$SUREDGRIHEUHUR

SS

PDU]R

9ROXPHQ1~PHUR

8QLYHUVLGDGGHO0DU&KLOH

'U5RODQGR13LQWR&RQWUHUDV

7KHQHHGRIDQHZFXUULFXODUSDUDGLJPIRUDFRPSOH[HUD

SDUDXQDpSRFDFRPSOHMD

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODU

5HFLELGRQRYLHPEUH



UHYLVWDSRVJUDGR\VRFL#XQHGDFFU

&RVWD5LFD

,661;

8QLYHUVLGDG(VWDWDOD'LVWDQFLD

6LVWHPDGH(VWXGLRVGH3RVJUDGR

5HYLVWD3RVJUDGR\6RFLHGDG



$EVWUDFW

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

7KHVWDUWLQJSRLQWLVWKHSDUDGLJPDWLFFKDUDFWHUL]DWLRQRIERWKWKHGHVLJQDQGWKHGHYHORSPHQWRI
WKH FXUUULFXOXP  )URP WKLV VFRSHWKH PDLQ UDWLRQDOH DUH WDNHQ DQG WKHVH JXLGH RUJDQL]H DQG
GHFLGH WKHVH SURFHVVHV  2Q RQH KDQG  WKH WHFKQLFDO UDWLRQDOH  ZKLFK OHDGV WKH SROLWLFDO DQG
HGXFDWLRQDO DUHDV LQ /DWLQ $PHULFD WRJHWKHU ZLWK WKH UHFHQW FXUULFXODU UHIRUPV ZKLFK KDYH EHHQ
DSSOLHG LQ WKH UHJLRQ DQG RQ WKH RWKHU KDQG DV D FRQVHTXHQFH RI WKH FULWLFDO DQDO\VLV ZKLFK LV
PDGH IURP WKHP  WKH DXWKRU RI WKLV DUWLFOH SUHWHQGV WR JR IRUZDUG WR DQRWKHU UDWLRQDOH  WKH
WUDVQIRUPDWLYHFULWLFRUDOVRFDOOHGDXWRQRP\FULWLFZKLFKVHWWOHVWKHVHOHFWLRQDQGRUJDQL]DWLRQRI
WKHVHYHUDOFXUULFXODUFRPSRQHQWV LQWKH SRVVLELOLW\ RIWKH VRFLDOO\ EXLOWOHDUQLQJ SURFHVVZKLFK LV
PHDQLQJIXO IRU WKH RQH ZKR GHYHORSV LW  7KH DUWLFOH HQGV ZLWK WKH SURSRVDO RI VRPH QHZ D[HV
ZKLFK FRPH IURP WKH SRSXODU HGXFDWLYH WUDGLWLRQ LQ /DWLQ $PHULFD  ZKLFK FRXOG RUJDQL]H WKH
FXUULFXOXPDVDQHGXFDWLYHDFWLRQPRUHFRQYLYLDODQGFRPPXQLFDWLYH

.H\VZRUGV 32/,7,&$/ $1' ('8&$7,21$/ $5($6 &855,&8/$5 5$7,21$/( 7(&+1,&$/
5$7,21$/(&5,7,&$/3('$*2*<7+(75$16)250$7,9(&5,7,&$/&855,&8/801(:0$,1
$;(6,17+(25*$1,=$7,212)7+(&855,&8/80





3DODEUDVFODYH(6&(1$5,2632/7,&2('8&$7,926(1$0e5,&$/$7,1$5$&,21$/,'$'(6
&855,&8/$5(65$&,21$/,'$'7e&1,&2,167580(17$/3('$*2*$&57,&$(/
&855&8/2&57,&275$16)250$7,9218(926(-(60$75,&,$/(6'(/$25*$1,=$&,1
'(/&855&8/2

6H SDUWH GH OD FDUDFWHUL]DFLyQ SDUDGLJPiWLFD GHO GLVHxR \ GHVDUUROOR GHO FXUUtFXOR (Q HVWD
SHUVSHFWLYD VH UHFRJHQ ODV SULQFLSDOHV UDFLRQDOLGDGHV TXH RULHQWDQ GHFLGHQ \ RUJDQL]DQ HVWRV
SURFHVRV SRU XQ ODGR OD UDFLRQDOLGDG WpFQLFRLQVWUXPHQWDO  TXH GRPLQD ORV HVFHQDULRV SROtWLFR
HGXFDWLYRVHQ$PpULFD/DWLQDFRQODVUHFLHQWHVUHIRUPDVFXUULFXODUHVTXHVHDSOLFDQHQODUHJLyQ
\ SRU RWUR ODGR FRPR FRQVHFXHQFLD GHO DQiOLVLV FUtWLFR TXH VH UHDOL]D GH HOODV HO DXWRU GH HVWH
DUWtFXOR SURFXUD DYDQ]DU D RWUD UDFLRQDOLGDG OD FUtWLFD WUDQVIRUPDWLYD R GH OD DXWRQRPtD TXH
FHQWUDVXVHOHFFLyQ\RUJDQL]DFLyQGHORVGLYHUVRVFRPSRQHQWHVGHOFXUUtFXORHQODSRVLELOLGDGGHO
DSUHQGL]DMHVRFLDOPHQWHFRQVWUXLGR\FRQVLJQLILFDFLyQSDUDTXLHQORGHVDUUROOD(ODUWtFXORFRQFOX\H
FRQ OD SURSXHVWD GH DOJXQRV HMHV QRYHGRVRV TXH VXUJHQ GH OD WUDGLFLyQ HGXFDWLYD SRSXODU HQ
$PpULFD /DWLQD TXH SRGUtDQ RUJDQL]DU HO FXUUtFXOR FRPR XQD DFFLyQ HGXFDWLYD PiV FRQYLYtDO \
FRPXQLFDWLYD


5HVXPHQ

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

(O FXUUtFXOR KDVWD DKRUD VH KD HQWHQGLGR FRPR OD H[SUHVLyQ SROtWLFD \

,QWURGXFFLyQ

FRQVWUXFFLyQ

GH

VX

DSUHQGL]DMH

FRJQLWLYRDIHFWLYRDFWLYR

\

HQ

VX

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

HQVHxDEOH GH DFXHUGR D FLHUWRV SULQFLSLRV GH HVWUXFWXUDFLyQ KRPRJHQL]DQWH GHO

VtQWHVLV VLJQLILFDQ VHOHFFLRQDU RUJDQL]DU WUDQVPLWLU \ HYDOXDU HO FRQRFLPLHQWR

(VWXGLRTXHVHLQVWDODQHQHO6LVWHPD(GXFDWLYR1DFLRQDOR5HJLRQDO<pVWRVHQ

$VtHOFXUUtFXORVHUHGXFHHQ~OWLPDLQVWDQFLDDORV3ODQHV\3URJUDPDVGH

JOREDOL]DGD

FXOWXUD RILFLDO DO PRGR GH SURGXFFLyQ GRPLQDQWH HQ OD VRFLHGDG FDSLWDOLVWD

LQVWUXPHQWDO TXH KDFH IXQFLRQDO OD HQVHxDQ]D GH ORV VDEHUHV LQVWDODGRV HQ OD

QDWXUDOPHQWH D QLYHO SODQHWDULR KD VLGR OD SHUVSHFWLYD HSLVWHPROyJLFD WpFQLFD

(VWD PDQHUD GH LQVWDODU FXUUtFXOR HQ OD HGXFDFLyQ ODWLQRDPHULFDQD \

VLUYHSDUDFRQVWUXLUFRQFLHQFLDFLXGDGDQDSHUVRQDO\VRFLDODODYH]

VHQWLGR D VX YLGD VHJ~Q ORV SDUiPHWURV TXH D OD VRFLHGDG OH DFRPRGD \ TXH OH

YD\DDGRSWDQGRHOPXQGRUHDOTXHORPHGLDWL]DHQVXUHODFLyQFRQRWURVGiQGROH

$O PLVPR WLHPSR HVWH GLVHxR IRUPDWLYR VLJQLILFD WDPELpQ TXH HO HGXFDQGR

IRUPDFLyQ

ORVREMHWLYRVFRQWHQLGRV\HVWUDWHJLDVIRUPDWLYDVTXHHQFXDGUDQDORVVXMHWRVHQ

FXDQWRV HMHFXWRUHV GH OR TXH VH GHEH HQVHxDU VLJQLILFD VHOHFFLRQDU \ RUJDQL]DU

(Q HVWD YLVLyQ GHO FXUUtFXOR OD IXQFLyQ GH OD HVFXHOD \ GHO GRFHQWH HQ

SRVLFLRQDPLHQWRYLWDOFRPRVXMHWRVRFLDO

OD

SHGDJyJLFDVHQWUHRWURVVHLQVWDODQHQODIRUPDFLyQ\HQFXDGUDQDOHGXFDQGRHQ

GLVSRVLWLYRV FRJQLWLYRVYDOyULFRV SURSyVLWRVREMHWLYRV HVWUDWpJLFRV UHODFLRQHV

FRPSRQHQWHV SHGDJyJLFRV GH OD HQVHxDQ]D (VWRV FRPSRQHQWHV TXH VRQ

FXOWXUDO VLVWpPLFDLQVWLWXFLRQDO TXH RULHQWD \ GHWHUPLQD OD RUJDQL]DFLyQ GH ORV

5RODQGR3LQWR&RQWUHUDV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

+D\YDULRVDXWRUHVTXHVHUHILHUHQDORVQLYHOHVGHFRQFUHFLyQGHOFXUUtFXORHQHVWHFDVRVHKD
WRPDGRGH*DUFtD

SURFHVR\XQUHVXOWDGRUHJXODEOHGHPDQHUDHVWDQGDUL]DGD\TXHHOHGXFDQGR

GLVFLSOLQD \ SRU JUDGR HVFRODU 6H SDUWH GHO VXSXHVWR TXH HO DSUHQGL]DMH HV XQ

VHOOHJDDKDEODUGHHVWiQGDUHVPtQLPRVGHGHVHPSHxRHVFRODUGHOHGXFDQGRSRU

WRGRVORVHGXFDQGRVGHOFRUUHVSRQGLHQWHJUDGR\FLFORHVFRODUHV+R\GtDLQFOXVR

VH ILMDQ ORV HVWiQGDUHV GH ORJURV GH DSUHQGL]DMHV PtQLPRV TXH GHEHQ DOFDQ]DU

HGXFDQGRV GH OD VHULH R JUDGR HGXFDWLYR FRUUHVSRQGLHQWH (Q HVWH QLYHO PDFUR

FRQWHQLGRV GHEHQ DOFDQ]DU QDFLRQDO UHJLRQDO R PXQGLDOPHQWH WRGRV ORV

2EOLJDWRULR TXH WDQWR GHVGH HO SXQWR GH YLVWD GH VXV REMHWLYRV FRPR GH VXV

(O SULPHU QLYHO  FRUUHVSRQGH DO GLVHxR GHO 0DUFR &XUULFXODU 0tQLPR \

HVWUXFWXUDMHUiUTXLFDGHOFXUUtFXORTXHVHRUJDQL]DHQWUHVQLYHOHVGHFRQFUHFLyQ

IRUPDFLyQ DGDSWDGRUDGRPHVWLFDGRUD VH DVHJXUD VLVWpPLFDPHQWH HQ OD

XQ PXQGR \D FRQVWUXLGR VH FRQFLEH FRPR HO GHVDUUROOR HVFRODU JUDGXDO GH VX

(OVHQWLGRIXQFLRQDOHLQVWUXPHQWDOTXHDGTXLHUHODLQFOXVLyQGHOHGXFDQGRD

VXVHYDOXDFLRQHVHGXFDFLRQDOHV

FRPR SHUVRQDV VHJ~Q HO JUDGR GH DSUHQGL]DMH UHSURGXFWLYR TXH PXHVWUDQ HQ

GHWHUPLQDGR SDtV R UHJLyQ GH SDtVHV VRQ LQFOXLGRV R H[FOXLGRV GH VX IRUPDFLyQ

$Vt ODV SREODFLRQHV LQIDQWLOHV DGROHVFHQWHV MXYHQLOHV \ DGXOWDV GH XQ

SHGDJyJLFRV TXH VH TXLHUDQ DOFDQ]DU FRQ HO SURFHVR GH HQVHxDQ]D KHJHPyQLFD

FRPSOHMLGDG HO YROXPHQ \ OD DFWXDOLGDG GHO DSUHQGL]DMH VHJ~Q ORV ILQHV

XQ PHFDQLVPR UHJXODWRULR GHO VLVWHPD GH HQVHxDQ]D TXH REOLJD \ JUDG~D OD

(Q FRQVHFXHQFLD pVWRV 3ODQHV \ 3URJUDPDV GH (VWXGLR VH WUDQVIRUPDQ HQ

FDSLWDOLVWDJOREDOL]DGD

FRQWHQLGR SDUD DOFDQ]DU FLHUWDV FRQGXFWDV VRFLDOHV GHVHDEOHV SRU OD VRFLHGDG

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

GH RUJDQL]DU HO FRQRFLPLHQWR GLVFLSOLQDULR HQVHxDGR HQ OD OyJLFD FRPSUHQVLYD
JUDGXDO GH HVH FRQRFLPLHQWR HQ OD VHOHFFLyQ \ DGRSFLyQ GH HVWUDWHJLDV
SHGDJyJLFDV GHO EXHQ HQVHxDU \ GHO EXHQ \ HIHFWLYR DSUHQGL]DMH  \ HQ OD
VHFXHQFLD\HOULWPRGHODHQVHxDQ]DGHOFRQWHQLGRGLVFLSOLQDULRHQODSHUVSHFWLYD
GH IRUPDU HQ HO VXMHWR HVWXGLDQWH OD FDSDFLGDG GH LU PRVWUDQGR OD UHSURGXFFLyQ
HSLVWHPROyJLFD GH OD GLVFLSOLQD HQVHxDGD FRQVWLWX\HQ OD HVHQFLD GHO FXUUtFXOR
WpFQLFRLQVWUXPHQWDOTXHDTXtFRPHQWDPRV

VXSRQH TXH HQ HVWH QLYHO GH FRQFUHFLyQ FDGD &HQWUR (VFRODU WRPD HO 0DUFR

&XUULFXODU 1DFLRQDO \ GH DFXHUGR DO SURSLR SHUILO GRFWULQDULR GHO &HQWUR HODERUD

3ODQHV \ 3URJUDPDV GH (VWXGLRV FRQWH[WXDOL]DGRV TXH IDFLOLWHQ HO ORJUR GH

DSUHQGL]DMHV VLJQLILFDWLYRV \ HIHFWLYRV IUHQWH D FDGD GLVFLSOLQD R DVLJQDWXUD R

VXEVHFWRU GHO VDEHU HVSHFtILFR LQVWDODGR VRFLDOPHQWH HQ HO VLVWHPD HVFRODU

QDFLRQDO UHJLRQDO R PXQGLDO 6LQ GXGD TXH HVWH VHJXQGR QLYHO GH FRQFUHFLyQ \D

VXSRQH HQWUDU D OD VDOD GH FODVH FRQ XQD FLHUWD SURSXHVWD GH SURJUDPD HVFRODU

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

SURIXQGLGDGUHSURGXFLHQGRVLHPSUHORPLVPR

DOFDQ]DEOH GH PDQHUD SDUHFLGD \ GH IRUPD DVFHQGHQWH HQ FRPSOHMLGDG \

SURFHVR GH VDWLVIDFFLyQ GH VX FXULRVLGDG HSLVWHPROyJLFD VXSXHVWDPHQWH

HGXFDQGRVLQRTXHWDPELpQ\DOPLVPRWLHPSROHSHUPLWHDpVWHDYDQ]DUHQXQ

XQD HVWUXFWXUD FRJQRVFLWLYD TXH QR VROR HV DWUDFWLYD SDUD HO DSUHQGL]DMH GHO

GHVXVHVWXGLDQWHVVLWXDGRVVHOHFFLRQD\RUJDQL]DHOFRQRFLPLHQWRGLVFLSOLQDULRHQ

DUTXLWHFWXUDOyJLFDGHOFXUUtFXOR\GHODVFDUDFWHUtVWLFDVSVLFRVRFLDOHV\FXOWXUDOHV

ORVFyGLJRVGHVXGLVFLSOLQDFLHQWtILFDRFXOWXUDOGHORVFyGLJRVHVWUXFWXUDOHVGHOD

(QHVWHQLYHOGHFRQFUHFLyQVHWUDWDTXHHOGRFHQWHVXSXHVWDPHQWHFRQRFHGRUGH

JHQHUDXQDSODQLILFDFLyQFXUULFXODUFRQWH[WXDOL]DGD\RULJLQDOSDUDHVHJUXSRDXOD

DVXPH OD WDUHD GH DGDSWDU FRPSOHPHQWDU R LQQRYDU HO SURJUDPD GH HVWXGLR \

DOXPQRVVXVULWPRVHLQWHUHVHVFRPRWDPELpQVXSURSLDH[SHULHQFLDSHGDJyJLFD

FODVHV VXSRQH TXH FDGD GRFHQWH WHQLHQGR HQ FXHQWD ODV FDUDFWHUtVWLFDV GH VXV

(O WHUFHU QLYHO GH FRQFUHFLyQ \ \D VLWXDGRV  HQ HO iPELWR GH OD VDOD GH

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

SHGDJyJLFDPHQWHRUJDQL]DGRVHQ3ODQHV\3URJUDPDVGH(VWXGLRV(VGHFLU

VRQ FDSDFHV DGHPiV GH WUDQVIRUPDUORV HQ VDEHUHV HQVHxDEOHV

H[SHUWRV WpFQLFRV \ SROtWLFRV TXH GRPLQDQ HO VDEHU HUXGLWR GLVFLSOLQDULR \

FRPR 0DUFR &XUULFXODU &HQWUDO HQ HVWRV WUHV QLYHOHV GH FRQFUHFLyQ VRQ

 (O SULPHU VXSXHVWR HV TXH TXLHQHV GLVHxDQ HO PRGHOR FXUULFXODU HQWHQGLGR

FDPSRFXUULFXODUPXQGLDO

WUHV VXSXHVWRV EiVLFRV TXH  FRQILJXUDQ  HO HSLVWHPH GRPLQDQWH HQ HO DFWXDO

(Q HO FXUUtFXOR &(175$'2 (1 /$ (16(f$1=$ VH FRQVLGHUDQ SULQFLSDOPHQWH

WpFQLFRLQVWUXPHQWDOGHOFXUUtFXOR

$OJXQRVVXSXHVWRVWHyULFRVGHOSDUDGLJPD

FRPSHWHQWHPHQWHHQHOPXQGRGHODYLGD$VtODGHFLVLyQSHGDJyJLFDGHOGRFHQWH

3ODQHV \ 3URJUDPDV GH (VWXGLR SURSLRV D FDGD FHQWUR HVFRODU HVSHFtILFR 6H

TXHUHTXLHUHWRGDYtDXQDFRQFUHFLyQWRGDYtDPD\RUHQHODXOD

HVHQFLDOHV GHO VDEHU GLVFLSOLQDULR HQVHxDGR KDVWD HO SXQWR GH LQWHJUDUOR

HGXFDQGR PRWLYDGR FRQVWUXLU VHFXHQFLDFLRQHV HQ HO PDQHMR GH ORV FyGLJRV

/D VHOHFFLyQ \ RUJDQL]DFLyQ FXUULFXODU DVt HQWHQGLGD YD SHUPLWLHQGR DO

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

(OVHJXQGRQLYHOGHFRQFUHFLyQGHOFXUUtFXORFRUUHVSRQGHDODHODERUDFLyQGH

ODFXOWXUDRILFLDO

ORTXHVHOHHQVHxDGHPDQHUDQDWXUDOUHVSRQGLHQGRVLHPSUHDODWH[WXDOLGDGGH

FXDOTXLHUDVHDVXLQWHUpVVLWXDFLyQGHYLGDRFDSDFLGDGLQGLYLGXDOGHEHDSUHQGHU

5RODQGR3LQWR&RQWUHUDV

LQFRQVXOWRV HQ GHFLVLRQHV VREUH UHIRUPDV HGXFDWLYDV \R FXQLFXODUHV

TXH DIHFWDQ GLUHFWDPHQWH VX IXQFLyQ SURIHVLRQDO (Q &KLOH HVWD
LQYLVLELOLGDG GH ORV GRFHQWHV \ VX VLOHQFLR FRPR DFWRUHV GXUD \D 
DxRV(O~OWLPRDFWRSROtWLFRHQTXHSDUWLFLSDURQIXHFRQODSURSXHVWD
GH (VFXHOD 1DFLRQDO 8QLILFDGD GXUDQWH HO *RELHUQR GH OD 8QLGDG
3RSXODU/DIDOWDGHHVWHGHEDWHOOHYDDXQDSpUGLGDGHSURWDJRQLVPR
HGXFDWLYR\FLXGDGDQRDOFROHFWLYRGRFHQWHTXHVLQGXGDUHTXLHUHVHU
UHFXSHUDGR FRPR HO ~QLFR SURIHVLRQDO TXH VDEH HQVHxDU SDUD TXH HO
HGXFDQGR DSUHQGD \ TXH VDEH LQVWDODU HQ OD FRQFLHQFLD \ OD SUiFWLFD
GHHOORVODFRQYLYHQFLDGHPRFUiWLFD\HOUHVSHWRDODOHJLWLPLGDGGHO

 (O VHJXQGR VXSXHVWR HV TXH HO 0DUFR &XUULFXODU &HQWUDO DSXQWD

HIHFWLYDPHQWH D ORV REMHWLYRV IXQGDPHQWDOHV \ ORV FRQWHQLGRV PtQLPRV

REOLJDWRULRV TXH GHEHQ GRPLQDU WRGRV ORV HGXFDQGRV GHO SDtV FRPR

HVWiQGDUHV FRPXQHV \ KRPRJpQHRV GH GHVHPSHxR SDUD XQ PXQGR

PRGHUQR JOREDOL]DGR (V GHFLU VH WUDWD GH XQ VXSXHVWR SURIXQGDPHQWH

LGHRORJL]DGR TXH SURFXUD FRQFUHWDU HQ HO FXUUtFXOR XQD FXOWXUD HVFRODU

KHJHPyQLFD XQLGLPHQVLRQDO \ HWQRFHQWULVWD OR TXH VLQ GXGD HVWi UHxLGR

FRQ OD UHDOLGDG PXOWLFXOWXUDO HQ TXH QRV FRQVWUXLPRV \ QRV PRYHPRV ORV

ODWLQRDPHULFDQRV HQ QXHVWUDV VRFLHGDGHV QDFLRQDOHV R UHJLRQDOHV R

PXQGLDOHV

 /D SURSXHVWD GH (VFXHOD 1DFLRQDO 8QLILFDGD (18 VLJQLILFDED YLQFXODU OD HGXFDFLyQ D XQ
SUR\HFWRGHSDtVPiVGHPRFUiWLFR\DXQDHFRQRPtDPiVUHGLVWULEXWLYDFRQPD\RUSURWDJRQLVPR
SURGXFWLYRSDUDHOHVWDGR\ODVFODVHVWUDEDMDGRUDVYHU1~xH]

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

 &XDQGR XWLOL]DPRV OD GLVWLQFLyQ FRQRFLPLHQWR R VDEHU VDELR R HUXGLWR HVWDPRV WRPDQGR HO
FRQFHSWR GH VDEHU VDELR R GHO H[SHUWR TXH SURSRQH &KHYDOODUG  HQ VX OLEUR /D
WUDQVSRVLFLyQGLGiFWLFD'HOVDEHUVDELRDOVDEHUHQVHxDGR

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

HQVHxDQ]D (Q HVWD FXOWXUD GH IRUPDFLyQ GRFHQWH QR VH OH HQVHxD

ORKDFHGLItFLOPHQWHYLDEOH

DOSURIHVRUDFRQVWUXLUFXUUtFXORpOVLJXHVLHQGRFRQVLGHUDGRFRPRXQ

UHSURGXFWLYD GH XQD FXOWXUD FXUULFXODU WHFQROyJLFD \ FHQWUDGD HQ OD

2ILFLDO(VWHVXSXHVWRGHVFRQRFHDOPHQRVWUHVLQGLFDGRUHVGHUHDOLGDGTXH

LQVWLWXFLRQHVIRUPDGRUDVGHSURIHVRUHVORTXHSHUPLWHODFRQWLQXLGDG

/D LQH[LVWHQFLD GH XQD UHQRYDFLyQ WHyULFD \ PHWRGROyJLFD HQ ODV

SHUPLWHQDGDSWDUVXVSODQLILFDFLRQHVGHDXODDOGLVHxRGHO0DUFR&XUULFXODU

FyGLJRV GH OD GLGiFWLFD GH OD GLVFLSOLQD \ ORV VDEHUHV SHGDJyJLFRV TXH OH

HGXFDWLYD KD VLJQLILFDGR TXH ORV GRFHQWHV HVWiQ DXVHQWHV R VRQ

VLVWHPiWLFD\HIHFWLYDTXHORVOHJLWLPHFRPRHQVHxDQWHV

RWURRGHORGLYHUVR

VRFLHGDG (VWD FXOWXUD IRUWDOHFLGD SRU HO DXWRULWDULVPR HQ OD JHVWLyQ

GLVFLSOLQDV HVSHFtILFDV GH DSR\R D OD HGXFDFLyQ VLQ XQD SUiFWLFD GRFHQWH

 (O WHUFHU VXSXHVWR HV TXH ORV GRFHQWHV GHO VLVWHPD HVFRODU GRPLQDQ ORV

GHFLGHQ VREUH ODV SROtWLFDV \ DFFLRQHV HGXFDWLYDV TXH DIHFWDQ D OD

TXHQRVRQSHGDJRJRVQLSURIHVRUHVGHOVLVWHPDVLQRTXHVRQHVSHFLDOLVWDVGH

/D LQVWDODFLyQ GH XQD FXOWXUD LOXPLQLVWD HQ ODV LQVWDQFLDV TXH

HVFRODU QDFLRQDO LGHQWLILFD D ORV H[SHUWRV FXUULFXODUHV FRPR SURIHVLRQDOHV

VLVWHPDHGXFDWLYR

FKLOHQD HQ TXH VH LPSOHPHQWD XQD UHIRUPD FXUULFXODU SDUD WRGR HO VLVWHPD

SHUPDQHQWHV HQ ORV GRFHQWHV GH FXDOTXLHU QLYHO \ PRGDOLGDG GHO

&XULRVDPHQWH HVWH VXSXHVWR HQ HO FDVR SRU HMHPSOR HQ OD HGXFDFLyQ

/D FRQILJXUDFLyQ KLVWyULFD \ VLWXDFLRQDO GH ODV SUiFWLFDV SHGDJyJLFDV

LQWHUQDOL]DGDV FRPR DFWLWXGHV \ VDEHUKDFHUHV UXWLQDULRV \ FRWLGLDQRV

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

PDQHUDGHORJUDUDSUHQGL]DMHVHIHFWLYRV

DO PLVPR WLHPSR GH WUDQVIRUPDUOR HQ FRQRFLPLHQWR HQVHxDEOH GH WDO

VRQORVDFWRUHVTXHSURGXFHQHOVDEHUGLVFLSOLQDULRHUXGLWR\VRQFDSDFHV

5RODQGR3LQWR&RQWUHUDV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

1RVKDFHPRVSDUWLFLSHGHODLGHDGHO&XUUtFXORFRPR&RQVWUXFFLyQ&XOWXUDOTXHSODQWHD7RPDV
7DGHR'D6LOYDHQVXOLEUR(VSDFLRVGH,GHQWLGDG1XHYDV9LVLRQHVVREUHHO&XUUtFXOR

FXUUtFXORFRPSUHQVLYRHQODHVFXHODS~EOLFDODWLQRDPHULFDQD"

(O WHPD HV TXp KDFHU SDUD DYDQ]DU DO PHQRV HQ OD DSOLFDELOLGDG GHO

UHDOLGDGLQVWDODGDHQODVSUiFWLFDVIRUPDWLYDVGHODHVFXHOD

KDEtDQFRPSURPHWLGRORVJRELHUQRGHPRFUiWLFRVGHWUDQVLFLyQWRGDYtDQRHVXQD

HVFXHODV \ TXH HUD XQ SURSyVLWR HVWUDWpJLFR GH OD HGXFDFLyQ S~EOLFD DO TXH VH

FDOLGDG GH ORV DSUHQGL]DMHV TXH GHVDUUROODQ ORV HVFRODUHV TXH HVWiQ HQ HVWDV

FRQGXFWLVWD GHO DSUHQGL]DMH VLQ HPEDUJR VX LPSDFWR HQ HO PHMRUDPLHQWR GH OD

FRWLGLDQD\UXWLQDULDGHODHVFXHODS~EOLFDVHKDWUDGXFLGRHQODFRQFHSFLyQQHR

HVWH PRGHOR FRPSUHQVLYR HQ OD DFWXDO JHVWLyQ FXUULFXODU \ HQ OD GRFHQFLD

3XHVELHQODOyJLFDGRPLQDQWHHQODUHIRUPDFXUULFXODUTXHLQWHQWDDSOLFDU

VREUHpOYDFRQVWUX\HQGRHOHGXFDQGRVLWXDGR

HO FRQWHQLGR RILFLDO WHQLHQGR FRPR UHIHUHQWH HO DSUHQGL]DMH VLJQLILFDWLYR TXH

FXUUtFXORVHUHILHUHDOWLSRGHWUDWDPLHQWRSHGDJyJLFRDOTXHSXHGHVHUVRPHWLGR

VREUH OD RUJDQL]DFLyQ GHO VHQWLGR FXOWXUDO TXH GHEH WHQHU HO FRQWHQLGR GHO

FDVRVHKDEODGHXQD(GXFDFLyQ&RQVWUXFWLYLVWD6RFLDOTXHPiVTXHXQHIHFWR

SURYHQLHQWHVGHORVHQWRUQRVYLWDOHVTXHFRQGLFLRQDQDOHGXFDQGR(QHVWH~OWLPR

VRFLDOPHQWH GHWHUPLQDGRV FRPR VDEHUHV RILFLDOHV FRQ ORV VDEHUHV HPHUJHQWHV

QRYHGRVRTXHSURSRQHHVHOFXUUtFXORFRPSUHQVLYRTXHDUWLFXODORVFRPSRQHQWHV

(VWHPRGHORFXUULFXODUFHQWUDGRHQXQDHQVHxDQ]DKRPRJHQt]DQWHORPiV

SRUORVH[SHUWRV

IXQFLRQDULR TXH HMHFXWD XQ GLVHxR QRUPDWLYR GHO FXUUtFXOR HODERUDGR

5RODQGR3LQWR&RQWUHUDV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

XQD SURSXHVWD TXH FRQVLGHUH DO PHQRV OD SURIXQGL]DFLyQ GH ORV SURFHVRV

PD\RUtDVQDFLRQDOHVTXHDVLVWHQDODHVFXHODS~EOLFDQHFHVLWDPRVHODERUDU

WRGRV ORV QLxRVDV \ MyYHQHV GH QXHVWURV SDtVHV SDUWLFXODUPHQWH D ODV

QHFHVLGDG GH PHMRUDU ODV RSRUWXQLGDGHV GHXQD HGXFDFLyQ GH FDOLGDG SDUD

 3RU RWUR ODGR \ HVWD HV OD VHJXQGD YHULILFDFLyQ DO QR UHVSRQGHU D OD

\TXHVRQSURSLRVGHQXHVWUDH[LVWHQFLDORFDO

DKRUDQRVHKDQLQVWDODGRQLHQHOSHQVDUQLHQHOKDFHUODWLQRDPHULFDQR

FRPSOHMRV \ FRQ GHVDItRV GH GHVDUUROOR GH SRWHQFLDOLGDGHV TXH KDVWD

ODWLQRDPHULFDQD FRQ HVFHQDULRV VRFLRFXOWXUDOHV \ SROtWLFRV GLYHUVRV

PXQGR TXH ORV FRQYRFD D VX DSOLFDFLyQ HV SUHFLVDPHQWH XQD VLWXDFLyQ

FRQWH[WRGHUHDOL]DFLyQGHOVXMHWRGHODSURGXFFLyQGHOFRQRFLPLHQWR\GHO

GLYHUVD \ PXOWLFXOWXUDO GH QXHVWUD UHDOLGDG FRWLGLDQD \ QDWXUDO 1XHVWUR

TXH QR LQWHQFLRQDQ OD HGXFDFLyQ FRPR XQD DFFLyQ TXH DFRJH OD UHDOLGDG

HQ GLVFXVLyQ DOJXQRV SULQFLSLRV \ PHFDQLVPRV RUJDQL]DGRUHV GHO FXUUtFXOR

\ SROtWLFR GH OD HGXFDFLyQ QHFHVDULD HQ $PpULFD /DWLQD 6H WUDWD GH SRQHU

 3RUXQODGRODSULPHUDYHULILFDFLyQWLHQHTXHYHUFRQHOFRQWHQLGRILORVyILFR

DILUPDFLRQHVDQWHULRUHV

VRFLHGDGHV QDFLRQDOHV 9HDPRV DOJXQDV FRQVLGHUDFLRQHV TXH DYDODQ QXHVWUDV

GHPRFUDWL]DGRUHV TXH DVSLUDPRV D LQVWDODU HQ QXHVWUDV FRQWUDGLFWRULDV

FRPSOHMLGDG SRVWPRGHUQD TXH QRV WRFD YLYLU QL FRQ ORV GHVDItRV

PXQGLDO TXH HOOD QR HV FRQJUXHQWH QL FRQ ORV WLHPSRV GH LQFHUWLGXPEUH \

SRUTXH HV HPStULFDPHQWH YHULILFDEOH HQ FXDOTXLHU FRQWH[WR ODWLQRDPHULFDQR R

FRQVWUXLU GLVHxDU \ GHVDUUROODU FXUUtFXOR FHQWUDGR HQ OD HQVHxDQ]D < HVWR

GHHVWDFRQWLQXLGDGKLVWyULFDGHODUDFLRQDOLGDGWpFQLFDLQVWUXPHQWDOGHSURGXFLU

4XHUHPRVSRQHUHQGLVFXVLyQDOJXQRVDVSHFWRVFRQWURYHUVLDOHVTXHVHGHULYDQ

1XHVWUDSURSXHVWDGHFRQWH[WXDOL]DFLyQ

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

$VSLUDPRV D FRQWULEXLU D XQD FRQVWUXFFLyQ VRFLRFXOWXUDO GHO FXUUtFXOR 1RV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

(QWUHRWURV+=HPHOPDQ')HUUDGD53LQWR(/DQGHU-0DUWLQH]%RQDIp5)OHFKDHWF

FRPSOHPHQWDULDPHQWHODVVLJXLHQWHVGLPHQVLRQHVGHOVHUHGXFDQGR

VLW~DQ OD FRQVWUXFFLyQ R GLVHxR GHO FXUUtFXOR HQ XQD SHUVSHFWLYD TXH RUJDQL]D

&XUUtFXOR FRPR $FFLyQ &RPXQLFDWLYD )HUUDGD   SHUR TXH HQ FRP~Q

&XUUtFXOR &UtWLFRWUDQVIRUPDWLYR 3LQWR  \R OR TXH RWUD FRQFLEH FRPR HO

FHQWUDPRV HQ HO SURWDJRQLVPR GHO HGXFDQGR +DEODPRV HQ HVWH FDVR GH

DXWRQRPtDSURIHVLRQDOGHODHVFXHOD\GHOGRFHQWH

LQVWUXPHQWDO \ HV WDPELpQ FRQ HOOD TXH SURSRQHPRV  OD QHFHVLGDG GH XQD

(V GHVGH DTXt TXH SRQHPRV HQ GLVFXVLyQ OD UDFLRQDOLGDG WpFQLFR

GHVDItRVFRPXQHV

PDQFRPXQDGRGHUHVROYHULQWHJUDGDHLQWHJUDOPHQWHQXHVWURVSUREOHPDV\

LGHQWLGDGHV ODWLQRDPHULFDQDV GLYHUVDV SDUD DYDQ]DU D XQ HVIXHU]R

GHODHGXFDFLyQSRSXODU\TXHSODQWHDPRVODQHFHVLGDGGHDFHSWDUQXHVWUDV

UHFRQRFHPRVYDULRVHGXFDGRUHVODWLQRDPHULFDQRVTXHQRVKHPRVQXWULGR

E OD PLUDGD VRFLRFUtWLFD GH OD &LHQFLDV 6RFLDOHV HQ GyQGH QRV

VRFLHGDG

SUiFWLFD HGXFDWLYD HQ XQD UHODFLyQ GLDOpFWLFD IXQGDQWH HQWUH HGXFDFLyQ \

HV HO ~QLFR HGXFDGRU  LQWHOHFWXDO GH $PpULFD /DWLQD TXH VXSR FRORFDU VX

GREOHRSFLyQWHyULFDDODGH3)UHLUH\DTXHSDUDPtHQSDUWLFXODUpO

FLXGDGDQD \ HSLVWHPROyJLFD GH OD HVFXHOD S~EOLFD GHELHUD QXWULUVH GH XQD

 'HVGH QXHVWUR SXQWR GH YLVWD HVWDV SRVLELOLGDGHV GH UHFRQVWUXFFLyQ

ILQ

HO

GLiORJR

FRPR

XQD

DFFLyQ

IXQGDQWH

GH

OD UHODFLyQ

6LQ GXGD TXH SODQWHDUVH HO WHPD GH OD LQQRYDFLyQ FXUULFXODU HQ OD

HQHODSUHQGL]DMH

/DSRVLELOLGDGGHXQDHSLVWHPRORJtDFXUULFXODUFHQWUDGD

HQVHxDQ]DDSUHQGL]DMHHQHODXOD

(Q

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

KDEHUXQDQHJRFLDFLyQGHRULHQWDFLRQHV\RUJDQL]DFLyQGHORVSURFHVRVIRUPDWLYRV

DSOLFD DO FXUUtFXOR FRPR SUiFWLFD VRFLRFRQVWUXFWLYLVWD  GyQGH VH VXSRQH GHELHUD

LQQRYDFLyQ(VWRTXHHVYiOLGRHQJHQHUDOSDUDWRGDGHFLVLyQHGXFDWLYDFXDQGRVH

WHyULFRV \ PHWRGROyJLFRV TXH WLHQHQ ORV DFWRUHV TXH GHFLGHQ H LPSXOVDQ HVWD

SDUWLFXODUPHQWH DWHQWR DO WHPD GH ODV PRWLYDFLRQHV SROtWLFDV \ GH ORV HQIRTXHV

LQQRYDFLyQ FXUULFXODU HQ $PpULFD /DWLQD QHFHVDULDPHQWH LPSOLFD HVWDU

LQQRYDGRU(VWDGLDOpFWLFDGHVLJQLILFDFLRQHVFRQWUDGLFWRULDVHVODTXHKDFHTXHOD

FDPELRHQODVUHODFLRQHVVRFLDOHVGHSRGHUQLWRGRFDPELRVHUtDQHFHVDULDPHQWH

ODWLQRDPHULFDQR(QWDOSHUVSHFWLYDQRWRGDLQQRYDFLyQSXHGHHQWHQGHUVHFRPR

SURFHVR HGXFDWLYR HQ HO DSUHQGL]DMH \ HQ OD WUDQVIRUPDFLyQ GHO VXMHWR VRFLDO

UHYLVDU HVWD LQQRYDFLyQ GHVGH XQD SHUVSHFWLYD WHyULFD FUtWLFD TXH FHQWUD HO

GHVDUUROORGHHVWDFXOWXUD3HURODFRPSUHQVLyQVHFRPSOHML]DFXDQGRVHWUDWDGH

OODPD OD &XOWXUD GH &DPELR \ QDWXUDOPHQWH OD RUJDQL]DFLyQ TXH IDFLOLWDUtD HO

HGXFDFLyQ S~EOLFD GH  $PpULFD /DWLQD VXSRQH HQWHQGHU OR TXH (VFXGHUR 

FRPRFRQVWUXFFLyQGHPXQGR\GHVHQWLGRVGHPRFUiWLFRV

/D H[SHULHQFLD GLYHUVD GH OD FXOWXUDO \ GH ODV QHFHVLGDGHV GH DSUHQGL]DMH

LQVWLWXFLRQDOPiVSURSLDDQXHVWUDVUHDOLGDGHVGLYHUVDV

(O FRQRFLPLHQWR FRPR SURGXFWR TXH YLQFXOD OD SUiFWLFD VRFLDO \ SURGXFWLYD
HQWUHHGXFDGRUHV\HGXFDQGRV

QDFLRQDOHV\ODLQVWDODFLyQGHXQDPLUDGDHSLVWHPROyJLFD\VRFLRSROtWLFDHQ

/DFRQVWUXFFLyQGHODFRQFLHQFLDVRFLDOHQODDFFLyQIRUPDWLYD

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

ODTXHQRVVLWXDPRVTXHRUJDQLFHODHVFXHODFRPRXQDUHDOLGDGFXOWXUDOH

SHUVSHFWLYD GH PD\RU HTXLGDG \ GH MXVWLFLD VRFLDO SDUD ODV PD\RUtDV

GHPRFUiWLFRVODSRVLELOLGDGGHGHVDUUROODUQXHVWUDVYLGDVQDFLRQDOHVHQXQD

5RODQGR3LQWR&RQWUHUDV

WHQHPRV FXDQGR QRV SRVLFLRQDPRV \ GHFLGLPRV KDFHU HGXFDFLyQ SDUD OD

GHPRFUDFLDODMXVWLFLD\ODFDOLGDGGHYLGDGHODVPD\RUtDVQDFLRQDOHV


SURFHVRVIRUPDWLYRVQXHVWUDVYHUGDGHUDVPRWLYDFLRQHVSRUHOFDPELRTXHWDQWR
GHFODUDPRV HQ ORV GLVFXUVRV SROtWLFRV TXH VH UHILHUHQ D OD HGXFDFLyQ S~EOLFD GH
$PpULFD/DWLQD


SDUD SDUWLFLSDU HQ GHEDWHV VREUH OD FDOLGDG \ HTXLGDG GH OD HGXFDFLyQ S~EOLFD
ODWLQRDPHULFDQD FXDQGR HVFXFKDPRV HQ ORV GLVFXUVRV SHGDJyJLFRV TXH VH
DXWRFDOLILFDQ GH UHIRUPLVWDV \ TXH ORV H[SOLFLWDQ DOWRV IXQFLRQDULRV GH ORV
JRELHUQRV

GHVYHUJRQ]DGDV DO DSUHQGL]DMH VLJQLILFDWLYR R DO FRQVWUXFWLYLVPR VRFLDO R D OD

HGXFDFLyQ OLEHUDGRUD R SDUD XQ GHVDUUROOR KXPDQR VXVWHQWDEOH \ GH PD\RU
FDOLGDG R FRPR UHFXSHUDFLyQ GH HVIXHU]RV SDUD UHVSRQGHU QHFHVLGDGHV GH
DSUHQGL]DMHVQHFHVDULRVSDUDVHULQFOXLGRVFRQSURSLHGDG\RULJLQDOLGDGDOPXQGR
PRGHUQR JOREDOL]DGR < HQ OD UHDOLGDG GH ORV SURFHVRV UHIRUPLVWDV TXH LQVWDODQ
RSHUDFLRQDOL]DQ \ HMHFXWDQ WDOHV UHWyULFDV VyOR VLUYHQ SDUD FRQIXQGLU OD

TXH OHQJXDMHDQ \ SUDFWLFDQ OD LQQRYDFLyQ HV XQD H[LJHQFLD GH ULJXURVLGDG

UHIOH[LYD FXDQGR VH WUDWD GH HQWHQGHU OD LQQRYDFLyQ FXUULFXODU FRPR FDPELR GH

ODV UHODFLRQHV GH SRGHU HQ OD DFFLyQ IRUPDWLYD 'H HVWD PDQHUD VH SXHGH

GHVFXEULU TXH HQ OD PHGLGD TXH OD SUiFWLFD LQQRYDGRUD HV HIHFWLYDPHQWH XQD

QHJRFLDFLyQ GH VHQWLGRV H LQWHUHVHV TXH WLHQHQ HGXFDGRUHV \ HGXFDQGRV HQ

LQWHUDFFLyQ IRUPDWLYD HO FXUUtFXOR VH FRPLHQ]D D LQVWDODU FRPR SURFHVR GH

DSUHQGL]DMHV PiV WUDQVIRUPDWLYRV GHO VHQWLGR GHO FRQRFLPLHQWR \ GHO

SURWDJRQLVPR GHO VXMHWR DSUHKHQGLHQWH 3RU HO FRQWUDULR FXDQGR HO FXUUtFXOR

HVWDEOHFLGR SDUD OD IRUPDFLyQ OR GHFLGHQ ORV H[SHUWRV GHO FRQRFLPLHQWR

GLVFLSOLQDULR R GHO VDEHU VHU FUtWLFR R FUHDWLYR OD FRQVHFXHQFLD HV VLPSOHPHQWH

UHSURGXFLU OD FXOWXUD RILFLDO LQVWDOiQGRVH HQWRQFHV HO FXUUtFXOR FRPR XQD

SHGDJRJtD EDQFDULD TXH DFRPRGD D ORV HGXFDGRUHV \ ORV HGXFDQGRV D ODV

LQWHQFLRQHVVLVWpPLFDVTXHWLHQHQORVH[SHUWRV

'H HVWD PDQHUD OD FRQILJXUDFLyQ GHO FXUUtFXOR VH QRV SODQWHD FRPR XQD

VLWXDFLyQ SROtWLFD HSLVWHPROyJLFD \ FXOWXUDO H[WUHPDGDPHQWH LPSRUWDQWH HQ OD

SURSLDFRQFHSFLyQGHXQDHGXFDFLyQGHPRFUiWLFDPiVHPDQFLSDGRUD\VROLGDULD

DOXVLRQHV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

 $TXt QRV DSURSLDPRV GH XQD H[SUHVLyQ FRPXQLFDWLYD TXH XWLOL]D HO 0LFURELyORJR &KLOHQR 'U
+XPEHUWR 0DWXUDQD RULHQWDGR D OD DFFLyQ GH FRRUGLQDFLRQHV FRJQLWLYDV \ HPRFLRQDOHV TXH
UHDOL]DQORVVHUHVYLYRVHQVXVFRPXQLFDFLRQHVDXWRSR\pWLFDV0DWXUDQD

\WHPSRUDOGHHVWHGHEDWHTXHDTXtSURSRQHPRV

$TXtHQHVWDGLV\XQWLYDHVTXHHPHUJHHOVHQWLGR\ODGLPHQVLyQHVSDFLDO

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

YLGDTXHQRVHDODGHVHJXLUUHSURGXFLHQGRODSREUH]DGHVXVSDGUHV

VRQORVFyGLJRVGHVHJXQGDFDOLGDGTXHQROHVSHUPLWHDFFHGHUDRWUDFDOLGDGGH

(VWD UHWyULFD UHIRUPLVWDV OOHJD D DPHQD]DU OD SURSLD FRQILDQ]D SRSXODU

GHVDUUROORKXPDQRGHFDOLGDGORTXHUHFLEHQFRPRHGXFDFLyQS~EOLFDVXVKLMRVDV

LQWHUQDFLRQDOHV

RUJDQLVPRV

FXiQGR FRPSUXHEDQ GH PDQHUD IUXVWUDQWH TXH HQ YH] GH HVWD SRVLELOLGDG GH

ORV

IRUPDWLYDVTXHVHUHDOL]DQHQHOFRQWH[WRGHOFDSLWDOLVPRGRPLQDQWH

GH

R

FXUUtFXOR FRPR XQ FDPELR GHODV UHODFLRQHV VRFLDOHV GH SRGHU HQODV VLWXDFLRQHV

WXUQR

UHSURGXFFLyQGHOIUDFDVRHGXFDWLYRHVWUXFWXUDOTXHVXIUHQQXHVWURVSXHEORV

GH

(QHIHFWRQRGHMDGHLQGLJQDUQRVHQORVGLYHUVRVHYHQWRVTXHVHQRVLQYLWD

HVWH WLSR GH HGXFDFLyQ VH WUDWD HQWRQFHV GH DERUGDU OD RUJDQL]DFLyQ GHO

3RUWDQWRHOGHVDItRGHVXLQQRYDFLyQHVXQDQHFHVLGDGGHPRFUiWLFDSDUD

FXUUtFXOR ODV LQWHQFLRQHV ILORVyILFDV SROtWLFDV FXOWXUDOHV H LGHROyJLFDV TXH

/D PLUDGD D ODV LQWHQFLRQHV SROtWLFDV \ FLHQWtILFDV TXH WLHQHQ ORV DFWRUHV

6HWUDWDHQWRQFHVGHGHYHODUFRQQXHVWUDVGHFLVLRQHVRUJDQL]DWLYDVGHORV

6H WUDWD GH GHVFXEULU HQ QXHVWURV GLVFXUVRV \ DFFLRQHV RUJDQL]DGRUDV GHO

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

\FRQWUDGLFWRULR

PiVFHQWUDGRVHQODSDUWLFLSDFLyQGHORVHGXFDQGRVUHVXOWDWRGDYtDPiVFRPSOHMR

5RODQGR3LQWR&RQWUHUDV

3XHV ELHQ WRGR OR DQWHULRU QRV OOHYD DO FRQYHQFLPLHQWR TXH OD YHUGDGHUD

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

)UHLUHKDEODGHODHVSHUDQ]DQRFRPRHVSHUDVLQRFRPRXQDXWRStDHGXFDWLYDSDUDOD

FXDOGHEHPRVOXFKDU

SUiFWLFDVRFLRHGXFDWLYDTXHQRLQQRYDQDGD

GLUtD HO LOXVWUH HFRQRPLVWD YHQH]RODQR +pFWRU 0DODYp 0DWD  HV XQD

PRUDODQXHVWURVSXHEORVEDVDGRVHQODWUDVODFLyQGHORVDMHQRDORSURSLRFRPR

DFWXDOL]DQGR OR TXH VLHPSUH KD VLGR GRPLQDQWH OD LOXVWUDFLyQ GH GDU OXFHV \

PHWDPRUIRVLV SROtWLFD TXH VLPSOHPHQWH VLJXHQ DGDSWDQGR R DFRPRGDQGR R

SHGDJRJtD GH OD HVSHUDQ]D +DVWD DKRUD ORV VXFHVLYRV SURFHVRV GH

UHYROXFLyQ HGXFDWLYD TXH UHTXHULPRV HQ $PpULFD /DWLQD HV WRGDYtD XQD

TXHVLHVWiQVDOLHQGRGHOVXEGHVDUUROORDQFHVWUDO

PLVPRVSHULRGRVVHKDFHQHQRWUDVUHDOLGDGHVWHUFHUPXQGLVWDVGH$VLD\IULFD

WLHQHQ VRVWHQLELOLGDG HQ HO WLHPSR \ WDPSRFR VRQ FRPSDUDEOHV TXH SRU ORV

SHUR HO YROXPHQ GH LQYHUVLyQ TXH UHTXLHUH HVWH VHFWRU PD\RULWDULR WRGDYtD QR

tWHPV SUHVXSXHVWDULRVSDUD HO IXQFLRQDPLHQWR PiV UHJXODU GH ODHVFXHOD S~EOLFD

/DWLQD 3XHGH TXH HQ DOJXQRV SDtVHV SRU HMHPSOR HQ &KLOH VH DXPHQWHQ ORV

VH PDQWLHQHQ LQDOWHUDGDPHQWH EDMRV LQVXILFLHQWHV \ HVFXiOLGRV HQ $PpULFD

XQD VLWXDFLyQ HVWUXFWXUDO GH DUUDVWUH KLVWyULFR (VWRV SUHVXSXHVWRV H LQYHUVLRQHV

SDUDORVVHFWRUHVSREODFLRQDOHVTXHDVLVWHQDHOODVVRQLQVXILFLHQWHVSDUDFRUUHJLU

H[SHULPHQWDFLyQ GH LQQRYDFLRQHV SHGDJyJLFDV \ SDUDOD IRUPDFLyQ GH SURIHVRUHV



3RVJUDGR\6RFLHGDG9RO1R$xR,661;

SROtWLFD\FXOWXUDOGHOPXQGRGHODYLGD\GHOWUDEDMR

F /D SURGXFFLyQ HFRQyPLFD VROLGDULD FRPR VXVWHQWR GH OD FRQVWUXFFLyQ

DFFLyQFRPXQLWDULD

RUJDQL]DFLyQ VRFLDO H LQVWLWXFLRQDO HQ OD E~VTXHGD GRODERUDWLYD GH OD

E /D UHODFLyQ PDQGRQLVWD PDJLVWHULDO R VDELD FRPR FRPSUHQVLyQ GH OD

FRPSOHMDV

SURGXFFLyQ GHO SHQVDPLHQWR WHyULFRFUtWLFR \ GH FRPSHWHQFLDV

D /DSUHVHQFLDGHOFXHUSR\GHVXPRYLPLHQWRFRPRIXQGDPHQWRGHOD

RWURVDVSHFWRVYDORUDPRV

QXFOHDU HO FXUUtFXOR GH XQD IRUPDFLyQ FHQWUDGD HQ HO DSUHQGL]DMH HQWUH

FUtWLFD (Q HVWR GLVWLQJXLPRV DOJXQRV HMHV GH FRQWHQLGRV TXH GHELHUDQ

FRPR FRQWH[WR KLVWyULFRVLWXDFLRQDO HQPDUFiQWH GH OD LQQRYDFLyQ HGXFDWLYD

 /D QHFHVLGDG GHO DQiOLVLV DQWURSROyJLFR GHO VHU \ HVWDU HQ $PpULFD /DWLQD

XQRGHHOORVFRPSUHQGHUtDSUHFLVHPRVDTXtVXVVHQWLGRVDFWXDOHV

6yORFRPRXQDH[SOLFLWDFLyQUHVXPLGDGHHVWRVHMHV\GHORVFRQWHQLGRVTXHFDGD

FHQWUDGR HQ HO DSUHQGL]DMH GHVHDGR SDUD OD HGXFDFLyQ S~EOLFD ODWLQRDPHULFDQD

DUWLFXODGRUHV TXH GHELHUDQ QXFOHDU XQD SURSXHVWD DFWXDO GH HVWH FXUUtFXOR

HGXFDWLYD TXH VH LPSRQHQ HQ QXHVWUD UHJLyQ 6H WUDWD GH LGHQWLILFDU ORV HMHV

YDFtRFRQFHSWXDOODWLQRDPHULFDQRTXHWLHQHQODVSURSXHVWDVGHFDPELRRUHIRUPD

(VWD SHGDJRJtD GH OD HVSHUDQ]D FRPLHQ]D FRQ HO SURFHVR GH OOHQDU HVWH

HQHODSUHQGL]DMH

7RGDYtD OD LQYHUVLyQ SDUD HO PHMRUDPLHQWR GH OD LQIUDHVWUXFWXUD  FRPR SDUD OD

VHGHVWLQDQDODHGXFDFLyQ\ODVLQYHUVLRQHVTXHVHRULHQWDQDODHVFXHODS~EOLFD

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

/RVSULQFLSDOHVHMHVDUWLFXODGRUHVGHOFXUUtFXOREDVDGR

$ VX YH] FRPSUREDPRV WDPELpQ TXH HVWDV UHWyULFDV UHIRUPLVWDV

WDPSRFRFDPELDQODHVWUXFWXUD\HOYROXPHQGHORVSUHVXSXHVWRVQDFLRQDOHVTXH

5RODQGR3LQWR&RQWUHUDV

TXH QR VyOR LQFOX\D YLVLRQHV \ OHQJXDMHV GLYHUVRV VLQR TXH HQ HO

UHVFDWHGHODFXOWXUDRUDOYD\DJHQHUDQGRODSHUWLQHQFLDIRUPDWLYDTXH

SURWDJRQLVPR DO HGXFDQGR +DEUtD TXH KDEODU HQWRQFHV GH XQD QXHYD

FDPELR\ODUHQRYDFLyQHGXFDWLYD

FRP~Q\FXULRVLGDGHSLVWHPROyJLFDRFUtWLFDFLHQWtILFDHQILQDOLDQ]DHQWUH
FRPSHWHQFLDVFRPSOHMDVWHFQRORJtDVHGXFDWLYDVHLQWHUFXOWXUDOLGDG


VRFLRFXOWXUDOHV TXH YDQ FRQIRUPDQGR QXHYRV VHQWLGRV GH KXPDQLGDG \

QXHYRVPDUFRVRULHQWDGRUHVSDUDODVHOHFFLyQRUJDQL]DFLyQ\JHVWLyQGHOD

FXOWXUD\HOFXUUtFXORHVFRODUODWLQRDPHULFDQR

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

GLYHUVLGDG \ TXH GH PDQHUD FUtWLFD YD\D FRQVWUX\HQGR QXHYDV IRUPDV GH

(O GHVDUUROOR GHO FXUUtFXOR FRPR  XQD DFFLyQ SHGDJRJtD TXH UHFRMD OD

HQWUHHOVDEHULQVWDODGR\HOHPHUJHQWHDOLDQ]DHQWUHFXULRVLGDGLQJHQXDR

YDULDV PDQLIHVWDFLRQHV GHO OHQJXDMH VRFLDO \ HQ OD GLYHUVLGDG GH UHDOLGDGHV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

KXPDQR(OGLVHxRGHWDOSHGDJRJtDMXQWRFRQVHUXQDSRVLELOLGDGGH

S~EOLFDODWLQRDPHULFDQDFRPRXQDSHGDJRJtDSDUDHOGHVDUUROOR

(QILQFRPSUHQGHUODRSFLyQFUtWLFDWUDQVIRUPDWLYDGHODHGXFDFLyQ

HGXFDFLyQ S~EOLFD HQ $PpULFD /DWLQD OD DOLDQ]D HVFXHOD \ IDPLOLD DOLDQ]D

DOLDQ]D SROtWLFDVRFLDO GH ODV IXHU]DV SRU HO FDPELR FXUULFXODU SDUD OD

SHUVSHFWLYD GH LU JHQHUDQGR XQD QXHYD VLWXDFLyQ HGXFDWLYD TXH Gp HO

DFFLRQDUVRFLDOFRPRVXVWHQWRGHOFRPSURPLVR\ODDIHFWLYLGDGSRUHO

/R DQWHULRU QRV GHELHUD OOHYDU D XQ QXHYR OHQJXDMH \ XQD QXHYD

ELRVRFLRHQWRUQR

RUJDQL]DFLyQ LQWHOHFWXDO GHO HGXFDGRU \ GH OD LQVWLWXFLyQ HGXFDWLYD HQ OD

FRQRFLPLHQWR FLHQWtILFR \ OD FXULRVLGDG FUtWLFD GHO HGXFDQGR FRQ VX

K (QILQHOFUXFHGHODGLPHQVLyQHVWpWLFD\pWLFDGHOFRQRFLPLHQWR\HO

GHODFRQYLYHQFLDVRFLDO

UHODFLRQHVGH SRGHU PiVVROLGDULDV \ KRUL]RQWDOHV HQ WRGRV ORViPELWRV

FRQ OD UD]yQ SRVLWLYLVWD FRPR IXQGDPHQWR HSLVWHPROyJLFR GHO

J /D YLVLyQ HFR DQWURSROyJLFD TXH VXUJH GHO FUXFH GH OD UD]yQ LQWXLWLYD

LPSDFWRGHODVRSFLRQHVFLHQWtILFDV\WHFQROyJLFDV

UHODFLRQHV HSLVWpPLFDV FRQ FRPSRUWDPLHQWR pWLFRV UHVSRQVDEOHV GHO

VLPHWUtDVSHGDJyJLFDVFRQDVLPHWUtDVRQWROyJLFDV

LQYHVWLJDFLyQ\DFFLyQGRFHQWHV

FRQRFLPLHQWRFRP~Q\FLHQWtILFR

UHIOH[LyQ\SUiFWLFDVRFLDO

 /D FRPSUHQVLyQ GH OD PXOWLFXOWXUDOLGDG ODWLQRDPHULFDQD H[SUHVDGD HQ

ODWLQRDPHULFDQDV  FRPR FRQVWUXFFLyQ GH XQD SHGDJRJtD LQWHUFXOWXUDO

I (O HTXLOLEULR HQWUH OR GLYHUVR \ OR FRP~Q HQ ODV LGHQWLGDGHV

HQWXVLDVPDDORVHGXFDQGRV

YDORUHVGHFRQVWUXFFLyQGHODFLYLOLGDGRGHODFLXGDGDQtDDFWLYDORFDO

WHRUtD\UHDOLGDG

HQWUHRWURVpQIDVLVODVVLJXLHQWHVUHODFLRQHV

GHOSHFDGR\HODUUHSHQWLPLHQWR

TXH RUJDQLFH HVSDFLRV \ WLHPSRV HVFRODUHV FRPR YLQFXODFLRQHV P~OWLSOHV

FRPXQLWDULD  SRU VREUH XQD YLVLyQ LQGLYLGXDOLVWD FXOSRVD \ DQLPLVWD

H /DYLYHQFLDpWLFDGHODUHFLSURFLGDG\GHODFRPSOHPHQWDULHGDGFRPR

DSUHQGL]DMH TXH FRQYLQH OHQJXDMHV SHGDJyJLFRV \ PHGLRV WHFQROyJLFRV \

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

SRSXODU OLEHUDGRUD H LQVSLUDGRUD GH OD FRVPRJRQtD WHUUHQDO

G /DYLVLyQKXPDQLVWDGHORGLYLQRFRPRPDWHULDOL]DFLyQGHXQDWHRORJtD

5RODQGR3LQWR&RQWUHUDV

GHODVFDSDFLGDGHV\ODFRQFLHQFLDSDUDVHUFLXGDGDQRDFWLYRGHO

HPHUJHQWHGHVGHORVVXMHWRVHGXFDQGRVSDUDFUHDUXQQXHYR

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

YLGDSHUVRQDO\ORFDO

HPSUHQGHGRUDSDUDODFRQWLQXLGDG\PHMRUDPLHQWRGHODFDOLGDGGH

GHVDUUROORORFDODXWRVXVWHQWDEOHRSRWHQFLDVXFRQFLHQFLD

IRUPDFLyQ$VtWDPELpQVXUHVXOWDGRLQPHGLDWRHVODDGTXLVLFLyQ

HOHPHQWRTXHVHPH]FOD\UHVLJQLILFDFRQHOFRQRFLPLHQWR

$VtSRGUtDKDEODUVHGHXQDFXOWXUDSHGDJyJLFDLQQRYDGRUDTXH

(QHOODVODVUHODFLRQHVSHGDJyJLFDVVHIXQGDQHQODFR

DFWLYLGDGHVUHOHYDQWHVSDUDFDGDVXMHWRLQWHUYLQLHQWHHQOD

HIHFWLYL]DQHQFDGDDFFLyQGHOGHVDUUROORORFDO

GHEHUtDQVHURUJDQL]DGDVFRPRFRPXQLGDGHVGHDSUHQGL]DMH

GHOFRQRFLPLHQWRLQVWDODGRHQORV3URJUDPDVGH(VWXGLRHVXQ

LQQRYDGRUDVHFRQVWUX\DQORVFRQRFLPLHQWRVIXQFLRQDOHVTXHVH

RFRQRFLPLHQWRTXHQXFOHDFDGDDFFLyQIRUPDWLYDHQSDUWLFXODU

VHOHFFLRQD\RUJDQL]DHODSUHQGL]DMHHQWRUQRDFRQWHQLGRV\

DFWRUHVORFDOHVSDUDTXHHQXQDVtQWHVLVHQGyJHQDSHGDJyJLFD

WHPSRUDOHV\HVSDFLDOHVTXHFRQVWUX\HQHQWUHHOORV\HOFRQWHQLGR

UHVSRQVDELOLGDGGHOHQVHxDU\HODSUHQGHU\HQGyQGHODYDULDEOHV

FRQIURQWDQFRQORVFRQRFLPLHQWRVHPHUJHQWHVTXHDSRUWDQORV

6HWUDWDHQWRQFHVTXHHOHGXFDGRUORVHGXFDQGRVODVUHODFLRQHV

GHGLQDPL]DFLyQHLQWHUYHQFLyQHQHOPHGLRORFDOVHGLVFXWHQ\VH

HTXLSR

'HHVWDPDQHUDWDPELpQORVFRQRFLPLHQWRVHVWUXFWXUDOHVTXH

IRUPDWLYDHVWRVFRPSRQHQWHVGHEHQSRWHQFLDUORVHVSDFLRVGH

FRJQLWLYDVH[yJHQDVTXHVHSURSRQHQFRPRSROtWLFDV\HVWUDWHJLDV

DIHFWLYRV

RUJDQL]DGRUGHORVREMHWLYRVFRQWHQLGRV\DFWLYLGDGHVGHODDFFLyQ

FDGDDFFLyQGHOGHVDUUROORDVtFRPRODUHIOH[LyQ\HOWUDEDMRHQ

FDSDFLGDGGHVXMHWRJHQHUDGRUGHQXHYRVPXQGRVFRJQLWLYRV\

(VWHFULWHULRQRVOOHYDDHQWHQGHUORTXHGHELHUDVHUXQSULQFLSLR

SURPXHYHHOGHVDUUROORTXHVHEDVDHQODVUDFLRQDOLGDGHV

IRUPDFLyQFRQWLQXD\SHUPDQHQWHGHVXSURSLDFRQGLFLyQ\

KXPDQRORFDO

GLiORJR\FRQVWUXFFLyQGHOFRQRFLPLHQWRVLJQLILFDWLYR\~WLOSDUD

SHGDJRJtDTXHUHHQFDQWHDORVVXMHWRVGHODSUHQGL]DMHSDUDXQD

DSOLFDFLRQHVQHFHVDULDVTXHVXUJHQGHODVDFFLRQHVGHOGHVDUUROOR

YLGDGHORVTXHSDUWLFLSDQGHODDFFLyQIRUPDWLYD6HWUDWDGHXQD

HVFRODUIRUPDOL]DGRRILFLDOFRPRTXLHUDOODPDUVHFRQVDEHUHV\

6LELHQHVFLHUWRORTXHVHHQWLHQGHSRUFRPXQLGDGGHDSUHQGL]DMHWLHQHXQHVSHFWURDPSOLRHQ
ODOLWHUDWXUDHGXFDWLYDPiVSURJUHVLVWDDTXtQRVDGVFULELPRV\VXVFULELPRVODSURSXHVWDGH
'RQDWLOD)HUUDGDTXLHQHQWLHQGHSRUHVWDVLWXDFLyQIRUPDWLYDFRPRXQDH[SUHVLyQ
RSHUDFLRQDOGHOFXUUtFXOXPFUtWLFRFRPXQLFDWLYR


LQVWDODUVHFRPRXQDSRUWHSDUDHOPHMRUDPLHQWRGHODFDOLGDGGH

5HODFLRQDUFUtWLFDPHQWHHOFRQRFLPLHQWRHVWUXFWXUDOHUXGLWR

'HHVWDPDQHUDHOFRQRFLPLHQWRDGTXLHUHVXXWLOLGDGHIHFWLYDDO

VHUHILULHUDQD

HQIRUPDFLyQ

TXHDGRSWDUDOJXQRVFULWHULRVGHVHOHFFLyQ\RUJDQL]DFLyQGHOFXUUtFXORTXH

FRQRFLPLHQWRPiVSHUWLQHQWHDODUHVSXHVWDTXHEXVFDQORVVXMHWRV

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

UHDOLGDGORFDOGRQGHVHVLW~DODDFFLyQHGXFDWLYDHIHFWLYD3DUDHOORKDEUtD

FRQVWUXFFLyQSDUWLFLSDWLYDGHEHVHUXQDHVWUDWHJLDGHYLQFXODFLyQFRQOD

5RODQGR3LQWR&RQWUHUDV

3XHVELHQHVWDVVRQDOJXQDVGHODVLGHDVTXHTXHUtDFRPSDUWLUFRQHVWH

ORVSURIHVRUHV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

 (Q OD )DFXOWDG GH (GXFDFLyQ GH OD 38&&+ KHPRV HVWDGR LQYHVWLJDQGR GHVGH KDFH  DxRV OD
FDSDFLGDG SURIHVLRQDO TXH WLHQHQ ORV &HQWURV (VFRODUHV GHO VLVWHPD HGXFDWLYR FKLOHQR EDMR
FXDOTXLHU PRGDOLGDG \ GHSHQGHQFLD \ ORV HGXFDGRUHV FKLOHQRV SDUD OOHJDU D FRQWH[WXDOL]DU ORV
3ODQHV\3URJUDPDVGH(VWXGLRVHODERUDGRVSRUHO0,1('8&/RLQGDJDGRKDVWDDKRUDQRVSHUPLWH
DILUPDUTXHORVGLVHxRVLQWHOLJHQWHVVHxDODGRVFRPRREOLJDWRULRVSRUHO0LQLVWHULRVRQDGRSWDGRV
\DGDSWDGRVSRUORV&HQWURV(VFRODUHV\TXHODVFRQWH[WXDOL]DFLyQGHSHUWLQHQFLDKDFLDHOWLSRGH
HGXFDQGRV \ UHDOLGDGHV FRQWH[WXDOHV TXH GHEHQ FRQVLGHUDU ORV FHQWURV HVFRODUHV \ ORV GRFHQWHV
SDUD OOHJDU D FRQRFLPLHQWRV VLJQLILFDWLYRV \ DSUHQGL]DMHV GH FDOLGDG VROR VRQ LPLWDFLRQHV
KRPRJHQHL]DQWHVGHORLPSXHVWRSRUWDOHVGLVHxRV0H]D3DVFXDO 3LQWR



ODVLQVWLWXFLRQHVDVRFLDGDV&HQWURV)RUPDGRUHVGH3URIHVRUHV*UHPLRV

HYDOXDFLyQGHOGHVHPSHxRGRFHQWH\TXHEXVFDFXOSDELOL]DUDHVWHFROHFWLYR\D

WpFQLFRSROtWLFRVGHODHGXFDFLyQTXHUHFRJHFRPRSODQWHDPLHQWRLQQRYDGRUOD

PHGLRFUHDOGHEDWHHGXFDWLYRTXHVHDEULyUHFLHQWHPHQWHHQORVRUJDQLVPRV

DOJXQDXWLOLGDGSDUDGDUOHXQFRQWHQLGR\XQVHQWLGRPHQRVVXSHUILFLDO\PHQRV

6LQGXGDHVWDVLGHDVWDOYH]QRWDQRULJLQDOHVSHURVLSROpPLFDVSRGUtDQVHUGH

HO&XUUtFXORTXHQHFHVLWDPRVFRQVWUXLUSDUDODHGXFDFLyQS~EOLFDODWLQRDPHULFDQD

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

 5HFLHQWHPHQWH HQ &KLOH VH KD H[SOLFLWDGR S~EOLFDPHQWH XQD 2SHUDFLyQ   HODERUDGD SRU
DOJXQRV DFDGpPLFRV \ &HQWURV GH (VWXGLDQWHV 8QLYHUVLWDULRV YLQFXODGRV D )DFXOWDGHV GH
,QJHQLHUtDVGHDOJXQDVXQLYHUVLGDGHVHOLWLVWDVGHQXHVWURSDtV\GHFX\RSODQWHDPLHQWRVHKDFHQ
FDUJR DOJXQRV PHGLRV SHULRGtVWLFRV GHPDVLDGR LGHQWLILFDGRV FRQ HO IXQFLRQDPLHQWR \ OD
PDQWHQFLyQ GHO VWDWXV TXR QHROLEHUDO HQ OD HGXFDFLyQ QDFLRQDO \ TXH SRVWXODQ HTXLSDUDU SDUD HO
DxR  ODV  LQVWLWXFLRQHV HVFRODUHV PiV GHSULYDGDV \ GH PHQRU UHQGLPLHQWR FRQ ODV 
HVFXHODV PiV ULFDV \ FRQ PHMRUHV UHVXOWDGRV DFDGpPLFRV GHO SDtV < HO DFHQWR HVWi SXHVWR HQ HO
SHUIHFFLRQDPLHQWR GRFHQWH \ HQ HO FDPELR GH ODV PHWRGRORJtDV GH HQVHxDQ]D (V GHFLU OR
LQQRYDGRUHVPiVGHORPLVPR



GH OD (GXFDFLyQ FRPXQLGDGHV GH DSUHQGL]DMH HQ &RQFHSFLyQ 3RQHQFLD HQ

)HUUDGD'8QDH[SHULHQFLD,QQRYDGRUDHQODIRUPDFLyQGH3URIHVLRQDOHV

/D0XUDOOD

)HUUDGD'(O&XUUtFXOXPFRPR$FFLyQ&RPXQLFDWLYD%DUFHORQD(GLWRULDO

LQQRYDGRUDHQ(GXFDFLyQ0DGULG(GLWRULDO8QLYHUVLGDG&RPSOXWHQVH

(VFXGHUR -  'LVHxR \ 'HVDUUROOR GHO &XUUtFXOR XQD SHUVSHFWLYD

%DUFHORQD2FWDHGUR(GLFLRQHV

'D 6LOYD 7  (VSDFLRV GH ,GHQWLGDG 1XHYDV 9LVLRQHV VREUH HO &XUUtFXOR

HQVHxDGR%XHQRV$LUHV(8'(%$

&KHYDOODUG 0  /D WUDQVSRVLFLyQ GLGiFWLFD 'HO VDEHU VDELR DO VDEHU

5HIHUHQFLDV

WUDQVPLWLU\RWRUJDUOHPD\RULGHQWLGDGDODDFFLyQSHGDJyJLFDGH

KLVWyULFRGHQXHVWUDHGXFDFLyQODWLQRDPHULFDQD

FRJQLWLYDV\YDOyULFDVDSDUWLUGHXQDSURSXHVWDFXUULFXODURILFLDO

VHUGHXWLOLGDGSDUDXQGHEDWHVHULR\IXQGDGRVREUHHVWHSUREOHPDHVWUXFWXUDOH

HGXFDWLYR\ORVGRFHQWHVWRPDQGHFLVLRQHV\GHVDUUROODQDFFLRQHV

FRQODILQDOLGDGGHKDFHUPiVSHUWLQHQWHHOFRQWHQLGRFXUULFXODUD

XQSUREOHPDFRPSOHMR\QRUHGXFWLYLVWDHVTXHSHQVDPRVTXHHVWHWH[WRSXHGH

GHILQHODPLVPDFRPRHOSURFHVRPHGLDQWHHOFXDOHOFHQWUR

(QWHQGLHQGRTXHHOSUREOHPDGHODPDODFDOLGDGGHODHGXFDFLyQS~EOLFDHV

S~EOLFD

HOFRQFHSWRGHFRQWH[WXDOL]DFLyQTXHKHPRVHVWDGRSURSRQLHQGR

HQQXHVWUDVLQYHVWLJDFLRQHVVRFLRHGXFDWLYDV\FXUULFXODUHV\TXH

'RFHQWHV3HUIHFFLRQDPLHQWR'RFHQWHVHWFGHODPDODFDOLGDGGHODHGXFDFLyQ

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD

SHGDJyJLFRHQXQFRQRFLPLHQWRFRQWH[WXDOL]DGR$TXtDGRSWDPRV

3RU~OWLPRODQHFHVLGDGGHFHQWUDUODUHIOH[LyQ\HODQiOLVLV

WH[WR\TXHGHVGHPLSXQWRGHYLVWDDEUHQQXHYDVSHUVSHFWLYDVDOGHEDWHVREUH

5RODQGR3LQWR&RQWUHUDV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

SDUDODHGXFDFLyQODWLQRDPHULFDQD6DQWLDJR&KLOH(GLWRULDO8&

3LQWR &RQWUHUDV 5  (O &XUUtFXOR &UtWLFR 8QD SHGDJRJtD WUDQVIRUPDWLYD

1DFLRQDO8QLILFDGD6DQWLDJR(GLFLRQHV/20

1~xH] ,  /D (18 HQWUH GRV VLJORV 8Q HQVD\R KLVWyULFR VREUH OD (VFXHOD

3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOHSiJVD

FRQVWUXFFLyQ FXUULFXODU %ROHWtQ GH ,QYHVWLJDFLyQ (GXFDFLRQDO  

0H]D,3DVFXDO( 3LQWR5/DFRQWH[WXDOL]DFLyQFRPRHVWUDWHJLDGH

8QLYHUVLGDGGH/D)URQWHUDSiJVD

UHIRUPD HGXFDWLYD GH ORV QRYHQWD 5HYLVWD GH ,QYHVWLJDFLRQHV (GXFDWLYDV

0H]D,3DVFXDO( 3LQWR5/DSROtWLFDGHSURGXFFLyQFXUULFXODUHQOD

(GLFLRQHV

0DWXUDQD +  (O VHQWLGR GH OR +XPDQR 6DQWLDJR &KLOH +DFKHWWH

8QLYHUVLGDG&HQWUDOGH9HQH]XHOD

0DODYp +  (O GHVDUUROOR GHO VXEGHVDUUROOR HQ 9HQH]XHOD &DUDFDV

8QLYHUVLGDGGH*UDQDGD

*DUFtD 0  'LVHxR GHVDUUROOR H LQQRYDFLyQ GHO FXUUtFXOR (VSDxD

)UHLUH33HGDJRJtDGHOD(VSHUDQ]D0p[LFR6LJOR;;,(GLWRUHV

)UHLUH33HGDJRJtDGHOD$XWRQRPtD%XHQRV$LUHV6LJOR;;,(GLWRUHV

0(5&2685&21268/5LR*UDQGHGHO6XU%UDVLO

;9 6HPLQDULR ,QWHUQDFLRQDO VREUH )RUPDFLyQ GH 3URIHVRUHV HQ HO

5RODQGR3LQWR&RQWUHUDV

3RVJUDGR\6RFLHGDG9RO1R$xR,661;

&RUUHRHOHFWUyQLFRUROSLQWR#XGHOPDUFO

+XPDQLVPR&ULVWLDQR&KLOH\8QLYHUVLGDGGH&RQFHSFLyQ&KLOH

0HWURSROLWDQD GH &LHQFLDV GH OD (GXFDFLyQ &KLOH 8QLYHUVLGDG $5&,6 &KLOH $FDGHPLD GH

$UJHQWLQD &DWyOLFD GH &yUGRED $UJHQWLQD &DWyOLFD GH 0RQWHUUH\ 0p[LFR 8QLYHUVLGDG

9DOODGROLG (VSDxD *UDQDGD (VSDxD %XHQRV $LUHV (VFXHOD GH *UDGXDGRV $OEHUWR 6RULDQR

9LVLWDQWH HQ ORV 3URJUDPDV GH 'RFWRUDGR HQ (GXFDFLyQ GH ODV VLJXLHQWHV 8QLYHUVLGDGHV GH

ORV 3URJUDPDV GH 3RVWJUDGR HQ (GXFDFLyQ 3RQWLILFLD 8QLYHUVLGDG &DWyOLFD GH &KLOH \ 3URIHVRU

DFWXDOPHQWH HV 'HFDQR GH (GXFDFLyQ 8QLYHUVLGDG GHO 0DU &KLOH 3URIHVRU $GMXQWR$VRFLDGR HQ

(O DXWRU HV 'RFWRU HQ &LHQFLDV GH OD (GXFDFLyQ 8QLYHUVLGDG &DWyOLFD GH /RYDLQD  .8/ 

'U5RODQGR3LQWR&RQWUHUDV

1RWDDFHUFDGHODXWRU

/DQHFHVLGDGGHXQQXHYRSDUDGLJPDFXUULFXODUSDUDXQDpSRFDFRPSOHMD