Análisis Urbano - Libro Para Imprimir

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 34

0DULD7XWLVWDU)ORUH]

0WXWLVWD#FXFHGXFR
(VWXGLDQWH GHO 'HSDUWDPHQWR GH
DUTXLWHFWXUD \ GLVH±R GH OD
8QLYHUVLGDGGHODFRVWD

/X]'LD]5RVDOHV
OGLD]#FXFHGXFR
(VWXGLDQWH GHO 'HSDUWDPHQWR GH
DUTXLWHFWXUD \ GLVH±R GH OD
8QLYHUVLGDGGHODFRVWD

9DOHU\3DQL]D'LD]
YSDQL]D#FXFHGXFR
(VWXGLDQWH GHO 'HSDUWDPHQWR GH
DUTXLWHFWXUD \ GLVH±R GH OD
8QLYHUVLGDGGHODFRVWD

'DULWK)HUUHLUD5XD
GIHUUHLU#FXFHGXFR
(VWXGLDQWH GHO 'HSDUWDPHQWR GH
DUTXLWHFWXUD \ GLVH±R GH OD
8QLYHUVLGDGGHODFRVWD
7RPDGR GH 5HJLRQFDULEHRUJ VI  7RPD D«UHD FHQWUR GH
%DUUDQTXLOOD #NDWFKHILOPV 5HJLRQFDULEHRUJ VI .DULSXD³£
kNDWFKHILOPVKWWSVZZZUHJLRQFDULEHRUJ

  )OX\HQGR FRQ HO WHUULWRULR HV XQD UHYLVWD )ORZLQJZLWKWKH7HUULWRU\LVDFRPSLODWLRQPDJD]LQH


FRPSLODWRULD TXH UHVXOWD GHO SUR\HFWR GH DXOD UHVXOWLQJ IURP WKH FODVVURRP SURMHFW 1XHVWUD &DVD
1XHVWUD &DVD %DUUDQTXLOOD UHDOL]DGR HQ HO %DUUDQTXLOOD FRQGXFWHG LQ WKH 'HSDUWPHQW RI
'HSDUWDPHQWR GH $UTXLWHFWXUD \ 'LVH±R GXUDQWH HO $UFKLWHFWXUH DQG 'HVLJQ GXULQJ WKH WKLUG VHPHVWHU RI
VHPHVWUH ,,, GH  (VWH SUR\HFWR VH RULJLQ³ FRPR  7KLV SURMHFW RULJLQDWHG DV DQ LQLWLDWLYH WR JDWKHU
XQD LQLFLDWLYD SDUD UHFRSLODU FRQRFLPLHQWRV \ NQRZOHGJH DQG UHIOHFWLRQV RQ WKH FRQILJXUDWLRQ DQG
UHIOH[LRQHV VREUH OD FRQILJXUDFL³Q \ WUDQVIRUPDFL³Q WUDQVIRUPDWLRQ RI WHUULWRULHV IRFXVLQJ RQ WKH FRPSOH[
GH WHUULWRULRV HQIRF¡QGRVH HQ OD FRPSOHMD UHODFL³Q UHODWLRQVKLSEHWZHHQSK\VLFDOVSDWLDOFRPSRQHQWVDQG
HQWUH ORV FRPSRQHQWHV I­VLFRHVSDFLDOHV \ ODV KXPDQDFWLYLWLHVLQWKHJOREDOXUEDQL]DWLRQSURFHVV
DFWLYLGDGHV KXPDQDV HQ HO SURFHVR JOREDO GH
XUEDQL]DFL³Q  7KH PDJD]LQH DGGUHVVHV D YDULHW\ RI WRSLFV
KLJKOLJKWLQJ WKH IDVFLQDWLQJ RULJLQ RI %DUUDQTXLOOD LQ
  /D UHYLVWD DERUGD XQD YDULHGDG GH WHPDV UHODWLRQWRLWVERGLHVRIZDWHUDVZHOODVRWKHUUHOHYDQW
GHVWDFDQGR HO IDVFLQDQWH RULJHQ GH %DUUDQTXLOOD D DVSHFWV UHODWHG WR WKH XUEDQ IDEULF DQG LWV
SDUWLUGHORVFXHUSRVGHDJXDDV­FRPRRWURVDVSHFWRV FRQILJXUDWLRQ ,W LV DLPHG DW VWXGHQWV SURIHVVRUV DQG
UHOHYDQWHV UHODFLRQDGRV FRQ OD WUDPD XUEDQD \ VX UHVHDUFKHUV LQWHUHVWHG LQ WKH LQWHUVHFWLRQ EHWZHHQ
FRQILJXUDFL³Q(VW¡GLULJLGDDHVWXGLDQWHVSURIHVRUHV DUFKLWHFWXUH XUEDQLVP DQG KXPDQ DFWLYLWLHV LQ WKH
HLQYHVWLJDGRUHVLQWHUHVDGRVHQODLQWHUVHFFL³QHQWUH XUEDQ HQYLURQPHQW LQYLWLQJ WKHP WR UHIOHFW RQ
DUTXLWHFWXUD XUEDQLVPR \ DFWLYLGDGHV KXPDQDV HQ XUEDQL]DWLRQSURFHVVHVDQGWKHLULPSDFWVRQGDLO\OLIH
HO HQWRUQR XUEDQR LQYLW¡QGRORV D UHIOH[LRQDU VREUH
ORV SURFHVRV GH XUEDQL]DFL³Q \ VXV LPSDFWRV HQ OD   7KURXJKRXW WKLV GRFXPHQW WKLUGVHPHVWHU VWXGHQWV
YLGDFRWLGLDQD KDYH FRQGXFWHG D FRPSLODWLRQ DQDO\VLV WKDW UHIOHFWV
WKHLU LQLWLDO LPSUHVVLRQV DQG LGHDV RQ WKH VXEMHFW VHH
  $ OR ODUJR GH HVWH GRFXPHQWR ORV HVWXGLDQWHV GH 5HDGLQJV RQ :DWHU  7KURXJK D SURFHVV RI GLVFRYHU\
WHUFHU VHPHVWUH KDQ UHDOL]DGR XQ DQ¡OLVLV DQGUHVHDUFKWKH\KDYHGHHSHQHGWKHLUXQGHUVWDQGLQJ
FRPSLODWRULR TXH UHIOHMD VXV SULPHUDV LPSUHVLRQHV H H[SORULQJ QHZ SHUVSHFWLYHV DQG DSSURDFKHV )LQDOO\
LGHDVVREUHHOWHPD FRQVXOWDU/HFWXUDVGHODJXD $ WKH\ KDYH LQWHJUDWHG WKLV NQRZOHGJH LQWR WKHLU GDLO\
WUDY©V GH XQ SURFHVR GH GHVFXEULPLHQWR H OLYHV DGRSWLQJ D QHZ SHUFHSWLRQ WKDW IORZV ZLWK WKH
LQYHVWLJDFL³Q KDQ SURIXQGL]DGR HQ VX WHUULWRU\DQGWKHFRQVWDQWO\FKDQJLQJXUEDQG\QDPLFV
HQWHQGLPLHQWR H[SORUDQGR QXHYDV SHUVSHFWLYDV \
HQIRTXHV )LQDOPHQWH KDQ LQWHJUDGR HVWRV 3DODEUDV FODYH 7HUULWRULR PDJGDOHQD VXSHUILFLH EDUUDQTXLOOD
KLVWRULD
FRQRFLPLHQWRV HQ VX YLGD GLDULD DGRSWDQGR XQD
QXHYD SHUFHSFL³Q TXH IOX\H FRQ HO WHUULWRULR \ ODV .H\ZRUGV7HUULWRU\0DJGDOHQDVXUIDFH%DUUDQTXLOODKLVWRU\
GLQ¡PLFDVXUEDQDVHQFRQVWDQWHFDPELR
 35(6(17$&Ζ•1 
3UHVHQWDWLRQ

 0ƒ6$//ƒ'(/$683(5)Ζ&Ζ( 
Ζ1'Ζ&( %H\RQGWKH6XUIDFH
0$5($6'(&$0%Ζ26
7LGHVRI&KDQJH
0(7$025)26Ζ6+Ζ'52/•*Ζ&$6
+\GURORJLFDO0HWDPRUSKRVLV
&Ζ8'$'$'(6'($*8$
:DWHU&LWLHV
0ƒ6$//ƒ'(/&21&5(72
%H\RQG&RQFUHWH
&5(&Ζ(1'2&21/$60$5($6
*URZLQJZLWKWKH7LGHV
1$785$/(=$<85%$1Ζ602


1DWXUHDQG8UEDQLVP

3$/Ζ036(672
(/$*8$&202$548Ζ7(&72'(%$55$148Ζ//Ζ7$<(/&(1752
:DWHUDV$UFKLWHFWRI%DUUDQTXLOOLWDDQG'RZQWRZQ
%$55$148Ζ//$&202813(48(“2$6(17$0Ζ(172
%DUUDQTXLOODDVD6PDOO6HWWOHPHQW
&5Ζ7(5Ζ26'(0$1=$1$6
%ORFNV
8626'(68(/2
/DQG8VH

 9Ζ7$/Ζ'$'3$/$)Θ7Ζ&$ 
3DODILWLF9LWDOLW\

 5()(5(1&Ζ$6
5HIHUHQFHV
7RPDGR GH $/ 'Ζ$   +DOODQ FXHUSR VLQ YLGD D RULOODV GHO &D³R /D
$X\DPD>)RWRJUDI¯D@$/'Ζ$KWWSVZZZDOGLDFR
¦\@Sp@x\@oUMkk@Œ\`lK`lR\pUK`lMlM^IU@\MlKM\`l
jpMKMhM^KM\@uUK@ŒlMT@^I`^uMkoUK`M^\@o@l
S\`H@\MlKMH@lpk@§‹
@IjpMl `ploM@p

¦\@Sp@Ml\@RpMk{@]`okU{KMo`K@\@^@opk@\M{@§
M`^@kK`@8U^IU
¯ ¯
  
 
$QWHVGHOLQLFLRGHOVHPHVWUHHOJUXSRGHLQYHVWLJDGRUHVSHUFLE­DHODJXDFRPRXQUHFXUVR
HVHQFLDO SDUD OD YLGD GLDULD \ ORV HFRVLVWHPDV DXQTXH VX FRPSUHQVL³Q HUD SU¡FWLFD \
OLPLWDGD 6LQ HPEDUJR VH GHVFXEUL³ OD IDOWD GH SURIXQGLGDG \ FRPSOHMLGDG HQ VX
HQWHQGLPLHQWR

'XUDQWH HO VHPHVWUH PHGLDQWH OHFWXUDV H[SORUDURQ ODV LQWHUDFFLRQHV HQWUH HO DJXD
LQYHVWLJDURQHOSDSHOGHODJXDHQODDUTXLWHFWXUDHQWHQGLHQGRF³PRVXJHVWL³QHILFLHQWH\
HO GLVH±R VRVWHQLEOH SXHGHQ FRQWULEXLU D OD FRQVHUYDFL³Q \ XVR UDFLRQDO GHO UHFXUVR $
PHGLGD TXH DYDQ]DED OD LQYHVWLJDFL³Q HQULTXHFLHURQ VX FRPSUHQVL³Q VREUH HO WHPD
DOLQH¡QGRVHFRQODVFDWHJRU­DVFRQFHSWXDOHVGH5XELR0DUW­Q'HVGHOD0HPRULD$QDOL]DURQ
F³PRU­RV\RWURVFXHUSRVGHDJXDDFWºDQFRPRWHVWLJRVVLOHQFLRVRVGHHYHQWRVKLVW³ULFRV
\ VX FDSDFLGDG SDUD HYRFDU UHFXHUGRV FROHFWLYRV DSUHFLDQGR F³PR HO DJXD SXHGH VHU XQ
Y­QFXOR HQWUH HO SDVDGR \ HO SUHVHQWH \ F³PR SXHGH UHSUHVHQWDU WDQWR OD KLVWRULD
FRPSDUWLGD GH XQD FRPXQLGDG FRPR ODV H[SHULHQFLDV LQGLYLGXDOHV (Q HO ¡PELWR GH
,PDJHQ VH DGHQWUDURQ HQ F³PR HO DJXD KD VLGR UHSUHVHQWDGD YLVXDOPHQWH HQ GLIHUHQWHV
FXOWXUDV \ ©SRFDV $QDOL]DURQ SLQWXUDV IRWRJUDI­DV \ RWUDV IRUPDV GH DUWH YLVXDO
GHVFXEULHQGRTXHHODJXDQRVRORHVXQUHFXUVRVLQRWDPEL©QXQDIXHQWHGHLQVSLUDFL³Q\
VLPEROLVPR(QODFDWHJRU­DGH5HODWRORVLQYHVWLJDGRUHVHVWXGLDURQHODJXD\FRPRHVW¡KD
VLGR UHSUHQWDGD D OR ODUJR GH OD KLVWRULD ([DPLQDURQ REUDV GH DXWRUHV GRQGH ORV U­RV \
FXHUSRV GH DJXD QR VROR VLUYHQ FRPR HVFHQDULRV VLQR WDPEL©Q FRPR SHUVRQDMHV TXH
LQIOX\HQHQHOGHVDUUROORGHODWUDPD\ODHYROXFL³Q

'HVSX©V GH HVWDEOHFHU HVWDV H[SHFWDWLYDV LQLFLDOHV \ FRPSUHQGHU PHMRU ODV FRPSOHMLGDGHV
GHO WHPD GHO DJXD HO JUXSR GH LQYHVWLJDGRUHV VH HPEDUF³ HQ XQ HVWXGLR GHWDOODGR SDUD
SURIXQGL]DUHQ¡UHDVHVSHF­ILFDVUHODFLRQDGDVFRQHODJXD\VXJHVWL³Q

$ FRQWLQXDFL³Q VH HQFXHQWUDQ ODV HGLWRULDOHV HODERUDGDV SRU HOORV FRPR LQLFLR GH HVWD
LQYHVWLJDFL³Q
)XHQWH(ODERUDFLµQ3URSLD
ĸ8ʆ¿Å»®
»†~®»»–ƒ®
r~rƒ‡§–~®
§®¿Å»¯ºÊ††¢
rÊrċ¨®¿®¢®
†¿ʨ»†~Ê»¿®
Ê¨ƒr§†¨År¢ċ
¿–¨®År§}–‡¨
»†¢†Ÿr
¨Ê†¿Å»r¿
–¨Å†»r~~–®¨†¿
~®¨†¢§†ƒ–®
r§}–†¨Å†ċ¢r )XHQWH(ODERUDFLµQ3URSLD

†~®¨®§˜rÚ¢r
¿®~–†ƒrƒĊĸ
(-(#
,-
+(*3 #
$V­FRPRODPDUHDVHOOHYDORTXHWUDHHOKRPEUHTXLHUH
UHYHUWLU HO GD±R FDXVDGR DO PHGLR DPELHQWH (O DJXD HV
IXQGDPHQWDOSDUDHOIXQFLRQDPLHQWR\FUHFLPLHQWRGHODV
FLXGDGHV VLHQGR HO DEDVWHFLPLHQWR GH DJXD SRWDEOH GH ORV
PD\RUHVGHVDI­RVTXHHQIUHQWDPRV

 (O DFFHVR DO DJXD KD VLGR YLWDO HQ OD XUEDQL]DFL³Q
KLVW³ULFD \D TXH ODV FLYLOL]DFLRQHV DQWLJXDV VH HVWDEOHF­DQ
FHUFD GH IXHQWHV GH DJXD SDUD VDWLVIDFHU QHFHVLGDGHV
E¡VLFDV GH FRQVXPR OR TXH LQIOX\³ HQ HO GHVDUUROOR GH
DVHQWDPLHQWRVKXPDQRVDORODUJRGHOWLHPSR

$FWXDOPHQWHVHKDQSURSXHVWRSUR\HFWRVFRQHOREMHWLYR
GH RSWLPL]DU HO WUDWDPLHQWR GH HVWRV UHFXUVRV 3HUR QR VH
WLHQH FHUWH]D GH VX HILFDFLD (VWRV HVIXHU]RV UHIOHMDQ OD
FUHFLHQWH FRQFLHQFLD VREUH OD QHFHVLGDG GH SURPRYHU XQ
GHVDUUROOR XUEDQR VRVWHQLEOH TXH JDUDQWLFH OD JHVWL³Q GHO
DJXD

(GLWRULDO HODERUDGD SRU ODV HVWXGLDQWHV 0DULD 7XWLVWDU \ 9DOHU\ 3DQL]D HQ


)HEUHURGHFRPRHMHUFLFLRLQLFLDOGHODDVLJQDWXUD$Q¡OLVLV8UEDQRGH
ODIDFXOWDGGH$UTXLWHFWXUD\'LVH±RGHOD8QLYHUVLGDGGHOD&RVWD
9(28(ļ0"%36"&,Á2634,"
e,žen@n–J–
GJ&n]oAJ 
  (O PDQHMR TXH VH OH GD D UHFXUVRV PHGLRDPELHQWDOHV
FRPRHODJXDHVLQDGHFXDGRHLQHILFLHQWH/DHVFDVH]GH
DJXD\ODGHVHUWLILFDFL³QVRQVRORDOJXQDVGHODVPXFKDV
FRQVHFXHQFLDV GHO JDVWR LQQHFHVDULR \ HO LQFRUUHFWR
FRQVXPR GH HVWH HOHPHQWR JHQHUDQGR OD QHFHVLGDG \
XUJHQFLD GH FDPELDU ORV PRGHORV DFWXDOHVWUDGLFLRQDOHV
SRU PRGHORV VRVWHQLEOHV \ DPLJDEOHV FRQ HO PHGLR TXH
SHUPLWDQXQPHMRUGHVDUUROORGHQWURGHODVRFLHGDG

(OW­WXORÎPHWDPRUIRVLVKLGURO³JLFDÏKDEODSUHFLVDPHQWH
GHOFDPELRTXHVHGHEHUHDOL]DUFRQUHVSHFWRDOXVRTXH
VH OHV GD D WDQ SUHFLDGRV UHFXUVRV +LVW³ULFDPHQWH HO
KRPEUH VH KD GHVDUUROODGR HQ HVSDFLRV K­GULFRV FRPR
7RPDGR GH *29&2    6HLV FD³RV GH %DUUDQTXLOOD WHVWLPRQLR GH OR PHQFLRQDGR JUDQGHV FLYLOL]DFLRQHV
SUµ[LPRV D UHFXSHUDU QDYHJDELOLGDG \ D FRQHFWDUVH FRQ HO
U¯R 0DJGDOHQD >)RWRJUDI¯D@ *29&2  FRPR (JLSWR \ HO U­R 1LOR OD DQWLJXD 0HVRSRWDPLD \ HO
KWWSVZZZEDUUDQTXLOODJRYFR
U­R‰XIUDWHV&KLQD\HOU­RDPDULOORVRQHOFODURHMHPSOR
GH OD LQIOXHQFLD GHO DJXD 3RU HVR GHVGH WLHPSRV
PHPRUDEOHV HO KRPEUH KD LPSOHPHQWDGR SURFHVRV
XUEDQRV GRQGH LQWHUYLHQHQ VLVWHPDV SDUD DVHJXUDU HO
VXPLQLVWUR GHO PLVPR VLQ HPEDUJR QR VH HV FRQVFLHQWH
GHOFLFORHQHOTXHHVWHVHGHVDUUROOD\SRUHQGHVHOOHJD
DODP¡[LPDLQVRVWHQLELOLGDG

7RPDQGRFRPRUHIHUHQFLDODKLVWRULDGHOGHVDUUROORGH
XUEDQL]DFLRQHV DQWLJXDV \ DFWXDOHV \ REVHUYDGR HO
GHVDSURYHFKDPLHQWR GHO DJXD VH GHEH UHDOL]DU XQ
FDPELRVRVWHQLEOHSUHVHUYDQGRDV­ODLQWHJULGDGGHOFLFOR
KLGURO³JLFR \ HYLWDQGR DIHFWDU HO PHGLR DPELHQWH (VWR
HV QHFHVDULR SDUD SUHVHUYDU HO DJXD GXOFH GLVSRQLEOH \
GDUOHXQDPD\RUHILFLHQFLDHQVXXVR
(GLWRULDOHODERUDGDSRUORVHVWXGLDQWHV/X]'LD]\'DULWK)HUUHLUDHQ
IHEUHUR GH  FRPR HMHUFLFLR LQLFLDO GH OD DVLJQDWXUD $Q¡OLVLV
8UEDQR GH OD IDFXOWDG GH $UTXLWHFWXUD \ 'LVH±R GH OD 8QLYHUVLGDG
GHOD&RVWD
J£&&,–&,A£
͡uit΄ —¶*$*k΄ at¢΄ k¶*Ít¢΄ —št*¢t¢΄ ¶škO¢¯Nt¢
Nk¯*Bšš΄ $*΄ Atši΄ *ӗ*š¯΄ a΄ B*¢¯Nuk΄ —š¶$*k¯*΄ $*΄ at¢
š*¶š¢t¢΄ k¯¶ša*¢΄ Ô΄ a΄ Ni—a*i*k¯Nuk΄ $*΄ a
¯*ktatBO΄ —š΄ *kAš*k¯š΄ at¢΄ $*¢AOt¢΄ $*a΄ iNt
aNi¯Nt΄Ô΄Bšk¯NÞš΄a΄¢t¢¯*kNNaN$$΄$*΄a¢΄N¶$$*¢͠

'HVGHHOLQLFLRGHODVFLYLOL]DFLRQHVKDVWDODDFWXDOLGDGHO
PDQHMRGHORVUHFXUVRVQDWXUDOHVKDVLGRIXQGDPHQWDOSDUD
HOGHVDUUROORXUEDQR+R\HQGLDHVWDUHDGHOKRPEUHFUHDU
\VRVWHQHUORVHQWRUQRVXUEDQRVPDQHMDQGRORVUHFXUVRVGH
PDQHUDHILFLHQWHSDUDPHMRUDUORVSURFHVRVGHXUEDQL]DFL³Q
\ KDFHUORV VRVWHQLEOHV 'HVSX©V GH YHU HO YLGHR $JXD
VXUJLPLHQWR \ DEDQGRQR GH ODV FLXGDGHV PD\DV HV I¡FLO
QRWDU TXH ORV HOHPHQWRV PHGLRDPELHQWDOHV VRQ
IXQGDPHQWDOHVHQHOGHVDUUROORGHSUR\HFWRVXUEDQ­VWLFRVGH
XQWHUULWRULR\DTXHHVGHWHUPLQDQWHHOPDQHMRGHODJXD\
OD LQWHUDFFL³Q FRQ HO PHGLR DPELHQWH SDUD OD SHUPDQHQFLD
GHHVWDVXUEDQL]DFLRQHV %DUULHQWRV 
7RPDGRGH0$3&$57$  &D³R/D$KX\DPD>)RWRJUDI¯D@0DS&DUWD

(OPDQHMRGHODJXD\ODVUHVSXHVWDVWHFQRO³JLFDVDQWHVXV
HIHFWRV GHVWUXFWLYRV VRQ IXQGDPHQWDOHV SDUD HO GHVDUUROOR
VRFLDO 7RGDV ODV JUDQGHV FLYLOL]DFLRQHV VXUJLHURQ VH
GHVDUUROODURQ \ GHVDSDUHFLHURQ GHELGR DO PDQHMR GH HVWRV
HOHPHQWRV PHGLRDPELHQWDOHV (V LPSRUWDQWH FRQVLGHUDU
HOHPHQWRV PHGLRDPELHQWDOHV FRPR DLUH WHPSHUDWXUD
UHOLHYH VXHORV FXHUSRV GH DJXD DV­ FRPR FRPSRQHQWHV
YLYRV FRPR SODQWDV DQLPDOHV \ PLFURRUJDQLVPRV DO
GHVDUUROODU SURFHVRV XUEDQ­VWLFRV (VWR JDUDQWL]D TXH HVWRV
KWWSVPDSFDUWDFRP

SURFHVRV DUTXLWHFW³QLFRV VH GHVDUUROOHQ GH PDQHUD


VRVWHQLEOHUHGXFLHQGRORVHIHFWRVDPELHQWDOHV
)XHQWH(ODERUDFLµQ3URSLD

)XHQWH(ODERUDFLµQ3URSLD
(OFDPELRFOLP¡WLFRHVXQDUHDOLGDG\XQWHPDPXQGLDO\SRUHOOR
VH WLHQH HQ FXHQWD HQ ORV QXHYRV SURFHVRV XUEDQ­VWLFRV SRU OD
GXDOLGDG GHO DJXD HO PDQHMR GH HVWH SXHGH JHQHUDU YLGD \ WUDHU
PXHUWHFRPRVXFHGHHQDOJXQDVUHJLRQHVGHOSD­V
(O EXHQ PDQHMR GHO DJXD HV YLWDO \D TXH LQIOX\H HQ WRGRV ORV
¡PELWRV GHVGH OR VRFLDO KDVWD OR SRO­WLFR WRGR OR UHODFLRQDGR D HVWH
LPSDFWD GH PDQHUD GLUHFWD D OD SREODFL³Q SRU HVWR HV PX\
LPSRUWDQWH

(OPDQHMRGHORVPHGLRVWHFQRO³JLFRVIXHFODYHHQHOGHVDUUROORGH
ODV FLYLOL]DFLRQHV SRU HVWD UD]³Q OD WHFQRORJ­D GHEH FRQWDU FRQ XQ
PDQHMR UHVSRQVDEOH GH ORV HOHPHQWRV PHGLR DPELHQWDOHV \ QR P¡V
YXOQHUDEOHV DQWH ORV HIHFWRV QRFLYRV GH ORV SURFHVRV XUEDQ­VWLFRV
DFDUUHDQGRGD±RVLUUHYHUVLEOHV

/DWHFQRORJ­DHVXQDJUDQKHUUDPLHQWDTXHSHUPLWHRSWLPL]DUORV
SURFHVRVGHXUEDQL]DFL³Q\VXYHUVDWLOLGDGIDFLOLWDODXQL³QHQWUHOR
WHFQRO³JLFR OR QDWXUDO \ OR XUEDQR HVWDV PH]FODGDV GH EXHQD
PDQHUD \ UHVSHWDQGR FDGD XVR \ SRWHQFLDOLGDG GH VXV UHFXUVRV
SXHGHQORJUDUHVHHTXLOLEULRHQWUHODH[SDQVL³QVRFLDO\HOOXJDU
$ODKRUDGHHMHFXWDUDOJºQSURFHVRXUEDQ­VWLFRQRVHGHEHWHQHUHQ
FXHQWD VROR D OD SREODFL³Q VL QR TXH GHEH KDEHU XQD
UHWURDOLPHQWDFL³Q HQWUH SHUVRQDV \ UHFXUVRV GH WDO IRUPD TXH ODV
SHUVRQDV SXHGDQ GLVIUXWDU SOHQDPHQWH ORV EHQHILFLRV GH HVWH \ ORV
UHFXUVRVQRVHDQGHVDSURYHFKDGRV

6HSXHGHGHFLUFRQWRGDFHUWH]DTXHODDUTXLWHFWXUD\ORVHOHPHQWRV
PHGLR DPELHQWDOHV GHEHQ LU GH OD PDQR HQ ORV DFWXDOHV SURFHVRV
XUEDQ­VWLFRV SDUD SRGHU FRQ HOOR ORJUDU XQD VRVWHQLELOLGDG \
HILFLHQFLDHQODVFRQVWUXFFLRQHV\HOULWPRXUEDQRGHODFLXGDG
/RV SURFHVRV XUEDQ­VWLFRV GHEHQ LQWHJUDU EDVHV SDUD OD FUHDFL³Q GH
FLXGDGHVP¡VHQFDPLQDGDVDSHUPDQHFHU\DGDSWDUVHDORVFDPELRV
TXH VH GHQ VLHQGR IOH[LEOHV \ FDGD FDPELR FRQYHUWLUOR HQ XQD
RSRUWXQLGDGGHKDFHUOHIUHQWHDORVGHVDI­RVDORVTXHVHHQIUHQWD

9DOHU\3DQL]D
7RPDGRGH0$3&$57$  &D³R/D$KX\DPD>)RWRJUDI¯D@0DS&DUWD
KWWSVPDSFDUWDFRP

)XHQWH(ODERUDFLµQ3URSLD
e–]]&,]
nf ,žn
ǩ nfn ,en–] J£&&£,GJžen–Ǩ
  /D XUEDQL]DFL³Q XQ SURFHVR TXH GHILQH OD UHODFL³Q HQWUH HO KRPEUH \ VX
HQWRUQR FRQVWUXLGR HV XQ IHQ³PHQR FRPSOHMR GH LQIOXHQFLDV DPELHQWDOHV \
KXPDQDV TXH VH FUX]DQ SDUD GDU IRUPD D ORV SDLVDMHV XUEDQRV KDELWDGRV (Q
&RORPELD HVWD UHDOLGDG VH PDQLILHVWD GH PDQHUD P¡V FRPSOHMD GRQGH ODV
FLXGDGHV HPHUJHQ \ FUHFHQ HQ XQ FRQWH[WR JHRJU¡ILFR GLYHUVR \ D PHQXGR
GHVDILDQWH'XUDQWHODKLVWRULDGHODKXPDQLGDGVHKDH[SHULPHQWDGRXQQRWDEOH
DXJH HQ &RORPELD PROGHDQGR WDQWR VX SDLVDMH I­VLFR FRPR VRFLDO (VWH SURFHVR
GHILQLGRSRUODWUDQVIRUPDFL³QGH¡UHDVUXUDOHVHQHQWRUQRVXUEDQRVGHQVDPHQWH
SREODGRV UHIOHMD XQD FRPSOHMD LQWHUDFFL³Q HQWUH HOHPHQWRV PHGLRDPELHQWDOHV \
KXPDQRV

   (Q XQ PXQGR HQ HO TXH FDGD G­D FUHFHQ ¡UHDV XUEDQDV HV FUXFLDO FRQVLGHUDU
F³PRODVGHFLVLRQHV\DFFLRQHVLPSDFWDQHQODFDOLGDGGHYLGDGHODVSHUVRQDV\
HQODVDOXGGHOSODQHWD/DUHIOH[L³QVREUHODXUEDQL]DFL³QLQYLWDDFXHVWLRQDUORV
PRGHORV GH GHVDUUROOR TXH SULRUL]DQ HO FUHFLPLHQWR HFRQ³PLFR D H[SHQVDV GH OD
VRVWHQLELOLGDGDPELHQWDO\ODMXVWLFLDVRFLDO

  /D XUEDQL]DFL³Q SODQWHD LQWHUURJDQWHV VREUH OD GLVWULEXFL³Q GHO SRGHU \ ORV
UHFXUVRV HQ QXHVWUDV VRFLHGDGHV 4XL©QHV WLHQHQ YR] HQ HO SURFHVR GH WRPD GH
GHFLVLRQHV XUEDQDV" 4X© JUXSRV VH EHQHILFLDQ \ FX¡OHV TXHGDQ PDUJLQDGRV"
(VWDV SUHJXQWDV OOHYDQ D H[DPLQDU ODV HVWUXFWXUDV GH SRGHU \ ODV LQHTXLGDGHV
VRFLDOHVTXHSHUSHWºDQODH[FOXVL³Q\ODGHVLJXDOGDGHQODVFLXGDGHV
 /D OH\ JDUDQWL]D TXH ORV HOHPHQWRV PHGLRDPELHQWDOHV
GHVHPSH±DQ XQ SDSHO IXQGDPHQWDO HQ OD FRQILJXUDFL³Q GHO
SDLVDMH XUEDQR FRORPELDQR /D JHRJUDI­D YDULDGD GHO SD­V TXH
LQFOX\HPRQWD±DVYDOOHVU­RV\FRVWDVLQIOX\HGLUHFWDPHQWHHQOD
XELFDFL³Q\ODH[SDQVL³QGHORVDVHQWDPLHQWRVKXPDQRV 6DQWRV
HWDO /DWRSRJUDI­DDFFLGHQWDGDGHFLXGDGHVFRPR%RJRW¡\
0HGHOO­Q KD JHQHUDGR GHVDI­RV VLJQLILFDWLYRV HQ W©UPLQRV GH
SODQLILFDFL³Q XUEDQD \ PRYLOLGDG $GHP¡V OD ULFD ELRGLYHUVLGDG
GHO SD­V \ OD GLVSRQLELOLGDG GH UHFXUVRV QDWXUDOHV FRPR HO DJXD
GXOFH\HOVXHORI©UWLOKDQVLGRIDFWRUHVFODYHHQODDWUDFFL³QGH
SREODFL³Q\HOGHVDUUROORHFRQ³PLFRHQFLHUWDVUHJLRQHV *³PH]\
+HUQ¡QGH] 

3RURWURODGRORVHOHPHQWRVKXPDQRVLQFOXLGDODGHPRJUDI­DOD
HFRQRP­D \ OD FXOWXUD LQIOX\HQ GH PDQHUD GHFLVLYD HQ OD
GLQ¡PLFD GH OD XUEDQL]DFL³Q HQ &RORPELD (O FUHFLPLHQWR
GHPRJU¡ILFR \ ORV SDWURQHV PLJUDWRULRV SDUWLFXODUPHQWH KDFLD
ODV ¡UHDV XUEDQDV KDQ FRQWULEXLGR D OD H[SDQVL³Q DFHOHUDGD GH
FLXGDGHV FRPR %RJRW¡ &DOL \ %DUUDQTXLOOD *RQ]¡OH] \ 0DUW­QH]
 

  $VLPLVPR HO GHVDUUROOR HFRQ³PLFR \ OD DFWLYLGDG HPSUHVDULDO


VRQ PRWRUHV FODYH GHO FUHFLPLHQWR XUEDQR FRQ ¡UHDV

7RPDGDGH785Ζ60(5. VI &RQRFH%DUUDQTXLOOD>)RWRJUDI¯D@3£JLQDZHE7XULV0HUN


PHWURSROLWDQDV TXH VH FRQYLHUWHQ HQ FHQWURV GH RSRUWXQLGDGHV
ODERUDOHV\GHQHJRFLRV 5DP­UH]\3©UH] 

KWWSVLPDJHVDSSJRRJO

)XHQWH(ODERUDFLµQ3URSLD
    /D LQWHUDFFL³Q HQWUH HVWRV HOHPHQWRV PHGLRDPELHQWDOHV \
KXPDQRVGDIRUPDDODGLQ¡PLFDXUEDQDGHPDQHUDFRPSOHMD
\ D PHQXGR LPSUHGHFLEOH /DV SRO­WLFDV SºEOLFDV \ OD
SODQLILFDFL³QXUEDQDMXHJDQXQSDSHOFUXFLDOHQODPLWLJDFL³Q
GH ORV LPSDFWRV QHJDWLYRV GH OD XUEDQL]DFL³Q FRPR OD
FRQJHVWL³QYHKLFXODUODFRQWDPLQDFL³QDPELHQWDO\ODIDOWDGH
YLYLHQGD 5RGU­JXH] \ *XWL©UUH]   OD DGDSWDFL³Q DO
FDPELRFOLP¡WLFRVHKDFRQYHUWLGRHQXQDSULRULGDGFUHFLHQWH
HQODSODQLILFDFL³QXUEDQDFRORPELDQD '­D]\/³SH]

   'H HVWD PDQHUD OD XUEDQL]DFL³Q VH HQIUHQWD DO LPSHUDWLYR


PRUDO GH SURWHJHU \ SUHVHUYDU HO HQWRUQR QDWXUDO SDUD ODV
JHQHUDFLRQHV IXWXUDV (Q XQ FRQWH[WR GH FDPELR FOLP¡WLFR OD
SODQLILFDFL³QXUEDQDGHEHLQWHJUDUSULQFLSLRVGHUHVLOLHQFLD\
VRVWHQLELOLGDG SDUD DVHJXUDU OD KDELWDELOLGDG GH QXHVWUDV
FLXGDGHVDODUJRSOD]R

(QºOWLPDLQVWDQFLDODFRPSUHQVL³QGHF³PRORVHOHPHQWRV
PHGLRDPELHQWDOHV \ KXPDQRV LQIOX\HQ HQ HO SURFHVR GH
XUEDQL]DFL³Q HV HVHQFLDO SDUD DERUGDU ORV GHVDI­RV
FRQWHPSRU¡QHRVGHGHVDUUROORXUEDQRVRVWHQLEOHHQ&RORPELD
6ROR PHGLDQWH XQ HQIRTXH LQWHJUDO TXH UHFRQR]FD OD
LQWHUFRQH[L³Q HQWUH OD QDWXUDOH]D \ OD VRFLHGDG SRGHPRV
DVSLUDU D FRQVWUXLU FLXGDGHV P¡V LQFOXVLYDV UHVLOLHQWHV \
KDELWDEOHV SDUD WRGRV ORV FRORPELDQRV 0DUW­QH] \ 9DUJDV
  /D FRODERUDFL³Q HQWUH HO JRELHUQR OD DFDGHPLD \ OD
VRFLHGDG FLYLO HV IXQGDPHQWDO SDUD JDUDQWL]DU XQ IXWXUR
XUEDQRP¡VSU³VSHUR\HTXLWDWLYRHQ&RORPELD

0DULD7XWLVWDU
)XHQWH(ODERUDFLµQ3URSLD
, J,f&n nf ]–
e,–
] Jfž, Jof
,fž, ,],e,fžn–   (O KRPEUH GHVHPSH±D XQ SDSHO PX\ FUXFLDO GHQWUR GH VX

fž£],– ¿
WHUULWRULR GHVGH WLHPSRV DQWLJXRV HV QRWRULD VX LQIOXHQFLD HQ OD
VRFLHGDG TXH KDELWD DGDSWDQGR VX HQWRUQR FRQ EDVH HQ VXV
G£efn– ,f ,] QHFHVLGDGHV \ GLVSRVLFLRQHV 'H OD PLVPD PDQHUD HO PHGLR
&,–n]]n DPELHQWHVLJXHXQFLFORQDWXUDO\DXQTXHXQSRFRDIHFWDGRSRUOD
£fnǪ LQIOXHQFLD DQWURSRPRUID WDPEL©Q LQIOX\H GH PDQHUD GLUHFWD R
LQGLUHFWDHQXQHVSDFLRGHWHUPLQDGR/RVSURFHVRVXUEDQ­VWLFRVQR
VH TXHGDQ DWU¡V HQ OR TXH D LQIOXHQFLDV VH UHILHUH SXHV HVWRV VH
ǩ£f,£J]JJn
FUHDQ SUHFLVDPHQWH FRQ EDVH HQ HVWRV FULWHULRV SDUD SURPRYHU XQ
–n–ž,fJ],,–
GHVDUUROORP¡VHIHFWLYRGHQWURGHODVRFLHGDG
n–J],Ǩ
   /RV HOHPHQWRV PHGLRDPELHQWDOHV GHVGH OD WRSRJUDI­D KDVWD OD
GLVSRQLELOLGDG GH UHFXUVRV MXHJDQ XQ SDSHO IXQGDPHQWDO HQ OD
FRQILJXUDFL³QXUEDQD\GHOSDLVDMHXQHMHPSORGHHOORHVYLVWRHQ
ODDQWLJXDFXOWXUDSUHKLVS¡QLFDHQODUHJL³QDQGLQDGH.HXVKXHQ
HO QRUWH GH 3HUº GRQGH \DFHQ KR\ ODV UXLQDV IXQHUDULDV \
FHUHPRQLDOHV GH KDFH P¡V GH  D±RV &RQ WXPEDV XELFDGDV
HVWUDW©JLFDPHQWH FHUFD GH FXHUSRV K­GULFRV QR VROR FRPR V­PEROR
GH DGRUDFL³Q \ SURWHFFL³Q GH SDUWH GH ORV DQGLQRV KDFLD VXV
GHLGDGHV\DQFHVWURVVLQRWDPEL©QFRPRIRUPDGHUHFODPDFL³QGH
GHUHFKRV VREUH ORV UHFXUVRV \ WHUULWRULRV TXH VH KDF­DQ YLWDOHV
GHQWURGHVXFRPXQLGDG
(VWDVHVWUXFWXUDVÎOHJLWLPDQSRUPHGLRGHGHVFHQGHQFLDOLQHDOGH
ORVPXHUWRVODDSURSLDFL³QGHUHFXUVRVFUXFLDOHVSHURUHVWULQJLGRV
HQ HO WHUULWRULRÏ $UWKXU 6D[H   PRVWUDQGR HO Y­QFXOR GH OD
DUTXLWHFWXUD IXQHUDULD FRQ HO DJXD \ OD DJULFXOWXUD (VWDV
FRPXQLGDGHV UHFRQRF­DQ OD LPSRUWDQFLD GH ORV HOHPHQWRV
PHGLRDPELHQWDOHV \ DXQTXH ORV SHUFLE­DQ SULQFLSDOPHQWH GHVGH
XQD FRVPRYLVL³Q FRPSUHQG­DQ OD QHFHVLGDG GH SURWHJHUORV SDUD
JDUDQWL]DU XQ GHVDUUROOR ³SWLPR \ XQD PD\RU UHVLOLHQFLD /DV
SHUVRQDV VDEHQ GHO XVR HVHQFLDO \ GH OD YLWDOLGDG GH GHVDUUROODUVH
GHQWUR GH HVWRV HOHPHQWRV Î/DV SU¡FWLFDV IXQHUDULDV VH HQIRFDQ HQ
DTXHO UHFXUVR TXH HV FXOWXUDOPHQWH FRQFHELGR FRPR HO P¡V
HVHQFLDO HQ OD UHSURGXFFL³Q GHO RUGHQ VRFLDOÏ 0DXULFH %ORFK \
-RQDWKDQ3DUU\ 
    (O PDQHMR GHO DJXD KD GHWHUPLQDGR OD
IRUPD GH KDELWDU XQ WHUULWRULR \ KD VLGR
SDUWH GH OD SODQHDFL³Q XUEDQD GHVGH OD
(GDG 0HGLD (MHPSORV FRPR HO DQWHULRU
LQGLFDQTXHHVWRVHOHPHQWRVVRQEDVHSDUD
ODVXEVLVWHQFLDGHODVRFLHGDG1RVRORKDFH
IDOWD VDEHU OD LPSRUWDQFLD GH HOODV VLQR
WDPEL©QHOFRUUHFWRXVR\IXQFLRQDPLHQWR
SDUDHOORDFWXDOPHQWHHQORTXHUHVSHFWDD
UHFXUVRV K­GULFRV VH HPSOHD ODV FLXGDGHV
VHQVLEOHV DO DJXD :RQJ \ %URZQ  
(VWDV EXVFDQ FRPSUHQGHU VL HV SRVLEOH
UHGXFLUORVHIHFWRVGHODXUEDQL]DFL³QHQHO
FLFOR GHO DJXD XWLOL]DQGR QXHYDV
HVWUDWHJLDV GH GLVH±R XUEDQR \
DUTXLWHFW³QLFR TXH VHDQ DSOLFDEOHV DO
7RPDGR GH &9127Ζ&Ζ$6    35(6(17$1 '2&80(17$/
62%5( (/ &$“2 '( /$ $+8<$0$ >)RWRJUDI¯D@ &9127Ζ&Ζ$6

FRQWH[WRODWLQRDPHULFDQR

   (VWH FLFOR FREUD JUDQ LPSRUWDQFLD HQ


HVWDV FLXGDGHV SXHV DGHP¡V GH VHU XQ
SURFHVR YLWDO TXH LPSOLFD OD HYDSRUDFL³Q
GHODJXDGHODVXSHUILFLHWHUUHVWUHKDFLDOD
DWP³VIHUD VX FRQGHQVDFL³Q HQ IRUPD GH
QXEHV \ ILQDOPHQWH VX SUHFLSLWDFL³Q GH
UHJUHVR D OD WLHUUD HQ IRUPD GH OOXYLD R
KWWSVFYQRWLFLDVFRPFR

QLHYH HV WDPEL©Q OD IRUPD GH


DEDVWHFLPLHQWR GH ODV SREODFLRQHV (VH
DJXD OXHJR VH LQILOWUD HQ HO VXHOR
UHFDUJDQGR ORV DFX­IHURV VXEWHUU¡QHRV \
IOX\H D WUDY©V GH U­RV \ DUUR\RV KDFLD
FXHUSRV GH DJXD P¡V JUDQGHV FRPR ODJRV
\ RF©DQRV GRQGH HO FLFOR YXHOYH D
FRPHQ]DU
  (V DOO­ GRQGH HQWUD HO KRPEUH H LPSOHPHQWDQGR PRGHORV GH
LQIUDHVWUXFWXUDYHUGHD]XOPDQHMDHODJXDGHIRUPDVRVWHQLEOHDODYH]
TXHVHEHQHILFLDODFRQHFWLYLGDGHFRO³JLFDVHPD[LPLFHODSUHVWDFL³QGH
VHUYLFLRVHFRVLVW©PLFRV\VHFRQVWUX\DFRPXQLGDG

  /D LQWHUDFFL³Q HQWUH HOHPHQWRV PHGLRDPELHQWDOHV \ KXPDQRV HQ HO


SURFHVR GH XUEDQL]DFL³Q HV XQD GLQ¡PLFD FRPSOHMD TXH KD
HYROXFLRQDGRDORODUJRGHODKLVWRULD5HFRQRFHUODLPSRUWDQFLDGHHVWRV
HOHPHQWRV DSUHQGHU GH ODV SU¡FWLFDV GH VRFLHGDGHV SDVDGDV \ DGRSWDU
HQIRTXHV VRVWHQLEOHV HQ OD SODQLILFDFL³Q XUEDQD VRQ HVHQFLDOHV SDUD
JDUDQWL]DUXQGHVDUUROORHTXLWDWLYR\UHVSHWXRVRFRQHOHQWRUQR

  /D LPSOHPHQWDFL³Q GH HVWUDWHJLDV LQQRYDGRUDV FRPR ODV FLXGDGHV


VHQVLEOHV DO DJXD GHPXHVWUD OD QHFHVLGDG GH DERUGDU ORV GHVDI­RV
DFWXDOHV FRQ HQIRTXHV TXH FRQVLGHUHQ WDQWR ODV QHFHVLGDGHV KXPDQDV
FRPRODSUHVHUYDFL³QGHOPHGLRDPELHQWH

/X]'LD]

)XHQWH(ODERUDFLµQ3URSLD
fž£],È¿
£fJ–en
/2*5$5(02681$85%$1Ζ=$&Ζ216267(1Ζ%/(<
$0Ζ*$%/(&21(/0('Ζ2$0%Ζ(17("

/DFRPSOHMDUHODFL³QHQWUHORXUEDQR\HOHPHQWRVPHGLRDPELHQWDOHVSUHVHQWD
HIHFWRV FRQWUDGLFWRULRV SXHV HO FUHFLPLHQWR GHPRJU¡ILFR KXPDQR \ OD
XUEDQL]DFL³Q GH OD PD\RU SDUWH GH OD SREODFL³Q H[LJHQ LQFUHPHQWRV HQ OD
SURGXFFL³QDJU­FROD\VXVWUDHQXQDSRUFL³QGHKXHUWRVI©UWLOHVSDUDFRQVWUXLUXQ
HVSDFLRXUEDQRKDELWDEOH

/DDJULFXOWXUDFRPSHQVDVXS©UGLGDGHVXHORFRQLQFUHPHQWRVHQHUJ©WLFRVTXH
DXPHQWDQ VX SURGXFWLYLGDG $V­ FRPR HQ HO FRQWH[WR SUHKLVS¡QLFR HUDQ
FRQVLGHUDGDV ODV WXPEDV TXH DOEHUJDEDQ D ORV DQFHVWURV PRPLILFDGRV HQ
SHTXH±RVEXOWRV\HVWRVVHXELFDEDQMXQWRDU­RVODJXQDVRWHUUHQRVGHFXOWLYRV
QR WLHQHQ VLPXOWDQHLGDG FRQ TXH IXHVHQ FRQVLGHUDGRV VHPLOODV TXH DOLPHQWDEDQ
ODWLHUUDGRQGHUHWRUQDEDQ/DLGHDHVHQWHQGHUF³PRFDGDV­PERORRDFFL³QKDF­D
SDUWH GHO GHVDUUROOR GH ODV SREODFLRQHV \ HVWUXFWXUDV DUTXLWHFW³QLFDV GH HVWD
PDQHUD WHQLHQGR HVWRV OD]RV VH GHVDUUROOD XQD UHODFL³Q \ VH HQWLHQGH TXH GHEH
KDEHU XQ HTXLOLEULR GH ORV UHFXUVRV QDWXUDOHV SDUD WHQHU XQD XUEDQL]DFL³Q
HILFLHQWH6HLGHQWLILF³WDPEL©QXQDFDQWLGDGGHJUXSRVGHFKXOOSDVHVWDVHVWDEDQ
VLHPSUH RULHQWDGDV KDFLD ORV SULQFLSDOHV FXHUSRV GH DJXD GH OD FRUGLOOHUD
+HUUHUD 

   'HVGH OD (GDG 0HGLD OD GLVWULEXFL³Q GHO DJXD KD GHWHUPLQDGR OD IRUPD GH
KDELWDUHOWHUULWRULRWDQWRHQ¡UHDVUXUDOHVFRPRHQ¡UHDVXUEDQDV/DLQJHQLHU­D
KLGU¡XOLFDKDVLGRSDUWHGHODSUR\HFFL³QGHOWHUULWRULR\WHQLHQGRHQFXHQWDORV
HYHQWRVFOLP¡WLFRVHVWHIDFWRUIXHFODYHSDUDODFRORQL]DFL³QGH$P©ULFD8QFODUR
HMHPSOR VRQ ORV DVHQWDPLHQWRV LQG­JHQDV TXH HVW¡Q XELFDGRV HQ OD FLXGDG GH
%RJRW¡ HVW¡Q DVHQWDGRV HQ HVWH WHUULWRULR \D TXH OHV SHUPLWH KDFHU XVR GHO
UHFXUVR K­GULFR \ DV­ SRGU­DQ DEDVWHFHU D VX SREODFL³Q 3RU VXSXHVWR FRPR HVWR
YLHQHGHDQWHVODVHVWUXFWXUDVKLGU¡XOLFDVWUDEDMDEDQVLHPSUHFRPRXQVLVWHPDGH
FDQDOHVFRPSXHVWRV&ODURHVW¡TXHDSDUWLUGHGL¡ORJRVHLQQRYDFL³QGHHVWXGLRV
GH QXHYDV HVWUXFWXUDV PHQFLRQDQGR TXH IXH OOHYDGR D XQ HQIRTXH KRO­VWLFR
VLVW©PLFROODPDGRFLXGDGHVVHQVLEOHVDODJXDWKHZDWHUVHQVLWLYHFLW\SULQFLSOH
IRUSUDFWLFH :RQJ\%URZQ 6HKDFRQVHJXLGRODSUR\HFFL³Q\DFFL³QGH
HVWRV\ORJUDGRXQPDQHMRGHVLVWHPDVGHGUHQDMHVRVWHQLEOH
&HQWU¡QGRQRVHQHOPDQHMRGHODJXD\HQODVFLXGDGHVVRVWHQLEOHVHOREMHWLYRHV
SODQHDU OD FLXGDG D SDUWLU GH OD DUWLFXODFL³Q FRQ OD FXHQFD KLGURJU¡ILFD GRQGH VH
XELFD SUR\HFWDU XQ PDQHMR GHO DJXD TXH OOHYH DO P¡[LPR HO DEDVWHFLPLHQWR GH
VHUYLFLRVHFRVLVW©PLFRVLQFOX\HQGRHOPDQHMRGHODJXDFRPRSDUWHGHODYLGDGHODV
FRPXQLGDGHV6LELHQODV¡UHDVXUEDQDVVRQYLVWDVFRPRH[SUHVL³QGHRSRUWXQLGDGHV
GHGHVDUUROORHFRQ³PLFRVRFLDO\DPELHQWDOVLHQGRFRQVLGHUDGDVDV­FXDQGRQRVRQ
XVDGDVGHPDQHUDLQYDVLYDDJUHJDQGRWDPEL©QODVIXHUWHVGHPDQGDVGHORVUHFXUVRV
TXH FRQOOHYDQ 'H IRUPD JUDGXDO HVWD DSUR[LPDFL³Q DO PDQHMR GHO DJXD KD
SHUPHDGR OD SODQHDFL³Q H LPSOHPHQWDFL³Q GH SUR\HFWRV GH VLVWHPDV XUEDQRV GH
GUHQDMHVRVWHQLEOH :RQJ\%URZQ 

(QFXDQWRDODUHODFL³QFRQORVLQGLYLGXRVVHGHPXHVWUDTXHORVLQJUHVRVWLHQGHQ
DVHUP¡VDOWRVHQODFLXGDGTXHHQODV¡UHDVUXUDOHV\HVP¡VLPSRUWDQWHSXHVWRTXH
DXPHQWDODHFRQRP­D\VHSODQWHDQHILFLHQWHVSUR\HFWRVDPD\RUHVFDODHQ¡UHDVGH
WUDWDPLHQWRV GH UHVLGXRV FRPXQLFDFL³Q \ WUDQVSRUWHV WUDWDQGR GH WHQHU XQ
HTXLOLEULRVREUHHOLPSDFWRQHJDWLYRGHOPHGLRDPELHQWH

  &RQVLGHUDQGR WRGR OR DQWHULRU HO REMHWLYR SULQFLSDO SURSXHVWR LPSOLFDU­D XQ


DGHFXDGR PDQHMR GH ORV UHFXUVRV KLGU¡XOLFRV LQFRUSRUDQGR ORV FRQRFLPLHQWRV
DQFHVWUDOHV \ VX UHODFL³Q FRQ HO GHVDUUROOR DERUGDQGR XQD YDULHGDG GH DVSHFWRV \
GLULJL©QGRORV KDFLD HQIRTXHV GLUHFWRV SDUD SURSRQHU VROXFLRQHV \ DERUGDU
QHFHVLGDGHV6LJXLHQGRHVWHPRGHORGHJHVWL³QVHSRGU­DDOFDQ]DUXQDXUEDQL]DFL³Q
FRQEDVHVV³OLGDVTXHPLWLJXHQORVLPSDFWRVQHJDWLYRV\PHMRUHQODFDOLGDGGHYLGD
KXPDQD

'DULWK)HUUHLUD

)XHQWH(ODERUDFLµQ3URSLD
)XHQWH(ODERUDFL³Q3URSLD
3$/Ζ036(672 
  
    
   
  (VWD VHFFL³Q WLHQH FRPR SURS³VLWR DQDOL]DU OD LQIOXHQFLD
KLVW³ULFD \ DFWXDO GHO DJXD HQ OD SODQLILFDFL³Q XUEDQD GH
HVWDV ]RQDV 0HGLDQWH OD UHYLVL³Q GH WH[WRV HVTXHPDV \
ERFHWRV VH LQGDJDU¡ HQ F³PR HO DJXD KD PROGHDGR HO
GHVDUUROORGH%DUUDQTXLOOLWD\&HQWURGHVGHVXRULJHQKDVWD
HO SUHVHQWH $VLPLVPR VH H[DPLQDU¡ OD GHQVLGDG
SREODFLRQDO OD RFXSDFL³Q GHO VXHOR \ ORV XVRV
FRQWHPSRU¡QHRV RIUHFLHQGR XQD SHUVSHFWLYD GHWDOODGD \
HVFODUHFHGRUDGHOHQWRUQRXUEDQR

Ÿ)!21,3*)4'52ß65)$
(17)!21$&*'5$
7*! 53*$)!)42*
13,4Ÿ
ħO–¢®hb'Č>»–†¨ƒ†
r»»r¨ºÊ–¢¢r~®§®ʨ¸†ºÊ†­®
35,0(526 r¿†¨År§–†¨Å®Ċ
$6(17$0,(1726 (1
%$55$148,//$

3523,$/8=',$= 
)8(17((/$%25$&,•1
%$55$148,//$6(,1'(3(1',=$ %$55$148,//$(6(/(9$'$$
'(02032;(67$%/(&,‹1'26( 9,//$2),&,$/,=$1'268
&20281$(17,'$'$87•120$ 120%5(

 

(;3(',&,•1%$7$//$'(/&+8&+$/
>)272*5$)$@(/$%25$&,•1
(/120%5('(%$55$148,//$(6

)8(17(3$1,=$9  
5$7,),&$'2325(/$/&$/'('(
3('ƒ1(2)5$1&,6&2'(
*$5$9,72<&ƒ5'(1$6



3523,$@
'($%5,//$%$7$//$'(

 %$55$148,//$'21'(/$
&,8'$'68)5(81$'(5527$
A¶*k¯*͙΄—kNÞ͚΄Í͟΄ͬ̇̅̇̉ͭ͟΄*ӗ*$NNukͲi*š$t͟΄ͪAt¯tBšAOͫ͟΄*atšNuk΄—št—Nͫ͟

5(&83(5$&,•1'(
%$55$148,//$75$6/$
%$7$//$

 '(129,(0%5(
%$55$148,//$$/&$1=$(/
778/2683(5,25'(&,8'$'

>)272*5$)$@(/$%25$&,•1
)8(17(3$1,=$9  
(;3(',&,•10(5&$'2


3523,$@
75,$1*8/$&,•1
&20(5&,$/
 //(*$'$'(/)(552&$55,/$
%$55$148,//$0$5&$1'281+,72(1
68'(6$552//2&202&(1752
&20(5&,$/<'(75$163257(


),*85$(/$%25$&,•13523,$
'$5,7+)(55$,5$  

5(3$5$&,•1'(/&$“2$55,%$
,03257$17(&8(532'($*8$3$5$


/$&,8'$'
),*85$(/$%25$&,•13523,$
'$5,7+)(55$,5$  



 /$7(1(5,$
&216758&&,•1'(/0(5&$'23œ%/,&2
/26&$“26<(/0(5&$'2$œ1 ,1$8*85$'2(1&2162/,'$1'2(/
6,*8(1(1$32*(2<*5$1 3$3(/'(%$55$148,//$&202&(1752
$8*(3(52&20,(1=$(/ &20(5&,$/
(67$1&$0,(172<'(7(5,252
'(/0(5&$'23œ%/,&2
%$55$148,//$3,(5'(

 35,0$&$&20(5&,$/(1(/ )8(17(3$1,=$9  (;3(',&,•1


),*85$(/$%25$&,•13523,$

3$6,03$&7$1'268 >)272*5$)$@(/$%25$&,•13523,$@
'(6$552//2(&21•0,&2 352%/(0$6&21/26
,17(1'(1&,$)/89,$/

'$5,7+)(55$,5$  

(/&$)‹(1/$ 75$163257(6(1/$&,8'$'
62&,('$'6(
5(&212&(/$
,03257$1&,$'(/52 $“26(1/2648(
0$*'$/(1$&202 23(5•/$,17(1'(1&,$)/89,$/
&21(;,•1&21(/ '(67$&$1'2/$,03257$1&,$'(
081'2(;7(5,25 /26&8(5326'($*8$3$5$/$
1$9(*$&,•1<(/&20(5&,2
KK8JY'228OYO'8''>O

/RVSULPHURVLQGLFLRVGHXUEDQL]DFL³QGH
%DUUDQTXLOOD VH DVHQWDURQ FHUFD GH OD
FL©QDJD OD FXDO FRQWDED FRQ XQ FDODGR GH
PHWURVDSUR[LPDGDPHQWH
(VWR SHUPLWL³ OD OOHJDGD GH JUDQGHV
HPEDUFDFLRQHV TXH DEUL³ SDVR DO IOXMR GH
̆̅φ̊̍ϼ̊̊΄k FRPHUFLR \ FUHFLPLHQWR XUEDQ­VWLFR
G¡QGROHXQDJUDQLPSRUWDQFLDDODFLXGDG

KK8JY'22 HK>h'778T
82O'!2>hb'''Ċ
̅ ̆̅̅ő
̌̉φ̉̋ͣ̈̊͢Î

(6&
AƞĎœƖĎ͙΄*ʼnåĀŜƂåāijŝœ΄ſƂŜſijå
   (O FUHFLPLHQWR XUEDQR WUDMR FRQVLJR QR
VRORXQFDPELRHQODWUD]DVLQRWDPEL©QHQ
ODPRUIRORJ­DGHORVFXHUSRVGHDJXD
6H OH GLR SULRULGDG DO FUHFLPLHQWR GH OD
FLXGDGSDVDQGRSRUHQFLPDGHORVUHFXUVRV
DFX­IHURVH[LVWHQWHVHQOD]RQD ̆̅φ̊̍ϼ̊̊΄k

(O UHOOHQR GH OD FL©QDJD SXGR SDUHFHU XQD


VROXFL³QYLDEOHDODQHFHVLGDGGHFRQVWUXLU
SHUR QR VH WXYR HQ FXHQWD TXH HO DJXD
WLHQH PHPRULD \ TXH FDGD FLHUWR WLHPSR
HVWDUHFODPDVXVWHUUHQRV
̅ ̆̅̅ő

̌̉φ̉̋ͣ̈̊͢Î
KK8JY'22TY278TĊ
(6&
AƞĎœƖĎ͙΄ĎʼnåĀŜƂåāijŝœ΄ſƂŜſijå΄å΄ſåƂƖijƂ΄ĈĎʼn΄őåſå΄ĈĎ΄åƂƂåœƁƞijʼnʼnå
ĈĎ΄΄*ƂœĎƊƖ΄¯ĮĎƵĎœijœ

(QODDFWXDOLGDGVHWLHQHP¡VFRQFLHQFLD
VREUH OD SUHVHUYDFL³Q GH ORV UHFXUVRV 6H
KDQ UHXQLGR HVIXHU]RV SDUD UHFXSHUDU ODV
̆̅φ̊̍ϼ̊̊΄k ]RQDV P¡V FRQWDPLQDGDV \ DEDQGRQDGDV
HQ HVWD ]RQD GH OD FLXGDG FRQ HO ILQ GH
FRQVHUYDU HO SDWULPRQLR \ VDOYDU OD
KLVWRULDGHVXRULJHQ

̅ ̆̅̅ő

̌̉φ̉̋ͣ̈̊͢Î
(6&
AƞĎœƖĎ͙΄*ʼnåĀŜƂåāijŝœ΄ſƂŜſijå
  
  
   (O FHQWUR GH %DUUDQTXLOOD WLHQH XQ WUD]DGR XUEDQR HQ
T'H>O2>T' ''?8
FXDGU­FXODFRQFDOOHVGLVSXHVWDVHQXQSDWU³QRUWRJRQDO
TXH IDFLOLWD OD QDYHJDFL³Q \ RUJDQL]DFL³Q GH OD FLXGDG 3$75“1'(3$55,//$ 2&8$'5&8/$ 
(QWUHODVY­DVP¡VLPSRUWDQWHVVHHQFXHQWUDQOD&DUUHUD   (Q HVWH SDWU³Q ORV ORWHV \ ODV FDOOHV VH
 &DUUHUD  &DOOH  \ &DOOH  TXH DFWºDQ FRPR RUJDQL]DQHQXQDUHGRUWRJRQDOGHFXDGUDV
DUWHULDV SULQFLSDOHV SDUD HO WU¡ILFR \ OD DFWLYLGDG UHJXODUHV
FRPHUFLDO /DV SOD]DV \ SDUTXHV FRPR OD 3OD]D GH 6DQ /RVFULWHULRVLQFOX\HQ
1LFRO¡V \ OD 3OD]D GH OD 3D] HVW¡Q HVWUDW©JLFDPHQWH OD RULHQWDFL³Q \ HO
XELFDGRV GHQWUR GH HVWD FXDGU­FXOD VLUYLHQGR FRPR WDPD±R GH ORV ORWHV OD
SXQWRV GH HQFXHQWUR \ UHIHUHQFLDV XUEDQDV (VWH GLVH±R DQFKXUDGHODVFDOOHVOD
HQ FXDGU­FXOD UHIOHMD WDQWR OD SODQLILFDFL³Q KLVW³ULFD GH FRQHFWLYLGDG GH OD UHG
OD FLXGDG FRPR VX DGDSWDFL³Q D ODV QHFHVLGDGHV YLDO \ OD SURYLVL³Q GH
PRGHUQDVGHPRYLOLGDG\XVRGHOHVSDFLR HVSDFLRVSºEOLFRV

%$55$148,//$&(1752&5,7(5,26'(0$1=$1$
3$75“1'($1'$'25
LQWHQGHQFLD
IOXYLDO  (VWH SDWU³Q VH FDUDFWHUL]D SRU FDOOHV
SHDWRQDOHV R DQGDGRUHV TXH FRQHFWDQ ORV
ORWHV\ORVHVSDFLRVSºEOLFRV

SD
  /RV FULWHULRV LQFOX\HQ
VH

OD DFFHVLELOLGDG SHDWRQDO


R%
RO¯
YD
U

FDUUHUD
 OD FDOLGDG GHO HQWRUQR
XUEDQRODLQWHJUDFL³QGH
FDOOH

FDUUHUD
 ¡UHDV YHUGHV \ OD
VHJXULGDGSHDWRQDO
̆̅φ̊̍ϼ̊̊΄k

SOD
]
QLF DVDQ
ROD
V

̌̉φ̉̋ͣ̈̊͢Î
̅ ̆̅̅ő
AƞĎœƖĎ͙΄*ʼnåĀŜƂåāijŝœ΄ſƂŜſijå

(6&
 
  /D GHQVLGDG XUEDQD TXH PLGH OD
FRQFHQWUDFL³Q GH SHUVRQDV \
FRQVWUXFFLRQHV HQ XQ ¡UHD HV HVHQFLDO
SDUD OD SODQLILFDFL³Q GH %DUUDQTXLOOLWD \
HO &HQWUR GH %DUUDQTXLOOD (VWD VHFFL³Q
DQDOL]D VX HYROXFL³Q ORV IDFWRUHV TXH OD
GHWHUPLQDQ \ VX LPSDFWR HQ OD YLGD
̅ ̆̅̅ő
XUEDQD\HOGHVDUUROORIXWXUR

'(16,'$'%$55$148,//$(1686,1,&,26
3(5621$6
    'HVGH VXV SULPHURV DVHQWDPLHQWRV %DUUDQTXLOOLWD
\ HO &HQWUR GH %DUUDQTXLOOD KDQ H[SHULPHQWDGR XQ
FUHFLPLHQWR VLJQLILFDWLYR HQ GHQVLGDG SREODFLRQDO \
HGLOLFLD ,QLFLDOPHQWH HVWRV ¡UHDV HUDQ PHQRV
SREODGDV SHUR FRQ HO GHVDUUROOR GHO SXHUWR \ HO
FRPHUFLRODGHQVLGDGDXPHQW³FRQVLGHUDEOHPHQWH
̆̅φ̊̍ϼ̊̊΄k

3(5621$6

̌̉φ̉̋ͣ̈̊͢Î
̅
XHQWH(ODERUDFLµQSURSLD ̆̅̅ő

  $FWXDOPHQWH %DUUDQTXLOOLWD SUHVHQWD XQD DOWD


GHQVLGDG FRPHUFLDO H LQGXVWULDO GHELGR D VX ̆̅φ̊̍ϼ̊̊΄k

IXQFL³Q FRPR SXHUWR IOXYLDO PLHQWUDV TXH HO


&HQWUR GH %DUUDQTXLOOD FRPELQD XVRV
UHVLGHQFLDOHVFRPHUFLDOHV\GHVHUYLFLRV
  /D GLVSRQLELOLGDG GH LQIUDHVWUXFWXUD OD
DFFHVLELOLGDG D WUDQVSRUWH ODV SRO­WLFDV GH
SODQLILFDFL³Q XUEDQD \ OD SUR[LPLGDG D ̌̉φ̉̋ͣ̈̊͢Î

UHFXUVRV HFRQ³PLFRV VRQ IDFWRUHV FODYH TXH ̅ ̆̅̅ő


KDQGHWHUPLQDGRODGHQVLGDGHQHVWDV¡UHDV
 &RPSDUDQGR FRQ
'HQVLGDG 'HQVLGDGGH 3RUFHQWDMH 3RUFHQWDMH RWUDV SDUWHV GH
UHD SREODFLRQDO HGLILFDFLRQHV GHXVR GHXVR
%DUUDQTXLOOD HO
SHUVRQDNPr HGLILFDFLRQHVNPr FRPHUFLDO UHVLGHQFLDO
&HQWUR PXHVWUD XQD
GHQVLGDG P¡V
%DUUDQTXLOOLWD     HTXLOLEUDGD PLHQWUDV
TXH %DUUDQTXLOOLWD
WLHQH XQD PD\RU
&HQWUR    
FRQFHQWUDFLRQ
  
/RVXVRVGHVXHORHQ%DUUDQTXLOOLWD\HO&HQWURGH%DUUDQTXLOODHVW¡QGLYHUVLILFDGRV
SDUDGDUFDELGDDODVGLYHUVDVDFWLYLGDGHVXUEDQDV\FRPHUFLDOHVTXHFDUDFWHUL]DQD
HVWDV]RQDV(Q%DUUDQTXLOOLWDHOXVRGHVXHORSUHGRPLQDQWHHVFRPHUFLDOHLQGXVWULDO
HVSHFLDOPHQWHUHODFLRQDGRFRQHOWUDQVSRUWHIOXYLDO\HOFRPHUFLR$TX­VHHQFXHQWUDQ
PXHOOHVDOPDFHQHV\HVWDEOHFLPLHQWRVFRPHUFLDOHVTXHDSURYHFKDQVXSUR[LPLGDGDO
U­R0DJGDOHQD(QHO&HQWURGH%DUUDQTXLOODVHREVHUYDXQDPH]FODGHXVRVGHVXHOR
LQFOX\HQGR¡UHDVFRPHUFLDOHV\GHVHUYLFLRV/DSUHVHQFLDGHHGLILFDFLRQHVKLVW³ULFDV
LQVWLWXFLRQHV JXEHUQDPHQWDOHV FHQWURV FRPHUFLDOHV \ HVSDFLRV FXOWXUDOHV UHIOHMD OD
GLYHUVLGDG\YLWDOLGDGGHHVWD]RQDXUEDQD/DSODQLILFDFL³QXUEDQDEXVFDHTXLOLEUDU
HVWRV XVRV GH VXHOR SDUD SURPRYHU XQ GHVDUUROOR VRVWHQLEOH \ XQD FRQYLYHQFLD
DUPRQLRVDHQWUHORVUHVLGHQWHV\ODVDFWLYLGDGHVHFRQ³PLFDVGHODUHJL³Q

=21$'((678',2
!5! ¯3)‰6ŽŠ

54')
R^]8^RR9\
)! 1'*5

)() $ SU8S[R9\V

56)32*$ T_8[U]9[]

1)3&5!')
RU8SRS9RT
(1
̆̅φ̊̍ϼ̊̊΄k
4'1! 3*$ R8]_\9VT

̌̉φ̉̋ͣ̈̊͢Î
̅ ̆̅̅ő

AƞĎœƖĎ͙΄*ʼnåĀŜƂåāijŝœ΄ſƂŜſijå
 
 º
Ȋ1DYHJDQGRHQWUHODV&XDWUR'LPHQVLRQHV8UEDQDV

)XHQWH(ODERUDFL³Q3URSLD
 

 
      (Q OD &L©QDJD GHO 0DJGDOHQD ODV FRPXQLGDGHV SDODI­WLFDV GH 1XHYD 9HQHFLD \ %XHQD
9LVWDUHVSODQGHFHQFRQXQDYLWDOLGDGXUEDQDºQLFDPDQLIHVWDGDHQFXDWURIDFHWDVHVHQFLDOHV
REVHUYDGDV GXUDQWH OD VDOLGD GH FDPSR XQD LQJHQLRVD DGDSWDFL³Q DO HQWRUQR QDWXUDO FRQ
VXVFDVDVHOHYDGDVVREUHSLORWHVTXHSHUPLWHQXQDUHODFL³QVRVWHQLEOHFRQHOHFRVLVWHPDXQD
LQWHQVD FRKHVL³Q FRPXQLWDULD GRQGH OD SUR[LPLGDG I­VLFD IRPHQWD OD FRRSHUDFL³Q \
VROLGDULGDG GLDULD XQD QRWDEOH FDSDFLGDG GH LQQRYDFL³Q \ UHVLOLHQFLD IUHQWH D ORV GHVDI­RV
DPELHQWDOHVUHIOHMDGDHQHOGLVH±RDGDSWDEOHGHVXVYLYLHQGDV\XQDULFDKHUHQFLDFXOWXUDO
\ WUDGLFLRQDO TXH VH H[SUHVD HQ VXV SU¡FWLFDV SHVTXHUDV W©FQLFDV GH FRQVWUXFFL³Q \
FHOHEUDFLRQHV FRPXQLWDULDV GHPRVWUDQGR F³PR OD YLGD \ OD QDWXUDOH]D VH HQWUHOD]DQ GH
PDQHUD H[WUDRUGLQDULD (VWH DQ¡OLVLV SURSRUFLRQD XQD YLVL³Q JHQHUDO VREUH F³PR HVWDV
GLPHQVLRQHV LQWHUDFWºDQ HQ GLIHUHQWHV FRQWH[WRV XUEDQRV HYLGHQFLDQGR OD DGDSWDELOLGDG \
ODUHGHILQLFL³QGHODYLWDOLGDGXUEDQD 0DUW­QH]0RU© 

)XHQWH(ODERUDFL³Q3URSLD

W-Ɛ   @


ƐƎƐƎƐ 
ƐƎƎ Ǝ
 7W
(QHVWRVDVHQWDPLHQWRVODGLPHQVL³QI­VLFDDGTXLHUHXQDQXHYDSHUVSHFWLYD
TXHGHVDI­DODVFRQYHQFLRQHVXUEDQDV\VHFRQYLHUWHHQXQHVFHQDULRDFX¡WLFR
$TX­ ODV HVWUXFWXUDV SDODI­WLFDV QR VRQ VLPSOHPHQWH FDVDV VLQR TXH VRQ FRPR
ODV DWUDFFLRQHV SULQFLSDOHV TXH OH GDQ YLGD D OD FRPXQLGDG 6H LQWHJUDQ GH
PDQHUDWDQDUPRQLRVDFRQHOHQWRUQRDFX¡WLFRTXHXQRSRGU­DSHQVDUTXHODV
FDVDV \ ORV FDQDOHV GH DJXD KDQ HVWDGR SODQHDGRV GHVGH VLHPSUH MXQWRV /RV
FDQDOHVGHDJXDHQOXJDUGHVHUVLPSOHVY­DVGHWUDQVSRUWHVHFRQYLHUWHQHQODV
DUWHULDVYLWDOHVGHHVWDFRPXQLGDGPLHQWUDVTXHORVSXHQWHVVRQFRPRORVSDVHV
GH DFFHVR D WRGDV ODV HPRFLRQHV \ DYHQWXUDV TXH WH HVSHUDQ DO RWUR ODGR /D
DFFHVLELOLGDG \D QR VH PLGH SRU ODV DEXUULGDV FDOOHV GH FRQFUHWR VLQR SRU ODV
HPRFLRQDQWHV SDVDUHODV \ SODWDIRUPDV TXH WH OOHYDQ HQ XQ YLDMH GLUHFWR DO
FRUD]³QGHODFRPXQLGDG'HVSX©VGHWRGRTXL©QQHFHVLWDDXWRP³YLOHVFXDQGR
VHSXHGHQDYHJDUHQHVWHHPRFLRQDQWHPXQGRDFX¡WLFR"

)XHQWH(ODERUDFL³Q3URSLD
ĸ¨~rƒr¸r¿®¿®}»††¿År¿¸r¿r»†¢r¿ċ
¿–†¨Å†¿~¯§®†¢†¨Å®»¨®r~ÊsŖ~®ņ¿Ê¿Ê»»r¿Ê¿¿†~»†Å®¿ċ
Úņƒr¿~ʆ¨Årƒ†ºÊ†ċrӆ~†¿ċ¢rӆ»ƒrƒ†»rr~~†¿–}–¢–ƒrƒ
Ӗ†¨††¨®»§rƒ†§r»†r¿Ú¸¢rÅr®»§r¿¢®År¨Å†¿Ċĸ

(QODGLPHQVL³QF­YLFDHVWDVFRPXQLGDGHVVHGHVWDFDQSRUVXRUJDQL]DFL³Q
FRPXQLWDULD $TX­ ODV GHFLVLRQHV VH WRPDQ GH PDQHUD SDUWLFLSDWLYD FRPR HQ
XQD YRWDFL³Q SDUD HOHJLU DO DOFDOGH GHO EDUULR SHUR FRQ P¡V HQWXVLDVPR \
PHQRV SURSDJDQGD SRO­WLFD 6H UHVSHWDQ ODV WUDGLFLRQHV DQFHVWUDOHV DXQTXH D
YHFHVVHWRPHXQDSDXVDHQODUHXQL³QFRPXQLWDULDSDUDHVFXFKDUODVKLVWRULDV
P¡V DQWLJXDV GH OD DEXHOD GHO YHFLQR (O VHQWLGR GH SHUWHQHQFLD DTX­ HV P¡V
IXHUWHTXHHODPRUGHXQSHUURSRUVXKXHVRIDYRULWRDUUDLJDGRHQODKLVWRULD
ORFDO FRPR ODV UD­FHV GH XQ ¡UERO JLJDQWH $VL PLVPR WRGD OD FRPXQLGDG
UHVSRQGHDQWHODVDFFLRQHVTXHOHJHQHUHQXQELHQFRPRIDPLOLDVHLQWHJUDQ\
VHKDFHQFRQRFHGRUHVGHDTXHOODVGHUHFKRVTXHORVSURWHJHQ\QREXVFDQJDQDU
PDVRPHQRVEXVFDQFUHFHUFRPRFRPXQLGDG
)XHQWH(ODERUDFL³Q3URSLD
    (Q OD GLPHQVL³Q HFRQ³PLFD HVWDV FRPXQLGDGHV VH DSR\DQ HQ JUDQ PHGLGD HQ OD
DFWLYLGDG SHVTXHUD \ WXU­VWLFD ODV FXDOHV FRQVWLWX\HQ HO SLODU IXQGDPHQWDO GH VX
VXVWHQWRVHGHGLFDQDODDFWLYLGDGSHVTXHUD\WXU­VWLFDTXHQRVRORPDQWLHQHDIORWH
HO EDUFR HFRQ³PLFR VLQR TXH WDPEL©Q OR KDFH QDYHJDU D WRGD YHORFLGDG /D SHVFD
VRVWHQLEOH HV HO DQ]XHOR TXH JDUDQWL]D XQ VXPLQLVWUR FRQVWDQWH GH FRPLGD IUHVFD \
XQLQJUHVRHVWDEOHSDUDORVKDELWDQWHVPLHQWUDVTXHHOWXULVPRRIUHFHXQDPRQWD±D
UXVD GH HPRFLRQHV D ORV YLVLWDQWHV TXH EXVFDQ DYHQWXUDV DXW©QWLFDV \ D YHFHV XQ
SRFRKºPHGDV$GHP¡VHVWDVDFWLYLGDGHVQRVROROOHQDQORVEROVLOORVGHORVKDELWDQWHV
VLQR TXH WDPEL©Q SURWHJHQ HO HFRVLVWHPD DFX¡WLFR FRQYLUWLHQGR D ORV SHVFDGRUHV HQ
JXDUGLDQHVGHOPDUFRQXQDFD±DHQODPDQR

)XHQWH(ODERUDFL³Q3URSLD
    /D GLPHQVL³Q VRFLDO DTX­ HV FRPR XQD JUDQ ILHVWD GH EDUULR TXH QXQFD WHUPLQD
SHUR FRQ P¡V DEUD]RV \ PHQRV TXHMDV VREUH HO UXLGR GHO RWUR /DV UHODFLRQHV
LQWHUSHUVRQDOHV V³OLGDV \ HVR TXH DTX­ WRGR HVW¡ IORWDQGR /RV OD]RV IDPLOLDUHV \
YHFLQDOHVVRQWDQHVWUHFKRVTXHDYHFHVSDUHFHTXHWRGRVVRQSULPRVOHMDQRVLQFOXVR
VL QR UHFXHUGDQ GH TX© ODGR GH OD FL©QDJD VRQ < FXDQGR OOHJDQ ORV PRPHQWRV
GLI­FLOHV OD FRPXQLGDG VH XQH FRPR XQ HTXLSR GH VXSHUK©URHV SDUD OXFKDU SRU HO
ELHQGHWRGRVVLQH[FOXLUDQDGLH(VWDVFRPXQLGDGHVWLHQHQXQHQWRUQR­QWLPDPHQWH
FRQHFWDGR ORV OD]RV VRFLDOHV VRQ P¡V IXHUWHV TXH HO RORU D SHVFDGR IUHVFR HQ OD
PD±DQD \ OD UHVLOLHQFLD HV HO SHJDPHQWR TXH PDQWLHQH XQLGD D OD FRPXQLGDG
LQFOXVRHQORVG­DVP¡VWXUEXOHQWRV

)XHQWH(ODERUDFL³Q3URSLD

    (Q FRQMXQWR HVWDV GLPHQVLRQHV PXHVWUDQ F³PR OD YLWDOLGDG XUEDQD VH DGDSWD \ VH
UHGHILQHHQFRQWH[WRVHVSHF­ILFRVFRPRODVFRPXQLGDGHVSDODI­WLFDVGRQGHODUHODFL³QFRQHO
HQWRUQR DFX¡WLFR \ ODV WUDGLFLRQHV ORFDOHV PROGHDQ OD YLGD FRWLGLDQD \ OD LGHQWLGDG
FRPXQLWDULDFUHDQGRXQHMHPSORLQVSLUDGRUGHFRH[LVWHQFLDDUPRQLRVDHQWUHHOVHUKXPDQR
\ODQDWXUDOH]D
K K8'O
7('[ 7DONV  MXO   (O DJXD HO VXUJLPLHQWR \ DEDQGRQR GH ODV FLXGDGHV PD\DV _
7RP¡V %DUULHQWRV _ 7('[*XDWHPDOD&LW\6DORQ >$UFKLYR GH YLGHR@ <RX7XEH
KWWSVZZZ\RXWXEHFRPZDWFK"Y +-,;OMHV
'DQLHO9DUJDV7RUUHV  $JXD\DUTXLWHFWXUD3RGHU\SRHV­DHQ.HXVKX'HDUT
KWWSVGRLRUJGHDUT
0DQXHOD*X]P¡Q5DP­UH]9LYLDQD$QGUHD'­D]&RUUHD  ,QIUDHVWUXFWXUDYHUGHD]XO
\ODHVFDODLQWHUPHGLD'HDUTKWWSVGRLRUJGHDUT
-DQ *HKO   &LXGDGHV SDUD OD JHQWH /D FLXGDG D OD DOWXUD GH ORV RMR  FULWHULRV GH
FDOLGDGSS
6WHYHQVRQ-RV©  81$9,6,“1&57,&$$&(5&$'(/25,*(1'(%$55$148,//$
5HLQWHUSUHWDFL³QGHODKLVWRULDORFDO
0DQXDO 'H &ULWHULRV 'H 'LVH±R 8UEDQR -DQ %D]DQW 6 VI 
KWWSVDUFKLYHRUJGHWDLOVPDQXDOGHFULWHULRVGHGLVHQRXUEDQRMDQED]DQWVSDJHQPR
GHXS
0 ,VDEHO 0RUDOHV 6DQFKH] 6DUD 5REOHV $YLOD 0DULD 'D 1DWLYLGDGH   /HFWXUDV GHO
DJXD(G&DWDUDWD
$PHOLD 3©UH] =DEDOHWD 6RI­D 7LUDGR 6DUWL *HPPD 'XU¡Q 5RPHUR   (O DJXD HQ OD
HFRQRP­DFLUFXODULQGLFDGRUHVGHFLUFXODULGDG'LDOQHW
0DULD/RSH]'H$VLDLQ3LODU3HUH]GHO5HDO$QMD(KUHQIULHG  (OFLFORXUEDQRGHODJXD
'LDOQHW
'HGH +   /D FDUUHUD GHO 3URJUHVR   XQ ODERUDWRULR GH PRGHUQLGDG HQ
%DUUDQTXLOOD 0HPRULDV 5HYLVWD 'LJLWDO GH $UTXHRORJ­D H +LVWRULD GHVGH HO &DULEH
VHSWLHPEUHGLFLHPEUH '2,KWWSG[GRLRUJPHPRU
-HVVLOOH /³SH] *DUF­D (GXDUGR *³PH]$UDXMR HW 5REHUWR *RQ]¡OH] $UDQD l (O 0HUFDGR
3ºEOLFR GH %DUUDQTXLOOD   'H OD KLVWRULD GH XQ HGLILFLR D XQD WULDQJXODFL³Q
FRPHUFLDO{&DUDYHOOH'2,KWWSVGRLRUJFDUDYHOOH
$Q³QLPR   +DOODQ FXHUSR VLQ YLGD D RULOODV GHO &D±R /D $X\DPD >)RWRJUDI­D@
5HFXSHUDGR GH
KWWSVZZZDOGLDFRVLWHVGHIDXOWILOHVVW\OHVGHVNWRSB[B[SXEOLF
DUWLFXORSRUWDGD+DOODQFXHUSRVLQYLGDDRULOODVGHO&D&%
R/D$X\DPDMSJ"LWRN 6BDYUUT
&DPSR (O­DV VI  3³VWDO GHO 5­R 0DJGDOHQD HQ HO VHFWRU GH /DV )O³UHV HQ %DUUDQTXLOOD
>)RWRJUDI­D@&DPSR(O­DVVIKWWSVFRSLQWHUHVWFRPSLQ
5HJLRQFDULEHRUJ VI  2UODQGR (O 0RQR HQ VX ODERU GLDULD TXH UHDOL]D KDFH  D±RV
>)RWRJUDPD@ 5HJLRQFDULEHRUJ VI .DULSXD±¡ jNDWFKHILOPV
KWWSVZZZUHJLRQFDULEHRUJSRVWNDULSXD±¡XQGRFXPHQWDOTXHPXHVWUDODYLGD
HQHOFD±RGHODDKX\DPD
*29&2   6HLV FD±RV GH %DUUDQTXLOOD SU³[LPRV D UHFXSHUDU QDYHJDELOLGDG \ D
FRQHFWDUVH FRQ HO U­R 0DJGDOHQD >)RWRJUDI­D@ *29&2 
KWWSVZZZEDUUDQTXLOODJRYFRPLEDUUDQTXLOODVHLVFDQRVGHEDUUDQTXLOOD
SUR[LPRVDUHFXSHUDUQDYHJDELOLGDG\DFRQHFWDUVHFRQHOULRPDJGDOHQD
&9127,&,$6   35(6(17$1 '2&80(17$/ 62%5( (/ &$‘2 '( /$ $+8<$0$
>)RWRJUDI­D@ &9127,&,$6  KWWSVFYQRWLFLDVFRPFRSUHVHQWDQGRFXPHQWDOVREUH
HOFDQRGHODDKX\DPD
0DUW­QH] 0RU© 2 5   )UDJPHQWDFL³Q VRFLR HVSDFLDO D SDUWLU GH XQD LQWHUYHQFL³Q
XUEDQD FDVR SDU YLDO FDUUHUD  %DUULR $EDMR GH %DUUDQTXLOOD 5HFXSHUDGR GH
KWWSVPDQJODUXQLQRUWHHGXFRKDQGOHSDJH 
8YOTKO KK8JY'22
Ŭ¨Ê†¿Å»r~r¿r}rº

You might also like