Académique Documents
Professionnel Documents
Culture Documents
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'
&203/87(16('(0$'5,'
&5Ï1,&$'(81$'(6,*8$/9,1&8/$&,Ï1
/XLVÈQJHO6iQFKH]*yPH]
5(680(1 (O QRPEUDPLHQWR GH +XJR 2EHUPDLHU FRPR FDWHGUiWLFR GH +LVWRULD 3ULPLWLYD GHO +RPEUH HQ
\ODLPSODQWDFLyQGHHVDDVLJQDWXUDHQODDQWLJXD8QLYHUVLGDG&HQWUDOGH0DGULGDEULHURQSDVRDXQDGHVL
JXDOYLQFXODFLyQDFDGpPLFDHQWUHSUHKLVWRULD\HWQRORJtD(OSUHVHQWHDUWtFXORDQDOL]DHOSHULRGRHQHOTXHDTXH
OODFiWHGUDHVWXYRHQPDQRVGH-XOLR0DUWtQH]6DQWD2ODOOD\ODVVLQJXODULGDGHVGHOPRGHORFLHQWtILFRDFDGpPL
FRHQWRQFHVDUWLFXODGRKDFLpQGRVHLJXDOPHQWHUHIHUHQFLDDODVUHODFLRQHVHVWDEOHFLGDVHQWUHODVGRVGLVFLSOLQDV
FLWDGDVHQODVGpFDGDVSRVWHULRUHVKDVWD
(WKQRORJ\DQG3UHKLVWRU\DWWKH8QLYHUVLGDG&RPSOXWHQVHRI0DGULG7KHVWRU\RIDQXQHTXDOUH
ODWLRQ
$%675$&77KH+XJR2EHUPDLHU¶VGHVLJQDWLRQDVFKDLULQµ3ULPLWLYH+LVWRU\RI0DQ¶LQDQGWKHHVWDEOLVK
PHQWRIWKLVVXEMHWFRIVWXG\LQWKHIRUPHU8QLYHUVLGDG&HQWUDORI0DGULGKDGDVDUHVXOWDQXQHTXDODFDGHPLFOLQN
EHWZHHQSUHKLVWRU\DQGHWKQRORJ\7KHSDSHUDQDO\]HVWKH-XOLR0DUWtQH]6DQWD2ODOOD¶VSHULRGZKHQKHKHOG
WKHFKDLUDQGWKHIDLOXUHVRIKLVVFLHQWLILFDQGDFDGHPLFUHVHDUFKV\VWHPDWWKHVDPHWLPHDUHIHUHQFHLVPDGH
WRWKHUHODWLRQVKLSVHVWDEOLVKHGEHWZHHQWKHWZRGLVFLSOLQHVGXULQJWKHVXEVHTXHQWGHFDGHVXQWLO
3$/$%5$6&/$9((WQRORJtD3UHKLVWRULD8QLYHUVLGDG&RPSOXWHQVH)UDQTXLVPR+LVWRULRJUDItD
.(<:25'6(WKQRORJ\3UHKLVWRU\8QLYHUVLGDG&RPSOXWHQVH)UDQFRUHJLPH+LVWRULRJUDSK\
WRVGHHYROXFLyQ\SURJUHVRGHODKXPDQLGDG´UHFRU 3ULPLWLYDGHO+RPEUHHVWXYLHUDQSUHVHQWHVHQODQXH
GDQGR DGHPiV TXH OD HVFXHOD KLVWyULFRFXOWXUDO ³KD YD 6HFFLyQ GH *HRJUDItD \ VH DQRWDED DGHPiV TXH
FRQWULEXLGRKDVWDKR\VyORHVFDVDPHQWHDUHVROYHUORV ³ORVHVWXGLRVGH(WQRORJtDQRGHEHQDEDUFDUWDQVyOR
LPSRUWDQWHV SUREOHPDV GH ORV RUtJHQHV \ GH ORV FR HOPRQRJUiILFR\GHVFULSWLYRGHORVSXHEORV(WQRJUD
PLHQ]RVGHODVFXOWXUDVKXPDQDV´LELG ItDVLQRTXHWDPELpQVHKDQGHRFXSDUGH3VLFRORJtD
&RPR FRQFOXVLyQ 2EHUPDLHU SURSRQH ³IXQGDU eWQLFDODVFXOWXUDVFDUDFWHUHVPRUDOHV\VRFLDOHVHWF´
GLUHFWDPHQWHXQDSDOHWQRORJtDTXHWHQGUiSRUILQDYH (Q OD FROHFFLyQ GH DFWDV GH OD 6RFLHGDG QR KD\
ULJXDU HO RULJHQ \ HO GHVDUUROOR GH ODV FLYLOL]DFLRQHV UHIHUHQFLDDOJXQDDTXHVHUHFLELHUDUHVSXHVWDGHOPL
DQWHULRUHVDODKLVWyULFDEDViQGRQRVDHVWHHIHFWRHQ QLVWHULR\FRPRHVHYLGHQWHQRVHFUHyODFLWDGDFiWH
ORVKDOOD]JRVSUHKLVWyULFRV\YDOLpQGRQRVDGHPiVGH GUDGH(WQRORJtD(Q%DUFHORQDVLQHPEDUJR\JUDFLDV
OD HWQRJUDItD FRPSDUDGD GH ORV SULPLWLYRV DFWXDOHV´ DOHVWDWXWRGHDXWRQRPtDXQLYHUVLWDULDVtVHFRQVLJXLy
LELG(QODSUiFWLFDHOUHVXOWDGRHVFRPR\D HVWDEOHFHUXQDFiWHGUDFRQHVWDGHQRPLQDFLyQHQ
KHPRVDGHODQWDGRHOUHFXUVRDODDQDORJtDHWQRJUiIL SDUD OD TXH VH OODPy D / 3HULFRW XQ SUHKLVWRULDGRU
FD(QHOGLVFXUVRTXHFRPHQWDPRVHVWDVDQDORJtDVVH VLQHPEDUJRORVSUREOHPDVSROtWLFRVHFKDUtDQSRUWLH
FRQFUHWDQ GH PRGR SUHIHUHQWH HQ ORV iPELWRV GH OD UUDHOSUR\HFWR3HULFRW
WHFQRORJtDODVPXWLODFLRQHVULWXDOHVHOWRWHPLVPRORV 0LHQWUDV WDQWR HQ HO FXUVR GH 2EHU
ULWXDOHVIXQHUDULRV\HOFXOWRDORVGLIXQWRV)XHUDGH PDLHU\6DQWD2ODOOD²TXH\DHUDVXD\XGDQWH²FUHD
HVWH FRQWH[WR DQDOyJLFR HO LQWHUpV GH 2EHUPDLHU SRU EDQHO³6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH´
OD LQYHVWLJDFLyQ HWQROyJLFD HV SUiFWLFDPHQWH QXOR < TXHWUDVODJXHUUDFLYLO²\KDVWDUHDVHQWDUVHGHILQLWL
DVtORKDFHYHUHQORV~OWLPRVSiUUDIRVGHVXGLVFXUVR YDPHQWH HQ OD UHFRQVWUXLGD )DFXOWDG GH )LORVRItD \
FXDQGRWUDVGHVWDFDUODULTXH]DFRPRIXHQWHHWQRJUi /HWUDV²WXYRVXVHGHSULPHURHQHODQWLJXRHGLILFLR
ILFDGHODVFUyQLFDVGH,QGLDVDVHJXUDTXH³UHDOPHQWH GH6DQ%HUQDUGRGRQGHVHLPSDUWLHURQWHPSRUDOPHQ
VyOR XQD SDUWH GH HVWH WHVRUR KD VLGR DOXPEUDGR \ WHODVHQVHxDQ]DVGHODFiWHGUD\SRVWHULRUPHQWHSRU
DSURYHFKDGR SXHV (VSDxD QR SRVHH D~Q XQD FiWHGUD IDOWDGHHVSDFLRHQHO0XVHR$QWURSROyJLFR$ORODU
SURSLDGH(WQRORJtD´2EHUPDLHU JRGHORVVLJXLHQWHVSiUUDIRVFRPSUREDUHPRVFyPRHO
3RUWRGRHOORGHVGHODSURSLDFiWHGUDGH+LVWRULD VHPLQDULRSHVHDKDEHUVLGRRUJDQL]DGRPLHQWUDVRFX
3ULPLWLYDGHO+RPEUH\OD6RFLHGDG(VSDxRODGH$Q SDODFiWHGUD2EHUPDLHUGHVSXpVGHQRVyORYD
WURSRORJtD(WQRJUDItD\3UHKLVWRULD6($(3VHHOH DVHUGLULJLGRSRU6DQWD2ODOODVX³VXFHVRU´VLQRTXH
YyHQXQHVFULWRDO0LQLVWHULRGH,QVWUXFFLyQ3~ pVWHORYDDFRQVLGHUDUFRPRYHUGDGHUDSURSLHGDGSDU
EOLFDVROLFLWDQGRODFUHDFLyQGHXQDFiWHGUDGHHWQROR WLFXODUDEVROXWDPHQWHSHUVRQDOHLQWUDQVIHULEOH
JtDHQODPLVPD)DFXOWDGGH/HWUDV/DLQLFLDWLYDSDU
WLy GH -XOLR 0DUWtQH] 6DQWD2ODOOD ²TXLHQ VLQ GXGD
DVSLUDEDDRFXSDUODFiWHGUDVROLFLWDGD²FRQPRWLYR /$&È7('5$<(/6(0,1$5,2'(
GH LQIRUPDU D OD 6($(3 VREUH OD FRQVXOWD KHFKD HQ +,6725,$35,0,7,9$'(/
HVD )DFXOWDG SRU HO FLWDGR PLQLVWHULR SDUD RUJDQL]DU +20%5('(2%(50$,(5$
XQD6HFFLyQGH*HRJUDItDFRQVXFRUUHVSRQGLHQWHOL 6$17$2/$//$
FHQFLDWXUD\GRFWRUDGR(QVXLQWHUYHQFLyQHQOD6R
FLHGDG6DQWD2ODOODDILUPy $XQTXH UHVXOWD REYLR TXH OD HWQRORJtD WHQtD \D
,QFXPEH SRU OR WDQWR D OD 6RFLHGDG HO SHGLU TXH OD HQWRQFHVHQORVDxRV\XQSDSHOWRWDOPHQWHVX
$QWURSRORJtD>ItVLFD@\3UHKLVWRULDGHTXHH[LVWHQFiWH ERUGLQDGRDODDUTXHRORJtD\ODSUHKLVWRULD²VHSXHGH
GUDV VHD HOHPHQWR LQGLVSHQVDEOH >HQ ORV HVWXGLRV GH DILUPDUFRQWRGRFHUWH]DTXHQRH[LVWtDXQDHWQRORJtD
JHRJUDItD@ \ TXH VH FUHH OD FiWHGUD TXH GHVGH ODUJRV SURSLDPHQWHGLFKD²YDPRVDLQWHQWDUFODULILFDUDOJR
DxRVIDOWDFRPRHO6U2EHUPDLHUKL]RFRQVREUDGDUD PiVODVLWXDFLyQTXHVHYLYtDHQODFiWHGUD\HO6+3+
]yQQRWDUHQDOLQJUHVDUHQOD$FDGHPLDGHOD+LV \ FXiO IXH HO SDSHO GHVHPSHxDGR SRU VXV GRFHQWHV
WRULDXQD&iWHGUDGH(WQRORJtD>@6RFLHGDG(VSDxROD
FHQWUiQGRQRVHVSHFLDOPHQWHHQODpSRFDGHSRVJXHUUD
GH$QWURSRORJtD(WQRJUDItD\3UHKLVWRULD$FWDV\0H
PRULDV;, OD SURWDJRQL]DGD SRU -XOLR 0DUWtQH] 6DQWD2ODOOD
DXQTXH GDUHPRV LQLFLR D QXHVWUR UHSDVR FRPHQWDQGR
2EYLDPHQWH OD 6RFLHGDG DFHSWy OD SURSXHVWD DOJXQDVFXHVWLRQHVUHODWLYDVDODpSRFDGH2EHUPDLHU
HOHYDQGRODVROLFLWXGGHODFiWHGUDDOPLQLVWHULRHQXQ
HVFULWR UHGDFWDGR SRU 2EHUPDLHU 0DQXHO 0DXUD \ &RQWHQLGRVGRFHQWHV\WUDVFHQGHQFLD
6DQWD2ODOODTXHIXHSUHVHQWDGR\DSUREDGRHQODVH DFDGpPLFDGHODDVLJQDWXUD
VLyQGHGHGLFLHPEUHGHLELG(QHO
HVFULWR DGHPiV GH VROLFLWDU OD FUHDFLyQ GH HVD QXHYD +DVWD DKRUD SRFR R QDGD VDEtDPRV VREUH FyPR
FiWHGUD VH DQRWDED OD QHFHVLGDG GH TXH ORV HVWXGLRV VH GHVDUUROODED OD GRFHQFLD R FXiO HUD HO FRQWHQLGR
GHODVFiWHGUDV\DH[LVWHQWHVGH$QWURSRORJtD²DQWUR FRQFUHWRGHORVSURJUDPDVGHHVWXGLRGHODDVLJQDWXUD
SRORJtDItVLFDHQOD)DFXOWDGGH&LHQFLDV²H+LVWRULD GH +LVWRULD 3ULPLWLYD GHO +RPEUH 3DUD OD pSRFD GH
/8,6È1*(/6È1&+(=*Ï0(=
GHFUHWRGHGHMXOLRGHVHGHVDUUROODHQHOVHQR GRV HQ WUHV HQ ²~OWLPR DxR GH
GH OD FLWDGD OH\ OD QXHYD VLWXDFLyQ GH ODV IDFXOWDGHV 6DQWD2ODOODDOIUHQWHGHODDVLJQDWXUD²VRQVHLVORV
GH)LORVRItD\/HWUDV DOXPQRVFDOLILFDGRV
(Q HVH QXHYR PDUFR HVWDWXWDULR ORV HVWXGLRV GH /RVGDWRVTXHDFDEDPRVGHUHVHxDUPXHVWUDQTXH
OD)DFXOWDGGH)LORVRItD\/HWUDVVHRUJDQL]DQHQVLHWH HOLPSDFWRGHODDVLJQDWXUDHQWUHHODOXPQDGRHUDHV
VHFFLRQHVODVFXDOHVVyORHVWiQSUHVHQWHVHQVXWRWDOL FDVR 1R REVWDQWH 6DQWD2ODOOD LQVLVWH HQ RIUHFHU FL
GDGHQOD8QLYHUVLGDGGH0DGULG(QHOQXHYRSODQ IUDVGHORVDOXPQRVTXHVXSXHVWDPHQWHSDUWLFLSDQGH
GHHVWXGLRVGHODIDFXOWDGPDGULOHxDODDVLJQDWXUDGH IRUPD YROXQWDULD HQ HO VHPLQDULR 'HVFRQRFHPRV VL
+LVWRULD 3ULPLWLYD GHO +RPEUH WLHQH FDUiFWHU ~QLFD OOHJDURQDVHUPiVGHFLQFXHQWDSHURVLHIHFWLYDPHQWH
PHQWHGH³FXUVRPRQRJUiILFR´YROXQWDULRDOPDUJHQ HO p[LWR HUD WDO WHQGUtD TXH KDEHUVH UHIOHMDGR HQ ODV
GHO iPELWR GHO GRFWRUDGR SDUD VHU FXUVDGD HQ ODV PDWULFXODFLRQHVRILFLDOHVDOJRTXHUHDOPHQWHQRRFXUUH
VHFFLRQHVGH)LORORJtDFOiVLFDH+LVWRULD(QODSULPH
UD IRUPDED SDUWH MXQWR FRQ RWUDV FXDWUR DVLJQDWXUDV /DSUiFWLFDDFDGpPLFRGRFHQWHGH
PiVGHODGRFHQFLDGHORVGRVSULPHURVFXUVRVGHOD -XOLR0DUWtQH]6DQWD2ODOOD
OLFHQFLDWXUD 'H HVRV FLQFR ³FXUVRV PRQRJUiILFRV´
ORVDOXPQRVGHEtDQHOHJLUXQRHQHOSULPHUDxR\GRV 7UDVKDEHUUHYLVDGRFRQORVHVFDVRVGDWRVGLVSR
HQ HO VHJXQGR ³FRPR PtQLPXP´ >VLF@ *XtD GH OD QLEOHV ORV FRQWHQLGRV GRFHQWHV \ HO SHVR DFDGpPLFR
8QLYHUVLGDGGH0DGULG0DGULG3RU GHODDVLJQDWXUDGH+LVWRULD3ULPLWLYDGHO+RPEUHYD
VX SDUWH HQ OD 6HFFLyQ GH +LVWRULD OD DVLJQDWXUD GH PRVDGLULJLUQXHVWUDDWHQFLyQDOSURIHVRUDGR5HFRU
+LVWRULD 3ULPLWLYD GHO +RPEUH HQWUDED FRQ ³/DWtQ GHPRVTXH6DQWD2ODOODIXH³D\XGDQWH´GH2EHUPDLHU
PHGLHYDO´H³+LVWRULDGHODUWHPHGLHYDO´HQODPLVPD GXUDQWHHOFXUVRGH'HVGHHOFXUVRVLJXLHQWH
FDOLGDG GH RSWDWLYD SDUD VHU FXUVDGD XQD GH HOODV HQ \KDVWDHOGHPDU]RGHVHFRQYLHUWHHQ³DX
SULPHU FXUVR \ RWUD HQ VHJXQGR LELG /D [LOLDU WHPSRUDO´ SRU FRQFXUVRRSRVLFLyQ DGVFULWR DO
DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUH VH LP GHQRPLQDGR³WHUFHUJUXSR´HOGH³$UTXHRORJtD1X
SDUWtDHQHODXODGHOHGLILFLRGH)LORVRItD\/HWUDV PLVPiWLFD\(SLJUDItDH+LVWRULD3ULPLWLYDGHO+RP
KR\HGLILFLRGH)LORVRItD$HQOD&LXGDG8QLYHUVL EUH´ 3RU VX SDUWH 0DUWtQ $OPDJUR %DVFK IXH WDP
WDULDORVPDUWHVMXHYHV\ViEDGRVDODVK ELpQ³D\XGDQWH´GH2EHUPDLHUHQWUH\
<DKHPRVLQGLFDGRHQQRWDTXHODVDFWDVGHFDOL <DHQORVDxRVFXDUHQWDWUDVODUHQXQFLDDODFi
ILFDFLyQFRUUHVSRQGLHQWHVDORVWUHVSULPHURVDxRVGH WHGUDSRUSDUWHGH2EHUPDLHUHQDVXPHODPLV
SRVJXHUUD QR VLUYHQ SDUD FRQRFHU OD GLVWULEXFLyQ GH PD GH IRUPD SURYLVLRQDO 6DQWD2ODOOD FRPR KHPRV
DOXPQRV SRU DVLJQDWXUDV \D TXH HQWRQFHV ²YLJHQWH DQRWDGR(QUHDOLGDGSRFRWLHPSRDQWHVHQ-X
D~Q HO SODQ GH HVWXGLRV UHSXEOLFDQR² QR VH UHDOL]DQ OLR 0DUWtQH] 6DQWD2ODOOD KDEtD JDQDGR SRU RSRVL
H[iPHQHVSRUDVLJQDWXUDV$WUDYpVGHRWUDIXHQWHKH FLyQODFiWHGUDGH³+LVWRULDGHO$UWHFRQ$UTXHRORJtD
PRVSRGLGRFRQRFHUTXHHQFXUVRHQHOTXH \1XPLVPiWLFD´>VLF@GHOD)DFXOWDGGH)LORVRItDGHOD
6DQWD2ODOODDFFHGHDODFiWHGUDLQWHULQDHQODDVLJQD 8QLYHUVLGDGGH6DQWLDJR\HQSRUFRQFXUVRGH
WXUDGH+LVWRULD3ULPLWLYDGHO+RPEUHDSDUHFHQPDWUL WUDVODGRODFiWHGUDGH+LVWRULDGHO$UWHHQOD8QLYHU
FXODGRVQXHYHDOXPQRV VLGDGGH=DUDJR]D1RREVWDQWHVyOROOHJDDRFXSDUOD
3DUD ORV FXUVRV SRVWHULRUHV GLVSRQHPRV GH GRV SULPHUDXQDVVHPDQDVDQWHVGHODJXHUUDFLYLOSXHVOR
IXHQWHV GRFXPHQWDOHV ODV DFWDV GH FDOLILFDFLyQ \ ORV TXH GHVHD HV GHVDUUROODU VX ODERU DFDGpPLFD HQ 0D
GDWRVSURSRUFLRQDGRVSRUHOSURSLR6DQWD2ODOODFX\D GULG DXQTXH KD\D GH VHU WHPSRUDOPHQWH FRPR FDWH
LQIRUPDFLyQUHVXOWDQRWDEOHPHQWHVHVJDGD(QHIHFWR GUiWLFRLQWHULQR
SDUDHOFXUVRGHORVGDWRVSXEOLFDGRVHQORV 3HUR OD WHPSRUDOLGDG VH SURORQJD 'XUDQWH ORV
&XDGHUQRVGH+LVWRULD3ULPLWLYDQRVLQIRUPDQGHTXH TXLQFH DxRV TXH GXUD 6DQWD2ODOOD LQWHQWDUi SRU WR
VRQORVDOXPQRVGHOVHPLQDULR²QRORVPDWULFXOD GRV ORV PHGLRV REWHQHU XQD FiWHGUD HQ SURSLHGDG HQ
GRVHQODDVLJQDWXUD²&GH+3DxR,,Q 0DGULGHQVROLFLWyODSURSLDYDFDQWHGH+LVWRULD
FLIUDTXHDVFLHQGHDHQHOFXUVRGH 3ULPLWLYD GHO +RPEUH FRQFXUVR TXH VHUtD DQXODGR
HQWUH ORV FXDOHV VH FXHQWDQ XQ DOHPiQ XQ DXVWULDFR \ OD GH +LVWRULD GHO $UWH TXH WDPELpQ GHELy GH VHU
XQSRUWXJXpV\XQUXPDQRLELG DQXODGRHQKL]RORPLVPRHQUHODFLyQFRQODFi
6LQ HPEDUJR VL UHFXUULPRV D OD VHJXQGD IXHQWH WHGUDGH³+LVWRULDGHO$UWH+LVSDQR$PHULFDQR´LJXDO
FLWDGD ODV DFWDV GH FDOLILFDFLyQ YHPRV TXH VRQ PX PHQWH VLQ p[LWR (Q HVWH PLVPR DxR KDEtD LQLFLDGR
FKRVPHQRVORVDOXPQRVPDWULFXODGRV\SUHVHQWDGRVD FRQWDFWRVSDUDTXHOHDGMXGLFDUDQSRUWUDVODGRODFiWH
H[DPHQ HQ OD DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO GUDGH³3UHKLVWRULDH+LVWRULD8QLYHUVDOGHODV(GDGHV
+RPEUH (Q VRQ FDWRUFH HQ VLHWH $QWLJXD\0HGLD\GH+LVWRULD*HQHUDOGHOD&XOWXUD
HQ VyOR XQR HQ GRV HQ $QWLJXD\0HGLD´HQOD8QLYHUVLGDGGH6DQWLDJRGH
WUHV \ XQR PiV HQ DFWD DSDUWH HQ VLHWH HQ OD TXH HUD FDWHGUiWLFR DXQTXH VLQ LPSDUWLU GRFHQFLD
QXHYH HQ WUHV DFWDV GLIHUHQWHV HQ /DVROLFLWXGIXHGHQHJDGDDUJXPHQWDQGRTXHODPDWH
/8,6È1*(/6È1&+(=*Ï0(=
ULDQRHUDDVLPLODEOHDODFiWHGUDGH³+LVWRULDGHO$UWH 2EHUPDLHU1RHVQLQJ~QVHFUHWRTXHODLGHRORJtDSR
FRQ$UTXHRORJtD\1XPLVPiWLFD´GHODTXHHUDWLWXODU OtWLFD GH 6DQWD2ODOOD QR GHEtD GH HVWDU GHPDVLDGR
'XUDQWH WRGRV HVWRV DxRV FRODERUDQ FRQ 6DQWD DFRUGHFRQODVLGHDVGH2EHUPDLHU&RPROXHJRYHUH
2ODOOD FRPR ³D\XGDQWHV GH FODVHV SUiFWLFDV´ -XOLiQ PRVHODOXPQRHUDXQIHUYRURVR³FDPLVDYLHMD´IDODQ
6DQ9DOHUR²FXUVRVGHD²9LFHQWH JLVWDKLMRGHPLOLWDUIHUR]DQWLFRPXQLVWD\QRPHQRV
5XL]$UJLOpV²\²\&DUORV$ORQ HQWXVLDVWD JHUPDQyILOR 'H OD LGHRORJtD SROtWLFD GHO
VR GHO 5HDO HVWH ~OWLPR GXUDQWH ORV FXUVRV GH PDHVWUR SRFR FODUR VH VDEH SHUR VH DILUPD HQ FXDO
\ 6DQ 9DOHUR IXH VXEGLUHFWRU TXLHU FDVR VX FDUiFWHU ³SDFLILVWD´ \ QDGD IDYRUDEOH D
GHOVHPLQDULR\VHFUHWDULRGHOPLVPR5XL]$UJLOpV ORVUHJtPHQHVIDVFLVWDVRWRWDOLWDULRV
2EOLJDGRDDEDQGRQDUVXLQWHULQDFiWHGUDGH+LV 'HVGHXQDSHUVSHFWLYDFLHQWtILFDSRGUtDSHQVDUVH
WRULD3ULPLWLYDWUDVODWRPDGHSRVHVLyQGH$OPDJUR TXH HO PiV R PHQRV GHFODUDGR LQWHUpV GH 2EHUPDLHU
%DVFKHQ6DQWD2ODOODREWLHQHSRUWUDVODGROD SRUODVGRFWULQDVGHODHVFXHODKLVWyULFRFXOWXUDOFRLQ
GH (WQRORJtD \ 3UHKLVWRULD HQ OD 8QLYHUVLGDG GH 9D FLGLUtD FRQ ORV SODQWHDPLHQWRV WHyULFRPHWRGROyJLFRV
OHQFLDSDUDODTXHIXHQRPEUDGRHOGHQRYLHPEUH GH6DQWD2ODOOD6LQHPEDUJRODUHDOLGDGHVTXHHVWH
GH)LQDOPHQWHFRQVLJXHXQDFiWHGUDHQSURSLH ~OWLPRFRPRVHJXLGDPHQWHYHUHPRVQDXIUDJDGHIRU
GDG HQ 0DGULG OD TXH DO SDUHFHU IXH OD SULPHUD GH PDFRQVWDQWHHQHOiPELWRGHODVPHWRGRORJtDV\TXH
+LVWRULDGHO$UWHGHHVWDXQLYHUVLGDG3HURWDPELpQ HO SULPHUR HVWi HQ UHDOLGDG PXFKR PiV FHUFD GH ORV
HQ HVWD RFDVLyQ HO FRQIOLFWR HVWXYR SUHVHQWH \D TXH SUHKLVWRULDGRUHVDQWURSyORJRV HYROXFLRQLVWDV TXH GH
SDUDORJUDUODWXYRTXHSUHVHQWDUUHFXUVRFRQWHQFLRVR ORV WHyULFRV GHO GLIXVLRQLVPR FRPR \D YLPRV TXH
DGPLQLVWUDWLYRFRQWUDODRUGHQGHGHPD\RGH DQRWDED &DUR %DURMD 7DPELpQ HV HYLGHQWH TXH SRFR
TXHKDEtDUHVXHOWRHOFRQFXUVRGHWUDVODGRHQIDYRUGH WLHQH TXH YHU HO HQIRTXH FLHQWtILFRQDWXUDO GH 2EHU
)UDQFLVFR-DYLHUGH6DODV%RVFK/DVHQWHQFLDGHO7UL PDLHUFRPRORGHILQH0RXUHFRQHOKLVWy
EXQDO6XSUHPRTXHOHIXHIDYRUDEOHHVGHIHFKDGH ULFRFXOWXUDOLPSHULDOGH6DQWD2ODOOD
QRYLHPEUH GH WRPDQGR SRVHVLyQ GH OD FiWHGUD 1RSXHGHH[WUDxDUQRVSRUWDQWRTXH6DQWD2OD
SRURUGHQGHGHIHEUHURGHODxRVLJXLHQWH OODDSURYHFKDUDODFDVXDOFLUFXQVWDQFLDGHHQFRQWUDUVH
'XUDQWH HVWRV ~OWLPRV DxRV KDVWD VX PXHUWH HQ 2EHUPDLHUHQ2VORDOLQLFLRGHODJXHUUDFLYLO\GHQR
IHEUHURGH6DQWD2ODOODLPSDUWHGRFHQFLDFRPR GHFLGLUVH FODUDPHQWH D UHJUHVDU SDUD PDQLREUDU FRQ
FDWHGUiWLFRGH+LVWRULDGHO$UWHHQFXUVRVGHFDUiFWHU REMHWRGHDSRGHUDUVHGHODFiWHGUDGH+LVWRULD3ULPLWL
JHQHUDO \ RWURV FRQ ORV TXH LQWHQWD PDQWHQHU DOJXQD YDGHO+RPEUH%HOWUiQGLFHORVLJXLHQWHD
YLQFXODFLyQFRQVXVLQWHUHVHVDUTXHROyJLFRV\HWQROy HVWHUHVSHFWR
JLFRV$VtHVUHVSRQVDEOHGH³FXUVRVPRQRJUiILFRV´\
/RV HQHPLJRV GH 6DQWD 2ODOOD TXH HUDQ PXFKRV OH
DVLJQDWXUDVFRPR³3RVLFLyQVLVWHPiWLFDGHO$UWH\$U DWULEX\HURQPDQLREUDVGHJUDYHUHSHUFXVLyQ\QROLPSLR
TXHRORJtD YLVLJRGD´ ³$UWH FRUWHVDQR GHO ÈIULFD 1H HVWLOR SDUD HYLWDU TXH 2EHUPDLHU RFXSDVH VX FiWHGUD \
JUD´³$UWHSUHKLVWyULFR\SULPLWLYR´\³$UWHSULPLWL HOSURIHVRU*DUFtD\%HOOLGRHVFULELyWHUULEOHVDFXVDFLR
YRKLVSiQLFR´ QHV FRQWUD pO FRQFUHWDPHQWH OH LPSXWDED GHVDJUDGHFL
'HVGH XQD SHUVSHFWLYD HVWULFWDPHQWH FLHQWtILFD PLHQWR\FRPRKDEtDVLGRDOXPQRGHOSURIHVRUDOHPiQ
VHxDOHPRVTXHODSpUGLGDGHVXSURYLVLRQDOFiWHGUDGH GHFtDSRFRPiVRPHQRVTXHQRHUDGHH[WUDxDUTXHVL
+LVWRULD 3ULPLWLYD GHO +RPEUH VXSRQH HQ OD SUiFWLFD HQWUHGRFHGLVFtSXORVGH&ULVWRKXELHVHXQ-XGDVWUDLGRU
HOILQDOGHVXDFWLYLGDGLQYHVWLJDGRUD$SDUWLUGHHQ 2EHUPDLHU KXELHUD HQFRQWUDGR VX -XGDV HQWUH WDQWRV
WRQFHV HO DxR GH QR YXHOYH D SXEOLFDU WUDEDMR FLHQWRV
FLHQWtILFRDOJXQR'HVGHHVDIHFKDKDVWDVXPXHUWHD
1RHVPHQRVH[SOtFLWR&DUR%DURMD
FRPLHQ]RVGHFRQRFHPRV~QLFDPHQWHXQEUHYt
VLPR HStORJR ²SRFR PiV GH GRV SiJLQDV² DXWRODX $FDEDGRHOFRQIOLFWR>ODJXHUUDFLYLO@HQFDPELR>2EHU
GDWRULRDODHGLFLyQHQHVSDxROGHGHO\DHQWRQ PDLHU@ VH SUHVHQWy HQ 0DGULG /RV SULPHURV TXH OH KL
FHVDQWLFXDGR2ULJHQ\GLIXVLyQGHODFLYLOL]DFLyQGH FLHURQODYLGDLPSRVLEOHIXHURQDOJXQRVGHVXVGLVFtSX
3/DYLRVD=DPERWWLXQDEUHYHQRWDVREUHHO0XVHRGHO ORV\RWURVWHQtDQWDQWRPLHGRTXHVHHVFDEXOOHURQ5H
FRJLyDVtVXVEiUWXORVGHOSLVRGHODDYHQLGDGH0HQpQ
,QVWLWXWR $UTXHROyJLFR 0XQLFLSDO GH 0DGULG
GH]3HOD\RGRQGHYLYtD\VHYROYLyWULVWHPHQWHD6XL]D
XQ WH[WR GH GLYXOJDFLyQ VREUH SUHKLVWRULD PDGULOHxD >@ <R D~Q VHJXt VDELHQGR DOJR GH pO GHVSXpV GH OD
HO SUyORJR D OD H[SRVLFLyQ GH ³$QWLJHGDGHV JXHUUD SHUR VX QRPEUH HUD WDE~ 6yOR *DUFtD %HOOLGR
SHUVDV´ FHOHEUDGD HQ HO 0XVHR $UTXHROyJLFR 1DFLR PDQWXYRFRPXQLFDFLyQ\FRODERUyFRQpOHQ~OWLPDLQV
QDO\XQRVDSXQWHVGHFODVHHGLWDGRVGHIRUPD WDQFLD
SyVWXPD HQ D ORV TXH SRVWHULRUPHQWH KDUHPRV
UHIHUHQFLD 7DPELpQ =FKQHU 0RXUH DILUPD TXH
3RU~OWLPR\DQWHVGHDIURQWDUXQDYDORUDFLyQGH HOKHFKRGHTXH2EHUPDLHUQRUHWRPDUDVXFiWHGUDVH
OD REUD GH 6DQWD2ODOOD UHVXOWD LQHOXGLEOH KDFHU XQD GHELyDGHPiVGHDSUREOHPDVGHVDOXGDODFLUFXQV
UHIHUHQFLD DXQTXH VHD EUHYH D VXV UHODFLRQHV FRQ WDQFLD³GHTXHVXDOXPQR0DUWtQH]6DQWDRODOODUHFOD
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
PDUDS~EOLFDPHQWHSDUDVtODKHUHGLWDULD>VLF@FiWHGUD GLDEOHPHQWHHPSRWUDGRVHQHOVLVWHPDSROtWLFRYLJHQ
\pO>2EHUPDLHU@QRTXLVLHUDHQWUDUHQFRQIOLFWR>@´ WHXQVLVWHPDTXHSRURWURODGRQRKHPRVGHFRQVL
-XQWRDHVWRHOSURSLR0RXUHLGDSXQWDFRQUD]yQ GHUDUQLPRQROtWLFRQLLQPXWDEOHFRPRHUUyQHDPHQWH
TXH 2EHUPDLHU SXGR YHU FRQ FODULGDG ORV SUREOHPDV SXGRSHQVDU6DQWD2ODOOD
TXHSRGUtDQSODQWHiUVHOHHQHOQXHYRFRQWH[WRDFDGp 0iV DUULED KHPRV DILUPDGR TXH 6DQWD2ODOOD
PLFR\VRFLRSROtWLFR³(OHVWXGLRGHORULJHQ\ODVSUL ³VROLFLWy´TXHVHOHDGMXGLFDUDODFiWHGUDLQWHULQDTXH
PHUDV HGDGHV GHO KRPEUH YROYtD D HVWDU µPDO YLVWR¶ RFXSDEDHQQROLPLWiQGRVHDSUHVHQWDUVHDOFRQ
HQWUH ORV VHFWRUHV PiV LQWHJULVWDV GHO QDFLRQDOFDWROL FXUVR 0HUHFH OD SHQD TXH QRV GHWHQJDPRV HQ HVWD
FLVPR TXH OR FRQGHQDEDQ HQ HO PLVPR VDFR TXH HO FR\XQWXUD\DTXHUHIOHMDFRQFODULGDGWDQWRHOWDODQWH
µHYROXFLRQLVPRPDWHULDOLVWD\DWHR¶´ GHQXHVWURSHUVRQDMHFRPRHODPELHQWHSROtWLFRHQHO
(QWRGRFDVRXQSDUGHFRVDVVtHVWiQFODUDV(Q TXHVHPXHYH(VPiVTXHSUREDEOHQRREVWDQWHTXH
SULPHUOXJDUODILJXUDGH2EHUPDLHUQRLEDDVHU³VDQ WDOHVFRPSRUWDPLHQWRVHVWXYLHUDQUHODWLYDPHQWHH[WHQ
WRGHGHYRFLyQ´GHOQXHYRUpJLPHQ(VREYLRSRUWDQ GLGRVHQODpSRFD
WRTXHHVWDFLUFXQVWDQFLDXQLGDDODVSUHYLDVGHtQGR (Q HIHFWR HQWUH OD GRFXPHQWDFLyQ TXH SUHVHQWD
OHLGHROyJLFR\FLHQWtILFRFRORFDED\DXQDEDUUHUDHQ HQWRQFHV SDUD VHU DGPLWLGR HQ HO FRQFXUVR LQFOX\H
WUHDTXpO\6DQWD2ODOOD(VVLJQLILFDWLYRTXHpVWHHQ VHQGRVHVFULWRVGLULJLGRVDOPLQLVWURGH(GXFDFLyQHQ
HOHVFULWRTXHFLWiEDPRVSRUHOTXHVROLFLWDEDSDUDVt ORV TXH H[SRQH VLQ WDSXMRV FXiOHV VRQ VXV ³PpULWRV´
ODFiWHGUDHQLQGLFDTXHIXHQRPEUDGRFDWHGUi $XQTXHH[WHQVDODFLWDUHVXOWDLOXVWUDWLYD
WLFR SURYLVLRQDO GH +LVWRULD 3ULPLWLYD GHO +RPEUH HO
GHRFWXEUHGH\TXHHVWRVHKL]R³HQUpJLPHQ (ODQXQFLRGH&RQFXUVRSDUDFXEULUODYDFDQWHGH+LV
GH DEVROXWD OLEHUWDG PLQLVWHULDO´ \D TXH ³HUD HO PiV WRULD 3ULPLWLYD GHO +RPEUH SUHFLVD TXH SDUD IDOODU HO
FDSDFLWDGRSDUDHOOD\HOTXHPD\RUHVPpULWRV\GHUH &RQFXUVRKDEUiQGHVHUWHQLGRVHQFXHQWDORVVHUYLFLRV
SUHVWDGRVDO5pJLPHQ$HVWHUHVSHFWRHOILUPDQWHWLHQH
FKRVGHWRGRRUGHQSRGtDSUHVHQWDU´1LHQHVHWH[WR
PpULWRVUHOHYDQWHV\DTXHGHWRGRVORVFDWHGUiWLFRVHV
QLHQODGHFODUDFLyQUHGDFWDGDHQVXH[SHGLHQWHGHGH SDxROHVGH$UTXHRORJtDHVHO~QLFRTXHSHUWHQHFtDDOD
SXUDFLyQ GH FLWD HQ QLQJ~Q PRPHQWR D 2EHU )DODQJH %DQGHUD GH 0DGULG DQWHV GHO $O]DPLHQWR
PDLHU'HORVGLVWLQWRVHVFULWRVFRQVXOWDGRVHQGLIHUHQ KDELHQGR SUHVWDGR SRU WDQWR VHUYLFLRV SDUD HO $GYHQL
WHV H[SHGLHQWHV HV ~QLFDPHQWH HQ OD PHPRULDFXUUL PLHQWRGHO5pJLPHQ$SDUWHGHVHU&DPLVD9LHMDGHOD
FXOXP GH PHGLDQWH OD FXDO VROLFLWD TXH VH OH )DODQJHVR\HO~QLFR&DWHGUiWLFRWLWXODUGH$UTXHRORJtD
FRQFHGDSRUWUDVODGRODFiWHGUDGH(WQRORJtD\3UHKLV TXHHQFRQWUiQGRVHHOGHMXOLRHQHQ=RQD5RMD
WRULDGH9DOHQFLDGRQGHPHQFLRQDHQWHUFHUDSHUVRQD HQ 0DGULG DEDQGRQy LQPHGLDWDPHQWH HO VHUYLFLR GHO
TXH³HQHVWHSHULRGR>ORVDxRV@HQ0DGULGMXQWRDO ³JRELHUQR´URMRVHSDUDWLVWD\VHSXVRYROXQWDULD\DELHU
WDPHQWHFRQWUDQXHVWURVHQHPLJRVORTXHOHYDOLySHUVH
3URI2EHUPDLHUWUDEDMDHQ3UHKLVWRULD\(WQRORJtD´
FXFLRQHV\HQFDUFHODPLHQWRV\HODVHVLQDWRGHVXKHUPD
/DUXSWXUDGH6DQWD2ODOODFRQ2EHUPDLHUHVGH QR$QWRQLR(VWRV\RWURVH[WUHPRVTXHGDQDFUHGLWDGRV
WDOFDOLEUHTXHVHUiGLItFLOHQFRQWUDUHOQRPEUHGHpVWH EUHYHPHQWHHQOD'HFODUDFLyQ-XUDGDTXHDOVHUOLEHUWDGR
HQQLQJXQDSXEOLFDFLyQGHDTXpOSRVWHULRUDODJXHUUD GHO&DPSRGH&RQFHQWUDFLyQIUDQFpVGH&KRPHUDFSUH
FLYLO 'H KHFKR HQ QLQJXQR GH ORV GRV DUWtFXORV TXH VHQWyHQHO0LQLVWHULRGH(GXFDFLyQ1DFLRQDOHQ9LWRULD
GHGLFDDGHVFULELUODVODERUHVGHOVHPLQDULRGH+LVWRULD HQDSDUWHGHTXHHVELHQFRQRFLGDODLQWHUYHQFLyQ
3ULPLWLYDGHO+RPEUH\DVHPHQFLRQDHQ GHO &DWHGUiWLFR ' -XOLiQ %HVWHLUR SDUD VDOYDUPH MXQWR
PRPHQWR DOJXQRTXHFXDQGRVHFUHyHQHO FRQPLVKHUPDQRVHQXQDGHODVGHWHQFLRQHVHQOD&KH
FDWHGUiWLFRGHODPDWHULDHUDSUHFLVDPHQWH2EHUPDLHU FDGH)RPHQWRHQ(VWDDFWLWXGGHOHDOWDGKDFLD
(VSDxD VLQ WUDLFLyQ QL FODXGLFDFLRQHV PH SRQH HQ VL
WXDFLyQ SUHIHUHQWH UHVSHFWR D SRVLEOHV FRQFXUVDQWHV GH
(WQRORJtD\SUHKLVWRULD DTXHOODTXHIXH]RQDURMDSXHVWRTXHQRVRORQRDFHSWp
HQODREUDGH6DQWD2ODOOD FDUJRVGHDTXHOODVKRUGDVVLQRTXHUHFKDFpHOTXHWHQtD
(VWRFRQWUDVWDYLYDPHQWHFRQORVVHFWRUHV³LQWHOHFWXDOHV´
3DVHPRVDKRUDDOiPELWRGHODVYDORUDFLRQHV7UD TXHVHUYtDQ\SUHVWLJLDEDQORVFUtPHQHV\DVHVLQDWRVFRQ
WDUODILJXUDGH6DQWD2ODOODHQHOFRQWH[WRGHODKLVWR VXSHUPDQHQFLDHQFDUJRV\DFHSWDFLyQGHRWURVQXHYRV
ULRJUDItDDUTXHROyJLFDHVSDxRODVXSRQHDGHQWUDUVHHQ ILUPDGHPDQLILHVWRVFRODERUDFLyQHQUHYLVWDVHQYtRGH
XQD pSRFD GH QXHVWUD KLVWRULD ORV DxRV HVSHFLDO LQIRUPHV\QRWLFLDVDOD6RFLHGDGGH1DFLRQHVHQ*LQH
PHQWHGLItFLOPDUFDGDSRUODUHSUHVLyQ\ODHVFDVH]GH EUDTXHDOJXQDYH]YHtDQODOX]FRPSOHWDIUDJPHQWDULD
UHFXUVRVHQSUiFWLFDPHQWHWRGRVORViPELWRVGHODYL PHQWHRHQIRUPDGHJUiILFRVDLVODGRVRLQFRUSRUDGRVD
FLHUWRVWUDEDMRVGHVWLQDGRVVLHPSUHDODIHUR]SURSDJDQ
GDVRFLDOHFRQyPLFD\SROtWLFDGHQXHVWURSDtVLQFOXL
GD TXH FRQWUD QRVRWURV KDFtD HO PXQGR &RQVHFXHQWH
GRHOXQLYHUVLWDULR<MXQWRDWRGRHOOR²DXQTXHQR FRQ HVWD DFWLWXG XQD YH] OLEHUDGR PH SUHVHQWp FRPR
VHDH[FOXVLYRGHODpSRFD²REVHUYDPRVHQDTXHOORV 9ROXQWDULRGHO(MpUFLWR1DFLRQDOHQOD$FDGHPLD0LOL
DxRVXQDWUHPHQGDOXFKDSRUHODFFHVRDORVPX\HV WDU GH 9DOODGROLG VHJ~Q WHVWLPRQLR GRFXPHQWDO DGMXQ
FDVRV iPELWRV GHO SRGHU DFDGpPLFRGRFHQWH H[LVWHQ WRFRQORFXDOVHSDWHQWL]DPiVHOFDUiFWHUUHOHYDQWH\
WHVTXHPiVD~QTXHHQRWURVSHULRGRVHVWiQLUUHPH ~QLFRHQWUHORV&DWHGUiWLFRVWLWXODUHVGH$UTXHRORJtD
/8,6È1*(/6È1&+(=*Ï0(=
$ HVWDV ³UD]RQHV´ SROtWLFDV TXH HO SURSLR VLVWH KHPRV DWLVEDGR ODV FLUFXQVWDQFLDV TXH HVWXYLHURQ HQ
PD SURSLFLD 6DQWD2ODOODXQHFRQQRPHQRUGHVFDUR HO RULJHQ ²MXQWR FRQ ODV QRWRULDV OLPLWDFLRQHV GH VX
ODVGHtQGROH³DFDGpPLFR´\³FLHQWtILFR´(QWUHODVSUL PHWRGRORJtD\SUiFWLFDLQYHVWLJDGRUDV²GHVXIXOJX
PHUDV DUJXPHQWD TXH UH~QH ³WUHV´ >"@ FiWHGUDV SRU UDQWHFDtGDHQGHVJUDFLDHQHOiPELWRFLHQWtILFRHLQWH
RSRVLFLyQ\DTXHHVWLWXODUGH³$UTXHRORJtDH+LVWR OHFWXDO\DGHVGHILQDOHVGHORV\VREUHWRGRGHVGH
ULD GHO $UWH FRQ 1XPLVPiWLFD´ $GHPiV KDFH QRWDU FRPLHQ]RVGHORV&RPRDQRWD/XFDV3HOOLFHU
TXH SUHFLVDPHQWH RFXSD GH IRUPD LQWHULQD OD FiWHGUD IXH³YHUGXJR\YtFWLPDGHVXSURSLRSUHVHQWH´\D
TXHVDOHDFRQFXUVR3RU~OWLPR\GHVGHXQDSHUVSHF TXH³HOHQHPLJRPiVSUy[LPRHVWDEDHQVtPLVPR´
WLYD ³FLHQWtILFD´ GHVWDFD TXH OD ³+LVWRULD 3ULPLWLYD 9DPRV D DGHQWUDUQRV DKRUD HQ HO iPELWR GH ODV
GHO+RPEUH´QRHVXQDVLPSOHDUTXHRORJtDRSUHKLVWR LGHDV \ HQ HO GHO WUDEDMR DFDGpPLFR SDUD LQWHQWDU VL
ULDVLQRXQDVtQWHVLVGHHVWDV\RWUDVPDWHULDVFRQOD WXDUODILJXUDGH6DQWD2ODOODHQHOFRQWH[WRGHODLQ
HWQRORJtDVtQWHVLVTXHVyORpOGRPLQD3RUWRGRHOOR YHVWLJDFLyQ \ OD GRFHQFLD GH OD HWQRORJtD HQ OD HWDSD
FRQVLGHUDTXH IUDQTXLVWD4XHUHPRVLQVLVWLUHQHVWR\DTXHOLPLWDUH
PRV PXFKR QXHVWUR HQIRTXH VLQ DERUGDU DSHQDV OD
6RQPi[LPRVFLHQWtILFDPHQWHPLVGHUHFKRVDOD&iWH
GUD>@\VXSHULRUHVDORVGHWRGRVORVFDWHGUiWLFRVHV LQYHVWLJDFLyQ DUTXHROyJLFD TXH IXH REYLDPHQWH VX
SDxROHV GH $UTXHRORJtD R GH RWUD GLVFLSOLQD DQiORJD SULQFLSDOFDPSRGHDFFLyQ
SRUTXH HO YROXPHQ \ FRQWHQLGR GH PLV SXEOLFDFLRQHV $XQTXH FRPR \D KHPRV VHxDODGR HO KHFKR GH
FLHQWtILFDVHQHVSDxRO\HQRWURVLGLRPDVQRORVVXSHUD TXH OD FiWHGUD DVLJQDGD D 2EHUPDLHU VH GHQRPLQDUD
QLQJ~QSRVLEOHFRQFXUVDQWH0LVPHUHFLPLHQWRVFLHQWtIL GH+LVWRULD3ULPLWLYDGHO+RPEUHIXHHOUHVXOWDGRGH
FRVVRQVXSHULRUHVDORVGHRWUR>VLF@WLWXODUGH$UTXHR ODVSURWHVWDVGHOD)DFXOWDGGH&LHQFLDV²TXHVHRSR
ORJtD SRUTXH DVt KDQ VLGR UHFRQRFLGRV GHVGH ODUJRV QtD D OD GHQRPLQDFLyQ GH 3UHKLVWRULD² 6DQWD2ODOOD
DxRVSRUHOPXQGRFLHQWtILFRLQWHUQDFLRQDODORWRUJDUPH GHIHQGLyVLHPSUHVXFDUiFWHUVLQJXODU\SDUWLFXODUL]D
VXVWtWXORVKRQRUtILFRVDFDGHPLDVLQVWLWXWRVVRFLHGDGHV
GR (O SURSyVLWR HUD HYLGHQWH DVt VH GLIHUHQFLDED GH
FLHQWtILFDV HWF GH YDULRV SDtVHV DO FRQFHGHUPH VXV
FRQGHFRUDFLRQHV\DOGDUPHSXHVWRVGHKRQRURGHWUD RWURViPELWRVGHFDUiFWHUHVWULFWDPHQWHSUHKLVWyULFRR
EDMRHQJUDFLDDPLVDFWLYLGDGHVHQHOFDPSRGHOD+LV DUTXHROyJLFR (O VXSXHVWR \ WHyULFR VLJQLILFDGR GHO
WRULD3ULPLWLYDGHO+RPEUH>@ FRQFHSWRGH+LVWRULD3ULPLWLYDGHO+RPEUHVHUtDPX
FKRPiVDPSOLR\DTXHSUHVHQWD³XQHQXQFLDGRFODUR
1RFRQWHQWRFRQHVWRQRWLHQHUHSDURHQVHxDODU SUHFLVR \ JHQHUDO TXH HTXLYDOH D GHFLU (WQRORJtD
TXHKDQVDOLGRGH³VXHVFXHOD´ORV³PHMRUHVHVWXGLR SXHVWRTXHKDGHKLVWRULDUORVSULPLWLYRVWDQWRDFWXD
VRVGHOD+LVWRULD3ULPLWLYDGHO+RPEUHHQ(VSDxD´ OHV FRPR DQWLJXRV \ SUHKLVWyULFRV´ 0DUWtQH] 6DQWD
FLWDQGRDÈQJHO7X\D'RPLQJR)OHWFKHU9DOOV0DU 2ODOOD
WtQ$OPDJUR%DVFK\-XOLR&DUR%DURMD³QXHVWURPH 'HDFXHUGRFRQHVHPLVPRFULWHULR6DQWD2ODOOD
MRU HWQyORJR HVSDxRO´ (V HYLGHQWH TXH VDOYR HO SUL FRQVLGHUDED TXH OD DVLJQDWXUD \ OD FiWHGUD GHEtDQ
PHUR QLQJXQR WLHQH TXH YHU FRQ OD ³HVFXHOD 6DQWD RULHQWDUVH SUHIHUHQWHPHQWH KDFLD HO HVWXGLR GHO FRQ
2ODOOD´DXQTXHIXHUDQDOXPQRVGH2EHUPDLHU\SDVD WH[WRDIULFDQRKDFLpQGRORGHVGHXQDGREOHYHUWLHQWH
UDQ TXL]iV SRU DOJXQD GH ODV FODVHV LPSDUWLGDV SRU TXHpOGHQRPLQDED³QHRHWQRORJtD´\³SDOHWQRORJtD´
DTXpOFRPRD\XGDQWHGHHVWH~OWLPR3HURGHSRFROH HVGHFLUKDEUtDGHHVWXGLDUORVSXHEORVDFWXDOHV\ORV
VLUYLy D 6DQWD2ODOOD VX FRQGLFLyQ GH ³FDPLVD YLHMD´ SUHKLVWyULFRV(QSULQFLSLRHVWDVLGHDVWUDWDQGHVHU
GH)DODQJHQLHQODDQXODGDRSRVLFLyQGHQLHQ PDWHULDOL]DGDV WDQWR HQ ODV DFWLYLGDGHV FRPR HQ ODV
RWURV PRPHQWRV SRVWHULRUHV 1R REVWDQWH HV FLHUWR FROHFFLRQHV DUTXHROyJLFDV \ HWQRJUiILFDV DIULFDQDV
TXH HVD PLVPD PLOLWDQFLD IDODQJLVWD WXYR XQD LPSRU TXH VH UH~QHQ HQ HO VHPLQDULR 6LQ HPEDUJR HO SHVR
WDQFLDGHFLVLYDHQODFRQVHFXFLyQGHDOWDVFRWDVGHSR GHODDUTXHRORJtDVREUHWRGRSHQLQVXODUUHVXOWDPiV
GHUHQHOiPELWRGHODDUTXHRORJtDDXQTXHHQUHDOLGDG TXH HYLGHQWH $Vt VH FRPSUXHED HQ ODV FXDWUR VHULHV
VHPDQLIHVWDUDQGHPRGRPiVHYLGHQWHIXHUDTXHGHQ GHSXEOLFDFLRQHVGHOVHPLQDULR²ODV0RQRJUDItDV
WURGHOiPELWRXQLYHUVLWDULR\PX\HVSHFLDOPHQWHGX OD SHULyGLFD &XDGHUQRV GH +LVWRULD 3ULPLWLYD GHO
UDQWHORVPRPHQWRVLQPHGLDWDPHQWHSRVWHULRUHVDOILQDO +RPEUH\ODVFROHFFLRQHVPRQRJUiILFDVQRSHULyGL
GHODJXHUUDFLYLO(OHMHPSORPiVGHVWDFDGRHVVXQRP FDV 1RWDV \ 'LVHUWDFLRQHV 0DWULWHQVHV² HQ ODV
EUDPLHQWRFRPRFRPLVDULRJHQHUDOGHOD&RPLVDUtD1D TXHDSHQDVVLKD\DOJXQDFRQWULEXFLyQGHFDUiFWHUHW
FLRQDOGH([FDYDFLRQHV$UTXHROyJLFDVFUHDGDHQ QRJUiILFR R HWQROyJLFR 6yOR FDEUtD VHxDODU HQ HVWH
DFWLYLGDGTXHJHQHUDUtD²MXQWRFRQRWUDVDFWXDFLRQHV VHQWLGR XQ DUWtFXOR GH - 0 GH %DUDQGLDUiQ VREUH
GH6DQWD2ODOOD²HQRUPHVSROpPLFDV\EDQGRVLUUHFRQ ³/DV FDYHUQDV SUHKLVWyULFDV HQ OD PLWRORJtD YDVFD´
FLOLDEOHVHQWUHORVSURIHVLRQDOHVGHODDUTXHRORJtDHVSD DSDUHFLGRHQHOQ~PHURGHORV&XDGHUQRVGH
xROD &DUR %DURMD %HOWUiQ DVtFRPRXQDUHVHxDELEOLRJUiILFDGH6DQWD2ODOODVR
/XFDV3HOOLFHU'tD]$QGUHX EUHXQHVWXGLRGH+/KRWHVREUHORV7XDUHJVQ~PHUR
3HURIXHURQSUHFLVDPHQWHVXFRQGLFLyQGHIDODQ GH\RWUDPiVGH&$ORQVRGHO5HDOVREUHOD
JLVWDDXOWUDQ]D\HOSDUWLFXODUFDUiFWHUSHUVRQDOTXH SULPHUD HGLFLyQ GH ORV IDPRVRV &XDGHUQRV HWQROyJL
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
UHOHYDQWHSDSHOHQODJHVWDFLyQGHHVHFHQWURGHLQYHV FULVWDO²H[LVWHQWHVDXQTXHQRKHPRVORFDOL]DGRQLQ
WLJDFLyQ\VLQHPEDUJR³VHKDGDGRHOKHFKRFXULRVR JXQDGHODVDWUDFWLYDVLPiJHQHVTXHVHSXEOLFDQHQDO
GHKDEHUVLGRH[FOXLGRQRVyORHODXWRUGHORVSUR\HF JXQRGHORVDUWtFXORVVREUHHO6DKDUD
WRV\UHJODPHQWRVSURPRWRU\UHDOL]DGRUGHODLGHD- $OPDUJHQGHHVWDVH[SHGLFLRQHV\GHORVPDWH
0DUWtQH]6DQWD2ODOODVLQRWDPELpQORVHVSHFLDOLVWDV ULDOHVUHXQLGRVSRFRPiVSRGHPRVGHFLUVREUHODDFWL
HQ FLHQFLDV GHO KRPEUH PLHPEURV GHO &RPLWp (VSD YLGDGHWQROyJLFDGHOVHPLQDULR6tHVQHFHVDULRGHVWD
xROGHOD&,$23URI-GHOD9LOODFDWHGUiWLFRGH FDUTXHORVLQWHUFDPELRVGHODVSXEOLFDFLRQHVGHO6+3+
$QDWRPtD3URI60RQWHUR'tD]FDWHGUiWLFRGH3UH SHUPLWLHURQ UHXQLU XQD QRWDEOH FROHFFLyQ GH UHYLVWDV
KLVWRULD H +LVWRULD $QWLJXD \ 3URI - 6DQ 9DOHUR HQWUH HOODV XQ EXHQ Q~PHUR GH FDUiFWHU HWQRJUiILFR
$SDULVLGHOD)DFXOWDGGH)LORVRItD\/HWUDVWRGRVGH HWQROyJLFR R DQWURSROyJLFR $GHPiV ORV DOXPQRV
OD8QLYHUVLGDGGH0DGULGTXHWDQIXQGDPHQWDOPHQWH HODERUDURQ GLYHUVRV WUDEDMRV GH FDUiFWHU HWQROyJLFR
FRQWULEX\HURQDVXFUHDFLyQ´0WH]6DQWD2ODOOD HQWUH ORV TXH 6DQWD2ODOOD PHQFLRQD ORV VLJXLHQWHV
D ³(OQDFLPLHQWRHQWUHORVEXELVGH)HUQDQGR3RR´GHO
(QWRGRFDVRVHDSRUORVSUREOHPDVVXUJLGRVFRQ 3 )UDQFLVFR %DFDLFRD 6DQ] ³(O PDWULDUFDGR \ ODV
HODIULFDQLVPRRILFLDORSRURWUDVUD]RQHVORFLHUWRHV FXOWXUDVDIULFDQDVPDWULDUFDOHV´GH0DUtDGHO&DUPHQ
TXH6DQWD2ODOODQRGHVDUUROODUiQXQFDHVDVLQFLSLHQ $WLHQ]D 0DUFRV \ ³/DV DOWDV FXOWXUDV GH %HQtQ´ GH
WHVLQYHVWLJDFLRQHVDIULFDQDV+HPRVGHFRQFOXLUSRU (GXDUGR GHO 9DO &DWXUOD 0WH] 6DQWD2ODOOD
WDQWR TXH HO SULQFLSDO UHVXOWDGR GH ODV H[SHGLFLRQHV (QFXDQWRDWHVLVGRFWRUDOHVOD~QLFDTXHSUHVHQ
FLWDGDVIXHDGHPiVGHODVWDUHDVGHSURVSHFFLyQ\VR WD FLHUWD FRQH[LyQ FRQ OD LQYHVWLJDFLyQ HWQROyJLFD HV
PHURHVWXGLRGH\DFLPLHQWRVODUHFRJLGDGHPDWHULD ODGH)UDQFLVFR*yPH]&UHVSRVREUH³0DUUXHFRVVH
OHV\ODGRFXPHQWDFLyQIRWRJUiILFDREWHQLGD J~QORVDQWLJXRV´GRQGHVHXWLOL]DQ³ODVIXHQWHVOLWH
6HJ~Q SDUHFH HVDV SLH]DV \ ODV UHVWDQWHV FROHF UDULDVJULHJDV\URPDQDV\ODVHWQROyJLFDVDQWLJXDV\
FLRQHV DUTXHROyJLFDV GHO VHPLQDULR SDVDURQ LQLFLDO PRGHUQDV VREUH ODV IXHQWHV FOiVLFDV GHO DQWLJXR 0D
PHQWHWUDVODVDOLGDGH6DQWD2ODOODGHODFiWHGUDGH UUXHFRV FRQ VX FRUUHVSRQGLHQWH DSDUDWR FUtWLFR \ FR
+LVWRULD3ULPLWLYDDO,QVWLWXWR$UTXHROyJLFR0XQLFL PHQWDULRHWQROyJLFR´LG7DPELpQSRGUtDPRVPHQ
SDOGH0DGULGTXHLQDXJXUyXQSHTXHxRPXVHRHQHO FLRQDUODWHVLVGRFWRUDOGH&DUORV$ORQVRGHO5HDOVR
3DUTXHGHOD)XHQWHGHO%HUURHQORVDxRV\OXHJR EUH³/DVLGHDVGHODDQWLJHGDGFOiVLFDVREUHODKXPD
WUDVODPXHUWHGH6DQWD2ODOODDO0XVHR$UTXHROyJL QLGDG SULPLWLYD´ OD FXDO VL ELHQ VH LQGLFD HQ DOJXQD
FR1DFLRQDO&DVWHOR5XDQRHWDO&DUUHUDV RFDVLyQ TXH VH HQFXHQWUD HQ SUHQVD HQ OD FROHFFLyQ
+RQWDQD \ 0DUWtQ )ORUHV (IHFWLYD 'LVHUWDFLRQHV PDWULWHQVHV GHO VHPLQDULR SDUHFH TXH
PHQWH HQ ORV KHUHGHURV GH 6DQWD2ODOOD ²VXV QXQFDOOHJyDYHUODOX]
KHUPDQRV &RQVXHOR (PLOLR \ &DUPHQ² HQWUHJDEDQ <WUDVWRGRORGLFKR¢FXiOHUDHOFRQFHSWRGHHW
HQGHSyVLWRDOFLWDGRPXVHRODVFROHFFLRQHVGH6DQWD QRORJtDPDQHMDGRSRU6DQWD2ODOOD"0iVD~Q¢HVWDED
2ODOODSDVRSUHYLRDVXDGTXLVLFLyQTXHIXHDFRUGDGD UHDOPHQWHSUHVHQWHODHWQRORJtDVHDFXDOIXHUHHQVX
SRU RUGHQ PLQLVWHULDO GH GH IHEUHUR GH (O LQYHVWLJDFLyQSHUVRQDOHQODGRFHQFLDGHVXFiWHGUD\
YDORU GH OD FRPSUD TXH LQFOXtD OD QRWDEOH ELEOLRWHFD HQODVDFWLYLGDGHVGHOVHPLQDULR"
GHO DUTXHyORJR DOFDQ]y OD QDGD GHVGHxDEOH FLIUD GH $QWHVGHQDGDKD\TXHUHLWHUDUTXH6DQWD2ODOOD
YHLQWH PLOORQHV GH SHVHWDV HVWDQGR IRUPDGR HO FRQ QRIXHQLSUHWHQGLyVHUQXQFDXQHWQyORJRORTXHQR
MXQWRSRUXQWRWDOGHFDMDV KXELHUDVLGRREVWiFXORSDUDDFFHGHUDXQDFiWHGUDGH
6HJ~QKHPRVSRGLGRFRQVWDWDUSRUHOH[SHGLHQWH HWQRORJtD FRPR OD TXH VROLFLWy TXH VH FUHDUD MXQWR
FRUUHVSRQGLHQWHGHO0$1ORVPDWHULDOHVHWQROyJLFRV FRQ2EHUPDLHU\GHVGHOD6RFLHGDG(VSDxRODGH$Q
UHXQLGRVSRU6DQWD2ODOODFRQVWLWXtDQXQDPX\SHTXH WURSRORJtD(WQRJUDItD\3UHKLVWRULDHQ3HURDO
xDSDUWHGHOFRQMXQWR(QUHDOLGDG\DOPDUJHQGHSLH PLVPRWLHPSR\FRPROHVXFHGtDDEXHQDSDUWHGHORV
]DVDLVODGDVGH$XVWUDOLD\DOJXQDTXHRWUDDIULFDQDHO DUTXHyORJRV \ SUHKLVWRULDGRUHV GH OD pSRFD ²HVSH
JUXHVR GH ODV SLH]DV HWQROyJLFDV VH FRQFHQWUD HQ GRV FLDOPHQWHGHOSULPHUWHUFLRGHOVLJOR²PRVWUyVLHP
JUDQGHV DSDUWDGRV UHXQLGRV HQ HO LQYHQWDULR KHFKR SUHXQLQWHUpVPiVRPHQRVLQWHQVRSRUODHWQRJUDItD
HQHO0$1EDMRORVDSDUWDGRVGH³6iKDUD´OLVWDGRQ ODHWQRORJtDHLQFOXVRODDQWURSRORJtDItVLFD$HVWHUHV
FDMDVLQQ~PHUR\³1HJUR´OLVWDGRQFDMD SHFWR\DYLPRVTXH6DQWD2ODOODLQJUHVDHQODFLWDGD
³1HJURH,QGLR´(QFXDQWRDODV³PLOHV´GHIR 6RFLHGDGHQSRFRVPHVHVGHVSXpVGHVXIXQGD
WRJUDItDV TXH 6DQWD2ODOOD \ 6iH] 0DUWtQ GLFHQ TXH FLyQDOFDQ]DQGRDVHUVXVHFUHWDULRGHVGHKDVWDOD
WRPDURQHQODVH[SHGLFLRQHVHOFDyWLFRHVWDGRGHHVWH GHVDSDULFLyQGHODVRFLHGDGDILQDOHVGHORVFLQFXHQWD
PDWHULDOHQHO0$1QRSHUPLWHDILUPDUVLVHHQFXHQ 'HVGHHVWDLQVWLWXFLyQ\DOLJXDOTXHKDFHFXDQ
WUDHIHFWLYDPHQWHDOOtDXQTXHXQDUiSLGDUHYLVLyQOOH GRH[SRQHODVOtQHDVGHDFWXDFLyQGHOVHPLQDULR6DQ
YDGDDFDERQRKDSHUPLWLGRODORFDOL]DFLyQGHSRVLWL WD2ODOODLQVLVWHHQODQHFHVLGDGGHODLQYHVWLJDFLyQHW
YRV4XL]iVVHHQFXHQWUHQHQWUHORVQHJDWLYRV²GHWR QROyJLFD 3HUR OR KDFH VLHPSUH HQ ODV SRFDV RFDVLR
GRVORVWDPDxRV\FDOLGDGHVVREUHWRGRHQSODFDVGH QHV TXH WHRUL]D GHVGH XQD SHUVSHFWLYD DMHQD D FXDO
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
TXLHURULHQWDFLyQFLHQWtILFDFRQFUHWD'HHVWHPRGRHO 'HHVWHPRGRODFRQFHSWXDOL]DFLyQGHODHWQROR
~QLFRIXQGDPHQWRGHVXSHFXOLDUSUiFWLFDLQYHVWLJDGR JtD²\GHODSUHKLVWRULD\ODDQWURSRORJtDItVLFD²GH
UD HV HO QDFLRQDOLVPR LQWHJULVWD ³KLVSiQLFR´ PiV R 6DQWD2ODOOD FRLQFLGH HQ JUDQ PHGLGD FRQ OD GH RWUD
PHQRV H[SDQVLRQLVWD R LPSHULDOLVWD VHJ~Q DFRQWH]FD ILJXUDGHVWDFDGDGHODpSRFD-RVp3pUH]GH%DUUDGDV
%XHQHMHPSORGHORTXHGHFLPRV²DXQTXHKHPRVGH $PERVSHUVRQDMHVFRODERUDURQHQHOVHQRGHOD6($(3
UHFRQRFHUTXHH[FHVLYDPHQWHFRQGLFLRQDGRSRUHOHV \ HQ HO DQWLJXR 0XVHR 1DFLRQDO GH (WQRORJtD SHUR
SHFLDOtVLPRPRPHQWRHQTXHVHHVFULEH²HVHOWH[WR FRQHOWLHPSRHOHQIUHQWDPLHQWRHQWUHDPERVVHUtDOL
TXH 6DQWD2ODOOD LQFOX\H D PRGR GH SUHVHQWDFLyQ HQ WHUDOPHQWHYLROHQWRXQRGHVGHVXSRVLFLyQGHFDWHGUi
HOSULPHUWRPRGH$WODQWLVFRUUHVSRQGLHQWHDOSHUtRGR WLFR GH DQWURSRORJtD ItVLFD \ GLUHFWRU GHO ,QVWLWXWR
GH\SXEOLFDGRHQHVWH~OWLPRDxR ³%HUQDUGLQRGH6DKDJ~Q´GHO&6,&\HORWURGHVGHOD
VHFUHWDUtDGHOD6($(36iQFKH]*yPH]$P
$OUHDSDUHFHU>ODUHYLVWD@HVSDUDFRQWLQXDUXQWUDEDMR
TXHMDPiVVHKL]RYXHOWRGHHVSDOGDVDODUHDOLGDGGHORV ERV FRPSDUWLUtDQ RWUD GHVJUDFLDGD FR\XQWXUD VX IUD
LPSHUDWLYRVKLVSiQLFRVFRQWHQLGRVHQQXHVWURVDSHODWL FDVRHQHOGHVDUUROORGHXQDLQYHVWLJDFLyQDQWURSROy
YRVVRFLDOHVGH$QWURSRORJtDUD]D\HVStULWXKLVSiQLFRV JLFDHWQROyJLFD\DUTXHROyJLFDPRGHUQDV
(WQRJUDItD SUHVHQFLD GH (VSDxD HQ ORV &RQWLQHQWHV \ 3HURD~QWHQHPRVRSRUWXQLGDGGHSURIXQGL]DUXQ
3UHKLVWRULDUDtFHVGHOD+LVSDQLGDG SRFRPiVHQORVFRQWHQLGRVHWQROyJLFRVRIUHFLGRVSRU
7UDVOD9LFWRULD\HQODREOLJDFLyQUHYROXFLRQDULDTXH 6DQWD2ODOODHQVXFiWHGUD\VHPLQDULRFRQFUHWDPHQ
DQWHQRVRWURVWHQHPRVODVFLHQFLDVDTXHVHGHGLFDHVWD WHHQHOFRQWH[WRHWQROyJLFRDXQTXHVHDGHPRGRDOJR
6RFLHGDGKDQGHDOFDQ]DUXQJUDQGHVDUUROOR3XHVHVLQ WDQJHQFLDO(IHFWLYDPHQWHDXQTXHODDFWLYLGDGSXEOL
GLVSHQVDEOH FRQRFHU D IRQGR HO SXHEOR \ OR TXH HQ pO
FtVWLFDGHDTXpOVHSDUDOL]DFDVLGHIRUPDWRWDODSDUWLU
KD\GHYHUGDGHUDPHQWHWUDGLFLRQDO\DYHULJXDUORVFRP
SRQHQWHVGHQXHVWUDHVWLUSHFRPRORKDFHOD$QWURSROR GHWUDVODSpUGLGDGHODFiWHGUDGH+LVWRULD3UL
JtD EXVFDU QXHVWUDV PiV KRQGDV UDtFHV HQ HO WLHPSR PLWLYDHQIDYRUGH$OPDJUR%DVFKQRVHQFRQWUDPRV
DPSOLDQGRHQPLOHQLRVQXHVWUDXVXDOSHUVSHFWLYDKLVWyUL FRQTXHVHLVDxRVGHVSXpVGHVXPXHUWHHQVDOH
FD FRPR OR KDFH OD 3UHKLVWRULD \ DFODUDQGR OR TXH HQ D OD OX] XQD REUD SyVWXPD ILUPDGD SRU 6DQWD2ODOOD
(VSDxD KD\ GH HXURSHR \ GH DIULFDQR SRQHU GH PDQL FRQ HO DPELFLRVR WtWXOR GH +LVWRULD GHO DUWH \ GH OD
ILHVWRQXHVWURGREOHGHVWLQRHXUDIULFDQR)LQDOPHQWHOD FXOWXUD
(WQRJUDItDQRVKDUiYHUODJUDQGH]DGHXQ,PSHULRVLQ /DREUDHQFXHVWLyQUHVXOWDFLHUWDPHQWHLQFODVLIL
LJXDOHQOD+LVWRULD\ODVSRVLELOLGDGHVGHRWUR FDEOH5H~QHORTXHSDUHFHQVHUFXDWURWH[WRVGLIHUHQ
1RKD\EDVHWHyULFDDOJXQDVyORLGHRORJtDDXQ WHVFRQORVVLJXLHQWHVWtWXORV³(ODUWHGHORVSXHEORV
TXHpVWDWDPSRFRDSDUH]FDUHDOPHQWHFODULILFDGDVyOR GHOD*UDQ&D]D´³/RVHVWLORV´³'HOFXUVRGH+LVWR
QDFLyQ H LPSHULR 3HUR QR XQ LPSHULR FRORQLDO FXDO ULDGHODUWH´\³1RWDVSDUDXQHQVD\RGHVLVWHPDWL]D
TXLHUD²RFFLGHQWDO³PRGHUQR´H[SORWDGRU\FDSLWD FLyQGHODDUTXHRORJtDYLVLJRGDHQ(VSDxD´/D~QLFD
OLVWD²VLQRXQLPSHULR³GHUD]D´HQHOFXDOODGLYHU LQIRUPDFLyQVREUHHORULJHQGHHVWRVWH[WRVHVODEUHYH
VLGDGFXOWXUDOQRLQWHUHVDSRUORTXHQRHVSRVLEOHHO LQGLFDFLyQTXHKDFH-XOLiQ6DQ9DOHURDQWLJXRDOXP
FRQRFLPLHQWRFLHQWtILFRGHODVSREODFLRQHVTXHORKD QRGH6DQWD2ODOOD\VXSRQHPRVTXHHGLWRUGHORVPLV
ELWDQ'HVGHHVWDSHUVSHFWLYDODVUHQRYDFLRQHVPHWR PRVHQHOSUyORJR³/DVOHFFLRQHVHVWiQFRJLGDV>VLF@
GROyJLFDVHQODLQYHVWLJDFLyQDUTXHROyJLFD\HWQROyJL FRQPDJQHWRIyQ>VLF@HQFODVHV>VLF@6HKDUHVSHWDGR
FDFDUHFHQGHLQWHUpVLQFOXVRHQHOFDVRGHTXHIXHUDQ HOHVWLORYLYD]HLQFLVLYRGH-0DUWtQH]6DQWD2ODOOD
FRQRFLGDV%DVWDFRQPDQWHQHUXQRVOHYHVHVER]RVGH HOPHMRUH[SRQHQWHGHVXSHUVRQDOLGDG6HKDDxDGLGR
GLIXVLRQLVPR VXVWHQWDGRV HQ ORV FRQRFLGRV FLFORV GH XQWUDEDMRTXHVHMX]JDHVSHFLDOPHQWHLPSRUWDQWHVR
ODHVFXHODKLVWyULFRFXOWXUDOTXHDGHPiVWLHQHHOSUL EUHHODUWHYLVLJRGR´
YLOHJLRGHVHUXQDWHRUtDHWQROyJLFDFRQIHVLRQDOHVGH /DRULHQWDFLyQ³DUWtVWLFD´GHORVWUHVSULPHURVWH[
KHFKRODHWQRORJtDFDWyOLFDSRUDQWRQRPDVLD WRVQRVFRQGXFHDSHQVDUUD]RQDEOHPHQWHTXHVHWUDWD
&RPRKHPRVLQGLFDGRHQRWUROXJDUUHILULpQGR GHWUDQVFULSFLRQHVFRUUHVSRQGLHQWHVDORVFXUVRVGHVD
QRV D ODV HWQRORJtDV SRUWXJXHVD \ HVSDxROD GH HVWD UUROODGRV SRU 6DQWD2ODOOD FXDQGR KD DEDQGRQDGR \D
PLVPDpSRFD\UHFRJLHQGRODVDQRWDFLRQHVGHODQWUR VXFiWHGUDGH+LVWRULD3ULPLWLYD&RUUHVSRQGHUtDQGH
SyORJRSRUWXJXpV-RmR/HDOQS HVWH PRGR D VX DFWLYLGDG GRFHQWH FRPR FDWHGUiWLFR
GH+LVWRULDGHO$UWHHQOD8QLYHUVLGDGGH0DGULGTXH
>@HOUHQRYDGRUDQiOLVLVIXQFLRQDOLVWDGHFRPLHQ]RVGH WLHQHOXJDUHQWUH\$VtORVWH[WRVSULPHUR
VLJOR QR RIUHFH RSFLyQ DOJXQD GH UHFLFODMH HQ WRGR VX \ VHJXQGR VH FRUUHVSRQGHUtDQ FRQ OD DVLJQDWXUD GH
PDUFRWHyULFRTXHSXHGDVHU~WLODOHWQyORJRRDODQWUR
³$UWHSUHKLVWyULFR\SULPLWLYR´PLHQWUDVTXHHOWHUFHUR
SyORJR TXH WLHQH FRPR ~QLFR REMHWLYR OD FRQVWUXFFLyQ
GHXQDLGHQWLGDGQDFLRQDO3DUDpVWHHVPXFKRPiV~WLO HVWDUtDUHODFLRQDGRFRQODGH³+LVWRULDJHQHUDOGHODUWH´
ODKLVWRULDFRQMHWXUDOGHFRUWHHYROXFLRQLVWDRGLIXVLRQLV ,QFOXVR HO FXDUWR WH[WR DXQTXH QR SDUHFH WUDWDUVH GH
WD \ HO PDOHDEOH FRQFHSWR GH FXOWXUD²GH FLFOR FXOWX DSXQWHVGHFODVHGHEHGHHVWDUYLQFXODGRFRQRWUDGH
UDOHQUHDOLGDG²TXHFXDOTXLHUDQiOLVLVHQIRFDGRKDFLD VXVDVLJQDWXUDVHQOD8QLYHUVLGDGGH0DGULGODGH³3R
ORVRFLDO\ODVRFLHGDG6iQFKH]*yPH] VLFLyQVLVWHPiWLFDGHODUWH\DUTXHRORJtDYLVLJRGD´
/8,6È1*(/6È1&+(=*Ï0(=
1RVHQFRQWUDPRVGHHVWHPRGRDQWHXQRVDSXQ &RQWRGRVHVWRVHOHPHQWRV>ODVGLYHUVDVWUDGLFLRQHVGH
WHVGHFODVHTXHVLELHQQRSDUHFHTXHSURFHGDQGLUHF HVWXGLRVVREUHHODUWHSUHKLVWyULFRODEDVHHWQROyJLFDGH
WDPHQWHGHVXDFWLYLGDGHQODFiWHGUDGH+LVWRULD3UL OD (VFXHOD GH 9LHQD \ HO HQIRTXH HFRQyPLFRVRFLDO GH
PLWLYDHVWiQUHODFLRQDGRVGHIRUPDPX\HVWUHFKDFRQ *RUGRQ &KLOGH@ VXUJH HQ0DGULGODHVFXHODGHKLVWRULD
SULPLWLYD GH 6DQWDRODOOD >VLF@ 6DQ 9DOHUR $ORQVR GHO
HOOD(OREMHWLYRGH6DQWD2ODOODHVKDFHUXQDKLVWRULD 5HDO7XULDHWFSODQWHDQGRWDPELpQFRPREDVHGHWRGD
GHO DUWH SUHKLVWyULFR TXH VH DVLHQWH VREUH HO VLVWHPD UHFRQVWUXFFLyQGHKLVWRULD>VLF@ORDQLPROyJLFRVRFLDO\
JHQHUDOHPSOHDGRSRUHODXWRUSDUDH[SOLFDUOD³KLVWR HFRQyPLFR
ULDSULPLWLYD´GHODKXPDQLGDG\TXHUHVSRQGHSXQWR >@/DDQLPRORJtDSDVDDVHUODEDVHIXQGDPHQWDOGH
SRU SXQWR DO PRGHOR GH FLFORV FXOWXUDOHV HPSOHDGR HVWRVHVWXGLRV\VXREMHWRHVHQFLDOSDUWLHQGRGHODWHF
SRUODHVFXHODKLVWyULFRFXOWXUDO3RUORWDQWRWRGDHVD QRORJtD
HVWUXFWXUDGHEHGHFRUUHVSRQGHUVHFRQORVFRQWHQLGRV (QHOHVTXHPDSDOHWQROyJLFRGH6DQWDRODOODVHGDHVWH
GRFHQWHVTXHH[SOLFDEDHQVXDQWLJXDFiWHGUDLQWHULQD YLUDMH\VHSRQHFRPREDVHGHHVWRVHVWXGLRVODHFRQR
/DREVHVLyQKLVWyULFRFXOWXUDOGH6DQWD2ODOODVH PtD HWQROyJLFD >VHUi HWQRORJtD@ VRFLRORJtD \ DQLPROR
JtD SDUD UHFRQVWUXLU QXHVWUD KLVWRULD SULPLWLYD 0WH]
DSUHFLD\DHQODELEOLRJUDItDTXHSUHFHGHDORVFXDWUR 6DQWD2ODOOD
WH[WRV ELEOLRJUDItD TXH SHVH D QR KDEHU LQGLFDFLyQ
H[SUHVD DO UHVSHFWR KD GH VHU GH DXWRUtD GHO SURSLR (QUHVXPHQSDUD6DQWD2ODOODODHWQRORJtD²YLV
6DQWD2ODOODGDGRHOWLSRGHREUDVFLWDGDV\HOFDUiF WDGHVGHXQDSHFXOLDUySWLFDKLVWyULFRFXOWXUDOFRQIDO
WHUHVTXHPiWLFRFRPRGHDSXQWHSHUVRQDOFRQHOTXH VRV ULEHWHV PDWHULDOLVWDV² UHVXOWD WHyULFDPHQWH LP
VH GHVFULEH VX RULHQWDFLyQ \ FRQWHQLGRV (VD ELEOLR SUHVFLQGLEOHSDUDHQPDUFDUHOHVWXGLRGHODVPDQLIHV
JUDItD²HQUHDOLGDGPiVSURSLDPHQWHFXOWXUDOLVWDTXH WDFLRQHV FXOWXUDOHV GH OD KXPDQLGDG (Q OD SUiFWLFD
KLVWyULFRFXOWXUDO² VH DEUH FRQ OD VLJXLHQWH IUDVH VLQHPEDUJRODLQYHVWLJDFLyQHWQROyJLFDTXHGDDQXOD
³%DVHLQGLVSHQVDEOHSDUDHVWXGLDUFRQFULWHULRPRGHU GD IUHQWH D OD DFWLYLGDG DUTXHROyJLFD )UHQWH D HVWD
QROD+LVWRULDGHO$UWHHVOD(712/2*Ë$>VLF@´SDUD VLWXDFLyQ HV REYLR TXH OD HWQRORJtD TXH VH HVWXGLDUD
D FRQWLQXDFLyQ FLWDU ORV PDQXDOHV GH HWQRORJtD \ GH ²VL HV TXH VH KDFtD HQ UHDOLGDG² HQ OD FiWHGUD \ HO
KLVWRULDGHODFXOWXUDGH'LWWPHU.U|HEHU/RZLH%LU 6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUHGHEtDGH
NHW6PLWK/DYLRVD=DPERWWL+HUNRYLWV0RQWDQGRQ VHUXQVRPHURUHSDVRHWQRJUiILFREDVDGRHQODPHWR
%LDVVXWLH,PEHOORQL$FRQWLQXDFLyQUHSDVDPX\EUH GRORJtDGHORV³FLFORVFXOWXUDOHV´HPSOHiQGRVHVHJX
YHPHQWHDOJXQRVWH[WRVGHSUHKLVWRULDKLVWRULDGHODU UDPHQWH XQD IRUPD PiV R PHQRV GHSXUDGDGHDQDOR
WHSUHKLVWyULFR\GHKLVWRULDGHODUWHHQJHQHUDOHQWUH JtDRGHPHUDWUDVSRVLFLyQHWQRJUiILFDSDUDVXDSOL
ORVTXHFLWDDVXDGPLUDGRDXQTXHPDU[LVWD*RUGRQ FDFLyQHQHOFRQWH[WRDUTXHROyJLFR3HVHDWRGRORGL
&KLOGH FKR HO UHFXUVR GH 6DQWD2ODOOD D ODV LQWHUSUHWDFLRQHV
¢< TXp RFXUUH FRQ ORV FRQWHQLGRV" 5HDOPHQWH HWQROyJLFDVGHOD(VFXHODGH9LHQDGHEtDGHVHUPX\
6DQ9DOHURVLHVTXHIXHHOHGLWRUGHODREUDOHKL]R OLPLWDGR HQ VX SUiFWLFD GRFHQWH UHGXFLpQGRVH TXL]iV
XQIODFRIDYRUDVXPDHVWURFRQHVWDSXEOLFDFLyQ,Q DO iPELWR LQWURGXFWRULR GHO HVWXGLR GH OD KXPDQLGDG
FOXVRVLGHMDPRVIXHUDFXDOTXLHUDWLVERGHLQWHUSUHWD 'HKHFKRHQVXVWUDEDMRVDUTXHROyJLFRVQRSRGHPRV
FLyQ SUHVHQWLVWD HVWRV DSXQWHV UHVXOWDQ FLHUWDPHQWH UDVWUHDU DSUR[LPDFLRQHV GH FDUiFWHU SURSLDPHQWH KLV
FRQIXVRV\FDVLGLVSDUDWDGRVHQQRSRFRVFDVRVVREUH WyULFRFXOWXUDO(QVX(VTXHPDSDOHWQROyJLFRGHOD3H
WRGR HQ ORV SiUUDIRV LQWURGXFWRULRV GHGLFDGRV D SUH QtQVXOD+LVSiQLFDWHPSUDQDREUDGHVtQWHVLVVHKDEOD
VHQWDUORVRUtJHQHVGHODKXPDQLGDGDXQVXSRQLHQGR FRQVWDQWHPHQWHGHLQYDVLRQHVROHDGDV\SURFHVRVSH
TXHIXHUDQUHGDFWDGRVRULJLQDOPHQWHHQVXVSULPHUDV URQRVHSXHGHGHFLUTXHVHDSOLTXHFRPRWDOHOPRGH
YHUVLRQHVHQORVDxRV&LHUWDPHQWHHOWH[WRPHMR ORGHORVFLFORVFXOWXUDOHV3RURWURODGROD~QLFDUHIH
UDDOPHQRVHQFXDQWRDODIRUPDFXDQGRVHLQWURGX UHQFLDDODHWQRORJtDHQGLFKDREUDSS\HV
FHGHOOHQRHQHOHVWXGLRGHODUWHSUHKLVWyULFRDXQTXH DEVROXWDPHQWHYDJD
QR SRGHPRV YDORUDU GHELGDPHQWH VXV DILUPDFLRQHV
3RUVXSXHVWRORVWUDGLFLRQDOHVFLFORVFXOWXUDOHVHVWiQ
VLHPSUHSUHVHQWHVSDUDH[SOLFDUHOGHVDUUROORGHODKX /$e32&$'(0$57Ë1$/0$*52
PDQLGDG OD GLYHUVLGDG GH FXOWXUDV IRUPDV GH DUWH %$6&+/$(712/2*Ë$
HWFHQVXVPiVRPHQRVFOiVLFDVDFHSFLRQHV³DUWHSUL (1/263/$1(6'((678',2'(
PLJHQLR´³FLFORGHOERRPHUDQJ´³PXQGRGHOWyWHP´ <
³FLFORPDWULDUFDO´³FLFORDUWtVWLFRKLSHUEyUHR´³SXH
EORVSDWULDUFDOHV´HWFHWF(VWRQRHVREVWiFXORVLQ &RPRKHPRVFRPSUREDGRHQORVDSDUWDGRVDQWH
HPEDUJRSDUDUHLYLQGLFDUHQQXPHURVDVRFDVLRQHVOD ULRUHV OD H[LVWHQFLD GH XQD DVLJQDWXUD GHQRPLQDGD
ILJXUD\ODREUDGHOPHQFLRQDGR*RUGRQ&KLOGH ³+LVWRULD3ULPLWLYDGHO+RPEUH´HQOD)DFXOWDGGH)L
&RQWRGRFRQYLHQHFLWDUORVSiUUDIRVFRQORVTXH ORVRItD\/HWUDVQRVXSRQHHQQLQJ~QFDVRTXHH[LVWD
6DQWD2ODOOD GHILQH VX DFWLYLGDG \ OD GH VX JUXSR GH GRFHQFLD RILFLDO GH HWQRORJtD HQ OD 8QLYHUVLGDG GH
LQYHVWLJDFLyQHQHOiPELWRGHODKLVWRULDSULPLWLYD 0DGULG 6HUi HQ HO QXHYR SODQ GH HVWXGLRV GH OD )D
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
FRPR VH KDFH HQ RWUDV TXH IXHUD GHFODUDGD LQLFLDO H[WHQVLyQ´GHODFiWHGUD\³D\XGDQWHGHFODVHVSUiFWL
PHQWHGHVLHUWD'HFLPRVHVWRSRUTXHVHLQGLFDTXHHO FDV´RUGHQPLQLVWHULDOGHGHPDU]RGH&RQ
SUHVLGHQWHGHOWULEXQDOIXH)UDQFLVFR6iQFKH]&DQWyQ FUHWDPHQWH GHVDUUROOD VX DFWLYLGDG GRFHQWH GHVGH HO
PLHQWUDV TXH 7DEDQHUD DSXQWD TXH HO SUHVLGHQWH HUD FXUVRGHKDVWDHOGH(QORVGRVFXU
3HULFRW3RGUtDKDEHUVLGRDTXpOODODSULPHUDFRQYRFD VRVVLJXLHQWHVODDVLJQDWXUDGH³(WQRORJtD´HVLPSDU
WRULD \ HVWD ~OWLPD OD VHJXQGD SHUR SDUHFH HYLGHQWH WLGDSRUHOSURSLR$OPDJUR
TXHQRIXHDVt\DTXHHOSURSLR7DEDQHUDGLFHTXHOD 'XUDQWHHVWRVDxRV ²VHJXQGDPLWDGGHORVFLQ
RSRVLFLyQQRIXHGHFODUDGDGHVLHUWD FXHQWD\FDVLWRGRVORVVHVHQWD²ODHWQRORJtDYLYHXQ
7DEDQHUD DVHJXUD TXH 3HULFRW FRPR VXSXHVWR SHUtRGRTXHVXSRQHPRVQRIXHIiFLO$XQTXHKDFRQ
SUHVLGHQWH GHO WULEXQDO ²LQVLVWLPRV HQ HO KHFKR GH VHJXLGR LQWURGXFLUVH FRPR DVLJQDWXUD LQGHSHQGLHQWH
TXHHOSUHVLGHQWHIXH6iQFKH]&DQWyQVHJ~QODGRFX HQ OD SUiFWLFD HVWi FRPSOHWDPHQWH DO VHUYLFLR GH OD
PHQWDFLyQ GHO $*$² UHFLELy XQ HVFULWR GH 6DQWD SUHKLVWRULD\VXVGRFHQWHVVRQWRGRVSUHKLVWRULDGRUHV
2ODOOD ³GH FRQWHQLGR LQDGPLVLEOH´ 1R VDEHPRV VL (V FLHUWR TXH *yPH]7DEDQHUD HV XQ SHUVRQDMH FRQ
HVWRRFXUULyDXQTXHHOKHFKRHQVtDOPDUJHQGHTXH XQRVLQWHUHVHVPDUFDGDPHQWHPXOWLGLVFLSOLQDUHVSHUR
IXHUDRQR3HULFRWHOSUHVLGHQWHELHQSXGRSURGXFLUVH ODUHDOLGDGHVTXHVXSUHRFXSDFLyQSRUODVFLHQFLDVDQ
&LHUWDPHQWH HVWDPRV HQ FRQGLFLRQHV GH DILUPDU TXH WURSROyJLFDVHVDQWHWRGRKLVWRULRJUiILFDVLQTXHHOOR
HVWHPRGRGHSURFHGHUHUDFDUDFWHUtVWLFRGHOSHUVRQDMH OHLPSLGDDFHUFDUVHDRWURVFRQWH[WRVVREUHWRGRHQHO
HQ FXHVWLyQ FRPR DWHVWLJXDQ RWURV HVFULWRV GLULJLGRV iPELWRGHOIRONORUH
SRU 6DQWD2ODOOD D GLIHUHQWHV DXWRULGDGHV VROLFLWDQGR /DVLWXDFLyQQRHVSRUWDQWREXHQD3RURWUROD
ODV GLIHUHQWHV FiWHGUDV D ODV TXH VH SUHVHQWy TXH VH GRVL6DQWD2ODOODPRVWUDEDXQLQWHUpVPiVRPHQRV
FRQVHUYDQ HQ VX H[SHGLHQWH SHUVRQDO HQ $OFDOi GH SHFXOLDUSRUODHWQRORJtDHQHOFDVRGH$OPDJUR%DVFK
+HQDUHV6tWHQHPRVQRWLFLDGHXQHVFULWRTXHVROLFLWD UHVXOWDREYLRTXHVXYLQFXODFLyQLQYHVWLJDGRUDFRQHO
FDVLH[LJHHOQRPEUDPLHQWRGH6DQWD2ODOODHQYLDGR iPELWR HWQROyJLFR HV SUiFWLFDPHQWH QXOD DXQTXH HV
DO'LUHFWRU*HQHUDOGH(QVHxDQ]D8QLYHUVLWDULDHQHO HYLGHQWHTXHDSR\DVXGRFHQFLD/RVPX\SHUVRQDOHV
PHVGHMXQLRGHHQIHFKDVSUHYLDVDODFHOHEUD \VLQJXODUHVLQWHUHVHV³QHRHWQROyJLFRV´GH6DQWD2OD
FLyQ GH OD RSRVLFLyQ HVFULWR TXH FRPR SXHGH VXSR OODGHVDSDUHFHQ8QSULPHUGDWRVLJQLILFDWLYRGHOFDP
QHUVHFDXVyXQDSpVLPDLPSUHVLyQHQWUHODVDXWRULGD ELR GH UXPER VH REVHUYD \D HQ OD SURSLD GHQRPLQD
GHVPLQLVWHULDOHV\XQLYHUVLWDULDV FLyQGHODFiWHGUDTXHSDVDDVHUGH³+LVWRULD3ULPLWL
6HDFXDOIXHUHHOFRQWH[WRHQHOTXHVHGHVDUUROOy YDGHO+RPEUH3UHKLVWRULD´FRPR\DKHPRVYLVWR0iV
OD RSRVLFLyQ $OPDJUR VH LPSXVR FRQ WRGR PHUHFL DGHODQWHFRQHOQXHYRSODQGHODFiWHGUDVHGH
PLHQWR2EYLDPHQWH6DQWD2ODOODUHFXUULy<DKHPRV QRPLQD GH ³3UHKLVWRULD \ (WQRORJtD´ SHUR WDPSRFR
LQGLFDGRTXHFRQVLJXLySDUDOL]DUODWRPDGHSRVHVLyQ YDDVHUYLUGHPXFKRHVWHDSDUHQWHFDPELRSRVLWLYR
GHDTXpO\VHUQRPEUDGRQXHYDPHQWHFDWHGUiWLFRLQWH 7DOHVWDGRGHFRVDVQRSRGtDIDYRUHFHUHQPRGR
ULQR GXUDQWH XQRV PHVHV )LQDOPHQWH $OPDJUR VHUtD DOJXQR D QXHVWUD GLVFLSOLQD &LHUWR HV TXH QR SDUHFtD
QRPEUDGRFDWHGUiWLFRGH³+LVWRULD3ULPLWLYDGHO+RP KDEHU PXFKDV YRFHV TXH GHQXQFLDUDQ OD SRVWUDGD VL
EUH3UHKLVWRULD´ SRU RUGHQ PLQLVWHULDO GH GH RFWX WXDFLyQ GH ORV HVWXGLRV HWQROyJLFRV HQ OD 6HFFLyQ GH
EUHGHWRPDQGRSRVHVLyQHOGtDGHOPHVVL +LVWRULD\DTXHODVLWXDFLyQGHOD6HFFLyQGH+LVWRULD
JXLHQWH GH$PpULFDHUDPX\GLIHUHQWH6LQHPEDUJRHQ
/D pSRFD GH $OPDJUR DO IUHQWH GH ORV HVWXGLRV 3/DtQ(QWUDOJRSXEOLFDEDHQ&XDGHUQRVSDUDHOGLi
SUHKLVWyULFRVHQOD)DFXOWDGGH)LORVRItD\/HWUDVVHUi ORJRXQHVFODUHFHGRUDUWtFXORVREUH³/RTXHVHHQVHxD
ODUJDSXHVVHMXELODHQ\YDDYHUFyPRVHWUDQV \QRVHHQVHxDHQOD8QLYHUVLGDGHVSDxROD´HQHOTXH
IRUPDUDGLFDOPHQWHODGRFHQFLDGHHVDPDWHULD'HGLV SODQWHDEDHQWUHRWURVPXFKRVLQWHUURJDQWHV\SURSXHV
SRQHU GH XQD ~QLFD DVLJQDWXUD GH ³3UHKLVWRULD´ HQ OD WDVORVLJXLHQWH³¢3RUTXpOD(WQRORJtDR$QWURSROR
6HFFLyQ GH +LVWRULD HQ HO SODQ GH HVWXGLRV GH JtDFXOWXUDOFRPRTXLHUDOODPiUVHODQRWLHQHHQQXHV
VHSDVDFRQHOQXHYRSODQGHDODFUHDFLyQGH WUD 8QLYHUVLGDG XQD FiWHGUD" ¢3XHGH DGXFLUVH FRPR
WRGDXQDHVSHFLDOLGDGGHVHJXQGRFLFORHQ³3UHKLVWR UD]yQODHVFDVDLPSRUWDQFLDGHHVWDGLVFLSOLQDRODFD
ULD´ LQFUHPHQWiQGRVH QRWDELOtVLPDPHQWH HO SURIHVR UHQFLDGHSRVLEOHVWLWXODUHVHVWDQGRDKt&DUR%DURMDR
UDGR (QWUH DPEDV IHFKDV QRV HQFRQWUDPRV FRQ RWUR (VWHYD)DEUHJDW"´/DtQ(QWUDOJR
DFRQWHFLPLHQWR WUDVFHQGHQWDO OD FUHDFLyQ GHO 'HSDU )XHSUHFLVDPHQWH&ODXGLR(VWHYDTXLHQGHVFULELy
WDPHQWR GH 3UHKLVWRULD HQ HO FXUVR GH GHO D OD SHUIHFFLyQ ²DXQTXH FRQ IDUUDJRVD UHGDFFLyQ²
TXH$OPDJURVHUiGLUHFWRUKDVWDVXMXELODFLyQ OD VLWXDFLyQ HQ TXH VH HQFRQWUDED OD HWQRORJtD HQ OD
'XUDQWHHOSHULRGRGHYLJHQFLDGHOSODQGHHVWX (VSDxDGHILQDOHVGHORVWDQWRHQHOiPELWRXQLYHU
GLRV GH OD GRFHQFLD GH OD QXHYD DVLJQDWXUD GH VLWDULR FRPR HQ HO FRQWH[WR JHQHUDO GH OD LQYHVWLJD
³(WQRORJtD´²TXHVHFXUVDHQHOSULPHUDxRGHODOL FLyQFLHQWtILFDGHOSDtV(VWHYD(OGLDJQyVWLFR
FHQFLDWXUD²YDDVHUUHVSRQVDELOLGDGH[FOXVLYDGH-R HUD UHODWLYDPHQWH VLPSOH VX YLQFXODFLyQ FRQ OD SUH
Vp 0DQXHO *yPH]7DEDQHUD FRPR ³HQFDUJDGR GH OD KLVWRULDHQODVIDFXOWDGHVGHILORVRItD\OHWUDVKDEtDUH
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
HVFDVDGHHVWXGLRVHWQROyJLFRV/DPHQWDEOHPHQWHOD SRUHO'HSDUWDPHQWRGH3UHKLVWRULD/DHWQRORJtD²SH
UHIRUPDGHOSODQGHHQFDPLQDGDDODUHGXFFLyQ UR WDPELpQ OD KLVWRULD GH OD FLHQFLD \ OD GH OD ILORVR
GHO Q~PHUR GH DVLJQDWXUDV TXH VH KDQ GH FXUVDU KD ItD²VLJXHHVWDQGRPX\OHMRVGHRFXSDUHOOXJDUTXH
VXSXHVWR SUHFLVDPHQWH OD GHVDSDULFLyQ GH XQD GH ODV OHFRUUHVSRQGHHQOD)DFXOWDGGH*HRJUDItDH+LVWRULD
DVLJQDWXUDV FXDWULPHVWUDOHV GH HWQRORJtD LPSDUWLGDV GHOD8QLYHUVLGDG&RPSOXWHQVH
127$6
8QDSULPHUD\EUHYHYHUVLyQGHOWH[WRIXHSUHVHQWDGDHQHOVLPSR 'HVFRQRFHPRV HO Q~PHUR GH DOXPQRV TXH FXUVDQ OD DVLJQDWXUD
VLR³DxRVGH3UHKLVWRULDHQOD8QLYHUVLGDG&RPSOXWHQVHGH0D GXUDQWHHOSHULRGRGHYLJHQFLDGHOSODQGHHVWXGLRVGHOD5HS~EOLFD
GULG+XJR2EHUPDLHU\ODFUHDFLyQGHOD&iWHGUDGH+LVWRULD3UL <DKHPRVLQGLFDGRTXHQRVHFRQVHUYDQODVDFWDVGHHVRVDxRV1R
PLWLYDGHO+RPEUH´RUJDQL]DGRSRUHO'HSDUWDPHQWRGH3UHKLVW R REVWDQWHVtGLVSRQHPRVGHODVFRUUHVSRQGLHQWHVDOSHULRGRGH
ULD\FHOHEUDGRHQOD)DFXOWDGGH*HRJUDItDH+LVWRULDGHGLFKDXQL DPLHQWUDVFRQWLQ~DYLJHQWHHOSODQUHSXEOLFDQR1RREVWDQWH
YHUVLGDGHQQRYLHPEUHGH GDGRTXHHQGLFKRSODQQRVHUHDOL]DEDQH[iPHQHVSRUDVLJQDWXUDV
'tD]$QGUHX D RIUHFH XQ SDQRUDPD JHQHUDO GHO GHVDUUROOR VLQRGHFRQMXQWRODVDFWDVFRQVXOWDGDVQRRIUHFHQQLQJXQDLQIRUPD
GHODDUTXHRORJtDHQ(VSDxDGXUDQWHHOSULPHUWHUFLRGHOVLJOR;; FLyQDOUHVSHFWR&RPRGDWRFRPSOHPHQWDULRUHFRUGHPRVTXHGX
/D 5HDO 2UGHQ GH GH HQHUR GH TXH GD LQLFLR D WRGR HO UDQWHOD5HS~EOLFDOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHUVL
SURFHVRKDFtDUHIHUHQFLDDODFUHDFLyQGHXQD³FiWHGUDGH3UHKLVWR GDG GH 0DGULG VH GLYLGH HQ FXDWUR 6HFFLRQHV )LORVRItD /HWUDV
ULD´VLQPiV +LVWRULD\3HGDJRJtD/RVWtWXORVTXHVHFRQFHGHQVRQ/LFHQFLDGR
(VWHGDWRTXHGDUHFRJLGRHQOD0HPRULD(VWDGtVWLFDGHOD8QLYHU HQ)LORVRItD)LORORJtDFOiVLFD)LORORJtDVHPtWLFD)LORORJtDPRGHU
VLGDGGH0DGULGFRUUHVSRQGLHQWHDFXUVRHQHOTXHDSDUH QD HVSDxRO X RWUD OHQJXD PRGHUQD +LVWRULD GH OD $QWLJHGDG
FHSRUYH]SULPHUDODDVLJQDWXUDGH+LVWRULD3ULPLWLYDGHO+RPEUH +LVWRULDGHOD(GDG0HGLDH+LVWRULD0RGHUQD$GHPiVVHRWRUJD
1R VH UHJLVWUD VLQ HPEDUJR HQ OD PHPRULD GHO FXUVR DQW HULRU 6H HOWtWXORGH/LFHQFLDGRHQ)LORVRItD\/HWUDV³FRQODPHQFLyQGH$U
KDQ FRQVXOWDGR GLFKDV PHPRULDV HQ HO $UFKLYR GH OD 8QLYHUVLGDG FKLYHUR%LEOLRWHFDULR\$UTXHyORJR´HOGH/LFHQFLDGRHQ3HGDJR
&RPSOXWHQVH H[LVWHQ HMHPSODUHV LJXDOPHQWH HQ OD %LEOLRWHFD 1D JtD\HO³&HUWLILFDGRGHHVWXGLRVSHGDJyJLFRV´([LVWtDODSRVLELOL
FLRQDO GDG GH GHOLQHDU SODQHV GH HVWXGLR ³D OD PHGLGD´ SRU ORV SURSLRV
/DYLQFXODFLyQGHOD6($(3IXQGDGDHQFRQOD&iWHGUD\ DOXPQRVTXHKDEtDQGHVHUDSUREDGRVSRUOD)DFXOWDG
HO 6HPLQDULR GH +LVWRULD 3ULPLWLYD YD D VHU LQWHQVD QR ROYLG HPRV +HPRVFRQVXOWDGROD/H\GH2UGHQDFLyQ8QLYHUVLWDULDGH\
TXH WDQWR 2EHUPDLHU FRPR 6DQWD2ODOOD VRQ VRFLRV GHVGH IHFKD HO GHFUHWR GH VREUH OD )DFXOWDG GH )LORVRItD \ /HWUDV HQ OD
WHPSUDQD3HURHVDYLQFXODFLyQHVD~QPiVIXHUWHGHVGHKDVWD *XtDGHOD8QLYHUVLGDGGH0DGULG0DGULG3DUDFRQRFHU\
OD GHVDSDULFLyQ GH OD 6RFLHGDG HQ SHULRGR GXUDQWH HO FXDO FRPSUHQGHUFXiOHUDODVLWXDFLyQGHODGRFHQFLD\ODLQYHVWLJ DFLyQ
RFXSD OD VHFUHWDUtD GH OD PLVPD 6DQWD2ODOOD $GHPiV KHPRV GH HQODXQLYHUVLGDG\HO&6,&GXUDQWHODSRVWJXHUUDHQHOFDPSRGH
PHQFLRQDUTXHHOWUHPHQGRFRQIOLFWRVXUJLGRHQHQWUHpVWH\ ODVFLHQFLDVKLVWyULFDVUHVXOWDLPSUHVFLQGLEOHODOHFWXUDGHOOLEURGH
-RVp 3pUH] GH %DUUDGDV GLUHFWRU GHO 0XVHR $QWURSROyJLFR GRQGH 3DVDPDU$O]XULD
WHQtDVXVHGHOD6RFLHGDGKL]RTXHpVWDWUDVODGDUDVXVUHXQLRQHVD /DV6HFFLRQHVVRQODV VLJXLHQWHV)LORVRItD)LORORJtDFOiVLFD)L
ORVORFDOHVGHOVHPLQDULRHQOD&LXGDG8QLYHUVLWDULDDOPHQRVGHV ORORJtDVHPtWLFD)LORORJtDURPiQLFD+LVWRULD+LVWRULDGH$PpULFD
GH'HKHFKRHQHVH~OWLPRDxRODVRFLHGDGUHQXHYDVXVHVWD \3HGDJRJtD
WXWRV \ VHxDODHQVXDUWtFXORTXH³(QFDVRGHGLVROXFLyQORV (VWD GHVYLQFXODFLyQ FRQ HO iPELWR GHO GRFWRUDGR TXH VH LQLFLy
ELHQHV \ YDORUHV GH OD 6RFLHGDG SDVDUiQ DO 6HPLQDULR GH +LVWRULD FRQOD5HS~EOLFD²DXQTXHFRQXQVHQWLGRPX\GLIHUHQWH²VXSXVR
3ULPLWLYDGHO+RPEUHRHQVXGHIHFWRDOD)DFXOWDGGH)LORVRItD\ XQ UHYpV LPSRUWDQWH SDUD 6DQWD2ODOOD TXLHQ TXHGDED DO PDUJHQ
/HWUDVGHOD8QLYHUVLGDGGH0DGULG´(QORVDQWLJXRVHVWDWXWRVVH GHOFRQWUROGHODVWHVLVGRFWRUDOHVSXHVQLVLTXLHUDHUDOODPDGRDWUL
GHVLJQDED FRPR EHQHILFLDULR DO 0XVHR $QWURSROyJLFR 6iQFKH] EXQDOHVDOSDUHFHUSRUTXHQRVHDVLPLODEDHOWtWXORGHODFiWHGUDD
*yPH] RWUDVGHPDWHULDVHPHMDQWHeOPLVPRVHTXHMDUiHQORV&XDGHUQRV
(Q HVH PLVPR FXUVR DFDGpPLFR HO Q~PHUR GH PDWUtFXODV HQ ODV GH+LVWRULD3ULPLWLYDGHODHVFDVDFDOLGDGGHODVWHVLVGHDUTXHROR
UHVWDQWHV DVLJQDWXUDV GH GRFWRUDGR HQ OD 6HFFLyQ GH +LVWRULD GH OD JtDSUHKLVWRULDHKLVWRULDDQWLJXDOHtGDVHQODIDFXOWDGDxR,,,Q
)DFXOWDGGH)LORVRItD\/HWUDVHVHOVLJXLHQWH+LVWRULDGH$PpULFD SS 3DUHFH TXH QXQFD SXGR UHVROYHU HVWD GLILFXOWDG QL OD GH
+LVWRULDGHO$UWH$UTXHRORJtDDUiELJD 6RFLRORJtD DFFHGHUDWULEXQDOHVGHRSRVLFLRQHVFRQHFWDGDVGHXQRXRWURPRGR
+LVWRULD GH ODV LQVWLWXFLRQHV SROtWLFDV \ FLYLOHV GH $PpULFD (O FRQODHWQRORJtD$OPHQRVHVWRHVORTXHVHGHVSUHQGHGHXQHVFUL
Q~PHURWRWDOGHDOXPQRVGHODIDFXOWDGHVGHGHORVTXH WRGLULJLGRSRU6DQWD2ODOODDOPLQLVWURGH(GXFDFLyQIHFKDGRD
VRQKRPEUHV\PXMHUHV GH DEULO GH HQ HO TXH VH TXHMD GH ³TXH D SHVDU GH ORV DxRV
(OSURJUDPDIHFKDGRHQVHJXDUGDHQODFDMD' GHO$U WUDQVFXUULGRVGHVGHTXHIXHFUHDGDODFiWHGUDGH(WQRORJtD\3UH
FKLYRGHOD8QLYHUVLGDG&RPSOXWHQVH-XQWRDHVHHMHPSODUVHFRQ KLVWRULD>ODGHOD8QLYHUVLGDGGH9DOHQFLD@GHODTXHHVWLWXODUQR
VHUYDQRWURVGRVPiVVLQIHFKDGHLGpQWLFRFRQWHQLGR KDQVLGRDFRUGDGDVQLGHFODUDGDVODVDQDORJtDVGHGLFKDFiWHGUDD
6HJ~QVHLQGLFDHQHOPLVPRGHFUHWRODUHIRUPDVHLQVSLUDGLUHF HIHFWRV GH IRUPDFLyQ GH WULEXQDOHV GH RSRVLFLyQ \ FRQFXUVRV \D
WDPHQWH HQ HO (VWDWXWR GH OD )DFXOWDG GH TXH QXQFD OOHJy D TXHVLELHQKD\XQDGLVSRVLFLyQGHIHFKDGHPDU]RGH>@
HQWUDUHQYLJRU VHUHILHUHH[FOXVLYDPHQWHDODVSHFWRSUHKLVWyULFRGHODVWLWXODGDVGH
6HKDQFRQVXOWDGRORVHMHPSODUHVHQHO$UFKLYRGHOD8QLYHUVLGDG µ3UHKLVWRULD \ (WQRORJtD¶ 'DGR TXH HO TXH VXVFULEH HV WLWXODU GH
&RPSOXWHQVH &RPR GDWR DQHFGyWLFR VHxDOHPRV TXH HQ ORV DQXD µ(WQRORJtD\3UHKLVWRULD¶VXSRQHXQDPD\RUHVSHFLDOL]DFLyQ\G HGL
ULRVGH\ODGLUHFFLyQSDUWLFXODUGH2EHU FDFLyQDODVFLHQFLDVHWQROyJLFDV\KD\FiWHGUDVFRQODVFXDOHVWLH
PDLHUTXHVHLQGLFDHV&$OFDOiQ~PHURGFKD(QORVFR QHLQGXGDEOHPHQWHDQDORJtD\UHODFLyQ´<FLWDODVGH$QWURS RORJtD
UUHVSRQGLHQWHVD\VXUHVLGHQFLDVHVLW~DHQHOQ~ ItVLFD +LVWRULD GH ODV UHOLJLRQHV +LVWRULD JHQHUDO GH OD FXOWXUD
PHURGHOD$YHQLGDGH0HQpQGH]3HOD\R 6RFLRORJtD +LVWRULD SULPLWLYD GHO KRPEUH +LVWRULD GH $PpULFD
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
3UHKLVSiQLFD\$UTXHRORJtD$PHULFDQDH+LVWRULDGHORVGHVFXEUL GRVHHQODVUD]RQHVH[FHSFLRQDOHVTXHPRWLYDURQVXFUHDFLyQ>ODGH
PLHQWRV JHRJUiILFRV \ JHRJUDItD GH $PpULFD $UFKLYR &HQWUDO GHO ODFiWHGUD@\DGHPiVTXHHVWDQGRHQHVWXGLRODRUJDQL]DFLyQGHODV
0LQLVWHULR GH (GXFDFLyQ \ &XOWXUD $UFKLYR *HQHUDO GH OD $GPL HQVHxDQ]DV XQLYHUVLWDULDV VH GHVFRQRFH VL KD GH VHU PDQWHQLGD
QLVWUDFLyQFDMD6XVSHWLFLRQHVQRIXHURQDWHQGLGDV WUDQVIRUPDGD R VXSULPLGD´ &RPXQLFDFLyQ GHO 6HFUHWDULR *HQHUDO
7RPDPRVHOGDWRGHXQFXDGHUQRGHFXUVRSURSLHGDGGH6DQWD GHO &RQVHMR 1DFLRQDO GH (GXFDFLyQ GH GH PD\R GH
2ODOODORFDOL]DGRHQWUHHOPDWHULDOIRWRJUiILFRWRGRHOORVLQLQYHQ $&0(&VLJQ$*$FDMD
WDULDUTXHDGTXLULyHO0XVHR$UTXHROyJLFR1DFLRQDOMXQWRFRQODV $SDUWLUGHOFXUVRGHSDVDDFRODERUDUFRPRD\XGDQWH\
FROHFFLRQHVDUTXHROyJLFDV\HWQROyJLFDVGHDTXpOHQ6HWUDWD HQFDUJDGR GH FXUVR HQODFiWHGUDGH+LVWRULDGHO$UWHTXHRFXSD
GH XQ SHTXHxR FXDGHUQLOOR DSDLVDGR FRQ PHPEUHWH HQ OD SRUWDGD HQWRQFHV6DQWD2ODOODLPSDUWLHQGRDVLJQDWXUDVFRPR³$UWHSUHKLV
QRHQODFXELHUWDGHOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHU WyULFR\SULPLWLYR´R³$UWHLQGLR\GHO([WUHPR2ULHQWH´
VLGDGGH0DGULG\TXHGHEtDGHVHUXWLOL]DGRSRUORVSURIHVRUHVHQ $XQTXH6DQWD2ODOODYDDVHUHOFDWHGUiWLFRLQWHULQRKDVWDTXHVH
FDGD XQD GH VXV DVLJQDWXUDV (Q HVWH FDVR VH WUDWD GHO FRUUHVSRQ KDJDFDUJRGHODFiWHGUDSRURSRVLFLyQ0DUWtQ$OPDJUR%DVFKKH
GLHQWH D ORV ³HVWXGLRV HVSHFLDOHV´ GH +LVWRULD 3ULPLWLYD GHO +RP PRV GH DQRWDU TXH HQ UHDOLGDG OD DQWLJXD LQWHULQLGDG GH DTXpO VH
EUH(QpOVHUHFRJHQORVQRPEUHVGHORVFLWDGRVQXHYHDOXPQRVVLQ FRQYLUWLy HQ XQ ³HQFDUJR SURYLVLRQDO´ GH OD FLWDGD FiWHGUD SRU RU
QLQJXQD RWUD DQRWDFLyQ DGLFLRQDO TXH VRQ ORV VLJXLHQWHV &RQFHS GHQPLQLVWHULDOGHGHPDU]RGHPLHQWUDVVHUHVROYtDHOUH
FLyQ )HUQiQGH]&KLFDUUR GH 'LRV -XOLiQ *LPHQR 0R\D 7ULQLGDG FXUVR TXH KDEtD LQWHUSXHVWR FRQWUD $OPDJUR TXH KDEtD JDQDGR OD
/HGHVPD 5DPRV /HRSROGR 0DUFRV &DOOHMD 0DUtD -RVHID 0DUtQ RSRVLFLyQFHOHEUDGDHQ)LQDOPHQWHVHUtDFHVDGRHOGHQR
%RQDFKHUD 3LODU 3pUH] (QFLVR 0DUtD -HV~V 3LFRUQHOO \ GH 6RWR YLHPEUHGHWRPDQGRSRVHVLyQFRPRWLWXODUGHODPLVPD$O
-XDQGHORV5H\HV*DUFtD\0DQXHO6HJXUD\6XiUH],QFOiQ PDJUR%DVFKHOGtDVLJXLHQWH
(Q HVWH ~OWLPR FXUVR 6DQWD2ODOOD LPSDUWH GRV DVLJQDWXUDV PiV (QOD~QLFDPRQRJUDItDHVFULWDVREUH6DQWD2ODOODTXHSUHVHQWD
SHUWHQHFLHQWHV DO GRFWRUDGR ³+LVWRULD GH ODV UHOLJLRQHV GHÈIULFD´ QRWDEOHVFDUHQFLDVELRJUiILFDV²SRUHMHPSORVHDVHJXUDGHVFRQR
FRQFXDWURDOXPQRV\³/D(GDGGHO%URQFHHQHOPXQGR\HOSUL FHUVXOXJDUGHQDFLPLHQWRTXHIXH%XUJRV²\DQDOtWLFDVVHDVHJX
PHU LPSHULR KLVSiQLFR´ WUHV DOXPQRV &XULRVR H LPSHULDO WtWXOR UDTXH6DQWD2ODOODJDQyHOUHFXUVRSUHVHQWDGRFRQWUD$OPDJURSRU
HVWH~OWLPR3RURWUDSDUWHQRKHPRVORFDOL]DGRHODFWDFRUUHVSRQ ODFiWHGUDGH+LVWRULD3ULPLWLYDGHO+RPEUHHQ\TXHSRUHV
GLHQWHDOFXUVRGHSXHGHVHULQFOXVRTXHQRKXELHUDQLQ WDUD]yQODXQLYHUVLGDGRSWySRUFUHDUXQDQXHYDFiWHGUDSDUDHOSUL
J~QDOXPQRPDWULFXODGR PHURGH³+LVWRULDGHODUWHSULPLWLYR´&DVWHOR5XDQR HWDO
'XUDQWH HVWDV PLVPDV IHFKDV ²FRQFUHWDPHQWH HQ ORV FXUVRV GH 'HVFRQRFHPRVGHGyQGHVHKDH[WUDtGRGLFKDLQIRUPDFLyQ
\FDVLWRGRHOGH²FRPSDJLQyHVWDGHGL SHUR WRGR SDUHFH LQGLFDU TXH H[LVWH XQD QRWDEOH FRQIXVLyQ SRU HO
FDFLyQFRQODGHSURIHVRUHQFDUJDGRGHODFiWHGUDGH*HRJUDItDFRQ KHFKRGHTXH6DQWD2ODOODDFDEHRFXSDQGRHQODPHQFLRQD
GHO VXHOGR GH HQWUDGD 7DPELpQ LPSDUWLy DO PHQRV GXUDQWH HO GDFiWHGUDGH+LVWRULDGHO$UWH²VLQDGMHWLYRV²HQOD8QLYHUVLGDG
FXUVR GH OD DVLJQDWXUD GH ³+LVWRULD DQWLJXD GH (VSDxD´ GH0DGULG3RUORGHPiVHQHVWDREUDVHSXEOLFDQXQDVSRFDVFDUWDV
'LVSRQHPRVGHHVWHGDWRTXHQRVHUHFRJHHQVXH[SHGLHQWHSHUVR UHFLELGDVSRU6DQWD2ODOOD\DOJXQRVWH[WRV\GLEXMRVLQpGLWRVGHWH
QDOFRQVHUYDGRHQHO$UFKLYR&HQWUDOGHO0LQLVWHULRGH(GXFDFLyQ PDDUTXHROyJLFRGHHVFDVRLQWHUpV/RPiVDWUDFWLYRGHOOLEURHVOD
\&XOWXUDJUDFLDVDODH[LVWHQFLDHQHO0XVHR$UTXHROyJLFR1DFLR UHSURGXFFLyQGHDOJXQDVIRWRJUDItDVXQWRWDOGHFRUUHVSRQGLHQ
QDOGHXQFXDGHUQRGHFXUVRGHODFLWDGDDVLJQDWXUDVHPHMDQWHDOFR WHVDODSULPHUDH[SHGLFLyQDO6DKDUDHQTXHPXHVWUDQWLSRV
PHQWDGR HQ OD QRWD (QWRQFHV DVLVWtDQ DO FXUVR XQ WRWDO GH VDKDUDXLV(QXQDGHHOODVDSDUHFH6DQWD2ODOODHQDFWLWXGGHFRQ
DOXPQRVHQWUHHOORVVXGLVFtSXORÈQJHOGH7X\DXQRGHORV³PiUWL YHUVDUFRQORVLQGtJHQDV
UHV´QDFLRQDOHVHQODJXHUUDFLYLO 3RU HO KHFKR GH TXH 2EHUPDLHU QR KXELHUD PRVWUDGR GH PRGR
(OH[SHGLHQWHSHUVRQDOGH-XOLR0DUWtQH]6DQWD2ODOODVHFRQVHU LQHTXtYRFR\H[SOtFLWRVXDSR\RDOQXHYRUpJLPHQSROtWLFR
YDHQODFDMDGHO$UFKLYR&HQWUDOGHO0LQLVWHULRGH(GXFD $&0(&VLJQ$*$FDMD
FLyQ\&XOWXUD$&0(&GHSRVLWDGRHQHO$UFKLYR*HQHUDOGHOD $&0(&VLJQ$*$FDMD
$GPLQLVWUDFLyQ $*$ HQ $OFDOi GH +HQDUHV $QRWHPRV DOJXQRV $&0(& VLJQ $*$ FDMD +HPRV FRUUHJLGR
GDWRVELRJUiILFRV1DFHHQ%XUJRVHOGHDJRVWRGHKLMRGH DFHQWXDFLyQ\SXQWXDFLyQHQWRGDVODVFLWDV
PLOLWDUGHDOWDJUDGXDFLyQ(VWXGLyHQFROHJLRVGHDJXVWLQRVMHVXL 2VWHQWDEDFDUJRVGHUHVSRQVDELOLGDGHQ)DODQJH)XHDVHVLQDGR
WDV\+GHOD'RFWULQD&ULVWLDQDHQ5RQGD6HYLOOD0DGULG&HXWD MXQWR FRQ ÈQJHO GH 7X\D \ *DUFtD GHO 6RODU GLVFtSXOR GH 6DQWD
%LOEDR \ (O (VFRULDO $VLPLVPR FXUVy HVWXGLRV XQLYHUVLWDULRV HQ 2ODOODHQ7RUUHMyQGH$UGR]HOGHQRYLHPEUHGH(VWHGDWR
0DGULG %DUFHORQD \9DOODGROLGOLFHQFLiQGRVHHQHVWD~OWLPDXQL VH UHFRJH HQ OD &RURQD GH HVWXGLRV TXH OD 6RFLHGDG (VSDxROD GH
YHUVLGDG(Q%DUFHORQDWUDEDMyFRQ%RVFK*LPSHUD(QWH[WRVGHVX $QWURSRORJtD(WQRJUDItD\3UHKLVWRULDGHGLFDDVXVPiUWLUHV0D
H[SHGLHQWH DVHJXUD 6DQWD2ODOOD TXH DQWHV GH FRPHQ]DU ORV HVWX GULGHGLWDGDSRUHOSURSLR6DQWD2ODOOD
GLRVXQLYHUVLWDULRVUHVLGLyXQODUJRSHULRGRGHWLHPSRHQ)UDQFLD\ 'HDFXHUGRFRQODLQIRUPDFLyQUHFRJLGDHQVX³H[SHGLHQWHGHGH
YLDMySRU(XURSDRFFLGHQWDOVLHPSUHFRQLQWHUHVHVFLHQWtILFRV7UDV SXUDFLyQ´IHFKDGRDGHRFWXEUHGH$&0(&VLJQ
FRQFOXLU OD OLFHQFLDWXUD ³SDVy SRU FRQWUDWR FRQ HO 0LQLVWHULR GH $*$FDMDVHUHIXJLyHQODHPEDMDGDIUDQFHVDHQ0DGULG
&XOWRVGH3UXVLDDOD8QLYHUVLGDGGH%RQQGHODTXHIXHGRFHQWH HQMXQLRGH(QHQHURGHIXHFRQGXFLGRFRQRWURVUHIX
GXUDQWHQXHYHFXUVRVGHFXOWXUDHVSDxROD\OHQJXDSURIHVDQGRFXU JLDGRV D &DQ 9DOOV FHUFD GH &DOGHWDV \ GRV PHVHV GHVSXpV DO
VRV GH FDUiFWHU KLVWyULFR \ VREUH WRGR HWQROyJLFR TXH DOFDQ]DURQ ³FDPSRGHFRQFHQWUDFLyQGHOD0RULVFD´HQ3RUW9HQGUHV\OXHJR
JUDQUHVRQDQFLDHQDTXHOORVPHGLRVXQLYHUVLWDULRV´$XQTXHKDEOD DOGH&KRPpUDFpVWHHQHOGHSDUWDPHQWRGH$UGHFKH)XHOLEHUDGR
GHQXHYHFXUVRVOXHJRLQGLFDTXHIXHURQFLQFRORVDxRVGHUHVLGHQ HQDEULOGH
FLDHQ%RQQpSRFDTXHDSURYHFKySDUDDPSOLDUHVWXGLRVGHJHRJUD 3HVHDVXLQWHUpVHQDOLVWDUVHHQOD$FDGHPLD0LOLWDUGHO(VWDGR
ItD OLQJtVWLFD SUHKLVWRULD HWQRORJtD pVWRV FRQ 7ULPERUQ HWF 0D\RUGH9DOODGROLGIXHGHFODUDGR³QRDSWR´HQHOUHFRQRFLPLHQWR
&RQFOXLGDVXDFWLYLGDGHQ$OHPDQLDHQHOYHUDQRGHUHJUHVD PpGLFRVHJ~QODFRSLDGRFXPHQWDOTXHDGMXQWD&RPRVHVHxDODHQ
D(VSDxDGRQGHFRPLHQ]DVXYLQFXODFLyQFRQ2EHUPDLHU\ODFiWH VXH[SHGLHQWHGHGHSXUDFLyQVHGHELyD³LQXWLOLGDGWRWDOSRUODYLVWD´
GUDGH+LVWRULD3ULPLWLYDGHO+RPEUH (Q UHDOLGDG 6DQWD2ODOOD WXYR JUDYHV SUREOHPDV HQ HVH HQWRUQR
(O³FRQFXUVRGHWUDVODGRSDUDODSURYLVLyQGHODFiWHGUDGH+LVWR XQLYHUVLWDULR GHVGH IHFKD WHPSUDQD $Vt HQFRQWUy VHULDV GLILFXOWD
ULD3ULPLWLYDGHO+RPEUH'RFWRUDGRHQOD)DFXOWDGGH)LORVRItD\ GHVSDUDTXHOHIXHUDSHUPLWLGRDVLVWLUDFRQJUHVRVHQHOH[WUDQMHUR
/HWUDVGHOD8QLYHUVLGDGGH0DGULG´IXHFRQYRFDGRSRURUGHQPL FIU&DVWHOR5XDQRHWDOYLpQGRVHSULYDGRGHDXWRUL
QLVWHULDOGHGHDEULOGHSXEOLFDGDHQHO%2(GHGHPD ]DFLyQHQQRSRFDVRFDVLRQHV3RURWURODGRVXDGVFULSFLyQSROtWL
\R&RQFXUULHURQDOPLVPR&D\HWDQRGH0HUJHOLQD\/XQD0DUWtQ FRLGHROyJLFD QR OH SHUPLWLy ²QL VLTXLHUD GXUDQWH ORV SULPHURV
$OPDJUR%DVFK\-XOLR0DUWtQH]6DQWD2ODOOD1RREVWDQWHHO&RQ DxRVGHWHyULFDSUHSRQGHUDQFLDIDODQJLVWD²DFFHGHUDQLQJXQD
VHMR 1DFLRQDO GH (GXFDFLyQ HQ VHVLyQ GHO GH PD\R GH GH ODV FiWHGUDV TXH DQVLDED <D KHPRV YLVWR TXH QR FRQVLJXH HQ
DFRUGyGHFODUDUORGHVLHUWR\QRKDEHUOXJDUDVXSURYLVLyQ³IXQGiQ ORTXHSDUHFtDVHUODWHPSUDQDFXOPLQDFLyQGHVXFDUUHUDHQ
/8,6È1*(/6È1&+(=*Ï0(=
0DGULGGLVSRQHUHQSURSLHGDGGHODFiWHGUDGH+LVWRULD3ULPLWLYD GH+LVWRULD3ULPLWLYDHQ³VXPDPXFKRPD\RUTXHODFRQVLJQDFLyQ
GHO+RPEUH7DPSRFRVLUYLHURQGHQDGDVXVSURWHVWDVSRUODQRGR ~QLFDTXHUHFLELPRVDQXDOPHQWHGHOD)DFXOWDGGH)LORVRItD\/H
WDFLyQ HFRQyPLFD GH HVWD FiWHGUD FLUFXQVWDQFLD TXH KL]R SRVLEOH WUDVDTXHSHUWHQHFHPRV´TXHHUDGHPLOSHVHWDV$SDUWLUGHODxR
HFRQyPLFDPHQWHSRURUGHQPLQLVWHULDOSXEOLFDGDHQHO%2(GH ²\ VDOYR ² OD UHYLVWD GHMD GH WHQHU HO LQWHUpV GH ORV
GHMXOLRGHHOGHVGREODPLHQWRHQGRVGHODDQWLJXDFiWHGUDGH DxRVDQWHULRUHV\DTXHVHOLPLWDDSXEOLFDUHVWXGLRVGHIRUPDPR
+LVWRULD $QWLJXD \ 0HGLD GH (VSDxD 2WUR GDWR TXH WDPELpQ QRV QRJUiILFDSXEOLFDQGRXQVyORFXDGHUQRDODxRHQOXJDUGHORVGRV
KDFH LQWXLU OD H[LVWHQFLD GH ³UHODFLRQHV GLItFLOHV´ FRQ FLHUWRV HVWD GHORVSULPHURVPRPHQWRV)LQDOPHQWHHO~OWLPRHMHPSODUFRUUHV
PHQWRVGHOSRGHUVHPDQLILHVWDHQHOKHFKRGHTXHFXDQGROD6RFLH SRQGH\DDGRVDxRV\
GDG(VSDxRODGH$QWURSRORJtD(WQRJUDItD\3UHKLVWRULDGHFLGHUHQ 6RQHQWRWDOFLQFRIROOHWRVORVTXHVHHGLWDQ6XVDXWRUHVVRQ6DQ
GLUOH XQ KRPHQDMH HQ OD 'LUHFFLyQ *HQHUDOGH%HOODV$UWHV WD2ODOODGRV-6DQ9DOHUR%6iH]0DUWtQ\&$ORQVRGHO5HDO
RUGHQD²VLQTXHVHSDPRVFyPRRSRUTXp²ODVXVSHQVLyQGHOPLV 6yORVHHGLWDQWUHVWtWXORVXQHVWXGLRVREUHOD$PpULFDSULPLWLYD
PRFIU&DVWHOR5XDQRHWDO1RREVWDQWHHOKRPHQDMH GHÈGH7X\DODWHVLVGRFWRUDOVREUHHOQHROtWLFRHVSDxROGH-6DQ
OOHJyDEXHQSXHUWRSXEOLFiQGRVHHQWUHVWRPRVGHODV$FWDV\0H 9DOHUR\HOQRWDEOHWUDEDMRGH(0DF:KLWHVREUHODVUHODFLRQHVDW
PRULDVGHOD6($(3;;,;;,,,\;;,,,GH\ OiQWLFDVGHOD3HQtQVXOD,EpULFDGXUDQWHOD(GDGGHO%URQFH
UHVSHFWLYDPHQWH6LQHPEDUJR\FXULRVDPHQWHHO~QLFRGDWRTXH /DDPSOLDFLyQFRQVLVWHIXQGDPHQWDOPHQWHHQTXHVHUHFRJHLQ
LQIRUPDVREUHHOKRPHQDMHDGRHVODGHGLFDWRULDTXHDEUHFDGDYROX IRUPDFLyQVREUHOD³3ULPHUD([SHGLFLyQ3DOHWQROyJLFD\1HRHWQR
PHQQLXQDVRODOtQHDELRJUiILFDRFXUULFXODUDSDUHFHHQHOORV OyJLFDDOD*XLQHD(VSDxROD´\OD³6HJXQGD([SHGLFLyQ3DOHWQROy
$OJRVLPLODURFXUUHHQHOFDPSRGHODHWQRORJtD\ODDQWURSROR JLFDDO6DKDUD(VSDxRO´DPEDVGHVDUUROODGDVHQ
JtDDXQTXHQRVHDHOUHVXOWDGRGHODDFWLYLGDGGH6DQWD2ODOODHQVX (QWRGDVHVWDVQRWLFLDV\SXEOLFDFLRQHV6DQWD2ODOODVLHPSUHSR
FDOLGDG GH FRPLVDULR GH H[FDYDFLRQHV FRPR VH FRPSUXHED SRU HO QHHVSHFLDOpQIDVLVHQHOKHFKRGHWUDWDUVHGHDFWLYLGDGHVGHOVHPL
IHUR] HQIUHQWDPLHQWR TXH PDQWLHQH FRQ VX DQWLJXR DPLJR - 3pUH] QDULR\QRGHODFiWHGUDSURSLDPHQWHGLFKDORTXHVLJQLILFDTXHVH
GH%DUUDGDVHQHOiPELWRGHODVUHODFLRQHVHQWUHOD6RFLHGDGGH$Q UHDOL]DQWHyULFDPHQWHSRUH[FOXVLYDLQLFLDWLYDSHUVRQDODSHVDUGH
WURSRORJtD (WQRJUDItD \ 3UHKLVWRULD ²GH OD TXH 6DQWD2ODOOD IXH TXHFXHQWHFRQODFREHUWXUDDFDGpPLFDGHODXQLYHUVLGDG
VHFUHWDULRGHVGHKDVWDVXGHVDSDULFLyQDILQDOHVGHORV²HO 6DQWD2ODOODVHTXHMDGHTXHODHQVHxDQ]DGH+LVWRULD3ULPLWLYD
0XVHR 1DFLRQDO GH (WQRORJtD \ HO ,QVWLWXWR ³%HUQDUGLQR GH 6DKD GHO+RPEUHVHLPSDUWD~QLFDPHQWH²\\DYLPRVTXHFRQFDUiFWHU
J~Q´GH$QWURSRORJtD\(WQRORJtDGHO&6,&LQVWLWXFLRQHVHVWDV~O YROXQWDULR²HQODVVHFFLRQHVGH+LVWRULD\)LORORJtD&OiVLFD³IDO
WLPDVDOIUHQWHGHODVFXDOHVHVWDEDHOFLWDGR3pUH]GH%DUUDGDVFIU WDQGRFRQWUDORTXHVHUtDHOHPHQWDOSDUDORVHVWXGLDQWHVGHOHQJXDV
6iQFKH]*yPH] VHPtWLFDVHKLVWRULDGH$PpULFDQRREVWDQWHH[LVWLUXQDµFiWHGUD¶GH
&DUR %DURMD D TXLHQ 6DQWD2ODOOD HORJLy \ DSR\y +LVWRULD3ULPLWLYDGH$PpULFDRWUDKD\HQ6HYLOODUHVXOWDQGRSDUD
WUDVODJXHUUDFRPRKHPRVYLVWRVHUHILHUHDpVWHHQORVVLJXLHQWHV GyMLFRHOTXHVHVXSULPDOD+LVWRULD3ULPLWLYDJHQHUDOGHORVFXDGURV
WpUPLQRV ³(UD XQ MRYHQ DOWR UXELR PX\ PLRSH TXH HQ JHQHUDO GHHQVHxDQ]DVEiVLFDV\VHSURGX]FDODLQIODFLyQDPHULFDQLVWDFRQ
HUDEXHQRFRQVXVDOXPQRVSHURiVSHURFRQVXVFROHJDVeVWRVOH ODVFRQVLJXLHQWHVLPSURYLVDFLRQHV´0WH]6DQWD2ODOODD
WHQtDQ DQWLSDWtD >@ KDEODED GH XQD PDQHUD LUyQLFD GHVGHxRVD \ $VHJXUD6DQWD2ODOODTXH³SDUDFLHUWRVHVStULWXVVX
OiQJXLGD D OD SDU &RQWDED FRQ XQ FRUR GH GLVFtSXORV \ GLVFtSXODV SHUILFLDOHVRHVFDVRVGHEDVHFLHQWtILFDVHWUDWDED>OD+LVWRULD3ULPL
TXHOHDGPLUDEDQPXFKR<RPHORHQFRQWUpSRUFDVXDOLGDGHQ0D WLYDGHO+RPEUH@GHXQDVLQRQLPLDFRQDUTXHRORJtD\HQSDUWHSUH
GULGGHVSXpVGHODJXHUUD\SHVHDODVFLUFXQVWDQFLDV\DQWHFHGHQWHV KLVWRULD HVWR HV XQD HQXPHUDFLyQ PiV R PHQRV DEXUULGD GH SLH
HVWXYRDPDEOHFRQPLJRFRVDTXHQRHUDGHOWRGRFRP~Q\PiVHQ GUDVEDUURV\KXHVRVWUDEDMDGRVSRUHOKRPEUHDQWLJXR´
XQKRPEUHGHVXRULJHQHLGHRORJtD>@<RFUHRTXHGHQRKDEHUWH 1RREVWDQWHKD\TXHGHVWDFDUTXHVHGHEHD6DQWD2ODOODODDFX
QLGRDTXHOPDQGRPHGLRSROtWLFR>HOGH&RPLVDULR*HQHUDOGH([ xDFLyQ GHO FRQFHSWR ³%URQFH $WOiQWLFR´ HQ FRQWUDSRVLFLyQ DO GH
FDYDFLRQHV@HQFLUFXQVWDQFLDVWDQSDUWLFXODUHVFRPRODVGHORVDxRV %URQFH0HGLWHUUiQHRDXQTXHHOHVWXGLRGHHVHiPELWRJHRJUiILFR
GH OD SRVWJXHUUD KXELHUD KHFKR DO ILQ XQD FDUUHUD PiV WUDQTXLOD WHPSRUDO FRUUHVSRQGH D RWURV LQYHVWLJDGRUHV HVSHFLDOPHQWH D (
7HQtD PXFKD HUXGLFLyQ VHQVLELOLGDG DFDVR KLSHUWURILDGD JDQD GH 0DF:KLWHTXHIXHVXDOXPQRHQ0DGULG\UHGDFWyODWHVLVEDMRVX
DJUDGDUHQFDVRV\XQDDJUHVLYLGDGUDUDHQRWURV´6HJ~QLQIRUPD GLUHFFLyQ5XL]*iOYH]
FLyQRUDOGH&DUPHQ3ULHJRHVHFDUiFWHUDIDEOHFRQVXVGLVFtSXORV 6iH] 0DUWtQ FRODERUDED FRQ HO 6HPLQDULR GH +LVWRULD 3ULPLWLYD
\ODSUHRFXSDFLyQSRUVXVHVWXGLRVVHPDQWXYLHURQKDVWDHOILQDOGH GHO +RPEUH SHUR SDUHFH TXH QR WXYR UHVSRQVDELOLGDGHV GRFHQWHV
VXVGtDVDXQTXHWDPELpQGHVWDFDHOKHFKRGHTXHVXVFODVHVWXYLH HQODFiWHGUD
UDQ XQD RULHQWDFLyQ PX\ VLQJXODU VL ELHQ UHVXOWDEDQ VXE\XJDQWHV (QDOJXQDRFDVLyQVHUHILHUHDHVWDH[SHGLFLyQFRQORVDGMHWLYRV
SRUODYDULHGDGGHiPELWRV\GHLQWHUHVHVTXHVDOtDQDODOX] GH³SDOHWQROyJLFD\QHRHWQROyJLFD´0WH]6DQWD2ODOODD
<DYLPRVTXH2EHUPDLHUXWLOL]DLJXDOPHQWHHOWpUPLQR³SDOHWQR $XQTXHVHSXEOLFyXQIROOHWRHQODVHULH1RWDVGHOVHPLQDULR0WH]
ORJtD´ HQ HO SURJUDPD GH VX DVLJQDWXUD 1R REVWDQWH 6DQWD2ODOOD 6DQWD2ODOOD E QR OR KHPRV SRGLGR ORFDOL]DU $O PDUJHQ GH
MDPiVPHQFLRQDDTXLHQIXHVXSURIHVRUHLQWURGXFWRUHQODFiWHGUD ODVQRWLFLDVTXHRIUHFH6DQWD2ODOODHQHODUWtFXORDUULEDFLWDGRVR
QLFXDQGRKDEODGHPHWRGRORJtDVQLHQQLQJ~QRWURFRQWH[WR EUH ORV UHVXOWDGRV GH HVWD H[SHGLFLyQ GLVSRQHPRV WDPELpQ GH XQD
+HPRV GH UHPDUFDU TXH VH WUDWD GH SXEOLFDFLRQHV ³GHO VHPLQD EUHYtVLPD QRWD DSDUHFLGD HQ ORV &XDGHUQRV GH +LVWRULD 3ULPLWLYD
ULR´QRWLHQHQFDUiFWHURILFLDOQRVHYLQFXODQSRUWDQWRDODXQLYHU YRO,QSHQODTXHVHDQXQFLDTXH³QRREVWDQWHODUDSLGH]
VLGDGVRQGHKHFKRSURSLHGDGGH6DQWD2ODOODDXQTXHHQUHDOLGDG GHO YLDMH VRQ EDVWDQWHV ORV UHVXOWDGRV REWHQLGRV >@HQWUHORVTXH
HO VHPLQDULR UHFLEH XQD SHTXHxD DVLJQDFLyQ HFRQyPLFD RILFLDO (V GHVFXHOODHOGHVFXEULPLHQWRGHORVSULPHURV\DFLPLHQWRVDUTXHROy
VLJQLILFDWLYR TXH HQ WRGDV HOODV VH DQRWD OD GLUHFFLyQ SDUWLFXODU GH JLFRVGH)HUQDQGR3RR\GHOD*XLQHDFRQWLQHQWDOHVSDxROD(QODV
6DQWD2ODOODFRPRUHIHUHQFLDSDUDFXDOTXLHUFRQWDFWR FROHFFLRQHVGHQXHVWUR6HPLQDULRKDQWHQLGRLQJUHVRDPSOLDVVHULHV
'RVVRQORVWUDEDMRVHGLWDGRVXQRGH:5HLQKDUWVREUHORVVXH DQWLJXDV\PRGHUQDVGH*XLQHD,JXDOPHQWHVHKDHQJURVDGRQXHV
YRV\RWURGH3/DYLRVDVREUH(VSDxDH,WDOLDDQWHVGHORVURPDQRV WURDUFKLYRDIULFDQRHQEDVWDQWHVFHQWHQDUHVGHIRWRJUDItDV>@´
(OSULPHUQ~PHURGHHVWDUHYLVWDVHHGLWDHQHO~OWLPRHVHO 'HODVWUHVH[SHGLFLRQHVVHRIUHFHXQUHVXPHQGHDFWLYLGDGHV\D
FRUUHVSRQGLHQWH D HQ WRGRV DSDUHFH 6DQWD2ODOOD FRPR FLPLHQWRV ³GHVFXELHUWRV´ SLH]DV UHFRJLGDV HWF HQ 0WH] 6DQWD
³GLUHFWRUIXQGDGRU´$XQTXHQRHVWDPRVHQFRQGLFLRQHVGHYDORUDU 2ODOODD
GHELGDPHQWH OD LPSRUWDQFLD GH ORV &XDGHUQRV Vt SDUHFH HYLGHQWH 'XUDQWH HVWH SULPHU YLDMH YLVLWD \ GHVFULEH ORV TXH FRQVLGHUD
TXH DOOt VH SXEOLFDURQ WUDEDMRV GH LQWHUpV LQFOXLGD OD FRQIHUHQFLD ³SULPHURVJUDEDGRVUXSHVWUHVGHO6iKDUDHVSDxRO´D(QQR
TXHGLHUD*RUGRQ&KLOGHHQOD6RFLHGDG(VSDxRODGH$QWURSRORJtD YLHPEUHUHDOL]DXQQXHYRYLDMHHQHVWHFDVRD0DUUXHFRVIUXWRGHO
(WQRJUDItD\3UHKLVWRULDHOGHDEULOGHSXEOLFDGDHQHOQ~ FXDOHVRWUREUHYHWH[WREHQHOTXHVHUHILHUHD³ODVSULPHUDV
PHURGHODUHYLVWDGHHVHDxR5HVXOWDFXULRVRHOGDWRTXHDSRUWD SLQWXUDVUXSHVWUHVGHO0DUUXHFRVHVSDxRO´
6DQWD2ODOOD DO UHVHxDU HO DFRQWHFLPLHQWR Q GH S /DFRQWH[WXDOL]DFLyQGHOWUDEDMRGH$OPDJURHQHO6DKDUDQROD
SXHVVHxDODTXH&KLOGHHQWUHJyXQJHQHURVRGRQDWLYRDO6HPLQDULR UHIHUHQFLD FUtWLFD GH 6DQWD2ODOOD SXHGHFRQVXOWDUVHHQ)HUQiQGH]
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
0DUWtQH]/DLQTXLQDFRQWUD$OPDJUR%DVFKGHELy TXH DOJXQDV GH ODV SLH]DV LQFOXLGDV HQ OD FDMDEDMRHOHStJUDIH
GHSHUVLVWLUHQ6DQWD2ODOODKDVWDVXPXHUWHDXPHQWDGDREYLDPHQWH ³1HJURH,QGLR´SURYHQJDQHIHFWLYDPHQWHGHORVFLWDGRVWHUULWRULRV
GHVSXpVGHTXHDTXpORFXSDUD³VX´FiWHGUDHQ(QHO(VTXHPD &RSLDPRVVHJXLGDPHQWHHOFRQWHQLGRGHOLQYHQWDULRFLWDGRFDMD
SDOHWQROyJLFR0WH]6DQWD2ODOODSRGHPRVOHHURWUDLUy VLQ Q~PHUR GHO OLVWDGR GH 6DKDUD ³ODQ]D GH PDGHUD DUUHRV GH
QLFD\VLQJXODUDFXVDFLyQGHSODJLRODQ]DGDVXSRQHPRVFRQWUD$O PRQWXUD " HVFDUFHOD GH FXHUR SDUHV GH VDQGDOLDV FRQ DGRUQRV
PDJUR DXQTXH VLQ FLWDUOH $VHJXUD VHQWLUVH PX\ VDWLVIHFKR SRU HO FLQWXUyQ FRUGRQHV FRQ EROD SOXPHUR FHVWR OLOLWR >VLF@ YDVLMD R
p[LWR GH VX REUD HQ OD HGLFLyQ FRPR DUWtFXOR GH GHELGR DO FRORGUD IOHFKDV FRQ SXQWD PHWiOLFD PDQJR GH IOHFKD ODQ]DGHUD
³IUHFXHQWHKRPHQDMHDpOWULEXWDGRHQIRUPDGHFRUURERUDFLyQSRU FDUFDM FRQ IOHFKD SXQWD GH ODQ]D SXQ]RQHV FRQ DGRUQRV FDUDFRO
DTXHOORVTXHOHVLJXHQLQFOXVRSXQWLOORVDPHQWHVLQFLWDUODSURFH FXDU]RFLQWXUyQFDxDGHSOXPDSXQWDVGHIOHFKDGHPDGHUDPDQ
GHQFLDGHLGHDV\SXQWRVGHYLVWDTXHHQWDOIRUPDDVLPLODURQTXH JRGHIOHFKDSDUGHVDQGDOLDVGHOIUDJVGHPDGHUDWDOODGD
ORVFUHHQSURSLRV>@´ GHHOORVFRQVHPLOODLQFUXVWDGDFDMDFRQDGRUQRVGHFXHUR\SRVL
&RQIHUHQFLD,QWHUQDFLRQDOGH$IULFDQLVWDV2FFLGHQWDOHV$OSDUH EOHV VRQDMDV EROVR GH FXHUR FRQ ERUGDGR \ FRUGyQ FRORU OLOD SDUD
FHU6DQWD2ODOODIXHYLFHSUHVLGHQWHMXQWRFRQ&'DU\OO)RUGHGHO FROJDUWHMLGRERUGDGRHQURMRKXHYRGHDYHVWUX]WDEOLOODVUHFX
3ULPHU &RQJUHVR ,QWHUQDFLRQDO GH $IULFDQLVWDV 2FFLGHQWDOHV FHOH ELHUWDVGHFXHURFRQHVFULWXUDiUDEHEROVRIUDJVGHEROVRSR
EUDGRHQ'DNDUHQHQHURGH&DVWHOR5XDQRHWDO VLEOHERWDGHFXHURGHFRUDGDHQIRUPDGHSHOOHMRGHYLQR´
(VWHGDWRQRORSRGHPRVFRQILUPDUSHURVtHOKHFKRGHTXH6DQWD (OOLVWDGRGHREMHWRVLQFOXLGREDMRHVWHVLQJXODUHStJUDIH²OLVWD
2ODOODIXHSUHVLGHQWHHQGLFKRFRQJUHVRGHODVHFFLyQODFRUUHV GRFDMD²HVHOVLJXLHQWH³GRVDGRUQRVFROJDQWHVXQODUJR
SRQGLHQWHDO³0HGLRKXPDQR´(VWDLQIRUPDFLyQVHHQFXHQWUDHQHO FROODUFRQFXHQWDVHVIpULFDV\FLOtQGULFDVµ(VWDGRV8QLGRV&D]DGR
/LEURGH$FWDVGHO&RPLWp(VSDxROGHÈIULFD2FFLGHQWDOGHOD&RQ UHVGHODV3UDGHUDV7RWpPLFRV¶XQFRQMXQWRGHFROODUIUDJPHQWDGR
IHUHQFLD,QWHUQDFLRQDOGH$IULFDQLVWDV&,$2TXHVHFRQVHUYDHQHO FRPSXHVWRGHVHPLOODVSLQWDGDVYDLQDVFDQXWRVGHKXHVRVHWFXQ
DUFKLYRGHO0XVHR$UTXHROyJLFR1DFLRQDO'LFKRFRPLWpSUHVLGL FROJDQWH IUDJPHQWDGR FRPSXHVWR SRU SLH]DV GHFRUDGDV FXDGUDGDV
GR SRU 6DQWD2ODOOD VH FRQVWLWX\y HO GH PDU]R GH VLHQGR XQDUHGRQGDFRQXQURVWURGLEXMDGRHQHOFHQWURGRV~WLOHVGHPD
VHFUHWDULR-XOLiQ6DQ9DOHUR(OOLEURUHFRJHHODFWDGHHVWDSULPHUD GHUDIUDJPHQWRVGHFROODUDEDVHGHVHPLOODVYDLQDVSLQWDGDVHWF
UHXQLyQ \ ODV FRUUHVSRQGLHQWHV D RWUDV FXDWUR PiV FHOHEUDGDV HQ XQFROODUODUJRFRQFXHQWDVGHVHPLOODVFDQXWRVGHKXHVRVYDLQDV
PD\R\QRYLHPEUHGH\HQPD\R\MXQLRGHUHVSHFWLYD HWFµ(VWDGRV8QLGRV&D]DGRUHVGHODV3UDGHUDV7RWpPLFRV¶FXD
PHQWH7RGDVHOODVVHFHOHEUDURQSUHFLVDPHQWHFRQODSDUWLFLSDFLyQ WURSXOVHUDVREUD]DOHWHVGHKXHVRSXOLGRXQFROODUGHDQFKDIUDQMD
\HQHOGHVSDFKRRILFLDOGH-RVp'tD]GH9LOOHJDV'LUHFWRU*HQHUDO FRPSXHVWR SRU WUHQ]DGR GH KLORV FRQ FXHQWDV GH FRQFKD R KXHVR
GH 0DUUXHFRV \ &RORQLDV (Q HOODV VH KDEOy GHO ,QVWLWXWR GH (VWX µ1HJURV¶XQDHVSDGDFRPSOHWDGHGREOHILOR%$¢FXDWURSXQWDV
GLRV$IULFDQRVSUHVHQWDQGR6DQWD2ODOODWDQWRXQSUR\HFWRSDUDOD GHODQ]D"GHXQJURVRUPtQLPR\XQDSXQWDPX\ILQDWUHVEUD]DOH
FUHDFLyQ GHO PLVPR FRPR XQ SUR\HFWR GH UHJODPHQWR \D TXH HO WHVGHKXHVRXQFROJDQWHSHFWRUDOXQDILJXULWDGHWHUUDFRWDGHFRUD
,'($ IXH FUHDGR VREUH HO SDSHO SRU GHFUHWR GH GH MXQLR GH GDHQSRVLFLyQVDOLHQWH\FRQXQDYDVLMDHQODVPDQRVXQDHVWDWXL
5HDOPHQWH SDUHFH EDVWDQWH FRQVHFXHQWH OD TXHMD GH 6DQWD OODHQPDGHUDTXHUHSUHVHQWDXQDILJXUDIHPHQLQDGHVQXGD%$
2ODOODSRUVXH[FOXVLyQ\ODGHORVUHVWDQWHVPLHPEURVGHODFRPL GRV UHFLSLHQWHV GHFRUDGRV GRV µSHLQHV¶ FRQ PDQJR PDGHUD XQ
VLyQGHOFLWDGR,QVWLWXWR FXHUQRPX\SXOLGRFRQDJXMHURVXQHVWLOHWHGHPDGHUDFRQHPSX
6HJ~Q QRV KD FRPHQWDGR &DUPHQ 3ULHJR DFWXDO GLUHFWRUD GHO xDGXUDGHFRUDGDXQFUiQHRGHFKLPSDQFpGHFRUDGRGRVSDQHOHVHQ
0XVHR0XQLFLSDOGH0DGULG\DOXPQDGH6DQWD2ODOODHQWUH\ FXHURFRQGRVFDUDVGHLQGLRVHPSHQDFKDGRVXQDGREOHIODXWDGH
pVWH SUHWHQGLy TXH HO $\XQWDPLHQWR GH OD FDSLWDO DGTXLULHUD FRUDGDXQDSLH]DGHPDGHUDGHpEDQRGHFRUDGDFRQXQURVWURDIUL
VXV FROHFFLRQHV SHUVRQDOHV TXH GHEtDQ LQFOXLU ORV PDWHULDOHV GHO FDQRXQDSLH]DGHKLHUURGHIRUPDHOtSWLFDDVDXQIUDJPHQWRGH
6+3+SHURHOFRQVLVWRULRPDGULOHxRQRDFFHGLyDODVFRQGLFLRQHV FROJDQWHGRUDGRXQFHQFHUURGHPDGHUDGHFRUDGR%$XQIUDJ
TXHVHOHH[LJtDQHQWUHHOODVODVGHPDQWHQHUXQDDVLJQDFLyQHFRQy PHQWR GH SLHGUD SRURVD YROFiQLFD µ$JULFXOWRUHV \ FD]DGRUHV )HU
PLFD DQXDO SDUD LQYHVWLJDFLyQ \ OD GH TXH HO SURSLR 6DQWD2ODOOD QDQGR3RR¶8QDHVWDWXLOODGHPDGHUDFRQXQSDORVDOLHQWHSDUDFOD
IXHUDGLUHFWRUYLWDOLFLRGHOPXVHR(QWRGRFDVR\VHJ~QODPLVPD YDU (V XQ KRPEUH QHJUR %$ XQ FHQFHUUR SHTXHxRGHPDGHUD
IXHQWHLQIRUPDWLYDODLQVWDODFLyQTXHVHDEULyHQHOFLWDGRPXVHR %$XQDHVWDWXLOODYLULOGHPDGHUDQHJUD%$XQDHVWDWXLOODGH
PiVRPHQRVHQWUH\HUDXQWDQWRHVSHFLDO\DTXHHQOX VLPLR%$´
JDUGHRIUHFHUXQSDQRUDPDGHODKLVWRULDRODDUTXHRORJtDGH0D 3XHGHYHUVHODUHODFLyQGHSXEOLFDFLRQHVUHFLELGDVSRUODELEOLRWH
GULGSUHVHQWDEDHQUHDOLGDGXQHVTXHPDGHODKLVWRULDGHODFXOWXUD FDGHOVHPLQDULRHQHOYROXPHQVHJXQGRGHODxRGHORV&XD
XQLYHUVDOTXHDOFDQ]DEDKDVWDORVFRPLHQ]RVGHOLVODPLVPR7RGR GHUQRVGH+LVWRULD3ULPLWLYD(OSUREOHPDHVWULEDHQTXHFRPRKH
HOORLOXVWUDGRHQUHDOLGDGFRQPDWHULDOHVGHODVFROHFFLRQHVGHOSUR PRV LGR DQRWDQGR 6DQWD2ODOOD FRQVLGHUDED GLFKDV SXEOLFDFLRQHV
SLR6DQWD2ODOOD'HVFRQRFHPRVVLVHH[SRQtDQORVREMHWRVSURYH GHSURSLHGDGH[FOXVLYDGHOVHPLQDULR²VX\DVSRUWDQWR²QRGHOD
QLHQWHV GH ODV H[SHGLFLRQHV KHFKDV HQ HO iPELWR GHO 6HPLQDULR GH FiWHGUD QL GH OD XQLYHUVLGDG < HIHFWLYDPHQWH OOHYy GLFKR DUJX
+LVWRULD3ULPLWLYDGHO+RPEUH PHQWRDVXV~OWLPDVFRQVHFXHQFLDVFXDQGRDEDQGRQyVXFiWHGUDLQ
+HPRVDFFHGLGRDOH[SHGLHQWHGHDGTXLVLFLyQGHODVFROHFFLRQHV WHULQDWUDVODLQFRUSRUDFLyQGH$OPDJURQRGHMyQLXQVROROLEUR
JUDFLDV D OD DPDELOLGDG GH 3LODU 0DUWtQ DUFKLYHUD GHO 0XVHR $U UHYLVWDXREMHWR³GHOVHPLQDULR´HQODIDFXOWDG
TXHROyJLFR1DFLRQDO *UDFLDVDODDFWLYLGDGGH0DQXHO%DOOHVWHURV\-RVp$OFLQDHQWUH
&XULRVDPHQWH QR DSDUHFHQ PDWHULDOHV HWQROyJLFRVGH*XLQHDQL RWURV\DODFUHDFLyQGHXQDVXEVHFFLyQGHDQWURSRORJtD\HWQRORJtD
)HUQDQGR3RRTXHGHELHUDQKDEHUVHUHFRJLGRHQODH[SHGLFLyQ³SD HQ HVH GHSDUWDPHQWR HQ HO FXUVR GH 6HxDOHPRV WDPELpQ
OHWQROyJLFD\QHRHWQROyJLFD´DOD*XLQHD(VSDxRODGH(QHO TXHGHVGHHVRVPLVPRVDxRVH[LVWHHQOD)DFXOWDGGH6RFLRORJtDGH
LQYHQWDULR GHO 0$1 VH LQGLFD TXH IDOWD OD FDMD FRUUHVSRQGLHQWH D OD 8QLYHUVLGDG &RPSOXWHQVH XQD DJUHJDGXUtD GH DQWURSRORJtD VR
*XLQHDPLHQWUDVTXHORVPDWHULDOHVSHUWHQHFLHQWHVD)HUQDQGR3RR FLDOFUHiQGRVHSRFRGHVSXpVODSULPHUDFiWHGUDTXHRFXSDUiKDVWD
VRQ~QLFDPHQWHGHFDUiFWHUDUTXHROyJLFR1RREVWDQWHHVSUREDEOH VXMXELODFLyQ&DUPHOR/LVyQ
/8,6È1*(/6È1&+(=*Ï0(=
$1(;2
3URJUDPDGH+LVWRULD3ULPLWLYDGHO+RPEUH
SRU+XJR2EHUPDLHU
&DWHGUiWLFRGHODDVLJQDWXUDHQOD8QLYHUVLGDG&HQWUDO
²²
,
(O HVWXGLR GH OD +LVWRULD SULPLWLYD GHO +RPEUH 3UHKLVWRULD 'HILQLFLyQ )XHQWHV &LHQFLDVDX[LOLDUHV6XELEOLRJUDItD\
RUJDQL]DFLyQHVSHFLDOPHQWHGHOD3HQtQVXOD,EpULFD
/DGLYLVLyQGHORVWLHPSRVSUHKLVWyULFRV
,,
/DFXHVWLyQGHO+RPEUHWHUFLDULR\GHORVHROLWRV
,,,
*HRORJtDIORUD\IDXQDGHODpSRFDFXDWHUQDULD1RFLRQHVJHQHUDOHV
,9
(O3DOHROtWLFRLQIHULRUH[FHSWRHQ(VSDxD3UHFKHOHQVH&KHOHQVH$FKHOHQVH0XVWHULHQVH6XUHSDUWLFLyQHQ(XURSD\
HQORVGHPiVFRQWLQHQWHV0RUDGDVFD]DUHVXPHQSDOHWQROyJLFR
9
(O3DOHROtWLFRLQIHULRUHQOD3HQtQVXOD,EpULFD<DFLPLHQWRVFOLPD\IDXQD'HUURWHURV\SDUWLFXODULGDGHV
9,
(O3DOHROtWLFRVXSHULRUH[FHSWRHQ(VSDxD$XULxDFLHQVH6ROXWUHQVH0DJGDOHQLHQVH&DSVLHQVH
ÈUHDVGHGLVSHUVLyQ\GHUURWHURV0RUDGDVFD]DUHVXPHQSDOHWQROyJLFR
9,,
(O3DOHROtWLFRVXSHULRUHQOD3HQtQVXOD,EpULFD&XOWXUDVIUDQFRFDQWiEULFD\FDSVLHQVH<DFLPLHQWRVFOLPD\IDXQD'HUUR
WHURV\SDUWLFXODULGDGHV
9,,,
(ODUWHSDOHROtWLFRPRELOLDU\UXSHVWUH$XWHQWLFLGDGDQWLJHGDGiUHDGHGLVSHUVLyQ3VLFRORJtDGHODUWHFXDWHUQDULR
,;
(ODUWHUXSHVWUHFXDWHUQDULRGHODSURYLQFLDIUDQFRFDQWiEULFDÈUHDGHGLVSHUVLyQ\IDVHVFURQROyJLFDV
;
(ODUWHUXSHVWUHFXDWHUQDULRGHO(VWH\6XUGH(VSDxDÈUHDGHGLVSHUVLyQIDVHVFURQROyJLFDV\UHODFLyQFRQHODUWHIUDQFR
FDQWiEULFR
;,
&URQRORJtDJHROyJLFDGHODVIDVHVSDOHROtWLFDVGH(XURSD
;,,
3DOHDQWURSRORJtD>VLF@ORVUHVWRVyVHRVGHO+RPEUHFXDWHUQDULR/RVKDOOD]JRVGH0DXHU\3LOWGRZQ7LSRVGHO3DOHROtWLFR
LQIHULRU\UD]DVGHO3DOHROtWLFRVXSHULRU
;,,,
/DVIDVHVGHWUDQVLFLyQGHOFXDWHUQDULRDODDFWXDOLGDG(SLSDOHROtWLFR$]LOLHQVH&DSVLHQVHILQDO7DUGHQRLVLHQVH
;,9
(ODUWHHSLSDOHROtWLFR
;9
(O3URWRQHROtWLFR$VWXULHQVH\&DPSLJQLHQVH
;9,
/DVHWDSDVQyUGLFDVGHO0DJOHRPRVLHQVH>VLF@\GHORVNMRHNNHQPRHGGLQJV>VLF@
(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'
;9,,
(OSUREOHPDGHORVDQLPDOHVGRPpVWLFRV\GHODVSODQWDVFXOWLYDGDV
;9,,,
(OSOHQR1HROtWLFRHQ(XURSD/DVYLYLHQGDV,QGXVWULDGHSLHGUD0DGHUDKXHVRDVWDWHMLGRV/DFHUiPLFD
6XEGLYLVLRQHVJHRJUiILFDV\FURQROyJLFDV
;,;
(O1HROtWLFRILQDO\HO(QHROtWLFR,QGXVWULDGHSLHGUD&HUiPLFD(ORULJHQGHODPHWDOXUJLD/DVPLQDVGHFREUH/RVWLSRV
GHFREUH
;;
/RVPRQXPHQWRVPHJDOtWLFRV'yOPHQHV0HQKLUHV&URPOHFKV
6XRULJHQH[WHQVLyQ\VLJQLILFDFLyQ
;;,
(ODUWHQHROtWLFRVXRULJHQ\VXFRQWLQXDFLyQHQHO(QHROtWLFR
(ODUWHUXSHVWUHËGRORV$SOLFDFLyQDODFHUiPLFD\DORVPRQXPHQWRVPHJDOtWLFRV
(OSUREOHPDGHVXFURQRORJtD
;;,,
/DVGLVWLQWDVFXOWXUDVQHROtWLFDV\HQHROtWLFDVGHOD3HQtQVXOD,EpULFD/DFLYLOL]DFLyQGH3RUWXJDO\VXLQIOXHQFLDHQODVGHPiV
FLYLOL]DFLRQHV HVSDxRODV /D FXOWXUD FHQWUDO ³&XOWXUD GH ODV FXHYDV´/DFXOWXUDGHOYDVRFDPSDQLIRUPHHQOD0HVHWD\
$QGDOXFtD\VXH[WHQVLyQSRUORVGHPiVFtUFXORVGHFXOWXUDGHOD3HQtQVXOD
;;,,,
/DFLYLOL]DFLyQGHODSURYLQFLDGH$OPHUtD/DFXOWXUDSLUHQDLFDYDVFRFDWDODQD
;;,9
/DVUHODFLRQHVGHODVFXOWXUDVSHQLQVXODUHVFRQODVGH)UDQFLDGHO1RUWHGHÈIULFD\GHO0HGLWHUUiQHR
;;9
(OFtUFXORGHFXOWXUDRFFLGHQWDO)UDQFLD\ODV,VODV%ULWiQLFDV(OFtUFXORGHFXOWXUDGHO1RUWHGH(XURSD(VFDQGLQDYLD
'LQDPDUFD>VLF@1RUWHGH$OHPDQLD
;;9,
/DV FLYLOL]DFLRQHV GHO 'DQXELR RFFLGHQWDO \ RULHQWDO /RV FtUFXORV GH FXOWXUD GHO (JHR *UHFLD $VLD 0HQRU &UHWD \ GHO
0HGLWHUUiQHRRFFLGHQWDO,WDOLD6LFLOLD0DOWD
;;9,,
/DYLGDGHO+RPEUHQHROtWLFR9LGDPDWHULDO&RPHUFLR0HGLFLQD,GHDVUHOLJLRVDV3UiFWLFDVIXQHUDULDV/DVUD]DVHXUR
SHDVQHROtWLFDV\HQHROtWLFDVVHJ~QODDUTXHRORJtD\DQWURSRORJtD
;;9,,,
/RVSDODILWRVÈUHDGHGLVSHUVLyQFURQRORJtD
;;,;
(O2ULHQWHSUHKLVWyULFR/DVFLYLOL]DFLRQHVSULPLWLYDVGH(JLSWR0HVRSRWDPLD6LULD\UHJLRQHVYHFLQDV(OSUREOHPDGHVX
FURQRORJtD
;;;
/DHGDGGHO%URQFHHQ(XURSD7LSRORJtD3URYLQFLDVJHRJUiILFDV)DVHVFURQROyJLFDV
;;;,
/DHGDGGHO%URQFH&XOWXUDJHQHUDO\PDQHUDGHYLYLUYLYLHQGDVLQGXPHQWDULDFRPHUFLRSUiFWLFDVIXQHUDULDVLGHDVUHOL
JLRVDV(O$UWH/DVUD]DV\ORVSXHEORV
;;;,,
(OPXQGRGHO0DU(JHR$VLD0HQRU7UR\D&UHWDFLYLOL]DFLRQHVPLQRLFDV*UHFLDFLYLOL]DFLRQHVPLFpQLFDV
;;;,,,
(VSDxD/DFLYLOL]DFLyQGHOFRPLHQ]RGHODHGDGGHO%URQFHODFXOWXUDGH³(O$UJDU´VXH[WHQVLyQ\VXVYDULHGDGHVUHJLRQD
OHV/DDYDQ]DGDHGDGGHO%URQFHHQOD3HQtQVXOD
/8,6È1*(/6È1&+(=*Ï0(=
;;;,9
/DHGDGGHO%URQFHHQODV,VODV%DOHDUHVFLYLOL]DFLyQGHORV³WDOD\RWV´\ODV³QDYHWDV´
;;;9
/DSULPHUDHGDGGHO+LHUURSHULRGRGH+DOOVWDWW8WLOL]DFLyQGHOKLHUUR7LSRORJtDV\IDVHVFURQROyJLFDV([WHQVLyQGHOD
FXOWXUDGH+DOOVWDWW/RVSXHEORVLWiOLFRVHWUXVFRVHLOtULFRV/RVFHOWDV\VXVLQYDVLRQHV
;;;9,
/DVHJXQGDHGDGGHO+LHUURSHULRGRGH/D7qQH7LSRORJtD([WHQVLyQ&URQRORJtD
;;;9,,
(VSDxD/DSULPHUDHGDGGHO+LHUURVXVGLVWLQWRVDVSHFWRVHQ$OPHUtDHO&HQWURGH(VSDxDHQ&DWDOXxD\HO1RUWH
/DVHJXQGDHGDGGHO+LHUURODFLYLOL]DFLyQSRVWKDOOVWiWLFDGH3RUWXJDOGHO&HQWURGHOD3HQtQVXOD\GH&DWDOXxD6XSHUVLV
WHQFLDHQORVFDVWURVGHO1RUWHGH3RUWXJDO\GH*DOLFLDKDVWDODpSRFDURPDQD
;;;9,,,
/DFXOWXUDLEpULFD6XRULJHQVXVUHJLRQHV\FURQRORJtDVUHVSHFWLYDV
/DFXOWXUDLEpULFDGHO6(GH(VSDxD\GH$QGDOXFtD
/DFXOWXUDLEpULFDGHORVVLJORV9,9HQHOUHLQRGH9DOHQFLDHQHO%DMR$UDJyQ\HQ&DWDOXxD
/DFXOWXUDLEpULFDGHO6XUGH)UDQFLD
;;;,;
/DFXOWXUDLEpULFDGHOVLJOR,,,GHODFRVWDGH&DWDOXxD\GHORVJUXSRVGHSHQGLHQWHVGHO(EUR
/DFXOWXUDLEpULFDGHOVLJOR,,,GHO&HQWURGH(VSDxD\HQ3RUWXJDO
;/
/DVGLVWLQWDVFRORQL]DFLRQHV)HQLFLRV*ULHJRV\&DUWDJLQHVHV6XVSHULRGRV\UHVWRVDUTXHROyJLFRV
;/,
/DFLYLOL]DFLyQLEHUDHQJHQHUDO3REODGRV\IRUWDOH]DV$UPDV\XWHQVLOLRV&HUiPLFD$UWH6DQWXDULRVLGHDVUHOLJLRVDV
6HSXOFURV\SUiFWLFDVIXQHUDULDV
%,%/,2*5$)Ë$
'Ë$=$1'5(8 0 D ,VODPLF DUFKDHRORJ\ DQG WKH FLyQ SDOHWQROyJLFD DO 6iKDUD MXOLRVHSWLHPEUH
RULJLQRIWKH6SDQLVKQDWLRQV$UFKDHRORJ\DQGQDWLRQD 0DGULG
OLVPLQ(XURSH0'tD]$QGUHX\7&KDPSLRQFRRUGV 0$57Ë1(= 6$17$2/$//$-(O6HPLQDULRGH+LV
8&/3UHVV/RQGUHV WRULD3ULPLWLYDGHO+RPEUHGHOD8QLYHUVLGDG\VXVDFWL
'Ë$=$1'5(80E&RQVWUXFWLQJLGHQWLWLHVWKURXJK YLGDGHV DIULFDQLVWDV $FWDV \ 0HPRULDV GH OD 6RFLHGDG
FXOWXUH WKH SDVW LQ WKH IRUJLQJ RI (XURSH (XURSHDQ (VSDxROD GH $QWURSRORJtD (WQRJUDItD \ 3UHKLVWRULD
FRPPXQLWLHVDUFKDHORJ\DQGWKHFRQVWUXFWLQJRIFXOWX ;;
UDOLGHQWLW\6-RQHV&*DPEOH\3*UDYHVFRRUGV 0$57Ë1(=6$17$2/$//$-(VTXHPDSDOHWQROyJL
5RXWOHGJH/RQGUHV FRGHOD3HQtQVXOD+LVSiQLFD3XEOLFDFLRQHVGHO6HPL
'Ë$=$1'5(80D1DFLyQHLQWHUQDOL]DFLyQODDU QDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH0DGULG
TXHRORJtDHQ(VSDxDHQODVWUHVSULPHUDVGpFDGDVGHOVL 0$57Ë1(= 6$17$2/$//$-DÈIULFDHQODVDFWLYL
JOR;,;(Q0RUD\'tD]$QGUHX GDGHVGHO6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH
'Ë$=$1'5(8 0 E 3UHKLVWRULD \ IUDQTXLVPR (Q 3XEOLFDFLRQHV GHO 6HPLQDULR GH +LVWRULD 3ULPLWLYD GHO
0RUD\'tD]$QGUHX +RPEUH0DGULG
'Ë$=$1'5(805$0Ë5(=6È1&+(=0(/D&R 0$57Ë1(= 6$17$2/$//$-E/DSULPHUDH[SHGL
PLVDUtD*HQHUDOGH([FDYDFLRQHV$UTXHROyJLFDV FLyQ SDOHWQROyJLFD \ HWQROyJLFD D OD *XLQHD (VSDxROD
/D DGPLQLVWUDFLyQ GHO 3DWULPRQLR $UTXHROyJLFR HQ 3XEOLFDFLRQHV GHO 6HPLQDULR GH +LVWRULD
HQ(VSDxDGXUDQWHODSULPHUDHWDSDGHODGLFWDGXUDIUDQ 3ULPLWLYDGHO+RPEUH0DGULG
TXLVWD&RPSOXWXP 0$57Ë1(= 6$17$2/$//$ - 0XVHR GHO ,QVWLWXWR
(67(9$ )$%5(*$7 & >,QIRUPH VREUH OD VLWXDFLyQ $UTXHROyJLFR 0XQLFLSDO /RV VHVHQWD PXVHRV GH 0D
GH ODV FLHQFLDV DQWURSROyJLFDV HQ@ (VSDxD $QXDULR ,Q GULG$\XQWDPLHQWRGH0DGULG0DGULG
GLJHQLVWD;;9,, 0$57Ë1(= 6$17$2/$//$ - &yPR QDFLy \ YLYLy
(67(9$ )$%5(*$7&/DHWQRORJtDHVSDxROD\VXV 0DGULGPHGLRPLOOyQGHDxRV6HFFLyQGH&XOWXUD$U
SUREOHPDV(WQRORJtD\7UDGLFLRQHV3RSXODUHV,QVWLWX WHV *UiILFDV 0XQLFLSDOHV 0DGULG >7LUDGD DSDUWH GH OD
FLyQ³)HUQDQGRHO&DWyOLFR´=DUDJR]D &iWHGUDGH0DGULGFXUVRVHJXQGR@
)(51È1'(= 0$57Ë1(=90/DDUTXHRORJtDHVSD 0$57Ë1(= 6$17$2/$//$-3UyORJR&DWiORJRGH
xRODHQÈIULFD(Q0RUD\'tD]$QGUHX OD([SRVLFLyQGH$QWLJHGDGHVSHUVDV0XVHR$UTXHR
*,/0$1$3ROLWLFVDQGSDUDGLJPVKLIWVLQ6SDQLVK OyJLFR0XQLFLSDOGH0DGULGGHOGH1RYLHPEUHDO
DUFKDHRORJ\ $PHULFDQ $QWKURSRORJLFDO $VVRFLDWLRQ GHGLFLHPEUHGH'LUHFFLyQ*HQHUDOGH5HODFLRQHV
&KLFDJR &XOWXUDOHV0DGULG
*,/0$1 $ 5HFHQW WUHQGV LQ WKH DUFKDHRORJ\ RI 0$57Ë1(= 6$17$2/$//$-+LVWRULDGHODUWH\GH
6SDLQ7KHRULJLQRIFRPSOH[VRFLHWLHVLQODWHSUHKLVWR ODFXOWXUD0DGULGVHG
ULF,EHULD./LOOLRVFRRUG,QWHUQDWLRQDO0RQRJUDSKV 0,1,67(5,2'( ('8&$&,Ï1< &,(1&,$&ROHFFLyQ
LQ3UHKLVWRU\$QQ$UERU OHJLVODWLYD0(&0DGULG>YRO~PHQHVFRUUHVSRQGLHQ
*Ï0(=7$%$1(5$-06HVHQWDDxRVGHVSXpVXQDV WHVDORVDxRVGH\@
SDODEUDVGHLQWURGXFFLyQDODUHLPSUHVLyQGHµ(OKRPEUH 025$ * 'Ë$=$1'5(8 0 HGV /D FULVWDOL]D
IyVLO¶GH+XJR2EHUPDLHU(Q2EHUPDLHU FLyQGHOSDVDGRJpQHVLV\GHVDUUROORGHOPDUFRLQVWLWX
/$Ë1(175$/*23/RTXHVHHQVHxD\ORTXHQRVH FLRQDO GH OD DUTXHRORJtD HQ (VSDxD 8QLYHUVLGDG GH
HQVHxD HQ OD 8QLYHUVLGDG HVSDxROD &XDGHUQRV SDUD HO 0iODJD 0LQLVWHULR GH (GXFDFLyQ \ &LHQFLD &HQWUR GH
GLiORJRH[W9 (VWXGLRV+LVWyULFRV&6,&0iODJD
/($/-QSµ7\ORULDQSURIHVVRUV¶DQGµ-DSDQHVHFRUSR 0285(520$1,//2$+XJR2EHUPDLHUODLQVWLWX
UDOV¶ DQWKURSRORJLFDO WKHRU\ DQG QDWLRQDO LGHQWLW\ LQ FLRQDOL]DFLyQGHODVLQYHVWLJDFLRQHV\ODLQWHJUDFLyQGH
3RUWXJXHVHHWKQRJUDSK\>GDFWLORJUDILDGR@ ORV HVWXGLRV GH SUHKLVWRULD HQ OD XQLYHUVLGDG HVSDxROD
/Ï3(= -8148(5$*$QH[R,,1RWDVVREUHODREUD (Q0RXUH5RPDQLOORHG
SyVWXPD GH +XJR 2EHUPDLHU 6X HMHPSODU SHUVRQDO GH 0285( 520$1,//2$HG³(OKRPEUHIyVLO´
(O +RPEUH )yVLO LQWHUIROLDGR \ FRUUHJLGR (Q 2EHU DxRVGHVSXpVYROXPHQFRQPHPRUDWLYRGHODQLYHUVD
PDLHU ULR GH OD PXHUWH GH +XJR 2EHUPDLHU 8QLYHUVLGDG GH
/8&$6 3(//,&(505/DDUTXHRORJtDQRSURIHVLR &DQWDEULD )XQGDFLyQ 0DUFHOLQR %RWtQ ,QVWLWXWH IRU
QDO DQWHFHGHQWHV \ SDQRUDPD DFWXDO (Q - $UFH \ 5 3UHKLVWRULF,QYHVWLJDWLRQV6DQWDQGHU
2OPRVFRRUGV 2%(50$,(5 + /D YLGD GH QXHVWURV DQWHSDVDGRV
/8&$6 3(//,&(5053UyORJR(Q&DVWHOR5XDQR FXDWHUQDULRV HQ (XURSD 'LVFXUVRV OHtGRV DQWH OD 5HDO
HWDO $FDGHPLDGHOD+LVWRULDHQODUHFHSFLyQGH'RQ+XJR
0$57Ë1(= 6$17$2/$//$-D/RVSULPHURVJUDED 2EHUPDLHUHOGHPD\RGH5HDO$FDGHPLDGHOD
GRVUXSHVWUHVGHO6iKDUDHVSDxRO$WODQWLV$FWDV\0H +LVWRULD0DGULG
PRULDVGHOD6RFLHGDG(VSDxRODGH$QWURSRORJtD(WQR 2%(50$,(5 + >@ (O KRPEUH IyVLO ,VWPR
JUDItD\3UHKLVWRULD;9, 0DGULG
0$57Ë1(= 6$17$2/$//$-E/DVSULPHUDVSLQWX 2/02 (1&,62/,GHRORJtD\DUTXHRORJtDORVHVWX
UDV UXSHVWUHV GHO 0DUUXHFRV HVSDxRO $WODQWLV $FWDV \ GLRV VREUH HO SHUtRGR YLVLJRGR HQ OD SULPHUD PLWDG GHO
0HPRULDV GH OD 6RFLHGDG (VSDxROD GH $QWURSRORJtD VLJOR;;(Q$UFH\2OPRVFRRUGV
(WQRJUDItD\3UHKLVWRULD;9, 257Ë= *$5&Ë$ & 6È1&+(= *Ï0(= /È (WQROR
0$57Ë1(= 6$17$2/$//$ - (O 6iKDUD (VSDxRO JtDHWQRJUDItD\IRONORUHHQ0DGULG(Q$JXLUUH
DQWHLVOiPLFR$OJXQRVUHVXOWDGRVGHODSULPHUDH[SHGL
/8,6È1*(/6È1&+(=*Ï0(=
257Ë= *$5&Ë$ & 6È1&+(= *Ï0(= /È HGV 58,= =$3$7(52 * È/9$5(= 6$1&+Ë6 - 5 /255,2 $
'LFFLRQDULRKLVWyULFRGHODDQWURSRORJtDHVSDxROD&RQ 'HOD&iWHGUDGH+LVWRULD3ULPLWLYDGHO+RPEUH
VHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV0DGULG DO'HSDUWDPHQWRGH3UHKLVWRULDGHOD8QLYHUVLGDG&RP
3$6$0$5 $/=85,$ * +LVWRULRJUDItD H LGHRORJtD SOXWHQVH GH 0DGULG (Q 0RUD \ 'tD]$QGUHX
HQODSRVJXHUUDHVSDxRODODUXSWXUDGHODWUDGLFLyQOL
EHUDO8QLYHUVLGDGGH=DUDJR]D=DUDJR]D 58,=*È/9(=35,(*20/D(XURSDDWOiQWLFDHQOD
3$6$0$5 $/=85,$ * 3(,5Ï 0$57Ë1 , /RV RUt (GDGGHO%URQFHXQYLDMHDODVUDtFHVGHOD(XURSDRF
JHQHV GH OD SURIHVLRQDOL]DFLyQ KLVWRULRJUiILFD HVSDxROD FLGHQWDO&UtWLFD%DUFHORQD
VREUH 3UHKLVWRULD \ $QWLJHGDG WUDGLFLRQHV GHFLPRQy 6È(=0$57Ë1%(36(,/DSULPHUD([SHGLFLyQ
QLFDVHLQIOXHQFLDVHXURSHDV(Q$UFH\2OPRVFRRUGV 3DOHWQROyJLFD DO 6iKDUD HVSDxRO ,QVWLWXWR GH (VWXGLRV
3ROtWLFRV0DGULG
3(,5Ï,3$6$0$5 $/=85,$*(OQDFLPLHQWR 6È1&+(= *Ï0(= /È /D 6RFLHGDG (VSDxROD GH
HQ(VSDxDGHOD$UTXHRORJtD\OD3UHKLVWRULD$FDGHPL $QWURSRORJtD(WQRJUDItD\3UHKLVWRULD5H
FLVPR \ SURIHVLRQDOL]DFLyQ .DODWKRV YLVWD GH 'LDOHFWRORJtD \ 7UDGLFLRQHV 3RSXODUHV ;/9
3(5,&27/8QHSLVRGLRHQODKLVWRULDGHODHWQROR 6È1&+(= *Ï0(= /È /D DQWURSRORJtD DO VHUYLFLR
JtD HQ (VSDxD O¶$VVRFLDFLy &DWDODQD G¶$QWURSRORJLD GHO (VWDGR HO ,QVWLWXWR µ%HUQDUGLQR GH 6DKDJ~Q¶ GHO
(WQRORJLD \ 3UHKLVWzULD 5HYLVWD GH OD 8QLYHUVLGDG &6,& 5HYLVWD GH 'LDOHFWRORJtD \ 7UDGL
&RPSOXWHQVH;;,9 FLRQHV3RSXODUHV;/9,,
3,12)'(/$QWURSyORJRVHQHOH[LOLR(OH[LOLRHV 6È1&+(= *Ï0(=/È&LHQDxRVGHDQWURSRORJtDV
SDxROGH-/$EHOOiQHG7DXUXV0DGULG9, HQ(VSDxD\3RUWXJDO(WQRJUiILFD5HYLVWD
GR &HQWUR GH (VWXGRV GH $QWURSRORJLD 6RFLDO ,
35(6('2)&ROHFFLyQ-XOLR0DUWtQH]6DQWD2ODOOD
'H *DELQHWH D 0XVHR WUHV VLJORV GH KLVWRULD 0XVHR 9e/(=-,0e1(=3/D&iWHGUD&DUWDJHQDRHOVXUJL
$UTXHROyJLFR 1DFLRQDO $ 0DUFRV 3RXV FRRUG 0L PLHQWR GHO DPHULFDQLVPR DUTXHROyJLFR HQ (VSDxD (Q
QLVWHULRGH&XOWXUD0DGULG 0RUD\'tD]$QGUHX