!
 " 
#

 $
 #%  "  &  
  
'
  '

$

'
  '


 #

 (
   )

   (  & *

*
  +,--.,--/
 

0

 
 1
 
 
 
    



     
  
    !
2     
 
      

 


 
 

 
 
 * 
       3        

2 

 

 
4 

 




 
 



 "



! $
)

  &*"
 
#

(
)

 5
 6" &*
 $
)

  ( &**

 

 $





 
  








 
 





 
 




 
  

  

!" 



 

 

 
   

 
   
 

 


 
  

 

 
 




 ! 

 

"



 
# 

 

$  !%
 !

   
& 
$

'  

 
'  

($
 

' 

# %
 %
)   %
*  %
'  
  $


'
 

 

+ 
 


" %
 
 
 

&

'  !

#  




  
$,

 

( 

$



 -
.



 
   
/
 
   
 


 -


 
  


 
.

  
.




 ! 
0



  
1



 



.
(


-

 
 %
 
 

 
1

  
 

  
 
  



 
/
-






  %


%

%

 %


%
 %



 -
  %


 

 

2




 

 

 

  
1
 -

-

  
1%


 %

 

 2

3

 

  
$$$   
4 

5 
5 
" 6
5 7







 

"4
"  
)*
8
3
+)
* !9!&
:!;%
::<=<
& %
  

" 
5 

3
5-

> !  
*
 

&

 



?
.
#$%&'()*+*,-'*./0(0*.
31 

 
 
@
=A<=
"4
"  
)*
8
3
+)
"
B 
 

0

 
 
& 
=A<=

QGLFH

,QWURGXFFLyQ

&$378/2/DVLQYHVWLJDFLRQHVGH-39HUQDQW\GH00F/XKDQFRPRPDUFR
GHFRPSUHQVLyQGHORVFRPLHQ]RVGHODPRGHUQLGDG
$3ROLVJHRPHWUtD\ILORVRItD


%/DILORVRItDDQWLJXD\HOSHQVDPLHQWRPRGHUQR
&(OFRQFHSWRGHORPRGHUQR
'/DWUDQVIRUPDFLyQGHODFRQFHSFLyQGHOWLHPSR\GHOHVSDFLR
(/DKLVWRULDUHFLHQWHGHODUD]yQ

)/DLQYHQFLyQGHODLPSUHQWD\ODVWUDQVIRUPDFLRQHVGHODPRGHUQLGDG
*0RGHUQLGDGHXURSHD\HXURFHQWULVPR

+'HOFRVPRVFHUUDGRDOXQLYHUVRLQILQLWR
,(OILUPDPHQWRLQILQLWR
-/D1XHYD$VWURQRPtD\OD1XHYD0HWDItVLFD
./D1XHYD$VWURQRPtDFRQWUDOD1XHYD0HWDItVLFD
/ &RVDV QXQFD YLVWDV H LGHDV MDPiV VRxDGDV HO GHVFXEULPLHQWR GH QXHYRV
DVWURVHQHOHVSDFLRGHOPXQGR\ODPDWHULDOL]DFLyQGHOHVSDFLR
0([WHQVLyQLQGHILQLGDRHVSDFLRLQILQLWR
1'LRV\(VSDFLR(VStULWX\0DWHULD


&$378/2  6REUH ODV SUR\HFFLRQHV SUiFWLFDV GHO FRQRFLPLHQWR PRGHUQR \ VXV
FRQVHFXHQFLDV
$/RVUDVJRVHVHQFLDOHVGHODFLHQFLD\ODWpFQLFDPRGHUQDVHQHOSHQVDPLHQWR
GH0DUWLQ+HLGHJJHU
% /D FUtWLFD GH 1LHW]VFKH D ORV SUHVXSXHVWRV GH OD FLHQFLD HQ OD pSRFD
PRGHUQD

&$378/2(OFRQFHSWRGHUD]yQ


$/DUD]yQFDUWHVLDQD
,,QWURGXFFLyQ
,,/DUD]yQXQLYHUVDO
,,,(OREMHWRGHODUD]yQ
,9/RVUDVJRVGHODUD]yQ
9(OPpWRGR
9,/DGXGD
9,,/DVXEMHWLYLGDG
9,,,3ULQFLSDOHVUHJODVGHOPpWRGR
,;/DVUHJODVGHOPpWRGR
;/DUD]yQ\ODPRUDOSURYLVLRQDO
;,(OSURFHVRGHODGXGD\ORVIXQGDPHQWRVGHODFLHQFLD
;,,/DUHVFRJLWDQV
;,,,(OFULWHULRGHYHUGDG
;,9([LVWHQFLD\YHUDFLGDGGH'LRV
%/DUD]yQKREEHVLDQD
&/D7HRUtDGHO&RQRFLPLHQWRHQHO (QVD\RVREUHHOHQWHQGLPLHQWR+XPDQR
GH/RFNH
,'HORVJUDGRVGHQXHVWURFRQRFLPLHQWR

&$378,/2(OFRQFHSWRGH(VWDGRHQHO/HYLDWiQGH+REEHV
$(VWDGRGH1DWXUDOH]D
%(VWDGRGH1DWXUDOH]DYV(VWDGR&LYLO
&'HODLJXDOGDGSURFHGHODLQVHJXULGDG
',JXDOGDGHQWUHORVKRPEUHV
(6LQHVWDGRFLYLOKD\VLHPSUHJXHUUDGHWRGRVFRQWUDWRGRV
)/DE~VTXHGDGHODSD]
*3DVLRQHVYV5D]yQ
+(OSDFWR
,5HVSHWDUHOSDFWR


-/DPRUDO
./DJHQHUDFLyQGHOHVWDGRFLYLO
/(OILQGHOHVWDGRODVHJXULGDGGHORVSDUWLFXODUHV

&RQFOXVLyQ

%LEOLRJUDItD

1RWDVILQDOHV























































,QWURGXFFLyQ

(Q VX LQYHVWLJDFLyQ VREUH ORV RUtJHQHV GHO SHQVDPLHQWR JULHJR - 3 9HUQDQW
PXHVWUD OD UHODFLyQ HVHQFLDO HQWUH OD QXHYD IRUPD GH SHQVDPLHQWR ILORVyILFR \
FLHQWtILFR\HOQXHYRRUGHQVRFLDO\SROtWLFRGHODSROLV(VWRVUHVXOWDGRVVXJLHUHQOD
SRVLELOLGDG GH HIHFWXDU XQD DQDORJtD FRQ OD UHODFLyQ H[LVWHQWH HQWUH OD QXHYD
FRQFHSFLyQGHODUD]yQVXUJLGDHQODILORVRItD\ODFLHQFLDGHOVLJOR;9,,\HOQXHYR
(VWDGR DO TXH FRQFHELPRV FRPR HVHQFLDOPHQWH GHPRFUiWLFR HQ HO VHQWLGR GH
IXQGDPHQWDUVH HQ OD LJXDOGDG GH WRGRV ORV KRPEUHV 6H KD PRVWUDGR TXH ODV
WUDQVIRUPDFLRQHV GHO SHQVDPLHQWRWUDGLFLRQDOR PtWLFR \ ORV FDPELRVLQVWLWXFLRQDOHV
HQ ODV UHODFLRQHV GHPDQGR \ REHGLHQFLD HQ OD $QWLJXD *UHFLD VH KDQ SURGXFLGR HQ
LQWHUUHODFLyQ6HWUDWD GH H[WHQGHUHVWRV UHVXOWDGRV DOD QXHYDVLWXDFLyQJHQHUDGDHQ
(XURSDDFRPLHQ]RVGHODpSRFDPRGHUQD
'HOLPLWDQGR ORV VLJQLILFDGRV TXH OD UD]yQ \ OD GHPRFUDFLD DGTXLHUHQ D
FRPLHQ]RVGHODpSRFDPRGHUQDFXiOHVODUHODFLyQTXHVHHVWDEOHFHHQWUHHOORV"GH
TXp PDQHUDORVDYDQFHV SURGXFLGRVHQHO SHQVDPLHQWR JHQHUDQWUDQVIRUPDFLRQHVHQ
ODV UHODFLRQHV GH SRGHU \ YLFHYHUVD" HQ TXp PHGLGD ORV FDPELRV HQ XQR \ RWUR
iPELWRWLHQHQXQDYLQFXODFLyQHVHQFLDO\QHFHVDULD"
(OREMHWLYRGHODLQYHVWLJDFLyQHVGHWHUPLQDUHOVLJQLILFDGRGHORVFRQFHSWRVGH
UD]yQ\GHGHPRFUDFLDHQORVSULQFLSDOHVDXWRUHVGHOVLJOR;9,,UHXQLULQIRUPDFLyQ
DQDOL]DUOD \ FODVLILFDUOD SDUD TXH VLUYD FRPR EDVH GH GDWRV SDUD HO WUDEDMR WHyULFR
FRQFHSWXDO
&RQVLGHUDPRVTXHHVWRVFRQFHSWRVVRQFHQWUDOHVHQODWHRUtDVRFLDO\SROtWLFD\
OD GHILQLFLyQ GH VXV VLJQLILFDGRV SDVDGRV \ DFWXDOHV SRGUtD D\XGDU D FRQIRUPDU XQ
PDUFRWHyULFR~WLOSDUDORVLQYHVWLJDGRUHVGHOFDPSR
1XHVWUD KLSyWHVLV SULQFLSDO VRVWLHQH TXH OD UD]yQ OD FLHQFLD \ OD GHPRFUDFLD
HVWiQHVHQFLDOPHQWHYLQFXODGDVHQORVRUtJHQHVGHOSHQVDPLHQWRPRGHUQR
(O SUHVHQWH WUDEDMR EULQGD LQIRUPDFLyQ UHOHYDQWH SDUD ODV DFWLYLGDGHV GH ODV
DVLJQDWXUDV )LORVRItD \ )LORVRItD VRFLDO \ SROtWLFD GHO SULPHU DxR FRP~Q GH OD

)DFXOWDGGH &LHQFLDV VRFLDOHV H +LVWRULD GH OD )LORVRItD 0RGHUQD GHOD &DUUHUD GH
)LORVRItDWRGDVHOODVGHOD8QLYHUVLGDGGHO6DOYDGRU
&RPR\DVHGLMRODSUHVHQWHLQYHVWLJDFLyQVHHQPDUFDHQODWUDGLFLyQWHyULFDGH
OD KHUPHQpXWLFD ILORVyILFD HQ FX\DV LQYHVWLJDFLRQHV VH KD ORJUDGR GHWHUPLQDU XQ
PDUFR WHyULFR \ PHWRGROyJLFR TXH KDJD SRVLEOH OD FRPSUHQVLyQ GH ORV WH[WRV
DSXQWDQGR WDQWR D KDFHU H[SOLFLWD  VX HVWUXFWXUD FRPR DO GHVDUUROOR GHO VHQWLGR (O
VHQWLGRGHOWH[WRVyORVHKDFHFRPSUHQVLEOHDOYLQFXODUORFRQQXHVWURSURSLRFRQWH[WR
KLVWyULFR\FRQORVDFWRUHVSUHVHQWHV
-XDQ3DEOR(VSHUyQ\0DUWtQ&KLFFROLQRKDQFRQWULEXLGRDSRUWDQGRHOHPHQWRV
VREUH OD LQWHUSUHWDFLyQ KHLGHJJHULDQD GH OD pSRFD PRGHUQD HQ OD KLVWRULD GH OD
PHWDItVLFD0DUWtQ&KLFFROLQRKDFRQWUDVWDGRHOPRGHORFDUWHVLDQRFRQHOEDFRQLDQR
VHxDODQGR VXV UDVJRV FRPXQHV \ VXV GLIHUHQFLDV \ KD GLIHUHQFLDGR OD OHFWXUD
KHLGHJJHULDQDGHODQLHW]VFKHDQDGHODPRGHUQLGDG)ORUHQFLD&DUYDMDOUHVHxyODREUD
GH .R\Up VREUH ODV WUDQVIRUPDFLRQHV LQWURGXFLGDV HQ OD QXHYD FLHQFLD \ UHDOL]y XQ
DQiOLVLV GH OD FRQFHSFLyQ GHO (VWDGR HQ+REEHV 9LUJLQLD (QULTXH] EXVFy GHILQLU OD
FRQFHSFLyQ KREEHVLDQD GHO FRQRFLPLHQWR \ DQDOL]y HO FRQFHSWR GH UD]yQ HQ
'HVFDUWHV0DULDQD6DQWDQGHU\0DUtD5RVD%RX]yQUDVWUHDURQHOFRQFHSWRGHUD]yQ
HQ HO /HYLDWiQ GH +REEHV -XOLDQD &DUUDVFR KL]R XQD UHVHxD GH OD FRQFHSFLyQ GH
/RFNHVREUHODUD]yQ\HOFRQRFLPLHQWR


&$378/2  /DV LQYHVWLJDFLRQHV GH - 3 9HUQDQW \ GH 0 0F/XKDQ
FRPRPDUFRGHFRPSUHQVLyQGHORVFRPLHQ]RVGHODPRGHUQLGDG

$3ROLVJHRPHWUtD\ILORVRItD

(Q ORV FRPLHQ]RV GH OD pSRFD DQWLJXD SHUtRGR PLFpQLFR VHJ~Q VHxDOD
9HUQDQWVREUHODEDVHGHORVHVFULWRVFRQVHUYDGRVODIRUPDGHYLGDGHORVJULHJRVHUD
DQiORJD D OD GH ORV UHLQRV GHO &HUFDQR 2ULHQWH HQ OD PLVPD pSRFD 7RGR FDPELD
FXDQGRVHWRPDQFRPRUHIHUHQFLDORVWH[WRVKRPpULFRV0LHQWUDVTXHODUHOLJLyQ\ORV
PLWRVHVWiQHQUDL]DGRVHQHOSDVDGRPLFpQLFRQRRFXUUHORPLVPRHQRWURVGRPLQLRV
GRQGHVHHYLGHQFLDXQDSURIXQGDUXSWXUD/DVLQYDVLRQHVGHORVGRULRVHQHOVLJOR;,,
VHxDODQ HO TXLHEUHGHO SRGHUtR PLFpQLFR6XFXPEH XQ WLSR GH PRQDUTXtD GH RULJHQ
GLYLQRTXHWHQtDFRPRFHQWURHOSDODFLR\ODIRUPDGHYLGDTXHHVWiOLJDGDFRQHOOD
(VWRV FDPELRV UHSHUFXWHQ VREUH HO KRPEUH JULHJR PLVPR DO FDPELDU VX XQLYHUVR
HVSLULWXDO'HVSXpVGHXQODUJRSHUtRGRGHDLVODPLHQWR\UHWUDFFLyQFRQRFLGDFRPROD
HGDGPHGLDJULHJDVXUJHHQHOWUiQVLWRGHOVLJOR9,,,DO9,,XQDQRYHGDGGREOH\
VROLGDULDODLQVWLWXFLyQGHODSROLV\HOQDFLPLHQWRGHOSHQVDPLHQWRUDFLRQDO
*'HOHX]HHVFULEH/RTXHGLFH)RXFDXOWHVFLHUWRWRGDIRUPDFLyQGHSRGHU
WLHQH QHFHVLGDG GH XQ VDEHU GHO TXH VLQ HPEDUJR QR GHSHQGH SHUR TXH QR WHQGUtD
HILFDFLD VLQ HOOD $KRUD ELHQ HVH VDEHUXWLOL]DEOH SXHGH DGTXLULU GRV IRUPDV R ELHQ
XQDIRUPDRILFLRVDFRPRFXDQGRVHLQVWDODHQORVSRURVSDUDWDSDUWDORWDOIDOORHQ
HO RUGHQ HVWDEOHFLGR R ELHQ XQD IRUPD RILFLDO FXDQGR FRQVWLWX\H SRU Vt PLVPR XQ
RUGHQ VLPEyOLFR TXH SURSRUFLRQD D ORV SRGHUHV HVWDEOHFLGRV XQD D[LRPiWLFD
JHQHUDOL]DGD 3RU HMHPSOR ORV KLVWRULDGRUHV GH OD $QWLJHGDG PXHVWUDQ OD
FRPSOHPHQWDULHGDG FLXGDG JULHJDJHRPHWUtD HXFOLGLDQD < QR SRUTXH ORV JHyPHWUDV
WHQJDQHOSRGHUVLQRSRUTXHODJHRPHWUtDHXFOLGLDQDFRQVWLWX\HHOVDEHURODPiTXLQD
DEVWUDFWD TXH OD FLXGDG QHFHVLWD SDUD VX RUJDQL]DFLyQ GH SRGHU GH HVSDFLR \ GH
WLHPSR1RKD\(VWDGRTXHQRWHQJDQHFHVLGDGGHXQDLPDJHQGHOSHQVDPLHQWRTXHOH
 


 &URQRORJtD 6LJORV ;,9;,, H[SDQVLyQ PLFpQLFD VLJOR ;,, LQYDVLyQ GH ORV GRULRV )LQHV GHO VLJOR ,;
LQYHQFLyQGHODHVFULWXUD)LQHVGHO9,,,FRPLHQ]RVGHO9,,VXUJHQODSROLV\ODVRItD

9HUQDQW-3/RVRUtJHQHVGHOSHQVDPLHQWRJULHJR%XHQRV$LUHV(XGHEDS

VLUYD GH D[LRPiWLFD R GH PiTXLQD DEVWUDFWD \ D OD TXH OH SURSRUFLRQDUi FRPR
FRQWUDSDUWLGDODIXHU]DQHFHVDULDSDUDIXQFLRQDU
7DQWR OD *UHFLD FOiVLFD FRPR OD 0RGHUQLGDG HXURSHD VXUJHQ GHVSXpV GH XQD
HGDGPHGLDGHXQSHUtRGRGHRVFXULGDGSRVWHULRUDODVLQYDVLRQHVEiUEDUDV6L
ELHQ ODV DQDORJtDV VRQ XQ SRFR IRU]DGDV \ ODV GLIHUHQFLDV PXFKDV WDO YH] SXHGDQ
HQFRQWUDUVH DOJXQRV HOHPHQWRV GH FRPSDUDFLyQ HQWUH ORV GRV SURFHVRV KLVWyULFRV
FXLGDQGR GH WRPDU GLVWDQFLD GH ORV DQDFURQLVPRV JHQHUDGRV SRU ORV VXSXHVWRV GHO
LOXPLQLVPR(QDPERVGHVDSDUHFHODFLUFXODFLyQGHPRQHGD\PHWDOHVSUHFLRVRVODV
FRPXQLGDGHVVHFLHUUDQVREUHVtPLVPDV\SLHUGHQUHODFLRQHVFRQORVRWURVSXHEORV\
FXOWXUDV GHVDSDUHFH OD XQLGDG LQVWLWXFLRQDO LPSHULR VH GHVWUX\HQ ODV YtDV GH
FRPXQLFDFLyQODYLGDWLHQGHDGHVSOD]DUVHDOiPELWRUXUDOGLVPLQX\HQGRODSREODFLyQ
HQODVFLXGDGHV
3RU RWUR ODGR 9HUQDQW VHxDOD TXH OD LQVWLWXFLyQ GH OD SROLV \ HO SHQVDPLHQWR
UDFLRQDOVXUJHQVROLGDULDPHQWH\HQXQPLVPRSHUtRGRGHWLHPSR3XHGHGHFLUVHOR
PLVPRGHODUD]yQPRGHUQD\GHODLJXDOGDGGHORVKRPEUHVDVRFLDGRVHQHO(VWDGR"

*UHFLDVHUHFRQRFHGLFH9HUQDQWHQXQDFLHUWDIRUPDGHYLGD VRFLDO\HQXQ
WLSRGHUHIOH[LyQTXHGHILQHQDVXVSURSLRVRMRVVXRULJLQDOLGDG\VXVXSHULRULGDGVREUH
HOPXQGREiUEDURHQOXJDUGHTXHHOUH\HMHU]DVXRPQLSRWHQFLDVLQFRQWUROQLOtPLWHVHQ
HOVHFUHWRGHVXSDODFLRODYLGDSROtWLFDJULHJDTXLHUHVHUREMHWRGHXQGHEDWHS~EOLFRD
SOHQDOX]GHOGtDHQHOiJRUDSRUSDUWHGHXQRVFLXGDGDQRVDTXLHQHVVHGHILQHFRPR
LJXDOHV \ GH ORV FXDOHV HO (VWDGR HV RFXSDFLyQ FRP~Q HQ OXJDU GH ODV DQWLJXDV
FRVPRJRQtDVDVRFLDGDVDULWXDOHVUHDOHV\DPLWRVGHVREHUDQtDXQQXHYRSHQVDPLHQWR
WUDWD GH IXQGDU HO RUGHQ GHO PXQGR VREUH UHODFLRQHV GH VLPHWUtD GH HTXLOLEULR GH
LJXDOGDGHQWUHORVGLVWLQWRVHOHPHQWRVTXHLQWHJUDQHONRVPRV


/RV UHLQRV PLFpQLFRV VH FDUDFWHUL]DQ SRU HO XVR GHO FDEDOOR \ HO FDUUR VREUH
WRGRHQODJXHUUDORTXHVXSRQHXQJRELHUQRFHQWUDOL]DGR\SRGHURVR/DH[SDQVLyQ
PLFpQLFDVHUHDOL]yGHVGHHOVLJOR;,9KDVWDHO;,,(QWRGDVODVUHJLRQHVDGRQGHORV
 



'HOHX]H*3DUQHW&'LiORJRV9DOHQFLD3UH7H[WRVS
,ELGHP

KDFRQGXFLGRVXHVStULWXDYHQWXUHURORVPLFHQLRVDSDUHFHQHVWUHFKDPHQWHDVRFLDGRVD
ODVJUDQGHVFLYLOL]DFLRQHVGHO0HGLWHUUiQHRRULHQWDO
'XUDQWH HO SHUtRGR PLFpQLFR OD YLGD VRFLDO DSDUHFH FHQWUDGD HQ WRUQR GHO
SDODFLR FX\D IXQFLyQ HV UHOLJLRVD SROtWLFD PLOLWDU DGPLQLVWUDWLYD \ HFRQyPLFD D OD
YH](OUH\FRQFHQWUD\UH~QHHQVXSHUVRQDWRGRVORVHOHPHQWRVGHOSRGHUWRGRV
ORV DVSHFWRV GH OD VREHUDQtD 3DUHFLHUD TXH OD DGPLQLVWUDFLyQ UHDO UHJODPHQWD OD
SURGXFFLyQ OD GLVWULEXFLyQ \ HO LQWHUFDPELR QR KDELHQGR OXJDU SDUD HO FRPHUFLR
SULYDGR/DPRQDUTXtDFRQWURODPLQXFLRVDPHQWHKDVWDORVPtQLPRVGHWDOOHV(QODV
PRQDUTXtDV PLFpQLFDV FRPR DQWHV HQ ODV WUDGLFLRQHV LQGRHXURSHDV HO JXHUUHUR VH
VHSDUD \ FRQWUDSRQH DO KRPEUH GH OD DOGHD SDVWRU R DJULFXOWRU /RV GLVWLQWRV
IXQFLRQDULRV GH ORV GLYHUVRV QLYHOHV GH MHUDUTXtDV VH HQFXHQWUDQ HQ XQD UHODFLyQ GH
VXERUGLQDFLyQRVXPLVLyQSHUVRQDOFRQUHVSHFWRDOUH\VLELHQH[LVWHXQDGLYLVLyQGH
IXQFLRQHV \ WDUHDV HQ HO RUGHQ HFRQyPLFR (O UH\ iQD[ FXPSOH IXQFLRQHV QR
VRODPHQWHPLOLWDUHV\HFRQyPLFDVVLQRWDPELpQUHOLJLRVDV
9HUQDQWUHVXPHODVFDUDFWHUtVWLFDVGHODVPRQDUTXtDVPLFpQLFDVHQWUHVUDVJRV
 $VSHFWR EHOLFRVR HO iQD[ VH DSR\D HQ XQD DULVWRFUDFLD JXHUUHUD VRPHWLGD D VX
DXWRULGDG  /DV FRPXQLGDGHV UXUDOHV WLHQHQ XQD UHODWLYD DXWRQRPtD  /D
RUJDQL]DFLyQGHOSDODFLRFRQVXSHUVRQDODGPLQLVWUDWLYRVXVWpFQLFDVGHFRQWDELOLGDG
\ GH FRQWURO VX UHJODPHQWDFLyQ HVWULFWD GH OD YLGD HFRQyPLFD \ VRFLDO SUHVHQWD XQ
FDUiFWHU GH LPLWDFLyQ /RV HVFULEDV HVSHFLDOL]DGRV FRQIRUPDURQ JUXSRV
HVWULFWDPHQWH FHUUDGRV TXH EULQGDURQ ORV HVTXHPDV SDUD OD DGPLQLVWUDFLyQ GH ORV
SDODFLRVPLFpQLFRV
/DV LQYDVLRQHV GH ORV GRULRV GHVWUX\HQ HO VLVWHPD VRFLDO \ SROtWLFR PLFpQLFR
URPSLHQGRORVYtQFXORVGHORVJULHJRVFRQORVUHLQRVGH2ULHQWH

6XSULPLGRHOUHLQDGRGHORViQD[VHxDOD9HUQDQWQRVHHQFXHQWUDQKXHOODV
\DGHXQFRQWURORUJDQL]DGRSRUHOUH\GHXQDSDUDWRDGPLQLVWUDWLYRQLGHXQDFODVH
GH HVFULEDV /D HVFULWXUD PLVPD GHVDSDUHFH FRPR DUUDVWUDGD SRU HO GHUUXPEH GH ORV
 


9HUQDQW-3S
1RVHHQFXHQWUDQWHVWLPRQLRVGHOXVRGHPRQHGDVHQORVLQWHUFDPELRVGHELHQHV&I9HUQDQW-3S


9HUQDQW-3S


SDODFLRV &XDQGR ORV JULHJRV YXHOYHQ D GHVFXEULUOD D ILQHV GHO VLJOR ,; WRPiQGROD
HVWDYH]GHORVIHQLFLRVQRVHUiVyORXQDHVFULWXUDGHRWURWLSRIRQpWLFDVLQRSURGXFWR
GHXQDFLYLOL]DFLyQUDGLFDOPHQWHGLVWLQWDQRODHVSHFLDOLGDGGHXQDFODVHGHHVFULEDV
VLQRHOHOHPHQWRGHXQDFXOWXUDFRP~Q6XVLJQLILFDFLyQVRFLDO\SVLFROyJLFDVHKDEUi
WUDQVIRUPDGR SRGUtDPRV GHFLU LQYHUWLGR OD HVFULWXUD QR WHQGUi \D SRU REMHWR OD
FUHDFLyQGHDUFKLYRVSDUDXVRGHOUH\HQHOVHFUHWRGHXQSDODFLRVLQRTXHUHVSRQGHUi
HQDGHODQWHDXQDIXQFLyQGHSXEOLFLGDGYDDSHUPLWLUGLYXOJDUFRORFDUSRULJXDODQWH
ORVRMRVGHWRGRVORVGLYHUVRVDVSHFWRVGHODYLGDVRFLDO\SROtWLFD


6HDEUHXQDELVPRHQWUHORVGLRVHV\ORVKRPEUHVHOUH\GLYLQRGHVDSDUHFH\

HQWUHORVYLYRV\ORVPXHUWRVFRPLHQ]DQDFUHPDUVHORVFDGiYHUHVURPSLHQGRHOQH[R
GHORVPXHUWRVFRQODWLHUUD9HUQDQWVHSURSRQHPRVWUDUFyPRODVWUDQVIRUPDFLRQHV
VRFLDOHV UHSHUFXWHQ VREUH ODV IRUPDV GH SHQVDPLHQWR (O OHQJXDMH UHJLVWUD GLFKRV
FDPELRV /D GHVDSDULFLyQ GHO iQD[ GHMD VXEVLVWLU ODV GRV IXHU]DV VRFLDOHV TXH
HVWXYLHURQ VXERUGLQDGDV D OD PRQDUTXtD OD DULVWRFUDFLD JXHUUHUD \ ODV FRPXQLGDGHV
DOGHDQDV 'HO FRQIOLFWR HQWUH HVWDV IXHU]DV VXUJLy OD SULPHUD IRUPD GH VDELGXUtD
KXPDQDVRSKtDKDFLDFRPLHQ]RVGHOVLJOR9,,(VWDVDELGXUtDQRWLHQHSRUREMHWR
HOXQLYHUVRGHODSK\VLVVLQRHOPXQGRGHORVKRPEUHVTXpHOHPHQWRVORFRPSRQHQ
TXpIXHU]DVORGLYLGHQ\ORHQIUHQWDQFRQVLJRPLVPRFyPRDUPRQL]DUODVXQLILFDUODV
SDUDTXHGHVXFRQIOLFWRQD]FDHORUGHQKXPDQRGHODFLXGDGSROLV
7DPELpQ OD PRQDUTXtD KD FDPELDGR GH QDWXUDOH]D \D QR HV HO iQD[ VLQR HO
EDVLOHXV 7RPDQGR FRPR UHIHUHQFLD OD ILJXUD GH $JDPHQyQ HQ OD ,OtDGD 9HUQDQW
PXHVWUDTXHVHWUDWDGHXQDVXSUHPDFtDHQWUHSDUHVFRQHOILQGHFXPSOLUXQDIXQFLyQ
HVSHFtILFDFRQGXFLUODJXHUUDFRQWUD7UR\D/DQXHYDFRQFHSFLyQGHODPRQDUTXtDVH
PDQLILHVWDFODUDPHQWHHQODQRFLyQGHDUNKpPDQGRTXHVHVHSDUDGHODEDVLOHLD\
 


9HUQDQW-3S
>1RWDQXHVWUD@+D\YDULDVFXHVWLRQHVSDUDGHVDUUROODUDTXtHQUHODFLyQFRQODFRQH[LyQGHHVWDQXHYDIRUPD
GHHVFULWXUDIRQpWLFDFRQODIRUPDGHYLGDGHORVJULHJRV3RUTXpODHVFULWXUDIRQpWLFDQRSURGXMRUHVXOWDGRV
VHPHMDQWHV HQWUH ORV IHQLFLRV X RWURV SXHEORV" (Q TXp PHGLGD OD HVFULWXUD UHVSRQGH D XQD IXQFLyQ GH
SXEOLFLGDGVLVRQPX\SRFRVORVTXHSXHGHQOHHU\HVFULELU"&yPRIXHSRVLEOHTXHODHVFULWXUDVDOLHUDGHOD
HVIHUDUHOLJLRVDH[FOXVLYDGHORVVDFHUGRWHV"+D\VHPHMDQ]DVKLVWyULFDVHQWUHHOWUiQVLWRGHORVJULHJRV\HO
WUiQVLWR GH ORV LVDEHOLQRV PRGHUQRV TXH GHVFULEH 0F/XKDQ" (V SRVLEOH KDFHU XQD DQDORJtD HQWUH HO
GHVDUUROORTXHKDFH9HUQDQWVREUHORVRUtJHQHVGHOSHQVDPLHQWRJULHJRFRQHOTXHKDFH0F/XKDQVREUHODHUD
GHODLPSUHQWD"

9HUQDQW-3S



YDDGHILQLUHOGRPLQLRGHXQDUHDOLGDGSURSLDPHQWHSROtWLFD/RVDUFRQWHVGH
DUNKp HUDQ HOHJLGRV SULPHUR SRU GLH] DxRV \ SRVWHULRUPHQWH FDGD DxR +D\ XQD
QXHYDFRQFHSFLyQGHOSRGHU\DTXHDODUFRQWHVHOHGHOHJDHOSRGHUHQYLUWXGGHXQD
GHFLVLyQ KXPDQD \D QRGLYLQD GHXQD GHOHJDFLyQ TXH VXSRQH HQIUHQWDPLHQWR \
GLVFXVLyQ &RPR FRQWUDSDUWLGD OD EDVLOHLD VH YH UHOHJDGD D XQD IXQFLyQ
HVSHFtILFDPHQWH UHOLJLRVD /D LPDJHQ GHO UH\ GXHxR \ VHxRU GH WRGR SRGHU VH
UHPSOD]DSRUODLGHDGHIXQFLRQHVVRFLDOHVHVSHFLDOL]DGDVGLIHUHQWHVXQDVGHRWUDV\
FX\RDMXVWHSODQWHDGLItFLOHVSUREOHPDVGHHTXLOLEULR
/DVOH\HQGDVGH$WHQDVGHVFULEHQXQDFULVLVHQODVXFHVLyQGHOSRGHUTXHOOHYD
DODGLYLVLyQGHODVREHUDQtD1RVHSRQHHODFHQWRHQXQSHUVRQDMH~QLFRTXHGRPLQH
OD YLGD VRFLDO VLQR HQ XQD PXOWLSOLFLGDG GH IXQFLRQHV TXH FRQWUDSRQLpQGRVH XQDV D
RWUDV QHFHVLWDQ GH XQD GLVWULEXFLyQ \ XQD GHOLPLWDFLyQ UHFtSURFDV 6H HQFXHQWUD
DTXtFLHUWDVHPHMDQ]DFRQHOUHODWRTXH6KDNHVSHDUHKDFHHQHO5H\/HDUHQHOTXHVH
EDVD 0F/XKDQ SDUD GHVFULELU HO SURFHVR GH IUDJPHQWDFLyQ GH OD PRGHUQLGDG SHUR
HVWDUHSUHVHQWDFLyQDUWtVWLFDSDUHFHHQRSRVLFLyQDODFRQFHQWUDFLyQHIHFWLYDGHOSRGHU
HQODVPRQDUTXtDVDEVROXWDVGHORVVLJORV;9,,\;9,,,6LQHPEDUJRKD\HQODWHRUtD
GH+REEHVXQDGHOLPLWDFLyQUHFtSURFDGHORVLQGLYLGXRVHQHOHVWDGRQDWXUDOGHULYDGD
GHOWHPRUUHFtSURFRTXHSDUDGyMLFDPHQWHFRQGXFHDODXQLILFDFLyQGHODVREHUDQtD\
D DFHQWXDU XQ SHUVRQDMH ~QLFR TXH GRPLQH OD YLGD VRFLDO 7DQ VyOR FXDUHQWD DxRV
/RFNH SODQWHDUi H[SOtFLWDPHQWH OD QHFHVLGDG GH OD GHOLPLWDFLyQ UHFtSURFD GH ORV
SRGHUHVGHO(VWDGR(OSDVDMHGHVGH6KDNHVSHDUHKDVWD/RFNHPHGLDGRSRU+REEHV
SDUHFH DQiORJR DO GHVFULSWR SRU 9HUQDQW GHVGH ILQHV GHO VLJOR ,; D & KDVWD
FRPLHQ]RVGHOVLJOR9,,D&
&RQWLQ~D9HUQDQW3RGHUGHFRQIOLFWRSRGHUGHXQLyQHULVSKLOtDHVWDVGRV
HQWLGDGHVGLYLQDVRSXHVWDV\FRPSOHPHQWDULDVVHxDODQFRPRORVGRVSRORVGHODYLGD
VRFLDOHQHOPXQGRDULVWRFUiWLFRTXHVXFHGHDODVDQWLJXDVPRQDUTXtDV/DH[DOWDFLyQ
 



9HUQDQW-3S
3RGUtDKDFHUVHXQSDUDOHORDTXtFRQHOSDFWRVRFLDOFRPRIXHQWHGHOSRGHUHQ+REEHVDFRPLHQ]RVGHOD
PRGHUQLGDGTXHWDPSRFRUHPLWH\DDODGHOHJDFLyQGLYLQD

9HUQDQW-3S
(QHVWRKD\XQSDUDOHORFRQODHVSHFLDOL]DFLyQGHODVIXQFLRQHVHQODpSRFDPRGHUQDVHJ~Q0F/XKDQ

9HUQDQW-3S




GHOHVStULWXGHDJyQGHOXFKDTXHFDUDFWHUL]DDODQREOH]DVHPDQLILHVWDHQWRGRVORV
iPELWRV HQ OD JXHUUD HQ HO SODQR UHOLJLRVR HQ HO SROtWLFR 3DUD 9HUQDQW HVWRV GRV
SRORVGHODYLGD VRFLDOJULHJDVH FRQFHSWXDOL]DQ ULJXURVDPHQWH HQODILORVRItD HQOD
SUREOHPiWLFD GH OR XQR \ OR P~OWLSOH 3UHJXQWDPRV 1R KD\ XQD SUREOHPiWLFD
DQiORJD HQ ORV FRPLHQ]RV GH OD PRGHUQLGDG XQLGDG GH OD UD]yQSOXUDOLGDG GH ODV
IDFXOWDGHV XQLGDG GHO SHQVDPLHQWRSOXUDOLGDG GH OD H[SHULHQFLD XQLGDG GHO VDEHU
SOXUDOLGDG GH ODV FLHQFLDV XQLGDG GHO (VWDGRPXOWLSOLFLGDG GHO SXHEOR R GH ORV
LQGLYLGXRV"
&RPR+HVtRGRORKDUiQRWDUVLJXH9HUQDQWWRGDULYDOLGDGWRGDHULVVXSRQH
UHODFLRQHVGHLJXDOGDG/DFRQFXUUHQFLDQRSXHGHGDUVHMDPiVVLQRHVHQWUHLJXDOHV
(VWH HVStULWX LJXDOLWDULR HQ HO VHQR PLVPR GH XQD FRQFHSFLyQ DJRQtVWLFD GH OD YLGD
VRFLDOHVXQRGHORVUDVJRVTXHFDUDFWHUL]DQODPHQWDOLGDGGHODDULVWRFUDFLDJXHUUHUD
GH*UHFLD\FRQWULEX\HDGDUDODQRFLyQGHOSRGHUXQQXHYRFRQWHQLGR(OSRGHU\
HO JRELHUQR HO PDQGR \ OD DUNKp DSDUHFHQ HQWRQFHV FRPR XQ DVXQWR GH WRGRV WR
NRLQyQ \ \DQRFRPRODSURSLHGDGH[FOXVLYDGHXQLQGLYLGXRGHXQiQD[$SDUHFH
XQHVSDFLRVRFLDOHQWHUDPHQWHQXHYRGRQGHODDUNKpPLVPDHVSXHVWDHQHOPHGLROD
FLXGDG HVWi DKRUD FHQWUDGD HQ HO iJRUD TXH IXHOXJDUGH UHXQLRQHV DQWHV GH VHU XQ
PHUFDGRHQXQHVSDFLRFRP~QHQHOTXHVHGHEDWHDFHUFDGHORFRP~Q'HVGHTXH
OD FLXGDG VH FHQWUD HQ OD SOD]D S~EOLFD HV \D HQ HO SOHQR VHQWLGR GHO WpUPLQR XQD
SROLV+D\HQORVFRPLHQ]RVGHODPRGHUQLGDGXQSURFHVRDQiORJR"6HFRQVWUX\H
WDPELpQ XQ iPELWR FRP~Q TXH KDFH SRVLEOH XQD SDUWLFLSDFLyQ LJXDOLWDULD HQWUH ORV
KRPEUHV"3DUHFLHUDTXHDFRPLHQ]RVGHODPRGHUQLGDGODQRYHGDGTXHGDOXJDUDOD
LJXDOGDGHQWUHORVVHUHVKXPDQRVVHUHGXFHDODQRFLyQGHUD]yQTXHHVWiDODEDVHGH
QXHYD FLHQFLD 6L HQ OD DQWLJHGDG JULHJD OD SROLV \ OD ILORVRItD OD SUD[LV \ OD
FRQFLHQFLD VXUJLHURQ FDVL DO PLVPR WLHPSR FRQ XQD FLHUWD DQWHULRULGDG GH ODV
SULPHUDV HQ OD PRGHUQLGDG SDUHFHQ LQYHUWLUVH ODV UHODFLRQHV VXUJH SULPHUR OD
FRQFLHQFLDGHODLJXDOGDGHQODUD]yQ\ODFLHQFLD\OXHJRHQWUHODVHJXQGDPLWDGGHO
VLJOR;9,,\HOILQGHOVLJOR;9,,,ODUHYROXFLyQLQVWLWXFLRQDO6LQHPEDUJRWDQWRHO
 




9HUQDQW-3S
9HUQDQW-3S



OLEHUDOLVPRHFRQyPLFRFRPRHOPDU[LVPRKDQPRVWUDGRTXH\DDILQHVGHOVLJOR;9
KDEtDVXUJLGR XQD QXHYD LQVWLWXFLyQ TXHKDFH HIHFWLYDVUHODFLRQHV LJXDOLWDULDV FRQ
LQGHSHQGHQFLDGHODVUHODFLRQHVSROtWLFDVGHQWURGHO(VWDGRHOPHUFDGR
(QWUH ORV VLJORV 9,,, \ 9,, D & VH SURGXFH HQ *UHFLD XQ DFRQWHFLPLHQWR
QRYHGRVR\GHFLVLYRODDSDULFLyQGHODSROLV6LELHQWXYRP~OWLSOHVHWDSDV\YDULDGDV
IRUPDVSRGUtDFDUDFWHUL]iUVHODGHDFXHUGRDDOJXQRVUDVJRVGLVWLQWLYRVDVDEHUOD
SUHHPLQHQFLDGHODSDODEUDHOGHVDUUROORGHSUiFWLFDVS~EOLFDV\HOSULQFLSLR
GHLVRQRPtD
3URJUHVLYDPHQWHODSDODEUDYDWHQLHQGRSUHHPLQHQFLDVREUHWRGRVORVRWURV
LQVWUXPHQWRV GH SRGHU <D QRVHWUDWD GH OD SDODEUDGHO UH\ QL GHO RUiFXORGHO GLRV
VLQRGHODGLVFXVLyQ\GHODDUJXPHQWDFLyQHQODTXHHOFRQMXQWRGHORVFLXGDGDQRV
FRQVWLWX\HQ OD ~OWLPD LQVWDQFLD GH GHFLVLyQ 6H WUDWD GH XQD GHFLVLyQ SXUDPHQWH
KXPDQD (QWUH OD SROtWLFD \ HO ORJRV KD\ DVt XQD UHODFLyQ HVWUHFKD XQD WUDED]yQ
UHFtSURFD(ODUWHSROtWLFRHVHQORHVHQFLDOXQHMHUFLFLRGHOOHQJXDMH\HOORJRVHQ
VXRULJHQDGTXLHUHFRQFLHQFLDGHVtPLVPRGHVXVUHJODVGHVXHILFDFLDDWUDYpVGH
VXIXQFLyQSROtWLFD3DUD9HUQDQWODUHWyULFD\ODVRItVWLFDDEULHURQHOFDPLQRDODV
LQYHVWLJDFLRQHV OyJLFDV \ WHyULFDV GH $ULVWyWHOHV 1R SDUHFH KDEHU XQD DQDORJtD
HVWUHFKDFRQORVSURFHVRVTXHGDQFRPLHQ]RDODpSRFDPRGHUQD
 /DV FXHVWLRQHV PiV LPSRUWDQWHV GH OD YLGD VRFLDO DGTXLHUHQ FDUiFWHU GH
SOHQDSXEOLFLGDG6RQS~EOLFRVHQXQGREOHVHQWLGRFRPSOHPHQWDULRHVXQiPELWR
GHLQWHUpVFRP~QHQFRQWUDSRVLFLyQDORVDVXQWRVSULYDGRV\GHSUiFWLFDVDELHUWDV
HVWDEOHFLGDVD SOHQDOX]GHOGtDHQFRQWUDSRVLFLyQ D ORVSURFHGLPLHQWRV VHFUHWRV
(V XQ GREOH PRYLPLHQWR GH GHPRFUDWL]DFLyQ \ GH GLYXOJDFLyQ TXH WLHQH
FRQVHFXHQFLDV GHFLVLYDV HQ HO SODQR LQWHOHFWXDO DEULHQGR XQ FtUFXOR FDGD YH] PiV
LQFOXVLYR)LQDOPHQWHHVHOGHPRVHQVXWRWDOLGDGHOTXHDFFHGHDOPXQGRHVSLULWXDO
 



&I6LOYHUVWHLQ(/RVDVDOWDQWHVGHFDPLQRV%XHQRV$LUHV&DUORV3pUH](GLWRU6RKQ5HWKHO$
,QWHOOHFWXDODQG PDQXDOODERU /RQGUHVLHN6 (O VXEOLPHREMHWRGHOD LGHRORJtD0p[LFR6LJOR
;;,SS

9HUQDQW-3S
1R SDUHFH KDEHU XQD WUDED]yQ VHPHMDQWH D FRPLHQ]RV GH OD pSRFD PRGHUQD HQWUH UDWLR \ SROtWLFD (Q WRGR
FDVRODUDWLRVHGHVDUUROOyHQXQDWUDED]yQUHFtSURFDFRQODHPSUHVDFRPHUFLDO\ILQDQFLHUDGHODFRQTXLVWD

9HUQDQW-3S



DQWHV UHVHUYDGR D OD DULVWRFUDFLD JXHUUHUD \ VDFHUGRWDO /D GLVFXVLyQ OD

DUJXPHQWDFLyQ OD SROpPLFD SDVDQ D VHU UHJODV WDQWR GHO MXHJR LQWHOHFWXDO FRPR GHO
MXHJR SROtWLFR VRPHWLGDV DO FRQWURO GH OD FRPXQLGDG TXH MX]JD WDQWR VREUH ODV
FUHDFLRQHV GHO HVStULWX FRPR VREUH ODV PDJLVWUDWXUDV $PEDV VRQ VRPHWLGDV D XQD
UHQGLFLyQ GH FXHQWDV H[LJLGDV SRU OD OH\ GH OD SROLV HQ FRQWUDSRVLFLyQ DO SRGHU
DEVROXWRGHOPRQDUFD
(Q ORV FRPLHQ]RV GH OD PRGHUQLGDG VH GHVDUUROOD XQ SURFHVR DQiORJR GH
GHPRFUDWL]DFLyQ \GLYXOJDFLyQSRUTXHSRUXQODGRODUD]yQFRPLHQ]DDFRQFHELUVH
FRPRXQDFDSDFLGDGQDWXUDOLJXDOPHQWHUHSDUWLGDHQWRGRVORVVHUHVKXPDQRV\SRU
RWUR ODGR ORV GRFWRV DEDQGRQDQ SURJUHVLYDPHQWH HO Op[LFR DFDGpPLFR ODWtQ \
FRPLHQ]DQDSXEOLFDUVXVREUDVHQODVOHQJXDVURPDQFHV
/DSDODEUDFRQVWLWXtDGHQWURGHOFXDGURGHODFLXGDGSROLVHOLQVWUXPHQWRGH
OD YLGD SROtWLFD OD HVFULWXUD VXPLQLVWUDUi HQ HO SODQR SURSLDPHQWH LQWHOHFWXDO HO
PHGLR GH XQD FXOWXUD FRP~Q \ SHUPLWLUi OD GLYXOJDFLyQ FRPSOHWD GH ORV
FRQRFLPLHQWRV DQWHULRUPHQWH UHVHUYDGRV R SURKLELGRV 'H DOOt TXH VH EXVFDVH
GHVGH HO QDFLPLHQWR GH OD SROLV OD UHGDFFLyQ GH ODV OH\HV SDUD DVHJXUDU VX
SHUPDQHQFLD\ILMH]D\SDUDTXHVHDQVXVFHSWLEOHVGHDSOLFDFLyQDWRGRVSRULJXDO/D
HVFULWXUD SRU RWUR ODGR GD D OD VDELGXUtD DO FRQRFLPLHQWR GH OD YHUGDG XQD
GLPHQVLyQ S~EOLFD OR KDFH OHJLEOH SRU FXDOTXLHUD DXQ FXDQGR VX FRQWHQLGR QR VHD
DFFHVLEOH D WRGRV \ D FXDOTXLHUD (O VDEHU GHMD GH HVWDU OLJDGR D OR VHFUHWR D OR
HVRWpULFR D OR FHUUDGR $QiORJDPHQWH HQ ORV FRPLHQ]RV GH OD PRGHUQLGDG OD
LPSUHQWD FXPSOH OD IXQFLyQ GLYXOJDGRUD \ ILMDGRUD TXH HQ OD DQWLJHGDG KDEtD
FXPSOLGRODHVFULWXUD

 



 /DWHVLVGH9HUQDQWHV VLQGXGDV H[DJHUDGD HQ FXDQWRDODSDUWLFLSDFLyQHIHFWLYD GHWRGRV WHQLHQGRHQ

FXHQWDDGHPiVTXHORVFLXGDGDQRVVRQXQDSHTXHxDSURSRUFLyQGHORVKDELWDQWHVGHODVSROLVSHURVHxDOD
FRUUHFWDPHQWHODQRYHGDGUDGLFDOGHOSULQFLSLRGHPRFUiWLFRGHODSROLV

6XHOHVHxDODUVHTXHHO 'LVFXUVRGHOPpWRGRGH5'HVFDUWHVHVODSULPHUDREUDGHILORVRItDSXEOLFDGDHQ
IUDQFpV

 6HJ~Q 9HUQDQW D SDUWLU GHO VLJOR 9,,, OD HVFULWXUD GHMD GH VHU XQ VDEHU HVSHFLDOL]DGR UHVHUYDGR D ORV
HVFULEDVSDUDFRQYHUWLUVHHQXQDWpFQLFDGHDPSOLRXVRIXQGDPHQWDOHQODSDLGHLD

4XpRFXUUHFRQODLQYHQFLyQGHODLPSUHQWDHQORVFRPLHQ]RVGHOD PRGHUQLGDG"3URGXFHORVPLVPRV
HIHFWRV"

9HUQDQW-3S



/DODLFL]DFLyQGHODYLGDVRFLDOVHUHDOL]DSRUHWDSDV\QRVLQUHVLVWHQFLDV/D
ODLFL]DFLyQGHWRGRXQSODQRGHODYLGDSROtWLFDWLHQHFRPRFRQWUDSDUWLGDXQDUHOLJLyQ
RILFLDOTXHKDHVWDEOHFLGRVXVGLVWDQFLDVHQUHODFLyQFRQORVDVXQWRVKXPDQRV \TXH
\DQRHVWiWDQGLUHFWDPHQWHFRPSURPHWLGDFRQODVYLFLVLWXGHVGHODDUNKp
/DSDUDGRMDGHORVSULPHURVVDELRVHVTXHHQWUHJDQDOS~EOLFRXQVDEHUTXHDO
PLVPR WLHPSR VH SURFODPD LQDFFHVLEOH D OD PD\RUtD /D ILORVRItD VH HQFXHQWUD DO
QDFHUHQXQDSRVLFLyQDPELJXDSRUVXPDUFKD\SRUVXLQVSLUDFLyQHVWiHPSDUHQWDGD
DODYH]FRQODVLQLFLDFLRQHVGHORVPLVWHULRV\ODVFRQWURYHUVLDVGHOiJRUDIORWDHQWUH
HO HVStULWX GH VHFUHWR SURSLR GH ODV VHFWDV \ OD SXEOLFLGDG GHO GHEDWH FRQWUDGLFWRULR
TXH FDUDFWHUL]D D OD DFWLYLGDG SROtWLFD 9HUQDQW SLHQVD TXH ORV ILOyVRIRV JULHJRV
RVFLODURQHQWUHORS~EOLFR\ORSULYDGRHQWUHODSROtWLFD\ODVHFWD(VWDSDUDGRMD\D
QRVHGDHQORVFRPLHQ]RVGHODPRGHUQLGDGORVILOyVRIRVPRGHUQRVSURFODPDQGHVGH
HOFRPLHQ]RODLJXDOGDGGHWRGRVORVKRPEUHVHQFXDQWRDVXFDSDFLGDGUDFLRQDO(O
PLVPR'HVFDUWHVVHSRQHFRPRHMHPSORGHXQSDUWLFXODUTXHKDFHXVRGHVXSURSLD
UD]yQ SDUD HYDOXDU PHGLDQWH OD GXGD WRGR HO VDEHU WUDGLFLRQDO EDVDGR HQ OD
DXWRULGDG 1R REVWDQWH HV LPSRUWDQWH WHQHU HQ FXHQWD TXH HO SRGHU UHOLJLRVR
LQVWLWXFLRQDOL]DGR HQ OD LJOHVLD HV PX\ VXSHULRU \ GLItFLO GH HOXGLU TXH HO TXH
HQIUHQWDEDQORVSULPHURVILOyVRIRVJULHJRV
 /D WHUFHUD FDUDFWHUtVWLFD GH OD SROLV HV TXH VXV PLHPEURV DSDUHFHQ FRPR
VLPLODUHV ORV XQRV D ORV RWURV (VWD VLPLOLWXG IXQGD OD XQLGDG GH OD SROLV SKLOtD
/DV UHODFLRQHV HQWUH ORV FLXGDGDQRV VRQ UHFtSURFDV \ UHYHUVLEOHV 7RGRV ORV
FLXGDGDQRV VHUiQ GHILQLGRV FRPR VHPHMDQWHV +yPRLRL \ PiV DGHODQWH FRPR
LJXDOHV ,VRL 7RGRV ORV FLXGDGDQRV VRQ XQLGDGHV LQWHUFDPELDEOHV GHQWUR GH XQ
VLVWHPD FX\R HTXLOLEULR HV OD OH\ \ FX\D QRUPD HV OD LJXDOGDG (O FRQFHSWR GH
,VRQRPtD KDFH UHIHUHQFLD D OD LJXDO SDUWLFLSDFLyQ GH WRGRV ORV FLXGDGDQRV HQ HO
HMHUFLFLR GHO SRGHU (O SULQFLSLR VH UHPRQWD D XQD ODUJD WUDGLFLyQ TXH GHULYD GH OD
LJXDOGDGDULVWRFUiWLFDGHORVFDEDOOHURV(QHIHFWRIXHDTXHOODQREOH]DPLOLWDUODTXH
 


9HUQDQW-3S
(VSRVLEOHSHQVDUTXHVXFHGLyDOJRDQiORJRHQORVFRPLHQ]RVGHODpSRFDPRGHUQD"1RRVFLOD+REEHVGH
PDQHUDSDUHFLGDHQWUHODVHFWD\HOYXOJR"

9HUQDQW-3S




HVWDEOHFLySRUSULPHUDYH]HQWUHODFDOLILFDFLyQJXHUUHUD\HOGHUHFKRDSDUWLFLSDUHQ
ORVDVXQWRVS~EOLFRVXQDHTXLYDOHQFLDTXHQRVHGLVFXWLUi\D(QODSROLVHOHVWDGRGH
VROGDGRFRLQFLGHFRQHOGHFLXGDGDQRTXLHQWLHQHVXSXHVWRHQ ODIRUPDFLyQPLOLWDU
GH OD FLXGDG OR WLHQH DVLPLVPR HQ VX RUJDQL]DFLyQ SROtWLFD 9HUQDQW VHxDOD OD
DSDULFLyQ GHO KRSOLWD D PHGLDGRV GHO VLJOR 9,, FRQ HO TXH VH WUDQVIRUPDQ
FRPSOHWDPHQWHODVWpFQLFDVGHOFRPEDWH\ORVYDORUHVpWLFDGHOJXHUUHUR6XYLUWXG
HVODVRSKURV\QHHOGRPLQLRGHVtPLVPR\DQRHOWK\PyVGHORVKpURHVKRPpULFRV
TXH HV UHFKD]DGR HQ FXDQWR DFXVD ODV GHVLJXDOGDGHV VRFLDOHV \ HO VHQWLPLHQWR GH
GLVWDQFLDHQWUHORVLQGLYLGXRV(OKRSOLWDHVHOVROGDGRFLXGDGDQR(VHOTXHFRPEDWH
FRGR D FRGR \ KRPEUR D KRPEUR /D IDODQJH KDFH GHO KRSOLWD FRPR OD FLXGDG GHO
FLXGDGDQR XQD XQLGDG HQ OD TXH ORV HOHPHQWRV VRQ LQWHUFDPELDEOHV 6H WUDWD GH XQ
RUGHQ H[SUHVDGR HQ ODV OH\HV TXH HV DQWHULRU FRQ UHODFLyQ DO SRGHU /D DUNKp
SHUWHQHFH HQ UHDOLGDG H[FOXVLYDPHQWH D OD OH\ $QiORJDPHQWH +REEHV KDFH
UHIHUHQFLD D OD LJXDOGDG GH WRGRV ORV KRPEUHV HQ HO HVWDGR QDWXUDO DXQTXH HOOR
FRQGX]FDQHFHVDULDPHQWHDXQDJXHUUDXQLYHUVDOGHWRGRVFRQWUD WRGRV \&URPZHOO
VRVWLHQHVXGLFWDGXUDHQORVFLXGDGDQRVFRPEDWLHQWHVLURQVLGH
$ILQHVGHOVLJOR9,,\GXUDQWHHOVLJOR9,D&VHGHVHQFDGHQDXQDSURIXQGD
FULVLV GH OD SROLV TXH VHJ~Q 9HUQDQW VH H[SUHVD HQ ORV 6LHWH 6DELRV \ FRPR
FRQVHFXHQFLD GH OD FXDO VH SURGXFHQ UHIRUPDV PRUDOHV SROtWLFDV \ OHJDOHV /DV
FRQGLFLRQHVHFRQyPLFDVGHULYDGDVGHODUHDQXGDFLyQ\HOGHVDUUROORGHORVFRQWDFWRV
FRQ 2ULHQWH LQWHUUXPSLGRV FRQ OD FDtGD GHO LPSHULR PLFpQLFR \ UHLQLFLDGDV SRU ORV
IHQLFLRV KDFLD HO VLJOR 9,,, RULJLQDURQ XQD HIHUYHVFHQFLD VRFLDO \ UHOLJLRVD TXH
FRQGXMHURQDOQDFLPLHQWRXQDUHIOH[LyQPRUDO\SROtWLFDGHFDUiFWHUODLFR
 


9HUQDQW-3S
3DUHFLHUDTXHHOLQYHQWRGHODVDUPDVGHIXHJRDFRPLHQ]RVGHODPRGHUQLGDGSURGXFHXQDLJXDODFLyQD~Q
PD\RU1RVHH[SUHVDHQODLJXDOGDGGHORVLURQVLGHGH&URPZHOO"

6LHVSRVLEOHUHIHULUHOSULQFLSLRGHLVRQRPtDDODVUHODFLRQHVHQWUHORVVHxRUHVJXHUUHURVDODLJXDOGDGHQWUH
SDUHV FXiO HV OD SURYHQLHQFLD GHO SULQFLSLR GH LJXDOGDG QDWXUDO HQ OD PRGHUQLGDG" 6H GHULYD FRPR
VRVWLHQH +HJHO GHO FULVWLDQLVPR HQ WDQWR OODPD D WRGRV ORV KRPEUHV D OD VDOYDFLyQ \ HQ WDQWR &ULVWR KD
PXHUWRSRUODUHGHQFLyQGHWRGRV"/RVPRGHUQRVKDEODQGHODLJXDOGDGQDWXUDOHQODVFDSDFLGDGHVVREUHWRGR
HQODVTXHVRQGLVWLQWLYDVGHOVHUKXPDQROLEHUWDG\UD]yQSHURDVXYH]ODLJXDOGDGQRVHVFRQRFLGDSRU
PHGLRGHODUD]yQQRKD\DOOtXQDFLHUWDFLUFXODULGDG"

&I9HUQDQW-3S

0)RXFDXOWVRVWLHQHTXHODPRGHUQLGDGFRPLHQ]DFRQODVHSDUDFLyQGHODHSLVWHPRORJtDGHODpWLFD




'XUDQWH HO VLJOR 9,, ORV JULHJRV H[SDQGHQ HO FRPHUFLR PDUtWLPR SRU WRGR HO
0HGLWHUUiQHR VLJXLHQGR WUHV REMHWLYRV DOLPHQWRV FHUHDOHV WLHUUD DXPHQWR GH OD
SREODFLyQ\PHWDOHV$FRPLHQ]RVGHODPRGHUQLGDGVHSURGXFHXQDH[SDQVLyQD~Q
PD\RUFRQODFLUFXQQDYHJDFLyQGHOIULFD\ODOOHJDGDGHORVHVSDxROHV\SRUWXJXHVHV
D$PpULFD3RURWURODGRVHUHLQLFLDQORVOD]RVFRQ2ULHQWH\VHHIHFWLYL]DXQSURFHVR
H[SDQVLYRHQORFRPHUFLDO
$ILQHVGHOVLJOR9,,,D&ODPHWDOXUJLDGHOEURQFHGHMDOXJDUDODGHOKLHUUR\
KDFLDILQHVGHOVLJORVLJXLHQWHVHLQWURGXFHODPRQHGD/DRVWHQWDFLyQGHODULTXH]DVH
DJUHJDDOYDORUJXHUUHUR\DODVFDOLILFDFLRQHVUHOLJLRVDVFRPRHOHPHQWRVGHSUHVWLJLR
GH OD DULVWRFUDFLD $SDUHFH XQQXHYR WLSR GHSURSLHWDULR TXH EXVFD HVSHFLDOL]DU VX
FXOWLYR\DPSOLDUODVWLHUUDVGHFXOWLYR&RPRUHVXOWDGRVHSURGXFHXQDFRQFHQWUDFLyQ
GH OD SURSLHGDG GH ODV WLHUUDV \ XQ DYDVDOODPLHQWR GH ORV GHPRV 6XUJHQ QXHYRV
    
(OFRQRFLPLHQWRGHVtQRHVXQDQRYHGDGPRGHUQDDOPHQRVVLVHWLHQHHQFXHQWDODPi[LPDGpOILFDTXH
6yFUDWHVDGRSWDFRPRPDQGDWRGHOGLRV\ FRPRWDUHDSDUD VXSUpGLFDILORVyILFD\TXHWDQODUJRFDPLQRKD
UHFRUULGRDORODUJRGHORVVLJORV6LQHPEDUJRHOPDQGDWRQRWLHQHHOPLVPRVHQWLGRHQODDQWLJHGDGTXH
HQODPRGHUQLGDG(QODVFODVHVGLFWDGDVSRU)RXFDXOWHQHO&ROOqJHGH)UDQFHGXUDQWHHOFXUVROHFWLYR
FX\DHGLFLyQ)UDQoRLV(ZDOG\$OHVVDQGUR )RQWDQDKDQGHFLGLGRWLWXODU+HUPHQpXWLFDGHO VXMHWR
)RXFDXOWVRVWLHQHTXHHQODDQWLJHGDGHOJQRWKLVHDXWyQFRQyFHWHDWLPLVPRHUDXQLPSHUDWLYRpWLFRXQD
iVNHVLVHMHUFLFLRLQVHSDUDEOHGHODHSLPHOpLDKHDXWRXHOFXLGDGRGHVt1RKD\TXHSHQVDUFRQWRGRTXH
HVWHFDUiFWHUpWLFRH[FOX\HODYHUGDG3RUHOFRQWUDULRHOHMHUFLFLRTXHLPSOLFDXQDWUDQVIRUPDFLyQpWLFDGHO
VXMHWRPHGLDQWHWRGDVODVSUiFWLFDVSURSLDVGHODLQTXLHWXGGHVtWLHQHQFRPRHIHFWRODIDFLOLWDFLyQGHODFFHVR
DODYHUGDG$VtORH[SOLFDGLFH)RXFDXOWHQODSULPHUDFODVHGHO&XUVR

ODYHUGDGVyORHVGDGD DO VXMHWRDXQSUHFLRTXHSRQH HQMXHJR HOVHUPLVPRGHpVWHQR
SXHGHKDEHUYHUGDGVLQXQDFRQYHUVLyQRWUDQVIRUPDFLyQGHOVXMHWR>(ODFFHVRDODYHUGDG@
HVXQWUDEDMRGHVt VREUHVtPLVPRXQD HODERUDFLyQGH VtVREUH VtPLVPRXQDWUDQVIRUPDFLyQ
SURJUHVLYDGHVtPLVPRGHODTXHXQRHVUHVSRQVDEOH


(V GHFLU HO DFFHVR D OD YHUGDG WHQtD XQDV FRQGLFLRQHV pWLFDV R HVSLULWXDOHV FRPR GHQRPLQD
)RXFDXOW D HVWH WUDEDMR GHO Vt PLVPR VREUH Vt D HVWH SUHFLR TXH SHUPLWH DOFDQ]DU OD YHUGDG (Q FDPELR OD
PRGHUQLGDG WUDQVIRUPDSURIXQGDPHQWH HOFDPLQR GH DFFHVRDOD YHUGDG\ HQ FRQVHFXHQFLDHOSUHFLRGHO
PLVPR (Q HO PRPHQWR FDUWHVLDQR GLFH )RXFDXOW OD HSLPHOpLD KHDXWRX HV GHVYDORUL]DGD \ FRQ HOOD ODV
SUiFWLFDVTXHFRQVWLWX\HQODHVSLULWXDOLGDGODHGDGPRGHUQDGHODKLVWRULDGHODYHUGDGFRPLHQ]DDSDUWLUGHO
PRPHQWRHQTXHORTXHSHUPLWHWHQHUDFFHVRDODYHUGDGHVHOFRQRFLPLHQWR\VyORHOFRQRFLPLHQWR

$VtODIXQGDFLyQGHODPRGHUQLGDGVHGDSRUODSRVLELOLGDGGHTXHHOVXMHWRVHDREMHWRSDUDVtPLVPR
\TXHHODFFHVRDODYHUGDGQRVXSRQJDFRPRFRQGLFLyQXQWUDEDMRpWLFRGHVtVREUHVtPLVPRVLQRXQDFWRGH
SXURFRQRFLPLHQWR$KRUDELHQHVWRQRLPSOLFDTXHHOVXMHWRPRGHUQR\DQRDFWXDUiVREUHVtPLVPRQLTXHD
SDUWLUGH'HVFDUWHVRpOPLVPR\DQLQJ~QILOyVRIRLQWHQWHFRQVWUXLUDOJXQDIRUPDGHODHVSLULWXDOLGDGHQOD
ILORVRItD1RREVWDQWHODFRQVHFXHQFLDTXHLQWHUHVDDKRUDHVODWUDQVIRUPDFLyQGHODFRQGLFLyQGHDFFHVRDOD
YHUGDG\ODH[LJHQFLDGHXQQXHYRFDPLQRGLIHUHQWHGHODiVNHVLV<ODQXHYDIRUPDTXHQRWDUGDUiHQVHU
SULYLOHJLDGD HQHO WUDPRGHODKLVWRULDGHODYHUGDGTXH FRUUHVSRQGHDOD PRGHUQLGDGVHUiODV FLHQFLDVGHO
KRPEUH &I 3DF $ /D PRGHUQLGDG HO VXMHWR \ HO SHOLJUR GH OD YHUGDG -RUQDGDV VREUH +HUPHQpXWLFD
813$

$FRPLHQ]RVGHODPRGHUQLGDGDSDUHFHXQDQXHYDFODVHVRFLDOEXUJXHVtDOLJDGDDOFRPHUFLRH[WHULRU\D
ODVHPSUHVDVILQDQFLHUDV



VHFWRUHVVRFLDOHVOLJDGRVDOFRPHUFLRXOWUDPDULQR\VHDFUHFLHQWDODSREODFLyQHQODV
FLXGDGHVORTXHOOHYDDXQDSURJUHVLYDRSRVLFLyQHQWUHXUEDQRV\UXUDOHV/DV
UHODFLRQHV VRFLDOHV VH FDUDFWHUL]DQ SRU OD YLROHQFLD OD DVWXFLD OD DUELWUDULHGDG \ OD
LQMXVWLFLD\ORVJULHJRVVHHVIXHU]DQSRUUHVROYHUODFULVLVUHQRYDQGRVLPXOWiQHDPHQWH
ORV SODQRV HFRQyPLFR MXUtGLFR SROtWLFR \ UHOLJLRVR $QiORJDPHQWH HQ HO
5HQDFLPLHQWRVHSURGXFHXQDFULVLVVHPHMDQWHTXHREOLJDDODUHHVWUXFWXUDFLyQGHODV
UHODFLRQHVHQWRGRVORVSODQRV
(Q*UHFLDVHJ~Q9HUQDQWVHDVSLUDVLHPSUHDUHVWULQJLUOD G\QDPLVSRGHU
GHORVJHQHQREOHV>VH@TXLHUHSRQHUXQOtPLWHDODDPELFLyQDVXLQLFLDWLYDDVX
YROXQWDGGHSRGHUVRPHWLpQGRODVDXQDUHJODJHQHUDOFX\DREOLJDFLyQVHDSOLTXHSRU
LJXDO D WRGRV (VD QRUPD VXSHULRU HV OD GLNH (V OD GLNH OD TXH GHEH HVWDEOHFHU
HQWUHORVFLXGDGDQRVXQMXVWRHTXLOLEULRTXHJDUDQWLFHODGLVWULEXFLyQHTXLWDWLYDGHODV
REOLJDFLRQHV GH ORV KRQRUHV GHO SRGHU HQWUH ORV LQGLYLGXRV \ ODV IDFFLRQHV TXH
FRPSRQHQ HO FXHUSR VRFLDO /D GLNH GH HVWH PRGR FRQFLOLD \ DUPRQL]D HVRV
HOHPHQWRVSDUDKDFHUGHHOORVXQDVROD\PLVPDFRPXQLGDGXQDFLXGDGXQLGD(O
KRPLFLGLRDQWHVSHUWHQHFLHQWHDODHVIHUDSULYDGDIDPLOLDUYHQJDQ]DGHODVDQJUHVH
GHVSOD]DDOD HVIHUDFRPXQLWDULD(O DVHVLQRFRPLHQ]DDVHUYLVWR FRPR DOJXLHQTXH
GDxDDODFRPXQLGDGHQVXFRQMXQWR
$ULVWyWHOHVOHUHFRQRFHD6ROyQXQDYDQFHGHFLVLYRDOHVWDEOHFHUHOGHUHFKRGH
FDGDXQRGHLQWHUYHQLUHQMXVWLFLDDIDYRUGHFXDOTXLHUDTXHKD\DVLGROHVLRQDGR\GH
SHUVHJXLUODDGLNtDVLQKDEHUODVXIULGRSHUVRQDOPHQWH6ROyQGHVSHUVRQDOL]yODMXVWLFLD
VDFiQGROD GH OD HVIHUD GH OD YHQJDQ]D IDPLOLDU R GH VDQJUH +D KDELGR XQ FDPELR
DQiORJR HQ OD FRQFHSFLyQ GH OD MXVWLFLD D FRPLHQ]RV GH OD PRGHUQLGDG" 6HJ~Q
)RXFDXOWODVVRFLHGDGHVGHVREHUDQtDWLHQHQHOREMHWLYRGHUHFDXGDUDGLIHUHQFLDGH
ODV VRFLHGDGHV GLVFLSOLQDULDV FX\R REMHWLYR HV RUJDQL]DU OD SURGXFFLyQ \ GHFLGLU OD
PXHUWH D GLIHUHQFLDGHODV GLVFLSOLQDV TXHVH SURSRQHQ DGPLQLVWUDUOD YLGD6XHOH
GHFLUVHHVFULEH)RXFDXOWTXHHOPRGHORGHXQDVRFLHGDGTXHWXYLHUDSRUHOHPHQWRV
 


 (Q HVWR KD\ XQ SDUDOHOR FRQ ORV FRPLHQ]RV GH OD PRGHUQLGDG DSHUWXUD GHO FRPHUFLR XOWUDPDULQR
FRQFHQWUDFLyQGHODSURSLHGDGWHUULWRULDOH[SXOVLyQGHORVFDPSHVLQRVFUHFLPLHQWRGHODVFLXGDGHV

9HUQDQW-3S

9HUQDQW-3S



FRQVWLWXWLYRV XQRV LQGLYLGXRV HVWi WRPDGR GH ODV IRUPDV MXUtGLFDV DEVWUDFWDV GHO
FRQWUDWR \ GHO FDPELR /D VRFLHGDG PHUFDQWLO VH KDEUtD UHSUHVHQWDGR FRPR XQD
DVRFLDFLyQFRQWUDFWXDOGHVXMHWRVMXUtGLFRVDLVODGRV
(QWLHPSRVGH6ROyQHOWHPRUDODLPSXUH]DGHOFULPHQ\GHOKRPLFLGLRFRPR
OD RVWHQWDFLyQ GHO OXMR \ OD LQVROHQFLD GH ORV ULFRV SURYRFDURQ UHDFFLRQHV UHOLJLRVDV
TXH EXVFDEDQ OD SXUH]D GH OD YLGD PtVWLFD \ HO DVFHWLVPR (VWRV PRYLPLHQWRV
FRQWULEX\HURQDSURGXFLUXQDQXHYDLPDJHQGHODDUHWpYLUWXG/DYLUWXGFRPLHQ]DD
FRQFHELUVHFRPRHO
IUXWRGHXQDODUJD\SHQRVDiVNHVLVGHXQDGLVFLSOLQDGXUD\VHYHUDTXHSRQH
HQMXHJRXQFRQWUROYLJLODQWHVREUHVtPLVPRXQDDWHQFLyQVLQGHVFDQVRSDUDHVFDSDUD
ODVWHQWDFLRQHVGHOSODFHUDODKHGRQpDODWUDFWLYRGHODPROLFLH\ODVHQVXDOLGDG
>@/DULTXH]DKDUHPSOD]DGRDWRGRVORVYDORUHVDULVWRFUiWLFRVPDWULPRQLR
KRQRUHV SULYLOHJLRV UHSXWDFLyQ SRGHU WRGR SXHGH SURFXUDUOR (Q DGHODQWH HV HO
GLQHURORTXHFXHQWDHOGLQHURORTXHKDFHDOKRPEUH$KRUDELHQFRQWUDULDPHQWHD
WRGRV ORV RWURV SRGHUHV OD ULTXH]D QR LPSOLFD OtPLWH DOJXQR QDGD KD\ HQ HOOD TXH
SXHGD VHxDODU VX WpUPLQR VX OLQGH VX FXPSOLPLHQWR WRWDO >@ (Q FRQWUDVWH FRQ OD
K\EULV GHO ULFR VH SHUILOD HO LGHDO GH OD VRSKURV\QH (VWi KHFKR GH WHPSODQ]D GH
SURSRUFLyQ GH MXVWD PHGLGD GH MXVWR WpUPLQR PHGLR 1DGD HQ H[FHVR WDO HV OD
IyUPXODGHODQXHYDVDELGXUtD


$ HVWD YLUWXG GHO WpUPLQR PHGLR OH FRUUHVSRQGH XQ RUGHQ SROtWLFR FRQFHELGR
FRPRHTXLOLEULRGHODVIXHU]DVFRQWUDULDVFRPRDFXHUGRHQWUHORVHOHPHQWRVULYDOHV
7DODFXHUGRHVSRVLEOHSRUHOGRPLQLRGHODOH\QRPRVTXHJREHUQDQGRHQHOFHQWUR
GH OD FLXGDG UHHPSOD]D DO UH\ (V XQD WHQWDWLYD UDFLRQDO GH SRQHU ILQ DO FRQIOLFWR
HTXLOLEUDQGRODVIXHU]DVDQWDJyQLFDV

(V OD PDOGDG GH ORV KRPEUHV VX HVStULWX GH K\EULV VX VHG LQVDFLDEOH GH
ULTXH]DV OR TXH SURGXFH QDWXUDOPHQWHHO GHVRUGHQ VHJ~Q XQSURFHVR HQHOFXDO FDGD
XQDGHODVIDVHVSXHGHVHxDODUVHSRUDQWLFLSDGRODLQMXVWLFLDHQJHQGUDODHVFODYLWXGGHO
SXHEOR\pVWDDVXYH]SURGXFHODVHGLFLyQ/DMXVWDPHGLGDSDUDUHVWDEOHFHUHORUGHQ
\ODKpV\NKtDGHEHSXHVDOPLVPRWLHPSRTXHEUDUODDUURJDQFLDGHORVULFRV\KDFHU
 



)RXFDXOW09LJLODU\FDVWLJDU%XHQRV$LUHV6LJOR;;,S
9HUQDQW-3SS



TXHFHVHODHVFODYLWXGGHOGpPRVVLQWUDQVLJLUQRREVWDQWHFRQODVXEYHUVLyQ&RQ

6ROyQ'LNp\6RSKURV\QHEDMDGDVGHOFLHORDODWLHUUDVHLQVWDODQHQHOiJRUD
>@(OGRPLQLRGHVtHQTXHFRQVLVWHODVRSKURV\QHSDUHFHLPSOLFDUVLQRXQ
GXDOLVPRSRUORPHQRVXQDFLHUWDWHQVLyQHQHOKRPEUHHQWUHGRVHOHPHQWRVRSXHVWRV
ORTXHHVGHORUGHQGHOWK\PRVODDIHFWLYLGDGODVHPRFLRQHVODVSDVLRQHV\ORTXHHV
GHORUGHQGHXQDSUXGHQFLDUHIOH[LYDGHXQFiOFXORUDFLRQDO


/DVRSKURV\QHVHGHVOL]DGHOiPELWRUHOLJLRVRDOVRFLDO\SROtWLFRGHVLJQDQGRHO
FRPSRUWDPLHQWR UHJODPHQWDGR REOLJDGR FDUDFWHUL]DGR SRU OD FRQWHQFLyQ (VWRV
YDORUHVLPSOtFLWRVHQODYLGDGHORVJULHJRVVRQH[SUHVDGRVYHUEDOPHQWHRSRUHVFULWR
SRU ORV 6DELRV 6ROyQ HVFULEH TXH OR LJXDO QR SXHGH HQJHQGUDU OD JXHUUD (V
QHFHVDULR GLIHUHQFLDU GRV WLSRV GH LJXDOGDG EXVFDGDV SRU ORV SDUWLGRV H[WUHPRV
RSXHVWRVHQODKLVWRULDDWHQLHQVH3RUXQODGRODLJXDOGDGJHRPpWULFDRSURSRUFLRQDO
HV HQWHQGLGD FRPR XQD LJXDOGDG MHUiUTXLFD &DGD SDUWH GH OD SROLV GHEH JXDUGDU VX
OXJDUSHURQRWRGRVORVOXJDUHVVRQLJXDOHVQLODVIXQFLRQHVODVPLVPDV/DLJXDOGDG
UHVLGHVLQHPEDUJRHQHOKHFKRGHTXHODOH\TXHDKRUDKDVLGRILMDGDHVODPLVPD
SDUD WRGRV ORV FLXGDGDQRV \ HQ TXH WRGRV SXHGHQ IRUPDU SDUWH GH ORV WULEXQDOHV
FRPRGHODDVDPEOHD3DUD3ODWyQXQDSROLVHVMXVWDFXDQGRFDGDSDUWHFXPSOHOD
IXQFLyQ TXH OH HV SURSLD \ HO FRQMXQWR UHVXOWD XQD DUPRQtD FRPSDUDEOH D OD GHO
NRVPRV'HHVWDPDQHUDODSROLVVHKDFHGXHxDGHVtPLVPDDVtFRPRHOLQGLYLGXRHV
GXHxRGHVXVSODFHUHV\GHVXVGHVHRV/DLJXDOGDGHVSURSRUFLRQDODOPpULWR
3RURWURODGRODLGHDGHLVRQRPtDH[SUHVDRWUDFRQFHSFLyQGHODLJXDOGDG\D
QRJHRPpWULFDVLQRDULWPpWLFD

/D ~QLFD MXVWD PHGLGD VXVFHSWLEOH GH FRRUGLQDU ODV UHODFLRQHV HQWUH
FLXGDGDQRV HV OD LJXDOGDG SOHQD \ WRWDO >@ &RQ &OtVWHQHV HO LGHDO LJXDOLWDULR D OD
YH]TXHVHH[SUHVDHQHOFRQFHSWRDEVWUDFWRGHLVRQRPtDTXHGDGLUHFWDPHQWHOLJDGRD
ODUHDOLGDGSROtWLFDHLQVSLUDXQDWUDQVIRUPDFLyQWRWDOGHODVLQVWLWXFLRQHV(OPXQGRGH
ODVUHODFLRQHVVRFLDOHVIRUPDHQWRQFHVXQVLVWHPDFRKHUHQWHUHJXODGRSRUUHODFLRQHV
\FRUUHVSRQGHQFLDVQXPpULFDVTXHSHUPLWHQDORVFLXGDGDQRVPDQWHQHUVHLGpQWLFRV
 




9HUQDQW-3SS
9HUQDQW-3SS



HQWUDU XQRV FRQ RWURV HQ UHODFLRQHV GH LJXDOGDG GH VLPHWUtD GH UHFLSURFLGDG \
FRPSRQHUWRGRVHQFRQMXQWRXQFRVPRVXQLGR>@%DMRODOH\GHLVRQRPtDHOPXQGR
VRFLDO DGRSWD OD IRUPD GH XQ FRVPRV FLUFXODU \ FHQWUDGR HQ HO TXH FDGD FLXGDGDQR
SUHFLVDPHQWHSRUTXHHVVHPHMDQWHDWRGRVORVGHPiVKDEUiGHUHFRUUHUODWRWDOLGDGGHO
FLUFXLWR RFXSDQGR \ FHGLHQGR VXFHVLYDPHQWH VHJ~Q HO RUGHQ GHO WLHPSR WRGDV ODV
SRVLFLRQHVVLPpWULFDVTXHFRPSRQHQHOHVSDFLRFtYLFR


$XQTXHVXHOHUHVXOWDUGLItFLOGHWHUPLQDUORVFRPLHQ]RVGHXQSHUtRGRKLVWyULFR
HO GH OD ILORVRItD SXHGH ILMDUVH D FRPLHQ]RV GHO VLJOR 9, HQ 0LOHWR -RQLD 6H VXHOH
FRQFHSWXDUHVWHFRPLHQ]RFRPRXQGHFOLQDUGHOSHQVDPLHQWRPtWLFR\HOFRPLHQ]RGH
XQVDEHUUDFLRQDO/RVSULPHURVILOyVRIRVORVOODPDGRVItVLFRVLQDXJXUDQXQQXHYR
PRGR GH UHIOH[LyQ VREUH OD QDWXUDOH]D SK\VLV D OD TXH WRPDQ SRU REMHWR GH XQD
LQYHVWLJDFLyQVLVWHPiWLFD\GHVLQWHUHVDGDKLVWRULD\GHODFXDOSUHVHQWDQXQFXDGUR
GHFRQMXQWRWKHRUtD3DUDHVWRVDXWRUHVQDGDH[LVWHTXHQRVHDSRUQDWXUDOH]D/RV
KRPEUHVODGLYLQLGDGHOPXQGRIRUPDQXQXQLYHUVRXQLILFDGRKRPRJpQHRWRGRpO
HQHOPLVPRSODQRVRQODVSDUWHVRORVDVSHFWRVGHXQDVROD\PLVPDSK\VLVTXHSRQH
HQ MXHJRSRU GRTXLHU ODV PLVPDV IXHU]DV PDQLILHVWD OD PLVPD SRWHQFLD YLWDO 'H
PRGRVHPHMDQWHORVILOyVRIRV \FLHQWtILFRVGHORVSULPHURVVLJORVGHODPRGHUQLGDG
LQDXJXUDQ XQD QXHYD FLHQFLD QDWXUDO \ VRFLDO HQ OD TXH WRGR KHFKR \ WRGD UHDOLGDG
GHEHQ VHU H[SOLFDGRV VREUH XQ IXQGDPHQWR UDFLRQDO 7DPELpQ HQ OD PRGHUQLGDG VH
DEDQGRQD OD LQYHVWLJDFLyQ GH ODV FDXVDV VREUHQDWXUDOHV SDUD FRQFHQWUDUVH HQ ODV
FDXVDVLQWUDPXQGDQDV7DPELpQODFLHQFLDQRVyORHODUWHPDQLILHVWDHVWHLQWHUpVSRU
ODQDWXUDOH]DFRPRWDO7DOSUHRFXSDFLyQVHPDQLILHVWDHQWUHRWURVFDVRVHQHOHPSHxR
GH/HRQDUGRGD9LQFLSRUHVWXGLDUHVDFRQVWLWXFLyQQDWXUDOGHORVFXHUSRVSRUHMHPSOR
HQODHVWUXFWXUDGHORVP~VFXORVGHOFDEDOORRGHOKRPEUH7DQWRODQDWXUDOH]DFRPROD
VRFLHGDGPDQLILHVWDQXQRUGHQXQDUDFLRQDOLGDGTXHHVFRPSUHQVLEOH\FRJQRVFLEOH
SDUDWRGRKRPEUH3URJUHVLYDPHQWHODVFLHQWLDPHGLHYDOIXQGDGDHQODUHYHODFLyQYD
GDQGROXJDUDODQXHYDFLHQFLDEDVDGDHQODUD]yQ

 



9HUQDQW-3SS
9HUQDQW-3SS



9HUQDQW VHxDOD TXH PLHQWUDV TXH HQ OD $QWLJXD *UHFLD HO PLWR H[SOLFDED OD
H[SHULHQFLD FRWLGLDQD D SDUWLU GH ORV DFWRV HMHPSODUHV OOHYDGRV D FDER SRU VHUHV
VREUHQDWXUDOHVHQHOWLHPSRRULJLQDULRODILORVRItDH[SOLFDORVRUtJHQHVVXSRQLHQGRODV
PLVPDVFDXVDV\IXHU]DVTXHRSHUDQHQODUHDOLGDGFRWLGLDQD1RHVORRULJLQDOORTXH
LOXPLQD\WUDQVILJXUDORFRWLGLDQRHVORFRWLGLDQRORTXHKDFHLQWHOLJLEOHORRULJLQDO
RIUHFLHQGRPRGHORVSDUDFRPSUHQGHUFyPRVHIRUPy\RUGHQyHOPXQGR$OJXQRV
DXWRUHV SLHQVDQ TXH HQWUH PLWR \ ILORVRItD VH GD XQD UXSWXUD TXH QR KD\ OD]RV GH
FRQWLQXLGDG TXH OD DSDULFLyQ GH OD ILORVRItD HV XQD HVSHFLH GH PLODJUR XQ
DFRQWHFLPLHQWRKLVWyULFDPHQWHLQH[SOLFDEOH2WURVFRPR&RUQIRUGVRVWLHQHQTXHKD\
XQDFRQWLQXLGDGTXHODILORVRItDWUDQVSRQHHQXQDIRUPDODLFD\FRQXQYRFDEXODULR
PiV DEVWUDFWR OD FRQFHSFLyQ GHO PXQGR HODERUDGD SRU OD UHOLJLyQ  VH SUHJXQWD
FRQHO PLWR FyPR VHKDHVWDEOHFLGRHO RUGHQ FyPR KDSRGLGR HOFRVPRVVXUJLUGHO
FDRV6LQHPEDUJR9HUQDQWFUHHTXHDSHVDUGHODVDQDORJtDVQRKD\XQDYHUGDGHUD
FRQWLQXLGDGHQWUHHOPLWR\ODILORVRItD

$O FDPELR GH UHJLVWUR D OD XWLOL]DFLyQ GH XQ YRFDEXODULR SURIDQR
FRUUHVSRQGHQXQDQXHYDDFWLWXGGHHVStULWX\XQFOLPDLQWHOHFWXDOGLIHUHQWH&RQORV
PLOHVLRV SRUSULPHUD YH] HO RULJHQ \ HO RUGHQGHO PXQGR DGRSWDQ OD IRUPD GH XQ
SUREOHPDH[SOtFLWDPHQWHSODQWHDGRDOTXHKD\TXHGDUXQDUHVSXHVWDVLQPLVWHULRD
OD PHGLGD GH OD LQWHOLJHQFLD KXPDQD VXVFHSWLEOH GH VHU H[SXHVWD \ GHEDWLGD
S~EOLFDPHQWHDQWHODDVDPEOHDGHORVFLXGDGDQRVFRPRODVGHPiVFXHVWLRQHVGHOD
YLGD FRUULHQWH >@ 6L HV YHUGDG TXH ORV PLOHVLRV KDQ SDUWLGR GHO PLWR HV YHUGDG
WDPELpQ TXH KDQ WUDQVIRUPDGR SURIXQGDPHQWH OD LPDJHQ GHO XQLYHUVR OR KDQ
LQWHJUDGR HQ XQ FXDGUR HVSDFLDO RUGHQiQGROR VHJ~Q XQ PRGHOR PiV JHRPpWULFR
3DUD FRQVWUXLU ODV FRVPRORJtDV QXHYDV KDQ XWLOL]DGR ODV QRFLRQHV TXH HO
SHQVDPLHQWRPRUDO\SROtWLFRKDEtDQHODERUDGRKDQSUR\HFWDGRVREUHHOPXQGRGH
ODQDWXUDOH]DDTXHOODFRQFHSFLyQGHORUGHQ\GHODOH\TXHDOWULXQIDUHQODFLXGDG
KDEtDKHFKRGHOPXQGRKXPDQRXQNRVPRV


 


9HUQDQW-3S
9HUQDQW-3S

9HUQDQW-3SS




(QORVPLWRV\DWUDYpVGHOULWRHOUH\QRGRPLQDVRODPHQWHHQODHVIHUDVRFLDO
VLQRTXHWDPELpQULJHODPDUFKDGHORVIHQyPHQRVQDWXUDOHV/DQDWXUDOH]DQRSXHGH
FRQFHELUVH FRPR XQ GRPLQLR DXWyQRPR FRQ XQD OH\ LQPDQHQWH (O PLWR FRQWLQ~D
FHQWUiQGRVH HQ HO WHPD GH OD VREHUDQtD FyVPLFD (O PLWR QR VH SUHJXQWD FyPR GHO
FDRV KD VXUJLGR XQ PXQGR RUGHQDGR UHVSRQGH D HVWD FXHVWLyQ 4XLpQ HV HO GLRV
VREHUDQR"4XLpQKDFRQVHJXLGRUHLQDUVREUHHOXQLYHUVR"

+D\ TXH VXEUD\DU TXH HO WpUPLQR DUNKp TXH KDUi FDUUHUD HQ HO SHQVDPLHQWR
ILORVyILFRQRSHUWHQHFHDOYRFDEXODULRSROtWLFRGHOPLWR1RHVVyORTXHHOPLWRTXHGH
DGKHULGR D H[SUHVLRQHV PiV HVSHFtILFDPHQWH UHDOHV RFXUUH WDPELpQ TXH OD SDODEUD
DUNKpDOGHVLJQDULQGLVWLQWDPHQWHHORULJHQHQXQDVHULHWHPSRUDO\HOSULPDGRHQOD
MHUDUTXtDVRFLDOVXSULPHDTXHOODGLVWDQFLDHQODFXDOVHIXQGDEDHOPLWR


/RV UDVJRV GLVWLQWLYRV GH ODV WHRJRQtDV JULHJDV VHJ~Q 9HUQDQW VRQ  (O
XQLYHUVR HV XQD MHUDUTXtD GH SRGHUHV DQiORJR D OD HVWUXFWXUD VRFLDO TXH H[SUHVD
UHODFLRQHV GH IXHU]D HQWUH DJHQWHV  (VH RUGHQ UHVXOWD GH OD LQWHUYHQFLyQ GH XQ
DJHQWH\QRGHOMXHJRGLQiPLFRGHORVHOHPHQWRV(OPXQGRHVWiGRPLQDGRSRUHO
SRGHUH[FHSFLRQDOGHXQDJHQWH~QLFR\SULYLOHJLDGRHQXQSODQRVXSHULRU
/RTXHIDOWy>DOPLWR@IXHSRGHUUHSUHVHQWDUVHXQXQLYHUVRVRPHWLGRDOUHLQR
GHODOH\XQNRVPRVTXHVHRUJDQL]DUDLPSRQLHQGRDWRGDVVXVSDUWHVXQPLVPRRUGHQ
GHLVRQRPtDKHFKRGHHTXLOLEULRUHFLSURFLGDG\VLPHWUtD
6LVHTXLHUHYLVOXPEUDUODPDJQLWXGGHOFDPELRSURGXFLGRSRUORVPLOHVLRVKD\
TXH VRSHVDU OD REUD GH $QD[LPDQGUR TXLHQ LQWURGXFH XQ HVWLOR QXHYR HQ SURVD H
LQDXJXUD XQ QXHYR JpQHUR OLWHUDULR KLVWRUtD SHUt SK\VHRV 6L ELHQ HV IiFLOPHQWH
UHFRQRFLEOHODGHXGDGHORVMRQLRVFRQODDVWURQRPtDEDELORQLDVLQHPEDUJR

SRUVXDVSHFWRJHRPpWULFRQR\DDULWPpWLFRSRUVXFDUiFWHUSURIDQROLEUHGH
WRGD UHOLJLyQ DVWUDO OD DVWURQRPtD JULHJD VH VLW~D GHVGH HO SULPHU PRPHQWR HQ RWUR
SODQRTXHODFLHQFLDEDELOyQLFDHQODFXDOVHLQVSLUD/RVMRQLRVXELFDQHQHOHVSDFLRHO
RUGHQ GHO NRVPRV UHSUHVHQWDQ OD RUJDQL]DFLyQ GHO XQLYHUVR ODV SRVLFLRQHV ODV
 




9HUQDQW-3SS
9HUQDQW-3S



GLVWDQFLDV ODV GLPHQVLRQHV \ ORV PRYLPLHQWRV GH ORV DVWURV VHJ~Q HVTXHPDV
JHRPpWULFRV
/D JHRPHWUL]DFLyQ GHO XQLYHUVR ItVLFR LPSOLFD XQ FDPELR WRWDO GH ODV
SHUVSHFWLYDVFRVPROyJLFDVFRQVDJUDHODGYHQLPLHQWRGHXQDIRUPDGHSHQVDPLHQWR\
GH XQ VLVWHPD GH H[SOLFDFLyQ TXH QR WLHQHQ DQiORJRV HQ HO PLWR >@ $QD[LPDQGUR
VLW~D HO FRVPRV HQ XQ HVSDFLR PDWHPDWL]DGR FRQVWLWXLGR SRU UHODFLRQHV SXUDPHQWH
JHRPpWULFDV  HQ TXH OR DOWR \ OR EDMR HQ VX RSRVLFLyQ DEVROXWD PDUFDQ QLYHOHV
FyVPLFRV TXH GLIHUHQFLDQ ODV SRWHQFLDV GLYLQDV \ HQ TXH ODV GLUHFFLRQHV GHO HVSDFLR
WLHQHQVLJQLILFDFLRQHVUHOLJLRVDVRSXHVWDV

6X HVWUXFWXUD JHRPpWULFD FRQILHUH DO FRVPRV XQD RUJDQL]DFLyQ GH WLSR
FRQWUDULRDDTXHOTXHHOPLWROHDWULEXtD1LQJ~QHOHPHQWRRSRUFLyQGHOPXQGRHV\D
SULYLOHJLDGRDH[SHQVDVGHORVGHPiVQLQJ~QSRGHUItVLFRHVWiVLWXDGRHQODSRVLFLyQ
SUHGRPLQDQWHGHXQEDVLOpXVTXHHMHU]DVXG\QDVWHLDVREUHWRGDVODVFRVDV>@(VOD
LJXDOGDG \ ODVLPHWUtD TXH GH ORVGLVWLQWRV SRGHUHV TXHFRQVWLWX\HQHONRVPRV OR TXH
FDUDFWHUL]DHOQXHYRRUGHQGHODQDWXUDOH]D/DVXSUHPDFtDSHUWHQHFHH[FOXVLYDPHQWHD
XQDOH\GHHTXLOLEULR\GHUHFLSURFLGDGFRQVWDQWH$ODPRQDUNKtDODKDVXVWLWXLGRHQ
ODQDWXUDOH]DORPLVPRTXHHQODFLXGDGXQUpJLPHQGHLVRQRPtD
(O RUGHQ QR HV \D MHUiUTXLFR FRQVLVWH HQ OD FRQVHUYDFLyQ GH XQ HTXLOLEULR
HQWUH SRWHQFLDV LJXDOHV VLQ TXH QLQJXQD GH HOODV GHED REWHQHU VREUH ODV GHPiV XQD
GRPLQDFLyQGHILQLWLYDTXHDFDUUHDUtDODUXLQDGHONRVPRV(OSULPDGRGHOiSHLURQ
JDUDQWL]D OD SHUVLVWHQFLD GH XQ RUGHQ LJXDOLWDULR IXQGDGR HQ OD UHFLSURFLGDG GH ODV
UHODFLRQHV\TXHVXSHULRUDWRGRVORVHOHPHQWRVOHVLPSRQHXQDOH\FRP~Q


(QODPRGHUQLGDGWDPELpQVHLPSRQHSURJUHVLYDPHQWHODOH\FRP~QSULPHUR
QDWXUDO \ OXHJR FLYLO SRU VREUH ODV GLIHUHQFLDV QDWXUDOHV GH VDQJUH KLVWyULFDV H
LQFOXVRUHOLJLRVDV(Q+REEHVODOH\VHLPSRQHSRUODIXHU]DDQWHODLPSRVLELOLGDGGH
XQDUHJXODFLyQQDWXUDOGHODQWDJRQLVPR \ODJXHUUD'HVGHVXFRQFHSFLyQOLEHUWDG\
OH\ VH RSRQHQ (Q /RFNH HQ FDPELR OD OLEHUWDG \ OD OH\ VH LGHQWLILFDQ 3DUD HVWH
ILOyVRIRODOH\QRVHLPSRQHFRQWUDODOLEHUWDGOLPLWiQGRODVLQRGHVGHODOLEHUWDGGH
FDGDXQR
 



 7DPELpQ OD PRGHUQLGDG JHQHUD XQD PDWHPDWL]DFLyQ GH OD QDWXUDOH]D (Q TXp PHGLGD ORV HIHFWRV VRQ
VHPHMDQWHV"

9HUQDQW-3SS

9HUQDQW-3SS6XEUD\DGRQXHVWUR



3HUR 9HUQDQW DGYLHUWH D FRQWLQXDFLyQ TXH OD MXVWLFLD GH OD SROLV JULHJD QR HV
HVWiWLFDILMDRLQPyYLO(VFULEH

3RU OR GHPiV HVWH HTXLOLEULR GH SRGHUHV GLVWD PXFKR GH VHU HVWiWLFR RFXOWD
RSRVLFLRQHV HV HO UHVXOWDGR GH FRQIOLFWRV 3RU ULJXURVR WXUQR FDGD SRWHQFLD
VXFHVLYDPHQWHGRPLQDDGXHxiQGRVHGHOSRGHU\OXHJRUHWURFHGHSDUDFHGHUORHQOD
SURSRUFLyQ HQ TXH DQWHV KDEtD DYDQ]DGR (Q HO XQLYHUVR HQ OD VXFHVLyQ GH ODV
HVWDFLRQHVHQHOFXHUSRGHOKRPEUHXQFLFORUHJXODUKDFHSDVDUDVtODVXSUHPDFtDGH
XQRHQRWUROLJDQGRFRPRGRVWpUPLQRVVLPpWULFRV\UHYHUVLEOHVODGRPLQDFLyQ\OD
VXPLVLyQ OD H[WHQVLyQ \ OD UHWUDFFLyQ OD IXHU]D \ OD GHELOLGDG HO QDFLPLHQWR \ OD
PXHUWHGHWRGRVORVHOHPHQWRV
&RQVWLWXLGR SRU G\QDPHLV SRGHUHV IXHU]DV RSXHVWDV H LQFHVDQWHPHQWH HQ
FRQIOLFWRHOPXQGRODVVRPHWHDXQDUHJODGHMXVWLFLDFRPSHQVDWRULDDXQRUGHQTXH
PDQWLHQH HQ HOODV XQD H[DFWD LVRWpV %DMR HO \XJR GH HVWD GLNp LJXDO SDUD WRGRV ODV
SRWHQFLDV HOHPHQWDOHV VH DVRFLDQ VH FRRUGLQDQ HQ XQD IOXFWXDFLyQ UHJXODU D ILQ GH
FRPSRQHUDSHVDUGHVXPXOWLSOLFLGDG\VXGLYHUVLGDGXQFRVPRV~QLFR


(O QXHYR RUGHQ JHRPpWULFR LJXDOLWDULR VXUJH \ VH LPSRQH HQ HO SODQR GH OD
FLHQFLDGHODILORVRItD\GHODVRFLHGDG

3HUR OD H[SHULHQFLD VRFLDO QR KD VXPLQLVWUDGR VRODPHQWH DO SHQVDPLHQWR
FRVPROyJLFR HO PRGHOR GH XQD OH\ \ GH XQ RUGHQ LJXDOLWDULRV HQ OXJDU GH OD
GRPLQDFLyQ RPQLSRWHQWH GHO PRQDUFD (O UpJLPHQ GH OD FLXGDG QRV KD SDUHFLGR
VROLGDULR GH XQD FRQFHSFLyQ QXHYD GHO HVSDFLR DO SUR\HFWDUVH \ HQFDUQDUVH ODV
LQVWLWXFLRQHVGHODSROLVHQORTXHSRGUtDPRVGHQRPLQDUXQHVSDFLRSROtWLFR


/DQXHYDIRUPDGHYLYLU\GHSHQVDUVLW~DHOSRGHUHQHOPHGLRHQHOHVSDFLR
S~EOLFR\FRP~Q\QR\DHQHOHVSDFLRFHUUDGRGHOSDODFLRUHDO

(OQXHYRHVSDFLRVRFLDOHVWiFHQWUDGR(ONUDWRVODDUNKpODG\QDVWHLD\DQR
HVWiQVLWXDGRVHQODF~VSLGHGHODHVFDODVRFLDOVLQRTXHHVWiQGHSRVLWDGRVHVPHVyQ
 




9HUQDQW-3SS
9HUQDQW-3S



HQ HOFHQWUR HQPHGLR GHO JUXSR KXPDQR  (O iJRUD TXH UHDOL]D VREUH HO WHUUHQR
HVHRUGHQDPLHQWRHVSDFLDOFRQVWLWX\HHOFHQWURGHXQHVSDFLRS~EOLFR\FRP~Q7RGRV
FXDQWRVSHQHWUDQHQpOVHGHILQHQSRUHOORPLVPRFRPRLJXDOHVFRPRLVRL(QYLUWXG
GHVXSUHVHQFLDHQHVHHVSDFLRSROtWLFRHQWUDQORVXQRVFRQORVRWURVHQUHODFLRQHVGH
UHFLSURFLGDG SHUIHFWD  (VSDFLR FHQWUDGR HVSDFLRFRP~Q \ S~EOLFRSHUR WDPELpQ
HVSDFLRODLFL]DGRFRQVWLWXLGRSDUDODRSRVLFLyQHOGHEDWHODDUJXPHQWDFLyQ

4XH HVWH QXHYR FXDGUR HVSDFLDO KD\D IDYRUHFLGR OD RULHQWDFLyQ JHRPpWULFD
TXH FDUDFWHUL]D OD DVWURQRPtD JULHJD TXH KD\D XQD SURIXQGD DQDORJtD GH HVWUXFWXUD
HQWUH HO HVSDFLR LQVWLWXFLRQDO HQ HO FXDO VH H[SUHVD HO FRVPRV KXPDQR \ HO HVSDFLR
ItVLFRHQHOFXDOORVPLOHVLRVSUR\HFWDQHONRVPRVQDWXUDOHVORTXHVXJLHUHHOFRWHMR
GHDOJXQRVWH[WRV


(VFULEH3ODWyQHQHO*RUJLDV

7DO HV D PL SDUHFHU HO REMHWR KDFLD HO FXDO GHEH GLULJLU VX FRQGXFWD
HQFDPLQDQGR WRGDV VXV DFFLRQHV \ ODV GHO (VWDGR D HVWH ILQ TXH OD MXVWLFLD \ OD
WHPSODQ]DUHLQHQHQHOTXHDVSLUDDVHUGLFKRVR<HVSUHFLVRJXDUGDUVHGHGDUULHQGD
VXHOWD D VXV SDVLRQHV GH HVIRU]DUVH HQ VDWLVIDFHUODV OR FXDO HV XQ PDO TXH QR WLHQH
UHPHGLR\VHH[SRQHDSDVDUXQDYLGDGHEDQGLGR(QHIHFWRXQKRPEUHGHHVWDFODVH
QRSXHGHVHUDPLJRGHORVGHPiVKRPEUHVQLGHORVGLRVHVSRUTXHHVLPSRVLEOHTXH
WHQJDQLQJXQDUHODFLyQFRQHOORV\GRQGHQRH[LVWHUHODFLyQQRSXHGHWHQHUOXJDUOD
DPLVWDGSKLOtD/RVVDELRV&DOLFOHVGLFHQTXHXQOD]RFRP~QNRLQRQtDXQHDOFLHOR
FRQODWLHUUDDORVGLRVHVFRQORVKRPEUHVSRUPHGLRGHODDPLVWDGGHODPRGHUDFLyQ
>RUGHQDPLHQWR@NRVPLRWHVGHODWHPSODQ]DVRSKURV\QH\GHODMXVWLFLDGLNDLRWHV
\ SRU HVWD UD]yQ TXHULGR PtR GDQ D HVWH XQLYHUVR HO QRPEUH GH RUGHQ \ QR HO GH
GHVRUGHQ R OLFHQFLD K\EULV 3HUR FRQ WRGD WX VDELGXUtD PH SDUHFH TXH QR ILMDV OD
DWHQFLyQ HQ HVWR SXHVWR TXH QR YHV TXH OD LJXDOGDG JHRPpWULFD JHRPHWULNH LVRWHV

 


 9HUQDQW -3  S  &RPHQWD * 'HOHX]H TXH VHJ~Q 9HUQDQW ORV JULHJRV SRGUtDQ VHU ORV
SULPHURVHQKDEHUFRQFHELGRXQDLQPDQHQFLDHVWULFWDGHO2UGHQHQXQPHGLRFyVPLFRTXHFRUWDHOFDRVDOD
PDQHUDGHXQSODQR'HOHX]H**XDWWDUL)4XpHVODILORVRItD"%DUFHORQD$QDJUDPDS

 +DFH UHIHUHQFLD DO WH[WR GH $QD[LPDQGUR D XQ WH[WR GH +HUyGRWR HQ HO TXH VH FXHQWD TXH 0HDQGUR
UHQXQFLDDODWLUDQtDGHSRQLHQGRODDUNKpHVPHVRQ\SURFODPDQGRODLVRQRPtD\DXQWH[WRGHO*RUJLDVGH
3ODWyQ

9HUQDQW-3SS



WLHQHPXFKRSRGHUHQWUHORVGLRVHV\ORVKRPEUHV$VtFUHHVTXHHVSUHFLVRDVSLUDUD
WHQHUPiVTXHORVGHPiV\GHVSUHFLDUODJHRPHWUtD


/D HVFXHOD GH 0LOHWR QR YLR QDFHU OD UD]yQ HOOD FRQVWUX\y XQD UD]yQ XQD
SULPHUDIRUPDGHUDFLRQDOLGDG>@'HKHFKRHVHQHOSODQRSROtWLFRGRQGHODUD]yQ
HQ*UHFLDVHKDH[SUHVDGRFRQVWLWXLGR\IRUPDGRSULPHUDPHQWH>@3DUDHOJULHJR
HOKRPEUHQRVHVHSDUDGHOFLXGDGDQROD SKURQpVLVODUHIOH[LyQHVHOSULYLOHJLRGH
ORVKRPEUHVOLEUHVTXHHMHUFHQFRUUHODWLYDPHQWHVXUD]yQ\VXVGHUHFKRVFtYLFRV
9HUQDQW DUJXPHQWD TXH HVWH UDVJR TXH FDUDFWHUL]D D OD UD]yQ JULHJD HO VHU
HVHQFLDOPHQWH SROtWLFD HV OR TXH OD GLIHUHQFLD GH OD UD]yQ PRGHUQD H[SHULPHQWDO
RULHQWDGD D OD H[SORWDFLyQ GHO PHGLR ItVLFR DO GRPLQLR GH OD QDWXUDOH]D /D UD]yQ
JULHJD QR VH KD IRUPDGR WDQWR HQ HO FRPHUFLR KXPDQR FRQ ODV FRVDV FXDQWR HQ ODV
UHODFLRQHVGHORVKRPEUHVHQWUHVt/DUD]yQJULHJDHVODTXHHQIRUPDSRVLWLYD
UHIOH[LYD\PHWyGLFDSHUPLWHDFWXDUVREUHORVKRPEUHVQRWUDQVIRUPDUODQDWXUDOH]D
'HQWUR GH VXV OtPLWHV FRPR HQ VXV LQQRYDFLRQHV HV KLMD GH OD SROLV 3XHGH
GHFLUVHTXHODUD]yQPRGHUQDHVKLMDGHODEVROXWLVPR"2GHOPHUFDGR"6HGDHQOD
PRGHUQLGDG XQD LQYHUVLyQ HQ OD UHODFLyQ HQWUH VRFLHGDG \ UD]yQ" (V OD QXHYD
VRFLHGDGKLMDGHODUD]yQ"


%/DILORVRItDDQWLJXD\HOSHQVDPLHQWRPRGHUQR

(Q(OLQLFLRGHODVDELGXUtD+**DGDPHUGHVDUUROODHOWHPDGHODUHODFLyQ
HQWUH OD ILORVRItD JULHJD \ HO SHQVDPLHQWR PRGHUQR VHxDODQGR ODV GLIHUHQFLDV HQWUH
XQD\RWUDFRQFHSFLyQ
(Q SULPHU OXJDU DFODUD TXH HO WpUPLQR ILORVRItD HVWi DVRFLDGR HQ OD
PRGHUQLGDGFRQXQDDFWLYLGDGHVSHFLDOL]DGDPLHQWUDVTXHHQODDQWLJHGDGODSDODEUD
 



3ODWyQ*RUJLDVD
9HUQDQW-3S

9HUQDQW-3S

*DGDPHU+*(OLQLFLRGHODVDELGXUtD%DUFHORQD3DLGyV




PHQWDEDWRGRORTXHWXYLHUDLQWHUpVWHyULFR\SRUHOORFLHQWtILFR3DUDORVJULHJRV
\ODILORVRItDGHORVJULHJRVHOKRPEUHVHHQFXHQWUDHQVXSURSLDFDVDHQHOPXQGR\
pVWHHVHQFRQVHFXHQFLDFRPSUHQVLEOH(QODVDQWtSRGDVSDUDHOKRPEUHPRGHUQRHO
PXQGRHVGRPLQDEOHeVWD>ODWUDQVIRUPDFLyQGHOPXQGRFRPSUHQVLEOHHQHOPXQGR
GRPLQDEOH@IXHODJUDQLUUXSFLyQTXHFRPHQ]yHQHOVLJOR;9,,FRQODFUHDFLyQGHOD
PHFiQLFD JDOLOHDQD OD UHIOH[LyQ GH OD QXHYD YROXQWDG \ HO QXHYR FDPLQR GH
FRQRFLPLHQWRSRUORVJUDQGHVLQYHVWLJDGRUHV\SHQVDGRUHVGHHVDFHQWXULD(OPXQGR
VHFRQYLHUWHDKRUDHQREMHWRGHXQDLQYHVWLJDFLyQPHWRGROyJLFDSRUHOSODQWHDPLHQWR
GH OD PRGHUQD FLHQFLD H[SHULPHQWDO FRQFHELGD PDWHPiWLFDPHQWH \ TXH WUDEDMD
DEVWUD\HQGR\DLVODQGR&RQRFHUQRHV\DFRPSUHQGHUHOPXQGRHQHOTXHVHYLYH
VLQR OR TXH VH SXHGH UHSURGXFLU 3DUD ORV DQWLJXRV JULHJRV YLYLU HQ HO PXQGR \
FRPSUHQGHUHOPXQGRQRVXSRQHQLLPSOLFDUHODFLyQDOJXQDFRQORVREMHWRVRFRQOD
REMHWLYLGDG$WDOSXQWRHVWRHVDVtTXHFDUHFtDQGHXQDSDODEUDRGHXQFRQFHSWR
SDUDKDFHU UHIHUHQFLD D HOOR 7HQtDQ XQD SDODEUD SDUDKDFHU UHIHUHQFLD DODV FRVDV
QRDORVREMHWRVTXHHUDSUDJPDHVGHFLUDTXHOORFRQORTXHVHHVWiHQUHGDGRHQ
ODSUiFWLFDGHODYLGDORTXHQRVHRSRQH \VHHQIUHQWDSXHVFRPRDOJRDVXSHUDU
VLQRDTXHOORHQORTXHQRVPRYHPRV\FRQORTXHWHQHPRVTXHYHU
/DGLIHUHQFLDUDGLFDOHQWUHODFRQFHSFLyQDQWLJXD\ODPRGHUQDSXHGHSHUFLELUVH
D SDUWLU GHO FRQFHSWR GH REMHWR \ GH REMHWLYLGDG \ GH ORV OtPLWHV GHO
FRQRFLPLHQWR REMHWLYR *DGDPHU OR H[SUHVD DVt /D FXHVWLyQ TXH QRV SODQWHD OD
WUDGLFLyQ \OD KHUHQFLD DQWLJXDV HVOD GH KDVWD TXpSXQWR KD\ XQD IURQWHUDSDUD HVWD
HPSUHVD GH REMHWLYDFLyQ 1R KD\ XQD LQREMHWXDOLGDG GH SULQFLSLR TXH FRQ XQD
QHFHVLGDG LQWHUQD D OD FRVD VH VXVWUDH DO DFFHVR GH OD FLHQFLD PRGHUQD" 4XLVLHUD
LQWHQWDULOXVWUDUFRQDOJXQDVSUXHEDVTXHGHKHFKRHOOHJDGRDFWXDO\SHUPDQHQWHGHO
SHQVDPLHQWRJULHJRHVVHUFRQVFLHQWHGHODVIURQWHUDVGHODREMHWLYDFLyQ
(O SHQVDPLHQWR JULHJR KDFH PDQLILHVWDV ODV IURQWHUDV GH OD HPSUHVD GH
REMHWLYDFLyQ'LFKRVOtPLWHVVRQSHUFHSWLEOHVHQORVLQWHQWRVPRGHUQRVGHFRPSUHQGHU
 


*DGDPHU+*S
*DGDPHU+*SS

*DGDPHU+*S

&I*DGDPHU+*S

*DGDPHU+*S




FLHUWDV UHDOLGDGHV FRQFUHWDV FRPR SRU HMHPSOR  HO FXHUSR  OD OLEHUWDG  OD
DXWRFRQFLHQFLDRHOOHQJXDMH
 *DGDPHU REVHUYD TXH KD\ XQD H[SHULHQFLD GHO FXHUSR TXH HV YLWDO \
VLQJXODUTXHQRHVREMHWLYDQLQHFHVLWDREMHWLYDUVH(OFXHUSRFRPRDOJRTXHVDOHDO
HQFXHQWUR GHO VHU KXPDQR FRPR DOJR TXH HVWi HQIUHQWH FRPR DOJR REMHWR VyORVH
KDFHQRWDU FRPR XQD SHUWXUEDFLyQFRPR XQ PDOHVWDU FRPR XQDHQIHUPHGDGFRPR
SDGHFLPLHQWR \ GRORU 6yOR HQWRQFHV VXUJH HO HVIXHU]R SRU GRPLQDU HO PDOHVWDU SRU
PHGLR GH OD REMHWLYDFLyQ /D REMHWLYDFLyQ HO YLYLU HO FXHUSR FRPR REMHWR HV XQ
FRQIOLFWRTXHH[SHULPHQWDWRGRHOTXHVHYHDOJXQDYH]HQODVLWXDFLyQGHOREMHWRHQ
ODVLWXDFLyQGHOSDFLHQWHWUDWDGRFRQPHGLRVWpFQLFRV
 $OJR DQiORJR RFXUUH FRQ OD OLEHUWDG GHO KRPEUH .DQW PXHVWUD TXH OD
OLEHUWDG QR SXHGH FRQRFHUVH QL GHPRVWUDUVH FRQ ODV IDFXOWDGHV GHO VXMHWR GH
FRQRFLPLHQWR DUJXPHQWD TXH QR HV SRVLEOH XQD FLHQFLD GH OD OLEHUWDG *DGDPHU
DGYLHUWH TXH OD OLEHUWDG VyOR VH SXHGH FRPSUHQGHU GHVGH ORV FRQFHSWRV DQWLJXRV GH
HWKRVFRVWXPEUHVIRUPDGHYLGD\SKLOtDDPLVWDGVROLGDULGDG&XDQGRVHWUDWDGH
FRQRFHUODOLEHUWDGFRPRXQUDVJRGHOVXMHWRHQIUHQWDGRDORVREMHWRVVHWHUPLQDHQ
DSRUtDV\FRQWUDGLFFLRQHV
(OWHUFHUFRQFHSWRSURSXHVWRSRU*DGDPHUHVHOGHODDXWRFRQFLHQFLD3DUD
ODPRGHUQLGDGFDUWHVLDQDODDXWRFRQFLHQFLDHVODHYLGHQFLD~OWLPDVREUHODTXHVHEDVD
\ IXQGDPHQWD OD FLHQFLD HQ VX WRWDOLGDG 6LQ HPEDUJR OD REUD GH 1LHW]VFKH ODV
LQYHVWLJDFLRQHV GH )UHXG R ORV UHVXOWDGRV GH OD FUtWLFD VRFLDO \ OD FUtWLFD GH ODV
LGHRORJtDV PXHVWUDQ TXH SXHGH SRQHUVH HQ GXGD TXH OD DXWRFRQFLHQFLD SRVHD HO
SULPDGRLQFXHVWLRQDGRTXHOHDWULEX\HHOSHQVDPLHQWRPRGHUQR
 )LQDOPHQWH HO OHQJXDMH HV XQR GH ORV IHQyPHQRV PiV FRQWXQGHQWHV GH
LQREMHWXDOLGDGHQODPHGLGDHQTXHXQDXWRROYLGRHVHQFLDOFDUDFWHUL]DDOFDUiFWHUGH
HMHFXFLyQ GHO KDEODU +D\ VLHPSUH XQD GHIRUPDFLyQ WpFQLFD FXDQGR OD WHPDWL]DFLyQ
PRGHUQDGHOOHQJXDMHYHHQpVWHXQLQVWUXPHQWDULRXQVLVWHPDGHVLJQRVXQDUVHQDO
GHUHFXUVRVFRPXQLFDWLYRVFRPRVLHVWRVLQVWUXPHQWRVRPHGLRVGHKDEODUSDODEUDV\
 



*DGDPHU+*S
*DGDPHU+*S



H[SUHVLRQHV HVWXYLHUDQ SUHSDUDGRV HQ XQD HVSHFLH GH UHVHUYD \ VyOR KXELHUD TXH
DSOLFDUORVDDOJRFRQORTXHXQRVHHQFXHQWUD$TXtODFRQWUDLPDJHQJULHJDHVGHXQD
HYLGHQFLDDYDVDOODGRUD



(QHOKDEODUVREUHODVFRVDVODVFRVDVH[LVWHQDKtHQHOKDEODUXQRVFRQRWURV

VH HVWUXFWXUD HO PXQGR \ OD H[SHULHQFLD GHO PXQGR TXH WLHQH HO KRPEUH QR HQ XQD
REMHWLYDFLyQTXHIUHQWHDODWUDQVPLVLyQFRPXQLFDWLYDGHODVLQWHOHFFLRQHVGHXQRDODV
LQWHOHFFLRQHVGHRWURLQYRFDODREMHWLYLGDG\TXLHUHVHUXQVDEHUSDUDWRGRHOPXQGR
/DDUWLFXODFLyQGHODH[SHULHQFLDGHOPXQGRHQHO OyJRVHOKDEODUXQRVFRQRWURVOD
VHGLPHQWDFLyQFRPXQLFDWLYDGHQXHVWUDH[SHULHQFLDGHOPXQGRTXHORDEDUFDWRGROR
TXH SRGHPRV LQWHUFDPELDU XQRVFRQ RWURVIRUPDQ XQDIRUPDGHO VDEHU TXHMXQWR DO
JUDQ PRQyORJR GH ODV FLHQFLDV PRGHUQDV \ VX FUHFLHQWH DFRSLR GH SRWHQFLDO GH
H[SHULHQFLDUHSUHVHQWDWRGDYtDODRWUDSDUWHGHODYHUGDG


(Q FRQFOXVLyQ SDUD *DGDPHU HO UDVJR HVHQFLDO GH OD FLHQFLD PRGHUQD HV VX
REMHWLYDFLyQ GH OR UHDO (VWD UHODFLyQ IXQGDPHQWDO FRQ HO PXQGR FRPR REMHWR
LPSUHJQD\FRQWDPLQDWRGDVODVUHODFLRQHVVRFLDOHVFXOWXUDOHV\FRJQRVFLWLYDV


&(OFRQFHSWRGHORPRGHUQR

&RPR VH KD PRVWUDGR HQ XQ WUDEDMR DQWHULRU VLJXLHQGR DO KLVWRULDGRU GHO
SHQVDPLHQWR $OH[DQGUH.R\Up ODKLVWRULD QRGDVDOWRVEUXVFRV QLSXHGHQSHUFLELUVH
QHWDVGLYLVLRQHVHQSHUtRGRV\pSRFDVTXHQRH[LVWHQPiVTXHHQPDQXDOHVHVFRODUHV
6LQ HPEDUJR ORV FDPELRV LPSHUFHSWLEOHV GHVHPERFDQ HQ XQD GLYHUVLGDG PX\
FODUD7RGDSHULRGL]DFLyQKLVWyULFDHVSRUWDQWRUHODWLYD\HVWiVXMHWDDREMHFLRQHV
1RREVWDQWHDILQGHGLIHUHQFLDUHOPXQGRTXHVHDEUHHQODpSRFDPRGHUQDHVSRVLEOH
GHOLQHDU DOJXQRV UDVJRV FDUDFWHUtVWLFRV 3DUD FRPSUHQGHU HO PXQGR DQWLJXR \ HO
 


*DGDPHU+*S
*DGDPHU+*SS

 (WFKHJDUD\ 5*DUFtD 3 ,QWURGXFFLyQ D OD ILORVRItD D WUDYpV GH VX KLVWRULD /D 3ODWD (GLFLRQHV $O
0DUJHQFDStWXOR

.R\Up$(VWXGLRVGHKLVWRULDGHOSHQVDPLHQWRFLHQWtILFR0p[LFR6LJOR;;,SS




PHGLHYDOHVQHFHVDULRKDFHUXQHVIXHU]RGHDFHUFDPLHQWRSRUTXHHVWDVFRQFHSFLRQHV
VRQOHMDQDV \ H[WUDxDV DORV VXSXHVWRV \ FDWHJRUtDV TXHULJHQ HO PXQGRDFWXDO3DUD
FRPSUHQGHUHOSHUtRGRPRGHUQRHVQHFHVDULRKDFHUXQHVIXHU]RLQYHUVRTXHFRQVLVWH
HQWRPDUGLVWDQFLDUHVSHFWRDORTXHUHVXOWDFHUFDQRHLQPHGLDWR
(OSULPHUUDVJRTXHFDUDFWHUL]DDODPRGHUQLGDGHVTXHVHPDQLILHVWDFRPRXQD
pSRFDGHUXSWXUDGHORVOtPLWHVTXHGHILQHQDOD$QWLJHGDG7RXUDLQHGLFHTXHOD
PRGHUQLGDG HV OD DQWLWUDGLFLyQ OD LQYHUVLyQ GH ODV FRQYHQFLRQHV FRVWXPEUHV \
FUHHQFLDVODVDOLGDGHORVSDUWLFXODULVPRV\ODHQWUDGDHQHOXQLYHUVDOLVPRRWDPELpQ
ODVDOLGDGHOHVWDGRGHQDWXUDOH]D\ODHQWUDGDHQODHGDGGHODUD]yQ
/D (XURSD FULVWLDQD PHGLHYDO HUD XQ PXQGR TXH WHQtD OtPLWHV REMHWLYRV \
VXEMHWLYRV D 2EMHWLYDPHQWH HUD XQD UHJLyQ URGHDGD SRU HO ,VODP TXH GRPLQDED HO
PDU0HGLWHUUiQHRFHUUDEDHOWUiQVLWRKDFLDHO2ULHQWHKRVWLJDEDODVFRVWDVHLQFOXVR
RFXSDED WHUULWRULRV FRQWLQHQWDOHV FRPR OD PD\RU SDUWH GH OD SHQtQVXOD LEpULFD \ HO
QRUWHGHIULFD0LHQWUDVTXHSRUHORFFLGHQWH(XURSDHVWDEDOLPLWDGDSRUHO2FpDQR
$WOiQWLFRHOPDU'HVFRQRFLGRQRQDYHJDGR\TXHVHJ~QODFUHHQFLDJHQHUDOL]DGD
FRQGXFtD DO $ELVPR (O PXQGR PHGLHYDO HVWDED REMHWLYDPHQWH OLPLWDGR GHQWUR GHO
WHUULWRULR FLUFXQVFULWR SRU HO PDU 0HGLWHUUiQHR 'H PDQHUD DQiORJD HO PRGR GH
SHQVDPLHQWR GHVGH HO TXH VH FRPSUHQGtD HVWH PXQGR FULVWLDQR PHGLHYDO HVWDED
OLPLWDGR\VHH[SUHVDEDHQODFRQFHSFLyQDVWURQyPLFDDQWLJXDFRQVWUXLGDDSDUWLUGHOD
ILORVRItDGH$ULVWyWHOHV\GHODItVLFDGH3WRORPHR


E6XEMHWLYDPHQWHHVGHFLUHQODFRQFLHQFLDKDEtDXQDYROXQWDGGHVtQWHVLV

(O KRPEUH PHGLHYDO WUDWDED GH VLQWHWL]DU FLHOR \ WLHUUD +DEtD XQ RUGHQ HQ HO TXH HO
KRPEUHVHVDEtDFRPRFULDWXUDGH'LRVFXPSOLHQGRFRQXQDPLVLyQHVSHFtILFDHQHO
SODQ GH VDOYDFLyQ (O PXQGR PHGLHYDO HUD FRQFHELGR FRPR XQ XQLYHUVR FHUUDGR
REMHWLYDPHQWHRUGHQDGRGRQGHKDEtDXQDFHUWH]DRVHJXULGDGVXEMHWLYDGHOOXJDUTXH
OHFRUUHVSRQGtDDOKRPEUH\DODVFULDWXUDV


/D PRGHUQLGDG VH PDQLILHVWD FRPR OD GLVROXFLyQ \ OD GHVWUXFFLyQ GH HVWH

PXQGRILQLWR\FHUUDGRGHODFULVWLDQGDGPHGLHYDO\FRPRODSURPHVDGHXQXQLYHUVR\
GHXQKRPEUHQXHYRVORVTXHGHEHQVHUFUHDGRVYROYLHQGRODHVSDOGDDOSDVDGR


 



 7RXUDLQH $ &UtWLFD GH OD PRGHUQLGDG 0DGULG (GLFLRQHV 7HPDV GH +R\  S  &XUVLYDV
QXHVWUDV

(WFKHJDUD\5*DUFtD3S



(O PXQGR PRGHUQR FDPELD REMHWLYDPHQWH \D QR HVWi FHUUDGR /RV PDULQRV
LEpULFRVLQLFLDQODQDYHJDFLyQGHODFRVWDDIULFDQD\GHO2FpDQR$WOiQWLFRKDVWDTXH
FRQYXHOWDDOJORERWHUUiTXHRUHDOL]DGDSRU0DJDOODQHVHOSODQHWDHQWHURVHXQLILFDHQ
XQPXQGR&RQHOORHVSRVLEOHSRUSULPHUDYH]SHQVDUXQDKLVWRULDXQLYHUVDOXQD
KLVWRULDSODQHWDULDXQDJOREDOL]DFLyQKLVWyULFD
&RPR FRQVHFXHQFLD QR VyOR VH FRPSUREy OD YDOLGH] GH OD KLSyWHVLV
FRSHUQLFDQD VLQR TXH HO RFpDQR $WOiQWLFR VH LQFRUSRUy DO PXQGR HXURSHR
DILDQ]DQGRODKHJHPRQtDGHODVQDFLRQHVFRPR(VSDxD\3RUWXJDOSULPHUR+RODQGD
H,QJODWHUUDGHVSXpVFX\DVFRVWDVVRQEDxDGDVSRUGLFKRRFpDQR/DFRQFLHQFLDGHO
1XHYR 0XQGR VH LQFRUSRUy D ODV QDFLRQHV HXURSHDV FRPR XQD DPSOLDFLyQ
PXOWLGLUHFFLRQDO GHO PLVPR PXQGR $PHOLD 3RGHWWL GHVFULEH HVWD FRQFLHQFLD GHO
VLJXLHQWHPRGR

(Q HO SHQVDPLHQWR TXH SURJUHVLYDPHQWH VH LPSRQH D SDUWLU GHO VLJOR ;9,,
$PpULFDQRSODQWHDHOSUREOHPDGHTXHFRQVXDSDULFLyQHOPXQGRVHKDUHYHODGRFRPR
DOJRGLVWLQWRORTXHVXSRQHODWUDQVIRUPDFLyQGHWRGDVODVFDWHJRUtDVSDUDSHQVDUORVLQR
VyORHOWHPDGHHQTXpFRQVLVWHFyPRHVHVHDJUHJDGRTXHORVHXURSHRVKDQLQFRUSRUDGR
DO PXQGR H[LVWHQWH OR TXH VH KD GHVFXELHUWR HV VLPSOHPHQWH RWUR SHGD]R GHO PXQGR
FRQRFLGR \ QR XQ PXQGR GHVFRQRFLGR HQ VX YHUGDGHUD IRUPD \ GLPHQVLRQHV SDUD ORV
KRPEUHVSUHFRORPELQRVORVDQWLJXRVORVPHGLHYDOHV\ORVDPHULFDQRVSUHFRORPELQRV
3DUHFLHUDTXHMXVWDPHQWHFXDQGRHOPXQGRVHXQLYHUVDOL]D\SRUREUDGH2FFLGHQWHHO
SHQVDPLHQWRRFFLGHQWDOVHSDUWLFXODUL]DVHUHGXFHPDQWHQLpQGRVHHQORVYLHMRVOtPLWHV
PHGLWHUUiQHRVSHVHDVXSUHWHQVLyQGHXQLYHUVDOLGDG
3DUHFLHUD PDQLIHVWDUVH DTXt XQD IRUPD GH HVH FRQIOLFWR WUiJLFR TXH
VLPXOWiQHDPHQWHGHVJDUUDHLPSXOVDDODPRGHUQLGDGDOPLVPRWLHPSRTXHFRQFLEHHO
XQLYHUVR LQILQLWR \ DELHUWR IUHQWH DO PXQGR ILQLWR\ FHUUDGR GHO SHQVDPLHQWR DQWLJXR \
WDPELpQPHGLHYDODXQTXHDTXt\DODWHWRGDYtDQRSHQVDGRSHUR VtFUHtGR\SODVPDGR
SRUHMHPSORHQODVFDWHGUDOHVHOVHQWLPLHQWRGHORLQILQLWRVLJXHSHQVDQGRHOSODQHWDHQ
ORVYLHMRVOtPLWHV\ODYLHMDHVWUXFWXUDPDUFDGRVSRUHO0HGLWHUUiQHRODUD]yQPRGHUQD
SLHQVDVtHOXQLYHUVRFRPRLQILQLWRSHURQRODWLHUUDFRPRXQDWRWDOLGDG


 


3RGHWWL$/DLUUXSFLyQGH$PpULFDHQODKLVWRULD%XHQRV$LUHV&,&SS&XUVLYDVQXHVWUDV



(OKLVWRULDGRUGHODHFRQRPtD+'HQLVSRUVXSDUWHPXHVWUDTXH

HO FRPHUFLR OHMDQR IXH HO TXH DEULy LQLFLDOPHQWH ORV PHUFDGRV GH OD
SURGXFFLyQ FDSLWDOLVWD \ SURPRYLy VX GHVDUUROOR >@ (Q HVWH SURFHVR FRPSOHMR HO
FRPHUFLR OHMDQRWXYR XQ SDSHO LQLFLDO LQVXVWLWXLEOH>@ 3DUD FRPSOHWDU HO FXDGUR
GHO FDSLWDOLVPR QDFLHQWH KD\ TXH VHxDODU FODUR HVWi TXH VH FDUDFWHUL]y SRU HO
GHVDUUROOR GHO DQWDJRQLVPR HQWUH ORV SULQFLSDOHV (VWDGRV DYDQ]DGRV GH (XURSD
RFFLGHQWDO\SRUODH[WHQVLyQGHODHPSUHVDGHEUXWDOGRPLQLRGH(XURSDVREUHHOUHVWR
GHOPXQGR6LELHQHVFLHUWRTXHORVPHUFDQWLOLVWDVQRGLVLPXODURQHVWRVKHFKRVQRSRU
HOORSDUHFLHURQVRVSHFKDUODVDOLHQDFLRQHVTXHFRPSRUWDEDQHQHVSHFLDOODDOLHQDFLyQ
GHORVSXHEORVFRORQL]DGRVFRPRFRQVHFXHQFLDGHODOXFKDOOHYDGDDFDERFRQWUDVXV
LQVWLWXFLRQHV \ VX FXOWXUD SURSLDV DVt FRPR GH ORV SURFHGLPLHQWRV GH KDFHU
UHQWDEOHV ORV UHFXUVRV GH VXV WHUULWRULRV TXH LPSOLFDQ SDUWLFXODUPHQWH OD
LPSODQWDFLyQGHXQVLVWHPDHVFODYLVWDGHSURGXFFLyQHQYDULDVUHJLRQHVGHOPXQGR
/RVFRQTXLVWDGRUHVHXURSHRVGHODSULPHUDRODFRORQLDOVHGHGLFDURQHQSULPHU
OXJDUDOSLOODMHVLVWHPiWLFRGHORVWHUULWRULRVGHVFXELHUWRV&XDQGRTXLVLHURQHVWDEOHFHU
XQDH[SORWDFLyQPiVUHJXODUGHORVUHFXUVRVGHDTXHOORVWHUULWRULRVVHHQFRQWUDURQFRQ
HO SUREOHPD GH OD HVFDVH] GH PDQR GH REUD 3DUD UHVROYHUOR QR VH OHV RFXUULy QDGD
PHMRUTXHODHVFODYLWXG\RUJDQL]DURQHOLPSRUWDQWH\OXFUDWLYRWUiILFRGHHVFODYRVTXH
SREOyGHQHJURVXQDSDUWHGH$PpULFD
/RVHVSDxROHVHQ$PpULFDVHDUURJDURQHOGHUHFKRGHUHGXFLUDHVFODYLWXGDORV
LQGtJHQDV TXH UHVLVWHQ D OD FRQTXLVWD D OD SURSDJDFLyQ GHO HYDQJHOLR R DO
HVWDEOHFLPLHQWR GH XQ FRPHUFLR UHJXODU 8WLOL]DURQ DVLPLVPR GLVWLQWDV IRUPDV GH
WUDEDMR IRU]DGR 3HUR FRPR HVWR QR EDVWDED UHFXUULHURQ D ORV HVFODYRV QHJURV
LPSRUWDGRVGHIULFD


(VWD DSHUWXUD GHO PXQGR DQWLJXR QR VH KL]R VLQ FRQIOLFWRV /RV PHWDOHV
SUHFLRVRV WUDtGRV GH $PpULFD GHYDOXDURQ OD PRQHGD KLFLHURQ VXELU ORV SUHFLRV \
SURGXMHURQXQDSURIXQGDFULVLVTXHDUUXLQyDODDQWLJXDQREOH]DWHUUDWHQLHQWH3RURWUR
ODGR\DOPLVPRWLHPSRVXUJLHURQORVQXHYRVVHFWRUHVHQULTXHFLGRVSRUHOFRPHUFLR
TXH XWLOL]DURQ VXV JDQDQFLDV SDUD FRPSUDU ODV WLHUUDV \ WUDQVIRUPDUODV HQ ]RQDV GH
SDVWRUHR H[SXOVDQGR D ORV FDPSHVLQRV TXH WXYLHURQ TXH HPLJUDU ODV FLXGDGHV SDUD
 



'HQLV++LVWRULDGHOSHQVDPLHQWRHFRQyPLFR%DUFHORQD(GLWRULDO$ULHOSS
'HQLV+S



VHU HPSOHDGRV HQ ODV PDQXIDFWXUDV FXDQGR QR IXHURQ H[WHUPLQDGRV SRU ORV
JRELHUQRV
$O PXOWLSOLFDUVHORV LQWHUFDPELRVVHUHTXLULyGHOD PRQHGD FRPR PHGLRSDUD
UHDOL]DUODV WUDQVDFFLRQHV \ WDPELpQ XQDDFXPXODFLyQ GH FDSLWDO \ PD\RU VHJXULGDG
SDUDHO FRPHUFLR(VWRV IDFWRUHVFRQWULEX\HURQDO FUHFLPLHQWRGHODV FLXGDGHV \ VXV
PHUFDGRV /LJDGD DO FUHFLPLHQWR GH ODV FLXGDGHV VXUJLy OD QXHYD FODVH VRFLDO
EXUJXHVDFX\DFRQFLHQFLDHVWiOLJDGDDORVSULPHURVSHQVDGRUHVGHODPRGHUQLGDG


'/DWUDQVIRUPDFLyQGHODFRQFHSFLyQGHOWLHPSR\GHOHVSDFLR

(O WLHPSR HQ HO PXQGR FULVWLDQR PHGLHYDO HUD FRQFHELGR GH PRGR
IXQGDPHQWDOPHQWH FXDOLWDWLYR QR HUD DOJR XQLIRUPH VXV FDUDFWHUtVWLFDV
FDPELDEDQ$VtKDEtDGtDVVDJUDGRVVDQWRV\GtDVSURIDQRVQRVDQWRVKDEtD
GtDV HQ ORV TXH VH UHPHPRUDED D ORV PXHUWRV GtDV HQ TXH VH IHVWHMDED D ORV
VDQWRVHWF&DGDGtDWHQtDFDUDFWHUtVWLFDVSURSLDV\GLVWLQWDVHUDIDVWRRQHIDVWR
HOWLHPSRWUDtDFRQVLJREXHQDRPDODVXHUWH1RVyORORVGtDV VLQRWDPELpQODV
KRUDVWHQtDQFDUDFWHUtVWLFDVHVSHFLDOHVKDEtDKRUDVGHWHUPLQDGDVGHGLFDGDVDODV
RUDFLRQHVDODVFHOHEUDFLRQHVDOWUDEDMR\DOGHVFDQVR(OWLHPSRHUDFXDOLWDWLYR
1RHUDXQDXQLGDGGHPHGLGDDEVWUDFWD\XQLIRUPHVLQRYDULDEOHGHDFXHUGRFRQ
ODV SRVLELOLGDGHV TXH EULQGDED DO KRPEUH +DEtD XQ WLHPSR SDUD FDGD FRVD \
FDGDPRPHQWRWHQtDVXVFDUDFWHUtVWLFDVSURSLDVVLQJXODUHV
&RQ OD PRGHUQLGDG VH LQYHQWDURQ QXHYDV PiTXLQDV \ OD SULPHUD
PiTXLQD TXH VH GHVDUUROOy IXH HO UHORM (O UHORM GLFH /HZLV 0XPIRUG QR OD
PiTXLQDGHYDSRUIXHODPiTXLQDFODYHGHODPRGHUQDHGDGLQGXVWULDO(QFDGD
IDVH GH VX GHVDUUROOR HO UHORM IXH D OD YH] HO KHFKR VREUHVDOLHQWH \ HO VtPEROR
WtSLFRGHOD PiTXLQD LQFOXVRKR\ QLQJXQD PiTXLQD HVWDQRPQLSUHVHQWH(O
UHORM IXH OD FRQGLFLyQ GH XQD WUDQVIRUPDFLyQ FXOWXUDO IXQGDPHQWDO OD
 



&I+RUNKHLPHU0+LVWRULDPHWDItVLFD\HVFHSWLFLVPR0DGULG$OLDQ]D(GLWRULDOFDStWXOR
&I6LOEHUVWHLQ(/RVDVDOWDQWHVGHFDPLQRV%XHQRV$LUHV&DUORV3pUH](GLWRU

0XPIRUG/7pFQLFD\FLYLOL]DFLyQ0DGULG(GLWRULDO$OLDQ]DWHUFHUDHGLFLyQS




XQLIRUPL]DFLyQGHOWLHPSR\DTXHORFRQYLUWLyHQXQDXQLGDGPHGLEOHH[DFWD\
REMHWLYDLJXDOSDUDWRGRV(OFRQFHSWRPHFiQLFRGHOWLHPSRVXUJLyHQSDUWHGH
ODUXWLQDGHOPRQDVWHULRIXQGDPHQWDOPHQWHHQODJUDQRUGHQWUDEDMDGRUDGH
ORVEHQHGLFWLQRV
'H HVWH PRGR HO WLHPSR VH WUDQVIRUPy HQ XQD FDQWLGDG \D QR HUD PiV
DOJRFXDOLWDWLYR6LQUHORMHOWLHPSRHUDVXEMHWLYRFDGDXQRYLYtDHOWLHPSRGH
XQD PDQHUD VLQJXODU \ FDGD XQR WHQtD XQD UHODFLyQ SDUWLFXODU FRQ HO WLHPSR D
SDUWLUGHODFXDOLGDGGHOPLVPR3HURDSDUWLUGHODLQYHQFLyQGHOUHORMHOWLHPSR
VHFRQYLUWLyIXQGDPHQWDOPHQWHHQXQQ~PHURHQXQD FDQWLGDGHQDOJRTXHVH
SRGtD DKRUUDU \ WDPELpQ XWLOL]DU $ SDUWLU GH DTXt IXH SRVLEOH KDFHU
HFRQRPtD GH WLHPSR HO TXH FRPR FDQWLGDG VH FRQYLUWLy HQ LQWHUFDPELDEOH SRU
FDQWLGDGHVHTXLYDOHQWHV/DFXDQWLILFDFLyQGHOWLHPSRHVWDEOHFLyXQDXQLGDGGH
PHGLGD REMHWLYD SDUD OD SURGXFFLyQ &RPR GLMR )UDQNOLQ HQ HO VLJOR ;9,,,
7LPH LV PRQH\ HO WLHPSR HV GLQHUR )XH HVWH PDUFR DEVWUDFWR GHO WLHPSR
GLYLGLGRHOTXHVHKL]RFDGDYH]PiVHOSXQWRGHUHIHUHQFLDWDQWRSDUDODDFFLyQ
\ OD SURGXFFLyQ FRPR SDUD HO SHQVDPLHQWR LQYLUWLHQGR OD UHODFLyQ HQWUH OR
RUJiQLFR \ HOWLHPSRKDVWD ODVIXQFLRQHVRUJiQLFDVOOHJDURQD UHJXODUVHSRUHO
WLHPSRDEVWUDFWRVHFRPHQRDOVHQWLUKDPEUHVLQRDODKRUDGHFRPHU
(VWH SURFHVR UHSUHVHQWy XQ FDPELR IXQGDPHQWDO HQ OD FRQFLHQFLD GHO
KRPEUH \ IXH XQD FRQGLFLyQ LQGLVSHQVDEOH SDUD OD VRFLHGDG LQGXVWULDO SXHV OD
IiEULFDFRPRXQLGDGSURGXFWLYDQRSRGUtDIXQFLRQDUVLQXQWLHPSRXQLIRUPHTXH
RUGHQHORVKRUDULRVGHWUDEDMRRUJDQLFHHOWUDQVSRUWH\VLQFURQLFHODSURGXFFLyQ
(O HIHFWR GHO UHORM PHFiQLFR HVFULEH 0XPIRUG HV PiV SHQHWUDQWH \ HVWULFWR
>TXHHOGHOULWPR PXVLFDO@SUHVLGHWRGRHOGtDGHVGHHODPDQHFHUKDVWDODKRUD
GHOGHVFDQVR&XDQGRVHFRQVLGHUDHOGtDFRPRXQODSVRDEVWUDFWRGHWLHPSRQR
VH YD XQR D OD FDPD FRQ ODV JDOOLQDV HQ XQD QRFKH GH LQYLHUQR XQR LQYHQWD
SDELORV FKLPHQHDV OiPSDUDV OXFHV D JDV OiPSDUDV HOpFWULFDV GH PDQHUD GH
DSURYHFKDUWRGDVODVKRUDVTXHSHUWHQHFHQDOGtD&XDQGRVHFRQVLGHUDDOWLHPSR
 




,EtGHP
0XPIRUG/S



QRFRPRXQDVXFHVLyQGHH[SHULHQFLDVVLQRFRPRXQDFROHFFLyQGHKRUDVPLQX
WRV \ VHJXQGRV DSDUHFHQ ORV KiELWRV GH DFUHFHQWDU \ DKRUUDU HO WLHPSR (O
WLHPSR FREUD HO FDUiFWHU GH XQD HVSDFLR FHUUDGR SXHGH GLYLGLUVH SXHGH
OOHQDUVH SXHGH LQFOXVR GLODWDUVH PHGLDQWH HO LQYHQWR GH LQVWUXPHQWRV TXH
DKRUUDQ WLHPSR (O WLHPSR DEVWUDFWR VH FRQYLUWLy HQ HO QXHYR iPELWR GH OD
H[LVWHQFLD
&RQ ODFRQFHSFLyQGHO HVSDFLR VXFHGLy DOJRDQiORJR DODWUDQVIRUPDFLyQ
TXHVXIULyHOFRQFHSWRGHWLHPSR7DPELpQHOHVSDFLRPHGLHYDOHUDFXDOLWDWLYR
FDGD OXJDU VH LGHQWLILFDED FRQ VX FXDOLGDG /RV HVSDFLRV VH RUGHQDEDQ GH
DFXHUGRFRQVtPERORV\YDORUHVHOOXJDUGHODLJOHVLDHOGHOFHPHQWHULRHOGHOD
IHULD HWF (VWD UHSUHVHQWDFLyQ GHO HVSDFLR VH SXHGH YHU HQ ORV SLQWRUHV GH OD
pSRFDFXDQGRXQSLQWRUPHGLHYDOFRPSRQtDVXREUDQRPDQLIHVWDEDHOHVSDFLR
WDOFRPRQRVRWURVORYHPRVHVGHFLUHQSHUVSHFWLYDVLQRTXHORRUJDQL]DEDD
SDUWLUGHOVtPERORGHORVHOHPHQWRVTXHFRPSRQHQHVHHVSDFLR$VtSRUHMHPSOR
HOPD\RUWDPDxRVLPEROL]DEDPD\RULPSRUWDQFLDRMHUDUTXtD
(QXQFXDGURGHXQDUWLVWDPRGHUQRHOWDPDxRGHODVILJXUDVGHSHQGHGH
ODVGLVWDQFLDVTXHWLHQHQGHVGHHOREVHUYDGRUHQHVWRFRQVLVWHODSHUVSHFWLYDVL
ODILJXUDHVWiPiVDOHMDGDHVGHPHQRUWDPDxRVLHVWiPiVFHUFDHVPD\RU3DUD
HOPHGLHYDOODILJXUDGHPD\RUWDPDxRHUDODPiVLPSRUWDQWHHOUH\HOVHxRUHO
VDQWR DXQTXH HVWXYLHUD DO ILQDO GH OD FRPSRVLFLyQ \ OD ILJXUD PiV SHTXHxD
UHSUHVHQWDED OD PHQRU GLJQLGDG R LPSRUWDQFLD HO VLHUYR HO FDPSHVLQR HWF
DXQTXHHVWXYLHUDPiVFHUFDGHOREVHUYDGRU1RVHWHQtDQHQFXHQWDODVGLVWDQFLDV
UHODWLYDVDOREVHUYDGRUOH\HVGHODSHUVSHFWLYDVLQRHOVtPEROR\HOYDORUGHODV
ILJXUDV UHSUHVHQWDGDV (Q ODV SLQWXUDV PHGLHYDOHV VH HQFXHQWUD XQ HVSDFLR
FXDOLWDWLYRGHVLJQLILFDGRV/DSHUVSHFWLYDFRQYLUWLyODUHODFLyQVLPEyOLFDGHORV
VHUHV HQ XQD UHODFLyQ YLVXDO TXH D VX YH] VH FRQYLUWLy HQ XQD UHODFLyQ FXDQWL
WDWLYDGHPDJQLWXGHV
3DUD OD PRGHUQLGDG HO HVSDFLR HV XQ VLVWHPD GH FRRUGHQDGDV 3RU
HMHPSORHQJHRPHWUtDODVFRRUGHQDGDVFDUWHVLDQDVRUWRJRQDOHV VRQXQVLVWHPD
 



0XPIRUG/SS&XUVLYDV\FRUFKHWHVQXHVWURV



SRUHOFXDOHVSRVLEOHXELFDUODVFRVDVHQHOHVSDFLRODVFRVDVVHGHILQHQSRUHO
OXJDUTXHRFXSDQHQHOHVSDFLRSHURHVHOXJDUQRHVWiGDGRSRUHOVLJQLILFDGRGH
ODVILJXUDVTXHVHRUGHQDQVLQRSRUXQFLHUWRQ~PHURXQDFLHUWDGLVWDQFLDDRWUR
HOHPHQWRXQDFDQWLGDGXQDPDJQLWXG(VXQHVSDFLRPDWHPiWLFRXQHVSDFLRGH
GLVWDQFLDV (O QXHYR LQWHUpV SRU OD SHUVSHFWLYD REVHUYD 0XPIRUG OOHYy
SURIXQGLGDG DO FXDGUR \ GLVWDQFLD D OD PHQWH /OHYy GLVWDQFLD D OD PHQWH
SRUTXH VXSRQH XQ SURFHVR SUHYLR GH DEVWUDFFLyQ FRQVLVWHQWH HQ UHGXFLU HO
HVSDFLRVLPEyOLFRFXDOLWDWLYRDXQHVSDFLRFXDQWLWDWLYRGHPDJQLWXGHV
(VSDFLR \WLHPSR IRUPDEDQSDUDHOKRPEUH PHGLHYDOGRVVLVWHPDVUHOD
WLYDPHQWH LQGHSHQGLHQWHV 3RU HOOR HO FRQFHSWR GH DQDFURQLVPR QR WLHQH
VHQWLGRSDUDODFRPSUHQVLyQGHODUWHPHGLHYDOSLQWXUDVVREUHKHFKRVGHODYLGD
GH ORV VDQWRV TXH UHSUHVHQWDQ HVFHQDV RFXUULGDV HQ pSRFDV SDVDGDV VRQ
DPELHQWDGDV HQ XQD pSRFD \ OXJDU FRQWHPSRUiQHRV DO SLQWRU &RQ OD
PRGHUQLGDGHOWLHPSRPHGLGRSRUHOUHORMVHUHIRU]yFRQHOHVSDFLRPHGLGRHQ
SHUVSHFWLYD\FRQODFRQIHFFLyQGHPDSDVPiVSUHFLVRVSRUORVFDUWyJUDIRV/D
FXDQWLILFDFLyQ GHO WLHPSR \ GHO HVSDFLR VH H[WHQGLy D WRGRV ORV iPELWRV GH OD
YLGD \ ORV QXHYRV LQVWUXPHQWRV GH PHGLFLyQ SRWHQFLDURQ QXHYRV LQYHQWRV
PHGLFLyQGHODWLWXGHVQXHYDVFDUWDVGHQDYHJDFLyQODLQYHQFLyQGHOFDxyQ\OD
PRGHUQL]DFLyQGHODJXHUUDHWF(QODPHGLFLyQGHOWLHPSRHQHOFRPHUFLRHQ
ODOXFKDORVKRPEUHVFRQWDURQQ~PHURV\ILQDOPHQWHDOH[WHQGHUVHODFRVWXP
EUHVyORORVQ~PHURVFRQWDURQ


(/DKLVWRULDUHFLHQWHGHODUD]yQ

) &KDWHOHW VH SURSXVR GHVDUUROODU XQD KLVWRULD GH OD UD]yQ (Q HVWDEOHFH
PRPHQWRVRpSRFDVFRQUDVJRVSDUWLFXODUHV$VtHQODILORVRItDVXUJLGDHQORVVLJORV
;9, \ ;9,, HVWi LQGLVROXEOHPHQWH OLJDGD D OD DSDULFLyQ GH OD FLHQFLD $KRUD OD
 


0XPIRUG/S&XUVLYDVQXHVWUDV
0XPIRUG/S

&KDWHOHW)8QDKLVWRULDGHODUD]yQFRQYHUVDFLRQHVFRQePLOH1RHO9DOHQFLD3UH7H[WRV




ILORVRItD QR VH YD D QXWULU GH OD UHDOLGDG SROtWLFD VLQR GH ODV SURIXQGDV
WUDQVIRUPDFLRQHVGHODFRQFHSFLyQGHODQDWXUDOH]D
8QD VHULH GH SURJUHVRV UHDOL]DGRV HQ ORV VLJORV SUHFHGHQWHV VH UDGLFDOL]DQ
EUXWDOPHQWHHQORTXHVHOODPD5HQDFLPLHQWR\TXHGHELHUDOODPDUVHDSDULFLyQR
DIORUDPLHQWR GH OD PRGHUQLGDG (OOR RFXUUH FXDQGR VH SURGXFHQ ORV JUDQGHV
GHVFXEULPLHQWRV IXQGDPHQWDOPHQWH $PpULFD \ OD LPSUHQWD 6LQ HPEDUJR &KDWHOHW
RSLQD TXH KD\ TXH LQVLVWLU VREUH OD LPSRUWDQFLD GH OD 5HIRUPD \ OD DSDULFLyQ GH OD
ItVLFD TXH SURGXMHURQ XQD PXWDFLyQ HQ HO LQWHUpV GH ORV KRPEUHV (VWD PXWDFLyQ
SXHGHVHUHMHPSOLILFDGDFRQORVHIHFWRVSURGXFLGRVSRUODLPSUHQWD

,PDJLQpPRQRVODWUDQVIRUPDFLyQHQODGLIXVLyQGHOOLEUR+DVWDHQWRQFHVORV
OLEURVH[LVWtDQHQPX\SHTXHxRQ~PHURVHDFRVWXPEUDEDDOHHUORVHQYR]DOWDGHWDO
PRGRTXHDXQFXDQGRHVWXYLHUDVRORHOOHFWRUVHKDEtDKDELWXDGRDOHHUHQYR]DOWDHO
OLEURTXHWHQtDDQWHORVRMRV>@&RQODPXOWLSOLFDFLyQGHORVOLEURVVHHPSLH]DDOHHU
FRQ ORV RMRV <D QR VH OHH HO WH[WR KDEODQGR VLQR TXH VH OR GHVFXEUH GLUHFWDPHQWH
YLVXDOPHQWH$VtHQFLHUWRPRGRHOOLEURWRPDXQDVSHFWRPiVDEVWUDFWR(ORMRHVXQ
H[SORUDGRUPiVGHOLFDGR$ULVWyWHOHV\DORGHFtDHQHOVLJOR,9D&TXHHORtGR
(OGHVDUUROORGHODFLYLOL]DFLyQXUEDQDGHODUWHVDQDGRODUDGLFDOL]DFLyQ\ODDSOLFDFLyQ
WpFQLFDGHWRGDVODVLQYHQFLRQHVGHOD(GDG0HGLD7RGRVHVWRVHOHPHQWRVGHWHUPLQDQ
TXHVHSURGX]FDXQDFRQPRFLyQHQODFRQFHSFLyQGHOPXQGR


<DDQWHVGH&RSpUQLFRVHIXHLPSRQLHQGRSRFRDSRFRODLGHDGHVLPSOLILFDUODV
FRVDVOLJDGDDODUJXPHQWRPHWRGROyJLFRPHGLHYDOTXHDILUPDTXHODPHMRUKLSyWHVLV
HV OD KLSyWHVLV PiV VLPSOH OD TXH DSHOD DO PHQRU Q~PHUR SRVLEOH GH HQWLGDGHV
H[SOLFDWLYDV&RSpUQLFRVLJXLHQGRODKLSyWHVLVGH$ULVWDUFRGH6DPRVTXHHQHOVLJOR
,,,D&KDEtDVRVWHQLGRTXHHO6ROVHHQFRQWUDEDHQHOFHQWURGHOXQLYHUVR&RSpUQLFR
VHRFXSDGHDUJXPHQWDUPRVWUDQGRODPD\RUVLPSOLFLGDGGHVXSRVLFLyQ6XKLSyWHVLV
SRVHH OD YHQWDMD GH VHU PiV VLPSOH $GHPiV SXHGH VHU H[SUHVDGD HQ OHQJXD

 


&KDWHOHW)S
&I&KDWHOHW)S

&KDWHOHW)S




PDWHPiWLFD 7LHQH \D XQD H[SUHVLyQ JHRPpWULFD *DOLOHR FRQWLQ~D OD SHUVSHFWLYD
FRSHUQLFDQD6XSURSRVLFLyQIXQGDPHQWDOHVTXHHOPXQGRHVXQR(VWDXQLILFDFLyQVH
UHDOL]D FRQ PpWRGRV QXHYRV FRPR HO FRQVHJXLGR SRU HO JUDQ GHVDUUROOR GH OD
PDWHPiWLFDGHVGHODVHJXQGDPLWDGGHOVLJOR;9ORTXHSHUPLWHDSURSLDUVHGHVGHXQ
PDUFR QXHYR GH ORV GHVFXEULPLHQWRV UHDOL]DGRV SRU ORV JULHJRV R SRU ORV iUDEHV HQ ORV
VLJORVDQWHULRUHV(QWRQFHVODPDWHPiWLFDVHFRQVWLWX\HFRPRXQFRUSXVGHFRQMXQWRTXH
WLHQH VXV UHJODV VX OHQJXDMH \ TXH RIUHFH OD LPDJHQ GH XQD UDFLRQDOLGDG LQWHJUDO
WUDQVSDUHQWH
(O SUR\HFWR FRSHUQLFDQR \ JDOLOHDQR DOFDQ]D XQD MXVWLILFDFLyQ ILORVyILFD FRQ
'HVFDUWHV TXLHQ SRSXODUL]y OD QXHYD ItVLFD \ FRQGXMR HO FRPEDWH HQ ORV PHGLRV
LQWHOHFWXDOHV SDUD TXH IXHUD DFHSWDGD D SHVDU GH OD FRQGHQD TXH KDEtD DOFDQ]DGR D
*DOLOHR(OSUR\HFWRIXQGDPHQWDOGH'HVFDUWHVSXHGHVHUH[SUHVDGRHQVXVSURSLDV
SDODEUDVKDFHUDOKRPEUHGXHxR\SRVHHGRUGHODQDWXUDOH]D
$ FRQWLQXDFLyQ&KDWHOHWVHxDODFyPRORVSULQFLSDOHVFRQFHSWRVHQHORULJHQ
GH OD LQYHQFLyQ GHO (VWDGR FRPR SRWHQFLD VREHUDQD VRQ KHUHGDGRV GH OD WHRORJtD
+DFH UHIHUHQFLDDODV LGHDV GH VREHUDQtD \ GHDXWRULGDG IRUPDGDVPX\ OHQWDPHQWH
HQWUH ORV SDSDV \ ORV HPSHUDGRUHV 'H OD PLVPD PDQHUD XQ FRQFHSWR PX\ DFWLYR
FRPRHOGHFRQWUDWRKDVLGRHODERUDGRHQODVFRPXQDVFRPHUFLDOHVGHOYDOOHGHO5KLQ
DO LJXDO TXH HQ ODV FRPXQLGDGHV PRQiVWLFDV 6LQ HPEDUJR WDPELpQ HQ HO iPELWR
SROtWLFRVHSXHGHSHUFLELUXQDUXSWXUD/DXQLGDGGHODVRFLHGDGORTXHDVHJXUDDOD
YH]VX VHU \ VX PDQWHQLPLHQWR VXSHUGXUDFLyQ HV OD SROtWLFD \ OD SROtWLFDHV VREUH
WRGRXQDFWR3DUDTXHKD\DXQDVRFLHGDGXQDHVQHFHVDULRXQDFWRIXQGDGRU$TXt
HVWiODLPSURQWDGH0DTXLDYHORTXLHQVHSUHRFXSDIXQGDPHQWDOPHQWHSRUORVPHGLRV
GHPDQWHQLPLHQWRGHOSRGHUSRUODGXUDFLyQ0DUFLOLRGH3DGXD \%RGLQDQWHVTXH
0DTXLDYHOR KDEtDQ VRVWHQLGR OD VHSDUDFLyQ GHO PXQGR HVSLULWXDO \ GHO PXQGR
WHPSRUDO
 



&KDWHOHW)S
&KDWHOHW)S
&KDWHOHW)S

'HVFDUWHV5'LVFXUVRGHO0pWRGR7UDGXFFLyQGH-5RYLUD$UPHQJRO%XHQRV$LUHV(GLWRULDO/RVDGD
SFI&KDWHOHW)S

&KDWHOHW)S

&KDWHOHW)S





&KDWHOHW PXHVWUD WDPELpQ HO VXUJLPLHQWR GH XQ QXHYR RUGHQ HFRQyPLFR
GHULYDGR GH OD PXOWLSOLFDFLyQ GH ODV PDQXIDFWXUDV \ GH OD H[SDQVLyQ GHO FRPHUFLR
/DVQXHYDVUHODFLRQHVVRFLDOHV WLHQHQ HIHFWRV SROtWLFRV TXHFRQPRFLRQDQHO RUGHQ
LQVWLWXFLRQDO (O SXHEOR GH /RQGUHV HULJLpQGRVH HQ MXH] UHDOL]D XQ DFWR
H[WUDRUGLQDULRXQUH\SRUGHUHFKRGLYLQRTXHKDVLGRFRQVDJUDGRHQODJUDQFDWHGUDO
HV GHFDSLWDGR (VWH DFWR H[WUDRUGLQDULR KDFH VXUJLU OD FXHVWLyQ GH OD VREHUDQtD
OHJtWLPD<HOODGHPDQGDODHODERUDFLyQGHXQDWHRUtDSROtWLFDTXHVHUiFRQVWUXLGD
SRU+REEHV\SRU/RFNH'HVSXpVGHVHxDODUORVDSRUWHVGHHVWRVDXWRUHVDODWHRUtD
SROtWLFDQXHYDVREHUDQtDGHO(VWDGRGHUHFKRVQDWXUDOHVHVWDGRGHGHUHFKR&KDWHOHW
FRQFOX\H(QWRQFHVYHPRVTXHDTXHOORVSHQVDGRUHVUD]RQDQGHQWURGHODySWLFDGHOD
UHYROXFLyQFRSpUQLFRJDOLOHDQD1DWXUDOH]DHVOXJDUGHLQWHOLJLELOLGDG


)/DLQYHQFLyQGHODLPSUHQWD\ODVWUDQVIRUPDFLRQHVGHODPRGHUQLGDG

(Q /D *DOD[LD *XWHPEHUJ 0 0F/XKDQ EXVFD JHQHUDOL]DU ODV KLSyWHVLV GH
$OEHUW/RUGHQVXOLEUR7KHVLQJHURI7DOHV\GH0LOPDQ3DUU\HQVXVHVWXGLRVVREUH
+RPHUR RIUHFLpQGRQRV XQD OHFWXUD GH OD WUDGLFLyQ TXH LQYLHUWD OD SHUVSHFWLYD GHO
PXQGRRFFLGHQWDODOIDEHWL]DGRTXHVHVXSRQHQRUPDO6HJ~Q3DUU\ODSRHVtDRUDO\
ODHVFULWDVLJXLHURQPRGHORV\IXQFLRQHVGLIHUHQWHV/DIRUPDGHODSRHVtDRUDOGHSHQGH
GHTXHVHDDSUHQGLGD \SUDFWLFDGDVLQVDEHUOHHUQLHVFULELU1RVD\XGDDFRPSUHQGHU
QXHVWUDHUDHOpFWULFDHQODTXHHVWDPRVHQWUDQGR+D\XQSDUDOHORHQWUHHOSDVDMHTXH
YLYLHURQ ORV LVDEHOLQRV LQJOHVHV \ HO FDPELR GH pSRFD TXH HVWDPRV YLYLHQGR DXQTXH
LQYHUVR SRUTXH ORV LVDEHOLQRV >6KDNHVSHDUH 6LJOR ;9, %DUURFR@ SDVDQ GH OD
LQWHUGHSHQGHQFLDFRUSRUDWLYDDOLQGLYLGXDOLVPR\QRVRWURV>ORVKRPEUHVGHOVLJOR;;@
SDVDPRV GHO LQGLYLGXDOLVPR D OD DOGHD JOREDO /D HUD HOpFWULFD FRQ VX

 



&KDWHOHW)S
&KDWHOHW)S

0F/XKDQ0/DJDOD[LD*XWHQEHUJ0DGULG(GLWRULDO$JXLODU




LQWHUGHSHQGHQFLD VH RSRQH D OD HUD PHFiQLFD \ WLSRJUiILFD GH ORV ~OWLPRV FLQFR
VLJORVFRQVXLQGLYLGXDOLVPR6RQIRUPDVGHVRFLHGDG\H[SHULHQFLDFRQWUDSXHVWDV
/D*DOD[LD*XWHPEHUJLQYHVWLJDFyPRODVIRUPDVGHH[SHULHQFLDODSHUVSHFWLYD
PHQWDO \ OD H[SUHVLyQ IXHURQ DOWHUDGDV  FRQ HO DOIDEHWR IRQpWLFR \  FRQ OD
LPSUHQWD/DVIRUPDVGHSHQVDPLHQWRVHFRUUHVSRQGHQFRQODVIRUPDVGHRUJDQL]DFLyQ
GHODH[SHULHQFLDVRFLDO\SROtWLFD/DRUJDQL]DFLyQGHODVRFLHGDGRUDOHVGLIHUHQWHGH
OD GH OD VRFLHGDG HVFULWD (VWD GLIHUHQFLD VyOR VH KDFH YLVLEOH HQ XQ PRPHQWR GH
WUiQVLWRFRPRHOTXHYLYLPRV/RLPSRUWDQWHHVHOFDPELRGHODHVWUXFWXUDVRFLDOTXH
HV SDUDOHOR DO HFRQyPLFR GRQGH VH SDVy GHO WUXHTXH DO LQWHUFDPELR FRQ GLQHUR /D
pSRFD GH OD HOHFWULFLGDG HV SRVWDOIDEHWL]DGD VHPHMDQWH D ODV IRUPDV \ HVWUXFWXUDVGH
LQWHUGHSHQGHQFLDKXPDQD\GHH[SUHVLyQRUDOHV
3DUD 0F/XKDQ HO KRPEUH VH GHILQH FRPR XQ DQLPDO TXH FRQVWUX\H
LQVWUXPHQWRV FRPR VRQ HO OHQJXDMH OD HVFULWXUD R OD UDGLR (O OHQJXDMH HV XQ
LQVWUXPHQWRHQIXQFLyQGHODFRPXQLFDFLyQHVH[WHULRUL]DFLyQGHVHQWLPLHQWRVHLGHDV
/D FRQVWUXFFLyQ GH QXHYRV LQVWUXPHQWRV DFUHFLHQWD FLHUWDV FDSDFLGDGHV VHQWLGRV R
IDFXOWDGHV GHO KRPEUH SHUR DO PLVPR WLHPSR H[WRUVLRQD RWUDV /DV WpFQLFDV \ ODV
DUWHV SXHGHQ VHU FRQVLGHUDGDV H[WHQVLRQHV GH ODV FDSDFLGDGHV FRUSRUDOHV 0F/XKDQ
VLJXHODKLSyWHVLVGH:KLWHHQ/DFLHQFLDGHODFXOWXUDKLSyWHVLVFRQWUDULDDODGH/pYL
6WUDXVVHQ7ULVWHVWUySLFRVTXLHQVRVWLHQHTXHODIXQFLyQEiVLFDGHOOHQJXDMHHVKDFHU
SRVLEOHODDFXPXODFLyQGHH[SHULHQFLDV\FRQRFLPLHQWR
/D H[WHQVLyQ GH QXHVWURV VHQWLGRV VH KDFH DO SUHFLR GH FRQVWLWXLU VLVWHPDV
FHUUDGRV 0LHQWUDV TXH ORV VHQWLGRV FRUSRUDOHV VRQ VLVWHPDV DELHUWRV SRUTXH OD
FRQFLHQFLD WUDGXFHXQRV HQ RWURV ODV KHUUDPLHQWDV WHFQROyJLFDV FRQVWLWX\HQ VLVWHPDV
FHUUDGRV LQFDSDFHV GH LQWHUDFFLyQ R FRQFLHQFLD FROHFWLYD $Vt FRPR OD LPDJHQ GH OD
ItVLFDWUDGLFLRQDOFDUWHVLDQDRQHZWRQLDQDHUDPHFiQLFD\FRPSDWLEOHFRQXQHVSDFLR
\WLHPSRDEVROXWRVODItVLFDDFWXDO\DQRSXHGHSDUWLUGHWDOHVVXSXHVWRV
 



0F/XKDQ0SS\
 9HUHPRV FyPR ODV SHUFHSFLRQHV FDUWHVLDQDV \ WDPELpQ ODV HXFOtGHDV HVWiQ FRQVWLWXLGDV SRU HO DOIDEHWR
IRQpWLFR0F/XKDQ0S

3DUHFLHUDTXHODLQYHQFLyQGHORVLQVWUXPHQWRVPRGLILFDODVIRUPDVGHSHUFHSFLyQODVDFWLWXGHVFUHHQFLDV
\ YDORUHV (V GHFLU HO KRPEUH VH WUDQVIRUPD D Vt PLVPR FRPR FRQVHFXHQFLD GH OD LQYHQFLyQ GH QXHYRV
LQVWUXPHQWRV /DV LQYHQFLRQHV GHO DOIDEHWR IRQpWLFR \ OD LPSUHQWD SURGXFHQ SHUWXUEDFLRQHV TXH WLHQHQ
HIHFWRVREVHUYDEOHVHQODKLVWRULD




(OFXHVWLRQDPLHQWRGHORVVXSXHVWRVQHZWRQLDQRVHVSDFLR\WLHPSRDEVROXWRVR

GHORVVXSXHVWRVPDWHULDOLVWDViWRPRVVHGHEHDXQFDPELRHQODIRUPDRUGLQDULDGH
KDEODU\DFWXDUPRWLYDGRSRUODDGRSFLyQGHQXHYRVLQVWUXPHQWRV/DXQLOLQHDOLGDGGH
ORVSURFHVRVKDVLGRUHHPSOD]DGDSRUXQDPXOWLOLQHDOLGDG
(OGHVDUUROORGHXQSXQWRGHYLVWDKLVWyULFRHVWiUHODFLRQDGRFRQORVVLVWHPDV
FHUUDGRVFRPRHOGHODWLSRJUDItD&RPRFRQWUDVWH0F/XKDQFLWDD7RFTXHYLOOHFRPR
HMHPSOR GH RWUD IRUPD GH KDFHU KLVWRULRJUDItD GRQGH HO PXQGR HV SHQVDGR HQ VX
FRQMXQWRFRPRFDPSRDELHUWR(OPpWRGRGH7RFTXHYLOOHHVVHPHMDQWHDOSODQWHDGRSRU
HO ELyORJR <RXQJ GRQGH HO FHUHEUR SURYHH GH FHQWURV GH LQWHUDFFLyQ R OXJDUHV GH
PH]FODORTXHQRVSHUPLWHUHDFFLRQDUDQWHHOPXQGRHQVXFRQMXQWR
7DPELpQODREUDGH3RSSHUHVWXGLDODGHVWULEDOL]DFLyQGHOPXQGRDQWLJXR\OD
UHWULEDOL]DFLyQGHOPXQGRPRGHUQRDXQTXHQRWLHQHHQFXHQWDODGLQiPLFDGHQXHVWURV
VHQWLGRV FRPR IDFWRU HQ OD DSHUWXUD R FLHUUH GH ODV VRFLHGDGHV 3DUD 3RSSHU ODV
VRFLHGDGHVWULEDOHVVRQVRFLHGDGHVFHUUDGDVTXHWLHQHQXQDXQLGDGELROyJLFDPLHQWUDV
TXH ODV VRFLHGDGHV PRGHUQDV VRQ DELHUWDV \ IXQFLRQDQ HQ JUDQ SDUWH SRU PHGLR GH
UHODFLRQHV DEVWUDFWDV WDOHV FRPR HO LQWHUFDPELR \ OD FRRSHUDFLyQ /D KLSyWHVLV GH
0F/XKDQHVTXHODDEVWUDFFLyQRODDSHUWXUDGHODVVRFLHGDGHVHVSURGXFWRGHODOIDEHWR
IRQpWLFR \ QR GH FXDOTXLHU RWUD IRUPD GH HVFULWXUD R GH WHFQRORJtD 6L ODV VRFLHGDGHV
FHUUDGDVVRQHOUHVXOWDGRGHODVWHFQRORJtDVEDVDGDVHQHOOHQJXDMHKDEODGRHOWDPERU\
HORtGRHQWRQFHVODVVRFLHGDGHVPRGHUQDVHOpFWULFDVLQWHJUDQDWRGRVORVKRPEUHVHQ
XQDVRODDOGHDJOREDO
/D DEVWUDFFLyQ R DSHUWXUD GH ODV VRFLHGDGHV HV REUD GHO DOIDEHWR IRQpWLFR /D
LQWHULRUL]DFLyQGHODWHFQRORJtDGHODOIDEHWRIRQpWLFRWUDVODGDDOKRPEUHGHVGHHOPXQGR
PiJLFR GHORtGRDO PXQGRQHXWURGHORYLVXDO0LHQWUDVTXH ORVVHQWLGRVFRUSRUDOHV
HUDQ DELHUWRV OD H[WHQVLyQ WHFQROyJLFD GH ORV VHQWLGRV ORV KL]R FHUUDGRV \ DKRUD VH
UHTXLHUHYROYHUDDEULUORVSRUTXHVRQVLPXOWiQHRV\JOREDOHV
/RVDIULFDQRVDQDOIDEHWRVSDUWHQHQVXHGXFDFLyQGHXQDFRQFHSFLyQRUJiQLFD
GRQGHFDGDXQRHVSDUWHGHXQWRGRIDPLOLDFODQDOTXHHVWiWRWDOPHQWHVXERUGLQDGR
 


0F/XKDQ0S
3RSSHU./DVRFLHGDGDELHUWD\VXVHQHPLJRV%DUFHORQD(GLWRULDO3ODQHWD$JRVWLQLYRO~PHQHV

0F/XKDQ0S




SRUORTXHQRSXGHSHQVDUVHFRPRXQDXQLGDGLQGHSHQGLHQWHTXHFRQItDHQVtPLVPR
/D OLPLWDFLyQ LPSXHVWD D OR LQWHOHFWXDO VXSUHVLyQ GH VX YLGD PHQWDO \ SHUVRQDO VH
FRPSHQVD FRQ XQD JUDQ OLEHUWDG WHPSHUDPHQWDO SDUD H[SUHVDU VXV VHQWLPLHQWRV 6X
HGXFDFLyQGHSHQGHPXFKRPiVGHODSDODEUDKDEODGDFDUJDGDGHHOHPHQWRVGUDPiWLFRV
\ HPRFLRQDOHV (O RFFLGHQWDO GHSHQGH GH OD FRQIRUPDFLyQ YLVXDO GH ODV UHODFLRQHV
HVSDFLRWHPSRUDOHV SDUD SHQVDU \ SHUFLELU XQ RUGHQ FDXVDO PHFiQLFR (Q FXDOTXLHU
PHGLRRFFLGHQWDOHOQLxRHVWiURGHDGRSRUXQDWHFQRORJtDYLVXDODEVWUDFWD\H[SOtFLWD
GHWLHPSRXQLIRUPH\HVSDFLRFRQWLQXRHQORVTXHODFDXVDHILFLHQWH\WUDVFHQGHQWH
\HQORVTXHODVFRVDVVHPXHYHQ\RFXUUHQSRURUGHQVXFHVLYRHQSODQRV~QLFRV
/DSURGXFFLyQOLEUHGHLGHDVVyORHVSRVLEOHFXDQGRVHKDVHSDUDGRODSDODEUDGHOD
DFFLyQFXDQGRGHORVSHQVDPLHQWRVYHUEDOHVQRVHVLJXHQHFHVDULDPHQWHXQSRGHUGH
OD SDODEUD GH OR FRQWUDULR OD VRFLHGDG GHEH LPSHGLU FRHUFLyQ VRFLDO WRGR
SHQVDPLHQWRLQGHSHQGLHQWHHQUD]yQGHOULHVJRTXHUHSUHVHQWDSDUDHORUGHQVRFLDO
0F/XKDQSRQHD(OUH\/HDUFRPRHMHPSORGHODQXHYDIRUPDGHSHQVDPLHQWR
/D WUDJHGLDGH6KDNHVSHDUHH[SUHVD ODLGHD GH TXHHO DLVODPLHQWRGHOVHQWLGRYLVXDO
FRPRXQDHVSHFLHGHFHJXHUD6HH[SUHVDDOOtHOVXUJLPLHQWRGHODSHUVSHFWLYDGHOD
HVSHFLDOL]DFLyQXQDQXHYDHVWUDWHJLDGHFXOWXUD\GHSRGHUTXHDIHFWDDO(VWDGRD
OD IDPLOLD \ D OD SVLTXLV LQGLYLGXDO (VWD QXHYD DFWLWXG KDFH SRVLEOH OD LGHD GH OD
GHOHJDFLyQGHODDXWRULGDGFHQWUDO(QWDQWRTXHODIXQFLyQGHOPRQDUFDIHXGDOKDEtD
VLGR LQFOXVLYD  HO SUtQFLSH GHO 5HQDFLPLHQWR WHQGLy D FRQVWLWXLUVH HQ XQ FHQWUR
H[FOXVLYRGHSRGHUURGHDGRGHV~EGLWRVLQGLYLGXDOHV>HQORVTXHGHOHJDIXQFLRQHV
HVSHFtILFDV@ 6KDNHVSHDUH H[SOLFD PLQXFLRVDPHQWH TXH HO SULQFLSLR PLVPR GH OD
DFFLyQHVODGLYLVLyQHQVHJPHQWRVHVSHFLDOL]DGRV
3RVLEOHPHQWH GLFH 0F/XKDQ XQR GH ORV HIHFWRV GH OD WHFQRORJtD GH
*XWHQEHUJKD\DVLGRODVHSDUDFLyQGHORVVHQWLGRV\ODFRQVLJXLHQWHLQWHUUXSFLyQGHVX
 


0F/XKDQ0S
/DUXSWXUDGHOPiVSUHFLDGRFDQRQGHORVVHQWLGRVVLJQLILFDHODLVODPLHQWRRVHSDUDFLyQGHXQVHQWLGRGH
RWURSRUVXVGLVWLQWDVLQWHQVLGDGHVFRQODFRQVLJXLHQWHLUUDFLRQDOLGDG\HOFRQIOLFWRHQWUHODVIDFXOWDGHVODV
SHUVRQDV\ODVIXQFLRQHV0F/XKDQ0S$SDUHFHODSHUVSHFWLYDXQSXQWRGHYLVWDILMR3DUD
0F/XKDQ HO FDQRQ GH ORV VHQWLGRV VH FRUUHVSRQGH FRQ XQD FRQFLHQFLD PRUDO TXH FRQ OD HVFLVLyQ \
IUDJPHQWDFLyQ\DQRVHLGHQWLILFDFRQODFRQFLHQFLD

0F/XKDQ0S

0F/XKDQ0SeQIDVLVQXHVWUR




LQWHUDFFLyQ HQ VLQHVWHVLD WiFWLO &RQ OD SHUVSHFWLYD DSDUHFHQ ODV VHFXHQFLDV
FRQWLQXDVOLQHDOHV\XQLIRUPHVGHOWLHPSRHOHVSDFLR\ODVUHODFLRQHVSHUVRQDOHVTXH
FDUDFWHUL]DUiQ ORV VLJORV VLJXLHQWHV (Q FRQWUDSRVLFLyQ OR TXH FDUDFWHUL]D OD
FRQFHSFLyQ DQWHULRU HV OD ILGHOLGDG D XQ SDSHO HO WHQHU XQ OXJDU HQ OD WRWDOLGDG
RUJiQLFD\DUPyQLFDGHORUHDOHQODFDGHQDGHOVHU&K7D\ORU/DSHUVSHFWLYDOD
VHOHFFLyQ DUELWUDULDGH XQDSRVLFLyQ HVWiWLFD SDUWLFXODU FUHD XQ HVSDFLR SLFWyULFR FRQ
XQSXQWRGHIXJD
&RQODSUHRFXSDFLyQLQWHULRUPHQWHLQWHQVLILFDGDSRUXQRVRORGHORVVHQWLGRV
HOSULQFLSLRPHFiQLFRGHDEVWUDFFLyQ\UHSHWLFLyQVXUJHHQIRUPDH[SOtFLWD7HFQRORJtD
HVORH[SOtFLWRFRPRGLMR/\PDQ%U\VRQ<DORH[SOtFLWRDORFODUR\O~FLGRVHOOHJD
GHVPHQX]DQGRODVFRVDVXQDDXQDORVVHQWLGRVXQRDXQRODVRSHUDFLRQHVPHQWDOHVR
ItVLFDV XQD D XQD (VWR HV OR TXH +HJHO FRQVLGHUDSURSLR GHO HQWHQGLPLHQWR VX
FDSDFLGDG GH DQDOL]DU GH VHSDUDU GH GHVPHPEUDU 3DUD 0F/XKDQ ODV RSHUDFLRQHV

 


0F/XKDQ0SS
(QHOVLJOR;9,ODLGHDGHXQDVHJPHQWDFLyQKRPRJpQHDGHSHUVRQDVUHODFLRQHV\IXQFLRQHVVRODPHQWH
SXGRDSDUHFHUFRPRODGLVROXFLyQGHWRGRVORVYtQFXORVGHOVHQWLGR\GHODUD]yQS/HDUYLYHHQHO
PRPHQWRGHWUDQVLFLyQGHOWLHPSR\HVSDFLRPHGLHYDOHVDOWLHPSR\HVSDFLRPRGHUQRV

0F/XKDQ0S

 (O VHU KXPDQR HV HVWD QRFKH HVWD QDGD YDFtD TXH OR FRQWLHQH WRGR HQ VX VLPSOLFLGDG XQD ULTXH]D
LQDJRWDEOHGHPXFKDVUHSUHVHQWDFLRQHVP~OWLSOHVQLQJXQDGHODVFXDOHVOHSHUWHQHFHRHVWiSUHVHQWH(VWD
QRFKHHOLQWHULRUGHODQDWXUDOH]DTXHH[LVWHDTXtSXUR\RHQUHSUHVHQWDFLRQHVIDQWDVPDJyULFDVHVQRFKH
HQ VX WRWDOLGDG GRQGH DTXt FRUUH XQD FDEH]D HQVDQJUHQWDGD DOOi RWUD KRUULEOH DSDULFLyQ EODQFD TXH GH
SURQWRHVWiDTXtDQWHpOHLQPHGLDWDPHQWHGHVDSDUHFH6HYLVOXPEUDHVWDQRFKHFXDQGRXQRPLUDDORVVHUHV
KXPDQRVDORRMRVDXQDQRFKHTXHVHYXHOYHKRUULEOH*:)+HJHO-HQDHU5HDOSKLORVRSKLHFLWDGRSRU
LHN+HPRVUHSURGXFLGRHVWDFLWDGH+HJHO\DTXHSDUDLHNMXQWRFRQODDFWLYLGDGGHGLVROXFLyQGHO
HQWHQGLPLHQWR FRPR XQD GH ODV ILJXUDV GH OD FRQFLHQFLD VRPHWLGD D OD H[SHULHQFLD DQDOL]DGD HQ OD
)HQRPHQRORJtDGHO(VStULWX(QOD)HQRPHQRORJtDGHO(VStULWX+HJHOPDQWLHQHODGLVWLQFLyQNDQWLDQDHQWUH
HQWHQGLPLHQWR\UD]yQ(OHQWHQGLPLHQWRUHVSRQGHUtDDOSULPHUPRPHQWRDEVWUDFWRPLHQWUDVTXHODUD]yQVH
GLYLGHHQUD]yQQHJDWLYDTXHVH FRUUHVSRQGHDOPRPHQWRGLDOpFWLFRGHODQHJDFLyQ\UD]yQ HVSHFXODWLYDR
SRVLWLYD (Q HO SUyORJR GH HVD REUD +HJHO H[SOLFD TXH OD IXQFLyQ GH VHSDUDFLyQ GH DQiOLVLV GHO
HQWHQGLPLHQWR UHPLWH D PRPHQWRV HVHQFLDOHV GH OR FRQFUHWR 3ODQWHD TXH /D DFWLYLGDG GHO VHSDUDU HV OD
IXHU]D \OD ODERUGHOHQWHQGLPLHQWRGHODPiV JUDQGH \ PDUDYLOORVDGHODVSRWHQFLDVRPHMRUGLFKRGHOD
SRWHQFLD DEVROXWD * : ) +HJHO )HQRPHQRORJtD GHO (VStULWX )RQGR GH &XOWXUD (FRQyPLFD 0p[LFR
SWLHQHXQYDORUFRQVWLWXWLYRGHOVXMHWRHQFXDQWRQHJDFLyQUDGLFDO(OHQWHQGLPLHQWRQRVHVRPHWH
D QLQJ~Q SRGHU HVWDEOHFLGR \ GHVGH HO FRPLHQ]R GH OD PRGHUQLGDG HV LGHQWLILFDGD FRQ OD FRQFLHQFLD GH OD
OLEHUWDG'HVFDUWHV(OSHQVDPLHQWRQRVRODPHQWHSXHGHGLVWDQFLDUVHGHFXDOTXLHUIRUPDGHSRGHUVLQRTXH
WDPELpQHVOLEUHHQFXDQWRSXHGHVHSDUDUVHGHODUHDOLGDGGHORGDGR
0F/XKDQ GLFH TXH HO WHUURU HV HO HVWDGR QRUPDO GH FXDOTXLHU VRFLHGDG RUDO SRUTXH HQ HOOD WRGR
DIHFWDDWRGRHQFXDOTXLHUPRPHQWRS(OORKDFHSHQVDUHQODFRQFHSFLyQGHOHVWDGRGHQDWXUDOH]DHQ
+REEHVFRPRJXHUUDXQLYHUVDOGHWRGRVFRQWUDWRGRVGRQGHODDPHQD]DHVWiRPQLSUHVHQWH6LQHPEDUJROD
PRGHUQLGDGGDOXJDUDRWUDIRUPDGHWHUURUSURSLDGHULYDGRGHODLPSUHQWDHOWHUURUUHYROXFLRQDULRGHVFULWR
SRU+HJHOHQOD)HQRPHQRORJtDSURGXFLGRSRUHOHQWHQGLPLHQWRDEVWUDFWR




GHO HQWHQGLPLHQWR WLHQHQ FRPR FRQGLFLyQ OD WHFQRORJtD GHO DOIDEHWR IRQpWLFR \ GH OD
LPSUHQWD
/D HVFLVLyQ HQWUH HO PXQGR PiJLFR GHO RtGR \ HO PXQGR QHXWUR GHO RMR KDFH
SRVLEOH OD DSDULFLyQ GHO LQGLYLGXR GHVWULEDOL]DGR (Q ODV pSRFDV DQWHULRUHV D OD
PRGHUQLGDGHOLQGLYLGXRHVXQDSDUWHLQVLJQLILFDQWHGHXQRUJDQLVPRPXFKRPD\RUOD
IDPLOLD \ HO FODQ \ QR XQD XQLGDG LQGHSHQGLHQWH TXH FRQItD HQ Vt PLVPD (VWD
OLPLWDFLyQ LQWHOHFWXDO HQ HO XVR GHO LQWHOHFWR R HQWHQGLPLHQWR VH FRPSHQVD FRQ XQD
JUDQOLEHUWDGHQHOQLYHOWHPSHUDPHQWDO
/DV FXOWXUDV DQDOIDEHWDV YLYHQ HQ XQ PXQGR GH VRQLGRV FDUJDGRV GH
VLJQLILFDGRV GLUHFWRV \ SHUVRQDOHV XQ PXQGR KLSHUHVWpWLFR \ FDOLHQWH HQ HO TXH ODV
SDODEUDVWLHQHQ SRGHUWLHQHQODIXHU]D GHLPSRQHUOR TXHVLJQLILFDQ IXHU]D PiJLFD
3RU VXSXHVWR TXH FXDQGR ODV SDODEUDV VH HVFULEHQSDVDQ D IRUPDU SDUWH GHO PXQGR
YLVXDO &RPR OD PD\RU SDUWH GH ORV HOHPHQWRV GHO PXQGR YLVXDO GHYLHQHQ FRVDV
HVWiWLFDV\FRPRWDOHVSLHUGHQHOGLQDPLVPRWDQFDUDFWHUtVWLFRGHOPXQGRDXGLWLYRHQ
JHQHUDO \ GH OD SDODEUD KDEODGD HQ SDUWLFXODU /R YLVXDO HV OR H[SOtFLWR OR
XQLIRUPH OR VHFXHQFLDO HQ SLQWXUD HQ SRHVtD HQ OyJLFD HQ KLVWRULD /RV PRGRV
DQDOIDEHWRVVRQLPSOtFLWRVLPXOWiQHRV\GLVFRQWLQXRV
/DHVFULWXUDIRQpWLFDVHSDUyHOSHQVDPLHQWRGHODDFFLyQ1RHVODHVFULWXUD
SLFWRJUiILFD LGHRJUiILFD R MHURJOtILFR OD TXH SURGXFH OD GHVWULEDOL]DFLyQ VLQR HO
DOIDEHWRIRQpWLFRTXHVHSDUyHOVLJQLILFDGRGHOVRQLGR\UHODFLRQyORVVRQLGRVFRQXQ
FyGLJRYLVXDOOHWUDV6RODPHQWHHODOIDEHWRIRQpWLFRSURGXFHODUXSWXUDHQWUHHORMR
\ HO RtGR HQWUH HO VLJQLILFDGR VHPiQWLFR \ HO FyGLJR YLVXDO \ DVt VyOR OD HVFULWXUD
IRQpWLFDWLHQHHOSRGHUGHWUDVODGDUDOKRPEUHGHVGHXQiPELWRWULEDODRWURFLYLOL]DGR
GHGDUOHHORMRSRUHORtGR
 


/DGHVWULEDOL]DFLyQODLQGLYLGXDOL]DFLyQODWHQGHQFLDKDFLDODUHSUHVHQWDFLyQSLFWyULFDVRQXQDPLVPD
FRVDS

&DURWKHUV-&&XOWXUH3V\FKLDWU\DQGWKHZULWWHQZRUOG3V\FKLDWU\1RYLHPEUHGHSFLWDGR
SRU0F/XKDQS

0F/XKDQ0S

0F/XKDQ0S

&ISS(ODOIDEHWRIRQpWLFRQRVRODPHQWHGLVRFLD\DEVWUDHLPDJHQ\VRQLGRVLQRTXHTXLHWDWRGD
VLJQLILFDFLyQDOVRQLGRGHODVOHWUDVVDOYRFXDQGRXQDVOHWUDVVLQVLJQLILFDGRVHUHILHUHQDXQRVVRQLGRVVLQ
VLJQLILFDGRS

0F/XKDQ0S



/DV UHYROXFLRQHV VH SURGXFHQ QR LQPHGLDWDPHQWH D OD H[WHQVLyQ WpFQLFD GH XQ
VHQWLGRVLQRHQXQDIDVH SRVWHULRU FXDQGRVHDMXVWDWRGDODYLGD VRFLDO \ SHUVRQDO DO
QXHYRPRGHORGHSHUFHSFLyQHVWDEOHFLGRSRUODQXHYDWHFQRORJtD
(GJDUG$OODQ3RHHVFULELyTXHHVFLHUWRTXHHOVLPSOHDFWRGHUHGDFWDUWLHQGH
HQ JUDQ PHGLGD D KDFHU OyJLFR HO SHQVDPLHQWR /D HVFULWXUD OLQHDO \ DOIDEpWLFD KL]R
SRVLEOH OD V~ELWD LQYHQFLyQ GH JUDPiWLFDV GHO SHQVDPLHQWR \ GH OD FLHQFLD SRU ORV
JULHJRV (VWDV JUDPiWLFDV R GHOHWUHRV H[SOtFLWRV GH SURFHVRV VRFLDOHV \ SHUVRQDOHV
IXHURQYLVXDOL]DFLRQHVGHIXQFLRQHV\UHODFLRQHVQRYLVXDOHV
/RVSUHVRFUiWLFRVWRGDYtDWXYLHURQHQJHQHUDOXQDFXOWXUDDQDOIDEHWD6yFUDWHV
HVWXYRHQODIURQWHUDHQWUHDTXHO PXQGRRUDO \ODFXOWXUDYLVXDOGHODOIDEHWR3HURQR
HVFULELyQDGD6LELHQ ORVJULHJRV FRQRFLHURQ ODSHUVSHFWLYDQR VH LQWHUHVDURQ SRU
HOOD \D TXH pVWD UHTXLHUH XQ SXQWR GH YLVWD ILMR \ pVWH VyOR VH KL]R JHQHUDOL]DEOH D
SDUWLUGHODFXOWXUDGHODLPSUHQWDTXHSHUPLWHDEVWUDHUORYLVXDOGHOFRPSOHMRDXGLR
WiFWLO/DWHQGHQFLDKDFLDORYLVXDOSHUPLWLyDORVJULHJRVLQYHQWDUODKLVWRULDGRQGHHO
SDVDGR VLUYH FRPR H[SOLFDFLyQ GHO SUHVHQWH VLJXLHQGR OD VHFXHQFLD QDUUDWLYD
FURQROyJLFD (O SDVDGR HV OR FRQRFLGR \ HQ WDQWR WDO HV OR TXH RIUHFH VHJXULGDG
IHOLFLGDG \ SD] (O WLHPSR HV FRQFHELGR LJXDOPHQWH FRPR KRPRJpQHR 7LHQH HO
FDUiFWHUGHXQDVHFXHQFLDLQLQWHUUXPSLGDGHVXFHVRV
'HVGHODLQYHQFLyQGHODOIDEHWRIRQpWLFRKDH[LVWLGRHQHOPXQGRRFFLGHQWDOXQD
WHQGHQFLDFRQWLQXDDODVHSDUDFLyQGHORVVHQWLGRVGHODVIXQFLRQHVGHODVRSHUDFLRQHV
GH ODV VLWXDFLRQHV HPRFLRQDOHV \ SROtWLFDV DVt FRPR GH ODV WDUHDV (Q UHDOLGDG
FXDOTXLHU SXHEOR TXH DEDQGRQD OD YLGD QyPDGD \ VLJXH FRVWXPEUHV VHGHQWDULDV GH
WUDEDMRHVWiSUHGLVSXHVWRDLQYHQWDUODHVFULWXUD-DPiVXQSXHEORPHUDPHQWHQyPDGD
KDWHQLGRHVFULWXUDGHOPLVPRPRGRTXHMDPiVKDGHVDUUROODGRHODUWHDUTXLWHFWyQLFRR
 


0F/XKDQ0S
0F/XKDQ0S
0F/XKDQ0S

3DUDHOKRPEUHUHOLJLRVR>DQDOIDEHWR@HOHVSDFLRQRHVKRPRJpQHRH[SHULPHQWDHQpOLQWHUUXSFLRQHV
URWXUDV (OLDGH 0 7KH 6DFUHG DQG WKH 3URIDQH S  'HO PLVPR PRGR HQ HO WLHPSR 3DUD HO ItVLFR
PRGHUQRFRPRWDPELpQSDUDHODQDOIDEHWRHOHVSDFLRQRHVKRPRJpQHRQLORHVHOWLHPSR3RUFRQWUDVWHHO
HVSDFLR JHRPpWULFR LQYHQWDGR HQ OD DQWLJHGDG OHMRV GH VHU GLYHUVR ~QLFR PXOWLIRUPH VDFUR SXHGH VHU
FRUWDGR \ GHOLPLWDGR HQ FXDOTXLHU GLUHFFLyQ SHUR HQ YLUWXG GH VX HVWUXFWXUD LQKHUHQWH QR VH GD HQ pO
GLIHUHQFLDFLyQFXDOLWDWLYDQLRULHQWDFLyQSRUWDQWRS0F/XKDQ0S

0F/XKDQ0SS





GHOHVSDFLRFHUUDGR3RUTXHODHVFULWXUDHVXQFHUFDGRYLVXDOGHHVSDFLRV\VHQWLGRVQR
YLVXDOHV(VSRUWDQWRDEVWUDHUORYLVXDOGHODQRUPDOLQWHUDFFLyQGHORVVHQWLGRV<HQ
WDQWR TXH HO KDEODU HV XQD H[WHULRUL]DFLyQ H[SUHVLyQ GH WRGRV QXHVWURV VHQWLGRV DO
PLVPRWLHPSRODHVFULWXUDDEVWUDHGHODSDODEUDKDEODGD
(OFDUiFWHUPiVHYLGHQWHGHODLPSUHQWDHVODUHSHWLFLyQGHLJXDOIRUPDTXHHO
HIHFWRHYLGHQWHGHODUHSHWLFLyQHVODKLSQRVLVXREVHVLyQ
/DV QRWDV FRPSRQHQWHV EiVLFDV GH XQ PXQGR YLVXDO HPHUJHQWH GH XQD PDWUL]
DXGLRWiFWLOVRQKRPRJHQHLGDGXQLIRUPLGDGFRQWLQXLGDGUHSHWLFLyQ
6yOR OD LQWHULRUL]DFLyQ \ DVLPLODFLyQ GHO DOIDEHWR IRQpWLFR KL]R SRVLEOH ORV
GHVFXEULPLHQWRVJULHJRVHQODVDUWHV\ODVFLHQFLDV/RVDUWLVWDVPiVLPSRUWDQWHVHQWUH
ORV JULHJRV IXHURQ ORV JUDEDGRUHV \ FHODGRUHV ORV TXH WUDEDMDQ ORV PHWDOHV FX\R
WUDEDMRHVPiVWiFWLOTXHYLVXDOFRPRHOGHOHVFXOWRURHOGHOSLQWRU/RVHVWXGLRVGH
6HOWPDQ VLJXHQ XQ PpWRGR GH FDPSR DF~VWLFR QR HQ SHUVSHFWLYD VLQR FRPR XQD
FRQILJXUDFLyQ R PRVDLFR GHGLVWLQWRV HOHPHQWRVHQXQFDPSR /D FRH[LVWHQFLDGHODV
ILJXUDV HQ HO FDPSR SODQR \ OD LQWHUDFFLyQ HQWUH HOODV FUHDQ XQ FRQRFLPLHQWR D
P~OWLSOHVQLYHOHV\PXOWLVHQVRULR(VWDIRUPDGHHQIRFDUHOWHPDWLHQGHDSDUWLFLSDUGHO
HVSDFLRDXGLWLYRQRFHUUDGRLQFOXVLYR
/DLQYHQFLyQGHODWLSRJUDItDFRQILUPy\H[WHQGLyODQXHYDWHQGHQFLDYLVXDOGHO
FRQRFLPLHQWRDSOLFDGRSURSRUFLRQDQGRHOSULPHUSURGXFWRXQLIRUPHPHQWHUHSHWLEOH
ODSULPHUDOtQHDWLSRJUiILFD\ODSULPHUDSURGXFFLyQHQPDVD
(OGHVFXEULPLHQWRGHOFRVPRVGHVDFUDOL]DGRHVUHVXOWDGRGHODOIDEHWRIRQpWLFR\
GHODDFHSWDFLyQGHVXVFRQVHFXHQFLDVHVSHFLDOPHQWHGHVGH*XWHPEHUJ
8QDFXOWXUDRFXSDGDHQWUDGXFLUVHDVtPLVPDGHVGHXQPRGRUDGLFDOWDOFRPR
HO DXGLWLYR D RWUR PRGR FRPR HO YLVXDO HVWi VHQWHQFLDGD D KDOODUVH HQ XQ HVWDGR GH
DJLWDFLyQFUHDGRUDFRPRIXHHQ*UHFLD\HQHOUHQDFLPLHQWR
(QHOPXQGRGHODOIDEHWRIRQpWLFRODFRPSXOVLyQDVHSDUDUIRUPD\FRQWHQLGRHV
XQLYHUVDO
 


0F/XKDQ0SS
0F/XKDQ0S

0F/XKDQ0S

0F/XKDQ0S

0F/XKDQ0S




(Q ODV FDWHGUDOHV JyWLFDV VH XWLOL]D OD WpFQLFD GH OD LOXPLQDFLyQ FRPR OX] DO
WUDYpV HQ FDPELR GHVSXpV GH *XWHPEHUJ OD QXHYD LQWHQVLGDG YLVXDO UHTXHULUi OX]
VREUH WRGDV ODV FRVDV < OD LGHD GH HVSDFLR WLHPSR FDPELDUi \ XQR \ RWUR VHUiQ
FRQVLGHUDGRVFRPRUHFHSWiFXORVTXHKDQGHOOHQDUVHFRQREMHWRV\DFWLYLGDGHV
5HVXPDPRVORVUDVJRVFDUDFWHUtVWLFRVGHOPXQGRSUHPRGHUQR\GHOPRGHUQRHQ
HOVLJXLHQWHFXDGUR

081'2$8',27$&7,/

081'29,68$/

3DUWH GH XQ RUJDQLVPR H[SUHVLyQ

,QGLYLGXRDXWyQRPRIUtR\QHXWUR

GHVHQWLPLHQWRV
0XQGR GH VRQLGRV FDUJDGRV GH

0XQGRYLVXDOLQGLIHUHQWH

VLJQLILFDGRVGLUHFWRV\SHUVRQDOHV
0XQGRKLSHUHVWpWLFRFDOLHQWH

0XQGRQHXWUR\IUtR

/DV

/DSDODEUDHVFULWDGHYLHQHHVWiWLFD

SDODEUDV

VRQ

IXHU]DV

UHVRQDQWHV YLYDV DFWLYDV GLQiPLFDV

QDWXUDOHVIXHU]DPiJLFD

/DV SDODEUDV VRQ VyOR SRUWDGRUDV GH

VHQWLGR\VLJQLILFDFLyQ

/D YHUEDOL]DFLyQ LQWHUQD HV XQD

FRQGXFWDVRFLDOHIHFWLYD

/D

HVFULWXUD

IRQpWLFD

VHSDUy

SHQVDPLHQWR \ DFFLyQ \ HV SRVLEOH TXH OD

HVTXL]RIUHQLD

VHD

XQD

FRQVHFXHQFLD

QHFHVDULDGHODDOIDEHWL]DFLyQ
/RV

PRGRV

DQDOIDEHWRV

VRQ

LPSOtFLWRVVLPXOWiQHRV\GLVFRQWLQXRV

/R YLVXDO HV OR H[SOtFLWR OR

XQLIRUPHORVHFXHQFLDO



*0RGHUQLGDGHXURSHD\HXURFHQWULVPR

('XVVHOKDSODQWHDGRXQDFXHVWLyQTXHODPD\RUtDGHORVSHQVDGRUHVHXURSHRV
LJQRUDWDOYH]SRUIDOWDGHSHUVSHFWLYDWDOYH]SRUPDODFRQFLHQFLD(OHJRFRJLWR
    




0F/XKDQ0S
0F/XKDQ0S



PRGHUQR IXH DQWHFHGLGR HQ PiV GH XQ VLJOR SRU HO HJR FRQTXLUR <R FRQTXLVWR
SUiFWLFR GHO KLVSDQROXVLWDQR TXH LPSXVR VX YROXQWDG DO LQGLR DPHULFDQR /D
FRQTXLVWDGH 0p[LFR IXH HOSULPHU iPELWRGHO HJR PRGHUQR(XURSD (VSDxD WHQtD
HYLGHQWH VXSHULRULGDG VREUH ODV FXOWXUDV D]WHFDV PD\DV LQFDV HWF HQ HVSHFLDO SRU
VXV DUPDV GH KLHUUR SUHVHQWHV HQ WRGR HO KRUL]RQWH HXURDIURDVLiWLFR (XURSD
PRGHUQDGHVGHXVDUiODFRQTXLVWDGH/DWLQRDPpULFD\DTXH1RUWHDPpULFDVyOR
HQWUD HQ MXHJR HQ HO VLJOR ;9,, FRPR WUDPSROtQ SDUD VDFDU XQD YHQWDMD
FRPSDUDWLYD GHWHUPLQDQWH FRQ UHVSHFWR D VXV DQWLJXDV FXOWXUDV DQWDJyQLFDV WXUFR
PXVXOPDQD HWF 6X VXSHULRULGDG VHUi HQ EXHQD SDUWH IUXWR GH OD DFXPXODFLyQ GH
ULTXH]D H[SHULHQFLD FRQRFLPLHQWRV HWF TXH DFRSLDUi GHVGH OD FRQTXLVWD GH
/DWLQRDPpULFD 6L ELHQ VH KDQ GHVDUUROODGR KLSyWHVLV TXH DILUPDQ TXH HQ OD
$QWLJHGDG *ULHJD VH GLHURQ DQWHFHGHQWHV GHO H[SDQVLRQLVPR HXURSHR PRGHUQR HO
OODPDGR LPSHULDOLVPR DWHQLHQVH HV SRVWHULRU DO VXUJLPLHQWR GH OD JHRPHWUtD OD
ILORVRItD\ODSROLVLQDXJXUDQGRHOSHUtRGRGHGHFDGHQFLD\GLVROXFLyQ/DFRQTXLVWD
GH$PpULFDHVXQSURFHVRLQpGLWRTXHFDUHFHGHDQWHFHGHQWHVHQ ODKLVWRULDDQWLJXD
(Q HVWH VHQWLGR SXHGH VXSRQHUVH TXH HVWH SURFHVR SXHGD DSRUWDUQRV XQD QRWD
GLVWLQWLYDGHOPRGHUQRVXUJLPLHQWRGHODUD]yQ


+'HOFRVPRVFHUUDGRDOXQLYHUVRLQILQLWR

(Q HVWH DSDUWDGR KDUHPRV XQD EUHYH UHVHxD GHO OLEUR GH $ .R\Up VREUH OD
FRQFHSFLyQ GH OD FLHQFLD PRGHUQD FRQ HO ILQ GH VXEUD\DU DOJXQRV GH ORV UDVJRV
GLVWLQWLYRVGHHVWHSURFHVR/RVVLJORV;9, \;9,,QRVPXHVWUDQDODFLHQFLD\D OD
ILORVRItDWDQHQWUHOD]DGDVHQWUHVtTXHHODFWRGHVHSDUDUODVODVKDUtDLQFRPSUHQVLEOHV
'XUDQWH HVWH SHUtRGR HO SHQVDPLHQWR KXPDQR VXIULy XQD SURIXQGD UHYROXFLyQ
WDPELpQOODPDGDFULVLVGHODFRQFLHQFLDHXURSHDGHODTXHFLHQFLD\ILORVRItDVRQ
WDQWR UDt] FRPR IUXWR (Q FXDQWR D OD QXHYD FRVPRORJtD VH VXVWLWX\y DO PXQGR
 



'XVVHO((XURSDPRGHUQLGDG\HXURFHQWULVPRHQKWWSDUOLEURVGXVVHODUWLFVHXURSDSGI
S



JHRFpQWULFRGHODDVWURQRPtDJULHJD\PHGLHYDOSRUHOKHOLRFpQWULFR\PiVWDUGHSRU
HO XQLYHUVR VLQ FHQWUR GH OD DVWURQRPtD UHFLHQWH $OJXQRV KDQ SXHVWRGH UHOLHYH VXV
FDPELRV HVSLULWXDOHV OD VXSXHVWD FRQYHUVLyQ GHO HVStULWX KXPDQR GH OD WHRUtD D OD
SUD[LV GH OD VFLHQWLD FRQWHPSODWLYD KRPEUH HVSHFWDGRU D OD VFLHQWLD DFWLYD HW
RSHUDWLYD KRPEUH GXHxR \ VHxRU GH OD QDWXUDOH]D 2WURV VXEUD\DURQ OD
PHFDQL]DFLyQGHODYLVLyQGHOPXQGRHVGHFLUODVXVWLWXFLyQGHOSDWUyQWHOHROyJLFR
\RUJDQLFLVWDGHOSHQVDPLHQWRSRUHOPHFiQLFR\FDXVDO
/RV UHVXOWDGRV GH HVWD UHYROXFLyQ VRQ GRV HO SULPHUR HV OD GHVWUXFFLyQ GHO
FRVPRVHVGHFLUODVXVWLWXFLyQGHOFRVPRVFRPRXQWRGRILQLWR\RUGHQDGRFRQXQD
MHUDUTXtD HQ ODV SHUIHFFLRQHV SRU XQ XQLYHUVR LQGHILQLGR R DXQ LQILQLWR XQLILFDGR
SRUODLGHQWLGDGGHVXVOH\HV\FX\RVFRPSRQHQWHVHVWiQHQXQPLVPRQLYHOGHVHU(O
VHJXQGRODJHRPHWUL]DFLyQGHOHVSDFLRRODVXVWLWXFLyQGHODFRQFHSFLyQDULVWRWpOLFD
GHO HVSDFLR XQ FRQMXQWR GLIHUHQFLDGR GH OXJDUHV LQWUDPXQGDQRV SRU OD JHRPHWUtD
HXFOtGHD XQD H[WHQVLyQ HVHQFLDOPHQWH LQILQLWD \ KRPRJpQHD $Vt FRQIOX\HQ ORV
LQWHUHVHV GH OD FLHQFLD OD ILORVRItD H LQFOXVR OD WHRORJtD HQ WHPDV UHODWLYRV D OD
QDWXUDOH]DGHOHVSDFLRODHVWUXFWXUDGHODPDWHULD\HOYDORUGHOSHQVDPLHQWRKXPDQR
$OJXQRVDVSHFWRVGHHVWDUHYROXFLyQVRQ
/D VHFXODUL]DFLyQ GH OD FRQFLHQFLD SRU VX DOHMDPLHQWR GH REMHWLYRV
WUDVFHQGHQWHV \ VX DFHUFDPLHQWR D RWURV LQPDQHQWHV HO GHVFXEULPLHQWR TXH OD
FRQFLHQFLDKXPDQDKDFHGHVXVXEMHWLYLGDGHVHQFLDOHQFRQWUDSRVLFLyQDOREMHWLYLVPR
DQWLJXR\PHGLHYDOHOSDVRGHODFRQWHPSODFLyQDODDVSLUDFLyQGHGRPLQLR(VWRVQR
VRQPiVTXHDVSHFWRVFRQFRPLWDQWHVGHXQSURFHVRPiVSURIXQGRFX\RUHVXOWDGRIXH
TXH HO KRPEUH SHUGLHUD VX OXJDU HQ HO PXQGR HQ TXH YLYtD \ SHQVDED GHELHQGR
VXVWLWXLU HO SURSLR PDUFR GH SHQVDPLHQWR \D VHD VXVWLWX\HQGR FRQFHSWRV FRPR
SHUIHFFLyQVHQWLGRILQDOLGDGRGHVYDORUL]DQGRHOVHU(QHVWDUHYROXFLyQORVDVSHFWRV
ILORVyILFRV\FLHQWtILFRVVRQLQWHUGHSHQGLHQWHV








,(OILUPDPHQWRLQILQLWR

<DORVJULHJRVKDEtDQSHQVDGRODLQILQLWXGGHOHVSDFLR\ODPXOWLSOLFLGDGGHORV
PXQGRV 3HUR PH SDUHFH LPSRVLEOH UHGXFLU OD KLVWRULD GH OD LQILQLWL]DFLyQ GHO
XQLYHUVRDOUHGHVFXEULPLHQWRGHODYLVLyQGHOPXQGRGHORVDWRPLVWDVTXHIXHQR
VyOR UHFKD]DGD SRU ODV FRUULHQWHV IXQGDPHQWDOHV JULHJDV VLQR WDPELpQ SRU ORV
PHGLHYDOHV (V D 1LFROiV GH &XVD D TXLHQ VH DWULEX\H UHFKD]DU SRU SULPHUD YH] OD
FRVPRORJtDPHGLHYDO\HODILUPDUODLQILQLWXGGHOXQLYHUVR6LQHPEDUJRQRDILUPD
VX SRVLWLYD LQILQLWXG DWULEXFLyQ TXH UHVHUYD D 'LRV VLQR TXH HO XQLYHUVR HV LQ
WHUPLQDGR LQWHUPLQDWXP FDUHFH GH IURQWHUDV QXQFD DOFDQ]D HO OtPLWH \ QR HVWi
WHUPLQDGR HQ OR UHIHUHQWH D VXV FRQVWLWX\HQWHV (V DVt XQ REMHWR GH FRQRFLPLHQWR
SDUFLDO\FRQMHWXUDOXQRGHORVDVSHFWRVGHODGRFWDLJQRUDQWLD
(O XQLYHUVR SDUD &XVD HV XQ GHVDUUROOR LPSHUIHFWR H LQDGHFXDGR GH 'LRV \D
TXH GHVSOLHJD VX XQLGDG tQWLPD H LQGLVROXEOH FRPSOLFDWLR HQ HO UHLQR GH OD
PXOWLSOLFLGDG \ODVHSDUDFLyQH[SOLFDWLR HQHOFXDO FDGD FRVD HQVXLQGLYLGXDOLGDG
~QLFDUHSUHVHQWDDVXPRGRDOXQLYHUVR\SRUHQGHD'LRV$JUHJDTXHHOXQLYHUVRHV
WULQR \DTXHFDGDFRVDHQGLVWLQWRVJUDGRVFRQVWLWX\HXQDXQLGDGGHSRWHQFLDOLGDG
DFWXDOLGDG\PRYLPLHQWRFRQHFWDQWH\QLQJXQRGHHOORVSXHGHVXEVLVWLUVLQHORWUR
(QFXDQWRDVLSRVHHXQFHQWURHVLPSRVLEOHTXHHOPXQGRWHQJDXQFHQWURILMR
HLQPyYLOFRPROD7LHUUDVHQVLEOH \DTXHXQPtQLPRDEVROXWRGHPRYLPLHQWRGHEH
FRLQFLGLU FRQ HO Pi[LPR FRLQFLGHQFLD  GH RSXHVWRV TXH VyOR VH GD HQ HO 6HU
$EVROXWR'LRVHVVXFHQWUR\FLUFXQIHUHQFLDSRUORTXHXQDFRPSUHQVLyQSOHQDGHO
PXQGRHQWUDxDUtDODLPSRVLEOHSDUDQRVRWURVFRPSUHQVLyQGH'LRVQRHVXQFHQWUR
ItVLFR VLQR PHWDItVLFR QR SHUWHQHFH DO PXQGR QDGD HQ pO SRGUtD HVWDU HQ DEVROXWR
UHSRVR$VtVHH[SOLFDDTXH'LRVHVWiHQWRGDVSDUWHV \HQQLQJXQD \ETXHOD
7LHUUD QR HV HO FHQWUR GHO PXQGR SRUTXH XQD HTXLGLVWDQFLD SHUIHFWD GH GLYHUVRV
REMHWRVQRSXHGHKDOODUVHIXHUDGH'LRV$GHPiVODHVIHUDGHODVHVWUHOODVILMDVQRHV
 


.R\Up$'HOPXQGRFHUUDGRDOXQLYHUVRLQILQLWRHGLFLyQ7UDGXFFLyQGH&DUORV6ROtV6DQWRV6LJOR
YHLQWLXQRHGLWRUHV0DGULGS

(VWRVHFRUUHVSRQGHFRQODGHILQLFLyQGH'LRVGHO/LEURGHORV;;,9ILOyVRIRVXQDHVIHUDFX\RFHQWUR
HVWiHQWRGDV\ODFLUFXQIHUHQFLDHQQLQJXQD



VX FLUFXQIHUHQFLD \D TXH HO PXQGR FDUHFH GH OtPLWHV HQWUH ORV TXH VH HQFXHQWUH
FRQILQDGR
/DFRQFHSFLyQGHVDUUROODGDSRU&XVDVXEUD\DODIDOWDGHSUHFLVLyQ\HVWDELOLGDG
HQHOPXQGRFUHDGRHQHOFXDOQRKD\HVWUHOODV H[DFWDPHQWHHQORVSRORVQLXQHMH
ILMR \ FRQVWDQWH \ OD 7LHUUD QR HV HVIpULFD VLQR TXH WLHQGH D OD HVIHULFLGDG &XVD
DEDQGRQDDVtHOLGHDOGHODDVWURQRPtDJULHJD\PHGLHYDOHQHOFXDOORVPRYLPLHQWRV
FHOHVWHVVDOYDQDORVIHQyPHQRV\VXLUUHJXODULGDG\ORUHHPSOD]DSHQVDQGRTXHORV
GLYHUVRV FRPSRQHQWHV LQFOXVR ORV KDELWDQWHV GH RWURV DVWURV GHO 8QLYHUVR
FRQWULEX\HQDODSHUIHFFLyQGHOWRGR
3RURWUDSDUWHKD\XQDEXHQDGRVLVGHUHODWLYLVPRHQVXYLVLyQGHOPXQGR\D
TXHDQRSRGHPRVGHVFXEULUHOPRYLPLHQWRDPHQRVTXHKD\DFRPSDUDFLyQFRQDOJR
ILMRQLEWHQHPRVXQDSHUFHSFLyQDEVROXWDGHOHVSDFLR\DTXHODLPDJHQGHOPXQGR
GHFXDOTXLHUREVHUYDGRUHVWiGHWHUPLQDGDSRUHOOXJDUTXHpVWHRFXSDHQHO8QLYHUVR
'HHVWHPRGRGHEHPRVDGPLWLUODH[LVWHQFLDGHGLVWLQWDV\HTXLYDOHQWHVLPiJHQHVGHO
PXQGR \OD>@H[SUHVDLPSRVLELOLGDGGHIRUPDUXQDUHSUHVHQWDFLyQREMHWLYDPHQWH
YiOLGDGHOXQLYHUVR
$KRUD ELHQ FRQWUD OR TXH VH GLUi GH &XVD SRVWHULRUPHQWH pO QR DILUPD OD
SHUIHFWDXQLIRUPLGDGGHOHVSDFLRQLODSRVLELOLGDGGHOWUDWDPLHQWR PDWHPiWLFRGHOD
1DWXUDOH]D6LQHPEDUJRVtSXHGHDILUPDUVHTXHUHFKD]yODHVWUXFWXUDMHUiUTXLFDGHO
8QLYHUVR \ OD GHVSUHFLDEOH SRVLFLyQ DVLJQDGD D OD 7LHUUD DXQTXH VX LQWXLFLyQ
PHWDItVLFDVHHFKDDSHUGHUSRUFRQFHSFLRQHVFLHQWtILFDVTXHHVWDEDQDODUHWDJXDUGLD
GHVXWLHPSRFRPRODDWULEXFLyQGHOX]DOD7LHUUD(QFRQFOXVLyQVXPXQGR\DQRHV
HOFRVPRVPHGLHYDODXQTXHD~QQRHVHO8QLYHUVRLQILQLWRGHORVPRGHUQRV
2WURSHUVRQDMHDOFXDOVHOHDWULEX\yKDEHUDILUPDGRODLQILQLWXGGHO8QLYHUVR
HV HO HVFULWRU GHO VLJOR ;9, 0DUFHOOXV 6WHOODWXV 3DOLQJHQLXV &RQWUD OD DXWRULGDG GH
$ULVWyWHOHVDILUPDEDODLPSRVLELOLGDGGHSRQHUOtPLWHVDODDFFLyQFUHDGRUDGH'LRV
$~Q DVt QR DILUPD OD LQILQLWXG GHO PXQGR VLQR TXH QLHJD VX ILQLWXG HV GHFLU OD
H[LVWHQFLDGHXQILQGHVSXpVGHOFXDOQDGDKD\3RUTXpQRKDFUHDGR'LRVPiV"
 


.R\Up$S



/R~QLFRILQLWRHVHOPXQGRPDWHULDOFHUFDGRSRUODVRFKRHVIHUDVFHOHVWHV$VtSXHV
DILUPDODLQILQLWXGGHOFLHORGH'LRVSHURQRGHOPXQGRGH'LRV


-/D1XHYD$VWURQRPtD\OD1XHYD0HWDItVLFD

3DOLQJHQLXV\&RSpUQLFRVRQSUiFWLFDPHQWHFRQWHPSRUiQHRV\VLQHPEDUJRQR
WLHQHQFDVLQDGDHQFRP~Q/DDEUXPDGRUDLPSRUWDQFLDGHODDVWURQRPtDFRSHUQLFDQD
FRQVLVWHHQTXLWDUDOD7LHUUDGHOFHQWURGHOPXQGRFRORFiQGRODHQWUHORVSODQHWDV\
PLQDQGR DVt OD HVWUXFWXUD MHUiUTXLFD GHO PXQGR GHO VHU LQPXWDEOH \ OD UHJLyQ
FRUUXSWLEOH GHO PXQGR VXEOXQDU (O UHVXOWDGR LQPHGLDWR GH HVWD UHYROXFLyQ IXH HO
HVFHSWLFLVPR
'HKHFKRHOPXQGRGH&RSpUQLFRWRGDYtDWLHQHDOJXQRVDVSHFWRV MHUiUTXLFRV
WRGDYtD HO UHSRVR HV FRQVLGHUDGR PiV QREOH \ GLYLQR TXH HO HVWDU HQ PRYLPLHQWR
FRQGLFLRQHV TXH VH DWULEX\HQ UHVSHFWLYDPHQWH DO 6RO \ D OD 7LHUUD (O PXQGR GH
&RSpUQLFRHVILQLWR\VHHQFXHQWUDFRPSUHQGLGRHQXQDHVIHUDPDWHULDORHVIHUDGHODV
HVWUHOODV ILMDV FX\R FHQWUR HV HO 6RO TXH LOXPLQD D WRGR D OD YH] (Q FXDQWR D OD
FXHVWLyQGHODSRVLELOLGDGGHXQDH[WHQVLyQHVSDFLDOLQGHILQLGDPiVDOOiGHODHVIHUD
HVWHODU&RSpUQLFRODGHMDDORVILOyVRIRVSRUQRFRQVLGHUDUODFLHQWtILFD3HURUHFKD]D
OD SRVWXUD GH $ULVWyWHOHV VHJ~Q OD FXDO IXHUD GHO PXQGR QR H[LVWHQ QL FXHUSRV QL
HVSDFLRYDFtR \DTXHOHUHVXOWDH[WUDxRSHQVDUTXHDOJRVHHQFXHQWUHHQFHUUDGRSRU
QDGD3HURHQFXDQWRDORVOtPLWHVGHO PXQGRYLVLEOHQXQFDDILUPDTXHVHDLQILQLWR
VLQR LQPHGLEOH LQPHQVXUDEOH \D TXH QR FRQRFHPRV QL SRGHPRV FRQRFHU OD
GLPHQVLyQGHOPXQGR
+DVWDKDFHSRFRVHKDDFHSWDGRTXHHOSDVRGHFLVLYRKDFLDODLQILQLWXGIXHGDGR
SRU*LRUGDQR%UXQRVLHPEDUJRIXH7KRPDV'LJJHVTXLHQVXVWLWX\yODFRQFHSFLyQ
GH VX PDHVWUR &RSpUQLFR GH XQ PXQGR FHUUDGR SRU OD GH XQ PXQGR DELHUWR (Q
 



 -RKQ 'RQQH DILUPD OD QXHYD ILORVRItD OR SRQH WRGR HQ GXGD 7RGR VH KDOOD UHGXFLGR D VXV SDUWHV
FRPSRQHQWHVSHUGLGDWRGDFRKHUHQFLD.R\Up$S

'HHVWHPRGR&RSpUQLFRH[SDQGHHOPXQGRPHGLHYDOSHURDPERVPRGHORVHQFRPSDUDFLyQFRQHOLQILQLWR
VRQXQDQDGHUtD



SULPHU OXJDU DILUPD OD H[LVWHQFLD GH XQD HVIHUD LQPyYLO TXH VH H[WLHQGH LQILQLWD \
HVIHULFDPHQWH\GLDJUDPDXQPXQGRHQHOFXDOODVHVWUHOODVVHGLVWULEX\HQSRUHQFLPD
\SRUGHEDMRGHOD~OWLPDHVIHUDGHOPXQGRGHVXPDHVWUR$GHPiV'LJJHVFRORFDD
VXVHVWUHOODVHQXQFLHORWHROyJLFRVLQILQ~QLFRFRQYHQLHQWHHQFDOLGDG\FDQWLGDGDO
JUDQ'LRV
6LQ HPEDUJR .R\Up DILUPD TXH IXH *LRUGDQR %UXQR TXLHQ VRVWXYR GH PRGR
GHFLGLGR\FRQVFLHQWHODLQILQLWXGGHOHVSDFLR\TXHIXHHOSULQFLSDOUHSUHVHQWDQWHGH
XQXQLYHUVRGHVFHQWUDOL]DGR HLQILQLWDPHQWHSREODGR (O PXQGR FX\RRULJHQHVXQD
FDXVD LQILQLWD KD GH VHU LQILQLWDPHQWH LQILQLWR +D\ XQ ~QLFR HVSDFLR JHQHUDO TXH
SXHGHGHQRPLQDUVH9DFtRDOFXDOQLODUD]yQQLODSHUFHSFLyQDVLJQDQXQOtPLWH
/DGLIHUHQFLDFRQ&XVDUDGLFDHQTXHPLHQWUDVpVWHDILUPDODLPSRVLELOLGDGGHDVLJQDU
OtPLWHV DO PXQGR %UXQR DILUPD VX LQILQLWXG \ KDVWD VRVWLHQH TXH 'LRV QR KXELHVH
SRGLGRKDFHUORGHRWURPRGR\DTXH'LRVVHDXWRH[SUHVDHQHVWHPXQGRLQILQLWDPHQWH
ULFR \ H[WHQVR $Vt QR UHVXOWD YDQD HVD SRWHQFLD GHO HQWHQGLPLHQWR TXH VLHPSUH
EXVFD Vt \ HQFXHQWUD HO PRGR GH DxDGLU HVSDFLR DO HVSDFLR PDVD D OD PDVD
VLUYLpQGRVHGHDTXHOODFLHQFLDTXHQRVOLEHUDGHODVFDGHQDVGHXQUHLQRPX\DQJRVWR
>@
$KRUD ELHQ FyPR HUD OD UHFHSFLyQ SRU SDUWH GHO KRPEUH GH OD SpUGLGD GHO
OXJDU FHQWUDO GH OD 7LHUUD" 6H KD VHxDODGR TXH pVWD FRQOOHYD OD SpUGLGD GHO OXJDU
SULYLOHJLDGRHQODFUHDFLyQUHVXOWDQGRHQHOPXQGRWHUURUtILFRGHOOLEHUWLQRDWHRGH
3DVFDO R HO PXQGR VLQ VHQWLGR GH OD PRGHUQD ILORVRItD FLHQWtILFD 6LQ HPEDUJR DO
FRPLHQ]RVXFHGLyWRGRORFRQWUDULRHVHOFDVRGH%UXQRTXHDQXQFLDHOHVWDOOLGRGH
ODVHVIHUDVTXH QRV VHSDUDEDQGHORVWHVRURVGHXQ 8QLYHUVR YLYR \D GLIHUHQFLDGH
&XVDFUHHTXHHOFDPELRHVXQVLJQRGHSHUIHFFLyQ\QRGHFDUHQFLD
&RQWRGRHVQHFHVDULRVXEUD\DUWUHVDVSHFWRVGHJUDQLPSRUWDQFLDHQ%UXQR

/DXWLOL]DFLyQGHOSULQFLSLRGHUD]yQVXILFLHQWH

(O GHVSOD]DPLHQWR GHO FRQRFLPLHQWR VHQVLEOH FRQIXVR \ HUUyQHR DO

LQWHOHFWXDO FDSD] GH DFFHGHU DO FRQFHSWR GH LQILQLWXG HQ VX UHODFLyQ FRQ HO
 




9DFtRTXHHVWiHQWRGDVSDUWHVOOHQRGHVHU
.R\Up$S



SHQVDPLHQWR1LQJ~QVHQWLGRSXHGHSHUFLELUHOLQILQLWRQLODVXEVWDQFLDQLODHVHQFLD
GH ODV FRVDV $GHPiV OD YHUGDG VyOR HQ XQD SHTXHxtVLPD PHGLGD GHULYD GH ORV
VHQWLGRV$OLQWHOHFWROHFRUUHVSRQGHMX]JDURWRUJDQGRHOSHVRGHELGRDORVIDFWRUHV
DXVHQWHV\VHSDUDGRVGHXQDGLVWDQFLDWHPSRUDO\SRULQWHUYDORVHVSDFLDOHV

/RV DWULEXWRV GH VX 8QLYHUVR LQILQLWR TXH HV HQ WRGDV SDUWHV

SHUIHFWDPHQWHKRPRJpQHR\VHPHMDQWHDVtPLVPRHVSDFLRJHRPpWULFR3RUORWDQWR

IXHUD GHO PXQGR KDEUi HVSDFLR \ FRPR HO QXHVWUR QR HVWDUi YDFtR VLQR OOHQRGH
pWHU 6LQ ROYLGDU TXH QXHVWUR PXQGR QR HV HO 8QLYHUVR VLQR VyOR XQD PDFKLQD
URGHDGDSRULQILQLWRVPXQGRVVLPLODUHV$KRUDELHQHVWRSODQWHDODFXHVWLyQGHVLODV
HVWUHOODV ILMDV VRQ RWURV VROHV \ FHQWURV GH RWURV PXQGRV FRPR HO QXHVWUR FXHVWLyQ
DQWHODTXH%UXQRH[SUHVDVXLJQRUDQFLD
3HURFyPRUHVSRQGH%UXQRDODREMHFLyQGHTXHHOFRQFHSWRGHLQILQLWXGVyOR
HVDSOLFDEOHD'LRV"&ODUDPHQWHODLQILQLWXGLQWHQVLYDGH'LRVQRHVFRPSDUDEOHFRQ
ODLQILQLWXGH[WHQVLYDGHOPXQGRTXHHVXQDSXUDQDGD6LQHPEDUJRODFUHDFLyQGHEH
FRQWHQHUWRGRORTXHHVSRVLEOHSDUDQRVHUGHILFLHQWH\VtVHUGLJQDGHOSRGHUGHVX
&UHDGRULQQXPHUDEOHVWLHUUDVDVWURV\VROHV'HHVWHPRGRHOLQILQLWRHVQHFHVDULR\
HVORTXHSULPHURFDGLWVXELQWHOOHFWXV6LQHPEDUJR\DSHVDUGHVXJUDQLQIOXHQFLD
UHWDUGDGDODGH%UXQRQRHVXQDPHQWDOLGDGPRGHUQDFRQVLGHUDQGRTXHVXYLVLyQHV
YLWDOLVWDHLQFOXVRPiJLFD
$XQTXH HQ UHDOLGDGQR H[LVWH PXFKD VHPHMDQ]D .HSOHUOLJD D %UXQR FRQ :
*LOEHUW eVWH TXH \D SXHGH SUHVFLQGLU GH OD HVIHUD GH ODV HVWUHOODV ILMDV GHVWUXLGD
PLHQWUDV WDQWR SRU 7\FKR %UDKH VH DVRPEUD FRQ OD LQPHQVLGDG \ SURIXQGLGDG GHO
HVSDFLR 6X SHQVDPLHQWR RVFLOD HQWUH XQ FRSHUQLFDQLVPR \ XQ W\FKREUDKLVPR
PHMRUDGRV&RQWUD 7\FKR *LOEHUWDQLHJD ODH[LVWHQFLD GHODHVIHUD GH ODV HVWUHOODV
ILMDV\EVRVWLHQHODURWDFLyQGHOD7LHUUDTXH7\FKRQLHJD)LQDOPHQWHFRQUHVSHFWR
DOFHQWURGHOPXQGR\DOLJXDOTXH&RSpUQLFRDILUPDTXHQRKD\QLQJXQDUD]yQSDUD
VRVWHQHUTXHOD7LHUUDHVHOFHQWURGHO8QLYHUVRSHURYDPiVDOOiSURFODPDQGRTXHHO
SURSLRPXQGRFDUHFHGHFHQWUR\QRDILUPDODYHUGDGGHODYLVLyQKHOLRFpQWULFD
 


.R\Up$S
 /D FUtWLFD TXH %UXQR KDFH D $ULVWyWHOHV TXp RFXUULUtD VL DOJXLHQ HVWLUDVH OD PDQR PiV DOOi GH OD
VXSHUILFLHGHOFLHOR"




./D1XHYD$VWURQRPtDFRQWUDOD1XHYD0HWDItVLFD

/D FRQFHSFLyQ GH OD LQILQLWXG GHO 8QLYHUVR HV XQD GRFWULQD SXUDPHQWH
PHWDItVLFD TXH SXHGH FRPR GH KHFKR RFXUULy VHUYLU GH EDVH D OD FLHQFLD HPStULFD
SHUR QXQFD SXHGH VXVWHQWDUVH VREUH HO HPSLULVPR (V SRU HVWD UD]yQ TXH -RKDQQHV
.HSOHU OD UHFKD]y QR VyORSRU UD]RQHV PHWDItVLFDV VLQR FLHQWtILFDV (Q FXDQWR D ODV
SULPHUDV GHULYDGDV GH VX FUHHQFLD HQ HO &ULVWLDQLVPR XQ WDQWR KHUpWLFR YH HQ HO
PXQGRXQDH[SUHVLyQGHOD7ULQLGDG\OHDWULEX\HXQRUGHQ\DUPRQtDPDWHPiWLFRV
TXHQRSRGUtDQKDOODUVHHQXQ8QLYHUVRLQILQLWR
.HSOHURSRQHD%UXQR\DXQDVHFWDGHILOyVRIRVXQDFLHQFLDDVWURQyPLFD
EDVDGD\OLPLWDGDSRUORVKHFKRVTXHQRFRQItDFRQORVRMRVFHUUDGRVHQXQDYLVLyQ
SURGXFWRGHODPHQWHQLWUDHSRUORVSHORVFRVDVSDUDDFRPRGDUODVDVXVD[LRPDV
.HSOHU QR FRPSDUWH HO GHVHR GH H[DOWDU HO SRGHU GH 'LRV \D TXH OD FXHVWLyQ GHEH
UHVROYHUVHQRPHGLDQWHODUHYHODFLyQVLQRDWUDYpVGHUD]RQDPLHQWRVFLHQWtILFRV
6XUHIXWDFLyQVHEDVDHQGRVSUHPLVDV

6L HO PXQGR QR WLHQH OtPLWHV \ HO HVSDFLR PXQGDQR HV LQILQLWR \

XQLIRUPHODGLVWULEXFLyQGHODVHVWUHOODVWDPELpQGHEHUiVHUXQLIRUPH

/DDVWURQRPtDGHEHRFXSDUVHGHGDWRVREVHUYDEOHVGHODVDSDULHQFLDVD

ODV FXDOHV DGDSWDU VXV KLSyWHVLV QR GH WUDVFHQGHUODV (VWi SRU HVR tQWLPDPHQWH
UHODFLRQDGDFRQODYLVLyQFRQODySWLFD
$VtHVTXHGHULYDODVVLJXLHQWHVFRQFOXVLRQHVHQSULPHUOXJDUTXHODUHJLyQGH
ODV HVWUHOODV ILMDV HVWi OLPLWDGD KDFLD DEDMR VH H[WLHQGH LQ LQILQLWXP HQ XQD FDYLGDG
KXHFD LQPHQVD OD FDYLGDG SULQFLSDO GHO PXQGR < HQ HVWD EyYHGD FXDVLFLUFXODU R
PXUDOODODVSURSRUFLRQHVGHORVHVSDFLRVTXHKD\HQWUHODVHVWUHOODVVRQGLIHUHQWHV(Q
VHJXQGR OXJDU DILUPD TXH HVWH PXQGR FRQ VX VRO Vt SRVHHQ UDVJRV GLVWLQWRV GH
FXDOTXLHUDGHODVHVWUHOODVILMDVHVGHFLUHO8QLYHUVRQRHVQLKRPRJpQHRQLXQLIRUPH
(VWRORSUXHEDHOKHFKRGHPRVWUDGRSRUODJHRPHWUtDGHTXHSDUDXQREVHUYDGRU
 


(QODFXDOHO6ROVLPEROL]DDO3DGUHODEyYHGDHVWHODUDO+LMR\HOHVSDFLRLQWHUPHGLRDO(VStULWX6DQWR
&IU.R\Up$S

6HUHILHUHDORVYLHMRVILOyVRIRVSDJDQRV\HQFXDQWRDORVPRGHUQRVD%UXQR\D*LOEHUW

&I.R\Up$S



VLWXDGR HQ ODV HVWUHOODV ILMDV HO FLHOR YLVLEOH VHUi PX\ GLVWLQWR GH FyPR OR HV SDUD
QRVRWURV 1R LPSRUWD FXiQ JUDQGH VXSRQJDPRV HO PXQGR OD GLVSRVLFLyQ GH ODV
HVWUHOODVILMDVFRPRODVYHPRVSRVHHUiGHWHUPLQDGDSHFXOLDULGDGHVWRHVODDXVHQFLD
GHHVWUHOODVILMDVHQHOYDVWRYDFtRTXHORGLIHUHQFLDUi
7RGRHVWRVHYHFODUDPHQWHHQOD9tD/iFWHDTXHSDVDSRUODHVIHUDFHOHVWHHQ
XQFtUFXORWHQLHQGRDOD7LHUUD \HO PXQGRPyYLOFRPRFHQWUR 7LHQHODIXQFLyQGH
OLPLWDUQXHVWURHVSDFLR\DOPLVPRWLHPSRHVWiOLPLWDGDSRUHOH[WHULRU6LPiVDOOi
GH ODV HVWUHOODV KD\ RWUDV TXH QR YHPRV pVWDV QR VRQ REMHWR GH OD DVWURQRPtD \ VX
H[LVWHQFLDQRSXHGHSUREDUVHGHQLQJ~QPRGRWRGDVXSRVLFLyQVHUtDDFLHQWtILFD$TXt
OD DVWURQRPtD VXVSHQGH HO MXLFLR SXHV D WDO DOWXUD VH HQFXHQWUD GHVSURYLVWD GH OD
YLVLyQHOPXQGRySWLFRHVILQLWR
'H FXDOTXLHU IRUPD .HSOHU SRVWXOD TXH QR SXHGH KDEHU HVWUHOODV YLVLEOHV QL
LQYLVLEOHV D XQD GLVWDQFLD LQILQLWD GH QRVRWURV 'DGD OD IyUPXOD GH OD JHRPHWUtD
DPSOLWXG  GLVWDQFLD VL XQD HVWUHOOD HVWXYLHUD D XQD GLVWDQFLD LQILQLWD VX
DPSOLWXG GH KHFKRWDPELpQ OR VHUtD SRU VHU OD PLOpVLPD SDUWH GHO LQILQLWR LQILQLWD
WRGD OD HVWUHOOD SDUWLFLSDUtD GH OD LQILQLWXG GH HVWD DOWLWXG (VWR VHUtD FRQWUDGLFWRULR
DGHPiVHQODVHVWUHOODVYLVLEOHV\DTXHSRUVHUORVHUtDQOLPLWDGDV3RURWUDSDUWHHVWi
ODLQFDSDFLGDGGHOSHQVDPLHQWRSDUDFRPSUHQGHUHOLQILQLWR\DTXHORVFRQFHSWRVHQ
OD PHQWH UHODWLYRV DpO VRQ \D VHD DFHUFDGHOVLJQLILFDGR GHO WpUPLQRRGHDOJRTXH
H[FHGH WRGD PHGLGD QXPpULFD YLVXDO FRQFHELEOH 7DPELpQ HV LPSHQVDEOH XQD
GLVWDQFLD LQILQLWD HQWUH GRV FXHUSRV \D TXH HV LQFRPSDWLEOH VHU LQILQLWR \ SRVHHU
OtPLWHVHQORVH[WUHPRVGHODOtQHD
/DV REMHFLRQHV D OD LQILQLWXG GHO 8QLYHUVR IXHURQ SUHYLDV D OD LQYHQFLyQ GHO
WHOHVFRSLRSRU*DOLOHR6XVGHVFXEULPLHQWRVIXHURQGHIHQGLGRVSRU.HSOHU\DXQTXH
OR REOLJDURQ D FDPELDU DOJXQDV RSLQLRQHV QR OR OOHYDURQ D DFHSWDU OD FRVPRORJtD
LQILQLWLVWD $O SULQFLSLR WHPtD TXH *DOLOHR GHPRVWUDUD TXH ORV QXHYRV DVWURV HUDQ
 



 &I 3  5HFRUGHPRV TXH .HSOHU VH RFXSD VyOR GH ODV HVWUHOODV YLVLEOHV DQWHV GH OD LQYHQFLyQ GHO
WHOHVFRSLRSRUORFXDOLJQRUDTXHHOGLiPHWURYLVLEOHGHODVHVWUHOODVHVVyORXQDLOXVLyQySWLFD6LQHPEDUJR
QRLJQRUDTXHVXVGLPHQVLRQHVQRVRQODVTXHVHYHQGHVGHOD7LHUUD

 $KRUD ELHQ VL VXSRQHU TXH ODV HVWUHOODV VH H[WLHQGHQ LQILQLWDPHQWH QR SXHGH VHU WUDWDGR GHVGH OD
DVWURQRPtDDFDVRVHWUDWDGHEXHQDPHWDItVLFD".HSOHUORUHFKD]DSRUSDUHFHUOHFRQWUDGLFWRULRXQQ~PHUR
LQILQLWR GH FXHUSRV ILQLWRV 7RGDV ODV HVWUHOODV SRU SHTXHxDV TXH IXHVHQ IRUPDUtDQ XQD HVWUHOOD LQILQLWD OR
TXHHQWUDxDXQDFRQWUDGLFFLyQ



QXHYRVSODQHWDVJLUDQGRHQWRUQRDO6ROORTXHKXELHVHGHVWUXLGRODVLQJXODULGDGGH
QXHVWURPXQGR6LQHPEDUJRpVWRVHUDQOXQDVORTXHORWUDQTXLOL]y/DH[SHULHQFLD
FRQILUPDED D .HSOHU TXH QXHVWUR PXQGR PyYLO HVWi VLWXDGR HQ XQ YDFtR ~QLFR
URGHDGR SRU XQ FRQJORPHUDGR ~QLFR GH LQQXPHUDEOHV HVWUHOODV ILMDV < HO KHFKR GH
TXHH[LVWLHUDQHVWUHOODVILMDVTXHQRYHPRVSUREDEDVXWHRUtDSXHVVtODVYHUtDTXLHQ
HVWXYLHVHHQXQDGHHOODV
)LQDOPHQWHHOWHOHVFRSLRQRDOWHUyHOSDWUyQGHUD]RQDPLHQWRNHSOHULDQRTXLHQ
VLJXLyDILUPDQGRTXHQLQJ~QFXHUSRTXHSXGLHUDVHUVLWXDGR HVGHKHFKR LQILQLWR\
TXHORVFXHUSRVGHPDJQLWXGILQLWDQRSXHGHQVHULQILQLWRVHQQ~PHUR



/&RVDVQXQFDYLVWDVHLGHDVMDPiVVRxDGDVHOGHVFXEULPLHQWRGHQXHYRV
DVWURVHQHOHVSDFLRGHOPXQGR\ODPDWHULDOL]DFLyQGHOHVSDFLR

*UDFLDV DO SHUVSLFLOOXP  SULPHU LQVWUXPHQWR FLHQWtILFR  H LOXPLQDGR SRU OD
JUDFLD GLYLQD *DOLOHR WUDH FRQVLJR XQ FDPELR VXEVWDQFLDO SDUD OD FLHQFLD
DVWURQyPLFDODQHFHVLGDGGHWUDVFHQGHUODVOLPLWDFLRQHVLPSXHVWDVSRUOD1DWXUDOH]D
 R SRU 'LRV  D ORV VHQWLGRV \ DO FRQRFLPLHQWR KXPDQR &RQ *DOLOHR VH LQLFLD OD
HWDSDLQVWUXPHQWDOGHODFLHQFLD
(QWUH VXV GHVFXEULPLHQWRV VH HQFXHQWUDQ KDEHU SXHVWR DQWH ORV RMRV
LQQXPHUDEOHV HVWUHOODV QXQFD YLVWDV FXDWUR DVWURV HUUDQWHV SHUR D~Q PiV
LPSRUWDQWH FRQVWDWDU TXH OD /XQD QR HVWDED GRWDGD GH XQD VXSHUILFLH OLVD \ SXOLGD
VLQR LUUHJXODU \ UXJRVD $GHPiV HO SHUVSLFLOOXP TXLWD HO HVSOHQGRU DFFLGHQWDO D ODV
HVWUHOODV GHVWUX\HQGR OD REMHFLyQ PiV LPSRUWDQWH GH 7\FKR %UDKH FRQWUD OD WHRUtD
KHOLRFpQWULFD OD FXDO VRVWHQtD TXH VL HO PXQGR HUD FRPR DILUPDED &RSpUQLFR ODV
HVWUHOODVGHEHUtDQVHUPiVJUDQGHVTXHWRGRHORUELVPDJQXV
$KRUD ELHQ OD LQYLVLELOLGDG GH ODV HVWUHOODV ILMDV GHVFXELHUWD SRU *DOLOHR VH
SRGtDLQWHUSUHWDUGHGRVIRUPDVDTXHWDOHVHVWUHOODVHUDQGHPDVLDGRSHTXHxDVSDUD
YHUODV R E TXH HVWDEDQ GHPDVLDGR OHMRV $PEDV LQWHUSUHWDFLRQHV VH FRUUHVSRQGtDQ
FRQORVGDWRVySWLFRVSRUORTXHODHOHFFLyQHQWUHXQDGHHOODVHQHOVLJOR;9,,GHEtD




EDVDUVH QR HQ UD]RQHV FLHQWtILFDV VLQR ILORVyILFDV 'H HVWH PRGR *DOLOHR DGRSWD OD
VHJXQGD
(Q FXDQWR D OD ILQLWXG R LQILQLWXG GHO 8QLYHUVR *DOLOHR VH DEVWLHQH GH WRPDU
SDUWLGR\DXQTXHFRQVLGHUDDODFXHVWLyQLQVROXEOHVHLQFOLQDKDFLDODLQILQLWXG3RU
XQ ODGR QR DGPLWH FRPR 3WRORPHR &RSpUQLFR \ .HSOHU HO HQFDUFHODPLHQWR GHO
PXQGR HQ XQD HVIHUD UHDO GH ODV HVWUHOODV ILMDV FRQVLGHUiQGROR XQD DILUPDFLyQ
LQGHPRVWUDEOH < UHFKD]D FRQ &XVD \ %UXQR OD LGHD GH TXH HO 8QLYHUVR WHQJD XQ
FHQWUR HQ HO TXH VH VLW~HQ OD /XQD R HO 6RO 3HUR SRU RWUD SDUWH HQ VX 'LiORJR QR
DILUPD TXH ODV HVWUHOODV HVWpQ GLVWULEXLGDV VLQ ILQ SRU HO HVSDFLR \ GHFODUD
URWXQGDPHQWHTXHUHVXOWD>@DEVROXWDPHQWHLPSRVLEOHTXHKD\DXQHVSDFLRLQILQLWR
VXSHULRUDODVHVWUHOODVILMDV
2WUDHVVXRSLQLyQHQOD&DUWDD,QJROLHQODFXDOFUHHTXHODFXHVWLyQHVWiVLQ
GHFLGLU \ TXH DVt OR VHUi VLHPSUH SDUD HO FRQRFLPLHQWR KXPDQR 1DGLH QXQFD KD
GHPRVWUDGR QL XQD QL RWUD KLSyWHVLV 6LQ HPEDUJR HQ OD &DUWD D /LFHWL GHMD DO
GHVFXELHUWRVXGXGD\DGYLHUWHTXHVLELHQpVWDHVXQDGHHVDVFXHVWLRQHVIHOL]PHQWH
LQH[SOLFDEOHVSDUDODUD]yQKXPDQDHQODVTXHVyORHO(VStULWX6DQWR\ODUHYHODFLyQ
GLYLQD SXHGHQ VXPLQLVWUDU UHVSXHVWD KD\ XQR GH VXV DUJXPHQWRV TXH OR
LQFOLQDUtD KDFLD OR LQILQLWR H LOLPLWDGR 4XL]iV HO GHVWLQR GH %UXQR OD FRQGHQD GH
&RSpUQLFR\ODVX\DORKD\DQOOHYDGRDVHUSUXGHQWHVLQHPEDUJR\DXQTXH*DOLOHR
QR KD\D WRPDGR OD GHFLVLyQ GH KDFHU VX PXQGR LQILQLWR pVWH HVWi FRQWHQLGR HQ OD
JHRPHWUL]DFLyQGHOHVSDFLRGHODFXDOHVSURPRWRU
6HDFRPRVHDQRHVQL*DOLOHRQL%UXQRVLQR'HVFDUWHVTXLHQIRUPXODGHXQ
PRGR FODUR ORV SULQFLSLRV GH OD QXHYD FLHQFLD OD UHGXFWLRQH VFLHQWLDH DG
PDWKHPDWLFDP\GHODQXHYDDVWURQRPtDPDWHPiWLFD(O'LRVGH'HVFDUWHVQRTXHGD
VLPEROL]DGRQLVHH[SUHVDHQODVFRVDVTXHKDFUHDGRGHVGH\DSRUVXSXUDYROXQWDG
/D~QLFDH[FHSFLyQHVQXHVWUDDOPDGRWDGDGHODLQWHOLJHQFLDFDSD]GHFDSWDUODLGHD
GH 'LRV HVWR HV GHO LQILQLWR eVWH TXH HV XQ 'LRV YHUD] QRV SURYHH LGHDV FODUDV \
GLVWLQWDV TXH QRV SHUPLWHQ KDOODU OD YHUGDG (V DEVXUGR LQWHQWDU GHVFXEULU VXV
 



.R\Up$S
.R\Up$S



SURSyVLWRV \ HV SRU HVR TXH WDQWR HQ OD PDWHPiWLFD FRPR HQ OD FLHQFLD ItVLFD OD
WHOHRORJtDQRWLHQHQLQJ~QYDORU
(O PXQGR GH 'HVFDUWHV QR HV HO PXQGR PXOWLIRUPH \ OOHQR GH FRORULGR GH
QXHVWUD H[SHULHQFLD GLDULD pVWH QR HV PiV TXH XQ PXQGR VXEMHWLYR GH RSLQLRQHV
LQFRQVLVWHQWHV EDVDGDV HQ ORV HUUyQHRV VHQWLGRV VLQR TXH UHVXOWD PDWHPiWLFR \
HVWULFWDPHQWHXQLIRUPHXQ PXQGR GHJHRPHWUtDKHFKDUHDOLGDG <D QRH[LVWHOD
RSRVLFLyQ HQWUH HO PXQGR WHUUHVWUH GHO FDPELR \ HO PXQGR LQPXWDEOH GH ORV FLHORV
SXHV FRQ 'HVFDUWHV VH FRQYLHUWH HQ XQ KHFKR DXWRHYLGHQWH OD XQLILFDFLyQ \
XQLIRUPL]DFLyQGHO8QLYHUVRHQFXDQWRDVXFRQWHQLGR\OH\HV
(QHVWHPXQGRQRKD\PiVTXHPDWHULDH[WHQVD\PRYLPLHQWR$KRUDELHQOD
LGHQWLILFDFLyQGHPDWHULD\H[WHQVLyQLPSOLFDFRQVLGHUDUTXHODQDWXUDOH]DGHOFXHUSR
FRQVLVWHHQVHUXQDVXEVWDQFLDH[WHQVDHQORQJLWXGDQFKXUD\SURIXQGLGDG<DOD
LQYHUVDTXHODH[WHQVLyQ HQORQJLWXGDQFKXUD \ SURIXQGLGDG VyOR SXHGH FRQFHELUVH
HQXQDVXEVWDQFLDPDWHULDO(VWDLGHQWLILFDFLyQHQWUDxDGRVJUDQGHVFRQVHFXHQFLDV


/DQHJDFLyQGHOYDFtRHVWHUHVXOWDHVHQFLDOPHQWHLPSRVLEOH/DQDGDQR

SXHGH SRVHHU SURSLHGDGHV QL SRU WDQWR GLPHQVLRQHV 6HUtD DEVXUGR KDEODU GH XQ
HVSDFLRYDFtRTXHVHSDUHGRVFXHUSRV\DTXHDOHVWDUVHSDUDGRVSRUQDGDHVWDUtDQHQ
FRQWDFWR6LKD\VHSDUDFLyQ\GLVWDQFLDQRHVXQDORQJLWXGDQFKXUDRSURIXQGLGDGGH
QDGD VLQR GH DOJR GH VXEVWDQFLD R PDWHULD /RV FXHUSRV HVWiQ HQWUH RWURV FXHUSRV
$Vt'HVFDUWHVQLHJDTXHH[LVWDDOJRFRPRHOHVSDFLR\XQDHQWLGDGGLVWLQWDTXHOR
OOHQDODPDWHULD


(OUHFKD]RGHODILQLWXG\OLPLWDFLyQGHOHVSDFLR\GHOPXQGRPDWHULDO\

UHDO 1R SRGHPRV SRVWXODU XQ OtPLWH VLQ WUDVFHQGHUOR SRU HO PHUR KHFKR GH
SRVWXODUOR3RUORWDQWRHOPXQGRUHDOHVLQGHILQLGR$GHPiVDVLJQiQGROHOtPLWHV
DOPXQGRQRKDFHPRVPiVTXHPDQLIHVWDUODVOLPLWDFLRQHVGHQXHVWUDUD]yQHVGHFLU
TXHQRSRGHPRVKDOODUVXVOtPLWHVVLHVTXHORVWLHQH
 


.R\Up$S
 3RGHPRV SHUIHFWDPHQWH GHVSRMDU \ SULYDU D FXDOTXLHU FXHUSR GH VXV FXDOLGDGHV VHQVLEOHV \ KDOODUHPRV
TXHODYHUGDGHUDLGHDTXH WHQHPRVGHpOFRQVLVWH HQTXHSHUFLELPRVGLVWLQWDPHQWHTXHHVXQDVXEVWDQFLD
H[WHQVDHQORQJLWXGDQFKXUD\SURIXQGLGDG.R\Up$S

.R\Up$S




'HVFDUWHVUHVHUYDHODWULEXWRLQILQLWRHOFXDORFXSDXQDIXQFLyQIXQGDPHQWDO
HQ VX ILORVRItD ~QLFDPHQWH SDUD 'LRV &RPSUHQGH TXH SXHGH DWULEXtUVHOH
SRVLWLYDPHQWHSXHV FDUHFHGHOtPLWH DOJXQR 6yOR pO SXHGH FRQFHELUVH FRPR XQ VHU
DEVROXWDPHQWHLQILQLWRORTXHGHPXHVWUDVXH[LVWHQFLD<VyORDVtSXHGHGHILQLUVHOD
QDWXUDOH]D KXPDQD FRPR XQ VHU ILQLWR GRWDGR GH OD LGHD GH 'LRV 3HUR SXHVWR TXH
VRPRVILQLWRVUHVXOWDDEVXUGRTXHUHUGHWHUPLQDUDOJRGHOLQILQLWR\DTXHORKDUtDPRV
FXDVLILQLWR


0([WHQVLyQLQGHILQLGDRHVSDFLRLQILQLWR

6REUHHVWDGLVWLQFLyQGH'HVFDUWHVHQWUHLQILQLWRHLQGHILQLGRVHUiXQRGH
VXV SULPHURV SDUWLGDULRV +HQU\ 0RUH TXLHQ OR FULWLFDUi DILUPDQGR TXH HV XQD
SVHXGRGLVWLQFLyQSDUDDSODFDUDORVWHyORJRV6RQFXDWURDVSHFWRVORVTXHQRDFHSWD
RQRFRPSUHQGHGHOFDUWHVLDQLVPR


/DUDGLFDORSRVLFLyQHQWUHFXHUSR\HVStULWXHVGHFLUFRPRVLIXHVHQOR

H[WHQVR\ORLQH[WHQVR$FDVRHODOPDDXQTXHLQPDWHULDOQRHVWDPELpQH[WHQVD"<
VL QR OR HV FyPR HV TXH HVWi HQHO PXQGR" &yPR HVWD 'LRV HQ HO PXQGR" 0RUH
FUHHTXHODH[WHQVLyQQRGHEHHVWDUUHVWULQJLGDDODPDWHULDVLQRTXHGHEHDSOLFDUVH
WDPELpQ DO HVStULWX 'LRV HV WDPELpQ H[WHQVR D 6X PDQHUD SRU VHU RPQLSUHVHQWH \
RFXSDU WRGD OD PiTXLQD GHO PXQGR /R SURSLR GH OD PDWHULD GHEH GHILQLUVH SRU VX
UHODFLyQFRQODSHUFHSFLyQVHQVLEOH3RUORWDQWRPLHQWUDVTXHODPDWHULDVHGHILQLUtD
SRUVXLPSHQHWUDELOLGDG\SRUVXFDSDFLGDGGHHVWDUHQFRQWDFWRFRQRWURVFXHUSRVHO
HVStULWXSRUHOFRQWUDULRSRUVHUOLEUHPHQWHSHQHWUDEOH\SRUQRSRGHUVHWRFDU


/DQHJDFLyQFDUWHVLDQDGHODSRVLELOLGDGGHOYDFtR0RUHDOHJDTXH'LRV

SRGUtDGHVWUXLUODPDWHULDFRQWHQLGDHQXQUHFLSLHQWHVLQTXHSRUHOORVHMXQWDUDQVXV
SDUHGHV(VWHHVSDFLRHVWDUiYDFtRGHPDWHULDSHUROOHQRGHODH[WHQVLyQGH'LRV


/D QHJDFLyQ GH OD H[LVWHQFLD GH ORV iWRPRV 'HVFDUWHV DILUPDED OD

LQILQLWD GLYLVLELOLGDG GH OD PDWHULD \ FUHtD TXH DFHSWDU OD H[LVWHQFLD GH ORV iWRPRV
VLJQLILFDEDOLPLWDUODRPQLSRWHQFLDGH'LRV0RUHUHVSRQGHTXHVXLQGLYLVLELOLGDGHV




SDUD XQ SRGHU FUHDGR SHUR TXH HO SRGHU GLYLQR ELHQ SRGUtD GLYLGLUORV VL TXLVLHVH
KDFHUOR/R~QLFRTXH'LRVQRSXHGHKDFHUHVDTXHOORLPSOLFDUtDXQDLPSHUIHFFLyQ
&ODUDPHQWH 0RUH HVWDED LQIOXHQFLDGR SRU HO DWRPLVPR JULHJR VLQ HPEDUJR QR
UHGXFHHOVHUDODPDWHULDFRPR'HPyFULWR$GHPiVVXHVSDFLRHVWiOOHQRQRGHpWHU
VLQRGH'LRV


/DH[WHQVLyQLQGHILQLGDGHOPXQGR0RUHDILUPDTXHHVDH[WHQVLyQR

HVLQILQLWDVLPSOLFLWHURVyORORHVFRQUHVSHFWRDQRVRWURV6LVHWUDWDGHORSULPHUR
'HVFDUWHVHVWDUtDRVFXUHFLHQGRVXSHQVDPLHQWRFRQSDODEUDVEDMDV6LVHWUDWDGHOR
VHJXQGRHQWRQFHVHQUHDOLGDGODH[WHQVLyQVHUiILQLWD\DTXHODPHQWHQRHVPHGLGD
QLGHODVFRVDVQLGHODYHUGDGSHURVtHVODPHGLGDGHORTXHDILUPDPRVRQHJDPRV
'HVFDUWHVUHVSRQGHDODVFDUWDVGHVXDGPLUDGRU\FUtWLFR

(VXQHUURUGHILQLUODPDWHULDSRUVXUHODFLyQFRQORVVHQWLGRV\DTXHVX

YHUGDGHUD HVHQFLD QR GHSHQGH GH OD H[LVWHQFLD GH ORV KRPEUHV \ VHUtD OD PLVPD
DXQTXH QR KXELHVH KRPEUHV HQ HO PXQGR $GHPiV HQ VXV SDUWHV PiV SHTXHxDV VH
WRUQDFODUDPHQWHLQVHQVLEOH$GHPiVHVLQQHFHVDULRSRVWXODUODLPSHQHWUDELOLGDG\D
TXHHVWDVHHQFXHQWUDLPSOtFLWDHQODH[WHQVLyQ

'LRVTXL]iVVHDH[WHQVRSRUHVWDUHQWRGDVSDUWHVSHURGHQLQJ~QPRGR

HVH[WHQVRHQHOVHQWLGRKDELWXDOGHOWpUPLQRHVDOJRLPDJLQDEOHHQORTXHVHSXHGHQ
GLVWLQJXLUGLVWLQWDVSDUWHVGHPDJQLWXG\ILJXUDGHWHUPLQDGDV(VWRQRHVDSOLFDEOHQL
D'LRVQLDODOPD-XVWDPHQWHSRUQRVHUH[WHQVRVHVTXHSXHGHQVXSHUSRQHUVHHQXQ
PLVPROXJDU

(QFXDQWRDOHVSDFLRYDFtRpVWHUHVXOWDVHUDOJRLPSRVLEOHSXHVYHPRV

FODUDPHQWH TXH LPSOLFD FRQWUDGLFFLyQ < HQ OR TXH FRQFLHUQH DO FDUiFWHU LQGHILQLGR
GHO HVSDFLR HVWR VLJQLILFD TXH VH H[WLHQGH PiV DOOi GH OR TXH XQ KRPEUH SXHGD
FRQFHELU
0RUH RWRUJD VX UHVSXHVWD D 'HVFDUWHV HQ XQD VHJXQGD FDUWD DOHJDQGR TXH HO
PXQGR R ELHQ HV ILQLWR R ELHQ LQILQLWR \ TXH VL KHPRV GH DGPLWLU TXH 'LRV HVWi
SUHVHQWHHQWRGDVSDUWHVHVWRVHUiFODUDPHQWHHOHVSDFLRLQILQLWR(QORUHODWLYRDOD
LPSRVLELOLGDGGHOYDFtR0RUHUHVSRQGHFRQODVLJXLHQWHKLSyWHVLVVL'LRVDQLTXLODVH
HO 8QLYHUVR \ OXHJR FUHDVH RWUR GH OD QDGD HVWD DXVHQFLD GH PXQGR WHQGUtD VX




GXUDFLyQ HQ GtDV DxRV R VLJORV 'H HVWH PRGR KDEUtD XQD HVSHFLH GH H[WHQVLyQ GH
DOJRTXHQRH[LVWH
$ OR TXH 'HVFDUWHV UHSOLFD FRQFLVDPHQWH 6L QR KXELHVH PXQGR WDPSRFR
KDEUtD WLHPSR /R TXH 0RUH OODPD GXUDFLyQ QR VHUtD PiV TXH OD VXFHVLyQ GH
LGHDVGH 'LRV0RUHHVWDUtD LQWURGXFLHQGRHO WLHPSR HQpO FRQYLUWLpQGRORHQXQVHU
FDPELDQWH\WHPSRUDOFXDQGRSRUHOFRQWUDULRHVXQDPHQWHLQILQLWDFX\DLQILQLWXGHV
DGLPHQVLRQDO$KRUDELHQHQFXDQWRDOPXQGR>@QRRVROODPDUORLQILQLWRGLFH
'HVFDUWHVGDGRTXHSHUFLERTXH'LRVHVPD\RUTXHHOPXQGRQRSRUORTXHUHVSHFWD
DVXH[WHQVLyQSXHVWRTXH\DKHGLFKRTXHQRUHFRQR]FRHQ'LRVQLQJXQD>H[WHQVLyQ@
SURSLD VLQR SRU OR TXH UHVSHFWD D VX SHUIHFFLyQ /D LQILQLWXG DGHPiV GHVGH
$QVHOPRLPSOLFDVHUQHFHVDULRFRVDTXHQXHVWURPXQGRQRHV
)LQDOPHQWH\DXQTXHUDUDYH]XQILOyVRIRFRQYHQFHDRWUR'HVFDUWHVGHVSOD]y
XQSRFR VX SRVLFLyQOXHJR GH VX GLiORJR FRQ 0RUH <D QR DILUPDUi TXH HO FDUiFWHU
LQGHILQLGRGHOPXQGRVHGHEDDQXHVWUDLQFDSDFLGDGGHFRQVWDWDUVXVOtPLWHVVLQRTXH
SRVLWLYDPHQWHQRORVWLHQHSRUTXHVHUtDFRQWUDGLFWRULRSRVWXODUORV


1'LRV\(VSDFLR(VStULWX\0DWHULD

+HQU\0RUHFRQVLJXLyFDSWDUHOSULQFLSLRIXQGDPHQWDOGHODQXHYDRQWRORJtD
OD LQILQLWL]DFLyQ GHO HVSDFLR 6XV GRV OtQHDV GH DWDTXH FRQWUD OD LGHQWLILFDFLyQ
FDUWHVLDQDGHHVSDFLR\H[WHQVLyQVRQODVVLJXLHQWHV
D

'HVFDUWHVUHVWULQJHODLPSRUWDQFLD\HOYDORURQWROyJLFRGHODH[WHQVLyQ

OLPLWiQGRODDXQDWULEXWRGHODPDWHULD \QRGHOHVStULWXFXDQGRpVWDHVDWULEXWRGHO
VHUHQFXDQWRWDO1RKD\GRVWLSRVGHVXEVWDQFLDVODH[WHQVD\ODLQH[WHQVDVLQRXQD
ODH[WHQVD
E

0DWHULD \ HVSDFLR WLHQHQ XQ FDUiFWHU HVSHFtILFR TXH 'HVFDUWHV QR

UHFRQRFHODPDWHULDHVPyYLOHQHOHVSDFLRRFXSDXQHVSDFLReVWHTXHQRHVPyYLO
 




.R\Up$S
.R\Up$S



QRHVWiDIHFWDGRSRUODPDWHULDHVPiVHOHVSDFLRVLQPDWHULDHVXQDLGHDQDWXUDO
SHURODPDWHULDVLQHVSDFLRUHVXOWDLPSHQVDEOH
3DUD FRPSUHQGHU OD LQWHUSUHWDFLyQ GH OD 1DWXUDOH]D GH 0RUH UHVXOWD
LQGLVSHQVDEOH DFODUDU HO FRQFHSWR GH HVStULWX 0RUH FUHH TXH HVWD QRFLyQ HV WDQ
FRQFHELEOH FRPR OD QDWXUDOH]D GH FXDOTXLHU RWUD FRVD /RV HVStULWXV ILQLWRV WLHQHQ
GLYHUVDV SRWHQFLDV TXH ORV GLIHUHQFLDQ GH XQ FXHUSR $XWR  SHQHWUDFLyQ $XWR 
PRYLPLHQWR$XWRFRQWUDFFLyQ'LODWDFLyQH,QGLYLVLELOLGDG/DQRFLyQGH(VStULWX
HV PiV SHUIHFWD TXH OD GH FXHUSR VLHQGR PiV DGHFXDGD SDUD VHU DWULEXWR GH OR
DEVROXWDPHQWH SHUIHFWR 0LHQWUDV TXH OD GHILQLFLyQ GH (VStULWX HV 8QD VXEVWDQFLD
SHQHWUDEOH H LQVHSDUDEOH DFWLYLGDG LQQDWD HO FXHUSR  SRU HO FRQWUDULR HV
LPSHQHWUDEOH\VHSDUDEOHDFWLYLGDGFRPXQLFDGD
3DUDXQKRPEUHGHOVLJOR;9,,ODLGHDGHXQDHQWLGDGH[WHQVDQRPDWHULDOHUD
DOJR FRP~Q \ HVWDED UHSUHVHQWDGD HQ VX YLGD GLDULD \ FLHQWtILFD 6RQ DOJXQRV
HMHPSORV ODOX]QRHVDFDVRXQHMHPSORSHUIHFWRGHSHQHWUDELOLGDGFRPRGHSRGHU
SHQHWUDWLYR" $GHPiV FXDQGR OD OX] DWUDYLHVD XQ FXHUSR WUDQVSDUHQWH TXHGD
FRQILUPDGDODFRH[LVWHQFLDTXHVHGDHQWUHODPDWHULD\ODOX] ODVIXHU]DVPDJQpWLFDV
GH:LOOLDP*LOEHUWTXHSDUHFtDQPiVGHOUHLQRGHORDQLPDGRTXHGHORLQDQLPDGR
HO pWHU \ OD JUDYHGDGTXH QR VH SXHGH H[SOLFDUSRU PHGLR GH OD PHFiQLFD HV XQ
DJHQWHPiVELHQHVSLULWXDO
(QFXDQWRDODLPSRVLELOLGDGGHPHGLUHOYDFtRTXHDGXFtD'HVFDUWHV0RUHYD
D~QPiVDOOi\OOHJDDSURSRQHUTXHODGLVWDQFLDQRHVXQDSURSLHGDGUHDOVLQRTXHHV
PiVELHQQRFLRQDO3RUFRQVLJXLHQWHSRGHPRVDWULEXLUODD1R(QWLGDGHVDVtFRPRD
(QWLGDGHV(QGHILQLWLYDORTXHGHVFXEUH0RUHHVTXHDOQHJDUHOHVSDFLRYDFtR\OD
H[WHQVLyQHVSLULWXDO'HVFDUWHVH[FOX\HGHVXPXQGRDORVHVStULWXVHLQFOXVRD'LRV
6XSRVWXUDFRQGXFHDOPDWHULDOLVPR\DODWHtVPR


 



 8Q HMHPSOR GH OD FLHQFLD FRQWHPSRUiQHD HV HO FDPSR TXH SRVHH ORFDOL]DFLyQ \ H[WHQVLyQ
SHQHWUDELOLGDGHLQVHSDUDELOLGDG



&$378/2  6REUH ODV SUR\HFFLRQHV SUiFWLFDV GHO FRQRFLPLHQWR

PRGHUQR\VXVFRQVHFXHQFLDV

(O REMHWR GH QXHVWUD IXQGDFLyQ HV HO FRQRFLPLHQWR GH ODV FDXVD \ HO VHFUHWR
PRYLPLHQWR GH ODV FRVDV DVt FRPR HO HQVDQFKDPLHQWR GH ORV OtPLWHV GHO LPSHULR
KXPDQR SDUD OD UHDOL]DFLyQ GH WRGDV ODV FRVDV SRVLEOHV >3RU HMHPSOR@ WHQHPRV
SDUTXHV \ UHFLQWRV FRQ WRGD FODVH GH EHVWLDV \ DYHV TXH XWLOL]DPRV >@ SDUD
GLVHFFLRQHV \ H[SHULPHQWRV >@ &RQVHJXLPRV PXFKRV HIHFWRV H[WUDxRV FRPR SRU
HMHPSORTXHODYLGDFRQWLQ~HHQHOORVDXQTXHGLYHUVDVSDUWHVTXHFRQVLGHUDPRVYLWDOHV
SHUH]FDQ \ VH GHVSUHQGDQ R UHVXFLWDU DOJXQDV TXH SDUHFHQ HVWDU PXHUWDV HWF >@
7DPELpQ DUWLILFLDOPHQWH >E\ DUW@ ORV YROYHPRV PiV JUDQGHV R DOWRV GH OR TXH
FRUUHVSRQGH D VX HVSHFLH R SRU HO FRQWUDULR ORV YROYHPRV HVWpULOHV \ GHWHQHPRV VX
FUHFLPLHQWRORVKDFHPRVPiVIpUWLOHV\UREXVWRVGHORTXHFRUUHVSRQGHDVXHVSHFLH
RSRUHOFRQWUDULRGpELOHVHLQIpUWLOHV$VLPLVPRSRGHPRVKDFHUORVGLYHUVRVHQFRORU
IRUPDYLJRU>DFWLYLW\@HQPXFKDVPDQHUDV>@'HPDWHULDHQSXWUHIDFFLyQFUHDPRV
XQ FLHUWR Q~PHUR GH HVSHFLHV GH VHUSLHQWHV JXVDQRV PRVFDV SHFHV GH ORV FXDOHV
DOJXQRV KDQ OOHJDGR D FRQYHUWLUVH HQ FULDWXUDV SHUIHFWDV >@ (VWR QR OR KDFHPRV DO
D]DU>E\FKDQFH@VLQRTXHFRQRFHPRVGHDQWHPDQRHOWLSRGHFULDWXUDVTXHVXUJLUiGH
XQFUXFH\GHXQDPDWHULDGHWHUPLQDGRV
)UDQFLV%DFRQ/DQXHYD$WOiQWLGD

(VSRVLEOHORJUDUFRQRFLPLHQWRVPX\~WLOHVSDUDODYLGD\TXHHQOXJDUGHOD
ILORVRItDHVSHFXODWLYDTXHVHHQVHxDHQODVHVFXHODVVHSXHGH HQFRQWUDUXQDILORVRItD
SUiFWLFDHQYLUWXGGHODFXDOFRQRFLHQGRODIXHU]D\ODVDFFLRQHVGHOIXHJRDJXDDLUH
GH ORV DVWURV GH ORV FLHORV \ GH WRGRV ORV GHPiV FXHUSRV TXH QRV URGHDQ FRQ WDQWD
SUHFLVLyQ>SRGUtDPRV@FRQYHUWLUQRVHQGXHxRV\SRVHHGRUHVGHODQDWXUDOH]D/RFXDO
QR VyOR HV GHVHDEOHFRQ YLVWDV D OD LQYHQFLyQ GH XQD LQILQLGDG GH DUWLILFLRV TXH QRV
SHUPLWLUiQ GLVIUXWDU VLQ HVIXHU]R DOJXQR GH ORV IUXWRV GH OD WLHUUD \ GH WRGDV ODV
FRPRGLGDGHVTXHKD\HQHOODVLQRSULQFLSDOPHQWHWDPELpQSDUDODFRQVHUYDFLyQGHOD
VDOXG
5HQp'HVFDUWHV'LVFXUVRGHOPpWRGR6H[WD3DUWH

&RPR PX\ ELHQ VHSDUDGDV KD\ TXH LPDJLQDUVHOD )tVLFD \ ODV0DWHPiWLFDV
$TXpOOD GHEH PDQWHQHU XQD LQGHSHQGHQFLD DEVROXWD \ FRQ WRGDV VXV UHYHUHQWHV \
SLDGRVDVHQHUJtDVWUDWDUGHSHQHWUDUHQODQDWXUDOH]D\HOVDJUDGRPLVWHULRGHODYLGD




VLQSUHRFXSDUVHSDUDQDGDGHORTXHODVPDWHPiWLFDVSRUVXSDUWHKDJDQRSURGX]FDQ
eVWDV HQ FDPELR GHEHUiQ GHFODPDUVH LQGHSHQGLHQWHV GH FXDOTXLHU UHIHUHQFLD DO
H[WHULRU
-:*RHWKH0i[LPDV\5HIOH[LRQHV


(Q HVWH FDStWXOR VH LQWHQWDUi UHFRUUHU GH DOJXQD PDQHUD HO SUREOHPD TXH VH
GHVSUHQGHGHOEDVDPHQWR\VRSRUWHJQRVHROyJLFRHVWDEOHFLGRSDUDODFLHQFLDPRGHUQD
VXV DVSLUDFLRQHV \ DSOLFDFLRQHV WDQWR GHVGH OD SHUVSHFWLYD TXH GD LPSRUWDQFLD D OR
PDWHPiWLFR\UDFLRQDOFRPRDORH[SHULPHQWDOWDQWRGHVGHHOSUREOHPDGHO6XMHWR
PRGHUQRFRPRIXQGDPHQWXP \SXQWRFDUGLQDOFRPRGHOGHVHRFLHQWtILFRH[SUHVDGR
HQ ODV LQYHVWLJDFLRQHV (Q SRFDV SDODEUDV VH WUDWDUi GH VHJXLU HO SODQWHR
KHLGHJJHULDQRTXH DILUPD \ GHQXQFLD HO SUREOHPDVLWXDQGR DORV DUULERV FDUWHVLDQRV
HQHOiPELWRGHORHVSHFXODWLYRFRPRSXQWRVGHSDUWLGDSDUDODGHILQLFLyQ\HOVWDWXV
HVWDEOHFLGR GH OD FLHQFLD \ OD WpFQLFD SURSRQLHQGR D %DFRQ FRPR RWUD JUDQ
FRQWULEXFLyQDFDVRDMHQDDODVFXHVWLRQHVGHOUHSUHVHQWDU\GHODLPDJHQSHURQR
SRUHOORPHQRVFRQWXQGHQWHHQODVFRQVHFXHQFLDV\KRUL]RQWHVDELHUWRV\SHGLGRVDOD
FLHQFLD \ WpFQLFD PRGHUQD )LQDOPHQWH VH GDUi OXJDU D OD GHQXQFLD \ FUtWLFD
QLHW]VFKHDQD FRPR LQWHQWR GH VDOLGD \ FRQVXPDFLyQ GH ODV FDWHJRUtDV GHO
SHQVDPLHQWR PRGHUQR HQ WRUQR D DTXpOORV WHPDV D SDUWLU GH GRV QRFLRQHV TXH VH
GHVSUHQGHQGHODQiOLVLVJHQHDOyJLFRDVDEHU,QWHUSUHWDFLyQ\3HUVSHFWLYD


$ /RV UDVJRV HVHQFLDOHV GH OD FLHQFLD \ OD WpFQLFD PRGHUQDV HQ HO
SHQVDPLHQWRGH0DUWLQ+HLGHJJHU

&RPHQFHPRV SRU OD FRQVLGHUDFLyQ GHO SUREOHPD SODQWHDGR SRU +HLGHJJHU HQ
/D pSRFD GH OD LPDJHQ GHO PXQGR  SUREOHPD TXH QR HV VLQR HO GH OD
0RGHUQLGDG PLVPD HQFDUQDGR HQ OD ILORVRItD FDUWHVLDQD $TXt HO SUREOHPD GHO
6XMHWRFRPRIXQGDPHQWXPGHODUHSUHVHQWDFLyQDSDUHFHOLJDGRFRQHOSUREOHPDGHOD
 



&I+HLGHJJHU06HQGDVSHUGLGDV%XHQRV$LUHV(GLWRULDO/RVDGD



WpFQLFD\ODFLHQFLDPRGHUQD\SRUWDQWRLQGHIHFWLEOHPHQWHWDPELpQFRQHOSUREOHPD
GHODQDWXUDOH]DORUHDOHO2EMHWRUHSUHVHQWDGR
<D HO DQWLJXR WtWXOR GH GLFKD FRQIHUHQFLD /DIXQGDPHQWDFLyQ GH OD LPDJHQ
PRGHUQDGHOPXQGRSRUODPHWDItVLFDQRVLQWURGXFHHQODSUREOHPDWL]DFLyQSXHV
DVtFRPRODPHWDItVLFDLPSRQHXQDGHWHUPLQDGDLQWHUSUHWDFLyQGHORH[LVWHQWH\GHOD
YHUGDG DVt WDPELpQ DFDEy LPSRQLpQGROR DTXHOOR TXH SDVD SRU VHU OR SURSLR GH OD
FRQILJXUDFLyQ GH OD pSRFD PRGHUQD D VDEHU HO VXMHWR FRJQRVFHQWH DXWRLPSXHVWR
FRPRIXQGDPHQWR \FRPRIXQGDPHQWDGRU$FRQWLQXDFLyQ+HLGHJJHUH[SRQHFLQFR
DFRQWHFLPLHQWRVRIHQyPHQRVHVHQFLDOHVGHODHGDGPRGHUQDDSDUWLUGHORVFXDOHV
\ HQ ORV FXDOHV GHEH SRGHUVH UHFRQRFHU HO IXQGDPHQWR PHWDItVLFR FLQFR
IHQyPHQRVHQWUHORVFXDOHVVyORGRVGHHOORVSDUHFHQUHYHVWLUXQDFDEDOLPSRUWDQFLD
HQ HO DQiOLVLV \ TXH PHUHFHQ DVt SXHV HO FRQWLQXR \ FDVL SHUVLVWHQWH LU \ YHQLU HO
FLUFXQYRODU OHQWR \ GRVLILFDGR GH VXV DUJXPHQWDFLRQHV 7DOHV IHQyPHQRV VRQ DTXt
FRPRHQ/DSUHJXQWDSRUODWpFQLFDHOGHODFLHQFLD\ODWpFQLFDPDTXLQLVWD\HOOR
VLHPSUH SDUD WUDWDU GH FRPSUHQGHU OD HVHQFLD GH OH pSRFD PRGHUQD EDMR OD
LQWHUURJDFLyQGHODFLHQFLDPRGHUQDSXHVVLVHORJUDOOHJDUDOIXQGDPHQWRPHWDItVLFR
TXHIXQGDPHQWDODFLHQFLDPRGHUQDGHEHVHUSRVLEOHFRQRFHUDEDVHGHpOFDEDOPHQWH
ODHVHQFLDGHODHGDGPRGHUQD
)RUPXODGD WDO LQWHUURJDFLyQ YDQ GHYLQLHQGR SRVLEOHV OXHJR ODV VXFHVLYDV
DILUPDFLRQHV FRPR LQWHQWR GH UHVSXHVWD \ OD SULPHUD GH HOODV VH SHUILOD KDFLD HO
FRQFHSWR GH ,QYHVWLJDFLyQ FRPR HVHQFLD GH OD FLHQFLD PRGHUQD LQYHVWLJDFLyQ
TXHQRLPSOLFDVLQRHOKHFKRGHTXHHOFRQRFHUVHDXWRLQVWLWX\DFRPRSURFHVRHQXQ
GRPLQLR GHO HQWH GH ODQDWXUDOH]DRGH OD KLVWRULDHVGHFLU LPSOLFDOD DSHUWXUDGH
FDPSRV SODQRV VHJPHQWRV HOOR FRPR ELHQ OR DILUPD +HLGHJJHU QR UHILHUH
VRODPHQWHXQ0pWRGRSHURQRREVWDQWHORLPSOLFD3RUTXHHOPpWRGRHVDTXHOORFRQ
ORFXDO HIHFW~RQRVyOROD DSHUWXUDVLQRHO SRVWHULRUDQiOLVLVGH OD PLVPDDTXHOOR
FRQORFXDODWDFRHOSUREOHPDGHILQLUHOSUREOHPDDEULUXQFDPSR\DQDOL]DUORR
LQYHVWLJDUOR QR VRQ OD PLVPD FRVD QL UHTXLHUHQ HO PLVPR HVIXHU]R ODHILFDFLD HQ OD
XWLOL]DFLyQ GH ODV IXHU]DV HO PHMRU UHQGLPLHQWR HVWLPDGR SDUD HO PRPHQWR GH OD
DFFLyQ VRQ WDPELpQ XQ SXHQWH HQWUH DPERV HQ FXDOTXLHU FDVR SDUD ORJUDU XQ




UHSOLHJXHGHVGHHOSURFHVRFRJQRVFLWLYRKDFLDRFRQHOFDPSRDELHUWRHVQHFHVDULRHO
ULJRU GH PRGR WDO TXH HVER]DGR HO SODQR \ GHWHUPLQDGR HO ULJRU VH JDUDQWL]D HO
SURFHGHUGHQWURGHOGRPLQLRGHOVHUGHXQFDPSRGHREMHWRV
(V DTXt HQ WRUQR VLHPSUH DO FRQFHSWR GH FLHQFLD GRQGH HQWUD HQ MXHJR OR
PDWHPiWLFR FRPR DTXHOOR PHGLDQWH OR FXDO VH GHFLGH GH DQWHPDQR DOJR FRPR \D
FRQRFLGR \ HQ HVD FDOLGDG GH \D FRQRFLGR TXHGD VXEVXPLGR SRU OD YLUWXG
PDWHPiWLFD GHQWUR GH ODV FDWHJRUtDV GH HVSDFLRWLHPSR 2WUR GDWR OR PDWHPiWLFR
DSRUWD VLHPSUH SHUR WDPELpQ SLGH VLHPSUH H[DFWLWXG (V HQ WRUQR D OR PDWHPiWLFR
FRPRKHUUDPLHQWD\PpWRGRHQGRQGH'HVFDUWHVDYHQWDMDD%DFRQTXHVHGHGLFDFDVL
H[FOXVLYDPHQWH \ FRQ XQD DFWLWXG PX\ SURSLD GHO rWKRV UHQDFHQWLVWD D OD +LVWRULD
1DWXUDO QR REVWDQWH VH YHUi PiV DGHODQWH FyPR KD\ SXQWRV GH FRQWDFWR HQWUH
DPERVVLELHQHQSDUWHODVFLWDVLQLFLDOHVGHODFiSLWHKDEODQSRUVtVRODV$XQTXHYDOH
SDUD DPERV OD DILUPDFLyQ KHLGHJJHULDQD GH TXH OD LQYHVWLJDFLyQ GH KHFKRV HQ HO
GRPLQLRGHODQDWXUDOH]DHVHQVtHOHVWDEOHFLPLHQWR\REVHUYDQFLDGHUHJOD\OH\
%DFRQHVDXQORVXILFLHQWHPHQWHUHDOLVWDFRPRSDUDFRQILDUOXHJRGHHOLPLQDGRVORV
FXDWURGRORVHQTXHHOKRPEUHSXHGHFDSWDUHVSHFXODUPHQWHODQDWXUDOH]DWDO\FRPR
HOODHVHQVXVPiVSURIXQGRVVHFUHWRVFRQTXLVWiQGRODGHVQXGD\VLQYHORVSDUDUHFLpQ
DSDUWLUGHDOOtHIHFWXDUODLQGXFFLyQTXHDUULEDDORVD[LRPDVROH\HVRORTXHHVOR
PLVPRGHVKXPDQL]iQGRVHHOKRPEUHVXSULPLHQGRWRGRVORVtGRORVTXHSHUYLHUWHQ\
DWHQWDQ FRQWUD OD FDSDFLGDG FRJQRVFLWLYD HQ XQD SULPHUD LQVWDQFLD SXHGH OXHJR
REVHUYDUDODQDWXUDOH]DFRQRMRVLPSROXWRV\WUDQVSDUHQWHV\GHVHQUHGDUVXRYLOORSRU
OD YtD GH OD REVHUYDFLyQ \ H[SHULPHQWDFLyQ LQVWUXPHQWDO FX\R ILQ HV GHVFULELU ODV
FDXVDV \IXHU]DVVHFUHWDVLQFOXVRODVHVHQFLDVTXHQRVRQRWUDFRVDTXHODVOH\HVR
D[LRPDV REWHQLGRV SRU LQGXFFLyQ LQFRPSOHWD DTXt OD GLIHUHQFLD FRQ 'HVFDUWHV HV
FDEDO SXHV GRQGH %DFRQ REWLHQH OH\HV \ D[LRPDV GHVGH OD QDWXUDOH]D GHVFDO]D
'HVFDUWHV ORV REWLHQH KDFLD R SDUD GHFLUOR FRQ ODV UHFLpQ FLWDGDV SDODEUDV GH
+HLGHJJHUHOLQYHVWLJDUHVHQVtPLVPRXQLPSRQHUUHJOD\OH\(OXQRODVGHVFXEUH
HQODQDWXUDOH]D\GHDKtVXUHDOLVPRRPDWHULDOLVPRVLVHSUHILHUHHORWURSRUHO
SURSLR MXHJR GHO VROLSVLVPR GHO VXMHWR DPERV FRPSDUWHQ VHJ~Q SDUHFH OD
GHVKXPDQL]DFLyQSDUDQLQJXQRGHORVGRVTXLHQFRQRFHHVSURSLDPHQWHHO+RPEUH




$KRUDELHQ YROYLHQGRDO DQiOLVLVGHOD ItVLFD PRGHUQDDSXQWD +HLGHJJHUTXH

VyORSRUTXHODItVLFDPRGHUQDHVPDWHPiWLFDHVHQFLDOPHQWHSXHGHVHUH[SHULPHQWDO
DTXt \DVHKDSDVDGRDOSODQRSUiFWLFRTXHVXSRQHODH[SHULPHQWDFLyQHQWDQWRTXH
pVWD LPSOLFD OD HMHFXFLyQ OD FXDO QR REVWDQWH HVWi VRSRUWDGD \ GLULJLGD SRU OD OH\
WRPDGDFRPRIXQGDPHQWR3HURVHRSHUDXQDVXHUWHGHGLDOpFWLFDHQODTXHVHSDUWHGH
XQD OH\ IXQGDPHQWDO \ VH DUULED D OD FRQILUPDFLyQR QR GH OD PLVPD 6LQ HPEDUJR
'HVFDUWHVFRPRVHGLMRSDUWHGHLGHDVLQQDWDVYHUGDGHVLPSOtFLWDVHQHOVXMHWR \D
SDUWLUGHODLQWXLFLyQLQWHOHFWXDOSULQFLSLRVHYLGHQWHVSRUVtPLVPRVSRUHOVyORKHFKR
GHVHUHOKRPEUHXQVXMHWRSHQVDQWHUHVFRJLWDQV\DSDUWLUGHORVFXDOHVHIHFW~DSRU
GHGXFFLyQQXHYRVFRQRFLPLHQWRVHQFDPELR%DFRQSLGHHOPpWRGRLQGXFWLYRSDUWLU
GH ORV KHFKRV UHPRQWDUVH D OH\HV GH PRGR SURJUHVLYR \ VLQ VDOWRV KDVWD SULQFLSLRV
PiVJHQHUDOHV\OXHJRYROYHUDGHVFHQGHUSDUDFRQILUPDUORVSHULyGLFDPHQWH3HVH
DWRGDVODVGLIHUHQFLDVPHWRGROyJLFDV\RSHUDWLYDVHQWUHDPERVDXWRUHVFRPSDUWHQXQ
HVStULWXXQDYROXQWDGXQDLQWHQFLyQ\rWKRVTXHTXHGDSHUIHFWDPHQWHFDUDFWHUL]DGR
SRU HO WH[WR GH +HLGHJJHU FRPR SURSLR GH OD PRGHUQLGDG OD UHODFLyQ WpFQLFD \
FLHQWtILFDHQWUHHO6XMHWR\2EMHWRQRFLRQHVTXHDXQTXHVLQFRUUHVSRQGHUVHFRQODVGH
+RPEUH\1DWXUDOH]DQRREVWDQWHVLUYHQSDUDSHQVDUORHVHQFLDOGHWDOpSRFDHQWRUQR
DVXWHRUtD\SUk[LV
(Q GHILQLWLYD VH WUDWD GH XQD UHFRQILJXUDFLyQ GHO PXQGR GH XQD
UHFDWHJRUL]DFLyQ GHO SXHVWR GHO KRPEUH \ VXV GHVHRV SXHV DVt FRPR HQ +REEHV XQ
(VWDGR /HYLDWiQ FRHUFLWLYR TXH LQFOXVR SXHGH OOHJDU D ILVFDOL]DU TXp LGHDV VH
LPSULPHQ \ FXiOHV QR SRU DWHQWDU FRQWUD HO SRGHU GHO VWDWXV TXR QHFHVLWD KDEHU
SUHHVWDEOHFLGRXQKRPEUHSDVLRQDOXQKRPEUHORERKRPRKRPLQLOXSXVRGLFKR
GH PRGR VLPSOH GLPH TXp FUHHV TXH HV HO KRPEUH \ WH GLUp TXp FODVH GH (VWDGR
SUHILHUHVDVtWDPELpQHQWRUQRDODFLHQFLDHOKRPEUHQHFHVLWyFRQFHELUVHWDOHVR
FXDOHV PRGRV GH H[SHULPHQWDU GH FRQFHELU OD UHDOLGDG \ DXQ PiV D Vt PLVPR 'H
PRGR TXH OR SURSLR GH OD FLHQFLD \ OD LQYHVWLJDFLyQ PRGHUQD QR HV VyOR VX UDVJR
SUHGRPLQDQWHPHQWH PDWHPiWLFR VLQR TXH SRUTXH VX UDVJR HV SUHGRPLQDQWHPHQWH
PDWHPiWLFR \ OyJLFR VX FLHQFLD \ VX H[SHULPHQWDFLyQ QR VH OLPLWDQ D VHU XQD
 


&I%DFRQ)1RYXP2UJDQXP%XHQRV$LUHV(GLWRULDO/RVDGD/LEUR,



REVHUYDFLyQPiVH[DFWDHQPDWHULDGHJUDGR\DOFDQFHVLQRTXHHVHOSURFHGLPLHQWR
GH FRQILUPDU XQD OH\ HQ HO PDUFR GH XQ HVER]R H[DFWR GH OD QDWXUDOH]D \ D VX
VHUYLFLR
/R OyJLFRPDWHPiWLFR DSRUWD OR ILUPH H LQFRQPRYLEOH SRUTXH DVt OR HV
WDPELpQ HO VXMHWR PRGHUQR FRPR IXQGDPHQWXP \ OR H[SHULPHQWDO ORSUR\HFWLYR
LPSOLFDQ OD VXFHVLYD DFXPXODFLyQ GH VHGLPHQWRV GH H[SHULHQFLDV \ UHVXOWDGRV
SUiFWLFRV HV OR TXH VH KD OODPDGR 3URJUHVR 'H DKt TXH +HLGHJJHU DILUPH HO
FRQRFHU FRPR LQYHVWLJDFLyQ WLHQH HQ FXHQWD OR H[LVWHQWH SDUD VDEHU FyPR \ KDVWD
GyQGH SXHGH SRQHUVH pVWH D GLVSRVLFLyQ GHO UHSUHVHQWDU >SXHV@ VyOR DTXHOOR TXH GH
HVWDVXHUWHVHFRQYLHUWHHQREMHWRHVVHWLHQHSRUH[LVWHQWH+HDTXtGRQGHDSDUHFHHO
FRQFHSWRFODYHGHOD0RGHUQLGDGTXHIRUPDHOSDQWHyQMXQWRFRQHOGHVXMHWRREMHWR
HWFODQRFLyQGHUHSUHVHQWDFLyQ
(VWHFRQFHSWRDOLJXDOTXHODSULPDFtDGHORPDWHPiWLFRTXHORTXHFDWDSXOWDD
'HVFDUWHVKDFLDHOWtWXORGHSDGUHGHODpSRFDPRGHUQDQRDVtSDUD)HXHUEDFKTXH
QRGXGDHQRWRUJDUOHODFRURQDD%DFRQVtSDUD+HLQULFK+HLQHTXHQRREVWDQWH\
SRU FLWDU D XQ SRHWDILOyVRIR UHFKD]D D %DFRQ SRU 'HVFDUWHV HQ &RQWULEXFLyQ D OD
KLVWRULD GH OD UHOLJLyQ \ OD ILORVRItD HQ $OHPDQLD  $ MXLFLR GH +HLGHJJHU
VyORFXDQGROD9HUGDGLPSOLFDFHUWLGXPEUHFODULGDG\GLVWLQFLyQKHPRVOOHJDGRDOD
FLHQFLD FRPR LQYHVWLJDFLyQ SURSLDPHQWH GLFKD SHUR HVD FHUWLGXPEUH HV XQD
FHUWLGXPEUHGHOUHSUHVHQWDU(QHVWHSXQWRKD\TXHUHWRPDUODDVHYHUDFLyQSULQFLSDO
TXH IRUPXODED \ DFDVR WDPELpQ GHQXQFLDED \ GHYHODED XQD VLJQLILFDFLyQ
PHWDItVLFD HQ WRUQR D OD PRGHUQLGDG OD VLJQLILFDFLyQ DOXGH DKRUD DO FRQFHSWR GH
VXMHWRK\SRNpLPHQRQ\VXGLVRFLDFLyQGHOFRQFHSWRGH+RPEUHTXHVHFRPHQWyPiV
DUULED GLFKD VLJQLILFDFLyQ PHWDItVLFD GHO FRQFHSWR GH VXMHWR QR WLHQH DO SULQFLSLR
QLQJXQDUHIHUHQFLDPDUFDGDFRQHOKRPEUH\PHQRVFRQHO\R3HURFXDQGRHOKRPEUH
SDVDDVHUHOVXMHWRSULPHUR\SURSLDPHQWHGLFKRHVRVLJQLILFDHOKRPEUHSDVDDVHU
DTXHO H[LVWHQWH HQ HO FXDO VH IXQGD WRGR OR H[LVWHQWH D OD PDQHUD GH VX VHU \ GH VX
YHUGDG<SDUDTXHHVWRVXFHGDHPSHURHVQHFHVDULRTXHVHSURGX]FDWDPELpQXQD
WUDQVIRUPDFLyQRWUDVWURFDPLHQWRGHODFRQFHSFLyQGHORH[LVWHQWH
 



&I+HLQH+2EUDV%DUFHORQD9HUJDUD



(QTXpKDGHWUDVWRFDUVHSXHVODFRQFHSFLyQGHORH[LVWHQWH"+HLGHJJHUQRV
ORGHVFXEUHHQ,PDJHQQRHQWDQWRFRSLDVLQRHQWDQWRHVWDUDOWDQWRGHDOJRR
OR TXH YLHQH D VHU OR PLVPR HO DVXQWR PLVPR HV WDO FRPR HV SDUD QRVRWURV DQWH
QRVRWURV 7RGR VH HIHFW~D SRU XQ PLVPR PRYLPLHQWR HO PXQGR DGTXLHUH XQD
LPDJHQVHWRUQDpOPLVPRLPDJHQVL\VyORVLKD\XQVXMHWRIXQGDPHQWDO\DODYH]
pVWH QR SXHGH VLQR UHODFLRQDUVH FRQ LPiJHQHV HVWR HV FRQ ILQHV FRJQRVFLWLYRV \
SRUWDQWRFLHQWtILFRV'HDKtTXHLPDJHQTXHGHGHILQLGDWDPELpQFRPRKHFKXUDGHO
HODERUDU UHSUHVHQWDGRU (Q OD $GGHQGD  VH DPSOtDQ WRGDYtD PiV ODV QRFLRQHV GH
VXEMHFWXP FRPR IXQGDPHQWXP DEVROXWXP TXH GHVFDQVD HQ Vt PLVPR DVt FRPR OD
QRFLyQ GH UHSUHVHQWDFLyQ HQ FXDQWR JDUDQWtD GH OR H[LVWHQWH HQ YLUWXG GHO FiOFXOR
SXHVWR TXH VyOR OD FDOFXODELOLGDG JDUDQWL]D GH DQWHPDQR \ FRQVWDQWHPHQWH TXH VH
WHQJDODFHUWLGXPEUHGHORTXHVHTXLHUHUHSUHVHQWDU\HVHFDOFXODUGHOUHSUHVHQWDU
WLHQHFRPRHFXDFLyQIXQGDPHQWDOPHFRJLWDUH PHHVVH\FRJLWDWLRLPSOLFDQRVyOR
HOiPELWRGHODUDWLRVLQRWDPELpQODYROXQWDV\HODIIHFWXVHQWDQWRIXQGDGRVHQHO
SHQVDUGHODFRQFLHQFLD
)LQDOPHQWH \ DQWHV GH FRQFOXLU FRQ HO SUHVHQWH WH[WR WRGDYtD HQ OD $GGHQGD
 KD\ TXH UHFXSHUDU XQ SiUUDIR TXH DEUH ODV SXHUWDV D ODV FRQVLGHUDFLRQHV GH /D
SUHJXQWDSRUODWpFQLFD\TXHDGHPiVHQWUDHQUHODFLyQFRQODVFLWDVFDSLWDOHVGHHVWD
VHFFLyQHOPHQFLRQDGRSiUUDIRDILUPDXQSRFRWHQHEURVDPHQWHGHVHJXURHQYLUWXG
GH OD pSRFD \ HO SiWKRV DOHPiQ HQ  TXH HQ HO LPSHULDOLVPR SODQHWDULR GHO
KRPEUH WpFQLFDPHQWH RUJDQL]DGR OOHJD D VX SXQWR GH DSRJHR HO VXEMHWLYLVPR GHO
KRPEUH SDUD OXHJR HVWDEOHFHUVH H LQVWDODUVH HQ OD OODQXUD GH OD XQLIRUPLGDG (VD
XQLIRUPLGDGSDVDUiOXHJRDVHUHOLQVWUXPHQWRPiVVHJXURGHODGRPLQDFLyQFRPSOHWD
HV GHFLUWpFQLFD VREUH OD WLHUUD /D OLEHUWDG PRGHUQD GH ODVXEMHWLYLGDGVH GLVXHOYH
FRPSOHWDPHQWHHQODREMHWLYLGDGTXHOHHVFRQIRUPHD
1RV EDVWD FRQ FRQWHPSODU ODV FLWDV FDSLWDOHV GH %DFRQ  \ 'HVFDUWHV
DOOtVHSXHGHQYHUORVGHVHRVGH%DFRQSODVPDGRVHQVXLQDFDEDGDXWRStD
 



<DXQ6KDNHVSHDUHDOOtGRQGHGHFtDPRVTXH&LHQFLD0RUDO\(FRQRPtDVHLGHQWLILFDEDQHQWUHVtTXHHQ
ODLQYHVWLJDFLyQFLHQWtILFDWHQHPRVODVRVSHFKDGHTXHHOGHVWLQRVDOXEUHGHOKRPEUHGHSHQGtDGHODFDQWLGDG
GH GLQHUR SXHVWD SRU OD (PSUHVD FX\R HXIHPLVPR HV VSRQVRU R SRU HO (VWDGR FRPR *UDQ (PSUHVD FX\R
HXIHPLVPRHVVXEVLGLRHQUHIHUHQFLDDOVDOWRLQGXFWLYRGHOWHVWHRHQDQLPDOHVKDVWDODDSOLFDFLyQILQDOHQHO



GH(VWDGROODPDGD1HZ$WODQWLVGHVFULEHWRGDXQDVHULHGHLQYHQWRVTXHDXQTXHQR
H[LVWtDQVtH[SUHVDQVXVSURSLRVLQWHUHVDVPiVtQWLPRVIXHJRV TXHVXEVLVWHQEDMRHO
DJXDDSDUDWRVSDUDYLDMDUEDMRHODJXD\D/HRQDUGRKDEtDPHQWDGRXQDVXHUWHGH
VXEPDULQRPiTXLQDVGHWRGRWLSRDUWHVPHFiQLFDVTXHHOUHVWRGHODKXPDQLGDG
LJQRUD LQVWUXPHQWRV PXVLFDOHV FRQ VRQLGRV QXHYRV \ GHVFRQRFLGRV IHQyPHQRV
QDWXUDOHV GH WRGR WLSR UHSURGXFLGRV DUWLILFLDOPHQWH HWF $Vt WDPELpQ YHPRV DOOt
H[SUHVDGRDFDVRHOPiVLQFUHtEOH\WHUULEOHODPDQLSXODFLyQGHODYLGDTXHVHREWLHQH
XQDYH]TXHVHKDSHQHWUDGRHQHOVDQWXDULRVHFUHWRGHODQDWXUDOH]DHQODFDXVDGH
WRGDV ODV FRVDV \ ORV PRYLPLHQWRV SHUR DXQTXH HOOR VHD FRQGLFLyQ SDUD OD YLVLyQ
LQVWUXPHQWDO \ WpFQLFD GHO PXQGR QR HV HO IRQGR GH OD FXHVWLyQ SXHV /XFUHFLR
SUHWHQGtD VDEHU GH UHUXP QDWXUD WHQHU XQD \ PiV GH XQD H[SOLFDFLyQ \ UD]yQ SDUD
WRGDVODVFRVDVGHODQDWXUDOH]D\VLQHPEDUJRQDGDGHORTXH%DFRQDxRUDSDVySRU
VXPHQWH
3HUR %DFRQTXLHUH UHDOL]DU WRGDVODV FRVDVSRVLEOHVTXLHUHGRPLQDUOD YLGD
PLVPD]RpTXLHUHFRQWURODUODHVWUXFWXUDLQWHUQDGHOFXHUSRKXPDQR\DQLPDOWRGRV
ORV yUJDQRV TXLHUH FDPELDU FRORUDFLRQHV HVWDWXUDV IXHU]DV SRGHUHV TXLHUH TXH VH
GHVDUUROOHQ FULDWXUDV SHUIHFWDV GHVGH HO EDUUR GH OD GHVFRPSRVLFLyQ QRWD SDUD HO
DQKHORGH'U)UDQNHQVWHLQ9HDPRVTXHDTXtVHGDHOPLVPRVtQWRPDDFWXDOTXL]iV
HQ HVWH SXQWR QR LPSRUWH GHPDVLDGR VL GHVFRQRFtD HO FDPSR GH OD PDWHPiWLFD \ OD
JHRPHWUtD VL QR HVWDED DO WDQWR GH ODV GLVFXVLRQHV HQWUH .HSOHU \ *DOLOHR DTXt VH
HYLGHQFLDDOJRHQHOTXHUHUPLVPR4XHUHUDQKHODUSURIXQGDPHQWHSRGHUGRPLQDUOD
YLGD HO Pi[LPR PLVWHULR GH OD QDWXUDOH]D SHUVHJXLGR SRU WRGRV ORV DOTXLPLVWDV
    
KRPEUHTXHGHEtDUHJLUVH SRUGHFLVLRQHVH[WUDPRQHWDULDV$FDVR6KDNHVSHDUH QRYLRWDPELpQHOPLVPR
VtQWRPD HQ VXV FRHWiQHRV pO TXH WDPELpQ KDEUi WHQLGR TXH OLGLDU H[WUDxRV FRQWUDWRV FRQ VXV VSRQVRUV"
%DVWDUHFRUGDU(OPHUFDGHUGH9HQHFLDHVFULWRHQ\HGLWDGRHQWRGDYtDYHLQWLVLHWHDxRVDQWHVGH
ORV GHVHRV GH %DFRQ DTXt VH YH OD PLVPD IXVLyQ HQWUH eWLFD \ (FRQRPtD %DVVDQLR SLGH D 6K\ORFN XQ
SUpVWDPR GH WUHV PLO GXFDGRV SRU WUHV PHVHV \ pVWH DFHSWD RWRUJiUVHORV SRUTXH FRQVLGHUD D $QWRQLR XQ
KRPEUH KRQUDGR PDV DO FUHHU %DVVDQLR TXH VH WUDWDED GH XQD LURQtD IXHU]D D 6K\ORFN D GHYHODU VX
LGHRORJtD PRGHUQD >6K\ORFN@ $K QR QR QR QR $O GHFLU TXH HV XQ KRPEUH KRQUDGR >D JRRG PDQ@
TXLVHTXHHQWHQGLHUDVTXHSDUDPLHVVROYHQWH>VXIILFLHQW@FI$FWR,(VF,,,YY&UHRILQDOPHQWH
TXH VX FRQWHPSRUiQHR &KULVWRSKHU 0DUORZH YLR HO PLVPR VtQWRPD TXH TXL]i VHD HO TXH FRQILJXUD OD
0RGHUQLGDGHQVX)DXVWR

&IVLQHPEDUJR%DFRQ)(QVD\RVVREUHPRUDO\SROtWLFD0p[LFR81$0S
SDUDODSDUDGRMDOUHIHUHQFLDDTXHHQHOSHULRGRGHFDGHQWHGHODVQDFLRQHVJR]DKRQRU\SUHIHUHQFLDODV
DUWHVPHFiQLFDV\HOFRPHUFLR



KHUHMHVGHWRGRVORVWLHPSRVpVDHVODSUREOHPiWLFDWREHRUQRWWREHSHURWDPELpQ
KRZWREHE\DUW
'HVFDUWHVSDUHFHKDEHUDUUDQFDGRHOFDPLQRSRUYtDLQYHUVDSXHVUHFLpQDOILQDO
GHO'LVFXUVRH[SUHVDVLPLODUHVGHVHRVGHFRQYHUWLUDOKRPEUHHQGXHxR\SRVHHGRUGH
ODQDWXUDOH]DVHSURPHWHQRREVWDQWHGHGLFDUVHDOHVWXGLRGHODQDWXUDOH]DKXPDQD
ODPHGLFLQD\ODItVLFD'HFXDOTXLHUPRGR\DHQOD4XLQWD3DUWHGHO'LVFXUVRDWLVED
OD QRFLyQ WtSLFD GHO PHFDQLFLVPR TXH FRQVLGHUD D KRPEUHV \ DQLPDOHV FRPR XQD
PiTXLQD YLYD GH VXHUWH WDO TXH VL DOJXLHQ QRV SUHVHQWDUD XQ DQLPDOPiTXLQD XQ
URERW DO QR WHQHU OHQJXDMH QL FRQVFLHQFLD QR ORJUDUtDPRV UHFRQRFHU TXH VRQ
DUWLILFLRV\QRKLMRVGHODQDWXUDOH]DVLKXELHUDPiTXLQDVWDOHVTXHWXYLHUDQyUJDQRV
\ OD ILJXUD GH XQ PRQR R FXDOTXLHU RWUR DQLPDO LUUDFLRQDO QR WHQGUtDPRV PHGLR
DOJXQRSDUDUHFRQRFHUTXHODPiTXLQDVQRHUDQH[DFWDPHQWHGHODPLVPDQDWXUDOH]D
TXH HVWRV DQLPDOHV \ WRGDYtD PiV SXHVWR TXH ORV yUJDQRV GHO FXHUSR VRQ HQ
GHILQLWLYD FRQ WRGRV VXV KXPRUHV ORV TXH GH DOJXQD PDQHUD FRQIRUPDQ HO FDUiFWHU
GHO KRPEUH \ VX LQJHQLR \ HQ HVWR VH DFHUFD VRUSUHQGHQWHPHQWH D ORV OODPDGRV
PRUDOLVWDV IUDQFHVHV 0RQWDLJQH /D 5RFKHIRXFDXOG /D %UX\HUq TXH SRQHQ DO
FXHUSR \ D ODVSDVLRQHV FRPR FRQIRUPDGRUHVSULPRUGLDOHVGHOFDUiFWHU PRUDODQWHV
TXH OD FRQFHSFLyQ TXH KDFH SURYHQLU D OD PRUDO GHVGH OD IUtD OH\ GH OD UD]yQ VL
TXLVLpUDPRVKDFHUDOKRPEUHPiVVDELR\PiVKiELOGHEHUtDPRVWHQHUTXHGHVDUUROODU
WRGDYtD PiV HO FRQFHSWR GH OD PHGLFLQD SDUHFH SXHV TXH HO DFUHFHQWDPLHQWR GHO
LQJHQLR \ OD KDELOLGDG DTXt QR VH ORJUD FRQ XQD PD\RU FDQWLGDG GH LQVWUXFFLyQ \
HGXFDFLyQSXHVQRVHTXLHUHVDEHUPiVVLQRVHUPiVHQHOiPELWRGHORFXDOLWDWLYR
GH DKt OD QHFHVLGDG GH GHVDUUROODUOR HQ HOFDPSR GH OD 0HGLFLQD TXH WDPELpQ GHEH
H[SDQGLUVH OR TXH HQ HOOD VH VDEH HV FDVL QDGD VL VH FRPSDUD FRQ OR TXH WRGDYtD
TXHGDSRUVDEHU
%DFRQ \ 'HVFDUWHV VRQ GRV FDPLQRV GLVWLQWRV ILORVyILFDPHQWH KDEODQGR GH
DERUGDUXQDPLVPDSUREOHPiWLFDHQODSUk[LVSDUWHQGHVXSXHVWRVGLVWLQWRVSHURHQ
VXV REUDV OOHJDQ D HYLGHQFLDU XQ PLVPR TXHUHU TXH HV PHQHVWHU DQDOL]DU FRPR
 



&I'HVFDUWHV5'LVFXUVRGHOPpWRGR0DGULG7HFQRV



VtQWRPDGHORFDUDFWHUtVWLFRGHOD0RGHUQLGDG%DFRQSRUVXSDUWHWDPELpQH[LJHXQ
QXHYR PpWRGR \ DXQTXH OD PDWHPiWLFD VHD DX[LOLDU GH OD ItVLFD \ QR OR
SULPRUGLDOSODQWHDHQYLUWXGGHVXGHGLFDFLyQ\DILFLyQDORVH[SHULPHQWRVWRGRXQ
KRUL]RQWHGHSRVLELOLGDGHVHQORTXHDWDxHDODItVLFDODPHGLFLQD\ODILVLRORJtDFRQ
XQ OHQJXDMH \ XQD H[SUHVLyQ TXH QRV UHFXHUGD LQFOXVR OD SUREOHPiWLFD DFWXDO GH OD
FORQDFLyQ \ OD PDQLSXODFLyQ GH OD JHQpWLFD 6HUtD WHUULEOH HPSUHVD OD GH TXHUHU
SURGXFLU QXHYDV HVSHFLHV SHUR YDULDU ODV HVSHFLHV FRQRFLGDV \ SURGXFLU SRU HVWH
PHGLRIHQyPHQRVH[WUDRUGLQDULRVHLQDXGLWRVHVFRVDEDVWDQWHPiVIiFLO\VHQFLOOD6H
SDVDFRQIDFLOLGDGGHORVPLODJURVGHODQDWXUDOH]DDORVPLODJURVGHODUWH
7DOHV IHQyPHQRV LQDXGLWRV VRQ ODV GHVYLDFLRQHV GH OD QDWXUDOH]D TXH D VX
MXLFLR VRQ PXFKR PiV ~WLOHV SDUD OD SUiFWLFD SRU HMHPSOR ODV PDOIRUPDFLRQHV ODV
GHIRUPLGDGHVDEHUUDFLRQHVIRUWXLWDVGHODQDWXUDOH]DSXHVWDPELpQVHDSUHQGHGH
ORV HUURUHV ODV IDOVDFLRQHV 8QD YH] TXH VH KD SUHGHWHUPLQDGR TXH KD\ XQD
UHDOLGDGGHODVFRVDVSXHGHOXHJRSHQHWUDUVHHQHOODGHVFXEULUODVSRWHQFLDVGH
ORVFXHUSRVDVtFRPRVXVDFWRV\OH\HV\GHOPLVPRPRGRQDGDLPSLGHGDUXQ
SDVRPiVKDFLDODWUDQVIRUPDFLyQPLVPDKDFLDHOKDFHUTXHHVDUHDOLGDGUHVSRQGDD
PLV SURSLRV GHVHRV ([LVWH HQ UHDOLGDG XQ PHGLR GH WUDQVIRUPDU ORV FXHUSRV
REUDQGR VREUH VXV SDUWHV PiV SHTXHxDV HQ VXV ~OWLPDV PROpFXODV GH FDPELDU VX
WHMLGR PiV GHOLFDGR LPSRQLpQGROH RWUR" 1DGD KDVWD KR\ QRV SHUPLWH UHVSRQGHU
 


+D\TXHQRWDUQRREVWDQWHTXHHQVXREUD'HODGHODQWR\SURJUHVRGHODFLHQFLDGLYLQD\KXPDQD
%DFRQLQWURGXFHDQWHVTXH'HVFDUWHVDOD0HGLWDFLyQ\OD'XGDFRPRDFWLWXGHVILORVyILFRFLHQWtILFDVDXQTXH
FLHUWDPHQWHQROHEULQGDHOWUDWDPLHQWR\GHVDUUROORTXH'HVFDUWHVHVGHFLUQRLQVWDODODGXGDFRPR0pWRGR
DXQTXHVtODGXGD\GHUUXPEDPLHQWRGHODVWUDGLFLRQHVDVtFRPRODGXGDKDFLDORVVHQWLGRV\ORVSURSLRV
SUHMXLFLRVYJUORVFXDWURtGRORVQRGXGDHQQLQJ~Q PRPHQWRQLHQVHULR QLFRPRDUWLILFLR GHOPXQGR
PLVPRDVtRFXUUHFRQODPHGLWDFLyQVLXQKRPEUHFRPLHQ]DSRUODFHUWLGXPEUHFRQFOXLUiHQODGXGDPDV
VLVHFRQIRUPDDOFRPHQ]DUFRQODVGXGDVWHUPLQDUiHQODFHUWLGXPEUHFI'HODGHODQWR\SURJUHVRGHOD
FLHQFLDGLYLQD\KXPDQD%XHQRV$LUHV(GLWRULDO/DXWDUR/LEUR,S

 &I 1RYXP 2UJDQXP ,  SDUD SHQHWUDU HQ ORV VHFUHWRV \ HQWUDxDV GH OD QDWXUDOH]D HV SUHFLVR TXH
WDQWR ODV QRFLRQHV FRPR ORV SULQFLSLRV VHDQ DUUDQFDGRV GH OD UHDOLGDG SRU XQ PpWRGR PiV FLHUWR \ PiV
VHJXUR

 &I RS FLW ,,  >HO HVStULWX GHEH GHMDU@ OR P~OWLSOH SRU OR VLPSOH OR LQFRQPHQVXUDEOH SRU OR
FRQPHQVXUDEOHORLQGHWHUPLQDGRSRUORFDOFXODEOHORLQGHILQLGR\ORYDJRSRUORGHWHUPLQDGR\ORGHILQLGR
FRPR DFRQWHFH HQ ORV HOHPHQWRV GH ODV OHWUDV \ GH ORV WRQRV GH ORV DFRUGHV /DV LQYHVWLJDFLRQHV QDWXUDOHV
FRQGXFHQ D XQ FRQRFLPLHQWR SHUIHFWR < ODV PDWHPiWLFDV YLHQHQ D FRPSOHWDU \ WHUPLQDU ORV WUDEDMRV GH OD
ItVLFD

&IRSFLW,,

&ID~QRSFLW,,(VSUHFLVRKDFHUXQDFRPSLODFLyQ\XQDKLVWRULDQDWXUDOSDUWLFXODUGHWRGRVORV
PRQVWUXRV\FUHDFLRQHVSURGLJLRVDVGHODQDWXUDOH]DGHWRGDVODVQRYHGDGHVUDUH]DV\H[WUDYDJDQFLDV

&IRSFLW,,



DILUPDWLYDPHQWHDHVWDJUDQSUHJXQWD6LHOKRPEUHFRQTXLVWDVH DOJ~QGtDWDOSRGHU
HIHFWXDUtDWRGDVODVWUDQVIRUPDFLRQHVSRVLEOHV\VHYHUtDDQXHVWUDLQGXVWULDSURGXFLU
HQSRFRWLHPSRORTXHODQDWXUDOH]DQRDFDEDVLQRGHVSXpVGHPLOURGHRV\GHVSXpVGH
XQODUJRSHUtRGR7RPDGRXQSRFRDODOLJHUDSRGUtDSDVDUSRUODVDOXFLQDFLRQHV
GHXQDOTXLPLVWDPXFKRVKDEtDHQVXpSRFDLQFOXVRWRGDYtDHVHVWHPLVPRHVStULWX
HOTXHUHVXHQDDOFRPLHQ]RGHO)DXVWRJRHWKHDQR\WRGDYtDOXHJRFXDQGRVHIDEULFD
HOWDQIDPRVRKRP~QFXORGHORVDOTXLPLVWDVGHXQ$JULSSDRXQ3DUDFHOVRVLQ
HPEDUJR \D VH YLR DWLVEDGR DOJR GH HVWR HQ 'HVFDUWHV PLVPR (O SUREOHPD GHO
FRQWUROVREUHODYLGDPLVPDSDUHFHXQDSUHRFXSDFLyQFRP~QHQHOQDFLPLHQWRGHOD
FLHQFLDPRGHUQDTXL]iVD~QKR\TXHQRVHVDEHVLHVVXFXOPLQDFLyQRVXRFDVR
\ WRGDYtD FRPSDUWH HO SUREOHPD GH OD YHMH] FRQ QRVRWURV TXH WDPELpQ TXLVLpUDPRV
VHU SRUTXH QRV GLFHQ TXH GHEHUtDPRV VHU FRPR ORV JULHJRV HWHUQRV QLxRV
VHJ~Q GHFtD XQ VDFHUGRWH HJLSFLR D 6ROyQ HQ HO 7LPHR SODWyQLFR DKRUD ELHQ VL HV
FLHUWRTXHHOIHQyPHQRGHODYLGDFRQVLVWHHQODDVLPLODFLyQGHFXHUSRVKRPRJpQHRV
ODPXHUWHHVHOLPSHGLPHQWRGHGLFKDVLWXDFLyQSHURHVWDWHQGHQFLDDODDVLPLODFLyQ
HV FRQWUDULDGD >@ SRU GLIHUHQWHV REVWiFXORV FXiOHV VRQ HVRV REVWiFXORV" GH TXp
PHGLRVSRGHPRVYDOHUQRVSDUDVXSULPLUORV"&XHVWLRQHVVRQpVWDVGHOPiVDOWRLQWHUpV
SRUTXHGHVXVROXFLyQGHSHQGHHODUWHGHUHVWDXUDUODYHMH]
/DPLVPDUHIHUHQFLDDSDUHFHGHPRGRVXFLQWR\SDVDMHURHQOD4XLQWD3DUWHGHO
'LVFXUVR FDUWHVLDQR SHUR WDPELpQ HQ RWUD XWRStD GH (VWDGR /D FLXGDG GHO 6RO GH
&DPSDQHOOD  DOOt GHO PLVPR PRGR VH WRFD HO SUREOHPD GHO GHVDUUROOR
Pi[LPR GH ODV FLHQFLDV DVt FRPR GHO FRQRFLPLHQWR PDWHPiWLFRItVLFR WRGRV ORV
FLXGDGDQRVFRQRFHQODVOH\HVLQWUtQVHFDVDODQDWXUDOH]DVDEHQTXpHV'LRVTXpHVOD
QDWXUDOH]D TXp ORV DVWURV HWF YLYHQ QR PHQRV GH FLHQWR FLQFXHQWD DxRV \ PiV
WLHQHQ WDPELpQ XQ VHFUHWR SDUD UHMXYHQHFHU FDGD VLHWH DxRV VLQ GRORU \ FRQ
DGPLUDEOHDUWH
 



&IRSFLW,,
&IRSFLW,,
&I&DPSDQHOOD7/DFLXGDGGHO6RO$SpQGLFHGH/D3ROtWLFDHQ/D3ROtWLFD$OLDQ]D0DGULG
FIWDPELpQDOOtHQVHPHMDQ]DDODXWRStDFLHQWLILFLVWDGH%DFRQKDQGHVFXELHUWRHODUWHGHYRODU~QLFD
FRVD TXH IDOWD DO PXQGR \ HVSHUDQ LQYHQWDU XQ DSDUDWR ySWLFR SDUD YHU ODV HVWUHOODV RFXOWDV \ XQ DSDUDWR
DF~VWLFRSDUDHVFXFKDUODDUPRQtDGHORVPRYLPLHQWRVGHORVSODQHWDV






(VWDHVSHFXODFLyQ\GHVHRTXHTXLVLHUDWUDQVIRUPDUVHHQDFFLyQDFHUFDGH
OD YLGD \ VX UHODFLyQ FRQ OD FLHQFLD ItVLFRPDWHPiWLFD VHJ~Q VH YLR HQ HO DQiOLVLV
KHLGHJJHULDQRVHSODVPDHQXQFDUiFWHUPHWDItVLFRMXQWRFRQXQDQXHYDGLVSRVLFLyQ
GHOFRQRFLPLHQWRDSDUWLUGHXQ6XMHWRGHODUHSUHVHQWDFLyQ\XQREMHWRUHSUHVHQWDGR
SDUD pVWH PDV DXQ FXDQGR VH REVHUYH TXH QL HQ %DFRQ QL HQ &DPSDQHOOD QL HQ
6KDNHVSHDUH SRU VXSXHVWR VH SXHGD DFDVR DERUGDU EDMR HVDV FRQVLGHUDFLRQHV
GLOXFLGDGDVSRU+HLGHJJHUHQDTXpOODFXHVWLyQVtVHSXHGHGHVFXEULUFRPRGHFtDPRV
DQWHVWRGRXQHVSHFWURGHPDQLIHVWDFLRQHVGHGHVHRHQWRUQRDODYLGDODWpFQLFDOD
H[SHULPHQWDFLyQ OD HFRQRPtD TXH VRQ FRPXQHV D HVWH SUHVXQWR SDGUH GH OD
PRGHUQLGDG TXL]i SRGUtD WRPDUVH D OD YLGD FRPR PDWUL] \ YHU FyPR VH OD
FRQVLGHUDFyPRVHODTXLHUHGRPLQDURVRPHWHUFXiOHVHO YDORUTXHVHOHRWRUJDD
HOOD\DVXVPDQLIHVWDFLRQHV\HQWRQFHVDSDUWLUGHDOOtHYDOXDUHVDVSRVLFLRQHVFRPR
VtQWRPDVVLQLPSRUWDUVLVHWUDWDGHILOyVRIRVDQWHULRUHVRSRVWHULRUHVD'HVFDUWHVH
LQFOXVRVLQLPSRUWDUVLTXLHUDVLHOTXHKDEODHVILOyVRIRRSRHWDVLQRVyORTXpKDEOD
DFHUFDGHODYLGD]Rp
(V LQWHUHVDQWH FRQWUDVWDU HVWDVEUHYHV FRQVLGHUDFLRQHV FRQ DOJXQRV SHUVRQDMHV
GH OD OLWHUDWXUD TXH ELHQ SXHGHQ YHQLU D H[SUHVDU \ UHSUHVHQWDU HQ Vt PLVPRV ORV
GHVHRV GH OD FLHQFLD PRGHUQD HQ HOOR DFDVR VH SRGUtD DWLVEDU FXiOHV IXHURQ ODV
H[SHULHQFLDV HSRFDOHV GH VXV DXWRUHV VXVFLWDGDV TXL]i WDQWR SRU OD OLWHUDWXUD
ILORVyILFRFLHQWtILFD FRPR SRU ORV GHVFXEULPLHQWRV R DFRQWHFLPLHQWRV FLHQWtILFRV
PLVPRV 'H DOJXQD PDQHUD VH SXHGHQ WRPDU HVDV SURGXFFLRQHV \ PDQLIHVWDFLRQHV
DUWtVWLFDVFRPRYRFHV\YLVLRQHVVREUHHOSUHVHQWH\HOIXWXURDOJRVLHPSUHKDEOD
DOJR PiV TXH OR TXH VH GLFH SRU GHEDMR \ HQWUH ODV OtQHDV R FXDOTXLHUD VHD OD
PDWHULDXWLOL]DGDODVLQWHUSUHWDFLRQHVVHUiQVLHPSUHGLYHUVDVSXHVVLODEHOOH]DHVWi
FRPRVHGLFHHQORVRMRVTXHODPLUDQDVtWDPELpQODSUREOHPiWLFDVXVFLWDGDHVWiHQ
HO HVSHFWDGRU TXH REVHUYD 0DUVKDO %HUPDQ QRV VXPHUJH HQ XQD LQWHUSUHWDFLyQ
SDUWLFXODUUHVSHFWRGHO)DXVWRGH*RHWKH\HOSUREOHPDGHODFLHQFLD \HOGHVDUUROOR
WpFQLFR LQWHQWDUHPRV YHUOR SDUDOHODPHQWH FRQ /D SUHJXQWD SRU OD WpFQLFD GH
 


eVWDHVODSURSXHVWDQLHW]VFKHDQDHQUDVJRVJHQHUDOHVDOJRGHHOORSXHGHDERUGDUVHHQORVWH[WRV6REUH
YHUGDG\PHQWLUDHQVHQWLGRH[WUDPRUDO\/DJHQHDORJtDGHODPRUDO



+HLGHJJHUSURFXUDQGROXHJRDSRUWDUXQRVEUHYHVFRPHQWDULRVVREUHRWURVSHUVRQDMHV
GHODOLWHUDWXUD
(VPHQHVWHUFRQWLQXDUSXHVFRQODOHFWXUDGHO)DXVWRJRHWKHDQRGH%HUPDQVX
DQiOLVLVUHVSHFWRGHORPRGHUQR\GHOSDSHOGHODWpFQLFDHQORPRGHUQRHQHVSHFLDO
HQ )DXVWR ,, DVt FRPR D OD UHODFLyQ HQWUH HOOR \ HO VHJXQGR WH[WR KHLGHJJHULDQR
VREUHODWpFQLFD(VWHDQiOLVLVQRQRVDOHMDGHODSUREOHPiWLFDTXHDUULEDDERUGiEDPRV
HQ WRUQR D %DFRQ 'HVFDUWHV &DPSDQHOOD \ WRGRV DTXHOORV TXH WRGDYtD KDEUtD TXH
DJUHJDU &DPLQDPRV WRGDYtD SRU OD PLVPD VHQGD HO SUREOHPD GH OD YLGD VX
PDQLSXODFLyQ ODV IXHU]DV TXH HPHUJHQ GH OD PLVPD \ ODV TXH HO KRPEUH KDFH
HPHUJHUGHHOOD
(VWH SHUVRQDMH GH )DXVWR HV XQR GH ORV PiV ULFRV GH OD OLWHUDWXUD \ HO
SHQVDPLHQWR RFFLGHQWDO MXQWR FRQ 'RQ -XDQ QR KD\ DXWRU TXH JRFH GH DOJ~Q
UHQRPEUH TXH QR KD\D GHGLFDGR KRMDV \ UHIOH[LRQHV VREUH DPERV SDUWLHQGR GHO
$QyQLPR GHO VLJOR ;9,  DWULEXLGR D 6SLHVV GHO FXDO HO GH &K 0DUORZH HV
FRQWHPSRUiQHR DVt FRPR HQ 7LUVR GH 0ROLQD VH SUHVXSRQH HO LQLFLR GHOD WUDGLFLyQ
HVFULWD VREUH 'RQ -XDQ FRQ VX (O EXUODGRU GH 6HYLOOD R HO FRQYLGDGR GH SLHGUD
UHFXpUGHQVHORVQRPEUHVGH+HLQH7XUJHQLHY(VWDQLVODRGHO&DPSR7KRPDV0DQQ
%\URQ $]RUtQ 0RQWKHUODQW (VSURQFHGD 0DUHFKDO 0R]DUW -HOXVLFK 8QDPXQR \
PXFKRV PiV 3HUR DTXt QRV LQFXPEH HO )DXVWR GH *RHWKH EDMR OD OXSD GH %HUPDQ
FRQVLGHUDGR FRPR OD WUDJHGLD GHO GHVDUUROOR TXH WDPELpQ SXHGH VHU FRQWHPSODGR
EDMRHOSUREOHPDGHODYLGDHOSURSLR%HUPDQDILUPDTXHODIXHU]DYLWDOTXHDQLPD
D)DXVWR>HVXQ@GHVHRGHGHVDUUROOR
3HUR KD\ XQD VDOYHGDG GH OD TXH QRV DGYLHUWH HO HVStULWX GHO FRPLHQ]R GH OD
REUD UHVSRQGH D FRQGLFLRQHV VRFLDOHV \ PDWHULDOHV SURSLDV GH OD (GDG 0HGLD
WHUPLQDQGRHQODVHJXQGDSDUWHFRQODVFRQPRFLRQHVGHOD5HYROXFLyQ,QGXVWULDO
UHYROXFLyQ FX\DV FRQVHFXHQFLDV \ ORJURV DFDEDURQ UHYROYLpQGRVH FRQWUD HO KRPEUH
PLVPRSULYiQGRORHQDOPHQRVGRVVHQWLGRVDOLHQiQGRORGHODYLGDSRUODYLUWXGGH
ODLQHVWDELOLGDGTXHOHHVSURSLDSHOLJURVLGDGVHJ~Q+HLGHJJHU\DOLHQiQGROHVX
 



&I%HUPDQ0 7RGROR VyOLGRVHGHVYDQHFH HQ HO DLUH/D H[SHULHQFLD GHOD PRGHUQLGDG6LJOR;;,

%XHQRV$LUHVS



SURSLR WUDEDMR 0DU[ GH DTXt TXH )DXVWR SLGD D 0HILVWyIHOHV JR]DU \ DO ILQ
HVWUHOODUPH WDPELpQ $ UDt] GH WDO YHUVR %HUPDQ FRQVLGHUDUi TXH KDVWD OD
DXWRGHVWUXFFLyQ VHUi SDUWH LQWHJUDQWH GH VX GHVDUUROOR < D FDXVD GH HVWR GH VX
DXWRQHJDFLyQQRUHVXOWDSURSLRHOKHFKRGHHQWUDUHQUHODFLyQFRQ0HILVWyIHOHVTXH
VHDXWRGHILQHFRPRHOHVStULWXTXHVLHPSUHQLHJD"
3HUR HVD GHVWUXFFLyQ ILQDO \D FRQWHQLGD HQ HO LQLFLR UDVJR IXQGDPHQWDO GH
WRGDWUDJHGLDDXQTXHSDUDGRMDOPHQWHSXHVHOKpURHJULHJRGHVFRQRFHKDVWDHO~OWLPR
PRPHQWRVXGHVWLQRILQDOWHUULEOHQRDVtHOHVSHFWDGRUPLHQWUDVTXHDTXtHOSURSLR
)DXVWR OR DWLVED HV XQD GHVWUXFFLyQ RSHUDGD HQ \ SRU HO GHVDUUROOR GH PRGR
SDUDOHOR GHVWUXFFLyQ GH )DXVWR PLVPR \ GH OD 1DWXUDOH]D LQYROXFUDGD HO ~QLFR
PRGRGHTXH HOKRPEUH PRGHUQR VH WUDQVIRUPHFRPRGHVFXEULUi)DXVWR \WDPELpQ
QRVRWURVHVWUDQVIRUPDQGRUDGLFDOPHQWHODWRWDOLGDGGHOPXQGRItVLFRVRFLDO\PRUDO
HQ TXH YLYH >@ SHUR ORV JUDQGHV GHVDUUROORV WHUPLQDQ SRU H[LJLU JUDQGHV FRVWRV
KXPDQRVHVLQHYLWDEOHDTXtQRUHFRUGDUODVSDODEUDVGH%DFRQ\'HVFDUWHVHQOD
HVFHQDGHO*DELQHWHGH(VWXGLRPLHQWUDV0HILVWyIHOHVLURQL]DFRQHO(VWXGLDQWHEDMR
HO GLVIUD] GH )DXVWR UHYHOD OD PLVPD DVSLUDFLyQ OR ~QLFR TXH IDOWD GHVFXEULU \
FRQRFHUDDTXHOTXHDQDOL]DDOJXQDFRVDYLYLHQWHHVHOOD]RtQWLPRHVSLULWXDOTXHXQH
\GDYLGDDFDGDXQDGHVXVSDUWHVHVGHFLUODHQNKHLUHVLVQDWXUDH

 


&I%HUPDQ0RSFLWS
/DWUDGXFFLyQHQHOWH[WRGH%HUPDQUH]DTXHWRGRORQLHJDDTXtVLJRODWUDGXFFLyQGH-RVp5RYLUDOWD
UHYLVDGDFRUUHJLGD\DQRWDGDSRU0-*RQ]iOH]\0$9HJD&iWHGUD0DGULG$FRQWLQXDFLyQODV
OtQHDV VLJXHQ FRQ \ FRQ UD]yQ SXHV WRGR FXDQWR WLHQH SULQFLSLR PHUHFH VHU DQLTXLODGR \ SRU OR PLVPR
PHMRUIXHUDTXHQDGDYLQLHVHDODH[LVWHQFLD(VWHSHVLPLVPRUDGLFDOLGpQWLFRDODFRQWHVWDFLyQWHUULEOHTXH
GD6LOHQRDOUH\0LGDVTXHUHSLWH7HyJQLVGH0HJDUD\FULWLFD(SLFXURHVWDQHJDFLyQLQFRQGLFLRQDOTXHHV
0HILVWyIHOHV HV HO FRPSDxHUR SHUIHFWR SDUD TXLHQ FRPR )DXVWR SURQRVWLFD OD DXWRGHVWUXFFLyQ OD
DXWRQHJDFLyQ )DXVWR QHFHVLWD OD SUHH[LVWHQFLD GH OD QHJDFLyQ 0HILVWyIHOHV 7RGDYtD \ PXFKtVLPR PiV
DFHQWXDGDPHQWHVHYHHVWRHQHOWH[WRVXSULPLGRGHILQLWLYDPHQWHSRU*RHWKHGHO)DXVWRWH[WRTXHUHILHUHD
OD1RFKHGH :DOSXUJLVTXHHQODFDQyQLFD YHUVLyQHOPLVPR*RHWKHDWHPSHUy\UHFRUWySXHVFRQVLGHUDED
TXHQRSRGtDGDUODDOX]DORVDOHPDQHVWH[WREODVIHPRSXEOLFDGRUHFLpQHQ\GHOTXHHOSURSLRDXWRU
GLMRHQTXHVLOOHJDEDDFRQRFHUVHOLEHUDQGRWRGRVORVGHPRQLRVHVWLJLRVTXHDOOtVHHQFXHQWUDQVHUtD
PDOGHFLGR SRU DTXHOORV (Q WDO WH[WR GHFtDPRV 0HILVWyIHOHV GLFH D )DXVWR HQ PHGLR GH OD RUJtD \ HO
DTXHODUUHVDWiQLFR$YHUVLSXHGRH[SOLFDUWHGHXQDYH]SRU WRGDVHVWDORFXUD(OPXQGRVHGHVFRPSRQH
FRPRSHVFDGRSRGULGRQRWHQHPRVKR\SRUKR\ODLQWHQFLyQGHHPEDOVDPDUORFI-:*RHWKH/DPLVD
VDWiQLFDSURSXHVWDGH$6FK|QHSDUDXQDDGDSWDFLyQWHDWUDOGH/DQRFKHGH:DOSXUJLV%LEORV%XHQRV
$LUHVYY

&I%HUPDQ0RSFLWS




)DXVWRUHFKD]DQGRWRGRVXVDEHUHQODFRQWHPSODFLyQ\ODQ]iQGRVHDODDFFLyQ
(QHOSULQFLSLRHUDOD$FFLyQGLUtDPRVWDPELpQDODH[SHULPHQWDFLyQVLJXHQR
REVWDQWHVLHQGRXQSHUVRQDMHSDUDGyMLFR6DEHTXHHVWiOHMRVGHORGLYLQRQRPH
LJXDORDORVGLRVHVKDUWRORFRPSUHQGRSHURTXLVLHUDORJUDUVXSRGHUHULWVLFXW
'HXVVLHQWHVERQXPHWPDOXPDILUPD0HILVWyIHOHVVDEHTXHHQWUHFXDWURSDUHGHV
QR VH ORJUD SHQHWUDU HQ OD QDWXUDOH]D QL FRQ OLEURV QL SUREHWDV QL LQILQLWRV
GRFWRUDGRVSHURWDPELpQTXHHQODSUk[LVPXQGDQDHOGHVDUUROORUHTXLHUHGHHOORV
OD $FFLyQ UHTXLHUH GHO 9HUER/yJRV eVWH VX ODQ]DUVH D OD DFFLyQ WLHQH FRPR HQ
DTXHOORVGRVILOyVRIRVSRUORPHQRV PX\ HYLGHQWHPHQWHHQ%DFRQODLPSURQWD
GH TXHUHU OOHJDU KDVWD HO IRQGR GH OD YLGD PLVPD ]Rp GH H[SHULPHQWDU HQ FDUQH
SURSLD HO SRGHU GH OD FUHDFLyQ GH DKt TXH ELHQ OR REVHUYD %HUPDQ HQ HO
PRPHQWRHQTXH)DXVWRPRGLILFDHOSDVDMHEtEOLFRGDSLHLQPHGLDWDPHQWHDODHQWUDGD
HQ HVFHQD GH 0HILVWyIHOHV HO 'LRV GH ODV PRVFDV &RUUXSWRU 0HQWLURVR HO TXH
SXHGHGDUOHHOSRGHUGHLPLWDUD'LRV>\TXH@SHUVRQLILFDHOODGRRVFXURQRVyORGHOD
FUHDWLYLGDGVLQRGHODSURSLDGLYLQLGDG
&RPSDUWH FRQ 1LHW]VFKH R YLFHYHUVD OD QRFLyQ GH OD GLDOpFWLFD HQWUH OR
GHVWUXFWLYR \ORFRQVWUXFWLYRUHFXpUGHVH HODOR TXHVHWDPEDOHD HPS~MDORGH
=DUDWKXVWUD$VtORVDEHWDPELpQ%HUPDQWRGRORTXHVHKDFUHDGRKDVWDDKRUDGHEH
VHUGHVWUXLGRSDUDHPSHGUDUHOFDPLQRGHODVFUHDFLRQHV(VWDHVODGLDOpFWLFDTXHHO
KRPEUH PRGHUQR GHEH DVXPLU SDUD DYDQ]DU \ YLYLU 6LQ HPEDUJR OD DFWLWXG
SUHGRPLQDQWHHQ)DXVWRSDUHFHVHUODGHOFRQVWDQWH\SHUSHWXRPRYLPLHQWRODGHOD
JDQDQFLD\HOJDVWRFRQWLQXRVGHHQHUJtDRSHUDFLyQSRUODFXDOWRGDHVDGLDOpFWLFDGH
ODGHVWUXFFLyQ\ODFRQVWUXFFLyQSLHUGHODQHFHVLGDGGHXQDWHOHRORJtD\KDEUtDTXH
YHU FyPR FRQIURQWDU HO SUREOHPD GH OD 3URYLGHQFLD GDGD OD H[LVWHQFLD DXQTXH
DJUHJDGDHQGHO3UyORJRHQHO&LHOR6HWUDWDUtDGHXQSURFHVRGLDOpFWLFRWDO\
FRPR OR GHILQH HQ RSRVLFLyQ DO VLVWHPD KHJHOLDQR )ULHGULFK (QJHOV HQ /XGZLJ
)HXHUEDFK\HOILQGHODILORVRItDFOiVLFDDOHPDQDDQLTXLODGDVODFDXVDSULPHUD\OD
 


0LVWHULRVDHQSOHQRGtDOD1DWXUDOH]DQRVHGHMDGHVSRMDUGHVXYHOR\ORTXHHOODVHQLHJDDUHYHODUDWX
HVStULWXQRVHORDUUDQFDUiVDIXHU]DGHSDODQFDV\WRUQLOORV

&I%HUPDQ0RSFLWS

&I%HUPDQ0RSFLWS



ILQDOVyORUHVWDHOSXURPRYLPLHQWRHQHOFXDOQROOHJDUiQXQFDXQPRPHQWRGHOILQ
GHODKLVWRULDHQHOTXHGHEDPRVVHQWDUQRVGHEUD]RVFUX]DGRVHVWRSDUD(QJHOVHUD
FRPSOHWDPHQWHUHYROXFLRQDULRDXQTXH DGPLWtD \MXVWLILFDEDWDPELpQ PRPHQWRVGH
FRQVHUYDGXULVPRDOOtFXDQGRXQRUGHQVHHVWDEOHFtDFRPRVWDWXVTXRDODHVSHUDGH
VHUGHUURFDGRSRURWUR\DVtDGLQILQLWXP
(VWDWDPELpQHVODSHUVSHFWLYDGH%HUPDQSXHVDQDOL]DFRPRVHYLRDO)DXVWR
FRPR WUDJHGLD GHO GHVDUUROOR D SDUWLU GH OD IUDVH GH 0DU[ DXQTXH \ DTXt HQ
GLVFXVLyQ FRQ /XNiFV QR FRQVLGHUD DO IHQyPHQR GH )DXVWR FRPR XQ SiWKRV
H[FOXVLYR GHO &DSLWDOLVPR VLQR FRPR DVSLUDFLRQHV SURSLDV GH OD PRGHUQLGDG \ VL
UHFRUGDPRVXQDYH]PiVD%DFRQ'HVFDUWHV&DPSDQHOODODYLVLyQGH6KDNHVSHDUH\
WDQWRV RWURV OR TXH H[SUHVDEDQ VXV GHVHRV VLQWRPiWLFRV WDPELpQ DTXt QRVRWURV
GHEHUtDPRV GHFLU TXH QR \D FRPR SHUtRGR KLVWyULFR GHOLPLWDEOH VLQR FRPR SiWKRV
SURSLRGHOKRPEUHHOGHVHRGH)DXVWR\DTXpOORVH[SUHVDXQDYROXQWDGPRGHUQDGH
D\HU KR\ \ PDxDQD FRPR DILUPD %HUPDQ 6LQ HPEDUJR VH SXHGH YHU DTXt HO
GREOHILORGHOIHQyPHQRGHODPRGHUQLGDG)DXVWRDUUDVWUD\DQLTXLODWRGRORTXHWRFD
WRGRWLHQHTXHVHUWUDVWRFDGR\GHMDGRDWUiVVLQPiVHQHOPLVPRPRPHQWRHQTXH\D
QR HV IXQFLRQDO 1LHW]VFKH GLUi TXH HQ HO KRPEUH WtSLFDPHQWH PRGHUQR VH RSHUD
VLHPSUH XQD PLVPD DFWLWXG WRGR OR UHGXFH D SDSLOOD QR VyOR SRUTXH OR GHVWUX\H
VLQRSRUTXHpVDHVOD~QLFDIRUPDTXHWLHQHDTXpOGHUHODFLRQDUVHSDUDFRQVXPLUOR
FRPSUHQGHU D OR RWUR DVXPLUOR WLHQH TXH KDFHUOR GHVFHQGHU KDFLD Vt UHEDMDUOR
HPSREUHFHUOR WRGR +H DTXt OR WUiJLFR H LQTXLHWDQWH HO FRVWDGR GHPROHGRU \
HPSHTXHxHFHGRUGHXQSURFHVRFUHDGRSRUXQKRPEUHTXHTXLVRPDQLSXODUORWRGR
FRQVXPDSRWHVWDGGLYLQDSHURTXHVHOHHVFDSyGHODVPDQRVRTXHpVWHDUURMy

 



&I%HUPDQ0RSFLWQRWDDODS0LSURSLDSHUVSHFWLYDVXEUD\DODFRQWUDGLFFLyQ\ODWUDJHGLDHQ
WRGDVODVIRUPDVGHODLQLFLDWLYD\ODFUHDWLYLGDGPRGHUQDV

 &I %HUPDQ 0 RS FLW S  (VWDV DVSLUDFLRQHV VRQ XQLYHUVDOPHQWH PRGHUQDV FXDOTXLHUD VHD OD
LGHRORJtD EDMR OD TXH VH SURGXFH OD PRGHUQL]DFLyQ 8QLYHUVDOPHQWH PRGHUQDV VRQ WDPELpQ ODV SUHVLRQHV
IiXVWLFDV SDUD XVDU WRGDV ODV SDUWHV GH QRVRWURV PLVPRV \ GH ORV GHPiV SDUD LPSHOHUQRV H LPSXOVDU D ORV
RWURV WRGR OR OHMRV TXH SRGDPRV LU >@ D GyQGH VH VXSRQH TXH YDPRV HQ ~OWLPD LQVWDQFLD" >@ OR
LPSRUWDQWHHVHOSURFHVRQRHOUHVXOWDGR



OHMRVGHVtLQPHUVRHQHODVFRFXDQGRVHDSHUFLELyGHODID]KRUURURVDGHDTXHOODVX
FULDWXUD
/D PHWDPRUIRVLV GHVDUUROOLVWD GH )DXVWR ,, HV DQDOL]DGD SRU %HUPDQ EDMR OD
OXSDGHOWUDEDMR \OD H[SORWDFLyQREUHUDDTXtVHHYLGHQFLDXQDQXHYD PDQLIHVWDFLyQ
HQHOSRGHUGH)DXVWRHOSRGHUVREUHODIXHU]DGHOWUDEDMR(VDTXtGRQGH)DXVWR
TXLHUHOOHYDUDFDERVXJUDQFRQVWUXFFLyQDUUDVDGRUDSDUDODFXDOKDGHFRQYHUWLUVHHQ
FDSDWD]LQVWDQGRDWRGRVDWUDEDMDUHQVXSXURFDSULFKRORFXDOUHFXHUGDDOWLUDQR
FRQFDEH]DGHOHyQHQHO'RQ-XDQGH0DUHFKDOSDUDTXLHQVyORH[LVWHXQDJUDQYR]
GH PDQGR \ XQ JUDQ VLOHQFLRTXH REHGHFH < HV WDPELpQ HQ SRV GHVXFRQFUHFLyQ
TXHVHJ~Q%HUPDQ)DXVWRFRPHWHVXSULPHUDPDOGDGFRQVFLHQWHDODQLTXLODUD
%DXFLV\)LOHPyQSHURVHWUDWDGHRWUDFDUDFWHUtVWLFDGHOSURFHGLPLHQWRHFRQRPL]DGR
GH OD PRGHUQLGDG HQYtD D 0HILVWyIHOHV \ VXV PDWRQHV D TXLWDU GHO PHGLR D TXLHQHV
IUHQDQFRVWRVDPHQWHVXHPSUHVDDTXpOORVYHQGUtDQDVHUHODSDUDWREXURFUiWLFRTXH
HMHFXWDODVyUGHQHVREHGLHQWHHLPSHUVRQDOPHQWH\RVyORKDJRPLWUDEDMRyUGHQHV
TXHUHVSRQGHQDODSODVWDQWHVLVWHPDGHSRGHU\REHGLHQFLDMHUiUTXLFRSLUDPLGDO(VWD
FDUDRFXOWD\GHYDVWDGRUDQRLQRFHQWHGHOSURJUHVRFRPLHQ]DDGHYHOiUVHOHDOSURSLR
)DXVWRYROYLpQGRVHOHHQFRQWUDQRSRGHPRVPiVTXHFRLQFLGLUFRQ%HUPDQFXDQGR
DILUPDTXHHOPRYLPLHQWRDXWRHQJDxDGRUGH)DXVWRIXHHOGHFUHHUTXHSRGUtDFUHDU
XQPXQGRVLQHQVXFLDUVHODVPDQRV>SXHVWRTXH@HOSURFHVRPLVPRGHOGHVDUUROORDXQ
FXDQGRWUDQVIRUPHXQWHUUHQREDOGtR HQXQSXMDQWHHVSDFLR ItVLFR \ VRFLDOUHFUHD HO
EDOGtRGHQWURGHOSURSLRGHVDUUROOLVWD
(VWDHVODH[SUHVLyQGHODWUDJHGLDHQHOVHQRGHWRGDDFFLyQKD\WDPELpQXQD
QDGD QLKLO GH DTXt TXH 1LHW]VFKH KD\D YLVWR O~FLGDPHQWH XQ QLKLOLVPR GH OD
DFFLyQ FX\RV WUHV UDVJRV HUDQ QR FRQRFHPRV OD DFFLyQ TXH UHDOL]DPRV QR
FRQRFHPRV ORV PRWLYRV GH OD DFFLyQ TXH UHDOL]DPRV QR FRQRFHPRV HO ILQDO GH OD
DFFLyQTXHUHDOL]DPRVKD\XQDWUDJHGLDHQWRGDDFFLyQ\FUHDFLyQODUHFLpQFLWDGD
 



$OJRGHHVWR HVWi H[SUHVDGRHQRWUDREUD VLPEyOLFD GHOD 0RGHUQLGDGFRPRORHVHO )UDQNHQVWHLQRHO

PRGHUQR3URPHWHRGH0DU\:DOORVWRQHNUDIW6KHOOH\5HFXpUGHVHTXH)DXVWR,,HOTXHUHYHODVHJ~Q
%HUPDQODSDUWHPiVQHWDPHQWHGHVDUUROOLVWDGDWDHQWUH

&I%HUPDQ0RSFLWS

&I%HUPDQ0RSFLWS

&I%HUPDQ0RSFLWS



IUDVHGH%HUPDQQRVUHFXHUGDHOORDVtFRPRWDPELpQOD(VILQJH HQHO(GLSR5H\GH
3DVVROLQLFXDQGR(GLSRYHQFHHOHQLJPD\ODDUURMDDODELVPRpVWDORFRQJHODFRQOD
VLJXLHQWH VHQWHQFLD DFHUFD GH VX SURSLD YHUGDG HO DELVPR HQ TXH PH KXQGHV HVWi
GHQWURGHWL%DFRQ\&DPSDQHOODPHQWDURQHQVXV(VWDGRVXWySLFRVODFRQFUHFLyQGH
VXVPiVDQVLDGRVGHVHRVRGHORVVX\RV\ORVGHVXVFRQWHPSRUiQHRVVXYROXQWDG
GH LQFUHtEOHV LQYHQWRV IODPDQWHV DUWHV LPSHQVDGRV FRQRFLPLHQWRV SHQHWUDU HQ HO
IRQGRGHODYLGDPLVPD&DPSDQHOODLPDJLQDEDTXHWRGRVORVKDELWDQWHVSDUWLFLSDEDQ
GHWRGRVORVFRQRFLPLHQWRVHLQYHQWRVPHMRUDGRUHVGHODYLGD)DXVWRWDPELpQ\VLQ
HPEDUJRVLHQWHHOYDFtRTXHVHFLHUQHVREUHpO\HQpOSXHVDGLIHUHQFLDGHDTXpOORV\
FRPRHO'U)UDQNHQVWHLQSXGRSRQHUHQDFFLyQVXLPDJLQDFLyQ\HVHQODDFFLyQHQ
OD SUk[LV OD PHMRU GH WRGDV ODV SLHGUDV GH WRTXH GRQGH HO KRPEUH VH SUXHED D Vt
PLVPR \ D VXV FDSDFLGDGHV GH DKt TXH HO SURSLR *RHWKH HQ VXV 0i[LPDV \
5HIOH[LRQHV \ HO MRYHQ 1LHW]VFKH UHFRUGiQGRODV UHFRQILJXUH HO JQRWKL VDXWyQ
FRQyFHWHDWLPLVPRVtSHURHQODDFFLyQQRHQODFRQWHPSODFLyQ
&RQ%HUPDQKHPRVSRGLGRYHUODGREOHID]GHOIHQyPHQRWpFQLFRGHVDUUROOLVWD
GHODPRGHUQLGDGHOSHOLJURTXHVHKDOODODWHQWH\RFXOWRGHVGHHOSULPHUPRPHQWR
GH DKt TXH FRQFOX\H FRQ XQD VXHUWH GH HVSHUDQ]D R DQKHOR XQ GHVDItR LQYHUWLU OD
UXHGD GH ,[LyQ GH PRGR WDO TXH HO KRPEUH QR TXHGH DSODVWDGR EDMR OD UXHGD GHO
GHVDUUROORVLQRTXHpVWHVHDFRQVLGHUDGRHQEHQHILFLRVX\R 
(VWD GREOH ID] DSDUHFH WDPELpQ HQ HO WH[WR GH +HLGHJJHU /D SUHJXQWD SRU OD
WpFQLFDFXDQGRKDFLDHOILQDO\FLWDQGRD+|OGHUOLQDILUPDTXHPLUDPRVHOSHOLJUR\
GHVFXEULPRV FRQ OD PLUDGD HO FUHFLPLHQWR GH OR TXH VDOYD 7DO ID] ELIURQWH
LGHQWLILFDGD OD GHO ELHQ \ HO PDO TXH H[SUHVDQ %HUPDQ \ +HLGHJJHU DXQTXH pVWH
~OWLPR HVWp SHQVDQGR HQ RWUD FRVD GLVWLQWD FRQ HO VDOYD VH HQFXHQWUD LQVLWD HQ HO
KRPEUH TXH FRPR GHFtD 0HILVWyIHOHV HV XQ VLHQWHV ERQXP HW PDOXP SHUR HVWD
FODVH GH FLHQFLD IXH MXVWR OD TXH OR H[SXOVy GHO 3DUDtVR (O KRPEUH VDEH R VL VH
TXLHUHWDPELpQHO6XMHWRPRGHUQRUHSUHVHQWDGRUFRPRHO0DQIUHGGH%\URQTXH
VDEHU PiV HV SRGHU KDFHU PiV SHUR WDPELpQ HVWR OR FRQGXFH D XQ VXIULU PiV
 




&I%HUPDQ0RSFLWS
&I+HLGHJJHU0&RQIHUHQFLDV\DUWtFXORV(GLFLRQHVGHO6HUEDO%DUFHORQDS



GHVSXpVGH WRGR HO OHPD WUiJLFRJULHJR HV WR SDWKHL PDWKRV DO FRQRFLPLHQWR SRU HO
GRORU<HQHVWHWUHQQRGHEHUtDPRVUHFRUGDUHQYLUWXGGHHVWDID]GREOHLQWUtQVHFD
HQHOKRPEUHPLVPRODVSDODEUDVGH&UHXVDHQHO,yQHXULStGHR"SRFRPiVRPHQRV
GHFtD HVWR WHQJR DTXt GRV JRWDV GH OD VDQJUH GH 0HGXVD OD XQD FXUD WRGRV ORV
PDOHV OD RWUD HV XQ YHQHQR PRUWDO \ D OD SUHJXQWD GH FyPR ODV JXDUGDV"
DTXpOOD FRQWHVWDED VHSDUDGDV DFDVR MXQWDUtDV W~ HO ELHQ FRQ HO PDO" VLQ
HPEDUJR QR HVWDEDQ MXQWDV DPEDV JRWDV HQ HO WRUUHQWH VDQJXtQHR GH OD SURSLD
0HGXVD"
9D\DPRVDKRUDDOWH[WRKHLGHJJHULDQRORWUiJLFRHVWiWDPELpQHQHOKHFKRGH
TXHVLQLPSRUWDUTXHDSRVWURIHPRVRYHQHUHPRVDODWpFQLFDpVWDQRREVWDQWHVXEVLVWH
PiV DOOi H LQGHSHQGLHQWHPHQWH GH WDOHV H[WUHPDV DFWLWXGHV \ VLQ HPEDUJR VL
TXLVLpUDPRVSUHJXQWDUQRVSRUODHVHQFLDGHODWpFQLFDQXQFDQRVHQFRQWUDUHPRVPiV
OHMRVGHGDUFRQHOODTXHFXDQGRODFRQFHELPRVFRPRDOJRQHXWURGHOPLVPRPRGR
TXH FRQVLGHUiQGROD DVt FRPR XQ LQVWUXPHQWXP SXHV DOOt SULPD XQD GHILQLFLyQ
DQWURSROyJLFDHLQVWUXPHQWDOGHODPLVPD
3HURODWpFQLFDQRHVHQVtPLVPDXQPHURPHGLRHVDOJRPiV9HtDPRVHQ
DTXHOORV ILOyVRIRV XQD H[SUHVLyQ GH GHVHR TXH GLFKR HQ HO Op[LFR KHLGHJJHULDQR
SRGUtDH[SUHVDUVHDVtVL%DFRQ\'HVFDUWHVDSODXGtDQ\UHTXHUtDQHOORVPLVPRVXQ
PD\RUDYDQFHHQHOFDPSRGHODKLVWRULDQDWXUDOODPHGLFLQDODItVLFD\ODILVLRORJtD
HUDDFDVRSRUTXHVHJ~QKDQH[SUHVDGRJUDQGLORFXHQWHPHQWHTXHUtDQOOHJDUDOIRQGR
\HQLJPDVHFUHWRGHODYLGDTXHUtDQGHVHQWUDxDUODSKVLVHOHPHUJHUGHVGHVtTXH
HVWDPELpQVHJ~QORDILUPD+HLGHJJHUXQWUDHUDKtDGHODQWHSRLHVLVSRUPHGLR
GH OD WpFQLFD H[SHULPHQWDO 4XHUtDQ VLQ GXGD WDPELpQ GHVRFXOWDU DTXHOOR TXH VH
HVFRQGHHIHFWRTXHSUREDEOHPHQWHWDPELpQSDUDHOORVHUDXQGHYHODUDOHWKHXHLQ
(PSHURVHDFXDOVHDHODQGDPLDMHILORVyILFRTXHORVRSRUWDKD\XQDLQWHQFLyQFLHUWD
GHGHVRFXOWDPLHQWRSRUODWpFQLFDSXHVpVWDQRHVXQPHURPHGLR>VLQR@XQPRGRGH
 


&I+HLGHJJHU0RSFLWS
&I+HLGHJJHU0RSFLWS
 4XL]i SDUD 'HVFDUWHV HOOR HUD YLVWR FRPR FRUUHFFLyQ GHO UHSUHVHQWDU HQ WDQWR TXH 9HUGDG HUD HO
UHSUHVHQWDUFODUR\GLVWLQWRSHUR%DFRQDXQSHQVDEDQRWDQWRGHVGHODSHUVSHFWLYDGHOUHSUHVHQWDUVXEMHWLYR
VLQRGHLUDODSKVLVWDOFRPRHOODHVFRPRYHUGDGDEVROXWDSXHVFRQVLGHUDEDTXHKDEtDXQJUDQHUURUSRUHO
FXDOVHYHORVSULQFLSDOHVUD\RVGHODQDWXUDOH]DEDMRXQSXQWRGHYLVWDUHODWLYRVDOKRPEUH\QREDMRHOSXQWR
GHYLVWDGHODYHUGDGDEVROXWDFI1RYXPRUJDQXP,,






VDOLUGHORRFXOWR (SLVWpPH \ WHNKQHWHRUtD \ SUD[LVWpFQLFDVHFRUUHVSRQGHQGH

PRGRPXWXR\VLQWpWLFRSXHVFRQRFHUHVSDWHQWL]DUDOJR\HVWRHVWDPELpQRSHUDUXQ
GHVRFXOWDPLHQWRXQWUDHUDKtDGHODQWH
3HUR OD WHNKQH SXHGH FRQYHUWLUVH HQ SURYRFDGRUD SXHGH HQWUDU HQ FRQWUDFWR
DEUDVLYRFRQODSKVLVPX\OHMRVHVWDUiHOFDPSHVLQRJULHJRTXHVHJ~Q+HVtRGRHQ
/RVWUDEDMRV\ORVGtDVGHEtDVHPEUDUGHVQXGR\FXLGDQGRDVtFRPRVLHQGRpOPLVPR
FXLGDGR HQ HO PLVPR PRYLPLHQWR D OD WLHUUD TXH OR VXVWHQWD 7DO SURYRFDFLyQ
HPSOD]DU HV XQ H[LJLU XQ H[WRUVLRQDU SDUD REWHQHU DOJR (Q HVR YLHQH
FRQVLVWLHQGRHOFDUiFWHUGHODWpFQLFDPRGHUQDGHVDUUROODGDSRUDTXpOSiWKRV
7DOVROLFLWXGSURYRFDGRUDKDFLDODQDWXUDOH]DGHULYDWDPELpQHQXQDOPDFHQDMH
GH H[LVWHQFLDV \ D VX LQWHUSHODFLyQ +HLGHJJHU OH GD HO QRPEUH GH HVWUXFWXUD GH
HPSOD]DPLHQWR *HVWHOO OD FXDO QR HV VLQR OD HVHQFLD GH OD WpFQLFD PRGHUQD
FLHQFLDTXHHQFXDQWRItVLFDWXYRTXHYROYHUFRPRYLPRVHQODFLWDGH%DFRQD
OD QDWXUDOH]D XQD WUDPD GH IXHU]DV \ UHODFLRQHV FDOFXODEOHV SDUD SRGHU OXHJR
GHVHQWUDxDUHQHOODDSDUWLUGHORTXHGHDQWHPDQRKDEtDSUHGHWHUPLQDGRFRPRSDVLEOH
GH GHVRFXOWDU 3HUR FDEH DFODUDU TXH OD HVHQFLD GH ODWpFQLFD PRGHUQD QR HV OR PiV
HYLGHQWHGHFRQRFHUHQFXDQWRTXHLQWHUSHOD\SURYRFDTXHH[LVWHQFLDVVDOJDQDOD
OX] VLQR OR PiV GLItFLO SXHV VHJ~Q OD GHILQLFLyQ FOiVLFD OD HVHQFLD HV OR SULPHUR
VyORHQHORUGHQGHOVHUSHUR~OWLPRHQHOGHOFRQRFHU
3RU OR GHPiV HQ OD HVHQFLD PLVPD HQ WDQWR *HVWHOO \ D VX YH] HQ pVWD HQ
FXDQWR VLQR \ QR HQ OD WpFQLFD PLVPD GLFH +HLGHJJHU HVWi LQVLWR HO Pi[LPR
SHOLJURORSHOLJURVRQRHVODWpFQLFD1RKD\QDGDGHPRQtDFRHQODWpFQLFDORTXH
KD\HVHOPLVWHULRGHVXHVHQFLD/DHVHQFLDGHODWpFQLFDFRPRXQVLQRGHOKDFHUVDOLU
OR RFXOWR HV HO SHOLJUR (VWR QR TXLHUH GHFLU TXH OD DPHQD]D GH OD WpFQLFD \ OD
WHFQRORJtD VHD QXOD VLQR TXH D MXLFLR GH +HLGHJJHU OR SULPHUR HQ HO RUGHQ GH
 


&I+HLGHJJHU0RSFLWS
&I+HLGHJJHU0RSFLWSDTXt+HLGHJJHUODQ]DXQDDILUPDFLyQLQTXLHWDQWH\SUREOHPiWLFDSDUDHO
HQWRUQRGHGLVFXVLyQTXHpOPLVPRHVWiSODQWHDQGR>DODQDWXUDOH]DVHOHH[LJHDTXHGpXUDQLR@DpVWHVHOH
H[LJHDTXHGpHQHUJtDDWyPLFDTXHSXHGHVHUGHVDWDGDSDUDODGHVWUXFFLyQRSDUDODXWLOL]DFLyQSDFLILFD
WXYLPRVTXHHVSHUDUD&KHUQRE\O\RWURVPiVWHUULEOHV DFFLGHQWHV SDUD VDEHU TXHGHOSRGHU DWyPLFRQXQFD
VDOHQDGDSDFtILFR

&I+HLGHJJHU0RSFLWSS

&I+HLGHJJHU0RSFLWSS




LPSRUWDQFLDHQFXDQWRDODSHOLJURVLGDGOHMRVGHFRQOOHYDUORODPDTXLQDULD\ODSUk[LV
FLHQWtILFRWpFQLFDHVWiLPSOLFDQGRDOKRPEUHPLVPR\VXHVHQFLDORVUHVXOWDGRV\
H[SHULPHQWRVFRQVHJXLGRVVRQSHOLJURVRVSHURPiVORHVHOKHFKRGHTXHHOKRPEUH
SXHGD TXHGDU IXHUD LQFOXVR GH RWUR WLSR R PRGDOLGDG GH DFFLyQ R SRVLELOLGDG 1R
REVWDQWHHOORKDEUtDTXHUHIOH[LRQDUVLUHDOPHQWHHVPiVSHOLJURVRTXHDOKRPEUHOH
VHDQHJDGR H[SHULHQFLDUODH[KRUWDFLyQGH XQDYHUGDG PiV LQLFLDO ROR TXHHVOR
PLVPR TXH OD *HVWHOO DPHQDFH FRQ QHJDU DO KRPEUH XQ KDFHUVDOLUORRFXOWR PiV
RULJLQDULR TXH HVWR RWUR ORV HIHFWRV SRVLEOHPHQWH PRUWDOHV GH ODV PiTXLQDV \
DSDUDWRVGHODWpFQLFDSRUTXHTXpOXJDUSDUDODUHIOH[LyQVREUHORSULPLJHQLR\
PiV RULJLQDULR TXHGD XQD YH] TXH OR SRVLEOHPHQWH PRUWDO VHKD YXHOWR DFWXDOPHQWH
PRUWDO" OD H[LVWHQFLD UHDO \ HIHFWLYD DQWHFHGH VLHPSUH D OD HVSHFXODFLyQ PHWDItVLFD
VREUHODH[LVWHQFLD
6HDHOORFRPRIXHUDFRPRDQWHVGHFtDPRVHVHQHOSHOLJURPLVPRGRQGHHVWi
WDPELpQ OD VDOYDFLyQ OR TXH VDOYD FRPR HQ OD VDQJUH GH 0HGXVD 3XHV ELHQ
WDPELpQHQODHVHQFLDGHODWpFQLFDPRGHUQDHVWiORTXHVDOYDHQWRQFHVODPLUDGDVH
GLULJHDOWUDHUDKtDGHODQWHDODHVHQFLDGHODYHUGDG
4XpWLSRGHrWKRV\SiWKRVHVHOGHHVWHKRPEUHTXHVHGHGLFDDODUHIOH[LyQ\
PHGLWDFLyQ VHUHQD DFHUFD GH OD HVHQFLD GH OD YHUGDG" 1R OR VDEHPRV DTXt FRPR
WDPSRFR TXp VH HQWLHQGH DOOt SRU YHUGDG 6L VH WUDWD GH XQ UHIOH[LRQDU DFHUFD GHO
SDSHO TXH QRV KHPRV DGMXGLFDGR HQ OD KLVWRULD DFHUFD GH OR TXH KHPRV YHQLGR
SURGXFLHQGR \ SURGXFLpQGRQRV D QRVRWURV PLVPRV KD\ TXH DFHSWDU HVH UHIOH[LRQDU
SHURQRVHVDFDUiQP~OWLSOHVUHVSXHVWDV"$XQDVtVLHPSUHHVPiVFDEDODFFLRQDUDO
UHVSHFWRGHQXHVWUDVH[LVWHQFLDVTXHUHIOH[LRQDUODRVLVHTXLHUHPHMRUODUHIOH[LyQ
GHEHGDUSDVRLQPHGLDWRDODDFFLyQ
&DVR FRQWUDULR QRV VXFHGH OR TXH DILUPD *RHWKH HQ VXV 0i[LPDV \
5HIOH[LRQHV HO TXH VyOR PHGLWD \ QR DFFLRQD VH YXHOYH YHQHQRVR \ FHQDJRVR
FXDOLGDGEiVLFDGHODFDUDFWHUL]DFLyQTXH1LHW]VFKHKDFHGHOLGHDODVFpWLFR<DXQ
)DXVWRGDDOWUDVWHFRQWRGRVXVDEHUFRQWHPSODWLYRHQSRVGHXQDDFFLyQGHODFXDO
YLPRV \D VX WUiJLFD GREOH ID] PiV \ VL WDPELpQ KXELHUD XQ SHOLJUR LQVLWR HQ OD
 


&I+HLGHJJHU0RSFLWS



FRQVLGHUDFLyQ TXH UHIOH[LRQD VREUH OD HVHQFLD GH OD YHUGDG" \ VL OD YHUGDG OR
SULPHURHtQWLPRIXHVHDVXPRGRWDPELpQSHOLJURVR"6DGHORVXSRHQVXSRHPD'H
OD9HUGDG
(OHVStULWXDUUROODGRUGH'U)DXVWRFRPSDUWHDOJRFRQ'U)UDQNHQVWHLQ\FRQ
'U -HN\OO pVWH ~OWLPR DSOLFD OD WpFQLFD TXtPLFD FRQWUD Vt PLVPR \ HQ HVWH
PRYLPLHQWRKDFLDHOSURSLRFXHUSRFRQVWLWX\HXQRGHORVUHODWRVPiVRULJLQDOHVVLQ
GXGD-HN\OOTXLHUHPRGLILFDUDOJRGHOPXQGRSHURFRPLHQ]DFRQKDFHUODH[SHULHQFLD
VREUHVtPLVPRDTXHOODGXSOLFLGDGTXHHUD0HGXVDORHVWDPELpQHOKRPEUH\HVWR
HUD MXVWDPHQWH OR TXH TXHUtD VHSDUDU HQ VX SURSLR LQWHULRU PLVPR OD FLHQFLD GH 'U
-HN\OO SRU OD YtD GH OR DUWLILFLDO $TXt VHJXLPRV HQ OD PLVPD VHQGD GHO TXHUHU
GHVFLIUDUORLQFRJQRVFLEOHGHOD]RpORTXH1LHW]VFKHOODPDUtDHOLQVWLQWRPRUDO
FODURTXHWRGRVORVFLHQWtILFRVQRHVD]DUTXHWRGRVVHDQ'USHQVDEDQPHMRUDU\
KDFHUXQDSRUWHODKXPDQLGDGFRPRSRUHMHPSORHOSRGHUFRQWURODU\HUUDGLFDUWRGR
YHVWLJLRGHOPDOHQHOKRPEUHGHMiQGRORWRWDOPHQWHSXOFURGHiQLPR3HURD-HN\OOOH
VXFHGHORPLVPRTXHD)UDQNHQVWHLQVXWHUULEOHORJURVHOHYXHOFDFRQWUDVtPLVPR
VXV VHUHV PiV TXHULGRV \ HQ ILQ WHUFHURV FX\R HXIHPLVPR KR\ HV GDxR
FRODWHUDOVLQHPEDUJRKDFLDHOILQDOHVER]DXQDVXHUWHGHSURIHFtDSDUDODIXWXUD
LQWHUSUHWDFLyQ GHO KRPEUH UHVSHFWR GH Vt PLVPR DILUPD VX SREUH]D HQ KDEHU
FRQVLGHUDGRDOKRPEUHFRPRXQFRPSOH[RGREOHGRQGHKDELWDQVyORHOELHQ\HOPDO
VLQ HPEDUJR VDEH TXH RWURV YHQGUiQ GHVSXpV GH pO TXH DSUHQGHUiQ D YHU DO KRPEUH
FRPRDOJRPiVTXHODPHUDYROXQWDGGHELHQRODYROXQWDGGHPDOHOVHUKXPDQR
VHUi YLVWR FRPR XQ FRPSOH[R P~OWLSOH GH YROXQWDGHV SXJQDQWHV HQWUH Vt
PXOWLSOLFLGDGHVGHYROXQWDGHVGHSRGHUGLUtD1LHW]VFKH

 



)XHHQHOWHUUHQRGHODPRUDO\HQPLSURSLDSHUVRQDGRQGHDSUHQGtDUHFRQRFHUODYHUGDGHUD\SULPLWLYD
GXDOLGDGGHOKRPEUH>@\GHVGHPX\WHPSUDQDIHFKDDXQDQWHVGHTXHGHPLVGHVFXEULPLHQWRVFLHQWtILFRV
FRPHQ]DUDDVXUJLUODPiVUHPRWDSRVLELOLGDGGHWDOPLODJURPHGHGLTXpDSHQVDU FRQSODFHUFRPRTXLHQ
DFDULFLDXQVXHxRHQOD VHSDUDFLyQGHHVRVGRVHOHPHQWRV6LFDGDXQRPHGHFtDSXGLHUDDORMDUVH HQXQD
LGHQWLGDG GLVWLQWD OD YLGD TXHGDUtD GHVSRMDGD GH OR TXH DKRUD PH UHVXOWDED LQDJXDQWDEOH >@ (UD XQD
PDOGLFLyQSDUDODKXPDQLGDGTXHHVDVGRVUDPDVRSXHVWDVHVWXYLHUDQXQLGDVDVtSDUDVLHPSUHHQODVHQWUDxDV
DJRQL]DQWHVGHODFRQVFLHQFLD>@<GLJRGRVSRUTXHPLVFRQRFLPLHQWRVQRKDQLGRPiVDOOiGHHVWHSXQWR
2WURV YHQGUiQGHVSXpVRWURVTXHPH VREUHSDVDUiQHQFRQRFLPLHQWRV \ PHDWUHYR D SUHGHFLUTXHDOILQHO
KRPEUH VHUi WHQLGR \ UHFRQRFLGR FRPR XQ FRQJORPHUDGR GH SHUVRQDOLGDGHV GLYHUVDV GLVFUHSDQWHV H
LQGHSHQGLHQWHVFI6WHYHQVRQ5/'U-HN\OO 0U+\GH$OLDQ]D%XHQRV$LUHV



3RUVXSDUWHODPLVPDLQWHUYHQFLyQVREUHODYLGDODRSHUDHOKRPEUHGLRVTXH
IXH )UDQNHQVWHLQ HO PRGHUQR 3URPHWHR H[SUHVD HO PLVPR GHVHR TXH %DFRQ HQ
1HZ$WODQWLVGRVFLHQWRVDxRVDQWHVVLQHPEDUJR0DU\6KHOOH\FRQDFWLWXGGLVWLQWD
GH%DFRQSUHILULyFUHHUTXHSXHGHGDUVHIRUPDDRVFXUDVVXVWDQFLDVDPRUIDVSHUR
QRVHSXHGHGDUHOVHUDODVXVWDQFLDPLVPDVtVHDWUHYLyDLPDJLQDUTXpSRGUtD
OOHJDUDVXFHGHUVLHQHIHFWRVHORJUDVH<HOORSRUTXHHVWDEDGHVHJXURDOWDQWRGHODV
DVSLUDFLRQHV GH OD FLHQFLD OD DOTXLPLD OD TXtPLFD OD PHGLFLQD OD ILVLRORJtD OD
DQDWRPtD GH KHFKR OD KLVWRULD VHJ~Q HOOD PLVPD UHODWD QDFLy WUDV SUHVHQFLDU XQD
FRQYHUVDFLyQ ILORVyILFD HQWUH /RUG %\URQ \ VX HVSRVR 3HUF\ %\VVKH DFHUFD GHO
IHQyPHQR GHO JDOYDQLVPR OD HOHFWULFLGDG DVt FRPR ORV GH (UDVPXV 'DUZLQ (Q HO
GHVHRGHODFLHQFLD\ODWpFQLFDPRGHUQDFDGDYH]FUHFLHQWH0DU\6KHOOH\VHDWUHYLyD
SHQVDU FRQVHFXHQFLDV FUHDQGR XQ 3URPHWHR TXH H[SUHVDED HQ Vt PLVPR WRGRV ORV
GHVHRVGHODpSRFDDOFDQ]DUHOPi[LPRSRGHUVREUHODYLGDGHOPLVPRPRGRTXH
HQJUDQGHVUDVJRVJHQHUDOHVHOSHUVRQDMHGH'RQ-XDQH[SUHVDHQVtPLVPRHOGHVHR
KXPDQRGHYLYLUHQHOHWHUQRLQVWDQWH\JR]DUHODKRUDVLQLPSRUWDUODVFRQVHFXHQFLDV
QLKLOLVPRDFWLYRGHODDFFLyQ
3HUR )UDQNHQVWHLQ QR HV HO ~QLFR 5REHUW :DOWRQ TXLHQ OR UHVFDWD HQ ORV
JODFLDUHVPLHQWUDVpVWHLEDSHUVLJXLHQGRSRUWRGRHORUEHDVXKRUUHQGDFUHDFLyQ
HO GHPRQLR FRPR OR OODPD SDUD GDUOH PXHUWH HUD WDPELpQ XQ 3URPHWHR HQ
SRWHQFLD GH DKt TXH )UDQNHQVWHLQ QiUUDOH OD KLVWRULD SDUD DOHFFLRQDUOR \ VLQ
HPEDUJRpVWHVHSUREyDVtPLVPRFRQVXDFFLyQ\UHVXOWyFRPRpOPLVPRDILUPDHQ
HVWDGRH[iQLPHXQDYtERUDTXHVHPXHUGHODFROD)DXVWR%DFRQ'HVFDUWHV-HN\OO
\ )UDQNHQVWHLQ HO PXQGR HUD SDUD Pt XQ VHFUHWR TXH GHVHDED GHVHQWUDxDU
>PHGLDQWH@ODLQYHVWLJDFLyQVHULDGHODVOH\HVRFXOWDVGHODQDWXUDOH]D>KDVWDOOHJDU@D

 



&I6KHOOH\0:)UDQNHQVWHLQRHOPRGHUQR3URPHWHR$OLDQ]D0DGULG,QWURGXFFLyQGH
:DOWRQHUDRWURHVStULWXYLDMDQWHHLQWUpSLGRTXHORTXHUtDWRGR\FRPR)DXVWRFRQVXVREUHURVHUDDTXpO
HOMHIH\FDSLWiQGHOEDUFRYLDMDQWHVLHPSUHHOF\EHUQpVHQWRGRVORVWLHPSRVIXHPHWiIRUDGHOTXHSLORWDHO
(VWDGRDVtHQVXVDYHQWXUDVGHVDUUROOLVWDVDILUPDVLHPSUHFRQHVStULWXEHQHIDFWRU/DYLGDRODPXHUWHGH
XQKRPEUHQRVRQVLQRXQSUHFLRSHTXHxRTXHSDJDUSRUODDGTXLVLFLyQGHORVFRQRFLPLHQWRVTXH\REXVFR
GDGRHOSRGHUTXHDOFDQ]DUtD\WUDQVPLWLUtDGHVSXpVVREUHORVHQHPLJRVHOHPHQWDOHVGHQXHVWUDUD]DQR
KDDGYHUWLGRTXHHQPXFKDVRFDVLRQHVHOSHRUHQHPLJRGHOKRPEUHHVpVWHSDUDFRQVLJRPLVPRFI6KHOOH\
0:RSFLW&DUWD




ORV VHFUHWRV PHWDItVLFRV \ ItVLFRV GHO PXQGR HQ VX PiV DOWR VHQWLGR %HUPDQ
DILUPD TXH HQ )DXVWR VH RSHUD XQ GHVHR PRGHUQR HQFHUUDGR HQ XQD VRFLHGDG GH
UHSUHVLyQ PHGLHYDO 0DU\ 6KHOOH\ KDFH EDVFXODU D 'U )UDQNHQVWHLQ GHVGH OD
HOXFXEUDFLyQ H[FpQWULFD GH OD DOTXLPLD &RUQHOLR $JULSSD 3DUDFHOVR $OEHUWR
0DJQRKDVWDODVDVSLUDFLRQHVPiVFDEDOHVGHODFLHQFLDPRGHUQD\VLQHPEDUJRHQ
WRUQRDODYLGDXQ'LUHFWRUGHOD8QLYHUVLGDGDFDEDUiDILUPiQGROHTXHDPEDVWLHQHQ
HO PLVPR TXHUHU \ DSDUHFH SXHV OD PDWHPiWLFD \ HO FiOFXOR GHMp D XQ ODGR OD
KLVWRULDQDWXUDOFRQWRGDVXSURJHQLHMX]JiQGRODFUHDFLyQDERUWDGD\GHIRUPH>\@PH
FRQVDJUp D ODV PDWHPiWLFDV \ D ODV UDPDV GH OD FLHQFLD SXHVWR TXH HUD OD ~QLFD
HGLILFDGD VREUH ILUPHV FLPLHQWRV (VWH SHUVRQDMH WDPELpQ FRQRFH XQ GHVWLQR
WUiJLFR FRPR XQD VXHUWH GH WUDJHGLD GH OD ELRORJtD (O GHVWLQR HUD GHPDVLDGR
SRGHURVR \ VXV OH\HV LQPXWDEOHV KDEtDQ GHFUHWDGR SDUD Pt XQD DEVROXWD \ WHUULEOH
GHVWUXFFLyQHVWHPRGHUQR3URPHWHRGHKDEHU VLGRLQWHUURJDGR GHO PLVPR PRGR
FRPRORIXHHO3URPHWHRLQFRQFOXVRGH*RHWKHDQWHVGHODFDtGDKXELHVHFRQWHVWDGR
FRQ OD PLVPD FHUWH]D \ WR]XGH] OH SUHJXQWDURQ KDVWD GyQGH OOHJDED VX LPSHULR
WRGRHOFtUFXORTXHUHFXEUHPLDFFLyQQDGDSRUHQFLPDQLQDGDSRUGHEDMRGHDOOt
+DVWD GRQGH OOHJD OD DFFLyQ SHUR OD DFFLyQ GH OD FLHQFLD \ HO GHVDUUROOR QR WLHQH
FRPRELHQKDEtDREVHUYDGR%HUPDQXQWpORVILQDO
)UDQNHQVWHLQVHGHGLFDFRPRSURPHWtD'HVFDUWHVDOHVWXGLRGH ODPHGLFLQD\
OD ILVLRORJtD SDUD UHVROYHU OD SUHJXQWD PiV DWUHYLGD GH GyQGH YLHQH HO SULQFLSLR
YLWDO" 3HUR WDPELpQ FRPR %DFRQ HVWXGLD OD GHVFRPSRVLFLyQ \ OD FRUUXSFLyQ ODV
GHVYLDFLRQHVTXHWDPELpQHQVHxDQ9HPRVSXHVXQGHVHRFRP~QTXHDODKRUD
GH OD UHIOH[LyQ QRV D\XGD D GHWHFWDU XQ VtQWRPD FRP~Q WDPELpQ /HRQDUGR
FRQVWUX\yXQDPiTXLQDGHIRUPDKXPDQDFRQSROHDV\FDEOHVLQWHUQRVOHIDOWyGDUOH
PRYLPLHQWR RWRUJDUOH ODYLGD DXQTXHEXVFDED PiVXQ DXWRPyYLOGHJXHUUDTXHOD
FUHDFLyQYLYD
 


FI6KHOOH\0:RSFLW&DStWXOR
FI6KHOOH\0:LELG

FI6KHOOH\0:RSFLW&DStWXOR1DGLHVLQRDTXHOORVTXHKDQH[SHULPHQWDGRSXHGHQLPDJLQDUODV
VHGXFFLRQHVGHODFLHQFLD (QORVHVWXGLRVVHSXHGHOOHJDUKDVWDGRQGHKDQOOHJDGRORVGHPiVSHURHQXQD
LQYHVWLJDFLyQFLHQWtILFDKD\FRQWLQXDPHQWHWHUUHQRSDUDHOGHVFXEULPLHQWR\HODVRPEUR




(VWDVSHUVRQLILFDFLRQHVGHODOLWHUDWXUDVXHOHQDFDEDUHQODDXWRGHVWUXFFLyQHQ
ODPXHUWHILQDOFDXVDGDSRUVtPLVPRVFRPRXQVXLFLGLRGLIHULGR\KDFLDHOILQDOHO
SHUVRQDMH DFDED UHYHODQGR VLHPSUH VX HUUDGD DFFLyQ FRQ XQ SHVLPLVPR FRPSOHWR
KDFLDHOGHVHRGHWHQHUTXHVDEHUORWRGR\OOHJDUDOIRQGR~OWLPRGHWRGDVODVFRVDV


% /D FUtWLFD GH 1LHW]VFKH D ORV SUHVXSXHVWRV GH OD FLHQFLD HQ OD pSRFD
PRGHUQD

$KRUD ELHQ KD\ RWUD SRVLELOLGDG XQ GHVHQPDVFDUDPLHQWR QR KD\ WDO IRQGR
~OWLPRGHODVFRVDVQRKD\HVHQFLDVVHUHQWHVQDWXUDOH]DFDXVDOLGDGHWF+HDTXtHO
SODQWHRQLHW]VFKHDQRHOFXDOQRLPSOLFDQRREVWDQWHODDXVHQFLDGHODSHUFLELPLHQWR
GH TXH OD FLHQFLD LPSRQH FDWHJRUtDV GH DQiOLVLV REMHWR UHSUHVHQWDGR R PXQGR TXH
GHVSXpV HOOD PLVPD OODPD SDUDGyMLFDPHQWH GHVFXEULPLHQWRV $Vt VH LQWURGXFH HO
DQiOLVLVGH6REUHYHUGDG\PHQWLUDHQVHQWLGRH[WUDPRUDOHQHOTXHFRPLHQ]D
OD FUtWLFD DO SHQVDU UHSUHVHQWDWLYR TXH VHJ~Q YLPRV IXH HO SLODU GH 'HVFDUWHV HQ
DGHODQWHGHODFLHQFLDMXQWRFRQHOGHVHREDFRQLDQRFX\DLQIOXHQFLDWDPELpQFDEDO
LQWHQWDPRVDWLVEDUDTXtSHVHDODVDXVHQFLDVFLWDGDV
<DHOFRPLHQ]RPLVPRHVUDGLFDOHVGHFLUDWDFDGHVGHODUDt]HOFRQRFLPLHQWR
TXHODPHWDItVLFDDULVWRWpOLFDDGMXGLFDEDFRPRGHVHRKXPDQRSRUQDWXUDOH]DHVOR
~OWLPR HQ HO KRPEUH QR OR SULPHUR HV DOJR LQYHQWDGR HQ XQ PLQXWR DOWDQHUR \
IDOD] 7RGDYtD PiV HQ HO PRPHQWR HQ TXH HO KRPEUH GHVDSDUH]FD GH OD WLHUUD QR
KDEUiVXFHGLGRQDGD\DFRQWLQXDFLyQODQ]DXQDLURQtDTXHDOERUHDODQRFLyQGH
YROXQWDGGHSRGHUVLLQWHUURJiVHPRV DODPRVFD FRQFOXLUtDPRV TXH HQ HOODDQLGDHO
PLVPRSiWKRVGHODGLVWDQFLDTXHODFRQYLHUWHHQFHQWURYRODQWHGHOPXQGRHVWH
TXHUHUVHU \ DVLPLVPR TXHUHUVHUFRQVLGHUDGR FRPR HO FHQWUR GHO PXQGR HVWH
TXHUHUUHPLWLUORWRGRHQWRUQRGHVtHVWHIRU]DUDORVRWURVDPRYHUVHSHULIpULFDPHQWH
SDUDPtWDO\FRPRORSHGtDHO6ROHQHOGLiORJR&RSpUQLFRGH/HRSDUGLHQFXDQWR
TXHUHU\SiWKRVHVHOTXHUHFXHUGDODQRFLyQGHYROXQWDGGHSRGHUREVHUYDEOHDXQHQ
 


&I1LHW]VFKH))6REUHYHUGDG\PHQWLUDHQVHQWLGRH[WUDPRUDO7HFQRV0DGULG



ODPRVFDSXHVFRPRGLFHHQODREUDKRPyQLPDSyVWXPDDOOtGRQGHHQFRQWUpYLGD
DOOtHQFRQWUpYROXQWDGGHSRGHU\DXQHQHOHVFODYRHQFRQWUpYROXQWDGGHVHUVHxRU
7DPELpQ VH DOERUHD HO DQiOLVLV GHO LQWHOHFWR UHDOL]DGR HQ *HQHDORJtD GH OD
0RUDODOOtFRPRDTXtHOLQWHOHFWRHVSURGXFWRGHODGHELOLGDGHOLGHDODVFpWLFRTXH
DQWHODLQDFFLyQVHUHIXJLDHQVXVtPLVPR\SODQHDYHQHQRVDPHQWHODWUDQVYDORUDFLyQ
OD PiV WHUULEOH GH ODV YHQJDQ]DV HO LQGLYLGXR VH FRQVHUYD SRU PHGLR GHO
HQWHQGLPLHQWR HVH PDHVWUR GH OD ILFFLyQ \ OD PHQWLUD ELHQDPDGR SRU ORV KRPEUHV
GpELOHV \ SRFR UREXVWRV $VLPLVPR VH WRFD HO WHPD GHO FRQWUDWR FRPR DUWLILFLR
FRQYHQFLRQDOLVWDDXQTXHHQ *HQHDORJtDUHFKDFH HQSROtWLFDWRGRFRQWUDFWXDOLVPR
SXHVVHJ~QGLFHKD\IXHU]DGHLPSRVLFLyQSRUSDUWHGHOKRPEUHQREOH\DpVWHTXp
OHLPSRUWDQORVDFXHUGRV"WDQWRHQIXQFLyQGHOHQJXDMHFRPRJQRVHROyJLFDPHQWH
HO KRPEUH VH LQFOLQD KDFLD OD ILFFLyQ SHUR SRU QHFHVLGDG \ KDVWtR TXLHUH YLYLU
JUHJDULDPHQWH\FRQIHFFLRQDXQFRQWUDWRGHSD]SDUDHOLPLQDUHOEHOOXP(VHVWHHO
GHVSXQWDU GHO LPSXOVR KDFLD OD YHUGDG VyOR OXHJR GH H[SXOVDGR \ FRQWHQLGR HO
EHOOXPGHWRGRVFRQWUDWRGRVSXHVWRTXHHOKRPEUHUHDOPHQWHGHVFDQVDVREUHHOORPR
GHXQWLJUHODFUXHOGDGHODVHVLQDWRODFRGLFLDRUtJHQHVEDMRVGH*HQHDORJtDGHOD
PRUDOHVGHFLUIXHUDGHORVPRYLPLHQWRVFRUSRUDOHVHYLGHQWHVWRGRORGHPiVTXHpO
HVOHSHUPDQHFHRFXOWRSHURQRREVWDQWHVLHPSUHLUUXPSH\HFORVLRQDHQHOFXDUWRGH
ODFRQVFLHQFLDHOKRPEUHVHKDHVFRQGLGRGHVXFXHUSR
8QDYH]KHFKDODFRQWUDWDFLyQDFDVRLJXDOGHPtWLFDTXHHQ+REEHVVHORJUD
XQDGHVLJQDFLyQGHODVFRVDVXQLIRUPHPHQWHYiOLGD\REOLJDWRULDHQODFXDOFRPR
GHFtDPRVHOOHQJXDMHWLHQHVXSDSHOLQWHUYHQWRU\OHJLVODGRUSULPHUFRQWUDVWHHQWUH
9HUGDG\0HQWLUD$SDUWLUGHHVWHPRYLPLHQWRVHFRQVWUX\HWRGDODFRQVWHODFLyQGH
YHUGDGHV SHUR TXp VRQ HOODV PLVPDV" FyPR SXGLHURQ RULJLQDUVH HQ XQ DQLPDO
HVHQFLDOPHQWHILFFLRQDGRU"\XQDYH]PHQWDGDVHVDVYHUGDGHVODVGHVHDKDVWDODV
~OWLPDV\PiVWHUULEOHVFRQVHFXHQFLDV"
3HURUHVXOWDTXHQRKD\QDWXUDOLVPRHQHOFRQRFLPLHQWRQLHOFRQRFLPLHQWRGH
ODFRVDFRQFXHUGDFRQODFRVDPLVPDQLHOOHQJXDMHYHKtFXORGHOFRQRFLPLHQWR
HVXQD H[SUHVLyQ DGHFXDGDGH OD FRVD QLFDPHQWH HO ROYLGR OH RFXOWD WRGDV HVWDV
UHDOLGDGHV HO ROYLGR WUXHFD LOXVLRQHV SRU YHUGDGHV < DXQ FXDQGR ODV SDODEUDV GHO




OHQJXDMHQRUHIOHMDQODFRVDTXpVRQHOODVPLVPDV"ODUHSURGXFFLyQHQVRQLGRVGH
XQ LPSXOVR QHUYLRVR QR GH LGHDV LQQDWDV R LPiJHQHV PHQWDOHV \ WRGR LPSXOVR
QHUYLRVRWLHQHUHDOLGDGHQHOLQGLYLGXRPDVQRQHFHVDULDPHQWHHVHOUHVXOWDGRGHOD
FRVD FRPR FDXVD H[WHULRU IDOVR XVR GH OD FDXVDOLGDG 1R REVWDQWH HOOR HO KRPEUH
H[WUDSROD HO LPSXOVR QHUYLRVR HQ LPDJHQ \ OXHJR pVWD HQ VRQLGR VDOWDQGR
FRPSOHWDPHQWH HQWUH HVIHUDV TXH VRQ DMHQDV pVWRV PRYLPLHQWRV GH H[WUDSRODFLyQ
SURYRFDQHOKHFKRGHTXHHQUHDOLGDGQRQRVUHODFLRQHPRVFRQODVFRVDVPLVPDVVLQR
FRQPHWiIRUDVFDULFDWXUDVGHODVPLVPDV
/RPLVPRVXFHGHFRQORVFRQFHSWRVVHFUHDQFXDQGRODVSDODEUDVYDQPiVDOOi
GH OD UHIHUHQFLD D OR VLQJXODU \ SDUWLFXODU HQ TXH VH KDQ RULJLQDGR SRU WDQWR WRGR
FRQFHSWRVH IRUPD SRU HTXLSDUDFLyQGHFDVRVQRLJXDOHVVLWXDFLyQHQODTXHWRGR
UDVJR SURSLR \ FDUDFWHUtVWLFR HV VXEVXPLGR EDMR DTXpO $Vt VH VXVFLWD OD
UHSUHVHQWDFLyQTXHSRUtQGROHLQWUtQVHFDHVWiYDFLDGDGHUHDOLGDG\SDUWLFXODULGDG
4XpHVHQWRQFHVODYHUGDG"SUHJXQWDUHWyULFDPHQWH1LHW]VFKH\UHVSRQGHGH
PRGR ODSLGDULR XQD KXHVWH HQ PRYLPLHQWR GH PHWiIRUDV PHWRQLPLDV
DQWURSRPRUILVPRV HQ UHVXPLGDV FXHQWDV XQD VXPD GH UHODFLRQHV KXPDQDV >@
LOXVLRQHVGHODVTXHVHKDROYLGDGRTXHORVRQ\DODLPDJHQPLVPDGHKXHVWHHQ
PRYLPLHQWR HYLGHQFLD ORV UDVJRV SXUDPHQWH DEXVLYRV ILUPHV \ VyOLGRV
DYDVDOODGRUHV HQ EORTXH FRPR XQD FROXPQD GH KRSOLWDV HQ IRUPDFLyQ VHU YHUD] HV
SXHV QR VyOR XWLOL]DU PHWiIRUDV XVXDOHV DGPLWLGDV LQFRQVFLHQWHPHQWH SRU WRGRV
VLQR PiV UDGLFDOPHQWH GHMDUVH DYDVDOODU SRU ODV SDODEUDV SDODEUDV TXH HQ XQ
SULQFLSLR KDEtDQ VLGR FUHDFLyQ GH XQ SiWKRV GH OD GLVWDQFLD SHUR TXH GHVSXpV VH
OOHQDURQ FRQ FRQWHQLGRV DVFpWLFRV LQDFFLyQ R IDOWD GH SRGHU SDUD OD QXHYD
FRQVWUXFFLyQSURSLDGHOLGHDODVFpWLFRHQ*HQHDORJtD'HDTXtTXL]iDTXHOODIUDVH
GHO&UHS~VFXORGHORVtGRORVHQGRQGHVHGLFHTXH'LRVWRGDYtDSHUPDQHFHILUPHHQ
ODJUDPiWLFDSRUTXHHVpVWDHQ~OWLPDLQVWDQFLDHO~OWLPR\PiVUHFyQGLWRHVFRQGULMR
GH OD VDEDQGLMD GLYLQD HQ WDQWR TXH FRQ OD SURQXQFLDFLyQ GH XQD VLPSOH YRFDO
SHUSHWXDPRVORVtGRORV



/D9ROXQWDGGH9HUGDGHVDTXHHQVtPLVPD\HQSRVGHVtPLVPDSDVDOXHJR
D VHU WDPELpQ XQR GH ORV DVHVLQRV GH 'LRV VH KDFH SRVLEOH SRU WDQWR OXHJR GHO
ROYLGRGHOFRQYHQFLRQDOLVPR
/DLQWXLFLyQTXHGDVLWXDGDFRPRHQHPLJDGHOUD]RQDUWRGDLPSUHVLyQUHSHQWLQD
DWHQWDFRQWUDHVHHMpUFLWRPyYLOGHFRQFHSWRV\IRUPDVTXHHVWDEOHFHQHOFDPSRSDUD
ORUDFLRQDO\DSDUWLUGHDTXtVHORJUDFRPRFRQVHFXHQFLDSROtWLFDGHDTXpOHVWDWXLU
JQRVHROyJLFRWRGRXQRUGHQSLUDPLGDOSRUFDVWDV\JUDGRVTXHUHJXODHLPSHUD/D
PHWiIRUD FRQFHSWXDO ODV DEVWUDFFLRQHV VRQ DKRUD HQ FXDQWR VXPD GH
LQGLYLGXDOLGDGHV PiV SRGHURVDV \ OODPDGDV D UHJLU VREUH ODV LQWXLFLRQHV PHWiIRUDV
LQGLYLGXDOHV6HKDHULJLGRXQJUDQHGLILFLRYHUWLFDOLVWDGHFRQFHSWRVSHURTXHHVXQ
FROXPEDULXP XQD QHFUySROLV GH LQWXLFLRQHV XQ QLFKR GRQGH VH JXDUGDQ
FDGiYHUHVHQHOGHOD*D\D6FLHQ]DHO/RFRDGYLHUWHHQWUHFDUFDMDGDVTXHXQD
YH]PXHUWR'LRVODV,JOHVLDVVHKDQFRQYHUWLGRDKRUDHQPDXVROHRVGH'LRVDTXt
ORVFRQFHSWRVVRQPDXVROHRVGHODVLQWXLFLRQHV
&yPRVHSURGXFHHO FRQRFLPLHQWR" &yPRVH GHVFXEUHODYHUGDG FXDQGR
VLHQGRGHQXQFLDGDFRPRFUHDFLyQ\ILFFLyQDUWtVWLFDGHOKRPEUHGHEHUtDWHQHUODDOD
PDQR"$VtHOKRPEUHVHLQYHQWDXQMXHJRGHODVHVFRQGLGDVFRPRVLODLQYHVWLJDFLyQ
GH OD YHUGDG IXHVH FRVD GH HVSDUFLPLHQWR OD HVFRQGH GHWUiV GH XQ PDWRUUDO \ D
FRQWLQXDFLyQ OD EXVFD \ FRPR QR SRGtD VHU PHQRV OD HQFXHQWUD HVWR HV OR TXH
VXFHGHFRQODE~VTXHGD\GHVFXEULPLHQWRGHODYHUGDGGHQWURGHOUHFLQWRGHODUD]yQ
/D YHUGDG QR HV SXHV HQVt H LQGHSHQGLHQWH GHO KRPEUH VLQR SXUDPHQWH
DQWURSRPyUILFD
$FRQWLQXDFLyQVHHVER]DHOSUREOHPDGHODSHUVSHFWLYDGHODLQWHUSUHWDFLyQ
HQ *HQHDORJtD PX\ DO SDVDU VH KDEOD GH OD HVHQFLD GHO LQWHUSUHWDU FRPR XQ URHU
PXWLODUVRMX]JDUUHFRUWDUHWF\HOWULXQIRPRPHQWiQHRGHXQDGHHOODVDVtFRPR
 


 (V LQWHUHVDQWH KDFHU QRWDU FyPR DTXt WDPELpQ UHVXHQD HO HFR GH OD SUHVHQFLD GH %DFRQ HQ HO 1RYXP
RUJDQXPFI,PHQWDEDWUHVWLSRVGHILOyVRIRVHO(PStULFRVHPHMDQWHDXQDKRUPLJDTXHVyORUHFRJH
\JDVWDHO5DFLRQDOLVWDVHPHMDQWHDODDUDxDTXHVDFDWRGDVXWHODGHVtPLVPD\HOTXHTXHUtD%DFRQHO
TXHFRPRODDEHMDUHFRJHWDPELpQGHOH[WHULRUSHUROROOHYDQKDFLDHOLQWHULRU\ORWUDQVIRUPD(QWRUQRD
HVWHWHPD1LHW]VFKHKDEODGHODFRQVWUXFFLyQGHODVYHUGDGHVQRFRPRSURGXFWRGHODDEHMDTXHFRQVWUX\H
FRQODFHUDTXHUHFRJHGHODQDWXUDOH]DVLQRGHODDUDxDTXHWLHQHTXHIDEULFDUODGHOLFDGDSHURUHVLVWHQWH
PDUDxDGHFRQFHSWRVSRUVtPLVPD/DDEHMD\ODDUDxDVRQDQLPDOHVUHFXUUHQWHVWDPELpQHQHOEHVWLDULRGHOD
REUDQLHW]VFKHDQD



HQODIiEXODGHOLQLFLRODPRVFDSRGtDFUHHUVHFRQLJXDOUD]yQFHQWURGHOPXQGRDTXt
VH GLFH HO LQVHFWR R HO SiMDUR SHUFLEHQ RWUR PXQGR FRPSOHWDPHQWH GLVWLQWR DO GHO
KRPEUH\ODFXHVWLyQGHFXiOGHODVGRVSHUFHSFLRQHVGHOPXQGRHVODFRUUHFWDFDUHFH
WRWDOPHQWH GH VHQWLGR \D TXH SDUD GHFLGLU VREUH HOOR WHQGUtDPRV TXH PHGLU FRQ OD
PHGLGDGHODSHUFHSFLyQFRUUHFWDHVGHFLUFRQXQDPHGLGDGHODTXHQRVHGLVSRQH
>\ HV@ XQ DEVXUGR OOHQR GH FRQWUDGLFFLRQHV 0iV WDUGH KDFLD HO ILQDO GH VX YLGD
FRQVFLHQWH HVER]D HO PLVPR GHVHQPDVFDUDPLHQWR SHUR GHVGH OD SHUVSHFWLYD GH OD
YLGD QL OD GHFLVLyQ OD YLGD PHUHFH OD SHQD GH VHU YLYLGD DILUPDGRUHV QL OD
RSXHVWD OD YLGD QR YDOH OD SHQD GH VHU YLYLGD QHJDGRUHV HVStULWX GH OD SHVDGH]
QLKLOLVPR SDVLYR LGHDO DVFpWLFR 6yFUDWHV QLQJXQD SXHV HV PiV YHUGDGHUD TXH OD
RWUDVyORVLUYHQFRPRVtQWRPDHQHOTXHKDEODSXHVHVODYLGDGLUiHQHO&UHS~VFXOR
GHORVtGRORVODTXHKDEODSRUGHEDMRGHHOORV\MX]JDUTXHXQDHVPiVYHUGDGHUD
TXHODRWUDLPSOLFDVLWXDUVHHQSRVLFLyQGHVGHXQWySRVLPSRVLEOHODGHOTXHDQDOL]D
GHVGHODSHUVSHFWLYDGHO$EVROXWRSHURHVHSXQWRGHYLVWDHVLPSRVLEOHDXQTXHVHDHO
TXH+HJHOSUHWHQGDRFXSDU
'HPRGRTXHHQWUHVXMHWR\REMHWRQRKD\FDXVDOLGDGHQODVUHODFLRQHVVLQRDOR
VXPR XQ H[WUDSRODU YLVWR FRPR XQD FRQGXFWD HVWpWLFD UHGXFFLyQ GH OD
JQRVHRORJtDDXQDHVWpWLFDGHOFRQRFLPLHQWR"
(VWH LPSXOVR HVWpWLFR SURSLR GHO KRPEUH HV HO TXH FUHD WRGDV ODV PHWiIRUDV
DQWURSRPyUILFDVSHURKD\WRGDYtDRWURFDPSRSDUDODFUHDFLyQHOPLWR\HODUWHHQ
HVWHWHUUHQR MXHJD \ PDQLSXOD LPSXQHPHQWHFRQ WRGRV ORVFRQFHSWRV ORVGHVWUX\H
ORV PH]FOD GHVRUGHQDGDPHQWH \ ORV YXHOYH D MXQWDU LUyQLFDPHQWH XQLHQGR OR PiV
GLYHUVR\VHSDUDQGRORPiVDItQ$KRUDVHUHWRUQDDOFDPSRGHODVLQWXLFLRQHVSXHV
VH KD GHVSHUWDGR FRPR HO YDPSLUR GHO VDUFyIDJR GH ORV FRQFHSWRV 3HUR VRQ pVWDV
PDQLIHVWDFLRQHV GH GRV WLSRV GH KRPEUH HO KRPEUH UDFLRQDO \ HO KRPEUH LQWXLWLYR
TXH HQ RFDVLRQHV FDPLQDQ MXQWRV SHUR FXDQGR HO LQWXLWLYR GRPLQD SXHGH VL ODV
FLUFXQVWDQFLDVVRQIDYRUDEOHVFRQILJXUDUXQDFXOWXUD\HVWDEOHFHUHOGRPLQLRGHODUWH
VREUHODYLGD7RGDYtDHQ*HQHDORJtDDILUPDUiTXHODFLHQFLDQRHVQXQFDHQHPLJD
GHOLGHDODVFpWLFRDSHVDUGHOD,QTXLVLFLyQHOMXLFLRD*DOLOHR\RWURVWDQWRVSURFHVRV
 



&I1LHW]VFKH)6REUHYHUGDG\PHQWLUDHQVHQWLGRH[WUDPRUDO7HFQRV0DGULG



VLQRFRQWUDULDPHQWHXQDPiVGHVXVYDULDQWHV\UHILQDPLHQWRVRWURVtQWRPDGHODYLGD
SHULFOLWDQWHQXQFDXQDPDQLIHVWDFLyQGHPD\RU\FUHFLHQWHLOXVWUDFLyQSURJUHVRKDFLD
ORPHMRUHYROXFLyQRGHVHQYROYLPLHQWRVLQRGHFDGHQFLDHQYLVWDVDOSiWKRVTXHOD
SURPXHYH'HPRGRTXHDTXtHQHVWHWH[WRWRGDYtDHODUWHVLJXHWHQLHQGRFRPRHQHO
WH[WRGHXQSDSHOVXSHULRUHQFXDQWRRSRVLFLyQ\KDVWDMXHJRLUyQLFRFRQWRGDV
ODVH[SUHVLRQHVGHOLGHDODVFpWLFRDXQTXHpVWHPRGRGHFRQFHELUDODUWHVHDDFDVR
GLVWLQWRDOGHDTXpOODpSRFDHODUWHHQHOFXDOSUHFLVDPHQWHODPHQWLUDVHVDQWLILFD\
OD YROXQWDG GH HQJDxR WLHQH D VX IDYRU OD EXHQD FRQVFLHQFLD VH RSRQH DO LGHDO
DVFpWLFRPXFKRPiVUDGLFDOPHQWHTXHODFLHQFLD
$KRUD ELHQ PiV R PHQRV YHLQWH DxRV GHVSXpV 1LHW]VFKH HVER]D VLPLODUHV
SUREOHPiWLFDVGHVGHSXQWRVGHYLVWDGLVWLQWRVRVLVHTXLHUHUHILQD\SXOHVXVSURSLDV
FRQVLGHUDFLRQHV$OJRGHHOORVHKDYLVWR\DHQWRUQRDOSUREOHPDGHODFRQWUDWDFLyQ
(Q OD pSRFD GH 6REUH YHUGDG \ PHQWLUD HQ VHQWLGR H[WUDPRUDO  HVER]D OD
FXHVWLyQGHODYHUGDG\GHOOHQJXDMHTXHH[SUHVDHVDYHUGDGEDMRORVWpUPLQRVGHOD
QHFHVLGDG GHO JUHJDULVPR HO LQGLYLGXR HQ VX HVWDGR QDWXUDO SUHWHQGH VLHPSUH
DXWRFRQVHUYDUVHIUHQWHDORVGHPiV\SRUHOORXWLOL]DDOLQWHOHFWRSDUDHVWRVILQHV
ILFFLyQ FRPR PHFDQLVPR GH GHIHQVD VLQ HPEDUJR WDQWR SRU QHFHVLGDG FRPR SRU
KDVWtRGHVHDH[LVWLUHQVRFLHGDG \JUHJDULDPHQWH>SRUORFXDO@SUHFLVDXQWUDWDGRGH
SD]
'HVGH HVWH SXQWR GH YLVWD XQD YH] HVWDEOHFLGDV FRQYHQFLRQDOPHQWH ODV
FRQVWHODFLRQHV GHYHUGDGHVVHJ~QYLPRV WDPELpQ HV SRVLEOH FRPHQ]DU D FRQWUDVWDU
PHQWLUDVRDWHQWDGRVFRQWUDHOWUDWDGR\YHUGDGHVDGHFXDFLyQ\FRQVHUYDFLyQ
GHO FRQWUDWR OXHJR SRU GHILQLFLyQ HO PHQWLURVR HV DTXHO TXH DEXVD GH ODV
FRQYHQFLRQHV GH ODV PHWiIRUDV FRQYHQFLRQDOHV OOHYiQGRODV KDFLD XQ EHQHILFLR
SURSLRTXHLQFOXVRSHUMXGLFDSRWHQFLDOPHQWHDORVGHPiVSHURVyORVHUiH[SXOVDGRGH
ODVRFLHGDGVLSURGXFHWDOSHUMXLFLRGHPRGRTXHORTXHDTXtVHHYLGHQFLDHVTXHOR
 


&I1LHW]VFKH)*HQHDORJtDGHODPRUDO$OLDQ]D%XHQRV$LUHV,,,
&I1LHW]VFKH)6REUHYHUGDG\PHQWLUDHQVHQWLGRH[WUDPRUDO
3RUHMHPSORHOSRHWDRHOKRPEUHLQWXLWLYRSDVDUtDQSRUVHUHQFLHUWRPRGRPHQWLURVRHQFXDQWRHMHFXWDQ
HVD PDQLSXODFLyQ LPS~GLFD \ GHVFRQVLGHUDGD GHO OHQJXDMH VLHPSUH GHVGH OD SHUVSHFWLYD GHO OyJRV HO
PWKRVIXHWHQLGRSRUDUWLILFLRLUUHDOSRUXQDPHQWLUDGHORVTXHQRVDEHQORTXHKDFHQFI3ODWyQRSRU
XQHVWDGLRLQIDQWLO





TXHUHDOPHQWHKLHUHQRHVHOHPEXVWHVLQRHOHPEXVWHTXHSHUMXGLFDQRSRGUtDVHUGH
RWURPRGRSXHVGHORFRQWUDULRODDFWLWXGVRFLDOVXH[LVWHQFLDPLVPDVHUtD\DWRWDO\
UDGLFDOPHQWHXQDUHIXWDFLyQ\FRQWUDGLFFLyQHQVXVSURSLRVWpUPLQRVRQRVHDILUPD
\FLPHQWDHOODPLVPDHQHOHPEXVWHROYLGRPHGLDQWHSHURHPEXVWHDOILQ"
'HVGHDTXtVDOWDQGRKDFLD*HQHDORJtDGHODPRUDOVHSXHGHSHQVDUXQD
UHGHILQLFLyQGHORVWpUPLQRVHQSULPHUOXJDU\DXQTXHPHQFLRQDGRDSURSyVLWRGHOD
FXHVWLyQSROtWLFDGHO(VWDGR\QRWDQWRHQWRUQRDOSUREOHPDGHODYHUGDGDSHVDUGH
TXHVHFRPSOHPHQWHQSRUTXHHOPRYLPLHQWRFRQVLVWHHQTXHGHXQDVLWXDFLyQSUHYLD
HVWDPHQWDOVHVXEOLPDVLHPSUHKDFLDXQDDQtPLFD\OXHJRFRQFHSWXDOHODUJXPHQWR
GHOFRQWUDWRVHWRPDDKRUDDSDUWLUGHXQDGHFLVLYDRSRVLFLyQDOFRQWUDFWXDOLVPR$Vt
HVFRPR HQ HIHFWRVHLQLFLDHQODWLHUUDHO (VWDGR \RSLHQVRTXHTXHGD UHIXWDGD
DTXHOODIDQWDVtDTXHOHKDFtDFRPHQ]DUFRQXQFRQWUDWR>SXHV@TXLHQSXHGHPDQGDU
TXLHQ SRU QDWXUDOH]D HV VHxRU >@ TXp WLHQH HO TXH YHU FRQ FRQWUDWRV (Q
VHJXQGROXJDUDVtWDPELpQTXHGDFRPSURPHWLGRHOOHQJXDMHVLHQFRQVLGHUDED
TXH HQ YLUWXG GH HVH FRQWUDWR OLQJtVWLFRJQRVHROyJLFR VH HVWDEOHFtD XQD
GHVLJQDFLyQ GH ODV FRVDV XQLIRUPHPHQWH YiOLGD \ REOLJDWRULD HQ *HQHDORJtD
DILUPDUi TXH HO GHUHFKR GHO VHxRU D GDU QRPEUHV OOHJD WDQ OHMRV TXH GHEHUtDPRV
SHUPLWLUQRV HOFRQFHELUWDPELpQ HORULJHQ GHOOHQJXDMH FRPR XQDH[WHULRUL]DFLyQGH
SRGHUGHORVTXHGRPLQDQGLFHQHVWRHVHVWR\DTXHOORLPSULPHQDFDGDFRVD\D
FDGD DFRQWHFLPLHQWR HO VHOOR GH XQ VRQLGR \ FRQ HVWR VH OR DSURSLDQ SRU DVt
GHFLUOR
(VWHSDVDMHRWUiQVLWRQRVVXPHUJHHQHOSUREOHPDPLVPRGHODJHQHDORJtDHQ
WDQWR UHPRQWDUVH DO RULJHQ SHUR HV XQ UHPRQWDUVH R PiV ELHQ VXPHUJLUVH SRU OR
GHPiV SDUWLFXODU &ODUR TXH WDQWR 6REUH YHUGDG \ PHQWLUD FRPR *HQHDORJtD VRQ
DQiOLVLVJHQHDOyJLFRVDXQTXHSODQWHDGRVHQWpUPLQRVGLVWLQWRVHOSULPHURSODQWHDXQ
RULJHQEDMRGHODYHUGDGGHOOHQJXDMHODVSDODEUDV\ORVFRQFHSWRVTXHORVRVWLHQHQ
GHDKtTXHHORULJHQEDMRFX\RPRWWRWRGRQDFHGHXQHPEXVWHGHVHQPDVFDUHOD
VLJXLHQWHVLWXDFLyQYHUJRQ]RVDORVKRPEUHQRKX\HQWDQWRGHVHUHQJDxDGRVFRPR
 




&I1LHW]VFKH)*HQHDORJtDGHODPRUDO,,
&I1LHW]VFKH)RSFLW,



GHVHUSHUMXGLFDGRVPHGLDQWHHOHQJDxR>SXHV@QRGHWHVWDQHQULJRUHOHPEXVWHVLQR
ODVFRQVHFXHQFLDVSHUQLFLRVDVKRVWLOHVGHYLHUWDFODVHGHHPEXVWHVHOVHJXQGR
SODQWHDHORULJHQEDMRGHORVYDORUHVPRUDOHVTXHWDPELpQGHVFDQVDQVREUHODFUXHOGDG
FRPRVREUHHOORPRGHXQWLJUHGHDKtTXHHVWDYH]HOGHVHQPDVFDUDPLHQWRVHD
SRUHMHPSORHOKHFKRGHTXHDQWHODFUXHOGDGWUiJLFDRDQWHODFUXHOGDGVDQJXLQDULD
H[SUHVDGDHQODSDVLyQGH&ULVWRVXEOLPDFLRQHVGHOSODFHUSRUODFUXHOGDGORTXH
SURSLDPHQWH QRV KDFH LQGLJQDUQRV FRQWUD HO VXIULPLHQWR QR HV HO VXIULPLHQWR HQ Vt
VLQRORDEVXUGRGHOVXIULPLHQWR
'RV IRUPDV GH DQiOLVLV JHQHDOyJLFR SXHV SHUR SODQWHDGRV HQ WpUPLQRV PiV
UDGLFDOHV \ GHPROHGRUHV HQ *HQHDORJtD GH KHFKR HQ HVWH WH[WR VH GHOLPLWD OD
GLVFXVLyQEDMRHOUyWXORPLVPRGHXQDQiOLVLVJHQHDOyJLFRFRPRKHUUDPLHQWDSURSLD
\HIHFWLYD$TXtORVFRQFHSWRVPRUDOHVQRVRQORGDGRTXHVHSRQHHQFXHVWLyQVLQR
TXHOR TXH VH DQDOL]D SURSLDPHQWH HV HO SUREOHPD GHO YDORUGH ORV YDORUHV PRUDOHV
HQTXpFRQGLFLRQHVVHLQYHQWyHOKRPEUHHVRVMXLFLRVGHYDORUTXHVRQODVSDODEUDV
EXHQR \ PDOR" \ TXp YDORU WLHQHQ HOORV PLVPRV" +DQ IUHQDGR R KDQ HVWLPXODGR
KDVWDDKRUDHOGHVDUUROORKXPDQR"VRQXQVLJQRGHLQGLJHQFLDGHHPSREUHFLPLHQWR
GHGHJHQHUDFLyQGHODYLGD"
(VWDE~VTXHGDHLQWHUURJDFLyQDFHUFDGHOYDORUGHORVYDORUHVVHHMHFXWDGHVGH
HO SXQWR GH YLVWD ILVLROyJLFR HWLPROyJLFR GHO VHQWLGR KLVWyULFR TXH HQ
*HQHDORJtD ,,  OODPD LQVWLQWRKLVWyULFR H LQFOXVR SVLFROyJLFR SHUR DO PRGR
GHO &UHS~VFXOR FX\R WtWXOR SXHVWR RSFLRQDO KDEtD VLGR /D RFLRVLGDG GH XQ
SVLFyORJRQRDOPRGRGHORVJHQHDORJLVWDVLQJOHVHVeVWRVHIHFW~DQXQDJHQHDORJtD
DKLVWyULFD \ TXH QR YD PiV DOOi GH XQ DQiOLVLV IUtR \ FDOFXODGRU HQ HO QLYHO GH OD
FRQVFLHQFLD SRU HMHPSOR OD JpQHVLV GHO FRQFHSWR %XHQR REHGHFH D FLHUWRV
PHFDQLVPRVLQWHUQRVGHFRQVFLHQFLDTXHXQDYH]GHVFXELHUWRVYDOHQSDUDWRGRWLSRGH
KRPEUHHQWRGRWLHPSR\OXJDUMXVWDPHQWHSRUKDEHUGHMDGRGHODGRORKLVWyULFR\OR
 


 &I 1LHW]VFKH ) 6REUH YHUGDG \ PHQWLUD HQ VHQWLGR H[WUDPRUDO  +DEUtD TXH SHQVDU WRGDYtD FyPR
UHVROYHUODFXHVWLyQGHO ROYLGRLQFRQVFLHQWHTXHDTXtHVEDVHSDUDHOGHVDUUROORGHVHQPDVFDUDGRU\TXHHQ
*HQHDORJtDDSDUHFHFRPRIXHU]DDFWLYDRIDFXOWDGGHLQKLELFLyQ,,VVSRURSRVLFLyQDORVJHQHDORJLVWDV
LQJOHVHV GH FRUWH PHFDQLFLVWD VREUH WRGR WHQLHQGR HQ FXHQWD TXH HQ *HQHDORJtD HO ROYLGR FREUD XQ PDWL]
SUHGRPLQDQWHPHQWHILVLROyJLFRTXHDOPHQRVDSULPDIDFLHHQ6REUHYHUGDG\PHQWLUDQRVHDGYLHUWH

&I1LHW]VFKH)*HQHDORJtDGHODPRUDO,,

&I1LHW]VFKH)RSFLW3UyORJR



ILVLROyJLFR DTXt VXE\DFH OD QRFLyQ PHFDQLFLVWD HQ ~OWLPD LQVWDQFLD GH XQ
'HVFDUWHV +REEHV /RFNH +XPH TXLHQHV SDUWHQ GH DOJR SXUDPHQWH SDVLYR
DXWRPiWLFRUHIOHMRPROHFXODUHVW~SLGRGHUDt]
/D YHUGDGHUD JHQHDORJtD LQYLHUWH HVWRV WpUPLQRV XWLOLGDGROYLGRKiELWR \
DUURMDDTXHOORVRUtJHQHVEDMRVFUXHOHVWHUULEOHVORVYDORUHVQDFHQGHXQSiWKRVQREOH
GHODGLVWDQFLDGHXQDUULEDKDFLDXQDEDMRHQHORULJHQHVWiODH[WHULRUL]DFLyQGH
XQ SRGHU /XHJR HO VRMX]JDGR HO LGHDO DVFpWLFR HO TXH QR SXHGH DFWXDU VLQR
UHDFFLRQDU HO VDFHUGRWH TXH SLHUGH VX SXHVWR GH SRGHU IUHQWH DO FDEDOOHUR
DULVWRFUiWLFRHOLPSRWHQWHHQODSUD[LVRSHUDODPiVHVSLULWXDOGHODVYHQJDQ]DV
WUDQVYDORUDUDGLFDOPHQWHORVYDORUHVQREOHVEXHQR QREOH SRGHURVR EHOOR IHOL]
DPDGRGH'LRVSRUTXHHQHOORVHQVXUHSOHJDUVHDODLQWHULRULGDGKDKHFKRVXQLGR
OD LQWHOLJHQFLD GH PRGR TXH DKRUD ORV PLVHUDEOHV VRQ ORV EXHQRV ORV SREUHV ORV
LPSRWHQWHV ORV EDMRV VRQ ORV ~QLFRV EXHQRV ORV TXH VXIUHQ ORV LQGLJHQWHV ORV
HQIHUPRVORVGHIRUPHVVRQWDPELpQORV~QLFRVSLDGRVRVORV~QLFRVEHQGLWRVGH'LRV
~QLFDPHQWHSDUDHOORVH[LVWHODELHQDYHQWXUDQ]D3RUODLQWHOLJHQFLD\VyORSRUOD
LQWHOLJHQFLD TXH FRPR FLXGDGHOD GH XQ FXHUSR GpELO VRPHWLGR D XQ UpJLPHQ
DVFpWLFRGHFDGHQWHQDUFRWL]DGRKDDGTXLULGRHVRVUDVJRVGHSUHVWLGLJLWDFLyQTXHVH
YHtDHQ6REUHYHUGDG\PHQWLUDHQHOLGHDODVFpWLFRODLQWHOLJHQFLDQDFHFRPRSXHUWD
IDOVD FRPR HVFRQGULMR PLUDGD GH UHRMR PLHQWUDV TXH HQ HO KRPEUH QREOH pVWD
VyORDSDUHFHFRPROXMR\UHILQDPLHQWRSXHVWRTXHDOOtORSULPRUGLDOHVODSHUIHFWD
VHJXULGDG IXQFLRQDO GH ORV LQVWLQWRV LQFRQVFLHQWHV UHJXODGRUHV DVt FRPR FLHUWD
IDOWDGHLQWHOLJHQFLD
(VWHGHYHODPLHQWRSRGHULPSRVLWLYRGHOKRPEUHQREOHYDORUDFLyQDULVWRFUiWLFD
FRPRVRMX]JDPLHQWR\FUXHOGDGSRVWUHUWUDQVYDORUDFLyQDVFpWLFDQRHVYDOHGHFLUOR
SHVH D OD REYLHGDG ORTXHVXFHGLy DVt FRPR WDPSRFR OD RSHUDFLyQ GH XQD QXHYD
WUDQVYDORUDFLyQGHWRGRVORVYDORUHVFRPRSUR\HFWRLPSOLFDUHWRUQDUQHFHVDULDPHQWH
DO KRPEUH QREOH DULVWRFUiWLFR HQ VHQWLGR VRFLDO \ SROtWLFR OR HIHFWLYDPHQWH
DFRQWHFLGR HO RULJHQ IXQGDPHQWDO TXH KD TXHGDGR VHSXOWDGR EDMR OD YDORUDFLyQ
 



&I1LHW]VFKH)*HQHDORJtDGHODPRUDO,
&I1LHW]VFKH)RSFLW,

&I1LHW]VFKH)RSFLW,




DVFpWLFD HV SRU HO FRQWUDULR XQD DSURSLDFLyQ YiOLGD XQD FRQILJXUDFLyQ H
LQWHUSUHWDFLyQGHORULJHQHIHFWXDGDEDMRHODQiOLVLVKLVWyULFRILVLROyJLFRHWLPROyJLFR
SVLFROyJLFR(QULJRUSRGUtDPRVGHFLUTXHHVIUXWRWDPELpQGHHVDIXHU]DSOiVWLFD
UHPRGHODGRUD\UHJHQHUDGRUDGHODKLVWRULDTXHRSHUDFRPRSRUXQDGLDOpFWLFDGHOD
PHPRULD\HOROYLGRHQWDQWRIXHU]DVILVLROyJLFDPHQWHDFWLYDV
9HPRV TXH OD LGHD GH DSURSLDFLyQ VH FRUUHODWR HQ HO DQiOLVLV JHQHDOyJLFR
QLHW]VFKHDQR FRQ ODV GH LQWHUSUHWDFLyQ \ SHUVSHFWLYD FRPR DQWtGRWRV FRQWUD LGHDO
DVFpWLFR HQ ORV YDORUHV YDOH OD FLWDU XQ SRFR LQ H[WHQVR DOJXQRV SiUUDIRV
HMHPSOLILFDGRWHV GH D OD LQWHUSUHWDFLyQ FRPR HIHFWR GH SRGHU TXH VH LQVWDOD
PRPHQWiQHDPHQWH\FRQWUDWRGRWHOHRORJLVPRLQWUtQVHFR

OD FDXVD GH OD JpQHVLV GH XQD FRVD \ OD XWLOLGDG ILQDO GH pVWD VX HIHFWLYD
XWLOL]DFLyQHLQVHUFLyQHQXQVLVWHPDGHILQDOLGDGHVVRQKHFKRVWRWRFRHOR>WRWDOPHQWH@
VHSDUDGRV HQWUH Vt >SXHV@ DOJR H[LVWHQWH DOJR TXH GH DOJ~Q PRGR KD OOHJDGR D
UHDOL]DUVHHVLQWHUSUHWDGRXQD\RWUDYH]SRUXQSRGHUVXSHULRUDHOORHQGLUHFFLyQD
QXHYRVSURSyVLWRVHVDSURSLDGRGHXQPRGRQXHYRHVWUDQVIRUPDGR\DGDSWDGRDXQD
QXHYD XWLOLGDG TXH WRGR DFRQWHFHU HQ HO PXQGR RUJiQLFR HV XQ VXE\XJDU XQ
HQVHxRUHDUVH \ TXHD VX YH] WRGR VXE\XJDU\HQVHxRUHDUVHHV XQ UHLQWHUSUHWDU XQ
UHDMXVWDU HQ OD TXH SRU QHFHVLGDG HO VHQWLGR DQWHULRU \ OD ILQDOLGDG DQWHULRU
WLHQHQ TXH TXHGDU RVFXUHFLGRV R LQFOXVR ERUUDGRV WRWDOPHQWH >$Vt@ WRGDV ODV
ILQDOLGDGHVWRGDVODVXWLOLGDGHVVRQVyORLQGLFLRVGHTXHXQDYROXQWDGGHSRGHUVHKD
HQVHxRUHDGR GH DOJR PHQRV SRGHURVR >@ \ OD KLVWRULD HQWHUD GH XQD FRVD GH XQ
yUJDQR GH XQ XVR SXHGH VHU DVt XQD LQLQWHUUXPSLGD FDGHQD LQGLFDWLYD GH
LQWHUSUHWDFLRQHV


E OD LQWHUSUHWDFLyQ \ SHUVSHFWLYD HQ FRQWUD GHO REMHWLYLVPR FRP~Q SHUR

GHILQLGD FRPR XQD IRUPD IXWXUD GH REMHWLYLGDG \ FRPR ~QLFD YtD GH DFFHVR GHO
FRQRFLPLHQWR
>IXWXUD REMHWLYLGDG@ HQWHQGLGD HVWD ~OWLPD QR FRPR FRQWHPSODFLyQ
GHVLQWHUHVDGD VLQR FRPR IDFXOWDG GH WHQHU QXHVWUR SUR \ QXHVWUR FRQWUD VXMHWRV D
 


&I,QWHPSHVWLYD,,SDUDODQRFLyQGHIXHU]DSOiVWLFDSHURDSOLFDGDDOSXHEORHQ*HQHDORJtDDSDUHFHHQ
,HODQiOLVLVGHODPHPRULDROYLGRHQ,,

&I1LHW]VFKH)RSFLW,,



QXHVWURGRPLQLR\GHSRGHUVHSDUDUORV\MXQWDUORVGHPRGRTXHVHSDPRVXWLOL]DUHQ
SURYHFKR GHO FRQRFLPLHQWR FDEDOPHQWH OD GLYHUVLGDG GH ODV SHUVSHFWLYDV \ GH ODV
LQWHUSUHWDFLRQHVQDFLGDVGHORVDIHFWRV>6RQ@ODVIXHU]DVDFWLYDVHLQWHUSUHWDWLYDV>@
ODV TXH KDFHQ TXH YHU VHD YHUDOJR >SXHVWR TXH@ H[LVWH ~QLFDPHQWH XQ YHU
SHUVSHFWLYLVWD ~QLFDPHQWH XQ FRQRFHU SHUVSHFWLYLVWD \ FXDQWR PD\RU VHD HO
Q~PHUR GH DIHFWRV D ORV TXH SHUPLWDPRV GHFLU VX SDODEUD VREUH XQD FRVD FXDQWR
PD\RU VHD HO Q~PHUR GH RMRV GH RMRV GLVWLQWRV TXH VHSDPRV HPSOHDU SDUD YHU XQD
PLVPDFRVDWDQWRPiVFRPSOHWRVHUiQXHVWURFRQFHSWRGHHOOD
(VWDLQWHUSUHWDFLyQFX\DHVHQFLDHVXQYLROHQWDUUHDMXVWDUUHFRUWDURPLWLU
UHOOHQDULPDJLQDUIDOVHDUDUURMDHQWRUQRDODPRUDOODFRQFOXVLyQDTXHDUULED
HQ &UHS~VFXOR \ HQ 0iV DOOi GHO ELHQ \ GHO PDO D VDEHU QR H[LVWHQ IHQyPHQRV
PRUDOHVVLQRXQDLQWHUSUHWDFLyQPRUDOGHORVIHQyPHQRVE


 



 &I 1LHW]VFKH ) RS FLW ,,,  (VWD FDSDFLGDG GH MXQWDU \ VHSDUDU D QXHVWUR SURSLR SURYHFKR \
FDSULFKRUHFXHUGDDODDFWLWXGSURSLDGHOKRPEUHGHODLQWXLFLyQHQORVWpUPLQRVGH6REUHYHUGDG\PHQWLUD

&I1LHW]VFKH)RSFLW,,,



&$378/2(OFRQFHSWRGHUD]yQ

$/DUD]yQFDUWHVLDQD

,,QWURGXFFLyQ

(V MXVWR HO DSXQWDPLHQWR GH +HJHO FRPHQWD &KDWHOHW FXDQGR GHFODUD TXH
'HVFDUWHVHVHOILOyVRIRIXQGDGRUGHODPRGHUQLGDG6LVHDFHSWDODYHUGDGGHODQXHYD
ItVLFDQRVHSXHGH\DIXQFLRQDUFRQODPLVPDRQWRORJtDFRQODPLVPDFRQFHSFLyQGHO
VHU GH OR UHDO  'HVFDUWHV SODQWHD OD FXHVWLyQ FUXFLDO GH OD QDWXUDOH]D GHO VXMHWR
FRJQRVFHQWH\GHODQDWXUDOH]DGHOREMHWRFRQRFLGR6LPSOLILFDQGRSRGUtDGHFLUVHTXH
KDVWD 'HVFDUWHV OD ILORVRItD VH KD SODQWHDGR OD SUHJXQWD TXp HV HO VHU" FyPR HVWi
KHFKR"'HVFDUWHVODVXVWLWX\HSRUHVWDRWUDTXpHVHOFRQRFLPLHQWR"/RFXDOUHYDOLGD
ODHPSUHVDGH*DOLOHRDOPRVWUDUHQTXpFRQGLFLRQHVJHQHUDOHVHOWUDEDMRGH*DOLOHRVH
WRUQDLQWHOLJLEOH


(OREMHWLYRGHHVWHDSDUWDGRHVUHDOL]DUXQUDVWUHRELEOLRJUiILFRGHOFRQFHSWRGH
UD]yQHQ5HQp'HVFDUWHV'DGRTXHHOSHQVDPLHQWRFDUWHVLDQRJLUDHQWRUQRDGLFKR
FRQFHSWRVHUiPX\GLItFLOGHOLPLWDUORVWHPDV\DTXHWRGRHVWiUHODFLRQDGRFRQHOOD
HVWiOLJDGD DOVXMHWRTXHODSRVHH DVXREMHWR TXHHV ODYHUGDG D'LRV TXHHV VX
IXQGDPHQWR \ DO PpWRGR TXH HV HO FDPLQR TXH OD JXtD 3DUD HOOR DQDOL]DUHPRV ODV
FXDWURSULPHUDVSDUWHVGH(OGLVFXUVRGHOPpWRGR




 


&KDWHOHW)S
 LHN DUJXPHQWD TXH OD QRFLyQ FDUWHVLDQD GH VXMHWR FRQFLHQWH \ UDFLRQDO FRQWLHQH HO PRPHQWR GH OD
LQFRQFLHQFLD \ OD LUUDFLRQDOLGDG (O PRPHQWR GH ORFXUD SXHGH FRQFHSWXDOL]DUVH VyOR GHQWUR GHO HVSDFLR
DELHUWRSRUHOVXMHWRFDUWHVLDQRQRVXEVWDQFLDOYDFtR$GHPiVDILUPRTXHODGHPRFUDFLDHQVtORTXH&ODXGH
/HIRUWOODPyODLQYHQFLyQGHPRFUiWLFDWDPELpQSXHGHDSDUHFHUVyORGHQWURGHOHVSDFLRFDUWHVLDQRLHN
6'DFDSRVHQ]DILQHHQ%XWOHU-HWDOLD&RQWLQJHQFLDKHJHPRQtD\XQLYHUVDOLGDG%XHQRV$LUHV)&(
S

 (Q HVWH DSDUWDGR WRPDUHPRV FRPR IXHQWH 'HVFDUWHV 5 'LVFXUVR GHO PpWRGR WUDGXFFLyQ GH 0DQXHO
*DUFtD0RUHQWH(GLWRULDO$XVWUDO0DGULG




,,/DUD]yQXQLYHUVDO

(O EXHQ VHQWLGR HV OD FRVD PHMRU UHSDUWLGD GHO PXQGR  eVWD HV OD
SULPHUD DVHYHUDFLyQ TXH IRUPXOD 'HVFDUWHV HQ (O GLVFXUVR GHO PpWRGR (VWH EXHQ
VHQWLGRHVODUD]yQ7RGRVXMHWRSRVHHUD]yQ/DUD]yQHVXQDFDSDFLGDGTXHHVWi
HQWRGRVORVKRPEUHV(VXQUDVJRXQLYHUVDO
(O WH[WR FRQWLQ~D DVt  SXHV FDGD FXDO SLHQVD TXH SRVHH WDQ EXHQD
SURYLVLyQGHpOTXHD~QORV PiVGHVFRQWHQWDGL]RVUHVSHFWRDFXDOTXLHURWUDFRVDQR
VXHOHQDSHWHFHUPiVGHOTXH\DWLHQHQ6LELHQHVWHDUJXPHQWRHVGpELO\DTXHGD
DHQWHQGHUTXHWRGRHOPXQGRHVWiFRQIRUPHFRQODUD]yQTXHOHWRFD\FRQFyPRVH
UHSDUWH OD DILUPDFLyQ TXH VRVWLHQH TXH OD UD]yQ HVWi XQLYHUVDOPHQWH GLVWULEXLGD HQ
WRGRVGHODPLVPDPDQHUDHVIXHUWH


,,,(OREMHWRGHODUD]yQ

8QSRFRPiVDGHODQWHDJUHJD

 OD IDFXOWDG GH MX]JDU \ GLVWLQJXLU OR YHUGDGHUR GH OR IDOVR TXH HV
SURSLDPHQWHORTXHOODPDPRVEXHQVHQWLGRRUD]yQHVQDWXUDOPHQWHLJXDOHQWRGRVORV
KRPEUHV\SRUORWDQWRTXHODGLYHUVLGDGGHQXHVWUDVRSLQLRQHVQRSURYLHQHGHTXH
XQRV VHDQ PiV UD]RQDEOHV TXH RWURV VLQR WDQ VyOR GH TXH GLULJLPRV QXHVWURV
SHQVDPLHQWRVSRUGHUURWHURVGLIHUHQWHV\QRFRQVLGHUDPRVODVPLVPDVFRVDV1REDVWD
HQHIHFWRWHQHUHOLQJHQLREXHQRORSULQFLSDOHVDSOLFDUORELHQ


/RSULPHURTXHKD\TXHGHVWDFDUGHHVWHSiUUDIRHVTXHODIXQFLyQGHODUD]yQ
VXREMHWRHVGLVWLQJXLUORYHUGDGHURGHORIDOVR/RVHJXQGRHVTXHWRGRVORVKRPEUHV
SRVHHQ SRU QDWXUDOH]D XQD UD]yQ SRU HO VROR KHFKR GH VHU KXPDQRV \D VH HVWi
GRWDGRGHUD]yQ/RWHUFHURHVTXHODVGLVWLQWDVRSLQLRQHVGHORVKRPEUHVWLHQHQTXH
 



'HVFDUWHV5S
,EtGHP

,EtGHP




YHUFRQORVGLIHUHQWHVXVRVGHODUD]yQ(VWR~OWLPROOHYDUiD 'HVFDUWHVDEXVFDUXQ
PpWRGR TXH OH D\XGH D FRQGXFLU ELHQ OD UD]yQ 'DGD SRU VHQWDGD OD FDSDFLGDG
UDFLRQDOHQWRGRVORVKRPEUHVORLPSRUWDQWHHVHOPpWRGRHOPHGLRGHFRQRFLPLHQWR
/R LPSRUWDQWH SDUD 'HVFDUWHV HV HQFRQWUDU XQ IXQGDPHQWR HQ XQD pSRFD
KLVWyULFDHQODTXHWRGDFHUWH]DSDUHFtDGHUUXPEDUVH(VWDEDVHVHJXUD\ILUPHGHVGH
GRQGHSDUWLUHVQHFHVDULDSHURWDPELpQHVQHFHVDULRXQPpWRGRHQWHQGLGRFRPRXVR
UHFWR GH OD UD]yQ FRPR OD KHUUDPLHQWD SDUD HO GHVDUUROOR GH XQ VDEHU VLQ HUURU
SDUHFLHUDVHUTXHORLPSRUWDQWHHVODIXQFLyQGHOPpWRGR\QRFXiOVHDpVWH


,9/RVUDVJRVGHODUD]yQ

 QXQFD KH FUHtGR TXH PL LQJHQLR IXHVH PiV SHUIHFWR TXH ORV LQJHQLRV
FRPXQHV KDVWD KH GHVHDGR PXFKDV YHFHV WHQHU HO SHQVDPLHQWR WDQ UiSLGR R OD
LPDJLQDFLyQ WDQ QtWLGD \ GLVWLQWD R OD PHPRULD WDQ DPSOLD \ SUHVHQWH FRPR DOJXQRV
RWURV < QR Vp GH RWUDV FXDOLGDGHV VLQR HVDV TXH FRQWULEX\DQ D OD SHUIHFFLyQ GH
LQJHQLRSXHVHQORTXHWRFDDODUD]yQRDOVHQWLGRVLHQGRFRPRHVOD~QLFDFRVDTXH
QRV GLVWLQJXH GH ORV DQLPDOHV TXLHUR FUHHU TXH HVWi HQWHUD HQ FDGD XQR GH QRVRWURV



+D\ WUHV FXDOLGDGHV GLVWLQWLYDV GH OD UD]yQ OD LPDJLQDFLyQ OD PHPRULD \ HO
HQWHQGLPLHQWRpVWH~OWLPRHVHOTXHSHUPLWHDFFHGHUDODYHUGDGDORVFRQRFLPLHQWRV
$O ILQDO GH OD FLWD 'HVFDUWHV VHxDODTXHOD UD]yQ HV OR TXH GLVWLQJXH DOKRPEUH GHO
UHVWR GH ORV DQLPDOHV \ TXH OR TXH GLJQLILFD D ORV KRPEUHV HV OD E~VTXHGD GH OD
YHUGDG





 



,EtGHP



9(OPpWRGR

IXHXQDJUDQDYHQWXUDSDUDPtHOKDEHUPHPHWLGRGHVGHMRYHQSRUFLHUWRV
FDPLQRV TXH PH KDQ OOHYDGR D FLHUWDV FRQVLGHUDFLRQHV \ Pi[LPDV FRQ ODV TXH KH
IRUPDGR XQ PpWRGR HQ HO FXDO SDUpFHPH TXH WHQJR XQ PHGLR SDUD DXPHQWDU
JUDGXDOPHQWHPLFRQRFLPLHQWR\HOHYDUORSRFRDSRFR


(OPpWRGRHVSDUD'HVFDUWHVXQPHGLRFRQMXQWRGHUHJODVRLQVWUXPHQWRTXH
OROOHYDSRUHOFDPLQRTXHFRQGXFHDODYHUGDG/DILQDOLGDGGHOPpWRGRHVFRQGXFLU
ELHQODUD]yQSDUDDOFDQ]DUODYHUGDG

WDOHVIUXWRVKHUHFRJLGR\DGHHVHPpWRGRTXHD~QFXDQGRHQHOMXLFLR
TXH VREUH Pt PLVPR KDJR SURFXUR VLHPSUH LQFOLQDUPH GHO ODGR GH OD GHVFRQILDQ]D



$TXtVHPDQLILHVWDODSUHRFXSDFLyQGH'HVFDUWHVSRUHYLWDUHOHUURUORFXDOOR
OOHYDDKDFHUGHODGXGDXQPpWRGR8QRGHORVUDVJRVGHODGXGDHVGHVWUXLUORTXH
KDVWD DKRUD VH KDEtD WRPDGR FRPR FLHUWR 'HVFDUWHV YLYH FRQ OXFLGH] HO IUDFDVR GH
PiV GH YHLQWHVLJORVGHHVIXHU]RVILORVyILFRVSRU HVRVH SURSRQH FRQGHFLVLyQGDU
WpUPLQRGHILQLWLYRDWDOHVWDGRGHFRVDV\IXQGDUHOVDEHUVREUHXQDEDVHFX\DILUPH]D
HVWp PiV DOOi GH WRGD VRVSHFKD \ TXH SHUPLWD VXSHUDU HO HUURU GHULYDGR GH ORV
SUHMXLFLRV

3HUR PH JXVWDUtD GDU D FRQRFHU HQ HO SUHVHQWH GLVFXUVR ORV FDPLQRV TXH KH
VHJXLGR\UHSUHVHQWDUHQHOORVPLYLGDSDUDTXHFDGDFXDOSXHGDIRUPDUVXMXLFLR
\ DVt WRPDQGR OXHJR FRQRFLPLHQWR SRU HO UXPRU S~EOLFR  VHD pVWH XQ QXHYR
PHGLRGHLQVWUXLUPH0LSURSyVLWRSXHVQRHVHOGHHQVHxDUDTXtHOPpWRGRTXH
FDGDFXDOKDGHVHJXLUSDUDGLULJLUELHQVXUD]yQVLQRVyORH[SRQHUHOPRGRFRPR\R
KHSURFXUDGRFRQGXFLUODPtD


 


'HVFDUWHV5S
,EtGHP

,EtGHP




(O GLVFXUVR SXHGH VHU WRPDGR FRPR XQD DXWRELRJUDItD LQWHOHFWXDO TXH OXHJR
VRPHWH D OD FUtWLFD S~EOLFD 'HVFDUWHV VHxDOD TXH HVWH PpWRGR HV HO TXH VLJXH SDUD
GLULJLUELHQVXUD]yQSHURTXHQRSUHWHQGHTXHVHDHO~QLFR


9,/DGXGD

 IXL FULDGR HQ HO HVWXGLR GH ODV OHWUDV \ FRPR PH DVHJXUDEDQ TXH SRU
PHGLRGHHOODVVHSRGtDDGTXLULUXQFRQRFLPLHQWRFODUR\VHJXURGHWRGRFXDQWRHV~WLO
SDUDODYLGDVHQWtD\RXQYLYtVLPRGHVHRGHDSUHQGHUODV3HURWDQSURQWRFRPRKXEH
WHUPLQDGRHOFXUVRGHORVHVWXGLRVFX\RUHPDWHVXHOHGDULQJUHVRHQHOQ~PHURGHORV
KRPEUHVGRFWRVFDPELpSRUFRPSOHWRGHRSLQLyQ3XHVPHHPEDUJDEDQWDQWDVGXGDV\
HUURUHV TXH PH SDUHFtD TXH SURFXUDQGR LQVWUXLUPH QR KDEtD FRQVHJXLGR PiV
SURYHFKRTXHHOGHGHVFXEULUFDGDYH]PHMRUPLLJQRUDQFLD


(OUHVXOWDGRTXH'HVFDUWHVHQFXHQWUDSDUHFHVRFUiWLFR\DTXHHQHOLQWHQWRGH
DYDQ]DUHQHOFRQRFLPLHQWRGHVFXEUHFDGDYH]PiVVXLJQRUDQFLD(QHVWHIUDJPHQWR
VHPHQFLRQDSRUSULPHUDYH]ODGXGDOLJDGDDOHUURU3RUHOFRQWUDULRHOPRGHORTXH
pOEXVFDLPSOLFDFHUWH]D)RUPXODYDULDVKLSyWHVLVUHVSHFWRGHVXVGXGDV\HUURUHVHO
OXJDUGRQGHHVWXGLyVXVLWXDFLyQSHUVRQDOODFXOWXUDGHODpSRFDHWFSHURDSHVDU
GHHVWR QRHQFXHQWUD XQDUHVSXHVWD VDWLVIDFWRULD 6HxDODODVYLUWXGHV GHFDGDXQRGH
ORV VDEHUHV \ FLHQFLDV \ OXHJR VXV GLILFXOWDGHV 3HUR QR HQFXHQWUD QDGD FLHUWR SRU
DKRUDWRGRVHOHSUHVHQWDFRPRGXGRVR

*XVWDEDVREUHWRGRGHODVPDWHPiWLFDVSRUODFHUWH]D\HYLGHQFLDTXHSRVHHQ
VXVUD]RQHVSHURD~QQRDGYHUWtDFXiOHUDVXYHUGDGHURXVR


/RV UDVJRV GLVWLQWLYRV GH OD PDWHPiWLFD OH VLUYHQ GH PRGHOR SDUD FRQRFHU OD
SURSLD UD]yQ +DEOD GH FHUWH]D \ HYLGHQFLD 1R DYL]RUD D~Q OD XWLOLGDG GH ODV
PDWHPiWLFDV SHUR VRVSHFKD TXH OD WLHQHQ 'LFKD XWLOLGDG GH OD PDWHPiWLFD \ GH OD
 



'HVFDUWHV5S
'HVFDUWHV5S



UD]yQ WRGD FRQVLVWH HQ TXH QRV KDFH H[SOtFLWR HO RUGHQ SHUPLWH FRPSUHQGHU OD
HVWUXFWXUDPLVPDGHODUHDOLGDG/DQDWXUDOH]DGHFtD*DOLOHR HVXQOLEURHVFULWRHQ
OHQJXDMHPDWHPiWLFR(QODPDWHPiWLFD'HVFDUWHVHQFXHQWUDFHUWH]D\HYLGHQFLD3RU
HVR OD WRPD FRPR PRGHOR \ JXtD GH OD UD]yQ HQ VX FRQMXQWR (O SDSHO GH OD
PDWHPiWLFD VREUHVDOH QR VyOR HQ ORV HVFULWRV GH 'HVFDUWHV OD PDWHPiWLFD HV
FRQVDJUDGD SRU %DFRQ \ SRU *DOLOHR FRPR OD FODYH GH DFFHVR R OD SXHUWD GH OD
QDWXUDOH]D3DUD'HVFDUWHVODVPDWHPiWLFDGHVSRMDGDGHVXVLPSOHYDORULQVWUXPHQWDO
HQWHQGLHQGRHVWRFRPRiOJHEUDVHLGHQWLILFDFRQORUHDO\FRQHOPRGRGHSURFHGHU
GHODUD]yQODUD]yQVHUtDFRPRXQDRUGHQDGRUDGHODUHDOLGDG/DPDWHPiWLFDJXVWDD
'HVFDUWHVSRUVXFDUiFWHUGHFHUWH]D\HYLGHQFLDGRVFRQFHSWRVPX\LPSRUWDQWHVTXH
QRVGDQDHQWHQGHUTXHGHHOODQRSXHGHGXGDUVHTXHSRVHHXQMXLFLRYHUGDGHUR/D
YHUGDGVHLGHQWLILFDFRQODFHUWH]D\HVXQUDVJRGHQXHVWURSHQVDPLHQWR

HOFDPLQRGHODVDOYDFLyQHVWiWDQDELHUWRSDUDORVLJQRUDQWHVFRPRSDUD
ORVGRFWRV\TXHODVYHUGDGHVUHYHODGDVTXHDOOiFRQGXFHQHVWiQPX\SRUHQFLPDGH
QXHVWUD LQWHOLJHQFLD QXQFD PH KXELHUD DWUHYLGR D VRPHWHUODV D OD IODTXH]D GH PLV
UD]RQDPLHQWRV


'HVFDUWHVWRPDXQDSRVWXUDSUHFDYLGDFRQUHVSHFWRDODWHRORJtD\DTXHWDQWR
LJQRUDQWHV FRPR GRFWRV SXHGHQ VHU PHUHFHGRUHV GH OD VDOYDFLyQ GLYLQD (Q OR TXH
FRQFLHUQHDODVDOYDFLyQGDSULRULGDGDODIH'HVFDUWHVFRQVXPpWRGRGXGDUiGHWRGR
EXVFDQGR VX IXQGDPHQWR ORV FRQRFLPLHQWRV DGTXLULGRV OLJDGRV FRQ OD WUDGLFLyQ \
DSUHQGLGRV VLQ FXHVWLRQDU UHVSHWDQGR \ EDViQGRVH HQ XQ SULQFLSLR GH DXWRULGDG QR
VRQVHJXURV \ QRVHGHEHQ WRPDUSRUFLHUWRVVLQ FULWLFDUORV(V LPSRUWDQWH UHFRUGDU
DTXtTXH'HVFDUWHVSXHGHSRQHUWRGRHQGXGDPHQRVODWHRORJtDGHMDQGRGHODGRODV
LPSOLFDQFLDV SHUVRQDOHV \ SROtWLFR UHOLJLRVDV GH OD pSRFD DGYLpUWDVH TXH QR HV
VRPHWLGDDODGXGDSRUHVFDSDUODVYHUGDGHVUHYHODGDVGHODFDSDFLGDGUDFLRQDO\SRU
WDQWRQRSXHGHQVHUMX]JDGDVSRUpVWD

 


'HVFDUWHV5S



1DGD GLUp GH ODILORVRItD VLQR TXHDO YHU TXH KD VLGRFXOWLYDGD SRU ORVPiV
H[FHOHQWHVLQJHQLRVTXHKDQYLYLGRGHVGHKDFHVLJORV\VLQHPEDUJRQDGDKD\HQHOOD
TXH QR VHD REMHWR GH GLVSXWD \ SRU FRQVLJXLHQWH GXGRVR \ FRQVLGHUDQGR FXiQ
GLYHUVDVSXHGHQVHUODVRSLQLRQHVWRFDQWHVDXQDPLVPDPDWHULDVRVWHQLGDVWRGDVSRU
JHQWHVGRFWDVD~QFXDQGRQRSXHGHVHUYHUGDGHUDPiVTXHXQDVRODUHSXWDEDFDVLSRU
IDOVRWRGRORTXHQRIXHUDPiVTXHYHURVtPLO


'HVFDUWHVUHLYLQGLFDODILORVRItDSRUTXHVXREMHWRHVODE~VTXHGDGHODYHUGDG
SHURHQFXHQWUDHQHOODPXOWLSOLFLGDGGHRSLQLRQHVHQODVTXHQRKD\DFXHUGRVSRUOR
FXDO QR SXHGH UHVFDWDUVH QDGD YHUGDGHUR \ HYLGHQWH 6L KD\ XQD VROD UHDOLGDG GHEH
KDEHUXQDVRODYHUGDGTXHVHDGHFXHDHOOD'HGLIHUHQWHVRSLQLRQHVVyORXQDSXHGH
VHU YHUGDGHUD 6L OD UHDOLGDG HV XQD OD YHUGDG GHEH VHU XQD HO FRQRFLPLHQWR \ HO
PpWRGRGHEHQVHUXQR

<HQFXDQWRDODVGHPiVFLHQFLDV\DTXHWRPDQVXVSULQFLSLRVGHODILORVRItD
SHQVDED\RTXHVREUHWDQHQGHEOHVFLPLHQWRVQRSRGtDKDEHUVHHGLILFDGRQDGDVyOLGR



'HVFDUWHV SDVD UHYLVWD GH ORV GLVWLQWRV VDEHUHV SHUR YH TXH FRQ QLQJXQR VH
SXHGHQ DOFDQ]DU FRQRFLPLHQWRV VHJXURV (Q WRGRV HOORV KD\ GHIHFWRV 6L OD ILORVRItD
HVWi SODVPDGD GH GLYHUVDV RSLQLRQHV \ GLVSXWDV ODV GHPiV FLHQFLDV TXH WRPDQ VXV
SULQFLSLRV GH pVWD QR SXHGHQ KDEHU KHFKR QDGD ILUPH \ VyOLGR 3RU OR WDQWR ODV
FLHQFLDVWDPELpQVRQGXGRVDV


9,,/DVXEMHWLYLGDG

WDQSURQWRFRPRHVWXYHHQHGDGGHVDOLUGHODVXMHFLyQHQTXHPHWHQtDQ
PLVSUHFHSWRUHVDEDQGRQpGHOWRGRHOHVWXGLRGHODVOHWUDV\UHVXHOWRDQREXVFDURWUD
FLHQFLDTXHODTXHSXGLHUDKDOODUHQPtPLVPRRHQHOJUDQOLEURGHOPXQGR
 



,EtGHP
,EtGHP




'HVFRQWHQWR \ HPEDUJDGR GH GXGDV 'HVFDUWHV GHFLGH GHMDU GH ODGR ORV
FRQRFLPLHQWRV TXH KDEtD DGTXLULGR SDUD KDOODU DOJXQR TXH IXHUD FLHUWR \ VHJXUR
&RPR\DVHGLMRFUHDXQPpWRGRTXHORD\XGDDFRQGXFLUVXUD]yQKDFLDSULQFLSLRV
HYLGHQWHV

<VLHPSUHVHQWtDXQGHVHRH[WUHPDGRGHDSUHQGHUDGLVWLQJXLUORYHUGDGHURGH
ORIDOVRSDUDYHUFODURHQPLVDFWRV\DQGDUVHJXURSRUHVWDYLGD


$TXt VH HQFXHQWUDQ ORV UDVJRV GHO PRGHOR GH FRQRFLPLHQWR TXH EXVFD
'HVFDUWHVFODULGDGVHJXULGDG\XWLOLGDGSDUDODYLGD(QVXFDPLQRKDFLDODYHUGDG
QXQFDVHDSDUWDGHODUD]yQ


9,,,3ULQFLSDOHVUHJODVGHOPpWRGR

< DVt SHQVp \R TXH ODV FLHQFLDV GH ORV OLEURV SRU OR PHQRV DTXHOODV FX\DV
UD]RQHV VRQ VyOR SUREDEOHV \ FDUHFHQ GH GHPRVWUDFLRQHV KDELpQGRVH FRPSXHVWR \
DXPHQWDGR SRFR D SRFR FRQ ODV RSLQLRQHV GH YDULDV SHUVRQDV GLIHUHQWHV QR VRQ WDQ
SUy[LPDVDODYHUGDGFRPRORVVLPSOHVUD]RQDPLHQWRVTXHXQKRPEUHGHEXHQVHQWLGR
SXHGHKDFHU


/D YHUGDG QR GHEH EXVFDUVH HQ HO FRQVHQVR GH ORV KRPEUHV VLQR TXH EDVWD
EXVFDUODHQXQRPLVPRSRUTXHODYHUGDGVHHQFXHQWUDGRQGHVHKDFHXQEXHQXVRGH
ODUD]yQ+D\XQDSUHHPLQHQFLDGHOVXMHWR

 FRPR KHPRV VLGR WRGRV QRVRWURV QLxRV DQWHV GH VHU KRPEUHV \ KHPRV
WHQLGR TXH GHMDUQRV UHJLU GXUDQWH PXFKR WLHPSR SRU QXHVWURV DSHWLWRV \ QXHVWURV
SUHFHSWRUHV  HV FDVL LPSRVLEOH TXH VHDQ QXHVWURV MXLFLRV WDQ SXURV \ WDQ VyOLGRV
    


'HVFDUWHV5S
'HVFDUWHV5S

'HVFDUWHV5S




FRPR OR IXHUDQ VL GHVGH HO PRPHQWR GH QDFHU WXYLpUDPRV HO XVR SOHQR GH QXHVWUD
UD]yQ\QRKXELpUDPRVQXQFDVLGRGLULJLGRVPiVTXHSRUpVWD


/D YHUGDG QR VH HQFXHQWUD HQ ORV PDHVWURV R ORV SUHFHSWRUHV VLQR HQ QXHVWUD
SURSLDUD]yQ&RPRVXMHWRVGRWDGRV GH UD]yQ WRGRV ODSRVHHPRV GHOPLVPR PRGR
VRPRVFDSDFHVGHFRQGXFLUODKDFLDODVYHUGDGHVDEVROXWDV

 SRU OR TXH WRFD D ODV RSLQLRQHV D TXH KDVWD HQWRQFHV KDEtD GDGR PL
FUpGLWR QR SRGtD \R KDFHU QDGD PHMRU TXH HPSUHQGHU GH XQD YH] OD ODERU GH
VXSULPLUODV SDUD VXVWLWXLUODV OXHJR SRU RWUDV PHMRUHV R SRU ODV PLVPDV FXDQGR ODV
KXELHUHDMXVWDGRDOQLYHOGHODUD]yQ


'HVFDUWHV QR DFHSWDHO FULWHULR GH DXWRULGDG ODV RSLQLRQHV DQWLJXDV DGPLWLGDV
FRPR YHUGDGHUDV UHVXOWDURQ VHU IDOVDV SRU HVR KD\ TXH GHVWUXLUODV 1R KD\ TXH
GHMDUVHILDUSRUORTXH RWURVKDQGLFKRVLQRTXHGHEHPRVLQGDJDUQRVRWURV PLVPRV
ORVFRQRFLPLHQWRVDGTXLULGRVSDUDYHUVLKD\DOJRFLHUWRHQHOORV

 SRU HVWH PHGLR FRQVHJXLUtD GLULJLU PL YLGD PXFKR PHMRU TXH VL PH
FRQWHQWDVH FRQ HGLILFDU VREUH FLPLHQWRV YLHMRV \ PH DSR\DVH VRODPHQWH HQ ORV
SULQFLSLRVTXHKDEtDDSUHQGLGRVLHQGRMRYHQVLQKDEHUH[DPLQDGRQXQFDVLHUDQRQR
YHUGDGHURV


'HVFDUWHV EXVFD GHUULEDU ORV FLPLHQWRV YLHMRV SDUD FRQVWUXLU XQD EDVH QXHYD
VyOLGDILUPHTXHVXVWHQWHHOYHUGDGHURVDEHU

0LV GHVLJQLRV QR KDQ VLGR QXQFD RWURV TXH WUDWDU GH UHIRUPDU PLV SURSLRV
SHQVDPLHQWRV\HGLILFDUVREUHXQWHUUHQRTXHPHSHUWHQHFHDPtVROR

 


,EtGHP
'HVFDUWHV5S

,EtGHP

'HVFDUWHV5S




6RPHWHDVtORVDQWLJXRVSHQVDPLHQWRVDOQLYHOGDODUD]yQSDUDYHUVLHQFXHQWUD
HQHOORVDOJRFLHUWR

<HOPXQGRVHFRPSRQHFDVLVyORGHGRVHVSHFLHVGHLQJHQLRV\VRQD
VDEHU GH ORV TXH FUH\pQGRVH PiV KiELOHV GH OR TXH VRQ QR SXHGHQ FRQWHQHU OD
SUHFLSLWDFLyQ GH VXV MXLFLRV QL FRQVHUYDU OD EDVWDQWH SDFLHQFLD SDUD FRQGXFLU
RUGHQDGDPHQWHWRGRVVXVSHQVDPLHQWRV\GHRWURVTXHSRVH\HQGREDVWDQWHUD]yQ
RPRGHVWLDSDUDMX]JDUTXHVRQPHQRVFDSDFHVGHGLVWLQJXLUORYHUGDGHURGHORIDOVR
TXH RWUDV SHUVRQDV GH TXLHQHV SXHGHQ UHFLELU LQVWUXFFLyQ \ GHEHQ PiV ELHQ
FRQWHQWDUVHFRQVHJXLUODVRSLQLRQHVGHHVDVSHUVRQDVTXHEXVFDUSRUVtPLVPRVRWUDV
PHMRUHV


(O FRQMXQWR GH ORV KRPEUHV SXHGH VHU GLYLGR HQWRQFHV HQ GRV HVSHFLHV D
VDEHUORVTXHFDHQHQHOHUURUSRUQRKDFHUXQXVRFRUUHFWRGHVXUD]yQ\ORVTXHVH
FRQIRUPDQFRQODVRSLQLRQHVGHORVGHPiV

ODPXOWLWXGGHYRWRVQRHVXQDSUXHEDTXHYDOJDSDUDODVYHUGDGHVDOJR
GLItFLOHVGHGHVFXEULUSRUTXHPiVYHURVtPLOHVTXHXQKRPEUHVRORGpFRQHOODVTXHQR
WRGRXQSXHEOR


/DYHUGDGQRFRQVLVWHHQHOFRQVHQVRGHRSLQLRQHV\HQFRQVHFXHQFLDHVPiV
YHURVtPLO HQFRQWUDU OD YHUGDG HQ XQ VROR KRPEUH TXH HQ YDULRV TXH VRVWHQJDQ XQD
PLVPDRSLQLyQ

3HURFRPRKRPEUHTXHWLHQHTXHDQGDUVROR\HQODRVFXULGDGUHVROYtLUWDQ
GHVSDFLR\HPSOHDUWDQWDFLUFXQVSHFFLyQHQWRGRTXHDWUXHTXHGHDGHODQWDUSRFRPH
JXDUGDUtD DO PHQRV PX\ ELHQ GH WURSH]DU \ FDHU ( LQFOXVR QR TXLVH HPSH]DU D
GHVKDFHUPHSRUFRPSOHWRGHQLQJXQDGHODVRSLQLRQHVTXHSXGLHURQDQWDxRGHVOL]DUVH
HQPLFUHHQFLDVLQKDEHUVLGRLQWURGXFLGDVSRUODUD]yQKDVWDGHVSXpVGHSDVDUEXHQ
WLHPSR GHGLFDGRDO SUR\HFWR GH ODREUD TXH LEDD HPSUHQGHUEXVFDQGRHO YHUGDGHUR

 



,EtGHP
'HVFDUWHV5S



PpWRGR SDUD OOHJDU DO FRQRFLPLHQWR GH WRGDV ODV FRVDV GH TXH PL HVStULWX IXHUD
FDSD]


(OPpWRGRFDUWHVLDQRFRQVLVWHLQLFLDOPHQWHHQHPSOHDUODGXGDSDUDYHUVLKD\
DOJRFDSD]GHUHVLVWLUOD/DGXGDHVPHWyGLFDSRUTXHVHODHPSOHDFRPRLQVWUXPHQWRR
FDPLQR SDUD GHVKDFHUVH GHO HUURU \ DOFDQ]DU OD YHUGDG (V XQLYHUVDO SRUTXH VH OD
DSOLFDDWRGRFRQRFLPLHQWRVLQH[FHSFLyQ<HVKLSHUEyOLFDSRUTXHVHODOOHYDKDVWDVX
~OWLPRH[WUHPRKDVWDODH[DJHUDFLyQ


,;/DVUHJODVGHOPpWRGR

+DEtDHVWXGLDGRODILORVRItDODOyJLFD\GHODVPDWHPiWLFDVHODQiOLVLVGH
ORVJHyPHWUDV\HOiOJHEUDWUHVDUWHVRFLHQFLDVTXHGHEtDQDOSDUHFHUFRQWULEXLUDOJR
D PL SURSyVLWR  SHQVp TXH KDEtD TXH EXVFDU DOJ~Q RWUR PpWRGR TXH MXQWDVH ODV
YHQWDMDVGHHVRVWUHVH[FOX\HQGRVXVGHIHFWRV


(Q HVWHWH[WR GD D FRQRFHU ODVFLHQFLDV TXHWRPy FRPR PRGHOR SDUD FUHDU VX
PpWRGR'HODILORVRItDODOyJLFD\ODPDWHPiWLFDWRPDORTXHOHVLUYH\GHVFDUWDVXV
GHIHFWRV5HVXOWDQDVtDOJXQDVUHJODVRSUHFHSWRV

)XHHOSULPHURQRDGPLWLUFRPRYHUGDGHUDFRVDDOJXQDFRPRQRVXSLHVHFRQ
HYLGHQFLDTXHORHVHVGHFLUHYLWDUFXLGDGRVDPHQWHODSUHFLSLWDFLyQ\ODSUHYHQFLyQ\
QR FRPSUHQGHU HQ PLV MXLFLRV QDGD PiV TXH OR TXH VH SUHVHQWDVH WDQ FODUD \
GLVWLQWDPHQWHDPLHVStULWXTXHQRKXELHVHQLQJXQDRFDVLyQGHSRQHUORHQGXGD


/D UHJOD GH OD HYLGHQFLD 6H GHEH DGPLWLU FRPR YHUGDGHUR XQ FRQRFLPLHQWR
VyOR HQ FDVR GH TXH VHD HYLGHQWH HVWR HV FXDQGR QR VH SXHGD GXGDU GH pO /D
HYLGHQFLDWLHQHGRVFDUDFWHUHVODFODULGDG \ODGLVWLQFLyQ8QFRQRFLPLHQWRHVFODUR
 


,EtGHP
'HVFDUWHV5S

,EtGHP




FXDQGRHVWiSUHVHQWH\PDQLILHVWRHQXQHVStULWXDWHQWR/RGLVWLQWRHVDTXHOORTXHVH
GDHQIRUPDSDWHQWHDTXHOORTXHHVWiVHSDUDGRGHRWUDVLGHDVHVORVLPSOH
$GHPiVHOSUHFHSWRRUGHQDJXDUGDUQRVGHGRVIXHUWHVSURSHQVLRQHVGHQXHVWUR
HVStULWXODSUHFLSLWDFLyQ\ODSUHYHQFLyQ/DSUHFLSLWDFLyQFRQVLVWHHQDILUPDURQHJDU
DOJR DQWHV GH OOHJDU D OD HYLGHQFLD (Q UHDOLGDG QR HV HO HQWHQGLPLHQWR HO TXH VH
SUHFLSLWD VLQR OD YROXQWDG TXH DILUPD DOJR FRPR YHUGDGHUR DQWHV GH KDEHU VHJXLGR
WRGRVORVSDVRVOyJLFRVGHOHQWHQGLPLHQWR/DSUHYHQFLyQHTXLYDOHDORVSUHMXLFLRV\
HQ JHQHUDO D WRGRV ORV FRQRFLPLHQWRVIDOVRV R YHUGDGHURV TXH QRV KDQOOHJDGRSRU
WUDGLFLyQ HGXFDFLyQ HWF \ QR SRU OD HYLGHQFLD (VWD HYLGHQFLD HV HO FULWHULR GH
YHUGDGTXHHQFXHQWUDVXFRQILUPDFLyQ\VXIXHQWHHQHOFRJLWR

(O VHJXQGR GLYLGLU FDGD XQD GH ODV GLILFXOWDGHV TXH H[DPLQDUH HQ FXDQWDV
SDUWHVIXHUHSRVLEOH\HQFXDQWDVUHTXLULHVHVXPHMRUVROXFLyQ


/D UHJOD GHO DQiOLVLV 1RV HQVHxD FyPR HQFRQWUDU FRQRFLPLHQWRV HYLGHQWHV
&XDQGRQRVRFXSDPRVGHFXDOTXLHUSUREOHPDRGLILFXOWDGRFXHVWLyQFRPSOHMDVHOR
GHEH GLYLGLU DQDOL]DU \ VHJXLU FRQ OD GLYLVLyQ KDVWD HO PRPHQWR HQ TXH VH OOHJXH D
DOJRHYLGHQWHGHPRGRTXHODGLYLVLyQHVDODYH]HOSURFHGLPLHQWRSDUDDOFDQ]DUOD
HYLGHQFLD

(O WHUFHUR FRQGXFLU RUGHQDGDPHQWH PLV SHQVDPLHQWRV HPSH]DQGR SRU ORV
REMHWRV PiV VLPSOHV \ PiV IiFLOHV GH FRQRFHU SDUD LU DVFHQGLHQGR SRFR D SRFR
JUDGXDOPHQWHKDVWDHOFRQRFLPLHQWRGHORVPiVFRPSXHVWRVHLQFOXVRVXSRQLHQGRXQ
RUGHQHQWUHORVTXHQRVHSURFHGHQQDWXUDOPHQWH


/DUHJODGHODVtQWHVLVOODPDGDGHGXFFLyQSRU'HVFDUWHVRGHORUGHQ(VWR

VLJQLILFD TXH HQ WRGR FRQRFLPLHQWR VH GHEH SDUWLU GH OR PiV VHQFLOOR \ GH DOOt
SURFHGHUKDFLDORPiVFRPSOHMRVLHPSUHVHJ~QXQRUGHQ

 



,EtGHP
,EtGHP



<HO~OWLPRKDFHUHQWRGRVXQRVUHFXHQWRVWDQLQWHJUDOHV\XQDVUHYLVLRQHVWDQ
JHQHUDOHVTXHOOHJDVHDHVWDUVHJXURGHQRRPLWLUQDGD


/DUHJODGHODHQXPHUDFLyQ([LJHH[DPLQDUFRQFXLGDGRODFXHVWLyQHVWXGLDGD
SDUD YHU VL KD\ R QR DOJ~Q WHPD R DVSHFWR TXH VH KD\D SDVDGR SRU DOWR VHD HQ HO
PRPHQWR DQDOtWLFR R HQ HO VLQWpWLFR 'HEHQ KDFHUVH WRGDV ODV UHYLVLRQHV QHFHVDULDV
KDVWDOOHJDUDODFHUWH]DGHTXHQRVHKDRPLWLGRQDGD
/D HYLGHQFLD HV XQD GH ODV UHJODV IXQGDPHQWDOHV HQ HO PpWRGR FDUWHVLDQR GH
KHFKRHVODSULPHUD(OODQRVSHUPLWHGLVWLQJXLUORYHUGDGHURGHORIDOVRFRQFODULGDG
\ GLVWLQFLyQ FRPR HQ OD PDWHPiWLFD HQWHQGLHQGR SRU PDWHPiWLFR FRPR GLFH
+HLGHJJHU OR TXH FRQRFHPRV GH DQWHPDQR FXDQGR YDPRV D FRQRFHU &RPR
KDEtDPRV DFODUDGR DQWHV VH UHODFLRQD FRQ OD UHDOLGDG \ HO RUGHQ (VWD YRFDFLyQ GH
RUGHQSRUSDUWHGHODUD]yQVHYHWDPELpQUHIOHMDGDHQODUHJODWHUFHUDTXHH[SUHVDHO
FRQFHSWRGHVtQWHVLVGRQGHUH~QHORVLPSOHHQXQFRPSXHVWR\DTXHSDUD'HVFDUWHV
HO VDEHU HV XQD XQLGDG HQ OD TXH VH GHEH SURFHGHU GHVGH OR PiV VHQFLOOR
RUGHQDGDPHQWH KDVWD OR PiV FRPSOHMR SRGUtD GHFLUVH TXH JUDGXDOPHQWH FRPR
FXDQGRVHLQWHQWDGHVSHMDUXQDHFXDFLyQ
(O RUGHQ SDUHFH VHU OD HVWUDWHJLD TXH FRPR HO $QJHOXV GH 0LOOHW DSDUHFH HQ
FDVLWRGDODREUDGHIRUPDWDQWRH[SOtFLWDFRPRLPSOtFLWD'H KHFKRWRGRSDUHFHXQ
RUGHQSUHYLR DOLPSOHPHQWR GHOQXHYR \ IODPDQWH PpWRGRGRQGH'HVFDUWHVSUHSDUD
WRGRIRUPXODFLHUWDVUHJODV\VHGHGLFDXQRVFXDQWRVDxRVDRUGHQDUVHDVtPLVPRD
GHMDUVHPDGXUDUDSUDFWLFDUHOPpWRGRSDUDOXHJRUHFRQVWUXLU\UHRUGHQDUSHURHVWD
YH]FRQ\GHVGHHOPpWRGR

 WRGDV ODV FRVDV GH ODV TXH HO KRPEUH SXHGH DGTXLULU FRQRFLPLHQWR VH
VLJXHQ XQDV D RWUDV HQ LJXDO PDQHUD \ TXH FRQ VyOR DEVWHQHUVH GH DGPLWLU FRPR
YHUGDGHUDXQDTXHQRORVHD\JXDUGDUVLHPSUHHORUGHQQHFHVDULRSDUDGHGXFLUODVXQDV
GHRWUDVQRSXHGHKDEHUQLQJXQDSRUOHMRVTXHVHKDOOHVLWXDGDRSRURFXOWDTXHHVWp

 


,EtGHP



TXHQRVHOOHJXHDDOFDQ]DU\GHVFXEULU<QRPHFDQVpPXFKRHQEXVFDUSRUFXiOHVHUD
SUHFLVRFRPHQ]DUSXHV\DVDEtDTXHSRUODVPiVVLPSOHV\IiFLOHVGHFRQRFHU


/RV FRQRFLPLHQWRV YHUGDGHURV VRQ SRVLEOHV QR KD\ QLQJ~Q WLSR GH
LPSRVLELOLGDG HQ GHVFXEULU YHUGDGHV VyOR KD\ TXH GHMDUVH OOHYDU SRU OD UD]yQ (O
VDEHUHVSDUD'HVFDUWHVGHGXFWLYR\DTXHHQFRQWUDQGRXQSULPHUSULQFLSLRVHSXHGH
DFFHGHUDRWUDVYHUGDGHV'HXQDSULPHUDYHUGDGVHGHVSUHQGHQRWUDV

VyORORVPDWHPiWLFRVKDQSRGLGRHQFRQWUDUDOJXQDVUD]RQHVFLHUWDV\
HYLGHQWHV QR GXGDED GH TXH KDEtD TXH HPSH]DU SRU ODV PLVPDV TXH HOORV KDQ
H[DPLQDGRD~QFXDQGRQRHVSHUDEDVDFDUGHDTXtQLQJXQDXWLOLGDGVLQRDFRVWXPEUDU
PLHVStULWXDVDFLDUVHGHYHUGDGHV\DQRFRQWHQWDUVHFRQIDOVDVUD]RQHV


+DVWD DKRUD OD ~QLFD FLHQFLD TXH KD HQFRQWUDGR YHUGDGHV HYLGHQWHV HV OD
PDWHPiWLFD3RUHVR'HVFDUWHVODWRPDFRPRPRGHOR

 HO PpWRGR TXH HQVHxD D VHJXLU HO RUGHQ YHUGDGHUR \ D UHFRQWDU
H[DFWDPHQWHODVFLUFXQVWDQFLDVWRGDVGHORTXHVHEXVFDFRQWLHQHWRGRORTXHFRQILHUH
FHUWLGXPEUHDODVUHJODVGHODDULWPpWLFD


(OPpWRGRTXHKDGHVHJXLU'HVFDUWHVGHEHFRQWHQHUODVUHJODVGHDULWPpWLFD\D
TXHHQHVWDFLHQFLDVHKDQHQFRQWUDGRUD]RQHVFLHUWDV\HYLGHQWHV'HVFDUWHVSDUWHGH
SULQFLSLRVPDWHPiWLFRVGHORVFXDOHVGHVSXpVVHGHVSUHQGHQRWUDVYHUGDGHV

3HUR OR TXH PiV FRQWHQWR PH GDED HQ HVWH PpWRGR HUD TXH FRQ pO WHQtD OD
VHJXULGDGGHHPSOHDUPLUD]yQHQWRGRDSOLFiQGRORVHQWtDTXHPLHVStULWXVHLED
DFRVWXPEUDQGRSRFRDSRFRDFRQFHELUORVREMHWRVFRQPD\RUFODULGDG\GLVWLQFLyQ\
TXH QR KDELHQGR VXMHWDGR D QLQJXQD PDWHULD SDUWLFXODU SURPHWtDPH DSOLFDUOR FRQ

 


,EtGHP
'HVFDUWHV5S

'HVFDUWHV5S




LJXDO IUXWR D ODV GLILFXOWDGHV GH ODV RWUDV FLHQFLDV FRPR OR KDEtD KHFKR D ODV GHO
iOJHEUD


(OPpWRGRHVXQLQVWUXPHQWRFRQHOFXDOVHJXtDFRUUHFWDPHQWHODUD]yQ/RTXH
KD\TXH KDFHUHV HPSOHDUORFRQVWDQWHPHQWH SRQHUOR HQSUiFWLFDSDUDTXHOD SURSLD
UD]yQVHDGDSWHDpO(OILQGHHVWHPpWRGRHVOOHJDUDXQDSULPHUDYHUGDGGHODFXDO
GHVSXpVVHGHVSUHQGHUiQRWUDV


;/DUD]yQ\ODPRUDOSURYLVLRQDO

SXHVKDELHQGRGDGR'LRVDFDGDKRPEUHDOJXQDOX]FRQTXHGLVFHUQLUOR
YHUGDGHURGHORIDOVRQRKXELHUD\RFUHtGRTXHGHEtDFRQWHQWDUPHXQVRORPRPHQWR
FRQ ODV RSLQLRQHV DMHQDV GH QR KDEHUPH SURSXHVWR XVDU GH PL SURSLR MXLFLR SDUD
H[DPLQDUODV


'DGRTXHFDGDXQRHVSRVHHGRUGHXQDUD]yQHVQHFHVDULRTXHFDGDXQRKDJD
XVRGHHOODSDUDOOHJDUDODYHUGDGQRGHMiQGRVHOOHYDUSRURSLQLRQHVDMHQDV7RGRV
HVWDPRVGRWDGRVGHODPLVPDFDSDFLGDGHQLJXDOPRGR

 EDVWDMX]JDU ELHQSDUD REUDU ELHQ \MX]JDU ORPHMRU TXH VH SXHGDSDUD
REUDUWDPELpQORPHMRUTXHVHSXHGDHVGHFLUSDUDDGTXLULUWRGDVODVYLUWXGHV\FRQ
HOODVFXDQWRVELHQHVSXHGDQORJUDUVH


(OFRUUHFWRXVRGHODUD]yQLPSOLFDXQDFRUUHFWDPDQHUDGHSURFHGHUHQWRGRV
ORV iPELWRV GH OD YLGD +D\ XQD FRKHUHQFLD HQWUH HO PRGR GH SHQVDU \ HO PRGR GH
REUDU4XLHQSLHQVDELHQKDFHXQEXHQXVRGHVXUD]yQ\SRUORWDQWRREUDELHQ
3DUD'HVFDUWHVHOKRPEUHHVXQVHUUDFLRQDO\HVRFRPR\DYLRORGLVWLQJXHOR
VDOYD \ILQDOPHQWHHVOR~QLFRTXHYHUGDGHUDPHQWHSXHGHFRQWURODUHOKRPEUHWLHQH
 



,EtGHP
'HVFDUWHV5S

,EtGHP




HO GHUHFKR \ OD REOLJDFLyQ GH SHQVDU SRU FXHQWD SURSLD GH QR GHMDUVH OOHYDU
FLHJDPHQWH'HVFDUWHVQRGHMDGHGHQXQFLDUHVWR\GHWUDWDUGHOHYDQWDUQRVGHQXHVWUR
OHWDUJRQRVRORWLHQHVHQWLGRHQFXDGUDGRGHQWURGHVXpSRFDVLQRTXHHVXQOODPDGRD
WRGRVORVKRPEUHVGHWRGRVORVWLHPSRVSDUDTXHVHKDJDQGHDOJXQDPDQHUDFDUJRGH
VXFDSDFLGDGUDFLRQDOTXHODYDORUHQ\TXHODXVHQELHQ\SDUDHOELHQ

WUDWDQGRGHGHVFXEULUODIDOVHGDGRODLQFHUWLGXPEUHGHODVSURSRVLFLRQHV
TXHH[DPLQDEDQRPHGLDQWHHQGHEOHVFRQMHWXUDVVLQRVyORSRUUD]RQDPLHQWRVFODURV\
VHJXURV QR HQFRQWUDED QLQJXQD WDQ GXGRVD TXH QR SXGLHUD VDFDU GH HOOD DOJXQD
FRQFOXVLyQEDVWDQWHFLHUWDDXQTXHVyORIXHVHODGHTXHQRFRQWHQtDQDGDFLHUWR


'HVFDUWHVVRPHWHORVFRQRFLPLHQWRVDQWHULRUHVDODUD]yQ7RGRORTXHSUHVHQWD
HO PtQLPR UDVJR GH LQFHUWLGXPEUH HV FRQVLGHUDGR IDOVR \ SRU OR WDQWR QR SXHGH VHU
YHUGDGHUR (Q VX DIiQ GH HQFRQWUDU XQD SULPHUD YHUGDG OR SULPHUR TXH KDFH HV
GHVFXEULU IDOVHGDGHV \ HUURUHV HQ OR TXH H[DPLQD SDUD GHVKDFHUVH GH HOODV \ GHMDU
OLEUHVXFDPLQRVLQQLQJ~QWLSRGHHUURUTXHSXHGDDSDUWDUORGHVXPHWD


;,(OSURFHVRGHODGXGD\ORVIXQGDPHQWRVGHODFLHQFLD

 GHVHDQGR \R HQ HVWD RFDVLyQ RFXSDUPH WDQ VyOR GH LQGDJDU OD YHUGDG
SHQVpTXHGHEtDKDFHUORFRQWUDULR\UHFKD]DUFRPRDEVROXWDPHQWHIDOVRWRGRDTXHOOR
HQTXHSXGLHUDLPDJLQDUODPHQRUGXGDFRQHOILQGHYHUVLGHVSXpVGHKHFKRHVWRQR
TXHGDUtDHQPLFUHHQFLDDOJRTXHIXHUDHQWHUDPHQWHLQGXGDEOH 


7RGRORTXHVHSUHVHQWDFRPRRVFXURGHEHVHUFRQVLGHUDGRIDOVRVREUHHOORQR
KD\ OXJDU SDUD XQ FRQRFLPLHQWR FLHUWR (Q OXJDU GH FRPHQ]DU EXVFDQGR YHUGDGHV
'HVFDUWHV FRPLHQ]D GHVHFKDQGR HUURUHV SDUD GHVSHMDU VX FDPLQR \ OLEUDUOR GH
IDOVHGDGHV

 



,EtGHP
'HVFDUWHV5S



$VtSXHVWRTXHORVVHQWLGRVQRVHQJDxDQDYHFHVTXLVHVXSRQHUTXHQRKD\
FRVDDOJXQDTXHVHDWDO\FRPRHOORVQRVODSUHVHQWDQHQODLPDJLQDFLyQ\SXHVWRTXH
KD\ KRPEUHV TXH \HUUDQ DO UD]RQDU D~Q DFHUFD GH ORV PiV VLPSOHV DVXQWRV GH
JHRPHWUtD\FRPHWHQSDUDORJLVPRVMX]JXpTXH\RHVWDEDWDQH[SXHVWRDOHUURUFRPR
RWUR FXDOTXLHUD \ UHFKDFp FRPR IDOVDV WRGDV ODV UD]RQHV TXH DQWHULRUPHQWH KDEtD
WHQLGRSRUGHPRVWUDWLYDV\HQILQFRQVLGHUDQGRTXHWRGRVORVSHQVDPLHQWRVTXHQRV
YLHQHQ HVWDQGR GHVSLHUWRV SXHGHQ WDPELpQ RFXUUtUVHQRV GXUDQWH HO VXHxR VLQ TXH
QLQJXQRHQWRQFHVVHDYHUGDGHURUHVROYtILQJLUTXHWRGDVODVFRVDVTXHKDVWDHQWRQFHV
KDEtDQ HQWUDGR HQ PL HVStULWX QR HUDQ PiV YHUGDGHV TXH ODV LOXVLRQHV GH PLV
VXHxRV


'XGDGHOFRQRFLPLHQWRVHQVLEOH+D\TXHFRQVLGHUDUIDOVRWRGRFRQRFLPLHQWRR
LQIRUPDFLyQ TXH SURYHQJD GH ORV VHQWLGRV 'HVFDUWHV GD GRV DUJXPHQWRV  WRGRV
WHQHPRV OD H[SHULHQFLD GH TXH DOJXQD YH] ORV VHQWLGRV QRV KDQ HQJDxDGR  WRGRV
DOJXQD YH] KHPRV VRxDGR \ KHPRV YLYLGR HVH VXHxR FRPR UHDOLGDG SRU OR WDQWR
FDUHFHPRVGHXQFULWHULRFLHUWRTXHQRVSRVLELOLWHGLVFHUQLUHOVXHxRGHODYLJLOLD
'XGD GH ORV FRQRFLPLHQWRV PDWHPiWLFRV 7RGRV WHQHPRV H[SHULHQFLD GH
KDEHUQRVHTXLYRFDGRHQXQDRSHUDFLyQ PDWHPiWLFDHVWHHUURUHQUHDOLGDGGHSHQGH
GHXQDSUHVXUDPLHQWR\QRGHOREMHWRPLVPR(QODUD]yQQRKD\QDGDTXHSXHGDVHU
IDOVRHOHUURUUHVLGHHQODYROXQWDG

3HURDGYHUWtOXHJRTXHTXHULHQGR\RSHQVDUGHHVDVXHUWHTXHWRGRHVIDOVR
HUD QHFHVDULR TXH \R TXH OR SHQVDED IXHVH DOJXQD FRVD \ REVHUYDQGR TXH HVWD
YHUGDG \R SLHQVR OXHJR VR\ HUD WDQ ILUPH \ VHJXUD TXH ODV PiV H[WUDYDJDQWHV
VXSRVLFLRQHV GH ORV HVFpSWLFRV QR VRQ FDSDFHV GH FRQPRYHUOD MX]JXp TXH SRGtD
UHFLELUODVLQHVFU~SXORFRPRHOSULPHUSULQFLSLRGHODILORVRItDTXHDQGDEDEXVFDQGR



(Q HO SUHFLVR PRPHQWR HQ TXH OD GXGD OOHJD DO H[WUHPR VH FRQYLHUWH HQ VX
RSXHVWR HQ FRQRFLPLHQWR DEVROXWDPHQWH FLHUWR &RJLWR HUJR VXP QR SXHGH VHU
SXHVWR HQ GXGD SRUTXH QRV HQFRQWUDPRV DTXt FRQ XQD YHUGDG DEVROXWD HVWR HV
 



,EtGHP
'HVFDUWHV5S



DEVROXWDPHQWH FLHUWD LQGXELWDEOH TXH HV MXVWDPHQWH OR TXH 'HVFDUWHV VH KDEtD
SURSXHVWR EXVFDU (O FRJLWR SXHV FRQVWLWX\H HO SULPHU SULQFLSLR GH OD ILORVRItD
SULPHURGHVGH HOSXQWRGHYLVWD JQRVHROyJLFR \ PHWRGROyJLFR HQOD PHGLGD HQTXH
FRQVWLWX\HHOSULPHUFRQRFLPLHQWRVHJXURHOIXQGDPHQWRGHFXDOTXLHURWUDYHUGDG\
HO SXQWR GH SDUWLGD SDUD FRQVWUXLU HO VDEHU HQ JHQHUDO \ SULPHUR GHVGH HO SXQWR GH
YLVWD RQWROyJLFR SRUTXH QRV SRQH HQ SUHVHQFLD GHO SULPHU HQWH LQGXELWDEOHPHQWH
H[LVWHQWHTXH\RVR\HQWDQWRSLHQVR(OFRJLWRHVXQFRQRFLPLHQWRLQWXLWLYRQRXQ
VLORJLVPRSRUTXHVHORFRQRFHGHPRGRLQPHGLDWRGLUHFWR


;,,/DUHVFRJLWDQV

([DPLQpGHVSXpVDWHQWDPHQWHORTXH\RHUD\YLHQGRTXHSRGtDILQJLUTXHQR
WHQtDFXHUSRDOJXQR\TXHQRKDEtDPXQGRQLOXJDUDOJXQRHQHOTXH\RPHHQFRQWUDVH
SHURTXHQRSRGtDILQJLUSRUHOORTXH\RQRIXHVHVLQRDOFRQWUDULRSRUORPLVPRTXH
SHQVDEDHQGXGDUGHODYHUGDGGHODVRWUDVFRVDVVHVHJXtDPX\FLHUWD\HYLGHQWHPHQWH
TXH\RHUDPLHQWUDVTXHFRQVyORGHMDUGHSHQVDUDXQTXHWRGRORGHPiVTXHKDEtD
LPDJLQDGR IXHVH YHUGDG QR WHQtD \D UD]yQ DOJXQD SDUD FUHHU TXH \R HUDFRQRFt SRU
HOOR TXH \R HUD XQD VXVWDQFLD FX\D HVHQFLD \ QDWXUDOH]D WRGD HV SHQVDU \ TXH QR
QHFHVLWDSDUDVHUGHOXJDUDOJXQRQLGHSHQGHGHFRVDDOJXQDPDWHULDOGHVXHUWHTXH
HVWH \R HV GHFLU HO DOPD SRU HOFXDO \R VR\ OR TXH VR\ HV HQWHUDPHQWH GLVWLQWD GHO
FXHUSR \ KDVWD PiV IiFLO GH FRQRFHU TXH pVWH \  DXQTXH HO FXHUSR QR IXHVH HO
DOPDQRGHMDUtDGHVHUFXDQWRHV


(QWRQFHV\RVR\XQDVXVWDQFLDRFRVDSHQVDQWHUHVFRJLWDQVYDOHGHFLUXQD

FRVD FX\D SURSLHGDG IXQGDPHQWDO HVHQFLDO FRQVLVWH HQ SHQVDU 3HQVDU SDUD
'HVFDUWHV HV VLQyQLPR GH WRGD DFWLYLGDG SVtTXLFD FRQVFLHQWH $GHPiV DILUPD TXH
HVWH\RRFRVDSHQVDQWHRDOPDHVLQGHSHQGLHQWHGHOFXHUSR\PiVIiFLOGHFRQRFHU
TXHpVWHSXHVHQHIHFWRQRVpD~QVLWHQJRFXHUSRRQRHVWRWRGDYtDHVDOJRGXGRVR
VHJ~QHOPpWRGRTXHVLJXHSHURHQFDPELRODH[LVWHQFLDGHPLDOPDR\RFRJLWRHV
 


,EtGHP



DEVROXWDPHQWH LQGXELWDEOH 'H PL FXHUSR QR WHQJR FRQRFLPLHQWR GLUHFWR VLQR
LQGLUHFWRDWUDYpVGHPLVH[SHULHQFLDVF


;,,,(OFULWHULRGHYHUGDG

'HVSXpVGHHVWRFRQVLGHUpHQJHQHUDOORTXHVHUHTXLHUHHQXQDSURSRVLFLyQ
SDUD TXH VHD YHUGDGHUD\ FLHUWD SXHV \D TXHDFDEDED GH KDOODU XQD TXHVDEtD TXH OR
HUDSHQVpTXHGHEtDVDEHUWDPELpQHQTXpFRQVLVWHHVDFHUWH]D<KDELHQGRQRWDGRTXH
HQ OD SURSRVLFLyQ \R SLHQVR OXHJR VR\ QR KD\ QDGD TXH PH DVHJXUH TXH GLJR OD
YHUGDGVLQRTXHYHRPX\FODUDPHQWHTXHSDUDSHQVDUHVSUHFLVRVHUMX]JXpTXHSRGtD
DGPLWLU HVWD UHJOD JHQHUDO TXH ODV FRVDV TXH FRQFHELPRV PX\ FODUD \ GLVWLQWDPHQWH
VRQ WRGDV YHUGDGHUDV SHUR TXH VyOR KD\ XQD GLILFXOWDG HQ QRWDU FXiOHV VRQ ODV TXH
FRQFHELPRVGLVWLQWDPHQWH


8QDDILUPDFLyQHVYHUGDGHUDFXDQGRORTXHHOODDILUPDFRLQFLGHFRQHOREMHWRD
TXHVHUHILHUH(OFULWHULRGHYHUGDGHVHOUDVJRODQRWDRODFDUDFWHUtVWLFDPHGLDQWHHO
FXDO VH UHFRQRFH TXH XQD DILUPDFLyQ HV YHUGDGHUD R TXH QRV SHUPLWH GLVWLQJXLU XQ
FRQRFLPLHQWRYHUGDGHURGHXQRIDOVR
$KRUD ELHQ FRPR FRQ HO FRJLWR VH KD KDOODGR XQ FRQRFLPLHQWR
LQGXELWDEOHPHQWH YHUGDGHUR 'HVFDUWHV QRV GLFH TXH HQ pO VH KDOODUi WDPELpQ HO
FULWHULRGHYHUGDGFDUDFWHUtVWLFDPHUFHGDODFXDOVHORUHFRQRFHFRPRYHUGDGHURVLQ
QLQJXQDGXGD
8QDSURSRVLFLyQHVYHUGDGHUDFXDQGRHVFODUD\GLVWLQWDRVHDHYLGHQWH


;,9([LVWHQFLD\YHUDFLGDGGH'LRV

 SXHVWR TXH \R GXGDED QR HUD PL VHU HQWHUDPHQWH SHUIHFWR SXHV YHtD
FODUDPHQWHTXHKD\PiVSHUIHFFLyQHQFRQRFHUTXHHQGXGDU\VHPHRFXUULyLQGDJDU
 


'HVFDUWHV5S



SRU GyQGH KDEtD \R DSUHQGLGR D SHQVDU HQ DOJR PiV SHUIHFWR TXH \R \ FRQRFt
HYLGHQWHPHQWH TXH GHEtD GH VHU SRU DOJXQD QDWXUDOH]D TXH IXHVH HIHFWLYDPHQWH PiV
SHUIHFWD


(O GXGDU QR HV SURSLR GH DOJR SHUIHFWR HQWRQFHV HO SHQVDU HQ DOJR SHUIHFWR
LPSOLFDTXHGHEHKDEHUDOJRPiVSHUIHFWR

ODLGHDGHXQVHUPiVSHUIHFWRTXHPLVHUSXHVHUDFRVDPDQLILHVWDPHQWH
LPSRVLEOH TXH WDO LGHD SURFHGLHVH GH OD QDGD \ FRPR QR KD\ PHQRU UHSXJQDQFLD HQ
SHQVDUTXHORPiVSHUIHFWRVHDFRQVHFXHQFLD\GHSHQGHQFLDGHORPHQRVSHUIHFWRTXH
HQ SHQVDU TXH GH QDGD SURYHQJD DOJR QR SRGtD WDPSRFR SURFHGHU GH Pt PLVPR GH
VXHUWH TXH VyOR TXHGDED TXH KXELHVH VLGR SXHVWD HQ Pt SRU XQD QDWXUDOH]D
YHUGDGHUDPHQWH PiV SHUIHFWD TXH VR\ \R \ SRVHHGRUD LQFOXVLYH GH WRGDV ODV
SHUIHFFLRQHVGHTXH\RSXGLHUDWHQHULGHDHVWRHVSDUDH[SOLFDUORHQXQDSDODEUDSRU
'LRV


/D LGHD GH 'LRV TXH \R WHQJR KD GH VHU SURGXFLGD SRU DOJR R DOJXLHQ PiV
SHUIHFWR QHFHVLWD XQD FDXVD SRUTXH GH OD QDGD QDGD VDOH (VD FDXVD DGHPiV QR
SXHGR VHUOD \R SRUTXH \R VR\ LPSHUIHFWR OD SUXHED HVWi HQ TXH GXGR \ OR
LPSHUIHFWR QR SXHGH VHU FDXVD GH OR SHUIHFWR \D TXH HQ WDO FDVR KDEUtD IDOWD GH
SURSRUFLyQ HQWUH OD FDXVD \ HO HIHFWR \ HO HIHFWR QR SXHGH VHU QXQFD PD\RU TXH OD
FDXVD(VSUHFLVRTXHHVDLGHDPHODKD\DSXHVWRDOJXLHQPiVSHUIHFWRTXH\RDVDEHU
'LRV

VXSXHVWRTXH\RFRQRFtDDOJXQDVSHUIHFFLRQHVTXHPHIDOWDEDQQRHUD\R
HO~QLFRVHUTXHH[LVWLHVHVLQRTXHHUDDEVROXWDPHQWHQHFHVDULRTXHKXELHVHDOJ~Q
RWUR VHU PiV SHUIHFWR GH TXLHQ \R GHSHQGLHVH \ GH TXLHQ \RKXELHVH DGTXLULGR WRGR
FXDQWR\RSRVHtD

 


,EtGHP
'HVFDUWHV5S

,EtGHP




/DVSHUIHFFLRQHVTXHFRQR]FRSHUWHQHFHQDXQVHUSHUIHFWR1RVyOR\RH[LVWR
VLQRTXHKD\XQVHUPiVSHUIHFWRTXHH[LVWH

3XHV HQ YLUWXG GH ORV UD]RQDPLHQWRV TXH DFDER GH KDFHU SDUD FRQRFHU OD
QDWXUDOH]D GH 'LRV KDVWD GRQGH ODPtD HVFDSD] GHFRQRFHUOD EDVWiEDPH FRQVLGHUDU
WRGDVODVFRVDVGHTXHKDOODUDHQPtPLVPRDOJXQDLGHD\YHUVLHUDRQRSHUIHFFLyQHO
SRVHHUODV\HVWDEDVHJXURGHTXHQLQJXQDGHODVTXHLQGLFDEDQLPSHUIHFFLyQHVWiHQ
'LRVSHURWRGDVODVGHPiVVtHVWiQHQpO


7RGR OR TXH KD\ HQ Pt HV LPSHUIHFWR SXHVWR TXH VR\ LPSHUIHFWR SRU HO
FRQWUDULR'LRVTXHHVSHUIHFWRSRVHHWRGDVODVSHUIHFFLRQHVGHODVTXH\RFDUH]FR
PLHQWUDVTXHQLQJXQDLPSHUIHFFLyQSRGHPRVKDOODUHQeO

$GHPiV WHQtD \R LGHDV GH YDULDV FRVDV VHQVLEOHV \ FRUSRUDOHV SXHV D~Q
VXSRQLHQGRTXHVRxDED\TXHWRGRFXDQWRYHtDHLPDJLQDEDHUDIDOVRQRSRGtDQHJDU
VLQHPEDUJRTXHHVDVLGHDVHVWXYLHUDQYHUGDGHUDPHQWHHQPLSHQVDPLHQWR


$TXt KDFH UHIHUHQFLD D ODV LGHDV /DV LGHDV VRQ FRPR LPiJHQHV GH ODV FRVDV
UHSUHVHQWDFLRQHV PHQWDOHV GH ODV FRVDV +D\ WUHV WLSRV GH LGHDV GH DFXHUGR FRQ VX
RULJHQDSDUHQWHDVDEHUDDGYHQWLFLDVVRQDTXHOODVTXHSURYLHQHQGHOH[WHULRU\
ODV FDSWDPRV FRQ ORV VHQWLGRV E IDFWLFLDV VRQ ODVTXH HODERUDPRV PHGLDQWH OD
LPDJLQDFLyQ F LQQDWDV VRQ ODV TXH HO DOPD WUDH FRQVLJR FRPR FRQVWLWX\HQGR VX
SDWULPRQLRRULJLQDOFRQWRWDOLQGHSHQGHQFLDGHODH[SHULHQFLD&RQODVLGHDVLQQDWDV
WUDEDMDSURSLDPHQWHODUD]yQWDOFRPRRFXUUHHQHOFRQRFLPLHQWRPDWHPiWLFR

0DV KDELHQGR \D FRQRFLGR HQ Pt PX\ FODUDPHQWH TXH OD QDWXUDOH]D
LQWHOLJHQWH HV GLVWLQWD GH OD FRUSRUDO \ FRQVLGHUDQGR TXH WRGD FRPSRVLFLyQ GHQRWD
GHSHQGHQFLD \ TXH OD GHSHQGHQFLD HV PDQLILHVWDPHQWH XQ GHIHFWR MX]JDED SRU HOOR
TXHQRSRGtDVHUXQDSHUIHFFLyQHQ'LRVHOFRPSRQHUVHGHHVDVGRVQDWXUDOH]DV\TXH
SRUFRQVLJXLHQWH'LRVQRHUDFRPSXHVWR
 


'HVFDUWHV5S
,EtGHP

,EtGHP




'HVFDUWHVWLHQHXQDFRQFHSFLyQGXDOLVWDGHOKRPEUH(VWiODUHVH[WHQVD\ODUHV
FRJLWDQV/DUHVFRJLWDQVHVHODOPDODUD]yQ\ODUHVH[WHQVDHVHOFXHUSRODPDWHULD
TXHRFXSDXQHVSDFLReVWDVHVWiQXQLGDVGHPRGRTXHHOFXHUSRGHSHQGHGHODOPD
(VWR VH GD HQ ORV KRPEUHV SHUR QR HQ 'LRV SRUTXH OD GHSHQGHQFLD LPSOLFD
LPSHUIHFFLyQ\'LRVHVSHUIHFWR

WDQFLHUWRHVSRUORPHQRVTXH'LRVTXHHVSHUIHFWRHVRH[LVWHFRPROR
SXHGDVHUXQDGHPRVWUDFLyQGHJHRPHWUtD


+D\ XQD DQDORJtD HQWUH OD H[LVWHQFLD GH 'LRV \ ODV GHPRVWUDFLRQHV GH OD
JHRPHWUtD\DTXHHQDPERVFDVRVVHWUDWDGHLGHDVLQQDWDV'HVFDUWHVGLFHTXHVLQRV
DWHQHPRVULJXURVDPHQWHDODVUHJODVGHOPpWRGR\DHVWDEOHFLGDVQRVSURSRUFLRQDUiQ
VLHPSUH XQ FRQRFLPLHQWR HYLGHQWH \ VHJXUR < DVt HV TXH HQFRQWUDPRV FHUWH]D HQ
'LRV\HQODPDWHPiWLFD

3HURVLKD\DOJXQRVTXHHVWiQSHUVXDGLGRVGHTXHHVGLItFLOFRQRFHUORTXHVHD
'LRV\D~QORTXHVHDHODOPDHVSRUTXHQROHYDQWDQQXQFDVXHVStULWXSRUHQFLPDGH
ODVFRVDVVHQVLEOHV\HVWiQWDQDFRVWXPEUDGRVDFRQVLGHUDUORWRGRFRQODLPDJLQDFLyQ
TXHORTXHHVLPDJLQDEOHOHVSDUHFHQRVHULQWHOLJLEOH 


$TXt KDFH XQD FUtWLFD D ORV SHQVDGRUHV TXH VH EDVDQ HQ OD H[SHULHQFLD SXHV
pVWRVGDQFUpGLWRVyORDORTXHVHSXHGDFRQRFHUDSDUWLUGHORVVHQWLGRVSRUORWDQWR
QRDYDODQODH[LVWHQFLDGHODOPD\GH'LRV\DTXHpVWRVVyORVHFRQRFHQSRUPHGLRGH
ODUD]yQ

QLODLPDJLQDFLyQQLORVVHQWLGRVSXHGHQDVHJXUDUQRVQXQFDFRVDDOJXQD
FRPRQRLQWHUYHQJDHOHQWHQGLPLHQWR

 


'HVFDUWHV5S
,EtGHP

,EtGHP




/RV VHQWLGRV QR QRV SXHGHQSURSRUFLRQDU GHQLQJXQD PDQHUD FRQRFLPLHQWRV

DEVROXWRVVyORSRGHPRVDOFDQ]DUpVWRVSRUPHGLRGHODUD]yQ(QODUHDOLGDGKD\XQ
RUGHQ UDFLRQDO TXH VyOR HV FDSWDEOH SRU OD UD]yQ KXPDQD GH PDQHUD TXH KD\ XQD
DQDORJtD HQWUH OD UD]yQ KXPDQD \ OD UD]yQ GH OD QDWXUDOH]D (VWD LQWHUSUHWDFLyQ QR
SDUHFHGHULYDUVHGHOWH[WRFLWDGR6LQHPEDUJR'HVFDUWHVSDUHFHGDUORSRUVXSXHVWR

 ODV FRVDV TXH FRQFHELPRV PX\ FODUD \ GLVWLQWDPHQWH VRQ WRGDV
YHUGDGHUDVHVDPLVPDUHJODUHFLEHVXFHUWH]DVyORGHTXH'LRVHVRH[LVWH\GHTXHHV
XQ VHU SHUIHFWR \ GH TXH WRGR OR TXH HVWi HQ QRVRWURV SURYLHQH GH pO GH GRQGH VH
VLJXHTXHVLHQGRQXHVWUDVLGHDVRQRFLRQHVFXDQGRVRQFODUDV\GLVWLQWDVFRVDVUHDOHV
\ SURFHGHQWHV GH 'LRV QR SXHGHQ SRU PHQRV GH VHU WDPELpQ HQ HVH UHVSHFWR
YHUGDGHUDV


(OIXQGDPHQWRGHWRGRORDQWHULRUGLFKRHVHQ~OWLPDLQVWDQFLD'LRV/RFODUR
\GLVWLQWRHVYHUGDGHURSRUTXH'LRVHVSHUIHFWR\GHeOSURFHGHWRGR'HVFDUWHVSDUD
VDOLU GHO VROLSVLVPR HQ TXH VH KDOODED UHFXUUH D OD LGHD GH 'LRV TXH HV TXLHQ
IXQGDPHQWDODVLGHDVFODUDV\GLVWLQWDV

 VL WHQHPRV FRQ EDVWDQWH IUHFXHQFLD LGHDV TXH HQFLHUUDQ IDOVHGDG HV
SRUTXHKD\HQHOODVDOJRFRQIXVR\RVFXUR\HQHVWHUHVSHFWRSDUWLFLSDQGHODQDGDHV
GHFLUTXHVLHVWiQDVtFRQIXVDVHQQRVRWURVHVSRUTXHQRVRPRVWRWDOPHQWHSHUIHFWRV


1RVRWURVSRVHHPRVLGHDVRVFXUDV\FRQIXVDVSRUTXHQRVRPRVSHUIHFWRV&RPR
YHPRV DTXt OR RVFXUR HVOR FRQWUDULRGHOR FODUR \ OR FRQIXVR HV OR FRQWUDULRGHOR
GLVWLQWR(VWDIDOVHGDGHVORFRQWUDULRDOFULWHULRGHHYLGHQFLD

 QR KD\ PHQRV UHSXJQDQFLD HQ DGPLWLU TXH OD IDOVHGDG R LPSHUIHFFLyQ
SURFHGDFRPRWDOGH'LRVPLVPRTXHHQDGPLWLUTXHODYHUGDGRODSHUIHFFLyQSURFHGH
GHODQDGD
 


'HVFDUWHV5S
,EtGHP

,EtGHP




'HODQDGDSURFHGHODIDOVHGDG\ODLPSHUIHFFLyQGH'LRVSURFHGHORSHUIHFWR
\YHUGDGHUR(VPX\FODURTXHORTXHSURFHGHGH'LRVHVYHUGDG\TXHORTXHSURFHGH
GHQRVRWURVSXHGHVHUIDOVRSRUTXHQRVRPRVSHUIHFWRV

0DV VL QR VXSLpUDPRV TXH WRGR FXDQWR HQ QRVRWURV HV UHDO \ YHUGDGHUR
SURYLHQH GH XQ VHU SHUIHFWR H LQILQLWR HQWRQFHV SRU FODUDV \ GLVWLQWDV QXHVWUDV LGHDV
TXHIXHVHQQRKDEUtDUD]yQDOJXQDTXHQRVDVHJXUDVHTXHWLHQHQODSHUIHFFLyQGHVHU
YHUGDGHUDV


(O~QLFRIXQGDPHQWRGHQXHVWUDVLGHDVFODUDV\GLVWLQWDVHV'LRV6L'HVFDUWHV
QRKXELHVHUHFXUULGRDODLGHDGH'LRVKXELHVHTXHGDGRYDUDGRHQHOFRJLWRVLQSRGHU
DYDQ]DU\IXQGDPHQWDUODVYHUGDGHVVXEVLJXLHQWHV

$Vt SXHV KDELpQGRQRV HO FRQRFLPLHQWR GH 'LRV \ GHO DOPD WHVWLPRQLDGR OD
FHUWH]D GH HVD UHJOD UHVXOWD ELHQ IiFLO FRQRFHU TXH ORV HQVXHxRV TXH LPDJLQDPRV
GRUPLGRV QR GHEHQ HQ PDQHUD DOJXQD KDFHUQRV GXGDU GH OD YHUGDG GH ORV
SHQVDPLHQWRVTXHWHQHPRVGHVSLHUWRVGHVSLHUWRVRGRUPLGRVQRGHEHPRVGHMDUQRV
SHUVXDGLUVLQRSRUODHYLGHQFLDGHODUD]yQ<QyWHVHELHQTXHGLJRGHODUD]yQQRGH
ODLPDJLQDFLyQQLGHORVVHQWLGRVSXHVODUD]yQQRQRVGLFHTXHORTXHDVtYHPRV
RLPDJLQDPRVVHDYHUGDGHURSHURQRVGLFHTXHWRGDVQXHVWUDVLGHDVRQRFLRQHVGHEHQ
WHQHU DOJ~Q IXQGDPHQWR GH YHUGDG SXHV QR IXHUD SRVLEOH TXH 'LRV TXH HV WRGR
SHUIHFWR \ YHUGDGHUR ODV SXVLHUD VLQ HVR HQ QRVRWURV \ SXHVWR TXH QXHVWURV
UD]RQDPLHQWRV QXQFD VRQ WDQ HYLGHQWHV \ WDQ HQWHURV FXDQGR VRxDPRV FRPR FXDQGR
HVWDPRVGHVSLHUWRVVLELHQDYHFHVQXHVWUDVLPDJLQDFLRQHVVRQWDQYLYDV\H[SUHVLYDV
\KDVWDPiVHQHOVXHxRTXHHQODYLJLOLDSRUHVRQRVGLFHODUD]yQTXHQRSXGLHQGR
VHU YHUGDGHURV WRGRV QXHVWURV SHQVDPLHQWRV SRUTXH QR VRPRV WRWDOPHQWH SHUIHFWRV
GHEHUi LQIDOLEOHPHQWH KDOODUVH OD YHUGDG PiV ELHQ HQ OR TXH SHQVDPRV HVWDQGR
GHVSLHUWRVTXHHQORVTXHWHQJDPRVHQVXHxRV


8QDYH]PiV'HVFDUWHVSRQHHOpQIDVLVHQTXHGHEHPRVHVWDUDWHQWRVDOFULWHULR
GH YHUGDG D OR TXH VH QRV SUHVHQWD GH PDQHUD FODUD \ GLVWLQWD /D YHUGDG OD
 



,EtGHP
'HVFDUWHV5S



DOFDQ]DPRVSRUPHGLRGHODUD]yQ\QXQFDSRUPHGLRGHORVVHQWLGRV4XLHQSUXHED
ORDTXtGLFKRHVODH[LVWHQFLDGH'LRV
3DUDILQDOL]DUDPRGRGHFRQFOXVLyQSRGHPRVVHxDODUPX\ EUHYHPHQWHTXH
SHVHDTXH'HVFDUWHVVHSODQWHD\SLHQVDTXHKDFHUHDOPHQWHILORVRItDFRPRXQVDEHU
VLQVXSXHVWRV \DTXHKDSXHVWRWRGRHQGXGDKDVWDOOHJDUDXQDYHUGDGLQGXELWDEOH
TXH HV HO FRJLWR VLQ HPEDUJR H[LVWHQ WDPELpQ HQ VX VLVWHPD VXSXHVWRV DXQTXH HO
SURSLR'HVFDUWHVQRKD\DVLGRFRQFLHQWHGHHOORVDVDEHU


VX UDFLRQDOLVPR OD HVWUXFWXUD GH OD UHDOLGDG GHOREMHWR \ OD HVWUXFWXUD

GHO VXMHWR VRQ LVRIRUPDV HV GHFLU TXH DPEDV VHDQ UDFLRQDOHV \ GH DOJ~Q PRGR VH
FRUUHVSRQGDQQRHVWiIXQGDGR&RPRWDPSRFRHVWiIXQGDGRTXHHVDUD]yQVHDXQD\
OD ~QLFD SRVLEOH TXH QR WHQJD SRU OR WDQWR QLQJXQD SRVLELOLGDG GH FDPELR GH
GHVSOLHJXHHQ HO WLHPSR GH HYROXFLyQ KLVWyULFD (VWD UD]yQTXHFRPR YLPRV HUD OD
UD]yQ PDWHPiWLFD GDUtD FXHQWD GH OD WRWDOLGDG GH OD UHDOLGDG SHUPLWLUtD OD
DSUHKHQVLyQ FRUUHFWD SHUR GH TXp" 'H XQD UHDOLGDG UDFLRQDO ILMD LQPyYLO HQ HO
WLHPSRDKLVWyULFDHVHQFLDOPHQWHXQD


3RU HVR WDPELpQ OD QHFHVLGDG GH TXH ODV LGHDV TXH FRQVWLWX\HQ OD

HVWUXFWXUD GH OD UD]yQ VHDQ LQQDWDV (VWH LQQDWLVPR OOHYD GLUHFWDPHQWH DO KHFKR GH
TXH OD UD]yQ VHD XQLYHUVDO  SRUTXH WRGRV ORV KRPEUHV SRU HO VyOR KHFKR GH QDFHU
WUDHQDOPXQGRFRQVLJRODUD]yQTXHQRSXHGHVHURWUDTXHODTXH'HVFDUWHVSODQWHD


/D H[LVWHQFLD GH 'LRV TXH FRQ VX LQILQLWD ERQGDG QR QRV HQJDxD \ VH

FRQVWLWX\HHQODJDUDQWtDWDQWRGHORVFRQWHQLGRVFRQFUHWRVGHQXHVWUDVLGHDVFODUDV\
GLVWLQWDVFRPRGHODUDFLRQDOLGDGGHOPXQGR












%/DUD]yQKREEHVLDQD

(ODUWHGHOKRPEUHYDDXQPDVOHMRVLPLWDQGRHVWDREUDUDFLRQDOTXHHVOD
PiV H[FHOVD GH OD 1DWXUDOH]D HO KRPEUH (Q HIHFWR JUDFLDV DO DUWH VH FUHD HVH JUDQ
/HYLDWiQTXHOODPDPRVUHS~EOLFDR(VWDGRTXHQRHVVLQRXQKRPEUHDUWLILFLDO


(Q+REEHVHOKRPEUHFRPRHOUHVWRGHODFUHDFLyQHVUDFLRQDOHQWDQWRFUHDGR
SRU OD PDQR GH XQ VHU VXPDPHQWH UDFLRQDO 'LRV GH DTXt VH SRGUtD LQIHULU TXH OR
UDFLRQDO RSHUD HQ OD WRWDOLGDG GH OD 1DWXUDOH]D FRPR XQD HVWUXFWXUD SDVLEOH GH VHU
OHtGD \ FRPSUHQGLGD 3HUR +REEHV UHIXHU]D VXWHVLV DO GHVWDFDU DO KRPEUH FRPR OD
REUDPiVH[FHOVDSRUVREUHHOUHVWRGHODFUHDFLyQ(VWRVHKDFHPDQLILHVWRHQWDQWRHO
KRPEUH QR VyOR WLHQH XQD HVWUXFWXUD UDFLRQDO SRU VHU XQD FULDWXUD VLQR TXH DGHPiV
WLHQHODFDSDFLGDGGHSURGXFLUGHRULJLQDUXQDREUDUDFLRQDOGHDTXtTXHODUD]yQHVWi
HQ HO KRPEUH RSHUDQGR FRPR XQD GH VXV FDSDFLGDGHV HV HO KRPEUH TXLHQ OHHUi
DTXHOODHVWUXFWXUDUDFLRQDOTXHOHIXHLQVXIODGDDOUHVWRGHODQDWXUDOH]D

ODHTXLGDG\ODVOH\HVHQHO/HYLDWiQKDFHQODVYHFHVGHXQDUD]yQ\XQD
YROXQWDGDUWLILFLDOHV


(O /HYLDWiQ HV HVH FRQMXQWR GH KRPEUHV TXH IRUPD XQD XQLGDG \ HV DOJR
FRQVWUXLGR SRU HO KRPEUH HQ WDQWR HV XQD DVRFLDFLyQ DUWLILFLDO XQ SDVR PiV SRU HO
FXDOHOKRPEUHVXSHUDHOHVWDGRGHQDWXUDOH]D(VWDFUHDFLyQ KXPDQDHVH[SOLFDGD
SRU XQD UHODFLyQ GH DQDORJtD GRQGH HO KRPEUH KDFH ODV YHFHV GH 'LRV PLHQWUDV OD
6RFLHGDGHPXODUtDDOKRPEUH/DHTXLGDG \ODVOH\HVVRQODUD]yQGHHVWH/HYLDWiQ
HVWRGDFXHQWDGHORTXHVLJQLILFDODUD]yQSDUD+REEHVDOJRTXHSULPHURHTXLSDUD\
RUGHQD XQ HVWDGR GH GLYHUVLGDG FDyWLFD \ OXHJR JHQHUD OH\HV SRU ODV FXDOHV GHEHUi
SURFHGHUHOFRQMXQWRGHODVRFLHGDG$TXtWHQHPRVGRVHOHPHQWRVIXQGDPHQWDOHVGHOD
UD]yQ RUGHQ H LQIHUHQFLD GH QRUPDV TXH UHJXOHQ XQ SURFHGLPLHQWR /D UD]yQ QR HV
 


 +REEHV 7 /HYLDWiQ R OD PDWHULD IRUPD \ SRGHU GH XQD UHSXEOLFD HFOHVLiVWLFD \ FLYLO WUDGXFFLyQ \
SUHIDFLR GH 0DQXHO 6iQFKH] 6DUWR )RQGR GH &XOWXUD (FRQyPLFD 0p[LFR WHUFHUD UHLPSUHVLyQ 
,QWURGXFFLyQS

,EtGHP



DOJR QDWXUDO DO FRQWUDULR HV HO UDVJR PiV DUWLILFLDO HQ HO KRPEUH HO TXH OH SHUPLWH
RUJDQL]DUHOFDRVGHODQDWXUDOH]D&XDQGRVHGLFHTXHHOKRPEUHOHHODQDWXUDOH]DVH
TXLHUHGHFLUTXHODRUGHQDDWUDYpVGHXQDHVWUXFWXUDDUWLILFLDO \HVVyORDWUDYpVGH
HVWDLPSRVLFLyQTXHHOKRPEUHGRPLQDODQDWXUDOH]D
$ OD SUHJXQWD 4Xp OXJDU RFXSD HO FRQFHSWR GH UD]yQ HQ HO /HYLDWiQ GH
7KRPDV +REEHV" HV LPSRVLEOH UHVSRQGHU GHILQLHQGR XQR HQ SDUWLFXODU \D TXH HO
WUDWDPLHQWR TXH GH HOOD RIUHFH WUDVFLHQGH VX PHUD GHVFULSFLyQ FRPR IDFXOWDG GH OD
PHQWHKXPDQDRFRPRLQVWUXPHQWRSDUDHOFRQRFLPLHQWRILOWUiQGRVHHQVXILORVRItD
PRUDO \ SROtWLFD 6X UHOHYDQFLD HQ RWUDV FXHVWLRQHV FRPR HQ OD UHODFLyQ FRQ ODV
SDVLRQHV HO HVWDGR GH QDWXUDOH]D VX VXSHUDFLyQ ODV OH\HV \ HO FRQWUDWR VRFLDO HV
HYLGHQWH6LQHPEDUJRORTXHDTXtQRVRFXSDQRHVVXUROHQODSUD[LVVLQRDQDOL]DU
VXIXQFLyQJQRVHROyJLFDHVGHFLUORTXHFRQYLHUWHDOUDFLRFLQDUHQHOPHGLRSRUHO
FXDOHVSRVLEOHDOFDQ]DUODXQLYHUVDOLGDGSURSLDGHOFRQRFLPLHQWRFLHQWtILFR\GHHVWH
PRGRDOFDQ]DUXQDGHILQLFLyQJHQpWLFDRFDXVDO(VGHFLUORTXHGHILQHDODUD]yQ
FRPRLQVWUXPHQWDO
(VWD SUHRFXSDFLyQ SRU HO PpWRGR \ OD XWLOLGDG GH OD UD]yQ SURSLD GHO VLJOR
;9,,TXHWLHQHD'HVFDUWHVFRPRVXPD\RUH[SRQHQWHHVWiWDPELpQHQ+REEHV6H
SUHJXQWD TXpHVORTXHSHUPLWHTXHODFRQVHFXHQFLDDGYHUWLGDHQ XQFDVR SDUWLFXODU
OOHJXH >@ D VHU UHJLVWUDGD \ UHFRUGDGD FRPR XQD QRUPD XQLYHUVDO
GHVSUHQGLpQGRVH GH ODV FLUFXQVWDQFLDV GH OXJDU \ WLHPSR PRVWUDQGR TXH OR TXH
UHVXOWyVHUYHUGDGDTXt\DKRUDVHUiYHUGDGHQWRGRVORVWLHPSRV\OXJDUHV(VHQ
HOPpWRGRGHOD*HRPHWUtDHQHOTXHHQFXHQWUDVXPRGHOROD>@~QLFDFLHQFLDTXH
'LRVVHFRPSODFLyHQFRPXQLFDUDOJpQHURKXPDQR
$KRUDELHQVLVHWUDWDGHXQ~QLFRPpWRGRHVSRUTXHJXLDUiDXQDUD]yQTXH
HV OD PLVPD HQ WRGRV ORV KRPEUHV (Q HIHFWR WRGRV ORV KRPEUHV SRU QDWXUDOH]D
UD]RQDQGHOPLVPRPRGR\ORKDFHQELHQFXDQGRWLHQHQEXHQRVSULQFLSLRV3RU
HVWD UD]yQ WLHQH VHQWLGR HO QRVFH WH LSVXP \D TXH TXLHQ VH PLUH D Vt PLVPR \
 



 /XNDFGH6WLHU0DUtD/LOLDQD (OIXQGDPHQWRDQWURSROyJLFRGHODILORVRItDSROtWLFD\PRUDOHQ7KRPDV
+REEHV('8&$%V$VS

+REEHV7S

+REEHV7S



FRQVLGHUH OR TXH KDFH FXDQGR SLHQVD RSLQD UD]RQD HVSHUD WHPH SRGUi OHHU \
VDEHU SRU FRQVLJXLHQWH FXiOHV VRQ ORV SHQVDPLHQWRV \ SDVLRQHV GH ORV GHPiV
KRPEUHV>@
6LQ HPEDUJR OR TXH DTXt QRV RFXSD HV HO FDUiFWHU GH HVWRV SHQVDPLHQWRV
6LQJXODUPHQWH FDGD XQR GH HOORV HV XQD UHSUHVHQWDFLyQ R DSDULHQFLD GH FLHUWD
FXDOLGDGRGHRWURDFFLGHQWHGHXQFXHUSRH[WHULRUDQRVRWURVGHORTXHFRP~QPHQWH
OODPDPRVREMHWR\QRH[LVWHQLQJXQDFRQFHSFLyQHQHOLQWHOHFWRKXPDQRTXHDQWHV
QRKD\D VLGRUHFLELGD WRWDOPHQWH R HQ SDUWHSRUORV yUJDQRVGHORV VHQWLGRV6L
KDVWD DTXtODV SUHRFXSDFLRQHV GH +REEHVQRSDUHFHQDSDUWDUVH GH ODVGHOD GRFWULQD
FDUWHVLDQD VLQ HPEDUJR GHFODUDQGR D ORV VHQWLGRV FRPR ~QLFD IXHQWH GHO
FRQRFLPLHQWRHVWDEOHFHXQFRUWHGHFLVLYR1RVyORSRUFRQILDU HQORVVHQWLGRVVLQR
SRU QHJDU OD H[LVWHQFLD GH ODV LGHDV LQQDWDV FRPR FRQWHQLGRV SUHYLRV GH OD UD]yQ
SRUTXHSDUDpOODUD]yQ>@QRHVFRPRHOVHQWLGR\ODPHPRULDLQQDWDHQQRVRWURV
QLDGTXLULGDSRUODH[SHULHQFLDVRODPHQWHFRPRODSUXGHQFLDVLQRDOFDQ]DGDSRUHO
HVIXHU]R
< KDVWD DILUPD TXH ORV QLxRV VRQ OODPDGRV UD]RQDEOHV SRU OD DSDUHQWH
SRVLELOLGDGGHWHQHUXVRGHUD]yQHQWLHPSRYHQLGHUR(VUHFLpQFXDQGRDOFDQ]DQHO
XVRGHODSDODEUDTXHHVWiQGRWDGRVGHUD]yQ(VWRTXLHUHGHFLUTXHQRKD\UDWLRVLQ
OHQJXDMHUHODFLyQTXHQRVHGDDODLQYHUVDSRUORFXDOVHUiQHFHVDULDXQDULJXURVD
WHRUtD GHO OHQJXDMH TXH DO LJXDO TXH HQ OD *HRPHWUtD FRPHQ]DUi SRU OD GHILQLFLyQ
TXH>@VHFRORFDDOFRPLHQ]RGHWRGDVVXVLQYHVWLJDFLRQHV(VWDGHSHQGHQFLDGH
ODUD]yQVHGDSRUORWDQWRSRUTXHHOOHQJXDMH\VXFRUUHFWDGHILQLFLyQHVHOSULQFLSLR
GHODDGTXLVLFLyQGHODFLHQFLD(VWRVHIXQGDPHQWDVREUHODFRQFHSFLyQGHODYHUGDG
TXH DO LJXDOTXH OD IDOVHGDG HVXQ DWULEXWR GHO OHQJXDMH /D YHUGDG FRQVLVWH HQ OD
FRUUHFWDRUGHQDFLyQGHORVQRPEUHVHQQXHVWUDVDILUPDFLRQHV

 


+REEHV7S
+REEHV7S
+REEHV7S

,EtGHP>HOVXEUD\DGRHVQXHVWUR@

+REEHV7S

+REEHV7S





(OOHQJXDMHIXHODPiVQREOH\SURYHFKRVDLQYHQFLyQGHWRGDVODVUHDOL]DGDVSRU
ORVKRPEUHV(OOHQJXDMHVHEDVDHQQRPEUHVRDSHODFLRQHV\HQODVFRQH[LRQHVHQWUH
HOORV 3RU PHGLR GH HVRV HOHPHQWRV ORV KRPEUHV UHJLVWUDQ VXV SHQVDPLHQWRV ORV
UHFXHUGDQ\DQXQFLDQ6LQpOQDGDKXELHUDH[LVWLGRHQWUHORVKRPEUHVQLJRELHUQRQL
VRFLHGDG QL FLHQFLD 6HJ~Q +REEHV HO SULPHU DXWRU GHO OHQJXDMH IXH 'LRV \ eO
LQVWUX\yD$GiQDOODPDUDODVFRVDVSRUVXQRPEUH
(O XVRJHQHUDO GHO OHQJXDMH FRQVLVWH HQ WUDVSRQHU QXHVWURVGLVFXUVRV PHQWDOHV
HQYHUEDOHVRODVHULHGHQXHVWURVSHQVDPLHQWRVHQXQDVHULHGHSDODEUDV\HVWRFRQ
GRVILQDOLGDGHV
9

8QD SDUD UHJLVWUDU ODV FRQVHFXHQFLDV GH QXHVWUR SHQVDPLHQWR \

UHFRUGDUODV GH DKt HO SULPHU XVR GH ORV QRPEUHV FXDO HV VHUYLU FRPR PDUFDV GH
UHPHPRUDFLyQ
9

2WUDSDUDLQGLFDUORTXHXQR\RWURVFRLQFLGHQGHFDGDDVXQWR \ORTXH

GHVHDQ WHPHQ R HV REMHWR GH DOJXQD SDVLyQ 3DUD HVWH XVR ORV QRPEUHV VH OODPDQ
VLJQRV
7DPELpQKD\FXDWURXVRVHVSHFLDOHVGHOOHQJXDMHDORVFXDOHVOHFRUUHVSRQGHQ
RWURVWDQWRVDEXVRV
XVR(VHORULJHQGHODVDUWHVTXHUHJLVWUDORTXHSRUPHGLWDFLyQKDOODPRVVHU
ODFDXVDGHWRGDVODVFRVDV(ODEXVRFRUUHVSRQGLHQWHHVFXDQGRORVKRPEUHVUHJLVWUDQ
VXV SHQVDPLHQWRV HTXLYRFDGDPHQWH SRU OD LQFRQVWDQFLD GH VLJQLILFDFLyQ GH VXV
SDODEUDV
 XVR (V DFRQVHMDU \ HQVHxDU 6X DEXVR HV FXDQGR XVDQ ODV SDODEUDV
PHWDIyULFDPHQWHFRQORFXDOHQJDxDQDRWURV
XVR(VGDUDFRQRFHUQXHVWUDVYROXQWDGHV\SURSyVLWRV(ODEXVRFRQVLVWHHQ
PHQWLUDFHUFDGHODYHUGDGHUDYROXQWDG
 XVR (V MX]JDU FRQ QXHVWUD SDODEUD LQRFHQWHPHQWH SDUD GHOHLWH QXHVWUR (O
DEXVRVHGDFXDQGRVHXWLOL]DQODVSDODEUDVSDUDDJUDQGDU
/DYHUGDG\ODIDOVHGDGVRQDWULEXWRVGHOOHQJXDMHQRGHODVFRVDV'RQGHQR
KD\OHQJXDMHQRH[LVWHQLYHUGDGQLIDOVHGDGDXQTXHSXHGHKDEHUHVHUURU



/D YHUGDG FRQVLVWH HQ OD FRUUHFWD RUGHQDFLyQ GH ORV QRPEUHV HQ QXHVWUDV
DILUPDFLRQHV 8Q KRPEUH TXH EXVFD OD YHUGDG WLHQH QHFHVLGDG GH UHFRUGDU OR TXH
VLJQLILFD FDGD XQR GH ORV QRPEUHV XVDGRV SRU pO 3RU HVWR HQ OD JHRPHWUtD VH
FRPLHQ]DSRUHVWDEOHFHUHOVLJQLILFDGRGHODVSDODEUDV(VWDILMDFLyQGHVLJQLILFDGRVVH
GHQRPLQDGHILQLFLyQ\VHFRORFDHQHOFRPLHQ]RGHWRGDVVXVLQYHVWLJDFLRQHV
(VWR SRQH GH UHOLHYH FXiQ QHFHVDULR HV SDUD ORV KRPEUHV TXH DVSLUDQ DO
YHUGDGHUR FRQRFLPLHQWR H[DPLQDU ODV GHILQLFLRQHV GH ORV DXWRUHV SUHFHGHQWHV
3RUTXHORVHUURUHVGHODVGHILQLFLRQHVVHPXOWLSOLFDQSRUVtPLVPRVDPHGLGDTXHOD
LQYHVWLJDFLyQDYDQ]D\FRQGXFHQDORVKRPEUHVDDEVXUGRVTXHVHDGYLHUWHQVLQSRGHU
HYLWDUORV VR SHQD GH LQLFLDU GH QXHYR OD LQYHVWLJDFLyQ GHVGH HO SULQFLSLR (Q HOOR
FRQVLVWHHORULJHQGHVXVHUURUHV
(QODFRUUHFWDGHILQLFLyQGHORVQRPEUHVUDGLFDHOSULPHUXVRGHOOHQJXDMHTXH
HVODDGTXLVLFLyQGHODFLHQFLD<HQODVGHILQLFLRQHVIDOVDVILQFDHOSULPHUDEXVRGHO
FXDO SURFHGHQ KLSyWHVLV IDOVDV H LQVHQVDWDV (Q WDO DEXVR LQFXUUHQ ORV KRPEUHV TXH
DGTXLHUHQVXVFRQRFLPLHQWRV HQ ODDXWRULGDGGHORVOLEURV \ QR HQVXV PHGLWDFLRQHV
SURSLDV (QWUH OD FLHQFLD YHUGDGHUD \ ODV GRFWULQDV HUUyQHDV OD LJQRUDQFLD RFXSD HO
WpUPLQR PHGLR (O VHQWLGR QDWXUDO \ OD LPDJLQDFLyQ QR HVWiQ VXMHWRV D DEVXUGR /D
QDWXUDOH]DPLVPDQRSXHGHHTXLYRFDUVHSHURFRPRORVKRPEUHVDEXQGDQHQFRSLRVDV
SDODEUDVSXHGHQKDFHUVHPiVVDELRVRPiVPDOYDGRVTXHGHRUGLQDULR7DPSRFRHV
SRVLEOH VLQ OHWUDV SDUD QLQJ~Q KRPEUH OOHJDU D VHU H[WUDRUGLQDULDPHQWH VDELR R
H[WUDRUGLQDULDPHQWH ORFR 6LQ SDODEUDV QR KD\ SRVLELOLGDG GH FiOFXOR 8VDQ ORV
KRPEUHVVDELRVODVSDODEUDVSDUDVXVSURSLRVFiOFXORV\UD]RQDQFRQHOODV
6XMHWD D QRPEUHV HV FXDOTXLHU FRVD TXH SXHGD HQWUDU HQ FXHQWD R VHU
FRQVLGHUDGD HQ HOODVHU VXPDGD DRWUD SDUDFRPSRQHUXQDVXPDRVXVWUDtGD GH RWUD
SDUDGHMDUXQDGLIHUHQFLD/RVODWLQRVGDEDQDODVFXHQWDVHOQRPEUHGHUDWLRQHV\
DOFRQWDUUDWLRFLQDWLR\ORTXHHQODVIDFWXUDVROLEURVOODPDPRVSDUWLGDVHOORVOR
OODPDEDQQyPLQDHVGHFLUQRPEUHV'HDTXtODH[WHQVLyQGHODSDODEUDUDWLRD
OD IDFXOWDG GH FRPSXWDU HQ WRGDV ODV GHPiV FRVDV /RV JULHJRV WLHQHQ XQD VROD
SDODEUDORJRVSDUDODVGRVFRVDVOHQJXDMH\UD]yQ(VWRTXLHUHGHFLUTXHQRKD\



UDFLRFLQLR VLQ OHQJXDMH $O DFWR GH UD]RQDU OR OODPDEDQ VLORJLVPR TXH VLJQLILFD
UHVXPLUODFRQVHFXHQFLDGHXQDFRVDHQXQFLDGDUHVSHFWRDRWUD

(V FRVD LQKHUHQWH D OD FRQGLFLyQ GH XQ KRPEUH VDELR QR FUHHU HQ HOOR VLQR
FXDQGRODEXHQDUD]yQKDJDGLJQDVGHFUpGLWRODVFRVDVDILUPDGDV


/D UD]yQ HV OD TXH QRV SHUPLWH YDOHUQRV SRU QRVRWURV PLVPRV VH RSRQH DVt
UDGLFDOPHQWH D OD IH TXH VH EDVD HQ OD DXWRULGDG GH OD SDODEUD /RV KRPEUHV TXH
XWLOL]DQ VX UD]yQ VRQ ORV TXH FRPLHQ]DQ FDGD YH] GH QXHYR \ QXQFD ORV TXH
FRQVWUX\HQVREUHHGLILFLRVDQWLJXRV(VGDEOHLQWHUSUHWDUWRGRHOSHVRTXH+REEHVOH
GDUi D OD UD]yQ HQ VX IXQFLyQ GHFRQVWUXFWRUD HQ UHODFLyQ FRQ OD GXGD PHWyGLFD
FDUWHVLDQDVHVDEHTXH+REEHVFRQRFLyODWHRUtDGH'HVFDUWHV GXUDQWHVXVYLVLWDVD
)UDQFLD
(V SRU HVWD UD]yQ TXH QL OD SUXGHQFLD QL FLHUWR HQWHQGLPLHQWR GLVWLQJXHQ DO
KRPEUH GH OD EHVWLD \D TXH pVWDV VH GDQ HQ FXDOTXLHU RWUD FULDWXUD GRWDGD FRQ OD
IDFXOWDGGHODLPDJLQDFLyQRHOGHELOLWDPLHQWRGHODVHQVDFLyQ

(O HQWHQGLPLHQWR SHFXOLDU DO KRPEUH QR HV VRODPHQWH FRPSUHQVLyQ GH VX
YROXQWDGVLQRGHVXVFRQFHSFLRQHV\SHQVDPLHQWRVSRUODVXFHVLyQ\DJUXSDFLyQGH
QRPEUHVGHODVFRVDVHQDILUPDFLRQHVQHJDFLRQHV\RWUDVIRUPDVGHH[SUHVLyQ


7DQWR HO HQWHQGLPLHQWR KXPDQR FRPR OD UD]yQ VRQ H[SOLFDGRV FRPR XQD
UHIOH[LyQ VREUHHO SHQVDPLHQWRGHO KRPEUHFRQVWLWXLGRSRU ODV LPiJHQHVRULJLQDGDV
HQ OD VHQVDFLyQ (O SULPHU SDVR GH OD PHQWH VHUtD GDU QRPEUH D OR VHQWLGR UHFLpQ
GHVSXpV GH HVWH ILOWUR OLQJtVWLFR OD UD]yQ FRPLHQ]D D RSHUDU FRPR RUJDQL]DGRUD GH
HOHPHQWRV ORV FXDOHV LUiQ SURYRFDQGR QXHYDV VLJQLILFDFLRQHV D SDUWLU GH VXV
UHODFLRQHV 3RGHPRV GHFLU TXH OD UD]yQ RSHUD FRQ XQD PDWHULD SUHIDEULFDGD ORV
QRPEUHV

 




+REEHV7S
+REEHV7S



QRH[LVWHRWURDFWRGHODPHQWHKXPDQDFRQQDWXUDODHOOD\TXHQRQHFHVLWH
RWUDFRVDSDUDVXHMHUFLFLRVLQRKDEHUQDFLGRKRPEUH\KDFHUXVRGHORVFLQFRVHQWLGRV
3RUHOHVWXGLR\HOWUDEDMRVHDGTXLHUHQHLQFUHPHQWDQDTXHOODVRWUDVIDFXOWDGHVTXH
SDUHFHQ H[FOXVLYDV GHO KRPEUHWRGDV GHULYDQ GH OD LQYHQFLyQ GH SDODEUDV \ GHO
OHQJXDMH 3RU TXH DSDUWH GH ODV VHQVDFLRQHV \ GH ORV SHQVDPLHQWRV \ GH OD VHULH GH
SHQVDPLHQWRVODPHQWHGHOKRPEUHQRFRQRFHRWURPRYLPLHQWRVLELHQFRQD\XGDGHO
OHQJXDMH \ GHO PpWRGR ODV PLVPDV IDFXOWDGHV SXHGHQ VHU HOHYDGDV D WDO DOWXUD TXH
GLVWLQJDQDOKRPEUHGHWRGDVODVGHPiVFULDWXUDVYLYDV


(VLPSRUWDQWHREVHUYDUTXHODVRSHUDFLRQHVGHOSHQVDPLHQWRVRQSUHYLDVDODV
GH OD UD]yQ ODV RSHUDFLRQHV GHO SHQVDPLHQWR VRQ OD FRQFHSFLyQ GH LPiJHQHV \ OD
UHODFLyQGHHVWDVHQXQDVHULHJXLDGDSRUHOGHVHRXDOJXQDRWUDSDVLyQFRPRILQ/D
VHSDUDFLyQ HV FXDOLWDWLYD \D TXH HO SHQVDPLHQWR HVWi OLJDGR D OD QDWXUDOH]D GHO
KRPEUHPLHQWUDVTXHODUD]yQHVWiOLJDGDDODUWLILFLRODUD]yQQRHVFRQFHELGDFRPR
XQD IDFXOWDG QDWXUDO GLJDPRV TXH OR TXH GLIHUHQFLD DO KRPEUH GHO UHVWR GH OD
QDWXUDOH]DQRHVHVHQFLDOHQpOHQHOVHQWLGRGHTXHQRHVLQQDWRQLFRQQDWXUDOVLQR
SXUDPHQWH IDEULFDGR +REEHV QRV HVWiGLFLHQGR TXH HO KRPEUH HV XQ DQLPDO TXH VH
PDQHMD SRU VXV SDVLRQHV \ DTXHOOR TXH OODPDPRV UD]yQ HV XQ DGLWDPHQWR XQD
FRPSOHML]DFLyQGHVX EDVH LQVWLQWLYD /RTXHWHUPLQDSRUVHSDUDUQRV GHO UHVWR HV XQ
GpELODUWLILFLRTXHDGHPiVOXHJRVHYHUiHVLQXVXDO

&XDOTXLHUDFRVDTXHLPDJLQHPRVHVILQLWDFXDOTXLHUDFRVDTXHFRQFHELPRV
KDVLGRDQWHULRUPHQWHSHUFLELGDSRUORVVHQWLGRV\XQKRPEUHQRSXHGHWHQHULGHD
TXH UHSUHVHQWH XQD FRVD QR VXMHWD D OD VHQVDFLyQ (Q FRQVHFXHQFLD QDGLH SXHGH
FRQFHELU XQD FRVD VLQR TXH GHEH FRQFHELUOD VLWXDGD HQ DOJ~Q OXJDU SURYLVWD GH XQD
GHWHUPLQDGDPDJQLWXG\VXVFHSWLEOHGHGLYLGLUVHHQSDUWHVQRSXHGHVHUTXHXQDFRVD
HVWpWRGDHQHVWHVLWLR\WRGDHQRWUROXJDUDOPLVPRWLHPSRQLTXHGRVRPiVFRVDV
HVWpQDODYH]HQXQPLVPRHLGpQWLFROXJDU


$TXt +REEHV SURIXQGL]D HQ OD LGHD GH WHFKR GH OD UD]yQ TXH DQWHV VH
PHQFLRQDUD 3RU VXSXHVWR TXH DTXt QR VH UHILHUH D XQD IDFXOWDG GH OD UD]yQ
 




+REEHV7S
+REEHV7SS



SURSLDPHQWHGLFKD VLQR PiVELHQ DDTXHOOD RSHUDFLyQGHO SHQVDPLHQWRSRU ODFXDO

QRV KDFHPRV XQD LPDJHQ D SDUWLU GH OD SHUFHSFLyQ GH XQ PRYLPLHQWR H[WHUQR R
LQWHUQR7RPRODFLWDSRUWUDWDUVHGHODPDWHULDSUHIDEULFDGDGHODTXHVHVLUYHODUD]yQ
\SRUVHUPX\VLJQLILFDWLYDUHVSHFWRDOOtPLWHTXHHOKRPEUHWLHQHSDUDDSUHFLDUWRGR
OR RWUR/R TXHDTXt SURSRQH+REEHV UHVXHQD FRPR DQWHFHGHQWH GHODV FDWHJRUtDV
NDQWLDQDVGHFRQRFLPLHQWRVHWUDWDGHUHFRQRFHUTXHKD\SRUIXHUDGHORTXHQXHVWUD
FRQGLFLyQOLPLWDGDQRVSHUPLWHFRQRFHUSHURPiVDXQVHWUDWDGHXQDIXHUWHFUtWLFDD
ODWUDGLFLyQTXHWUDEDMyHVWRVWHPDVLQFRJQRVFLEOHVVXSRQLHQGRXQDHQWLGDGHQORTXH
HV PHUDPHQWH PLVWHULR (Q WRGR HO WH[WR +REEHV FRQFOX\H FDGD FDStWXOR FRQ XQD
FUtWLFD D OD WUDGLFLyQ HVFROiVWLFD \ PHWDItVLFD HQ JHQHUDO 1R VH SXHGH GHMDU GH OHHU
HVWRDODSDUGHOGHVDUUROORGH'HVFDUWHV

(QORTXHFRQFLHUQHDODFLHQFLDSDUD+REEHVKD\GRVFODVHVGHFRQRFLPLHQWR
>@XQRHVHOFRQRFLPLHQWRGHOKHFKR\RWURHOFRQRFLPLHQWRGHODFRQVHFXHQFLDGH
XQDDILUPDFLyQFRQUHVSHFWRDRWUD(OSULPHURHVSURGXFWRGHODVHQVDFLyQ\OD
PHPRULDSRUORWDQWRHVXQFRQRFLPLHQWRDEVROXWRFRPRFXDQGRYHPRVUHDOL]DUVH
XQKHFKRRUHFRUGDPRVTXHVHKL]R'HHVHJpQHURHVHOFRQRFLPLHQWRTXHVHUHTXLHUH
GHXQWHVWLJR(OUHJLVWURGHOFRQRFLPLHQWRGHKHFKRVHGHQRPLQDKLVWRULD([LVWHQ
GHpOGRVFODVHVODKLVWRULDQDWXUDOTXHHVODKLVWRULDGHDTXHOORVKHFKRVRHIHFWRVGH
OD1DWXUDOH]DTXH QRGHSHQGHQGHOD YROXQWDGKXPDQD \OD KLVWRULDFLYLO TXHHVOD
KLVWRULDGHODVDFFLRQHVYROXQWDULDVGHORVKRPEUHVFRQVWLWXLGRVHQ(VWDGR
(OVHJXQGRWLSRGHFRQRFLPLHQWRVVHGHQRPLQDFLHQFLD\HVFRQGLFLRQDOHVHO
FRQRFLPLHQWRGHTXLHQSUHWHQGHUD]RQDU(VGHFLUWUDWDGHVDFDUFRQVHFXHQFLDVQRGH
XQD FRVD FRQ UHVSHFWR D RWUD VLQR GHO QRPEUH GH XQD FRVD FRQ UHVSHFWR D RWUR
QRPEUH GH ODPLVPDFRVD3RUHVRVyORVpTXHVLHVWRHVDTXHOORHVRVL HVWRKD
VLGRDTXHOORKDVLGRRVLHVWRVHUiDTXHOORVHUi/RVUHJLVWURVGHODFLHQFLDVRQ
ORVOLEURVTXHFRQWLHQHQODVGHPRVWUDFLRQHVGHODFRQVHFXHQFLDGHXQDDILUPDFLyQFRQ
UHVSHFWRDRWUD

 




+REEHV7S
+REEHV7S



$TXt VH FLUFXQVFULEHQ ORV OtPLWHV GHO FRQRFLPLHQWR HQ HO FXDO VyOR VH SXHGH
DYDQ]DUPHGLDQWHODRSHUDFLyQEiVLFDGHOUD]RQDU>@FRQFHELUXQDVXPDWRWDOSRU
DGLFLyQ GH SDUWHV R FRQFHELU XQ UHVLGXR SRU VXVWUDFFLyQ GH XQD VXPD UHVSHFWR D
RWUD GH HVWR VH VLJXH TXH QR HV PiV TXH XQ FyPSXWR 7DO FRPR HO DULWPpWLFR
VXPD\UHVWDQ~PHURVRHOJHyPHWUDOtQHDVILJXUDV\iQJXORVHOPDWHULDOGHOOyJLFR
VRQODVFRQVHFXHQFLDVGHODVSDODEUDV3DODEUDVTXHQRVyORSHUPLWHQHOFiOFXORGHORV
Q~PHURVVLQRWRGDFRVDVXMHWDDQRPEUHVHVWRHV

>@FXDOTXLHUFRVDTXHSXHGDHQWUDUHQFXHQWDRVHUFRQVLGHUDGDHQHOODORV
ODWLQRV GDEDQ D ODV FXHQWDV HO QRPEUH GH UDWLRQHV GH DTXt SDUHFH GHULYDUVH TXH
H[WHQGLHURQODSDODEUDUDWLRDODIDFXOWDGGHFRPSXWDUHQWRGDVODVGHPiVFRVDV


6LHQGR HVWD IDFXOWDG LQKHUHQWH ~QLFDPHQWH DO KRPEUH 'H WRGDV IRUPDV HO
REMHWLYRGHOUD]RQDU

>@ QR HV HO KDOOD]JR GH OD VXPD \ YHUGDG GH XQD R SRFDV FRQVHFXHQFLDV
UHPRWDVGHODVSULPHUDVGHILQLFLRQHV\VLJQLILFDFLRQHVHVWDEOHFLGDVSDUDORVQRPEUHV
VLQRHQFRPHQ]DUSRUpVWDV\DYDQ]DUGHXQDFRQVHFXHQFLDDRWUD


(VWH HV HO SURJUHVR GHVGH ORV HOHPHQWRV PiV VLPSOHV ORV QRPEUHV D VX
FRQH[LyQ HQ DILUPDFLRQHV \ GH VX FRQH[LyQ D ORV VLORJLVPRV &XDQGR WRGDV ODV
FRQVHFXHQFLDV VREUH XQ WHPD KDQ VLGR KDOODGDV HVWR VH GHQRPLQD FLHQFLD \ HV HO
FRQRFLPLHQWRTXHGHEHWHQHUXQILOyVRIRRDOJXLHQTXHSUHWHQGHUD]RQDU

ORV QRPEUHV KRPEUH \ UDFLRQDO VRQ GH LJXDO H[WHQVLyQ \ PXWXDPHQWH VH
FRPSUHQGHQXQRDRWUR


6L KRPEUH \ UDFLRQDO WLHQHQ OD PLVPD H[WHQVLyQ WHQHPRV XQ SUREOHPD
SXHVWRGDODH[SOLFDFLyQSUHFHGHQWHKDEtDHQWHQGLGRDODUD]yQ FRPRXQDGLWDPHQWR
 


+REEHV7S
+REEHV7S

+REEHV7S

+REEHV7SS




HQ HO KRPEUH XQD FRPSOHML]DFLyQ DUWLILFLDO \ QDGD FRQQDWXUDO QL HVHQFLDO (VWR
VLJQLILFDTXHFDGDXQRGHORVLQGLYLGXRVTXHSXHGHQDJUXSDUVHHQHOFRQMXQWRGHORV
KRPEUHV SXHGH WDPELpQ VHU DJUXSDGR HQ HO FRQMXQWR GH ORV UDFLRQDOHV HQWRQFHV
WRGRORTXHHVKRPEUHHVUDFLRQDO\HOTXHQRHVUDFLRQDOQRHVKRPEUH(VWRVHWUDWD
GHXQUHFRQRFLPLHQWRDODWUDGLFLyQDULVWRWpOLFDSHURPDVDXQGHYHODTXHHVWHDUWLILFLR
GHODUD]yQQRDOJRSUHVFLQGLEOH(VWRQRVHFRQWUDGLFHFRQWRGRORDQWHULRUHQWDQWR
TXHODUD]yQVLJXHVLHQGRDOJRDUWLILFLDOSHURDXQDVtHVLQGLVSHQVDEOHSDUDHOKRPEUH
DGXOWR6HWUDWDGHGHVPDQWHODUOHLGHDGHODUD]yQLQQDWDQRVHVWDGLFLHQGRTXHQR
QDFHPRV FRQ OD UD]yQ SHUR D OD YH] QRV GLFH TXH QDFHPRV FRQ XQD SRWHQFLD TXH
QHFHVDULDPHQWH GHEH DFWXDOL]DUVH (O KRPEUH QR QDFH FRQ OD UD]yQ VLQR FRQ OD
FDSDFLGDG GH FUHDUOD FDSDFLGDG TXH GHYLHQH QHFHVLGDG (Q HVWH VHQWLGR QR VH WDQWR
GHOUDFLRQDOLVPRGH'HVFDUWHVFRPRVHSUHWHQGH

0HGLDQWH HVWD DSOLFDFLyQ GH QRPEUHVFRQYHUWLPRV OD DJUXSDFLyQ GH
FRQVHFXHQFLDV GH ODV FRVDV LPDJLQDGDV HQ OD PHQWH HQ DJUXSDFLyQ GH ODV
FRQVHFXHQFLDV GH VXV DSHODFLRQHV'H HVWH PRGR OD FRQVHFXHQFLD DGYHUWLGD HQ XQ
FDVR SDUWLFXODU OOHJD D VHU UHJLVWUDGD \ UHFRUGDGD FRPR XQD QRUPD XQLYHUVDO DVt
QXHVWUR UHFXHUGR PHQWDOVH GHVSUHQGH GH ODVFLUFXQVWDQFLDV GHOXJDU \ WLHPSR \ QRV
OLEHUDGHWRGDODERUPHQWDOVDOYRODSULPHUDHOORKDFHTXHORTXHUHVXOWyVHUYHUGDG
DTXt\DKRUDVHUiYHUGDGHQWRGRVORVWLHPSRV\OXJDUHV


(OSDVRSUHYLRDODVFRQVWUXFFLRQHVUDFLRQDOHVHVODDSOLFDFLyQGHQRPEUHV1R
SRGHPRVGHMDUGHSUREOHPDWL]DUHOWHPDGHODDQWHULRULGDGGHOOHQJXDMHUHVSHFWRGHOD
UD]yQ'HEHPRVOHHUHQHOOHQJXDMHGH+REEHVODUD]yQGH'HVFDUWHVDPERVVRQ
ORVLQVWUXPHQWRVTXHFRPXQLFDQODPHQWHKXPDQDDOPXQGRVRQORVTXHUHFRUWDQOD
UHDOLGDG TXH SRGHPRV SHUFLELU VRQ DTXHOODV HVWUXFWXUDV FRQ ODV TXH SRGHPRV
DSUHKHQGHU OD QDWXUDOH]D 2EYLDPHQWH 1XHVWUR DXWRU HVWD WHQGLHQGR KDFLD XQD
SHUVSHFWLYDVHQVLEOHSRUHVRGHVSOD]DDODUD]yQ\SRQHHQSULPHUOXJDUDOOHQJXDMH
3HVD PXFKR HQ +REEHV OD LGHD GH DSURSLDUQRV GH ODV FRVDV DO GDUOHV QRPEUH HO
QRPEUHTXHGDPRVDDOJRHVXQDFLUFXQVWDQFLDTXHQRVGHVFULEHTXHGHVFULEHQXHVWUR
 


+REEHV7S



SXQWRGHYLVWD +REEHV HVWD UHFRQRFLHQGR TXHVRORSRGHPRV DFHUFDUQRV D OR RWUR

FXDQGRGLJRORRWURPHUHILHURDORVPRYLPLHQWRH[WHUQRVHLQWHUQRVTXHHOKRPEUH
SHUFLEHSDUFLDOPHQWHSXHVGDFXHQWDGHOHVWDGRFDyWLFRGHORSHUFLELGRSHUFLELPRV
VLHPSUHPRYLPLHQWRVSRUORWDQWRQRVRWURVHVWDPRVILMRVHQXQ OXJDU\XQWLHPSR\
ORTXHDJDUUDPRVGHHVRVPRYLPLHQWRVHVWDUiHQQXHVWUROXJDU\WLHPSR/DRSHUDFLyQ
GHSRQHUQRPEUHVQRVSHUPLWHXQHOHPHQWRILMROD PXOWLSOLFLGDGGH HOHPHQWRVILMRV
VHUi RUGHQDGD \ SXHVWD GHQWUR GH XQ VLVWHPD GH UHODFLRQHV D WUDYpV GH OD UD]yQ
9HUHPRVODLPSRUWDQFLDTXHSRQH+REEHVHQUHVLJQLILFDUORVQRPEUHVFDGDYH]TXHVH
HPSUHQGHXQDWDUHDHVWRWLHQHTXHYHUFRQTXHODILMH]DHVDUWLILFLDOHLQGLYLGXDOSRU
XQ ODGR OR ILMR SLHUGH VHQWLGR D WUDYpV GHO WLHPSR SRU HO RWUR FDGD KRPEUH GHEH
QHFHVDULDPHQWHDQFODUHQXQOXJDUGLVWLQWR

 YHUGDG \ IDOVHGDG VRQ DWULEXWRV GH OHQJXDMHQR GH ODVFRVDV < GRQGH QR
KD\ OHQJXDMH QR H[LVWH QL YHUGDG QL IDOVHGDG 3XHGH KDEHU HUURU FRPR FXDQGR
HVSHUDPRVDOJRTXHQRSXHGHVHURFXDQGRVRVSHFKDPRVDOJRTXHQRKDVLGRSHURHQ
QLQJXQRGHORVGRVFDVRSXHGHVHULPSXWDGDDXQKRPEUHIDOWDGHYHUGDGODYHUGDG
FRQVLVWH HQ OD FRUUHFWD RUGHQDFLyQ GH ORV QRPEUHV HQ QXHVWUDV DILUPDFLRQHV XQ
KRPEUHTXHEXVFDODYHUGDGSUHFLVDWLHQHQHFHVLGDGGHUHFRUGDUORTXHVLJQLILFDFDGD
XQR GH ORV QRPEUHV XVDGRV SRU pO (VWR SRQH GH UHOLHYH FXiQ QHFHVDULR HV
H[DPLQDUODVGHILQLFLRQHVGHDXWRUHVSUHFHGHQWHVELHQSDUDFRUUHJLUODVFXDQGRVHKDQ
HVWDEOHFLGR GH PRGR QHJOLJHQWH R ELHQ SDUD KDFHUODV SRU VX FXHQWDHQ OD FRUUHFWD
GHILQLFLyQGHORVQRPEUHVUDGLFDHOSULPHUXVRGHOOHQJXDMHTXHHVODDGTXLVLFLyQGHOD
FLHQFLD /D 1DWXUDOH]D PLVPD QR SXHGH HTXLYRFDUVH SHUR FRPR ORV KRPEUHV
DEXQGDQ HQ FRSLRVDV SDODEUDV SXHGHQ KDFHUVH PiV VDELRV R PiV PDOYDGRV TXH GH
RUGLQDULR


/D LGHD GHO HUURU FRPR FDUDFWHUtVWLFR GH OR TXH QR SHUWHQHFH DO HVWDGR GH
QDWXUDOH]DODHQFRQWUDPRVHQPXFKRVDXWRUHV$TXtVHKDEODGHOHVWDWXWRGHYHUGDG\
VHORFRORFDHQHOWHUUHQRGHOOHQJXDMHHVWRQRVUHWURWUDHD$ULVWyWHOHVTXLHQ\DKDEtD
GDGRXQSDVRUHVSHFWRGH3ODWyQDOHQWHQGHUODYHUGDGFRPRDGHFXDFLyQHVWDLGHDVH
SHUSHW~D GXUDQWH OD PRGHUQLGDG LQFOXVLYH HQ 'HVFDUWHV /DV FRVDV SHUWHQHFHQ DO
 


+REEHV7SS



iPELWR GH OR TXH HV QR KD\ GXGD VREUH HOOR HQ FDPELR HO OHQJXDMH HV VLHPSUH XQ
MXLFLRVREUHORTXHHVDOHQWHQGHUODYHUGDGFRPRDGHFXDFLyQDTXHOMXLFLRRQRPEUH
TXHQRWHQJDVXFRUUHODWRHQODUHDOLGDGVHUiIDOVRRHUUDGR$KRUDELHQHVLPSRUWDQWH
DFODUDUTXHHOFRUUHODWRTXHVHEXVFDHQFDGDFDVRQRHVODUHDOLGDGTXHFRPRYLPRV
VHFRQVLGHUDLQDVLEOHVLQRODHIHFWLYDSHUFHSFLyQGHHVDUHDOLGDGHOFRUUHODWRHVHVH
DFHUFDPLHQWRSDUFLDOL]DGR3RUHVRFDGDXQRGHEHUHGHILQLUVXVSURSLRVQRPEUHVSXHV
GHEHH[SHULPHQWDUSRUVtPLVPRHVHDFHUFDPLHQWRDODQDWXUDOH]D(OKRPEUHSRUVX
VRILVWLFDFLyQ HVWi FRQGHQDGR D YDOHUVH SRU Vt PLVPR KD VDOLGR GHO \XJR VHJXUR GHO
FLFORQDWXUDO

6XMHWD D QRPEUHV HV FXDOTXLHUD FRVD TXH SXHGD HQWUDU HQ FXHQWD R VHU
FRQVLGHUDGD HQ HOOD VHU VXPDGD D RWUD SDUD FRPSRQHU XQD VXPD R VXVWUDtGD GH RWUD
SDUDGHMDUXQDGLIHUHQFLD/RVODWLQRVGDEDQDODVFXHQWDVHOQRPEUHGHUDWLRQHV\DO
FRQWDU UDWLRFLQDWLR \ OR TXH HQ ODV IDFWXUDV R OLEURV OODPDPRV SDUWLGDV HOORV OR
OODPDEDQ QRPLQD HV GHFLU QRPEUHV GH DTXt SDUHFH GHULYDUVH TXH H[WHQGLHURQ OD
SDODEUDUDWLRDODIDFXOWDGGHFRPSXWDUHQWRGDVODVGHPiVFRVDV/RVJULHJRVWLHQHQ
XQDVRODSDODEUDOyJRVSDUDODVGRVFRVDV/HQJXDMH\UD]yQ1RTXLHUHHVWRGHFLU
TXH SHQVDUDQ TXH QR H[LVWH OHQJXDMH VLQ UD]yQ VLQR TXH QR KD\ UDFLRFLQLR VLQ
OHQJXDMH < DO DFWR GH UD]RQDU OR OODPDEDQ VLORJLVPR TXH VLJQLILFD UHVXPLU OD
FRQVHFXHQFLDGHXQDFRVDHQXQFLDGDUHVSHFWRDRWUD


(VWDPRVDQWHODUHODFLyQQHFHVDULDTXHVHHVWDEOHFHHQWUHOHQJXDMH\UD]yQ$Vt
FRPRQRSRGUtDKDEHUFXHQWDVVLQQ~PHURVWDPSRFRSXHGHKDEHUUD]RQDPLHQWRVVLQ
SDODEUDV(VWDFLWDUHVXPHWRGRORTXHVHYHQtDH[SRQLHQGRUHVSHFWRGHODUD]yQFRPR
RUJDQL]DGRUDGHFRQWHQLGRVSUHYLRVODUD]yQSRVHHXQIXQFLyQRUJDQL]DGRUDWRGROR
TXH KDFH HV DWULEXLU DOJXQDV LPiJHQHV \D FODVLILFDGDV SRU HO OHQJXDMH D RWUDV
HVWDEOHFHUUHODFLRQHVFDXVDOHVHQWUHHOODV&ODURHVWiTXHODV DWULEXFLRQHVTXHUHDOL]D
OD UD]yQ KXPDQD QR VRQ LQYHQWDGDV VLQR H[SHULPHQWDGDV OD UD]yQ VH FRPSODFH HQ
WUDGXFLUXQDH[SHULHQFLDEiVLFDFRPSUHQGLGDDWUDYpVGHOOHQJXDMHHQXQDUHODFLyQ\

 


+REEHV7S



DSDUWLUGHHVWR FRPLHQ]DDRSHUDUVX IXQFLyQGH UHSOHJDUVHVREUH OR \D SHQVDGR OD

UD]yQFRPSOHML]DLQILHUHGHGXFHQXQFDLQYHQWDSHURVtFRQMHWXUD

&XDQGRXQKRPEUHGHVSXpVGHRtUXQDIUDVHWLHQHORVSHQVDPLHQWRVTXHODV
SDODEUDV GH GLFKD IUDVH \ VX FRQH[LyQ SUHWHQGHQ VLJQLILFDU HQWRQFHV VH GLFH TXH OD
HQWLHQGH FRPSUHQVLyQ QR HV RWUD FRVD VLQR FRQFHSFLyQ GHULYDGD GHO GLVFXUVR (Q
FRQVHFXHQFLD VL OD SDODEUD HV SHFXOLDU DO KRPEUH FRPR OR HV D MXLFLR QXHVWUR
HQWRQFHV ODFRPSUHQVLyQ HV WDPELpQ SHFXOLDU DpO < SRU WDQWR GHDEVXUGDV \ IDOVDV
DILUPDFLRQHV HQ HO FDVR TXH VHDQ XQLYHUVDOHV QR SXHGH GHULYDUVH FRPSUHQVLyQ
DXQTXHDOJXQRVSLHQVDQTXHODVHQWLHQGHQQRKDFHQVLQRUHSHWLUSDODEUDV\ILMDUODVHQ
VXPHQWH


(QSULPHUOXJDUVHUHSLWHHQHVWDFLWDODLGHDFRPSUHQGHUFRPRDSURSLDUVHGH
DOJRVHFRPSUHQGHFXDQGRVHWLHQH$GHPiVVHKDEODDTXtGHODFRPXQLFDFLyQHQWUH
ORV KRPEUHV HVWR HV PX\ LPSRUWDQWH \D TXH VH YHQtD FDUDFWHUL]DQGR WDQWR D ODV
RSHUDFLRQHVGHOOHQJXDMHFRPRDODVGHUD]yQFRPRDFWRVLQGLYLGXDOHVTXHGHVFULEtDQ
HO SXQWR GH YLVWD GH FDGD KRPEUH HQ SDUWLFXODU HVWD SHUVSHFWLYD FDHUtD HQ HO
UHODWLYLVPR VL QR VH FUH\HUD TXH DTXHOOR TXH DIHFWD D ORV VHQWLGRV GH FDGD KRPEUH
H[LVWH SRU IXHUD GH HOORV VL KD\ DOJR TXH ORV KRPEUHV WLHQHQ HQ FRP~Q \ TXH OHV
SHUPLWHFRPXQLFDUVHHVRHVODUHDOLGDGLQDVLEOH/DSRVLELOLGDGGHFRPXQLFDFLyQHVWi
GDGDSRUTXHWRGRVORVKRPEUHVSRVHHQODFDSDFLGDGGHOOHQJXDMHHVWUXFWXUDDWUDYpV
GHODFXDOFDSWDQODQDWXUDOH]DRUGHQiQGROD\WDPELpQDORVRWURVKRPEUHVHVWRHV
ORV KRPEUHV VH FDSWDQ HQWUH Vt SRU HO OHQJXDMH SRU UHIHULUVH D XQD PLVPD UHDOLGDG
HQWHQGLGD VHJ~Q XQD PLVPD HVWUXFWXUD 3ULPHUR VH GLVFXUUH \ OXHJR VH FRPSUHQGH
(VWDPRV HQ FRQGLFLRQHV GH DILUPDU TXH +REEHV GHILQLUtD DO KRPEUH FRPR XQ VHU
OLQJtVWLFR\OXHJRFRPRDGLWDPHQWRUDFLRQDO

DOUD]RQDUXQKRPEUHGHEHSRQGHUDUODVSDODEUDVODVFXDOHVDOODGRGHOD
VLJQLILFDFLyQTXHLPDJLQDPRVSRUVXQDWXUDOH]DWLHQHWDPELpQXQVLJQLILFDGRSURSLR
GHODQDWXUDOH]DGLVSRVLFLyQHLQWHUpVGHOTXHKDEODWDORFXUUHFRQORVQRPEUHVGHODV
YLUWXGHV\ORVYLFLRVSRUTXHXQKRPEUHOODPDVDELGXUtDDORTXHRWUROODPDWHPRU
 



+REEHV7S



WDOHV QRPEUHV QXQFD SXHGHQ VHU IXQGDPHQWR YHUGDGHUR GH FXDOTXLHU UDFLRFLQLR
7DPSRFR SXHGHQ VHUOR ODV PHWiIRUDV \ WURSRV GHO OHQJXDMH VL ELHQ HVWRV VRQ PHQRV
SHOLJURVRV SRUTXH VX LQFRQVLVWHQFLD HV PDQLILHVWD FRVD TXH QR RFXUUH HQ ORV
GHPiV


(Q HVWD FLWD WHUPLQD GH UHVROYHUVH HO SUREOHPD GH MXLFLRV GH FDGD LQGLYLGXR
+REEHV GHOLPLWD XQ WHUUHQR SHOLJURVR UHVSHFWR GHO FXDO QR SRGUtDQ KDFHUVH
DILUPDFLRQHVVLQRVyORHVER]DURSLQLRQHVDTXtVyORKD\SXQWRV GHYLVWDDLVODGRVOR
LPSRUWDQWHHVTXHHVWRQRVSHUPLWHVXSRQHUXQWHUUHQRVHJXURSRUFRQWUDSRVLFLyQD
EDVH GHO FXDO GHEH RSHUDU OD UD]yQ XQ WHUUHQR VREUH HO FXDO SRGHPRV FRQVWUXLU HO
HGLILFLR FRPSOHMR TXH OD UD]yQ SUHWHQGH \ HQ HO FXDO SDUHFLHUD KDEHU XQD FDSWDFLyQ
XQLYHUVDOGHODQDWXUDOH]D7RGRKRPEUHTXHVHULMDSRUHOYHUGDGHUR\ILUPHPpWRGR
TXHODUD]yQSLGHOOHJDUiDOPLVPRSXHUWR+REEHVVXSRQHDTXtXQDUD]yQXQLYHUVDO
KRPRJpQHDJUDFLDVDODFXDOODVSHUFHSFLRQHVGHFDGDKRPEUHGHMDQGHVHUUHODWLYDVD
VXVLWXDFLyQSDUWLFXODU\SXHGHQDWUDYpVGHODUWLILFLRGHODUD]yQXQLYHUVDOL]DUVHSHUR
HOKRPEUHSXHGHFRQVWUXLUHVWDILFFLyQGHODXQLYHUVDOL]DFLyQSRUTXHKD\DOJRTXHOR
DWDDOUHVWRGHVXJpQHUR6HWHUPLQDGHFRPSUHQGHUDTXtSRUTXpHOQRPEUHUD]yQ
WLHQHODPLVPDH[WHQVLyQTXHHOQRPEUHKRPEUH

&XDQGR XQ KRPEUH UD]RQD QR KDFH RWUD FRVD VLQR FRQFHELU XQD VXPD WRWDO
SRU DGLFLyQ GH SDUWHV RFRQFHELU XQ UHVLGXR SRUVXVWUDFFLyQ GHXQDVXPD UHVSHFWRD
RWUD DULWPpWLFRV JHyPHWUDV OyJLFRV HVFULWRUHV GH SROtWLFD MXULVWDV (Q
FXDOTXLHUDPDWHULDHQTXHH[LVWDOXJDUSDUDODDGLFLyQ\ODVXVWUDFFLyQH[LVWHWDPELpQ
OXJDUSDUDODUD]yQ\GRQGHTXLHUDTXHDTXHOODQRWHQJDOXJDUODUD]yQQRWLHQHQDGD
TXH KDFHU 3RUTXH 5$=1 HQ HVWH VHQWLGR QR HV VLQR FyPSXWR HV GHFLU VXPD \
VXVWUDFFLyQ GH ODV FRQVHFXHQFLDV GH ORV QRPEUHV JHQHUDOHV FRQYHQLGRV SDUD OD
FDUDFWHUL]DFLyQ \ OD VLJQLILFDFLyQ GH QXHVWURV SHQVDPLHQWRV HPSOHR HO WpUPLQR
FDUDFWHUL]DFLyQ FXDQGR HO FyPSXWR VH UHILHUH D QRVRWURV PLVPRV \ VLJQLILFDFLyQ
FXDQGRGHPRVWUDPRVRDSUREDPRVQXHVWURVFyPSXWRVFRQUHVSHFWRDRWURVKRPEUHV



 



+REEHV7S
+REEHV7SS



6HUHSLWHODLGHDGHUD]yQFRPRFyPSXWR1RHVWDUtDPDOLQWHUSUHWDUD+REEHVD
OD OX] GH ORV DYDQFHV WHFQROyJLFRV \ GHFLU TXH OD UD]yQ RSHUDUtD FRPR XQD
FRPSXWDGRUD TXH HQ SULPHU OXJDU UHFLEH LQIRUPDFLyQ TXH VH OH LQJUHVD GHVGH HO
H[WHULRU (VWD SULPHUD LQIRUPDFLyQ HV SXHVWD HQ XQ OXJDU OXHJR GH VHU FODVLILFDGD \
FDGD YH] TXH LQJUHVH QXHYD LQIRUPDFLyQ RFXSDUD XQ OXJDU HQ UHODFLyQ FRQ OD
LQIRUPDFLyQ TXH \D HVWi GHQWUR DVt VH YD FRQVWLWX\HQGR XQ VLVWHPD GH UHODFLRQHV
MHUiUTXLFDV FDGD YH] PiV FRPSOHMR TXH HQ DOJ~Q PRPHQWR FRPLHQ]D D UHSOHJDUVH
VREUHVtPLVPR\DVtVHYDH[SDQGLHQGRHQODVGRVGLUHFFLRQHVLQIRUPDFLyQH[WHUQD\
UHIOH[LyQ LQWHUQD KD\ XQ WHUFHU QLYHO TXH HVWi HQ OD LQWHUDFFLyQ FRQ RWUDV
FRPSXWDGRUDV TXH REYLDPHQWH VRQ FRPSDWLEOHV SRU HVWDU FRQVWLWXLGDV VHJ~Q OD
PLVPD OyJLFD (VWH HV HO PRPHQWR SDUD DOXGLU DO PRGHOR TXH WRPD +REEHV SDUD
GHOLPLWDUORTXHGHEHKDFHUODUD]yQHQWRGRVORVFDVRVVHWUDWDGHOD*HRPHWUtD\D
TXHpVWDHVHOPHMRUSURGXFWRGHODUD]yQREVHUYDPRVTXHQRWRPDOD0DWHPiWLFD\
HVWRSUREDEOHPHQWHSRUORPLVPRTXHSUHILULyHOOHQJXDMHDODUD]yQHVGHFLUSRUVX
LQWHQFLyQGHWHQGHUDORVHQVLEOH

ODUD]yQHVSRUVtPLVPDXQDUD]yQVLHPSUHH[DFWDFRPROD$ULWPpWLFDHV
XQ DUWH FLHUWR H LQIDOLEOH 6LQ HPEDUJR QL OD UD]yQ GH XQ KRPEUH QL OD UD]yQ GH XQ
Q~PHURFXDOTXLHUDGHKRPEUHVFRQVWLWX\HODFHUWH]DQLXQFyPSXWRSXHGHGHFLUVHTXH
HV FRUUHFWR SRUTXH JUDQ Q~PHUR GH KRPEUHV OR KD\D DSUREDGR XQiQLPHPHQWH 3RU
WDQWR GHVGH HO PRPHQWR TXH KD\ XQD FRQWURYHUVLD OD SDUWHV SDUD HVWDEOHFHU OD
YHUGDGHUD UD]yQ GHEHQ ILMDU FRPR PRGXOR OD UD]yQ GH XQ iUELWUR R MXH] HQ FX\D
VHQWHQFLDSXHGHQDPEDVDSR\DUVHDIDOWDGHORFXDOVXFRQWURYHUVLDRELHQGHJHQHUDUtD
HQ GLVSXWD R SHUPDQHFHUtD LQGHFLVD SRU IDOWD GH XQD UD]yQ LQQDWD&XDQGR ORV
KRPEUHV TXH VH MX]JDQ D Vt PLVPRV PDV VDELRV TXH WRGRV ORV GHPiV UHFODPDQ H
LQYRFDQODYHUGDGHUDUD]yQFRPRMXH]SUHWHQGHQTXHVHGHWHUPLQHQODVFRVDVQRSRU
OD UD]yQ GH RWURV KRPEUHV VLQR SRU OD VX\D SURSLD SHUR HOOR HV LQWROHUDEOH HQ OD
VRFLHGDGGHORVKRPEUHV1RKDFHQRWUDFRVDVLQRWRPDUFRPRUD]yQYHUGDGHUDHQ
VXV SURSLDV FRQWURYHUVLDV ODV SDVLRQHV TXH OHV GRPLQDQ UHYHODQGR VX FDUHQFLD GH
YHUGDGHUDUD]yQFRQODGHPDQGDTXHKDFHQGHHOOD

 


+REEHV7S



9ROYHPRVDOSUREOHPDGHOKRPEUH\VXVLWXDFLyQSDUWLFXODUDOSUREOHPDGHOD
FRPXQLFDFLyQ$+REEHVOHSUHRFXSDHOSUREOHPDGHODPHWDItVLFD\GHODVRFLHGDG
ODVGRVVHUHVXHOYHQGHLJXDOPDQHUDSXHVHVWiQVXMHWRVDOPLVPRSHOLJURVHPDQHMDQ
HQHVHWHUUHQRIDQJRVRHQHOTXHORVQRPEUHVQRWLHQHQXQDGHILQLFLyQILMDVLQRTXH
HVWiQVXMHWRVDODH[SHULHQFLDGHFDGDXQR/DVROXFLyQTXHSURSRQH+REEHVQRVHUtD
DFHSWDEOH HQ HO FDVR GH OD ILORVRItD SHUR FRPR VDEHPRV Vt HQ ODV FRPXQLGDGHV
FLHQWtILFDV\SRUVXSXHVWRHQODVVRFLHGDGHVQRGHPRFUiWLFDV3HURORTXHDTXtQRV
RFXSDHVHOSHUVRQDMHGHOTXHVHFUHHVXSHULRUSXHVDTXtHVWiQWUDWDGRVGRVWHPDVHQ
SULPHU OXJDU HO GH OD LJXDOGDG GHO JpQHUR KXPDQR WRGRV ORV KRPEUHV HVWiQ
LJXDOPHQWHVXMHWRVDOHUURU\QRKD\QLQJXQRTXHVXSHUHDORVGHPiVHQHVWHWHPDV
SRUTXH FRPR YLPRV HO HUURU HV WDQ FRQVWLWXWLYR GHO KRPEUH FRPR OD UD]yQ HQ
VHJXQGROXJDUODOLJD]yQSURIXQGDTXHH[LVWHHQWUHODUD]yQKXPDQD\ODVSDVLRQHV
DQWHVGLMLPRVTXHHOWHFKRGHODUD]yQHUDQH[SHULHQFLDVODVSHUFHSFLRQHV\DKRUDVH
UHSLWHTXHHOKRPEUHSRUKDEHUFRQVWUXLGRXDUWLILFLR PHGLDQWH HOFXDOVHVHSDUyGHO
UHVWRGHODQDWXUDOH]DQRGHMDGHVHUXQDQLPDODWDGRDVXVSDVLRQHV/DUD]yQFRPR
HVWUXFWXUDHVXQLYHUVDO\H[DFWDFRPRHOHVWDGRGHQDWXUDOH]DSHURODUD]yQKXPDQD
QRORHVSRUTXHHQHOKRPEUHVHIXVLRQDQGRVHOHPHQWRVTXHSDUHFtDQLQFRQFLOLDEOHV
HOFRVPRV\HOFDRV

(O XVR \ ILQ GH OD UD]yQ HVWi HQ FRPHQ]DU HQ pVWDV ODV SULPHUDV
VLJQLILFDFLRQHV HVWDEOHFLGDV SDUD ORV QRPEUHV \ HQ DYDQ]DU GH XQD FRQVHFXHQFLD D
RWUD1RSXHGHH[LVWLUFHUWLGXPEUHUHVSHFWRDOD~OWLPDFRQFOXVLyQVLQXQDFHUWLGXPEUH
DFHUFDGHWRGDVDTXHOODVDILUPDFLRQHV\QHJDFLRQHVVREUHODVFXDOHVVHIXQGyHLQILULy
OD ~OWLPD DO LQIHULU GH WRGDV ODV GHPiV FRVDV HVWDEOHFLGDV FRQFOXVLRQHV SRU OD
FRQILDQ]DTXHPHUHFHQORVDXWRUHVVLQRODVFRPSUXHEDGHVGHORVSULPHURVHOHPHQWRV
GHFDGDFyPSXWRQRVDEHQDGDGHODVFRVDVVLQRVLPSOHPHQWHFUHHHQHOODV


/DLGHDGHODHODERUDFLyQSURSLD\VLHPSUHGHVGHHOFRPLHQ]RHVWiFRQWUDSXHVWD
DODGHFUHHQFLD\DXWRULGDGGHORVWH[WRV'HEHPRVUHFRUGDUTXH+REEHVDWUDYLHVDXQ
SHUtRGR FUtWLFR GH FDtGD GH ORV IXQGDPHQWRV \ VH SUHRFXSD SRU UHVLJQLILFDU WRGR OR
 



+REEHV7S



TXHKDVLGRYDFLDGRGHVHQWLGRGHEHWLUDUDEDMRORVHGLILFLRV KXHFRV \FRPHQ]DUGH

QXHYRDFRQVWUXLUVREUHODEDVHGHVXSURSLDH[SHULHQFLD

HOKRPEUHVXSHUDDWRGRVORVGHPiVDQLPDOHVHQODIDFXOWDGGHTXHFXDQGR
FRQFLEH XQD FRVD FXDOTXLHUD HV DSWR SDUD LQTXLULU ODV FRQVHFXHQFLDV GH HOOD \ ORV
HIHFWRV TXH SXHGD SURGXFLU $xDGR DKRUD RWUR JUDGR GH OD PLVPD H[FHOHQFLD HO GH
TXH PHGLDQWH ODV SDODEUDV SXHGH UHGXFLU ODV FRQVHFXHQFLDV DGYHUWLGDV D UHJODV
JHQHUDOHV OODPDGDV WHRUHPDV R DIRULVPRV 3HUR HVWH SULYLOHJLR YLHQH DVRFLDGR D
RWUR QRV UHIHULPRV DO SULYLOHJLR GHO DEVXUGR FXDQGR UD]RQDPRV FRQ SDODEUDV GH
VLJQLILFDFLyQJHQHUDO\OOHJDPRVDXQDGHFHSFLyQUHVXOWDQH[SUHVLRQHVVLQVHQWLGRGH
ODVFXDOHVQRSHUFLELPRVPDVTXHXQVRQLGRDOFXDOQLQJXQDFULDWXUDYLYDHVWDVXMHWD
VDOYR HO KRPEUH < HQWUH ORV KRPEUHV PiV VXMHWRV HVWiQ D HOOD ORV TXH SURIHVDQ OD
ILORVRItD QLQJXQR GH HOORV FRPLHQ]D VX UDFLRFLQLR SRU ODV GHILQLFLRQHV PpWRGR
VRODPHQWH XVDGRHQ *HRPHWUtDUD]yQ SRU ODFXDOODVFRQFOXVLRQHV GHHVWDFLHQFLD VH
KDQKHFKRLQGLVFXWLEOHV


/D SULQFLSDO RSHUDFLyQ GH OD UD]yQ HV UHODFLRQDU FDXVDO \ HIHFWXDOPHQWH
QRPEUHVDILUPDFLRQHV HWF HVWDUHODFLyQHVHVWDEOHFLGD HQXQDVLWXDFLyQSDUWLFXODU
3HURODUD]yQWLHQHXQVHJXQGDFDSDFLGDG\HVODGHJHQHUDOL]DUH[SHULHQFLDV+REEHV
HVWi H[SOLFDQGR DOJR TXH KDEtD TXHGDGR IXHUD GH VX VLVWHPD ODV DEVWUDFFLRQHV (O
DEVXUGR WLHQH VXRULJHQ HQ XQ HUURU GH ODFRQMHWXUD \ DTXt +REEHV VH GD HO OXMR GH
H[SOLFDUHOVHQWLGRGHOVLQVHQWLGRHOHUURUVHFRPHWHFXDQGRODUHODFLyQIXQGDQWHHQWUH
QRPEUH \ H[SHULHQFLD QR KD VLGR HVWDEOHFLGD 1R HV OD SULPHUD YH] TXH QRV
HQFRQWUDPRVFRQODILORVRItDGHOODGRGHORDEVXUGR\ODLQVLVWHQFLDHQHODVXQWRVKDFH
VXSRQHUORGHVDFUHGLWDGDTXHHVWipVWDGLVFLSOLQDHQUHODFLyQFRQODVTXH+REEHVWRPD
FRPR PRGHOR +REEHV HVWi SODQWHDQGR D OD ILORVRItD FRPR XQ SURGXFWR GHO HUURU
KXPDQRGHODFRQILDQ]D\GHOIDFLOLVPRTXHOHKDQJDQDGRDODYHUGDGHUDUD]yQ1R
VDEHPRV VL HVWR SLGH D OD ILORVRItD XQD UHIXQGDFLyQ R VL OH TXLWD FRPSOHWDPHQWH OD
SRVLELOLGDGGHOHJLWLPDUVH

 



+REEHV7S



/DFDXVDVGHODEVXUGRVRQODIDOWDGHPpWRGRODDVLJQDFLyQGHQRPEUHVGH
FXHUSRV D DFFLGHQWHV \ YLFHYHUVD ODDVLJQDFLyQ GH QRPEUHV GH DFFLGHQWHV VLWXDGRV
SRU IXHUD GH QRVRWURV D ORV DFFLGHQWHV GH QXHVWUR SURSLR FXHUSROD DVLJQDFLyQ GH
QRPEUHV GH FXHUSRV D H[SUHVLRQHV HO XVR GH PHWiIRUDV WURSRV \ RWUDV ILJXUDV GHO
OHQJXDMHHQOXJDUGHSDODEUDVFRUUHFWDVHOXVRGHQRPEUHVTXHQRVLJQLILFDQQDGD
7RGRVORVKRPEUHVSRUQDWXUDOH]DUD]RQDQGHOPLVPRPRGR\ORKDFHQELHQFXDQGR
WLHQHQEXHQRVSULQFLSLRV


(VWD FRQFOXVLyQ VH YLHQH DQXQFLDQGR D OR ODUJR GHO HVWXGLR DTXt WHQHPRV OD
SUXHEDGHTXHODUD]yQHVLJXDOHQWRGRVORVKRPEUHV/XHJRGHKDEHUSUREOHPDWL]DGR
HORULJHQGHODUD]yQQRVVRUSUHQGHUiHQFRQWUDUQRVFRQODDILUPDFLyQGHTXHODUD]yQ
HV SRU QDWXUDOH]D LJXDO HQ WRGRV ORV KRPEUHV (VWR HV FRKHUHQWH FRQ OD LGHD GH OD
UD]yQ FRPR JHUPHQ FRPR SRWHQFLD HQ HO VHU KXPDQR TXH VH GHVDUUROOD OXHJR GH
FLHUWD DFXPXODFLyQ GH RSHUDFLRQHV DQLPDOHV HO KHFKR GH TXH FRPLHQFH VREUH XQD
EDVHSUHIDEULFDGDDFDUUHDHOSUREOHPDGHODGHVLJXDOGDGHQODEDVHGHODVUD]RQHVGH
FDGDKRPEUHSRUHVRHVLPSRUWDQWHUHYLVDUHOSULQFLSLRSDUDDVHJXUDUODDFWXDOL]DFLyQ
WRWDOGHODFDSDFLGDGGHODUD]yQ

OD UD]yQ QR HV FRPR HO VHQWLGR \ OD PHPRULD LQQDWD HQ QRVRWURV QL
DGTXLULGD SRU OD H[SHULHQFLD VRODPHQWH FRPR OD SUXGHQFLD VLQR DOFDQ]DGD SRU HO
HVIXHU]R HQ SULPHU WHUPLQR SRU OD DGHFXDGD LPSRVLFLyQ GH QRPEUHV \ HQ VHJXQGR
OXJDU DSOLFDQGR XQ PpWRGR FRUUHFWR \ UD]RQDEOH DO SURJUHVDU GHVGH HOHPHQWRV TXH
VRQ ORV QRPEUHV D ODV DVHUFLRQHV KHFKDV PHGLDQWH OD FRQH[LyQ GH XQR GH HOORV FRQ
RWUR\OXHJRKDVWDORVVLORJLVPRVTXHVRQODVFRQH[LRQHVGHXQDDVHUFLyQDRWUDKDVWD
TXHOOHJDPRVDOFRQRFLPLHQWRGHWRGDVODVFRQVHFXHQFLDVGHORVQRPEUHVUHODWLYRVDO
WHPDFRQVLGHUDGRHVHVRORTXHORVKRPEUHVGHQRPLQDQ&,(1&,$(VWDHVODFDXVD
GH TXH ORV QLxRV QRHVWpQ GRWDGRV GH UD]yQHQDEVROXWR KDVWD TXHKDQDOFDQ]DGRHO
XVRGHODSDODEUD


(OSULPHUHOHPHQWRDGHVWDFDUHVODGHILQLFLyQGHUD]yQFRPRDOJRQRLQQDWR\D
TXH VH IRUPD D SDUWLU GH OD H[SHULHQFLD \ TXH SXHGH HOHYDUVH SRU HQFLPD GHO
 



+REEHV7SS
+REEHV7SS



FRQRFLPLHQWRVHQVLEOHTXHGHVSHJDVRODPHQWHFRPRXQDFRPSOHML]DFLyQJUDGXDOTXH
DVFLHQGHKDVWDHOSHOGDxRHQHOTXHHOVDOWRFXDOLWDWLYRSHUPLWHDEVWUDHUODUHODWLYLGDG
GHODH[SHULHQFLDVHQVLEOH(QVHJXQGROXJDUGHEHPRVGDUFXHQWDGHODGLVFLSOLQDTXH
+REEHVDFHSWDGHQWURGHVXVLVWHPDVHWUDWDGHODOyJLFDHVHVWDSDUWHGHODILORVRItD
OD TXH PHUHFH HQWUDU HQ HO FDPSR GH OR DFWXDOPHQWH UDFLRQDO \ WRGR HVR SRU OD
H[DFWLWXGGHOFDPLQRTXHVHVLJXH(QWHUFHUOXJDUYHPRVDODFLHQFLDHQWHQGLGDFRPR
HOUHVXOWDGRIUXFWtIHURGHODUD]yQODFLHQFLDQRHVPiVTXHXQSURGXFWRGHODUD]yQ
SHUR QR FXDOTXLHU SURGXFWR VLQR HO ~QLFR DFHSWDEOH HVWR HV SDUD +REEHV HO
FRQRFLPLHQWRODVFDXVDV\ODVFRQVHFXHQFLDVGHXQVLWXDFLyQGHWHUPLQDGDQRSDUHFH
LPSRUWDU TXH OD H[WUDSRODFLyQ GH HVWH FRQRFLPLHQWR D VLWXDFLRQHV VLPLODUHV UHVXOWH
PXFKDVYHFHVLQVDWLVIDFWRULD

ODOX]GHODPHQWHKXPDQDODFRQVWLWX\HQODVSDODEUDVFODUDVGHSXUDGDVGH
OD DPELJHGDG PHGLDQWH GHILQLFLRQHV H[DFWDV OD UD]yQ HV HO SDVR HO LQFUHPHQWR GH
FLHQFLD HO FDPLQR \ HO EHQHILFLR GH JpQHUR KXPDQR HO ILQ 3RU HO FRQWUDULR ODV
PHWiIRUDV\ODVSDODEUDVVLQVHQWLGRRDPELJXDVVRQFRPRORVLJQHVIDWXLUD]RQDUD
EDVHGHHOODVHTXLYDOHDGHDPEXODUHQWUHDEVXUGRVLQQXPHUDEOHV\VXILQHVHOOLWLJLR\
ODVHGLFLyQ


/D UD]yQ HQ WDQWR TXH IDFXOWDG PHQWDO VH OD SXHGH GHILQLU FRPR FiOFXOR HV
GHFLU VXPD \ UHVWD /D UD]yQ RSHUD UHVWDQGR \ VXPDQGR ODV FRQVHFXHQFLDV GH ORV
QRPEUHV JHQHUDOHV FRQYHQLGRV SDUD OD FDUDFWHUL]DFLyQ \ VLJQLILFDFLyQ GH QXHVWURV
SHQVDPLHQWRV /D FDUDFWHUL]DFLyQ VH GD FXDQGR HO FiOFXOR VH UHILHUH D QRVRWURV
PLVPRV \ OD VLJQLILFDFLyQ FXDQGR GHPRVWUDPRV R DSUREDPRV QXHVWURV FiOFXORV FRQ
UHVSHFWRDRWURVKRPEUHV
&XDQGRXQKRPEUHUD]RQDORTXHKDFHHVFRQFHELUXQDVXPDWRWDOSRUDGLFLyQ
GHSDUWHVRFRQFHELUXQUHVLGXRSRUVXVWUDFFLyQGHXQDVXPDUHVSHFWRDRWUDORFXDO
FRQVLVWHHQFRQFHELUDEDVHGHODFRQMXQFLyQGHWRGRVORVQRPEUHVGHWRGDVODVFRVDV
HO QRPEUH GHO FRQMXQWR $GHPiV GH VXPDU \ UHVWDU ORV KRPEUHV PXOWLSOLFDQ \
GLYLGHQ \ HVWDV RSHUDFLRQHV VRQ ODV PLVPDV SRUTXH OD PXOWLSOLFDFLyQ HV VXPD GH
 


+REEHV7S



FRVDVLJXDOHV\ODGLYLVLyQHVVXVWUDFFLyQGHXQDFRVDWDQWDVYHFHVFRPRVHDSRVLEOH
(VWDV RSHUDFLRQHV QR RFXUUHQ VyOR FRQ ORV Q~PHURV VLQR FRQ WRGDV ODV FRVDV TXH
SXHGHQVXPDUVH\UHVWDUVH/RVDULWPpWLFRVVXPDQ\UHVWDQQ~PHURVORVJHRPpWULFRV
ORKDFHQFRQOtQHDVILJXUDViQJXORVHWF/RVSROtWLFRVVXPDQSDFWRVSDUDHVWDEOHFHU
GHEHUHVORVMXULVWDVVXPDQOH\HV\KHFKRVSDUDGHWHUPLQDUORTXHHVMXVWRHLQMXVWRHQ
ODVDFFLRQHVGHORVLQGLYLGXRV/RVOyJLFRVKDFHQORPLVPRFRQODVFRQVHFXHQFLDVGH
ODVSDODEUDV
/DUD]yQHVSRUVtPLVPDVLHPSUHXQDUD]yQH[DFWD6LQHPEDUJRODUD]yQ
GH QLQJ~Q KRPEUH R GH PXFKRV KRPEUHV FRQVWLWX\H OD FHUWH]D QL XQFiOFXOR SXHGH
GHFLUVH TXH HV FRUUHFWR SRUTXH JUDQ Q~PHUR GH KRPEUHV OR KD\D DSUREDGR
XQiQLPHPHQWH
&XDQGR KD\ XQD FRQWURYHUVLD UHVSHFWR D XQ FiOFXOR ODV SDUWHV SRU FRP~Q
DFXHUGR \SDUDHVWDEOHFHUODYHUGDGHUDUD]yQGHEHQILMDUFRPRPRGHORODUD]yQGH
XQ iUELWUR R MXH] HQ FX\D VHQWHQFLD SXHGDQ DPEDV DSR\DUVH $OJXQDV YHFHV ORV
KRPEUHV UHFODPDQ H LQYRFDQ D OD YHUGDGHUD UD]yQ FRPR MXH] SUHWHQGHQ TXH VH
GHWHUPLQHQODVFRVDVQRSRUODUD]yQGHRWURVKRPEUHVVLQRSRUODVX\DSURSLD/R
TXHKDFHQHVWRPDUFRPRUD]yQYHUGDGHUDODVSDVLRQHVTXHORVGRPLQDQUHYHODQGRVX
FDUHQFLDGHYHUGDGHUDUD]yQFRQODGHPDQGDTXHKDFHQGHHOOD
(OXVR\ILQGHODUD]yQQRHVHOKDOOD]JRGHODVXPD\YHUGDGGHFRQVHFXHQFLDV
UHPRWDVGHODVSULPHUDVGHILQLFLRQHV\VLJQLILFDFLRQHVHVWDEOHFLGDVSRUORVQRPEUHV
VLQRHQFRPHQ]DUHQpVWRV\HQDYDQ]DUGHXQDFRQVHFXHQFLDDRWUD1RSXHGHH[LVWLU
FHUWLGXPEUH UHVSHFWR D OD ~OWLPD FRQFOXVLyQ VLQ XQD FHUWLGXPEUH DFHUFD GH WRGDV
DTXHOODV DILUPDFLRQHV \ QHJDFLRQHV VREUH ODV FXDOHV VH LQILULy \ IXQGy OD ~OWLPD
4XLHQDOLQIHULUGHWRGDVODVFRVDVHVWDEOHFLGDVFRQFOXVLRQHVSRUODFRQILDQ]DTXHOH
PHUHFHQ ORV DXWRUHV VL QR ODV FRPSUXHED GHVGH ORV SULPHURV HOHPHQWRV GH FDGD
FiOFXORSLHUGHVXWLHPSR\QRVDEHQDGDGHODVFRVDVVLQRVLPSOHPHQWHFUHHHQHOODV
(OHUURUHVXQDGHFHSFLyQDOSUHVXPLUTXHDOJRKDSDVDGRRYDDRFXUULUDOJR
TXH DXQTXH QR KXELHUD SDVDGR R QR VREUHYLQLHUD QR HQWUDxD XQD LPSRVLELOLGDG
HIHFWLYD



&XDQGR KDFHPRV XQD DILUPDFLyQ JHQHUDO D PHQRV TXH VHD XQD DILUPDFLyQ
YHUGDGHUD OD SRVLELOLGDG GH HOOD HV LQFRQFHELEOH /DV SDODEUDV GH ODV FXDOHV QR
SHUFLELPRV PiV TXH HO VRQLGR VRQ ODV TXH OODPDPRV DEVXUGDV LQVLJQLILFDQWHV H
LQVHQVDWDV
+REEHVKDEODGHVLHWHFDXVDVGHDEVXUGR


/D IDOWD GH PpWRGR $ SDUWLU GH TXH QR VH FRPLHQ]D HO UDFLRFLQLR FRQ

GHILQLFLRQHVHVGHFLUHVWDEOHFLHQGRHOVLJQLILFDGRGHODVSDODEUDV


$VLJQDFLyQ GH QRPEUHV GH FXHUSRV D DFFLGHQWHV R GH DFFLGHQWHV D

FXHUSRV(MFXDQGRVHGLFHTXHODH[WHQVLyQHVXQFXHUSR


$VLJQDFLyQ GH QRPEUHV GH DFFLGHQWHV GH ORV FXHUSRV VLWXDGRV IXHUD GH

QRVRWURVDORVDFFLGHQWHVGHQXHVWURVSURSLRVFXHUSRV(MORVTXHGLFHQTXHHOFDORU
HVWiHQHOFXHUSR


$VLJQDFLyQGHQRPEUHVGHFXHUSRVDH[SUHVLRQHV(MFXDQGRVHDILUPD

TXHH[LVWHQFRVDVXQLYHUVDOHV


$VLJQDFLyQ GH QRPEUHV GH DFFLGHQWHV D QRPEUHV \ H[SUHVLRQHV (M

FXDQGRVHGLFHTXHODQDWXUDOH]DGHXQDFRVDHVVXGHILQLFLyQ


8VR GH PHWiIRUDV ILJXUDV UHWyULFDV \ WUDSRV HQ OXJDU GH SDODEUDV

FRUUHFWDV


1RPEUHV TXH QR VLJQLILFDQ QDGD (M WUDQVXEVWDQFLDFLyQ 4XLHQ SXHGD

HYLWDU HVWR QR HV IiFLO TXH FDLJD HQ HO DEVXUGR (Q HIHFWR WRGRV ORV KRPEUHV SRU
QDWXUDOH]D UD]RQDQ GHO PLVPR PRGR \ OR KDFHQ ELHQ FXDQGR WLHQHQ EXHQRV
SULQFLSLRV
/D UD]yQ QR HV LQQDWD HQ ORV KRPEUHV QL DGTXLULGD SRU OD H[SHULHQFLD
VRODPHQWH VLQR DOFDQ]DGD SRU HO HVIXHU]R (Q SULPHU OXJDU SRU OD DGHFXDGD
LPSRVLFLyQ GH QRPEUHV \ HQ VHJXQGR OXJDU DSOLFDQGR XQ PpWRGR FRUUHFWR \
UD]RQDEOH DO SURJUHVDU GHVGH ORV HOHPHQWRV TXH VRQ ORV QRPEUHV D ODV DVHUFLRQHV
KHFKDVPHGLDQWHODFRQH[LyQGHXQRGHHOORVFRQRWUR\OXHJRKDVWDORVVLORJLVPRV
TXHVRQODVFRQH[LRQHVGHXQDDVHUFLyQDRWUDKDVWDTXHOOHJDPRVDOFRQRFLPLHQWRGH
WRGDVODVFRQVHFXHQFLDVGHORVPRPHQWRVUHODWLYRVDOWHPDFRQVLGHUDGR/DFLHQFLDHV
HO FRQRFLPLHQWR GH ODV FRQVHFXHQFLDV \ GHSHQGHQFLDV GH XQ KHFKR UHVSHFWR D RWUR




&XDQGRYHPRVFyPRXQDFRVDDGYLHQHSRUTXpFDXVDV\GHTXpPDQHUDFXDQGRODV
PLVPDV FDXVDV FDHQ EDMR QXHVWUR GRPLQLR SURFXUDPRV TXH SURGX]FDQ ORV PLVPRV
HIHFWRV
/DPD\RUtDGHORVKRPEUHVDXQTXHWLHQHQXVRGHUD]yQHQFLHUWRVFDVRVSRUOR
TXHDODFLHQFLDVHUHILHUHRDODH[LVWHQFLDGHFLHUWDVUHJODVHQVXVDFFLRQHVHVWiQWDQ
OHMRVGHODFLHQFLDTXHQRVDEHQORTXHHV4XLHQHVFDUHFHQGHFLHQFLDVHHQFXHQWUDQ
FRQ VX SUXGHQFLD QDWXUDO HQ PHMRU FRQGLFLyQ TXH ORV KRPEUHV JXLDGRV SRU IDOVRV
UD]RQDPLHQWRV R SRU FRQILDU HQ TXLHQHV UD]RQDQ HTXLYRFDGDPHQWH )RUPXODQ DVt
UHJODV JHQHUDOHV TXH VRQ IDOVDV \ DEVXUGDV 3RU LJQRUDQFLD GH ODV FDXVDV \ GH ODV
QRUPDV ORV KRPEUHV QR VH DOHMDQ WDQWR GH VX FDPLQR FRPR SRU REVHUYDU QRUPDV
IDOVDVRSRUWRPDUFRPRFDXVDVGHDTXHOORDTXHDVSLUDQFRPRTXHQRORVRQVLQR
TXHVRQFDXVDVGHORFRQWUDULR
(QFRQFOXVLyQODOX]GHODPHQWHKXPDQDODFRQVWLWX\HQODVSDODEUDVFODUDV\
SHUVSLFXDVSHUROLEUHV\GHSXUDGDVGHODDPELJHGDGPHGLDQWHGHILQLFLRQHVH[DFWDV
OD UD]yQ HV HO SDVR HO LQFUHPHQWR GH FLHQFLD HO FDPLQR \ HO EHQHILFLR GHO JpQHUR
KXPDQRHOILQ3RUHOFRQWUDULRUD]RQDUDEDVHGHSDODEUDVVLQVHQWLGRRDPELJXDVHV
GHDPEXODUHQWUHDEVXUGRV\VXILQHVHOOLWLJLR\ODVHGLFLyQ
(QGHILQLWLYD+REEHVUHVXPHHOHVStULWXPRGHUQR\HOURODFWLYRGHODVFLHQWLD
RSHUDWLYDFXDQGREXVFDXQLQVWUXPHQWRTXHSHUPLWDHOSURJUHVRGHOFRQRFLPLHQWR
VLHQGRVXXWLOLGDGXQDYLGDSURYHFKRVDSDUDODKXPDQLGDG&RPRGLFH%REELR3DUD
+REEHV GHFLU TXH HOKRPEUH HVWi GRWDGRGH UD]yQ HTXLYDOH DGHFLU TXH HV FDSD]GH
GHVFXEULUFXiOHVVRQORVPHGLRVPiVDGHFXDGRVSDUDDOFDQ]DUORVILQHVGHVHDGRV
\ HVH DIiQ GH GRPLQLR HQ SDODEUDV GH +REEHV >@ FXDQGR YHPRV FyPR XQD FRVD
DGYLHQH SRU TXp FDXVDV \ GH TXp PDQHUD FXDQGR ODV PLVPDV FDXVDV FDHQ EDMR
QXHVWUR GRPLQLR SURFXUDPRV TXH SURGX]FDQ ORV PLVPRV HIHFWRV 3RUTXH HQ
GHILQLWLYDHOILQGHOFRQRFLPLHQWRHVHOSRGHU

 


 &IU .R\Up $ 'HO PXQGR FHUUDGR DO XQLYHUVR LQILQLWR 7UDG &DUORV 6ROtV 6DQWRV 6LJOR 9HLQWLXQR
HGLWRUHV

%REELR1RUEHUWR7KRPDV+REEHV)&(0p[LFRS

+REEHV7S



6HKDFRPHQ]DGRFRQHOWHPDGHOOHQJXDMHSRUTXHpVWHH[SUHVDHOSHQVDPLHQWR
/DVFRQH[LRQHVTXHKD\HQODOHQJXDVRQUHSURGXFFLRQHVGHODVFRQH[LRQHVTXHKD\
HQHOSHQVDPLHQWR
3DUD +REEHV DO LJXDOTXH SDUD $ULVWyWHOHV ORV KRPEUHVVH GLIHUHQFLDQ GH ORV
DQLPDOHV SRU HO OHQJXDMH 6LQ OHQJXDMH ORV KRPEUHV VHUtDQ FRPR DQLPDOHV 6LQ
SDODEUDVQRKD\SRVLELOLGDGGHFiOFXORQRVHSXHGHUD]RQDU$GHPiVKD\TXHDJUHJDU
TXHORVQLxRVQRHVWiQGRWDGRVGHUD]yQKDVWDTXHKDQDOFDQ]DGRHOXVRGHODSDODEUD
SHUR VRQ OODPDGDV FULDWXUDV UD]RQDEOHV SRU OD DSDUHQWH SRVLELOLGDG GH WHQHU XVR GH
UD]yQ HQ WLHPSR YHQLGHUR /HQJXDMH \ UD]yQ HVWiQ tQWLPDPHQWH XQLGRV 7RGR
UD]RQDPLHQWR GHEH FRPHQ]DU SRU HVWDEOHFHU HO VLJQLILFDGR GH ODV SDODEUDV /D
GHILQLFLyQ VH FRORFD HQ HO FRPLHQ]R GH WRGD LQYHVWLJDFLyQ +REEHV DO LJXDO TXH
'HVFDUWHVHVWiHQGHVDFXHUGRFRQHOFULWHULRGHDXWRULGDGSRUHVRGLFHTXHKD\TXH
H[DPLQDU ODV GHILQLFLRQHV GH DXWRUHV SUHFHGHQWHV (Q OD FRUUHFWD GHILQLFLyQ GH
QRPEUHVUDGLFDODDGTXLVLFLyQGHOD FLHQFLD \HVWRVHORJUDLQGLYLGXDOPHQWHFRQXQ
XVRSURSLRGHODUD]yQ/RVKRPEUHVTXHVHEDVDQHQODDXWRULGDGGHORVOLEURV\QRHQ
VXVSURSLDVPHGLWDFLRQHVTXHGDQUHEDMDGRVDODFRQGLFLyQGHLJQRUDQWHV
+REEHV FRPR 'HVFDUWHV \ *DOLOHR HVWi PX\ LQIOXHQFLDGR SRU HO PRGHOR
PDWHPiWLFR TXH VXUJH HQ OD PRGHUQLGDG 'HVFDUWHV EXVFD XQ PpWRGR EDVDGR HQ ODV
PDWHPiWLFDV TXH VHD DSOLFDEOH D WRGDV ODV FLHQFLDV 3DUD pO OD UD]yQ IXQFLRQD
PDWHPiWLFDPHQWH+REEHVKDEODGHUD]yQFRPRFiOFXORWRGRLQFOXVRODVFLHQFLDVVH
UHGXFH D ODV RSHUDFLRQHV GH VXPD \ UHVWD /D UD]yQ VLHPSUH WUDEDMD SRU DGLFLyQ \
VXVWUDFFLyQ
3DUD+REEHVHVWDUD]yQQRHVLQQDWDFRPRHQ'HVFDUWHVVLQRTXHHVDOFDQ]DGD
SRUHOHVIXHU]RDSOLFDQGRXQPpWRGRFRUUHFWR\UD]RQDEOHTXHYDSURJUHVDQGRGHVGH
ORVHOHPHQWRVPiVVLPSOHV
7DQWRSDUD+REEHVFRPRSDUD'HVFDUWHVHVLPSRUWDQWtVLPRHOXVRTXHVHKDJD
GH OD UD]yQ /D UD]yQ VyORDOFDQ]DUiOD FHUWH]D HQWDQWR VHKDJD XQ XVR FRUUHFWRGH
HOOD$OR~QLFRTXHVHSXHGHDSHODUFRPRFULWHULRGHMXLFLRHVODUHFWDUD]yQ
4XLHQQRKDJDXQEXHQXVRGHODUD]yQFDHUiHQXQDEVXUGR





& /D 7HRUtD GHO &RQRFLPLHQWR HQ HO (QVD\R VREUH HO HQWHQGLPLHQWR
+XPDQRGH/RFNH

(O(QVD\RYHUVDVREUHHORULJHQ\ORVOtPLWHVGHOHQWHQGLPLHQWRKXPDQR6HJ~Q
VXSHUVSHFWLYDUHPRYHUFLPLHQWRVIDOVRVQRHVFDXVDUXQSHUMXLFLRVLQRSRQHUVHDO
VHUYLFLR GH OD YHUGDG 1R H[LVWHQ ORV SHQVDPLHQWRV HVSHFXODWLYRV LQQDWRV (O
FRQRFLPLHQWR OOHJD FRQ OD VROD HILFLHQFLD GH ODV IDFXOWDGHV QDWXUDOHV /RFNH
FXHVWLRQD HO DUJXPHQWR TXH VRVWLHQH TXH HQ HO DOPD HVWiQ HVFULWRV ORV SULQFLSLRV
OyJLFRV EiVLFRV FRPR SRU HMHPSOR HO SULQFLSLR GH FRQWUDGLFFLyQ R HO GH LGHQWLGDG
$UJXPHQWDTXHORVQLxRV\ORVLGLRWDVQRORVFRQRFHQ\QLQJXQDSURSRVLFLyQHVWiHQ
ODPHQWHVLQXQFDVHFRQRFHRQRVHHVWiFRQFLHQWHGHHOOD3DUD/RFNHODH[LVWHQFLD
GH XQD LGHD GHSHQGH GH OD SUHVHQFLD GH pVWD HQ OD PHQWH /RV OyJLFRV FRQWUD
DUJXPHQWDUiQTXHODSRVHVLyQGHHVWRVSULQFLSLRVGHSHQGHGHODPDGXUH]GHODUD]yQ
SHUR/RFNHVHGHIHQGHUiFRQODSUXHEDHPStULFDGHTXHKD\VHUHVKXPDQRVTXHQXQFD
OOHJDQDGDUFXHQWDGHWDOHVSULQFLSLRV/RVQLxRVSRUHMHPSORGLFH/RFNHQRSRVHHQ
ODFDSDFLGDGLQQDWDGHFRQWDUHOORVGHEHQWHQHUSULPHURH[SHULHQFLDGHORVQ~PHURV
SDUDDSUHQGHUORV\SRGHUUHDOL]DURSHUDFLRQHVFRQHOORV
3RURWURODGRFDVLQRKD\FRQVHQWLPLHQWRXQLYHUVDOUHVSHFWRGHODVLGHDV6LODV
LGHDVIXHUDQLQQDWDVGHEHUtDQHVWDUPiVSUHVHQWHVHQDTXHOORVPHQRVFRUURPSLGRVSRU
OD WUDGLFLyQ \ OD FXOWXUD ORV VDOYDMHV 3HUR QR RFXUUH DVt \D TXH SRU OR JHQHUDO VH
QHFHVLWD GH OD WUDGLFLyQ \ OD FXOWXUD SDUD DGTXLULU PXFKRV FRQRFLPLHQWRV /RFNH
FRQFOX\HTXHODVLGHDVLQQDWDVQRVLUYHQDODFDXVDGHODYHUGDG\DTXHHVLPSRVLEOH
VRVWHQHUODVFRPRFULWHULRVSDUDHOFRQRFLPLHQWRGHOPXQGR

/DUD]yQQRHVRWUDFRVDVLQRODIDFXOWDGGHGHGXFLUYHUGDGHVGHVFRQRFLGDVGHSULQFLSLRVR
SURSRVLFLRQHVTXHVRQ\DFRQRFLGRV

 


/RFNH-(QVD\RVREUHHOHQWHQGLPLHQWRKXPDQR0DGULG$JXLODU/LEURFDStWXOR



<D TXH OD PHQWH HVWi YDFtD GH FRQRFLPLHQWR LQQDWR TXHGy FODUR TXH UHFLEH
QRFLRQHVHQODPHGLGDHQTXHODH[SHULHQFLDVHORSHUPLWDeVWDVOOHJDQDSDUWLUGHGRV
RUtJHQHVODVHQVDFLyQ\ODUHIOH[LyQ
/RVREMHWRVH[WHUQRVDIHFWDQORVVHQWLGRVVHSHUFLEHQVXVFXDOLGDGHVDWUDYpV
GHODVVHQVDFLRQHVTXHVRQODVTXHFDSWDQHVWDVFXDOLGDGHVVHFXQGDULDVIRUPDFRORU
RORU HWF 6RQ ODV LGHDV GH 6HQVDFLyQ 'HILQLFLyQ GH 6HQVDFLyQ LPSUHVLyQ R
PRYLPLHQWRFDXVDGRHQDOJXQDSDUWHGHOFXHUSRSURGXFLGDSRUDOJXQDSHUFHSFLyQHQ
HO HQWHQGLPLHQWR UHWRPD HO FRQFHSWR GH +REEHV HO SHQVDPLHQWR VLJXH HO
PRYLPLHQWRH[WHULRUTXHQRVDIHFWD
/DPHQWHREWLHQHODLGHDGHHVDVRSHUDFLRQHVVREUHLGHDVUHFLELGDVODUHIOH[LyQ
SHQVDU TXHUHU UD]RQDU GXGDU (V OD SHUFHSFLyQ GH QXHVWUD PHQWH GH ORV VHQWLGRV
LQWHUQRV ODV DFFLRQHV GH QXHVWUD PHQWH \ VXV SDVLRQHV (VWDV LGHDV DFHUFD GH ODV
SDVLRQHVVRQODVTXHJHQHUDUDQODVDFFLRQHV
4XpHVHOFRQRFLPLHQWR"'LFH

(O FRQRFLPLHQWR NQRZOHGJH SXHV PH SDUHFH TXH QR HV RWUD FRVD TXH OD
SHUFHSFLyQ GH OD FRQH[LyQ \ FRQFRUGDQFLD R QR FRQFRUGDQFLD \ UHSXJQDQFLD GH
DOJXQDVGHQXHVWUDVLGHDV



,'HORVJUDGRVGHQXHVWURFRQRFLPLHQWR

(OJUDGR GH FRQRFLPLHQWRLQWHQWDGHQRWDUORV PRGRV GLIHUHQWHVGHSHUFHSFLyQ
GHODFRQFRUGDQFLDRQRFRQFRUGDQFLDGHDOJXQDVGHQXHVWUDVLGHDV$TXtVHGLFHTXH
HOSDSHOGHODPHPRULDVHUHGXFHDOFRQRFLPLHQWRGHODVYHUGDGHVJHQHUDOHV
/DSHUFHSFLyQLQPHGLDWDGHODFRQFRUGDQFLDRQRFRQFRUGDQFLDGHGRVLGHDVHV
ORTXHVHOODPDFRQRFLPLHQWRLQWXLWLYReVWHHVHOFRQRFLPLHQWRPiVFODUR\FLHUWR
SXHVODFHUWH]DGHSHQGHGHODLQWXLFLyQ(OFRQRFLPLHQWRLQWXLWLYRHVHOSULPHUJUDGR
GHFRQRFLPLHQWR(VHOFRQRFLPLHQWRPiVLQPHGLDWR\SRUHVROROODPDLQWXLWLYR(Q
 



/RFNH-

/RFNH-



FDPELR DO FRQRFLPLHQWR PHGLDWR OR OODPD GHPRVWUDWLYR /D FRQH[LyQ LQPHGLDWD
HVWiSUHVHQWHRVXSXHVWDHQWRGDVODVFRQH[LRQHVGHPRVWUDWLYDVRPHGLDWDV
/DLGHQWLGDGHVHOFRQRFLPLHQWRPiVLQPHGLDWRGHTXHVRPRVFDSDFHV1RKD\
TXH HQWHQGHU OD GLIHUHQFLD FRPR HO SURGXFWR GH XQD FRPSDUDFLyQ >PHGLDWD@ VLQR
FRPRODFRQWUDFDUDGHODLGHQWLGDG(VWHWLSRGHFRQRFLPLHQWRHVDQiORJRDDTXHOTXH
'HVFDUWHVFDUDFWHUL]DEDFRPRFODUR\GLVWLQWRTXHVRQODVQRWDVFDUDFWHUtVWLFDVGH
OD HYLGHQFLD 1R KD\ TXH FRQIXQGLU HVWD LGHQWLGDG LQWXLWLYD FRQ HO SULQFLSLR GH
LGHQWLGDGOyJLFRTXHSDUD/RFNHHVHOSURGXFWRGHXQDJHQHUDOL]DFLyQDSDUWLUGHOD
H[SHULHQFLD
/DSHUFHSFLyQGHGHWHUPLQDGDVLGHDVSHURQRGHPRGRLQPHGLDWRHVORTXHVH
OODPD FRQRFLPLHQWRGHPRVWUDWLYR/DVLGHDVGHEHQFRQIRUPDUVH GHPRGRPHGLDWR
SRUODPHQWHVLUYLpQGRVHGHODLQWHUYHQFLyQGHRWUDVLGHDV\DTXHQRSXHGHUHDOL]DU
XQDFRPSDUDFLyQLQPHGLDWDQL\X[WDSRQHU$HVWDVHJXQGDFODVHGHSHUFHSFLyQVHOD
OODPD UD]RQDU $TXt LQWHUYLHQHQ ODV SUXHEDV SXHV OD HYLGHQFLD QR HV FODUD \
EULOODQWH VH UHTXLHUH GH XQD OHQWD SURJUHVLyQ JUDGXDO SDUD OOHJDU D WUDYpV GHO
UD]RQDPLHQWRDXQFRQRFLPLHQWRFLHUWR(VWHSURFHVRGHODSHUFHSFLyQDGHPiVGRQGH
KD\XQDFRQWLQXDLQWHUDFFLyQGHLGHDVLQWXLWLYDV\GHSUXHEDVHVHOFRQRFLPLHQWRPiV
LPSHUIHFWR /DV PDWHPiWLFDV VRQ ODV ~QLFDV TXH SXHGHQ OOHJDU D OD FHUWH]D
GHPRVWUDWLYD
'HORTXHQRHVLQWXLFLyQRGHPRVWUDFLyQVHGLFHTXHHVIHXRSLQLyQTXHQRHV
FRQRFLPLHQWRGHORVREMHWRVSDUWLFXODUHVPHGLDQWHODFRQFLHQFLD\ODSHUFHSFLyQ
(OJUDGRSULPDULRHVHOGHFRQRFLPLHQWRVHQVLWLYRDSDUWLUGHpOVHFRQRFHQORV
ILQLWRVSDUWLFXODUHVWRGDODLQIRUPDFLyQDGTXLULGDDWUDYpVGHQXHVWURVVHQWLGRV
<DKHPRVYLVWRORVWUHVWLSRVGHSHUFHSFLyQGHOFRQRFLPLHQWRORVGRVSULPHURV
QRVDEUHQHOFDPLQRKDFLDODVYHUGDGHVJHQHUDOHVLQWXLWLYRGHPRVWUDWLYR(OVHQVLWLYR
HVHOWLSRGHFRQRFLPLHQWREiVLFR(QFDGDXQRGHHOORVH[LVWHQGLIHUHQWHVPRGRVGH
HYLGHQFLDV \ FHUWH]DV /D SHUFHSFLyQ GH OD FRQFRUGDQFLD R QR FRQFRUGDQFLD GH GRV
LGHDV GHSHQGHUi GH VX FODULGDG X RVFXULGDG \ QR HQ OD FODULGDG \ RVFXULGDG GH ODV
LGHDVPLVPDV
1RVHSXHGHWHQHUFRQRFLPLHQWRPiVDOOiGHGRQGHWHQHPRVLGHDV




1R KD\ FRQRFLPLHQWR PiV DOOi GH OD SHUFHSFLyQ GH FRQFRUGDQFLD R QR

FRQFRUGDQFLD /DV DILUPDFLRQHV R QHJDFLRQHV GH QXHVWUDV LGHDV VRQ GH  FODVHV
LGHQWLGDG FRH[LVWHQFLD UHODFLyQ \ H[LVWHQFLD UHDO &RH[LVWHQFLD OR PiV LPSRUWDQWH
SDUDHOFRQRFLPLHQWRGHODVVXVWDQFLDV

1RKD\FRQRFLPLHQWRLQWXLWLYRGHWRGDVODVLGHDVFRQRFLPLHQWRLQWXLWLYR

GDPRVFXHQWDHOSULQFLSLRGHLGHQWLGDG\GHQRFRQWUDGLFFLyQ

1RVHSXHGHUHDOL]DUXQFRQRFLPLHQWRLQWXLWLYRSRUFRPSDUDFLyQGHWRGDV

QXHVWUDVLGHDV

(OFRQRFLPLHQWRVHQVLWLYRHVHOPiVHVWUHFKR

1RDOFDQ]DQXHVWUR FRQRFLPLHQWROD UHDOLGDG GHODVFRVDV 1R VHSXHGH

GHVFXEULUTXpFRQH[LyQKD\HQWUHFXDOLGDGHVVHFXQGDULDV \SULPDULDVODVFXDOHVVRQ
ODVSDUWLFXODULGDGHVHVHQFLDOHVVREUHODVTXHVHDSR\DQODVVXVWDQFLDV/DVLGHDVGHODV
VXVWDQFLDVVRQFRSLDVUHIHULGDVDDUTXHWLSRVH[WHUQRVDQRVRWURV

/D SDODEUD UD]yQ WLHQH GLIHUHQWHV VLJQLILFDGRV 3HUR \R OD FRQVLGHUR DTXt
FRPRDTXHOODIDFXOWDGKXPDQDSRUODTXHVHGLVWLQJXHGHODVEHVWLDV\VHHOHYDVREUH
HOODV
1HFHVLWDPRV OD UD]yQ SDUD DXPHQWDU QXHVWUR FRQRFLPLHQWR \ UHJXODU QXHVWUR
DVHQWLPLHQWR
3RGHPRVFRQVLGHUDUHQODUD]yQFXDWURJUDGRVHOSULPHUR\PiVLPSRUWDQWHHV
HO GHVFXEULPLHQWR \ KDOOD]JR GH QXHYDV YHUGDGHV HO VHJXQGR GHMDUODV GLVSXHVWDV HQ
XQRUGHQFODUR\DGHFXDGRSDUDTXHVXFRQH[LyQ\IXHU]DVHSHUFLEDFRQHYLGHQFLD\
IDFLOLGDGHOWHUFHURSHUFLELUVXFRQH[LyQ\HOFXDUWRKDFHUXQDFRQFOXVLyQUHFWD








 



/RFNH-&DStWXOR



&$378/2(OFRQFHSWRGH(VWDGRHQHO/HYLDWiQGH+REEHV

/D 1DWXUDOH]D $UWH FRQ HO FXDO 'LRV KD KHFKR \ JRELHUQD HO PXQGR HV
LPLWDGDSRUHO$UWHGHOKRPEUHHQPXFKDVFRVDV\HQWUHRWUDVHQODSURGXFFLyQGHXQ
DQLPDODUWLILFLDO3HURHO$UWHYDD~QPiVOHMRVLPLWDQGRODREUDPiVUDFLRQDO\
H[FHOHQWHGHOD1DWXUDOH]DTXHHVHOKRPEUH3XHVPHGLDQWHHO$UWHVHFUHDHVHJUDQ
/HYLDWiQTXHVHOODPDXQDUHS~EOLFDR(VWDGR&LYLWDVHQODWtQ\TXHQRHVVLQRXQ
KRPEUH DUWLILFLDO DXQTXH GH HVWDWXUD \ IXHU]D VXSHULRUHV D ODV GHO QDWXUDO SDUD FX\D
SURWHFFLyQ\GHIHQVDIXHSHQVDGR



$(VWDGRGH1DWXUDOH]D

(O(VWDGRGH1DWXUDOH]DQRSXHGHVHUVXSHUDGRSHURVtVRPHWLGRPHGLDQWHOD
RUJDQL]DFLyQ GH XQ SRGHU OR VXILFLHQWHPHQWH IXHUWH TXH QDFH GH OD YROXQWDG GH OD
SURSLDFRPXQLGDGGHOFRQWUDWRVRFLDOTXHHVODIXHQWHGHOSRGHUDEVROXWR
(O HVWDGR QDWXUDO GH ORV KRPEUHV DQWHV GHO (VWDGR &LYLO GHEH HQWHQGHUVH
SXHVFRPRODFRQGLFLyQKLSRWpWLFDHQTXHHVRVKRPEUHVVHKDOODUtDQQHFHVDULDPHQWH
VLQRKXELHUDXQSRGHUFRPRHOGHO(VWDGR(OKRPEUHQDWXUDOFRPRWRGRFXHUSR
WLHQGHDDXWRDILUPDUVH7LHQHHQFRQVHFXHQFLDXQGHUHFKRQDWXUDODKDFHUORORTXH
ORVHVFULWRUHVOODPDQFRP~QPHQWH MXVQDWXUDOHHVODOLEHUWDGTXHFDGDKRPEUHWLHQH
GHXVDUVXSURSLRSRGHUFRPRpOTXLHUHSDUDODSUHVHUYDFLyQGHVXSURSLDQDWXUDOH]D
HVGHFLUGHVXSURSLDYLGD\SRUFRQVLJXLHQWHGHKDFHUWRGDFRVDTXHHQVXSURSLR
MXLFLR\UD]yQFRQFLEDFRPRHOPHGLRPiVDSWRSDUDDTXHOOR


%(VWDGRGH1DWXUDOH]DYV(VWDGR&LYLO

+REEHVVHSDUD FRQFODULGDGGRVHWDSDVXQDVLWXDFLyQGHEDUEDULH \ GH JXHUUD
GHWRGRVFRQWUDWRGRVXQPXQGRVLQJHUPHQQLGHUHFKR\SRURWUDSDUWHXQ(VWDGR
 


+REEHV7S



FUHDGR SRU HO GHUHFKR XQ (VWDGR FRQ VXILFLHQWH SRGHU SDUD LQLFLDU \ UHIRUPDU VX
HVWUXFWXUD
$Vt +REEHV UHVROYLy OD FRQIXVLyQ \ YLROHQFLD GHO (VWDGR GH 1DWXUDOH]D
SURFXUDQGRODH[LVWHQFLDSDFtILFDVRFLDO\FRQIRUWDEOHGHODVRFLHGDGFLYLO
+REEHVHQVXREUD(O/HYLDWiQH[SRQHSULQFLSLRVTXHVRQSURSLRVGHO(VWDGR
1DWXUDO 'H LJXDO PDQHUD GHO (VWDGR &LYLO HO FXDO HV FUHDGR FXDQGR HO KRPEUH KD
KHFKRHO&RQWUDWR6RFLDO\KDHQWUHJDGRORVGHUHFKRVTXHOHSHUWHQHFtDQHQHO(VWDGR
1DWXUDO
6LQHPEDUJRHQODIRUPXODFLyQGH+REEHVH[LVWHXQWiFLWRUHFRQRFLPLHQWRHQ
ODFDSDFLGDGGHOVHUKXPDQRGHLGHQWLILFDUVXVSURSLRVOtPLWHV\FUHDUXQVLVWHPDGH
SRGHU TXH KDEUi GH LPSHGLU SRU OD IXHU]D TXH HO (VWDGR GH QDWXUDOH]D FRQWLQ~H
LPSRQLpQGRVH 'H DOJXQD PDQHUD HVD DXWRFRQFLHQFLD GH OD SURSLD QHJDWLYLGDG VH
WUDQVIRUPD HQ YLUWXG GHO SULQFLSLR GLDOpFWLFRHQ XQ KHFKR SRVLWLYR TXH OR LQGXFH D
RUJDQL]DUVH\KDFHUODSD]PHGLDQWHHOFRQWUDWRVRFLDO
3DUD +REEHV OD VHJXULGDG UHVXOWDED GHO VRPHWLPLHQWR GH ORV OLEUHV D OD
VREHUDQtD DEVROXWD ELHQ SRU DGTXLVLFLyQ FXDQGR XQ (VWDGR LQYDGH D RWUR R SRU
LQVWLWXFLyQFXDQGRORVLQGLYLGXRVVXMHWRVDOPLHGRFRQVHQWtDQVHUJREHUQDGRVSRUXQR
RSRUSRFRV/D~OWLPDYtDH[LJtDGRVSDFWRVSDUDLQVWLWXLUODVRFLHGDGFLYLOHVGHFLU
XQDFRPXQLGDGSROtWLFDHVWDWDO3ULPHURYHQtDHOSDFWRGHDVRFLDFLyQHQWUHLQGLYLGXRV
OLEUHV\OXHJRHOSDFWRGHVXMHFLyQXQPDQGROHJtWLPRDFDUJRGHO/HYLDWiQ/DIpUUHD
ELVDJUD HQWUH OD OLEHUWDG \ OD REHGLHQFLD TXH KDFHXQ JRFH HVWDEOH GH WRGD SRVHVLyQ
HJRtVWD


&'HODLJXDOGDGSURFHGHODLQVHJXULGDG

'H HVWD GHVLJXDOGDG GH FDSDFLGDGHV VXUJH OD LJXDOGDG HQ OD HVSHUDQ]D GH
DOFDQ]DU QXHVWURV ILQHV < SRU OR WDQWR VL GRV KRPEUHV FXDOTXLHUD GHVHDQ OD PLVPD



FRVDTXHVLQHPEDUJRQRSXHGHQDPERVJR]DUGHYLHQHQHQHPLJRV\HQVXFDPLQR
KDFLDVXILQVHIXHU]DQPXWXDPHQWHHQGHVWUXLUVHRVXE\XJDUVH
1RKD\SDUDHOKRPEUHPDVIRUPDUD]RQDEOHGHJXDUGDUVHGHHVWDLQVHJXULGDG
PXWXD TXH OD DQWLFLSDFLyQ HVWR HV GRPLQDU SRU IXHU]D R DVWXFLD D WDQWRV KRPEUHV
FRPRSXHGDKDVWDHOSXQWRGHQRYHURWURSRGHUOREDVWDQWHJUDQGHFRPRSDUDSRQHUOH
HQ SHOLJUR < QR HV HVWR PDV TXH OR TXH VX SURSLD FRQVHUYDFLyQ UHTXLHUH \ OR
JHQHUDOPHQWHDGPLWLGR
$Vt SXHV HQFRQWUDPRV WUHV FDXVDV SULQFLSDOHV GH ULxD HQ OD QDWXUDOH]D GHO
KRPEUH3ULPHURFRPSHWLFLyQVHJXQGRLQVHJXULGDGWHUFHURJORULD


/DVGRVDILUPDFLRQHV FHQWUDOHVTXHRUJDQL]DURQVXSHQVDPLHQWR DOLPSRQHUOH
GHGXFWLYDPHQWHODQHFHVLGDGGHOFiOFXORUDFLRQDOFRPRUD]yQGHVHUGHO(VWDGRVHUiQ
pVWDV TXH HQ VX RSLQLyQ UHIOHMDQ GRVKHFKRV GH OD PD\RU LPSRUWDQFLD (Q SULPHU
OXJDU OD LJXDOGDG QDWXUDO ELROyJLFD GH ORV KRPEUHV /D QDWXUDOH]D KD KHFKR D ORV
KRPEUHV WDQ LJXDOHV HQ VXV IDFXOWDGHV FRUSRUDOHV \ PHQWDOHV TXH D~Q HO PiV GpELO
WLHQHIXHU]DVXILFLHQWHSDUDPDWDUDOPiVIXHUWH\DVHDSRUPDTXLQDFLyQVHFUHWDRSRU
IHGHUDFLyQ FRQ RWURV (Q VHJXQGR OXJDU OD HVFDVH] GH ORV ELHQHV TXH WRGRV ORV
KRPEUHV DSHWHFHQFRPR FRQVHFXHQFLDGH VXV QHFHVLGDGHV < DVt GH OD LJXDOGDG HQ
ODVIXHU]DVHQFRPSHWLFLyQSURFHGHODLQVHJXULGDG\GHODLQVHJXULGDGODJXHUUD


',JXDOGDGHQWUHORVKRPEUHV

&RPRYLPRV+REEHVGLFHTXHXQSULQFLSLRQDWXUDOHVODLJXDOGDGHQWUHWRGRV
ORV KRPEUHV \ VL KD\ GHVLJXDOGDG HV SRUTXH KD VLGR SURGXFLGD SRU OD OH\ FLYLO 'H
RWUD SDUWH +REEHV FUHH TXH WRGRV DVSLUDQ D OR PLVPR \ FXDQGR QR OR ORJUDQ
VREUHYLHQHODHQHPLVWDG\HORGLRHOTXHQRFRQVLJXHORTXHDSHWHFHGHVFRQItDGH
RWUR\SDUDSUHFDYHUVHORDWDFDGHDKtODFRQFHSFLyQSHVLPLVWDGHOKRPEUHTXHWLHQH

 


+REEHV7S
+REEHV7S

+REEHV7S




+REEHV HO KRPEUH HV XQ ORER SDUD HO KRPEUH /RV KRPEUHV QR WLHQHQ XQ LQWHUpV
GLUHFWRSRUODFRPSDxtDGHVXVVHPHMDQWHVVLQRVyORHQFXDQWRORVSXHGHQVRPHWHU
3RU VX SDUWH +REEHV GLFH TXH ORV WUHV PRWRUHV GH OD GLVFRUGLD HQWUH ORV
KXPDQRV VRQ VHJ~Q VX WHRUtD OD FRPSHWHQFLD TXH SURYRFD ODV DJUHVLRQHV SRU OD
JDQDQFLD OD GHVFRQILDQ]D TXH KDFH TXH ORV KRPEUHV VH DWDTXHQ SDUD DOFDQ]DU OD
VHJXULGDG\ODYDQDJORULDTXHORVHQHPLVWDSRUULYDOLGDGHVGHUHSXWDFLyQ


(6LQHVWDGRFLYLOKD\VLHPSUHJXHUUDGHWRGRVFRQWUDWRGRV

(VSRUHOORPDQLILHVWRTXHGXUDQWHHOWLHPSRHQTXHORVKRPEUHYLYHQVLQXQ
SRGHU FRP~Q TXH OHV REOLJXH D WRGRV DO UHVSHFWR HVWiQ HQ DTXHOOD FRQGLFLyQ TXH VH
OODPDJXHUUD\XQDJXHUUDFRPRGHWRGRKRPEUHFRQWUDWRGRKRPEUH3XHVODJXHUUD
QRFRQVLVWHVyORHQEDWDOODVRHQHODFWRGHOXFKDUVLQRHQXQHVSDFLRGHWLHPSRGRQGH
ODYROXQWDGGHGLVSXWDUHQEDWDOODHVVXILFLHQWHPHQWHFRQRFLGD<SRUWDQWRODQRFLyQ
GHWLHPSRGHEHFRQVLGHUDUVHHQODQDWXUDOH]DGHODJXHUUDDVtODQDWXUDOH]DGHOD
JXHUUDQRFRQVLVWHHQHOKHFKRGHODOXFKDVLQRHQODGLVSRVLFLyQFRQRFLGDKDFLDHOOD
GXUDQWHWRGRHOWLHPSRHQTXHQRKD\VHJXULGDGGHORFRQWUDULR7RGRRWURWLHPSRHV
SD]
'HHVWDJXHUUDGHWRGRKRPEUHFRQWUDWRGRKRPEUHHVWDPELpQFRQVHFXHQFLD
TXHQDGDSXHGHVHULQMXVWR'RQGHQRKD\SRGHUFRP~QQRKD\OH\/DIXHU]D
\HOIUDXGHVRQHQODJXHUUDODVGRVYLUWXGHVFDUGLQDOHV/DMXVWLFLD\ODLQMXVWLFLDQR
VRQ IDFXOWDG DOJXQD QL GHO FXHUSR QL GH OD PHQWH 6L OR IXHUDQ SRGUtDQ HVWDU HQ XQ
KRPEUHTXHHVWXYLHUDVRORHQHOPXQGRFRPRVXVVHQWLGRV\SDVLRQHV6RQFXDOLGDGHV
UHODWLYDVDKRPEUHVHQVRFLHGDGQRHQVROHGDG
/DVSDVLRQHVTXHLQFOLQDQDORVKRPEUHVKDFLDODSD]VRQHOWHPRUDODPXHUWH
HOGHVHRGHDTXHOODVFRVDVTXHVRQQHFHVDULDVSDUDXQDYLGDFRQIRUWDEOH\ODHVSHUDQ]D
GHREWHQHUODVSRUVXLQGXVWULD<ODUD]yQVXJLHUHDGHFXDGRVDUWtFXORVGHSD]VREUHORV
FXDOHVSXHGHOOHYDUVHDORVKRPEUHVDODFXHUGR



 


+REEHV7S
+REEHV7S

+REEHV7S




)/DE~VTXHGDGHODSD]

3DUD+REEHVHOKRPEUHHVWiGRWDGRGHXQSRGHUGHOFXDOGLVSRQHDVXDUELWULR
WLHQHFLHUWDVSDVLRQHV\GHVHRVTXHOROOHYDQDEXVFDUFRVDV\TXHUHUDUUHEDWiUVHODVD
ORV GHPiV &RPR WRGRV FRQRFHQ HVWD DFWLWXG GHVFRQItDQ XQRV GH RWURV HO HVWDGR
QDWXUDOHVHODWDTXH3HURHOKRPEUHVHGDFXHQWDGHTXHHVWDVLWXDFLyQGHLQVHJXULGDG
HV LQVRVWHQLEOH HQ HVWH HVWDGR GH OXFKD VH YLYH PLVHUDEOHPHQWH \ HO KRPEUH VH YH
REOLJDGRDEXVFDUODSD]
3DUD FRQVHJXLU VHJXULGDG HOKRPEUH LQWHQWD VXVWLWXLU HO HVWDGR QDWXUDO SRU XQ
HVWDGRFLYLOPHGLDQWHXQFRQYHQLRHQTXHFDGDXQRWUDQVILHUHVXGHUHFKRDO(VWDGR
(QULJRUQRVHWUDWDGHXQFRQYHQLRFRQODSHUVRQDRSHUVRQDVHQFDUJDGDVGHUHJLUOR
VLQR GH FDGD XQR FRQ FDGD XQR (O VREHUDQR UHSUHVHQWD VLPSOHPHQWH HVD IXHU]D
FRQVWLWXLGDSRUHOFRQYHQLRORVGHPiVKRPEUHVVRQVXVV~EGLWRV
$OGHVSRMDUVHORVKRPEUHVGHVXSRGHUORDVXPHtQWHJUDPHQWHHO(VWDGRTXH
PDQGD VLQ OLPLWDFLyQ HV XQD PiTXLQD SRGHURVD XQ PRQVWUXR TXH GHYRUD D ORV
LQGLYLGXRV\DQWHHOFXDOQRKD\QLQJXQDRWUDLQVWDQFLD+REEHVQRHQFXHQWUDQRPEUH
PHMRU TXH HO GH OD JUDQ EHVWLD EtEOLFD /HYLDWiQ HVR HV HO (VWDGR VXSHULRU D WRGR
FRPRXQGLRVPRUWDO
(O(VWDGRGH+REEHVORGHFLGHWRGRQRVyORODSROtWLFDVLQRWDPELpQODPRUDO\
OD UHOLJLyQ 6L OD UHOLJLyQ QR pVWD UHFRQRFLGD SRU HO (VWDGR QR HV PiV TXH
VXSHUVWLFLyQ (VWH VLVWHPD DJXGR \ SURIXQGR HQ PXFKRV SXQWRV UHSUHVHQWD OD
FRQFHSFLyQDXWRULWDULD\DEVROXWLVWDGHO(VWDGRIXQGDGDDODYH]HQHOSULQFLSLRGHOD
LJXDOGDG\HQXQWRWDOSHVLPLVPRUHVSHFWRDODQDWXUDOH]DKXPDQD


*3DVLRQHVYV5D]yQ

6LQ HPEDUJR +REEHV GLFH TXH ODV SDVLRQHV TXH LQFOLQDQ D ORV KRPEUHV D
EXVFDUODSD]VRQHOGHVHRGHODVFRVDVTXHVRQQHFHVDULDVSDUDXQDYLGDFRQIRUWDEOH
\ OD HVSHUDQ]D GH REWHQHUODV SRU PLHGR D OD PXHUWH (Q RWUDV SDODEUDV OD SDVLyQ




LQFOLQDDORVKRPEUHVDGHVHDU\FRQVHJXLUORVELHQHV\SULYLOHJLRVGHOSUyMLPR(VWR
VHUtDHQWRQFHVODQHFHVLGDGGHOKRPEUHSXHVVXQDWXUDOH]DHVHVWDUHQJXHUUDORVXQRV
FRQ ORV RWURV 0LHQWUDV WDQWR \ SRU RWUR ODGR OD UD]yQ ORV KDFH SHQVDU TXH VLQ
VHJXULGDG \GXUDFLyQORVELHQHV \SULYLOHJLRVGHVHDGRVQRWLHQHQVHQWLGRSRUTXHQR
VHSXHGHQGLVIUXWDU/DUD]yQVXJLHUHHQWRQFHVQRUPDVDGHFXDGDVGHSD]DODVFXDOHV
SXHGHQ OOHJDU ORV KRPEUHV SRU PXWXR FRQVHQVR (VWDV QRUPDV VRQ ODV TXH +REEHV
OODPD OH\HV GH OD QDWXUDOH]D ODV FXDOHV VHUYLUiQ SDUD TXH HO KRPEUH VDOJD GH HVH
HVWDGRGHJXHUUD


+(OSDFWR

 HO PRWLYR \ ILQ SRU HO TXH HVWD UHQXQFLD \ WUDQVIHUHQFLD GH GHUHFKR VH
LQWURGXFHQRHVRWUDFRVDTXHODVHJXULGDGGHODSHUVRQDGHXQKRPEUHHQVXYLGD\
HQORVPHGLRVGHSUHVHUYDUODSDUDQRFDQVDUVHGHHOOD/DWUDQVIHUHQFLDPXWXDGHXQ
GHUHFKRHVORTXHORVKRPEUHVOODPDQFRQWUDWR
7DPELpQ SXHGH XQR GH ORV FRQWUDWDQWHV HQWUHJDU SRU VX SDUWH OD FRVD
FRQWUDWDGD \ GHMDU TXH HO RWUR FXPSOD FRQ OD VX\D HQ DOJ~Q WLHPSR SRVWHULRU
GHWHUPLQDGR FRQILDQGR PLHQWUDV WDQWR HQ pO \ HQWRQFHV HO FRQWUDWR SRU VX SDUWH VH
OODPDSDFWRRFRQYHQLR
 DXWRUL]R \ DEDQGRQR HO GHUHFKR D JREHUQDUPH D PL PLVPR D HVWH
KRPEUH R D HVWD DVDPEOHD GH KRPEUHV FRQ OD FRQGLFLyQ GH TXH WX DEDQGRQHV WX
GHUHFKRDHOORV\DXWRULFHVWRGDVWXVDFFLRQHVGHPDQHUDVHPHMDQWH


(O FRQWUDWR VRFLDO GHO TXH VXUJH OD VRFLHGDG \ HO (VWDGR UHIOHMD GH DOJXQD
PDQHUD OD H[LVWHQFLD GH XQD FRQFLHQFLD HVSHUDQ]DGD HQ OD FRQGLFLyQ KXPDQD GH
WUDQVIRUPDUHO(VWDGRGH1DWXUDOH]DFRQWRGDVXFDUJDLQVWLQWLYD\YLROHQWDHQXQD
FRPXQLGDGSDFtILFD\GHPRFUiWLFDUHJLGDSRUODVOH\HV\ODVLQVWLWXFLRQHVPHGLDQWHOD
UD]yQ TXH VH H[SUHVD HQ HVDV OH\HV \ HVDV LQWXLFLRQHV FRQFUHFLyQ REMHWLYD GH OD
YROXQWDGVRFLDO
 



+REEHV7S
+REEHV7S



6L KDEODPRV GHXQ SDFWR IXQGDFLRQDO HOGHUHFKR GHO VREHUDQR VH IXQGD HQ HO
FRQWUDWRFRQWUDWRHQWUHLJXDOHVQRSDFWRHQWUHHOVREHUDQR\ORVV~EGLWRVSRUTXHHO
(VWDGRQRHVXQDUHDOLGDGSRUQDWXUDOH]DTXHVHLPSRQJDGHVX\RVLQRDOFRQWUDULR
HVHOUHVXOWDGRGHODSXHVWDHQFRP~QGHORVLQWHUHVHVGHVXVFRPSRQHQWHV6HWUDWD
GHVGH OXHJR GH XQ VXSXHVWR OyJLFR QR KLVWyULFR FRPR VL KXELHUD KDELGR XQ
YHUGDGHUR FRQYHQLR IXQGDFLRQDO \ QR VH UHILHUH DORV KRPEUHV SULPLWLYRV QL D XQD
SUHVXQWD QDWXUDOH]D KXPDQD XQLYHUVDO VLQR D ORV KRPEUHV WDO FRPR +REEHV ORV
FRQRFH
5HVXPLHQGR HQWRQFHV YHPRV TXH HQ HO &RQWUDWR 6RFLDO PRGHUQR GH +REEHV
ORVLQGLYLGXRVUHQXQFLDQSDUDVLHPSUH DVXVGHUHFKRV \ SRGHUHVGHDXWRJRELHUQRD
IDYRU GH XQ HQWH TXH PRQRSROL]D PHGLRV GH YLROHQFLD LPSXHVWRV IRUPDFLyQ GH OD
RSLQLyQ S~EOLFD DGRSFLyQ GH GHFLVLRQHV SROtWLFDV \ DGPLQLVWUDFLyQ +D\ XQD
VXSXHVWD DXWR UHQXQFLD GH OD PXOWLWXG FRPR FXHUSR SROtWLFR D VX DXWRJRELHUQR D
FDPELRGHODVHJXULGDGLQGLYLGXDOGHYLGDV\ELHQHV
2WURSXQWRSDUDUHVDOWDUHVTXH+REEHVGLVWLQJXHHQWUHGHUHFKRTXHLQWHUSUHWD
FRPR OLEHUWDG \ OH\ TXH VLJQLILFD REOLJDFLyQ (O KRPEUH WLHQH OLEHUWDG HV GHFLU
GHUHFKR SDUD KDFHU FXDQWR SXHGD \ TXLHUD SHUR FRQ XQ GHUHFKR VH SXHGHQ KDFHU
WUHVFRVDVHMHUFHUORUHQXQFLDUDpORWUDQVIHULUOR&XDQGRODWUDQVIHUHQFLDGHOGHUHFKR
HV PXWXD D HVWR VH OODPD SDFWR FRQWUDWR R FRQYHQLR (VWR OOHYD D OD LGHD GH OD
FRPXQLGDGSROtWLFD


,5HVSHWDUHOSDFWR

6LVHKDFHXQSDFWRHQHOTXHQLQJXQDGHODVSDUWHVFXPSOHGHPRPHQWRVLQR
TXHFRQItDHQODRWUDHQODFRQGLFLyQGHPHUDQDWXUDOH]DTXHHVFRQGLFLyQGHJXHUUD
GHWRGRKRPEUHFRQWUDWDGRKRPEUHHVDQWHODPHQRUVRVSHFKDUD]RQDEOHQXOR3HUR
KDELHQGR XQ SRGHU FRP~Q D DPERV VXSHUSXHVWR FRQ HO VXILFLHQWH GHUHFKR \ IXHU]D
SDUDREOLJDUDOFXPSOLPLHQWRQRHVQXOR
 


+REEHV7S



(Q XQHVWDGRFLYLO GRQGH KD\ XQ SRGHU HVWDEOHFLGR SDUD REOLJDUDD DTXHOORV
TXH GH RWUD IRUPD YLRODUtDQ VX SDODEUD DTXHO WHPRU QR HV \D UD]RQDEOH \ SRU HVD
FDXVDDTXHOTXHGHEHDWHQRUGHOSDFWRFXPSOLUSULPHURHVWDREOLJDGRDKDFHUOR


(QWRQFHVSDUD+REEHVFXDQGRORVSDFWRVVHUHVSHWDQ \VHOOHYDQDFDERKD\
MXVWLFLDSXHVTXLHUHGHFLUTXHKD\XQDYROXQWDGFRQVWDQWHGHGDUDFDGDXQRORVX\R
7RGRVORVKRPEUHVWLHQHQGHUHFKRDWRGDVODVFRVDV\SRUHQGHVRQLJXDOHVDQWHODOH\
(VWDLQFOLQDFLyQGHSDFWDUOOHYDDORVLQGLYLGXRVDFRQYHQLUXQFRQWUDWRTXHLPSOLFD
OD UHQXQFLD GH WRGRV VXV GHUHFKRV TXH SRVHtDQ HQ HO HVWDGR GH QDWXUDOH]D SDUD
RWRUJiUVHORVDXQVREHUDQRTXHDFDPELROHVJDUDQWL]DUiHORUGHQ\ODVHJXULGDG&RQ
HO FRQWUDWR VH UHQXQFLD D OD OLEHUWDG \ D FXDOTXLHU GHUHFKR TXH SXGLHUD SRQHU HQ
SHOLJURODSD]
(OVHUKXPDQRUHTXLHUHGHDOJRPiVTXHSDFWDUTXHKDJDVXFRQYHQLRFRQVWDQWH
\ REOLJDWRULR \ HVH DOJR HV XQ SRGHU FRP~Q TXH ORV PDQWHQJD D UD\D \ GLULMD VXV
DFFLRQHVKDFLDHOEHQHILFLRFROHFWLYR/RVSDFWRVQRGHVFDQVDQHQODHVSDGDQRVRQ
PiV TXH SDODEUDV VLQ IXHU]D SDUD SURWHJHU DO KRPEUH GH DOJ~Q PRGR 3RU
FRQVLJXLHQWHDSHVDUGHODOH\GHODQDWXUDOH]DVLQRVHKDLQVWLWXLGRXQSRGHUFDGD
XQRFRQILDUiHQVXSURSLDIXHU]DSDUDSURWHJHUVHFRQWUDORVGHPiVKRPEUHV


-/DPRUDO

< HQ HVWD OH\ GHQDWXUDOH]D>ODWHUFHUD TXH ORVKRPEUHV FXPSOHQ ORV SDFWRV
TXH KDQ FHOHEUDGR@ VH HQFXHQWUD OD IXHQWH \ RULJHQ GH OD MXVWLFLD SXHV GRQGH QR KD
SUHFHGLGR SDFWR QR KD VLGR WUDQVIHULGR GHUHFKR \ WRGR KRPEUH WLHQH GHUHFKRD WRGD
FRVD \ SRU FRQVLJXLHQWH QLQJXQD DFFLyQ SXHGH VHU LQMXVWD 3HUR FXDQGR VH KD
FHOHEUDGR XQ SDFWR HQWRQFHV URPSHUOR HV LQMXVWR \ OD GHILQLFLyQ GH LQMXVWLFLD QR HV
RWUDTXHHOQRFXPSOLPLHQWRGHOSDFWR\WRGRDTXHOORTXHQRHVLQMXVWRHVMXVWR

 



+REEHV7S
+REEHV7S



 VH OODPD LQMXVWLFLD R SHUMXULR D GHVKDFHU YROXQWDULDPHQWH DTXHOOR TXH

GHVGHHOSULQFLSLRVHKDEtDYROXQWDULDPHQWHKHFKR 


+D\TXHGHFLUTXHODMXVWLILFDFLyQGHOHVWDGRWRWDOLWDULRTXHUHDOL]D+REEHVHQ
HO/HYLDWiQQRHVVyORXQDWHRUtDSROtWLFDHVDGHPiVXQDWHRUtD PRUDO(OHVWDGRGH
QDWXUDOH]D GHO TXH SDUWH VX DUJXPHQWR HV XQ HVWDGR SUHPRUDO /D PRUDO VH JHQHUD
PHGLDQWH HO PLVPR SDFWR TXH VLUYH GH EDVH DO SRGHU SROtWLFR \ WLHQH VX PLVPD
MXVWLILFDFLyQ /D PRUDO HV RWUR LQVWUXPHQWR SDUD JDUDQWL]DU OD VHJXULGDG \ OD SD]
QHFHVDULDVSDUDTXHFDGDLQGLYLGXRUHDOLFHVXVGHVHRVHQFRPSOHWDOLEHUWDG3RUWDQWR
SRGHUSROtWLFRDEVROXWR\0RUDOLGDGHVWiQDOVHUYLFLRGHOLQGLYLGXR3HURSDUDHOORHO
SRGHUSROtWLFRFDUHFHGHOtPLWHV\ODPRUDOWLHQHGHPDVLDGRVSXHVHVXQDPRUDOGH
PtQLPRV


./DJHQHUDFLyQGHOHVWDGRFLYLO

(O DFXHUGR  GH ORV KRPEUHV SURYLHQH VROR GHO SDFWR OR FXiO LPSOLFD
DUWLILFLR(QFRQVHFXHQFLDQRGHEHDVRPEUDUTXHDGHPiVGHOSDFWRGHEDH[LVWLUDOJR
FDSD] GH KDFHU FRQVWDQWH \ GXUDGHUR VX DFXHUGR \ HVWR HV XQ SRGHU FRP~Q TXH ORV
PDQWHQJDHQHOWHPRU\GLULMDVXVDFFLRQHVDOEHQHILFLRFRP~Q
(O~QLFRPRGRGHHULJLUXQSRGHUFRP~QFDSD]GHGHIHQGHUORVGHODLQYDVLyQ
H[WUDQMHUD\ODVLQMXULDVGHXQRVDRWURVHVFRQIHULUWRGRVXSRGHU\IXHU]DDXQ
KRPEUH R D XQD DVDPEOHD GH KRPEUHV TXH SXHGD UHGXFLU WRGDV VXV YROXQWDGHV SRU
SOXUDOLGDGGHYRFHVDXQDYROXQWDG
+HFKR HVWR >HO SDFWR@ OD PXOWLWXG DVt XQLGD HQ XQD SHUVRQD VH OODPD
5HS~EOLFDHQODWtQ&LYLWDV(VWDHVODJHQHUDFLyQGHHVHJUDQ/HYLDWiQRPiVELHQGH
HVH'LRV0RUWDODTXLHQGHEHPRVEDMRHO'LRV,QPRUWDOQXHVWUDSD]\GHIHQVD3XHV
PHGLDQWH HVWD DXWRULGDG FRQFHGLGD SRU FDGD LQGLYLGXR SDUWLFXODU HQ OD UHS~EOLFD
DGPLQLVWUDWDQWRSRGHU\IXHU]DTXHSRUWHUURUDHOORUHVXOWDFDSDFLWDGRSDUDIRUPDUODV
YROXQWDGHVGHWRGRVHQHOSURSyVLWRGHSD]HQFDVD\PXWXDD\XGDFRQWUDORVHQHPLJRV
GHO H[WHULRU < HQ pO FRQVLVWH OD HVHQFLD GH OD UHS~EOLFD TXH SRU GHILQLUOD HV XQD
 



+REEHV7S
+REEHV7S



SHUVRQDFX\RVDFWRVKDDVXPLGFRPRDXWRUDXQDJUDQPXOWLWXGSRUSDFWRVPXWXRVGH
XQRV FRQ RWURV D ORV ILQHV GH TXH SXHGD XVDU OD IXHU]D \ ORV PHGLRV GH WRGRV HOORV
VHJ~QFRQVLGHUHRSRUWXQRSDUDVXSD]\GHIHQVDFRP~Q
< HO TXH FDJD FRQ HVWD SHUVRQD VH GHQRPLQD VREHUDQR \ VH GLFH TXH SRVHH
SRGHUVREHUDQRFXDOTXLHURWURHVVXV~EGLWR


4XL]iVHQDOJ~QPRPHQWR+REEHVVHUHILHUDDODGHPRFUDFLDSHURQRORKDFH
FRQHOILQGHGHFLUTXHHVORPHMRUSDUDXQ(VWDGR\TXHDpVWDVHOOHJDUtDDSDUWLUGHO
&RQWUDWR6RFLDO3XHVVLVHUHILHUHDODGHPRFUDFLDHVSDUDGHFLUTXHHVWDPELpQXQD
IRUPDGH(VWDGRSHURGHDKtDTXH+REEHVTXLHUDSURSRQHUXQ(VWDGRGHPRFUiWLFR
QRVHUtDSRVLEOHSXHVDQWHWRGRVXSURSXHVWDHVWiHQIRFDGDHQXQ(VWDGR$EVROXWR
+REEHV SDUD FHQWUDU VX YLVWD HQ HO FRPSRUWDPLHQWR KXPDQR SDUWH GH XQD
DQWURSRORJtD TXH LQFOX\H WHRUtDV VREUH ODV SDVLRQHV VREUH HO YDORU VREUH OD
PRWLYDFLyQ HWF 6X DUJXPHQWROH FRQGXFH DXQD GH ODV PiV FRPSOHWDV GHIHQVDVGHO
DEVROXWLVPR(VWHHVXQKHFKRFODYHSRUTXHHTXLYDOHDGHFLUTXHXQSRGHUDEVROXWR
HVWi UDFLRQDOPHQWH MXVWLILFDGR SDUD FXDOTXLHU VHU KXPDQR ELHQ LQIRUPDGR \
UDFLRQDOPHQWHMXVWLILFDGRHQJHQHUDO


/(OILQGHOHVWDGRODVHJXULGDGGHORVSDUWLFXODUHV

/DFDXVDILQDOPHWDRGHVLJQLRGHORVKRPEUHVDOLQWURGXFLUHQWUHHOORV
HVDUHVWULFFLyQGHODYLGDHQUHS~EOLFDHVFXLGDUGHVXSURSLDSUHVHUYDFLyQ\FRQVHJXLU
XQDYLGDPDVGLFKRVDHVWRHVDUUDQFDUVHGHHVDPLVHUDEOHVLWXDFLyQGHJXHUUDTXHVH
YLQFXODQHFHVDULDPHQWHDODVSDVLRQHVQDWXUDOHVGHORVKRPEUHV
3RUTXHODVOH\HVGHODQDWXUDOH]DVRQSRUVLPLVPDVFRQWUDULDVDQXHVWUDV
SDVLRQHV QDWXUDOHV TXH OOHYDQ D OD SDUFLDOLGDG HO RUJXOOR OD YHQJDQ]D \ RWUDV
VHPHMDQWHV FXDQGR IDOWD HO WHUURU KDFLD DOJ~Q SRGHU 6LQ OD HVSDGD ORV SDFWRV QR VRQ
VLQR SDODEUDV \ FDUHFHQ GH IXHU]D SDUD DVHJXUDU HQ DEVROXWR D XQ KRPEUH (Q
FRQVHFXHQFLD D SHVDU GH ODV OH\HV GH OD QDWXUDOH]D  VLQR KXELHVH XQ SRGHU
FRQVWLWXLGRRQRIXHVHOREDVWDQWHJUDQGHSDUDQXHVWUDVHJXULGDGWRGRKRPEUHSRGUtD
 


+REEHV7S



OHJtWLPDPHQWHDSR\DUVHVREUHVXSURSLDIXHU]D\DSWLWXGSDUDSURWHJHUVHIUHQWHDWRGRV
ORVGHPiVKRPEUHV


+DEUtDTXHVHxDODUTXHHQ+REEHVTXHHVVREUHHOFXDOGHVFDQVDQODVEDVHVGH
HVWH WUDEDMR HO FRQWUDWR VRFLDO GHVHPERFD HQ HO /HYLDWiQ HVH (VWDGR DEVROXWR TXH
GHYLHQHHOGHSRVLWDULRGHODVREHUDQtDWUDQVIHULGDSRUHOSXHEORHQHOFRQWUDWRVRFLDO
/D FRQVHFXHQFLD IXQGDPHQWDO GH OD WHRUtD KREEHVLDQD GHO FRQWUDWR VRFLDO HV HO
QDFLPLHQWRGHO(VWDGR$EVROXWR~QLFDJDUDQWtDSDUDGRPLQDUHOHVWDGRGHQDWXUDOH]D
\RUJDQL]DUODVFRQGLFLRQHVLPSUHVFLQGLEOHVSDUDTXHSXHGDH[LVWLUODSD]
(Q +REEHV DSDUHFH H[SOtFLWDPHQWHRWURSXQWR UHOHYDQWH TXH HO HVWDGR HV XQD
LQVWLWXFLyQ VHSDUDGD GHO LQGLYLGXR pVWH VH VLHQWH DMHQR D OD RUJDQL]DFLyQ HVWDWDO (O
HVWDGR HV SDUD +REEHV XQD FRDFFLyQ SHUSHWXD VREUH HO KRPEUHLQGLYLGXR DXQTXH
DFHSWDGD SRU HO VXMHWR UDFLRQDO FRPR PHGLR SDUD OD VHJXULGDG \ OD SD] /D
FRQVHFXHQFLD GHO SHQVDPLHQWR GH +REEHV DXQTXH SUREDEOHPHQWH QR IXHVH HVWD VX
LQWHQFLyQVHUHVXPHHQTXHHOLQGLYLGXR\DQRVHUiPiVTXHXQKRPEUHHQRSDUDHO
HVWDGRVLQRXQKRPEUHIUHQWHDO(VWDGR


 


+REEHV7S



&RQFOXVLyQ

9HUQDQW\0F/XKDQVHxDODQTXHFRQODLQYHQFLyQGHODHVFULWXUDIRQpWLFDHQOD
DQWLJHGDG \ GH OD LPSUHQWD HQ OD PRGHUQLGDG VH SURGXMHURQ HIHFWRV DQiORJRV HQ
FXDQWR D OD SXEOLFLGDG \ DO GHVDUUROOR GH XQD FXOWXUD FRP~Q SDUDOHODPHQWH D XQ
SURFHVRGHODLFL]DFLyQGHODYLGDVRFLDO(VWRVHIHFWRVHQDPERVFDVRVSXHGHQVHU
FRQVLGHUDGRV GHPRFUDWL]DGRUHV HQ WDQWR SURPRFLRQDQ XQD LJXDODFLyQ GH ODV
FRQGLFLRQHV 8Q HIHFWR DQiORJR VH SURGXMR FRQ HO FDPELR HQ OD QDWXUDOH]D GH OD
PRQDUTXtDHQODDQWLJHGDGFRQHOSDVRGHOiQD[DOEDVLOHXVHQODPRGHUQLGDGFRQ
HO WUiQVLWR GH OD PRQDUTXtD SRU GHUHFKR GLYLQR D OD PRQDUTXtD FRPR SURGXFWR GHO
SDFWR VRFLDO 3RU RWUR ODGR 9HUQDQW PXHVWUD TXH HO EDVLOHXV HMHUFH XQD VXSUHPDFtD
HQWUHSDUHVFRQHOILQGHFXPSOLUXQDIXQFLyQHVSHFtILFD\+REEHVDUJXPHQWDTXHHO
VREHUDQR HV LJXDO D ORV RWURV LQGLYLGXRV HQ HVWDGR GH QDWXUDOH]D \ TXH VX SRGHU VH
GHULYDGHOSDFWRTXHOLPLWDODVOLEHUWDGHVGHORVLQGLYLGXRVFRQWUDWDQWHVHQIXQFLyQGH
ODVHJXULGDG\ODSD]
9HUQDQWWDPELpQVHxDODTXHHOHVStULWXLJXDOLWDULRJULHJRTXHVXUJHHQHOVHQR
GH OD DULVWRFUDFLD JXHUUHUD FRQWULEX\H D GDU D OD QRFLyQ GHO SRGHU XQ QXHYR
FRQWHQLGRFRPRXQDVXQWRGHWRGRVWRNRLQyQ/RVSHQVDGRUHVPRGHUQRVWDPELpQ
SRQHQ GH PDQLILHVWR XQD QXHYD FRQFHSFLyQ GHO SRGHU TXH VXUJH GH XQ UDVJR GH OD
QDWXUDOH]DKXPDQDSRUORWDQWRFRP~QHQWRGRVORVLQGLYLGXRVODOLEHUWDG6LELHQ
DXWRUHV FRPR 'HVFDUWHV %DFRQ +REEHV R /RFNH GHILQHQ OD OLEHUWDG GH GLVWLQWD
PDQHUD WRGRV HOORV FRLQFLGHQ HQ FRQVLGHUDUOD XQ UDVJR GLVWLQWLYR GH OD QDWXUDOH]D
KXPDQD
/DLQVWLWXFLyQGHODSROLVHVODQRYHGDGHQODYLGDGHUHODFLyQHQWUHORVKRPEUHV
HQ OD DQWLJHGDG 9HUQDQW UHVXPH VXV UDVJRV GLVWLQWLYRV  OD SUHHPLQHQFLD GH OD
SDODEUDHOGHVDUUROORGHSUiFWLFDVS~EOLFDV\HOSULQFLSLRGHLVRQRPtD(QORV
FRPLHQ]RV GH OD PRGHUQLGDG VXUJHQ \ VH GHVDUUROODQ ODV XUEHV SULPHUDPHQWH
DOUHGHGRU GH ORV SXHUWRV R GH ORV FUXFHV GH FDPLQRV \ HQ HOODV DSDUHFH XQ iPELWR
QXHYRTXHSRVLELOLWy ORVLQWHUFDPELRVGHWRGR WLSRHO PHUFDGR(VWH iPELWR QXHYR
VHxDODDGHPiVHOWUiQVLWRSURJUHVLYRGHOWUXHTXHDOLQWHUFDPELRFRQPRQHGD7DQWROD




SROLVFRPRHOPHUFDGRKDQGDGROXJDUDIRUPDVGHUHODFLyQGLiORJRHQODDVDPEOHD
GH ORV SROLWHV LQWHUFDPELR GH SURGXFWRV HQWUH ORV PHUFDGHUHV TXH VXSRQHQ OD
H[FOXVLyQ GH OD YLROHQFLD SULPDFtD GH OD SDODEUD VREUH HO FRPEDWH SULPDFtD GHO
QHJRFLR VREUH OD JXHUUD &RQ OD SROLV \ FRQ HO PHUFDGR VXUJHQ \ VH GHVDUUROODQ
QXHYDV SUiFWLFDV S~EOLFDV TXH SRWHQFLDQ XQD LQWHUUHODFLyQ FDGD YH] PiV LJXDOLWDULD
$PEDVGDQOXJDUDODH[WHQVLyQGHOSULQFLSLRGHLJXDOGDG(OVXUJLPLHQWRGHOPHUFDGR
\ GH ODV PDQXIDFWXUDV YD FRQVWLWX\HQGR XQ QXHYR RUGHQ TXH WLHQH HIHFWRV SROtWLFRV
VLJQLILFDWLYRV HQWUH ORV FXDOHV &KDWHOHW GHVWDFD OD GHFDSLWDFLyQ GHO PRQDUFD LQJOpV
LQVWLWXLGRSRUGHUHFKRGLYLQRDPDQRVGHOSXHEORGH/RQGUHV
+D\TXHVXEUD\DUDTXtDGHPiVTXHODULTXH]DFRPLHQ]DDVHUFRQVLGHUDGDHQ
DPEDV pSRFDV FRPR XQ HOHPHQWR GH SUHVWLJLR VRFLDO TXH DO QR VHU SULYDWLYR GH OD
DULVWRFUDFLD FRQWULEX\H D OD PRYLOLGDG VRFLDO \ D OD LJXDODFLyQ 0F/XKDQ \ 3RSSHU
PXHVWUDQ DVLPLVPR TXH WDQWR HQ HO VLJOR GH 3HULFOHV FRPR FRQ ORV LVDEHOLQRV
PRGHUQRV VH KD GHVDUUROODGR XQ FUHFLHQWH LQGLYLGXDOLVPR SDVDQGR GH FRQFHSFLRQHV
FRUSRUDWLYDV\WULEDOHVDFRQFHSFLRQHVLQGLYLGXDOLVWDV\UDFLRQDOHV
/DGHPRFUDWL]DFLyQ\ODGLYXOJDFLyQFUHFLHQWHVIRPHQWDQODLQVWDXUDFLyQGHXQD
QXHYDOHJDOLGDGQRPRV\XQDQXHYDFRQFHSFLyQGHODMXVWLFLDGLNH$QiORJDPHQWH
HQODPRGHUQLGDGVXUJHXQDQXHYDQRFLyQGHODOH\OLJDGDDODQDWXUDOH]DOH\QDWXUDO
\XQDQXHYDLGHDGHODMXVWLFLDLXVQDWXUDOLVPRFRQWUDFWXDOLVPR(QODVGRVpSRFDVVH
SURGXFHXQDWUDQVLFLyQGHVGHXQDOHJDOLGDGDUELWUDULDHPDQDGDGHOPRQDUFDKDFLDXQD
SULPDFtD GH OD OH\ SRU VREUH HO PRQDUFD R HO JRELHUQR (VWH WUiQVLWR HV FODUDPHQWH
SHUFHSWLEOH HQ ORV FXDUHQWD DxRV TXH YDQ GH +REEHV D /RFNH 6ROyQ SURGXMR XQD
GHVSHUVRQDOL]DFLyQGHODMXVWLFLDDOHVWDEOHFHUHOGHUHFKRGHFDGDXQRGHLQWHUYHQLUD
IDYRUGHFXDOTXLHUDTXHKD\DVLGROHVLRQDGR/RFNHSURGXMRODPLVPDWUDQVIRUPDFLyQ
HQHOGHUHFKRPRGHUQRDUJXPHQWDQGRWRPDUSRUIXQGDPHQWRODOH\QDWXUDO
7DQWR OD ILORVRItD DQWLJXD FRPR OD FLHQFLD PRGHUQD JHQHUDQ XQ SURFHVR GH
ODLFL]DFLyQ HQ HO TXH OR VHFXODU \ FRWLGLDQR KDFH LQWHOLJLEOH OR RULJLQDO \

 



&I/RFNH-6HJXQGRHQVD\RVREUHHOJRELHUQRFLYLO7UDGXFFLyQGHOLQJOpVGH&ULVWLQD3LxD(GLWRULDO/D
3iJLQD6$(GLWRULDO/RVDGD6$%XHQRV$LUHV



H[WUDRUGLQDULRLQYLUWLHQGRODUHODFLyQTXHVHGDHQHOPLWR\HQODUHOLJLyQHQODTXH
ORFRWLGLDQRVHLQWHUSUHWDGHVGHORVDJUDGR
9HUQDQW PXHVWUDTXHSDUDFRQVWUXLUODVFRVPRORJtDVQXHYDVORVPLOHVLRVKDQ
XWLOL]DGR ODV QRFLRQHV TXH HO SHQVDPLHQWR PRUDO \ SROtWLFR KDEtD HODERUDGR
SUR\HFWiQGRODVVREUHHOPXQGRQDWXUDO&KDWHOHWVRVWLHQHSRUVXSDUWHTXHODQXHYD
FLHQFLD \D QR VH QXWUH GH OD UHDOLGDG SROtWLFD VLQR GH XQD QXHYD FRQFHSFLyQ GH OD
QDWXUDOH]DSHUR6RKQ5HWKHOKDUHYHODGRFyPRHOFRQMXQWRGHFDWHJRUtDVFRQTXHOD
FLHQFLD ItVLFD PRGHUQD FDSWD OD QDWXUDOH]D IXQFLRQDED HIHFWLYDPHQWH HQ HO DFWR GHO
LQWHUFDPELRVRFLDOGHPHUFDQFtDVDQWHVTXHIXHUDFRPSUHQGLGRFRPRODHVWUXFWXUDGH
ODFLHQFLDItVLFD
/DVQRWDVFDUDFWHUtVWLFDVGHORVSURFHVRVHPHUJHQWHVGHORVFDPELRVSURGXFLGRV
SRU OD HVFULWXUD IRQpWLFD \ OD LPSUHQWD VRQ OD KRPRJHQHLGDG OD XQLIRUPLGDG OD
FRQWLQXLGDG\ODUHSHWLFLyQ&RQODLQYHQFLyQGHODOIDEHWRIRQpWLFRHQODDQWLJHGDG\
GH OD LPSUHQWD HQ OD PRGHUQLGDG DGHPiV VH LQFUHPHQWDQ ODV WHQGHQFLDV D OD
DEVWUDFFLyQ\ODIUDJPHQWDFLyQDODGLYLVLyQ\ODHVSHFLDOL]DFLyQ
8Q UDVJR QRYHGRVR GH OD PRGHUQLGDG TXH SDUHFH QR WHQHU DQWHFHGHQWHV
DQiORJRVHQODDQWLJHGDGJULHJDHVOD PHFDQL]DFLyQGHODQDWXUDOH]D/RVPRGHORV
YLWDOLVWDVGHODDQWLJHGDGVRQUHHPSOD]DGRVSRUVLVWHPDVLQHUWHVVXE\DFHQWHVWDQWRD
OD YLGD RUJiQLFD FRPR D OR LQRUJiQLFR \ VLQ YLGD 2WUR UDVJR GLVWLQWLYR GH OD
PRGHUQLGDGHVHOVXUJLPLHQWRGHODSHUVSHFWLYD\HOGHVDUUROORGHXQSXQWRGHYLVWD
KLVWyULFR$ORVUDVJRVDQWHULRUHV.R\UpDGLFLRQDODLQILQLWXG\GHVFHQWUDOL]DFLyQGHO
XQLYHUVR FRQWUDSRQLpQGROR DO FRVPRV FHQWUDGR \ ILQLWR GHO PXQGR DQWLJXR \ OD
GHVMHUDUTXL]DFLyQ GHO RUGHQ GHO VHU FRPR FRQVHFXHQFLD GH OD JHRPHWUL]DFLyQ GHO
HVSDFLR\ODXQLIRUPL]DFLyQGHOWLHPSR
*DGDPHU UHVXPH ORV UDVJRV GLVWLQWLYRV GH OD FLHQFLD PRGHUQD UHVSHFWR GH OD
ILORVRItD DQWLJXD HQ OD HVSHFLDOL]DFLyQ \ OD UHGXFFLyQ GHO PXQGR D REMHWR GH
GRPLQDFLyQ 7DOHV UDVJRV VH KDFHQ SHUFHSWLEOHV HQ ORV LQWHQWRV GH FRPSUHQVLyQ GHO
FXHUSRODOLEHUWDGODDXWRFRQFLHQFLD\HOOHQJXDMHDXQFXDQGRORVSULPHURVILOyVRIRV
GHODpSRFDPRGHUQDLQWHQWDURQFRQVWUXLUXQDFLHQFLDREMHWLYDFDSD]GHGDUFXHQWDGH
HVWRV IHQyPHQRV .R\Up FRLQFLGH FRQ *DGDPHU HQ TXH GH DTXt VH GHULYD TXH HO




KRPEUH SHUGLHUD VX OXJDU HQ HO PXQGR HQ TXH YLYtD \ SHQVDED \ TXH GHELHUD
VXVWLWXLUOR SRU HO SURSLR PDUFR GH SHQVDPLHQWR SRU OD SURSLD UD]yQ <D +HLGHJJHU
KDEtDVRVWHQLGRTXHHOVXMHWRFRJQRVFHQWHDXWRLPSXHVWRVXE\DFHFRPRIXQGDPHQWR\
FRPRIXQGDPHQWDGRUHQODLPDJHQGHOPXQGRGHODFLHQFLD\GHODWpFQLFDPRGHUQDV
WDQWRFRPRHQHODUWHFRPRHVWpWLFDHQODSpUGLGDGHORVGLRVHVRVHFXODUL]DFLyQGHOD
UHOLJLyQ R HQ HO REUDU GHO KRPEUH FRPR FXOWXUD (VWRV IHQyPHQRV SRQHQ GH
PDQLILHVWRODHVHQFLDGHODpSRFDPRGHUQD
(O FRQFHSWR GH FLHQFLD HQ OD PRGHUQLGDG VH FDUDFWHUL]D SDUD +HLGHJJHU
DGHPiV SRU OR PDWHPiWLFR HV GHFLU SRU OR TXH \D VH FRQRFH DO FRQRFHU <D VHD
GHGXFWLYDPHQWHRLQGXFWLYDPHQWHODFLHQFLD PRGHUQDFRQRFHDQWHVGHFRQRFHU/DV
GRVGLUHFFLRQHVHQHOSURFHVRGHFRQRFLPLHQWRVRQLJXDOPHQWHSRVLEOHV\OHJtWLPDV
\ VXSRQHQ XQD PLVPD PHWDItVLFD /D PLVPD PHWDItVLFD TXH GHILQH DO VHU KXPDQR
FRPRVXMHWRTXHUHSUHVHQWDGHWHUPLQDDODQDWXUDOH]DFRPRREMHWRHLPDJHQ
'XVVHOGHVWDFDXQUDVJRGHODPRGHUQLGDGTXHHVFDSDDODVWHRUtDVHXURSHDVOD
FRQFLHQFLDGRPLQDGRUD\FLYLOL]DGRUDTXHFDUDFWHUL]DDODPHQWDOLGDGGHORVSULPHURV
WLHPSRVGHODPRGHUQLGDG(QRWURVWpUPLQRVSRUSULPHUDYH]VHKDFHPDQLILHVWRHO
FDUiFWHU HXURSHR \ HXURSHRFpQWULFR GH OD QXHYD UD]yQ GH OD QXHYD FLHQFLD \ GHO
QXHYR(VWDGR(O\RSLHQVRFDUWHVLDQRVHxDOD'XVVHOKDVLGRSUHFHGLGRSRUHO\R
FRQTXLVWRGHORVSXHEORVRFFLGHQWDOHVGH(XURSD3HQVDU\FRQTXLVWDUPDQLILHVWDQOD
VXSUHPDFtDGHODYROXQWDG\GHODDFFLyQ
7DQWR HQ 'HVFDUWHV FRPR HQ %DFRQ VH H[SUHVD HO LQWHUpV SRU OD WpFQLFD
PHFiQLFDSRUODPDQLSXODFLyQGHODQDWXUDOH]D\SRUHOGRPLQLRGHODYLGDKDFHUDO
KRPEUHGXHxR\SRVHHGRUGHODQDWXUDOH]D6LQHPEDUJRFRPRREVHUYDQORVDXWRUHV
GH OD (VFXHOD GH )UDQNIXUW HO GRPLQLR GH OD QDWXUDOH]D VH FRPSOHPHQWD FRQ HO
GRPLQLR GH ORV KRPEUHV 7DO YROXQWDG GH GRPLQLR PHGLDGD SRU OD FLHQFLD \ OD
WpFQLFDSRQHQGHPDQLILHVWRODLGHQWLGDGHQWUHHOVDEHU\HOSRGHU
0iV DOOi GH ORV DSRUWHV GH ORV KLVWRULDGRUHV GH ODV LGHDV \ GH OD FXOWXUD HO
DQiOLVLV \OD LQWHUSUHWDFLyQGHORV WH[WRVGH ORVSULPHURV ILOyVRIRV GH OD PRGHUQLGDG
VRQHQVtPLVPRVUHYHODGRUHV/RVILOyVRIRVGHORVSULPHURVVLJORVGHODPRGHUQLGDG
FRPSDUWHQHOVXSXHVWRFUHDFLRQLVWDGHODWUDGLFLyQMXGHRFULVWLDQD \GDQSRUVHQWDGR




TXHHOXQLYHUVRFRQWLHQHXQRUGHQXQDHVWUXFWXUDXQDOHJDOLGDGDODTXHLGHQWLILFDQ
FRQODUD]yQ/DUHDOLGDGHVFRPSUHQVLEOHSDUDODVFDSDFLGDGHVKXPDQDVSRUTXHHVHQ
Vt PLVPDUDFLRQDO \ HVUDFLRQDOSRUTXHHVREUDGH'LRV'LRVKDFUHDGRHOXQLYHUVR
VHJ~QODUD]yQ\KDGRWDGRDORVVHUHVKXPDQRVGHODFDSDFLGDGSDUDFRPSUHQGHU\
FRQRFHU HVD UD]yQ VXE\DFHQWH HQ WRGD UHDOLGDG 6H FRQFLEH D OD UD]yQ KXPDQD HQ
DQDORJtDFRQODUD]yQGLYLQD+REEHVLQFOXVRSLHQVDTXHODUDFLRQDOLGDGGHO(VWDGRHV
FRPSDUDEOHFRQODFUHDFLyQGHOXQLYHUVRFRPRREUDGH'LRV
'HVFDUWHVGHILQHDODUD]yQFRPRODIDFXOWDGGHMX]JDU\GLVWLQJXLUORYHUGDGHUR
GH OR IDOVR \ VRVWLHQH TXH WDO IDFXOWDG HV OD FRVD PHMRU UHSDUWLGD GHO PXQGR \ HV
QDWXUDOPHQWHLJXDOHQWRGRVORVKRPEUHV/DFDSDFLGDGGHOSHQVDPLHQWRHVXQLYHUVDO
\VLUYHGHIXQGDPHQWRSDUDODLJXDOGDG/RVVHUHVKXPDQRVVRQQDWXUDOPHQWHLJXDOHV
SRUTXHWLHQHQLJXDOSRGHUSDUDSHQVDUSRUVtPLVPRV/DVGLIHUHQFLDVVHRULJLQDQQR
HQODIDFXOWDGVLQRHQODDSOLFDFLyQ&RQVHFXHQWHPHQWHSDUDFRQVROLGDUODLJXDOGDGGH
RULJHQHVQHFHVDULRH[WHQGHUODLJXDOGDGDOPpWRGRRDODDSOLFDFLyQ'HVFDUWHVKDFH
S~EOLFR HO PpWRGR TXH KD XWLOL]DGR SDUD TXH FDGD FXDO SXHGD IRUPDU VX MXLFLR
7DPELpQSDUD+REEHVODUD]yQHVODTXHQRVSHUPLWHYDOHUQRVSRUQRVRWURVPLVPRV
HQRSRVLFLyQDODIH\DODDXWRULGDGGHODLJOHVLD7DOHVSHQVDPLHQWRVKDQGDGREDVH
XQVLJORGHVSXpVDODGRFWULQDGHOD,OXVWUDFLyQ
+REEHVDGYLHUWHTXHORVQRPEUHVKRPEUH\UDFLRQDOVRQGHLJXDOH[WHQVLyQ\
PXWXDPHQWHVHFRPSUHQGHQXQRDRWUR\'HVFDUWHVDILUPDTXHOD UD]yQHVOD~QLFD
FRVDTXHQRVGLVWLQJXHGHORVDQLPDOHV
'HODVWUHVFXDOLGDGHVGLVWLQWLYDVGHODUD]yQODLPDJLQDFLyQODPHPRULD\HO
HQWHQGLPLHQWR HV HO HQWHQGLPLHQWR HO TXH SHUPLWH HO FRQRFLPLHQWR OD YHUGDG OD
FLHQFLD \ HO GRPLQLR OD HYLGHQFLD \ OD FHUWH]D /D UD]yQ HV HO QXHYR IXQGDPHQWR
FX\DXQLGDGVHFRUUHVSRQGHFRQODXQLGDGGHORUHDO/DUD]yQFRPRIXQGDPHQWRHV
WDPELpQODEDVHGHODFODULGDGSDUDODGHFLVLyQ\ODDFFLyQ\FRPRGHODVHJXULGDG\
XWLOLGDG SDUD OD YLGD (O XVR FRUUHFWR GH OD UD]yQ LPSOLFD XQD FRUUHFWD PDQHUD GH
SURFHGHUHQWRGRVORViPELWRVGHODYLGD+D\XQDFRKHUHQFLDHQWUHHOPRGRGHSHQVDU
\HOPRGRGHREUDU4XLHQSLHQVDELHQREUDELHQ



/DYHUGDGQRUHTXLHUHGHOFRQVHQVRQLGHODFRVWXPEUHQLGHODWUDGLFLyQQLGH
OD DXWRULGDG QL GH ODV RSLQLRQHV QL GH OD VHQVLELOLGDG QL GH QLQJ~Q SULQFLSLR
KHWHUyQRPR3XHVVLELHQODUD]yQQRQRVGLFHTXHORTXHDVtYHPRVRLPDJLQDPRV
VHDYHUGDGHUR  QRV GLFH TXH WRGDV QXHVWUDV LGHDVR QRFLRQHV GHEHQ WHQHUDOJ~Q
IXQGDPHQWRGHYHUGDG\DTXHODUHDOLGDGHVXQRUGHQUDFLRQDOTXHVyORHVFDSWDEOH
SRUODUD]yQ'HVFDUWHVVXSRQHXQDDQDORJtDHQWUHODUD]yQGHODQDWXUDOH]D\ODUD]yQ
KXPDQDGHDOOtTXHHQODFXDUWDUHJODGHOPpWRGRVRVWHQJDTXH KD\TXHVXSRQHUXQ
RUGHQLQFOXVRHQORTXHQRORWLHQHQDWXUDOPHQWH3RUVXSDUWH+REEHVDILUPDTXHHO
KRPEUHHVODREUDPiVH[FHOVDGHODQDWXUDOH]DSRUVXFDSDFLGDGUDFLRQDO\TXHHODUWH
GHEHLPLWDUDODQDWXUDOH]DFUHDQGRREUDVUDFLRQDOHVVRFLHGDG(VWDGR
%DFRQ VHxDOD TXH KD\ GRV YtDV LJXDOPHQWH UDFLRQDOHV OD LQGXFWLYD \ OD
GHGXFWLYD'HVFDUWHVGDSULPDFtDDODVHJXQGDFXDQGRVHWUDWDGHGDUXQIXQGDPHQWR
ILUPH D OD FLHQFLD SHUR QR GHVHFKD OD VHJXQGD +REEHV VRVWLHQH HO SULQFLSLR
DULVWRWpOLFR TXH DILUPD TXH QDGD KD\ HQ OD UD]yQ TXH QR KD\D HVWDGR DQWHV HQ ORV
VHQWLGRV'HILQHDVtODUD]yQFRPRODIDFXOWDGGHFRPSXWDUUDWLRRFRQWDUHVGHFLU
VXPDU \ UHVWDU OR FXDO QR SXHGH KDFHUVH VLQ OHQJXDMH 3DUD 'HVFDUWHV OD UD]yQ HV
LQQDWDPLHQWUDVTXHSDUD+REEHVVHDOFDQ]DSRUHOHVIXHU]R
/DJHRPHWUtDVHFRQVWLWX\HHQWUHORVJULHJRVFRPRHOPRGHORGHODFLHQFLDD
WDOSXQWRTXH3ODWyQODFRQVLGHUDEDFRPRHOUHTXHULPLHQWRLQHOXGLEOHGHODSUHQGL]DMH
GHODILORVRItDHQOD$FDGHPLD7DPELpQHQODPRGHUQLGDGHORUGHQGHODUD]yQOOHJD
DLGHQWLILFDUVHFRQOR PDWHPiWLFR $VtSDUD*DOLOHRODQDWXUDOH]D HVFRPRXQOLEUR
HVFULWRHQOHQJXDMHPDWHPiWLFR\SDUD+REEHVODUD]yQHVSRUVtPLVPDXQDUD]yQ
VLHPSUHH[DFWDFRPROD$ULWPpWLFDHVXQDUWHFLHUWRHLQIDOLEOH
3RURWURODGRWDQWRHQODDQWLJHGDGFRPRHQODPRGHUQLGDGODPDWHPiWLFDVH
SUHVHQWD FRPR XQD JXtD LQHVWLPDEOH SDUD FRPSUHQGHU HO RUGHQ PLVPR GH OD UD]yQ
WDQWRGHOORJRVFRPRGHODUDWLR/DPDWHPiWLFDSRQHGHPDQLILHVWRHORUGHQPLVPR
GHODUHDOLGDG\SRUWDQWRODFRQGLFLyQGHSRVLELOLGDGGHVXFRQRFLPLHQWR
0LHQWUDVTXH'HVFDUWHVGHVFRQItDGHWRGRVORVVDEHUHVTXHQRVHDMXVWDQDORV
FULWHULRV GH FODULGDG GLVWLQFLyQ \ XWLOLGDG SDUD OD YLGD SURSLRV GH OD QXHYD UD]yQ
+REEHV OOHJD LQFOXVR PiV OHMRV DO FXHVWLRQDU ORV GLVFXUVRV FLHQWtILFRV TXH VH




VXERUGLQDQ DO SRGHU R VRQ FRDUWDGRV SRU pO 1R PH FDEH OD PHQRU GXGD GLFH
+REEHVTXHVLHOWHRUHPDGHTXHORVWUHViQJXORVGHXQWULiQJXORVRQLJXDOHVDGRV
iQJXORVGHXQFXDGUDGRKXELHUDLGRHQFRQWUDGHDOJ~QGHUHFKRGHSURSLHGDGRPHMRU
GLFKRGHOLQWHUpVGHDTXHOORVTXHSRVHHQSURSLHGDGHVHVWDGRFWULQDKDEUtDVLGRVLQR
UHIXWDGDSRUORPHQRVUHSULPLGDPHGLDQWHODTXHPDGHWRGRVORVOLEURVGHJHRPHWUtD
VLHPSUH\FXDQGRORVLQWHUHVDGRVKXELHUDQSRGLGROOHYDUODDFDER
3DUD +REEHV ORV HOHPHQWRV IXQGDPHQWDOHV GH OD UD]yQ VRQ HO RUGHQ \ OD
LQIHUHQFLD GH QRUPDV TXH UHJXOHQ XQ SURFHGLPLHQWR +D\ SRU WDQWR XQD UD]yQ
FRQWHQLGDHQODQDWXUDOH]D\XQDUD]yQFRQVWUXLGDSRUODDFFLyQ\ODVDUWHVKXPDQDV
SRUHODUWLILFLR3HURHOPRGHORGHFLHQFLDSDUD+REEHVVLJXHVLHQGRODJHRPHWUtDOD
>@~QLFDFLHQFLDTXH'LRVVHFRPSODFLyHQFRPXQLFDUDOJpQHURKXPDQR
0iVDOOiGHODVGLYHUJHQFLDVDFHUFDGHVLODUD]yQHVLQQDWDRSURGXFLGDSRUHO
HVIXHU]R 'HVFDUWHV \ +REEHV FRLQFLGHQ HQ OD LPSRUWDQFLD GHO OHQJXDMH \ HQ OD
QHFHVLGDGGHSDUWLUGHSULQFLSLRVFODURV\VHJXURVHQODFRQVWUXFFLyQGHODFLHQFLD(O
OHQJXDMHHVHOOXJDUGHODYHUGDGVyORODVSURSRVLFLRQHVVRQYHUGDGHUDVRIDOVDVQR
ODVFRVDVRODUHDOLGDG
)LQDOPHQWHHVWDPRVHQFRQGLFLRQHVGHKDFHUXQDHYDOXDFLyQGHORVUHVXOWDGRV
GHODSUHVHQWHLQYHVWLJDFLyQ6HKDDYDQ]DGRVXEVWDQFLDOPHQWHHQODFRQVROLGDFLyQGH
QXHVWUD KLSyWHVLV LQLFLDO TXH VRVWLHQH OD PXWXD FRUUHVSRQGHQFLD GH ORV FRQFHSWRVGH
UD]yQ FLHQFLD \ GHPRFUDFLD VXUJLGRV D FRPLHQ]RV GH OD pSRFDPRGHUQDGH PDQHUD
DQiORJD D FRPR 9HUQDQW PRVWUy OD FRUUHVSRQGHQFLD GH ODV QRFLRQHV GH ORJRV
JHRPHWUtD\SROLVHQORVRUtJHQHVGHOSHQVDPLHQWRJULHJRDQWLJXR(VWHVRORUHVXOWDGR
HVXQDYDQFHVLJQLILFDWLYRHQODFRPSUHQVLyQGHODpSRFDPRGHUQD\DSRUWDHOHPHQWRV
SDUDODGLVFXVLyQFRQWHPSRUiQHDVREUHODFULVLV\HOILQGHGLFKDpSRFD7DOHVGHEDWHV
KDQ GDGR SLH DO VXUJLPLHQWR \ D OD FRQVROLGDFLyQ GH ODV OODPDGDV ILORVRItDV
SRVWPRGHUQDV\D\XGDQDUHGHILQLUHOSDSHOGHODVFLHQFLDVVRFLDOHV\SROtWLFDVHQOD
DFWXDOFR\XQWXUD
3RU ~OWLPR GHEHPRV PHQFLRQDU XQ GpILFLW GHO SUHVHQWH WUDEDMR TXH HV HO
GHVDUUROOR LQVXILFLHQWH GHO DQiOLVLV GHO SHQVDPLHQWR GH /RFNH \ OD DXVHQFLD GH XQ
 


+REEHV7S



DXWRUFHQWUDOGHOVLJOR;9,,FRPR%6SLQR]D6XJHULPRVHQHVWHVHQWLGRXQFDPLQR
IUXFWtIHUR GH LQYHVWLJDFLyQ IXWXUR TXH SRGUtD FRQILUPDU \ SURIXQGL]DU ODV
FRQFOXVLRQHVSDUFLDOHVDODVTXHKHPRVDUULEDGR



%LEOLRJUDItD

%DFRQ)(QVD\RVVREUHPRUDO\SROtWLFD0p[LFR81$0
%DFRQ)1RYXP2UJDQXP%XHQRV$LUHV(GLWRULDO/RVDGD
%DXPDQ=+HUPHQpXWLFD\FLHQFLDVVRFLDOHV%XHQRV$ULHV1XHYD9LVLyQ
%HUJHU 3/XFNPDQQ 7K /D FRQVWUXFFLyQ VRFLDO GH OD UHDOLGDG %XHQRV $LUHV
$PRUURUWX(GLWRUHVXQGpFLPDUHLPSUHVLyQ
%HUPDQ 0 7RGR OR VyOLGR VH GHVYDQHFH HQ HO DLUH /D H[SHULHQFLD GH OD
PRGHUQLGDG6LJOR;;,%XHQRV$LUHV
%REELR1RUEHUWR7KRPDV+REEHV)&(0p[LFR
&DPSDQHOOD7/D3ROtWLFD$OLDQ]D0DGULG
&DVXOOR10RGHUQLGDG\FXOWXUDFUtWLFD%XHQRV$LUHV3DLGyV
&KDWHOHW)8QDKLVWRULDGHODUD]yQFRQYHUVDFLRQHVFRQePLOH1RHO9DOHQFLD3UH
7H[WRV
&ODVWUHV 3 ,QYHVWLJDFLRQHV HQ DQWURSRORJtD SROtWLFD WUDGXFFLyQ GH (VWHOD 2FDPSR
(GLWRULDO*HGLVDDHGLFLyQ%DUFHORQD
'HOHX]H*(QWUHYLVWDFRQ7RQL1HJULUHSURGXFLGDHQHO0DJD]LQGRPLQLFDOGH(O
(VSHFWDGRU1GH%RJRWi&RORPELD
'HVFDUWHV5'LVFXUVRGHOPpWRGR0DGULG7HFQRV
'HVFDUWHV 5 'LVFXUVR GHO 0pWRGR 7UDGXFFLyQ GH - 5RYLUD $UPHQJRO %XHQRV
$LUHV(GLWRULDO/RVDGD
'HVFDUWHV5'LVFXUVRGHOPpWRGRWUDGXFFLyQGH0DQXHO*DUFtD0RUHQWH(GLWRULDO
$XVWUDO0DGULG
'HVFDUWHV 5HQp 2EUDV HVFRJLGDV YHUVLyQ FDVWHOODQD GH ( GH 2ODVR \ 7 =ZDQFN
%XHQRV$LUHV(GLWRULDO6XGDPHULFDQDGDHGLFLyQ
'XVVHO

(

(XURSD

PRGHUQLGDG

\

HXURFHQWULVPR

HQ

KWWSDUOLEURVGXVVHODUWLFVHXURSDSGI
(WFKHJDUD\5*DUFtD3,QWURGXFFLyQDODILORVRItDDWUDYpVGHVXKLVWRULD/D3ODWD
(GLFLRQHV$O0DUJHQ



)RXFDXOW 0 8Q GLiORJR VREUH HO SRGHU $OLDQ]D (GLWRULDO %XHQRV $LUHV VHJXQGD
HGLFLyQF
)RXFDXOW09LJLODU\FDVWLJDU%XHQRV$LUHV6LJOR;;,
*DGDPHU+*(OLQLFLRGHODVDELGXUtD%DUFHORQD3DLGyV
*DGDPHU +* 9HUGDG \ 0pWRGR , WUDGXFFLyQGH $QD $JXG $SDULFLR \ 5DIDHO GH
$JDSLWR6DODPDQFD(GLFLRQHV6tJXHPH
*DGDPHU +DQV*HRUJ (O SUREOHPD GH OD FRQFLHQFLD KLVWyULFD 0DGULG (GLWRULDO
7HFQRV
*HHUW]&OLIIRUG/DLQWHUSUHWDFLyQGHODVFXOWXUDV%DUFHORQD(GLWRULDO*HGLVD

*UDPVFL$1RWDVVREUH0DTXLDYHORVREUHODSROtWLFD\VREUHHO(VWDGRPRGHUQR
1XHYD9LVLyQ%XHQRV$LUHV
*URQGRQD0/RVSHQVDGRUHVGHODOLEHUWDG%XHQRV$LUHV(GLWRULDO6XGDPHULFDQD

+DEHUPDV - (O GLVFXUVR ILORVyILFR GH OD PRGHUQLGDG YHUVLyQ FDVWHOODQD GH 0DQXHO
-LPpQH]5HGRQGR$JXLODU$OWHV7DXUXV$OIDJXDUD6$GHHGLFLRQHV%XHQRV$LUHV

+DEHUPDV-7HRUtD\SUD[LV0DGULG7HFQRV
+DEHUPDV - &LHQFLD \ WpFQLFD FRPR LGHRORJtD HQ &LHQFLD \ WpFQLFD FRPR
LGHRORJtDFRPSYHUVLyQFDVWHOODQDGH0DQXHO-LPpQH]5HGRQGR0DGULG7HFQRV

+DEHUPDV-&RQRFLPLHQWRHLQWHUpV0DGULG7DXUXV
+HJHO*:))HQRPHQRORJtDGHO(VStULWX)RQGRGH&XOWXUD(FRQyPLFD0p[LFR

+HLGHJJHU0&DPLQRVGH%RVTXH+RO]ZHJHGHODUWtFXOR/DpSRFDGHODLPDJHQ
GHO PXQGR YHUVLyQ HVSDxROD GH +HOHQD &RUWpV \ $UWXUR /H\WH 0DGULG $OLDQ]D
(GLWRULDO
+HLGHJJHU0&RQIHUHQFLDV\DUWtFXORV(GLFLRQHVGHO6HUEDO%DUFHORQD



+HLGHJJHU 0 /D pSRFD GH OD LPDJHQ GHO PXQGR HQ +HLGHJJHU 0 6HQGDV
SHUGLGDVWUDGXFFLyQGH-5RYLUD$UPHQJRO(GLWRULDO/RVDGD%XHQRV$LUHVVHJXQGD
HGLFLyQ
+HLGHJJHU06HQGDVSHUGLGDV%XHQRV$LUHV(GLWRULDO/RVDGD
+HLQH+2EUDV%DUFHORQD9HUJDUD
+REEHV 7 /HYLDWiQ R OD PDWHULD IRUPD \ SRGHU GH XQD UHSXEOLFD HFOHVLiVWLFD \
FLYLOWUDGXFFLyQ\SUHIDFLRGH0DQXHO6iQFKH]6DUWR)RQGRGH&XOWXUD(FRQyPLFD
0p[LFRWHUFHUDUHLPSUHVLyQ
+REEHV7/HYLDWiQWUDGXFFLyQGH$(VFRKRWDGR0DGULG(GLWRUD1DFLRQDO
+RUNKHLPHU 0D[ +LVWRULD PHWDItVLFD \ HVFHSWLFLVPR WUDGXFFLyQ GH 0DUtD GHO
5RVDULR=XUUR0DGULG$OLDQ]D(GLWRULDO
.RVHOOHFN 5*DGDPHU +* +LVWRULD \ KHUPHQpXWLFD %DUFHORQD 3DLGyV
,&(8$%
.R\Up$'HOPXQGRFHUUDGRDOXQLYHUVRLQILQLWRHGLFLyQ7UDGXFFLyQGH&DUORV
6ROtV6DQWRV6LJORYHLQWLXQRHGLWRUHV0DGULG
.R\Up$OH[DQGUH(VWXGLRVGHKLVWRULDGHOSHQVDPLHQWRFLHQWtILFR0p[LFR6LJOR;;,

/D%RpWLH((OGLVFXUVRGHODVHUYLGXPEUHYROXQWDULDWUDGXFFLyQGH7RQL9LFHQV
7XVTXHWV(GLWRUHV%DUFHORQD
/DERXUGHWWH63ROtWLFD\SRGHU3UREOHPDVGHWHRUtDVRFLDO\SROtWLFD$=(GLWRUD
%XHQRV$LUHV
/DFODX(/DUD]yQSRSXOLVWD%XHQRV$LUHV)&(
/HIRUW&/DLQYHQFLyQGHPRFUiWLFD1XHYD9LVLyQ%XHQRV$LUHV
/HIRUW & (QVD\RV VREUH OR SROtWLFR (GLWRULDO 8QLYHUVLGDG GH *XDGDODMDUD
*XDGDODMDUD
/RFNH-6HJXQGR(QVD\RVREUHHOJRELHUQRFLYLOLQWURGXFFLyQVHOHFFLyQ\QRWDVGH
(UQHVWR3RQFH(GLFLRQHV1XHYRPDU0p[LFRSULPHUDHGLFLyQ
/XNDFGH6WLHU0(OIXQGDPHQWRDQWURSROyJLFRGHODILORVRItDSROtWLFD\PRUDOHQ
7KRPDV+REEHV('8&$%XHQRV$LUHV



0DGDQHV / (O iUELWUR DUELWUDULR +REEHV 6SLQR]D \ OD OLEHUWDG GH H[SUHVLyQ
%XHQRV$LUHV(XGHED
0DF3KHUVRQ & /D GHPRFUDFLD OLEHUDO \ VX pSRFD WUDGXFFLyQ GH ) 6 )RQWHOD
%XHQRV$LUHV$OLDQ]D8QLYHUVLGDG
0DTXLDYHOR1'LVFXUVRVVREUHODVGpFDGDVGH7LWR/LYLRHQ2EUDVSROtWLFDV%XHQRV
$LUHV(GLWRULDO3RVHLGyQ
0DTXLDYHOR1(OSUtQFLSH0DGULG(GLFLRQHV,EpULFDV
0DUWtQH]0DU]RD)HOLSH+LVWRULDGHODILORVRItD0DGULG
0D\HU-37UD\HFWRULDGHOSHQVDPLHQWRSROtWLFR0p[LFR)&(
0F/XKDQ0/DJDOD[LD*XWHQEHUJ0DGULG(GLWRULDO$JXLODU
0HORVVL'DULR(O(VWDGRGHOFRQWUROVRFLDO0DGULG6LJOR;;,
0RUR 7 8WRStD ,QWURGXFFLyQ \ QRWDV GH &DUORV 6DQWLDJR (GLFLRQHV 1XHYRPDU
0p[LFR
0RXIIH&(OUHWRUQRGHORSROtWLFR%DUFHORQD3DLGyV
0XPIRUG / 7pFQLFD \ FLYLOL]DFLyQ WUDGXFFLyQ GH $]QDU GH $FHYHGR 0DGULG
$OLDQ]D(GLWRULDOUDHGLFLyQ
1LHW]VFKH ) ) 6REUH YHUGDG \ PHQWLUD HQ VHQWLGR H[WUDPRUDO 7HFQRV 0DGULG

1LHW]VFKH)*HQHDORJtDGHODPRUDO$OLDQ]D%XHQRV$LUHV
3RSSHU./DVRFLHGDGDELHUWD\VXVHQHPLJRV%DUFHORQD(GLWRULDO3ODQHWD$JRVWLQL
YRO~PHQHV
5DQFLqUH-(OGHVDFXHUGR3ROtWLFD\)LORVRItD%XHQRV$LUHV1XHYD9LVLyQ
5LFRHXU 3 ,GHRORJtD \ XWRStD WUDGXFFLyQ GH $ %L[LR (GLWRULDO *HGLVD 0p[LFR

5LFRHXU3'HOWH[WRDODDFFLyQ%XHQRV$LUHV)&(
5RUW\5&RQWLQJHQFLDLURQtD\VROLGDULGDG%DUFHORQD(GLWRULDO3DLGyV
6DELQH*+LVWRULDGHODVLGHDVSROtWLFDV0p[LFR)&(
6LOYHUVWHLQ(/RVDVDOWDQWHVGHFDPLQRV%XHQRV$LUHV&DUORV3pUH](GLWRU
6RKQ5HWKHO$,QWHOOHFWXDODQGPDQXDOODERU/RQGUHV
6KHOOH\0:)UDQNHQVWHLQRHOPRGHUQR3URPHWHR$OLDQ]D0DGULG




6SLQR]D%eWLFD0p[LFR%XHQRV$LUHV)&(
6WHYHQVRQ5/'U-HN\OO 0U+\GH$OLDQ]D%XHQRV$LUHV
6WUDXVV /&URSVH\ - FRPSLODGRUHV +LVWRULD GH OD ILORVRItD SROtWLFD 0p[LFR
)&(
7RXUDLQH$&UtWLFDGHODPRGHUQLGDG0DGULG(GLFLRQHV7HPDVGH+R\
9HUQDQW -3 /RVRUtJHQHV GHO SHQVDPLHQWR JULHJR %XHQRV$LUHV (XGHED VpSWLPD
HGLFLyQ
=HLWOLQ , ,GHRORJtD \ WHRUtD VRFLROyJLFD WUDGXFFLyQ GH 1pVWRU 0tJXH] $PRUURUWX
HGLWRUHV%XHQRV$LUHVWHUFHUDHGLFLyQ
LHN6(OHVSLQRVRVXMHWR%XHQRV$LUHV3DLGyV
LHN 6 3RUTXH QR VDEHQ OR TXH KDFHQ (O JRFH FRPR XQ IDFWRU SROtWLFR %XHQRV
$LUHV(GLWRULDO3DLGyV
LHN6(OVXEOLPHREMHWRGHODLGHRORJtD0p[LFR6LJOR;;,







1RWDVILQDOHV
 

D
 'LFKD DILUPDFLyQ GH FDUiFWHU DXJXUDO OD SURQRVWLFDFLyQ GH XQ QHJUR SRUYHQLU ELHQ SRGUtD VHU
FRQWHPSODGD FRPR VLJXH OR SURIpWLFR OR WHUULEOH LQPLQHQWH OR DODUPDQWH GH GLFKR SiUUDIR VyOR QRV
LPSUHVLRQD FRQ WDOHV UDVJRV SRU OD UHWyULFD PXVLFDO GH ODV SDODEUDV SHUR HVWR OR FRPSDUWH FRQ FXDOTXLHU
VHQWHQFLDRUDFXODUHQ'HOIRVHQHOIRQGR\DXQTXHGHEDPRVDGPLWLUWULVWHPHQWHTXHWDPELpQKR\WLHQHQVX
UHDOLGDG\PXFKRPD\RUVRODPHQWHHQORTXHDWDxHDODSHOLJURVLGDGGHODWpFQLFDSRGHPRVQRVRWURVPLVPRV
UHIHULUODVDOSUHVHQWHGH+HLGHJJHUYDOHGHFLUFRQYHUWLUORTXHSUHVXPHGHDXJXULRIXWXURVLORSUHVXPHHQ
SUHVHQWHHIHFWLYRWRPDUORTXHVHQRVDUURMD\UHODQ]DUORDODVPLVPDVPDQRVGHVGHODVTXHSURYLQRVREUH
WRGRSRUHOGDWRFURQROyJLFRGHTXHODFRQIHUHQFLDIXHSURQXQFLDGDHQMXQLRGHO\SRUHMHPSOR3ULPR
/HYLIXHFRQILQDGRGHODYLGDHQHOFDPSRHQGLFLHPEUHGHODVyORFLQFRDxRVGHGLVWDQFLD<KDFHIDOWD
UHFRUGDUWRGDODDULWPpWLFD\JHRPHWUtDUDFLRQDOGHOWHUURUHPSOHDGRVDOOtHQORVFDPSRVQD]LVODSUHFLVLyQ
\HOFiOFXORHQVXVSUR\HFWRVGHH[WHUPLQLRLQLFLDGRVDXQDQWHVGHO"
&RQ WRGR HVWR QR REVWDQWH VH TXLHUH UHWRPDU OD DFWXDOLGDG GHO FLWDGR SiUUDIR KR\ OD H[WHUPLQDFLyQ GH
PLOHVGHSHUVRQDVVHRSHUDWDPELpQEDMRODIRUPDGHOD XQLIRUPLGDGFDVLFRPRVLVHKXELHVHRSHUDGRXQD
IXVLyQ KtEULGD HQWUH OD LGHD GHO (VWDGR &RVPRSROLWD NDQWLDQR \ OD YLVLyQ GLDOpFWLFD GHO (VStULWX $EVROXWR
KHJHOLDQR SRU OD WpFQLFD SDUHFHUtD FRPR VL WRGRV ORV (VWDGRV ORJUDVHQ HO PLVPR GHVHQYROYLPLHQWR HQ OD
KLVWRULDFRQXQPDUFDGR WHPSRQR\D~QLFDPHQWH HOSUXVLDQRGH+HJHODTXtSUREDEOHPHQWH VyORTXHGHQ
H[FOXLGRVGHODFRQVLGHUDFLyQHOIULFD\XQDSDUWHGH$VLD<GLJRSRUODWpFQLFD\SRUORWDQWRWDPELpQSRU
ODHFRQRPtDGHOGHVDUUROORLPSRUWDFLyQH[SRUWDFLyQPHUFDGRVFRPXQHVPRQHGDVFRPXQHVDSHVDUGHTXH
HOFRVPRSROLWLVPRTXHKXELHVHPHQWDGR.DQWUHILULHVHSULPRUGLDOPHQWHDODXQLYHUVDOLGDGGHOGHUHFKR\GHO
LPSHUDWLYR PLHQWUDV TXH KR\ HO DFXHUGR MXUtGLFR VH OLPLWH DFDVR DO DFXHUGR HFRQyPLFR GLVXHOWR HO FXDO
DFDED WDPELpQ DTXpO PDV VLHQGR UHHPSOD]DGR SRU XQR QXHYR /D WpFQLFD FRPR IRUPD R FDWHJRUtD GH
SHQVDPLHQWR \ OD WpFQLFD FRPR HPSUHVD GHVDUUROOR \ GHVHQYROYLPLHQWR FRQ OR WHFQROyJLFR FRPR PHGLR
LQVWUXPHQWR HQ HVWR VH IXQGDPHQWD \ DGTXLHUH VX MXVWLILFDFLyQ OD H[LVWHQFLD GH FXDOTXLHU IRUPD GH
RUJDQL]DFLyQVRFLDO\VLSXGLHUDOOHJDUDGDUVHXQDYDULDQWHH[WUDWHFQROyJLFDFXDOTXLHUUHVWRDUTXHROyJLFR
GHODKLVWRULDGHOHVStULWXFRPRORVRQODVWULEXVDXWyFWRQDVWHQGUiTXHVHUUHDEVRUELGR\GLVXHOWRHQOR8QR
VL HV TXH WLHQH SUHWHQVLRQHV GH VHJXLU H[LVWLHQGR 6H WUDWD GHO YLHMR MXHJR GH VXEVXPLU OD GLIHUHQFLD HQ OD
LGHQWLGDG \ QR PHUDPHQWH ODV GLIHUHQFLDV HQ HO RUGHQ GH ODV FRVPRYLVLRQHV GH ODV FUHDFLRQHV \
QHFHVLGDGHV GH GLVSHUVLyQ GHO HVStULWX GHO rWKRV HQ FXDQWR PRGDOLGDG HQ \ FRQ OD TXH VH VRVWLHQH OD
H[LVWHQFLD VLQR HQ OD H[LVWHQFLD PDWHULDO PLVPD HO EtRV H LQFOXVR WRGDYtD PiV OD ]Rp 8QD YH] TXH OD
WpFQLFD OOHJD KDFLD OR PiV SURIXQGR FXDQGR VH KD FRQYHUWLGR HQ XQD VHJXQGD QDWXUDOH]D \ DOFDQ]D D
GHVFHQGHU \ WUDVWRFDU OR TXH %DFRQ OODPDUtD HO VHFUHWR VDQWXDULR GH OD QDWXUDOH]D HQ FXDQWR ILJXUD GH OD
YLGD]RpDKtHVGRQGHVHKDDOFDQ]DGRODPi[LPDVXEVXQVLyQDOR8QR\HQWRQFHV\DQRVHGDXQPHUR
FRQIOLFWRGHFRVPRYLVLRQHVVLQRTXHORGLIHUHQWHORDOWHUQDWLYRTXHTXLHUDWHQVLRQDUFRQHVH VWDWXVTXR
QRWLHQHDKRUDTXHWHQHUEDMRHOEUD]RXQDRWUDYLVLyQHLQPDQHQWL]DFLyQGHODYLGD"SXHVGHORFRQWUDULR
QR HVWDUtD SODQWHDQGR XQD GLVFXVLyQ HQ HO PHUR iPELWR GHO rWKRV PLHQWUDV TXH HQ HO GH OD ]Rp R OR TXH
SXHGHSURQXQFLDUVHDVtHQFDGDSDVRGHVXTXHKDFHUFRWLGLDQRVLJXHSHUPDQHFLHQGRDMHQRDVtPLVPR"6yOR
XQD SRVLELOLGDG OD GHO FKRTXH FRQWHPSRUiQHR GH IXHU]DV RWUD FRPR SRU HMHPSOR OD QLHW]VFKHDQD OD
FRQVXPDFLyQ HO OOHYDU DO H[WUHPR \ RFDVR OR TXH VH TXLHUH WUDVWRFDU SDUD SDVDU DO RWUR ODGR VHJ~Q OD
VHQWHQFLDGH=DUDWKXVWUD
0DQWHQJiPRQRVWRGDYtD HQODVFRQVLGHUDFLRQHV GHQWURGHODVLWXDFLyQSURQRVWLFDGDSRU+HLGHJJHUHQHO
SUREOHPD GH OD WpFQLFD \ HO PDQHMR GH OD YLGD ]Rp FRPR VHJXQGD QDWXUDOH]D FRPR SUREOHPD \ FRPR
PDQLIHVWDFLyQGHXQTXHUHUKXPDQR(OSUREOHPDGHODJHQpWLFD\GHODFORQDFLyQQRLQFXPEHVRODPHQWHDO
VHUKXPDQRGHKHFKRWRGD LQYHVWLJDFLyQSRUFXHVWLRQHVGHpWLFD FRPLHQ]D HQ\ FRQORVDQLPDOHVVyOR
GHVSXpV XQD YH] TXH HVWDPRV VHJXURV R OR TXH YLHQH D VHU OXHJR GH DQDOL]DGRV XQ Q~PHUR ILQLWR GH
FDVRV VH HIHFW~D HO VDOWR LQGXFWLYR KDFLD OR JHQHUDO \ JHQHUDOPHQWH HO VDOWR VH VXHOH GDU VHJ~Q HO Q~PHUR
ILQLWRGHELOOHWHVTXHVHSRQJDQHQMXHJRVyORGHVSXpVGHFtDPRVVHSDVDDORVKXPDQRV$KRUDELHQHV
HVWRXQDQRYHGDG"4XL]iVtORVHDHQODSUk[LVSHURQRHQHOTXHUHUHQHOGHVHRGHOKRPEUH\HQWRQFHVGH
DTXtGHEHUtDPRVUHIOH[LRQDUDFHUFDGHOVtQWRPD1LHW]VFKHGHODPRGHUQLGDG\ODFRQWHPSRUDQHLGDGTXHVH
UHYHODGHWUiVGHHVHTXHUHU
E
4XLVLpUDPRVILQDOL]DUFRQGRVUHIOH[LRQHV$UULEDKHPRVFRPHQWDGRDFHUFDGHOSRHPDGH6DGH/DYHUGDG
GLFKR SRHPD IXH FRQIHFFLRQDGR SRU HO DXWRU FRQ HO VLJXLHQWH WtWXOR SDUD DKX\HQWDU VLQ GXGD D ORV
LQTXLVLGRUHV/DYpULWpSLH]DHQFRQWUDGDHQWUHORVSDSHOHVGH/D0HWWULH(QHOFLWDGRSRHPDDGHPiVGHO
YRFDEXODULRVLHPSUHXVXDOHQHO0DUTXpVGH6DGHHQFRQWUDPRVDOJXQDVFRQVLGHUDFLRQHVGHWLSRPDWHULDOLVWD
VLQGXGDLQVSLUDGDVHQDOJ~QFRQRFLPLHQWRGHDTXpORWURDXWRUIUDQFpV



    


$FDVRQHFHVLWRGHO'LRVDEMXUDGRSRUPLVDEHU
3DUDFRPSUHQGHUODVDOH\HVGHODQDWXUDOH]D"
(QHOODWRGRVHHVWUHPHFH\VXVHQRFUHDGRU
$FW~DDFDGDLQVWDQWHVLQD\XGDGHPRWRU
$FDVRJDQRDOJRFRQHVDGREOHFRQIXVLyQ"
$FDVRHVWH'LRVH[SOLFDHORULJHQGHOXQLYHUVR"
6LpOFUHDKDVLGRFUHDGR\DVtVLHPSUH
&I0GH6DGH/DYHUGDG/DYpULWpHGLFLyQELOLQJXH
$WXHO$QIRUD%V$V

$TXt HVWDPRV DQWH OD FUtWLFD PLVPD GHO RULJHQ FRPR IXQGDPHQWR SHUR DXQ PiV HQ WDQWR TXH HO SURSLR
6DGH UHILHUH D /D 0HWWULH TXLVLHUD FRQFOXLU FRQ XQD FLWD VX\D GH (O KRPEUH PiTXLQD  TXH
SUREOHPDWL]DODPLVPDFXHVWLyQHLQFOXVRUHFRUGiQGRQRVDIXWXURVDUJXPHQWRVGH)HXHUEDFK\1LHW]VFKH
SRUTXH DXQTXH HO WtWXOR PLVPR QRV UHFXHUGD DO PHFDQLFLVPR GH 'HVFDUWHV DTXt HQ PHGLR GH FXHVWLRQHV
DQDOtWLFDVTXHQRREVWDQWHVRQFUtWLFDVGHOFDUWHVLDQLVPRSRU KDEHUVHSDUDGRGRVVXVWDQFLDVHQ HOKRPEUH
ODQ]DXQDIUDVHSRUGHPiV DWUD\HQWH FRPRIXHUDGH FRQWH[WR\ FRQFLHUWRWLQWH SHVLPLVWD1RKHPRV VLGR
KHFKRVRULJLQDULDPHQWHSDUDVHUKRPEUHVGHFLHQFLDKHPRVOOHJDGRDVHUORTXL]iVSRUXQDEXVRGHQXHVWUDV
IDFXOWDGHVRUJiQLFDV\HOORDFRVWDGH(VWDGRHOFXDOPDQWLHQHXQDPXOWLWXGGHKROJD]DQHVTXHODYDQLGDGD
DGRUQDGR FRQ HO QRPEUH GH ILOyVRIRV >@ 4XLpQ VDEH SRU RWUD SDUWH VL OD UD]yQ GH OD H[LVWHQFLD GHO
KRPEUH QR HVWDUi HQ OD H[LVWHQFLD PLVPD" 4XL]i KD VLGR DUURMDGR DO D]DU HQ XQ SXQWR GH OD VXSHUILFLH
WHUUHVWUHVLQTXHSXHGD VDEHUHOFyPRQLHO SRUTXpVLQRVRODPHQWHTXHGHEH YLYLU\PRULU VHPHMDQWH D
HVRVKRQJRVTXHDSDUHFHQGHXQGtDDRWUR>@1RVHVDEVROXWDPHQWHLPSRVLEOHUHPRQWDUQRVDORULJHQGHODV
FRVDV&IGH/D0DWWULH-2(OKRPEUHPiTXLQD(XGHED%XHQRV$LUHV
F
 +D\ TXH HPSH]DU SRU FRQILUPDU ORV DQiOLVLV DQWHULRUHV WRPDQGR HO HMHPSOR GH XQ FRQFHSWR ILORVyILFR
UXEULFDGRHQWUHORVPiVIDPRVRVHOFRJLWRFDUWHVLDQRHO<RGH'HVFDUWHVXQFRQFHSWRGH\R(VWHFRQFHSWR
SRVHHWUHVFRPSRQHQWHVGXGDUSHQVDUVHUQRKD\TXHOOHJDUDODFRQFOXVLyQGHTXHWRGRVORVFRQFHSWRVVRQ
WULSOHV (O HQXQFLDGR WRWDO GHO FRQFHSWR FRPR PXOWLSOLFLGDG HV \R SLHQVR OXHJR \R H[LVWR R PiV
FRPSOHWR \R TXH GXGR \R SLHQVR \R VR\ \R VR\ XQD FRVD TXH SLHQVD (V HO DFRQWHFLPLHQWR VLHPSUH
UHQRYDGRGHOSHQVDPLHQWRWDOFRPRORFRQFLEH'HVFDUWHV(OFRQFHSWRVHFRQGHQVDHQHOSXQWR<TXHSDVD
SRUWRGRVORVFRPSRQHQWHV\HQHOTXHFRLQFLGHQ<
GXGDU<

SHQVDU<

VHU/RVFRPSRQHQWHVFRPR
RUGHQDGDVLQWHQVLYDVVHFRORFDQHQODV]RQDVGHSUR[LPLGDGRGHLQGLVFHUQLELOLGDGTXHKDFHQTXHVHSDVHGH
XQDDRWUD\TXHFRQVWLWX\HQVXLQGLVROXELOLGDGXQDSULPHUD]RQDHVWiHQWUHGXGDU\SHQVDU\RTXHGXGRQR
SXHGRGXGDUGHTXHSLHQVR\ODVHJXQGDHVWiHQWUHSHQVDU\VHUSDUDSHQVDUKD\TXHVHU/RVFRPSRQHQWHV
VHSUHVHQWDQHQHVWHFDVRFRPRYHUERVSHURQRWLHQHSRUTXpVHUXQDQRUPDEDVWDFRQTXHVHDQYDULDFLRQHV
(QHIHFWRODGXGDFRPSRUWDXQRVPRPHQWRVTXHQRVRQODVHVSHFLHVGHXQJpQHURVLQRODV IDVHVGHXQD
YDULDFLyQGXGDVHQVLEOHFLHQWtILFDREVHVLYD$VtSXHVWRGRFRQFHSWRSRVHHXQHVSDFLRGHIDVHVDXQTXHVHD
GHXQPRGRGLVWLQWRTXHHQODFLHQFLD/RPLVPRVXFHGHFRQORVPRGRVGHSHQVDPLHQWRVHQWLULPDJLQDU
WHQHULGHDV<ORPLVPRWDPELpQFRQORVWLSRVGHVHUREMHWRRVXVWDQFLDHOVHULQILQLWRHOVHUSHQVDQWHILQLWR
HOVHUH[WHQVR/ODPDODDWHQFLyQTXHHQHVWH~OWLPRFDVRHOFRQFHSWRGHO\RWDQVyORUHWHQJDODVHJXQGDIDVH
GHOVHU\GHMHDOPDUJHQ HOUHVWRGHODYDULDFLyQ3HURpVWDHVSUHFLVDPHQWHODVHxDOGHTXHHOFRQFHSWRVH
FLHUUDFRPRWRWDOLGDGIUDJPHQWDULDFRQ\RVR\XQDFRVDSHQVDQWHVyORVHSRGUiSDVDUDODVGHPiVIDVHV
GHOVHUDWUDYpVGHXQRVSXHQWHVHQFUXFLMDGDTXHQRVFRQGX]FDQDRWURVFRQFHSWRV'HHVWHPRGRHQWUHPLV
LGHDV WHQJR OD LGHD GH LQILQLWR HV HO SXHQWH TXH FRQGXFH GHO FRQFHSWR GH \R DO FRQFHSWR GH 'LRV QXHYR
FRQFHSWR TXH D VX YH] SRVHH WUHV FRPSRQHQWHV TXH IRUPDQ ODV SUXHEDV GH OD H[LVWHQFLD GH 'LRV FRPR
DFRQWHFLPLHQWR LQILQLWR HQFDUJiQGRVH OD WHUFHUD SUXHED RQWROyJLFD GHO FLHUUH GHO FRQFHSWR SHUR WDPELpQ
WHQGLHQGR D VX YH] XQ SXHQWH R XQD ELIXUFDFLyQ KDFLD XQ FRQFHSWR GH DPSOLWXG HQ WDQWR TXH JDUDQWL]D HO
YDORUREMHWLYRGHYHUGDGGHODVGHPiVLGHDVFODUDV\GLVWLQWDVTXHWHQHPRV'HOHX]H**XDWWDUL)4Xp
HVODILORVRItD"%DUFHORQD$QDJUDPDSS




Buy your books fast and straightforward online - at one of worlds

fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.

Buy your books online at

www.get-morebooks.com
Compre sus libros rpido y directo en internet, en una de las
libreras en lnea con mayor crecimiento en el mundo! Produccin
que protege el medio ambiente a travs de las tecnologas de
impresin bajo demanda.

Compre sus libros online en

www.morebooks.es
VDM Verlagsservicegesellschaft mbH
Heinrich-Bcking-Str. 6-8
D - 66121 Saarbrcken

Telefon: +49 681 3720 174

Telefax: +49 681 3720 1749

info@vdm-vsg.de
www.vdm-vsg.de