Reflexiones Polít 978-620-2-16315-6 PAG 107

4 "

!" # $ %&$
# '()
# (
! %*& +,!$*
- (
(
( # ( .
.
+ ( (

! / , 0 &
1 $( 22 + -

( ( 3 '
*
$ #

!

"#

! "

# $ % & ' ( &
)
*+% & $ $ +*,-.%

/
/ 0-*1 # $ % & '
( & )
$ $ 0-*1
5HIOH[LRQHVSROtWLFDVHQXQ
FRQWH[WRJOREDOL]DGR
-DLPH$OEHUWRÈQJHOÈOYDUH]
/XLV+RUDFLR)UDQFR*DYLULD
(GLWRUHV
&RQHODSR\RGH
-DLPH$OEHUWRÈQJHOÈOYDUH] \/XLV+RUDFLR)UDQFR*DYLULD
5HIOH[LRQHVSROtWLFDVHQXQFRQWH[WRJOREDOL]DGR
5HIOH[LRQHV SROtWLFDV HQXQFRQWH[WR JOREDOL]DGR -DLPH $OEHUWR ÈQJHO ÈOYDUH]

/XLV +RUDFLR )UDQFR *DYLULD
FRRUGLQDGRUHV D HG 8QLYHUVLGDG /LEUH 6HFFLRQDO &DOL &RORPELD ±
8QLYHUVLGDG $QGUpV %HOOR &KLOH
SiJLQDV ,QFOX\H UHIHUHQFLDV ELEOLRJUiILFDV 7HRUtD SROtWLFD \ ILORVRItD SROtWLFD
,6%1
)LORVRItD 3ROtWLFD 7HRUtD SROtWLFD &LHQFLD3ROtWLFD
/XLV+RUDFLR)UDQFR*DYLULD (GLWRUHV
3ULPHUDHGLFLyQ(GLWRULDO DFDGpPLFDHVSDxROD
(GLWRULDODFDGpPLFDHVSDxROD
-DLPH$OEHUWRÈQJHOÈOYDUH]/XLV+RUDFLR)UDQFR*DYLULD (GLWRUHV
,6%1
1LQJXQD SDUWH GH HVWD SXEOLFDFLyQ LQFOXLGR HO GLVHxR JUiILFR SXHGH VHU
UHSURGXFLGDDOPDFHQDRWUDVPLWLGDHQ PDQHUDDOJXQDQLSRUQLQJ~QPHGLR\DVHD
HOpFWULFR TXtPLFR PHFiQLFR ySWLFR GH JUDEDFLyQ R GH IRWRFRSLD VLQ SHUPLVR
SUHYLRGHODXWRUHOHGLWRURGHOD8QLYHUVLGDG
&RPLWpHGLWRULDO
6RQLD6iQFKH]$UWHDJD
$ERJDGD\0DJLVWHUHQ'HUHFKR
/LOLD&RUWpV0RQVDOYH
$ERJDGD\0DJLVWHUHQ&ULPLQRORJtD
0DULEHOODJRV(QUtTXH]
$ERJDGD\'RFWRUDHQHGXFDFLyQ
-RVp+RRYHU6DOD]DU5tRV
(FRQRPLVWD$ERJDGR\'RFWRUHQ'HUHFKR
+HUQDQGR2UGRxH]5DPtUH]
$ERJDGR\0DJLVWHUHQ'HUHFKRSHQDO
/L]DUGR&DUYDMDO
$ERJDGR
&RPLWpFLHQWtILFR
(OtDV&DVWUR%ODQFR
'RFWRUDGRHQ(VWXGLRVSROtWLFRVGHOD8QLYHUVLGDG([WHUQDGRGH&RORPELD
ÈOYDURGH-HV~V=XOHWD&RUWpV
'RFWRUDGRHQ+HUPHQpXWLFDH,QWHUGLVFLSOLQDULHGDGGHODVLGHDVGHOD8QLYHUVLGDG
&RPSOXWHQVH'H0DGULG
5XEpQ0DUWtQH]'DOPDX
'RFWRUDGRHQ'HUHFKRGHOD8QLYHUVLGDG&DUORV,,,GH0DGULG
1RUK\(VWKHU7RUUHJURVD-LPpQH]
'RFWRUDGRHQ'HUHFKRGHOD8QLYHUVLGDG([WHUQDGRGH&RORPELD
5REHUWR9LFLDQR3DVWRU
'RFWRUDGRHQ'HUHFKRGHOD8QLYHUVLWDW'H9DOHQFLD
+pFWRU$ORQVR0RUHQR
'RFWRUDGRHQ&LHQFLDV3ROtWLFDVGHOD8QLYHUVLGDGGH*UDQDGD
3DUHVHYDOXDGRUHV
)HOLSH &RUUHGRU
'RFWRU HQ 3VLFRORJtD VRFLDO 0iVWHU RILFLDO GH LQYHVWLJDFLyQ HQ SVLFRORJtD VRFLDO \
OLFHQFLDGRHQSVLFRORJtDGHOD8QLYHUVLWDW$XWzQRPDGH%DUFHORQD$FWXDOPHQWHVH
GHVHPSHxDFRPR*HVWRUHGLWRULDOGHGLIHUHQWHVUHYLVWDVFRPROD5HYLVWD(QVHxDQ]D
GHODVFLHQFLDVHQOD8QLYHUVLWDW$XWzQRPDGH%DUFHORQD\8QLYHUVLWDWGH9DOHQFLD
5HYLVWD $QXDULR ,(7 GH WUDEDMR \ UHODFLRQHV ODERUDOHV 5HYLVWD GH 6RFLRORJLD
5HYLVWD $WKHQHD 'LJLWDO \ OD 5HYLVWD 4XDGHUQV GH 3VLFRORJLD HQ OD 8QLYHUVLWDW
$XWzQRPDGH%DUFHORQD
IHOOLSHFRUU#JPDLOFRP
&DUROLQD%HQtWH]0RXHVFD
/D 'RFWRUD %HQtWH] HV SVLFyORJD \ FXHQWD FRQ XQ 0DJtVWHU HQ 3VLFRORJtD &OtQLFD \
3VLFRSDWRORJtD GHOD8QLYHUVLGDGGH*UHQREOH,,±)UDQFLD 7DPELpQHV'RFWRUDHQ
/LWHUDWXUD 3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR38&9(QODDFWXDOLGDGHV
SURIHVRUD H LQYHVWLJDGRUD GH OD 8QLYHUVLGDG GH 9LxD GHO 0DU HQ &KLOH TXH IRUPD
SDUWHGH/DXUHDWH,QWHUQDWLRQDO8QLYHUVLWLHVXQDUHGLQWHUQDFLRQDOGHLQVWLWXFLRQHV
GHHGXFDFLyQVXSHULRU(VH[SHUWDHQWHPDVGHLQWLPLGDFLyQ\HVWXGLRVDGHWRGDV
ODV IRUPDV GH DJUHVLyQ LQWHQFLRQDGDV \ UHSHWLGDV TXH RFXUUHQ HQ OD HVFXHOD VLQ
PRWLYDFLyQHYLGHQWHDGRSWDGDVSRUXQRRPiVHVWXGLDQWHVDGRSWDGDVFRQWUDRWUR
XRWURV
FDUROLQDEHQLWH]#YWUQHW
&RQWHQLGR
3UHVHQWDFLyQ
3ULPHUDSDUWH
*OREDOL]DFLyQ\UHODFLRQHVLQWHUQDFLRQDOHV
'HODVFLYLOL]DFLRQHVDQWLJXDVDODJOREDOL]DFLyQ
8QLYHUVLGDG/LEUH &DOL
/DVPLJUDFLRQHVLQWHUQDFLRQDOHV\ODFRQVWUXFFLyQGHXQDQXHYDFLXGDGDQtD
SODQHWDULD(OSDSHOGHODHGXFDFLyQ
ÈOYDUR=XOHWD&RUWpV
8QLYHUVLGDG&RPSOXWHQVHGH0DGULG (VSDxD
$JXLQDGDDRUHFRQKHFLPHQWRFRPRSURGXWRGDJOREDOL]DomR
SRUXPDWHRULDGDMXVWLoDVRFLDOSDUDDOpPGDYDORUDomRFXOWXUDO
-DTXHOLQH $SDUHFLGD)HUQDQGHV6RXVD $QD5DTXHO5DPRVGH$VVLV3HUHLUD
8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD±8)8 0LQDV*HUDLV±%UDVLO
1RVRWURV\ORVRWURVHVWDGRXQLGHQVHV\EiUEDURVHQHOGLVFXUVRGH7UXPS
'LHJR$OIUHGR3pUH]5LYDV
8QLYHUVLGDG$XWyQRPD GH%DMD&DOLIRUQLD 0p[LFR
(OHVWXGLRGHODLGHQWLGDGFROHFWLYDHQORVWLHPSRVGHODJOREDOL]DFLyQ
8QSUREOHPDWHyULFR\PHWRGROyJLFR
'LPLWUL(QGUL]]L
8QLYHUVLWjGHJOL6WXGLGL7UHQWR8QLYHUVLGDG&DWyOLFD ,WDOLD
(OLPSDFWRGHODJOREDOL]DFLyQHQHOFULPHQRUJDQL]DGRWUDQVQDFLRQDO
&RUUHGRUIURQWHUL]RGH$UJHQWLQD3DUDJXD\\%UDVLO
*HUDOGLQH&XHUYR
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD&HQWURGH(VWXGLRVHQ6HJXULGDG\3D] %RJRWi
'H/DKRVSLWDOLGDGFRPRGHUHFKRXQLYHUVDOHQ.DQWDODKRVSLWDOLGDG
FRQGLFLRQDOHQ-DFTXHV'HUULGD8QDDSUR[LPDFLyQILORVyILFDDO
HVWXGLRGHODVPLJUDFLRQHVLQWHUQDFLRQDOHV
8QLYHUVLGDG$QGUpV%HOOR$UJHGXF &KLOH
*OREDOL]DFLyQFXOWXUD\HGXFDFLyQKDFLDXQDQXHYDIRUPDGHKDFHUSROtWLFD
0DUtD$QJpOLFD1DYDUUR6iQFKH]
,QVWLWXFLyQ8QLYHUVLWDULD&(60$* 3DVWR
8QDQXHYDYXOJDWDSODQHWDULDHOUHILQDPLHQWRGHORVGLVSRVLWLYRVGHSRGHU
HQODHGXFDFLyQ\ODPHUFDQWLOL]DFLyQJOREDOGHOFDSLWDOFXOWXUDO
:LOPDU$QLEDO3HxD&ROOD]RV
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD %RJRWi
/DE~VTXHGDGHOOXJDUGHOVXMHWRPLJUDQWH,GHQWLGDGDOWHULGDG
HQODpSRFDGHODH[FOXVLyQ
6RQLD&DUUDVFR=DPEUDQR
'LUHFWRUD$UJHGXF $FDGpPLFD8QLYHUVLGDG8QLDFF &KLOH
6HJXQGDSDUWH
'HUHFKRVKXPDQRV
$LQIOXrQFLDGD&RUWH,QWHUDPHULFDQDGH'LUHLWRV+XPDQRVQDFRUWHFRQVWLWX
&LRQDOEUDVLOHLUD± HVWXGRDSDUWLUGDYLRODomRGRVGLUHLWRVKXPDQRVQRFiUFHUH
$QWRQLR&DUORV0RQLGH2OLYHLUD%HDWUL]&RUUrD&DPDUJR
8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD± 8)8 0LQDV*HUDLV± %UDVLO
&RQVLGHUDFLRQHVSROtWLFDVGHOFRQVWLWXFLRQDOLVPRFRPRWHQGHQFLD
SURJUHVLVWDHQORVGHUHFKRVKXPDQRV
'DKLDQQD0HUFHGHV5RGUtJXH]2UWHJyQ
8QLYHUVLGDG&DWyOLFDGH&RORPELD %RJRWi
7HUFHUDSDUWH
)LORVRItDGHO'HUHFKR
'LVFULPLQDFLyQLQYHUVDGHOLPLWDFLyQFRQFHSWXDO\GHIHQVDPRGHUDGD
&DPLOR+XPEHUWR3ULHWR)HWLYD
/DLPDJHQGHSUHVWLJLRGHXQWULEXQDOFRQVWLWXFLRQDOHQODFRQVWUXFFLyQ
GHODGHPRFUDFLDDSURSyVLWRGHODVUHVSXHVWDVTXHRIUHFHQORVMXHFHV
DORVOODPDGRVGHXQDVRFLHGDGGHPRFUiWLFD
&DUORV$OEHUWR$JXGHOR$JXGHOR
8QLYHUVLGDGGH&DOGDV 0DQL]DOHV
$YDQFHDODWHRUtDGHODJXHUUDODSROtWLFD\HOGHUHFKRHQ&DUORV0DU[
*XLOOHUPR/HyQ5RPHUR
8QLYHUVLGDG/LEUH6HFFLRQDO&DOL &DOL
2GLUHLWRIXQGDPHQWDOjPRUDGLDHP+HJHOXPDOHLWXUD LP SRVVtYHO

:DJQHU9LQLFLXVGH2OLYHLUD
8QLYHUVLGDGH)HGHUDOGH 8EHUOkQGLD± 8)8 %UDVLO
'RVYLVLRQHVOLEHUDOHVGHOSUREOHPDGHOSOXUDOLVPR
*DEULHO(GXDUGR9DUJDV'XTXH
8QLYHUVLGDGGH&DUWDJHQD &DUWDJHQD
3UHVHQWDFLyQ
/D8QLYHUVLGDG/LEUHHQVXFRPSURPLVRFRQODFRPXQLGDGGHIRUPDUSURIHVLRQDOHV
LQWHJUDOHVFHQWUDGRV HQODUHIOH[LyQVREUHHOKRPEUHODFXOWXUD\ODVRFLHGDG \HQ
HO LQWHQWR GH HQJUDQGHFHU OD YLVLyQ VREUH HO PXQGR VH KD HPSHxDGR HQ OD
UHDOL]DFLyQ SHUPDQHQWH GH HVFHQDULRV TXH FRQWULEX\DQ DO PHMRU GHVHPSHxR
SUiFWLFRGH ODSROtWLFD \HO'HUHFKRWRGRDODOX]GHUHQRYDGDVWHRUtDVHQIRFDGDVD
ODVROXFLyQGHSUREOHPDV'HHVWDPDQHUDVXUJLyODLGHDGHUHXQLUHQHVWHWH[WRORV
UHVXOWDGRV GH LQYHVWLJDFLRQHV VREUH GLIHUHQWHV WHPDV SUHVHQWHV HQ ODV P~OWLSOHV
GLVFLSOLQDV UHVXOWDGR GHO WUDEDMR FRQMXQWR GH GLIHUHQWHV LQYHVWLJDGRUHV HQ
&RORPELD \ HQ RWURV HVFHQDULRV GHO PXQGR TXH XELFD OD FXOWXUD GH OR XQLYHUVDO
SUHVHQWH HQ ORV HVWXGLRV SROtWLFRV \ MXUtGLFRV HQ GLVFXVLRQHV TXH LQWHJUDQ \ KDFH
LQWHUGLVFLSOLQDULRVHVWRVHVFHQDULRVWDQWRGHVGH ODUD]yQWHyULFDFRPRGHODUD]yQ
SUiFWLFD
3RU HOOR HO SURSyVLWR GH HVWDV UHIOH[LRQHV HV FRQWLQXDU DWHQWRV DO GHVDUUROOR
KLVWyULFRGHODVLGHDVDOUHGHGRUGHODUD]yQSUiFWLFDGHQWURGHXQFRQWH[WRJOREDO
(VWDLGHDFRQVROLGDHOSUR\HFWRGHOD8QLYHUVLGDG/LEUHHQHOIRUWDOHFLPLHQWRGHOD
YLVLyQKXPDQDVRFLDOHFRQyPLFDLXVILORVyILFDSROtWLFDFXOWXUDO\PRUDO
/D UHG GH SHQVDPLHQWR SROtWLFR TXH HQ HVWH SUR\HFWR HQFXHQWUD XQD GH VXV
FRQFUHFLRQHV SUHWHQGH YLVXDOL]DU HO DOWR FRQWHQLGR DFDGpPLFR LQYHVWLJDWLYR \ GH
SUR\HFFLyQ VRFLDO DOFDQ]DGR DO LQWHULRU GH ODV 8QLYHUVLGDGHV YLQFXODGDV D HVWD
LQLFLDWLYD 'HVGH OD 8QLYHUVLGDG GH %DMD &DOLIRUQLD HQ 0p[LFR KDVWD ODV
8QLYHUVLGDGHV $QGUpV %HOOR \ OD 81,$&& HQ &KLOH SDVDQGR SRU OD 8QLYHUVLGDGH
)HGHUDO GH 8EHUOkQGLD HQ %UDVLO \ FRQ OD SDUWLFLSDFLyQ GH PXFKDV XQLYHUVLGDGHV
FRORPELDQDVFRPR8QLYHUVLGDG0LOLWDU1XHYD*UDQDGDOD,QVWLWXFLyQ8QLYHUVLWDULD
&(60$*GH3DVWROD8QLYHUVLGDG&DWyOLFDGH&RORPELDOD8QLYHUVLGDGGH&DOGDV
OD 8QLYHUVLGDG GH &DUWDJHQD \ SRU VXSXHVWR OD 8QLYHUVLGDG /LEUH GH &RORPELD
VHFFLRQDO&DOLKDQORJUDGRHQWDEODUXQGLiORJRLQWHUGLVFLSOLQDUFRQXQDSUR\HFFLyQ
TXH VHJXLUi VXPDQGR YRFHV FUtWLFDV (V DVt FRPR HQ HO SUHVHQWH OLEUR VH FXHQWD
WDPELpQ FRQ OD SDUWLFLSDFLyQ GH DFDGpPLFRV GH XQLYHUVLGDGHV HXURSHDV FRPR /D
&RPSOXWHQVHGH0DGULG\OD8QLYHUVLWjGHJOL6WXGLGL7UHQWRHQ,WDOLD
/RVDVXQWRVSROtWLFRVpWLFRV\MXUtGLFRVUHIOH[LRQDGRVHQFDGDXQRGHORVDUWtFXORV
HQWRGRFDVRFRUUHVSRQGHQDXQVLQQ~PHURGHUHDOLGDGHVFRPSOHMDV\GLQiPLFDV
TXH MXVWLILFDQ OD DSDULFLyQ GH HVWD QXHYD SXEOLFDFLyQ FX\DV FRQFOXVLRQHV VH
HQPDUFDQHQXQRUGHQQDFLRQDOUHJLRQDO\PXQGLDO(QHVWHFRQWH[WRHOOLEURTXH
DTXtSUHVHQWDPRVVHFHQWUDHQORVJUDQGHVWHPDVGHODDFWXDOLGDGORVPLVPRVTXH
VLUYLHURQ SDUD OD RUJDQL]DFLyQ GH ORV GHEDWHV HQ HO ,, &RQJUHVR GH 3ROtWLFD \
*OREDOL]DFLyQUHDOL]DGRHOSDVDGRPHVGH2FWXEUHGHHQOD8QLYHUVLGDG/LEUH
VHFFLRQDO &DOL \ TXH SHUPLWLUiQ VHJXLU GHEDWLHQGR WHPDV UHODWLYRV D ORV HVWXGLRV
SROtWLFRVHQSHUVSHFWLYDILORVyILFD\FLHQWtILFDODVHSLVWHPRORJtDVGHODSROtWLFDORV
'HUHFKRV +XPDQRV OD pWLFD DSOLFDGD \ ODV WHRUtDV GH OD JOREDOL]DFLyQ \ ODV
PLJUDFLRQHV 7RGRV HVWRV WHPDV FXHQWDQ \ VHJXLUiQ FRQWDQGR FRQ VX HVSDFLR GH
GLVFXVLyQQRVRORHQORVHQFXHQWURVDQXDOHVTXHODUHGVHKDSURSXHVWRVLQRHQ
ORVWH[WRVTXHVHSXEOLTXHQ4XHUHPRVUHLWHUDUTXHHVWDVGLVFXVLRQHVVHSUHVHQWDQ
FRPRSDUWH\FRPSOHPHQWRGHODVLQYHVWLJDFLRQHV\ODVUHIOH[LRQHVSHUVRQDOHVGH
ORVHVFULWRUHV\UHVXOWDQVHUXQDPDQHUDLPSRUWDQWHGHPHGLUHOWRQRDFWXDOGHOD
GLVFXVLyQHQHVWRVWHPDVFDSLWDOHVGHORVHVWXGLRVSROtWLFRV\GHO'HUHFKRWDQWRHQ
ORUHIHUHQWHDODLQYHVWLJDFLyQWHyULFDFRPRDODHPStULFD
7DOFRPRVHYLHQHUHDOL]DQGRGHVGHHOFXDQGRODXQLYHUVLGDG$QGUpV%HOORGH
&KLOH IXH DQILWULRQD \ SURSXOVRUD GH HVWH SUR\HFWR VHJXLUHPRV JHQHUDQGR ORV
HVFHQDULRV LQWHUQDFLRQDOHV GH FRSURGXFFLyQ FLHQWtILFD SDUD OR FXDO VH FXHQWD
DGHPiV FRQ HO DSR\R GH OD )DFXOWDG GH FRPXQLFDFLyQ VRFLDO \ SHULRGLVPR GH OD
8QLYHUVLGDG-DYHULDQDHQHOWHPDGHODVHVWUDWHJLDVGHFRPXQLFDFLyQWUDQVPHGLDD
SDUWLUGHOGHQRPLQDGRSHULRGLVPRFLHQWtILFR
(OFRPSURPLVRXQLOLEULVWDDWUDYpVGHODSURPRFLyQ\SDWURFLQLRHGLWRULDOSRUSDUWH
GHOD)DFXOWDGGH'HUHFKR\OD0DHVWUtDHQ'HUHFKR&RQVWLWXFLRQDOGHOD6HFFLRQDO
&DOL IRPHQWDQGR ODV LQYHVWLJDFLRQHV GHO *UXSR GH LQYHVWLJDFLyQ 3K\ORMXULV \ VX
6HPLOOHURGHLQYHVWLJDFLyQ³(OFDIpGHOÈQJHO´FRQVLVWHHQSURPRYHUODUHIOH[LyQHQ
WRUQR D ODV SUHJXQWDV TXH VXUJHQ VREUH OR pWLFR \ OR PRUDO HQ VXV LQWULQFDGDV
UHODFLRQHV FRQ HO HVFHQDULR SROtWLFR \ MXUtGLFR (VWR VLJQLILFD XQ JUDQ DSRUWH HQ
UHODFLyQFRQORFRQFHSWXDODORVIXQGDPHQWRVHSLVWHPROyJLFRV\PHWRGROyJLFRVD
ODSHUFHSFLyQGHORVGLIHUHQWHVHQIRTXHVRHVFXHODVODVUHODFLRQHVGHORPRUDOOR
SROtWLFR\ORMXUtGLFRFRQODJHRJUDItDODUHOLJLyQORVFRQIOLFWRV\ODGHPRFUDFLD(VWH
OLEURVHUHDOL]D EDMRXQDQiOLVLVKLVWyULFR\DFWXDO DFHSWDODV GLIHUHQFLDVFUtWLFDV\
SHUPLWH OD H[SRVLFLyQ EDMR HO LPSHUDWLYR GH OD OLEHUWDG GH H[SUHVLyQ \ GH OD
DXWRQRPtD GH OD FRQFLHQFLD OLEHUDO \ GHPRFUiWLFD TXH DQLPD HO TXHKDFHU
DFDGpPLFRGHOD8QLYHUVLGDG/LEUHHQVX\DODUJRGHYHQLUKLVWyULFR
3ULPHUDSDUWH
*OREDOL]DFLyQ\UHODFLRQHV
LQWHUQDFLRQDOHV
'HODVFLYLOL]DFLRQHVDQWLJXDVDOD
JOREDOL]DFLyQ
3UHVHQWDFLyQ
(VWHWH[WRGHWLSRKLVWyULFRILORVyILFRHVHOUHVXOWDGRGHQXHVWUDVUHIOH[LRQHVVREUH
ODV FRUULHQWHV GRPLQDQWHV HQ OD KLVWRULD GH OD ILORVRItD SROtWLFD (O UHFODPR GH ORV
OHFWRUHV\DHVWiSUHYLVWRSXHVWRGRVUHFODPDUiQDUJXPHQWRVHQSUR\HQFRQWUDGH
RWURV HQIRTXHV PRPHQWRV KLVWyULFRV R DXWRUHV SUREDEOHPHQWH PiV LPSRUWDQWHV
TXH ORV TXH DTXt KHPRV WHQLGR FRPR SXQWR GH UHIHUHQFLD 3UHVHQWDPRV H[FXVDV
DGHODQWDGDVSRUODVGHFHSFLRQHVTXHVHSXHGDQWHQHU
(QWRGRFDVRHVWDLQYHVWLJDFLyQYDPRVWUDQGRDORODUJRGHOWH[WRODPDQHUDFRPR
VH YDQ IRUPDQGR DOJXQDV GH ODV PiV LPSRUWDQWHV LGHDV SROtWLFDV D SDUWLU GH
GLIHUHQWHVKHFKRVVRFLDOHVGHVGHODVSULPHUDVFLYLOL]DFLRQHVKDVWDHO~OWLPRHVWDGR
GHODKXPDQLGDGDUWLFXOiQGRODVFRQORVUHVXOWDGRVILORVyILFRVTXHVHIXHURQGDQGR
\TXHDODSRVWUHVRQODEDVHGHODVSULQFLSDOHVLGHRORJtDVSROtWLFDVFRQWHPSRUiQHDV
\IXHQWHGHODVPD\RUHVGLVSXWDVHQHOWHUUHQRGHODHSLVWHPRORJtDGHODGLVFLSOLQD
SROtWLFD ,QWHQWD HQFRQWUDU UHVSXHVWD D GLIHUHQWHV SUHJXQWDV VREUH SROtWLFD TXH \D
VRQFOiVLFDV¢FyPRVHRULJLQDODSROtWLFD"¢HQTXpWLSRGHH[SHULHQFLDVKLVWyULFR
VRFLDOHV HO KRPEUH OH GD VHQWLGR D OR SROtWLFR" ¢FXiOHV VRQ ORV IDFWRUHV \
FRQGLFLRQHVDPELHQWDOHVTXHGHWHUPLQDQODVH[SUHVLRQHVSROtWLFDV"GHDFXHUGRFRQ
HVWH GHVDUUROOR KLVWyULFR GH ODV VRFLHGDGHV ¢TXp HQWHQGHPRV SRU SROtWLFD" ¢KD\
XQD~QLFDUHVSXHVWDDHVWDSUHJXQWD"
(Q UD]yQ D OR H[SXHVWR SDUWLPRV GH OD WHVLV TXH VH KD GHIHQGLGR GHVGH HO
FRPLHQ]R GH QXHVWUDV LQYHVWLJDFLRQHV TXH OD ILORVRItD SROtWLFD HV XQ IHQyPHQR
EiVLFR GH OD RUJDQL]DFLyQ VRFLDO GH ORV SXHEORV \ SRU WDQWR IRUPD SDUWH GH VX
GLQiPLFD
(O RUGHQ HQ HO TXH VH H[SRQHQ ORV DUJXPHQWRV HV HVWULFWDPHQWH FURQROyJLFR
FRPHQ]DQGR SRU OD HGDG DQWLJXD DYDQ]DQGR KDFLD OD HGDG PHGLD DQDOL]DQGR OD

-DLPH $OEHUWR ÈQJHO ÈOYDUH] HV ILOyVRIR GH OD 8QLYHUVLGDG GH OD 6DOOH HVSHFLDOLVWD HQ 'RFHQFLD
8QLYHUVLWDULDGHO&ROHJLR0D\RUGH1XHVWUD6HxRUDGHO5RVDULR0DJtVWHUHQ(VWXGLRV3ROtWLFRVGHOD
3RQWLILFLD 8QLYHUVLGDG -DYHULDQD \ 'RFWRU HQ (VWXGLRV 3ROtWLFRV GH OD 8QLYHUVLGDG ([WHUQDGR GH
&RORPELD 3URIHVRU ± LQYHVWLJDGRU GH OD )DFXOWDG GH 'HUHFKR FLHQFLDV SROtWLFDV \ VRFLDOHV GH OD
8QLYHUVLGDG/LEUH6HFFLRQDO&DOL
&RUUHRMDLPHLQY#\DKRRHV
SROtWLFDHQOD0RGHUQLGDG\WHUPLQDQGRFRQODSROtWLFDWDOFRPRVHHQWLHQGHHQOD
DFWXDOLGDG HQ ORV WLHPSRV GH OD JOREDOL]DFLyQ (Q FDGD PRPHQWR VH GHVWDFDQ
HMHPSORVTXHD\XGDQDHQWHQGHUORVDUJXPHQWRVH[SXHVWRV
(/1$&,0,(172'(/$6&,9,/,=$&,21(632/Ë7,&$6
/DV SULPHUDV FLXGDGHV(VWDGR DSDUHFLHURQ HQ 0HVRSRWDPLD HQ ORV WHUULWRULRV

XELFDGRVHQHOYDOOHGHORVUtRV7LJULV\eXIUDWHVKDFHDSUR[LPDGDPHQWHFLQFRPLO
DxRV(UDQWHUULWRULRVFRQLQVWLWXFLRQHVS~EOLFDV\XQSRGHUSROtWLFRHVWDEOHFLGR/D
DSDULFLyQ GH HVWDV SULPHUDV IRUPDV GH RUJDQL]DFLyQ SROtWLFD FRLQFLGLy FRQ HO
GHVDUUROOR GH OD DJULFXOWXUD \ OD FUHDFLyQ GH ORV SULPHURV JUDQGHV VLVWHPDV GH
LUULJDFLyQ/DVWULEXVQyPDGDVSRGtDQPDUFKDUVHFXDQGROOHJDEDHOUHFDXGDGRUGH
LPSXHVWRVDFRPSDxDGRGHVXDSDUDWRPLOLWDUSHURXQDFRPXQLGDGTXHGHSHQGLHUD
GHODDJULFXOWXUDGHUHJDGtRVQRSRGtDDEDQGRQDUXQGHWHUPLQDGRWHUULWRULRSXHV
OHVVLJQLILFDEDSRVLEOHPHQWHODPXHUWHGHWRGDODSREODFLyQ\DDFRVWXPEUDGDSRU
FXHQWD GH OD FLYLOL]DFLyQ DO VHGHQWDULVPR \ OR TXH HOOR VLJQLILFD HQ WpUPLQRV GH
VXSHUYLYHQFLD 6L GHSHQGtDQ GH XQ FDPSR GH KLJXHUDV SRU HMHPSOR TXH WDUGDED
FLQFXHQWD DxRV HQ GHVDUUROODUVH WDPSRFR SRGtDQ LUVH 3RU OR WDQWR HO SULPHU
HOHPHQWR GHFLVLYR GH OD SROtWLFD IXH OD DJULFXOWXUD VHGHQWDULD TXH REOLJDED D TXH
XQ JUXSR VH XELFDUD HQ XQ OXJDU FRQFUHWR HQ XQ WHUULWRULR GHWHUPLQDGR OR TXH
KDFtD TXH HO (VWDGR OH SXGLHUD FREUDU LPSXHVWRV UHJXODUPHQWH D TXLHQHV OR
KDELWDUDQ6HHVWDEOHFHXQDUHODFLyQGHGHSHQGHQFLDGHOJRELHUQRORVFLXGDGDQRV
ODSURGXFFLyQDJUtFRODODWLHUUD\ODVHJXULGDG
7DPELpQHQ(JLSWRRFXUUHXQIHQyPHQRVLPLODUTXHDWDODLGHDGHSROtWLFDFRQHO
FRQFHSWR GH JHRJUDItD \ TXH D OD SRVWUH IXHUD HO RULJHQ GH OR TXH KR\
GHQRPLQDPRV JHRSROtWLFD (O 1LOR HV OD FODYH TXH QRV SHUPLWH FRPSUHQGHU OD
KLVWRULDGH(JLSWR(OUtRIOX\HKDFLDHOQRUWHSHURHOYLHQWRVRSODKDFLDHOVXUSRU
ORWDQWRHVXQPHGLRGHFRPXQLFDFLyQQDWXUDO(VWRHVPX\LPSRUWDQWHSXHVDOR
ODUJRGHODKLVWRULDVLHPSUHKDVLGRPX\GLItFLOLQWHJUDU]RQDVJHRJUiILFDVH[WHQVDV
\ FRQWURODU JUDQGHV WHUULWRULRV VL QR VH GLVSRQH GH PHGLRV GH FRPXQLFDFLyQ
PRGHUQRV 'RV HOHPHQWRV JHRJUiILFRV HO UtR 1LOR \ HO 0HGLWHUUiQHR XQ PDU
LQWHULRU UHODWLYDPHQWH VHJXUR IXHURQ OD FODYH SDUD OD IRUPDFLyQ GH OD PD\RUtD GH
ODVSULPHUDVFLXGDGHV(VWDGR'HDKtODLPSRUWDQFLDGH(JLSWR\HOLPSHULRHJLSFLR
HQ OD FRQVWUXFFLyQ WHyULFD GH ORV SULPHURV DQWHFHGHQWHV GH OD IRUPDFLyQ GHO
VLVWHPDSROtWLFRDFWXDO
4XHGDFODURTXHGHVGHODVSULPHUDVFLYLOL]DFLRQHVORVHOHPHQWRVJHRJUiILFRVMXHJDQ
XQ SDSHO IXQGDPHQWDO HQ HO XQLYHUVR GH OD SROtWLFD \ SRU FXHQWD GH HOOR OD
HODERUDFLyQ WHyULFD GH XQR GH VXV HOHPHQWRV (VWDPRV DILUPDQGR TXH
SDUDGyMLFDPHQWH OD FXQD GH OD FLYLOL]DFLyQ VH XELFy DWUiV HQ HO WLHPSR HQ ORV
WHUULWRULRV TXH KR\ JHRSROtWLFDPHQWH VRQ FRQVLGHUDGRV ORV HQHPLJRV GH OD
GHPRFUDFLD\GHODSROtWLFDPiVPRGHUQDVRQORVWHUULWRULRVTXHLPSLGHQGHVGHODV
SHUVSHFWLYDV KHJHPyQLFDV GH GHVDUUROOR DOODQDU HO FDPLQR D XQD SROtWLFD

PXQGLDOL]DGD
(O VHJXQGR HOHPHQWR GHFLVLYR GH OD SROtWLFD HV OD UHOLJLyQ )RUPDGR SRU DQWLJXDV
FLXGDGHV(VWDGRHVSDUFLGDVDORODUJRGHOUtR1LORHOLPSHULR HJLSFLRIXHJREHUQDGR
SRU SRGHURVRV IDUDRQHV TXH HUDQ FRQVLGHUDGRV GHVFHQGLHQWHV GLUHFWRV GH 5D HO
GLRV GHO VRO (O YLVLU XQD HVSHFLH GH SULPHU PLQLVWUR HVWDED DO PDQGR GH XQD
OHJLyQ GH IXQFLRQDULRV TXH FHQVDEDQ D OD SREODFLyQ \ VH DVHJXUDEDQ GH TXH HO
SRGHU FHQWUDO HVWXYLHUD DO WDQWR GH WRGR OR TXH RFXUUtD HQ HO LPSHULR RUJDQL]DED
JUDQGHV SUR\HFWRV \ HUD UHVSRQVDEOH GH ODV DUFDV S~EOLFDV (VWDV FLYLOL]DFLRQHV
KDELHQGR FRQVWLWXLGR ODV SULPHUDV IRUPDV FRPSOHMDV GH RUJDQL]DFLyQ SROtWLFD
IRFDOL]DEDQ JUDQ SDUWH GH VXV HVIXHU]RV HQ FRQVWUXLU HQRUPHV PRQXPHQWRV TXH
FDVLVLHPSUHWHQtDQXQDIXQFLyQUHOLJLRVD
+DVWDDTXtWHQHPRVGRVHOHPHQWRVGHFLVLYRVSDUDHQWHQGHUHOVLVWHPDSROtWLFRSRU
XQODGRODDJULFXOWXUDVHGHQWDULD\SRURWURHOWHPRUD'LRV/RVJREHUQDQWHVGH
ODV FLXGDGHV(VWDGR DILUPDEDQ VHU ORV UHSUHVHQWDQWHV GH ORV GLRVHV HQ OD WLHUUD
FRQWURODEDQODSURGXFFLyQGHFHUHDOHV\VHDSURSLDEDQGHORVH[FHGHQWHV9HQGtDQ
ORV FHUHDOHV D RWUDV SRWHQFLDV D FDPELR GH PHWDOHV SUHFLRVRV PDGHUD R SLHGUDV
TXHGHVWLQDEDQDODFRQVWUXFFLyQGHPRQXPHQWRVWHPSORV\SDODFLRVHQRIUHQGD
D ODV SUHIHUHQFLDV UHOLJLRVDV GH ORV JREHUQDQWHV \ SRU HOORV OD GH ORV FLXGDGDQRV
(VWDYLVLyQGHPXQGR\GHHQWHQGHUODUD]yQGHRUJDQL]DUVHVRFLDO\SROtWLFDPHQWH
WHUPLQD VLHQGR SDUWH HVHQFLDO GH VXV WUDGLFLRQHV \ DILDQ]iQGRVH FRPR SDUWH
LQWHJUDOGHVXFXOWXUD(O(VWDGRRUJDQL]DEDODVREUDVS~EOLFDVGHIHQGtDODFLXGDG\
FRQTXLVWDEDQXHYRVWHUULWRULRVSDUDDXPHQWDUVXSRGHU\ULTXH]D
+D\TXHWHQHUHQFXHQWDTXHHQJHQHUDOORV(VWDGRVKLVWyULFDPHQWHKDEODQGRKDQ
VLGR PiTXLQDV GH JXHUUD +DVWD HO VLJOR ;,; QR KXER QLQJ~Q (VWDGR HQ WRGR HO
PXQGR TXH QR JDVWDUD DO PHQRV HO GH VX SUHVXSXHVWR HQ OD FRPSUD GH
DUPDV(OVLVWHPDSROtWLFRVHFRQYHUWtDHQXQDPDTXLQDULDGHGLFDGDD ODSURWHFFLyQ
GHOSDtVDODJXHUUD\ODH[WUDFFLyQGHUHFXUVRV8QDGHODVFDUDFWHUtVWLFDVSROtWLFDV
GHO PXQGR DQWLJXR HV TXH ODV FLXGDGHV PiV SRGHURVDV \ PHMRU RUJDQL]DGDV
VRPHWtDQ D ODV FLXGDGHV PiV GpELOHV \ FRQYHUWtDQ D VXV KDELWDQWHV HQ HVFODYRV
'HVGHHOQDFLPLHQWRGHODFLYLOL]DFLyQODSROtWLFD\ODJXHUUDVHFRQYLUWLHURQHQXQD\
ODPLVPDFRVDHVWRHVVHUEXHQJXHUUHURVHFRQYLUWLySRUWUDGLFLyQHQVLQyQLPRGH
EXHQ SROtWLFR ORV p[LWRV PLOLWDUHV VLHPSUH GLHURQ D ORV JXHUUHURV HO GHUHFKR D
SDUWLFLSDU GH PDQHUD DFWLYD HQ ODV GHFLVLRQHV VREUH ORV DVXQWRV S~EOLFRV /D LGHD
GHJXHUUDKDVLGRHQQREOHFLGD\KDVWDJORULILFDGDHQODPD\RUSDUWHGHODKLVWRULD
GHODKXPDQLGDG
+DFLDHODxRDGH&ODDQWLJXD*UHFLDHVWDEDGLYLGLGDHQPiVGHGRVFLHQWDV
FLXGDGHV(VWDGR TXH OXFKDEDQ FRQVWDQWHPHQWH HQWUH Vt /D PiV IDPRVD GH HVDV
OXFKDV IXH OD JXHUUD GH OD SHQtQVXOD GHO 3HORSRQHVR HQWUH $WHQDV \ (VSDUWD
1LQJXQDFLXGDGHUDORVXILFLHQWHPHQWHIXHUWHFRPRSDUDFRQTXLVWDU\VRPHWHUDODV
GHPiV(QHVWHSHULRGRVHSURGXFHXQFDPELRHQODVWiFWLFDVPLOLWDUHVHQOXJDUGH
OD FDEDOOHUtD HO DUPD GRPLQDQWH SDVD D VHU OD LQIDQWHUtD SHVDGD XQD LQIDQWHUtD
PX\ ELHQ DUPDGD FRQ XQ HVFXGR HQ XQ EUD]R SURWHFFLyQ HQ ODV SLHUQDV \ HVRV
PDUDYLOORVRV FDVFRV JULHJRV FRQ SURWHFFLyQ SDUD OD QDUL] 6H LQWURGXFH OD
PRYLOL]DFLyQ SRSXODU 1R HUD OD FDEDOOHUtD GH OD DULVWRFUDFLD OD HVWUDWHJLD
GRPLQDQWH WRGRV ORV FLXGDGDQRV SDUWLFLSDEDQ HQ HVWH WLSR GH JXHUUD /D
GHPRFUDFLDVXUJHSRUTXHORVFLXGDGDQRVVDEtDQOXFKDU\OXFKDEDQSDUD GHIHQGHUOD
FLXGDG(VWDGR \ FXDQGR YROYtDQ GH OD JXHUUD TXHUtDQ SDUWLFLSDU HQ OD WRPD GH
GHFLVLRQHVSROtWLFDV(UDJHQWHTXHVDEtDPDWDUSRUWDQWRTXLHQHVWHQtDQHOSRGHU
GHEtDQWRPDUOHVPX\HQVHULR(QHVWHFOLPDGHFRQIOLFWRQDFHUtDODGHPRFUDFLDHQ
$WHQDV
&RQ OD OOHJDGD GH OD GHPRFUDFLD ORV DOWRV SXHVWRV S~EOLFRV \D QR HVWDEDQ
GHVWLQDGRV D DOWRV GLJQDWDULRV 'HVGH HQWRQFHV ORV OtGHUHV WHQtDQ TXH JDQDUVH HO
DSR\RGHOSXHEOR3HULFOHVXQJUDQRUDGRUVHUtDHVFRJLGRFDWRUFHYHFHVHQWUHLQWD
DxRV eO WHQtD XQD YLVLyQ PX\ RSWLPLVWD GH $WHQDV KDEtDQ DSUHQGLGR D
FRPHUFLDOL]DUFRQRWURVSXHEORVVHQWtDRUJXOORSRUODVGLVWUDFFLRQHVSDUDHOHVStULWX
TXH KDEtDQ LQYHQWDGR FRQ OD OLWHUDWXUD \ OD ILORVRItD ODV FRPSHWLFLRQHV \
FHOHEUDFLRQHVDORODUJRGHWRGRHODxR\ODFRQVWUXFFLyQGHOXMRVDVLQVWDODFLRQHV
SDUDHORFLRORTXHOHVSHUPLWtDROYLGDUVHGHVXVSUHRFXSDFLRQHV
7DPELpQ OD KLVWRULD GH 5RPD VLUYH SDUD GHVFULELU HO VLVWHPD SROtWLFR /XHJR GHO
SHUtRGR PRQiUTXLFR GH PiV GH XQ VLJOR OLGHUDGR SRU ORV HWUXVFRV HO SRGHU HQ
5RPDTXHGyHQPDQRVGHODVJUDQGHVIDPLOLDVSDWULFLDVGHODFLXGDGHVGHFLUGH
ORVJUDQGHVWHUUDWHQLHQWHVTXHGHSXVLHURQDORVPRQDUFDVHWUXVFRV\ORVHQYLDURQ
DO H[LOLR IRUPDQGR XQD UHS~EOLFD &XDQGR ORV MyYHQHV URPDQRV DOFDQ]DEDQ OD
SXEHUWDGDORVDxRVYHVWtDQODWRJDGHORVKRPEUHVSUHVWDEDQHOVHUYLFLRPLOLWDU
\DFDPELRUHFLEtDQHOGHUHFKRDOYRWRHQWUHJDEDQDVXSDtVXQRVDxRVGHVXYLGD
\ DVt VH FRQYHUWtDQ HQ FLXGDGDQRV /D UHV SXEOLFDH SRGHPRV HQWHQGHUOD FRPR OD
FRVDS~EOLFDODFRVDGHOSXHEORRODFRVDGHWRGRVTXHHVXQDIRUPDGHJRELHUQR
EDVDGD HQ HO FRQFHSWR GH TXH OD VREHUDQtD UHVLGH HQ HO SXHEOR TXLHQ GHOHJD HO
SRGHU GH JREHUQDU HQ VX QRPEUH D XQ JUXSR GH UHSUHVHQWDQWHV HOHJLGRV (V XQ
FRQFHSWR FRQWUDULR DO GH PRQDUTXtD GRQGH HO SRGHU SROtWLFR HVWi D FDUJR GH XQD
SHUVRQD
(Q5RPDODUHS~EOLFD HUDXQDIRUPDGHJRELHUQRGHPRFUiWLFR\DOPLVPRWLHPSR
DXWRULWDULR(OSRGHUHUDGHWHQWDGRSRUORVVHQDGRUHVGHOD DULVWRFUDFLDURPDQD\
ORVPDJLVWUDGRV\FyQVXOHVHOHJLGRVSRUHOSXHEOR(VWHVLVWHPDGXUDUtDDxRV
(O VLVWHPD SROtWLFR HQWUy HQ FULVLV SRU FDXVD GH ODV OXFKDV LQWHUQDV HQWUH ORV
SROtWLFRV URPDQRV GH PDQHUD HVSHFLDO SRU ODV GLVSXWDV TXH VH GLHURQ HQWUH ORV
FyQVXOHV 5RPD WHUPLQDUtD DEDQGRQDQGR XQ HVWLOR GH JRELHUQR UHSXEOLFDQR SDUD
UHHPSOD]DUORSRUXQVLVWHPDLPSHULDOHQHOVLJOR,DGH&$OILQDOHOSRGHUSROtWLFR
TXHGDUtDHQPDQRVGHXQHPSHUDGRUXQ VHUDXJXVWRFRPROROODPDEDQHOORVHO
JHQHUDOtVLPR HQ MHIH GH ORV HMpUFLWRV URPDQRV FRQ DPSOLRV SRGHUHV FLYLOHV (VWH
HPSHUDGRUUHXQLILFyWRGRVORVSRGHUHVSROtWLFRVEDMRVXDXWRULGDG(QHODxRD

:$51(5 5H[ 3HULFOHV HO DWHQLHQVH 0p[LFR (GLWRULDO +HUPHV WtWXOR RULJLQDO HQ LQJOpV
3HULFOHVWKH$WHQtDQSXEOLFDGRSRUSULPHUDYH]HQ7UDGXFFLyQGH5REHUWR%L[LR
GH & 2FWDYLR KLMR DGRSWLYR GH -XOLR &pVDU \ JUDQ JXHUUHUR VH DXWRSURFODPy
HPSHUDGRUYLWDOLFLR&RQTXLVWyHO(JLSWRGH&OHRSDWUD\UHXQLILFyHOPXQGRURPDQR
HQWRUQRDO0HGLWHUUiQHR
3RGHPRVGHILQLUHOLPSHULRFRPRXQDIRUPDGHFRQWUROSROtWLFRVREUHXQDVHULHGH
VRFLHGDGHVGHSHQGLHQWHVXELFDGDVHQHOPHGLWHUUiQHRHQJUDQSDUWHGH(XURSD\
HQ HO QRUWH GH ÈIULFD SRU FDXVD GH OR FXDO VH LQWHJUDURQ VRFLHGDGHV FRPR ORV
URPDQRVORVJULHJRVORVHJLSFLRV\QXPHURVRVSXHEORVRULHQWDOHV\GHORFFLGHQWH
GH(XURSDFDUDFWHUL]DGRSRUXQUpJLPHQSROtWLFRGRPLQDGRSRUXQHPSHUDGRUTXH
FRPSUHQGH GHVGH HO PRPHQWR HQ TXH 2FWDYLR UHFLELy HO WtWXOR GH $XJXVWR HQ HO
DxRDGH&KDVWDODGLVROXFLyQGHOLPSHULRURPDQRGHRFFLGHQWHHQHODxR
G GH & (VR QR QRV GLFH PXFKR SXHV FXDQGR KDEODPRV GH LPSHULRV OR SULPHUR
TXHKD\TXHWHQHUHQFXHQWDHVTXHQRWRGRVORVFDVRVVRQLJXDOHV(QHOFDVRGH
5RPD KD\ HMHPSORV HQ ORV TXH XQ SXHEOR TXHUtD XQLUVH DO LPSHULR URPDQR
FRQYHUWLU D VXV KDELWDQWHV HQ FLXGDGDQRV URPDQRV SRUTXH FUHtDQ TXH HVR OHV
OOHYDUtD D VHU FLYLOL]DGRV 3RU OR WDQWR HQ DOJXQRV PRPHQWRV D OR ODUJR GH OD
KLVWRULDORVLPSHULRVSXHGHQVHUYLVWRVFRPR XQVLJQRGHSURJUHVR(OLPSHULRHV
HO SHULRGR HQ GRQGH SXHGHQ OOHYDUVH D FDER ORV SULQFLSDOHV SUR\HFWRV GH REUDV
S~EOLFDV VH FRQVWUX\HQ FDUUHWHUDV DFXHGXFWRV \ VH HVWDEOHFH HO VHUYLFLR SRVWDO
LPSHULDO HQ ODV SURYLQFLDV (O HPSHUDGRU UHFXUUtD DO XVR GH OD IXHU]D \ OD
SURSDJDQGDSDUDSHUPDQHFHUHQHOSRGHU6HDFXxDEDQPRQHGDVFRQVXILJXUDVH
SDJDEDQ DUWLVWDV SDUD TXH OR DODEDUDQ \ GXUDQWH ORV MXHJRV VH UHDOL]DEDQ
FHUHPRQLDVSDUDUHVDOWDUVXJUDQGH]D
5RPDWHUPLQyGHFD\HQGRDQWHORViUDEHV\KDFLDHOVLJOR9ODVWULEXVJHUPiQLFDV
DWDFDQ5RPDORTXHKDFHTXHORVHPSHUDGRUHV\DQRSXHGDQPDQWHQHUODSD]HQ
VXV GRPLQLRV $ HVWD KHFDWRPEH VH OH VXPDQ ORV SUREOHPDV GH WLSR VRFLDO \
HFRQyPLFRDORTXHODVLQYHVWLJDFLRQHVDGXFHQJUDQSDUWHGHODVUD]RQHVSDUD HO
ILQ GHO LPSHULR URPDQR HQWUH ORV TXH VH FXHQWDQ ORV H[FHVLYRV LPSXHVWRV ODV
SHVWHVODPLJUDFLyQLQWHUQD\ODUHXELFDFLyQGHORVDVHQWDPLHQWRVGHODVOODQXUDV
HQODVFLPDVGHODVFROLQDV /RVFLXGDGDQRVEXVFDQODSURWHFFLyQGHORVJXHUUHURV
PiVIXHUWHV6HUtDHOILQGHOLPSHULRURPDQR
/$'(&$'(1&,$'(/$&,9,/,=$&,Ï12&&,'(17$/
/XHJR GH OD FDtGD GHO LPSHULR URPDQR HQ HO DxR OD LJOHVLD VHUtD OD ~QLFD
LQVWLWXFLyQTXHVREUHYLYLUtDGXUDQWHOD(GDG0HGLDMXJDQGRXQSDSHOGHILQLWLYRHQ
OD IRUPD GH HQWHQGHU OD SROtWLFD \ GHVHPSHxDUtD XQ URO GHFLVLYR HQ HO
HVWDEOHFLPLHQWRGHODVUHJODVTXHUHJLUtDQHOSRGHUHQRFFLGHQWHGXUDQWHXQWLHPSR
EDVWDQWHLPSRUWDQWHGHODFLYLOL]DFLyQ

:,1.65RELQ+LVWRULDGHODFLYLOL]DFLyQ0p[LFR3HDUVRQ(GXFDFLyQSS WUDGXFFLyQ
GH +pFWRU \ 5REHUWR (VFDORQD GH OD REUD RULJLQDO HQ LQJOpV $ +LVWRU\ RI &LYLOL]DWLRQ 3UHKLVWRU\ WR
WKH3UHVHQWHQS
/DYLGDGHORVFDPSHVLQRVHUDWHUULEOHPHQWHGLItFLOSXHVHVWDEDQVRPHWLGRVDXQD
SHTXHxD HOLWH GH VHxRUHV \ FDEDOOHURV XQD PLQRUtD VHOHFWD TXH OHV KDFtD OD YLGD
PX\ SHQRVD /RV FDPSHVLQRV GHEtDQ UHDOL]DU WDUHDV PX\ GXUDV SDUD VX VHxRU \
HQWUHJDUOHXQDSDUWHFRQVLGHUDEOHGHVXVFRVHFKDV&XDQGRORVUH\HVFRQVLJXLHURQ
PDQWHQHU OD SD] HQ WHUULWRULRV DPSOLRV ORV VHxRUHV SHUGLHURQ VX SDSHO FRPR
SURWHFWRUHV /RV FDPSHVLQRV RSULPLGRV HPSH]DURQ D YHU OD ILJXUD GHO PRQDUFD
FRPR XQ VDOYDGRU \ XQD IXHQWH GH MXVWLFLD /D LJOHVLD VH DFHUFy D ORV LQYDVRUHV
QyPDGDV HODERUy OH\HV SDUD HOORV LQWURGXMR OD FRVWXPEUH GH XQJLU OtGHUHV HV
GHFLUODLJOHVLDDVHJXUDHOHVIXHU]RGHFRQYHUWLUHOOtGHUGHXQDWULEXHQORTXHKR\
FRQRFHPRVFRPRXQPRQDUFDHXURSHR
6LQHPEDUJRHOSDSHOGHORVVHxRUHV\FDEDOOHURVHQWpUPLQRVGHSRGHUSROtWLFR
QXQFD GHMy GH VHU SURWDJyQLFR /RV VHxRUHV \ FDEDOOHURV SDVDURQ YDULRV VLJORV
JXHUUHDQGR HQWUH Vt SDUD DQH[DUVH QXHYRV WHUULWRULRV HO UH\ HUD VLPSOHPHQWH XQ
VHxRU PiV HQWUH PXFKRV RWURV DXQTXH VX WtWXOR OR SXVLHUD HQ OD F~VSLGH GH OD
MHUDUTXtD&RQWUDULRDOD LGHDJHQHUDOL]DGDORTXHGHPXHVWUDQORVHVWXGLRVGHWLSR
KLVWyULFR HV OD HYLGHQFLD GH TXH OD PD\RUtD GH ODV PRQDUTXtDV HXURSHDV HUDQ
SDWpWLFDPHQWHGpELOHV6LREVHUYDPRVODIRUPDHQTXHPRUtDQORVPRQDUFDVYHPRV
TXH SRU HMHPSOR HQ ,QJODWHUUD HQ XQ SHULRGR GH DxRV VyOR KXER FXDWUR R
FLQFRUH\HVTXHPXULHUDQWUDQTXLORVHQVXFDPDDXQDHGDGDYDQ]DGDORVGHPiV
IXHURQ DVHVLQDGRV OD PD\RUtD GH XQD IRUPD EDVWDQWH EUXWDO /RV PRQDUFDV
HXURSHRVHUDQPX\GpELOHVQRGLVSRQtDQGHPHGLRVTXHOHVSHUPLWLHUDQUHFDXGDU
LPSXHVWRVUHJXODUPHQWH(Q,QJODWHUUDHOUH\(QULTXH,, TXLHQUHLQyGHVGHD
\DOTXHVHOHUHFRQRFHQDOJXQDVFRQWULEXFLRQHVDODOHJLVODFLyQLQJOHVDWHQtD
XQRVLQJUHVRVPHQRUHVTXHORVGHVXSULQFLSDORELVSR
(QHOVLJOR;,,,ORVUH\HVYROYLHURQDWHQHUYHUGDGHURSRGHUSRUORPHQRVGHOWLSR
DEVROXWLVWD6LQRVILMDPRVHQOD)UDQFLDGHFRPLHQ]RVGHOVLJOR;,,,YHUHPRVTXH
)HOLSH$XJXVWRWDPELpQFRQRFLGRFRPR)HOLSH,, IXHXQJUDQ5H\GHVGHD
$PHGLDGRVGHOVLJOR;,,,HQWUH\KXERRWURUH\TXHGHMDUtDVX
KXHOODHQODKLVWRULD/XLV,;R6DQ/XLV$OILQDOL]DUHOVLJORUHLQDUtD)HOLSH,,,RWUR
JUDQUH\(VWRVWUHVQRPEUHVLQLFLDQODUHFRQVWUXFFLyQGHXQYHUGDGHURSRGHUUHDO
(O UH\ HV HO MHIH GHO (VWDGR XQ QXHYR (VWDGR TXH UHTXLHUH OD H[LVWHQFLD GH XQ
SRGHU SROtWLFR TXH GRPLQH WRGR HO WHUULWRULR 3RFR D SRFR ORV UH\HV LQVWLWX\HQ ORV
LPSXHVWRV S~EOLFRV \ FHQWUDOL]DQ OD DGPLQLVWUDFLyQ GH VXV UHLQRV $Vt QDFHUtD OD
PRQDUTXtD DEVROXWD (Q UHIHUHQFLD DO UHFRQRFLPLHQWR GHO SRGHU GHO UH\ 7RXFKDUG
QRVUHFXHUGDODSRVLFLyQGHORVRELVSRV\GHOVHQWLPLHQWRSRSXODUHQODpSRFDGHO
OODPDGRDEVROXWLVPRIUDQFpV
³+D GH VDEHUVH TXH HQWUH HO XQLYHUVDO FRQVHQWLPLHQWR GH ORV SXHEORV \ ODV QDFLRQHV ORV
SURIHWDV DQXQFLDQ ORV DSyVWROHV FRQILUPDQ \ ORV PiUWLUHV FRQILHVDQ TXH ORV UH\HV HVWiQ

7DPELpQ)UDQFLDWXYRXQUH\OODPDGR(QULTXH,,SHURpVWHUHLQDUtDKDVWDpSRFDGHVSXpVGH
ODFXDOOHVXFHGLHURQVXVWUHVKLMRVFRQRFLGRVFRPRORV7UHV(QULTXHV

(VSDxDWXYRXQUH\OODPDGR)HOLSH,,HOPLVPRTXHUHLQDUtDD(VSDxDGHVGH\KDVWD
SHUR VHJ~Q DOJXQRV GDWRV SRGUtD WHQHUVH PiV ELHQ FRPR XQ PRQDUFD GpELO HQ UD]yQ D VXV
P~OWLSOHVTXLHEUDVILQDQFLHUDV\VXH[FHVLYDEXURFUDFLDSROtWLFDTXHORGHELOLWDEDHFRQyPLFDPHQWH
RUGHQDGRVSRU'LRV\QRVyORHVWRVLQRTXHHOORVPLVPRVVRQGLRVHV«(OPXQGRQRSXHGH
H[LVWLUVLQUH\HV(VFRPRXQDVHJXQGDDOPDGHOXQLYHUVRFRPRXQDUERWDQWHTXHVRVWLHQHDO
PXQGR´
(VWH VLVWHPD OOHJDUtD D VX DSRJHR FRQ /XLV ;,9 HQ XQ ODUJR UHLQDGR TXH VH
H[WHQGHUtD GHVGH KDVWD VX PXHUWH HQ (O ³5H\ VRO´ R OH JUDQG
PRQDUTXH FRPRVHOHFRQRFLyOOHYyHOFXOWRGHODSHUVRQDOLGDGGHOPRQDUFDKDVWD
HO OtPLWH FRQ OD FHOHEUDFLyQ GH JUDQGHV UHFHSFLRQHV \ ILHVWDV /XLV ;,9 GHFODUDUtD
³HO (VWDGR VR\ \R´ (V XQD YHUGDG HYLGHQWH &RPR GLMR FODUDPHQWH HO RELVSR
IUDQFpV %RVVXHW GHVGH VX YLVLyQ DEVROXWLVWD FULVWLDQD /XLV ;,9 HUD
PRQDUFD SRUGHUHFKR GLYLQRVXSRGHUSURFHGtDGH-HVXFULVWR\GH'LRVSDGUHHO
HPSHUDGRUGH&KLQDSRGUtDKDEHUGLFKRORPLVPR\DTXHUHFLEtDVXPDQGDWRGHO
FLHORHOHPSHUDGRUGH-DSyQWDPELpQ\DTXHHUDHOVROVXSUHPRHQHOSDtVGHOVRO
QDFLHQWH&XDOTXLHUPRQDUFDSRGUtDGHFLUTXHpOHUDHO(VWDGR &RPRHVHYLGHQWH
%RVVXHW HVWi GHIHQGLHQGR HO SRGHU PRQiUTXLFR EDVDGR HQ OD IH FULVWLDQD \
VRVWHQLHQGR OD LGHD GH PDQWHQHU HVWDV LQVWLWXFLRQHV \ SUHVHUYDU ORV LQWHUHVHV
OLJDGRV D VX H[LVWHQFLD (VWD LGHD SDUHFH VHU OD FRQWLQXDFLyQ GHO DUJXPHQWR
GHWHUPLQLVWDGH6DQ$JXVWtQ TXHYLQFXODDODSROtWLFDFRQODGLYLQLGDGDO
GHFLU TXH FDGD (VWDGR FXHQWD FRQ HO UpJLPHQ \ ORV JRELHUQRV TXH VH PHUHFHQ
VHJ~Q HO SODQ JHQHUDO GH OD 3URYLGHQFLD HVFDSDQGR DO FRQWURO GHO KRPEUH OD
FDSDFLGDG GH PRGLILFDU ORV DFFLGHQWHV SROtWLFRV 3DUD OD PHQWDOLGDG GH %RVVXHW
WDQWR FRPR SDUD OD GH +2%%(6 OD ~OWLPD SDODEUD GH OD SROtWLFD HV OD VXPLVLyQ DO
SRGHU
&RQ HO FRUUHU GH ORV VLJORV OD FRQFHSFLyQ GH OD SROtWLFD FDPELDUtD GH PDQHUD
EDVWDQWH VLJQLILFDWLYD DOODQDQGR HO FDPLQR KDFLD HO WHPD GH OD QDFLyQ \ ODV
QDFLRQDOLGDGHV (Q XQD VLWXDFLyQ KLSRWpWLFD HQ OD TXH YLDMiUDPRV DWUiV HQ HO
WLHPSRDOLQLFLRGHODPRGHUQLGDG\QRVHQFRQWUiUDPRVFRQODSRVLELOLGDGUHDOGH
FRQVWUXLU XQ (VWDGR FROHFWLYR PRGHUQR OR SULPHUR TXH GHEHUtDPRV DGPLWLU
WDPELpQHQXQDVLWXDFLyQKLSRWpWLFDGHOLGHUD]JRHVTXHQLQJ~QKRPEUHGHORVTXH
IRUPD SDUWH GH HVH (VWDGR HV VXSHULRU D ORV GHPiV OR TXH VLJQLILFDUtD TXH HVWD
VRFLHGDG WHQGUtD FRPR FRQGLFLyQ OD VHFXODUL]DFLyQ WHQGUtD TXH KDFHUVH ODLFD HV
GHFLUXQDVRFLHGDGTXHQRUHFRQRFHODH[LVWHQFLDGHVHPLGLRVHVHQODWLHUUD\TXH
OH QLHJD HO SRGHU D 'LRV GH LQWHUYHQLU HQ SROtWLFD FRPR OR KDEtD DGPLWLGR OD
VRFLHGDGPHGLHYDO\ODVFLYLOL]DFLRQHVPiVDQWLJXDV(ODVXQWRGLYLQRWHQGUtDSXHV
TXHHVFLQGLUVHGHODVXQWRSROtWLFR(VWHHVMXVWDPHQWHXQRGHORVVDOWRVTXHORJUy

7RXFKDUG-HDQ +LVWRULDGHODVLGHDVSROtWLFDV0p[LFR(GLWRULDO7HFQRVS 7RXFKDUG
UHWRPDDTXtHQODSULPHUDSDUWHGHODUHIHUHQFLDXQGLVFXUVRGHORELVSR'H&KDUWUHVHQQRPEUH
GH OD $VDPEOHD GHO FOHUR \ HQ OD VHJXQGD SDUWH XWLOL]D XQ DUJXPHQWR RULJLQDO GH + 'X %R\V
GHIHQVDGHODPRQDUTXtDKHFKDHQORVSULPHURVDxRVGHOVLJOR;9,,

%2668(7 -DFTXHV 3ROLWLTXH WLUpH GHV SURSUHV SDUROHV GH O¶pFULWXUH VDLQWH 3DUtV HVFULWD
RULJLQDOPHQWHKDFLD

6DQ$JXVWtQ/D&LXGDGGH'LRV0p[LFR(GLWRULDO3RUU~D HQHODxRFRPLHQ]DDHVFULELU
\KDVWDHODxRWHUPLQDHVWDTXHSDUDODPD\RUtDGHORVDQDOLVWDVHVODPiVLPSRUWDQWHREUD
GHOILOyVRIRGH+LSRQD
GDUHOSXHEORIUDQFpVFRQODUHYROXFLyQGH\TXHPDUFDUtDXQDQXHYDpSRFD
GDQGRRULJHQDODUHS~EOLFDPRGHUQDWDOFRPRORVXJLHUHQODVWHVLVGH0LQRJXH
(Q WUDV OD HMHFXFLyQ GHO PRQDUFD HQ OD JXLOORWLQD ORV UHYROXFLRQDULRV
IUDQFHVHVSURFODPDQODLJXDOGDGHQWUHWRGRVORVKRPEUHV(VWHDFWRWHUULEOHPHQWH
YLROHQWRFRPRODPD\RUtDGHODVGHFLVLRQHVSROtWLFDVGHHQWRQFHVVHFRQYHUWLUtDHQ
HOVtPERORGHORVQXHYRVWLHPSRVGHQXHYDVIRUPDVGHHQWHQGHUODSROtWLFD\GHO
QDFLPLHQWRGHODGHPRFUDFLDPRGHUQD/DPXHUWHGH/XLV;9, \0DUtD
$QWRQLHWDPDUFDQHOQDFLPLHQWRGHXQ(VWDGRJREHUQDGRSRUHOSXHEOR
/D 5HYROXFLyQ )UDQFHVD FRQ WRGRV VXV DFRQWHFLPLHQWRV VXSXVR XQD JUDQ
FRQPRFLyQ SDUD WRGRV ORV UHJtPHQHV PRQiUTXLFRV GH (XURSD OR TXH OOHYy D ODV
GLQDVWtDVLPSHUDQWHVHQHOUHVWRGHOFRQWLQHQWHDLQWHQWDULPSHGLUDWRGDFRVWDOD
H[SDQVLyQ GH ODV LGHDV H LGHDOHV UHYROXFLRQDULRV /D QXHYD UHS~EOLFD VH YHUtD
DFRVDGDSRUWRGDVSDUWHV
/D 5HYROXFLyQ )UDQFHVD WLHQH XQ JUDQ LPSDFWR HQ OD KLVWRULD SROtWLFD GH (XURSD
SRUTXH LQWURGXFH SRU SULPHUD YH] HO FRQFHSWR GH QDFLRQDOLGDG VHQWLPLHQWR GH
LGHQWLILFDFLyQFRQXQSDVDGRKLVWyULFR\FXOWXUDOFRP~Q/DLGHDGHQDFLRQDOLGDGVH
HQFXHQWUDDWDGDDORTXHVHUHFRQRFHFRPRODSULQFLSDOLQVWLWXFLyQSROtWLFD\VRFLDO
DOFRQFHSWRGH(VWDGR
³«H[LVWH XQ IRQGR FRP~Q HQ HO TXH WRGRV ORV JRELHUQRV VH YHQ LQFLWDGRV D LQVSLUDUVH HO
QDFLRQDOLVPR'LItFLOPHQWHVHFRQFLEHDO(VWDGRPRGHUQRVLQODDGKHVLyQGHODVSREODFLRQHVD
XQ FyGLJR PiV R PHQRV H[SOtFLWR TXH SHUPLWH IRUMDU R PDQWHQHU OD LGHQWLGDG GHO JUXSR \
GLVWLQJXLUORGHODVRWUDVFROHFWLYLGDGHVSROtWLFDV3HURODFRPELQDFLyQ\ODDUPRQL]DFLyQHQWUH
HO VHQWLPLHQWR QDFLRQDO \ HO DSDUDWR GHO (VWDGR VRQ VXVFHSWLEOHV GH QXPHURVDV YDULDEOHV
&RPRUHJODJHQHUDOODFXHVWLyQVHUHVXHOYHVLQSUREOHPDVHQHOFDVRGHYLHMRVSDtVHVHQORV
TXHODKLVWRULDODOHQJXD\ODVWUDGLFLRQHVKDQIRUMDGRXQDPHQWDOLGDGFROHFWLYDTXHVLUYHGH
FLPLHQWRV SDUD HO HMHUFLFLR GHO SRGHU QR RFXUUH OR PLVPR HQ HO FDVR GH PXFKRV SDtVHV
QXHYRV VDOLGRV GH OD GHVFRORQL]DFLyQ \ FX\R UHFLHQWH DFFHVR D OD LQGHSHQGHQFLD VH KD
GHVDUUROODGRHQHOPDUFRGHIURQWHUDVDUELWUDULDV´
7UDGLFLRQDOPHQWH XQD QDFLyQ VH GHILQtD SRU VX FXOWXUD SRU ORV RUtJHQHV GH VXV
KDELWDQWHVRSRUODFUHHQFLDGHTXHVXVKDELWDQWHVFRPSDUWtDQXQDKLVWRULDFRP~Q
1RVKDJXVWDGRPXFKRODGHILQLFLyQTXHRIUHFH/DEDVWLGDVREUHODQDFLyQ
³([LVWH DOJ~Q FRQVHQVR HQ FXDQWR D GHILQLU OD QDFLyQ FRPR XQD VXPD GH ILGHOLGDGHV GH
YDORUHVDJOXWLQDGRUHVGHOSXHEORWDQWRSRUORTXHVHUHILHUHDODFRQFHSFLyQGHODYLGDFRPR
HQORTXHKDFHDOSUR\HFWRKLVWyULFRGHODFRPXQLGDGGHILQLFLyQTXHGHPDQHUDSHUFHSWLEOH

0LQRJXH . 5 (O QDFLRQDOLVPR %XHQRV $LUHV (GLFLRQHV 3DLGyV HVWH DXWRU UHDOL]D XQ
DQiOLVLVGHOQDFLRQDOLVPRGHULYDGRGHOD5HYROXFLyQ)UDQFHVD'HVSXpVHVWXGLDHOFDVRDOHPiQHQHO
SHULRGR GH OD XQLILFDFLyQ SDUD DGHQWUDUVH SRVWHULRUPHQWH HQ XQD LQYHVWLJDFLyQ VREUH ODV
UHSHUFXVLRQHV GH OD FRQFHSFLyQ GHO QDFLRQDOLVPR OLEHUDGRU HQ $VLD ÈIULFD \ /DWLQRDPpULFD 3DUD
WHUPLQDU HO WH[WR QRV RIUHFH HOHPHQWRV SDUD HO HVWXGLR WHyULFR GHO FRQFHSWR GH QDFLyQ \ ODV
UHODFLRQHVTXHVHGDQGHOQDFLRQDOLVPRFRQUHVSHFWRDOOLEHUDOLVPR\HOPDU[LVPR

5HFRUGHPRV TXH VHJ~Q ODV WHVLV GH DXWRUHV FRPR 1LFROiV 0DTXLDYHOR (O SUtQFLSH %DUFHORQD
(GLFLRQHV2UELV R0D[:HEHU (OSROtWLFR\HOFLHQWtILFR0DGULG$OLDQ]D(GLWRULDO HO
(VWDGRHVWiFRPSXHVWRSRUHOWHUULWRULRODSREODFLyQHOJRELHUQRODVREHUDQtD\HOXVROHJtWLPRGH
ODIXHU]D

0(5/(0DUFHO6RFLRORJtDGHODVUHODFLRQHVLQWHUQDFLRQDOHV0DGULG$OLDQ]D(GLWRULDOSS

GHVWDFD HOHPHQWRV UHDOHV H LGHDOHV (O SXHEOR \ VXV LQWHUUHODFLRQHV VRQ GHVGH OXHJR
HOHPHQWRVUHDOHV/DVDVSLUDFLRQHVHVSHUDQ]DVREMHWLYRV\PHWDVVRQORVHOHPHQWRVLGHDOHV
$KRUDELHQFXDQGRXQDQDFLyQLQWHJUDGDFRQVXVLGHDOLGDGHV\UHDOLGDGHVUHJXOD\RUJDQL]D
OD IRUPD GHO SRGHU QDFH HO (VWDGR QDFLRQDO /D QDFLyQ DXWRUUHJXODGD HV HO FRQWHQLGR GHO
(VWDGRQDFLRQDO´
(VWRV JUDQGHV SULQFLSLRV EiVLFRV GHO (VWDGR QDFLRQDO VRQ FDGD YH] PHQRV YiOLGRV
HQHOPXQGRPRGHUQRSRU FXHQWDGHODPXQGLDOL]DFLyQHQHVSHFLDOHQORVSDtVHV
GHO QXHYR PXQGR 6LQ HPEDUJR HQ DOJXQRV SDtVHV FRPR (VWDGRV 8QLGRV TXH
UHFLEHQLQPLJUDQWHVGHWRGRVORVFRQWLQHQWHVHQIRUPDSHUPDQHQWHODFXHVWLyQGH
ODLGHQWLGDGQDFLRQDOHVWiDGTXLULHQGRFDGDYH]PD\RUUHOHYDQFLD(VWRQRVOOHYDD
OD SUHJXQWD ¢VH HQFXHQWUD HO (VWDGR QDFLRQDO DO ERUGH GH OD GHVDSDULFLyQ R
VLPSOHPHQWHVHHVWiUHGHILQLHQGR"
'XUDQWH ODV EDWDOODV TXH OLEUDURQ ORV IUDQFHVHV SDUD GHIHQGHU VXV LGHDOHV
UHYROXFLRQDULRV D ILQDOHV GHO VLJOR ;9,,, HUD IUHFXHQWH VHJ~Q ORV KLVWRULDGRUHV
HVFXFKDU D ORV VROGDGRV JULWDQGR YLYDV HQ IDYRU GH OD QDFLyQ (VWH KHFKR SXHGH
FRQVLGHUDUVH EDVWDQWH LPSRUWDQWH SDUD HO DVXQWR TXH WUDWDPRV SXHV VXJLHUH TXH
ODVSHUVRQDVTXHVHVLHQWHQPLHPEURVGHXQDVRFLHGDGPLHPEURVGHXQDXQLGDG
QDFLRQDOWDPELpQVLHQWHQXQJUDQDSHJRSRUVX (VWDGR
/XHJRDFRPLHQ]RVGHOVLJOR;,;VHSURGXFHORTXHVHGHQRPLQDHODVFHQVRGHORV
SXHEORV \D TXH HQ HVH SHULRGR VH HVWDEOHFHQ ODV PiV LPSRUWDQWHV UHEHOLRQHV
QDFLRQDOLVWDV /DV QDFLRQHV \D QR TXHUtDQ HVWDU VXMHWDV D XQD DXWRULGDG TXH QR
UHSUHVHQWDUD ORV LQWHUHVHV FXOWXUDOHV GH ORV KRPEUHV FRPHQ]y D UHFKD]DUVH GH
PDQHUD YHKHPHQWH DO SRGHU \ D OD DXWRULGDG H[WHUQD SRU OR TXH VH H[LJtD XQ
JRELHUQR RULHQWDGR D OD FRQVHFXFLyQ GH REMHWLYRV QDFLRQDOHV \ D XQD PHPRULD
KLVWyULFDFRP~Q.DUO'HXWVFK \RWURVDQDOLVWDVKDQIRUPXODGRXQDWHRUtDSROtWLFD
JHQHUDO VREUH OD GHPRFUDFLD VHJ~Q OD FXDO pVWD IXQFLRQD PHMRU XQD YH] TXH HO
SUREOHPDGHODQDFLRQDOLGDGKDVLGRUHVXHOWR&XDQGRVHWLHQHQPXFKDVFRVDVHQ
FRP~QDVHJXUD'HXWVFKHVPXFKRPiVIiFLOHVWDEOHFHUXQUpJLPHQGHPRFUiWLFR
/D GHPRFUDFLD HV XQ VLVWHPD HQ HO TXH SRU GHFLUOR GH DOJXQD IRUPD WRGRV QRV
TXHUHPRVORVXILFLHQWHFRPRSDUDSRGHUGLVFXWLUFLYLOL]DGDPHQWH
(QRWUDVODWLWXGHVVHWLHQHXQDYLVLyQPX\GLVWLQWDGHHVWRVDVXQWRV(OFRQFHSWRGH
(VWDGRQDFLRQDOHXURSHRDQWHVGLVFXWLGRHVWRWDOPHQWHDMHQRDODKLVWRULDGHORV
SXHEORV\ODVFXOWXUDVDIULFDQDV3RUYtDGHOFRORQLDOLVPR\WRGDODEUXWDOLGDGTXHOH
DFRPSDxy ORV HXURSHRV GHFLGLHURQ VRPHWHU \ GHILQLU HO SDQRUDPD SROtWLFR GH ORV
DIULFDQRV
³/RV HXURSHRV VH HQFDUJDEDQ GHO JRELHUQR \ GH OD DGPLQLVWUDFLyQ GH ODV SREODFLRQHV
DIULFDQDV VLQ RWUD MXVWLILFDFLyQ TXH OD VXSHULRULGDG GH FLYLOL]DFLyQ TXH VH DWULEXtDQ \ TXH
FRQVLGHUDEDQHYLGHQWHVREUHORVQHJURVSRFRVGHFHQLRVDQWHVDPHQD]DGRVSRUODHVFODYLWXG

/$%$67,'$+RUDFLR&yPRDFHUFDUVHDODSROtWLFD0p[LFR(GLWRULDO/LPXVDS

'(876&+ .DUO (O QDFLRQDOLVPR \ VXV DOWHUQDWLYDV %XHQRV $LUHV (GLFLRQHV 3DLGyV HVWH
HVWXGLRFOiVLFR GHODVWHRUtDVSROtWLFDVIRFDOL]DHOWHPDHQH[SHULHQFLDV\PRYLPLHQWRVQDFLRQDOLVWDV
GH(XURSDHQHOOLEHUDOLVPR\HOVRFLDOLVPR$OILQDOVHUHILHUHDODVUHODFLRQHVGHOQDFLRQDOLVPRFRQ
UHVSHFWR DO GHVDUUROOR \ D ODV SRVLELOLGDGHV GH ORV HVTXHPDV IHGHUDOHV SDUD VROXFLRQDU SUREOHPDV
QDFLRQDOHV
\ OD GHSRUWDFLyQ 6L ODV FRORQLDV GHO ÈIULFD FHQWUDO H[SUHVDQ OD QDWXUDOH]D DXWpQWLFD GHO
FRORQLDOLVPRpVWHPDUFDODIRUPDH[WUHPDGHOLPSHULDOLVPRODTXHPDQWLHQHHOVHQWLPLHQWR
GHGHVLJXDOGDGHQWUHORVFRQTXLVWDGRUHV\ORVSXHEORVVRPHWLGRV´
3RU OD VRFLRORJtD OD DQWURSRORJtD \ OD DUTXHRORJtD VDEHPRV TXH ÈIULFD \D H[LVWtD
DQWHV GH OD FRORQL]DFLyQ GH XQD PDQHUD ELHQ GLVWLQWD D OD WUDGLFLyQ GH ODV
GHQRPLQDGDV FXOWXUDV FOiVLFDV ÈIULFD WLHQH XQD KLVWRULD SUHFRORQLDO TXH QR WLHQH
QDGD TXH YHU FRQ OD KLVWRULD GH ORV (VWDGRV QDFLRQDOHV HV XQD KLVWRULD
FDUDFWHUL]DGD SRU OD PRYLOLGDG HO FRPHUFLR \ XQD HVWUXFWXUD GH SRGHU SLUDPLGDO
EDVDGDHQODDOGHDHOMHIHHOUHLQR\HOLPSHULR(VWDVIRUPDVGHSRGHUSROtWLFRWDQ
YDULDGDV \ FRPSOHMDV VHJ~Q DUJXPHQWRV GH .RKQ \ 6RNROVN\ QR WLHQHQ QDGD
TXHYHUFRQODVLPSOLILFDFLyQTXHVXSRQHHO(VWDGRQDFLRQDO
6RPDOLD FRQVLJXLy VX LQGHSHQGHQFLD HQ SHUR WRGDYtD PHGLR VLJOR GHVSXpV
QRKDORJUDGRFUHDUXQ(VWDGRYLDEOH\VRVWHQLEOHGHVGHHOSXQWRGHYLVWDSROtWLFR\
HFRQyPLFR TXH JDUDQWLFH OD VHJXULGDG GH VXV FLXGDGDQRV /DV UHJLRQHV GHO SDtV
KDQ HVWDGR FRQWURODGDV SRU GLVWLQWRV JUXSRV SDUDPLOLWDUHV OR TXH KD SURYRFDGR
VDQJULHQWRVFRQIOLFWRVDJUDYDGRVSRUODGHVDVWURVDVLWXDFLyQHFRQyPLFDVLWXDFLyQ
TXHQRHVVLQRHOUHIOHMRGHODSUHFDULHGDGGHODYLGDGHODIULFDQRSURPHGLR
(V FRQGLFLyQ GHO (VWDGR PRGHUQR TXH pVWH VHD DFHSWDGR \ UHFRQRFLGR SRU WRGDV
DTXHOODV SHUVRQDV D ODV TXH JRELHUQD (O LQHVSHUDGR QDFLPLHQWR GH PXOWLWXG GH
(VWDGRV GXUDQWH HO DPSOLR SURFHVR GH GHVFRORQL]DFLyQ TXH DIHFWy D ÈIULFD HQ ORV
DxRVVHVHQWDSURYRFyXQGHVFRQFLHUWRWRWDOHQODFRPXQLGDGSROtWLFDLQWHUQDFLRQDO
(QIRUPDUHSHQWLQDDSDUHFHXQDLQVWLWXFLyQDMHQDDODWUDGLFLyQFXOWXUDOSROtWLFDH
KLVWyULFD GH ORV SXHEORV DIULFDQRV XQD LQVWLWXFLyQ TXH LQWHQWDED UHJXODU OD
FRQGXFWDGHORVLQGLYLGXRV
/RV LPSHULRV FRORQLDOHV KDEtDQ HVWDEOHFLGR HQ HO VLJOR ;,; (VWDGRV FRQ IURQWHUDV
DUWLILFLDOHV ORV JUXSRV GH SREODFLyQ TXH YLYtDQ HQ HVRV WHUULWRULRV QR FRPSDUWtDQ
QHFHVDULDPHQWH OD PLVPD FXOWXUD OHQJXD R UHOLJLyQ /DV IURQWHUDV HVWDEOHFLGDV
PH]FODURQJUXSRVpWQLFRVRORVGHMDURQGLYLGLGRVORTXHSURGXMRXQVLQQ~PHURGH
FRQIOLFWRVWULEDOHVGHORVTXHKDVWDKR\WHQHPRVWULVWHV\YHUJRQ]RVRVUHFXHUGRV
/DULYDOLGDGH[LVWHQWHHQWUHODVHWQLDVKXWXV\WXWVLVGH5XDQGDHVFODURHMHPSORGH
ODV FRQVHFXHQFLDV GHO FRORQLDOLVPR HXURSHR (VWH FRQIOLFWR GHVHPERFy HQ XQ
JHQRFLGLR TXH SHVH D OD LQWHUYHQFLyQ GH 1DFLRQHV 8QLGDV FRQ VXV FDVFRV D]XOHV
FDXVyODPXHUWHGHFDVLXQPLOOyQGHSHUVRQDV
$FWXDOPHQWHHQÈIULFDHO(VWDGRQRKDSRGLGRFXPSOLUVXVSURPHVDVGHGHVDUUROOR
HFRQyPLFR \ VRFLDO (Q OXJDU GH GLVIUXWDU GH XQD PHMRUD GH VXV FRQGLFLRQHV GH

5$<021' $URQ (VWXGLRV SROtWLFRV 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD S OD
SULPHUDHGLFLyQGHHVWHOLEURIXHSXEOLFDGDHQIUDQFpVHQ(OFDStWXORRFKRGHODWHUFHUDSDUWH
GHHVWDREUD,PSHULDOLVPR\FRORQLDOLVPRUHVXOWDVHUXQDSRUWHLPSRUWDQWHSDUDDPSOLDUHOHVWXGLR
\ODUHIOH[LyQVREUHHVWRVFRQFHSWRVWDQWUDVFHQGHQWDOHVGHOXQLYHUVRGHODSROtWLFD

.2+1 + \ 62.2/6.< : (O QDFLRQDOLVPR DIULFDQR HQ HO VLJOR ;; %XHQRV $LUHV (GLFLRQHV
3DLGyV HO HVWXGLR PXHVWUD ODV UHSHUFXVLRQHV GH ODV LQIOXHQFLDV RFFLGHQWDOHV HQ HO
QDFLRQDOLVPRDIULFDQRDFRPSDxDGRGHDOJXQRVHMHPSORVUHIHULGRVD&RVWDGH2UR1LJHULD\ÈIULFD
GHO6XU7DPELpQWRFDHOWHPDGHOSDQDIULFDQLVPR\QHJULWXG3UHVHQWDXQDDQWRORJtDGHWH[WRVPX\
~WLOHVSDUDHOILOyVRIRRHOFLHQWtILFRGHODSROtWLFD
YLGDORVFLXGDGDQRVVRQJREHUQDGRVSRUOtGHUHVFRUUXSWRVTXHVHDGXHxDQGHORV
IRQGRVS~EOLFRV/RVSXHEORVGHÈIULFD\$VLDTXHHVWiQGHVFRQWHQWRVFRQHO(VWDGR
HQORVWHUUHQRVFXOWXUDO\PDWHULDOVRQSURFOLYHVDLGHQWLILFDUVHFRQRWURVVLVWHPDV
SROtWLFRVFRQRWUDVIRUPDVGHJRELHUQR
(Q OD DFWXDOLGDG ODV PLQRUtDV GH WRGR HO PXQGR H[LJHQ JRELHUQRV TXH GHILHQGDQ
VXV LQWHUHVHV UHIOHMDQGR HQ WRQR GH SURWHVWD OD LQFRQIRUPLGDG FRQ HO GHYHQLU
VXUJLGR GHO IHQyPHQR H[SDQVLRQLVWD SXHV FXDQGR XQ SXHEOR QR VH VLHQWH
UHSUHVHQWDGR FRQ OD SROtWLFD GH VX JRELHUQR VH SURGXFHQ JUDYHV FRQIOLFWRV \ XQ
FOLPDTXHGLILFXOWDODJREHUQDELOLGDG
/$6',6387$6,'(2/Ï*,&$6(1/2602'(/26'(*2%,(512
/RV HVWXGLRV GH WLSR SVLFROyJLFR \ VRFLDO KDQ FRQFOXLGR TXH HO KRPEUH HV GH
PXFKDVIRUPDVXQVHUQDWXUDOPHQWHFRQIOLFWLYR &RQRFHUHVWDFRQGLFLyQTXHHQ
RFDVLRQHVKDVWDOOHJDDFRQYHUWLUVHHQDJUHVLYLGDGHVXQLPSHUDWLYRSDUDHQWHQGHU
ODFRQILJXUDFLyQGHOPXQGRDFWXDOSXHVKDQVLGRODVJXHUUDV\ODVFRQTXLVWDVODV
TXH HVWDEOHFLHURQ ODV IURQWHUDV DFWXDOHV GHO PXQGR +R\ QR HV SRVLEOH HQFRQWUDU
DOJ~QSHGD]RGHWLHUUDHQHOPXQGRTXHQRSHUWHQH]FDDXQ(VWDGR
3HURHO(VWDGRQRIXQFLRQDVRORUHTXLHUHGHXQJRELHUQRTXHORDGPLQLVWUHUD]yQ
SRUODFXDOHOUHFRQRFLPLHQWRTXHKDFHQORVFLXGDGDQRVGHOJRELHUQRHVWDEOHFLGRHQ
XQ(VWDGRGHVXSRGHUDXWRULGDGHLQIOXHQFLDHVGHWHUPLQDQWHSDUDODHYROXFLyQ\
IXQFLRQDPLHQWRGHOVLVWHPDSROtWLFRSXHVHQDTXHOORVSDtVHVHQORVTXHHOSXHEOR
QR UHFRQRFH OD DXWRULGDG HVWDEOHFLGD HO (VWDGR HV SURFOLYH D FRQYHUWLUVH HQ XQ
VDQJULHQWR FDPSR GH EDWDOOD \D TXH HO FRQFHSWR GH (VWDGR YLHQH DWDGR DO
FRQFHSWRGHJRELHUQR(O(VWDGRVLHQGRODPiVLPSRUWDQWHLQVWLWXFLyQSROtWLFDGHOD
VRFLHGDGGHEHFXPSOLUXQDVHULHGHIXQFLRQHVGHQWURGHFDGDXQRGHVXVSURFHVRV
\ GHQWUR GH VXV HVWUXFWXUDV SDUD OR FXDO UHVXOWD GHWHUPLQDQWH XQ VLVWHPD
RSHUDWLYRHOJRELHUQR'HHVWDPDQHUDVHJ~Q%REELR\0DWWHXFFL HOVHQWLGRGH
OD UHODFLyQ GLQiPLFD HQWUH JREHUQDQWHV \ JREHUQDGRV DGTXLHUH XQD VLJQLILFDFLyQ
UHDO\FRQFUHWD
(QORV~OWLPRVGRVVLJORVVHDVHQWDURQHQHOPXQGRGLIHUHQWHVIRUPDVGHRUJDQL]DU
OD SROtWLFD XQRV PRGHORV PiV SURFOLYHV D OD GHPRFUDFLD \ RWURV GH WHQGHQFLD
WRWDOLWDULD R DXWRULWDULD)XHDVt FRPRVHFRQVROLGDURQGLYHUVRVSUR\HFWRVSROtWLFRV
FRPR HO SDUODPHQWDULVPR HO SUHVLGHQFLDOLVPR HO FRPXQLVPR HO VRFLDOLVPR HO
IDVFLVPR\HOQD]LVPRRODVFRPELQDFLRQHVTXHGHHOORVSRGtDUHVXOWDU
(O (VWDGR WRWDOLWDULR VH FRQYLUWLy HQ XQ PDHVWUR HQ HO DUWH GH OD SURSDJDQGD (O
WRWDOLWDULVPR TXL]i SRU OR FRQWUDULR D ORV LQWHUHVHV GH OD KXPDQLGDG GHEtD

728=$5'+XEHUW/DPHGLDFLyQ\ODVROXFLyQGHORVFRQIOLFWRV%DUFHORQD(GLWRULDO+HUGHU
SS HQ HO FDStWXOR SULPHUR HO DXWRU H[SRQH XQDV FRQVLGHUDFLRQHV VREUH OD QDWXUDOH]D GHO
FRQIOLFWRVRFLDOGHVGHODVFRQFHSFLRQHVSVLFROyJLFDVRFLROyJLFD\SVLFRVRFLROyJLFD

%2%%,2 1RUEHUWR \ 0$77(8&&, 1LFROD 'LFFLRQDULR GH SROtWLFD 0p[LFR (GLWRULDO 6LJOR ;;,
S
GLVIUD]DUVXVPHQWLUDVFRQRVWHQWRVRV GHVILOHVH[WHQVRVGLVFXUVRVJUDQGHVYDOODV
FRQODVLQVLJQLDVGHOSDUWLGR~QLFRGRPLQDQWHRGHOOtGHUGHWXUQRHQJUDQGHFLGR\
KDVWD FRQ HO XVR GH ORV LQFLSLHQWHV PHGLRV GH FRPXQLFDFLyQ SDUD GLVXDGLU D ORV
JREHUQDGRV VREUH ODV IDOVDV LGHDV QDFLRQDOLVWDV GH WXUQR (VWRV LQJUHGLHQWHV
UHVXOWDURQ VHU D OD SRVWUH XQ HOHPHQWR FDUDFWHUtVWLFR GHO PRGHOR FRPXQLVWD GHO
UpJLPHQ QD]L \ GHO UpJLPHQ IDVFLVWD 1R VROR H[LJtDQ D ORV FLXGDGDQRV TXH
REHGHFLHUDQDO(VWDGRVLQRTXHFUH\HUDQHQpOGHXQPRGRPtVWLFR\PtWLFRFRPR
VLVHWUDWDUDGHXQDQXHYDUHOLJLyQ/DVPHWDVFROHFWLYDVHUDQPiVLPSRUWDQWHVTXH
HO ELHQHVWDU LQGLYLGXDO \ HO DSDUDWR PLOLWDU \ SROLFLYR GHEtD HOLPLQDU FXDOTXLHU
HOHPHQWRLQGHVHDEOHDOSXQWRTXHHOILQWHUPLQySRUMXVWLILFDUORVPHGLRV
$OWHUPLQDUOD3ULPHUD*XHUUD0XQGLDOHQQRYLHPEUHGH,QJODWHUUD\)UDQFLD
GRPLQDEDQHFRQyPLFD\SROtWLFDPHQWH(XURSD5XVLDSRUVXSDUWHHUDHOSDtVPiV
VXEGHVDUUROODGR \ VX VLWXDFLyQ HFRQyPLFD HUD UHDOPHQWH UHWUDVDGD /D PLVHULD HO
KDPEUH \ ODV HQRUPHV GLIHUHQFLDV HQWUH ULFRV \ SREUHV SURYRFy XQ JUDQ
GHVFRQWHQWRHQWUHODSREODFLyQ(VWHDPELHQWHJHQHUDGRSRUODHVWUXFWXUDGHSRGHU
PRQiUTXLFRGHO=DU1LFROiV,,SURPXHYHRWUDGHODVPiVLPSRUWDQWHVUHYROXFLRQHV
GHOD(GDG0RGHUQDODTXHVHFRQFUHWDSRUORVEROFKHYLTXHV%DMRHOOLGHUD]JRGH
/HQLQORVFRPXQLVWDVWRPDQHOSRGHUHQIRUPDGHILQLWLYDHQ
0DU[ GHVGH VX SHUVSHFWLYD GHWHUPLQLVWD GH OD KLVWRULD DVHJXUy TXH HQ FLHUWR
PRGRHOFRPXQLVPRHVXQHVWDGRQDWXUDOGHOKRPEUH\ODVRFLHGDGDOJR TXHHVWi
HVFULWR HQ HO GHVWLQR GH OD KXPDQLGDG XQ HVWDGLR GH OD KLVWRULD DO FXDO WRGRV ORV
SXHEORV HQ VX HYROXFLyQ GHEHQ OOHJDU DOJR TXH ORV VHUHV KXPDQRV GHVHDQ +R\
VDEHPRVSRUODVFLHQFLDVVRFLDOHVHVSHFLDOPHQWHSRUODDQWURSRORJtDODSVLFRORJtD
ODVRFLRORJtD\ODKLVWRULDTXHHOFRPXQLVPRHOKHFKRGHFRPSDUWLUODSURSLHGDG
HV DOJR PX\ H[WUDxR SDUD ORV VHUHV KXPDQRV /D UHYROXFLyQ UXVD FUHy XQ (VWDGR
VLQ SUHFHGHQWHV HQ OD KLVWRULD XQD GLFWDGXUD GH SDUWLGR ~QLFR )XH HO QDFLPLHQWR
GHOWRWDOLWDULVPRPRGHUQR
3RU VX SDUWH OD SREODFLyQ GH OD 5HS~EOLFD 3RSXODU &KLQD TXH VXSRQH OD TXLQWD
SDUWHGHODSREODFLyQGHOPXQGRVLJXHQYLYLHQGRHQXQUpJLPHQSROtWLFRFRPXQLVWD
GHVGHGRPLQDGRSRUXQSDUWLGR~QLFRWDOFRPRORKDEtDFRQFHELGRVXOtGHU
PiVFDULVPiWLFR0DR7VH7XQJSHURDGLIHUHQFLDGHORVVRYLpWLFRVDSDUWLUGHORV
DxRV VHWHQWD ORV OtGHUHV SROtWLFRV FKLQRV HPSUHQGLHURQ XQD VHULH GH UHIRUPDV
HFRQyPLFDV SULYDWL]DURQ HPSUHVDV DEROLHURQ ODV FRPXQDV \ DOODQDURQ HO FDPLQR
HQ SURFXUD GH GHVDUUROOR WHFQROyJLFR GH DOWR QLYHO WDO FRPR OR HQWHQGtDQ ODV
SRWHQFLDVRFFLGHQWDOHVHQ(XURSD\ORV(VWDGRV8QLGRV6LQHPEDUJRHVWRVPLVPRV
OtGHUHV VH KDQ HQFDUJDGR GH DFDOODU ODV PDQLIHVWDFLRQHV SRSXODUHV TXH D JULWRV
H[LJHQ GHPRFUDFLD \ OLEHUWDG HQ WRGRV ORV HVFHQDULRV /RV OtGHUHV GHO VLVWHPD
ORJUDURQUHHVWUXFWXUDUODHFRQRPtDOLEHUDOL]DQGRHOPHUFDGRHVSRVLEOHTXHDOJ~Q
GtD SHUPLWDQ HO DFFHVR D WRGDV ODV IRUPDV GH OLEHUWDG GH H[SUHVLyQ GH
GHVSOD]DPLHQWRGHDFFHVRDODLQIRUPDFLyQHWF

0$5;&DUORV\(1*(/6)HGHULFR2EUDVHVFRJLGDV0RVF~(GLWRULDO3URJUHVR
&RQHOILQGHOD6HJXQGD*XHUUD0XQGLDOHQVHPDUFyHOILQGHOIDVFLVPR\
GHO UpJLPHQ QD]L 7RGR SURPHWtD HO VXUJLPLHQWR GH XQ PXQGR LGHDO WUDV ORV
DFXHUGRV GH ORV SDtVHV YHQFHGRUHV ORV FDVWLJRV LPSXHVWRV D ORV YHQFLGRV \ HO
VXUJLPLHQWR GH ODV 1DFLRQHV 8QLGDV DO ILQDO GH OD SULPHUD PLWDG GHO VLJOR ;; (Q
UHDOLGDGTXHGyXQPXQGRGLYLGLGRHQWUHODLGHRORJtDGHPRFUiWLFDGHRFFLGHQWHHQ
FDEH]D GH ORV (VWDGRV 8QLGRV \ HO FRPXQLVPR DQWLGHPRFUiWLFR OLGHUDGR SRU ORV
VRYLpWLFRV7LHPSRGHVSXpVHQODGpFDGDGHORVRFKHQWDHOGHVFRQWHQWRSRSXODU
HQORVSDtVHVGHO(VWHSURYRFyODFDtGDGHYDULRVJRELHUQRV/DFDtGDGHOPXURGH
%HUOtQHQVHFRQYLUWLyHQHOVtPERORGHOGHUUXPEDPLHQWRGHOFRPXQLVPR\GH
ODV~OWLPDVIRUPDVGHWRWDOLWDULVPRPRGHUQR
$O FRPHQ]DU HO VLJOR ;;, ODV FRQGLFLRQHV IDYRUDEOHV TXH SURPHWtD HO DPELHQWH
SROtWLFRHQWpUPLQRVGHOWULXQIRGHODGHPRFUDFLDDQLYHOJOREDOOXHJRGHODFDtGD
GHOPXURGH%HUOtQQRSUHVHQWDQVLQRGHFHSFLRQHV+R\VRORDOJRPiVGHODPLWDG
GHORVKDELWDQWHVGHOSODQHWD FXHQWDFRQXQDGHPRFUDFLD
9LVWR SRU Q~PHUR GH KDELWDQWHV GH XQ (VWDGR OD ,QGLD FRQ PLO PLOORQHV GH
KDELWDQWHV UHVXOWD VHU OD PD\RU GHPRFUDFLD GHO PXQGR /D ,QGLD HV XQ HMHPSOR
PX\ SDUWLFXODU GH UpJLPHQ GHPRFUiWLFR SXHV VX HVWUXFWXUD SROtWLFD HV XQD
FRPELQDFLyQ GH SDUODPHQWDULVPR \ SUHVLGHQFLDOLVPR 7LHQH XQ FRQJUHVR FRQ XQ
SDUODPHQWRPX\SDUHFLGRDOFRQJUHVRQRUWHDPHULFDQR\XQJRELHUQRPX\SDUHFLGR
DOEULWiQLFRFRQXQSULPHUPLQLVWUR(VWDFRPELQDFLyQGHLQVWLWXFLRQHVEULWiQLFDV\
DPHULFDQDVKDIXQFLRQDGREDVWDQWHELHQSXHVOHKDVLJQLILFDGRHQRUPHVSURJUHVRV
QRVRORGHVGHHOSXQWRGHYLVWDSROtWLFRVLQRWDPELpQVRFLDO\HFRQyPLFR/D,QGLD
HVXQDGHPRFUDFLDIHGHUDOHQODTXHFDGD(VWDGRJR]DGHDPSOLRVSRGHUHVDFRVWD
GHXQ(VWDGRFHQWUDO
(O QDFLPLHQWR \ FRQVROLGDFLyQ GH ORV (VWDGRV QDFLRQDOHV PRGHUQRV SHUPLWH D OD
KXPDQLGDG FRPHQ]DU D HYROXFLRQDU SDXVDGDPHQWH KDFLD OD GHPRFUDFLD 3RU
HMHPSORHOGHUHFKR DOYRWR SRUWUDGLFLyQUHVHUYDGRDORV FLXGDGDQRVULFRV DORV
TXH SDJDEDQ ORV PD\RUHV LPSXHVWRV \ D ORV YDURQHV VH YD H[WHQGLHQGR
SDXODWLQDPHQWHDODVFODVHVWUDEDMDGRUDVODVPXMHUHV\DOJUXHVRGHODSREODFLyQ
DGXOWD /D DSDULFLyQ GH ORV SDUWLGRV SROtWLFRV HQ HO VLJOR ;,; YD IDYRUHFLHQGR OD
LQVWLWXFLRQDOL]DFLyQ GH OD GHPRFUDFLD 6H LQLFLD XQD WUDGLFLyQ HQ OD TXH ORV
FDQGLGDWRV GH ORV SDUWLGRV D FDPELR GH XQ YRWR \ DEDQGHUDGRV HQ XQD
GHWHUPLQDGDSRVWXUDLGHROyJLFDSURPHWHQPHMRUHVFRQGLFLRQHVGHYLGD
/$&5,6,6'(/$'(02&5$&,$<'(/(67$'2
6LQTXHVHWHQJDTXHWRPDUFRPRXQDUHJODLQIDOLEOHRXQLPSHUDWLYRGHFDUiFWHU
XQLYHUVDOODUHODFLyQTXHH[LVWHHQWUHODSURVSHULGDGHFRQyPLFD\ODGHPRFUDFLDHV
LQQHJDEOH&RQODH[LVWHQFLDGHOGLQHURFLUFXODQGRGHPDQHUDPiVRPHQRVMXVWD\
HTXLWDWLYDHQWUHORVFLXGDGDQRVJHQHUDQGRUHODFLRQHVGLQiPLFDVGHLQWHUFDPELRGH
ELHQHV \ VHUYLFLRV OD VLWXDFLyQ SROtWLFD VH KDFH PHQRV WHQVD FRQ OR FXDO HO
DPELHQWHSROtWLFRPHMRUDVHKDFHPiVIiFLOODSUHVHQFLDGHO(VWDGR\VHJHQHUDXQ
HVSDFLRSURSLFLR SDUDODHVSHUDQ]D/DFDOLGDGGHYLGDFRPROR DGYLHUWHQ0DUWKD

1XVVEDXP\$PDUW\D6HQ HVXQDUHODFLyQGRQGHVHFRPELQDQPX\LPSRUWDQWHV
HOHPHQWRVYDORUHVSROtWLFDHFRQRPtDVDOXGFLHQFLDHWFWRGRORTXHQRVSHUPLWH
HQJUDQGHFHUHOGLVFXUVRVREUHHOHVWDGRGHELHQHVWDUGHORVKRPEUHV
(OSUREOHPDLPSOtFLWRGHHVWHGHEDWHHVTXHGHVGHHOSXQWRGHYLVWDGHODSROtWLFD
ORV YLHMRV VLVWHPDV GH JRELHUQR ORV SDUWLGRV \ ORV JUXSRV GH SUHVLyQ TXH OOHYDQ
PXFKRWLHPSRHQHOSRGHU\TXHDFHSWDURQXQDVIRUPDVWUDGLFLRQDOHVGHHMHUFHUOD
DXWRULGDG QRUPDOPHQWH QR VH HQFXHQWUDQ GLVSXHVWRV D UHQXQFLDU D VX SDSHO
SULYLOHJLDGR GHQWUR GHO VLVWHPD SROtWLFR DXQTXH HVWR OH VLJQLILTXH DO PXQGR
FRQWLQXDU EDMR ODV GUDPiWLFDV VLWXDFLRQHV GH SREUH]D \ VXEGHVDUUROOR TXH \D VH
FRQRFHQWRGRSRUFXHQWDGHGHFLVLRQHVSROtWLFDVHTXLYRFDGDVHVWRHVDQWLpWLFDV
ORFXDOJHQHUDJUDYHVSUREOHPDVDWRGRVORVQLYHOHV/DVDFXVDFLRQHVPiVDJXGDV
DO PHQRV UHFLHQWHPHQWH VH KDQ LGR ODQ]D HQ ULVWUH FRQWUD ORV VLVWHPDV SROtWLFRV
VRSRUWDGRVHQXQDHFRQRPtDGHWLSROLEHUDO
$SDUWLUGHOILQGH OD6HJXQGD*XHUUD0XQGLDO\KDVWDODGpFDGDGHORVVHVHQWDGHO
VLJORSDVDGRORVSDtVHVFRQXQDOWRQLYHOGHGHVDUUROORLQGXVWULDOORJUDURQPDQWHQHU
XQ ULWPR VLJQLILFDWLYR GH FUHFLPLHQWR HFRQyPLFR VRVWHQLGR SURVSHULGDG TXH OHV
SHUPLWLy D ORV JRELHUQRV GH HVWRV (VWDGRV VHU FDGD YH] PiV JHQHURVRV FRQ VXV
FLXGDGDQRV (VWR GHULYy HQ TXH ODV FRQGLFLRQHV IDYRUDEOHV SDUD OD HFRQRPtD VH
WUDGXMHUDQHQPHMRUHVUHODFLRQHVHQWUHORVSROtWLFRV\VXVJREHUQDGRV$SDUWLUGH
ORV DxRV VHWHQWD VH FRPLHQ]D D HYLGHQFLDU HQ HVWRV PLVPRV SDtVHV XQD
GHVDFHOHUDFLyQGHODHFRQRPtDSRUORFXDOODVUHODFLRQHVHQWUHSROtWLFD\HFRQRPtD
QRIDYRUHFHQHODPELHQWHVRFLDO/DFULVLVHYLGHQWHGHODVILQDQ]DVS~EOLFDVREOLJyD
ORVJRELHUQRVDSODWHDUVHXQQXHYRHVFHQDULRGHODSROtWLFDUHFRUWDUHOWDPDxRGH
ODDGPLQLVWUDFLyQ\ORVVHUYLFLRVTXHHO(VWDGRSUHVWDEDDORVFLXGDGDQRV$VLPLODU
HVWH UHFRUWH GH OD SUHVHQFLD GHO (VWDGR HQ ORV DVXQWRV HFRQyPLFRV HV GHVGH
HQWRQFHVXQRGHORVDVXQWRVSROtWLFRVTXHPiVSROpPLFDKDQJHQHUDGRDOSXQWRGH
TXHSDUDDOJXQRVFLXGDGDQRVHOUHFRUWHGHO(VWDGRHVXQDVXQWRLQFRPSUHQVLEOH
6L VH REVHUYDQ ODV HVWDGtVWLFDV HO SRUFHQWDMH TXH UHSUHVHQWD HO JDVWR GHO (VWDGR
VREUH OD UHQWD QDFLRQDO HQ OD PD\RUtD GH ODV QDFLRQHV QR VH KD UHGXFLGR
GHPDVLDGRGXUDQWHODV~OWLPDVGpFDGDV(QWpUPLQRVHFRQyPLFRVHOSUREOHPDGHO
(VWDGR UDGLFD HQ TXH ORV LQJUHVRV QR KDQ FUHFLGR D OD PLVPD YHORFLGDG TXH ODV
QHFHVLGDGHVGHVXSREODFLyQORTXHJHQHUDSUREOHPDVHQODFDSDFLGDGGHUHVROYHU
DVXQWRV TXH OH FRPSHWHQ \ TXH VRQ LQGHOHJDEOHV D ORV SDUWLFXODUHV FRPR OD
DGPLQLVWUDFLyQGHMXVWLFLDODVHJXULGDGRODVXEVLGLDULGDG
'HVGH HO SXQWR GH YLVWD GH OD SROtWLFD JOREDO ORV JRELHUQRV HQ OD DFWXDOLGDG KDQ
SHUGLGR HO FRQWURO VREUH ODV JUDQGHV ILUPDV PXOWLQDFLRQDOHV SUHFLVDPHQWH SRU HO

1866%$80 0DUWKD \ 6(1 $PDUW\D &RPSLODGRUHV /D FDOLGDG GH YLGD 0p[LFR )RQGR GH
&XOWXUD(FRQyPLFD HVWDREUDHVXQRGHORVUHVXOWDGRVGHODVLQYHVWLJDFLRQHVHVWDEOHFLGDVSRU
OD 8QLWHG 1DWLRQV 8QLYHUVLW\ GHQWUR GH VXV SURJUDPDV GH LQYHVWLJDFLyQ GHO :RUOG ,QVWLWXWH IRU
'HYHORSPHQW(FRQRPLFV5HVHDUFK>:,'(5@\TXHWLHQHFRPRREMHWLYRFHQWUDOD\XGDUDLGHQWLILFDU\
HQIUHQWDUOD QHFHVLGDGGHLQYHVWLJDFLyQVRFLRHFRQyPLFDRULHQWDGDDODSROtWLFD RFXSiQGRVHGHORV
SUREOHPDVGHOGHVDUUROORJOREDOWDQWRFRPRGHORVDVXQWRVQDFLRQDOHV\GHVXVLQWHUUHODFLRQHV
SRGHU HFRQyPLFR TXH KDQ ORJUDGR WHQHU HQ ORV GLIHUHQWHV HVFHQDULRV JHRJUiILFRV
GRQGH UHDOL]DQ VXV QHJRFLRV $OJXQDV GH HVWDV FRUSRUDFLRQHV WLHQHQ LQJUHVRV
VXSHULRUHVDOSURGXFWRQDFLRQDOEUXWRGHEXHQDSDUWHGHORVSDtVHVGHVDUUROODGRV\
GHOD PD\RUtDGHORVTXHVHHQFXHQWUDQHQYtDGHGHVDUUROOR
(Q HVWH PXQGR JOREDOL]DGR ORV JRELHUQRV \ VLVWHPDV MXUtGLFRV HVWDWDOHV YHQ
OLPLWDGDVODVSRVLELOLGDGHVGHLPSRQHUDODVHPSUHVDVPXOWLQDFLRQDOHVQRUPDVTXH
SURWHMDQDORVWUDEDMDGRUHV/RVJRELHUQRVVHKDQYLVWRHQODQHFHVLGDGGHFRQFLOLDU
VXVPDUFRVSROtWLFRVOHJDOHVHFRQyPLFRV\pWLFRVFRQORVJUDQGHVHPSUHVDULRV\D
FHGHUWHUUHQRLQFOXVRFRQHPSUHVDVGHRULJHQIRUiQHR\FRQORVHPSUHVDULRVTXH
GLQDPL]DQ VXV HFRQRPtDV 7DQ FRPSOHMD UHVXOWD HVWD VLWXDFLyQ TXH ORV (VWDGRV
PLHPEURV GH OD 8QLyQ (XURSHD SRU HMHPSOR KDQ DFHSWDGR GHOHJDU SDUWH GH VXV
SRGHUHVDXQVXSHU(VWDGRPiVFDSDFLWDGRFRQHOILQGHSRGHUKDFHUIUHQWHDORV
GHVDItRV SODQWHDGRV SRU OD JOREDOL]DFLyQ $QWHV GH ORV DxRV RFKHQWD FXDQGR ODV
FRVDVLEDQPDOORVFLXGDGDQRVSHGtDQD\XGDDO(VWDGRDKRUDHQ(XURSDFXDQGR
KD\ XQ SUREOHPD HQ GHWHUPLQDGD FRPXQLGDG VH SLGH D\XGD D OD FRPXQLGDG
HXURSHD /D JHQWH TXH KD SHUGLGR VX WUDEDMR VH PDQLILHVWD D ODV SXHUWDV GH ODV
LQVWLWXFLRQHVFRPXQLWDULDVHQ%UXVHODVSDUDSHGLUQXHYRVSXHVWRVGHWUDEDMR7DOHV
HOJUDGRGHLQFLGHQFLDGHODHFRQRPtDTXHORVHVFHQDULRVGHGLVFXVLyQGHSROtWLFD
QDFLRQDOHLQWHUQDFLRQDOFRQPXFKDGLILFXOWDGDIURQWDQVXVGHFLVLRQHVVLQGHMDUGH
QRPEUDU D LQVWLWXFLRQHV FRPR HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO )0, HO %DQFR
,QWHUDPHULFDQRGH'HVDUUROOR %,' HO%DQFR0XQGLDO %0 HO0HUFDGR&RP~QGHO
6XU 0(5&2685 OD 2UJDQL]DFLyQ GH 3DtVHV ([SRUWDGRUHV GH 3HWUyOHR 23(3 R
GHMDUGHUHIHULUVHDORVDFXHUGRVTXHVREUHGHVDUUROORRSURJUHVRVHKDQILMDGRHQ
OD &RQIHUHQFLD GH 5tR R ORV DSRUWHV GHO &OXE GH 5RPD OD LQFLGHQFLD GH OD GHXGD
H[WHUQDVREUHODSROtWLFDQDFLRQDOODVDQWHVDODVSDUDDFRUGDUORVWUDWDGRVGHOLEUH
FRPHUFLRHWF
$OJXQRVDQDOLVWDVSRUYtDGHORH[SXHVWRKDQOOHJDGRDVRVWHQHUODWHVLVGHTXHOD
HFRQRPtDHQHVWRVWLHPSRVHMHUFHHOSRGHUTXHWUDGLFLRQDOPHQWHWXYRODSROtWLFD
\ WDPELpQ SRU HVWD YtD TXH OD VREHUDQtD GH ORV (VWDGRV VH KD SXHVWR HQ
HQWUHGLFKR
(Q FXDOTXLHU FDVR HV LPSRUWDQWH SODQWHDU OD SUHJXQWD ¢DSDUWH GH ODV DOIRPEUDV
URMDV\ORVKRQRUHVHVWiQSHUGLHQGRORV MHIHVGH(VWDGRSDUWHGHVXSRGHU SDUD
VHUFHGLGRDORVHPSUHVDULRVPiVH[LWRVRV" /RFLHUWRHVTXH SRGHURVDVDQWHVDODV
DQWH RWURV JRELHUQRV HPSUHVDV RUJDQL]DFLRQHV SROtWLFDV R OtGHUHV GHO PXQGR
LPSRQHQ VX FULWHULR \ VXV GHFLVLRQHV D ORV JRELHUQRV ORFDOHV LQFOXVR GHQWUR GHO
SURSLRSDtV
(VWRQRVOOHYDDRWUDSUHJXQWD¢HVWiGHVDSDUHFLHQGRHOSRGHUGHO(VWDGRQDFLRQDO
SRU FDXVD GHO SURWDJRQLVPR GH OD HFRQRPtD HQ ODV GHFLVLRQHV SROtWLFDV" 1R
FRQWDPRV FRQ XQD UHVSXHVWD GHILQLWLYD Vt FRQ DOJXQDV VHxDOHV GH DODUPD 6L QRV
ILMDPRV HQ DOJXQDV UHJLRQHV GHO PXQGR FRPR OD 8QLyQ (XURSHD OD KLSyWHVLV VH
SXHGHFRUURERUDUDOPHQRVSDUFLDOPHQWH/DPD\RUtDGHORV(VWDGRVGHHVWDSDUWH
GHO PXQGR KDQ SHUGLGR JUDQ SDUWH GH VX SRGHU VREUH OD SROtWLFD PRQHWDULD TXH
DKRUD HVWi FHQWUDOL]DGD $ SHVDU GH WRGR OD 8QLyQ VLJXH VLHQGR XQ IRUR
LQWHUQDFLRQDO $XQTXH ORV (VWDGRV KDQ SHUGLGR SDUWH GH DOJXQRV GH VXV SRGHUHV
WDPELpQ HV FLHUWR TXH KDQ JDQDGR RWURV HVSHFLDOPHQWH HQ ORV HVFHQDULRV GH OD
YLGDHQFRPXQLGDG\HQODYLGDSULYDGDSRUHMHPSORHO(VWDGRDSUXHEDOH\HVTXH
SURKtEHQIXPDUGHWHUPLQDHOQLYHOGHSHUPLVLYLGDGGHORVDERUWRVRGHODYHORFLGDG
HQTXHVHFRQGXFHXQYHKtFXOR\DVtVXFHVLYDPHQWH$PHGLGDTXHHOSDUODPHQWR
DSUXHEDQXHYDVOH\HV\UHJXODFLRQHVODSROtWLFDYDHMHUFLHQGRXQSRGHUFDGDYH]
PD\RUVREUHWRGRVORVDVSHFWRVGHODYLGDHQVRFLHGDGXQSRGHUHMHUFLGRFRQXQD
PD\RUVXWLOH]DTXHDQWHVSXHV\DQRVHLPSRQHQODVHVSDGDVRORVIXVLOHVDKRUD
TXL]iVHLPSRQHHVHSRGHUWHQLHQGRFRPRDOLDGRVDORVPHGLRVGHFRPXQLFDFLyQ
WDOFRPRORKDEtDSUHYLVWR2UZHOO HQVXQRYHOD
5HJUHVDPRV GH QXHYR D XQD GH ODV SUHJXQWDV FOiVLFDV GH OD ILORVRItD \ OD FLHQFLD
SROtWLFD ¢KDVWD TXp SXQWR GHEH LQWHUYHQLU HO (VWDGR HQ ODV YLGDV SULYDGDV GH ORV
FLXGDGDQRV" 3RU HMHPSOR VL XQD SHUVRQD TXLHUH FRQGXFLU XQD PRWR ¢SXHGH HO
(VWDGR REOLJDU D HVH FLXGDGDQR D OOHYDU FDVFR JDIDV ERWDV \ WRGR HO HTXLSR GH
VHJXULGDGSHUVRQDO"/DUHVSXHVWDDOPHQRVHQSULQFLSLRSDUHFHVHUHYLGHQWHODV
SHUVRQDV GHEHQ VHU WROHUDQWHV FRQ ODV OH\HV TXH SUHWHQGHQ SURWHJHU OD YLGD \ OD
VHJXULGDG GH ORV FLXGDGDQRV HQ SDUWH SRUTXH QR VROR EXVFDQ OD SURWHFFLyQ
LQGLYLGXDOVLQRTXHWDPELpQODVOH\HVLQWHQWDQSURWHJHUDXQDFRPXQLGDGGHODTXH
VHKDFHSDUWH
9HDPRVHVWHDVXQWRGHRWUDPDQHUD\FRQRWURFDVR5HVXOWDEDVWDQWHLQTXLHWDQWH
SDUDORVFLXGDGDQRVHOKHFKRGHTXHKR\HQGtDHO(VWDGRDFXPXOHFDGDYH]PiV
LQIRUPDFLyQ SHUVRQDO HQ EDVHV GH GDWRV TXH VH HQFXHQWUDQ HQ LQVWLWXFLRQHV
HVWDWDOHV HQWLGDGHV ILQDQFLHUDV FOXEHV DVRFLDFLRQHV HWF 6H GHULYD XQD QXHYD
SUHJXQWD GH HVWH KHFKR ¢VXSRQH OD LQWURPLVLyQ GHO JRELHUQR XQ SHOLJUR SDUD ODV
YLGDVSULYDGDV"
&DVLVHVHQWDDxRVGHVSXpVGHVXSULPHUDSXEOLFDFLyQ³´ ODQRYHODGH2UZHOO
VLJXHVLPEROL]DQGRODDQJXVWLDTXHVXSRQHYLYLUHQXQ(VWDGRWRWDOLWDULRGRQGHODV
PiTXLQDV FRQWURODQ ORV SHQVDPLHQWRV GH OD JHQWH (Q OD QRYHOD GH 2UZHOO
UHFRUGHPRV KDEtD FiPDUDV GH WHOHYLVLyQ HQ ODV FDVDV \ QR H[LVWtD OD LQWLPLGDG
&XDQGR HO SURWDJRQLVWD GH OD QRYHOD \ VX QRYLD TXHUtDQ XQ SRFR GH LQWLPLGDG
GDEDQ XQ SDVHR SRU HO ERVTXH SHUR DOOt WDPSRFR KDEtD LQWLPLGDG SRUTXH KDEtD
FiPDUDV VHFUHWDV 1RVRWURV QR WHQHPRV FiPDUDV HQ FDVD QL FiPDUDV HQ ORV
ERVTXHV HO PXQGR HV XQ OXJDU PXFKR PHQRV DXWRULWDULR TXH HQ ORV DxRV TXH
SUHFHGLHURQ \ ORV SRVWHULRUHV D OD 6HJXQGD *XHUUD 0XQGLDO 'H FXDOTXLHU IRUPD
KD\ TXH HVWDU DWHQWRV H[LVWHQ PXFKRV SHOLJURV SDUD OD GHPRFUDFLD \ QR VH WUDWD
GHPLQLPL]DUORV
/RTXHHVWiVXFHGLHQGRHVTXHODVRFLHGDGDPHQXGRSHUFLEHDO(VWDGRFRPRXQ
REVWiFXOR SDUD OD OLEHUWDG SHUR ¢SRGUtDPRV YLYLU HQ XQ PXQGR VLQ (VWDGRV \ VLQ

25:(// *HRUJH HG %DUFHORQD (GLFLRQHV 'HVWLQR SULPHUD HGLFLyQ DEULO GH

,ELGHP
JRELHUQRV FRPR OR SODQWHD HO DQDUTXLVPR PiV UDGLFDO" 'HVGH OD SHUVSHFWLYD TXH
DTXtVHGHILHQGHGHILQLWLYDPHQWHQR(O(VWDGRHVXQPDO QHFHVDULRSRUDVtGHFLU
QRSRGHPRVYLYLUVLQ(VWDGRVSRUTXHHO(VWDGRHVHOTXHSXHGHGLFWDUQRUPDVTXH
GHILHQGHQ D ORV PLHPEURV PiV GpELOHV GH OD VRFLHGDG \ SHUPLWH OD YLGD HQ
FRPXQLGDG1RVRORVHUHTXLHUHODSUHVHQFLDGHO(VWDGRHQORVDVXQWRVSULYDGRVOD
LQWHUYHQFLyQ GH ODV RUJDQL]DFLRQHV SROtWLFDV LQWHUQDFLRQDOHV WDPELpQ VH KD YXHOWR
FDGDYH]PiVQHFHVDULD
3HUR¢FXiOHVHOIXWXURGHORV(VWDGRV"6H FXHQWDQFRQODVPDQRVHOQ~PHURGH
ILOyVRIRV \ FLHQWtILFRV GH OD SROtWLFD TXH VH WRPDQ HO DWUHYLPLHQWR GH HVSHFXODU \
KDFHU SURVSHFWLYD VREUH HO IXWXUR GH ORV (VWDGRV ¢&RQGXFH HO DFWXDO HVWDGR GH
FRVDV KDFLD JUDQGHV HQWLGDGHV SROtWLFDV R KDFLD XQD IUDJPHQWDFLyQ GH (VWDGRV
QDFLRQDOHV FDGD YH] PiV SHTXHxRV" ¢/RV (VWDGRV PRGHUQRV VRQ GHPDVLDGR
SHTXHxRVR GHPDVLDGRJUDQGHV"/DUHVSXHVWDGHSHQGHGHODSHUVSHFWLYDGHVGHOD
FXDO VH OH PLUH /RV (VWDGRV VRQ GHPDVLDGR SHTXHxRV SDUD KDFHU IUHQWH D OD
JOREDOL]DFLyQ \ GHPDVLDGR JUDQGHV SDUD RFXSDUVH GH ODV GLVWLQWDV FXOWXUDV TXH
SLGHQVXUHFRQRFLPLHQWRXRWUDIRUPDGH JRELHUQRFRPRVXFHGH HQODUHJLyQ GH
&KLDSDVHQ0p[LFR(OSRGHUGHO(VWDGRVH KDYLVWRUHGXFLGRSDUDDFDEDUFRQODV
JXHUUDV FLYLOHV FUyQLFDV TXH D]RWDQ D JUDQGHV SDtVHV DIULFDQRV FRPR 1LJHULD R (O
&RQJR DQWLJXR =DLUH \ HQ JHQHUDO FRQ ODV JXHUUDV FLYLOHV HQGpPLFDV GH PXFKRV
SDtVHVGHOVXUFRPR&RORPELDTXHGHELOLWDQODLQVWLWXFLRQDOL]DFLyQ\ODOHJLWLPLGDG
GHORVJRELHUQRV+DVWDKDFHSRFRHO(VWDGRWHQtDFRQWUROWRWDOVREUHVXVSROtWLFDV
LQWHUQDV\H[WHUQDVKR\HQGtDODVGHFLVLRQHVGHXQ(VWDGRDPHQXGRGHSHQGHQ
GHORVREMHWLYRVGHODVJUDQGHVFRPSDxtDVPXOWLQDFLRQDOHVGHODVDFFLRQHVGHODV
2UJDQL]DFLRQHV 1R *XEHUQDPHQWDOHV 21* R GH ODV 2UJDQL]DFLRQHV ,QWHU
*XEHUQDPHQWDOHV 2,* \ VH YHQ DIHFWDGRV GH PDQHUD QRWRULD SRU OD RSLQLyQ
S~EOLFD LQWHUQDFLRQDO (O FRQFHSWR GH VREHUDQtD GH ORV (VWDGRV HQ WpUPLQRV
SROtWLFRV\HFRQyPLFRV\DQRHVHOPLVPRTXHHQRWURVPRPHQWRVKDQGHIHQGLGR
ORV DQDOLVWDV SROtWLFRV/R FLHUWR HV TXH SRU FXHQWD GH OD JOREDOL]DFLyQ GH OD
HFRQRPtD\ODSROtWLFDVHKDQLGRPHQJXDQGRDOJXQRVGHORVSRGHUHVWUDGLFLRQDOHV
GHO(VWDGR+D\UHJODVTXHULJHQHOFRPHUFLRLQWHUQDFLRQDOORTXH6XiUH] OODPD
ODVIXHU]DVTXHLPSXOVDQODJOREDOL]DFLyQ\TXHGHSHQGHQPX\SRFRGHODVSROtWLFDV
HFRQyPLFDV GRPpVWLFDV D VDEHU OD YROXQWDG GHFLGLGD GH ORV SDtVHV
HFRQyPLFDPHQWHPiVLPSRUWDQWHVGHOPXQGRHOIXHUWHGHVFHQVRGHORVFRVWHVGH
WUDQVSRUWH \ ODV FRPXQLFDFLRQHV FRPR FRQVHFXHQFLD GHO H[WUDRUGLQDULR SURJUHVR
WpFQLFRHQDPERVIUHQWHVHOLPSRUWDQWHSDSHOMXJDGRSRUOD2UJDQL]DFLyQ0XQGLDO
GHO &RPHUFLR 20& HO IHQyPHQR GHO FUHFLPLHQWR GH OD JUDQ HPSUHVD LQGXVWULDO
PRGHUQD FRQ OD FRQVLJXLHQWH PXQGLDOL]DFLyQ \ OD DFHSWDFLyQ JHQHUDOL]DGD HQ HO
PXQGR GH XQ FLHUWR SDWUyQ FXOWXUDO \ GH XQDV GHWHUPLQDGDV SDXWDV FRQVXPLVWDV
8QD WHVLV PX\ GLIXQGLGD HVSHFLDOPHQWH SRU ORV HFRQRPLVWDV OLEHUDOHV HV TXH HO
PXQGRHQODDFWXDOLGDGHVWiJREHUQDGRSRUHOPHUFDGRHOPLVPRTXHLPSRQHVXV

68È5(=68$5(=$QGUpV1XHYD HFRQRPtD\QXHYDVRFLHGDG0DGULG3UHQWLFH+DOOSS

SURSLDV OH\HV OR TXH SDUHFH RULHQWDU DO PXQGR HQ GHIHQVD GH OD GRFWULQD FOiVLFD
PHUFDQWLOLVWDTXHLGHQWLILFDEDORVLQWHUHVHVGHODQDFLyQ(VWDGRFRQORVLQWHUHVHVGH
ORV FRPHUFLDQWHV \ ORV LQGXVWULDOHV R GH OD WHVLV GH ORV ILVLyFUDWDV FRPR 4XHVQD\
\ 7XUJRW GH ³GHMDG KDFHU GHMDG SDVDU HO PXQGR
PDUFKDVROR´
3UXHED GH OD WHVLV DQWHV GHIHQGLGD HV HO KHFKR SRU HMHPSOR GH TXH HQ OD
$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDVVRQODVSULQFLSDOHVSRWHQFLDVHFRQyPLFDV
\ PLOLWDUHV ODV TXH GHFLGHQ OD GLUHFFLyQ D VHJXLU HQ HO IXWXUR 6LHQGR DVt ODV
QDFLRQHV PiV SREUHV QR VLHPSUH VH VLHQWHQ ELHQ UHSUHVHQWDGDV OR TXH HQ HVWH
LQHTXLWDWLYR SDQRUDPD QRV OOHYD D SUHJXQWDUQRV ¢HV SRVLEOH XQ PXQGR GRQGH
WRGRVVXVKDELWDQWHVUHFRQR]FDQXQJRELHUQR~QLFR"(VSRVLEOHTXHFRQHOWLHPSR
GHQWUR GH PXFKDV JHQHUDFLRQHV VH DFHSWH OD H[LVWHQFLD GH FRPXQLGDGHV PiV
JUDQGHVSHURDKRUD PLVPRSUHGRPLQDODOHDOWDG DO(VWDGRQDFLRQDOHVPiVVRQ
ORV SURSLRV (VWDGRV QDFLRQDOHV ORV TXH PDQWLHQHQ HVD OHDOWDG 3DUD VRVWHQHU HO
JDVWR S~EOLFR ORV (VWDGRV QHFHVLWDQ UHFDXGDU LPSXHVWRV SRU OR TXH GHEHQ
IRPHQWDU OD OHDOWDG GH VXV FLXGDGDQRV SDUD TXH SDJXHQ HVRV LPSXHVWRV VLJXHQ
QHFHVLWDQGR HMpUFLWRV TXL]iV GH PHQRU WDPDxR SHUR ORV FLXGDGDQRV VLJXHQ
QHFHVLWDQGRXQDLQVWLWXFLyQSROtWLFDTXHORVGHILHQGDKRPEUHV\PXMHUHVTXHHVWpQ
GLVSXHVWRVDGHMDUODYLGDHQHOFDPSRGHEDWDOOD SRUHVRODOHDOWDGDORV(VWDGRV
VLJXHYLJHQWH
¢&XiOHVODPHMRUIRUPDGHOXFKDUFRQWUDODVHQIHUPHGDGHVODSD]ODSREUH]DHO
PHGLR DPELHQWH OD HGXFDFLyQ OD VDOXG OD QLxH] GHVDPSDUDGD OD YLYLHQGD HWF"
3UHJXQWpPRQRV SRU HO WHPD GH OD VDOXG ¢VH SXHGH OXFKDU KR\ HQ GtD FRQWUD ODV
HQIHUPHGDGHV HQ XQ VROR SDtV FXDQGR ORV DYLRQHV EDUFRV WUHQHV DXWREXVHV
FRFKHV\ELFLFOHWDVHVWiQFUX]DQGRFRQVWDQWHPHQWHODVIURQWHUDV"7DPELpQHQHVWH
WHPD GH OD VDOXG S~EOLFD HO PXQGR VH KD YXHOWR OHDO D OD JOREDOL]DFLyQ +D\ TXH
OXFKDUFRQWUDODVHQIHUPHGDGHVDHVFDODLQWHUQDFLRQDOSRUHMHPSORFRPRORKDFH
81,&() \ OD 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 IXQGDGD SRU ODV 1DFLRQHV
8QLGDV'HODPLVPDIRUPDVHSXHGHKDFHUPXFKRSRUODHGXFDFLyQDWUDYpVGHOD
81(6&2 HQ VX VHGH GH 3DUtV \ HQ WRGR HO PXQGR 2ULJLQDOPHQWH FUHDGD SDUD
DQLPDU D ORV SDtVHV HQ FRQIOLFWR HQ OD E~VTXHGD GH VROXFLRQHV QHJRFLDGDV OD
2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV 218 LQWHQWDWDPELpQEDMRHODSR\RGHVXV
PLHPEURVHYLWDUODVJXHUUDV\SURPRYHUODSD]PXQGLDOGHKHFKROD218GHVGH
HO PRPHQWR GH VX FUHDFLyQ HQ KD IDFLOLWDGR OD ILUPD GH PXFKRV DFXHUGRV
LQWHUQDFLRQDOHV VREUH OD SD] \ WRGRV ORV DVXQWRV TXH PHMRUDQ OD FDOLGDG GH YLGD
&RPR OR H[SUHVD 6XiUH] ³1LQJ~Q HFRQRPLVWD R SROtWLFR HQ VX VDQR MXLFLR SXHGH
GHVHDUHOIUDFDVRGHODJOREDOL]DFLyQ´
%,%/,2*5$)Ë$
$521 5$<021'(VWXGLRVSROtWLFRV0p[LFR)RQGRGH&XOWXUD(FRQyPLFD

,EtGHPS
%2%%,2 125%(572\ 0$77(8&&, 1,&2/$'LFFLRQDULRGHSROtWLFD0p[LFR(GLWRULDO6LJOR;;,

%2668(7 -$&48(63ROLWLTXHWLUpHGHVSURSUHVSDUROHVGHO¶pFULWXUHVDLQWH3DUtV
'(876&+ .$5/(OQDFLRQDOLVPR\VXVDOWHUQDWLYDV%XHQRV$LUHV(GLFLRQHV3DLGyV
.2+1 + \ 62.2/6.< : (O QDFLRQDOLVPR DIULFDQR HQ HO VLJOR ;; %XHQRV $LUHV (GLFLRQHV 3DLGyV

/$%$67,'$ +25$&,2&yPRDFHUFDUVHDODSROtWLFD0p[LFR(GLWRULDO/LPXVD
0$5; &$5/26\ (1*(/6 )('(5,&22EUDVHVFRJLGDV 0RVF~(GLWRULDO3URJUHVR
0(5/( 0$5&(/6RFLRORJtDGHODVUHODFLRQHVLQWHUQDFLRQDOHV0DGULG$OLDQ]D(GLWRULDO
0,12*8(.5(OQDFLRQDOLVPR%XHQRV$LUHV(GLFLRQHV3DLGyV
1866%$80 0$57+$ \ 6(1 $0$57<$ &RPSLODGRUHV /D FDOLGDG GH YLGD 0p[LFR )RQGR GH &XOWXUD
(FRQyPLFD
25:(// *(25*( HG%DUFHORQD(GLFLRQHV'HVWLQR
728&+$5' -($1+LVWRULD GHODVLGHDVSROtWLFDV0p[LFR(GLWRULDO7HFQRV
728=$5' +8%(57/DPHGLDFLyQ\ODVROXFLyQGHORVFRQIOLFWRV%DUFHORQD(GLWRULDO+HUGHU
6$1$*867Ë1 /D&LXGDGGH'LRV0p[LFR(GLWRULDO3RUU~D
68È5(=68È5(= $1'5e61XHYD HFRQRPtD\QXHYDVRFLHGDG0DGULG3UHQWLFH+DOO
:$51(5 5(;3HULFOHVHODWHQLHQVH0p[LFR(GLWRULDO+HUPHV
:,1.6 52%,1+LVWRULDGHODFLYLOL]DFLyQ 0p[LFR3HDUVRQ(GXFDFLyQ
/DVPLJUDFLRQHVLQWHUQDFLRQDOHV \OD
FRQVWUXFFLyQGHXQDQXHYDFLXGDGDQtD
SODQHWDULD(OSDSHOGHODHGXFDFLyQ
ÈOYDUR=XOHWD&RUWpV
8QLYHUVLGDG&RPSOXWHQVHGH0DGULG (VSDxD
4XL]iVUHVXOWHXWySLFRKDEODUGHXQDFLXGDGDQtDSODQHWDULDVREUHWRGRSRUTXHKD
VLGR XQD LGHD GH 2FFLGHQWH \ VHJXQGR SRUTXH GDGRV ORV FDPELRV FXOWXUDOHV
RFXUULGRVHQHOPXQGRFRQWHPSRUiQHRSDUHFHTXHHVWDXWRStDHVWpVLHQGRFUHDGD
SRUODQXHYDHUDLQIRUPiWLFD
(O FRQFHSWR GH FLXGDGDQtD VXUJLy HQ HO FRQWH[WR JULHJR \ ODWLQR \ DXQTXH HVWDED
UHIHULGRDXQDFDSDSULYLOHJLDGDGHODSREODFLyQVLUYLySDUDVHQWDUODVEDVHVGHOD
GHPRFUDFLD PRGHUQD \ GHVDUUROOy FRQ ODV FRPXQLFDFLRQHV XQD QXHYD FRQFHSFLyQ
GHOKRPEUH\GHODVRFLHGDGTXHKDPDUFDGRORV~OWLPRVVLJORVGHODKXPDQLGDG
$ GHFLU GH %DXPDQQ OR TXH KD PDUFDGR HO FRQFHSWR GH FLYLOL]DFLyQ KD VLGR HVWD
FRQFHSFLyQ HXURSHD GH OR FLYLOL]DGR IUHQWH D OR EiUEDUR HO SDUDGLJPD GH OD
PRGHUQLGDG VROLGD TXH KD LQVWDXUDGR HQ HO SODQHWD XQ PRGHOR GH VRFLHGDG
MHUDUTXL]DGR\REOLJDGRSDUDPLOORQHVGHVHUHVKXPDQRV
(OSUR\HFWRPRGHUQRHXURSHRFRQVXFRQFHSFLyQUDFLRQDOLVWD\OLEHUDOFLYLOL]DGRKD
GHMDGRIXHUDORVSXHEORVFRQVLGHUDGRVDWUDVDGRV\VXEGHVDUUROODGRVSDUDJHQHUDU
XQSURWRWLSRVRFLDO\DQWURSROyJLFRFRQWHPSRUiQHR
/D FLXGDGDQtD XQLYHUVDO SDUHFH WDPELpQ KDFHUVH UHDOLGDG HQ HO FRQWH[WR GH OD
GHQRPLQDGD UHYROXFLyQ LQIRUPiWLFD /D UHYROXFLyQ GH ODV UHGHV RFXUULGD HQ ORV
~OWLPRVWUHLQWDDxRVKDDELHUWRDODVQDFLRQHV\ORV(VWDGRVDXQDQXHYDHUDGHOD
FRPXQLFDFLyQ JOREDO 'HVGH \ FRQ ORV DYDQFHV UHDOL]DGRV -DFTXHV -DFTXHV
6DUYDO HQ )UDQFLD HPSLH]D D KDEODU GH OD (UD LQIRUPiWLFD \ HO PXQGR HPSH]y D
DEULUVH D XQD QXHYD HUD GH FRPXQLFDFLyQ \ WHFQRORJtD DYDQ]DGD GRQGH ORV
RUGHQDGRUHVVHFRQYLUWLHURQHQORVQXHYRVDPRVFLYLOL]DGRVSDUDODWUDQVPLVLyQGH
LQIRUPDFLyQ \ FUHDFLyQ GH DXWRSLVWDV GH OD LQIRUPDFLyQ D OR ODUJR \ DQFKR GHO
SODQHWD
(O PXQGR FRQWHPSRUiQHR KD FDPELDGR WDQWR HQ ORV ~OWLPRV DxRV \ ORV FDPELRV
KDQLGRWDQUiSLGRTXHHVGLItFLOFRPSUHQGHUFRPRORQXHYRVHYXHOYDREVROHWRD

'RFWRUHQ)LORVRItDSRUOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULGGLUHFWRUGHOD21*'$&8/&2\GH
OD )XQGDFLyQ $&8/&2 0iVWHU HQ (VWXGLRV 6XSHULRUHV ,EHURDPHULFDQRV GH OD 8&0 GH 0DGULG
'LSORPDGRHQ(VWXGLRV$PHULQGLRVSRUOD8&03URIHVRU8QLYHUVLWDULR\&RODERUDGRUGHO&HQWURGH
0LJUDFLRQHV \ 5DFLVPR GH OD 8&0 HVFULWRU \ SUHVLGHQWH GH OD &RQIHGHUDFLyQ GH $VRFLDFLRQHV
,EHURDPHULFDQDVGH(VSDxD3URIHVRUGHOD3RQWLILFLD8QLYHUVLGDG-DYHULDQDGH%RJRWi
WDO YHORFLGDG /DV QXHYDV WHFQRORJtDV GHVSOD]DQ ORV DQWHULRUHV DxRV WUDV DxR GH
XQD PDQHUD DODUPDQWH /DV QXHYDV JHQHUDFLRQHV DSUHQGHQ PiV UiSLGR TXH ODV
DQWHULRUHV\ORVQLxRVVRQORVQXHYRVFLEHUQDXWDVGHXQIXWXURVRORVRxDGRHQODV
QRYHODVGHFLHQFLDILFFLyQ(OIUDQFpV0LFKHO6pUUHVKDEODGHXQDQXHYDJHQHUDFLyQ
GH SXOJDUFLWDV \ SXOJDUFLWRV DIHUUDGRV D ORV QXHYRV FHOXODUHV R PyYLOHV TXH
FRQWURODQ FDVL OD WRWDOLGDG GH OD LQIRUPDFLyQ HQ HO PXQGR FRQWHPSRUiQHR \ VH
XELFDQHQXQDQXHYDJHQHUDFLyQWHFQRORJL]DGDTXHKDYDULDGRXQDVHULHGHYDORUHV
\TXHKDGHVDUUROODGRORVSXOJDUHVFRPRQXHYRVyUJDQRVItVLFRVGHFRPXQLFDFLyQ
=LJPXQW %DXPDQQ KD GHQRPLQDGR D HVWH SDQRUDPD PRGHUQLGDG OLTXLGD \ GHGLFy
VXYLGDDUHDOL]DUHOPiVJUDQGHGLDJQyVWLFRGHODVRFLHGDGFRQWHPSRUiQHDKDVWD
VXPXHUWHDFDHFLGDDFRPLHQ]RVGHODxR
'LIHUHQFLDPRV WDPELpQ QDFLyQ GH (VWDGR HQ ODV PRGHUQDV FODVLILFDFLRQHV GHO
GHUHFKRGRQGHODQDFLyQFRQVWLWX\HORVJUXSRVGHVHUHVKXPDQRVDILQFDGRVHQXQ
WHUULWRULR\XQLGRVSRUFRQFHSWRVFRPRODOHQJXDODVWUDGLFLRQHVODFXOWXUDGLVWLQWR
GHO (VWDGR FRPR XQ HQWH DEVWUDFWR \ DGPLQLVWUDWLYR GH FUHDFLyQ UHFLHQWH \ TXH
SDUHFHKDEHUPRQRSROL]DGRHOSRGHUHQODOH\
$Vt HO PXQGR FRQWHPSRUiQHR VH KD YXHOWR HQ YHUGDG XQD DOGHD JOREDO GRQGH
HVWDPRV LQIRUPDGRV GH WRGR OR TXH RFXUUH HQ GLIHUHQWHV VLWLRV GHO SODQHWD /D
LQWHUFRPXQLFDFLyQ SODQHWDULD JHQHUD XQ PXQGR LQWHUFRQHFWDGR D WUDYpV GH UHGHV
TXHHVWiQYDULDQGRPXFKDVGHODVFRRUGHQDGDVGHOSDVDGR
6LQHPEDUJRDOJRDOLQWHULRUGHQRVRWURVPLVPRV\GHQXHVWUDVQDFLRQHVVHQLHJD
DDGDSWDUVHDORVQXHYRVWLHPSRV\VHJXLPRVDIHUUDGRVDHVTXHPDVGHOSDVDGR
/D FRQFHSFLyQ GH (VWDGRV QDFLRQDOHV ODV HVWUXFWXUDV MXUtGLFDV \ EXURFUiWLFDV OD
FRQFHSFLyQGHOLQGLYLGXR\ORVWHUULWRULRVVLJXHQWHQLHQGRXQSHVRFRQVLGHUDEOHHQ
ODVFRQFHSFLRQHVDFWXDOHV
$JUHJDGR D HVWR HVWi HO SHVR GH ODV LGHRORJtDV PDQHUDV GLVWLQWDV GH FRQFHELU HO
PXQGR D QLYHO UHOLJLRVR VRFLDO HFRQyPLFR \ SROtWLFR $ GHFLU GH (GJDU 0RULQ
YLYLPRVDWUDSDGRVHQXQPXQGRSVtTXLFRGHVHUHVLPDJLQDULRVGHPLWRV\OH\HQGDV
TXH FRQVWLWX\HQ OR GHQRPLQDGR LQWHULRU $WUDSDGRV HQ OD QRRVIHUD QR ORJUDPRV
YHUQRVDQRVRWURVPLVPRVGHVSUHQGHUQRVGHHVWRVSDWURQHVPHQWDOHVHQORVTXH
SHUPDQHFHPRVWRGDQXHVWUDYLGDREQXELODGRVSRUGLRVHV\GHPRQLRVFUHDGRVSRU
QXHVWUDSURSLDLPDJLQDFLyQ\DORVFXDOHVYHQHUDPRVFXDOVLGHWULEXVDQWLJXDVVH
WUDWDVH
$SHVDUGHODLQWHUFRPXQLFDFLyQSODQHWDULDVXEVLVWHQGLIHUHQFLDVHQWUHSDtVHVHQWUH
EORTXHVGHSDtVHVHQWUH2ULHQWH\2FFLGHQWHHQWUHHO1RUWH\HO6XU6REUHWRGR
WHQHPRVODSHUFHSFLyQGHODSREUH]D\ODPLVHULDHQJUDQGHVFDSDVGHODSREODFLyQ
\HQSDtVHV ODPD\RUtDXELFDGDDOVXUGHOPXQGR
/D LQHTXLGDG \ HO KDPEUH ODV JXHUUDV \ OD OXFKD SRU HO SRGHU SDUHFHQ PDUFDU HO
GHVWLQRFRQWHPSRUiQHRGHODKXPDQLGDG<QR VRORDKRUDKDQPDUFDGRODKLVWRULD
GHOKRPEUHPRGHUQRHQORV~OWLPRVVLJORV
/D KLVWRULD GH ODV JXHUUDV HV OD KLVWRULD GHO SLOODMH GH OD KXPDQLGDG 1R KHPRV
ORJUDGR HQ HVWRV VLJORV VLVWHPDV HTXLWDWLYRV R TXH UHVSRQGDQ D XQ PtQLPR GH
MXVWLFLD VRFLDO \ GH UHGLVWULEXFLyQ GH OD ULTXH]D DOJXQDV PLQRUtDV GRPLQDQWHV VH
DSURSLDURQ GH JUDQGHV FDSDV GH SREODFLyQ \ JUDQGHV H[WHQVLRQHV GH WLHUUD TXH
IXHURQSULYDWL]DGDVSDUDEHQHILFLRGHXQRVSRFRV/XHJRODUHYROXFLyQLQGXVWULDOGHO
VLJOR ;9,,, HQ (XURSD VLUYLy SDUD TXH ODV HOLWHV EXUJXHVDV VH DSURSLDUDQ GH ODV
QXHYDVWHFQRORJtDV\FUHDUDQJUDQGHVHPSUHVDVLQGXVWULDV\UHGHVLQWHUQDFLRQDOHV
GHHQULTXHFLPLHQWRPXOWLQDFLRQDOHV\H[SORWDFLyQGHOSODQHWDHQWHUR
(QHVWDGLVWULEXFLyQLQWHUQDFLRQDOGHOFDSLWDOHVTXH KDQVXUJLGRHVWDVGLIHUHQFLDV
HQWUHHOQRUWH\HOVXUGHOPXQGR
&RQWLQHQWHV HQWHURVKDQ VLGR GHFODUDGRV HQ OD PLVHULD \ OD SREUH]D DQLGD HQ ORV
JUDQGHV SDtVHV DIULFDQRV DVLiWLFRV R GH $PpULFD ODWLQD (O GHVHTXLOLEULR HQ HO VXU
GHO PXQGR HV GH WDO PDJQLWXG TXH PLHQWUDV PLOORQHV GH SHUVRQDV VXEVLVWHQ FRQ
XQR R GRV GyODUHV GLDULRV ORV SRFRV SULYLOHJLDGRV VXVWHQWDQ PiV GHO GH OD
ULTXH]DGHOSODQHWD\GHUURFKDQPLOORQHVGHHXURVRGHGyODUHVHQXQFDUQDYDOGHO
FRQIRUW \ OD PRGD VXILFLHQWH SDUD PDQWHQHU ORV HVWiQGDUHV FLYLOL]DGRV GH ORV
JUDQGHVFHQWURVGHSRGHUXUEDQRGHOPXQGRFRQWHPSRUiQHR
(O GHVSUHFLR KDFLD ORV QHJURV \ OD FRUUXSFLyQ JDORSDQWH GH ÈIULFD ORV GpELOHV
VLVWHPDVGHPRFUiWLFRVPiVGHPLOORQHVGHQLxRVODWLQRDPHULFDQRVDWUDSDGRV
HQ HO KDPEUH \ OD PLVHULD 6HJ~Q (GXDUGR *DOHDQR OD UHJLyQ ODWLQRDPHULFDQD
VRSRUWD XQR GH ORV VLVWHPDV PiV LQHTXLWDWLYRV GHO PXQGR \ OD FRQTXLVWD \ HO
FRORQL]DMH(XURSHRQRKL]RPiVTXHDILDQ]DUHOPRGHORFLYLOL]DGRLPSHUDQWHHQHO
VLJOR ;9, GH JXHUUDV \ SLOODMH GH H[SORWDFLyQ \ DILDQ]DPLHQWR GHO FDSLWDOLVPR
(XURSHR
7HQHPRVTXHDSXQWDUDGHPiVTXHHQHVWHFRQWH[WRGHVHTXLOLEUDGRGHSRVHVLyQ\
HQ HVWH LQWHUpV HQ GHVDUUROODU OD FLHQFLD \ OD WHFQRORJtD FRPR VRSRUWH D OD
H[SORWDFLyQ D OD JXHUUD \ OD PLVHULD VXUJLy HVWD UHYROXFLyQ LQIRUPiWLFD HQ ODV
GpFDGDVILQDOHVGHOVLJOR;;DODTXHQRVKHPRVUHIHULGRHQORVDQiOLVLVSUHYLRV
/DFLHQFLDKDHVWDGRDOVHUYLFLRGHOFDSLWDO\KDFUHFLGRDGHPiVHQODSDUWHULFDGHO
PXQGR'HVDUUROODODLQYHVWLJDFLyQHQSODQGHSURGXFLUPiV\PHMRURGHFRQVXPLU
PiV \ PHMRU +D\ KRQURVDV H[FHSFLRQHV TXH KDQ IDYRUHFLGR OD OXFKD FRQWUD OD
HQIHUPHGDG \ OD PXHUWH GHVDUUROODQGR YDFXQDV R PHMRUDQGR OD FDOLGDG GH ORV
DOLPHQWRV SHUR HQ JHQHUDO KD VHUYLGR SDUD OD PHMRUD FXDOLWDWLYD LQFOXVR GH OD
FDUUHUD DUPDPHQWLVWD TXH DUPD ORV SDtVHV \ ORV LQGLYLGXRV SDUD OD H[WHUPLQDFLyQ
PXWXD
(VSDxDSRUHMHPSORPLHQWUDVSRUXQODGRPDQHMDXQEXHQVLVWHPDGHVROLGDULGDG
\ FRRSHUDFLyQ LQWHUQDFLRQDO HV D OD YH] XQR GH ORV PiV JUDQGHV SURGXFWRUHV \
H[SRUWDGRUHV GH DUPDV SDUD HO PXQGR /D HQHUJtD DWyPLFD ORJUy DYDQFHV
FRQVLGHUDEOHVHQFLHQFLD\WHFQRORJtDSHURWDPELpQVHKDFRQYHUWLGRHQXQDGHODV
DUPDV PiV PRUWtIHUDV SDUD OD KXPDQLGDG TXH SRQH HQ SHOLJUR LQFOXVR OD
VXSHUYLYHQFLDGHODHVSHFLH
&RPR PDQHUD GH UHVSRQGHU D WRGDV ODV GHPDQGDV VRFLRHFRQyPLFDV \ SROtWLFDV
UHDOL]DGDVSRUORVVLVWHPDVDFWXDOHVORVVHUHVKXPDQRVSDUHFHQ PRYHUVHHQXQD
QXHYDGLQiPLFDTXHVHKDGDGRHQOODPDUPLJUDFLRQHVLQWHUQDFLRQDOHV
'HVSOD]DPLHQWRVGHSREODFLyQKDKDELGRVLHPSUH\ODPD\RUtDGHODVYHFHVSRUODV
PLVPDVUD]RQHVE~VTXHGDGHPHMRUHVFRQGLFLRQHVGHYLGDKXLGDGHODVJXHUUDV
KDPEUHGHVSOD]DPLHQWRVSROtWLFRVSDUDVDOYDUODYLGDHWF
3HURHQORV~OWLPRVDxRVODKXtGDGHOVXUSREUHKDFLDHOQRUWHULFR DKRUDQRWDQWR
FRPRDQWHV KDPDUFDGRHVWHSURFHVRGHPLJUDFLRQHVGHXQDPDQHUDLPSRUWDQWH
0LOHVGHSHUVRQDVVHKDQPRYLGRGHVXVSDtVHVGHRULJHQ\JHQHUDGRXQDQXHYD
YLVLyQGHXQDSREODFLyQIORWDQWHGHVDGDSWDGDLQHVWDEOHHQWUHXQSDtVGHRULJHQ\
XQSDtVGHDFRJLGD
(QHOFDVRGH(XURSDPLOHVGHLQPLJUDQWHVDIULFDQRV0DJUHEtHVODWLQRDPHULFDQRV
\ DVLiWLFRV KDQ ORJUDGR HQWUDU HQ XQD (XURSD IRUWLILFDGD SRU IURQWHUDV ItVLFDV \
MXUtGLFDVLQFOXLGDODYDOODIRUWLILFDGDGH0HOLOOD\JHQHUDGRXQSRWHQFLDOGHPiVGH
VHVHQWD PLOORQHV GH SHUVRQDV TXH KDELWDQ \ WUDEDMDQ HQ ORV SDtVHV GH OD 8QLyQ
VREUH WRGR HQ OD (XURSD GHQRPLQDGD 2FFLGHQWDO 0HMRUHV FRQGLFLRQHV GH YLGD
ELHQHVWDU VRFLDO \ HVWDWDO VHUYLFLRV S~EOLFRV GH PD\RU FDOLGDG DKRUD PHQJXDGRV
SRU ODV SROtWLFDV GH DMXVWH HVWUXFWXUDO \ GHVWUXFFLyQ SDXODWLQD GHO HVWDGR GH
ELHQHVWDUKDQDWUDtGRDKRPEUHV\PXMHUHVGHOVXUGHOPXQGR
(QHOFDVRGHORV(VWDGRV8QLGRVXQSDtVFRQVWUXLGRSRULQPLJUDQWHVDKRUDSDUHFH
GHMDUGHODGRVXSDVDGRPLJUDWRULR\SURSRQHPXURVGH VHSDUDFLyQFRQHO6XUGH
$PpULFD TXH SUiFWLFDPHQWH GHMDUtDQ LQFRPXQLFDGD HVWD SDUWH GHO PXQGR FRQ VXV
YHFLQRV ULFRV GHO 1RUWH (O ~OWLPR SUHVLGHQWH QRUWHDPHULFDQR XQ H[WUDxR OtGHU
EODQFR\FRQVHUYDGRUSUHWHQGHFRQVWUXLUXQPXURTXHVHSDUHORVPLVPRVHVWDGRV
XVXUSDGRVHQHOSDVDGRD(VSDxD\D0p[LFRGHODFWXDOSDtV$]WHFD\FRQpODWRGD
&HQWURDPpULFD\6XUDPpULFDDWHQD]DGDSRUODSREUH]D
(VWDGRV 8QLGRV XQ SDtV FRQVWUXLGR SRU LQPLJUDQWHV HXURSHRV HQFLPD GH ORV
SXHEORV RULJLQDULRV PDVDFUDGRV SRU OD ILHEUH GHO RUR \ HO FRORQL]DMH LQJOpV
DUURJDQWH \ WLUiQLFR SDUHFH ROYLGDUVH HQ ORV ~OWLPRV WLHPSRV GH VX SDVDGR H
LQWHQWDUSRUWRGRVORVPHGLRVHYLWDUODVQXHYDVROHDGDVPLJUDWRULDVSURGXFWRGHOD
PLVPD GHVLJXDOGDG JHQHUDGD SRU HO FDSLWDOLVPR PXQGLDO \ VX QXHYD FUHDFLyQ
QHROLEHUDO
&RQYHUWLGR HQ XQ HPEOHPD GH ORV QXHYRV WLHPSRV \ HO WULXQIR GHO LQGLYLGXDOLVPR
EXUJXpV FRQWUD HO FROHFWLYLVPR FRPXQLVWD HQVD\DGR HQ HO VLJOR ;; HQ PXFKRV
VLWLRV GHO PXQGR JHQHUD WDPELpQ HO PD\RU HVTXHPD GH GHVLJXDOGDG VRFLDO \ GH
GHUURFKH GH OD ULTXH]D (O DQiOLVLV GH $OH[ 7RFTXHYLOOH TXL]iV SUHWHQGtD VROR
MXVWLILFDUHOPRGHORGHPRFUiWLFRQRUWHDPHULFDQRRHOVXHxRGH-KRQ'HZH\GHXQD
GHPRFUDFLDUHDOJHQHUDGDGHVGHODHVFXHODFRPREDOXDUWHGHODQXHYDSHGDJRJtD
SDUDHVWHQXHYRHQVD\RDPHULFDQRGHGHPRFUDFLDUHDO
3HUR OD KLVWRULD FRQWLQXD VX UXPER \ ODV PLJUDFLRQHV QR VH GHWLHQHQ DXQTXH VH
SRQJDQYDOODV\PXURV\OH\HV\IURQWHUDV<FRPRUHVXOWDGRGHWRGRHVWHSURFHVR
HPSH]DPRV D KDEODU GH XQD QXHYD FLYLOL]DFLyQ SODQHWDULD \ GH XQD FRQFHSFLyQ
UHDOPHQWH QRYHGRVD GH OD PDQHUD GH LQWHUSUHWDUQRV D QRVRWURV PLVPRV (VWD HV
QXHVWUDWHVLVFHQWUDO
/RVLQPLJUDQWHVFRQVWUX\HQXQQXHYRHVTXHPDFLYLOL]DGRDSHVDUGHVtPLVPRV\
GHVXVSURSLDVFXOWXUDVQDFLRQDOHV6HODQ]DQDXQYLDMHVLQUHWRUQRGRQGHPXFKRV
GH VXV HVTXHPDV UHVXOWDQ PRGLILFDGRV +DFHQ SDUWH GH XQD QXHYD UHG VRFLDO
HFRQyPLFD \ FXOWXUDO D OD TXH OODPDPRV QXHYD FLYLOL]DFLyQ \ DXQTXH HO QRPEUH
UHVXOWH QRYHGRVR HV OD PDQHUD GH GHILQLU HVWRV QXHYRV KDELWDQWHV GHO SODQHWD GH
PiV GH PLOORQHV GH SHUVRQDV TXH VH PXHYHQ HQWUH SDtVHV \ FRQWLQHQWHV \
JHQHUDQXQRVQXHYRVYDORUHV\XQDVQXHYDVHVWUXFWXUDVIUHQWHDODPDQHUDHQTXH
VHKDRUJDQL]DGRHOPXQGRKDVWDDKRUD
/DVDFWXDOHVFRQGLFLRQHVGHOPRYLPLHQWRGHSHUVRQDVODPDQHUDHQTXHVHHVWiQ
LQWHUUHODFLRQDQGRDWUDYpVGHODVUHGHVGHFRPXQLFDFLyQORVFDPELRVFXDOLWDWLYRV\
FXDQWLWDWLYRV GH ORV VHUHV KXPDQRV SHUR \ VREUH WRGR XQD QXHYD YLVLyQ FXOWXUDO
PXQGLDO XQD DOGHD SODQHWDULD TXH SRGUtD JHQHUDU WDPELpQ QXHYRV YDORUHV GH
VROLGDULGDG\GHWROHUDQFLDGHpWLFDVRFLDOTXHDEUDORVHVSDFLRVDXQPXQGRPiV
HTXLOLEUDGR\MXVWRPDVOLEHUWDULR\KXPDQRHQHOVHQWLGRGHDSURYHFKDUPHMRUORV
UHFXUVRV QDWXUDOHV PXQGLDOHV R PHMRUDU QXHVWUD PDQHUD GH JHVWLRQDU HO SRGHU
SROtWLFRHQJUDQGHV FDSDVGHSREODFLyQHVORTXHQRVOODPDODDWHQFLyQGHHVWRTXH
HVWiRFXUULHQGRHQORV~OWLPRVDxRV
(VWDPRV D ODV SXHUWDV GH XQD QXHYD HVWUXFWXUD FLYLOL]DGD TXH QRV SHUPLWLUi
FRQVWUXLUXQDVRFLHGDGPiVMXVWD\VROLGDULDKXPDQD\YLWDOTXHUHFRQR]FDDWRGRV
\ D WRGDV \ OHYDQWH EDUUHUDV DQFHVWUDOHV GH LQMXVWLFLD JXHUUD KDPEUH \
GHVLJXDOGDG
3HURODFRQVWUXFFLyQGHHVWDQXHYDHVWUXFWXUDUHTXHULUiSDFLHQFLD\VREUHWRGRXQ
FDPELRHQODPHQWDOLGDGGHOKRPEUHDFWXDO1RSRGHPRVSUHWHQGHUFRQVWUXLUXQD
QXHYD FLYLOL]DFLyQ PDQWHQLHQGR HVWUXFWXUDV GHO SDVDGR SURSXHVWDV FRQVHUYDGRUDV
R DUUDLJRV GH WLSR FXOWXUDO TXH QR QRV SHUPLWH DYDQ]DU HQ OD FRQFHSFLyQ TXH
WHQHPRVGHQRVRWURVPLVPRVFRPRLQGLYLGXRV\FRPRFRPXQLGDG
+DEODUGHXQDQXHYDFLYLOL]DFLyQLPSOLFDKDEODUGHXQDQXHYDHVWUXFWXUDGHYDORUHV
TXHQDGDWLHQHTXHYHUFRQORVYDORUHVRFFLGHQWDOHVLPSXHVWRVVREUHDPSOLDVFDSDV
GHSREODFLyQPXQGLDOHV
/DpWLFDFRQFHELGDFRPRXQDFLHQFLDDGVFULWDDODILORVRItDQRSHUPLWHODLPSRVLFLyQ
GHYDORUHV3RUHOFRQWUDULRKDEODGHXQDFRQVWUXFFLyQD[LROyJLFD QXHYDVLHPSUH
9DORUHVFRPRODVROLGDULGDGODFRQYLYHQFLDODMXVWLFLDHODPRURODSD]QRSXHGHQ
VHUSDUWHGHXQDLPSRVLFLyQDGPLQLVWUDWLYDRVRFLDOGHXQDPDQHUDGHSHQVDUGH
DFWXDUGHJDQDUGLQHURGH³HMHUFHUÓDGHPRFUDFLD'HEHQVHUSDUWHFRQVXVWDQFLDO
GHXQQXHYRPRGHORDQWURSROyJLFR\VRFLROyJLFRGHODFRQVWUXFFLyQGHXQDFXOWXUD
JOREDO\SODQHWDULDKXPDQDHQVXWRWDOLGDG\HQVXLQWHJUDOLGDGUHVSHWXRVDGHODV
GLIHUHQFLDV LQGLYLGXDOHV \ QDFLRQDOHV SHUR OHYDQWDGD VREUH HO DQGDPLDMH ~QLFR \
SOXUDOGHORKXPDQR+DEODPRVGHXQDPDQHUDGLVWLQWDGHJHVWLRQDUODGLYHUVLGDG
HQ OD XQLGDG \ OD PDQHUD GH HGXFDU QXHYDV JHQHUDFLRQHV HQ HO DPRU \ OD
WROHUDQFLD
1LHW]VFKH KDEtD SODQWHDGR XQD WUDQVYDORUDFLyQ FXOWXUDO IUHQWH D OD PRUDO MXGHR
FULVWLDQD LPSHUDQWH HQ HO PXQGR KDVWD pO \ OD HVWUXFWXUDFLyQ GH QXHYRV YDORUHV
KXPDQRV \ WHUUHQDOHV TXH IXHUD GH ORV iPELWRV PRUDOHV LQVWDXUDGRV HQ OD WLHUUD
JHQHUDUDQ XQ QXHYR VHQWLGR GH OR KXPDQR /D VXSHUDFLyQ GH OD LQWHUSUHWDFLyQ
PRUDOGHOPXQGRSRUXQDQXHYDYLVLyQWHUUHQDOGRQGHFRQWDVHHOVHQWLGRGHODYLGD
\ODIHOLFLGDG
/RVHVIXHU]RVHQORVSUy[LPRVDxRVGHEHUtDQHVWDUFHQWUDGRVHQHVWHSURSyVLWR
+HPRVJDQDGRXQDHVFDOD WHFQROyJLFDSODQHWDULDKHPRVFUHDGRORVLQVWUXPHQWRV
QHFHVDULRV SDUD FRPXQLFDUQRV D QLYHO JOREDO D WUDYpV GH ODV UHGHV GH
FRPXQLFDFLyQ GH OD WHOHYLVLyQ GH ORV PDVV PHGLD $KRUD HV HO PRPHQWR GH
DSURYHFKDU WRGD HVWD HVWUXFWXUD FRPXQLFDFLRQDO SDUD KDEODU GH FRPXQLFDFLyQ HQ
VHULR\GHHGXFDFLyQ\FXOWXUDSDUDJUDQGHVFDSDVGHSREODFLyQ
/D HGXFDFLyQ GHO JpQHUR KXPDQR DSDUHFtD WDPELpQ HQ ODV SUHWHQVLRQHV GH ORV
LOXVWUDGRV DOHPDQHV .DQW \ /HVVLQJ KDEtDQ H[SORUDGR ODV SRVLELOLGDGHV GH
HGXFDFLyQGHOJpQHURKXPDQR\VHKDEtDQODQ]DGRDXQDQXHYDHGDGGHODUD]yQ\
ODFRQVWUXFFLyQGHXQDPD\RUtDGHHGDGUDFLRQDOIUHQWHDODPLQRUtDGHHGDGDXQ
³VDSHUHDXGH´FX\RVHFRVDXQUHSHUFXWHQHQHOSURJUHVRFLHQWtILFR\WHFQROyJLFRGH
2FFLGHQWH
+DVLGRODFRQVWDQWHHQORVILOyVRIRVHXURSHRVGHVGHORVJULHJRV /DFRQVWUXFFLyQ
JLJDQWHVFD GH XQD VHJXQGD QDWXUDOH]D KXPDQD HQ OD pWLFD TXH D WUDYpV GH OD
IRUPDFLyQ HQ HO %LHQ OD 9HUGDG \ OD %HOOH]D URPSLHVH HO FLUFXLWR QDWXUDO GH OD
YLROHQFLD\ODJXHUUDLQVWDXUDGDHQODQDWXUDOH]DKXPDQDDWUDYpVGHOWLHPSR
(VWDUtDPRVDKRUDHQODSRVLELOLGDGDELHUWDGHHGXFDUDPLOORQHVGHVHUHVKXPDQRV
DWUDYpVGHODVUHGHVXQDQXHYDUHDOLGDGQRVRxDGDDQWHVSRUODKXPDQLGDGHQVX
ODUJRSHULSORGHWHQHUXQSODQHWDLQWHUFRQHFWDGR\GHURPSHUORORFDOSDUDHQWUDU
HQORJOREDO
<HVWRVHVSDFLRVFRQVWUXFWLYRVHVWDQXHYDGLQiPLFDFLYLOL]DGDFXULRVDPHQWHDEUtD
VLGR DELHUWD SRU ORV PRYLPLHQWRV PLJUDWRULRV TXH DO FDPELDU GH SDtV \ GH QDFLyQ
HVWDEOHFHUtDQ ODV YtDV SDUD XQ JUDQ PRYLPLHQWR SODQHWDULR QR UHGXFLGR VROR D
LQWHUFDPELRHFRQyPLFRVLQRDLQWHUFDPELRKXPDQRYLYHQFLDOGHPLOORQHVGHVHUHV
TXHKDQLGRSRFRDSRFR\FDVLVLQTXHUHUORDEULHQGRORVHVSDFLRVDODFRQVWUXFFLyQ
GHXQPXQGRQXHYRXQDQXHYDFLYLOL]DFLyQTXHHFKDDDQGDUHQODE~VTXHGDGH
QXHYDVKHUUDPLHQWDVSDUDODYLGDHQXQ SODQHWDOODPDGRWLHUUD
/RV LQPLJUDQWHV KDQ FRQVWLWXLGR VXV SURSLDV UHGHV VRFLDOHV \ SROtWLFDV KDQ
OHYDQWDGRFRPXQLGDGHVWUDQVQDFLRQDOHV\HFKDGRSRUWLHUUDFRQFHSWRVWUDGLFLRQDOHV
FRPRODSDWULDHOWHUULWRULRODQDFLyQHQFHUUDGDHQHO(VWDGR
1R HVWi UHVXOWDQGR QDGD IiFLO (O RGLR \ HO UDFLVPR VH DFUHFLHQWDQ HQ ORV SDtVHV
ULFRV\OD[HQRIRELDVDOWDWDPELpQHQORVDFWXDOHV(VWDGRV8QLGRVDOHQWDGRVSRUXQ
YDFtRGHSRGHUGHPRFUiWLFRTXHVHKDYLVWRHYLGHQWHHQORV~OWLPRVPHVHV
(O IDQDWLVPR UHOLJLRVR \ SROtWLFR GH JUXSRV GH 0HGLR 2ULHQWH HPSHFLQDGRV HQ
UHFXSHUDUXQSRGHUPHGLHYDOGHOLVODP\HQFHJXHFLGRVSRUXQDIHDQFHVWUDOHQ$Oi
HVWi JHQHUDQGR HQ 2FFLGHQWH RODV GH WHUURULVPR LPSUHGHFLEOHV TXH DWHQD]DQ ORV
JRELHUQRV QDFLRQDOHV HXURSHRV EDMR HO DQRQLPDWR GH KRPEUHV \ PXMHUHV
GLVSXHVWRV D PRULU SRU XQ GLRV H[WUDxR DPELJXR HQ VXV VHQWLPLHQWRV GH DPRU \
RGLR\TXHKDFHGHODSROtWLFD\GHODUHOLJLyQXQDVRODEDQGHUD
/DVFODYHVQRSXHGHQHQFRQWUDUVHDKRUDHQHVDVYLVLRQHVVHVJDGDVGHODUHDOLGDG
TXH WUDHQ PXFKRV LQPLJUDQWHV \ UHIXJLDGRV GH 0HGLR 2ULHQWH GH $IJDQLVWiQ R
3DTXLVWiQ TXH REHGHFHQ GRJPiWLFDPHQWH XQD IH GH FDUERQHUR TXH 2FFLGHQWH
DIRUWXQDGDPHQWH\DSHUGLy
0DQWHQHU (VWDGRV 7HRFUiWLFRV HQ ORV DFWXDOHV PRPHQWRV \ SUHWHQGHU PDQWHQHU
SRVWXUDV RUWRGR[DV R H[WUHPDV UHVXOWD FRQWUDSURGXFHQWH HQ ORV DYDQFHV TXH KD
ORJUDGRSRURWURODGRODVGHPRFUDFLDVPRGHUQDVRFFLGHQWDOHV\ORVDOWRVQLYHOHVGH
WROHUDQFLD\VROLGDULGDGDOFDQ]DGRVHQPXFKRVSDtVHVGHOPXQGR/DFRQVWUXFFLyQ
GH VRFLHGDGHV PiV VHJODUHV PiV FLYLOHV KDFH SDUWH GH OR DOFDQ]DGR SRU OD
KXPDQLGDGHQVXODUJDWUD\HFWRULDKDFLDODSHUIHFWLELOLGDGVRFLDOTXHKDLQWHQWDGR
GXUDQWH VLJORV $XJXVWR &RPWH HO SDGUH GH OD VRFLRORJtD SODWHDED \D HQ VXV
DQiOLVLV VREUH ODV HWDSDV GH OD KXPDQLGDGHQ VX HYROXFLyQ XQD IDVH ILQDO SRVLWLYD
PDUFDGD SRU OD FLHQFLD TXH SHUPLWLUtD VX GHVDUUROOR ILQDO \ D SHVDU GH TXH VXV
SODQWHDPLHQWRV KDFtDQ WRGDYtD SDUWH GH XQ RSWLPLVPR FLHQWtILFR UHYDOXDGR OXHJR
UHVXOWD QRYHGRVR DXQ DKRUD DQWH HVWDV ROHDGDV GH IDQDWLVPR UHOLJLRVR TXH QRV
DTXHMDQHQODKLVWRULDFRQWHPSRUiQHD
/DVDFWXDOHVPLJUDFLRQHVQRVHGHILQHQSRUHOIDQDWLVPRUHOLJLRVRQLSRUODKXLGD
REOLJDGDGHORVSDtVHVSRUODJXHUUDQLSRUHOKDPEUHRODSHUVHFXFLyQSROtWLFD6H
GHILQH SRU XQ LQWHUpV PXQGLDO HQ PHMRUDU ODV FRQGLFLRQHV GH YLGD WDQWR ItVLFDV
FRPRSVLFROyJLFDV\VRFLDOHVGHKRPEUHV\PXMHUHVTXHVLHQWHQ\DTXHHOSODQHWD
HVGHWRGRV\TXHSRGHPRVPRYHUQRVOLEUHPHQWHHQHODSRUWDQGRGHVGHQXHVWUDV
FRQGLFLRQHV ItVLFDV H LQWHOHFWXDOHV DO ELHQHVWDU GH SXHEORV \ QDFLRQHV TXH DQWHV
FRQVLGHUiEDPRVVLPSOHPHQWHOHMDQRV
7DPELpQ VH HVWi HVSHUDQGR HQ ORV ~OWLPRV DxRV TXH ORV JRELHUQRV ORFDOHV \ ORV
QDFLRQDOHV GH XQ SDtV GH DFRJLGD WHQJDQ OD FDSDFLGDG VXILFLHQWH SDUD HQIUHQWDU
HVWHGHVDItRGHDFRJHUHQVXWHUULWRULRDVHUHVKXPDQRVLQFOXVRGHRWURFRORUGH
SLHOTXHKDQOOHJDGRDVXVFLXGDGHV\FDPSRVDFRPHQ]DUGHQXHYRODDYHQWXUD
KXPDQDGHOHQIUHQWDPLHQWRFRQORGHVFRQRFLGR
(VWRVQXHYRVFDQDOHVDELHUWRVSRUKRPEUHV\PXMHUHVHQHOPXQGRHQWHURGHEHQ
VHUYLU SDUD OD FRQVWUXFFLyQ GH XQD QXHYD FLXGDGDQtD SODQHWDULD UHVSHWXRVD GH
YDORUHV \ UHVSHWXRVD GHO PHGLR DPELHQWH 4XH WHQJD FRPR ILQ ~QLFR OD
SUHVHUYDFLyQGHODHVSHFLH\ODSUHVHUYDFLyQGHOSODQHWDTXHQRVYLRQDFHU(QHO
JUDQHVFHQDULRGHOD3D]0XQGLDOXQ DQWLJXRVXHxRPDQWHQLGRVRORHQORVWH[WRV
HVFULWRV GH PHQWHV EULOODQWHV TXH KDQ DWUDYHVDGR OD KLVWRULD GH OD KXPDQLGDG
FRPR XQD LQPHQVD ELEOLRWHFD DKRUD YLUWXDO HQ OD TXH VH HQFXHQWUDQ WRGDV ODV
FODYHVSDUDVHUPHMRUHVVHUHVKXPDQRVSDUDSUHVHUYDUHO VLWLRGRQGHQDFHPRV\
PRULPRV SHUR \ VREUH WRGR SDUD VHU PiV IHOLFHV GH OR TXH KHPRV SRGLGR VHU
KDVWDDKRUD
1R VH WUDWD DKRUD GH DILDQ]DU D~Q PiV PRGHORV VXSUDQDFLRQDOHV FRPR OD 8QLyQ
(XURSHD FRQ WRGRV ORV SUREOHPDV TXH KD WHQLGR GHVGH VX FRQVWLWXFLyQ HQ HO
WUDWDGRGH5RPDFRQVXVGLILFXOWDGHVDFWXDOHVGHLQWHJUDFLyQWHUULWRULDOQDFLRQDO\
HVWDWDO FRQ VXV YHORFLGDGHV GLVWLQWDV HQ HO QRUWH \ HO VXU FRQ VX (XURFHQWULVPR
D~QYLJHQWHHQRWURVVLWLRVGHOPXQGRVLQRGHSODQWHDUXQDFLYLOL]DFLyQUHDOPHQWH
SODQHWDULD TXH UHVSHWDQGR ORV FyGLJRV FXOWXUDOHV \ PRUDOHV SDUWLFXODUHV GH ODV
FUHHQFLDV \ YDORUHV UHJLRQDOHV VHD FDSD] DGHPiV GH FRQVWUXLU YDORUHV PiV
XQLYHUVDOHVTXHUHVSRQGDQDySWLFDVUDGLFDOPHQWHKXPDQDVVROLGDULDVWROHUDQWHV
UHVSHWXRVDVGHORVGHPiV\VREUHWRGRSURSXOVRUGHODMXVWLFLDVRFLDOGHODSD]\HO
DPRUFRPREDOXDUWHVLQFOXVRGHODVXSHUYLYHQFLDGHODKXPDQLGDG
&RPR KDQ VLGR FRQVLHQWHV PXFKRV GH ORV SHQVDGRUHV DFWXDOHV QR VH WUDWD DKRUD
VRORGHODVXSHUYLYHQFLDGHODHVSHFLHVLQRGH ODVXSHUYLYHQFLDGHOSODQHWDPLVPR
DQWHODGHSUHGDFLyQDPELHQWDO\ODGHVWUXFFLyQSDXODWLQDGHQXHVWURKiELWDW
(VWDPRVDODVSXHUWDVQRVRORGHODFRQVWUXFFLyQGHXQDQXHYDHWDSDFLYLOL]DGDGH
XQKRPEUHQXHYRGHXQDVRFLHGDGKXPDQDQXHYDVLQRGHODFRQVWUXFFLyQGHXQ
QXHYRSODQHWDXQVLWLRPHMRUGRQGHYLYLUWRGRV\WRGDVXQLGRVHQODGLYHUVLGDGOD
VROLGDULGDG HO UHVSHWR \ OD SOHQLWXG YLWDO LQGLYLGXDO \ FROHFWLYD QXHVWUR DQWLJXR
VXHxR GH VHU QRVRWURV PLVPRV \ GH DOFDQ]DU HVR PDUDYLOORVR TXH KHPRV
GHQRPLQDGRIHOLFLGDG\TXHVHQRVHVFDSDVLHPSUHFRPRXWRStDLUUHDOL]DEOH
³/DWUDVFHQGHQFLDHVHQGHILQLWLYDORTXHGHILQHODFXOWXUDeVWDFRQVLVWHHQHQVDQFKDU FRQ
HO iQLPR GH HOLPLQDUORV ORV OtPLWHV WHPSRUDOHV \ HVSDFLDOHV GHO VHU /D H[SDQVLyQ \
FDQFHODFLyQGHODVIURQWHUDVVRQHPSUHVDVHQSDUWHLQGHSHQGLHQWHVHQSDUWHFRPSHQHWUDGDV
\ ORV PHGLRV D ORV TXH UHFRUUH OD FXOWXUD SDUD DOFDQ]DUODV SXHGHQ VHU R ELHQ HVSHFtILFRV R
ELHQVRODSDGRV´
=LJPXQW%DXPDQQ
%LEOLRJUDItD
%$80$1 =\JPXQW 0RUWDOLGDG LQPRUWDOLGDG \ RWUDV HVWUDWHJLDV GH YLGD 0DGULG HGLWRULDO
6HTXLWXU
*e/,1$6 -DFTXHV % (O PRQVWUXR GH OD JOREDOL]DFLyQ 'HVDItRV \ DOWHUQDWLYDV 0HGHOOtQ +RPEUH
1XHYR(GLWRUHVWUDGXFFLyQGH-RUJH3DUUD
0$5&86( +HUEHUW 5D]yQ \ 5HYROXFLyQ 0DGULG $OLDQ]D (GLWRULDO WUDGXFFLyQ GH -XOLHWD )RPERQD
GH6XFUH
0$5&86( +HUEHUW (O KRPEUH 8QLGLPHQVLRQDO %DUFHORQD (GLWRULDO 3ODQHWD 6$ WUDGXFFLyQ GH
$QWRQLR(ORU]D
$$99(O'LVFXUVR3ROLWLFRGHORVOQPLJUDQWHV0DGULG$HVFRHGLFLRQHV
$33$'85$, $UMXQ (O UHFKD]R GH ODV PLQRUtDV %DUFHORQD 7XVTXHWV (GLWRUHV 6$ WUDGXFFLyQ GH
$OEHUWR$OYDUH]\$UDFHOO\0DLUD
0($'2:6 'RQHOOD 5$1'(56 -RUJHQ \ 0($'2:6 'HQQLV /RV OLPLWHV GHO FUHFLPLHQWR DxRV
GHVSXpV%DUFHORQD&tUFXORGHOHFWRUHV6$7UDGXFFLyQGH6HUJLR3DZORZVN\
72//((FNKDUW8QDQXHYDWLHUUD%RJRWi(GLWRULDO1RUPDWUDGXFFLyQGH$GULDQDGH+DVVDQ
9$1'25(1&KDUOHV%UHYH+LVWRULDGHOVDEHU%DUFHORQD(GLWRULDO3ODQHWDWUDGXFFLyQGH&ODXGLD
&DVDQRYDFXDUWDLPSUHVLyQ
6&+23(1+$8(5$UWKXU$IRULVPRVVREUHHODUWHGH YLYLU0DGULG$OLDQ]D(GLWRULDOWUDGXFFLyQGH
)DELR0RUDOHV
(1*(/6 )HGHULFR (O RULJHQ GH OD IDPLOLD OD 3URSLHGDG 3ULYDGD \ HO (VWDGR 0DGULG (GLWRULDO
)XQGDPHQWRV
1,(7=6&+()HGHULFR$XURUD0DGULG(GLFLRQHV333$
1,(7=6&+()HGHULFR0DV$OOiGHO%LHQ\GHO0DO0DGULG$OLDQ]D(GLWRULDOWUDGXFFLyQGH$QGUpV
6iQFKH]3DVFXDO
)5(8'6LJPXQG(O0DOHVWDUHQOD&XOWXUD0DGULG$OLDQ]D (GLWRULDO
$JXLQDGDDRUHFRQKHFLPHQWRFRPR
SURGXWRGDJOREDOL]DomRSRUXPD
WHRULDGDMXVWLoDVRFLDOSDUDDOpPGD
YDORUDomRFXOWXUDO
-DTXHOLQH$SDUHFLGD)HUQDQGHV6RXVD $QD5DTXHO5DPRVGH
$VVLV3HUHLUD
8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD± 8)8 0LQDV*HUDLV%UDVLO
,1752'8d2
1XPD HUD JOREDOL]DGD GH UHODo}HV KLSHUFRPSOH[DV RQGH H[LVWHP GLYHUVDV

LQWHUDo}HV RFRUUHQGR VLPXOWDQHDPHQWH XOWUDSDVVDQGR DV IURQWHLUDV GH FDGD
(VWDGR p SRVVtYHO TXH KDMD XPD FHUWD GLILFXOGDGH GH SURWHomR GD LGHQWLGDGH GDV
SHVVRDV H p SRU LVVRTXH PXLWRV DXWRUHV YHHP FRPR QHFHVViULD D VDOYDJXDUGD
GDV OLEHUGDGHV LQGLYLGXDLV GH FDGD XP DWUDYpV GR TXH VH GHQRPLQD
UHFRQKHFLPHQWR ,VVR RFRUUH SRUTXH FHUWDV PLQRULDV SRGHP DFDEDU SUHMXGLFDGDV
TXDQGRKRPRJHQHL]DGDVGHQWUR GHYDORUHVFXOWXUDLVTXHQmRDVYDORUL]DP
$OpPGLVVRWHQGRHPYLVWDDVGLIHUHQoDVVRFLDLVHYLGHQWHVQDVVRFLHGDGHVDWXDLV
DOJXQVDXWRUHVFRPR1DQF\)UDVHUVXVWHQWDPDLGHLDGHUHGLVWULEXLomRGHPDQHLUD
TXH GHYHULD KDYHU XPD MXVWD GLVWULEXLomR GH EHQV PDWHULDLV FRPR IRUPD GH
WUDQVIRUPDomR GH HVWUXWXUDV HFRQ{PLFDV EiVLFDV $ DXWRUD FRQVLGHUD D
UHGLVWULEXLomRFRPRVHQGRXPDUHHVWUXWXUDomRSROtWLFDHFRQ{PLFDGHIRUPDDVHUYLU
FRPR³UHPpGLR´SDUDHVWHWLSRGHLQMXVWLoD
$ TXHVWmR GR UHFRQKHFLPHQWR SRU VXD YH] YHP VHQGR WUDWDGD SRU GLYHUVRV
DXWRUHVQRFDPSRGD)LORVRILD3ROtWLFDHDSHVDUGHMiWHUVLGRWUDEDOKDGDSRU+HJHO
QRLQtFLRGRVpFXOR;,;JDQKRXSULQFLSDOGHVWDTXHDSDUWLUGDV~OWLPDVGpFDGDVGR

0HVWUDQGDHP'LUHLWRSHOD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD 8)80LQDV*HUDLV%UDVLOEROVLVWD
SHOD&$3(6*UDGXDGDHP'LUHLWRSHOD8)8(PDLOMDTXHOLQHVRXVDGLU#KRWPDLOFRP
0HVWUDQGD HP 'LUHLWR SHOD 8QLYHUVLGDGH )HGHUDO GH 8EHUOkQGLD 8)8 0LQDV *HUDLV%UDVLO
*UDGXDGDHP'LUHLWRSHOD8)8(PDLODQDUDTXHODVVLV#KRWPDLOF

6$50(172 'DQLHO 'LJQLGDGH GD SHVVRD KXPDQD FRQWH~GR WUDMHWyULDV H PHWRGRORJLD %HOR
+RUL]RQWH)yUXPS

,GHPS

)5$6(5 1 'D UHGLVWULEXLomR DR UHFRQKHFLPHQWR" 'LOHPDV GD MXVWLoD QXPD HUD SyVVRFLDOLVWD
&DGHUQRVGH&DPSR6mR3DXORQS
VpFXOR;; SRUPHLRGRGLVFXUVRGHDOJXQVDXWRUHVFRPR1DQF\)UDVHU=\JPXQW
%DXPDQ $[HO +RQQHWK &KDUOHV 7D\ORU H PDLV UHFHQWHPHQWH IRUD WUDEDOKDGD SRU
'DQLHO 6DUPHQWR 7DO WHPD WHP VLGR DERUGDGR SDUD LQFHQWLYDU R GHEDWH VREUH
LGHQWLGDGHHFXOWXUD
eQHVVHVHQWLGRTXHRSUHVHQWHWUDEDOKRDSUHVHQWDVXDSUREOHPiWLFDSRLVSURFXUD
DQDOLVDU VH IRL D JOREDOL]DomR D UHVSRQViYHO SRU XPD QRYD GLPHQVmR GD
UHLYLQGLFDomR SROtWLFD GD MXVWLoD VRFLDO GH IRUPD TXH R FHUQH GD TXHVWmR VDLX GD
UHGLVWULEXLomR SDUD R UHFRQKHFLPHQWR $ KLSyWHVH DTXL WUDEDOKDGD p D GH TXH
DSHQDVDVVRFLDQGRUHFRQKHFLPHQWRHUHGLVWULEXLomRVHUiSRVVtYHOUHDOL]DUDMXVWLoD
VRFLDOGHIRUPDTXHQHPXPDQHPDRXWUDLVRODGDPHQWHSRGHFRQVWLWXLUDEDVH
SDUDXPDWHRULDDPSODGDMXVWLoD
3RU LVVR R SUHVHQWH HVWXGR REMHWLYD FRPSUHHQGHU D UHODomR HQWUH R
UHFRQKHFLPHQWR H D JOREDOL]DomR H VXD SHUFHSomR DWXDO DSWD D LQWHJUDU D MXVWLoD
VRFLDO 3DUD WDQWR QR SULPHLUR WySLFR VHUi WUDEDOKDGR R VXUJLPHQWR GH QRYDV
UHLYLQGLFDo}HV SRU UHFRQKHFLPHQWR IUHQWH DR JUDQGH IHQ{PHQR GD JOREDOL]DomR
TXH URPSH DV EDUUHLUDV GR (VWDGR H SRGH UHVXOWDU QD SHUGD GH OLEHUGDGHV
LQGLYLGXDLV ,VVR VHUi IHLWR GH PDQHLUD D VH DQDOLVDU FRPR DV GHPDQGDV SRU
UHFRQKHFLPHQWRDIDVWDUDPDVGHPDQGDVSRUUHGLVWULEXLomR
1XP VHJXQGR PRPHQWR VHUi DSUHVHQWDGD D WHRULD GR UHFRQKHFLPHQWR VRE D
SHUVSHFWLYDGH1DQF\)UDVHUSDUDTXHPD DQiOLVHGDFRQFHSomRGHMXVWLoDVRFLDO
GHYH VHU YLVWD SRU XPD yWLFD ³ELIRFDO´ WHQGR HP YLVWD TXH GHYH KDYHU XPD
FRPSOHPHQWDULHGDGH HQWUH UHFRQKHFLPHQWR H UHGLVWULEXLomR 1HVWH WySLFR R
WUDEDOKR SUHWHQGH DQDOLVDU D FRPSDWLELOLGDGH GHVVD DVVRFLDomR GDV GHPDQGDV GH
UHFRQKHFLPHQWRHUHGLVWULEXLomRDSWDVDHQVHMDUXPJUDXGHMXVWLoDPDLVDPSOR
3RUILPQRWHUFHLURH~OWLPRLWHPRSUHVHQWHHVWXGRSUHWHQGHYHULILFDUDFRQFHSomR
QmR LGHQWLWiULD GR UHFRQKHFLPHQWR IRUPXODGD SRU 1DQF\ )UDVHU SRLV GLIHUHQWH GH
RXWURVDXWRUHVFRPR &KDUOHV7D\ORUSRUH[HPSORDILOyVRIDQRUWHDPHULFDQDQmR
FRQVLGHUDRUHFRQKHFLPHQWRFRPRLGHQWLGDGHSDUWLFXODUGHGHWHUPLQDGRJUXSRVLP
FRQGLomRSDUDTXHRVLQGLYtGXRVLQWHJUHPDVRFLHGDGH
$6'(0$1'$63255(&21+(&,0(172180081'2*/2%$/,=$'2
1DQF\ )UDVHU DFUHGLWD TXH D JOREDOL]DomR WHP JHUDGR XPD QRYD GLPHQVmR GD
UHLYLQGLFDomR SROtWLFD 'HVVD IRUPD R HSLFHQWUR GD TXHVWmR VDLX GD UHGLVWULEXLomR
SDUD R UHFRQKHFLPHQWR $VVLP D DXWRUD HQWHQGH TXH D WUDQVLomR SDUD R
UHFRQKHFLPHQWR UHSUHVHQWD XPD H[SDQVmR GD TXHVWmR SROtWLFD H XPD QRYD
FRPSUHHQVmRGDMXVWLoDVRFLDOTXHQmRPDLVVHOLPLWDDRHL[RGDFODVVHPDVDJRUD
DEUDQJHRXWUDVYHUWHQWHVGHVXERUGLQDomRLQFOXLQGRDGLIHUHQoDVH[XDOpWQLFDD

+RUL]RQWH)yUXPS

)5$6(51DQF\$MXVWLoDVRFLDOQDJOREDOL]DomR5HGLVWULEXLomRUHFRQKHFLPHQWRHSDUWLFLSDomR
5HYLVWD&UtWLFDGH&LrQFLDV6RFLDLV2XWS
UHOLJLmR H D QDFLRQDOLGDGH ,QGR DOpP D MXVWLoD VRFLDO QmR VH OLPLWD DSHQDV j
TXHVWmR GH GLVWULEXLomR SRU LVVR D LPSRUWkQFLD GDV TXHVW}HV GH UHSUHVHQWDomR
LGHQWLGDGHHGLIHUHQoD
%DXPDQ DILUPD TXH HVVD GHVFRQIRUWiYHO SHUFHSomR GH TXH ³DV FRLVDV HVWmR
IXJLQGR DR FRQWUROH´ p TXH IRL DUWLFXODGD QR FRQFHLWR GH JOREDOL]DomR 1R PHVPR
VHQWLGR 6WXDUW +DOO DILUPD WUDWDUVH GH XPD QRYLGDGH FRQWUDGLWyULD GHYLGR DV
VXDVDUWLFXODo}HVHFRQ{PLFDVHVXDFDUDFWHUtVWLFDFRPXPYROWDGDSDUDRRFLGHQWH
HHPVXDLGHRORJLDFRQGX]LGDSHORQHROLEHUDOLVPRJOREDO
3HUFHEHVHDVVLPTXHDJOREDOL]DomRWUD]DSHUGDGDFHQWUDOLGDGHGR(VWDGRTXH
DJRUD VXERUGLQDVH D RXWURV DWRUHV LQWHUQDFLRQDLV SRGHQGR IDODU LQFOXVLYH QD
UHODWLYD SHUGD GH VREHUDQLD GDV QDo}HV GHVGH D GpFDGD GH GHQXQFLDGD SRU
-RVp(GXDUGR)DULD
1R 'LUHLWR LQWHUQR 'DQLHO 6DUPHQWR DOHUWD TXH QmR Ki SUHYLVmR H[SUHVVD QD
&RQVWLWXLomR GH GH XP GLUHLWR DR UHFRQKHFLPHQWR 2 TXH Ki VmR
PDQGDPHQWRVTXHEXVFDPSUHVHUYDUDHVIHUDFXOWXUDOGHYLRODo}HVDGHVSHLWRGD
FULPLQDOL]DomR GRUDFLVPRH DSURWHomR DRVLQGtJHQDV2 DXWRUDFUHGLWDFRQWXGR
TXH HVVD LQH[LVWrQFLD GH SUHYLVmR H[SUHVVD QmR FRQVWLWXL HPSHFLOKR SDUD R

)5$6(5 1DQF\ 5HFRQKHFLPHQWR VHP pWLFD" 7UDGXomR GH $QD &DUROLQD )UHLWDV /LPD 2JDQGR H
0DULDQD 3UDQGLQL )UDJD $VVLV /XD 1RYD 6mR 3DXOR S $[HO +RQQHWK SRU H[HPSOR
DVVXPH XPD YLVmR FXOWXUDOLVWD UHGXFLRQLVWD GD GLVWULEXLomR 6XSRQGR TXH WRGDV DV GHVLJXDOGDGHV
HFRQ{PLFDV HVWmR HQUDL]DGDV QD RUGHP FXOWXUDO TXH SULYLOHJLD DOJXPDV IRUPDV GH WUDEDOKR HP
GHWULPHQWRGHRXWUDVHOHDFUHGLWDTXHDDOWHUDomRGHVVDRUGHPFXOWXUDOpVXILFLHQWHSDUDSUHYHQLU
WRGRWLSRGHPiGLVWULEXLomR +RQQHWK 'HIDWRHQWUHWDQWRQHPWRGDPiGLVWULEXLomRpXP
VXESURGXWR GR QmR UHFRQKHFLPHQWR 9HMD R FDVR GR KRPHP EUDQFR WUDEDOKDGRU LQGXVWULDO
HVSHFLDOL]DGR TXH ILFD GHVHPSUHJDGR HP YLUWXGH GR IHFKDPHQWR GD IiEULFD HP TXH WUDEDOKD
GHYLGRDXPDIXVmRFRUSRUDWLYDHVSHFXODWLYD1HVVHFDVRDLQMXVWLoDGDPiGLVWULEXLomRWHPSRXFR
DYHUFRPRQmRUHFRQKHFLPHQWR(ODpPXLWRPDLVXPDFRQVHTrQFLDGRVLPSHUDWLYRVLQWUtQVHFRVD
XPD RUGHP GH UHODo}HV HFRQ{PLFDV HVSHFLDOL]DGDV FXMD UDLVRQ G¶rWUH p D DFXPXODomR GH OXFURV
3DUDOLGDUFRPWDLVFDVRV XPDWHRULDGDMXVWLoDGHYHLUDOpPGRVSDGU}HVGH YDORUDomRFXOWXUDOH
H[DPLQDUDHVWUXWXUDGRFDSLWDOLVPR(ODGHYHFRQVLGHUDUVHRVPHFDQLVPRVHFRQ{PLFRVTXHVmR
UHODWLYDPHQWH GLVVRFLDGRV GDV HVWUXWXUDV GH SUHVWtJLR H TXH RSHUDP GH XP PRGR UHODWLYDPHQWH
LPSHVVRDOLPSHGHPDSDULGDGHGHSDUWLFLSDomRQDYLGDVRFLDO

%$80$1 =\JPXQW *OREDOL]DomR $ FRQVHTXrQFLDV KXPDQDV 7UDGXomR 0DUFXV 3HQFKHO ² 5LR
GH-DQHLUR-RUJH=DKDU(GSH3DUDRDXWRU³DJOREDOL]DomRQmRGL]UHVSHLWRDRTXH
WRGRVQyVRXSHORPHQRV RVPDLVWDOHQWRVRVHHPSUHHQGHGRUHVGHVHMDPRV RXHVSHUDPRV ID]HU
'L] UHVSHLWR DR TXH HVWi DFRQWHFHQGR D WRGRV QyV $ LGpLD GH ³JOREDOL]DomR´ UHIHUHVH
H[SOLFLWDPHQWH jV ³IRUoDV DQ{QLPDV´ GH YRQ :ULJKW RSHUDQGR QD YDVWD ³WHUUD GH QLQJXpP´ ²
QHEXORVD H ODPDFHQWD LQWUDQVLWiYHO H LQGRPiYHO ² TXH VH HVWHQGH SDUD DOpP GR DOFDQFH GD
FDSDFLGDGHGHGHVtJQLRHDomRGHTXHPTXHUTXHVHMDHPSDUWLFXODU´

+$// 6WXDUW 3HQVDQGR D 'LiVSRUD 5HIOH[}HV VREUH D WHUUD QR H[WHULRU ,Q 'D GLiVSRUD
LGHQWLGDGHVHPHGLDo}HVFXOWXUDLV629,. /LY 2UJ 7UDGXomRGH$GHODLQH/D*XDUGLD5HVHQGH
%HOR+RUL]RQWH8)0*%UDVtOLD5HSUHVHQWDomRGD8QHVFRQR%UDVLOS

)$5,$ -RVp (GXDUGR 'LUHLWRV KXPDQRV H JOREDOL]DomR HFRQ{PLFD QRWDV SDUD XPD GLVFXVVmR
(VWXGRVDYDQoDGRVQ S
UHFRQKHFLPHQWR LQWHUVXEMHWLYR FRPR FDWHJRULD FRQVWLWXFLRQDO Mi TXH HVWH HVWDULD

DEDUFDGRSHORSULQFtSLRGDGLJQLGDGHKXPDQD
'DQLHO6DUPHQWRGHVWDFDDOJXQVFDVRVOHYDGRVj6XSUHPD&RUWHTXHGHPDQGDYDP
FDGD TXDO HP VXD HVSHFLILFLGDGH R UHFRQKHFLPHQWR 2 SULPHLUR GHOHV UHPHWH j
FRUWHQRUWHDPHULFDQDQRFDVR%URZQY%RDUGRI(GXFDWLRQ DTXDOHQWHQGHXVHU
LQFRQVWLWXFLRQDODSROtWLFDLQVWLWXFLRQDOGHVHJUHJDomRUDFLDOQDVHVFRODV$6XSUHPD
&RUWHHQWHQGHXTXHVHJUHJDUFULDQoDVQHJUDVGHRXWUDVDSHQDVHPUD]mR GHVXD
FRU FXOPLQDULD QXP VHQWLPHQWR GH LQIHULRULGDGH HP UHODomR DR VHXV VWDWXV QD
FRPXQLGDGHRTXHSRGHULDIHULUVHXVFRUDo}HVHPHQWHVGHIRUPDLUUHPHGLiYHO
$TXL p SRVVtYHO LQIHULU GD GHFLVmR GD 6XSUHPD &RUWH D LGHLD GH UHFRQKHFLPHQWR
FRQWLGDHP+RQQHWK,VVRSRUTXHRDXWRUDVVRFLDRQmRUHFRQKHFLPHQWRWDPEpP
GHIRUPDVXEMHWLYDGHIRUPDTXHLPSDFWDQDYLVmRTXHRLQGLYtGXRJXDUQHFHGHVL
PHVPR
1D PHVPD OLQKD GH MXGLFLDOL]DomR GH TXHVW}HV SROtWLFDV 6DUPHQWR GHVWDFD DV
GHFLV}HVTXHYHUVDUDPVREUHDXQLmRKRPRDIHWLYDHFDVDPHQWRHQWUHSHVVRDVGR
PHVPRVH[R1RMXOJDPHQWRGD $'3)H$GLQIRLUHFRQKHFLGDDXQLmR

+RUL]RQWH)yUXPS

'ZRUNLQFRQVWUyLVXDDUJXPHQWDomRDIDYRUGDVDo}HVDILUPDWLYDVWHQGRSRUEDVHRFDVR%URZQ
VHJXQGR HOH ³D KLVWyULD GD FDPSDQKD FRQWUD D LQMXVWLoD UDFLDO GHVGH TXDQGR R 6XSUHPR
7ULEXQDO GHFLGLX %URZQ FRQWUD &RQVHOKR GH (GXFDomR p HP JUDQGH SDUWH XPD KLVWyULD GH
IUDFDVVRV 1mR FRQVHJXLPRV UHIRUPDU D FRQVFLrQFLD UDFLDO GH QRVVD VRFLHGDGH SRU PHLRV
UDFLRQDOPHQWH QHXWURV 3RUWDQWR VRPRV REULJDGRV D ROKDU RV DUJXPHQWRV D IDYRU GD DomR
DILUPDWLYD FRP VROLGDULHGDGH H HVStULWR DEHUWR >@ 6H DV DOHJDo}HV HVWUDWpJLFDV D IDYRU GD DomR
DILUPDWLYD VmR YiOLGDV QmR SRGHP VHU GHVFDUWDGDV FRP D MXVWLILFDWLYD GH TXH WHVWHV UDFLDOPHQWH
H[SOtFLWRV VmR UHSXJQDQWHV 6H WDLV WHVWHV VmR UHSXJQDQWHV Vy SRGH VHU SRU PRWLYRV TXH WRUQDP
DLQGD PDLV UHSXJQDQWHV DV UHDOLGDGHV VRFLDLV VXEMDFHQWHV TXH RV SURJUDPDV DWDFDP´ ':25.,1
5RQDOG8PDTXHVWmRGHSULQFtSLR7UDG/XtV&DUORV%RUJHV± 6mR3DXOR0DUWLQV)RQWHVS

6$50(172'DQLHORSFLWS

$ JUDPiWLFD PRUDO GRV FRQIOLWRV VRFLDLV WUDGXomR GH /XL] 5HSD 6mR 3DXOR (GLWRUD
6HJXQGR +RQQHWK HP +HJHO H 0HDG Mi VH HQFRQWUD ³R SURMHWR H[HPSODU GH XPD UHODomR GH
UHFRQKHFLPHQWR SyVWUDGLFLRQDO TXH LQWHJUD QXP ~QLFR TXDGUR SHOR PHQRV R SDGUmR MXUtGLFR H
pWLFR VH p TXH QmR LQFRUSRUD WDPEpP R SDGUmR IDPLOLDU SRLV FRQIRUPH VH PRVWURX RV GRLV
SHQVDGRUHVFRLQFLGLUDPQDFRQYLFomRGHTXHRVVXMHLWRVSUHFLVDPHQFRQWUDUUHFRQKHFLPHQWRQXPD
VRFLHGDGHPRGHUQDFRPRVHUHVWDQWRDXW{QRPRVTXDQWRLQGLYLGXDOL]DGRV´S

6HJXQGR 6DUPHQWR ³DLGHLDIXQGDPHQWDOpGHTXH DRUHFRQKHFHUDSRVVLELOLGDGHGHIRUPDomR
GHIDPtOLDHQWUHSHVVRDVGHVH[RGLIHUHQWHPDVQmRHQWUHFDVDLVKRPRVVH[XDLVR(VWDGRDOpPGH
GHQHJDUGLYHUVRVEHQHItFLRVPDWHULDLVDRVVHJXQGRVSURFODPDTXHDVUHODo}HVDIHWLYDVWUDGLFLRQDLV
PHUHFHP UHVSHLWR PDV QmR DTXHODV PDQWLGDV SRU SDUFHLURV GR PHVPR VH[R &RP LVVR HOH
GHVPHUHFH D LGHQWLGDGH GR KRPRVVH[XDO H OKH LQIOLQJH XPD VpULD OHVmR PRUDO SDVVDQGR j
VRFLHGDGHRFODURUHFDGRGHTXHH[LVWHXPDRULHQWDomRVH[XDOTXHp³FHUWDHRXWUDTXHp³HUUDGD´
XPDTXHGHYHVHUSXEOLFDPHQWHDSRLDGDHRXWUDTXHGHYHILFDUFRQILQDGDjVROLWiULDHVFXULGmRGRV
DUPiULRV´6$50(172'DQLHORSFLWS
HVWiYHOSDUDFDVDLVGRPHVPRVH[R1D$omR'LUHWDGH,QFRQVWLWXFLRQDOLGDGH
RPLQLVWUR0DUFR$XUpOLRDVVHQWRXHPVHXYRWRTXH
6HRUHFRQKHFLPHQWRGDHQWLGDGHIDPLOLDUGHSHQGHDSHQDVGDRSomROLYUHHUHVSRQViYHOGH
FRQVWLWXLomR GH YLGD FRPXP SDUD SURPRYHU D GLJQLGDGH GRV SDUWtFLSHV UHJLGD SHOR DIHWR
H[LVWHQWHHQWUHHOHVHQWmRQmRSDUHFHKDYHUG~YLGDGHTXHD&RQVWLWXLomR)HGHUDOGH
SHUPLWHVHMDDXQLmRKRPRDIHWLYDDGPLWLGDFRPRWDO(VVDpDOHLWXUDQRUPDWLYDTXHIDoRGD
&DUWDHGRVYDORUHVSRUHODFRQVDJUDGRVHPHVSHFLDOGDVFOiXVXODVFRQWLGDVQRVDUWLJRV
LQFLVR,,,LQFLVRV,,H,9HFDEHoDHLQFLVR,
1mR p D SUHWHQVmR GR SUHVHQWH WUDEDOKR ID]HU XPD DQiOLVH GRV IXQGDPHQWRV TXH
HQVHMDUDP D GHFLVmR GH FRQVWLWXFLRQDOLGDGH GD XQLmR KRPRDIHWLYD $SHQDV GH
IRUPD EUHYH SUHWHQGHXVH GHPRQVWUDU RV FRQWRUQRV TXH DV UHLYLQGLFDo}HV SRU
UHFRQKHFLPHQWRDVVXPHPQRVGLDVDWXDLVRTXHSRVVLELOLWRXTXHFDVDLVGRPHVPR
VH[R SXGHVVHP FHOHEUDU VXDV XQL}HV OLYUHV GH HPEDUDoRV QXPD GHFLVmR
FRQVHQWkQHDFRPDSOXUDOLGDGHYDORUSULPRUGLDOGRQRVVRRUGHQDPHQWR
7RGDYLD DSHQDV DV GHPDQGDV SRU UHFRQKHFLPHQWR QmR VmR VXILFLHQWHV SDUD GDU
FRQWD GDV PD]HODV VRFLDLV VREUHWXGR HP WHPSRV GH DFHQWXDGD PDUJLQDOL]DomR
DGYLQGD GD JOREDOL]DomR 2 SUy[LPR LWHP YHUVDUi VREUH D SRVVLELOLGDGH GH
FRH[LVWrQFLDGDVGHPDQGDVSRUUHFRQKHFLPHQWRHUHGLVWULEXLomR
-867,d$ 62&,$/ &202 5(',675,%8,d2 ( 5(&21+(&,0(172 (0

1$1&<)5$6(5
$FHUFDGRUHFRQKHFLPHQWR%DXPDQDFUHGLWDTXH FRQVLGHUiORLVRODGDPHQWHpXPD
LGHLDDTXpPGDUHDOLGDGHJOREDOHDILUPDTXHLJQRUDUDGLVWULEXLomRQmRDFDUUHWDUi
JUDQGHV PXGDQoDV $VVLP DFUHGLWD R DXWRU TXH D JXHUUD SRU MXVWLoD VRFLDO VH
OLPLWRXjVEDWDOKDVSRUUHFRQKHFLPHQWR
1R HQWDQWR Ki TXH VH FRQVLGHUDU R ULVFR GD VXEVWLWXLomR GH XPD YHUWHQWH HP
GHWULPHQWR GH RXWUD )UDVHU DILUPD TXH GHYH KDYHU XPD FRPSOHPHQWDULHGDGH
OXWDV SRU UHFRQKHFLPHQWR H UHGLVWULEXLomR XPD DWXDQGR HP FRQMXQWR D RXWUD
&RPR XPD SRVVtYHO VDtGD D DXWRUD SURS}H XPD DPSOD DQiOLVH DFHUFD GD
FRQFHSomR GH MXVWLoD VRFLDO TXH MXOJD VHU VXILFLHQWH SDUD LQFOXLU DV SUHRFXSDo}HV

%5$6,/ $',Q 5HODWRU 0LQLVWUR $\UHV %ULWWR 'LVSRQtYHO HP
KWWSUHGLUVWIMXVEUSDJLQDGRUSXESDJLQDGRUMVS"GRF73 $& GRF,' !$FHVVRHPMXO

3DUD%DXPDQ RSFLW S³5HFRQKHFLPHQWRSRGHVHUDTXLORTXHPDLVIDoDIDOWDDXPRXRXWUR
JUXSR GRV EHP VXFHGLGRV D ~QLFD FRLVD TXH SDUHFH HVWDU IDOWDQGR QR LQYHQWiULR UDSLGDPHQWH
SUHHQFKLGR GRV IDWRUHV GD IHOLFLGDGH 0DV SDUD XPD SDUFHOD DPSOD H HP UiSLGR FUHVFLPHQWR GD
KXPDQLGDGH WUDWDVH GH XPD LGHLD REVFXUD TXH DVVLP FRQWLQXDUi VHQGR HQTXDQWR R GLQKHLUR IRU
HYLWDGRFRPRWHPDGH FRQYHUVD´$SHVDUGDFUtWLFDGRDXWRUjDJHQGDGRVPRYLPHQWRVVRFLDLVR
SUHVHQWH WUDEDOKR UHFRQKHFH TXH UHFRQKHFLPHQWR H UHGLVWULEXLomR VmR FRQFHSo}HV H DQVHLRV
GLVWLQWRV PDV p GHVVD FRH[LVWrQFLD TXH VHUi SRVVtYHO VH IDODU HP MXVWLoD VRFLDO QXPD FRQFHSomR
IRUPXODGDSRU1DQF\)UDVHU
GR PXQGR JOREDOL]DGR VHMDP DV GHVLJXDOGDGHV GH FODVVH RX KLHUDUTXLDV GH
HVWDWXWR
)UDVHUSURS}HTXHVHYLVXDOL]HDMXVWLoDVREXPDyWLFD³ELIRFDO´ 'HVVHPRGRD
MXVWLoDYLVWDSRUXPDGDVOHQWHVUHFODPDGLVWULEXLomRMXVWDDRSDVVRTXHYLVWDSHOD
RXWUDUHFODPDUHFRQKHFLPHQWR&DGDTXDOFRQFHQWUDQXPDGLPHQVmRGDMXVWLoDH
QHQKXPD SRU VL Vy p VXILFLHQWH $ SOHQLWXGH GD MXVWLoD DSHQDV VHUi DOFDQoDGD VH
VREUHSRVWDVDPEDVDVOHQWHV4XDQGRLVVRRFRUUHDMXVWLoDSRVVLELOLWDRHORHQWUH
DVGXDVYHUWHQWHVGRRUGHQDPHQWRVRFLDO± GLVWULEXLomRHUHFRQKHFLPHQWR
$ GLVWULEXLomR VH DSUHVHQWD QD IRUPD GH GHVLJXDOGDGHV VLPLODU j GH FODVVH
UHODFLRQDGD j HVWUXWXUD HFRQ{PLFD $TXL D LQMXVWLoD WHP UDL] QD GHVLJXDOGDGH GH
UHQGLPHQWRV QD Pi GLVWULEXLomR DVVLP FRPR QD H[SORUDomR QD PLVpULD RX
H[FOXVmR GRV PHUFDGRV GH WUDEDOKR &RQVHTXHQWHPHQWH ³R UHPpGLR HVWi QD
UHGLVWULEXLomRHPVHQWLGRODWRDEUDQJHQGRQmRVyDWUDQVIHUrQFLDGHUHQGLPHQWRV
PDVWDPEpPDUHRUJDQL]DomRGDGLYLVmRGRWUDEDOKRDWUDQVIRUPDomRGDHVWUXWXUD
GDSRVVHGDSURSULHGDGH´
(P FRQWUDSDUWLGD QR TXH WDQJH DR UHFRQKHFLPHQWR D LQMXVWLoD WHP VXD UDL] QD
VXERUGLQDomR GH VWDWXV GHSRVLWDGR QDV KLHUDUTXLDV LQVWLWXFLRQDOL]DGDV GH YDORU
FXOWXUDO 1HVVH FDVR SDUD )UDVHU R IDOVR UHFRQKHFLPHQWR FRPSUHHQGH D
GRPLQDomRFXOWXUDORQmRUHFRQKHFLPHQWRHRGHVUHVSHLWR$VROXomRpSRUWDQWR
R UHFRQKHFLPHQWR TXH LQFOXD ³QmR Vy DV UHIRUPDV TXH YLVDP UHYDORUL]DU DV
LGHQWLGDGHV GHVUHVSHLWDGDV H RV SURGXWRV FXOWXUDLV GH JUXSRV GLVFULPLQDGRV PDV
WDPEpPRVHVIRUoRVGHUHFRQKHFLPHQWRGDGLYHUVLGDGHEHPFRPRRVHVIRUoRVGH
GHVFRQVWUXomR GRV WHUPRV TXH HVWmR LPSOtFLWRV jV GLIHUHQFLDo}HV GH VWDWXV
H[LVWHQWHVGHIRUPDTXHPRGLILTXHDLGHQWLGDGHVRFLDOGHWRGRV´
3RUWDQWR D MXVWLoD WHP XP FDUiWHU ELGLPHQVLRQDO &RDGXQD GHVWH HQWHQGLPHQWR
%RDYHQWXUD GH 6RXVD 6DQWRV R TXDO HQWHQGH TXH ³DSHQDV D H[LJrQFLD GR
UHFRQKHFLPHQWR H GD UHGLVWULEXLomR SHUPLWH D UHDOL]DomR GD LJXDOGDGH´ 1R
HQWDQWR D DPHDoD GD VXEVWLWXLomR VXUJH TXDQGR VH FUr TXH DV GXDV GLPHQV}HV
VmR LQFRPSDWtYHLV &XPSUH SRUWDQWR HVFODUHFHU TXH R UHFRQKHFLPHQWR QmR SRGH

)5$6(51DQF\$MXVWLoDVRFLDOQDJOREDOL]DomR5HGLVWULEXLomRUHFRQKHFLPHQWRHSDUWLFLSDomR
5HYLVWD&UtWLFDGH&LrQFLDV6RFLDLV 2XW S3DUDDDXWRUD³XPDGDVDPHDoDVjMXVWLoD
VRFLDO QD JOREDOL]DomR p UHVXOWDGR GH XPD LURQLD KLVWyULFD D WUDQVLomR GD UHGLVWULEXLomR SDUD R
UHFRQKHFLPHQWR HVWi D RFRUUHU DSHVDU RX SRU FDXVD GD DFHOHUDomR GD JOREDOL]DomR HFRQ{PLFD
'HVWDIRUPDRVFRQIOLWRVLGHQWLWiULRVDOFDQoDUDPHVWDWXWRSDUDGLJPiWLFRH[DWDPHQWHQRPRPHQWR
HP TXH R DJUHVVLYR FDSLWDOLVPR JOREDOL]DQWH FRQGX]LGR SHORV (VWDGRV 8QLGRV HVWi D H[DFHUEDU
UDGLFDOPHQWH DV GHVLJXDOGDGHV HFRQ{PLFDV &RPR UHVXOWDGR D YLUDJHP SDUD R UHFRQKHFLPHQWR
HQFDL[RXVH SHUIHLWDPHQWH QXP QHROLEHUDOLVPR HFRQ{PLFR TXH GHVHMD DFLPD GH WXGR UHSULPLU D
PHPyULDGRLJXDOLWDULVPRVRFLDOLVWD1HVWHFRQWH[WRDVOXWDVSHORUHFRQKHFLPHQWRHVWmRDFRQWULEXLU
PHQRV SDUD VXSOHPHQWDU WRUQDU PDLV FRPSOH[DV H HQULTXHFHU DV OXWDV SHOD UHGLVWULEXLomR GR TXH
SDUDDVPDUJLQDOL]DUHFOLSVDUHVXEVWLWXLU&KDPRDLVWRRSUREOHPDGD VXEVWLWXLomR´

,GHPSH

,GHPS

,GHPS

6$1726%RDYHQWXUDGH6RXVDRSFLWS
VH OLPLWDU j GLVWULEXLomR DVVLP FRPR D GLVWULEXLomR QmR SRGH VH UHVXPLU DR
UHFRQKHFLPHQWR
/HZDQGRZVNL DVVHYHUD TXH D MXVWLoD GLVWULEXWLYD DR DSOLFDU R SULQFtSLR GD
LJXDOGDGH FRQVLGHUD D FRORFDomR GRV JUXSRV VRFLDLV HQWUH VL 1mR REVWDQWH DR
DERUGDU D YLVtYHO UHDOLGDGH GD HVWUDWLILFDomR VRFLDO QmR VH OLPLWD D FHQWUDU QD
FDWHJRULD GH EUDQFRV QHJURV H SDUGRV ³(OD FRQVLVWH HP XPD WpFQLFD GH
GLVWULEXLomRGHMXVWLoDTXHHP~OWLPDDQiOLVHREMHWLYDSURPRYHUDLQFOXVmRVRFLDO
GH JUXSRV H[FOXtGRV RX PDUJLQDOL]DGRV HVSHFLDOPHQWH GDTXHOHV TXH
KLVWRULFDPHQWHIRUDPFRPSHOLGRVDYLYHUQDSHULIHULDGDVRFLHGDGH ´
+iJUDQGHGLVFXVVmRDFHUFDGRFDPSRGHSHUWHQFLPHQWRGDVGXDVGLPHQV}HVVH
HODV VH DOLQKDP j PRUDOLGDGH NDQWLDQD RX j pWLFD KHJHOLDQD )UDVHU DILUPD TXH D
PDLRULDGRVILOyVRIRV DOLQKDDGLVWULEXLomRFRPDPRUDOLGDGHHRUHFRQKHFLPHQWR
FRP D pWLFD 1HVVH VHQWLGR D DXWRUD HQWHQGH TXH QmR Ki GLYHUJrQFLD TXDQWR DR
IDWRGHTXHDGLVWULEXLomRSHUWHQFHjPRUDOLGDGH
-i R UHFRQKHFLPHQWR D SULQFtSLR SDUHFH LQWHJUDU D pWLFD SRLV UHFODPD R
MXOJDPHQWR VREUH R YDORU GH SUiWLFDV FDUDFWHUtVWLFDV H LGHQWLGDGHV YDULDGDV
7RGDYLD )UDVHU SURS}H D FRQVWUXomR GH XPD SROtWLFD GR UHFRQKHFLPHQWR GH XPD
IRUPDTXHHODQmRVHMDYLQFXODGDSUHPDWXUDPHQWHjpWLFD$RFRQWUiULRGHVLJQDDV
³UHLYLQGLFDo}HVSRUUHFRQKHFLPHQWRFRPRUHLYLQGLFDo}HVSRUMXVWLoD GHQWURGHXPD
QRomRDPSODGHMXVWLoD´
+DEHUPDV HP DQiOLVH VREUH D SROtWLFD GH UHFRQKHFLPHQWR WD\ORULDQD DILUPD TXH
DVVHJXUDU LGHQWLGDGHV FROHWLYDV SRGH FRQFRUUHU FRP OLEHUGDGHV VXEMHWLYDV GH WDO

)5$6(5 1DQF\ 5HFRQKHFLPHQWR VHP pWLFD" RS FLW S 'H DFRUGR FRP 1DQF\ )UDVHU ³D
TXHVWmR p VDEHU VH DV WHRULDV GD MXVWLoD GLVWULEXWLYD H[LVWHQWHV FRQVHJXHP VXEVXPLU
DGHTXDGDPHQWH RV SUREOHPDV GH UHFRQKHFLPHQWR 6HJXQGR R PHX SRQWR GH YLVWD D UHVSRVWD p
QmR3DUDVHUH[DWDPXLWRVWHyULFRVGLVWULEXWLYRVHVWmRFRQVFLHQWHVGDLPSRUWkQFLDGR VWDWXV DFLPD
H DOpP GD DORFDomR GH UHFXUVRV H SURFXUDP DFRPRGiOR HP VXDV DERUGDJHQV 0DV RV UHVXOWDGRV
QmRVmRWRWDOPHQWHVDWLVIDWyULRV$PDLRULDGHWDLVWHyULFRVDVVXPHXPDYLVmRGHVWDWXV UHGX]LGDjV
GLPHQV}HV HFRQ{PLFD H OHJDO VXSRQGR TXH XPD MXVWD GLVWULEXLomR GH UHFXUVRV H GLUHLWRV p
VXILFLHQWH SDUD GDU FRQWD GR QmR UHFRQKHFLPHQWR 7RGDYLD GH IDWR QHP WRGD DXVrQFLD GH
UHFRQKHFLPHQWR p XP UHVXOWDGR VHFXQGiULR GD Pi GLVWULEXLomR RX GD Pi GLVWULEXLomR DJUHJDGD j
GLVFULPLQDomR OHJDO 2EVHUYH R FDVR GR EDQTXHLUR GH :DOO 6WUHHW DIURDPHULFDQR TXH QmR
FRQVHJXH SHJDU XP Wi[L >@ 3DUD OLGDU FRP WDLV FDVRV XPD WHRULD GD MXVWLoD GHYH LU DOpP GD
GLVWULEXLomRGHGLUHLWRVHEHQVHH[DPLQDURVSDGU}HVLQVWLWXFLRQDOL]DGRVGHYDORUDomRFXOWXUDO(OD
GHYHFRQVLGHUDUVHWDLVSDGU}HVLPSHGHPDSDULGDGHGHSDUWLFLSDomRQDYLGDVRFLDO´

%5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD $UJXLomR GH 'HVFXPSULPHQWR GH 3UHFHLWR )XQGDPHQWDO
$'3) 7ULEXQDO 3OHQR 5HTXHUHQWH 'HPRFUDWDV 5HODWRU 0LQLVWUR 5LFDUGR /HZDQGRZVNL
%UDVtOLDDEUS

)5$6(5 1DQF\ 5HFRQKHFLPHQWR VHP pWLFD" 7UDGXomR GH $QD &DUROLQD )UHLWDV /LPD 2JDQGR H
0DULDQD3UDQGLQL)UDJD$VVLV/XD1RYD6mR3DXORSH

)5$6(5 RSFLW S6HJXQGR)UDVHUpFRPXP TXHWHyULFRVGHRQWROyJLFRVQmRDFHLWHPDV
UHLYLQGLFDo}HV SHOR UHFRQKHFLPHQWR GD GLIHUHQoD FRPR YLRODo}HV GD QHXWUDOLGDGH OLEHUDO SRU
DFUHGLWDUHP TXH D MXVWLoD GLVWULEXWLYD ILQGD FRPSOHWDPHQWH D PRUDOLGDGH SROtWLFD 7RGDYLD D
SHUFHSomRDGRWDGDQHVWHWUDEDOKRpTXHRUHFRQKHFLPHQWRDOLDGRjUHGLVWULEXLomRFRQVWLWXHPXPD
WHRULDDPSODGDMXVWLoDSDUDDOpPGDYDORUDomRLGHQWLWiULD
IRUPD TXH QD FROLVmR GH DPEDV VHUi SUHFLVR GHFLGLU TXDO LUi SUHYDOHFHU 'HVVD
IRUPDRDXWRUHQWHQGHTXHRSULQFtSLRGDLJXDOGDGHGHYHWHUYDOLGDGHQDVSROtWLFDV
FRUUHQWHV +DEHUPDV DILUPD DLQGD TXH 7D\ORU QmR DSHQDV GHIHQGH HVVD LGHLD
FRPRWDPEpPSURFXUDGHPRQVWUDUDWUDYpVGHFRQFHLWRVGHERPHMXVWRDGYLQGRV
GDWHRULDPRUDO
2V DXWRUHV +RQQHWK H 7D\ORU DILUPD 1DQF\ )UDVHU FRPSUHHQGHP R QmR
UHFRQKHFLPHQWR ³HP WHUPRV GH XPD VXEMHWLYLGDGH SUHMXGLFDGD H XPD DXWR
LGHQWLGDGH GDQLILFDGD´ $VVLP FRQFHEHP WDO GDQLILFDomR HP WHUPRV pWLFRV
FRQILJXUDQGR XP LPSHGLPHQWR j FDSDFLGDGH GH R VXMHLWR DOFDQoDU D UHDOL]DomR
1HVVHFRQWH[WRDDXWRUDLQGDJDVHRUHFRQKHFLPHQWRpXPDTXHVWmRGDMXVWLoDH
SRULVWRGDPRUDOLGDGHRXpXPDTXHVWmRGDERDYLGDHDVVLPGDpWLFD")UDVHU
DFUHGLWDTXHWDQWR7D\ORUTXDQWR$[HO+RQQHWKLQIOXHQWHVWHyULFRVVREUHDSROtWLFD
GH UHFRQKHFLPHQWR HQFDUDP R UHFRQKHFLPHQWR FRPR XP SUREOHPD GD ERD YLGD
GH IRUPD TXH SDUD 7D\ORU D DXVrQFLD GR UHFRQKHFLPHQWR SRGH FRQVWLWXLU XPD
IRQWH GH RSUHVVmR $VVLP R ILOyVRIR FDQDGHQVH HQFDUD R GHYLGR UHFRQKHFLPHQWR
FRPRXPDQHFHVVLGDGHKXPDQDYLWDO-i+RQQHWKGHIRUPDVLPLODUDFUHGLWDTXHD
QRVVD LQWHJULGDGH HVWi FRQGLFLRQDGD j DSURYDomR GH RXWUDV SHVVRDV GH WDO
PDQHLUD TXH R QmR UHFRQKHFLPHQWR p QRFLYR SRUTXH LPSDFWD QD YLVmR TXH R
LQGLYtGXRFDUUHJDGHVLPHVPR
'DQLHO 6DUPHQWR DILUPD TXH +RQQHWK GHVGREURX R UHFRQKHFLPHQWR HP WUrV
GLPHQV}HV DPRU GLUHLWR H VROLGDULHGDGH ( HOHQFRX WUrV IRUPDV GH YLRODomR DR
UHFRQKHFLPHQWR FRUUHVSRQGHQWH D HVVDV WUrV GLPHQV}HV YLRODomR SULYDomR GH
GLUHLWRVGHJUDGDomR
$R FRQWUiULR GH 7D\ORU H +RQQHWK 1DQF\ )UDVHU SURS}H R UHFRQKHFLPHQWR FRPR
XPD TXHVWmR GH MXVWLoD $VVLP SDVVDVH D HQWHQGHU FRPR LQMXVWR ³D QHJDomR GD
FRQGLomRGHSDUFHLURVLQWHJUDLVQDLQWHUDomRVRFLDO´HPFRQVHTXrQFLDGHSDGU}HV
LQVWLWXFLRQDOL]DGRV TXH GHJUDGDP VXDV FDUDFWHUtVWLFDV GHILQLGRUDV RX
FDUDFWHUtVWLFDV TXH OKHV VmR DWULEXtGDV VHP TXH R LQGLYtGXR RX JUXSR SRVVD VH
DSHJDU D XP HX ³'HYHVH GL]HU HQWmR TXH R QmR UHFRQKHFLPHQWR p HUUDGR

3RUH[HPSOR³HQWUHXPDSROtWLFDGHUHFRQKHFLPHQWRHXPDSROtWLFDGHXQLYHUVDOL]DomRGHGLUHLWRV
VXEMHWLYRV XPD GHYH FRPSHQVDU DV GHVYDQWDJHQV GR XQLYHUVDOLVPR XQLIRUPL]DQWH TXH D RXWUD
RFDVLRQD´+$%(50$6RSFLWS

,GHP S $LQGD SDUD +DEHUPDV ³5DZOV H 'ZRUNLQ SURSXJQDP SRU XPD RUGHP MXUtGLFD
HWLFDPHQWH QHXWUD TXH GHYH DVVHJXUDU FKDQFHV LJXDLV SDUD WRGRV GH PRGR TXH FDGD XP SRVVD
RULHQWDUVH SRU XPD FRQFHSomR SUySULD GR TXH VHMD ERP (P IDFH GLVVR FRPXQLWDULVWDV FRPR
7D\ORUH:DO]HUFRQWHVWDPTXHKDMDQHXWUDOLGDGHpWLFDQRGLUHLWRHSHUPLWHPVHSRUWDQWRHVSHUDU
WDPEpPGR(VWDGRGHGLUHLWRDIRPHQWDomRDWLYDGHGHWHUPLQDGDVFRQFHSo}HVGREHPYLYHUFDVR
LVVRVHIDoDQHFHVViULR´S

)5$6(5RSFLW SDILUPDTXHSDUDDPERVRVWHyULFRV +RQQHWKH7D\ORU ³VHUUHFRQKHFLGR
SRUXPRXWURVXMHLWRp XPDFRQGLomRQHFHVViULDSDUDDIRUPDomRGHXPDVXEMHWLYLGDGHLQWHJUDOH
QmR GLVWRUFLGD 1HJDU D DOJXpP R UHFRQKHFLPHQWR p SULYiOD R GRV SUpUHTXLVLWRV IXQGDPHQWDLV
SDUDRSOHQRGHVHQYROYLPHQWRKXPDQR´

+RUL]RQWH)yUXPS
SRUTXHFRQVWLWXLXPDIRUPDGHVXERUGLQDomRLQVWLWXFLRQDOL]DGD± HSRUWDQWRXPD
VpULDYLRODomRGDMXVWLoD´
3RUWDQWR)UDVHUDFUHGLWDTXHRUHFRQKHFLPHQWRpPDLVEHPFRPSUHHQGLGRTXDQGR
WUDWDGR FRPR TXHVWmR GH MXVWLoD H SRUWDQWR GD PRUDOLGDGH GR TXH FRPR TXLV
+RQQHWKH7D\ORUXPDTXHVWmRGDERDYLGDHDVVLPGDpWLFD
1DQF\ )UDVHU IDOD QXPD QRUPD GD SDULGDGH SDUWLFLSDWLYD TXH HVWDULD DSWD D
³MXVWLILFDUUHLYLQGLFDo}HVSRUUHFRQKHFLPHQWRFRPRQRUPDWLYDPHQWHYLQFXODQWHV´
1HVVH VHQWLGR SDUD TXH KDMD SDULGDGH GH SDUWLFLSDomR )UDVHU HOHQFD GXDV
FRQGLo}HV TXH GHYHP VHU SUHHQFKLGDV D FRQGLomR REMHWLYD GD SDULGDGH
SDUWLFLSDWLYD HDFRQGLomRLQWHUVXEMHWLYDGHSDULGDGHSDUWLFLSDWLYD
$ FRQGLomR REMHWLYD GHYH RFRUUHU GH IRUPD D DVVHJXUDU DXWRQRPLD H YR] GRV
SDUWLFLSDQWHV (OD DWXD SRVVLELOLWDQGR D H[FOXVmR GH IRUPDV GH GHVLJXDOGDGH
PDWHULDO H HFRQ{PLFD TXH REVWDP D SDULGDGH GH SDUWLFLSDomR -i D FRQGLomR
LQWHUVXEMHWLYD UHLYLQGLFD TXH ³RV SDGU}HV LQVWLWXFLRQDOL]DGRV GH YDORUDomR FXOWXUDO
H[SUHVVHPLJXDOUHVSHLWRDWRGRVRVSDUWLFLSDQWHVHDVVHJXUHPLJXDORSRUWXQLGDGH
SDUDDOFDQoDUHVWLPDVRFLDO´
$LQGD QR WRFDQWH j IRUPXODomR GD SDULGDGH SDUWLFLSDWLYD DPEDV DV FRQGLo}HV
REMHWLYDHLQWHUVXEMHWLYD GHYHPVHUSUHHQFKLGDVQmRVHQGRVXILFLHQWHXPDGHODV
VHSDUDGDPHQWH $VVLP D MXVWLoD SDVVD D WHU XPD FRQFHSomR DPSOD j OX] GR
SULQFtSLR GD SDULGDGH SDUWLFLSDWLYD LQFOXLQGR WDQWR UHGLVWULEXLomR TXDQWR
UHFRQKHFLPHQWRVHPTXHXPVHVREUHSRQKDDRRXWUR
80$&21&(3d212,'(17,7È5,$'25(&21+(&,0(172

)5$6(5 RS FLW S H )UDVHU DFUHGLWD TXH HVVD DERUGDJHP RIHUHFH YiULDV YDQWDJHQV
LPSRUWDQWHV 3ULPHLUR UHFRUUHQGR D XP SDGUmR GHRQWROyJLFR HOD SHUPLWH TXH VH MXVWLILTXHP
UHLYLQGLFDo}HV SRU UHFRQKHFLPHQWR FRPR PRUDOPHQWH YLQFXODQWHV VRE DV FRQGLo}HV PRGHUQDV GH
SOXUDOLVPR YDORUDWLYR >@ 'HVVH PRGR TXDOTXHU WHQWDWLYD GH MXVWLILFDU UHLYLQGLFDo}HV SRU
UHFRQKHFLPHQWR TXH DSHOH SDUD XPD FRQFHSomR GD ERD YLGD VHUi QHFHVVDULDPHQWH VHFWiULD
1HQKXPD DERUGDJHP GHVVH WLSR SRGH HQWHQGHU WDLV UHLYLQGLFDo}HV FRPR QRUPDWLYDPHQWH
YLQFXODQWHVSDUDDTXHOHVTXHQmRFRPSDUWLOKDPGRKRUL]RQWHGHYDORUHVpWLFRVGRWHyULFR

,VWR p ³SDUD WRGRV DTXHOHV TXH FRQFRUGHP HP VHJXLU RV WHUPRV MXVWRV GD LQWHUDomR VRE DV
FRQGLo}HVGRSOXUDOLVPRYDORUDWLYR´)5$6(5RSFLW S

$SHVDU GH R WUDEDOKR VH DWHU j DSHQDV GXDV GLPHQV}HV )UDVHU DFUHGLWD DLQGD QXPD WHUFHLUD
FRQGLomR ³$ILUPR TXH SHOR PHQRV GXDV FRQGLo}HV GHYHP VHU FXPSULGDV SDUD SHUPLWLU D
SRVVLELOLGDGHGHPDLVGRTXHGXDV7HQKRHPPHQWHHVSHFLILFDPHQWHXPDSRVVtYHOWHUFHLUDFODVVH
GH REVWiFXORV j SDULGDGH SDUWLFLSDWLYD TXH SRGHULD VHU FKDPDGD ³SROtWLFD´ HP RSRVLomR j
HFRQ{PLFD RX FXOWXUDO 2EVWiFXORV ³SROtWLFRV´ j SDULGDGH SDUWLFLSDWLYD LQFOXLULDP SURFHGLPHQWRV GH
³WRPDGDGHGHFLVmR´TXHVLVWHPDWLFDPHQWHPDUJLQDOL]DPDOJXPDVSHVVRDVPHVPRQDDXVrQFLDGH
Pi GLVWULEXLomR H IDOVR UHFRQKHFLPHQWR SRU H[HPSOR UHJUDV HOHLWRUDLV GH GLVWULWRV XQLQRPLQDLV
VHJXQGR DV TXDLV TXHP JDQKD OHYD WRGRV RV YRWRV TXH QHJDP YR] SDUD DV TXDVH SHUPDQHQWHV
PLQRULDV $ LQMXVWLoD FRUUHVSRQGHQWH VHULD ³PDUJLQDOL]DomR SROtWLFD´ RX ³H[FOXVmR´ R UHPpGLR
FRUUHVSRQGHQWH³GHPRFUDWL]DomR´3

)5$6(5RSFLWSHWVHT
)UDVHUSURS}HDOJRLQRYDGRUTXHpURPSHUFRPRSDUDGLJPDGHUHFRQKHFLPHQWRR
GD ³LGHQWLGDGH´ 1HVVH PRGHOR R TXH UHFODPD UHFRQKHFLPHQWR p D LGHQWLGDGH
FXOWXUDOSHFXOLDUDXPJUXSR(PFRQVHTXrQFLD³RQmRUHFRQKHFLPHQWRFRQVLVWHQD
GHSUHFLDomRGHWDOLGHQWLGDGHSHODFXOWXUDGRPLQDQWH´HRGDQRjVXEMHWLYLGDGHGRV
LQGLYtGXRV GR JUXSR 'H WDO VRUWH UHSDUDU D OHVmR VLJQLILFD OXWDU SRU
³UHFRQKHFLPHQWR ´RTXHUHTXHUDXQLmRGRVPHPEURVGH GHWHUPLQDGR JUXSRD
ILP GH ³UHPRGHODU VXD LGHQWLGDGH FROHWLYD´ DWUDYpV GD FULDomR GH XPD FXOWXUD
IHFKDGDDXWRDILUPDWLYD
&KDUOHV 7D\ORU FRPSUHHQGH LGHQWLGDGH ³DOJR FRPR XPD FRPSUHHQVmR GH TXHP
VRPRV GH QRVVDV FDUDFWHUtVWLFDV GHILQLWyULDV IXQGDPHQWDLV FRPR VHUHV
KXPDQRV ´$VLGHLDVGHLGHQWLGDGHDOLQKDPVHSRUXPODGRFRPRVLGHDLVpWLFRV
GHDXWHQWLFLGDGHHGHRULJLQDOLGDGHDPERVUHSUHVHQWDQWHVGDPRGHUQLGDGH$VVLP
HVFODUHFH 7D\ORU ³VHU ILHO D PLP PHVPR VLJQLILFD VHU ILHO j PLQKD SUySULD
RULJLQDOLGDGHTXHpDOJRTXHVRPHQWHHXSRVVRDUWLFXODUHGHVFREULU ´
)UDVHU DOWHUQDWLYDPHQWH SURS}H R UHFRQKHFLPHQWR FRPR XPD TXHVWmR GH VWDWXV
VRFLDO6REHVVHYLpVRTXHH[LJHUHFRQKHFLPHQWRQmRpDLGHQWLGDGHSDUWLFXODUGH
XP JUXSR ³PDV D FRQGLomR GRV PHPEURV GR JUXSR FRPR SDUFHLURV LQWHJUDLV QD
LQWHJUDomR VRFLDO´ (P FRQVHTXrQFLD QmR VLJQLILFD D GHSUHFLDomR GH XP JUXSR
³PDVXPDSROtWLFDTXHYLVDVXSHUDUDVXERUGLQDomRID]HQGRGRVXMHLWRIDOVDPHQWH
UHFRQKHFLGRXPPHPEURLQWHJUDOGDVRFLHGDGHFDSD]GHSDUWLFLSDUFRPRVRXWURV
PHPEURVFRPRLJXDO ´
'DQLHO6DUPHQWRDFUHGLWDTXHDFXOWXUDpQHFHVViULDSDUDD³LGHQWLGDGH´KXPDQD
WRGDYLDUHFRQKHFHTXHQRHQVHMRGHSUHVHUYDomRFXOWXUDOQmRVHSRGHUHWLUDUGDV
SHVVRDV R SRGHU GH FRQWHVWDU RV WHUPRV GD FXOWXUD HP TXH HVWmR LPHUVDV GH
GLVSXWDURVHXVHQWLGRHDWpGHUHQHJiOD
1R PRGHOR GH VWDWXV HQWmR R QmR UHFRQKHFLPHQWR DSDUHFH TXDQGR DV LQVWLWXLo}HV
HVWUXWXUDP D LQWHUDomR GH DFRUGR FRP QRUPDV FXOWXUDLV TXH LPSHGHP D SDULGDGH GH
SDUWLFLSDomR([HPSORVDEUDQJHPDVOHLVPDWULPRQLDLVTXHH[FOXHPDXQLmRHQWUHSHVVRDVGR
PHVPR VH[R SRU VHUHP LOHJtWLPDV H SHUYHUVDV >@ (P WRGRV HVVHV FDVRV D LQWHUDomR p

3DUD1DQF\)UDVHU³QRPRGHORGHUHFRQKHFLPHQWRGDLGHQWLGDGHDSROtWLFDGHUHFRQKHFLPHQWR
VLJQLILFDSROtWLFDGHLGHQWLGDGH´S

)5$6(5 RS FLW S HW VHT )UDVHU DILUPD TXH R PRGHOR GD LGHQWLGDGH p SURIXQGDPHQWH
SUREOHPiWLFR >@ HOH DUULVFD VXEVWLWXLU D PXGDQoD VRFLDO SRU IRUPDV LQWUXVDV GH HQJHQKDULD GD
FRQVFLrQFLD>@HQIDWL]DQGRDHODERUDomRHDPDQLIHVWDomRGHXPDLGHQWLGDGHFROHWLYDDXWrQWLFD
DXWRDILUPDWLYDHDXWRSRLpWLFDHOHVXEPHWHRVPHPEURVLQGLYLGXDLVDXPDSUHVVmRPRUDODILPGH
VH FRQIRUPDUHP j FXOWXUD GR JUXSR >@ $OpP GLVVR R PRGHOR UHLILFD D FXOWXUD ,JQRUDQGR DV
LQWHUDo}HV WUDQVFXOWXUDLV HOH WUDWD DV FXOWXUDV FRPR SURIXQGDPHQWH GHILQLGDV VHSDUDGDV H QmR
LQWHUDWLYDVFRPRVHIRVVHyEYLRRQGHXPDWHUPLQDHDRXWUDFRPHoD&RPRUHVXOWDGRHOHWHQGHD
SURPRYHURVHSDUDWLVPRHDHQFODXVXUDURVJUXSRVDRLQYpVGHIRPHQWDULQWHUDo}HVHQWUHHOHV

7$</25&KDUOHV³$SROtWLFDGRUHFRQKHFLPHQWR´,QBBBBBB $UJXPHQWRV)LORVyILFRV7UDGXomR
GH$GDLO8ELUDMDUD6REUDO6mR3DXOR(GLo}HV/R\ROD S

,ELGS

)5$6(5RSFLWS

+RUL]RQWH)yUXPS
UHJXODGD SRU XP SDGUmR LQVWLWXFLRQDOL]DGR GH YDORUDomR FXOWXUDO TXH FRQVWLWXL DOJXPDV
FDWHJRULDV GH DWRUHV VRFLDLV FRPR QRUPDWLYRV H RXWURV FRPR GHILFLHQWHV RX LQIHULRUHV
KHWHURVVH[XDO p QRUPDO JD\ p SHUYHUVR ³IDPtOLDV FKHILDGDV SRU KRPHQV´ VmR FRUUHWDV
³IDPtOLDV FKHILDGDV SRU PXOKHUHV´ QmR R VmR ³EUDQFRV´ REHGHFHP j OHL ³QHJURV´ VmR
SHULJRVRV
$ DSUHVHQWDomR GR PRGHOR GH VWDWXV HYLWD PXLWRV SUREOHPDV HQFRQWUDGRV QR
PRGHOR GD LGHQWLGDGH 3ULPHLUR SRUTXH DR DIDVWDU D LGHLD GH UHFRQKHFLPHQWR
FRPR YDORUL]DomR GD LGHQWLGDGH GH JUXSR HOH HYLWD ³HVVHQFLDOL]DU´ HVWDV
LGHQWLGDGHV (P VHJXQGR SRUTXH FHQWUDOL]DVH QRV HIHLWRV GDV QRUPDV
LQVWLWXFLRQDOL]DGDV H HP WHUFHLUR FRQFHEH D LJXDOGDGH GH VWDWXV QR kPELWR GD
SDULGDGHGHSDUWLFLSDomR3RUILPpGHVXPDLPSRUWkQFLDSRUTXHHYLWD³UHLILFDU´D
FXOWXUD H SURFXUD GHVLQVWLWXFLRQDOL]DU RV SDGU}HV TXH REVWDP D SDULGDGH GH
SDUWLFLSDomRHRVVXEVWLWXHPSRUSDGU}HVTXHDSURPRYDP(DVVLP³UHMHLWDQGRR
DOLQKDPHQWR WUDGLFLRQDO GR UHFRQKHFLPHQWR j pWLFD HOH DR FRQWUiULR R DOLQKD j
PRUDOLGDGH 'HVVH PRGR R PRGHOR GH VWDWXV SHUPLWH TXH VH FRPELQH
UHFRQKHFLPHQWRFRPUHGLVWULEXLomR´
1HVVH PHVPR VHQWLGR PDV VHP LJQRUDU R YDORU IXQGDPHQWDO GD LGHQWLGDGH QD
PRGHUQLGDGH6DZDLDFRPSUHHQGHTXHRUHIHUHQFLDOGDLGHQWLGDGHDSUHVHQWDGRLV
SDUDGR[RV
XPD SHUVSHFWLYD DQDOtWLFD TXH FRQWpP HP VL PHVPD D SRVVLELOLGDGH GH IXJLU WDQWR GDV
PHWDQDUUDWLYDV KRPRJHQHL]DGRUDV TXDQGR GR UHODWLYLVPR DEVROXWR TXH HOLPLQD TXDOTXHU
WUDoRGLVWLQWLYR
VHUXVDGDFRPRDUJXPHQWRGHGHIHVDGRUHVSHLWRjDOWHULGDGHHPUHODo}HVGHPRFUiWLFDVH
DRPHVPRWHPSRGHSURWHomRFRQWUDRHVWUDQKROHJLWLPDQGRFRPSRUWDPHQWRV[HQyIRERVH
H[FOXGHQWHVGHGLIHUHQWHVRUGHQV
6DZDLDID]XPDFRQVWUXomRDFHUFDGDFRQWULEXLomRGD UHIHUrQFLDLGHQWLWiULDFRPR
R IRUWDOHFLPHQWR SDUD VXSHUDomR GH FULVHV GLDQWH GD GHVRUGHP JOREDO WmR
DFHQWXDGD SHOD JOREDOL]DomR KRPRJHQHL]DGRUD &RQWXGR DOHUWD TXH D LGHQWLGDGH
QmRGHYHVHUHQFDUDGDFRPRXPGDGRDFDEDGRDRSDVVRTXHLQWURGX]LQGRDpWLFD
HDFLGDGDQLDQDVVXDVGLVFXVV}HVFRQILJXUDYiULDVLGHQWLILFDo}HVHPFXUVR1HVVD
OLQKDDLGHQWLGDGHSRGHVHUSHULJRVDSRLVRFXOWDQHJRFLDo}HVGHVHQWLGRFKRTXHV
GH LQWHUHVVHV SURFHVVRV GH GLIHUHQFLDomR H KLHUDUTXL]DomR GDV GLIHUHQoDV
ILJXUDQGR XPD HVWUDWpJLD VXWLO GH UHJXODomR GDV UHODo}HV GH SRGHU TXHU FRPR
UHVLVWrQFLDjGRPLQDomRTXHUFRPRVHXUHIRUoR

)5$6(5RSFLWSHWVHT)UDVHUOHFLRQDDLQGDTXHHPWRGRVRVFDVRVFRQVHTXHQWHPHQWH
XPD GHPDQGD SRU UHFRQKHFLPHQWR p QHFHVViULD 0DV QRWH SUHFLVDPHQWH R TXH LVVR VLJQLILFD
YLVDQGRDQmRYDORUL]DUDLGHQWLGDGHGHJUXSRPDVVXSHUDUDVXERUGLQDomRDVUHLYLQGLFDo}HVSRU
UHFRQKHFLPHQWR QR PRGHOR GH VWDWXV SURFXUDP WRUQDU R VXMHLWR VXERUGLQDGR XP SDUFHLUR LQWHJUDO
QD YLGD VRFLDO FDSD] GH LQWHUDJLU FRP RV RXWURV FRPR XP SDU (ODV REMHWLYDP DVVLP
GHVLQVWLWXFLRQDOL]DU SDGU}HV GH YDORUDomR FXOWXUDO TXH LPSHGHP D SDULGDGH GH SDUWLFLSDomR H
VXEVWLWXtORVSRUSDGU}HV TXHDSURPRYDP

)5$6(5RSFLWSHWVHT

6$:$,$ %DGHU %XULKDQ 2UJ ,GHQWLGDGH ± 8PD LGHRORJLD 6HSDUDWLVWD" ,Q $V DUWLPDQKDV GD
H[FOXVmRDQiOLVHSVLFRVVRFLDOHpWLFDGDGHVLJXDOGDGHVRFLDO3HWUySROLV5-9R]HVS
$R FRQFHEHU R QmR UHFRQKHFLPHQWR FRPR VXERUGLQDomR GH VWDWXV HQFRQWUDVH R

HUUR QDV UHODo}HV VRFLDLV H QmR QD HVIHUD VXEMHWLYD RX LQWHUSHVVRDO 7DO FRPR
RFRUUHFRPDVGHVLJXDOGDGHVGHFODVVHTXDQGRSDGU}HVGHHVWLJPDHSUHFRQFHLWR
VmRLQVWLWXFLRQDOL]DGRVLPSHGHPDSDULGDGHGHSDUWLFLSDomR
&216,'(5$d®(6),1$,6
&KHJDGD D HUD GD JOREDOL]DomR GLVFXWHVH RV HIHLWRV HQJHQGUDGRV SRU HVVH
IHQ{PHQRSULQFLSDOPHQWHQRTXHWRFDjVUHODo}HVVRFLDLVSROtWLFDVHHFRQ{PLFDV
$FKDPDGDJOREDOL]DomRHQVHMRXXPDQRYDUHLYLQGLFDomRSROtWLFDDVGHPDQGDVSRU
UHFRQKHFLPHQWR &RPR GLWR QR GHFRUUHU GR WUDEDOKR DV GHPDQGDV SRU
UHGLVWULEXLomR SDVVDUDP D VDLU GR FHQWUR GD DJHQGD SROtWLFD R TXH SURYRFRX D
DWUDomRGHROKDUHVGHSHVTXLVDGRUDVFRPR1DQF\)UDVHUQRLQWXLWRGHUH SHQVDU
HPQRYDVIRUPDVGHDFRPRGDUDPEDVDVGHPDQGDV
6HP TXHUHU H[DXULU D WHPiWLFD QR FDPSR ILORVyILFR Mi TXH IRJH DR HVFRSR GHVWH
WUDEDOKR H DSHQDV HP VtQWHVH GHPRQVWURXVH TXH R UHFRQKHFLPHQWR TXDQGR
DVVRFLDGR j PRUDOLGDGH SDVVD D VHU PHOKRU FRPSUHHQGLGR GR TXH TXDQGR
DVVRFLDGRjpWLFDHSRVVLELOLWDDFRH[LVWrQFLDGDUHGLVWULEXLomRDRUHFRQKHFLPHQWR
$OLiVpHVVDVLPELRVHHQWUHDVGXDVYHUWHQWHVTXH1DQF\)UDVHUDFUHGLWDVXILFLHQWH
SDUD HQVHMDU XPD WHRULD GD MXVWLoD VRFLDO TXH SDUD TXH RFRUUD GHYH FRQWDU FRP
DPEDV DV GHPDQGDV VLPXOWDQHDPHQWH 1R PHVPR VHQWLGR %RDYHQWXUD GH 6RXVD
6DQWRV DFUHGLWD TXH DSHQDV DVVRFLDQGR DV OXWDV SRU UHFRQKHFLPHQWR H
UHGLVWULEXLomRVHSRGHIDODUHPMXVWLoD
)LQDOPHQWH R WUDEDOKR WUD] j EDLOD XPD UH IRUPXODomR GD WHRULD GR
UHFRQKHFLPHQWR GH IRUPD TXH R IXQGDPHQWR GH OHJLWLPLGDGH QmR VHMD DV OXWDV
LGHQWLWiULDV PDV D FDWHJRULD GH VXERUGLQDomR GH VWDWXV TXH VHJXQGR )UDVHU
LPSHGLULD D SDULGDGH GH SDUWLFLSDomR 2 SUHVHQWH WUDEDOKR QmR WHP SRU LQWHQomR
VXSODQWDU DV TXHVW}HV LGHQWLWiULDV WRGDYLD D GLWD WHRULD GD ILOyVRID QRUWH
DPHULFDQD DSRQWD XPD FDUDFWHUtVWLFD GRV WHPSRV DWXDLV IOXLGRV H YROiWHLV D GH
TXHQHQKXPDFHUWH]DpLPXWiYHOHDGHTXHQRYRVSDUDGLJPDVVmRQHFHVViULRV
5()(5Ç1&,$6
%$80$1=\JPXQW*OREDOL]DomR$FRQVHTXrQFLDVKXPDQDV7UDGXomR0DUFXV3HQFKHO² 5LRGH
-DQHLUR-RUJH=DKDU(G

)5$6(5RSFLW S 6HJXQGR)UDVHU³>@TXDQGRRQmRUHFRQKHFLPHQWRpLGHQWLILFDGRFRP
GLVWRUo}HVLQWHUQDVQDHVWUXWXUDGDDXWRFRQVFLrQFLDGRRSULPLGREDVWDDSHQDVXPSHTXHQRSDVVR
SDUD FXOSDU D YtWLPD 3RU H[HPSOR LPSXWDU XP GDQR SVtTXLFR jTXHOHV VXEPHWLGRV DR UDFLVPR
SDUHFH DJUDYDU DLQGD PDLV D VXD VLWXDomR >@ 3DUD R PRGHOR GH VWDWXV HP RSRVLomR R QmR
UHFRQKHFLPHQWR p XPD TXHVWmR GH LPSHGLPHQWRV H[WHUQDPHQWH PDQLIHVWDGRV H SXEOLFDPHQWH
YHULILFiYHLV D TXH FHUWRV LQGLYtGXRV VHMDP PHPEURV LQWHJUDLV GD VRFLHGDGH ( WDLV DUUDQMRV VmR
PRUDOPHQWH LQGHIHQViYHLV LQGHSHQGHQWHPHQWH GH GLVWRUFHUHP RX QmR D VXEMHWLYLGDGH GRV
RSULPLGRV
%$80$1=\JPXQW ,GHQWLGDGHHQWUHYLVWDD %HQHGHWWR9HFFKL=\JPXQW%DXPDQWUDGXomR&DUORV

$OEHUWR0HGHLURV± 5LRGH-DQHLUR-RUJH=DKDU(G
%5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$UJXLomRGH'HVFXPSULPHQWRGH3UHFHLWR)XQGDPHQWDO$'3)
7ULEXQDO3OHQR5HTXHUHQWH'HPRFUDWDV5HODWRU0LQLVWUR5LFDUGR/HZDQGRZVNL%UDVtOLD
DEUS
%5$6,/ 6XSUHPR 7ULEXQDO )HGHUDO $omR 'LUHWD GH ,QFRQVWLWXFLRQDOLGDGH $',Q 5HODWRU
0LQLVWUR $\UHV %ULWWR 'LVSRQtYHO HP
KWWSUHGLUVWIMXVEUSDJLQDGRUSXESDJLQDGRUMVS"GRF73 $& GRF,' !$FHVVRHPMXO

':25.,1 5RQDOG 8PD TXHVWmR GH SULQFtSLR 7UDG /XtV &DUORV %RUJHV ± 6mR 3DXOR 0DUWLQV
)RQWHV
)$5,$-RVp(GXDUGR'LUHLWRVKXPDQRVHJOREDOL]DomRHFRQ{PLFDQRWDVSDUDXPDGLVFXVVmR
(VWXGRVDYDQoDGRVQ S
)5$6(51DQF\'DUHGLVWULEXLomRDRUHFRQKHFLPHQWR"'LOHPDVGDMXVWLoDQXPDHUDSyVVRFLDOLVWD
&DGHUQRVGH&DPSR6mR3DXORQ
BBBBBBBBBBBB 5HFRQKHFLPHQWR VHP pWLFD" 7UDGXomR GH $QD &DUROLQD )UHLWDV /LPD 2JDQGR H
0DULDQD3UDQGLQL)UDJD$VVLV/XD1RYD6mR3DXOR
BBBBBBBBBBBB $ MXVWLoD VRFLDO QD JOREDOL]DomR 5HGLVWULEXLomR UHFRQKHFLPHQWR H SDUWLFLSDomR

5HYLVWD&UtWLFDGH&LrQFLDV6RFLDLV2XW
+$%(50$6 -UJHQ $ LQFOXVmR GR RXWUR HVWXGRV GD WHRULD SROtWLFD 7UDG *HRUJH 6SHUEHU (G
/R\ROD6mR3DXOR%UDVLO
+$// 6WXDUW 3HQVDQGR D 'LiVSRUD 5HIOH[}HV VREUH D WHUUD QR H[WHULRU ,Q 'D GLiVSRUD
LGHQWLGDGHVHPHGLDo}HVFXOWXUDLV629,. /LY 2UJ 7UDGXomRGH$GHODLQH/D*XDUGLD5HVHQGH
%HOR+RUL]RQWH8)0*%UDVtOLD5HSUHVHQWDomRGD8QHVFRQR%UDVLO
+211(7+ $[HO $ WH[WXUD GD -XVWLoD 6REUH RV OLPLWHV GR SURFHGLPHQWDOLVPR FRQWHPSRUkQHR
&LYLWDV5HYLVWDGH&LrQFLDV6RFLDLVYQVHWHPEURGH]HPEURSiJ
BBBBBBB $ JUDPiWLFD PRUDO GRV FRQIOLWRV VRFLDLV WUDGXomR GH /XL] 5HSD 6mR 3DXOR (GLWRUD

1(9(60DUFHOR-XVWLoDHGLIHUHQoDQXPDVRFLHGDGHJOREDOFRPSOH[D,Q'HPRFUDFLDKRMH1RYRV
GHVDILRV SDUD D WHRULD GHPRFUiWLFD FRQWHPSRUkQHD 628=$ -HVVp RUJ %UDVtOLD (GLWRUD
8QLYHUVLGDGHGH%UDVtOLD
3,(58&&, $QW{QLR )OiYLR &LODGDV GD GLIHUHQoD 7HPSR 6RFLDO 5HYLVWD GH 6RFLRORJLD GD 863 6mR
3DXOR
5,%(,52 -RVXHO 6WrQLR GD 3DL[mR 3ROtWLFDV S~EOLFDV H GLUHLWRV KXPDQRV HP -UJHQ +DEHUPDV
'LVVHUWDomRGHPHVWUDGR3URJUDPDGHSyVJUDGXDomRHP&LrQFLDV6RFLDLV0DUtOLD8QHVS
6$1726 %RDYHQWXUD GH 6RXVD &+$8Ë 0DULOHQD 'LUHLWRV KXPDQRV GHPRFUDFLD H
GHVHQYROYLPHQWR6mR3DXOR&RUWH]
+RUL]RQWH)yUXP
6$:$,$ %DGHU %XULKDQ 2UJ ,GHQWLGDGH ± 8PD LGHRORJLD 6HSDUDWLVWD" ,Q $V DUWLPDQKDV GD
H[FOXVmRDQiOLVHSVLFRVVRFLDOHpWLFDGDGHVLJXDOGDGHVRFLDO3HWUySROLV5-9R]HV
628=$ -HVVp &KDUOHV 7D\ORU H D WHRULD FUtWLFD GR UHFRQKHFLPHQWR ,Q $ PRGHUQL]DomR VHOHWLYD
628=$-HVVp RUJ %UDVtOLD(GLWRUDGD8Q%
7$</25 &KDUOHV $ SROtWLFD GR UHFRQKHFLPHQWR ,Q $UJXPHQWRV )LORVyILFRV 7UDGXomR GH $GDLO
8ELUDMDUD6REUDO6mR3DXOR(GLo}HV/R\ROD
1RVRWURV \ ORV RWURV HVWDGRXQLGHQVHV

\ EiUEDURV HQ HO GLVFXUVR GH 7UXPS
'LHJR $OIUHGR 3pUH] 5LYDV

8QLYHUVLGDG $XWyQRPD GH %DMD &DOLIRUQLD 0p[LFR
/D SDODEUD VH KD GDGR DO KRPEUH SDUD TXH

SXHGD HQFXEULU VX SHQVDPLHQWR´ 7DOOH\UDQG
%$5%$5,( &216758<(1'2 /$ $/7(5 , '$'
/D SDODEUD EDUEDULH HV WDQ DQWLJXD FRPR OD SURSLD KLVWRULD GH OD ILORVRItD RFFLGHQWDO

6XV SULPHURV UHIHUHQWHV HVWiQ HQ HO VLJOR 9,,, D( FXDQGR VH JHVWy OD pSLFD JULHJD
2ULJLQDOPHQWH HO WpUPLQR EDUEDURIRQR SRVHtD XQD FRQQRWDFLyQ GHVFULSWLYD FX\D
IXQFLyQ HUD GHVWDFDU GLIHUHQFLDV OLQJtVWLFDV \ JHRJUiILFDV &XDQGR OD LGHQWLGDG
JULHJD QR HVWDED SOHQDPHQWH IRUPDGD OD QRFLyQ VHUYtD SDUD GHQRPLQDU D WRGRV ORV
H[WUDQMHURV TXH QR KDEODEDQ OD OHQJXD FRPHUFLDO GHO PHGLWHUUiQHR HO JULHJR
/RV EiUEDURV GH +RPHUR EDUEDEDQ HO LGLRPD QR VH VHQWtDQ FyPRGRV KDEODQGR HO
JULHJR %iUEDURV HUDQ ODV SHUVRQDV H[WUDQMHUDV FX\D FDSDFLGDG GH H[SUHVDUVH FRQ
HO OyJRV GRPLQDQWH HUD OLPLWDGR 'HVGH HQWRQFHV VLUYLy SDUD WUD]DU XQD OtQHD HQWUH
³JULHJRV FLYLOL]DGRV´ \ ³H[WUDQMHURV QR FLYLOL]DGRV´ 8QD IURQWHUD FXOWXUDO OHQJXDMH
TXH LQVWDXUD XQD OtQHD GH GHPDUFDFLyQ HQWUH XQ DGHQWUR FLYLOL]DFLyQ \ XQ DIXHUD
EDUEDULH
(Q HO VLJOR 9 D( OD QRFLyQ VH WUDQVIRUPy FRQ +HUiFOLWR &XDQGR HVWDED IRUPiQGRVH
OD LGHQWLGDG SDQKHOpQLFD FRPHQ]y D XVDUVH SUHVFULSWLYDPHQWH 3DUD ³HO RVFXUR GH
eIHVR´ ORV EiUEDURV HUDQ DOyJRQ LQGLYLGXRV SULYDGRV GHO OHQJXDMH \ OD UD]yQ 3RU
UVR ³/RV RMRV \ ORV RtGRV VRQ PDORV WHVWLJRV SDUD ORV EiUEDURV´ (O EiUEDUR KDEOD
PDO SRUTXH SLHQVD PDO SRUTXH SHQVDU \ KDEODU VRQ FDUDV GH OD PLVPD PRQHGD OD
UDFLRQDOLGDG YLVWD D WUDYpV GHO FULVRO GH OD FXOWXUD \ OD OHQJXD JULHJD ³(QWUH +RPHUR
\ +HUiFOLWR SHUGXUD XQ PLVPR Q~FOHR VLJQLILFDQWH EiUEDUR GHVLJQD VLHPSUH DO

3URIHVRULQYHVWLJDGRUGHWLHPSRFRPSOHWRHQOD)DFXOWDGGH&LHQFLDV$GPLQLVWUDWLYDV\6RFLDOHVGH
OD8QLYHUVLGDG$XWyQRPDGH%DMD&DOLIRUQLD0LHPEURGHO6LVWHPD1DFLRQDOGH,QYHVWLJDGRUHV QLYHO
GHVGH HO 6X WUDEDMR VH FHQWUD HQ ODV iUHDV GH ILORVRItD SROtWLFD ILORVRItD GHO GHUHFKR \
ILORVRItDGHODFLHQFLD

3RU HMHPSOR ³4XLQGL L &DULL GL EDUEDUD IDYHOOD´ \ ³'HO PLR EXRQ JHQLWRU FKH IRUVH q PRUWR R YLYH
HUUDQGR LQ EDUEDUR SDHVH´ 2PHUR ,OLDGH *DU]DQWL 0LODQR &DQWR YHUVR < 2GGLVHD
;; *DU]DQWL YHUVRV

+(5$&/,72 HW DO /RV SUHVRFUiWLFRV )&( 0p[LFR %
LQGLYLGXR TXH HVWi PDO DGDSWDGR D OD OHQJXD DTXHO TXH QR VH VLHQWH D JXVWR HQ HO
GLVFXUVR DTXHO TXH QR HV FDSD] GH SHQVDU FODUDPHQWH QL GH FRPSUHQGHU HQ VX
WRWDOLGDG HO GLVFXUVR TXH HVFXFKD´ &RQ +HUiFOLWR OD IURQWHUD HV XQD EDUUHUD TXH
GLVWLQJXH XQ DGHQWUR UDFLRQDOLGDG \ XQ DIXHUD LJQRUDQFLD R EDUEDULH
7XFtGLGHV UHDOL]y OD SULPHUD UHYLVLyQ FUtWLFD 5HIOH[LRQDQGR VREUH VX XVR HQ +RPHUR
FRQFOX\y TXH QR FRQWDED FRQ ORV HOHPHQWRV FXOWXUDOHV VXILFLHQWHV SDUD HVWDEOHFHU
XQD FODUD GLVWLQFLyQ HQWUH JULHJRV \ QR JULHJRV $QWHV GHO SHUtRGR FOiVLFR PXFKRV
JULHJRV VH FRQVLGHUDEDQ H[WUDQMHURV HQWUH Vt 1R KDEtD XQ DGHQWUR \ XQ DIXHUD
FODUDPHQWH HVWDEOHFLGRV 3RVWHULRUPHQWH OD SDODEUD VHUYLUtD SDUD WUD]DU XQD
GLVWLQFLyQ HQWUH ORV LQGLYLGXRV TXH FRPSDUWtDQ XQ LPDJLQDULR FXOWXUDO \ ORV TXH QR
/D KLVWRULRJUDItD VHUYLUtD SDUD WHVWLPRQLDU ORV JUDQGHV HYHQWRV DFRQWHFLGRV HQWUH
EiUEDURV \ JULHJRV /D GLIHUHQFLD HUD TXH ORV JULHJRV HVFULEtDQ ORV KHFKRV SDUD QR
ROYLGDUORV /RV EiUEDURV HQ FDPELR QR SRVHtDQ XQ UHJLVWUR HUDQ VRFLHGDGHV VLQ
KLVWRULD (O EiUEDUR DVt IXH FRQVLGHUDGR XQ VHU PDO DGDSWDGR D OD PHPRULD TXH
VRODPHQWH YLYH HQ HO SUHVHQWH FUHDQGR IDQWDVPDV LPiJHQHV \ IDOVHGDGHV TXH VH
PDQLILHVWDQ HQ VX KDEODU PDO
&RQ HO DUULER GHO DULVWRWHOLVPR OD QRFLyQ DGTXLULy VXV FRQQRWDFLRQHV WUDGLFLRQDOHV
3ULPHUDPHQWH HO FLXGDGDQR ]RyQ SROLWLNyQ HV FRQFHELGR FRPR HO YDUyQ JULHJR
PD\RU GH HGDG \ SURSLHWDULR TXH VH KD DSRGHUDGR GHO OyJRV SDUD H[SUHVDU LGHDV
XQLYHUVDOHV FRPR ~WLOLQ~WLO MXVWRLQMXVWR EXHQRPDOR (O LGLRPD JULHJR IXH
FRQVLGHUDGD OD OHQJXD XQLYHUVDO SDUD DFFHGHU D OD VXVWDQFLD 0LHQWUDV WDQWR HO
KDEOD GH ORV EiUEDURV HUD YLVWD FRPR PHUD SKRQp FRPR VRQLGRV DUELWUDULRV SDUD
WUDQVPLWLU HPRFLRQHV VLPSOHV FRPR HO SODFHU \ HO GRORU6H FUHtD TXH ORV EiUEDURV
YLYtDQ HQ XQ SHUSHW~R OHWDUJR LQWHOHFWXDO \ VRODPHQWH SRGtDQ LPDJLQDU OR
LQYHURVtPLO H LUUHDO $Vt OD IURQWHUD VH UHLQVWDXUy HO DGHQWUR UHDOUDFLRQDO JULHJRV
FLYLOL]DGRV FRQ OyJRV \ HO DIXHUD GH OD LUUHDOLGDG LUUDFLRQDOLGDG EiUEDURV
HQFDGHQDGRV SRU OD SKRQp
$ SDUWLU GH ORV URPDQRV HO WpUPLQR FRPHQ]y D LQWHJUDUVH JUDGXDOPHQWH HQ HO
OHQJXDMH FRP~Q GHELGR D ODV GLYHUVDV LQFXUVLRQHV GH H[WUDQMHURV HQ OD SHQtQVXOD
LWiOLFD (Q HVWH FRQWH[WR OD EDUEDULH HUD FRQVLGHUDGD FRPR OR RSXHVWR D OD
KXPDQLWDV /RV EiUEDURV GH ORV URPDQRV HUDQ FUXHOHV H[WUDQMHURV TXH OOHJDURQ DO
FRUD]yQ GH (XURSD D FDXVDU WHUURU 3RU XQD SDUWH ORV KXQRV JXHUUHURV
GHVSLDGDGRV TXH LPSXVLHURQ VX UHLQR GH PLHGR \ VDTXHR 3RU RWUR ORV JHUPDQRV
EHVWLDV UXELDV FDUDFWHUL]DGDV SRU OD IXULD EHOOL SRU VX H[WUHPD ILHUH]D 3HUR
WDPELpQ ORV JDORV EULWiQLFRV FDUWDJLQHVHV YiQGDORV \ KDVWD SLUDWDV $Vt VH IRUPy
XQD QXHYD IURQWHUD HO DGHQWUR UHSUHVHQWDGR HQ OD SD[ URPDQD HO DIXHUD
UHSUHVHQWDGR HQ EDUEDULD

'52,7 52*(5 32/ *HQHDORJtDGHORVEiUEDURV+LVWRULDGHODLQKXPDQLGDG3DLGRV
%DUFHORQD S

78&,','( /H VWRULH 87(7 7RULQR,

$5,6727e/(6 3ROtWLFD 81$0 0p[LFR D \ VV
$ SDUWLU GHO FULVWLDQLVPR OD QRFLyQ VXIULy XQD QXHYD LQWHUSUHWDFLyQ FRQ XQ FULWHULR
UHOLJLRVR /RV EiUEDURV HUDQ ORV JHQWLOHV ORV SXHEORV TXH DGRUDQ D PXFKRV GLRVHV
5HVXOWD SDUDGyMLFR TXH HQ OD UXSWXUD HQWUH PXQGR URPDQR \ PXQGR FULVWLDQR ORV
URPDQRV FRQVLGHUDVHQ D -HV~V FRPR XQ SURIHWD R ILOyVRIR GH EiUEDURV PLHQWUDV
TXH ORV FULVWLDQRV FRQVLGHUDEDQ D ORV URPDQRV FRPR EiUEDURV SDJDQRV \
SROLWHtVWDV (Q UHDOLGDG WRGRV SXHGHQ VHU FRQVLGHUDGRV FRPR EiUEDURV SRU RWURV
SXHV OD HVHQFLD GH OD EDUEDULH HV OD DOWHULGDG
(Q OD PRGHUQLGDG OD QRFLyQ DGTXLULy GRV FRQQRWDFLRQHV GLIHUHQWHV 3ULPHUR OD
YLVLyQ GRPLQDQWH FRPR XQ HVWDGR FDyWLFR \ VDOYDMLVPR DQiUTXLFR HQ HO LPDJLQDULR
GH +REEHV 3RU RWUR ODGR XQD YLVLyQ DOWHUQDWLYD FRQ OD (VFXHOD GH 6DODPDQFD \
5RXVVHDX (Q HVWD FRQFHSFLyQ OD EDUEDULH HV YLVWD QRVWiOJLFDPHQWH VH DxRUD FRPR
XQ PRPHQWR GH GXO]XUD \ ERQGDG
(Q VXPD OD EDUEDULH HV XQD QRFLyQ TXH VLUYH SDUD LQVWDXUDU XQ DGHQWUR \ XQ
DIXHUD HQWUH JUXSRV VRFLDOHV (O DGHQWUR OD FLYLOL]DFLyQ SXHGH HVWDU UHSUHVHQWDGR
SRU HO GRPLQLR GH OD OHQJXD KHJHPyQLFD OD UDFLRQDOLGDG OD SROLWLFLGDG OD
KXPDQLWDV OD SD[ OD IH YHUGDGHUD HO HVWDGR FLYLO HO RUGHQ PLHQWUDV TXH HO DIXHUD
OD EDUEDULH UHSUHVHQWD OR RSXHVWR HO EDOEXFHR OD LUUDFLRQDOLGDG HO FDRV OD
FUXHOGDG HO SDJDQLVPR OD LGRODWUtD HO HVWDGR QDWXUDO /D IXHU]D GH OD GLVWLQFLyQ
UHVLGH HQ TXH SXHGH XVDUVH HQ SUiFWLFDPHQWH FXDOTXLHU FDVR SDUD HVWDEOHFHU XQD
LGHQWLGDG SURSLD HQ RSRVLFLyQ D ORV RWURV 6X SRGHU VHGXFWRU GHULYD GH VX
VLPSOLFLGDG VH WUDWD GH XQD LGHD LQWXLWLYD VREUH XQ HVSDFLR LQWHUQR FyPRGR \
FRQIRUWDEOH \ XQ DIXHUD LQFyPRGR \ SUREOHPiWLFR JHQHUDGRU GH FDRV
1$)7$ &21675 8<(1'2 3 8(17(6
/D EDUEDULH HV XQD QRFLyQ TXH HVWDEOHFH IURQWHUDV LGHROyJLFDV HQWUH VHUHV KXPDQRV
SRU FXHVWLRQHV FXOWXUDOHV 3RU HVR SXHGH FRQVLGHUDUVH XQD FRQVWUXFFLyQ TXH
LQVWDXUD XQ DGHQWUR \ XQ DIXHUD DSHODQGR D PDUFDGRUHV OLQJtVWLFRV JHRJUiILFRV
HPRWLYRV UHOLJLRVRV HWF 8Q IHQyPHQR RSXHVWR FRQVLVWH HQ FRQVWUXLU SXHQWHV HQWUH
FLYLOL]DFLRQHV UHVDOWDQGR VHPHMDQ]DV OD]RV DPLVWDG WUDGLFLyQ KLVWyULFD R VLHQGR
PiV SUiFWLFRV HQ ORV LQWHUHVHV PDWHULDOHV \ FRPHUFLDOHV TXH HVWLPXODQ OD
FRRSHUDFLyQ (Q HVWH DSDUWDGR VH GHVFULELUi EUHYHPHQWH OD LQWHJUDFLyQ HFRQyPLFD
HQ HO FRQWH[WR GH HVWH SUHVXQWR SURFHVR GH GHVEDUEDUL]DFLyQ GHO PH[LFDQR
(O 1$)7$ HV XQ WUDWDGR LQWHUQDFLRQDO GH QDWXUDOH]D HFRQyPLFRFRPHUFLDO ILUPDGR
HQ GLFLHPEUH GH SRU (VWDGRV 8QLGRV &DQDGi \ 0p[LFR *HRUJH +: %XVK
%ULDQ 0XOURQH\ \ &DUORV 6DOLQDV EXVFDEDQ XQD LQWHJUDFLyQ HFRQyPLFD UHJLRQDO FRQ
UHJODV PX\ SUHFLVDV (VSHFtILFDPHQWH VH WUDWDED GH XQ DFXHUGR GH OLEUH FLUFXODFLyQ
GH ELHQHV \ VHUYLFLRV VLQ OD OLEUH FLUFXODFLyQ GH SHUVRQDV D GLIHUHQFLD GHO LXV
PLJUDQGL GH OD 8(
/D UHODFLyQ FRPHUFLDO HQWUH ORV ILUPDQWHV GHO 1$)7$ DVFHQGtD HQ D
PLOORQHV GH GyODUHV $O ILQDOL]DU HO HUD GH PLOORQHV GH GyODUHV
1$)7$ SXHGH FRQVLGHUDUVH H[LWRVR SRUTXH KD LPSXOVDGR XQD PD\RU LQWHJUDFLyQ

FRPHUFLDO
(Q HO FDVR HVSHFtILFR GH 0p[LFR VXV H[SRUWDFLRQHV KDQ DXPHQWDGR
H[SRQHQFLDOPHQWH 'HVGH VX HQWUDGD HQ YLJRU HO FRPHUFLR HQWUH 0p[LFR \ &DQDGi
FUHFLy D XQ ULWPR FRQVWDQWH GH SURPHGLR DQXDO \ FRQ (VWDGRV 8QLGRV FUHFLy
SURPHGLR DQXDO $FWXDOPHQWH 0p[LFR HV HO VHJXQGR VRFLR FRPHUFLDO PiV
LPSRUWDQWH GH (VWDGRV 8QLGRV VRODPHQWH GHWUiV GH &KLQD \ XQD SRVLFLyQ GHODQWH
GH &DQDGi
(Q HO FRQWH[WR GH OD ILUPD GHO 1$)7$ *HRUJH +: %XVK GHFODUy ³6p PX\ ELHQ
TXH SDUD DOJXQRV HO 1$)7$ HV SROpPLFR SRUTXH DEUH HO FRPHUFLR $OJXQRV GH VXV
FUtWLFRV OXFKDUiQ FRQWUD HO IXWXUR FUHDQGR REVWiFXORV SDUD HQPDVFDUDU SROtWLFDV
SURWHFFLRQLVWDV 3HUR OD KLVWRULD QRV PXHVWUD TXH FXDOTXLHU QDFLyQ TXH OHYDQWD
PXURV \ VH YXHOFD KDFLD GHQWUR HVWi GHVWLQDGD D OD GHFDGHQFLD´
(O GLVFXUVR GH OD &DVD %ODQFD GXUDQWH VX PDQGDWR FRQVHUYDUtD ODV PLVPDV
FDUDFWHUtVWLFDV /D DGPLQLVWUDFLyQ %XVK FRQVLGHUDED HO 1$)7$ FRPR XQ JUDQ
WULXQIR (Q VX GLVFXUVR HUD YLVLEOH OD FUHHQFLD GH TXH HO OLEUH FRPHUFLR LPSXOVDUtD HO
FUHFLPLHQWR HFRQyPLFR \ IDYRUHFHUtD OD FRPSHWLWLYLGDG SDUD FRQFXUULU FRQ RWURV
EORTXHV FRPR OD 8( \ ORV FXDWUR WLJUHV DVLiWLFRV (Q GLFLHPEUH GH GLMR ³(VWH
DFXHUGR HOLPLQDUi ODV EDUUHUDV DO FRPHUFLR \ OD LQYHUVLyQ«HQ XQD DVRFLDFLyQ
SHUPDQHQWH GH FUHFLPLHQWR FRQ QXHVWURV VRFLRV FRPHUFLDOHV /D SD] \ OD DPLVWDG
TXH KHPRV GLVIUXWDGR GHVGH KDFH PXFKR WLHPSR FRPR YHFLQRV DKRUD VH YHUiQ
IRUWDOHFLGRV SRU OD H[SORVLyQ GHO FUHFLPLHQWR \ HO FRPHUFLR´
&RQ HO 1$)7$ VH FUHy XQD ]RQD GH OLEUH FRPHUFLR TXH LQFOXtD LQLFLDOPHQWH D PiV
GH PLOORQHV GH SHUVRQDV \ ODV RSLQLRQHV LQLFLDOHV UHIOHMDEDQ XQ GHVPHVXUDGR
RSWLPLVPR $ ODUJR SOD]R VHUYLUtD SDUD IRPHQWDU HO FRPHUFLDO IDYRUHFLHQGR D
(VWDGRV 8QLGRV \ &DQDGi FRQ OD H[WHUQDOL]DFLyQ GH ORV FRVWRV GH VXV JUDQGHV
HPSUHVDV PLHQWUDV TXH D 0p[LFR D\XGDUtD FRQ OD FUHDFLyQ GH HPSOHRV /D IyUPXOD
HOHJLGD QR FRQWHPSODED VLQ HPEDUJR OD DSHUWXUD GHO PHUFDGR GHO WUDEDMR OR TXH
SURYRFy TXH OD EUHFKD VDODULDO HQWUH QDFLRQHV FUHFLHUD SDXODWLQDPHQWH (VWR
LPSXOVDUtD OD PLJUDFLyQ LOHJDO GH PH[LFDQRV D (VWDGRV 8QLGRV DVt FRPR OD
SDXSHUL]DFLyQ GH OD SREODFLyQ PH[LFDQD FRQGLFLRQHV TXH EHQHILFLDUtDQ OD
SURVSHULGDG GH OD GHOLQFXHQFLD RUJDQL]DGD
'HVGH OD ILUPD GHO 1$)7$ KDVWD OD DGPLQLVWUDFLyQ 2EDPD OD UHODFLyQ ELODWHUDO KD
VLGR LPSRUWDQWH HQ GLYHUVDV FR\XQWXUDV ,QLFLDOPHQWH HQ ODV SULPHUDV
UHQHJRFLDFLRQHV GHO 1$)7$ HQ 'HVSXpV GXUDQWH OD FULVLV HFRQyPLFD
PH[LFDQD GH 0iV DGHODQWH GXUDQWH OD FUHDFLyQ GH ODV SULPHUDV SROtWLFDV
PLJUDWRULDV GH &OLQWRQ 3RVWHULRUPHQWH GHVSXpV GHO /XHJR GXUDQWH OD
DGPLQLVWUDFLyQ GH &DOGHUyQ H[LVWLHURQ PRPHQWRV GH WHQVLyQ FRQ ORV FDEOHV

(Q KWWSZZZHOILQDQFLHURFRPP[HFRQRPLDODLPSRUWDQFLDGHPH[LFRHQHOWOFHQ
JUDILFDVKWPO

(Q KWWSGRVIDQOLEXLFHGX(5&EULHILQJGLVSDWFKKWPO'LVSDWFKYQRKWPO

(Q KWWSZZZSUHVLGHQF\XFVEHGXZV"SLG
GLSORPiWLFRV GH :LNLOHDNV )LQDOPHQWH GXUDQWH OD DGPLQLVWUDFLyQ GH 3HxD OD

UHODFLyQ FDPELy GH XQ HVFHQDULR GLSORPDFLD FRQ 2EDPD D XQ HVFHQDULR GH
GLVWDQFLD \ DJUHVLYLGDG FRQ 7UXPS
0e;,&2(67$'26 81,'26 $17(6 '( 75803
'XUDQWH HO VH[HQLR GH 6DOLQDV OD UHODFLyQ FRQ &OLQWRQ IXH SRVLWLYD (Q VX SULPHU

DFHUFDPLHQWR PDQLIHVWDURQ VXV FRPSDWLELOLGDGHV GH SUR\HFWRV SDUD OD UHJLyQ
DVHJXUDQGR TXH HVWDEDQ GH DFXHUGR HQ ORV DVSHFWRV LPSRUWDQWHV GH OD UHODFLyQ
ELODWHUDO ³6DOLQDV PX\ UHODMDGR FDOLILFy VX SULPHUD HQWUHYLVWD FRQ &OLQWRQ GH
SRVLWLYD UHVSHWXRVD \ FRUGLDO 'LMR TXH HQ HO FXUVR GH VX HQFXHQWUR FRQ HO
SUHVLGHQWH HOHFWR QRUWHDPHULFDQR VH KDQ VHQWDGR ODV EDVHV GH XQD QXHYD HUD GH
UHODFLRQHV IXQGDGDV HQ HO UHVSHWR PXWXR \ GHVWDFy GH VX LQWHUORFXWRU XQD
H[FHOHQWH GLVSRVLFLyQ
&OLQWRQ FRQVLJXLy OD UDWLILFDFLyQ GHO 1$)7$ HQ QRYLHPEUH GH 6LQ HPEDUJR
GXUDQWH VX FDPSDxD VH FRPSURPHWLy D UHQHJRFLDUOR /D )HGHUDFLyQ
(VWDGRXQLGHQVH GHO 7UDEDMR \ ODV 2UJDQL]DFLRQHV 6LQGLFDOHV H[LJLHURQ
PRGLILFDFLRQHV DUJXPHQWDQGR FRPSHWHQFLD GHVOHDO SRU ORV EDMRV VDODULRV HQ
0p[LFR &RQ HVWRV DFXHUGRV VH LPSOHPHQWDURQ SROtWLFDV SURWHFFLRQLVWDV TXH
OLPLWDUtDQ HO DFFHVR GH SURGXFWRV PH[LFDQRV KDVWD
'XUDQWH OD FULVLV HFRQyPLFD PH[LFDQD GH GLFLHPEUH GH &OLQWRQ DSR\y D
0p[LFR RWRUJDQGR PHGLDQWH GLVFUHFLRQDOLGDG HMHFXWLYD \ MXQWR DO )RQGR 0RQHWDULR
,QWHUQDFLRQDO XQ SUpVWDPR SRU PLO PLOORQHV GH GyODUHV (Q RFWXEUH GH
&OLQWRQ GLUtD 7RGR OR TXH GHVHR HV TXH 0p[LFR SHUPDQH]FD HQ OD VHQGD GH OD
GHPRFUDFLD \ OD SURVSHULGDG \ PDQWHQJD OD DSHUWXUD GH PHUFDGRV´ 8QD GH ODV
H[LJHQFLDV GHO SUpVWDPR HUD TXH 0p[LFR DVXPLHUD FRPSURPLVRV HQ HO FRPEDWH DO
QDUFRWUiILFR \ TXH HVWXYLHUD GLVSXHVWR D FRRSHUDU FRQ (VWDGRV 8QLGRV /D
DGPLQLVWUDFLyQ &OLQWRQ HQWUHJy DUVHQDO PLOLWDU D 0p[LFR DGHPiV GH FDSDFLWDU D
IXQFLRQDULRV SDUD SHUVHJXLU HO ODYDGR GH GLQHUR /D SRVLFLyQ GH &OLQWRQ UHVSHFWR D
OD OXFKD FRQWUD HO QDUFRWUiILFR IXH UHFRQRFHU TXH (8 DOEHUJDED HO PD\RU PHUFDGR
PXQGLDO GH FRQVXPR
(Q MXQLR GH &OLQWRQ UHFRUGDUtD OD LPSRUWDQFLD GH VX GHFLVLyQ GH UHVSDOGDU D
0p[LFR GXUDQWH OD FULVLV SXHV HYLWy OD FDtGD GH ORV PHUFDGRV \ XQ LQFUHPHQWR GHO
GH PLJUDFLyQ LOHJDO PHGLR PLOOyQ GH SHUVRQDV PiV FDGD DxR 6LQ HPEDUJR
VX SROtWLFD PLJUDWRULD SURGXMR LPSRUWDQWHV UHVWULFFLRQHV 3ULPHUR FRQ OD 2SHUDFLyQ
*XDUGLiQ VH FRQVWUX\y XQ PXUR D OR ODUJR GH &DOLIRUQLD (Q VH DSUREy
OD /H\ $QWLWHUURULVWD GLVPLQX\HQGR ORV SURFHGLPLHQWRV GH GHSRUWDFLyQ \
FULPLQDOL]DQGR OD UHLWHUDFLyQ (Q VH HGLILFy RWUR PXUR HQ 7H[DV FRQ OD
2SHUDFLyQ 5tR *UDQGH 6HJ~Q ,QPLJUDWLRQ DQG 1DWXUDOL]DWLRQ 6HUYLFH HO IOXMR

(Q KWWSVHOSDLVFRPGLDULRLQWHUQDFLRQDOBKWPO

(Q KWWSZZZHOILQDQFLHURFRPP[RSLQLRQODHVWUDWHJLDDQWHWUXPSSULPHUDSDUWHKWPO

(Q KWWSZZZLSVQRWLFLDVQHWPH[LFRFOLQWRQ\]HGLOORFHOHEUDQILQGHFULVLVILQDQFLHUD
PLJUDWRULR GH PH[LFDQRV HQ ORV ¶V HUD GH PLOOyQ PLO PLHQWUDV TXH HQ ORV
¶V DXPHQWy D PLOORQHV PLO /DV PHGLGDV DVXPLGDV QR IUHQDURQ OD
PLJUDFLyQ SHUR DXPHQWy OD PXHUWH GH LQGRFXPHQWDGRV (QWUH \ VHJ~Q
OD 3DWUXOOD )URQWHUL]D PXULHURQ PiV GH SHUVRQDV
(Q QRYLHPEUH GH =HGLOOR \ &OLQWRQ VH UHXQLHURQ HQ :DVKLQJWRQ ³1RV KHPRV
UHXQLGR SDUD GDU FRQWLQXLGDG D OD PDGXUD UHODFLyQ TXH H[LVWH HQWUH QXHVWURV
JRELHUQRV \ TXH HVWi FDUDFWHUL]DGD SRU HO UHVSHWR PXWXR SDUD HYDOXDU HO DYDQFH
GHO SURJUDPD GH WUDEDMR « FRQ HO ILQ GH LPSXOVDU XQD PD\RU FRRSHUDFLyQ HQ WHPDV
GH YLWDO LPSRUWDQFLD « (VWDPRV FRQYHQFLGRV GH TXH SDtVHV YHFLQRV \ VRFLRV FRPR
0p[LFR \ (VWDGRV 8QLGRV SXHGHQ DERUGDU D~Q ORV DVXQWRV PiV FRPSOHMRV D WUDYpV
GHO UHVSHWR PXWXR HO GLiORJR FRQVWUXFWLYR \ OD FRRSHUDFLyQ´ (Q HO SDSHO OD
SULRULGDG GH UHODFLyQ ELODWHUDO HUD IRUWDOHFHU OD LQWHJUDFLyQ FRPHUFLDO HVWDEOHFHU
UHJODV SDUD OD FRODERUDFLyQ HQ PDWHULD GH PLJUDFLyQ \ GHOLQFXHQFLD RUJDQL]DGD
'XUDQWH OD DGPLQLVWUDFLyQ GH *HRUJH : %XVK OD UHODFLyQ ELODWHUDO DWUDYHVy
GLIHUHQWHV IDVHV /DV SULPHUDV UHXQLRQHV HQWUH %XVK \ )R[ DXJXUDEDQ HO
IRUWDOHFLPLHQWR GHO YtQFXOR (Q VX SULPHU DFHUFDPLHQWR %XVK GLMR ³)XH XQ
FRPSURPLVR GH DPLVWDG (V LPSRUWDQWH TXH HQWLHQGDQ PL SROtWLFD GH UHODFLRQHV
H[WHULRUHV \ SDUWH GH HVWR XQD EXHQD SROtWLFD H[WHULRU GLFH TXH XQR TXLHUH TXH VX
YHFLQGDULR VHD SDFtILFR \ SUyVSHUR < XQD EXHQD SROtWLFD H[WHULRU VH LQLFLD VLHQGR
EXHQRV DPLJRV GH ORV YHFLQRV« HO FRPHUFLR HV LPSRUWDQWH SDUD ORV
HVWDGRXQLGHQVHV HQ EXVFD GH WUDEDMR HV LQFUHtEOHPHQWH LPSRUWDQWH SDUD TXH
0p[LFR FUH]FD \ SURVSHUH SDUD TXH GHVDUUROOH XQD FODVH PHGLD SDUD OD TXH OD
JHQWH HQ 0p[LFR SXHGD HQFRQWUDU WUDEDMR FHUFD GH FDVD´
/DV SULPHUDV GHFODUDFLRQHV IXHURQ FDOLILFDGDV SRU OD RSLQLyQ S~EOLFD PH[LFDQD FRPR
DPLJDEOHV 'DGR TXH HO FRPHUFLR FUHFtD DQXDOPHQWH DO PHQRV HQ HO GLVFXUVR
RILFLDO %XVK HQIDWL]DED OD QHFHVLGDG GH PDQWHQHU EXHQDV UHODFLRQHV 5HVSHFWR D OD
PLJUDFLyQ LOHJDO VX DGPLQLVWUDFLyQ DSRVWy LQLFLDOPHQWH SRU XQD SRVWXUD
FRQFLOLDWRULD ³2K Vp TXH VH GLFH PXFKR VREUH ORV WUDEDMDGRUHV PH[LFDQRV TXH
YLHQHQ D ORV (VWDGRV 8QLGRV 3HUR TXLHUH UHFRUGDU D PLV HVWLPDGRV FLXGDGDQRV GH
HVWH KHFKR ORV YDORUHV IDPLOLDUHV QR VH DFDEDQ HQ HO 5tR %UDYR +D\ PDGUHV \
SDGUHV HQ 0p[LFR TXLHQHV DPDQ D VXV KLMRV WDQWR FRPR ODV PDGUHV \ ORV SDGUHV HQ
ORV (VWDGRV 8QLGRV < VL KD\ XQD PDGUH R XQ SDGUH TXH QR SXHGH HQFRQWUDU
WUDEDMR SUHRFXSDGR VREUH SRQHU FRPLGD VREUH OD PHVD YD D YHQLU \ HQFRQWUDU
WUDEDMR HQ ORV (VWDGRV 8QLGRV´
/D FHUFDQD UHODFLyQ HQWUH %XVK \ )R[ FRPSURPHWLy OD ILJXUD GHO PH[LFDQR HQ DEULO
GH SRU XQ HVFiQGDOR HQ HO TXH KDEtD H[LJLGR D )LGHO &DVWUR ³TXH FRPLHVH \
VH UHWLUDVH´ GH XQD FXPEUH LQWHUQDFLRQDO GH OD 218 HQ WHUULWRULR PH[LFDQR &RPR
FRQVHFXHQFLD OD RSRVLFLyQ UHFODPy D )R[ HO KDEHUVH FRQYHUWLGR HQ ³ODFD\R GH
%XVK´

(Q KWWSZZZEEFFRPPXQGRQRWLFLDVDPHULFDODWLQD

(Q KWWS]HGLOORSUHVLGHQFLDJREP[SDJHVYRFHUREROHWLQHVGHFODUDFLRQXVDKWPO

(Q KWWSVJHRUJHZEXVKZKLWHKRXVHDUFKLYHVJRYQHZVUHOHDVHVHVKWPO
'HVSXpV GH ORV DFRQWHFLPLHQWRV GHO ODV UHODFLRQHV ELODWHUDOHV VXIULHURQ XQD
SURIXQGD WUDQVIRUPDFLyQ (Q HO FRQWH[WR GH ODV UHIRUPDV GH %XVK SDUD FRPEDWLU HO
WHUURULVPR OD SROtWLFD PLJUDWRULD VH HQGXUHFLy PiV (Q RFWXEUH GH )R[
PDQLIHVWy TXH 0p[LFR FRQILDUtD HQ ORV LQVSHFWRUHV GH OD 218 SDUD GHWHUPLQDU VL
,UDN SRVHtD DUPDV TXtPLFDV %XVK UHVSRQGHUtD TXH DO DERUGDU HO WHPD GH XQ
DFXHUGR PLJUDWRULR 0p[LFR(VWDGRV 8QLGRV GH Pi[LPD SULRULGDG SDUD HO JRELHUQR
GH )R[ VHUi D ODUJR SOD]R (O GHVDFXHUGR UHVSHFWR DO FRPEDWH DO WHUURULVPR
SURYRFy XQ GLVWDQFLDPLHQWR GXUDQWH ORV VLJXLHQWHV DxRV
6LQ HPEDUJR FRQ OD UHHOHFFLyQ GH %XVK HQ ODV FRVDV FDPELDURQ )R[ UHDOL]y
SURVHOLWLVPR HQ IDYRU GH VX KRPyORJR EXVFDQGR HO YRWR GH DVFHQGHQFLD PH[LFDQD
%XVK D FDPELR LQFOX\y HQ VXV SURPHVDV OD FUHDFLyQ GH XQ SURJUDPD GH WUDEDMR
WHPSRUDO SDUD LQPLJUDQWHV (Q XQD UHXQLyQ WULODWHUDO HQ PDU]R GH )R[
FRQVLJXLy HO FRPSURPLVR GHO SUHVLGHQWH UHHOHFWR GH LPSXOVDU XQD LQLFLDWLYD
PLJUDWRULD
$ SDUWLU GH %XVK LPSXOVy OD DSUREDFLyQ GH OD UHIRUPD PLJUDWRULD TXH
EXVFDED TXH PiV GH PLOORQHV GH LQPLJUDQWHV LOHJDOHV VH UHJXODUL]DUDQ FRQ XQ
SURJUDPD GH WUDEDMR WHPSRUDO /D &RPSUHKHQVLYH ,QPLJUDWLRQ 5HIRUP $FW VH
GLVFXWLy HQWUH PD\R \ MXQLR GH SHUR IUDFDVy HQ HO 6HQDGR SRU YRWRV /DV
PHGLGDV FRQWHPSODGDV HUDQ OD UHJXODUL]DFLyQ EDMR FLHUWDV FRQGLFLRQHV HO
HVWDEOHFLPLHQWR GH XQ VLVWHPD PHULWRFUiWLFR SDUD HYLWDU OD PLJUDFLyQ HQ FDGHQD \
HO IRUWDOHFLPLHQWR GH OD VHJXULGDG HQ ODV IURQWHUDV
'XUDQWH HO VH[HQLR GH &DOGHUyQ OD UHODFLyQ ELODWHUDO FDPELDUtD /D VLWXDFLyQ SROtWLFD
GH 0p[LFR GXUDQWH ORV SULPHURV PHVHV GH VX PDQGDWR IXH GHOLFDGD SXHV KDEtD XQD
FDPSDxD QDFLRQDO SDUD GHVFRQRFHU ODV HOHFFLRQHV (Q HO FRQWH[WR GH HVWD FULVLV
&DOGHUyQ LPSOHPHQWy XQD SROtWLFD GH PDQR GXUD FRQWUD HO QDUFRWUiILFR 3RQLHQGR
FRPR SULRULGDG HVWH REMHWLYR OD QXHYD DGPLQLVWUDFLyQ EXVFDED FUHDU ODV
FRQGLFLRQHV LGyQHDV SDUD VX OHJLWLPDFLyQ
(Q RFWXEUH GH D SRFRV PHVHV TXH &DOGHUyQ DVXPLHVH HO SRGHU %XVK ILUPy OD
6HFXUH )HQFH $FW SDUD OD FRQVWUXFFLyQ GH XQ QXHYR PXUR /D /H\ GH 3URWHFFLyQ
)URQWHUL]D $QWLWHUURULVPR H ,QPLJUDFLyQ ,OHJDO DSUREDGD HQ GLFLHPEUH GH
SHUPLWtD DVHJXUDU ODV IURQWHUDV (O SUR\HFWR LQFOXtD OD FRQVWUXFFLyQ GH XQ PXUR GH
NP SDUWH GH OD IURQWHUD D OR ODUJR GH &DOLIRUQLD $UL]RQD \ 7H[DV
$GHPiV HQ ORV VLJXLHQWHV DxRV HO Q~PHUR GH DJHQWHV IURQWHUL]RV SDVDUtD GH PLO
D PLO
/D HVWUDWHJLD GH %XVK DO ILQDOL]DU VX PDQGDWR HUD VDWLVIDFHU D ORV HOHFWRUHV TXH
H[LJtDQ PHGLGDV FRQWUD OD PLJUDFLyQ LOHJDO (Q OD E~VTXHGD GH QXHYRV SXHQWHV GH
FRRSHUDFLyQ FRQWUD OD GHOLQFXHQFLD RUJDQL]DGD %XVK \ &DOGHUyQ SDFWDURQ OD

(Q KWWSZZZMRUQDGDXQDPP[LQGH[SKS"VHFWLRQ SROLWLFD DUWLFOH QSRO


(Q KWWSVZZZFRQJUHVVJRYELOOWKFRQJUHVVKRXVHELOO

(Q KWWSZZZDQLPDOSROLWLFRFRPODEDUUHUDQDWXUDODOGREOHPXURDVLKDFUHFLGROD
VHSDUDFLRQIURQWHUL]DPH[LFRHX
,QLFLDWLYD 0pULGD $ SDUWLU GH HQWRQFHV HO GLVFXUVR RILFLDO FRQVLVWLy HQ HORJLDU OD

DGPLQLVWUDFLyQ GH &DOGHUyQ SRU VX GHWHUPLQDFLyQ FRQWUD HO QDUFR \ SRU VX
FRPSURPLVR HQ IDYRU GH OD VHJXULGDG
&RQ OD OOHJDGD GH 2EDPD D OD SUHVLGHQFLD OD VHJXULGDG HQ OD IURQWHUD VXU DXPHQWy
GUDPiWLFDPHQWH 'H PLO DJHQWHV IURQWHUL]RV DO LQLFLy VH SDVy D PLO DO
ILQDOL]DU $FWXDOPHQWH OD IURQWHUD GH NP HV OD PiV WUDQVLWDGD HQ HO PXQGR (O
PRPHQWR GH Pi[LPD WHQVLyQ RFXUULy FRQ ORV FDEOHV GLSORPiWLFRV ILOWUDGRV TXH
GHVYHODEDQ TXH HO 'HSDUWDPHQWR GH (VWDGR LQYHVWLJy HO HVWDGR PHQWDO GH
&DOGHUyQ /RV LQIRUPHV GHFtDQ TXH ³VH PRVWUDED LUDVFLEOH FRQ IUHFXHQFLD *ULWDED \
FDtD HQ H[DEUXSWRV FRPR GHVSHGLU D FRODERUDGRUHV D OD PHQRU SURYRFDFLyQ´ (Q XQ
HQFXHQWUR VRVWHQLGR FRQ +LOODU\ &OLQWRQ OD HVWDGRXQLGHQVH GLMR ³KD VLGR HO SHRU
HQFXHQWUR TXH KH WHQLGR FRQ XQ MHIH GH (VWDGR´
$ HVWD SROpPLFD VH SXHGH DJUHJDU HO WUiILFR GH DUPDV GH QRUWH D VXU \ ORV UHSRUWHV
VREUH HO LQFUHPHQWR GH DEXVRV GH GHUHFKRV KXPDQRV HQ 0p[LFR )LQDOPHQWH ORV
FDEOHV GHFtDQ TXH OD LQWHOLJHQFLD PH[LFDQD HUD XQ GHVDVWUH TXH HO HMpUFLWR HUD
OHQWR \ HVWDED PDO SUHSDUDGR (Q UHVSXHVWD &DOGHUyQ GLMR TXH (VWDGRV 8QLGRV
KDFLD SRFR FRQWUD SDUD D\XGDU HVSHFtILFDPHQWH SRU HO WUiILFR GH DUPDV \ HO
FRQVXPR GH GURJDV
&RQ ODV HOHFFLRQHV SUHVLGHQFLDOHV GHO OD UHODFLyQ ELODWHUDO PDQWHQGUtD XQD
FLHUWD HVWDELOLGDG (O GLVFXUVR GH OD &DVD %ODQFD UHVSHFWR DO WHPD 0p[LFR QXQFD
DEDQGRQy HO FDPLQR GH OD GLSORPDFLD $EUD]DQGR HO GLVFXUVR WUDGLFLRQDO GH VXV
DQWHFHVRUHV 2EDPD GHQRPLQy D 0p[LFR GHVGH HO SULQFLSLR GH OD DGPLQLVWUDFLyQ GH
3HxD 1LHWR FRPR ³XQ LPSRUWDQWH VRFLR PXOWLODWHUDO \ PXOWLQDFLRQDO´
5HVSHFWR DO WHPD PLJUDWRULR WH HO SULPHU PHV GH PDQGDWR GH 2EDPD IXHURQ
H[SXOVDGRV PLO PH[LFDQRV PLHQWUDV TXH GXUDQWH VX JRELHUQR IXHURQ GHSRUWDGDV
PLOORQHV GH SHUVRQDV \ VH DSUREy XQD PHGLGD HMHFXWLYD OODPDGD '$&$ 6X
ILQDOLGDG HUD EHQHILFLDU D DOJXQRV PLJUDQWHV QR GRFXPHQWDGRV TXH FXPSOtDQ FRQ
DOJXQDV FDUDFWHUtVWLFDV GH LQWHJUDFLyQ
(Q HO GLVFXUVR RILFLDO GH OD &DVD %ODQFD 0p[LFR HV FRQVLGHUDGR XQ VRFLR FRPHUFLDO
LPSRUWDQWH (Q ORV KHFKRV ODV SROtWLFDV PLJUDWRULDV GHPXHVWUDQ TXH ORV PH[LFDQRV
VRQ YLVWRV FRPR EiUEDURV DJHQWHV H[WHUQRV \ SHOLJURVRV FX\D PLJUDFLyQ HV
LQGHVHDEOH /D FRQVWUXFFLyQ GH XQ PXUR ILQDQFLDGR HQWHUDPHQWH SRU (VWDGRV
8QLGRV GHPXHVWUD TXH HO GLVFXUVR \ ODV DFFLRQHV QXQFD IXHURQ FRQJUXHQWHV HQWUH
Vt
(/ ',6&8562 '( 75803
/D SUHFDQGLGDWXUD GH 7UXPS FRPHQ]y FRPR XQD EL]DUUD WUDYHVtD GH OD TXH SRFRV

LPDJLQDEDQ VXV FRQVHFXHQFLDV IXWXUDV ,QLFLDOPHQWH VX GLVFXUVR IXH GH UXSWXUD


(Q KWWSZZZDQLPDOSROLWLFRFRPFRQWURYHUWLGDKLVWRULDFOLQWRQPH[LFR

(Q KWWSZZZQH[RVFRPP["S
UDGLFDO \ DELHUWD $SURYHFKDQGR ORV HVWUDJRV GH OD UHFHVLyQ HFRQyPLFD \ HO

GHVHPSOHR HQIDWL]y GHVGH XQ SULQFLSLR VX GHVDFXHUGR FRQ HO 1$)7$ \ FRQ OD
UHODFLyQ GLSORPiWLFD ELODWHUDO 7UXPS HQFRQWUy HQ 0p[LFR \ ORV PH[LFDQRV XQ
EODQFR SHUIHFWR SDUD FDSLWDOL]DU HO UHVHQWLPLHQWR \ OD GHVLOXVLyQ GH PLOORQHV GH
HOHFWRUHV (O SHUILO GHO YRWDQWH TXH OH IDYRUHFLy IXH FLXGDGDQR EODQFR PD\RU GH
DxRV FRQVHUYDGRU FRQ EDMR QLYHO HGXFDWLYR 9HQFLy DGHPiV HQ 2KLR :LVFRQVLQ
,QGLDQD ,RZD \ 0LFKLJDQ HVWDGRV GHGLFDGRV D OD PDQXIDFWXUD TXH VXIULHURQ ORV
HIHFWRV QHJDWLYRV GHO 1$)7$
$QWHV GH VHU SUHFDQGLGDWR UHDOL]y DOJXQDV GHFODUDFLRQHV TXH DQXQFLDEDQ VX
HVWUDWHJLD HOHFWRUDO 5HVSHFWR D ORV SUHPLRV 2VFDU HQ GLMR 0p[LFR WXYR XQD
JUDQ QRFKH«< FyPR QR VL HVWi DFRVWXPEUDGRV D DUUHEDWDUQRV OR QXHVWUR PiV TXH
QLQJXQD RWUD QDFLyQ´ 8QRV GtDV PiV WDUGH LQLFLDUtDQ VXV SROpPLFDV SXEOLFDFLRQHV
HQ 7ZLWWHU GLFLHQGR TXH 1R TXLHUR QDGD FRQ 0p[LFR PiV TXH FRQVWUXLU XQ PXUR
LPSHQHWUDEOH \ TXH GHMHQ GH HVWDIDU D ((88 (Q PD\R VX GLVFXUVR VH KL]R D~Q
PiV H[WUHPR PDQLIHVWDQGR TXH 0p[LFR QR VH DSURYHFKDUi PiV GH QRVRWURV 1R
WHQGUiQ PiV OD IURQWHUD DELHUWD (O PiV JUDQGH FRQVWUXFWRU GHO PXQGR VR\ \R \ OHV
YR\ D FRQVWUXLU HO PXUR PiV JUDQGH TXH MDPiV KD\DQ YLVWR < DGLYLQHQ TXLpQ OR YD
D SDJDU 0p[LFR´
/D IyUPXOD GH 7UXPS UHVSRQGH D XQD OyJLFD VLPSOH /RV (VWDGRV 8QLGRV \ VXV
FLXGDGDQRV HUDQ YLVWRV FRPR WUDEDMDGRUHV KRQHVWRV \ HVIRU]DGRV PLHQWUDV TXH
0p[LFR HUD FRQFHELGR FRPR XQ SDtV GH ODGURQHV GHVKRQHVWRV \ KROJD]DQHV (Q VX
GLVFXUVR HVWiQ SUHVHQWHV PDUFDGRUHV LGHROyJLFRV FRPR OD LGHQWLILFDFLyQ GH OD
EDUEDULH FRQ HO FULPHQ \ HO FDRV 7UXPS SUHWHQGtD H[SOLFDU OD FULVLV HFRQyPLFD
QRUWHDPHULFDQD FRQ IyUPXODV VLPSOHV (Q HO IRQGR OD HVWUDWHJLD GH DWDTXH DO
YHFLQR GHO VXU VHUYLUtD FRPR XQD HFXDFLyQ H[LWRVD SDUD FUHDU XQ FKLYR H[SLDWRULR
XVDQGR DOJXQDV FUHHQFLDV TXH VH HVFRQGHQ VXWLOPHQWH HQ OD FXOWXUD
QRUWHDPHULFDQD OD SUHWHQVLyQ GH TXH FUX]DQGR OD IURQWHUD VXU VH SXHGH HQFRQWUDU
EDUEDULD
(Q FLHUWR PRGR VX HVWUDWHJLD HOHFWRUDO FRQVLVWLy HQ H[SUHVDU HQ ³YR] DOWD´ OR TXH
RWURV QR VH DWUHYtDQ D H[SUHVDU DELHUWDPHQWH HO GHVHR GH IUHQDU OD PLJUDFLyQ
LOHJDO UHFXSHUDU ORV WUDEDMRV SHUGLGRV \ OD YROXQWDG GH SUHVLRQDU SROtWLFDPHQWH
SDUD FRQVHJXLU HO HQGXUHFLPLHQWR GH OD OXFKD FRQWUD OD GHOLQFXHQFLD RUJDQL]DGD
1DWXUDOPHQWH HVWR SXHGH VHU PDWL]DGR HQ XQ DVSHFWR FUXFLDO SXHV ORV OtGHUHV GH
VX SDUWLGR QXQFD DFHSWDURQ VX SROtWLFD DQWL1$)7$
(O GH MXQLR GH 7UXPS H[SUHVy S~EOLFDPHQWH VX GHVHR GH FRQWHQGHU SRU OD
SUHVLGHQFLD 'HVGH HO LQLFLR VX GLVFXUVR HVWXYR FDUJDGR GH XQ OHQJXDMH
QDFLRQDOLVWD \ [HQyIRER 0DQLIHVWy TXH XQD GH VXV SULQFLSDOHV PLVLRQHV FRPR

(Q KWWSZZZEXVLQHVVLQVLGHUFRPH[LWSROOVZKRYRWHGIRUWUXPSFOLQWRQZKLOH
SROOLQJEHIRUHHOHFWLRQGD\VKRZHGWKDWYRWHUVZLWKOHVVHGXFDWLRQZHUHIORFNLQJWRWUXPSZKLFK
VKRZVLQWKHH[LWSROOVKHVWLOOVDZDJRRGDPRXQWRIVXSSRUWIURPYRWHUVZLWKKLJKHUHGXFDWLRQ

(Q KWWSVZZZIRUEHVFRPVLWHVMRHONRWNLQGRQDOGWUXPSVSUHVLGHQWLYLFWRU\
GHPRJUDSKLFVE

(Q KWWSZZZEEFFRPPXQGRQRWLFLDVDPHULFDODWLQD
SUHVLGHQWH HUD OHYDQWDU XQ ³JUDQ PXUR´ HQ OD IURQWHUD VXU $ GLIHUHQFLD GH VXV

DQWHFHVRUHV VHxDOy ³0p[LFR QR HV QXHVWUR DPLJR 1RV HVWi DKRJDQGR
HFRQyPLFDPHQWH«0p[LFR PDQGD D VX JHQWH SHUR QR PDQGD OD PHMRU (VWi
HQYLDQGR D JHQWH FRQ XQ PRQWyQ GH SUREOHPDV«(VWiQ WUD\HQGR GURJDV HO FULPHQ
D ORV YLRODGRUHV $VXPR TXH KD\ DOJXQRV TXH VRQ EXHQRV´ (Q HVWH GLVFXUVR GH
SUHVHQWDFLyQ OD WHQGHQFLD D EDUEDUL]DU D ORV PH[LFDQRV LUtD HQ DXPHQWR SXHV D ODV
DFXVDFLRQHV DQWHULRUHV VH DXPHQWDUtDQ ODV GH WUDILFDQWHV FULPLQDOHV \ YLRODGRUHV
6X GLVFXUVR UHIRU]DED OD GLIHUHQFLD HQWUH HO DGHQWUR VHJXUR \ HO DIXHUD LQVHJXUR
UHSUHVHQWDGR SRU 0p[LFR
/RV PH[LFDQRV HUDQ FRQFHELGRV FRPR EiUEDURV LQGHVHDEOHV FX\D PLVLyQ
GHVWUXFWLYD SDUHFtD FRQVLVWLU HQ OOHYDU HO FDRV DO FRUD]yQ GH OD FLYLOL]DFLyQ
HVWDGRXQLGHQVH /RV PH[LFDQRV YLVWRV FRPR VHUHV LUUDFLRQDOHV LQFRPSOHWRV
FDyWLFRV HQ VX GLVFXUVR IXHURQ UHSUHVHQWDGRV FRPR /RV PD\RUHV SURYHHGRUHV GH
KHURtQD FRFDtQD \ RWUDV GURJDV LOtFLWDV VRQ ORV FDUWHOHV PH[LFDQRV TXH FRQWUDWDQ
LQPLJUDQWHV PH[LFDQRV SDUD TXH FUXFHQ OD IURQWHUD WUDILFDQGR GURJD´
1DWXUDOPHQWH HQ HVWH GLVFXUVR HVWDED PX\ OHMRV HO UHFRQRFLPLHQWR GH &OLQWRQ R
%XVK UHVSHFWR D OD FRUUHVSRQVDELOLGDG SRU VHU HO PHUFDGR PiV JUDQGH GH
FRQVXPLGRUHV GH HVWXSHIDFLHQWHV %DVWDED XQ UD]RQDPLHQWR HFRQyPLFR VLPSOH
SDUD HQWHQGHU TXH FXDQGR QR KD\ GHPDQGD WDUGH R WHPSUDQR GLVPLQXLUtD OD RIHUWD
3HUR VX HVWUDWHJLD IXH IRUWDOHFHU HO LPDJLQDULR GH OD IURQWHUD TXH IXH FUXFLDO SDUD
OD H[WHUQDOL]DFLyQ GH OD UHVSRQVDELOLGDG
(O PHQVDMH GH 7UXPS DSHOy D ORV LQVWLQWRV EiVLFRV GHO HOHFWRUDGR PiV GHVFRQWHQWR
XVDQGR WpFQLFDV GH SHUVXDVLyQ TXH VLPSOLILFDEDQ ORV SUREOHPDV HFRQyPLFRV (Q
HVWD YLVLyQ GH EXHQRV \ PDORV QRUWHDPHULFDQRV \ PLJUDQWHV LQGRFXPHQWDGRV
FLXGDGDQRV \ EiUEDURV VX PHQVDMH IXH XQ JXLxR D OD FODVH EDMD DVHJXUDQGR TXH
VHUtD HO ³JHQHUDGRU PiV JUDQGH GH HPSOHRV TXH 'LRV KD\D FUHDGR 7UDHUp GH
YXHOWD QXHVWURV WUDEDGRV GH &KLQD 0p[LFR -DSyQ´
(Q OD FDUUHUD SRU OD FDQGLGDWXUD UHSXEOLFDQD 7UXPS SDUWLy HQ HO SHQ~OWLPR OXJDU
HQWUH GRFH DVSLUDQWHV 6X HVWUDWHJLD GH DVXPLU SRVWXUDV SROtWLFDPHQWH LQFRUUHFWDV I
UHVXOWDUtD H[LWRVD D ODUJR SOD]R SXHV D SHVDU GH SHUGHU DSR\R HQ OD F~SXOD
UHSXEOLFDQD DWUDHUtD HO Q~PHUR VXILFLHQWH GH HOHFWRUHV SDUD YHQFHU HQ OD FRQWLHQGD
(O GLVFXUVR SRODUL]DGRU WXYR JUDQ p[LWR GHVGH HO SXQWR GH YLVWD HOHFWRUDO 6XV
SRVLFLRQHV UDGLFDOHV UHVSHFWR D WHPDV FRQVLGHUDGRV FRPR VHQVLEOHV DWUDMR OD
DWHQFLyQ GH ORV PHGLRV GH FRPXQLFDFLyQ FRORFiQGRVH LQPHGLDWDPHQWH FRPR HO
FDQGLGDWR GH OR SROtWLFDPHQWH LQFRUUHFWR GHO TXH VH KDEODED HQ WRGDV SDUWHV \ D
WRGDV KRUDV (Q XQD HQFXHVWD GH &11 D LQLFLRV GH DJRVWR GH VH FRORFDED
FRPR HO PHMRU SRVLFLRQDGR HQ HO SDUWLGR UHSXEOLFDQR
'XUDQWH PDU]R GH 7UXPS FRQWLQ~R WUDEDMDQGR OD PLVPD OtQHD (O GH PDU]R
GLMR 6L PLUDQ ORV OXJDUHV FRPR 0p[LFR HVWiQ PDWDQGR QXHVWUD IURQWHUD (VWR

(Q KWWSZZZEEFFRPPXQGRQRWLFLDVBWUXPSBPH[LFRBFDQGLGDWXUDBFFK

,ELG

(Q KWWSVHOSDLVFRPLQWHUQDFLRQDODFWXDOLGDGBKWPO
WLHQH TXH DFDEDUVH DPLJRV´ )UHQWH D OD LQVLVWHQFLD GH OD FRQVWUXFFLyQ GH XQ QXHYR

PXUR IURQWHUL]R \ DO IRUWDOHFLPLHQWR GH OD YLJLODQFLD OD RSRVLFLyQ \ OD RSLQLyQ
S~EOLFD QRUWHDPHULFDQD FXHVWLRQDURQ HO ILQDQFLDPLHQWR GH HVWRV SODQHV (Q XQD
FDUWD GLULJLGD DO :DVKLQJWRQ 3RVW HO GH PDU]R GH H[SOLFDED VX SUR\HFWR
DSXQWDQGR (V XQD GHFLVLyQ IiFLO SDUD 0p[LFR KDJDQ XQ SDJR ~QLFR GH PLO
PLOORQHV GH GyODUHV SDUD DVHJXUDU TXH FRQWLQ~H HO IOXMR GH PLO PLOORQHV GH
UHPHVDV DO SDtV DO DxR´ (O SODQ RULJLQDO FRQVLVWtD HQ REOLJDU D 0p[LFR SDJDU VX
SUR\HFWR DQWLQPLJUDFLyQ
$ ILQDOHV GH PD\R 7UXPS VH YHtD D Vt PLVPR FRPR HO FDQGLGDWR RILFLDO WUDV
DVHJXUDU TXH KDEtD FRQVHJXLGR HO DSR\R GH ORV GHOHJDGRV QHFHVDULRV (O
GH MXOLR ODV SUR\HFFLRQHV SXHV DOFDQ]DUtD RILFLDOPHQWH OD FDQGLGDWXUD UHSXEOLFDQD
6X HVWUDWHJLD GH EDUEDUL]DU D ORV PH[LFDQRV \ GH UDGLFDOL]DUVH IXH H[LWRVD
(O GH DJRVWR GHO HO SUHVLGHQWH 3HxD 1LHWR UHFLELUtD DO FDQGLGDWR
UHSXEOLFDQR HQ WHUULWRULR PH[LFDQR (Q XQ HQFXHQWUR TXH IXH XQ GHVDVWUH 7UXPS
UHLWHUy VXV LQWHQFLRQHV GH TXH 0p[LFR SDJDVH SRU HO PXUR &RQYHUWLGR HQ XQR GH
ORV OHPDV PiV SRGHURVRV GH VX FDPSDxD LQVLVWLy ³XVDUHPRV OD PHMRU WHFQRORJtD
TXH H[LVWD SDUD HO PXUR LQFOX\HQGR VHQVRUHV SRU HQFLPD \ GHEDMR SDUD HYLWDU
W~QHOHV DVt FRPR WRUUHV GH YLJLODQFLD \ 0p[LFR WUDEDMDUi FRQ QRVRWURV 6H ORV
DVHJXUR \ Vp TXH VX JUDQGLRVR SUHVLGHQWH VH FRPSURPHWHUi´ 'HVSXpV GH OD
UHXQLyQ 3HxD WZLWWHy TXH KDEtD DFODUDGR TXH ³0p[LFR QR SDJDUtD SRU HO PXUR´ $ OR
TXH pVWH UHVSRQGLy GLFLHQGR TXH ³HOORV QR OR VDEHQ D~Q SHUR YDQ D SDJDU SRU HO
PXUR´
/D YLFWRULD HOHFWRUDO GH 7UXPS HVWXYR FDUDFWHUL]DGD SRU OD FRQVWUXFFLyQ GH XQ
GLVFXUVR SRODUL]DGRU TXH QR WLHQH SUHFHGHQWHV LQPHGLDWRV 6X GLVFXUVR HVWDED
GLULJLGR D ORV FLXGDGDQRV TXH FRQ OD FULVLV HFRQyPLFD PiV VXIULHURQ $ GLIHUHQFLD
GHO GLVFXUVR SUHGRPLQDQWH HQ ORV ~OWLPRV DxRV 7UXPS VHxDOy HQ QXPHURVDV
RFDVLRQHV TXH VXV REMHWLYRV HUDQ WHUPLQDU FRQ HO 1$)7$ OD FRQVWUXFFLyQ GH
XQ ODUJR \ FRVWRVR PXUR HQ OD IURQWHUD PH[LFDQD \ OD GHSRUWDFLyQ PDVLYD H
LQGLVFULPLQDGD GH PLOORQHV GH FODQGHVWLQRV
8QD YH] LQLFLDGR HO PDQGDWR GHO SUHVLGHQWH 7UXPS KXER XQ QXHYR DFHUFDPLHQWR
GLSORPiWLFR (O HTXLSR GH 3HxD FRQVLJXLy XQD HQWUHYLVWD HO GH HQHUR GH HQ
:DVKLQJWRQ 6LQ HPEDUJR HQ VX WHUFHU GtD FRPR SUHVLGHQWH 7UXPS ILUPy XQD
RUGHQ HMHFXWLYD SDUD DXWRUL]DU OD FRQVWUXFFLyQ GHO PXUR IURQWHUL]R \ RWUD SDUD
UHWLUDU ORV IRQGRV GH ODV FLXGDGHV VDQWXDULR 3HxD UHVSRQGLy GLFLHQGR TXH
ODPHQWDED \ UHSUREDED OD GHFLVLyQ DJUHJDQGR TXH 0p[LFR QR FUHH HQ ORV PXURV \
QR SDJDUtD SRU VX FRQVWUXFFLyQ 3RVWHULRUPHQWH PHGLDQWH XQ WXLW HO UHSXEOLFDQR
GHFODUDUtD ³6L 0p[LFR QR HVWi GLVSXHVWR D SDJDU SRU HO PXUR WDQ QHFHVDULR

(Q KWWSZZZHOXQLYHUVDOFRPP[DUWLFXORPXQGRPH[LFRQRORVDEHDXQSHUR
SDJDUDHOPXURDOWUXPS

(Q KWWSZZZPLOHQLRFRPLQWHUQDFLRQDOGRQDOGBWUXPSHQULTXHBSHQDBQLHWR
PRGLILFDBGLVFXUVRBDUL]RQDPLOHQLRBQRWLFLDVBBKWPO
HQWRQFHV VHUtD PHMRU FDQFHODU OD SUy[LPD UHXQLyQ´ $QWH HVWD VLWXDFLyQ 3HxD
GHFLGLy FDQFHODU OD UHXQLyQ OR TXH LQLFLy XQ SHUtRGR GH GLVWDQFLDPLHQWR DJUDYDGR
SRU OD ILOWUDFLyQ GH LQIRUPDFLyQ VHQVLEOH TXH DVHJXUDED TXH 7UXPS DPHQD]y D VX
KRPyORJR SRU WHOpIRQR DPHQD]iQGROR FRQ HQYLDU PLOLWDUHV SDUD WUDWDU FRQ ORV EDG
KRPEUHV´
$ 0$1(5$ '( &21&/86,Ï1
/DV UHODFLRQHV ELODWHUDOHV KDQ FDPELDGR GUDPiWLFDPHQWH FRQ HO DVFHQVR GH 7UXPS

'HVGH OD ILUPD GHO 1$)7$ KDVWD DQWHV GH VX PDQGDWR HO GLVFXUVR RILFLDO UHFRQRFtD
D 0p[LFR FRPR LPSRUWDQWH VRFLR FRPHUFLDO \ FRPR XQD QDFLyQ DPLJD (Q HO
GLVFXUVR ORV GLIHUHQWHV SUHVLGHQWHV VH PRVWUDEDQ UHVSHWXRVRV FRRSHUDWLYRV \
FRPSUHQVLYRV 6H SXHGH GHFLU TXH HQ OD FULVLV HFRQyPLFD GH HVWH GLVFXUVR
UHIOHMDED XQD UHDOLGDG 1DWXUDOPHQWH HO DSR\R QXQFD IXH GHVLQWHUHVDGR WHQtD XQ
FRVWR SROtWLFR PX\ FODUR UHIRUPDU OD LQWHUYHQFLyQ HFRQyPLFD GHO (VWDGR
FRPSURPHWHUVH FRQ OD LPSOHPHQWDFLyQ GH SROtWLFDV PDFURHFRQyPLFDV HVSHFtILFDV \
FRQ HO FRPEDWH D OD PLJUDFLyQ LOHJDO \ OD GHOLQFXHQFLD RUJDQL]DGD
(Q ORV KHFKRV ORV GLVFXUVRV GLSORPiWLFRV IXHURQ XQD SDQWDOOD GH OR TXH UHDOPHQWH
HVWDED VXFHGLHQGR &OLQWRQ %XVK \ 2EDPD IXHURQ SUHVLGHQWHV TXH SDUHFtDQ
LQWHUHVDGRV HQ HO IXWXUR GH VX VRFLR FRPHUFLDO 6XV GLVFXUVRV IXHURQ PRGHUDGRV \
MDPiV DWDFDURQ DELHUWDPHQWH D 0p[LFR 6LQ HPEDUJR ORV WUHV PDQWXYLHURQ XQD
SROtWLFD GH PDQR GXUD FRQ ORV PLJUDQWHV $XQTXH VX GLVFXUVR QR IDYRUHFLy OD
FRQVWUXFFLyQ GH XQ LPDJLQDULR LGyQHR SDUD XVDU HO DUJXPHQWR GH OD EDUEDULH VXV
SROtWLFDV PLJUDWRULDV VRQ ORV DQWHFHGHQWHV LQPHGLDWRV GH OD SRVWXUD DELHUWDPHQWH
KRVWLO GH 7UXPS
6RODPHQWH XQD VHPDQD GHVSXpV GHO LQLFLR GHO PDQGDWR GH 7UXPS \ GHVSXpV GH OD
FDQFHODFLyQ GH OD UHXQLyQ FRQ 3HxD HO H[SUHVLGHQWH =HGLOOR SXEOLFDUtD VX DUWtFXOR
0p[LFR SXHGH SURVSHUDU VLQ 7UXPS HQ HO :DVKLQJWRQ 3RVW 3DUD pO ORV PH[LFDQRV
GHEtDQ DVXPLU TXH HO 1$)7$ HVWDED PXHUWR \ GHEtDQ HPSH]DU D SHQVDU HQ OD
GLYHUVLILFDFLyQ DVt FRPR FRQVLGHUDU ORV LQVWUXPHQWRV GH OD 20& DQWH FXDOTXLHU
DFWXDFLyQ DUELWUDULD H LOHJDO $ OR TXH DJUHJy UHVSHFWR D 7UXPS ³VX GHVHR GH
UHQHJRFLDU HO 1$)7$ QDFH GH GRV LGHDV HTXLYRFDGDV TXH OD EDODQ]D FRPHUFLDO
HQWUH ORV GRV SDtVHV SDUWH GH XQDV YHQWDMDV SDUD 0p[LFR LQKHUHQWHV DO 7UDWDGR \
TXH XQD EDODQ]D SRVLWLYD SDUD 0p[LFR VLJQLILFD HO WUDVODGR DXWRPiWLFR GH SXHVWRV
GH WUDEDMR GH (VWDGRV 8QLGRV DO SDtV YHFLQR /DV GRV FRVDV VRQ IDOVDV´
(Q UHVSXHVWD &DUORV 6DOLQDV SXEOLFy HQ HO EORJ GH $PpULFD /DWLQD \ HO &DULEH GH OD
/RQGRQ 6FKRRO RI (FRQRPLFV DQG 3ROLWLFDO 6FLHQFH VX DUWtFXOR 0p[LFR \ (VWDGRV

(Q KWWSZZZMRUQDGDXQDPP[SROLWLFDQSRO

(Q KWWSVZZZIRUEHVFRPP[WUXPSVXJLULRHQYLDUWURSDVPH[LFRWRQROLJHUR

(Q KWWSVHOSDLVFRPLQWHUQDFLRQDODFWXDOLGDGBKWPO
8QLGRV GHEHQ GDUVH FXHQWD TXH HO 1$)7$ HV OD VROXFLyQ QR HO SUREOHPD (Q HVWH
WH[WR HO H[SUHVLGHQWH VHxDOy TXH GHVHVWDELOL]DU OD UHJLyQ QR PHMRUDUtD OD
FRPSHWLWLYLGDG GH (VWDGRV 8QLGRV 5HVDOWDQGR OD PXWXD GHSHQGHQFLD GHVWDFy TXH
PDWDU HO WUDWDGR LPSOLFDUtD OD GHVWUXFFLyQ GH PLOORQHV GH HPSOHRV JHQHUDQGR
PD\RU PLJUDFLyQ H LQVHJXULGDG 6DOLQDV HQIDWL]DED TXH HO DFXHUGR FRPHUFLDO GHEtD
VHU PRGHUQL]DGR QR ILQDOL]DGR
/D GLVSXWD HQWUH ORV GRV H[ SUHVLGHQWHV PH[LFDQRV LOXVWUD PX\ ELHQ ODV UD]RQHV GH
IRQGR TXH PRWLYDQ HO GLVFXUVR GH 7UXPS $XQTXH LQLFLDOPHQWH GLFKR GLVFXUVR GH
SRODUL]DFLyQ WHQtD REMHWLYRV HOHFWRUDOHV DFWXDOPHQWH ORV REMHWLYRV VRQ GH SROtWLFD
HFRQyPLFD HO UHJUHVR DO SURWHFFLRQLVPR /D EDUEDUL]DFLyQ GHO PH[LFDQR
FRQVLGHUDGR FRPR XQ VHU FDyWLFR TXH KDEOD RWUD OHQJXD TXH EDOEXFHD HO LQJOpV
TXH SRVHH FRVWXPEUHV H[WUDxDV H LQFRPSUHQVLEOHV ILHUR HQ OD GHOLQFXHQFLD
RUJDQL]DGD LQLFLy PXFKR WLHPSR DQWHV GH OD DGPLQLVWUDFLyQ 7UXPS (Q FLHUWR
PRGR HO SURWHFFLRQLVPR GHO PHUFDGR ODERUDO \ OD SURKLELFLyQ GHO LXV PLJUDQGL D ORV
FLXGDGDQRV SHUWHQHFLHQWHV D OD DOLDQ]D FRPHUFLDO LPSXOVDURQ OD FUHDFLyQ GH HVWD
IURQWHUD FXOWXUDO &XDQGR VH UDWLILFy HO 1$)7$ HUDQ WLHPSRV GH FDPELR (O GLVFXUVR
RILFLDO RFXOWDUtD OR TXH ODV SROtWLFDV S~EOLFDV UHDOL]DEDQ
(O GLVFXUVR GH 7UXPS LUUXPSLy HQ OD SROtWLFD QRUWHDPHULFDQD DEUXSWDPHQWH SRUTXH
URPSLy ODV UHJODV GH OR SROtWLFDPHQWH FRUUHFWR $ HVWR VH SXHGH DJUHJDU OD
SHUVRQDOLGDG DXWRULWDULD LPSXOVLYD \ H[SORVLYD GHO PDQGDWDULR (VWR OH KD YDOLGR
P~OWLSOHV FUtWLFDV GH VXV RSRVLWRUHV H[FRODERUDGRUHV \ GH ORV PHGLRV GH
FRPXQLFDFLyQ FRQ TXLHQHV KD LQLFLDGR XQD EDWDOOD IURQWDO \ GHVSLDGDGD (Q XQ
HVWXGLR UHDOL]DGR SRU 7KH :DVKLQJWRQ 3RVW GHVGH VX OOHJDGD D OD &DVD %ODQFD KDVWD
MXOLR GH VH DVHJXUD TXH 7UXPS KD PHQWLGR R XVDGR DILUPDFLRQHV HQJDxRVDV
YHFHV OR TXH LPSOLFD XQ SURPHGLR GH IDOVHGDGHV DO GtD 1XPHURVRV
HVSHFLDOLVWDV HQ PDWHULD GH DQiOLVLV GHO GLVFXUVR KDQ GHQRPLQDGR D HVWD QXHYD HUD
OD pSRFD GH OD SRVYHUGDG SRUTXH OD UHOHYDQFLD GH OD YHUGDG VH VXSOH FRQ
UHOHYDQFLD GH ODV HPRFLRQHV \ ODV LQWHUSUHWDFLRQHV PDQLSXODGDV GHO PDUNHWLQJ
(Q HO FDVR HVSHFtILFR GHO GLVFXUVR GH 7UXPS KD HVWDGR FDUDFWHUL]DGR SRU HO
XVR GH IUDVHV VLPSOHV FRPSUHQVLEOHV SDUD FXDOTXLHU SHUVRQD DSHODFLyQ D
LQVWLQWRV EiVLFRV FRPR OD VHQVDFLyQ GH SHOLJUR HO XVR GH HVWHUHRWLSRV
FXOWXUDOHV OLQJtVWLFRV UDFLDOHV R UHOLJLRVRV SDUD FODVLILFDU D ODV SHUVRQDV \ ORV
FROHFWLYRV HO XVR GH GDWRV IDOVRV R LQH[DFWRV \ OD RFXOWDFLyQ GH ORV
YHUGDGHURV PRWLYRV GHWUiV GH VXV PHQVDMHV
(Q FRQFOXVLyQ HO GLVFXUVR GH 7UXPS UHSUHVHQWD OD ~OWLPD IDVH GH XQ SURFHVR GH
PDGXUDFLyQ GH ORV SUHMXLFLRV KDFLD ORV PH[LFDQRV GH EDUEDUL]DFLyQ GH ORV YHFLQRV
GHO VXU (VWRV SUHMXLFLRV VH YLHURQ UHIRU]DGRV FRQ ODV SROtWLFDV PLJUDWRULDV HMHUFLGDV

(Q KWWSEORJVOVHDFXNODWDPFDULEEHDQPH[LFRDQGWKHXVPXVWUHDOLVHWKDWQDIWD
LVWKHVROXWLRQQRWWKHSUREOHP

(Q KWWSVZZZZDVKLQJWRQSRVWFRPQHZVIDFWFKHFNHUZSSUHVLGHQWWUXPSVILUVW
VL[PRQWKVWKHIDFWFKHFNWDOO\"XWPBWHUP EEFFEDGG

(Q KWWSZZZDUDFDWDQDOLVL/DQDOLVLG$QWRQL%DVVDVSRVWYHULWDWBBKWPO
GHVGH OD DGPLQLVWUDFLyQ &OLQWRQ ODV FXDOHV D\XGDURQ D FUHDU XQ HVFHQDULR LGyQHR

SDUD HO HVWDEOHFLPLHQWR GH GLYHUVDV IURQWHUDV FXOWXUDOHV TXH UHVDOWDEDQ ODV
GLIHUHQFLDV HQWUH QRUWHDPHULFDQRV \ PH[LFDQRV $XQTXH HO 1$)7$ LQWHQWy VHU XQ
WUDWDGR FRPHUFLDO TXH SURPRYLHVH XQD IXHUWH LQWHJUDFLyQ UHJLRQDO OR FLHUWR HV TXH
IUDFDVy HQ HVWH FRPHWLGR \ DFWXDOPHQWH WLHQH IXHUWHV FUtWLFRV (O GLVFXUVR GH 7UXPS
LQLFLDOPHQWH SHQVDGR FRQ ILQHV HOHFWRUDOHV FDSLWDOL]y OD IUXVWUDFLyQ \ HO GHVFRQWHQWR
GH PLOORQHV GH HOHFWRUHV $FWXDOPHQWH HVH GLVFXUVR UHSUHVHQWD HO YHUGDGHUR
REMHWLYR GH OD SROtWLFD HFRQyPLFD GH 7UXPS HVWR HV DFDEDU FRQ GpFDGDV GH OLEUH
FRPHUFLR SDUD FRQVWUXLU XQ PRGHOR SURWHFFLRQLVWD HQ HO TXH (VWDGRV 8QLGRV VH
FHUUDUi DQWH HO PXQGR FRQ OD LOXVLyQ GH UHFXSHUDU OD JORULD \ OD FRPSHWLWLYLGDG
SHUGLGDV (O YHUGDGHUR FDPELR OD YHUGDGHUD WUDQVIRUPDFLyQ HV TXH ODV LQWHQFLRQHV
GH 7UXPS QR HVWiQ RFXOWDV HQWUH ODV OHWUDV GH XQ GLVFXUVR DSDUHQWHPHQWH
UHVSHWXRVR SHUR WDPELpQ HQ HO KHFKR GH TXH OD YLVLyQ HFRQyPLFD GHO QXHYR
SUHVLGHQWH VH FRQWUDSRQH D OD GH VXV DQWHFHVRUHV TXLHQHV MDPiV KXELHUDQ
LPDJLQDGR D (VWDGRV 8QLGRV FRPR XQD QDFLyQ HQVLPLVPDGD 6H WUDWD GH OD
FRQVWUXFFLyQ GH XQ PXUR DOUHGHGRU GH OD HFRQRPtD PiV JUDQGH GHO PXQGR 3HUR
FRPR GLUtD *HRUJH +: %XVK ³OD KLVWRULD PXHVWUD TXH FXDOTXLHU QDFLyQ TXH
OHYDQWD PXURV \ VH YXHOFD KDFLD GHQWUR HVWi GHVWLQDGD D OD GHFDGHQFLD´
%LEOLRJUDItD
$ULVWyWHOHV 3ROtWLFD 81$0 0p[LFR

%RUGHDX -DPLH ;HQRSKRELD WKH 9LROHQFH RI +HDU DQG +DWH LQ WKH 1HZV 7KH 5RVHQ 1HZ
<RUN
&DVWDxHGD -RUJH ³0H[LFR¶V &LUFOH RI 0LVHU\´ HQ )RUHLJQ $IIDLUV YRO Q SS
'DQLHO 5RVHQ -RQDWKDQ \ =HSHGD 0DUWtQH] 5REHUWR ³/D JXHUUD FRQWUD HO QDUFRWUiILFR HQ
0p[LFR XQD JXHUUD SpUGLGD´ HQ 5HIOH[LRQHV YRO Q 8QLYHUVLGDG GH &RVWD 5LFD SS
'H OD *DU]D \ 6DODV 1DIWD \ 0HUFRVXU 3URFHVRV GH DSHUWXUD HFRQyPLFD \ WUDEDMR &ODFVR
%XHQRV $LUHV
'HODHW 'HEUD 86 ,PPLJUDWLRQ 3ROLF\ LQ $Q $JH RI 5LJKWV 3UDHJHU &RQQHFWLFXW
'URLW 5RJHU3RO *HQHDORJtD GH ORV EiUEDURV +LVWRULD GH OD LQKXPDQLGDG 3DLGRV
%DUFHORQD
+DVRQ *RUGRQ :K\ 'RHV ,PPLJUDWLRQ 'LYLGH $PHULFD" 3XEOLF )LQDQFH DQG 3ROLWLFDO
2SSRVLWLRQ WR 2SHQ %RUGHUV 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV
+HUiFOLWR HW DO /RV SUHVRFUiWLFRV )&( 0p[LFR
+RPHUR ,OLDGH *DU]DQWL 0LODQR
+RPHUR 2GGLVHD *DU]DQWL 0LODQR
5RGUtJXH] &HUyQ 5RVDOED ³)DFWRUHV EDVHV \ IXQGDPHQWRV GH OD SROtWLFD H[WHULRU GH 0p[LFR
GH 5DIDHO 9HOi]TXH] )ORUHV´ HQ 5HYLVWD GH 5HODFLRQHV ,QWHUQDFLRQDOHV Q 81$0 0p[LFR
5RVHQEOXP 0DUF 86 ,QPLJUDWLRQ 3ROLF\ VLQFH 8QGHVWDQGLQJ WKH 6WDOHPDWH RYHU
&RPSUHKHQVLYH ,PPLJUDWLRQ 5HIRUP 0LJUDWLRQ 3ROLF\ ,QVWLWXWH :DVKLQJWRQ '&
6NUHQWQ\ -RKQ ' DQG /ySH] -DQH /LOO\ 2EDPD V ,PPLJUDWLRQ 5HIRUP 7KH 7ULXPSK RI
([HFXWLYH $FWLRQ HQ ,QGLDQD -RXUQDO RI /DZ DQG 6RFLDO (TXDOLW\ 9RO ,VV $UWLFOH
7KH *REHUQDQFH 6WXGLHV 3URJUDP VI $ 5HSRUW RQ WKH 0HGLD DQG WKH ,PPLJUDWLRQ 'HEDWH
:DVKLQJWRQ '&
9DOYHUGH /R\D 0LJXHO $QJHO ³/DV UHODFLRQHV 0p[LFR(VWDGRV 8QLGRV HQ HO VH[HQLR GH
=HGLOOR´ HQ )RUR ,QWHUQDFLRQDO 9RO ;/, &ROHJLR GH 0p[LFR 0p[LFR
9HOi]TXH] )ORUHV 5DIDHO ³/D SROtWLFD H[WHULRU GH (VWDGRV 8QLGRV KDFLD 0p[LFR EDMR OD
DGPLQLVWUDFLyQ GH %DUDFN 2EDPD FDPELRV \ FRQWLQXLGDGHV´ HQ 1RUWHDPpULFD YRO Q SS

9HUHD 0yQLFD 0LJUDFLyQ WHPSRUDO HQ $PpULFD GHO 1RUWH SURSXHVWDV \ UHVSXHVWDV &LVDQ
8QDP 0p[LFR
9HUHD 0yQLFD $QWLLPPLJUDQW 6HQWLPHQWV $FWLRQV DQG 3ROLFLHV 7KH 1RUWK $PHULFDQ 5HJLRQ
DQG WKH (XURSHDQ 8QLRQ &LVDQ8QDP 0p[LFR
9ROSS /HWL ³,PPLJUDQWV 2XWVLGH WKH /DZ 3UHVLGHQW 2EDPD 'LVFUHWLRQDU\ ([HFXWLYH 3RZHU
DQG 5HJLPH &KDQJH´ HQ &ULWLFDO $QDO\VLV RI /DZ 9RO %HUNHOH\
&RPXQLFDGRV
KWWSZZZSUHVLGHQF\XFVEHGXZV"SLG
KWWS]HGLOORSUHVLGHQFLDJREP[SDJHVYRFHUREROHWLQHVGHFODUDFLRQXVDKWPO
KWWSVJHRUJHZEXVKZKLWHKRXVHDUFKLYHVJRYQHZVUHOHDVHVHVKWPO
KWWSVZZZFRQJUHVVJRYELOOWKFRQJUHVVKRXVHELOO
+HPHURJUDItD
KWWSZZZHOILQDQFLHURFRPP[HFRQRPLDODLPSRUWDQFLDGHPH[LFRHQHOWOFHQJUDILFDVKWPO
KWWSGRVIDQOLEXLFHGX(5&EULHILQJGLVSDWFKKWPO'LVSDWFKYQRKWPO
KWWSVHOSDLVFRPGLDULRLQWHUQDFLRQDOBKWPO
KWWSZZZHOILQDQFLHURFRPP[RSLQLRQODHVWUDWHJLDDQWHWUXPSSULPHUDSDUWHKWPO
KWWSZZZLSVQRWLFLDVQHWPH[LFRFOLQWRQ\]HGLOORFHOHEUDQILQGHFULVLVILQDQFLHUD
KWWSZZZSURFHVRFRPP[EXHQDLQYHUVLRQHOUHVFDWHGHPH[LFRHQHO
FOLQWRQ
KWWSZZZEEFFRPPXQGRQRWLFLDVDPHULFDODWLQD
KWWSZZZMRUQDGDXQDPP[LQGH[SKS"VHFWLRQ SROLWLFD DUWLFOH QSRO
KWWSZZZDQLPDOSROLWLFRFRPODEDUUHUDQDWXUDODOGREOHPXURDVLKDFUHFLGROD
VHSDUDFLRQIURQWHUL]DPH[LFRHX
KWWSZZZMRUQDGDXQDPP[LQGH[SKS"VHFWLRQ SROLWLFD DUWLFOH QSRO
KWWSZZZDQLPDOSROLWLFRFRPFRQWURYHUWLGDKLVWRULDFOLQWRQPH[LFR
KWWSZZZQH[RVFRPP["S
KWWSZZZEXVLQHVVLQVLGHUFRPH[LWSROOVZKRYRWHGIRUWUXPSFOLQWRQZKLOHSROOLQJ
EHIRUHHOHFWLRQGD\VKRZHGWKDWYRWHUVZLWKOHVVHGXFDWLRQZHUHIORFNLQJWRWUXPSZKLFKVKRZV
LQWKHH[LWSROOVKHVWLOOVDZDJRRGDPRXQWRIVXSSRUWIURPYRWHUVZLWKKLJKHUHGXFDWLRQ
KWWSVZZZIRUEHVFRPVLWHVMRHONRWNLQGRQDOGWUXPSVSUHVLGHQWLYLFWRU\
GHPRJUDSKLFVE
KWWSZZZEEFFRPPXQGRQRWLFLDVDPHULFDODWLQD
KWWSZZZEEFFRPPXQGRQRWLFLDVBWUXPSBPH[LFRBFDQGLGDWXUDBFFK
KWWSVHOSDLVFRPLQWHUQDFLRQDODFWXDOLGDGBKWPO
KWWSZZZHOXQLYHUVDOFRPP[DUWLFXORPXQGRPH[LFRQRORVDEHDXQSHURSDJDUDHO
PXURDOWUXPS
KWWSZZZPLOHQLRFRPLQWHUQDFLRQDOGRQDOGBWUXPSHQULTXHBSHQDBQLHWR
PRGLILFDBGLVFXUVRBDUL]RQDPLOHQLRBQRWLFLDVBBKWPO
KWWSZZZMRUQDGDXQDPP[SROLWLFDQSRO
KWWSVZZZIRUEHVFRPP[WUXPSVXJLULRHQYLDUWURSDVPH[LFRWRQROLJHUR
KWWSVHOSDLVFRPLQWHUQDFLRQDODFWXDOLGDGBKWPO
KWWSEORJVOVHDFXNODWDPFDULEEHDQPH[LFRDQGWKHXVPXVWUHDOLVHWKDWQDIWDLV
WKHVROXWLRQQRWWKHSUREOHP
KWWSVZZZZDVKLQJWRQSRVWFRPQHZVIDFWFKHFNHUZSSUHVLGHQWWUXPSVILUVWVL[
PRQWKVWKHIDFWFKHFNWDOO\"XWPBWHUP EEFFEDGG
KWWSZZZDUDFDWDQDOLVL/DQDOLVLG$QWRQL%DVVDVSRVWYHULWDWBBKWPO
(OHVWXGLRGHODLGHQWLGDGFROHFWLYDHQ
ORVWLHPSRVGHODJOREDOL]DFLyQ
8QSUREOHPDWHyULFR\PHWRGROyJLFR
'LPLWUL(QGUL]]L
8QLYHUVLWjGHJOL6WXGLGL7UHQWR8QLYHUVLGDG&DWyOLFD ,WDOLD
,1752'8&&,Ï1
$ERUGDGRV KLVWyULFDPHQWH GHVGH GLIHUHQWHV GLVFLSOLQDV FRPR OD SVLFRORJtD OD

VRFLRORJtD\ODDQWURSRORJtDFXOWXUDOORVHVWXGLRVVREUHODIRUPDFLyQGHODLGHQWLGDG
FROHFWLYD KDQ FRQVLGHUDGR ORV JUXSRV VRFLDOHV SULQFLSDOPHQWH FRPR HQWLGDGHV
KROtVWLFDV TXH IRUMDUtDQ GH PDQHUD XQLGLPHQVLRQDO H[FOXVLYD \ PX\ VLPLODU ODV
LGHQWLGDGHVLQGLYLGXDOHVGHORVDFWRUHVTXHKDFHQSDUWHGHHOORV6LQHPEDUJROD
VRFLHGDG PRGHUQD \ JOREDOL]DGD KD FDPELDGR ODV GLQiPLFDV TXH FRQVWUX\HQ OD
LGHQWLGDG LQGLYLGXDO JHQHUDQGR XQD VHULH GH SUREOHPDV FXDQGR VH FRQWHPSOD XQ
FRQFHSWRFRPRODLGHQWLGDGFROHFWLYD
+R\HQGtDODOLEHUWDGGHORVDFWRUHVKDFUHFLGRH[SRQHQFLDOPHQWHHQWpUPLQRVGH
GHILQLFLyQ GH VX SRVLFLyQ VRFLDO \ HO IHQyPHQR KD FRQWULEXLGR GH PDQHUD
GHWHUPLQDQWH D OD FRPSOHML]DFLyQ GH ODV LQWHUDFFLRQHV VRFLDOHV DXPHQWDQGR ODV
SRVLELOLGDGHVGHHOHFFLyQ\JHQHUDQGRXQSDQRUDPDGHFUHFLHQWHLQFHUWLGXPEUH/D
LGHQWLGDG LQGLYLGXDO VH KD WUDQVIRUPDGR HQ DOJR TXH \D QR VH DGTXLHUH GH IRUPD
HVWDEOH\TXHHVWiVXMHWDDXQDVHULHGHµUHQHJRFLDFLRQHV¶FRQVWDQWHV
&DGD GtD HV PiV GLItFLO LPSXWDU OD FRQIRUPDFLyQ GH OD LGHQWLGDG LQGLYLGXDO D OD
WUDQVIHUHQFLDGHUHIHUHQWHVLGHQWLWDULRVGHXQ~QLFRJUXSRGHELGRSUHFLVDPHQWHD
ODVP~OWLSOHVSHUWHQHQFLDVGHORVDFWRUHV/DFRQVFLHQFLDVRFLDOGHFDGDJUXSRFRQ
GLIHUHQWHV JUDGRV GH LQWHQVLGDG VH LQFRUSRUD \ SODVPD OD LGHQWLGDG GH ORV
DVRFLDGRV/RVUDVWURVHPStULFRVGHODLGHQWLGDGFROHFWLYD\DQRVRQORVPLVPRV/D
FRQVHFXHQFLDSULQFLSDOHVXQUHSODQWHDPLHQWRREOLJDGRGHODPHWRGRORJtDDDSOLFDU
HQFDGDHVWXGLRTXHSUHWHQGDUHFRQVWUXLUODLGHQWLGDGFROHFWLYDGHXQJUXSRVRFLDO
62%5((/&21&(372'(,'(17,'$'
/D UDt] HWLPROyJLFD GHO WpUPLQR LGHQWLGDG VH HQFXHQWUD HQ HO JULHJR DQWLJXR
ĲĮ‫ۺ‬Ĳ‫ܟ‬Ĳǆǐ LGHQWLGDG VHU OR PLVPR /D DFWXDO FRQQRWDFLyQ GH OD SDODEUD KDFH

8QLYHUVLWj GHJOL 6WXGL GL 7UHQWR GH ,WDOLD 3URIHVRU LQYHVWLJDGRU GH OD 8QLYHUVLGDG &DWyOLFD GH
&RORPELDHQ%RJRWi
UHIHUHQFLD DO ODWtQ WDUGtR LGHQWLWDVLGHQWLWDWLV \ HV XQD GHULYDFLyQ GH OD SDODEUD
LGHP HO PLVPR (O GH LGHQWLGDG HV XQ FRQFHSWR DQWLJXR \D SUHVHQWH HQ
$ULVWyWHOHV6HWUDWDGHXQDFRQFHSFLyQHVWiWLFD/DLGHQWLGDGHVWiDOOi\VRORWRFD
GHVFXEULUOD (Q ODV PRGHUQDV FLHQFLDV VRFLDOHV HO SXQWR GH YLVWD KD FDPELDGR
6H SRGUtD DILUPDU TXH OD LGHQWLGDG HQ Vt QR H[LVWH VH FRQVWUX\H VRFLDOPHQWH
'LIHUHQWHV GLVFLSOLQDV D OR ODUJR GH VX GHVDUUROOR WHyULFR \ PHWRGROyJLFR KDQ
DERUGDGR VX HVWXGLR FRQVLGHUiQGROR FRPR XQ HOHPHQWR FHQWUDO SDUD HQWHQGHU HO
FRPSRUWDPLHQWRGHORVDFWRUHVVRFLDOHV/DSVLFRORJtDHQSULPHUOXJDUODVRFLRORJtD
\ODDQWURSRORJtDFXOWXUDOKDQSURYHtGRORVSULQFLSDOHVSXQWRVGHYLVWD
(Q WpUPLQRV JHQHUDOHV HO HQIRTXH GH ODV FLHQFLDV VRFLDOHV KD VLGR UHODFLRQDO
LQWHUVXEMHWLYR\KDFRQVLGHUDGRODVLQWHUUHODFLRQHVFRPRIXQGDPHQWRGHOSURFHVR
GH FRQVWUXFFLyQ GH OD LGHQWLGDG 6H WUDWD GH XQD YLVLyQ TXH KD FRQWHPSODGR OD
LGHQWLGDGFRPRDOJRGLQiPLFR\FDPELDQWH/DSVLFRORJtDVLH[FOXLPRVODSVLFRORJtD
VRFLDO TXH KD SUHVHQWDGR SHUVSHFWLYDV PiV VLPLODUHV D OD VRFLRORJtD \ OD
DQWURSRORJtDHQPXFKDVRFDVLRQHVKDSODQWHDGRLGHDVGLIHUHQWHV(QSDUWLFXODUHO
SVLFRDQiOLVLVGHPDWUL]IUHXGLDQR)UHXGQRGHGLFyPXFKDDWHQFLyQDOFRQFHSWRGH
LGHQWLGDG SHUR Vt OR KLFLHURQ VXV GLVFtSXORV 'HVGH XQ SXQWR GH YLVWD FOtQLFR HO
LQWHUpV VH GHVDUUROOy SULQFLSDOPHQWH HQ ORV DxRV GHELGR DO PXOWLSOLFDUVH GH
HQIHUPHGDGHV UHODFLRQDGDV FRQ OD GHELOLWDFLyQ GH OD LQWHJULGDG GHO 6t (O
SVLFRDQiOLVLVVHKDFHQWUDGRHQHOLQGLYLGXR\FRQVLGHUDGRODLGHQWLGDGFRPRDOJR
FRKHUHQWH \ VREUH WRGR SHUPDQHQWH (V SUHFLVDPHQWH OR TXH FXHVWLRQDURQ
FLHQFLDVVRFLDOHVFRPRODVRFLRORJtDODDQWURSRORJtD\ODSVLFRORJtDVRFLDO
(VWXGLDU OD LGHQWLGDG VLJQLILFD HQWRQFHV HVWXGLDU XQ IHQyPHQR FRPSOHMR GH
LQWHUDFFLRQHV TXH VH JHQHUDQ D UDt] GH OD H[SHULHQFLD GHO LQGLYLGXR HQ HO JUXSR
VRFLDO FRQ HO FXDO VH VLHQWH LGHQWLILFDGR (V GHFLU HO JUXSR DO FXDO HO DFWRU
SHUWHQHFH\VLHQWHSHUWHQHFHU 'HHVWDEUHYHDILUPDFLyQHPHUJHQODVGLIHUHQWHV

%(77,1 /$77(6 *LDQIUDQFR , WXUQLQJ SRLQWV VRFLRORJLFL GHOO¶LGHQWLWj (Q 6RFLHWj 0XWDPHQWR
3ROLWLFDYRO1RSSS

$5&$5,/XFD,GHQWLWjFROOHWWLYHLGHQWLWjHWQLFKHLGHQWLWjUHOLJLRVHHOHPHQWLSHUXQDWUDWWD]LRQH
QHOODSURVSHWWLYDGHOODORQJXHGXUpH WUDDQWLFKLWjHPHGLRHYR >HQOtQHD@(Q5HWL0HGLHYDOLYRO
1RSSS

$OUHVSHFWRYpDVH0(5&$'20$/'21$'2$VDHO +(51$1'(=2/,9$$OHMDQGULQD(OSURFHVR
GHFRQVWUXFFLyQGHODLGHQWLGDGFROHFWLYD(Q&RQYHUJHQFLD 1RPD\RDJRVWRSS

6&,2//$ /RUHGDQD ,GHQWLWj >HQ OtQHD@ (Q (QFLFORSHGLD GHOOH VFLHQ]H VRFLDOL 5RPD ,VWLWXWR
GHOOD(QFLFORSHGLD,WDOLDQD

(OGLVFXUVRHVYiOLGRWDPELpQVLQRV UHIHULPRVDORVPRYLPLHQWRVVRFLDOHV

'$+(5 /LDQD &KH FRVD q O¶LGHQWLWj FROOHWWLYD" 'HQRWD]LRQL HPSLULFKH HR LSRWHVL GL
LSRVWDWL]]D]LRQH GHOFRQFHWWR(Q6RFLHWj0XWDPHQWR3ROLWLFDYRO 1R SSS

3DUD XQD SURIXQGL]DFLyQ GHO WHPD YpDQVH 0(/8&&, $OEHUWR FXUDGRU $OWUL FRGLFL DUHH GL
PRYLPHQWR QHOOD PHWUySROL %RORQLD ,O 0XOLQR \ 0(/8&&, $OEHUWR &KDOOHQJLQJ &RGHV
&ROOHFWLYH$FWLRQLQWKH,QIRUPDWLRQ$JH &DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
GLPHQVLRQHVTXHKDEUiTXHWRPDUHQFXHQWDHQHOSUHVHQWHHVFULWRODLQGLYLGXDO
ODFROHFWLYD\ODLQWHUUHODFLyQTXHVXUJHHQWUHDPEDV
3DUDQXHVWURVILQHVRWUR HOHPHQWRLPSRUWDQWHTXHKDEUiTXHWRPDUHQFXHQWDHV
HO FDPELR TXH ODV VRFLHGDGHV PRGHUQDV \ JOREDOL]DGDV KDQ JHQHUDGR HQ OD YLGD
FRWLGLDQDGHODFWRUVRFLDO/RVLQGLYLGXRVVXHOHQSHUWHQHFHUDP~OWLSOHVJUXSRV\HO
KHFKR PRGLILFD GH PDQHUD VXVWDQFLDO ODV LQWHUUHODFLRQHV HQWUH ODV GLPHQVLRQHV
FROHFWLYDHLQGLYLGXDOGHODLGHQWLGDG<DQRVHSXHGHKDEODUGHXQDWUDQVIHUHQFLD
XQtYRFDGHHOHPHQWRVFRQVWLWXWLYRVGHVGHXQJUXSRKDFLDXQLQGLYLGXRVLQRGHVGH
GLIHUHQWHV JUXSRV KDFLD XQ LQGLYLGXR (O KHFKR WUDQVIRUPD GH IRUPD VXVWDQFLDO HO
SURFHVR GH IRUPDFLyQ WDQWR GH OD LGHQWLGDG LQGLYLGXDO FRPR GH OD LGHQWLGDG
FROHFWLYDGHORVJUXSRVGHUHIHUHQFLD
%XVFDU XQD GHILQLFLyQ FRPSDUWLGD GHO FRQFHSWR GH LGHQWLGDG SXHGH UHVXOWDU
SUREOHPiWLFR GHELGR D ODV P~OWLSOHV FRQFHSFLRQHV TXH OD OLWHUDWXUD RIUHFH GH HOOD
8QDGHILQLFLyQGHDOJXQDIRUPDQHXWUDO\DEDUFDGRUDGHGLIHUHQWHVSXQWRVGHYLVWD
SXHGHVHUODTXHSURSRQH*LOEHUWR*LPpQH]
OD LGHQWLGDG HV HO FRQMXQWR GH UHSHUWRULRV FXOWXUDOHV LQWHULRUL]DGRV UHSUHVHQWDFLRQHV
YDORUHVVtPERORV DWUDYpVGHORVFXDOHVORVDFWRUHVVRFLDOHV LQGLYLGXDOHVRFROHFWLYRV
GHPDUFDQ VXV IURQWHUDV \ VH GLVWLQJXHQ GH ORV GHPiV DFWRUHV HQ XQD VLWXDFLyQ
GHWHUPLQDGD WRGR HOOR GHQWUR GH XQ HVSDFLR KLVWyULFDPHQWH HVSHFtILFR \ VRFLDOPHQWH
HVWUXFWXUDGR
8QD GHILQLFLyQ GH HVWD FODVH QRV PXHVWUD XQRV SULPHURV HOHPHQWRV ~WLOHV SDUD
HQWHQGHU HO FRQFHSWR (Q SULPHU OXJDU QRV D\XGD D GHWHUPLQDU OD UHODFLyQ
H[LVWHQWH HQWUH LGHQWLGDG \ FXOWXUD GRV WpUPLQRV PXFKDV YHFHV XWLOL]DGRV FRPR
VLQyQLPRV/DLGHQWLGDGVHSXHGHFRQVLGHUDUFRPRODPDQLIHVWDFLyQGHHOHPHQWRV
FXOWXUDOHVLQWHULRUL]DGRV'LFKRSURFHVRGHLQWHULRUL]DFLyQTXHVXHOHVHUVHOHFWLYR
KDFH TXH XQD FXOWXUD QR SXHGD JHQHUDU GH IRUPD GLUHFWD \ DXWRPiWLFD XQD
LGHQWLGDG 6H UHTXLHUH GH XQD UHHODERUDFLyQ VXEMHWLYD GH DOJXQRV HOHPHQWRV
FXOWXUDOHVTXHOOHYDUiQDODFWRUVRFLDODGLVWLQJXLUVHGHRWURV(QVHJXQGROXJDUOD
YROXQWDGGHGLIHUHQFLDFLyQGHXQJUXSRVRFLDOHOHPHQWRLPSRUWDQWHHQXQSURFHVR
GHFRQVWUXFFLyQLGHQWLWDULDQRHVVXILFLHQWHSRUVtVROR'LFKDGLIHUHQFLDWLHQHTXH
VHUSHUFLELGDSRUORVGHPiVDFWRUHVTXHHQ~OWLPDVFRQVWLWX\HQODVRFLHGDG
< SRU ~OWLPR HO SXQWR WDO YH] PiV LPSRUWDQWH SDUD ILQHV GH QXHVWUR HVFULWR VH
KDEOD GH DFWRUHV VRFLDOHV LQGLYLGXDOHV \ FROHFWLYRV FRPR SRUWDGRUHV GH XQD
LGHQWLGDG SURSLD (VWR QRV GLUHFFLRQDUi KDFLD XQD GLVFXVLyQ RQWROyJLFD ±TXH
DERUGDUHPRV PiV DGHODQWH± VREUH OD QDWXUDOH]D GH ORV JUXSRV VRFLDOHV FRQ
LPSOLFDFLRQHV LPSRUWDQWHV HQ WpUPLQRV PHWRGROyJLFRV 2QWRORJtD \ PHWRGRORJtD
HVWiQLUUHPHGLDEOHPHQWHHQWUHOD]DGDV
+D\ XQRV FRQFHSWRV TXH SRGUtDQ GHILQLUVH FRPR SURSHGpXWLFRV DO FRQFHSWR GH
LGHQWLGDGFROHFWLYDVLQORVFXDOHVQRVHUtDSRVLEOHKDEODUGHHOOD8QHMHPSORHVOD

*,0e1(= 0217,(/ *LOEHUWR 3DUDGLJPDV GH OD LGHQWLGDG (Q &+,+8 $03$5È1 $TXLOHV
FRRUGLQDGRU 6RFLRORJtDGHODLGHQWLGDG0p[LFR 8QLYHUVLGDG$XWyQRPD0HWURSROLWDQDSS
S

,ELGS
LGHQWLGDGVRFLDOGH+HQU\7DMIHO/DFRQFHSFLyQGHODXWRUVHSXHGHUHVXPLUHQPX\
SRFDVSDODEUDV
SRUPX\ULFD\FRPSOHMDTXHVHDODLPDJHQTXHORVLQGLYLGXRVWLHQHQGHVtPLVPRVHQ
UHODFLyQ FRQ HO PXQGR ItVLFR \ VRFLDO TXH OHV URGHD DOJXQRV GH ORV DVSHFWRV GH HVD
LGHDVRQDSRUWDGRVSRUODSHUWHQHQFLDDFLHUWRVJUXSRVRFDWHJRUtDVVRFLDOHV
/D LGHD GH 7DMIHO QRV PXHVWUD FyPR OD LQWHUUHODFLyQ FRQ OD VRFLHGDG VH YXHOYH
GHWHUPLQDQWHSDUDODFRQVWUXFFLyQGHODLGHQWLGDGLQGLYLGXDO
(Q SDODEUDV GH 3HWHU %HUJHU \ 7KRPDV /XFNPDQQ OD FRQVWUXFFLyQ GH OD
LGHQWLGDG VH OOHYD D FDER SULQFLSDOPHQWH D WUDYpV GH SURFHVRV GH VRFLDOL]DFLyQ
SULPDULD \ VHFXQGDULD'HDFXHUGRFRQORVDXWRUHVODVRFLDOL]DFLyQSULPDULDVHGD
HQORVSULPHURVDxRVGHYLGD\HQJUXSRVWHQGHQFLDOPHQWHKRPRJpQHRV6HWUDWD
GH XQ SURFHVR FDUDFWHUL]DGR SRU XQD IXHUWH FDUJD HPRFLRQDO TXH VH VXHOH
GHVDUUROODUHQDPELHQWHVFHUUDGRVFRPRODIDPLOLDJUXSRVGHDPLJRVRUHOLJLRVRV
(O FRPSRQHQWH HPRFLRQDO MXHJD XQ SDSHO SULRULWDULR 'LIHUHQWH HV OD VRFLDOL]DFLyQ
VHFXQGDULDTXHVHVXHOHGDUHQpSRFDVSRVWHULRUHVGHODYLGD(ODFWRUVRFLDOHQWUD
HQ FRQWDFWR FRQ XQD UHDOLGDG PXFKR PiV KHWHURJpQHD 7RPD LPSRUWDQFLD OR
FRJQLWLYRUDFLRQDO(ODFWRUGHFLGHDFXiOHVJUXSRVSHUWHQHFHUGHDFXHUGRFRQVXV
LQWHUHVHVVXVYDORUHVVXVSUHIHUHQFLDVHWF
'HWHUPLQDU OD LGHQWLGDG GH XQ DFWRU VRFLDO VHD LQGLYLGXDO R FROHFWLYR VH YXHOYH
HQWRQFHVXQDWDUHDFRPSOHMDTXHQRVREOLJDDXQFRQWLQXRYDLYpQSUHFLVDPHQWH
HQWUH ODV GLPHQVLRQHV LQGLYLGXDO \ FROHFWLYD (QWUH OD LGHQWLGDG LQWHULRUL]DGD GHO
VXMHWR\ODFRQVFLHQFLDGHOJUXSRRGHORV JUXSRVDOFXDOSHUWHQHFH(OSUREOHPD
QR HV PHQRU /DV P~OWLSOHV SHUWHQHQFLDV KDFHQ TXH ORV HOHPHQWRV TXH HO DFWRU
VRFLDOLQWHULRUL]DSURFHGDQGHODVGLIHUHQWHVLGHQWLGDGHVFROHFWLYDVGHORVGLIHUHQWHV
JUXSRV\TXHODVGLIHUHQWHVLGHQWLGDGHVFROHFWLYDVGHORVGLIHUHQWHVJUXSRVVXUMDQ
GHODLQWHUDFFLyQHQWUHODVGLIHUHQWHVLGHQWLGDGHVLQGLYLGXDOHVGHORVVXMHWRVTXHD
VX YH] GHSHQGHQ GH ODV FROHFWLYDV (O KHFKR FRPR YHUHPRV HQ OD SDUWH ILQDO GHO
HVFULWRSUHVHQWDLPSRUWDQWHVLPSOLFDFLRQHVPHWRGROyJLFDV
/26*5832662&,$/(6(175(,1',9,'8$/,602<+2/,602
6L FRQVLGHUDPRV OD LGHD GH TXH XQD LGHQWLGDG FROHFWLYD SXHGH H[LVWLU HO SULPHU
SUREOHPDTXHWHQHPRVTXHHQIUHQWDUHVGHFDUiFWHURQWROyJLFR(QQXHVWURFDVR
UHODWLYR D OD QDWXUDOH]D GHO JUXSR VRFLDO ¢8Q JUXSR VRFLDO HV XQD VXPD GH
LQGLYLGXRV R HV DOJR PiV" (Q RWUDV SDODEUDV ¢XQ JUXSR VRFLDO HV XQD HQWLGDG
DXWyQRPD PiV DOOi GH ORV LQGLYLGXRV TXH OR FRPSRQHQ" (VWH HVFULWR QR YD D
UHVROYHU XQ GHEDWH LQDFDEDGR GH ODV FLHQFLDV VRFLDOHV SHUR TXH WHQGUi TXH VHU
DERUGDGR HQ IXQFLyQ GH QXHVWUR ILQ SULQFLSDO DQDOL]DU FyPR OD JOREDOL]DFLyQ KD
LQIOXHQFLDGR±RWHQGUtDTXHKDFHUOR±ODPHWRGRORJtDUHODWLYDDODGHWHUPLQDFLyQGH
ODLGHQWLGDGGHORVDFWRUHVVRFLDOHVFROHFWLYRV

7$-)(/+HQU\*UXSRVKXPDQRV\FDWHJRUtDV6RFLDOHV%DUFHORQD+HUGHUS

%(5*(5 3HWHU /8&.0$11 7KRPDV /D FRQVWUXFFLyQ VRFLDO GH OD UHDOLGDG %XHQRV $LUHV
$PRUURUWXSS
&RQVLGHUDU XQ JUXSR FRPR OD PHUD VXPD GH VXV FRPSRQHQWHV R FRPR DOJR
DXWyQRPR VLJQLILFD HQWRQFHV DERUGDU HO GHEDWH HQWUH LQGLYLGXDOLVPR RQWR
PHWRGROyJLFR\KROLVPR)ULHGULFKYRQ+D\HNQRVGLMRTXHODVFLHQFLDVVRFLDOHVQR
VHSXHGHQUHODFLRQDUFRQHQWLGDGHVFROHFWLYDVTXHVRORVHSXHGHQFRQVLGHUDUDOD
PDQHUD GH XQD UHSUHVHQWDFLyQ PHQWDO 7DPSRFR .DUO 3RSSHU DFHSWDED
H[SOLFDFLRQHV GH ORV IHQyPHQRV VRFLDOHV HQ WpUPLQRV GH WRWDOLGDGHV (Q ODV
FLHQFLDV VRFLDOHV HO LQGLYLGXDOLVPR RQWRPHWRGROyJLFR HV HQWRQFHV XQD GRFWULQD
TXH QRV GLFH TXH QR H[LVWHQ HQWLGDGHV FROHFWLYDV 1R H[LVWH QDGD GH
VXSUDLQGLYLGXDO 7RGR SXHGH VHU UHGXFLGR D ORV VXMHWRV TXH OD FRPSRQHQ \ ODV
DFFLRQHVGHORVPLVPRV
/D GHILQLFLyQ GH 3RSSHU UHIOHMD HO HMH FHQWUDO GHO GHEDWH HQWUH LQGLYLGXDOLVPR \
KROLVPRDERUGDGRSULQFLSDOPHQWHGHVGHXQSXQWRGHYLVWDGHODPHWRGRORJtD6LQ
HPEDUJR\HOGLVFXUVRGH+D\HNORDFODUDKD\XQDUD]yQRQWROyJLFDGHIRQGRTXH
QRSHUPLWHGHDFXHUGRFRQODGRFWULQDDERUGDUXQIHQyPHQRVRFLDOVLQRGHVGHOD
SHUVSHFWLYD LQGLYLGXDOLVWD WRGD HQWLGDG FROHFWLYD HV XQD PHUD UHSUHVHQWDFLyQ
PHQWDO (Q SDODEUDV VLPSOHV QR H[LVWH /D GLPHQVLyQ PHWRGROyJLFD VREUHQWLHQGH
XQD GLPHQVLyQ RQWROyJLFD TXH VH UHILHUH D OD QDWXUDOH]D GH ORV µREMHWRV¶ TXH
WHQHPRVHQIUHQWH
6LDVXPLPRVTXHORFROHFWLYRQRH[LVWH¢FyPRVHUtDSRVLEOHEXVFDUXQDH[SOLFDFLyQ
GHVGHORFROHFWLYR"6LXQDHQWLGDGFROHFWLYDQRH[LVWHQRDFW~DQRLQWHUDFW~DFRQ
RWUDV HQWLGDGHV VLPLODUHV QR HYROXFLRQD HQ HO WLHPSR \ VREUH WRGR QR SXHGH
HMHUFHU QLQJXQD FODVH GH LQIOXHQFLD VREUH VXV PLHPEURV /R DILUPDGR
DQWHULRUPHQWH QRV OOHYD D XQD EUHYH UHIOH[LyQ ¢'H TXp PDQHUD XQD HQWLGDG TXH
QR H[LVWH SXHGH WHQHU XQD FRQFLHQFLD SURSLD" (Q RWUDV SDODEUDV ¢HV SRVLEOH TXH
DOJR TXH QR H[LVWH WHQJD XQD LGHQWLGDG" ¢< TXH DGHPiV OD WUDQVPLWD D VXV
PLHPEURV" <DHVWDPRVHQSUREOHPDV
(O KROLVPR HV XQD GRFWULQD ILORVyILFD TXH FRPR YLPRV DQWHULRUPHQWH UHVSHFWR DO
LQGLYLGXDOLVPRSUHVHQWDXQDGREOHGLPHQVLyQRQWROyJLFD\PHWRGROyJLFD
(OFRPSRQHQWHRQWROyJLFRGHOKROLVPRQRVGLFHTXHXQDWRWDOLGDGQRHVLJXDO DODVXPD
GH VXV SDUWHV /DV SURSLHGDGHV GH XQD WRWDOLGDG VRFLDO VRQ HPHUJHQWHV \ SRU HVWD
UD]yQ QR SXHGHQ VHU UHGXFLGDV D ODV SURSLHGDGHV GH ODV SDUWHV 8QD WRWDOLGDG
WUDVFLHQGHVXVPLHPEURVGHIRUPD JHVWiOWLFD(VWRLPSOLFDTXHVHFRPSRUWHFRPRXQD
XQLGDG/DVLQWHUUHODFLRQHVHQWUHXQLGDGHVVHGDQHQXQQLYHOWRWDOLGDGWRWDOLGDG\ORV
HIHFWRVTXHODXQLGDGJHQHUDVREUHVXVSDUWHVVRQGHPD\RULQWHQVLGDGGHORVHIHFWRV
GHODVSDUWHVVREUHHOWRGR(QVXGLPHQVLyQPHWRGROyJLFDHOKROLVPRDILUPDTXHWRGR
HVWXGLR HV XQ HVWXGLR GH WRWDOLGDGHV \ TXH ORV IHQyPHQRV VROR VH SXHGHQ H[SOLFDU
KDFLHQGR UHIHUHQFLD D FDXVDV VXSUDLQGLYLGXDOHV (O KROLVPR HV HO VXSXHVWR RQWR

7DQWR +D\HN FRPR 3RSSHU DERUGDURQ OD WHPiWLFD HQ GLIHUHQWHV WH[WRV D OR ODUJR GH VX
SURGXFFLyQLQWHOOHFWXDO$OUHVSHFWVHxDODPRVORV SULQFLSDOHV9pDVH+$<(.)ULHGULFK$XJXVW YRQ
/D FRQWUDUUHYROXFLyQ GH OD FLHQFLD HVWXGLRV VREUH HO DEXVR GH OD UD]yQ 0DGULG 8QLyQ \
3233(5.DUO/DVRFLHGDGDELHUWD\VXVHQHPLJRV%DUFHORQD3DLGyV,EpULFD

(1'5,==, 'LPLWUL &RJQLWLRSKLORVRSKRUXP GHO FRPSRUWDPLHQWRH[WHULRUGHO(VWDGRHOH[WUDxR
FDVRGHOGRFWRU&RUUHD\VXGHXGDH[WHUQD%RJRWiSS7HVLV GRFWRUDGR 8QLYHUVLGDG
([WHUQDGRGH&RORPELD)DFXOWDGGH)LQDQ]DV*RELHUQR\5HODFLRQHV,QWHUQDFLRQDOHVS
PHWRGROyJLFR GH FDGD WHRUtD TXH FRQVLGHUD HO WRGR FRPR XQLGDG FDXVDO \ ODV SDUWHV
FRPRVLPSOHVHSLIHQyPHQRV
$GRSWDUXQDYLVLyQKROLVWDGHXQJUXSRVRFLDOQRVSHUPLWHFRQWHPSODUXQFRQFHSWR
FRPR OD LGHQWLGDG FROHFWLYD 6L HO JUXSR HV HQWHQGLGR FRPR XQD XQLGDG TXH VH
PXHYH HQ HO PXQGR VRFLDO FRQ DXWRQRPtD RQWROyJLFD HV SRVLEOH DWULEXLUOH XQD
FRQFLHQFLD SURSLD < HO KHFKR GH TXH XQD XQLGDG HMHU]D VREUH VXV SDUWHV DOJXQD
FODVH GH LQIOXHQFLD QRV D\XGDUtD D HQWHQGHU SRU TXp OD LGHQWLGDG FROHFWLYD GH XQ
JUXSRHVLQWHULRUL]DGDSRUORVVXMHWRVTXHORFRPSRQHQ¢+HPRVUHVXHOWRQXHVWURV
SUREOHPDV"(VWDPRVOHMRVGHKDFHUOR
/$,17(55(/$&,Ï1(175(/2,1',9,'8$/</2&2/(&7,92
9LPRVFRPRXQDYLVLyQLQGLYLGXDOLVWDGHORVJUXSRVVRFLDOHVH[FOXLUtDODSRVLELOLGDG
GH FRQWHPSODU XQ FRQFHSWR FRPR HO GH LGHQWLGDG FROHFWLYD 8QD YLVLyQ KROLVWD
SHUPLWHWUDEDMDUFRQHOFRQFHSWR\MXVWLILFDUGHVGHXQSXQWRGHYLVWDRQWROyJLFROD
WUDQVIHUHQFLD GH HOHPHQWRV FROHFWLYRV D OD LGHQWLGDG LQGLYLGXDO SHUR QR VROXFLRQD
WRGRV QXHVWURV SUREOHPDV $QWKRQ\ *LGGHQV FRQ VX DPELFLRVR LQWHQWR GH
H[SOLFDU OD IRUPDFLyQ \ OD HYROXFLyQ GH OD VRFLHGDG SXHGH D\XGDUQRV D FHUUDU HO
FtUFXOR
*LGGHQV HQ VX WHRUtD GH OD HVWUXFWXUDFLyQ UHODFLRQy GH IRUPD H[LWRVD GRV
HOHPHQWRV TXH KLVWyULFDPHQWH KDEtDQ VLGR FRQVLGHUDGRV DQWLQyPLFRV FRPR OD
DFFLyQ LQGLYLGXDO \ OD HVWUXFWXUD VRFLDO /D DFFLyQ LQGLYLGXDO µSURGXFH¶ ODV
HVWUXFWXUDV TXH OLPLWD OD DFFLyQ \ D OD YH] RIUHFHQ HO FDPSR GHQWUR GHO FXDO OD
DFFLyQ LQGLYLGXDO VH SXHGH GHVDUUROODU 1R KD\ HVWUXFWXUD VLQ DFFLyQ \ QR KD\
DFFLyQ VLQ HVWUXFWXUD 7UDGXFLGR HQ HO OHQJXDMH TXH HVWDPRV XWLOL]DQGR XQ
HOHPHQWR LQGLYLGXDO \ RWUR FROHFWLYR LQWHUDFW~DQ \ SURGXFHQ XQ SURFHVR SHFXOLDU
¢(VSRVLEOHWUDVODGDUHVWDYLVLyQDOGLVFXUVRVREUHODLGHQWLGDG"&UHHPRVTXHVt<
YDDVHUPX\SURYHFKRVRHQWpUPLQRVPHWRGROyJLFRV
/D UHODFLyQ HQWUH LGHQWLGDG LQGLYLGXDO H LGHQWLGDG FROHFWLYD GHEHUtD SRGHUVH
REVHUYDU D WUDYpV GHO OHQWH FRQFHSWXDO GH XQD FDXVDOLGDG FLUFXODU HQWUH ORV GRV
IDFWRUHV&DGDHOHPHQWRLQGLYLGXDOLQIOX\HHQODFRQVWUXFFLyQGHORFROHFWLYRTXHD
VXYH]FRQGLFLRQDORLQGLYLGXDODWUDYpVGHXQDWUDQVIHUHQFLDGHHOHPHQWRVTXHYDQ
DVHULQWHULRUL]DGRV([LVWHXQSURFHVRGHUHWURDFFLyQ FRQVWDQWHHQWUHORVGLIHUHQWHV
HOHPHQWRVLQGLYLGXDOHV\FROHFWLYRV
8QD YLVLyQ GLJDPRV WHyULFD FRPR OD DQWHULRUPHQWH SUHVHQWDGD SHUPLWH VROXFLRQDU
QRWDQWRXQSUREOHPDWHyULFR VLQRPHWRGROyJLFR/DJOREDOL]DFLyQKDRULHQWDGRODV
LQWHUUHODFLRQHV VRFLDOHV KDFLD XQ FDPLQR DSDUHQWHPHQWH VLQ UHWRUQR /RV DFWRUHV
VRFLDOHV VREUH WRGR HQ OD TXH %HUJHU \ /XFNPDQQ GHILQLHURQ FRPR VRFLDOL]DFLyQ

(1'5,==,2SFLWS

*LGGHQV DERUGy OD SUREOHPiWLFD GH OD IRUPDFLyQ \ UHSURGXFFLyQ GH OD VRFLHGDG D WUDYpV GH OD
GHQRPLQDGD WHRUtD GH OD HVWUXFWXUDFLyQ )XH XQ SURFHVR TXH VH GLR D OR ODUJR GH ORV DxRV \ TXH
KDFHUHIHUHQFLDDGLIHUHQWHVWH[WRVGHODXWRU(QWUHHOORVYpDVH*,''(16$QWKRQ\/DFRQVWLWXFLyQ
GHODVRFLHGDGEDVHVSDUDODWHRUtDGHODHVWUXFWXUDFLyQ%XHQRV$LUHV$PRUURUWX
VHFXQGDULDSHUWHQHFHQDXQQ~PHURFDGDGtD PiVDOWRGHJUXSRV&DGDJUXSRGH
SHUWHQHQFLD HMHUFH DOJXQD FODVH GH LQIOXHQFLD HQ OD FRQVWUXFFLyQ GH OD LGHQWLGDG
SHUVRQDO GH ORV LQWHJUDQWHV TXH D VX YH] VHUi XQ IDFWRU GHWHUPLQDQWH SDUD OD
FRQVWUXFFLyQ GH OD LGHQWLGDG FROHFWLYD GHO JUXSR (V LPSRUWDQWH GHVWDFDU TXH VH
WUDWDGHSHUWHQHQFLDVQRWRWDOL]DQWHV1LQJXQDGHHOODVLH[FOXLPRVXQRVFDVRVTXH
KR\ HQ GtD SRGUtDPRV GHILQLU PDUJLQDOHV DOFDQ]D SRU VL VROD D JHQHUDU
VLJQLILFDFLRQHV +DEHUPDV DFODUy FRPR ODV P~OWLSOHV SHUWHQHQFLDV EDMDQ GH
PDQHUDLUUHPHGLDEOHODKRPRJHQHLGDGGHORVHOHPHQWRVVLPEyOLFRVTXHLQWHUYLHQHQ
HQORVSURFHVRVGHLQWHULRUL]DFLyQGHORVLQGLYLGXRV\KDFHQTXH\DQRVHDSRVLEOH
FRQVLGHUDU XQD HTXLYDOHQFLD HQWUH OR FROHFWLYR \ OR LQGLYLGXDO FRPR VXFHGtD HQ
SDVDGR3RUORPHQRV QRGHIRUPDGLUHFWD\DXWRPiWLFD
'(7(50,1$1'2/$,'(17,'$'&2/(&7,9$
¢'H TXp HVWi µKHFKD¶ OD LGHQWLGDG FROHFWLYD GH XQ JUXSR VRFLDO" 7HQHPRV TXH
DVXPLUTXHHVHOUHVXOWDGRGHLGHQWLGDGHVLQGLYLGXDOHVHQLQWHUUHODFLyQHQWUHVt<
OD VRFLHGDG JOREDOL]DGD KD IRUWDOHFLGR OD DILOLDFLyQ GH ORV DFWRUHV D XQ Q~PHUR
VLHPSUHPD\RUGHJUXSRVVRFLDOHV(OSURFHVRGHFRQVWUXFFLyQLGHQWLWDULDVHGDUtD
HQWRQFHV HQ HVWRV WpUPLQRV 8WLOL]DQGR XQ OHQJXDMH XQ SRFR VLPSOLILFDGR OD
LQWHUUHODFLyQ FRQVWDQWH HQWUH LGHQWLGDG LQGLYLGXDO \ FROHFWLYD VHUiQ ORV HOHPHQWRV
UHIHULGRV DO JUXSR H LQWHULRUL]DGRV SRU FDGD LQGLYLGXR ORV TXH SDUWLFLSDUiQ DO
SURFHVR GH FRQVWUXFFLyQ GH OD LGHQWLGDG FROHFWLYD GHO JUXSR PLVPR (Q XQD
VRFLHGDG JOREDOL]DGD OD LGHQWLGDG LQGLYLGXDO VH FRPSRQH GH HOHPHQWRV
LQWHULRUL]DGRV SURFHGHQWHV GH GLIHUHQWHV JUXSRV GH SHUWHQHQFLD SHUR QR WRGRV
HOORV SDUWLFLSDQ D OD FRQVWUXFFLyQ GH OD LGHQWLGDG GHO JUXSR TXH HVWDPRV
REVHUYDQGR3DUWLFLSDQVRODPHQWHORVHOHPHQWRVLQWHULRUL]DGRVSRUHOLQGLYLGXRTXH
SURFHGHQGHO JUXSRVRFLDOHQFXHVWLyQ
/OHJDPRV DO FRUD]yQ GHO SUREOHPD ¢&yPR GHWHUPLQDPRV HQWRQFHV OD LGHQWLGDG
FROHFWLYD GHO JUXSR VRFLDO" $ UDt] GH OR YLVWR KDVWD HO PRPHQWR FUHHPRV TXH OD
~QLFD PDQHUD HV REVHUYDUOD HQ ORV DFWRUHV VRFLDOHV TXH DO JUXSR SHUWHQHFHQ \
OXHJR UHFRQVWUXLUOD D WUDYpV GH XQ SURFHVR GH JHQHUDOL]DFLyQ GH ORV HOHPHQWRV
FROHFWLYRV LQWHULRUL]DGRV HQ FDGD LQGLYLGXR 6RODPHQWH HQ OR LQGLYLGXDO SRGHPRV
HQFRQWUDUORVUDVWURVHPStULFRVGHODLGHQWLGDGFROHFWLYDGHXQJUXSRVRFLDO
8Q SURFHVR GH HVWD FODVH SUHVHQWD XQD SULPHUD JUDQ FRQVHFXHQFLD TXH YDOH OD
SHQD DFODUDU /D FRQFHSFLyQ KROLVWD GH ORV JUXSRV VRFLDOHV QR VRSRUWDUtD
WHyULFDPHQWHHOSURFHVRGHSURGXFFLyQGHGDWRV1RGHIRUPDFRPSOHWD(OJUXSR
VRFLDO QR SXHGH VHU FRQVLGHUDGR VRODPHQWH D OD PDQHUD GH DOJR DXWyQRPR \
XQLWDULRVLQRFRPRHOHPHQWRTXHQRSXHGHH[LVWLUVLQRHQLQWHUUHODFLyQFRQVWDQWH
FRQ VXV LQWHJUDQWHV 1R HV TXH OR FROHFWLYR GHMH GH H[LVWLU 'HMD GH H[LVWLU VROR
SHURSHUPDQHFHGHQWURGHXQDYLVLyQPiVDPSOLDTXHORFRQWHPSODHQVXDFFLyQ\

+$%(50$6-UJHQ7HRUtDGHODDFFLyQFRPXQLFDWLYD,UDFLRQDOLGDGGHODFFLyQ\UDFLRQDOL]DFLyQ
VRFLDO0DGULG7DXUXVSS
UHWURDFFLyQ FRQ HO HOHPHQWR LQGLYLGXDO 'H DFXHUGR FRQ XQD YLVLyQ KROLVWD OR
LQGLYLGXDO HV IXQFLRQDO D OD FRQVWUXFFLyQ GH OR FROHFWLYR SHUR HQ OR FROHFWLYR
GHVDSDUHFH FRPR IHQyPHQR DXWyQRPR /D XQLGDG GH UHIHUHQFLD \D QR VHUtD
HQWRQFHV HO JUXSR HQ Vt VLQR WDPELpQ ORV HOHPHQWRV TXH OD FRPSRQHQ \ ODV
UHODFLRQHVTXHLQWHUYLHQHQHQXQDXQLGDGFRPSOHMDHQODFXDOFRH[LVWHQHOHPHQWRV
GHDOJXQDIRUPDDQWDJyQLFRV(GJDU0RULQ QRVSXHGHHQVHxDUDOJRDOUHVSHFWR
(O SULQFLSLR GLDOyJLFR QRV GLFH H[DFWDPHQWH HVWR ORV HOHPHQWRV DQWDJyQLFRV
FRH[LVWHQ VLQ GHMDU GH VHU DQWDJyQLFRV < HO SULQFLSLR UHFXUVLYR QRV GLFH TXH OD
FDXVDVHYXHOYHHIHFWR\HOHIHFWRVHYXHOYHFDXVD
¢3RGUtDPRV KDEODU HQWRQFHV GH XQD YLVLyQ FRPSOHMD GH OD LGHQWLGDG" 7DO YH] 6LQ
HPEDUJRXQDGHILQLFLyQHVORTXHHVVRODPHQWHXQDGHILQLFLyQ(QOXJDUGHHVWR
TXLVLpUDPRVVXEUD\DUODLPSRUWDQFLDGHODLQWHUUHODFLyQTXHHQHVWRVWpUPLQRVVH
YXHOYH FRQVWLWXWLYD GH QXHVWUD XQLGDG 6LQ FRQWHPSODU OD LQWHUUHODFLyQ FRPR
HOHPHQWRFRQVWLWXWLYRODXQLGDGQRSUHVHQWDUtDODPLVPDQDWXUDOH]DGHELGRDTXH
OD LGHQWLGDG HV XQ HOHPHQWR GLQiPLFR IUXWR GH XQD FRQWLQXD UHQHJRFLDFLyQ /D
LQWHUUHODFLyQ FRQVWDQWH TXH SHUPLWH FRQWHPSODU OD XQLGDG FRPH XQ HOHPHQWR
GLQiPLFR PRGLILFD OD QDWXUDOH]D GH OD PLVPD 'HVSXpV GH HVWD SUHPLVD WHyULFR
RQWROyJLFD SRGHPRV YROYHU D QXHVWURV DVXQWRV PHWRGROyJLFRV YXOJDUHV SHUR
QHFHVDULRV¢&yPRGHWHUPLQDPRVODLGHQWLGDGFROHFWLYDGHXQJUXSRVRFLDO"¢&yPR
GHWHFWDPRV VXV UDVWURV HPStULFRV" ¢4Xp SRGHPRV KDFHU DO UHVSHFWR" (O FDPLQR
TXHQRVTXHGDHVXQR
8QSULPHUDVXQWRTXHQRVWRFDWRPDUHQFXHQWDHVOD WHPSRUDOLGDG'HELGRDTXH
HO SURFHVR GH FRQVWUXFFLyQ GH OD LGHQWLGDG FROHFWLYD HV FRQWLQXR \ GLQiPLFR
FDUDFWHUL]DGR SRU FRQVWDQWHV QHJRFLDFLRQHV \ UHQHJRFLDFLRQHV OR TXH SRGHPRV
KDFHUHVXQD IRWRJUDItD HQXQPRPHQWRGDGR'HELGRDVXFDUiFWHUFDPELDQWHOD
LGHQWLGDGFROHFWLYDWRPDXQFDUiFWHUKLVWyULFR 'LFKRHVWRHVWXGLDUODLGHQWLGDG
FROHFWLYD GH XQ JUXSR VRFLDO VLJQLILFD HQIUHQWDUQRV HQWRQFHV D XQ GHVWLQR WULVWH \
PDOLJQR6XGHWHUPLQDFLyQVHUHILHUHH[FOXVLYDPHQWHDOPRPHQWRHVSHFtILFRHQHO
FXDOHVWDPRVSURGXFLHQGRORVGDWRV%LHQOHMRVGHODVFRQFHSFLRQHVSRVIUHXGLDQDV
FXDQGR OOHJDUHPRV D DOJXQD FODVH GH UHVXOWDGR QXHVWUR REMHWR GH HVWXGLR KDEUi
FDPELDGR\VHUiRWUR
'HWHUPLQDUODLGHQWLGDGGHXQDFWRUVRFLDOFROHFWLYRVLJQLILFDHQWRQFHVDQDOL]DUXQ
SURFHVR HQ FXUVR ¢&yPR KDFHUOR HQ XQD pSRFD TXH QR HV HO DKRUD" 7RFDUtD
GHWHUPLQDUORVGLIHUHQWHVHOHPHQWRVFROHFWLYRVLQWHULRUL]DGRVSRUORVLQWHJUDQWHVGHO
JUXSR HQ XQ PRPHQWR GH OD KLVWRULD \ UHFRQVWUXLU GH HVWD IRUPD OD LGHQWLGDG
FROHFWLYDTXHFRUUHVSRQGHUtDDODLGHQWLGDGGHOJUXSR\DQRHQHOPRPHQWRGHOD
SURGXFFLyQGHORVGDWRVVLQRHQXQPRPHQWRDQWHULRU-XJDUtDXQSDSHOFHQWUDOOD
PHPRULD GH ORV LQWHJUDQWHV FRQ WRGDV VXV IDOHQFLDV LPSUHFLVLRQHV \ VHVJRV 1R
VRPRV DUFKLYRV GH GDWRV 6RPRV VHUHV KXPDQRV FRQ WRGD OD FDUJD GH

025,1(GJDU,QWURGXFFLyQDOSHQVDPLHQWRFRPSOHMRDUHLPSUHVLyQ%DUFHORQD*HGLVD
S

(OGLVFXUVRHVYiOLGRWDPELpQSDUDODLGHQWLGDGLQGLYLGXDO
LPSHUIHFFLRQHV TXH 'LRV R OD PDGUH QDWXUDOH]D HVWR VL QR OR VDEHPRV QRV KD
KRPHQDMHDGR /D OLPLWDFLyQ QR HV WHyULFD R PiV ELHQ HSLVWHPROyJLFD VLQR
SXUDPHQWH PHWRGROyJLFD ¢8Q DVXQWR WDQ YXOJDU SXHGH DQLTXLODU XQ SURFHVR
LQYHVWLJDWLYR" 6t $XQTXH OD PHWRGRORJtD VXHOH VHU FRQVLGHUDGD FRPR DOJR GH
PHQRU LPSRUWDQFLD HQ ORV SURFHVRV GH LQYHVWLJDFLyQ HOOD WDPELpQ FXHQWD &RPR
XQD WHRUtD $ YHFHV PiV TXH XQD WHRUtD /RV GHWUDFWRUHV GH OD GLVFLSOLQD DTXt
WLHQHQXQHMHPSOR
$FODUDGRV ORV REVWiFXORV WDO YH] LQIUDQTXHDEOHV HQ HO SURFHVR GH SURGXFFLyQ GH
GDWRV VL TXLVLpUDPRV HVWXGLDU OD LGHQWLGDG FROHFWLYD GH XQ JUXSR VRFLDO HQ XQ
PRPHQWR SDVDGR VROR QRV TXHGD OD SRVLELOLGDG GH XWLOL]DU WpFQLFDV TXH SHUPLWDQ
REVHUYDU XQ IHQyPHQR HQ SURIXQGLGDG \ HQ VX FXUVR 1R VRQ PXFKDV 6LHPSUH
KHPRV TXHGDGR IDVFLQDGRV FXDQGR QXHVWURV GRFHQWHV GH PHWRGRORJtD GH OD
LQYHVWLJDFLyQ HPSH]DEDQ D H[SOLFDUQRV OR TXH HV OD REVHUYDFLyQ SDUWLFLSDQWH
6HDPRV VLQFHURV 0XFKRV QRV KHPRV LPDJLQDGR HQ DOJ~Q PRPHQWR LQYHVWLJDQGR
SDQGLOODVRDOJRSDUHFLGRSDVDQGRQXHVWURVGtDV\QXHVWUDVQRFKHVHQODVHVTXLQDV
GHXQEDUULRVyUGLGR\PDOLOXPLQDGR3HURODUHDOLGDGGHODLQYHVWLJDFLyQHVRWUD
6L QR QRV YHQ VHQWDGRV GHWUiV GHO HVFULWRULR SRU XQ SDU GH GtDV \D HPSLH]DQ D
SUHJXQWDUVHGyQGHHVWDPRV3DUHFHTXHHOWUDEDMRGHFDPSRSRU SHULRGRVODUJRV
QR ORJUD MXVWLILFDU HO VXHOGR (QWRQFHV QR KDEODUHPRV HQ HVWH HVFULWR GH ODV
PDUDYLOODV GH XQD WpFQLFD FRPR OD REVHUYDFLyQ SDUWLFLSDQWH SRUTXH HV PX\ SRFR
SUREDEOH TXH XQ LQYHVWLJDGRU TXH QR KD\D JDQDGR HO 3UtQFLSH GH $VWXULDV SXHGD
XWLOL]DUOD
1RV TXHGD HQWRQFHV OD RSFLyQ TXHUHPRV VXEUD\DU PX\ YiOLGD GH OD HQWUHYLVWD
FXDOLWDWLYD(VXQDWpFQLFDTXHQRVSHUPLWHREVHUYDUHQSURIXQGLGDGXQIHQyPHQR
HQ VX FXUVR VLQ GHVSHUWDU HQ QXHVWURV MHIHV EXUyFUDWDV GHPDVLDGDV VRVSHFKDV
UHVSHFWR D VL HIHFWLYDPHQWH HVWDPRV HQ XQD HVTXLQD PDO LOXPLQDGD GH XQ EDUULR
VyUGLGRLQYHVWLJDQGRSDQGLOOHURV RVLSDUTXHDPRVQXHVWUDVQDOJDVGHEDMRGHXQDV
SDOPDVGHFRFRHQXQDOLQGDSOD\DGHDUHQDEODQFD
'HDFXHUGRFRQORYLVWRDQWHULRUPHQWHUHVSHFWRDODFRQVWDQWHDFFLyQ\UHWURDFFLyQ
TXH FDUDFWHUL]D HO SURFHVR GH IRUPDFLyQ GH OD LGHQWLGDG WDQWR LQGLYLGXDO FRPR
FROHFWLYD\DOKHFKRGHTXHODLGHQWLGDGFROHFWLYDGHMDVXVUDVWURVHPStULFRVHQOD
LGHQWLGDG LQGLYLGXDO ORV GDWRV SURGXFLGRV VH SRGUtDQ UHIHULU D XQD LGHQWLGDG
LQGLYLGXDO PXOWLIDFpWLFD REMHWR GH LQIOXHQFLDV P~OWLSOHV (O SDVR GHFLVLYR VHUi
HQWRQFHV HO SURFHVR TXH WRPiQGRVH XQD SHTXHxD OLFHQFLD SRpWLFRFRQFHSWXDO
SRGUtDPRV GHILQLU GH GHFRQVWUXFFLyQ GH OD LGHQWLGDG LQGLYLGXDO \ GH
UHFRQVWUXFFLyQ GHODLGHQWLGDG FROHFWLYDDUDt] GHODVLQIOXHQFLDVTXHODPLVPDKD
HMHUFLGRVREUHODLGHQWLGDGLQGLYLGXDO
'HFRQVWUXLUODLGHQWLGDGLQGLYLGXDOVLJQLILFDQDGDPiVTXHDLVODUORVHOHPHQWRVGHOD
LGHQWLGDG FROHFWLYD GHO JUXSR VRFLDO REMHWR GH HVWXGLR TXH KDQ HMHUFLGR DOJXQD

(O GH GHFRQVWUXFFLyQ HV XQ FRQFHSWR ILORVyILFR SURSXHVWR SRU -DTXHV 'HUULGD LQVSLUDGR SRU HO
SHQVDPLHQWR GH 0DUWLQ +HLGHJJHU (O WpUPLQR GHFRQVWUXLU HV QRUPDOPHQWH XWLOL]DGR FRQ HO
VLJQLILFDGRGHGHVPRQWDUXQDHVWUXFWXUDFRQFHSWXDOHYLGHQFLDQGRSRVLEOHVFRQWUDGLFFLRQHV
FODVH GH LQIOXHQFLD HQ HO SURFHVR GH LQWHULRUL]DFLyQ TXH KD FRQWULEXLGR D OD
IRUPDFLyQ GH OD LGHQWLGDG LQGLYLGXDO (Q HVWH VHQWLGR ODV SUHJXQWDV TXH
HVWUXFWXUDQODHQWUHYLVWDYDQDMXJDUXQSDSHOFHQWUDO/DVSUHJXQWDVGHEHQWHQHU
ODFDSDFLGDGGHFDSWDUGLFKRVHOHPHQWRV&RPRORVFRPSHWHQWHVOHFWRUHVVDEUiQ
QRKD\XQDUHFHWDHVSHFtILFDSDUD HVWR7RGDLQYHVWLJDFLyQFXDOLWDWLYDUHTXLHUHGH
XQDEXHQDGRVLVGH¢LPSURYLVDFLyQ"'LJDPRVFUHDWLYLGDGSDUDTXHQRQRVDFXVHQ
GHVHUDFLHQWtILFRV
$OJR TXH Vt SRGHPRV DxDGLU YD D VHU UHVSHFWR D OD FODVH GH HQWUHYLVWD &UHHPRV
TXH ODV VHPLHVWUXFWXUDGDV VHDQ ODV TXH GH PHMRU PDQHUD SXHGDQ FDSWDU OR
GHVHDGR 3RU GRV UD]RQHV SULQFLSDOHV /D SULPHUD HV TXH XQD HQWUHYLVWD
VHPLHVWUXFWXUDGD FXHQWD SRU OR PHQRV FRQ XQ JXLRQ R FRQ SUHJXQWDV FRQ
GLIHUHQWHVJUDGRVGHGHILQLFLyQORTXHKDFHSRVLEOHTXHFDGDHQWUHYLVWDPDQWHQJD
XQD OtQHD FRP~Q (VWDPRV ELHQ OHMRV GH REWHQHU GDWRV HVWDQGDUL]DGRV FRPR VH
SRGUtDQREWHQHUDWUDYpVGHXQDHQFXHVWD\FRQDOJ~QDUWLILFLRGHXQDHQWUHYLVWD
HVWUXFWXUDGD 6LQ HPEDUJR HQ XQD HQWUHYLVWD VHPLHVWUXFWXUDGD WRGRV ORV WHPDV
SODQWHDGRVHQHOJXLRQVXHOHQDERUGDUVH\HOJXLRQHVUHSURSXHVWRGHPDQHUDILHO
HQODVVXFHVLYDVHQWUHYLVWDV/DVHJXQGDUD]yQVHUHODFLRQDFRQODIOH[LELOLGDGGHO
LQVWUXPHQWR 8QD HQWUHYLVWD VHPLHVWUXFWXUDGD RIUHFH OD SRVLELOLGDG GH SODQWHDU OD
WHPiWLFD GH GLIHUHQWHV IRUPDV DGDSWiQGROD D ODV FDUDFWHUtVWLFDV HVSHFtILFDV GH
FDGD HQWUHYLVWDGR 7DPELpQ SHUPLWH UHYHUWLU HO RUGHQ GH ODV WHPiWLFDV \ GH
SURIXQGL]DUHOHPHQWRVTXHQRKDQVLGRLQFOXLGRVHQODVSUHJXQWDVVLVHUHYHODUDQ
GHLQWHUpVSDUDODLQYHVWLJDFLyQ
(Q HO SiUUDIR DQWHULRU FLWDPRV OD HQFXHVWD 8QD KHUUDPLHQWD GH HVWD FODVH QR
WHQGUtDODPLVPDFRQWXQGHQFLDSRUODVOLPLWDFLRQHVLQWUtQVHFDVTXHFRQOOHYDUtDWRGR
DFHUFDPLHQWR FXDQWLWDWLYR D XQ REMHWR GH HVWXGLR FRPR OD LGHQWLGDG &RPR
GHFtDPRV SUHFHGHQWHPHQWH OD IOH[LELOLGDG GHO LQVWUXPHQWR TXH QRV SHUPLWH OD
SURGXFFLyQ GH GDWRV HV LPSRUWDQWH \ QRV D\XGDUtD D VXEVDQDU ODV HYHQWXDOHV
IDOHQFLDVRMDOiPHQRUHVTXHSXHGHQSUHVHQWDUQXHVWUDVSUHJXQWDVHQWpUPLQRVGH
DYHULJXDFLyQGHODHYLGHQFLDTXHDWUDYpVGH HOODVSUHWHQGHPRVDYHULJXDU4XHXQ
HQWUHYLVWDGRWHQJDODSRVLELOLGDGDERUGDUWHPDVQRFRQWHPSODGRVSRUODHQWUHYLVWD
R TXH VL HO WHPD HV FRQVLGHUDGR UHOHYDQWH SRGDPRV SHGLU SURIXQGL]DFLRQHV DO
UHVSHFWRHVXQDQHFHVLGDG
8QDYH]GHFRQVWUXLGDODLGHQWLGDGLQGLYLGXDOGHORVGLIHUHQWHVDFWRUHVTXHLQWHJUDQ
HO JUXSR VRFLDO QRV WRFD OD WDUHD GH UHFRQVWUXLU R WDO YH] FRQVWUXLU OD LGHQWLGDG
FROHFWLYD GHO JUXSR HQ FXHVWLyQ 2 PiV ELHQ GHVFXEULU /D SXQWXDOL]DFLyQ
OLQJtVWLFD VH GHEH DO KHFKR GH TXH HIHFWLYDPHQWH VH WUDWD GH XQ SURFHVR GH
GHVFXEULPLHQWRGHXQDHQWLGDGSRUHOPRPHQWRGHVFRQRFLGDDOLQYHVWLJDGRUGHOD
FXDOVHKDQREVHUYDGRORVHIHFWRVHQWpUPLQRVGHLQWHULRUL]DFLyQHQODVGLIHUHQWHV
LGHQWLGDGHVLQGLYLGXDOHVTXHKDQVLGRGHFRQVWUXLGDV$OJRTXHVLHPSUHHVWXYRDOOi
SHURTXHQRSRGtDPRVREVHUYDUVLQRDWUDYpVGHVXVHIHFWRVYLVLEOHV$WUDYpVGH
ORVTXHGHILQLPRVFRPRUDVWURVHPStULFRVGHODLGHQWLGDGFROHFWLYD
)DOWDQXQSDU GHSDVRV¢'HTXpPDQHUDUHFRQVWUXLPRVODLGHQWLGDGFROHFWLYD GHO

JUXSRVRFLDOREMHWRGHHVWXGLR"1DGDH[WUDxR'HODHYLGHQFLDUHFROHFWDGDKD\TXH
H[WUDHU VHJPHQWRV VLJQLILFDWLYRV QRUPDOPHQWH FRQRFLGRV FRPR XQLGDGHV GH
LQIRUPDFLyQ(QQXHVWURFDVRVLJQLILFDWLYRVVLJQLILFDTXHSXHGDQVHUUHFRQGXFLGRV
D OD LGHQWLGDG FROHFWLYD GHO JUXSR VRFLDO REMHWR GH HVWXGLR TXH HQ HVWD IDVH D~Q
GHVFRQRFHPRV\TXHWRFDFRQVLGHUDUDODPDQHUDGH DOJRKLSRWpWLFR8QDXQLGDG
GH LQIRUPDFLyQ SXHGH VHU YDULDV FRVDV 'HVGH XQD VROD SDODEUD TXH WRPD XQ
VLJQLILFDGRGHFLVLYRKDVWDDOJXQDVSiJLQDV TXHHVWiQGHVFULELHQGRDOJ~QHOHPHQWR
LPSRUWDQWH
/DVXQLGDGHVGHLQIRUPDFLyQ DLVODGDVUHSUHVHQWDQORVODGULOORVTXHQRVSHUPLWLUiQ
UHFRQVWUXLUODLGHQWLGDGFROHFWLYDGHOJUXSRHQFXHVWLyQ3DUDTXHHVWRVHDSRVLEOH
KD\TXHGDURWURSDVR/DVXQLGDGHVGH LQIRUPDFLyQVXHOHQVHUFRPSDUDGDVHQWUH
VtFRQHOILQGHDLVODUORVHOHPHQWRVUHFXUUHQWHV(VGHFLUORVTXHVHPDQLILHVWDQ
FRQ FLHUWD UHJXODULGDG 'H HVWD PDQHUD VXUJHQ GH ORV GDWRV XQDV FDWHJRUtDV
HPHUJHQWHV+D\TXHSUHFLVDUTXHGLFKDVFDWHJRUtDVQRFRUUHVSRQGHQDORVGDWRV
HQ Vt 6RQ DEVWUDFFLRQHV TXH HPHUJHQ GH ORV GDWRV GH PDQHUD HVSRQWiQHD +D\
GLIHUHQWHV FULWHULRV TXH VH VXHOHQ XWLOL]DU SDUD OD IRUPDFLyQ GH FDWHJRUtDV
UHOHYDQWHV6HxDODPRVORVPiVFRPXQHV(QSULPHUOXJDUODIUHFXHQFLDFRQODFXDO
VH PDQLILHVWDQ ORV GDWRV DGVFULELEOHV D XQD FDWHJRUtD HVSHFtILFD +D\ XQ VHJXQGR
FULWHULR TXH DXQTXH HQ FRQWUDGLFFLyQ FRQ HO DQWHULRU VH YXHOYH LPSRUWDQWH OD
XQLFLGDG6LHQHOSULPHUFDVRVHWUDWDGHXQWUDEDMRGHDOJXQDIRUPDHVWDGtVWLFR
HQ HO VHJXQGR HV QHFHVDULR UHFRQRFHU OD XQLFLGDG FRPR HOHPHQWR QHFHVDULR \
GLVWLQJXLUOD GH ORV GDWRV PDUJLQDOHV TXH QR SRGUtDQ GHFLUQRV PXFKR UHVSHFWR DO
IHQyPHQRTXHHVWDPRVLQYHVWLJDQGR2WUDYH]FRPRIUHFXHQWHPHQWHRFXUUHHQOD
LQYHVWLJDFLyQFXDOLWDWLYDQRVHQFRQWUDPRVPiVFHUFDGHODUWHTXHGHODFLHQFLD
¢+HPRVOOHJDGRDODGHWHUPLQDFLyQGHODLGHQWLGDGFROHFWLYDGHOJUXSRVRFLDOREMHWR
GH HVWXGLR" )DOWD SRFR SHUR D~Q QR KHPRV OOHJDGR 1R WRGDV ODV FDWHJRUtDV
HPHUJHQWHV SRGUtDQ VHU IXQFLRQDOHV GHSHQGLHQGR GH GRV IDFWRUHV (O SULPHUR
QXHVWUDVSUHJXQWDVSUHJXQWDEDQDOJRPiVUHVSHFWRDORTXHTXLVLPRVDYHULJXDU(O
VHJXQGR ODV UHVSXHVWDV GHO HQWUHYLVWDGR VH IXHURQ PiV DOOi GH OR TXH VH HVWDED
SUHJXQWDQGR(O~OWLPRSDVRDGDUHVXQWUDEDMRGHFRPSDUDFLyQGHODVFDWHJRUtDV
TXHKDQHPHUJLGRGHORVGDWRVFRQORVHOHPHQWRVTXHKHPRVFRQVLGHUDGRTXHYDQ
DIRUPDUODLGHQWLGDG\TXHVHKLFLHURQSUHVHQWHVHQODVSUHJXQWDV(VXQSURFHVR
TXH VXUJH GH OD WHRUtD \ PHQRV IUHFXHQWHPHQWH GH OD REVHUYDFLyQ HPStULFD /R
PiV SUREDEOHHVTXHXQDWHRUtDGHUHIHUHQFLDQRVGLJDFXiOHVHOHPHQWRVGHOJUXSR
SXHGHQ LQIOXLU HQ HO SURFHVR GH LQWHULRUL]DFLyQ GH ORV HOHPHQWRV FROHFWLYRV HQ OD
LGHQWLGDG LQGLYLGXDO < FRPR VLHPSUH VXFHGH FDPELD OD WHRUtD \ FDPELDQ ORV
HOHPHQWRV D FRQVLGHUDU /DV FDWHJRUtDV HPHUJHQWHV TXH HQ VX FRQMXQWR
UHSUHVHQWDUiQ ODV FDUDFWHUtVWLFDV GH OD LGHQWLGDG FROHFWLYD GHO JUXSR WLHQHQ TXH
UHIOHMDUORVHOHPHQWRVTXHODWHRUtDGHUHIHUHQFLDQRVLQGLFDFRPRSURFHGHQWHVGH
ORFROHFWLYR\FRQVWLWX\HQWHVGHODLGHQWLGDGLQGLYLGXDOGHODFWRUVRFLDO/DVGHPiV
WRFDUiGHVFDUWDUODV
&21&/86,21(6
(Q ODV VRFLHGDGHV PRGHUQDV \ JOREDOL]DGDV VH KD PRGLILFDGR OD GLQiPLFD GH
DILOLDFLyQ GH ORV LQGLYLGXRV D ORV JUXSRV VRFLDOHV JHQHUDQGR FDPELRV LPSRUWDQWHV
HQORVSURFHVRVGHIRUPDFLyQGHODLGHQWLGDGWDQWRGHHQWLGDGHVLQGLYLGXDOHVFRPR
FROHFWLYDV+R\HQGtDORVDFWRUHVVRFLDOHVVXHOHQSHUWHQHFHUDGLIHUHQWHVJUXSRV
/D SULQFLSDO FRQVHFXHQFLD HV TXH ORV HOHPHQWRV LGHQWLWDULRV FROHFWLYRV \D QR VH
UHIOHMDQGHIRUPDXQtYRFDHQOD LGHQWLGDGLQGLYLGXDO
'HELGRDOIHQyPHQRGHODVP~OWLSOHVSHUWHQHQFLDVHOSURFHVRGHFRQVWUXFFLyQGHOD
LGHQWLGDG LQGLYLGXDO VH WUDQVIRUPD HQ XQ SURFHVR FRPSOHMR GH LQWHUDFFLRQHV
FRQVWDQWHV\FRQWLQXDVHQWUHXQDGLPHQVLyQLQGLYLGXDO\XQDFROHFWLYD&DGD JUXSR
GH SHUWHQHQFLD HMHUFH XQD WUDQVIHUHQFLD GH UHIHUHQWHV LGHQWLWDULRV KDFLD OD
LGHQWLGDG LQGLYLGXDO GHO VXMHWR \ ODV GLIHUHQWHV LGHQWLGDGHV LQGLYLGXDOHV GH ORV
LQWHJUDQWHV GHO JUXSR VRFLDO HQ FXHVWLyQ HMHUFHQ XQD LQIOXHQFLD HQ HO SURFHVR GH
FRQVWUXFFLyQGHODLGHQWLGDGFROHFWLYD
(O KHFKR GH TXH OD LGHQWLGDG LQGLYLGXDO R FROHFWLYD VHD FDPELDQWH \ IUXWR GH XQ
SURFHVR GLQiPLFR GH FRQWLQXDV QHJRFLDFLRQHV \ UHQHJRFLDFLRQHV LPSOLFD TXH QRV
HQIUHQWHPRV D XQD VHULH GH OLPLWDFLRQHV WHPSRUDOHV FXDQGR TXHUHPRV HVWXGLDUOD
6HUi SRVLEOH HVWXGLDU OD LGHQWLGDG VRODPHQWH HQ HO PRPHQWR HQ HO FXDO HVWDPRV
SURGXFLHQGR ORV GDWRV DYHULJXDQGR FXiOHV HOHPHQWRV FROHFWLYRV KDQ VLGR
LQWHULRUL]DGRVSRUHODFWRUVRFLDO
(VHQODLGHQWLGDGLQGLYLGXDOGHFDGDVXMHWRGyQGHSRGHPRV HQFRQWUDUORVUDVWURV
HPStULFRV GH OD LGHQWLGDG FROHFWLYD GHO JUXSR VRFLDO TXH HVWDPRV HVWXGLDQGR <
SDUD GHWHUPLQDUOD QHFHVLWDPRV GH XQD WpFQLFD GH SURGXFFLyQ GH GDWRV TXH QRV
SHUPLWD REVHUYDU XQ IHQyPHQR HQ VX FXUVR \ HQ SURIXQGLGDG /D HQWUHYLVWD
FXDOLWDWLYDVHPLHVWUXFWXUDGDHVXQLQVWUXPHQWRIOH[LEOHTXHSHUPLWHORDQWHULRU
(O HVWXGLR GH OD LGHQWLGDG FROHFWLYD GH XQ JUXSR VRFLDO VH SXHGH OOHYDU D FDER D
WUDYpVGHXQSURFHVRGHGHFRQVWUXFFLyQGHODLGHQWLGDGLQGLYLGXDOGHFDGDVXMHWR\
GH XQD VXFHVLYD UHFRQVWUXFFLyQ PHGLDQWH XQ SURFHVR GH LGHQWLILFDFLyQ GH
FDWHJRUtDV HPHUJHQWHV TXH VHUiQ FRPSDUDGDV FRQ ORV HOHPHQWRV HPStULFRV TXH
DOJXQDWHRUtDGHUHIHUHQFLDQRVLQGLTXHFRPRHOHPHQWRVFROHFWLYRVFRQVWLWXWLYRVGH
ODLGHQWLGDGLQGLYLGXDO
%LEOLRJUDItD
$5&$5,/XFD,GHQWLWjFROOHWWLYHLGHQWLWjHWQLFKHLGHQWLWjUHOLJLRVHHOHPHQWLSHUXQDWUDWWD]LRQH
QHOODSURVSHWWLYDGHOODORQJXHGXUpH WUDDQWLFKLWjHPHGLRHYR >HQOtQHD@(Q5HWL0HGLHYDOL9RO
1RSS([WUDtGRGH
KWWSZZZUPRMVXQLQDLWLQGH[SKSUPDUWLFOHYLHZ"DFFHSW&RRNLHV !>FRQVXOWDGR
HQGHDJRVWRGH@
%(5*(53HWHU /8&.0$117KRPDV/DFRQVWUXFFLyQVRFLDOGHODUHDOLGDG%XHQRV$LUHV
$PRUURUWXSS
%(77,1/$77(6*LDQIUDQFR(GLWRULDOH , WXUQLQJSRLQWV VRFLRORJLFLGHOO¶LGHQWLWj(Q6RFLHWj

0XWDPHQWR3ROLWLFDYRO1RSS
'$+(5/LDQD&KHFRVDqO¶LGHQWLWjFROOHWWLYD"'HQRWD]LRQLHPSLULFKHHRLSRWHVLGLLSRVWDWL]]D]LRQH
GHOFRQFHWWR(Q6RFLHWj0XWDPHQWR3ROLWLFDYRO1RSS
(1'5,==,'LPLWUL&RJQLWLRSKLORVRSKRUXP GHOFRPSRUWDPLHQWRH[WHULRUGHO(VWDGRHOH[WUDxRFDVR
GHOGRFWRU&RUUHD\VXGHXGDH[WHUQD%RJRWiSS7HVLVGRFWRUDO8QLYHUVLGDG([WHUQDGR
GH&RORPELD)DFXOWDGGH)LQDQ]DV*RELHUQR\5HODFLRQHV,QWHUQDFLRQDOHV
*,''(16$QWKRQ\/DFRQVWLWXFLyQGHODVRFLHGDGEDVHVSDUDODWHRUtDGHODHVWUXFWXUDFLyQ
%XHQRV$LUHV$PRUURUWXSS
+$%(50$6-UJHQ7HRUtDGHODDFFLyQFRPXQLFDWLYD,UDFLRQDOLGDGGHODFFLyQ \UDFLRQDOL]DFLyQ
VRFLDO0DGULG7DXUXVSS
+$<(.)ULHGULFK$XJXVWYRQ/DFRQWUDUUHYROXFLyQGHODFLHQFLDHVWXGLRVVREUHHODEXVRGHOD
UD]yQ0DGULG8QLyQSS
0(/8&&,$OEHUWR FXUDGRU $OWULFRGLFLDUHHGLPRYLPHQWRQHOODPHWUySROL%RORQLD,O0XOLQR
SS
BBBBBBBB&KDOOHQJLQJ&RGHV&ROOHFWLYH$FWLRQLQWKH,QIRUPDWLRQ$JH &DPEULGJH&DPEULGJH
8QLYHUVLW\3UHVVSS
0(5&$'20$/'21$'2$VDHO +(51$1'(=2/,9$$OHMDQGULQD(OSURFHVRGHFRQVWUXFFLyQGHOD
LGHQWLGDGFROHFWLYD(Q&RQYHUJHQFLD1RPD\RDJRVWRSS
025,1(GJDU,QWURGXFFLyQDOSHQVDPLHQWRFRPSOHMR%DUFHORQD*HGLVDSS
3233(5.DUO/DVRFLHGDGDELHUWD\VXVHQHPLJRV%DUFHORQD3DLGyV,EpULFDSS
6&,2//$/RUHGDQD,GHQWLWjLQGLYLGXDOHHFROOHWWLYD>HQOtQHD@(Q(QFLFORSHGLDGHOOHVFLHQ]HVRFLDOL
5RPD,VWLWXWRGHOOD(QFLFORSHGLD,WDOLDQD([WUDtGRGH
KWWSZZZWUHFFDQLLWHQFLFORSHGLDLGHQWLWDSHUVRQDOHHFROOHWWLYDB (QFLFORSHGLDGHOOHVFLHQ]H
VRFLDOL !>FRQVXOWDGRHQGHVHSWLHPEUHGH@
7$-)(/+HQU\*UXSRVKXPDQRV\FDWHJRUtDV6RFLDOHV%DUFHORQD+HUGHUSS
(OLPSDFWRGHODJOREDOL]DFLyQHQHO
FULPHQRUJDQL]DGRWUDQVQDFLRQDO
FRUUHGRUIURQWHUL]RGH$UJHQWLQD
3DUDJXD\\%UDVLO
*HUDOGLQH &XHUYR
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD &HQWURGH(VWXGLRVHQ6HJXULGDG\
3D] %RJRWi
,1752'8&&,Ï1
/RV DWHQWDGRV WHUURULVWDV GHO V GHPRVWUDURQ OD YXOQHUDELOLGDG GH ORV HVWDGRV \
FRPR VX VHJXULGDG HVWDED HQ MXHJR PRWLYR VXILFLHQWH SDUD TXH VXV DJHQGDV VH
DMXVWDUDQ DO QXHYR HVFHQDULR LQWHUQDFLRQDO /XHJR GH OD JXHUUD IUtD ORV FRQIOLFWRV
SDVDURQ GH VHU GH QDWXUDOH]D LQWHUHVWDWDO D XQD QDWXUDOH]D LQWUDHVWDWDO GRQGH ODV
]RQDV IURQWHUL]DV QR KDQ VLGR DMHQDV D HVWH WLSR GH FRQIOLFWRV \ SRU HO FRQWUDULR
SRQHQ GH PDQLILHVWR ODV IDOHQFLDV GHO (VWDGR HQ WpUPLQRV GH FRQVROLGDFLyQ
LQVWLWXFLRQDO\FRQWUROWHUULWRULDOHQORVWHUULWRULRV
/DV VRVSHFKDV GH WHUURULVPR HUDQ XQ YDLYpQ JUDFLDV D OD SUHQVD VLQ HPEDUJR
FDWDORJDU OD WULSOH IURQWHUD FRPR ³XQ iUHD VLQ OH\´ HUD HO ORJR SUHGRPLQDQWH GH
HVWD ]RQD 1R VH WUDWDED GH LQYDVLRQHV PLOLWDUHV FRQ HMpUFLWRV GHVWLQDGRV D
FRQTXLVWDUQLODFRURQDHQE~VTXHGDGHGHVSRMDUGHVXVELHQHVDODVFRPXQLGDGHV
DVHQWDGDV HV VREUH XQ SHOLJUR LQPLQHQWH HO FULPHQ RUJDQL]DGR WUDQVQDFLRQDO
HQFDUJDGR GH DVHQWDUVH \ DSURYHFKDU ODV ]RQDV JULVHV \ ORV HVSDFLRV YDFtRV \
ROYLGDGRV SRU HO JRELHUQR FRQ HO ILQ GH H[SDQGLUVH \ ORJUDU XQD UHG FULPLQDO
SRGHURVDWUDQVQDFLRQDO
(O XVR GH OD IXHU]D \ OD FRUUXSFLyQ VH KDQ FRQYHUWLGR HQ ODV HVWUDWHJLDV SDUD
HURVLRQDU ODV FDSDFLGDGHV GHO (VWDGR DXPHQWDU OD LPSXQLGDG GH VXV DFFLRQHV \
DPSOLDU HO &ULPHQ 2UJDQL]DGR 7UDVQDFLRQDO HQ SDtVHV FRQ GLILFXOWDGHV HQ VX
LQVWLWXFLRQDOLGDG \ HQ HO HVWDEOHFLPLHQWR GHO LPSHULR GH OD OH\ HQ HVDV ]RQDV /D
'HFODUDFLyQVREUH6HJXULGDGHQODV$PpULFDVHQGHVFULEHTXHODVDPHQD]DVD
ODVHJXULGDGVHKDQLGRDPSOLDQGR
³(O FRQFHSWR GH VHJXULGDG TXH HQ XQ PRPHQWR VH HQPDUFDED SULQFLSDOPHQWH HQ WpUPLQRV
PLOLWDUHVFRQYHQFLRQDOHVKR\KDGHELGRDPSOLDUVXPDUFRGHUHIHUHQFLD\WHQHUHQFXHQWDXQD

*HUDOGLQH &XHUYR &HEDOORV 3ROLWyORJD H LQWHUQDFLRQDOLVWD HQ IRUPDFLyQ GH OD 8QLYHUVLGDG 0LOLWDU
1XHYD *UDQDGD HQ %RJRWi&RORPELD ,QYHVWLJDGRUD GHO &HQWUR GH (VWXGLRV HQ 6HJXULGDG \ 3D]
JHUDOB#KRWPDLOFRP
YDULHGDG GH DPHQD]DV WHUURULVPR LQWHUQDFLRQDO WUiILFR GH GURJDV \ DUPDV LOHJDOHV WUDWD GH
SHUVRQDVODYDGRGHGLQHURFRUUXSFLyQLQVWLWXFLRQDO\FULPHQRUJDQL]DGR(QDOJXQRVSDtVHVOD
SREUH]DODVHQIHUPHGDGHV\ODGHJUDGDFLyQGHOPHGLRDPELHQWHFRQWULEX\HQDOGHWHULRURGHOD
VHJXULGDGKXPDQD´/\QQ 2($
)HQyPHQR TXH VH IDFLOLWD JUDFLDV DO SURFHVR GH JOREDOL]DFLyQ PHGLDQWH OD
OLEHUDOL]DFLyQ GH ODV IURQWHUDV FRQVWUXFFLyQ GH YtDV SXHQWHV \ PHGLRV SDUD OD
FRPXQLFDFLyQGHORVWUHVWHUULWRULRVXQFUHFLPLHQWRLQIUDHVWUXFWXUDOSREODFLRQDO\
GHWUDQVSRUWHYHUWLJLQRVRTXHQDGLHHVSHUDEDSDUDORVDxRVGH$SHVDUGH
TXH&LXGDGGHO(VWH 3DUDJXD\ IXHOD~OWLPDHQFRQVWUXLUVHDPHGLDGRVGH
IXHODTXHVHGHVDUUROOyPiVUiSLGDPHQWH\WHQGUtDODILQDOLGDGGHXQLUDORVWUHV
SDtVHV
/DOODPDGD³7ULSOH)URQWHUD´FRPLHQ]DDFREUDULPSRUWDQFLDOXHJRGHUHFWLILFDUTXH
DORMDED \ ILQDQFLDED FpOXODV WHUURULVWDV KHFKR TXH VH UHFWLILFDUtD FXDQGR VH
FRQYLHUWHHQHOSULQFLSDO PHUFDGRQHJURGH$PpULFD/DWLQDXQD]RQDFDUDFWHUL]DGD
SRUDFWLYLGDGHVGHOLFWLYDVFRPRODYDGRGHGLQHURIDOVLILFDFLyQWUiILFRGHDUPDVGH
SHUVRQDV \ GH GURJDV /D HVWDELOLGDG LQWHUQDFLRQDO VLQ GXGD HVWDED HQ SHOLJUR
HYLGHQFLDQGRODVSURIXQGDVGHELOLGDGHVLQVWLWXFLRQDOHV\ODIDOWDGHFRQWUROHQORV
WUHVSDtVHV
*UiILFR0RGXV2SHUDQGLHQOD7ULSOH)URQWHUD
)XHQWH(ODERUDFLyQSURSLDFRQGDWRVGH5DERVVLI
/DV SULQFLSDOHV DFWLYLGDGHV TXH FDUDFWHUL]DQ HO PRGXV RSHUDQGL HQ OD WULSOH
IURQWHUD \ TXH DGHPiV LGHQWLILFDQ HO FULPHQ RUJDQL]DGR WUDQVQDFLRQDO FRPLHQ]D
SRUXQDGHODVDFWLYLGDGHVPiVOXFUDWLYDV\TXHVHGDHQPD\RUSURSRUFLyQ
(OFRQWUDEDQGR DOVHUODDFWLYLGDGPiVOXFUDWLYDGHSRUVtEHQHILFLDSULQFLSDOPHQWH
D3DUDJXD\ &LXGDGGHO(VWH \D%UDVLO )R]GH,JXD]~ WHQLHQGRXQSDVRGLUHFWR
JUDFLDVDO3XHQWHGHOD$PLVWDGFRQVWUXLGRHQSRVHHXQSDVRWUDQVLWDEOHGH
JUDQIDFLOLGDGGDGRODHVFD]DYLJLODQFLDGHORVSROLFtDVRDJHQWHVDGXDQHURVHQHO
SDVRYHKLFXODUGLDULRHVFHQDULRFRPSOHMRSRUOD PDVLYDFLUFXODFLyQGHSHUVRQDV\
YHKtFXORVGHSHUVRQDV\GHDXWRVGLDULDPHQWH 5LYHUD)
GDWRV TXH DXPHQWDQ ORV ILQHV GH VHPDQD HQ XQ 0LHQWUDV TXH SDUD
GLULJLUVH D OD FLXGDG DUJHQWLQD GH 3XHUWR ,JXD]~ GHEH SDVDU SULPHUR SRU )R] GH
,JXD]~ DWUDYHVDQGR HO 3XHQWH 7DQFUHGR 1HYHV \ WUDQVLWDU SRU ORV FRQWUROHV
DGXDQHURV\PLJUDWRULRVTXHGHKHFKRVRQPXFKRPiVHVWULFWRVTXHHQHO3XHQWH
GHOD$PLVWDG $UJHQWLQD
)RPHQWDQGR HVWD DFWLYLGDG SRU PHGLRV IOXYLDOHV DpUHRV \ WHUUHVWUHV ORV JUXSRV
GHOLFWLYRV RSHUDQ HQ OD WULSOH IURQWHUD GH GtD \ GH QRFKH SDJDQGR FRLPDV
VRERUQRV VLVHUHTXLHUHSDUDSDVDUODPHUFDQFtDTXHVHUiWUDQVSRUWDGDDHVWRV
WUHV SDtVHV \ D FLXGDGHV FRQ HVFDVRV FRQWUROHV PLJUDWRULRV SURGXFWRV TXH
SURYLHQHQ GH $VLD &KLQD HQWUH RWURV SDtVHV SURGXFWRV GH PDUFDV UHFRQRFLGDV
SHURIDOVLILFDGRV
/D )DOVLILFDFLyQ HV RWUR GH ORV PHGLRV LOHJDOHV XVDGRV SRU ORV JUXSRV GRQGH
FRQWUDEDQGHDQ \ IDOVLILFDQ SURGXFWRV GHSRUWLYRV FRQ PDUFDV UHFRQRFLGDV FRPR
1LNH R $GLGDV SHUIXPHUtD FLJDUULOORV MXJXHWHV HOHFWUyQLFRV \ WRGR OR TXH VHD
SRVLEOHIDOVLILFDU
(O7UiILFRGHDUPDV\SHUVRQDVVHKDFRQYHUWLGRHQXQDDFWLYLGDGFRP~QHQ]RQDV
SHUPHDGDVSRUHOFULPHQRUJDQL]DGRVHFRQYLHUWHHQXQFLFORYLFLRVRTXHUHDOL]DQ
DFWLYLGDGHVGHFDPELRSRUGLQHURRSRUGURJDV8QWUiILFRSURYLVWRGHFRRSHUDFLyQ
PLOLWDURGHVHJXULGDGDOFRPHUFLDUDUPDPHQWREHOLJHUDQWHTXHWHUPLQDHQPDQRV
GH GHOLQFXHQWHV LQHVFUXSXORVRV TXH FRPR VH PHQFLRQDED DQWHV HV XQ WUiILFR
IDFLOLWDGRSRUODFRPSOLFLGDGGHDJHQWHVDGXDQHURV\SROLFLDOHV
3RU RWUR ODGR HO FRPHUFLR GH GURJDV DVLPLVPR HV QXWULGR JUDFLDV D SDtVHV
SURGXFWRUHVFRPR&RORPELD3HU~(FXDGRU%ROLYLDKDFLD(XURSD\(VWDGRV8QLGRV
VHJ~Q -RVHILQD /\QQ ILQDOPHQWH GLVWULEXLGR HQ 3DUDJXD\ SRU HO 5LR 3DUDQi SRU
PRGRIOXYLDOWHUUHVWUHRDpUHRKDFLD)R]GH,JXD]~
&XDQGR VH WUDWD GH OHJDOL]DU ODV DFWLYLGDGHV GHOLFWLYDV PiV SUHFLVDPHQWH ORV
LQJUHVRVGHODPLVPDHO/DYDGRGHGLQHUR HVODRSFLyQSRUPHGLRGHOEODQTXHRHQ
HO FLUFXLWR ILQDQFLHURFRPSUD GH LQPXHEOHVR MXHJRV GH D]DU GLQHUR SURYHQLHQWH
GH ODV DFWLYLGDGHV DQWHULRUPHQWH PHQFLRQDGDV HO WUiILFR GH DUPDV GURJDV
SHUVRQDV \ XQD GH ODV PiV FRPXQHV \ FRQ PD\RU SRSXODULGDG HQ ORV ~OWLPRV
PHVHV TXH HVOD HYDVLyQ LPSRVLWLYD ORV JUXSRV GHOLFWLYRV WDPELpQ KDFHQ XVR GH
SDUDtVRV ILVFDOHV SDUD HVFRQGHU VXV JDQDQFLDV QR VRQ HVWULFWDPHQWH GH ODGURQHV
GHFXHOOREODQFR
3RU ~OWLPR HO FiQFHU GH $PpULFD /DWLQD OD FRUUXSFLyQ GH ODV DFWLYLGDGHV PiV
IUHFXHQWHVFRQPiVJDQDQFLDV\FRQPD\RULPSXQLGDG7RGRHOSURFHVRGHOLFWLYR
KD ORJUDGR SHUSHWUDVH HQ HO WLHPSR REWHQHU XQ JUDQ DOFDQFH \ VLQ YLVRV GH
GHWHQHUVH GDGRV ORV DEXQGDQWHV \ UHQWDEOHV LQJUHVRV LOHJDOHV TXH UHVLGHQ WDQWR
HQJUXSRVLOtFLWRVFRPRHQORVyUJDQRVGHFRQWURO\YLJLODQFLDGHOD]RQDIURQWHUL]D
GHVGH TXLHQHV FRQWURODQ ODV DGXDQDV \ YLJLODQ WHPDV PLJUDWRULRV KDVWD ORV DOWRV
PDQGRVDVLPLVPRVLVHORJUDGHVPDQWHODUODVUHGHVSURIXQGDVGHFRUUXSFLyQHO
FLFOR YLFLRVR GH ODV DFWLYLGDGHV LOHJDOHV VH URPSHUi XQ PRGXV RSHUDQGL LQFLHUWR
TXHQRSRGUiPDQWHQHUVHVLQODD\XGDGHORVHQWHVGHFRQWURO
(O DXPHQWR \ FRPSOHMLGDG GH ODV DFWLYLGDGHV GHOLFWLYDV VH KDFtD FDGD YH] PiV
HYLGHQWH HQ EXVFD GH SRGHU HFRQyPLFR SROtWLFR \ GH PHGLRV LQIRUPDWLYRV
DIHFWDQGRODVPLVPDVLQVWLWXFLRQHVGpELOHV\FDUHQWHVGHFRQWURO6HWUDWDGHVHLV
DFWLYLGDGHV LOHJDOHV SHUSHWUDGDV SRU FRPXQLGDGHV FULPLQDOHV PDILRVDV FRPR ODV
FKLQDV MDSRQHVDV PH[LFDQDV FRORPELDQDV UXVDV OLEDQHVDV \ ODV UHFRQRFLGDV
EUDVLOHUDVFRQHO3ULPHU&RPDQGR&DSLWDO 3&& FRQ VHGHHQODVIDYHODVGH6DR
3DXOR\HO&RPDQGR9HUPHOKR &9 FRQVHGHHQODVIDYHODVGH5LRGH-DQHLUR6LQ
HPEDUJRVLQSUXHEDVIHKDFLHQWHVGHWHUURULVPRQRVHSXHGHFDHUHQHOYLFLRGH
MX]JDUDODVFRPXQLGDGHVOLEDQHVDVXRWUDVSRUWHQHUXQSDVDGRFULPLQDO\DTXH
QR WRGDV ODV VRFLHGDGHV PLJUDQ SDUD GHOLQTXLU QR VH GHEH FDHU HQ OD
JHQHUDOL]DFLyQ
&XDQGRVHDQDOL]DODILQDOLGDG\REMHWLYRGHORVP~OWLSOHVDFWRUHVGHVGHODWHRUtDGH
RUJDQL]DFLRQHV SDUWLHQGR GHVGH HO SODQWHDPLHQWR GH OD DFFLyQ VRFLDO GH :HEHU
SDUD FDUDFWHUL]DU HO &ULPHQ 2UJDQL]DGR 7UDVQDFLRQDO VH OOHJD D TXH OD
DFFLyQVRFLDOHQWHQGLGDFRPRWRGDDFFLyQOOHYDGDDFDERFRQXQILQHVSHFtILFRFRQ
XQVLJQLILFDGRSDUDVXVDFWRUHV\XQD DIHFWDFLyQGHRWURVSXHGH HQFRQWUDUVHHQ
FXDWURIRUPDVLGHDOHVGHILQLGDVSRUVXPRWLYDFLyQ/DFRVWXPEUH WUDGLFLRQDO ODV
HPRFLRQHV DIHFWLYD ORVYDORUHV DFFLyQUDFLRQDOFRQDUUHJORDYDORUHV \ORVILQHV
DFFLyQ UDFLRQDO FRQ DUUHJOR D ILQHV (Q HVWD HWDSD HO IRFR HVWDUi HQ OD ~OWLPD
IRUPDLGHDOHQWHQGLHQGRTXHODDFFLyQLOHJDOGHO&ULPHQ2UJDQL]DGR7UDVQDFLRQDO
FRPR HO WUiILFR GH GURJDV DUPDV \ SHUVRQDV WLHQH XQD PRWLYDFLyQ HVSHFtILFD HO
OXFUR TXH FRQOOHYD XQ DQiOLVLV UDFLRQDO SRU HO FXDO VH PLGH OD HIHFWLYLGDG GH ORV
PHGLRVHQUHODFLyQFRQHO FXPSOLPLHQWRGHOREMHWLYR6LJXLHQGRHVWDOtQHD:HEHU
DILUPD TXH OD DFFLyQ VRFLDO FUHD XQD UHODFLyQ TXH DO DGTXLULU UHJXODULGDG VH
FRQYLHUWH HQ XQD LQVWLWXFLyQ $OUHGHGRU GH OD LQVWLWXFLyQ JUDGXDOPHQWH VH YDQ
GHILQLHQGRPHPEUHFtDV\OLGHUD]JRVFRQFLHUWDFRQWLQXLGDG\HVWDELOLGDGPRPHQWR
HQ TXH VXUJH XQD RUJDQL]DFLyQ :HEHU 3DUD HO VHJXQGR FDVR VH SDUWH
GHO SUHVXSXHVWR TXH OD FRQVWUXFFLyQ GH ODV UHODFLRQHV LQWHUQDFLRQDOHV HQ HO VLJOR
;;,HVWiQGHWHUPLQDGRVSRUODFRRSHUDFLyQ\ODLQWHUGHSHQGHQFLDFRPSOHMDHQWUH
ORVHVWDGRVSDUDGDUVROXFLyQDORVSUREOHPDVGHODDJHQGDJOREDOFRPRHO&ULPHQ
7UDVQDFLRQDO2UJDQL]DGR
&21&/86,21(6
/D JOREDOL]DFLyQ KD FRPSOLFDGR OD LGHQWLILFDFLyQ ORV DFWRUHV TXH SHUSHWUDQ ODV
DFWLYLGDGHV GHOLFWLYDV \ WHUURULVWDV OD PXOWLSOLFLGDG GH JUXSRV LOHJDOHV YD HQ
DXPHQWR FUHDQGR UHGHV FULPLQDOHV PiV SURIXQGDV \ GLItFLOHV GH UHFRQRFHU HQ XQ
HQWRUQR FRUUXSWR IDFWRUHV TXH SURPXHYHQ XQD PD\RU WDVD GH GHVLJXDOGDG
SREUH]D\XQDHFRQRPtDSRFRHVWDEOH
/D LOHJDOLGDG HQ OD WULSOH IURQWHUD VH KD IDFLOLWDGR DO SRVHHU IURQWHUDV VXPDPHQWH
SHUPHDEOHV VLHQGR ]RQD GH HVFD]D R QXOD YLJLODQFLD VLQ OXJDU D GXGD FDyWLFD
DGKHULGR D XQ FRQVWDQWH SUREOHPDV LQVWLWXFLRQDOHV TXH YD GHVGH OD FRUUXSFLyQ
KDVWDODFULPLQDOLGDG$SHVDUGHOLQGXGDEOHDORMDPLHQWRGHUHGHVFULPLQDOHVFRPR
OD <DNXVD MDSRQHVD FRPXQLGDGHV iUDEHV OLEDQHVDV FKLQDV VXUFRUHDQDV \ ORV
PLVPRV JUXSRV GHOLFWLYRV GH %UDVLO QR EDVWD VX H[LVWHQFLD \ VX JUDGR GH
FULPLQDOLGDGSDUDSUREDUODSUHVHQFLDGHFpOXODVWHUURULVWDVHQOD7ULSOH)URQWHUD
$VXYH]ODFRPSOHMLGDGGHVHJXULGDGGHODUHJLyQ\ODVFRQVWDQWHVDPHQD]DVDOD
PLVPD QR KDQ VLGR VXILFLHQWH SDUD TXH ORV WUHV SDtVHV QR KDQ ORJUDGR OD
FRQVWUXFFLyQ GH XQ PRGHOR GH YLJLODQFLD \ FRQWURO HILFD] VLWXDFLyQ SUHRFXSDQWH
TXH VH GHWHFWD XQD YH] TXH ODV FLIUDV GHO FULPHQ DXPHQWDQ SHUR ORV GDWRV
SURYLVWRV SRU ORV WUHV QR FRQFXHUGDQ OD FRRSHUDFLyQ HQWUH ORV SDtVHV VH HQIUtD D
WUDYpVGHORVDxRV\VHIRUMDXQSURFHVRLQGLYLGXDOVLQHIHFWRGHIUHQDUHO&ULPHQ
2UJDQL]DGR7UDQVQDFLRQDO
3RU OR WDQWR OD LQWHUYHQFLyQ \ SUHRFXSDFLyQ QRUWHDPHULFDQD VH KD SUHVFLQGLGR
GDGRHOGHVRUGHQ\HOSRFRLQWHUpVGHDFWXDUFRQWUDORVGHVDItRVDODVHJXULGDGVLQ
HPEDUJRHVHDSR\RHVWiOLJDGRDVXYH]DOGHVHRGHH[SORWDFLyQGHORVUHFXUVRV
QDWXUDOHVFRPRHO$FXtIHUR*XDUDQtHO\DFLPLHQWRGHDJXDGXOFHPiVJUDQGHGHO
SODQHWDWRGRXQWHVRUREDMRWLHUUDTXHDOLPHQWDORVLQWHUpVGHODVSRWHQFLDSHUR
GHQLQJXQDPDQHUDVHYDDSHUPLWLUTXHORVUHFXUVRVQDWXUDOHVGHOD]RQDHVWpQHQ
SHOLJURGHH[SORWDFLyQ
(VSRUHVWRTXH(VWDGRV8QLGRVDOWHQHUXQSDSHODFWLYRHQODUHJLyQSRUVXOXFKD
FRQWUD HO QDUFRWUiILFR \ SULQFLSDOPHQWH HO WHUURULVPR MXHJD XQ URO HVHQFLDO VLQ
GHFLUTXHXQRGHORVPiVLPSRUWDQWHVHQODHVFHQDLQWHUQDFLRQDODOSHUVHJXLUHO
WHUURULVPR PXQGLDO TXH VHD PLWR R QR HQ OD ]RQD IURQWHUL]D VLJXH VLHQGR XQ
REMHWLYR SDUD pO 6X DFWXDFLyQ VH UHTXHUtD \ HO DSR\R GH OD FRPXQLGDG
LQWHUQDFLRQDO HQ pSRFD GH UHWRV D OD VHJXULGDG \ GHVFRQILDQ]D DKt HVWDEDQ HOORV
SDUDGHIHQGHUVXLQWHUpV \ D\XGDUDTXHOD7ULSOH)URQWHUDSURFODPDUiHOOHJtWLPR
GHUHFKRDODGHIHQVD
6LQ HPEDUJR KD VLGR XQD LQWHUYHQFLyQ QR PX\ ELHQ UHFLELGD H[FHSWR SRU
3DUDJXD\ TXLHQ SUHQGLy OD DODUPD D XQD SRVLEOH HQWUDGD GH EDVHV PLOLWDUHV
QRUWHDPHULFDQDV HQ HO WHUULWRULR HVWR GHPXHVWUD FRPR ORV (VWDGRV WUDEDMDQ
RFXOWRV \ VHSDUDGDPHQWH &XDQGR VH FRPSDUWH LQIRUPDFLyQ YHUtGLFD \ VH HVWi
GLVSXHVWD D GHVPDQWHODU ORV FUtPHQHV \ ORV LQYROXFUDGRV DVt VDOJDQ VDOSLFDGRV
yUJDQRVGHFRQWUROVHUiPiVIiFLOORJUDUXQDGLVFXVLyQ\VROXFLyQSDUDGLH]PDUHO
&RPSOHMRGH6HJXULGDG5HJLRQDO6LQGXGDODD\XGDHVWDGRXQLGHQVHHQWpUPLQRV
GH JOREDOL]DFLyQ SHUPLWH OD HQWUDGD OLEUH GH PHUFDQFtD \ XQD UHGXFFLyQ GH
DUDQFHOHVEHQHILFLRVPiVDOOiGH ORVTXHDSRUWDHO0HUFRVXUSHURHUDXQDDOLDQ]D
HFRQyPLFDTXHSHUPLWtDODSOHQDLQWHUYHQFLyQHQHOWHUULWRULRVLWXDFLyQLQWROHUDEOH
SDUD$UJHQWLQD\%UDVLO
3RU RWUR ODGR HQ PDWHULD GH VHJXULGDG \ HQ SUR GH RSWLPL]DU ODV ]RQDV GH
WXUtVWLFDVORVJRELHUQRVKDQLPSOHPHQWDGRSROtWLFDVPLJUDWRULDVUHIRU]DPLHQWRGH
VHJXULGDG DpUHD \ FRQWUROHV WHUUHVWUHV VLQ HPEDUJR KDQ VLGR LQVXILFLHQWHV SDUD
ORJUDUXQPD\RUFRQWUROGHODPHUFDQFtDTXHHQWUD\VDOH(Q%UDVLOVHUHIXHU]DOD
VHJXULGDG DpUHD HQ $UJHQWLQD VH UHIXHU]DQ ORV FRQWUROHV PLJUDWRULRV \ 3DUDJXD\
TXHGDH[FOXLGRGHHVWDVVDOLGDVDORVSUREOHPDVLQVWLWXFLRQDOHVHVSRUHVWRTXHODV
SROtWLFDV TXH VH LPSOHPHQWHQ GHEHQ UHDOL]DUVH GH PDQHUD FRQMXQWD HMHPSOR GH
HOORHO0HUFRVXU\HO&RPDQGR7ULSDUWLWRSHURFRQPD\RUIUHFXHQFLD\IXHU]DSDUD
TXHVHDQHIHFWLYDVXQDFRRSHUDFLyQFRQPiVIRUWDOH]DVTXHGHELOLGDGHV
(O FRQWURO HQ OD ]RQD IURQWHUL]D FRPR VH KD SRGLGR HYLGHQFLDU FDUHFH GH
LQVWUXPHQWRV DOWHUQRV D SHVDU GH TXH HQ HO 3DUDJXD\ H[LVWDQ PiV GH
HPSUHVDV SULYDGDV GH VHJXULGDG HV LQVXILFLHQWH VL HQWUH ORV WUHV SDtVHV QR VH
GLVSRQH GH OD FRRSHUDFLyQ QR PLOLWDU QHFHVDULD SDUD GHWHQHU R GLVPLQXLU ODV
DFWLYLGDGHV LOtFLWDV (V SUHRFXSDQWH TXH D WUDYpV GH ODV FDUUHWHUDV ODQFKDV
DYLRQHWDV \ RWURV PHGLRV GH WUDQVSRUWH VH FUXFH OLEUHPHQWH SURGXFWRV GH
FRQWUDEDQGR TXH DGHPiV HVWiQ VLHQGR UREDGRV GHO HTXLSDPLHQWR GH ODV IXHU]DV
GH VHJXULGDG WDQWR PLOLWDUHV FRPR SROLFLDOHV TXH VHDQ GLVWULEXLGRV D
RUJDQL]DFLRQHV FULPLQDOHV FDXVDQWHV GH ODV SULQFLSDOHV PXHVWUDV GH YLROHQFLD
XUEDQD\TXHVDOJDQYLFWRULRVRVHLQPXQHVDFXDOTXLHUFRQGHQDFDUFHODULDGDGRV
VXV HYLGHQWHV QH[RV FRQ ODV DXWRULGDGHV GH YLJLODQFLD \ PRQLWRUHR HQ ODV ]RQDV
IURQWHUL]DV
6HWUDWDGHOUHVSHWRSRUODVREHUDQtDQDFLRQDOGH$UJHQWLQD3DUDJXD\\%UDVLOD
SHVDUGHODVFRQWURYHUVLDVVREUHHODORMDPLHQWRGHFpOXODVWHUURULVWDV\HOFRQWURO
GHO WHUULWRULR VHJ~Q OD LQWHUYHQFLyQ LQWHUQDFLRQDO VH HYLGHQFLD TXH HV QHFHVDULR
XQD FRRSHUDFLyQ QHWDPHQWH UHJLRQDO ODV HVWUDWHJLDV VH KDQ LPSOHPHQWDGR
OOiPHVH3ODQGHFRRSHUDFLyQ\DVLVWHQFLDUHFtSURFD RXQFRPDQGRWULSDUWLWR
XQ&HQWUR5HJLRQDOGHLQWHOLJHQFLDRHO3ODQJHQHUDOGH6HJXULGDGSDUDOD
7ULSOH )URQWHUD VH WUDWD GH DXQDU HVIXHU]RV QR PLOLWDUHV FRPSDUWLU LQIRUPDFLyQ
YHUtGLFD VREUH HO WUiILFR GH DUPDV GURJDV R SHUVRQDV LQYHVWLJDFLyQ VREUH UHGHV
FULPLQDOHVTXHQRVHDQHQFXELHUWDVSRULQVWLWXFLRQHVHVWDWDOHV\PHQRVHVVREUH
GHMDU GH ODGR D 3DUDJXD\ &LXGDG GHO (VWH \ WUDEDMDU LQGLYLGXDOPHQWH SRUTXH
FXDQGRVHKDEODGHFRRSHUDUHVXQWUDEDMRHQHTXLSRUHVSHWDQGRORVLQWHUHVHVGH
FDGD XQR VLQ WUDWDU GH VREUHSDVDU ODV FDSDFLGDGHV GHO RWUR /D WULSOH IURQWHUD HV
PXFKR PiV TXH FULPLQDOLGDG \ FRUUXSFLyQ HV WDPELpQ WXULVPR IDPLOLDU HV
QDWXUDOH]DHVHOPHGLRTXHQRUHFKD]D VLQRTXHLQFHQWLYDDORVSDtVHVHQYtDVGH
GHVDUUROORDVDOLUGHODSREUH]DODGHVLJXDOGDG\GHHFRQRPtDVSRFRHVWDEOHV(VLU
SRUHOFDPLQRGHOGHVDUUROORQRGHWUDQVLWDUSRUODPDUJLQDFLyQKDFLDODLOHJDOLGDG
\ OR PiV LPSRUWDQWH OD 7ULSOH )URQWHUD HV LQGLFDGRU GH 5HFXUVRV 1DWXUDOHV SRU
SUHVHUYDU
%LEOLRJUDItD
&KDEDW- (O(VWDGR\HOFULPHQRUJDQL]DGRWUDVQDFLRQDO,VWRUUHYLVWDGH

KLVWRULDLQWHUQDFLRQDO
*DU]yQ-& /DUHEHOLyQGHODVUHGHVFULPLQDOHV(OFULPHQRUJDQL]DGRHQ
$PpULFD /DWLQD \ ODV IXHU]DV TXH OR PRGLILFDQ :DVKLQJWRQ :RRGURZ :LOVRQ
&HQWHU8SGDWH2QWKH$PHULFDV
.HRKDQH 5 1\H - 5HDOLVPR H ,QWHUGHSHQGHQFLD FRPSOHMD (Q 5
.HRKDQH - 1\H 3RGHU H ,QWHUGHSHQGHQFLD OD SROtWLFD PXQGLDO HQ WUDQVLFLyQ
SiJV %XHQRV$LUHV*UXSR(GLWRU/DWLQRDPHULFDQR
2($ /D DPHQD]D WHUURULVWD HQ OD 7ULSOH IURQWHUD 'HFODUDFLyQ VREUH
6HJXULGDGHQODV$PpULFDV(VSDxD(GLWRULDODFDGpPLFD(VSDxROD
&LWDGRSRU/\QQ-RVHILQD/DDPHQD]DWHUURULVWDHQOD7ULSOHIURQWHUDODV
DPHQD]DV D OD VHJXULGDG HQ OD WULSOH IURQWHUD (VSDxD (GLWRULDO DFDGpPLFD
(VSDxROD
2xDWLYLD2 (O&ULPHQ2UJDQL]DGRHQOD$JHQGD,QWHUQDFLRQDO*UXSRGH
(VWXGLRV,QWHUQDFLRQDOHV&RQWHPSRUiQHRV
3ULHWR3DROD VI ³'LSORPDFLD\HOFULPHQRUJDQL]DGRXQDFULVLVWUDQVQDFLRQDO´
,QVWLWXWR WHFQROyJLFR \ GH HVWXGLRV VXSHULRUHV GH 0RQWHUUH\ &RQVXOWDGR HQ
KWWSVZZZDFDGHPLDHGX'LSORPDFLDB\BHOBFULPHQBRUJDQL]DGRBXQDBFUL
VLVBWUDQVQDFLRQDOHOGHDEULOGH
5DERVVL )HUQDQGR 'LQiPLFDV HFRQyPLFDV HQ OD 7ULSOH )URQWHUD %UDVLO
3DUDJXD\$UJHQWLQD (Q ) &DUULyQ 6HJXULGDG 3ODQLILFDFLyQ \ 'HVDUUROOR HQ ODV
UHJLRQHVWUDVIURQWHUL]DV SiJV 4XLWR)ODFVR
5LYHUD)UHGG\6HJXULGDG0XOWLGLPHQVLRQDOHQ$PpULFD/DWLQD/DWULSOHIURQWHUD\
ODDPHQD]DWHUURULVWD4XLWR)ODFVR
'H/DKRVSLWDOLGDGFRPRGHUHFKR
XQLYHUVDOHQ.DQW DODKRVSLWDOLGDG
FRQGLFLRQDOHQ-DFTXHV'HUULGD8QD
DSUR[LPDFLyQILORVyILFDDOHVWXGLRGHODV
PLJUDFLRQHVLQWHUQDFLRQDOHV
8QLYHUVLGDG$QGUpV%HOOR $UJHGXF &KLOH
,1752'8&&,Ï1
(OREMHWLYR GHOSUHVHQWHDUWtFXORHVYLQFXODU HOFRQFHSWRGHKRVSLWDOLGDGXQLYHUVDO

H[SXHVWRSRU.DQW\HOFRQFHSWRGHKRVSLWDOLGDGGH'HUULGDFRQHOIHQyPHQRGHOD
PLJUDFLyQ SDUD WUDWDU GH HQWHQGHU HO WUDWR TXH KR\ UHFLEHQ ORV H[WUDQMHURV ORV
LQPLJUDQWHV\ORVUHIXJLDGRVHQGLVWLQWRVOXJDUHVGHOPXQGR(OHVIXHU]RTXHKD\
GHWUiVGHHVWHDUWtFXORHVHOGHPRVWUDUORVJUDQGHVDSRUWHVTXHODILORVRItDPRUDO\
SROtWLFDSXHGHKDFHUHQQXHYRVHVSDFLRVGHUHIOH[LyQFRPRHOGHODPLJUDFLyQ(Q
HVH VHQWLGR \ VLQ VRPHWHUPH D OD ULJXURVLGDG UDFLRQDO GH .DQW R GH 'HUULGD
SRUTXH QR VR\ QL NDQWLDQR QL GHUULGLDQR WUDWDUp GH KDFHU XVR GH DOJXQRV
FRQFHSWRV TXH UHVXOWDQ IXQGDPHQWDOHV SDUD FRPSUHQGHU ODV IXHU]DV GH H[FOXVLyQ
TXH VH SUHVHQWDQ FXDQGR XQ H[WUDQMHUR OOHJD D XQ SDtV GH GHVWLQR (Q PHGLR GH
HVWH HMHUFLFLR UHIOH[LYR DSDUHFHUiQ YRFHV FRPR ODV GH 6H\OD %HQKDELE \ +DQQDK
$UHQGWFRQTXLHQHVVHUHIRU]DUiQDOJXQDVLGHDV
(Q HO WHUFHU DUWtFXOR GHILQLWLYR GH OD VHJXQGD VHFFLyQ GH OD 3D] 3HUSHWXD .DQW
S VRVWXYR TXH HO GHUHFKR D OD KRVSLWDOLGDG XQLYHUVDO HUD HO ~QLFR \
YHUGDGHURGHUHFKRXQLYHUVDO\FRQHOORVHQWyODVEDVHVGHORVGHUHFKRVKXPDQRV
\ XQ VLQ Q~PHUR GH WUDWDGRV LQWHUQDFLRQDOHV TXH EXVFDQ HQWUH RWUDV FRVDV
SURWHJHUDH[WUDQMHURVUHIXJLDGRVHLQPLJUDQWHVGHORVYDFtRVOHJDOHVTXHWLHQHQ
ORV GHUHFKRV FLXGDGDQRV \ GH ODV DUELWUDULHGDGHV GH ORV JREHUQDQWHV VREHUDQRV
TXH KDQ LQWHQWDGR VLHPSUH UHVWULQJLU HO DOFDQFH GHO GHUHFKR LQWHUQDFLRQDO SRU
FRQVLGHUDUORXQDDPHQD]DDODVREHUDQtDQDFLRQDO3RUVXSDUWH-DFTXHV'HUULGD
S HQVXV WH[WRVVREUHODKRVSLWDOLGDGFRQVLGHUDTXHVLELHQHV\SXHGH
VHUXQLYHUVDOODKRVSLWDOLGDGGHEHHVWDUFRQGLFLRQDGDSXHVQLQJ~Q(VWDGRSHUPLWH

3URIHVRUGHOD8QLYHUVLGDG$QGUpV%HOORHQ6DQWLDJRGH&KLOHH,QYHVWLJDGRU$UJHGXF'RFWRUHQ
ILORVRItD PRUDO \ SROtWLFD GH OD 8QLYHUVLGDG GH &KLOH 0DJLVWHU HQ FLHQFLD SROtWLFD GH OD 8QLYHUVLGDG
$QGUpV%HOORGH&KLOH
HO LQJUHVR GH H[WUDQMHURV VLQ VDEHU TXLpQ HV /D KRVSLWDOLGDG QR VH GD HQ HO
DQRQLPDWR KD\ TXH VDEHU SRU OR PHQRV VX QRPEUH \ SURFHGHQFLD \ EDMR HO
DPSDUR GH OD OH\ \ HO GHUHFKR HVWDEOHFHU XQD UHODFLyQ GH UHFLSURFLGDG UHODFLyQ
TXH SRU VXSXHVWR VH HQPDUFD HQ OR MXUtGLFR \ TXH SDUD PXFKRV DQDOLVWDV HV
LPSRVLEOHGHMDQGRODUHFLSURFLGDGHQXQDGLPHQVLyQPRUDOGHORVLQGLYLGXRV¢3RU
TXpODUHFLSURFLGDGHQWUH(VWDGRV GLPHQVLyQMXUtGLFD HVLPSRVLEOH"(OSUREOHPD
HV TXH HQ HVWD UHODFLyQ UHFtSURFD HO GXHxR GH FDVD SRQH ODV FRQGLFLRQHV \ VX
KRVSLWDOLGDGSXHGHGHULYDUHQH[LJHQFLDVDOH[WUDQMHURDORTXHHOPLVPR'HUULGD
MXJDQGR FRQ HO OHQJXDMH FRPR DFRVWXPEUD D KDFHUOR OODPDUi KRVWLSLWDOLGDG
SRQLHQGRHQWHQVLyQODKRVSLWDOLGDGDOH[WUDQMHURKXpVSHG FRQOD KRVWLOLGDG DOQR
LQYLWDGRSDUiVLWR
(QHOWUiQVLWRHQWUHXQR\RWURDXWRUVHLQWHQWDUiGDUOXFHVVREUHORTXHKR\GHEH
VHUXQDKRVSLWDOLGDGHIHFWLYD\VROLGDULDFRQUHVSHWRDORVRUtJHQHV\ODVGLIHUHQWHV
IRUPDVGHHQWHQGHUODYLGDTXHQRVSHUPLWDDYDQ]DUVLJQLILFDWLYDPHQWHKDFLDXQD
FRQYLYHQFLDSDFtILFD\FRQXQSURIXQGRUHVSHWRDODFRQGLFLyQKXPDQD
(QHOFDPLQRSURSXHVWRGHODKRVSLWDOLGDGXQLYHUVDODODKRVSLWDOLGDGFRQGLFLRQDGD
HQFRQWUDUHPRV XQD GLVFXVLyQ TXH D~Q QR VH KD ]DQMDGR HQWUH ORV 'HUHFKRV
+XPDQRVTXHHQVXGHFODUDFLyQVRQXQLYHUVDOHV\SHUWHQHFHQDWRGRVHUKXPDQR
TXH KDELWD HO SODQHWD WLHUUD \ ORV GHUHFKRV FLYLOHV R GH ORV FLXGDGDQRV FX\R
HVWDWXWRMXUtGLFRORSRQHHQYHQWDMDIUHQWHDOH[WUDQMHURHVGHFLUIUHQWHDDTXHO
TXH YLHQH GH RWURV OXJDUHV VXSHGLWDGR D VHU UHFLELGR R QR \ FRQ FLHUWDV
FRQGLFLRQHV SXHVWDV SRU HO (VWDGR GH DFRJLGD .DQW HQ XQ HVIXHU]R SRU VXSHUDU
HVWDWHQVLyQFUHDGDHQWUHORVGHUHFKRVFLYLOHV\ORVGHUHFKRVKXPDQRVUHFRQRFH
SRUORPHQRVWUHVQLYHOHVDVDEHU/RVGHUHFKRVGHXQ(VWDGRYiOLGRVSDUDWRGRV
ORVTXHYLYHQ\VHUHODFLRQDQGHQWURGHXQ(VWDGRORVGHUHFKRVGH1DFLRQHVR
HQWUH (VWDGRV \ WLHQH TXH YHU FRQ HO GHUHFKR TXH VH HVWDEOHFH HQWUH HOORV \ SRU
~OWLPR HO 'HUHFKR &RVPRSROLWDQ TXH HV HO GHUHFKR TXH ULJH SDUD WRGRV ORV
(VWDGRV SHUR SULQFLSDOPHQWH VH FRQFHQWUD HQ OD UHODFLyQ TXH WLHQHQ ORV (VWDGRV
FRQ ORV H[WUDQMHURV 'H HVWD GLIHUHQFLDFLyQ .DQW S SODQWHD HQ OD
VHJXQGDSDUWHGHVXWH[WR WUHVLGHDVIXQGDPHQWDOHVSDUDOD3D]3HUSHWXD³FRPR
TXH OD FRQVWLWXFLyQ FLYLO GH WRGR (VWDGR GHEH VHU UHSXEOLFDQD HO GHUHFKR
LQWHUQDFLRQDO GHEH IXQGDUVH HQ IHGHUDOLVPRV GH HVWDGRV OLEUHV \ SRU ~OWLPR HO
GHUHFKR FRVPRSROLWD GHEH OLPLWDUVH D ODV FRQGLFLRQHV GH XQD KRVSLWDOLGDG
XQLYHUVDO´ S
3DUD OD UHIOH[LyQ SURSXHVWD HQ HVWH WH[WR QRV TXHGDUHPRV FRQ OD WHUFHUD LGHD
IXQGDPHQWDO SDUD OD 3D] SHUSHWXD \ TXH WLHQH TXH YHU FRQ OD KRVSLWDOLGDG
XQLYHUVDOHQWHQGLGDQRFRPRODERQGDGRODJHQHURVLGDGTXHVHOHSXHGHPRVWUDU
DO H[WUDQMHUR VLQR FRPR XQ GHUHFKR TXH WRGR VHU KXPDQR WLHQH SRU HO VLPSOH
KHFKRGHKDELWDUODWLHUUD
$KRUDELHQ(QHOFDVRGH'HUULGDWDPELpQKD\WHQVLRQHVSHURQRHQWUHGHUHFKRV
VLQR HQ OD IRUPD FRPR VH UHFLEH DO H[WUDQMHUR 3DUD HVWH DXWRU H[LVWHQ SRU OR
PHQRVGRVWLSRVGHKRVSLWDOLGDGODKRVSLWDOLGDGLQFRQGLFLRQDO\ODFRQGLFLRQDOVLQ
HPEDUJR pO DFHSWD UiSLGDPHQWH TXH HO FDUiFWHU XQLYHUVDO GH OD KRVSLWDOLGDG
LQFRQGLFLRQDOHVLPSUDFWLFDEOHSHURFRQVLGHUDTXHHVEXHQRTXHHVWpSUHVHQWHHQ
ORV SHQVDPLHQWRV GH ORV VHUHV KXPDQRV \D TXH SXHGHQ VHU LOXPLQDGRUHV \
RULHQWDGRUHV
&RQ 'HUULGD \ QR QHFHVDULDPHQWH UHVSRQGLHQGR D .DQW VH SXHGH DGHODQWDU XQD
FRQFOXVLyQ/DGHIHQVDSROtWLFDGHODVREHUDQtDGHORV(VWDGRVYDHQFRQWUDYtDGH
OD KRVSLWDOLGDG HQWRQFHV ¢)UHQWH D OD GHIHQVD 6REHUDQD GH ORV (VWDGRV WLHQH
DOJ~Q VHQWLGR SHQVDU KDEODU \ DFWXDU HQ IXQFLyQ GH OD KRVSLWDOLGDG TXH GHEHQ
JR]DUWRGRVORVLQGLYLGXRVSDUDHVWDEOHFHUFRQGLFLRQHVGHYLGDGLJQD"
3DUD LQWHQWDU XQD UHVSXHVWD UHFLRQDOPHQWH DFHSWDEOH VH $YDQ]DUi HQ HO WH[WR
H[SRQLHQGR EUHYHPHQWH OD KRVSLWDOLGDG HQ .DQW \ VXV WHQVLRQHV SRVWHULRUPHQWH
VH H[SRQGUi OD SRVLFLyQ GH 'HUULGD \ VXV WHQVLRQHV SDUD OXHJR DUJXPHQWDU HQ
IDYRU GH OD QHFHVLGDG GH VHJXLU KDEODQGR \ GLVFXWLHQGR ORV WHPDV HQ WRUQR D OD
KRVSLWDOLGDG\DOSRUTXHORVVHUHVKXPDQRVGHVGHORViPELWRVMXUtGLFR\PRUDO
GHEHQVHUKRVSLWDODULRV
/$+263,7$/,'$'81,9(56$/(1.$17
3DUD.DQWODKRVSLWDOLGDGVLJQLILFDHOGHUHFKRTXHWLHQHXQH[WUDQMHURUHIXJLDGRR
LQPLJUDQWHDQRUHFLELUXQWUDWRKRVWLOVRORSRUSURYHQLUGHRWUDFRPXQLGDGSROtWLFD
RWHUULWRULR(OGHUHFKRGHKRVSLWDOLGDGH[WUDxDPHQWHQRVHXELFDHQXQDUHODFLyQ
HQWUHLQGLYLGXRVVLQRHQWUHODVSHUVRQDV\HO(VWDGRTXHORVDFRJHRORVH[FOX\H
SRUORPLVPRHOUHFLpQOOHJDGRQRHV HOKXpVSHGRLQYLWDGRSRUXQDPLJRSXHVOD
DPLVWDGVHGHVDUUROOD HQHOSODQRGHODLQWHUVXEMHWLYLGDGTXHQRHVSURSLRFRPR
\D VH GLMR GH OD KRVSLWDOLGDG SXHV HVWD GHSHQGH GH OD LQVWLWXFLRQDOLGDG \ GH ORV
UHVJXDUGRV SROtWLFRV VRFLDOHV \ HFRQyPLFRV TXH WHQJD HO SDtV UHFHSWRU /R TXH
DTXtH[LVWHHQWRQFHVHVXQGHUHFKRTXHWLHQHHOYLVLWDQWHIXQGDGRHQODFRP~Q
SRVHVLyQGHODWLHUUD(QHVWHVHQWLGRQLQJ~Q(VWDGRSRGUtDQHJDUOHDXQYLVLWDQWH
HO GHUHFKR D SHUPDQHFHU WHPSRUDOPHQWH HQ VX WHUULWRULR ELHQ SRUTXH ORV
YLVLWDQWHV UHDOL]DQ R SXHGH UHDOL]DU IXQFLRQHV HQ EHQHILFLR GHO (VWDGR TXH ORV
UHFLEHRELHQSRUTXHVXVYLGDVVHHQFXHQWUHQHQSHOLJUR.DQWGLFHHQWRQFHVTXH
HVWHGHUHFKRXQLYHUVDODODKRVSLWDOLGDG HVXQGHUHFKRGHEHQHILFHQFLDRWRUJDGR
SRU HO JREHUQDQWH D ORV YLVLWDQWHV (VWi REOLJDFLyQ KXPDQLWDULD GH ORV (VWDGRV
SODQWHDHOLQWHUURJDQWHVREUHHOWLSRGHGHUHFKRTXHHVWiHQMXHJR¢6HWUDWDGH
REOLJDFLRQHV PRUDOHV \ SRU OR WDQWR UHFLSURFDV" R ¢VRQ XQD REOLJDFLyQ TXH WRGR
LQPLJUDQWH SXHGH UHFODPDU HQ HO VHQWLGR GH VHU XQD QRUPD GH REOLJDWRULR
FXPSOLPLHQWR" $XQTXH .DQW QR DFODUD VX SRVLFLyQ OD H[SRVLFLyQ TXH WLHQH GHO
WHPDHQOD3D]SHUSHWXDUHIOHMDODQHFHVLGDGGHTXHHQODKRVSLWDOLGDGVHGHXQD
UHODFLyQREMHWLYDFRQXQPDUFROHJDOTXHREOLJDDFDGD(VWDGRIUHQWHDOVXMHWRTXH
OOHJD (O SXQWR FUtWLFR GH SHQVDU HQ XQD QRUPDWLYD XQLYHUVDO HPDQDGD GH ORV
(VWDGRVHVTXHORVSRQHHQFRQWUDGLFFLyQSXHVORTXHUHDOPHQWHVHDSOLFDHVHO
GHUHFKR GH WRGR (VWDGR GH UHFLELU D ORV H[WUDQMHURV TXH FRQVLGHUH ³~WLOHV´ D VXV
SURSLRV LQWHUHVHV \ QR HO GHUHFKR GH ODV SHUVRQDV $Vt FDGD (VWDGR KDFH ODV
PRGLILFDFLRQHV \ ORV DMXVWHV TXH FRQVLGHUH FRQYHQLHQWHV SDUD OD GHIHQVD GH VX
VREHUDQtD
'HHVWDPDQHUDORVHVWDGRVVHOLEHUDQGHWRGDVODVREOLJDFLRQHVPRUDOHV\SRUOR
PLVPR GH OD UHFLSURFLGDG GHMDQGR YLJHQWH HQ WRGRV ORV FDVRV OD QRUPDWLYD TXH
SURWHJH OD VREHUDQtD GH ORV SDtVHV XQD QRUPDWLYD XQLODWHUDO \ TXH DWLHQGH D ODV
QHFHVLGDGHVSDUWLFXODUHVTXHWLHQHFDGD(VWDGR$KRUDELHQHVWDLGHDWUDHFRPR
FRQVHFXHQFLD XQD YLVLyQ LQVWUXPHQWDO GH OD PLJUDFLyQ \ GHMD GH ODGR HO FDUiFWHU
KXPDQRGHGLFKDPRYLOLGDGKXPDQDSXHVDOQRKDEHUREOLJDFLyQPRUDOWDPSRFR
KD\UHFLSURFLGDG\ODVQRUPDVH[LVWHQWHVTXHGDQSDUDSURWHJHUDORV(VWDGRV\QR
DODVSHUVRQDV$KRUDWDPELpQWDOHVOH\HVSXHGHQMXGLFLDOL]DUDORVLQPLJUDQWHVD
DTXHOORV TXH QR VRQ ~WLOHV \ SURGXFWLYRV D DTXHOORV TXH QR VH DMXVWDQ D ORV
LQWHUHVHV SURSLRV GHO (VWDGR UHFHSWRU \ TXH SXHGHQ VHU XQD DPHQD]D D VXV
SURSLRV LQWHUHVHV (Q (VD FRQGLFLyQ GH LQPLJUDQWH UHIXJLDGR R H[WUDQMHUR 6H
GLOX\HHO³'HUHFKRDWHQHU'HUHFKRV´/DGHQXQFLDODKDFH+DQQDK$UHQGWHQORV
2UtJHQHV GHO 7RWDOLWDULVPR GRQGH H[SUHVD TXH ORV GHUHFKRV VROR VRQ
JDUDQWL]DGRVVLODVSHUVRQDVHVWiQEDMRHOPDUFROHJDOGHXQHVWDGRQDFLyQ\TXH
OD FDUHQFLD GH JXEHUQDPHQWDOLGDG SDUD ODV PLQRUtDV R ORV DSiWULGDV VRQ XQ
DOLFLHQWH SDUD OD FUHDFLyQ GH VLVWHPDV WRWDOLWDULRV (O HUURU GLFH $UHQGW OR
FRPHWLHURQ ORV HVWDGRV HXURSHRV DO QR SURPRYHU HQWUH ORV LQPLJUDQWHV OD
SURWHFFLyQGHORVGHUHFKRVKXPDQRV'HHVWDPDQHUDHOLQPLJUDQWHDOVDOLUGHVX
SDtV GH RULJHQ SLHUGH VX FRQGLFLyQ GH FLXGDGDQR FRPR VXMHWR MXUtGLFR ¢4XLpQ OR
SURWHJH" /DVIXHUWHVFUtWLFDVTXH$UHQGWKDFHDORVGHUHFKRVKXPDQRVOHSHUPLWHQ
SHQVDUTXH TXHXQDFLXGDGDQtDXQLYHUVDORFRVPRSROLWDHVLPSUDFWLFDEOHOHTXH
GHMDVLQIXHU]DODGHFODUDFLyQXQLYHUVDOGHORVGHUHFKRV
$Vt SXHV HO GHUHFKR D OD KRVSLWDOLGDG PRWLYDGR SRU OD FRP~Q SRVHVLyQ GH OD
WLHUUDDKRUDVHRWRUJDDDTXHOORVTXHQRVRORSRVHHQODWLHUUDVLQRDORVTXHOD
H[SORWDQ /D LGHD GH TXH OD ³SURSLHGDG SULYDGD´ HV VLQyQLPR GH OLEHUWDG D~Q
FRQVHUYD IXHU]D HQ OD VRFLHGDG DFWXDO \ HVWR KD LPSOLFDGR TXH OD WLHUUD YD\D
TXHGDQGR HQ PDQRV GH ORV PiV FDSDFLWDGRV SDUD WUDEDMDUOD \ H[SORWDUOD FRQ HO
SUHWH[WRGHVHUXQDH[SORWDFLyQSDUDHOEHQHILFLRGHWRGRV
&RQ HVWH SUHWH[WR VH KDQ H[SURSLDGR SXHEORV VLQ FDSDFLGDG GH UHVLVWLU HO DIiQ
H[SDQVLRQLVWD GH ORV PiV SRGHURVRV \ HQ HVWDV FLUFXQVWDQFLDV HO GHUHFKR GH
SURSLHGDG VHFRQILJXUDFRPRXQGHUHFKRSDUDDOJXQRV\XQD GHVJUDFLDSDUDRWURV
SXHVODWLHUUD\DQRHVXQOXJDUFRP~QGHOTXHWRGRKRPEUHVHSXHGHEHQHILFLDU
VLQR PiV ELHQ HO PRWLYR PiV IXHUWH TXH HO KRPEUH WLHQH SDUD GHIHQGHUVH R
DWDFDUHVODPRWLYDFLyQIXQGDPHQWDOGHODJXHUUD\QRGHODSD]FRPRORSHQVy
.DQW
(Q HVWH FRQWH[WR ORV H[WUDQMHURV ORV TXH YLHQH GH DIXHUD VRQ HQ JUDQ PHGLGD
XQD DPHQD]D D OD VREHUDQtD \ SRU OR PLVPR GHEHQ VHU FRQWURODGRV UHJXODGRV
YLJLODGRVRH[SXOVDGRVFRQYLUWLHQGRHOGHUHFKRGHKRVSLWDOLGDGHQXQGHUHFKRDOD
SURWHFFLyQ WHUULWRULDO \ GH VREHUDQtD SXHV DKRUD OD KRVSLWDOLGDG GHSHQGH GH OD
YROXQWDGGHORV(VWDGRV\GHVXVSURSLDVQHFHVLGDGHVLQYLVLELOL]DQGRGHSDVRODV
QHFHVLGDGHVGHOH[WUDQMHURORTXHVLJQLILFDTXHWDQWRODSURSLHGDGSULYDGDFRPR
OD GHIHQVD GH OD VREHUDQtD YD HQ FRQWUDYtD GH OD KRVSLWDOLGDG NDQWLDQD FRPR
GHUHFKRXQLYHUVDOSXHVGHODSRVHVLyQFRP~QGHODWLHUUDQRVHVLJXHTXHWRGRV
ORV KDELWDQWHV GHO SODQHWD WHQJDQ TXH WHQHU XQD FRQYLYHQFLD SDFtILFD R SXHGDQ
JR]DUGHVXVIUXWRV
.DQW LQWHQWy XQD VDOLGD D HVWD WHQVLyQ REOLJDQGR D FDGD XQR GH ORV (VWDGR D
HVWDEOHFHU UHODFLRQHV GH UHFLSURFLGDG TXH OHV SHUPLWD JDUDQWL]DU VXV SURSLRV
GHUHFKRV'LFH.DQW
/RVSXHEORVFRPR(VWDGRVTXHVRQSXHGHQFRQVLGHUDUVHFRPRLQGLYLGXRVHQXQ(VWDGRGH
QDWXUDOH]D HV GHFLU LQGHSHQGLHQWHV GH WRGD OH\ H[WHUQD FX\D FRQYLYHQFLD HQ HVH HVWDGR
QDWXUDO HV \D XQ SUHMXLFLR SDUD WRGRV \ FDGD XQR 7RGR (VWDGR SXHGH \ GHEH DILUPDU VX
SURSLDVHJXULGDGUHTXLULHQGRDORVGHPiVSDUDTXHHQWUHQDIRUPDUFRQpOXQDHVSHFLHGH
FRQVWLWXFLyQVHPHMDQWHDODFRQVWLWXFLyQSROtWLFDTXHJDUDQWLFHHOGHUHFKRGHFDGDXQR(VWR
VHUtDXQDVRFLHGDGGHQDFLRQHVODFXDOVLQHPEDUJRQRGHEHUtDVHUXQHVWDGRGHQDFLRQHV
(QHOORKDEUtDHPSHURXQDFRQWUDGLFFLyQWRGR(VWDGRLPSOLFDODUHODFLyQGHXQVXSHULRU± HO
TXH OHJLVOD FRQ XQ LQIHULRU HO TXH REHGHFH HO SXHEOR PXFKRV SXHEORV UHXQLGRV HQ XQ
(VWDGRYHQGUtDQDVHUXQVRORSXHEORORFXDOFRQWUDGLFHODKLSyWHVLVHQHIHFWRKHPRVGH
FRQVLGHUDU DTXt HO GHUHFKRV GH ORV SXHEORV XQRV UHVSHFWR GH ORV RWURV SUHFLVDPHQWH HQ
FXDQWRTXHIRUPDQGLIHUHQWHV(VWDGRV\QRGHEHQIXQGLUVHHQXQRVROR S
(OGHUHFKRGHKRVSLWDOLGDGLPSOLFDHQWRQFHVHOUHFRQRFLPLHQWRGHODVQRUPDV\ODV
OH\HVTXHUHJXODQODVWUDQVDFFLRQHVFXOWXUDOHVHQWUHORV (VWDGRVDVtFRPRWDPELpQ
TXHODGLVWULEXFLyQGHODWLHUUD\DQRHVHQWUHLQGLYLGXRVVLQRHQWUH(VWDGRV(VWDV
GRV FRQGLFLRQHV VLQ OD FXDO HO GHUHFKR XQLYHUVDO GH KRVSLWDOLGDG QR DSOLFDUtD
FRPSOHML]D D~Q PiV HO SDQRUDPD HQWUH ORV (VWDGRV \ ODV SHUVRQDV TXH GHVHHQ
FLUFXODU OLEUHPHQWH SXHV GHPDQGD SDUD ORV (VWDGRV XQD SROtWLFD GH FRRSHUDFLyQ
TXHOHVJDUDQWLFHVXSURSLDVHJXULGDG\SDUDORVLQGLYLGXRVODREOLJDFLyQPRUDOGH
VHUXQEXHQYLVLWDQWH
$KRUD ELHQ .DQW JDUDQWL]D OD XQLYHUVDOLGDG GH OD KRVSLWDOLGDG SRQLpQGROD D
GHSHQGHU GH ODV HVWUXFWXUDV GHO (VWDGR \ QR GH ODV LQWHQFLRQHV R GH ODV EXHQDV
FRVWXPEUHVGHORVLQGLYLGXRVSXHVODVUHODFLRQHVLQWHUVXEMHWLYDVVRQPiVYROiWLOHV
TXHODVTXHVHHVWDEOHFHQFRQXQDRUJDQL]DFLyQRXQ(VWDGRDGHPiVGHTXHODV
QRUPDV TXH VH HVWDEOHFHQ HVWiQ GDGDV SDUD VHU FXPSOLGDV SRU WRGRV 'H HVWD
IRUPD OD KRVSLWDOLGDG XQLYHUVDO HQ .DQW HV XQ SULQFLSLR LQTXHEUDQWDEOH TXH QR
HQWUDDGHSHQGHUGHODVFLUFXQVWDQFLDVVLQRGHODREHGLHQFLDDODFRQFLHQFLDPRUDO
TXH KD HVWDEOHFLGR FRPR GHEHU HO FXPSOLPLHQWR GH XQD QRUPD XQLYHUVDO 6LQ
HPEDUJR¢3XHGHHOIRUPDOLVPRGHODpWLFDNDQWLDQRWUDVODGDUVHDODUHODFLyQHQWUH
ORV(VWDGRVVREHUDQRV"
5HVSHFWRGHODREOLJDFLyQGHFRRSHUDFLyQHQWUHHVWDGRV.HRKDQH SODQWHD
FRQWHPSRUiQHDPHQWH OD 7HRUtD GH OD LQWHUGHSHQGHQFLD TXH FRQVLVWH HQ TXH \D
QLQJ~Q(VWDGRVHGHVDUUROODVROR\SRUHQGH VXVHJXULGDGSURWHFFLyQ\SRVWHULRU
GHVDUUROORGHSHQGHUiGHODVEXHQDVUHODFLRQHVTXHWHQJDFRQVXVYHFLQRV'LFKDV
UHODFLRQHV WUDVYHUVDOL]DQ QR VROR VXV QHFHVLGDGHV WDPELpQ VXV ULHVJRV DVt GH
IRUPDJHQHUDOWRGRDTXHOORTXHJHQHUDLQVHJXULGDGHQXQ(VWDGRSXHGHVHULJXDO
SDUDRWURV
/D PLJUDFLyQ FULPLQDOL]DGD KLVWyULFDPHQWH SRU ORV HXURSHRV DKRUD HV WHPD GH
$PpULFDODWLQDTXHVLQPD\RUFULWHULRHQWUyHQODLGHDGHTXHORVLQPLJUDQWHVVRQ
XQ ULHVJR SDUD HO GHVDUUROOR \ FUHFLPLHQWR GHO (VWDGR \ OD SUHVHUYDFLyQ GH ODV
EXHQDVUHODFLRQHV'HHVWDPDQHUDORV(VWDGRVSXHGHQPDQLSXODU\UHODWLYL]DUODV
QRUPDV \ FRQYHUWLUODV HQ XQ WHPD GH VHJXULGDG QDFLRQDO HQ FX\R FRQWH[WR HO
LQWHUpV GH ORV LQGLYLGXRV VLPSOHPHQWH VH GLOX\H GDGR HO LQWHUpV GH SUHVHUYDU HO
(VWDGRFRPRXQLQWHUpVJHQHUDOVLHQGRODDXWRSUHVHUYDFLyQVXSULPRUGLDOWDUHD\
HQHVHVHQWLGRVXVSULPHUDVREOLJDFLRQHVHVWiQFRQVXVSURSLRVFLXGDGDQRVHQOD
PHGLGDHQTXHHOORVWDPELpQVHVXPDQDHVHREMHWLYRPLHQWUDVODREOLJDFLyQFRQ
ORV LQPLJUDQWHV QR HVWi PiV TXH HQ OD FDULGDG TXH FDGD FDVR GHVSLHUWH \
GHSHQGHUiGHOFULWHULRDUELWUDULRSRUORGHPiVGHOIXQFLRQDULRGHWXUQR)UHQWHD
HVWR 6H\OD %HQKDELE SODQWHD LQWHUURJDQWHV PX\ SHUWLQHQWHV ¢(V
PRUDOPHQWH SHUPLVLEOH UHFKD]DU D ORV QHFHVLWDGRV SRUTXH SHQVDPRV TXH HVWiQ
DOWHUDQGR QXHVWURV YDORUHV FXOWXUDOHV" ¢/D SUHVHUYDFLyQ GH OD FXOWXUD FRQVWLWX\H
XQD EDVH OHJtWLPD GH DXWRSUHVHUYDFLyQ" ¢(V SHUPLVLEOH PRUDOPHQWH QHJDU DVLOR
FXDQGR DGPLWLUJUDQGHVFDQWLGDGHVGHSHUVRQDVQHFHVLWDGDVHQQXHVWURWHUULWRULR
FDXVDUtDXQDGHFOLQDFLyQHQQXHVWURQLYHOGHYLGD"¢<TXpQLYHOGHGHFOLQDFLyQGHO
ELHQHVWDU HV PRUDOPHQWH SHUPLVLEOH DQWHV GH TXH SXHGD LQYRFDUVH FRPR PRWLYR
SDUDQHJDUODHQWUDGDDORVSHUVHJXLGRVORVQHFHVLWDGRV\ORVRSULPLGRV" S
/D WHQVLyQ TXH VH SURGXFH HQWUH ODV SURSLDV QHFHVLGDGHV GHO (VWDGR \ ODV
QHFHVLGDGHVGHORVLQPLJUDQWHVKDFHTXHORVSDtVHVVHFXLGHQGHQRDEDQGRQDUD
VXSXHEORSRUORVUHTXHULPLHQWRVGHOYHFLQR3RUORSURQWRQRSDUHFHVHUODPLUDGD
GHORV(VWDGRVTXHGHFODUDQXQDDPLVWDGGLSORPiWLFD\TXHHQDOJXQDVRFDVLRQHV
EHQHILFLDQ D ORV LQPLJUDQWHV VLQ TXH HOORV VHDQ VX IRFR GH DWHQFLyQ SXHV ³(O
VLVWHPD LQWHUQDFLRQDO GH SXHEORV \ HVWDGRV VH FDUDFWHUL]D SRU LQWHUGHSHQGHQFLDV
WDQH[WHQVDV\HQWUHFUX]DPLHQWRVKLVWyULFRVGHGHVWLQRV\IRUWXQDVTXHHODOFDQFH
GH ODV REOLJDFLRQHV PRUDOHV HVSHFLDOHV WDQWR FRPR ODV JHQHUDOL]DGDV WUDVFLHQGHQ
HQ PXFKR OD SHUVSHFWLYD GHO VLVWHPD (VWDGRFpQWULFR GHOLPLWDGR WHUULWRULDOPHQWH´
%HQKDELES
&RQ HVWRV LQWHUURJDQWHV \ OD SRVWXUD TXH DVXPH %HQKDELE IUHQWH DO WHPD GH ORV
LQPLJUDQWHVORTXHFRPLHQ]DDSHUILODUVHHVUHDOPHQWHODDSHUWXUDDODQiOLVLVGHOD
PLJUDFLyQ TXH VXSHUD OR OHJDO H LQVWLWXFLRQDOPHQWH HVWDEOHFLGR SDUD WUDVFHQGHU
KDFLDXQDGLPHQVLyQPRUDOTXHFHQWUDVXPLUDGDHQODVREOLJDFLRQHVLPSHUIHFWDV\
QR VRODPHQWH HQ ODV REOLJDFLRQHV SHUIHFWDV 6LQ HPEDUJR OD GLPHQVLyQ PRUDO
UHTXLHUHGHXQSLVRLQVWLWXFLRQDOL]DGR\FRQXQDSHUVSHFWLYDGHVRFLHGDGPXQGLDO
HV GHFLU \ HQ WpUPLQRV GH .DQW XQD VRFLHGDG TXH HMHUFH HO GHUHFKR DO OLEUH
FRQWDFWRHQWUHSXHEORV\FXOWXUDV
/D FUtWLFD TXH VH OH KDFH D OD SRVWXUD GH .DQW IUHQWH DO GHUHFKR GH KRVSLWDOLGDG
FRPR XQ GHUHFKR FRVPRSROLWD HV TXH VX PRWLYDFLyQ SROtWLFD VH FHQWUD QR HQ OD
QHFHVLGDG GH ORV RWURV TXH OOHJDQ GH DIXHUD VLQR PiV ELHQ SRU OD QHFHVLGDG
HXURSHDGHHQWUDUHQFRQWDFWRVFRQRWURVSXHEORV\FXOWXUDVELHQSDUDDSURSLDUVH
GH VXV ULTXH]DV R SDUD H[WHQGHU VX FXOWXUD (Q WRGR FDVR SHQVDU HQ ODV
QHFHVLGDGHVGHORWURPiVDOOiGHODDXWRSUHVHUYDFLyQSDUHFHVHUXQWHPDPRUDO\
QROHJDO
3HURHVWDWUDVFHQGHQFLDTXHEXVFDIRFDOL]DUVHHQODVQHFHVLGDGHVGHORWURSODQWHD
WDPELpQ XQD WHQVLyQ HQWUH OD SHUPDQHQFLD WHPSRUDULD GH ORV LQPLJUDQWHV \ OD
UHVLGHQFLDGHILQLWLYDGHORVPLVPRV/DSULPHUDIXHYLVXDOL]DGDSRU.DQWFRPRXQ
GHUHFKR PLHQWUDV OD VHJXQGD YLVXDOL]DGD SRU DXWRUHV FRQWHPSRUiQHRV FRPR
6H\OD %HQKDELE FRPR XQ SULYLOHJLR FRQILUPDQGR GH HVWD PDQHUD TXH
FOiVLFDPHQWH HO (VWDGR GH 'HUHFKR OLPLWD VX DOFDQFH VREUH OD DXWRULGDG GH ORV
VXMHWRV\ORVREMHWRVTXHVHHQFXHQWUDQGHQWURGHVXWHUULWRULRPLHQWUDVTXHVXV
UHODFLRQHV LQWHUQDFLRQDOHV VH OLPLWDQ D UHODFLRQHV FRPHUFLDOHV \ DOLDQ]DV PLOLWDUHV
TXHUHVJXDUGHQODVREHUDQtDGHORVSXHEORVLQYROXFUDGRV(VFRPRVLWRGRDTXHOOR
TXH DWUDYLHVD ODV IURQWHUDV VHDQ PHUFDQFtDV FDSLWDOHV R SHUVRQDV VH FRQYLHUWH
DXWRPiWLFDPHQWH HQ DVXQWRV SULYDGRV \ TXH GHEHQ VHU DWHQGLGRV SRU ORV
GLUHFWDPHQWHLQYROXFUDGRVRDIHFWDGRV
8UJHXQFDPELRGHPLUDGDIUHQWHDOSDSHOTXHDVXPHHO(VWDGRHQHOWHPDGHODV
PLJUDFLRQHV SXHV OD WHRUtD GH OD LQWHUGHSHQGHQFLD PXHVWUD TXH ORV HVWDGRV
SXHGHQ HVWDEOHFHU PXFKRV OD]RV HQ FRP~Q \ TXH YDQ PiV DOOi GH ODV UHODFLRQHV
FRPHUFLDOHV\PLOLWDUHVSXHGHQVREUHWRGRVXVFULELUYDORUHV\SULQFLSLRVFRPXQHV
TXH ORV OOHYH D UHVSHWDU ORV 'HUHFKRV +XPDQRV GRQGH OD VREHUDQtD \D QR HV OD
DXWRULGDGDEVROXWDTXHFLHUUDVXVIURQWHUDVSRUFRQVLGHUDUTXHWRGRORTXHYLHQH
GH IXHUD VH FRQVWLWX\H HQ XQD DPHQD]D LPSLGLHQGR GH HVWD PDQHUD OD OLEUH
FLUFXODFLyQ GH ODV SHUVRQDV < DXQTXH .DQW QR DSUXHED FRPSOHWDPHQWH ODV
LPSOLFDFLRQHV GH XQD FRQVWLWXFLyQ SROtWLFD HQ (VWDGRV 5HSXEOLFDQRV WDO FRPR OR
SODQWHD HQ HO SULPHU DUWtFXOR GH OD VHJXQGD SDUWH GH OD 3D] 3HUSHWXD GH WRGDV
PDQHUDVOHSHUPLWHDORVHVWDGRVFRQWHPSRUiQHRVLQWURGXFLUODVREOLJDFLRQHVGHO
(VWDGR5HSXEOLFDQR³SULQFLSLRGHODOLEHUWDGGHORVPLHPEURVGHXQDVRFLHGDG
± FRPRKRPEUHVSULQFLSLRGHOD³GHSHQGHQFLD´HQTXHWRGRVVHKDOODQGHXQD
~QLFDOHJLVODFLyQFRP~Q± FRPRV~EGLWRVSULQFLSLRGHODLJXDOGDGGHWRGRV±
FRPRFLXGDGDQRV´ .DQWS
4XH.DQWKD\DSHQVDGRHOIXQGDPHQWRGHODFRQVWLWXFLyQFLYLOFRPRUHSXEOLFDQD
DEUH HO FDPLQR SDUD TXH ODV UHODFLRQHV LQWHUQDFLRQDOHV \D QR VHDQ WUDQVLWRULDV \
FHQWUDGDV HQ WHPDV GH VHJXULGDG \ FRPHUFLR VLQR TXH DYDQFHQ KDFLD XQD
LQWHUGHSHQGHQFLDHVWDEOH\FRQXQSOHQRUHFRQRFLPLHQWRGHODVQHFHVLGDGHVGHORV
LQPLJUDQWHV SULPHU SDVR SDUD FRQVHJXLU TXH HVWDV QHFHVLGDGHV WDPELpQ VHDQ
QHFHVLGDGHVGH(VWDGR\QRSULYDGDV
'HVGH HVWD SHUVSHFWLYD WDQWR OD UHVLGHQFLD SHUPDQHQWH FRPR OD SHUPDQHQFLD
GHILQLWLYD SDVDQ D VHU GHUHFKRV SXHV ORV SULQFLSLRV VREUH ORV FXDOHV VH ULJHQ
FLHUWRV GHUHFKRV \D QR VRQ ORV GHO VREHUDQR VLQR ORV GHUHFKRV XQLYHUVDOHV FX\D
FRQQRWDFLyQ WLHQH TXH YHU FRQ XQD PRUDOLGDG XQLYHUVDO 3RU VXSXHVWR VH GHEH
YROYHU VREUH XQR GH ORV LQWHUURJDQWHV SODQWHDGRV SRU %HQKDELE \ TXH LOXPLQDQ
HVWDUHIOH[LyQ¢<TXpQLYHOGHGHFOLQDFLyQGHOELHQHVWDUHVPRUDOPHQWHSHUPLVLEOH
DQWHV GH TXH SXHGD LQYRFDUVH FRPR PRWLYR SDUD QHJDU OD HQWUDGD D ORV
SHUVHJXLGRV ORV QHFHVLWDGRV \ ORV RSULPLGRV" 2 GLFKR GH RWUD PDQHUD KD\ TXH
SUHJXQWDUVH SRU HO WLSR GH SUiFWLFDV PRUDOHV TXH SHUPLWDQ OD LQFRUSRUDFLyQ \ OD
LQFOXVLyQGHQXHYRVPLHPEURVDODFRPXQLGDG\TXHVLQVHUQDFLGRVHQHOPLVPR
WHUULWRULR SXHGDQ JR]DU GH ORV PLVPRV GHUHFKRV DVt FRPR WDPELpQ OD QHFHVLGDG
GH LGHQWLILFDU DTXHO WLSR GH SUiFWLFDV TXH VLHQGR PRUDOHV SXHGHQ UHVXOWDU
LQGLIHUHQWHVDOPRPHQWRGHSHQVDUHQORV'HUHFKRVGHORVLQPLJUDQWHV
(QODWHQVLyQHQWUHORVGHUHFKRVXQLYHUVDOHVSRUXQODGR\ORVFLYLOHVSRUHORWUR
6H\OD%HQKDELE HQFXHQWUDXQDSDUDGRMDDODTXHYDDOODPDU³ODSDUDGRMD
GHODOHJLWLPLGDGGHPRFUiWLFD´ S ODTXHELHQSRGUtDOODPDUVHODSDUDGRMDGHOD
FLXGDGDQtDXQLYHUVDO3DUD%HQKDELE
*RELHUQRGHPRFUiWLFRVLJQLILFDTXHWRGRVORVPLHPEURVGHXQDHQWLGDGVREHUDQDGHEHQVHU
UHVSHWDGRVFRPRKDELHQWHVGH'HUHFKRV+XPDQRV\TXHORVFRQVRFLRVGHHVWHVREHUDQRVH
DVRFLDQ OLEUHPHQWH HQWUH Vt SDUD HVWDEOHFHU XQ UpJLPHQ GH DXWRJRELHUQR EDMR HO FXDO FDGD
XQRGHEHUVHUFRQVLGHUDGRWDQWRFRPRDXWRUGHODVOH\HVFRPRVXMHWRDHOODV S
(VWRVLJQLILFDTXHHQGHPRFUDFLDWRGRVORV³6RFLRV´VRQGHUHFKRKDELHQWHV\DTXH
ORVGHUHFKRVGHORVFLXGDGDQRVGHVFDQVDQHQORV'HUHFKRVGHO+RPEUH\SRUOR
PLVPRFDGDVREHUDQRGHEHHQWHQGHUVXOHJLWLPLGDGFRPRXQDFWRGHFRQIRUPLGDG
FRQ ORV SULQFLSLRV XQLYHUVDOHV HVWDEOHFLGRV HQ ORV 'HUHFKRV KXPDQRV \ FRQ ORV
FXDOHVHOVREHUDQRVHFRPSURPHWH$OUHVSHFWR%HQKDELE QRVGLFH
1RVRWURV³HOSXHEORÚHILHUHDXQDFRPXQLGDGKXPDQDSDUWLFXODUFLUFXQVFULWDHQHOHVSDFLR
\ HO WLHPSR FRPSDUWLHQGR FXOWXUD KLVWRULD \ OHJDGR SDUWLFXODUHV SHUR HVWH SXHEOR VH
HVWDEOHFHFRPRFXHUSRGHPRFUiWLFRDODFWXDUHQQRPEUHGHOR³XQLYHUVDO´«ODVGHPRFUDFLDV
PRGHUQDVDFW~DQHQQRPEUHGHSULQFLSLRVXQLYHUVDOHVTXHOXHJRVHFLUFXQVFULEHQGHQWURGH
XQDFRPXQLGDGFtYLFDSDUWLFXODU S
1R REVWDQWH OD UHDOLGDG GH ODV GHPRFUDFLDV PRGHUQDV PXHVWUD TXH SDUD VX
UHVJXDUGR \ SURWHFFLyQ OR SULPHUR VRQ ORV GHUHFKRV FLYLOHV PLHQWUDV TXH ORV
GHUHFKRV KXPDQRV VRQ XQ DxDGLGR GH YROXQWDG \ FDULGDG GH FDGD XQR GH ORV
JRELHUQRV HV GHFLU VH KD LQYHUWLGR OD UHODFLyQ TXH ORV GHUHFKRV FLYLOHV \
XQLYHUVDOHV WLHQH \ ORPiV TXH VHKD KHFKR HV TXH FDGD (VWDGR LQFRUSRUD HQ VX
FRQVWLWXFLyQ D ORV 'HUHFKRV +XPDQRV FRQYLUWLpQGRORV HQ GHUHFKRV FLYLOHV TXH
SURWHJHQSULPHURDORVFLXGDGDQRV\GHMDQVLQGHUHFKRVDORVLQPLJUDQWHV
/RVFRPSURPLVRVSROtWLFRV\HFRQyPLFRVTXHHVWDEOHFHQORVJREHUQDQWHVVRQFRQ
VXVFLXGDGDQRV\QRFRQXQDFRPXQLGDGSODQHWDULDTXHVHGLOX\HHQHOLQWHQWRGH
H[LJLU SDUD OD KXPDQLGDG HO UHVSHWR GH ORV GHUHFKRV XQLYHUVDOHV $O WLHPSR TXH
FDGD (VWDGR VH GHILHQGH WHUULWRULDOPHQWH WDPELpQ OR KDFH OHJDO \ MXUtGLFDPHQWH
SRQLHQGR IURQWHUDV D OD FRPXQLGDG FLYLO \ GHMDQGR SRU IXHUD GH HVWH SUR\HFWR D
WRGRV DTXHOORV TXH HQ WpUPLQRV GH .DQW VH FRQVWLWX\HURQ HQ ³DX[LOLDUHV GH OD
FRPXQLGDGSROtWLFDPHQWHRUJDQL]DGD´HQWUHORVTXHVHHQFXHQWUDQORVLQPLJUDQWHV
TXLHQHV QR SXHGHQ JR]DU GHO SOHQR GHUHFKR GH FLXGDGDQtD SRU QR WHQHU ORV
UHTXLVLWRV QHFHVDULRV GH LGHQWLGDG \ SHUWHQHQFLD TXH OD FRPXQLGDG H[LJH /D
SDUDGRMD VH SUHVHQWD HQWRQFHV FXDQGR ORV LQPLJUDQWHV H[WUDQMHURV \ UHIXJLDGRV
VRSRUWDQ HO SHVR GH OD YROXQWDG GH ORV JREHUQDQWHV TXH QR VROR KDQ DGTXLULGR
FRPSURPLVRV FRQ VX FRPXQLGDG VLQR TXH DGHPiV GHEHQ KDFHUOR FRQ XQD
FRPXQLGDGLQWHUQDFLRQDOTXHH[LJHHOSOHQRUHVSHWRGHORVGHUHFKRVKXPDQRV/D
PLUDGD RSWLPLVWD GH PXFKRV WHyULFRV \ GHIHQVRUHV GH ORV GHUHFKRV KXPDQRV
DSXQWDQDXQDUHVLJQLILFDFLyQGHORTXHHVWRVPLVPRVGHUHFKRVUHSUHVHQWDQSDUD
FDGD(VWDGR\ODKXPDQLGDGVLQHPEDUJRODSOHQDH[LJHQFLDGHODDSOLFDFLyQGH
HVWRV GHUHFKRV KXPDQRV D FDGD HVWDGR VLJXH SUHVHQWDQGR YDFtRV GLItFLOHV GH
VXSHUDU(QHVHVHQWLGRFRPRORDILUPD$UHQGW\ FRPRVHYHUiPiVDGHODQWHHQ
ODVFUtWLFDVTXHOHKDFHDORV'HUHFKRV+XPDQRVHVWRVVLJXHQGHSHQGLHQGRGHOD
FDULGDG\GHODEXHQDYROXQWDG
+DEODUGHXQDUHVLJQLILFDFLyQGHORV'HUHFKRVKXPDQRVSDUHFHLQVXILFLHQWHSRUOR
TXH VHUtD LQWHUHVDQWH SODQWHDU HO WHPD GH OD PLJUDFLyQ GHVGH ORV GHEHUHV X
REOLJDFLRQHVTXHFDGDLQGLYLGXRWLHQHFRQVXSURSLDFRPXQLGDGSROtWLFD\FRQODV
FRPXQLGDGHVTXHKDQGHDFRJHUOR(VWHFULWHULRQRDSOLFDUtDSDUDORVFHUFDGH
PLOORQHV GH LQPLJUDQWHV TXH KR\ H[LVWHQ HQ HO PXQGR VLQR SDUD ODV IXWXUDV
JHQHUDFLRQHV TXH SXHGHQ FRPHQ]DU D SUHSDUDU VX YLDMH D SDUWLU GH XQD OHFWXUD
SURIXQGDGHORTXHKDVLJQLILFDGRODPLJUDFLyQSDUDFDGDXQRGHORVHVWDGRV\ORV
JUDQGHVLQFRQYHQLHQWHVTXHVHSODQWHDQDOPRPHQWRGHUHFRQRFHUSOHQDPHQWHVXV
GHUHFKRV FLYLOHV (Q HVWH PLVPR VHQWLGR FDGD (VWDGR WLHQH XQD GREOH WDUHD SRU
KDFHUIUHQWHDOIHQyPHQRGHODPLJUDFLyQ\FRQVLVWHSRUXQODGRHQSUHSDUDUVH
SDUDUHFLELULQPLJUDQWHV\SRUHORWURSUHSDUDUDORVTXHGHVHDQLUVHDRWURSDtV
WDUHDV SHQGLHQWHVTXHSRFRRQDGD KDFHQ ORV(VWDGRVSDUDVXSHUDUORVYDFtRVGH
UHFRQRFLPLHQWR GH ORV GHUHFKRV D ORV LQPLJUDQWHV \ SRFR R QDGD VH KDFH SDUD
SUHSDUDUDVXJHQWHSDUDODLQHYLWDEOHGLiVSRUD
<VRQSUHFLVDPHQWHHVWRVYDFtRVOHJDOHVODSDUDGRMDGHOD OHJLWLPLGDGGHPRFUiWLFD
\ OD IDOWD GH YROXQWDG GH ORV DIHFWDGRV ORV TXH KDQ DERQDGR HO WHUUHQR DO
WRWDOLWDULVPRSXHV$UHQGWVLHPSUHSHQVyTXHHOGHVSUHFLRSRUODYLGDKXPDQD\OD
VXSHUILFLDOLGDG \ EDQDOL]DFLRQHV GH VXV DFFLRQHV FRPHQ]y FXDQGR PLOORQHV GH
VHUHV KXPDQRV IXHURQ DEDQGRQDGRV D VX VXHUWH \ GHMDGRV VLQ (VWDGR \ VLQ
GHUHFKR \D TXH QR WHQHU (VWDGR HUD HTXLYDOHQWH D QR WHQHU GHUHFKRV SXHV ORV
GHUHFKRVKXPDQRVWDOFRPRHOODPLVPDORVHQWLHQGHKDQTXHGDGRVXEVXPLGRVHQ
ORV GHUHFKRV FLYLOHV GH FDGD SXHEOR SXHV PXFKRV GH HOORV FUH\HURQ \ OR VLJXHQ
FUH\HQGRTXHDFHSWDUORVGHUHFKRVKXPDQRVHVDEULUOHVVLPSOHPHQWHXQHVSDFLR
HQHODUWLFXODGRGHODFRQVWLWXFLyQSROtWLFD(VWRVLJQLILFDXQUHWURFHVRHQODPLUDGD
TXH HOPXQGRSUHWHQGHFRQVWUXLUGHORVGHUHFKRVKXPDQRVSXHVHVWRVTXHGHEHQ
SURWHJHU D ORV TXH KDQ GHFLGLGR LUVH D RWUDV WLHUUDV R TXH KDQ WHQLGR TXH
DEDQGRQDUHOSDtVDKRUDVHKDQTXHGDGRVLQGHUHFKRV/RPiVWHUULEOHQRVRQORV
GHUHFKRVFLYLOHVTXHQRORVSURWHJHVLQRODLGHDGHQRWHQHUGHUHFKRV³(OGHUHFKR
D WHQHU GHUHFKRV´ IXH HO HFR GH XQD YR] GRUPLGD TXH VROR VH HVFXFKy FXDQGR
PLOORQHVGHVHUHVKXPDQRVFRPHQ]DURQDHPLJUDUGHVXVWLHUUDV\UHFODPDURQHO
GHUHFKR FLXGDGDQR GH SHUWHQHFHU D XQD FRPXQLGDG SROtWLFD RUJDQL]DGD \ HO
UHFRQRFLPLHQWR GH VXV DFFLRQHV \ RSLQLRQHV +DEUi TXH LQVLVWLU GHVGH $UHQGW
TXH HVWD GHVDWHQFLyQ D ORV H[WUDQMHURV FRPHQ]y FRQ HO LPSHULDOLVPR \
GHULYy SRVWHULRUPHQWH HQ WRWDOLWDULVPR SRUTXH HO EODQFR HXURSHR WUDQVJUHGLy ORV
OLPLWHV FXOWXUDOHV SROtWLFRV \ PRUDOHV GH ORV SXHEORV TXH DUUDVy HQ ÈIULFD \
$PpULFDFRQORFXDOORVKRPEUHVPiVFLYLOL]DGRVPRVWUDURQORSHRUGHVt
/$+263,7$/,'$'&21',&,21$/(1'(55,'$
8QDKRVSLWDOLGDGLQFRQGLFLRQDO>XQLYHUVDO@HVFLHUWDPHQWHSUiFWLFDPHQWHLPSRVLEOHGHYLYLU
XQR QR SXHGH HQ WRGR FDVR SRU GHILQLFLyQ RUJDQL]DUOD /R TXH OOHJD OOHJD OR TXH RFXUUH
RFXUUH \ pVWH HV HQ HO IRQGR HO ~QLFR DFRQWHFLPLHQWR GLJQR GH HVWH KRPEUH < VR\
FRQVFLHQWHGHTXHHVHFRQFHSWRGHKRVSLWDOLGDGSXUDQRSXHGHWHQHUQLQJ~QHVWDWXVMXUtGLFR
RSROtWLFR1LQJ~Q(VWDGRSXHGHLQVFULELUORHQVXVOH\HV3HURVLQHOSHQVDPLHQWRDOPHQRV
GHHVWDKRVSLWDOLGDGSXUDHLQFRQGLFLRQDOQRWHQGUtDPRVQLQJ~QFRQFHSWRGHODKRVSLWDOLGDG
HQ JHQHUDO«/D KRVSLWDOLGDG LQFRQGLFLRQDO TXH QR HV D~Q QL MXUtGLFD QL SROtWLFD HV VLQ
HPEDUJRODFRQGLFLyQGHORSROtWLFR\ORMXUtGLFR 'HUULGDHG
&RQ 'HUULGD \ QR QHFHVDULDPHQWH UHVSRQGLHQGR D .DQW SRGUHPRV DGHODQWDU XQD
FRQFOXVLyQ(OiPELWRMXUtGLFR\ODGHIHQVDSROtWLFDGHODVREHUDQtDGHORV(VWDGRV
YDQ HQ FRQWUDYtD GH OD KRVSLWDOLGDG HQWRQFHV¢)UHQWH D OD GHIHQVD 6REHUDQD GH
ORV (VWDGRV WLHQH DOJ~Q VHQWLGR SHQVDU KDEODU \ DFWXDU HQ IXQFLyQ GH OD
KRVSLWDOLGDG GH OD TXH GHEHQ JR]DU WRGRV ORV LQGLYLGXRV SDUD HVWDEOHFHU
FRQGLFLRQHVGHYLGDGLJQD"
6LQ GXGD GH HVWH SHQVDPLHQWR QR VH SXHGH GHGXFLU QLQJXQD SROtWLFD QLQJXQD pWLFD QL
QLQJ~QGHUHFKR3RUVXSXHVWRQRVHSXHGHKDFHUQDGDFRQpO1RKD\QDGDTXHKDFHUFRQ
pO3HUR¢FDEUtDLQFOXVRFRQFOXLUTXHHVWHSHQVDPLHQWRQRGHMDQLQJXQDKXHOODVREUHORTXH
KD\ TXH KDFHU SRU HMHPSOR HQ OD SROtWLFD OD pWLFD R HO GHUHFKR SRU YHQLU" 'HUULGD
S
(OFRQFHSWRGHKRVSLWDOLGDGHQ'HUULGDQRHVSURSLDPHQWHXQFRQFHSWRDQWHWRGR
XQD H[SHULHQFLD LQWHQFLRQDO TXH GHVERUGD LQFOXVR ORV OtPLWHV GHO VDEHU \ TXH
LPSOLFDHQWRGRPRPHQWRODUHODFLyQFRQRWURH[WUDQMHURPLJUDQWHRUHIXJLDGR\
GHO TXH SRFR R QDGD VH VDEH VROR TXH VRQ VHUHV KXPDQRV FRQ OD FRQGLFLyQ
QHFHVDULDSDUDVHUUHFLELGRVDFRJLGRV\DFRPSDxDGRVHQXQHVSDFLRGRQGHWRGRV
KHPRVRGHEHPRVUHFLELUHOPLVPRWUDWR6LJXLHQGRD3HQFKDV]DGHK S
ODKRVSLWDOLGDG>HQ'HUULGD@FRPRGRQVHHQFXHQWUDHQXQHVSDFLRGHFUXFHHQWUHORSROtWLFR
ORHFRQyPLFRORVRFLDOORpWLFR\WDPELpQORILORVyILFR/DKRVSLWDOLGDGFRQOOHYDVLHPSUHXQ
GHEHUHQHVWHVHQWLGRVHFRQHFWDQRVROR FRQ XQD RQWRORJtDMXUtGLFDFRQXQWLHPSR XQD
WHPSRUDOLGDG \XQOXJDU WRSRV VLQRWDPELpQFRQFLHUWDGHRQWRORJtDMXVWLFLHUD FRPRVROR
KD\XQPXQGRSDUDKDELWDUHVSUHFLVRDEULUDORWURFDGDYH]HOGHUHFKRDODKRVSLWDOLGDG
'H DKt TXH KD\D TXH SUHJXQWDUVH ¢3RU TXp OD KRVSLWDOLGDG FRPR GRQ VH OLPLWD GRQGH
TXLHUDTXHH[LVWH"
/$ 0,*5$&,Ï1 ,17(51$&,21$/ (175( /$ +263,7$/,'$' < /$

+267,/,'$'
/DPLJUDFLyQLQWHUQDFLRQDOVHUHILHUHDODPRYLOLGDGGHODVSHUVRQDVGHXQSDtVGH
RULJHQDRWURGHGHVWLQRFRQHOLQWHUpVGHILMDUUHVLGHQFLD(VWDOLEHUWDGVLHPSUHKD
H[LVWLGR \ KD HVWDGR SUHVHQWH HQ OD KLVWRULD GH OD KXPDQLGDG SHUR GDGDV ODV
JXHUUDV\ODVREHUDQDGHIHQVDGHORVWHUULWRULRVHOHVWXGLR\HOWUDWRTXH VHOHGD
DOIHQyPHQRPLJUDWRULRVHFRPSOHML]y\VHVLJXHFRPSOHML]DQGRFDGDYH]PiV(Q
HVWH VHQWLGR OD PLJUDFLyQ QR VLHPSUH IXH HQWHQGLGD FRPR XQ SUREOHPD R XQD
DPHQD]D \ GH KHFKR HQ PXFKDV RFDVLRQHV IXH \ SXHGH VHU XQD JUDQ VROXFLyQ
VREUH WRGR SDUD ORV SDtVHV GH DFRJLGD 3RU OR PLVPR FUHR TXH KD\ TXH
GHVQDWXUDOL]DU HO VHQWLGR TXH KR\ PXFKRV TXLHUHQ GDUOHV D ODV PLJUDFLRQHV
LQWHUQDFLRQDOHV6RQ PXFKRVORVHMHPSORV TXHSRGUtDQGHVYLUWXDUHVWDYLVLyQTXH
WUDWDQGHYHQGHUQRVVREUHOD DFWXDOLGDG GHODVPLJUDFLRQHVLQWHUQDFLRQDOHVFRPR
XQ SUREOHPD (Q WpUPLQRV GHUULGLDQRV KDEUi TXH GHFLU TXH OD DFWXDOLGDG QXQFD
HVWi GDGD \ TXH OD UHDOLGDG D OD TXH VH UHILHUH HV XQD ³KHFKXUD ILFFLRQDO´
SURGXFLGD XWLOL]DGD SHUIRUPDWLYDPHQWH LQWHUSUHWDGD SRU QXPHURVRV GLVSRVLWLYRV
DUWLILFLDOHV TXH VH SRQHQ DO VHUYLFLR GH ODV IXHU]DV H LQWHUHVHV GH ORV VXMHWRV R
JUXSRVTXHYDQDUWHVDQDQGRRILFFLRQDQGRODUHDOLGDGDFWXDO
3RUVXSXHVWRODUHDOLGDGGHODVPLJUDFLRQHVYDPiVDOOiGHODFRQWHQFLPLHQWR GHO
KHFKR OODPDWLYR \ DFWXDO \ OD WDUHD GH ORV DFDGpPLFRV DQWHV TXH TXHGDU
HQWUDPSDGRV HQ HO HYHQWR H[WUDRUGLQDULR GHEH VHU OD GH GHFRQVWUXLU OD ³KHFKXUD
DUWLILFLDO´ SDUD FRQRFHU \ HQWHQGHU ODV UHDOHV LPSOLFDFLRQHV SROtWLFDV \ pWLFDV GHO
IHQyPHQR(QHOHVIXHU]RGHFRPSUHQGHUXQSRFRPiVHOIHQyPHQRPLJUDWRULR\
VLJXLHQGR WDQJHQFLDOPHQWH D 'HUULGD XELFR HO DQiOLVLV GHODV
PLJUDFLRQHV HQWUH GRV FRQFHSWRV TXH RSHUDQ FRPR H[SHULHQFLDV LQWHQFLRQDOHV
HVWRVFRQFHSWRVVRQODKRSLWDOLGDG\ODKRVWLOLGDGPiVELHQODKRVWLSLWDOLGDG(VWH
MXHJRGHSDODEUDVPX\GHOILOyVRIRIUDQFpVQRVSHUPLWHSHQVDUTXHQRQRKD\\
QR VH SXHGH KDEODU GH OD KRVSLWDOLGDG VLQR HQ SUHVHQFLD GH OD KRVWLOLGDG R
VLPSOHPHQWHTXHQRKD\KRVSLWDOLGDGVLQKRVWLOLGDG6HWUDWDHQWRGRFDVRGHXQD
UHODFLyQ GH DFRJLGD \ UHFKD]R HQWUH HO GHEHU pWLFR \ HO FiOFXOR SROtWLFR (VWD
UHODFLyQ GLDOpFWLFD HQWUH HO GHEHU pWLFR \ HO FiOFXOR SROtWLFR OOHYR D 'HUULGD D
HVWDEOHFHU XQD GLIHUHQFLD HQWUH KRVSLWDOLGDG LQFRQGLFLRQDO \ KRVSLWDOLGDG
FRQGLFLRQDO/DSULPHUDVHUHILHUHDXQDKRVSLWDOLGDGHVSRQWDQHDSXUDDEVROXWD
XQLYHUVDOGRQDGRUDVLQGHEHUHVQLGHXGDV(VXQDKRVSLWDOLGDGTXHVHEULQGDDO
TXHOOHJDVLQDYLVDUDOTXHVLPSOHPHQWHOOHJD6HWUDWDGHXQDYLUWXGDQWLJXDTXH
UHILHUH XQ WUDWR DPDEOH \ ERQGDGRVR FRQ HO RWUR +XPDQR FRQ R VLQ HVWDWXWR
MXUtGLFRFRQRVLQSDSHOHVFRQRVLQFRQRFLPLHQWRGHVXRULJHQ(VXQEULQGDUVHDO
RWURVLQQRUPDVQLOH\HV HVERQGDGSXUD 3RUVXSDUWHODKRVSLWDOLGDGFRQGLFLRQDO
HVWi QRUPDGD UHJODGD FRQWURODGD UHJXODGD \ FRQGLFLRQDGD DO FRQRFLPLHQWR TXH
WHQJRGHORWUR
6LHQGRODKRVSLWDOLGDGLQFRQGLFLRQDOHO~QLFRDFRQWHFLPLHQWRGLJQRGHOKRPEUH SRU
VX HVSRQWDQHLGDG \ SRU OD OLEHUWDG GH XQD RFXUUHQFLD QR DUWLILFLDO HV
LPSUDFWLFDEOHSHURVHYDORUDTXHH[LVWDHQHOSHQVDPLHQWRGHORVKRPEUHV\DTXH
HVWDLGHDXQLYHUVDOGHKRVSLWDOLGDGRULHQWDODVQRUPDV\ODVOH\HVGHODKRVSLWDOLGDG
FRQGLFLRQDODODYH]TXHQRVLQWHUURJD\QRVKDFHUHIOH[LRQDUVREUHODILJXUDGHO
H[WUDQMHUR VHU KXPDQR \ HO H[WUDQMHUR FLXGDGDQR /D JUDQ SUHJXQWD DSXQWD D VL
¢HVSRVLEOHLUPiVDOOiGHODILJXUDGHOH[WUDQMHURFRPRGLVSRVLWLYRSROtWLFRRHQWH
MXUtGLFR" 3RUDKRUDODUHVSXHVWDHVQRDXQTXHGHEHUtDVHUHOFDPLQRDVHJXLU\OD
UHVSXHVWDHV12\DTXHLPSOLFDUtDLUPiVDOOiGHORUGHQHVWDEOHFLGRSRUORVHVWDGRV
DSDUWLUGHOFXDOVHWLHQHFRQRFLPLHQWRGHORWUR\VHOHFRQGLFLRQDD REHGHFHUODV
OH\HV
8QD KRVSLWDOLGDG LQFRQGLFLRQDO QR HV SRVLEOH SRUTXH LPSOLFD XQD SRVLFLyQ GH
DQDUTXtD TXH URPSH FRQ ORV VLVWHPDV KRPRJHQL]DQWHV \ DVLPLODFLRQLVWDV TXH
SUHWHQGHDSDUWLUGHOFRQRFLPLHQWRGHVXVPLHPEURVFRQWURODUORWRGR'HVGHHVWD
SHUVSHFWLYDODV FXOWXUDVGRPLQDQWHV SRQHQODVFRQGLFLRQHV\VRPHWHQODOLEHUWDG
GH ORV H[WUDQMHURV DO HQWUDPDGR MXUtGLFR HQWRQFHV OD OOHJDGD GH ORV RWURV
LQYLWDGRV R QR GHVHVWDELOL]DQ ORV FUHGRV ODV LGHRORJtDV ODV LGHQWLGDGHV ORV
QDFLRQDOLVPRV \ ODV YLVLRQHV XQLFXOWXUDOHV GHO PXQGR 3RU VXSXHVWR HO RWUR GHO
TXHSRFRVDEHPRVJHQHUDXQPLHGRDORV(VWDGRVTXHORVKDOOHYDGRDOHQYDQWDU
PXURV\UHIRU]DUORVSDVRVIURQWHUL]RVXQPLHGRTXHFRQWUDVWDFRQXQDSDUWHGHOD
VRFLHGDGTXHFHOHEUDODOOHJDGDGHORVRWURVSRUTXHDEUHQHOPXQGRRVFXURSDUD
GDUOH VHQWLGR D HVDV FRPXQLGDGHV GH SDSHO TXH QHFHVLWDQ FRQILUPDU TXH ORV
KXPDQRV VRQ R VRPRV HQ GHILQLWLYD PiV LPSRUWDQWHV TXH ORV SDSHOHV ORV
WUiPLWHV\ODVYLVDV
3RU DKRUD FRQ HVWH SHQVDPLHQWR GH XQD KRVSLWDOLGDG LQFRQGLFLRQDO QR VH SXHGH
KDFHUPXFKRSULPHURSRUTXHQRJR]DGHXQHVWDWXWRMXUtGLFRVHJXQGRSRUTXHHV
DQiUTXLFR\WHUFHURSRUTXHQRHVWDPRVSUHSDUDGRVSDUDSHQVDUHQXQDLGHQWLGDG
VLQRHVFRQODFRQWUDFDUDGHODGLIHUHQFLDRVHDHORWURVHJXLUiVLHQGRHORWURTXH
UDWLILFDPLLGHQWLGDG
1R TXHGD PiV DOWHUQDWLYD TXH DFHSWDU OR TXH DUWLILFLDOPHQWH VH KD FRQVWUXLGR D
VDEHU OD KRVSLWDOLGDG FRQGLFLRQDO DTXHOOD TXH QRV UHFXHUGD TXH ORV LQPLJUDQWHV
HVWiQVRPHWLGRVDOD DXWRULGDGGHODVIURQWHUDVDODREOLJDFLyQGHWHQHUSDSHOHV
TXH SHUPLWD VDEHU TXLpQHV VRQ \ GH GRQGH YLHQHQ 6H WUDWD GH XQ PHFDQLVPR
FUHDGRSDUD HYLWDUODVVRUSUHVDVTXHSXHGDQGHVHVWDELOL]DUODSD]VRFLDO DUWLILFLDO
SRUORGHPiV /DOOHJDGDGHORWUR GLYHUVRGLVWLQWRQRLGHQWLILFDEOH QRVHQVHxD
'HUULGDKDFHLPSRVLEOHODLGHQWLGLFDFLyQSOHQDODFODVLILFDFLyQGHORVDUFKLYRV\GH
ODVSHUVRQDVSRQHHQPRYLPLHQWRODXQLGDGGHXQ(VWDGRXQLILFDGRU\DUUXLQDHO
RUGHQKRPRJpQHR\OLPSLR$VtODFRPXQLGDGSROtWLFD ODGHORVSDSHOHV H[FHGHD
ODFRPXQLGDGQDFLRQDO ODTXHFUHDFXOWXUD \HVFXHVWLyQGHHVSHUDUSRFRWLHPSR
SDUDTXHWRGRVHDFRPXQLGDGSROtWLFDLGHQWLILFDGDFODVLILFDGD\RUGHQDGD
/D OOHJDGD FODVLILFDGD GHO RWUR VH FRQYLHUWH HQWRQFHV HQ XQD KRVSLWDOLGDG
FRQGLFLRQDO DXWRUL]DGD R QR SRU HO SDtV GH DFRJLGD \ SURSRQH XQD HVWDGtD
VXSHGLWDGD D ODV UHJODV (V HQ WRGR FDVR XQD KRVSLWDOLGDG SRU OD OOHJDGD GHO
KXpVSHG KRVWLO SRUODVFRQGLFLRQHVLPSXHVWDV \VLHPSUHDPHQD]DQWHVGHOGXHxR
GH FDVD (O DQILWULyQ HV KRVSLWDODULR FRQ HO UHFLpQ OOHJDGR HQ OD PHGLGD TXH VH
PDQWLHQHXQDUHODFLyQGHSRGHUGHDXWRULGDG\VREHUDQtDXQDUHODFLyQDVLPpWULFD
GRQGH HO UHFLpQ OOHJDGR HVWi HQ GHVYHQWDMD \ FRQ OD LQPLQHQWH SRVLELOLGDG GH
UHWRUQR VLQ HPEDUJR FXDQGR HVWDV FRQGLFLRQHV FDPELDQ ODV PLJUDFLRQHV VRQ
VHxDODGDV FRPR ³SUREOHPD´ SRUTXH HO RWUR LQWURGXFH OD DQDUTXtD GHPRFUiWLFD H
LQWHUSHOD HO RUGHQ HVWDEOHFLGR (VWDPRV HQWRQFHV IUHQWH D XQD UHODFLyQ
KRVWLSLWDODULD GLVSXHVWD D SURWHJHU HO FiOFXOR VREHUDQR TXH GHILQH HO ³TXLHQHV
VRPRV´DOWLHPSRGHOLPLWDUH[FOXLU\H[SXOVDU DORWURVLHVQHFHVDULR
&RQ 'HUULGD VH DUULED D XQ SXQWR GHO DQiOLVLV TXH UHVXOWD DSRUpWLFR GLILFXOWDG R
LQYLDELOLGDG HQ HO DQiOLVLV HQ HO HVWXGLR GH ODV PLJUDFLRQHV SXHV KD\ TXH
SUHJXQWDU ¢&yPR HV TXH H[FOXLPRV \ HQ RFDVLRQHV QHJDPRV DTXHOOR TXH HV
FRQVWLWXWLYR GH OD SURSLD LGHQWLGDG" ¢&yPR VDOLU GH HVWD HVWUXFWXUD VDFULILFLDO GHO
RWUR FXDQGR GH HOOD GHSHQGH OD FRQVWUXFFLyQ GH XQ QRVRWURV" /D UHVSXHVWD GDGD
SRU'HUULGDDHVWRVLQWHUURJDQWHV WLHQH TXHYHUFRQHOHWKRVTXH XQHDORVXQRV
FRQ ORV RWURV D WUDYpV GH XQD UDFLRQDOLGDG SUiFWLFD RULHQWDGD D FLHUWRV YDORUHV \
SULQFLSLRVXQLYHUVDOHV pWLFDPtQLPD FRQORVTXHJDUDQWL]DPRVHOGHVDUUROORPRUDO
GH ORV LQGLYLGXRV \ OD FUHDFLyQ GH QXHYRV FyGLJRV PRUDOHV TXH QRV SHUPLWD XQD
YLGDEXHQD(OHMHGH HVWDUDFLRQDOLGDGSUiFWLFDDSXQWDDOUHFRQRFLPLHQWRHQVXV
GLIHUHQWHVQLYHOHV VRFLDOMXUtGLFR TXHGHYLHQHHQVROLGDULGDGDQWHODSUHVHQFLDGHO
RWUR (QYLUWXGGHOWLHPSRQRPHGHWHQGUpHQHOFRQFHSWRGHUHFRQRFLPLHQWR \
SDVDUpDSODQWHDUXQLQWHUURJDQWHTXHWDOYH]XVWHGHVVHHVWiQKDFLHQGR¢3RUTXp
VHUKRVSLWDODULRFRQHORWURH[WUDQMHUR"¢&RQHOTXHOOHJD"¢&RQHOTXHKDWHQLGROD
YDOHQWtDGHDUURMDUVH\HQWUHJDUVH"HVGHFLU¢SRUTXpVHUKRVSLWDODULRFRQHOTXH
\DVHKDEULQGDGRDQRVRWURVHQXQDPXHVWUDSOHQDGHFRQILDQ]D"
/DFRQILDQ]DVHH[SUHVD FXDQGRXQQLxRSRUHMHPSORVHODQ]DDORVEUD]RVGHOD
PDGUH R GHO SDGUH HVSHUDQGR TXH OR SXHGDQ FRJHU OR SXHGDQ DFRJHU \ HO
LQPLJUDQWH UHFUHD HO RULJHQ GH OD YLGD SXHV DUURMDGR D XQD QXHYD WLHUUD D XQ
QXHYRSDtV DXQDQXHYDVRFLHGDGHVSHUDVHUDFRJLGR/DPLJUDFLyQHVXQDFWRGH
FUHDFLyQHVHQWpUPLQRVGH+DQQDK $UHQGWQDWDOLGDGHVRULJHQHVXQYROYHUD
HPSH]DU FRQ OD FRQILDQ]D GH MXJDU HO MXHJR GH ODV SUREDELOLGDGHV LQILQLWDV XQ
FRQFHSWRIXQGDPHQWDOSDUDHQWHQGHUODOLEHUWDGSROtWLFDGHORVVXMHWRVSHURVREUH
HOFXDOQRGLUpQDGDSRUFXHVWLyQGHWLHPSR
/RTXHKDFHTXHHOLQPLJUDQWHVHDUURMHDOPXQGRHVODFRQILDQ]DTXHWLHQHGHVHU
DFRJLGRSXHVFUHHHQORVRWURVHQORTXHGLFHQHQORTXHKDFHQ&RQItDHQTXH
FRQORVRWURVORJUDUiHOELHQDPDGRRGHVHDGR
81$Ò/7,0$5()/(;,Ï1
$Vt SXHVHO LQPLJUDQWH HV SRVHHGRU GH FRQILDQ]D \ MXQWR D ORV RWURV KRPEUHV\
PXMHUHVHQHOSDtVGHDFRJLGD SUHWHQGHGLVLSDUORVPLHGRVFRQVWUXLUHVWUHFKDV\
SURIXQGDVUHODFLRQHVFRQODVHJXULGDGGHORJUDUXQLUVHDODJHQWHGHOQXHYRSDtV
TXHHYLWDUiTXHVHSLHUGDHQVXVVXHxRV\VHGLOX\DHQVXVH[SHFWDWLYDVSXHVHO
LQPLJUDQWHVHFRQRFH\HVSHUDTXHORFRQR]FDQ\TXHFRQR]FDQVXSRWHQFLDOLGDG\
VX FDSDFLGDG GH EULQGDUVH $KRUD ELHQ XQD UHODFLyQ GH FRQILDQ]D GHEH VHU
UHFtSURFD\VLHOLQPLJUDQWH\DGLRVHxDOHVGHFRQILDUHQODVRFLHGDGGHDFRJLGDVH
HVSHUDTXHGLFKDVRFLHGDGWDPELpQFRQItHHQHOORVSXHVDOVXUJLUODFRQILDQ]DHQ
ORVRUtJHQHVGHORVVHUHVKXPDQRVHOODJHQHUDXQDUHODFLyQGHGHSHQGHQFLD\DVt
FRPR HO QLxR FRQItD HQ VX PDGUH \ VDEH TXH HQ XQD HVWUHFKD UHODFLyQ VX IXWXUR
HVWi JDUDQWL]DGR OD PDGUH WDPELpQ FRQItD QR VROR HQ XQ JUDQ WUDEDMR GH
HGXFDFLyQ\IRUPDFLyQVLQRWDPELpQHQHOGHVDUUROORPi[LPRGHODVFDSDFLGDGHV
GHO QLxR 6L OD FRQILDQ]D HVWi OLJDGD D ORV RUtJHQHV GH OD YLGD GH ORV VHUHV
KXPDQRV ¢SRU TXp GHVFRQILDPRV" 'HVFRQILDPRV FXDQGR QR VRPRV FDSDFHV GH
EULQGDUQRVDRWURVVHUHVKXPDQRVFXDQGRQRQRVDEDQGRQDPRVFXDQGRQRQRV
GRQDPRVHQXQDUHODFLyQFX\DEHQHYROHQFLDQRVSHUPLWLUtDFRQVWUXLUVRFLHGDGFRQ
KRPEUHV\PXMHUHVH[WUDRUGLQDULDVQLYHOHQTXHHOPLVPR$ULVWyWHOHVFRQFLELyOD
DPLVWDGODDPLVWDGYHUGDGHUDRYLUWXRVD
/DPLJUDFLyQHVXQDUHDOLGDGFRQODTXHORVSDtVHVGHOPXQGRVLQTXH&KLOHVHD
XQDH[FHSFLyQWHQGUiQTXHFRQYLYLUDVtHO~QLFRFDPLQRHVHOGHWUDEDMDUFRQORV
LQPLJUDQWHV FRQ YLVWDV D OD SOHQD LQWHJUDFLyQ HQ XQ PDUFR OHJDO TXH JDUDQWLFH OD
GLYHUVLGDGFXOWXUDOKDVWDORJUDUHQWHQGHUODFRPRXQIHQyPHQRTXHQRVXQH\QR
TXHQRVGLYLGH6DVNLDVDVVHQ
%LEOLRJUDItD
$UHQGW+ /DFRQGLFLyQ+XPDQD%DUFHORQD3DLGyV

$UHQGW+ 'HODKLVWRULDDODDFFLyQ%XHQRV$LUHV3DLGyV
$UHQGW+ /RV2UtJHQHVGHO7RWDOLWDULVPR0DGULG$OLDQ]D(GLWRULDO
$UHQGW+ ¢4XpHVODSROtWLFD"%XHQRV$LUHV3DLGyV
%HQKDELE 6 /DV UHLYLQGLFDFLRQHV GH OD FXOWXUD ,JXDOGDG \ GLYHUVLGDG HQ OD HUD JOREDO
7UDG$OHMDQGUD9DVDOOR %XHQRV$LUHV(GLWRULDOGLVFXVLRQHV
%HQKDELE 6 /RV GHUHFKRV GH ORV RWURV ([WUDQMHURV UHVLGHQWHV \ FLXGDGDQRV %DUFHORQD
*HGLVD
%HQKDELE 6 (O VHU \ HO RWUR HQ OD pWLFD FRQWHPSRUiQHD )HPLQLVPR FRPXQLWDULVPR \
SRVPRGHUQLVPR%DUFHORQD*HGLVD
&RUWLQD$ &LXGDGDQRVGHOPXQGR+DFLDXQDWHRUtDGHODFLXGDGDQtD0DGULG$OLDQ]D
&RUWLQD$ /RVFLXGDGDQRVFRPRSURWDJRQLVWDV%DUFHORQD&tUFXORGHOHFWRUHV
'HUULGD- (OPRQROLQJLVPRGHORWUR%XHQRV$LUHV0DQDQWLDO
'HUULGD- /DKRVSLWDOLGDG7UDG0LUWD6HJRYLD%XHQRV$LUHV(G'HOD)ORU
'HUULGD- ³$XWRLQPXQLGDG6XLFLGLRVVLPEyOLFRV\UHDOHV´HQ/DILORVRItDHQXQDpSRFDGH
WHUURU'LDORJRVFRQ'HUULGD\+DEHUPDV%XHQRV$LUHV7DXUXV
.DQW, /DSD]SHUSHWXD0DGULG0HVWDVHGLFLRQHV
0RULQ( 7LHUUDSDWULD%DUFHORQD.DLUyV
3HQFKDV]DGHK $ 3ROtWLFD \ KRVSLWDOLGDG 'LVTXLVLFLRQHV XUJHQWHV VREUH OD ILJXUD GHO
([WUDQMHUR%XHQRV$LUHV(XGHED
6DVVHQ6 ,QPLJUDQWHV\FLXGDGDQRV(VSDxD6LJOR;;,
6DVVHQ6 /DFLXGDG*OREDO%XHQRV$UHV8QLYHUVLGDGGH%XHQRV$LUHV
6HQ$ /DLGHDGHODMXVWLFLD0DGULG7DXUXV
6HQ$ 'HVDUUROOR\OLEHUWDG%DUFHORQD3ODQHWD
6ROLPDQR$ 0LJUDFLRQHV,QWHUQDFLRQDOHVHQ$PpULFDODWLQD&KLOH)&(
6ROLPDQR$ 0LJUDFLRQHVFDSLWDO\FLUFXODFLyQGHWDOHQWRVHQODHUDJOREDO0H[LFR)&(
*OREDOL]DFLyQFXOWXUD\HGXFDFLyQ
KDFLDXQDQXHYDIRUPDGHKDFHU
SROtWLFD
0DUtD$QJpOLFD1DYDUUR6iQFKH]
,QVWLWXFLyQ8QLYHUVLWDULD&(60$* 3DVWR
,QWURGXFFLyQ
/D JOREDOL]DFLyQ HV XQ IHQyPHQR TXH FDPELy OD IRUPD GH YHU HO PXQGR GH
FRPXQLFDUVHGHLQWHUDFWXDU\GHSHQVDU8QKHFKRTXHUHSHUFXWHHQODGLQiPLFD
GLDULD GH OD PD\RUtD GH ORV PLHPEURV GH OD DOGHD JOREDO HQ VXV GLIHUHQWHV
HVFHQDULRVGHVGHHOVRFLDOKDVWDHOSROtWLFRSDVDQGRSRUHOHFRQyPLFRHGXFDWLYR\
HOFXOWXUDO(QHOiPELWRGHODFXOWXUDODJOREDOL]DFLyQKD KHFKRTXHpVWDHQWUHHQ
XQ SURFHVR LQWHUHVDQWH GH IRUWDOHFLPLHQWR \ GH DGDSWDFLyQ VL PH OR SHUPLWHQ
H[SUHVDUDVt GRQGHVHSUHVHQWDHQXQDGLFRWRPtDSRUODSUHVHUYDFLyQGHYDORUHV
DQFHVWUDOHVWUDGLFLRQHV\OHJDGRVIUHQWHDXQDUHDOLGDGTXHH[LJHDGDSWDUVHDORV
FDPELRV TXH LPSOLFDQ ORV PRGHORV VRFLDOHV LQWHUYHQFLRQLVWDV SURGXFWR GH
GRPLQDFLRQHVHFRQyPLFDV\SROtWLFDV$XWRUHVFRPR(QULFD5RVVDQD1HVWRU*DUFtD
&DQFOLQL 0DULR 9DUJDV /ORVD (ULF +REVEDZQ \ /LOLDQD ,UL]DU 5RGUtJXH] HQWUDQ HQ
GLiORJR HQ OD SUHVHQWH UHIOH[LyQ FRQ HO iQLPR GH DEULU OD GLVFXVLyQ GH pVWD
GLFRWRPtD \ DVt PLVPR UHIOH[LRQDU VREUH OD LQIOXHQFLD GHO WHFQRVLVWHPD HQ OD
FRQIRUPDFLyQGHORVYDORUHVVRFLDOHV\HOUROFHQWUDOTXHFXPSOHODHGXFDFLyQSDUD
ODPDWHULDOL]DFLyQGHXQDIRUPDFLyQDFRUGHDOPRGHORSROtWLFRTXHFRPRVRFLHGDG
VHHVSHUD
/$ */2%$/,=$&,Ï1 81$ 2325781,'$' 3$5$ +80$1,=$5 /$

&8/785$
(QULFD5RVVDQDSHGDJRJD\GRFWRUDHQVRFLRORJtDH[SUHVDTXHODJOREDOL]DFLyQ³HV

/LFHQFLDGDHQ)LORVRItD\+XPDQLGDGHV0DJLVWHUHQ(GXFDFLyQ8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD
0LHPEUR $G KRQRUHP GHO JUXSR GH ,QYHVWLJDFLyQ /80(1 GH OD (VFXHOD GH )LORVRItD GH OD
8QLYHUVLGDG6HUJLR$UEROHGD'RFHQWHH,QYHVWLJDGRUDGHOD)DFXOWDGGH(GXFDFLyQGHOD,QVWLWXFLyQ
8QLYHUVLWDULD &(60$* (O SUHVHQWH HVFULWR HV XQD DFWXDOL]DFLyQ GH OD SRQHQFLD ³,PSRUWDQFLD GH OD
JOREDOL]DFLyQ\ODFXOWXUDHQODFRQVWUXFFLyQGHODLGHQWLGDGODWLQRDPHULFDQD´SUHVHQWDGDHQHO9,,
&RQJUHVR ,QWHUQDFLRQDO GH %LRpWLFD %LRpWLFD \ HGXFDFLyQ 5HWRV \ KRUL]RQWHV HQ OD pSRFD
FRQWHPSRUiQHD UHDOL]DGR HQ OD 8QLYHUVLGDG 0LOLWDU 1XHYD *UDQDGD HQ %RJRWi &RORPELD &RUUHR
HOHFWUyQLFRPDQDYDUUR#LXFHVPDJHGXFR
XQDUHDOLGDGXQIHQyPHQRJHQHUDOL]DGRXQSURFHVR GHLQWHUFDPELRSODQHWDULRTXH
SRQHHQUHODFLyQDORVSDtVHVHFRQRPtDVPHUFDGRVUHOLJLRQHVFXOWXUDVYDORUHV´
5RVDQQDS )UHQWHDHVWDUHDOLGDGGHODFXDOQRKD\YXHOWDDWUiVVHJ~Q
SDUHFH OD WDUHD HV DSUHQGHU D YLYLU HQ HOOD \ UHVFDWD DVSHFWRV SRVLWLYRV GH HVWH
IHQyPHQRFRPR
OD DSHUWXUD GH KRUL]RQWHV SRU HQFLPD GH ODV IURQWHUDV HO LQWHUFDPELR SODQHWDULR GH
LQIRUPDFLRQHV OD FRQFLHQFLDFLyQ UHVSHFWR D ODV VLWXDFLRQHV GH SREUH]D \ GH H[SORWDFLyQ OD
FUHDFLyQGHFHQWURVFXOWXUDOHVLQWHUQDFLRQDOHVODFRQFLHQFLDGHXQDVROLGDULGDGSODQHWDULDOD
DSHUWXUDGHLQWHUFDPELRVFXOWXUDOHV 5RVVDQDS
'HORDQWHULRUHOSRGHUYLVLELOL]DUODVQHFHVLGDGHVSRUORPHQRVItVLFDVGHFLHUWRV
HVFHQDULRV SREODFLRQDOHV SHUPLWHQ FUHDU HVWUDWHJLDV FRQWLQJHQWHV SDUD VROXFLRQDU
GH XQD X RWUD PDQHUD ODV FDUHQFLDV SUHVHQWHV PHGLDQWH OD LQWHJUDFLyQ GH
QDFLRQHV\RUJDQL]DFLRQHVGHLPSDFWRJOREDO&UX]5RMD,QWHUQDFLRQDO0pGLFRVVLQ
IURQWHUDV1DFLRQHV8QLGDVVRQPXHVWUDGHGLFKRVHVIXHU]RV
3HUR GLFKR IHQyPHQR JOREDO WDPELpQ KD JHQHUDGR XQ VLQQ~PHUR GH VLWXDFLRQHV
TXH KDQ DELHUWR OD SXHUWD DO PRQRSROLR HO DEXVR GH SRGHU D OD SpUGLGD GH
LGHQWLGDG LQFOXVLYH D OD WHUJLYHUVDFLyQ GH ORV UHFXUVRV QDWXUDOHV HQ SUR GH XQ
GLVFXUVRJOREDO5RVDQQDORPDQLILHVWDGHODVLJXLHQWHPDQHUD
>/DJOREDOL]DFLyQ@HVXQSURFHVRTXHSRGUtDFUHDUPHMRUHVSRVLELOLGDGHVGHYLGDSDUDWRGRV
SHURHQFDPELRHVWLPXODODFRQFHQWUDFLyQGHSRGHUGHXQRVSRFRV KDFHDORVULFRVFDGDYH]
PiVULFRV\DORVSREUHVFDGDYH]PiVSREUHV IDYRUHFHHOXQLIRUPLVPRFXOWXUDO DSDJDODV
SDUWLFXODULGDGHV SHQDOL]DQGR OD GLYHUVLGDG \ JHQHUD HO PRQRSROLR HQ ORV VLVWHPDV GH
FRPXQLFDFLyQ HOSRGHUGHORVGLVWLQWRVSXHEORVHVWiFDGDYH]PiVHQPDQRVGHTXLHQHVVRQ
GXHxRV GH ORV PHGLRV GH FRPXQLFDFLyQ &DXVD OD SpUGLGD GH ODV LGHQWLGDGHV SHUVRQDOHV \
FXOWXUDOHV S
<TXpGHFLUGHORVSDtVHVPiVSREUHV
(O LQIOXMR QHJDWLYR GH OD JOREDOL]DFLyQ UHVXOWD SDUWLFXODUPHQWH JUDYH H[SORWDFLyQ GH OD
SREODFLyQ GRPLQLR GH ODV PXOWLQDFLRQDOHV HVSHFXODFLRQHV ILQDQFLHUDV SURWHFFLRQLVPR
HFRQyPLFR FULVLV \ IUDJLOLGDG GH ODV GHPRFUDFLDV DEXVR GH OD QDWXUDOH]D FRUUXSFLyQ
JHQHUDOL]DGDGHVDSURYHFKDPLHQWRGHUHFXUVRVROYLGRGHODVPLQRUtDV S
8Q HMHPSOR FHUFDQR GH HVWD FULVLV VH HYLGHQFLD HQ DOJXQRV SDtVHV GH $PpULFD
/DWLQD (Q HO iPELWR SROtWLFR XQ JLUR HQ HO FRQFHSWR GH GHPRFUDFLD KDFLD OD
LPSOHPHQWDFLyQ GH XQ SUR\HFWR XWySLFR GH VRFLDOGHPRFUDFLD TXH VH FRQVWUX\H
VREUH OD EDVH GHO GLVFXUVR IUHQWH D XQD UHDOLGDG WDQJLEOH TXH HYLGHQFLD WRGR OR
FRQWUDULR \ DXQ DVt VH LQVLVWH HQ SUHWHQGHU JREHUQDU HQ OR HFRQyPLFR OD
WHQGHQFLD HV D OD QDFLRQDOL]DFLyQ GH ORV HQWHV GH SURGXFFLyQ SHUGLHQGR
FRPSHWLWLYLGDG\IRUWDOHFLPLHQWRHFRQyPLFRDQLYHODPELHQWDOODGHVIRUHVWDFLyQGH
WHUULWRULRVVHOYiWLFRVHQSURGHXQDDJULFXOWXUDWHFQROyJLFD\HQODJHVWLyQS~EOLFD
ODPDOYHUVDFLyQGHIRQGRVS~EOLFRV\FRUUXSFLyQ
3HURHOSXQWRHVSRGHUHQFRQWUDUHQHOIHQyPHQRGHODJOREDOL]DFLyQRSRUWXQLGDGHV
GHFDPELRTXHSHUPLWDQHYLGHQFLDUODVGLILFXOWDGHVVRFLDOHV\GLUHFFLRQDUHVIXHU]RV
SRUXQPXQGRFDGDYH]PiVKDELWDEOH
5RVDQQD D~Q IUHQWH D HVWD VLWXDFLyQ SRFR DOHQWDGRUD LQVLVWH YHU HQ OD
JOREDOL]DFLyQ³HIHFWRVSRVLWLYRVLQFOXVRDQLYHOSHUVRQDOUHVDOWDODLPSRUWDQFLDGHOD
SHUVRQDGHVWDFDVXQHFHVLGDGGHVHQWLGR\GHHVSHUDQ]DGHOLEHUWDG\GLJQLGDG
GH VROLGDULGDG \ pWLFD S~EOLFD GH UHODFLRQHV LQWHUSHUVRQDOHV DXWpQWLFDV \ GH XQD
FRPXQLFDFLyQQRPDQLSXODGD´ S
6H WUDWD GH HQFRQWUDU HQ HVH HVSDFLR JOREDOL]DGR RSRUWXQLGDGHV GH GLQiPLFDV
IRUPDGRUDV WHQGLHQWHV WDQWR D OD UHDOL]DFLyQ SHUVRQDO FRPR VX LQIOXHQFLD HQ HO
iPELWR VRFLDO \ ¢FyPR ORJUDUOR" $ WUDYpV GH XQD IRUPDFLyQ FLXGDGDQD VyOLGD \
DUJXPHQWDWLYD
8QDIRUPDFLyQFLXGDGDQDFRQVFLHQWHGHOYDORUGHODHGXFDFLyQFRPRHMHFHQWUDOGH
WUDQVIRUPDFLyQVRFLDO&RORPELDFRPRHVWDGRVRFLDOGHGHUHFKRUHFRQRFH\OOHYDD
ODHGXFDFLyQDQLYHOGHGHUHFKRIXQGDPHQWDODOVHUXQVHUYLFLRS~EOLFRTXHWLHQH
XQDIXQFLyQVRFLDOTXHSHUPLWHODFRQVWUXFFLyQGHXQSDtVFRQMXVWLFLDVRFLDOFRQ
JDUDQWtDV GH SDUWLFLSDFLyQ GHPRFUiWLFD UHVSHWR D ORV GHUHFKRV KXPDQRV \ OD
LQDJRWDEOHE~VTXHGDGHODSD]
3RU OR WDQWR OD HGXFDFLyQ VH FRQVWLWX\H HQ XQ SLODU IXQGDPHQWDO SDUD OD
FRQVWUXFFLyQ\IRUWDOHFLPLHQWRGHXQPRGHORSROtWLFRTXHFRPRVRFLHGDGVHGHVHD
(VWD DILUPDFLyQ WLHQH XQD FRQQRWDFLyQ SURIXQGD HQ OD QHFHVLGDG GH HVFXFKDU
LQWHJUDU \ VHU SDUWtFLSH D WRGRV ORV FLXGDGDQRV HQ OD PDWHULDOL]DFLyQ GH HVH
SUR\HFWRSROtWLFRFRQFHUWDGR
)UHQWHDODGLYHUVLGDGGHFRUULHQWHVSROtWLFDVH[LVWHQWHVVtHVSRVLEOHSUHVHQWDU XQD
SURSXHVWD ILORVyILFRSROtWLFD FRPR HV OD RIUHFLGD SRU $OHMDQGUR /ODQR TXH SHUPLWD
HQULTXHFHUHOTXHKDFHUSROtWLFR(VHO+XPDQLVPR&tYLFRTXH,UL]DU GHILQH
FRPR
$FWLWXG TXH IRPHQWD OD UHVSRQVDELOLGDG \ OD SDUWLFLSDFLyQ GH ODV SHUVRQDV \ FRPXQLGDGHV
FLXGDGDQDVHQODRULHQWDFLyQ\GHVDUUROORGHODYLGDSROtWLFD7HPSOHTXHHTXLYDOHDSRWHQFLDU
ODV YLUWXGHV VRFLDOHV FRPR UHIHUHQWH UDGLFDO GH WRGR LQFUHPHQWR FXDOLWDWLYR GH OD GLQiPLFD
S~EOLFD S
&X\RVHMHVIXQGDPHQWDOHVVHFHQWUDQHQ
/D SURPRFLyQ GHO SURWDJRQLVPR GH ORV FLXGDGDQRV FRPR DJHQWHV UHVSRQVDEOHV GH OD
FRQILJXUDFLyQ SROtWLFD GH OD VRFLHGDG OD UHOHYDQFLD TXH FRQFHGH D ORV GLIHUHQWHV WLSRV GH
FRPXQLGDGHV \ HO YDORU TXH FRQILHUH D OD HVIHUD S~EOLFD FRPR OXJDU SULYLOHJLDGR SDUD HO
GHVSOLHJXHGHODVOLEHUWDGHVVRFLDOHV ,UL]DUS
/$&8/785$81(63$&,23$5$(/(1&8(1752
(OFUtWLFRVRFLDO1pVWRU *DUFtD&DQFOLQLGHILQHHOWpUPLQRFXOWXUDFRPR³HOFRQMXQWR
GH SURFHVRV GRQGH VH HODERUD OD VLJQLILFDFLyQ GH ODV HVWUXFWXUDV VRFLDOHV VH OD
UHSURGXFH\WUDQVIRUPDPHGLDQWHRSHUDFLRQHVVLPEyOLFDV´ *DUFtDS
(VWDGHILQLFLyQHVWiHQPDUFDGDHQORVFDPELRV\WUDQVIRUPDFLRQHVTXHODVRFLHGDG
VH YH HQYXHOWD D UDt] GH ODV IXHU]DV GH WHQVLyQ FUHDGDV SRU HO ³WHFQRVLVWHPD´
UHSUHVHQWDGR HQ HO PHUFDGR HO HVWDGR \ ORV PHGLRV GH FRPXQLFDFLyQ ,UL]DU
<D QR HV SRVLEOH DERUGDU OD FXOWXUD ~QLFDPHQWH VREUH ORV YDORUHV GH OD
WUDGLFLyQGHORVSXHEORV\HOVXVWUDWRGHLGHQWLGDGVLQRTXHGHEHVHUYLVWDDWUDYpV
GHUDFHURVFRPRODSROtWLFDODHFRQRPtDORVGHUHFKRVKXPDQRVODWHFQRORJtD\OD
JOREDOL]DFLyQHQWUHRWURV
/DFXOWXUDMXHJDXQSDSHOGHWHUPLQDQWHHQ ODFRQVWUXFFLyQGH SROtWLFDVGHHVWDGR

GRQGH SUHWHQGH YLQFXODU D ORV PLHPEURV GH OD VRFLHGDG HQ OD E~VTXHGD GH XQD
LGHQWLILFDFLyQ TXH SHUPLWD OD DSURSLDFLyQ GH HVDV SROtWLFDV VRFLDOHV (O HVWDGR QR
SXHGH FRQWLQXDU FRQ VX SROtWLFD GH HVWDGR GH ELHQHVWDU DVLVWHQFLDOLVWD \
FRQVWUXFWRUD GH PHQGLJRV VLQR WRGR OR FRQWUDULR SHUPLWLU TXH ORV PLHPEURV
VRFLDOHV VH DSHUVRQHQ GH VXV UHDOLGDGHV \ JHQHUHQ ORV FDPELRV TXH VH UHTXLHUHQ
GHVGHODEDVHPLVPDGRQGHVHJHQHUDQODVFDUHQFLDV
3RU RWUR ODGR HO QREHO GH OLWHUDWXUD 0DULR 9DUJDV /ORVD UHIXHU]D HO FRQFHSWR GH
FXOWXUDDOGHILQLUOR
« FRPRUHDOLGDGDXWyQRPDKHFKDGHLGHDVYDORUHVHVWpWLFRV\pWLFRV\REUDVGHDUWH\
OLWHUDULDVTXHLQWHUDFW~DQFRQHOUHVWRGHODYLGDVRFLDO\VRQDPHQXGRHQOXJDUGHUHIOHMRV
IXHQWHGHORVIHQyPHQRVVRFLDOHVHFRQyPLFRVSROtWLFRVHLQFOXVRUHOLJLRVRV S
'H HVWD PDQHUD HV SRVLEOH KDEODU GH FXOWXUD FRPR WRGR DTXHOOR TXH KDFH GH OD
SHUVRQDORTXHHVVXPLUDGDGHOPXQGR\ODFRPSUHQVLyQGHVXUHDOLGDG(QXQ
PXQGRJOREDOL]DGRODFXOWXUDHQWUDHQXQHVWDGRGHGLiORJRFRQRWUDVFXOWXUDVOR
TXH SHUPLWH XQD GH ODV SRFDV RSRUWXQLGDGHV SDUD TXH QR GHVDSDUH]FD DVt VH
FRQWLQ~H HQ OD ODUJD \ FRQVWDQWH LPSRVLFLyQ GH XQD FXOWXUD VREUH RWUD SUiFWLFD
OOHYDGDDFDERHVSHFLDOPHQWHSRUSRWHQFLDV H[SDQVLRQLVWDVFRPR(VWDGRV8QLGRV
&KLQD5XVLDHQWUHRWURV
$KRUD OD VXSHUYLYHQFLD GHO OHJDGR FXOWXUDO GH ORV SXHEORV HVWi GHOLPLWDGR SRU OD
FDSDFLGDGGHHQWUDUHQGLiORJRFRQRWUDVFXOWXUDVLGHQWLILFDUSXQWRVGHHQFXHQWUR
SDUDHOLQWHUFDPELRFXOWXUDO\UHFRQRFLPLHQWRGHVXDXWHQWLFLGDG
(ULF+REVEDZQ HQVXHQVD\R8QWLHPSRGHUXSWXUDV6RFLHGDG\&XOWXUDHQ
HO VLJOR ;; H[SRQH TXH OD JOREDOL]DFLyQ ³QR DUUDVD VLPSOHPHQWH FRQ OD FXOWXUD
UHJLRQDOQDFLRQDO\GHRWURVWLSRVVLQRTXHODVFRPELQDV GHXQDIRUPDSHFXOLDU´
S SRQH HO HMHPSOR GH OD FXOWXUD LQGtJHQD GH 2WDYDOR GH (FXDGRU HQ VX
WUDGLFLyQGHODDUWHVDQtDGHOWHMLGR
/RV PLHPEURV GH HVWD HWQLD VH GHVSOD]DQ MXQWR FRQ VX DUWH SRU WRGR $PpULFD
/DWLQDLQFOXVRHQ1XHYD<RUNSRVLFLRQDQGRVX³SURGXFWR´\KDFLpQGRORSDUWHGHOD
VRFLHGDGGHFRQVXPRSHURORTXHPiVGHVWDFDHVWHDXWRUDOUHVSHFWR HVTXHORV
PLHPEURV GH HVWD FXOWXUD QR KDQ GHMDGR GH VHU OR TXH VRQ ³RWDYDOHxRV´ FRQ VX
LQGXPHQWDULDFRVWXPEUHVOHQJXD\OHJDGR/HKDQKHFKRHOMXHJRDOFRQVXPLVPR
SDUDODVXSHUYLYHQFLDGHVXUD]D3RVLEOHPHQWH\FRQFRUGDQGRFRQ+REVEDZQOR
TXHKR\VHSXHGHSHUFLELUHV³XQPXQGRKHWHURJpQHRGHFRQIXVLyQ\FRH[LVWHQFLD
GHFXOWXUDVRTXL]iGHVLQFUHWLVPRV´ S
(OUHFRQRFLPLHQWRGHODGLIHUHQWHVFXOWXUDVQRVRORJDUDQWL]DODSHUPDQHQFLDGHVX
IHFXQGD ULTXH]D VLQR TXH SHUPLWH FRPSUHQGHU DO RWUR HQ VX DXWHQWLFLGDG HQ OD
HQWUDGD HQ GLiORJR \ FRQILDQ]D HQ OD QHFHVLGDG GH VX SUHVHQFLD \ PLUDGD SURSLD
SDUD OD FRQVWUXFFLyQ GH XQD VRFLHGDG FDGD YH] PiV KDELWDEOH \ FRQVLHQWH GH ORV
FDPELRV TXH JHQHUD ORV DYDQFHV FLHQWtILFRV \ WHFQROyJLFRV \ VX LPSDFWR HQ OD
FRQYLYHQFLDKXPDQD
$KRUDELHQHO+XPDQLVPR&tYLFRFRPRSURSXHVWDILORVyILFRSROtWLFDHVFRQVFLHQWH
GHHVDUHDOLGDG\UHFRQRFHHOSDSHOIXQGDPHQWDOTXHFXPSOHFDGDSHUVRQDHQOD
WUDQVIRUPDFLyQ GH OD VRFLHGDG \ VX FXOWXUD 8QD FXOWXUD TXH LPSOLFD
QHFHVDULDPHQWHIRUPDUFLXGDGDQRVTXHGHQUHVSXHVWDVDXQDWHQGHQFLDQLKLOLVWD\
DSiWLFDIUHQWHDORS~EOLFRGHDOOtHOSDSHOSURWDJyQLFRTXHFXPSOHODHGXFDFLyQDO
UHVSRQGHU D ODV QHFHVLGDGHV UHDOHV SUHVHQWHV HQ OD VRFLHGDG D WUDYpV GH XQD
RSRUWXQD \ SHUWLQHQWH HQVHxDQ]D UHIOHMDGD HQ VXV FRQWHQLGRV PHWRGRORJtD
HQIRTXHV\DFWRUHV<HVWDSURSXHVWD UHFRQRFH \UHVFDWDHOYDORUIXQGDPHQWDOGHOD
HGXFDFLyQ FRPR SRWHQFLDOL]DGRU GHO FDPELR VRFLDO \ SDUWH GH OD SUHPLVD TXH OD
FODYH SDUD GHYROYHU D OD VRFLHGDG VX LGHQWLGDG KXPDQD VH HQFXHQWUD HQ XQD
IRUPDFLyQ FLXGDGDQD FX\DV UDtFHV DQWURSROyJLFDV VH FHQWUDQ HQ OD GLJQLGDG
KXPDQD\HQFODUDFRQFLHQFLDGHODLQDJRWDEOHQHFHVLGDGGHOKRPEUHSRUDOFDQ]DU
VXSOHQLWXG
&21&/86,21(6
/D JOREDOL]DFLyQ FRPR IHQyPHQR FXOWXUDO \ HFRQyPLFR DIHFWD D OD FRPXQLGDG

PXQGLDODOSURSHQGHUSRUODXQLILFDFLyQ\HVWDQGDUL]DFLyQGHSROtWLFDVHFRQyPLFDV
OHJLVODWLYDVHGXFDWLYDV\VRFLDOHV
/D JOREDOL]DFLyQ YLVLELOL]D ORV DEXVRV FRPHWLGRV SRU ODV SROtWLFDV GH JRELHUQR \ OD
IDOWDGHVHQVLELOLGDGVRFLDOIUHQWHDORVPiVQHFHVLWDGRV
/D FXOWXUD VH FRQVWLWX\H HQ XQ IDFWRU GHWHUPLQDQWH SDUD HO GLVHxR \ FRQVWUXFFLyQ
GH SROtWLFDV GH JRELHUQR TXH SURSHQGDQ SRU OD FRQVHUYDFLyQ \ SURWHFFLyQ GH ORV
YDORUHVDQFHVWUDOHVGHORVSXHEORV
(O+XPDQLVPR&tYLFR VHFRQVWLWX\HHQXQDRSRUWXQLGDGSDUDODFRQVWUXFFLyQGHXQD
QXHYD FLXGDGDQtD TXH D WUDYpV GH OD HGXFDFLyQ SRVLELOLWH HO GHVSOLHJXH GH ODV
SRWHQFLDOLGDGHVKXPDQDVHQODE~VTXHGDGHXQDUHDOL]DFLyQSHUVRQDO\FRQMXQWD$
HPSRGHUDU DO FLXGDGDQR GH OD LPSRUWDQFLD GH VX URO HQ OD YLGD FtYLFD SDUD OD
FRQVROLGDFLyQGHXQDVRFLHGDGGRQGHODVOLEHUWDGHVVRFLDOHVVHDQSRVLEOHV
%LEOLRJUDItD
*DUFtD1 3ROtWLFDVFXOWXUDOHVHQ$PpULFD/DWLQD0p[LFR*ULMDOER

+REVEDZQ ( 8Q WLHPSR GH UXSWXUDV 6RFLHGDG \ FXOWXUD HQ HO VLJOR ;;
7UDG&%HO]D\**DUFtD%DUFHORQD(VSDxD&UtWLFD
,UL]DU/ +XPDQLVPRFtYLFR8QDLQYLWDFLyQDUHSHQVDUODGHPRFUDFLD GD
(G %RJRWi'&%RJRWi6DQ3DEOR
5RVDQQD ( /D ULTXH]D GH VHU PXMHU 7UDG -0 %HOWUiQ 6DODPDQFD
(GLFLRQHV6tJXHPH
9DUJDV /ORVD 0 /D FLYLOL]DFLyQ GHO HVSHFWiFXOR %RJRWi &RORPELD
$OIDJXDUD
8QDQXHYDYXOJDWDSODQHWDULDHO
UHILQDPLHQWRGHORVGLVSRVLWLYRVGH
SRGHUHQODHGXFDFLyQ\OD
PHUFDQWLOL]DFLyQJOREDOGHOFDSLWDO
FXOWXUDO
:LOPDU$QLEDO3HxD&ROOD]RV
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD %RJRWi
³/DHGXFDFLyQHVXQDFWRGHDPRUSRUWDQWRXQDFWRGHYDORU(OHGXFDGRUQRSXHGHWHPHUDOGHEDWHDO
DQiOLVLVGHODUHDOLGDGQRSXHGHKXLUGHODGLVFXVLyQFUHDGRUDEDMRSHQDGHVHUXQDIDUVD « /RVHGXFDGRUHV
GHEHQFXHVWLRQDUVHSDUDTXLpQ\DIDYRUGHTXLpQHVHGXFDQ´
3DXOR)UHLUH
'( 81$ 18(9$ 98/*$7$ 3/$1(7$5,$ $/ &Ï',*2 &20Ò1 '( 81
3$5$',*0$('8&$7,92
3DUD HO VRFLyORJR 3LHUUH %RXUGLHX HV LQQHJDEOH TXH VH KD LQVFULWR HQ HO VLVWHPD
SODQHWDULR GH ODV UHODFLRQHV VRFLDOHV \ HFRQyPLFDV XQ QXHYR FyGLJR ³XQD QXHYD
9XOJDWD3ODQHWDULD TXHVH DSR\DHQXQDVHULHGHRSRVLFLRQHV\HTXLYDOHQFLDVTXH
VHVXVWHQWDQ\UHVSRQGHQSDUDGHVWHxLUODVWUDQVIRUPDFLRQHVFRQWHPSRUiQHDVGH
ODVVRFLHGDGHVGHVDUUROODGDVGHVDFWLYDFLyQGHOFRPSURPLVRHFRQyPLFRGHO(VWDGR
\UHIXHU]RGHVXVFRPSRQHQWHVSROLFLDOHV\SHQDOHV´ %RXUGLHXSiJ (O
FRQWUROVREUHHOFDSLWDOFXOWXUDOORHMHUFHQFDGDYH]\FRQPD\RUIXHU]DQRVyORORV
SDtVHV PiV GHVDUUROODGRV VLQR DQWH WRGR ORV JUXSRV IDPLOLDUHV TXH FRQILJXUDQ OD
1REOH]DGH(VWDGR\ODVHQWLGDGHVHPSUHVDULDOHVWUDVQDFLRQDOHVLQWHUHVDGDVHQHO
PRQRSROLR\HOGRPLQLRPHUFDQWLOVREUHODVRFLHGDGGHOFRQRFLPLHQWR
/D 1XHYD9XOJDWD3ODQHWDULD VHFRQVWUX\HDSDUWLUGHXQQXHYRJORVDULRXQQXHYR
OHQJXDMH TXH VRILVWLFD ODV UHODFLRQHV GH SRGHU D GLVWDQFLD \ HQFXEUH ORV LQWHUHVHV
VRWHUUDGRVGHORTXHOODPDUD)HOL[*XDWWDULHO&0, &DSLWDOLVPR0XQGLDO,QWHJUDGR
TXLHQ DGYLHUWH FyPR ³OD WHRUtD GHO KDELWXV GH 3LHUUH %RXUGLHX HV RWUD IRUPD GH
GHVFULELU HVH VRPHWLPLHQWR VHPLyWLFR (Q HO FDSLWDOLVPR PXQGLDO LQWHJUDGR OD

'RFHQWHHLQYHVWLJDGRUGHOD801*ZLOPDUSHQD#XQLPLOLWDUHGXFR(VWHDUWtFXORHVUHVXOWDGRGH
LQYHVWLJDFLyQGHODOtQHDGHOD0DHVWUtDHQ(GXFDFLyQ³(GXFDFLyQ\6RFLHGDG´3DUWLFLSDFLyQHQHO ,,
&RQJUHVR,QWHUQDFLRQDOGH3ROtWLFD\*OREDOL]DFLyQKDFLDODFRQVWUXFFLyQGHUHGHVGHSHQVDPLHQWR
SROtWLFR FRQ SRQHQFLD HO GH RFWXEUH GH HQ HO $XGLWRULR *HUDUGR 0ROLQD GH OD 8QLYHUVLGDG
/LEUH± 6HFFLRQDO&DOL9DOOHGHO&DXFD

$UWtFXORSXEOLFDGRHQHOGRVVLHUµ/$PpULTXHGDQVOHVWrWHV´HQ/H0RQGH0D\RGH
VHPLRWL]DFLyQ\DQRVHOLPLWDDORVLQVWUXPHQWRVILQDQFLHURV\DODIDEULFDFLyQGHXQ
PHUFDGR VLQR TXH VH OOHYD D FDER HQ HO FRQMXQWR GH ODV LQWHUDFFLRQHV VLPEyOLFDV
PHGLDQWH ODV FXDOHV ODV SHUVRQDV FRSUHVHQWHV KDFHQ VRFLHGDG´ *XDWWDUL
SiJ
(QHVWDQXHYDYXOJDWDVRQFDGDYH]PiVFRPXQHV\SODQHWDULDPHQWHGLIXQGLGRVHQ
ODHFRQRPtD\HQODVRFLRORJtDGHORVPHUFDGRV\ODVUHODFLRQHVGHSRGHUWpUPLQRV
FRPR ³H[FOXVLyQ´ ³PLQRUtDV´ ³LGHQWLGDG´ ³PXOWLFXOWXUDOLVPR´ ³PXQGLDOL]DFLyQ´
³IOH[LELOLGDG´ ´JREHUQDELOLGDG´ ³HPSOHDELOLGDG´ ³XQGHUFODVV´ ³H[FOXVLyQ´ ³QXHYD
HFRQRPtD´³FHUR WROHUDQFLD´³FRPXQLWDULVPR´\ ³PXOWLFXOWXUDOLVPR´\VXVSULPRV
³SRVPRGHUQRV´ FRPR ³HWQLFLGDG´ ³LGHQWLGDG´ \ ³IUDJPHQWDFLyQ´ HWF %RXUGLHX
7RGDHVWDDPDOJDPDGHYRFDEORVVHHQWUHWHMHHQXQQXHYROHQJXDMHEDMRHO
HIHFWRDXWRPiWLFRGHODFLUFXODFLyQLQWHUQDFLRQDOGHODVLGHDVHQHOOLEUHPHUFDGR
0iV D~Q PLHQWUDV DSDUHFHQ QXHYRV FRQFHSWRV HQ ODV GLVFLSOLQDV VRFLDOHV \ HQ OD
DFDGHPLD VH FXHFHQ QXHYRV SDWURQHV GH JREHUQDQ]D \ JXEHUQDPHQWDOLGDG YDQ
GHVDSDUHFLHQGR YRFDEORV FRPR FDSLWDOLVPR FODVH H[SORWDFLyQ GRPLQDFLyQ
GHVLJXDOGDG \ WDQWRV RWURV YRFDEORV UHYRFDGRV SHUHQWRULDPHQWH VR SUHWH[WR GH
FRQVLGHUDUVHFDGXFRVXREVROHWRV %RXUGLHX
3DUD%RXUGLHX ³ODQHXWUDOL]DFLyQGHOFRQWH[WRKLVWyULFRTXHUHVXOWDGHODFLUFXODFLyQ
LQWHUQDFLRQDO GH WH[WRV \ GHO FRUUHODWLYR ROYLGR GH ODV FRQGLFLRQHV KLVWyULFDV GH
RULJHQSURGXFHXQDDSDUHQWHXQLYHUVDOL]DFLyQTXHVHYHUHVSDOGDGDSRUHOWUDEDMR
GH ³WHRUL]DFLyQ´ &RQVLVWH pVWH HQ XQD VXHUWH GH D[LRPDWL]DFLyQ ILFWLFLD
H[SUHVDPHQWH FRQFHELGD SDUD SURPRYHU OD LOXVLyQ GH XQD JpQHVLV SXUD GRQGH HO
MXHJR GH ³GHILQLFLRQHV´ SUHYLDV \ GH GHILQLFLRQHV TXH SUHWHQGHQ VXVWLWXLU OD
DSDULHQFLD GH OD QHFHVLGDG OyJLFD SRU OD FRQWLQJHQFLD GH ODV QHFHVLGDGHV
VRFLROyJLFDVQHJDGDVWLHQGHDRFXOWDUODVUDtFHVKLVWyULFDVGHWRGRXQFRQMXQWRGH
DVXQWRV\GHQRFLRQHVDORVTXHVHFDOLILFDUiGHILORVyILFRVVRFLROyJLFRVKLVWyULFRV
RSROtWLFRVVHJ~QHOFDPSRGHUHFHSFLyQ´ %RXUGLHXSS
3ODQHWDUL]DGRV R PXQGLDOL]DGRV GHVGH OD IXHU]D \ UHIHUHQFLD OLQJtVWLFD GH WDOHV
OXJDUHVFRPXQHVGHOD1XHYD9XOJDWD3ODQHWDULDDORVTXHODSHUVLVWHQWHUHSHWLFLyQ
LQFRQVFLHQWH \ PHGLiWLFD SRFR D SRFR FRQYLHUWH HQ VHQWLGR FRP~Q XQLYHUVDO VH
FRQVLJXHSRUODIXHU]DGHODLPSRVLFLyQ\ODDUELWUDULHGDGTXHREUDFRPRYLROHQFLD
VLPEyOLFD GHVGH ORV GLVSRVLWLYRV GH SRGHU GHO FRQRFLPLHQWR KDVWD TXH VH ROYLGD
TXH VRQ IUXWR GH UHDOLGDGHV FRPSOHMDV FRQWURYHUWLGDV GH XQD VRFLHGDG LQGXVWULDO
GHXQDVRFLHGDGGHODVRUJDQL]DFLRQHVGHHPSUHVDVGHPHUFDGRV\GHFRQVXPRV
PDVLYRVPX\SDUWLFXODU³WiFLWDPHQWHFRQVWLWXLGDHQPRGHOR\HQPHGLGDGHWRGDV
ODVFRVDV´ %RXUGLHXSiJ
(V XQ KHFKR KLVWyULFR TXH GHVGH ODV XQLYHUVLGDGHV DPHULFDQDV VH KD LPSXHVWR
EDMRH[WHULRUHVDSDUHQWHPHQWHGHVKLVWRUL]DGRVDOFRQMXQWR GHOSODQHWDXQDQXHYD
PDQHUD GH QRPEUDU OD DFDGHPLD FRQ iQLPR GH OXFUR \ DVt PLVPR OD FDOLGDG
DFDGpPLFD GHVGH LQGLFDGRUHV FXDQWLWDWLYRV GH HILFDFLD \ UHQWDELOLGDG EDMR
VXSXHVWRVOyJLFRVILQDQFLHURVGHSURGXFFLyQPDVLYD\GHOGRPLQLRGHORVPHUFDGRV
WUDVQDFLRQDOHV (QWRQFHV SURJUHVLYDPHQWH VH KDQ WUDVODSDGR YRFDEORV SURSLRV GHO
DPELHQWHHPSUHVDULDO\ILQDQFLHURDODPELHQWHDFDGpPLFRGHFDOLGDGHPSUHVDULDO
\ GHO PDUNHWLQJ VH SDVD D KDEODU GH FDOLGDG DFDGpPLFD \ GH QRUPDV GH FDOLGDG
DSOLFDEOHV D ODV HPSUHVDV HGXFDWLYDV GH GLIHUHQWH QLYHO \ ORV PHFDQLVPRV GH
FRQWURO \ VHJXLPLHQWR HVWULFWR HPSH]DURQ D LQFRUSRUDUVH HQ OD JHVWLyQ
RUJDQL]DFLRQDO\DGPLQLVWUDWLYDGHODV,(6
&DGDXQLYHUVLGDGGHVGHODLQIOXHQFLD\GLQiPLFDGHODFRPSHWLWLYLGDGHPSUHVDULDO
DPHGLGDTXHIXHURQDGTXLULHQGRVXUHFRQRFLPLHQWRVXOXJDUGHQWURGHOUDQNLQJ
RILFLDOPHQWH HVWDEOHFLGR HPSH]DURQ D FREUDU FDGD YH] PiV SRU HGXFDU R IRUPDU
SURIHVLRQDOHVGHDFXHUGRFRQVXQLYHOGHHVWDQGDUL]DFLyQHQHOPHUFDGRHGXFDWLYR
$Vt PLVPR GHVGH HO HPSUHQGLPLHQWR HPSUHVDULDO HQ ORV PHUFDGRV OXHJR VH
HPSH]y D KDEODU GHO HPSUHQGLPLHQWR GH ODV LQVWLWXFLRQHV HGXFDWLYDV 'HVGH OD
JHUHQFLDFRPHUFLDOOXHJRVHKDEOyGHODJHUHQFLD\GHODJHVWLyQDGPLQLVWUDWLYDGH
ODHGXFDFLyQFRPRXQQHJRFLROXFUDWLYRGHUDQNLQJHQORVPHUFDGRVDQLYHOJOREDO
'HO OLGHUD]JR HPSUHVDULDO OXHJR VH KDEOy GHO OLGHUD]JR HQ OD HGXFDFLyQ GH WRGRV
ORVJUXSRVGHLQWHUpVDGPLQLVWUDWLYRVSURIHVRUHVLQYHVWLJDGRUHVHVWXGLDQWHVHWF
7RGRVHOORVOtGHUHVSRUXQQXHYRFRQFHSWRGHUHDOLGDGHGXFDWLYD\HPSUHQGLPLHQWR
VRFLDOEDMRHOGRPLQLRGHOOXFUR\ODUHQWDELOLGDGILQDQFLHUDGHODVLQVWLWXFLRQHVGH
IRUPDFLyQ SURIHVLRQDO WHFQROyJLFD R WpFQLFD 'H OD UHVSRQVDELOLGDG VRFLDO GH ODV
RUJDQL]DFLRQHV R HPSUHVDV VH KDEOy OXHJR GH OD UHVSRQVDELOLGDG VRFLDO GH ODV
HPSUHVDV GHO FRQRFLPLHQWR HQ JHQHUDO \ VH IRUMDURQ XQRV HVWiQGDUHV GH FDOLGDG
GH UHVSRQVDELOLGDG \ FXPSOLPLHQWR YROXQWDULR FRPR H[LJHQFLDV GH ULJXURVR
FXPSOLPLHQWRSDUDFRPSHWLUHQORVPHUFDGRVGHOFRQRFLPLHQWRGHODFLHQFLDGHOD
WHFQRORJtD \ DQWH ODV P~OWLSOHV IRUPDV VLPEyOLFDV FRPR VH HVWUXFWXUDQ ORV
LQWHUFDPELRV FRPXQLFDWLYRV \ ILQDQFLHURV HQ ODV GLQiPLFDV JOREDOHV GHO FDSLWDO
FXOWXUDO
0iV D~Q FRPR XQD PDQHUD VXEUHSWLFLD GH HQFXEULU OD FRQQRWDGD YLROHQFLD
VLPEyOLFD HQFXELHUWD HQ ORV QXHYRV YRFDEORV LPSXHVWRV GHVGH HO DPELHQWH
HPSUHVDULDO \ WUDVODSDGR DO DPELHQWH HGXFDWLYR VH DFXGH D LQVWDQFLDV
VXSXHVWDPHQWHQHXWUDVGHOSHQVDPLHQWRQHXWURDORVRUJDQLVPRVLQWHUQDFLRQDOHV
WDOHV FRPR HO %DQFR 0XQGLDO %0 OD &RPLVLyQ (XURSHD &( 2UJDQL]DFLyQ GH
&RRSHUDFLyQ\'HVDUUROOR(FRQyPLFR 2&'( DVtPLVPRVHKDDFXGLGRDODV³FDMDV
GHLGHDV´FRQVHUYDGRUDV 0DQKDWWDQ,QVWLWXWHGH1HZ<RUN$GDP6PLWK,QVWLWXWH
HQ /RQGUHV 'HXWVFKH %DQN )XQG 'DIORQ HQ )UDQNIXUW \ OD H[IXQGDFLyQ 6DLQW
6LPRQHQ3DULV WDPELpQDODVIXQGDFLRQHVGHILODQWURStDDODVHVFXHODVGHOSRGHU
FLHQFLDSROtWLFDHQ)UDQFLDOD/RQGRQ6FKRRORI(FRQRPLFVHQHO5HLQR8QLGROD
+DUYDUG .HQQHG\ 6FKRRO RI *RYHUQHPHQW HQ 1RUWHDPpULFD HWF \ D ORV PDVV
PHGLD LUUHPSOD]DEOHV GLVSHQVDGRUHV GH HVWD OLQJXD PDHVWUD TXH WLHQGH D
HQPDVFDUDUODVUDtFHVKLVWyULFDVGHWRGRXQFRQMXQWRGHSUHJXQWDVIXQGDPHQWDOHV
GHFRQFHSWRV\QRFLRQHV²WDOHVFRPR³HILFDFLD´GHOPHUFDGR OLEUH ODQHFHVLGDG
GHO UHFRQRFLPLHQWR GH ODV ³LGHQWLGDGHV´ FXOWXUDOHV R LQFOXVR OD UHDILUPDFLyQ ²
FHOHEUDFLyQGHOD³UHVSRQVDELOLGDG´ LQGLYLGXDO ² %RXUGLHX

,QVWLWXFLRQHVGHHGXFDFLyQVXSHULRU
3DUD %RXUGLHX WDO VXSHUSRGHU ~QLFR GH YLROHQFLD VLPEyOLFD TXH FRQWLHQH HVWD
1XHYD9XOJDWD3ODQHWDULD0HFDVLPEyOLFDGHOD7LHUUDHQVHQWLGRJOREDODPSOLRVH
FDUDFWHUL]DSRUPDQHMDUXQPRGHORGHHGXFDFLyQDVXPLGRFRPR~QLFRVLVWHPDGH
YHUGDG SDUD UHVTXHEUDMDU OD VREHUDQtD GH OD GHPRFUDFLD GH PLOORQHV GH
FLXGDGDQRV PHUHFHGRUHV SRU GHUHFKR SURSLR GH ODV JDUDQWtDV GH OD IRUPDFLyQ
EiVLFDPHGLD\GHODHGXFDFLyQVXSHULRU DVtPLVPRVLUYHFRPRDFLFDWHSDUDHO
GHVPDQWHODPLHQWR GHOLEHUDGR GHO (VWDGR 6RFLDO GH 'HUHFKR FRQWULEX\H D OD
SDXSHUL]DFLyQ JOREDO \ UHSURGXFH OD GHVHVWDELOL]DFLyQ PRUDO GH ODV PDVDV WUDV OR
FXDOVHGHVHQYXHOYHHOKLSHUFUHFLPLHQWRFRUUHODWLYRGHOHVWDGRSHQDOSRURWURODGR
VH SURPXHYH OD GHVWUXFFLyQ GH ORV GHUHFKRV ODERUDOHV OD GHELOLWDFLyQ \ OD
FRQVLJXLHQWHSXOYHUL]DFLyQGHOPRYLPLHQWRVLQGLFDOVHGLFWDPLQDODGLFWDGXUDGHOD
FRQFHSFLyQGHHPSUHVDDTXHOFRUSRUDWLYLVPRIXQGDGRVyORHQHO³YDORUDFFLyQ´\
VXV FRQVHFXHQFLDV VRFLROyJLFDV VRQ QHIDVWDV HO KLSHULQGLYLGXDOLVPR HO HJRtVPR D
XOWUDQ]D ODV UD]RQHV SUiFWLFDV GH OD VRFLHGDG GHO FRQRFLPLHQWR \ OD LQIRUPDFLyQ
EDMRODVOyJLFDVGHOFRQVXPRPDVLYR
/D (GXFDFLyQ SRU &RPSHWHQFLDV IXH WRPDQGR SRFR D SRFR HO YDORU FRQQRWDGR GH
XQDQREOH]DGH(VWDGRHOSRGHUGHXQDYLROHQFLDVLPEyOLFD~QLFDVLQSUHFHGHQWHV
HQODKLVWRULDHQRFFLGHQWH/DVFRPSHWHQFLDVHGXFDWLYDVHVRWURGHORVYRFDEORVGH
OD 1XHYD9XOJDWD3ODQHWDULDHVRWUDGHODVQXHYDVFDWHJRUtDVTXHVLUYHDOVLVWHPD
GH SRGHU D ORV HQWHV RILFLDOHV GHO FDSLWDO FXOWXUDO SDODGLQHV FRUSRUDWLYRV
VXSHUHVWDWDOHV SDUD FRORQL]DU ORV VLVWHPDV HGXFDWLYRV DFWXDOHV HQ XQ SURFHVR
QHROLEHUDO WHQGLHQWH D FRORFDU DO HVWXGLDQWH DO VHUYLFLR GH ODV QHFHVLGDGHV GH ODV
HQWLGDGHVODHFRQRPtD\HOPHUFDGR\QRFRPRGHEHUtDVHUOyJLFRDODHGXFDFLyQ
HO(VWDGR\ODVHPSUHVDVDOVHUYLFLRGHODIRUPDFLyQKXPDQDGHOHVWXGLDQWH%DMR
HVWD QXHYD OyJLFD VH WUDWD GH UHGXFLU OD HGXFDFLyQ D OD IDEULFDFLyQ GH XQ DOXPQR
HFRQyPLFDPHQWH ³SHUIRUPDQWH´ HV GHFLU DGLHVWUDGR SDUD VHU FRPSHWLWLYR HQ ORV
PHUFDGRVSURIHVLRQDOHVFRQXQVHQWLGRSRVLWLYLVWDGHOWUDEDMR
(/&217(;72'(/$('8&$&,Ï1325&203(7(1&,$6(1&2/20%,$
4XH ODV XQLYHUVLGDGHV HQ &RORPELD KD\DQ HPSH]DGR D IRUPDOL]DU HQ WRGD VX
HVWUXFWXUD DFDGpPLFD OD HGXFDFLyQ SODQHDFLyQ \ HYDOXDFLyQ SRU FRPSHWHQFLDV OR
FRQVLGHURXQDGHOLEHUDFLyQSRFRFRQVHQVXDGDHLQFDXWD3DUDQDGLHHVXQVHFUHWR
TXH OD SURSXHVWD DFDGpPLFD GHO 6(& VH DILQFD HQ LQVWLWXFLRQHV XQLYHUVLWDULDV VLQ
XQD IXHUWH WUDGLFLyQ FLHQWtILFD FRQWUDULR VHQVX XQ VLVWHPD HGXFDWLYR FRPR HO

/D HGXFDFLyQ HV XQ GHUHFKR KXPDQR IXQGDPHQWDO ³(O GLVFXUVR LQWHUQDFLRQDO GHO GHVDUUROOR
VXHOHDOXGLUDODHGXFDFLyQDODYH]FRPRXQGHUHFKRKXPDQR\XQELHQS~EOLFR(OSULQFLSLRGHOD
HGXFDFLyQFRPRGHUHFKRKXPDQRIXQGDPHQWDOTXHSHUPLWHODUHDOL]DFLyQGHORVGHPiVVHDVLHQWD
HQ PDUFRV QRUPDWLYRV LQWHUQDFLRQDOHV $VLJQD DO HVWDGR OD IXQFLyQ GH DVHJXUDU HO UHVSHWR HO
FXPSOLPLHQWR\ODSURWHFFLyQGHOGHUHFKRDODHGXFDFLyQHOHVWDGRGHEHDFWXDUFRPRJDUDQWHGHO
GHUHFKRDHOOD´ 81(6&2SiJ
ILQODQGpV HVWi OHMRV GH DFHSWDU SURSXHVWDV WDQ H[FOX\HQWHV SRVLWLYLVWDV \ SRFR
FLHQWtILFDV FRPR HVWDV 1R REVWDQWH HO VLVWHPD GH HGXFDFLyQ SRU FRPSHWHQFLDV
6(& GtDWUDVGtDUHFLEHODVPD\RUHVFUtWLFDV\UHVLVWHQFLDVHQHVSDFLRVDFDGpPLFRV
PX\FRPSURPHWLGRVVHULRV\UHVSRQVDEOHVFRQXQDHGXFDFLyQUHQRYDGRUDGHOVHU
HQ SDtVHV FRQ XQ DUUDLJDGR SHQVDPLHQWR FUtWLFR GRQGH OD WUDGLFLyQ DFDGpPLFD KD
IRUMDGRXQFRQQRWDGRHVStULWXGHVROLGH]FLHQWtILFD
7UDGLFLRQDOPHQWH OD HGXFDFLyQ VXSHULRU KD DVXPLGR REMHWLYRV IXQGDPHQWDOHV HQ
LQYHVWLJDFLyQ GRFHQFLD \ H[WHQVLyQ VLQ HPEDUJR HQ OD DFWXDOLGDG HQ PXFKRV
HVSDFLRV DFDGpPLFRV VH KD YHQLGR DWURILDQGR VX GLPHQVLyQ VRFLDO FXOWXUDO
KXPDQtVWLFD \ FUtWLFD HQWRQFHV HPSLH]D D SULYLOHJLDUVH HO FDUiFWHU XWLOLWDULR
ODERUDOLVWD R ILQDQFLHUR GH OD LQVWLWXFLyQ HQ WDQWR HPSUHVD TXH HQ SULPHU OXJDU
GHEH JHQHUDU EXHQRV UpGLWRV SDUD HO EHQHILFLR GH ORV DFFLRQLVWDV \ WDPELpQ SDUD
TXLHQHV JHUHQFLDQ R DJHQFLDQ HO FRQQRWDGR QHJRFLR HGXFDWLYR HQ OD VRFLHGDG GHO
FRQRFLPLHQWR \ GHO FRQVXPR FXOWXUDO &XDQGR OD HGXFDFLyQ VXSHULRU GHMD GH VHU
FUtWLFD OD LQVWLWXFLyQ VH GHJHQHUD HQ WDQWR HPSOD]DPLHQWR GH KXPDQL]DFLyQ \
DFDGHPLD VH FRQYLHUWH HQ UHSURGXFWRUD GH HQFODVDPLHQWRV VRFLDOHV HQ
SURWDJRQLVWD GH OD UHSURGXFFLyQ GH XQ WLSR SDUWLFXODU GH PHUFDQFtD HV GHFLU HO
³KRPR DHFRQRPLFXV´ TXHYHQGHVXFDSLWDO FXOWXUDOFRPRPHUFDQFtDFRPRIXHU]D
GH WUDEDMR FDOLILFDGR SDUD RFXSDU XQ OXJDU R DFRPRGDUVH HQ HO VLVWHPD GHO
&DSLWDOLVPR 0XQGLDO ,QWHJUDGR &0, 3RU QR GHFLUOR PHQRV OD ~QLFD ILQDOLGDG
HVWi HQ GLVSRQHU HVWD PHUFDQFtD HQ HO PHUFDGR GH WUDEDMR SDUD YHQGHUOD \ SDUD
TXH SXHGD VHU FRQVXPLGD HQ WRGD VX H[WHQVLyQ SRU HO FRPSOHMR VLVWHPD GH
UHSURGXFFLyQVRFLDOGHO&DSLWDOLVPR0XQGLDO,QWHJUDGR
³6HGLHQWRV GH GLQHUR ORV HVWDGRV QDFLRQDOHV \ VXV VLVWHPDV GH HGXFDFLyQ HVWiQ
GHVFDUWDQGRVLQDGYHUWLUORFLHUWDVDSWLWXGHVTXHVRQQHFHVDULDVSDUDPDQWHQHUYLYD
OD GHPRFUDFLD 6L HVWD WHQGHQFLD VH SURORQJD ODV QDFLRQHV GH WRGR HO PXQGR HQ
EUHYH SURGXFLUiQ JHQHUDFLRQHV HQWHUDV GH PiTXLQDV XWLOLWDULDV HQ OXJDU GH
FLXGDGDQRVFDEDOHVFRQODFDSDFLGDGGHSHQVDUSRUVtPLVPRVSRVHHUXQDPLUDGD
FUtWLFD VREUH ODV WUDGLFLRQHV \ FRPSUHQGHU OD LPSRUWDQFLD GH ORV ORJURV \
VXIULPLHQWRVDMHQRV´ 1XVVEDXPS
/DUHIRUPDSHGDJyJLFDSRUFRPSHWHQFLDVVHFRQILJXUDFRPRODSULQFLSDODILUPDFLyQ
GH GHVDUUROOR HGXFDWLYR \ HPSUHVDULDO TXH SODQWHDQ ODV DXWRULGDGHV GHO QXHYR
RUGHQPXQGLDOODSUHVHQWDQFRPRVLIXHVHXQDWDEODGHVDOYDFLyQTXHJDUDQWL]DUi
ODIOH[LELOLGDGDJUDQHVFDODODGHPRFUDWL]DFLyQGHORVFRQRFLPLHQWRV\GLVFLSOLQDV
OD LQWHUQDFLRQDOL]DFLyQ \ HO SRVLFLRQDPLHQWR GH OD XQLYHUVLGDG HQ HO FDPSR GH OD
HGXFDFLyQ IUHQWH D LQVWLWXFLRQHV HQ ORV GHPiV SDtVHV /D UHDOLGDG KD VLGR PX\
GLVWLQWDODHGXFDFLyQSRU³FRPSHWHQFLDV´VyORKDQVHUYLGRSDUDDEDUDWDUODIXHU]D
ODERUDO SURIHVLRQDO \ SDUD VRPHWHU D ORV GRFHQWHV D P~OWLSOHV FRQWUROHV
VXSXHVWDPHQWHDSOLFDGRVDOPHMRUDPLHQWRFRQWLQXR\DODDOWDFDOLGDGDFDGpPLFD

7LHQHQ SRFDV KRUDV GH FODVH QR OOHYDQ FRQWUROHV QL YLJLODQFLDV DEVXUGDV \ QR PDQGDQ WDUHDV
SDUDUHDOL]DUHQODFDVD

&IU *XDWWDUL
VLQHPEDUJRVXDSOLFDFLyQSUiFWLFDVHUHGXFHDFiOFXORVGHHILFLHQFLD\UHQWDELOLGDG
QDGD DFDGpPLFRV TXH DXPHQWDQ ORV QLYHOHV GH HVWUpV GH ORV PDHVWURV \ ORV
VXPHUJHQ HQ XQ HPSOD]DPLHQWR GH HQUHGDGRV FRQWUROHV SDUD OD FRGLILFDFLyQ GH
VXSXHVWRVORJURVGHFRPSHWLWLYLGDGFRUSRUDWLYLVWD (VWDHVODPDQLJXDPDQLILHVWD
GHODVRFLHGDGFLYLOL]DGDYHUGDGHURSUREOHPDGHDOWDHVWLPD
³/DVLWXDFLyQ\ODVFRQGLFLRQHVGHWUDEDMRGHODSURIHVLyQDFDGpPLFDHQHOPXQGR
HQWHUR HVWiQ VRPHWLGDV D ODV WHQVLRQHV SURYRFDGDV SRU HO DFFHVR PDVLYR \ ODV
GLILFXOWDGHV ILQDQFLHUDV 6L OD SURIHVLyQ DIUHQWD GLVWLQWRV GHVDItRV HQ GLIHUHQWHV
UHJLRQHVHOSURIHVRUDGRKDGHKDFHUIUHQWHDVHULDVGLILFXOWDGHVHQWRGDVSDUWHV
/DDPSOLDFLyQGHODFFHVRDODHGXFDFLyQVXSHULRUKDWHQLGRSRUFRQVHFXHQFLDXQD
HQRUPH QHFHVLGDG GH SURIHVRUHV XQLYHUVLWDULRV SHUR QR KD\ DFDGpPLFRV
SUHSDUDGRVDWLHPSRSDUDVDWLVIDFHUODGHPDQGD´ 81(6&2SiJ
(Q &RORPELD VH KDQ HQFHQGLGR ODV DODUPDV GHVGH KDFH \D DOJXQRV DxRV FRQ ORV
LQGLFDGRUHVGH FDOLGDGHGXFDWLYDPiV D~Q XQDYH]SXEOLFDGRVORVUHVXOWDGRV GHO
3URJUDPD SDUD OD (YDOXDFLyQ ,QWHUQDFLRQDO GH $OXPQRV ± 3,6$ 3URJUDPPH IRU
,QWHUQDWLRQDO 6WXGHQW $VVHVVPHQW HYDOXDFLyQ HVWiQGDU FRQ XQD WHQGHQFLD
PDUFDGDPHQWH RSHUDFLRQDO SRVLWLYLVWD \ GH SUREDGD FRQQRWDFLyQ HILFLHQWLVWD
SURSXHVWD TXH YLQFXOD OD XQLYHUVLGDG FRQ OD HPSUHVD OR FXDO DSXQWD D HOHYDU ORV
tQGLFHV SURGXFWLYRV \ ILQDQFLHURV )UHQWH D ORV UHVXOWDGRV HVWDGtVWLFRV GH 3,6$ ORV
GLUHFWLYRV GH GLVWLQWDV LQVWLWXFLRQHV DFDGpPLFDV DGPLWHQ VXV FXOSDV SRU OD EDMD
FDOLGDGVHSRQHQQHUYLRVRV\HODERUDQWRGDFODVHGHSURSXHVWDVSDUDPHMRUDUORV
QLYHOHVGHDSUHQGL]DMHFRQEDVHHQORVLQGLFDGRUHVTXHODULJHQ 3DUDQDGLHHVXQ
VHFUHWR TXH OD HGXFDFLyQ HQ &RORPELD GHVGH KDFH PXFKRV DxRV VH HQFXHQWUD HQ
FULVLV\TXHHVXQDUHDOLGDGHOLQIRUPHGHHYDOXDFLyQ\UHVXOWDGRVGHODVSUXHEDV
3,6$ \HOSDQRUDPDQRPHMRUDHVQDGDDOHQWDGRUDODIHFKDGHKR\(QORV
LQIRUPHVGHHVWDHYDOXDFLyQLQWHUQDFLRQDO&RORPELDRFXSyHOSXHVWRHQWUH
QDFLRQHV OR TXH HTXLYDOH D FRQVLGHUDU TXH HVWXYLPRV SRU GHEDMR GHO GH OD
PXHVWUD$KRUDELHQHQPXFKDVLQVWLWXFLRQHVVHDVXPHFRQWRWDOSUHRFXSDFLyQHO
6(& FRPR VL IXHVH OD WDEOD GH VDOYDFLyQ SDUD TXH HO HVWXGLDQWH VyOR DSUHQGD
DTXHOOR TXH SXHGH VHU REMHWR GH HYDOXDFLyQ \ TXH OH YD D SURSRUFLRQDU
FRPSHWHQFLDVSDUDDMXVWDUVHDODVH[LJHQFLDVGHOPHUFDGRODERUDOJOREDOL]DGR
(O 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO GH &RORPELD FRQ HO ILQ GH HQWUDU HQ ORV
SURSyVLWRVHGXFDWLYRVLPSDUWLGRVSDUDSURSLFLDUXQDSROtWLFDGHH[SDQVLRQLVPRGHO
&0, TXH DUWLFXODUD OD &RPXQLGDG (FRQyPLFD (XURSHD D SDUWLU GH
HPSUHQGLy XQD SROtWLFD WHQGLHQWH D IRUPXODU FRPSHWHQFLDV WUDQVYHUVDOHV D WRGRV

/RV SURIHVLRQDOHV IRUPDGRV EDMR HO VLVWHPD GH HGXFDFLyQ SRU FRPSHWHQFLDV VRQ VLPSOHPHQWH
VXEVLGLDULRV GH ODV PiTXLQDV \ GH ORV DSDUDWRV GH ODV RUJDQL]DFLRQHV H LQVWLWXFLRQHV GH
HQFODVDPLHQWRWUDGLFLRQDOGHORVSURFHVRVVRFLDOHV

2UJDQL]DFLyQ SDUD OD &RRSHUDFLyQ \ HO 'HVDUUROOR (FRQyPLFR 3,6$ 5HVXOWV LQ IRFXV
>,QWHUQHW@ 2UJDQL]DFLyQ SDUD OD &RRSHUDFLyQ \ HO 'HVDUUROOR (FRQyPLFR HQ >FLWDGR
DJRVWR@'LVSRQLEOHHQKWWSWLQ\XUOFRPSNU[JEK

6LVWHPDGH(GXFDFLyQSRU&RPSHWHQFLDV

&DSLWDOLVPR0XQGLDO,QWHJUDGRFDWHJRUtDDFXxDGDKDFHDOJXQRVDxRVSRU)*XDWWDUL
ORVQ~FOHRVGHIRUPDFLyQHQHGXFDFLyQVXSHULRUFRQHOILQGHSURSLFLDUXQDSROtWLFD
EDVDGD HQ HVRV SULQFLSLRV TXH SXGLHUD FRQVWLWXLUVH HQ HO HOHPHQWR DUWLFXODGRU GH
WRGRVORVQLYHOHVHGXFDWLYRVWDQWRGHORVQLYHOHVLQLFLDOEiVLFDPHGLD\VXSHULRU
³(QORVSURFHVRVGHDXWRHYDOXDFLyQFRQILQHVGH$FUHGLWDFLyQGH$OWD&DOLGDGGHORV
SRVJUDGRV HVSHFLDOL]DFLRQHV PDHVWUtDV \ GRFWRUDGRV HO &RQVHMR 1DFLRQDO GH
$FUHGLWDFLyQ &1$ HQ&RORPELDSURSRQHVLQRLPSRQHXQPRGHORTXHFRQVWDGH
YDULRVIDFWRUHVFDUDFWHUtVWLFDVHLQGLFDGRUHVORVFXDOHVFDGDXQLYHUVLGDGDGRSWDD
VXV FRQGLFLRQHV SDUWLFXODUHV (Q HO 0RGHOR GHO &1$ ORV IDFWRUHV VRQ ODV iUHDV
DPSOLDVGHOGHVDUUROORLQVWLWXFLRQDO\GHVXVFXUUtFXORV 9LVLyQ0LVLyQHVWXGLDQWHV
SURIHVRUHV SURFHVRV DFDGpPLFRV \ OLQHDPLHQWRV FXUULFXODUHV LQYHVWLJDFLyQ
DUWLFXODFLyQ FRQ HO HQWRUQR LQWHUQDFLRQDOL]DFLyQ \ UHGHV FLHQWtILFDV JOREDOHV
ELHQHVWDU \ DPELHQWH LQVWLWXFLRQDO HJUHVDGRV UHFXUVRV ItVLFRV $ VX YH] ODV
FDUDFWHUtVWLFDVVHGHILQHQFRPRORVSURFHVRVSDUWLFXODUHVFRQORVFXDOHVVHHYDO~D
ODFDOLGDGGHFDGDIDFWRU YDUtDQVHJ~QODVLQVWLWXFLRQHVSHUROOHJDQDXQQ~PHUR
DSUR[LPDGR GH FDUDFWHUtVWLFDV HQWUH D SRU IDFWRU /RV LQGLFDGRUHV VRQ ORV
GDWRVHPStULFRVFXDQWLWDWLYRVFRQORVFXDOHVVHYDORUDQODVFDUDFWHUtVWLFDVDWUDYpV
GH IXHQWHV GH LQIRUPDFLyQ WDQWR GRFXPHQWDOHV FRPR GH RSLQLyQ HQFXHVWDV
WDOOHUHV HYHQWRV HQWUHYLVWDV WDEODV HVWDGtVWLFDV (Q DOJXQRV FDVRV ORV
LQGLFDGRUHVOOHJDQDXQQ~PHURDSUR[LPDGRGHGHDLQGLFDGRUHVSDUD
FDGD FDUDFWHUtVWLFD TXH VH GHEHQ SURFHVDU HVWDGtVWLFDPHQWH JHQHUDQGR XQ
HVTXHPD GHPDVLDGR LQVWUXPHQWDO HPSLULVWD \ GH FXDGURORJtD HPSUHVDULDO OR TXH
REOLJD D ORV SURIHVRUHV GHGLFDUOH OD PD\RU SDUWH GH VX WLHPSR D GLFKRV SURFHVRV
WLHPSR TXH GHEHUtD HVWDU GHVWLQDGR D VX SURGXFFLyQ LQWHOHFWXDO \ DFDGpPLFD´
)DMDUGR
(Q HO FRQWH[WR ODWLQRDPHULFDQR \ FRQFUHWDPHQWH HQ &RORPELD ODV XQLYHUVLGDGHV
HVWiQ VLHQGR FRPSHOLGDV D FXPSOLU IUHQWH DO &1$ \ GHPRVWUDU UHVXOWDGRV HQ ODV
GLVWLQWDV IDVHV GHO SURFHVR HGXFDWLYR /RV SURIHVRUHV VH YHQ IRU]DGRV D
H[WUDOLPLWDUVH HQ ODERUHV GH DXGLWRUtD DGPLQLVWUDWLYD OR FXDO FRPSRUWD QR VyOR
SURFHVRV GH SRQGHUDFLyQ GH VXSXHVWRV IDFWRUHV GH FDOLGDG VLQR WRGD FODVH GH
UHFROHFFLyQ GH LQIRUPDFLyQ XQD WDUHD LQWHUPLQDEOH GH UHOOHQR GH ILFKDV WpFQLFDV
GLDULRV SDUFHODGRUHV PDOODV FXUULFXODUHV FDGD YH] PiV IUDJPHQWDGDV FRQWUROHV
DGPLQLVWUDWLYRV HODERUDFLyQ GH LQIRUPHV R HYLGHQFLDV GH JHVWLyQ \ GRFXPHQWRV
GHVFULSWLYRVORFXDOJHQHUDXQDPELHQWHGHWHQVLyQODERUDOTXHRFXOWDHOYHUGDGHUR
URVWUR GH OD FLHQFLD \ GH OD ULTXH]D DFDGpPLFD GHO EXHQ XVR GH OD HGXFDFLyQ
HPRFLRQDO OD FUHDWLYLGDG OD O~GLFD HO DUWH ODV KXPDQLGDGHV HQ VX PiV SXUD
HVHQFLD\HOYHUGDGHURHVStULWXGHODLQQRYDFLyQFLHQWtILFD
&RPRVLIXHUDSRFRFDGDIDVHGHEHFXPSOLUVHHQXQSOD]RSHUHQWRULRSDUDSRGHU
FXPSOLUFRQGHWHUPLQDUORVREMHWLYRVGHSURGXFFLyQ\HILFDFLDHQORVSURFHVRVQR
REVWDQWH HO WUDEDMR VH SURORQJD FDGD YH] PiV FRQ OD LQFRUSRUDFLyQ GH ODV WDEODV
HVWDGtVWLFDV D PHGLGD TXH VH FRPSOHML]DQ ORV GDWRV H LQGLFDGRUHV OR FXDO

9pDVH ,VDEHOOH %UXQR /D PHUFDQWLOL]DFLyQ GH ODV XQLYHUVLGDGHV HQ /H 0RQGH GLSORPDWLTXH
HGLFLyQ&RORPELDVHSWLHPEUHGHS
GHVFRPSRQH HO FOLPD HO DPELHQWH ODERUDO \ DFDGpPLFR GH ODV LQVWLWXFLRQHV 0iV
D~QSDUDFROPR GHPDOHVFDGDDxRVHFUHDQQXHYRVFRQWUROHV\HYDOXDFLRQHVGH
SURFHVRVGHFDOLGDGQXHYRVIRUPDWRV\VHJXLPLHQWRVGHSODQHVGHPHMRUDPLHQWR
UHQRYDFLRQHVTXHDSXQWDQDOUHJLVWURFDOLILFDGRODFRQVHFXFLyQ\HOPDQWHQLPLHQWR
GHVXSXHVWRVQLYHOHVGHFDOLGDGVRQFRQWUROHVTXHVXPHUJHQODDFDGHPLDHQHO
PDUDVPR GHO HILFLHQWLVPR \ OD GHVWLHUUDQ GH VXV YHUGDGHURV KRUL]RQWHV GH
KXPDQLVPRHVStULWXOLEUHFRQFLHQFLDFUtWLFD\FDOLGDGFLHQWtILFD
(1 0(',2 '(/ 2-2 '(/ +85$&È1 81 5(0(',2 3(25 48( /$
(1)(50('$'
(VWDPRV VXPHUJLGRV HQ PHGLR GH XQD JUDQ FULVLV GH HQRUPH WUDVFHQGHQFLD GH
RUGHQ PXQGLDO \ QR VyOR SHUWHQHFH D OD HVIHUD HFRQyPLFD VLQR D GLVSRVLWLYRV
VLPEyOLFRVPiVVHQVLEOHVGHOFDPSRHGXFDWLYR(VWDFULVLVHVWiDIHFWDQGRODOLEHUWDG
LQGLYLGXDO \ OD VDOXG GH ODV GHPRFUDFLDV 1RV KHPRV YXHOWR XQD VRFLHGDG PiV
HJRtVWDLQGLYLGXDOLVWD\FRQWURODGDSRUODVLQVWLWXFLRQHVGHSRGHUFRPRODHVFXHOD
ODLJOHVLD\ODVFRUSRUDFLRQHVFRPHUFLDOHV/DYLUXOHQFLDGHHVWDFULVLVVHVLHQWHHQ
ORV FRQWHQLGRV FXUULFXODUHV UHSUHVHQWDFLRQHV VRFLDOHV HGXFDWLYDV \ VtPERORV GH
SRGHU &DGD YH] LPSRUWD PiV OD SUHVHUYDFLyQ GH FRQRFLPLHQWRV SUHYLDPHQWH
FRQFHELGRV OD DUWLFXODFLyQ SURJUDPiWLFD GH DVLJQDWXUDV OD VLVWHPDWL]DFLyQ GH
FRQWHQLGRV FXUULFXODUHV HO Q~FOHR GH OR TXH VH HQVHxD \ FyPR VH HQVHxD D ORV
QLxRV\MyYHQHVGHQWURGHODVHVFXHODVFROHJLRV\XQLYHUVLGDGHVGHODVVRFLHGDGHV
GHPRFUiWLFDVVLQHPEDUJRHQODPD\RUtDGHHVWRVFDVRVODVWUDQVIRUPDFLRQHVGH
ORV QXHYRV PRGHORV QR VH KDQ VRPHWLGR DO HVFUXWLQLR S~EOLFR D ORV FRQVHQVRV
GHPRFUiWLFRVGHPDHVWURV\HVWXGLDQWHVQLDODQiOLVLVGHWDOODGRVSRUSDUWHGHORV
LQYHVWLJDGRUHV,(6
1RVyORSDUD1XVVEDXPODFRPSUHQVLyQDFWXDOGHODFULVLVSDVDSRUHOGHWHULRURGHO
KXPDQLVPRGHQWURGHOFRQWH[WRFXUULFXODURSRUODFRQVWDQWHDFXVDFLyQGHTXHODV
KXPDQLGDGHV FDUHFHQ GH UHOHYDQFLD HQ HO DPELHQWH DFWXDO GH OD UHYROXFLyQ
FRPXQLFDWLYD \ GHO FRQRFLPLHQWR FLHQWtILFR 7DO PHQRVSUHFLR QR VyOR SRQH GH
PDQLILHVWRODGLILFXOWDGGHUHLQWHUSUHWDUHOSDSHOTXHMXHJDQODVKXPDQLGDGHVHQOD
WUDQVIRUPDFLyQ VRFLDO VLQR TXH KDFH UHIHUHQFLD D OD FULVLV SURIXQGD SRU OD TXH
DWUDYLHVDWRGDODKXPDQLGDG
6HSODQWHDHVWDSUHJXQWDHOILOyVRIR-DFTXHV'HUULGD³¢7LHQHOD8QLYHUVLGDGFRPR
PLVLyQ HVHQFLDO SURGXFLU FRPSHWHQFLDV SURIHVLRQDOHV TXH SXHGHQ VHU D YHFHV
H[WUDXQLYHUVLWDULDV" ¢GHEH OD 8QLYHUVLGDG DVHJXUDU HQ Vt PLVPD \ HQ TXp
FRQGLFLRQHV OD UHSURGXFFLyQ GH OD FRPSHWHQFLD SURIHVLRQDO IRUPDQGR SURIHVRUHV
SDUDODSHGDJRJtD\SDUDODLQYHVWLJDFLyQHQHOUHVSHWRGHXQFyGLJRGHWHUPLQDGR"
6HSXHGHFRQWHVWDUTXH©VtªDODVHJXQGDSUHJXQWDVLQKDEHUORKHFKRDODSULPHUD
\ GHVHDU PDQWHQHU ODV IRUPDV \ ORV YDORUHV SURIHVLRQDOHV LQWUDXQLYHUVLWDULRV FRQ
LQGHSHQGHQFLD GHO PHUFDGR \ GH ODV ILQDOLGDGHV GHO WUDEDMR VRFLDO IXHUD GH OD
8QLYHUVLGDG /D QXHYD UHVSRQVDELOLGDG GHO ©SHQVDPLHQWRª GH TXH KDEODPRV QR
SXHGHGHMDUGHLUXQLGDDOPHQRVDXQPRYLPLHQWRGHUHVHUYDLQFOXVRGHUHFKD]R
FRQUHVSHFWRDODSURIHVLRQDOL]DFLyQGHOD8QLYHUVLGDGHQDPERVVHQWLGRV\VREUH
WRGR HQ HO SULPHUR GH HOORV HO FXDO RUGHQD OD YLGD XQLYHUVLWDULD FRQ YLVWDV D ODV
RIHUWDV R GHPDQGDV GHO PHUFDGR GH WUDEDMR \ VH UHJXOD VHJ~Q XQ LGHDO GH
FRPSHWHQFLD SXUDPHQWH WpFQLFR (Q HVWD PHGLGD DO PHQRV VHPHMDQWH
©SHQVDPLHQWRªSXHGHFRPRPtQLPRWHQHUHOHIHFWRGHUHSURGXFLUXQDSROtWLFDGHO
VDEHUPX\WUDGLFLRQDO<HVWRVHIHFWRVSXHGHQVHUORVGHXQDMHUDUTXtDVRFLDOHQHO
HMHUFLFLRGHOSRGHUWpFQLFRSROtWLFR´ 'HUULGDSiJ
3DUD 'HUULGD OD 8QLYHUVLGDG UHFODPD HO HVWDWXV GH VHU VLQ FRQGLFLyQ HV GHFLU OD
OLEHUWDGDFDGpPLFDHVXQDSURSXHVWDDELHUWDDWRGRVDODXQLYHUVLWDV HQVXVHQWLGR
HWLPROyJLFRRULJLQDODXQDOLEHUWDGLQFRQGLFLRQDOSDUDFXHVWLRQDU\DVHYHUDUHVOR
PLVPR TXH WHQHU HO GHUHFKR GH GHFLU S~EOLFDPHQWH WRGR DTXHOOR TXH VHD H[LJLGR
SRUODLQYHVWLJDFLyQHOFRQRFLPLHQWRFLHQWtILFR\HOSHQVDPLHQWRFRQFHUQLHQWHDOD
YHUGDG ³(VH SULQFLSLR GH UHVLVWHQFLD LQFRQGLFLRQDO HV XQ GHUHFKR TXH OD
XQLYHUVLGDG PLVPD GHEHUtD D OD YH] UHIOHMDU LQYHQWDU \ SODQWHDU OR KDJD QR D
WUDYpV GH ODV IDFXOWDGHV GH GHUHFKR R HQ ODV QXHYDV KXPDQLGDGHV FDSDFHV GH
WUDEDMDUVREUHHVWDVFXHVWLRQHVGHGHUHFKR±HVWRHVSRUTXpQRGHFLUORVLQURGHRV
GHXQDV+XPDQLGDGHVFDSDFHVGHKDFHUVHFDUJRGHODVWDUHDVGHGHFRVWUXFFLyQ
HPSH]DQGRSRUODGHVXKLVWRULD\VXVSURSLRVD[LRPDV´ 'HUULGDS
(Q HO SXQWR FUXFLDO GH ODV KXPDQLGDGHV HV GRQGH OD XQLYHUVLGDG VH DVXPH HQ OD
HQFUXFLMDGDGRQGHVHWHMHODGHFRQVWUXFFLyQ\HOFRPEDWHQHFHVDULRSDUDYpUVHODV
FRQ ODV UD]RQHV SUiFWLFDV ORV HMHUFLFLRV QHFHVDULRV GH ODV GLVFLSOLQDV TXH QRV
DFHUFDQ PiV DO VHQWLGR GH QXHVWUD SURSLD YLGD YLGD &RPR GLUtD 'HUULGD ³HQ HVD
IURQWHUD KD GH QHJRFLDU SXHV \ RUJDQL]DU VX UHVLVWHQFLD < DVXPLU VXV
UHVSRQVDELOLGDGHV1RSDUDFHUUDUVHQLSDUDUHFRQVWUXLUHVHIDQWDVPDDEVWUDFWRGH
VREHUDQtD FX\D KHUHQFLD WHROyJLFD R KXPDQLVWD KDEUi FRPHQ]DGR TXL]i D
GHFRQVWUXLU VL HV TXH KD FRPHQ]DGR D KDFHUOR 6LQR SDUD UHVLVWLU HIHFWLYDPHQWH
DOLiQGRVHFRQIXHU]DVH[WUDDFDGpPLFDVSDUDRSRQHUXQDFRQWUDRIHQVLYDLQYHQWLYD
FRQVXVREUDVDWRGRVORVLQWHQWRVGHUHDSURSLDFLyQ SROtWLFDMXUtGLFDHFRQyPLFD
HWF DWRGDVODVGHPiVILJXUDVGHODVREHUDQtD´ 'HUULGDSiJ
7DPELpQHVUHOHYDQWHSDUD+DQQD$UHQGWQRVyORODFULVLVGHODHGXFDFLyQVLQROD
FULVLV GH ODV KXPDQLGDGHV GHQWUR GHO SURFHVR HGXFDWLYR VLQ HPEDUJR WRGD FULVLV
DEUHSRVLELOLGDGHVWDO\FRPRHOODORGHVFULEH(VODRSRUWXQLGDGQDFLGDGHODFULVLV
PLVPD HV H[SORUDU H LQTXLULU OR TXH KD\D TXHGDGR D OD YLVWD GH OD HVHQFLD GHO
DVXQWR\ODHVHQFLDGHODHGXFDFLyQHVODQDWDOLGDGHOKHFKRGHTXHHQHO PXQGR
KD\DQQDFLGRVHUHVKXPDQRV/DGHVDSDULFLyQGHSUHMXLFLRVVyORVLJQLILFDTXH\DQR
WHQHPRV ODV UHVSXHVWDV HQ ODV TXH KDELWXDOPHQWH QRV IXQGiEDPRV VLQ VLTXLHUD
FRPSUHQGHUTXHHQVXRULJHQHUDQUHVSXHVWDVDSUHJXQWDV8QDFULVLVQRVREOLJDD
YROYHU D SODQWHDUQRV SUHJXQWDV \ QRV H[LJH QXHYDV R YLHMDV UHVSXHVWDV SHUR HQ
FXDOTXLHUFDVRMXLFLRVGLUHFWRV $UHQGWSS

(OVXEUD\DGRHVPtR
(VWi HQ FULVLV OD HGXFDFLyQ \ WDPELpQ ODV KXPDQLGDGHV \ ODV FLHQFLDV VRFLDOHV HQ
JHQHUDO /R SXQWXDOL]D 1XVVEDXP ³/RV HVSHFLDOLVWDV HQ HGXFDFLyQ SDUD HO
FUHFLPLHQWRHFRQyPLFRQRVHOLPLWDQDKDFHUFDVRRPLVRGHODVGLVFLSOLQDVDUWtVWLFDV
\KXPDQtVWLFDV(QUHDOLGDGOHVWLHQHQPLHGRSXHVHOFXOWLYR\HOGHVDUUROORGHOD
FRPSUHQVLyQUHVXOWDQHVSHFLDOPHQWHSHOLJURVRVIUHQWHD ODPRUDOREWXVDTXHDVX
YH]HVQHFHVDULDSDUDSRQHUHQSUiFWLFDORVSODQHVGHFUHFLPLHQWRHFRQyPLFRTXH
LJQRUDQODGHVLJXDOGDG5HVXOWDPiVIiFLOWUDWDUDODVSHUVRQDVFRPRREMHWRVDSWRV
SDUDVHUPDQLSXODGRVVLXQRQXQFDDSUHQGLyDYHUODVGHRWUDPDQHUD´ 1XVVEDXP
SiJ
&RQ FLHUWD GHVD]yQ YHPRV FyPR OD XQLYHUVLGDG VH YLHQH WUDQVIRUPDQGR HQ XQ
HPSOD]DPLHQWREXURFUiWLFRTXHDGTXLHUHODFRQVLVWHQFLDEXURFUiWLFDGHFRUSRUDFLyQ
GHO FRQRFLPLHQWR %DMR OD SUHWHQVLyQ GH IOH[LELOLGDG FXUULFXODU H LQWHJUDFLyQ GH
HQIRTXHV\VDEHUHVODHGXFDFLyQSRUFRPSHWHQFLDVYDJDQDQGRIXHU]DHQDOJXQRV
HVFHQDULRV GRQGH OD UHQWDELOLGDG VH SRQH HQ SULPHU OXJDU SRU HQFLPD GH OD
OLEHUWDGODFUHDWLYLGDGODFXDOLILFDFLyQKXPDQDODVHQVLELOLGDG\ODFDOLGDGLQWHULRU
GHODVSHUVRQDV
/DHGXFDFLyQVHKDFRQYHUWLGRHQXQSULYLOHJLRGHXQJUXSRGHGLVWLQJXLGRVVHxRUHV
GH SRGHU 3DUD WDO FRPHWLGR HO FRQRFLPLHQWR VH IUDJPHQWD VH GLYLGH HQ
FRPSDUWLPLHQWRVVHHVSHFLDOL]D\VXSHUHVSHFLDOL]DPiVD~QSDUDOOHJDUDFLHUWRV
FRQRFLPLHQWRV SURIHVLRQDOHV \ SXHVWRV GH SULYLOHJLR ODERUDO WDO FRPHWLGR VH KD
FRQYHUWLGR HQ XQ HMHUFLFLR EXURFUiWLFR VRILVWLFDGR OD F~VSLGH ILQDO GH XQ DVFHQVR
TXH PX\ SRFRV DOFDQ]DQ /R TXH HV PiV SHUYHUVR GH HVWD SURSXHVWD FRQ
LQFRUSRUDFLyQGHO6(& 6LVWHPDGH(GXFDFLyQSRU&RPSHWHQFLDV VRQODVGLQiPLFDV
EXURFUiWLFDV TXH GREOHJDQ \ FRQGLFLRQDQ ODV UD]RQHV DFDGpPLFDV IUHQWH D ORV
UHVXOWDGRV HILFLHQWLVWDV GH FRUWH FRUSRUDWLYLVWD %DMR HVWH HQGHEOH VLVWHPD GH
SULYLOHJLRV GH UHSUHVHQWDFLyQ GH XQ FDSLWDO FXOWXUDO FRQWURODGR SRU ODV pOLWHV ORV
PHQRV FUtWLFRV \ FUHDWLYRV HV GHFLU ORV PHGLRFUHV WULXQIDQ HQ WDQWR VRQ HOORV
TXLHQHV WHUPLQDQ SRU FRQWURODU ORV DJHQFLDPLHQWRV SRVLWLYLVWDV TXH VH SXHGHQ
UHVXPLU HQ WDUHDV YDFXDV FRPR UHQGLU LQIRUPHV PRVWUDU FRQIRUPLGDGHV
HYLGHQFLDV GH P~OWLSOHV DFWLYLGDGHV SRU HQOLVWDU VLQ LPSRUWDU ORV QLYHOHV GH
SURIXQGLGDG WHyULFD R HO DQiOLVLV FUtWLFR TXH ODV VRSRUWD PLHQWUDV OD SURGXFFLyQ
FLHQWtILFD VH YD SHUGLHQGR HQ HO PDUDVPR GH XQD UD]yQ LQVWUXPHQWDO QDGD
DFDGpPLFD
6LQ GXGDDOJXQDHO6(& REHGHFHDGLQiPLFDVGHOFDSLWDOLVPRPXQGLDOLQWHJUDGR
&0, ORFXDOKDFHSDUWHGHXQQXHYRHVFHQDULRGHUHSURGXFFLyQGHODVGLUHFWULFHV
GHO QHROLEHUDOLVPR IXQFLRQD FRPR SDUWH GHO SDWUyQ GH DFXPXODFLyQ FRPR
IXQGDPHQWDFLyQGHODHGXFDFLyQVXSHULRU\GHFRQWUROFHQWUDGRHQODUHSURGXFFLyQ
GH ODV RUJDQL]DFLRQHV \ OD WHFQRORJtD 7DO FDSLWDOLVPR JOREDOL]DGR QR JDUDQWL]D HO

&IU 0RULQ ( /RV VLHWH VDEHUHV QHFHVDULRV SDUD OD HGXFDFLyQ GHO IXWXUR 0DGULG
6DQWLOODQD

&IU +DEHUPDV- &RQRFLPLHQWRHLQWHUpV0DGULG7DXUXV

6LVWHPDGH(YDOXDFLyQSRU&RPSHWHQFLDV
SOHQRHPSOHRSDUDWRGRVVLQRTXHVHGLQDPL]DVHOHFWLYDPHQWHSDUDDTXHOORVTXH
FXPSODQFRQODGRWDFLyQGHODVFRPSHWHQFLDVQHFHVDULDVSDUDRFXSDUSXHVWRVTXH
KDQ DGTXLULGR XQ FDUiFWHU GHVGH ODV 7,& OD WHFQRORJtD \ ORV UHJLVWURV
FRPXQLFDFLRQDOHVGH~OWLPDJHQHUDFLyQ (VWDGLQiPLFDDHVFDODSODQHWDULDQRHV
PiV TXH OD FRQFHSFLyQ GH HPSUHVDV JOREDOL]DGDV TXH FRPSLWHQ HQ HO PHUFDGR
OLEHUDO DPSOLDGR GHVGH OD FRQFHSFLyQ HODERUDFLyQ \ GLVWULEXFLyQ GH VXV VHUYLFLRV
HGXFDWLYRV \ ILQDQFLHURV GHQWUR GH ODV GLQiPLFDV GH XQ PLVPR HPSOD]DPLHQWR
FDSLWDOLVWD
7RGRHVWHSUREOHPDTXHH[SUHVDHOiQLPRGHOXFURGHODVLQVWLWXFLRQHVHGXFDWLYDV
SRUHQFLPDGHODIRUPDFLyQKXPDQtVWLFD\HOVHQWLGRFUtWLFRGHODVRFLHGDGPXHVWUD
ODYLVLyQXWLOLWDULVWDLQPHUVDHQHOPHUFDGRJOREDOL]DGRHQILQVHWUDWDGHRWURGH
ORV DJHQFLDPLHQWRV GHO &DSLWDOLVPR 0XQGLDO ,QWHJUDGR &0, (O FDSLWDOLVPR VH
SLHQVDHQODXQLYHUVLGDG\pVWDSULYLOHJLDXQDGLPHQVLyQLGHROyJLFDTXHDQWHSRQHOR
HFRQyPLFR D OR SROtWLFR OR LQGLYLGXDO \ HJRtVWD D OR VRFLDO \ FXOWXUDO 5DPRQHW

(Q GHILQLWLYD VH SRGUtD DILUPDU TXH ORV YDORUHV GH UHQWDELOLGDG ILQDQFLHUD
SUHYDOHFHQVREUHXQDFRQFHSFLyQKXPDQLVWD \KXPDQLWDULDGHODXQLYHUVLGDGSXHV
OD IRUPDFLyQ SURIHVLRQDO GH ORV HVWXGLDQWHV VH GLUHFFLRQD D OD IRUPDFLyQ GH VHUHV
HJRtVWDVKpURHV\VXSHUKRPEUHVTXHKDEUiQGHJREHUQDUORVGHVWLQRVGHOPXQGR
FRQODFDSDFLGDGWpFQLFD\HODVHJXUDPLHQWRGHXQHPSUHQGLPLHQWRFRUSRUDWLYLVWD
HQ GHWULPHQWR GH XQD IRUPDFLyQ PiV KROtVWLFD RULHQWDGD D OD YLGD SROtWLFD D OD
FXOWXUD \ DO HQULTXHFLPLHQWR GH ORV FDSLWDOHV FXOWXUDO VLPEyOLFR \ VRFLDO 6H WUDWD
HQILQGHXQDFRQFHSFLyQ GHOWUDEDMREDMRXQPDUFRLQVWLWXFLRQDODPSOLDGR~QLFR
QHROLEHUDOPRQRSROLVWDGRQGHHOSRORGRPLQDQWHVHXELFDHQORVSDtVHVGHOQRUWH
GHVDUUROODGR \ ³FLYLOL]DGR´ TXH FRQWURODQ SRU GLVSRVLFLRQHV GH DFFLyQ D GLVWDQFLD
ORV FRQRFLPLHQWRV \ ORV VHUYLFLRV GH DSUHQGL]DMH \ SRU HVH PLVPR PRWLYR RSHUDQ
GHPDQHUDLQGHSHQGLHQWHFRQWRWDODXWRQRPtDHQHOFRQWUROGHVXVHVWiQGDUHVGH
FDOLGDG VLQ QXQFD GLVPLQXLU VXV FDSDFLGDGHV QL SHUGHU VXV SULYLOHJLRV GH
JREHUQDQ]D GH ORV FDSLWDOHV FXOWXUDOHV $ ORV SDtVHV GRPLQDQWHV FRUUHVSRQGH OD
FUHDFLyQ GH SROtWLFDV HGXFDWLYDV ORV RWURV VRQ FRQGHQDGRV D OD LPLWDFLyQ OD
DVLPLODFLyQ\ODGHSHQGHQFLDSHUHQQHVLQWHQHUVLTXLHUDODSRVLELOLGDGGHVDOLUDOJ~Q
GtDGHDTXHOPDUDVPR\ERUURVLGDGTXHSHUSHW~DQODFULVLVHGXFDWLYDHQORVSDtVHV
GHOWHUFHUPXQGR
(&+e026/( 81 9,67$=2 $ /$ 75$16)250$&,Ï1 +,67Ï5,&$ '( /$

&$7(*25Ë$³&203(7(1&,$6´(1(/&$032('8&$7,92
3DUHFHH[LVWLUXQLQWHUpVPiVHFRQyPLFRTXHHGXFDWLYRSXHVDOUHYLVDUFRQDOJ~Q
GHWDOOH OD KLVWRULD GH OD (GXFDFLyQ %DVDGD HQ 1RUPDV GH &RPSHWHQFLDV (%1&

&IU+DEHUPDV- ³(OYDOOHGHOiJULPDVGHODJOREDOL]DFLyQ´(Q&ODYHVGHUD]yQSUiFWLFD
SS
TXH VH UHPRQWD D ORV DxRV WUHLQWD GHO VLJOR ;; HQ (VWDGRV 8QLGRV HQ VX
JHVWDFLyQ VH DGYLHUWH HO HQIRTXH SRVLWLYLVWD SDUD OD HPSOHDELOLGDG GHVGH HO LQLFLR
6XUHQDFLPLHQWRFRPHQ]yFXDQGRVHLQVWDXUyOD(GXFDFLyQEDVDGDHQ1RUPDVGH
&RPSHWHQFLD/DERUDOFRQRFLGDLQWHUQDFLRQDOPHQWHHQ$PpULFD/DWLQDEDMRODVLJOD
(%1&/FRQHOILQGHDGHFXDUODHGXFDFLyQDODFDSDFLWDFLyQ\QHFHVLGDGHVTXHOD
LQGXVWULDUHTXHUtD'HVGHHQWRQFHVOD(%1&KDVLGRXQFRQFHSWRPX\FRQWURYHUWLGR
HQWUH GLVWLQWRV DXWRUHV UHSUHVHQWDQWHV GH ORV GLIHUHQWHV VHFWRUHV WDQWR
LQGXVWULDOHV JXEHUQDPHQWDOHV \ DFDGpPLFRV 7RGR HVWR JHQHUy D~Q PiV FDORU
FXOWXUDO DO SUHWHQGHU LPSRQHU HQ OD HGXFDFLyQ VXSHULRU HQ $PpULFD /DWLQD HO
3URJUDPD GH 0RGHUQL]DFLyQ GH OD (GXFDFLyQ 7pFQLFD \ OD &DSDFLWDFLyQ
3(0(7\& FRPR VL VH WUDWDUD GH XQD SROtWLFD DPSOLD GH PHMRUDPLHQWR GH OD
FDOLGDG HGXFDWLYD SDUD HO GHVDUUROOR VRFLDO HQ $PpULFD /DWLQD FRQ OR FXDO VH
FRQWULEXLUtDDOHPSUHQGLPLHQWRSURIHVLRQDO\DODWUDQVIRUPDFLyQHFRQyPLFDGHODV
UHJLRQHV DFRVDGDV SRU ORV LPSDFWRV GH OD FULVLV ILQDQFLHUD 7DO SROtWLFD GH
FRPSHWHQFLDVGHVGHXQLQLFLRVHSHQVyFRPRIXQGDPHQWDFLyQ\IRUPDFLyQODERUDO
FRQ HO REMHWLYR EiVLFR GH IRPHQWDU XQD SURSXHVWD GH QRUPDV GH FRPSHWHQFLDV
ODERUDOHV\ GHFHUWLILFDFLyQGHFDOLGDGHQODSURGXFWLYLGDGHPSUHVDULDO
(OSUREOHPDPD\RUFRQVLVWHHQTXHGHXQPRPHQWRDRWURVHKDEOyGHXQDFXOWXUD
GHFRPSHWHQFLDVVLQWDQVLTXLHUDWHQHUXQDQRFLyQFODUDGHODQDWXUDOH]D\RULJHQ
GH HVWH FRQFHSWR TXH IXH LQFRUSRUDGR LQLFLDOPHQWH SDUD IRUPDU WpFQLFRV
SURIHVLRQDOHV\HQRWURPRPHQWRVHLQWHUSUHWyFRPRXQVLVWHPDJOREDOHGXFDWLYR
SDUDPHMRUDUODFDOLGDGDFDGpPLFDDWRGRQLYHO(VHQHVWHSXQWRGRQGHVHFHQWUD
WRGD OD GLVFXVLyQ TXH KDVWD HO GtD GH KR\ QR DOFDQ]D D UHVROYHUVH
VDWLVIDFWRULDPHQWH \ TXH VLJXH JHQHUDQGR PDOHVWDU D PXFKRV GLUHFWLYRV
DGPLQLVWUDWLYRV LQYHVWLJDGRUHV GRFHQWHV \ HVWXGLDQWHV FRPSURPHWLGRV FRQ OD
DFDGHPLD OD FLHQFLD \ OD KXPDQL]DFLyQ GH ORV VDEHUHV GHVGH HO QLYHO EiVLFR \
SULPDULRDOPHGLR\XQLYHUVLWDULR
6LFRQWHPSODPRVHOSDQRUDPDLQWHUQDFLRQDOKDFLDHQ)UDQFLDVHGLVHxyXQD
SURSXHVWD HVWUDWpJLFD GH UHQWDELOLGDG HPSUHVDULDO D SDUWLU GH OD IRUPDFLyQ
DFDGpPLFD GHVGH ODV XQLYHUVLGDGHV EDMR OD /H\ $XEU\ WDO SURSXHVWD VH

(O FRQFHSWR &RPSHWHQFLD VH LQFRUSRUy SULPHUR DO VLVWHPD ODERUDO SHUR OXHJR VH LQWURGXMR DO
VLVWHPD HGXFDWLYR VLQ XQD PHGLDFLyQ HSLVWHPROyJLFD FODUD \ UHPLWH D VDEHUHV KDELOLGDGHV \
DFWLWXGHV LQGLYLGXDOHV SDUD HO GHVHPSHxR ODERUDO SRU HVR SHUPDQHFH FRPR XQD FDWHJRUtD
HPSUHVDULDOTXHKDFHIUHQWHDORVGHVDItRVGHFRPSHWLWLYLGDG\IRUPDSDUWHGHODQXHYDDJHQGDGH
OD RUJDQL]DFLyQ PXQGLDO GHO WUDEDMR GH ORV SURFHVRV GH /LGHUD]JR 5HVSRQVDELOLGDG 6RFLDO
HPSUHQGLPLHQWR FRPSHWLWLYLGDG \ &DOLGDG 7RGRV HVWRV FRQFHSWRV VXUJHQ GHO iPELWR HFRQyPLFR
HPSUHVDULDO\VRQLQFRUSRUDGRVVLQQLQJXQDPHGLDFLyQDODFDGpPLFR

(QVXVLQLFLRVIXHLQFRUSRUDGRHVWHSURJUDPDSDUDIRUPDUWpFQLFRVSURIHVLRQDOHVTXHFXPSOLHUDQ
FRQ ODV QHFHVLGDGHV \ UHTXHULPLHQWRV GHO VHFWRU SURGXFWLYR FRQ HO ILQ GH UHVSRQGHU D OD FULVLV
HFRQyPLFD

/D$VDPEOHD1DFLRQDODSUREyODFRQQRWDGD³OH\GHODVKRUDV´HPEHVWLGDSDWURQDOFRQWUDODV
FRQTXLVWDVREUHUDV
GHQRPLQy ³EDODQFH GH ODV FRPSHWHQFLDV´ SURIHVLRQDOHV TXH EXVFDED IRUPDU
DFDGpPLFDPHQWH D ORV MyYHQHV HQ ySWLPRV GHVHPSHxRV HPSUHVDULDOHV SDUD HO
HPSUHQGLPLHQWRHQRULHQWDFLyQDOUHQGLPLHQWRILQDQFLHUR\DOWUDEDMRFRUSRUDWLYR
&XDWUR DxRV GHVSXpV HQ OD 2UJDQL]DFLyQ GH &RRSHUDFLyQ \ 'HVDUUROOR
(FRQyPLFR 2&'( HQWLGDGTXHUH~QHDODVJUDQGHVSRWHQFLDVGHO&0,SXEOLFyHO
LQIRUPH ³OD IOH[LELOLGDG GHO WLHPSR GH WUDEDMR´ FRQ HO SURSyVLWR GH JDUDQWL]DU XQ
PD\RUIRUWDOHFLPLHQWRILQDQFLHURHQODFRRSHUDFLyQHQWUHHPSUHVDV\XQLYHUVLGDGHV
\ KDFLD HO DxR 2&'( SXEOLFy HO GRFXPHQWR ³¢4Xp IXWXUR SDUD OD HVFXHOD"´
GRQGHGHVWDFyODLPSRUWDQFLDGHIRUWDOHFHUHVWHPLVPRHQIRTXHGHVGHODIRUPDFLyQ
EiVLFD SULPDULD KDVWD OD IRUPDFLyQ VXSHULRU (QWUH HO DxR \ OD 8QLyQ
(XURSHD DSUREy XQ PDUFR UHIHUHQFLDO GH OD HGXFDFLyQ FRQ iQLPR GH OXFUR SDUD
KDFHUGHODV³FRPSHWHQFLDVFODYH´ XQGLVSRVLWLYR³SDUDHODSUHQGL]DMHDORODUJR
GHODYLGDSDUDHOGHVDUUROORSHUVRQDOODFLXGDGDQtDDFWLYDODFRKHVLyQVRFLDO\OD
HPSOHDELOLGDG´
/DSURSXHVWDGHOD2&'(HVXQHQJDxRFRQFLHUWRWLQWHGHPHVLDQLVPRURPiQWLFR
HQ WDQWR HQFLHUUD XQD SURPHVD GH VDOYDFLyQ XQ SUHPLR HVFDWROyJLFR PHVLiQLFR \
GH RULHQWDFLyQ SDVWRULO D ORV LQPHUVRV HQ WDO FULVLV ³ORV HPSOHDGRUHV KDQ
UHFRQRFLGR HQ HOODV ODV FRPSHWHQFLDV IDFWRUHV FODYHV GH GLQDPLVPR \ GH
IOH[LELOLGDG 8QD IXHU]D GH WUDEDMR GRWDGD GH HVWDV FRPSHWHQFLDV HV FDSD] GH
DGDSWDUVH FRQVWDQWHPHQWH D OD QXHYD GHPDQGD \ D PHGLRV GH SURGXFFLyQ HQ
FRQWLQXDHYROXFLyQ´ 3RQW :HUTXLQ
(O6(&VXUJHFRPRXQDSURSXHVWDGHO&0,SXHVHVGHDGYHUWLUTXHEDMRLQLFLDWLYDV
GHOD8QLyQ(XURSHDVHJHVWDURQGRVSURSXHVWDVLPSRUWDQWHVTXHVLUYLHURQFRPR
HO SULQFLSDO PDUFR GH UHIHUHQFLD GH OD HGXFDFLyQ SRU FRPSHWHQFLDV SULPHUR HO
3UR\HFWR 7XQLQJ \ SRVWHULRUPHQWH HO SUR\HFWR 'H6H&R 'HILQLFLyQ \ 6HOHFFLyQ
GH&RPSHWHQFLDV 'H6H&R\ TXHSURPXHYHOD2UJDQL]DFLyQSDUDOD
&RRSHUDFLyQ \ HO 'HVDUUROOR (FRQyPLFRV 2&'( (Q HO SUR\HFWR 'H6H&R VH
GHILQLHURQ ODV FRPSHWHQFLDV FRPR FDSDFLGDGHV QHFHVDULDV SDUD UHVSRQGHU D
GHPDQGDV \ QHFHVLGDGHV FRPSOHMDV \ OOHYDU D FDER WDUHDV GLYHUVDV GH IRUPD
DGHFXDGD $Vt SXHV ³ODV FRPSHWHQFLDV VXSRQHQ XQD FRPELQDFLyQ GH KDELOLGDGHV
SUiFWLFDV FRQRFLPLHQWRV PRWLYDFLyQ YDORUHV DFWLWXGHV HPRFLRQHV \ RWURV
FRPSRQHQWHVVRFLDOHV\GHFRPSRUWDPLHQWRTXHVHPRYLOL]DQFRQMXQWDPHQWHSDUD

(VWHPpWRGRGH%DODQFHGH&RPSHWHQFLDVVHKDPRGLILFDGRFRQHOWLHPSR\VHKDSUHFLVDGRHQ
HO FXUVR GH ORV ~OWLPRV DxRV GH DFXHUGR FRQ XQD VLQFURQtD GH P~OWLSOHV IDFWRUHV HQ GRQGH OD
UHIOH[LyQWHyULFD\ODVLVWHPDWL]DFLyQFLHQWtILFDKDQVHJXLGRODSUiFWLFDRSHUDWLYD\ODUHJODPHQWDFLyQ
OHJLVODWLYD

(O JUDQ SUR\HFWR GH OD 8QLyQ (XURSHD IXQGDGR HQ ODV FRPSHWHQFLDV \ FRPSHWLWLYLGDGHV
HFRQyPLFDVVHKDSODVPDGRHQXQSUR\HFWRDPSOLRGH³8QLYHUVLGDG(PSUHVD´

KWWSHFHXURSDHXGJVHGXFDWLRQBFXOWXUHSXEOHGXFWUDLQLQJBHQKWPO

(Q(XURSDVHXQLHURQXQLYHUVLGDGHVDSDUWLUGHSDUDFRQIRUPDUXQPDUFRIOH[LEOHGH
(GXFDFLyQ6XSHULRUHQ(XURSD
ORJUDU XQD DFFLyQ HILFD]´ SS (O SUR\HFWR 'H6H&R
SURSRQH GHVDUUROODU
WUHVFRPSHWHQFLDVEiVLFDV DFWXDUFRQDXWRQRPtDHVGHFLUGHIHQGHUORVSURSLRV
LQWHUHVHV UHVSRQVDELOLGDGHV \ GHUHFKRV XVDU KHUUDPLHQWDV LQWHUDFWLYDV FRPR
7,&QXHYDVWHFQRORJtDVGHORVVLVWHPDVGHLQIRUPDFLyQ\FRPXQLFDFLyQLQWHUDFWLYD
\ IXQFLRQDU HQ JUXSRV VRFLDOHV KHWHURJpQHRV FRQ HO ILQ GH UHODFLRQDUVH
FRRSHUDU\UHVROYHUFRQIOLFWRV &IU'H6H&R
(O FRQFHSWR TXH LPSXOVy HO SUR\HFWR 7XQLQJ DO UHIHULUVH D FRPSHWHQFLDV
HQIDWL]y HO LQWHUpV VREUH ODV JDQDQFLDV ORJURV GH SURGXFFLyQ PHWDV R UHVXOWDGRV
GHO DSUHQGL]DMH HV GHFLU LPSRUWD VyOR OR TXH HO DOXPQR HV FDSD] GH KDFHU \
SURGXFLU FRQ HO FRQRFLPLHQWR DGTXLULGR XQD YH] FXOPLQH VX SURFHVR HGXFDWLYR \
DGHPiVPXFKRLPSRUWDODFDSDFLGDGGHUHQWDELOL]DUORVSURFHGLPLHQWRVTXHOHKDQ
GH SHUPLWLU VHJXLU DSUHQGLHQGR PLHQWUDV GXUH HO SURFHVR GH YLGD SURIHVLRQDO ~WLO
HQDOJ~QFDPSRGLVFLSOLQDUGHIRUPDDXWyQRPD\³IOH[LEOH´DORODUJRGHVXYLGD
(O SUR\HFWR 'H6H&R HV FRQVLGHUDGR SRU PXFKRV H[SHUWRV FRPR HO WUDEDMR GH
LQYHVWLJDFLyQ HGXFDWLYD PiV UHOHYDQWH GH OD 2&'( HQ WDQWR GLVFULPLQD XQD
MHUDUTXtD GH FRPSHWHQFLDV D FRPXQLFDFLyQ HQ XQD OHQJXD H[WUDQMHUD E
FRPXQLFDFLyQ HQ OD OHQJXD PDWHUQD G FRPSHWHQFLDV EiVLFDV HQ FLHQFLD \
WHFQRORJtD H FRPSHWHQFLD PDWHPiWLFD I FRPSHWHQFLD GLJLWDO J H[SUHVLyQ
FXOWXUDO K HVStULWX HPSUHQGHGRU L FRPSHWHQFLDV LQWHUSHUVRQDOHV \ FtYLFDV M
DSUHQGHUDDSUHQGHU
(Q OD FRPLVLyQ 6&$16 GHO 0LQLVWHULR GHO 7UDEDMR GH (VWDGRV 8QLGRV
SURSXVRHVWDEOHFHUXQSODQHVWUDWpJLFRQDFLRQDO\VXSUDQDFLRQDOSDUDLPSOHPHQWDU
HQHOVLVWHPDHGXFDWLYRODVFRPSHWHQFLDVRGHVWUH]DVQHFHVDULDVSDUDIRPHQWDUOD
HGXFDFLyQWHUFLDULD\FRQHOORHOGHVDUUROORFRUSRUDWLYRHQXQSURFHVRHIHFWLYRGH
FRPSHWLWLYLGDG DPSOLDGR D WRGR HO VLVWHPD ODERUDO (V GHFLU HO YtQFXOR HQWUH OD
HGXFDFLyQWHUFLDULDFRQODVHPSUHVDV\ODVRFLHGDGIXHXQDQHFHVLGDGSHUHQWRULD
TXH VH LPSXVR SDUD HO GHVDUUROOR HFRQyPLFR \ HO SURJUHVR VRFLDO 6HJ~Q WDO
FRPLVLyQ FRQ HVWH HPSUHQGLPLHQWR VH HVWDUtD JDUDQWL]DQGR OD UHGXFFLyQ GH OD

(O SUR\HFWR GH 'H6H&R GHILQH FRPSHWHQFLD FRPR ³PiV TXH FRQRFLPLHQWRV \
GHVWUH]DV,QYROXFUDQODKDELOLGDGGHHQIUHQWDUGHPDQGDVFRPSOHMDVDSR\iQGRVHHQ\PRYLOL]DQGR
UHFXUVRV SVLFRVRFLDOHV LQFOX\HQGR GHVWUH]DV \ DFWLWXGHV HQ XQ FRQWH[WR SDUWLFXODU´ 'H6H&R

3DUD 7XQLQJ OD FRPSHWHQFLD FRQVLVWH HQ ³FRQRFHU \ FRPSUHQGHU VDEHU FyPR DFWXDU VDEHU
FyPR VHU /DV FRPSHWHQFLDV UHSUHVHQWDQ XQD FRPELQDFLyQ GH DWULEXWRV FRQ UHVSHFWR DO
FRQRFLPLHQWR\VXVDSOLFDFLRQHVDSWLWXGHVGHVWUH]DV\UHVSRQVDELOLGDGHV TXHGHVFULEHQHOQLYHOR
JUDGRGHVXILFLHQFLDFRQTXHXQDSHUVRQDHVFDSD]GHGHVHPSHxDUORV´

6L ELHQ HV FLHUWR TXH FRQ HVWH YRFDEOR FRPSHWHQFLDV VH LQWHQWD H[SUHVDU HO FRQMXQWR GH
KDELOLGDGHV DFWLWXGHV \ FRQRFLPLHQWRV HQ XQ UDVWUHR VREUH OD OLWHUDWXUD HVSHFLDOL]DGD GH HVWD
FDWHJRUtDVHHQFXHQWUDQFRQFHSWRVPX\GLIHUHQWHV XQRVGHRWURV3RUHMHPSOROD2&'(DWUDYpV
GHOSUR\HFWR'H6H&RHPSOHDHOFRQFHSWR³FRPSHWHQFLHV´PLHQWUDVHOSUR\HFWR&KHHUV KDEOD
GH³VNLOOV´\HQHOSUR\HFWR5HIOH[ VHKDEODGH³FRPSHWHQFHV´(QHODxRHOSUR\HFWR
7XQLQJ LQWURGXFH ORV WpUPLQRV DILQHV GH ³FDSDFLW\´ ³DELOLW\´ ³DWULEXWH´ \ ³VNLOO´ (Q GHILQLWLYD QR
KD\XQFRQVHQVRHSLVWHPROyJLFRQLXQDWULEXWRXQLILFDGRVREUHHOWpUPLQR³FRPSHWHQFLDV´

7KH6HFUHWDULHV&RPPLVVLRQRQ$FKLHYLQJ1HFHVVDU\6NLOOV
GHVHUFLyQHVFRODU\VHIRUPDUtDQLQGLYLGXRVFRPSHWHQWHVHQHOPHUFDGRODERUDO\
SRU HQGH VH H[SDQGLUtDQ ODV JDQDQFLDV ILQDQFLHUDV \ SURJUHVDUtDQ ORV PHUFDGRV
ODERUDOHVGHORV(VWDGRV8QLGRV/DSURSXHVWDVHSRGUtDUHVXPLUHQTXHODPHWDGH
GHVDUUROOR VH PLGH SRU OD SURGXFWLYLGDG TXH GHSHQGH HQ JUDQ PHGLGD GHO IDFWRU
KXPDQR GH WUDEDMDGRUHV FRPSHWHQWHV IRUPDGRV FRQ SHUILOHV DGHFXDGRV D ORV
UHTXHULPLHQWRVHPSUHVDULDOHVSDUDTXHGHVHPSHxHQELHQVXODERU\VHSDQPDQHMDU
DGHFXDGDPHQWH ODV QXHYDV WHFQRORJtDV ORV VLVWHPDV FRPSOHMRV \ FDGD YH] PiV
VRILVWLFDGRVGHSURGXFFLyQDJUDQHVFDODTXHGHVDUUROOHQHQWUHRWUDVPXFKDVOD
FRPSHWHQFLD GH WUDEDMDU HQ HTXLSR EDMR HO SULQFLSLR GH DSUHQGHU DSUHQGHU D
DSUHQGHU \ VHJXLU DSUHQGLHQGR TXH DGTXLHUDQ QXHYDV FRPSHWHQFLDV GHVGH OD
H[SHULHQFLDWHQLHQGRFRPRUHIHUHQFLDSULPDULDVXSURSLRSURFHVRGH³DSUHQGL]DMH
DXWyQRPR´FRPRXQHMHUFLFLRFRQWLQXRHQVXYLGDSUiFWLFDODERUDO
(Q DEULO GH OD 2UJDQL]DFLyQ 0XQGLDO GHO &RPHUFLR 20& DSUREy HO $*&6
*OREDO$JUHHPHQWIRU7UDGHLQ6HUYLFHV FRQHOILQGHOLEHUDUHOFRPHUFLRGHWRGRV
ORV VHUYLFLRV &XDWUR DxRV GHVSXpV SDUD HO PHV GH VHSWLHPEUH GH HO
VHFUHWDULDGR GH OD 20& GHFODUy TXH OD HGXFDFLyQ VXSHULRU KDEUtD GH LQFRUSRUDUVH
FRPRXQVHUYLFLROLEUHDELHUWR\FRPHUFLDODPSOLDGRJOREDOPHQWH WUDVORFXDOVH
FRQVROLGy HO SODQWHDPLHQWR GH XQ VLVWHPD LQWHUQDFLRQDO GH DFUHGLWDFLyQ
WUDQVIURQWHUL]R TXH WRPDED FRPR SXQWR GH UHIHUHQFLD HO PRGHOR QRUWHDPHULFDQR
TXHYHQGtDSURJUDPDVGHHGXFDFLyQVXSHULRUHQOtQHDDQLYHOJOREDOVLQWUHJXD\DO
PLVPR WLHPSR GLVHxDEDQ ODV GLUHFWULFHV GH FDOLGDG ORV VLVWHPDV GH HYDOXDFLyQ \
FRQWURODEDQ ORV SURFHVRV GH DFUHGLWDFLyQ GH HVRV PLVPRV SURJUDPDV TXH
LPSDUWtDQ /D 2&'( DVXPLy OD GLUHFFLyQ GHO VLVWHPD GH DFUHGLWDFLyQ JOREDO GH ORV
SURJUDPDV GH HGXFDFLyQ JOREDO GH ORV (VWDGRV 8QLGRV \ WDPELpQ GH ORV SDtVHV
HXURSHRVDVtPLVPROD2&'(DSUREy ODVGLUHFWULFHVGHFDOLGDGGLVHxDGDVGHVGHHO
PRGHOR HPSUHVDULDO SDUD OD HGXFDFLyQ VXSHULRU WUDQVIURQWHUL]D 7DO LQLFLDWLYD VH
LPSXVR FRPR XQD REOLJDFLyQ EDMR HO DUJXPHQWR TXH ORV SDtVHV HQ GHVDUUROOR
QHFHVLWDEDQVHUSURWHJLGRVFRQWUDORVLQWHUHVHVPHUFDQWLOLVWDV\ODPDODFDOLGDGGH
OD RIHUWD GH VHUYLFLRV HGXFDWLYRV GH PXFKRV SURYHHGRUHV QDGD VHULRV VLQ
DFUHGLWDFLyQLQWHUQDFLRQDO
6yORORVSDtVHVOtGHUHVPLHPEURVGHOD2&'(GHVGHHOSULQFLSLRGHHVWDVLQLFLDWLYDV
GH DFUHGLWDFLyQ HGXFDWLYD JOREDO KDQ WHQLGR OD SRWHVWDG GH HVWDEOHFHU ORV
IXQGDPHQWRV GLUHFWULFHV H LQGLFDGRUHV GH FDOLGDG DSURSLDGRV SDUD HO VLVWHPD
LQWHUQDFLRQDOGHDFUHGLWDFLyQ$GYLpUWDVHDGHPiVTXHODVJXtDVGHDFUHGLWDFLyQGH
OD2&'(VHIXQGDPHQWDQHQODVEXHQDVSUiFWLFDV\HQHOVLVWHPDGHFDOLGDGGHORV
SDtVHV PLHPEURV GH OD &RQYHQFLyQ GH /LVERD GH UHFRQRFLPLHQWR GH
GLSORPDV 81(6&2 \ &RQVHMR GH (XURSD HV GHFLU ORV PLVPRV FRQ ODV PLVPDV
(XURSD(VWDGRV8QLGRV&DQDGi,VUDHO\$XVWUDOLD &RQORFXDOHVWDPRVLQPHUVRV

/XHJROD&RQIHUHQFLDGHOD2&'(DGRSWy XQGRFXPHQWRVREUHHVWHWHPDHQHO<SDUD
RFWXEUHGH HOVHFUHWDULRJHQHUDOGHOD2&'(GHFODUyHQOD&RQIHUHQFLD*HQHUDOGHOD81(6&2
TXH ODV GLUHFWULFHV GH OD &RQIHUHQFLD KDQ GH VHUYLU SDUD LGHQWLILFDU D ORV SURYHHGRUHV GH FDOLGDG
TXHSRUVXSXHVWRHVWDUiQXELFDGRVHQORVSDtVHVGHOD2&'(
HQ XQ VLVWHPD GH XQLIRUPLGDG FRJQLWLYD HSLVWHPROyJLFD DGPLQLVWUDWLYD \

PHWRGROyJLFDGHHGXFDFLyQ\HYDOXDFLyQGHODFDOLGDGDFDGpPLFDEDMRHVWiQGDUHV
FRUSRUDWLYLVWDV
$Vt PLVPR VH GHFODUD OD HTXLYDOHQFLD GH WRGRV ORV VLVWHPDV GH DFXHUGR FRQ HO
VLVWHPDHXURSHR\FDGDYH]HVWDPRVPiVOHMRVGHODDXWRQRPtDHGXFDWLYDGHXQ
VLVWHPD GHPRFUiWLFR \ MXVWR GH FRQYDOLGDFLyQ GH WtWXORV GRQGH WRGDV ODV SDUWHV
REWHQJDQ EHQHILFLRV HTXLSDUDEOHV EDMR GHUHFKRV FRPSDUWLGRV FRQ LJXDOGDG GH
RSRUWXQLGDGHV\GRQGHODGLYHUVLGDGGHORVVLVWHPDVFRUUHVSRQGDFRQODGLYHUVLGDG
VRFLRFXOWXUDO FRQVLGHUDQGR ODV QHFHVLGDGHV SDUWLFXODUHV GH FDGD UHJLyQ WDQWR HQ
DWHQFLyQ \ UHVSXHVWD D FDGD FRPXQLGDG FRPR GHO UHTXHULPLHQWR D OD WRWDOLGDG
JOREDO (Q UHDOLGDG XQ JUXSR GH HPSUHVDULRV DOWDPHQWH FDOLILFDGRV EDMR HO WHQRU
HPSUHVDULDOILQDQFLHURHVWi DSOLFDQGRXQVLVWHPD DPSOLDGRGHFRQWURO DGLVWDQFLD
HQHOFDPSRHGXFDWLYRSDUDQRVyORGRPLQDUHOFDSLWDOFXOWXUDO\VLPEyOLFRGHODV
QDFLRQHV DVt FRPR HO FRQRFLPLHQWR UHTXHULGR SRU ODV HPSUHVDV HGXFDWLYDV SDUD
HVWDQGDUL]DU EDMR XQ PLVPR VLVWHPD \ XQ VROR PRGHOR WRGDV ODV DPDOJDPDV GH
LGHQWLGDGVLQRWRGRVORVHPSOD]DPLHQWRVGHSRGHU\GLVWLQFLRQHVFXOWXUDOHV$HVWH
JUXSR VyOR OH LQWHUHVD FRQWURODU WRGRV ORV SRGHUHV GHVGH OD VRFLHGDG GHO
FRQRFLPLHQWR EDMR ORV GLVSRVLWLYRV GH SRGHU HGXFDWLYR SRUTXH EDMR WDO
UHFXUVLYLGDGVHFRQWURODQODVILQDQ]DVGHOSODQHWD
6L HFKDPRV XQ YLVWD]R D GRV GRFXPHQWRV FODYH VREUH SROtWLFDV SDUD OD HGXFDFLyQ
VXSHULRUHODERUDGRV\SXEOLFDGRVHQORVDxRVQRYHQWDSRUHO%DQFR0XQGLDO %0 \
SRU OD 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ OD &LHQFLD \ OD
&XOWXUD 81(6&2 ³+LJKHU (GXFDWLRQ 7KH /HVVRQV RI ([SHULHQFH´ %0 \
³3ROLF\ 3DSHU IRU &KDQJH DQG 'HYHORSPHQW´ 81(6&2 DGYHUWLPRV TXH
WXYLHURQJUDQLQIOXHQFLDPXQGLDOUHVSHFWRDODHYROXFLyQGHODVSROtWLFDVS~EOLFDVHQ
HGXFDFLyQ VXSHULRU DO ILQDOL]DU HO VLJOR ;; \ VH WUDQVIRUPDURQ HQ XQD UHIHUHQFLD
REOLJDGD\SHUPDQHQWHSDUDGLVHxDUQXHYDVSROtWLFDVGHHGXFDFLyQVXSHULRU
(O GRFXPHQW GHO %0 ³+LJKHU (GXFDWLRQ 7KH /HVVRQV RI ([SHULHQFH´ HQ UHDOLGDG
IXHXQWUDEDMRGHDGDSWDFLyQGHO&RQVHQVRGH:DVKLQJWRQ TXHFRQVLGHUDEDODV
QXHYDVSROtWLFDV,(6GHVGHODUHGXFFLyQGHOPRQWRGHLQYHUVLRQHVDOPLVPRWLHPSR
TXHSUHWHQGtDHVWLPXODUODHGXFDFLyQSULYDGDDWRGRVORVQLYHOHVFRPRLQVWUXPHQWR
SDUDVXSXHVWDPHQWHORJUDUPD\RUHTXLGDG\DOSULRUL]DUODWHUFLDUL]DFLyQHGXFDWLYD
HVGHFLUWRGRVORVDVSHFWRVHPSUHVDULDOHVILQDQFLHURV\FRPHUFLDOHVYLQFXODGRVD
ODVHQWLGDGHVHGXFDWLYDV\DODFHSWDUFRPRSULQFLSLRIXQGDPHQWDOTXHODHGXFDFLyQ
VXSHULRUVHDREMHWRSULPRUGLDOPHQWHFRPHUFLDOWRGRHVWDEOHFLGRGHQWURGHOPDUFR
GHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR 20&

(O &RQVHQVR GH :DVKLQJWRQ VH FRQVWLWX\y HQ XQ FRQMXQWR GH QRUPDV WpFQLFDV \ HQ XQD SROtWLFD
HFRQyPLFD QHROLEHUDO DSOLFDGDV HQ ORV DxRV RFKHQWD SDUD HQIUHQWDU OD UHGXFFLyQ GH OD WDVD GH
EHQHILFLR HQ ORV SDtVHV GHO 1RUWH WUDV OD FULVLV HFRQyPLFD GH ORV VHWHQWD \ SRU RWUR FRPR VDOLGD
LPSXHVWD SRU HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO )0, \ HO %DQFR 0XQGLDO %0 D ORV SDtVHV GHO 6XU
DQWH HO HVWDOOLGR GH OD FULVLV GH OD GHXGD H[WHUQD
(O GRFXPHQW ³3ROLF\ 3DSHU IRU &KDQJH DQG 'HYHORSPHQW´ GH OD 81(6&2
GHFODUy OD HGXFDFLyQ VXSHULRU FRPR XQ ELHQ S~EOLFR PiV D~Q FRPR XQ GHUHFKR
LQDOLHQDEOH HQ HO PDUFR GH OD 'HFODUDFLyQ 8QLYHUVDO GH ORV 'HUHFKRV +XPDQRV \
FRPR XQ UHTXHULPLHQWR QHFHVDULR SDUD WRGRV ORV VHUHV KXPDQRV GHO SODQHWD
GHIHQGLy DVt PLVPR HO DFFHVR JUDWXLWR D OD HGXFDFLyQ VXSHULRU XQD HGXFDFLyQ GH
WRGRV \ SDUD WRGRV TXH WUDVFLHQGD D WRGRV ORV SDtVHV GHO PXQGR HQWHUR $Vt
PLVPR SODQWHy TXH WDQWR OD FDOLGDG OD LQFOXVLyQ \ OD SHUWLQHQFLD HUDQ FRQFHSWRV
FRUUHODWLYRV QHFHVDULRV SDUD OD WUDQVIRUPDFLyQ VRFLDO GH XQ SODQHWD HQ FULVLV /D
81(6&2VLHPSUHKDUHVDOWDGRORVPiVDOWRVEXHQRV\PHVLiQLFRVSURSyVLWRV7RGR
VH TXHGD HQ ODV SDODEUDV FRPR ODV SDODEUDV GH XQ SDVWRU TXH DSDFLJXD D VXV
RYHMDV \ ODV GHILHQGH GH XQ ORER FUXHO FRQ TXLHQ OXHJR FRPSDUWH VX OHFKR \ VX
FHQD
(QOD&RPLVLyQGH(GXFDFLyQGHOD81(6&2 SXEOLFyHOFRQQRWDGRLQIRUPH
'HORUV HQ GRQGH VH GHVLJQy D OD HGXFDFLyQ FRPR HO HMH GH WUDQVIRUPDFLyQ
FXOWXUDOIXQGDPHQWDOSDUDODUHIRUPD\HOGHVDUUROORVRFLDODQLYHOPXQGLDOHQHO
FRQWH[WRGHODJOREDOL]DFLyQ 0iVWDUGHWRGRVORVSDUWLFLSDQWHVGHOD&RQIHUHQFLD
0XQGLDO VREUH (GXFDFLyQ 6XSHULRU TXH VH GLHURQ FLWD HQ 3DUtV HQ EDMR OD
FRRUGLQDFLyQGHOD81(6&2VXEUD\DURQODLPSRUWDQFLDGHVDOLUSRFRDSRFRGHOD
FULVLV HQ SULPHUD LQVWDQFLD DO DXPHQWDU OD FDSDFLGDG GH DGDSWDFLyQ D OD
JOREDOL]DFLyQ SDUD YLYLU HQ PHGLR GH OD LQFHUWLGXPEUH \ OXHJR JHQHUDU
WUDQVIRUPDFLRQHVTXHOHSHUPLWDQDODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUDWHQGHU
ODVQHFHVLGDGHVVRFLDOHVIRPHQWDUODMXVWLFLD\OD HTXLGDG ³¢4XpKDFHUSDUDTXH
DQWH HVWD GHPDQGD FDGD YH] PD\RU \ PiV H[LJHQWH ODV SROtWLFDV HGXFDWLYDV
DOFDQFHQ HO REMHWLYR GH XQD HQVHxDQ]D D OD YH] GH FDOLGDG \ HTXLWDWLYD" /D
FRPLVLyQ VH KD SODQWHDGR HVWDV FXHVWLRQHV FRQ UHVSHFWR D ORV HVWXGLRV
XQLYHUVLWDULRV ORV PpWRGRV \ ORV FRQWHQLGRV GH OD HQVHxDQ]D FRPR FRQGLFLRQHV
QHFHVDULDVSDUDVXHILFDFLD´ 'HORUVSiJ
/D 81(6&2 GHVGH ORV LQIRUPHV \ UHVXOWDGRV GH OD &RQIHUHQFLD 0XQGLDO VREUH
(GXFDFLyQ6XSHULRUIXHHQIiWLFDHQ SODQWHDUTXHODHGXFDFLyQ SRUQLQJ~QPRWLYR
KDEUtD GH PDQWHQHU FRPR ILQ ~OWLPR HO OXFUR SXHV FODUDPHQWH OD HGXFDFLyQ SRU
SULQFLSLR VH FRQVWLWX\H FRPR XQ ELHQ S~EOLFR 3RU VXSXHVWR VDEHPRV ODV
FRQVHFXHQFLDV H LPSOLFDFLRQHV GHO SURFHVR GH OLEHUDOL]DFLyQ GHO PHUFDGR GH OD
HGXFDFLyQ VXSHULRU HQ $PpULFD /DWLQD 8Q LQIRUPH JOREDO TXH SODQWHD XQ VLVWHPD
XQLYHUVLWDULR TXH SURFODPH OD HGXFDFLyQ VXSHULRU FRPR ELHQ S~EOLFR FRP~Q VLQ
ILQHV GH OXFUR PHUHFH WRGD QXHVWUD DWHQFLyQ 7DO SRVWXODGR R WHVLV SXHGH VHU OD

2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD

'HORUV - /D HGXFDFLyQ HQFLHUUD XQ WHVRUR 3DULV (GLFLRQHV 81(6&2 (O VU -DFTXHV
'HORUVSUHVLGHQWHGHHVWD&RPLVLyQ,QWHUQDFLRQDOVREUH(GXFDFLyQSDUDHOVLJOR;;,81(6&2IXH
PLQLVWUR GH (FRQRPtD \ +DFLHQGD HQ )UDQFLD \ WDPELpQ IXH SUHVLGHQWH GH OD &RPLVLyQ (XURSHD

-DFTXHV'HORUVHQVXFpOHEUH,QIRUPHSUHSDUDGRSDUDOD81(6&2 'HORUVHWDO GHVFULELy
XQ PRGHOR KROtVWLFR GH HGXFDFLyQ EDVDGR HQ FXDWUR SLODUHV HO DSUHQGHU D FRQRFHU DSUHQGHU D
KDFHUDSUHQGHUDYLYLUMXQWRV\DSUHQGHUDVHU
JUDQ PHQWLUD GHO QXHYR PRGHOR GH HGXFDFLyQ VXSXHVWDPHQWH RULHQWDGR DO
GHVDUUROOR\FUHFLPLHQWRGHORVFDSLWDOHVKXPDQRVRFLDOFXOWXUDO\VLPEyOLFR\WDO
HVWLOR R PRGHOR HGXFDWLYR (%& WLHQH TXH OOHJDU DO PD\RU Q~PHUR GH SHUVRQDV
SRVLEOHHQHO WHUFHUPXQGR3HURHVDGLQiPLFD VHFRQWUDGLFHHSLVWHPROyJLFDPHQWH
FRQORTXHSODQWHDHO6(&
0iV D~Q VL OD HGXFDFLyQ VH DVXPH FRPR HO IXQGDPHQWR HQ OD IRUPDFLyQ GH ODV
SHUVRQDV \ HQ HO IRUWDOHFLPLHQWR GH VXV FDSLWDOHV D WRGR QLYHO OD IRUPDFLyQ
XQLYHUVLWDULDWHQGUtDTXHVHUORPiVXQLYHUVDOSRVLEOH3HURODYHUGDGHVFKRFDQWH
SXHV HQ HO &0, OD HGXFDFLyQ VH KD FRQYHUWLGR HQ XQD PHUFDQFtD \ VyOR DOJXQRV
JUXSRV SULYLOHJLDGRV FXHQWDQ FRQ ODV PHMRUHV RSFLRQHV SDUD SDUWLFLSDU HQ XQD
HGXFDFLyQVXSHULRUGHFDOLGDGUHDO
1R REVWDQWH WRGDV ODV GLIHUHQFLDV SROtWLFDV \ HSLVWHPROyJLFDV HQWUH HO %DQFR
0XQGLDO %0 \OD2UJDQL]DFLyQGH1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\
OD &XOWXUD 81(6&2 KDFLD HO DxR HO HQWRQFHV GLUHFWRU JHQHUDO GH OD
81(6&2 .RLFKLUR 0DWVXXUD GHFODUy TXH HVWDV GRV RUJDQL]DFLRQHV
LQWHUQDFLRQDOHVGHEtDQDOLQHDUVH\HVWDUFRKHVLRQDGDVSROtWLFDPHQWH)XHHQWRQFHV
KDFLD HO GH MXQLR GH HQ OD SUHVHQWDFLyQ GHO LQIRUPH HODERUDGR SRU HO
%DQFR 0XQGLDO ³+LJKHU HGXFDWLRQ LQ GHYHORSLQJ FRXQWULHV SHULO DQG
SURPLVHV´ FXDQGR HO GLUHFWRU 0DWVXXUD GHFODUy TXH KDEtDQ H[LVWLGR DOJXQDV
GLIHUHQFLDV HQWUH HO %0 \ OD 81(6&2 HQ OD IRUPD GH FRQFHELU HO GHVDUUROOR GH OD
HGXFDFLyQ\HOSURJUHVRHFRQyPLFRGHORVSXHEORVPLHPEURVGHQDFLRQHVXQLGDV
'H DFXHUGR FRQ HO %DQFR 0XQGLDO XQ WUDEDMDGRU JOREDOL]DGR R TXH TXLHUD
GHVHPSHxDUVH HQ OD HFRQRPtD PXQGLDO FRQ ORV QXHYRV UHFXUVRV \ GLVSRVLWLYRV
FLEHUFXOWXUDOHV HQ OD VRFLHGDG GH OD LQIRUPDFLyQ \ HO FRQRFLPLHQWR JOREDO GHEHUi
GRPLQDU KDELOLGDGHV GH tQGROHV WpFQLFDV LQWHUSHUVRQDOHV \ PHWRGROyJLFDV 'LFKDV
KDELOLGDGHV WpFQLFDV HVWiQ UHODFLRQDGDV tQWLPDPHQWH FRQ OD DOIDEHWL]DFLyQ FRQ HO
GRPLQLRGHYDULRVLGLRPDVH[WUDQMHURVFRQODFRPSUHQVLyQGHPDWHPiWLFDVOLQHDOHV
\ DKRUD GH ODV QR OLQHDOHV FRQ OD LQWHUGLVFLSOLQDULHGDG GH ODV FLHQFLDV FRQ OD
UHVROXFLyQ GH SUREOHPDV FDSDFLGDG FUtWLFD \ DQDOtWLFD GH OD UHDOLGDG (O %DQFR
0XQGLDO UHSODQWHD HQ XQ LQIRUPH WLWXODGR ³FRQVWUXLU VRFLHGDGHV GHO FRQRFLPLHQWR´
VREUH QXHYRV GHVDItRV SDUD OD HGXFDFLyQ WHUFLDULD \ DILUPD TXH ³OD HGXFDFLyQ
WHUFLDULDHVQHFHVDULDSDUDFUHDUGLYXOJDU\DSOLFDUHOFRQRFLPLHQWRGHXQDPDQHUD
HILFD]\SDUDFRQVWUXLUFDSDFLGDGWDQWRWpFQLFDFRPRSURIHVLRQDO´ %DQFR0XQGLDO
;,;
(O6(&VXUJLyDVRFLDGRDSURFHVRVGHUHHVWUXFWXUDFLyQHFRQyPLFDGDGD ODFULVLVGHO
PRGHOR GH GHVDUUROOR SURGXFWLYLGDG \ DFXPXODFLyQ EDVDGR HQ ODV GLQiPLFDV GH
FRQVXPR PDVLYR (Q ODV ~OWLPDV GpFDGDV DO (VWDGR OH UHVXOWD GLItFLO UHVROYHU ODV
FULVLVHFRQyPLFDVSHULyGLFDVGHOFDSLWDOLVPRWDUGtRORFXDOFRPSRUWDXQDFULVLVHQ
HOFOLPDFXOWXUDOGHODVRFLHGDGDFWXDO/DJXEHUQDPHQWDOLGDGGHO(VWDGRKDSDVDGR
GH XQ LQWHUpV GLVWDQWH UHVSHFWR GH OD IRUPDFLyQ XQLYHUVLWDULD D XQ LQWHUpV
SULPRUGLDO VREUH OD XQLIRUPLGDG GHO PRGHOR HGXFDWLYR VREUH HO WLSR GH YLGD TXH

8QLWHG1DWLRQV(GXFDWLRQDO6FLHQWLILFDQG&XOWXUDO2UJDQL]DWLRQ
SURPXHYHWDOSURFHVRGHHGXFDFLyQKDVWDWDOSXQWRTXHKR\LQWHUYLHQHQQRVyORHO
FDUiFWHU GH OD H[SHULHQFLD HGXFDWLYD GH ORV HVWXGLDQWHV VLQR OD YLGD PLVPD GH
HVWXGLDQWHV \ GH ORV GRFHQWHV D WUDYpV GH SURIXQGDV UHIRUPDV TXH DIHFWDQ ODV
LQVWLWXFLRQHV HGXFDWLYDV ORV FXUUtFXORV \ ORV SUR\HFWRV HGXFDWLYRV SDUD KDFHUORV
PiVIXQFLRQDOHVFRPSHWLWLYRVDMXVWDGRVDOPHUFDGR\DOVLVWHPDGHDFXPXODFLyQ
YLJHQWH
$QWHODQRWDEOHWHQGHQFLDPXQGLDOGHODFRPHUFLDOL]DFLyQGHODHGXFDFLyQVXSHULRU
OD20& SURSXVRUHJXODUODIRUPDFLyQXQLYHUVLWDULDSDUDTXHVHRIHUWHGHQWURGHO
iUHDGHELHQHVLQWDQJLEOHV\VHUYLFLRV HGXFDWLYRVHQHOPDUFRGHO$FXHUGR*HQHUDO
VREUHHO&RPHUFLRGH6HUYLFLRV $*&6 TXHWLHQHFRPRREMHWLYRODOLEHUDOL]DFLyQGH
WRGR WLSR GH VHUYLFLRV 1R REVWDQWH WDO YLVLyQ GH OD HGXFDFLyQ XQLYHUVLWDULD FRPR
XQ VHUYLFLR RIHUWDGR FXDO PHUFDQFtD SDUD OD UHQWDELOLGDG R HO iQLPR GH OXFUR VH
RSRQHDODHGXFDFLyQ HQWDQWRELHQ\VHUYLFLRS~EOLFROR GLFKR\H[SXHVWRSRUOD
³'HFODUDFLyQ 0XQGLDO VREUH (GXFDFLyQ 6XSHULRU HQ HO VLJOR ;;, 9LVLyQ \ $FFLyQ´
HODERUDGD HQ HO PDUFR GH OD &RQIHUHQFLD 0XQGLDO VREUH (GXFDFLyQ 6XSHULRU
SURPRYLGDSRUOD81(6&2HQ\VXVFULWDSRUSDtVHV
/D 8QLyQ (XURSHD FUHy HO (VSDFLR (XURSHR GH (GXFDFLyQ 6XSHULRU (((6 FRPR
SDUWHGHXQSODQVXSHULRUSDUDIDYRUHFHUHQPDWHULDGHHGXFDFLyQODIOH[LELOL]DFLyQ
FXUULFXODUODVDOLDQ]DVHGXFDWLYDVODVHVWDGtDVRSDVDQWtDV\ODFRQYHUJHQFLDHQOD
HGXFDFLyQ VXSHULRU HXURSHD (Q HVH VHQWLGR SRGHPRV DGYHUWLU TXH ODV GLQiPLFDV
GH OD JOREDOL]DFLyQ KDQ DIHFWDGR OD XQLYHUVLGDG GH SULPHU QLYHO \ OD REOLJDQ D
SUHVHQWDUPHMRUHVtQGLFHVGHSURGXFWLYLGDGLQYHVWLJDWLYDFDOLGDGHQODGRFHQFLD\
RSWLPL]DFLyQHQODJHVWLyQHPSUHVDULDO
+DFLD OD &RQIHUHQFLD 0XQGLDO VREUH OD (QVHxDQ]D 6XSHULRU GHFODUy TXH ODV
LQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUGHEHUtDQGHILQLUVXVPLVLRQHVLQVWLWXFLRQDOHVGH
DFXHUGR FRQ ORV IXQGDPHQWRV GHO GHVDUUROOR HO SURJUHVR HFRQyPLFR \ ILQDQFLHUR
GHO (VWDGR GH %LHQHVWDU HV GHFLU ORV LQGLFDGRUHV R ORV SXQWRV SDUD PHGLU OD
FRQWULEXFLyQ DO PHMRUDPLHQWR FRQWLQXR SDUD DOFDQ]DU XQ ELHQHVWDUTXH VyOR HV GH
XQRV FXDQWRV SULYLOHJLDGRV 'H WDO PRGR VH SODQWHy OD QHFHVLGDG GH HVWDEOHFHU
ORV UDQNLQJV HQWUHODVGLVWLQWDVXQLYHUVLGDGHVHQHOPHUFDGRGHFRQIRUPLGDGFRQWDO
SULQFLSLR FRPSHWLWLYR SURSRQLpQGRVH FRPR UHIHUHQWH ~QLFR GH GLVWLQFLyQ ORV
HVWiQGDUHV GH FDOLGDG GH ODV HPSUHVDV GH FRQRFLPLHQWR \ FRQ HOOR D ODV
LQVWLWXFLRQHV HGXFDWLYDV GH PD\RU UHQRPEUH 6H SURSXVR XQ PRGHOR ~QLFR FRPR
IXQGDPHQWRSDUDFRQVROLGDUXQVLVWHPDHGXFDWLYRXQLILFDGRSDUD WRGRVORVSDtVHV
FRQ XQ SUR\HFWR GH DFUHGLWDFLyQ \ HYDOXDFLyQ XQLILFDGR SDUD VRPHWHU EDMR ORV
PLVPRVSDUiPHWURVDWRGDVODVLQVWLWXFLRQHVDFDGpPLFDVFRQORFXDOVHKDEUtDGH
LPSRQHU XQD LGHQWLGDG HGXFDWLYD LQWHUQDFLRQDO EDMR ORV FULWHULRV GHO (VWDGR GH
%LHQHVWDU
(Q PD\R GH ORV 0LQLVWURV GH (GXFDFLyQ GH )UDQFLD ,WDOLD *UDQ %UHWDxD \
$OHPDQLD ILUPDURQ XQ DFXHUGR VREUH OD HVWUXFWXUD GHO VLVWHPD HXURSHR GH
HQVHxDQ]DVXSHULRU HQHOPDUFRGHOD'HFODUDFLyQGH/D6RUERQD $UPRQL]DU\HQ

20& 2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR FUHDGDHOGHHQHURGH
HVH PDUFR FROHJLDGR VH ODQ]y OD LQLFLDWLYD GHO (VSDFLR (XURSHR GH (GXFDFLyQ
6XSHULRU (((6 RUJDQLVPR FRRUGLQDGRU GH SROtWLFDV JHQHUDOHV \ QRUPDV
OHJLVODWLYDV HQ PDWHULD GH HGXFDFLyQ VXSHULRU HQ (XURSD (Q OD GHFODUDFLyQ GH OD
6RUERQD $UPRQL]DU VH LQYLWy D WRGRV ORV SDtVHV PLHPEURV D WUDEDMDU GHVGH OD
HGXFDFLyQ VXSHULRU SRU HO FRPSURPLVR \ DOLDQ]D FRQ HO VHFWRU HPSUHVDULDO FRQ
PLUDVDPHMRUDUHOQLYHOSURGXFWLYR\HFRQyPLFRORTXHVLJQLILFDUtDKDEODUGHXQD
(XURSDGHOFRQRFLPLHQWRSDUDHOPHUFDGR
$ODxRVLJXLHQWHHQORV0LQLVWURVGH(GXFDFLyQGHVDUUROODURQOD 'HFODUDFLyQ
GH %RORQLD SDUD GDU FRQWLQXLGDG DO FRPSURPLVR SODQWHDGR DO VLVWHPD HXURSHR GH
HGXFDFLyQVXSHULRU HQOD6RUERQD$UPRQL]DUFRQHOILQGHPDQWHQHUODKHJHPRQtD
OLGHUD]JR\FRPSHWLWLYLGDGHQODHGXFDFLyQVXSHULRUHQHOiPELWRLQWHUQDFLRQDO(Q
%RORQLDVHUHDOL]yXQDSODQHDFLyQKDVWDFRQHOILQGHDUWLFXODUODVSROtWLFDVGH
HGXFDFLyQ VXSHULRU HQ WRUQR D GRV SURSyVLWRV DILQHV $GRSWDU XQ VLVWHPD GH
WtWXORVFRPSUHQVLEOH\FRPSDUDEOHSDUDIDYRUHFHUOD HPSOR\DELOLW\ RFXSDELOLGDGR
HPSOHDELOLGDG \ OD FRPSHWLWLYLGDG LQWHUQDFLRQDO (VWDEOHFHU XQ VLVWHPD FRP~Q
GHFUpGLWRVDFDGpPLFRVR (&76 (XURSHDQ&UHGLW7UDQVIHU6\VWHP 3URPRYHUHO
DSUHQGL]DMH \ OD HGXFDFLyQ FRQWLQXD D OR ODUJR GH OD YLGD DVt FRPR IDFLOLWDU OD
PRYLOLGDG GH HVWXGLDQWHV \ GRFHQWHV SRU WRGDV ODV XQLYHUVLGDGHV GH (XURSD R
DOFDQ]DU XQD FRQYHUJHQFLD HQ JUDGRV \ SRVJUDGRV HQ (XURSD SDUD HVWLPXODU
SURFHVRV TXH DVHJXUDVHQ OD FDOLGDG GH ODV XQLYHUVLGDGHV IXHURQ XQ GLVWUDFWRU GH
ODVYHUGDGHUDVLQWHQFLRQHVGHHVWD'HFODUDFLyQ
/D 'HFODUDFLyQ GH %RORQLD IXH XQ SUHWH[WR SROtWLFR SDUD SDVDU XQD VHULH GH
UHIRUPDV TXH QDGD WHQtDQ TXH YHU FRQ ORV SURSyVLWRV DQWHV PHQFLRQDGRV (O
REMHWLYR SULPRUGLDO IXH LQFHQWLYDU OD SULYDWL]DFLyQ GH OD HGXFDFLyQ VXSHULRU \ OD
LPSRVLFLyQGHFRQWHQLGRVFXUULFXODUHVTXHEXVFDEDQIDYRUHFHUPiVODUHQWDELOLGDG
HO HPSUHQGLPLHQWR \ OD FRPSHWHQFLD TXH OD IRUPDFLyQ FLXGDGDQD R OD FUHDWLYLGDG
KXPDQD %RORQLD SHUVLJXLy HVWDEOHFHU XQ FRQQRWDGR FRQWUDWR VRFLDO HQWUH ODV
HPSUHVDV GH HGXFDFLyQ VXSHULRU \ ODV HPSUHVDV WUDVQDFLRQDOHV 0iV D~Q OD
'HFODUDFLyQGH%RORQLD IXHXQHVSDFLRGHGLVFXVLyQPX\ H[LWRVRSDUDIRUWDOHFHUHO
GRPLQLR HXURSHR GH OD HGXFDFLyQ VXSHULRU (Q SULQFLSLR IXH XQD GHFODUDFLyQ
SROtWLFDSHUROXHJRUHSUHVHQWyXQDFXHUGRGHYROXQWDGHVHQWUHORVOtGHUHVGHPiV
GH WUHLQWD SDtVHV HXURSHRV SDUD DGDSWDU HO VLVWHPD D WRGRV ORV PLJUDQWHV GH
DFXHUGR FRQ ODV UHJXODFLRQHV \ QHFHVLGDGHV GHO GHVDUUROOR HXURSHR %RORQLD
GHIHQGLy TXH ODV XQLYHUVLGDGHV HXURSHDV VH DMXVWDUDQ D ODV UHJXODFLRQHV GH
HVWDQGDUL]DFLyQ GH HGXFDFLyQ VXSHULRU QRUWHDPHULFDQDV \ TXH VH DGRSWDUD HVWH
PRGHOR FRPR HO PiV FRQYHQLHQWH SDUD VXSHUDU OD FULVLV HQWUH RWURV IDFWRUHV
SURYHQLHQWHGHODVPLJUDFLRQHVPDVLYDVHQHOYLHMRFRQWLQHQWH
&RPR FRQVHFXHQFLD D OD 'HFODUDFLyQ GH %RORQLD ORV 0LQLVWURV GH (GXFDFLyQ GH
(XURSD VH YROYLHURQ D UHXQLU HQ 3UDJD \ HQ %HUOtQ FRQ HO ILQ GH

/RV FUpGLWRV (&76 UHSUHVHQWDQ ORV YDORUHV FXDQWLWDWLYRV QXPpULFRV TXH GHVFULEHQ OD
UHSUHVHQWDFLyQGHOYDORUGHORVSURGXFWRVGHOWUDEDMRTXHXQHVWXGLDQWHUHDOL]DSRUFDGDDVLJQDWXUD
HVWXGLDGD
SXQWXDOL]DU WRGRV ORV FRPSURPLVRV SHUHQWRULRV GH OD 'HFODUDFLyQ GH %RORQLD DVt
PLVPR WUDEDMDURQ VREUH HO LQWHUpV GH DPSOLDU OD SURSXHVWD HGXFDWLYD FRPR
HGXFDFLyQ FRQWLQXD D OR ODUJR GH OD YLGD XQ SURFHVR GH DSUHQGL]DMH DXWyQRPR \
IOH[LEOHSDUDDSUHQGHUDSUHQGLHQGRFRQWLQXDPHQWHGHVGHODH[SHULHQFLD\DGHPiV
DGYLUWLHURQ OD QHFHVLGDG GH OD FRPSHWLWLYLGDG HPSUHVDULDO TXH UHTXLHUHQ ODV
XQLYHUVLGDGHV DO HVWDEOHFHU DOLDQ]DV HVWUDWpJLFDV FRQ HO VHFWRU SURGXFWLYR \ DO
UHIXQGDU VXV VXHxRV VREUH OD EDVH VyOLGD GHO YDORU GHO FRQRFLPLHQWR HQ XQD
HFRQRPtDGHPHUFDGR
)XH DVt FRPR KDFLD HO HO %DQFR 0XQGLDO FUHy XQD FRPLVLyQ GH VDELRV
SUHVLGLGD SRU HO HQWRQFHV SUHPLR 1REHO QRUWHDPHULFDQR 0LFKDHO 6SHQFH TXLHQHV
HODERUDURQXQGRFXPHQWRFUtWLFR\DELHUWRGHWHQGHQFLDOLEHUDOTXHGLROXFHVVREUH
HOHVWDOOLGRGHODFULVLVILQDQFLHUD³,QIRUPHVREUHHOFUHFLPLHQWRHVWUDWHJLDVSDUDHO
FUHFLPLHQWR VRVWHQLGR \ HO GHVDUUROOR LQFOX\HQWH´ (VWD FRPLVLyQ GH VDELRV WXYR
FRPRSULQFLSDOREMHWLYRDQDOL]DUODPDQHUDHQTXHORVSDtVHVHQGHVDUUROORSXGLHUDQ
DOFDQ]DU XQ FUHFLPLHQWR VRVWHQLEOH \ HTXLWDWLYR VLQ FDHU HQ ORV GHVPDQHV GH OD
OLEUH FRPSHWHQFLD GH ORV PHUFDGRV \ HO FDSLWDOLVPR VDOYDMH $GHPiV HO LQIRUPH
SXQWXDOL]y OD QHFHVLGDG GH UHGXFLU OD LQHTXLGDG HFRQyPLFD D SDUWLU GH OD
DPSOLDFLyQ GH SURJUDPDV VRFLDOHV FDSDFHV GH HOLPLQDU OD GLIHUHQFLD HVFDQGDORVD
SHUFiSLWDGHUHQWDVHQWUHORVJUXSRVVRFLDOHV
&RPR XQ LQWHQWR SRU UHGHILQLU ODV SROtWLFDVHGXFDWLYDV DO VHUYLFLR GH ODV HPSUHVDV
KDQVLGRPXFKRVORVHVIXHU]RVGHWRGRVORVSDtVHVVXEGHVDUUROODGRVGHVGHORVDxRV
QRYHQWDHLQFOXVRGHVGHPXFKDVGpFDGDVDWUiVKDVWDQXHVWURVGtDVSRU DOFDQ]DU
XQLIRUPLGDGFRQXQ~QLFRPRGHORHGXFDWLYRJOREDO\DVtPLVPRSRUIRUWDOHFHUOD
FRQVROLGDFLyQ GH XQ SHQVDPLHQWR ~QLFR HQ HO iPELWR XQLYHUVLWDULR GHO WHUFHU
PXQGR HV GHFLU VH KDQ UHILQDGR FDGD GtD PiV ORV GLVSRVLWLYRV GH FRQWURO
HGXFDWLYR EDMR VXSXHVWDV SROtWLFDV GH GHVDUUROOR \ DYDQFH LQYHVWLJDWLYR TXH
FRQVWLWX\DQORVYHUGDGHURVSURSyVLWRVGHODHGXFDFLyQSDUDDOFDQ]DUPD\RUFDOLGDG
\FRQWULEXLUDVtFRQHOSURJUHVRVRFLDO\HOFRQQRWDGRGHVDUUROORGHORVSXHEORVGH
ODV$PpULFDV
(;,67( 08&+2 '(6$&8(5'2« 3(52 (1 '(),1,7,9$ ¢48e 621 /$6

&203(7(1&,$6<&8È/(6686867(172(3,67(02/Ï*,&2"
6LQ OXJDU D GXGD OD HGXFDFLyQ SRU FRPSHWHQFLDV WLHQH XQ RULJHQ SRVLWLYLVWD VH
WUDWD GH XQD FDWHJRUtD IRUPDWLYD LQVWUXPHQWDO TXH SRU SULQFLSLR VH DSOLFy D OD
LQVWUXFFLyQ FRQWURODGD \ D OD IRUPDFLyQ SURIHVLRQDO PDVLYD DSOLFDGD DO PXQGR
ODERUDO FRQ HO LQWHUpV ~QLFR GH SURPRYHU HO GHVDUUROOR HFRQyPLFR ILQDQFLHUR
FXOWXUDO \ VRFLDO 6X SULPLJHQLR SURSyVLWR HVWXYR UHODFLRQDGR GLUHFWDPHQWH FRQ OD
SURGXFWLYLGDG \ HQ WDO VHQWLGR ORV SURIHVLRQDOHV \D IRUPDGRV HQ FRPSHWHQFLDV
JDQDEDQORVUHVXOWDGRVGHODSURPHVDRPHWDGHWUDQVLWDUWRGDXQDFDUUHUDSDUD

GHPDU]RGHRQOLQH&IU
KWWSZZZJURZWKFRPPLVVLRQRUJVWRUDJHFJGHYGRFXPHQWV5HSRUWVSDQLVKJURZWKUHSRUWSGI
RFXSDUILQDOPHQWHXQOXJDUGHQWURGHODVIiEULFDVLQGXVWULDV\HPSUHVDVGHWRGR
QLYHO HV GHFLU OD ILQDOLGDG HV TXH ORVSURIHVLRQDOHV FRPSHWHQWHV VH LQFRUSRUDVHQ
SURGXFWLYDPHQWH D ODV HPSUHVDV SDUD ORJUDU HO WDQ DQKHODGR (VWDGR GH %LHQHVWDU
SURSXHVWR FRPR XQD SURPHVD PHVLiQLFD SRU HO &0, GHVGH VXV LQLFLRV (Q RWUDV
SDODEUDV VH EXVFDED PLQLPL]DU HO WLHPSR GH DGDSWDFLyQ R HQJDQFKH HQ HO
DPELHQWH FRUSRUDWLYR SRUTXH XQD (%& JDUDQWL]DED OD HIHFWLYLGDG QHFHVDULD SDUD
FRQILDUORVSXHVWRVGHWUDEDMRDXQSHUVRQDOFDOLILFDGRSDUDFXPSOLUFRQODVODERUHV
VHxDODGDV HQ ORV FXUUtFXORV 3RU HVR PLVPR OD EDVH FXUULFXODU GH OD (GXFDFLyQ
%DVDGDHQ&RPSHWHQFLDV (%& HVGHFLUODXWLOLGDGGHORVFRQWHQLGRVFXUULFXODUHV
VHFRQILJXUDEDGHVGHODDSOLFDFLyQDSUiFWLFDVFRUSRUDWLYDVUHVSRQGtDDODQiOLVLVGH
ODV IXQFLRQHV GH GHVHPSHxR HQ ORV GLVWLQWRV FDUJRV ODERUDOHV GH ODV HPSUHVDV
ILQDQFLHUDVFRPHUFLDOHVHLQGXVWULDOHVGHWRGRWLSR
'HDFXHUGRFRQ0XOGHUHOSULPHUXVRGHOYRFDEOR FRPSHWHQFLD VHHQFXHQWUDHQHO
ILOyVRIRJULHJR3ODWyQ³HQHOWUDEDMRGH3ODWyQ /\VLV$'& /DUDt]GHOD
SDODEUD HV ³LNDQR´ XQ GHULYDGR GH ³LNQRXPDL´ TXH VLJQLILFD OOHJDU (O DQWLJXR
JULHJR WHQtD XQ HTXLYDOHQWH SDUD FRPSHWHQFLD TXH HV LNDQyWLV ǈǉĮǌǎĲǆǐ 6H
WUDGXFH FRPR OD FXDOLGDG GH VHU LNDQRV FDSD] WHQHU OD KDELOLGDG GH FRQVHJXLU
DOJR GHVWUH]D (SDQJHOPDWLNHV LNDQRWLWD VLJQLILFD FDSDFLGDG R FRPSHWHQFLD
SURIHVLRQDOYRFDFLRQDO(VWRQRGHEHUtDVHUFRQIXQGLGRFRQ GH[LRWLV įİǅǈǗĲǆǐ TXH
WLHQH TXH YHU PiV FRQ OD LQWHOLJHQFLD FRPR HQ OD H[SUHVLyQ ³ĮĮǇǁĮ ĮİĲƾ
ƾǔĳǏǎıǘǌǆǅ ǔĳİǊǈǙĲİǏǎǌ ǀ įİǅǈǗĲǆǅ İĲƾ ĮǉǎǊĮıǁĮǅ´ OLWHUDOPHQWH ³LJQRUDQFLD
MXQWR FRQVDELGXUtD HV PiV~WLOTXHODLQWHOLJHQFLDMXQWRFRQODLQPRUDOLGDG´ >@
/D FRPSHWHQFLD LQFOXVR DSDUHFLy HQ ODWtQ HQ OD IRUPD GH FRPSHWHQV TXH HUD
FRQFHELGRFRPRHOVHUFDSD]\IXHSHUPLWLGRSRUODOH\UHJXODFLyQ\HQODIRUPD
GH FRPSHWHQWLD HQWHQGLGR FRPR OD FDSDFLGDG \ OD SHUPLVLyQ (Q HO VLJOR ;9, HO
FRQFHSWRHVWDED\DUHFRQRFLGRHQLQJOpVIUDQFpV\KRODQGpVHQODPLVPDpSRFD
VHGDWDHOXVRGHODVSDODEUDV FRPSHWHQFH \ FRPSHWHQF\ HQOD(XURSDRFFLGHQWDO
$VtTXHTXHGDFODURTXHHOFRQFHSWRGHFRPSHWHQFLDWLHQHXQDDPSOLDKLVWRULDSRU
HOORQRHVVRUSUHQGHQWHTXHVHUSURIHVLRQDOPHQWHFRPSHWHQWHVHUVXILFLHQWHPHQWH
FDSD] \ SRGHU GHVHPSHxDU FLHUWDV WDUHDV KD\D VLGR XQD DVSLUDFLyQ D OR ODUJR GH
ORVWLHPSRV´ 0XOGHU
/D H[SUHVLyQ ³(GXFDFLyQ %DVDGD HQ &RPSHWHQFLDV´ (%& WLHQH XQ FDUiFWHU
SROLVpPLFR SDUD DOJXQRV FUtWLFRV GH HVWD FDWHJRUtD VXV RUtJHQHV VH VLW~DQ HQ ORV
RUGHQDPLHQWRVGHODSUD[LVUHVSRQGHDFRQGXFWDVUHDFWLYDVGHRUGHQDPLHQWRFRQ
ILQHVGHHILFDFLD\HQWDOVHQWLGRVHXELFDHQHOFDPSRGHODSVLFRORJtDFRQGXFWLVWD
\GHODILORVRItDSRVLWLYLVWD /DLGHDGHFRPSHWHQFLDVFRQOOHYDDXQVDEHUKDFHU

1R H[LVWH XQD WHRUtD IXHUWH TXH DUWLFXOH HQ Vt PLVPD HO HQIRTXH GH VLVWHPD GH HGXFDFLyQ SRU
FRPSHWHQFLDV 6(& WDPSRFR H[LVWH XQ ~QLFR FRQVHQVR UHVSHFWR GHO FRQFHSWR R FDWHJRUtD GH
FRPSHWHQFLD %RRQ\9DQ'HU.OLQN
SXHV SUHWHQGH XQLU OD WHRUtD HGXFDWLYD FRQ XQ IXQFLRQDOLVPR SUiFWLFR ODERUDO HV
GHFLUGHFRPSHWLWLYLGDG\HPSUHQGLPLHQWRHQHOPHUFDGR
/D (GXFDFLyQ SRU &RPSHWHQFLDV SUHWHQGH IRUWDOHFHU XQ VLVWHPD VXSUHPDPHQWH
UtJLGR\SUDJPiWLFRTXHWLHQHTXHYHUFRQOD YLJLODQFLD\FRQWUROGHUHVXOWDGRVHQ
HVWULFWR RUGHQDPLHQWR MHUiUTXLFR D PHGLGD TXH VH YD DYDQ]DQGR VH WLHQHQ TXH
OOHQDU UHTXLVLWRV \ ORJUDU UHVXOWDGRV GH DFXHUGR FRQ ORV FRPHWLGRV HQ XQD PDOOD
FXUULFXODU SUHYLDPHQWH SURJUDPDGD 7DOHV UHVXOWDGRV VRQ ORV SURGXFWRV DFDEDGRV
TXH VH RIUHFHQ SDUD HVWDEOHFHU LQGLFDGRUHV GH JHVWLyQ TXH PLGHQ OD HILFDFLD OD
HIHFWLYLGDG \ HILFLHQFLD GH FRQWHQLGRV FXUULFXODUHV \ GHO DOFDQFH SUiFWLFR GH WDOHV
FRQWHQLGRV %DMR HVRV SDUiPHWURV HO VLVWHPD GH HYDOXDFLyQ SRU FRPSHWHQFLDV
WHUPLQDSRUUHGXFLUVHDODFDOLILFDFLyQGHUHVXOWDGRVTXHJHQHUDOPHQWHVHHQIRFDD
XQGLVSRVLWLYRGHFODVLILFDFLyQGHHVWDQGDUL]DFLyQ\SRUHQGHGHH[FOXVLyQVRFLDO
(OPLVPRVLVWHPDGHHVWDQGDUL]DFLyQGHLQGLFDGRUHVHGXFDWLYRVFRUUHVSRQGHFRQHO
PLVPRVLVWHPDGHFRQWUROGHFDOLGDGFRUSRUDWLYR(VGHFLUODFDOLGDGVHJDUDQWL]D
GHVGHODYLJLODQFLDHOFRQWUROODSUHVHQWDFLyQGHHYLGHQFLDVRUHVXOWDGRVIDFWLEOHV
GH HGXFDFLyQ H LQYHVWLJDFLyQ \ OD H[FOXVLyQ VRFLDO GH TXLHQHV QR ULQGHQ
SURIHVLRQDOPHQWH R TXLHQHV QR GHMDQ VXILFLHQWHV UpGLWRV R XWLOLGDGHV DO VLVWHPD
HPSUHVDULDO SURGXFWLYR (VD IXH OD GLQiPLFD EDMR OD FXDO VH FLUFXQVFULELy OD
HGXFDFLyQWHUFLDULD
/DVQLHU GHILQH ODV FRPSHWHQFLDV FRPR XQ ³VDEHU GHVHQYROYHUVH FRPSOHMR
UHVXOWDQWHGHODLQWHJUDFLyQGHODPRYLOL]DFLyQ\GHODGLVSRVLFLyQGHXQFRQMXQWR
GHFDSDFLGDGHV\KDELOLGDGHV GHRUGHQFRJQLWLYRDIHFWLYRSVLFRPRWRURVRFLDO \
GH FRQRFLPLHQWRV FRQRFLPLHQWRV GHFODUDWLYRV XWLOL]DGRV GH PDQHUD HILFD] HQ
VLWXDFLRQHVTXHWLHQHQXQFDUiFWHUFRP~Q´ /DVQLHUSiJ
/RV DXWRUHV JHVWRUHV LQWHOHFWXDOHV GHO SUR\HFWR 7XQLQJ GHILQLHURQ ODV
FRPSHWHQFLDV FRPR GHVWUH]DV SDUD FRQRFHU \ FRPSUHQGHU WDQWR FRQRFLPLHQWR
WHyULFR GH XQ FDPSR DFDGpPLFR FRPR OD FDSDFLGDG GH DQiOLVLV R WDPELpQ FRPR
VDEHUDFWXDU DSOLFDFLyQRSHUDWLYDGHOFRQRFLPLHQWRDVLWXDFLRQHVUHDOHV\GLOHPDV
\ VDEHU FyPR VHU FDSDFLGDG SHUFHSWLYD GHO RWUR H LQWHJUDFLyQ HQ FRPXQLGDG
*RQ]iOH]\:DJHQDDUSiJ
'HDFXHUGRFRQHOLQIRUPH'H6H&RODVFRPSHWHQFLDVVRQXQVLVWHPDTXHDJUXSD
KDELOLGDGHVSUiFWLFDVFRQRFLPLHQWRVDFWLWXGHVYDORUHVHPRFLRQHV\PRWLYDFLRQHV
TXH FDGD SHUVRQD GLVSRQH \ VH SRQHQ HQ SUiFWLFD HQ XQ FRQWH[WR GHWHUPLQDGR
SDUD KDFHU IUHQWH D ODV GHPDQGDV GHFLVLRQHV \R H[LJHQFLDV GH FDGD VLWXDFLyQ
FRQFUHWD GH OD YLGD GLDULD 'H6H&R FRQVLGHUD FRPR FRPSHWHQFLDV IXQGDPHQWDOHV
DTXHOODVLPSUHVFLQGLEOHVTXHQHFHVLWDQWRGRVORVVHUHVKXPDQRVSDUDKDFHUIUHQWH
DH[LJHQFLDVYLWDOHVSULPDULDV\DWRGRORTXHWLHQHTXHYHUFRQODFRQYLYHQFLDHQ
VRFLHGDG HQ WDQWR VH DVXPHQ XQRV FRPSURPLVRV \ GHUHFKRV FRPR FLXGDGDQRV

/D HSLVWHPRORJtD VXE\DFHQWH D OD SHGDJRJtD GH ODV FRPSHWHQFLDV VXHOH VHU IDOVDPHQWH
SUHVHQWDGD FRPR XQ GHVDUUROOR SXMDQWH GHO FRQVWUXFWLYLVPR SHGDJyJLFR GH 3LDJHW 9\JRWVN\ R
)UHLQHW
'H6H&R OODPD D ODV FRPSHWHQFLDV IXQGDPHQWDOHV ³NH\ FRPSHWHQFLDV´

LPSUHVFLQGLEOHV HQ WDQWR VH DVLPLODQ LQWHJUDQ DO VHU \ VH UHTXLHUHQ SDUD PXFKDV
iUHDV GH OD YLGD HV GHFLU FRQWULEX\HQ DO ELHQHVWDU \ UHSHUFXWHQHQ OD FDOLGDG GH
YLGDGHODVRFLHGDG
'HVGH HO SXQWR GH YLVWD SUiFWLFR HO GLVFXUVR GH ODV FRPSHWHQFLDV UHIXHU]D OD
LPSRUWDQFLDGHORVPpWRGRVSRVLWLYLVWDV\RPLWHHOHPHQWRVHVHQFLDOHVGHOSURFHVR
HGXFDWLYRFRPRODFUHDWLYLGDGODHPRFLRQDOLGDGODLQWXLFLyQODFDSDFLGDGFUtWLFD
UHIOH[LYD OD SHUSOHMLGDG FRQWHPSODWLYD OD GXGD R OD VRVSHFKD HV GHFLU RPLWH HO
SHQVDPLHQWR\ODWHRUtDFUtWLFDWDPELpQHVFDSDDODWHRUtDVLVWpPLFD\DODVWHRUtDV
GH OD FRPSOHMLGDG TXH SURSLFLDQ XQD HGXFDFLyQ KRORJUiPLFD LQWHJUDGRUD
GLQiPLFDODHYDOXDFLyQSRUFRPSHWHQFLDVVHUHGXFHDXQOODQRHMHUFLFLRGHFRQWURO
HQFODVDPLHQWR\H[FOXVLyQVRFLDO
&,17(5)25 HQWLHQGH OD FRPSHWHQFLD GHVGH HO iPELWR ODERUDO FRPR OD FDSDFLGDG
UHDO SDUD ORJUDU XQ REMHWLYR R XQ UHVXOWDGR HQ XQ FRQWH[WR GH WUDEDMR GDGR 6H
UHILHUHDODFDSDFLGDGSDUDUHVSRQGHUFRQHILFLHQFLDDODVWDUHDVTXHVHSUHVHQWDQ
FRQ ODV FDSDFLGDGHV TXH LQFOX\HQ WDQWR DFWLWXGHV FRQRFLPLHQWRV YDORUHV \
GHVWUH]DVSDUDKDFHUSRVLEOHVDFFLRQHVHIHFWLYDV &,17(5)25
/D (GXFDFLyQ %DVDGD HQ &RPSHWHQFLDV (%& GHEH LQWHUSUHWDUVH FRPR XQ
PRYLPLHQWRGHRUGHQJOREDODSOLFDGRHVSHFLDOPHQWHDORVSDtVHVGHO WHUFHUPXQGR
HQ WDQWR TXH SUHWHQGH YHQGHUVH FRPR XQD UHVSXHVWD PHVLiQLFD SDUD VDOLU GHO
VXEGHVDUUROOR XQD SURSXHVWD LQQRYDGRUD GH WHUFHUL]DFLyQ HGXFDWLYD SDUD
DGPLQLVWUDU \ UHJXODU HO PHUFDGR GH WUDEDMR LQWHUQR \ H[WHUQR GH ODV HPSUHVDV
SDUD UHVSRQGHU D OD FULVLV JOREDO ILQDQFLHUD D OD SDXSHUL]DFLyQ GH HQRUPHV
FRQJORPHUDGRVPDUJLQDOHVGHHVWRVSDtVHVSREUHV\VHDVXPHFRPRXQDSURSXHVWD
SDUD ODV WUDQVIRUPDFLRQHV SURGXFWLYDV TXH OLGHUDQ ODV HPSUHVDV JUDQGHV PXOWL \
WUDQVQDFLRQDOHV /D SULQFLSDO FDUDFWHUtVWLFD GH HVD WUDQVIRUPDFLyQ HV OD DSOLFDFLyQ
GHXQVLVWHPDGHLQQRYDFLyQDELHUWR\GLQiPLFRTXHREOLJDDUHIRUPXODUODUHODFLyQ
HQWUHODHGXFDFLyQ\ODVRFLHGDG\DVtPLVPRODDSOLFDFLyQSUiFWLFDHQHOPXQGR
ODERUDOHQWDQWRTXHODHGXFDFLyQIRUPDFLyQLQVWUXFFLyQSRUFRPSHWHQFLDVLPSOLFD
XQVDEHUKDFHUSXHVORVHVWXGLDQWHVGHEHQEDMRWRGRFRQGXFWRUHJXODUJDUDQWL]DU
ORV SURFHVRV RSHUDWLYRV RULHQWDQGR VXV FRQRFLPLHQWRV KDELOLGDGHV \ DFWLWXGHV
SUiFWLFDV D XQRV VDEHUHV FDGD YH] PiV HVSHFLDOL]DGRV FRPR UHVSXHVWD D ODV
FRQWLQXDVLQQRYDFLRQHVGHORVSURGXFWRVGHORVSURFHVRVSURGXFWLYRV\HYROXFLyQ
GHORVVLVWHPDVFRUSRUDWLYRVFRPSOHMRV
3DUD -HDQ &ODXGH 0LFKHD HO ³DSUHQGL]DMH SRU FRPSHWHQFLDV´ HV XQD HVWUXFWXUD
FLHJDTXHVHEDVDHQXQD HQVHxDQ]DDXWyPDWDPDTXLQDGDGHODLJQRUDQFLDTXH
FRQVLVWHHQDSUHQGHULQVWUXFFLRQHV\UHSHWLUKDVWDDVLPLODUFRQWHQLGRVSUDJPiWLFRV
7DO DSUHQGL]DMH PHFiQLFR VH HQIRFD D OD FRQVHFXFLyQ GH KDELOLGDGHV GHVWUH]DV \
DSOLFDFLRQHV SUiFWLFDV GH VDEHUHV VLQ QHFHVLGDG GH FRPSUHQGHU OD QDWXUDOH]D GH

&IUKWWSZZZHIGHSRUWHVFRP5HYLVWD'LJLWDO± %XHQRV$LUHV DxR 1±'LFLHPEUHGH

WDOHV VDEHUHV QL OD UD]yQ SUiFWLFD GH ODV WHFQRORJtDV TXH GLFH DSUHQGHU 0LFKHD

³(O UHQGLPLHQWR GH XQD HPSUHVD GHSHQGH GLUHFWDPHQWH GH ODV FRPSHWHQFLDV OD
H[SHULHQFLD \ ORV FRQRFLPLHQWRV LQGLYLGXDOHV DXQTXH UDUD YH] HV FRPSDUWLGR SRU
WRGDVODVSHUVRQDV'HKHFKRORVUHFXUVRVKXPDQRVGHXQDHPSUHVDVRQORVTXH
GHWHUPLQDQODIXHU]DODFDSDFLGDGGHUHDFFLyQ\ODGLQiPLFDRPiVSUHFLVDPHQWH
HO WUDEDMR FRP~Q GH HVWDV GLVWLQWDV SHUVRQDV >«@ (Q OD PHGLGD TXH VH HVWi
KDEODQGR GH FRQRFLPLHQWR YLYR HV GHFLU GHO FRQRFLPLHQWR SHUPDQHQWHPHQWH
DFWXDOL]DEOHSDUDKDFHUOR~WLOHVQHFHVDULRHVWDEOHFHUSDXWDVGHWUDEDMR´ 7HUiQ
SiJ
$GPLWLU TXH XQ FRQRFLPLHQWR FRPSHWHQWH HV HO TXH HVWi YLYR \ ORV GHPiV
FRQRFLPLHQWRV VRQ YDFXRV FRQRFLPLHQWRV LQDQHV R PXHUWRV HV SHOLJURVR 'H DKt
TXHPXFKRVILOyVRIRVDGYLHUWDQGHOLQPLQHQWHSHOLJURGHHVHWLSRGHHGXFDFLyQTXH
H[FOX\H D ODV KXPDQLGDGHV GH OD IRUPDFLyQ VXSHULRU R GH FXDOTXLHU QLYHO SRU
FRQVLGHUDUODV LQ~WLOHV R SHOLJURVDV SDUD OD IRUPDFLyQ GH FLXGDGDQRV FUtWLFRV
LQGHSHQGLHQWHVOLEUHV\UHVSRQVDEOHVGHVXVSURFHVRVGHWUDQVIRUPDFLyQLQWHUQD
(VXQKHFKRSURFODPDGRDJULWRV\YRFHVGHODERUDOLVWDVOD(GXFDFLyQ%DVDGDHQ
&RPSHWHQFLDV VH IXQGDPHQWD HQ ODV GHPDQGDV ODERUDOHV \ VX DSOLFDFLyQ
SUDJPiWLFD ILQDO HV OD SURGXFWLYLGDG LQQRYDGRUD OD VROLGH] ILQDQFLHUD \ OD
SHUGXUDELOLGDGHPSUHVDULDO/DVFRPSHWHQFLDVSURIHVLRQDOHVGHOD(%&VHDSOLFDQD
OD RSHUDFLRQDOL]DFLyQ GH KDELOLGDGHV KXPDQDV TXH SHUPLWHQ HMHUFHU
FRQYHQLHQWHPHQWH XQD IXQFLyQ R XQD DFWLYLGDG GHQWUR GHO DPELHQWH FRUSRUDWLYR
0HUWHQV 0HUWHQV SXQWXDOL]D TXH SDUD VHU LQQRYDGRUHV KD\ TXH GDU XQ
VDOWRFUHDWLYRQRVHSXHGHHVWDEOHFHUXQDUHODFLyQGLUHFWDHQWUHODVLQQRYDFLRQHV\
HO HPSOHR \D TXH OD GHFLVLyQ GH QR LQQRYDU HQ XQD HFRQRPtD DELHUWD \ GH
PHUFDGR D ODUJR SOD]R FRQOOHYD DO GHVSOD]DPLHQWR GH ODV HPSUHVDV KDFLD HO
UHWURFHVR GH ODV FRQGLFLRQHV \ RIHUWDV GH HPSOHR /D DFWLYLGDG LQQRYDGRUD GH ORV
SURGXFWRVSRUVtVRODQRGDSOHQDVJDUDQWtDVGHDPSOLDUODJHQHUDFLyQRFXSDFLRQDO
QREDVWDFRQSURGXFLUQXHYRVSURGXFWRVVLQRVHHVFUHDWLYRHQVHQWLGRDPSOLR(V
GHFLU PLHQWUDV OD LQQRYDFLyQ VH RULHQWH PiV D OD FDGHQD SURGXFWLYD D OD
RSWLPL]DFLyQGHOSURFHVRHQWpUPLQRVGHFRVWRVFDOLGDG\DGDSWDELOLGDG\PHQRVD
ODVSROtWLFDVGHLQQRYDFLyQGHORVSURGXFWRVVHFDHHQHOSHOLJURGHOLPLWDUODRIHUWD
GH HPSOHRV (Q RWUDV SDODEUDV GH DFXHUGR FRQ 0HUWHQV OD FDSDFLGDG GH OD
JHQHUDFLyQ GH HPSOHRV HVWi SURIXQGDPHQWH OLJDGD D OD LQQRYDFLyQ GH SURGXFWRV
PRGHORV \ PpWRGRV SURGXFWLYRV TXH WLHQHQ FRPR FRQGLFLyQ PtQLPD XQ SURFHVR
FRQHVWiQGDUHVEiVLFRVGHHILFLHQFLD\FDOLGDGHTXLSDUDEOHV\RFHUFDQRVDOUDQNLQJ
HVWDEOHFLGR SRU ORV SDUiPHWURV GH FDOLGDG PXQGLDOPHQWH UHFRQRFLGRV \ TXH VH
GHWHUPLQDQGHVGHODHGXFDFLyQ 0HUWHQV (QWDOVHQWLGRFDEUtDODIUDVHGH
+DPOLQ\6WHZDU³(V~WLOWRGDLQLFLDWLYDTXHWLHQHFRPRHIHFWRDOHQWDUODGLVFXVLyQ
\ TXH FRQGXFH D OD GHFLVLyQ GH HGXFDU \ FDSDFLWDU HQ ODV RUJDQL]DFLRQHV GH
WUDEDMR´ +DPOLQ\6WHZDUWSiJ
/DHGXFDFLyQEDVDGDHQFRPSHWHQFLDV (%& VHDSOLFDGHVGHODRULHQWDFLyQGHODV

HPSUHVDV \ ORV HPSUHVDULRV HQ WDQWR UHSUHVHQWD XQ LQVWUXPHQWR TXH SHUPLWH OD
FRORFDFLyQHILFD]GHUHFXUVRVSDUDODIRUPDFLyQGHSHUVRQDO(OSURSyVLWRGHHVWH
QXHYR VLVWHPD GH HGXFDFLyQ HV GDU UHVSXHVWD D OD QHFHVLGDG GH LGHQWLILFDU \
FRQVWUXLUQXHYRViPELWRVGHVDEHUHVEDMRXQHQIRTXHTXHSHUPLWDDGDSWDUVHDODV
LQQRYDFLRQHV GH ORV SURGXFWRV \ VLVWHPDV GH SURGXFFLyQ PHGLDQWH QXHYRV
PRGHORV\PpWRGRVGHFRPXQLFDFLyQ\HPSUHQGLPLHQWR(VGHFLUODVFRPSHWHQFLDV
GLFHQ FUHDU QXHYRV VDEHUHV TXH VH PRGLILFDQ DO WLHPSR TXH VXUJHQ QXHYRV
SURFHVRVSURGXFWLYRV
$ 02'2 '( &21&/86,Ï1 /26 /Ë0,7(6 '( 81$ 3('$*2*Ë$

6867(17$'$62%5(/$6&203(7(1&,$6/$%25$/(6
(O HQIRTXH SHGDJyJLFR GH ODV FRPSHWHQFLDV IXH GLVHxDGR EDMR XQ VLVWHPD
RULHQWDGRKDFLDODGHPDQGDPHUFDQWLOODRIHUWDODERUDOODJDQDQFLDFRUSRUDWLYD\
OD FRQVROLGDFLyQ GHO FDSLWDO ILQDQFLHUR (Q VX OXJDU OD HGXFDFLyQ IRUPDO
XQLYHUVLWDULDGHEHUtDHQFDPLQDUVH DOHQULTXHFLPLHQWRGHODVFDSDFLGDGHVKXPDQDV
DO IORUHFLPLHQWR GH OD FUHDWLYLGDG DO IRUWDOHFLPLHQWR GH OD FRQFLHQFLD FROHFWLYD HQ
WRUQRDODpWLFD\ODSROtWLFDDOFRPSURPLVRVRFLDOHVWpWLFRFRQORVDQFHVWURV\DOD
UHFUHDFLyQGHODVLGHQWLGDGHV(VGHFLUODHGXFDFLyQVXSHULRUGHEHUtDFRQWULEXLUDO
GHVSOLHJXH GH QXHYRV KRUL]RQWHV FDSDFLGDGHV KXPDQDV \ OLEHUWDGHV LQGLYLGXDOHV
GHVGH OD FRQVLGHUDFLyQ GH ORV QLFKRV DQFHVWUDOHV GH VDEHU SRSXODU GHVGH HO
UHFRQRFLPLHQWRGHOSRGHUGHODVP~OWLSOHVLGHQWLGDGHVFXOWXUDOHV
1R REVWDQWH OD HGXFDFLyQ SRU FRPSHWHQFLDV LQVWUXPHQWDOL]D ORV FRQRFLPLHQWRV
SDUFLDOL]D\FXDQWLILFDODSURGXFWLYLGDGKXPDQD\VyOREXVFDUHIRU]DUODUHQWDELOLGDG
ILQDQFLHUD GH LQVWLWXFLRQHV LQWHUFRQHFWDGDV SULRUL]D OR DGPLQLVWUDWLYR VREUH OR
DFDGpPLFR\IRPHQWDHOFRQWUROGHUHVXOWDGRVHILFDFHVSRUHQFLPDGHORVLQWHUHVHV
GHO DVRPEUR \ OD SHUSOHMLGDG FRQWHPSODWLYD GH ORV VXWLOHV VHQWLPLHQWRV \
HPRFLRQHVHItPHUDVTXHGHVSOLHJDHORFLRGHORVIXQGDPHQWRVGHODOLEHUWDGGHOD
FRQFLHQFLDFUtWLFD\GHODOLEUHH[SUHVLyQGHODVKXPDQLGDGHV7DOFRPRORDGYLHUWH
01XVVEDXPHVWRVPRGHORVGHHGXFDFLyQTXHQRVHFRPSURPHWHQFRQODOLEHUWDG
GH FRQFLHQFLD \ HOHYDQ HO HVStULWX FUtWLFR SRU GHILQLU GLQiPLFDV GH PHUFDGR HQ HO
FDPSR HGXFDWLYR GLVWDQ PXFKR GHO FRPSURPLVR GH ODV KXPDQLGDGHV HQ OD
WUDQVIRUPDFLyQ GH ODV QDFLRQHV ³(O SHQVDPLHQWR FUtWLFR QR VHUtD XQ FRPSRQHQWH
LPSRUWDQWH GH OD HGXFDFLyQ SDUD HO FUHFLPLHQWR HFRQyPLFR \ HQ HIHFWR QR OR KD
VLGR SDUD ORV (VWDGRV TXH SHUVLJXHQ HVD PHWD VLQ GHVFDQVR >«@ /D OLEHUWDG GH
SHQVDPLHQWRHQHOHVWXGLDQWHUHVXOWDSHOLJURVDVLORTXHVHSUHWHQGHHVREWHQHUXQ
JUXSRGHWUDEDMDGRUHVREHGLHQWHVFRQFDSDFLWDFLyQWpFQLFDTXHOOHYHQDODSUiFWLFD
ORV SODQHV GH ODV pOLWHV RULHQWDGRV D ODV LQYHUVLRQHV H[WUDQMHUDV \ HO GHVDUUROOR
WHFQROyJLFR´ 1XVVEDXPSiJ
%DMRHOHQIRTXHGHFRPSHWHQFLDVVHGHVFXLGDHODPELHQWHGHOLEHUWDGHQGRQGHVH
UHSURGXFHHOFRQRFLPLHQWRVHFRPSDUWHQODVLGHQWLGDGHV\VHUHFRQRFHHOFRQWH[WR
VRFLRFXOWXUDO (Q WpUPLQRV PiV HVFXHWRV HVWH PRGHOR GH FRPSHWHQFLDV DVLPLOD OD
SUHSDUDFLyQ GH GRFHQWHV D OD IRUPDFLyQ SURIHVLRQDO GH XQ WpFQLFR LQGXVWULDO GH
SURGXFFLyQ IRUGLVWD HQ HO &0, 1LQJXQD DFWLYLGDG KXPDQD HVFDSD DO FRQWURO GHO
&0, TXH QR UHVSHWD WHUULWRULDOLGDGHV VXEMHWLYLGDGHV QL WUDGLFLRQHV /D SURSXHVWD
HGXFDWLYD GHO &0, VH LGHQWLILFD PHMRU FRQ XQ SURFHVR JOREDO GH
GHVWHUULWRULDOL]DFLyQHQGRQGHVHUHFRPSRQHQORVVLVWHPDVVRFLDOHV\SURGXFWLYRV
GHVGHVXSURSLDEDVHDWUDYpVGHORTXH*XDWWDULOODPDVX³D[LRPiWLFDSURSLD´/D
HGXFDFLyQKDUtDSDUWHGHXQVLVWHPDPDTXtQLFRGHOTXHWDQWRHOFDSLWDOLVPRFRPR
HOFDSLWDOVRQPXFKR PiVTXHXQDVLPSOHPDWUL] RFDWHJRUtDHFRQyPLFD6HWUDWD
GH XQD FDWHJRUtD VHPLyWLFD TXH FRQFLHUQH DO FRQMXQWR GH ORV iPELWRV GH OD
SURGXFFLyQ \ GH OD HVWUDWLILFDFLyQ GH ORV SRGHUHV (O SURSyVLWR HGXFDWLYR SULPDULR
VHUtD EDMR ODV FDWHJRUtDV GH *XDWWDUL FUHDU PiTXLQDV GHVHDQWHV UHYROXFLRQDULDV
HQGHVGH\KDFLDXQPXQGRQXHYRSHURWDOPXQGRD~QQRH[LVWH *XDWWDUL
SS
/DFUHDWLYLGDGODVP~OWLSOHVLQWHOLJHQFLDV\VXVIDFXOWDGHVQRGHEHUtDQFRQVWUHxLUVH
GHVGH IUDJPHQWDFLRQHV R SDUFLDOLGDGHV SRVLWLYLVWDV \ QR GHEHUtDQ PHGLU
IXQFLRQDOLGDGHVSUDJPiWLFDVFRPRORSUHWHQGHHODSUHQGL]DMHSRUFRPSHWHQFLDV/D
HGXFDFLyQ SRU FRPSHWHQFLDV GHSHQGH GH DTXHOOR TXH SXHGH VHU PHGLGR SRU XQ
WHVWXQDHYDOXDFLyQTXHSULYLOHJLDHOIXQFLRQDOLVPR\ODPHPRUL]DFLyQ(OVLVWHPD
SRU FRPSHWHQFLDV SDUFLDOL]D \ GHVYLQFXOD ORV FRQWHQLGRV FXUULFXODUHV HQ
FRPSDUWLPHQWRV VHSDUDGRV \ FDGD YH] VH DtVODQ PiV GH DFXHUGR FRQ ODV
HVSHFLDOLGDGHV \ VXSHUHVSHFLDOLGDGHV ODERUDOHV D ODV TXH DSXQWDQ /DV
FRPSHWHQFLDV VH GHILQHQ VH HQVHxDQ \ DSUHQGHQ VyOR SDUD VHU HYDOXDGDV
FRQWURODGDV\PHGLGDVVLHQGRXQSRFRJUiILFRVHQODFDULFDWXUDWDOFRPRHQXQD
IiEULFD VH OH HQVHxD D XQ RSHUDULR D PDQLSXODU XQD PiTXLQD SDUD TXH VH
PD[LPLFHQODVJDQDQFLDVGHORVDFFLRQLVWDV
/DHGXFDFLyQSRUFRPSHWHQFLDVSURSRQHXQDSUHQGL]DMH~QLFREDMRODXQLIRUPLGDG
GH IDFXOWDGHV FRQ XQ FRPDQGR FHQWUDO HILFLHQWLVWD DVXPLGR \ DVLPLODGR FRPR
IRUPDFLyQ FRQ FDOLGDG KXPDQD HGXFDFLyQ SURIHVLRQDOL]DQWH 6H IRUPDWL]D HO
FXUUtFXOR \ VH SUHSDUDQ ODV SODQFKDV ORV GLDULRV SDUFHODGRUHV \ ODV PDOODV
FXUULFXODUHV EDMR OD QRUPDOL]DFLyQ GH ORV VLVWHPDV HGXFDWLYRV FRQ XQ PLVPR
SURSyVLWR OD UHQWDELOLGDG ILQDQFLHUD GH OD DFDGHPLD KDFHU UHQWDEOH HO FDSLWDO
HGXFDWLYR 0iV D~Q HVWH VLVWHPD GH HGXFDFLyQ SRU FRPSHWHQFLDV 6(& SURSRQH
XQ DFXHUGR ILQDO HQ XQD HVSHFLH GH FLUFXODULGDG HVSHFWUDO HQ HVSLUDO TXH ORV
SURIHVLRQDOHV YD\DQ SRU HO PXQGR ODERUDO FRPR VL IXHVHQ PHUFDQFtDV TXH VH
SUHSDUHQ FDGD YH] PiV \ PHMRU SDUD VHU PiV SURGXFWLYRV D PHGLGD TXH VH
HVSHFLDOL]DQ TXH EXVTXHQ VXV SXHVWRV ODERUDOHV HQ ORV FtUFXORV GH SRGHU
FRUSRUDWLYR \ TXH FRPSLWDQ HQWUH Vt FRQ WRGD FODVH GH HPSRGHUDPLHQWRV HQ
IXQFLyQ GH JDQDQFLDV GH FDSLWDOHV FXOWXUDO VLPEyOLFR \ HFRQyPLFR TXH ORV KDUiQ
VHQWLU HO YHUGDGHUR YDFtR GH VXV LQFDSDFLGDGHV KXPDQDV &RQ HO SURSyVLWR GH
IRUWDOHFHU ODV GLQiPLFDV GH OD IOH[LELOL]DFLyQ FXUULFXODU GH OD LQWHUQDFLRQDOL]DFLyQ
DFDGpPLFDDSDUWLUGHXQVLVWHPDIOH[LEOHGHFUpGLWRVDFDGpPLFRVVHSRGUtDKDEODU
GH XQD WHQGHQFLD KDFLD OD XQLIRUPL]DFLyQ GH OD HGXFDFLyQ VXSHULRU D SDUWLU GHO
SULQFLSLRGHOFDSLWDOLVPRGHODPDQRLQYLVLEOH\GHOOLEUHPHUFDGR $OWEDFK
8QSUREOHPDVHULRGHRUGHQHSLVWHPROyJLFRWLHQHTXHYHUFRQODHVSHFLILFLGDGGHOD
GRFHQFLD XQLYHUVLWDULD GHVGH HO VLVWHPD GH HGXFDFLyQ SRU FRPSHWHQFLDV 6(&
SXHV VH SURSRQH OD SHGDJRJtD FRPR XQ DVXQWR SRVLWLYLVWD GH WUDQVPLVLyQ GH
VDEHUHV \ FRQRFLPLHQWRV GH FRPXQLFDFLyQ GH FRQWHQLGRV DFDGpPLFRV
LQVWUXFFLRQHVSUDJPiWLFDVGHGRFHQWHVDHVWXGLDQWHV7DOSODQWHDPLHQWRDJUDYDOD
VLWXDFLyQHGXFDWLYD\HYDOXDWLYDSXHVHVWHWLSRGHHVWUXFWXUDIRUPDWL]DODGRFHQFLD
XQLYHUVLWDULD GHVSRMiQGROD GH VX FLHQWLILFLGDG VH FRQIXQGH OD FRPXQLFDFLyQ
FLHQWtILFD FRQ XQ SUREOHPD FRPXQLFDFLRQDO FRQ XQ VDEHU KDFHU LQVWUXPHQWDO TXH
SUHVXSRQHODXQLIRUPLGDGGHODSUHQGL]DMHDQLYHOJOREDOSXHVVHSUHWHQGHDEDUFDU
OD JHQHUDOL]DFLyQ GH WRGRV ORV VLVWHPDV HGXFDWLYRV GHO PXQGR WDO FRPR VH KD
JOREDOL]DGRHOFDSLWDOLVPRFRQVXVLVWHPDPHUFDQWLOVDOYDMHSDXSHUL]DQGRSXHEORV
HQWHURVGHVWHUUDQGRODOLEHUWDGHQFHJXHFLHQGRHOFRUD]yQGHKRPEUHV\PXMHUHV
\RVFXUHFLHQGRODVFRQFLHQFLDV
(O 6(& SUHWHQGH UHHPSOD]DU HO WUDGLFLRQDO FXUUtFXOXP HQFLFORSpGLFR FHQWUDGR HQ
XQD HQVHxDQ]D TXH SULRUL]D FRQWHQLGRV GLVFLSOLQDUHV SRU XQ PRGHOR FXUULFXODU
³IOH[LEOH´FHQWUDGRHQXQDSUHQGL]DMHPRWLYDGRSRUFRQFHSWRVYLYRV\RFRQWHQLGRV
~WLOHVHQWUHRWURVUDVJRVRDWULEXWRVGLVWLQWLYRVGHHVWHPRGHORGHO&0,
$GHPiV GH HVWR VH SUHWHQGH GHPRVWUDU TXH HO 6(& HV XQ VLVWHPD LQWHUQDFLRQDO
IOH[LEOH TXH VH DPSOtD HQ OD PHGLGD HQ TXH VH H[WLHQGH OD UHG GHO FRPHUFLR \ OD
YHQWDGHSURGXFWRVHGXFDWLYRVHQSDUWLFXODUDWUDYpVGHLQWHUQHWDPHGLGDTXHVH
YDQVRILVWLFDQGRORVPRGHORVFRPXQLFDWLYRV\WRGDFODVHGHSDTXHWHVPHGLiWLFRVR
PXOWLPHGLiWLFRV /DV QXHYDV WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ
HMHUFHQ XQ URO HVHQFLDO HQ HO SURFHVR GH WUDQVIRUPDFLyQ \ PRGHUQL]DFLyQ GH ODV
LQVWLWXFLRQHV GH HGXFDFLyQ VXSHULRU TXH GLFHQ LU D OD YDQJXDUGLD FRQ ORV QXHYRV
PRGHORV\WHQGHQFLDVWHFQROyJLFDVSDUDFXEULUODVQHFHVLGDGHVGHWRGRVORVQLYHOHV
HGXFDWLYRV +D\ SDTXHWHV LQIRUPiWLFRV \ FLEHUQpWLFRV SDUD DEVROXWDPHQWH WRGR
GHVGH OR RUJDQL]DFLRQDO OD JHVWLyQ SURJUDPDV YLUWXDOHV SDUD DSUHQGL]DMH VLQ
UHVWULFFLyQ GH WLHPSR QL HVSDFLR SRVLELOLGDGHV GH RUJDQL]DU FXUVRV SRU PHGLR GH
PyGXORV \ FDOHQGDULRV IOH[LEOHV TXH VH DGDSWHQ D ODV QHFHVLGDGHV LQGLYLGXDOHV GH
ORVP~OWLSOHVPRGRVGHDSUHQGL]DMH
(O 6(& SUHSDUD R IDFXOWD D ORV SURIHVLRQDOHV D ORV GHVDItRV GLVtPLOHV GH XQD
VRFLHGDG FRUSRUDWLYD \ FRPSHWLWLYD /D ILQDOLGDG GHO DSUHQGL]DMH GHO 6(& VH
IXQGDPHQWD HQ OD QRUPDOL]DFLyQ GLVFLSOLQDULD HQ OD DVLPLODFLyQ GH GLVSRVLWLYRV GH
FRQWURO HQ HO DSUHQGL]DMH GH FRQGXFWDV \ FRQFHSWRV HQ OD YLVXDOL]DFLyQ GH XQ
XWLOLWDULVPR QHROLEHUDO (O 6(& QR VH RULHQWD DO GHVDUUROOR GH OD LQWHOLJHQFLD GHO
HVWXGLDQWH VLQR PiV ELHQ \ PiV GLUHFWDPHQWH D GHWHUPLQDGRV HMHUFLFLRV
GHVHPSHxRV XVRV \ IXQFLRQHV GH GLFKD LQWHOLJHQFLD (O DSUHQGL]DMH SRU
FRPSHWHQFLDV UHFXUUH D SULYLOHJLDU HO VHJXLPLHQWR GH IRUPDWRV D UHQWDELOL]DU
PpWRGRV SRVLWLYLVWDV \ D HVWDEOHFHU VLVWHPDV GH HYDOXDFLyQ \ FRQWURO FRPR ~QLFR
UHFXUVRGHOVHJXLPLHQWRGHOFUHFLPLHQWRKXPDQRSURIHVLRQDOFRQORFXDOVHSLHUGH
OD GLQiPLFD GH OLEHUWDG GH DXWRQRPtD \ FRQILDQ]D GH ODV SHUVRQDV VH
GHVFRQILJXUDQ \ GHVYLQFXODQ ODV LQWHOLJHQFLDV GHO HVWXGLDQWH VH DWURILD VX
FUHFLPLHQWR SHUVRQDO LQWHJUDO D XQ ULWPR LQDSURSLDGR GH LJXDO PRGR VX
H[SUHVLYLGDG FUHDWLYD \ OD FRQVHFXHQWH LQQRYDFLyQ FXUULFXODU QHFHVDULD SDUD OD
WUDQVIRUPDFLyQ SHGDJyJLFD 3RU WDO PRWLYR VLHPSUH WHQHPRV OR PLVPR GH OR
PLVPR FRPR XQ SURFHVR GHO WHGLR TXH UHFLFOD HO GHVLQWHUpV \ OD DSDWtD SRU
DSUHQGHU&DGDGtDVRQPiVORVHVWXGLDQWHVTXHPDQLILHVWDQVXWRWDOGHVLQWHUpVSRU
LUDODVDXODVGHFODVHDFDSWDUGLVFXUVRVSDUDUHSHWLUFRQWHQLGRV
6LQHPEDUJRHOFXHUSRGRFHQWHGHOD8QLYHUVLGDGHQVHQWLGRDPSOLRHVWiGLVSXHVWR
D HQVHxDU \ ORV HVWXGLDQWHV D DSUHQGHU HO VLVWHPD \ HO SURFHVR HGXFDWLYR QR VH
UHGXFHDWUDQVPLWLULQIRUPDFLyQRDUHQWDELOL]DUFRQRFLPLHQWRVDSOLFDGRVFRQILQHV
SUiFWLFRV/RTXHWUDQVPLWHHOVDEHUDFDGpPLFRQRHVVyORLQIRUPDFLyQSRVLWLYLVWD
OR TXH VH DSUHVWD \ HQULTXHFH HV HO HVStULWX DFDGpPLFR GH FDGD HVWXGLDQWH TXH
DGTXLHUH FDSDFLGDG FUtWLFD \ VH FDSDFLWD FRQ XQ KXPDQLVPR SXUR R LPSXUR HQ Vt
PLVPRSDUDGHFLGLUSRUVtPLVPRHQODLQFHUWLGXPEUHORTXHODUHDOLGDGOHGHSDUH
3DUDGHFLUORPHMRUFRQODVSDODEUDVGH-HDQ/XF1DQF\³ODLQVSLUDFLyQGHOKRPEUH
QR HO KRPEUH GH XQ KXPDQLVPR PHGLGR D OD HVFDOD GHO KRPEUH GDGR ȸ ¢\ GH
GyQGH VDFDUtDPRV HVH GDWR" ¢HQ TXp FRQGLFLyQ HQ TXp HVWDWXV" ȸ VLQR HO
KRPEUHTXHVXSHUDLQILQLWDPHQWHDOKRPEUH´ 1DQF\SiJ
(Q OD 8QLYHUVLGDG QR VyOR VH DSUHQGHQ FRPSHWHQFLDV VH HQULTXHFH FUHFH \
WUDQVIRUPD HO VHQWLGR KXPDQR HQ WRGD VX FRPSOHMLGDG \ VH SRVLFLRQD HO HVStULWX
FLHQWtILFRFRPRXQELHQSDWULPRQLDOGHODDFDGHPLD3DUDUHVXPLUHOSUREOHPDGH
OD GRFHQFLD HQ HGXFDFLyQ VXSHULRU QR HV FXHVWLyQ GH FRPXQLFDU VDEHUHV SDUD
FRQVHJXLUXQDOLVWDGHFRPSHWHQFLDVHQORVVXMHWRVVHWUDWDPiVELHQGHFRQYLYLUH
LQWHUDFWXDU FRQ OLEHUWDG HQ HVSDFLRV IOH[LEOHV FRQ VHQWLGR KXPDQR HQ ODV
GLQiPLFDV VRFLRFXOWXUDOHV GHO FDPSR HGXFDWLYR HQ ORV HPSOD]DPLHQWRV GHO
FRQRFLPLHQWR GH ORV FXHUSRV ODV SLHOHV \ ODV HPRFLRQHV SDUD ILQDOPHQWH
FRQVHJXLUXQVDEHUFLHQWtILFRTXHWUDVFLHQGDORILQDQFLHUR\FRUSRUDWLYR3RUTXHHO
VHU KXPDQR HV PiV YDOLRVR TXH HO RUR SXUR \ OD FRQFLHQFLD EULOOD PiV DOOi GH ODV
RVFXUDVPLQDVHQODVFDYHUQDVSRUHQFLPDODVHVWUHOODV
6HSRGUtDDUJXPHQWDUGHVGH3HWUHOOD TXHHQHODFWXDODPELHQWHQHROLEHUDO
DO GHVLJQDUOH D OD HGXFDFLyQ OD WDUHD SULRULWDULD GH SUHSDUDU SURIHVLRQDOHV
WHFQyORJRV WHFQyFUDWDV \ WpFQLFRV SDUD YLQFXODUORV HO VHFWRU FRUSRUDWLYR EDMR OD
OyJLFD GHO OLEUH PHUFDGR VH KD LPSXHVWR HQ ODV LQVWLWXFLRQHV HGXFDWLYDV HO LQWHUpV
GHORVDOWRVJHUHQWHVFRQVXVOXMRVDVFRUSRUDFLRQHVSRUHQFLPDGHORVLQWHUHVHV\
FRQRFLPLHQWRV GH LQYHVWLJDGRUHV SURIHVRUHV \ DFDGpPLFRV 0iV D~Q EDMR HVWH
VXSXHVWR SRVLWLYLVPR OyJLFR OD SHUFHSFLyQ GHO URO GH OD HGXFDFLyQ VXSHULRU HQ HO
GHVDUUROOR GH ORV SDtVHV KD YHQLGR FDPELDQGR D PHGLGD TXH VH LGHQWLILFDQ ODV
QXHYDVHVWUDWHJLDVFRQRFLPLHQWRV\WHFQRORJtDVGHLQIRUPDFLyQTXHVLUYHQGHEDVH
D OD SURGXFWLYLGDG FRUSRUDWLYD LQVWUXPHQWRV FODYHV GH OD VXVWHQWDELOLGDG GH ODV
RUJDQL]DFLRQHV 318' &DVWHOOV (Q WDO VHQWLGR HO FRQRFLPLHQWR HV
IDFWRU SULPRUGLDO GHO SURFHVR GH GHVDUUROOR HFRQyPLFR GH XQ SDtV HQ OD HFRQRPtD
PXQGLDO 6DOPL
/DV XQLYHUVLGDGHV HQ HO PXQGR GHEHQ SUHRFXSDUVH SRU OD IRUPDFLyQ GH
FLXGDGDQRV DOWDPHQWH FDSDFLWDGRV FLHQWtILFDPHQWH SUHSDUDGRV \ KXPDQDPHQWH
GLVSXHVWRVDVHUYLU3DUDORJUDUWDOFRPHWLGRHVQHFHVDULRHVWLPXODUODLQYHVWLJDFLyQ
FLHQWtILFD \ WpFQLFD LQWHJUDU WRGR HOOR D OD SUR\HFFLyQ VRFLDO \ D ODV SUiFWLFDV
FtYLFDV DVt PLVPR LQWHJUDU ODV SROtWLFDV HGXFDWLYDV FRQ ODV GH OD FLHQFLD \ OD
WHFQRORJtD \ VREUH WRGR GDUQRV FXHQWD R VHU FDGD YH] PiV FRQVFLHQWHV TXH OD
GLYHUVLGDGFXOWXUDOHVXQDGHODVPD\RUHVULTXH]DVGHODKXPDQLGDG(QWDOVHQWLGR
SHQVDUtDTXHGHEHUtDPRVUHFRQRFHUQXHVWUDVUDtFHVPHVWL]DVQXHVWURSHQVDPLHQWR
DQGLQRSDUDKDFHUSURSXHVWDVYDOLRVDVVREUHQXHVWUDPDQHUDGHSHQVDU\FRQFHELU
ODHGXFDFLyQ
&RQVLGHURTXHQRWHQHPRVSRUTXpXQLIRUPDUORVSURFHVRVGHSHQVDPLHQWRQLORV
SURFHVRVHGXFDWLYRVRHYDOXDWLYRVFRPRORSUHWHQGHOD(%&/DFDOLGDGKXPDQDHV
GLYHUJHQWH GLIHUHQWH \ DPSOLD FRPR VRQ QXHVWUDV UD]DV \ QXHVWUDV UD]RQHV GH
(VWDGR\SROtWLFDVFXOWXUDOHVQXHVWURVVHQWLGRVGHVHU\H[LVWLUHQHOPXQGRVRPRV
XQXQLYHUVRWDQGLYHUVRFRPRFDGDSHUVRQDFRQVXVHQWLGR~QLFRGH LQGLYLGXDFLyQ
DODYH]VHSDUDGRHQOD]DGRXQLGR\FRUUHVSRQGLHQWHFRQHOWRGRIXHQWHYLWDO<
DGHPiVUHFRUGHPRVTXHSDUWHGHORVGHUHFKRVKXPDQRVHVODMXVWDGLVWULEXFLyQGH
ORVELHQHV\HOOLEUHDFFHVRDOFRQRFLPLHQWRWRGRVORVVHUHVKXPDQRVPHUHFHPRV
HGXFDFLyQVXSHULRUGHDOWDFDOLGDGSXHVPHUHFHPRVXQSODQHWDVDQRGHWRGRV\
SDUD WRGRV XQD HGXFDFLyQ TXH WUDQVIRUPH ODV UHODFLRQHV KXPDQDV VLQ XQLIRUPDU
ODV FRQFLHQFLDV \ ODV YLVLRQHV P~OWLSOHV SDUD HGXFDU FRQ VHQWLGR GH OLEHUWDG
UHVSRQVDELOLGDG\DXWRQRPtD
%LEOLRJUDItD
$OWEDFK 3* ³*OREDOLVDWLRQ DQG WKH XQLYHUVLW\ P\WKV DQG UHDOLWLHV LQ DQ XQHTXDO ZRUOG´
7HUWLDU\(GXFDWLRQDQG0DQDJHPHQWSS
$UHQGW+DQQDK ³/DFULVLVGHODHGXFDFLyQ´(Q(QWUHHOSDVDGR\HOIXWXUR2FKRHMHUFLFLRV
VREUHODUHIOH[LyQSROtWLFD%DUFHORQD3HQtQVXODSS
%DQFR0XQGLDO &RQVWUXLU6RFLHGDGHVGH&RQRFLPLHQWR1XHYRV'HVDItRV SDUDOD(GXFDFLyQ
7HUFLDULD%DQFR0XQGLDO:DVKLQJWRQ
%DUQHWW 5 /RV OtPLWHV GH OD FRPSHWHQFLD (O FRQRFLPLHQWR OD HGXFDFLyQ VXSHULRU \ OD
VRFLHGDG%DUFHORQD*HGLVD
%RWWDQL 1RUEHUWR 3LHUUH 9ULJQDXG /D )UDQFH HW OHV pYDOXDWLRQV LQWHUQDWLRQDOHV 3DULV /D
'RFXPHQWDWLRQ)UDQoDLVH
%RXUGLHX 3LHUUH /D QXHYD YXOJDWD SODQHWDULD $UWtFXOR SXEOLFDGR HQ HO GRVVLHU µ/$PpULTXH
GDQVOHVWrWHV´HQ/H 0RQGH7UDGXFFLyQGH )DELiQ 6DQDEULD\ *XLOOHUPR9DUJDV0D\RGH
&RQVXOWD HQ OtQHD GH DEULO GH
KWWSZZZSHGDJRJLFDHGXFRVWRUDJHUFHDUWLFXORVBHQVSGI
%RXUGLHX3LHUUH\:DFTXDQW/RwF/DVDUJXFLDVGHODUD]yQLPSHULDOLVWD%DUFHORQD3DLGyV
%RXWLQ*HUDOG\/RXLVH-XOOLHQ/¶REVHVVLRQGHVFRPSHWHQFHV6RQLPSDFWVXUO¶pFROHHWODIRUPDWLRQ
GHVHQVHLJQDQWV0RQWUpDO(GLWLRQVQRXYHOOHV
%UXQR ,VDEHOOH /D PHUFDQWLOL]DFLyQ GH ODV XQLYHUVLGDGHV (Q /H 0RQGH GLSORPDWLTXH HGLFLyQ
&RORPELDVHSWLHPEUHGHS
&DUORV )DMDUGR )DMDUGR &RORPELD OD XQLYHUVLGDG OtTXLGD (Q /H 0RQGH 'LSORPDWLTXH DEULO GH
&RQVXOWDHQOtQHDGHDEULOGH
KWWSZZZHOGLSORLQIRSRUWDOLQGH[SKSFRPSRQHQWNLWHPFRORPELDODXQLYHUVLGDGOLTXLGDGD
&DVWHOOV0 /D(UDGHOD,QIRUPDFLyQYRO/D6RFLHGDG5HG0DGULG$OLDQ]D
&DVWHOOV0 /D(UDGHOD,QIRUPDFLyQYRO(O3RGHUGHOD,GHQWLGDG0DGULG$OLDQ]D
&HQWUR (XURSHUR SDUD HO 'HVDUUROOR GH OD )RUPDFLyQ 3URIHVLRQDO &HGHIRS ³)XWXUH VNLOO QHHGV LQ
(XURSHPHGLXPWHUPIRUHFDVW%DFNJURXQGWHFKQLFDO
UHSRUW´3XEOLFDWLRQV2IILFHRIWKH(XURSHDQ8QLRQ/X[HPERXUJ
&,17(5)25 /DVFRPSHWHQFLDVHOFRQFHSWR\ODUHDOLGDG)RUPDFLyQSURIHVLRQDO&('()23
%HUOLQQ
&RQIHUHQFLD GH 5HFWRUHV GH ODV 8QLYHUVLGDGHV (VSDxRODV &58( 3HUVSHFWLYDV GH OD
HGXFDFLyQVXSHULRUHQHOVLJOR;;,/HFFLRQHVGHOD&RQIHUHQFLD0XQGLDOVREUH(GXFDFLyQ6XSHULRU
0DGULG&58()XQGDFLyQ8QLYHUVLWDULDSDUDOD&RRSHUDFLyQ,QWHUQDFLRQDO
'HORUV - HW DO /D HGXFDFLyQ HQFLHUUD XQ WHVRUR ,QIRUPH D OD 81(6&2 GH OD &RPLVLyQ
,QWHUQDFLRQDOVREUHODHGXFDFLyQSDUDHOVLJOR;;,SUHVLGLGDSRU-DTXHV'HORUV0DGULG6DQWLOODQD\
(GLFLRQHV81(6&2
'HUULGD-DFTXHV /D8QLYHUVLGDGVLQFRQGLFLyQ0DGULG7URWWD
'HUULGD-DFTXHV/DVSXSLODVGHODXQLYHUVLGDG(OSULQFLSLRGHUD]yQ\ODLGHDGHODXQLYHUVLGDG(Q
'HUULGD - &yPR QR KDEODU \ RWURV WH[WRV 7UDGXFFLyQ GH &ULVWLQD GH 3HUHWWL %DUFHORQD
3UR\HFWR$
'H6H&R 'HILQLWLRQDQG6HOHFWLRQRI&RPSHWHQFLHV7KHRUHWLFDODQG&RQFHSWXDO)RXQGDWLRQV
EDFNJURXQGSDSHU2&'(
'H6H&R 7KHGHILQLWLRQDQGVHOHFWLRQRINH\FRPSHWHQFLHVUHVXPHQHMHFXWLYR2&'(
'tD]%DUULJD$ ³(OHQIRTXHGHFRPSHWHQFLDVHQODHGXFDFLyQ¢8QDDOWHUQDWLYDRXQGLVIUD]
GHFDPELR"´(Q3HUILOHV(GXFDWLYRVYRO;;9,,,Q~PSS
(UDXW0 'HYHORSLQJSURIHVVLRQDONQRZOHGJHDQGFRPSHWHQFH/RQGUHV)DOPHU3UHVV
(VFXGHUR 0XxR] - 0 (O HVSDFLR HXURSHR GH HGXFDFLyQ VXSHULRU ¢VHUi OD KRUD GH OD
UHQRYDFLyQSHGDJyJLFDGHODXQLYHUVLGDG"(VSDxD,&(8QLYHUVLGDGGH0XUFLD
)UHLQHW& 3RUXQD(VFXHODGHO3XHEOR)RQWDQHOOD%DUFHORQD
)UHLUH3 3HGDJRJtDGHO2SULPLGR0DGULG6LJOR;;,
)UHLUH3 /D(GXFDFLyQFRPR3UiFWLFDGH/LEHUWDG%XHQRV$LUHV6LJOR;;,
)UHLUH3 $FFLyQ&XOWXUDOSDUDOD/LEHUWDG7LHUUD1XHYD%XHQRV$LUHV
*RQ]iOH]- :DJHQDDU5 HGV 7XQLQJ(GXFDWLRQDO6WUXFWXUHVLQ(XURSH,QIRUPH)LQDO
)DVH8QR8QLYHUVLGDGGH'HXVWR8QLYHUVLGDGGH*URQLQJHQ'HXVWR*URQLQJHQ
*XDWWDUL) (OFDSLWDOLVPRPXQGLDOLQWHJUDGR\ODUHYROXFLyQPROHFXODU SS (Q3ODQ
VREUHHOSODQHWD&DSLWDOLVPRPXQGLDOLQWHJUDGR\UHYROXFLRQHVPROHFXODUHV0DGULG7UDILFDQWHVGH
VXHxRV
+DEHUPDV- &RQRFLPLHQWRHLQWHUpV0DGULG7DXUXV
+DEHUPDV- ³(OYDOOHGHOiJULPDVGHODJOREDOL]DFLyQ´(Q&ODYHVGH5D]yQ3UiFWLFD
SS
+DPOLQ % \ 6WHZDUW - &RPSHWHQFHEDVHG TXDOILFDWLRQV D ZD\ IRUZDUG -RXUQDO RI
(XURSHDQ,QGXVWULDO7UDLQLQJ%UDGIRUG1
/DVQLHU) 5pXVVLUOD)RUPDWLRQSDU&RPSHWHQFHV0RQWUHDO*XpULQ
/DYDO&KULVWLDQ/¶(FROHQ¶HVWSDVXQHHQWUHSULVH/HQpROLEHUDOLVPHjO¶DVVDXW
GHO¶HQVHLJQHPHQWSXEOLTXH3DULV/D'pFRXYHUWH
/DVQLHU)UDQoRLV5pXVVLUODIRUPDWLRQSDUFRPSHWHQFHV0RQWUHDO(GLW*XpULQ
0HUWHQV /HRQDUG &RPSHWHQFLD ODERUDO VLVWHPDV VXUJLPLHQWR \ PRGHORV 0RQWHYLGHR
&LQWHUIRU2,7
0RULQ( /RVVLHWHVDEHUHVQHFHVDULRVSDUDODHGXFDFLyQGHOIXWXUR0DGULG6DQWLOODQD
0LFKHD -HDQ &ODXGH /¶HQVHLJQHPHQW GH O¶LJQRUDQFH HW VHV FRQGLWLRQV PRGHUQHV 3DULV
&OLPDWV
0RQWFKHWUHQ 6\OYLH /¶ ³DSURFKH SDU FRPSHWHQFHV´ WHFKQRORJLH GH UDWLRQDOLVDWLRQ SpGDJRJLTXH
GHDEULOGHFRQVXOWDWLRQHQOLJQHZZZFHUHTIUQHWGHF
0RULQ( ³6REUHODUHIRUPDGHODXQLYHUVLGDG´(Q3RUWD-\/ODGRQRVD0 FRRUGV /D
8QLYHUVLGDGHQHO&DPELRGH6LJOR$OLDQ]D0DGULGSS
0XOGHU 0DUWLQ HW DO (O FRQFHSWR GH FRPSHWHQFLD HQ HO GHVDUUROOR GH OD HGXFDFLyQ \ IRUPDFLyQ
SURIHVLRQDO HQ DOJXQRV (VWDGRV PLHPEURV GH OD 8( XQ DQiOLVLV FUtWLFR (VWH WH[WR IXH SXEOLFDGR
RULJLQDOPHQWH HQ LQJOpV HQ 0XOGHU 0DUWLQ :HLJHO 7DQMD \ &ROOLQV .DWH ³7KH FRQFHSW RI
FRPSHWHQFHLQWKHGHYHORSPHQWRIYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJLQVHOHFWHG(8PHPEHUVWDWXV
DFULWLFDODQiOLVLV´-RXUQDORI9RFDWLRQDO(GXFDWLRQ 7UDLQLQJ 7UDGXFFLyQGH(OLVDEHW
&RUWpV+DUOHW&RQVXOWDHQOtQHDHOGHRFWXEUHGH
KWWSILOHVDMPJZHEQRGHHVEFGUHY$57SGI
1DQF\-HDQ/XF /DYHUGDGGHODGHPRFUDFLD%XHQRV$LUHV$PRUURUWX
1LFR+LUW³(Q(XURSHOHVFRPSpWHQFHVFRQWUHOHVDYRLU´(Q/H0RQGH'LSORPDWLTXHQRFW

1XVVEDXP 0 & (PRFLRQHV SROtWLFDV ¢3RU TXp HO DPRU HV LPSRUWDQWH SDUD OD MXVWLFLD"
%DUFHORQD3DLGyV
1XVVEDXP 0 & &UHDU FDSDFLGDGHV 3URSXHVWDV SDUD HO GHVDUUROOR KXPDQR %DUFHORQD
3DLGyV
1XVVEDXP0& 'LVFXUVRSURQXQFLDGRDOUHFLELUHO3UHPLR3UtQFLSHGH$VWXULDVGH&LHQFLDV
6RFLDOHVSiJLQDZHEGHOD)XQGDFLyQ3UtQFLSHGH$VWXULDV
0DUWKD1XVVEDXP'LVFXUVRUHFHSFLyQ3UHPLR3UtQFLSHGH$VWXULDVRS&RQVXOWDHQOtQHDD
GHDEULOGH KWWSKGUXQGSRUJHQKXPDQGHY
1XVVEDXP 0 & /DV PXMHUHV \ HO GHVDUUROOR KXPDQR (O HQIRTXH GH ODV FDSDFLGDGHV
%DUFHORQD+HUGHU
1XVVEDXP 0DUWKD 6LQ ILQHV GH OXFUR ¢3RU TXp OD GHPRFUDFLD QHFHVLWD GH ODV
KXPDQLGDGHV" %XHQRV$LUHV.DW]
1XVVEDXP0& /DVIURQWHUDVGHODMXVWLFLD%DUFHORQD3DLGyV
1XVVEDXP0 (OFXOWLYRGHODKXPDQLGDG3DLGyV%DUFHORQD
1XVVEDXP 0 & $ULVWRWOH 3ROLWLFV DQG +XPDQ &DSDELOLWLHV $ 5HVSRQVH WR $QWRQ\
$UHQVRQ &KDUOHVZRUWK DQG 0XOJDQ (WKLFV 2FWREHU
KWWSG[GRLRUJ
1XVVEDXP 0 & /RV OtPLWHV GHO SDWULRWLVPR ,GHQWLGDG SHUWHQHQFLD \ ©FLXGDGDQtD
PXQGLDOª%DUFHORQD3DLGyV
1XVVEDXP0& &XOWLYDWLQJ+XPDQLWLHV$&ODVVLFDO'HIHQVHRI5HIRUPLQ/LEHUDO(GXFDWLRQ
+DUYDUG 8QLYHUVLW\ 3UHVV 7UDGXFFLyQ HVSDxROD GH (O FXOWLYR GH OD KXPDQLGDG 8QD GHIHQVD
FOiVLFDGHODUHIRUPDHQODHGXFDFLyQOLEHUDO%DUFHORQDHGLWRULDO$QGUpV%HOOR
2UWHJD\*DVVHW- 0LVLyQGHOD8QLYHUVLGDG5HYLVWDGH2FFLGHQWH$OLDQ]D(GLWRULDO
0DGULG
318' 3URJUDPDGH1DFLRQHV8QLGDVSDUDHO'HVDUUROOR ,QIRUPHVREUH'HVDUUROOR+XPDQR
0XQGL 3UHQVD0DGULG
3HWUHOOD 5 ³&LQFR WUDPSDV WHQGLGDV D OD HGXFDFLyQ´ (Q /H 0RQGH 'LSORPDWLTXH (G
(VSDxRODRFWXEUHSS
3RQW%HDWUL] 3DWULFN:HUTXLQ ³1RXYHOOHVFRPSHWHQFHVYUDLPHQW"´(Q/¶2EVHUYDWHXUGH
O¶2&'(3DULVDYULO
3UHFLVLRQ&RQVXOWDQF\3URMHFW7HDPSDUDHO%XVLQHVV,QGXVWU\DQG+LJKHU(GXFDWLRQ&ROODERUDWLRQ
&RXQFLO $XVWUDOLD *UDGXDWH(PSOR\DELOLW\6NLOOVGHDEULOGHFRQVXOWDWLRQHQOLJQH
ZZZGHVWJRYDXKLJKHUHGELKHFF
3URVW$QWRLQH+LVWRULHGHO¶HQVHLJQHPHQWHWGHO¶pGXFDWLRQ,9GpVSXLV3DULV3HUULQ
3UR\HFWR7XQLQJ $PpULFD/DWLQD5HIOH[LRQHV\SHUVSHFWLYDVGHOD(6HQ$/,QIRUPHILQDO
ZZZWXQLQJXQLGHXVWRRUJWXQLQJDO
5DPRQHW, 8Q0XQGRVLQ5XPER&ULVLVGH)LQGH6LJOR0DGULG'HEDWH
5RSH )UDQoRLV /XFLH 7DQJX\ GLU 6DYRLUV HW FRPSHWHQFHV 'H O¶XVDJH GH FHV QRWLRQV GDQV
O¶pFROHHWGDQVO¶HQWUHSULVH3DULV/¶+DUPDWWDQ
6HPHLMLQ -+ HW DO +RODQGD ³&RPSHWHQFH LQGLFDWRUV LQ DFDGHPLF HGXFDWLRQ DQG HDUO\ ODERXU
PDUNHWVXFFHVVRIJUDGXDWHVLQKHDOWKVFLHQFHV´8QLYHUVLGDGGH0DDVWULFKW
6HQ$PDUW\D 1XHYRH[DPHQGHODGHVLJXDOGDG0DGULG$OLDQ]D(GLWRULDO
6HQ$ 'HVDUUROOR\/LEHUWDG3ODQHWD%DUFHORQD
6HQ$ 'HYHORSPHQWDV)UHHGRP2[IRUG2[IRUG8QLYHUVLW\3UHVV
6HQ$ %LHQHVWDUMXVWLFLD\PHUFDGR%DUFHORQD3DLGyV,&(8$%
6HQ$PDUW\D. 6REUHpWLFD\HFRQRPtD0DGULG$OLDQ]D(GLWRULDO
7HUiQ 'DYLG 0RLVpV $GPLQLVWUDFLyQ HVWUDWpJLFD GH OD IXQFLyQ LQIRUPiWLFD 0p[LFR
$OIDRPHJD
81(6&2 5HSODQWHDU OD HGXFDFLyQ ¢+DFLD XQ ELHQ FRP~Q PXQGLDO" 7tWXOR RULJLQDO
5HWKLQNLQJ(GXFDWLRQ¢7RZDUGVDJOREDOFRPPRQJRRG"3DULV(GLFLRQHV81(6&2,6%1

GHDEULOGHFRQVXOWDWLRQHQOLJQH
KWWSXQHVGRFXQHVFRRUJLPDJHVVSGI
/DE~VTXHGDGHOOXJDUGHOVXMHWR
PLJUDQWH,GHQWLGDGDOWHULGDGHQOD
pSRFDGHODH[FOXVLyQ
6RQLD&DUUDVFR=DPEUDQR
'LUHFWRUD$UJHGXF$FDGpPLFD8QLYHUVLGDG8QLDFF &KLOH
(/(1&8(1752&21(/2752
/D SURSXHVWD HV DQDOL]DU HO SURFHVR GH FRQVWUXFFLyQ GH OD LGHQWLGDG GHO VXMHWR
PLJUDQWHHQIDWL]DQGRODIXHU]DGHODGHFLVLyQGHGHMDUVXSDtVGHRULJHQGHVGHOD
FRQVROLGDFLyQ GH VX OLEHUWDG \ OD E~VTXHGD GH VHQWLGR GH VX SURSLD YLGD 6HJ~Q
+DQQDK$UHQGWHOSURFHVRPLJUDWRULRSXHGHVHUFRQVLGHUDGRFRPRODSURPHVDGH
XQQXHYRFRPLHQ]R\DTXHHOUHFLpQOOHJDGRVHHQFRQWUDUtDFRQODRSRUWXQLGDGGH
FUHDUVXVSURSLRVHVSDFLRVVXVUHGHV\YtQFXORVGHVGHODFRQGLFLyQKXPDQD
&RPR LGHD IXQGDPHQWDO FRQVLGHUDPRV OD LPSRUWDQFLD GHO UHFRQRFLPLHQWR HQ OD
UHFRQVWUXFFLyQ GH OD LGHQWLGDG GHO VXMHWR PLJUDQWH WRPDQGR FRPR UHIHUHQFLD OD
LPDJHQGHORWURGHOSDtVRWURGHOWLHPSRRWUR'HHVWDIRUPDHQWHQGHPRVTXHOD
LPDJHQ GHO RWUR VLUYH SDUD HVFULELU SDUD SHQVDU SDUD VRxDU GH RWUD PDQHUD \
REYLDPHQWHSDUDYLYLUGHIRUPDGLIHUHQWH\DTXHGHQWURGHXQDVRFLHGDG\GHXQD
FXOWXUDFRQVLGHUDGDFDPSRVVLVWHPiWLFRVWDQWRHOHVFULWRUFRPRHOQDUUDGRUGHVX
SURSLDKLVWRULDHVFRJHQVXGLVFXUVRDSDUWLUHORWURDYHFHVHQFRQWUDGLFFLyQWRWDO
FRQODUHDOLGDGSROtWLFDGHOPRPHQWR\GHHVWDIRUPDODHQVRxDFLyQVREUHHORWURVH
FRQYLHUWHHQXQWUDEDMRFRQWLQXRGHLQYHVWLGXUDVLPEyOLFD
/D DSRUtD GHO PLJUDQWH LQGRFXPHQWDGR JHQHUDOPHQWH HQIDWL]D HO GUDPD GH OD
PLJUDFLyQ\ODYXOQHUDELOLGDGGHO PLJUDQWHHQWLHUUDH[WUDxD\HQOHQJXDGLIHUHQWH
(VWDUHSUHVHQWDFLyQUHVSRQGHDOPXQGRGHOREVHUYDGRUTXLHQHOLJHODVSDUWHVGHOD
YLGDGHO³RWUR´TXHOHGDQVHQWLGRDVXH[SHULHQFLDSRUHVWRSRGHPRVGHFLUTXHODV
UHSUHVHQWDFLRQHV VRQ VHFXQGDULDV \ PHGLDGDV SRU OD SUHJXQWD GHO \R FRPR RWUR
UHIOHMR GH XQD FXOWXUD H[WUDxD $Vt ORV PHGLRV GH FRPXQLFDFLyQ YDQ HOLJLHQGR ORV
IUDJPHQWRVGHODYLGDGHORWURSDUD JHQHUDUGLIHUHQWHVUHDFFLRQHVLPSDFWDQGROD
UHDOLGDG GHVGH OD H[FOXVLyQ VHQVLELOL]DQGR D ORV QDWLYRV GHO GUDPD TXH LPSOLFD OD
SpUGLGD GH OD WLHUUD R VLPSOHPHQWH OXFUDQGR GH OD LQGXVWULD GH OD PLJUDFLyQ
DSHODQGRDOPRUERGHODVSHUVRQDVRLPSODQWDQGRLGHDVDFHUFDGHODVHJXULGDG\

'LUHFWRUD $UJHGXF /WGD $FDGpPLFD 8QLYHUVLGDG 8QLDFF &KLOH 'RFWUD HQ OLWHUDWXUD GH OD
8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR0DJLVWHUHQFLHQFLDVGHODHGXFDFLyQGHODSRQWLILFLDXQLYHUVLGDG
&DWyOLFD
ULHVJRV DQWH OD OOHJDGD GH H[WUDQMHURV D XQ SDtV UHFHSWRU (Q HVWR SRGUtDPRV
YLVXDOL]DUODQHFHVLGDGGHUHDILUPDFLyQ\SUR\HFFLyQHQHORWURTXLHQQRVDSHODD
UHFRQILJXUDUORVSURSLRVLPDJLQDULRVUHFRQRFHUODSURSLDFXOWXUD\VHQWLUGHXQDX
RWUD PDQHUD OD IXHU]D GHO UHFKD]R LQLFLDO TXH WRGR H[WUDxR H[SHULPHQWD HQ XQ
SULPHU PRPHQWR/DILJXUD GHOPLJUDQWHHQ XQDVRFLHGDGQXHYD SRQHHQWHQVLyQ
ORV SVHXGRDFXHUGRV FLXGDGDQRV ODV FDUHQFLDV GH ORV VLVWHPDV \ GD FXHQWD GH OD
HVWDELOLGDG SUHFDULD GH ODV FRQGLFLRQHV GH YLGD GH ORV SXHEORV OR TXH VXHOH VHU
UHFKD]DGRSRUTXHHYDO~DFHUWHUDPHQWHORTXHVXFHGHGHQWURGHOVLVWHPDGHXQD
QDFLyQUHFHSWRUDGHVHVWDELOL]D\DOPLVPRWLHPSRFRPSURPHWHDKDFHUVHFDUJRGH
ODVIDOODVRYDFtRVTXHSXHGHQGDUVHDOUHFRUGDUQRVTXHWRGRVHQDOJ~QPRPHQWR
VHUHPRVRVRPRVH[WUDQMHURV
(Q HVWH HQFXHQWUR FRQ HO RWUR WRPD IXHU]D OD QRFLyQ GH LGHQWLGDG QDUUDWLYD TXH
SDUD SRGHU ORJUDUOD GHEHPRV DEULUQRV XQ OXJDU HQWUH ORV RWURV \D TXH JUDFLDV D
HOORV VRPRV FDSDFHV GH HQWHQGHU HO RULJHQ \ YDPRV FRQVWUX\pQGRQRV GHVGH HO
WH[WRGLDOyJLFRFRQHORWUR\DTXHPLKLVWRULD\PLSDODEUDPHGDQH[LVWHQFLD¢TXp
SDVD HQWRQFHV FXDQGR HVWD LGHQWLGDG QDUUDWLYD VH YH OLPLWDGD SRU HO WLHPSR OD
GLVSRQLELOLGDG \ SHRU D~Q SRU ODV GLIHUHQFLDV HQ ORV LGLRPDV" -RUJH *LVVL
VHxDODTXHODUHODFLyQGHLGHQWLILFDFLyQ\UHFRQRFLPLHQWRFRQHORWUR\HQHORWURVH
GDFXDQGR³\RPLURDO2WURSHURODLPDJHQGHORWURWDPELpQWUDQVPLWHXQDFLHUWD
LPDJHQ GH Pt PLVPR 1R VH SXHGH HYLWDU TXH OD LPDJHQ GHO 2WUR« DSDUH]FD
WDPELpQFRPRODQHJDFLyQGHO2WURTXLHURGHFLUHO2WUR\DO GHFLUHO2WURORQLHJR
\PHGLJR DPtPLVPR´ S /DSUR\HFFLyQTXHKDFHPRVHQODVLPiJHQHVGH
ORVRWURVHVORTXHHQXQSULPHUWpUPLQRREOLJDDQDUUDUODKLVWRULDDHVFXFKDUOD
KLVWRULD D GHVFULELU VX PXQGR \ ILQDOPHQWH D HQWHQGHU VX SURSLD FRQVWUXFFLyQ
LGHQWLWDULDSRUHVWDUD]yQGHIHQGHPRVODIXQFLyQHVHQFLDOGHODYDOLGDFLyQGHORWUR
TXHVR\\RPLVPR DSDUWLUGHOGLiORJR GHOHVSDFLRFRP~QHQHO TXHHVSRVLEOH
PLUDUVHDORVRMRV\QDUUDUODKLVWRULDVHUSURWDJRQLVWDGHODWUDYHVtDGHOKpURHTXH
FUX]DODVSURSLDVIURQWHUDVSDUDHQFRQWUDUVH\YHUVHDVtPLVPR
/$ (;75$f(=$ '(/ 68-(72 0,*5$17( 5(&216758,5 /$ ,'(17,'$'

&20281$&72'(/,%(57$'
+DEODUHPRVDTXtGHODILJXUDGHOPLJUDQWHTXHVHHQIUHQWDDOPXQGRHQXQSULPHU
PRPHQWR GHVGH OD LQJHQXLGDG GHVGH OD FULVLV \ HO FDRV TXH JHQHUD HO
GHVSOD]DPLHQWRFRQWRGRVVXVIDFWRUHVFRQVHFXHQFLDV\FDUJDVHPRFLRQDOHV\HQ
XQVHJXQGRPRPHQWRHOPLJUDQWHTXHHVFDSD]GHIRUWDOHFHUVXOLEHUWDGDWUDYpV
GHOGHVDUUROORGHVXPRUDOLGDGSDUDGLVHxDUXQSUR\HFWRGHYLGDOHMRVGHORVVX\RV
\PXFKDVYHFHVOHMRVGHVXSURSLDOHQJXD
(OVXMHWRPLJUDQWHVHHQIUHQWDDXQDSULPHUDIXHU]D GHH[FOXVLyQHQODVRFLHGDG
UHFHSWRUD (VWD SULPHUD H[SHULHQFLD SXHGH JHQHUDU HQ pO YDULDV GHFLVLRQHV HQ
SULPHU OXJDU EXVFDU XQ HVSDFLR HQWUH ORV FRPSDWULRWDV TXH KDQ YLYLGR OD PLVPD
H[SHULHQFLD JHQHUDQGR XQ JUDQ VHQWLGR GH LGHQWLGDG QDFLRQDO \ SHUWHQHQFLD OR
TXH OR DOHMDUtD HQ XQ SULPHU PRPHQWR GH KDFHUVH SDUWH GH OD QXHYD VRFLHGDG
OXHJR HO PLJUDQWH EXVFD HQFRQWUDU VX SURSLR HVSDFLR \ SDUD HVR FRPLHQ]D D
DOHMDUVH GH ORV VX\RV XQD HVSHFLH GH DVLPLODFLyQ HQ PXFKRV FDVRV LQWHQWDU
SDUHFHUVHDORVRWURV\HQ~OWLPRWpUPLQRFRPSUHQGHUTXHODLGHQWLGDGGHOVXMHWR
PLJUDQWHVHFRQVWUX\HFRQWRGDODKLVWRULDTXHOOHYDDFXHVWDV\TXHDKtUDGLFDHO
YDORU GHO DSRUWH WDQWR FXOWXUDO FRPR ODERUDO TXH HVWH SXHGH KDFHU D OD VRFLHGDG
UHFHSWRUD0XFKRVPLJUDQWHVTXHGDQHPSDQWDQDGRVHQODSULPHUDRVHJXQGDIDVH
DUPDQGRUHDOHVFRIUDGtDVGHLQPLJUDQWHVRUHFKD]DQGRFRPSOHWDPHQWHVXRULJHQ
SHURHOPLJUDQWHVDEHTXHSRUPXFKRTXHVHDVLPLOH\REWHQJDLQFOXVRGHUHFKRV
GH FLXGDGDQtD VHJXLUi VLHQGR H[WUDQMHUR FRQILJXUiQGRVH FRPR XQD HVHQFLD GHO
VXMHWRHUUDQWH
(O IHQyPHQR GH OD PLJUDFLyQ UHDSDUHFH FRQ WUHPHQGD IXHU]D HQ HO VLJOR ;;,
UHFRQILJXUiQGRVH D SDUWLU GH OD QRFLyQ GH VXMHWR PLJUDQWH DFXxDGD SRU &RUQHMR
3RODU D SDUWLU GH VX FRQFHSWR GH VXMHWR KHWHURJpQHR VLHQGR HO VXMHWR
PLJUDQWHXQDHVSHFLILFDFLyQGHODKHWHURJHQHLGDGHQHOFRQWH[WRGHODFRQVWUXFFLyQ
GHODLGHQWLGDG(VWDQRFLyQVHDOHMDGHOFRQFHSWRGHPHVWL]DMHHKLEULGH]UHYLVDGR
\XWLOL]DGRSRU1pVWRU*DUFtD&DQFOLQL $QJHO5DPD $QWRQLR%HQtWH]
5RMR \D TXH ORV PHQFLRQDGRV DXWRUHV WUDWDUtDQ OD LGHQWLGDG FRPR XQ
IHQyPHQRHTXLOLEUDGR\VLPSOHHQHOSURFHVRLGHQWLWDULRHQHOFXDOQRVHREVHUYD
ODIUDJPHQWDFLyQQLODFRPSOHMLGDGGHODE~VTXHGD\FRQVWUXFFLyQGHODLGHQWLGDG
6HJ~Q &RUQHMR 3RODU HO PHVWL]DMH HQ HVWRV WpUPLQRV VH WUDWDUtD GH XQD
³LGHQWLGDGFRKHUHQWH\XQLIRUPHFRPSODFLHQWH\GHVSUREOHPDWL]DGD´ S &RPR
XQDUHGXFFLyQGHOIHQyPHQRKXPDQRDUPyQLFR\VLQDYDWDUHV8QRGHORVJUDQGHV
WHPDV GH OD OLWHUDWXUD \ HO SVLFRDQiOLVLV HVSHFLDOPHQWH /DWLQRDPHULFDQD JLUD HQ
WRUQRDODE~VTXHGDGHODLGHQWLGDGDKRUDELHQHVWDUHIOH[LyQHQHOVLJOR;;,VH
GDHQHOFRQWH[WRGHODJOREDOL]DFLyQHQXQVLVWHPDHFRQyPLFRQHROLEHUDO\OHMRV
GHODPLUDGDPDFRQGLDQDGHXQDLGHQWLGDGWUD]DGDGHVGHODPDJLD\HOSODFHUVLQR
PiVELHQHQXQFRQWH[WRPX\HVSHFtILFRHQXQWLHPSRGHWHUPLQDGR\HQOXJDUHV
JHRJUiILFRV\SVLFROyJLFRVSRUORVTXHGHDPEXODHOKRPEUHSRVPRGHUQR3RUHVWR
HOWHPD GHODE~VTXHGDLGHQWLWDULDFUX]DHVWHHVWXGLR\ UHIOH[LyQ DWUDYpVGHOVHU
HUUDQWH OD ILJXUD GHO PLJUDQWH GHO TXH VH HQIUHQWD FRQ VX H[WUDxH]D \ EXVFD
HQFRQWUDUVXOXJDUHQXQPXQGRFDGDYH]PHQRVHVWDEOH
3DUD UHIHULUVH DO PLJUDQWH VH DUWLFXODUiQ ORV WpUPLQRV GH VXMHWR PLJUDQWH GH
&RUQHMR 3RODU XQD H[WHQVLyQ GHO FRQFHSWR GH VXMHWR KHWHURJpQHR HQ
FRQVWUXFFLyQ \ HO GH LQPLJUDQWH HO H[WUDQMHUR TXH LQWHQWD LQVWDODUVH HQ XQ SDtV
GLIHUHQWH DO GH VX RULJHQ ³UHFLpQ OOHJDGR´ FRPR GLFH $UHQGW $Vt FRPR OD
QRFLyQ GH H[WUDQMHUR GH .ULVWHYD \ GHVGH OD PLUDGD GH 6LPPHO TXLHQ OD
HMHPSOLILFDHQVXVGRVDFHSFLRQHVVHJ~QOD HQWHQGtDQORVJULHJRVHORWURTXHQR
SDUWLFLSDEDHQODFRPXQLGDGSHURTXH VLQHPEDUJRWHQtDGHUHFKRV\HUDGLJQRGH
KRVSLWDOLGDG \ SRU RWUD SDUWH HO H[WUDxR FDUHQWH GH GHUHFKRV GH GLJQLGDG FRQ
XQD FRQQRWDFLyQ GH VDOYDMH HVFODYR ORV HQHPLJRV ORV TXH SRQtDQ HQ SHOLJUR OD
FRPXQLGDG(QSDODEUDVGH.ULVWHYD ODSUREOHPiWLFDGHODH[FOXVLyQGHVGH
OD FRQFHSFLyQ JULHJD VHxDOD TXH ³/HMRV GH LQGLFDU DOJ~Q WLSR GH DFHSWDFLyQ GHO
H[WUDQMHUR HVWD LQWHULRUL]DFLyQ GH OD EDUEDULH PDUFD OD SHUHQQLGDG GH XQ
VHQWLPLHQWR GH KRVWLOLGDG \ D OD YH] OD LPSRUWDQFLD GH HVH VHQWLPLHQWR HQ OD
DSUHFLDFLyQGHORVGHPiVHQHOLQWHULRUGHHVHJUXSRSUHWHQGLGDPHQWHKRPRJpQHR´
S
(VWD H[SHULHQFLD GH H[FOXLU DO H[WUDQMHUR FRQWUDGLFLHQGR OD LGHD SROtWLFD GH
KRVSLWDOLGDG HQ OD FXDO HVWi EDVDGR HO DUWtFXOR GH ORV 'HUHFKRV +XPDQRV D
VDEHU³ 7RGDSHUVRQDWLHQHGHUHFKRDFLUFXODUOLEUHPHQWH\DHOHJLUVXUHVLGHQFLD
HQ HO WHUULWRULR GH XQ (VWDGR 7RGD SHUVRQD WLHQH GHUHFKR D VDOLU GH FXDOTXLHU
SDtV LQFOXVR HO SURSLR \ D UHJUHVDU D VX SDtV´ 'LFKD FRQWUDGLFFLyQ VH GD \D TXH
SRGHPRV FRUURERUDU FRQ PXFKRV FDVRV UHDOHV TXH OD GHFLVLyQ GH TXLHQ HQWUD R
VDOH GH XQ SDtV TXHGD HQ HO HVSDFLR GH OD FDULGDG GH ORV (VWDGRV QR KD\ TXLHQ
GHVGHHOGHUHFKRSXHGDREOLJDUDXQDQDFLyQDUHFLELUH[WUDQMHURVORTXHVXSRQH
XQ YDFtR TXH PXFKRV PLJUDQWHV KDQ YLYLGR HQ FDUQH SURSLD VLHQGR GHYXHOWRV GH
ORVPLVPRVDHURSXHUWRVQHJiQGROHVHOLQJUHVRDXQOXJDU
5HFRUGHPRV ORV LQQXPHUDEOHV FDVRV GH ODV SURKLELFLRQHV GH LQJUHVR D (VSDxD OD
SXHUWDD(XURSDSDUDPXFKRVVXGDPHULFDQRVTXHIXHURQUHWRUQDGRVDVXVSDtVHV
VLQVLTXLHUDVDOLUGHODHURSXHUWRDSDUWLUGHODFULVLVHFRQyPLFDTXHH[SHULPHQWyHO
SDtVRHOFDVRGHOVLULR-LKDG'L\DETXLHQQRKDSRGLGRUHXQLUVHFRQVXIDPLOLD
/DQRFLyQGH+RVSLWDOLGDGODHQWHQGHUHPRVHQSULPHUOXJDUGHVGHVXFRQFHSFLyQ
HQ .DQW FRPR XQ GHUHFKR GH QR KRVWLOLGDG $Vt PLVPR HQWHQGHPRV GHVGH OD
OHFWXUDGH'HUULGDDODKRVSLWDOLGDG\ODSXHVWDHQVLWXDFLyQTXHODVUHIOH[LRQHVHQ
WRUQR D OD KRVSLWDOLGDG HVWDUtDQ VXSHGLWDGDV D ORV FRQIOLFWRV TXH VH GDQ HQ OD
GLFRWRPtDSHUWHQHQFLDLGHQWLGDG3RUORTXHVHJ~QORVDXWRUHVHQ /DKRVSLWDOLGDG
³6HWUDWDVLHPSUHGHUHVSRQGHUGHVGHXQDPRUDGDGHVXLGHQWLGDGGHVXHVSDFLR
GHVXVOtPLWHVGHOHWKRVHQFXDQWRHVWDQFLDKDELWDFLyQFDVDKRJDUIDPLOLDOXJDU
SURSLR´ S /R TXH OLPLWD HO HQFXHQWUR \ HO UHFRQRFLPLHQWR HQ XQ QXHYR
HVSDFLR REOLJDQGR DO H[WUDQMHUR HQ HVWH FDVR DO KXpVSHG HQIUHQWDUVH D OD
H[FOXVLyQODTXHVXHOHDPLQRUDUSRUPHGLRGHODDVLPLODFLyQORTXHDWHQWDUtDFRQ
HO OHJDGRGHOPLJUDQWH\VXDSRUWHDOSDtVUHFHSWRU
'HVGHODFRQWUDGLFFLyQTXHVHGDHQODUHDOLGDGVHJHQHUDODQRFLyQGHUULGLDQDGH
+RVWLSLWDOLGDG D SDUWLU GH OD FRQVLGHUDFLyQ \ OD VHJUHJDFLyQ GHO H[WUDQMHUR TXH D
ORV RMRV GH ORV QDWLYRV VH UHEDMD VX FRQGLFLyQ D XQD LQYDVLyQ XQ DWHQWDGR D OD
VHJXULGDG R SHRU D~Q FRPR XQ HQWH SURGXFWLYR TXH SHUPLWH HO GHVDUUROOR GH XQ
VLVWHPDHFRQyPLFRTXHQRUHVSHWDODFRQGLFLyQKXPDQDSRUHVWRVHxDOD.ULVWHYD
«VH UHYHOD FRPR LQDFHSWDEOH SDUD HO LQGLYLGXR PRGHUQR FHORVR QR VyOR GH VX GLIHUHQFLD
QDFLRQDO \ pWLFD VLQR SULQFLSDOPHQWH GH VX GLIHUHQFLD VXEMHWLYD TXH HV LUUHGXFWLEOH (O
QDFLRQDOLVPR VXUJLGR GH OD UHYROXFLyQ EXUJXHVD VH FRQYLHUWH HQ HO VtPEROR SULPHUDPHQWH
URPiQWLFR\PiVWDUGHWRWDOLWDULRGHORVVLJORV;,;\;; S
(VWHGLVFXUVRQDFLRQDOLVWDTXHUHVXUJHFRQODVFDPSDxDVGHOPLHGRHQHOPDQHMR
GHODFRPXQLFDFLyQFRQHOILQGHRIUHFHUDORVFLXGDGDQRV TXH\DQRUHVSHWDQQL
VRQFDSDFHVGHSURWHJHU ODHOLPLQDFLyQGHODLQWURPLVLyQGHSHUVRQDVGLIHUHQWHV
XQD FDPSDxD GH VHJUHJDFLyQ H LQWROHUDQFLD TXH SUHWHQGH VHU SDQWDOOD GH XQD
VHJXULGDGPDOHQWHQGLGD
,QLFLDOPHQWHHOFRQFHSWRGHLGHQWLGDGSHUVRQDOGHILQLGRDSDUWLUGHODSURSXHVWDGH
5LFRHXUHQVXWH[WR6tPLVPRFRPRRWUR WLHQHGRVXVRVODLGHQWLGDGFRPRLGHP Vt
PLVPR \ OD LGHQWLGDG FRPR LSVH RWUR \ VX GLIHUHQFLD IXQGDPHQWDO HVWDUi HQ OD
SHUPDQHQFLD HQ HO WLHPSR /D SULPHUD LGHQWLGDG OD LGHQWLGDG ,GHP R 0LVPLGDG
WLHQH FRPR UHVXOWDGR HO FDUiFWHU GH ODV SHUVRQDV PLHQWUDV TXH OD VHJXQGD OD
LGHQWLGDG,SVHRLSVHLGDGWLHQHFRPRUHVXOWDGRODSDODEUD GDGDFRPR SRVLELOLGDG
GHGLVROYHUODFRQIXVLyQTXHVHSXHGDSUHVHQWDUHQWUHOD0LVPLGDG\OD,SVHLGDG$O
WLHPSRTXHOHSHUPLWDDFODUDUGHVGHODWHRUtDQDUUDWLYDGLFH5LFRHXU ³1R\D
HQODSHUVSHFWLYDGHVXVUHODFLRQHVFRQODFRQVWLWXFLyQGHOWLHPSRKXPDQRFRPR
VHKDKHFKRHQ7LHPSR\QDUUDFLyQ VLQRHQODDSRUWDFLyQGHODFRQVWLWXFLyQGHOVL«
(VXQDLGHQWLGDGTXHVDOH\VHUHFRQRFH\DQRHQHOODPLVPDVLQRHQRWUR´ S
3RU OR WDQWR OD QRFLyQ GH LGHQWLGDG TXH UHYLVDUHPRV VH EDVD HQ OD FRQVWUXFFLyQ
SHUPDQHQWH GRQGH FODUDPHQWH HO LGHP FRPR EDVH IXQGDQWH \ HVWDEOH GH OD
LGHQWLGDG QHFHVLWD GHO LSVH OD FRQVWUXFFLyQ GHVGH OD LGHQWLGDG QDUUDWLYD TXLHQ
DVHJXUD D VX YH] OD SHUPDQHQFLD HQ HO WLHPSR 1R REVWDQWH DTXHOOR HQ HVWH
HQFXHQWUR FRQ OD DOWHULGDG QR VROR VH FRQVWUX\H XQD LGHD GHO RWUR SRUTXH
VLPXOWiQHDPHQWH \ FRPR SDUWH GH HVWH SURFHVR VH GHVFXEUH DOJR GH Vt PLVPR
DOJRGHODSURSLDLGHQWLGDGVHGHYHOD
2WUDFRQVHFXHQFLDGHHVWHHQFXHQWUR FRQHORWURHVODSRVLELOLGDGTXHVHDEUHSDUD
SUHFLVDUHVDDPELJXDOtQHDTXHVHSDUDORIDPLOLDUGHORGHVFRQRFLGR
6RORHQODPHGLGDHQTXHODDOWHULGDGORH[WUDxRVHKDFHQSUHVHQWHVHVSRVLEOH
DFFHGHUDOFRQFHSWRGHGLIHUHQFLDGLIHUHQFLDHQWUHORTXHHVWiIXHUDGHVtPLVPR
GHORTXHVHHQFXHQWUDGHQWURGLIHUHQFLDURWURPXQGRRPXQGRGHVFRQRFLGRGHO
PXQGRSURSLRRIDPLOLDU
(63$&,2 ( ,'(17,'$' /$ 5(6,*1,),&$&,Ï1 '( /26 /8*$5(6 '(/

0,*5$17(
(QHVWDQXHYDDUWLFXODFLyQHOHVSDFLRVHUHVLJQLILFDHQORVHVSDFLRVSRVPRGHUQRV
ORV ³QR OXJDUHV´ GH $XJp HVSDFLRV FDUHQWHV GH LGHQWLILFDFLyQ TXH LQYLWDQ DO
WUiQVLWR \ QR D OD KDELWDELOLGDG ORV QRGRV OXJDUHV GH HQFXHQWUR HQ HO UHFRUULGR
SXQWRVGHUHXQLyQERUGHVYDOODVROtPLWHVTXHVHSXHGHQDWUDYHVDU\VHQGHURVR
YtDVGHWUiQVLWRFDPLQRVFDQDOHVTXHSHUPLWHQYHUODFLXGDG\HOSDLVDMHDWUDYpV
GH HOOD GH .HYLQ /\QFK HQ ,PiJHQHV GH OD FLXGDG /D LPSRUWDQFLD GH ORV
FRQFHSWRV GH KDELWDU \ WUDQVLWDU HQ XQ QXHYR RUGHQ PXQGLDO DUPDQGR XQ QXHYR
DSDUDWDMHHQSRVGHODJHQHUDFLyQGHXQDQXHYDUHWyULFDGHODVPLQRUtDVHQHVWH
FDVR ORV PLJUDQWHV $Vt HVWD QXHYD WHQVLyQ HQ WRUQR D ORV GHVSOD]DPLHQWRV
UHVSRQGHDOQXHYRRUGHQVRFLDO\HFRQyPLFRGHILQHVGHOVLJOR;;HLQLFLRVGHO;;,
\DQRHVWDPRVIUHQWHDXQDPLJUDFLyQIRU]DGDVyORGHVGHORSROtWLFRHQWHQGLHQGR
OR SROtWLFR GHVGH +DQQDK $UHQGW FRPR HO HVSDFLR GH OD GLVFXVLyQ DFHUFD GH OD
OLEHUWDG \ HO HMHUFLFLR GHO SRGHU FRPR OR IXH HQ HO VLJOR DQWHULRU UHWUDWDGD \
UHIOH[LRQDGDHQWRUQR DODOLWHUDWXUDGHOH[LOLR5HIOH[LyQ\GLVFXVLyQGHORSROtWLFR
HQHOFtUFXORGHSRGHUGLVFXVLRQHVHQWRUQRDOSRGHUODSDUWLFLSDFLyQGLVWULEXFLyQ
GHO SRGHU GHVGH ORV HVSDFLRV GH GHFLVLyQ HQ TXH VH PXHYH HVWH SRGHU OR TXH
WLHQGH D FRQIXQGLUVH FRQ OR VRFLDO \ HFRQyPLFR \D TXH OR SROtWLFR KD GLVFXWLGR
HVWRVSUREOHPDVGH(VWDGRGHMDQGRDWUiVVXQDWXUDOH]DHVGHFLUODOLEHUWDG3RUOR
TXH VHJ~Q $UHQGW VHxDOD HQ 'H OD KLVWRULD D OD DFFLyQ HVWDUtDPRV HQ XQD IDVH
SUHSROtWLFDGHVDWLVIDFFLyQGHQHFHVLGDGHVVRFLDOHV\HFRQyPLFDVGRQGHVHSLHUGHHO
OtPLWH HQWUH OR SULYDGR PXQGR GH ODV QHFHVLGDGHV < OR S~EOLFR SDUWLFLSDFLyQ \
HVSDFLRV GH DSDULFLyQ DO ERUUDUVH HVRV OtPLWHV HO ULHVJR HV HO WRWDOLWDULVPR HQ
QXHVWUR VLJOR HO FDSLWDOLVPR HVWi DUUDVDQGR FRQ OR S~EOLFR FRQ ORV HVSDFLRV GH
DSDULFLyQHQRWUDVSDODEUDV FRQODOLEHUWDG
$UHQGWVHxDODHQVXWH[WRTXHHQHVWHHVWDGRSUHSROtWLFRSURGXFWRGHODFRQIXVLyQ
GHO VLVWHPD ³ORV OtPLWHV GH OR SULYDGR \ OR S~EOLFR QR VROR VH ERUUDURQ VLQR TXH
FDPELDURQ VX VLJQLILFDGR´ S (VWRV HVSDFLRV GH ODV QHFHVLGDGHV TXH
FRUUHVSRQGHQDOPXQGRGHORSULYDGR\ODOLEHUWDGDOHVSDFLRGHDSDULFLyQORVTXH
VH KDQ PH]FODGR VLQ GHMDU YHU FRQ FODULGDG KDFLD GyQGH DSXQWD UHDOPHQWH OD
SROtWLFD\DGHMDGHVHUSROtWLFDGH(VWDGRVLQRGHJRELHUQRVRULHQWDGRVDOVLVWHPD
HFRQyPLFR FRPR HMH LQWHJUDGRU GH ODV SROtWLFDV DQXODQGR HO HVSDFLR FRP~Q D
WRGRVORVKRPEUHVHQRSRVLFLyQDOSULYDGRGHODEDQDOLGDG\ODYHUJHQ]DHQHVWH
VHQWLGRHVHQWHQGLEOHTXHGHEHRFXOWDUVH/RTXHSRGUHPRVYLVXDOL]DUGuDDGuDHQ
ORV PHGLRV GH FRPXQLFDFLyQ HQ OD UHDOLGDG GH WDQWDV SHUVRQDV TXH HVWiQ
HQIUHQWDQGR OD IXHU]D GH H[FOXVLyQ OD SpUGLGD GH GHUHFKRV \ OD GHVLQWHJUDFLyQ GH
iUHDV GH VX LGHQWLGDG \D TXH ORV QLYHOHV GH OR SROtWLFR VH KDQ VXSHUDGR SRU OR
HFRQyPLFRVLHQGRHOQHROLEHUDOLVPR\ODDFHSWDFLyQGHOPDQHMROLEUHGHFDSLWDOHV
XQDGHODVUD]RQHVPiVUHOHYDQWHVGHODVEUHFKDVGHODFRQGLFLyQGHVXSHUYLYHQFLD
\ DO PLVPR WLHPSR OD QHFHVLGDG GH EXVFDU XQ OXJDU TXH SUHWHQGD RWRUJDU PHMRU
FDOLGDGGHYLGDHFRQyPLFD
6HUi FXHVWLyQ GH HVSHUDU HO QXHYR PDSD XUEDQR GHO PXQGR TXH PRVWUDUi XQ
SODQHWD FRQ OD PiV JUDQGH FRPELQDFLyQ GH UD]DV SXHEORV \ FXOWXUDV D SDUWLU GH
ODV FXDOHV VH SRGUi KDEODU GH XQD YHUGDGHUD JOREDOL]DFLyQ PiV DOOi GHO SDUDtVR
ILVFDO\ODXQLyQDUWLILFLDOGHPHUFDGRVGHFDSLWDOTXHOR~QLFRTXHKDQSURGXFLGRHV
PLVHULDKXPDQD
*/2%$/,=$&,Ï1<&,8'$'$1Ë$',&2720Ë$'(/9,$-(0,*5$725,2
(Q OD DFWXDOLGDG OD PLJUDFLyQ VH HQWLHQGH HVSHFLDOPHQWH HQ HO PDUFR GH OD
JOREDOL]DFLyQ HQ OD TXH ORV VXMHWRV PLJUDQ SRU UD]RQHV SHUVRQDOHV HPSXMDGRV
SRUODSUHFDULHGDGGHOVLVWHPDHFRQyPLFRGHVGHXQDUHJLyQTXHQRPXHVWUDFODUDV
H[SHFWDWLYDV HFRQyPLFDV \ VRFLDOHV GH PRYLOLGDG KDVWD RWUD TXH JHQHUD PD\RUHV

(Q XQ SULPHU PRPHQWR SURSLD GHO PRYLPLHQWR PHUFDQWLO \ HFRQyPLFR OXHJR GH RUGHQ SROtWLFR
FRQODFRQVROLGDFLyQGHODVRUJDQL]DFLRQHVLQWHUQDFLRQDOHVFRPROD2182($81$685
H[SHFWDWLYDVSRUXQDSDUWH\WDPELpQDODSRVLELOLGDGGHSRGHUSHQVDUODYLGDGH
RWUD PDQHUD GHVSOD]iQGRVH DVt GH VX SDtV GH RULJHQ EXVFDQGR PHMRUHV
RSRUWXQLGDGHVRDOPHQRVFDPELDUVXIRUPDGHYLGDFUH\HQGRHQPXFKRVFDVRV
TXH VH SXHGH YLYLU HQ FXDOTXLHU OXJDU GH PXFKDV PDQHUDV GLIHUHQWHV OR TXH
URPSHUtD HO GHWHUPLQLVPR GH VX OXJDU GH QDFLPLHQWR +DEODQGR PXFKDV YHFHV
GHVGHHOGHVDPSDURVLWXDFLyQKXPDQDSDUWHGHODPRUDODFWXDOIUXWRGHODQXHYD
GLPHQVLyQFRPHUFLDO\FRQVXPLVWDFRPRORYHUHPRVHQODVP~OWLSOHVQRWLFLDVTXH
GtDDGtDHQFRQWUDPRV
&RPR YHPRV PXFKDV GH ODV GHWHUPLQDFLRQHV TXH PDUFDQ HO YLDMH PLJUDWRULR VH
GHGXFHQ GH XQD GHFLVLyQ LQJHQXD OOHQD GH SURPHVDV \ VXHxRV SRU FXPSOLU
HQJDxRVTXL]iVGHODLQGXVWULDTXHKDKHFKRGHODPLJUDFLyQXQOXFUDWLYRQHJRFLR
3HUR TXH DO PLVPR WLHPSR LQYLWD DO VDFULILFLR D DEDQGRQDU OR PiV SUHFLDGR VXV
UDtFHV SDUD YROYHUVH HQ HO PHMRU GH ORV FDVRV FLXGDGDQR GHO PXQGR &LXGDGDQR
GHO PXQGR HVWD H[SUHVLyQ TXH HQ ODV ~OWLPDV GpFDGDV WRPy IXHU]D SHUR VLQ
DVLGHURDOJXQRSXHVODH[SUHVLyQPLVPDHQFLHUUDXQDFRQWUDGLFFLyQ
5HFRUGHPRV TXH OD FRQGLFLyQ GH FLXGDGDQR VH FLUFXQVFULEH D XQD FRPXQLGDG
SROtWLFD GHWHUPLQDGD VREHUDQD FRQ XQ WHUULWRULR GHOLPLWDGR \ XQD FXOWXUD TXH OR
DFRJHORTXHLQGLFDFODUDPHQWHTXHQRH[LVWHQODVFRQGLFLRQHVQLODSRVLELOLGDGGH
KDEODUGHXQDFLXGDGDQtDXQLYHUVDORSODQHWDULD\DTXH DOGHMDUGHVHUFLXGDGDQR
HVGHFLUDODEDQGRQDUVXWHUULWRULRGHMDGHVHUUHFRQRFLGRLGHQWLILFDGR\JDUDQWH
GHVXVGHUHFKRV
'LFH$UHQGWHQ/RVRUtJHQHVGHOWRWDOLWDULVPR
«VROR ORV QDFLRQDOHV SRGtDQ VHU FLXGDGDQRV >\D TXH@ VROR ODV SHUVRQDV GHO PLVPR RULJHQ
QDFLRQDO SRGtDQ GLVIUXWDU GH OD FRPSOHWD SURWHFFLyQ GH ODV LQVWLWXFLRQHV OHJDOHV TXH ODV
SHUVRQDV GH QDFLRQDOLGDG GLIHUHQWH QHFHVLWDEDQ GH XQD OH\ GH H[FHSFLyQ KDVWD R D PHQRV
TXH IXHUDQ FRPSOHWDPHQWH DVLPLODGDV \ GLYRUFLDGDV GH VX RULJHQ /RV GLVFXUVRV
LQWHUSUHWDWLYRV GH ORV WUDWDGRV GH OD VRFLHGDG SURQXQFLDGRV SRU SROtWLFRV GH SDtVHV VLQ
REOLJDFLRQHV UHVSHFWR GH ODV PLQRUtDV KDEODEDQ HQ XQ OHQJXDMH D~Q PiV FODUR GDEDQ SRU
VXSXHVWRTXHODOH\GHXQSDtV QRSXHGHUHVSRQVDELOL]DUVHGHODVSHUVRQDVTXHLQVLVWHQHQ
WHQHUXQDQDFLRQDOLGDGGLIHUHQWH S
8QRGHORVPLWRVTXHVHWHMHQHQWRUQRDODJOREDOL]DFLyQ\DORVGHVSOD]DPLHQWRV
HV HQWHQGHU TXH OD PLJUDFLyQ VH GD QDWXUDOPHQWH FRPR SDUWH GH XQD SURSXHVWD
VRFLDO SHURTXHHVHFRQyPLFD TXHODVSHUVRQDVSXHGHQIOXLUHQWUHSDtV\SDtVVLQ
FRPSOLFDFLRQHV HVWR VROR DVLPLODQGR DO PLJUDQWH DO SURGXFWR R D OD RIHUWD GH
WUDEDMR ROYLGDQGR TXH OD GHFLVLyQ GH PLJUDU HPSRGHUD DO VHU KXPDQR TXH
UHFRQRFHVXOLEHUWDG\ODHMHUFH
0X\SRUHOFRQWUDULR YHPRVHQODDFWXDOLGDGHQHOUHVXUJLPLHQWRGHORVGLVFXUVRV
QDFLRQDOLVWDV TXH VH KDQ LGR IRUWDOHFLHQGR DQWH OD FUXGH]D GH OD UHDOLGDG GH OD
PLJUDFLyQORVSDtVHVHVWiQFHUUDQGRVXVIURQWHUDV OHYDQWDQGRPXURVSDUDTXHORV
H[WUDxRV QR ORV WUDVSDVHQ WHPLHQGR TXH OD PDOGDG \ OD GHFDGHQFLD YLHQH GH OD
PDQR GHO RWUR 3RU RWUR ODGR QR HV WDQ GLItFLO SHQVDU TXH OD H[FOXVLyQ \ HO
GHVDUUDLJR VHDQ ORV FRQFHSWRV FHQWUDOHV DO KDEODU GH OD PLJUDFLyQ FRPR ODV
SHUVRQDVVHSLHUGHQ\VRQGHVSRMDGRVPXFKDVYHFHVGHVXVGRFXPHQWRVSDUDVHU
HVFODYL]DGRVRYXOQHUDGRVGRFXPHQWRVTXHSHUPLWHQVHDQUHFRQRFLGRVFRPRSDUWH
GHXQDQDFLyQ$OFRQWUDULRHOPLJUDQWHVXHOHSHUGHUVHHQHODQRQLPDWR\DIXHU]D
GHSXxRVHVFDSD]GHORJUDUVXUHFRQRFLPLHQWRHQHORWURODGR
$O HVWDU VXSHGLWDGRV D XQ PRGHOR GH FRQVXPR TXH OOHYD D XQD SUHFDULHGDG GH
VXEVLVWHQFLD HV FRPSUHQVLEOH TXH OD GHFLVLyQ GH PLJUDU HVWp LQWHUIHULGD SRU ODV
GHFLVLRQHVHFRQyPLFDVORTXHGHVGHQLQJ~QSXQWRGHYLVWDHVWROHDEUHSDVRDOD
OLEHUWDG KXPDQD \ PXFKR PHQRV UHFRQRFH OD FRQGLFLyQ KXPDQD GHO YtQFXOR \ OD
DFFLyQHQWUHORVLQGLYLGXRV/DPLJUDFLyQVHKDFRQYHUWLGRHQXQWHPDGHGLVFXVLyQ
HFRQyPLFD \ GH VHJXULGDG GHMDQGR GH ODGR OD HVHQFLD KXPDQD SHUPLWLHQGR DVt
WDQWRV DEXVRV GHVGH ODV OH\HV PLJUDWRULDV KDVWD ODV OH\HV ODERUDOHV FRPR OR
YHUHPRVPiVDGHODQWHHQHOPDUFRGHORVVXSXHVWRVQHROLEHUDOHV
'HHVWDIRUPDODUHIOH[LyQHQWRUQRDODPLJUDFLyQ\DORVSURFHVRVKXPDQRVGH
GHVSOD]DPLHQWR VROR VH DEULUtD HQ ORV QXHYRV HVSDFLRV GH DSDULFLyQ TXH VHJ~Q
$UHQGW VHUtDQ OXHJR GHO YLDMH \ HO HQFXHQWUR LGHQWLWDULR OD IRUPD GH JHQHUDU XQ
QXHYR OXJDU SDUD HQWHQGHU OD YLGD \ GH DOJXQD PDQHUD MXQWR FRQ OD FRPXQLGDG
HVWDEOHFHUQXHYDVUHDOLGDGHVPiVDOOiGH ODVREUHYLYHQFLDHQXQSDtVKRVWLOSRUOR
TXHHOPLJUDQWHGHEHVXSHUDUODGHVQXGH]GHVXKXPDQLGDGFRQRFHUVXOXJDUHQ
HO PXQGR H LU DO HQFXHQWUR GH HVWH HVSDFLR TXH OH SHUPLWLUi YDOLGDU VX FRQGLFLyQ
KXPDQDDEULHQGRDWUDYpVGHOHVWXGLROLWHUDULRXQDQXHYDSHUVSHFWLYDGHDQiOLVLV\
XQQXHYRVLWLRSDUDODGLVFXVLyQ
6L ELHQ HV FLHUWR TXH H[LVWHQ PXFKRV HVWXGLRV VRFLROyJLFRV \ HFRQyPLFRV L GHO
IHQyPHQR HQ HOORV VH VXHOH KDFHU KLQFDSLp HQ OD SpUGLGD OD YXOQHUDELOLGDG \ HO
GXHORVXIULGRSRUODVSHUVRQDV WHPDVTXHKDQFREUDGRPXFKDUHOHYDQFLDVRFLDO\
PHGLiWLFD D SDUWLU GH DOJXQRV DFRQWHFLPLHQWRV WUiJLFRV HVSHFLDOPHQWH HQ HO VLJOR
;;, TXH KDQ SXHVWR HQ HO FHQWUR GH OD LQIRUPDFLyQ OD SpUGLGD GH OD GLJQLGDG
KXPDQD OD YXOQHUDELOLGDG GH ORV GHUHFKRV \ OD LGHD GH LQVHJXULGDG TXH
H[SHULPHQWDWDQWRHOH[WUDQMHURFRPRODSREODFLyQTXHORUHFLEHQRVHKDKHFKR
XQDOHFWXUDGHVGHHOPLJUDQWHHQEXVFDGHHVWRVHVSDFLRVGHDSDULFLyQHOGHVDItR
VRFLDO\SROtWLFRGHODOFDQFHGHOIHQyPHQRHOFXHVWLRQDPLHQWR\UHFRQVWUXFFLyQGH
ODLGHQWLGDG\GHVXOXJDUHQXQPXQGRJOREDOL]DGRGRQGHSDUHFHTXHODSUHPLVD
HVTXHHOVXMHWRVRORVDEHGHVGHGRQGHVHLQLFLDHOYLDMHSHURQRVHVDEHGyQGHOR
WHUPLQDUi
(O VXMHWR HQ WRGD VX H[WHQVLyQ H[SHULPHQWDQGR HQ SULPHU OXJDU VX QDWXUDOH]D
YXOQHUDEOHSDUDHQWHQGHUOXHJRODQHFHVLGDGGHUHFRQVWUXLUVXFRQGLFLyQKXPDQD
EXVFDQGR XQ QXHYR HVSDFLR QR VROR JHRJUiILFR VLQR TXH VRFLDO \ FXOWXUDO GRQGH
DSRUWDUGRQGHFUHFHU\KDFHUGHVXYLGDXQDUHQRYDFLyQ'HDTXtFRPSUHQGHPRV
HOYDORUGHODUHIOH[LyQ\HOHVSDFLRJDQDGRGHVGHODUHDOLGDGXQHVSDFLRJDQDGR

(VWXGLRVUHDOL]DGRVSRUOD)ODFVR\&HSDOHQ&KLOH(Q(FRQRPtDUHVDOWD$QGUpV6ROLPDQRTXLHQ
HVWXGLDHOIHQyPHQR\GDFXHQWDGHODUHDOLGDGGHODPLJUDFLyQODERUDO&DUROLQD6WHIRQLHVWXGLDOD
PLJUDFLyQ SHUXDQD HQ &KLOH MXQWR D &ODXGLD 0RUD (Q 0p[LFR OD 8QLYHUVLGDG GH OD )URQWHUD FRQ
LQYHVWLJDGRUHV WDQ FRQQRWDGRV FRPR -RDTXtQ $UDQJR (Q (VSDxD 7RPiV &DOYR %XH]DV 'RPLQJR
%DUEROOD+LVWRULDGRUHVHQ&KLOHFRPR&DUPHQ1RUDPEXHQD\WDQWRVRWURV«

(VSHFLDOPHQWHHOFDVRGHORVUHIXJLDGRVVLULRVODOH\GHFUHDFLyQXQDFiUFHOSDUDORVPLJUDQWHV
HQ$UJHQWLQD
GHVGHHOVDFULILFLR\HOHVIXHU]RGHOPLJUDQWHSRUPHMRUDUQRVRORVXVFRQGLFLRQHV
PDWHULDOHV TXH SRGUtDPRV DQDOL]DU HQ SULPHUD LQVWDQFLD VLQR GH PHMRUDU VX
FDOLGDGGHYLGDGHUHFRQRFHUVHFRPRSHUVRQD\GHFRQVWUXLUVHFRPRWDO
*XLOOpQHQVXWH[WR 0~OWLSOHV0RUDGDV VHxDODDOUHVSHFWRGHOGHVSOD]DPLHQWR TXH
³HO VHU KXPDQR FRQIRUPH VH PXGD GH OXJDU \ GH VRFLHGDG VH HQFXHQWUD HQ
FRQGLFLRQHVGHGHVFXEULURGHFRPSUHQGHUPiVSURIXQGDPHQWHWRGRFXDQWRWLHQH
HQFRP~QFRQORVGHPiVKRPEUHVXQLpQGRVHDHOORVPiVDOOiGHODVIURQWHUDVGH
OR ORFDO \ GH OR SDUWLFXODU«´ S (O FRPSUHQGHU PiV SURIXQGDPHQWH DO VHU
KXPDQR\VHUFDSD]GHUHFRQRFHUORTXHQRVKDFHSDUWHGHOPXQGRYLQFXOiQGRVH
FRQ HO RWUR \ DSRUWDQGR D OD FRPXQLGDG VHUtD OD JUDQ JDQDQFLD WDQWR SDUD HO
PLJUDQWH FRPR WDPELpQ SDUD TXLHQHV VH HQFXHQWUDQ FRQ pO HQ HO FDPLQR OXHJR
KDEODUHPRVGHOUHFRQRFLPLHQWRHQHORWURODFDSDFLGDGTXHGHEHPRVGHVDUUROODU\
TXH OD OOHJDGD GH QXHYRV KDELWDQWHV GHEHUtD SURYRFDU HQ OD VRFLHGDG UHFHSWRUD
SXHV HO RWUR HQ HO UHFRQRFLPLHQWR GH VX SURSLD KXPDQLGDG GHEH UHIOH[LRQDU HQ
WRUQRDVXOXJDUHQHOPXQGR
$Vt %KDEKD SODQWHD TXH HVWD GHVHVWUXFWXUDFLyQ GHO HVSDFLR \ HO WLHPSR VHUi
QHFHVDULDSDUDODFRQVWUXFFLyQGHODLGHQWLGDGWHPDFHQWUDOGHOD QDUUDWLYDGHOD
PLJUDFLyQ \D TXH HO PLJUDQWH GHEH D OD YH] GH FRH[LVWLU HQ WLHPSRV \ HVSDFLRV
GHEH UHFRQRFHU TXLpQ HV SDUD WUD]DU VX FDPLQR \ ORJUDU TXL]iV SDUD VX
GHVFHQGHQFLD XQ OXJDU HQ HO PXQGR QR VROR JHRJUiILFR VLQR WDPELpQ PRUDO \
HVSLULWXDO 3RU HVWR SUHVHQWDPRV HO HUUDU PLJUDQWH FRPR XQ VtPLO GHO FDPLQR GHO
KpURHXQDFRQVWUXFFLyQGHVGHODRWUHGDGTXHSHUPLWHHQFRQWUDUVH\UHODFLRQDUVH
GHPDQHUDGLIHUHQWHHQHOPXQGRSDVRGHXQHVWDGRDRWUR SDVRGHIDVHVGHOD
YLGD HQ HO FDPLQR GH OD LQGLYLGXDFLyQ GRQGH ODV SUXHEDV \ ORV REVWiFXORV VHUiQ
PiVH[LJHQWHV\ODUHFRPSHQVDGHHQFRQWUDUHOFDPLQR\HOVHQWLGRGHOYLDMHVHUi
PD\RU
%KDEKD LQGLFDTXH³HVWRVHVSDFLRVµHQWUHPHGLR¶>LQEHHWZHHQ@SURYHHQHO
WHUUHQRSDUDHODERUDU HVWUDWHJLDVGHLGHQWLGDG>VHOIKRRG@ VLQJXODURFRPXQLWDULD
TXH LQLFLDQ QXHYRV VLJQRV GH LGHQWLGDG \ VLWLRV LQQRYDGRUHV GH FRODERUDFLyQ \
FXHVWLRQDPLHQWR HQ HO DFWR GH GHILQLU OD LGHD PLVPD GH VRFLHGDG´ S (VWRV
FDPELRV HQ OD UDFLRQDOL]DFLyQ GH OD FXOWXUD HO GLVWDQFLDPLHQWR GH ODV FDWHJRUtDV
PiV HVWULFWDV SHUPLWHQ HQWHQGHU HO IHQyPHQR QDUUDGR FRPR XQ HVSDFLR IOH[LEOH
FRPR OD IURQWHUD SRURVD TXH SODQWHD +HLGHJJHU GRQGH VH FRQVWUX\DQ QXHYRV
VLJQLILFDGRV \ DSDUHFHQ QXHYDV SUHJXQWDV (Q HVWH FDVR SUHJXQWDV TXH YDQ PiV
DOOi GH OR OLWHUDULR \ TXH QRV LQYLWDQ D HVWXGLDU HO IHQyPHQR PLJUDWRULR GHVGH
GLIHUHQWHV SHUVSHFWLYDV VLHQGR OD FHQWUDO OD ILJXUD GHO PLJUDQWH QR WDQWR HO
SHUVRQDMHFRPRHOVHUKXPDQRTXHHVWiGLVSXHVWRDGHMDUVXYLGD\PXFKDVYHFHV
VXIDPLOLDDWUiVFRQHOILQGHHQFRQWUDUXQQXHYROXJDUORTXHPXFKDVYHFHVHVXQ
FRQIOLFWRXQDSHOHDSXHVWRTXHODSUHVHQFLDGHOPLJUDQWHFXHVWLRQD\HQIUHQWDDOD
VRFLHGDGDSUHJXQWDUVHSRUVXVSURSLRVSURFHVRV
(OWUDEDMRGHGDUOHVXOXJDUDORVLQPLJUDQWHVHVGHOSDtVUHFHSWRU\DTXHHOORVFRQ
VX WUDEDMR VX FXOWXUD DSRUWDQ D GHVDUUROODU OD VRFLHGDG HQ OD TXH VH LQVHUWDQ
FRPHQ]DQGRFRQODFRQYLFFLyQGHTXHHOVHUKXPDQRQDFH\FUHFHHQGLYHUVLGDG
&RQ HVWR SRGHPRV HQWHQGHU PiV FODUDPHQWH OD LPSRUWDQFLD GH HVWXGLDU HVWH WLSR
GH UHODWRV \D QR VROR GHVGH OD WHRUtD GH OD ILFFLyQ VLQR KDFLHQGR XQ DQiOLVLV GHO
IHQyPHQRKXPDQRTXHHVWiGHWUiVGHOIHQyPHQRVRFLROyJLFR
(Q/RVRUtJHQHVGHOWRWDOLWDULVPR$UHQGWKDFHXQDGLVWLQFLyQHQWUHDGYHQHGL]RV\
SDULDVFRQVFLHQWHV$UHQGWPLVPDUHFKD]DGHSODQRODLGHDGHODGYHQHGL]RGHOTXH
KDFH OR TXH VHD FRQ WDO GH DVLPLODUVH D OD QXHYD FXOWXUD SXHV HVWH WLSR GH
PLJUDQWHHVFDSD]GHQHJDUORTXHHV\ORTXHKDVLGRFRQWDOGHDGDSWDUVHDVtHO
VHxRU &RKHQ IXH IUDQFpV HQ )UDQFLD DOHPiQ HQ $OHPDQLD \ FKHFR HQ
&KHFRVORYDTXLDDPDQGRVLQSXGRUQLYHUJHQ]DFDGDXQDGHODVFXOWXUDVYLVLWDGDV
(Q SDODEUDV GH $UHQGW HO FDVR PiV YHUJRQ]RVR SHUR HPEOHPiWLFR IXH HO
FDVRGHOVHxRU&RKHQ
$OJ~QGtDDOJXLHQHVFULELUiODDXWpQWLFDKLVWRULDGHODHPLJUDFLyQMXGtDGH$OHPDQLD\WHQGUi
TXHHPSH]DUFRQODGHVFULSFLyQGHHVHVHxRU&RKHQGH%HUOtQTXHVLHPSUHHUDDOHPiQDO
SRU FLHQWR XQ VXSHUSDWULRWD DOHPiQ (Q GLFKR VHxRU &RKHQ VH UHIXJLy HQ 3UDJD H
LQPHGLDWDPHQWHVHFRQYLUWLyHQXQSDWULRWDFKHFRFRQYHQFLGRXQSDWULRWDWDQILHOFRPRDQWHV
ORKDEtDVLGRHQ$OHPDQLD3DVyHOWLHPSR\KDFLDHOJRELHUQRFKHFR\DEDMRODSUHVLyQ
GHORVQD]LVFRPHQ]yDH[SXOVDUDORVUHIXJLDGRVMXGtRVVLQODPHQRUFRQVLGHUDFLyQDOKHFKR
GHTXHHVWRVHVWXYLHUDQILUPHPHQWHFRQYHQFLGRVGHVHUIXWXURVFLXGDGDQRVFKHFRV1XHVWUR
VHxRU&RKHQIXHDFRQWLQXDFLyQD9LHQD\HUDQHFHVDULRXQLQHTXtYRFRSDWULRWLVPRDXVWULDFR
SDUDDGDSWDUVHDOOXJDU« S
)UHQWH D OD ILJXUD GHO $GYHQHGL]R $UHQGW RSRQH OD GHO SDULD FRQVFLHQWH SDUD
UHIHULUVHDOPLJUDQWHTXHDSHVDUGHHQFRQWUDUVHVLQXQWHUULWRULRTXHORDFRMDOOHYD
FRQVLJRORTXHHVVLQQHJDUVXKLVWRULDQLVXQDUUDWLYD(QHVWDVFLUFXQVWDQFLDV ORV
H[WUDQMHURVSRGUiQSHQVDU\H[SRQHUVXVLGHDVSHURFDGDH[SRVLFLyQGHVXVLGHDV
\ RSLQLRQHVVHUi XQD IRUPD GH H[SRQHUVH\DUULHVJDUVH D QR ORJUDU OD DFHSWDFLyQ
GH OD VRFLHGDG UHFHSWRUD HVSHFLDOPHQWH FXDQGR QR VH WLHQH OD FXOWXUD GH OD
GLYHUVLGDG\VHSLHQVDTXHODVRWUDVFXOWXUDVVRQXQDDPHQD]D$VtSRUPiVTXH
VH DVLPLOHQ QR GHMDUiQ GH VHU OD PLQRUtD ORV H[WUDQMHURV R ORV LQPLJUDQWHV TXH
PLUDGRV HQ IRUPD GHVSyWLFD \ FRQ GHVFRQILDQ]D QR SDUDUiQ VX OXFKD SRU OD
LJXDOGDG OD OLEHUWDG \ HO UHVSHWR D VXV GHUHFKRV HQ WDQWR TXH VHUHV KXPDQRV \
SHUVRQDV TXH DFHSWDQ ODV QRUPDV \ ODV OH\HV GH OD QXHYD FRPXQLGDG SROtWLFD DO
WLHPSRGHDSRUWDUPXFKRDVXGHVDUUROOR
5(3(16$1'2/$)5217(5$«
<DHOYDORUGHOGHVFXEULPLHQWRGHHQWHQGHUODIURQWHUDFRPRGLFH+HLGHJJHUHQOD
FRQIHUHQFLDGLFWDGDHQHODxR³&RQVWUXLUKDELWDU3HQVDU´FRPRXQLQLFLR\QR
FRPR XQ ILQ SURSRQH XQD GLVSRVLFLyQ OLWHUDULD GH RUGHQ PRUDO DOHMDGD GH OD
PRUDOLGDG GH FRQVXPR TXH SODQWHD =\JPXQW %DXPDQ DOHMDGD GHO WUDQVLWDU
GHDPEXODUVLQRDILDQ]DGDHQHOVHQGHURGHODpWLFD3RUORTXHODH[SHULHQFLDGH
SpUGLGDVLELHQWUDXPiWLFDGHOPLJUDQWHOROOHYDDHQFRQWUDUXQQXHYRIRFRHQHO
PXQGR D UHFRQRFHUVH HQWUH ORV VX\RV D HQWHQGHU VX SURSLR SURFHVR \ GDUOH
VHQWLGRHLQWHQWDUFRQVWUXLUVXIXWXURTXH VLELHQHVLQFLHUWRHVWiODFHUWH]DTXHOR
SHRUGHODWRUPHQWD\DSDVy
'HEHPRVVHxDODUTXHHOGHVSOD]DPLHQWRRHOYLDMHPLJUDWRULRQRVLHPSUHHVVLJQR
GHGRORU\VXIULPLHQWR6LELHQVLHPSUHKD\XQDSpUGLGDWDPELpQHVWiODSURPHVD
HQ SDODEUDV GH $UHQGW GH OR TXH YHQGUi /D DXWRUD HQ /D FRQGLFLyQ +XPDQD
UHVFDWD HO YDORU GH OR KXPDQR SURSRQLHQGR OD UHLYLQGLFDFLyQ GHO FRQFHSWR GH OD
QDWDOLGDGHQWHQGLGDFRPRODHVSHUDQ]D\ODSURPHVDGHOTXHWLHQHWRGRSRUKDFHU
\ DO PLVPR WLHPSR OD HQWLHQGH FRPR OD ~QLFD DFWLYLGDG KXPDQD TXH QR HVWi
FRQGLFLRQDGDQLPHGLDGD%DMRHVWDySWLFDODVLWXDFLyQGHOVXMHWRPLJUDQWHIUHQWH
D OR TXH KD SHUGLGR VH DEUH OD SRVLELOLGDG GH WHMHU RWUD SDUWH GH VX KLVWRULD
HQWHQGLHQGRTXH
/D QDWDOLGDG VLPEROL]D HVH DFWR LQDXJXUDO GH KDFHU DSDUHFHU DO KRPEUH HQ S~EOLFR SRU
SULPHUD YH] FRQ XQD LQGLYLGXDOLGDG TXH HO WRWDOLWDULVPR TXLHUH VXSULPLU SXHV VX
HVSRQWDQHLGDG VX OLEHUWDG \ VX DFFLyQ VRQ VX PD\RU HQHPLJR SXHV HO WRWDOLWDULVPR TXLHUH
GHVDSDUHFHUFXDOTXLHUVRPEUDGHFUHDWLYLGDG\GHLQLFLDWLYDHQHOPXQGR S
$VtSDUDORVPLJUDQWHVVHDEUHODSRVLELOLGDGGHYROYHUDHPSH]DUXQDSURPHVDHQ
XQ QXHYR OXJDU OR TXH QR TXLWD HO GRORU \ OD SpUGLGD SHUR TXH VLJQLILFD TXH VXV
YLGDVHVWDUiQDELHUWDVDVXVDFFLRQHVDVXVSRVLELOLGDGHV\DOHQFXHQWURFRQHORWUR
TXHSRGUiUHVLJQLILFDUODFRQYLYHQFLD\ODFXOWXUDHQXQPXQGRGLYHUVR&DGDXQR
YD HQFRQWUDQGR ILQDOPHQWH VX OXJDU HQ HO PXQGR \ GH HVWD PDQHUD
UHFRQVWUX\HQGRGtDDGtDVXLGHQWLGDG
(VWH YDORU GHO HVSDFLR GH DSDULFLyQ HQ OD TXH VH DEUH OD RSRUWXQLGDG SDUD
UHIOH[LRQDUGLVFXWLU\UHVLJQLILFDUODQRFLyQGHVXMHWRGHVXMHWRKHWHURJpQHRHQ
ODFRQVWUXFFLyQGHVXLGHQWLGDGHQVXGLYHUVLGDGFXOWXUDO\PHQWDOVHJ~Q&RUQHMR
3RODU WDPELpQ GH KRPEUH GH DFFLyQ VHJ~Q $UHQGW HQ /D FRQGLFLyQ
KXPDQDSODQWHDTXHODDFFLyQ³HVFRPRXQUHFRUGDWRULRVLHPSUHSUHVHQWHGHTXH
ORV KRPEUHV DXQTXH KDQ GH PRULU QR KDQ QDFLGR SDUD HVR VLQR SDUD FRPHQ]DU
DOJR QXHYR \ HVH FRPHQ]DU DOJR QXHYR QR HV RWUD FRVD TXH OD JDUDQWtD GH OD
OLEHUWDGHQODWLHUUD´ S
(VWD JDUDQWtD GH ORV VHUHV KXPDQRV TXH SXHGHQ HQFRQWUDU VX OXJDU HQ OD WLHUUD
GHVGHHOUHFRQRFLPLHQWR GHVGHODDWHQFLyQ DOD GLYHUVLGDGFRQYLUWLpQGRVHGHXQD
YH] SRU WRGDV HQ VXMHWRV GH GHUHFKRV $Vt WDPELpQ OD QRFLyQ GH H[WUDQMHUR GH
DFXHUGRD-XOLD.ULVWHYDHVWH³HQHPLJRDDEDWLUHQODVVRFLHGDGHVPiVVDOYDMHVVH
FRQYLHUWHGHQWURGHORUEHGHODVFRQVWUXFFLRQHVPRUDOHV\UHOLJLRVDVHQXQKRPEUH
GLIHUHQWHTXHPLHQWUDVVHLQWHJUHSXHGHVHUDVLPLODGRD ODDOLDQ]DGHORVVDELRV
GH ORV MXVWRV R GH ORV QDWXUDOHV´ S (Q PHGLR GH OD FRPSOHMLGDG GH ORV
DFRQWHFLPLHQWRV\ODGLYHUVLGDGGHORVKHFKRVDFWXDOHVWLHQGHDGDUOHXQLGDGSXHV
VDEHTXHVXLGHQWLGDGQRHVGLVWLQWDDOUHODWRGHVXVH[SHULHQFLDV\ SRUORPLVPR
SXHV HOOD PLVPD QR HV GLIHUHQWH D HOOR \ OR YLYLGR \ VRxDGR KDFH SDUWH GH VX
LGHQWLGDG 6H WUDQVIRUPD HO VHU GHO KRPEUH HQ XQ GLiORJR FRQVWDQWH HQWUH OR
UHJLRQDO\ODYDQJXDUGLDHQWUHHOSDVDGRDVXPLGR\HOIXWXURSUR\HFWDGRHQWUHOD
LGHQWLGDG\ODDOWHULGDG
%LEOLRJUDItD
$UHQGW+ 'HODKLVWRULDDODDFFLyQ%XHQRV$LUHV3DLGyV

/DFRQGLFLyQ+XPDQD%DUFHORQD3DLGyV
/RVRUtJHQHVGHOWRWDOLWDULVPR0DGULG$OLDQ]D(GLWRULDO
%DXPDQ = 'DxRV &RODWHUDOHV 'HVLJXDOGDGHV VRFLDOHV HQ OD HUD JOREDO %XHQRV $LUHV
)RQGRGHFXOWXUDHFRQyPLFD
9LGDVGHVSHUGLFLDGDV /DPRGHUQLGDG\VXVSDULDV%XHQRV$LUHV3DLGyV
%KDEKD+ (OOXJDUGHODFXOWXUD%XHQRV$LUHV0DQDQWLDO
&RUQHMR 3RODU $ ³0HVWL]DMH H KLEULGH] ORV ULHVJRV GH ODV PHWiIRUDV´ 5HYLVWD
,EHURDPHULFDQD-XO6HSW
³0HVWL]DMH WUDQVFXOWXUDFLyQ KHWHURJHQHLGDG´ 5HYLVWD GH &UtWLFD /LWHUDULD /DWLQRDPHULFDQD

6REUHOLWHUDWXUD\FUtWLFDODWLQRDPHULFDQDV &DUDFDV8&9
'HUULGD - (O PRQROLQJLVPR GHO RWUR R OD SUyWHVLV GH RULJHQ % 7UDG 'H +RUDFLR 3RQV
%XHQRV$LUHV0DQDQWLDO
'XIIRXUPDQWHOOH $ /D KRVSLWDOLGDG 7UDG 0LUWD 6HJRYLDQR %XHQRV $LUHV (GLFLRQHV GH OD
)ORU
*DUFtD 1 &RQVXPLGRUHV \ FLXGDGDQRV &RQIOLFWRV PXOWLFXOWXUDOHV GH OD JOREDOL]DFLyQ
0p[LFR')*ULMDOER
.ULVWHYD- ([WUDQMHURVSDUDQRVRWURVPLVPRV%DUFHORQD3OD]D -DQHV
*XLOOpQ & (QWUH OR XQR \ OR GLYHUVR ,QWURGXFFLyQ D OD OLWHUDWXUD FRPSDUDGD %DUFHORQD
&UtWLFD
0~OWLSOHVPRUDGDV(QVD\RGHOLWHUDWXUDFRPSDUDGD%DUFHORQD7XVTXHWV
*LVVL- 3VLFRORJtDH,GHQWLGDG/DWLQRDPHULFDQD6DQWLDJR38&
3HQFKDV]DGHK $ 3ROtWLFD \ +RVSLWDOLGDG 'LVTXLVLFLRQHV XUJHQWHV VREUH OD ILJXUD GHO
H[WUDQMHUR%XHQRV$LUHV(XGHED
3HQFKDV]DGHK$\&RXUWLV& ³6XMHWRVSROtWLFRVPLJUDQWHV\HOGLOHPDGHODQDWXUDOL]DFLyQ
¢9DULDFLRQHV SRVQDFLRQDOHV"´ &RORPELD ,QWHUQDFLRQDO ,661H 1 SiJV
'2,KWWSG[GRLRUJFRORPELDLQW
5DPD$ 7UDQVFXOWXUDFLyQQDUUDWLYDHQ$PpULFD/DWLQD 0p[LFR')6LJOR;;,
/DFLXGDG/HWUDGD6DQWLDJR7DMDPDU(GLWRUHV
5LFRHXU3 6tPLVPRFRPRRWUR0p[LFR')6LJOR;;,
7LHPSR\QDUUDFLyQ,&RQILJXUDFLyQGHOWLHPSRHQHOUHODWRKLVWyULFR0p[LFR
')6LJOR;;,
7ULJR$ 0LJUDQFLDPHPRULDPRGHUQLGi1XHYDVSHUVSHFWLYDVGHVGHVREUH$PpULFD/DWLQD
HOGHVDItRGHORVHVWXGLRVFXOWXUDOHV3LWWVEXUJK(G0DEHO0RUDxD
6HJXQGDSDUWH
'HUHFKRVKXPDQRV
$LQIOXrQFLDGD&RUWH,QWHUDPHULFDQD
GH'LUHLWRV+XPDQRVQDFRUWH
FRQVWLWXFLRQDO EUDVLOHLUD± HVWXGRD
SDUWLUGDYLRODomRGRVGLUHLWRV
KXPDQRVQRFiUFHUH
$QWRQLR&DUORV0RQLGH2OLYHLUD %HDWUL]&RUUrD
&DPDUJR
8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD %UDVLO
,QWURGXomR
1R kPELWR LQWHUQDFLRQDO GH SURWHomR GRV 'LUHLWRV +XPDQRV FRQVWLWXL LPSRUWDQWH
FRQTXLVWDDFULDomRGHyUJmRHVSHFLILFDPHQWHGHVHQYROYLGRSDUDH[HUFHUDWLYLGDGH
WLSLFDPHQWHMXULVGLFLRQDOD&RUWH,QWHUDPHULFDQDGH'LUHLWRV+XPDQRV &RUWH,'+
2 PRYLPHQWR DWXDO QR VHQWLGR GH UHFRQKHFLPHQWR GD DWXDomR GDV &RUWHV
,QWHUQDFLRQDLV GH 'LUHLWRV +XPDQRV HUD DQWHYLVWR SHOR FpOHEUH &DUORV 6DQWLDJR
1LxRTXHKiGpFDGDVLQGLFDYDRVEHQHItFLRVHDVGLILFXOGDGHVHQIUHQWDGDVSRUHVVD
SHUVSHFWLYD
³ODSHUFHSFLyQGH HVWDOLPLWDFLyQGHODHVWUDWHJLDGHKDFHUHIHFWLYRVORVGHUHFKRVKXPDQRVD
WUDYpVGHFDGDRUGHQMXUtGLFRQDFLRQDOKDKHFKRTXHFDGDYH]PiVVHFRQFHQWUHODDFFLyQHQ
HVWD PDWHULD HQ OD FHOHEUDFLyQ GH FRQYHQLRV LQWHUQDFLRQDOHV TXH GHILQDQ ORV GHUHFKRV
HVWDEOH]FDQVDQFLRQHVH[WHUQDVSDUDVXYLRODFLyQRUJDQLFHQWULEXQDOHVUHJLRQDOHVSDUDMX]JDU
HVD YLRODFLyQ SUHYHDQ SURFHGLPLHQWRV GH ILVFDOL]DFLyQ HWFpWHUD (V FODUR TXH pVWH HV RWUR
SDVRGHFLVLYRKDFLDODYLJHQFLDGHORVGHUHFKRVLQGLYLGXDOHVEiVLFRV\DTXHLPSOLFDDLVODUORV
UHODWLYDPHQWHGHODVFRQWLQJHQFLDVSROtWLFDVLQWHUQDVGHFDGDSDtV´ 1,f2S

*UDGXDomR HP 'LUHLWR SHOR &HQWUR 8QLYHUVLWiULR GD )XQGDomR (GXFDFLRQDO GH %DUUHWRV
(VWDGRGH6mR3DXOR%UDVLOePHVWUDQGRQR3URJUDPDGH3yVJUDGXDomRGD)DFXOGDGHGH'LUHLWR
GD XQLYHUVLGDGH )HGHUDO GH 8EHUOkQGLD $WXDOPHQWH p 'HIHQVRU 3~EOLFR 'HIHQVRULD 3~EOLFD GR
(VWDGR GH 0LQDV *HUDLV 7HP H[SHULrQFLD QD iUHD GH 'LUHLWR FRP rQIDVH HP 'LUHLWR 3HQDO H
([HFXomR3HQDO
3URIHVVRUD GH 'LUHLWR 3HQDO QD )DFXOGDGH GH 'LUHLWR GD 8QLYHUVLGDGH )HGHUDO GH 8EHUOkQGLD
7UDEDOKRX FRPR YROXQWiULD QD &RPLVVmR 1DFLRQDO GD 9HUGDGH H QD &RPLVVmR GD 9HUGDGH GD
8QLYHUVLGDGH GH 6mR 3DXOR 'RXWRURXVH HP 'LUHLWR 3HQDO SHOD 8QLYHUVLGDGH GH 6mR 3DXOR H SHOD
8QLYHUVLGDGH GH %RQQ 5HDOL]RX VHX PHVWUDGR HP 'LUHLWR 3HQDO QD 8QLYHUVLGDGH GH %RQQ e
IRUPDGDHP'LUHLWRSHOD8QLYHUVLGDGHGH6mR3DXORFRPGLSORPDomRQRV)XQGDPHQWRVGR'LUHLWR
$OHPmRSHOD8QLYHUVLGDGHGH0XQLTXH
6HJXQGR H[SOLFDYD R DXWRU XP GRV REVWiFXORV PDLV JUDYHV SDUD D SURWHomR GRV
'LUHLWRV+XPDQRVpRIDWRGHTXHDVREHUDQLDGRV(VWDGRVFRVWXPDLPSRUJUDYHV
UHVWULo}HV j REULJDWRULHGDGH GH VH REVHUYDU LQWHUQDPHQWH RV FRPSURPLVVRV
DVVXPLGRV HP kPELWR LQWHUQDFLRQDO LPSRQGR EDUUHLUDV LJXDOPHQWH j LQJHUrQFLD
GHyUJmRVH[WHUQRVSDUDLQYHVWLJDUHFDVWLJDUDVYLRODo}HVGHVVHVGLUHLWRV 1,f2
S
1DGDPDLVDWXDOTXDQGRVHFRQVLGHUDDGLVFXVVmRSUHVHQWHQDGRXWULQDEUDVLOHLUDD
UHVSHLWR GD QHFHVVLGDGH GH XP GLiORJR HQWUH DV FRUWHV QDFLRQDLV H LQWHUQDFLRQDLV
QD WDUHID GH FRQFUHWL]DomR H UHDOL]DomR GRV 'LUHLWRV +XPDQRV 5$026 S

$OpPGH VHUUHVSRQViYHOSHODDYHULJXDomRGHYLRODo}HV DRVGLUHLWRVHVWDEHOHFLGRV
SHOD &RQYHQomR $PHULFDQD D &RUWH DLQGD SRVVXL D IXQomR GH FRQFUHWL]DU D
H[WHQVmR H R FRQWH~GR GRV LQVWUXPHQWRV QRUPDWLYRV TXH FRPS}HP R 6LVWHPD
,QWHUDPHULFDQR GH 'LUHLWRV +XPDQRV QRV WHUPRV GR TXH GLVS}H D SUySULD
&RQYHQomR$PHULFDQDHPVHXDUWLJR
(P YLVWD GLVVR HVVD SHVTXLVD VH SURS{V D LQYHVWLJDU HP TXH PHGLGD R MXGLFLiULR
EUDVLOHLURHVWDULDDWHQWRjMXULVSUXGrQFLDGD&RUWH,QWHUDPHULFDQDQDIRUPXODomRGH
VXDV SUySULDV GHFLV}HV 3DUD WDO HVFROKHXVH D WHPiWLFD GD H[HFXomR GD SHQD
PDLV HVSHFLILFDPHQWH D SHQD SULYDWLYD GH OLEHUGDGH TXH p R kPELWR QR TXDO R
%UDVLO SRVVXL R PDLRU Q~PHUR GH FRQGHQDo}HV QD &RUWH VHQGR HVVH REMHWR
LJXDOPHQWHVHQVtYHODRVGHPDLVSDtVHVVLJQDWiULRVVXEPHWLGRVjVXDMXULVGLomR
'(/,0,7$d2'$3(648,6$-85,6358'(1&,$/
$ SHVTXLVD GH MXULVSUXGrQFLD OLPLWRXVH DR 6XSUHPR 7ULEXQDO )HGHUDO 67) FXMR
SURWDJRQLVPR HP UD]mR GD PDWpULD GH SURWHomR GRV 'LUHLWRV +XPDQRV p R PDLV
HYLGHQWH SULQFLSDOPHQWH DSyV R TXH UHVWRX GHFLGLGR QR 5HFXUVR (VSHFLDO
63 GH DFRUGR FRP R TXDO RV 7UDWDGRV GH 'LUHLWRV +XPDQRV RFXSDULDP
OXJDUSURWDJRQLVWDQRRUGHQDPHQWRMXUtGLFREUDVLOHLUR'HVWDIHLWDXWLOL]DPRVFRPR
FULWpULR GH SHVTXLVD QR VLWH GH EXVFD GH MXULVSUXGrQFLD GR 6XSUHPR 7ULEXQDO
)HGHUDO RV WHUPRV ³FRUWH´ ³LQWHUDPHULFDQD´ ³H[HFXomR´ ³SHQDO´ FRP R RSHUDGRU
ERROHDQR³$1'´
3ULPHLUDPHQWHIRUDPHQFRQWUDGRVMXOJDGRV$VHOHomRGHVVDVGHFLV}HVIRLIHLWD
FRQIRUPH FULWpULRV TXDOLWDWLYRV SRU WHUHP SRU REMHWR TXHVW}HV UHODFLRQDGDV j
([HFXomR 3HQDO H 'LUHLWRV +XPDQRV 'HVWH XQLYHUVR IRUDP VHOHFLRQDGRV GRLV

1RV WHUPRV GD &RQYHQomR $PHULFDQD VREUH 'LUHLWRV +XPDQRV D &RUWH WHP FRPSHWrQFLD SDUD
FRQKHFHU GH TXDOTXHU FDVR TXH OKH VHMD VXEPHWLGR UHODWLYDPHQWH j LQWHUSUHWDomR H DSOLFDomR GDV
GLVSRVLo}HV GD FRQYHQomR GHVGH TXH RV (VWDGRV 3DUWHV WHQKDP UHFRQKHFLGR RX UHFRQKHoDP D
UHIHULGD FRPSHWrQFLD VHMD SRU GHFODUDomR HVSHFLDO FRPR SUHYHHP RV LQFLVRV DQWHULRUHV VHMD SRU
FRQYHQomRHVSHFLDO1R%UDVLOLVVRVHGHXSRUPHLRGR'HFUHWRQGHGHQRYHPEURGH
TXHSURPXOJRXD&RQYHQomR$PHULFDQDVREUH'LUHLWRV+XPDQRV 3DFWRGH6mR-RVpGD&RVWD5LFD

1XPGRVMXOJDGRVD&RQYHQomR,QWHUDPHULFDQDSDUDSUHYHQLUHSXQLUDWRUWXUDpLQGH[DGDFRPR
OHJLVODomRSHUWLQHQWHDRFDVRWUDWDGR3RULVVRDSDUHFHFRPRUHVXOWDGRGDEXVFDPXLWRHPERUDR
MXOJDGRV SDUD XPD DQiOLVH PDLV DSURIXQGDGD QRV TXDLV D YLRODomR GRV GLUHLWRV
IXQGDPHQWDLV QR FiUFHUH HUD PDLV IODJUDQWH D $omR GH 'HVFXPSULPHQWR GH
3UHFHLWR)XQGDPHQWDO $'3) HR5HFXUVR([WUDRUGLQiULR56 5(
56
1DV GHPDLV GHFLV}HV R TXH VH SHUFHEHX IRUDP TXHVW}HV QmR UHODFLRQDGDV DR
FiUFHUHHPVLDH[HPSORSRVVLELOLGDGHGHH[HFXomRGHSHQDDQWHVGRWUkQVLWRHP
MXOJDGR GDVHQWHQoDSHQDOFRQGHQDWyULD(PXPGHVVHVFDVRVRQGHVHGLVFXWLXR
PDUFR WHPSRUDO SDUD R WUkQVLWR HP MXOJDGR D FLWDomR j &RUWH ,QWHUDPHULFDQD p
IHLWD DSHQDV QR YRWR YHQFLGR GR 0LQLVWUR &HOVR GH 0HOOR +& $OJXPDV
GHFLV}HV WLYHUDP SRU REMHWR D YLRODomR DR GXSOR JUDX GH MXULVGLomR UHODWLYDPHQWH
jV Do}HV SHQDLV RULJLQiULDV GRV WULEXQDLV VXSHULRUHV VREUHWXGR D $3 (P
RXWUR FRQWH[WR VH TXHVWLRQDYD D WUDQVIHUrQFLD GR SUHVR SDUD XP SUHVtGLR GH
VHJXUDQoD Pi[LPD VHP D REVHUYkQFLD GR GHYLGR SURFHVVR OHJDO VHQGR TXH D
GHFLVmRGD&RUWH,'+FRQVWLWXLXRDUJXPHQWRGHVWLQDGRDMXVWLILFDUDWUDQVIHUrQFLD
GR SUHVR FRQVLGHUDGR SHULJRVR EXVFDQGRVH HYLWDU RXWUDV UHEHOL}HV 2X VHMD HP
OXJDU GH JDUDQWLU GLUHLWRV D MXULVSUXGrQFLD LQWHUDPHULFDQD IRL HPSUHJDGD FRP D
ILQDOLGDGH GH OHJLWLPDU XPD DWXDomR FRQWUiULD DRV SDUkPHWURV HVWDEHOHFLGRV SHOD
OHJLVODomR SURFHVVXDO DSOLFiYHO 3RU ILP D FRUWH EUDVLOHLUD WDPEpP ID] PHQomR j
MXULVSUXGrQFLD GD &RUWH LQWHUDPHULFDQD TXDQGR DGX] SHOD QHFHVVLGDGH GH VH
LPSHGLUTXH XPFLYLOVHMDVXEPHWLGRDWULEXQDOPLOLWDU +&H

MXOJDGR QmR XWLOL]H TXDOTXHU GHFLVmR GD &RUWH,'+ 7UDWDVH GR $, $J5('(' 5HODWRU D
0LQ &(/62 '( 0(//2 6HJXQGD 7XUPD MXOJDGR HP DFyUGmR HOHWU{QLFR '-H
'LYXOJSXEOLF

$'3) 5HODWRU 0LQ 0$5&2 $85e/,2 7ULEXQDO 3OHQR MXOJDGR HP SURFHVVR
HOHWU{QLFR '-H 'LYXOJ SXEOLF 5( 5HODWRU PLQ 5,&$5'2
/(:$1'2:6., WULEXQDO SOHQR MXOJDGR HP DFyUGmR HOHWU{QLFR UHSHUFXVVmR JHUDO ±
PpULWR'-H'LYXOJSXEOLF

+&5HODWRU 0LQ7(25,=$9$6&.,7ULEXQDO3OHQRMXOJDGRHPSURFHVVR
HOHWU{QLFR'-H'LYXOJSXEOLF$3$J5YLJpVLPRTXLQWR5HODWRU
0LQ-2$48,0%$5%26$5HODWRUS$FyUGmR 0LQ7(25,=$9$6&.,7ULEXQDO3OHQRMXOJDGRHP
DFyUGmR HOHWU{QLFR '-H 'LYXOJ SXEOLF $3 $J5
YLJpVLPRVH[WR5HODWRU 0LQ-2$48,0%$5%26$5HODWRUS$FyUGmR 0LQ52%(572%$55262
7ULEXQDO 3OHQR MXOJDGR HP DFyUGmR HOHWU{QLFR '-H 'LYXOJ SXEOLF
$3 $J5YLJpVLPR VpWLPR 5HODWRU 0LQ -2$48,0 %$5%26$ 7ULEXQDO 3OHQR
MXOJDGRHPDFyUGmRHOHWU{QLFR'-H'LYXOJSXEOLF+&
5HODWRU 0LQ /8,= )8; 3ULPHLUD 7XUPD MXOJDGR HP SURFHVVR HOHWU{QLFR
'-H 'LYXOJ SXEOLF +& 5HODWRU 0LQ &(/62 '( 0(//2
6HJXQGD7XUPDMXOJDGRHPSURFHVVRHOHWU{QLFR'-H'LYXOJSXEOLF
+& 5HODWRU 0LQ &(/62 '( 0(//2 6HJXQGD 7XUPD MXOJDGR HP
SURFHVVR HOHWU{QLFR '-H 'LYXOJ SXEOLF $3
5HODWRU 0LQ -2$48,0 %$5%26$ 7ULEXQDO 3OHQR MXOJDGR HP DFyUGmR HOHWU{QLFR
'-H 'LYXOJ SXEOLF 5([W 5HODWRU 0LQ -2$48,0 %$5%26$
7ULEXQDO 3OHQR MXOJDGR HP '-H 'LYXOJ SXEOLF $'3)
5HODWRU 0LQ&$5/26%5,7727ULEXQDO3OHQRMXOJDGRHP'-H'LYXOJ
SXEOLF+&5HODWRU 0LQ5,&$5'2/(:$1'2:6.,3ULPHLUD7XUPD
MXOJDGRHP'-H'LYXOJSXEOLF
7RGDV HVVDV TXHVW}HV SRVVXHP FRQVHTXrQFLDV QD H[HFXomR SHQDO 7RGDYLD HODV
HVFDSDP j DQiOLVH TXH QRV LQWHUHVVD QD PHGLGD HP TXH QmR WrP SRU REMHWR
HVSHFtILFR DV FRQGLo}HV GR FiUFHUH 'H PRGR JHUDO HODV DSHQDV WDQJHQFLDP R
SUREOHPDUHODFLRQDGRjLQHIHWLYLGDGHGRVGLUHLWRVGDTXHOHVTXHHVWmRSULYDGRVGD
OLEHUGDGH
$V GXDV GHFLV}HV H[WUDtGDV H DTXL FRPHQWDGDV HYLGHQFLDP FRQIRUPH VH YHUi D
QHFHVVLGDGHGHXPPDLRUJUDXGHGLiORJRGR6XSUHPR7ULEXQDO)HGHUDOFRPRTXH
YHP GHFLGLQGR D &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV +XPDQRV QR kPELWR GD
H[HFXomR SHQDO SULQFLSDOPHQWH QR TXH FRQFHUQH DRV 'LUHLWRV IXQGDPHQWDLV GR
HQFDUFHUDGR
$d2'('(6&8035,0(172'(35(&(,72)81'$0(17$/
$ MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV

+XPDQRVQDIRUPXODomRGRSHGLGR
1D SULPHLUD GDV GHFLV}HV DQDOLVDGDV D MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD p

VXVFLWDGDLQLFLDOPHQWHSHORSUySULRGHPDQGDQWHMXQWRDR67)
$ DomR SURSRVWD SHOR 3DUWLGR 6RFLDOLVPR H /LEHUGDGH H UHGLJLGD SRU HTXLSH
FDSLWDQHDGD SHOR HPLQHQWH MXULVWD 'DQLHO 6DUPHQWR WHP FRPR SHGLGR SULQFLSDO D
GHFODUDomRGR(VWDGRGH&RLVDV,QFRQVWLWXFLRQDOGRVLVWHPDSHQLWHQFLiULREUDVLOHLUR
&RPR FRQVHTXrQFLD GHVWD GHFODUDomR GHYHULDP VHU DGRWDGDV SURYLGrQFLDV
FRQFUHWDVGHVWLQDGDVDVDQDUDVJUDYtVVLPDVOHV}HVDRVSUHFHLWRVIXQGDPHQWDLVGD
&RQVWLWXLomRGHFRUUHQWHVGHFRQGXWDVFRPLVVLYDVHRPLVVLYDVGRVSRGHUHVS~EOLFRV
GD8QLmRGRV(VWDGRVHGR'LVWULWR)HGHUDO
$R WUDoDU R IXQGDPHQWR IiWLFR GR SHGLGR 6DUPHQWR GHVFUHYH D DWXDO VLWXDomR
SULVLRQDO EUDVLOHLUD HQIDWL]DQGR D H[LVWrQFLD GH YLRODo}HV FRQWXPD]HV GH GLUHLWRV
KXPDQRVFRQVWLWXFLRQDOPHQWHFRQVDJUDGRV(PUHIHUrQFLDjREUD³'LYLQD&RPpGLD´
GH 'DQWH $OLJKLHUL R MXULVWD FRPSDUD R VLVWHPD FDUFHUiULR EUDVLOHLUR DR LQIHUQR
GDQWHVFR $ SULPHLUD SDUWH GH VXD H[SRVLomR OHYD R WtWXOR GH ³,QIHUQR R VLVWHPD
SULVLRQDODFRQVWLWXLomRHRSDSHOGR67)´
³ « FHODV VXSHUORWDGDV LPXQGDV H LQVDOXEUHV SUROLIHUDomR GH GRHQoDV
LQIHFWRFRQWDJLRVDV FRPLGD LQWUDJiYHO WHPSHUDWXUDV H[WUHPDV IDOWD GH iJXD
SRWiYHO H GH SURGXWRV KLJLrQLFRV EiVLFRV +RPLFtGLRV HVSDQFDPHQWRV WRUWXUD H
YLROrQFLD VH[XDO FRQWUD RV SUHVRV VmR IUHTXHQWHV SUDWLFDGDV SRU RXWURV GHWHQWRV
RX SRU DJHQWHV GR SUySULR (VWDGR $V LQVWLWXLo}HV SULVLRQDLV VmR FRPXPHQWH
GRPLQDGDVSRUIDFo}HVFULPLQRVDVTXHLPS}HPQDVFDGHLDVRVHXUHLQRGHWHUURU
jV YH]HV FRP D FXPSOLFLGDGH GR 3RGHU 3~EOLFR )DOWDP DVVLVWrQFLD MXGLFLiULD
DGHTXDGD DRV SUHVRV DFHVVR j HGXFDomR j VD~GH H DR WUDEDOKR 2 FRQWUROH
HVWDWDO VREUH R FXPSULPHQWR GDV SHQDV GHL[D PXLWR D GHVHMDU H QmR p LQFRPXP
TXHVHHQFRQWUHPHPPXWLU}HVFDUFHUiULRVSUHVRVTXHMiGHYHULDPWHUVLGRVROWRV
Ki DQRV 1HVWH FHQiULR UHYROWDQWH QmR p GH VH DGPLUDU D IUHTXrQFLD FRP TXH
RFRUUHPUHEHOL}HVHPRWLQVQDVSULV}HVFDGDYH]PDLVYLROHQWRV´ %5$6,/D
S
0DLVDGLDQWHDOXGLQGRDR³GHVFDODEURGRVLVWHPDFDUFHUiULREUDVLOHLUR´DSRQWDVHU
³IDWRQRWyULRHLQTXHVWLRQiYHODJUDYLGDGHGDVYLRODo}HVDRVGLUHLWRVKXPDQRVGRV
SUHVRV´ e QHVVH PRPHQWR HP TXH WUD] D FLWDomR GH GHFLV}HV GD &RUWH
,QWHUDPHULFDQDLOXVWUDQGRRHVWDGRGHHPHUJrQFLDGRVLVWHPDFDUFHUiULRQR%UDVLO
³$ VLWXDomR FKHJRX DR SRQWR GH PRWLYDU LQWHUYHQo}HV GD &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV
+XPDQRV TXH FRQGHQRX R (VWDGR EUDVLOHLUR D FXPSULU PHGLGDV SURYLVyULDV SDUD JDUDQWLU D
HUUDGLFDomRGDVVLWXDo}HVGHULVFRHSURYLGHQFLDUDSURWHomRjYLGDHjLQWHJULGDGHSHVVRDO
SVtTXLFD H PRUDO GH SHVVRDV SULYDGDV GH OLEHUGDGH HP YiULDV SHQLWHQFLiULDV GR SDtV )RL R
FDVR GR &HQWUR 3HQLWHQFLiULR 3URIHVVRU $QtEDO %UXQR GH 5HFLIH3( GD 3HQLWHQFLiULD 8UVR
%UDQFRGH3RUWR9HOKR52GR&RPSOH[RGR7DWXDSpGH6mR3DXOR63GD3HQLWHQFLiULD
'U 6HEDVWLmR 0DUWLQV 6LOYHLUD GH $UDUDTXDUD 63 H GR &RPSOH[R GH 3HGULQKDV GH 6mR
/XL]0$ $ &RPLVVmR ,QWHUDPHULFDQD SRU VXD YH] FRQFHGHX PHGLGDV FDXWHODUHV FRQWUD R
(VWDGR %UDVLOHLUR SDUD VDOYDJXDUGDU D YLGD H DLQWHJULGDGH SHVVRDO GRV LQWHUQRV GR 3UHVtGLR
&HQWUDOGH3RUWR$OHJUH56´ %5$6,/DS
$R WRGR D SHWLomR LQLFLDO FLWRX FLQFR FDVHV FRQWUD R (VWDGR EUDVLOHLUR SHUDQWH D
&RUWH,'+ (QWUHWDQWR D GHVSHLWR GD LPSRUWkQFLD GH VH ID]HU PHQomR jV
FRQGHQDo}HV VRIULGDV SHOR %UDVLO SRGHVH DILUPDU TXH HVVH UHFXUVR IRL XWLOL]DGR
PDLVFRPRDUJXPHQWRGHSHUVXDVmRGRTXHFRPRIXQGDPHQWRSDUDDFRQVWUXomR
GRVGLUHLWRVKXPDQRVGRHQFDUFHUDGR,QGLFRXVHVLPSOHVPHQWHTXHR%UDVLOIRL H
SRGH YROWDU D VHU FRQGHQDGR HP kPELWR LQWHUQDFLRQDO SHOD &RUWH,'+ HP UD]mR
GDV PD]HODV QR VLVWHPD SHQLWHQFLiULR QDFLRQDO 'HVWH PRGR D MXULVSUXGrQFLD GD
&RUWH QmR IRL HPSUHJDGD QR VHQWLGR GH VH RIHUHFHU XP FRQWH~GR PtQLPR GRV
GLUHLWRVGRVSUHVRV
e DSHQDV HP PRPHQWR SRVWHULRU TXH D MXULVSUXGrQFLD GD &RUWH LUi GHVHPSHQKDU
XPSDSHOPDLVFRQVWUXWLYR1RJHUDOSRUpPRTXHVHSHUFHEHpDSHUGDGHXPD
RSRUWXQLGDGH QD DYDOLDomR IHLWD D UHVSHLWR GD VXSHUSRSXODomR FDUFHUiULD DVVLP
FRPR TXDQGR SDVVD D DERUGDU FRP PDLRU GHWDOKDPHQWR DV YLRODo}HV GH GLUHLWRV
RFRUULGDV QR FiUFHUH YJ DFHVVR j MXVWLoD GLUHLWR j DVVLVWrQFLD PDWHULDO PtQLPD
SDUDDOLPHQWDomRYHVWXiULRKLJLHQHHWFGLUHLWRjVD~GHjLJXDOGDGHGHJrQHUR
UHVSHLWR j RULHQWDomR VH[XDO H SURLELomR GD WRUWXUD H GD LPSRVLomR GH VDQo}HV
LOHJtWLPDV MiTXHILFDRPLWLGDXPDDEXQGDQWHSURGXomRGD&RUWH,'+TXHSRGHULD
VHUYLUGHIXQGDPHQWRDTXL FI%5$6,/DSS
6RPHQWH R LQWHQWR GH FRQVROLGDU XPD PHGLGD FRQFUHWD TXDQWR DR SUREOHPD
HVWUXWXUDO GD VXSHUORWDomR RIHUHFH GHVWDTXH jV GHFLV}HV GD &RUWH,'+ VREUHWXGR
QRTXHGL]UHVSHLWRjLPSODQWDomRGDVDXGLrQFLDVGHDSUHVHQWDomRHFXVWyGLDGDV
SHVVRDVSULYDGDVGHOLEHUGDGHHPVHGHSURYLVyULD1HVVHVHQWLGRDSHWLomRLQLFLDO
ID]UHIHUrQFLDDRFDVR%DUUHWR/HLYDY9HQH]XHODQRTXDOIRLHVWDEHOHFLGRTXHDV
SULV}HV SURFHVVXDLV GHYHP WHU FDUiWHU ³H[FHSFLRQDO OLPLWDGR SHORV SULQFtSLRV GD
OHJDOLGDGH SUHVXQomR GH LQRFrQFLD QHFHVVLGDGH H SURSRUFLRQDOLGDGH GH DFRUGR
FRP R TXH VHMD HVWULWDPHQWH QHFHVViULR HP XPD VRFLHGDGH GHPRFUiWLFD´
(VSHFLILFDPHQWHVREUHDDXGLrQFLDGHFXVWyGLDVmRFLWDGRVRFDVR$FRVWD&DOGHUyQ
YV (TXDGRU R FDVR &KDSDUUR ÈOYDUH] H /DSR ,xLJXH] YV (TXDGRU H R FDVR
&DEUHUD *DUFLD H 0RQWLHO )ORUHV YV 0p[LFR 2 QtYHO GH GHWDOKDPHQWR GHVVDV
GHFLV}HVQmRpLUUHOHYDQWHMiTXHSHUPLWLXGLVFXWLUQHVVHFRQWH[WRVHRSUD]RGH
FLQFRGLDVVHULDLQFRPSDWtYHOFRPDH[LJrQFLDGHXPDDSUHVHQWDomR³VHPGHPRUD´
GRSUHVRjDXWRULGDGHMXGLFLDO
3RUILP6DUPHQWRFRQFOXLVXDSHWLomRGL]HQGRTXHR%UDVLOQHVWHSRQWRYLYHQXP
YHUGDGHLUR(VWDGRGH&RLVDV,QFRQVWLWXFLRQDOFDUDFWHUL]DGRSHODH[LVWrQFLDGDJUDYH
H PDVVLYD YLRODomR GH GLUHLWRV GHFRUUHQWHV GH IDOKDV HVWUXWXUDLV HP SROtWLFDV
S~EOLFDV DV TXDLV GHPDQGDP PXLWDV YH]HV VROXo}HV FRPSOH[DV GRV WULEXQDLV
1HVWDV KLSyWHVHV R SDSHO GH JXDUGLmR GD &RQVWLWXLomR H[LJH XPD SRVWXUD
GLIHUHQFLDGDVRESHQDGHIUXVWUDomRGRVGLUHLWRVIXQGDPHQWDLVHLQHIHWLYLGDGHGD
&RQVWLWXLomR)HGHUDO
,QH[SUHVVLYLGDGH GD MXULVSUXGrQFLD GD &RUWH,'+ QD GHFLVmR

GR67)
4XDQWR DR GHFLGLGR HP VHGH OLPLQDU R 5HODWRU 0LQLVWUR 0DUFR $XUpOLR GH 0HOOR
FKHJD D PHQFLRQDU HP VHX YRWR D H[LVWrQFLD GH GLUHLWRV KXPDQRV TXH VmR
DVVHJXUDGRV SRU FRQYHQo}HV LQWHUQDFLRQDLV GHQWUH RV TXDLV R 3DFWR GH 6DQ -RVp
GD&RVWD5LFDUHODFLRQDGRVjVSHVVRDVSUHVDV %5$6,/ESS 0DVQmR
ID] DOXVmR DRTXH D&RUWH,'+GHFLGLXVREUHRVGLUHLWRVKXPDQRV TXHWHULDPVLGR
YLRODGRVQDVLWXDomRDSUHFLDGDSHOR67)
$VVLPHOHID]DOXVmRjH[LVWrQFLDGD&RUWH,'+PDVVHPTXDOTXHUDSURIXQGDPHQWR
TXDQWRDRFRQWH~GRGHVXDVGHFLV}HV
$ OHLWXUD GR MXOJDGR UHYHOD TXH DV FLWDo}HV GDV GHFLV}HV GD &RUWH,'+ IRUDP
HVFDVVDV IUDFDV QR VHQWLGR GH VHUYLUHP DSHQDV FRPR DUJXPHQWRV SHUVXDVyULRV
ID]LDP UHIHUrQFLD QmR DRV GLUHLWRV GRV HQFDUFHUDGRV PDV DSHQDV jV VDQo}HV
UHFHELGDV SHOR %UDVLO QR kPELWR LQWHUQDFLRQDO VHQGR H[WUHPDPHQWH JHQpULFDV H
DEVWUDWDV
,QWHUHVVDQWH QRWDU TXH RV 0LQLVWURV GH IRUPD XQkQLPH HQWHQGHUDP TXH D
VLWXDomR FDUFHUiULD QDFLRQDO FRQVWLWXL SHQD FUXHO GHJUDGDQWH H GHVXPDQD
$GHPDLV FRQVLGHUDUDP TXH D VLWXDomR GH VXSHUORWDomR p LQMXVWLILFiYHO TXH R
(VWDGR p R JUDQGH UHVSRQViYHO SRU LVVR PDLRUPHQWH R ([HFXWLYR SRLV QmR Gi
HIHWLYLGDGH DR TXH GHWHUPLQD R RUGHQDPHQWR 0DV R PDLV LQWHUHVVDQWH SHOR
PHQRVVREDQRVVDyWLFDpTXHRV0LQLVWURVQmRGHVHQYROYHUDPSHORPHQRVHP
VHGH GD GHFLVmR FDXWHODU TXDLV VHULDP HVVHV GLUHLWRV YLRODGRV FRQFUHWDPHQWH
)D]HP HP WRGRV RV YRWRV UHIHUrQFLD DR ³PtQLPR H[LVWHQFLDO´ PDV QmR GL]HP
TXDLV GLUHLWRV FRPSRULDP HVVH PtQLPR H[LVWHQFLDO &RP LVVR D ~QLFD UHIHUrQFLD
HIHWLYD GD MXULVSUXGrQFLD GD &RUWH,'+ VH GHX TXDQWR jV DXGLrQFLDV GH
DSUHVHQWDomRGRSUHVRSHUDQWHRMXL]
7DOYH]DVLWXDomRGRFiUFHUHQR%UDVLOVHMDWmRJURWHVFDTXHVHULDGHVQHFHVViULR
QDyWLFDGRV0LQLVWURVWUDoDUTXDLVVmRRVGLUHLWRVYLRODGRVQHVVHHVWDGRGHFRLVDV
GHPRGRDUHVSRQGHUDRGHVHQYROYLPHQWRWUD]LGRSHODSHWLomRLQLFLDO
2VPDJLVWUDGRVSHUGHUDPXPDJUDQGHRSRUWXQLGDGHGHVXEVWDQFLDUHVVHVGLUHLWRV
'H DSRQWDU FRQFUHWDPHQWH TXDLV RV GLUHLWRV YLRODGRV 'L]HU TXDLV VHULDP HVVHV
GLUHLWRV YLRODGRV FRQVWLWXL DILQDO R SDSHO GR SRGHU MXGLFLiULR $ DEVWUDomR GRV
YRWRV SRUpP p HQRUPH GDQGR D VHQVDomR GH TXH VH GHFLGH VHP UHVROYHU FRLVD
DOJXPD
5(&8562(;75$25',1È5,256`
(P UHODomR DR VHJXQGR MXOJDGR HVFROKLGR D DQiOLVH H[LEH PHQRU ULTXH]D GH
GHWDOKHVQDPHGLGDHPTXHQmRIRLSRVVtYHOWHUDFHVVRjVSHWLo}HVLQLFLDLVRTXH
VH GHYH DR FDUiWHU GLIXVR GD GHPDQGD $VVLP ILFRX SUHMXGLFDGR VDEHU VH R
SRVLFLRQDPHQWR GR 6XSUHPR 7ULEXQDO )HGHUDO UHVSRQGLD D XPD SURYRFDomR GDV
SDUWHV HQYROYLGDV TXH SRGHP WHU VH XWLOL]DGR GD MXULVSUXGrQFLD GD &RUWH,'+ QD
IXQGDPHQWDomRGHVHXVSOHLWRV
2 5HFXUVR ([WUDRUGLQiULR 56 WHP SRU REMHWR D SRVVLELOLGDGH RX
LPSRVVLELOLGDGH GH VH LPSRU DWUDYpV GH GHFLVmR MXULVGLFLRQDO j $GPLQLVWUDomR
3~EOLFD D REULJDomR GH ID]HU FRQVLVWHQWH HP UHIRUPDU HVWDEHOHFLPHQWR SULVLRQDO
FRPDILQDOLGDGHGHVHJDUDQWLUHPRVGLUHLWRVIXQGDPHQWDLVGDVSHVVRDVSULYDGDV
GHOLEHUGDGH
2 FRQWH~GR IiWLFR p D YLRODomR DR GLUHLWR j LQWHJULGDGH ItVLFD H SVtTXLFD GRV
VHJUHJDGRV TXH QD VLWXDomR FRQFUHWD FRUULDP ULVFR GH YLGD QR HVWDEHOHFLPHQWR
SULVLRQDOHPTXHVHHQFRQWUDYDP3DUDVHWHUQRomRGDVGLPHQV}HVHQYROYLGDVXP
GRVLQWHUQRVFKHJRXDIDOHFHUHPGHFRUUrQFLDGRFKRTXHRULJLQDGRGDVLQVWDODo}HV
SUHFiULDVGRORFDO
7UDWDVH GH XPD GHFLVmR LPSRUWDQWH QR FHQiULR EUDVLOHLUR 2 MXOJDPHQWR GHVVH
5HFXUVR ([WUDRUGLQiULR WHYH FRPR GHFRUUrQFLD D HODERUDomR GD 7HVH Q GR
6XSUHPR7ULEXQDO )HGHUDO'HDFRUGRFRPHVVHHQXQFLDGRDFRUWHFRQVLGHUDOtFLWR
TXHMXGLFLiULRLPSRQKDj$GPLQLVWUDomR3~EOLFDDREULJDomRGHID]HUFRQVLVWHQWHQD
SURPRomR GH PHGLGDV GHWHUPLQDGDV RX QD H[HFXomR GH REUDV HPHUJHQFLDLV HP
HVWDEHOHFLPHQWRVSHQDLVDILPGHFRQFUHWL]DURSRVWXODGRGDGLJQLGDGHGDSHVVRD
KXPDQDHDVVHJXUDUDRVGHWHQWRVRUHVSHLWRjVXDLQWHJULGDGHItVLFDHPRUDO
(P VHX YRWR R 5HODWRU 0LQLVWUR 5LFDUGR /HZDQGRZVNL ID] UHIHUrQFLD DR HVWDGR
SUHFiULRGDVSULV}HVEUDVLOHLUDVOHPEUDQGRTXHR%UDVLO MiVRIUHXFRQGHQDo}HVSHOD
&RUWH,QWHUDPHULFDQDQHVVHVHQWLGR %5$6,/F
$TXL GLIHUHQWHPHQWH GD W{QLFD DGRWDGD QR FDVR DQWHULRU XWLOL]DVH GD IRUoD
QRUPDWLYD GRV PHFDQLVPRV LQWHUQDFLRQDLV GH SURWHomR DRV GLUHLWRV KXPDQRV DR
IULVDU TXH D 8QLmR DVVXPH DV REULJDo}HV GHFRUUHQWHV GRV 'LUHLWRV +XPDQRV
VDOYDJXDUGDGRVSHORVSDFWRVLQWHUQDFLRQDLVWUD]HQGRSDUDRGHEDWHRFRQWH~GRGH
GHFLV}HV QDV TXDLV R %UDVLO IRL FRQGHQDGR SHOD &RUWH,'+ HP GHFRUUrQFLD GD
YLRODomRGRVGLUHLWRVKXPDQRVQRFiUFHUH
$OpP GLVVR R UHODWRU DEUH XP WySLFR HVSHFtILFR SDUD WUDWDU GDV GHFLV}HV
LQWHUQDFLRQDLVTXHGLVFLSOLQDPDPDWpULD
1HVWH SRQWR DV VDQo}HV LPSRVWDV DR %UDVLO IXQFLRQDP FRPR YHUGDGHLUR WRSRV
DUJXPHQWDWLYRVREUHDVFRQGLo}HVFDUFHUiULDVeRSUySULRUHODWRUTXHDSRQWDFRPR
SULQFLSDOFDVRTXHHQYROYHXR%UDVLORGDSULVmRGH8UVR%UDQFR
³5HFRUGR DLQGD TXH HP FRQVHTXrQFLD GD UHLWHUDGD YLRODomR DRV GLUHLWRV KXPDQRV GRV
SUHVRVQR%UDVLOMiIRUDPDMXL]DGRVFRQWUDR3DtVGLYHUVRVSURFHVVRVSHUDQWHD&RPLVVmRHD
&RUWH ,QWHUDPHULFDQD GH 'LUHLWRV +XPDQRV 'HQWUH HOHV R GH PDLRU UHSHUFXVVmR p DTXHOH
TXHHQYROYHDGHQ~QFLDGHPRUWHVHPDXVWUDWRVGHGHWHQWRVQR3UHVtGLR-RVp0iULR$OYHVGD
6LOYDFRQKHFLGRFRPR³8UVR%UDQFR´VLWXDGRHP3RUWR9HOKR52
7DO FDVR p FRQVLGHUDGR LQWHUQDFLRQDOPHQWH XP YHUGDGHLUR SDUDGLJPD GR GHVFDVR
FRP TXH DV DXWRULGDGHV EUDVLOHLUDV WUDWDP GR VLVWHPD SHQLWHQFLiULR 1R kPELWR
LQWHUQR UHPHPRUR HOH GHX HQVHMR D SHGLGR GH LQWHUYHQomR IHGHUDO QR (VWDGR
QHVWD6XSUHPD&RUWH/DPHQWDYHOPHQWHD VLWXDomRGR8UVR%UDQFRQmRpR~QLFR
H[HPSOR GH FUtWLFD LQWHUQDFLRQDO j YLRODomR GH GLUHLWRV GRV UHFOXVRV HP QRVVDV
SHQLWHQFLiULDV
$ &RUWH ,QWHUDPHULFDQD DSUHFLRX WDPEpP D VLWXDomR GR &RPSOH[R GR 7DWXDSp ±
)(%(0 HP 6mR 3DXOR63 GD 3HQLWHQFLiULD 'U 6HEDVWLmR 0DUWLQV 6LOYHLUD HP
$UDUDTXDUD63 H GD 8QLGDGH GH ,QWHUQDomR 6RFLRHGXFDWLYD HP &DULDFLFD(6
GHWHUPLQDQGR PHGLGDV D VHUHP FXPSULGDV SHOR (VWDGR EUDVLOHLUR YROWDGDV j
SURWHomRGDYLGDHGDLQWHJULGDGHItVLFDGRVUHFOXVRVHGDTXHOHVTXHWUDEDOKDP RX
IUHTXHQWDPDTXHOHVHVWDEHOHFLPHQWRV´ %5$6,/F
2 5HFXUVR (VSHFLDO 56 YHUVD VREUH D LPSRVLomR GH GHYHUHV DR (VWDGR
DVVLP D $'3) VHJXQGR SXGHPRV YHULILFDU 2 6XSUHPR LPS}H FRQGXWDV j
$GPLQLVWUDomR3~EOLFDFRPRDFRQVWUXomRGHSUHVtGLRVHDRSUySULRMXGLFLiULRQR
VHQWLGRGHEXVFDUHPDFRQFUHWL]DomRGRVGLUHLWRVKXPDQRVQRFiUFHUH7RGDYLDD
W{QLFDGRVGRLVMXOJDGRVSDUHFHVHUGLUHFLRQDGDPXLWRPDLVDXPDGLVFXVVmRVREUH
D LQJHUrQFLD GR MXGLFLiULR HP SROtWLFDV S~EOLFDV GR TXH GH IDWR j FRQFUHomR GRV
GLUHLWRVIXQGDPHQWDLVGRHQFDUFHUDGR
(PUHODomRDR5(56HPERUDVHQRWHXPGLiORJRPDLRUFRPRWHRUGDV
FRQGHQDo}HVGR%UDVLOSHUDQWHD&RUWH,'+RIDWRpTXHRVMXOJDGRVSDUWLFLSDUDP
GDIXQGDPHQWDomRDSHQDVFRPRIRUPDGHVH GDUrQIDVHjH[LVWrQFLDGDYLRODomR
GHGLUHLWRVKXPDQRVQRkPELWRLQWHUQRHQmRFRPRFRQVWUXomRVLJQLILFDQWHDFHUFD
GRFRQWH~GRGRVSUySULRVGLUHLWRV1mRVHWHQWDGHOLPLWDURFRQWH~GRGRVGLUHLWRV
PDVDSHQDVVHDILUPDTXHHOHVHVWmRVHQGRYLRODGRV
2X VHMD DV GHFLV}HV GD &RUWH ,QWHUDPHULFDQD VmR XWLOL]DGDV SDUD FKDQFHODU R
yEYLR H[LVWH YLRODomR GH GLUHLWRV KXPDQRV QR FiUFHUH 0DV UHVWD R VLOrQFLR GR
6XSUHPR VREUH TXDO R FRQWH~GR GHVVHV GLUHLWRV VREUHWXGR QR TXH WDQJH jV
VROXo}HVTXHVHID]HPQHFHVViULDVQHVVHFRQWH[WR
2 ',È/2*2 3266Ë9(/ ( 1(&(66È5,2 &20 $ &257(

,17(5$0(5,&$1$'(',5(,726+80$126
$VGHFLV}HVGD&RUWH,'+HPPDWpULDGHH[HFXomRGDSHQD
'HVGHKiPXLWRWHPSRD&RUWH,QWHUDPHULFDQDGH'LUHLWRV+XPDQRVVHRFXSDGH
TXHVW}HV UHODFLRQDGDV DR SUREOHPD FDUFHUiULR QR FRQWLQHQWH DPHULFDQR (VSHFLDO
DWHQomR PHUHFH QHVWH WRFDQWH RV FULWpULRV TXH RIHUHFH VREUH D GHILQLomR GHVVHV
GLUHLWRVHVREUHTXDQGRRFRUUHULDH[DWDPHQWHXPDYLRODomRDRVGLUHLWRVKXPDQRV
QR kPELWR GD ([HFXomR 3HQDO $OJXPDV WHPiWLFDV SRGHP VHU PHQFLRQDGDV QHVVH
VHQWLGR
&RPHFHPRV SHOR SUREOHPD GD VXSHUORWDomR FDUFHUiULD 6REUH HVVH DVVXQWR D
&RUWH,'+ Mi VH SURQXQFLRX HP GLYHUVDV RSRUWXQLGDGHV DILUPDQGR TXH TXDQGR R
Q~PHUR H[FHVVLYR GH SUHVRV SHUPDQHFHU QR WHPSR HVVH HVWDGR FRQVWLWXL SRU VL
VyXPDYLRODomRGHGLUHLWRVKXPDQRVGHYLGRDRVULVFRVHOHV}HVJHUDGRVVREUHD
LQWHJULGDGHSHVVRDOGRVGHWHQWRV(VVDTXHVWmRILFRXEDVWDQWHFODUDQR&DVR/ySH]
ÈOYDUH] YV +RQGXUDV 'H PDQHLUD LGrQWLFD DR TXH VH YHULILFD QD UHDOLGDGH
EUDVLOHLUDD&RUWH,'+FRQVLGHURXTXH
³GXUDQWH D GHWHQomR GR VHQKRU $OIUHGR /ySH] ÈOYDUHV QRV FHQWURV SHQDLV GH 7HOD H GH
7iPDUD KDYLD VXSHUSRSXODomR FDUFHUiULD D SUHVXPLGD YtWLPD HVWDYD HP VLWXDomR GH
VXSHUORWDomRSHUPDQHQWHILFRXQXPDFHODUHGX]LGDKDELWDGDSRUQXPHURVRVUHFOXVRVWHYH
TXHGRUPLUQRFKmRGXUDQWHXPORQJRSHUtRGRQmRFRQWRXFRPXPDDOLPHQWDomRDGHTXDGD
QHPiJXDSRWiYHOQHPGLVS{VGHFRQGLo}HVKLJLrQLFDVLQGLVSHQViYHLV WUDGXomRQRVVD ´
'HVWD PDQHLUD SRGHVH DILUPDU TXH D PDQLIHVWDomR GR 67) QRV FDVRV GD $'3)
HGR5(56GHVFRQVLGHURXDRSRUWXQLGDGHGHVHJXLUDMXULVSUXGrQFLD
GD &RUWH ,QWHUDPHULFDQD SDUD GHFODUDU D LQFRQVWLWXFLRQDOLGDGH GD SUySULD
VXSHUORWDomRFDUFHUiULD$RPHQRVSRGHULDWHUVHSRVLFLRQDGRVREUHRFRQFHLWRGH
VXSHUORWDomR Mi TXH D TXHVWmR IRL VXVFLWDGD SHOD SHWLomR LQLFLDO GD $'3)
%5$6,/ D S RQGH VH WURX[H R H[HPSOR HVWDGXQLGHQVH QR TXDO RV
PDJLVWUDGRV GD &DOLIyUQLD LPSXVHUDP DR ([HFXWLYR D REULJDomR GH HODERUDU XP
SODQR SDUD UHGX]LU D VXSHUORWDomR SDUD QR Pi[LPR GD FDSDFLGDGH GDV
SULV}HVGRHVWDGR
2 PHVPR YDOH SDUD R SUREOHPD GD IDOWD GH DVVLVWrQFLD MXUtGLFD SDUD RV
HQFDUFHUDGRV7UDWDQGRGHVLWXDomRPDLVGHOLFDGDSRUHQYROYHUPHQRUHVGHLGDGH
D&RUWH,'+QD2SLQLmR&RQVXOWLYD2&GHGHDJRVWRGHGHFLGLXTXH
pGHYHUGR(VWDGRJDUDQWLUDWRGRVRVDGROHVFHQWHVRGLUHLWRjGHIHVDDWUDYpVGH
VHUYLoRV HVWDWDLV GH UHSUHVHQWDomR OHJDO DLQGD TXH VH WUDWH DSHQDV GH XPD

$VHQWHQoDGHGHIHYHUHLURGHYHUVDVREUHRFDVRGRVHQKRU/RSH]$OYDUH]TXHILFRX
SUHVR SURYLVRULDPHQWH GXUDQWH DQRV H TXDWUR PHVHV HP ORFDLV LQVDOXEUHV H VXSHUORWDGRV QRV
TXDLVQmRH[LVWLDTXDOTXHUVHSDUDomRHQWUHRVSURFHVVDGRVHRVFRQGHQDGRV$RILQDOGRSURFHVVR
FULPLQDODFDERXVHQGRDEVROYLGRPDVKDYLDVLGRJUDYHPHQWHDIHWDGRSHORVGDQRVGHFRUUHQWHVGD
SULVmR

1R RULJLQDO ³(VWi SUREDGR TXH GXUDQWH OD GHWHQFLyQ GHO VHxRU $OIUHGR /ySH] ÈOYDUH] HQ ORV
FHQWURV SHQDOHV GH 7HOD \ GH 7iPDUD KDEtD VREUHSREODFLyQ FDUFHODULD OD SUHVXQWD YtFWLPD VH
HQFRQWUDEDHQVLWXDFLyQGHKDFLQDPLHQWRSHUPDQHQWHHVWXYRHQXQDFHOGDUHGXFLGDKDELWDGDSRU
QXPHURVRV UHFOXVRV WXYR TXH GRUPLU HQ HO VXHOR GXUDQWH XQ ODUJR SHUtRGR QR FRQWy FRQ XQD
DOLPHQWDFLyQDGHFXDGDQLDJXDSRWDEOHQLGLVSXVRGHFRQGLFLRQHVKLJLpQLFDVLQGLVSHQVDEOHV´
UHVWULomR DGPLQLVWUDWLYD GD OLEHUGDGH GH ORFRPRomR SRU TXHVW}HV GH RUGHP
PLJUDWyULD 1HVVHVHQWLGRYDOHOHPEUDUTXHVHJXQGRD&RUWH,QWHUDPHULFDQDD
DVVLVWrQFLD MXUtGLFD p DTXHOD H[HUFLGD SRU SURILVVLRQDO GR GLUHLWR YROWDGD D
VDWLVID]HUDGHIHVDWpFQLFDFRPDILQDOLGDGHGHDVVHVVRUDUDSHVVRDVXEPHWLGDDR
SURFHVVRMXGLFLDO
6REUHWXGR p HP UHODomR jV FRQGLo}HV LQIUDHVWUXWXUD GD SULVmR TXH D &RUWH,'+
RIHUHFH IDUWR FRQMXQWR GH SDUkPHWURV EDVWDQWH FRQFUHWRV FRP D ILQDOLGDGH GH
GHILQLU RV OLPLWHV GR UHVSHLWR DRV GLUHLWRV KXPDQRV GDV SHVVRDV SULYDGDV GH
OLEHUGDGH 1R &DVR 0RQWHUR $UDQJXUHQ H RXWURV 5HWpQ GH &DWLD YV 9HQH]XHOD
GHFLGLGRHPGHMXOKRGHD&RUWHSUHFHLWXDTXHRSUHVtGLRVXSHUORWDGR± H
SRUWDQWR OHVLYR DRV GLUHLWRV KXPDQRV ± VH FDUDFWHUL]D SRU XP DORMDPHQWR DQWL
KLJLrQLFRHUHGX]LGRVHPSULYDFLGDGHSDUDRVXMHLWRUHDOL]DUDVDWLYLGDGHVEiVLFDV
FRPR R XVR GDV IDFLOLGDGHV VDQLWiULDV $GHPDLV D SULVmR FRQWUDULD R GLUHLWR j
KXPDQLGDGH TXDQGR GHYLGR DR Q~PHUR GH LQWHUQRV QmR RIHUHFH DWLYLGDGHV IRUD
GDFHODGHPDQHLUDUD]RiYHOTXDQGR RVVHUYLoRVGHVD~GHHVWmRVREUHFDUUHJDGRV
TXDQGR Ki XP DXPHQWR GD WHQVmR QR DPELHQWH H SRU FRQVHJXLQWH PDLRU
YLROrQFLDHQWUHRVSULVLRQHLURVHRVDJHQWHVSHQLWHQFLiULRV
6HJXQGRD&RUWH,'+HVVDOLVWDH[HPSOLILFDLQGLFDWLYRVGHTXHDXQLGDGHSULVLRQDO
HVWDULD VXSHUORWDGD (P VXD DQiOLVH D SUySULD &RUWH ,QWHUDPHULFDQD GLDORJD SRU
ILP FRP R &RPLWp (XURSHX SDUD D 3UHYHQomR GH 7RUWXUD H GH 3HQDV RX 7UDWRV
'HVXPDQRVRX'HJUDGDQWHVSDUDGHWHUPLQDUFRPRUD]RiYHORHVSDoRGHP SRU
SUHVR)D]HQGRUHIHUrQFLDDR6LVWHPD(XURSHXGH3URWHomRGRV'LUHLWRV+XPDQRV
D &RUWH,'+ DSRQWD SDUD GHFLVmR GD &RUWH (XURSHLD GH 'LUHLWRV +XPDQRV QD TXDO
UHVWRX GHFLGLGR TXH XP HVSDoR GH P SRU SUHVR QmR HUD DFHLWiYHO (P RXWUR
PRPHQWR D &RUWH (XURSHLD WHULD HQWHQGLGR TXH QXPD FHOD GH P HP TXH
YLYHPSUHVRVFRQVWLWXLH[WUHPDIDOWDGHHVSDoR
(P RXWUDV RSRUWXQLGDGHV D &RUWH ,QWHUDPHULFDQD VH SURQXQFLRX DLQGD VREUH D
QHFHVVLGDGHGHYHQWLODomRHOX]QDWXUDOQDFHODHQTXDQWRFRQGLomRLQGLVSHQViYHO
SDUD D GLJQLGDGH KXPDQD &DVR 7LEL YV (FXDGRU VHQWHQoD GH GH VHWHPEUR GH
DVVLP FRPR VREUH D QHFHVVLGDGH GH FDGD SUHVR WHU XPD FDPD QD TXDO
UHSRXVDU D H[HPSOR GR TXH IRL GHFLGLGR QR &DVR )OHXU\ H RXWURV YV +DLWt QD
VHQWHQoDGHGHQRYHPEURGH
(VFXWD GHV IXQFLRQDO
1R WRFDQWH DR WHPD GD H[HFXomR FULPLQDO FRQIRUPH SXGHPRV FRQVWDWDU D
UHIHUrQFLDGR6XSUHPR7ULEXQDO)HGHUDOjMXULVSUXGrQFLDGD &RUWH,QWHUDPHULFDQD
GH 'LUHLWRV p HVFDVVD 'H PRGR JHUDO QmR VH SRGH DILUPDU H[LVWLU DTXL XP
YHUGDGHLUR GLiORJR FRP DV GLUHWLYDV ILUPDGDV SHOD &RUWH,'+ QD PHGLGD HP TXH

7UDWDVHGHFRQVXOWDIHLWDSHOD$UJHQWLQD%UDVLO3DUDJXDLH8UXJXDLVREUHFULDQoDVLPLJUDQWHV
IDOWDSDUDLVVRRUHFRQKHFLPHQWRSRUSDUWHGR67)GHTXHDVGHFLV}HVFRQFUHWDV
GD&RUWH,QWHUDPHULFDQDVmRYLQFXODQWHVjVXDSUySULDDWXDomRMXULVGLFLRQDO
(P RXWUDV SDODYUDV QmR EDVWD RXYLU e SUHFLVR FRPSUHHQGHU R RXWUR FRPR
LQWHUORFXWRU
$VVLPRFRQFHLWRGHGLiORJRQmRH[LJHDGHUrQFLDDDEVROXWDPHQWHWXGRRTXHIRU
GLWR SHOR LQWHUORFXWRU (QWUHWDQWR FRPR R 6XSUHPR 7ULEXQDO )HGHUDO HQTXDQWR
VLPSOHV yUJmR GH MXULVGLomR QDFLRQDO VH VXEPHWH jV QRUPDWLYDV H j MXULVGLomR
HVWDEHOHFLGDHPkPELWRLQWHUQDFLRQDOWRUQDVHLPSUHVFLQGtYHOSDUDHOHXPHVIRUoR
DUJXPHQWDWLYR QR VHQWLGR GH VH MXVWLILFDU SHUDQWH j VRFLHGDGH EUDVLOHLUD H
LQWHUQDFLRQDO TXDQGR IRU R FDVR GH GHVYLR GH VXDV GHFLV}HV UHODWLYDPHQWH j
LQWHUSUHWDomRGDGDSHOD&RUWH,QWHUDPHULFDQDGH'LUHLWRV+XPDQRV 5$026
S
6HPHVVDSUHPLVVDDHVFXWDGRTXHGL]D&RUWH,'+ILFDGLVIXQFLRQDO,PSRUWDQWH
VDOLHQWDU QHVVH FRQWH[WR TXH D LQWHUDomR QmR GHYH VH OLPLWDU DRV yUJmRV GH
MXULVGLomR QDFLRQDO(PUHDOLGDGHXPDYH]TXHVHHQFRQWUDPWRGRVHQYROYLGRVQD
PHVPD PLVVmR GH DVVHJXUDU R UHVSHLWR j GLJQLGDGH KXPDQD R GLiORJR GHYH VH
HVWHQGHU GH PDQHLUD LJXDO DRV PHPEURV GR SRGHU /HJLVODWLYR H ([HFXWLYR
LQFOXLQGRVHR0LQLVWpULR3~EOLFRR&RQVHOKR)HGHUDOGD2UGHPGRV$GYRJDGRVHR
&RQVHOKR1DFLRQDOGH-XVWLoD 5$026S
'HVWDPDQHLUDSRGHPRVFRQFOXLUFRP$QGUp&DUYDOKR5DPRVTXH
³R 'LUHLWR ,QWHUQDFLRQDO GRV 'LUHLWRV +XPDQRV QR %UDVLO HVWi PDQFR IRUPDOPHQWH R %UDVLO
HVWi SOHQDPHQWH HQJDMDGR QD DSOLFDomR SUiWLFD Ki XP WRWDO VLOrQFLR VREUH D LQWHUSUHWDomR
GDGD SHOR SUySULR 'LUHLWR ,QWHUQDFLRQDO QD YR] GH VHXV LQWpUSUHWHV DXWrQWLFRV FRPR SRU
H[HPSOR D &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV +XPDQRV R TXH SRGH JHUDU D
UHVSRQVDELOL]DomRLQWHUQDFLRQDOGR%UDVLOSRUYLRODomRGHGLUHLWRVKXPDQRV´ 5$026S

3RULVVRDLQGDTXHR6XSUHPR7ULEXQDO)HGHUDOFKHJXHDRH[WUHPRGHUHFRQKHFHU
R (VWDGR GH &RLVDV LQFRQVWLWXFLRQDO HVVD GHFLVmR FRQWLQXD VHQGR XPD SRVWXUD
H[WUHPDPHQWH DFDQKDGD 2 67) SRGHULD H GHYHULD WHU GDGR XP SDVVR DOpP DR
HVWDEHOHFHUFRPEDVHQRHQWHQGLPHQWRVHGLPHQWDGRGD&RUWH,'+RVSDUkPHWURV
HRVFULWpULRVDWUDYpVGRVTXDLVVHHVWDEHOHFHPDVYLRODo}HVDRVGLUHLWRVKXPDQRV
DVVLPFRPRRTXHID]HUDSDUWLUGLVVR
&RQFOXVmR
$ SUHVHQWH SHVTXLVD WHYH SRU REMHWLYR DYDOLDU D LQIOXrQFLD GDV GHFLV}HV GD &RUWH
,QWHUDPHULFDQD GH 'LUHLWRV +XPDQRV &RUWH,'+ QR kPELWR GR 6XSUHPR 7ULEXQDO
)HGHUDO 67) (OD SDUWLX GD KLSyWHVH GH TXH D LQIOXrQFLD GD &RUWH,'+ p TXDVH

1HVVH VHQWLGR 5$026 S VXJHUH DOJXQV SDUkPHWURV SDUD D GHILQLomR GR GLiORJR
HQWUH DV FRUWHV $VVLP DOpP GD PHQomR DRV WUDWDGRV LQWHUQDFLRQDLV H jV GHFLV}HV LQWHUQDFLRQDLV
VREUH D PDWpULD HVFODUHFH VHU QHFHVViULR TXH R WULEXQDO EUDVLOHLUR UHFRQKHoD D LQFLGrQFLD GHVVDV
QRUPDV DVVLP FRPR DV FRQVHTXrQFLDV GHVVDV GHFLV}HV SDUD R %UDVLO GDQGR R GHYLGR SHVR DRV
GLVSRVLWLYRVHjMXULVSUXGrQFLDLQWHUQDFLRQDO
LQH[SUHVVLYD HP FRPSDUDomR FRP D VXD LPSRUWkQFLD QR FHQiULR GH SURWHomR DRV
'LUHLWRV +XPDQRV 3DUD WHVWDU HVVD KLSyWHVH HVFROKHPRV R WHPD GD H[HFXomR
FULPLQDO TXH p D iUHD HP TXH R %UDVLO WHP UHFHELGR PDLV FRQGHQDo}HV H
DGYHUWrQFLDVQRSODQRLQWHUQDFLRQDOGH SURWHomRDRV'LUHLWRV+XPDQRV
(PXPDSHVTXLVDSUHOLPLQDUIRUDPVHOHFLRQDGRVRVMXOJDPHQWRVGDVXSUHPDFRUWH
EUDVLOHLUD TXH ID]HP UHIHUrQFLD j &RUWH,'+ QR WUDWDPHQWR GR HQFDUFHUDGR
3URFHGHXVHHQWmRDXPDDQiOLVHTXDOLWDWLYDGDVGXDVGHFLV}HVPDLVH[SUHVVLYDV
D $omR GH 'HVFXPSULPHQWR GH 3UHFHLWR )XQGDPHQWDO H R 5HFXUVR
([WUDRUGLQiULR56$RILQDOFRQVWDWDPRVTXHQmRREVWDQWHDVGHFLV}HVGD
&RUWH,'+WUDWDUHPGHPDQHLUDH[SUHVVDHGHWDOKDGDGHSUREOHPDVUHODFLRQDGRVDR
FiUFHUH DV GLUHWLYDV IL[DGDV SHOD &RUWH ,QWHUQDFLRQDO QmR FKHJDUDP D VHU
FRQVLGHUDGDV SHORV MXOJDGRV EUDVLOHLURV R TXH LQGLFD D IDOWD GH DEHUWXUD GR 67)
SDUDWDLVGHFLV}HVHPWHUPRVGHFRQFUHomRGRVGLUHLWRVIXQGDPHQWDLV
&RP LVVR HVSHUDVH FKDPDU DWHQomR SDUD R DWXDO LVRODPHQWR GD FRUWH
FRQVWLWXFLRQDO EUDVLOHLUD TXH PXLWR SRGH DYDQoDU QD PDWpULD GH SURWHomR GRV
'LUHLWRV +XPDQRV QR FiUFHUH FDVR SDVVH D GLDORJDU FRP D MXULVSUXGrQFLD Mi
FRQVROLGDGDGD&RUWH,QWHUDPHULFDQDGH'LUHLWRV+XPDQRV
5HIHUrQFLDV
%5$6,/ 6XSUHPR 7ULEXQDO )HGHUDO $omR GH 'HVFXPSULPHQWR GH 3UHFHLWR )XQGDPHQWDO Q
3HWLFLRQDQWH3DUWLGR6RFLDOLVPRH/LEHUGDGH3HWLomR,QLFLDOD
%5$6,/ 6XSUHPR 7ULEXQDO )HGHUDO 0HGLGD &DXWHODU HP $omR GH 'HVFXPSULPHQWR GH
3UHFHLWR )XQGDPHQWDO Q 5HODWRU 0DUFR $XUpOLR GH 0HOOR $omR GH 'HVFXPSUXLPHQWR GH
3UHFHLWR)XQGDPHQWDOSURSRVWDSHOR3DUWLGR6RFLDOLVPRH/LEHUGDGHE
%5$6,/ 6XSUHPR 7ULEXQDO )HGHUDO 5HFXUVR ([WUDRUGLQiULR Q 5HODWRU 0LQLVWUR
5LFDUGR/HZDQGRZVNL5HFXUVR([WUDRUGLQiULRGHPDQGDGRSHOR0LQLVWpULR3~EOLFRGR(VWDGRGR5LR
*UDQGHGR6XOF
%5$6,/&RQJUHVVR6HQDGR'HFUHWR/HJLVODWLYRQGHGHRXWXEURGH$SURYDD
VROLFLWDomR GH UHFRQKHFLPHQWR GD FRPSHWrQFLD REULJDWyULD GD &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV
+XPDQRV HP WRGRV RV FDVRV UHODWLYRV j LQWHUSUHWDomR RX DSOLFDomR GD &RQYHQomR $PHULFDQD GH
'LUHLWRV +XPDQRV SDUD IDWRV RFRUULGRV D SDUWLU GR UHFRQKHFLPHQWR GH DFRUGR FRP R SUHYLVWR QR
SDUiJUDIRSULPHLURGRDUWGDTXHOHLQVWUXPHQWRLQWHUQDFLRQDO/HJLVODomR%UDVtOLD')'LVSRQtYHO
HP KWWSOHJLVVHQDGRJRYEUOHJLVODFDR/LVWD3XEOLFDFRHVDFWLRQ"LG ! $FHVVR HP MXO

%5$6,/ &RQJUHVVR 6HQDGR 'HFUHWR Q GH GH QRYHPEUR GH 3URPXOJD D
&RQYHQomR $PHULFDQD VREUH 'LUHLWRV +XPDQRV 3DFWR GH 6mR -RVp GD &RVWD 5LFD GH GH
QRYHPEUR GH /HJLVODomR %UDVtOLD ') 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEUFFLYLOBGHFUHWRGKWP!$FHVVRHPMXO
1,f2 &DUORV 6DQWLDJR eWLFD \ GHUHFKRV KXPDQRV XQ HQVD\R GH IXQGDPHQWDFLyQ HG
%XHQRV$LUHV(GLWRULDO$VWUHDGH$OIUHGR\5LFDUGR'HSDOPD6UO
25*$1,=$d2'26(67$'26$0(5,&$126&RUWHLQWHUDPHULFDQDGHGLUHLWRVKXPDQRV 3HUVRQDV
SULYDGDV GH OLEHUWDG &XDGHUQLOOR GH -XULVSUXGHQFLD GH OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV
+XPDQRV 1 6DQ -RVH S 'LVSRQtYHO HP
KWWSZZZFRUWHLGKRUFUVLWLRVOLEURVWRGRVGRFVSULYDGRVSGI!$FHVVRHPMXO
5$026$QGUpGH&DUYDOKR7HRULD*HUDOGRV'LUHLWRV+XPDQRVQDRUGHPLQWHUQDFLRQDO
HG6mR3DXOR6DUDLYD
&216,'(5$&,21(632/Ë7,&$6'(/
&2167,78&,21$/,602&202
7(1'(1&,$352*5(6,67$(1/26
'(5(&+26+80$126
'DKLDQQD0HUFHGHV5RGUtJXH]2UWHJyQ
,QWURGXFFLyQ
$WHQGLHQGR D OD LPSRUWDQFLD GHO FRQVWLWXFLRQDOLVPR YLVWR GHVGH XQ SDQRUDPD

SROtWLFRHVSHUWLQHQWHHQHVWHHVFULWRFRQWH[WXDOL]DUORVDVSHFWRVVREUHORVFXDOHV
VH FLPLHQWD HO GHEDWH DFWXDO IUHQWH DO DOFDQFH H LQIOXHQFLD TXH SUHVHQWD HQ ORV
GHUHFKRV KXPDQRV $VLPLVPR SUHVWDU HVSHFLDO DWHQFLyQ HQ HO REMHWLYR TXH VH
GHVSUHQGH GHO 'HUHFKR ,QWHUQDFLRQDO GH ORV 'HUHFKRV +XPDQRV HQ FXDQWR DO
FXPSOLPLHQWR GHO FRQWHQLGR SROtWLFR H LQVWLWXFLRQDO GH ORV OtPLWHV RUJDQL]DFLRQDOHV
GHORVSRGHUHVS~EOLFRV
3DUD LQLFLDU VH DERUGDUi HO FRQVWLWXFLRQDOLVPR FRPR DTXHO PRYLPLHQWR SROtWLFR
VRFLDO \ FXOWXUDO TXH VH KD YHQLGR LPSOHPHQWDQGR D WUDYpV GH OD KLVWRULD GHVGH
PHGLDGRVGHOVLJOR;9,,,FRQFDUDFWHUtVWLFDVGHtQGROHSROtWLFD ILORVyILFD\MXUtGLFD
SDUDDGYHUWLUTXHVXUJHFRPRXQDUHVSXHVWDDORVGLIHUHQWHVDFRQWHFLPLHQWRVTXH
VHIXQGDPHQWDQHQODWHRUtDSROtWLFDGHORV(VWDGRVHVWRHQWpUPLQRVGH*DUFtD
6LELHQODVFRQVLGHUDFLRQHVGHODILORVRItDSROtWLFDVHGHEHQWUDEDMDUFRQEDVHHQOD
WHRUtDGH5DZOVSXHVWRTXHHVDSDUWLUGHODPLVPDFRPRVHGDXQFRQVROLGDGRD
FHUFDGHODLGHDGHOLEHUWDGGHVRFLDOLVPR\GHLJXDOGDGDOLQWHULRUGHOOLEHUDOLVPR
WUDGLFLRQDO
$GYHUWLU DGHPiV TXH HO &RQVWLWXFLRQDOLVPR JDUDQWLVWD UHFRQRFLGR HQ ODV
GLVSRVLFLRQHV GH OD ILORVRItD \ WHRUtD SROtWLFD WLHQH UHODFLyQ GLUHFWD FRQ HO
SULQFLSDOLVWDFRPRVRSRUWHGHOPRGHORLGHDOGHO(VWDGR&RQVWLWXFLRQDOGH'HUHFKR

(O SUHVHQWH HVFULWR IRUPD SDUWH GHO WUDEDMR GH LQYHVWLJDFLyQ UHDOL]DGR SRU 'DKLDQQD 0HUFHGHV
5RGUtJXH] 2UWHJyQ HQ HO JUXSR GH HVWXGLRV OHJDOHV \ VRFLDOHV ³3KUyQHVLV´ DGVFULWR DO &HQWUR GH
,QYHVWLJDFLRQHV GH OD 8QLYHUVLGDG &DWyOLFD GH &RORPELD &,6-8& SHUWHQHFLHQWH DFWXDOPHQWH DO
VHPLOOHUR'H7HRUtD-XUtGLFD)LORVRItD'HO'HUHFKR\ $UJXPHQWDFLyQ-XUtGLFD)DFXOWDGGH'HUHFKR
8QLYHUVLGDG&DWyOLFDGH&RORPELD´
(PDLOGDKLDQQQD#KRWPDLOFRP

*$5&Ë$ *$5&Ë$ 5DIDHO 'HUHFKRV +XPDQRV \ &RQVWLWXFLRQDOLVPR $QWH HO 1XHYR 0LOHQLR (Q
5HYLVWD'HUHFKRGHO(VWDGRGLFLHPEUHGHSiJ

',(7(5/(16758&.3DXOHWWH/D)LORVRItD3ROtWLFDGH-KRQ5DZOV8QLULRMDSiJ
GHORVYDORUHVGHUHFKRVIXQGDPHQWDOHV\SULQFLSLRV(QUD]yQGHHVWRODV FUtWLFDV
TXH YHUVDQ VREUH OD WLSRORJtD GHO 1HRFRQVWLWXFLRQDOLVPR GH )HUUDMROL VH
FDUDFWHUL]DQ SRU VX FRQWHQLGR QRUPDWLYLVWD (VWR HV LPSRUWDQWH SRUTXH OD
HTXLYDOHQFLD GH XQ FRQMXQWR GH OtPLWHV \ YtQFXORV HVWi GHWHUPLQDGD SRU IXHQWHV
QRUPDWLYDV
3RURWUDSDUWHORVGHUHFKRVKXPDQRVWLHQHQXQDFRQQRWDFLyQVRFLDOWpUPLQRTXH
IXHHPSOHDGRLQLFLDOPHQWHHQOD&DUWDGHODV1DFLRQHV8QLGDVGHHQODFXDO
VH HVWDEOHFH TXH WRGRV ORV VHUHVKXPDQRV QDFHQ OLEUHV H LJXDOHV HQ GLJQLGDG \
GHUHFKRV \ GRWDGRV FRPR HVWiQ GH UD]yQ \ FRQFLHQFLD GHEHQ FRPSRUWDUVH
IUDWHUQDOPHQWHXQRVFRQRWURV (VSUHFLVRUHYLVDUHQXQVHJXQGRPRPHQWROD
WHQGHQFLD FRQVWLWXFLRQDOLVWD TXH WLHQH HO 'HUHFKR ,QWHUQDFLRQDO GH ORV 'HUHFKRV
KXPDQRV GH PRGR TXH VXUJH HO VLJXLHQWH LQWHUURJDQWH ¢&yPR LQWHUYLHQH HO
FRQVWLWXFLRQDOLVPRHQODGLVFXVLyQSROtWLFDILORVyILFD VREUHODWHQGHQFLDSURJUHVLVWD
GHORVGHUHFKRVKXPDQRVHQXQ(VWDGR&RQVWLWXFLRQDOGH'HUHFKR"
)LQDOPHQWH VH DQDOL]DUiQ ODV UHODFLRQHV GH OHJLWLPDFLyQ \ OtPLWHV GH ORV SRGHUHV
S~EOLFRV D SDUWLU GH OD LPSOHPHQWDFLyQ GHO FRQVWLWXFLRQDOLVPR \ ORV GHUHFKRV
KXPDQRVSRUPHGLRGHXQPRGHORLQVWLWXFLRQDOORFXDOYHUVDVREUHODFRQFHSFLyQ
GH ORV FRQWHQLGRV VXVWDQFLDOHVFRQVWLWXFLRQDOHV \ ORV SURFHGLPHQWDOHV SDUD
GHVHPERFDUHQODGHVLJQDFLyQXQWDQWRDPELJXDGHOOODPDGR(VWDGROHJLVODWLYRGH
GHUHFKR VXV LPSOLFDFLRQHV \ OD DFHSFLyQ MXUtGLFD TXH LPSRUWD DO DFHUFDPLHQWR GH
ODVYDULDQWHVGHOGHUHFKRQDWXUDO\HOGHUHFKRSRVLWLYRTXHDKR\UHSUHVHQWDODV
IRUPDVGLVWLQWDVGHHQWHQGHU\GHVDUUROODUODLGHDFRQVWLWXFLRQDO
&216,'(5$&,21(632/Ë7,&$6'(/&2167,78&,21$/,602
/RVHVTXHPDVVREUHORVFXDOHVHOFRQVWLWXFLRQDOLVPRKDWHQLGRVXGHVDUUROOR GDWDQ
VREUH SODQRV SROtWLFRV ILORVyILFRV \ FXOWXUDOHV GHO VLJOR ;9,,, TXH KDVWD HO
PRPHQWRHQFLHUUDQXQFRQMXQWRGHSULQFLSLRVTXHOLPLWDQODDUELWUDULHGDGGHOSRGHU
FRPRXQDWpFQLFDHVSHFLILFDGHJDUDQWtDV\FRQHOORVHLQVWDXUyXQDQXHYDIRUPD
GHFRQFHELUHQFXHQWRDODRUJDQL]DFLyQHOIXQGDPHQWRGHORUGHQSROtWLFRFRQHO
ILQ GH JDUDQWL]DU OD OLEHUWDG TXH WLHQHQ ORV FLXGDGDQRV IUHQWH D ORV SRGHUHV
S~EOLFRV

)(55$-2/, /XLJL 8Q 'HEDWH 6REUH HO &RQVWLWXFLRQDOLVPR (Q 0RQRJUiILFR 5HYLVWD 'R[D
&XDGHUQRVGH)LORVRItDGHO'HUHFKR1GHQRYLHPEUHGHSiJ

$VDPEOHD *HQHUDO 'HFODUDFLyQ 8QLYHUVDO GH 'HUHFKRV +XPDQRV DUWtFXOR 5HVROXFLyQ $
,,, GHGHGLFLHPEUHGH

3RUHOFRQWUDULRWHQLHQGRHQFXHQWDORVDYDQFHVRDSRUWHVGHOFRQVWLWXFLRQDOLVPRPRGHUQRVH
GHEHFRQVLGHUDUTXHHVWHHVXQDWpFQLFDHVSHFtILFDGHOLPLWDFLyQGHOSRGHUFRQ ILQHVJDUDQWLVWDV
HVWR YLVWR GHVGH HO GHUHFKR FRQVWLWXFLRQDO \ OD WHRUtD GH OD FRQVWLWXFLyQ *$5&Ë$ *$5&Ë$ 5DIDHO
'HUHFKRV+XPDQRV\&RQVWLWXFLRQDOLVPR$QWHHO1XHYR0LOHQLRRSFLW SiJ

*$5&Ë$ 9,//(*$6 0DXULFLR &RQVWLWXFLRQDOLVPR $VSLUDFLRQDO 'HUHFKRV 'HPRFUDFLD \ &DPELR
6RFLDOHQ$PpULFD/DWLQD(Q5HYLVWD$QiOLVLV3ROtWLFR9RO1GHDEULOGHSiJ
$ VX YH] ODV FLUFXQVWDQFLDV VRFLDOHV \ SROtWLFDV HVWiQ OLJDGDV D WUHV JUDQGHV
PRGHORVFRQVWLWXFLRQDOHVGHVDUUROODGRVHQHOVLJOR;,;TXHGHDOJXQDPDQHUDVRQ
GLIHUHQWHV SHUR QR LQGHSHQGLHQWHV )LRUDYDQWL FRQVLGHUD TXH VH WUDWy WHQLHQGR HQ
FXHQWD OD WHRUtD LQGLYLGXDOLVWD IUDQFHVD HO PRGHOR (VWDWDOLVWD DPHULFDQR \ HO
KLVWRULFLVWD LQJOpV &RPR FRQVHFXHQFLD GH HVWRV ORV ILQHV JDUDQWLVWDV GHO
FRQVWLWXFLRQDOLVPRWLHQHQXQFRPSRQHQWHSDUWLFXODUPHQWHSROtWLFRRLGHROyJLFR
GHVDUUROODGRDWUDYpVGHODVJUDQGHVLQIOXHQFLDVSROtWLFDVVRFLDOHV\FXOWXUDOHV ORV
FXDOHV HVWiQ HQFDPLQDGRV D QR LPSHGLU OD UHVWULFFLyQ GH OD FRQFHSFLyQ GH QRUPD
MXUtGLFD \WDPELpQHQH[SUHVDUODREHGLHQFLDGHODV RUJDQL]DFLRQHVUHVSHFWRGH
ODVFXDOLGDGHV GHORVSULQFLSLRVFRPRGHWHUPLQDGDHVHQFLD
(QWRQFHVHOHOHPHQWRFHQWUDOGHOFRQVWLWXFLRQDOLVPRSROtWLFRUDGLFDHQHOSULQFLSLR
GH LJXDOGDG SROtWLFD FRQ HO TXH VH DVXPH XQD UHVSRQVDELOLGDG GH WLSR VRFLDO HV
GHFLUVHWRPDQHQFRQVLGHUDFLyQRSLQLRQHVFRQHOILQGHVDOYDJXDUGDUQHFHVLGDGHV
RHQIUHQWDUORVSUREOHPDVTXHVHSUHVHQWHQHQXQDFRPXQLGDG
7HQLHQGR HQ FXHQWD OR DQWHULRU HQ HO 'HUHFKR &RQVWLWXFLRQDO H[LVWH XQD UHODFLyQ
HQWUHHOGLVFXUVRMXUtGLFR\HO SROtWLFRSRUORWDQWRHVSHUWLQHQWHFRQVLGHUDUTXHODV
&RQVWLWXFLRQHVVHHQFDUJDQGHDVHJXUDURUHVJXDUGDUORVYDORUHVIXQGDPHQWDOHVGH
OD VRFLHGDG GHPRFUiWLFD DVt OR FRQVLGHUD %HOODP\ HQ WpUPLQRV GH 5DZOV
,JXDOPHQWH HQ SDODEUDV GH %HOODP\ XQD &RQVWLWXFLyQ VH HQWLHQGH FRPR DTXHO
HVFULWR GH FDUiFWHU VXSHULRU D OD OHJLVODFLyQ RUGLQDULD SURWHJLGR IUHQWH D ORV
FDPELRV UHJODPHQWDULRV D TXH KD\D OXJDU GLFKR HVFULWR HVWi VXMHWR D OD
LQWHUSUHWDFLyQUHDOL]DGDSRUHOSRGHUMXGLFLDOFRPRXQDLQWHJUDFLyQHQWUHHOVLVWHPD
OHJDO\HOSROtWLFR
(QWRQFHV GLFKD LQWHJUDFLyQ VXUJH \ HV GHEDWLGD DO LQLFLR GH OD 5HYROXFLyQ
IUDQFHVDSXHVSRUXQODGRHVWDEDQDTXHOORVTXHFRQVLGHUDEDQTXHODFRQVWLWXFLyQ
GDED UHVSXHVWD D XQD QHFHVLGDG HVHQFLDOPHQWH SROtWLFD \ SRU RWUD SDUWH HVWDEDQ
ORVOODPDGRVSDWULRWDVTXLHQHVHVWLPDEDQTXHODFRQVWLWXFLyQHUDHOUHVXOWDGRGHOD

),25$9$17,0DXUL]LR/RV'HUHFKRV)XQGDPHQWDOHV$SXQWHVGH+LVWRULDGHODV&RQVWLWXFLRQHV
0DGULG(G(GLWRULDO7URWWD6$

-,0(1(= &$032 -DYLHU 'HUHFKR &RQVWLWXFLRQDO 6LWHPDV GH )XHQWHV GH ,JQDFLR GH 2WWR
UHYLVWD5HYLVWD(VSDxRODGH'HUHFKR&RQVWLWXFLRQDO1SiJ

&XDOLGDGTXHVHLGHQWLILFDHQHOFRQWH[WRFRQVWLWXFLRQDOHXURSHR DWUDYpVGHORULJHQGHORVYDORUHV
UHYROXFLRQDULRV OLEHUDOHV EXUJXHVHV FRQVDJUDGRV HQ OD 'HFODUDFLyQ GH ORV 'HUHFKRV GHO +RPEUH \
GHO&LXGDGDQRGH

+(66( .RQUDG ,QWHUSUHWDFLyQ \ 5HIRUPD ¢'LDOpFWLFD R 'LOHPD" ,QVWLWXWR GH ,QYHVWLJDFLRQHV
-XUtGLFDV81$00p[LFR')SiJ

*2/',1, 0DUFR &RQVWLWXFLRQDOLVPR 3ROtWLFR \ (O YDORU GH OD 7RPD GH 'HFLVLRQHV
&RQVWLWXFLRQDOHV(Q5HYLVWD'HUHFKR\&UtWLFD6RFLDO1&KLOH8QLYHUVLGDG $XVWUDOGH&KLOHGH
DEULOGH3iJ

%(//$0<5LFKDUG&RVQWLWXFLRQDOLVPR3ROtWLFR8QDGHIHQVD5HSXEOLFDQDGHOD&RQVWLWXFLRQDOLGDG
GHOD'HPRFUiFLD 0DUFLDO3RQV%DUFHORQDSiJ

,EtG3
GHPRFUDFLDDUUDLJDGDDODVFRVWXPEUHVSROtWLFDV pVWDFRQFHSFLyQWXYRGHVDUUROOR

HQ SRVLFLRQHV WUDEDMDGDV SRU 5RXVVHDX UHVSHFWR GH OD LPSOHPHQWDFLyQ GHO
FRQWUDWRVRFLDOHLQFOXVRSRUDXWRUHVWDQGLYHUVRVFRPR&DUO6FKPLWW\.DUO0DU[
*DUFtD9LOOHJDVDILUPDDGHPiVVHJ~QSRVWXODGRVGH1HJUHWWR\8SULPQ\TXH
>@ (V PX\ FRP~Q TXH ODV FRQVWLWXFLRQHV ODWLQRDPHULFDQDV FRQWHQJDQ XQ FDWiORJR GH
LOXVLRQHV DFHUFD GH OD VRFLHGDG PHMRU \ PiV MXVWD TXH VH TXLHUH HQ HO IXWXUR &RQ PXFKD
IUHFXHQFLD ODV FRQVWLWXFLRQHV ODWLQRDPHULFDQDV KDQ VLGR VtPERORV SROtWLFRV GHVWLQDGRV D
FRPSHQVDU HO GpILFLW GH PDQLREUD SROtWLFD GH ORV JRELHUQRV PiV TXH QRUPDV MXUtGLFDV
GHVWLQDGDVDOLPLWDUHOSRGHURDFRQVDJUDUGHUHFKRV
'HHVWDPDQHUDHOYtQFXORH[LVWHQWHHQWUH&RQVWLWXFLyQ\SURJUHVRVRFLDOQRVHGD
HQ WRGRV ORV SDtVHV SHUR VH GHEH UHVFDWDU OD FRQFHSFLyQ TXH OD ILQDOLGDG GH
LQVWDXUDUXQDHVFULWRGHFDUiFWHUSROtWLFRFRQVWLWXFLRQDOHVSDUDLPSHGLUTXHKD\D
DOJ~Q WLQWH GH DUELWUDULHGDG HQ FXDQWR DO SRGHU VH UHILHUH WHPD HQ HO TXH VH
DKRQGDUiPiVDGHODQWH
(QUD]yQGHHVWRHOOODPDGR(VWDGR6RFLDOGH'HUHFKRVXUJH\VHGHVDUUROODFRQ
ORVSURFHVRVHFRQyPLFRV\HOSOXUDOLVPRVRFLDOTXHGHQRWDURQODFRQIRUPDFLyQGH
OD GHPRFUDFLD 5HODFLRQHV TXH KLVWyULFDPHQWH VH LGHQWLILFDQ HQWUH SROLDUTXtD \
GHPRFUDFLD HQ XQ SULPHU PRPHQWR \ SRVWHULRUPHQWH HQ ODV FRQGLFLRQHV GH ORV
GLQDPLVPRV GH OD PRGHUQLGDG 3RU OR GHPiV 5HVSHFWR GHO FRQVWLWXFLRQDOLVPR
SROtWLFR\ODVFLUFXQVWDQFLDVGHORSROtWLFRVHJ~Q-HUHP\:DOGURQ
6yORFXDQGRORVSURSLRVLQGLYLGXRVDUJXPHQWDQHQHOLQWHULRUGHXQSURFHVRGHPRFUiWLFRVH
OHV SXHGH FRQVLGHUDU FRPR LJXDOHV \ VyOR HQWRQFHV VH KDQ JDUDQWL]DGR XQD LJXDO
FRQVLGHUDFLyQ\XQLGpQWLFRUHVSHWRSDUDVXVGHUHFKRVHLQWHUHVHV(OVLVWHPDGHXQKRPEUH
XQ YRWR GRWD D ORV FLXGDGDQRV GH UHFXUVRV DSUR[LPDGDPHQWH LJXDOHV GHFLGLU PHGLDQWH
PD\RUtD WUDWD VXV SXQWRV GH YLVWD MXVWD H LPSDUFLDOPHQWH \ OD FRPSHWLFLyQ SDUWLGLVWD HQ
HOHFFLRQHV \ SDUODPHQWRV LQVWLWXFLRQDOL]D XQ HTXLOLEULR GH SRGHU TXH HPSXMD D WRGDV ODV
SDUWHVDHVFXFKDUVH\DWRPDUVHHQFRQVLGHUDFLyQSURPRYLHQGRHOUHFRQRFLPLHQWRPXWXRD
WUDYpVGHODDGTXLVLFLyQGHFRPSURPLVRV'HDFXHUGRFRQHVWDFRQFHSFLyQHOSURFHVRSROtWLFR
HV OD FRQVWLWXFLyQ (V WDQWR FRQVWLWXFLRQDO SXHV VLJXH XQ SURFHGLPLHQWR HVWDEOHFLGR FRPR
FRQVWLWXWLYR\DTXHSXHGHUHIRUPDUVHDVtPLVPR
(VWD FRQFHSFLyQ DXQTXH PX\ DQKHODGD HQ OD HVWUXFWXUD \ SUiFWLFD GHO VLVWHPD
QRUPDWLYRFRQVWLWXFLRQDO SUHVHQWD XQ GHVDFXHUGR HQ FXDQWR DO SURFHVR
GHPRFUiWLFRTXHLPSOLFDSXHVVHUHTXHULUiVLHPSUHGHXQDGHFLVLyQFROHFWLYDFRVD
TXHUHVXOWDFRQWUDGHFLUHOFDUiFWHUIXQGDPHQWDOGHXQDFRQVWLWXFLyQ
$ HVWH UHVSHFWR WDO \ FRPR VH DILUPD HQ OD FLHQFLD SROtWLFD TXH VH HQFDUJD GH
HVWXGLDU\DQDOL]DUHOGHVHPSHxRGHOGHUHFKRS~EOLFRHVYiOLGRDILUPDUTXHODOH\
DFW~D GH XQ PRGR FHUFDQR D OD SROtWLFD GHPRFUiWLFD HV GHFLU TXH XQ VLVWHPD

6RFLDOHQ$PpULFD/DWLQDRSFLWSiJ

LEtGSiJ

%(//$0<5LFKDUG&RQVWLWXFLRQDOLVPR3ROtWLFR8QDGHIHQVD5HSXEOLFDQDGHOD&RQVWLWXFLRQDOLGDG
GHOD'HPRFUiFLD RSFLWSiJ

LEtGSiJ

6+$3,520DUWtQ3ROLWLFDO-XULVSUXGHQFH(Q.HQWXFN\/DZ-RXUQDO9ROSiJ
SROtWLFRWLHQHIXQGDPHQWRHQODVFRQVLGHUDFLRQHVGHWLSRQRUPDWLYRVREUHWRGRHQ
HOUHVXOWDGRGH ODLQWHUSUHWDFLyQGHOFRQWHQLGRFRQVWLWXFLRQDO
7(1'(1&,$&2167,78&,21$/,67$'(/26'(5(&+26+80$126
3RURWUDSDUWHODQRFLyQGHODVOLEHUWDGHVTXHVHLGHQWLILFDQGHVGHXQDFRQFHSFLyQ
LQGLYLGXDOLVWDFRQLQIOXHQFLDGHODLGHRORJtDLXVQDWXUDOLVWDUDFLRQDOLVWDSUHVXSRQHQ
HODFHUFDPLHQWRDODFRQFHSFLyQGHGHUHFKRVKXPDQRVEDVDGDHQXQPRGHORVRFLDO
OLEHUDO ([LVWH SRU WDQWR XQD GLIHUHQFLD LQGLVFXWLEOH HQWUH GHUHFKRV
IXQGDPHQWDOHV \ GHUHFKRV KXPDQRV TXH UHFDH SDUWLFXODUPHQWH VREUH HO VXMHWR
SXHVWR TXH HQ ORV SULPHURV QR VH OLPLWD HVWULFWDPHQWH DO UHFRQRFLPLHQWR GH ORV
YDORUHV LQKHUHQWHV DOKRPEUH PLHQWUDV TXH HQ ORVVHJXQGRVHO KRPEUH MXHJD XQ
SDSHOLQGLVSHQVDEOH
&LHUWDPHQWH ORV GHUHFKRV KXPDQRV DEUHQ XQ HVSDFLR DO GHEDWH FRQWHPSRUiQHR
DFHUFDGHODWHQGHQFLDGHLQQRYDFLyQHQFXDQWRDODWUDQVIRUPDFLyQSDUDFRQVWDWDU
ODFHUFDQtDVLVHTXLHUHDOFRQVWLWXFLRQDOLVPRPRGHUQR0R\QFRQFLEHOR VLJXLHQWH
&XDQGR VH HVFXFKD KDEODU HQ OD DFWXDOLGDG GH GHUHFKRV KXPDQRV VH SLHQVD HQ DOWRV
SUHFHSWRVPRUDOHVHLGHDOHVSROtWLFRVHQXQFRQMXQWRGHOLEHUWDGHVLQGLVSHQVDEOHV OLEHUDOHV
\HQ RFDVLRQHVHQXQRVSULQFLSLRVH[SDQVLYRV GHSURWHFFLyQVRFLDO6HLPSOLFDXQDDJHQGD
SDUD PHMRUDU DO PXQGR OD FXDO QRV DFHUFD D XQR QXHYR HQ HO TXH OD GLJQLGDG GH FDGD
LQGLYLGXRSXHGDJR]DUGH SURWHFFLyQLQWHUQDFLRQDO /RVGHUHFKRV KXPDQRVVRQ OtGHUHVHQOR
SROtWLFRHLQVSLUDGRUHVHQORHPRFLRQDO
$KRUDELHQVHJ~QODVGLPHQVLRQHVVREUHODVTXHVHHVWDEOHFHODGHPRFUDFLDHQXQ
VLVWHPDFRQVWLWXFLRQDOLQLFLDOPHQWHHQODFRQWURYHUVLDTXHVXUJHHQWUHHOGHEHUVHU
pWLFRSROtWLFR \ HO VHU GH ORV VLVWHPDV QRUPDWLYRV OD RFXUUHQFLD TXH WLHQH HO
LPSOHPHQWDU FULWHULRV IXQGDPHQWDOHV FRQVWLWXFLRQDOPHQWH HVWDEOHFLGRV FRQ
UHODFLyQ D OD SURGXFFLyQ QRUPDWLYD EDMR VXV FDUDFWHUtVWLFDV SURFHVDOHV \
VXVWDQFLDOHV KDFH DOXVLyQ D OD IXQFLyQ FUtWLFD GHO GHUHFKR YLVWD GHVGH OD ILORVRItD
SROtWLFDEDMRXQVXSXHVWRGHYDOLGH]
)XQGDPHQWDOPHQWHHO(VWDGRFRQVWLWXFLRQDOGHGHUHFKRSRUPHGLRGHVXVYtQFXORV
VXVWDQFLDOHVFRPRDQWHULRUPHQWHVHPHQFLRQyFRQIRUPDXQRUGHQLQVWLWXFLRQDOHQ

6KDSLURGHQRPLQDDHVWDSROtWLFDGHPRFUiWLFDFRPR-XULVSUXGHQFLDSROtWLFD,EtGHPSiJ

(QHVWHFRQWH[WRODFRQFHSFLyQGHOLEHUWDGHVWiGDGDVREUHXQDLGHDLQGLYLGXDOLVWDORTXHTXLHUH
GHFLU TXH D SDUWLU GH HVH PRPHQWR HO FRQMXQWR GH GHUHFKRV HVWDEDQ FRQFHELGRV GH PDQHUD
VXEMHWLYDVHJ~Q)LRUDYDQWL

3$/20%(//$ *LDQOXLJL /D $XWRULGDG GH ORV 'HUHFKRV /RV 'HUHFKRV HQWUH ,QVWLWXFLRQHV \
1RUPDV 7UDGHVS*21=È/(=&$/92-RVp \021(52$7,(1=$&ULVWLQD 7URWWD6$0DGULG
SiJ

02<16DPXHO7KH/DVW8WRSLD+XPDQ5LJKWVLQ+LVWRU\%HONQDS3UHVV&DPEULGJH

(VLPSRUWDQWHDFODUDUTXHHOFRQWHQLGRPRUDOTXHVXJLHUHQORVGHUHFKRVKXPDQRVGHFXDOTXLHU
PDQHUDVHGHEHQWRPDUVHJ~QORH[SUHVD$OH[\FRPRXQDSUHWHQVLyQGHFRUUHFFLyQHVWRVLHQWR
LQWHJUDOPHQWHLQPHUVRVHQHORUGHQDPLHQWRLQWHUQR

)(55$-2/,/XLJL*DUDQWLVPR8QD'LVFXVLyQ6REUH'HUHFKR\'HPRFUDFLDWUDGHVS*5(33,
$QGUHD0DGULG7URWWD6$SiJ
HO FXDO OD LGHD JDUDQWLVWD R GH GHEHU VHU TXH DERUGD )HUUDMROL HV DMXVWDGD DO
GHUHFKRSRVLWLYR D WUDYpVGHODIRUPDOL]DFLyQSROtWLFDFRQVWLWXFLRQDO GH DKtTXH
HVDVtFRPR FRUULHQGRHOULHVJRVHDGYLHUWHODLQWHUYHQFLyQGHOFRQVWLWXFLRQDOLVPR
FRPR XQD WHQGHQFLD SURJUHVLVWD GH ORV GHUHFKRV KXPDQRV FLHUWDPHQWH VLQ
FRQIURQWDUODHILFDFLDGHORVUHVXOWDGRVTXHVXUJHQDOLQWHULRUGHORUGHQDPLHQWR
9DOH OD SHQD DFODUDU TXH OD H[SUHVLyQ WHQGHQFLD SURJUHVLVWD KDFH DOXVLyQ D HO
FDUiFWHU FRQIRUPH VH DMXVWDQ ORV GLYHUVRV FULWHULRV ELHQ VHDQ HVWRV QRUPDWLYRV R
MXUtGLFRVDODDSOLFDFLyQ\YLVLyQGHODGHPRFUDFLD\ODLGHDXQLYHUVDOGHGHUHFKRV
KXPDQRVTXHVHLPSOHPHQWDHQFDGDRUGHQDPLHQWRLQWHUQR'HHVWDPDQHUD'DKO
H[SRQH
(OFRQVWLWXFLRQDOLVPROHJDOSXURTXHVHSHUFLEHDVtPLVPRFRPRVXSHULRUDODGHPRFUDFLDH
LQGHSHQGLHQWH GH HOOD GHVFDQVD VREUH SUHVXSXHVWRV QRUPDWLYRV \ HPStULFRV FXHVWLRQDEOHV
UHODWLYRV WDQWR D pO PLVPR FRPR DO SURFHVR GHPRFUiWLFR TXH SUHWHQGH GHOLPLWDU \
SDUFLDOPHQWH VXVWLWXLU 3DVD SRU DOWR ODV DXWpQWLFDV EDVHV TXH WRGR JRELHUQR FRQVWLWXFLRQDO
PDQWLHQH VREUH XQ FRQVWLWXFLRQDOLVPR SROtWLFR GHPRFUiWLFR TXH VLQ HPEDUJR HO
FRQVWLWXFLRQDOLVPROHJDOPHQRVSUHFLDHLQFRQVFLHQWHPHQWHPHQRVFDED
(Q UHVXPHQ ODV FRQVLGHUDFLRQHV SROtWLFDV GHO FRQVWLWXFLRQDOLVPR SRVHHQ XQYDORU
LQWUtQVHFR HQ OD FRQIRUPDFLyQ GH ODV FRQVWLWXFLRQHV DSOLFDEOHV HQ XQ (VWDGR GH
PRGR TXH OD HTXLYDOHQFLD GH GLFKR SURFHVR SROtWLFR VH FRQFUHWD FRPR XQD
KHUUDPLHQWD IXQFLRQDOLVWD YLQFXODGD GLUHFWDPHQWH FRQ XQ HQIRTXH QRUPDWLYR TXH
YLVWRGHVGHXQDSHUVSHFWLYDGHGHPRFUDFLDGHOLEHUDWLYDHOSULQFLSDOSURSyVLWRHVHO
GH GLULJLUVH D DTXHOODV FRQGLFLRQHV SROtWLFDV HVWDEOHFLGDV SDUD FRQIURQWDU OR
SUREOHPDVVRFLDOHVFRQUHODFLyQDORVGHUHFKRVKXPDQRVFRPRFULWHULRVDQWHULRUHV
DXQDSUHVFULSFLyQSROtWLFD FRQVWLWXFLRQDO
5(/$&,21(6 '( /(*,7,0$&,Ï1 ,167,78&,21$/ < /Ë0,7(6 '(

32'(5(63Ò%/,&26
&RPRVHKDYLVWRKDVWDHOPRPHQWRODLGHDVXE\DFHQWHGHODLPSOHPHQWDFLyQGH
XQDFRQVWLWXFLyQDWUDYpVGHVXVDFWLYLGDGHVSROtWLFDV FRQVWLWXFLRQDOLVPR \FRPR
VH GLOXFLGy DQWHULRUPHQWH HQ HO HQIRTXH QRUPDWLYR OD LJXDOGDG SROtWLFD \ OD
SRVLELOLGDG GH SDUWLFLSDFLyQ SROtWLFD VRQ IDFWRUHV HQFDPLQDGRV D OHJLWLPDU OD
LPSRUWDQFLDTXHWLHQHQODVLQVWLWXFLRQHVDGHPiVGHVHUXQPRGRGHFRQWURO\EDVH
SROtWLFDHQORVSRGHUHVS~EOLFRV
$Vt ODV FRVDV ORV SULQFLSLRV GH OD MXVWLFLD OD OLEHUWDG \ OD LJXDOGDG VLUYHQ FRPR
VRSRUWH SDUD OD IRUPDFLyQ GH ODV LQVWLWXFLRQHV DO LQWHULRU GH XQD VRFLHGDG HVWRV

6REUH HO FRQVWLWXFLRQDOLVPR JDUDQWLVWD YpDVH )(55$-2/, /XLJL 'HUHFKRV \ *DUDQWtDV /D /H\
GHOPiV'pELO7UDGHVS,%$f(=$QGUpV\*5(33,$QGUHDHG7URWWD6$0DGULG

,EtGSiJ

'$+/5REHUW$ODQ/D'HPRFUDFLD\VXV&UtWLFRVWUDGHVSGH:2/)621/RXLV3DLGyV,EpULFD
%DUFHORQDSiJ
SULQFLSLRVVHJ~Q5DZOV GHVLJQDQORTXHVHFRQVLGHUDFRPRODHVWUXFWXUDEiVLFD
GH OD VRFLHGDG OR FXDO VH SRGUtD FRQFHELU FRPR XQD LGHD DSUR[LPDGD D OD
FRQVWUXFFLyQ GH XQ VLVWHPD GH LQVWLWXFLRQHV HQ ODV TXH HVWDEOHFHQ GHUHFKRV \
GHEHUHVIXQGDPHQWDOHV
3RU WDO UD]yQ HO FDUiFWHU HVWUXFWXUDO D SDUWLU GHO (VWDGR OHJLVODWLYR \ HO PRGHOR
LQVWLWXFLRQDO DOHJDXQFRQWHQLGRTXHVHUHODFLRQDFRQHOILQGHHYLGHQFLDUTXH HQOD
RUJDQL]DFLyQ SROtWLFD GH XQ (VWDGR VH UHVXHOYHQ YDULRV GH ORV FXHVWLRQDPLHQWRV
DOUHGHGRUGHODILORVRItDSROtWLFDFRPRODUHOHYDQFLDFRQVWLWXFLRQDOGHORVGHUHFKRV
VH FRORFD HQ OD SUiFWLFD HQ XQ FRQWH[WR WHyULFR UHGXFLGR HQ HO TXH VH WUD]D XQD
OtQHDQHWDGHGHPDUFDFLyQHQWUHGHUHFKRV\ILQHVFROHFWLYRV
3RU RWUD SDUWH OD FRUUHVSRQGHQFLD LQVWLWXFLRQDO KDFH TXH OD GLVWLQFLyQ HQWUH
GHUHFKRV\ORVREMHWLYRVGHODSROtWLFDS~EOLFDHQXQSULPHUPRPHQWRYLVWRFRPR
ORVGHUHFKRVKXPDQRVUHFDHHQODGLYLVLyQGHORVSRGHUHVFRPRVHHYLGHQFLDHQHO
FRQVWLWXFLRQDOLVPR HVWDGRXQLGHQVH GHO %LOO RI 5LJKWV FDWiORJR TXH WLHQH FRPR
REMHWLYR OD SURWHFFLyQ GH ORV FLXGDGDQRV GH PDQHUD FROHFWLYD R LQGLYLGXDO 3DUD
HVWHFDVR3DORPEHOODSURSRQHORVLJXLHQWHXQQLxRQHJURWLHQHGHUHFKRPRUDOD
UHFLELU LJXDO HGXFDFLyQ SRU HMHPSOR VL HVWi PDO TXH HO (VWDGR QR OH SURSRUFLRQH
HVDHGXFDFLyQDXQFXDQGRODFRPXQLGDGFRPRWDOVXIUDSRUHOOR 6HWUDWDSRUOR
WDQWR GH DVHJXUDU FRQ EDVH HQ OD DPSOLDFLyQ QRUPDWLYD OR GHUHFKRV PRUDOHV
FRQWUD HO (VWDGR YLVLyQ LQVWLWXFLRQDO GH OD RSHUDWLYLGDG GHO FRQVWLWXFLRQDOLVPR
IUHQWHDORVGHUHFKRVPRUDOHVRKXPDQRV
'HVGH OXHJR HQ HO FRQVWLWXFLRQDOLVPR ORV GHUHFKRV VRQ XQD IRUPD GH OLPLWDU HO
SRGHU VLQ HPEDUJR HV SUHFLVR WHQHUXQD FODULGDG IUHQWH DO YDORU LQVWLWXFLRQDO GHO
SULQFLSLR GH DXWRUUHJXODFLyQ SXHVWR TXH QR VH SUHVHQWD GH PDQHUD UHFLSURFD
WDQWRHQODVFRUULHQWHVSROtWLFDVFRPRHQODVOHJLVODWLYDV
$VLPLVPR OD LGHD PRGHUQD DGTXLULGD GLUHFWDPHQWH GH ORV SRVWXODGRV GH +REEHV
DFHUFDGHORVGHUHFKRVGHODQDWXUDOH]D \TXHFRQFLEHDODOH\FRPRXQDIRUPD

0(-Ë$48,17$1$ÏVFDU(GXDUGR/DILORVRItD3ROtWLFDGH-RKQ5DZOV/D7HRUtDGHOD-XVWLFLDGH
OD 7UDGLFLyQ 5DGLFDO )LORVyILFRSROtWLFD 'HSDUWDPHQWR GH &LHQFLD 3ROtWLFD 8QLYHUVLGDG 1DFLRQDO GH
&RORPELDSiJ

(VLPSRUWDQWHDGHPiVUHFRQRFHUTXHJUDFLDVDHVWRVSULQFLSLRVVHGDXQDSDXWDSDUDDQDOL]DU
ODWHRUtDGHODMXVWLFLDGLVWULEXWLYDFX\RFHQWURHVHOGHVSOLHJXHGHOVLVWHPDHFRQyPLFRGDGRTXHVL
H[LVWLHVH XQD VRFLHGDG HFRQyPLFDPHQWH HVWDEOHFLGD \ RUGHQDGD OD SURSRUFLyQ WDQWR GH LJXDOGDG
FRPR GH OLEHUWDG VHUtDQ HILFLHQWHV HQ WpUPLQRV GH UHFXUVRV HQ UHSUHVHQWDFLyQ GH KDELOLGDGHV \
QHFHVLGDGHV 5$:/6 -RKQ 8QLGDG 6RFLDO \ %LHQHV 3ULPDULRV HQ -XVWLFLD FRPR (TXLGDG 0p[LFR
'))RQGRGH&XOWXUD(FRQyPLFD3iJ &LWDGRSRU',(7(5/(16758&.3DXOHWWH/D
)LORVRItD3ROtWLFDGH-KRQ5DZOV8QLULRMDSiJ

1RUPDV 7UDG HVS *21=È/(= &$/92 -RVp \ 021(52 $7,(1=$ &ULVWLQD 2S FLW SiJ

,EtG SiJ (MHPSOR WRPDGR GH ':25.,1 5RQDOG /RV 'HUHFKRV HQ 6HULR WUDG HVS
*867$9,12-RVp0LJXHO$ULHO%DUFHORQDSiJ

,EtGHPSiJ

+2%%(67KRPDV/HYLDWiQ/D0DWHULD/D)RUPD\(O3RGHUGHXQ(VWDGR(FOHVLiVWLFR\&LYLO
WUDGHVS$OLDQ]D0DGULGFDS;;,SiJ\VV
DUWLILFLDOGHOLPLWDUGHMDHOYDORULQWUtQVHFRFRPRXQVDOWRDOFXDOLWDWLYRPiVQRGH
XQDFRQVLGHUDFLyQWHyULFDSXHVUHFDHSULQFLSDOPHQWHHQODFUHDFLyQ\DSOLFDFLyQGH
XQR X RWUR GHUHFKR (Q HVWH VHQWLGR ORV GHUHFKRV WLHQHQ OD FDUDFWHUtVWLFD
IDFXOWDWLYDGHVHUH[LJLEOHV\HVWRHQXQFRQWH[WRFRQVWLWXFLRQDOSHUPLWHSHQVDUHQ
TXH VX FRQWHQLGR HVWi GDGR FRPR XQ DVXQWR FROHFWLYR \ SRVLEOHPHQWH XQLYHUVDO
GHVGHODVLQVWLWXFLRQHV
(QWRQFHV OD OHJLWLPLGDG FRQVWLWX\H OD DFHSWDFLyQ \ OD YHULILFDFLyQ GH OD
SHUPDQHQFLD WHPSRUDO GH GHWHUPLQDGR RUGHQDPLHQWR MXUtGLFR R GLVSRVLFLyQ
QRUPDWLYD MXLFLR GHVFULSWLYR TXH GRWD FRQ XQD HVWDELOLGDG PRUDO DO RUGHQ VRFLDO
JHQHUDO (VWDLGHDVLQGXGDHVXQWDQWRLUUHDOGHPRGRTXHVLODVLQVWLWXFLRQHV
SURSLDPHQWH YLVWDV GHVGH HO GHEHU JDUDQWLVWD GHO (VWDGR 6RFLDO GH 'HUHFKR
WRPDUtDQ ORV FULWHULRV PD\RULWDULRV SRU HQFLPD GH ODV PLQRUtDV QR REVWDQWH ODV
LQVWLWXFLRQHV VL SUHVHQWDQ XQD LPSRUWDQFLD DQWH OD UHJXODFLyQ RUGHQ \ OtPLWH GHO
SRGHUS~EOLFRSXHVHVDOOtFRPRGHPDQHUDPiVFODUDVHOHJLWLPDRVHVRSRUWDHO
FULWHULRFRQVWLWXFLRQDOJDUDQWH
3RUORWDQWRODUHODFLyQHQWUHGHUHFKRV\DXWRULGDG LQVWLWXFLRQDO HVGHWHUPLQDGDD
SDUWLU GH OD FRKHUHQFLD TXH VH SUHVHQWHQ HQOD DFHSWDFLyQ GH GLFKDV SUHPLVDV GH
GHUHFKR FRQVWLWXFLRQDO TXH WDQWR +DQV .HOVHQ FRPR 0D[ :HEEHU DFLHUWDQ FRQ
GLYHUVRVGHEDWHVHQTXHODVFRQFHSFLRQHVGHMXVWLFLDVHGDQGHVGHGLYHUVDVIRUPDV
YDORUDWLYDV GHVGH OD UD]yQ DSOLFDEOHV HQ HO LQWHULRU GH XQ PRGHOR OHJLVODWLYR
FRQVWLWXFLRQDORGHGHUHFKR
$Vt ODV FRVDV OD LQWHUYHQFLyQ FRQVWLWXFLRQDOLVWD WRPDGD GHVGH OD RSHUDWLYLGDG GH
ODV LQVWLWXFLRQHV VH GLVFXWH FRPR VH KD LGR PHQFLRQDQGR GHVGH SHUVSHFWLYDV
SROtWLFDV\ILORVyILFDVSRUORTXHHQPDWHULDGH'HUHFKR,QWHUQDFLRQDO+XPDQLWDULR
HV SUHFLVR FRQFHELU GH PDQHUD UHLWHUDGD TXH OD OHJLWLPDFLyQ GH ORV GHUHFKRV
KXPDQRV VH GD VL VH TXLHUH GH IRUPD SDUWLFXODU HQ GHWHUPLQDGR YDORU
LQWUtQVHFDPHQWHGHODQDWXUDOH]DGHOKRPEUHFRQHOORDXQTXHDWUHYLGRHVYiOLGR
HQWHQGHU TXH ORV GHUHFKRV KXPDQRV VRQ GHUHFKRV IXQGDPHQWDOHV SHUR TXH QR
WRGRV ORV GHUHFKRV IXQGDPHQWDOHV WHQGUtDQ HO DOFDQFH SROtWLFR JDUDQWLVWD H
LQVWLWXFLRQDOTXHORVGHUHFKRVKXPDQRV
5HWRPDQGRORVSRVWXODGRVGH*DUFtD*DUFtDDILUPDTXH
/DDPSOLDFLyQIXQFLRQDOVHKDOODHVWUHFKDPHQWHOLJDGDDODVXEMHWLYD(QFRUUHVSRQGHQFLDFRQ
OD DPSOLDFLyQ GH OD WLWXODULGDG ORV QXHYRV WH[WRV FRQVWLWXFLRQDOHV FRUULJHQ HO VLJQR GHO
HMHUFLFLR GH OD OLEHUWDG VL D ORV GHUHFKRV FOiVLFRV OLEHUDOHV VH OHV DWULEX\H XQD OLEHUWDG
QHJDWLYDDORVQXHYRVGHUHFKRVTXHDFRPSDxDQDO(VWDGRVRFLDOVHOHVUHFRQRFHXQDOLEHUWDG
GHVLJQRSRVLWLYR /DSRVLFLyQGHOLQGLYLGXRHQHOQXHYRHVWDGRVRFLDOVH KDGH SURWHJHUQR
VyORWXWHODQGRODOLEHUWDGVLQRWDPELpQLQVWDXUDQGRQXHYDVYtDVGHSDUWLFLyQ

1RUPDV 7UDG HVS *21=È/(= &$/92 -RVp \ 021(52 $7,(1=$ &ULVWLQD 2S FLW SiJ

,EtGSiJ

*$5&Ë$*$5&Ë$5DIDHO'HUHFKRV+XPDQRV\&RQVWLWXFLRQDOLVPR$QWHHO1XHYR0LOHQLR
RSFLWSiJ
/R DQWHULRU H[SUHVD OD UHODFLyQ TXH KD H[LVWLGR FRQ ORV GLYHUVRV DYDQFHV GH ORV
GHUHFKRV KXPDQRV FRQ OD LPSOHPHQWDFLyQ GH ODV FRQVWLWXFLRQHV \ DGHPiV HO
UHFRQRFLPLHQWRGHORVVXMHWRVWLWXODUHVGHORVGHUHFKRVHQSURDODFRQVWUXFFLyQGH
XQD GHPRFUDFLD HVWDEOHFLGD SULQFLSDOPHQWH SRU FULWHULRV OHJLVODWLYRV )LQDOPHQWH
ODVUHSHUFXVLRQHVGHO(VWDGROHJLVODWLYRVRQSUHFLVDPHQWHIRUPDUHVDUHJXODFLyQ\
HQIUHQWDU ORV GLIHUHQWHV IHQyPHQRV TXH JLUDQ HQ WRUQR WDQWR GH ORV GHUHFKRV
KXPDQRVFRPRGHOFRQVWLWXFLRQDOLVPRSROtWLFRFRQWUDSHVRTXHJHQHUDXQSODXVLEOH
HTXLOLEULR HQ OD DSOLFDFLyQ \ VL TXH TXLHUH GH OD LQWHUSUHWDFLyQ GH OD LGHD
FRQVWLWXFLRQDO
&RQFOXVLRQHV
/DV FRQVLGHUDFLRQHV SROtWLFDV GHO FRQVWLWXFLRQDOLVPR UHVSHFWR GH ORV GHUHFKRV

KXPDQRVVHHQIRFDQHQODVUHODFLRQHVGHLGHQWLGDGGHPRFUiWLFD
8Q VLVWHPD SROtWLFR HVWi FLPHQWDGR HQ FRQVLGHUDFLRQHV GH WLSR QRUPDWLYR
SULQFLSDOPHQWH HQ HO UHVXOWDGR GH OD LQWHUSUHWDFLyQ \ DSOLFDFLyQ GHO FRQWHQLGR
FRQVWLWXFLRQDO'HPRGRTXHHOYtQFXORHQWUHFRQVWLWXFLyQ\SURJUHVRVRFLDOVHGD
FRQILQDOLGDGGHLQVWDXUDUXQWLSRGHOtPLWHDOHMHUFLFLRSROtWLFR
/DWHQGHQFLD&RQVWLWXFLRQDOHQORV'HUHFKRV+XPDQRVUHFDHGHPDQHUDILUPHHQOD
HVWUXFWXUD GH H[LJLELOLGDG DQWH ODV LQVWLWXFLRQHV SXHVWR TXH VXSRQHQ SUHFHSWRV
PRUDOHVGHWLSRSHUVRQDOH[WHQVLYRGHPDQHUDXQLYHUVDOHLQKHUHQWHDOKRPEUH
/DLGHDJDUDQWLVWDGHOFRQVWLWXFLRQDOLVPRHVDMXVWDGD DOGHUHFKRSRVLWLYRSDUDTXH
GH HVWD PDQHUD VXUMD XQD IRUPDOL]DFLyQ SROtWLFD FRQVWLWXFLRQDO GHO UHFRQRFLPLHQWR
GH ORV GHUHFKRV D WUDYpV GH OD KLVWRULD HVWR FRPR SURGXFWR GH ORV FDPELRV
FXOWXUDOHVHFRQyPLFRV\VRFLDOHV
/D WHQGHQFLD SURJUHVLVWD GHO FRQVWLWXFLRQDOLVPR GH ORV GHUHFKRV KXPDQRV YLVWD
GHVGH OD WHRUtD GHO GHUHFKR \ OD ILORVRItD SROtWLFD UDGLFD HQ OD FRQIURQWDFLyQ TXH
H[LVWH HQWUH ODV LQVWLWXFLRQHV OD FRQVWLWXFLyQ \ OD GHPRFUDFLD DO LQWHULRU GH XQ
(VWDGRFRQVWLWXFLRQDOGHGHUHFKR
%LEOLRJUDItD
$VDPEOHD*HQHUDO'HFODUDFLyQ8QLYHUVDOGH'HUHFKRV+XPDQRVDUWtFXOR5HVROXFLyQ$ ,,,
GHGHGLFLHPEUH GH
%(//$0<5LFKDUG&RVQWLWXFLRQDOLVPR3ROtWLFR8QDGHIHQVD5HSXEOLFDQDGHOD&RQVWLWXFLRQDOLGDGGH
OD'HPRFUiFLD 0DUFLDO3RQV%DUFHORQDSiJ
'$+/ 5REHUW $ODQ /D 'HPRFUDFLD \ VXV &UtWLFRV WUDG HVS GH :2/)621 /RXLV 3DLGyV ,EpULFD
%DUFHORQDSiJ
',(7(5/(16758&.3DXOHWWH/D)LORVRItD3ROtWLFDGH-KRQ5DZOV8QLULRMDSiJ
':25.,15RQDOG/RV 'HUHFKRVHQ6HULRWUDGHVS*867$9,12-RVp0LJXHO$ULHO%DUFHORQD
SiJ
)(55$-2/, /XLJL 'HUHFKRV \ *DUDQWtDV /D /H\ GHO PiV 'pELO 7UDG HVS ,%$f(= $QGUpV \
*5(33,$QGUHDHG7URWWD6$0DGULG
)(55$-2/, /XLJL *DUDQWLVPR 8QD 'LVFXVLyQ 6REUH 'HUHFKR \ 'HPRFUDFLD WUDG HVS *5(33,
$QGUHD0DGULG7URWWD6$SiJ
)(55$-2/, /XLJL 8Q 'HEDWH 6REUH HO &RQVWLWXFLRQDOLVPR (Q 0RQRJUiILFR 5HYLVWD 'R[D
&XDGHUQRVGH)LORVRItDGHO'HUHFKR1GHQRYLHPEUHGHSiJ
),25$9$17, 0DXUL]LR /RV 'HUHFKRV )XQGDPHQWDOHV $SXQWHV GH +LVWRULD GH ODV &RQVWLWXFLRQHV
0DGULG(G(GLWRULDO7URWWD6$
*$5&Ë$ *$5&Ë$ 5DIDHO 'HUHFKRV +XPDQRV \ &RQVWLWXFLRQDOLVPR $QWH HO 1XHYR 0LOHQLR (Q
5HYLVWD'HUHFKRGHO(VWDGRGLFLHPEUHGHSiJ
6RFLDOHQ$PpULFD/DWLQD(Q5HYLVWD$QiOLVLV3ROtWLFR9RO1GHDEULOGHSiJ
*2/',1,0DUFR&RQVWLWXFLRQDOLVPR3ROtWLFR\(OYDORUGHOD7RPDGH'HFLVLRQHV&RQVWLWXFLRQDOHV
(Q5HYLVWD'HUHFKR\&UtWLFD6RFLDO1&KLOH8QLYHUVLGDG$XVWUDOGH&KLOHGHDEULOGH
3iJ
+(66( .RQUDG ,QWHUSUHWDFLyQ \ 5HIRUPD ¢'LDOpFWLFD R 'LOHPD" ,QVWLWXWR GH ,QYHVWLJDFLRQHV
-XUtGLFDV81$00p[LFR')SiJ
+2%%(67KRPDV/HYLDWiQ/D0DWHULD/D)RUPD\(O3RGHUGHXQ(VWDGR(FOHVLiVWLFR\&LYLOWUDG
HVS$OLDQ]D0DGULGFDS;;,SiJ\VV
-,0(1(= &$032 -DYLHU 'HUHFKR &RQVWLWXFLRQDO 6LWHPDV GH )XHQWHV GH ,JQDFLR GH 2WWR
UHYLVWD5HYLVWD(VSDxRODGH'HUHFKR&RQVWLWXFLRQDO1SiJ
0(-Ë$48,17$1$ÏVFDU(GXDUGR/DILORVRItD3ROtWLFDGH-RKQ5DZOV/D7HRUtDGHOD-XVWLFLDGHOD
7UDGLFLyQ 5DGLFDO )LORVyILFRSROtWLFD 'HSDUWDPHQWR GH &LHQFLD 3ROtWLFD 8QLYHUVLGDG 1DFLRQDO GH
&RORPELDSiJ
02<16DPXHO7KH/DVW8WRSLD+XPDQ5LJKWVLQ+LVWRU\%HONQDS3UHVV&DPEULGJH
3$/20%(//$*LDQOXLJL/D$XWRULGDGGHORV'HUHFKRV/RV'HUHFKRVHQWUH,QVWLWXFLRQHV\1RUPDV
7UDGHVS*21=È/(=&$/92-RVp\021(52$7,(1=$&ULVWLQD7URWWD6$0DGULGSiJ

5$:/6-RKQ8QLGDG6RFLDO\%LHQHV3ULPDULRVHQ-XVWLFLDFRPR(TXLGDG0p[LFR'))RQGRGH
&XOWXUD(FRQyPLFD3iJ&LWDGRSRU',(7(5/(16758&.3DXOHWWH/D)LORVRItD3ROtWLFD
GH-KRQ5DZOV8QLULRMDSiJ
6+$3,520DUWtQ3ROLWLFDO-XULVSUXGHQFH(Q.HQWXFN\/DZ-RXUQDO9ROSiJ
7HUFHUDSDUWH
)LORVRItDGHO'HUHFKR
'LVFULPLQDFLyQLQYHUVD
GHOLPLWDFLyQFRQFHSWXDO\GHIHQVD
PRGHUDGD
&DPLOR+XPEHUWR3ULHWR)HWLYD
,QWURGXFFLyQ
(Q HQ ORV (VWDGRV 8QLGRV GH 1RUWHDPpULFD XQ DIURDPHULFDQR GH DSHOOLGR
6ZHDWWVHSUHVHQWyDODIDFXOWDGGHGHUHFKRGHOD8QLYHUVLGDGGH7H[DVSHURVHOH
QHJyODDGPLVLyQSRUTXHODVOH\HVGHHVHHVWDGRHQDTXHOODpSRFDSUHVFULEtDQTXH
VRORORVEODQFRVSRGtDQLQJUHVDUDHOOD(VWHFDVROOHJDDOD&RUWH6XSUHPDGHORV
(VWDGRV 8QLGRV \ pVWD DO UHVROYHUOR GHFODUD TXH HVD GLVSRVLFLyQ GH DGPLVLyQ
YLRODED ORV GHUHFKRV DVHJXUDGRV D 6ZHDWW SRU OD 'HFLPRFXDUWD HQPLHQGD D OD
FRQVWLWXFLyQODFXDOVHUHILHUHDOGHUHFKRDVHUWUDWDGRFRPRLJXDO
3RURWURODGRHQ±WDPELpQHQ(VWDGRV8QLGRVGH1RUWHDPpULFD XQMXGtRGH
DSHOOLGR 'H)XQLV VH SUHVHQWy D OD IDFXOWDG GH GHUHFKR GH OD 8QLYHUVLGDG GH
:DVKLQJWRQ VX VROLFLWXG IXH UHFKD]DGD DXQTXH OD SXQWXDFLyQ GH VXV SUXHEDV \
FDOLILFDFLRQHV HUDQ WDOHV TXH KDEUtD VLGR DGPLWLGR VL KXELHVH SHUWHQHFLGR D XQD
PLQRUtD SURWHJLGD 'H)XQLV DUJXPHQWR TXH HVWH H[DPHQ GH DGPLVLyQ YLRODED VX
GHUHFKR TXH OH FRQFHGH OD GHFLPRFXDUWD HQPLHQGD (VWH FDVR OOHJR D OD &RUWH
6XSUHPD GH ORV (VWDGRV 8QLGRV OD FXDO DFRJLy OD SRVWXUD GH 'H)XQLV DVHYHUDQGR
TXHORVSURFHGLPLHQWRVGHDGPLVLyQYLRODEDQ ODFOiXVXODGHLJXDOSURWHFFLyQ
(VWRVGRVFDVRV WLHQHQFRPR SLODUIXQGDPHQWDOWDQWRODLJXDOGDG FRPRFRQFHSWR
JHQpULFR\HOGHUHFKRDODLJXDOGDG/DTXHHVHVWLPDGDFRPRHOHVWDQGDUWHGHXQ

3HUWHQHFLHQWH DO VHPLOOHUR GH WHRUtD MXUtGLFD ILORVRItD GHO GHUHFKR \ DUJXPHQWDFLyQ MXUtGLFD GHO
*UXSRGH(VWXGLRV/HJDOHV\VRFLDOHV³3KURQHVLVDGVFULWRDOFHQWURGHLQYHVWLJDFLRQHVVRFLRMXUtGLFDV
&,6-8& IDFXOWDG GH 'HUHFKR 8QLYHUVLGDG &DWyOLFD GH &RORPELD´ (VWH WUDEDMR VH JHQHUD FRPR
SURGXFWRGHLQYHVWLJDFLyQGHOSUR\HFWR³0HWRGRORJtD\SDUDGLJPDVGHODLQYHVWLJDFLyQMXUtGLFD´
(PDLOFDPLORKXPEHUWR#KRWPDLOFRP

':25.,15RQDOG/RVGHUHFKRVHQVHULR%DUFHORQD$ULHO'HUHFKR3

8QLWHG6WDWHVRI$PHULFD6XSUHPH&RXUW6HQWHQFLDGHGHQRYLHPEUH GH1R
-HIHGH-XVWLFLD :DUUHQ(%XUJHU'H)XQLVYV2GHJDDUG
VLQQ~PHURGHOXFKDVFRPRODVTXHVHOOHYDQDFDERFRQWUDODGLVFULPLQDFLyQUDFLDO
\GHJpQHURRFRQWUDODEUHFKDHQWUHORVLQJUHVRVGHULFRV\SREUHV
'H DOOt TXH pVWRV GRV FDVRV FRQVWLWX\DQ HO SXQWR GH SDUWLGD SDUD DERUGDU HO
IHQyPHQRGHGLVFULPLQDFLyQDODLQYHUVDWDQWR6ZHDWWFRPR'H)XQLVVHQWtDQTXH
VX GHUHFKR DO WUDWDPLHQWR LJXDO HUD YLRODGR SRU ORV SURFHGLPLHQWRV GH DGPLVLyQ
LQGLFDGRVHQODVXQLYHUVLGDGHVGH7H[DV\GH :DVKLQJWRQ\ODIRUPDGHVROXFLRQDU
HVWDSUREOHPiWLFDIXHDSOLFDQGRODILJXUDGHODGLVFULPLQDFLyQDODLQYHUVDODFXDO
,QWHQWDDWHQXDUFLHUWDVVLWXDFLRQHVGHGHVLJXDOGDGGHPD\RUJUDYHGDGORTXHWUDH
FRQVLJR HQ RFDVLRQHV D DEDQGRQDU OD LGHD GH PpULWR (PSHUR QR VH GHEH
GHVFRQRFHU TXH WDQWR ODV DFFLRQHV SRVLWLYDV FRPR OD GLVFULPLQDFLyQ LQYHUVD
SURGXFHQXQUHSODQWHDPLHQWRGHOFRQFHSWRGHLJXDOGDGIRUPDOSURSLRGHXQHVWDGR
OLEHUDOGHGHUHFKRFOiVLFR
3HUR ¢(Q TXp FRQVLVWH HVWD ILJXUD" ¢$FDVR 6ZDWW VL WHQtD GHUHFKR XQ WUDWR
GLIHUHQFLDO SRU VX FRQGLFLyQ GH DIURDPHULFDQR SHUR 'H)XQLV QR SRU VHU MXGtR"
¢4Xp IXQGDPHQWD HVWD ILJXUD" ¢3XHGH HVWD ILJXUD JHQHUDU DEXVRV R FUHDU XQ
VHQWLPLHQWR GH TXH SDUD ORJUDU GHWHUPLQDGRV EHQHILFLRV VH GHEH KDFHU SDUWH GH
XQD PLQRUtD" 'H VHU DVt ¢HV SRVLEOH OD PDWHULDOL]DFLyQ GH OD ILJXUD VLQ TXH WUDLJD
FRQVLJRQLQJXQDFODVHGHDEXVRV"
(VWRVLQWHUURJDQWHVVHUiQUHVSRQGLGRVHQODVVLJXLHQWHVOtQHDVQRVLQDQWHVDFODUDU
TXHHOSUHVHQWHWUDEDMRWLHQHXQSXQWR GHHQFXHQWURGHGLYHUVDVGLVFLSOLQDVWDOHV
FRPR /D ILORVRItD GHO GHUHFKR OD WHRUtD GHO GHUHFKR HO GHUHFKR
FRQVWLWXFLRQDO\ ODILORVRItDSROtWLFDSRUFXDQWRLQFOX\HHOHPHQWRVGHODVPLVPDV
FRPR OD UHODFLyQ MXVWLFLD \ GHUHFKR WHRUtDV VREUH OD DGMXGLFDFLyQ GH

$/(*5( 0DUFHOR 0217(52 -XOLR 0217, (]HTXLHO (O SULQFLSLR GH LJXDOGDG \ OD QR
GLVFULPLQDFLyQ SRU UD]yQ GH VH[R (Q )$%5$ =$025$ -RUJH /XLV 52'5Ë*8(= %/$1&2
9HUyQLFD (QFLFORSHGLD GH )LORVRItD \ 7HRUtD GHO 'HUHFKR YROXPHQ GRV 0p[LFR ') 8QLYHUVLGDG
1DFLRQDO$XWyQRPD'H0p[LFR3

58,= 0,*8(/ $OIRQVR /D GLVFULPLQDFLyQ LQYHUVD \ HO FDVR .DODQNH (Q 'R[D &XDGHUQRV GH
)LORVRItDGHO'HUHFKR1R8QLYHUVLGDGGH$OLFDQWH$OLFDQWH3

%86726%277$,5RGULJR'LVFULPLQDFLyQSRUUD]yQGHVH[R\DFFLRQHVSRVLWLYDV5HIOH[LRQHVD
ODOX]GHODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVSDxROD \DSUR[LPDFLyQDODOH\SDUDODLJXDOGDGHIHFWLYD
(Q8QLYHUVLWDV5HYLVWDGH)LORVRItD'HUHFKR\3ROtWLFD1R-XOLR8QLYHUVLGDG&DUORV,,,GH
0DGULG0DGULG3

9pDVH %$5%$526&+ (GXDUGR 7HRUtDV GH OD MXVWLFLD \ OD PHWDpWLFD FRQWHPSRUiQHD %XHQRV
$LUHV /D OH\ 'HSDUWDPHQWR GH SXEOLFDFLRQHV GH OD IDFXOWDG GH GHUHFKR \ FLHQFLDV VRFLDOHV GH OD
8QLYHUVLGDGGH%XHQRV$LUHV
GHUHFKRV SURWHFFLyQ \ DOFDQFH GH GHUHFKRV IXQGDPHQWDOHV \ OD UHODFLyQ
HQWUHSRGHUOLEHUWDG\MXVWLFD
)81'$0(1726 ),/26Ï),&2-85Ë',&26 '( /$ ',6&5,0,1$&,Ï1 $ /$

,19(56$
3DUD KDEODU GH GLVFULPLQDFLyQ LQYHUVD QHFHVDULDPHQWH KD\ TXH KDEODU GH ORV
GHUHFKRVGHODVPLQRUtDV\GHORVJUXSRVKLVWyULFDPHQWHGLVFULPLQDGRV±SXHVWRTXH
HQ WRGRV ORV FDVRV GH GLVFULPLQDFLyQ D OD LQYHUVD HV LQGLVSHQVDEOH TXH KD\D OD
SUHVHQFLDGHXQRRYDULRVPLHPEURVGHHVWRV$VtODVFRVDVODIXQGDPHQWDFLyQ
GHHVWDILJXUDVHHQFXHQWUDHQODVSRVWXUDVGHDXWRUHVGHFRUWHSURJUHVLVWD
/D WHRUtD GH -HUHP\ %HQWKDP HV HO SXQWR GH SDUWLGD HQ YLVWD GH TXH VHJ~Q
HQXQFLD 5RQDOG 'ZRUNLQ FUHtD TXH VRODPHQWH DUJXPHQWRV XWLOLWDULVWDV SRGtDQ
MXVWLILFDU ODV GHFLVLRQHV SROtWLFDV HVWR HV HO HIHFWR GH XQD SROtWLFD VREUH HO
ELHQHVWDU GH XQ LQGLYLGXR VH SXHGH GHWHUPLQDU GHVFXEULHQGR TXH FDQWLGDG GH
SODFHURGHGRORUOHDSRUWDEDWDOSROtWLFDHVGHFLUXQDSROtWLFDGHELHQHVWDUJHQHUDO
VHUHDOL]DFDOFXODQGRHOWRWDOGHODVVLWXDFLRQHVTXHJHQHUDOSODFHUDODPD\RUtDGH
ORV LQGLYLGXRV \ UHVWiQGROHV ODV TXH JHQHUDQ GRORU (VWD WHRUtD JXDUGD XQD
UHODFLyQ LQGLUHFWD FRQ OD PRUDO HSLF~UHD HO KHGRQLVPR GH $ULVWLSR \ HO
HXGHPRQLVPRDQWLJXR
(QFRQWUDSRVLFLyQGH-HUHP\ %HQWKDPVHVLW~DODSRVWXUDGH-RKQ6WXDUW0LOTXH
SHVHDVHUVHJXLGRUGHODVWHRUtDV%HQWKDPLDQDVFRQVLGHUDTXHVLELHQHVFLHUWR
HQ XQD GHPRFUDFLD OD PD\RUtD GH UHSUHVHQWDQWHV OH FRUUHVSRQGH D OD PD\RUtD GH
HOHFWRUHVHVWRQRLQYROXFUDTXHODPLQRUtDGHHOHFWRUHVQRSXHGDWHQHUXQDPHQRU
UHSUHVHQWDFLyQDFRQVHFXHQFLDGHTXHXQHOHPHQWRHVHQFLDOGHXQDGHPRFUDFLDHV
ODUHSUHVHQWDFLyQGHODVPLQRUtDV $ODSOLFDUVHORSURSXHVWRSRU0LOO±VLVWHPDGH

&RQV~OWHVH :,//,$06 3DWULFLD /D GRORURVD SULVLyQ GHO OHQJXDMH GH ORV GHUHFKRV (Q %52:1
:HQG\ :,//,$06 3DWULFLD /D FUtWLFD GH ORV GHUHFKRV %RJRWi '& 6LJOR GHO +RPEUH (GLWRUHV

(Q OR TXH DWDxH D OD SURWHFFLyQ \ DOFDQFH GH ORV GHUHFKRV IXQGDPHQWDOHV YpDVH &$67,//2
&Ï5'29$ /XLV (O FRQWHQLGR FRQVWLWXFLRQDO GH ORV GHUHFKRV IXQGDPHQWDOHV FRPR REMHWR GH
SURWHFFLyQGHODPSDUR(Q$QXDULR,EHURDPHULFDQRGH-XVWLFLD&RQVWLWXFLRQDO1R&HQWUR
GH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV0DGULG

6REUH HVWH SXQWR FRQV~OWHVH '$526 :LOOLDP 5 ¢/LEHUWDG ,JXDOGDG \ -XVWLFLD VRQ
LQFRPSDWLEOHV"¢3DUDTXpHGXFDU"(Q 5HYLVWDGHOD)DFXOWDGGH&LHQFLDV6RFLDOHV\-XUtGLFDV9RO
1RIHEUHUR 8QLYHUVLGDG0LJXHO+HUQiQGH]GH(OFKH(OFKH

':25.,15RQDOG/RVGHUHFKRVHQVHULR2SFLW3

+(51È1'(= %(&(55$ $XJXVWR /DV LGHDV SROtWLFDV HQ OD KLVWRULD %RJRWi 8QLYHUVLGDG
([WHUQDGRGH&RORPELD3

0,// -RKQ 6WXDUW (O JRELHUQR UHSUHVHQWDWLYR 6HYLOOD 8QLYHUVLGDG GH 6HYLOOD %LEOLRWHFD
&LHQWtILFROLWHUDULD3
HOHFFLyQSURSRUFLRQDO VHGDXQFDVRGHGLVFULPLQDFLyQDODLQYHUVD\XQDYDQFH

FRQVLGHUDEOHUHVSHFWRGHODSRVLFLyQPD\RULWDULDGH%HQWKDP
2WUDSRVLFLyQXQWDQWRVLPLODUDODDQWHULRUSHURGHFRUWHPiVSURJUHVLVWDHVODGHO
SROLWyORJR LWDOLDQR *LRYDQQL 6DUWRUL HO FXDO FRQVLGHUD TXH SXHGH KDEHU XQD
FRQYLYHQFLD SDFtILFD HQWUH PD\RUtDV \ PLQRUtDV VLHPSUH \ FXDQGR ODV SULPHUDV
UHVSHWHQDODVVHJXQGDV 8QDIRUPDGHUHVSHWRVHSXHGHREWHQHUSRUPHGLRGH
ODVPHGLGDVSRVLWLYDVRODGLVFULPLQDFLyQLQYHUVDSXHVWRGHQDGDVLUYHXQUHVSHWR
GHPDQHUDIRUPDOPLHQWUDVQRWHQJDXQDPDWHULDOL]DFLyQHQODUHDOLGDG
3RUVXSDUWH-XUJHQ+DEHUPDVWLHQHXQDYLVLyQXQWDQWRPiVDPSOLDUHVSHFWRDORV
GHUHFKRVGHODVPLQRUtDV(OVRFLyORJRDOHPiQFRQVLGHUDTXH
/DV OXFKDV SRU HO UHFRQRFLPLHQWR HQ HO (VWDGR GHPRFUiWLFR GH GHUHFKR VROR SRVHHQ IXHU]D
OHJLWLPDGRUDHQODPHGLGD HQTXHWRGRVORVJUXSRVSXHGDQWHQHUDFFHVRDOHVSDFLRS~EOLFR
SROtWLFR SXHGDQ KDFHU RtU VX YR] SXHGDQ DUWLFXODU VXV QHFHVLGDGHV \ QDGLH SXHGD VHU
PDUJLQDGRRH[FOXLGR>@
3HUR HVWR QR VROR YDOH SDUD ORV GHUHFKRV GH SDUWLFLSDFLyQ SROtWLFD VLQR WDPELpQ
SDUDORVGHUHFKRVGHSDUWLFLSDFLyQVRFLDO\SDUDORVGHUHFKRVGHOLEHUWDGSULYDGD
(O~OWLPRDXWRUTXHVHWUDHUiDFRODFLyQVREUHODIXQGDPHQWDFLyQILORVyILFDGHORV
GHUHFKRVGHODVPLQRUtDVHVHOILOyVRIRQRUWHDPHULFDQR-RKQ5DZOVVHJ~QHOFXDO
1LQJ~QSXHEORWLHQHHOGHUHFKRDODDXWRGHWHUPLQDFLyQRDODVHFHVLyQDFRVWDGHO
VRPHWLPLHQWRGHRWUR SXHEORQLSXHGHXQSXHEORSURWHVWDUSRUODFRQGHQD GHOD
VRFLHGDG PXQGLDO FXDQGR VXV LQVWLWXFLRQHV GRPpVWLFDV YLRODQ ORV GHUHFKRV
KXPDQRVGHFLHUWDVPLQRUtDVTXHYLYHQHQVXWHUULWRULR
/DVSRVLFLRQHVGH+DEHUPDV\5DZOV±ODVPiVFRQWHPSRUiQHDV YDQSRUODPLVPD
OtQHD TXH ODV GH 0LOO \ 6DUWLRUL SULPHUR XQ UHVSHWR GH ODV PD\RUtDV KDFLD ODV
PLQRUtDV VHJXQGR OD SDUWLFLSDFLyQ SROtWLFD SRU PHGLR GH VLVWHPDV GH HOHFFLyQ
SURSRUFLRQDO WHUFHUR XQD PDWHULDOL]DFLyQ HIHFWLYD GH ORV GHUHFKRV GH OLEHUWDG
SULYDGD\FXDUWRHOQRDEXVRGHOSRGHUSRUSDUWHGHODVPD\RUtDV\ODQRYLRODFLyQ
GHORVGHUHFKRVKXPDQRVGHODV PLQRUtDV
$ SDUWLU GH HVWDV SRVLFLRQHV \ WHQLHQGR HQ FXHQWD TXH GHFLVLRQHV SROtWLFDV GHO
SDVDGR GHWHUPLQDQ GHFLVLRQHV MXUtGLFDV GHO IXWXUR OD GLVFULPLQDFLyQ LQYHUVD
HQFXHQWUD VX IXQGDPHQWR MXUtGLFR HQ HO SULQFLSLR GH LJXDOGDG ±HO FXDO pVWD
FRQVDJUDGR HQ OD JUDQ PD\RUtD GH ODV FRQVWLWXFLRQDOHV GHO PXQGR H LPSRQH DO
HVWDGR HO GHEHU GH WUDWDU D ORV LQGLYLGXRV GH WDO PRGR TXH ODV FDUJDV \ YHQWDMDV

0LOOHQWHQGtDTXHXQRGH ORVULHJRVGHODVGHPRFUDFLDV HUDOD WLUDQtDGHODVPD\RUtDV SRUHVWD
UD]yQ FUHR XQ VLVWHPD SDUD TXH ODV PLQRUtDV SXGLHUDQ SDUWLFLSDU SRU PHGLR GH OD HOHFFLyQ
SURSRUFLRQDODFWLYDPHQWHHQODGHPRFUDFLD+(51È1'(=%(&(55$2SFLW3

6$5725, *LRYDQQL /D VRFLHGDG PXOWLpWQLFD 3OXUDOLVPR PXOWLFXOWXUDOLVPR \ H[WUDQMHURV
%DUFHORQD7DXUXV3

+$%(50$6-XUJHQ0iVDOOiGHO(VWDGRQDFLRQDO0DGULG7URWWD3

5$:/6 -RKQ (O GHUHFKR GH JHQWHV (Q ,VHJRUtD 5HYLVWD GH )LORVRItD 0RUDO \ 3ROtWLFD 1R
&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV0DGULG3

':25.,15RQDOG(OLPSHULRGHODMXVWLFLD%DUFHORQD*HGLVD3
VRFLDOHVVHGLVWULEX\DQHTXLWDWLYDPHQWHHQWUHHOODV$VXYH]pVWHSULQFLSLRVHUi
XQRGHORVSLODUHVGHOHVWDGRVRFLDOGHGHUHFKR GDGRTXHHVWHWLSRGHHVWDGR
0RULJHUDHOLQGLYLGXDOLVPRFOiVLFROLEHUDOPHGLDQWHODLQFRUSRUDFLyQGHORVOODPDGRV
GHUHFKRV VRFLDOHV HO FRPSURPLVR GHO HVWDGR FRQ REMHWLYRV GH MXVWLFLD VRFLDO \ OD
DGDSWDFLyQ GHO DSDUDWR DGPLQLVWUDWLYR SDUD JDUDQWL]DU ORV GHUHFKRV VRFLDOHV
PHGLDQWHXQDYLJRURVDLQWHUYHQFLyQHQODYLGDHFRQyPLFDGHORVDVRFLDGRV
$Vt ODV FRVDV HO HVWDGR VRFLDO GH GHUHFKR RIUHFH XQD JUDQ SRVLELOLGDG SDUD HO
GHVDUUROOR\DSOLFDFLyQGHODGLVFULPLQDFLyQDODLQYHUVDSXHVWRTXHVHIXQGDPHQWD
HQ HO UHVSHWR GH ODV PLQRUtDV SRU SDUWH GH ODV PD\RUtDV FRPR FRQVHFXHQFLD GH
HVWRQRHVSRVLEOHGDUOHODHVSDOGDDODLJXDOGDGGDGRTXHHQSDODEUDVGH5RQDOG
'ZRUNLQQRHVOHJtWLPRQLQJ~QJRELHUQRTXHQRWUDWHFRQLJXDO FRQVLGHUDFLyQD
ORV TXH JRELHUQD \ D ORV TXH H[LJH OHDOWDG /D LJXDOGDG GH FRQVLGHUDFLyQ HV OD
YLUWXGVREHUDQDGHODFRPXQLGDGSROtWLFDVLQHOODHOJRELHUQRHVVRORWLUDQtD $
FRQVHFXHQFLDGHHVWRH[LVWHXQQH[RHQWUHHOGHUHFKRDODLJXDOGDG\ODVPLQRUtDV
VLWXDFLyQ TXH VXSRQH HO EDODQFHR GH ORV GHUHFKRV LQGLYLGXDOHV HQ FRQWUD GH OD
GLFWDGXUDGHODVPD\RUtDV\VXUHLYLQGLFDFLyQSRUYtDMXGLFLDOHQFRQFRUGDQFLDFRQ
HOPRGHORGHPRFUiWLFR
'(),1,&,Ï1 < '(/,0,7$&,Ï1 '(/ &21&(372 '( ',6&5,0,1$&,Ï1 $

/$,19(56$
$QWHVGHGHILQLUHQTXHFRQVLVWHODGLVFULPLQDFLyQDODLQYHUVDYDOHODSHQDUHVDOWDU
TXHQRHVORPLVPRTXHODVGHQRPLQDGDV DFFLRQHVSRVLWLYDV SXHVWRTXHpVWDVVH
FDUDFWHUL]DQGHPDQHUDJHQpULFDFRPRWRGRWLSRGHPHGLGDVTXHWLHQHQHOILQGH
FRQVHJXLU XQD PD\RU LJXDOGDG VRFLDO VXVWDQWLYD HQWUH JUXSRV VRFLDOHV FRQ
SUREOHPDV GH GLVFULPLQDFLyQ R GH GHVLJXDOGDG GH RSRUWXQLGDGHV DOJXQRV
HMHPSORVVHxDODGRVSRUHOILOyVRIRGHOGHUHFKRHVSDxRO$OIRQVR5XL]0LJXHO VRQ
3ROtWLFDVGHLQWHJUDFLyQGHFLHUWRVJUXSRVFRPR*LWDQRV
%HFDVGHHQVHxDQ]DSDUDMyYHQHVGHIDPLOLDGHHVFDVRVUHFXUVRV
)DFLOLWDFLyQGHKRUDULRVIOH[LEOHV
$\XGDVGHJXDUGHUtD

%(51$/ 38/,'2 &DUORV (O 'HUHFKR GH ORV GHUHFKRV (VFULWRV VREUH OD DSOLFDFLyQ GH ORV
GHUHFKRVIXQGDPHQWDOHV%RJRWi8QLYHUVLGDG([WHUQDGRGH&RORPELD3

5HVSHFWR GH OD WUDQVLFLyQ GH XQ HVWDGR GH GHUHFKR D XQ HVWDGR VRFLDO GH GHUHFKR FRQV~OWHVH
9,//$5 %25'$ /XLV (VWDGR GH GHUHFKR \ (VWDGR VRFLDO GH GHUHFKR (Q 5HYLVWD 'HUHFKR GHO
(VWDGR1RGLFLHPEUH 8QLYHUVLGDG([WHUQDGRGH&RORPELD%RJRWi3

+(51È1'(=%(&(55$2SFLW3

':25.,1 5RQDOG 9LUWXG VREHUDQD /D WHRUtD \ OD SUiFWLFD GH OD LJXDOGDG %DUFHORQD 3DLGyV
3

$*8'(/2*,5$/'2ÏVFDU$OH[LV /(Ï102/,1$ -RUJH(QULTXH/DVKLSRFUHVtDVHQWRUQRDORV
GHUHFKRV KXPDQRV (Q $*8'(/2 *,5$/'2 ÏVFDU $OH[LV HW DO $QiOLVLV \ DSOLFDFLyQ GH ORV
GHUHFKRVKXPDQRVHQHOFRQWH[WRGHOD&RUWH,QWHUDPHULFDQD%RJRWi'&8QLYHUVLGDG&DWyOLFDGH
&RORPELD3

58,=0,*8(/2SFLW3

,EtGHP
(VWH ~OWLPR HMHPSOR PXHVWUD TXH ODV DFFLRQHV SRVLWLYDV QR WUDHQ FRQVLJR
QHFHVDULDPHQWH XQD VLWXDFLyQ GH GHVLJXDOGDG SXHVWR TXH ODV D\XGDV GH
JXDUGHUtDHQDOJXQRVSDtVHVODVSXHGHQ XVDUWDQWRKRPEUHVFRPRPXMHUHV
3RU VX SDUWH OD GLVFULPLQDFLyQ HQ VHQWLGR JHQpULFR LPSOLFD XQ WUDWR GHVLJXDO
KDFLD XQD SHUVRQD TXH FRQOOHYD D XQD GHVYHQWDMD HQ UHODFLyQ FRQ RWUDV
SHUVRQDV $VLPLVPR FRQWLHQH UDVJRV FDUDFWHUtVWLFRV 8QD PRWLYDFLyQ
VRFLDO GHVSHFWLYD 'HVLJXDOGDG LQMXVWD TXH GD D PDQWHQHU XQD VLWXDFLyQ GH
LQIHULRULGDG GH XQ JUXSR PHQRV IDYRUHFLGR 8QD DIHFWDFLyQ R UHVWULFFLyQ GH
GHUHFKRVEiVLFRV 8QUHVXOWDGRTXHJHQHUDODSHUSHWXDFLyQGHXQDVLWXDFLyQGH
VXERUGLQDFLyQHQWUHHOJUXSRSHUSHWUDGRU\HOJUXSRSHUSHWUDGR
3RU HO FRQWUDULR OD GLVFULPLQDFLyQ LQYHUVD QR FRPSDUWH QLQJXQR GH HVRV FXDWUR
UDVJRVFDUDFWHUtVWLFRV±RSRUORPHQRVQRGHXQD PDQHUDWRWDO SRUTXHPDQWLHQH
XQVHQWLGRQHXWUR(VGHFLU ODGLVFULPLQDFLyQLQYHUVD\ODGLVFULPLQDFLyQHQVHQWLGR
JHQpULFR QR VRQ OR PLVPR /D SULPHUD D GLIHUHQFLD GH OD VHJXQGD RVWHQWD ORV
VLJXLHQWHVFLQFRUDVJRVFDUDFWHUtVWLFRV
)DYRUHFH D XQD SHUVRQD SRU OD SHUWHQHQFLD D XQ JUXSR GLVFULPLQDGR KLVWyULFDPHQWH ±
QHJURVMXGtRVPXMHUHVHQWUHRWURV ORFXDOVXSRQHXQDGHVLJXDOGDG\DVXYH]JHQHUDXQ
PRWLYR VRVSHFKRVR WRGD YH] TXH VX IXQGDPHQWR HQ SULQFLSLR VHULD HO KHFKR GH VX
GLVFULPLQDFLyQKLVWyULFD
6H ORFDOL]D R DSOLFD HQ FLHUWDV SRVLFLRQHV TXH WLHQHQ XQD JUDQ FRPSHWLWLYLGDG SRU
HMHPSOR ODV SOD]DV R FXSRV XQLYHUVLWDULRV GHWHUPLQDGRV HPSOHRV FDUJRV SROtWLFRV HQWUH
RWURV
1RFRQWLHQHQLQJ~QWLSRGHPRWLYDFLyQGHVSHFWLYDRPLQXVYDORUDGRUD
3UHWHQGH JHQHUDU XQD LJXDOGDG UHDO SRU PHGLR GH OD PDWHULDOL]DFLyQ GHO SULQFLSLR GH
LJXDOGDG
6HHQWLHQGHFRPRXQDGLVFULPLQDFLyQHQVHQWLGRSRVLWLYR
3RUHOFRQWUDULRQRKDFHQSDUWHGHHVWD ILJXUDODVVLPSOHVD\XGDVGHJXDUGHUtD
UHVHUYDGDV D ODV PDGUHV ODV D\XGDV HVSHFLDOHV D PXMHUHV SDUD FXUVRV GH

9DOH DGLFLRQDU TXH ODV DFFLRQHV SRVLWLYDV WUDGLFLRQDOHV KDQ FRQVLVWLGR HQ PHGLGDV
SUHVXSXHVWDULDVHQ XQSURFHVRGHUHGLVWULEXFLyQGHULTXH]DVFX\RFRVWHVHUHGLVWULEX\HD VX YH]
GH IRUPD SURSRUFLRQDO R SURJUHVLYD HQWUH WRGRV ORV FLXGDGDQRV $/(0$1< 0DFDULR /DV
HVWUDWHJLDVGHODLJXDOGDG/DGLVFULPLQDFLyQLQYHUVDFRPRXQPHGLRGHSURPRYHUODLJXDOGDG(Q
,VRQRPtD 5HYLVWD GH 7HRUtD \ )LORVRItD GHO 'HUHFKR 1R 2FWXEUH ,QVWLWXWR 7HFQROyJLFR
$XWyQRPRGH0p[LFR&LXGDGGH0p[LFR3

58,=0,*8(/2SFLW3

'( /$ 526$ -$,0(6 9HUyQLFD 8QD DSUR[LPDFLyQ D OD QRFLyQ GH LJXDOGDG VXVWDQFLDO (Q
'HUHFKRV +XPDQRV 0p[LFR 1R 5HYLVWD GHO &HQWUR 1DFLRQDO GH 'HUHFKRV +XPDQRV
0p[LFR')3

$/(0$1<2SFLW3

58,=0,*8(/2SFLW

,EtGS

,EtGS

/D PDWHULDOL]DFLyQ GHO SULQFLSLR GH LJXDOGDG HV XQD GH ODV ILQDOLGDGHV GHO HVWDGR VRFLDO VREUH
HVWR YpDVH 9,//$&257$ 0$1&(%2 /XLV 4XLQWtQ 3ULQFLSLR GH LJXDOGDG \ (VWDGR VRFLDO $SXQWHV
SDUDXQDUHODFLyQVLVWHPiWLFD6DQWDQGHU8QLYHUVLGDGGH&DQWDEULD
HVSHFLDOL]DFLyQ R SHUIHFFLRQDPLHQWR R ORV HVWXGLRV VRFLROyJLFRV \ ODV FDPSDxDV

SXEOLFLWDULDVGLULJLGRVDGHVWDFDUODVLWXDFLyQODERUDOIHPHQLQD\RWUDVVLPLODUHV
'H HVWH PLVPR PRGR ORV HMHPSORV WUDtGRV LQLFLDOPHQWH ±FDVR 6ZHDWW \ FDVR
'H)XQLV VRQODUHSUHVHQWDFLyQGHOIHQyPHQRGHGLVFULPLQDFLyQDODLQYHUVDGDGR
TXH3ULPHURWDQWR6ZHDWW±DIURDPHULFDQR FRPR'H)XQLV±MXGtR KDFHQSDUWHGH
XQJUXSRGLVFULPLQDGRKLVWyULFDPHQWH6HJXQGRVHDSOLFDHQXQDVLWXDFLyQGHDOWD
FRPSHWLWLYLGDGFRPRORVRQODVSOD]DVXQLYHUVLWDULDV7HUFHURODPRWLYDFLyQGHHVWH
DFWXDU QR HV GH WLSR GHVSHFWLYD &XDUWR OR TXH VH EXVFD ORJUDU HV TXH HOORV
SXHGDQ DFFHGHU D OD HGXFDFLyQ SRU PHGLR GH OD PDWHULDOL]DFLyQ GH OD FOiXVXOD GH
LJXDOSURWHFFLyQ4XLQWRODGLVFULPLQDFLyQHQHVWRVFDVRVVHHQWLHQGHFRPRXQDGH
FDUiFWHU SRVLWLYR (Q HVWH VHQWLGR VH PDWHULDOL]DUtD HO FRQFHSWR GH LJXDOGDG
HTXLWDWLYDGHRSRUWXQLGDGHVSXHVWRTXHpVWHQRH[LJHPHUDPHQWHTXHORVFDUJRV
S~EOLFRV \ ODV SRVLFLRQHV VRFLDOHV HVWpQ DELHUWDV HQ XQ VHQWLGR IRUPDO VLQR TXH
WRGRVWHQJDQXQDRSRUWXQLGDGHTXLWDWLYDGHOOHJDUDRFXSDUORV
352%/(0$6 &5,7,&$6 0$7(5,$/,=$&,Ï1 < '()(16$ '( /$

',6&5,0,1$&,Ï1$/$,19(56$
1R REVWDQWH OR DQWHULRU SXHGH RULJLQDU TXH DOJXQDV SHUVRQDV ±SRU HMHPSOR ODV
TXHREWXYLHURQHOPLVPRSXQWDMHTXH'H)XQLVSHURHUDQGHOFRP~QGHODVRFLHGDG
HVWDGRXQLGHQVH VH VLHQWDQ GLVFULPLQDGDV QR HQ VHQWLGR SRVLWLYR VLQR HQ VHQWLGR
QHJDWLYR SRU OD ILJXUD HV GHFLU HVWDV SHUVRQDV VLHQWHQ TXH VL QR VRQ MXGtRV R
DIURDPHULFDQRV QR SXHGHQ DFFHGHU D FXUVDU HO SURJUDPD DFDGpPLFR $KRUD
SLpQVHVH HQ XQD SHUVRQD TXH REWXYR XQ SXQWDMH PD\RU TXH HO GH 'H)XQLV SHUR
PHQRU TXH HO H[LJLGR SRU OD XQLYHUVLGDG (VWD VLWXDFLyQ SXHGH VHU EDVWDQWH
DUELWUDULDSRUTXHVHHVWiDQWHXQGHVFRQRFLPLHQWRGHODLGHDGHPpULWRHVWHHVHO
SULPHUSUREOHPDTXHHQIUHQWDODGLVFULPLQDFLyQLQYHUVD$XQDVtH[LVWHQXQDVHULH
GH FDVRV HQ ORV FXDOHV OD GLVFULPLQDFLyQ HVWi MXVWLILFDGD \ D VX YH] QR HVWi
SURKLELGD \ QR JHQHUD DIHFWDFLyQ SRU HMHPSOR OD HOHFFLyQ GH SHUVRQDV FRQ
GHWHUPLQDGDVFDUDFWHUtVWLFDVODILOPDFLyQGHXQDSHOtFXODKLVWyULFD
2WUR HMHPSOR GH HVWH SULPHU SUREOHPD VRQ ODV GHQRPLQDGDV OH\HV GH FXRWDV ODV
TXH HVWiQ SUHVHQWHV HQ SDtVHV FRPR $UJHQWLQD 3HU~ &RORPELD (FXDGRU HQWUH
RWURV (VWH WLSR GH OH\HV EXVFDQ TXH GHWHUPLQDGR SRUFHQWDMH GH DOJXQRV SXHVWRV
GH HOHFFLyQ SRSXODU R GH DOJXQRV SXHVWRV S~EOLFRV WHQJDQ XQD UHSUHVHQWDFLyQ
IHPHQLQDGHDFXHUGRDORSUHVFULWRHQODOH\(QHOFDVRGH&RORPELDODOH\GH
LQGLFDTXHHVHOSRUFLHUWR3UXHEDGHHOORHVTXHFXDQGRVHSUHVHQWDXQD
WHUQD SDUD QRPEUDU D XQR GH ORV QXHYRV PDJLVWUDGRV GH OD &RUWH &RQVWLWXFLRQDO
&RORPELDQDXQRGHORVWUHVWHUQDGRVHVPXMHU(OSUREOHPDUDGLFDFXDQGRVRORVH
WHUQDDODPXMHUSRUVHUPXMHU\QRSRUVXH[SHULHQFLDRVXIRUPDFLyQDFDGpPLFD

58,=0,*8(/2SFLW3

5$:/6-RKQ/DMXVWLFLDFRPRHTXLGDG8QDUHIRUPXODFLyQ%DUFHORQD3DLGyV3

58,=0,*8(/2SFLW3
(V SUHFLVR DFODUDU TXH HQ QLQJ~Q PRPHQWR VH SUHWHQGH DWDFDU OD ILQDOLGDG GH OD
OH\ GH FXRWDV SXHVWR TXH HQ ORV SDtVHV FLWDGRV KD H[LVWLGR KLVWyULFDPHQWH XQ
H[FHVLYRPDFKLVPRVRORTXHVLQRVHFXPSOHFRQODILQDOLGDGGHODOH\HVWDFRUUH
HOSHOLJURGHFRQYHUWLUVHHQXQDQRUPDTXHYD\DHQFRQWUDYtDGHODUD]yQTXHOH
GLR RULJHQ SRU HOOR HV QHFHVDULR TXH ODV WHUQDGDV ±HQ HO FDVR GH OD FRUWH
FRQVWLWXFLRQDO QR VROR VHDQ PXMHUHV VLQR TXH WDPELpQ WHQJDQ XQD YDVWD
H[SHULHQFLDODERUDO\XQDDPSOLDIRUPDFLyQDFDGpPLFD
'HLJXDOIRUPDQRVHOHSXHGHGDUXQWUDWRGLIHUHQFLDODDOJXLHQVRORSRUVHUQHJUR
RPXMHUVLQRSRUWHQHUODVFDSDFLGDGHVSDUDRFXSDUGHWHUPLQDGRFDUJR\DXQFRQ
HOORQRSXHGHRFXSDUORGHELGRDODVFRQGLFLRQHVVRFLDOHVFXOWXUDOHVRSROtWLFDV
(OVHJXQGRSUREOHPDTXHHQIUHQWDODGLVFULPLQDFLyQLQYHUVDHVTXHpVWDSXHGHVHU
LQMXVWD GHELGR QR VROR D ODV UD]RQHV H[SXHVWDV HQ HO SULPHU SUREOHPD VLQR TXH
DGHPiV FRPR VHxDOD /LVD + 1HZWRQ FXDOTXLHU WLSR GH GLVFULPLQDFLyQ HV LQMXVWD
SXHVWRTXHLQGHSHQGLHQWHPHQWHVLGHGLVFULPLQDDIDYRURHQFRQWUDGHXQJUXSR
VHSULYDGHHVDJDUDQWtDDORVGHPiV\HVWRWDPELpQDSOLFDSDUDODGLVFULPLQDFLyQ
LQYHUVD$VtSXHVODSUiFWLFDGHODGLVFULPLQDFLyQLQYHUVDVRFDYDHOIXQGDPHQWR
GHO LGHDO PLVPR HQ FX\R QRPEUH VH GHILHQGH 'HVWUX\H OD MXVWLFLD OD OH\ OD
LJXDOGDG\ODFLXGDGDQtDPLVPD\ODVUHHPSOD]DFRQOXFKDVGHSRGHU\FRQWLHQGDV
GHSRSXODULGDG
5HVSHFWR D HVWH VHJXQGR SUREOHPD QR QHFHVDULDPHQWH OD GLVFULPLQDFLyQ LQYHUVD
JHQHUD HVDV FRQVHFXHQFLDV VHxDODGDV OR KDUtD VLHPSUH \ FXDQGR pVWD WXYLHUD XQ
FDUiFWHU SHUPDQHQWH SRU HVWR SDUD TXH QR VXFHGD OR TXH LQGLFD /LVD 1HZWRQ HV
SHUWLQHQWHTXHODVPHGLGDVGHGLVFULPLQDFLyQLQYHUVDWHQJDQXQFDUiFWHUWHPSRUDO
\QRSHUPDQHQWH
(MHPSOR ,PDJtQHVH TXH HQ DxR HQ &RORPELD OD PLWDG GH ORV SXHVWRV
S~EOLFRVHVSURSRUFLRQDODODSREODFLyQHQWUHKRPEUHV\PXMHUHV(VWRVSXHVWRVVH
RWRUJDURQFRQEDVHDOPpULWRDVtODVFRVDV¢HVQHFHVDULDTXHODOH\GHFXRWDVVLJD
YLJHQWH"/DUHVSXHVWDHVQRSRUTXH\DVHKDEUiVXSHUDGRODSUREOHPiWLFDTXHOD
QRUPDSUHWHQGtDUHVROYHU
(MHPSOR 6XSyQJDVHTXHHQHODxRHOSDtV.VHH[SLGLyXQDOH\PHGLDQWHOD
FXDOVHHVWDEOHFLyTXHHOGHELGRDODVLWXDFLyQGHOSDtV±XQDWHQVLyQSROtWLFDHQWUH
OD PLQRUtD EODQFRV \ OD PD\RUtD QHJUD WRGRV ORV FDUJRV S~EOLFRV GHEtDQ HVWDU
GLYLGLGRVSURSRUFLRQDOPHQWHHVWRHVSDUDEODQFRV\HOUHVWRSDUDQHJURV(Q
HODxR GHODVWHQVLRQHVHQWUHEDQFRV \QHJURVVHKDQVXSHUDGR¢YDOGUtDOD
SHQDPDQWHQHUHVWDGLVSRVLFLyQ"
4XpVXFHGHUtDVLORVSRUFHQWDMHVHQHOHMHPSORFDPELDUDQHQHODxRSHUROD
VLWXDFLyQLQWHUQDQR(OSRUFHQWDMHGHEODQFRVHQ.HVHOSRUFLHQWRDOLJXDOTXH
HO GH QHJURV 3XHV VH GHEHUtD FDPELDU OD QRUPD GH WDO PDQHUD TXH UHJXODUD OD
QXHYDUHDOLGDG

1(:721 /LVD + 5HYHUVH 'LVFULPLQDWLRQ DV 8QMXVWLILHG (Q (WKLFV 9RO 1R -XOLR
8QLYHUVLW\RI&KLFDJR&KLFDJR3

,EtGHP
3RU RWUR ODGR HV YHUGDG TXH OD GLVFULPLQDFLyQ LQYHUVD ±HQ ORV TXH FDVRV TXH OD
DPHULWD OLPLWD RWUD VHULH GH GHUHFKRV IXQGDPHQWDOHV VLQ HPEDUJR HVWR HV
SRVLEOH SXHVWR TXH HQ ORV FDVRV HQ ORV TXH SURFHGH OD LJXDOGDG WLHQH XQ UDQJR
PD\RU TXH ORV RWURV GHUHFKRV QLQJ~Q GHUHFKR HV DEVROXWR SRU OR WDQWR DOJXQRV
GHUHFKRVGHEHQFHGHUSDUDVDWLVIDFHURWURVGHPD\RUUDQJR(PSHURHOGHUHFKRD
VHU WUDWDGR FRPR LJXDO DXQTXH HV XQ GHUHFKR IXQGDPHQWDO QR HV XQ GHUHFKR
DEVROXWR \ SRU HQGH QR KD\ TXH DEXVDU GH pVWH QL XWLOL]DU OD FOiXVXOD GH LJXDO
SURWHFFLyQSDUDSULYDUDDOJXLHQGHODLJXDOGDG
3UHFLVDPHQWHXQDUJXPHQWRHQSURGHODGLVFULPLQDFLyQLQYHUVDHVTXHpVWDORJUD
XQDPDWHULDOL]DFLyQGHODLJXDOGDGHQWHQGLGD FRPRXQDWHRUtDTXHUHTXLHUHTXHHO
JRELHUQR WHQJD FRPR REMHWLYRV UHVXOWDGRV QR GHILQLGRV HQ HO YRFDEXODULR GHO
ELHQHVWDU VLQR GH ORV ELHQHV ODV RSRUWXQLGDGHV \ RWURV UHFXUVRV DGHPiV OD
LJXDOGDGPDWHULDOUHTXLHUHTXHHOJRELHUQRKDJDTXHHOELHQHVWDUPDWHULDOGHWRGRV
ORVFLXGDGDQRVVHDORPiVHTXLWDWLYRSRVLEOHDORODUJRGHWRGDVXYLGD
&21&/86,21(6
(O IXQGDPHQWR ILORVyILFR GH OD GLVFULPLQDFLyQ LQYHUVD VH HQFXHQWUD OLJDGR FRQ OD
GLVFXVLyQDFHUFDGHORVGHUHFKRVGHODVPLQRUtDV\HOUHVSHWRKDFLDpVWDVSRUSDUWH
GHODVPD\RUtDV\HQHVSHFLDOHQHOVLVWHPDGHHOHFFLyQSURSRUFLRQDOHVWH~OWLPRHV
VXSULQFLSDOJpQHVLV
(OIXQGDPHQWRMXUtGLFRGHODGLVFULPLQDFLyQLQYHUVDVHHQFXHQWUDHQHOSULQFLSLR\
HQ HO GHUHFKR D OD LJXDOGDG HO FXDO YD D WHQHU XQ PD\RU GHVDUUROOR WDQWR HQ HO
HVWDGRVRFLDOGHGHUHFKRFRPRHOHVWDGRFRQVWLWXFLRQDOGHPRFUiWLFRGHGHUHFKR
/D GLVFULPLQDFLyQ LQYHUVD \ ODV DFFLRQHV SRVLWLYDV SHVH D VHU VLPLODUHV QR VRQ OR
PLVPRSXHVWRTXHPLHQWUDVODVSULPHUDVIDYRUHFHQDSHUVRQDVTXHSHUWHQHFHQD
JUXSRV KLVWyULFDPHQWH GLVFULPLQDGRV \ VH HQFXHQWUDQ HQ SRVLFLRQHV GH DOWD
FRPSHWLWLYLGDG ODV VHJXQGDV QL IDYRUHFHQ D SHUVRQDV TXH SHUWHQHFHQ D JUXSRV
KLVWyULFDPHQWH GLVFULPLQDGRV QL WDPSRFR VH XELFDQ HQ SRVLFLRQHV GH XQD
FRPSHWLWLYLGDG HOHYDGD VLQR TXH VX ILQDOLGDG HV FRQVHJXLU XQD PD\RU LJXDOGDG
VRFLDO
6LELHQHVFLHUWRODVPLQRUtDVVRQORVSULQFLSDOHVGHVWLQDWDULRVGHODGLVFULPLQDFLyQ
LQYHUVD QR VRQ ODV ~QLFDV SXHVWR TXH pVWD WDPELpQ HV DSOLFDEOH D JUXSRV
GLVFULPLQDGRVKLVWyULFDPHQWHFRPRODVPXMHUHV
3DUDTXHODGLVFULPLQDFLyQLQYHUVDQRVHFRQYLHUWDHQDOJRDUELWUDULRHLQMXVWRHV
LQGLVSHQVDEOH XQD PRGHUDFLyQ GH HVWH WLSR GH PHGLGDV PHGLDQWH XQ FDUiFWHU

6REUHODOLPLWDELOLGDGGHORVGHUHFKRV IXQGDPHQWDOHVYpDVH$*8'(/2*,5$/'2ÏVFDU$OH[LV
5HVWULFFLyQ OLPLWDELOLGDG \ 'HUHFKRV )XQGDPHQWDOHV $SRUWHV SDUD XQD WHRUtD VLVWHPiWLFD GH ORV
'HUHFKRV )XQGDPHQWDOHV FRPR 'HUHFKRV OLPLWDEOHV (Q &$6752 %/$1&2 (OtDV &UtWLFD \
)XQGDPHQWDFLyQGHOD3ROtWLFD\ORV'HUHFKRV+XPDQRV%RJRWi8QLYHUVLGDG/LEUH

':25.,15RQDOG(OLPSHULRGHODMXVWLFLD2SFLW3
WHPSRUDOHVWRHVODGLVFULPLQDFLyQLQYHUVDGHEHVXEVLVWLUPLHQWUDVODVFRQGLFLRQHV
SROtWLFDVVRFLDOHV\FXOWXUDOHVDVtORDPHULWHQ
1LQJ~QGHUHFKRHVDEVROXWRQLLOLPLWDEOHSRUHOORSDUDORJUDUXQDPD\RUHTXLGDGVH
SXHGH OLPLWDU GHWHUPLQDGR GHUHFKR SDUD ORJUDU OD VDWLVIDFFLyQ GH XQ GHUHFKR
PD\RU
/DGLVFULPLQDFLyQLQYHUVD±GHIRUPDPRGHUDGD HVXQDKHUUDPLHQWDIXQGDPHQWDOH
LQGLVSHQVDEOHHQODFRQVWUXFFLyQ\GHVDUUROORGHXQDHTXLGDGVRFLDO\DTXHRWRUJD
DFFHVR D GHWHUPLQDGDV SRVLFLRQHV D LQGLYLGXRV TXH DQWHULRUPHQWH QR ODV SRGtDQ
RVWHQWDU
%LEOLRJUDItD
$*8'(/2 *,5$/'2 ÏVFDU $OH[LV 5HVWULFFLyQ OLPLWDELOLGDG \ 'HUHFKRV )XQGDPHQWDOHV $SRUWHV

SDUDXQDWHRUtDVLVWHPiWLFDGHORV'HUHFKRV)XQGDPHQWDOHVFRPR'HUHFKRVOLPLWDEOHV3
(Q &$6752 %/$1&2 (OtDV &UtWLFD \ )XQGDPHQWDFLyQ GH OD 3ROtWLFD \ ORV 'HUHFKRV +XPDQRV
%RJRWi8QLYHUVLGDG/LEUH3
$*8'(/2 *,5$/'2ÏVFDU$OH[LV /(Ï102/,1$-RUJH(QULTXH/DVKLSRFUHVtDVHQWRUQRDORV
GHUHFKRVKXPDQRV3(Q$*8'(/2*,5$/'2ÏVFDU$OH[LVHWDO$QiOLVLV\DSOLFDFLyQGHORV
GHUHFKRVKXPDQRVHQHOFRQWH[WRGHOD&RUWH,QWHUDPHULFDQD%RJRWi'&8QLYHUVLGDG&DWyOLFDGH
&RORPELD3
$/(*5( 0DUFHOR 0217(52 -XOLR 0217, (]HTXLHO (O SULQFLSLR GH LJXDOGDG \ OD QR
GLVFULPLQDFLyQ SRU UD]yQ GH VH[R 3 (Q )$%5$ =$025$ -RUJH /XLV 52'5Ë*8(=
%/$1&2 9HUyQLFD (QFLFORSHGLD GH )LORVRItD \ 7HRUtD GHO 'HUHFKR YROXPHQ GRV 0p[LFR ')
8QLYHUVLGDG1DFLRQDO$XWyQRPD'H0p[LFR3
$/(0$1< 0DFDULR /DV HVWUDWHJLDV GH OD LJXDOGDG /D GLVFULPLQDFLyQ LQYHUVD FRPR XQ PHGLR GH
SURPRYHU OD LJXDOGDG (Q ,VRQRPtD 5HYLVWD GH 7HRUtD \ )LORVRItD GHO 'HUHFKR 1R 2FWXEUH
,QVWLWXWR7HFQROyJLFR$XWyQRPRGH0p[LFR&LXGDGGH0p[LFR3
%$5%$526&+(GXDUGR7HRUtDVGHODMXVWLFLD \ODPHWDpWLFDFRQWHPSRUiQHD%XHQRV$LUHV/DOH\
'HSDUWDPHQWRGHSXEOLFDFLRQHVGHODIDFXOWDGGHGHUHFKR\FLHQFLDVVRFLDOHVGHOD8QLYHUVLGDGGH
%XHQRV$LUHV3
%(51$/38/,'2&DUORV(O'HUHFKRGHORVGHUHFKRV(VFULWRVVREUHODDSOLFDFLyQGHORVGHUHFKRV
IXQGDPHQWDOHV%RJRWi8QLYHUVLGDG([WHUQDGRGH&RORPELD3
%86726%277$,5RGULJR'LVFULPLQDFLyQSRUUD]yQGHVH[R\DFFLRQHVSRVLWLYDV5HIOH[LRQHVDOD
OX] GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HVSDxROD \ DSUR[LPDFLyQ D OD OH\ SDUD OD LJXDOGDG HIHFWLYD
(Q8QLYHUVLWDV5HYLVWDGH)LORVRItD'HUHFKR\3ROtWLFD1R-XOLR8QLYHUVLGDG&DUORV,,,GH
0DGULG0DGULG3
&$67,//2&Ï5'29$/XLV(OFRQWHQLGRFRQVWLWXFLRQDOGHORVGHUHFKRVIXQGDPHQWDOHVFRPRREMHWR
GH SURWHFFLyQ GHO DPSDUR (Q $QXDULR ,EHURDPHULFDQR GH -XVWLFLD &RQVWLWXFLRQDO 1R
&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV0DGULG3
'$526 :LOOLDP 5 ¢/LEHUWDG ,JXDOGDG \ -XVWLFLD VRQ LQFRPSDWLEOHV" ¢3DUD TXp HGXFDU" (Q
5HYLVWDGHOD)DFXOWDGGH&LHQFLDV6RFLDOHV\-XUtGLFDV9RO1R)HEUHUR8QLYHUVLGDG
0LJXHO+HUQiQGH]GH(OFKH(OFKH3
'(/$526$-$,0(69HUyQLFD8QDDSUR[LPDFLyQDODQRFLyQGHLJXDOGDGVXVWDQFLDO(Q'HUHFKRV
+XPDQRV 0p[LFR 1R 5HYLVWD GHO &HQWUR 1DFLRQDO GH 'HUHFKRV +XPDQRV 0p[LFR ' )
3
':25.,15RQDOG(OLPSHULRGHODMXVWLFLD%DUFHORQD*HGLVD3
':25.,15RQDOG9LUWXGVREHUDQD/DWHRUtD\ODSUiFWLFDGHODLJXDOGDG%DUFHORQD3DLGyV
3
':25.,15RQDOG/RVGHUHFKRVHQVHULR%DUFHORQD$ULHO'HUHFKR3
+$%(50$6-XUJHQ0iVDOOiGHO(VWDGRQDFLRQDO0DGULG7URWWD3
+(51È1'(= %(&(55$ $XJXVWR /DV LGHDV SROtWLFDV HQ OD KLVWRULD %RJRWi 8QLYHUVLGDG ([WHUQDGR
GH&RORPELD3
0,//-RKQ6WXDUW(OJRELHUQRUHSUHVHQWDWLYR6HYLOOD8QLYHUVLGDGGH6HYLOOD%LEOLRWHFD&LHQWtILFR
OLWHUDULD3
1(:721 /LVD + 5HYHUVH 'LVFULPLQDWLRQ DV 8QMXVWLILHG (Q (WKLFV 9RO 1R -XOLR
8QLYHUVLW\RI&KLFDJR&KLFDJR3
5$:/6 -RKQ (O GHUHFKR GH JHQWHV (Q ,VHJRUtD 5HYLVWD GH )LORVRItD 0RUDO \ 3ROtWLFD 1R
&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV0DGULG3
5$:/6-RKQ/DMXVWLFLDFRPRHTXLGDG8QDUHIRUPXODFLyQ%DUFHORQD3DLGyV3
58,= 0,*8(/ $OIRQVR /D GLVFULPLQDFLyQ LQYHUVD \ HO FDVR .DODQNH (Q 'R[D &XDGHUQRV GH
)LORVRItDGHO'HUHFKR1R8QLYHUVLGDGGH$OLFDQWH$OLFDQWH3
6$5725,*LRYDQQL/DVRFLHGDGPXOWLpWQLFD3OXUDOLVPRPXOWLFXOWXUDOLVPR\H[WUDQMHURV%DUFHORQD
7DXUXV3
8QLWHG6WDWHVRI$PHULFD6XSUHPH&RXUW6HQWHQFLDGHGH1RYLHPEUHGH1R-HIH
GH-XVWLFLD:DUUHQ(%XUJHU&DVR'H)XQLVYV2GHJDDUG
9,//$&257$ 0$1&(%2 /XLV 4XLQWtQ 3ULQFLSLR GH LJXDOGDG \ (VWDGR VRFLDO $SXQWHV SDUD XQD
UHODFLyQVLVWHPiWLFD6DQWDQGHU8QLYHUVLGDGGH&DQWDEULD3
9,//$5 %25'$ /XLV (VWDGR GH GHUHFKR \ (VWDGR VRFLDO GH GHUHFKR (Q 5HYLVWD 'HUHFKR GHO
(VWDGR1R'LFLHPEUH8QLYHUVLGDG([WHUQDGRGH&RORPELD%RJRWi3
:,//,$063DWULFLD/DGRORURVDSULVLyQGHOOHQJXDMHGHORVGHUHFKRV3(Q%52:1:HQG\
:,//,$063DWULFLD/DFUtWLFDGHORVGHUHFKRV%RJRWi'&6LJORGHO+RPEUH(GLWRUHV3

/DLPDJHQGHSUHVWLJLRGHXQWULEXQDO
FRQVWLWXFLRQDOHQODFRQVWUXFFLyQGHOD
GHPRFUDFLDDSURSyVLWRGHODV
UHVSXHVWDVTXHRIUHFHQORVMXHFHVD
ORVOODPDGRVGHXQDVRFLHGDG
GHPRFUiWLFD
&DUORV$OEHUWR$JXGHOR$JXGHOR
8QLYHUVLGDGGH&DOGDV 0DQL]DOHV
,QWURGXFFLyQ\GHVFULSFLyQGHOSUREOHPD
/DV LPiJHQHV GH ODV FRUWHV FRQVWLWXFLRQDOHV OOHYDQ LPSOtFLWR XQD ³'LILFXOWDG
FRQWUDPD\RULWDULDÍUHQWHDORVGHPiVSRGHUHV(VWDGLILFXOWDGHVHQWHQGLGDDSDUWLU
GH $OH[DQGHU %LFNHO TXLHQ VHUi QXHVWUR SXQWR FDUGLQDO HQ HVWH WUDEDMR FRPR
XQD VLWXDFLyQ HQ OD TXH VH HQFXHQWUDQ ORV MXHFHV FRQVWLWXFLRQDOHV SDUD GHFODUDU
QRUPDVSRULQFRQVWLWXFLRQDOLGDG(QHVWDVLWXDFLyQORVMXHFHVVRQFRQVFLHQWHVGHO
SUREOHPDHQHOTXHVHYHQHQYXHOWRVDOGHFODUDUXQDQRUPDDSDUWLUGHVXVIDOORV
SRU IXHUD GHO RUGHQDPLHQWR MXUtGLFR \D TXH HVWR FRQWUDUtD VXSXHVWDPHQWH HO
SULQFLSLR GHPRFUiWLFR TXH OH GD YLGD DO SRGHU OHJLVODWLYR SDUD FUHDU \ GHURJDU ODV
QRUPDV\QRSDUDTXHHVWDIDFXOWDGTXHGHHQPDQRVGHORVMXHFHV
3RUHVWDUD]yQHOSULQFLSLRGHPRFUiWLFRHVWiEDVDGRHQHOSRGHUVREHUDQRTXHGD
IDFXOWDGSRUHMHPSOR DOSRGHUOHJLVODWLYRSDUDFUHDUODVOH\HV\VRODPHQWHDHVWH
PLVPROHDVLVWLUiHOSRGHUGHGHFODUDUODVOH\HVHQGHVXVR6LQHPEDUJRORVMXHFHV
DXQTXH QR VRQ HOHJLGRV GHPRFUiWLFDPHQWH SRGUtDQ FRQVLGHUDU OD SRVLELOLGDG SDUD
VDFDUQRUPDVGHORUGHQDPLHQWRMXUtGLFRSHURXQDVLWXDFLyQDVtVHFRQVLGHUDUtDSRU

3URIHVRU $VRFLDGR GH OD 8QLYHUVLGDG GH &DOGDV /LFHQFLDGR HQ )LORVRItD \ /HWUDV $ERJDGR \
0DJtVWHU HQ )LORVRItD GH OD 8QLYHUVLGDG GH &DOGDV 'RFWRU HQ 'HUHFKR GH OD 8QLYHUVLGDG GH ORV
$QGHVHQ%RJRWi9LVLWLQJ6FKRODUGH&ROXPELD8QLYHUVLW\HQ1XHYD<RUN3URIHVRUGHODVFiWHGUDV
GH,QWURGXFFLyQDO'HUHFKR'HUHFKR&RQVWLWXFLRQDO7HRUtDGHOD$UJXPHQWDFLyQ-XUtGLFD\)LORVRItD
GHO'HUHFKRGHO3URJUDPDGH'HUHFKRGHOD8QLYHUVLGDGGH&DOGDV

3DUDHOUyWXORGHOD³GLILFXOWDGFRQWUDPD\RULWDULDÝHU SRUHMHPSOR%,&.(/$OH[DQGHU7KH/HDVW
'DQJHURXV %UDQFK 7KH 6XSUHPH &RXUW DW WKH EDU RI SROLWLFV 1HZ +DYHQ DQG /RQGRQ <DOH
8QLYHUVLW\3UHVV$JXGHOR$&DUORV$/DGHPRFUDFLDGHORVMXHFHVODUDPDPHQRVSHOLJURVD
FRPRSRGHUSURGHPRFUiWLFRHQODSUiFWLFDFRQVWLWXFLRQDO%RJRWi(GLWRULDO/H\HU
SDUWH GH ORV GHIHQVRUHV GH OD GHPRFUDFLD UHSUHVHQWDWLYD XQD LQWHUYHQFLyQ
IODJUDQWHPHQWHDQWLGHPRFUiWLFDSRUSDUWHGHORVMXHFHV
/D³GLILFXOWDGFRQWUDPD\RULWDULD´HQWRQFHVHVWiEDVDGDHQHVWHVXSXHVWRGLOHPDHQ
HO TXH VH HQFXHQWUDQ ORV MXHFHV FRQVWLWXFLRQDOHV HV GHFLU R WRPDQ SRVLFLRQHV
VRODPHQWH REHGHFLHQGR HO SULQFLSLR GHPRFUiWLFR R FRQVLGHUDQ OD SRVLELOLGDG GH
FUHDUXQIDOORHQGRQGHHOLPLQHQODVQRUPDVGHORUGHQDPLHQWRMXUtGLFRHVWDVHUtDOD
GLILFXOWDGHQODTXHVHHQFXHQWUDQ$KRUD ELHQFXDQGRHOSRGHUMXGLFLDOHMHUFHOR
VHJXQGRHVSRVLEOHTXHHVWRVHFRQVLGHUHFRPRXQDIXHU]DFRQWUDPD\RULWDULDGH
ORV MXHFHV HQ RSRVLFLyQ D OD GHPRFUDFLD \D TXH XQD VHULH GH DFFLRQHV MXGLFLDOHV
SRGUtDHQWHQGHUVHFRPRFRQWUDULDVDODDFHSWDFLyQVRFLDORSRUTXHORVMXHFHVKDQ
SDVDGRSRUDOWRODVOH\HVSRVLWLYDVDODVFXDOHVGHEHQHVWDUVRPHWLGRV
/R TXH VH YD D PRVWUDU HQ HVWH WH[WR HV TXH ORV MXHFHV FRQVWLWXFLRQDOHV SXHGHQ
VDOLU YLFWRULRVRV HQ HVWD GLILFXOWDG HQ OD TXH VH HQFXHQWUDQ \D TXH OD VHJXQGD
RSFLyQ HV UD]RQDEOH HQ HO FRQVWLWXFLRQDOLVPR FRQWHPSRUiQHR HVWR HV OD
GHFODUDFLyQ GH QRUPDV LQFRQVWLWXFLRQDOHV SXHGH GDUVH D SDUWLU GH ORV MXHFHV
VLHPSUH \ FXDQGR ORV WULEXQDOHV FRQVWLWXFLRQDOHV GHILHQGDQ OD &RQVWLWXFLyQ \ ORV
SULQFLSLRV FRQVWLWXFLRQDOHV GH ORV DWDTXHV \ DWURSHOORV TXH SXHGD RFDVLRQDU HQ
HVWHFDVRHOSRGHUOHJLVODWLYRDO RUGHQFRQVWLWXFLRQDO$SDUWLUGHHVWDVLWXDFLyQVH
H[SRQGUi FRPR OD ³LPDJHQ GH SUHVWLJLR´ GH XQD &RUWH &RQVWLWXFLRQDO IUHQWH D OD
VRFLHGDG\ODVGHPiVLQVWLWXFLRQHVGHPRFUiWLFDVGHSHQGHUiGHTXpPRGRUHVXHOYD
OD ³GLILFXOWDG FRQWUDPD\RULWDULD´ HQ OD TXH HVWiQ 3RUTXH VL ORV MXHFHV HQ YH] GH
HMHUFHU XQ ³SRGHU SURGHPRFUiWLFR´ TXH VXJLHUH FUHDU IDOORV D OD OX] GH OD
&RQVWLWXFLyQ DVt VH GHFODUHQ QRUPDV LQYiOLGDV OR TXH KDFHQ HV DXPHQWDU XQ
³SRGHU FRQWUDPD\RULWDULR´ HQ FRQWUDYtD GHO SULQFLSLR GHPRFUiWLFR HQWRQFHV OD
³LPDJHQGHSUHVWLJLR´GHXQD&RUWHSXHGHGHVDSDUHFHU
6HYDDGHIHQGHUHQ HVWHWH[WRODLGHDVHJ~QODFXDOORVMXHFHVSXHGHQGHFODUDU
QRUPDV LQFRQVWLWXFLRQDOHV \ GH KHFKR OR KDFHQ VLQ TXH VH DIHFWH HO SULQFLSLR
GHPRFUiWLFR \ DO PLVPR WLHPSR PDQWHQJDQ XQD ³LPDJHQ GH SUHVWLJLR´ TXH HV
VXPDPHQWH LPSRUWDQWH SDUD XQD VRFLHGDG TXH PXFKDV YHFHV VLJXH ORV IDOORV
SDUDGLJPiWLFRV GH DTXHOORV MXHFHV 6L KR\ OD GHPRFUDFLD ODWLQRDPHULFDQD HVWi
UHVTXHEUDMDGDHQORVSDUODPHQWRVHLQFOXVLYHHQHOHMHFXWLYRORPHMRUHVRIUHFHU
DOJXQDV OtQHDV DUJXPHQWDWLYDV SDUD TXH OD FRQILDQ]D SXHGD JDQDUVH HQ HO ³IRUR
MXGLFLDO´
%LFNHOSRUHMHPSORGHIHQGtDHOFRQWUROMXGLFLDOGHVGHHOPRPHQWRHQTXHDFHSWDED
TXHHQDOJXQRVFDVRVSRGtDHMHUFHUVHWDOPHFDQLVPRSRUSDUWHGHORVMXHFHVSDUD
GDU UHVSXHVWD FRQVWLWXFLRQDO VLQ TXH HOOR IXHUD XQD SRVLFLyQ DQWLGHPRFUiWLFD (V
GHFLUFXDQGRODVIXQFLRQHVGHORVMXHFHVQRGLVPLQX\HQODFDOLGDGGHODVIXQFLRQHV
GH ORV RWURV SRGHUHV QL YD\DQ HQ FRQWUDYtD GH OD &RQVWLWXFLyQ ORV MXHFHV SXHGHQ
VHU SURGHPRFUiWLFRV $KRUD ELHQ OD E~VTXHGD GH XQD IXQFLyQ MXGLFLDO \
GHPRFUiWLFD WLHQH TXH YHU FRQ XQD IXQFLyQ TXH SXHGD ±\ GH KHFKR GHEH±
LQYROXFUDU OD UHDOL]DFLyQ GH SROtWLFDV TXH HVWpQ DMXVWDGDV SHFXOLDUPHQWH D ORV
UHFXUVRVHFRQyPLFRVGHXQDVRFLHGDG\TXHQRWHQJDQODSRVLELOLGDGGHHMHFXWDUVH
HQQLQJXQDRWUDSDUWHHVWRHVSRUODVRWUDVUDPDVGHOSRGHUS~EOLFRHQHVWHFDVR
ORV WULEXQDOHV FRQVWLWXFLRQDOHV DVXPHQ HO UHWR GH LQWHUYHQLU SRU HMHPSOR HQ OD
HFRQRPtD
/RDQWHULRUVLJQLILFDTXHORVMXHFHVFRQVWLWXFLRQDOHVQRSXHGHQGLVPLQXLUODFDOLGDG
HQHOGHVHPSHxRGHORVRWURVµSRGHUHV¶DOGHVQXGDUORVGHODGLJQLGDG\ODFDUJDGH
VXSURSLDUHVSRQVDELOLGDG /RVMXHFHVWLHQHQTXHVHUFRQVFLHQWHVGHOIXHURTXH
VHJDQDURQHQHVWDQXHYDRODFRQVWLWXFLRQDOGHVSXpVGHSRVJXHUUD<GHHVWHIXHUR
FRQVWLWXFLRQDO SUiFWLFDPHQWH YD D GHSHQGHU OD ³LPDJHQ GH SUHVWLJLR´ R QR TXH
SXHGD ORJUDU XQ 7ULEXQDO &RQVWLWXFLRQDO (Q RWURV WpUPLQRV HO OHJLVODGRU WLHQH OD
µSULPHUD SDODEUD¶ HQ SROtWLFDV S~EOLFDV GHVSXpV GH XQ WLHPSR SURORQJDGR GH
GHOLEHUDFLyQHQODVRFLHGDGVREUHORTXHHOOHJLVODGRUKDGLFKRRGHMDGRGHGHFLU<
ODV FRUWHV SRU RWUR ODGR HQWUDQ SUXGHQFLDOPHQWH D GHFLGLU HO µDVXQWR
FRQVWLWXFLRQDO¶FXDQGRVHDQHFHVDULR
$Vt ODV FRVDV ODV FRUWHV SXHGHQ FHUUDU HO GHEDWH WDO FXDO FRPR OR SUHVFULELy HO
yUJDQR OHJLVODWLYR R VLPSOHPHQWH H[KRUWDQ DO OHJLVODGRU D WRPDU FLHUWDV PHGLGDV
SDUD UHVROYHU OD GHPDQGD VRFLDO $KRUD ELHQ VL HO OHJLVODGRU QR DWLHQGH WDOHV
VXJHUHQFLDV HQWRQFHV ORV MXHFHV FRQVWLWXFLRQDOHV GHVSXpV GH XQ ³WLHPSR GH
HVSHUD´HPSLH]DQDGDUUHVSXHVWDDODVGHPDQGDVGHODVRFLHGDGODVQHFHVLGDGHV
VRFLDOHVHWF$KRUDELHQWDOHVUHVSXHVWDVGHEHQDMXVWDUVHHVRVtDOD&RQVWLWXFLyQ
3ROtWLFD TXH ULMD HQ HO SDtV GHWHUPLQDGR KDVWD TXH ORV IDOORV MXGLFLDOHV ORJUHQ
VDWLVIDFHUODVHQVLELOLGDGVRFLDO\FRQVWLWXFLRQDO'HHVWDPDQHUDTXHGDHQILUPHOR
TXHHOMXH]FRQVWLWXFLRQDOKDGHFLGLGRTXHVHKDJDFRQIXQGDPHQWRHQORVROLFLWDGR
SRUODFLXGDGDQtD\OD&RQVWLWXFLyQ
/DPHWRGRORJtDSDUDDOFDQ]DUHVWRVIDOORVFRQVWLWXFLRQDOHVHVWiGDGREiVLFDPHQWHD
WUDYpV GH ORV SULQFLSLRV \ ORV µYDORUHV SHUGXUDEOHV¶ TXH HO MXH] GHVFXEUH HQ FDVRV
H[FHSFLRQDOHVGHQWURGHXQDVRFLHGDGHVGHFLUORVMXHFHVQRHVTXHWHQJDQTXH
HMHUFHU OD IXQFLyQ FRQVWLWXFLRQDO HQ WRGRV ORV FDVRV SXHV HVWR JHQHUD DFWLYLVPR
MXGLFLDOORTXHGHEHQ KDFHUHVSRQHUHQHMHUFLFLRODMXULVGLFFLyQFRQVWLWXFLRQDO DO
PHQRVSDUDHVWHFDVRGHOD³GLILFXOWDGFRQWUDPD\RULWDULD´HQDOJXQRVDVXQWRVTXH
VRQGHWUDVFHQGHQFLDQDFLRQDO\TXHPHUHFHQXQD UHVSXHVWDGHOD&RUWHDODOX]GH
OD &RQVWLWXFLyQ (Q HVWH RUGHQ GH LGHDV ODV UHVSXHVWDV GH XQ 7ULEXQDO \ ORV

,EtG %,&.(/$OH[DQGHU 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV
S

(Q WpUPLQRV GH %LFNHO ORV MXHFHV KDFHQ XVR GH ODV ³YLUWXGHV SDVLYDV´ TXH HV XQD WpFQLFD GH
DGMXGLFDFLyQ R QR FXDQGR ODV SHUVRQDV UHFODPDQ VXV GHUHFKRV 3RU HVWD UD]yQ SDUD HO DXWRU ODV
&RUWHV WLHQHQ YDULDV DOWHUQDWLYDV SDUD GHFLGLU HQ XQD GHPDQGD GH LQFRQVWLWXFLRQDOLGDG D VDEHU
GHFLGLUFRQVWLWXFLRQDOGHFLGLULQFRQVWLWXFLRQDORGHFLGLUQRGHFLGLU(VWD~OWLPDHVODPiVFRKHUHQWH\
SUXGHQWHSDUD%LFNHOSRUTXHVLHPSUHHOMXH]GHEHUiVHUPX\GHIHUHQWHFRQHOOHJLVODGRUSDUDTXH
UHVXHOYDQ HVWRV ~OWLPRV ORV DVXQWRV TXH DPHULWDQ XQ GHVDUUROOR OHJLVODWLYR $GHPiV HVWD WHVLV HV
PX\FRQVLVWHQWHFRQVX³PLQLPDOLVPRMXGLFLDO´TXHYDGHODPDQRGHODSUXGHQFLDMXGLFLDOHQFRQWUD
GHODFWLYLVPRMXGLFLDOHOFXDOFRQVLVWHHQVDFDUQRUPDVSRULQFRQVWLWXFLRQDOLGDG FRQWURODEVWUDFWR
VLQ HVSHUDU XQ GLiORJR PiV PDGXUR \ FRQFUHWR HQ OD VRFLHGDG VREUH HO DVXQWR FRQVWLWXFLRQDO HQ
GHILQLWLYDODVYLUWXGHVSDVLYDVWLHQHTXHYHUFRQHOWLHPSRLQGLFDGR\PHGLWDGRHQGRQGHORVMXHFHV
VLHQWHQODQHFHVLGDGGHLQWHUYHQLU
GLiORJRVTXHJHQHUDFXPSOHQFRQXQDµIXQFLyQHGXFDGRUD¶SDUDODFLXGDGDQtDTXH
HVHQWUHRWUDVFRVDVORTXHVHTXLHUHWDPELpQGHIHQGHUHQHVWH WUDEDMR
'H HVWH PRGR HO FDPLQR GH OD &RUWH HPSLH]D D GHVSHMDUVH FXDQGR HO FRQWURO
MXGLFLDO VH MXVWLILFD VyOR HQ HVWRV FDVRV HQ ORV TXH ORV µYDORUHV SHUGXUDEOHV¶
GHVFXELHUWRVSRUORVMXHFHVVRQ~WLOHVSDUDTXHXQDVRFLHGDGVHDPiVGHPRFUiWLFD
(VWRVYDORUHVQRHVWiQDKtOLVWRVSDUDVHUUHFHSFLRQDGRVSRUODVLQVWLWXFLRQHVFRPR
GLUtD 2ZHQ )LVV SRU HO FRQWUDULR VRQ YDORUHV TXH GHEHQ VHU LQWHUSUHWDGRV \
OOHQDGRVGHVLJQLILFDGRVSRUODIXQFLyQMXGLFLDO$%LFNHOSRUHMHPSOROHLQWHUHVDED
VDEHU GH TXp PDQHUD XQD &RUWH GDUtD VLJQLILFDGR D YDORUHV LPSOtFLWRV HQ XQD
&RQVWLWXFLyQ(VWRORSHQVDEDDGHPiVSRUTXHFRQRFtDGHODYHORFLGDGFRQODTXH
VHWRPDEDQODVGHFLVLRQHVHQXQDVRFLHGDGFDPELDQWH
%LFNHOFUHtDTXHORVYDORUHV\SULQFLSLRVGHXQDVRFLHGDGGHEtDQHVWDUDODDOWXUDGH
HVWDVH[LJHQFLDV\VHUDFRUGHVFRQHOWLHPSR 1RREVWDQWHHVWHVHUtDWDPELpQHO
PRPHQWR SDUD TXH XQD &RUWH H[SUHVDUD VX YHUGDGHUD IXQFLyQ FRQ HO FRQWURO GH
FRQVWLWXFLRQDOLGDGSHURPiVLPSRUWDQWHTXHORDQWHULRUHVTXHORVMXHFHVWLHQHQ
XQD RSRUWXQLGDG GH RUR SDUD JDQDU XQ HVSDFLR GH FRQILDQ]D IUHQWH D OD VRFLHGDG
TXHVHHQFXHQWUDHVFpSWLFDIUHQWHDVXVYHUGDGHURVUHSUHVHQWDQWHVHQHVWHFDVR
HOSRGHUOHJLVODWLYR\HOSRGHUHMHFXWLYR
$VtSXHV%LFNHOSHQVDEDHQODSRVLELOLGDG GHTXHORVMXHFHVHVWXYLHUDQHQXQµOXJDU
HVWUDWpJLFR¶ SDUD GDU VLJQLILFDGR D WDOHV SULQFLSLRV Pi[LPH FXDQGR KR\ HQ GtD
H[LVWHQFULVLVGHPRFUiWLFDVWDQIXHUWHV\UHFXUUHQWHV$XQTXHORVOHJLVODGRUHVGLFH
%LFNHOVRQWDQFDSDFHVFRPRRWURVKRPEUHVGHVHJXLUHOFDPLQRGHORVSULQFLSLRV
KD\PRPHQWRVHQORVTXHORVSLHUGHGHYLVWD\RWURGLVHxRFRQVWLWXFLRQDOVHKDFH
QHFHVDULR SDUD GDU UHVSXHVWD D ORV FRDVRFLDGRV GH XQ RUGHQDPLHQWR MXUtGLFR \
SROtWLFRHVSHFtILFR
3RU HMHPSOR HO VLVWHPD SROtWLFRMXUtGLFR DPHULFDQR QHFHVLWDED GH OD HYROXFLyQ GH
ORV SULQFLSLRV HQ FLUFXQVWDQFLDV PX\ QRYHGRVDV PiV TXH VRODPHQWH HQ OD
DSOLFDFLyQPHFiQLFDGHORVPLVPRV1RVHGHPDQGDEDVRORHOUHVSHWRGHODUHJOD
GH ORV SULQFLSLRV HVWDEOHFLGRV VLQR WDPELpQ TXH VH SURFXUDED XQ HVWDEOHFLPLHQWR
FUHDWLYRGLQiPLFR\ODUHQRYDFLyQGHXQFXHUSRFRKHUHQWHGHUHJODVFRQEDVHHQ

),66 2 (O GHUHFKR FRPR UD]yQ S~EOLFD WUDGXFFLyQ GH (VWHEDQ 5HVWUHSR 6DOGDUULDJD 0DGULG
(GLWRULDO0DUFLDO3RQV

3RU HMHPSOR VHJ~Q .XQDO 3DUNHU HO FRPPRQ ODZ HV XQ FRQWLQXR TXH VH YD DMXVWDQGR D ODV
UHDOLGDGHV MXUtGLFDV \ VRFLDOHV QR HV XQ DQWHFHGHQWH KLVWyULFR PXHUWR HV OR TXH KD H[LVWLGR
VLHPSUH SHUR TXH VH DGDSWD D ODV FLUFXQVWDQFLDV SXHV OD KLVWRULD HV FRQWLQJHQWH (Q HVWH PLVPR
RUGHQGHLGHDVORVMXHFHVORTXHKDFHQHQVXVMXULVSUXGHQFLDVHVLUDGDSWDQGRHVHFRQWLQXRDWUDYpV
GHODKLVWRULD&IU 3$5.(5. &RPPRQ/DZ+LVWRU\DQG'HPRFUDF\LQ$PHULFD,,/HJDO
7KRXJKWEHIRUH0RGHUQLVP&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
%LFNHO HUD XQ VHJXLGRU GH DTXHOODV WHRUtDV GHIHQVRUDV GH OD WUDGLFLyQ SRU FRORFDU XQ HMHPSOR
VHJXtDODVLGHDVGHXQRGHVXVPiVJUDQGHVUHSUHVHQWDQWHVGHHVWDWUDGLFLyQDVDEHU%XUNH&IU
%85.( ( 7H[WRV SROtWLFRV WUDGXFFLyQ GH 9LFHQWH +HUUHUR 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD

ORVSULQFLSLRVGHVFXELHUWRVSHURTXHODVOHJLVODWXUDVGHFtD%LFNHOKDQSUREDGRTXH
HVWiQPDOHTXLSDGDVSDUDGDUQRVDOJXQDVROXFLyQ
3RU HVWR SDUD %LFNHO WRGDV ODV OHJLVODWXUDV KDQ WHQLGR OD RSRUWXQLGDG GH GDU
VLJQLILFDGRDORVSULQFLSLRV6XFRQILDQ]DHQHVWDVGHFLVLRQHVODVWXYLHURQSULPHUR
ODV GHPRFUDFLDV UHSUHVHQWDWLYDV HPSHUR OD KLVWRULD KD PRVWUDGR TXH KDQ VLGR
LQFDSDFHVGHGDUVHQWLGRDWDOHVYDORUHVFRPRGLUtD7KD\HUµQRVHSXHGHVDEHUVL
QXHVWUDVOHJLVODWXUDVVRQORTXHVRQSRUTXHWHQHPRVUHYLVLyQMXGLFLDORVLWHQHPRV
UHYLVLyQMXGLFLDOSRUTXHQXHVWUDVOHJLVODWXUDVVRQORTXHVRQ¶
'H WRGRV PRGRV %LFNHO FUHH TXH D SHVDU GHO GLVHxR FRQVWLWXFLRQDO TXH WLHQH ORV
(VWDGRV 8QLGRV HV IXQGDPHQWDO IRPHQWDU HVH HVSDFLR GH µSUXGHQFLD MXGLFLDO¶ \
FDSDFLWDFLyQDFDGpPLFDSDUDWLSLILFDUORVSULQFLSLRVTXHXQDVRFLHGDGUHFODPD\TXH
VRSRUWDUiQHO FRQWUROMXGLFLDOHQFDVRVH[FHSFLRQDOHV$GHPiV SRUTXHHOFDUiFWHU
GHORV SULQFLSLRVHQODOHJLVODWXUDVRQ PX\GLIHUHQWHVDFyPRGHEHQVHUHQWHQGLGRV
GHVGH ORV MXHFHV SXHV HQ HOORV ORV SULQFLSLRV WLHQHQ TXH YHU FRQ FDVRV UHDOHV
PLHQWUDVTXHHQODVOHJLVODWXUDVFRQORVFDVRVDEVWUDFWRV

%,&.(/$ 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV2SFLWSS
(Q HVWH RUGHQ GH LGHDV HV TXH VH GLFH TXH OD &RUWH HVWi PHMRU HTXLSDGD SDUD HO µIRUR GH
SULQFLSLRV¶/D&RUWHFRQHVWDVGHFLVLRQHVSRQHDSUXHEDDODFRPXQLGDGSDUDGHOLEHUDUDVXQWRVGH
JUDQWUDVFHQGHQFLDTXHVHDGDSWHQRGHOLEHUHQHQXQµIRURRFRORTXLRGHSULQFLSLRV¶DFRUGHFRQOD
&RQVWLWXFLyQ
$Vt ODV FRVDV PLHQWUDV ORV FRQWUROHV HQWUH ORV SRGHUHV VH PXHYDQ FRQ XQ JUDGR GH PHVXUD \
SUXGHQFLD OD &RUWH HV OD LQVWLWXFLyQ PHMRU HTXLSDGD SDUD GDUQRV XQD UHJOD GH SULQFLSLRV TXH QRV
HVIRU]DPRV SRU DOFDQ]DU MXQWR FRQ HO SULQFLSLR GH DXWRJRELHUQR +DVWD HQ ORV PRPHQWRV PiV
FRQVHUYDGRUHV SRGUtD GHFLUVH OD &RUWH SURPRYLy HO µFRORTXLR GHOLEHUDWLYR¶ FXDQGR HO SUHVLGHQWH
)UDQNOLQ ' 5RRVHYHOW HQ QR VH VHQWtD YLQFXODGR D ORV SULQFLSLRV GH OD &RUWH HQ PDWHULD
HFRQyPLFD H LQVWy DO &RQJUHVR D VHJXLU XQ SURFHGLPLHQWR GLVWLQWR GHO µJRELHUQR SROtWLFR¶
HVWDEOHFLGRORTXHSURGXMRQRVRORXQQXHYRDFXHUGRVLQR QXHYRVSULQFLSLRVFRQVWLWXFLRQDOHVTXH
HUDQQHFHVDULRVGHVFXEULUSDUDIRUWDOHFHUDODGHPRFUDFLD
(QHOFDVRGHODGHVHJUHJDFLyQHVFRODUOD&RUWHJDQyODFRQILDQ]DTXHHQPXFKRVPRPHQWRVKDEtD
SHUGLGR\GHMyPX\FODURTXHFXDQGRVHHVWiHQFRQWUDGHOD&RUWHHVFRPRHVWDUHQFRQWUDGHOD
&RQVWLWXFLyQSXHVVLHPSUHVXVSULQFLSLRVEDVHVGHVXVGHFLVLRQHVHVWiQHQODFDUWDIXQGDPHQWDO
8QD &RUWH ORJUD HVWH REMHWLYR FXDQGR VDEH XWLOL]DU HO FRQWURO MXGLFLDO HQ HO PRPHQWR RSRUWXQR
FXDQGRVDEHFXiOHVHOPRPHQWRSROtWLFRLQGLFDGRORJUDQGRHOFRPSURPLVRGHVHDGRSRUSDUWHGHOD
FLXGDGDQtD\SRQLHQGRHQXQPLVPRGLiORJRKRUL]RQWDO\YHUWLFDODORVWUHVSRGHUHV
(QHVWHPRPHQWROD&RUWHHVWiFRPSOHWDPHQWHFRQYHQFLGDGHTXHQRVRORGHEHGHFLGLUFRQEDVHHQ
SULQFLSLRV MXVWLILFDFLyQLQWHUQDGHOFRQWUROMXGLFLDODODPDQHUDGHOVLORJLVPRMXUtGLFR VLQRWDPELpQ
FRQ EDVH HQ OD SUiFWLFD GHPRFUiWLFD MXVWLILFDFLyQ H[WHUQD GHO FRQWURO MXGLFLDO D OD PDQHUD GH ODV
WHRUtDVGHODDUJXPHQWDFLyQGHVGHHOSXQWRGHYLVWDWHyULFRGHOSURIHVRU0DQXHO$WLHQ]D 'HHVWH
PRGR ORV MXHFHV FRQVWLWXFLRQDOHV QR SRQHQ HQ SHOLJUR VX LQGHSHQGHQFLD \ VX DXWRQRPtD MXGLFLDO
SRU HO FRQWUDULR OD &RUWH DFW~D FRPR µSRGHU SURGHPRFUiWLFR¶ \ UHVXHOYH DO PLVPR WLHPSR OD
³GLILFXOWDG FRQWUDPD\RULWDULD´ GH PDQHUD FRUUHFWD HQ DUDV GHO IRUWDOHFLPLHQWR GH OD µUDPD PHQRV
SHOLJURVD¶
'H WRGRV PRGRV HVWDV LQWXLFLRQHV ELFNHOLDQDV KD\ TXH YHUODV FRQ UHVHUYD GH LQYHQWDULR \D TXH
VHJ~Q 5REHUW %XUW %LFNHO WRGDYtD HVWDED DUUDLJDGR HQ ORV WHPRUHV TXH OH SURGXMR HO KHFKR GH
KDEHU FRQRFLGR FRPR UXPDQR XQD VRFLHGDG UHVTXHEUDMDGD SRU OD IDOWD GH SULQFLSLRV SHUGXUDEOHV
GHVSXpVGHORRFDVLRQDGRFRQOD6HJXQGD*XHUUD0XQGLDO %8575³$OH[%LFNHO¶V/DZ6FKRRODQG
2XUV´7KH<DOH/DZ-RXUQDO SSVV
3RU WDQWR ORV HVWDWXWRV GHVSXpV GH WRGR WLHQHQ TXH YHU FRQ ORV SUREOHPDV
DEVWUDFWRV R TXH OHYHPHQWH VH KDQ SUHYLVWR 0LHQWUDV TXH ODV FRUWHV WLHQHQ TXH
YHUDOPHQRVHQORVFDVRVUHDOHVFRQOD³FDUQH´\FRQHO³KXHVR´(VWRWLHQGHD
PRGLILFDUODVFRVDV\EULQGDXQIXQGDPHQWRVDOXGDEOH SDUDWRGDVODVDEVWUDFFLRQHV
SRUTXH GH DFXHUGR FRQ +ROPHV OD IXQFLyQ HQ HO GHUHFKR HV OD GH µSHQVDU ODV
FRVDV QR ODV SDODEUDV¶ \ SRU HQGH OD HYROXFLyQ GHO GHUHFKR PHGLDQWH SULQFLSLRV
VHUiXQSURFHVRTXHVHSUXHEDDPHGLGDTXHVHFUHD $KRUDVHREVHUYDUiFyPR
VHFRQVWUX\HHVWD³LPDJHQGHSUHVWLJLR´DSDUWLUGHXQDFRQFHSFLyQGHPRFUiWLFDGH
ODMXGLFDWXUDHQPHGLRGHOD³GLILFXOWDGFRQWUDPD\RULWDULD´
(/ 32'(5 &2175$0$<25,7$5,2 '( /26 -8(&(6 96 /$ ³,0$*(1 '(
35(67,*,2´'(/$6&257(6
6LJXLHQGR HO KLOR FRQGXFWRU VHJ~Q HO FXDO ORV IDOORV GH ODV &RUWHV GHEHQ HVWDU
EDVDGRV HQ SULQFLSLRV \ YDORUHV SHUGXUDEOHV OR TXH LPSOLFD XQ HVIXHU]R SRU GDU
FODULGDGDODµMXULVSUXGHQFLDDEVWUDFWD¶DWUDYpVGHFDVRVUHDOHVORVMXHFHVHQWRQFHV
YDQDGTXLULHQGRXQDµIXQFLyQHGXFDGRUD¶HQODVRFLHGDGFRQEDVHHQVXVIDOORV$
SDUWLU GH OD MXULVSUXGHQFLD GH ORV MXHFHV HVWRV SRQGUiQ HQ MXHJR OD ³LPDJHQ GH
SUHVWLJLR´TXHTXLHUHQORJUDURPDQWHQHUTXHQRVHFUHDGHJROSHVLQRDWUDYpV
GHXQFRQWLQXRHQODKLVWRULD\FRQVWUXFFLyQGHXQ7ULEXQDO7DODILUPDFLyQGDUiSLH
SDUD GHFLU TXH HO FRQWURO MXGLFLDO VHUi HO PiV SURWDJyQLFR SDUD HPSH]DU HVH
FDPLQR GH IDUR GH XQD FRPXQLGDG MXUtGLFD GHWHUPLQDGD GH DKt TXH HO FRQWURO
MXGLFLDOQRVHMXVWLILFDSRUVtPLVPRHVGHFLUFRQEDVHHQVXPHUDH[LVWHQFLDHQXQ
RUGHQDPLHQWR MXUtGLFR VLQR TXH GHSHQGH GH OD ³LPDJHQ GH DVFHQGHQFLD´ TXH
WLHQHQODV&RUWHVFRQVXVIDOORVHQHVWHFRQWUROVREUHODVRFLHGDG
(QWUHRWUDVFRVDVSRUTXHGHSHQGLHQGRGHODEXHQDRPDODLPDJHQTXHWHQJDXQD
&RUWH OD ³GLILFXOWDG FRQWUDPD\RULWDULD´ DXPHQWD R GLVPLQX\H IUHQWH D OD
FLXGDGDQtD 3RU HVWD UD]yQ HV GHVHDEOH DEUD]DU HO DUJXPHQWR VHJ~Q HO FXDO OD
µLPDJHQ¶GHXQWULEXQDOSXHGHLQIOXLURQRHQODDFDGHPLDMXUtGLFD\HQODVRFLHGDG
HQJHQHUDOSHURORPiVUHOHYDQWHKD\TXHLQWHQWDUFRQWUDUUHVWDUODVUD]RQHVSRU
ODVFXiOHVVHFUHHTXHHOSRGHUMXGLFLDOHVXQµSRGHUFRQWUDPD\RULWDULR¶\QXQFDXQ
SRGHU SURGHPRFUiWLFR (VWD SRVLFLyQ VH RSRQH DO DUJXPHQWR TXH FRQVLGHUD TXH
H[LVWHQ UD]RQHV DOWHUQDWLYDV SDUD H[SOLFDU TXH ORV MXHFHV WDPELpQ SXHGHQ VHU

%,&.(/$ 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFVRSFLWS
$TXtKD\WRGDXQDFRUULHQWHGHOUHDOLVPRMXUtGLFRTXHHVWiLPSUHJQDGDHQ%LFNHO\HQWRGRHO
GLVHxRFRQVWLWXFLRQDOQRUWHDPHULFDQRHQGRQGHHOGHUHFKRPiVTXHWUDEDMDUVHDSDUWLUGHWHRUtDV
VH LQYHVWLJD D WUDYpV GH ORV FDVRV UHDOHV 2WUR WDQWR VH SXHGH GHFLU D SDUWLU GH ORV ILOyVRIRV GH
2[IRUG HQWUH HOORV - 6HDUOH \ - $XVWLQ TXLHQHV EXVFDEDQ D WUDYpV GHO OHQJXDMH RUGLQDULR HQ
FRQWUD GHO OHQJXDMH IRUPDO \ OyJLFR GH :LWWJHQVWHLQ FRQVWUXLU XQD UHDOLGDG VRFLDO 9HU D 6($5/(
-RKQ /D FRQVWUXFFLyQ GH OD UHDOLGDG VRFLDO %DUFHORQD (GLWRULDO 3DLGyV $867,1 -RKQ /
&yPRKDFHUFRVDVFRQSDODEUDV%DUFHORQD3DLGyV :,77*(167(,1/XGZLJ 7UDFWDWXVOyJLFR
SKLORVRSKLFXV0DGULG$OLDQ]D(GLWRULDO
SURGHPRFUiWLFRV \ HQ HVH VHQWLGR OD ³LPDJHQ GH GHVSUHVWLJLR´ GH XQD &RUWH
&RQVWLWXFLRQDOSXHGHFDPELDU
8QD UD]yQ HQ FRQWUD GH ORV HVFpSWLFRV GHO FRQWURO MXGLFLDO HV TXH HO SULQFLSLR
GHPRFUiWLFRKDHVWDGRLQFRUSRUDGRHQ QXHVWUDFXOWXUDMXUtGLFDGHWDOPDQHUDTXH
QR VH FRQVLGHUD RWUR DUJXPHQWR SDUD SHQVDU HQ RWURV GLVHxRV GHPRFUiWLFRV \
PHQRVVLYLHQHQGHDOJ~QHOLWLVPRMXGLFLDO1RREVWDQWHIUHQWHDHVWDWHVLVHVFRQ
OD TXH VH HQIUHQWD HO LGHDO GH TXH ORV MXHFHV SXHGHQ HMHUFHU HQ GHELGD IRUPD HO
FRQWUROMXGLFLDOSXHVVHFUHHTXHORVMXHFHVHVWiQHQXQ³OXJDUHVWUDWpJLFR´PHMRU
TXHHOGHORVFRQJUHVLVWDVRSDUODPHQWDULRV(QHVWRVQRVHGHOLEHUDUDFLRQDOPHQWH
VLQR TXH VXV UD]RQHV VRQ HJRtVWDV LQWHUHVDGDV \ SROtWLFDV PLHQWUDV TXH HQ
DTXHOORVVHGDHQXQHVSDFLRGHGHOLEHUDFLyQ\PHGLWDFLyQUDFLRQDOVLQLQIOXHQFLDV
SROtWLFDV QL LQWHUHVDGDV 3RU HVWR VRVWLHQH %LFNHO OD GHPRFUDFLD HVWi OOHQD GH
HPRFLRQHV TXH SHUWXUEDQ HO GXOFH REUDU GH OD PHQWH KXPDQD PLHQWUDV TXH HO
µDLVODPLHQWR¶\HOµPDUDYLOORVRPLVWHULRGHOWLHPSR¶OHV GDQDODVFRUWHVODFDSDFLGDG
GHDSHODUDODPHMRUQDWXUDOH]DGHORVKRPEUHVSDUDGHVFXEULUVXVDVSLUDFLRQHV\
QHFHVLGDGHVODVFXDOHVVHSXHGHQROYLGDUHQHOPDWL]GHOPRPHQWR
'HHVWHWHQRUHUDHOSODQWHDPLHQWRGHOSURIHVRU1pVWRU2VXQDHQ&RORPELDFXDQGR
OODPDED OD DWHQFLyQ HQ HVWH WHPD HQ SDUWLFXODU WDO YH] SHQVDQGR HQ %LFNHO
PDQLIHVWDED OR VLJXLHQWH ³/RV MXHFHV UHDFFLRQDQ HQ XQ WLHPSR PXFKR PiV
KXPDQRHQXQWLHPSRTXHQRHVGHHVSHFWiFXORTXHVHSHUPLWHSRUODUHIOH[LyQ
HOGHEDWHODDUJXPHQWDFLyQHOLQWHUFDPELRGHLGHDV3UREDEOHPHQWHHVWHPRGRGH
SURFHGHU SDUH]FD GLVIXQFLRQDO IUHQWH DO OXVWUH GH OD FiPDUD GH WHOHYLVLyQ R GH OD
RSLQLyQ S~EOLFD FRQ VXV LQTXLHWXGHV FRWLGLDQDV SHUR HV HVHQFLDO SDUD HO
IXQFLRQDPLHQWRGHXQDGHPRFUDFLDFUtWLFD\PDGXUDHVGHFLUXQDGHPRFUDFLDFRQ
ODFXDOYDOJDODSHQDFRPSURPHWHUVH´
'HDKtTXHODVFRUWHVDXQTXHSXHGDQGHDOJ~QPRGRGHVDOHQWDUORVHVIXHU]RVGH
ODV SHUVRQDV \ ODV OHJLVODWXUDV SDUD HGXFDUVH D Vt PLVPDV WDPELpQ VRQ XQD
LQVWLWXFLyQ DOWDPHQWH HIHFWLYD /RV MXHFHV FRPR OR KDUtD YHU WDPELpQ (XJHQH
5RVWRZ³VRQSURIHVRUHVLQHYLWDEOHVHQXQVHPLQDULRYLWDOQDFLRQDO´

&IU 2681$1pVWRU0HVDGHGLVFXVLyQ /DWHQVLyQHQWUHODVFRUWHVFRQVWLWXFLRQDOHV\ORVRWURV
SRGHUHV GHO (VWDGR HQ +(1$2 -XDQ &DUORV HG 'LiORJRV FRQVWLWXFLRQDOHV GH &RORPELD FRQ HO
PXQGR9,, (QFXHQWURGHOD-XULVGLFFLyQ&RQVWLWXFLRQDO%RJRWi8QLYHUVLGDG([WHUQDGRGH&RORPELD
2SFLW S

5HFRUGHPRV TXH GHVGH KDFH XQRV DxRV SDUD DFi OD &RUWH &RQVWLWXFLRQDO FRORPELDQD YLHQH
UHDOL]DQGRXQDVHULHGHHYHQWRVGHQRPLQDGRV (QFXHQWURVGHODMXULVGLFFLyQFRQVWLWXFLRQDO(QHVWRV
HQFXHQWURV ORV PDJLVWUDGRV GH HVWD &RUWH ORV SURIHVRUHV PDJLVWUDGRV GH RWUDV FRUWHV \ SDtVHV
IXQFLRQDULRV GH RWUDV UDPDV GHO SRGHU HQWUH RWURV VRQ LQYLWDGRV SDUD WRFDU WHPDV GH JUDQ
WUDQVFHQGHQFLD QDFLRQDO HQ GHEDWHV VREUH GHUHFKRV GHPRFUDFLD MXVWLFLD (VWDGR SROtWLFD HQWUH
RWURVGRQGHODDVLVWHQFLDHVXQDGHODVPiVFRQFXUULGDVTXHKD\HQHOSDtVDQLYHOGHHQFXHQWURV
DFDGpPLFRV \ FDGD YH] PiV DXPHQWD VX SRSXODULGDG 7DQWR TXH HQ ORV ~OWLPRV HYHQWRV SRU
FDSDFLGDGGHORVDXGLWRULRV\SRUHOOODPDGRGHODJHQWHDFRQFXUULUOD&RUWH&RQVWLWXFLRQDOGHFLGLy
WUDQVPLWLUHOHQFXHQWURYtD:HESDUDPXFKRVOXJDUHVGHOSDtV
(VWH HV XQ HQFXHQWUR QDFLRQDO \ DFDGpPLFR IRUMDGRU GH YDORUHV FRPR &RUWH HQ VX µIXQFLyQ
HGXFDGRUD¶$GHPiVHVWDHVRWUDIRUPDGLVWLQWDGHVXVIDOORVSDUDTXHODVFRUWHVSURPXHYDQHVH
3RU WDQWR DO GHFLU GH %LFNHO QR KD\ RWUD UDPD GHO JRELHUQR QRUWHDPHULFDQR TXH
HVWpVLTXLHUDWDQELHQHTXLSDGDSDUDUHDOL]DUGLFKDWDUHDSXHVQRHVXQDVRFLHGDG
WDQ GLYLGLGD FRPR SDUD TXH OD &RUWH QR SXHGD FRODERUDU FRQ HOOD 6RODPHQWH HQ
VRFLHGDGHV GHPDVLDGR SULPLWLYDV \ DEVXUGDV ODV &RUWHV QR SXHGHQ KDFHU QDGD
SHURPLHQWUDVVH PDQWHQJDHOXVRGHODUD]yQGHPRFUiWLFD\ODVVRFLHGDGHVSDUWDQ
GHFRQVWLWXFLRQHVIOH[LEOHVVHMXVWLILFDUiHOFRQWUROFRQVWLWXFLRQDOGHODVOH\HV
(QFRQVHFXHQFLDFRQEDVHHQORVYDORUHVSHUGXUDEOHV\ODFRQILDQ]DTXHOD&RUWH
YD DGTXLULHQGR FRQ HO S~EOLFR VH YD JDQDGR XQ HVSDFLR GH µFRQVHQWLPLHQWR
GHPRFUiWLFR¶ HQ HO VHQR GH OD VRFLHGDG /R TXH KDFH TXH OD ³GLILFXOWDG
FRQWUDPD\RULWDULD´GLVPLQX\DHQUD]yQGHOELHQHVWDUGHODµUDPDPHQRVSHOLJURVD¶
TXH VHJ~Q %LFNHO GHVGH HO )HGHUDOLVWD KD VLGR HO SRGHU MXGLFLDO \ WUDVODGD HO
HVSHFWURGHOµSRGHUFRQWUDPD\RULWDULR¶DODVRWUDVUDPDVGHOSRGHU
%LFNHOSRUHMHPSORHVFRQVFLHQWHGHORVYDORUHVSHUGXUDEOHVTXHGHEHQH[LVWLUHQ
XQD VRFLHGDG GHPRFUiWLFD 5HFRQRFH TXH GLFKRV YDORUHV GHEHQ VHU GLVFXWLGRV
DUGXDPHQWH GHQWUR GH OD VRFLHGDG SHUR WDPELpQ TXH HVWRV QR VH LQVWDXUDQ D
WUDYpVGHXQUHIHUHQGRRGHODQRFKHDODPDxDQD/D&RUWHSRUVXH[SHULHQFLD\
VXGXUDOXFKDLQVWLWXFLRQDOSRUHMHPSOR HQORV(VWDGRV8QLGRVWLHQHODFDSDFLGDG
GHHQWHQGHU\GHLQWHUSUHWDUHQTXpPRPHQWRVGLFKRVFDVRVFRQVWLWXFLRQDOHVTXH
VH GHPDQGDQ HQ OD YLGD FRWLGLDQD OOHJDQ DO JUDGR GH µPDGXUH]¶ VXILFLHQWH 1R
REVWDQWHDXQTXHOD&RUWHUHVSRQGHDODVQHFHVLGDGHVGHODVRFLHGDGHVWRHVXQ
FDPLQRTXHGHEHUtDVHUHMHUFLGRHQSULPHUDLQVWDQFLDSRUHOOHJLVODWLYR
3RUHOOROD&RUWHORJUDVXLQWHUYHQFLyQ\ODFRQILDQ]DFRQODVRFLHGDGFXDQGRDFW~D
HQ PRPHQWRV VLJQLILFDWLYRV SDUD HOOD TXH SXHGHQ RFDVLRQDUVH PiV IiFLOPHQWH HQ
FXHVWLRQHV PiV HVWUXFWXUDOHV TXH UHTXLHUHQ GHEDWHV PiV LQWHQVRV \ QR
VLPSOHPHQWHXQGHEDWHGHPRFUiWLFRSROLWL]DGRHQODDVDPEOHDOHJLVODWLYD
/D &RUWH H[SUHVD %LFNHO ³DSDUHFH SUHGHVWLQDGD HQ HO ODUJR SOD]R QR VROR SRU OD
HVFDORIULDQWHWUDGLFLyQGHODOH\GHORVDQJORDPHULFDQRVVLQRWDPELpQSRUORVGXURV
KHFKRVGHVXSRVLFLyQHQODHVWUXFWXUDGHODVLQVWLWXFLRQHVQRUWHDPHULFDQDVDVHU
ODYR]GHODUD]yQFDUJDGDFRQODIXQFLyQFUHDWLYDGHOGLVFHUQLPLHQWRQXHYR\GH
DUWLFXODU\GHVDUUROODUSULQFLSLRVLPSHUVRQDOHV\GXUDGHURV´

µIRUR R FRORTXLR GHOLEHUDWLYR GH SULQFLSLRV¶ \ DVt JHQHUDU HVH µGLiORJR LQWHULQVWLWXFLRQDO¶ (Q HO ,;
&RQYHUVDWRULR GH OD -XULVGLFFLyQ &RQVWLWXFLRQDO 'LiORJR &RQVWLWXFLRQDO SDUD OD SD] HQ GRQGH VH
GLVFXWLySRUWUHVGtDVODVUHVSXHVWDVGLOHPDV\SUREOHPDVTXHHOJRELHUQRHVWiHQIUHQWDQGRHQOD
+DEDQD FRQ ODV )$5& /DV H[SRVLFLRQHV TXH DOOt VH GLHURQ IXHURQ VLQ GXGD XQ GLiORJR
LQWHULQVWLWXFLRQDO HQ HO TXH VH FRQMXJDEDQ GLIHUHQWHV HQWHV GHO JRELHUQR \ GH OD GHPRFUDFLD SDUD
LQWHQWDUOOHJDUDXQDFXHUGR\DVtLQWHQWDUWHUPLQDUFRQXQDJXHUUDTXHQRVDJRELDKDFHPiVGH
DxRV

%,&.(/$ 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV2SFLW S

,EtGS$OH[DQGHU+DPLOWRQHQODVHULHGHORVHQVD\RVHQ (O)HGHUDOLVWD GXGyHQVXHVFULWR
VH[DJpVLPR TXLQWR GHIHQGLHQGR OD HOHFFLyQ GHO 6HQDGR HQ YH] GH OD 6XSUHPD &RUWH SDUD
GHFLGLUVREUHORVMXLFLRVGHDFXVDFLyQTXHOD&RUWH³RVWHQWDUDHOJUDGRGHDVFHQGLHQWH\DXWRULGDG´
DGHFXDGD ³FRQ PLUDV D UHFRQFLOLDU DO SXHEOR FRQ XQD GHFLVLyQ«´ 'HMDQGR GH ODGR HO WHPD GH ODV
DFXVDFLRQHV RILFLDOHV HO WLHPSR KD GLVLSDGR HVWD GXGD HQ JUDQ PHGLGD (Q HIHFWR -HIIHUVRQ
¢3RUTXpWRGRHVWROOHYDDSHQVDUTXHODV&RUWHVFRQWULEX\HQDODGHPRFUDFLD"(VWR
QR TXLHUH GHFLU FRPR SHQVDED HO MXH] +DQG ±VHJ~Q %LFNHO± TXH ORV ~QLFRV TXH
SXHGHQ IRUWDOHFHU OD GHPRFUDFLD VHDQ ORV MXHFHV &XDOTXLHU FLXGDGDQR SXHGH
KDFHUOH µRULILFLRV¶ D OD GHPRFUDFLD SXHV ORV YDORUHV QR VRQ DEVROXWRV QL SXHGH
H[LVWLUXQDUD]DHVSHFtILFDGHKRPEUHVTXHSXHGDQOOHYDUDFDERGLFKDODERU%LFNHO
WDQ VROR TXLHUH SHUVXDGLU FRQ VX SURSXHVWD GH TXH OD &RUWH SXHGH D\XGDU D
HQFDX]DU HVWRV YDORUHV TXH OD VRFLHGDG GHPDQGD SRU PHGLR GH XQ µGLiORJR
LQWHULQVWLWXFLRQDO¶ TXH HYLWH HQFRQWUDUVH FRQ ODV WHVLV GH OD µ~OWLPD SDODEUD¶ \ GHO
µHOLWLVPRMXGLFLDO¶
6HGHEHUHFRUGDUTXHHOFDPLQRGHODGHPRFUDFLDGHOLEHUDWLYDGHEHGDUVHSULPHUR
GHODVRFLHGDGKDFLDOD&RUWH\GHHVWDVLHVSRVLEOHGHQXHYRKDFLDODVRFLHGDG\
QRDOFRQWUDULR(VGHFLUVLHPSUHODVRFLHGDGVHUiOD³SULPHUD\OD~OWLPDSDODEUD´
PLHQWUDV TXH ODV &RUWHV WDQ VROR VHUiQ XQD ³SDODEUD LQWHUPHGLDULD´ HQWUH OD
VRFLHGDG \ ODV LQVWLWXFLRQHV GHPRFUiWLFDV (Q HVWH VHQWLGR HQ WpUPLQRV
GHPRFUiWLFRVHQQLQJ~QPRPHQWROD&RUWHGHELOLWDUtDDODGHPRFUDFLD\DTXHVROR
VHUtDSURPRWRUDGHODVGHPDQGDVGHODVRFLHGDGFRQEDVHHQODFRQILDQ]DTXHVH
JHQHUDHQHOOD\HQXQDGHVFRQILDQ]DFUHDGDHQHOOHJLVODWLYR(QGHILQLWLYD%LFNHO
HV FRQVFLHQWH GH TXHOD VRFLHGDG HV XQD LQYHUVLyQ FRP~Q HQ GRQGH WRGRV GHEHQ
DSRUWDUFRQVXH[SHUWLFLDHQORVGHEDWHVS~EOLFRV

FXDQGRHVFULELyDORV-XHFHVVROLFLWDQGRVXRSLQLyQFRQVXOWLYD KDEOyHQQRPEUHGHXQSUHVLGHQWH
TXHGHVHDEDVXDSR\R HOGHORVMXHFHV SXHV³VXDXWRULGDGDVHJXUD UtD HOUHVSHWRGHWRGDVODV
SDUWHV´
&RQHVWRTXLHUHKDFHUHQWHQGHU%LFNHOFyPRGHSHQGLHQGRGHXQDIDPDGHOD&RUWHODVWHQGHQFLDV
SROtWLFDV \ GHPRFUiWLFDV SXHGHQ YDULDU SXHV GH OD DFHSWDFLyQ R QR GH FLHUWDV SROtWLFDV OD &RUWH
GHWHUPLQDUi ORV VLJXLHQWHV PRYLPLHQWRV VRFLDOHV \ OD OXFKD R QR HQWUH ORV SRGHUHV HV GHFLU VH
SURGXFLUiQ JUDGRV GH µREMHFLyQ GHPRFUiWLFD¶ GHSHQGLHQGR GHO FRQVHQWLPLHQWR PRUDO TXH KD\D
IUHQWHDOD&RUWH
3RUDKRUDVRORSRGHPRVGHFLUTXHGHSHQGLHQGRGHODSR\RTXHWHQJDHQODVRFLHGDGXQDUDPDGHO
SRGHU OD µREMHFLyQ GHPRFUiWLFD¶ SXHGH GLVPLQXLU R DXPHQWDU SDUD ODV GHPiV (VWDV IXHU]DV
FRQWUDPD\RULWDULDV KDEUi TXH SRQHUODV D OD OX] SDUD GLOXFLGDU PHMRU HO GHEDWH HQ WRUQR D OD
DPSOLDFLyQGHOD³GLILFXOWDGFRQWUDPD\RULWDULD´\GHO³SRGHUFRQWUDPD\RULWDULR´DORVGHPiVSRGHUHV
&IU/,1$5(66/D , OHJLWLPLGDGGHPRFUiWLFDGHOFRQWUROMXGLFLDOGHODVOH\HV0DGULG0DUFLDO3RQV

3DUDHOFRQIOLFWRHQWUHORVYDORUHV&IU %(5/,1, 'RVFRQFHSWRVGHOLEHUWDG \VXGHEDWH
FRQ'ZRUNLQHQHO,PSHULRGHOD-XVWLFLD \ /RVGHUHFKRVHQVHULR

(QWHRUtDFRQVWLWXFLRQDOKD\FRUULHQWHVTXHVRVWLHQHQTXHORVMXHFHVVRQOD³~OWLPDSDODEUD´SDUD
GHFLGLU DVXQWRV FRQVWLWXFLRQDOHV HV GHFLU TXH ORV WULEXQDOHV IXQFLRQDQ FRPR WULEXQDOHV GH FLHUUH
3HUR KD\ RWUDV FRUULHQWHV TXH H[SUHVDQ TXH WDO DUJXPHQWR OR TXH KDFH HV GHIHQGHU XQ ³HOLWLVPR
MXGLFLDO´TXHVRVWLHQHTXHORVMXHFHVQRVHHTXLYRFDQ\TXHODVRFLHGDGQRSXHGHDXWRJREHUQDUVH
GHDKtODUD]yQGHDFHSWDUTXHDOJXQRVMXHFHVSXHGDQGHFLGLUTXpSXHGHKDFHUXQDVRFLHGDGFRQ
VXVSURSLDVYLGDV6LQHPEDUJRHVWD~OWLPDFRUULHQWHFDHHQXQ SUREOHPD\HVTXHYDHQFRQWUDYtD
GHODGHPRFUDFLDSRSXODU\SRUHVWRORPiVUD]RQDEOHHVHOLPLQDUHVWDVIDFXOWDGHVGHORVWULEXQDOHV
FRQVWLWXFLRQDOHV3HURODGHPRFUDFLDPD\RULWDULDQRVLHPSUHWLHQHODUD]yQ\SXHGHQRSULPLUDODV
PLQRUtDV HQ DOJXQDV GH VXV GHFLVLRQHV DVt TXH ORV MXHFHV SXHGHQ YROYHUVH LPSRUWDQWHV HQ HVWRV
FDVRVRQRVTXHGDPRVHQ³WDEODV´VLQVDEHUSDUDGRQGHFRJHU
3RU FRQVLJXLHQWH HV SRVLEOH GHIHQGHU XQD µMXGLFDWXUD SURGHPRFUiWLFD¶ \ QR EDVWD
VRODPHQWHFRQXQDMXVWLILFDFLyQGHOFRQWUROMXGLFLDOVLQRTXHWDPELpQHVQHFHVDULD
OD³LPDJHQGHSUHVWLJLR\GHDXWRULGDG´TXHSXHGHWHQHUXQD&RUWH6LQHPEDUJR
QRFXDOTXLHU&RUWHWLHQHVLQWRQtDFRQODVRFLHGDGFRPRSDUDWHQHUWDO³LPDJHQGH
DVFHQGHQFLD´ \ GDU JDUDQWtD GH OHJLWLPLGDG 'HEH VHU XQD &RUWH TXH VH µWRPH HQ
VHULR¶ORVSULQFLSLRVTXHODVRFLHGDGUHFODPD
3RU HMHPSOR XQD IRUPD GH YHU FyPR HV TXH XQD &RUWH SXHGH JDQDU GLFKD
³LPDJHQ´ IXH HO UHVXOWDGR GH OD DSOLFDFLyQ GHO µSULQFLSLR GH LQWHJUDFLyQ¶ FRQWUD OD
µVHJUHJDFLyQUDFLDO¶HQHOFDVR%URZQY %RDUGRI(GXFDWLRQ HQHQORV(VWDGRV
8QLGRV 2WUR FDVR HV \ JXDUGDQGR ODV SURSRUFLRQHV HQ &RORPELD HO µSULQFLSLR GH
LJXDOGDG¶ ±TXH VH HVWDEOHFLy HQ HO FDVR GHO µPDWULPRQLR KRPRSDUHQWDO¶±TXH VH
ORJUy GHVSXpV GH XQD OXFKD MXULVSUXGHQFLDO \ GH PRYLPLHQWRV VRFLDOHV HVWR VLQ
ROYLGDUODOtQHDMXULVSUXGHQFLDOTXHVHKDEtDFUHDGRHQWRUQRDODSURWHFFLyQGHOD
DXWRQRPtD
(O WLHPSR GLUi VL HQ HO FDVR FRORPELDQR OD &RUWH ORJUy JDQDU OHJLWLPLGDG \
DXWRULGDGDWUDYpVGHHVWDGHFLVLyQ3HURFRPRVHYLHQHLQVLQXDQGROD³DXWRULGDG
PRUDO´ GH XQD &RUWH QR VH ORJUD GH OD QRFKH D OD PDxDQD HV QHFHVDULR XQ DOWR
JUDGR GH FRKHUHQFLD HQ VXV DFWXDFLRQHV 6H FUHH TXH HV DOOt HQ GRQGH HVWi HO
ULHVJR\ODLQFHUWLGXPEUHGHOD&RUWHFRORPELDQDSXHVVXLPDJHQGHUHVSHWRSXGR
KDEHUGLVPLQXLGRFRQRWURVIDOORVHQORVTXHKDVLGRSDOSDEOHOD³VXVWLWXFLyQGHOD
&RQVWLWXFLyQ´ FRPR KDQ VLGR ORV KHFKRV HQ WRUQR D ODV VHQWHQFLDV VREUH HO
UHIHUHQGRUHHOHFFLRQLVWDHQHOFDVRGHOH[SUHVLGHQWHÈOYDUR8ULEH9pOH]
6LQ OXJDU D GXGDV ODV &RUWHV WLHQHQ XQD ³LPDJHQ GH SUHVWLJLR´ TXH SXHGH VHU
SRVLWLYD R QHJDWLYD GHSHQGLHQGR GH OR TXH KD\DQ KHFKR D WUDYpV GH VX KLVWRULD
HVWDLPDJHQWDPELpQSXHGHGHEHUVHDORVSHUVRQDMHVKLVWyULFRVTXHKD\DQDFWXDGR
HQDTXHOORVWULEXQDOHV3HUR VREUHWRGRVXLPDJHQGHSHQGHGHOLPSDFWRQRVROR
HQ OR ORFDO VLQR WDPELpQ LQWHUQDFLRQDOPHQWH GH OR TXH KD\DQ KHFKR SRU XQD
VRFLHGDGGHPRFUiWLFDGHVGHHOSXQWRGHYLVWDFRQVWLWXFLRQDO\FRQVWUXFWLYRSDUDODV
SHUVRQDV
/RDQWHULRUWDPELpQSXHGHH[SOLFDUVHFODUDPHQWHFRQXQDDQpFGRWD%ODFNFLWDGR
SRU %LFNHO HQ OD REUD HQ HVWXGLR FXHQWD OD KLVWRULD GH XQ LQWHOHFWXDO IUDQFpV TXH
GHVSXpV GH OOHJDU DO PXHOOH GH 1XHYD <RUN H[FODPy ³£(V PDUDYLOORVR UHVSLUDU HO
GXOFHDLUHGHODOHJLWLPLGDG´&XHQWD%LFNHOTXHORTXH OOHQyGHDLUHVXVSXOPRQHV
SDUDH[FODPDUGLFKDIUDVHIXHURQODVGLIHUHQWHVDUELWUDULHGDGHVTXHOHKDEtDWRFDGR
YLYLUHQVXPDGUHSDWULD0LHQWUDVTXH DKRUDVHQWtDXQGXOFHµRORU GHOHJLWLPLGDG¶
TXHHUDWUDQVPLWLGRSRUOD&RUWH6XSUHPDGHORV(VWDGRV8QLGRV
3RU HVWR OD OHJLWLPLGDG GH ODV LQVWLWXFLRQHV TXH VRQ OD HVWDELOLGDG GH XQ EXHQ
JRELHUQRFRQHOSDVRGHOWLHPSRHVHOIUXWRGHOFRQVHQWLPLHQWRGHFLHUWDVDFFLRQHV

/D&RUWH&RQVWLWXFLRQDOFRORPELDQDKDVLGRHMHPSORDVHJXLUHQPXFKRVSDtVHVODWLQRDPHULFDQRV
6XKLVWRULDFRQVWLWXFLRQDOKDVLGRULFDHQPDWHULDGHGHUHFKRVIXQGDPHQWDOHV\VRFLDOHVWDQWRTXH
OD PLVPD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV WDPELpQ KD FLWDGR DOJXQRV GH VXV
SUHFHGHQWHV
HVSHFtILFDVGDGDVSRU OD DXWRULGDG$VtHOµFRQVHQWLPLHQWR¶GDGR DOHMHUFLFLRGHOD

DXWRULGDGGHXQDPD\RUtDSUHVHQWHHVORTXHRIUHFHOHJLWLPLGDG
6LQ HPEDUJR SDUD %LFNHO HO µFRQVHQWLPLHQWR¶ SURPRYLGR GHVGH OD &RUWH QR YD D
GHSHQGHU VROR GHO FRQWH[WR GH VX SDtV VLQR TXH ODQ]D XQ PHQVDMH DFHUFD GHO
FRQVHQWLPLHQWRTXHGHEHQJDQDUORVMXHFHVHQJHQHUDOFRQODVRFLHGDGHVWpQHQ
GRQGH HVWpQ 8Q FRQVHQWLPLHQWR WiFLWR TXH VH GLR D SDUWLU GH OD LGHD GH /RFNH
SRUHOUHVSHWRDXQRVSULQFLSLRVEiVLFRVSDUDORJUDUHO(VWDGRFLYLO
1R KD\ GXGD SLHQVD %LFNHO GH TXH OD &RUWH SXHGH D\XGDU D OD DSUREDFLyQ
PHGLDQWHHO DVHJXUDPLHQWRGHORVSULQFLSLRVGH DTXHOORVTXHKDQ SHUGLGRHQXQD
EDWDOOD SROtWLFD SXHV WLHQH XQD WHQGHQFLD QR VRODPHQWH KDFLD OD GHIHQVD GH ORV
GHUHFKRV GH OD PD\RUtD VLQR WDPELpQ TXH VH YXHOYH HO VtPEROR FRQVWLWXFLRQDO GH
ODVPLQRUtDV GHHVWHPRGRVHQHXWUDOL]DOD³GLILFXOWDGFRQWUDPD\RULWDULD´
$XQDVtODLPDJHQGHOD&RUWHQRVHORJUDGHYH]HQFXDQGRQLVHGDGHXQVROR
JROSH FRPR RFXUUH FRQ ODV HOHFFLRQHV GHO HMHFXWLYR \ GHO OHJLVODWLYR /D &RUWH YD
DGTXLULHQGRXQDLPDJHQ FRQHOSDVRGHOWLHPSRHVWRHVQRVHJDQDFRQXQVROR
FDVR QL VH SLHUGH FRQ HO RWUR 6X LPDJHQ GHSHQGH HQ JUDQ PHGLGD GH OD
FRQWLQXLGDG SRU HMHPSOR GH DOJXQRV PDJLVWUDGRV TXH VRQ FRKHUHQWHV FRQ ORV
OODPDGRVGHODVRFLHGDG\GHOD&RQVWLWXFLyQSHURTXHHVWiQDVXYH]SHQGLHQWHV
FRQORTXHUHFODPDQORVPRYLPLHQWRVVRFLDOHVTXLHQHVSUHVLRQDQQXHYRVFDPELRV
GHQWURGHODVRFLHGDG
(Q HVWH VHQWLGR D SDUWLU GHO GLiORJR TXH VH JHQHUH \ TXH ORV GHPiV SRGHUHV
S~EOLFRV YD\DQ UHFHSFLRQDQGR ODV OtQHDV MXULVSUXGHQFLDOHV VH IRUWDOHFHQ HQ
FRQVRQDQFLD FRQ OD WUDGLFLyQ \ FXOWXUD GH XQ SDtV 5HFRUGDQGR OD µQRYHOD GH OD
MXVWLFLD¶GH'ZRUNLQFDGDMXH]QDUUDXQDSDUWHGHODKLVWRULDSHURFDGDSDUWHHVWi
FRQHFWDGDFRQODVRWUDV&DGDMXH]HVWiVXMHWRDOSUHFHGHQWHGHORVGHPiVMXHFHV
HVWR QR TXLHUH GHFLU TXH QR VH SXHGD DSDUWDU GH HOORV FODUR TXH Vt 3HUR VLJXH
LQFUXVWDGR D XQ SDVDGR SROtWLFR \ MXUtGLFR TXH OH PXHVWUD GH PHMRU PDQHUD OD
UHDOLGDG SUHVHQWH HV GHFLU ORV YDORUHV SHUGXUDEOHV GH XQD VRFLHGDG TXH QR VH
SXHGHQFDPELDUGHODQRFKHDODPDxDQD
/$ µ)81&,Ï1 ('8&$'25$¶ '( /$6 &257(6 /$ 0(7È)25$ '(/

352)(6255(63216$%/(

%,&.(/$ 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV1HZ+DYHQ
DQG/RQGRQ<DOH8QLYHUVLW\3UHVV&IU %,&.(/$ 7KHPRUDOLW\RIFRQVHQW1HZ+DYHQDQG
/RQGRQ <DOH 8QLYHUVLW\ SUHVV %,&.(/ $OH[DQGHU 7KH 6XSUHPH &RXUW DQG WKH LGHD RI
SURJUHVV 1HZ+DYHQDQG/RQGRQ<DOH8QLYHUVLW\SUHVV

&IU /2&.( - (QVD\R VREUH HO *RELHUQR &LYLO WUDGXFFLyQ GH $PDQGR /i]DUR 5RV 0DGULG
$JXLODU

&IU %,&.(/$ 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV2SFLW
S(VWDHVXQDLGHDTXHD\XGDUiDGHVPDQWHODUODWHQGHQFLDJHQHUDOGHTXH%LFNHOHVWDEDHQ
FRQWUDGHOFRQWURO MXGLFLDO SRUTXHVHKDFUHtGRTXHORVMXHFHVDWUDYpVGHOUyWXORGHOD³GLILFXOWDG
FRQWUDPD\RULWDULRÓRTXHH[SUHVDEDHUDTXHORVMXHFHVHMHUFtDQXQµSRGHUFRQWUDPD\RULWDULR¶
6LJXLHQGRODOHFWXUDTXH$7.URQPDQW KDFHGH%LFNHOOD&RUWHWLHQHGHQWURGH

VXVSULQFLSLRVXQDµIXQFLyQHGXFDGRUD¶FRPRVLIXHVHXQµSURIHVRU UHVSRQVDEOHGH
XQ VHPLQDULR QDFLRQDO¶ TXH QR VROR VH SUHRFXSD SRU GLVHUWDU VREUH XQD WpFQLFD
HVSHFtILFDVLQRTXHGHEHWUDQVPLWLUYDORUHV\SULQFLSLRVTXHD\XGHQDHGXFDUDVXV
HVWXGLDQWHV(QRWUDVSDODEUDVXQD&RUWHWLHQHXQFRPSURPLVRVRFLDOGHHGXFDUHQ
SULQFLSLRV \ YDORUHV SXHV HVWD QR VROR GHEH UHIOH[LRQDU \ GHFLGLU VREUH WHPDV
FRQVWLWXFLRQDOHVVLQRWDPELpQTXHGHEHHGXFDUPHGLDQWHVXVIDOORV\FRORTXLRVD
OD FLXGDGDQtD 3RGUtD GHFLUVH TXH DOJR VHPHMDQWH HVWi SDVDQGR FRQ OD &RUWH
&RQVWLWXFLRQDO FRORPELDQD \ ORV GLIHUHQWHV µHQFXHQWURV¶ GH GLiORJR QDFLRQDO TXH
YLHQHUHDOL]DQGRGHVGHKDFH\DFDVLXQDGpFDGD
(O YDORU HGXFDWLYR GH XQD &RUWH WLHQH FRPR SULQFLSLR KDFHU UHDOLGDG ODV
DVSLUDFLRQHV GH XQD VRFLHGDG VL QR WLHQH GLFKD SUHWHQVLyQ WDPSRFR WLHQH HO
SRGHU SDUD LQVWUXLU D XQD VRFLHGDG 3RUTXH VL OD VRFLHGDG VH GLULJH KDFLD XQ
ODGR \ OD &RUWH YD KDFLD HO RWUR HVWR VLJQLILFD OD DXVHQFLD GHO µGLiORJR
LQWHULQVWLWXFLRQDO¶ SRU PHGLR GHO FXDO VROR HV SRVLEOH LGHQWLILFDU ORV YDORUHV \
SULQFLSLRVGHODVRFLHGDGPLVPD'HHVWHPRGROD&RUWHVHHVWDUtDFRQYLUWLHQGR
HQXQREVWiFXORSDUDHOSURJUHVRPRUDO\VRFLDO(VWRHVHQWUHRWUDVFRVDVOR
TXH $OH[DQGHU %LFNHO SHQVy FXDQGR GLMR TXH OD RSRVLFLyQ SURPRYLGD SRU
/LQFROQ DO SULQFLSLR GH OD HVFODYLWXG IXH XQD µPHWD¶ FRQ XQ µHQRUPH YDORU
HGXFDWLYR¶TXHVRORWHQtDVHQWLGRFRPRXQYDORUµDEVROXWR¶
9ROYLHQGR D OD PHWiIRUD GHO µHGXFDGRU UHVSRQVDEOH¶ GH .URQPDQW HO SURIHVRU
VLHPSUHWHQGUiHQFXHQWDODVDFWLWXGHVGHVXVDOXPQRVVXVGHVHRVLQTXLHWXGHV\
FUHHQFLDVSDUDFRQVWUXLUFXDOTXLHUGHEDWH\DTXHORVDOXPQRVKDQGHUHSUHVHQWDU
HO SXQWR GH SDUWLGD GHO SURFHVR GH GHVDUUROOR PRUDO LQWHOHFWXDO \ DUJXPHQWDWLYR
$QiORJDPHQWHHVWHGHEHVHUHOFDPLQRGHXQD&RUWHFXDQGRUHFLEHORVµOODPDGRV
GHODVRFLHGDG¶ DWUDYpVGHVXVGHPDQGDV\DFFLRQHV

.5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´7KH<DOH/DZ-RXUQDO

%,&.(/$OH[DQGHU 7KH/HDVW'DQJHURXV%UDQFK7KH6XSUHPH&RXUWDWWKHEDURISROLWLFV1HZ
+DYHQDQG/RQGRQ<DOH8QLYHUVLW\3UHVV

/RVMXHFHVQHFHVLWDQSRGHUHVGHSHUFHSFLyQ\GHMXLFLRTXHHOILOyVRIRPRUDOROHJLVODGRUSXHGHQ
GHMDUGHODGRSXHVHVWiLPEXLGRHQORVOLEURVGHVXRILFLQD'HELGRDHVWDIDOWDGHSHUFHSFLyQ\GH
LQIOXHQFLD SROtWLFD HV TXH ORV FDPELRV VH GDQ GH XQD PDQHUD PX\ DWUDVDGD /D &RUWH HQWRQFHV
WLHQHXQPRPHQWRSURSLFLRSDUDORJUDUTXHVXµLPDJHQGHLQIOXHQFLD¶FRQILDQ]D\µFDVRVPDGXURV¶
ORJUHQWHQHUHIHFWLYLGDG\UHFHSFLyQHQODJUDQPD\RUtDGHODGHPRFUDFLD
3RU WDQWR OD &RUWH WDPELpQ GHEH WHQHU HVD SDFLHQFLD \ HVWDU GLVSXHVWD D YLYLU HQ µWHQVLyQ
OLQFROQLDQD¶PLHQWUDVTXHODVOtQHDVGHXQDUUHJORVDWLVIDFWRULRVHYD\DQWRPDQGRJUDGXDOPHQWHHQ
OD VRFLHGDG HQWUH ORV GRV SULQFLSDOHV SRGHUHV GH RULJHQ GHPRFUiWLFR HO HMHFXWLYR \ HO OHJLVODWLYR
3HURVLQRHVDVtOD&RUWH VHSUHSDUDUiSDUDGHFLGLUVREUHORTXHORVGHPiVSRGHUHVQR KLFLHURQ
FRQ OD LQWXLFLyQ GH TXH VX GHFLVLyQ DXQTXH GLItFLOPHQWH DFHSWDGD HQ XQ SULQFLSLR PiV DGHODQWH
GDUi VXV IUXWRV SDUD OD GHPRFUDFLD (VWR SDVy HQ HO FDVR %URZQ Y %RDUG RI (GXFDWLRQ GHMDQGR
DSDUWHGHKHFKRHO DFWLYLVPRTXHTXHUtDGLIXQGLUOD&RUWH:DUUHQ\HOFXDO%LFNHOQRYLRUD]RQDEOH

&IU .5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´ 7KH<DOH/DZ-RXUQDO SS
VV%LFNHOHQ 7KH6XSUHPH&RXUWDQGWKHLGHDRISURJUHVV 2SFLW 6REUHHOSURJUHVR
PRUDOSXHGHQUDVWUHDUVHHVWDVLGHDVHQ 5257<5 (OSUDJPDWLVPRXQDYHUVLyQ$QWLDXWRULWDULVPR
HQHSLVWHPRORJtD\pWLFDWUDGXFFLyQGH-RDQ9HUJpV%DUFHORQD(GLWRULDO$ULHO(QHVSHFLDOOD
&RPR GLFH 5REHUW %XUW ODV HVFXHODV VRQ OXJDUHV SDUD OD UHDOL]DFLyQ \ OD
FRQVWUXFFLyQGHYDORUHV\HOGHVDUUROORLQWHOHFWXDOGHODVRFLHGDG/DVIDFXOWDGHVGH
GHUHFKR HQWRQFHV SXHGHQ SURSRUFLRQDU RSRUWXQLGDGHV SDUD SUDFWLFDU \ PHMRUDU
ORVGHEDWHVTXHOXHJRSRGUtDQVHUDSOLFDGRVGHIRUPDPiVJHQHUDOHQODUHVROXFLyQ
GH ORV FRQIOLFWRV VRFLDOHV 1R REVWDQWH OD UHODFLyQ LQWHUJHQHUDFLRQDO HQWUH HO
DOXPQR \ HO PDHVWUR WLHQH VXV GLILFXOWDGHV LQWUtQVHFDV SXHVWR TXH SDUWHQ GH
GLIHUHQWHVOXJDUHVLQFOXVRFXDQGRSDUHFHTXHHVWiQHQHOPLVPRVLWLR
$SHVDUGHHVWDVLQVDOYDEOHVGLIHUHQFLDVHVSRVLEOHVXSHUDUODVHLQFOXVRFRQVWUXLUD
SDUWLUGHHOODVPHGLDQWHHOHVWDEOHFLPLHQWRGHXQGLiORJRKRQHVWR\GHVLQWHUHVDGR
HQWUHODVSDUWHV(VWRVHJ~Q5REHUW%XUWIXHORTXHDSUHQGLyGHVXVPDHVWURVHQ
HVWHFDVRGH%LFNHO$GHPiVHVWRHVORPHMRUTXHXQSURIHVRUSXHGHRIUHFHUOHD
XQ HVWXGLDQWH DXQDGR D WRGD XQD JHQHUDFLyQ VLJXLHQWH GH SURIHVRUHV GH
GHUHFKR
(VWR VH VXSRQH HV OR TXH LQWHQWD KDFHU XQD &RUWH FXDQGR HQ ORV GHEDWHV PiV
DJXGRVGHXQDVRFLHGDGORSULPHURTXHKDFHHVWHQHUPX\SUHVHQWHVORVFDPELRV
TXH HVWi H[LJLHQGR XQD VRFLHGDG HYLWDQGR GH HVWD PDQHUD TXHGDUVH DPDUUDGD
LQMXVWLILFDGDPHQWH D ORV SUHFHGHQWHV TXH YDQ HQ FRQWUD GH OD YROXQWDG JHQHUDO
8QD&RUWHQRVRORGLDORJDFRQVXVSUHFHGHQWHVMXULVSUXGHQFLDOHVVLQRWDPELpQTXH
GHEH KDFHUOR FRQ OD SROtWLFD SUHVHQWH \ OD WHQGHQFLD QDWXUDO GH ODV FXOWXUDV DO
FDPELR
/R VHJXQGR TXH LQWHQWD KDFHU XQD &RUWH HV PDQWHQHU HVH HTXLOLEULR HQWUH OD
GHPRFUDFLD\HOFRQVWLWXFLRQDOLVPRTXHYLHQHJHQHUiQGRVHGHVGHHOLQWHULRUGHOD
LQVWLWXFLyQ 3RU HVWR VL OD &RUWH QR HVWi DOHUWD D HVWRV SURSyVLWRV VXV GHFLVLRQHV
FODUDPHQWH VH YHUiQ HQYXHOWDV HQ HO µDUJXPHQWR FRQWUDPD\RULWDULR¶ \ GH DKt HVWH
OODPDGR D VX µIXQFLyQ HGXFDGRUD¶ TXH QR HV QDGD QRYHGRVR SXHV \D HVWDED
SUHVHQWHWDPELpQHQHOPLVPR%LFNHO

RFWDYD OHFFLyQ VREUH OD ³MXVWLFLD FRPR OHDOWDG PiV DPSOLD´ 5257< 5 8QD pWLFD SDUD ODLFRV
WUDGXFFLyQ GH /XFLDQR 3DGLOOD %XHQRV $LUHV .DW] (GLWRUHV $GHPiV GH 'HZH\ :LOOLDPV
1LHW]VFKHHQWUHRWURVTXLHQHVVHKDQSUHRFXSDGRSRUHVWRVWHPDV
(V FODUR VHJ~Q %LFNHO TXH ORV MXHFHV GHEHUtDQ WHQHU HO RFLR OD IRUPDFLyQ \ HO DLVODPLHQWR SDUD
VHJXLU ORV FDPLQRV GHO HUXGLWR HQ OD FRQVHFXFLyQ GH ORV ILQHV GHO (VWDGR VLQ HPEDUJR D OD &RUWH
6XSUHPDOHFRPSHWHXQDWDUHDGLIHUHQWHGHVXFRQWUDSDUWHDFDGpPLFDODFXDOHVHOUHQGLPLHQWRGH
ODWDUHDGHODMXVWLFLD VXUHQGLFLyQGHFXHQWDV TXHUHTXLHUHXQDFDSDFLGDGTXHHOILOyVRIRPRUDOR
HOOHJLVODWLYRSXHGHWHRUL]DUSHURTXHQRORJUDQFRPSUHQGHUSRUQRHVWDUH[SXHVWRVDORVFDVRVGH
µFDUQH\KXHVR¶
'HHVWRGHSHQGHVXVHQVLELOLGDG\QRVXDEVWUDFFLyQ\DTXHHOREMHWLYRGHOD&RUWH\GHODMXVWLFLD
HVORJUDUVDWLVIDFHUORVLGHDOHVDVSLUDFLRQDOHVTXHSHUVLJXHXQDVRFLHGDG\TXHVHYHQUHIOHMDGRVHQ
ORVOODPDGRVFRQVWDQWHVFRPRVXFHGLyHQHOFDVR %URZQY%RDUGRI(GXFDWLRQ &RPRGLUtD%LFNHO
ORV MXHFHV VH YHQ FRQVWDQWHPHQWH HQYXHOWRV HQ XQD µWHQVLyQ OLQFROQLDQD¶ HVWR HV HQ OD LGHD GH
KDFHU FDPELRV VRFLDOHV IXHUWHV HQ FRQWUD GH XQD GHPRFUDFLD TXH HVWi DWDGD D RWURV SUHFHGHQWHV
MXGLFLDOHV VLQ HPEDUJR XQ JUXHVR GH OD GHPRFUDFLD WLHQGH D QR GHMDUVH GRPHVWLFDU SRU OD
MXULVSUXGHQFLD \ OD OH\ YLJHQWH &IU .5210$17 $7 ³$OH[DQGHU %LFNHO¶V 3KLORVRSK\ RI 3UXGHQFH´
7KH<DOH/DZ-RXUQDO S

%8575³$OH[%LFNHO¶V/DZ6FKRRODQG2XUV´7KH<DOH/DZ-RXUQDO

,EtGS
&RPRGLUtD.URQPDQW\UHWRPDQGRODVSDODEUDVGH(O\%LFNHOHVSUREDEOHPHQWHHO
WHyULFRFRQVWLWXFLRQDOPiVFUHDWLYRGHORV~OWLPRVYHLQWHDxRV0XFKRVKR\HQGtD
HVWDUtDQ GH DFXHUGR FRQ (O\ HQ HVWH MXLFLR $ SHVDU GH HVWR %LFNHO WLHQH SRFRV
VHJXLGRUHVFRQWHPSRUiQHRV1RKD\HVFXHODELFNHOLDQDGHODWHRUtDFRQVWLWXFLRQDO
QL QLQJ~Q JUXSR GH WUDEDMR DFDGpPLFR SDUD HODERUDU R GHIHQGHU ODV LGHDV
SULQFLSDOHVGH%LFNHO8QDUD]yQPiVSDUDH[SOLFDUHOLQWHUpVSRUHVWHDXWRU
3RGUtDSHQVDUVHSXHVTXHODVLGHDVGH%LFNHOVREUHHOGHUHFKR\ODSROtWLFDQRKDQ
WHQLGR WRGDYtD OD LQIOXHQFLD TXH PHUHFHQ GHELGR D TXH QR KDQ VLGR OR
VXILFLHQWHPHQWHHVWXGLDGDVDOPHQRVHQ/DWLQRDPpULFD2WUDSRVLEOHUD]yQHVTXH
%LFNHOWHQtDSXQWRVGHYLVWDVREUHPXFKRVWHPDVUHODFLRQDGRVSRUHMHPSORFRQOD
µGLILFXOWDG FRQWUDPD\RULWDULD¶ ODV µYLUWXGHV SDVLYDV¶ µFRORTXLR¶ µSULQFLSLRV¶ OD
µPRUDOLGDGGHOFRQVHQWLPLHQWR¶HQWUHRWURV\QRHVWiFODURVLHVWRVSODQWHDPLHQWRV
HVWiQFRQHFWDGRVSRUXQWHPDFRP~QRFXiOSRGUtDVHUVXHMHFRQHFWRU
'HKHFKRGHVSXpVGHOHHUODREUDGH%LFNHOFXDOTXLHUDSXHGHVHQWLUVHLQFOLQDGR
DSHQVDUTXHHQHOODQRKD\XQDILORVRItDSROtWLFDVLQRWDQVRORXQDFROHFFLyQGH
RSLQLRQHVOLEUHPHQWHXQLGDVSRUODUHWyULFD\ODREVHVLyQSRUHOGHEDWHHQWUHORV
MXHFHV \ OD GHPRFUDFLD FRQ XQD JUDQ FDUJD SURFHVDO FRPR VH YH HQ HO
WUDQVFXUVRGHVXREUD
6LQHPEDUJRHQHVWHWUDEDMRGHLQYHVWLJDFLyQVHGHPRVWUyTXH%LFNHOGHKHFKR
WLHQHXQDILORVRItDSROtWLFDTXHVHPDQWXYRVLQFDPELRVDORODUJRGHVXFDUUHUD
8QD YLVLyQ FRKHUHQWH TXH FRQHFWD WRGDV VXV LGHDV PiV LPSRUWDQWHV VREUH HO
SDSHO GH OD &RUWH 6XSUHPD OD QDWXUDOH]D GH XQ JRELHUQR GHPRFUiWLFR \ ODV
WHQGHQFLDV GHO SHQVDPLHQWR SROtWLFR PRGHUQR HQ OD HVIHUD GH OD IXQFLyQ
MXGLFLDO
(Q PHGLR GH HVH LQWHQWR SRU FRPSUHQGHU OD QDWXUDOH]D GHO JRELHUQR \ GH OD
&RUWH %LFNHO FUHy XQ WySLFR TXH SXVR D ORV DFDGpPLFRV ILOyVRIRV MXHFHV \
FRQVWLWXFLRQDOLVWDV D KDEODU HQ GLIHUHQWHV LGLRPDV SHUR FRQ HO PLVPR OHQJXDMH
HOGHOD³GLILFXOWDGFRQWUDPD\RULWDULD´
/DVYHQWDMDVGHDFHUFDUVHDOD³GLILFXOWDGFRQWUDPD\RULWDULD´GHVGHODSHUVSHFWLYD
GHO DUJXPHQWR KLVWyULFR \ FRQWH[WXDO SHUPLWH REVHUYDU ORV GLIHUHQWHV GHEDWHV
HQWUH JHQHUDFLRQHV FRQ UHVSHFWR D ODV GLILFXOWDGHV SRU ODV FXDOHV SXHGHQ
DWUDYHVDU ODV &RUWHV 'HEDWHV TXH FRPR GLUtD -RHO &ROyQ RIUHFHUiQ IRUPDV GH
UHDFFLRQDUDQWHODSROpPLFDGHDOJXQDVGHFLVLRQHVMXGLFLDOHV
3RU DKRUD WDQ VROR VH SXHGH GHFLU TXH DXQTXH %LFNHO DILUPy TXH OD ³GLILFXOWDG
FRQWUDPD\RULWDULD´SXHGHVHUODPDQLIHVWDFLyQGHXQD³IXHU]DFRQWUDPD\RULWDULDHQ
QXHVWURVLVWHPDÓRFXDOQRTXLHUHGHFLUTXHQHFHVDULDPHQWHORVHDORTXHKDFH
UHDOPHQWHHVDGYHUWLUGHORVSHOLJURVTXHSXHGHWUDHUXQSRGHUMXGLFLDOVLKDFHXVR

&IU .5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´ 7KH<DOH /DZ-RXUQDO S

&IU &2/Ï1 5Ë26 -RHO , 7KH &RXQWHU±0DMRULWDULDQ 'LIILFXOW\ DQG WKH 5RDG QRW 7DNHQ
'HPRFUDWL]LQJ $PHQGPHQW 5XOHV )DFXOW\ RI /DZ :HOOLQJWRQ 9LFWRULD 8QLYHUVLW\ RI :HOOLQJWRQ
S
LQDGHFXDGR GHO FRQWURO MXGLFLDO (O FRQWURO MXGLFLDO PX\ DO FRQWUDULR VL HV
LPSOHPHQWDGR FRQ EDVH HQ ODV µYLUWXGHV MXGLFLDOHV¶ SXHGH FRQWULEXLU D OD
FRQVWUXFFLyQGHODGHPRFUDFLD\DODIRUPDFLyQHGXFDWLYDTXHGHEH HVWDUSUHVHQWH
HQXQD&RUWHSDUDLQIOXLUHQODVRFLHGDGGHJHQHUDFLyQHQJHQHUDFLyQ
&21&/86,Ï1
1R FDEH GXGD GH TXH OD ³GLILFXOWDG FRQWUDPD\RULWDULD´ SXHGH DXPHQWDU HQ XQD
&RUWH GHSHQGLHQGR GH OD SHUVRQLILFDFLyQ TXH YD ORJUDQGR FRQ MXHFHV GH FLHUWR
RULJHQSROtWLFRRDFDGpPLFRTXHVLQSXGRUIDOODQHQFRQWUDYtDGHODVVHQVLELOLGDGHV
GH OD VRFLHGDG (VWD FODVH GH µSHUVRQLILFDFLyQ¶ GH XQD &RUWH D WUDYpV GH VXV
MXHFHV HQ GHILQLWLYD HV XQD GH ODV SULQFLSDOHV FDXVDV GH TXH OD VRFLHGDG QR VH
KDJD D HVD µLPDJHQ GH SUHVWLJLR \ GH UHVSHWR¶ VREUH WRGR TXH QR FUHD HQ VX
µIXQFLyQHGXFDGRUD¶
/RVSULQFLSLRVSHUGXUDEOHVQRVHFDPELDQFRQFDGDPDJLVWUDGR TXHHQWUHRVDOJD
GH OD &RUWH VLQR TXH SHUPDQHFHQ HQ OD LQVWLWXFLyQ MXGLFLDO ±VRQ VX VHOOR± \
GHSHQGLHQGRGHODFUHGLELOLGDGGHPRFUiWLFDTXHWHQJDHOWULEXQDOODµLPDJHQ¶\VX
OHJLWLPLGDGSXHGHGLVPLQXLURLQFOXVRGHVDSDUHFHU
/D&RUWHJDQDHVWHHVSDFLRGHSHUVRQLILFDFLyQHµLPDJHQGHDVFHQGHQFLD¶IUHQWHD
ODV SHUVRQDV UHVSRQGLHQGR \ VDWLVIDFLHQGR QR VROR DTXHOODV µQHFHVLGDGHV
H[LVWHQWHV¶VLQRWDPELpQLQWHQWDQGRVDWLVIDFHUµQHFHVLGDGHVDVSLUDFLRQDOHV¶ GHOD
VRFLHGDG &RQ HVWD µERQGDG DVSLUDFLRQDO¶ HV QHFHVDULR VDOYDJXDUGDU XQ GHEHU VHU
SRUORTXHOD&RUWHWLHQHXQDSRVLFLyQPRUDOGHJDUDQWHIUHQWHDODVRFLHGDGWHVLV
TXHWDPELpQVHGLIXQGLyHQ(O)HGHUDOLVWD GHODPDQRGH+DPLOWRQDOPRPHQWRGH
UHFODPDUXQDµDXWRULGDGPRUDO¶GHOD&RUWH

3DUD HVWH SXQWR YHU D -XOLHWD /HPDLWUH ³/RV GHUHFKRV GH ORV KRPRVH[XDOHV \ OD &RUWH
&RQVWLWXFLRQDO FDVL XQD QDUUDWLYD GH SURJUHVR´ HQ $/9,$5 +HOHQD FRPS +DFLD XQ QXHYR
GHUHFKRFRQVWLWXFLRQDO%RJRWi8QLYHUVLGDGGHORV$QGHV

.5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´7KH<DOH/DZ-RXUQDO S

(QHVWDOtQHDDUJXPHQWDWLYDHVWDED%LFNHOFXDQGRUHFRUGDQGRDOMXH])UDQNIXUWHUH[SOLFDEDTXHD
XQD&RUWHOHLQWHUHVDEDSULPHURUHFOXWDUODFRQILDQ]DS~EOLFDSRUTXHGHDOJ~QPRGRQRKDEtDTXH
WHPHUOHVRORDOMXLFLRVLQRDODµVDQFLyQPRUDO¶GHODJHQWH/DUHPLQLVFHQFLDGH)UDQNIXUWHUSRQHHQ
YLJHQFLDODGHIHQVDTXH+DPLOWRQKLFLHUDHQ (O)HGHUDOLVWD HQGRQGHH[SUHVDEDTXHHOSRGHU GH
OD &RUWH QR UDGLFD µVROR¶ HQ VXV FRQRFLPLHQWRV VLQR HQ VX FDSDFLGDG GH UHFOXWDU HO DSR\R GHO
S~EOLFRSXHVPXFKRVFDVRVOOHJDQDUHYLVLyQMXGLFLDOVRORSRUTXHODJHQWHORKDGHFLGLGR
3RURWUDSDUWHSLHQVD%DVVRNOR~QLFRTXHOHTXHGDDOD&RUWHHQ PRPHQWRVGLItFLOHVHVEDVDUVXV
DUJXPHQWRV HQ FRKHUHQFLD FRQ VXV SULQFLSLRV TXH FRQGXFHQ DO IDOOR \ GLFKD H[SHULHQFLD VHUi
IXQGDPHQWDOSDUDLUJDQDQGRUHVSHWR\FRQILDQ]DFRQODGHPRFUDFLDGHXQSDtV3RUHVWRKD\TXH
GHFLUTXHDXQTXHOD&RUWHQRWLHQHODIXHU]DTXHSRVHHHOHMHFXWLYRRHOOHJLVODWLYRSRUWHQHUHVWRV
HORULJHQGHPRFUiWLFR\ODIXHU]DItVLFDWDPELpQHVFLHUWRTXHOD&RUWHUHPSOD]DHVWHSRGHUItVLFR
SRUXQµSRGHUPRUDO¶TXHJDQDUiFRQHOWLHPSRFXDQGRVHDDQiORJRHQVXVIDOORVFRQODGHPRFUDFLD
\ODLQIOXHQFLDTXHHMHU]DHQODJHQWH&IU%$662.2U7KHWZRFRXQWHUPDMRULWDULDQGLIILFXOWLHV6DLQW
/RXLV8QLYHUVLW\6FKRRORIODZSS\
5REHUWR *DUJDUHOOD SRU HMHPSOR FRORFD HQ GLVFXVLyQ OD FRQILDQ]D GH OD &RUWH &RQVWLWXFLRQDO
FRORPELDQD FXDQGR HQ HO HVFULEH HQ OD 5HYLVWD 6HPDQD TXH HO IDOOR GH OD &RUWH VREUH OD
(Q HVWH RUGHQ GH LGHDV $QWKRQ\ .URQPDQW GLUi TXH OD LGHD GH VHSDUDFLyQ GH
µQHFHVLGDGHV H[LVWHQWHV¶ TXH GHEHQ VHU VROXFLRQDGDV SRU HO OHJLVODWLYR \ ODV
µQHFHVLGDGHVDVSLUDFLRQDOHV¶ TXHSXHGHQHVWDUHQPDQRVGHORVMXHFHV VRQXQD
EXHQD UD]yQ SDUD GLVROYHU OD ³GLILFXOWDG FRQWUDPD\RULWDULD´ \D TXH VXSHUDU OR
PHUDPHQWH SURFHGLPHQWDO SRU SDUWH GH ORV MXHFHV SHUPLWH XQ PDUJHQ GH
PDQLREUD PXFKR PiV DPSOLR SDUD PDQWHQHU XQD IXQFLyQ MXGLFLDO JDUDQWL]DGRUD \
SURPRWRUDDOPLVPRWLHPSRGHODVLQVWLWXFLRQHVUHSUHVHQWDWLYDV
&RQFOX\HQGR HVWD OtQHD DUJXPHQWDWLYD DFODUD XQ SRFR PiV OD IXQFLyQ TXH GHEHQ
WHQHU ORV MXHFHV OD FXDO QR VH UHGXFH FRPR SHQVDED - (O\ D VXEVDQDU HO
SURFHGLPLHQWRGHPRFUiWLFRSRUPHGLRGHOFRQWUROMXGLFLDORORTXHHVORPLVPRGH
TXHORVMXHFHVVRORHVWDEDQSDUDYLJLODUORV FDQDOHVGHSDUWLFLSDFLyQ\DORVXPR
IXQFLRQDEDQ FRPR iUELWURV GH IXWERO 3DUD %LFNHO HV VRUSUHQGHQWHPHQWH
GLIHUHQWH HQ OXJDU GH WUDWDU GH UHFRQFLOLDU HO FRQWURO MXGLFLDO FRQ OD WHRUtD GH OD
GHPRFUDFLD PD\RULWDULD DEUD]D XQD FRQFHSFLyQ PiV FRPSOHMD \ DPELYDOHQWH GHO
JRELHUQRHQODFXDOODOHJLWLPLGDGGHODVSUHPLVDVEiVLFDVGHOFRQWUROMXGLFLDOVRQ
DGMXGLFDEOHV D ODV WHVLV JHQHUDOHV GH OD GHPRFUDFLD HVWR HV VX E~VTXHGD GH OD
SURWHFFLyQGHYDORUHVGXUDGHURVGHXQDVRFLHGDG
%LEOLRJUDItD
$*8'(/2 $ &DUORV $ /D GHPRFUDFLD GH ORV MXHFHV OD UDPD PHQRV SHOLJURVD FRPR SRGHU
SURGHPRFUiWLFRHQODSUiFWLFDFRQVWLWXFLRQDO%RJRWi(GLWRULDO/H\HU
$867,1-RKQ/&yPRKDFHUFRVDVFRQSDODEUDV%DUFHORQD3DLGyV
%$662.2U7KHWZRFRXQWHUPDMRULWDULDQGLIILFXOWLHV6DLQW/RXLV8QLYHUVLW\6FKRRORIODZ
%(5/,1, 'RVFRQFHSWRVGHOLEHUWDG \VXGHEDWHFRQ'ZRUNLQHQHO ,PSHULRGHOD-XVWLFLD
\ /RVGHUHFKRVHQVHULR
%,&.(/$ 7KHPRUDOLW\RIFRQVHQW1HZ+DYHQDQG/RQGRQ<DOH8QLYHUVLW\SUHVV
%,&.(/ $OH[DQGHU 7KH /HDVW 'DQJHURXV %UDQFK 7KH 6XSUHPH &RXUW DW WKH EDU RI SROLWLFV 1HZ
+DYHQDQG/RQGRQ<DOH8QLYHUVLW\3UHVV
%,&.(/ $OH[DQGHU 7KH 6XSUHPH &RXUW DQG WKH LGHD RI SURJUHVV 1HZ +DYHQ DQG /RQGRQ <DOH
8QLYHUVLW\SUHVV
%85.( ( 7H[WRV SROtWLFRV WUDGXFFLyQ GH 9LFHQWH +HUUHUR 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD

%8575³$OH[%LFNHO¶V/DZ6FKRRODQG2XUV´7KH<DOH/DZ-RXUQDO
&2/Ï1 5Ë26 -RHO , 7KH &RXQWHU±0DMRULWDULDQ 'LIILFXOW\ DQG WKH 5RDG QRW 7DNHQ 'HPRFUDWL]LQJ
$PHQGPHQW5XOHV)DFXOW\RI/DZ:HOOLQJWRQ9LFWRULD8QLYHUVLW\RI:HOOLQJWRQS
(/< -RKQ 'HPRFUDFLD \ GHVFRQILDQ]D XQD WHRUtD GHO FRQWURO MXGLFLDO %RJRWi 8QLYHUVLGDG GH ORV
$QGHV\6LJORGHO+RPEUH(GLWRUHV

DSUREDFLyQGHODUHHOHFFLyQGHOSUHVLGHQWHGHMyDWRGRVDWyQLWRVGHELGRDODFRQILDQ]D\DODLPDJHQ
TXHKDEtDGHMDGRKDVWDHVHPRPHQWR/RTXHHQ~OWLPDVHVWiUHFDOFDQGRHVHQODFUHGLELOLGDGTXH
GHEH WHQHU XQD &RUWH SDUD JDQDU FRQILDQ]D S~EOLFD \ YROYHUVH IXHUWH DXWyQRPD H LQGHSHQGLHQWH
5HYLVWD6HPDQD

(/<-RKQ 'HPRFUDF\DQGGLVWUXVW$WKHRU\RIMXGLFLDOUHYLHZ 7DPELpQGHOPLVPRDXWRU
'HPRFUDFLD\GHVFRQILDQ]DXQDWHRUtDGHOFRQWUROMXGLFLDO %RJRWi8QLYHUVLGDGGHORV$QGHV\6LJOR
GHO+RPEUH(GLWRUHV

&IU.5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´7KH<DOH/DZ-RXUQDO
(/<-RKQ'HPRFUDF\DQGGLVWUXVW$WKHRU\RIMXGLFLDOUHYLHZ
),66 2 (O GHUHFKR FRPR UD]yQ S~EOLFD WUDGXFFLyQ GH (VWHEDQ 5HVWUHSR 6DOGDUULDJD 0DGULG
(GLWRULDO0DUFLDO3RQV
*$5*$5(//$5REHUWR5HYLVWD6HPDQD
.5210$17$7³$OH[DQGHU%LFNHO¶V3KLORVRSK\RI3UXGHQFH´7KH<DOH/DZ-RXUQDO
/(0$,75( -XOLHWD ³/RV GHUHFKRV GH ORV KRPRVH[XDOHV \ OD &RUWH &RQVWLWXFLRQDO FDVL XQD
QDUUDWLYDGHSURJUHVR´HQ$/9,$5+HOHQD FRPS +DFLDXQQXHYRGHUHFKRFRQVWLWXFLRQDO%RJRWi
8QLYHUVLGDGGHORV$QGHV
/,1$5(6 6 /D , OHJLWLPLGDG GHPRFUiWLFD GHO FRQWURO MXGLFLDO GH ODV OH\HV 0DGULG 0DUFLDO 3RQV

/2&.(-(QVD\RVREUHHO*RELHUQR&LYLOWUDGXFFLyQGH$PDQGR/i]DUR5RV0DGULG$JXLODU
2681$1pVWRU0HVDGHGLVFXVLyQ /DWHQVLyQHQWUHODVFRUWHVFRQVWLWXFLRQDOHV\ ORVRWURVSRGHUHV
GHO(VWDGRHQ +(1$2-XDQ&DUORV HG 'LiORJRVFRQVWLWXFLRQDOHVGH&RORPELDFRQHOPXQGR 9,,
(QFXHQWURGHOD-XULVGLFFLyQ&RQVWLWXFLRQDO%RJRWi8QLYHUVLGDG([WHUQDGRGH&RORPELD
3$5.(5 . &RPPRQ /DZ +LVWRU\ DQG 'HPRFUDF\ LQ $PHULFD ,, /HJDO 7KRXJKW EHIRUH
0RGHUQLVP&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
5257< 5 (O SUDJPDWLVPR XQD YHUVLyQ $QWLDXWRULWDULVPR HQ HSLVWHPRORJtD \ pWLFD WUDGXFFLyQ GH
-RDQ9HUJpV%DUFHORQD(GLWRULDO$ULHO
5257<58QDpWLFDSDUDODLFRVWUDGXFFLyQGH/XFLDQR3DGLOOD%XHQRV$LUHV.DW](GLWRUHV
6($5/(-RKQ/DFRQVWUXFFLyQGHODUHDOLGDGVRFLDO%DUFHORQD(GLWRULDO3DLGyV
:,77*(167(,1/XGZLJ7UDFWDWXVOyJLFRSKLORVRSKLFXV0DGULG$OLDQ]D(GLWRULDO
$YDQFHDODWHRUtDGHODJXHUUDOD
SROtWLFD\HOGHUHFKRHQ&DUORV0DU[
*XLOOHUPR/HyQ5RPHUR
35(È0%8/2
(Q SULPHU OXJDU HV QHFHVDULR SRQHU GH PDQLILHVWR TXH ODV LGHDV TXH VH YDQ D
HVER]DU DTXt DFHUFD GH OD FRQFHSFLyQ TXH &DUORV 0DU[ WXYR GHO GHUHFKR FRPR
WHRUtD\SUiFWLFDMXUtGLFDHPDQDGDGHOGRPLQLRHFRQyPLFRSROtWLFR\PLOLWDUQRPH
SHUWHQHFHQ D Pt VLQR HQ OD PHGLGD HQ TXH FRPR VXMHWR VR\ OD VtQWHVLV GH
P~OWLSOHV GHWHUPLQDFLRQHV VRFLDOHV H LQWHOHFWXDOHV GRQGH OD ~OWLPD R XQD GH ODV
~OWLPDV HV OD TXH HO VHPLOOHUR 8QLOpFWLFRV KD HMHUFLGR VREUH Pt 3XHVWR TXH FRPR
GLFH0DU[
3HURDXQFXDQGRPLDFWLYLGDGVHDFLHQWtILFDHWFpWHUD\PX\UDUDYH]SXHGD\RHQWUHJDUPHD
HOODHQGLUHFWDFRPXQLGDGFRQRWURVVR\VRFLDOSRUTXHDFW~RFRPRKRPEUH1RHVVRORTXHHO
PDWHULDOGHPLDFWLYLGDG± FRPRHOOHQJXDMHPLVPRJUDFLDVDOFXDOHOSHQVDPLHQWRHMHUFHOD
VX\D± PHVHDGDGRFRPRSURGXFWRVRFLDOVLQRTXHPLSURSLDH[LVWHQFLDHVDFWLYLGDGVRFLDO
HQ FRQVHFXHQFLD OR HV DTXHOOR TXH \R KDJR GH Pt DTXHOOR TXH \R KDJR GH PL SDUD OD
VRFLHGDG\FRQODFRQFLHQFLDGHPLFRPRVHUVRFLDO
0LFRQFLHQFLDXQLYHUVDOHVVRORODIRUPDWHyULFDGHDTXHOODFX\DIRUPDYLYDHVODFRPXQLGDG
UHDOODRUJDQL]DFLyQVRFLDO« 0DU[VIS
3XHVQRVHWUDWDGHKDFHUGHVDSDUHFHUDOVXMHWRDFXDOTXLHUSUHFLRFRPRKDVLGRHO
SURSyVLWRGHORVSRVPRGHUQLVWDV GHOVLJOR SDVDGRFRPR0LFKHO)RXFDXOWWUDWDQGR
GH VHU FRQVHFXHQWHV FRQ OD SHWLFLyQ GH SULQFLSLRV GH )ULHGHULFK 1LHW]VFKH GH OD
³PXHUWHGHOKRPEUH´FRPRFRQVHFXHQFLDGHODWHRUtDDWHDGH/XGZLQJ)HXHUEDFK
DFHUFDGHOD³PXHUWHGH'LRV´SDUDSRGHUHQWRQFHVDILUPDUDO³VXSHUKRPEUH´6L
QR FRPR DFDEDPRV GH YHU HQ HO WH[WR GH 0DU[ UHFRQRFHU HQ HO VXMHWR XQ
UHVXOWDGRVRFLDORDFXPXODGRFROHFWLYRVLVHTXLHUHKDFLHQGRLPSRVLEOHFXDOTXLHU
SUHWHQVLyQ QDUFLVLVWD GH ORV LQWHOHFWXDOHV GH FUHHUVH FRQ XQD VXSHULQWHOLJHQFLD \
XQD LGHQWLGDG VXL JHQHULV TXH OHV KDQ VLGR GDGDV SRU SUHGHVWLQDFLyQ HVSLULWXDO R
JHQpWLFD3UHWHQVLRQHVDPEDVLJXDOPHQWHPHWDItVLFDVSXHVWRTXHHOLQGLYLGXRHV
OD DSUHKHQVLyQ RQWRJpQLFD R IHQRWtSLFD GH VX H[SHULHQFLD HQ OD YLGD VRFLDO GH
DFXHUGRFRQODVGHWHUPLQDFLRQHVKLVWyULFDV\FXOWXUDOHVTXHOHKD\DQFRUUHVSRQGLGR
YLYLU

3URIHVRUGHOD)DFXOWDGGH'HUHFKRFLHQFLDVSROtWLFDV\VRFLDOHVGHOD8QLYHUVLGDG/LEUH± 6HFFLRQDO
&DOL
< HQ VHJXQGR OXJDU SRU XQD SUHRFXSDFLyQ GLGiFWLFD \ PHWRGROyJLFD \ SDUD
FODULGDG GH OD H[SRVLFLyQ YR\ D VHSDUDU HQ GRV VHFFLRQHV ORV FRQWHQLGRV GH OD
FRPSUHQVLyQOyJLFDGHHVWHHVFULWRSDUDPRVWUDUFRPRHOWHPDTXHQRVDWDxHHO
GHOGHUHFKRODJXHUUD\ODSROtWLFDRFXDOTXLHURWURWHPDTXHVHTXLHUHGLOXFLGDUHQ
OD REUD GH 0DU[ WLHQH TXH HVWDU HQPDUFDGD HQ HVWD FRPSUHQVLyQ HQ FXiQWR HOOD
KDFH UHIHUHQFLD D OD WySLFD GLDOpFWLFD FRQ OD TXH 0DU[ HQWHQGtD HO GHVDUUROOR
KLVWyULFRGHODVRFLHGDG
(VGHFLUSRUHOFDPELRGLDOpFWLFRGHXQPRGRGHSURGXFFLyQDRWURYHUELJUDFLDHO
GHO IHXGDOLVPR DO FDSLWDOLVPR R HO GHO FDSLWDOLVPR DO FRPXQLVPR \ TXH HO
GHQRPLQDED HWDSDV KLVWyULFDV R UHLQRV GH ODV IRUPDFLRQHV VRFLDOHV UHLQR GH OD
QHFHVLGDGDOTXHHPSH]DEDDWUDQVIRUPDUVHSDUDGDUSDVRDRWURUHLQRDOUHLQR GH
OD OLEHUWDG HQ HO TXH VH FRQFUHWDED OD FRPSOHWD WUDQVIRUPDFLyQ TXH VH KDEtD
LQLFLDGRDQWHV&RQFHSFLyQHVWDTXH0DU[KHUHGyGHOSHQVDPLHQWROyJLFRGH-:)
+HJHO FX\D ILJXUD FRQFHSWXDO HV OD GH OD DOWHULGDG HV GHFLU OD WUDQVIRUPDFLyQ R
GHYHQLU GH OR XQR HQ OR RWUR GRQGH OR RWUR OR QXHYR HV DO PLVPR WLHPSR OD
WUDQVIRUPDFLyQ \ OD FRQVHUYDFLyQ GH OR YLHMR 'H DOOt TXH WDPELpQ SRU FODULGDG
SHUR WDPELpQ SRU OD QHFHVLGDG GH VLQWHWL]DU OD H[SUHVLyQ WRPH FRPR UHLQR GH OD
QHFHVLGDG WRGDV ODV IRUPDV KLVWyULFDV GHO SDVDGR HQ VX FRQMXQWR WRGDV ODV
IRUPDFLRQHV VRFLDOHV SDVDGDV KDVWD KR\ KDVWD HO FDSLWDOLVPR FRPR LQFOXLGDV HQ
JHQHUDOHQHVWHUHLQR<VRORWRPHODIRUPDFLyQVRFLDOFRPXQLVWDTXHVHKDYHQLGR
LQFXEDQGRGHVGHHOVLJOR;9,,,GHQWURGHOFDSLWDOLVPRFRPRHOUHLQRGHODOLEHUWDG
SRUDQWRQRPDVLDSRUVHUHVWDODIRUPDFLyQVRFLDOOLEHUWDULDHQFXiQWRTXHHQHOOD
GHVDSDUHFHUi GHILQLWLYDPHQWH WRGR DQWDJRQLVPR GH FODVH SURSLR GHO UHLQR GH OD
QHFHVLGDG D SHVDU GH TXH FRPR GLFH 0DU[ ³XQD VRFLHGDG QR GHVDSDUHFH QXQFD
DQWHV GH TXH VHDQ GHVDUUROODGDV WRGDV ODV IXHU]DV GH SURGXFFLyQ TXH SXHGD
DEULJDU \ ODV UHODFLRQHV GH SURGXFFLyQ QXHYDV \ VXSHULRUHV QR RFXSDQ QXQFD VX
OXJDU HQ HOOD DQWHV GH TXH ODV FRQGLFLRQHV PDWHULDOHV GH H[LVWHQFLD GH HVDV
UHODFLRQHV KD\DQ VLGR LQFXEDGDV HQ HO VHQR PLVPR GH OD YLHMD VRFLHGDG´ 0DU[
S
5(,12'(/$1(&(6,'$'
7RGRORTXHHVWiVRPHWLGRDOH\HVGHFDXVDOLGDGHQODQDWXUDOH]D\HQODVRFLHGDG
VHOODPDQHFHVDULRHQODKLVWRULDGHODILORVRItDHQFXDQWRKLVWRULD\ILORVRItDGHOD
FLHQFLDHVGHFLUHQFXDQWRHSLVWHPRORJtD3RUHVR$ULVWyWHOHV QRVGLFH³/RTXHHV
LPSXHVWRSRUODYLROHQFLDVHOODPDQHFHVDULR´ S 2VHDWRGRDTXHOOR
TXHIRU]RVDPHQWHWLHQHTXHDFDHFHUDSHVDUQXHVWURTXHHVPiVRPHQRVORTXH
HODQWLJXRSRHWD(YHQR QRVGLFH³7RGDFRVDQHFHVDULD(VXQDFRVDWULVWH´
< HV REYLR SXHVWR TXH OD WULVWH]D VH GD FXDQGR QR SRGHPRV VXVWUDHUQRV
YROXQWDULDPHQWHDXQPDOLQHYLWDEOHLQH[RUDEOHFRPRSXHGHVHUODSpUGLGDGHXQ
VHUTXHULGR TXHVHKDPDUFKDGRTXLHQVDEHSDUDGyQGH\KDVWDFXiQGR 5RPHUR
2 WDPELpQ FXDQGR ODV FLUFXQVWDQFLDV VH LQWHUSRQHQ \ KDFHQ LPSRVLEOH OD
UHDOL]DFLyQ GH XQ GHVHR FRPR FXDQGR QR SRGHPRV KDFHU QDGD SDUD HYLWDU R
UHSDUDU OD LQMXVWLFLD FRPHWLGD FRQWUD XQ DPLJR SRUTXH FRPR GLFH OD FDQFLyQ ³OD
IXHU]DPHKL]RFDOODU´
/$9,2/(1&,$(681$327(1&,$(&21Ï0,&$
/DOXFKDGHODVFODVHVVXE\XJDGDVSDUDVXHPDQFLSDFLyQHQFDGDIRUPDFLyQVRFLDO
WLHQHTXHYpUVHODVFRQODUHVLVWHQFLDIHUR]TXHRSRQHQODVFODVHVGRPLQDQWHVSDUD
QR GHMDUVH TXLWDU HO SURWDJRQLVPR VRFLDO TXH HMHUFHQ HQ WRGRV ORV GRPLQLRV $Vt
VXFHGLyHQWUHVHxRUHV\HVFODYRVHQODDQWLJHGDGHQWUHODDULVWRFUDFLDIHXGDO\ORV
YDVDOORV HQ OD HGDG PHGLD \ DVt VXFHGH HQWUH FDSLWDOLVWDV \ SUROHWDULRV HQ OD
PRGHUQLGDG
9HDPRVDKRUDFRPROXFKyODEXUJXHVtDFRQWUDHOIHXGDOLVPR\FRPRDSDUWLUGHOD
YLROHQFLDORJUyKDFHUODUHYROXFLyQFDSLWDOLVWD\FRQVWUXLUODIRUPDFLyQVRFLDOTXHOH
HVSURSLD8WLOL]DQGRSDUDVXIRUPDFLyQODVFRQGLFLRQHVKHUHGDGDVGHOIHXGDOLVPR
\FRPRXWLOL]yVLQQLQJ~QWLSRGHHVFU~SXORVWRGRORTXHWXYRDVXDOFDQFH
(OGHVFXEULPLHQWRGHORV\DFLPLHQWRVGHRUR\SODWDGH$PpULFDODFUX]DGDGHH[WHUPLQLR\
VHSXOWDPLHQWRGHODVPLQDVGHODSREODFLyQDERULJHQHOFRPLHQ]RGHODFRQTXLVWD\HOVDTXHR
GH ODV LQGLDV RULHQWDOHV OD FRQYHUVLyQ GHO FRQWLQHQWH DIULFDQR HQ FD]DGHUR GH HVFODYRV
QHJURVVRQWRGRVKHFKRVTXHVHxDODQORVDOERUHVGHODHUDGHSURGXFFLyQFDSLWDOLVWD«7UDV
HOORV SLVDQGR VXV KXHOODV YLHQH OD JXHUUD FRPHUFLDO GH ODV QDFLRQHV HXURSHDV FX\R
HVFHQDULR IXH HO SODQHWD HQWHUR 5RPSH HO IXHJR FRQ HO DO]DPLHQWR GH ORV SDtVHV EDMRV
VDFXGLHQGRHO\XJRGHODGRPLQDFLyQHVSDxRODFREUDSURSRUFLRQHVJLJDQWHVFDVHQ,QJODWHUUD
FRQODJXHUUDDQWLMDFRELQDVLJXHYHQWLOiQGRVHHQ&KLQDHQODVJXHUUDVGHORSLRHWF«
/DVGLYHUVDVHWDSDVGHODDFXPXODFLyQRULJLQDULDWLHQHQVXFHQWURSRURUGHQFURQROyJLFRPiV
R PHQRV SUHFLVR HQ (VSDxD 3RUWXJDO +RODQGD )UDQFLD H ,QJODWHUUD 3HUR HV DTXt HQ
,QJODWHUUD GRQGH D ILQHV GHO VLJOR ;9,, VH UHVXPHQ \ VLQWHWL]DQ VLVWHPiWLFDPHQWH HQ HO
VLVWHPDFRORQLDOHOVLVWHPDGHODGHXGDS~EOLFDHOPRGHUQRVLVWHPDWULEXWDULR\HOVLVWHPD
SURWHFFLRQLVWD (QSDUWHHVWRVPpWRGRVVHEDVDQFRPRRFXUUHHQHOVLVWHPDFRORQLDOHQOD
PiVDYDVDOODGRUDGHODVIXHU]DV3HURWRGRVHOORVVHYDOHQGHOSRGHUGHHVWDGRSDUDDFHOHUDU
D SDVRV DJLJDQWDGRV HO SURFHVR GH WUDQVIRUPDFLyQ GHO UpJLPHQ IHXGDO GH SURGXFFLyQ HQ HO
UpJLPHQ FDSLWDOLVWD \ DFRUWDU VXV LQWHUYDORV /D YLROHQFLD HV OD FRPDGURQD GH WRGD VRFLHGDG
YLHMDTXHOOHYDHQVXVHQWUDxDVRWUDQXHYD(VSRUVtPLVPDXQDSRWHQFLDHFRQyPLFD 0DU[
S
(Q OD JpQHVLV GHO FDSLWDO LQGXVWULDO \ OD DFXPXODFLyQ FUHFLHQWH GH ODV IXHU]DV
SURGXFWLYDVFX\RHVSOHQGRUKR\QRVREQXELODFRPRYHQLPRVGHYHUPiVTXHXQ
SURFHVR SDFtILFR OR TXH KXER IXH XQ SURFHVR EpOLFR PDFURHFRQyPLFR \
PDFURSROtWLFR \ D OD YH] PLFURSROtWLFR GH ODV UHODFLRQHV VDEHUWHQHU \ SRGHU
DFXPXODUGRQGHVLQDPEDJHVVHXWLOL]yWRGRWLSRGHHVWUDWHJLDV3HURWDPELpQHQ
OD DQWLJHGDG FRPR HQ WRGRV ORV PRGRV GH SURGXFFLyQ EDVDGRV HQ OD OXFKD GH
FODVHVODYLROHQFLDVLHPSUHMXJyXQSRWHQFLDOHFRQyPLFR
3RU SDUWH GHO SXHEOR EiUEDUR FRQTXLVWDGRU OD JXHUUD VLJXH VLHQGR FRPR \D DSXQWiEDPRV
PiV DUULED XQD IRUPDFLyQ QRUPDO GH FRPHUFLR H[SORWDGR WDQWR PiV FHORVDPHQWH FXiQWR
TXpGHQWURGHOWRVFRPRGRGHSURGXFFLyQWUDGLFLRQDO \~QLFRSRVLEOHSDUDHVWRVSXHEORVHO
LQFUHPHQWR GH OD SREODFLyQ FUHD PiV DSUHPLDQWHPHQWH OD QHFHVLGDG GH QXHYRV PHGLRV GH
SURGXFFLyQ 0DU[\(QJHOVS
/$9,2/(1&,$(1/$$&808/$&,Ï125,*,1$5,$
(QODFLHQFLDGHODOyJLFDFRPRHQODFLHQFLDGHODKLVWRULDODOH\GHODFDXVDOLGDG
HVLQHYLWDEOHQHFHVDULD\DTXHQLQJ~QFRQFHSWRRIHQyPHQREURWDSRUVLPLVPR
VLQRTXHWLHQHFRQH[LyQFRQRWURXRWURVTXHOHDQWHFHGHQROHVLJXHQ3RUHVROD
UHDOLGDGTXHKR\YLYLPRV QRHVWiGHVOLJDGDGHORTXHKDSDVDGRQLYLUWXDOPHQWH
GHORTXHSDVDUi
(OSUHOXGLRRULJLQDULRGHODWUDQVIRUPDFLyQTXHKXERGHHFKDUVXVFLPLHQWRVHQHOSURFHVRGH
DFXPXODFLyQGHOPRGRGHSURGXFFLyQFDSLWDOLVWDFRLQFLGHFRQHO~OWLPRWHUFLRGHOVLJOR;9(O
OLFHQFLDPLHQWR GH ODV KXHVWHV IHXGDOHV ±TXH FRPR GLFH DFHUWDGDPHQWH 6LU -DPHV 6WHZDUW
³LQYDGLHURQ SRU WRGDV SDUWHV FDVDV \ WLHUUDV´ ODQ]y DO PHUFDGR GH WUDEDMR D XQD PDVD GH
SUROHWDULRVOLEUHV\SULYDGRVGHPHGLRVGHYLGD(OSRGHUUHDOSURGXFWRWDPELpQGHOGHVDUUROOR
GHODEXUJXHVtDHQVXGHVHRGHFRQTXLVWDUODVREHUDQtDDEVROXWDDFHOHUyODGLVROXFLyQGHODV
KXHVWHV IHXGDOHV SHUR QR IXH pVWD QL PXFKR PHQRV OD ~QLFD FDXVD TXH OD SURYRFy /RV
JUDQGHV VHxRUHV IHXGDOHV OHYDQWiQGRVH WHQD]PHQWH FRQWUD OD PRQDUTXtD \ HO SDUODPHQWR
FUHDURQ XQ SUROHWDULDGR LQFRPSDUDEOHPHQWH PD\RU DO DUURMDU YLROHQWDPHQWH D ORV
FDPSHVLQRVDORVVLHUYRVGHODWLHUUDTXHFXOWLYDEDQ\VREUHODVTXHWHQtDQORVPLVPRVWtWXORV
MXUtGLFRVIHXGDOHVTXHHOORV\DOXVXUSDUOHVVXVELHQHVFRPXQDOHV 0DU[S
&RPR VH GLFH GH OD REUD GH DUWH TXH FXDOTXLHU SDUHFLGR FRQ OD UHDOLGDG HV SXUD
FRLQFLGHQFLD OD UHDOLGDG GHO GHVSOD]DPLHQWR GH ORV FDPSHVLQRV HQ OD DFWXDOLGDG
FRORPELDQDHVPiVTXHFRLQFLGHQFLDSDUDHQWHQGHUHOPHFDQLVPRGHDFXPXODFLyQ
FDSLWDOLVWD TXH DTXt VH HVWi VLJXLHQGR GH DFXHUGR FRQ DTXHO PRGHOR RULJLQDULR
JHQHUDGR SRU HO JRELHUQR DEVROXWLVWD OD EXUJXHVtD QDFLHQWH \ ORV WHUUDWHQLHQWHV
IHXGDOHV HQ VXV OXFKDV DWURFHV GXUDQWH OD UHYROXFLyQ EXUJXHVD TXH GLR SDVR D OD
PRGHUQLGDG
/(<(6&2175$(/9$*$%81'$-(
7RGDV HVWDV JHQWHV TXH IXHURQ GHVSOD]DGDV GHO FDPSR QR SRGtDQ VHU DEVRUELGDV
FRPR PDQR GH REUD SRU HO DUWHVDQDGR \ OD PDQXIDFWXUD TXH HUD OD WHFQRORJtD
SURGXFWLYD FRQ TXH VH FRQWDED HQ HVH PRPHQWR \ DGHPiV FRPR IXHURQ
LQWHPSHVWLYDPHQWH DUUDQFDGRV GH VX DFRVWXPEUDGD IRUPD GH YLGD QR SRGtDQ
DGDSWDUVH FRQ UDSLGH] D ODV QXHYDV FRQGLFLRQHV GH VX QXHYR HVWDGR GH
GHVRFXSDFLyQ \ GHVHVSHUR \ HQWRQFHV PXFKRV GH HOORV VH FRQYLUWLHURQ
SDXODWLQDPHQWHHQPHQGLJRVODGURQHV\YDJDEXQGRV
'H DTXt TXH D ILQHV GHO VLJOR ;9 \ GXUDQWH WRGR HO ;9, VH GLFWDVHQ HQ WRGD (XURSD
RFFLGHQWDOXQDVHULHGHOH\HVSHUVLJXLHQGRDVDQJUH\IXHJRHOYDJDEXQGDMH'HHVWHPRGR
ORVSDGUHVGHODFODVHREUHUDPRGHUQDHPSH]DURQYLpQGRVHFDVWLJDGRVSRUDOJRGHTXHHOORV
PLVPRV HUDQ YtFWLPDV SRU YHUVH UHGXFLGRV D YDJDEXQGRV \ PHQGLJRV /D OHJLVODFLyQ ORV
WUDWDED FRPR D GHOLQFXHQWHV ³YROXQWDULRV´ FRPR VL GHSHQGLHVH GH VX EXHQD YROXQWDG HO
FRQWLQXDUWUDEDMDQGRHQODVYLHMDVFRQGLFLRQHV\DDEROLGDV 0DU[S
(V GH HVSHUDUVH TXH SRU OR PHQRV HQ HO DVSHFWR OHJLVODWLYR HO SDUHFLGR GH HVD
UHDOLGDGFRQODUHDOLGDGFRORPELDQDQRVHDWDQFRLQFLGHQWHDXQTXHODVHYHULGDGGH
ORVFyGLJRVGHSROLFtDFRPRHODFWXDOPHQWHLPSOHPHQWDGRORVHDQSXHVVHUtDXQD
YHUJHQ]D SDUD OD UDFLRQDOLGDG GHO (VWDGR VRFLDO GH GHUHFKR \ DOJR PX\ WULVWH \
GHSULPHQWHFRPRORIXHODOHJLVODFLyQGUDFRQLDQD
(Q,QJODWHUUDGRQGHODOHJLVODFLyQSHUVLJXLHQGRDVDQJUH\IXHJRGHODFODVHREUHUDQDFLHQWH
FRPHQ]y FRQ (QULTXH 9,,, HQ ORV PHQGLJRV YLHMRV H LQFDSDFLWDGRV SDUD HO WUDEDMR
GHEHUiQSURYHHUVHGHOLFHQFLDSDUDPHQGLJDU3DUDORVYDJDEXQGRVMyYHQHV\IXHUWHVD]RWHV
\UHFOXVLyQ6HOHVDWDUiDODSDUWHWUDVHUDGHXQ FDUUR\VHOHVD]RWDUiKDVWDTXHODVDQJUH
HPDQH GH VX FXHUSR GHYROYLpQGRORV OXHJR EDMR MXUDPHQWR D VX SXHEOR QDWDO R DO VLWLR HQ
TXHKD\DQUHVLGLGRGXUDQWHORV~OWLPRVWUHVDxRVSDUDTXp³VHSRQJDQDWUDEDMDU´$ODxR
GH VX UHLQDGR (QULTXH 9,,, UHLWHUD HO HVWDWXWR DQWHULRU SHUR FRQ QXHYDV DGLFLRQHV TXH OR
KDFHQ WRGDYtD PiV ULJXURVR (Q FDVR GH UHLQFLGHQFLD \ YDJDEXQGDMH GHEHUi D]RWDUVH GH
QXHYRDOFXOSDEOH\FRUWDUOHPHGLDRUHMDDODWHUFHUDYH]TXHVHOHVRUSUHQGDVHOHDKRUFDUi
FRPRFULPLQDO SHOLJURVR\HQHPLJRGHODVRFLHGDG
7DPELpQ (GXDUGR 9, HQ HO SULPHU DxR GH VX UHLQDGR HQ RUGHQD ±HQWUH RWUDV FRVDV
WRGRHOPXQGRWLHQHGHUHFKRD TXLWDUOHDO YDJDEXQGRVXVKLMRV\WUDWDUORVEDMR VX FXVWRGLD
FRPR DSUHQGLFHV ORV KLMRV KDVWD ORV DxRV ODV KLMDV KDVWD ORV 6L VH HVFDSDQ VHUiQ
HQWUHJDGRVFRPRHVFODYRVKDVWDODGLFKDHGDGDVXVPDHVWURVTXLHQHVSRGUiQFDUJDUORVGH
FDGHQDVHWFDVXOLEUHDOEHGUtR 0DU[S
'LYHUVRVHSLVRGLRVWDQDEVXUGRVUD\DQRVHQODLUUDFLRQDOLGDGFRPRHVWRVGRQGHOD
OHJLVODFLyQ FRDG\XYD D OD VXPLVLyQ GH OD FODVH REUHUD QDFLHQWH PHGLDQWH OD
YLROHQFLD LQGLVFULPLQDGD OD PD\RUtD GH ODV YHFHV VLQ QLQJXQD UHVLVWHQFLD VRQ
UHFUHDGRV HQ REUDV DUWtVWLFDV \ FLHQWtILFDV FRPR ODV GH 0LFKHO )RXFDXOW VREUH OD
KLVWRULDGHODpSRFDFOiVLFDOLWHUDULDVFRPRODVGH9LFWRU+XJRODVGHO0DUTXpVGH
6DGH \ ODV GHO &KDUOHV 'LFNHQV \ ODV ILOPRJUiILFDV FRPR ODV GH 3LHUUH 3DROR
3DVVROLQL
6XFHVRVWUDXPiWLFRVHVWRVTXHDOVHUH[SUHVDGRVPHGLDQWHHOOHQJXDMHVHKDFHQ
VXEOLPDEOHVHQODFXOWXUDHQWDQWRTXHH[SUHVLyQGHOLQFRQVFLHQWHFROHFWLYR)UHXG
GHO SDWKRV HWLROyJLFR GH QXHVWUR PDOHVWDU HQ OD FXOWXUD TXH QR VROR HV OD
H[SUHVLyQ SVLFRVH[XDO WUDXPiWLFD VLQR WDPELpQ OD H[SUHVLyQ PRUERVD GH OD
FRPSRQHQWHDJUHVLYDGHORVLQVWLQWRVTXHQRVD\XGDQDH[SOLFDUQRVRORHOSRUTXp
GHODVJXHUUDVVLQRWDPELpQVXVPRWLYDFLRQHVGHVGHODHFRQRPtDSVtTXLFD
32'(5<7(5525,602'((67$'2
/DFRVWXPEUHGHODIXHU]D\ODIXHU]DGHODFRVWXPEUHVHYDQDPDOJDPDQGRSDUD
KDFHU SDVDU SRU QRUPDO OR DQRUPDO \ YLFHYHUVD FRPR HVWRV HSLVRGLRV RULJLQDULRV
GHO FDSLWDO SXHV WDO FRPR GLFH OD VDELGXUtD PLOHQDULD \ SRSXODU ³GHVSXpV GH OD
WHPSHVWDGYLHQHODFDOPD´
3HURDQWHVTXHOOHJXHODFDOPDVHKDFHHYLGHQWHFRPRHOHVWDGR FDSLWDOLVWD TXH
EURWD GH ODV HQWUDxDV GH OD VRFLHGDG IHXGDO VH YD FRQVROLGDQGR D WUDYpV GH ODV
IRUPDV MXUtGLFDV TXH HQ VXV LQLFLRV OOHYDQ HO VHOOR YLROHQWR GH OD LPSRVLFLyQ GHO
SRGHUTXHUD\DHQHOWHUURU
'HVSXpV GH VHU YLROHQWDPHQWH H[SURSLDGRV \ H[SXOVDGRV GH VXV WLHUUDV \ FRQYHUWLGRV HQ
YDJDEXQGRV VH HQFDMDED D ORV DQWLJXRV FDPSHVLQRV PHGLDQWH OH\HV JURWHVFDPHQWH
WHUURULVWDVDIXHU]DGHSDORVGHPDUFDVDIXHJR\GHWRUPHQWRVHQODGLVFLSOLQDTXHH[LJtD
HOVLVWHPDGHOWUDEDMRDVDODULDGR
«HQ HO WUDQVFXUVR GH OD SURGXFFLyQ FDSLWDOLVWD VH YD IRUPDQGR XQD FODVH REUHUD TXH D
IXHU]DGHHGXFDFLyQGHWUDGLFLyQGHFRVWXPEUHVHVRPHWHDODVH[LJHQFLDVGHHVWHUpJLPHQ
GH SURGXFFLyQ FRPR D ODV PiV OyJLFDV OH\HV QDWXUDOHV« 7RGDYtD VH HPSOHD GH YH] HQ
FXDQGRODYLROHQFLDGLUHFWDH[WUDHFRQyPLFDSHURVRORHQFDVRVH[FHSFLRQDOHV'HQWURGHOD
PDUFKDQDWXUDOGHODVFRVDV\DSXHGHGHMDUVHDOREUHURDPHUFHGGHODV³OH\HVQDWXUDOHVGH
ODSURGXFFLyQ´«'XUDQWHODJpQHVLVKLVWyULFDGHODSURGXFFLyQFDSLWDOLVWDQRRFXUUHDXQDVt
/DEXUJXHVtDTXHYDDVFHQGLHQGRSHURTXHD~QQRKDWULXQIDGRGHOWRGRQHFHVLWD\HPSOHD
HOSRGHUGHO(VWDGRSDUD³UHJXODUÓRVVDODULRVHVGHFLUSDUDVXMHWDUORVGHQWURGHORVOtPLWHV
TXHFRQYLHQHDORVIDEULFDQWHVGHSOXVYDOtD\SDUDDODUJDUODMRUQDGDGHWUDEDMR\PDQWHQHU
DOPLVPRREUHURHQHOJUDGRQRUPDOGHVXERUGLQDFLyQ 0DU[S
6XERUGLQDFLyQTXHHQODPHGLGDHQTXHODVIXHU]DVSURGXFWLYDVVHDFUHFLHQWDQ\OD
SREODFLyQDXPHQWDSRUODPLVPDOyJLFDGHOFDSLWDOXQDSDUWHGHHVDSREODFLyQTXH
QRSXHGHVHUDEVRUELGDSRUHOPHUFDGRODERUDOTXHHVXQDFRQVWDQWHGHOUpJLPHQ
FDSLWDOLVWDGHSURGXFFLyQGHVGHVXVRUtJHQHVFRPRKHPRVYLVWRHVPDQWHQLGDHQ
OD PLVHULD FRPR VXSHUSREODFLyQ UHODWLYD < SDUD VX FRQWURO )RXFDXOW \
'HOHX]H H[SOLFDQ TXH OD VRFLHGDG VH LQYHQWy WRGD VXHUWH GH HQFLHUURV HQ
PDVD SDUD DSULVLRQDUORV \ GH ORV FXDOHV VH GHVSUHQGLHURQ GHVSXpV SRU OD
GLYHUVLILFDFLyQ GH HVH FRQWURO ODV FiUFHOHV ORV KRVSLWDOHV \ ODV FDVDV GH
EHQHILFHQFLDQRPHQRVGLVFLSOLQDGRVTXHODVIiEULFDVODVHVFXHODVORVPRQDVWHULRV
\ORVFXDUWHOHV
)LQDOPHQWH6DQFKR^0D[6WLUQHU`FUHHTXHHOLPSXHVWRLQJOpVHLUODQGpVGHEHQHILFHQFLDHV
XQD ³OLPRVQD´ FXDQGR HQ UHDOLGDG HV XQ PHGLR SDUD UHXQLU ORV UHFXUVRV SHFXQLDULRV
GHVWLQDGRV D XQD JXHUUD GH DWDTXH DELHUWR \ GLUHFWR GH OD EXUJXHVtD GRPLQDQWH FRQWUD HO
SUROHWDULDGR /R REWHQLGR SRU HVWH PHGLR VH GHVWLQD D FXEULU ORV JDVWRV GH ODV FDVDV
FRUUHFFLRQDOHV TXH VRQ FRPR HV VDELGR XQ PHGLR PDOWXVLDQR GH LQWLPLGDFLyQ FRQWUD HO
SDXSHULVPR 0DU[\(QJHOVS
*XHUUD GH LQWLPLGDFLyQ HVWD TXH PiV TXH XQD ³YLROHQFLD VLPEyOLFD´ FRPR SLHQVD
KR\3LHUUH%RXUGLHXHVXQD³YLROHQFLDPDWHULDO´FRQWUDODGLJQLGDGKXPDQDGHOD
FODVH REUHUD XQD YLROHQFLD GH VXPLVLyQ \ KXPLOODFLyQ GH ORV KRPEUHV \ GH ODV
PXMHUHVGHORVMRYHQHV\GHORVYLHMRVTXHODFRPSRQHQ
3HUR DXQTXH ODV GHWHUPLQDFLRQHV KLVWyULFDV VRQ ODV TXH YDQ FRQILJXUDQGR HVWH
HWKRV GH ODV GHVLJXDOGDGHV DO LQWHULRU GHO (VWDGR VRQ WDPELpQ GHWHUPLQDQWHV ODV
DFFLRQHV GLVFXUVLYDV TXH OOHYDQ D ODV DFFLRQHV SROtWLFDV \ MXUtGLFDV PHGLDWDV H
LQPHGLDWDVGHODVLQVWLWXFLRQHVTXHVHYDQFUHDQGR'HDOOtODUHVSRQVDELOLGDGpWLFD
TXHVHDVXPHSRUSDUWHGHORVWHyULFRVHLQWHOHFWXDOHVFXDQGRGLFHQORTXHGLFHQ
FRPR VH OR GD D HQWHQGHU 0DU[ D %UXQR %DXHU HO KHJHOLDQR GH L]TXLHUGD GH OD
FRUULHQWHGHOOODPDGR³YHUGDGHURVRFLDOLVPR´DOHPiQ
(OVHxRU5LHVVHUDILUPDIUHQWHD%UXQR%DXHUTXHVXHVWDGR HOHVWDGRFUtWLFR GHEHH[FOXLU
LQHYLWDEOHPHQWHD³MXGtRV´\³FULVWLDQRV´<WLHQHUD]yQ3XHVWRTXHHOVHxRU%DXHUFRQIXQGH
ODHPDQFLSDFLyQSROtWLFDFRQODHPDQFLSDFLyQKXPDQD\SXHVWRTXHOD~QLFDPDQHUDFRPRHO
(VWDGRVDEHUHDFFLRQDUFRQWUDORVHOHPHQWRVUHEHOGHV±\HQODFXHVWLyQMXGtDHOFULVWLDQLVPR\
HO MXGDtVPR VRQ FRQVLGHUDGRV HOHPHQWRV TXH FDHQ HQ OD WUDLFLyQ HV PHGLDQWH OD H[FOXVLyQ
YLROHQWDTXHUHSUHVHQWDQDHVRVHOHPHQWRVDODPDQHUDSRUHMHPSORFRPRHOWHUURUTXHUtD
WHUPLQDU FRQ HO DFDSDUDPLHQWR JXLOORWLQDQGR D ORV DFDSDUDGRUHV HQ VX ³HVWDGR FUtWLFR´ HO
VHxRU%DXHUGHEHUtD KDFHUFROJDUDFULVWLDQRV\MXGtRV 0DU[\(QJHOVS
/D LQWROHUDQFLD GH HVWDGR HV SXHV D]X]DGD SRU DOJXQRV LGHyORJRV TXH
LUUHVSRQVDEOHPHQWH VH DWUHYHQ D FRPHQWDU SRU VLPSOH RSLQLyQ DVXQWRV TXH ODV
PiV GH ODV YHFHV GHVFRQRFHQ \ TXH HQ PDQRV GH ORV RUJDQLVPRV HVWDWDOHV VH
YXHOYHQ DUPDV SROtWLFDV SDUD VRMX]JDU YLROHQWDPHQWH FXDOTXLHU RSRVLFLyQ R
UHVLVWHQFLD D VXV HMHUFLFLRV GHO SRGHU Pi[LPH FXDQGR HVD LQWROHUDQFLD HV
HVWLPXODGDSRUXQHVWDGRDXWRULWDULR
1DSROHyQVHJXtDFRQVLGHUDQGRDO(VWDGRFRPRXQILQHQVtPLVPR\DODYLGDEXUJXHVDVROR
FRPRXQWHVRUHURXQVXEDOWHUQRGHO(VWDGRVLQGHUHFKRDXQDYROXQWDGSURSLD<SUDFWLFyHO
WHUURULVPR DO UHHPSOD]DU OD UHYROXFLyQ SHUPDQHQWH SRU OD JXHUUD SHUPDQHQWH 0DU[ \
(QJHOVS
4XL]i LQVSLUDGR HQ OD GHILQLFLyQ KHJHOLDQD GHO HVWDGR VHJ~Q 3DSDFKLQL
TXLHQ DILUPD TXp ³/D UHDOLGDG GH OD LGHD pWLFD (O HVStULWX pWLFR FRPR UHDOLGDG
VXVWDQFLDO FODUD SRU VL PLVPD´ S < GH RWUR ODGR 3DSDFKLQL QRV GLFH
TXp³ODFUtWLFD DO DWRPLVPRGHODVRFLHGDG FLYLOSDUHFHWHQHUFRPRUHVXOWDGRXQD
FRQFHSFLyQ RUJDQLFLVWD \ WRWDOLWDULD GHO HVWDGR FRQFHSFLyQ TXH DEULUtD OD YtD D
%LVPDUFN \ DO QDFLRQDOVRFLDOLVPR´ S (VGHFLU TXH GHVGHHO VLJOR ;,; VH KDFH
QRWRULR HO LQIOXMR GH +HJHO HQ OD YLGD SROtWLFD GH RFFLGHQWH FRPR FRUULHQWH GH
GHUHFKDDSHVDUGHVXVYDOLRVRVDSRUWHVHQODWHRUtDGHOFRQRFLPLHQWROyJLFRTXH
KXER GH LQVSLUDU DO PLVPR 0DU[ SHUR TXH WDPELpQ DEULy GH DOJXQD PDQHUD ODV
SXHUWDV D /HQLQ \ DO VRFLDOLVPR QDFLRQDO HVWDOLQLVWD GRQGH VH FRQIXQGLy OD
UHYROXFLyQHFRQyPLFDFRQODUHYROXFLyQSROtWLFDDORWRUJDUOHDOHVWDGRHOFRQWURO\
OD DSURSLDFLyQ GH ORV PHGLRV GH SURGXFFLyQ D QRPEUH GH XQD FROHFWLYL]DFLyQ HQ
DEVWUDFWRDOFRQVLGHUDUWDPELpQFRPRSHUMXGLFLDO³HODWRPLVPRGH ODVRFLHGDGFLYLO
SUROHWDULD´SDUDHOWULXQIRGHODUHYROXFLyQSUROHWDULD\ODLQVWDXUDFLyQGHXQDQXHYD
IRUPDGHYLGDHQHOVRFLDOLVPR
(67$'2<'20,1,2'(&/$6(
$ SDUWLU GH ODV WHVLV KLVWyULFDV GH 0DU[ DFHUFD GH OD OXFKD GH FODVHV FRPR HO
HOHPHQWR GLQiPLFR GLDOpFWLFR GH OD VRFLHGDG HQ WRGDV \ FDGD XQD GH ODV
IRUPDFLRQHV VRFLDOHV DFDHFLGDV KDVWD KR\ \ TXH IXH HO DSRUWH IXQGDPHQWDO SDUD
HQWHQGHUODOyJLFDGHODHFRQRPtDSROtWLFDIUHQWHD'DYLG5LFDUGRSDUDH[SOLFDUHO
FRQFHSWR GH SOXVYDOtD FRPR WUDEDMR H[FHGHQWH QR UHPXQHUDGR HQ OD HVIHUD GH OD
SURGXFFLyQVHOOHJDDODFRQFOXVLyQGHTXHHOHVWDGR\SRUHQGHHOGHUHFKR\WRGDV
ODVSUiFWLFDVTXHORFRQILJXUDQVRQODH[SUHVLyQSROtWLFDGHODFODVHGRPLQDQWHGH
HVD IRUPDFLyQ VRFLDO GHWHUPLQDGD DXQTXH QR OR VHD GH XQD PDQHUD PHFiQLFD \
VLPSOHVLQRDVLPpWULFD\FRPSOHMD
,QFOXVR GHQWUR GH XQD QDFLyQ ORV LQGLYLGXRV D~Q LQGHSHQGLHQWHPHQWH GH VXV FRQGLFLRQHV
SDWULPRQLDOHVVLJXHQOtQHDVGHGHVDUUROORFRPSOHWDPHQWHGLVWLQWDV\TXHXQLQWHUpVDQWHULRU
FX\D IRUPD SHFXOLDU GH LQWHUFDPELR VH YH \D GHVSOD]DGR SRU RWUD FRUUHVSRQGLHQWH D XQ
LQWHUpVSRVWHULRUSXHGHPDQWHQHUGXUDQWHODUJRWLHPSRHQSRVHVLyQGHXQSRGHUWUDGLFLRQDO
HQODDSDUHQWHFRPXQLGDGVXVWDQWLYDGDIUHQWHDORVLQGLYLGXRV HQHO(VWDGR\HQHOGHUHFKR
0DU[\(QJHOVS
(V GHFLU TXH PXFKDV YHFHV OD VRFLHGDG SROtWLFD VLJXH XQ SURFHVR UHWDUGDGR
UHVSHFWRDODFHOHULGDGGHODVRFLHGDGFLYLOTXHODGHVERUGD+DFLHQGRTXHPXFKRV
PpWRGRV MXUtGLFRV \ SROtWLFRV VH DSOLTXHQ DQDFUyQLFDPHQWH D QXHYRV IHQyPHQRV
VRFLDOHVFRPRHVHOFDVRGHODWHQHQFLDGHODWLHUUDKDVWDHOVLJOR;9,,,GRQGHVH
VHJXtDQ DSOLFDQGR ILJXUDV QRUPDWLYDV WRPDGDV GH IHXGDOLVPR \D DEROLGDV HQ OD
PD\RUtDGHORVSDtVHVHXURSHRV3HURFRQWRGRDSHVDUGHHVWHGHVOL]DPLHQWRGH
LQWHUHVHV\ILJXUDVDQWHULRUHVVRQODVGHODFODVHGRPLQDQWHGHODQXHYDpSRFDODV
TXHHQUHDOLGDGGRPLQDQHQODYLGDVRFLDO
&RPRHO(VWDGRHVOD IRUPDEDMRODTXHORVLQGLYLGXRVGHXQD FODVHGRPLQDQWH KDFHQ YDOHU
VXVLQWHUHVHVFRPXQHV\HQODTXHVHFRQGHQVDWRGDODVRFLHGDGFLYLOGHXQDpSRFDVHVLJXH
GHDTXtTXHWRGDVODVLQVWLWXFLRQHVFRPXQHVWLHQHQFRPRPHGLDGRUDDOHVWDGR\DGTXLHUHQD
WUDYpV GH pO XQD IRUPD SROtWLFD 'H DKt OD LOXVLyQ GH TXH OD OH\ VH EDVD HQ OD YROXQWDG \
DGHPiVHQODYROXQWDGGHVJDMDGDGHVXEDVHUHDOHQODYROXQWDGOLEUH<GHOPLVPRPRGR
VHUHGXFHHOGHUHFKRDVXYH]DODOH\ 0DU[\(QJHOVS
$TXt VH KDFH SDWHQWH OD FUtWLFD GH 0DU[ D OD LGHRORJtD GHO YROXQWDULVPR NDQWLDQR
FRPRUD]yQSUiFWLFDGHOLPSHUDWLYRFDWHJyULFRFRPRXQDGHGXFFLyQDSULRULGHOD
YROXQWDG \ GH OD OLEHUWDG KXPDQDV \ TXH OH FDtD FRPR DQLOOR DO GHGR D OD
QHRHVFROiVWLFD GHO SHFDGR FRPR OLEUH DOEHGUtR SDUD MXVWLILFDU ODV FRQGHQDV \ ODV
SHQDV GHO FRQVHUYDGXULVPR MXUtGLFR 3XHV FXDQGR VH KDFH DEVWUDFFLyQ GH TXH OD
OH\ \ HO GHUHFKR SRU PHGLDFLyQ GHO HVWDGR VRQ OD H[SUHVLyQ SROtWLFD GH OD FODVH
GRPLQDQWH VH KDFH DSRORJtD GH OD QDWXUDOLGDG \ HWHUQLGDG GH HVD OH\ \ GH HVH
GHUHFKR\SRUHQGHGHMDMXVWLILFDGDFXDOTXLHUDSOLFDFLyQTXHGHHOORVVH KDJD(V
GHFLU VH YXHOYHQ UHDOLGDG PHWDItVLFD DO GHVOLJDUODV GH VX GHWHUPLQDFLyQ KLVWyULFD
SROtWLFD SDUD DGTXLULU DVt OD DUELWUDULHGDG TXH OHV HV LQWUtQVHFD FRPR HMHUFLFLR GH
SRGHU \ TXH GHWHUPLQDQ OD OHJLWLPLGDG GH ORV DFWRV MXUtGLFRV SRU HQFLPD GH OD
UHDOLGDG SROtWLFD TXH OHV HV LQPDQHQWH 3HUR QR VROR HO YROXQWDULVPR ILORVyILFR
H[SUHVD OD EDVH LGHROyJLFD GHO GHUHFKR EXUJXpV VLQR WDPELpQ HO DSRORJLVPR
HFRQyPLFR
$ ORV HFRQRPLVWDV EXUJXHVHV OHV SDUHFH TXH FRQ OD SROLFtD PRGHUQD OD SURGXFFLyQ IXQFLRQD
PHMRUTXHSRUHMHPSORDSOLFDQGRHO GHUHFKRGHOPiVIXHUWH(OORVROYLGDQVRODPHQWHTXH HO
GHUHFKR GHO PiV IXHUWH HV WDPELpQ XQ GHUHFKR \ TXH HVWH GHUHFKR GHO PiV IXHUWH VH
SHUSHW~DEDMRRWUDIRUPDHQVX³HVWDGRGHGHUHFKR´ 0DU[S
$Vt SXHV ODV OH\HV \ HO GHUHFKR VRQ OD H[SUHVLyQ SROtWLFD GH OD FODVH TXH GRPLQD
KLVWyULFDPHQWH TXH GRPLQD OD SURSLHGDG SULYDGD GH ORV PHGLRV GH SURGXFFLyQ
KLVWyULFDPHQWH GHWHUPLQDGRV 'H DOOt TXH ³HO GHUHFKR SULYDGR VH GHVDUUROOH
FRQMXQWDPHQWHFRQODSURSLHGDG SULYDGDFRPRUHVXOWDGRGHODGHVLQWHJUDFLyQGHOD
FRPXQLGDGQDWXUDO´ 0DU[S
3HUR FXDQGR VH GHVFRQRFH HVWD YHUGDG SDOPDULD HQWRQFHV UHFXUUH D WRGRV ORV
VXEWHUIXJLRVGHOHQWHQGLPLHQWRKXPDQRSDUDKDFHUDILUPDFLRQHVOLJHUDV
6DQFKR ^6WLUQHU` SRQH HQVHJXLGD HO SDOPDULR HMHPSOR GHO GHUHFKR KHUHGLWDULR 1R H[SOLFD
HVWHGHUHFKRSRUODQHFHVLGDGGHODDFXPXODFLyQ\GHODIDPLOLDH[LVWHQWHDQWHVGHOGHUHFKR
VLQR SRU OD ILFFLyQ MXUtGLFD GH OD SURORQJDFLyQ GHO SRGHU PiV DOOi GH OD PXHUWH (VWD ILFFLyQ
MXUtGLFDHVDEDQGRQDGDFDGDYH]PiVSRUWRGDVODVOHJLVODFLRQHVDPHGLGDTXHODVRFLHGDG
IHXGDO VH YD FRQYLUWLHQGR HQ VRFLHGDG EXUJXHVD &RQV~OWHVH SRU HMHPSOR HO FRGH
QDSROHyQ 0DU[\(QJHOVSS
'HWRGRORDQWHULRUVHVLJXHTXHHOGHUHFKRKDFHSDUWHGHODFHUYRLGHROyJLFRFRQ
TXHXQDFODVHGRPLQDQWHGHWHUPLQDGDDQDOL]DODUHDOLGDGHQODTXHVHFLUFXQVFULEH
\DSDUWLUGHODFXDOHVWDEOHFHWRGRVVXVFULWHULRVJQRVHROyJLFRV
9XHVWUDV LGHDV VRQ HQ VL PLVPDV SURGXFWR GH ODV UHODFLRQHV GH SURGXFFLyQ \ GH SURSLHGDG
EXUJXHVDVFRPRYXHVWURGHUHFKRQRHVPiVTXHODYROXQWDGGHYXHVWUDFODVHHULJLGDHQOH\
YROXQWDG FX\R FRQWHQLGR HVWi GHWHUPLQDGR SRU ODV FRQGLFLRQHV PDWHULDOHV GH H[LVWHQFLD GH
YXHVWUDFODVH 0DU[\(QJHOVS
$KRUDUHVXOWDVXPDPHQWHLQWHUHVDQWHODFDVXDOFRLQFLGHQFLDGHTXH0DU[GHEDWD
FRQWUD%UXQR%DXHUDSURSyVLWRGHOFDStWXOR9,DFiSLWHF GHODSDUWHVREUH³OD
EDWDOOD FUtWLFD FRQWUD OD UHYROXFLyQ IUDQFHVD´ HQ VX REUD ³/D VDJUDGD IDPLOLD´ DO
LJXDOTXHODEDWDOODFUtWLFDTXHORVIRXFDXOWLDQRVKDQHPSUHQGLGR~OWLPDPHQWHHQ
YDULDVGHVXVREUDVFRQWUDODUHYROXFLyQVRFLDOLVWD
3RUWDQWRODQHFHVLGDGQDWXUDOODVFXDOLGDGHVHVHQFLDOHVKXPDQDVSRUH[WUDxDVODVXQDVD
ODV RWUDV TXH SXHGDQ SDUHFHU HO LQWHUpV PDQWLHQHQ FRKHVLRQDGRV D ORV PLHPEURV GH OD
VRFLHGDG EXUJXHVD VLHQGR OD YLGD EXUJXHVD \ QR OD YLGD SROtWLFD VX QH[R UHDO« 6ROR OD
VXSHUVWLFLyQ SROtWLFD SXHGH FUHHU D~Q HQ QXHVWURV GtDV TXH OD YLGD EXUJXHVD GHEH VHU
PDQWHQLGD HQ FRKHVLyQ SRU HO (VWDGR FXDQGR HQ UHDOLGDG RFXUUH OR LQYHUVR HV OD YLGD
EXUJXHVDTXLHQPDQWLHQHFRKHVLRQDGRDOHVWDGR 0DU[\(QJHOVS
3XHV VH KDFH HYLGHQWH TXH DTXHOORV SRVWXODGRV GH OD FUtWLFD IRXFXOWLDQD
SDUWLFXODUPHQWH HO VHJXQGR SRVWXODGR VHJ~Q 'HOHX]H TXH SUHWHQGH
HQGLOJDUOHDODL]TXLHUGDPDU[LVWDXQDFRQFHSFLyQVREUHODUHODFLyQUHDOLGDG(VWDGR
FRPRVLDTXHOODIXHVHGHWHUPLQDGDSRUHVWHHQWDQWRTXHHOSRGHUVHULDSRGHUGH
HVWDGR \ HVWDUtD ORFDOL]DGR HQ HO DSDUDWR GH HVWDGR PLHQWUDV TXH )RXFDXOW
PRVWUDUtDSRUHOFRQWUDULRTXHHO(VWDGRDSDUHFHFRPRHIHFWRGHFRQMXQWRFRPR
UHVXOWDGRGHXQDPXOWLSOLFLGDGGHHQJUDQDMHVFRPRXQD³PLFURItVLFDGHOSRGHUÓR
FXDOHVMXVWDPHQWHORTXH0DU[DFDEDGHVHxDODU(QWRQFHVRKD\XQGHVFXLGRHQ
ODSUHWHQGLGDFULWLFDRQRPHUHFHTXHVHWRPHQHQVHULRDOJXQDVREMHFLRQHVTXHVH
KDFHQDOD]DU\VLQSRFRDQiOLVLVVREUHGHWHUPLQDGRVVLVWHPDVWHyULFRVFRPRHVGH
0DU[TXHJR]DQGHXQDFRKHUHQFLDDVRPEURVD
'HRWURODGRODGHWHUPLQDFLyQGHODEDVHVRFLDOEXUJXHVDGHO (VWDGRPRGHUQRHQ
VXOXFKDSRUGHVSOD]DUODVGHWHUPLQDFLRQHVGHODEDVHVRFLDOIHXGDOFRQWUDODFXDO
WXYR TXH OXFKDU HQFRQDGDPHQWH SDUD GHVSXpV GH XQ ODUJR SURFHVR ORJUDU
FRQVROLGDUVHFRPREDVHGRPLQDQWHHQHOFRQFLHUWRGHODVQDFLRQHVPiVRPHQRVD
SDUWLUGHODVHJXQGDPLWDGGHOVLJOR;,;FRPRORPXHVWUDODEXUJXHVtDIUDQFHVD
(Q OD EXUJXHVtD ORJUy ILQDOPHQWH UHDOL]DU VXV DQKHORV GH VROR TXH DKRUD VX
HVFODUHFLPLHQWR SROtWLFR KDEtD OOHJDGR \D D VX WpUPLQR SXHV \D QR FRQVLGHUDED DO (VWDGR
UHSUHVHQWDWLYRFRQVWLWXFLRQDOFRPRHOLGHDOGHO(VWDGR\DQRFUHtDDVSLUDUDVDOYDUDOPXQGR
QLDDOFDQ]DUILQHVKXPDQRVGHFDUiFWHUJHQHUDOVLQRTXH\DKDEtDUHFRQRFLGRDO(VWDGRPiV
ELHQ FRPR OD H[SUHVLyQ RILFLDO GH VX SRGHU H[FOXVLYR \ FRPR UHFRQRFLPLHQWR SROtWLFR GH VX
LQWHUpVSDUWLFXODU 0DU[\(QJHOVS
(V GHFLU TXH \D QR QHFHVLWDED DO SUROHWDULDGR FRPR VRFLR SDUD OXFKDU FRQWUD HO
GHVSRWLVPR PRQiUTXLFR IHXGDWDULR VLQR TXH DKRUD QHFHVLWDED HQILODU WRGDV ODV
EDWHUtDVMXUtGLFRSROtWLFDVTXHKDEtDORJUDGRFRQFHQWUDUHQVXSRGHUSDUDVRPHWHU
GHILQLWLYDPHQWH D ODV PDVDV GHO SUROHWDULDGR D ODV FRQGLFLRQHV GH H[SORWDFLyQ
UHLILFDQWHV GH OD UHYROXFLyQ LQGXVWULDO 2 VHD TXH OD LJXDOGDG OD IUDWHUQLGDG \ OD
OLEHUWDG \D QR FRELMDED WDPELpQ DO SUROHWDULDGR FRPR RWURUD VLQR VRODPHQWH D OD
EXUJXHVtDFRPROD~QLFDFODVHTXHSRGtDVHUUHDOPHQWHOLEUHGHYLYLUVLQWUDEDMDU
3XHV \D KDEtD FRQVROLGDGR VX GRPLQLR HFRQyPLFR \ SROtWLFR GH OR FXDO HO (VWDGR
HUDVRORVXH[SUHVLyQUHSXEOLFDQD
,'(2/2*Ë$32/Ë7,&$<32'(5
(OiPELWRLGHROyJLFRTXHYLYy0DU[JLUDEDHQWRUQRDODILORVRItD\ODUHOLJLyQHQVX
IRUFHMHRSRUIXQGDPHQWDUODSROtWLFDGHVSXpVGHODUHYROXFLyQIUDQFHVD
/DVSUHRFXSDFLRQHVGHOMRYHQ0DU[VHFHQWUDEDQEDMRODLQIOXHQFLDGHOPDWHULDOLVPR
IUDQFpVLQJOpV\DOHPiQHVWH~OWLPRHQFDEH]DGHO/XGZLQJ)HXHUEDFKHQFyPR
VXSHUDUODUHOLJLyQHQFXDQWRWHPRU\PLHGRDORVGLRVHV/XHJRFXDQGRVHKDFH
SHULRGLVWDHQOD*DFHWD5HQDQD\HQORV$QDOHVIUDQFRDOHPDQHVVXSUHRFXSDFLyQVH
FHQWUDUi HQ OD HPDQFLSDFLyQ SROtWLFD SDUD SRVWHULRUPHQWH FRQFOXLU TXH HVWD
HPDQFLSDFLyQ QR VH SRGtD GDU HQ HO HVWDGR ³SRUTXH OD LJXDOGDG SROtWLFD GH ORV
FLXGDGDQRV IUHQWH DO (VWDGR QR HV OD LJXDOGDG KXPDQD UHDO GHO KRPEUH HQ OD
VRFLHGDG FLYLO´ 5HVWUHSR S /R TXH OR OOHYD D SHQVDU HQWRQFHV HQ OD
HPDQFLSDFLyQ KXPDQD EDMR OD YDQJXDUGLD GHO SUROHWDULDGR UHYROXFLRQDULR
&RQGLFLyQHVWDTXHORDFRPSDxDUiKDVWDHOILQDOGHVXYLGDPLOLWDQGRHQHOODWDQWR
HQ OD WHRUtD FRPR HQ OD SUiFWLFD HQ HO GHEDWH SHUPDQHQWH FRQ ODV FRUULHQWHV
SROtWLFDVHQERJDGHVGHHOVRFLDOLVPR\HOOLEHUDOLVPREXUJXpVKDVWDHODQDUTXLVPR
SDVDQGRSRUWRGDODJDPDGHOVRFLDOLVPR\HOUHIRUPLVPRSHTXHxREXUJXpVHQVX
DIiQ GH HYLWDU HUURUHV TXH HQ SROtWLFD VH FRQYLUWLHUDQ HQ GHUURWDV FRPR
LQIRUWXQDGDPHQWH VXFHGLy HIHFWLYDPHQWH HQ ODV UHYROXFLRQHV GH \
SXHVHQODYLGDSROtWLFDUHJXODUPHQWHODYROXQWDGFROHFWLYDVREUHSDVDODYROXQWDG
VXEMHWLYDSRUUD]RQDEOHTXHVHD\ODIXHU]DGHOFRQWULQFDQWHGHVWUX\HWRGDUD]yQ\
WRGRGHVHR
%LEOLRJUDItD
0$5;&DUORVVI0DQXVFULWRVGH%RJRWi&RORPELD*pQHVLV
0$5; &DUORV &RQWULEXFLyQ D OD FUtWLFD GH OD HFRQRPtD SROtWLFD 0HGHOOtQ &RORPELD 2YHMD
QHJUD
$5,67Ñ7(/(62EUDVFRPSOHWDV0DGULG$JXLODU
520(52 *XLOOHUPR 0DU]R GH &DUWD D ORV HQHPLVWDGRV &DOL &RORPELD (Q 9tD OLEUH
3HULyGLFR8QLYHUVLGDG/LEUH6HFFLRQDO&DOL
0$5;&DUORV(OFDSLWDO7RPR,0p[LFR)&(
0$5;\(1*(/6/DLGHRORJtDDOHPDQD%RJRWi(GLFLRQHVDUFDGH1Rp
)5(8'6LJPXQG(OPDOHVWDUHQODFXOWXUD%XHQRV$LUHV2UELV9RO
)28&$8/70LFKHO+LVWRULDGHODORFXUD0p[LFR)&(HG
'(/(8=(*LOOHV)RXFDXOW%DUFHORQD3DLGRV,EpULFD6$
0$5;\(1*(/6/DVDJUDGDIDPLOLD%RJRWiSOXPDOLPLWDGD
3$3$&+,1,ÈQJHOR+HJHO\HO(VWDGR(Q 5HYLVWD8QLYDOOH&DOL HQHURMXQLR
0$5;&,QWURGXFFLyQJHQHUDODODFUtWLFDGHODHFRQRPtDSROtWLFD0p[LFR(GLFLRQHVGH
SDVDGR\SUHVHQWH
0$5;&\(1*(/6)0DQLILHVWRGHOSDUWLGRFRPXQLVWD3HNtQ&KLQDUHFRQVWUX\H
5(675(32*XLOOHUPR0DU[\(QJHOV*XHUUD\/XFKDGHFODVHV(1/RVILOyVRIRVODSROtWLFD
\ODJXHUUD&DOL8QLYHUVLGDGGHO9DOOH
2GLUHLWRIXQGDPHQWDOjPRUDGLDHP
+HJHOXPDOHLWXUD LP SRVVtYHO
:DJQHU9LQLFLXVGH2OLYHLUD
8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD %UDVLO
127$6,1752'87Ï5,$6
5H SHQVDUDHIHWLYLGDGHGRGLUHLWRVRFLDOHDRPHVPRWHPSRGLUHLWRIXQGDPHQWDO
j PRUDGLD p WDUHID SULPHLUD D VHU FXPSULGD QHVVH HVFULWR ( SDUD HVWDEHOHFHU
UHODomRHSLVWHPROyJLFDVREUHDDSOLFDELOLGDGHGRV 3ULQFtSLRVGD)LORVRILDGR'LUHLWR
GH *HRUJ :LOKHOP )ULHGULFK +HJHO YHULILFDVH DVVLP VXD DGHUrQFLD DR
(VWDGRGHPRFUiWLFRGHGLUHLWRDSDUWLUGRUHFRUWHSURSRVWR7DOYH]SRULVVR+|VOH
SiJ VXVWHQWH JUDQGH DILQLGDGH HQWUH RV SHQVDPHQWRV GH +HJHO H D
HVIHUDSROtWLFD
'HQWURGRVREMHWLYRVHVSHFtILFRVEXVFDVH L UHDOL]DUOHLWXUDH[SORUDWyULDVREUHRV
SULQFtSLRV GD ILORVRILD GR GLUHLWR LL HVWDEHOHFHU XP SDQRUDPD SUiWLFR VREUH D
FRQVWUXomR GR GLUHLWR j PRUDGLD D SDUWLU GH XP FDVR FRQFUHWR LLL DQDOLVDU D
FRPSDWLELOLGDGH HQWUH D UHIHULGD REUD HQTXDQWR LQVWUXPHQWR WHyULFR SUHWHQVmR
QRUPDWLYD SDUD UH SHQVDURGLUHLWRjPRUDGLD
3RUWDQWRFRQIRUPHVHVDEHGHYHFRPSUHHQGHURLGHDOLVPRDEVROXWRGH+HJHOVRE
RHQIRTXHILORVyILFRFRPRXPVLVWHPDTXHDUTXLWHWDDLGHLDUHGXWtYHOjUHDOLGDGH
1HVVH FHQiULR DV LQWHUORFXo}HV WHyULFDV FRP D LGHLD GH (VWDGR UHOHYDPVH
QHFHVViULD SDUD FKHJDU DR LQWHQWR SODQHMDGR D SDU GLVWR D ILORVRILD HVSHFXODWLYD
KHJHOLDQDFRQFHEHR(VWDGRFRPR³FRQVFLrQFLDHPVLHSDUDVL´
'H IDWR D UHDOL]DomR GHVWD SHVTXLVD ELEOLRJUiILFD UHYHODVH WRUPHQWRVD SRUpP
UHOHYDQWH H DWXDO $OpP GLVVR RXWUD MXVWLILFDWLYD p D WHQWDWLYD GH UHWUDWDU D
WHQVmR H[LVWHQWH HQWUH R DUFDERXoR WHyULFR H D SUD[LV MXGLFLDO FRP YLVWDV D
FRPSUHHQGHU RV OLPLWHV GD MXGLFLDOL]DomR GDV SROtWLFDV S~EOLFDV H GD YLGD VRFLDO

0HVWUDQGRHPGLUHLWRSHOD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD 8)8EROVLVWDSHOD&RRUGHQDomR
GH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU &$3(6SHVTXLVDGRUSHOR1~FOHRGH(VWXGRVHP
)LORVRILD$QWLJDH+XPDQLGDGHV 1(),+GR,QVWLWXWRGH)LORVRILDGD8)8JUDGXDGRHPGLUHLWRSHOD
3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 0LQDV *HUDLV 38& 0LQDV DGYRJDGR HPDLO
ZDJQHUYLQLFLXV#VJDSXFPLQDVE

&RQIRUPH SURYD GLVVHUWDWLYD UHDOL]DGD HP QR SURFHVVR VHOHWLYR GR 3URJUDPD GH
3yV*UDGXDomR GD 38& 0LQDV ÈUHD GH FRQFHQWUDomR 7HRULD GR GLUHLWR /LQKD GH SHVTXLVD
IXQGDPHQWRV ILORVyILFRV GR FRQFHLWR GH MXVWLoD H VXD DSOLFDomR QD FRPSUHHQVmR GR (VWDGR
GHPRFUiWLFRGHGLUHLWR (GLWDOQTXHDSDUWLUGHXPIUDJPHQWRGDDOXGLGDREUDSHGLXVH
SDUDDYDOLDUVXDDGHTXDELOLGDGHSDUDFRPSUHHQGHUDUHDOLGDGHDWXDO
'LDQWH GLVWR DFROKHVH FRPR PHWRGRORJLD GH WUDEDOKR D DQiOLVH ELEOLRJUiILFD H D

PRVWUDTXDOLWDWLYDGHXPDDomRMXGLFLDO FDVRSUiWLFR FRPRIRUPDGHDOFDQoDURV
REMHWLYRVDFLPDWUDoDGRV
3DUD WDQWR QXPD UHYLVmR ELEOLRJUiILFD SUHOLPLQDU SHUFHEHVH DV FRQWXQGHQWHV
FUtWLFDV TXH R LGHDOLVPR HVWDWDO KHJHOLDQR UHFHEH 3RU H[HPSOR 6DUPHQWR
SiJJULIRGRDXWRU FRQVLGHUDTXH
1D)LORVRILDDVVRFLDVHDHPHUJrQFLDGRWHPDGRUHFRQKHFLPHQWRDRSHQVDPHQWRGH+HJHO
QRVDQRVGHMXYHQWXGHTXHSDVVRXHP-HQD(PVHXIDPRVRWH[WRVREUHDGLDOpWLFDGRDPRH
GR HVFUDYR SUHVHQWH QD REUD $ IHQRPHQRORJLD GR (VStULWR +HJHO DERUGRX DLQGD TXH GH
PRGR WDQWR REVFXUR R FDUiWHU GLDOyJLFR GD FRQVWUXomR GD LGHQWLGDGH QHVVD PDWpULD D
ILORVRILD GH +HJHO p YLVWD FRPR FRQWUDSRQWR DR DWRPLVPR GRV LOXPLQLVWDV OLEHUDLV DR DSRLDU
QmR DSHQDV R FDUiWHU KLVWyULFR GR VXMHLWR FRPR WDPEpP D GLQkPLFD LQWHUVXEMHWLYD GH
IRUPDomRGDSHUVRQDOLGDGH
3RUVHXWXUQR1LQR SiJWUDGXomRQRVVD SRQWXDTXH
4XDOTXHUIDVHVREUHDFRQVFLrQFLDRXDUDFLRQDOLGDGHGR(VWDGRFRPRDOJXPDVGDVIyUPXODV
GH +HJHO DSHQDV WHP XP PtQLPR GH VHQWLGR TXH QmR VHMD SXUDPHQWH PHWDIyULFR VH D
DVVRFLDGD VLVWHPDWLFDPHQWH FRP IUDVHV DFHUFD GD FRQVFLrQFLD RX UDFLRQDOLGDGH GH DOJXQV
LQGLYtGXRV RX JUXSR GH LQGLYtGXRV 3RU KLSyWHVH H[SUHVV}HV FRPR ³FRQVFLrQFLD´ SRGHP VHU
XWLOL]DGDV FRP VHQWLGR WRWDOPHQWH GLVWLQWR GR RULJLQiULR SRUpP QHVWH FDVR QmR VH HVWDULD
UHIHULQGRjFRQGLomRTXHDTXLH[SRPRVFRPRUHOHYDQWHVSDUDDSHUVRQDOLGDGHPRUDO
6REUHRWHPD%REELR SiJ ID]DVHJXLQWHDILUPDomR
6H KRMH DLQGD Ki XPD WHQGrQFLD D LGHQWLILFDU R GLUHLWR FRP R GLUHLWR HVWDWDO HVWi p D
FRQVHTrQFLD VLF KLVWyULFDGRSURFHVVRGHFHQWUDOL]DomRGRSRGHUQRUPDWLYRHFRDWLYRTXH
FDUDFWHUL]RXRVXUJLPHQWRGR(VWDGRQDFLRQDOPRGHUQR$Pi[LPDFRQVFLrQFLDWHyULFDGHVVH
SURFHVVRpDILORVRILDGRGLUHLWRGH+HJHOHPTXHR(VWDGRpFRQVLGHUDGRR'HXVWHUUHQRRX
VHMDRVXMHLWR~OWLPRGDKLVWyULDTXHQmRUHFRQKHFHQHPDFLPDQHPDEDL[RRXWURVXMHLWRH
DRTXDORVLQGLYtGXRVHRVJUXSRVGHYHPLQFRQGLFLRQDGDREHGLrQFLD
1RXWUDRSRUWXQLGDGH%REELR SiJ DILUPDTXH³>@HP+HJHO RGLUHLWR
WHP DOJR GH VDJUDGR >@´ &RQWXGR SDUD FRPSUHHQGHU DGHTXDGDPHQWH HVVD
SDVVDJHP p QHFHVViULR UHFXSHUDU RXWUD QD TXDO R DXWRU HVFODUHFH TXH ³>@ R
GLUHLWR QmR WHP D IXQomR GH SUHYHQLU DV GRHQoDV VRFLDLV PDV VLP GH WUDWDODV
QHPVHPSUHGHFXUiODV >@´
=DJUHEHOVN\ SiJWUDGXomRQRVVD DVVLPHVFUHYHX
2 TXH VXEMD] p FHUWDPHQWH R GHVFUpGLWR HP TXH DSyV D 6HJXQGD *XHUUD 0XQGLDO FDLX D
LGHLDKHJHOLDQDGH(VWDGR³WRWDO´FRPRUHDOLGDGHHPDWRGDLGHLDpWLFD REMHWLYDTXHVHSHQVD
HVHFRQKHFHDVLPHVPDHOHYDDFDERRTXHVDEHHHPTXHPHGLGDQRTXHHODVDEH

1RRULJLQDO³&XDOTXLHUIDVHDFHUFDGHODFRQVFLHQFLDRODUDFLRQDOLGDGGHO(VWDGRFRPRDOJXQDV
GHODVIRUPXODV+HJHO VyORWLHQHDOJ~QPtQLPRVHQWLGRTXHQRVHDSXUDPHQWHPHWDIyULFRVLVHOD
DVRFLD VLVWHPiWLFDPHQWH FRQ IUDVHV DFHUFD GH OD FRQVFLHQFLD R UDFLRQDOLGDG GH DOJ~Q LQGLYLGXR R
JUXSRGHLQGLYLGXRV3RUVXSXHVWRVTXHH[SUHVLRQHV FRPR ³FRQVFLHQFLD´SXHGHQVHUXVDGDVFRPR
XQ VHQWLGR WRWDOPHQWH GLVWLQWR GHO RULJLQDULR SHUR HQ HVWH FDVR QR VH HVWDUtD DOXGLHQGR D OD
FRQGLFLyQTXHDTXtH[SRQHPRVFRPRUHOHYDQWHSDUDODSHUVRQDOLGDGPRUDO´

1R RULJLQDO ³/R TXH VXE\DFH HV FLHUWDPHQWH HO GHVFUpGLWR HQ TXH HQ OD VHJXQGD SRVJXHUUD
FD\yODLGHDKHJHOLDQD©WRWDOªGH(VWDGRFRPRUHDOLGDGHQDFWRGHOD,GHDpWLFDREMHWLYD©TXHVH
SLHQVD\VHVDEHDVtPLVPD\OOHYDDFDERORTXHVDEH\HQODPHGLGDHQTXHORVDEHª´
6RERXWURYLpVÏ SiJ DSRLDGRHP)RXFDXOWDRGHVYHODUXPDHVSpFLH

GH³KLHUDUTXLD´H[LVWHQWHHQWUHHVFULWRUHV DV HOHLWRUHV DV VXVWHQWDDQHFHVVLGDGH
GH
>@ XOWUDSDVVDU H DEDQGRQDU RV XQLYHUVDLV KLVWyULFRV GD UD]mR H GR SURJUHVVR SUySULRV GR
LOXPLQLVPRGDVDWLVIDomRGRHVStULWRTXHFDUDFWHUL]DYDPDPDTXLQDULDILORVyILFDKHJHOLDQDH
HQFKLDPDJDUJDQWDGHWDQWRVHWDQWRVLQWHOHFWXDLVLGHQWLILFDGRVFRPDVFRUUHQWHVPDU[LVWDV
/RJRSRUHVWDVXPiULDGHPRQVWUDomRHGLDQWHGDVFUtWLFDVDSRQWDGDVS}HVHHP
PRYLPHQWR D VLWXDomRSUREOHPD VH D ILORVRILD GR GLUHLWR GH +HJHO p LQVWUXPHQWR
WHyULFRDGHTXDGRSDUD UH SHQVDURGLUHLWRIXQGDPHQWDOjPRUDGLD"6DEHVHTXH R
GLUHLWR LQWHJUD DV GLWDV FLrQFLDV VRFLDO DSOLFDGDV LPSOLFD WHVWDU HPSLULFDPHQWH D
WHRULDGHEDVHHPXPFDVRSUiWLFR
'HVWH PRGR R UHFRUWH HPStULFR SURSRVWR VHUi UHDOL]DGR QD $omR &LYLO 3~EOLFD Q
DMXL]DGD SHOD 'HIHQVRULD 3~EOLFD GD 8QLmR '38
SHUDQWHD9DUD)HGHUDOGH3RUWR$OHJUH563URSRVWDHPIDFHGD8QLmR(VWDGR
H 0XQLFtSLR UHTXHUHQGR R SDJDPHQWR GH DOXJXHO VRFLDO SDUD RV DV FLGDGmRV mV
HPVLWXDomRGHUXDFRPRIRUPDGHUHDOL]DURGLUHLWRIXQGDPHQWDOjPRUDGLD
&RQIRUPH VH VDEH D PRUDGLD p FRQGLomR GH SRVVLELOLGDGHV SDUD R H[HUFtFLR GH
RXWURV GLUHLWRV IXQGDPHQWDLV FRQIRUPH GHPRQVWUD )DEUL SiJ QR
IUDJPHQWRDEDL[RWUDQVFULWR
$LQGDDPRUDGLDFRPRGLUHLWRVRFLDODEUDoDRXWURVGLUHLWRVFRPRRGLUHLWRjHGXFDomRTXH
PDLVGRTXHXPVLPSOHVFXUUtFXORUHFHEHQDFDVDVHXDOLFHUFHLQIRUPDOHRGLUHLWRjVD~GH
DEULJDQGRHPVHXVHLRRLQGLYtGXRGHLQWHPSpULHVHGDYLROrQFLDTXHSRUVXDYH]UHFDLQR
GLUHLWRFROHWLYRGHXPPHLRDPELHQWHVDXGiYHOTXHSDUDDOpPGDQDWXUH]DHVWXGDLQFOXVLYH
RPHLRDPELHQWHLQWHUQRDWpPHVPRRGRWUDEDOKR
$VVLPVRERSDQRGHIXQGRGDILORVRILDSROtWLFDKHJHOLDQDEXVFDVHGHVHQYROYHUD
LGHLD GH ³PRUDOLGDGH REMHWLYD GR (VWDGR´ +(*(/ SiJ 1RXWUDV
SDODYUDVUHYHODVHLQVXILFLHQWHPHUDVDOHJDo}HVGHGLYHUJrQFLDGHYHVHGHRXWUD
VRUWH GHVYHODU DV LQFRQJUXrQFLDV LQWHUQDV GD WHRULD TXH VH SUHWHQGH FRQWUDSRU
6HP PDLRUHV GHORQJDV QD WHQWDWLYD SUHHQFKHU D ODFXQD FRQVWDWDGD SDVVDVH DR
H[DPHGHSDUWHGRVLVWHPDILORVyILFRKHJHOLDQR
&21&(,726 (/(0(17$5(6 '26 35,1&Ë3,26 '$ ),/262),$ '2

',5(,72
$ SULPHLUD HWDSD GHVWD SHVTXLVD FRQVLVWH HP WRFDU DOJXQV SRQWRV HVSHFtILFRV GD
WHRULDGH EDVHDGRWDGDRXVHMDDVLGHLDVEDVLODUHVGRV 3ULQFtSLRV GD)LORVRILDGR
'LUHLWR 3DUD GHVHQKDU D FRQVWUXomR GR SHQVDPHQWR RUWRGR[R GD ILORVRILD SROtWLFD
KHJHOLDQD UHDOL]DVH XPD H[SHULrQFLD QR LQWHULRU GD OLQJXDJHP PDUFDGR SRU VXD
RULJLQDOLGDGHPHWRGROyJLFD&RQIRUPH DILUPRX*DGDPHU SiJ WUDGXomR
QRVVD ³(OH HODERURX VHX SUySULR PpWRGR GLDOpWLFR DPSOLDQGR D GLDOpWLFD GRV

1R RULJLQDO ³eO HODERUy VX SURSLR PpWRGR GLDOpFWLFR DPSOLDQGR OD GLDOpFWLFD GH ORV DQWLJXRV \
WUDQVIRUPiQGRODHQXQDVXSHUDFLyQGHODFRQWUDGLFFLyQKDFLDXQDVtQWHVLVFDGDYH]PiVDOWDV´
DQWLJRV H WUDQVIRUPDQGRD HP XPD VXSHUDomR GD FRQWUDGLomR SDUD VtQWHVHV FDGD
YH]PDLVDOWDV´
3RLV EHP QHVVD PHGLGD +HJHO SiJ LQGLFD ³ 2 REMHWR GD FLrQFLD
ILORVyILFDGRGLUHLWRp D ,GHLDGRGLUHLWRTXHUGL]HU RFRQFHLWR GR GLUHLWRHDVXD
UHDOL]DomR´ /RJR QD WHUFHLUD VHomR D SULPHLUD SDODYUD XWLOL]DGD SDUD GHILQLU
LQMXVWLoDpFRQWUDWRQRVHQWLGRGHDOJRSDUWLFXODUFRQWUiULRDR(VWDGR$RTXHWXGR
LQGLFD D LQMXVWLoD HVWi LQWLPDPHQWH OLJDGD DRV QHJyFLRV SDUWLFXODUHV DVVLP p
HVWDEHOHFLGDXPDVHSDUDomRRQWROyJLFDHQWUH(VWDGRHVRFLHGDGHFLYLO
7UDoRFDUDFWHUtVWLFRGDVXDILORVRILDpDUHODomRVLPELyWLFDH[HUFLGDHQWUHGLUHLWRVH
REULJDo}HV 1HVVD SHUVSHFWLYD R H[HUFtFLR GRV GLUHLWRV p FRQGLFLRQDGR DR
FXPSULPHQWRGDVREULJDo}HVWDOUHODomRGHLGHQWLGDGHpFKDPDGDGHPRUDOLGDGH
REMHWLYD 1DV SDODYUDV GH +HJHO SiJ ³ 1HVWD LGHQWLGDGH GD
YRQWDGHXQLYHUVDOHGDSDUWLFXODUFRLQFLGHPRGHYHUHRGLUHLWRHQRSODQR PRUDO
REMHWLYR WHP R KRPHP GHYHUHV QD PHGLGD HP TXH WHP GLUHLWRV H GLUHLWRV QD
PHGLGDHPTXHWHPGHYHUHV´
1XPD LGHLD DSUR[LPDGD GD IRUPD FRPR DWXDOPHQWH VH FRQFHEH D VXSUHPDFLD GR
7H[WR &RQVWLWXFLRQDO DSUHVHQWD R JHUPH GD SUHYDOrQFLD GD ³F &RQVWLWXLomR GR
(VWDGRTXHpRILPHDUHDOLGDGHHPDWRGDVXEVWkQFLDXQLYHUVDOHGDYLGDS~EOLFD
QHOD FRQVDJUDGD´ +(*(/ SiJ QR HQWDQWR PXLWR SURYDYHOPHQWH R
WHUPRpHPSUHJDGRHPVHXVHQWLGRIRUPDO
1RWySLFRVREUHMXULVGLomRVXDLQFOLQDomR SHORVHQWLGRIRUPDOWRUQDVHPDQLIHVWD
$OLiVLQGLFDDFRUUHVSRQGrQFLDGRGLUHLWRFRPDOHLSRVLWLYDFRQIRUPHLQIHUHVHGD
VHJXLQWH SDVVDJHP ³ 2 TXH R GLUHLWR p HP VL DILUPDVH QD VXD H[LVWrQFLD
REMHWLYD TXHU GL]HU GHILQHVH SDUD D FRQVFLrQFLD SHOR SHQVDPHQWR e FRQKHFLGR
FRPR R TXH FRP MXVWLoD p H YDOH p D OHL 7DO GLUHLWR p VHJXQGR HVWD
GHWHUPLQDomRRGLUHLWRSRVLWLYRHPJHUDO´ +(*(/SiJ
1HVVDOLQKDJHPGHSHQVDPHQWRQmRKiFRPRHVFDSDUGRSULQFtSLRGHDXWRULGDGH
GHSRVLWDGR QR (VWDGR FRPR IRQWH GH SURGXomR GRV GLWDPHV QHFHVViULRV OHL
SRVLWLYD SDUDDFRQVWLWXLomRGDVRFLHGDGH'HIDWRFRQVWDUHJLVWURGHTXHGHVYLRV
SRGHUmR RFRUUHU PDV QRYDPHQWH SRU SDUWH GRV LQWHUHVVHV SDUWLFXODUHV FDSD]HV
GH DIDVWDU D VXEVWkQFLD GD OHL SRVLWLYD GD ³HVVrQFLD GR GLUHLWR´ &RQWXGR +HJHO
SiJ VLOHQFLDVH TXDQWR DV VXDV FRQVHTXrQFLDV H VH UHVWULQJH D
GHVFULomRGRIHQ{PHQR
1HVWDLGHQWLGDGHGRTXHpHPVLHGRTXHpDILUPDGRVyWHPFDSDFLGDGHMXUtGLFDSDUD
REULJDU R TXH IRU OHL SRVLWLYD &RPR D UHDOLGDGH SRVLWLYD FRQVWLWXL R DVSHFWR GH H[LVWrQFLD
QHOD VH SRGH WDPEpP LQVHULU D FRQWLQJrQFLD GR FDSULFKR H RXWUDV UHDOLGDGHV SDUWLFXODUHV H
SRGHSRUWDQWRDFRQWHFHUTXHDOHLVHMDHPVHXFRQWH~GRGLIHUHQWHGRTXHRGLUHLWRpHP
VL
2 JLUR GR SHQVDPHQWR ILORVyILFR GD WHRULD GR (VWDGR GH +HJHO SRVVXL DOYR FHUWR
TXHpFRQWUDSRUDVWHRULDVVXEMHWLYLVWDVGH.DQWH)LFKWH +g6/(SiJ
DSRLDGDV QDV Pi[LPDV GH XPD PRUDOLGDGH XQLYHUVDO QD UDFLRQDOLGDGH LQGLYLGXDO
(P VHQWLGR FRQWUiULR HVWDV FUHGHQFLDLV HVWmR GHSRVLWDGDV QR (VWDGR VHJXQGR R

,QWLWXODGD$LQMXVWLoD +(*(/SiJ
SHQVDPHQWR REMHWLYDGRU KHJHOLDQR SRLV SRU XP ODGR R SRVLWLYRUDFLRQDO

SURSRUFLRQD D VHJXUDQoD QHFHVViULD SDUD R GHVHQYROYLPHQWR VRFLDO SRU RXWUR D
VXEMHWLYLGDGH FRQWLQJHQWH SRGHULD LPSHGLU R DFHVVR DRV EHQHItFLRV GD YLGD HP
VRFLHGDGH
8PD YH] VXEWUDtGRV GHVWDV YDQWDJHQV VHULD WDPEpP PHGLDQWH DX[tOLR SDUWLFXODU
TXHDVXSHUDomRGHVWDVGLILFXOGDGHVDFRQWHFHULD6HJXQGRRSHQVDPHQWRGH+HJHO
SiJ FRPSHWH HP SULPHLUR OXJDU j IDPtOLD QR WUHFKR DEDL[R
WUDQVFULWRHVWDVLGHLDVVmRFRQILUPDGDV
&RPR D YRQWDGH VXEMHWLYD WDPEpP FLUFXQVWkQFLDV FRQWLQJHQWHV ItVLFDV H OLJDGDV D
FRQGLo}HVH[WHULRUHVSRGHPOHYDURVLQGLYtGXRVjSREUH]D1HVVHHVWDGRQmRGHL[DPHOHV
GH HVWDU VXMHLWRV jV H[LJrQFLDV GD VRFLHGDGH FLYLO PDV GHVSRMDGRV GRV VHXV UHFXUVRV
QDWXUDLV H GHVOLJDGRV GRV ODoRV GD IDPtOLD FRQFHELGD FRPR XP FOm H
SHUGHP SRU RXWUR ODGR WRGDV DV YDQWDJHQV GD VRFLHGDGH SRVVLELOLGDGH GH DGTXLULUHP
KDELOLWDo}HVHFXOWXUDDSURYHLWDUHPGDMXULVGLomRGDKLJLHQHHSRUYH]HVDWpGRFRQVROR
GDUHOLJLmR2SRGHUFROHWLYRVXEVWLWXLHQWmRDIDPtOLDWDQWRQDVVXDVDIOLo}HVLPHGLDWDV>@
2 TXH Ki GH VXEMHWLYR QD PLVpULD H HP JHUDO QDV DIOLo}HV D TXH R LQGLYtGXR HVWi
H[SRVWRQRVHXDPELHQWHQDWXUDOH[LJHTXHVHOKHOHYHXPDDMXGDWDPEpPVXEMHWLYDWDQWR
QRGRPtQLRGDVFLUFXQVWkQFLDVSDUWLFXODUHVFRPRQRGRVHQWLPHQWRHGRDPRU
(P QRWD DR +HJHO SiJ FRORFD TXH ³p FRPSOHWDGD SHODV
LQVWLWXLo}HV S~EOLFDVGHDVVLVWrQFLD´RXVHMDQmRpDWULEXLomRSULQFLSDOGR(VWDGR
PDVDSHQDVXPDFHVVyULRGRSRGHUFROHWLYR$VUHODo}HVGHDVVLVWrQFLDGHYHPVHU
H[HUFLGDV SULPDULDPHQWH SHOD IDPtOLD FDVR QmR VHMD SRVVtYHO HQWUD HP FHQD DV
UHODo}HV VRFLDLV (VWDV UHODo}HV VmR PDUFDGDV SRU XPD IRUWH VXEMHWLYLGDGH
LQIOXHQFLDGDVHPODUJDPHGLGDSHORHOHPHQWRUHOLJLRVR
1D WHUFHLUD VHomR +HJHO SiJ VXVWHQWD TXH ³ 2 (VWDGR p D
UHDOLGDGH HP DWR GD ,GHLD PRUDO REMHWLYD R HVStULWR FRPR YRQWDGH VXEVWDQFLDO
UHYHODGDFODUDSDUDVLPHVPDTXHVHFRQKHFHHVHSHQVDHUHDOL]DRTXHVDEHH
SRUTXHVDEH´'DtIDODUVHQR(VWDGRHQTXDQWRLGHLDpWLFD7DOUHDOLGDGHREMHWLYDp
DFHQWXDGDSHORDVSHFWRLGHDOLVWDGHVXDILORVRILDSROtWLFDPD[LPL]DGDSHODLGHLDGH
(VWDGR HQTXDQWR ³HVStULWR REMHWLYR´ 1HVVD PHGLGD R ILP DEVROXWR FHQWUDOL]D D
DXWRFRQVFLrQFLD QR SUySULR HQWH HVWDWDO HVVD DILUPDomR p FRUURERUDGD SHOD
VHJXLQWHWHVH
2(VWDGRFRPRUHDOLGDGHHPDWRGDYRQWDGHVXEVWDQFLDOUHDOLGDGHTXHHVWDDGTXLUH
QD FRQVFLrQFLD SDUWLFXODU GH VL XQLYHUVDOL]DGD p R UDFLRQDO HP VL H SDUD VL HVWD XQLGDGH
VXEVWDQFLDOpXPILPSUySULRDEVROXWRLPyYHOQHOHDOLEHUGDGHREWpPRVHXYDORUVXSUHPRH
DVVLP HVWH ~OWLPR ILP SRVVXL XP GLUHLWR VREHUDQR SHUDQWH RV LQGLYtGXRV TXH HP VHUHP
PHPEURVGR(VWDGRWrPRVHXPDLVHOHYDGRGHYHU +(*(/SiJ
$ UDGLFDOLGDGH GD LGHLD GR (VWDGR p GHFRPSRQtYHO HP WUrV HOHPHQWRV EiVLFRV
VHJXQGR +HJHO SiJ R SULPHLUR p D SHUVRQLILFDomR GH XP VHU
DOHJyULFR TXH ³D 3RVVXL XPD H[LVWrQFLD LPHGLDWD H p R (VWDGR LQGLYLGXDO FRPR
RUJDQLVPRTXHVHUHIHUHDVLPHVPR pDFRQVWLWXLomRGR'LUHLWRSROtWLFRLQWHUQR´
D LQH[LVWrQFLD GH RXWUR RUJDQLVPR GH PHVPD HVSpFLH R FOiVVLFR FRQFHLWR GH
VREHUDQLD ³E 7UDQVLWD j UHODomR GR (VWDGR LVRODGR FRP RV RXWURV (VWDGRV p R
GLUHLWR H[WHUQR´ SRU ILP HVVH VHU p GXSODPHQWH VREHUDQR H[WHUQD H
LQWHUQDPHQWH ³F e LGHLD XQLYHUVDO FRPR JpQHUR H SRWrQFLD DEVROXWD VREUH RV
(VWDGRVLQGLYLGXDLVRHVStULWRTXHDVLPHVPRGiDVXDUHDOLGDGHQRSURJUHVVRGD
KLVWyULDXQLYHUVDO´
2EVHUYDVH FRP QLWLGH] D SULPD]LD GD RUJDQL]DomR GR (VWDGR FDUDFWHUtVWLFD
PDUFDQWHHDLQGDSUHVHQWHQDVFRQVWLWXLo}HVPRGHUQDV3RLV³ $FRQVWLWXLomR
SROtWLFD p HP SULPHLUR OXJDU D RUJDQL]DomR GR (VWDGR H R SURFHVVR GD VXD YLGD
RUJkQLFD HP UHODomR FRQVLJR PHVPR´ +(*(/ SiJ RX VHMD D
IRUPDomRGDDXWRFRQVFLrQFLDGRLGHDOLVPRHVWDWDO
2 FHUQH GDV LGHLDV DWp DTXL GHVHQYROYLGDV p VLQWHWL]DGD SRU 6DOJDGR SiJ
JULIRVGRDXWRU DRLQGLFDUTXH³$FUtWLFDGRVSHQVDGRUHVLOXPLQLVWDVSDVVRX
HQWmRDH[LJLUDYDORUL]DomRGRVSUHFHLWRVOHJDLV¶TXHHP+HJHODVVXPHXPFDUiWHU
TXDVHVDJUDGRDOHLJHUDOHVFULWDpDOLQJXDJHPGDOLEHUGDGH VHLQH6SUDFKHGDV
DOOJHPHLQH*HVHW] ´3RQWRFKDYHSDUDFRPSUHHQGHUDILORVRILDSROtWLFDKHJHOLDQD
(P FRQVHTXrQFLD VXUJH D pWLFD SRVLWLYD FRPR XQLGDGH RUJkQLFD H VXEVWDQFLDO
GHPRQVWUDGDVGDVHJXLQWHIRUPD
+HJHO ILHO QHVVH VHQWLGR DR SURIXQGR LGHDO GH MXVWLoD GD 5HYROXomR )UDQFHVD GH FHUWR
PRGR WHRUL]DGD QD (VFROD ([HJpWLFD VHJXQGR D TXDO D OHL VHQGR D YRQWDGH VREHUDQD GR
SRYRQmRSRGHHVWDUjPHUFrGRDUEtWULRGRMXOJDGRUTXHDHODWHPRGHYHUGHDWHUVHVRE
SHQDGHQHJDomRGRSUySULRGLUHLWRHUHWURFHVVRDVXDSUpKLVWyULDQmRGHL[DG~YLGDTXDQWR
DR VLJQLILFDGR QR VHX IDWR DEVWUDWR SRU XP WULEXQDO TXDOLILFDGR FRPR yUJmR GD OHL 2UJDQ
GHV*HVHW]HV 6$/*$'2SiJJULIRVGRDXWRU
([SRVWDQRHVVHQFLDODWHRULDKHJHOLDQDVHUiFRQMXJDGDFRPRGLUHWRjPRUDGLDD
SDUWLU GH XP FDVR SUiWLFR FRP R ILP GH DQDOLVDU VXD LQ FRPSDWLELOLGDGH FRP R
SDUDGLJPDGHPRFUiWLFR7HPDVDQDOLVDGRVQRVSUy[LPRVWySLFRV
$&216758d2'2',5(,72)81'$0(17$/¬025$',$$3$57,5'(
80&$62&21&5(72
$&RQVWLWXLomRGD5HS~EOLFD)HGHUDWLYDGR%UDVLOGH &5)%QR&DStWXOR,,
'RV GLUHLWRV VRFLDLV SUHYr QR DUW TXH ³6mR GLUHLWRV VRFLDLV D HGXFDomR D
VD~GHDDOLPHQWDomRRWUDEDOKRDPRUDGLDRWUDQVSRUWHROD]HUDVHJXUDQoDD
SUHYLGrQFLD VRFLDO D SURWHomR j PDWHUQLGDGH H j LQIkQFLD D DVVLVWrQFLD DRV
GHVDPSDUDGRVQDIRUPDGHVWD&RQVWLWXLomR´ %5$6,/
7UDWDVH GH XPD FRPSOH[D UHGH GH GLUHLWRV VRFLDLV VHJXQGD GLPHQVmRJHUDomR
TXH GHQWUH RXWUDV FDUDFWHUtVWLFDV H[LJHP D SUHVWDomR SRVLWLYD GR (VWDGR
VREUHWXGRSHODFULDomRHLPSOHPHQWDomRGHSROtWLFDVS~EOLFDVSDUDDWHQGHUHPDV
GHPDQGDV 3RU DEUDQJHU XPD JDPD GH RXWURV GLUHLWRV IXQGDPHQWDLV DIRUD VXD
ORFDOL]DomR WRSRJUiILFD HQWHQGHVH SRVVXLU LJXDO QDWXUH]D MXUtGLFD H FRPR WDO
RSRQtYHODWpPHVPRHPIDFHGR(VWDGR
&RPR GLWR HVWD SHVTXLVD EXVFD FRPSUHHQGHU RV OLPLWHV GD MXGLFLDOL]DomR GH
TXHVW}HVSROtWLFDVRXVHMDDWpTXHSRQWRR-XGLFLiULRGHYHFRQWURODUR([HFXWLYR
VHP FRPSURPHWHU D VHSDUDomR GDV IXQo}HV (QWUHWDQWR GHYLGR j DPSOLWXGH
WHPiWLFD IDUVHi XPD GHOLPLWDomR HVSHFtILFD QR GLUHLWR j PRUDGLD 5HYHOD GL]HU
TXHRGLiORJRILORVyILFRWHUiFRQWLQXLGDGHDSDUWLUGHVWHSODQRHVSHFtILFR$VVLPDV
HYLGrQFLDV HPStULFDV TXH IRUQHFHP ODVWUR SDUD D VREUHGLWD DILUPDomR VHUmR

FROHWDGDV GH XPD PRVWUD TXDOLWDWLYD 3DUD WDQWR HOHJHVH XPD DomR FROHWLYD D
VHJXLUGHWDOKDGD
2SHGLGRLQLFLDO
'LVWULEXtGD HP GH DEULO GH SHUDQWH j 9DUD GD VXEVHomR MXGLFLiULD
IHGHUDO GH 3RUWR $OHJUH56 D $omR &LYLO 3~EOLFD Q
SRVVXLFRPRSDUWHDXWRUDD'HIHQVRULD3~EOLFDGD 8QLmR '38VHJXQGRFRQVWDQR
GRFXPHQWR LQLFLDO ³>@ LQFXPEH D SURPRomR GRV GLUHLWRV KXPDQRV H D GHIHVD
LQGLYLGXDO H FROHWLYD GRV QHFHVVLWDGRV H JUXSRV YXOQHUiYHLV >@´ %5$6,/
EHP FRPR QR DUW &5)% 1R SROR SDVVLYR ILJXUDP VROLGDULDPHQWH D
5HS~EOLFD )HGHUDWLYD GR %UDVLO 8QLmR R (VWDGR GR 5LR *UDQGH GR 6XO H R
0XQLFtSLRGH3RUWR$OHJUH
$SUHVHQWD FRPR IXQGDPHQWDomR IiWLFD D LQH[LVWrQFLD GH PRUDGLD TXH DOpP GH
DYLOWDU D FRQGLomR KXPDQD VXEWUDt RV DWULEXWRV HOHPHQWDUHV GH GLJQLGDGH
6HJXQGR DILUPD XPD JUDYH UHDOLGDGH H[SHULPHQWDGD SRU FHUFD GH
FLQTXHQWDPLO SHVVRDVDWLQJLGDVSHODVLWXDomRGHUXD3DUDFDUDFWHUL]DomRGHVVD
VLWXDomRFRQVLGHUDVHRSDUiJUDIR~QLFRDUW'HFUHWR)HGHUDOQ
TXHLQVWLWXLDSROtWLFDQDFLRQDOSDUDDSRSXODomRHPVLWXDomRGHUXDHVHXFRPLWr
LQWHUVHWRULDOGHDFRPSDQKDPHQWRHPRQLWRUDPHQWR
$WHQWDVH DLQGD SDUD D LQVXILFLrQFLD GH YDJD QDV XQLGDGHV GH DFROKLPHQWR DV
FRQGLo}HVGHH[WUHPDSREUH]DDDXVrQFLDGHSROtWLFDS~EOLFDDGHTXDGDSDUDID]HU
IUHQWHjVLWXDomRDVSHFWRVHWiULRVHGHJrQHURHWF6HPFRQWXGRGHVFXUDUVHGD
FRPSOH[LGDGHGRWHPDVREUHWXGRQRTXHWRFDDRVDVSHFWRVHFRQ{PLFRV
,QIRUPDTXHKRXYHWHQWDWLYDGHFRPSRVLomRH[WUDMXGLFLDOFRPD8QLmRFRPYLVWDV
D DSOLFDomR DQDOyJLFD GR DUW , /HL Q TXH GLVS}H VREUH R
6LVWHPD1DFLRQDOGH+DELWDomRGH,QWHUHVVH6RFLDO 61+,6FULDR)XQGR1DFLRQDO
GH+DELWDomRGH,QWHUHVVH6RFLDO )1+,6HLQVWLWXLVHX&RQVHOKR*HVWRUWRGDYLD

$UW $ 'HIHQVRULD 3~EOLFD p LQVWLWXLomR SHUPDQHQWH HVVHQFLDO j IXQomR MXULVGLFLRQDO GR
(VWDGRLQFXPELQGROKHFRPRH[SUHVVmRHLQVWUXPHQWRGRUHJLPHGHPRFUiWLFRIXQGDPHQWDOPHQWH
DRULHQWDomRMXUtGLFDDSURPRomRGRVGLUHLWRVKXPDQRVHDGHIHVDHPWRGRVRVJUDXVMXGLFLDOH
H[WUDMXGLFLDOGRVGLUHLWRVLQGLYLGXDLVHFROHWLYRVGHIRUPDLQWHJUDOHJUDWXLWDDRVQHFHVVLWDGRVQD
IRUPDGRLQFLVR/;;,9GRDUWGHVWD&RQVWLWXLomR)HGHUDO %5$6,/

$UWSDUiJUDIR~QLFR3DUDILQVGHVWH'HFUHWRFRQVLGHUDVHSRSXODomRHPVLWXDomRGHUXDR
JUXSRSRSXODFLRQDOKHWHURJrQHRTXHSRVVXLHPFRPXPDSREUH]DH[WUHPDRVYtQFXORV IDPLOLDUHV
LQWHUURPSLGRV RX IUDJLOL]DGRV H D LQH[LVWrQFLD GH PRUDGLD FRQYHQFLRQDO UHJXODU H TXH XWLOL]D RV
ORJUDGRXURV S~EOLFRV H DV iUHDV GHJUDGDGDV FRPR HVSDoR GH PRUDGLD H GH VXVWHQWR GH IRUPD
WHPSRUiULD RX SHUPDQHQWH EHP FRPR DV XQLGDGHV GH DFROKLPHQWR SDUD SHUQRLWH WHPSRUiULR RX
FRPRPRUDGLDSURYLVyULD %5$6,/

$UW $V DSOLFDo}HV GRV UHFXUVRV GR )1+,6 VHUmR GHVWLQDGDV D Do}HV YLQFXODGDV DRV
SURJUDPDVGHKDELWDomRGH LQWHUHVVHVRFLDOTXHFRQWHPSOHP
, DTXLVLomRFRQVWUXomRFRQFOXVmRPHOKRULDUHIRUPDORFDomRVRFLDOHDUUHQGDPHQWRGHXQLGDGHV
KDELWDFLRQDLVHPiUHDVXUEDQDVHUXUDLV %5$6,/
VHP r[LWR ,GrQWLFRV DUJXPHQWRV H UHVXOWDGRV VmR UHSOLFiYHLV DR (VWDGR H DR
0XQLFtSLRUpXVFRPVXDVUHVSHFWLYDVOHJLVODo}HV
$LQGD QR PXQGR GRV IDWRV DGX] TXH R YDORU GR FUpGLWR SDUD D SURYLGrQFLD
UHTXHULGDpFHUFD GH 5 TXDWURFHQWRVHYLQWHPLOK}HVGHUHDLV
TXDQWLDSUy[LPDGDYHUEDGHVSHQGLGDLQWHJUDOPHQWHSHOD8QLmRSDUDRSDJDPHQWR
GH DX[tOLRPRUDGLD SDUD DOJXQV VHUYLGRUHV S~EOLFRV FRQVWDQWHV QD 0HGLGD
3URYLVyULDQ $VVLPHQWHQGHGHPRVWUDGDDYLDELOLGDGHHFRQ{PLFDGR
SHGLGR D FDSDFLGDGH ILQDQFHLUD H D ³DXVrQFLD GH YRQWDGH SROtWLFD´ GR (VWDGR
EUDVLOHLUR
4XDQWRDRUHVSDOGRMXUtGLFRHOHQFDRVIXQGDPHQWRVHREMHWLYRVGD5HS~EOLFDEHP
FRPR RV GLUHLWRV IXQGDPHQWDLV GRV DV FLGDGmRV mV VLVWHPDWLFDPHQWH YLRODGRV
SHODVLWXDomRGHUXD2XWURVVLPRVGLVSRVLWLYRVLQIUDFRQVWLWXFLRQDLVPHQFLRQDGRV
HYLGHQFLDP FRP HIHLWR R FDUiWHU SULRULWiULR GR SHGLGR IRUPXODGR (VFODUHFH SRU
ILP D YLDELOLGDGH IiWLFD GD PHGLGD GHPRQVWUDGD SHOD GLVSRQLELOLGDGH GH LPyYHLV
H[LVWHQWHVSDUDORFDomR
2SHGLGRSULQFLSDO pSDUDDFRQFHVVmRGHVXEVtGLRPRUDGLDQRYDORUGH5
VHWHFHQWRVHFLQTXHQWDUHDLV FRQGLFLRQDGRDPDWUtFXODHIUHTXrQFLDHVFRODUEHP
FRPRSUHVWDomRGH GH] KRUDVVHPDQDLVGHVHUYLoRVjFRPXQLGDGHDSDUWLUGR
VH[WRPrVGHUHFHELPHQWRGREHQHItFLR$GHPDLVWUDWDVHGHXPEHQHItFLRSHVVRDO
H LQWUDQVIHUtYHO DUW /HL Q H QRV WHUPRV GR SHGLGR GHYHVH
SUHVWDUFRQWDPHQVDOPHQWHVRESHQDGHVXVSHQVmR
$ 8QLmR ILFDULD LQFXPELGD GR DSRUWH ILQDQFHLUR H DRV GHPDLV HQWHV IHGHUDGRV
(VWDGR H 0XQLFtSLR ³D UHVSRQVDELOLGDGH GH ILVFDOL]DU D SROtWLFD S~EOLFD H VHUYLU
FRPRDJrQFLDH[HFXWLYD´ %5$6,/ 5HTXHUHQGRDRILQDORGHIHULPHQWRGR
SHGLGRHPVHGHGHWXWHODGHXUJrQFLD LQOLPLQHOLWLV FRPH[WHQVmRGRVHIHLWRVGD
GHFLVmRSDUDWRGRRkPELWRQDFLRQDO WXWHODFROHWLYD
$VHQWHQoDXPDGDV³QmRUHVSRVWDV´GR(VWDGR
1R HQWDQWR HP GH MXOKR GH FRP GLPLQXWD IXQGDPHQWDomR HP GHFLVmR
OLPLQDUHVWDEHOHFHXTXHQDVLWXDomRHPDQiOLVHQmRFDEHULDDR-XGLFLiULRLPLVFXLU
VH QR FRQWUROH GDV SROtWLFDV S~EOLFDV SRU LVVR HQWHQGHX VHU LQDGHTXDGD D DomR
FLYLO S~EOLFD SURSRVWD 1mR VHQGR IXQomR GR -XGLFLiULR LQVWLWXLU SROtWLFD S~EOLFD GH
PRUDGLD XPD YH] TXH ³LQH[LVWH RPLVVmR LQHVFXViYHO GR 3RGHU 3~EOLFR´ %5$6,/
SRLVVHWUDWDGHLQVXILFLrQFLDGHSROtWLFDS~EOLFDHQmRGHVXDLQH[LVWrQFLD
$VVLP R -Xt]R UHFRQKHFHX GH RItFLR D FDUrQFLD GH LQWHUHVVH SURFHVVXDO GD
'HIHQVRULD SDUD D SURSRVLWXUD GDTXHOD DomR FLYLO S~EOLFD ( PHGLDQWH VHQWHQoD
SRQGHURX TXH GHYLGR D GHOLPLWDomR VXEMHWLYD GD OLGH XPD YH] TXH IRUD DMXL]DGD

$EUHFUpGLWRH[WUDRUGLQiULRHPIDYRUGHGLYHUVRVyUJmRVGRV3RGHUHV/HJLVODWLYRH-XGLFLiULRGD
'HIHQVRULD3~EOLFDGD8QLmRHGR0LQLVWpULR3~EOLFRGD8QLmRQRYDORUGH5SDUD
RVILQVTXHHVSHFLILFD %5$6,/
HP IDFH GH (VWDGR H 0XQLFtSLR GHWHUPLQDGRV QmR FDEHULD HVWHQGHU RV OLPLWHV GD
GHFLVmRMXGLFLDOSDUDWRGRRSDtV
3HORYHWXVWRSULQFtSLRGDVHSDUDomRGRV³SRGHUHV´DFULDomRGHVWDPRGDOLGDGHGH
WUDQVIHUrQFLDGHUHQGDFDEHULDDRVUHVSHFWLYRVyUJmRVGD$VVLVWrQFLD6RFLDORXDR
0LQLVWpULR GDV &LGDGHV 6HFUHWDULD 1DFLRQDO GH +DELWDomR SHOD JHVWmR GRV
SURJUDPDVKDELWDFLRQDLV$OpPGLVVRQRVWHUPRVGD&RQVWLWXLomRGD5HS~EOLFDGH
QmRKDYHQGRGRWDomRRUoDPHQWiULDHVSHFtILFDUHVWDLUUHDOL]iYHORREMHWLYR
UHTXHULGR 3RUWDQWR FDUDFWHUL]DULD LQGHYLGD LQJHUrQFLD GR -XGLFLiULR VXEVWLWXLU R
([HFXWLYRRXR/HJLVODWLYR
'HVWH PRGR D ³UHVSRVWD´ RIHUHFLGD SDUD D VLWXDomR DSUHVHQWDGD IRL LQGHIHULU D
SHWLomRLQLFLDOHSRUFRQVHTXrQFLDH[WLQJXLUDGHPDQGDVHPUHVROXomRGHPpULWR
DQWH D DXVrQFLD GH LQWHUHVVH SURFHVVXDO DUWV ,,, , ,9 /HL Q
&yGLJR GH 3URFHVVR &LYLO &3& $WXDOPHQWH WUDPLWD QR 7ULEXQDO
5HJLRQDO)HGHUDOGD5HJLmR 7XUPD SHQGHQWHGHMXOJDPHQWRGR5HFXUVRGH
$SHODomR
'H WRGR R H[SRVWR UHVWD D QHFHVVLGDGH GH RIHUHFHU UHVSRVWDV PLQLPDPHQWH
VDWLVIDWyULDVSDUDPLWLJDUDVLVWHPiWLFDYLRODomRGRVKXPDQRVHIXQGDPHQWDLVGDV
SHVVRDV HP VLWXDomR GH UXD $R TXH WXGR LQGLFD HP DOJXPD PHGLGD D GHFLVmR
MXGLFLDODQDOLVDGDUHSURGX]XPDUHODomRIHQRPHQROyJLFDPDUFDGDSHODQHJDWLYDGH
UHFRQKHFLPHQWRGHVVHV DV FLGDGmRV mV
80$/(,785$ ,1 &203$7Ë9(/&202(67$'2'(02&5È7,&2'(
',5(,72
1HVVD ~OWLPD HWDSD GD SHVTXLVD REMHWLYDVH DQDOLVDU VXPDULDPHQWH HP TXH
PHGLGD D FLWDGD IRUPD GH FRPSUHHQVmR ILORVyILFD UHSHUFXWH QD UHODomR HQWUH
SROtWLFD H GLUHLWR HVSHFLDOPHQWH TXDQWR DV FRQVHTXrQFLDV SUiWLFDV (P
FRQWUDSRQWR 0DU[ SiJ JULIR GR DXWRU DILUPD TXH ³+HJHO SDUWH GD
VHSDUDomR HQWUH µ(VWDGR¶ H VRFLHGDGH µFLYLO¶ HQWUH µRV LQWHUHVVHV SDUWLFXODUHV¶ H R
µXQLYHUVDO TXH p HP VL H SDUD VL¶ H D EXURFUDFLD HVWi GH IDWR EDVHDGD QHVVD
VHSDUDomR´
$ SDUWLU GD QmRUHVSRVWD H[WUDtGD GR FDVR DQDOLVDGR SHUFHEHVH QXP SULPHLUR
SODQR D SUHYDOrQFLD GH XP SHQVDPHQWR LQVWLWXFLRQDO TXH HP ODUJD PHGLGD
UHSURGX] D ³HVSHFXODomR LGHDOLVWD GH +HJHO´ $ILQDO TXDO VHULD D HIHWLYD
FRQWULEXLomR GH XP (VWDGR LGHDOL]DGR SDUD DVVHJXUDU D SURSULHGDGH SULYDGD H DV

&5)%DUW6mRYHGDGRV
, RLQtFLRGHSURJUDPDVRXSURMHWRVQmRLQFOXtGRVQDOHLRUoDPHQWiULDDQXDO %5$6,/

&3&DUW$SHWLomRLQLFLDOVHUiLQGHIHULGDTXDQGR
,,, RDXWRUFDUHFHUGHLQWHUHVVHSURFHVVXDO %5$6,/

&3&DUW2MXL]QmRUHVROYHUiRPpULWRTXDQGR
, LQGHIHULUDSHWLomRLQLFLDO
,9 YHULILFDUDDXVrQFLDGHSUHVVXSRVWRVGHFRQVWLWXLomRHGHGHVHQYROYLPHQWRYiOLGRHUHJXODUGR
SURFHVVR %5$6,/
OLEHUGDGHV LQGLYLGXDLV IUHQWH DTXHOHV DV FLGDGmRV mV GHVSRMDGRV DV WDQWR GRV

EHQVTXDQWRGDVOLEHUGDGHVIXQGDPHQWDLV"
&RQIRUPH VXVWHQWDYD +HJHO D VREHUDQLD SUySULD GR GLUHLWR S~EOLFR FRORFD FRPR
XPDGDVUD]}HVGR(VWDGRDREVHUYkQFLDGDOHJDOLGDGHHVWULWD0HVPRSRUTXHDR
([HFXWLYRHDR/HJLVODWLYRpFRQILDGDDPLVVmRFRQVWLWXFLRQDOGH³>@SRUPHLRGH
PHGLGDV GH SROtWLFD S~EOLFD LQVHULGDV QR SODQHMDPHQWR HP FULDU FRQGLo}HV
IDYRUiYHLVQRVHQWLGRGHUHWLUDUDRPi[LPRDSRSXODomRGHVLWXDo}HVGHH[FOXVmR
GHVVHGLUHLWR>PRUDGLD@´ )$%5,SiJ
/DGR RXWUR FDEH VXEOLQKDU TXH D FRQFHSomR RFLGHQWDO GH GLJQLGDGH GD SHVVRD
KXPDQDpHPODUJDPHGLGDWULEXWDGDjLGHLDKHJHOLDQDGHUHFRQKHFLPHQWRQHVVH
VHQWLGR /DUHQ] SiJ WUDGXomR QRVVD ID] D VHJXLQWH UHIHUrQFLD
³+HJHO DILUPRX LQHTXLYRFDPHQWH TXH R UHFRQKHFLPHQWR GR KRPHP FRPR XPD
SHVVRDFRQVWLWXLDEDVHGRGLUHLWR´
(PERUD SHUWLQHQWHV DV FUtWLFDV DSUHVHQWDGDV QD LQWURGXomR GHVWH HVFULWR VmR
SDUFLDOPHQWH YiOLGDV XPD YH] TXH VH GHVWLQDP DR DVSHFWR RQWROyJLFR GR (VWDGR
QDFRQVWUXomRILORVyILFDKHJHOLDQD3RUpPQREDODQFHDPHQWRGRVDUJXPHQWRVQmR
Ki FRPR LJQRUDU TXH WRPDU TXDOTXHU WHRULD HP VHX VHQWLGR DEVROXWR LQYLDELOL]D
DQDOLVDU FULWLFDPHQWH VXDV UHVSRVWDV ( DR VH DUWLFXODU RV HOHPHQWRV GH
FRPSOH[LGDGH VREUHWXGR QR FRQWUROH GH SROtWLFDV S~EOLFDV SHOR -XGLFLiULR DV
REMHo}HVDSRQWDPSDUDRXWURVOXJDUHV
6H SRU XP ODGR DV PHGLGDV MXULVGLFLRQDLV YLD GH UHJUD FDUHFHULDP GH
OHJLWLPLGDGH SDUD GHILQLU DV SULRULGDGHV GH LPSOHPHQWDomR GDV SROtWLFDV S~EOLFDV
SRU RXWUR R DUJXPHQWR GH H[LVWrQFLD GH SROtWLFDV S~EOLFDV VDELGDPHQWH
LQVXILFLHQWHVLPSHGLULDRDYDQoRQDLPSOHPHQWDomRGHGLUHLWRVIXQGDPHQWDLVFRPR
pRFDVRGDPRUDGLD7HPVHDDEHUWXUDGHXPFDPSRIpUWLOGHTXHVWLRQDPHQWRV
TXH HP DOJXPD PHGLGD UHWRPDULDP R LGHiULR GD SURLELomR GH DQiOLVH GRV
DVVXQWRVSROtWLFRVSHOR-XGLFLiULR
9DOHSRQGHUDUTXHDMXGLFLDOL]DomR SHUVH QmRGHYHUHSUHVHQWDUDSDQDFHLD'HVVH
PRGRDYHGDomRGDSURWHomRLQVXILFLHQWHGHVHQYROYHVHVREGXDVyWLFDVXPDGH
HIHWLYDomR GDV SROtWLFDV S~EOLFDV RXWUD VRE R SULVPD MXULVGLFLRQDO RUD QHP DV
SROtWLFDV S~EOLFDV WDPSRXFR RV SURYLPHQWRV MXULVGLFLRQDLV GHYHP UHVSRQGHU
LQVDWLVIDWRULDPHQWH DV GHPDQGDV DSUHVHQWDGDV $R UHYpV GHYHP RIHUHFHU
LPSRUWDQWHV FRQWULEXWRV SDUD D DSUHFLDomR GRV FDVRV FRQFUHWRV QHVVD W{QLFD
*RQoDOYHV SiJ VXVWHQWDTXH
2GLUHLWRHDMXGLFLDOL]DomRGDVGHPDQGDVSRUVHUYLoRS~EOLFRQmRSRGHPVR]LQKRVUHVROYHUD
TXHVWmR GD GHVLJXDOGDGH VRFLDO H GD LUUDFLRQDOLGDGH QRV JDVWRV S~EOLFRV (QWUHWDQWR FRPR
HPRXWURVGRPtQLRVR'LUHLWRSRGHWHUDIXQomRGHFRUULJLUDVVLPHWULDVHGHVREVWUXLUFDQDLV
EORTXHDGRVSHORDSDUDWREXURFUiWLFR

1R RULJLQDO ³+(*(/ KD VHxDODGR GH XQ PRGR LQHTXtYRFR TXH HO UHFRQRFLPLHQWR GHO KRPEUH
FRPRSHUVRQDFRQVWLWX\HODEDVHGHOGHUHFKR´

&IH[SUHVVDPHQWHSURLELDPDV&DUWDV&RQVWLWXFLRQDLVEUDVLOHLUDVGH DUW H DUW

(P ~OWLPD DQiOLVH WRPDQGR SRU EDVH D ³QmRUHVSRVWD´ RIHUHFLGD SHOR (VWDGR
EUDVLOHLURIUHQWHjDomRFLYLOS~EOLFDH[DPLQDGDTXHVWLRQDVHTXDOVHUiVXDSRVWXUD
IUHQWHDRFRPSURPLVVRDVVXPLGRGHWRUQDURVDVVHQWDPHQWRVKXPDQRVLQFOXVLYRV
'HPRGRPDLVHVSHFtILFRQRVWHUPRVGRGRFXPHQWRILQDOGDDJHQGDSyVGD
2UJDQL]DomR GDV 1Do}HV 8QLGDV XP GRV REMHWLYRV FRQVLVWH HP ³ $Wp
JDUDQWLU R DFHVVR GH WRGRV j KDELWDomR VHJXUD DGHTXDGD H D SUHoR DFHVVtYHO H
DRV VHUYLoRV EiVLFRV H XUEDQL]DU DV IDYHODV´ 25*$1,=$d2 '$6 1$d®(6
81,'$6SiJ
&216,'(5$d®(6),1$,6
$SHVTXLVDFDPLQKRXQRVHQWLGRGHDQDOLVDURV3ULQFtSLRVGD)LORVRILDGR'LUHLWR GH
+HJHO H H[DPLQRX VXD LQ FRPSDWLELOLGDGH SDUD UHSHQVDU DV SROtWLFDV S~EOLFDV GH
DFHVVR j PRUDGLD 9LXVH QXP SULPHLUR PRPHQWR RV FRQFHLWRV HOHPHQWDUHV GD
DOXGLGD REUD TXH VRE D SHUVSHFWLYD GD ILORVRILD SROtWLFD FRQFHEH R (VWDGR FRP
RUJDQLVPR GRWDGR GH DXWRFRQVFLrQFLD REMHWLYDGD &XMDV OHLV UHSUHVHQWDULDP R
UHSRVLWyULR GD MXVWLoD XPD ³PRUDOLGDGH REMHWLYD´ PDQLIHVWD QR ³HVStULWR GR
(VWDGR´WRUQDQGRVXDVIRQWHVOHJLVODWLYDVVDFUDOL]DGDV
3HOD H[SHULrQFLD UHDOL]DGD UHVWRX FRPSURYDGD TXH QR FDVR FRQFUHWR p SRVVtYHO
UHDOL]DUDOHLWXUDDVREUHGLWDWHRULDVREGRLVHQIRTXHV8PDEDVWDQWHSODXVtYHODR
FRQVLGHUDU TXH R SUySULR (VWDGR '38 DR VH GHSDUDU FRP D LQVXILFLrQFLD GDV
SROtWLFDV S~EOLFDV SDUD R FRQWLQJHQWH SRSXODFLRQDO HP VLWXDomR GH UXD DYRFD D
UHVSRQVDELOLGDGH PHGLDQWH RV LQVWUXPHQWRV MXUtGLFRV SHUWLQHQWHV SURSRQGR R
HQIUHQWDPHQWRGDVLWXDomRSUREOHPD
2XWUD FRQFUHWDPHQWH WHVWDGD p TXH R (VWDGRMXL] VRE SHQD GH PDOIHULU D
VHSDUDomR GDV IXQo}HV QmR VH DUYRUD VREUH D WXWHOD GDV SROtWLFDV S~EOLFDV
FRQIRUPH DSUHVHQWDGR QRV IXQGDPHQWRV GD VHQWHQoD LWHP $ VHQWHQoD XPD
GDV ³QmRUHVSRVWDV´ GR (VWDGR (P VHQWLGR FRQWUiULR WHPVH TXH FDEHULD GHVWH
PRGR SURFHGHU DQWH D WRWDO H LQMXVWLILFDGD LQpUFLD GR ([HFXWLYR H /HJLVODWLYR
KLSyWHVHVQmRYHULILFDGDVQRFDVRGDDomRFLYLOS~EOLFD
'Dt D LURQLD H FRQWURYpUVLD FRQWLGDV QR WtWXOR GHVWH DUWLJR 3RU HVWHV EUHYHV
DSRQWDPHQWRV FRQFOXLVH SHOD LQDSOLFDELOLGDGH GD PRUDOLGDGH REMHWLYD GR (VWDGR
VHJXQGR +HJHO 3RLV D GHFLVmR SROtWLFD GH FRQFHGHU DX[tOLR PRUDGLD D DOJXQV
VHUYLGRUHV S~EOLFRV TXH Mi SRVVXHP UHVLGrQFLD HP GHWULPHQWR GDV
FLQTXHQWDPLO SHVVRDVHPVLWXDomRGHUXDQmRGHQRWDR(VWDGRFRPRUHSRVLWyULR
pWLFR
/DGRRXWURWDLVFUtWLFDVQmRLQYDOLGDPSRUFRPSOHWRDILORVRILDSROtWLFDKHJHOLDQD
XPD YH] TXH JXDUGD FRUUHVSRQGrQFLD FRP D LGHLD GH UHFRQKHFLPHQWR HOHPHQWR
LQGLVSHQViYHOSDUDSHQVDUDGLJQLGDGHGDSHVVRDKXPDQD$OLiVHVVDpDLGHLDTXH
GHYHVHUSRVWDHPUHOHYRTXDQGRGDHODERUDomRRXFRQWUROHGDVSROtWLFDVS~EOLFDV
GR (VWDGR TXH QmR GHYH VHU FRQVLGHUDGR ILP HP VL PHVPR
5()(5Ç1&,$6
%2%%,2 1RUEHUWR 'D HVWUXWXUD j IXQomR QRYRV HVWXGRV GH WHRULD GR GLUHLWR %DUXHUL 0DQROH

%2%%,2 1RUEHUWR 7HRULD JHUDO GR GLUHLWR 7UDGXomR GH 'HQLVH $JRVWLQHWWL HG 6mR 3DXOR
0DUWLQV)RQWHV -XVWLoDHGLUHLWR
%5$6,/&RQVWLWXLomR &RQVWLWXLomRGD5HS~EOLFD)HGHUDWLYDGR%UDVLO%UDVtOLD6HQDGR
%5$6,/'HFUHWRQGHGHGH]HPEURGH,QVWLWXLD3ROtWLFD1DFLRQDOSDUDD3RSXODomR
HP6LWXDomRGH5XDHVHX&RPLWr,QWHUVHWRULDOGH$FRPSDQKDPHQWRH0RQLWRUDPHQWRHGiRXWUDV
SURYLGrQFLDV 'LiULR 2ILFLDO GD 8QLmR %UDVtOLD GH] 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEUFFLYLOBBDWRGHFUHWRGKWP! $FHVVR HP
PDLR
%5$6,//HLQGHGHMXQKRGH'LVS}HVREUHR6LVWHPD1DFLRQDOGH+DELWDomRGH
,QWHUHVVH6RFLDO 61+,6FULDR)XQGR1DFLRQDOGH+DELWDomRGH,QWHUHVVH6RFLDO )1+,6HLQVWLWXL
R &RQVHOKR *HVWRU GR )1+,6 'LiULR 2ILFLDO GD 8QLmR %UDVtOLD MXQ 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEUFFLYLOBBDWROHLOKWP!$FHVVRHP PDLR

%5$6,//HLQGHGHPDUoRGH&yGLJRGH3URFHVVR&LYLO%UDVtOLD'LiULR2ILFLDOGD
8QLmR GH PDUoR GH 'LVSRQtYHO HP KWWSZZZSODQDOWRJRYEUFFLYLOBBDWR
OHLOKWP!$FHVVRHPMXO
%5$6,/7ULEXQDO5HJLRQDO)HGHUDO 5HJLmR $XWRVGRSURFHVVR$&
5HODWRU /XtV $OEHUWR GH $]HYHGR $XUYDOOH >3HQGHQWH GH MXOJDPHQWR@ 'LVSRQtYHO HP
KWWSZZZWUIMXVEUWUIFRQWURODGRUSKS"DFDR FRQVXOWDBSURFHVVXDOBSHVTXLVD! $FHVVR HP
MXO
&5(6:(//-RKQ: 3URMHWRGHSHVTXLVDPpWRGRVTXDOLWDWLYRVTXDQWLWDWLYRVHPLVWR7UDGXomRGH
0DJGD/RSHVHG3RUWR$OHJUH$UWPHG
)$%5,$QGUpD4XHLUR]$FHVVRDRFUpGLWRLPRELOLiULRFRPRPHLRGHHIHWLYDomRGRGLUHLWRjPRUDGLD
VRE D yWLFD GD DQiOLVH HFRQ{PLFD GR GLUHLWR ,Q 3UrPLR $%&,3 GH PRQRJUDILD HP FUpGLWR
LPRELOLiULR H SRXSDQoD 6mR 3DXOR $VVRFLDomR %UDVLOHLUD GDV (QWLGDGHV GH &UpGLWR ,PRELOLiULR H
3RXSDQoD $%&,3SiJ
*$'$0(5+DQV*HRUJ/DGLDOHFWLFDGH+HJHO&LQFRHQVD\RVKHUPHQpXWLFRV7UDGXomRGH0DQXHO
*DUULGRHG0DGULG&iWHGUD 7HRUHPD
*21d$/9(6 -DQH 5HLV 'LUHLWRV VRFLDLV HVWDGR GH GLUHLWR H GHVLJXDOGDGH UHIOH[}HV VREUH DV
FUtWLFDVjMXGLFLDOL]DomRGRVGLUHLWRVSUHVWDFLRQDLV 4XDHVWLR,XULV5LRGH-DQHLURYQ
SiJ
+(*(/ *HRUJ :LOKHOP )ULHGULFK $ IHQRPHQRORJLD GR HVStULWR 7UDGXomR GH +HQULTXH &OiXGLR GH
/LPD9D]6mR3DXOR$EULO&XOWXUDO 2VSHQVDGRUHV
+(*(/ *HRUJ :LOKHOP )ULHGULFK 3ULQFtSLRV GD ILORVRILD GR GLUHLWR 7UDGXomR GH 2UODQGR 9LWRULQR
6mR3DXOR0DUWLQV)RQWHV &OiVVLFRV
+g6/( 9LWWRULR 2 VLVWHPD GH +HJHO R LGHDOLVPR GD VXEMHWLYLGDGH H R SUREOHPD GD
LQWHUVXEMHWLYLGDGH7UDGXomRGH$QW{QLR&HOLRPDU3LQWRGH/LPD6mR3DXOR/R\ROD
/$5(1= .DUO 'HUHFKR MXVWR IXQGDPHQWRV GH pWLFD MXUtGLFD 7UDGXFFLyQ GH /XLV 'LH]3LFD]R
0DGULG&LYLWDV
0$5; .DUO &UtWLFD GD ILORVRILD GR GLUHLWR GH +HJHO 7UDGXomR GH 5XEHQV (QGHUOH H /HRQDUGR GH
'HXV6mR3DXOR%RLWHPSR
1,12 &DUORV 6DQWLDJR eWLFD \ GHUHFKRV KXPDQRV XQ HQVD\R GH IXQGDPHQWDWLyQ HG %XHQRV
$LUHV$VWUHD
1Ï%5(*$)UDQFLVFR3HUHLUD&RPSUHHQGHU+HJHOHG3HWUySROLV9R]HV
Ï-RUJH5DPRVGR)RXFDXOWHRSUREOHPDGDHVFULWDXPDLQWURGXomR,Q&/$5(726yQLD0DULD
)(55$5,$QGHUVRQ 2UJ )RXFDXOW'HOHX]H (GXFDomR-XL]GH)RUD8)-)SiJ
25*$1,=$d2 '$6 1$d®(6 81,'$6 7UDQVIRUPDQGR QRVVR PXQGR D DJHQGD SDUD R
GHVHQYROYLPHQWR VXVWHQWiYHO 1RYD <RUN 218 'LVSRQtYHO HP
KWWSVQDFRHVXQLGDVRUJZSFRQWHQWXSORDGVDJHQGDSWEUSGI! $FHVVR HP
MXQ
6$/*$'2-RDTXLP&DUORV$LGpLD VLF GHMXVWLoDHP+HJHO6mR3DXOR/R\ROD
6$50(172 'DQLHO 'LJQLGDGH GD SHVVRD KXPDQD FRQWH~GR WUDMHWyULD H PHWRGRORJLD %HOR
+RUL]RQWH)yUXP
=$*5(%(/6.<*XVWDYR (OGHUHFKRG~FWLOOH\VGHUHFKRV\MXVWLFLD7UDGXFFLyQGH0DULQD*DVFyQ
0DGULG7URWWD (VWUXFWXUDV\SURFHVRV6HULH'HUHFKR
'RVYLVLRQHVOLEHUDOHVGHOSUREOHPD
GHOSOXUDOLVPR
*DEULHO(GXDUGR9DUJDV'XTXH
8QLYHUVLGDGGH&DUWDJHQD &DUWDJHQD
,QWURGXFFLyQ
(O VXUJLPLHQWR GH ODV OODPDGDV ILORVRItDV OLEHUDOHV KD QXWULGR GH QXHYRV
LQWHUURJDQWHVDODILORVRItDSROtWLFD LQWHUURJDQWHVFRPR¢GHEHHO(VWDGRUHGXFLUVH
DVXPtQLPDH[SUHVLyQRGHEHJDUDQWL]DUGLUHFWDPHQWHDVXVDVRFLDGRVORVELHQHV
\VHUYLFLRVEiVLFRVFRPRODVDOXG\ODHGXFDFLyQ"¢FXiOHVHOOtPLWHSDUDODOLEHUWDG
LQGLYLGXDO"¢FXiQGRGHEHXQLQGLYLGXRREHGHFHUDRWURV"HQWUHRWURV
(QHOPDUFRGHHVWRVLQWHUURJDQWHVVHHQFXHQWUDODSUHJXQWDTXHKDGDGRRULJHQD
HVWH HVFULWR D VDEHU ¢HV FRPSDWLEOH HO SOXUDOLVPR GH YDORUHV FRQ HO OLEHUDOLVPR
SROtWLFR"
(VWD SUHJXQWD VXUJH GH OD FpOHEUH FRQIHUHQFLD GH ,VDKLDV %HUOLQ WLWXODGD 'RV
FRQFHSWRV GH OLEHUWDG TXH HQ VX LQWHQWR FODULILFDU HO FRQFHSWR GH OLEHUWDG YD
GHMDQGRXQ YDFtRHQWUHODFRPSDWLELOLGDG GHVXFRQFHSFLyQOLEHUDO\HOSOXUDOLVPR
GHYDORUHVTXHpOGHILHQGH
$KRUDFRPRXQDGHODVFDUDFWHUtVWLFDSULQFLSDOHVGHODVVRFLHGDGHVPRGHUQDVHVOD
H[LVWHQFLD GH KHFKR GH XQ SOXUDOLVPR GH ODV GLYHUVDV IRUPDV GH YLGD HQ iPELWRV
FRPR OR FXOWXUDO OR UHOLJLRVR \ OR SROtWLFR HO LQWHUURJDQWH QR VH RULJLQD GH XQ
SUREOHPDWHyULFRTXHVXUMDH[FOXVLYDPHQWHGHORVSODQWHDPLHQWRVGH%HUOLQSXHV
ODWHQVLyQHQWUHHOSOXUDOLVPRGHYDORUHV\ORVSULQFLSLRVOLEHUDOHVVHKDFRQYHUWLGR
HQ XQ SUREOHPD UHOHYDQWH GH OD GLVFXVLyQ ILORVyILFD TXH WLHQH LPSOLFDFLRQHV HQ OD
UHDOLGDGVRFLDO\SROtWLFD
3DUD FRPSUHQGHU OD WHQVLyQ XQ SXQWR GH SDUWLGD LQWHUHVDQWH VRQ ODV
REVHUYDFLRQHV GH %HUOLQ FRQ UHVSHFWR DO FRQFHSWR GH OLEHUWDG %HUOLQ GLYLGH HO
FRQFHSWR GH OLEHUWDG HQ GRV WLSRV EiVLFRV OD OLEHUWDG SRVLWLYD \ OD OLEHUWDG
QHJDWLYD/DOLEHUWDGSRVLWLYDVHSXHGHUHVXPLUHQODVHQWHQFLDµVHUHODPRGHXQR

*DEULHO(GXDUGR9DUJDV'XTXHHVDFWXDOPHQWHSURIHVRUGHSODQWDGHOD8QLYHUVLGDGGH&DUWDJHQD
+D SXEOLFDGR UHFLHQWHPHQWH FRQ RWURV FROHJDV XQ OLEUR WLWXODGR 'HPRFUDFLD WHRUtD FUtWLFD \
FLXGDGDQtD (GLWRULDO 3OXPD GH 0RPSR[ \ HO DUWtFXOR &UHOLHU VREUH .DQW \ ORV GLOHPDV PRUDOHV
UHYLVWD3UD[LVILORVyILFD8QLYHUVLGDGGHO9DOOH6XViUHDVGHWUDEDMRVRQODILORVRItDPRUDO\SROtWLFD
\ OD HSLVWHPRORJtD 6X GLUHFFLyQ GH FRUUHR HOHFWUyQLFR HV JYDUJDVG#XQLFDUWDJHQDHGXFR (VWD
SRQHQFLD HV UHVXOWDGR GH OD LQYHVWLJDFLyQ LQLFLDGD HQ HO PDUFR GHO 3UR\HFWR GH LQYHVWLJDFLyQ
³'HPRFUDFLDWHRUtDFUtWLFD\FLXGDGDQtDHQ&DUWDJHQD´DGVFULWRDO*UXSRGH,QYHVWLJDFLyQ&LYLWDVGH
OD8QLYHUVLGDGGH&DUWDJHQD
PLVPR¶/RTXHTXLHUHGHFLUTXHHOLQGLYLGXRSRVHHODVSRWHQFLDOLGDGHVSDUDVHUR
UHDOL]DU DTXHOODV ODERUHV TXH VH SURSRQJD 0LHQWUDV TXH OD OLEHUWDG QHJDWLYD VH
SXHGHH[SUHVDUFUtSWLFDPHQWHFRPRµSRGHUDFWXDUVLQVHUREVWDFXOL]DGRSRURWURV¶
/RTXHVLJQLILFDTXHDODFRPHWHUFXDOTXLHUHPSUHVDHOLQGLYLGXRWLHQHODJDUDQWtD
GHQRVHUREVWUXLGRHQVXVSURSyVLWRV
,QLFLDOPHQWH%HUOLQWUDWDGHVHxDODUODVYHQWDMDVGHDFRJHUODOLEHUWDGQHJDWLYD1R
REVWDQWH UHFRQRFH TXH SDUD SRGHU HMHUFHUOD HV QHFHVDULR SULPHUR TXH VH
REWHQJDQ FLHUWDV FRQGLFLRQHV PtQLPDV 6LQ WDOHV FRQGLFLRQHV OD OLEHUWDG QHJDWLYD
VHUtDLQRFXD
3HVHDOUHFRQRFLPLHQWRGHHVWDOLPLWDFLyQTXHWLHQHODOLEHUWDGSDUDVHUHIHFWLYDHV
HYLGHQWH TXH OD ILORVRItD GH %HUOLQ LPSOLFD TXH XQ VLVWHPD TXH SURPXHYD PD\RU
HVSDFLRGHOLEHUWDGSDUDXQJUXSRSULYLOHJLDGRHVXQVLVWHPDLQMXVWR7DQWRHO ULFR
FRPR HO SREUH HO EODQFR FRPR HO QHJUR HO KRPEUH FRPR OD PXMHU GHEHQ WHQHU
DFFHVR DO PLVPR UHLQR GH OLEHUWDGHV LQGLYLGXDOHV VLQ TXH QLQJXQR SXHGD H[LJLU
SDUDVtXQSULYLOHJLRHVSHFLDO
,VDLDK %HUOLQ QR VyOR GLIHUHQFLD HQWUH GRV WLSRV JHQHUDOHV GH OLEHUWDG VLQR TXH
DWDFDODQRFLyQGHOLEHUWDGSRVLWLYDeVWDVXHOHLGHQWLILFDUVHFRQODFDSDFLGDGTXH
WHQHPRV ORV VHUHV KXPDQRV GH HQVHxRUHDUQRV GH KDFHUQRV DPRV GH QXHVWUR
SURSLRGHVWLQR(VWDFDSDFLGDGDPHQXGRVHLGHQWLILFDFRQODµUD]yQ¶PLµ\RLGHDO¶R
PLµVHUYHUGDGHUR¶
(OUHODWRGH%HUOLQVHFHQWUDHQODPDQHUDFRPRKLVWyULFDPHQWHVHKDGHVDUUROODGR
HO FRQFHSWR GH OLEHUWDG SRVLWLYD %HUOLQ QR SUHWHQGH GHIHQGHU TXH OD LGHD GH
OLEHUWDGSRVLWLYDFRQGX]FDGHPDQHUDLQHOXGLEOHDVXSURSLDQHJDFLyQ'H DFXHUGR
FRQ HO UHODWR GH %HUOLQ KLVWyULFDPHQWH OD OLEHUWDG SRVLWLYD VH UHWXHUFH VREUH Vt
PLVPD\WHUPLQDFRQGXFLHQGRDVXSURSLDQHJDFLyQ(VDVtFRPRHQODVILORVRItDV
GH3ODWyQRGH+HJHOVHVXHOHQUHFKD]DUODVDWDGXUDVPXQGDQDVGHODVSDVLRQHV
TXH QRV LPSLGHQ YHU FRQ FODULGDG HO YHUGDGHUR ELHQ 'H PRGR TXH WHQHPRV TXH
FHGHU OD JXtD GH QXHVWURV GHVWLQRV D KRPEUHV FRPSOHWDPHQWH UDFLRQDOHV HO UH\
ILOyVRIR FDSDFHVGHYHUFRQFODULGDGLQPDFXODGDORTXHQRVHVSUHFLVRKDFHUSDUD
DFWXDUDGHFXDGDPHQWH6HUOLEUHHVSXHVREHGHFHU$HVWRVHOHFRQRFHFRPROD
WHVLVGHODµLQYHUVLyQ¶
'HWUiVGHODLGHDGHODµLQYHUVLyQ¶VHHVFRQGHODJpQHVLVGHODWUDJHGLDGHODOLEHUWDGSRVLWLYD
/D OLEHUWDG SRVLWLYD SXHGH PXWDU \ FRQYHUWLUVH LQFOXVR HQ VX RSXHVWD SRU YLUWXG GH OD
µFRQIXVLyQ¶/DWHVLVGHODµFRQIXVLyQ¶HVXQDGHODVSULQFLSDOHVPRWLYDFLRQHVTXHSXHGHWHQHU
FXDOTXLHUOLEHUDOSDUDUHDOL]DUXQDODERUGHFODULILFDFLyQFRQFHSWXDOHQWRUQRDOFRQFHSWRGH
OLEHUWDG %HUOLQ HQFDUD HVWD WDUHD HQ JUDQ PHGLGD GHELGR D ODV P~OWLSOHV LQWHUSUHWDFLRQHV
TXHKDUHFLELGRODOLEHUWDG$OJXQRVODKDQWUDQVILJXUDGRKDVWDHOSXQWRGHHTXLSDUDUODFRQOD
LJXDOGDG2WURVODKDQDUURMDGRDOWHUUHQRHSLVWpPLFRDOLGHQWLILFDUODFRQHOFRQRFLPLHQWR<
DOJXQRV PiV OD KDQ DUURSDGR EDMR HO QRPEUH GH MXVWLFLD 6LQ HPEDUJR %HUOLQ VHxDOD TXH
WRGDVHVWDVLQWHUSUHWDFLRQHVVRQHOSURGXFWRGHODFRQIXVLyQFRQFHSWXDO5HGHILQLUODOLEHUWDG
FRPRFXDOTXLHURWUDIRUPDGHYDORUHVFDHUSUHVDGHODFRQIXVLyQ\FRQVLGHUDUHQWUHRWUDV
FRVDVTXHORVYDORUHVSXHGHQVHUVLQWHWL]DGRVHQXQDIyUPXOD~QLFD%HUOLQLQVLVWHHQTXH
³OD OLEHUWDG HV OLEHUWDG \ QR LJXDOGDG HTXLGDG MXVWLFLD FXOWXUD IHOLFLGDG KXPDQD R XQD
FRQFLHQFLDWUDQTXLOD´ %HUOLQS
(OLQWHQWRSRUVLQWHWL]DUORVYDORUHVHQXQDIyUPXOD~QLFDKDVLGRUHFXUUHQWHHQOD
KLVWRULDGHODILORVRItDPRUDO\SROtWLFD8QUHSUHVHQWDQWHGHOPRQLVPRYDORUDWLYRHV
HOILOyVRIRXWLOLWDULVWD-RKQ6WXDUW0LOO0LOOVRVWLHQHTXHVLQRH[LVWLHUDXQSULQFLSLR
PRUDOVXSUHPRORVFRQIOLFWRVHQWUHYDORUHVVHUtDQLQVROXEOHV3HUR0LOODILUPDTXH
ORV FRQIOLFWRV WLHQHQ TXH WHQHU XQD VROXFLyQ GH RWUR PRGR HO UD]RQDPLHQWR
SUiFWLFRVHUtDHVWpULO (QWRQFHVFRQFOX\HTXHVyORSXHGHKDEHUXQSULQFLSLRPRUDO
GH LPSRUWDQFLD GHILQLWLYD LH ORV GHPiV SULQFLSLRV VRQ DFHSWDEOHV VyOR VL VX
REVHUYDQFLDFRQWULEX\HDODUHDOL]DFLyQGHORTXHGHPDQGDHOSULQFLSLRVXSUHPR
(O PRQLVPR HV OD WHVLV TXH DFHSWD TXH ORV YDORUHV PRUDOHV TXH H[SUHVDQ ORV
KRPEUHVSXHGHQVHUVLQWHWL]DGRV\UHGXFLGRVDXQ~QLFRYDORU/RVGHIHQVRUHVGHO
PRQLVPR FRQVLGHUDQ TXH ORV YDORUHV PRUDOHV H[SUHVDGRV SRU ORV LQGLYLGXRV VH
SXHGHQUHFRQFLOLDU\KDFHUFRPSDWLEOHVXQRVFRQRWURV'HPRGRTXHORVFRQIOLFWRV
HQWUHYDORUHVVLHPSUHWLHQHQVROXFLyQ/DHVWUDWHJLDGHOPRQLVWDHVPRVWUDUFyPR
VHSXHGHQKDFHUFRPSDWLEOHVXQRVYDORUHVFRQRWURV
%HUOLQVHHQIUHQWDHQIiWLFDPHQWHDOPRQLVPR\ORRSRQHDOSOXUDOLVPR/DVUD]RQHV
SDUD UHFKD]DUOR VRQ EiVLFDPHQWH GRV L (O PRQLVPR HV XQD WHRUtD TXH
KRPRJHQL]D WRGRV ORV YDORUHV DO SUHFLR GH FHUFHQDUORV HQ IXQFLyQ GH XQ YDORU
VXSUHPR (VWR LPSOLFD TXH HO PRQLVPR DUUDVD FRQ ORV YDORUHV OHJtWLPRV TXH QR
SXHGH DEUD]DU 3RU RWUR ODGR LL HO PRQLVPR HV XQD WHVLV LQDGHFXDGD SRUTXH HO
PXQGRPRUDOQRVHSUHVHQWDHQODPDQHUDGHXQ~QLFRYDORU/RQRUPDOHVTXHORV
FRQIOLFWRV PRUDOHV SURIXQGRV UHTXLHUHQ GH HOHFFLRQHV PRUDOHV LPSRVLEOHV GH
VLQWHWL]DUHQXQ~QLFRYDORU
(O UHFKD]R GHO PRQLVPR WLHQH FRQVHFXHQFLDV DPELYDOHQWHV 8QD GH ODV EXHQDV
FRQVHFXHQFLDV HV TXH ODV LGHDV DXWRULWDULDV TXH LQWHQWDQ LPSRQHU XQ ~QLFR YDORU
SRU HO TXH WRGRV GHEHPRV VDFULILFDUQRV VH TXHGD VLQ IXHU]D WHyULFD &RQ HO
GHUUXPEH GHO PRQLVPR YDORUDWLYR ORV LQGLYLGXRV SXHGHQ OHJtWLPDPHQWH SHUVHJXLU
VXV SURSLDV FRQFHSFLRQHV GHO ELHQ /D PDOD QRWLFLD HV TXH FRQ HO SOXUDOLVPR GH
YDORUHV OD SRVLELOLGDG GH TXH KD\D FRQIOLFWRV LQVROXEOHV HQWUH YDORUHV HV XQ
SUREOHPDUHDO6LORVYDORUHVVRQP~OWLSOHVHLQFRQPHQVXUDEOHV¢FyPRHOHJLUHQWUH
HOORVFXDQGRVHYHDQHQIUHQWDGRV"
4XH%HUOLQVHFRPSURPHWDFRQODGHIHQVDGHODOLEHUWDGQHJDWLYD\DERJXHSRUHO
SOXUDOLVPR YDORUDWLYR KD OOHYDGR D TXH VX SURSXHVWD VH YHD FHUFDQD D OD
LQFRQVLVWHQFLD /D SUHJXQWD TXH VXUJH SRU SDUWH GH ORV FRPHQWDULVWDV GH OD
SRVLFLyQ GH %HUOLQ SRGUtD IRUPXODUVH GHO VLJXLHQWH PRGR ¢'HIHQGHU OD OLEHUWDG
QHJDWLYDQRHVLUHQFRQWUDYtDGHVX GHIHQVDGHODSOXUDOLGDGGHYDORUHV"(QRWURV
WpUPLQRVDWDFDUODOLEHUWDGSRVLWLYD\DPSDUDUODOLEHUWDGQHJDWLYD¢QRHVQHJDUOD
LGHDGHTXHORVYDORUHVVRQP~OWLSOHVHLQFRQPHQVXUDEOHV"
6L ORV YDORUHV VRQ P~OWLSOHV H LQFRQPHQVXUDEOHV HVWR HV YDULDGRV H LJXDOPHQWH
~OWLPRVHLPSRUWDQWHVQRSXHGHH[LVWLUXQDFODVLILFDFLyQGHYDORUHVTXHVHDPHMRU
TXHRWUD3RUWDQWRSDUHFHDUELWUDULRTXH%HUOLQWUDWHGHSRVWXODUHOOLEHUDOLVPR\
ODOLEHUWDGQHJDWLYDFRPRGRVGHORVYDORUHVPiVLPSRUWDQWHVSDUDODYLGDSROtWLFD
HQVRFLHGDG3DUHFH\HVWRHVORTXHWUDWDQGHVHxDODUVXVFUtWLFRVTXH%HUOLQKD
LQJUHVDGRHQHOWHUUHQRGHODSXUDLQFRKHUHQFLDDOWUDWDUGHGHIHQGHUXQDSROtWLFD
OLEHUDO\SOXUDOLVWD
(/$*21,602'(*5$<
-RKQ*UD\HVHOSULPHURHQVDFDUDODOX]ODLGHDVXE\DFHQWHHQODREUDGH%HUOLQ
VREUHODLQFRPSDWLELOLGDGGHOOLEHUDOLVPRFRQHOSOXUDOLVPRGHYDORUHV*UD\VHxDOD
TXH VXUJH XQD LQFRQVLVWHQFLD HQWUH HO SOXUDOLVPR YDORUDWLYR \ HO OLEHUDOLVPR
EHUOLQLDQRGHELGRDTXHQLQJXQDFODVLILFDFLyQGH YDORUHVSRGUtDHVWDUSRUHQFLPD
GH OD RWUD %HUOLQ SRQH DO OLEHUDOLVPR DUULED GH ORV GHPiV YDORUHV SHUR HVWR GH
DFXHUGRFRQ*UD\QRSXHGHWHQHUXQDMXVWLILFDFLyQUDFLRQDO*UD\FUHHTXH%HUOLQ
GHEH DEDQGRQDU OD GHIHQVD GHO OLEHUDOLVPR R DFHSWDU TXH VX GHIHQVD GHO
OLEHUDOLVPRHVVyORXQDµHOHFFLyQUDGLFDO¶/DµHOHFFLyQUDGLFDO¶HVXQSURFHGLPLHQWR
TXH VH KDFH ³VLQ FULWHULRV IXQGDPHQWRV R SULQFLSLRV´ *UD\ S $ HVWH
SXQWRGHYLVWDVHOHFRQRFHFRPRDJRQLVPR\ODSULPHUDLQWHUSUHWDFLyQTXH*UD\
KDFHGHOSHQVDPLHQWRGH%HUOLQSDUHFHUD\DUHQHOLUUDFLRQDOLVPR
(O DJRQLVPR HQ ILORVRItD SROtWLFD HV OD WHVLV TXH VRVWLHQH TXH HQ FRQWH[WRV
SOXUDOLVWDV OD HOHFFLyQ GH YDORUHV QR SXHGH VHU UDFLRQDO HV HVHQFLDOPHQWH QR
UDFLRQDO$VtGHDFXHUGRFRQ*UD\ODGHIHQVDGHOSOXUDOLVPRYDORUDWLYRMXQWRFRQ
HO FRPSURPLVR OLEHUDO GHEH FRQGXFLU D %HUOLQ DO DJRQLVPR OR TXH VLJQLILFD TXH
%HUOLQQRVKDFRQGXFLGR DODEDQGRQRGHOD GHFLVLyQUDFLRQDOHQODHVFRJHQFLDGH
YDORUHVPRUDOHV\SROtWLFRV
(O DJRQLVPR QR HV XQD WHVLV TXH %HUOLQ GHILHQGD H[SOtFLWDPHQWH ±GH KHFKR OD
UHFKD]D < QR SDUHFH KDEHU HYLGHQFLD WH[WXDO VXILFLHQWHPHQWH DEXQGDQWH SDUD
LQWHUSUHWDUDOPLVPR%HUOLQFRPRXQGHIHQVRUGHODJRQLVPR6LQHPEDUJRVHKDQ
KHFKR DOJXQDV LQWHUSUHWDFLRQHV TXH LQWHQWDQ PRVWUDU TXH HO DJRQLVPR HV OD
SRVWXUDTXHHVWiLPSOLFDGDHIHFWLYDPHQWHSRUHOSOXUDOLVPRGH%HUOLQ
(ODJRQLVPRGHIHQGLGRSRU*UD\HVXQDJRQLVPRFRQVHUYDGRUTXHSRQHHOpQIDVLV
HQ OD WUDGLFLyQ *UD\ FUHH TXH GHEHPRV UHFKD]DU ODV YLVLRQHV XQLYHUVDOLVWDV TXH
SUHWHQGHQ MHUDUTXL]DU ORV YDORUHV GH PDQHUD DEVROXWD 6HJ~Q *UD\ OD WHRUtD
SROtWLFDQRVHGHEHRFXSDUGHODMHUDUTXL]DFLyQGHORVYDORUHVHQQLQJXQDGHVXV
IRUPDV SXHVWR TXH HO SOXUDOLVPR GH YDORUHV LPSOLFD OD LPSRVLELOLGDG PLVPD GH
MHUDUTXL]DU ORV YDORUHV 6L FDGD YDORU FXHQWD FRPR XQR \ H[LVWH XQD PXOWLSOLFLGDG
GH YDORUHV VHUtD DUELWUDULR DILUPDU TXH XQ YDORU GHEH SUHFHGHU D RWUR (VWR
VLJQLILFD TXH ORV YDORUHV GHEHQ HVWDU WRGRV HQ HO PLVPR QLYHO \ FDUHFHQ GH OD
SRVLELOLGDGGHTXHUDFLRQDOPHQWHVHSXHGDQRUJDQL]DUXQRVSRUHQFLPDGHRWURV
'HHVWDPDQHUDODWHRUtDSROtWLFDVHYHLPSHGLGDSDUDWRPDUXQSDSHODFWLYRHQOD
RUJDQL]DFLyQGHO(VWDGRSRUPRUGHODSpUGLGDGHVXHVWDWXWRUDFLRQDO<DQRKD\
IRUPDGHTXHSRGDPRVMXVWLILFDUUDFLRQDOPHQWHHOOLEHUDOLVPRRHOFRPXQLWDULVPR
'HDFXHUGRFRQ*UD\WDQWRHOOLEHUDOLVPRFRPRHOFRPXQLWDULVPRRFXDOTXLHURWUD
IRUPDGHRUJDQL]DFLyQVRFLDOVRQVyORHOHFFLRQHVµUDGLFDOHV¶(VWRVLJQLILFDTXHOD
WHRUtD SROtWLFD QR SXHGH RIUHFHU QLQJ~Q FULWHULR R FRQMXQWR GH FULWHULRV UDFLRQDOHV
SDUDGHFLGLUTXpWLSRGHRUJDQL]DFLyQVRFLDOVHGHEHSHUVHJXLU(OPLVPR*UD\HQ
VXLQWHUSUHWDFLyQDJRQLVWDFRQVHUYDGRUDGHILHQGHODLGHDGHTXHODWHRUtDSROtWLFD
VH GHEH UHVWULQJLU D UHDOL]DU XQD PHUD GHVFULSFLyQ GH ORV KHFKRV SROtWLFRV \
VRFLDOHV PHQFLRQDQGR ODV FDXVDV GHO VXUJLPLHQWR GH ODV RUJDQL]DFLRQHV SROtWLFDV
DFWXDOHV 1R REVWDQWH SDUHFH TXH *UD\ QRV KD MXJDGR XQD SHVDGD EURPD DO
FRQILQDU OD SROtWLFD DO WHUUHQR GH OD PHUD GHVFULSFLyQ $ILUPDU TXH OD SROtWLFD QR
WLHQH XQ SDSHO DFWLYR \ FUtWLFR VREUH ORV IHQyPHQRV VRFLDOHV SDUHFH PiV XQD
FDULFDWXUL]DFLyQTXHXQDGHVFULSFLyQUHDOGHOIHQyPHQRSROtWLFR3RUHVWDUD]yQQR
HV H[WUDxR TXH DOJXQRV WHyULFRV GH OD ILORVRItD SROtWLFD UHVSRQGDQ FRQ ILUPH]D DO
DJRQLVPRGH*UD\8QRGHHVWRVUHSUHVHQWDQWHVHVHOILOyVRIRDXVWUDOLDQR*HRUJH
&URZGHU
/$6&5Ë7,&$6'(&52:'(5$/$*21,602
(Q SULPHU OXJDU &URZGHU DFXVD D ODV YLVLRQHV DJRQLVWDV GH YDJXHGDG H
LQFRKHUHQFLD 3RU HMHPSOR FRQ UHVSHFWR DO DJRQLVPR GH *UD\ VHxDOD TXH VX
LQYLWDFLyQ D HQWHQGHU OD WHRUtD SROtWLFD GH PDQHUD PHUDPHQWH GHVFULSWLYD VXJLHUH
TXHODVSROtWLFDVGHEHQFRQWLQXDUGHVDUUROOiQGRVHGHODPLVPDIRUPDHQODTXHVH
KDQ YHQLGR SUHVHQWDQGR /R TXH VLJQLILFD TXH GHEHPRV DFHSWDU VLQ
UHFULPLQDFLRQHV HO SHQVDPLHQWR SROtWLFR TXH VH GHVDUUROOH FRPR SURGXFWR GH OD
PHUDHYROXFLyQ
(QVHJXQGROXJDU&URZGHUDILUPDTXHORVDJRQLVWDVVRFDYDQVXSURSLDSRVLFLyQDO
VRVWHQHU TXH ODV SUHIHUHQFLDV SROtWLFDV VH MXVWLILFDQ SRU HO DJRQLVPR 6L HO
DJRQLVPRHVFRUUHFWRHQWRQFHVQRSRGHPRVDSHODUDQLQJ~QFULWHULRUDFLRQDOSDUD
UHFODPDU OD SULPDFtD GH XQ YDORU VREUH ORV GHPiV 'H PRGR TXH ¢SRU TXp
GHEHPRVDFHSWDUODSURSXHVWDFRQVHUYDGXULVWDGH*UD\KDELGDFXHQWDGHTXHHO
FRQVHUYDGXULVPRHVXQYDORUHQWUHPXFKRVRWURV"3DUHFHTXHOD SRVWXUDGH*UD\
KDVLGRHQYHVWLGDSRUVXVSURSLRVFXHUQRVDOLQWHQWDUGHIHQGHUXQDSURSXHVWDTXH
DERJD SRU HO DJRQLVPR DO WLHPSR TXH VH FRPSURPHWH FRQ XQ SXQWR GH YLVWD
FRQVHUYDGRU $O UHVSHFWR GLFH &URZGHU ³ « >/D@ UHVSXHVWD >GH *UD\@ HQ Vt
LPSOLFDXQDHOHFFLyQHQWUHORVYDORUHVULYDOHVGHFRQVHUYDFLyQ\UHIRUPD¢3RUTXp
HVFRJHUODFRQVHUYDFLyQ"´ &URZGHUS
(QWHUFHUOXJDU&URZGHUVHxDODTXHQRHVSRVLEOHDFHSWDUHODJRQLVPRVLQKDEHU
UHYLVDGRPLQXFLRVDPHQWHORTXHLPSRUWDQWHVGHIHQVRUHVGHOSOXUDOLVPRGHYDORUHV
KDQVRVWHQLGRDOUHVSHFWR0XFKRVGHHOORVVHKDQLQFOLQDGRSRUXQSXQWRGHYLVWD
RSXHVWR DO DJRQLVPR DGXFLHQGR TXH GHQWUR GHO SOXUDOLVPR YDORUDWLYR OD HOHFFLyQ
UDFLRQDO HV SRVLEOH HQ FRQWH[WR &URZGHU LQVLVWH HQ HVWH DVXQWR \ SRQH FRPR
PRGHORGHUD]RQDPLHQWRSUiFWLFRHQFRQWH[WRODSKURQHVLVDULVWRWpOLFD
'H DFXHUGR FRQ &URZGHU %HUOLQ QR HV XQ DJRQLVWD VLQR TXH VH DFHUFD D XQD
SRVLFLyQTXHHOPLVPR&URZGHUEDXWL]DFRPRµDSUR[LPDFLyQFRQFHSWXDO¶&URZGHU
HPSLH]DSRUVHxDODUTXHORVDUJXPHQWRVGH%HUOLQSDUDGHIHQGHUODµDSUR[LPDFLyQ
FRQFHSWXDO¶QRVRQORVXILFLHQWHPHQWHVyOLGRVSHURTXH³SXHGHQVHUUHIRUPXODGRV
GHXQDPDQHUDPiVSHUVXDVLYD´ &URZGHUS 9HDPRVHVWR
/26$5*80(1726&21&(378$/(6
(O SULPHU DUJXPHQWR FRQFHSWXDO SUHVHQWDGR SRU %HUOLQ SDUD LU GHO SOXUDOLVPR DO
OLEHUDOLVPR VH SRGUtD SUHVHQWDU GHO VLJXLHQWH PRGR HO SOXUDOLVPR LPSOLFD DO
OLEHUDOLVPRSRUTXHGDGD ODPXOWLSOLFLGDGGHYDORUHVORPiVSUREDEOHHVTXHKD\D
FRQIOLFWRV\\D TXHORVYDORUHVQRVHSXHGHQUHGXFLUXQRVDRWURVQLH[LVWHXQD
MHUDUTXtD SUHHVWDEOHFLGD SDUD HOORV QHFHVDULDPHQWH WHQGUHPRV TXH WRPDU
GHFLVLRQHVHQFXDQWRLQGLYLGXRVSHUWHQHFLHQWHVDODYLGDHQVRFLHGDG(VWRVLJQLILFD
TXH HO SOXUDOLVPR UHTXLHUH OD OLEHUWDG GH HOHFFLyQ OR TXH QRV LPSHOH DO
HVWDEOHFLPLHQWR GH XQ RUGHQ OLEHUDO SDUD HO FRUUHFWR IXQFLRQDPLHQWR GHO HVWDGR
SOXUDOLVWD
&URZGHUVHxDODTXHODGHELOLGDGGHHVWHDUJXPHQWRVHGHEHDTXHGHOKHFKRGH
TXHHOSOXUDOLVPRLPSOLTXHQHFHVDULDPHQWHODHOHFFLyQQRVHVLJXHTXH WHQJDPRV
TXH SURPRYHU OD OLEHUDG SRUTXH HO TXH OD HOHFFLyQ VHD LQHOXGLEOH QR OD KDFH
GHVHDEOH'HPRGRTXHH[LVWHODRSFLyQGH³PDQWHQHUDOPtQLPRWDOHVHOHFFLRQHV´
&URZGHUS \HVWRVLJQLILFDTXHRWUDVRSFLRQHVSROtWLFDV HOVRFLDOLVPR
HO FRPXQLVPR HO DXWRULWDULVPR HWF SRGUtDQ VHU GLJQDV UHSUHVHQWDQWHV GHO
SOXUDOLVPR
'H DFXHUGR FRQ &URZHU HO VHJXQGR DUJXPHQWR FRQFHSWXDO GH %HUOLQ HV PiV
HODERUDGR %HUOLQ DILUPD TXH VL H[LVWLHUD XQ HVWDGR SHUIHFWR OLEUH GH FRQIOLFWR
HQWRQFHV GHVDSDUHFHUtD OD QHFHVLGDG GH OD HOHFFLyQ \ FRQ HOOD OD QHFHVLGDG GH OD
OLEHUWDG 3HUR GDGR TXH HO PRQLVPR HV IDOVR \ HO SOXUDOLVPR YHUGDGHUR VH VLJXH
TXHQRSXHGHH[LVWLUXQHVWDGRSHUIHFWR'HHVWHPRGRHOFRQIOLFWRSHUPDQHFH\
FRQpOODQHFHVLGDGGHODOLEHUWDGGHHOHFFLyQ
6HJ~Q &URZGHU HO SUREOHPD FRQ HVWH DUJXPHQWR HV TXH HO OLEHUDOLVPR QR HV OD
~QLFDRSFLyQ³FRQVLVWHQWHFRQHOSOXUDOLVPRDQWLXWRSLVWD´ &URZGHUS
(O FRQVHUYDGXULVPR HV WDPELpQ XQD RSFLyQ TXH D GLIHUHQFLD GHO OLEHUDOLVPR
VROXFLRQD HO SUREOHPD GH OD HOHFFLyQ DSHODQGR D ODV WUDGLFLRQHV FXOWXUDOHV 3RU OR
WDQWR VH QHFHVLWD HVWDEOHFHU XQ YtQFXOR PiV HVWUHFKR HQWUH SOXUDOLVPR \
OLEHUDOLVPRVLVHTXLHUHWHQHUp[LWRHQODHPSUHVDGHSUREDUODSRVLEOHFRQVLVWHQFLD
GHOSOXUDOLVPROLEHUDOGH%HUOLQ
/$5()2508/$&,Ï1'(/26$5*80(1726&21&(378$/(6
&URZGHU LQWHQWD UHIRUPXODU ORV DUJXPHQWRV FRQFHSWXDOHV GH %HUOLQ SDUD KDFHUORV
PiV FRQVLVWHQWHV (PSLH]D SRU VHxDODU TXH ORV SOXUDOLVWDV UHFKD]DQ OD
DEVROXWL]DFLyQ GHO RUGHQ GH ORV YDORUHV SHUR QR VX FODVLILFDFLyQ HQ FRQWH[WR 'H
PRGR TXH QR GHEH FRQIXQGLUVH HO SOXUDOLVPR FRQ OD SRVWXODFLyQ GH XQ RUGHQ
YDORUDWLYR DEVROXWR (VWR VLJQLILFD TXH HO OLEHUDOLVPR GHEH DGRSWDU XQD WHVLV
PRGHUDGD HQ OD TXH TXHGH DELHUWD OD SRVLELOLGDG GH TXH HQ GHWHUPLQDGDV
FLUFXQVWDQFLDV OD OLEHUWDG VHD VDFULILFDGD HQ IDYRU GH XQ YDORU PiV XUJHQWH
$XQTXHHOOLEHUDOLVPRGHEHSRQHUHOpQIDVLVHQODOLEHUWDGHVWRQRVLJQLILFDTXHODV
FLUFXQVWDQFLDVQRSXHGDQYDULDU\HQFRQVHFXHQFLDTXHORVYDORUHVTXHVHGHEDQ
HQIDWL]DU WHQJDQ TXH VHU RWURV (Q XQD YLVLyQ SOXUDOLVWD GHO PXQGR ORV YDORUHV
OLEHUDOHV SRGUtDQ HQWUDU HQ FROLVLyQ OHJtWLPDPHQWH FRQ RWURV YDORUHV LJXDOPHQWH
LPSRUWDQWHV /R TXH QRV REOLJDUtD D UHDOL]DU XQD SRQGHUDFLyQ HQ OD TXH DOJXQRV
YDORUHV OLEHUDOHV WXYLHUDQ TXH VHU DEGLFDGRV HJ HQ XQD JXHUUD FLYLO 'H
DFXHUGRFRQ&URZGHUHVWRWHQGUtDTXHVHUDFHSWDGRSRUXQDSURSXHVWDOLEHUDOTXH
SUHWHQGDVHUFRQVLVWHQWHFRQHOSOXUDOLVPR
&URZGHU FRQVLGHUD TXH HO YtQFXOR HQWUH OLEHUDOLVPR \ SOXUDOLVPR TXH VH GHEH
GHIHQGHUHVPHQRVIXHUWHGHORTXHSRVLEOHPHQWH%HUOLQFUHtD1RGHEHWUDWDUGH
HVWDEOHFHU TXH OD OLEHUWDG FRPR XQ YDORU DEVROXWR VH VLJXH GHO SOXUDOLVPR VLQR
PiVELHQTXHODOLEHUWDGHVXQYDORUTXHVHVLJXHGHOSOXUDOLVPRFRPRXQpQIDVLV
QHFHVDULRSDUDHOFRUUHFWRIXQFLRQDPLHQWRGHOSOXUDOLVPR6HGHEHSURSHQGHUSRU
PRVWUDUFyPRHOSOXUDOLVPRSXHGHHQIDWL]DUHOYDORUGHODOLEHUWDGPiVTXHSHQVDU
TXHHVXQDFRQGLFLyQQHFHVDULDGHOSOXUDOLVPRRXQYDORULQFDQMHDEOH/DOLEHUWDG
GHEHVHUHQIDWL]DGDSRUTXHGHELGRDODVFLUFXQVWDQFLDVGHOPXQGRHODEDQLFRGH
SRVLELOLGDGHV GH HOHFFLyQ HV OLPLWDGR \ H[LJH TXH WRPHPRV XQD GHFLVLyQ HQ HO
FRQMXQWR GH YDORUHV GLVSRQLEOHV 'DGR TXH QR SRGHPRV HOHJLUORV WRGRV pVWD HV
XQD LPSOLFDFLyQ GHO SOXUDOLVPR WHQGUHPRV TXH DGRSWDU DOJXQRV \ UHFKD]DU HO
UHVWR (VWH UHFKD]R QR VLJQLILFD GHVSUHFLR PiV ELHQ FRQVLVWH HQXQ HMHUFLFLR GHO
UD]RQDPLHQWRSUiFWLFRTXHQRVLQFOLQDDVRSHVDUODVUD]RQHVSRUODVFXDOHVHQXQ
FRQWH[WRGHEHPRVDFHSWDURUHFKD]DUXQYDORURXQFRQMXQWRGHYDORUHV
&RQ HO REMHWLYR GH PRVWUDU FyPR HO SOXUDOLVPR LPSOLFD HO OLEHUDOLVPR &URZGHU
HPSLH]D SRU VHxDODU TXH HO SOXUDOLVPR LQYROXFUD OD LGHD GH UHVSHWR D WRGRV ORV
YDORUHV/DUD]yQGHHVWRHVTXHVLQRVWRPDPRVHQVHULRORVYDORUHVFRPRGHEH
KDFHUORHOSOXUDOLVPRHVRVLJQLILFDTXHWRGRV\FDGDXQRGHHOORVVHHQFXHQWUDQHQ
SLH GH LJXDOGDG SRU OR PHQRV ORV TXH SRGDPRV DFHSWDU UD]RQDEOHPHQWH (VWD
LJXDOGDGHVGHWLSRIRUPDO\OOHYDDSDUHMDGDODLGHDGHTXHWRGRVORVYDORUHVGHEHQ
WHQHUFDELGDHQXQ(VWDGRTXHDEUDFHHOSOXUDOLVPR5D]yQSRUODFXDOWLHQHQTXH
HVWDUGLVSRQLEOHVHQODVRFLHGDGSDUDTXHORVLQGLYLGXRVORVHOLMDQ(QFRQFOXVLyQ
HOSOXUDOLVPRGHEHSRGHUSURPRFLRQDU WRGRVORVYDORUHV\HOOLEHUDOLVPRDWUDYpV
GHVXVSULQFLSLRVGHIHQVRUHVGHODOLEHUWDGLQGLYLGXDO\ODWROHUDQFLDFRQVWLWX\HOD
FRQFHSFLyQSROtWLFDPiVDGHFXDGDSDUDSURPRYHUORV
&URZGHU DERJD SRU OD GLYHUVLGDG GH YDORUHV \ FRQVLGHUD TXH HVH HV HO SXQWR GH
DSR\R PiV IXHUWH FRQ HO TXH FXHQWD VX DUJXPHQWR SDUD LPSOLFDU HO SOXUDOLVPR D
SDUWLUGHOOLEHUDOLVPR&RQVLGHUDTXHODVFUtWLFDVTXHVRVWLHQHQTXHVXDUJXPHQWR
WHUPLQD SRU QHJDU HO SOXUDOLVPR QR VRQ DGHFXDGDV SXHVWR TXH VX SURSXHVWD
DXQTXHVHDSR\DHQODGLYHUVLGDGFRPRXQYDORUQRVRVWLHQHTXHODGLYHUVLGDGVHD
VyORXQYDORUVLQRTXHpVWDHVXQPHWDYDORUTXHLQYROXFUDODLGHDGHUHVSHWRSRU
WRGRV ORV YDORUHV (O OLEHUDOLVPR EULQGD PD\RU HVSDFLR TXH ORV RWURV FDQGLGDWRV
FRQRFLGRV HO VRFLDOLVPR HO FRPXQLVPR HO WRWDOLWDULVPR HWF SDUD TXH VXUMD OD
GLYHUVLGDG\HVWH HVXQSXQWRGHFRQH[LyQLPSRUWDQWHFRQHOSOXUDOLVPR
8QDFUtWLFDDODQRFLyQGHGLYHUVLGDGGH &URZGHUHVIRUPXODGDSRU*UD\FXDQGR
VRVWLHQH TXH ODV GLYHUVDV IRUPDV GH YLGD HQJHQGUDQ GLYHUVRV WLSRV GH RUGHQ
SROtWLFR$VtHOOLEHUDOLVPRGH&URZGHUHVVyORXQRUGHQSROtWLFRHQWUHRWURVORTXH
ORKDFHQRHVHQFLDOSDUDHOSOXUDOLVPR
/DUHVSXHVWDGH&URZGHUDHVWDREMHFLyQFRQVLVWHHQDILUPDUTXHHOSOXUDOLVPRQR
GHEH VHU FRQIXQGLGR FRQ HO UHODWLYLVPR FXOWXUDO (O LGHDO GHO SOXUDOLVPR HV FRQ
UHVSHFWR D ORV ELHQHV \ YDORUHV QR D ORV UHJtPHQHV R IRUPDV GH RUJDQL]DFLyQ
SROtWLFD FRPR FUHH *UD\ (O TXH HO SOXUDOLVPR QR GHED FRQIXQGLUVH FRQ HO
UHODWLYLVPRFXOWXUDOQRVLJQLILFDTXHODVFXOWXUDVQRVHDQLPSRUWDQWHV$OFRQWUDULR
HOSOXUDOLVWDGHEHWRPDUVHHQVHULR DODVFXOWXUDVSDUDSURPRYHUDTXHOODVTXHVHDQ
LQWHUQDPHQWHGLYHUVDV(VWRVHSXHGHKDFHUDWUDYpVGHOUHVSHWRSRUODGLIHUHQFLD
HQ WRUQR D ORV ILQHV TXH OHJtWLPDPHQWH SXHGHQ SHUVHJXLU ORV LQGLYLGXRV HQ XQD
VRFLHGDG (O GHVDFXHUGR UD]RQDEOH VXUJH SRU OD QHFHVLGDG TXH WLHQHQ ORV
LQGLYLGXRVGHFRQIURQWDUVXVYLVLRQHVGHOPXQGRFRQORVGHPiV
&URZGHUVHxDODTXHXQDPDQHUDGHPHMRUDUHODUJXPHQWRGHODLPSHUIHFWLELOLGDG
GH%HUOLQHVSRUPHGLRGHODLQWURGXFFLyQGHOGHVDFXHUGRUD]RQDEOH3DUDKDFHUOR
KD\TXHPRVWUDUODVYHQWDMDVTXHWLHQHHOOLEHUDOLVPRIUHQWHDRWUDVRUJDQL]DFLRQHV
SROtWLFDV /DV RWUDV GRFWULQDV WLHQHQ SUREOHPDV SDUD DFRPRGDU HO GHVDFXHUGR
UD]RQDEOH \D TXH WLHQHQ GHILQLGD XQD FRQFHSFLyQ GHO ELHQ PLHQWUDV TXH HO
OLEHUDOLVPR WLHQH TXH DOEHUJDU P~OWLSOHV FRQFHSFLRQHV GHO ELHQ (O GHVDFXHUGR
UD]RQDEOHHVXQDFDUDFWHUtVWLFDLPSRUWDQWHGHOSOXUDOLVPRSRUTXHSHUPLWHTXHVH
DFRPRGHQ ODV GLIHUHQWHV FRQFHSFLRQHV GHO ELHQ TXH pVWH GHEH SURPRYHU $
GLIHUHQFLDGHRWUDVSHUVSHFWLYDVSROtWLFDVFRPRHOFRQVHUYDGXULVPRRHOVRFLDOLVPR
HO OLEHUDOLVPR SROtWLFR SURYHH HO PHGLR SDUD DFRPRGDU DGHFXDGDPHQWH ORV
GHVDFXHUGRVHQHOpQIDVLVTXHSRQHDODOLEHUWDGLQGLYLGXDO/RVFRQVHUYDGRUHVQR
SXHGHQDOEHUJDUHOGHVDFXHUGRUD]RQDEOHSRUTXHHVRVHUtDWHQHUTXHDFHSWDU TXH
VXVWUDGLFLRQHVSXHGHQVHUXQHUURURTXHVXFRQFHSFLyQGHOELHQHVWiHTXLYRFDGD
OR TXH LPSOLFD GHVWUXLU ORV SUHVXSXHVWRV VREUH ORV TXH VH HULJH VX YLVLyQ SROtWLFD
GHOPXQGR
)LQDOPHQWH &URZGHU UHIXHU]D HO DUJXPHQWR GH OD HOHFFLyQ GH %HUOLQ XVDQGR HO
FRQFHSWR GH DXWRQRPtD 6HxDOD TXH GHELGR D TXH HO SOXUDOLVPR LPSOLFD OD
FRQVWDQWHGLYHUVLGDGGHELHQHV\ODSRVLELOLGDGODWHQWHGHTXHORVGLIHUHQWHVILQHV
HQWUHQ HQ FRQIOLFWR VHUi QHFHVDULD OD DXWRQRPtD LQGLYLGXDO TXH SHUPLWD DOHMDUVH
FUtWLFDPHQWH GH ODV FRQFHSFLRQHV SHUVRQDOHV R FROHFWLYDV GHO ELHQ 6yOR GH HVWD
PDQHUDVHSRGUiQHYDOXDUREMHWLYDPHQWHHQODVFLUFXQVWDQFLDVORVGLYHUVRVILQHV
TXHVHSUHVHQWHQHQFRQIOLFWRSDUDWRPDUXQDHOHFFLyQUD]RQDEOH(OOLEHUDOLVPRVH
FRQHFWDFRQHOSOXUDOLVPRDTXtSRUTXHODDXWRQRPtDLQGLYLGXDOHVXQYDORUTXHHO
OLEHUDOLVPR SURPXHYH HVSHFLDOPHQWH \ HV D WUDYpV GHO HMHUFLFLR GH OD DXWRQRPtD
LQGLYLGXDOTXHVHSXHGHPHMRUDUHOUD]RQDPLHQWRSUiFWLFRQHFHVDULRSDUDODWRPD
GHGHFLVLRQHVHQWRUQRDYDORUHVHQFRQIOLFWR(VODQHFHVLGDGGHHOHJLUELHQ\QR
PHUDPHQWH HOHJLU OR TXH QRV H[LJH DFWXDU DXWyQRPDPHQWH /D DFWXDFLyQ
DXWyQRPD VLJQLILFD DFWXDFLyQ FUtWLFD \ DO WRPDU HOHFFLRQHV FUtWLFDPHQWH QRV
HVWDPRVWRPDQGRHQVHULRORVYDORUHV(OSOXUDOLVPRGHYDORUHVQRVLPSHOHDTXH
µKRQUHPRV¶ ORV YDORUHV \ HV D WUDYpV GH OD DXWRQRPtD TXH SRGHPRV FXPSOLU FRQ
HVWDH[LJHQFLD
352%/(0$6
&URZGHU QRV KD SURSXHVWR XQD PDQHUD GH HVWDEOHFHU TXH KD\ XQ YtQFXOR
LPSRUWDQWH HQWUH SOXUDOLVPR \ OLEHUDOLVPR 3DUD KDFHUOR KD UHFXUULGR D OR TXH
GHQRPLQD³ODSLHGUDDQJXODUGHODGHIHQVDOLEHUDOSOXUDOLVWD « >HO@UHVSHWRSRUOD
SOXUDOLGDG GH YDORUHV´ &URZGHU S (VWH SULQFLSLR QRV DFRQVHMD TXH
KRQUHPRVWRGRVORVYDORUHVSRULJXDODOWLHPSRTXHQRVLPSHOHDSURPRYHUORVHQ
WRGROXJDUGRQGHVHDSRVLEOH'HDFXHUGRFRQ&URZGHUHVWHSULQFLSLRWHUPLQDSRU
JHQHUDURWURDVDEHUHO³SULQFLSLRGHODGLYHUVLGDGGHYDORUHV´(OFRPSURPLVRGHO
SOXUDOLVPR FRQ OD GLYHUVLGDG GH YDORUHV OR REOLJD D DGRSWDU XQ UpJLPHQ TXH OH
SHUPLWD SURPRYHU HO PD\RU Q~PHUR SRVLEOH GH pVWRV DO LQWHULRU GH OD VRFLHGDG
&RPR OR H[SUHVD :LOOLDPV ³ « PiV GHEH VLJQLILFDU PHMRU´ :LOOLDPV
S;9,, (VWHUpJLPHQHVHOOLEHUDOLVPRGHELGRDTXHVXVSULQFLSLRVGHWROHUDQFLD
DXWRQRPtD \ OLEHUWDG LQGLYLGXDO GDQ FDELGD HQ OD VRFLHGDG D OD H[LVWHQFLD GH XQD
PXOWLSOLFLGDGGHFRQFHSFLRQHVGHODYLGDEXHQD
&RQODPXOWLSOLFLGDGGHFRQFHSFLRQHVGHOELHQHQODVVRFLHGDGHVFRQWHPSRUiQHDV
HOFRQIOLFWRGHYDORUHVVHUiXQIHQyPHQRLQHYLWDEOHTXHUHTXHULUiODE~VTXHGDGH
PHGLRVTXHSHUPLWDQHQIUHQWDUORVLQTXHHVWRLPSOLTXHODGHVWUXFFLyQRGHUURWDGH
QLQJXQD GH ODV FRQFHSFLRQHV GHO ELHQ QL HO WULXQIR GH RWUDV DO PHQRV QR GH
PDQHUDGHILQLWLYDQLDEVROXWD(OGHVDFXHUGRUD]RQDEOHSDUHFHVHUODPHMRURSFLyQ
SDUD HQIUHQWDU ODV FROLVLRQHV GH YDORU SXHVWR TXH SHUPLWH TXH VH LQFRUSRUHQ
SDFtILFDPHQWHHQODVRFLHGDGODVGLIHUHQWHVSRVWXUDVGHOELHQ'DGRTXHHVWHHVXQ
KHFKR GHO SOXUDOLVPR UHTXHULUi GH XQ WLSR GH SROtWLFD UHDOLVWD TXH OH SHUPLWD
LQWURGXFLU HO GHVDFXHUGR UD]RQDEOH D OD HVFHQD SROtWLFD (O OLEHUDOLVPR SROtWLFR D
GLIHUHQFLD GHO FRQVHUYDGXULVPR HO VRFLDOLVPR R HO FRPXQLVPR SRWHQFLD OD YLVLyQ
FUtWLFDGHODVRFLHGDGSRUTXHSHUPLWHTXHVHFXHVWLRQHQDOLQWHULRU\DOH[WHULRUGH
OD FXOWXUD R FRPXQLGDG GLIHUHQWHV \ FRQWUDULDV FRQFHSFLRQHV GHO ELHQ (VWR
SHUPLWH TXH ODV GLYHUVDV SRVLFLRQHV SXHGDQ KDELWDU ODV FRPXQLGDGHV VLQ VHU
H[FOXLGDVROLPLWDGDV
(OGHVFXHUGRUD]RQDEOHQRVHSXHGHUHVROYHUPHUDPHQWHDSHODQGRDODWUDGLFLyQ
SRUTXHHVWRVHUtDDFHSWDUXQDFODVLILFDFLyQGHYDORUHVUtJLGDVHQYLUWXGGHVXPHUD
LPSRVLFLyQ &RPR HO FRQIOLFWR WDPSRFR VH SXHGH VROXFLRQDU DSHODQGR D XQ ~QLFR
YDORU GHELGR D TXH HO PRQLVPR HV IDOVR ORV SOXUDOLVWDV GHEHQ HVWDU SUHSDUDGRV
SDUD UHDOL]DU OD HOHFFLyQ FUtWLFDPHQWH (VWR VLJQLILFD TXH WHQGUiQ TXH VRSHVDU ODV
UD]RQHV WHQLHQGR HQ FXHQWD HO FRQWH[WR SDUD OOHJDU D XQD GHFLVLyQ UD]RQDEOH
(VWD HYDOXDFLyQ SXHGH UHTXHULU SDUD VHU LPSDUFLDOHV GHO GLVWDQFLDPLHQWR GH
DOJXQRVSULQFLSLRVOLEHUDOHV(VWDYLVLyQFUtWLFDGHOPXQGRTXHWLHQHTXHDGRSWDUHO
SOXUDOLVWDVHSXHGHHMHUFHUVLHPSUH\FXDQGRVHSRWHQFLHODDXWRQRPtDSHUVRQDO
'H DFXHUGR FRQ &URZGHU HO OLEHUDOLVPR HV OD WHRUtD SROtWLFD TXH QRV SHUPLWH
GHVDUUROODUODDXWRQRPtDSXHVWRTXHODDXWRQRPtDLQGLYLGXDOHVXQRGHORVLGHDOHV
FDUDFWHUtVWLFRVGHOOLEHUDOLVPR
&RQ HVWRV DUJXPHQWRV &URZGHU FUHH KDEHU HQFRQWUDGR OD PDQHUD GH VXSHUDU HO
DJRQLVPR \ HYLWDU FDHU HQ OD HOHFFLyQ LUUDFLRQDO 6LQ HPEDUJR FRPR \D KD
PRVWUDGR%HUOLQKD\FDVRVHQORVTXHORVFRQIOLFWRVGHYDORUVRQLQVROXEOHV(VWR
HVQRKD\XQPRGRUDFLRQDOGHUHVROYHUORV$OUHVSHFWRGLFH%HUOLQ
+D\XQDFUHHQFLDTXHHVPiVTXHQLQJXQDRWUDUHVSRQVDEOHGHODPDVDFUHGHLQGLYLGXRVHQ
ORV DOWDUHV GH ORV JUDQGHV LGHDOHV KLVWyULFRV ±MXVWLFLD SURJUHVR OD IHOLFLGDG GH ODV
JHQHUDFLRQHVIXWXUDVODVDJUDGDPLVLyQGHODHPDQFLSDFLyQGHXQDQDFLyQXQDUD]DRXQD
FODVHRKDVWDODOLEHUWDGPLVPDTXHH[LJHHOVDFULILFLRGHORVLQGLYLGXRVSRUODOLEHUWDGGHOD
VRFLHGDG (VWD FUHHQFLD HV OD GH TXH HQ DOJXQD SDUWH HQ HO SDVDGR R HQ HO IXWXUR HQ OD
UHYHODFLyQGLYLQDRHQODPHQWHGHOSHQVDGRUHQORVSURQXQFLDPLHQWRVGHODKLVWRULDRGHOD
FLHQFLD R HQ HO FRUD]yQ VLPSOH GH XQ EXHQ KRPEUH QR FRUURPSLGR KD\ XQD VROXFLyQ
GHILQLWLYD (VWD IH DQWLJXD VH DSR\D HQ OD FRQYLFFLyQ GH TXH WRGRV ORV YDORUHV SRVLWLYRV HQ
TXH KDQ FUHtGR ORV KRPEUHV WLHQHQ TXH VHU HQ ~OWLPR WpUPLQR FRPSDWLEOHV H LQFOXVR
LPSOLFDUVHXQRVDRWURV %HUOLQS
(VWDLGHDTXHVLUYHSDUDLOXVWUDUORVGLOHPDVPRUDOHVVHSXHGHWDPELpQDSOLFDUD
ORV FRQIOLFWRV SROtWLFRV 'H PRGR TXH OD SURSXHVWD GH &URZGHU GH VXSHUDU HO
SUREOHPD GH OD HOHFFLyQ QRUDFLRQDO FRQ HO OLEHUDOLVPR SDUHFH ROYLGDU TXH ORV
FRQIOLFWRV GH YDORU QR VXUJHQ QHFHVDULDPHQWH SRU XQD LQFRQVLVWHQFLD HQ ORV
SULQFLSLRV VLQR SRU FRQWLQJHQFLDV HPStULFDV TXH HQ DOJXQRV FDVRV QR WLHQHQ
VROXFLyQ UDFLRQDO (VWR QR VLJQLILFD SRU VXSXHVWR TXH WRGRV ORV FRQIOLFWRV
JHQXLQRVVHDQDVt$OJXQRVSXHGHQVHUHOUHVXOWDGRGHODFROLVLyQHQWUHSULQFLSLRV
~QLFDPHQWH3RUHMHPSORODIDPRVDKLVWRULDGH%HUQDUG:LOOLDPV :LOOLDPV
S GH DFXHUGR FRQ OD FXDO XQ YLVLWDQWH H[WUDQMHUR VH HQFXHQWUD HQ OD
SOD]DGHOSXHEOR\HOMHIHGHSROLFtDTXHORYHYHQLUORDFHUFDKDVWDODSDUHGGHOD
SOD]DGRQGHKDGLVSXHVWRDYHLQWHLQGLRV/HH[SOLFDTXHHVWiDSXQWRGHHOLPLQDU
DDOJXQRVQDWLYRVHOHJLGRVDOD]DUSXHVWRTXHGHVHDUHFRUGDUDFRQVHFXHQFLDGH
XQRV UHFLHQWHV DFWRV GH SURWHVWD FRQWUD HO JRELHUQR TXH SURWHVWDU FRQWUD pVWH
FRQVWLWX\H XQD FRQGLFLyQ GHVYHQWDMRVD (O SROLFtD OH GLFH TXH SDUD FHOHEUDU VX
OOHJDGDOHRWRUJDUiHOSULYLOHJLRGHTXHVDOYHDODPD\RUtDGHORVLQGLRVDUUHVWDGRV
PDWDQGRVyORDXQRGHHOORV(OH[WUDQMHURWLHQHODRSFLyQGHQRPDWDUDQLQJXQR
GHORVLQGLRVSHURHVWRLPSOLFDUiHOVDFULILFLRGHORVYHLQWHQDWLYRV
(VFODURTXHHVWHHVXQFDVRGHGLOHPDTXHVXUJH~QLFDPHQWHVLVHDGRSWDPiVGH
XQ SULQFLSLR PRUDO 3HUR VL VH DGPLWH TXH VyOR KD\ XQ SULQFLSLR PRUDO VXSUHPR
FRPRHQHOFDVRGHOXWLOLWDULVWDLHHOSULQFLSLRGHXWLOLGDGGH0LOORDOJXQDGHVXV
YDULDQWHV QR KDEUi XQ GLOHPD UHDO HQ HVWH FDVR (O SULQFLSLR GH XWLOLGDG RUGHQD
FODUDPHQWHTXHVHGHEHPDWDUDXQLQGLRSDUDVDOYDUDOUHVWRSXHVGHQRKDFHUOR
OD IHOLFLGDG WRWDO KDEUi VLGR LQDGHFXDGDPHQWH VDFULILFDGD /D DFFLyQ FRUUHFWD HV
GLVSDUDUOHDXQQDWLYR
(O DQWHULRU HMHPSOR SDUD XQ NDQWLDQR WDPSRFR FRQVWLWX\H XQ GLOHPD JHQXLQR \D
TXHGHDFXHUGRFRQXQDIRUPXODFLyQGHOLPSHUDWLYRFDWHJyULFRQRVHGHEHQXQFD
XVDUDRWURVFRPRPHGLRVSDUDDOFDQ]DUILQHV(ONDQWLDQRWLHQHODVROXFLyQHQHO
EROVLOOR SRUTXH DFHSWDU OD RIHUWD GHO SROLFtD VLJQLILFDUtD LU HQ FRQWUDYtD GHO
LPSHUDWLYRFDWHJyULFRXVDUDXQQDWLYRSDUDVDOYDUODYLGDGHOUHVWRHVFRQYHUWLUD
HVHQDWLYRHQXQPHGLR\QRWRPDUORFRPRXQILQHQVtPLVPR/DDFFLyQFRUUHFWD
HVQRGLVSDUDUOHDQLQJ~QQDWLYR
&RPR VH SXHGH FROHJLU XQD YHQHUDEOH WUDGLFLyQ KD VRVWHQLGR TXH ORV FRQIOLFWRV
JHQXLQRV HQWUH YDORUHV VRQ DSDUHQWHV (QWUH HOORV DSDUHFHQ HQ OD PRGHUQLGDG
ILOyVRIRVWDQLPSRUWDQWHVFRPR.DQW\0LOO
&RQWUDULDPHQWH D HVWH SXQWR GH YLVWD %HUQDUG :LOOLDPV VH KD RSXHVWR D OD
SHUVSHFWLYDTXHQLHJDODUHDOLGDGGHORVYDORUHV:LOOLDPVLQWHQWDPRVWUDUTXHXQ
LQGLFLR GH TXH ORV FRQIOLFWRV VRQ JHQXLQRV HV TXH QR SRGHPRV OLEHUDUQRV GHO
UHPRUGLPLHQWRDXQFXDQGRKLFLPRVWRGRORTXHUDFLRQDOPHQWHSRGtDPRVKDFHU(Q
VXVSURSLDVSDODEUDV:LOOLDPVVRVWLHQHTXHORVFRQIOLFWRVHQWUHYDORUHVVRQUHDOHV
6XSyQJDVH TXH HO FRQIOLFWR WHUPLQD FRQ XQD GHFLVLyQ \ HQ HO FDVR GH ORV GHVHRV FRQ XQD
DFFLyQHQHOFDVRPiVVLPSOHGHFLGRTXHXQDGHODVFUHHQFLDVFRQIOLFWLYDVHVYHUGDGHUD\
QR OD RWUD R VDWLVIDJR XQR GH ORV GHVHRV \ QR HO RWUR /D FUHHQFLD UHFKD]DGD QR SXHGH
VREUHYLYLU VXVWDQFLDOPHQWH D HVWH SXQWR SRUTXH GHFLGLU TXH XQD FUHHQFLD HV IDOVD HV OR
PLVPR TXH DEDQGRQDUOD LH QR WHQHU SRU PiV WLHPSR HVD FUHHQFLD >«@ 8Q GHVHR
UHFKD]DGRHQFDPELRSXHGHVLQRVREUHYLYLUDOSXQWRGHODGHFLVLyQDOPHQRVVtUHDSDUHFHU
SRU RWUR ODGR EDMR XQ GLVIUD] GLVWLQWR 3RGUtD UHDSDUHFHU SRU HMHPSOR FRPR XQ GHVHR
JHQHUDOSRUDOJRGHODPLVPDFODVHTXHHOREMHWRUHFKD]DGRHQODGHFLVLyQ>«@R±\HVWHHV
HO FDVR PiV UHOHYDQWH VL QR KD\ VXVWLWXWRV KDELpQGRVH HVIXPDGR \D OD RSRUWXQLGDG GH
VDWLVIDFHU HO GHVHR SRGUtD UHDSDUHFHU HQ OD IRUPD GHO UHPRUGLPLHQWR SRU OR TXH VH SHUGLy
:LOOLDPVSVV
(VWDFLWDPXHVWUDTXHXQDYH]TXHVXUJHQORVFRQIOLFWRVGHYDORUVRQSHUVLVWHQWHV
\ SXHGHQ UHDSDUHFHU EDMR OD IRUPD GH XQ UHPRUGLPLHQWR :LOOLDPV DFHSWD TXH
SXHGHSUHVHQWDUVHXQFRQIOLFWRGHYDORUHQWUHGRVSULQFLSLRVSHURWDPELpQDGPLWH
HOGLOHPDFRQXQVyORSULQFLSLRHQMXHJR(VWHDVXQWRVHSXHGHHMHPSOLILFDUFRQHO
FRQWURYHUWLGRFDVRGH:LOOLDP6W\URQ /DKLVWRULDVHQDUUDHQXQFDPSRGH
FRQFHQWUDFLyQ 1D]L 6RItD XQD PXMHU MXGtD VH HQFXHQWUD FRQ VXV GRV KLMRV \ XQ
VROGDGRDOHPiQOHGLFHTXHXQRGHVXVKLMRVGHEHHQWUDUHQODFiPDUDGHJDVHV
(OOD GHEH HOHJLU D XQR SDUD TXH LQJUHVH 6LQR HOLJH D XQ QLQJXQR VXV GRV KLMRV
VHUiQREOLJDGRVDHQWUDUHQODFiPDUD6RItDHIHFWLYDPHQWHWLHQHXQGLOHPDPRUDO
JHQXLQRTXHVHDSR\DHQXQ~QLFRSULQFLSLRDVDEHUORVSDGUHVGHEHQSURWHJHUOD
YLGD GH VXV KLMRV 3HUR REYLDPHQWH 6RItD QR SRGUi FXPSOLU FRQ HVWH SULQFLSLR
SRUTXHFXDOTXLHUGHFLVLyQTXHWRPHLPSOLFDUiHOVDFULILFLRGHSRUORPHQRVXQRGH
VXV KLMRV 6RItD WLHQH OD REOLJDFLyQ GH HOHJLU SHUR DO PLVPR WLHPSR QR GHEH
KDFHUOR
(VWDWULVWHKLVWRULDLOXVWUDHOSXQWRFUtWLFRSDUDHOFDVRGHODVROXFLyQGH&URZGHU
+DJDPRVORTXHKDJDPRVQRSRGUHPRVHVFDSDUDOVDFULILFLRGHDOJXQRVYDORUHVHQ
ORVFDVRVGHFRQIOLFWRJHQXLQRGHELGRDTXHODVLQFRQVLVWHQFLDVSURGXFLGDVSRUORV
FRQIOLFWRV PRUDOHV QR VRQ QHFHVDULDPHQWH XQ DVXQWR GH UHJODV TXH XQ DJHQWH
DFHSWD VLQR TXH WDPELpQ GHSHQGHQ GH P~OWLSOHV IDFWRUHV FLUFXQVWDQFLDOHV 'H
PRGRTXHGHIHQGHUDOOLEHUDOLVPRFRPRODSRVWXUDSROtWLFDPiVFRQYHQLHQWHSDUD
HOSOXUDOLVPRQRYD DORJUDUKDFHUTXHODWHRUtDOLEHUDO SXHGDVHUVDOYDGDGHODV
LQFRQVLVWHQFLDV FRQ ODV TXH ODV FLUFXQVWDQFLDV OD SXHGDQ HQIUHQWDU 'H KHFKR HQ
DOJXQRV FDVRV HVR LPSOLFDUi WHQHU TXH DEDQGRQDU YDORUHV OLEHUDOHV SDUD VDOLU GH
XQDFR\XQWXUDSDUWLFXODU HJXQJROSHGHHVWDGR
%LEOLRJUDItD
%HUOLQ,VDLDK 'RVFRQFHSWRVGHOLEHUWDG\RWURVHVFULWRV0DGULG(GLWRULDO$OLDQ]D

%HUOLQ ,VDLDK \ :LOOLDPV %HUQDUG ³3OXUDOLVP DQG /LEHUDOLVP D 5HSO\´ 3ROLWLFDO 6WXGLHV
9ROXPH 1R±
&URZGHU *HRUJH ³,VDLDK %HUOLQ SOXUDOLVPR \ OLEHUDOLVPR´ HQ -RUJH *LUDOGR HG ,VDLDK
%HUOLQXWRStDWUDJHGLD\SOXUDOLVPR0HGHOOtQ)RQGR(GLWRULDO8QLYHUVLGDG($),7SS
'ZRUNLQ5RQDOG /RVGHUHFKRVHQVHULR%DUFHORQD(GLWRULDO$ULHO
'ZRUNLQ 5RQDOG $ PDWWHU RI SULQFLSOH &DPEULGJH 0DVVDFKXVHWWV +DUYDUG 8QLYHUVLW\
3UHVV
*DUGEDXP6WHSKHQ ³/LEHUDOLVPDXWRQRP\DQGPRUDOFRQIOLFW´HQ 6WDQIRUG/DZ5HYLHZ
9RO1R
*HXVV5D\PRQG ³/LEHUDOLVPDQGLWVGLVFRQWHQWV´HQ 3ROLWLFDO7KHRU\9RO1R

*UD\-RKQ ,VDLDK%HUOLQ3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV
+XGVRQ:' 7KHLVRXJKWTXHVWLRQ0DGULG0DF0LOODQ
.DQW,QPDQXHO 0HWDItVLFDGHODVFRVWXPEUHV%DUFHORQD(GLWRULDO$OWD\D
.XNDWDV &KDQGUDQ ³/LEHUDOLVP DQG PXOWLFXOWXUDOLVP WKH SROLWLFV RI LQGLIIHUHQFH´ HQ
3ROLWLFDO7KHRU\9RO1R
0DUFXV5XWK% ³0RUDOGLOHPPDVDQGFRQVLVWHQF\´HQ7KH-RXUQDORI3KLORVRSK\9RO
1R±
0DUFXV5XWK% ³0RUHDERXWPRUDOGLOHPPDV´HQ+(0DVRQHG 0RUDOGLOHPPDVDQG
PRUDOWKHRU\1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
0LOO-RKQ6WXDUW 8WLOLWDULVPR%DUFHORQD$OWD\D
6W\URQ:LOOLDP 6RSKLH¶V&KRLFH1HZ<RUN%DQWDP%RRNV
:LOOLDPV%HUQDUG 3UREOHPVRIWKH6HOI&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV

Reflexiones Polít 978-620-2-16315-6 PAG 107

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Reflexiones Polít 978-620-2-16315-6 PAG 107

Uploaded by

Copyright:

Available Formats

4 "    

       

1 $( 22   +  -         

     

   

    

5HIOH[LRQHV SROtWLFDV HQXQFRQWH[WR JOREDOL]DGR -DLPH $OEHUWR ÈQJHO ÈOYDUH]

2GLUHLWRIXQGDPHQWDOjPRUDGLDHP+HJHOXPDOHLWXUD LP SRVVtYHO 

/DV SULPHUDV FLXGDGHV(VWDGR DSDUHFLHURQ HQ 0HVRSRWDPLD HQ ORV WHUULWRULRV

SHUVSHFWLYDV KHJHPyQLFDV GH GHVDUUROOR DOODQDU HO FDPLQR D XQD SROtWLFD

HVSDFLRSURSLFLR SDUDODHVSHUDQ]D/DFDOLGDGGHYLGDFRPROR DGYLHUWHQ0DUWKD

%2%%,2 125%(572\ 0$77(8&&, 1,&2/$'LFFLRQDULRGHSROtWLFD0p[LFR(GLWRULDO6LJOR;;,

1XPD HUD JOREDOL]DGD GH UHODo}HV KLSHUFRPSOH[DV RQGH H[LVWHP GLYHUVDV

UHFRQKHFLPHQWR LQWHUVXEMHWLYR FRPR FDWHJRULD FRQVWLWXFLRQDO Mi TXH HVWH HVWDULD

-867,d$ 62&,$/ &202 5(',675,%8,d­2 ( 5(&21+(&,0(172 (0

$R FRQFHEHU R QmR UHFRQKHFLPHQWR FRPR VXERUGLQDomR GH VWDWXV HQFRQWUDVH R

%$80$1=\JPXQW ,GHQWLGDGHHQWUHYLVWDD %HQHGHWWR9HFFKL=\JPXQW%DXPDQWUDGXomR&DUORV

BBBBBBBBBBBB $ MXVWLoD VRFLDO QD JOREDOL]DomR 5HGLVWULEXLomR UHFRQKHFLPHQWR H SDUWLFLSDomR

 1RVRWURV \ ORV RWURV HVWDGRXQLGHQVHV

'LHJR $OIUHGR 3pUH] 5LYDV

/D SDODEUD VH KD GDGR DO KRPEUH SDUD TXH

%$5%$5,( &216758<(1'2 /$ $/7(5 , '$'

/D SDODEUD EDUEDULH HV WDQ DQWLJXD FRPR OD SURSLD KLVWRULD GH OD ILORVRItD RFFLGHQWDO

1$)7$ &21675 8<(1'2 3 8(17(6

1$)7$ SXHGH FRQVLGHUDUVH H[LWRVR SRUTXH KD LPSXOVDGR XQD PD\RU LQWHJUDFLyQ

GLSORPiWLFRV GH :LNLOHDNV )LQDOPHQWH GXUDQWH OD DGPLQLVWUDFLyQ GH 3HxD OD

0e;,&2(67$'26 81,'26 $17(6 '( 75803

'XUDQWH HO VH[HQLR GH 6DOLQDV OD UHODFLyQ FRQ &OLQWRQ IXH SRVLWLYD (Q VX SULPHU

,QLFLDWLYD 0pULGD $ SDUWLU GH HQWRQFHV HO GLVFXUVR RILFLDO FRQVLVWLy HQ HORJLDU OD

(/ ',6&8562 '( 75803

/D SUHFDQGLGDWXUD GH 7UXPS FRPHQ]y FRPR XQD EL]DUUD WUDYHVtD GH OD TXH SRFRV

UDGLFDO \ DELHUWD $SURYHFKDQGR ORV HVWUDJRV GH OD UHFHVLyQ HFRQyPLFD \ HO

SUHVLGHQWH HUD OHYDQWDU XQ ³JUDQ PXUR´ HQ OD IURQWHUD VXU $ GLIHUHQFLD GH VXV

WLHQH TXH DFDEDUVH DPLJRV´ )UHQWH D OD LQVLVWHQFLD GH OD FRQVWUXFFLyQ GH XQ QXHYR

$ 0$1(5$ '( &21&/86,Ï1

/DV UHODFLRQHV ELODWHUDOHV KDQ FDPELDGR GUDPiWLFDPHQWH FRQ HO DVFHQVR GH 7UXPS

GHVGH OD DGPLQLVWUDFLyQ &OLQWRQ ODV FXDOHV D\XGDURQ D FUHDU XQ HVFHQDULR LGyQHR

$ULVWyWHOHV  3ROtWLFD 81$0 0p[LFR

$ERUGDGRV KLVWyULFDPHQWH GHVGH GLIHUHQWHV GLVFLSOLQDV FRPR OD SVLFRORJtD OD

)DOWDQXQSDU GHSDVRV¢'HTXpPDQHUDUHFRQVWUXLPRVODLGHQWLGDGFROHFWLYD GHO

%(77,1/$77(6*LDQIUDQFR(GLWRULDOH , WXUQLQJSRLQWV VRFLRORJLFLGHOO¶LGHQWLWj(Q6RFLHWj

&KDEDW-  (O(VWDGR\HOFULPHQRUJDQL]DGRWUDVQDFLRQDO,VWRUUHYLVWDGH

(OREMHWLYR GHOSUHVHQWHDUWtFXORHVYLQFXODU HOFRQFHSWRGHKRVSLWDOLGDGXQLYHUVDO

/$ 0,*5$&,Ï1 ,17(51$&,21$/ (175( /$ +263,7$/,'$' < /$

$UHQGW+  /DFRQGLFLyQ+XPDQD%DUFHORQD3DLGyV

/$ */2%$/,=$&,Ï1 81$ 2325781,'$' 3$5$ +80$1,=$5 /$

/DFXOWXUDMXHJDXQSDSHOGHWHUPLQDQWHHQ ODFRQVWUXFFLyQGH SROtWLFDVGHHVWDGR

/D JOREDOL]DFLyQ FRPR IHQyPHQR FXOWXUDO \ HFRQyPLFR DIHFWD D OD FRPXQLGDG

*DUFtD1  3ROtWLFDVFXOWXUDOHVHQ$PpULFD/DWLQD0p[LFR*ULMDOER

(&+e026/( 81 9,67$=2 $ /$ 75$16)250$&,Ï1 +,67Ï5,&$ '( /$

HQ XQ VLVWHPD GH XQLIRUPLGDG FRJQLWLYD HSLVWHPROyJLFD DGPLQLVWUDWLYD \

(;,67( 08&+2 '(6$&8(5'2« 3(52 (1 '(),1,7,9$ ¢48e 621 /$6

'H6H&R OODPD D ODV FRPSHWHQFLDV IXQGDPHQWDOHV ³NH\ FRPSHWHQFLDV´

/DHGXFDFLyQEDVDGDHQFRPSHWHQFLDV (%& VHDSOLFDGHVGHODRULHQWDFLyQGHODV

$ 02'2 '( &21&/86,Ï1 /26 /Ë0,7(6 '( 81$ 3('$*2*Ë$

/$ (;75$f(=$ '(/ 68-(72 0,*5$17( 5(&216758,5 /$ ,'(17,'$'

(63$&,2 ( ,'(17,'$' /$ 5(6,*1,),&$&,Ï1 '( /26 /8*$5(6 '(/

$UHQGW+  'HODKLVWRULDDODDFFLyQ%XHQRV$LUHV3DLGyV

 $ MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV

1D SULPHLUD GDV GHFLV}HV DQDOLVDGDV D MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD p

 ,QH[SUHVVLYLGDGH GD MXULVSUXGrQFLD GD &RUWH,'+ QD GHFLVmR

 2 ',È/2*2 3266Ë9(/ ( 1(&(66È5,2 &20 $ &257(

 (VFXWD GHV IXQFLRQDO

4 "

1 $( 22 + -

5HIOH[LRQHV SROtWLFDV HQXQFRQWH[WR JOREDOL]DGR -DLPH $OEHUWR ÈQJHO ÈOYDUH]

2GLUHLWRIXQGDPHQWDOjPRUDGLDHP+HJHOXPDOHLWXUD LP SRVVtYHO

/DV SULPHUDV FLXGDGHV(VWDGR DSDUHFLHURQ HQ 0HVRSRWDPLD HQ ORV WHUULWRULRV

SHUVSHFWLYDV KHJHPyQLFDV GH GHVDUUROOR DOODQDU HO FDPLQR D XQD SROtWLFD

HVSDFLRSURSLFLR SDUDODHVSHUDQ]D/DFDOLGDGGHYLGDFRPROR DGYLHUWHQ0DUWKD

%2%%,2 125%(572\ 0$77(8&&, 1,&2/$'LFFLRQDULRGHSROtWLFD0p[LFR(GLWRULDO6LJOR;;,

1XPD HUD JOREDOL]DGD GH UHODo}HV KLSHUFRPSOH[DV RQGH H[LVWHP GLYHUVDV

UHFRQKHFLPHQWR LQWHUVXEMHWLYR FRPR FDWHJRULD FRQVWLWXFLRQDO Mi TXH HVWH HVWDULD

-867,d$ 62&,$/ &202 5(',675,%8,d2 ( 5(&21+(&,0(172 (0

$R FRQFHEHU R QmR UHFRQKHFLPHQWR FRPR VXERUGLQDomR GH VWDWXV HQFRQWUDVH R

%$80$1=\JPXQW ,GHQWLGDGHHQWUHYLVWDD %HQHGHWWR9HFFKL=\JPXQW%DXPDQWUDGXomR&DUORV

BBBBBBBBBBBB $ MXVWLoD VRFLDO QD JOREDOL]DomR 5HGLVWULEXLomR UHFRQKHFLPHQWR H SDUWLFLSDomR

1RVRWURV \ ORV RWURV HVWDGRXQLGHQVHV

%$5%$5,( &216758<(1'2 /$ $/7(5 , '$'

/D SDODEUD EDUEDULH HV WDQ DQWLJXD FRPR OD SURSLD KLVWRULD GH OD ILORVRItD RFFLGHQWDO

1$)7$ &21675 8<(1'2 3 8(17(6

GLSORPiWLFRV GH :LNLOHDNV )LQDOPHQWH GXUDQWH OD DGPLQLVWUDFLyQ GH 3HxD OD

0e;,&2(67$'26 81,'26 $17(6 '( 75803

'XUDQWH HO VH[HQLR GH 6DOLQDV OD UHODFLyQ FRQ &OLQWRQ IXH SRVLWLYD (Q VX SULPHU

,QLFLDWLYD 0pULGD $ SDUWLU GH HQWRQFHV HO GLVFXUVR RILFLDO FRQVLVWLy HQ HORJLDU OD

UDGLFDO \ DELHUWD $SURYHFKDQGR ORV HVWUDJRV GH OD UHFHVLyQ HFRQyPLFD \ HO

SUHVLGHQWH HUD OHYDQWDU XQ ³JUDQ PXUR´ HQ OD IURQWHUD VXU $ GLIHUHQFLD GH VXV

WLHQH TXH DFDEDUVH DPLJRV´ )UHQWH D OD LQVLVWHQFLD GH OD FRQVWUXFFLyQ GH XQ QXHYR

/DV UHODFLRQHV ELODWHUDOHV KDQ FDPELDGR GUDPiWLFDPHQWH FRQ HO DVFHQVR GH 7UXPS

GHVGH OD DGPLQLVWUDFLyQ &OLQWRQ ODV FXDOHV D\XGDURQ D FUHDU XQ HVFHQDULR LGyQHR

$ULVWyWHOHV 3ROtWLFD 81$0 0p[LFR

$ERUGDGRV KLVWyULFDPHQWH GHVGH GLIHUHQWHV GLVFLSOLQDV FRPR OD SVLFRORJtD OD

)DOWDQXQSDU GHSDVRV¢'HTXpPDQHUDUHFRQVWUXLPRVODLGHQWLGDGFROHFWLYD GHO

%(77,1/$77(6*LDQIUDQFR(GLWRULDOH , WXUQLQJSRLQWV VRFLRORJLFLGHOO¶LGHQWLWj(Q6RFLHWj

&KDEDW- (O(VWDGR\HOFULPHQRUJDQL]DGRWUDVQDFLRQDO,VWRUUHYLVWDGH

/$ 0,*5$&,Ï1 ,17(51$&,21$/ (175( /$ +263,7$/,'$' < /$

$UHQGW+ /DFRQGLFLyQ+XPDQD%DUFHORQD3DLGyV

DUFtD1 3ROtWLFDVFXOWXUDOHVHQ$PpULFD/DWLQD0p[LFRULMDOER

HQ XQ VLVWHPD GH XQLIRUPLGDG FRJQLWLYD HSLVWHPROyJLFD DGPLQLVWUDWLYD \

(;,67( 08&+2 '(6$&8(5'2« 3(52 (1 '(),1,7,9$ ¢48e 621 /$6

'H6H&R OODPD D ODV FRPSHWHQFLDV IXQGDPHQWDOHV ³NH\ FRPSHWHQFLDV´

$ 02'2 '( &21&/86,Ï1 /26 /Ë0,7(6 '( 81$ 3('$2Ë$

/$ (;75$f(=$ '(/ 68-(72 0,*5$17( 5(&216758,5 /$ ,'(17,'$'

(63$&,2 ( ,'(17,'$' /$ 5(6,1,),&$&,Ï1 '( /26 /8$5(6 '(/

$UHQGW+ 'HODKLVWRULDDODDFFLyQ%XHQRV$LUHV3DLGyV

$ MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD GH 'LUHLWRV

1D SULPHLUD GDV GHFLV}HV DQDOLVDGDV D MXULVSUXGrQFLD GD &RUWH ,QWHUDPHULFDQD p

,QH[SUHVVLYLGDGH GD MXULVSUXGrQFLD GD &RUWH,'+ QD GHFLVmR

2 ',È/2*2 3266Ë9(/ ( 1(&(66È5,2 &20 $ &257(

(VFXWD GHV IXQFLRQDO

$WHQGLHQGR D OD LPSRUWDQFLD GHO FRQVWLWXFLRQDOLVPR YLVWR GHVGH XQ SDQRUDPD

GHPRFUDFLDDUUDLJDGDDODVFRVWXPEUHVSROtWLFDV pVWDFRQFHSFLyQWXYRGHVDUUROOR

)81'$0(1726 ),/26Ï),&2-85Ë',&26 '( /$ ',6&5,0,1$&,Ï1 $ /$

HOHFFLyQSURSRUFLRQDO VHGDXQFDVRGHGLVFULPLQDFLyQDODLQYHUVD\XQDYDQFH

HVSHFLDOL]DFLyQ R SHUIHFFLRQDPLHQWR R ORV HVWXGLRV VRFLROyJLFRV \ ODV FDPSDxDV

352%/(0$6 &5,7,&$6 0$7(5,$/,=$&,Ï1 < '()(16$ '( /$

$8'(/2 ,5$/'2 ÏVFDU $OH[LV 5HVWULFFLyQ OLPLWDELOLGDG \ 'HUHFKRV )XQGDPHQWDOHV $SRUWHV

HVSHFtILFDVGDGDVSRU OD DXWRULGDG$VtHOµFRQVHQWLPLHQWR¶GDGR DOHMHUFLFLRGHOD

/$ µ)81&,Ï1 ('8&$'25$¶ '( /$6 &257(6 /$ 0(7È)25$ '(/

6LJXLHQGRODOHFWXUDTXH$7.URQPDQW KDFHGH%LFNHOOD&RUWHWLHQHGHQWURGH

'LDQWH GLVWR DFROKHVH FRPR PHWRGRORJLD GH WUDEDOKR D DQiOLVH ELEOLRJUiILFD H D

6RERXWURYLpVÏ SiJ DSRLDGRHP)RXFDXOWDRGHVYHODUXPDHVSpFLH

SHQVDPHQWR REMHWLYDGRU KHJHOLDQR SRLV SRU XP ODGR R SRVLWLYRUDFLRQDO

OLEHUGDGHV LQGLYLGXDLV IUHQWH DTXHOHV DV FLGDGmRV mV GHVSRMDGRV DV WDQWR GRV

%HUOLQ,VDLDK 'RVFRQFHSWRVGHOLEHUWDG\RWURVHVFULWRV0DGULG(GLWRULDO$OLDQ]D