7,78/2

(/0(72'2'((/(0(1726),1,726
$8725(6
HPDLO
1DVVU\0DKDQD)DQJ
QDPDID#KRWPDLOFRP
&$55(5$
,QJHQLHUtD,QGXVWULDO

81,9(56,'$'
8QLYHUVLGDG,QGXVWULDOGH
6DQWDQGHU
0$7(5,$
352)(625
&RQWUROGH3URGXFFLyQ,
3LHGDG$UHQDV'tD]
&,8'$'
3$,6
)(&+$(/$%25$&,21
%XFDUDPDQJD
&RORPELD
'LFLHPEUHGH
'(6&5,3&,21
,QYHVWLJDFLyQTXHSUHWHQGHH[SORUDUODVYHQWDMDVGHODXWLOL]DFLyQGHO
0pWRGRGH(OHPHQWRV)LQLWRVFRPRKHUUDPLHQWDGHDSR\RSDUDODV
HPSUHVDVTXHVHIXQGDPHQWDQHQORVDYDQFHVWHFQROyJLFRV\
FLHQWtILFRVSDUDORJUDUODRSWLPL]DFLyQGHVXVSURGXFWRV\SURFHVRV
6H PHQFLRQDODLPSRUWDQFLDGHORVSDTXHWHVFRPSXWDFLRQDOHVGHDOWR
QLYHO HQODIRUPDFLyQGHORVSURIHVLRQDOHVGHKR\
&2',*2'(/0$7(5,$/

LQGD

78//$9(&20
(/0(72'2'((/(0(1726),1,726
,19(67,*$&,21

2%-(7,926
&RQRFHUHQTXHFRQVLVWHHOPpWRGRGHHOHPHQWRVILQLWRV0()
'HVFULELU D PLV FRPSDxHURV GH FDUUHUD \ SURIHVRUHV SRU PHGLR GH HVWH

WUDEDMR XQD KHUUDPLHQWD PDWHPiWLFD DYDQ]DGD SDUD OD VROXFLyQ GH

SUREOHPDVGHDOWDFRPSOHMLGDG

$SUHQGHU OD LPSRUWDQFLD TXH WLHQHQ SDUD FXDOTXLHU SURIHVLRQDO ORV

FRQRFLPLHQWRV HQ PDWHPiWLFDV \ KHUUDPLHQWDV FRPSXWDFLRQDOHV GH DOWR

QLYHO

'HVFULELUDOJXQDVGHODVSULQFLSDOHVDSOLFDFLRQHVGHO0()HQ&RORPELD
'HVFULELUFRPRIXQFLRQDHOSDTXHWH$16<6 

78//$9(&20
,1752'8&&,21
+DFH YDULRV DxRV DSDUHFLy OD SULPHUD HGLFLyQ GHO OLEUR WKH ILQLWH HOHPHQW
PHWKRG HVFULWR SRU HO SURIHVRU 2 & =LHQNLHZLF] GHVGH HO 'SW 2I &LYLO
(QJLQHHULQJ GHO 8QLYHUVLW\ &ROOHJH RI6ZDQVHD HQ HO SDLV GH *DOHV 0XFKR
KD FDPELDGR GHVGH HVD pSRFD HQ HO PXQGR GH OD FLHQFLD H LQJHQLHUtD HQ
UHODFLyQ FRQ OD LQYHVWLJDFLyQ \ DSOLFDFLRQHV GHO PpWRGR GH ORV HOHPHQWRV
ILQLWRV0()
(O 0() HV XQ PpWRGR QXPpULFR SDUD UHVROYHU HFXDFLRQHV R VLVWHPDV GH
HFXDFLRQHVGLIHUHQFLDOHVRUGLQDULDVRSDUFLDOHV&RQVLVWHHQ GLVFUHWL]DU XQD
VXSHUILFLHRXQYROXPHQHQHOHPHQWRVIXQGDPHQWDOHVFX\DIRUPDVHGRPLQD
\ UHVROYHU OD HFXDFLyQ R HFXDFLRQHV GLIHUHQFLDOHV HQ FDGD XQR GH HVRV
HOHPHQWRV

6L SRU HQWRQFHV HO 0() HUD XQD WpFQLFD WRWDOPHQWH PLQRULWDULD HQWUH ORV
LQYHVWLJDGRUHVGHODVXQLYHUVLGDGHV\VRORXWLOL]DGDSDUDHVWXGLDUSUREOHPDV
PX\HVSHFLDOHVSRUHPSUHVDVDOWDPHQWHWHFQLILFDGDVKR\HQGtDHO0()HV
XQDKHUUDPLHQWDVXPDPHQWHH[WHQGLGD\HPSOHDGDWDQWRHQODLQYHVWLJDFLyQ
\ GHVDUUROOR HQ OD PD\RU SDUWH  GH ORV iPELWRV FLHQWtILFRV \ WHFQROyJLFRV
FRPRSRUQXPHURVRVVHFWRUHVSURGXFWLYRVSUHRFXSDGRVSRUODPHMRUDGH OD
FDOLGDGGHVXVSURGXFWRV\SURFHVRV
1RHVH[WUDxRHQFRQWUDUDSOLFDFLRQHVGHO0()HQiUHDVWDQOHMDQDVHQWUH VL
FRPR HO GLVHxR HVWUXFWXUDO FDPSR HQ HO TXH  HO 0() VH GHVDUUROOR
RULJLQDOPHQWH \ GHO TXH QXWULy  GH P~OWLSOHV FRQFHSWRV ItVLFRV \ OD
PHWHRURORJtD HQ GRQGH VH UHVXHOYHQ DFWXDOPHQWH ORV SUREOHPDV GH
VLPXODFLyQQXPpULFDTXL]iVGHPD\RUWDPDxR

(VWD FLUFXQVWDQFLD KD VLGR IUXWR GH XQD VHULH GH FRLQFLGHQFLDV IDYRUDEOHV
(QWUH HOODV KD\ TXH FLWDU HO HVIXHU]R GH ODV XQLYHUVLGDGHV \ FHQWURV GH
LQYHVWLJDFLyQ GH ORVSDtVHV (XURSHRV 86$ \ /DWLQRDPHULFDQRV WDQWR HQ OD
IRUPDFLyQGHLQYHVWLJDGRUHVHQHOiUHDGHODVLPXODFLyQQXPpULFDFRPRHQOD
GLIXVLyQ GH ODV YHQWDMDV GH ORV PpWRGRV QXPpULFRV HQ HO PXQGR LQGXVWULDO
TXHHQVXFRQWLQXRSURJUHVRKDLGRUHTXLULHQGRDQiOLVLVSRURUGHQDGRUFDGD
YH]PDVSUHFLVRV\HILFLHQWHV

(Q ODWLQR$PpULFDGHOIUXWRGHHVWHHVIXHU]RVHKDLGRJHQHUDQGRXQDPDVD
FULWLFD GH H[SHUWRV HQ PpWRGRV QXPpULFRV TXH GHVDUUROOD XQD FRQVWDQWH
DFWLYLGDGHQP~OWLSOHVFDPSRVFLHQWLILFRWHFQLFRVFRQIUHFXHQWHVUHXQLRQHV\
FRQJUHVRV UHODFLRQDGRV FRQ ORV PpWRGRV QXPpULFRV \ VXV DSOLFDFLRQHV
FHOHEUDGRVHQ(VSDxDRHQDOJ~QRWURSDtVGHOHQJXD(VSDxROD$VtPLVPR
OD FUHDFLyQ GH FHQWURV QDFLRQDOHV R UHJLRQDOHV UHODFLRQDGRV FRQ HVWD


78//$9(&20
HVSHFLDOLGDG WDOHV FRPR OD 6RFLHGDG (VSDxROD GH 0pWRGRV 1XPpULFRV HQ
,QJHQLHUtD 6(01, OD $VRFLDFLyQ $UJHQWLQD GH 0HFiQLFD &RPSXWDFLRQDO
$0&$ OD $VRFLDFLyQ ,EHURDPHULFDQD GH 0HFiQLFD &RPSXWDFLRQDO DVt
FRPR GLYHUVDV DVRFLDFLRQHV GH PDWHPiWLFD DSOLFDGD D OD LQGXVWULD KD
FRQWULEXLGRDOJUDQDYDQFHGHO0()HQHOiPELWR+LVSDQR
(Q &RORPELD DOJXQRV SURIHVRUHV XQLYHUVLWDULRV \ HVWXGLDQWHV GHVGH KDFH
DOJXQRV DxRV YLHQHQ HVWXGLDQGR \ DSOLFDQGR HO 0() SDUD OD VROXFLyQ GH
SUREOHPDV UHDOHV  /D 8QLYHUVLGDG ,QGXVWULDO GH 6DQWDQGHU HV XQD GH ODV
OLGHUHV HQ HVWH UDPR FRQ ODV HVFXHODV GH ,QJHQLHUtD &LYLO H ,QJHQLHUtD
0HFiQLFDGRQGH\DIXHLQWURGXFLGDODPDWHULD0pWRGRGH(OHPHQWRV)LQLWRV
FRPR HOHFWLYD $GHPiVXQ JUXSR GH HVWXGLDQWHV KR\ LQJHQLHURV PHFiQLFRV
HJUHVDGRV GH OD 8,6 KDQ DGHODQWDGR JUDQGHV DYDQFHV HQ OD DVLPLODFLyQ \
FRPSUHVLyQGHO 0() HO FXDOWDPELpQ HV SXHVWRHQSUDFWLFD SRUHOORV SDUD
VROXFLRQDUSUREOHPDVGHDOWDFRPSOHMLGDGWpFQLFD

78//$9(&20
(/0(72'2'((/(0(1726),1,726
0RGHODPLHQWRHQ,QJHQLHUtD

,PSXOVDGD SRU OD QHFHVLGDG GH VXSHUYLYHQFLD \ SRU OD VHGXFFLyQ LUUHVLVWLEOH
GHO ELHQHVWDU \ GHO SRGHU OD KXPDQLGDG VH KD SXHVWR HQ OD WDUHD GH
WUDQVIRUPDUDVXDQWRMRODQDWXUDOH]D$OD,QJHQLHUtDOHKDFRUUHVSRQGLGROD
UHVSRQVDELOLGDG GH PDWHULDOL]DU ODV UHIRUPDV GHO PHGLR DPELHQWH SRU PHGLR
GH REUDVWHFQROyJLFDV

8QR GH ORV PiV LPSRUWDQWHV FULWHULRV WRPDGRV HQ FXHQWD HQ HO GLVHxR GH
XQD REUD GH LQJHQLHUtD HV OD SHUGXUDELOLGDG OD FDSDFLGDG GH VRSRUWDU HO
GHWHULRUR LQGXFLGR SRU DJHQWHV H[WHUQRV \ GH FXPSOLU ORV REMHWLYRV SDUD ORV
TXHKDVLGRFUHDGDGXUDQWHXQSHUtRGRSUHGHILQLGRRLQGHILQLGDPHQWHODUJR
3DUD JDUDQWL]DU HVWH UHTXLVLWR HVHQFLDO VH KDFH XVR GH XQD SRGHURVD
KHUUDPLHQWD (O 0RGHODPLHQWR HO HVWDEOHFLPLHQWR GH XQ FRQMXQWR GH
VXSRVLFLRQHV UHJODV UHODFLRQHV \ GHOLPLWDFLRQHV FRQ ODV TXH VH LQWHQWD
H[SOLFDUHOFRPSRUWDPLHQWRGHXQIUDJPHQWRGHUHDOLGDGDWUDYpVGHOWLHPSR\
VXUHVSXHVWDDHVWtPXORVH[WHUQRV
/

Z    = 
Z    = 

Z    = 

GZ
G[
GZ
G[



[=



[=

Z  /  = 

G Z
G [
G Z
G [

=
[=/

0
(,

=
[=/

G Z
G [

Z    = 

Z  /  = 

G Z
G [

Z    = 

Z  /  = 

GZ
G[





[=



[=

=
[=



G Z
G [

[=/

G Z
G [

[=/

G Z
G [

[=/

G Z
G [
G Z
G [

[=/

=
[=/

0
(,

)LJXUD&RQGLFLRQHVGH)URQWHUDSDUDODIOH[LyQGHXQDYLJDFRQGLYHUVRVWLSRVGHDSR\R

/D UHDOLGDG HV PiV FRPSOHMD TXH FXDOTXLHU PRGHOR TXH ORV FLHQWtILFRV \
PDWHPiWLFRV SXHGDQ FRQFHELU ORV PRGHORV VRQ VyOR DSUR[LPDFLRQHV D OD
UHDOLGDG UHSUHVHQWDFLRQHV GH OD QDWXUDOH]D HQ OD PHQWH GHO KRPEUH
LGHDOL]DFLRQHV VREUH ODV TXH QR VH SXHGH HVWDEOHFHU XQD YDOLGH] DEVROXWD
VLQR XQD YDOLGH] UHODWLYD \ HVWDGtVWLFD OD FXDO HV HO UHVXOWDGR GHO p[LWR GHO
PRGHOR SDUD H[SOLFDU DXQTXH QR OD WRWDOLGDG XQD JUDQ FDQWLGDG GH


78//$9(&20
VLWXDFLRQHV GH VX REMHWR \ SDUD SUHGHFLU FRQ DSUR[LPDFLyQ HO
FRPSRUWDPLHQWR \ OD PDJQLWXG GH ODV YDULDEOHV PHGLEOHV GHO IUDJPHQWR GH
UHDOLGDG UHSUHVHQWDGR 3RU WRGR HVWR HO XVR GH XQ PRGHOR H[LJH XQ
FRQRFLPLHQWR SURIXQGR GH VXV EDVHV WHyULFDV \ XQ SHUPDQHQWH HVWDGR GH
DOHUWD\GHFUtWLFDGXUDQWHVXDSOLFDFLyQ
$ SHVDU GH HVWDV OLPLWDFLRQHV QR GHMD GH DVRPEUDU OD PDUDYLOORVD
FRUUHVSRQGHQFLD HQWUH HO FRPSRUWDPLHQWR GH OD QDWXUDOH]D \ OD LQQXPHUDEOH
VHULH GH FUHDFLRQHV GH OD PHQWH GHO KRPEUH ORV PRGHORV TXH KDQ KHFKR
SRVLEOHHOGHVDUUROORGHODFLHQFLD\ODLQJHQLHUtDFRPRGLVFLSOLQDVUDFLRQDOHV\
FRPRSULQFLSDOIXHQWHGHSRGHU GH ODKXPDQLGDG VREUH Vt PLVPD \ VREUH HO
XQLYHUVR
0RGHODPLHQWR&RPSXWDFLRQDO

3DUDTXHXQPRGHORWHQJDXWLOLGDGHQLQJHQLHUtDGHEHSRGHUVHH[SUHVDUHQ
OHQJXDMHPDWHPiWLFRHQIRUPDGHUHODFLRQHVPDWHPiWLFDVFXDOLWDWLYDV\RMDOi
FXDQWLWDWLYDV WDOHV FRPR IXQFLRQHV HFXDFLRQHV LQHFXDFLRQHV TXH DO
PDQHMDUODV HO LQJHQLHUR SXHGD REWHQHU LQIRUPDFLyQ DFHUFD GH OD FRQGXFWD
IXWXUDGHOREMHWRTXHGLVHxDRDQDOL]D
(VFRP~QTXHODVH[SUHVLRQHVPDWHPiWLFDVUHVXOWDQWHVVHDQPX\GLItFLOHVGH
UHVROYHU SRU PpWRGRV DQDOtWLFRV H[DFWRV (VWR VXFHGH SRU HMHPSOR HQ
IHQyPHQRV FX\RV PRGHORV FRQVWDQ GH HFXDFLRQHV GLIHUHQFLDOHV FRQ
FRQGLFLRQHV GH IURQWHUD HVWDEOHFLGDV VREUH XQ HVSDFLR R GRPLQLR FX\D
JHRPHWUtD QR SXHGD VHU DSUR[LPDGD SRU FXUYDV VXSHUILFLHV R YRO~PHQHV
UHJXODUHV
7RPHPRV HO SUREOHPD GH OD IOH[LyQ GH XQD YLJD SDUD ODV FRQGLFLRQHV GH
DSR\R PRVWUDGDV HQ OD )LJXUD  (O PRGHOR PDWHPiWLFR GH HVWH HMHPSOR
TXHGD GHILQLGR SRU OD VLJXLHQWH HFXDFLyQ GLIHUHQFLDO \ ODV FRQGLFLRQHV GH
IURQWHUDPRVWUDGDVHQODPLVPDILJXUD

G
G [

G Z
(,
+ I =

G[

78//$9(&20
'RQGH

(,
/

'HVSOD]DPLHQWR YHUWLFDO GH XQ

SXQWRGHODYLJD
)XHU]D GLVWULEXLGD SRU XQLGDG GH
ORQJLWXGVREUHODYLJD
3URGXFWR HQWUH HO PyGXOR GH
HODVWLFLGDG \ HO PRPHQWR GH
LQHUFLDGHODVHFFLyQGHODYLJD
/RQJLWXGGHODYLJD

(QFXDQWRDOGRPLQLRHVODOtQHDUHFWDHQWUH[ 2\[ /ORFXDOQRVSHUPLWH

OODPDUOR XQLGLPHQVLRQDO FRPR D WRGRV ORV SUREOHPDV FX\R GRPLQLR VHD XQD
OtQHDFXUYDRUHFWD
/D VROXFLyQ DQDOtWLFD HQ HVWH FDVR HV IiFLO GH REWHQHU FXDQGR I HV XQ
SROLQRPLR3HURVLIHVRWURWLSRGHIXQFLyQRVLFRPSOLFDPRVHOGRPLQLRFRPR
HQ OD)LJXUDODVROXFLyQVHYXHOYHPX\GLItFLORSUiFWLFDPHQWHLPSRVLEOH
/

4
/

)LJXUD9LJDHQ8HPSRWUDGDVRPHWLGD
D VXSURSLRSHVR\FRQXQDFDUJD4
FRQFHQWUDGDHQHOH[WUHPROLEUH

3DUD VDOYDU HVWD GLILFXOWDG OD LQWURGXFFLyQ GHO FRPSXWDGRU HQ OD YLGD
FRWLGLDQDGHODFLHQFLD\ODLQJHQLHUtDKDJHQHUDOL]DGRHOXVRGHORVPpWRGRV
QXPpULFRV DOJRULWPRV PDWHPiWLFRV TXH SHUPLWHQ HQFRQWUDU VROXFLRQHV
DSUR[LPDGDV D H[SUHVLRQHV PDWHPiWLFDV FRPR LQWHJUDOHV GHILQLGDV VHULHV
HFXDFLRQHV GLIHUHQFLDOHV FRQ FRQGLFLRQHV GH IURQWHUD HVWDEOHFLGDV \
RSWLPL]DFLyQGHXQDIXQFLyQGHQWURGHXQLQWHUYDOR

78//$9(&20
/RV PpWRGRV QXPpULFRV GH XVR PiV H[WHQGLGR SDUD OD UHVROXFLyQ GH ODV
HFXDFLRQHV GLIHUHQFLDOHV (' GH IUHFXHQWH RFXUUHQFLD HQ OD PHFiQLFD GHO
FRQWLQXRVRQ
(OHPHQWRV)LQLWRV
'LIHUHQFLDV)LQLWDV
0pWRGR9DULDFLRQDO
(OHPHQWRVGH)URQWHUD

0RGHODPLHQWR&RPSXWDFLRQDOFRQ(OHPHQWRV)LQLWRV

(O OHQJXDMH GH ORV HOHPHQWRV ILQLWRV HVWi FRQVWUXLGR VREUH DOJXQRV
FRQFHSWRV TXH HV QHFHVDULR SUHFLVDU DQWHV GH GHVFULELU OD HVHQFLD \ OD
PHFiQLFDGHOPpWRGR

'RPLQLRGHOSUREOHPDHVSDFLRItVLFRGRQGHWLHQHRFXUUHQFLDHOIHQyPHQR
(Q OD UHDOLGDG WRGRV ORV GRPLQLRV VRQ WULGLPHQVLRQDOHV XQ SXQWR GHO
GRPLQLRQHFHVLWDWUHVFRRUGHQDGDVHVSDFLDOHVSDUDTXHGDUGHILQLGR)LJXUD


)LJXUD0RGHORGH(OHPHQWRV)LQLWRV
UHDOL]DGRHQ$16<6SDUDODDGPLVLyQGH
IOXLGRHQXQDYiOYXOD

6LQHPEDUJRHVSRVLEOHTXHHQODGLUHFFLyQGHXQDGHHVDVFRRUGHQDGDVHO
GHVHQYROYLPLHQWR GHO IHQyPHQR QR WHQJD  PD\RUHV YDULDFLRQHV R TXH
VLPSOHPHQWH OD GLPHQVLyQ GH OD UHJLyQ GHO HVSDFLR HQ HVD GLUHFFLyQ VHD
LQVLJQLILFDQWH FRPSDUDGD FRQ ODVRWUDVGRVGLPHQVLRQHV HQ HVWRV FDVRV VH
KDUi DEVWUDFFLyQ GH GLFKD FRRUGHQDGD \ WHQGUHPRV OD LGHDOL]DFLyQ GH XQ


78//$9(&20
GRPLQLRELGLPHQVLRQDOTXHFRUUHVSRQGHJHRPpWULFDPHQWHFRQXQDVXSHUILFLH
SODQDRFXUYD)LJXUD

)LJXUD'RPLQLR\)URQWHUD'

6LVRQGRVODVFRRUGHQDGDVTXHHVSRVLEOHDEVWUDHUVHLGHDOL]DUiHOGRPLQLR
FRPRXQLGLPHQVLRQDOFRQUHSUHVHQWDFLyQJHRPpWULFDGHOtQHDUHFWDRFXUYD
)LJXUDV\

)URQWHUD GHO GRPLQLR HQWLGDG JHRPpWULFD TXH VLUYH GH LQWHUIDFH HQWUH HO
GRPLQLR\HOUHVWRGHOXQLYHUVRGHODPLVPDGLPHQVLyQ

(Q SUREOHPDV XQLGLPHQVLRQDOHV HO XQLYHUVR FRUUHVSRQGH D XQD OtQHD

DELHUWD GH H[WHQVLyQ LQILQLWD FRPR XQD UHFWD R XQD SDUiEROD R XQD FXUYD
FHUUDGDFRPRXQDFLUFXQIHUHQFLDRXQDHOLSVHHOGRPLQLRHV XQ VHJPHQWR
GH OtQHD OXHJR OD IURQWHUD GH HVWH GRPLQLR FRUUHVSRQGH D ORV SXQWRV TXH
GHOLPLWDQHOVHJPHQWRGHQWURGHODOtQHDWRWDO
(Q GRV GLPHQVLRQHV HO XQLYHUVR HV XQD VXSHUILFLH DELHUWD H[WHQGLGD DO
LQILQLWRFRPRXQSDUDERORLGHRXQSODQRRXQDVXSHUILFLHFHUUDGDFRPRXQD
HVIHUDODIURQWHUDHVWDUiFRQVWLWXLGDSRUODVOtQHDVTXHOLPLWDQODVXSHUILFLH
HVGHFLUVXERUGH)LJXUD
(Q WUHV GLPHQVLRQHV HO XQLYHUVR HV XQ FXHUSR LQILQLWDPHQWH H[WHQGLGR HQ
WRGDGLUHFFLyQ\HOGRPLQLRHVXQFXHUSRGHH[WHQVLyQILQLWDHQHVWHFDVROD
LQWHUIDFHHVXQDVXSHUILFLH

78//$9(&20
(OHPHQWR)LQLWRHQHOPpWRGRGHHOHPHQWRVILQLWRVVHDSUR[LPDHOGRPLQLR
JHRPpWULFRFRQWLQXRSRUXQDXQLyQGHVXEGRPLQLRVPiVVLPSOHV\DFDGD
XQR GHpVWRVVHOHGHQRPLQDHOHPHQWRILQLWR
(Q'ORVHOHPHQWRVILQLWRVVRQSROLHGURVGHFXDOTXLHUQ~PHURGHFDJDV
DXQTXH HQ OD SUiFWLFD VH DFRVWXPEUD D XVDU KH[DHGURV SHQWDHGURV \
WHWUDHGURV(Q'VRQSROtJRQRVFRQYH[RVGHFXDOTXLHUQ~PHURGHODGRV
DXQTXHSRUVLPSOLFLGDGFDVLVLHPSUHVHXVDQWULiQJXORV\FXDGULOiWHURV\D
VHDQ SODQRV R FXUYRV (Q ' ORV HOHPHQWRV ILQLWRV VLHPSUH VRQ
VHJPHQWRVGHOtQHD

1RGR SXQWR GRQGH VH YD D HQFRQWUDU OD VROXFLyQ GHO SUREOHPD SDUD
GHVSXpV H[WHQGHUOD DO UHVWR GHO GRPLQLR LQWHUSRODQGR GLFKD VROXFLyQ
3XHGHQHVWDUHQORVYpUWLFHVRGHQWURGHOHOHPHQWR

9DULDEOHV 3ULQFLSDOHV YDULDEOHV QHFHVDULDV SDUD GHVFULELU FRPSOHWDPHQWH

HO HVWDGRGHXQSXQWRGHOGRPLQLR3DUDHOFDVRGHODIOH[LyQGHXQDYLJD
HO HVWDGRGHXQSXQWRGHODYLJDTXHGDGHWHUPLQDGRSRUODPDJQLWXGGHOD
GH IOH[LyQYHUWLFDOZ\ODPDJQLWXGGHODSHQGLHQWHGHODFXUYDTXHIRUPD
OD YLJDGHIOHFWDGDq
9DULDEOHV6HFXQGDULDVYDULDEOHVGHULYDGDVGHODVSULQFLSDOHVHQODIOH[LyQ
GH XQD YLJD ODV YDULDEOHV VHFXQGDULDV VRQ HO PRPHQWR 0 \ OD IXHU]D
FRUWDQWH9HQXQDVHFFLyQGHODPLVPD
*UDGRV GH OLEHUWDG Q~PHUR GH YDULDEOHV SULQFLSDOHV GHO SUREOHPD
'HWHUPLQDQHOVLVWHPDFRPSOHWDPHQWH

)XQFLRQHVGHLQWHUSRODFLyQIXQFLRQHVSDUDH[WHQGHUDOUHVWRGHOGRPLQLR
OD VROXFLyQ REWHQLGD SDUD ORV QRGRV (Q HOHPHQWRV ILQLWRV VH XWLOL]DQ
SROLQRPLRV HO JUDGR PtQLPR GH pVWRV TXH VH SXHGHQ XWLOL]DU HQ XQ
SUREOHPD GDGR HVWi GHILQLGR SRU HO Q~PHUR GH JUDGRV GH OLEHUWDG \ HO
Q~PHURGHQRGRVGHXQHOHPHQWR

$KRUDELHQHO0pWRGRGH(OHPHQWRV)LQLWRVHVXQPpWRGRQXPpULFRGHJUDQ
YHUVDWLOLGDG HQ OD VROXFLyQ GH SUREOHPDV FX\RV PRGHORV FRUUHVSRQGHQ D
HFXDFLRQHV GLIHUHQFLDOHV FRQ FRQGLFLRQHV GH IURQWHUD HVWDEOHFLGDV \R
FRQGLFLRQHVLQLFLDOHV+DPRVWUDGRYHQWDMDVREUHRWURVPpWRGRVFRPRHOGH
'LIHUHQFLDV )LQLWDV HQ OD VROXFLyQ GH SUREOHPDV FRQ GRPLQLRV \ IURQWHUDV
JHRPpWULFDPHQWH FRPSOHMRV H LQFOXVR GHIRUPDEOHV FRQ HO WLHPSR GDQGR
UHVXOWDGRV GH EXHQD DSUR[LPDFLyQ OR FXDO KDFH TXH VX XVR YHQJD
H[WHQGLpQGRVHGtDDGtD
5HGG\GHVFULEHHOSURFHGLPLHQWRGHOPpWRGRHQVHLVSDVRV

78//$9(&20
 'LVFUHWL]DFLyQ (V HO SURFHVR GH WUDQVIRUPDU HO GRPLQLR JHRPpWULFR
FRQWLQXR HQ XQD PDOOD GH HOHPHQWRV ILQLWRV $TXt GHEH GHWHUPLQDUVH HO WLSR
GH HOHPHQWR OD IRUPD \ HO WDPDxR /RV FULWHULRV SULQFLSDOHV FRQ ORV TXH VH
GHEH KDFHU HVWH HQPDOODGR WLHQHQ TXH YHU FRQ PLQLPL]DU HO HUURU GH
GLVFUHWL]DFLyQHVGHFLUPLQLPL]DUODUHJLyQGHOGRPLQLRTXHTXHGHSRUIXHUD
GH OD PDOOD GH HOHPHQWRV ILQLWRV \ HQFRQWUDU XQ HTXLOLEULR HQWUH HO HUURU GH
DSUR[LPDFLyQSURSLRGHODWHRUtDGH
GHHOHPHQWRVILQLWRV\HOWLHPSRGHFRPSXWDGRUQHFHVDULRSDUDHQFRQWUDUXQD
VROXFLyQ DO SUREOHPD HVWR GHELGR D TXH HQWUH PiV ILQD VHD OD PDOOD PiV
H[DFWRVVHUiQORVUHVXOWDGRVSHURVHUiPD\RUHOWLHPSRGHFRPSXWDFLyQ

(QFDGDSUREOHPDKD\XQWDPDxRGHHOHPHQWRySWLPRDSDUWLUGHOFXDOORV
QLYHOHVGHH[DFWLWXGSUiFWLFDPHQWHQRYDUtDQSRUORWDQWRUHSUHVHQWDSpUGLGD
GHWLHPSRFRPSXWDFLRQDOLQWHQWDUFRQXQDPDOODPiVILQD/RVSURJUDPDVGH
FRPSXWDGRUTXHWUDEDMDQFRQHOHPHQWRVILQLWRVGLVSRQLEOHVFRPHUFLDOPHQWH
SUHVHQWDQ RSFLRQHV SDUD GLVFUHWL]DU DXWRPiWLFDPHQWH JHQHUDFLyQ
DXWRPiWLFD GH PDOODV ORV FXDOHV XWLOL]DQ DOJRULWPRV GH JHRPHWUtD
FRPSXWDFLRQDO(VWRVSHUPLWHQDOSURJUDPDGRUUHDOL]DUUiSLGD\HILFD]PHQWH
XQ SURFHVR TXH GH RWUD PDQHUD UHVXOWDUtD OHQWR \ HQJRUURVR HQ GRPLQLRV
FRPSOHMRVFRPRVRQORVGRPLQLRVGHORVSUREOHPDVUHDOHVGHLQJHQLHUtD
 'HWHUPLQDFLyQ GH ODV HFXDFLRQHV SDUD FDGD HOHPHQWR 8QD YH]
FRQVWUXLGD OD PDOOD GH HOHPHQWRV ILQLWRV VH SURFHGH D DSOLFDU D FDGD
HOHPHQWR ODV HFXDFLRQHV GLIHUHQFLDOHV \ FRQGLFLRQHV GH IURQWHUD GHO
SUREOHPD(VWHSDVRVHSXHGHDERUGDUGHVGHGLIHUHQWHVPpWRGRVVLHQGRWRV
PiVFRPXQHVORVVLJXLHQWHV








0pWRGRGH5LW]RGHO)XQFLRQDOGH(QHUJtD
0pWRGRGHORV5HVLGXRV3RQGHUDGRV
0pWRGRGH*DOHUNLQ
0pWRGRGHORV0tQLPRV&XDGUDGRV
0pWRGRGH&RORFDFLyQ
0pWRGRGHO&DVWLJR
0pWRGRGH&RXUDQW

6REUH FDGD XQR GH HVWRV PpWRGRV H[LVWH DEXQGDQWH ELEOLRJUDItD HQ OD
OLWHUDWXUD HQ HVWD RSRUWXQLGDG VyOR VH KDUi XQD EUHYH GHVFULSFLyQ GHO
PpWRGR GH 5LW] SRU HVWDU LQWXLWLYDPHQWH PiV FHUFD D ODV LGHDV FRQ ODV TXH
WUDEDMDHOLQJHQLHUR
(VWH PpWRGR VH DSR\D ILORVyILFDPHQWH HQ OD WHQGHQFLD TXH WLHQHQ ORV
VLVWHPDVHQODQDWXUDOH]DDEXVFDUORVHVWDGRVGHHTXLOLEULRTXHHTXLYDOHQD
ORVGHPtQLPDHQHUJtD/DFLHQFLDKDREWHQLGRXQEXHQGRPLQLRGHOFRQFHSWR


78//$9(&20
GH HQHUJtD ORJUiQGRVH TXH HQ XQ EXHQ Q~PHUR GH IHQyPHQRV H[LVWD OD
SRVLELOLGDGGHDQDOL]DUFXDOLWDWLYD\FXDQWLWDWLYDPHQWHORVHVWDGRV\ORVFDP
ELRVGHHQHUJtD

(O )XQFLRQDO GH (QHUJtD HV XQ FRQFHSWR WHyULFR GHILQLGR FRPR OD
GLIHUHQFLD HQWUH OD HQHUJtD SRWHQFLDO DOPDFHQDGD HQ HO VLVWHPD \ HO WUDEDMR
KHFKR SRUWRGDV ODVIXHU]DV TXH DFW~DQ VREUH HO VLVWHPD (O SULQFLSLR GH OD
PtQLPDDFFLyQSRVWXODTXHHOHVWDGRGHHTXLOLEULRGHXQVLVWHPDHVDTXHOHQ
HO FXDO OD SULPHUD YDULDFLyQ GHO SRWHQFLDO GH HQHUJtD FRQ UHVSHFWR DO
GHVSOD]DPLHQWRHVLJXDODFHUR
(VWH FRQFHSWR HV DQiORJR DO GHO Pi[LPR R PtQLPR GH XQD IXQFLyQ HQ
FiOFXORGLIHUHQFLDOTXHVHREWLHQHWRPDQGRODSULPHUDGHULYDGDGHODIXQFLyQ
H LJXDOiQGROD D FHUR (Q HO PpWRGR GH 5LW] VH FRQVWUX\H HO IXQFLRQDO GH
HQHUJtDSDUDXQHOHPHQWR\OXHJRVHOHWRPDODSULPHUDYDULDFLyQTXHDOVHU
LJXDODGD D FHUR VH REWLHQH XQ VLVWHPD GH HFXDFLRQHV OLQHDOHV FX\DV
LQFyJQLWDV VRQ ORV YDORUHV GH OD VROXFLyQ GHO SUREOHPD HQ ORV QRGRV GHO
HOHPHQWR
3DUDODFRQVWUXFFLyQGHOIXQFLRQDOGHHQHUJtDGHOHOHPHQWRVHLQWURGXFHQODV
IXQFLRQHVGHLQWHUSRODFLyQODFXDOHVSHUPLWHQHVWLPDUHOYDORUGHODVROXFLyQ
HQ XQSXQWRFRPRHOSURPHGLRSRQGHUDGRGHORVYDORUHVGHODVROXFLyQHQORV
QRGRV 3DUD HOSUREOHPD  ' GH ODIOH[LyQ GH XQD YLJD ORV SROLQRPLRV PiV
VLPSOHVRGHPiVEDMRJUDGRTXHVHSXHGHQXWLOL]DUVRQSROLQRPLRVF~ELFRV
> @
[
[
y   -  + 
K
K

[
y  - [  -
K


[
[
y   - 
K
K

[ [
y  - [ +
K K


GRQGH
K

HVODORQJLWXGGHOHOHPHQWR

$ FDGD HOHPHQWR VH OH GHEH UHDOL]DU HO PLVPR SURFHVR GH PRGR TXH DO
ILQDOGHHVWHSDVRVHWLHQHQWDQWRVVLVWHPDVGHHFXDFLRQHVFRPRHOHPHQWRV
KD\D HQ OD PDOOD 1RUPDOPHQWH HQ XQ SUREOHPD UHVXHOWR FRQ OD D\XGD GHO
FRPSXWDGRUODGLVFUHWL]DFLyQSXHGHOOHJDUKDVWDFLHQWRV\D~QPLOHVGH


78//$9(&20

- KH

- K K 
 (,

-
K
K


- K K

-  - K Z )
K K  q 0 


K Z  )

K K  q  0 

HOHPHQWRV (Q ODIOH[LyQ GHXQD YLJD XQ VLVWHPDWtSLFR REWHQLGR SDUD XQ

HOHPHQWRFRQGRVQRGRVHV>@
 (QVDPEOH GH ODV HFXDFLRQHV GH HOHPHQWR (O VLJXLHQWH SDVR HQ HO
SURFHVR FRQVLVWH HQ HQVDPEODU HQ XQ VyOR VLVWHPD ORV SHTXHxRV VLVWHPDV
REWHQLGRV HQ HO SDVR DQWHULRU &RPR HO GRPLQLR JHRPpWULFR HV FRQWLQXR
HQWRQFHV HO PRGHOR GH HOHPHQWRV ILQLWRV GHEH FXPSOLU FRQGLFLRQHV GH
FRQWLQXLGDG HQ ODV IURQWHUDV HQWUH HOHPHQWRV /D DSOLFDFLyQ GH HVWD LGHD
SHUPLWHUHGXFLUHOQ~PHURGHLQFyJQLWDVDUHVROYHUFRQVLJXLHQGRHQVDPEODU
XQDJUDQHFXDFLyQPDWULFLDOFX\DGLPHQVLyQHVLJXDODOQ~PHURGHQRGRVGH
ODPDOODSRUHOQ~PHURGHJUDGRVGHOLEHUWDGGHFDGDQRGR
3DUD HO SUREOHPD GH OD YLJD HQ XQD PDOOD GH  HOHPHQWRV KDEUi 
QRGRV \ FRPR H[LVWHQ GRV JUDGRV GH OLEHUWDG SRU QRGR OD GLPHQVLyQ GH OD
PDWUL]HQVDPEODGDVHUiGH[3DUDORVSUREOHPDVHQ'\'HV
IiFLOFRQVHJXLUPDWULFHVGHGHFHQDVGHPLOHVGHILODV\FROXPQDV

 ,PSRVLFLyQGHODVFRQGLFLRQHVGHIURQWHUD(QFXDOTXLHUSUREOHPDTXH
SXHGD VHU UHVXHOWR ODV FRQGLFLRQHV GH IURQWHUD HVWDEOHFLGDV QRV GDQ GH
DQWHPDQR ORV YDORUHV GH ODV YDULDEOHV SULQFLSDOHV \R GH ODV YDULDEOHV
VHFXQGDULDVHQORVQRGRVGHODIURQWHUD(QODYLJDTXHVHYLHQHDQDOL]DQGR
VRQFRQRFLGRVORVYDORUHVGHZHQORVQRGRVFRUUHVSRQGLHQWHVD[ 2\[ /
HVWRUHSUHVHQWDXQDUHGXFFLyQGHFXDWURILODV\FXDWURFROXPQDVGHOVLVWHPD
PDWULFLDO
/RV SURJUDPDVGHHOHPHQWRVILQLWRVXVDQXQDOJRULWPRTXHSHUPLWHUHGXFLU
HO WDPDxRGHODHFXDFLyQPDWULFLDODOHOLPLQDUORVGDWRVFRQRFLGRVGHOYHFWRU
FROXPQD GH LQFyJQLWDV 'HSHQGLHQGR GH OR H[WHQVR GH OD IURQWHUD \ GH OD
LQIRUPDFLyQ TXH VH WHQJD GH HOOD HV SRVLEOH UHGXFLU HQ HVWH SDVR OD
GLPHQVLyQGHODHFXDFLyQPDWULFLDOKDVWDPiVGHODPLWDG
 6ROXFLyQ GH ODV HFXDFLRQHV GHO VLVWHPD $KRUD VH GHEH UHVROYHU HO
VLVWHPD GH HFXDFLRQHV UHGXFLGR /RV DOJRULWPRV FRPSXWDFLRQDOHV HQ
HOHPHQWRVILQLWRVORJUDQDXPHQWDUODHILFLHQFLDGHHVWHSURFHVRXWLOL]DQGRODV
SURSLHGDGHV GH HVWDV PDWULFHV ODV FXDOHV VRQ VLHPSUH VLPpWULFDV \


78//$9(&20
EDQGHDGDV (VWD ~OWLPD SURSLHGDG VH UHILHUH D TXH VRODPHQWH XQD EDQGD
GLDJRQDOGHODPDWUL]WLHQHFLIUDVGLVWLQWDVGHFHUR
 3RVWSURFHVR GH OD VROXFLyQ 6H FDOFXODQ ORV YDORUHV GH ODV YDULDEOHV
VHFXQGDULDV R GHULYDGDV VH LQWHUSRODQ ORV YDORUHV GH SURSLHGDGHV VREUH
SXQWRV LQWHUHVDQWHV TXH QR FRLQFLGDQ FRQ ORV QRGRV VH JUDILFDQ ORV
UHVXOWDGRV
3DUD OD YLJD HO SRVWSURFHVR FRQVLVWH HQ FDOFXODU HO PRPHQWR \ OD IXHU]D
FRUWDQWHHQFDGDHOHPHQWRFRQWUXLUORVGLDJUDPDVGHPRPHQWR\GHFRUWDQWH
OD FXUYDGHGHIOH[LyQ\FRQD\XGDGHpVWRVGHWHUPLQDUORVSXQWRVFRQQLYHOHV
GH HVIXHU]RVFUtWLFRV)LJXUD
)

'LDJUDPDGH&RUWDQWH
'LDJUDPDGH0RPHQWR

&XUYDGH'HIOH[LyQ

)LJXUD3RVWSURFHVRGHOSUREOHPDGHOD
YLJD

78//$9(&20
$3/,&$&,21(6'(/0(72'2'((/(0(1726),1,726

/D DSOLFDFLyQGHORVHOHPHQWRVILQLWRVDOGLVHxRGDVXVSULPHURVSDVRVHQORV
DxRV FLQFXHQWD FXDQGR HV XVDGR HQ HO GLVHxR GH XQ DHURSODQR SHUR VX
DYDQFH VH YH UHVWULQJLGR GHELGR D OD FDQWLGDG GH HFXDFLRQHV OLQHDOHV TXH
GHEtDQVHUUHVXHOWDVFRQODD\XGDGHFRPSXWDGRUDVGHEDMDFDSDFLGDG(QOD
DFWXDOLGDG OD DSDULFLyQ GH FRPSXWDGRUDV SHUVRQDOHV TXH QR WLHQH
OLPLWDFLRQHVDSUHFLDEOHVHQFXDQWRDPHPRULDRYHORFLGDGGHOFRSURFHVDGRU
PDWHPiWLFR KDQ DELHUWR OD SRVLELOLGDG GH TXH HVWD KHUUDPLHQWD SXHGD VHU
DSOLFDGDHQGLYHUVRVFDPSRVGHODLQJHQLHUtD

(O PpWRGRGHORVHOHPHQWRVILQLWRVVHDSOLFDDSUREOHPDVUHODFLRQDGRVFRQOD
LQJHQLHUtDTXHLQYROXFUDQHFXDFLRQHVGLIHUHQFLDOHVSDUFLDOHVFRPRHVHOFDVR
GHO DQiOLVLV GH HVIXHU]RV WUDQVIHUHQFLD GH FDORU PRYLPLHQWR GH OtTXLGRV
IOXLGRV HOHFWULFLGDG \ HOHFWURPDJQHWLVPR GDQGR XQD VROXFLyQ PX\
DSUR[LPDGD SRU PHGLR GHO SODQWHDPLHQWR GH XQ VLVWHPD GH HFXDFLRQHV GH
WLSROLQHDOTXHSXHGHVHUIiFLOPHQWHUHVXHOWR
$ FRQWLQXDFLyQ VH GHVFULELUi EUHYHPHQWH DOJXQDV GH ODV DSOLFDFLRQHV GHO
0()

q $QiOLVLVSRU(OHPHQWRV)LQLWRVGHODFDUJDFULWLFDGHFROXPQDVGHLQHUFLD


YDULDEOH

/D VROXFLyQ FOiVLFD SDUD HQFRQWUDU OD FDUJD FULWLFD GH SDQGHR GH XQD
FROXPQDDWULEXLGDD/HRQKDU(XOHUDPHGLDGRVGHOVLJOR;9,,,\XWLOL]DGD
KR\ SDUD UHVROYHU FDVRV VLPSOHV GH FROXPQDV QR SHUPLWH VX DSOLFDFLyQ
GLUHFWD DO FDVR GH FROXPQDV FRQ LQHUFLDV YDULDEOHV D QR VHU TXH VH
HPSOHHQ PpWRGRV GH LQWHJUDFLyQ GH OD HFXDFLyQ GLIHUHQFLDO SRU WUDPRV
DVXPLHQGR IXQFLRQHV GH DSUR[LPDFLyQ DSURSLDGDV WDO HV HO FDVR
SODQWHDGRFOiVLFDPHQWHSRU7LPRVKHQNR66LQHPEDUJRSXHGHQORJUDUVH
UHVXOWDGRV VLPLODUHV VL VH DSOLFD OD WpFQLFD GH HOHPHQWRV ILQLWRV OD FXDO
SHUPLWHGLVFUHWL]DUODFROXPQDHQSHTXHxRVHOHPHQWRVFDGDXQRFRQVXV
SURSLHGDGHV SDUWLFXODUHV  LQHUFLD iUHD PyGXORV HOiVWLFRV XWLOL]D
IXQFLRQHV GH LQWHUSRODFLyQ DGHFXDGDV SDUD OD DSUR[LPDFLyQ \ SHUPLWH
DGHPiVXQDVLVWHPDWL]DFLyQ\VROXFLyQQXPpULFDFRQVLVWHQWH

q 7pFQLFD GH 2SWLPL]DFLyQ (VWUXFWXUDO PHGLDQWH LPLWDFLyQ GHO



UHPRGHODPLHQWRFHOXODUSRU(OHPHQWRV)LQLWRV

8QD GHODVSULQFLSDOHVLQTXLHWXGHVHQHOGLVHxRHVWUXFWXUDORSWLPRHVODGH
REWHQHU XQD HVWUXFWXUD GH SHVR PtQLPR FRQVHUYDQGR VX VHJXULGDG H
LQWHJULGDGHVWUXFWXUDOKDFLDODVFDUJDVH[WHUQDV

78//$9(&20
2SWLPL]DUODIRUPDGHODVHVWUXFWXUDVHVGHFLUUHDOL]DUFDPELRVHQVXV
FRQGLFLRQHV GH IURQWHUD JHRPpWULFD \ PHFiQLFD VH FRQVLGHUD FRPR XQ
SURFHVR LPSRUWDQWH HQ OD VHOHFFLyQ GH PDWHULDOHV SDUD REWHQHU PHMRUH
HVWUXFWXUDV +DVWD HO PRPHQWR VH KDQ SURSXHVWR \ GHVDUUROODGR YDULRV
PpWRGRVSDUDPRGLILFDUODIRUPDGHODVHVWUXFWXUDVEDVDGRVHQSULQFLSLRV
YDULDFLRQDOHVLQYHUVRV\HQWpFQLFDVGHRSWLPL]DFLyQ

(VWH HVWXGLR SUHVHQWD XQ QXHYR PpWRGR SDUD OD PRGLILFDFLyQ GH IRUPD
EDVDGRHQHVWUDWHJLDVHYROXWLYDVGHOUHPRGHODPLHQWRGHOPDWHULDOFHOXODU
HQ ORVWHMLGRVYLYRVGHORVDUEROHVHLPSOHPHQWDGRHQHO0()(VWDQRFLyQ
HV GLIHUHQWH GH ODV FRQYHQFLRQDOHV SXHVWR TXH VH PLQLPL]D OD UHVSXHVWD
HVWUXFWXUDO GHO GLVHxR LQLFLDO \ OD GHO REMHWLYR GH GLVHxR D WUDYpV GH OD
VLPXODFLyQ GHO SURFHVR ELROyJLFR GH UHPRGHODPLHQWR FHOXODU FRPR XQ
SURFHVR VLVWHPiWLFR  QR DOJHEUDLFR GH E~VTXHGD GH OD IXQFLyQ REMHWLYR
GH GLVHxR

q 0HFiQLFDGHUHWUDFFLyQHQWUDWDPLHQWRVGHRUWRGRQFLD


/D SUDFWLFD GH OD RUWRGRQFLD WUDEDMD SULQFLSDOPHQWH FRQ HO PRYLPLHQWR

GHQWDOGHOWLSRLQFOLQDFLyQURWDFLyQ\WUDVODFLyQSRUWDQWRKDVLGRPRWLYR
GH FRQWLQXDLQYHVWLJDFLyQORVFDPELRVTXHVHSURGXFHQVREUHHOWHMLGRGH
VRSRUWH /RV HVWXGLRV RGRQWROyJLFRV VH KDQ UHDOL]DGR HQ HO FDPSR
KLVWRORJLFR \ UDGLRJUDILFR \ ORV HVWXGLRV GH LQJHQLHUtD FRQ HO DQiOLVLV GH
IRWRHODVWLFLGDG 7RGDV HVWDV WpFQLFDV SUHVHQWDQ VHULDV OLPLWDFLRQHV \D
TXH ORV GDWRV REWHQLGRV VRQ SURGXFWR GH DQiOLVLV HVWiWLFRV
ELGLPHQVLRQDOHV\QRVHDGHFXDQDOIHQyPHQRGLQiPLFRLQYROXFUDGR/DV
OLPLWDFLRQHV PHQFLRQDGDV KDQ SRGLGR VHU VXSHUDGDV FRQ HO XVR GH
WpFQLFDV GH HOHPHQWRV ILQLWRV ODV FXDOHV SHUPLWHQ YLVXDOL]DU OD GLQiPLFD
GH XQPRGHORVRPHWLGRDIXHU]DVGLYHUVDV
'HVGH  VH KDQ UHDOL]DGR DSOLFDFLRQHV GHO 0() HQ RGRQWRORJtD
WUDEDMRV GH 7UHVWHU .QRHOO \ 7DQQH UHSRUWDQ ORV SULPHURV UHVXOWDGRV DO
UHVSHFWR6LQHPEDUJRODVDSOLFDFLRQHVGHHVWDWHRUtDDODLQYHVWLJDFLyQ
GH RUWRGRQFLD HV UHFLHQWH DUWtFXORV FRPR HO GH 7DQQH PXHVWUDQ OD
HYROXFLyQGHHVWHFDPSR

q 6LPXODFLyQ 1XPpULFD GHO HIHFWR GHO &DxR &ODULQ HQ ORV SDWURQHV GH


FLUFXODFLyQGHOD&LpQDJD*UDQGHGH6DQWD0DUWD

/D FLpQDJD *UDQGH GH 6DQWD 0DUWD HV XQ JUDQ FXHUSR FRVWHUR GH DJXD
TXH HQ ODV XOWLPDV GpFDGDV KD VXIULGR XQ SURFHVR GH VDOLQL]DFLRQ TXH
KDQ RFDVLRQDGR OD PXHUWH D YDULDV HVSHFLHV YLYLHQWHV HQWUH HOODV HO
PDQJOH

78//$9(&20
(O EDODQFH GH FRQFHQWUDFLyQ VDOLQD HUD PDQWHQLGR SRU ORV
GHVERUGDPLHQWRVGHOUtR0DJGDOHQDTXHHQLQYLHUQRLQXQGDEDQGHDJXD
GXOFH OD FLpQDJD UHGXFLHQGR OD VDOLQLGDG TXH DXPHQWDED HQ HO YHUDQR
GHELGRDODHQWUDGDGHDJXDVDODGDGHOPDU\DOH[FHVRGHHYDSRUDFLyQ
VREUHORVLQIOXMRVGHDJXDGXOFH(VWHEDODQFHQDWXUDOKDVLGRDOWHUDGRSRU
ODFRQVWUXFFLyQGHREUDVGHSURWHFFLyQVREUHODVRULOODVGHOUtR0DJGDOHQD
SDUD HYLWDUTXHHVWHVHGHVERUGHHLQXQGHODVWLHUUDVTXHVHHQFXHQWUHQ
HQWUH HOUtR\ODFLpQDJD

/D &RUSRUDFLyQ 5HJLRQDO GHO 0DJGDOHQD  &253$0$* KD GHFLGLGR

UHVWDEOHFHU HVD DQWLJXD FRPXQLFDFLyQ QDWXUDO PHGLDQWH HO GUDJDGR GH
YDULRVFDxRVTXHFRPXQLFDQDOUtRFRQODFLpQDJDHPSH]DQGRSRUHOFDxR
&ODULQ FRPR PHGLGD FRQGXFHQWH D VX UHFXSHUDFLyQ 6LQ HPEDUJR HO
GUDJDGR GH WDQWRV FDxRV HV FRVWRVR  \ WRPD WLHPSR \ VH KDFH EDMR OD
LQFHUWLGXPEUH GH VDEHU TXH WDQWR D\XGDUD DO SURFHVR GH GHVDOLQL]DFLyQ
8Q PRGHORQXPpULFRSHUPLWHSUHGHFLUORVHIHFWRVGHYDULDVDFFLRQHVTXH
SXHGDQ VHU WRPDGDV \ HYDOXDU VX LPSDFWR VREUH OD GLQiPLFD GH OD
FLpQDJD

q 0RGHODPLHQWR QXPpULFR GH SDWURQHV GH IOXMR HQ XQ VHGLPHQWDGRU



KRUL]RQWDO

/RV VHGLPHQWDGRUHVGHDVIiOWHQRVVRQHTXLSRVGHJUDQGHVGLPHQVLRQHV
HQ FX\DFRQVWUXFFLyQHVWiQLQYROXFUDGDVJUDQGHVLQYHUVLRQHV(OREMHWLYR
GH ORVVHGLPHQWDGRUHVFRPRVXQRPEUH OR LQGLFD HV HO GH SURYRFDU  OD
GHFDQWDFLyQRVHGLPHQWDFLyQGHSDUWtFXODVFRQWHQLGDVHQXQIOXLGRSDUD
TXH HVWRVHGHHVQHFHVDULRTXHGHQWURGHOVHGLPHQWDGRUODVYHORFLGDGHV
QR VXSHUHQFLHUWDVYHORFLGDGHVOLPLWH
(O PRGHODPLHQWR QXPpULFR GH ORV SDWURQHV GH IOXMR GHQWUR GH XQ
VHGLPHQWDGRU SDUWLFXODU SHUPLWH GHWHUPLQDU OD SRVLFLyQ \ JHRPHWULDV
RSWLPDVGHWRGRVVXVFRPSRQHQWHV

q 0RGHODPLHQWRGHODHVWUXFWXUDGHOSDYLPHQWR


(Q HOGLVHxRGHORVSDYLPHQWRVHVSRVLEOHSODQWHDURVXSRQHUVROXFLRQHV
D SDUWLU GH ODV FXDOHV PHGLDQWH XQ SURFHVR GH DMXVWHV VXFHVLYRV HV
SRVLEOH ORJUDU XQD FRQGLFLyQ IDYRUDEOH TXH JDUDQWLFH GXUDQWH XQ SHULRGR
GHWHUPLQDGRXQDV FRQGLFLRQHV GH HTXLOLEULR $ HVWD PDQHUD GH SURFHGHU
HQ HOGLPHQVLRQDPLHQWRGHHVWUXFWXUDVGHSDYLPHQWRVHOHVFRQRFHFRPR
PpWRGRVDQDOtWLFRVRUDFLRQDOHV
(VWRVPpWRGRVVHIXQGDPHQWDQ HQ HO DQiOLVLV GHO HVWDGRGHHVIXHU]RV \
GHIRUPDFLRQHVTXHOHLQGXFHQODVGLIHUHQWHVVROLFLWDFLRQHVFRPR


78//$9(&20
(OWUDQVLWR
(OFOLPD
/DV FDUDFWHUtVWLFDVGHORVPDWHULDOHVGHFDGDXQDGHODVFDSDV \ GHO
VXHORGHIXQGDFLyQRVXEUDVDQWH

(O PpWRGRSODQWHDGRLQWHQWDSUHGHFLUORVHVIXHU]RV\GHIRUPDFLRQHVGHOD
HVWUXFWXUD GHO SDYLPHQWR DQWH HVWDV VROLFLWDFLRQHV PHGLDQWH XQ DQiOLVLV
HVWUXFWXUDO QR OLQHDO \ VX UHVSHFWLYD VROXFLyQ LWHUDWLYD GHELGD D OD QR
OLQHDOLGDGGHODVHFXDFLRQHVXWLOL]DGDV

q 2SWLPL]DFLyQGHDLVODGRUHVGHSRUFHODQDHOpFWULFD


/D WUDQVPLVLyQ GH HQHUJtD HOpFWULFD UHTXLHUH GHO XVR GH DLVODGRUHV TXH
SHUPLWDQ D ORV FDEOHV WHQHU DSR\R HVWUXFWXUDO VREUH ODV WRUUHV TXH
FRQIRUPDQODVOtQHDVGHWUDQVPLVLyQ\GHGLVWULEXFLyQGHHQHUJtDHOpFWULFD
HQ &RORPELD &DGD DSR\R VREUH ODV WRUUHV UHTXLHUH GH DO PHQRV XQ
DLVODGRU R GH YDULRV GH HOORV FRQHFWDGRV HQ VHULH R HQ SDUDOHOR GH
PDQHUD TXH VH JDUDQWLFH GH TXH ODV SHUGLGDV VHDQ PLQLPDV HQ GLFKRV
SXQWRV
$ PHGLGD TXH VH LQFUHPHQWD HO YROWDMH \ OD SRWHQFLD GH WUDQVPLVLyQ VH
LQFUHPHQWDQORVUHTXHULPLHQWRVGHDLVODPLHQWRHQGLFKRVOXJDUHVORTXH
REOLJD D LQFUHPHQWDU HO WDPDxR GH ORV DLVODGRUHV HOpFWULFRV R DO XVR GH
P~OWLSOHV DLVODGRUHV TXH LQFLGHQ VREUH HO FRVWR GH ODV OtQHDV GH
WUDQVPLVLyQ\VREUHOD FDSDFLGDGPLVPDGHODHVWUXFWXUDTXHOR VRSRUWD
\D TXH VXV PDWHULDOHV OR KDFHQ XQ FRPSRQHQWH GH SHVR FRQVLGHUDEOH
WDQWRSDUDODERUHVGHLQVWDODFLyQ\GHPDQWHQLPLHQWRFRPRVXLQFLGHQFLD
HQ ODUHVSXHVWDHVWUXFWXUDOGHODVWRUUHV
3DUD ODV FRPSDxtDV IDEULFDQWHV GH HVWRV HOHPHQWRV HV IXQGDPHQWDO
GLVPLQXLUORVFRVWRVGHORVDLVODGRUHVSRUPHGLRGHODUHGXFFLyQGHOSHVR
GH ORV PLVPRV SHUR VLQ GHWHULRUDU VXV FDSDFLGDGHV DLVODQWHV (Q HVWD
DSOLFDFLyQ VH HIHFW~D GLFKD HYDOXDFLyQ XWLOL]DQGR HO 0() KDFLHQGR XQ
DQiOLVLV HOiVWLFRGHHVIXHU]RV\GHIRUPDFLRQHVGHDLVODGRUHVGHSRUFHODQD
HOpFWULFD FRQ HO ILQ GH RSWLPL]DU OD FDQWLGDG GH PDWHULDO TXH VH SRGUtD
XWLOL]DUHQODFDPSDQDPHWiOLFDGHORVPLVPRV

q 'LVWULEXFLyQ LQLFLDO GH FDPSR HOpFWULFR HQ XQ GHYDQDGR GH $7 HQ OD


RFXUUHQFLDGHXQDVREUHWHQVLRQ

7HQLHQGR FRPR DQWHFHGHQWH ODV IDOODV TXH VH KDQ SUHVHQWDGR HQ

WUDQVIRUPDGRUHV GH SRWHQFLD RFDVLRQDGDV SRU VREUHWHQVLRQHV GH WLSR
H[WHUQRVHUHDOL]DXQDPHWRGRORJtDTXHSHUPLWHHOHVWXGLRGHORVVXFHVRV
HQ TXHVHLQFXUUHFXDQGRXQDGHVFDUJDDWPRVIpULFDLQFLGHILQDOPHQWHHQ


78//$9(&20
ORV GHYDQDGRV GH $7 KDFLHQGR YXOQHUDEOH HO DLVODPLHQWR GHO FRQGXFWRU
GHO ERELQDGRDODVVREUHWHQVLRQHVSURGXFLGDVSRUGLFKDRQGDFXDQGRVH
GLVWULEX\HHQWRGRHOGHYDQDGR(VWRVHGHEHDTXHGLFKDGLVWULEXFLyQVH
KDFH GHXQDIRUPDQRXQLIRUPH\ODVWHQVLRQHVH[LVWHQWHVHQWUHODVERELQD
GH XQGHYDQDGR\HQWUHODVHVSLUDVGHXQDERELQDH[FHGHQYDULDVYHFHV
VX WHQVLyQ GH IXQFLRQDPLHQWR QRUPDO RULJLQDQGR XQD FRQFHQWUDFLyQ
DQRUPDO GH SRWHQFLDO HQ ]RQDV GHWHUPLQDGDV &RPR FRQVHFXHQFLD VH
SUHVHQWDUDQ SHUIRUDFLRQHV GHO DLVODPLHQWR HQ FXDOTXLHU SXQWR GHO
GHYDQDGRGHSHQGLHQGRGHODVFDUDFWHUtVWLFDVGHODRQGDLQFLGHQWH
3RU PHGLR GHO SURJUDPD &260260 TXH XWLOL]D HO 0() VH REWLHQH OD
GLVWULEXFLyQGHSRWHQFLDO\GHFDPSRHOpFWULFRGHQWURGHXQGHYDQDGRGH
DOWDWHQVLyQGHXQWUDQVIRUPDGRUGHSRWHQFLD

q 6ROXFLyQ HQ GLIHUHQFLDV ILQLWDV GH OD HFXDFLyQ GH RQGD DF~VWLFD \ VX


DSOLFDFLyQDOPRGHODPLHQWRGHGDWRVJHRItVLFRV

/RV PpWRGRV JHRItVLFRV VH XVDQ HQ OD LQYHVWLJDFLyQ GH ODV SURSLHGDGHV
GHO VXEVXHOR FRPR KHUUDPLHQWD GH GHWHFFLyQ UHPRWD (Q VLVPRORJtD GH
UHIOH[LyQHVWDLQIRUPDFLyQVHREWLHQHUHJLVWUDQGRHQODVXSHUILFLHWHUUHVWUH
OD SRUFLyQ UHIOHMDGD GH RQGDV VtVPLFDV JHQHUDGDV DVt PLVPR HQ
VXSHUILFLH&RP~QPHQWHVHXVDHVWDLQIRUPDFLyQSDUDREWHQHULPiJHQHV
TXH UHSUHVHQWDQ OD FRQIRUPDFLyQ GH ODV URFDV HQ HO VXEVXHOR D ODV
SURIXQGLGDGHV GH LQWHUpV (VWDV SXHGHQ YDULDU HQ UDQJRV GHO RUGHQ GH
YDULRV NLOyPHWURV HQ H[SORUDFLyQ GH KLGURFDUEXURV R GH XQDV SRFDV
GHFHQDVRFHQWHQDVGHPHWURVHQ DSOLFDFLRQHV GH PLQHUtD LQJHQLHUtD R
DPELHQWDOHV
/D REWHQFLyQGHODVLPiJHQHVVtVPLFDVGHPDQGDHOSURFHVDPLHQWRGLJLWDO
GH ORV GDWRV FRQ HO ILQ XOWLPR GH PHMRUDU OD UHODFLyQ VHxDODUXLGR \ OD
LQWHUSUHWDEELOLGDG GH ORV GDWRV $OJXQRV GH ORV DOJRULWPRV TXH VH XVDQ
DOJRULWPRV GH HQIRTXH GH LPDJHQ R LPDJLQJ  EXVFD HOLPLQDU
GLVWRUVLRQHV LQWURGXFLGDV HQ ORV GDWRV SRU IHQyPHQRV FRPSOHMRV GH
SURSDJDFLyQ \ SRU OR WDQWR VX GHVHPSHxR GHSHQGH GHO JUDGR GH
HQWHQGLPLHQWR GH HVRV IHQyPHQRV \ OD SUHFLVLyQ FRQ TXH VH SXHGD
PRGHODU (O PRGHODPLHQWR GH OD SURSDJDFLyQ GH RQGDV VtVPLFDV HV
LPSRUWDQWH WDPELpQ FRPR D\XGD HQ OD LQWHUSUHWDFLyQ GH ORV GDWRV
PHGLDQWH OD FRPSDUDFLyQ FRQ GDWRV VLQWHWLFRV  HV GHFLU REWHQLGRV
PHGLDQWH PRGHODPLHQWR QXPpULFR  SDUD ORV TXH OD FRQILJXUDFLyQ GHO
VXEVXHORHVSRUVXSXHVWRFRQRFLGD
(O PRGHODPLHQWR SHUPLWH WDPELpQ UHDOL]DU FRPR HQ HO FDVR SUHVHQWDGR
HVWXGLRVGHVHQVLELOLGDGHQORVTXHVHHYDO~HHOJUDGRHQTXHVHFXPSOHQ
ODV VXSRVLFLRQHV HQ TXH VH EDVDQ DOJXQRV GH ORV PpWRGRV GH


78//$9(&20
SURFHVDPLHQWR D SDUWLU GHO HVWXGLR GH GDWRV JHQHUDGRV HQ PRGHORV
UHSUHVHQWDWLYRVGHODVFRQGLFLRQHVTXHVHHVSHUDHQFRQWUDUHQHOWHUUHQR
8Q HMHPSOR GH WDOHV FRQGLFLRQHV GH IXQGDPHQWDO LPSRUWDQFLD SDUD OD
FDOLGDGGHGDWRVDGTXLULGRVHQWLHUUDHVODRFXUUHQFLDGHYDULDFLRQHVHQOD
HOHYDFLyQGHODVXSHUILFLHDVtFRPRYDULDFLRQHVODWHUDOHV\YHUWLFDOHVHQHO
HVSHVRU \ OD YHORFLGDG GH SURSDJDFLyQ HQ ODV FDSDV PDV VRPHUDV GHO
VXEVXHORTXHJHQHUDOPHQWHVHUHILHUHQFRQODGHQRPLQDFLyQGH FDSD
GH EDMDYHORFLGDGRFDSDPHWHRUL]DGD

(O HIHFWR GH GLFKDV YDULDFLRQHV HV LQWURGXFLU GLVWRUVLRQHV HQ OD IRUPD
IDVH \ DPSOLWXG GH ODV RQGDV VX FRQWHQLGR GH IUHFXHQFLDV \ HQ ORV
WLHPSRVGHDUULERDORVGHWHFWRUHV/DVFDSDVPDVVRPHUDVGHOVXEVXHOR
SXHGHQ VHU FRQVLGHUDGDV FRPR XQ ILOWUR FX\D DFFLRQ GHSHQGH GH OD
WUD\HFWRULDGHODRQGD/DHVWLPDFLyQSUHFLVDGHHVWHILOWURHVGLItFLOHQOD
SUDFWLFD HQJUDQSDUWHGHELGRDTXHORVPpWRGRVFRQYHQFLRQDOHVDSXQWDQ
D REMHWLYRV SURIXQGRV \ OD GHILQLFLyQ GH ODV FDSDV VXSHUILFLDOHV HV
FRPSDUDWLYDPHQWHPDVSREUH
/RV PpWRGRV PDV FRP~QPHQWH XVDGRV SDUD FRUUHJLU ODV GLVWRUVLRQHV
LQGXFLGDV SRU ODV FDSDV VRPHUDV GHO VXEVXHOR HOXGHQ OD HVWLPDFLyQ
SUHFLVD GH HVH HIHFWR IRUPXODQGR VXSRVLFLRQHV TXH VLPSOLILFDQ HO
SUREOHPDQRREVWDQWHGLFKRVPpWRGRVKDQSURGXFLGREXHQRVUHVXOWDGRV
HQ QXPHURVDV DSOLFDFLRQHV HQ OD SUDFWLFD /D VLPSOLILFDFLyQ FRQVLVWH HQ
VXSRQHUTXHODVGLVWRUVLRQHVHQORVGDWRVVRQVLPSOHPHQWHDQRPDOtDVHQ
HO WLHPSR GH DUULER GH ORV HYHQWRV LJQRUDQGR ORV UHVWDQWHV HIHFWRV
PHQFLRQDGRV SUHYLDPHQWH 6H VXSRQH LJXDOPHQWH TXH SDUD XQ UHFHSWRU
GDGR HVWDV DQRPDOtDV VRQ ~QLFDV FXDOTXLHUD VHD OD WUD\HFWRULD GH
SURSDJDFLyQ GH RQGD HQ OD FDSD GH EDMD YHORFLGDG VXSRVLFLyQ GH
FRQVLVWHQFLD HQ VXSHUILFLH H LQGHSHQGLHQWHV GHO WLHPSR GH DUULER (VWDV
VXSRVLFLRQHV TXH SHUPLWHQ WUDWDU OD FRUUHFFLyQ GHO HIHFWR GH OD FDSD GH
EDMD YHORFLGDG PHGLDQWH PpWRGRV GH QDWXUDOH]D HVWDGtVWLFD VRQ
FRQVLVWHQWHV FRQ XQ PRGHOR GH SURSDJDFLyQ GH ODV RQGDV VtVPLFDV D OR
ODUJRGHWUD\HFWRULDVYHUWLFDOHVGHQWURGHHVWDFDSD6HHVSHUDTXHGLFKR
PRGHORVHDDSUR[LPDGDPHQWHFRUUHFWRVLODYHORFLGDGGHODVRQGDVHQODV
FDSDVVRPHUDVHVPXFKRPHQRUTXHHQODVFDSDVVXE\DFHQWHVORTXHVH
GD HQPXFKDVVLWXDFLRQHVHQODSUDFWLFD

q 0RGHORHQ'GHXQDFXUHxDGHXQPROLQRGHFDxD


/D H[SHULHQFLD HQ RSHUDFLyQ \ PDQWHQLPLHQWR GH PROLQRV GH FDxD KD

PRVWUDGR OD LPSRUWDQFLD GHO FRQRFLPLHQWR GH VX FRPSRUWDPLHQWR
HVWUXFWXUDO /RV PROLQRVGH FDxD RSHUDQ SRU PXFKRV DxRV HQ GLIHUHQWHV
FRQGLFLRQHV \ FRQILJXUDFLRQHV /DV WpFQLFDV GH PRGHODFLRQ WLHQHQ XQ
DPSOLRUDQJRGHDSOLFDFLyQHOFXDOLQFOX\HPRGLILFDFLRQHVLQFUHPHQWRGH
FDSDFLGDGDQiOLVLVGHIDOODV\RWURV


78//$9(&20

/DV FXUHxDV GH PROLQRV GH FDxD VRQ ODV HVWUXFWXUDV TXH PDQWLHQHQ ODV
PD]DV HQ VX VLWLR \ ORV VHWWLQJV GHO PROLQR GXUDQWH HO SURFHVR GH
PROLHQGD

/D FXUHxD HVWD FRPSXHVWD SRU XQD HVWUXFWXUD SULQFLSDO TXH SXHGH VHU
VROGDGD R IXQGLGD \ RWUDV HVWUXFWXUDV VHFXQGDULDV TXH SXHGHQ VHU
UHPRYLGDV GXUDQWH ODV RSHUDFLRQHV GH PDQWHQLPLHQWR 8Q DQiOLVLV
HVWUXFWXUDO DSOLFDGR D XQD FXUHxD GHEH LQFOXLU ORV HIHFWRV GHO HQVDPEOH
FRPSOHWR\GHODGLVWULEXFLyQGHIXHU]DVHMHUFLGDVSRUODVPD]DVVREUHODV
SODFDVGHDSR\R8QDQiOLVLVFRQYHQFLRQDOQRSXHGHLQFOXLUORVHIHFWRVGH
HVWDVHVWUXFWXUDVDGLFLRQDOHVHO0()SXHGHLQFOXLUHVWRVHIHFWRV
8Q FRUUHFWRDQiOLVLVSRU0()GHSHQGHQRVRORGHXQDDGHFXDGDWpFQLFD
GH HQPDOODGR VLQR WDPELpQ  GH OD FRUUHFWD HVWLPDFLyQ GH ODV IXHU]DV
HVWLPDGDV HO PpWRGR GH HQVDPEOH \ ODV FRQGLFLRQHV GH IURQWHUD
DSOLFDGDVDOPRGHOR

/DV IXHU]DVHMHUFLGDVSRUODVPD]DVVREUHHOFROFKyQGHFDxDSXHGHQVHU
UHSUHVHQWDGDVHQLQSODQRSHUSHQGLFXODUDOHMHGHODVPD]DV/DVIXHU]DV
VREUHODFXUHxDSDUDOHODVDOHMHGHODVPD]DVSXHGHQVHUGHVSUHFLDGDV
/D DOWXUD\HODQFKRGHODFXUHxDHVPXFKRPD\RUTXHHOHVSHVRU(VWDV
REVHUYDFLRQHV VXJLHUHQ OD SRVLELOLGDG GH PRGHODU FXUHxDV XWLOL]DQGR
HOHPHQWRVHOiVWLFRVSODQRVHQYH]GHHOHPHQWRVWULGLPHQVLRQDOHV

q 'HWHUPLQDFLyQ GH OD SHUPHDELOLGDG HTXLYDOHQWH GH XQD PDTXLQD



VLQFUyQLFD

3DUD UHDOL]DU OD SUHGLFFLyQ GHO FRPSRUWDPLHQWR GLQiPLFR GH OD PDTXLQD
VLQFUyQLFD HV QHFHVDULR WRPDU HQ FXHQWD OD VDWXUDFLyQ PDJQpWLFD GH ODV
UHDFWDQFLDV\HOHIHFWRFUX]DGRGHVDWXUDFLyQ/RVSDUiPHWURVHOpFWULFRV
GHO FLUFXLWR HTXLYDOHQWH \ ODV UHDFWDQFLDV \ FRQVWDQWHV GH WLHPSR
WUDQVLWRULDV\VXEWUDQVLWRULDVFRQVWLWX\HQORVSDUiPHWURVGLQiPLFRVGHOD
PDTXLQD VLQFUyQLFD

(O WUDWDPLHQWR GH ORV PRGHORV FRQ VDWXUDFLyQ HQ ORV SURJUDPDV GH

VLPXODFLyQ SDUD HO DQiOLVLV GH WUDQVLWRULRV HV XQ WHPD DELHUWR D OD
LQYHVWLJDFLyQ0XFKRVGHORVPpWRGRVDFWXDOHVPHMRUDQODFRQVLGHUDFLyQ
GH OD VDWXUDFLyQ VREUH OD WUD\HFWRULD GH IOXMR GH OD UHDFWDQFLD SULQFLSDO
SHUR QRODVDWXUDFLyQGHODVUHDFWDQFLDVGHIXJDQLHOHIHFWRGHVDWXUDFLyQ
FUX]DGD
/D VROXFLyQ QXPpULFD GH ODV HFXDFLRQHV GH FDPSR SRU HO 0() SHUPLWH
UHVROYHUHVWDGLILFXOWDG/DLQFOXVLyQGHXQDVXEUXWLQDGHHOHPHQWRVILQLWRV


78//$9(&20
GHQWUR GH XQ SURJUDPD GH WUDQVLWRULRV HV SRVLEOH SHUR ORV FRVWRV HQ
WLHPSRGH&38\FDSDFLGDGGHPHPRULDVRQPX\JUDQGHV
(V SRVLEOH FRQVWUXLU D SDUWLU GHO FDOFXOR SRU 0() PRGHORV SUHFLVRV TXH
WUDGX]FDQODLQIOXHQFLDGHODVDWXUDFLyQPDJQpWLFDVREUHORVSDUiPHWURV
SDUD OXHJRVHUXWLOL]DGRVGHQWURGHORVSURJUDPDVGHWUDQVLWRULRV

6H SXHGHXWLOL]DU)/8;'XQSURJUDPDGHHOHPHQWRVILQLWRVGHVDUUROODGR
HQ HOODERUDWRULRGHHOHFWUyQLFDGH*UHQREOH)UDQFLDSDUDGHWHUPLQDUODV
FRQGLFLRQHV GH VDWXUDFLyQ GH OD PDTXLQD H[SUHVDGDV SRU XQD
SHUPHDELOLGDG HTXLYDOHQWH FRQVWDQWH SDUD FDGD HVWDGR GH VDWXUDFLyQ
(VWD SHUPHDELOLGDG HTXLYDOHQWH HV HO UHVXOWDGR GH XQD VHULH GH
VLPXODFLRQHV QR OLQHDOHV HQ UpJLPHQ SHUPDQHQWH GH YDFtR  SDUD
GLIHUHQWHVHVWDGRVGHVDWXUDFLyQ
/D SHUPHDELOLGDG HTXLYDOHQWH SXHGH VHU XWLOL]DGD HQ VLPXODFLRQHV GHO
0() FRPSOHMDV \ OLQHDOHV GH UHVSXHVWD GH IUHFXHQFLD SDUD SHTXHxDV
SHUWXUEDFLRQHV D ILQ GH GHWHUPLQDU OD VDWXUDFLyQ GH ODV UHDFWDQFLDV GH
IXJD GHO PRGHOR \ SDUD GHWHUPLQDU ORV SDUiPHWURV TXH UHSUHVHQWDQ HO
HIHFWR FUX]DGR GH VDWXUDFLyQ HQ ODV PDTXLQDV URWDWLYDV GH FRUULHQWH
DOWHUQD

78//$9(&20
$16<6

$16<6 HV XQ SURJUDPD FRPSXWDFLRQDO DYDQ]DGR TXH IXQFLRQD FRQ HO

PpWRGR GH HOHPHQWRVILQLWRV \ HV XVDGR  SDUD SURSyVLWRV JHQHUDOHV TXH
SXHGH UHVROYHU FXDOTXLHU SUREOHPD GH PDQHUD FDVL H[DFWD TXH VH
SUHVHQWHHQODQDWXUDOH]D

(O SURJUDPD $16<6 WLHQH XQ PRGXOR GH RSWLPL]DFLyQ TXH SXHGH VHU
HPSOHDGD SDUD GHWHUPLQDU HO GLVHxR RSWLPR (VWH GLVHxR RSWLPR HV HO
PHMRUGLVHxRHQXQVHQWLGRSUHGHILQLGR(QWUHPXFKRVHMHPSORVHOGLVHxR
RSWLPRSDUDXQDHVWUXFWXUDFHUFKDSXHGHVHUHOTXHWLHQHSHVRPtQLPRR
IUHFXHQFLD Pi[LPD HQ WUDQVIHUHQFLD GH FDORU OD WHPSHUDWXUD PtQLPD R
HQ HOGLVHxRPDJQpWLFRGHXQPRWRUHOPi[LPRWRUTXHSLFR(QPXFKDV
RWUDV VLWXDFLRQHV OD PLQLPL]DFLyQ GH XQD VROD IXQFLyQ SXHGH QR VHU HO
~QLFR REMHWLYR \ GHEH GLULJLUVH OD DWHQFLyQ D VDWLVIDFHU ODV UHVWULFFLRQHV
SUHGHILQLGDVFRORFDGDVHQHOGLVHxRSRUHMHPSOROLPLWHVHQORVHVIXHU]RV
JHRPHWUtDGHVSOD]DPLHQWR\IOXMRGHFDORU

0LHQWUDV VH WUDEDMD HQ GLUHFFLyQ DO GLVHxR RSWLPR OD UXWLQD GH
RSWLPL]DFLyQ GHO FyGLJR $16<6 HPSOHDQ  WLSRV GH YDULDEOHV TXH
FDUDFWHUL]DQ HO SUREOHPD GH GLVHxR 9DULDEOHV GH GLVHxR YDULDEOHV GH
HVWDGR \ OD IXQFLyQ REMHWLYR 'LFKDV YDULDEOHV HVWiQ UHSUHVHQWDGDV SRU
SDUiPHWURVHVFDODUHVHQHOOHQJXDMHSDUDPHWULFRGHO$16<6 $3'/(O
XVR GHO $3'/ $16<6 3$5$0(75,& '(6,*1 /$1*8$*( HV XQ
SDVRHVHQFLDOHOSURFHVRGHRSWLPL]DFLyQ

/DV YDULDEOHV LQGHSHQGLHQWHV HQ XQ DQiOLVLV GH RSWLPL]DFLyQ VRQ ODV  GH
GLVHxR(OYHFWRUGHODVYDULDEOHVGHGLVHxRHVWDLQGLFDGRSRU

; >; ; ; ; @
/DV YDULDEOHV GH GLVHxR HVWiQ VXMHWDV D Q UHVWULFFLRQHV FRQ OLPLWHV
VXSHULRUHLQIHULRUTXHVRQ


; ; ;
L

L Q

L

'RQGHQHVLJXDODOQXPHURGHYDULDEOHVGHGLVHxR

/DV UHVWULFFLRQHV GH ODV YDULDEOHV GH GLVHxR VRQ UHIHULGDV FRP~QPHQWH
FRPR UHVWULFFLRQHVODWHUDOHV\GHILQHQORTXHVHOODPDHVSDFLRGHGLVHxR
YLDEOH
$KRUD VHPLQLPL]DODIXQFLyQREMHWLYRI
I I[

78//$9(&20

6XMHWDD
J [J
L

L P

L

K [K
L

L P

Z Z [Z
L

L P

L

GRQGHIHVLJXDODODIXQFLyQREMHWLYR

J  K  Z YDULDEOHVGHHVWDGRTXHHQFLHUUDQHOGLVHxRGRQGHHO
VXEtQGLFH  \   UHSUHVHQWDQ ORV OLPLWHV LQIHULRU \ VXSHULRU
UHVSHFWLYDPHQWH
L

P  P P
QXPHURGHUHVWULFFLRQHVGHYDULDEOHVGHHVWDGR
FRQ YDORUHVOLPLWHVVXSHULRUHLQIHULRU


/DV YDULDEOHV GH HVWDGR WDPELpQ SXHGHQ UHIHULUVH FRPR YDULDEOHV

GHSHQGLHQWHV \D TXH HOODV YDUtDQ FRQ HO YHFWRU [ GH ODV YDULDEOHV GH
GLVHxR

(O SURFHGLPLHQWR GH RSWLPL]DFLyQ GHO SURJUDPD $16<6 RIUHFH YDULRV

PpWRGRV \ KHUUDPLHQWDV TXH GH YDULDV IRUPDV LQWHQWDQ DSUR[LPDU R
UHFRQRFHU HO SUREOHPD HVWDEOHFLGR DQWHV /RV PpWRGRV GH RSWLPL]DFLyQ
GHO $16<6 GHVDUUROODQODPLQLPL]DFLRQDFWXDOGHODIXQFLyQREMHWLYRGH
ODHFXDFLyQ

/DV KHUUDPLHQWDV GH GLVHxR SRU RWUR ODGR QR KDFHQ PLQLPL]DFLRQ
GLUHFWDPHQWH(OXVRGHODVKHUUDPLHQWDVRIUHFHQPHGLRVDOWHUQDWLYRVSDUD
HQWHQGHU HO HVSDFLR GH GLVHxR \ HO FRPSRUWDPLHQWR GH ODV YDULDEOHV
GHSHQGLHQWHV

78//$9(&20
&21&/86,21(6
&RQ HVWH WUDEDMR DSUHQGt HQ TXH FRQVLVWH HO 0() \ FRPR VH
GHVDUUROOD DFWXDOPHQWH HQ &RORPELD SDUD OD VROXFLyQ GH SUREOHPDV
TXH SUHVHQWDODQDWXUDOH]D

/RVFXUVRVGHFDOFXOR\SURJUDPDFLyQGHFRPSXWDGRUHVTXHVHWRPDQ
HQ HOWUDQVFXUVRGHQXHVWUDFDUUHUD\HQODGHFXDOTXLHURWUDLQJHQLHUtD
VRQ XQ JUDQ DUPDSDUD OD VROXFLyQ GH SUREOHPDV TXH GtD WUDVGtD VH
QRVSUHVHQWD$GHPiVFRQHVWDVKHUUDPLHQWDVSRGHPRVFRQYHUWLUQRV
HQ JUDQGHV IRUMDGRUHV GH OD LQYHVWLJDFLyQ \ GHVDUUROOR WHFQROyJLFR \
VRFLDOGHXQSDLVTXHFRPRHOQXHVWUROHKDFHPXFKDIDOWDSDUDORJUDU
VDOLUGHOVXEGHVDUUROOR
6H GHVFULELHURQ DOJXQDV GH ODV DSOLFDFLRQHV GHO 0() HQ &RORPELD
FRPR HO DQiOLVLV GH HVIXHU]RV WUDQVIHUHQFLD GH FDORU PRYLPLHQWR GH
OtTXLGRVIOXLGRVHOHFWULFLGDGHOHFWURPDJQHWLVPR\PHFiQLFDGHQWDO
3URJUDPD $16<6 HV XQD KHUUDPLHQWD GH JUDQ SRGHUHQ OD VROXFLyQ
GH ORVSUREOHPDVItVLFRVHOFXDOUHVXHOYHSUREOHPDVGHGLYHUVDViUHDV
FRQ H[FHOHQWHV UHVXOWDGRV PLQLPL]DQGR HO WLHPSR \ FRVWR SDUD
HQFRQWUDUODVROXFLyQDGHFXDGD

/D 8QLYHUVLGDG ,QGXVWULDO GH 6DQWDQGHU \ HQ SDUWLFXODU OD HVFXHOD GH

,QJHQLHUtD0HFiQLFDVRQFRQVLHQWHVGHODVQHFHVLGDGHVGHGHVDUUROOR
TXH QHFHVLWD HO SDLV \ SRU HVWH PRWLYR DGHODQWD \ DSR\D HO XVR \ OD
LQYHVWLJDFLyQ D WUDYpV GHO 0() FRPR KHUUDPLHQWD SULQFLSDO  SDUD GDU
VROXFLyQ FLHQWtILFD D ORV SUREOHPDV HPSUHVDULDOHV GH OD UHJLyQ \ HO
SDLV

78//$9(&20
%,%/,2*5$),$

0HPRULDVGHO,9&RQJUHVR&RORPELDQRGH(OHPHQWRV)LQLWRV
%XFDUDPDQJD2FWXEUH\GH

5(''<1-$QLQWURGXFWLRQ7KH)LQLWH(OHPHQW0HWKRG
0F*UDZ+LOO%RRN&RPSDQ\

2&=LHQNLHZLF](O0pWRGRGH/RV(OHPHQWRV)LQLWRV
0F*UDZ+LOO%RRN&RPSDQ\

180(5,&$ /7'$ (PSUHVD XELFDGD HQ EXFDUDPDQJD GHGLFDGD D

UHVROYHUSUREOHPDVGHLQJHQLHUtDDWUDYpVGHO0()
KWWSZZZQXPHULFDFRPFR