWH
PXHUGHª
3RU VXSXHVWR QR VLHPSUH PDQHMDPRV ODV
VLWXDFLRQHV GLItFLOHV FRQ QXHVWURV KLMRV GH OD PHMRU
PDQHUD 1XHVWURV DGRUDEOHV SHTXHxLQHV SXHGHQ
YROYHUQRV ORFRV \ QR KD\ SDGUH QL PDGUH HQ HO
SODQHWD TXH QR KD\D SHUGLGR ORV QHUYLRV HQ DOJXQD
RFDVLyQ +DEODPRV FRQ EUXVTXHGDG D QXHVWURV KLMRV
FXDQGR QRV PROHVWDQ ORV LJQRUDPRV FXDQGR LQWHQWDQ
OODPDU QXHVWUD DWHQFLyQ R OHV JULWDPRV FXDQGR
HVWDPRV HQIDGDGRV 7RGR HO PXQGR VH HTXLYRFD
DOJXQDYH]&XDQGRVHQWLPRVFRPSDVLyQSRUHVRQRV
FXHVWD PHQRV DGPLWLU QXHVWUDV LPSHUIHFFLRQHV FRPR
SDGUHV \ GLVFXOSDUQRV SRU QXHVWUD FRQGXFWD (VR QR
VRORD\XGDDORVQLxRVDVHQWLUVHTXHULGRV\FXLGDGRV
VLQR TXH WDPELpQ OHV KDFH VDEHU TXH LQFOXVR SDSi \
PDPiVRQVHUHVKXPDQRVTXHDYHFHVFRPHWHQHUURUHV
\TXHHVRVHUURUHVQRVRQHOILQGHOPXQGR 
$XQTXHHVLPSRUWDQWHGLVFXOSDUQRVFRQQXHVWURV
KLMRVFXDQGRQRVSDVDPRVGHODUD\DWDPELpQORHVQR
PRVWUDUQRV DELHUWDPHQWH FUtWLFRV FRQ QRVRWURV
PLVPRV (VSHFLDOPHQWH GHODQWH GH QXHVWURV KLMRV
©+HROYLGDGRSRQHUJDVROLQD\HOGHSyVLWRFDVLHVWi
YDFtR£4XpHVW~SLGRVR\£4XpLUUHVSRQVDEOHª(VWRV
FRPHQWDULRV WUDQVPLWHQ OD LGHD GH TXH OD DXWRFUtWLFD
HV XQD UHVSXHVWD YDOLRVD \ DSURSLDGD FXDQGR QR
DOFDQ]DPRVQXHVWURVLGHDOHV¢5HDOPHQWHTXLHUHVTXH
WXV KLMRV VXIUDQ FRPR W~ D FDXVD GH OD DXWRFUtWLFD"
(VWR HV DOJR TXH ORV SDGUHV VXHOHQ SDVDU SRU DOWR
3XHGH TXH FXLGHV HVWXSHQGDPHQWH D WXV KLMRV FXDQGR
WLHQHQXQWURSH]yQSHURVLWHPDFKDFDVFDGDYH]TXH
W~PHWHVODSDWDOHVHQYLDUiVXQPHQVDMHHUUyQHR6L
HQ FDPELR UHFRQRFHV WXV OLPLWDFLRQHV FODUDPHQWH
SHUR FRQ FRPSDVLyQ GHODQWH GH WXV KLMRV OHV HVWDUiV
GDQGR XQ HMHPSOR PXFKR PHMRU ©£4Xp IDVWLGLR 0H
KHROYLGDGRGHSRQHUJDVROLQD\HOGHSyVLWRFDVLHVWi
YDFtR +H HVWDGR PX\ RFXSDGR HQ HO WUDEDMR HVWRV
GtDV \ PH KH GHVSLVWDGR 6XSRQJR TXH WHQHPRV
VXILFLHQWH SDUD OOHJDU D OD JDVROLQHUDª 3UDFWLFDU OD
FRPSDVLyQ KDFLD XQR PLVPR GHODQWH GH ORV KLMRV HV
XQD GH ODV PDQHUDV PiV HILFDFHV GH D\XGDUOHV D
GHVDUUROODUHVDFDSDFLGDG

(-(5&,&,2

6HQWLUFRPSDVLyQSRUQXHVWURVHUURUHVFRPRSDGUHV

$O ILQDO GH FDGD GtD SLHQVD HQ ORV HUURUHV TXH KD\DV FRPHWLGR
FRPR SDGUH &XDOTXLHU FRVD TXH KD\DV TXHULGR KDFHU R TXH QR
KD\DVKHFKR ,QWHQWDVHUKRQHVWRUHFXHUGDTXHVRPRVKXPDQRV
H LPSHUIHFWRV 7UDWD GH VHU WDQ DPDEOH \ FRPSUHQVLYR FRQWLJR
PLVPRFRPRORVHUtDVFRQXQEXHQDPLJRHQXQDVLWXDFLyQVLPLODU
$ FRQWLQXDFLyQ SLHQVD VL SXHGHV KDFHU DOJR SDUD DUUHJODU
OD VLWXDFLyQ ¢'LVFXOSDUWH DQWH WXV KLMRV" ¢3URPHWHU TXH OHV
FRPSHQVDUiV \KDFHUOR "$OFUHDUXQPRGHORHQTXHGHVSXpVGH
FRPHWHU HUURUHV HO SURFHVR QRUPDO HV UHSDUDUORV HQVHxDUiV D WX
KLMRXQDYDOLRVDOHFFLyQ
(O VLJXLHQWH SDVR FRQVLVWH HQ GHWHUPLQDU VL H[LVWHQ
HPRFLRQHV QHJDWLYDV VXE\DFHQWHV D WX FRQGXFWD HVWUpV
IUXVWUDFLyQ DJRWDPLHQWR  6L HV DVt GHGtFDWH FRPSDVLyQ SRU WX
GRORU HPRFLRQDO £6HU SDGUHV HV GLItFLO ¢&UHHV TXH QHFHVLWDV
UHDOL]DUDOJ~QFDPELRSDUDDOLYLDUWXHVWUpV SRUHMHPSORWRPDUWH
PiVWLHPSRSDUDWL "
(OLJHXQSDUGHODVDFWLYLGDGHVTXHVHVXJLHUHQHQHOSULPHU
 HMHUFLFLRGHOFDStWXOR RODVTXHSUHILHUDV £\KD]ODVGHYHUGDG
&RPR SDGUHV UHVXOWD IiFLO GHFLU ©6t GHEHUtD EXVFDU WLHPSR SDUD
PtªSHURHQUHDOLGDGFDVLQXQFDORKDFHPRV6tWLHQHVODSUHVLyQ
GHO WLHPSR SHUR HQ UHDOLGDG VHUiV XQ SDGUH R XQD PDGUH PiV
HILFD] \ FRPSUHQVLYR VL WH WRPDV VXV QHFHVLGDGHV PiV HQ VHULR
(VXQDVLWXDFLyQHQODTXHWRGRVVDOHQJDQDQGR

&255(*,5 $ 786 +,-26 $/ 7,(032 48( )20(17$6 /$

$872(67,0$

0XFKRV SDGUHV VH SUHJXQWDQ FyPR GLVFLSOLQDU D VXV

KLMRVFXDQGRVHSDVDQGHODUD\DSHURD\XGiQGROHVDO
PLVPRWLHPSRDVHUPiVFRPSDVLYRVFRQVLJRPLVPRV
/RSULPHUR\ORPiVLPSRUWDQWHHVTXHQRFULWLTXHV
GXUDPHQWH D WXV KLMRV R OHV DYHUJHQFHV SRU QR
UHVSRQGHU D WXV H[SHFWDWLYDV $GHPiV SRGUtD VDOLUWH
HOWLURSRUODFXODWD&RPRGLMRHQXQDRFDVLyQ-DFN
1LFKROVRQHODFWRU©0LPDGUHQXQFDYLRORLUyQLFR
TXH HUD TXH PH OODPDUD ³KLMR GH SXWD´ª 1XHVWUD
LQYHVWLJDFLyQGHPXHVWUDTXHODFUtWLFDFRQWLQXDGHORV
SDGUHVSXHGHSURYRFDUSUREOHPDVVHULRVORVKLMRVGH
SDGUHV FUtWLFRV VRQ PiV SURSHQVRV D OD IDOWD GH
DXWRFRPSDVLyQ \ D VXIULU DQVLHGDG \ GHSUHVLyQ GH
DGXOWRV &RPR VH LQGLFD HQ HO FDStWXOR  ORV QLxRV
VXHOHQ LQWHULRUL]DU OD YR] FUtWLFD GH VXV SDGUHV \
GHVSXpVFDUJDQFRQHOODGXUDQWHWRGDVXYLGD$XQTXH
QLQJ~QSDGUHQLQLQJXQDPDGUHTXLHUHQTXHVXVKLMRV
VXIUDQ PXFKRV SLHQVDQ TXH OD GLVFLSOLQD GHEH VHU
IpUUHDSDUDTXHIXQFLRQH
$XQTXH HV FLHUWR TXH OD SDWHUQLGDG SHUPLVLYD
TXH QXQFD ULxH D ORV QLxRV SXHGH GLILFXOWDU VX
FUHFLPLHQWR \ GHVDUUROOR Vt HV SRVLEOH HVWDEOHFHU
XQRV OtPLWHV FODURV \ FRUUHJLU ORV SUREOHPDV GH
FRQGXFWDGHPDQHUDFDULxRVD\FRPSDVLYD/RVQLxRV
HQWHQGHUiQ SRU TXp HV LPSRUWDQWH TXH FDPELHQ VLQ
VHQWLUVH PDO FRQ HOORV PLVPRV SRU KDEHU PHWLGR OD
SDWD
8QDGHODVFODYHVSDUDUHVSRQGHUFRQFRPSDVLyQ
DORVHUURUHVGHORVKLMRVFRQVLVWHHQFHQWUDUVHHQVX
FRPSRUWDPLHQWR UHDO QR HQ VX FDUiFWHU JHQHUDO
'HEHPRV KDFHU KLQFDSLp HQ TXH QXHVWURV IUDFDVRV \
QXHVWUDV FDUHQFLDV QR QRV GHILQHQ HQ TXH WRGRV
DYDQ]DPRV SRFR D SRFR HQ XQ SURFHVR GH
DSUHQGL]DMH FRQWLQXR 7DPELpQ HV LPSRUWDQWH YDOLGDU
ODV HPRFLRQHV TXH VXE\DFHQ D OD PDOD FRQGXFWD GHO
QLxR DQWHV GH LQWHQWDU FRUUHJLUOD ,PDJLQHPRV TXH
1HLOWXKLMROHGLFHDVXKHUPDQDSHTXHxD0DU\TXH
VHFDOOHPLHQWUDVpOMXHJDFRQVXYLGHRMXHJRIDYRULWR
(QOXJDUGHGHFLUOH©£1HLOHUHVXQPDOHGXFDGR¢3RU
TXp QR WH SRUWDV PHMRU FRQ WX KHUPDQD"ª SUXHED D
GHFLU©6pTXHWHPROHVWDTXHWHLQWHUUXPSDQPLHQWUDV
MXHJDV SHUR KDV KHULGR ORV VHQWLPLHQWRV GH 0DU\
FXDQGROHKDVGLFKRTXHVHFDOOHª2SRQJDPRVTXHWX
KLMDGHMDXQWDUURGHPLHODELHUWRHQODHQFLPHUDGHOD
FRFLQD SRUTXH UHFLEH XQD OODPDGD GH XQD DPLJD (Q
OXJDU GH H[FODPDU ©£4Xp GHMDGD HUHVª SRGUtDV
SUREDUFRQDOJRFRPR©6pTXHWHKDVGHVSLVWDGRFRQ
OD OODPDGD SHUR QR TXHUHPRV WHQHU ELFKLWRV
FRUULHQGR SRU WRGD OD FRFLQDª 8Q SRFR GH KXPRU
GDUtD LQFOXVR PHMRU UHVXOWDGR HQ HVWH FDVR ©¢'H
YHUGDGTXLHUHVTXHQXHVWUDFRFLQDSDUH]FDXQDHVFHQD
GH (O DWDTXH GH ODV KRUPLJDV DVHVLQDV"ª 6L ORV
QLxRVVHVLHQWHQFRPSUHQGLGRVHQOXJDUGHDWDFDGRV
VHUiPXFKRPiVIiFLOTXHQRVHVFXFKHQ
/RTXHKD\TXHWUDQVPLWLUDORVQLxRVHVTXHQR
SDVDQDGDSRUFRPHWHUHUURUHV\TXHODLPSHUIHFFLyQ
IRUPD SDUWH GH OD YLGD $ILUPDFLRQHV FRPR ©(V
KXPDQRª ©(V QRUPDO IUXVWUDUVHª \ RWUDV VLPLODUHV
VRQEXHQDVPDQHUDVGHSURSRUFLRQDUHVDYDOLGDFLyQ
1R REVWDQWH QR VROR LPSRUWD OR TXH GHFLPRV
7DPELpQ HV LPSRUWDQWH HO WRQR GH YR] ,QFOXVR ORV
EHEpV TXH WRGDYtD QR KDEODQ UHJLVWUDQ GH PDQHUD
LQFRQVFLHQWH HO VLJQLILFDGR HPRFLRQDO TXH WUDQVPLWH
HO WRQR GH YR] GH VXV SDGUHV DPRU WHPRU HQIDGR
HWFpWHUD  6L WX WRQR GH YR] WUDQVPLWH XQ MXLFLR
QHJDWLYR DXQTXH WXV SDODEUDV VHDQ QHXWUDV HV PX\
SUREDEOH TXH WX KLMR VH VLHQWD LQFRPSHWHQWH \
DYHUJRQ]DGR GH WRGRV PRGRV < HVR SXHGH
GHVHQFDGHQDU XQD UHDFFLyQ DLUDGD R D OD GHIHQVLYD
¢4XLpQTXLHUHVHQWLUVHPDOFRQVLJRPLVPRFXDQGRHV
WDQIiFLOFXOSDUDRWUR"6LKDFHVTXHWXKLMRVHVLHQWD
VHJXURDVXPLHQGRODUHVSRQVDELOLGDGSHUVRQDOGHVXV
DFWRV XWLOL]DQGR XQ OHQJXDMH FRPSDVLYR FRPELQDGR
FRQ XQ WRQR DPDEOH \ FDULxRVR OH UHVXOWDUi PXFKR
PiV IiFLO UHFRQRFHU VX SUREOHPD GH FRQGXFWD \
WUDEDMDUSDUDFDPELDUOR
2WUD FRVD TXH KD\ TXH WHQHU HQ FXHQWD DQWHV GH
FRUUHJLUDORVQLxRVHVVLQXHVWUDVSURSLDVUHDFFLRQHV
SUHWHQGHQGHIHQGHUQXHVWURHJR¢7HLGHQWLILFDVFRQWX
KLMR GH PDQHUD TXH VX FRPSRUWDPLHQWR DQyPDOR VH
UHIOHMHHQWL"&XDQGRWXKLMDVHPXHYHLQTXLHWDHQXQ
UHVWDXUDQWH¢UHDOPHQWHHVHVHHOSUREOHPDRVRQORV
MXLFLRVDMHQRVGHTXHGHEHVGHVHUXQPDOSDGUHRXQD
PDOD PDGUH SRUTXH WX KLMD QR VH SRUWD ELHQ" 6L QR
HUHVFDSD]GHDGPLWLUHVR\VHQWLUFRPSDVLyQSRUHVD
UHDFFLyQ WDQ KXPDQD HV SUREDEOH TXH QR VHSDV
PDQHMDU ELHQ OD VLWXDFLyQ (Q FDPELR VL VLHQWHV
FRPSDVLyQSRUWLPLVPRHVWDUiVHQPHMRUGLVSRVLFLyQ
GHUHVSRQGHUGHPDQHUDFRPSDVLYDDQWHWXKLMR

+,-263(48(f26
(OFXLGDGRGHORVPiVSHTXHxRV\ORVEHEpVFRQVX
QHFHVLGDG FRQVWDQWH GH VXSHUYLVLyQ VXV KiELWRV
DOLPHQWDULRVGHVRUGHQDGRV\VXVUDELHWDVVLQROYLGDU
ORVSDxDOHVVXFLRVHVXQRGHORVWUDEDMRVPiVGXURV
TXHH[LVWHQ&RPRGLFHODKXPRULVWD(UPD%RPEHFN
©&XDQGR PLV KLMRV VH SRQHQ VDOYDMHV H LQGRPDEOHV
ORVPHWRHQXQSDUTXHERQLWR\VHJXUR&XDQGRVHKDQ
FDOPDGR ORV VDFRª /RV SDGUHV GH QLxRV PX\
SHTXHxRVQHFHVLWDQWRGDODD\XGDSRVLEOH3RUVXHUWH
FXDQGR VRPRV FRPSDVLYRV FRQ QRVRWURV PLVPRV OD
D\XGDVLHPSUHHVWiDQXHVWURDOFDQFH
/DGRFWRUD5HEHFFD&ROHPDQSVLFyORJDFOtQLFD
HQ$XVWUDOLDKDGHVDUUROODGRXQSURJUDPDTXHHQVHxD
PLQGIXOQHVV \ DXWRFRPSDVLyQ D ORV SDGUHV GH QLxRV
PHQRUHV GH FLQFR DxRV (O SURJUDPD VH OODPD 0$3
0LQGIXO $ZDUHQHVV 3DUHQWLQJ DOJR DVt FRPR
©SDWHUQLGDG SOHQDPHQWH FRQVFLHQWHª  (O REMHWLYR
GHO SURJUDPD FRQVLVWH HQ D\XGDU D ORV SDGUHV D
PHMRUDU VX FDSDFLGDG GH WRPDU GHFLVLRQHV VDELDV HQ
VLWXDFLRQHVGLItFLOHVFRQVXVKLMRV(QRWUDVSDODEUDV
D PDQWHQHU OD FRUGXUD FXDQGR HO SHTXHxR -RKQQ\
YLHUWHXQDERWHOODHQWHUDGHMDEyQGHORVSODWRVHQOD
EDxHUD\6X]\WHWLUDGHODSLHUQD\OORULTXHDSDUDTXH
OH KDJDV XQDV WUHQ]DV PLHQWUDV W~ LQWHQWDV DUUHJODU HO
HVWURSLFLR
 (O 0$3 IRPHQWD OD VHQVLELOLGDG SDWHUQD
HQVHxDQGR D ORV SDGUHV D WHQHU HPSDWtD KDFLD VXV
KLMRVLQFUHPHQWDQGRVXFDSDFLGDGGHVHUFRQVFLHQWHV
GH ODV QHFHVLGDGHV UHODFLRQDOHV GH ORV QLxRV \
VDWLVIDFHUODV (Q RFDVLRQHV FXDQGR ORV QLxRV VH
FRPSRUWDQ GH PDQHUD GLItFLO R FDUJDQWH HQ UHDOLGDG
HVWiQ WUDQVPLWLHQGR HO PHQVDMH GH TXH QHFHVLWDQ HO
DSR\RHPRFLRQDOGHVXVSDGUHV3XHGHVHUTXHORTXH
EXVFDQ QR HV DWHQFLyQ VLQR FRQH[LyQ &RPR VH
PHQFLRQD HQ HO FDStWXOR  ORV QLxRV HVWiQ
©GLVHxDGRVª SVLFROyJLFDPHQWH SDUD HVWDEOHFHU
YtQFXORV HVWUHFKRV VRQ VXV SDGUHV TXH VRQ OD EDVH
VHJXUD GHVGH OD FXDO VDOHQ D H[SORUDU HO PXQGR
&XDQGRORVQLxRVWLHQHQPLHGRRQRHVWiQVHJXURVGH
Vt PLVPRV UHFXUUHQ D VXV SDGUHV FRPR VX SULQFLSDO
IXHQWHGHFRQILDQ]D\FRQVXHOR&XDQGRUHFXSHUDQOD
VHJXULGDG \D SXHGHQ HPEDUFDUVH HQ HO LPSRUWDQWH
SURFHVRGHMXJDUGHVFXEULU\DSUHQGHU
&ROHPDQVHxDODTXHXQDGHODVPDQHUDVFODYHGH
D\XGDUDORVKLMRVDVHQWLUVHVHJXURVHVHOSURFHVRGH
©VLQWRQL]DFLyQ DIHFWLYDª TXH LPSOLFD LJXDODUVH R
UHIOHMDU OD HPRFLyQ GHO QLxR &XDQGR XQ QLxR HVWi
GLVJXVWDGR ORV SDGUHV UHIOHMDQ ODV HPRFLRQHV GH VX
KLMR HPLWLHQGR VRQLGRV \ H[SUHVLRQHV WULVWHV SHUR
HQWRQFHV FDPELDQ ODV HPRFLRQHV GHO QLxR DGRSWDQGR
XQ JHVWR \ XQ WRQR PiV UHFRQIRUWDQWH 3RU HMHPSOR
XQD PDGUH SXHGH DFXQDU D VX EHEp TXH OORUD \
VRQUHtUOH PLHQWUDV UHSLWH VXDYHPHQWH ©(VWi ELHQ
FDULxR HVWi ELHQª )LQDOPHQWH HO EHEp VH VLHQWH
VHJXUR\VHFDOPD/RVSDGUHVWLHQGHQDKDFHUHVRSRU
LQVWLQWR VLQ VHU FRQVFLHQWHV GH TXH HVWiQ UHJXODQGR
ODVHPRFLRQHVGHVXVKLMRV
6LQ HPEDUJR VL XQ EHEp OORUD \ VX PDGUH VH
VLHQWH VXSHUDGD SRU VXV SURSLDV HPRFLRQHV ©¢3RU
TXpQRVHFDOODHVWHPDOGLWRFUtR"£0HHVWiYROYLHQGR
ORFDª QRVHUiFDSD]GHD\XGDUDVXKLMRDFDOPDUVH
6RORFRQVHJXLUiHPSHRUDUODVLWXDFLyQ\DTXHHOQLxR
UHIOHMDUiODDJLWDFLyQGHVXPDGUH&XDQGRORVSDGUHV
UHVSRQGHQ D VX SURSLD IUXVWUDFLyQ FRQ FRPSDVLyQ
KDFLD Vt PLVPRV VRQ FDSDFHV GH FDOPDU ODV
HPRFLRQHV WXUEXOHQWDV \ SRU WDQWR HVWiQ HQ PHMRU
GLVSRVLFLyQGHD\XGDUDVXVKLMRVDWUDQTXLOL]DUVH
9HDPRVODVLWXDFLyQDODTXHVHHQIUHQWy3LWWPDQ
XQRGHPLVDOXPQRVKDFHXQRVPHVHVeO\VXPXMHU
0HULOHHWHQtDQXQDQLxDGHSRFRVPHVHV6XKLMRGH
WUHV DxRV )LQQ HPSH]y D PDQLIHVWDU DOJXQRV
©FRPSRUWDPLHQWRV GHVDILDQWHVª 8Q GtD FXDQGR
UHJUHVDEDQ D FDVD GHVSXpV GH KDFHU XQ UHFDGR
3LWWPDQ HQFRQWUy D VX KLMR TXH VXSXHVWDPHQWH \D
VDEtDXWLOL]DUHOLQRGRUR KDFLHQGRSLVHQODSDUHGGHO
VDOyQ &XDQGR OH UHSUHQGLy HVD FRQGXFWD )LQQ VH
OLPLWyDYROYHUVHKDFLDVXSDGUHHVER]yXQDVRQULVD
PDOLFLRVD\GLMR©7HRGLRª
£0HQRV PDO TXH 3LWWPDQ SUDFWLFDED OD
DXWRFRPSDVLyQ $XQTXH FXDOTXLHUD KDEUtD HQWHQGLGR
TXH SHUGLHVH ORV QHUYLRV FRQVLJXLy PDQWHQHU OD
FDOPD UHVSLUy SURIXQGDPHQWH YDULDV YHFHV \ VLQWLy
FRPSDVLyQSRUORGLItFLO\ORGHVDILDQWHTXHUHVXOWDED
DTXHOPRPHQWR(VWROHD\XGyDUHFXSHUDUODFDOPD\
D UHFRUGDU TXH DXQTXH ODV VHxDOHV H[WHULRUHV
LQGLFDVHQ OR FRQWUDULR )LQQ QR VROR HVWDED VLHQGR
WUDYLHVR (Q UHDOLGDG HVWDED VXIULHQGR OD KXPDQD
HPRFLyQGHORVFHORV\DVXVWUHVDxRVQRGLVSRQtDGH
ODV KHUUDPLHQWDV QHFHVDULDV SDUD HQIUHQWDUVH D HOORV
GHPDQHUDHILFD](QOXJDUGHHQIDGDUVHFRQ)LQQVH
VHQWyDVXODGR\OHSDVyXQEUD]RVREUHORVKRPEURV
3ULPHURUHFRQRFLyORVVHQWLPLHQWRVGHIUXVWUDFLyQGH
)LQQDQWHORVFDPELRVHQODUXWLQDGRPpVWLFD©6pTXH
HVWR HV GLItFLO SDUD WL SRUTXH WX KHUPDQD QRV RFXSD
PXFKR WLHPSR SHUR WX PDPi \ \R WH TXHUHPRV PiV
TXH QXQFDª (O PDO KXPRU GH )LQQ PHMRUy GH IRUPD
FDVL LQPHGLDWD LJXDO TXH HO GH 3LWWPDQ TXH LQFOXVR
YLR OD SDUWH JUDFLRVD GH OD VLWXDFLyQ VDELHQGR TXH
WHQGUtD XQD EXHQD KLVWRULD TXH FRQWDU HQ HO IXWXUR 
&XDQWRPiVVHJXURVHVLHQWD)LQQGHODPRU\HODSR\R
GH VXV SDGUHV PLHQWUDV VH DFRVWXPEUD DO QXHYR
PLHPEUR GH OD IDPLOLD HVSHFLDOPHQWH FXDQGR VH
SRUWDPDO PiVVHGDUiFXHQWDGHTXHHODPRUGHVXV
SDGUHVHVLQFRQGLFLRQDO DXQTXHXQDSDUHGGHOVDOyQ
WHQJDXQDSHTXHxDPDQFKD 

(-(5&,&,2

8QPRPHQWRGHLQWLPLGDGFRQWXVKLMRV

(VWHHMHUFLFLRHVXQDDGDSWDFLyQGHOSURWRFROR0$3GHODGRFWRUD
5HEHFFD &ROHPDQ SDUD PiV LQIRUPDFLyQ HQWUD HQ
ZZZPDSOLQFFRPDX!

/RV QLxRV SHTXHxRV VXHOHQ H[SUHVDU ORV ©JUDQGHV VHQWLPLHQWRVª

OODQWR UDELHWDV  FXDQGR VH VLHQWHQ LQFRPSUHQGLGRV LJQRUDGRV R
OLPLWDGRVSRUODQHJDWLYDGHVXSDGUHRVXPDGUH&XDQGRWXKLMR
H[SUHVH JUDQGHV VHQWLPLHQWRV R HVWp IXHUD GH FRQWURO SXHGHV
WRPDUWHXQ©PRPHQWRGHLQWLPLGDGªSDUDD\XGDUOHDUHFXSHUDUOD
QRUPDOLGDG $XQTXH SDUH]FD TXH WX KLMR VH FRPSRUWD DVt D
SURSyVLWR FDVL VLHPSUH VH WUDWD HQ UHDOLGDG GH OD QHFHVLGDG GH
UHFRQHFWDU \ PDQHMDU HPRFLRQHV DEUXPDGRUDV GH IRUPD VHJXUD
7XKLMRSRGUtDQHFHVLWDUWXD\XGDSDUDFRQVHJXLUOR
$QWHVGHHPSH]DUXQPRPHQWRGHLQWLPLGDGDVHJ~UDWHGH
HVWDU OR VXILFLHQWHPHQWH WUDQTXLOR SDUD PRVWUDUWH VHQVLEOH D ODV
QHFHVLGDGHV GH WX KLMR \ D\XGDUOH D VHQWLUVH VHJXUR 6L DQWHV
QHFHVLWDVDSDFLJXDUWXVSURSLDVHPRFLRQHVLQWHQWDVHUFRPSDVLYR
FRQWLJR PLVPR SRU WXV HPRFLRQHV GLItFLOHV R SUDFWLFD DOJXQDV
UHVSLUDFLRQHVFRQVFLHQWHV7DOYH]WHQJDVTXHGHFLUOHDWXKLMRTXH
QHFHVLWDV XQRV VHJXQGRV GH WLHPSR SDUD WL SDUD FDOPDUWH 3HUR
UHJUHVDFXDQGRKDEtDVGLFKRTXHORKDUtDV
‡ (OLJH XQ OXJDU HVSHFtILFR SDUD HO PRPHQWR GH LQWLPLGDG (V
PHMRUTXHVHDQHXWUDOSRUHMHPSORXQDVLOODRXQFRMtQTXHSXHGDV
GHVSOD]DUSDUDQRPROHVWDUDRWURVPLHPEURVGHODIDPLOLD
‡ (O OXJDU SDUD HO PRPHQWR GH LQWLPLGDG HV GRQGH W~ \ WX KLMR
SRGDLVVHQWDURVDREVHUYDUFyPRFDPELDQORVVHQWLPLHQWRV
‡ ,QYLWD D WX KLMR DO OXJDU SDUD HO PRPHQWR GH LQWLPLGDG 6L HVWi
IXHUD GH FRQWURO HPRFLRQDOPHQWH \ VXSRQH XQ SHOLJUR SDUD ORV
GHPiVWDOYH]WHQJDVTXHOOHYDUORW~
‡8WLOL]DXQWRQRGHYR]ILUPHWUDQTXLOL]DGRU\DPDEOH
‡ 2EVHUYD D WX KLMR FRQ DWHQFLyQ ¢&yPR VH FRPSRUWD" ,QWHQWD
DGLYLQDU HO VLJQLILFDGR \ ORV VHQWLPLHQWRV TXH HVFRQGH VX
FRQGXFWD¢4XpHVWiRFXUULHQGRUHDOPHQWH"
‡ (O PRPHQWR GH LQWLPLGDG SHUPLWH ©VHQWLUª \ DFHSWDU ORV
VHQWLPLHQWRVGHWXKLMR'HPXHVWUDDOQLxRTXHTXLHUHVD\XGDUOH\
TXH WX DPRU VLJQLILFD TXH UHFLEHV \ DFHSWDV VXV HPRFLRQHV GH
EXHQJUDGRLQFOXVRODVGLItFLOHV
‡ 0DQWpQ OD HPSDWtD \ OD FRQH[LyQ +D] TXH WX KLMR WH VLHQWD
SUHVHQWH \ VHQVLEOH (VWR HMHUFH XQ HIHFWR FDOPDQWH HQ ORV QLxRV
SHTXHxRV
‡ $ WX KLMR SXHGH FRVWDUOH XQ SRFR FDOPDUVH VL VXV HPRFLRQHV OH
VXSHUDQ
‡&XDQGRWXKLMRVHKD\DFDOPDGRORVXILFLHQWHD\~GDOHDGHVFULELU
VXV VHQWLPLHQWRV 3XHGHV GHFLU DOJR DVt ©3DUHFH TXH WLHQHV
SUREOHPDV FRQ HVWRª R ©(VWR SDUHFH GLItFLO SDUD WL ¢(VWiV
HQIDGDGRWULVWHWLHQHVPLHGR"ª
‡(VSHUDVXUHVSXHVWD(VFXFKDFRQDWHQFLyQ5HFRQRFH\DFHSWD
ODUHVSXHVWD RODIDOWDGHHVWD 
‡ $ FRQWLQXDFLyQ KDEOD VREUH WXV VHQWLPLHQWRV 8WLOL]D IUDVHV
FRPR ©&XDQGR KDV KHFKR BBBBBBBBBBBB PH KH VHQWLGR
PHQFLRQD OD HPRFLyQ  BBBBBBBBBBBBBBBBBBBBBBBª 1R
HVSHUHV XQD GLVFXOSD VROR FRPXQLFD WXV VHQWLPLHQWRV HQ XQ WRQR
QHXWURQRFXOSDELOL]DGRU
‡ &XDQGR WX KLMR HVWp VXILFLHQWHPHQWH FRQHFWDGR \ WUDQTXLOR
D\~GDOH D HQFRQWUDU RWUD DFWLYLGDG SDUD FDPELDU GH DPELHQWH R
 VLPSOHPHQWHVLJXHDGHODQWHFRQWXVSODQHVSDUDHVHGtD KRUDGH
GRUPLUGHLUDODJXDUGHUtDGHFRPHUHWFpWHUD 

+,-26$'2/(6&(17(6

$XQTXH WRGRV ORV QLxRV VH EHQHILFLDQ GH OD

FRPSDVLyQKDFLDVtPLVPRVVHWUDWDGHXQDKDELOLGDG
HVSHFLDOPHQWH LPSRUWDQWH SDUD HQVHxDUOD HQ OD
DGROHVFHQFLD 8QR GH ORV DYDQFHV FRJQLWLYRV GH ORV
DGROHVFHQWHV HV HO DXPHQWR GH OD FDSDFLGDG SDUD
WRPDU SHUVSHFWLYD OR TXH VLJQLILFD TXH ORV
DGROHVFHQWHVSXHGHQYHUVHGHVGHHOSXQWRGHYLVWDGH
ORV GHPiV (VWD FDSDFLGDG LPSOLFD TXH OD
DGROHVFHQFLDHVXQDpSRFDGHLQWHQVDDXWRYDORUDFLyQ
\FRPSDUDFLyQVRFLDO/RVDGROHVFHQWHVVHSUHJXQWDQ
TXp SLHQVDQ ORV GHPiV GH HOORV R VL VRQ WDQ EXHQRV
FRPR ORV GHPiV (VH SURFHVR RFXUUH DO WLHPSR TXH
LQWHQWDQ HVWDEOHFHU VX LGHQWLGDG \ VX OXJDU HQ OD
MHUDUTXtD VRFLDO /DV LQWHQVDV SUHVLRQHV D ODV TXH VH
YHQVRPHWLGRVODPD\RUtDGHORVDGROHVFHQWHV HVWUpV
SRU HO UHQGLPLHQWR DFDGpPLFR OD QHFHVLGDG GH
©HQFDMDUª HQ XQ JUXSR OD SUHRFXSDFLyQ SRU HO
DWUDFWLYR VH[XDO  KDFHQ TXH ODV DXWRYDORUDFLRQHV GH
ORVDGROHVFHQWHVWLHQGDQDVHUGHVIDYRUDEOHV
3DUDHPSHRUDUODVFRVDVODLQWURVSHFFLyQGHORV
DxRVGHDGROHVFHQFLDQRUPDOPHQWHFRQGXFHDORTXH
VH FRQRFH FRPR ©OD IiEXOD SHUVRQDOª XQD IDODFLD
FRJQLWLYD TXH OOHYD D ORV DGROHVFHQWHV D SHQVDU TXH
VXV H[SHULHQFLDV VRQ ~QLFDV \ TXH ORV GHPiV QR
SXHGHQ HQWHQGHU SRU OR TXH HVWiQ SDVDQGR
¢5HFXHUGDVODSULPHUDYH]TXHWHHQDPRUDVWH"6HJXUR
TXH QR SRGtDV LPDJLQDU TXH WXV SDGUHV KXELHVHQ
VHQWLGR DOJR QL UHPRWDPHQWH SDUHFLGR /RV
DGROHVFHQWHV WLHQHQ GLILFXOWDGHV SDUD HQWHQGHU OD
H[SHULHQFLD KXPDQD FRPSDUWLGD SRUTXH WRGDYtD QR
KDQWHQLGRVXILFLHQWHVUHODFLRQHVFHUFDQDVSDUDGDUVH
FXHQWDGHTXHVXVSHQVDPLHQWRV\VXVVHQWLPLHQWRVHQ
UHDOLGDG QR VRQ ~QLFRV $GHPiV WLHQGHQ D
VREUHYDORUDUORPXFKRTXHVDEHQ\ORSRFRTXHVDEHQ
ORVGHPiVSRUTXHEXHQRORTXHVDEHQHVWRGRORTXH
VDEHQ&RPRGLMR0DUN7ZDLQ©&XDQGRWHQtDFDWRUFH
DxRV PL SDGUH HUD WDQ LJQRUDQWH TXH QR SRGtD
VRSRUWDUOH&XDQGRFXPSOtYHLQWLXQRPHPDUDYLOODED
WRGRORTXHDTXHODQFLDQRFDEDOOHURKDEtDDSUHQGLGR
HQVRORVLHWHDxRVª1XHVWUDLQYHVWLJDFLyQGHPXHVWUD
TXHORVDGROHVFHQWHVTXHHVWiQEDMRORVHIHFWRVGHOD
IiEXOD SHUVRQDO WLHQGHQ D VHU PHQRV FRPSDVLYRV
FRQVLJR PLVPRV SRUTXH QR UHFRQRFHQ TXH VXV
GLILFXOWDGHV\VXVIUDFDVRVVRQVRORXQDSDUWHQRUPDO
GHORTXHVLJQLILFDVHUKXPDQR
 3RU WRGDV HVWDV UD]RQHV HQVHxDU FRPSDVLyQ
KDFLD XQR PLVPR D ORV DGROHVFHQWHV SXHGH VHU
LQPHQVDPHQWH YDOLRVR 3RU VXSXHVWR DOJXQRV
DGROHVFHQWHV VH UHVLVWHQ D OD LGHD GH OD
DXWRFRPSDVLyQ DO SULQFLSLR \D TXH VXHQD XQ SRFR
FXUVL SDUD HOORV 1R HV JXD\ VL WX JUXSR IDYRULWR HV
1DSDOP *KRVW 6OD\HU 1R REVWDQWH FXDQGR OHV
H[SOLFDPRV TXH OD FRPSDVLyQ QR HV OR PLVPR TXH
TXHMDUVH VHQWLU OiVWLPD SRU XQR PLVPR R FDHU HQ OD
DXWRFRPSODFHQFLD OD PD\RUtD GH HOORV VH DEUHQ DO
FRQFHSWR DO ILQ \ DO FDER HO YRFDOLVWD GH 1DSDOP
*KRVW 6OD\HU WXYR TXH DSUHQGHU DXWRFRPSDVLyQ
FXDQGR HVWXYR HQ UHKDELOLWDFLyQ ¢QR"  7DPELpQ
SXHGH UHVXOWDU ~WLO KDEODU VREUH OD GLIHUHQFLD HQWUH
DXWRHVWLPD \ FRPSDVLyQ KDFLD XQR PLVPR 'DGD OD
H[SHULHQFLD GLDULD GH ORV DGROHVFHQWHV VRQ FDSDFHV
GH FDSWDU UiSLGDPHQWH HO SUREOHPD TXH VXSRQH
HVIRU]DUVH SRU VHQWLUVH HVSHFLDO \ SRU HQFLPD GH OD
PHGLD HQ WRGR PRPHQWR 6L OHV H[SOLFDPRV TXH OD
DXWRFRPSDVLyQHVXQDKHUUDPLHQWDSDUDVHQWLUVHELHQ
FRQXQRPLVPRTXHQRUHTXLHUHVHQWLUVHVXSHULRUDORV
GHPiVSRGHPRVD\XGDUOHVDHQWHQGHUPHMRUSRUTXp
HVWDPELpQXQDPDQHUDPiVVDQDGHUHODFLRQDUVH

0,+,6725,$6(53$'5(6'(52:$1
6LELHQ5XSHUW\\RKHPRVVXIULGRPXFKRGXUDQWHORV
SULPHURVDxRVGH5RZDQQXHVWURFRPSURPLVRFRQOD
FRPSDVLyQ KDFLD XQR PLVPR QRV KD D\XGDGR
PXFKtVLPR (Q SULPHU OXJDU QRV D\XGDPRV D VHU
FRPSDVLYRV FRQ WRGRV ORV HUURUHV TXH FRPHWHPRV
FRPR SDGUHV TXH VRQ PXFKRV &XDQGR PH GLULJtD D
5RZDQEUXVFDPHQWHGHVSXpVGHXQGtDHVSHFLDOPHQWH
IUXVWUDQWH SRU HMHPSOR \ D FRQWLQXDFLyQ PH VHQWtD
WHUULEOHPHQWHFXOSDEOH5XSHUWPHD\XGDEDDUHFRUGDU
TXHQRSRGtDHVSHUDUHQIUHQWDUPHDWRGRGHODPDQHUD
SHUIHFWDHQWRGRPRPHQWR(QWRQFHVPHUHVXOWDEDPiV
VHQFLOOR VXSHUDU PL IUXVWUDFLyQ SHGLU GLVFXOSDV \
FRQVRODU D 5RZDQ VL HVWDED GLVJXVWDGR \ YROYHU D
HPSH]DU
/R PiV LPSRUWDQWH TXL]iV HV TXH 5XSHUW \ \R
QRVDVHJXUDPRVGHQRSHUGHUQRVHQQXHVWURSDSHOGH
FXLGDGRUHVKDVWDHOSXQWRGHGHMDUGHDWHQGHUQXHVWUDV
SURSLDVQHFHVLGDGHV1RVGLPRVFXHQWDGHTXHDPERV
QHFHVLWiEDPRVWLHPSRSDUDQRVRWURVIXHUDGHOKHFKR
GHVHUSDGUHVGHXQQLxRFRQDXWLVPR3RUGHVJUDFLD
WDQWRORVSDGUHVGH5XSHUWFRPRORVPtRVYLYtDQOHMRV
\ QR HQFRQWUDPRV D XQD QLxHUD FDSD] GH PDQHMDU ODV
UDELHWDV\ODLQFRQWLQHQFLDGH5RZDQGHPDQHUDTXH
OOHJDPRV DO DFXHUGR GH DUUHJODUQRV HQWUH QRVRWURV
8QDQRFKHDODVHPDQD\RWHQtDOLEHUWDGSDUDKDFHUOR
TXHTXLVLHUD LUDXQDFODVHGHPHGLWDFLyQRGHEDLOH
WRPDU XQD FRSD FRQ ODV DPLJDV DVLVWLU D XQ
FRQFLHUWR \5XSHUWGLVSRQtDGHVXQRFKHOLEUH1RV
DVHJXUDPRVGHDWHQGHUQXHVWUDVSURSLDVQHFHVLGDGHV
OR TXH QRV D\XGDED D PDQWHQHUQRV GHVSHMDGRV \
UHODMDGRV SDUD DIURQWDU HO UHWR GH VHU SDGUHV GH
5RZDQ\GDUQRVDSR\RPXWXR
$KRUD TXH 5RZDQ KD FUHFLGR DKRUD PLVPR HQ
HO PRPHQWR GH HVFULELU HVWR WLHQH RFKR DxRV  HVWR\
HPSH]DQGRDPRGHODUHOSURFHVRGHFRPSDVLyQKDFLD
VtPLVPRSDUDpO\SRFRDSRFRORYDFRQVLJXLHQGR
8Q UDVJR GHO DXWLVPR HV OD HFRODOLD OD WHQGHQFLD D
UHSHWLUIUDVHVTXHGLFHQRWUDVSHUVRQDV0HKHWRPDGR
ODHFRODOLDGH5RZDQFRPRXQDRSRUWXQLGDGSDUDGDU
IRUPD D VX GLiORJR LQWHULRU \ TXH ODV SDODEUDV TXH
XWLOLFH FXDQGR VH GLVJXVWD VHDQ GH FRQVXHOR \
DXWRFRPSDVLYDV$ORVQLxRVDXWLVWDVOHVUHVXOWDPX\
GLItFLOHQIUHQWDUVHDODIUXVWUDFLyQ6L5RZDQGHUUDPD
XQ YDVR GH DJXD VREUH VX URSD SRU HMHPSOR SXHGH
OOHJDU D VHQWLU XQ VXIULPLHQWR \ XQD DQVLHGDG
GHVSURSRUFLRQDGRV<FXDQGRHOWUHQGHODDQJXVWLDVH
SRQHHQPDUFKDUHVXOWDPX\GLItFLOSDUDUOR
(QVLWXDFLRQHVDVtLQWHQWRUHVSRQGHUGHPDQHUD
FRPSUHQVLYD\FRPSDVLYD©3REUHFLWRVHWHKDFDtGR
HO DJXD \ WH KDV PRMDGR 1R SDVD QDGD VL WH VLHQWHV
GLVJXVWDGR \ IUXVWUDGR $KRUD PLVPR HVWR HV PX\
GHVDJUDGDEOH SDUD WL ¢YHUGDG"ª (VWR OH D\XGD D
DFHSWDU \ YDOLGDU VXV HPRFLRQHV HQ HO PRPHQWR
SUHVHQWH$FRQWLQXDFLyQWUDWRGHPRGHODUORVSDVRV
SDUD D\XGDUOH D DYDQ]DU HPRFLRQDOPHQWH KDFLD HO
VLJXLHQWH PRPHQWR HQ OXJDU GH REVHVLRQDUQRV FRQ OR
TXHKDVDOLGRPDO©6pTXHWHVLHQWHVPDOSHUR\DWH
KDVFDPELDGRGHURSD\DKRUDWRGRHVWiELHQ1RHV
QHFHVDULR TXH OORUHV PiV SRU HVR DGHPiV PH
SUHRFXSD TXH HVWpV WULVWH ¢4XLHUHV HVWDU WULVWH R
TXLHUHVHVWDUFRQWHQWR"ª
(Q RFDVLRQHV FXDQGR OH SUHJXQWR HVR 5RZDQ
UHVSRQGH TXH TXLHUH HVWDU WULVWH HQ FX\R FDVR OR
DEUD]R \ OR FRQVXHOR PLHQWUDV pO VLHQWH VX WULVWH]D
©(VWDV FRVDV RFXUUHQ QR SDVD QDGD SRU HVWDU
GLVJXVWDGRª (Q FDPELR RWUDV YHFHV PH UHVSRQGH
©4XLHUR HVWDU FRQWHQWRª (Q HVH FDVR LQWHQWR
D\XGDUOHDHQFRQWUDUFRVDVTXHOHKDJDQIHOL]©'LPH
DOJR TXH WH JXVWH DKRUD PLVPR 3RU HMHPSOR TXH
HVWDPRVMXQWRVRTXHWLHQHVGRVJHFNRVOHRSDUGRPX\
JXDSRVTXHVHOODPDQ*DU\,\*DU\,,ª
$XQTXH WRGDYtD WLHQH GLILFXOWDGHV SDUD VXSHUDU
VXVHVWDGRVGHDQJXVWLDXQHQIRTXHFRPSDVLYRSDUHFH
D\XGDU D TXH SDVHQ DQWHV 7DPELpQ Vp TXH KD
HPSH]DGRDSUHVWDUDWHQFLyQDHVDIRUPDGHKDEODUVH
DVtPLVPR3RUHMHPSORHORWURGtDVHHQIDGySRUTXH
VX '9' VH KDEtD DWDVFDGR \ OH HVFXFKp GHFLU ©1R
SDVDQDGD$YHFHVODVFRVDVVHURPSHQª
/D RFDVLyQ HQ TXH VXSH TXH UHDOPHQWH OR KDEtD
©SLOODGRªIXHFXDQGRIXLPRVDO]RR$TXHOODPDxDQD
\R KDEtD WHQLGR YDULDV H[SHULHQFLDV IUXVWUDQWHV HO
WUiILFRSUREOHPDVSDUDDSDUFDUHWFpWHUD \HVWDEDGH
PDO KXPRU 'HVSXpV GH XQRV PLQXWRV UHVRSODQGR \
PRYLHQGR ORV SLHV LQTXLHWD \R QR ORV x~HV  HQ OD
H[SRVLFLyQ GH IDXQD DIULFDQD 5RZDQ PH GLMR ©1R
SDVDQDGDPDPL¢4XLHUHVHVWDUWULVWHRFRQWHQWD"ª<
SHQVp TXH VH VXSRQtD TXH \R HUD OD DGXOWD VDELD \
PDGXUD +DFtD XQ GtD SUHFLRVR \ DOOt HVWDED VLHQGR
FRQVRODGD\D\XGDGDSRUPLDGRUDGRKLMR(OPHQVDMH
GHODFRPSDVLyQKDEtDFRPSOHWDGRHOFLFOR
 &DStWXOR

$025<6(;2

(O DPRU VH DOLPHQWD GH OD LPDJLQDFLyQ TXH QRV KDFH PiV VDELRV
GHORTXHVDEHPRVPHMRUHVGHORTXHQRVVHQWLPRVPiVQREOHVGH
OR TXH VRPRV TXH QRV FDSDFLWD SDUD YHU OD 9LGD FRPR XQ WRGR
TXHHVOR~QLFRTXHQRVSHUPLWHFRPSUHQGHUDORVGHPiVHQVXV
UHODFLRQHVWDQWRUHDOHVFRPRLGHDOHV
26&$5:,/'('H3URIXQGLV

/D FRPSDVLyQ KDFLD XQR PLVPR QR VROR QRV D\XGD D

VHU PHMRUHV SDGUHV \ FXLGDGRUHV VLQR TXH DGHPiV
PHMRUD QXHVWUD YLGD DPRURVD \ VH[XDO &XDQGR
GHMDPRVDWUiVORVHPSHxRVHJRtVWDV\SRQHPRVILQD
OD REVHVLyQ SRU DXWRHYDOXDUQRV GH PDQHUD SRVLWLYD
QXHVWUR DPRU \ QXHVWUR GHVHR SRU RWUDV SHUVRQDV VH
LQWHQVLILFDQ $O DFHSWDU OD YLGD WDO FRPR HV
SHUPLWLHQGR TXH IOX\D D WUDYpV GH QRVRWURV
OLEUHPHQWHQXHVWUDSDVLyQHVFDSD]GHDOFDQ]DUFRWDV
QXHYDV\PDUDYLOORVDV

$025<(1$025$0,(172

8QRGHORVUHWRVGHHQFRQWUDUXQDUHODFLyQURPiQWLFD
TXH VDWLVIDJD QXHVWUDV QHFHVLGDGHV PiV SURIXQGDV HV
SUHFLVDPHQWH HVH QXHVWUD FRQILDQ]D HQ TXH XQD
UHODFLyQ VDWLVIDJD QXHVWUDV QHFHVLGDGHV PiV
SURIXQGDV (Q SDUWH OD UD]yQ GH TXH HQDPRUDUVH
UHVXOWH WDQ PDUDYLOORVR HV TXH QRV SHUPLWH VHQWLUQRV
UHDOPHQWH YDORUDGRV DFHSWDGRV \ FRPSUHQGLGRV SRU
RWUD SHUVRQD 1XHVWUD SDUHMD QRV TXLHUH WDO FRPR
VRPRV OR TXH VLJQLILFD TXH D OR PHMRU QXHVWURV
GHIHFWRVQRVRQWDQPDORV<SRUVXSXHVWRKD\PXFKD
YHUGDGHQHVR(VXQUHJDORPDUDYLOORVRYHUODSURSLD
EHOOH]DUHIOHMDGDHQORVRMRVGHRWUDSHUVRQD3HURVL
QRVEDVDPRVH[FOXVLYDPHQWHHQODEXHQDRSLQLyQTXH
QXHVWUD SDUHMD WLHQH GH QRVRWURV SDUD VHQWLUQRV ELHQ
HQXQPRPHQWRXRWURWHQGUHPRVXQGHVSHUWDUEUXVFR
(OHQFDQWRDFDEDHVIXPiQGRVHLQFOXVRHQORVPHMRUHV
URPDQFHV \ QXHVWUD SDUHMD QR VROR YHUi FRVDV GH
QRVRWURV TXH QR OH JXVWDQ VLQR TXH DGHPiV QRV OR
KDUiVDEHU(OGtDGHQXHVWUDERGDHOSDGUHGH5XSHUW
QRV GLMR ©1R RV SUHRFXSpLV ORV SULPHURV FXDUHQWD
DxRV GH PDWULPRQLR VRQ FRPSOLFDGRV SHUR GHVSXpV
VRQ FRPR XQD EDOVD GH DFHLWHª 'H DFXHUGR HVWDED
H[DJHUDQGR FRQ OD LQWHQFLyQ GH VHU JUDFLRVR SHUR
QDGLHSXHGHQHJDUTXHODVUHODFLRQHVVHDQGLItFLOHV
1R SRGHPRV FRQILDU VLHPSUH HQ TXH QXHVWUD
SDUHMD QRV KDJD VHQWLU ELHQ FRQ QRVRWURV PLVPRV
SRUTXH OD DFHSWDFLyQ WLHQH TXH VDOLU GH GHQWUR SDUD
TXHSHQHWUHUHDOPHQWHHQQXHVWURVFRUD]RQHV$XQTXH
VHQWLUVH DPDGR \ DFHSWDGR SRU QXHVWUD SDUHMD D\XGD
HV PX\ IiFLO GHVHVWLPDU OD DSUREDFLyQ GH ORV GHPiV
SRU FRQVLGHUDU TXH HV XQD PXHVWUD GH ©DPDELOLGDGª
HTXLYRFDGD 3XHGH TXH SLHQVHV ©6t PL SDUHMD PH
TXLHUH SHUR QR YH PL \R DXWpQWLFR 1R R\H ORV
SHQVDPLHQWRV KRUULEOHV \ PH]TXLQRV TXH SXHEODQ
FRQVWDQWHPHQWH PL FDEH]D 6L YLHVH PL DXWpQWLFR \R
QRSHQVDUtDTXHVR\WDQPDUDYLOORVRª
(Q XQD RFDVLyQ WXYH XQD FROHJD 'LDQH TXH
VXIUtDPXFKRGHELGRDHVWHWLSRGHSHQVDPLHQWRV6X
QRYLR(ULF FRQHOTXHFRQYLYtD SHQVDEDTXHORHUD
WRGR SDUD HOOD (Q PXFKRV DVSHFWRV HO DPRU \ HO
DSR\R GH (ULF OD D\XGDEDQ D VHJXLU DGHODQWH 6LQ
HPEDUJR'LDQHSHQVDEDTXHODEXHQDRSLQLyQGH(ULF
VH GHEtD SULQFLSDOPHQWH D TXH HQ UHDOLGDG QR OD
FRQRFtD 'LDQH VH MX]JDED \ VH FULWLFDED
FRQVWDQWHPHQWH\HVWDEDVHJXUDGHTXHVLUHYHODEDVX
YHUGDGHUR \R D (ULF pO WDPELpQ OD MX]JDUtD /R TXH
PiV GLVJXVWDED D 'LDQH GH Vt PLVPD HUD VX JUDQ
WHQGHQFLDDFRQWURODU\VHYHtDLQFDSD]GHHYLWDUOR
'LDQHDGRUDEDD(ULFHLQWHQWDEDSDUHFHUORPiV
UHODMDGD SRVLEOH FXDQGR HVWDED FRQ pO SRUTXH QR
TXHUtDTXHVHGLHVHFXHQWDGHTXHHQUHDOLGDGHUDXQD
©WLUDQDPDQtDFDª HQVXVSURSLDVSDODEUDV (ULFHUD
XQ FKLFR WUDQTXLOR XQD GH ODV FRVDV TXH PiV OH
JXVWDEDQ GH pO D 'LDQH /D LURQtD HUD TXH OD
QDWXUDOH]D UHODMDGD GH (ULF SURYRFDED HO GHVHR GH
FRQWUROFRQVWDQWHGH'LDQHeOVLHPSUHVHROYLGDEDGH
ORV SHTXHxRV UHFDGRV FRPR SDVDU SRU OD WLHQGD D
FRPSUDUODOHFKHTXHHOODOHKDEtDSHGLGRREDMDUOD
WDSD GHO UHWUHWH GHVSXpV GH LU DO EDxR R FRUWDU HO
FpVSHG DQWHV GH TXH HPSH]DVH D SDUHFHU XQD VHOYD
WURSLFDO (ULF HUD XQ VRxDGRU FX\R FRPSRUWDPLHQWR
WHQGtDDODGLVSHUVLyQ\ODGLVWUDFFLyQ\HVRHQIXUHFtD
D'LDQH
'HVSXpV GH GRV DxRV YLYLHQGR MXQWRV 'LDQH \
(ULF GLVFXWtDQ FDGD YH] PiV (Q OXJDU GH PROHVWDUVH
~QLFDPHQWH SRU ORV GHVSLVWHV GH (ULF 'LDQH VH
HQIDGDED FDGD YH] PiV \ HUD PiV EUXVFD FRQ pO
(PSH]yDGHGLFDUOHFDOLILFDWLYRVFRPRLUUHVSRQVDEOH
YDJR H LQPDGXUR 6L (ULF QR KXELHVH HVWDGR WDQ
HQDPRUDGR SUREDEOHPHQWH VH KDEUtD KDUWDGR GH VXV
FUtWLFDV FRQVWDQWHV \ OD KXELHVH GHMDGR 3HUR TXHUtD
HQWHQGHUTXpHVWDEDRFXUULHQGR
'HVSXpVGHYDULDVFRQYHUVDFLRQHVTXHGySDWHQWH
TXHHOGHVHRGHFRQWUROGH'LDQHWHQtDVXRULJHQHQHO
PLHGR 3RFR GHVSXpV GH FRQVHJXLU VX SHUPLVR GH
FRQGXFLUDORVGLHFLVpLVDxRVIXHFRQVXVDPLJRVDOD
SOD\D HQ FRFKH (Q XQD FXUYD SHUGLy HO FRQWURO \ HO
YHKtFXOR GLR WUHV YXHOWDV GH FDPSDQD 8QD GH VXV
PHMRUHV DPLJDV HVWXYR D SXQWR GH PRULU $ 'LDQH OH
DIHFWy WDQWR TXH TXLVR DVHJXUDUVH GH TXH QR OH
YROYLHVH D RFXUULU QDGD PDOR QXQFD PiV $O LQWHQWDU
FRQWURODUOR WRGR 'LDQH VH VHQWtD PiV VHJXUD (UD
FRPRVLDVtSXGLHVHFRQWUDUUHVWDUODLPSUHYLVLELOLGDG
GH OD H[LVWHQFLD 6LQ HPEDUJR HQ OXJDU GH VHQWLU
FRPSDVLyQ SRU VX WHQGHQFLD FRQWURODGRUD VX SULPHU
LPSXOVR HUD FULWLFDUVH SRU VHU WDQ UtJLGD R ELHQ
FULWLFDU D (ULF SRU VHU WDQ GHVFXLGDGR FDVL VLHPSUH
VHGDEDQDPERVFDVRV 
&XDQGR (ULF HQWHQGLy TXp SURYRFDED OD
FRQGXFWD GH 'LDQH SXGR D\XGDUOD D JHVWLRQDU VXV
HPRFLRQHV GH PDQHUD PiV SURGXFWLYD (ULF WHQtD
DOJXQRVFRQRFLPLHQWRVGHEXGLVPR\RWUDVWUDGLFLRQHV
RULHQWDOHV\HQWHQGtDHOYDORUGHODFRPSDVLyQKDFLD
XQRPLVPR6HGLRFXHQWDGHTXHHVRHUDORTXH'LDQH
QHFHVLWDED&DGDYH]TXHODYHtDSRQHUVHQHUYLRVDR
HQIDGDUVHLQFOXVRFXDQGROHDWDFDEDFRQXQDVDUWDGH
FUtWLFDV (ULF OH UHFRUGDED TXH HQWUDVH HQ FRQWDFWR
FRQ ORV VHQWLPLHQWRV VXE\DFHQWHV D VX UHDFFLyQ
©¢(VWiVPROHVWDSRUTXHWLHQHVPLHGR\VLHQWHVTXHQR
WLHQHV HO FRQWURO" ¢3RU TXp QR WH WRPDV XQ PRPHQWR
SDUD VHQWLU XQ SRFR GH FRPSDVLyQ KDFLD WL PLVPD"
'HVSXpVKDEODPRVVREUHORRFXUULGRª
$XQTXH DO SULQFLSLR UHVXOWy H[WUDxR 'LDQH
HPSH]y D SUDFWLFDU OD DXWRFRPSDVLyQ FDGD YH] PiV
XWLOL]DQGR VXV VHQWLPLHQWRV GH UDELD FRPR
UHFRUGDWRULRGHTXHWHQtDTXHVHUFDULxRVDDPDEOH\
FRPSUHQVLYD FRQVLJR PLVPD &DGD YH] TXH VHQWtD HO
GHVHR GH FRQWURO VH FRQVRODED FRQ SDODEUDV
FDULxRVDV \ UHFRQIRUWDQWHV ©6p TXH WH VLHQWHV DVt
SRUTXH WH DVXVWDVWH PXFKR FXDQGR WX DPLJD HVWXYR D
SXQWRGHPRULU(VDVLWXDFLyQSURYRFDWXPLHGR\HV
FRPSUHQVLEOH (VWR HV PX\ GLItFLO SDUD WL DKRUD
PLVPRª(QFXDQWRFDPELyVXDFWLWXGKDFLDVtPLVPD
'LDQH GHVFXEULy TXH VX QHUYLRVLVPR VH LED
VXDYL]DQGR 6H FRQYLUWLy HQ XQD SHUVRQD PiV VHJXUD
GHVtPLVPD\PiVWUDQTXLOD
8QRV PHVHV GHVSXpV 'LDQH \ (ULF GLVFXWtDQ
PXFKR PHQRV )LQDOPHQWH 'LDQH VH SHUPLWLy GDUVH
FXHQWDGHTXH(ULFODDPDEDWDOFRPRHUD\TXHHOOD
PHUHFtDVXDPRU(ULFSRUVXSDUWHHPSH]yDVHUXQ
SRFR PiV UHVSRQVDEOH QR TXHUtD SURYRFDU QLQJ~Q
GRORU LQQHFHVDULR D 'LDQH $XQTXH WRGDYtD VLJXHQ
WUDEDMDQGR HQ HOOR VX UHODFLyQ HV PHMRU TXH QXQFD
,QFOXVRKDQKDEODGRGHODSRVLELOLGDGGHFDVDUVH VL
ORKDFHQ£QRFDEHGXGDGHTXH'LDQHVHRFXSDUiGH
WRGR 

(-(5&,&,2

,GHQWLILFDUWXVSDWURQHVUHODFLRQDOHV

3LHQVD HQ WX DFWXDO UHODFLyQ GH SDUHMD R HQ OD ~OWLPD TXH KD\DV
WHQLGR ¢&XiOHV VRQ WXV GHVHQFDGHQDQWHV HPRFLRQDOHV PiV
IXHUWHV" ¢7H VLHQWHV KHULGR IiFLOPHQWH \ OOHJDV D OD FRQFOXVLyQ
SUHFLSLWDGDGHTXHQROHLPSRUWDVDWXSDUHMD"¢7HSRQHVQHUYLRVR
\ GDV SRU VHQWDGR TXH WX SDUHMD WH YD D GHMDU" &DVL WRGDV ODV
SHUVRQDVWLHQHQDOJ~QPRWLYRSURIXQGRTXHOHVOOHYDDUHDFFLRQDU
H[DJHUDGDPHQWH HQ ODV UHODFLRQHV (V FRPR VL VH DxDGLHVH XQD
FDUJD H[WUD D OR TXH WX SDUHMD KDFH R GLFH \ ODV FRVDV VH
GHVFRQWURODQ UiSLGDPHQWH 1XHVWURV SDWURQHV VRQ FLFDWULFHV
YHVWLJLRV GH UHODFLRQHV DQWHULRUHV TXH IXHURQ PDO $XQTXH XQD
SDUHMD FDULxRVD \ FRPSUHQVLYD SXHGH D\XGDUQRV D FXUDU HVRV
SDWURQHVODIXHQWHPiVGLUHFWDGHFXUDFLyQHVWiHQHOLQWHULRU
/D SUy[LPD YH] TXH VH SXOVH XQ ERWyQ HQ WX UHODFLyQ
LQWHQWD YHU FRQ FODULGDG OR TXH RFXUUH UHDOPHQWH (Q OXJDU GH
FXOSDU LQPHGLDWDPHQWH D WX SDUHMD SRU FyPR WH VLHQWHV LQWHQWD
DQDOL]DUKDVWDTXpSXQWRHVWXYLHMRSDWUyQTXHYXHOYHDODFDUJD\
DSURYHFKD OD RFDVLyQ SDUD EULQGDUWH FRPSDVLyQ 6L WH VLHQWHV
KHULGRSRUHMHPSORLQWHQWDWRPDUFRQFLHQFLDGHHVHVHQWLPLHQWR\
DFHSWD GH SOHQR WX UHDFFLyQ H[DJHUDGD &pQWUDWH GH PDQHUD
DFWLYD HQ FDOPDU WX GRORU FRQ ERQGDG KDFLD WL PLVPR \ UHFRQRFH
TXH WRGRV ORV VHUHV KXPDQRV WHQHPRV KHULGDV HPRFLRQDOHV GH
 DOJ~QWLSR DTXtSRGUtDYHQLUWHELHQWXPDQWUDGHDXWRFRPSDVLyQ 
(QOXJDUGHFRQILDUHQTXHWXSDUHMDWHGpH[DFWDPHQWHOR
TXHQHFHVLWDVLQWHQWDVDWLVIDFHUSULPHURWXVSURSLDVQHFHVLGDGHV
,GHQWLILFD TXp GHVHDV UHFRQRFLPLHQWR FDULxR DSR\R HWFpWHUD  \
SLHQVD VL OD FRPSDVLyQ KDFLD WL PLVPR SXHGH D\XGDUWH D
FRQVHJXLUOR 'H HVWH PRGR OH HYLWDUiV D WX SDUHMD OD SUHVLyQ GH
WHQHU TXH OHHU WX PHQWH \ UHDFFLRQDU H[DFWDPHQWH FRPR W~
TXLHUHV &XDQGR DSUHQGDV D FRQILDU PiV HQ OD FRPSDVLyQ SDUD
DIURQWDUWXVSDWURQHVFDGDYH]TXHUHDSDUH]FDQGHVFXEULUiVTXH
\DQRWLHQHQWDQWRSRGHUVREUHWL/DVKHULGDVVHFXUDQVLHPSUH\
FXDQGRUHFLEDQORVFXLGDGRV\ODDWHQFLyQTXHQHFHVLWDQ

/$',1È0,&$'(/$5(/$&,Ï1

-RKQ *RWWPDQ SVLFyORJR LQYHVWLJDGRU HV XQR GH ORV

PD\RUHV H[SHUWRV HQ ORV PHFDQLVPRV TXH KDFHQ TXH
XQD UHODFLyQ IXQFLRQH $ILUPD TXH SXHGH SUHYHU VL
XQDSDUHMDYDDURPSHURQRFRQXQGHSUHFLVLyQ
EDViQGRVH HQ XQD EUHYH REVHUYDFLyQ GH FyPR
LQWHUDFW~DQHQVLWXDFLRQHVFRQIOLFWLYDV/DFODYHQRHV
VLODSDUHMDWLHQHFRQIOLFWRV HQVpxDPHXQDTXHQRORV
WHQJD VLQRFyPRORVWLHQHQ([LVWHQFXDWURFRQGXFWDV
SUREOHPiWLFDV SULQFLSDOHV HQ ORV FRQIOLFWRV TXH
LQGLFDQ TXH OD UHODFLyQ HVWi DERFDGD DO IUDFDVR OR
TXH *RWWPDQ OODPD ©ORV FXDWUR MLQHWHV GHO
$SRFDOLSVLVª  6RQ ODV VLJXLHQWHV SRU RUGHQ GH
LPSRUWDQFLDFUtWLFDPHQRVSUHFLRDFWLWXGGHIHQVLYD\
HYDVLYDV 6L XQD SHUVRQD FULWLFD GXUDPHQWH D VX
SDUHMD PLHQWUDV GLVFXWHQ PXHVWUD GHVDJUDGR R
PHQRVSUHFLR RMRVHQEODQFRVDUFDVPRHWFpWHUD VL
VH SRQH DELHUWDPHQWH D OD GHIHQVLYD \ FXOSD GH ORV
SUREOHPDV DO RWUR R VL UHVSRQGH FRQ HYDVLYDV
LJQRUDQGR D VX SDUHMD H LPSLGLHQGR OD
FRPXQLFDFLyQ  HO SURQyVWLFR HV IDWDO 3RU VXHUWH
*RWWPDQ WDPELpQ KD LGHQWLILFDGR IDFWRUHV TXH
SUHGLFHQUHODFLRQHVIHOLFHV\HVWDEOHV6LXQDSDUHMD
PXHVWUD DOJ~Q WLSR GH HPRFLyQ SRVLWLYD GXUDQWH XQ
FRQIOLFWR XQD PLUDGD FDULxRVD XQ SHTXHxR JHVWR GH
DIHFWRXQDGLVFXOSDXQDULVD HVDVUHODFLRQHVWLHQHQ
PXFKDVSUREDELOLGDGHVGHVHUGXUDGHUDV
/DFRPSDVLyQKDFLDXQRPLVPRWLHQGHDLQVSLUDU
HPRFLRQHV SRVLWLYDV QR GHVWUXFWLYDV GXUDQWH ORV
FRQIOLFWRVGHSDUHMD&XDQGRQRVPROHVWDDOJRHQXQD
UHODFLyQ OD FRPSDVLyQ QRV SHUPLWH DSODFDU OD
LQWHQVLGDG GH QXHVWURV VHQWLPLHQWRV OR TXH VLJQLILFD
TXH HVWDPRV HQ PHMRU GLVSRVLFLyQ GH WRPDU ODV
ULHQGDVGHORVFXDWURMLQHWHV5HVXOWDPHQRVSUREDEOH
TXHVHDPRVPX\FUtWLFRVTXHPRVWUHPRVPHQRVSUHFLR
R TXH QRV SRQJDPRV D OD GHIHQVLYD GXUDQWH XQD
GLVFXVLyQ VL H[SHULPHQWDPRV OD VHJXULGDG HPRFLRQDO
QHFHVDULDSDUDLGHQWLILFDUQXHVWURSDSHOHQODGLVSXWD
/DFRPSDVLyQKDFLDXQRPLVPRWDPELpQSURSRUFLRQD
OD HFXDQLPLGDG QHFHVDULD SDUD KDEODU GH WHPDV
FRPSOLFDGRVORTXHVLJQLILFDTXHVHUHGXFHODDFWLWXG
HYDVLYD /D DXWRFRPSDVLyQ VXDYL]D HO FRUD]yQ \ DVt
HV PiV IiFLO HQWUDU HQ FRQWDFWR FRQ HO DIHFWR TXH
VHQWLPRVSRUQXHVWUDSDUHMD\H[SUHVDUODVHPRFLRQHV
SRVLWLYDV GXUDQWH ORV FRQIOLFWRV < GDGR TXH OD
FRPSDVLyQ KDFLD QRVRWURV PLVPRV QRV SHUPLWH
WRPDUQRVQXHVWURHJRPHQRVHQVHULRDYHFHVLQFOXVR
SRGUHPRV HQFRQWUDU OD SDUWH KXPRUtVWLFD GH QXHVWUDV
UHDFFLRQHVH[DJHUDGDV
5HFXHUGR TXH HQ XQD GLVFXVLyQ FRQ 5XSHUW
VDOLHURQ GH PL ERFD ODV SDODEUDV ©£'DPH XQ
UHVSLURªFRQHOPLVPRWRQRGHYR]VDUFiVWLFRGHPL
PDGUH TXH VLHPSUH GLFH HVD IUDVH FXDQGR HVWi
HQIDGDGD 5XSHUW \ \R QRV PLUDPRV \ HPSH]DPRV D
UHtU D FDUFDMDGDV UHFRQRFLHQGR TXH D YHFHV QRV
GHMDPRV OOHYDU SRU QXHVWURV PDORV KiELWRV +XHOJD
GHFLUTXHHOFRQIOLFWRIXHPXFKRPiVIiFLOGHUHVROYHU
GHVSXpV
([LVWH RWUD PDQHUD HQ TXH OD FRPSDVLyQ KDFLD
XQRPLVPRVLUYHGHD\XGDHQVLWXDFLRQHVFRQIOLFWLYDV
3RU OR JHQHUDO ODV SHOHDV GH SDUHMD VH GHEHQ D TXH
ORV GRV TXLHUHQ YDOLGDU VX SXQWR GH YLVWD DO PLVPR
WLHPSR 6L \R KDEOR GH FyPR YHR XQ SUREOHPD GH
UHODFLyQ \ 5XSHUW QR UHFRQRFH FyPR PH VLHQWR \ VH
OLPLWD D H[SRQHU VX SXQWR GH YLVWD GLIHUHQWH DO PtR
QRPHVHQWLUpHVFXFKDGD'LJDPRVTXHHVWR\PROHVWD
SRUTXH 5XSHUW KD VDOLGR WUHV ILQHV GH VHPDQD
VHJXLGRVDFDEDOJDUFRQVXVDPLJRV ORVFDEDOORVVRQ
VXSDVLyQ \OHSLGRTXHHOILQGHVHPDQDVLJXLHQWHQR
VDOJD SRUTXH TXLHUR SDVDU PiV WLHPSR FRQ pO (Q
OXJDUGHUHFRQRFHUTXHHVWR\PROHVWDPHH[SOLFDVX
SXQWRGHYLVWD©3HURW~VDEHVTXHPHHQFDQWDPRQWDU
1RHVWiVVLHQGRPX\JHQHURVD<DGHPiVDKRUDKDFH
XQ WLHPSR LGHDO SDUD VDOLU D FDEDOORª 6LHQWR TXH
5XSHUW QR VH KD WRPDGR HQ VHULR PLV VHQWLPLHQWRV \
PL UHDFFLyQ HPSLH]D D VHU PiV H[WUHPD FRPR VL
GLMHVH ©¢9HV" £(V QRUPDO TXH PH VLHQWD DVtª 3RU
HMHPSOR SRGUtD GHFLU ©£3HUR \D QXQFD HVWDPRV ORV
WUHVMXQWRVª DXQTXHHQUHDOLGDGVDOLPRVXQDVHPDQD
HQWHUD ORV WUHV MXQWRV HO PHV SDVDGR  (VWR SURYRFD
TXH 5XSHUW LQWHQVLILTXH VX SRVLFLyQ ©6LHPSUH
H[DJHUDV£<QXQFDWLHQHVHQFXHQWDORTXHTXLHURROR
TXH QHFHVLWRª (O WRQR GH LUD \ GH FXOSDELOL]DFLyQ
SRUSDUWHGHDPERVKDFHTXHQRVFXHVWHWRGDYtDPiV
OOHJDUDXQSXQWRGHFRPSUHQVLyQPXWXD
(O VDELR FRQVHMR GH ORV DVHVRUHV GH SDUHMD HV
TXH FDGD XQR GHEH YDOLGDU ODV HPRFLRQHV GHO RWUR
DQWHVGHSODQWHDUVXSXQWRGHYLVWD©6pTXHWHHQFDQWD
PRQWDU\TXHTXLHUHVDSURYHFKDUWRGRORTXHSXHGDV
DQWHV GH TXH HPSLHFH HO FDORU SHUR PH VLHQWR VROD
FXDQGR QR HVWiV \ PH JXVWDUtD SDVDU PiV WLHPSR
FRQWLJRHOSUy[LPRILQGHVHPDQDª2©(QWLHQGRTXH
WH VLHQWDV DEDQGRQDGD FXDQGR PH SDVR HO ILQ GH
VHPDQDIXHUDFRQPLVDPLJRVSHURHVPX\LPSRUWDQWH
SDUD Pt \ QR VDOGUp WDQWR FXDQGR HPSLHFH D KDFHU
FDORUª $ YHFHV VLQ HPEDUJR HQ HO IUDJRU GH OD
EDWDOOD UHVXOWD GLItFLO URPSHU FRQ ODV SURSLDV
UHDFFLRQHV SDUD HVFXFKDU UHDOPHQWH D OD SDUHMD \
YDOLGDUVXVHPRFLRQHV6LHVSHURTXHPLSDUHMDPHGp
OR TXH QHFHVLWR \ pO HVSHUD OR PLVPR GH Pt
SRGUtDPRV TXHGDUQRV HVSHUDQGR ORV GRV PXFKR
WLHPSR < HV DTXt GRQGH OD FRPSDVLyQ KDFLD XQR
PLVPRSXHGHD\XGDUQRV
6L SXHGHV YDOLGDU WXV SURSLRV VHQWLPLHQWRV FRQ
FRPSDVLyQ UHFRUGiQGRWH FRQ FDULxR TXH HV QDWXUDO
VHQWLUWH FRPR WH VLHQWHV QR WHQGUiV TXH KDEODU FDGD
YH]PiVDOWRSDUDVHQWLUWHHVFXFKDGR3XHGHVGHFLUWH
OR TXH UHDOPHQWH GHVHDV HVFXFKDU HQ HVH PRPHQWR
©/DPHQWR PXFKR TXH WH VLHQWDV KHULGR \ IUXVWUDGR
DKRUD PLVPR ¢&yPR SXHGR D\XGDUWH"ª  'HVSXpV
FXDQGR HPSLHFHV D VHQWLUWH DFHSWDGR \ TXHULGR
SRGUiV HVFXFKDU OR TXH WH GLFH WX SDUHMD \ YHU ODV
FRVDVGHVGHVXSXQWRGHYLVWD$xDGLUpLVPHQRVOHxD
DO IXHJR \ HO FRQIOLFWR VHJXUDPHQWH HPSH]DUi D
HQIULDUVH

/26%(1(),&,26'(/$&203$6,Ï1+$&,$8120,602(1
/$65(/$&,21(6

/DVLQYHVWLJDFLRQHVGHPXHVWUDQTXHODDXWRFRPSDVLyQ
PHMRUD QRWDEOHPHQWH OD FDOLGDG GH ODV UHODFLRQHV
DPRURVDV5HFLHQWHPHQWHOOHYDPRVDFDERXQHVWXGLR
FRQ PiV GH FLHQ SDUHMDV 0HGLPRV HO QLYHO GH
FRPSDVLyQ KDFLD Vt PLVPRV GH FDGD XQR GH VXV
LQWHJUDQWHV \ OHV SHGLPRV TXH QRV GLMHVHQ KDVWD TXp
SXQWRVHVHQWtDQIHOLFHV\VDWLVIHFKRVFRQVXUHODFLyQ
7DPELpQSHGLPRVDFDGDSDUWLFLSDQWHTXHGHVFULELHVH
HOFRPSRUWDPLHQWRGHVXSDUHMDGHQWURGHODUHODFLyQ
¢&DULxRVR \ VHQVLEOH R FRQWURODGRU \ H[LJHQWH" ¢6H
HQIDGDED D OD PiV PtQLPD R HUD FDSD] GH PDQWHQHU
XQD FRQYHUVDFLyQ WUDQTXLOD" (O HVWXGLR QRV SHUPLWLy
FRPSUREDU VL ODV SHUVRQDV PX\ FRPSDVLYDV FRQVLJR
PLVPDV WHQtDQ PHMRUHV UHODFLRQHV GH SDUHMD \ VL VH
GHVFULEtDQ FRPR SDUHMDV PiV FDULxRVDV DWHQWDV \
FRQVLGHUDGDV
7DPELpQHYDOXDPRVORVQLYHOHVGHDXWRHVWLPDGH
ORVSDUWLFLSDQWHVSHURQRSHQVDPRVTXHODVSHUVRQDV
FRQ OD DXWRHVWLPD DOWD WXYLHVHQ PHMRUHV UHODFLRQHV
TXH ODV TXH FDUHFHQ GH DXWRHVWLPD $ PHQXGR QRV
HQIDGDPRV VHQWLPRV FHORV \ QRV SRQHPRV D OD
GHIHQVLYDFXDQGRVHQWLPRVTXHQXHVWUDDXWRHVWLPDHV
DPHQD]DGDSRUQXHVWUDSDUHMDXQSDWUyQTXHSURYRFD
QXPHURVRV SUREOHPDV GH UHODFLyQ &XDQGR OD
DXWRHVWLPD VH PDQLILHVWD HQ IRUPD GH QDUFLVLVPR
DGHPiV VXHOH LU DFRPSDxDGD GH HJRtVPR \ IDOWD GH
VHULHGDG HQ ODV UHODFLRQHV DPRURVDV \ QR VRQ
SUHFLVDPHQWH ORV LQJUHGLHQWHV LGHDOHV SDUD XQD
IHOLFLGDGGXUDGHUD 
/RVUHVXOWDGRVGHQXHVWURHVWXGLRLQGLFDURQTXH
ODV SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV WHQtDQ
UHODFLRQHV GH SDUHMD PiV IHOLFHV \ VDWLVIDFWRULDV TXH
ODVTXHFDUHFtDQGHFRPSDVLyQ(OORVHGHEHHQJUDQ
SDUWH D TXH ORV SDUWLFLSDQWHV DXWRFRPSDVLYRV IXHURQ
GHVFULWRV SRU VXV SDUHMDV FRPR SHUVRQDV PiV
WROHUDQWHVHLPSDUFLDOHV(QOXJDUGHLQWHQWDUFDPELDU
D VXV SDUHMDV ODV SHUVRQDV FRPSDVLYDV FRQVLJR
PLVPDVWLHQGHQDUHVSHWDUODVRSLQLRQHVGHORWUR\D
FRQVLGHUDU VXV SXQWRV GH YLVWD $GHPiV IXHURQ
GHVFULWDV FRPR PiV FDULxRVDV DWHQWDV DIHFWXRVDV
FHUFDQDV \ GLVSXHVWDV D KDEODU GH ORV SUREOHPDV GH
UHODFLyQTXHODVSHUVRQDVFDUHQWHVGHDXWRFRPSDVLyQ
$O PLVPR WLHPSR ORV KRPEUHV \ ODV PXMHUHV
FRPSDVLYRVIXHURQGHVFULWRVFRPRSHUVRQDVTXHGDQ
PiV OLEHUWDG \ DXWRQRPtD D VXV SDUHMDV TXH ODV
DQLPDQDWRPDUVXVSURSLDVGHFLVLRQHV\DVHJXLUVXV
SURSLRVLQWHUHVHV3RUHOFRQWUDULRODVSHUVRQDVIDOWDV
GH DXWRFRPSDVLyQ VH GHVFULELHURQ FRPR PHQRV
FDULxRVDV \ PiV FUtWLFDV FRQ VXV SDUHMDV PiV
FRQWURODGRUDVTXHLQWHQWDQGDUyUGHQHV\GRPLQDU<
PiVHJRtVWDVFRQHOGHVHRLQIOH[LEOHGHTXHWRGRVH
KDJDVHJ~QVXVGHVHRV
&RQYLHQH PHQFLRQDU TXH OD DXWRHVWLPD DOWD QR
SDUHFHDIHFWDUGHPDVLDGRDODVSDUHMDV(QHOHVWXGLR
ODDXWRHVWLPDQRVHDVRFLyFRQUHODFLRQHVPiVIHOLFHV
\VDQDV\ORVSDUWLFLSDQWHVFRQODDXWRHVWLPDDOWDQR
IXHURQ GHVFULWRV SRU VXV SDUHMDV FRPR SHUVRQDV PiV
WROHUDQWHV FDULxRVDV R DWHQWDV HQ VXV UHODFLRQHV TXH
ODVTXHFDUHFtDQGHDXWRHVWLPD(QRWUDVSDODEUDVORV
UHVXOWDGRV GH QXHVWUR HVWXGLR VXJLHUHQ TXH OD
FRPSDVLyQKDFLDXQRPLVPRGHVHPSHxDXQLPSRUWDQWH
SDSHO HQ HO EXHQ IXQFLRQDPLHQWR GH ODV UHODFLRQHV
SHUR WDPELpQ TXH OD DXWRHVWLPD DOWD QR
QHFHVDULDPHQWH D\XGD /D FRPSDVLyQ IRPHQWD
VHQWLPLHQWRV GH UHFLSURFLGDG HQ ODV UHODFLRQHV GH
PDQHUDTXHODVQHFHVLGDGHVGHDPERVLQWHJUDQWHVGH
XQD SDUHMD VRQ HTXLOLEUDGDV H LQWHJUDGDV /D
DXWRHVWLPD SRU VX SDUWH VH FHQWUD PiV HQ HO HJR \
PDJQLILFDHOVHQWLPLHQWRGHVHSDUDFLyQ\FRPSHWHQFLD
HQWUHODVQHFHVLGDGHVGHFDGDXQRGHORVPLHPEURVGH
ODSDUHMD
3DUD GLVIUXWDU GHO WLSR GH UHODFLyQ FHUFDQD \
FRQHFWDGD TXH WRGRV GHVHDPRV YLYLU FRQ ORV GHPiV
SULPHURKD\TXHVHQWLUVHFHUFDQR\FRQHFWDGRFRQXQR
PLVPR 6L WH PXHVWUDV FDULxRVR \ FRPSUHQVLYR
FXDQGR WH HQIUHQWDV D ODV OLPLWDFLRQHV TXH VXSRQH HO
KHFKR GH VHU KXPDQR WHQGUiV ORV UHFXUVRV
HPRFLRQDOHV QHFHVDULRV SDUD DFWXDU GH PDQHUD
FDULxRVD \ FRPSUHQVLYD FRQ OD SHUVRQD D OD TXH
TXLHUHV $O VDWLVIDFHU WXV SURSLDV QHFHVLGDGHV GH
DPRU \ DFHSWDFLyQ VHQWLUiV PHQRV FDUHQFLDV \ QR
VHUiV WDQ GHSHQGLHQWH < VL DFHSWDV TXH QL W~ QL WX
UHODFLyQVRLVSHUIHFWRVSRGUiVGLVIUXWDUODWDOFRPRHV
HQOXJDUGHFRPSDUDUODFRQORTXHVHVXSRQHTXHGHEH
VHU XQD UHODFLyQ GH SDUHMD HO FXHQWR GH KDGDV HQ HO
TXH &HQLFLHQWD FRQRFH D XQ SUtQFLSH HQFDQWDGRU QR
H[LVWH HQ OD YLGD UHDO DGHPiV VHUtD GHPDVLDGR
XQLGLPHQVLRQDO SDUD PDQWHQHU HO LQWHUpV GH QDGLH
GXUDQWH PXFKR WLHPSR  /D FRPSDVLyQ KDFLD XQR
PLVPR DFHSWD OD LPSHUIHFFLyQ FRQ DPRU \
SURSRUFLRQD HO WHUUHQR IpUWLO QHFHVDULR SDUD TXH HO
DPRUIORUH]FD

0, +,6725,$ ©< 3520(72 $<8'$57( $ 7(1(5

&203$6,Ï1+$&,$7,0,602ª
&RPR \D KH PHQFLRQDGR FXDQGR 5XSHUW \ \R QRV
FDVDPRV LQFOXLPRV HQ QXHVWURV YRWRV OD SURPHVD GH
D\XGDUQRV D VHU PiV FRPSDVLYRV FRQ QRVRWURV
PLVPRV 1R HUD XQD SURPHVD YDFtD VLQR XQ
FRPSURPLVR KDFLD XQD PDQHUD GH VHU UHVSHFWR D
QRVRWURV PLVPRV \ FRQ HO RWUR TXH WUDQVIRUPy
UDGLFDOPHQWHQXHVWUDUHODFLyQ$GHPiVHPSUHQGLPRV
DOJXQRV SDVRV FRQFUHWRV SDUD D\XGDUQRV D VHU PiV
FRPSDVLYRVDODKRUDGHUHODFLRQDUQRVHQWUHQRVRWURV
8QDSUiFWLFDTXHQRVUHVXOWyHVSHFLDOPHQWHHILFD]IXH
ODGHUHDOL]DU©SDXVDVGHDXWRFRPSDVLyQªGXUDQWHODV
GLVFXVLRQHV (VWDV SDXVDV QRV DSRUWDQ XQ HVSDFLR HQ
HOTXHQRVRORSRGHPRVFDOPDUQRVVLQRTXHDGHPiV
QRV SHUPLWHQ VHQWLU DXWRFRPSDVLyQ SRU OD GLItFLO
VLWXDFLyQ HQ OD TXH QRV KHPRV PHWLGR (VWD SUiFWLFD
UHVXOWD ~WLO SRU GLYHUVDV UD]RQHV (QWUH RWUDV FRVDV
QRV D\XGD D FRQVRODU D QXHVWURV HJRV GDxDGRV XQD
KHUUDPLHQWD~WLOVLWHQHPRVHQFXHQWDTXHPXFKDVGH
ODV SHOHDV GH SDUHMD VXUJHQ GH OD QHFHVLGDG GH
SURWHJHUODDXWRHVWLPD
9HDPRV XQ HMHPSOR WtSLFR (Q XQD RFDVLyQ
5XSHUW VH HQIDGy FRQPLJR SRUTXH QR SDUDED GH
LQWHUUXPSLUXQDFRQYHUVDFLyQTXHHVWDEDWHQLHQGRFRQ
XQ DPLJR )XH FXDQGR HO JRELHUQR EULWiQLFR SURSXVR
SURKLELU OD FD]D GHO ]RUUR FRVD TXH ILQDOPHQWH VH
KL]R HQ   5XSHUW JUDQ DPDQWH GH ORV FDEDOORV
FUHFLyFRQHVHGHSRUWH<\RVR\YHJHWDULDQD+XHOJD
GHFLU TXH WHQtDPRV RSLQLRQHV PX\ GLVWLQWDV VREUH OD
QDWXUDOH]DpWLFDGHJDORSDUSRUHOFDPSRVLJXLHQGRD
XQRV SHUURV FD]DGRUHV TXH D VX YH] SHUVLJXHQ D XQ
]RUUR (O SUREOHPD QR HUD TXH \R H[SUHVDUD PL
RSLQLyQ VLQR TXH QR GHMDED GH FRUWDU D 5XSHUW HQ
PHGLR GH FDGD IUDVH \ HVR OH LPSHGtD H[SUHVDU
DGHFXDGDPHQWHVXSXQWRGHYLVWD&XDQGRVXDPLJRVH
PDUFKy 5XSHUW PH UHSUHQGLy FRQ GHOLFDGH]D SRU
KDEHUPH PHWLGR HQ VX FRQYHUVDFLyQ (Q OXJDU GH
GLVFXOSDUPH FRQ HOHJDQFLD VXJHUt TXH OD RSLQLyQ GH
5XSHUW VREUH OD FD]D GHO ]RUUR HUD HVW~SLGD \ WHQtD
TXH FRUUHJLUOD $KRUD PH GR\ FXHQWD GH TXH HVWDED
GHPDVLDGR DYHUJRQ]DGD SDUD DGPLWLU TXH QR KDEtD
REUDGR ELHQ DO LQWHUUXPSLUOH FRQWLQXDPHQWH DXQTXH
FUHtDTXHODFD]DGHO]RUURHUDFUXHO$VtSDUDVDOYDU
PL DXWRHVWLPD LQWHQWp OOHYDU OD FRQYHUVDFLyQ D XQ
WHUUHQR PiV SHUVRQDO TXH \R WHQtD UD]yQ \ 5XSHUW
HVWDED HTXLYRFDGR 3RU VXSXHVWR HVWR VROR HPSHRUy
ODVFRVDV\DTXHSDUDHQWRQFHV5XSHUWWHQtDODGREOH
PDODVXHUWHGHVHQWLUVHKXPLOODGRGHODQWHGHVXDPLJR
H LQVXOWDGR SRU VX PXMHU $ SDUWLU GH HVH SXQWR ODV
FRVDVHPSH]DURQDFDOHQWDUVH
3RU VXHUWH DQWHV GH SHUGHU HO FRQWURO SRU
FRPSOHWR FRQVHJXt JULWDU ©£3DXVD GH
DXWRFRPSDVLyQªHQWUHHOLQWHUFDPELRGH©GLVSDURVª
1RV WRPDPRV XQRV PLQXWRV SDUD FHUUDU ORV RMRV \
GHGLFDUQRV FRPSDVLyQ D QRVRWURV PLVPRV 0H GL
FXHQWD GH TXH HUD KXPDQR TXH GHVHDVH H[SUHVDU PL
RSLQLyQVREUHXQWHPDTXHPHHQFHQGtD1RSUHWHQGtD
FDOODUODERFDD5XSHUWVRORPHKDEtDGHMDGROOHYDU
SRU PL HQWXVLDVPR &XDQGR PL SRVWXUD GHIHQVLYD VH
VXDYL]y \ PH SHUGRQy SRU SDVDUPH GH OD UD\D SXGH
SHGLUGLVFXOSDVDPLPDULGR©¢6DEHV"7LHQHVUD]yQ
+DVLGRGHPX\PDODHGXFDFLyQSRUPLSDUWHFRUWDUWH
FRQWLQXDPHQWH GHEH GH KDEHU VLGR PX\ IUXVWUDQWH
SDUDWL/RVLHQWR$XQTXHQRHVWpGHDFXHUGRFRQWX
RSLQLyQ SDUD VHU MXVWRV KDV KHFKR DOJXQRV
FRPHQWDULRV PX\ YiOLGRV TXH QR HVWDED GLVSXHVWD D
FRQVLGHUDUª
5XSHUWSRUVXSDUWHVHGHGLFyFRPSDVLyQKDFLD
Vt PLVPR SRU OR IUXVWUDGR TXH VH VHQWtD &XDQGR
YDOLGpVXVVHQWLPLHQWRV\VXSXQWRGHYLVWDVHVLQWLy
SUHSDUDGR SDUD DFHSWDU PLV GLVFXOSDV 6LQWLy TXH \D
QR WHQtD TXH VHJXLU GHIHQGLpQGRVH \ HVWDED PiV
UHFHSWLYR GHVSXpV GH FDOPDUVH \ FRQVRODUVH FRQ VX
SURSLDFRPSDVLyQ'HKHFKRDGPLWLyTXHPXFKDVGH
PLV REVHUYDFLRQHV WDPELpQ HUDQ YiOLGDV $FDEDPRV
HQIUDVFDGRV HQ XQD GLVFXVLyQ PX\ LQWHUHVDQWH VREUH
ODV YHQWDMDV \ GHVYHQWDMDV GH OD FD]D GHO ]RUUR
3DUHFtD LPSRVLEOH SHUR ORJUDPRV XQ FRQVHQVR
FRQVLGHUDEOH VREUH HO WHPD 5XSHUW GHMy OD FD]D GHO
]RUURDTXHOPLVPRDxRSHURQRSDUDFRQWHQWDUPH6X
SURSLRVHQWLGRGHODFRPSDVLyQOHSHUPLWLyVHQWLUPiV
VLPSDWtDSRUHO]RUURTXHSRUODFXOWXUDHQODTXHVH
KDEtDFULDGR7RGDYtDSUDFWLFDVDOWRVDFDEDOORHQHO
FDPSRSHURVLQHOGLOHPDPRUDOGHWHQHUTXHFD]DUD
XQDQLPDOSRUTXHVt
(Q RFDVLRQHV FXDQGR 5XSHUW \ \R WHQHPRV XQD
GLVFXVLyQHOWHPDYDPiVDOOiGHXQHJRKHULGRRGH
XQFRQFHSWRPRUDODEVWUDFWRFRPRODYDOLGH]RQRGH
OD FD]D GHO ]RUUR /D PD\RUtD GH ODV SHUVRQDV
GHVDUUROODQ SDWURQHV GH UHDFFLyQ HQ ODV UHODFLRQHV
TXHQRVLUYHQSDUDQDGDTXHVXUJHQWtSLFDPHQWHFRPR
UHVSXHVWD D WUDXPDV GH OD LQIDQFLD 3RU HMHPSOR \R
OODPRDPLSDWUyQ©QLxDKHULGDª'DGRTXHPHVHQWt
DEDQGRQDGD SRU PL SDGUH D XQD HGDG PX\ WHPSUDQD
ORVVHQWLPLHQWRVGHGRORU\DEDQGRQRDFXGHQDPtFRQ
IDFLOLGDG HQ PLV UHODFLRQHV FRQ ORV KRPEUHV (VH
SDWUyQIXHHVSHFLDOPHQWHLQWHQVRHQORVSULPHURVDxRV
GHPLUHODFLyQFRQ5XSHUW&RPR\DKHPHQFLRQDGR
FRQRFt D 5XSHUW PLHQWUDV LQYHVWLJDED HQ OD ,QGLD eO
VH GHGLFDED D HVFULELU JXtDV GH YLDMHV \ HVWDED
UHFRSLODQGRLQIRUPDFLyQSDUDXQOLEURVREUHHOVXUGH
OD ,QGLD 'HVSXpV GH FDVDUQRV 5XSHUW WUDEDMy
SULQFLSDOPHQWHHVFULELHQGRDUWtFXORVSDUDUHYLVWDVGH
YLDMHV$XQTXHVDEtDTXHHOWUDEDMRGH5XSHUWH[LJtD
TXH SDVDVH PXFKR WLHPSR IXHUD GH FDVD D YHFHV
VHJXtDFRPSRUWiQGRPHFRPRVLIXHVHDDEDQGRQDUPH
FXDQGR WHQtD TXH VDOLU GH YLDMH 3RQtD PDOD FDUD
FXDQGR VH PDUFKDED \ VHJXtD FRQ PDOD FDUD D VX
UHJUHVR (O VHQWLPLHQWR GH GRORU \ DEDQGRQR GDED
FRORUDFDGDXQDGHPLVH[SUHVLRQHV
3RU VX SDUWH 5XSHUW OODPD D VX SDWUyQ GH OD
LQIDQFLD ©QLxR WUDWDGR LQMXVWDPHQWHª *UDQ SDUWH GHO
GRORU GH VX SULPHUD LQIDQFLD VH GHEH D TXH ORV
SURIHVRUHV GHO FROHJLR SULYDGR DO TXH DVLVWLy OH
WUDWDEDQ FRQ PXFKD GXUH]D ORV PLVPRV TXH VH
VXSRQtD TXH GHEtDQ SUHRFXSDUVH SRU VXV LQWHUHVHV
&XDQGR REWHQtD XQD PDOD QRWD HQ PDWHPiWLFDV SRU
HMHPSOR OH KXPLOODEDQ GHODQWH GH WRGRV \ OH
REOLJDEDQ D GHMDU VX FXUVR IDYRULWR GH KLVWRULD XQ
WHPD TXH VH OH GDED HVWXSHQGDPHQWH  FRPR FDVWLJR
$GHPiVGHODSHUVHFXFLyQGHORVSURIHVRUHVWXYRTXH
VRSRUWDUHODFRVRSRUSDUWHGHRWURVQLxRVTXHKDEtDQ
UHFLELGR HO PHQVDMH GH TXH QR SDVDED QDGD SRU
PHWHUVHFRQpO(OHVWUpVTXHOHSURYRFDEDXQWUDWRWDQ
LQMXVWROOHJyDWDOSXQWRTXHVXIULyXQDFULVLVQHUYLRVD
D ORV RQFH DxRV \ VH SDVy WUHV PHVHV HQ OD FDPD
&XDQGR PH KDFtD OD RIHQGLGD FDGD YH] TXH 5XSHUW
WHQtD TXH VDOLU GH YLDMH OR FXDO KDFtD GHELGR D VX
WUDEDMRQHFHVDULRSDUDPDQWHQHUQRVDORVGRV HQpO
VH GHVHQFDGHQDED LQPHGLDWDPHQWH HO ERWyQ GH ©£HV
LQMXVWRª(QOXJDUGHHVWDUHQGLVSRVLFLyQGHPLWLJDU
PLVLQVHJXULGDGHV5XSHUWVHHQIDGDED\VHPROHVWDED
FRQPLJR 'HVGH VX SXQWR GH YLVWD PLV UHDFFLRQHV
HUDQ XQD FUtWLFD GLUHFWD \ PX\ LQMXVWD SRUTXH pO QR
KDEtD KHFKR QDGD PDOR 6XV VHQWLPLHQWRV FRPR ORV
PtRV HUDQ H[DJHUDGRV \ HVDV H[DJHUDFLRQHV VXUJtDQ
GHXQSR]RGHGRORUPXFKRPiVSURIXQGRTXHHOGRORU
GH ODV FLUFXQVWDQFLDV SDUWLFXODUHV TXH YLYtDPRV HQ
DTXHOPRPHQWR
3RUVXHUWH\JUDFLDVDQXHVWURFRPSURPLVRFRQ
OD FRPSDVLyQ KDFLD XQR PLVPR ORJUDPRV OLEHUDUQRV
GHO \XJR GH ODV FUHHQFLDV DSUHQGLGDV HQ QXHVWUD
LQIDQFLD )XH FRPSOLFDGR SRUTXH QXHVWURV SDWURQHV
FRPSOHPHQWDULRV VLJQLILFDEDQ TXH DPERV WHQtDPRV
WHQGHQFLD D GHMDUQRV OOHYDU SRU VX LUUDFLRQDOLGDG
VLPXOWiQHDPHQWH $ SHVDU GH WRGR \ JUDFLDV D ODV
RFDVLRQHVHQTXHXQRGHORVGRVVHDFRUGDEDGHSRQHU
HQ PDUFKD HO SURFHVR GH FRPSDVLyQ GXUDQWH XQ
FRQIOLFWR HO PRWRU TXH UHJtD QXHVWUDV UHDFFLRQHV
QHJDWLYDV HPSH]y D SHUGHU SRWHQFLD 0L QLxD KHULGD
VDWLVIDFtD VXV QHFHVLGDGHV VLQWLpQGRVH TXHULGD \
DFHSWDGD \ \R UHFRQRFtD TXH HQ UHDOLGDG 5XSHUW QR
PHHVWDEDDEDQGRQDQGR(OQLxRWUDWDGRLQMXVWDPHQWH
GH5XSHUWHPSH]yDVHQWLUVHDOLYLDGR\pOSXGRGHMDU
DXQODGRODLUD\GDUVHFXHQWDGHTXHPLVUHDFFLRQHV
QR HUDQ HQ UHDOLGDG XQD FUtWLFD SHUVRQDO &XDQGR
IXLPRV FDSDFHV GH WUDWDU QXHVWURV SDWURQHV GH OD
LQIDQFLDFRQFRPSDVLyQSXGLPRVFHQWUDUQRVHQORTXH
RFXUUtDUHDOPHQWHDTXt\DKRUD\QXHVWURFRQIOLFWRVH
VROXFLRQDED PiV IiFLOPHQWH 1XHVWUD SURPHVD GH
D\XGDUQRV D VHU PiV FRPSDVLYRV FRQ QRVRWURV
PLVPRVHVXQDGHODVPHMRUHVFRVDVTXHKHPRVKHFKR
MDPiV

(-(5&,&,2

+D]XQDSDXVDGHFRPSDVLyQ

/DSUy[LPDYH]TXHWHYHDVHQYXHOWRHQXQDGLVFXVLyQDFDORUDGD
FRQWXSDUHMDSUXHEDDKDFHUXQDSDXVDGHFRPSDVLyQ(VPHMRU
TXH OR KD\iLV SDFWDGR SUHYLDPHQWH SHUR LQFOXVR VL WX SDUHMD QR
HVWi DO WDQWR WRPDUVH XQ ©GHVFDQVRª SDUD EULQGDUWH FRPSDVLyQ
GXUDQWH XQ FRQIOLFWR SXHGH UHVXOWDU PX\ ~WLO /R PiV GLItFLO HV
UHXQLUODFRQFLHQFLDVXILFLHQWHSDUDDFRUGDUVHGHUHDOL]DUODSDXVD
1RV PHWHPRV WDQWR HQ OR TXH KD SURYRFDGR HO FRQIOLFWR TXH HQ
QXHVWUD FRQFLHQFLD QR FDEH QDGD PiV &RQ OD SUiFWLFD VLQ
HPEDUJR SRGUiV XWLOL]DU HO GRORU TXH LPSOLFD XQ FRQIOLFWR SDUD
UHFRUGDUWH TXH OR TXH QHFHVLWDV HQ HVH PRPHQWR HV FRPSDVLyQ
KDFLDWLPLVPR
'XUDQWH OD SDXVD GHEHUtDV LU D XQ OXJDU HQ HO TXH SXHGDV
 HVWDUVRORGXUDQWHXQRVPLQXWRV VLHVQHFHVDULRYDOHHOFXDUWRGH
EDxR  /R SULPHUR HV DSDUFDU XQ PRPHQWR HO WHPD GH OD
GLVFXVLyQ 7X WDUHD DKRUD FRQVLVWH HQ FDOPDUWH YDOLGDQGR WXV
HPRFLRQHV'HGtFDWHHVWDVSDODEUDV©(VWRHVPX\GLItFLOHQHVWH
SUHFLVRPRPHQWRª XQDYH]PiVHVPX\SUREDEOHTXHWXPDQWUD
GH FRPSDVLyQ WH D\XGH HQ HVWD VLWXDFLyQ  &XDQGR VXUJH XQ
FRQIOLFWR XQD GH ODV SULQFLSDOHV FDXVDV GHO VXIULPLHQWR HV TXH
FDGDXQRLQWHQWDH[SRQHUVXSXQWRGHYLVWDFRQWDQWDIXHU]DTXHHO
RWUR QR VH VLHQWH HVFXFKDGR R YDOLGDGR $GHPiV ORV GRV
PLHPEURV GH OD SDUHMD VLHQWHQ TXH HO RWUR QR OHV TXLHUH \ OHV
UHFKD]D GHELGR DO WRQR GH HQIDGR TXH VH XWLOL]D 3RU WDQWR
HPSLH]DSRUHVFXFKDUWH\YDOLGDUWH$FpSWDWH\TXLpUHWH(VWRWH
D\XGDUi D UHVWDU IXHU]D D WX UHDFFLyQ HPRFLRQDO \ D DGRSWDU XQ
HVWDGRPHQWDOPiVFDOPDGR
&XDQGRWHUPLQHODSDXVDSRGUiVLQWHUDFWXDUFRQWXSDUHMD
GHPDQHUDPiVFRQVWUXFWLYD6LSXHGHVLQWHQWDH[SUHVDUDOPHQRV
XQDHPRFLyQSRVLWLYDXQDULVDXQDVRQULVDXQDSDODEUDDPDEOHR
XQD DILUPDFLyQ TXH FRPXQLTXH TXH HQWLHQGHV OR TXH WX SDUHMD WH
HVWiGLFLHQGR(VWRD\XGDDFDPELDUODGLQiPLFDGHOFRQIOLFWR\D
WUDQVIRUPDUORHQXQDGLVFXVLyQSRVLWLYD

/D FRPSDVLyQ KDFLD XQR PLVPR DSRUWD XQD

HQRUPH IXHU]D D ODV UHODFLRQHV GH SDUHMD &XDQGR
GHMDPRV GH GHSHQGHU GH QXHVWUD SDUHMD SDUD
VDWLVIDFHU WRGDV QXHVWUDV QHFHVLGDGHV HPRFLRQDOHV
GiQGRQRV HO DPRU \ OD DFHSWDFLyQ TXH GHVHDPRV 
QRV FRQYHUWLPRV HQ SHUVRQDV PHQRV GHSHQGLHQWHV \
H[LJHQWHV &XDQGR UHFRUGDPRV TXH VRPRV KXPDQRV
SRGHPRV DGPLWLU QXHVWURV HUURUHV \ KDEODU FRQ PiV
FDOPD \ FODULGDG < DO VHU DPDEOHV \ FiOLGRV FRQ
QRVRWURV PLVPRV RFXSDPRV XQ PHMRU HVSDFLR
HPRFLRQDOSDUDODUHODFLyQ

&203$6,Ï1+$&,$8120,602(1/$&$0$

/D FRPSDVLyQ KDFLD XQR PLVPR QR VROR IRPHQWD XQD

UHODFLyQ VDWLVIDFWRULD \ TXH GD YDOLGH] D ORV GRV
PLHPEURV GH OD SDUHMD WDPELpQ SXHGH PHMRUDU
QXHVWUD YLGD VH[XDO 8Q H[WUD (O VH[R HV XQD
PDUDYLOORVD PDQHUD GH VHQWLU OD YLGD OD SDVLyQ \ OD
FRQH[LyQ < XQD GH ODV DFWLYLGDGHV PiV SODFHQWHUDV
GH ORV DGXOWRV 3RU WDQWR ¢SRU TXp OD VRFLHGDG
PXHVWUD WDQWRV UHFHORV FRQ HO VH[R" $XQTXH KD\
LPiJHQHV VH[XDOHV SRU WRGDV SDUWHV D OD JHQWH OH
FXHVWD PXFKR KDEODU GH VH[R GH PDQHUD DELHUWD \
KRQHVWD /D VH[XDOLGDG SXHGH OOHJDU D SURYRFDU XQD
JUDQYHUJHQ]DVREUHWRGRHQWUHODVPXMHUHV,QFOXVR
SDUD ODV QDFLGDV GHVSXpV GH OD UHYROXFLyQ VH[XDO GH
ORVDxRVVHVHQWDODVRFLHGDGHQYtDHOPHQVDMHGHTXH
HO YDORU \ OD DXWRHVWLPD GH XQD PXMHU UDGLFDQ HQ VX
FDSDFLGDG GH PDQWHQHUVH VH[XDOPHQWH SXUD $ OD
PXMHUTXHGLVIUXWDDELHUWDPHQWHGHOVH[R\ 'LRVPH
SHUGRQH DODTXHOHJXVWDSUDFWLFDUORDPHQXGRVHOD
OODPDEXHQR\DORVDEHV
 3RU VXSXHVWR ODV FRVDV QR HVWiQ WDQ PDO FRPR
DQWHV $ ODV PXMHUHV \D QR VH OHV H[LJH TXH VHDQ
YtUJHQHV KDVWD HO PDWULPRQLR SHUR HO GREOH UDVHUR
WRGDYtD H[LVWH /RV KRPEUHV TXH WLHQHQ QXPHURVDV
SDUHMDV VH[XDOHV UHFLEHQ HO DSHODWLYR HORJLRVR GH
©PDFKRWHªSRUHMHPSORDODVPXMHUHVVHODVFULWLFD
H[DFWDPHQWHSRUORPLVPR([LVWHQSRFRVHMHPSORVGH
PXMHUHV TXH HVWpQ RUJXOORVDV GH VX VH[XDOLGDG \ TXH
QR SLGDQ GLVFXOSDV SRU HOOR (O SHUVRQDMH GH
6DPDQWKD HQ 6H[R HQ 1XHYD <RUN HV XQR GH HOORV
¢&XiOHVVXSXQWRGHYLVWDDFHUFDGHOKHFKRGHWHQHU
VH[R FRQ XQ KRPEUH DO TXH DFDED GH FRQRFHU" ©1R
MXHJXHVDKDFHUWHODLQWHUHVDQWHFRQXQKRPEUHGLItFLO
GHFRQVHJXLUª6DPDQWKDUHVXOWDWDQGLYHUWLGDSRUTXH
HV OR VXILFLHQWHPHQWH YDOLHQWH SDUD SDVDUOR ELHQ FRQ
DOJRTXHQRUPDOPHQWHSURYRFDGHVDSUREDFLyQ
3RU RWUR ODGR XQD PXMHU TXH WLHQH VH[R FRQ XQ
KRPEUHHQVXSULPHUDFLWDEiVLFDPHQWHSRUTXHGHVHD
JXVWDUOH QR SRUTXH HVWR UHIOHMH VX DXWpQWLFD
VH[XDOLGDGHQUHDOLGDGVHHVWiTXLWDQGRYDORU6LXQD
PXMHU EDVD VX YDOtD SHUVRQDO HQ ORV VLOELGRV TXH
DFXPXOD PLHQWUDV VH SDVHD FRQ VXV WDFRQHV GH DJXMD
-LPP\ &KRRV R QR  VH HVWi YHQGLHQGR D OD EDMD
SRUTXH VX DXWRHVWLPD GHSHQGH GH FyPR OD YH HO
PXQGR H[WHULRU HQ OXJDU GH SURFHGHU GH VX LQWHULRU
8WLOL]DU HO VH[R SDUD FRQVHJXLU DXWRHVWLPD SXHGH
OOHYDU D WRPDU GHFLVLRQHV SRFR DFHUWDGDV VREUH ORV
FRPSDxHURV VH[XDOHV DGHPiV GHO ULHVJR GH VHU
HPRFLRQDOPHQWH YXOQHUDEOH ©¢3RU TXp QR PH KD
YXHOWR D OODPDU" ¢1R OH KH SDUHFLGR VXILFLHQWHPHQWH
EXHQD"ª
/DV DGROHVFHQWHV VH HQIUHQWDQ D XQ UHWR
HVSHFLDOPHQWH DEUXPDGRU FXDQGR VH WUDWD GH OD
VH[XDOLGDG \ OD YDOtD SHUVRQDO 3RU XQ ODGR OD
DGROHVFHQFLD HVWi FDGD YH] PiV VH[XDOL]DGD HQ
QXHVWUDVRFLHGDG6LSDVHDVSRUFXDOTXLHUJUDQFHQWUR
FRPHUFLDO YHUiV PRQWRQHV GH FKLFDV TXH H[KLEHQ ODV
WLUDV GHO WDQJD SRU HQFLPD GH VXV YDTXHURV GH WDOOH
EDMR \ VXV VXMHWDGRUHV SXVKXS EDMR FDPLVHWDV ILQDV
FRPR HO SDSHO < QR VROR ODV DGROHVFHQWHV 6HJ~Q
'LDQH/HYLQ\-HDQ.LOERXUQHDXWRUDVGH6R6H[\6R
6RRQ LQFOXVR ODV SUHDGROHVFHQWHV OOHYDQ PLQLIDOGDV
WDQJD\VXMHWDGRUHVFRQUHOOHQR¢&XiOHVHOPHQVDMH"
4XH WX YDORU UDGLFD HQ OR TXH WLHQHV \ VL OR WLHQHV
H[KtEHORRVWHQWRVDPHQWH/DP~VLFDTXHHVFXFKDQORV
MyYHQHV UHIXHU]D OD QRFLyQ GH TXH ODV FKLFDV VRQ
SULQFLSDOPHQWH REMHWRV VH[XDOHV $SUR[LPDGDPHQWH
GRVWHUFLRVGHODVFDQFLRQHVSRSXODUHVTXHWUDWDQGHO
VH[R WLHQHQ OHWUDV GHJUDGDQWHV SDUD OD PXMHU &RPR
HVWD GH <LQJ <DQJ 7ZLQV ©'LFHQ TXH XQD ERFD
FHUUDGDQRVHDOLPHQWD$VtTXHQRPHLPSRUWDSHGLU
VH[RRUDO<DPHKDVRtGRWHQHPRVTXHLUDODFDPDª
(ODGROHVFHQWHPHGLRHVFXFKDDOUHGHGRUGHGRVKRUDV
\PHGLDGHP~VLFDDOGtD
3DUD DOJXQDV PXMHUHV MyYHQHV HO VH[R HQ Vt
PLVPR HVWi SHUGLHQGR VLJQLILFDGR (Q 8QKRRNHG
/DXUD6HVVLRQV6WHSSGRFXPHQWDTXHORV©UROORVªVRQ
OD QRUPD HQ PXFKRV LQVWLWXWRV \ FDPSXV
XQLYHUVLWDULRV\TXH\DQRVHFRQVLGHUDJXD\TXHUHU
VH[R HQ HO FRQWH[WR GH XQD UHODFLyQ HPRFLRQDOPHQWH
HVWDEOH \ SURORQJDGD &RPR UHDFFLyQ D OD PLVRJLQLD
JDORSDQWH DOJXQDV FKLFDV UHDFFLRQDQ ©SDJDQGR HQ
HVSHFLHVª (VWR DILUPDED XQD MRYHQ ©$ YHFHV VROR
TXLHUHV IROOiUWHORV DQWHV GH TXH HOORV VH WH IROOHQ D
WLª 6WHSS QDUUD OD KLVWRULD GH XQD FKLFD OODPDGD
1LFROH TXH WXYR VH[R FRQ XQ FKLFR HQ VX KDELWDFLyQ
GHVSXpV GH TXH HVWH OH HQYLDVH XQ PHQVDMH SDUD
SHGLUOH TXH IXHVH D VX FDVD ©8QDV KRUDV PiV WDUGH
FXDQGR HOOD VH SUHSDUDED SDUD PDUFKDUVH pO OH
SUHJXQWy ³¢4Xp KDFHPRV FRQ HVWR´ ³1DGD ²
UHVSRQGLyHOOD²+HFRQVHJXLGRORTXHTXHUtD´ª
$O WLHPSR TXH ODV QRUPDV VH[XDOHV SDUHFHQ
UHODMDUVH VH SURGXFH OD WHQGHQFLD FRQWUDULD (Q
(VWDGRV8QLGRVPXFKDVMyYHQHVGHOFHQWURFRPHUFLDO
DWDYLDGDV FRQ ERWDV DOWDV \ WRSV VLQ WLUDQWHV WDPELpQ
OXFHQ ©DQLOORV GH SXUH]Dª &DVL XQD FXDUWD SDUWH GH
ODV DGROHVFHQWHV \ XQD VH[WD SDUWH GH ORV FKLFRV
DGROHVFHQWHV  UHDOL]DQ OD SURPHVD GH PDQWHQHUVH
YtUJHQHVKDVWDHOPDWULPRQLR$OJXQRVKDQH[SORWDGR
HO FRQFHSWR GH OD YLUJLQLGDG FRPR %ULWQH\ 6SHDUV
-HVVLFD6LPSVRQR%URRNH6KLHOGV(VWDVIDPRVDVVH
KLFLHURQ SRSXODUHV HQ VX MXYHQWXG SRU PRVWUDU JUDQ
SDUWHGHVXDQDWRPtDSRVDQGRSURYRFDWLYDPHQWHSDUD
ODV FiPDUDV DO WLHPSR TXH VH GHVKDFtDQ HQ HORJLRV
VREUH OD LPSRUWDQFLD GH OD FDVWLGDG (VWRV PHQVDMHV
FRQIXVRV VREUH HO VH[R WLHQHQ VXV FRQVHFXHQFLDV
9DULRV HVWXGLRV D JUDQ HVFDOD GHPXHVWUDQ TXH ORV
MyYHQHV TXH VH FRPSURPHWHQ D PDQWHQHUVH YtUJHQHV
WLHQHQ WDQWDV SUREDELOLGDGHV GH SUDFWLFDU VH[R DQWHV
GHOPDWULPRQLRFRPRORVTXHQRUHDOL]DQODSURPHVD
SHUR PHQRV GH XWLOL]DU HO SUHVHUYDWLYR \ PiV GH
SUDFWLFDUVH[RDQDO\RUDO FRPRVLHVWDVIRUPDVGH
VH[RQRFRQWDVHQSDUDODVHVWDGtVWLFDV 
1R HV GH H[WUDxDU TXH ODV FKLFDV \ ODV PXMHUHV
HQ OD VRFLHGDG DFWXDO WHQJDQ WDQWDV GLILFXOWDGHV SDUD
UHODFLRQDUVH FRQ VX VH[XDOLGDG GH XQD PDQHUD VDQD
1RV HPSXMDQ D DYHUJRQ]DUQRV SRU VHU GHPDVLDGR
VH[XDOHVRSRUQRVHUVXILFLHQWHPHQWHVH[XDOHV
/D FRPSDVLyQ KDFLD QRVRWURV PLVPRV SXHGH
D\XGDUQRV D GHVDUUROODU XQD PDQHUD PiV VDQD \
DXWpQWLFD GH UHODFLRQDUQRV FRQ HO VH[R (Q SULPHU
OXJDU\ORPiVLPSRUWDQWHVLVRPRVFRPSUHQVLYRV\
SRVLWLYRVUHVSHFWRDQXHVWUDVH[XDOLGDG VHDFXDOVHD
ODIRUPDTXHDGRSWH SRGUHPRVGHMDUGHVHUYtFWLPDV
GHODYHUJHQ]D1RWHQHPRVTXHMX]JDUQRVDQRVRWURV
PLVPRV HQ IXQFLyQ GH ODV DPELJXDV QRUPDV VH[XDOHV
GHODVRFLHGDG$OJXQDVSHUVRQDVVRQKHWHURVH[XDOHV
RWUDV KRPRVH[XDOHV RWUDV ELVH[XDOHV +D\ TXLHQ
TXLHUHSUDFWLFDUVH[RDWRGDVKRUDV\KD\TXLHQVROR
RFDVLRQDOPHQWH $OJXQDV SHUVRQDV GHFLGHQ
PDQWHQHUVH YtUJHQHV KDVWD HO PDWULPRQLR \ RWUDV QR
+D\SHUVRQDVTXHPDQWLHQHQHOFHOLEDWRGHSRUYLGD
RWUDV VRQ PRQyJDPDV RWUDV PRQyJDPDV HQ VHULH
RWUDV SROtJDPDV $OJXQDV SDUHMDV FDVDGDV VRQ
EiVLFDPHQWH SODWyQLFDV \ QR SUDFWLFDQ VH[R 1R KD\
QDGD FRUUHFWR R LQFRUUHFWR FXDQGR VH WUDWD GH VH[R
VRORLPSRUWDORTXHHVVDQRRQRSDUDFDGDLQGLYLGXR
RSDUHMD6LQHJDPRVQXHVWUDQDWXUDOH]DKXPDQD \HO
GHVHR VH[XDO HV XQD SDUWH PX\ LPSRUWDQWH GH HOOD
LQQHJDEOHPHQWH  QR WHQGUHPRV UHODFLRQHV VH[XDOHV
VDQDV<SRUWDQWRWDPSRFRWHQGUHPRVUHODFLRQHVGH
SDUHMD VDQDV (O ELHQHVWDU QR SXHGH EDVDUVH HQ XQD
PHQWLUD
(Q FDPELR FXDQGR VRPRV FRPSDVLYRV FRQ
QRVRWURV PLVPRV FXDQGR QRV SUHRFXSDPRV SRU
QRVRWURV \ QRV FXLGDPRV SRGHPRV HPSH]DU D GHMDU
DWUiV ODV GHILQLFLRQHV OLPLWDGRUDV GH OD VRFLHGDG
VREUHFyPRVHVXSRQHTXHGHEHQVHUVH[XDOPHQWHORV
KRPEUHV\ODVPXMHUHV3RGHPRVHPSH]DUDTXHUHUQRV
\ D DFHSWDUQRV H[DFWDPHQWH WDO FRPR VRPRV \
H[SUHVDUQXHVWUDVH[XDOLGDGGHODPDQHUDTXHPiVQRV
VDWLVIDJD 'DYLG 1LPPRQV DILUPD HQ 7KH 6RXO
%HQHDWKWKH6NLQ7KH8QVHHQ+HDUWVDQG+DELWVRI
*D\ 0HQ TXH ORV KRPEUHV KRPRVH[XDOHV
SUREDEOHPHQWH VRQ ORV PiV OLEHUDGRV HQ HVWH WHPD
'DGR TXH KDQ WHQLGR TXH LU HQ FRQWUD GH ODV
FRQYHQFLRQHVVRFLDOHVWLHQHQPiVSUREDELOLGDGHVGH
HQFRQWUDUDSR\RHQVXVFRPXQLGDGHVSDUDGLVIUXWDUGH
ODDXWHQWLFLGDGVRFLDOHQFXDOTXLHUDGHVXVIRUPDV
/R PiV LPSRUWDQWH HV FHOHEUDU OD YLWDOLGDG
DSDVLRQDGDTXHVHSURGXFHFXDQGRGRVDOPDVVHXQHQ
/R TXH HVWi ELHQ SDUD XQD SHUVRQD SXHGH QR HVWDUOR
SDUDRWUDDVtTXHQRHVUD]RQDEOHHVSHUDUTXHWRGRV
VLJDPRV XQ ~QLFR SDWUyQ GH VH[XDOLGDG ©DFHSWDEOHª
1XHVWUDVGHFLVLRQHVVH[XDOHVGHEHQVXUJLUGHQXHVWUR
GHVHR LQWHULRU GH IHOLFLGDG QR GH OD SUHVLyQ SDUD
DPROGDUQRV D XQD IRUPD GHWHUPLQDGD \ REWHQHU OD
DSUREDFLyQVRFLDORLQFOXVRODDSUREDFLyQGHQXHVWUD
SDUHMD
 (-(5&,&,2

'HMDUDWUiVODYHUJHQ]DVH[XDO

2EVHUYD WX \R VH[XDO GH FHUFD FRQ KRQHVWLGDG ¢$FHSWDV

SOHQDPHQWH WXV VHQWLPLHQWRV VH[XDOHV VHDQ ORV TXH VHDQ" ¢+D\
DOJR TXH WH DYHUJHQ]D R SRU OR TXH WH MX]JDV" (Q SULPHU OXJDU
GHGtFDWHFRPSDVLyQSRUODVDXWRFUtWLFDV7RPDFRQFLHQFLDGHTXH
FDVL WRGDV ODV SHUVRQDV WLHQHQ SHQVDPLHQWRV \ VHQWLPLHQWRV
VH[XDOHVTXHOHVDYHUJHQ]DQ\VLHQWHFRPSDVLyQSRUHVHDVSHFWR
FRPSDUWLGRGHODH[SHULHQFLDKXPDQD,QWHQWDOLEHUDUWHGHODFXOSD
\ VLHQWH FRPSDVLyQ SRU OD GLILFXOWDG GH VHU XQ VHU VH[XDO HQ
QXHVWUDVRFLHGDGVH[XDOPHQWHFRQIOLFWLYD\FRQIXVD
$ FRQWLQXDFLyQ SUHJ~QWDWH VL WXV VHQWLPLHQWRV QHJDWLYRV
DFHUFD GH WX VH[XDOLGDG VH GHEHQ DO KHFKR GH TXH WH HVWiV
KDFLHQGRGDxRGHDOJ~QPRGRRVLUHVSRQGHQSULQFLSDOPHQWHDODV
FRQYHQFLRQHVVRFLDOHV¢7HVLHQWHVDYHUJRQ]DGRSRUTXHODFXOWXUD
GRPLQDQWHGLFHTXHQRHUHVFRPRGHEHUtDVVHU"¢2VLHQWHVTXHWX
VH[XDOLGDG HVFRQGH DOJ~Q DVSHFWR SRFR VDQR TXH WH HVWiV
GDxDQGRRHVWiVSHUMXGLFDQGRDRWUDSHUVRQDGHMiQGRWHOOHYDUSRU
OD XUJHQFLD VH[XDO \ GHVSXpV ODPHQWiQGROR" 0LHQWUDV SLHQVDV HQ
WX \R VH[XDO LQWHQWD GHWHUPLQDU TXp HV DXWpQWLFR SDUD WL
5HFXHUGD TXH WRGRV ORV VHUHV KXPDQRV VRPRV GLVWLQWRV
VH[XDOPHQWHSHURKD\DOJRTXHWRGRVFRPSDUWLPRVODPD\RUtDGH
QRVRWURV VXIULPRV HQ DOJ~Q PRPHQWR GH QXHVWUDV YLGDV SRUTXH
QXHVWUD VH[XDOLGDG HQWUD HQ FRQIOLFWR FRQ ORV GLFWDGRV GH OD
VRFLHGDG 6L TXLHUHV LQWURGXFLU DOJ~Q FDPELR HQ WX YLGD VH[XDO
DVHJ~UDWHGHTXHWXVGHFLVLRQHVUHVSRQGDQDWXGHVHRGHVHUXQD
SHUVRQD VDQD \ IHOL] /D VH[XDOLGDG DXWpQWLFD VLJQLILFD TXH
DFHSWDV\YDOLGDVWRGRVWXVVHQWLPLHQWRVVH[XDOHV\VDWLVIDFHVWXV
GHVHRVGHXQDPDQHUDTXHWHSHUPLWHFUHFHU\DYDQ]DU
 &XDQGR QRV DFHSWDPRV D QRVRWURV PLVPRV
QXHVWUR FXHUSR \ QXHVWUD VH[XDOLGDG FRQ FDULxR
WDPELpQ HVWDPRV IDYRUHFLHQGR GLUHFWDPHQWH QXHVWUD
UHFHSWLYLGDG VH[XDO $XQTXH VH WUDWD GH XQ QXHYR
FDPSR GH LQYHVWLJDFLyQ DOJXQRV HVWXGLRV VXJLHUHQ
TXH ODV PXMHUHV FRPSDVLYDV FRQVLJR PLVPDV HVWiQ
PiVHQFRQWDFWRFRQVXVFXHUSRV8QHVWXGLRRIUHFLyD
XQ JUXSR GH HVWXGLDQWHV XQLYHUVLWDULDV XQ FXUVR GH
IRUPDFLyQ HQ PLQGIXOQHVV GH TXLQFH VHPDQDV \ DO
UHVWR GH FKLFDV XQ JUXSR GH FRQWURO /RV
LQYHVWLJDGRUHV GHVFXEULHURQ TXH HO JUXSR GH
PLQGIXOQHVV LQFUHPHQWy VXV QLYHOHV GH
DXWRFRPSDVLyQ HQ FRPSDUDFLyQ FRQ ODV RWUDV FKLFDV
XQKDOOD]JRTXHVHUHSLWHHQRWUDLQYHVWLJDFLyQ 1R
REVWDQWH ORV UHVXOWDGRV WDPELpQ GHPRVWUDURQ TXH HO
DXPHQWRGHODFRPSDVLyQKDFLDVtPLVPDVVHDVRFLDED
FRQXQUHFRQRFLPLHQWRPiVUiSLGRGHORVVHQWLPLHQWRV
VH[XDOHV $QWH XQD VHULH GH LPiJHQHV HUyWLFDV ODV
PXMHUHVFRPSDVLYDVUHFRQRFLHURQFRQPHQRVUHSDURV
TXH VH KDEtDQ H[FLWDGR (VWR VXJLHUH TXH OD
FRPSDVLyQ KDFLD XQR PLVPR SXHGH D\XGDU D ODV
PXMHUHV D FRQHFWDU PiV FRQ VXV FXHUSRV \ D VHQWLUVH
PiVFyPRGDVFRQVXVH[XDOLGDG
/D FRPSDVLyQ KDFLD XQR PLVPR WDPELpQ SXHGH
PHMRUDUQXHVWUDYLGDVH[XDOGHRWUDPDQHUDFXUDQGR
ODV KHULGDV GH OD LQIDQFLD TXH VH FXHODQ HQ QXHVWUR
GRUPLWRULR 'H QXHYR HO WHPD SXHGH UHVXOWDU
HVSHFLDOPHQWHLPSRUWDQWHSDUDODVPXMHUHV'DGRTXH
OD PLWDG GH ORV PDWULPRQLRV WHUPLQDQ HQ GLYRUFLR \
TXHODPD\RUtDGHORVQLxRVGHSDGUHVGLYRUFLDGRVVH
FUtDQ VROR FRQ VXV PDGUHV PXFKDV QLxDV VH YHQ
SULYDGDV GHO DPRU \ OD DWHQFLyQ GH VXV SDGUHV (O
SDWUyQ GH OD ©QLxD KHULGDª SURYRFDGR SRU HVD
SULYDFLyQUHVXOWDPX\FRP~Q\VpTXHQRVR\OD~QLFD
TXH OR KD VXIULGR 7DPELpQ Vp TXH HVH SDWUyQ SXHGH
LQWHUIHULU HQ OD LQWLPLGDG VH[XDO 'DGR TXH HO VH[R
QRV DEUH SVLFROyJLFD \ HVSLULWXDOPHQWH WDPELpQ
WLHQGH D DEULU YLHMDV KHULGDV UHODFLRQDGDV FRQ QR
VHQWLUVH VXILFLHQWHPHQWH TXHULGR (VR SURYRFD XQ
VHQWLPLHQWR GH GHVDPSDUR \ QHFHVLGDG GH VHU
YDOLGDGR TXH UHVXOWD WDQ VH[\ FRPR XQD PDQWD IUtD \
K~PHGD

0,+,6725,$&85$&,Ï16(;8$/

5HFXHUGRTXHDOSULQFLSLRGHPLUHODFLyQFRQ5XSHUW
D YHFHV SDVDED LQH[SOLFDEOHPHQWH GH VHU XQD GLRVD
GHOVH[RDODQLxDKHULGD\GHORVVXVSLURVGHSDVLyQ
D ORV VROOR]RV GH WULVWH]D VLQ SUHYLR DYLVR 3DUD
5XSHUW HUD FRPR PtQLPR GHVFRQFHUWDQWH (UD FRPR
VLDOUHFLELUHODPRU\ODLQWLPLGDGTXHVLHPSUHKDEtD
GHVHDGR SXGLHVH GHMDU HQWUDU HQ OD FRQFLHQFLD PLV
YLHMRVSDWURQHVGHIDOWDGHDPRU\GHUHFKD]R'HELGR
D QXHVWUR FRPSURPLVR FRQ OD FRPSDVLyQ KDFLD
QRVRWURV PLVPRV LQWHQWDPRV DSURYHFKDU HVDV
RFDVLRQHVFRPRRSRUWXQLGDGHVGHFXUDFLyQ(QOXJDU
GH DYHUJRQ]DUPH SRU PL FRQGXFWD DELHUWDPHQWH
DVH[XDO \ JUDFLDV DO DSR\R GH 5XSHUW IXL FDSD] GH
FHQWUDUPH HQ HO VXIULPLHQWR TXH HVWDED
H[SHULPHQWDQGR HQ HVH PRPHQWR \ HQ HO GHVHR GH
DOLYLDU DTXHO VXIULPLHQWR /RV GRV FRQFHQWUiEDPRV
WRGDQXHVWUDDWHQFLyQHQFDOPDUODVHPRFLRQHVGHPL
\R KHULGR FRQ FRPSDVLyQ SRU ODV SURIXQGDV KHULGDV
TXHWRGDYtDWHQtDHQPLSVLTXH'XUDQWHXQDHWDSDGH
YDULRV PHVHV RFXUULy FRQ IUHFXHQFLD \ 5XSHUW
VLHPSUHPHEULQGyWRGRVXDSR\R
/R TXH RFXUULy SXHGH SDUHFHU H[WUDxR \ HV
SRVLEOH LQWHUSUHWDUOR D XQ QLYHO PHWDIyULFR SHUR
PLHQWUDV QRV FRQFHQWUDPRV HQ FXUDU D OD ©QLxD
KHULGDª FXDQGR KDFtDPRV HO DPRU HUD FRPR VL
WDPELpQ HVWXYLpVHPRV FXUDQGR ODV KHULGDV GH
LQQXPHUDEOHV PXMHUHV TXH KDEtDQ SDVDGR SRU DOJR
SDUHFLGRDQWHVTXH\R7HQtDLPiJHQHVPHQWDOHVPX\
FODUDV GH PXMHUHV DWUDYHVDQGR PL FXHUSR \
OLEHUiQGRVH\PHVHQWtDHQSURIXQGRFRQWDFWRFRQHO
GRORUFDXVDGRDODVPXMHUHVDORODUJRGHODKLVWRULD
5HSULPLGDV HOLPLQDGDV XWLOL]DGDV YLRODGDV
LQIUDYDORUDGDV GHVDXWRUL]DGDV \ DEDQGRQDGDV HUDQ
PXFKDV ODV DOPDV TXH QHFHVLWDEDQ FXUDFLyQ &XDQGR
QRVFHQWUDPRVHQOLEHUDUDHVDVDOPDVKHULGDV5XSHUW
\ \R HQWUDPRV HQ XQD HVSHFLH GH WUDQFH \
WUDQVIRUPDPRV HO VXIULPLHQWR HO PtR \ HO GH WDQWDV
RWUDV PXMHUHV  FRQ HO SRGHU GH OD FRPSDVLyQ
'HVSXpV GH XQRV PHVHV GHGLFDQGR QXHVWURV
HQFXHQWURV VH[XDOHV D HVDV VHVLRQHV GHMp GH YHU
PHQWDOPHQWH ODV LPiJHQHV GH PXMHUHV KHULGDV (O
FLFOR SDUHFtD KDEHU OOHJDGR D VX ILQ OD FXUDFLyQ
HVWDEDFRPSOHWD<VRUSUHQGHQWHPHQWHODQLxDKHULGD
QXQFD YROYLy D DSDUHFHU SRU HO GRUPLWRULR \D TXH
DKRUD VDEtD TXH HUD \ HV TXHULGD 3RU VXHUWH D OD
GLRVD GHO VH[R WRGDYtD OH JXVWD KDFHU DFWR GH
SUHVHQFLDGHYH]HQFXDQGR
 48,17$3$57(

/$$/(*5Ë$'(/$&203$6,Ï1+$&,$
8120,602
 &DStWXOR

(0(5*(/$0$5,326$

&XDQWR PiV SURIXQGR FDYH HO GRORU HQ YXHVWUR FRUD]yQ PiV
DOHJUtDSRGUpLVFRQWHQHU¢1RHVODFRSDTXHJXDUGDYXHVWURYLQR
ODPLVPDFRSDTXHVHIXQGLyHQHOKRUQRGHODOIDUHUR"
.$+/,/*,%5$1(O3URIHWD

/D FRPSDVLyQ KDFLD XQR PLVPR WLHQH HO SRGHU GH

WUDQVIRUPDU UDGLFDOPHQWH QXHVWUD UHDOLGDG PHQWDO \
HPRFLRQDO ,JXDO TXH ORV DOTXLPLVWDV TXH LQWHQWDEDQ
XWLOL]DUODSLHGUDILORVRIDOSDUDFRQYHUWLUHOSORPRHQ
RURSRGHPRVXWLOL]DUODFRPSDVLyQSDUDFRQYHUWLUHO
VXIULPLHQWR HQ DOHJUtD $O FDPELDU QXHVWUR PRGR GH
UHODFLRQDUQRV FRQ QXHVWUDV LPSHUIHFFLRQHV \ QXHVWUR
GRORU SRGHPRV FDPELDU UHDOPHQWH OD H[SHULHQFLD GH
YLYLU 3RU PXFKR TXH OR LQWHQWHPRV QR SRGHPRV
FRQWURODU OD YLGD SDUD TXH WUDQVFXUUD H[DFWDPHQWH
FRPR TXHUHPRV 7RGRV ORV GtDV RFXUUHQ FRVDV
LQHVSHUDGDV \ QR GHVHDGDV 6LQ HPEDUJR FXDQGR
HQYROYHPRVQXHVWURVXIULPLHQWRHQODFULViOLGDGHOD
FRPSDVLyQ VXUJH DOJR QXHYR $OJR PDUDYLOOR
H[TXLVLWR\KHUPRVR

È%5,5(/&25$=Ï1

&XDQGR VRPRV FRPSDVLYRV FRQ QRVRWURV PLVPRV

DEULPRV QXHVWUR FRUD]yQ GH XQD PDQHUD TXH
WUDQVIRUPD QXHVWUD YLGD ¢4Xp VLJQLILFD DEULU HO
FRUD]yQ" (V XQD H[SUHVLyQ TXH XWLOL]DPRV
FRQVWDQWHPHQWH SHUR ¢TXp VLJQLILFD HQ UHDOLGDG"
$EULU HO FRUD]yQ HV XQ HVWDGR GH UHFHSWLYLGDG
HPRFLRQDO HQ HO TXH LQFOXVR ODV H[SHULHQFLDV
GHVDJUDGDEOHV R QHJDWLYDV VH DFRJHQ FRQ LQWHUpV \
FDULxR&XDQGREHVDPRVHOGHGLWRGHXQQLxRTXHVH
KDKHFKRGDxRRHVFXFKDPRVFRQHPSDWtDDXQDPLJR
TXHQRVH[SOLFDVXVSHQDV HQRWUDVSDODEUDVFXDQGR
VHQWLPRV FRPSDVLyQ  H[SHULPHQWDPRV XQD FDOLGH]
LQWHULRU TXH VXUJH GHO FHQWUR GHO SHFKR (VH
VHQWLPLHQWR HV HO TXH QRV SHUPLWH VDEHU TXH QXHVWUR
FRUD]yQ HVWi DELHUWR ¢< TXp VH VLHQWH DO WHQHU HO
FRUD]yQ DELHUWR" £(V PX\ DJUDGDEOH &XDQGR OD
FRPSDVLyQ FRUUH SRU QXHVWUDV YHQDV QRV VHQWLPRV
PHMRU TXH QXQFD FRQHFWDGRV YLYRV ©HQFKXIDGRVª
&XDQGR DEULPRV HO FRUD]yQ GDPRV ULHQGD VXHOWD D
QXHYDV H[SHULHQFLDV GH DPRU YDORU \ SRVLELOLGDGHV
LOLPLWDGDV
&XDQGR QXHVWUR FRUD]yQ HVWi FHUUDGR ODV SHQDV
GHODYLGDQRQRVFRQPXHYHQ1RVFHUUDPRVDOGRORU
SHUR WDPELpQ QRV FHUUDPRV D QRVRWURV PLVPRV (O
PLHGR D VHQWLUQRV DEUXPDGRV SRU ODV HPRFLRQHV
QHJDWLYDV QRV OOHYD D GHMDU GH SUHVWDU DWHQFLyQ GH
PDQHUD TXH HQ HO SHFKR VROR VHQWLPRV FRQVWULFFLyQ
(O SUHFLR SRU SURWHJHU D QXHVWUR FRUD]yQ HV TXH QRV
GHVFRQHFWDPRVGHODOPD1RVVHQWLPRVIUtRVYDFtRV
LQIHOLFHV \ SURIXQGDPHQWH LQVDWLVIHFKRV /RV
PRPHQWRV PiV SURSLFLRV SDUD FHUUDU HO FRUD]yQ VRQ
DTXHOORV HQ ORV TXH HO GRORU HVWi SURYRFDGR SRU
DXWRFUtWLFDVQHJDWLYDVFXDQGRVHQWLPRVTXHQRVRPRV
VXILFLHQWHPHQWH EXHQRV 1RV PRVWUDPRV PX\ FUXHOHV
UHVSHFWRDQXHVWUDVLQFRPSHWHQFLDVHLPSHUIHFFLRQHV
OR TXH VLJQLILFD TXH JUDQ SDUWH GHO WLHPSR FHUUDPRV
GHXQSRUWD]RQXHVWURFRUD]yQ
3RU VXHUWH FXDQGR GHFLGLPRV DEUD]DU QXHVWUD
QDWXUDOH]D KXPDQD LPSHUIHFWD FRQ FRPSDVLyQ WRGR
FDPELD $O UHVSRQGHU D QXHVWUR GRORU FRQ FDULxR \
FRQH[LyQ FDOPiQGRQRV \ FRQVROiQGRQRV FXDQGR QRV
HQIUHQWDPRV D QXHVWUD LPSHUIHFFLyQ FUHDPRV QXHYDV
HPRFLRQHV SRVLWLYDV TXH QR HVWDEDQ DKt XQ VHJXQGR
DQWHV(QOXJDUGHVHQWLUQRVLQFRPSHWHQWHVSDVDPRVD
VHQWLUQRV FDSDFHV \ FRQHFWDGRV DO UHFRUGDU HVH
DVSHFWR FRPSDUWLGR GH OD H[SHULHQFLD KXPDQD (Q
OXJDU GH OLPLWDUQRV D VHQWLU WULVWH]D VHQWLPRV HVD
WULVWH]DSHURWDPELpQODWHUQXUDGHSUHRFXSDUQRVSRU
XQDKHULGDTXHKD\TXHFXUDU(QOXJDUGHOLPLWDUQRVD
VHQWLUQRVDVXVWDGRVVHQWLPRVHVHPLHGRSHURWDPELpQ
QRV FRQVRODPRV FRQ FDULxR \ DWHQFLyQ $O
UHODFLRQDUQRV FRQ FRPSDVLyQ FRQ QRVRWURV PLVPRV
DEUD]DPRVQXHVWUDVHPRFLRQHVQHJDWLYDVFRQHOFDORU
GHORVEXHQRVVHQWLPLHQWRV
(VWRVLJQLILFDTXHHQFDGDPRPHQWRGHDQJXVWLD
VH DJD]DSD HO SRWHQFLDO GH OD VDWLVIDFFLyQ (O GRORU
SXHGHFRQYHUWLUVHHQODSXHUWDDODIHOLFLGDG\DTXH
VHQWLUVH DPDGR FXLGDGR \ FRQHFWDGR HV OR TXH QRV
KDFHYHUGDGHUDPHQWHIHOLFHV
5HFXHUGRODSULPHUDYH]TXHFDtHQODFXHQWDGH
TXHODFRPSDVLyQKDFLDXQRPLVPRWLHQHHOSRGHUGH
WUDQVIRUPDUODVH[SHULHQFLDVGLItFLOHV\GRORURVDVHQ
RWUDV SODFHQWHUDV (VWDED HQ PL ~OWLPR DxR GH
SRVJUDGR HQ %HUNHOH\ XQ SDU GH PHVHV GHVSXpV GH
KDEHUHVWXGLDGRDXWRFRPSDVLyQHQPLJUXSRVHPDQDO
GH PHGLWDFLyQ (VWDED GH XQ KXPRU HVSHFLDOPHQWH
PDOR (O TXH SURQWR VHUtD PL H[ PDULGR -RKQ
DFDEDED GH OODPDUPH SRU WHOpIRQR SDUD GHFLUPH TXH
\RHUDXQDSHUVRQDKRUULEOH\GHVDJUDGDEOHDVtTXHOH
FROJXpHQPLWDGGHVXVHUPyQ5XSHUWHVWDEDIXHUDGH
OD FLXGDG WUDEDMDQGR \ KDEtDPRV GLVFXWLGR OD
PDxDQD GH VX PDUFKD (O SOD]R SDUD HQWUHJDU HO
ERUUDGRU ILQDO GH PL WHVLV VH DFHUFDED D PDUFKDV
IRU]DGDV ,ED DWUDVDGD \ PH SUHJXQWDED VL UHDOPHQWH
WHQtD OR TXH KDFtD IDOWD SDUD KDFHUOR FRPR XQD
SURIHVLRQDO ¢&RQVHJXLUtD DOJXQD YH] XQ WUDEDMR
©UHDOª VHUtD IHOL] WHQGUtD XQD YLGD VLQ
FRPSOLFDFLRQHV" 0H HVWDED HQUHGDQGR HQ XQD JUDQ
EROD QHJUD GH LQVHJXULGDG PLHGR \ RGLR KDFLD Pt
PLVPD
< HQWRQFHV PH DFRUGp GH OD FRPSDVLyQ ©¢4Xp
GLMRHOSURIHVRUHORWURGtD"²SHQVp²$KVt\DPH
DFXHUGR SULPHUR WRPD FRQFLHQFLD GH OR TXH HVWiV
H[SHULPHQWDQGR 2EVHUYD FDGD SHQVDPLHQWR \ FDGD
HPRFLyQ D PHGLGD TXH YDQ VXUJLHQGR \ GHVFUtEHORV
FRQGHOLFDGH]DVLQLQWHQWDUUHVLVWLUWHRGHVKDFHUWHGH
HOORV 9DOH FUHR TXH HVR SXHGR KDFHUOR 9HDPRV
9HUJHQ]D WLUDQWH] HQ OD JDUJDQWD SUHVLyQ GRORU GH
HVWyPDJR 3HVDGH] PH KXQGR PH KXQGR 0LHGR
SUHVLyQ HQ OD QXFD ULWPR FDUGtDFR DFHOHUDGR
GLILFXOWDG SDUD UHVSLUDU 0X\ ELHQ DKRUD WUDWD GH
VHQWLUFRPSDVLyQSRUORGLItFLOTXHUHVXOWDVHQWLUVHDVt
HQHVWHPRPHQWR0PP1RVLHQWRQDGD0HGDUpXQ
SHTXHxRDEUD]R&DORU8QFRVTXLOOHRFiOLGRTXHPH
VXEH SRU ORV EUD]RV 7UDQTXLOLGDGª < HQWRQFHV
OOHJDURQ ODV OiJULPDV &Dt HQ XQ SURIXQGR SR]R GH
GRORU FXDQGR PH SHUPLWt VHQWLU UHDOPHQWH OR GLItFLO
TXH PH UHVXOWDED DTXHO PRPHQWR ©(VWi ELHQ HVWi
ELHQ/DYLGDDYHFHVHVGXUDQRSDVDQDGD7RGRHO
PXQGRSDVDSRUPRPHQWRVDVt(VWR\DTXtSDUDWLPH
SUHRFXSRSRUWL1RHVWDQPDORVHSDVDUi$OLYLRHQ
HO SHFKR \ HQ OD JDUJDQWD 3HTXHxDV ROHDGDV GH
DOHJUtD GHVGH HO FHQWUR GH PL URVWUR 0H FDOPR 0H
FDOPR&DOPDª
&DGD YH] TXH VXUJtD XQ QXHYR VHQWLPLHQWR
GRORURVRORUHWHQtDGHHVHPRGRHQPLFRQFLHQFLDOR
GHVFULEtD PHQWDOPHQWH \ PH HQYLDED FRPSDVLyQ SRU
VHQWLUOR < HQWRQFHV DFRJt HO VHQWLPLHQWR GH
FRPSDVLyQHQPLFRQFLHQFLDORGHVFULEt\ORVHQWtHQ
PL FXHUSR VDERUHDQGR OR ELHQ TXH VHQWDED VHQWLUVH
FXLGDGR &XDQGR ODV FRVDV VH FDOPDURQ VXUJLy XQ
QXHYR VHQWLPLHQWR GRORURVR \ UHSHWt WRGR HO FLFOR
(VWXYHDVtGXUDQWHXQDKRUDDSUR[LPDGDPHQWH
6LQHPEDUJRDOFDERGHXQUDWRPHGLFXHQWDGH
TXHODH[SHULHQFLDSUHGRPLQDQWHKDEtDGHMDGRGHVHU
GHVDJUDGDEOH (O FDPELR HVWDED HQ PDUFKD (Q OXJDU
GH DWDVFDUPH HQ HO GRORU PL FRQFLHQFLD VH GHSRVLWy
HQ ORV VHQWLPLHQWRV GH DPRU DPDELOLGDG \ FRQH[LyQ
TXHHOGRORUKDEtDGHVSHUWDGR<HVHGRORUHPSH]yD
GHVDSDUHFHU LJXDO TXH OD SUHRFXSDFLyQ \ \R PH IXL
VLQWLHQGR FDGD YH] PiV OLJHUD HQ PL FXHUSR
3RVLEOHPHQWHIXHODSULPHUDYH]TXHDEUtPLFRUD]yQ
GH YHUGDG D Pt PLVPD \ HPSHFp D VHQWLUPH FDVL
PDUHDGD FRPR VL DFDEDVH GH SUREDU HO FKDPSiQ 2
WDOYH]VHSDUHFLHVHPiVDWRPDUVHXQDFRSDGHYLQR
WLQWR GH EXHQD FRVHFKD ORV VDERUHV HUDQ ULFRV
SURIXQGRV HVSHFLDGRV \ FRPSOHMRV 0H VHQWt
FHQWUDGD HVWDEOH HQ SD] 0H GL FXHQWD GH TXH
DTXHOODVVHQVDFLRQHVWDQERQLWDVQRGHSHQGtDQGHTXH
ODV FRVDV IXHVHQ FRPR \R TXHUtD QL GH UHFLELU
DODEDQ]DV R GH WHQHU p[LWR QL GH GLVIUXWDU GH XQD
UHODFLyQSHUIHFWD0HGLFXHQWDGHTXHPLFRUD]yQHUD
XQ SR]R SURIXQGR GHO TXH SRGtD EHEHU HQ FXDOTXLHU
PRPHQWR\TXHLUyQLFDPHQWHHUDPiVSUREDEOHTXH
PH DFRUGDVH GH EHEHU FXDQGR ODV FRVDV VH SXVLHUDQ
PX\ GLItFLOHV +DEtD HQFRQWUDGR DOJR TXH FDPELDUtD
PL YLGD SDUD VLHPSUH \ QR WHQtD SDODEUDV SDUD
H[SUHVDUPLDJUDGHFLPLHQWR

(-(5&,&,2

7UDQVIRUPDUODQHJDWLYLGDG
 /D SUy[LPD YH] TXH WH HQFXHQWUHV DWUDSDGR SRU HPRFLRQHV
QHJDWLYDV LQWHQWD JHQHUDU DOJXQDV SRVLWLYDV SDUD DFRPSDxDUODV
3XHGHV XWLOL]DU ODV VLJXLHQWHV IUDVHV FXDQGR WH HVWDQTXHV HQ OD
QHJDWLYLGDG (VWiQ SHQVDGDV SDUD YDOLGDU WXV VHQWLPLHQWRV DO
WLHPSRTXHWHFHQWUDVHQWXGHVHRGHVHUIHOL]

5HVXOWDGLItFLOVHQWLU HOLJHODSDODEUD DKRUDPLVPR

6HQWLU  IRUPDSDUWHGHODH[SHULHQFLDKXPDQD
¢4XpSXHGRKDFHUSDUDVHQWLUPHPiVIHOL]HQHVWHPRPHQWR"

/DSULPHUDIUDVHUHFRQRFHFRQFRPSDVLyQODGLILFXOWDGGH
WHQHUHPRFLRQHVQHJDWLYDV/DVHJXQGDHVXQUHFRUGDWRULRGHTXH
ODV HPRFLRQHV VRQ XQD SDUWH QRUPDO \ QDWXUDO GH OD H[SHULHQFLD
KXPDQD\SRUWDQWRQRGHEHPRVMX]JDUODV<OD~OWLPDIUDVHQRV
D\XGD D HVWDEOHFHU FRQWDFWR FRQ HO GHVHR GH VHU IHOLFHV (VWR WH
SHUPLWLUiDPSOLDUWXSHUVSHFWLYD\HQFRQWUDUPDQHUDVFUHDWLYDVGH
HPSH]DUGHQXHYR3XHGHVGDUWHXQEDxRFDOLHQWHRSHQVDUHQOR
EXHQR GH WX VLWXDFLyQ DFWXDO FDVL VLHPSUH KD\ DOJR EXHQR HQ
WRGDV ODV VLWXDFLRQHV  (VWRV SDVRV QR VH OOHYDQ D FDER SDUD
UHVLVWLUWH DO HVWDGR PHQWDO QHJDWLYR VLQR SRUTXH TXLHUHV VDOXG \
ELHQHVWDUSDUDWL
&XDQGR DFDEHV GH GHFLU ODV IUDVHV WX HVWDGR QHJDWLYR
SRGUtDHPSH]DUDHVIXPDUVHSDUDVHUVXVWLWXLGRSRUXQRGHDOHJUtD
WUDQTXLOD,QFOXVRHVSRVLEOHTXHVHDVFDSD]GHSRQHUOHXQSRFRGH
KXPRU \ QDGD OHYDQWD PiV HO iQLPR GHFDtGR TXH XQD EXHQD
FDUFDMDGD :RRG\ $OOHQ KD KHFKR FDUUHUD ULpQGRVH GH OD
QHJDWLYLGDG©¢<VLWRGRIXHVHXQDLOXVLyQ\QDGDH[LVWLHUD"(QHVH
FDVRKHSDJDGRGHPDVLDGRSRUPLDOIRPEUDª

$%5,5/$0(17(
/DFRPSDVLyQKDFLDXQRPLVPRQRVRORDEUHQXHVWURV
FRUD]RQHV VLQR WDPELpQ QXHVWUDV PHQWHV \ OLEHUD
QXHVWUDVSHUFHSFLRQHVGHODVJDUUDVGHODQHJDWLYLGDG
&XDQGR QRV SHUGHPRV HQ MXLFLRV QHJDWLYRV QXHVWUD
FRQFLHQFLDVHHVWUHFKDDXWRPiWLFDPHQWHSDUDDOEHUJDU
ORPDORGHQRVRWURVPLVPRV\GHQXHVWUDVYLGDV6ROR
YHPRVODPDQFKDGHODLPSHUIHFFLyQ\SUHVXSRQHPRV
ODEHOOH]DGHODLPDJHQFRPSOHWD
(O REMHWLYR HYROXWLYR GH ODV HPRFLRQHV
QHJDWLYDV FRQVLVWH HQ SURYRFDU DFFLRQHV TXH QRV
D\XGHQ D VREUHYLYLU /D UHVSXHVWD VH SURGXFH HQ
IRUPD GH QHFHVLGDGHV XUJHQWHV FRQRFLGDV FRPR
©WHQGHQFLDV GH DFFLyQ HVSHFtILFDª /D LUD SRU
HMHPSOR FUHD OD QHFHVLGDG XUJHQWH GH DWDFDU HO
PLHGRGHKXLUODYHUJHQ]DGHHVFRQGHUVHHWFpWHUD
&XDQGR QRV YHPRV DWUDSDGRV SRU DOJXQD HPRFLyQ
QHJDWLYD QRV SDUHFH TXH VROR WHQHPRV XQD RSFLyQ
&XDQGR HO RVR QRV DWDFD QR WHQHPRV WLHPSR SDUD
GHFLGLU HQWUH YDULDV RSFLRQHV $FWXDPRV R PRULPRV
(VWDWHQGHQFLDSXHGHVHUODDGHFXDGDVLQRVDPHQD]D
XQGHSUHGDGRUSHOXGRSHURQRUHVXOWDWDQ~WLOFXDQGR
ORV SUREOHPDV QR DPHQD]DQ QXHVWUD H[LVWHQFLD SRU
HMHPSOR FXDQGR XQ FDUULWR GHO VXSHUPHUFDGR FKRFD
FRQWUD QXHVWUR FRFKH HQ HO DSDUFDPLHQWR  /DV
HPRFLRQHV QHJDWLYDV HVWUHFKDQ QXHVWUD YLVLyQ GHO
PXQGR KDVWD HO SXQWR GH TXH QR YHPRV ODV
SRVLELOLGDGHV TXH WHQHPRV DQWH QXHVWURV RMRV &RPR
GLMR+HOHQ.HOOHU©&XDQGRXQDSXHUWDDODIHOLFLGDG
VH FLHUUD RWUD VH DEUH SHUR QRUPDOPHQWH QRV
SDUDPRVWDQWRDPLUDUODSXHUWDFHUUDGDTXHQRYHPRV
TXHODRWUDVHKDDELHUWRª
&XDQGR QRV GHGLFDPRV FRPSDVLyQ \ DFRJHPRV
QXHVWUD GHFHSFLyQ FRQ FRQFLHQFLD SOHQD FDULxR \
FRQH[LyQ OD SXHUWD VH DEUH GH QXHYR &XDQGR QRV
FDOPDPRV\QRVFRQVRODPRVQRVSURSRUFLRQDPRVXQ
VHQWLPLHQWR GH VHJXULGDG \ HO YDORU SDUD VDOLU GH
GHWUiV GH OD URFD HQ OD TXH QRV KDEtDPRV HVFRQGLGR
SDUDYHUORTXHKD\IXHUD&DVLVLHPSUHODVFRVDVQR
VRQ WDQ PDODV FRPR WHPtDPRV \ HPSH]DPRV D
REVHUYDU TXH WDQWR QRVRWURV FRPR QXHVWUDV YLGDV
HVWiQEDVWDQWHELHQ
(OHVWDGRPHQWDOGHWUDQTXLOLGDG\HVSHUDQ]DTXH
SURSRUFLRQD OD FRPSDVLyQ KDFLD XQR PLVPR SXHGH
OOHYDUQRV D XQD HVSLUDO DVFHQGHQWH GH HPRFLRQHV
SRVLWLYDV TXH QRV D\XGD D OLEHUDUQRV GHO PLHGR \
PHMRUDQRWDEOHPHQWHQXHVWUDFDOLGDGGHYLGD%DUEDUD
)UHGULFNVRQODLPSRUWDQWHSVLFyORJDVRFLDODXWRUDGH
3RVLWLYLW\ SURSRQH OR TXH HOOD OODPD ©WHRUtD GH
DPSOLDFLyQ \ FRQVWUXFFLyQª SDUD H[SOLFDU FyPR
IXQFLRQD )UHGULFNVRQ DILUPD TXH ODV HPRFLRQHV
SRVLWLYDV QRV SHUPLWHQ VDFDU YHQWDMD GH ODV
RSRUWXQLGDGHV HQ OXJDU GH OLPLWDUQRV D HYLWDU ORV
SHOLJURV /DV HPRFLRQHV SRVLWLYDV QR OLPLWDQ QXHVWUD
DWHQFLyQVLQRWRGRORFRQWUDULR'DGRTXHQRVD\XGDQ
D VHQWLUQRV WUDQTXLORV \ VHJXURV ORV EXHQRV
VHQWLPLHQWRVQRVDEUHQDQXHYDVH[SHULHQFLDVDGHPiV
GH LQFUHPHQWDU OD VHQVDFLyQ GH FRQH[LyQ \ OD
FRQILDQ]D HQ ORV GHPiV &RPR DILUPD )UHGULFNVRQ
©(O SRVLWLYLVPR QRV DEUH /D SULPHUD YHUGDG
IXQGDPHQWDO VREUH ODV HPRFLRQHV SRVLWLYDV HV TXH
DEUHQ QXHVWURV FRUD]RQHV \ QXHVWUDV PHQWHV \ DVt
VRPRVPiVUHFHSWLYRV\PiVFUHDWLYRVª
9HDPRV HQ SULPHU OXJDU FyPR LQWHUILHUHQ ODV
HPRFLRQHVQHJDWLYDVHQODYLVLyQFODUDGHODVFRVDV\
QRVLPSLGHQWRPDUEXHQDVGHFLVLRQHV3RQJDPRVTXH
VH WH KD HFKDGR OD KRUD HQFLPD SDUD LU DO WUDEDMR \
WRGDYtD WLHQHV TXH VDFDU DO SHUUR 7H HVWUHVDV \ WH
HQIDGDV FRQWLJR PLVPR SRU QR KDEHUWH OHYDQWDGR
DQWHV7RPDVODFRUUHDHLQWHQWDVVXMHWDUODDOFROODUGH
)LGR OD FRUUHD HQ XQD PDQR OD WD]D GH FDIp HQ OD
RWUD 3HURFRQWDQWDVSULVDVQRDFLHUWDV\WDUGDVWUHV
YHFHV PiV HQ SRQHUOH OD FRUUHD DO SHUUR $GHPiV
WDUGDVWDQWRTXH)LGR FUHH TXH WH KDV LQFOLQDGR SDUD
KDFHUOH FDUDQWRxDV H LQWHQWD ODPHUWH OD FDUD (O FDIp
DFDED GHUUDPDGR VREUH HO VXHOR GH OD FRFLQD
0DOGLFHVOLPSLDVHOHVWURSLFLR\WLUDVGH)LGRKDFLD
OD SXHUWD (VWiV LPSDFLHQWH \ PDOKXPRUDGR PLHQWUDV
GDV XQD YXHOWD D OD PDQ]DQD FRQ HO SHUUR ©¢&XiQGR
YDDKDFHUVXVFRVDV"<DYR\TXLQFHPLQXWRVWDUGHª
&XDQGR )LGR SRU ILQ VH GHVDKRJD OR KDFH
H[DFWDPHQWHHQPHGLRGHODDFHUD%XVFDVXQDEROVLWD
HQ WX EROVLOOR SHUR GHVFXEUHV TXH FRQ ODV SULVDV OD
KDV ROYLGDGR &LQFR PLQXWRV GLH] KRMDV \ TXLQFH
PXHFDVPiVWDUGHFRQVLJXHVOLPSLDUODFDFDGH)LGR
&XDQGROOHJDVDFDVDWHODYDVODVPDQRV\EXVFDVODV
OODYHVGHOFRFKHHQHOFRPSDUWLPHQWRGHODQWHURGHWX
FDUWHUDGRQGHQRUPDOPHQWHODVOOHYDV3HURQRHVWiQ
0LUDV XQD GRV WUHV YHFHV 7X IUXVWUDFLyQ YD HQ
DXPHQWR )LQDOPHQWH YDFtDV WRGD OD FDUWHUD SDUD
GHVFXEULU TXH ODV OODYHV HVWiQ HQ HO EROVLOOR WUDVHUR
/DVKDEtDVSXHVWRDOOtSDUDVDOLUPiVUiSLGRGHVSXpV
GH SDVHDU DO SHUUR &XDQGR ILQDOPHQWH OOHJDV DO
WUDEDMRORKDFHVPHGLDKRUDWDUGH7HKDVSHUGLGRHO
SULQFLSLRGHODUHXQLyQGLDULDGHWXJUXSRGHWUDEDMR
(QWUDVWtPLGDPHQWHWRGDVODVPLUDGDVVHSRVDQHQWL
PLHQWUDVEXVFDVXQDVLOOD'HVHDUtDVVHULQYLVLEOH7X
DFWLWXG QHJDWLYD KD KHFKR TXH VHDV WRUSH H LQHILFD]
VLQROYLGDUTXHKDVWHQLGRSUREOHPDVFRQWXMHIH<WX
MRUQDGD VROR SDUHFH HPSHRUDU D SDUWLU GH HVH
PRPHQWR
 3HQVHPRVDKRUDFyPRKDEUtDVLGRHVDVHFXHQFLD
VL WH KXELHVHV FHQWUDGR HQ OR SRVLWLYR \ QR HQ OR
QHJDWLYR 6H WH KD KHFKR WDUGH \ WRGDYtD WLHQHV TXH
VDFDUDOSHUUR$XQTXHKDVGRUPLGRXQSRFRPiVGH
OD FXHQWD WH VLHQWHV DJUDGHFLGR SRU HVRV PLQXWRV
H[WUDGHVXHxR7HSUHSDUDVXQFDIp\SHUFLEHVORELHQ
TXHKXHOH7HWRPDVXQPRPHQWRSDUDGLVIUXWDUGHORV
SULPHURV VRUERV \ WH GDV FXHQWD GH TXH
SUREDEOHPHQWHGHEHUtDVVHUYLUWHHOFDIpHQXQYDVRGH
SOiVWLFR DQWHV GH VDFDU D )LGR 7RPDV OD FRUUHD GHO
SHUUR FRQ OD RWUD PDQR VXMHWDV HO FDIp 0LHQWUDV
)LGR LQWHQWD GDUWH XQ EHVR 6H WH FDH HO FDIp SRU
VXHUWHHOYDVRHVGHSOiVWLFR DFDULFLDVD)LGR\OR
VXMHWDV FRQ OD FRUUHD ©4Xp SHUUR WDQ EXHQR HV PX\
EXHQ FRPSDxHURª SLHQVDV 6DOHV D OD FDOOH
WUDQTXLODPHQWH VLQ ROYLGDU ODV EROVLWDV SDUD UHFRJHU
ODV FDFDV 2EVHUYDV TXH KDFH XQ GtD HVWXSHQGR \
GLVIUXWDV SOHQDPHQWH GHO SDVHR (Q FXDQWR )LGR
WHUPLQDGHKDFHUVXVFRVDVUHFRJHV\YXHOYHVDFDVD
7HODYDVODVPDQRV\EXVFDVODVOODYHVGHOFRFKHHQOD
FDUWHUD ©¢'yQGH HVWiQ" 6LHPSUH ODV SRQJR HQ HO
FRPSDUWLPHQWRGHODQWHUR$KVt$TXt/DVSXVHHQHO
GH DWUiV SDUD JDQDU WLHPSR £6XSRQJR TXH VR\ PiV
OLVWR GH OR TXH SHQVDEDª /OHJDV DO WUDEDMR FRQ GLH]
PLQXWRVGHUHWUDVRWLHQHVFLQFRPLQXWRVDQWHVGHTXH
HPSLHFHODUHXQLyQGHJUXSR7HVLHQWHVGHPX\EXHQ
KXPRU FXDQGR HPSLH]D OD UHXQLyQ \ VREUH WRGR
FXDQGR WX MHIH DSUXHED OD VROXFLyQ FUHDWLYD TXH
SODQWHDVDXQSUREOHPD
7X DFWLWXG SRVLWLYD WH KD D\XGDGR D VHU KiELO
FXLGDGRVR\HILFD]HQWXVDFFLRQHV\HVPX\SUREDEOH
TXHWXMRUQDGDYD\DDPHMRU
7RGRV KHPRV SDVDGR SRU VLWXDFLRQHV FRPR ODV
GHO SULPHU FDVR \ SRU VXHUWH WDPELpQ FRPR ODV GHO
VHJXQGR3DUHFHTXHFXDQGRHVWDPRVQHJDWLYRVWRGR
OR TXH SXHGH VDOLU PDO VDOH PDO (Q FDPELR FXDQGR
HVWDPRV SRVLWLYRV ODV FRVDV VDOHQ PHMRU /D
LQYHVWLJDFLyQ GH )UHGULFNVRQ GHPXHVWUD TXH HVWH
SURFHVR QR HV PiJLFR /DV HPRFLRQHV QHJDWLYDV
WLHQGHQ D OLPLWDU QXHVWUD DWHQFLyQ KDVWD HO SXQWR GH
TXHSDVDPRVSRUDOWRORREYLR\FRPHWHPRVHUURUHV
OR TXH VLJQLILFD TXH QRV SURYRFDPRV PiV HVWUpV D
QRVRWURV PLVPRV \ FRQ pO PiV SUREOHPDV /DV
HPRFLRQHV SRVLWLYDV SRU RWUR ODGR WLHQGHQ D
IRUWDOHFHU QXHVWUD DWHQFLyQ REVHUYDPRV ORV GHWDOOHV
~WLOHV\WHQHPRVLGHDVFUHDWLYDVORTXHVLJQLILFDTXH
PD[LPL]DPRV QXHVWUR SHQVDPLHQWR \ QXHVWUD
FDSDFLGDG GH WRPDU GHFLVLRQHV \ HQIUHQWDUQRV D ORV
SUREOHPDV
 (-(5&,&,2

6DODSDVHDU

6DODGDUXQSDVHRGHHQWUH\PLQXWRV0HMRUVLSXHGHVHU
HQXQHQWRUQRQDWXUDODXQTXHEDVWDFRQTXHVHDDODLUHOLEUH SRU
HMHPSORGHVGHODRILFLQDKDVWDODSDUDGDGHDXWRE~V (OREMHWLYR
GHO SDVHR HV TXH SHUFLEDV HO PD\RU Q~PHUR SRVLEOH GH FRVDV
DJUDGDEOHV 'H HVH PRGR JHQHUDUiV XQ HVWDGR GH iQLPR
RSWLPLVWD¢&XiQWDVFRVDVDOHJUHVERQLWDVRLQVSLUDGRUDVREVHUYDV
GXUDQWHHOSDVHR"¢+DFHXQEXHQGtD"6LOOXHYHSLHQVDHQFyPR
FRQWULEX\HODOOXYLDDODYLGD¢9HVSODQWDVRIORUHVERQLWDV"¢2\HV
FDQWDU D ORV SiMDURV" ¢9HV XQD DUGLOOD" ¢3HUFLEHV RORUHV
DJUDGDEOHV"¢4XpWLHQHGHEXHQRODH[SHULHQFLDGHFDPLQDUHQVt
PLVPD" ¢3XHGHV HVWDEOHFHU FRQWDFWR FRQ OD PDUDYLOOD GH SRGHU
FDPLQDUGHVHQWLUODWLHUUDEDMRWXVSLHV"
¢<TXpKD\GHODJHQWHFRQODTXHWHFUX]DV"¢9HVDXQD
SDUHMDGHODPDQRDXQRVDPLJRVULHQGRMXQWRVDXQDPDGUHFRQ
VXEHEp"6LHQHVHPRPHQWRHVWiVVRQULHQGR \HVSRVLEOHTXHVHD
DVt GHVSXpV GH JHQHUDU HPRFLRQHV WDQ SRVLWLYDV  ¢DOJXLHQ WH
UHVSRQGHFRQXQDVRQULVD"¢,QFOXVRWDOYH]FRQXQVDOXGR"*UDQ
SDUWH GH QXHVWUD DFWLWXG PHQWDO GHSHQGH GH QXHVWUD LQWHQFLyQ GH
SHUFLELU OR EXHQR XQD LQWHQFLyQ TXH ULHJD ODV VHPLOODV GH OD
IHOLFLGDG

)UHGULFNVRQ \ VXV FROHJDV VH KDQ LQWHUHVDGR

UHFLHQWHPHQWH SRU HO SDSHO GH ORV VHQWLPLHQWRV GH
FRPSDVLyQHQHOFXOWLYRGHODVHPRFLRQHVSRVLWLYDV
/OHYDURQDFDERXQHVWXGLRHQHOTXHVHHQVHxyDORV
SDUWLFLSDQWHVDUHDOL]DUODPHGLWDFLyQGHERQGDGTXH
VHGHVFULEHHQHOFDStWXOR&LQFRGtDVDODVHPDQD
GXUDQWH RFKR VHPDQDV ORV SDUWLFLSDQWHV JHQHUDURQ
VHQWLPLHQWRV GH ERQGDG KDFLD HOORV PLVPRV \ KDFLD
VXV VHUHV TXHULGRV FRQRFLGRV GHVFRQRFLGRV \ SRU
~OWLPRDWRGRVORVVHUHVYLYRV
(Q FRPSDUDFLyQ FRQ XQ JUXSR GH FRQWURO ORV
SDUWLFLSDQWHV TXH SUDFWLFDURQ OD PHGLWDFLyQ GH
ERQGDG DILUPDURQ VHQWLU HPRFLRQHV SRVLWLYDV FRPR
DPRU DOHJUtD JUDWLWXG VDWLVIDFFLyQ HVSHUDQ]D
RUJXOOR LQWHUpV GLYHUVLyQ \ DVRPEUR FDGD GtD
7DPELpQ H[SOLFDURQ TXH VH DFHSWDEDQ PiV \ TXH
WHQtDQ UHODFLRQHV PiV SRVLWLYDV 5HVXOWD LQWHUHVDQWH
REVHUYDU TXH DGHPiV ORV SDUWLFLSDQWHV WDPELpQ
H[SHULPHQWDURQ XQD VDOXG ItVLFD PHMRU FRQ PHQRV
VtQWRPDV GH HQIHUPHGDG FRPR GRORUHV GH FDEH]D
FRQJHVWLyQRGHELOLGDG
8QHVWXGLRFRQUHVRQDQFLDVPDJQpWLFDVUHDOL]DGR
SRU 5LFKLH 'DYLGVRQ H[DPLQy HO IXQFLRQDPLHQWR GHO
FHUHEUR GH PRQMHV EXGLVWDV YHWHUDQRV \ DOXPQRV
YROXQWDULRV TXH PHGLWDEDQ VREUH FRPSDVLyQ
LQFRQGLFLRQDO SDUD WRGRV ORV VHUHV /RV UHVXOWDGRV
LQGLFDURQ TXH PLHQWUDV PHGLWDEDQ DPERV JUXSRV
WHQtDQ PD\RUHV QLYHOHV GH DFWLYDFLyQ FHUHEUDO HQ HO
FyUWH[ SUHIURQWDO L]TXLHUGR OD UHJLyQ GHO FHUHEUR
DVRFLDGD FRQ OD DOHJUtD \ HO RSWLPLVPR /RV PRQMHV
PRVWUDURQ ORV PD\RUHV QLYHOHV GH DFWLYDFLyQ
UHJLVWUDGRV SRU FLHQWtILFRV RFFLGHQWDOHV £HVWRV Vt
HUDQPRQMHVIHOLFHV 

$872&23$6,Ï1<36,&2/2*Ë$326,7,9$

(Q OD SDVDGD GpFDGD SVLFyORJRV HPLQHQWHV FRPR

0DUWLQ 6HOLJPDQ \ 0LKDO\ &VLN]HQWPLKDO\L VH
LQWHUHVDURQ FDGD YH] PiV SRU OD PDQHUD HQ TXH
HPRFLRQHV SRVLWLYDV FRPR HO DPRU OD DOHJUtD OD
FXULRVLGDG \ OD HVSHUDQ]D SXHGHQ D\XGDUQRV D
PHMRUDU OD VDOXG \ HO ELHQHVWDU &RQRFLGR FRPR HO
PRYLPLHQWRGHOD©SVLFRORJtDSRVLWLYDªVHFHQWUDHQ
HQWHQGHU ORV IDFWRUHV TXH SURGXFHQ VDOXG PHQWDO HQ
RSRVLFLyQDODHQIHUPHGDGPHQWDO FXOWLYDUORVSXQWRV
IXHUWHV HQ OXJDU GH HOLPLQDU ORV GpELOHV  1XHVWUD
LQYHVWLJDFLyQGHPXHVWUDTXHODVSHUVRQDVFRPSDVLYDV
FRQVLJR PLVPDV H[SHULPHQWDQ PiV HPRFLRQHV
SRVLWLYDV HQWXVLDVPR LQWHUpV LQVSLUDFLyQ HPRFLyQ
TXH ODV SHUVRQDV DXWRFUtWLFDV $GHPiV DILUPDQ VHU
PXFKR PiV IHOLFHV ,UyQLFDPHQWH DXQTXH OD
FRPSDVLyQ KDFLD XQR PLVPR VXUJH GXUDQWH
H[SHULHQFLDV GH VXIULPLHQWR WLHQGH D FUHDU HVWDGRV
PHQWDOHV DOHJUHV /D DXWRFRPSDVLyQ QR ERUUD ORV
VHQWLPLHQWRVQHJDWLYRVVLQRTXHORVDFRJHFRQLQWHUpV
\ FDULxR < DVt VH SRQH HQ PDUFKD HO ©FLFOR GH
DPSOLDFLyQ \ FRQVWUXFFLyQª TXH \D KHPRV
PHQFLRQDGR 'DGR TXH OD FRPSDVLyQ KDFLD QRVRWURV
PLVPRV QRV KDFH VHQWLUQRV VHJXURV FHQWUDGRV \
FRQHFWDGRV SRGHPRV GHOHLWDUQRV HQ OR PDUDYLOORVR
GH QXHVWUDV YLGDV HQ OXJDU GH H[SOD\DUQRV HQ ORV
SUREOHPDV \ ODV OLPLWDFLRQHV 3RGHPRV HPSH]DU D
SHUVHJXLU QXHVWURV VXHxRV HQ OXJDU GH HYLWDU ORV
SHOLJURV
'H DFXHUGR FRQ HVWDV LGHDV QXHVWUD
LQYHVWLJDFLyQGHPXHVWUDTXHODVSHUVRQDVFRPSDVLYDV
FRQVLJR PLVPDV VRQ PXFKR PiV RSWLPLVWDV TXH ODV
TXH FDUHFHQ GH DXWRFRPSDVLyQ (O RSWLPLVPR HV OD
FUHHQFLDGHTXHODVFRVDVYDQDVDOLUELHQGHTXHHO
IXWXUR JXDUGD FRVDV EXHQDV $ GLIHUHQFLD GH ORV
SHVLPLVWDV TXH QR VH PROHVWDQ HQ LQWHQWDU FDPELDU
QDGDSRUTXHDVXPHQTXHWRGRYDDVDOLUPDO VHJ~QHO
GLFKR VL WLHQHV TXH SHGLU GLQHUR TXH VHD D XQ
SHVLPLVWD QR HVSHUD TXH VH OR GHYXHOYDV  ORV
RSWLPLVWDV VH HVIXHU]DQ SRU FRQVHJXLU VXV REMHWLYRV
VHJXURV GH TXH VXV HVIXHU]RV GDUiQ IUXWRV /DV
SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV VRQ PiV
RSWLPLVWDV SRUTXH VDEHQ TXH VL VXUJH XQ SUREOHPD
SRGUiQ VROXFLRQDUOR 3RVHHQ OD IXHU]D HPRFLRQDO
QHFHVDULDSDUDDIURQWDUFXDOTXLHUFRVD6LHUHVFDSD]
GH FRQVRODUWH D WL PLVPR FDGD YH] TXH RFXUUH DOJR
GRORURVR VL SHUPDQHFHV FHQWUDGR \ QR WLHQHV
UHDFFLRQHV SUHFLSLWDGDV HPSH]DUiV D FRQILDU HQ WL
PLVPR 7H UHVXOWDUi PiV IiFLO HQFRQWUDU IXHU]D
LQWHULRUFXDQGROOHJXHQPDORVWLHPSRVVDELHQGRTXH
SXHGHV VXSHUDUOR WRGR FRQ OD D\XGD GH WX SURSLR
DSR\RFRPSDVLYR
2WUR GH QXHVWURV GHVFXEULPLHQWRV HV TXH ODV
SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV WLHQGHQ D
PRVWUDUPiVFXULRVLGDGSRUODYLGD/DFXULRVLGDGHV
HO PRWRU GHO FUHFLPLHQWR QRV DQLPD D H[SORUDU
GHVFXEULU \ DVXPLU ULHVJRV LQFOXVR FXDQGR QRV
VHQWLPRV QHUYLRVRV R LQFyPRGRV /D DXWRFRPSDVLyQ
QRV SURSRUFLRQD OD VHJXULGDG \ OD HFXDQLPLGDG
QHFHVDULDVSDUDSHUPDQHFHUDELHUWRVHQQXHVWURVDOWR
KDFLD OR GHVFRQRFLGR 1RV SHUPLWH UHIXJLDUQRV HQ HO
LQWHUpV\ODFXULRVLGDGFXDQGRQRWHQHPRVQLLGHDGH
ORTXHYDDRFXUULUDFRQWLQXDFLyQ
/DV SHUVRQDV FRPSDVLYDV FRQVLJR PLVPDV
WDPELpQ WLHQGHQ D HVWDU PiV VDWLVIHFKDV FRQ VX YLGD
XQ KDOOD]JR TXH KHPRV GHWHFWDGR HQ SHUVRQDV GH
2ULHQWH\GH2FFLGHQWH/DVDWLVIDFFLyQYLWDOHVXQD
VHQVDFLyQ JHQHUDO GH FRQWHQWR FRQ OD SURSLD YLGD HO
VHQWLPLHQWR GH TXH QXHVWUD YLGD WLHQH VLJQLILFDGR \
YDORU &XDQGR DSOLFDPRV HO EiOVDPR FDOPDQWH GH OD
FRPSDVLyQ KDFLD XQR PLVPR D QXHVWURV IUDFDVRV \
QXHVWUDV GHFHSFLRQHV LQWHJUDPRV OD SHQD HQ XQD
DFHSWDFLyQSURIXQGDLQWHQVD\VDWLVIDFWRULDGHORTXH
VLJQLILFDYLYLU

&(/(%5$5/$(;3(5,(1&,$+80$1$

6DEHPRV TXH OD FRPSDVLyQ KDFLD XQR PLVPR JHQHUD

VHQWLPLHQWRV SRVLWLYRV TXH PHMRUDQ OD VDOXG \ HO
ELHQHVWDU/RYHUGDGHUDPHQWHPDUDYLOORVRHVTXHHVDV
HPRFLRQHV SRVLWLYDV QR UHTXLHUHQ TXH ILQMDV TXH OD
UHDOLGDG HV GLVWLQWD D OD TXH HV /D FRPSDVLyQ QRV
SHUPLWH DPSOLDU QXHVWUD YLVLyQ \ DVt DSUHFLDU \
UHFRQRFHU SOHQDPHQWH WRGRV ORV DVSHFWRV GH OD YLGD
ORVEXHQRV\ORVPDORV
8QD YLGD UHDOPHQWH VDWLVIDFWRULD \ GLYHUWLGD HV
YDULDEOH\GLYHUVD SROLIyQLFDQRPRQyWRQD ,PDJLQD
TXH ODV ~QLFDV FDQFLRQHV TXH KDV HVFXFKDGR HQ WX
YLGD IXHVHQ WXV GLH] IDYRULWDV 3DUD VLHPSUH 1R
WDUGDUtDVHQVHQWLUHOGHVHRGHVDOWDUSRUXQDYHQWDQD
GHELGRDOWUHPHQGRDEXUULPLHQWR3DUDTXHODVFRVDV
VLJDQ VLHQGR LQWHUHVDQWHV QHFHVLWDPRV FRQWUDVWH \
YDULHGDG (O LGHDO GH SHUVRQD VLHPSUH VRQULHQWH DO
HVWLORGH'RULV'D\HVXQLQYHQWRGH+ROO\ZRRG8Q
UHFRUWHGHFDUWXOLQDGHXQDSHUVRQDUHDOTXHGHMDFRQ
JDQDV GH PiV 6H GLFH TXH 'RULV 'D\ UHFKD]y HO
SDSHO GH 0UV 5RELQVRQ HQ (O JUDGXDGR SRUTXH
FKRFDED FRQ ORV SHUVRQDMHV KDELWXDOHV TXH
LQWHUSUHWDED VLHPSUH EXHQtVLPDV SHUVRQDV 
¢,PDJLQDV FXiQWR LQWHUpV KDEUtD JDQDGR VX ELRJUDItD
FLQHPDWRJUiILFD²\FXiQWRWLHPSRPiVKDEUtDGXUDGR
²VLKXELHVHDFHSWDGRHOSDSHO"
$XQTXH WRGRV TXHUHPRV VHU IHOLFHV SDUD ORJUDU
HVH HVWDGR GHEHPRV VHQWLU WRGDV ODV HPRFLRQHV ODV
EXHQDV \ ODV PDODV ORV VDOWRV KDFLD GHODQWH \ ORV
UHWURFHVRV(PRFLRQHVFRPRODWULVWH]DODYHUJHQ]D
ODLUD\HOPLHGRVRQQHFHVDULDV\IXQGDPHQWDOHVSDUD
HO HVSHFWiFXOR GH OD YLGD LJXDO TXH OD DOHJUtD HO
RUJXOOR HO DPRU \ OD YDOHQWtD &RPR HVFULELy &DUO
-XQJ ©,QFOXVR XQD YLGD IHOL] QR HV IDFWLEOH VLQ XQ
SXQWR GH RVFXULGDG \ OD SDODEUD ³IHOL]´ SHUGHUtD VX
VLJQLILFDGR VL QR WXYLHVH VX FRQWUDSXQWR HQ OD
WULVWH]Dª /D SDODEUD FODYH DTXt HV ©FRQWUDSXQWRª
(TXLOLEULR 1R TXHUHPRV TXH ORV VHQWLPLHQWRV
QHJDWLYRV GHQ FRORU D WRGDV QXHVWUDV SHUFHSFLRQHV
SHUR WDPSRFR H[FOXLUORV SRU FRPSOHWR $GHPiV HVR
HVLPSRVLEOH
&XDQGR VHQWLPRV FRPSDVLyQ KDFLD QXHVWUR
VXIULPLHQWRORVSODFHUHVGHODERQGDGODFRQH[LyQ\
HO PLQGIXOQHVV VH PH]FODQ UiSLGDPHQWH FRQ ORV
VHQWLPLHQWRVGRORURVRV(OVDERUUHVXOWDQWHSXHGHVHU
VRUSUHQGHQWHPHQWH VDWLVIDFWRULR DOJR DVt FRPR
FKRFRODWHQHJUR 6LQGRORUHOSODFHUGHODYLGDVHUtD
GHPDVLDGR D]XFDUDGR VLQ SURIXQGLGDG QL
FRPSOHMLGDG3RURWURODGRHOGRORUVLQSODFHUVHUtD
GHPDVLDGRDPDUJRFRPRHOFDFDRVLQD]~FDU&XDQGR
HO GRORU \ HO SODFHU VH FRPELQDQ FXDQGR DFRJHPRV
DPERVFRQHOFRUD]yQDELHUWRHPSH]DPRVDVHQWLUQRV
YHUGDGHUDPHQWHFRPSOHWRV3RUWDQWRODSUy[LPDYH]
TXHSDVHVSRUXQPRPHQWRGLItFLOLQWHQWDUHFRUGDUODV
SDODEUDV ©FKRFRODWH QHJURª 3RGUtDQ SURSRUFLRQDUWH
ODLQVSLUDFLyQQHFHVDULDSDUDDFRJHUHOGRORUDPDUJR
HQWUHODGXO]XUD\HOFDULxRGHODFRPSDVLyQ

0,+,6725,$(/1,f2&$%$//2

3XHGR GHFLU TXH PL H[SHULHQFLD FRQ OD DOHJUtD TXH

DSRUWD OD DXWRFRPSDVLyQ HV GH SULPHUD PDQR (O
FRPSURPLVR TXH 5XSHUW \ \R KLFLPRV GH DEULU
QXHVWURV FRUD]RQHV \ QXHVWUDV PHQWHV QRV SHUPLWLy
KDFHU XQD ORFXUD SHUVHJXLU XQ VXHxR LPSRVLEOH \
ORJUDUTXHVHFXPSOLHVH
1DGLH VDEH TXp SURYRFD HO DXWLVPR (V XQ
PLVWHULR 7DPSRFR HQWHQGHPRV SRU TXp ORV FDVRV GH
DXWLVPRKDQDXPHQWDGRWDQWR3DUDORVSDGUHVTXHVH
HQIUHQWDQDOSUREOHPDVLQHPEDUJRODJUDQSUHJXQWD
QR HV TXp SURYRFD HO DXWLVPR VLQR ¢TXp KDFHU DO
UHVSHFWR"*UDQSDUWHGHODLQIRUPDFLyQVREUHWHUDSLDV
\WUDWDPLHQWRVSDUDHODXWLVPRHVFRQWUDGLFWRULD7RGR
HV PX\ FDUR &XDQGR QXHVWUR KLMR 5RZDQ IXH
GLDJQRVWLFDGR FRQ HVWH WUDVWRUQR QR WXYLPRV PiV
RSFLyQ TXH DFHSWDU OR GHVFRQRFLGR \ HQIUHQWDUQRV D
FDGDPRPHQWRORPHMRUTXHSXGLPRV$QWHODIDOWDGH
UHVSXHVWDV GHFLGLPRV LQWHQWDU DOJR TXH D\XGDVH D
5RZDQ VLQ KDFHUOH GDxR 1R WHQtDPRV QL LGHD GH OD
DYHQWXUDDODTXHQRVOOHYDUtDHVDGHFLVLyQ
(O DXWLVPR UHVXOWD DJRWDGRU &RPR \D KH
PHQFLRQDGR 5RZDQ HUD YtFWLPD GH LQWHUPLQDEOHV
UDELHWDV FRQ JULWRV SURYRFDGDV SRU VX VLVWHPD
QHUYLRVR KLSHUHVWLPXODGR (Q OD QDWXUDOH]D VLQ
HPEDUJR VH FDOPDED XQ SRFR &XDQGR VXIUtD XQD
UDELHWD5XSHUWVHOOHYDEDD5RZDQDOERVTXHTXHKD\
GHWUiV GH QXHVWUD FDVD 8Q GtD FXDQGR 5RZDQ WHQtD
WUHVDxRVHFKyDFRUUHUDWUDYHVyODYDOODGHOFDPSR
GH QXHVWUR YHFLQR \ FRQWLQXy FRUULHQGR HQWUH ORV
FDEDOORVKDVWDTXH5XSHUWORJUyGHWHQHUOR
$OOtHVWDEDWXPEDGRVREUHODKLHUEDFRQFLQFR
FDEDOORVDPRQWRQDGRVDVXDOUHGHGRU
<HQWRQFHVRFXUULyDOJRH[WUDRUGLQDULR/D\HJXD
OtGHU XQ HMHPSODU YLHMR \ PDOKXPRUDGR OODPDGR
%HWV\ DSDUWy VXDYHPHQWH D ORV RWURV FDEDOORV \
DJDFKy OD FDEH]D DQWH 5RZDQ HQ VHxDO GH VXPLVLyQ
(QWUH OD \HJXD \ HO QLxR RFXUULy DOJR
PDUDYLOORVDPHQWH WLHUQR H LQH[SOLFDEOH 5XSHUW XQ
H[SHUWR MLQHWH FUHtD TXH 5RZDQ QR HVWDED VHJXUR
HQWUHORVFDEDOORVSHURGHVSXpVGHYHUODUHDFFLyQGH
%HWV\ LQPHGLDWDPHQWH SHQVy HQ VXELU D 5RZDQ D VX
ORPR <R HVWDED QHUYLRVD \ OH SHGt TXH WXYLHVH
FXLGDGRSHURHQFXDQWR5XSHUWFRORFyD5RZDQHQOD
VLOOD pO VH VXELy GHWUiV  QXHVWUR KLMR HPSH]y D
KDEODUDXWLOL]DUIUDVHVFRQVHQWLGRSRUSULPHUDYH]
1RVTXHGDPRVDVRPEUDGRV
$TXHO PLVPR DxR RFXUULy RWUD FRVD
H[WUDRUGLQDULD 5XSHUW TXH WUDEDMD HQ GHUHFKRV
KXPDQRVDGHPiVGHVHUHVFULWRU WUDMRDXQJUXSRGH
KRPEUHV GH OD WULEX VDQ ERVTXLPDQRV  GHO VXU GH
ÈIULFDSDUDSURWHVWDUDQWHOD218SRUHOGHVDORMRGH
VXV WHUUHQRV DQFHVWUDOHV GH FD]D /RV ERVTXLPDQRV
SRVHHQ XQD ODUJD WUDGLFLyQ GH FXUDFLyQ D WUDYpV GHO
WUDQFH 1RV XQLPRV D HOORV GXUDQWH XQRV GtDV HQ XQD
FRQYHQFLyQGHFXUDQGHURVWUDGLFLRQDOHVDODVDIXHUDV
GH /RV ÈQJHOHV \ QRV RIUHFLHURQ ©WUDEDMDUª FRQ
5RZDQ &DVL LQPHGLDWDPHQWH HO QLxR HPSH]y D
VHxDODUDPRVWUDUVXVMXJXHWHV\DLQWHUDFWXDUPXFKR
PiV GH OR TXH OR KDFtD KDELWXDOPHQWH 'XUDQWH XQRV
GtDVIXHFDVLFRPRWHQHUXQKLMR©QRUPDOª(VWiEDPRV
HQFDQWDGRV 3RU GHVJUDFLD UHJUHVy D ODV
SURIXQGLGDGHV GH VXV VtQWRPDV QHJDWLYRV HQ FXDQWR
ORV ERVTXLPDQRV VH PDUFKDURQ 1R REVWDQWH DTXHO
VDOWR UHSHQWLQR H LQH[SOLFDEOH FRPELQDGR FRQ OD
UHDFFLyQ SRVLWLYD \ UDGLFDO GH 5RZDQ DQWH %HWV\
HVWDED KDFLHQGR FUHFHU XQD LGHD HQ OD PHQWH GH
5XSHUW
8QDWDUGH5XSHUW\5RZDQOOHJDURQGHFDEDOJDU
\ 5XSHUW GLMR FRPR VL IXHVH OR PiV QDWXUDO GHO
PXQGR TXH VHUtD EXHQD LGHD OOHYDU D 5RZDQ D XQ
OXJDU GRQGH ORV FDEDOORV \ OD VDQDFLyQ YDQ GH OD
PDQR 0RQJROLD (V HO SDtV GRQGH VH GRPHVWLFDURQ
FDEDOORV SRU SULPHUD YH] \ GH GRQGH SURFHGH OD
SDODEUD ©FKDPiQª ©HO TXH VDEHª  ©(V REYLR TXH
GHEHPRV LU DOOtª GLMR 5XSHUW <R QR HVWDED GH
DFXHUGR3DUDQDGD
²$ YHU VL OR HQWLHQGR ²GLMH² ¢4XLHUHV TXH
OOHYHPRV D QXHVWUR KLMR DXWLVWD SRU WRGD 0RQJROLD D
ORPRV GH XQ FDEDOOR" £(V DEVXUGR (V OR ~OWLPR TXH
QHFHVLWDPRVKDFHU<DHVVXILFLHQWHPHQWHFRPSOLFDGR
FDGDGtDQRGLJDPRVXQDORFXUDFRPRHVD1RSXHGR
FUHHUTXHORGLJDVHQVHULR£<DGHPiV\RGHWHVWRORV
FDEDOORV
3XHGHTXH©GHWHVWRªVHDXQDSDODEUDGHPDVLDGR
IXHUWHSHURQXQFDIXLGHHVDVQLxDVTXHGHVHDQWHQHU
XQ SRQL 5XSHUW HV HO DPDQWH GH ORV FDEDOORV GH OD
IDPLOLD <R FUHFt HQ ODV DIXHUDV GH /RV ÈQJHOHV
LQWHQWDQGRVHUDFHSWDGDHQHOPXQGRGHOURFNJyWLFR
5XSHUW PH HQVHxy D PRQWDU PiV R PHQRV  SHUR
QXQFD WXYH HO GHVHR GH GRPLQDU XQ FDEDOOR < ORV
FDEDOORV OR VDEHQ VH PH KDQ GHVERFDGR \
HQFDEULWDGRPiVYHFHVGHODVTXHSRGUtDFRQWDU
6LQ HPEDUJR 5XSHUW WHQtD HO VHQWLPLHQWR
DUUDLJDGR \ SHUVLVWHQWH GH TXH GHEtDPRV OOHYDU D
5RZDQ D 0RQJROLD SDUD D\XGDUOH 0L VHQWLPLHQWR
DUUDLJDGR FXDQGR SHQVDED HQ YLDMDU KDVWD 0RQJROLD
QRHUDGHLQWXLFLyQVLQRPiVELHQGHSiQLFR5XSHUW\
\R GLVFXWLPRV SRU HVR \ PXFKR < HQWRQFHV RFXUULy
DOJRQDGDKDELWXDO ORVGRVVRPRVPX\WHUFRV DPERV
UHWURFHGLPRVFRQODHVSHUDQ]DGHTXHHORWURFHGLHVH
3DVDURQGRVDxRV5RZDQ\5XSHUWFDEDOJDEDQMXQWRV
FDVL WRGRV ORV GtDV \ ORV HIHFWRV GH DTXHOOD WHUDSLD
HTXLQD FDVHUD HUDQ HYLGHQWHV HQ HO GHVDUUROOR GHO
OHQJXDMH GH 5RZDQ 6LQ HPEDUJR D ORV FLQFR DxRV
5RZDQ WRGDYtD QR VDEtD LU VROR DO EDxR +DEtDPRV
LQWHQWDGR TXLWDUOH ORV SDxDOHV SHQVDQGR TXH GHEtD
HVWDU LQFyPRGR FXDQGR VH KDFtD FDFD \ TXH HVR OH
D\XGDUtD D DSUHQGHU D XWLOL]DU HO LQRGRUR 3HUR QR
IXQFLRQy 1DGD IXQFLRQDED < 5RZDQ VHJXtD
VXIULHQGR XQDV UDELHWDV LQH[SOLFDEOHV H
LQFRQWURODEOHV$GHPiVHUDLQFDSD]GHKDFHUDPLJRV
5XSHUWPDQWHQtDFRQWDFWRSRUFRUUHRHOHFWUyQLFR
FRQ XQ RSHUDGRU WXUtVWLFR GH 0RQJROLD \ KDEtD
HPSH]DGR D RUJDQL]DU HO YLDMH D SHVDU GH PLV
UHVHUYDV 8Q MRYHQ DPLJR GLUHFWRU GH FLQH 0LFKHO
TXHUtDDFRPSDxDUQRVSDUDGRFXPHQWDUHOYLDMH'LMR
TXH OR KDUtD JUDWLV TXH OH SDUHFtD XQD RSRUWXQLGDG
HVWXSHQGD<RVHJXtDUHVLVWLpQGRPH
&RQ WRGR FRQ ORV DxRV KDEtD DSUHQGLGR TXH
FXDQGR5XSHUWWLHQHXQDLQWXLFLyQVXHOHVHUDFHUWDGD
$O ILQ \ DO FDER WXYR XQD LQWXLFLyQ FRQPLJR \ PH
SLGLy HQ PDWULPRQLR HO GtD TXH QRV FRQRFLPRV $Vt
TXHSHQVpHQHOWHPDGH0RQJROLD\PLUHDFFLyQPH
VRUSUHQGLy0HGLFXHQWDGHTXHQRTXHUtDSHUGHUPH
DTXHOOD DYHQWXUD 4XH OD YLGD PH HVWDED
SURSRUFLRQDQGRODRSRUWXQLGDGGHFDPELDUODVFRVDV
GHFDQDOL]DUQXHVWURGRORUSRUHODXWLVPRGH5RZDQ\
FRQYHUWLUORHQXQDE~VTXHGDGHFXUDFLyQ4XHVHPH
HVWDED RIUHFLHQGR XQD HOHFFLyQ HQWUH HO DPRU \ HO
PLHGR $Vt TXH UHVSLUp SURIXQGDPHQWH \ GLMH Vt
%URPHpFRQHOKHFKRGHTXH\RLEDDVDOLUJDQDQGRGH
WRGDV IRUPDV 6L HO YLDMH HUD XQ IUDFDVR SRGUtD
GHFLUOHD5XSHUW©7HORDGYHUWtª\VLHUDXQp[LWR
PXFKRPHMRU
 5XSHUWKL]RXQDSURSXHVWDSDUDHVFULELUXQOLEUR
VREUH HO YLDMH 7KH +RUVH %R\ FRQ OD HVSHUDQ]D GH
FRQVHJXLUXQDGHODQWRSDUDFXEULUDOJXQRVJDVWRV\OD
IDOWD GH LQJUHVRV PLHQWUDV HVWXYLpVHPRV IXHUD /D
SURSXHVWD SHUPDQHFLy VREUH OD PHVD GHO DJHQWH GH
5XSHUW GXUDQWH YDULRV PHVHV \ QR YROYLPRV D VDEHU
QDGD GHO WHPD (Q XQ DFWR GH IH GHFLGLPRV VHJXLU
DGHODQWH\FRPSUDUORVELOOHWHVGHDYLyQ/DVWDUMHWDV
GHFUpGLWRHFKDEDQKXPR
$OUHGHGRU GH GRV VHPDQDV PiV WDUGH HO DJHQWH
QRVFRPXQLFyTXHYDULDVHGLWRULDOHVVHGLVSXWDEDQHO
OLEUR \ 5XSHUW FRQVLJXLy XQ DGHODQWR TXH VXSHUDED
QXHVWURV VXHxRV 'H SURQWR WHQtDPRV PiV TXH
VXILFLHQWH SDUD FXEULU WRGRV ORV JDVWRV UHDOL]DU XQ
GRFXPHQWDO ELHQ KHFKR WDPELpQ WLWXODGR 7KH +RUVH
%R\  \ OR PiV LPSRUWDQWH JXDUGDU GLQHUR SDUD HO
IXWXUR GH 5RZDQ (UD FRPR VL OD YLGD HVWXYLHVH
UDWLILFDQGRQXHVWUDGHFLVLyQGHHPSUHQGHUODDYHQWXUD
\ DSRUWiQGRQRV OD Pi[LPD VHJXULGDG SDUD KDFHUOR
6HQWLPRVXQDHQRUPHJUDWLWXG
<DVtHQDJRVWRGHQRVHQFRQWUDPRVDOSLH
GH XQD PRQWDxD VDJUDGD HQ 0RQJROLD GRQGH QXHYH
FKDPDQHV VH KDEtDQ UHXQLGR D ODV DIXHUDV GH 8OiQ
%DWRUODFDSLWDOFRQHOILQGHUHDOL]DUXQULWXDOSDUD
QRVRWURV6HJ~Q7XOJDQXHVWURJXtDFDVLWRGRVKDEtDQ
UHFRUULGR FLHQWRV GH NLOyPHWURV VROR SDUD D\XGDU D
5RZDQ )XH OD WDUGH PiV LQWHQVD GH PL YLGD $
5RZDQ QR OH JXVWy QDGD DO SULQFLSLR \ QR GHMy GH
JULWDU \ GH UHVLVWLUVH (VWDED GHVRULHQWDGR \ QR
HQWHQGtD WRGR DTXHO UXLGR DXQTXH GHER DGPLWLU TXH
QR VH PRVWUy PiV QHUYLRVR TXH HQ FXDOTXLHUD GH
QXHVWUDVYLVLWDVDOVXSHUPHUFDGR 
< HQWRQFHV WRGR IXH UHDOPHQWH H[WUDxR ORV
FKDPDQHV GLMHURQ TXH GXUDQWH HO HPEDUD]R KDEtD
HQWUDGRXQDHQHUJtDQHJUDHQPLYLHQWUH\PHKLFLHURQ
LU KDVWD HO UtR SDUD ODYDUPH ODV SDUWHV tQWLPDV FRQ
YRGND 6t YRGND 7DPELpQ GLMHURQ TXH XQD
DQWHSDVDGD SRU SDUWH GH PL PDGUH DOJXLHQ FRQ XQD
HQIHUPHGDGPHQWDOVHHVWDEDDIHUUDQGRD5RZDQ/R
FLHUWR HV TXH PL DEXHOD PDWHUQD SHUGLy D XQ KLMR GH
RFKRDxRVHQXQDFFLGHQWHGHFRFKH PLPDGUHWHQtD
GRVDxRV 8QDVVHPDQDVGHVSXpVGHTXHPLPDGUHVH
PXGDVH\VHFDVDVHVXSDGUHPXULyGHXQLQIDUWR0L
DEXHOD VH YROYLy ORFD GH GRORU \ WXYR TXH VHU
LQWHUQDGD¢6HUtDHVHPLDQWHSDVDGRIHPHQLQRGHOTXH
KDEODEDQ"4XpH[WUDxR1RKDEtDWLHPSRSDUDSHQVDU
1RVSLGLHURQD5XSHUW\DPtTXHQRVDUURGLOOiVHPRV
GHFDUDDODPRQWDxDPLHQWUDVXQFKDPiQQRVD]RWDED
D 5RZDQ QR PHQRV PDO  FRQ OiWLJRV GH FXHUR 1RV
VDOLHURQ XQDV HQRUPHV URQFKDV URMDV HQ OD HVSDOGD
ORVEUD]RV\ORVPXVORV7XOJDFRQXQDULVDQHUYLRVD
QRVGLMR©(VLPSRUWDQWHTXHQRJULWpLVª
6LQFRQWDUFXDQGRGLDOX]FUHRTXHQXQFDKDEtD
VHQWLGRWDQWRGRORU0LHQWUDVSHUPDQHFtDDUURGLOODGD
HQ OD KLHUED UHVSLUDQGR SURIXQGDPHQWH \ VLQWLHQGR
ODV WLUDV GH FXHUR D]RWDQGR PL SLHO PH HQYLp
DXWRFRPSDVLyQ &RPSDVLyQ SRU HO GRORU GHO OiWLJR
SRU HO GRORU GH WHQHU XQ KLMR DXWLVWD SRU WRGDV ODV
SHUVRQDVTXHVXIUHQHQHOPXQGR6DEtDTXHHOGRORU
TXH HO FKDPiQ PH HVWDED SURYRFDQGR QDFtD GH OD
LQWHQFLyQGHFXUDU\HVRORKDFtDVRSRUWDEOH
²¢3HUGRQDV DO ORFR GH WX PDULGR" ²PH
SUHJXQWy5XSHUWFXDQGRDFDEyHOULWXDO
1RVDEUD]DPRVHQWUHULVDV¢4XpRWUDFRVDSRGtD
KDFHU"
< HQWRQFHV RFXUULy DOJR KHUPRVR 5RZDQ
HPSH]y D UHtU \ D MXJDU FRQ ORV FKDPDQHV 3RFR
GHVSXpVSDUDQXHVWUDVRUSUHVD5RZDQVHGLULJLyDXQ
QLxRTXHSHUPDQHFtDIXHUDGHOFtUFXORORDEUD]y\OH
GLMR
²+HUPDQRPRQJRO
1XQFDKDEtDKHFKRDOJRDVt
(OQLxRVHOODPDED7RPRR\HUDHOKLMRGH7XOJD
QXHVWUR JXtD $O YHU HO VRUSUHQGHQWH JHVWR GH ORV
QLxRV 7XOJD GHFLGLy TXH 7RPRR QRV DFRPSDxDVH
GXUDQWH WRGR HO YLDMH 5RZDQ KDEtD KHFKR VX SULPHU
DPLJR
1RVGLULJLPRVKDFLDHOLQWHULRU<HVWXYRDSXQWR
GHRFXUULUXQGHVDVWUH'HUHSHQWH5RZDQSHUGLyOD
FRQILDQ]DGXUDQWHHOSULPHUGtDFRQORVFDEDOORVORV
UHFKD]ySRUFRPSOHWR\WXYLPRVTXHFRQWLQXDUHQî
3DUD5XSHUWIXHPX\GXURPRQWDUMXQWRVDFDEDOOR
HUD OD DFWLYLGDG TXH PiV OH XQtD D 5RZDQ 1R
REVWDQWH REVHUYDU FyPR VH IRUMDED OD DPLVWDG HQWUH
5RZDQ\7RPRRGXUDQWHORVODUJRVGtDVGHYLDMH\ODV
EHOOtVLPDV WDUGHV DFDPSDGRV HQ OD HVWHSD HUD SXUD
DOHJUtD$OJRHQQXHVWURKLMRHVWDEDFDPELDQGR
1RV ODYDPRV \ UH]DPRV HQ ODV DJXDV VDJUDGDV
GHOODJR6KDUJDXQOXJDUH[WUDxRFRPRGHHQVXHxR
FRQFLVQHVVDOYDMHV\FDEDOORVD~QPiVVDOYDMHVDQWHV
GH FRQWLQXDU HO YLDMH KDFLD HO QRUWH HQ GLUHFFLyQ D
6LEHULD OD WLHUUD GH ORV PLVWHULRVRV SDVWRUHV GH
UHQRV 6XV FXUDQGHURV WLHQHQ IDPD GH VHU ORV PiV
SRGHURVRV GH OD UHJLyQ 5XSHUW KDEtD RtGR TXH
DTXHOORV SXHEORV QyPDGDV DO SDUHFHU DQFHVWURV GH
ORV SULPHURV QDWLYRV DPHULFDQRV TXH FUX]DURQ HO
HVWUHFKR GH %HULQJ KDFH PiV GH GLH] PLO DxRV  HUDQ
PX\ GLItFLOHV GH ORFDOL]DU (QFRQWUDUORV \ SHGLU TXH
WUDWDVHQ D 5RZDQ HUD HO REMHWLYR ILQDO GH QXHVWUR
YLDMH 3HUR QR H[LVWtDQ FDUUHWHUDV KDFLD VXV UHPRWRV
DVHQWDPLHQWRV3DUDOOHJDU5RZDQWHQGUtDTXHYROYHU
DPRQWDUDFDEDOOR
$ DTXHOODV DOWXUDV \R \D HVWDED PX\ FDQVDGD
,PDJLQD WHQHU TXH ODYDU OD URSD LQWHULRU VXFLD GH XQ
QLxRGHFLQFRDxRVWUHVYHFHVDOGtDFRQERWHOODVGH
DJXDUHFRJLGDHQORVULDFKXHORV HQODHVWHSDQRKD\
ODYDGRUDVQLVHFDGRUDV <HVWDEDKDUWDGHODFRPLGD
TXH HUD KRUULEOH HVSHFLDOPHQWH OD OHFKH UDQFLD GH
\HJXDOODPDGDDLUDJTXHVDEHDYyPLWR $SHVDUGH
WRGRDOJRQRVLPSXOVDEDDVHJXLUDGHODQWH
5RZDQ SRU ILQ DFHSWy FDEDOJDU \ HPSH]y D
GLVIUXWDU GH HOOR 6HJXLPRV D QXHVWURV JXtDV SRU HO
SDVRGHPiVGHWUHVNLOyPHWURVTXHKDEtDTXHFUX]DU
SDUDOOHJDUDORVSDVWRVGHYHUDQRGHORVSDVWRUHVGH
UHQRV 7UHV GXURV GtDV PiV WDUGH SRU ILQ YLPRV ORV
WLSLV 5RZDQ VH TXHGy H[WDVLDGR /DV SHUVRQDV TXH
YLYtDQDOOt FRPRHQHOUHVWRGH0RQJROLD QRSRGtDQ
VHU PiV KRVSLWDODULDV 6DFDURQ UHQRV GRPHVWLFDGRV
SDUDTXH5RZDQ\7RPRRPRQWDVHQ\OHVSHUPLWLHURQ
DFXUUXFDUVHFRQXQDFUtDSUHFLRVDDQWHVGHFRPHQ]DU
ODVDQDFLyQ
'XUDQWH WUHV GtDV HO FKDPiQ XQ DQFLDQR PX\
FDULVPiWLFR OODPDGR *KRVWH  WUDEDMy FRQ 5RZDQ
EDLODQGR\WRFDQGRWLPEDOHVDODOX]GHODKRJXHUDGH
VXWLSLPLHQWUDV5RZDQJDWHDEDMXJDQGRDVHUXQDFUtD
GHHOHIDQWH
/D ~OWLPD QRFKH WXYH XQ VXHxR H[WUDxR \ FDVL
QXQFD UHFXHUGR PLV VXHxRV  0L DEXHOD \D PD\RU
HVWDED FRQ VX KLMR HO TXH KDEtD PXHUWR VROR TXH
DKRUD HUD XQ KRPEUH DGXOWR 6H DOHMDEDQ FDPLQDQGR
MXQWRVGHODPDQRIHOLFHV
$ OD PDxDQD VLJXLHQWH *KRVWH GLMR TXH KDEtD
OOHJDGRHOPRPHQWRGHPDUFKDUQRV7DPELpQGLMRTXH
DTXHOOR TXH QRV FDXVDED WDQWRV SUREOHPDV OD
LQFRQWLQHQFLDGH5RZDQ\ODVUDELHWDV GHVDSDUHFHUtD
DTXHOPLVPRGtD
(VWDED HQ DVFXDV \ 5XSHUW WDPELpQ $O GtD
VLJXLHQWH DFDPSDGRV MXQWR DO UtR 5RZDQ KL]R VX
SULPHU PRYLPLHQWR GH LQWHVWLQRV YROXQWDULR \ VH
OLPSLy pO VROR 'RV GtDV PiV WDUGH WXYR VX SULPHU
p[LWRHQXQODYDERGHYHUGDG DOJRTXHQLVXVDEXHODV
QL SURIHVLRQDOHV UHPXQHUDGRV KDEtDQ FRQVHJXLGR  $
SDUWLUGHDTXHOPRPHQWRODVUDELHWDVIXHURQHVFDVDV
8QDV VHPDQDV GHVSXpV GH UHJUHVDU D FDVD
GHVDSDUHFLHURQ SRU FRPSOHWR 0LHQWUDV WDQWR HO
FtUFXORGHDPLJRVGH5RZDQHPSH]yDFUHFHU,QFOXVR
HPSH]yDPRQWDUD%HWV\pOVROR3DUD5XSHUWHUDXQ
VXHxRFXPSOLGR
¢)XHURQORVFKDPDQHVIXHXQDHVSHFLHGHHIHFWR
SODFHER R QR IXH PiV TXH HO HIHFWR GH OOHYDU D
5RZDQDXQHQWRUQRFRPSOHWDPHQWHGLVWLQWRHQHOTXH
ORSXVLPRVDOOtPLWH"6LQFHUDPHQWHQRORVp/RTXH
Vp HV TXH DVXPLPRV XQ ULHVJR FRPR IDPLOLD \ HQ
FLHUWD PDQHUD D WUDYpV GH XQ DFWR ORFR GH IH
HQFRQWUDPRVXQDVDQDFLyQ
6DQDFLyQQRFXUD5RZDQQRVHKDFXUDGRGHVX
DXWLVPR6LJXHVLHQGRDXWLVWD6LQHPEDUJRKDVDQDGR
GH ODV GLVIXQFLRQHV TXH DFRPSDxDEDQ D VX DXWLVPR
$KRUD 5RZDQ HV WDQ IXQFLRQDO TXH DOJXQDV SHUVRQDV
\D QR OH YHQ ©GHQWUR GHO HVSHFWURª 6LQ HPEDUJR HO
DXWLVPR VLHPSUH HVWDUi HQ HO IRQGR GH TXLpQ HV \
FyPR YH HO PXQGR \ QR GHVHDUtDPRV TXH IXHVH GH
QLQJXQDRWUDPDQHUD
/D VDQDFLyQ TXH 5XSHUW \ \R UHFLELPRV HQ
0RQJROLDFRQVLVWLyHQDFHSWDUSOHQDPHQWHHODXWLVPR
GH5RZDQ\GHMDUGHOXFKDUFRQWUDpO$ODEULUQRVDO
PLVWHULR GHO DXWLVPR DO DSUHQGHU D YHUOR FRPR XQD
DYHQWXUD\QRFRPRXQDPDOGLFLyQQRVGLPRVFXHQWD
GHTXHHODXWLVPRGH5RZDQHUDHQUHDOLGDGORPHMRU
TXHQRVKDEtDSDVDGRQXQFD1ROOHYDUtDPRVXQDYLGD
WDQ LQWHUHVDQWH VL QR IXHVH SRU HO DXWLVPR GH QXHVWUR
KLMR *KRVWH QRV GLMR TXH WHQtDPRV TXH OOHYDU D
5RZDQ D XQ EXHQ FXUDQGHUR WUDGLFLRQDO FDGD DxR
KDVWD TXH FXPSOLHVH ORV QXHYH 'H FXDOTXLHU
WUDGLFLyQ (Q  IXLPRV D 1DPLELD SDUD YHU DO
FXUDQGHURERVTXLPDQRDPLJRGH5XSHUWXQSRGHURVR
FKDPiQ OODPDGR %HVD WDQ DPLJR GH 5XSHUW TXH HO
QRPEUH FRPSOHWR GH 5RZDQ HV 5RZDQ %HVD
,VDDFVRQ  (Q  IXLPRV D YHU D XQ LQFUHtEOH
FXUDQGHURDERULJHQGH$XVWUDOLD(QYLDMDPRVD
1XHYR0p[LFR\$UL]RQDSDUDYLVLWDUDXQFXUDQGHUR
QDYDMR 5RZDQ KD YXHOWR WUDQVIRUPDGR GH FDGD XQR
GHHVRVYLDMHV\WDPELpQQRVRWURV6RPRVXQDIDPLOLD
FDGDYH]PiVXQLGD
$GHPiV KHPRV SRGLGR FRPSDUWLU FRQ RWUDV
IDPLOLDV ODV H[SHULHQFLDV TXH KHPRV WHQLGR FRQ
5RZDQ2UJDQL]DPRVFDPSDPHQWRVGHFXDWURGtDV HO
FDPSDPHQWR ©+RUVH %R\ª  SDUD IDPLOLDV FRQ KLMRV
DXWLVWDV/HVIDFLOLWDPRVXQFRQWDFWRPiVLQWHQVRFRQ
ORV FDEDOORV \ FRQ OD QDWXUDOH]D 9DULRV QLxRV KDQ
WHQLGR DYDQFHV PX\ QRWDEOHV HQ ORV FDPSDPHQWRV
LQFOX\HQGR D QLxRV QR YHUEDOHV TXH GLMHURQ VXV
SULPHUDV SDODEUDV D ORPRV GH XQ FDEDOOR SDUD
VRUSUHVD GH VXV SDGUHV +H KDEODGR PXFKR VREUH
DXWRFRPSDVLyQ FRQ ORV SDGUHV HQ ORV FDPSDPHQWRV
\DTXHUHVXOWDFUXFLDOSDUDDIURQWDUHOHVWUpVGHFULDU
D XQ QLxR DXWLVWD /D DOHJUtD OD VDWLVIDFFLyQ \ OD
GLYHUVLyQ TXH KHPRV GLVIUXWDGR FRQ HVWD DFWLYLGDG
KDQVLGRPX\LQVSLUDGRUDV
(ODXWLVPRHVXQUHJDORVLW~OHSHUPLWHVTXHOR
VHD (O HQFDQWR HO VHQWLGR GHO KXPRU HO WDOHQWR \ HO
HQRUPHLQWHUpVHQHOPXQGRQDWXUDOTXHFDUDFWHUL]DQD
QXHVWURKLMRVHGHEHQDVXDXWLVPRQRDSHVDUGHpO
¢3RUTXpGHVHDUtDPRVFDPELDUHVR"$5XSHUWOHJXVWD
UHFRUGDUPHHVWDVSDODEUDV©6HJ~QHOYLHMRGLFKRVL
OD YLGD WH GD OLPRQHV SUHSDUD OLPRQDGD < \R GLJR
TXH GH HVR QDGD 6L OD YLGD WH GD OLPRQHV SUHSDUD
PDUJDULWDVª

(-(5&,&,2

(QFXHQWUDHOODGREXHQR

3LHQVD HQ XQR R GRV GH ORV PD\RUHV UHWRV D ORV TXH WH KD\DV
HQIUHQWDGR HQ WX YLGD SUREOHPDV WDQ GLItFLOHV TXH SHQVDVWH TXH
QXQFD ORV VXSHUDUtDV (Q UHWURVSHFWLYD ¢FUHHV TXH VXUJLy DOJR
EXHQR GH DTXHOODV H[SHULHQFLDV" ¢&UHFLVWH FRPR SHUVRQD
DSUHQGLVWHDOJRLPSRUWDQWHOHHQFRQWUDVWHPiVVHQWLGRDWXYLGD"
(Q FDVR DILUPDWLYR ¢UHWURFHGHUtDV \ FDPELDUtDV OR RFXUULGR
DXQTXHHVRVLJQLILFDVHTXHQRVHUtDVODSHUVRQDTXHHUHVDKRUD"
$FRQWLQXDFLyQSLHQVDHQXQUHWRSUHVHQWH¢([LVWHDOJXQD
PDQHUDGHYHUWXSUREOHPDGHVGHRWUDSHUVSHFWLYD"¢3XHGHVXUJLU
DOJR SRVLWLYR GH WXV FLUFXQVWDQFLDV DFWXDOHV" ¢2SRUWXQLGDGHV GH
DSUHQGHU GH DYDQ]DU SURIHVLRQDOPHQWH GH QXHYDV UHODFLRQHV GH
UHRUJDQL]DUWXVSULRULGDGHV"
6L WH FXHVWD YHU DOJR SRVLWLYR HQ WXV FLUFXQVWDQFLDV
DFWXDOHV SUREDEOHPHQWH VHD XQD VHxDO GH TXH QHFHVLWDV PiV
FRPSDVLyQ KDFLD WL PLVPR 3UXHED D XWLOL]DU ODV WUHV SXHUWDV
ERQGDGKXPDQLGDGFRPSDUWLGD\PLQGIXOQHVV SDUDDIURQWDUWXV
VHQWLPLHQWRV GH WHPRU R GH DQJXVWLD +iEODWH FRQ FDULxR
GLFLpQGRWH SDODEUDV GH DSR\R FRPR KDUtDV FRQ XQ EXHQ DPLJR
3XHGH TXH LQFOXVR WH D\XGH GDUWH XQ SHTXHxR DEUD]R VL QDGLH WH
HVWi PLUDQGR 3LHQVD FyPR WH FRQHFWD WX VLWXDFLyQ FRQ RWUDV
SHUVRQDV FRQ SUREOHPDV VLPLODUHV QR HVWiV VROR 5HVSLUD
SURIXQGDPHQWH YDULDV YHFHV \ DFHSWD TXH OD VLWXDFLyQ HVWi
RFXUULHQGRDXQTXHQRWHJXVWH
< DKRUD HPSHFHPRV GH QXHYR ¢4Xp LQWHQWD HQVHxDUWH OD
YLGDDKRUDPLVPR"¢(VXQDRSRUWXQLGDGSDUDDEULUWXFRUD]yQ\WX
PHQWH"¢([LVWHDOJXQDPDQHUDGHWUDQVIRUPDUORTXHSDUHFHXQD
PDOGLFLyQHQXQDEHQGLFLyQ"¢$OJXLHQTXLHUHXQPDUJDULWD"
 &DStWXOR

$35(&,23258120,602

1XHVWUR PiV SURIXQGR WHPRU QR HV TXH VHDPRV LQDGHFXDGRV

1XHVWURPLHGRPiVSURIXQGRVHGHEHDTXHVRPRVLQPHQVDPHQWH
SRGHURVRV (V QXHVWUD OX] QR QXHVWUD RVFXULGDG OR TXH PiV QRV
DVXVWD 1RV SUHJXQWDPRV ¢TXLpQ VR\ \R SDUD VHU EULOODQWH
PDJQtILFRWDOHQWRVRPDUDYLOORVR"(QUHDOLGDG¢TXLpQHUHVW~SDUD
QRVHUOR"0LQLPL]DUWHQROHVLUYHDOPXQGR1RKD\QDGDYDOLRVR
HQHQFRJHUWHSDUDTXHRWUDVSHUVRQDVQRVHVLHQWDQLQVHJXUDVDWX
DOUHGHGRU 7RGRV HVWDPRV GHVWLQDGRV D EULOODU FRPR KDFHQ ORV
QLxRV 1DFLPRV SDUD PDQLIHVWDU OD *ORULD TXH HVWi GHQWUR GH
QRVRWURV(VWRQROHVRFXUUHVRODPHQWHDDOJXQRVGHQRVRWURVVLQR
D WRGR HO PXQGR < DO GHMDU TXH QXHVWUD OX] EULOOH
LQFRQVFLHQWHPHQWHD\XGDPRVDORVGHPiVDTXHKDJDQORPLVPR
$O OLEHUDUQRV GH QXHVWUR SURSLR PLHGR QXHVWUD SUHVHQFLD
DXWRPiWLFDPHQWHOLEHUDDRWURV

0$5,$11(:,//,$06219ROYHUDODPRU

(VWH OLEUR HVWi GHGLFDGR EiVLFDPHQWH D QXHVWUD

PDQHUD GH UHODFLRQDUQRV FRQ QXHVWURV IUDFDVRV \
QXHVWUDV LQFRPSHWHQFLDV FRQ FRPSDVLyQ KDFLD
QRVRWURVPLVPRV3HURORVWUHVHOHPHQWRVEiVLFRVGH
OD DXWRFRPSDVLyQ ERQGDG KXPDQLGDG FRPSDUWLGD \
PLQGIXOQHVV  QR VRQ VROR UHOHYDQWHV SDUD OR TXH QR
QRV JXVWD GH QRVRWURV PLVPRV 6RQ LJXDOPHQWH
LPSRUWDQWHVSDUDORTXHQRVJXVWD

$35(&,$518(6752/$'2%8(12

(Q RFDVLRQHV UHVXOWD PiV GLItFLO YHU OR EXHQR GH

QRVRWURVTXHORPDOR3DUDDTXHOORVTXHQRGHVHDPRV
SDUHFHU HQJUHtGRV HO PHUR KHFKR GH SHQVDU HQ
QXHVWURV UDVJRV SRVLWLYRV SXHGH LQFRPRGDUQRV 3RU
HVWD UD]yQ D PXFKDV SHUVRQDV OHV FXHVWD DFHSWDU ORV
FXPSOLGRV6HJXURTXHFRQRFHVDDOJXQD©£0DU\TXp
JXDSDHVWiV0HHQFDQWDWXEOXVDª©$KJUDFLDVSHUR
OH TXHGDUtD PHMRU D XQD PXMHU TXH QR HVWXYLHVH WDQ
SODQD FRPR \Rª /DV DODEDQ]DV SXHGHQ KDFHUQRV
VHQWLU DYHUJRQ]DGRV \ PXFKDV YHFHV QR VDEHPRV
FyPRUHVSRQGHUVLQWLPLGH]
/RV HORJLRV VLHQWDQ PXFKR PHMRU TXH ORV
LQVXOWRVSRUVXSXHVWRSHUR¢FXiQWRVGHQRVRWURVQRV
ORV WRPDPRV HQ VHULR ORV KDFHPRV QXHVWURV ORV
GLVIUXWDPRV" 3RU PX\ YDULDGDV UD]RQHV VHQWLUVH
SRVLWLYRFRQXQRPLVPRUHVXOWDPiVFRPSOLFDGRGHOR
TXH SDUHFH < OD PD\RUtD GH ODV YHFHV HV GHELGR DO
PLHGR
8QDYHUVLyQGHHVHPLHGRFRQVLVWHHQLPSRQHUVH
XQDV H[SHFWDWLYDV GHPDVLDGR DOWDV 0LQLPL]DU
QXHVWURV SXQWRV EXHQRV VLJQLILFD TXH SRGHPRV
VRUSUHQGHU JUDWDPHQWH D ORV GHPiV HQ OXJDU GH
GHFHSFLRQDUOHV6LPDUFDVHOJROGHODYLFWRULDHQHO
SDUWLGR VHPDQDO FRQ WX HTXLSR GHVSXpV GH ODPHQWDU
UHSHWLGDPHQWHORPDOTXHMXHJDVHVPX\SUREDEOHTXH
UHFLEDVDODEDQ]DVGHWXVFRPSDxHURV©£1RVDEtDTXH
MXJDVHVDVt£%LHQKHFKRª6LIDOODVHVHFKXWHFUXFLDO
DO ILQDO GHO SDUWLGR HV PX\ SUREDEOH TXH UHFLEDV
HPSDWtD©%XHQRDOPHQRVORKDVLQWHQWDGRª3DUHFHU
RUJXOORVR\VHJXURGHWXVKDELOLGDGHVSRURWURODGR
WH H[SRQH D ORV DWDTXHV FXDQGR ODV FRVDV VDOHQ PDO
©(K FUHtD TXH KDEtDV GLFKR TXH HUDV XQR GH ORV
PHMRUHV MXJDGRUHV HQ OD IDFXOWDG ¢&XiO HUD OD
XQLYHUVLGDGGHORVLQ~WLOHVVLQFRRUGLQDFLyQ"ª
7DPELpQ QRV GD PLHGR DEULUQRV 6L WHQHPRV OD
FRVWXPEUH GH ©HQFRJHUQRVª HO UHFRQRFLPLHQWR GH
QXHVWUDV FXDOLGDGHV SRVLWLYDV QRV UHVXOWDUi H[WUDxR
1XHVWUR VHQWLGR GHO \R SRGUtD HVWDU WDQ LPSUHJQDGR
GH VHQWLPLHQWRV GH LQHSWLWXG TXH QRV DWHUUD YHUQRV
FRPRSHUVRQDVYDOLRVDV,UyQLFDPHQWHSRGHPRVYLYLU
HVD VHQVDFLyQ FRPR XQD HVSHFLH GH PXHUWH \ SRU
WDQWR QXHVWUR VHQWLGR QHJDWLYR GHO \R OXFKD SRU
VREUHYLYLU
(O WHPRU D HFOLSVDU D ORV GHPiV HV RWUR
REVWiFXOR 6LQ GXGD YLYLPRV HQ XQD FXOWXUD
FRPSHWLWLYD HQ OD TXH QHFHVLWDPRV FUHHUQRV
HVSHFLDOHV \ SRU HQFLPD GH OD PHGLD SDUD VHQWLUQRV
ELHQFRQQRVRWURVPLVPRV3HURODFLPDHVVROLWDULD
8QDSDUWHGHQXHVWUDSVLTXHUHFRQRFHTXHHODVFHQVR
KDFLDODVXSHULRULGDGWDPELpQHVXQGHVFHQVRKDFLDHO
DLVODPLHQWR $XQTXH TXHUHPRV WHQHU XQD DXWRHVWLPD
DOWD FRQRFHPRV SRU LQWXLFLyQ VXV LQFRQYHQLHQWHV
SRWHQFLDOHV VHQWLUVHVHSDUDGR\GHVFRQHFWDGRGHORV
GHPiV 6LUHFRQR]FRPLJUDQGH]D¢VLJQLILFDTXHVR\
PHMRU TXH W~ \ TXH SRU HVH PRWLYR \D QR SRGHPRV
UHODFLRQDUQRVFRPRLJXDOHV"(OPRGRELSRODUHQTXH
DQVLDPRV \ WHPHPRV OD DXWRHVWLPD DOWD KDFH TXH
UHVXOWHGLItFLOHVWDUFyPRGRVHQQXHVWUDSLHO
7KRPDVFRQWDEOHHQXQDHPSUHVDGHWHFQRORJtD
VH VHQWtD H[WUHPDGDPHQWH LQFyPRGR FDGD YH] TXH
UHFLEtDXQHORJLR6LOHGHGLFDEDQXQFXPSOLGRSRUVX
UHQGLPLHQWRHQHOWUDEDMRSRUHMHPSORVHOLPLWDEDD
UHVSRQGHUFRQXQ©*UDFLDVªSRUSXUDHGXFDFLyQSHUR
LQPHGLDWDPHQWHFDPELDEDGHWHPD6HVHQWtDFRPRXQ
SH] IXHUD GHO DJXD \ FDVL PDUHDGR FDGD YH] TXH XQ
IRFR GH SRVLWLYLVPR OH DSXQWDED 1R KDEtD WHQLGR
PRGHORV SDUD DSUHQGHU D DFHSWDU FXPSOLGRV R SDUD
GLVIUXWDU GHO FDORU GH XQD DODEDQ]D /H DWHUUDED OD
LGHD GH FRQYHUWLUVH HQ DOJXLHQ FRPR VX MHIH XQ WLSR
DVWXWR\FDEH]yQTXHIXPDEDSXURV\SHQVDEDTXHHUD
HO QR YD PiV 2GLDED OD DUURJDQFLD GH VX MHIH \ OH
KRUURUL]DEDOOHJDUDSDUHFHUVHDpO
([LVWHXQDUD]yQSRUODTXHVLHPSUHDSR\DPRVDO
KpURHPRGHVWR\UHWUDtGRGHODVSHOtFXODVHQOXJDUGH
D VX DQWDJRQLVWD DUURJDQWH \ GHVFDUDGR $ QDGLH OH
JXVWDQ ORV QDUFLVLVWDV H[FHSWR D ORV QDUFLVLVWDV  6L
UHFRQRFHPRV QXHVWURV UDVJRV SRVLWLYRV \ QRV
GHOHLWDPRV HQ HOORV ¢QR VLJQLILFD TXH VRPRV
HJRtVWDV"<ORVHJRtVWDVQRVRQGLJQRVGHVHUDPDGRV
¢YHUGDG"(VDOJRSDUHFLGRDXQFDOOHMyQVLQVDOLGD6L
DGPLWLPRV ODV FRVDV EXHQDV VREUH QRVRWURV PLVPRV
WLHQH TXH VLJQLILFDU TXH VRPRV PDORV DVt TXH QRV
FHQWUDPRV HQ OR PDOR SDUD VHQWLUQRV ELHQ ¢1R HV
DEVXUGR"3HURWRGRVORKDFHPRV
3RU WDQWR ¢FyPR FHOHEUDU QXHVWUDV FXDOLGDGHV
DGPLUDEOHVVLQFDHUHQODWUDPSDGHOHJRtVPR"&UHR
TXHODUHVSXHVWDVLJXHVLHQGRODFRPSDVLyQKDFLDXQR
PLVPR DXQTXH GH RWUR WLSR 0H JXVWD OODPDUOR
©DSUHFLRSRUXQRPLVPRª&XDQGRVRPRVFDSDFHVGH
GLVIUXWDUGHQXHVWUDVYLUWXGHVUHFRQRFLHQGRTXHWRGDV
ODV SHUVRQDV WHQHPRV SXQWRV IXHUWHV \ GpELOHV QRV
SHUPLWLPRV GHOHLWDUQRV HQ QXHVWUDV ERQGDGHV VLQ
GHVSHUWDU VHQWLPLHQWRV GH DUURJDQFLD VXSHULRULGDG R
H[FHVRGHFRQILDQ]D:LOOLDP-DPHVHVFULELyTXH©HO
SULQFLSLRPiVSURIXQGRGHODQDWXUDOH]DKXPDQDHVHO
DQKHOR GH VHU DSUHFLDGRª 3RU VXHUWH SRGHPRV
VDWLVIDFHU QXHVWUD QHFHVLGDG SURIXQGD GH VHU
DSUHFLDGRV VLQ GHSHQGHU GH OD DSUREDFLyQ GH ORV
GHPiV3RGHPRVUHFRQRFHUQXHVWUDSURSLDEHOOH]D<
QR SRUTXH VHDPRV PHMRUHV TXH ORV GHPiV VLQR
SRUTXH VRPRV VHUHV KXPDQRV TXH H[SUHVDQ HO ODGR
EHOORGHODQDWXUDOH]DKXPDQD

$/(*5Ë$(03È7,&$

8QR GH ORV IXQGDPHQWRV GHO ELHQHVWDU VHJ~Q HO

EXGLVPR HV HO PXGLWD OD ©DOHJUtD HPSiWLFDª (V XQ
HVWDGRTXHVHFRQVLJXHFXDQGRQRVDOHJUDPRVGHODV
EXHQDV FXDOLGDGHV \ FLUFXQVWDQFLDV GH ORV GHPiV
(QWHQGHU OD DOHJUtD HPSiWLFD SXHGH D\XGDUQRV D
FDSWDUPHMRUHOVLJQLILFDGRGHODFRPSDVLyQKDFLDXQR
PLVPR\DTXHHVWiQHVWUHFKDPHQWHUHODFLRQDGDV/RV
VHQWLPLHQWRV EiVLFRV TXH VXE\DFHQ D OD DOHJUtD
HPSiWLFD VRQ OD ERQGDG \ OD EXHQD YROXQWDG 6L PH
LQWHUHVDWXELHQHVWDU\TXLHURORPHMRUSDUDWLGHVHDUp
TXHWHQJDVp[LWR0HDOHJUDUpGHTXHSRVHDVGRQHV\
WDOHQWRVTXHWHD\XGDUiQDVHUIHOL]
6LQ HPEDUJR UHVXOWD KDELWXDO TXH ODV EXHQDV
FXDOLGDGHV GH ORV GHPiV QRV KDJDQ VHQWLU
LQFRPSHWHQWHV ©(VD PXMHU HV JXDStVLPD DVt TXH \R
GHERGHVHUIHDª©eOHVLQWHOLJHQWHDVtTXH\RGHER
GHVHUHVW~SLGRª(OPRQVWUXRGHODHQYLGLDQRVKDFH
VXIULU FXDQGR RWURV GHVWDFDQ OR TXH VLJQLILFD TXH
VXIULPRV PXFKR ¢< VL FDPELiVHPRV UDGLFDOPHQWH
QXHVWUDVSHUFHSFLRQHV"¢<VLQRVDOHJUiVHPRVGHORV
ORJURVGHORVGHPiVVLQWLHQGRXQDIHOLFLGDGDXWpQWLFD
SRUHOORV"(VRDXPHQWDUtDQXHVWUDVSUREDELOLGDGHVGH
VHU IHOLFHV +D\ PXFKDV SHUVRQDV SRU ODV TXH
DOHJUDUVH 6HJ~Q ORV ~OWLPRV FiOFXORV GH SREODFLyQ
PXQGLDODOUHGHGRUGHPLOORQHV
8QLQJUHGLHQWHHVHQFLDOGHODDOHJUtDHPSiWLFDHV
HO UHFRQRFLPLHQWR GH QXHVWUD FRQH[LyQ LQKHUHQWH
&XDQGR IRUPDPRV SDUWH GH XQ WRGR SRGHPRV
DOHJUDUQRVFDGDYH]TXHXQRGH©QRVRWURVªWLHQHDOJR
TXH FHOHEUDU <R WUDEDMR HQ OD 8QLYHUVLGDG GH 7H[DV
HQ$XVWLQ\ORVDXVWLQLDQRVVRPRVPX\DILFLRQDGRVDO
I~WERO &DGD YH] TXH ORV /RQJKRUQ JDQDQ XQ SDUWLGR
LPSRUWDQWH WRGD OD FLXGDG VH DOHJUD 3RU VXSXHVWR
QRVRWURVVRORVRPRVVHJXLGRUHVQRWHQHPRVQDGDTXH
YHU FRQ ORV JROHV PDUFDGRV (V HO VHQWLPLHQWR GH
XQLGDG FRQ QXHVWUR HTXLSR HO TXH QRV SHUPLWH
GLVIUXWDUGHVXp[LWR&XDQGRQRVVHQWLPRVFRQHFWDGRV
FRQ ORV GHPiV SRGHPRV GHOHLWDUQRV SOHQDPHQWH HQ
VXV ORJURV ¢4Xp RFXUULUtD VL DPSOLiVHPRV HVH
VHQWLPLHQWR GH SHUWHQHQFLD SDUD LQFOXLU D WRGD OD
KXPDQLGDG QR VROR DO HTXLSR ORFDO" 6LHPSUH
VDOGUtDPRVJDQDQGR
7HQHPRV TXH VHU FRQVFLHQWHV GH ODV FXDOLGDGHV
SRVLWLYDV GH ORV GHPiV SDUD DSUHFLDUODV DO Pi[LPR
6L GR\ SRU KHFKRV OD LQWHOLJHQFLD HO DWUDFWLYR OD
FUHDWLYLGDG \ HO VHQWLGR GHO KXPRU GH PL PDULGR
GHMDUpGHVHUFRQVFLHQWHGHVXVYLUWXGHV6HSHUGHUiQ
HQWUH OR DVXPLGR \ OR HVSHUDGR 'HER WRPDU QRWD GH
VXV SXQWRV IXHUWHV \ VXV WDOHQWRV SDUD DSUHFLDU \
UHFRQRFHU SOHQDPHQWH OD JUDQ SHUVRQD TXH HV 3RU
HVWD UD]yQ OD DOHJUtD HPSiWLFD WDPELpQ UHTXLHUH
PLQGIXOQHVV

/$65$Ë&(6'(/$35(&,23258120,602

&XDQGRVHDSOLFDQODERQGDGODKXPDQLGDGFRP~Q\
HO PLQGIXOQHVV DO VXIULPLHQWR GH ORV GHPiV VH
PDQLILHVWDQ D PRGR GH FRPSDVLyQ &XDQGR ORV
DSOLFDPRV D QXHVWUR SURSLR VXIULPLHQWR VH
PDQLILHVWDQ FRPR FRPSDVLyQ KDFLD XQR PLVPR
&XDQGR VH GLULJHQ D ODV FXDOLGDGHV SRVLWLYDV GH ORV
GHPiV VH PDQLILHVWDQ FRPR PXGLWD DOHJUtD
HPSiWLFD < FXDQGR VH GLULJHQ D QXHVWUDV SURSLDV
FXDOLGDGHV SRVLWLYDV VH PDQLILHVWDQ D PRGR GH
DSUHFLRSRUXQRPLVPR
9HDPRVSULPHURODFXDOLGDGGHERQGDGDSOLFDGD
DO DSUHFLR SRU XQR PLVPR 0XFKRV GH QRVRWURV QRV
FHQWUDPRVPiVHQQXHVWURVSXQWRVGpELOHVTXHHQORV
IXHUWHV&RPR\DVHKDGLFKRFRQIUHFXHQFLDUHVWDPRV
LPSRUWDQFLD D QXHVWURV UDVJRV SRVLWLYRV SRUTXH QRV
UHVXOWD GHPDVLDGR DWHUUDGRU H LQFyPRGR
UHFRQRFHUORV 6LQ HPEDUJR VL QRV WUDWDPRV FRQ
ERQGDG D QRVRWURV PLVPRV VHUHPRV FDSDFHV GH
GLVIUXWDUGHQXHVWUDVYLUWXGHV¢1RHVPDUDYLOORVRVHU
XQ EXHQ SDGUH XQ EXHQ WUDEDMDGRU XQ DPLJR ILHO XQ
DFWLYLVWD DPELHQWDO FRPSURPHWLGR" 0LV UDVJRV GH
KRQHVWLGDG SDFLHQFLD GLOLJHQFLD FUHDWLYLGDG
VHQVXDOLGDG HVSLULWXDOLGDG \ HPSDWtD ¢QR PHUHFHQ
VHU FHOHEUDGRV" 8QD GH ODV PD\RUHV YHQWDMDV GH OD
ERQGDG KDFLD XQR PLVPR HV GHPRVWUDUQRV QXHVWUD
DSUREDFLyQ\QXHVWURDSUHFLRFRQDODEDQ]DVVLQFHUDV
1R WHQHPRV TXH SURQXQFLDUODV HQ YR] DOWD DGHPiV
QRV LQFRPRGDUtD H LQFRPRGDUtDPRV D ORV TXH QRV
URGHDQ  %DVWD FRQ TXH QRV GHGLTXHPRV HO
UHFRQRFLPLHQWR LQWHULRU TXH PHUHFHPRV \
QHFHVLWDPRV 
(OVHQWLPLHQWRGHKXPDQLGDGFRP~QLQKHUHQWHDO
DSUHFLRSRUXQRPLVPRVLJQLILFDTXHQRVYDORUDPRV
QR SRUTXH VHDPRV PHMRUHV TXH ORV GHPiV VLQR
SRUTXH WRGDV ODV SHUVRQDV WHQHPRV FRVDV EXHQDV
$SUHFLDU ODV ERQGDGHV GH ORV GHPiV DO WLHPSR TXH
LJQRUDPRV R PHQRVSUHFLDPRV ODV QXHVWUDV FUHD XQD
IDOVD GLYLVLyQ HQWUH QRVRWURV \ ORV GHPiV 6LQ
HPEDUJRFRPRH[SUHVLyQGLVWLQWLYDGHODIXHU]DYLWDO
XQLYHUVDO TXH LPSXOVD WRGD QXHVWUD H[SHULHQFLD
FXDQGR QRV KRQUDPRV D QRVRWURV PLVPRV KRQUDPRV
WRGR OR GHPiV &RPR DILUPD HO PDHVWUR ]HQ 7KLFK
1KDW +DKQ ©(UHV XQD PDQLIHVWDFLyQ PDUDYLOORVD
7RGR HO XQLYHUVR VH KD XQLGR SDUD KDFHU SRVLEOH WX
H[LVWHQFLDª 6L WH WRPDV HQ VHULR OD QRFLyQ GHO
©LQWHUVHUª FHOHEUDU WXV ORJURV QR VHUi PiV
HJRFpQWULFRTXHVHQWLUFRPSDVLyQSRUWXVIUDFDVRV(Q
UHDOLGDGQRVRPRVUHVSRQVDEOHVGHQXHVWURVGRQHV\
WDOHQWRV 3URFHGHQ GH QXHVWUR DFHUYR JHQpWLFR GHO
DPRU \ ORV FXLGDGRV GH QXHVWURV SDGUHV GH OD
JHQHURVLGDG GH ORV DPLJRV GH OD D\XGD GH QXHVWURV
SURIHVRUHV \ GH OD VDELGXUtD GH QXHVWUD FXOWXUD
FROHFWLYD8QQH[R~QLFRGHFDXVDV\FRQGLFLRQHVGLR
OXJDU D OD SHUVRQD HQ FRQVWDQWH HYROXFLyQ TXH VR\
$SUHFLDU QXHVWUDV YLUWXGHV SRU WDQWR HV HQ UHDOLGDG
XQD H[SUHVLyQ GH JUDWLWXG SRU WRGR OR TXH QRV KD
PROGHDGR FRPR LQGLYLGXRV \ FRPR HVSHFLH (O
DSUHFLRKDFLDXQRPLVPRKRQUDKXPLOGHPHQWHDWRGD
ODFUHDFLyQ
(O DSUHFLR KDFLD XQR PLVPR WDPELpQ UHTXLHUH
PLQGIXOQHVV 'HO PLVPR PRGR TXH QHFHVLWDPRV
SHUFLELU ODV EXHQDV FXDOLGDGHV GH ORV GHPiV SDUD
DSUHFLDUODV WHQHPRV TXH UHFRQRFHU FRQVFLHQWHPHQWH
QXHVWURV UDVJRV SRVLWLYRV 'DGR HO PDOHVWDU TXH
VHQWLPRV FXDQGR QRV DSUHFLDPRV VLQ HPEDUJR D
YHFHV RFXOWDPRV HVRV SHQVDPLHQWRV D QXHVWUR
FRQVFLHQWH6XSULPLPRVQXHVWUDVVRVSHFKDVGHTXHDO
ILQ \ DO FDER WDO YH] QR VRPRV WDQ PDORV SRUTXH QR
VDEHPRV TXp KDFHU FRQ HVRV VHQWLPLHQWRV SRVLWLYRV
GHVFRQRFLGRV(OPLQGIXOQHVVQRVSHUPLWHHQIRFDUODV
FRVDV GHVGH XQD QXHYD SHUVSHFWLYD DO PDUJHQ GH
QXHVWUDV WHQGHQFLDV KDELWXDOHV 8QR GH ORV KiELWRV
PiVIXHUWHVGHODPHQWHFODURHVWiHVFHQWUDUVHHQOR
QHJDWLYR 6H WUDWD GH XQD WHQGHQFLD HVSHFLDOPHQWH
HYLGHQWH FXDQGR SHQVDPRV HQ QRVRWURV PLVPRV (O
LQVWLQWRQRVGLFHTXHLGHQWLILTXHPRVORVSUREOHPDV\
ORV VROXFLRQHPRV SDUD SRGHU VREUHYLYLU (VWR
VLJQLILFD TXH GDPRV SRU KHFKDV QXHVWUDV EXHQDV
FXDOLGDGHV \ QRV REVHVLRQDPRV FRQ QXHVWURV SXQWRV
GpELOHV©2MDOiSXGLHVHSHUGHUVLHWHNLORVªVHGHFtD
XQD\RWUDYH]SDVDQGRSRUDOWRVLQPiVVXMXYHQWXG
VX EXHQD VDOXG VX LQWHOLJHQFLD VX p[LWR ODERUDO \ VX
QRYLR FDULxRVR $O HVWDU GLVSXHVWRV D SHUFLELU OR
EXHQR GH QRVRWURV PLVPRV VLQ HPEDUJR VRPRV
FDSDFHV GH FRQWUDUUHVWDU HVD WHQGHQFLD D OD
QHJDWLYLGDG
+D\ TXLHQ SRGUtD DUJXPHQWDU TXH VL QRV
FHQWUDPRV GHPDVLDGR HQ OR EXHQR GH QRVRWURV
PLVPRVSDVDUHPRVSRUDOWRRSRUWXQLGDGHVQHFHVDULDV
GH FUHFLPLHQWR (VWR HV FLHUWR VROR VL QRV FHQWUDPRV
©GHPDVLDGRª HQ OR SRVLWLYR 6L DGRSWiVHPRV XQD
YLVLyQ GHVHTXLOLEUDGD GH QRVRWURV PLVPRV ©6R\
SHUIHFWR QR WHQJR GHIHFWRVª  Vt VHUtD XQ SUREOHPD
1R Vp SRU TXp FDHPRV FRQ WDQWD IUHFXHQFLD HQ OD
WUDPSDGHHVWHWLSRGHSHQVDPLHQWRSHURQRQRVVLUYH
SDUDQDGD7RGRVHUKXPDQRWLHQHUDVJRVSRVLWLYRV\
QHJDWLYRV(QOXJDUGHVDOLUQRVSRUODWDQJHQWHHQXQD
X RWUD GLUHFFLyQ EXHQD R PDOD WHQHPRV TXH
KRQUDUQRV \ DFHSWDUQRV WDO FRPR VRPRV 1L PHMRUHV
QLSHRUHV/DFODYHHVWHQHUHTXLOLEULR\SHUVSHFWLYD
SDUD SRGHU YHUQRV VLQ GLVWRUVLRQHV &XDQGR VDOH HO
VRO SRGHPRV DSUHFLDU QXHVWUD OX] \ FXDQGR VH SRQH
SRGHPRV GHGLFDUQRV FRPSDVLyQ SRU QXHVWUD
RVFXULGDG
 (-(5&,&,2

$SUHFLDUVHDXQRPLVPR

(VFULEH GLH] FRVDV VREUH WL PLVPR TXH GH YHUGDG WH JXVWHQ R
DSUHFLHV QR WLHQHQ SRU TXp VHU FXDOLGDGHV TXH PDQLILHVWDV
FRQWLQXDPHQWH 0LHQWUDVHVFULEHVFDGDFXDOLGDGSHUFLEHVLWLHQHV
VHQWLPLHQWRV LQFyPRGRV ¢YHUJHQ]D WHPRU D OD YDQLGDG
GHVFRQRFLPLHQWR"  6L WH VLHQWHV LQFyPRGR UHFXpUGDWH TXH QR
HVWiV DILUPDQGR VHU PHMRU TXH QDGLH R TXH HUHV SHUIHFWR 6ROR
HVWiV HVFULELHQGR DOJXQDV GH ODV YLUWXGHV TXH PDQLILHVWDV HQ
RFDVLRQHV 7RGR HO PXQGR WLHQH UDVJRV SRVLWLYRV &RPSUXHED VL
HUHV FDSD] GH UHFRQRFHU \ GLVIUXWDU ORV WX\RV VDERUHiQGRORV \
DFHSWiQGRORVFRQVLQFHULGDG

$35(&,2+$&,$8120,6029(5686$872(67,0$

$ VLPSOH YLVWD HO DSUHFLR SRU XQR PLVPR \ OD

DXWRHVWLPDSXHGHQSDUHFHUPX\VLPLODUHV$OILQ\DO
FDERDPERVVLJQLILFDQFHQWUDUVHHQQXHVWUDVYLUWXGHV
¢YHUGDG"$XQTXHHVFLHUWRTXHWLHQHQPXFKRVSXQWRV
HQ FRP~Q WDPELpQ PXHVWUDQ DOJXQDV GLYHUJHQFLDV
LPSRUWDQWHV8QDGHODVGLIHUHQFLDVEiVLFDVVHFHQWUD
HQ HO UHFRQRFLPLHQWR GH OD H[SHULHQFLD KXPDQD
FRP~Q /D DXWRHVWLPD WLHQGH D EDVDUVH HQ OD
VHSDUDFLyQ \ OD FRPSDUDFLyQ HQ VHU PHMRU TXH ORV
GHPiV \ SRU WDQWR HVSHFLDO (O DSUHFLR SRU XQR
PLVPR SRU HO FRQWUDULR VH EDVD HQ OD FRQH[LyQ HQ
YHU ODV VLPLOLWXGHV TXH FRPSDUWLPRV FRQ ORV GHPiV
HQ UHFRQRFHU TXH WRGRV WHQHPRV QXHVWURV SXQWRV
IXHUWHV
2WUD GLIHUHQFLD LPSRUWDQWH WLHQH TXH YHU FRQ OD
WHQGHQFLD D GHILQLUQRV FRPR EXHQRV R PDORV
5HFXHUGDTXHODDXWRHVWLPDHVXQMXLFLRGHYDORUTXH
RSHUD FRPR XQ DXWRFRQFHSWR ILJXUDWLYR 6LJQLILFD
HWLTXHWDUQRV HQ XQ LQWHQWR GH FDSWDU QXHVWUD HVHQFLD
~QLFD ©6R\GHOJDGD\ULFDWHQJRp[LWR\VR\JXDSD
HWFpWHUD HWFpWHUDª  /D DXWRHVWLPD VXUJH GH
SHQVDPLHQWRV VREUH TXLpQHV VRPRV QR GH VHU
VLPSOHPHQWH TXLHQHV VRPRV 3RU HVR HV WDQ
LPSRUWDQWH SLQWDU XQ DXWRUUHWUDWR SRVLWLYR SDUD
FRQVHJXLU XQD DXWRHVWLPD DOWD 1XHVWUR FRQFHSWR GH
QRVRWURVPLVPRVVHFRQIXQGHFRQQXHVWUR\RUHDO(O
DSUHFLRSRUXQRPLVPRSRUVXSDUWHQRHVXQMXLFLR
QLXQDHWLTXHWD\WDPSRFRQRVGHILQH(VXQDPDQHUD
GH UHODFLRQDUQRV FRQ OR EXHQR TXH KD\ HQ QRVRWURV
5HFRQRFHTXHVRPRVXQSURFHVRHQFRQVWDQWHFDPELR
LPSRVLEOH GH GHILQLU GHO WRGR \D VHD GH PDQHUD
SRVLWLYDRQHJDWLYD (QFDPELRVtUHFRQRFHQXHVWURV
PRPHQWRVGHHVSOHQGRU
7RGRVWHQHPRVFRVDVPDUDYLOORVDVTXHPHUHFHQ
QXHVWURDSUHFLRDXQTXHQRQRVFRQYLHUWDQHQSHUVRQDV
~QLFDV3XHGRUHVSLUDUFDPLQDUFRPHUKDFHUHODPRU
R DEUD]DU D XQ DPLJR VRQ FDSDFLGDGHV PDUDYLOORVDV
TXH PHUHFHQ VHU FHOHEUDGDV DXQTXH FDVL WRGR HO
PXQGR ODV FRPSDUWD DXQTXH SHUWHQH]FDQ DO
PDUDYLOORVR ©WpUPLQR PHGLRª 3RU OR JHQHUDO VROR
FXDQGRSHUGHPRVXQDGHHVDVFDSDFLGDGHVQRVGDPRV
FXHQWD GH OR PDUDYLOORVDV TXH VRQ < FXDQGR VRPRV
FDSDFHVGHDSUHFLDUHVRVDVSHFWRV~QLFRVGHQRVRWURV
PLVPRV SRGHPRV KDFHUOR HQ HO FRQWH[WR GHO
UHFRQRFLPLHQWR GH QXHVWUD QDWXUDOH]D FRPSOHMD H
LQWHUFRQHFWDGDQRFRPRXQDPDQHUDGHJDQDUSXQWRV
IUHQWHDQXHVWURVVHPHMDQWHV
&RQ HO DSUHFLR SRU QRVRWURV PLVPRV QR
QHFHVLWDPRV PHQRVSUHFLDU D ORV GHPiV SDUD HVWDU
FRQWHQWRV 3XHGR DSUHFLDU PLV SURSLRV ORJURV DO
WLHPSRTXHUHFRQR]FRORVWX\RV3XHGRDOHJUDUPHGH
WXV WDOHQWRV \ D OD YH] FHOHEUDU ORV PtRV (O DSUHFLR
LPSOLFDUHFRQRFHUODOX]GHWRGRVORVVHUHVKXPDQRV
VLQROYLGDUQRVGHLQFOXLUQRVDQRVRWURV

$35(&,$5/2%8(12'(18(675$9,'$

$XQTXHKHKDEODGRSULQFLSDOPHQWHGHODLPSRUWDQFLD
GH DSUHFLDU QXHVWUDV FXDOLGDGHV SHUVRQDOHV HO
DSUHFLR WDPELpQ LQFOX\H QXHVWUDV FLUFXQVWDQFLDV
YLWDOHVHQJHQHUDO(ODSUHFLRSRUXQRPLVPRDEDUFD
WRGROREXHQR\ORtQWHJURWDQWRSRUGHQWURFRPRSRU
IXHUD
'DGR TXH HO WHPRU D OD YDQLGDG \ HO
HJRFHQWULVPR QR VH JHQHUDQ FXDQGR UHFRQRFHPRV
QXHVWUDV FRQGLFLRQHV YLWDOHV IDYRUDEOHV SRQHPRV
PHQRVREVWUXFFLRQHVDHVWDIRUPDGHDSUHFLRSRUXQR
PLVPR 1R UHVXOWD WDQ GLItFLO DSUHFLDU OR EXHQR GH
QXHVWUDYLGD HOFDULxRGHODIDPLOLDHODSR\RGHORV
DPLJRV XQ WUDEDMR HVWDEOH  FRPR DSUHFLDUQRV D
QRVRWURV PLVPRV 'LFKR GH RWUR PRGR GHELGR D OD
WHQGHQFLDGHODPHQWHDFHQWUDUVHHQORQHJDWLYRFDVL
VLHPSUHSDVDPRVSRUDOWRQXHVWUDEXHQDIRUWXQD1RV
FRQFHQWUDPRVWDQWRHQUHVROYHUSUREOHPDV\VRSRUWDU
HOVXIULPLHQWRGHODYLGDTXHQRSUHVWDPRVVXILFLHQWH
DWHQFLyQ D OR TXH QRV DSRUWD SODFHU \ SRU WDQWR
VXIULPRV PiV GH OR QHFHVDULR  1R REVWDQWH ODV
LQYHVWLJDFLRQHVHPSLH]DQDGHPRVWUDUTXHHODSUHFLR
SXHGHWUDQVIRUPDUUDGLFDOPHQWHQXHVWUDH[SHULHQFLD
(Q/D FLHQFLD GH OD IHOLFLGDG OD LQYHVWLJDGRUD
6RQLD /\XERPLUVN\ REVHUYD TXH ODV FLUFXQVWDQFLDV
YLWDOHVSRVLWLYDVRFXSDQXQDSHTXHxtVLPDSDUWHGHOD
IHOLFLGDG DOUHGHGRUGHO ,QFOXVRGHVSXpVGHXQ
KHFKR H[WUDRUGLQDULR FRPR JDQDU HQ OD ORWHUtD ODV
SHUVRQDVWLHQGHQDUHJUHVDUDVXVQLYHOHVSUHYLRVGH
LQ IHOLFLGDG DO FDER GH XQ SDU GH DxRV 3RU HVD
UD]yQ PXFKRV SVLFyORJRV DILUPDQ TXH WHQHPRV XQ
©SXQWR ILMRª GH IHOLFLGDG TXH HQ JUDQ SDUWH HV
JHQpWLFR 3HUR OD KLVWRULD QR DFDED DKt /DV
LQYHVWLJDFLRQHV WDPELpQ GHPXHVWUDQ TXH VRPRV
FDSDFHV GH DXPHQWDU QXHVWURV QLYHOHV GH IHOLFLGDG
VLJQLILFDWLYDPHQWHFRQVRORFDPELDUODPDQHUDHQTXH
QRVUHODFLRQDPRVFRQQXHVWUDYLGD(QRWUDVSDODEUDV
OR TXH LPSRUWD QR HV WDQWR OR TXH QRV RFXUUH VLQR
QXHVWUD DFWLWXG KDFLD OR TXH RFXUUH /\XERPLUVN\
FRQVLGHUD TXH H[LVWHQ YDULRV IDFWRUHV IXQGDPHQWDOHV
TXH PD[LPL]DQ OD IHOLFLGDG $OJXQRV GH ORV PiV
LPSRUWDQWHVVRQDJUDGHFHUORTXHVHWLHQHYHUHOODGR
EXHQRGHODVVLWXDFLRQHVGLItFLOHVQRFRPSDUDUVHFRQ
ORVGHPiVSUDFWLFDUDFWRVGHERQGDGVHUFRQVFLHQWH
GHODTXt\HODKRUD\VDERUHDUODDOHJUtD7RGRVHVRV
IDFWRUHV HQFDMDQ D OD SHUIHFFLyQ HQ HO FRQFHSWR PiV
JHQHUDO GHO DSUHFLR SRU XQR PLVPR SHUR YDPRV D
FHQWUDUQRVHQGRVDJUDGHFHU\VDERUHDU

$*5$'(&(5<6$%25($5

$JUDGHFHU

/DUHOLJLyQKDFHKLQFDSLpHQHOYDORUGHODJUDWLWXGHQ
ODYLGDGLDULD ODPDQLIHVWDFLyQWtSLFDFRQVLVWHHQGDU
JUDFLDVDWUDYpVGHODRUDFLyQ 9HDPRVXQSDVDMHGHO
/LEURGHORV6DOPRV©'HPRVJUDFLDVDO6HxRUDOTXH
DILUPy OD WLHUUD VREUH ODV DJXDV DO TXH KL]R ORV
JUDQGHVDVWURVHOVROSDUDJREHUQDUHOGtDODOXQD\
ODV HVWUHOODV SDUD JREHUQDU OD QRFKH £3RUTXH HV
HWHUQR VX DPRUª $GDSWDFLyQ GH 6DOPRV  
/DV RUDFLRQHV FRPR HVWD FHOHEUDQ OD EHOOH]D \ OD
PDUDYLOODGHODFUHDFLyQ/DJUDWLWXGODWHHQHOQ~FOHR
GH OD PD\RUtD GH ODV UHOLJLRQHV \ VH FRQVLGHUD XQD
LPSRUWDQWH SXHUWD GH HQWUDGD D OD FXOPLQDFLyQ
HVSLULWXDO
5REHUW (PPRQV XQR GH ORV LQYHVWLJDGRUHV PiV
LPSRUWDQWHVVREUHODJUDWLWXGKDHQFRQWUDGRXQVyOLGR
DSR\RSDUDODQRFLyQGHTXHVHUDJUDGHFLGRFRQGXFH
GLUHFWDPHQWHDODIHOLFLGDG'HILQHODJUDWLWXGFRPRHO
UHFRQRFLPLHQWRGHORVGRQHVTXHQRVVRQHQWUHJDGRV
\D VHD SRU SDUWH GH RWUDV SHUVRQDV GH 'LRV R GH OD
YLGD PLVPD /RV HVWXGLRV GHPXHVWUDQ TXH ORV
LQGLYLGXRVDJUDGHFLGRVWLHQGHQDVHQWLUVHPiVIHOLFHV
HVSHUDQ]DGRV YLWDOHV \ VDWLVIHFKRV FRQ VXV YLGDV DO
WLHPSR TXH VRQ PHQRV PDWHULDOLVWDV \ PHQRV
HQYLGLRVRV GHO p[LWR GH ORV GHPiV 3RU VXHUWH ODV
LQYHVWLJDFLRQHV WDPELpQ VXJLHUHQ TXH OD JUDWLWXG VH
SXHGHDSUHQGHU
(Q XQ HVWXGLR SRU HMHPSOR ORV LQYHVWLJDGRUHV
SLGLHURQDXQJUXSRGHHVWXGLDQWHVXQLYHUVLWDULRVTXH
HQWUHJDVHQLQIRUPHVVHPDQDOHVGHVXH[SHULHQFLDYLWDO
D OR ODUJR GH GLH] VHPDQDV /RV HVWXGLDQWHV VH
GLYLGLHURQ DO D]DU HQ WUHV JUXSRV /RV SDUWLFLSDQWHV
GHO *UXSR $ WHQtDQ TXH HVFULELU VREUH FRVDV SRU ODV
TXH VH VHQWtDQ DJUDGHFLGRV SRU HMHPSOR ©/D
JHQHURVLGDG GH ORV DPLJRVª ©8QRV SDGUHV
PDUDYLOORVRVª ©/RV 5ROOLQJ 6WRQHVª  $ ORV GHO
*UXSR%VHOHVSLGLyTXHHVFULELHVHQVREUHDVSHFWRV
TXH OHV UHVXOWDVHQ PROHVWRV R LUULWDQWHV ©(QFRQWUDU
DSDUFDPLHQWRª ©/D FRFLQD KHFKD XQ GHVDVWUH TXH
QDGLHUHFRJHª©/DJHQWHHVW~SLGDDOYRODQWHª (O&
HUDXQJUXSRGHFRQWURODVXVLQWHJUDQWHVOHVSLGLHURQ
TXH HVFULELHVHQ VREUH DOJR TXH OHV KXELHVH DIHFWDGR
DTXHOOD VHPDQD VLQ HVSHFLILFDU VL HO LPSDFWR GHEtD
VHU SRVLWLYR R QHJDWLYR ©+H OLPSLDGR HO DUPDULR
]DSDWHURª  /RV LQYHVWLJDGRUHV GHVFXEULHURQ TXH ORV
SDUWLFLSDQWHV GHO JUXSR GH JUDWLWXG QR VROR HUDQ PiV
IHOLFHV TXH ORV GHPiV WDPELpQ PDQLIHVWDURQ PHQRV
VtQWRPDV GH HQIHUPHGDG \ UHDOL]DEDQ PiV HMHUFLFLR
TXH HO UHVWR $O SDUHFHU OD JUDWLWXG FDPELD QXHVWUD
H[SHULHQFLDHPRFLRQDO\ItVLFDDPHMRU

(-(5&,&,2
 (VFULELUXQGLDULRGHJUDWLWXG

/DVLQYHVWLJDFLRQHVVXJLHUHQTXHHVFULELUXQGLDULRGHJUDWLWXGHV
XQDGHODVPHMRUHVPDQHUDV\GHODVPiVILDEOHVGHLQFUHPHQWDU
OD IHOLFLGDG 3XHGHV HOHJLU XQ FXDGHUQR HVSHFLDO TXH WH JXVWH
HVWpWLFDPHQWH SHUR HQ UHDOLGDG QR LPSRUWD QR KD\ UHJODV /R
LPSRUWDQWHHVTXHWHUHVHUYHVXQPRPHQWRFDGDGtDSDUDHVFULELU
VREUH ORV GRQHV ODV ERQGDGHV ODV VRUSUHVDV DJUDGDEOHV \ ORV
EXHQRVPRPHQWRVVLQROYLGDUWRGRDTXHOORTXHWHDSRUWDDOHJUtDHQ
XQVHQWLGRPiVJHQHUDO
,QWHQWD HQFRQWUDU VLHPSUH FRVDV QXHYDV TXH DJUDGHFHU
7XV DPLJRV WX IDPLOLD \ WXV VHUHV TXHULGRV SUREDEOHPHQWH VHUiQ
KDELWXDOHV SHUR QR SHUPLWDV TXH HO HMHUFLFLR VH HVWDQTXH R VHD
UHSHWLWLYR¢4XpFRVDVEXHQDVWHSDVDURQD\HUTXHTXL]iSDVDVWH
SRU DOWR" ¢(O VRO OD GHPRFUDFLD OD IRQWDQHUtD GRPpVWLFD" /DV
FRVDVVRUSUHQGHQWHVTXHOOHQDQQXHVWUDVYLGDVVRQLQQXPHUDEOHV
7DPELpQWHVHUi~WLOVHUORPiVHVSHFtILFRSRVLEOHVREUHOR
TXHSURYRFDWXJUDWLWXGKDFHUORPiVUHDO\FRQFUHWR3RUHMHPSOR
HQOXJDUGHHVFULELU©0HVLHQWRDJUDGHFLGRSRUPLJDWRªSRGUtDV
GHFLU ©0H VLHQWR DJUDGHFLGR SRU OD IRUPD HQ TXH PL JDWR
URQURQHD\VHIURWDFRQWUDPLSLHUQDPHKDFHVHQWLUTXHULGRª
$O FDER GH XQRV GtDV WX GLDULR GH JUDWLWXG SXHGH
FRQYHUWLUVHHQXQDFRQWULEXFLyQVXVWDQFLDODWXQLYHOGHIHOLFLGDG
£2WUDFRVDPiVSRUODTXHHVWDUDJUDGHFLGR

6DERUHDU

/DSUiFWLFDGHVDERUHDUJXDUGDXQDHVWUHFKDUHODFLyQ
FRQ OD JUDWLWXG 3RU ©VDERUHDUª HQWHQGHPRV GLVIUXWDU
FRQVFLHQWHPHQWHGHORTXHQRVDSRUWDSODFHUHVGHFLU
GHWHQHUVHHQODVH[SHULHQFLDVSODFHQWHUDVDJLWDUODVHQ
QXHVWUD FRQFLHQFLD FRPR XQD FRSD GH EXHQ YLQR
&XDQGR KDEODPRV GH VDERUHDU FDVL VLHPSUH
SHQVDPRV HQ XQD H[SHULHQFLD VHQVXDO SHUFLELU HO
DURPD VXWLO \ HO VDERU GH OD FRPLGD HQ OXJDU GH
OLPLWDUQRV D HQJXOOLUOD 2OHU VDERUHDU \ DFDULFLDU OD
SLHO GH QXHVWUD SDUHMD HQ OXJDU GH ©KDFHU OR MXVWRª
6LQ HPEDUJR VDERUHDU WDPELpQ VH DSOLFD D WRGDV ODV
H[SHULHQFLDVSODFHQWHUDVHOPDUDYLOORVRVRQLGRGHOD
ULVD GH XQ DPLJR OD EHOOH]D GH XQD KRMD FDtGD OD
SURIXQGLGDG\ODFRPSOHMLGDGGHXQDEXHQDQRYHOD
&XDQGR VDERUHDPRV XQD H[SHULHQFLD OD
DFRJHPRV FRQ SOHQD FRQFLHQFLD SUHVWDPRV WRGD
QXHVWUDDWHQFLyQDORVSHQVDPLHQWRVODVVHQVDFLRQHV\
ODV HPRFLRQHV DJUDGDEOHV TXH VXUJHQ HQ HO PRPHQWR
SUHVHQWH 7DPELpQ SRGHPRV VDERUHDU ORV EXHQRV
UHFXHUGRV \ UHYLYLU DVt H[SHULHQFLDV DOHJUHV SDUD
YROYHU D DSUHFLDUODV HO GtD HQ TXH FRQRFLPRV D
QXHVWUDSDUHMDODSULPHUDYH]TXHWXYLPRVDQXHVWUR
EHEp HQ EUD]RV R FXDQGR KLFLPRV DTXHO URPiQWLFR
YLDMHD3UDJD 6DERUHDUHVXQDFWRLQWHQFLRQDGRSDUD
SURORQJDU H LQWHQVLILFDU HO SODFHU SDUD GHOHLWDUQRV
FRQVXEHOOH]D

(-(5&,&,2
 6DERUHDHOPRPHQWR

7RPD DOJR GH FRPHU R GH EHEHU TXH WH UHVXOWH HVSHFLDOPHQWH
VDEURVR3XHGHVHUXQDRQ]DGHFKRFRODWHQHJURXQDSRUFLyQGH
SL]]D ODQJRVWD FRQ PDQWHTXLOOD XQ EXHQ Wp XQD FRSD GH
FKDPSiQORTXHWHDSRUWHPiVSODFHU
0LHQWUDV FRPHV R EHEHV WUDWD GH VDERUHDU DO Pi[LPR
3HUFLEH WRGRV WXV VHQWLGRV ¢$ TXp VDEH" ¢4Xp VDERUHV VXWLOHV
HQFLHUUD" ¢'XOFH DPDUJR VDODGR" ¢&yPR KXHOH" ¢4Xp DURPDV
GHWHFWDV" ¢4Xp VHQVDFLRQHV WLHQHV DO VXMHWDUOR PDVWLFDUOR
WUDJDUOR" ¢4Xp WH[WXUD WLHQH" ¢< HO DVSHFWR" ¢3UHVHQWD FRORUHV
LQWHUHVDQWHV R UHIOHMD OD OX] GH XQ PRGR SDUWLFXODU" ¢3URGXFH
DOJ~Q VRQLGR" 9DOH HVWD HV PiV IiFLO VL HOLJHV FKDPSiQ SHUR
WDPELpQSXHGHVSHUFLELUXQFUXMLGRRXQFKLVSRUURWHRDJUDGDEOHV
9H PiV GHVSDFLR \ VXPpUJHWH GH OOHQR HQ WRGDV ODV VHQVDFLRQHV
SODFHQWHUDVGHWXGHOLFLRVRFDSULFKRVDERUHDQGRDOPi[LPRFDGD
VHQVDFLyQ
$ FRQWLQXDFLyQ SHUFLEH TXp VLHQWHV DO H[SHULPHQWDU HO
SODFHU HQ Vt PLVPR ¢3HTXHxDV EXUEXMDV GH IHOLFLGDG HQ OD
JDUJDQWDXQDVHQVDFLyQFiOLGDHQHOSHFKRXQSLFRUHQODQDUL]"
'LVIUXWD GH OD VHQVDFLyQ GH SODFHU HO Pi[LPR WLHPSR SRVLEOH \
FXDQGR VH GHVYDQH]FD GpMDOD LU 3RU ~OWLPR WyPDWH XQ PRPHQWR
SDUDDJUDGHFHU\DSUHFLDUGRVGHORVPD\RUHVUHJDORVGHODYLGD
ODFRPLGD\ODEHELGD

/RV SVLFyORJRV KDQ HPSH]DGR D H[DPLQDU OD

UHODFLyQ HQWUH VDERUHDU HO SODFHU \ HO ELHQHVWDU
SHUVRQDO /RV HVWXGLRV LQGLFDQ TXH ODV SHUVRQDV
FDSDFHV GH VDERUHDU ORV DVSHFWRV DJUDGDEOHV GH OD
YLGD VRQ PiV IHOLFHV \ SUHVHQWDQ PHQRV FDVRV GH
GHSUHVLyQ TXH DTXHOODV TXH QR OR KDFHQ (Q XQ
HVWXGLRSRUHMHPSORORVSDUWLFLSDQWHVWHQtDQTXHGDU
XQ SDVHR GLDULR GH YHLQWH PLQXWRV GXUDQWH XQD
VHPDQD6HUHSDUWLHURQDOD]DUHQWUHVJUXSRV8QRGH
HOORV HUD HO GH OD ©SHUVSHFWLYD SRVLWLYDª 6XV
LQWHJUDQWHV UHFLELHURQ OD LQVWUXFFLyQ GH UHFRQRFHU
FRQVFLHQWHPHQWH HO PD\RU Q~PHUR SRVLEOH GH FRVDV
DJUDGDEOHV ODVIORUHVHOVROHWFpWHUD \SHQVDUHQOR
TXH KDFtD TXH DTXHOODV FRVDV IXHVHQ SODFHQWHUDV HO
HMHUFLFLR GHO SDVHR GH SODFHU GHO FDStWXOR  VH
LQVSLUD HQ HVWH HVWXGLR  2WUR JUXSR HUD HO GH OD
©SHUVSHFWLYD QHJDWLYDª $ VXV LQWHJUDQWHV VH OHV
LQGLFyTXHGHEtDQILMDUVHHQHOPD\RUQ~PHURSRVLEOH
GH FRVDV GHVDJUDGDEOHV VXFLHGDG UXLGR WUiILFR
HWFpWHUD \SHQVDUHQORTXHKDFtDTXHDTXHOODVFRVDV
QR IXHVHQ SODFHQWHUDV (O WHUFHU JUXSR HUD XQR GH
FRQWURO \ D VXV LQWHJUDQWHV VLPSOHPHQWH VH OHV GLMR
TXH VDOLHVHQ D SDVHDU VLQ LQVWUXFFLRQHV HVSHFtILFDV
/DV SHUVRQDV D ODV TXH VH OHV SLGLy TXH VDERUHDVHQ
VXV H[SHULHQFLDV SRVLWLYDV VH PRVWUDURQ
VLJQLILFDWLYDPHQWH PiV IHOLFHV GHVSXpV GHO SDVHR HQ
FRPSDUDFLyQ FRQ ORV RWURV GRV JUXSRV (Q ODV
HQWUHYLVWDVSRVWHULRUHVWDPELpQDILUPDURQTXHVHQWtDQ
PiVDSUHFLRSRUHOPXQGRTXHOHVURGHDED
&RQ VROR WRPDUQRV HO WLHPSR QHFHVDULR SDUD
SHUFLELU \ VDERUHDU ODV FRVDV FRWLGLDQDV TXH QRV
DSRUWDQ SODFHU SRGHPRV LQWHQVLILFDU QRWDEOHPHQWH
QXHVWUDH[SHULHQFLDGHODDOHJUtD

(/'2148(&217,1Ò$'$1'2

$SUHFLDUQRVQRVSHUPLWHGHOHLWDUQRVHQORSRVLWLYRGH
QRVRWURV PLVPRV \ GH QXHVWUD YLGD < OR PiV
PDUDYLOORVRHVTXHQRWLHQHTXHRFXUULUQDGDHVSHFLDO
R IXHUD GH OR FRP~Q SDUD UHFXUULU D HVD IXHQWH GH
ELHQHVWDU 6HQWLUVH ELHQ SXHGH VHU DOJR PX\ QRUPDO
SHUR WDPELpQ HV UHQRYDGRU \ PDUDYLOORVR 1R HV
QHFHVDULRTXHRFXUUDDOJRQRYHGRVRSDUDGHWHQHUQRV
D ROHU ODV URVDV 6ROR KD\ TXH SUHVWDU DWHQFLyQ D OR
TXHWHQHPRVGHODQWHGHQXHVWUDVQDULFHV(QOXJDUGH
SDVDUQRV HO GtD HQ HO PRGR GH UHVROXFLyQ GH
SUREOHPDV SHQVDQGR SULQFLSDOPHQWH HQ OR TXH
TXHUHPRV DUUHJODU GH QRVRWURV PLVPRV R GH QXHVWUD
YLGD SRGHPRV KDFHU YDULDV SDXVDV D OR ODUJR GH OD
MRUQDGD SDUD PDUDYLOODUQRV DQWH OR TXH QR HVWi
HVWURSHDGR
3XHGHVVHQWLUORPDUDYLOORVRTXHUHVXOWDWHQHUXQ
FXHUSROOHQRGHYLGDDKRUDPLVPRPLHQWUDVOHHVHVWDV
SDODEUDV 3XHGHV FRQVLGHUDU HO DVRPEURVR KHFKR GH
TXH REVHUYDQGR XQRV JDUDEDWRV HQ XQD SiJLQD HUHV
FDSD]GHUHFLELU\FRQVHUYDUODWUDQVPLVLyQGHLGHDV
$XQTXH QR QRV FRQR]FDPRV QXHVWUDV PHQWHV SXHGHQ
FRPXQLFDUVHDWUDYpVGHOSRGHUGHODSDODEUDHVFULWD
£0DUDYLOORVR 3XHGHV VHQWLU OD VXDYH IUHVFXUD GH WX
DOLHQWR FXDQGR HO DLUH HQWUD \ VDOH SRU WXV IRVDV
QDVDOHV DSUHFLDQGR DO Pi[LPR HO SURFHVR TXH KDFH
SRVLEOHODYLGD\TXHSDVDPRVSRUDOWR/DPDUDYLOOD
GH OD H[LVWHQFLD FRWLGLDQD VXSHUD HQ PXFKR QXHVWUD
FDSDFLGDG GH FDSWDUOR WRGR SHUR FRQ VROR DSUHFLDU
XQD SHTXHxD SDUWH SRGHPRV LQFUHPHQWDU QXHVWUD
IHOLFLGDG HQ JUDQ PHGLGD &RPR REVHUYy HO HVFULWRU
IUDQFpV'HOD5RFKHIRXFDXOG©/DIHOLFLGDGHVWiHQHO
JXVWR\QRHQODVFRVDVª
(ODSUHFLRSRUXQRPLVPRHVXQGRQTXHHVWiDKt
SDUD TXH OR WRPHPRV 7RGRV WHQHPRV DVSHFWRV GH
QRVRWURVPLVPRV\GHQXHVWUDVYLGDVTXHPHUHFHQVHU
DSUHFLDGRV /R EXHQR \ OR KHUPRVR HVWiQ D QXHVWUR
DOUHGHGRU<HQQXHVWURLQWHULRU(OHVSOHQGRUHVXQD
FXDOLGDGKXPDQD\QRVSHUWHQHFHDWRGRV

&21&/86,Ï1

(O DSUHFLR \ OD FRPSDVLyQ SRU XQR PLVPR VRQ HQ

UHDOLGDG GRV FDUDV GH OD PLVPD PRQHGD (O SULPHUR
VHFHQWUDHQORTXHQRVDSRUWDSODFHU\ODVHJXQGDHQ
OR TXH QRV KDFH VXIULU 8QR FHOHEUD QXHVWURV SXQWRV
IXHUWHV FRPR KXPDQRV OD RWUD DFHSWD QXHVWUDV
GHELOLGDGHV /R TXH UHDOPHQWH LPSRUWD HV WHQHU
DELHUWRV HO FRUD]yQ \ OD PHQWH (Q OXJDU GH HYDOXDU
FRPSDUDU UHVLVWLUQRV REVHVLRQDUQRV \ GLVWRUVLRQDU
FRQWLQXDPHQWHQRVOLPLWDPRVDDEULUQRVSDUDYHUQRV
DQRVRWURV\DQXHVWUDVYLGDVWDOFRPRVRQHQWRGDVX
JORULD \ VX LJQRPLQLD $EULUQRV DO DPRU SRU WRGD OD
FUHDFLyQQRVRWURVLQFOXLGRVVLQH[FHSFLyQ
0LHQWUDV WUDQVLWDPRV SRU ORV WULXQIRV \ ODV
WUDJHGLDV GH QXHVWUD YLGD QRV UHODFLRQDPRV FRQ
ERQGDG FRQ WRGR OR TXH QRV URGHD 6HQWLPRV OD
LQWHUFRQH[LyQ FRQ WRGRV \ FRQ WRGR 7RPDPRV
FRQFLHQFLD GHO PRPHQWR SUHVHQWH VLQ MX]JDUOR
([SHULPHQWDPRV WRGR HO HVSHFWUR GH OD YLGD VLQ
QHFHVLGDGGHFDPELDUOR
1R WHQHPRV TXH VHU SHUIHFWRV SDUD VHQWLUQRV
ELHQFRQQRVRWURVPLVPRV\QXHVWUDYLGDQRWLHQHTXH
VHU GH XQD GHWHUPLQDGD PDQHUD SDUD VHU IHOLFHV
7RGRV WHQHPRV OD FDSDFLGDG GH UHVLVWLU FUHFHU \ VHU
IHOLFHV (V VXILFLHQWH UHODFLRQDUQRV FRQ QXHVWUD
H[SHULHQFLD FRQ FRPSDVLyQ \ DSUHFLR < VL VLHQWHV
TXH QR SXHGHV FDPELDU TXH HV PX\ GLItFLO TXH ODV
IXHU]DV FRQWUDSXHVWDV GH QXHVWUD FXOWXUD VRQ
GHPDVLDGR SRGHURVDV VLHQWH FRPSDVLyQ SRU HVH
VHQWLPLHQWR\HPSLH]DSRUDKt&DGDQXHYRPRPHQWR
QRV RIUHFH OD RSRUWXQLGDG GH VHU GH XQD PDQHUD
WRWDOPHQWH GLVWLQWD 3RGHPRV DFRJHU OD DOHJUtD \ OD
SHQD GH VHU KXPDQRV \ DO KDFHUOR WUDQVIRUPDUHPRV
QXHVWUDVYLGDV