(VWH DOHQWDGRU \ SURYRFDWLYR OLEUR HV HO FRPSDxHUR GHO EHVWVHOOHU

/DVGLRVDVGHFDGDPXMHU(QDPERVOLEURVEDViQGRVHHQODVWHRUtDV
GH-XQJODGRFWRUD6KLQRGD%ROHQH[SORUDORVSRGHURVRVDUTXHWLSRV
TXH FRQIRUPDQ OD SHUVRQDOLGDG GH ORV KRPEUHV \ ODV PXMHUHV
WRPDQGR FRPR UHIHUHQWHV D ORV GLRVHV \ ODV GLRVDV GH OD PLWRORJtD
JULHJD (Q /RV GLRVHV GH FDGD KRPEUH OD GRFWRUD 6KLQRGD %ROHQ
SUHVHQWD D WUDYpV GH RFKR GLRVHV R WLSRV GH SHUVRQDOLGDG XQD
SVLFRORJtD PDVFXOLQD FRPSDVLYD \ O~FLGD TXH D\XGDUi D WRGRV ORV
KRPEUHV D HQWHQGHUVH PHMRU \ D ODV PXMHUHV D PHMRUDU VXV
UHODFLRQHV FRQ VXV SDGUHV KLMRV KHUPDQRV \ DPDQWHV 6DELHQGR
KDFLDTXpGLRVHVVHVLHQWHQDWUDtGDV\FXiOHVVRQLQFRPSDWLEOHVFRQ
VXVH[SHFWDWLYDV
 -HDQ 6KLQRGD%ROHQ

/RVGLRVHVGHFDGDKRPEUH
8QDQXHYDSVLFRORJtDPDVFXOLQD

H3XEU
7LWLYLOOXV
7tWXOR RULJLQDO *RGV LQ (YHU\PDQ
-HDQ6KLQRGD%ROHQ 
7UDGXFFLyQ $OLFLD6iQFKH]

(GLWRU GLJLWDO 7LWLYLOOXV

H3XE EDVH U
 35Ï/2*2
&RPR DXWRUD GH /DV GLRVDV GH FDGD PXMHU PXFKDV YHFHV PH KDQ
SUHJXQWDGRDFHUFDGHORVGLRVHVHQFDGDKRPEUH/RVKRPEUHVTXH
KDQDVLVWLGRDPLVFRQIHUHQFLDVVREUHODVGLRVDVPHKDQSUHJXQWDGR
UHSHWLGDVYHFHV©¢<QRVRWURVTXp"ª /RVGLRVHVGHFDGDKRPEUHHV
SXHVXQDVHFXHODOyJLFDGHPLOLEURDQWHULRUSHURSRUPLSURIHVLyQ
HO WLHPSR KLVWyULFR \ SDUDGyMLFDPHQWH  HO KHFKR GH VHU XQD PXMHU
WDPELpQ PH KDQ LQFLWDGR D HVFULELU HVWH OLEUR VREUH ORV DUTXHWLSRV
PDVFXOLQRV
$O HVFULELU HVWH OLEUR VR\ XQD PXMHU TXH KDFH OR TXH
WUDGLFLRQDOPHQWH KDQ KHFKR ODV PXMHUHV SRU ORV KRPEUHV /DV
PXMHUHV KDQ VHUYLGR GH LQWpUSUHWHV GH ODV YLGDV LQWHULRUHV GH ORV
KRPEUHV SRUTXH pVWRV D PHQXGR FRPSDUWHQ FRQ HOODV OR TXH QR
VXHOHQ FRPSDUWLU HQWUH HOORV 0XFKRV KRPEUHV SRU HMHPSOR HOLJHQ
PXMHUHVSVLTXLDWUDVSRUTXHVHVLHQWHQPiVVHJXURV\OHVUHVXOWDPiV
IiFLO KDEODU FRQ XQD PXMHU $OJXQRV KRPEUHV GLFHQ TXH TXLHUHQ
HYLWDU ORV VHQWLPLHQWRV FRPSHWLWLYRV \ ODV FRQVHFXHQFLDV TXH WHPHQ
TXHSRGUtDQVXUJLUHQHOORVPLVPRVRHQXQWHUDSHXWDGHVXPLVPR
VH[R
$ YHFHV XQD PXMHU LPSRUWDQWH SXHGH GHVHPSHxDU XQ SDSHO
VLJQLILFDWLYRFRPR³SRUWDGRUDGHXQVXHxR´HQODYLGDGHXQKRPEUH
GHp[LWRFRPRHOSVLFyORJR'DQLHO/HYLQVRQREVHUYyHQVXOLEUR 7KH
6HDVRQVRID0DQ¶V/LIH(VWHHVWDPELpQXQSDSHOTXHXQDDQDOLVWD
MXQJXLDQDDYHFHVKDGHUHSUHVHQWDU(QHOSVLFRDQiOLVLVORVKRPEUHV
FRPSDUWHQ VX YLGD LQWHULRU \ GHVFXEUHQ VXV SXQWRV GpELOHV \ VXV
SXQWRVIXHUWHV$PHGLGDTXHYDQDGTXLULHQGRFRQRFLPLHQWRDFHUFD
GH HOORV PLVPRV PH YDQ HQVHxDQGR 9HR TXLpQ HV HO KRPEUH TXH
KD\ EDMR OD VXSHUILFLH \ OOHJR D FRQRFHU VXV DUTXHWLSRV \ ODV
GLILFXOWDGHV TXH SXHGH WHQHU HQ VHU pO PLVPR \ VHQWLUVH DXWpQWLFR
/HYLQVRQHVFULELy

/D PXMHU HVSHFLDO HV FRPR HO YHUGDGHUR PHQWRU VX

FXDOLGDG HVSHFLDO UHVLGH HQ VX FRQH[LyQ FRQ HO 6XHxR GH XQ
KRPEUHMRYHQ$\XGDDGDUYLGDDHVDSDUWHGHOVtPLVPRTXH
FRQWLHQHHO6XHxR)DFLOLWDVXHQWUDGDHQHOPXQGRDGXOWR\VX
E~VTXHGD GHO 6XHxR /R KDFH PHGLDQWH VX SURSLR HVIXHU]R
FRPR PDHVWUD JXtD DQILWULRQD FUtWLFD \ EHQHIDFWRUD (Q HO
SODQR SVLFROyJLFR PiV SURIXQGR OH SHUPLWH SUR\HFWDU HQ HOOD
VXSURSLDILJXUDIHPHQLQDLQWHUQD²HO³DQLPD´WDOFRPRORKD
GHVFULWR-XQJ²TXHJHQHUD\DSR\DVXVKHURLFRVHVIXHU]RV>@

3RU PXFKDV UD]RQHV KD\ PXFKRV KRPEUHV TXH VH VXHOHQ VHQWLU
PHMRU FRPSUHQGLGRV SRU ODV PXMHUHV TXH SRU RWURV KRPEUHV \
PXHVWUDQ PiV GH HOORV PLVPRV D ODV PXMHUHV TXH HQWUH HOORV 7DO
FRPRDWHVWLJXDHO0F*LOO5HSRUWRQ0DOH,QWLPDF\

8QR GH FDGD GLH] KRPEUHV WLHQH XQ DPLJR GH VX PLVPR
VH[R FRQ TXLHQ KDEOD GH WUDEDMR GH GLQHUR GH PDWULPRQLR
VyOR XQR HQWUH YHLQWH FXHQWD FRQ XQD DPLVWDG HQ OD TXH
SXHGHH[SUHVDUVXVVHQWLPLHQWRVDFHUFDGHVtPLVPRRGHVX
VH[XDOLGDG>«@(OSDWUyQPiVKDELWXDOGHDPLVWDGHVTXHXQ
KRPEUH WHQJD PXFKRV ³DPLJRV´ GH ORV FXDOHV FDGD XQR GH
HOORV VDEH DOJR GHO VtPLVPR S~EOLFR GH VX DPLJR SHUR SRFR
VREUH FyPR HV HQ UHDOLGDG \ QLQJXQR GH HOORV FRQRFH DOJR
PiVTXHXQDSHTXHxDIUDFFLyQGHODWRWDOLGDG>@

0F*LOO GHVFXEULy TXH VL XQ KRPEUH VH PXHVWUD WDO FRPR HV OR
PiVSUREDEOHHVTXHORKDJDFRQXQDPXMHUDYHFHVFRQVXHVSRVD
R ELHQ FRQ RWUD PXMHU 7DO FRPR VRVSHFKDQ ODV PXMHUHV HV PXFKR
PiVIiFLOTXHXQKRPEUHFRPSDUWDVXVVHQWLPLHQWRVSHQVDPLHQWRV
\VXHxRVFRQHOODVTXHFRQRWURVKRPEUHV
7DPELpQ VHJ~Q -HDQ %DNHU 0LOOHU VHxDOy HQ 7RZDUG D 1HZ
3V\FKRORJ\ RI :RPHQ VLHPSUH TXH KD\D XQ JUXSR VXSHULRU H
LQIHULRU KRPEUHPXMHUEODQFRQHJURHPSUHVDULRVULFRVVLUYLHQWHV
SREUHV HOJUXSRFRQPHQRVSRGHUHVWXGLDDORWURSRUQHFHVLGDG\
FRQRFHPiVUHVSHFWRDOPLVPRTXHDODLQYHUVD'HELGRDHVWRDVt
FRPR D OD QDWXUDOH]D GH HQWUHJDUVH D ORV GHPiV GH OD PD\RUtD GH
PXMHUHV pVWDV VLHPSUH KDQ VLGR DWHQWDV REVHUYDGRUDV GH ORV
KRPEUHV>@
/RV GLRVHV GH FDGD KRPEUH HV SXHV XQD SVLFRORJtD GH ORV
KRPEUHV WDO FRPR ORV YH XQD PXMHU TXH HVWi KDFLHQGR OR TXH ODV
PXMHUHVKDQKHFKRSRUORVKRPEUHVGXUDQWHVLJORVSUHRFXSDUVHSRU
HOORVUHIOH[LRQDVREUHORTXHKDYLVWRHVFRQVFLHQWHGHVXQHFHVLGDG
GH VHQVLELOLGDG FXDQGR GHVFULEH ODV GHELOLGDGHV \ SUREOHPDV
PDVFXOLQRV\GHODLPSRUWDQFLDGHDSUHFLDUVXVFXDOLGDGHVSRVLWLYDV
(VWHOLEURWLHQHODSHUVSHFWLYDGHOREVHUYDGRUFRPSDVLYRDGTXLULGDD
WUDYpVGHODH[SHULHQFLDSURIHVLRQDO\SHUVRQDO
6R\ SVLTXLDWUD DQDOLVWD MXQJXLDQD \ SURIHVRUD GH SVLTXLDWUtD
FOtQLFDGHODXQLYHUVLGDGGH&DOLIRUQLD6DQ)UDQFLVFR7HQJRKRPEUHV
\ PXMHUHV HQWUH ORV SDFLHQWHV GH PL FRQVXOWD SULYDGD \ VR\ XQD
PXMHUHQXQDSURIHVLyQGHKRPEUHVFRQPHQWRUHVDPLJRV\FROHJDV
KRPEUHV $ PL YH] KH VLGR WXWRUD \ KH HQVHxDGR WDQWR D KRPEUHV
FRPRPXMHUHV
$GHPiVIXLXQD³KLMDGHSDSi´OD³QLxDSUHIHULGDGHSDSi´FX\R
SDGUH VH HQRUJXOOHFtD GH ORV ORJURV GH VX KLMD $ UDt] GH HOOR PH
UHVXOWy PiV IiFLO TXH D PXFKDV PXMHUHV KDOODU DSUREDFLyQ HQ HVWD
FXOWXUD SDWULDUFDO 7DPELpQ IXL HVSRVD GXUDQWH GLHFLQXHYH DxRV HQ
XQ PDWULPRQLR TXH WHQtD UDtFHV WUDGLFLRQDOHV H LJXDOLWDULDV D XQ
PLVPR WLHPSR VHSDUDGD GXUDQWH WUHV DxRV \ OXHJR GLYRUFLDGD 6R\
PDGUH GH XQ QLxR \ XQD QLxD QDFLGRV DPERV D SULQFLSLRV GH ORV
VHWHQWDODGpFDGDGHOPRYLPLHQWRGHODVPXMHUHVFXDQGRORVWHPDV
GH ORV HVWHUHRWLSRV ²OD FULDQ]D VH DQWHSRQtD D OD QDWXUDOH]D² VH
GHMDEDQRtUFRQPiVIXHU]D
/DYLVLyQELQRFXODUGHODSVLFRORJtD
/RV GLRVHV GH FDGD KRPEUH RIUHFH XQD ³YLVLyQ ELQRFXODU´ GH OD
SVLFRORJtD XQD SHUVSHFWLYD SURIXQGD TXH WLHQH HQ FXHQWD WDQWR ORV
SRGHURVRV DUTXHWLSRV LQWHUQRV FRPR ORV HVWHUHRWLSRV GH OD
FRQIRUPLGDGH[LJHQFLDHQXQLQWHQWRGHFRPSUHQGHUGyQGHUHVLGHQ
QXHVWURV FRQIOLFWRV \ GH TXp PRGR SRGHPRV DOFDQ]DU PHMRU OD
SOHQLWXG
(VWD SHUVSHFWLYD KD VXUJLGR GH PL IRUPDFLyQ SURIHVLRQDO \ PL
H[SHULHQFLDSHUVRQDO0LSUiFWLFDKDGHVDUUROODGRPLFRQFLHQFLDGHOR
TXH VXFHGH HQ HO LQWHULRU GH ORV FRUD]RQHV \ ODV FDEH]DV GH ORV
KRPEUHV \ GH ODV PXMHUHV GH OD GLFKD TXH QRV SURSRUFLRQD OD
VHQVDFLyQGHSOHQLWXGHLQWHJUDFLyQTXHVHSURGXFHFXDQGRREUDPRV
FRPR SHQVDPRV 3RU HO FRQWUDULR QXHVWURV FXHUSRV VXHxRV \
VtQWRPDV H[SUHVDQ FRQIOLFWR \ GRORU FXDQGR OR TXH HV
DUTXHWtSLFDPHQWHFLHUWRHVQHJDGR\UHSULPLGRGHIRUPDFRQVFLHQWH
&RQRFHU TXp VRQ HVWRV DUTXHWLSRV \ HO PRGR FRPR VH H[SUHVDQ HQ
ODVYLGDVGHORVLQGLYLGXRVVyORVHHVFODUHFHWUDVDxRVGHWUDEDMRGH
SVLFRORJtDSURIXQGD
7DPELpQHVHVHQFLDOHOHQWHQGLPLHQWRGHORTXHHOPRYLPLHQWRGH
ODV PXMHUHV GHQRPLQy ³GHVSHUWDU GH OD FRQFLHQFLD´ (Q ODV GRV
~OWLPDV GpFDGDV KHPRV DSUHQGLGR FyPR ORV HVWHUHRWLSRV SXHGHQ
GLVWRUVLRQDU \ OLPLWDU HO SRWHQFLDO KXPDQR VREUH WRGR HO GH ODV
PXMHUHV(QHVWHSHUtRGRPXFKDVPXMHUHVVHKDQYXHOWRFRQVFLHQWHV
GHFyPROHVDIHFWDSHUVRQDOPHQWHYLYLUHQXQDFXOWXUDSDWULDUFDO/RV
YDORUHV\FUHHQFLDVGHODVSHUVRQDVHVWiQPRGHODGRVSRUODFXOWXUD
TXH VH UHIOHMD HQ QXHVWUDV OH\HV \ FRVWXPEUHV OR FXDO DIHFWD D OD
GLVWULEXFLyQGHOSRGHU\DFyPRVHGHWHUPLQDQODYDOtD\ODSRVLFLyQ
VRFLDO (Q XQD VRFLHGDG SDWULDUFDO ODV PXMHUHV QR HVWiQ PX\
IDYRUHFLGDV 3HUR ORV HVWHUHRWLSRV PDVFXOLQRV WDPELpQ WLHQHQ SRGHU
VREUH ORV SURSLRV KRPEUHV SXHVWR TXH OLPLWDQ VX IRUPD GH VHU
QDWXUDOUHFRPSHQVDQGRDOJXQDVFXDOLGDGHV\UHFKD]DQGRRWUDV
/RVGLRVHV\ODVGLRVDVHQFDGDSHUVRQD
&XDQGR KDEOR GH ORV GLRVHV HQ FDGD KRPEUH PH GR\ FXHQWD GH
TXHODVPXMHUHVDPHQXGRGHVFXEUHQTXHHQHOODVWDPELpQUHVLGHXQ
GLRVHQSDUWLFXODUDOLJXDOTXHFXDQGRKDEORGHGLRVDVORVKRPEUHV
WDPELpQSXHGHQLGHQWLILFDUXQDSDUWHGHHOORVPLVPRVFRQXQD GLRVD
HVSHFtILFD/RVGLRVHV\ODVGLRVDVUHSUHVHQWDQGLIHUHQWHVFXDOLGDGHV
GH OD SVLTXH KXPDQD (O SDQWHyQ GH ODV GHLGDGHV JULHJDV
PDVFXOLQDV \ IHPHQLQDV H[LVWH tQWHJUDPHQWH HQ QXHVWUR LQWHULRU HQ
IRUPD GH DUTXHWLSRV DXQTXH HQ JHQHUDO ORV GLRVHV VHDQ ORV
GHWHUPLQDQWHV PiV IXHUWHV \ FRQ PiV LQIOXHQFLD HQ OD SHUVRQDOLGDG
GHOKRPEUHFRPRODVGLRVDVORVRQHQODGHODPXMHU
7RGRDUTXHWLSRVHDVRFLDDXQGRQ³RWRUJDGRSRUXQGLRVRGLRVD´
\DFRQIOLFWRVSRWHQFLDOHV$OGDUQRVFXHQWDGHHVWRODDUURJDQFLD\HO
VHQWLPLHQWR GH FXOSDELOLGDG VRQ PHQRV SUREDEOHV < GHELGR D TXH
WRGR OR TXH KDFHPRV TXH VXUJH GH QXHVWUDV SURIXQGLGDGHV
DUTXHWtSLFDVWLHQHVHQWLGRSDUDQRVRWURVXQKRPEUHTXHVHSD³TXp
GLRV´ R ³GLRVHV´ DFW~DQ HQ pO SXHGH VHU FDSD] GH FRQRFHU TXp
RSFLRQHVRFDPLQRVHVSUREDEOHTXHOHUHVXOWHQPiVVDWLVIDFWRULRV
/HHU VREUH ORV GLRVHV D YHFHV UHVXOWD XQ PHGLR GH ³UHPHPEUDU´
QXHVWUDV SDUWHV DPSXWDGDV GHVPHPEUDGDV  (VWH SURFHVR WDPELpQ
SXHGHUHFLELUODD\XGDGHORVVXHxRVORVUHFXHUGRV\ORVPLWRVTXH
QRVFRQHFWDQFRQQXHVWURLQFRQVFLHQWH
&RQRFHU ORV GLIHUHQWHV GLRVHV HQ FDGD KRPEUH WDPELpQ HV
LPSRUWDQWH SDUD ODV PXMHUHV PXFKDV GH ODV FXDOHV SRQHQ PXFKR
HVIXHU]RHQLQWHQWDUFRPSUHQGHUDORVKRPEUHV HQJHQHUDOXQVyOR
KRPEUH FDGD YH]  /DV PXMHUHV FRQ PHQWDOLGDG SVLFROyJLFD D YHFHV
VHGDQFXHQWDGHTXHVXHOHQPDQWHQHUUHODFLRQHVFRQHOPLVPRWLSR
GH KRPEUH \ VLHQWHQ TXH UHDOPHQWH QHFHVLWDQ VDEHU ³TXLpQ´ ODV
DWUDH /RV GLRVHV GH FDGD KRPEUH SXHGH GHFLUOHV TXH KDQ VLGR
DWUDtGDV SRU XQ GLRV R DUTXHWLSR HQ XQD VHULH GH KRPEUHV \ HVWH
³GLRV´QRHVFRPSDWLEOHFRQORTXHHOODVHVSHUDQORFXDOH[SOLFDSRU
TXpVXVUHODFLRQHVVLHPSUHDFDEDQPDO
&RQRFHU D ORV ³GLRVHV´ RIUHFH D ORV SDGUHV R PDGUHV GH KLMRV
YDURQHV HVSHFLDOPHQWH PDGUHV VROWHUDV  XQ PHGLR SDUD YHU \
DSUHFLDU³TXLpQHV´VRQVXVKLMRV(OUHVXOWDGRQHWRHVTXHXQSDGUHR
XQD PDGUH VH VLHQWHQ PiV FRPSHWHQWHV FXDQGR HQWLHQGHQ FyPR
SXHGH TXH VHD VX KLMR FyPR HV SUREDEOH TXH HO PXQGR OH WUDWH
FXiOHVVHUiQVXVSXQWRVIXHUWHV\FXiOHVORVGpELOHV\GyQGHSXHGH
HQFRQWUDUD\XGD
(V QHFHVDULR TXH WDQWR KRPEUHV FRPR PXMHUHV YHDQ D VXV
SURJHQLWRUHV FRQ FODULGDG FRQ IUHFXHQFLD SDUD SRGHU SHUGRQDUORV \
FRPSUHQGHUOHV (QWHQGHU D ORV GLRVHV \ VXV PLWRV SXHGH
SURSRUFLRQDUXQDLPDJHQREMHWLYDGHOSDGUH
3XHVWR TXH HQ ODV PXMHUHV WDPELpQ KD\ ³GLRVHV´ HOODV SXHGHQ
DGTXLULU FRQRFLPLHQWR GH Vt PLVPDV D WUDYpV GH pVWRV (O ³£DMi´ GH
UHFRQRFLPLHQWR SXHGH VHU HVSHFLDOPHQWH DSUHFLDGR SRU XQD PXMHU
TXH\DHVWpIDPLOLDUL]DGDFRQODV³GLRVDV´\TXHDKRUDGHVFXEUHTXH
KD\ XQ GLRV HQ FRQFUHWR TXH H[SOLFD SDUWH GH VX FRQGXFWD 3XHGH
FDSWDUODVDWLVIDFFLyQTXHWRGRVVHQWLPRVFXDQGRHQFDMDODSLH]DTXH
IDOWDEDHQHOURPSHFDEH]DVHVSHFLDOPHQWHFXDQGRHVODTXHIDOWDED
SDUDFRPSOHWDUHOFXDGUR\GDUVHQWLGRDODYLGD
+D\ GLRVHV \ GLRVDV HQ WRGDV ODV SHUVRQDV $ WUDYpV GH HOORV
SRGHPRV GHVFLIUDU HVH PRPHQWR GH LQVSLUDFLyQ FXDQGR DOJR TXH
VDEHPRV LQWXLWLYDPHQWH UHVSHFWR D QRVRWURV PLVPRV SURGXFH XQD
LPDJHQ FODUD \ VH PDQLILHVWD HQ SDODEUDV 'HO PLVPR PRGR TXH
FXDQGR QRV PLUDPRV HQ XQ HVSHMR \ YHPRV QXHVWURV UDVJRV SRU
SULPHUD YH] OD LPSUHVLyQ TXH UHFLELPRV SXHGH UHYHODUQRV HVR D OR
TXHORVGHPiVUHDFFLRQDQFXDQGRQRVYHQ\PRVWUDUQRVDQRVRWURV
PLVPRVFRQPD\RUFODULGDG
(VFULEtHVWHOLEURSDUDWRGDSHUVRQDTXHTXLHUDFRPSUHQGHUDORV
QLxRV \ D ORV KRPEUHV FRQRFHU VREUH ORV DUTXHWLSRV PDVFXOLQRVHQ
KRPEUHV \ PXMHUHV R GHVFXEULU DOJR VREUH HOOD PLVPD \ VXV
UHODFLRQHV /R KH HVFULWR HVSHFLDOPHQWH SDUD ORV KRPEUHV TXH
GHVHHQ GHVFXEULU D ORV GLRVHV TXH KD\ HQ VX LQWHULRU SDUD DTXHOORV
KRPEUHV TXH PH KDQ SUHJXQWDGR ³¢4Xp SDVD FRQ ORV GLRVHV GH
FDGDKRPEUH"¢4XpSDVDFRQQRVRWURV"´
 $*5$'(&,0,(1726
&DGDFDStWXORGHHVWHOLEURWLHQHPXFKRVFRQWULEXLGRUHVDQyQLPRV²
SDFLHQWHV DPLJRV FROHJDV SDULHQWHV WRGRV ORV QLxRV X KRPEUHV
LPSRUWDQWHVGHPLYLGD²TXHKDQHMHPSOLILFDGRDVSHFWRVGHXQGLRV
DUTXHWLSRRPHKDQD\XGDGRDFRPSUHQGHUORTXHHVVHUKRPEUHR
QLxR HQ HVWD FXOWXUD SDWULDUFDO &RQ ORV DxRV ODV PXMHUHV PH KDQ
KDEODGR GH ORV KRPEUHV SUy[LPRV D HOODV D YHFHV GDQGR PXHVWUDV
GH FRQRFHUORV ²HVSHFLDOPHQWH D ORV KRPEUHV LUUHIOH[LYRV² PHMRU
TXH HOORV PLVPRV /DV PD\RUHV FRQWULEXFLRQHV KDQ VLGR ODV GH ORV
KRPEUHVTXHKDQLQGDJDGRDIRQGRFRQPLJRHQHODQiOLVLVMXQJXLDQR
SDUD GHVFXEULU VHQWLPLHQWRV KLVWRULDV \ SDUWHV GH HOORV PLVPRV TXH
QLVLTXLHUDFRQRFtDQDOSULQFLSLR\DODVTXHKDEtDQWHQLGRUHOHJDGDV
/D PD\RUtD GH ODV GHVFULSFLRQHV VRQ SXHV FRPSXHVWRV GH
PXFKRV KRPEUHV D TXLHQHV FRQRFt EDMR XQ PRQWyQ GH GLYHUVDV
FLUFXQVWDQFLDV SULQFLSDOPHQWH GXUDQWH PLV YHLQWLFLQFR DxRV GH
SUiFWLFD SVLTXLiWULFD +H UHDOL]DGR PL WUDEDMR HQ XQ WHPHQRV
VDQWXDULRHQJULHJR GHFRQILDQ]DVHJXULGDG\FRQILGHQFLDOLGDG(Q
pOORTXHHUDLQFRQVFLHQWHRHVWDEDROYLGDGRVHIXHUHYHODQGRFRQHO
WLHPSR7RGRVORVKRPEUHVTXHPHKDQFRQILDGRVXSVLTXHPHKDQ
HQVHxDGR PiV VREUH SVLFRORJtD TXH QLQJ~Q RWUR KRPEUH R PXMHU
LQFOX\pQGRPHDPtPLVPD*UDFLDV
(Q HVWH OLEUR KH XWLOL]DGR ILJXUDV KLVWyULFDV FHOHEULGDGHV \
SHUVRQDMHV ILFWLFLRV SDUD GHVFULELU XQD IDFHWD HQ SDUWLFXODU GH XQ
GLRV0HKHEDVDGRHQODLPDJHQS~EOLFDGHODSHUVRQD\HQFyPRVH
OD KD FLWDGR HQ OXJDU GH KDFHUOR HQ PL FRQRFLPLHQWR SHUVRQDO R
SURIHVLRQDO /DV LPiJHQHV SyVWXPDV GH ODV SHUVRQDV UHDOHV SRU OR
JHQHUDOUHVXOWDQVHUH[DJHUDGDVRVHTXHGDQFRUWDV
7DQWR HVWH OLEUR FRPR /DV GLRVDV GH FDGD PXMHU KDQ VXUJLGR GH
ORVGHVFXEULPLHQWRV\GHODVWHRUtDVGH&*-XQJ6XWUDEDMRVREUH
ORV DUTXHWLSRV GHO LQFRQVFLHQWH FROHFWLYR \ GH ORV WLSRV SVLFROyJLFRV
KDQVLGRODEDVHGHPLWUDEDMR/DGHVFULSFLyQGH)UHXGGHOFRPSOHMR
GH(GLSRLQGLFDHOYtQFXORHQWUHORVPLWRVJULHJRV\ODSVLTXHTXHORV
HVFULWRUHVMXQJXLDQRVKDQGHVDUUROODGRPXFKRPiV*UDQSDUWHGHOR
TXH VH KD HVFULWR VREUH OD SVLFRORJtD DUTXHWtSLFD GH -XQJ OR KD
SXEOLFDGR 6SULQJ 3XEOLFDWLRQV \ OD PD\RUtD KD HVWDGR EDMR OD
VXSHUYLVLyQGH-DPHV+LOOPDQ0XFKDVGHHVWDVSXEOLFDFLRQHVHVWiQ
FLWDGDV HQ ODV QRWDV \ HQ OD ELEOLRJUDItD HO WUDEDMR GH 0XUUD\ 6WHLQ
KDVLGRHVSHFLDOPHQWHVLJQLILFDWLYRSDUDPt
/D FUHFLHQWH FRQFLHQFLD TXH H[LVWH GH OD FXOWXUD SDWULDUFDO HQ OD
TXH YLYLPRV ²\ GH FyPR HVWi KD GDGR IRUPD D QXHVWURV YDORUHV
SHUFHSFLRQHV \ HQ ~OWLPR WpUPLQR D FDGD XQR GH QRVRWURV² HV HO
WHPDSULQFLSDOGHHVWHOLEURSRUHOTXHKHGHGDUODVJUDFLDVDWRGD
XQD JHQHUDFLyQ GH DFWLYLVWDV HVFULWRUHV \ HUXGLWRV HQ VX PD\RUtD
PXMHUHV (Q OR TXH D PL IRUPDFLyQ SHUVRQDO UHVSHFWD HVWR\
HVSHFLDOPHQWHDJUDGHFLGDD*ORULD6WHLQHP\DODMXQWDGLUHFWLYD\DO
SHUVRQDO GH OD 0V )RXQGDWLRQ IRU :RPHQ D -HDQ %DNHU 0LOOHU
OLFHQFLDGD HQ PHGLFLQD D $OH[DQGUD 6\PRQGV OLFHQFLDGD HQ
PHGLFLQD\DODVPXMHUHVTXHSHUWHQHFLHURQDOD7DVN)RUFH\DORV
&RPPLWWHHV RQ :RPHQ RI WKH $PHULFDQ 3V\TXLDWULF $VVRFLDWLRQ
$QWKHD )UDQFLQH FRQ OD FXDO KH GLULJLGR QXPHURVRV WDOOHUHV KD
DJX]DGR PL VHQVLELOLGDG VREUH HO HIHFWR TXH OD IDPLOLD \ OD FXOWXUD
WLHQHQHQHOQLxRHVSHFLDOPHQWHUHVSHFWRDDTXHOORVDUTXHWLSRVTXH
QR VRQ YDORUDGRV /RV HVFULWRV GH $OLFH 0LOOHU PH DSRUWDURQ XQD
QXHYD SHUVSHFWLYD HQ HO SHQVDPLHQWR SVLFRDQDOtWLFR TXH PH
FRQILUPy OR TXH \D VDEtD UHVSHFWR D ORV QLxRV \ DO HIHFWR GH VHU
KHULGRSRUSDGUHVKHULGRV
/D FRQIHFFLyQ GH HVWH OLEUR KD UHVXOWDGR XQD WDUHD IiFLO SXHVWR
TXHVHOHKDSHUPLWLGRDSDUHFHUHQVXPRPHQWRWHQLHQGRHQFXHQWD
ODVHWDSDVGHPLYLGDHQOXJDUGHODIHFKDGHFRQWUDWRLQLFLDO'R\ODV
JUDFLDV D PL HGLWRU \ DO UHGDFWRU MHIH GH +DUSHU  5RZ &OD\WRQ
&DUOVRQSRUORVUHJDORVGHFRPSUHQVLyQ\WLHPSR\SRUDVLJQDUPHD
7RP*UDG\SDUDTXHPHD\XGDUD/DVHQVLELOLGDG\GHVWUH]DHGLWRULDO
GH 7RP KDQ VLGR SHUIHFWDV -RKQ %URFNPDQ \ .DWLQND 0DWVRQ PLV
DJHQWHV OLWHUDULRV DO FXLGDU WDQWR OR TXH KDFHQ WDQ ELHQ PH KDQ
D\XGDGRDVHUHVFULWRUD
0L SDGUH -RVHSK 6KLQRGD PH KD GDGR VX DSR\R SDUD KDFHU
FRVDV HQ HVWH PXQGR +H KHUHGDGR VX LQWHQVLGDG SDUWLGLVPR VX
WHQGHQFLD OLWHUDULD H KLVWyULFD \ VX KDELOLGDG SDUD HVFULELU \ KDEODU
0XULy GXUDQWH PL SULPHU DxR FRPR PpGLFD SVLTXLiWULFD UHVLGHQWH \
SRUORWDQWRQRFRQRFLyDPLVKLMRVQLPLVOLEURV/HHFKRGHPHQRV
\VpTXHDXQTXHQXHVWURWLHPSRMXQWRVIXHUDPiVEUHYHGHORTXH
PH KXELHUD JXVWDGR KH VLGR DIRUWXQDGD SRU VHU KLMD GH PL SDGUH
(VWHOLEURHVFRUGLDO\SHUVSLFD]HQSDUWHGHELGRDTXHWXYHXQEXHQ
SDGUH =HXV D TXLHQ SRGtD RSRQHUPH \ FRQWUD TXLHQ SRGtD OXFKDU
FXDQGR OR TXH PH LPSRUWDED D Pt \ OR TXH pO TXHUtD GH Pt QR
FRLQFLGtDQ

0LOO9DOOH\&DOLIRUQLD
1RYLHPEUH
 3$57(,
/26',26(6'(&$'$+20%5(
 +$<',26(6
(172'26/26+20%5(6
(VWH OLEUR WUDWD GH ORV GLRVHV GH FDGD KRPEUH GH ORV SDWURQHV
LQQDWRV²RDUTXHWLSRV²TXHVHHQFXHQWUDQHQORPiVSURIXQGRGH
OD SVLTXH IRUPDQGR DO KRPEUH GHVGH GHQWUR (VWRV GLRVHV VRQ
SRGHURVDVSUHGLVSRVLFLRQHVLQYLVLEOHVTXHDIHFWDQHQODSHUVRQDOLGDG
HQ HO WUDEDMR \ HQ ODV UHODFLRQHV /RV GLRVHV WLHQHQ UHODFLyQ FRQ OD
LQWHQVLGDG R OD GLVWDQFLD HPRFLRQDO SUHIHUHQFLDV SRU OD DJXGH]D
PHQWDOHOHVIXHU]RItVLFRRODVHQVLELOLGDGHVWpWLFDHODQKHORGHXQD
XQLyQHQp[WDVLVXQDFRPSUHQVLyQSDQRUiPLFDODQRFLyQGHOWLHPSR
\ PXFKR PiV /RV GLVWLQWRV DUTXHWLSRV VRQ UHVSRQVDEOHV GH OD
GLYHUVLGDG HQWUH ORV KRPEUHV \ VX FRPSOHMLGDG LQWHULRU \ WLHQHQ
PXFKR TXH YHU FRQ TXp IDFLOLGDG R GLILFXOWDG ORV KRPEUHV \ ORV
PXFKDFKRV SXHGHQFXPSOLUVXVHVSHUDQ]DV\FXiOHVHOSUHFLRTXH
KDQGHSDJDUSRUHOORVXV\RHVPiVSURIXQGRV\DXWpQWLFRV
6HQWLUVH DXWpQWLFR VLJQLILFD VHU OLEUH SDUD GHVDUUROODU UDVJRV \
SRWHQFLDOHV TXH VRQ SUHGLVSRVLFLRQHV LQQDWDV &XDQGR VRPRV
DFHSWDGRV \ VH QRV SHUPLWH VHU DXWpQWLFRV HV SRVLEOH WHQHU
DXWRHVWLPD \ DXWHQWLFLGDG D XQ PLVPR WLHPSR (VWR VyOR VH OOHJD D
GHVDUUROODU VL ODV UHDFFLRQHV GH ODV SHUVRQDV TXH QRV LPSRUWDQ QRV
DQLPDQ HQ YH] GH GHVFRUD]RQDUQRV FXDQGR VRPRV HVSRQWiQHRV \
VLQFHURV R FXDQGR HVWDPRV DEVRUWRV HQ DTXHOOR TXH QRV SURGXFH
IHOLFLGDG 'HVGH OD LQIDQFLD HQ SULPHU OXJDU QXHVWUD IDPLOLD \ OXHJR
QXHVWUD FXOWXUD VRQ ORV HVSHMRV HQ GRQGH YHPRV VL VRPRV
DFHSWDEOHVRQR&XDQGRKHPRVGHDGDSWDUQRVSDUDVHUDFHSWDEOHV
SXHGH TXH DFDEHPRV OOHYDQGR XQD PiVFDUD \ UHSUHVHQWDQGR XQ
SDSHO YDFtR VL HO TXH VRPRV LQWHULRUPHQWH \ OR TXH VH HVSHUD TXH
VHDPRVHVWiQPX\GLVWDQFLDGRV
/DFRQIRUPLGDGGHOOHFKRGH3URFXVWR
/D FRQIRUPLGDG TXH VH H[LJH D ORV KRPEUHV HQ QXHVWUD FXOWXUD
SDWULDUFDO HV FRPR OD GHO OHFKR GH 3URFXVWR GH OD PLWRORJtD JULHJD
/RVYLDMHURVTXHVHGLULJtDQD$WHQDVHUDQFRORFDGRVHQHVWDFDPD
6LHUDQGHPDVLDGREDMRVVHOHVHVWLUDEDKDVWDTXHGDEDQODPHGLGD
FRPR HQ HO SRWUR GH WRUWXUD PHGLHYDO VL HUDQ GHPDVLDGR DOWRV VH
OHVFRUWDEDQORVSLHVKDVWDTXHHQFDMDEDQ
$OJXQRVKRPEUHVHQFDMDQSHUIHFWDPHQWHHQHOOHFKRGH3URFXVWR
DO LJXDO TXH KD\ KRPEUHV FX\R HVWHUHRWLSR R ODV H[SHFWDWLYDV
H[WHUQDV  \ DUTXHWLSR R ORV SDWURQHV LQWHUQRV  VH DGDSWD
FRUUHFWDPHQWH (O p[LWR OHV JXVWD \ VH VLHQWHQ FyPRGRV FRQ pO 6LQ
HPEDUJR OD FRQIRUPLGDG FRQ HO HVWHUHRWLSR VXHOH VHU XQ SURFHVR
DJRQL]DQWHSDUDXQKRPEUHFX\RVSDWURQHVDUTXHWtSLFRVGLILHUHQGH
OR³TXHGHEHUtDVHU´3XHGHSDUHFHUTXHHQFDMDSHURORFLHUWRHVTXH
OH KD FRVWDGR XQ DOWR SUHFLR UHSUHVHQWDU HVH SDSHO SDUD OR TXH KD
WHQLGR TXH UHQXQFLDU D DVSHFWRV LPSRUWDQWHV GH Vt PLVPR 3XHGH
TXHWDPELpQKD\DHVWLUDGRXQDIDFHWDGHVXSHUVRQDOLGDGSDUDHVWDU
D OD DOWXUD GH ODV FLUFXQVWDQFLDV SHUR OH IDOWD SURIXQGLGDG \
FRPSOHMLGDG OR FXDO KDFH TXH VX p[LWR H[WHULRU LQWHULRUPHQWH QR
VLJQLILTXHQDGDSDUDpO
/RVYLDMHURVTXHSDVDEDQSRUODSUXHEDGH3URFXVWRSDUDOOHJDUD
$WHQDVSXHGHTXHVHSUHJXQWDUDQVLKDEtDYDOLGRODSHQDFRPROHV
VXFHGH D PHQXGR D ORV KRPEUHV GH KR\ HQ GtD FXDQGR ³OOHJDQ´
:LOOLDP %UR\OHV -U FXDQGR HVFULELy SDUD (VTXLUH GHVFULELy FRQ
KDVWtRORYDFtRTXHSXHGHVHUHOp[LWR>@

&DGD PDxDQD PH HPEXWtD HQ PL WUDMH FRJtD PL PDOHWtQ
PH GLULJtD D PL HVSHFWDFXODU WUDEDMR \ PRUtD XQ SRFR (UD HO
UHGDFWRU MHIH GH OD UHYLVWD 1HZVZHHN XQ SXHVWR TXH D ORV
RMRVGHORVGHPiVORWHQtDWRGRVDOYRTXHQDGDWHQtDTXHYHU
FRQPLJR 1R PH SURSRUFLRQDED GHPDVLDGR SODFHU GLULJLU XQD
JUDQLQVWLWXFLyQ<RTXHUtDUHDOL]DFLyQSHUVRQDOQRSRGHU3DUD
Pt HO p[LWR HUD PiV SHOLJURVR TXH HO IUDFDVR HO IUDFDVR PH
KDEUtDREOLJDGRDGHFLGLUORTXHUHDOPHQWHTXHUtD
/D ~QLFD IRUPD HUD GHMDUOR SHUR QR KDEtD GHMDGR QDGD
GHVGH TXH KDEtD DEDQGRQDGR HO HTXLSR GH DWOHWLVPR HQ HO
LQVWLWXWR7DPELpQKDEtDVLGRLQIDQWHGHPDULQDHQ9LHWQDP\
ORV PDULQHV HVWiQ HQWUHQDGRV D OOHJDU KDVWD OD FLPD GH OD
FROLQD SDVH OR TXH SDVH 3HUR \R \D KDEtD OOHJDGR
VHQFLOODPHQWH RGLDED HVWDU DOOt +DEtD HVFDODGR OD PRQWDxD
HTXLYRFDGD\OR~QLFRTXHSRGtDKDFHUHUDEDMDU\VXELURWUD
1R IXH IiFLO PL WUDEDMR LED PiV GHVSDFLR GH OR TXH \R
HVSHUDED\PLPDWULPRQLRVHGLVROYLy
1HFHVLWDEDDOJRSHURQRHVWDEDVHJXURGHTXpVHWUDWDED
6DEtD TXH TXHUtD TXH PH SUREDUDQ PHQWDO \ ItVLFDPHQWH
4XHUtD WULXQIDU SHUR FRQ UHJODV FODUDV \ FRQFUHWDV TXH QR
GHSHQGLHUDQGHODRSLQLyQGHORVGHPiV4XHUtDODLQWHQVLGDG
\ OD FDPDUDGHUtD GH XQD HPSUHVD DUULHVJDGD (Q RWURV
WLHPSRVSXHGHTXHKXELHUDLGRKDFLDHORHVWHRDOPDUSHUR
WHQtDGRVKLMRV\XQDPDUDxDGHUHVSRQVDELOLGDGHV

(VWHKRPEUHWHQtDSRGHU\SUHVWLJLRPHWDVTXHSDUDDOFDQ]DUODV
VH FREUDQ OD PHMRU SDUWH GH OD YLGD GH XQ KRPEUH \ TXH
UHODWLYDPHQWH SRFRV FRQVLJXHQ 3HUR SDGHFtD XQD GH ODV
HQIHUPHGDGHVPiVLPSRUWDQWHVTXHREVHUYRHQPXFKRVKRPEUHVGH
PHGLDQD HGDG GHSUHVLyQ OHYH JHQHUDOL]DGD &XDQGR VH QRV VHSDUD
GHQXHVWUDVIXHQWHVGHYLWDOLGDG\GLFKDODYLGDUHVXOWDLQVXOVD\VLQ
VHQWLGR
(Q HVWD FXOWXUD ORV KRPEUHV OOHYDQ YHQWDMD \ SDUHFHQ WHQHU ORV
PHMRUHVSDSHOHV1RFDEHGXGDGHTXHRVWHQWDQORVGHPiVSRGHUR
PHMRU UHPXQHUDGRV 6LQ HPEDUJR PXFKRV KRPEUHV SDGHFHQ
GHSUHVLyQ TXH HQPDVFDUDQ FRQ HO DOFRKRO HO WUDEDMR H[FHVLYR
GHPDVLDGDV KRUDV GHODQWH GHO WHOHYLVRU WRGR HOOR SDUD FRQVHJXLU
LQVHQVLELOL]DUVH < KD\ RWURV PXFKRV TXH HVWiQ HQRMDGRV \
UHVHQWLGRVVXKRVWLOLGDG\UDELDVHGHVHQFDGHQDSRUFXDOTXLHUFRVD
GHVGH OD IRUPD HQ TXH FRQGXFH DOJXLHQ KDVWD OD LUULWDQWH FRQGXFWD
GH XQ QLxR 6X HVSHUDQ]D GH YLGD WDPSRFR HV PX\ ODUJD (O
PRYLPLHQWR IHPLQLVWD H[SUHVDED FODUDPHQWH ORV SUREOHPDV TXH
WLHQHQpVWDVDOYLYLUHQXQSDWULDUFDGRSHURDMX]JDUSRUODFDQWLGDG
GH KRPEUHV LQIHOLFHV TXH KD\ SDUHFH TXH YLYLU HQ HVWH WLSR GH
VRFLHGDGWDPSRFRHVEXHQRSDUDHOORV
(OPXQGRLQWHULRUGHORVDUTXHWLSRV
&XDQGRODYLGDFDUHFHGHVHQWLGR\\DQDGDQRVSDUHFHQXHYRR
FXDQGRQRVSDUHFHTXHKD\DOJRTXHQRIXQFLRQDHQQXHVWUDIRUPD
GH YLGD \ HQ OR TXH HVWDPRV KDFLHQGR SRGHPRV D\XGDUQRV VLHQGR
FRQVFLHQWHV GH ODV GLVFUHSDQFLDV HQWUH ORV DUTXHWLSRV TXH KD\ HQ
QXHVWUR LQWHULRU \ QXHVWURV UROHV H[WHUQRV /RV KRPEUHV VH VXHOHQ
YHU DWUDSDGRV HQWUH HO PXQGR LQWHULRU GH ORV DUTXHWLSRV \ ORV
HVWHUHRWLSRV H[WHUQRV /RV DUTXHWLSRV VRQ SRGHURVDV
SUHGLVSRVLFLRQHV LQYHVWLGDV FRQ OD LPDJHQ \ OD PLWRORJtD GH ORV
GLRVHVJULHJRVWDOFRPRORVKHGHVFULWRHQHVWHOLEURFDGDXQRWLHQH
LPSXOVRVHPRFLRQHV\QHFHVLGDGHVFDUDFWHUtVWLFDVTXHGDQIRUPDD
OD SHUVRQDOLGDG &XDQGR UHSUHVHQWDV XQ SDSHO TXH HVWi FRQHFWDGR
FRQXQDUTXHWLSRDFWLYRGHQWURGHWLODSURIXQGLGDG\HOVHQWLGRTXH
HVHSDSHOWLHQHSDUDWLJHQHUDQHQHUJtD
6LSRUHMHPSORHUHVFRPR+HIHVWRHODUWHVDQR\HOLQYHQWRUHO
GLRV GH OD IRUMD TXH KDFtD KHUPRVDV DUPDGXUDV \ MR\HUtD SRGUiV
SDVDU PXFKDV KRUDV HQ VROLWDULR HQ WX WDOOHU HVWXGLR R ODERUDWRULR
WRWDOPHQWH DEVRUWR HQ OR TXH HVWiV KDFLHQGR \ FRQ HOOR DOFDQ]DUiV
ORVQLYHOHVPiVDOWRV3HURVLHUHVFRPR+HUPHVHOPHQVDMHURSRU
QDWXUDOH]D VHUiV XQ KRPEUH TXH HVWDUi VLHPSUH HQ PRYLPLHQWR <D
VHDV XQ YLDMDQWH R XQ QHJRFLDGRU LQWHUQDFLRQDO WH JXVWDUi OR TXH
KDFHV \ WX WUDEDMR UHTXHULUi XQD PHQWH IOH[LEOH HVSHFLDOPHQWH
FXDQGR WH HQFXHQWUHV FRPR WH VXHOH VXFHGHU HQ WHUUHQRV pWLFRV
SRFRGHILQLGRV6LHUHVFRPRXQRGHHVWRVGLRVHV\WHWRFDUHDOL]DUHO
WUDEDMR FRQWUDULR WX WDUHD GHMDUi GH VHU XQ SODFHU DEVRUEHQWH (O
WUDEDMR HV VyOR XQD IXHQWH GH VDWLVIDFFLyQ FXDQGR FRLQFLGH FRQ WX
QDWXUDOH]D\WDOHQWRVDUTXHWtSLFRV
/DV GLIHUHQFLDV HQ OD YLGD SHUVRQDO WDPELpQ VRQ FUHDGDV SRU ORV
DUTXHWLSRV 8Q KRPEUH TXH VH SDUH]FD D 'LRQLVRV HO GLRV H[WiWLFR
SXHGH TXHGDU WRWDOPHQWH DEVRUWR HQ OD VHQVXDOLGDG GHO PRPHQWR
GRQGH QDGD HV PiV LPSRUWDQWH TXH VHU HO DPDQWH HVSRQWiQHR
&RQWUDVWD FRQ HO KRPEUH TXH DO LJXDO TXH $SROR HO GLRV GHO VRO
WUDEDMDSDUDGRPLQDUVXVKDELOLGDGHV\FRQYHUWLUVHHQXQH[SHUWRHQ
WpFQLFDVGHWRGRWLSRHQWUHODVFXDOHVVHSXHGHLQFOXLUKDFHUHODPRU
/RV ³GLRVHV´ FRPR DUTXHWLSRV H[LVWHQ HQ IRUPD GH SDWURQHV
UHFRQRFLGRV R QR TXH ULJHQ ODV HPRFLRQHV \ OD FRQGXFWD VRQ
SRGHURVDV IXHU]DV TXH H[LJHQ VX UHFRPSHQVD &RQVFLHQWHPHQWH
UHFRQRFLGRV DXQTXHQRQHFHVDULDPHQWHQRPEUDGRV \KRQUDGRVSRU
HO KRPEUH R PXMHU  HQ HO TXH PRUDQ HVWRV GLRVHV D\XGDQ DO
KRPEUHDVHUpOPLVPRPRWLYiQGROHDKDFHUTXHVXYLGDWHQJDPiV
VHQWLGRSRUTXHORTXHKDFHHVWiHQFRQH[LyQFRQODFDSDDUTXHWtSLFD
GH VX SVLTXH /RV GLRVHV UHFKD]DGRV \ QHJDGRV WDPELpQ WLHQHQ
LQIOXHQFLDTXHVXHOHVHUSHUMXGLFLDOSXHVWRTXHHMHUFHQXQDSUHVLyQ
UHLYLQGLFDGRUD VREUH HO KRPEUH /D LGHQWLILFDFLyQ GLVWRUVLRQDGD
WDPELpQ SXHGH GDxDU SRU HMHPSOR HQ XQ KRPEUH TXH HVWp
LGHQWLILFDGR FRQ XQ GLRV KDVWD WDO H[WUHPR TXH SLHUGD VX SURSLD
LQGLYLGXDOLGDG\VHYXHOYDXQ³SRVHtGR´
¢4XpHVXQDUTXHWLSR"
& * -XQJ LQWURGXMR HO FRQFHSWR GH DUTXHWLSR HQ OD SVLFRORJtD
/RVDUTXHWLSRVVRQSDWURQHVGHH[LVWHQFLD\GHFRQGXFWDGHSHUFLELU
\ GH UHVSRQGHU GHWHUPLQDGRV LQWHUQDPHQWH SUHH[LVWHQWHV R
ODWHQWHV(VWRVSDWURQHVVHKDOODQHQXQLQFRQVFLHQWHFROHFWLYR²HVD
SDUWH GHO LQFRQVFLHQWH TXH QR HV LQGLYLGXDO VLQR XQLYHUVDO \
FRPSDUWLGR² (VWRV SDWURQHV VH SXHGHQ GHVFULELU GH PDQHUD
SHUVRQDOL]DGD FRPR GLRVHV \ GLRVDV VXV PLWRV VRQ KLVWRULDV
DUTXHWtSLFDV (YRFDQ VHQWLPLHQWRV H LPiJHQHV \ WRFDQ WHPDV
XQLYHUVDOHV\TXHIRUPDQSDUWHGHODKHUHQFLDKXPDQD1RVVXHQDQ
D FLHUWR HQ QXHVWUD FRPSDUWLGD H[SHULHQFLD KXPDQD GH PRGR TXH
FXDQGR RtPRV KDEODU GH HOORV SRU SULPHUD YH] QRV UHVXOWDQ
YDJDPHQWHIDPLOLDUHV&XDQGRLQWHUSUHWDPRVXQPLWRUHVSHFWRDXQ
GLRV R FDSWDPRV VX VLJQLILFDGR LQWHOHFWXDO R LQWXLWLYDPHQWH FRPR
DOJR TXH LQIOX\H HQ QXHVWUD SURSLD YLGD SXHGH WHQHU HO PLVPR
LPSDFWR GH XQ VXHxR TXH QRV DFODUD XQD VLWXDFLyQ QXHVWUR SURSLR
FDUiFWHURHOGHDOJXLHQDTXLHQFRQRFHPRV
/RV GLRVHV FRPR ILJXUDV DUTXHWtSLFDV VRQ FRPR FXDOTXLHU FRVD
JHQpULFDGHVFULEHQODHVWUXFWXUDEiVLFDGHHVWDSDUWHGHXQKRPEUH
RGHXQDPXMHUSXHVORVGLRVHVDUTXHWtSLFRVFRQIUHFXHQFLDWDPELpQ
HVWiQDFWLYRVHQODVSVLTXHVGHODVPXMHUHV (VWDHVWUXFWXUDEiVLFD
HVWi ³UHYHVWLGD´ ³HQFDUQDGD´ R ³SRUPHQRUL]DGD´ SRU HO KRPEUH
LQGLYLGXDOFX\DH[FOXVLYLGDGHVWiIRUPDGDSRUODIDPLOLDODFODVHOD
QDFLRQDOLGDG OD UHOLJLyQ ODV H[SHULHQFLDV GH OD YLGD \ HO WLHPSR HQ
TXH YLYH VX DVSHFWR ItVLFR \ VX LQWHOLJHQFLD 6LQ HPEDUJR WRGDYtD
SRGHPRVREVHUYDUTXHVLJXHFLHUWRSDWUyQDUTXHWtSLFRDOUHFRUGDUD
XQGLRVHQSDUWLFXODU
3XHVWR TXH ODV LPiJHQHV DUTXHWtSLFDV IRUPDQ SDUWH GH QXHVWUD
KHUHQFLD FROHFWLYD KXPDQD QRV UHVXOWDQ ³IDPLOLDUHV´ /RV PLWRV
JULHJRVTXHVHUHPRQWDQDDxRVGHDQWLJHGDGVLJXHQYLYRV
VHH[SOLFDQXQD\RWUDYH]SRUTXHORVGLRVHV\ODVGLRVDVQRVKDEODQ
GH ODV YHUGDGHV GH OD QDWXUDOH]D KXPDQD &RQRFHU D HVWRV GLRVHV
JULHJRVSXHGHD\XGDUDORVKRPEUHVDHQWHQGHUPHMRUTXLpQRTXp
HVWiDFWXDQGRHQORSURIXQGRGHVXVSVLTXHV$VXYH]ODVPXMHUHV
SXHGHQ DSUHQGHU D FRQRFHU PHMRU D ORV KRPEUHV DO FRQRFHU TXp
GLRVHV HVWiQ DFWXDQGR HQ ORV KRPEUHV LPSRUWDQWHV GH VXV YLGDVDO
WLHPSRTXHSXHGHQGHVFXEULUTXHXQ³GLRV´HQSDUWLFXODUDFW~DHQVX
SURSLD SVLTXH /RV PLWRV SXHGHQ SURSRUFLRQDUQRV OD SRVLELOLGDG GH
HVH³£DMi´LQWXLWLYRDOJRVXHQDDFLHUWRHLQWXLWLYDPHQWHFDSWDPRVOD
QDWXUDOH]DGHXQDVLWXDFLyQKXPDQDFRQPD\RUSURIXQGLGDG
(OSDUHFLGRD=HXVSRUHMHPSORHVVRUSUHQGHQWHPHQWHREYLRHQ
ORV KRPEUHV TXH SXHGHQ VHU GHVSLDGDGRV DVXPHQ ULHVJRV D ILQ GH
FRQVHJXLU PiV SRGHU \ ULTXH]D \ TXH TXLHUHQ HVWDU PX\ YLVLEOHV
FXDQGR KD\DQ DOFDQ]DGR OD SRVLFLyQ VRFLDO GHVHDGD /DV KLVWRULDV
VREUH=HXVVXHOHQHQFDMDUFRQORVKRPEUHVTXHVHLGHQWLILFDQFRQpO
3RUHMHPSORVXVYLGDVFRQ\XJDOHV\VH[XDOHVSXHGHQDVHPHMDUVHD
ORV JDODQWHRV GH =HXV (O iJXLOD TXH VH DVRFLD FRQ =HXV VLPEROL]D
ODVFDUDFWHUtVWLFDVGHODUTXHWLSRGHVGHVXHOHYDGDSRVLFLyQJR]DGH
XQDSHUVSHFWLYDJHQHUDOSXHGHYHUHOGHWDOOH\WLHQHODFDSDFLGDGGH
DFWXDUUiSLGDPHQWHSDUDDWUDSDUORTXHTXLHUHFRQVXVJDUUDV
+HUPHVHOGLRVPHQVDMHURHUDHOFRPXQLFDGRUHOHPEDXFDGRUHO
JXtD GH ORV HVStULWXV GHO PXQGR VXEWHUUiQHR \ HO GLRV GH ODV
FDUUHWHUDV \ IURQWHUDV $O KRPEUH TXH HQFDUQH HVWH DUTXHWLSR OH
FRVWDUi DVHQWDUVH HQ XQ OXJDU SRUTXH UHVSRQGHUi D OD DWUDFFLyQ GH
ODYtDDELHUWD\GHODVLJXLHQWHRSRUWXQLGDG$OLJXDOTXHHOD]RJXHR
HO PHUFXULR VX QRPEUH URPDQR HV 0HUFXULR  HVWH KRPEUH VH
UHVEDODGHHQWUHORVGHGRVGHODVSHUVRQDVTXHTXLHUHQDWUDSDUORR
UHWHQHUOR
 =HXV\+HUPHVVRQSDWURQHVPX\GLVWLQWRV\ORVKRPEUHVTXHVH
DVHPHMDQDFDGDXQRGHHVWRVGLRVHVGLILHUHQHQWUHHOORV3HURGDGR
TXH WRGRV ORV DUTXHWLSRV HVWiQ SRWHQFLDOPHQWH SUHVHQWHV HQ WRGRV
ORVKRPEUHVWDQWR=HXVFRPR+HUPHVWDPELpQSXHGHQHVWDUDFWLYRV
HQ HO PLVPR KRPEUH &RQ DPERV DFWXDQGR HQ VX LQWHULRU \ GH XQD
IRUPDHTXLOLEUDGDSXHGHTXHVHDFDSD]GHHVWDEOHFHUVHORFXDOHVOD
SULRULGDGGH=HXVFRQODD\XGDGHODVKDELOLGDGHVGHFRPXQLFDFLyQ\
ODV LGHDV LQQRYDGRUDV GH +HUPHV 2 ELHQ VH SXHGH HQFRQWUDU FRQ
FRQIOLFWRVSVLFROyJLFRVRVFLODQGRHQWUHHO=HXVTXHEXVFDSRGHUTXH
UHTXLHUH WLHPSR \ FRPSURPLVR \ HO +HUPHV TXH QHFHVLWD OLEHUWDG
eVWRV VRQ VyOR GRV GH ORV DUTXHWLSRV GH ORV GLRVHV TXH VH YDORUDQ
SRVLWLYDPHQWHHQQXHVWUDFXOWXUDSDWULDUFDO
/RV GLRVHV TXH HVWDEDQ GHQLJUDGRV ²ORV UHFKD]DGRV FX\RV
DWULEXWRV QR VH YDORUDEDQ HQWRQFHV QL WDPSRFR DKRUD² WDPELpQ
VLJXHQ YLYRV HQ ODV SVLTXHV GH ORV KRPEUHV FRPR OR HVWDEDQ HQOD
PLWRORJtD JULHJD +DEtD SUHMXLFLRV UHVSHFWR D ORV PLVPRV FRPR
GLRVHV OD FXOWXUD RFFLGHQWDO WLHQH XQD WHQGHQFLD VLPLODU FRQWUD VX
SDSHO FRPR DUTXHWLSRV HQ OD PHQWH KXPDQD ²OD VHQVXDOLGDG \ OD
SDVLyQ GH 'LRQLVRV HO IUHQHVt GH $UHV HQ HO FDPSR GH EDWDOOD TXH
EDMR RWUDV FLUFXQVWDQFLDV IiFLOPHQWH VH KXELHUD SXHVWR D EDLODU OD
HPRWLYLGDG GH 3RVHLGyQ OD LQWHQVD FUHDWLYLGDG LQWURYHUWLGD GH
+HIHVWR OD LQWURVSHFWLYD DWHQFLyQ GH +DGHV (VWDV WHQGHQFLDV
FRQWLQXDGDVDIHFWDQDODSVLFRORJtDGHORVKRPEUHVTXHSXHGHTXH
UHSULPDQHVWRVDVSHFWRVHQHOORVPLVPRVHQXQLQWHQWRGHDGDSWDUVH
D ORV YDORUHV FXOWXUDOHV TXH UHFRPSHQVDQ OD GLVWDQFLD HPRFLRQDO OD
IULDOGDG\ODDGTXLVLFLyQGHSRGHU
<DVHDWUDEDMDQGR\HQGRDODJXHUUDRKDFLHQGRHODPRUFXDQGR
DFW~DVFRPRVHHVSHUDTXHORKDJDVVLQODLQVSLUDFLyQGHXQDIXHU]D
DUTXHWtSLFD PDOJDVWDUiV GHPDVLDGD HQHUJtD \ HVIXHU]R 3XHGH TXH
WXV HVIXHU]RV WHQJDQ VXV UHFRPSHQVDV SHUR QR VH VDWLVIDUiQ SRU
FRPSOHWR 3RU HO FRQWUDULR KDFHU OR TXH WH JXVWD WH DILUPD
LQWHULRUPHQWH\WHSURSRUFLRQDSODFHUJXDUGDFRKHUHQFLDFRQORTXH
HUHV(QUHDOLGDGHUHVDIRUWXQDGRVLYHVUHFRPSHQVDGR\UHFRQRFLGR
ORTXHKDFHVHQHOPXQGRH[WHULRU
$FWLYDUORVGLRVHV
7RGRV ORV GLRVHV VRQ SDWURQHV SRWHQFLDOHV HQ ODV SVLTXHV GH
WRGRVORVKRPEUHVVLQHPEDUJRHQFDGDLQGLYLGXRDOJXQRVGHHVWRV
SDWURQHV HVWiQ DFWLYDGRV HQHUJL]DGRV R GHVDUUROODGRV  \ RWURV QR
-XQJXWLOL]yODIRUPDFLyQGHFULVWDOHVFRPRDQDORJtDSDUDH[SOLFDUOD
GLIHUHQFLDHQWUHORVSDWURQHVDUTXHWtSLFRV TXHVRQXQLYHUVDOHV \ORV
DUTXHWLSRV DFWLYDGRV TXH HVWiQ IXQFLRQDQGR HQ QRVRWURV  8Q
DUTXHWLSR HV FRPR HO SDWUyQ LQYLVLEOH TXH GHWHUPLQD TXp IRUPD \
HVWUXFWXUDDGRSWDUiXQFULVWDOHQVXIRUPDFLyQ8QDYH]VHIRUPDHO
FULVWDOHOSDWUyQUHFRQRFLEOHHVDQiORJRDXQDUTXHWLSRDFWLYDGR
/RV DUTXHWLSRV WDPELpQ VH SXHGHQ FRPSDUDU D ORV ³PDSDV´ TXH
KD\ HQ ODV VHPLOODV (O FUHFLPLHQWR GH ODV VHPLOODV GHSHQGH GH OD
WLHUUD\GHODVFRQGLFLRQHVFOLPiWLFDVGHODSUHVHQFLDRDXVHQFLDGH
FLHUWRV QXWULHQWHV GH ORV FXLGDGRV \ FDULxR GH ORV MDUGLQHURV GHO
WDPDxR\GHODSURIXQGLGDGGHODPDFHWD\GHODSURSLDUHVLVWHQFLD
GH OD HVSHFLH /D VHPLOOD SXHGH TXH QR OOHJXH D FUHFHU R TXH QR
VREUHYLYD WUDV KDEHU HFKDGR ORV SULPHURV EURWHV 6L OOHJD D
GHVDUUROODUVHSXHGHFUHFHUH[XEHUDQWHPHQWHRTXHGDULQWHUUXPSLGR
VXFUHFLPLHQWRSRUTXHODVFRQGLFLRQHVGLVWHQPXFKRGHVHUySWLPDV
/DV FLUFXQVWDQFLDV DIHFWDUiQ DO DVSHFWR FRQFUHWR GH OR TXH HVWi
FUHFLHQGRGHODVHPLOODSHURODIRUPDEiVLFDRLGHQWLGDGGHODSODQWD
²DOLJXDOTXHXQDUTXHWLSR²VHJXLUiVLHQGRUHFRQRFLEOH
/RV DUTXHWLSRV VRQ SDWURQHV KXPDQRV EiVLFRV DOJXQRV GH ORV
FXDOHVVRQLQQDWDPHQWHPiVIXHUWHVHQXQDVSHUVRQDVTXHHQRWUDV
DOLJXDOTXHORVRQODVFXDOLGDGHVKXPDQDVFRPRHOWDOHQWRPXVLFDO
XQ VHQWLGR LQQDWR GHO WLHPSR OD KDELOLGDG SVtTXLFD OD FRRUGLQDFLyQ
ItVLFDRODLQWHOLJHQFLD&RPRVHUHVKXPDQRVWRGRVSRVHHPRVFLHUWR
WDOHQWR PXVLFDO SHUR DOJXQDV SHUVRQDV FRPR 0R]DUW  VRQ QLxRV
SURGLJLR\RWUDV FRPR\R WHQHPRVSUREOHPDVSDUDUHSURGXFLUXQD
VLPSOH PHORGtD /R PLVPR VXFHGH FRQ ORV SDWURQHV DUTXHWtSLFRV
$OJXQRVKRPEUHVSDUHFHQHQFDUQDUXQDUTXHWLSRHQSDUWLFXODUGHVGH
HOSULPHUGtD\VHJXLUHVDWUD\HFWRULDGXUDQWHWRGDVXYLGDRSXHGH
TXHHQODPLWDGGHVXYLGDDSDUH]FDRWURKRPEUHSRUHMHPSORVLGH
SURQWRVHHQDPRUD\FRQRFHD'LRQLVRV

3UHGLVSRVLFLyQLQKHUHQWH\HVSHUDQ]DVIDPLOLDUHV
/RV EHEpV QDFHQ FRQ FLHUWRV UDVJRV GH OD SHUVRQDOLGDG ²VRQ
HQpUJLFRVYROXQWDULRVRVSOiFLGRVFXULRVRVFDSDFHVGHHVWDUVRORVR
ELHQQHFHVLWDQGHODFRPSDxtDGHORVGHPiV²/DDFWLYLGDGItVLFDOD
HQHUJtD\ODDFWLWXGGLILHUHQGHXQQLxRDRWURXQUHFLpQQDFLGRFX\R
OODQWRDQVLRVRSRVHDXQLQFRQIXQGLEOHSRGHUSDUDH[LJLUORTXHTXLHUH
HQ HVH PRPHQWR \ TXH D ORV GRV DxRV VH HPEDUTXH HQ WRGDV ODV
DFWLYLGDGHVHVPX\GLVWLQWRGHOQLxRULVXHxR\DJUDGDEOHTXHSDUHFH
SHUVRQLILFDU HO HVStULWX GH OD UDFLRQDOLGDG D VX FRUWD HGDG 6RQ WDQ
GLVWLQWRVFRPRLQWHQVRVHO$UHVLQVWLQWLYDPHQWHItVLFR\HOHFXiQLPH
\DPLVWRVR+HUPHV
&RPR QLxR PXFKDFKR \ SRU ~OWLPR KRPEUH VXV DFFLRQHV \
DFWLWXGHV TXH FRPLHQ]DQ FRPR SUHGLVSRVLFLRQHV LQKHUHQWHV R
SDWURQHVDUTXHWtSLFRVVRQMX]JDGDV\FRUUHVSRQGLGDVSRUORVGHPiV
PHGLDQWH OD DSUREDFLyQ OD DQVLHGDG HO RUJXOOR \ OD YHUJHQ]D /DV
HVSHUDQ]DV GH OD IDPLOLD GH XQ QLxR DSR\DQ FLHUWRV DUTXHWLSRV \
UHFKD]DQ RWURV \ SRU HQGH ODV FXDOLGDGHV GH VXV KLMRV R OD
QDWXUDOH]D SURSLD GH XQR HQ FRQFUHWR /D DPELFLRVD SDUHMD GH
SURIHVLRQDOHVFRQFDUUHUDTXHDVSLUDDDVFHQGHUHQODHVFDODVRFLDO\
TXHGHVGHODDPQLRFHQWHVLVVDEHQTXH³HVXQFKLFR´SXHGHQHVSHUDU
HO QDFLPLHQWR GH XQ IXWXUR HVWXGLDQWH GH +DUYDUG (VSHUDQ XQ KLMR
DJUDGDEOH TXH SXHGD GLULJLU VXV HVIXHU]RV LQWHOHFWXDOHV D XQD PHWD
PX\ GLVWDQWH 8Q KLMR TXH IXHUD DUTXHWtSLFDPHQWH FRPR $SROR R
=HXV VDWLVIDUtD D OD SHUIHFFLyQ WRGRV ORV UHTXLVLWRV DJUDGDU D VXV
SDGUHV \ SURVSHUDU HQ HO PXQGR 3HUR VL HO QLxR TXH QDFH UHVXOWD
FRLQFLGLU FRQ RWUR DUTXHWLSR OD GHVLOXVLyQ \ OD LUD DO YHU IUXVWUDGDV
VXV HVSHUDQ]DV VHUiQ ODV UHDFFLRQHV PiV SUREDEOHV 8Q HPRWLYR
3RVHLGyQ R XQ 'LRQLVRV FRQ VX QRFLyQ GHO WLHPSR GH HVWDU DTXt \
DKRUD WHQGUtDQ SUREOHPDV SDUD VDWLVIDFHU HO SURJUDPD TXH VXV
SDGUHV WLHQHQ SDUD pO (VWD LQFDSDFLGDG SDUD DGDSWDUVH DIHFWDUtD
QHJDWLYDPHQWHDVXDXWRHVWLPD
&RQIUHFXHQFLDHQODVIDPLOLDVKD\KLMRVTXHQR³HQFDMDQ´HQVXV
HVSHUDQ]DVRHVWLORV8QQLxRTXHYDORUHODVROHGDGFRPR+DGHVR
HO GLVWDQFLDPLHQWR HPRFLRQDO FRPR $SROR QR VyOR HV PROHVWDGR
FRQWLQXDPHQWHVLQRTXHWDPELpQSXHGHVHUFRQVLGHUDGRH[WUDxRSRU
VXH[WUDYHUWLGD>@\H[SUHVLYDIDPLOLD(OPXFKDFKR$UHVR3RVHLGyQ
TXHVHHQFRQWUDUtDELHQHQHVWHWLSRGHIDPLOLDHVXQDH[FHSFLyQHQ
XQD IDPLOLD IUtD \ UDFLRQDO TXH QR GHPXHVWUD ItVLFDPHQWH VXV
HPRFLRQHV VXV QHFHVLGDGHV GH FRQWDFWR VH GHVDSUREDUiQ \
TXHGDUiQLQVDWLVIHFKDV
(QXQDVIDPLOLDVVHHVSHUDTXHHOQLxRVHDFRPRVXSDGUH\VLJD
VXV SDVRV (Q RWUDV HQ ODV TXH HO SDGUH HV OD GHFHSFLyQ FXDOTXLHU
UDVJR TXH HO KLMR FRPSDUWD FRQ HO PLVPR DWUDHUi OD FyOHUD \ OD
QHJDWLYLGDG TXH ORV GHPiV VLHQWHQ KDFLD HO SURJHQLWRU /XHJR
WDPELpQ HVWiQ ODV HVSHUDQ]DV GH TXH HO KLMR Gp YLGD D ORV VXHxRV
IUDFDVDGRV GHO SDGUH 6HDQ FXDOHV IXHUHQ ODV HVSHUDQ]DV SDUD pO
pVWDVLQWHUDFWXDUiQFRQORTXHHVWiSUHVHQWHDUTXHWtSLFDPHQWH\FRQ
ORTXHVHSXHGHPRGHODU
6LXQPXFKDFKRRXQKRPEUHLQWHQWDFXPSOLUORTXHVHHVSHUDGH
pO D FRVWD GH VDFULILFDU VX FRQH[LyQ FRQ VX YHUGDGHUD QDWXUDOH]D
SXHGHTXHWHQJDp[LWRHQHOPXQGR\TXHORHQFXHQWUHVLQVHQWLGR
SDUDpORELHQIUDFDVDUHQODYLGDWUDVKDEHUIUDFDVDGRWDPELpQHQ
VHJXLUILHODVXVSULQFLSLRV3RUHOFRQWUDULRVLHVDFHSWDGRSRUORTXH
HV\VLQHPEDUJRHVFRQVFLHQWHGHTXHHVLPSRUWDQWHGHVDUUROODUODV
KDELOLGDGHV VRFLDOHV R FRPSHWLWLYDV TXH YD D QHFHVLWDU HQWRQFHV VX
DGDSWDFLyQ DO PXQGR QR VHUi D FRVWD GH VX DXWHQWLFLGDG \
DXWRHVWLPDVLQRTXHpVWDVOHD\XGDUiQDFRPSOHWDUOD

/DVSHUVRQDV\ORVDFRQWHFLPLHQWRVDFWLYDQDORVGLRVHV
8QD SHUVRQD R DFRQWHFLPLHQWR SXHGH DFWLYDU ²R HQ WpUPLQRV
MXQJXLDQRV FRQVWHODU² XQD UHDFFLyQ DUTXHWtSLFD R ³WtSLFD´ GH XQ
GLRVHQSDUWLFXODU3RUHMHPSORXQKLMRTXHOOHJDDFDVDFRQXQRMR
PRUDGR SXHGH VLQ GHFLU SDODEUD SURYRFDU UHQFRU HQ XQ SDGUH HO
YHQJDGRU 3RVHLGyQ TXH VLHQWH OD QHFHVLGDG LQPHGLDWD GH VDOGDU
FXHQWDV FRQ TXLHQTXLHUD TXH OH KD\D KHFKR HVR D VX KLMR 3HUR HO
PLVPRRMRPRUDGRSXHGHHYRFDUGHVSUHFLRKDFLDVXKLMRSRUKDEHUVH
PHWLGRHQXQDSHOHDFRQORVSXxRVVLVXSDGUHUHDFFLRQDFRPR=HXV
KL]RFRQVXKLMR$UHV&XDQGR$UHVIXHKHULGR=HXVQRVyORQRIXH
FRPSDVLYR VLQR FUtWLFR UHSUHQGLy D VX KLMR SRU VHU XQ TXHMLFD \
DSURYHFKy OD RFDVLyQ SDUD HFKDUOH HQ FDUD OR GHWHVWDEOH \
SHQGHQFLHURTXHHUD
$Vt PLVPR OD LQILGHOLGDG SURYRFD XQD VHULH GH UHDFFLRQHV ¢4Xp
VXFHGHFXDQGRXQKRPEUHGHVFXEUHTXHVXHVSRVDOHHVLQILHORTXH
ODPXMHUTXHpOFRQVLGHUD³VX\D´WLHQHRWURDPDQWH DXQTXHpOHVWp
FDVDGR\ORVX\RFRQHOODQRVHDPiVTXHXQGHYDQHR "¢6HYXHOYH
FRPR =HXV H LQWHQWD GHVWUXLU DO RWUR KRPEUH R TXLHUH GHVWUXLU D OD
PXMHU FRPR KL]R $SROR" ¢4XLHUH FRQRFHU ORV GHWDOOHV FRPR KL]R
+HUPHVRLGHDLQJHQLRVDVPDQHUDVGHDWUDSDUDODSDUHMDLQIUDJDQWL
SDUDH[SRQHUODDOHVFDUQLRS~EOLFRFRPR+HIHVWR"
/DV LQQXPHUDEOHV FLUFXQVWDQFLDV KLVWyULFDV SXHGHQ SURSRUFLRQDU
ODVLWXDFLyQTXHDFWLYHDXQGLRVHQXQDJHQHUDFLyQGHKRPEUHV3RU
HMHPSOR ORV MyYHQHV FRQ OD WHQGHQFLD GLRQLVtDFD D EXVFDU OD
H[SHULHQFLDH[WiWLFDDWUDYpVGHODVGURJDVSVLFRGpOLFDVGHORVDxRV
VHVHQWD 0XFKRV VH FRQYLUWLHURQ HQ SDFLHQWHV SVLTXLiWULFRV PXFKRV
RWURVVHLOXPLQDURQHVSLULWXDOPHQWH+RPEUHVTXHQRKDEtDQVHQWLGR
D'LRQLVRVHQWRQFHVORVLQWLHURQ\DUDt]GHHOORVRQDKRUDVHQVXDOHV
\ HVWpWLFDPHQWH FRQVFLHQWHV OR TXH GH RWUR PRGR QR KXELHUD VLGR
SRVLEOH
 /RV KRPEUHV TXH HVWXYLHURQ HQ HO HMpUFLWR HQ OD JXHUUD GHO
9LHWQDP SXHGH TXH VH DOLVWDUDQ FRPR YROXQWDULRV SRUTXH VH
LGHQWLILFDEDQ FRQ $UHV HO GLRV GH OD JXHUUD 2 SXHGH TXH IXHUDQ
UHFOXWDVGHVJUDFLDGRV(QFXDOTXLHUDGHORVFDVRVODVLWXDFLyQSRGtD
DFWLYDU DVSHFWRV GH $UHV $OJXQRV KRPEUHV H[SHULPHQWDURQ XQD
YLQFXODFLyQ HPRFLRQDO SRVLWLYD XQD OHDOWDG \ XQD SURIXQGD
FRPSHQHWUDFLyQ FRQ ORV FRPSDxHURV TXH HQ RWUDV FLUFXQVWDQFLD
MDPiV KXELHUDQ VHQWLGR 2WURV KRPEUHV VH YROYLHURQ ³SRVHtGRV´ SRU
ODFLHJDIXULDGHXQ$UHVHQDMHQDGRTXL]iVWUDVYHUFRPRXQDPLJR
FDtDHQXQDHPERVFDGDRIXHURQDUUDVWUDGRVSRUXQDSVLFRORJtDGH
JUXSRSURSLDGH$UHVDUDt]GHHOORKRPEUHVTXHHQFLUFXQVWDQFLDV
QRUPDOHV QL VLTXLHUD KDEUtDQ SDUWLFLSDGR HQ XQD SHOHD GH EDU
SXGLHURQFRPHWHUDWURFLGDGHV\PDWDUDFLYLOHV

³+DFHU´DFWLYDDORVGLRVHVQR³KDFHU´ORVLQKLEH
3URSRQHUVHREMHWLYRV\ODFODULGDGGHSHQVDPLHQWRVRQFXDOLGDGHV
TXH VH UHFRPSHQVDQ FXOWXUDOPHQWH \ TXH VH PDQLILHVWDQ GH IRUPD
QDWXUDO HQ KRPEUHV FRPR $SROR HO DUTXHUR FX\DV IOHFKDV GRUDGDV
SXHGHQ DOFDQ]DU XQ EODQFR PX\ GLVWDQWH 7RGRV ORV GHPiV KDQ GH
HVWXGLDUSDUDDGTXLULUHVWDVKDELOLGDGHVVREUHWRGRFXDQGRVHKDFH
KLQFDSLp HQ OD QHFHVLGDG GH VDFDU EXHQDV QRWDV SDUD FRQVHJXLU
ODEUDUVHXQSRUYHQLU
(Q FDPELR HO PXFKDFKR GLRQLVtDFR PHQRVSUHFLD ORV GRQHV
QDWXUDOHVSXHGHTXHGDUVHIiFLOPHQWHDEVRUWRHQHOPXQGRVHQVRULDO
\ TXHGDU WRWDOPHQWH DWUDSDGR HQ HO SUHVHQWH LQPHGLDWR 'H MRYHQ
FXDQGR VH GHOHLWDED FRQ HO WDFWR GHO WHUFLRSHOR \ OD VHGD R VH
HQWUHJDEDHQFXHUSR\DOPDDODP~VLFDSRUPHGLRGHOEDLOHHVWDED
FRQHFWDQGR FRQ OD VHQVXDOLGDG LQQDWD TXH SUREDEOHPHQWH QR OH
D\XGDEDQ D IRPHQWDU DVSHFWR TXH GHEHUtD VHU GH REOLJDGR
DSUHQGL]DMHSDUDWRGRVORVFKLFRV
+D\ XQ GLFKR TXH UH]D ³KDFHU HV OOHJDU D VHU´ \ HVR H[SUHVD
FODUDPHQWHFyPRVHSXHGHQHYRFDURGHVDUUROODUORVGLRVHVPHGLDQWH
XQD DFFLyQ GHWHUPLQDGD (O DVXQWR VXHOH VHU ³¢WH WRPDUiV HVH
WLHPSR"´3RUHMHPSORXQHMHFXWLYRSXHGHVHUFRQVFLHQWHGHFXiQWR
OH JXVWD WUDEDMDU FRQ VXV PDQRV SXHGH SDVDUVH KRUDV HQ VX WDOOHU
GHO VyWDQR 3HUR VL KD GH WHQHU WLHPSR SDUD +HIHVWR QR VH SXHGH
OOHYDUWUDEDMRH[WUDGHODRILFLQDDFDVD'HOPLVPRPRGRHOKRPEUH
TXH XQD YH] HQWUy FRQ JXVWR HQ ODV FRPSHWLWLYDV UHIULHJDV GH ORV
FDPSRV GH GHSRUWHV HVFRODUHV SHUGHUi HO FRQWDFWR FRQ HO
FRPSHWLWLYR $UHV HQ Vt PLVPR D PHQRV TXH HQFXHQWUH HO WLHPSR \
ORV FRPSDxHURV SDUD MXJDU DO YROHLERO DO I~WERO R VH PHWD HQ XQ
HTXLSRGHOEDUULR
/RVGLRVHV\ODVHWDSDVGHODYLGD
8Q KRPEUH DWUDYLHVD SRU PXFKDV HWDSDV HQ OD YLGD &DGD HWDSD
WLHQHVXSURSLRGLRVRGLRVHVGHPD\RULQIOXHQFLD3RUHMHPSORKDVWD
VXV WUHLQWD DxRV SXHGH VHU XQD FRPELQDFLyQ GH +HUPHV HO GLRV
RFXSDGRFRQ]DSDWRVDODGRV\XQ'LRQLVRVEXVFDGRUGHOp[WDVLV(Q
HVHSXQWROOHJDDXQDJUDQHQFUXFLMDGDODPXMHUGHVXYLGDOHGLFH
TXH R VH FRPSURPHWH FRQ HOOD R OD SLHUGH 6X GHFLVLyQ GH DFHSWDU
HVH FRPSURPLVR \ VHU ILHO DO PLVPR ²TXH DXQTXH UHVXOWH
VRUSUHQGHQWH HVRWURDVSHFWRGH'LRQLVRV²OHFRQGXFHDVHOODUODV
DODVGH+HUPHVHLQYRFDUDVXSURSLR$SRORSDUDVDOLUVHDGHODQWHHQ
HO PXQGR ODERUDO (Q ODV WUHV GpFDGDV VLJXLHQWHV SXHGH TXH RWURV
DUTXHWLSRV RFXSHQ VX OXJDU /D SDWHUQLGDG \ HO p[LWR SXHGHQ
FRQVWHODU D =HXV HQ pO OD PXHUWH GH VX HVSRVD R GHVFXEULU TXH KD
HVWDGRH[SXHVWRDOVLGDSXHGHQGHVDUUROODUVX+DGHV
$ YHFHV ORV KRPEUHV TXH VH LGHQWLILFDQ PXFKR FRQ FLHUWR
DUTXHWLSR SXHGHQ DWUDYHVDU HWDSDV WRGDV HOODV FRUUHVSRQGLHQWHV D
DVSHFWRV GH HVH PLVPR GLRV (Q ORV FDStWXORV VREUH FDGD GLRV
GHVFULELUpHVWRVSDWURQHVGHOGHVDUUROOR
)DYRULWLVPRSDWULDUFDO
(O SDWULDUFDGR ²HVH VLVWHPD LQYLVLEOH \ MHUiUTXLFR TXH QRV VLUYH
GHOHFKRGH3URFXVWRFXDQGRUHIXHU]DORVYDORUHV\FRQFHGHSRGHU²
WLHQHIDYRULWRV6LHPSUHH[LVWHQJDQDGRUHV\SHUGHGRUHVDUTXHWLSRV
DIDYRU\HQFRQWUD$VXYH]ORVKRPEUHVTXHHQFDUQDQD³GLRVHV´
FRQFUHWRVVRQDODEDGRVRUHFKD]DGRV
/RV YDORUHV SDWULDUFDOHV TXH HQIDWL]DQ OD DGTXLVLFLyQ GHO SRGHU
GHO SHQVDPLHQWR UDFLRQDO \ GH WHQHU HO FRQWURO VRQ FRQVFLHQWH R
LQFRQVFLHQWHPHQWH UHIRU]DGRV SRU ODV PDGUHV ORV SDGUHV ORV
FRPSDxHURV ODV HVFXHODV \ RWUDV LQVWLWXFLRQHV TXH UHFRPSHQVDQ R
FDVWLJDQ D ORV PXFKDFKRV \ D ORV KRPEUHV SRU VX FRQGXFWD $
FRQVHFXHQFLD GH HOOR ORV KRPEUHV DSUHQGHQ D FRQIRUPDUVH \ D
VRIRFDU VX LQGLYLGXDOLGDG MXQWR FRQ VXV HPRFLRQHV $SUHQGHQ D
FRORFDU D OD SHUVRQD FRUUHFWD R OD DFWLWXG \ PDQHUD DFHSWDEOH TXH
HV OD LPDJHQ TXH PXHVWUDQ DO PXQGR  MXQWR FRQ HO ³XQLIRUPH´ TXH
VHHVSHUDGHVXFODVHVRFLDO
&XDOTXLHU FRVD TXH UHVXOWH ³LQDFHSWDEOH´ SDUD ORV GHPiV R SDUD
ODV UHJODV GH FRQGXFWD SXHGH FRQYHUWLUVH HQ XQD IXHQWH GH
FXOSDELOLGDG R GH YHUJHQ]D SDUD HO KRPEUH GH PRGR TXH SXHGH
TXHVHHQFXHQWUHHQHOOHFKRGH3URFXVWRSVLFROyJLFR$FRQWLQXDFLyQ
YLHQH HO ³GHVPHPEUDPLHQWR´ SVLFROyJLFR FXDQGR KRPEUHV \
PXMHUHV  VH VHSDUDQ R UHSULPHQ HVWRV DUTXHWLSRV R SDUWHV GH Vt
PLVPRV TXH OHV KDFHQ VHQWLU LQDGHFXDGRV R DYHUJRQ]DGRV (Q XQ
VHQWLGRPHWDIyULFRODDGPRQLFLyQEtEOLFDTXHFRPLHQ]DGLFLHQGR©VL
WX PDQR GHUHFKD WH RIHQGH FyUWDODǻ HV XQD OODPDGD D OD
DXWRPXWLODFLyQSVLFROyJLFD
/RTXHORVKRPEUHVVXHOHQFRUWDUVRQVXVDVSHFWRVHPRFLRQDOHV
YXOQHUDEOHVVHQVXDOHVRLQVWLQWLYRV6LQHPEDUJRHQODSVLTXHWRGR
DTXHOOR TXH HV VHVJDGR R HQWHUUDGR VLJXH YLYR 3XHGH SDVDU D XQ
SODQR ³VXEWHUUiQHR´ \ HVWDU DOHMDGR GHO HVWDGR FRQVFLHQWH GXUDQWH
XQ WLHPSR SHUR SXHGH YROYHU D HPHUJHU R VHU ³UHPHPEUDGR´
FXDQGR SRU SULPHUD YH] HQ OD YLGD R SRU SULPHUD YH] GHVGH OD
LQIDQFLD HVWHDUTXHWLSRKDOODDFHSWDFLyQHQXQDUHODFLyQRVLWXDFLyQ
/RV KRPEUHV TXH WLHQHQ YLGDV VHFUHWDV VHQWLPLHQWRV \ DFFLRQHV
LQDFHSWDEOHV SXHGH TXH UHWHQJDQ VX H[LVWHQFLD HQ OD VRPEUD \ ODV
H[SHULPHQWHQ VXEUHSWLFLDPHQWH VLQ TXH ORV GHPiV VH GHQ FXHQWD
KDVWD TXH VH KDFHQ HYLGHQWHV \ VH SURGXFH HO HVFiQGDOR FRPR KD
VXFHGLGR FRQ GHVWDFDGRV HYDQJHOLVWDV TXH SUHGLFDEDQ HQ OD
WHOHYLVLyQ TXH GHQRVWDEDQ FRQWUD ORV SHFDGRV GH OD FDUQH \ TXH
IXHURQ GHVDFUHGLWDGRV FXDQGR VH PDQLIHVWy HQ HOORV HO GHVKRQURVR
'LRQLVRV
&RQRFHUDORVGLRVHVGDUQRVSRGHUDQRVRWURV
PLVPRV
&RQRFHU D ORV GLRVHV HV XQD IXHQWH GH SRGHU SHUVRQDO (Q HVWH
OLEURSRGUHPRVYHUDFDGDXQRGHORVGLRVHVDPHGLGDTXHSDVDPRV
GHODLPDJHQ\ODPLWRORJtDDODUTXHWLSR9HUHPRVFyPRLQIOX\HFDGD
XQRHQODSHUVRQDOLGDG\ODVSULRULGDGHV\FRPSUHQGHUHPRVGHTXp
PRGR VH UHODFLRQDQ HQWUH Vt VX VLJQLILFDGR \ ODV GLILFXOWDGHV
SVLFROyJLFDVHVSHFtILFDV
&RPSUHQGHU D ORV GLRVHV KD GH LU D OD SDU FRQ HO FRQRFLPLHQWR
VREUH HO SDWULDUFDGR $PEDV VRQ IXHU]DV SRGHURVDV H LQYLVLEOHV TXH
LQWHUDFW~DQDIHFWDQGRDFDGDKRPEUHLQGLYLGXDOPHQWH(OSDWULDUFDGR
DPSOtDODLQIOXHQFLDGHDOJXQRVDUTXHWLSRV\UHGXFHODGHRWURV
(OFRQRFLPLHQWRVREUHORVGLRVHVSXHGHDXPHQWDUHOFRQRFLPLHQWR
\ODDFHSWDFLyQGHVtPLVPRDEULUHOFDPLQRSDUDTXHORVKRPEUHVVH
FRPXQLTXHQHQWUHVt\GDUSRGHUDORVKRPEUHV\DPXFKDVPXMHUHV
SDUDWRPDUGHFLVLRQHVTXHSXHGDQFRQGXFLUDODDXWRUUHDOL]DFLyQ\OD
GLFKD(Q &RXUDJHWR&UHDWHHOSVLFyORJR5ROOR0D\GHILQLyODGLFKD
FRPR©ODHPRFLyQTXHDFRPSDxDDODFRQFLHQFLDH[DOWDGDHOHVWDGR
GH iQLPR TXH YD D OD SDU FRQ OD H[SHULHQFLD GH UHDOL]DU ORV SURSLRV
SRWHQFLDOHV>@ª /RV DUTXHWLSRV VRQ SRWHQFLDOHV 'HQWUR GH QRVRWURV
²\GHQWURGHQXHVWUDFXOWXUDSDWULDUFDO²KD\GLRVHVTXHKHPRVGH
OLEHUDU\RWURVTXHVHKDQGHUHSULPLU
/DQXHYDWHRUtD\SHUVSHFWLYDSVLFROyJLFD
(VWHOLEURSUHVHQWDDORVKRPEUHV\DODSVLFRORJtDPDVFXOLQDEDMR
XQDYLVLyQGLIHUHQWH$OEHEHUGHODVIXHQWHVGHODPLWRORJtD\GHOD
WHRORJtD KH GHVFXELHUWR TXH OD DFWLWXG SDWULDUFDO GH KRVWLOLGDG KDFLD
ORVKLMRVHVPX\HYLGHQWH(VWDPLVPDDFWLWXGHVWiWDPELpQSUHVHQWH
HQODWHRUtDSVLFRDQDOtWLFD
'HVFULER HO HIHFWR GHO DQWDJRQLVPR \ UHFKD]R SDWHUQDO GH OD
SVLFRORJtD PDVFXOLQD HQ HO FDStWXOR GRV ³3DGUHV H KLMRV ORV PLWRV
QRVKDEODQGHOSDWULDUFDGR´(VWHFDStWXORLQFRUSRUDODVYLVLRQHVGHOD
SVLFRDQDOLVWD$OLFH0LOOHUTXHVHxDODTXHHOPLWRGH(GLSRFRPLHQ]D
FRQHOLQWHQWRGHOSDGUHGHDVHVLQDUDVXKLMR(QFXDOTXLHUIDPLOLDR
FXOWXUDHQODTXHORVKLMRVVHDQYLVWRVFRPRDPHQD]DVSDUDHOSDGUH
\VHDQWUDWDGRVFRPRWDOHVODSVLTXHGHXQKLMR\HOFOLPDFXOWXUDOVH
YHUiQ QHJDWLYDPHQWH DIHFWDGRV (VWR\ SUHVHQWDQGR XQD QXHYD
SHUVSHFWLYDSVLFROyJLFD
$GHPiV /RV GLRVHV GH FDGD KRPEUH HV XQD SVLFRORJtD GH ORV
KRPEUHV TXH FRQVLGHUD LPSRUWDQWH HO LPSDFWR GH OD FXOWXUD HQ HO
GHVDUUROOR GH ORV DUTXHWLSRV eVWH HV XQ QXHYR pQIDVLV HQ OD
SVLFRORJtDMXQJXLDQD
(QHOFDStWXORGRFH³(OGLRVDXVHQWH´HVSHFXORVREUHODDSDULFLyQ
GH XQ QXHYR DUTXHWLSR PDVFXOLQR XQD SRVLELOLGDG H[SOLFDGD SRU OD
WHRUtDGHORVFDPSRVPRUIRJHQpWLFRVGH5XSHUW6KHOGUDNH>@
$OILQDOHVWHOLEURSURSRUFLRQDXQDIRUPDVLVWHPiWLFD\FRKHUHQWH
GH FRPSUHQGHU OD SVLFRORJtD GH ORV KRPEUHV D WUDYpV GH ORV
DUTXHWLSRV PDVFXOLQRV SHUVRQLILFDGRV HQ ORV GLRVHV JULHJRV TXH
WDPELpQ HVWiQ SUHVHQWHV HQ ODV PXMHUHV  0L DQWHULRU OLEUR /DV
GLRVDV GH FDGD PXMHU GHVFULEtD ODV GLRVDV JULHJDV \ ORV DUTXHWLSRV
IHPHQLQRV TXH WDPELpQ HVWiQ SUHVHQWHV HQ ORV KRPEUHV  FRPR
EDVH GH XQD SVLFRORJtD DUTXHWtSLFD IHPHQLQD (Q FRQMXQWR ORV GRV
OLEURV SUHVHQWDQ XQD QXHYD SVLFRORJtD VLVWHPiWLFD SDUD KRPEUHV \
PXMHUHVTXHH[SOLFDODGLYHUVLGDGTXHKD\HQWUHQRVRWURV\QXHVWUD
FRPSOHMLGDG LQWHULRU (VWD SVLFRORJtD EDVDGD HQ HO SDQWHyQ GH ODV
GHLGDGHV JULHJDV UHIOHMD OD ULTXH]D GH QXHVWUD QDWXUDOH]D KXPDQD \
QRVLQGLFDODGLYLQLGDGTXHH[SHULPHQWDPRVFXDQGRORTXHKDFHPRV
VXUJH GH OR PiV SURIXQGR TXH KD\ HQ QRVRWURV \ VHQWLPRV OD
GLPHQVLyQVDJUDGDHQQXHVWUDVYLGDV
3$'5(6(+,-26/260,726
126+$%/$1'(/3$75,$5&$'2
/DKLVWRULDGHODIDPLOLDROtPSLFD
/RV PLWRV VREUH =HXV \ ORV GLRVHV GHO 2OLPSR VRQ ³KLVWRULDV
IDPLOLDUHV´TXHHVFODUHFHQQXHVWUDJHQHDORJtDSDWULDUFDO\VXHQRUPH
LQIOXHQFLD VREUH QXHVWUDV YLGDV SHUVRQDOHV 6RQ KLVWRULDV VREUH
DFWLWXGHV \ YDORUHV TXH KHPRV KHUHGDGR GH ORV JULHJRV
GHVFHQGLHQWHV GH ORV LQGRHXURSHRV FRQ VXV GLRVHV JXHUUHURV TXH
OOHJDURQHQROHDGDVGHLQYDVLRQHVSDUDFRQTXLVWDUORVSULPHURVFXOWRV
DGLRVDVGHORVKDELWDQWHVGHODYLHMD(XURSD\ODSHQtQVXODJULHJD
1RV KDEODQ GH QXHVWURV SDGUHV IXQGDGRUHV \ DUUDVDQ HO UHLQR
PDWULDUFDO TXH OHV SUHFHGtD R VyOR RIUHFHQ SHTXHxRV LQGLFLRV GHO
PLVPR
&RPRVXHOHVXFHGHUHQODVIDPLOLDVFXDQGRORVDxRVGHHVIXHU]R
SRUHVWDEOHFHUVHKDQWRFDGRDVXILQODJHQWHVLHQWHODQHFHVLGDGGH
UHJLVWUDU OR TXH VXFHGLy \ FRQVWUXLU XQ iUERO JHQHDOyJLFR 1RVRWURV
HVWDPRVHQGHXGDFRQ+RPHUR FLUFD \+HVtRGR FLUFD 
+RPHURHQVX,OtDGD\VX2GLVHDFRQVHUYyORVWHPDVPLWROyJLFRVHQ
ODV pSLFDV TXH WHQtDQ DOJ~Q IXQGDPHQWR KLVWyULFR PLHQWUDV TXH
+HVtRGR DQWHULRUPHQWH KDEtD RUJDQL]DGR QXPHURVDV WUDGLFLRQHV
PLWROyJLFDV HQ OD 7HRJRQtD TXH HV XQ UHODWR VREUH HO RULJHQ \ HO
OLQDMHGHORVGLRVHV
$O SULQFLSLR VHJ~Q +HVtRGR KDEtD HO YDFtR 'H HVH YDFtR VH
PDWHULDOL]y *HD 7LHUUD  eVWD GLR D OX] D ODV PRQWDxDV DO PDU \ D
8UDQR &LHOR TXHVHFRQYLUWLyHQVXHVSRVR*HD\8UDQRVHXQLHURQ
\ VH FRQYLUWLHURQ HQ ORV SDGUHV GH ORV GRFH 7LWDQHV ²DQWLJXRV
SRGHUHVSULPRUGLDOHVGHODQDWXUDOH]DDGRUDGRVHQOD*UHFLDKLVWyULFD
²(QODJHQHDORJtDGHORVGLRVHVGH+HVtRGRORV7LWDQHVHUDQXQD
GLQDVWtD UHLQDQWH WHPSUDQD ORV SDGUHV \ DEXHORV GH ORV GLRVHV GHO
2OLPSR
8UDQRHOSULPHUSDWULDUFDRILJXUDSDWHUQDHQODPLWRORJtDJULHJD
VH HQIDGy SRU OD FDSDFLGDG JHQHUDWLYD GH *HD \D TXH HQJHQGUDU
KLMRVQRHUDGHVXDJUDGR&XDQGRQDFLHURQORV~OWLPRVQLxRVpOORV
HVFRQGLyHQHOJUDQFXHUSRGH*HDOD7LHUUD\QROHVGHMDEDYHUOD
OX]GHOGtD*HDSDGHFtDJUDQGHVGRORUHV\WULVWH]DSRUHVWDYLROHQFLD
FRQWUDVXVUHFLpQQDFLGRV
'HPRGRTXHUHFXUULyDVXVSURSLRVKLMRVORVWLWDQHVSDUDTXHOD
D\XGDUDQ7DOFRPRQDUUD+HVtRGRODPRYtDODDQJXVWLDSRUORTXH
OHV GLMR FODUDPHQWH ©+LMRV PtRV WHQpLV XQ SDGUH VDOYDMH VL PH
HVFXFKiLV SRGUHPRV YHQJDUQRV GH VX PDOYDGR XOWUDMH IXH pO TXLHQ
HPSH]yDXVDUODYLROHQFLD>@ª
3RU OR WDQWR OD 7HRJRQtD GH +HVtRGR KDFH GH OD YLROHQFLD GH
8UDQR FRQWUD VXV SURSLRV KLMRV HO PDO LQLFLDO TXH HQJHQGUy OD
YLROHQFLD VXEVLJXLHQWH )XH HO SHFDGR RULJLQDO GHO GLRV SDGUH
FHOHVWLDOTXHVHUHSHWLUtDHQODVVLJXLHQWHVJHQHUDFLRQHV
/RVWLWDQHVTXHGDURQWRGRV³SUHVRVGHOPLHGR´DVXSDGUHVDOYR
HO PiV MRYHQ &URQRV GHQRPLQDGR 6DWXUQR SRU ORV URPDQRV  6yOR
&URQRV UHVSRQGLy DO JULWR GH DX[LOLR GH *HD FRQ HVWDV SDODEUDV
©0DGUH HVWR\ GLVSXHVWR D OOHYDU D FDER WX SODQ KDVWD HO ILQDO 1R
UHVSHWRDQXHVWURLQIDPHSDGUHSXHVWRTXHIXHpOTXLHQHPSH]yD
XWLOL]DUODYLROHQFLD>@ª
$UPDGRFRQXQDKR]TXHOHGLRVXPDGUH\VLJXLHQGRHOSODQTXH
HOOD KDEtD XUGLGR VH DFRVWy D HVSHUDU D VX SDGUH &XDQGR 8UDQR
DFXGLy SDUD FRSXODU FRQ *HD \ VH HFKy VREUH HOOD &URQRV WRPy OD
KR] OH FRUWy ORV JHQLWDOHV D VX SDGUH \ ORV WLUy DO PDU 7UDV KDEHU
FDVWUDGRDVXSDGUH&URQRVHUDHQWRQFHVHOGLRVPiVSRGHURVRTXH
MXQWRDVXVKHUPDQRVORVWLWDQHVJREHUQyHOXQLYHUVR\FUHyQXHYDV
GHLGDGHV
&URQRVVHFDVyFRQVXKHUPDQD5HDTXHFRPRVXPDGUH*HD
HUD XQD GLRVD WHUUHVWUH 'H VX XQLyQ VXUJLy OD SULPHUD JHQHUDFLyQ
ROtPSLFD+HVWLD'HPpWHU+HUD+DGHV3RVHLGyQ\=HXV
6LQ HPEDUJR XQD YH] PiV HO SURJHQLWRU SDWULDUFD ²HVWD YH]
&URQRV² LQWHQWy HOLPLQDU D VXV KLMRV $YLVDGR GH TXH HVWDED
GHVWLQDGRDVHUGHUURFDGRSRUVXSURSLRKLMR\GHFLGLGRDTXHHVRQR
VXFHGLHUDVHWUDJDEDLQPHGLDWDPHQWHDFDGDXQRGHVXVYiVWDJRVDO
QDFHU VLQ WDQ VLTXLHUD FRPSUREDU VL HO UHFLpQ QDFLGR HUD YDUyQ R
KHPEUD(QWRWDOVHWUDJyWUHVKLMDV\GRVKLMRV
5HDDEDWLGDSRUODSpUGLGDGHVXGHVFHQGHQFLD\HPEDUD]DGDGH
QXHYRUHFXUULyD*HD\D8UDQRSDUDTXHODD\XGDUDQDVDOYDUDOTXH
WRGDYtD KDEtD GH QDFHU 6XV SDGUHV OH GLMHURQ TXH IXHUD D &UHWD
FXDQGR OOHJDUD HO PRPHQWR GH GDU D OX] \ TXH HQJDxDUD D &URQRV
HQYROYLHQGRXQDSLHGUDFRQSDxDOHV&URQRVHQVXDSUHVXUDPLHQWR
VHWUDJyODSLHGUDSHQVDQGRTXHHUDVXKLMR
(VWH ~OWLPR KLMR DO TXH QR SXGR WUDJDU HUD =HXV TXH
HIHFWLYDPHQWHGHUURFyDVXSDGUH\VHFRQYLUWLyHQHOGLRVVXSUHPR
(GXFDGR HQ VHFUHWR KDVWD TXH IXH DGXOWR =HXV UHFLELy D\XGD GH
0HWLV XQD GLRVD SUHROtPSLFD GH OD VDELGXUtD \ VX SULPHUD FRQVRUWH
SDUDFRQVHJXLUTXH&URQRVYRPLWDUDDVXVKHUPDQRVROtPSLFRV&RQ
HOORV FRPR DOLDGRV GHUURWy D &URQRV \ D ORV WLWDQHV /D YLROHQFLD
KDEtDHQJHQGUDGRYLROHQFLDGXUDQWHWUHVJHQHUDFLRQHV
7UDV VX YLFWRULD ORV WUHV GLRVHV KHUPDQRV =HXV 3RVHLGyQ \
+DGHVVHUHSDUWLHURQHOXQLYHUVRHQWUHHOORV$=HXVOHWRFyHOFLHOR
D 3RVHLGyQ HO PDU \ D +DGHV HO PXQGR VXEWHUUiQHR $XQTXH VH
VXSRQtD TXH OD WLHUUD \ HO PRQWH 2OLPSR HUDQ XQ WHUULWRULR
FRPSDUWLGR =HXV H[WHQGLy VX SRGHU VREUH HVWH WHUULWRULR /DV WUHV
KHUPDQDVQRWHQtDQGHUHFKRVGHSURSLHGDGORFXDOHVSURSLRGHOD
FXOWXUDSDWULDUFDOJULHJD 
$ WUDYpV GH VXV XQLRQHV VH[XDOHV =HXV HQJHQGUy OD VLJXLHQWH
JHQHUDFLyQ GH GHLGDGHV DVt FRPR D ORV VHPLGLRVHV TXH IXHURQ ORV
KpURHV SRU DQWRQRPDVLD GH OD PLWRORJtD 0LHQWUDV HQJHQGUDED KLMRV
DFWLYDPHQWHpOWDPELpQDOLJXDOTXHVXSDGUHKDEtDKHFKRVHVLQWLy
DPHQD]DGRSRUODSRVLELOLGDGGHTXHXQRGHVXVKLMRVOHDUUHEDWDUD
HO SRGHU 6H KDEtD SURIHWL]DGR TXH 0HWLV OD SULPHUD GH VXV VLHWH
FRQVRUWHV GDUtD D OX] D GRV KLMRV XQR GH ORV FXDOHV VHUtD XQ QLxR
TXH OOHJDUtD JREHUQDU VREUH GLRVHV \ KRPEUHV $Vt TXH FXDQGR VH
TXHGyHPEDUD]DGDWHPLHQGRTXHVHWUDWDUDGHHVWHKLMRODHQJDxy
SDUD TXH VH YROYLHUD PX\ SHTXHxD \ VH OD WUDJy SDUD LPSHGLU TXH
GLHUDDOX]$OILQDOHOQLxRUHVXOWyVHUXQDQLxD$WHQHDTXHDFDEy
QDFLHQGRGHODFDEH]DGH=HXV
/RVGLRVHVFHOHVWLDOHVFRPRSDGUHV
/RV GLRVHV SDGUH GH OD PLWRORJtD JULHJD SRVHHQ FDUDFWHUtVWLFDV
VLPLODUHV D ODV GH ODV GHLGDGHV GH WRGDV ODV FXOWXUDV SDWULDUFDOHV
&RPR LPiJHQHV R LGHDOHV ORV GLRVHV SDGUH VRQ SRGHURVDV
GLYLQLGDGHV PDVFXOLQDV TXH JRELHUQDQ VREUH ORV GHPiV 6RQ
YHUVLRQHV HWHUQDV GH ORV KRPEUHV GH SRGHU GHQWUR GH OD FXOWXUD
&RPR WDOHV VRQ ILJXUDV DUTXHWtSLFDV FX\D PLWRORJtD FXDQGR VH
FRQWHPSOD PHWDIyULFDPHQWH QRV KDEOD PXFKR GH OD SVLFRORJtD
PDVFXOLQD
/RVGLRVHVSDWULDUFDOHVVRQKRPEUHVDXWRULWDULRVTXHYLYHQHQORV
FLHORV HQ ODV FLPDV GH ODV PRQWDxDV R HQ HO HVSDFLR SRU HQGH
JRELHUQDQGHVGHDUULED\DGLVWDQFLD(VSHUDQVHUREHGHFLGRV\WHQHU
HO GHUHFKR D KDFHU OR TXH OHV SOD]FD PLHQWUDV VHDQ ORV GLRVHV
SULQFLSDOHV&RPRGLRVHVJXHUUHURVVXVXSUHPDFtDODFRQVLJXLHURQD
WUDYpVGHGHUURWDUDVXVULYDOHV\JHQHUDOPHQWHWLHQHQFHORVGHVXV
SUHUURJDWLYDV\H[LJHQREHGLHQFLD&RQWRGRVXSRGHUWHPHQTXHVX
GHVWLQR VHD VHU GHUURWDGRV SRU XQR GH VXV KLMRV &RPR SDGUHV
VXHOHQ VHU DQWLSDWHUQDOHV \ H[SUHVDQ KRVWLOLGDG KDFLD VX
GHVFHQGHQFLD
(QVXHVIXHU]RSRU³HQWHUUDU´DVXVKLMRV8UDQRLQWHQWyUHSULPLU
VX SRWHQFLDO LPSLGLHQGR VX FUHFLPLHQWR \ TXH GHVDUUROODUDQ DTXHOOR
SDUDORTXHKDEtDQVLGRFUHDGRV&URQRVDO³WUDJDUVH´R³FRQVXPLU´
DVXVKLMRVLQWHQWyLQFRUSRUiUVHORVDVtPLVPR0HWDIyULFDPHQWHDVt
HVFRPRXQSDGUHHYLWDTXHVXVKLMRVFUH]FDQSDUDVHUVXSHULRUHVD
pO R TXH SXHGDQ GHVDILDU VX SRVLFLyQ R SHUGHU VX IH HQ HOORV /RV
PDQWLHQH D OD VRPEUD UHWLFHQWH D H[SRQHUORV D OD LQIOXHQFLD GH OD
JHQWH GH OD HGXFDFLyQ R GH ORV YDORUHV TXH DPSOLDUtDQ VXV
H[SHULHQFLDV ,QVLVWH HQ TXH QR GLILHUDQ GH pO QL VH GHVYtHQ GH ORV
SODQHVTXHpOWLHQHSDUDHOORV6LXQKLMRRXQDKLMDQRSXHGHDFWXDU
RSHQVDULQGHSHQGLHQWHPHQWHQRVXSRQGUiXQDDPHQD]D8QSDGUH
TXHFRQVXPHODDXWRQRPtDGHVXVKLMRV\VXFUHFLPLHQWRSDGHFHOR
TXH\RGHQRPLQRHO³FRPSOHMRGH&URQRV´
=HXV SRU VX SDUWH HQJDxy D VX HVSRVD HPEDUD]DGD SDUD TXH
UHGXMHUD VX WDPDxR \ DVt SRGHU WUDJiUVHOD (OOD TXHGy UHGXFLGD
SHUGLy VX SRGHU \ VXV DWULEXWRV IXHURQ HQJXOOLGRV DO LJXDO TXH HO
PDWULDUFDGRIXHHQJXOOLGRSRUHOSDWULDUFDGR\ORVDWULEXWRVXQDYH]
DVRFLDGRV D OD GLRVD SDVDURQ D LGHQWLILFDUVH FRQ HO GLRV (VWD
UHGXFFLyQ VH SDUHFH DO PRGR HQ TXH DOJXQDV PXMHUHV FDPELDQ
FXDQGR VH FDVDQ \ VH TXHGDQ HPEDUD]DGDV 3LHUGHQ VX OLEHUWDG GH
SHQVDPLHQWR\ODDXWRULGDGTXHHMHUFtDQDPHGLGDTXHVHVRPHWHQ
D PDULGRV TXH FRQ IUHFXHQFLD HQFDMDQ HQ HO DXWRULWDULR PROGH GH
=HXV

(GLSRQRHUDFXOSDEOH

7UDV VDOWDUQRV PXFKDV JHQHUDFLRQHV OOHJDPRV D OD ILJXUD

PLWROyJLFD JULHJD GH (GLSR TXLHQ LQFRQVFLHQWH GH OR TXH HVWDED
KDFLHQGR PDWy D VX SDGUH \ VH FDVy FRQ VX PDGUH )UHXG IXQGy HO
SVLFRDQiOLVLV EDViQGRVH HQ VX DQiOLVLV GH OR TXH GHQRPLQy HO
FRPSOHMR GH (GLSR DILUPDQGR TXH HVWH DVHVLQDWR \ PDWULPRQLR HUD
HO GHVHR LQFRQVFLHQWH GH WRGR KLMR )UHXG WDPELpQ UHDFFLRQy FRQWUD
ORVKRPEUHVDTXLHQHVKDEtDKHFKRGHPHQWRU FRPR-XQJ\$GOHU
TXHGHVDUUROODURQLGHDVGLIHUHQWHVDODVVX\DV\FX\DSRVLFLyQSRGtD
DOJ~Q GtD ULYDOL]DU FRQWUD OD VX\D  FRPR KLMRV HGtSLFRV GH ORV TXH
KDEtD TXH GHVKDFHUVH &XDQGR -XQJ OH H[SOLFy XQ VXHxR TXH
FDWDORJD FRPR HO TXH OH FRQGXMR D VXV WHRUtDV GH OR LQFRQVFLHQWH
FROHFWLYR )UHXG HVWDED FRQYHQFLGR GH TXH UHSUHVHQWDED XQ GHVHR
GHPXHUWHKDFLDpO>@
 )UHXGYLRD/D\RHOSDGUHGH(GLSRFRPRXQDYtFWLPDLQRFHQWH
HQ VX PLWR 3HUR HVWD YHUVLyQ GLVWDED PXFKR GH VHU FLHUWD FRPR
REVHUYDODSVLFRDQDOLVWD$OLFH0LOOHU>@
/D\R HUD HO UH\ GH 7HEDV &XDQGR DFXGLy DO RUiFXOR GH 'HOIRV D
SUHJXQWDU SRU TXp VX HVSRVD QR OH KDEtD GDGR KLMRV HO RUiFXOR OH
UHVSRQGLy ©/D\R GHVHDV XQ KLMR 7HQGUiV XQ KLMR 3HUR HO 'HVWLQR
KD GHFUHWDGR TXH SHUGHUiV WX YLGD HQ VXV PDQRV« GHELGR D OD
PDOGLFLyQ GH 3pORSH D TXLHQ XQD YH] OH UREDVWH D VX KLMRª /D\R
KDEtD FRPHWLGR HVWD HTXLYRFDFLyQ FXDQGR HUD MRYHQ FXDQGR IXH
REOLJDGRDKXLUGHVXSDtV\WXYRTXHSHGLUUHIXJLRDOUH\3pORSHTXH
OH DFRJLy /D\R OH SDJy VX DPDELOLGDG VHGXFLHQGR D &ULVLSR VX
KHUPRVR\MRYHQKLMRTXHGHVSXpVVHVXLFLGDUtD
/D\RSULPHURLQWHQWyHYLWDUHVHGHVWLQRYLYLHQGRVHSDUDGRGHVX
HVSRVD 3HUR FRQ HO WLHPSR D SHVDU GH OD DGYHUWHQFLD WXYLHURQ
UHODFLRQHV VH[XDOHV \ <RFDVWD GLR D OX] D XQ KLMR 3RU WHPRU D OD
SURIHFtD/D\RGHFLGLyPDWDUDVXKLMRUHFLpQQDFLGRDEDQGRQiQGROR
HQ ODV PRQWDxDV SHUIRUy VXV WRELOORV \ VH ORV DWy FRQ XQD FRUUHD
3HUR HO SDVWRU TXH KDEtD HOHJLGR SDUD TXH OH DVHVLQDUD VH
FRPSDGHFLyGHOLQRFHQWHEHEpVHORHQWUHJyDRWURSDVWRU\UHJUHVy
DQWH /D\R ILQJLHQGR KDEHU FXPSOLGR VX FRPHWLGR /D\R \D VH SRGtD
VHQWLU VHJXUR VHJXUR GH TXH VX KLMR KDEtD PXHUWR GH VHG \ GH
KDPEUH R TXH KDEUtD VLGR GHVSHGD]DGR SRU ODV EHVWLDV VDOYDMHV (O
SDVWRU GLR DO QLxR DTXLHQ SXVR HO QRPEUH GH (GLSR ³SLHV
KLQFKDGRV´GHELGRDODVKHULGDVHQVXVWRELOORV DXQDSDUHMD(VWRV
SDGUHV DGRSWLYRV OH HGXFDURQ \ OH GHMDURQ FUHHU TXH HUD VX
YHUGDGHURKLMR
<D GH DGXOWR (GLSR YLDMDED SRU OD FDUUHWHUD TXH VH GLULJtD D
%HRFLDFXDQGROOHJyDXQDHQFUXFLMDGD$OOtKDEtDXQFDUUXDMHFRQXQ
DQFLDQRTXHHVJULPtDXQDDJXLMDGDKDFLDpO\FRQODTXHOHJROSHyHQ
ODFDEH]D(GLSRHQIXUHFLGRSRUHVWDDJUHVLyQLQIXQGDGDGHYROYLyHO
DWDTXHFRQVXFD\DGRGHUULEDQGRDVXDVDOWDQWH\PDWiQGROR7UDV
HVWH LQFLGHQWH FRQWLQXy VX YLDMH VLQ LPDJLQDU VLTXLHUD TXH KDEtD
KHFKRDOJRPiVTXHYHQJDUVHGHDOJ~QSOHEH\RTXHKDEtDLQWHQWDGR
KHULUOH1DGDHQODYHVWLPHQWDRHODVSHFWRGHODQFLDQRGHODWDEDVX
QREOH DVFHQGHQFLD 6LQ HPEUDJR HQ UHDOLGDG HUD /D\R HO UH\ GH
7HEDVVXSDGUH
$OLFH0LOOHUVHxDODODLQMXVWLFLDGHFXOSDUD(GLSR

(Q OD WUDJHGLD GH 6yIRFOHV (GLSR VH FDVWLJD D Vt PLVPR
DUUDQFiQGRVH ORV RMRV $XQTXH QR KDEtD WHQLGR IRUPD GH
UHFRQRFHU D VX SDGUH HQ /D\R LQFOXVR DXQTXH pVWH ~OWLPR
KDEtD LQWHQWDGR PDWDU D VX KLMR UHFLpQ QDFLGR \ HUD
UHVSRQVDEOH GH HVD IDOWD GH UHFRQRFLPLHQWR DXQTXH /D\R
IXHUD TXLHQ SURYRFy OD LUD GH (GLSR FXDQGR VH FUX]DURQ VXV
FDPLQRVDXQTXH(GLSRQRGHVHDEDD<RFDVWDVHFRQYLUWLyHQ
VXHVSRVRJUDFLDVDVXLQWHOLJHQFLDSDUDUHVROYHUHODFHUWLMRGH
ODHVILQJHUHVFDWDQGRD7HEDVGHHVHPRGRHLQFOXVRDXQTXH
<RFDVWDVXPDGUHSRGtDKDEHUUHFRQRFLGRDVXKLMRSRUVXV
SLHVKLQFKDGRVKDVWDODIHFKDQDGLHSDUHFHKDEHUREMHWDGRHO
KHFKRGHTXHD(GLSRVHOHFDUJDUDFRQWRGDODFXOSD>@

0LOOHUVLJXHREVHUYDQGRTXH©VLHPSUHVHKDGDGRSRUKHFKRTXH
ORVKLMRVVRQUHVSRQVDEOHVGHORTXHVHOHVKDFH\VHKDFRQVLGHUDGR
HVHQFLDO TXH FXDQGR ORV QLxRV FUHFHQ QR VHDQ FRQVFLHQWHV GH OD
YHUGDGHUDQDWXUDOH]DGHVXSDVDGR>@ª
(OIUDFDVDGRLQWHQWRGH/D\RGHPDWDUDVXKLMR(GLSRHYRFDORV
PLWRV JULHJRV GH ORV GLRVHV SDGUH GHO FLHOR TXH LQWHQWDURQ DFDEDU
FRQ VXV KLMRV (Q FDGD FDVR DO LJXDO TXH HQ OD WHRUtD SVLFRDQDOtWLFD
VREUH HO FRPSOHMR GH (GLSR HO SDGUH FUHH TXH HO VHU TXH DFDEDGH
FRQFHELURHOUHFLpQQDFLGRTXLHUHGHVKDFHUVHGHpO\SRUHVRWUDWD
DOEHEpFRPRVLIXHUDVXULYDO&URQRV\=HXVWHPtDQWHQHUKLMRVTXH
OHVKLFLHUDQORTXHHOORVKDEtDQKHFKRDVXVSDGUHV/D\RWHPtDTXH
VXKLMRIXHUDXQDJHQWHGHFDVWLJR(QODPLWRORJtDODUDFLRQDOL]DFLyQ
GHORVSDGUHVTXHLQWHQWDQPDWDUDVXVKLMRVVLHPSUHHV³GHELGRDOD
SURIHFtD´/DYHUVLyQSVLTXLiWULFDFRQWHPSRUiQHDVHUtD³GHELGRDXQD
LGHD SDUDQRLFD´ (Q OD SVLFRORJtD MXQJXLDQD VH IRUPXODUtD FRPR
³GHELGR D OD SUR\HFFLyQ GH OD VRPEUD´ TXH VXFHGH FXDQGR ODV
SHUVRQDV DWULEX\HQ D ORV GHPiV VXV SURSLDV HPRFLRQHV
PRWLYDFLRQHVRDFFLRQHVUHSULPLGDVRUHFKD]DGDV 
/DV SUR\HFFLRQHV \ ODV DFFLRQHV TXH VH RULJLQDQ GH ODV
SUR\HFFLRQHV GDQ IRUPD D ODV SHUVRQDV VREUH ODV TXH YDQ D UHFDHU
8Q QLxR TXH VHD WUDWDGR FRPR VL IXHUD PDOR \ TXH HV UHFKD]DGR
DEDQGRQDGR \ PDOWUDWDGR UHVSRQGH VLQWLpQGRVH FXOSDEOH 3LHQVD
©GHERPHUHFHUHVWHWUDWRª VXIULHQGRDVtGREOHPHQWHSULPHURSRUHO
PDOWUDWR\OXHJRSRUDVXPLUODFXOSD 
=HXV \ ORV UH\HV PRUWDOHV FRPR /D\R HUDQ JREHUQDQWHV
WHUULWRULDOHV VREUH ORV GHPiV &DGD XQR KDEtD FRQVROLGDGR VX SRGHU
VREUH XQD ]RQD \ VXV KDELWDQWHV \ JREHUQDGR FRQ UHDOH]D (VWD
IRUPD GH JRELHUQR \ GH YDORUHV LPSOtFLWRV VRQ SDWULDUFDOHV HV XQD
MHUDUTXtD GH KRPEUHV GH ORV FXDOHV FDGD XQR H[LVWH HQ XQ RUGHQ
HVWDEOHFLGRFRQ=HXVRGLRVHQODFLPDGHLGDGHVLQIHULRUHVGHEDMR
OXHJRORVUH\HVPRUWDOHVTXHUHPRQWDQVXVRUtJHQHVDDOJ~QGLRV\
GHVSXpV ORV OHDOHV YDVDOORV \ V~EGLWRV /DV JUDQGHV FRUSRUDFLRQHV
FRQHOSUHVLGHQWHGHODFRPSDxtD\ODMXQWDGLUHFWLYDHQODFLPDVRQ
ORVHTXLYDOHQWHVFRQWHPSRUiQHRVGH=HXV\ORVGLRVHVGHO2OLPSR
/DVIXHU]DVDUPDGDVIRUPDOL]DQWRGDYtDPiVODMHUDUTXtDFRPROR
KDFHODLJOHVLDFDWyOLFDURPDQD\ODPD\RUtDGHODIUDWHUQLGDGHV
0DGUHVVLQSRGHUHQODVIDPLOLDVSDWULDUFDOHV
7RGRV ORV GLRVHV GHO 2OLPSR LQFOXLGR =HXV WHQtDQ PDGUHV TXH
FDUHFtDQGHSRGHU\TXHHVWDEDQVXERUGLQDGDVDXQSDGUHSRGHURVR
\ D PHQXGR DJUHVLYR \ OD PD\RUtD WXYLHURQ HVSRVDV D ODV TXH
GRPLQDURQ /DV PXMHUHV ²WDQWR GLRVDV FRPR PRUWDOHV VDOYR UDUDV
H[FHSFLRQHV²WHPtDQDWUR]PHQWHVXVUHODFLRQHVFRQORVGLRVHV<VL
ODV PXMHUHV \ ODV PDGUHV HVWiQ GHVYDORUL]DGDV FDUHFHQ GH SRGHU \
VRQLQFDSDFHVGHSURWHJHUDVXVKLMRV HKLMDV VXVKLMRVVHVLHQWHQ
WUDLFLRQDGRV SRU HOODV 3XHVWR TXH OD PDGUH TXH OHV GD D OX] HV OD
SURYHHGRUDODQRGUL]DHOODVXSRQHODSULPHUDH[SHULHQFLDGHOPXQGR
SDUDXQUHFLpQQDFLGR\HQXQSULQFLSLRHVRVXSRQHSRGHU(OKHFKR
GH TXH HOOD GHVSXpV QR SXHGD SURWHJHUOH OH DEDQGRQH R OH
DQWHSRQJDDRWUDSHUVRQDVXSRQHXQDWUDLFLyQ\XQUHFKD]RSDUDHO
EHEp TXH pVWH GLULJLUi HQ VX FRQWUD R FRQWUD FXDOTXLHU PXMHU GH OD
TXH DOJXQD YH] SXHGD GHSHQGHU HPRFLRQDOPHQWH &RPR KRPEUH
DGXOWR SXHGH GHVFDUJDU FRQWUD RWUDV PXMHUHV OD LUD LPSRWHQWH TXH
VLQWLy GH SHTXHxR KDFLD VX SURSLD PDGUH (VWD FDGHQD GH
DFRQWHFLPLHQWRVD\XGDDH[SOLFDUXQRGHORVRUtJHQHVGHODKRVWLOLGDG
KDFLDODVPXMHUHVHQODVFXOWXUDVSDWULDUFDOHVGRQGHpVWDVJR]DQGH
UHODWLYDPHQWHSRFRSRGHU
3DUD FRPSOLFDU D~Q PiV ODV FRVDV FXDQGR ODV PXMHUHV VRQ
RSULPLGDV SRU KRPEUHV SRGHURVRV SRU VXV SDGUHV HVSRVRV R
KHUPDQRVRELHQSRUXQDFXOWXUDTXHODVOLPLWDVyORSRUHOKHFKRGH
VHU PXMHUHV DOJXQDV GH HOODV SUR\HFWDUiQ VX UHVHQWLPLHQWR D
PHQXGRLQFRQVFLHQWHPHQWH VREUHORVKRPEUHVTXHQRWLHQHQSRGHU
²VXV KLMRV SHTXHxRV² HVSHFLDOPHQWH FXDQGR HO QLxR HPSLH]D D
HPXODU D VX SDGUH R D H[SUHVDU VX SURSLD FDSDFLGDG LQQDWD GH
GHFLVLyQ\VXHVStULWXDOERURWDGRU(VWRSXHGHPDQLIHVWDUVHFRPRXQ
PDOWUDWR R UHFKD]R GLUHFWR R ELHQ D WUDYpV GHO VDUFDVPR \ OD
KXPLOODFLyQ /DV KHUPDQDV TXH VLHQWHQ HO SHVR GH XQ WUDWR LQMXVWR
WDPELpQ SXHGHQ FDVWLJDU D VXV KHUPDQRV GH XQ PRGR VLPLODU
PLHQWUDV pVWRV VHDQ SHTXHxRV R OR EDVWDQWH MyYHQHV (VWD UHDFFLyQ
HQ FDGHQD HV RWUD IXHQWH GH KRVWLOLGDG KDFLD ODV PXMHUHV TXH
DOEHUJDQPXFKRVKRPEUHVRULJLQDGDHQODLQIDQFLD\TXHGHVFDUJDQ
VREUHODVPXMHUHVFXDQGRVRQJUDQGHV\SRGHURVRV
(OKRJDUFRPRHOFDVWLOORGHXQKRPEUH
(QODFXOWXUDSDWULDUFDOFDGDKRPEUHPDQGDVREUHVXIDPLOLDFRQ
OD DXWRULGDG GH XQ UH\ GHQWUR GH VX SURSLR KRJDU /D GHUHFKD
FRQVHUYDGRUD \ ODV VHFWDV FULVWLDQDV IXQGDPHQWDOLVWDV H[SUHVDQ VX
KRVWLOLGDGFRQWUDODOHJLVODFLyQRORVVHUYLFLRVVRFLDOHVTXHVHJ~QHOORV
³SRQHQ HQ SHOLJUR ORV YDORUHV IDPLOLDUHV WUDGLFLRQDOHV´ TXH KDFHQ
TXHHVWDSRVLFLyQGHOKRPEUHFRPRDPR\VHxRUGHQWURGHVXSURSLR
KRJDUHVGHFLUHOPRGHORSDWULDUFDOVHWDPEDOHH(OSDWULDUFDGRHV
HO UHVSRQVDEOH GH OD RSRVLFLyQ ³WUDGLFLRQDO´ D TXH OD PXMHU WHQJD
SRWHVWDG VREUH VX SURSLR FXHUSR SURSLHGDGHV R FDSDFLGDG
UHSURGXFWLYD DVt FRPR GH OD RSRVLFLyQ D ORV KRJDUHV SDUD PXMHUHV
PDOWUDWDGDVTXHRIUHFHQXQUHIXJLRRXQPHGLRSDUDHVFDSDUGHORV
KRPEUHVDJUHVLYRV
8QSDGUHFHOHVWLDOTXHHVHOFUHDGRUGHXQDGLQDVWtDVHHQFDUJD
GHSODQLILFDUODFDUUHUDGHVXVKLMRVGHSUHSDUDUORVSDUDTXHDVXPDQ
HOOXJDUHQHOPXQGRTXHpOOHVKDDVLJQDGR&XDQGRXQKLMRHQFDUQD
ODVDPELFLRQHVGHVXSDGUHHQYH]GHGHVFXEULUORTXHpOUHDOPHQWH
TXLHUH KDFHU SXHGH TXH pVWH ³FRQVXPD´ VX YLGD /D VHQVDFLyQ GH
VHU FRQVXPLGR HV HVSHFLDOPHQWH LQWHQVD FXDQGR ODV WHQGHQFLDV GHO
KLMRGLILHUHQGHOSXHVWRTXHVXSDGUHHVSHUDTXHGHVHPSHxH
8Q HMHPSOR GH SDGUH FHOHVWLDO TXH VXSHUD OD UHDOLGDG OR
HQFRQWUDPRV HQ OD SROtWLFD GH ORV (VWDGRV 8QLGRV )XH HO FDVR GH
-RVHSK3.HQQHG\FX\DDPELFLyQSDUDVtPLVPRVHSRGUtDGHFLUTXH
FRQVXPLy D VXV KLMRV &RPR KLMR GH LQPLJUDQWHV .HQQHG\ VLQWLy OD
OODPDGDGHODSUHVXQFLyQVRFLDO6XDPELFLyQHUDVXELUKDVWDODFLPD
VL QR SRU Vt PLVPR D WUDYpV GH VXV KLMRV /D FRQVROLGDFLyQ GH OD
ULTXH]D\HOSRGHUGH.HQQHG\VXE~VTXHGDGHUHFRQRFLPLHQWR\VXV
DYHQWXUDVDPRURVDVKLFLHURQGHpOXQDYHUVLyQPRGHUQDGH=HXV(Q
SULPHUOXJDUVHHVSHUDEDTXH-RH.HQQHG\-USDUDTXLHQHOSDSHOGH
SROtWLFR H[WUDYHUWLGR SRGtD UHVXOWDU QDWXUDO VH SUHVHQWDUD SDUD
FDQGLGDWR D OD SUHVLGHQFLD GH ORV (VWDGRV 8QLGRV &XDQGR VX DYLyQ
IXHGHUULEDGR\pOPXULyHOVLJXLHQWHKLMR-RKQ).HQQHG\WXYRTXH
FXPSOLUHVWDIXQFLyQVLQWHQHUHQFXHQWDVXVWHQGHQFLDVSHUVRQDOHV
\GLILFXOWDGHVItVLFDV7UDVHODVHVLQDWRGH-).HOWHUFHUKLMR5REHUW
).HQQHG\SXVRVXYLGDHQMXHJR
/RVSDGUHVFHOHVWLDOHV\VXGHVFHQGHQFLD
DOHMDPLHQWR\FRPSHWLWLYLGDG
(OKHFKRGHTXHORVSDGUHVQRUHDFFLRQHQFRPRSDGUHVFRQVXV
KLMRV \ ORV YHDQ FRPR ULYDOHV QR VyOR VH SURGXFH HQ OD PLWRORJtD
JULHJD$OHVFXFKDUDPXFKRVKRPEUHVHQPLSUiFWLFDGHSVLTXLDWUtD
KH SRGLGR REVHUYDU OR KXpUIDQRV TXH VH VHQWtDQ SRU OR
HPRFLRQDOPHQWH GLVWDQWHV FUtWLFRV OR TXH OHV UHFKD]DEDQ OR
FHUUDGRVRLQFOXVRDJUHVLYRVTXHHUDQVXVSDGUHV7DPELpQKHYLVWR
FXiQWDWULVWH]DGRORUHLUDFUHyHVWRHQVXVKLMRV \IDPLOLDV \FyPR
HVWH SDWUyQ VH KD WUDQVPLWLGR D WUDYpV GH VXFHVLYDV JHQHUDFLRQHV
7DPELpQ KH RtGR KDEODU GH ODV LQWHQFLRQHV GH ORV SDGUHV GH HVWDU
PiVDELHUWRV\D\XGDU\GHORVPRPHQWRVHQTXHDSHVDUGHHVR
GHVDWDQXQDFDUJDGHDJUHVLYLGDGFRQWUDXQKLMR\OXHJRVHVLHQWHQ
FXOSDEOHV \ SHUSOHMRV DO FRPSUREDU FXiQWD LUD KD GHVSHUWDGR pO HQ
HOORV
(O GLVWDQFLDPLHQWR HQWUH SDGUH H KLMR HPSLH]D FRQ HO
UHVHQWLPLHQWR SDWHUQR R FRQ OD SHUFHSFLyQ GH YHU D VX KLMR FRPR
ULYDO TXH SXHGH VXUJLU LQFOXVR DQWHV GH TXH VX KLMR QD]FD (O
HPEDUD]R GH OD HVSRVD SXHGH DFWLYDU VHQWLPLHQWRV GH VX SURSLD
LQIDQFLD 3XHGH LQFOXVR WHQHU XQ EUHYH LGLOLR FRPR PHGLR SDUD
DKX\HQWDU OD GHSUHVLyQ R ORV VHQWLPLHQWRV GH LPSRWHQFLD 6X
SHUFHSFLyQ GH VX HVSRVD HQFLQWD SXHGH UHFUHDU UHFXHUGRV GH VX
PDGUH HPEDUD]DGD \ GHO GRORU TXH HO HPEDUD]R \ OD OOHJDGD GH XQ
QXHYRKHUPDQRVXSXVLHURQSDUDpO
$KRUD FRPR HVSRVR DQWHV FRPR KLMR  SDVD D VHU PHQRV
LPSRUWDQWH SDUD OD YLGD GH OD PXMHU QXWULGRUD \ PDWHUQDO &RQ HO
HPEDUD]R KD\ PHQRV GLVSRQLELOLGDG HOOD PLUD KDFLD GHQWUR R HVWi
FDQVDGD R QR SXHGH KDFHU ODV FRVDV TXH VROtD KDFHU FRQ pO (VWi
PiV DEVRUWD HQ Vt PLVPD \ PHQRV SHQGLHQWH GH pO SXHGH SHUGHU
LQWHUpV HQ HO VH[R TXH SDUD pO VXSRQtD VX SULQFLSDO DILUPDFLyQ \ HO
PHGLRPiVLPSRUWDQWHGHSUR[LPLGDG
/D UDELD OD KRVWLOLGDG \ OD ULYDOLGDG TXH VHQWtD FXDQGR HUD QLxR
SRU OD OOHJDGD GHO QXHYR EHEp TXH WXYR TXH UHSULPLU DKRUD VH
UHDYLYD HQ HO HPEDUD]R GH VX HVSRVD < FRPR QXHYR IXWXUR SDGUH
HVWRVPLVPRVVHQWLPLHQWRVVRQD~QPiVLQDFHSWDEOHV\SRUORWDQWR
VHKDQGHRFXOWDUFRPRDQWHV$OLJXDOTXHORVGLRVHVSDGUHVJULHJRV
WHPHVHUVXSODQWDGRSRUVXULYDO
/D OOHJDGD GH XQ KLMR VREUH WRGR OD GHO SULPHUR LQLFLD D XQ
KRPEUH HQ OD VLJXLHQWH HWDSD GH VX YLGD $ PXFKRV KRPEUHV OHV
DVXVWD OD SRVLELOLGDG GH UHVSRQVDELOL]DUVH GH XQD IDPLOLD VH KDFHQ
SUHJXQWDVUHVSHFWRDVXFDSDFLGDGFRPRSURYHHGRUVLVXHVWDELOLGDG
ODERUDO R XQ SRVLEOH DVFHQVR VRQ GXGRVRV /RV VHQWLPLHQWRV GH QR
VHQWLUVH DGHFXDGR SDUD VXSHUDU OD VLJXLHQWH SUXHED GH VX
PDVFXOLQLGDGSXHGHQFRQWULEXLUDORVPLHGRVLUUDFLRQDOHVGHTXHHVH
EHEpQRVHDVX\R
$GHPiV SXHGH WHQHU PLHGR D TXHGDUVH DWUDSDGR $QWHV VH
FRQVLGHUDEDTXHHOPDWULPRQLRHUDFRPROOHYDUJULOOHWHVSHURDKRUD
ODYLGDFRQ\XJDO\ORVKLMRVVRQGHFLVLRQHVVHSDUDGDV\HWDSDVGHOD
YLGD 7HQHU XQ KLMR PiV TXH HO PDWULPRQLR HQ Vt HV OR TXH ORV
KRPEUHVPiVWHPHQTXHOHVSXHGDDWUDSDU/DSDWHUQLGDGDPHQXGR
FRQOOHYDSHGLUXQSUpVWDPRFRQWUDWDUXQVHJXURGHYLGDVHUHO~QLFR
SURYHHGRU GXUDQWH XQ WLHPSR R D SDUWLU GH HQWRQFHV WHQHU TXH
FRQVHUYDU XQ WUDEDMR TXH QR OH VDWLVIDFH R KDFHU SOXULHPSOHR SDUD
SDJDUODVIDFWXUDV'HPRGRTXHPLHQWUDVRWURVGDQODHQKRUDEXHQD
D OD SDUHMD \ KDFHQ DOERURWR HQ WRUQR D OD PXMHU HPEDUD]DGD HO
HVSRVRSXHGHVHQWLUPLHGR\UHVHQWLPLHQWRHQOXJDUGHIHOLFLGDGSRU
ODOOHJDGDGHOEHEp
(QWRQFHVHOUHFLpQQDFLGRVHFRQYLHUWHHQHOFHQWURGHDWHQFLyQ
XQDYH]PiVSXHGHTXHUHSURGXFLHQGRH[SHULHQFLDVGRORURVDVGHOD
LQIDQFLDHQPXFKRVKRPEUHV6XHVSRVDHVDKRUDPiVODPDGUHGH
VX EHEp TXH VX PXMHU 7DO FRPR WHPtD HO EHEp OH KD VXVWLWXLGR DO
PHQRV WHPSRUDOPHQWH 'HVFXEULU ORV VHQWLPLHQWRV TXH WLHQHQ ORV
KRPEUHV D WUDYpV GH VX DQiOLVLV  UHYHOD TXH SXHGH TXH WHQJDQ
HQYLGLDGHODFDSDFLGDGGHVXHVSRVDGHWHQHUKLMRV\FRQFHGHUVHXQ
WLHPSR GH GHVFDQVR R TXH HQYLGLDQ OD DWHQFLyQ \ SUR[LPLGDG DO
FXHUSRGHODPDGUHGHOTXHJR]DHOEHEpHVSHFLDOPHQWHVLODSDUHMD
QR WLHQH UHODFLRQHV VH[XDOHV /RV VHQRV TXH pO DPDED DKRUD
³SHUWHQHFHQ´DVXKLMR<ODOOHJDGDGHOUHFLpQQDFLGRKDSXHVWRILQD
VXYLGDH[FOXVLYDFRPRSDUHMD
(Q XQD FXOWXUD SDWULDUFDO ORV EHEpV \ ORV SDGUHV QR WLHQHQ
PXFKDVRSRUWXQLGDGHVGHYLQFXODUVH³1XQFDKHWHQLGRTXHFDPELDU
XQSDxDO´VROtDVHUXQFRPHQWDULRTXHHQJHQHUDOHQRUJXOOHFtDDORV
KRPEUHV/RVKLMRV²ORVQLxRVHQSDUWLFXODU²HUDQODGHPRVWUDFLyQ
GHODPDVFXOLQLGDGGHVXSDGUH\XQPHGLRSDUDH[WHQGHUVXSRGHUR
KDFHUUHDOLGDGVXVDPELFLRQHVQRGLVIUXWDEDQGHPXFKDVDWLVIDFFLyQ
SHUVRQDOSRUSDUWHGHVXSDGUH'HVYLQFXODGRFRPRHVWDEDHOSDGUH
FHOHVWLDO GH ORV FXLGDGRV GH VX KLMR GH OD FDSDFLGDG GH FXLGDU GH
SUHRFXSDUVH SRU pO SXHGH TXH QXQFD VH OOHJDUD SURGXFLU XQD
FRQH[LyQHPRFLRQDOHQWUHDPERV
$ UDt] GH KDEHU KDEODGR FRQ XQD JHQHUDFLyQ GH KRPEUHV TXH
HVWXYLHURQ SUHVHQWHV \ SDUWLFLSDURQ HQ ODV KRUDV GHO SDUWR \ GHO
QDFLPLHQWRWHQJRODLPSUHVLyQGHTXHHQHVHPRPHQWRFRPLHQ]DXQ
SURIXQGR\DPRURVRYtQFXORFRQVXVKLMRV6LQHPEDUJRVLHVHOD]R
QR VH FUHD \ HO QXHYR SDGUH QR VLHQWH WHUQXUD QL LQVWLQWR GH
SURWHFFLyQKDFLDVXKLMR\VXHVSRVDHVSUREDEOHTXHHVWpIXULRVR\
UHVHQWLGRGHELGRDTXHH[SHULPHQWDHOHPEDUD]RGHVXHVSRVD\HO
QDFLPLHQWRGHVXKLMRFRPRXQDVHULHGHSULYDFLRQHV/DUDELDKDFLD
HO³HQWURPHWLGR´HVSHFLDOPHQWHVLVHWUDWDGHXQQLxR\ODLUDFRQWUD
VX HVSRVD TXH OH KD ³DEDQGRQDGR´ SRU XQ EHEp VRQ VHQWLPLHQWRV
TXH TXL]iV QL WDQ VLTXLHUD OOHJXHQ D DOFDQ]DU HO SODQR FRQVFLHQWH
&XDQGR HQ OD WHUDSLD VH GHVYHODQ HVWRV VHQWLPLHQWRV GH FyOHUDSRU
ORJHQHUDOVXHOHQHQFXEULUPLHGRVD~QPiVSURIXQGRVDODEDQGRQR\
DVHQWLUVHLQVLJQLILFDQWH
3XHGH HQWRQFHV TXH XQ SDGUH LQIOLMD FDVWLJR FRUSRUDO YHUEDO R
ULGLFXOLFH D VXV KLMRV YDURQHV HQ QRPEUH GH OD GLVFLSOLQD R GH
³D\XGDU D TXH ORV QLxRV VH KDJDQ KRPEUHV´ 3XHGH TXH EXVTXH OD
OXFKD HQ WRGRV ORV MXHJRV SDUD SHJDU D VX KLMR (VRV MXHJRV TXH
HPSLH]DQ FRQ ULVDV \ DFDEDQ VLHPSUH FRQ XQ QLxR OORUDQGR TXH
DGHPiV HV KXPLOODGR SRU OORUDU (O QLxR GH FXDWUR D VHLV DxRV TXH
GLFH ©QR TXLHUR TXH SDSi YXHOYD D FDVDª SXHGH WHQHU YHUGDGHUR
PLHGR D OD FRPSHWLWLYLGDG \ OD LUD GH VX SDGUH \ QR HVWDU VyOR
YHULILFDQGRODWHRUtDGH(GLSR
(OKLMRTXHSXHGHOOHJDUDVXVWLWXLUDVXSDGUHHQHODIHFWRGHVX
PDGUH \ FRVHFKDU HO IUXWR GH ORV FHORV SDWHUQRV OOHJDUi D WHQHU
SRGHU FRPR DGXOWR D PHGLGD TXH HO SRGHU GH VX SDGUH VH YD\D
UHGXFLHQGR$OLJXDOTXHODPLWRORJtDGHORVGLRVHVSDGUHFHOHVWLDOHV
JULHJRVDPHQRVTXHVXKLMRVHDDQXODGRGHDOJXQDPDQHUDDOJ~Q
GtDpVWHVHHQFRQWUDUiHQXQDSRVLFLyQTXHSXHGDGHVDILDUHOSRGHU
GHVXSDGUH\GHUURWDUVXDXWRULGDG
/DVGRFWULQDVGHOSHFDGRRULJLQDO\ODLQVLVWHQFLDGHOSVLFRDQiOLVLV
HQTXHWRGRVORVKLMRVTXLHUHQPDWDUDVXVSDGUHV\FDVDUVHFRQVXV
PDGUHV VRQ WHRUtDV TXH MXVWLILFDQ OD KRVWLOLGDG TXH ORV SDGUHV
FHOHVWLDOHV UHVHQWLGRV GHPXHVWUDQ FRQ VXV KLMRV /D ³QHFHVLGDG GH´
GLVFLSOLQDVHYHDSR\DGDSRUUHIUDQHVFRPR³TXLHQELHQWHTXLHUDWH
KDUiOORUDU´
/RV KLMRV VH YXHOYHQ SULPHUR GHVFRQILDGRV OXHJR WHPHURVRV
GHVSXpV KRVWLOHV KDFLD ORV SDGUHV TXH ORV YHQ FRPR PDORV R
PDOFULDGRV GHVGH TXH VRQ XQRV EHEpV \ OHV WUDWDQ FRPR WDOHV 6LQ
HPEDUJRHVWRQRVXFHGHDVtFXDQGRHOSDGUHGDGHFRPHUDVXKLMR
MXHJD FRQ pO OH KDFH GH PHQWRU \ VXSRQH XQ PRGHOR SRVLWLYR SDUD
pO (QWRQFHV HO KLMR SXHGH LQFOXVR VHQWLUVH PiV SUy[LPR D VX SDGUH
TXHDVXPDGUHRXQDVYHFHVSUHIHULUHVWDUFRQODPDGUH\RWUDVFRQ
HOSDGUH
 (QPXFKDVRFDVLRQHVXQQLxRWLHQHXQSDGUHFHOHVWLDOGLVWDQWHQR
DJUHVLYR VLQR TXH WDQ VyOR HVWi DXVHQWH VHQWLPHQWDO \ ItVLFDPHQWH
(VWD H[SHULHQFLD SDWHUQD HV EDVWDQWH FRP~Q HQWUH PLV SDFLHQWHV
PDVFXOLQRVTXHPHKDEODQGHLQIDQFLDVHQODVTXHHOKLMRDQKHODED
OD DWHQFLyQ \ DSUREDFLyQ GH VX GLVWDQWH SDGUH PiV TXH VHU KRVWLO
FRPR LPSOLFD OD WHRUtD GH (GLSR  (Q VXV LQIDQFLDV HVWRV KLMRV QR
WXYLHURQDVXVSDGUHVTXHWDQWRKDEtDQLGHDOL]DGR
0LHQWUDV XQ KLMR HVSHUH TXH VX SDGUH OH SUHVWH DWHQFLyQ \ OR
UHLYLQGLTXH FRPR VX\R ORV VHQWLPLHQWRV SUHGRPLQDQWHV VHUiQ HO
DQKHOR \ OD WULVWH]D /D LUD KDFLD HO SDGUH OOHJD GHVSXpV FXDQGR HO
KLMRDEDQGRQDVXVHVSHUDQ]DV\H[SHFWDWLYDVGHVHUDFRJLGRSRUVX
SDGUHFXDQGRDEDQGRQDHOGHVHRGHTXHVXSDGUHOHDPH(OHQRMR
WDPELpQSXHGHVXUJLUGHODGHVLOXVLyQVLHOSDGUHGLVWDQWHUHVXOWDQR
HVWDUDODDOWXUDGHVXLGHDOL]DFLyQ
/DUHODFLyQHQWUHORVSDGUHVFHOHVWLDOHVHPRFLRQDOPHQWHGLVWDQWHV
GH VXV KLMRV DGROHVFHQWHV \ DGXOWRV VXHOH DGRSWDU XQD FXDOLGDG GH
UXWLQD R LQFOXVR ULWXDOLVWD &XDQGR SDGUH H KLMR HVWiQ MXQWRVWLHQHQ
XQDFRQYHUVDFLyQSUHGHFLEOHXQDVHULHGHSUHJXQWDV\UHVSXHVWDVHQ
ODV TXH QLQJXQD GH HOODV GHODWD DOJR YHUGDGHUDPHQWH SHUVRQDO
TXL]iV HPSH]DQGR SRU XQ ³¢FyPR WH YD"´ 9LVWD SVLFROyJLFDPHQWH
VHPHMDQWHUHODFLyQHQWUHXQSDGUHFHOHVWLDO\VXKLMRDGRSWDODIRUPD
GH XQ GLVWDQFLDPLHQWR DSDUHQWHPHQWH FRQIRUWDEOH 6LQ HPEDUJR OD
GHFHSFLyQSXHGHKDOODUVHMXVWRGHEDMRGHODVXSHUILFLH
7DPELpQ SXHGH VXUJLU OD KRVWLOLGDG GLUHFWD FXDQGR HO KLMR VLHQWH
TXH OR ~QLFR TXH VLJQLILFD SDUD VX SDGUH HV XQD H[WHQVLyQ GH VX
RUJXOOR &XDQGR HO KLMR SHUFLEH TXH VX SDGUH QR VH SUHRFXSD GH pO
FRPR SHUVRQD \ VLQ HPEDUJR DODUGHD GH VXV ORJURV HO
GLVWDQFLDPLHQWR DXPHQWD /RV KLMRV DWOpWLFRV VRQ HVSHFLDOPHQWH
VXVFHSWLEOHVGHVHQWLUVHXWLOL]DGRVGHHVWHPRGR
%UXFH2JLOYLHSVLFyORJR\DXWRUGH 3UREOHP$WKOHWHVTXHIXHHO
SULPHU H[SHUWR HQ HO FDPSR GH OD SVLFRORJtD GH ORV GHSRUWHV
GHVFULEH D XQ MRYHQ TXH IXH D YHUOH TXH KDEtD VLGR XQ H[FHOHQWH
FDWFKHU\XQQ~PHURXQRHQSRWHQFLDTXHSUREyVXHUWHHQODVOLJDV
SURIHVLRQDOHV \ FX\D DFWXDFLyQ VH YLR IUXVWUDGD FXDQGR IXH
H[DPLQDGRSRUORVSULQFLSDOHVHQWUHQDGRUHVGHODOLJD

+DEtDVDOLGRDUHFRJHUSDUDPRVWUDUVXVKDELOLGDGHVDORV
HQWUHQDGRUHV FXDQGR GH SURQWR GHMy HVFDSDU GLH] SHORWDV
VHJXLGDV R PiV <R GLMH ©8Q PRPHQWR TXLHUR TXH UHYLYDV
WRGD OD H[SHULHQFLD FRQPLJRǻ DVt TXH SURVLJXLy
GHVFULELHQGRFDGDSHORWDTXHSDUDEDFRQp[LWRKDVWDTXHPH
GLMR ©£-HV~V VL HV HVH KLMR GH SHUUD £$Kt HVWi PL SDGUH
ILVJDQGR HQ ODV JUDGDV GH OD GHUHFKDª 6X SDGUH QXQFD VH
KDEtD UHODFLRQDGR FRQ pO VDOYR HQ OR TXH UHVSHFWDED D VX
UHQGLPLHQWR HQ HO GHSRUWH &XDQGR KXELPRV WHUPLQDGR GH
UHYLYLUODVLWXDFLyQSXGRYHUTXHVLDOFDQ]DEDVXVDPELFLRQHV
WDPELpQKDEUtDVDWLVIHFKRODVQHFHVLGDGHVGHVXSDGUH\HVR
pO QR SRGtD VRSRUWDUOR 3RGUtD H[SOLFDU PLOHV GH KLVWRULDV
VLPLODUHV 7HQJR XQD KLVWRULD GH SDGUH SDUD FDGD XQD GH ODV
FLXGDGHVDPHULFDQDV>@

$HVWHDWOHWDHQSDUWLFXODUOHLPSRUWDEDTXHVXDFWXDFLyQIXHUDOR
~QLFRTXHOHLQWHUHVDEDGHpODVXSDGUH\QRSRGtDVRSRUWDUODLGHD
GHVDWLVIDFHUODVDPELFLRQHVRODQHFHVLGDGGHJORULDUHIOHMDGDGHVX
SDGUH eVWH HV HO SDSHO TXH ORV KLMRV HVSHFLDOPHQWH ORV SULPHURV
KDQ GH GHVHPSHxDU \ OD UD]yQ SRU OD TXH VRQ WDQ YDOLRVRV FXDQGR
QDFHQ PiV TXH ODV KLMDV  (O RUJXOORVR SDGUH UHSDUWLHQGR SXURV
DQXQFLDTXHDKRUDWLHQHXQ³KLMR\XQKHUHGHUR´TXHVHHVSHUDTXH
OOHYH VX QRPEUH \ VXV DPELFLRQHV  \ TXH SRU HO PHUR KHFKR GH
KDEHU QDFLGR YDUyQ SUXHEH OD PDVFXOLQLGDG GH VX SDGUH (O PHUR
QDFLPLHQWRGHXQYDUyQHQXQSDWULDUFDGRVDWLVIDFHODQHFHVLGDGGHO
SDGUH GH WHQHU XQ KLMR /XHJR YLHQH OD QHFHVLGDG GH TXH HVH KLMR
FXPSOD FRQ OR TXH VX SDGUH HVSHUD GH pO HQ OXJDU GH TXH pVWH
YHQJD DO PXQGR FRQ VXV GRQHV \ WDOHQWRV SDUWLFXODUHV FRQ VXV
QHFHVLGDGHV HPRFLRQDOHV FRQ VXV GHIHFWRV \ UDVJRV GH OD
SHUVRQDOLGDG\SRVLEOHPHQWHLQFOXVRFRQXQSURSyVLWRSHUVRQDOTXH
FXPSOLU
(OVDFULILFLRGHORVKLMRV
$GHPiV GH OD PLWRORJtD JULHJD TXH FRQ SHTXHxRV FDPELRV VH
WUDQVIRUPyHQPLWRORJtDURPDQDHO$QWLJXR\HO1XHYR7HVWDPHQWR
VRQ ODV SULQFLSDOHV IXHQWHV GH OD KLVWRULD IDPLOLDU HQ OD FLYLOL]DFLyQ
RFFLGHQWDO ([LVWHQ PXFKRV SDUDOHOLVPRV HQWUH DPERV /RV
LQGRHXURSHRVTXHLQYDGLHURQODSHQtQVXODJULHJD\ORVLVUDHOLWDVTXH
SURFHGtDQGH(JLSWRHQGLUHFFLyQKDFLDVXWLHUUDSURPHWLGDOOHJDURQ
DPERV FRPR LQYDVRUHV H LQPLJUDQWHV D XQD ]RQD TXH \D HVWDED
SREODGD \ HQ GRQGH OR QRUPDO HUD OD DGRUDFLyQ D OD GLRVD $PERV
SXHEORV LQYDVRUHV WHQtDQ GLRVHV SDGUH FHOHVWLDOHV FRQ FXDOLGDGHV
JXHUUHUDVTXHJREHUQDEDQGHVGHDUULED\VHFRPXQLFDEDQGHVGHODV
PRQWDxDV < HQ DPERV KD\ XQD HYROXFLyQ HQ OD ILJXUD GHO GLRV
FHOHVWLDOXQFDPELRGHVGHVHUPHQRVKRVWLOFRQVXVKLMRVDVHUPiV
SDWHUQDO(QODPLWRORJtDJULHJDHOFDPELRWXYROXJDUDWUDYpVGHXQD
VHULH GH GLRVHV SDGUH FHOHVWLDOHV FRQ =HXV FRPR ILJXUD FHQWUDO
$XQTXH HO GLRV GH OD %LEOLD HV FRQVLGHUDGR FRPR XQD VROD HQWLGDG
UHFLEH YDULRV QRPEUHV <DKYHK \ (ORKLP HQ HO OHQJXDMH RULJLQDO GHO
$QWLJXR7HVWDPHQWR&RQHOSDVRGHOWLHPSRHOGLRVFHOHVWLDOEtEOLFR
FDPELy\VHYROYLyPHQRVSXQLWLYR\PiVFRODERUDGRUFRQVXV³KLMRV´
KXPDQRV
&RQWHPSODGDV FRPR KLVWRULDV IDPLOLDUHV \ YLVWDV GHVGH XQD
SHUVSHFWLYD SVLFROyJLFD ORV SDUDOHOLVPRV FRQWLQ~DQ /RV WHPDV
JULHJRV GHO SDGUH FHOHVWLDO TXH VH VLHQWH DPHQD]DGR SRU HO
QDFLPLHQWRRHOFUHFLPLHQWRGHVXVKLMRVVXLQWHQWRGHHQJXOOLUORVR
GH PDQWHQHUORV FRQWURODGRV GHQWUR GH VXV OtPLWHV \ OD KRVWLOLGDG
KDFLDHOORVWDPELpQHVWiQSUHVHQWHVHQOD%LEOLDDXQTXHGLVIUD]DGRV
EDMRDVSHFWRVGHREHGLHQFLD\VDFULILFLR
3DUDFXPSOLUODYROXQWDGGHOGLRVFHOHVWLDOVHKDGHVDFULILFDUDORV
KLMRV $Vt <DKYHK SUREy D $EUDKDP RUGHQiQGROH TXH RIUHFLHUD D VX
~QLFR KLMR ,VDDF D TXLHQ WDQWR DPDED SDUD TXH OR RIUHFLHUD HQ
KRORFDXVWRVREUHXQDPRQWDxD(OKHFKRGHTXHHVWXYLHUDGLVSXHVWR
D PDWDU D VX KLMR VLJQLILFDED TXH KDEtD SDVDGR OD SUXHED $Vt
PLVPR $JDPHQyQ FXDQGR GLULJLy D ORV JXHUUHURV JULHJRV FRQWUD
7UR\D GHVFXEULy TXH VXV EDUFRV HVWDEDQ LQPyYLOHV HQ XQ PDU GH
FDOPD FKLFKD HQ ÈXOLGH 3DUD FRQVHJXLU %XHQRV YLHQWRV WHQtD TXH
VDFULILFDUDVXKLMD,ILJHQLDDORFXDOWXYRTXHDFFHGHU 
$XQTXH ORV QLxRV FRQWHPSRUiQHRV QR VH VDFULILFDQ OLWHUDOPHQWH
HQ HO DOWDU SDUD TXH VXV SDGUHV SXHGDQ SDVDU VXV SUXHEDV \ WHQHU
p[LWRORVKLMRVVRQPHWDIyULFDPHQWHRIUHFLGRVFRPRVDFULILFLRV(VWR
VH FRQILUPD HQ GLIHUHQWHV SODQRV SVLFROyJLFRV ORV KRPEUHV TXH
WLHQHQ p[LWR VXHOHQ VHU SDGUHV DXVHQWHV GH ODV YLGDV GH VXV KLMRV
HPRFLRQDO \ FRQ IUHFXHQFLD WDPELpQ ItVLFDPHQWH 6DFULILFDQ OD
SRVLELOLGDG GH HVWDU FHUFD GH VXV KLMRV GH VXV WUDEDMRV GH VXV
IXQFLRQHV<WDPELpQVDFULILFDQDVXSURSLR³QLxRLQWHULRU´HVDSDUWH
MXJXHWRQDHVSRQWiQHDFRQILDGD\HPRWLYDGHHOORVPLVPRV
/D FXOWXUD SDWULDUFDO HV KRVWLO FRQ OD LQRFHQFLD PHQRVSUHFLD ODV
FXDOLGDGHV LQIDQWLOHV \ UHFRPSHQVD D ORV KRPEUHV SRU VX KDELOLGDG
GHVHUFRPR$EUDKDP$JDPHQyQ\'DUWK9DGHUTXHDQWHSRQHQOD
REHGLHQFLDDXQDDXWRULGDGVXSHULRU\ODDPELFLyQ RODREHGLHQFLDD
XQGLRVH[LJHQWH SRUHQFLPDGHODPRU\ODSUHRFXSDFLyQSRUXQKLMR

,VDDFHOVDFULILFLRGHOKLMR
$OSDWULDUFDGHO$QWLJXR7HVWDPHQWR$EUDKDPVHOHPDQGyTXH
IXHUD D OD WLHUUD GH 0RULi \ DOOt HQ XQ PRQWH GHEtD VDFULILFDU D VX
KLMR ,VDDF HQ XQD KRJXHUD SDUD RIUHFpUVHOR D 'LRV 3LHQVR HQ HO
MRYHQ ,VDDF H LPDJLQR TXH HVWDUtD HQFDQWDGR GH DFRPSDxDU D VX
SDGUHHQHVHYLDMHLJQRUDQGRVXSURSyVLWR$ORVWUHVGtDVOOHJDURQD
VX GHVWLQR $OOt ,VDDF UHFRJLy OHxD JXVWRVR \ D\XGDED D $EUDKDP D
SUHSDUDU HO DOWDU FXDQGR SHUSOHMR OH SUHJXQWy ©0LUD \D HVWi HO
IXHJR\ODOHxDSHUR¢GyQGHHVWiHOFRUGHURSDUDHOKRORFDXVWR"ª$
OR FXDO VX SDGUH UHVSRQGLy ©'LRV SURYHHUi GH FRUGHUR SDUD HO
KRORFDXVWRKLMRPtR>@ª
,PDJLQRTXH,VDDFDFHSWyHVWDUHVSXHVWD\VHSUHJXQWDEDFyPR
\FXiQGRVHPDWHULDOL]DUtDHOFRUGHUR¢&XiQGRPHSUHJXQWy\RVH
GDUtD FXHQWD HO PXFKDFKR GH TXH VX SDGUH LED D VDFULILFDUOH D pO"
¢)XH FXDQGR $EUDKDP OH DWy" ¢)XH FXDQGR SRVWUy D ,VDDF VREUH HO
DOWDU VREUH OD OHxD" ¢2 IXH VyOR FXDQGR $EUDKDP WRPy HO FXFKLOOR
SDUDGHJROODUOH"3XHGRLPDJLQDUTXHFXDQGRLQWX\yTXHHUDpOTXLHQ
LED D VHU VDFULILFDGR QR VH OR SRGtD FUHHU WXYR PLHGR \ VH VLQWLy
WUDLFLRQDGR4XL]iV$EUDKDPOHH[SOLFyTXHHVWDEDREHGHFLHQGRDXQ
GLRV TXH H[LJtD OD PXHUWH GH VX ~QLFR KLMR HVR KDEUtD D\XGDGR D
$EUDKDPDMXVWLILFDUORTXHHVWDEDDSXQWRGHKDFHUSHURGXGRTXH
HVRKXELHUDUHFRQIRUWDGRD,VDDF/R~QLFRTXHVDEtDHUDTXHFRQVX
SDGUHQRHVWDEDVHJXURpVWHHVWDEDDSXQWRGHPDWDUOH
(QWRQFHV HO 6HxRU OODPy D $EUDKDP \ OH GLMR ©£$EUDKDP
$EUDKDP 1R H[WLHQGDV WX PDQR VREUH HO PXFKDFKR QL OH KDJDV
QDGDSXHV\DYHRTXHWHPHVD'LRVSXHVQRPHUHKXVDVWHWXKLMR
WX ~QLFR KLMR>@ª < HQWRQFHV $EUDKDP PLUy KDFLD HO FLHOR \ YLR XQ
FDUQHUR WUDEDGR HQ XQD PDWD SRU VXV FXHUQRV \ OR RIUHFLy HQ
KRORFDXVWRHQOXJDUGHVXKLMR
$EUDKDP IXH HQWRQFHV EHQGHFLGR SRU 'LRV SRUTXH HVWDED
GLVSXHVWR D PDWDU D VX KLMR ©3RU FXDQWR KDV KHFKR HVWR \ QR PH
KDV UHKXVDGR D WX KLMR WX ~QLFR KLMR WH OOHQDUp GH EHQGLFLRQHV \
PXOWLSOLFDUp DEXQGRVDPHQWH WX GHVFHQGHQFLD FRPR ODV HVWUHOODV GHO
FLHOR\ODDUHQDTXHKD\HQODRULOODGHOPDU>@ª

,ILJHQLDHOVDFULILFLRGHODKLMD
2WUD KLVWRULD GH p[LWR TXH GHSHQGH GH OD YROXQWDG GHO SDGUH GH
VDFULILFDUDVXVYiVWDJRVHVODTXHVHQDUUDHQOD ,OtDGD(VWDYH]HO
SDGUH HUD HO UH\ $JDPHQyQ FRPDQGDQWH HQ MHIH GH ORV HMpUFLWRV
JULHJRV HQ OD JXHUUD GH 7UR\D $JUXSy XQ HMpUFLWR VH SUHSDUy SDUD
]DUSDU FRQ XQD LQPHQVD IORWD KDFLD 7UR\D 3HUR QR KDEtD EXHQRV
YLHQWRV \ FRQ ORV EDUFRV SDUDGRV ORV KRPEUHV VH LEDQ SRQLHQGR
QHUYLRVRV /D JORULD HO ERWtQ \ HO SRGHU TXH VHUtDQ VX\RV VL VXV
WURSDV FRQTXLVWDEDQ 7UR\D VH SHUGHUtDQ D PHQRV TXH KXELHUD
YLHQWRV
$JDPHQyQFRQVXOWyDXQYLGHQWHTXHOHGLMRTXHVLVDFULILFDEDD
VXKHUPRVDHLQRFHQWHKLMD,ILJHQLDORVYLHQWRVVRSODUtDQGHQXHYR\
VXIORWDSRGUtDSDUWLUKDFLD7UR\D
$JDPHQyQHQWRQFHVPDQGyXQPHQVDMHDVXHVSRVDGLFLpQGROH
TXH OH PDQGDUD D ,ILJHQLD SDUD FDVDUOD FRQ $TXLOHV KLMR GHO UH\
3HOHR \ GH OD GLRVD GHO PDU 7HWLV \ HO PiV YHQHUDGR GH WRGRV ORV
KpURHV JULHJRV 3XHGHQ LPDJLQDUVH HO HQWXVLDVPR DO RtU ODV QRWLFLDV
GH HVWD XQLyQ \ FyPR VH GHVSOD]y OD MRYHQ YLUJHQ KDVWD HO
FDPSDPHQWR GH VX SDGUH FRQ VX HTXLSDMH FDUJDGR GH KHUPRVRV
YHVWLGRV \ REMHWRV FRQ VX PHQWH OOHQD GH SHQVDPLHQWRV DFHUFD GH
VXVXSXHVWRSURPHWLGRPLHQWUDVLPDJLQDEDHOGtDGHVXERGD
¢(Q TXp PRPHQWR VH GLR FXHQWD ,ILJHQLD GH TXH DOJR QR LED
ELHQ" ¢&XiQWR WLHPSR OH KL]R FUHHU VX SDGUH TXH LED D FDVDUVH"
¢&XiQGR VH HQWHUy GH TXH OD KDEtD KHFKR YHQLU SDUD VDFULILFDUOD"
¢/OHYDED \D SXHVWR VX WUDMH GH QRYLD" ¢6H GLULJLy KDFLD HO OXJDU
GRQGHLEDDVHUVDFULILFDGDFUH\HQGRTXHHUDHOOXJDUGRQGHVHLEDD
UHDOL]DUODFHUHPRQLDQXSFLDO"(QDOJ~QPRPHQWRGHELyGDUVHFXHQWD
GH TXH VX SDGUH OD KDEtD HQJDxDGR \ GH TXH OD PXHUWH OD HVWDED
HVSHUDQGR &XDQGR VH HQWHUy GH OR TXH OH LED D SDVDU VH GHELy
KDEHUVHQWLGRWUDLFLRQDGDDEDQGRQDGD\DWHPRUL]DGD
$JDPHQyQ OD RIUHFLy HQ VDFULILFLR \ ORV YLHQWRV UHJUHVDURQ VX
IORWD]DUSyKDFLD7UR\DSDUDOLEUDUXQDOXFKDTXHGXUDUtDGLH]DxRV
(Q RWUD YHUVLyQ GH OD KLVWRULD ,ILJHQLD IXH VDOYDGD SRU OD GLRVD
$UWHPLVDTXHHQHO~OWLPRPRPHQWRODVXEVWLWX\ySRUXQDFLHUYD
$JDPHQyQIXHSXHVRWURSDGUHUHFRPSHQVDGRSRUVXYROXQWDG
GHVDFULILFDUDVXKLMD6LORREVHUYDPRVEDMRHOSULVPDSVLFROyJLFRHO
SDGUH TXH YLROD OD FRQILDQ]D GH XQD KLMD \ DFDED FRQ VX LQRFHQFLD
GHVWUX\H HVD PLVPD SDUWH GHQWUR GH Vt PLVPR 6LPEyOLFDPHQWH OD
KLMDSXHGHUHSUHVHQWDUHOiQLPDGHVXSDGUH WpUPLQRGHVFULSWLYRGH
-XQJ SDUD HO DVSHFWR IHPHQLQR GH XQ KRPEUH  DO LJXDO TXH SXHGH
KDFHUOR VX HVSRVD TXH UHSUHVHQWD VX RWUD PLWDG D OD TXH
FRORTXLDOPHQWHVHKDFHUHIHUHQFLDFRPRVX³PHMRUPLWDG´ DODTXH
HQ HVWDV KLVWRULDV QR VH FRQVXOWD R HV HQJDxDGD \ FDUHFH GH SRGHU
SDUDGHIHQGHUDVXKLMRRKLMD
'XGR TXH $EUDKDP OH GLMHUD D 6DUD TXH VH GHVSLGLHUD SDUD
VLHPSUH GH VX KLMR ,VDDF FXDQGR SDUWtDQ KDFLD 0RULi 'XGR TXH
$EUDKDPOHGLMHUDTXHSHQVDEDREHGHFHUD'LRV\VDFULILFDUD,VDDF
HQ XQ KRORFDXVWR 'H KDEHU VDELGR VX PDGUH OR TXH LED D SDVDU
VXSRQHPRVTXHKDEUtDLQWHQWDGRGHWHQHUOH6LHOODKXELHUDWHQLGRHO
SRGHUGHHYLWDUOR,VDDFVHKDEUtDTXHGDGRHQFDVD/RPLVPRKDEUtD
VXFHGLGR FRQ ,ILJHQLD VL VX PDGUH KXELHUD VDELGR OR TXH SUHWHQGtD
$JDPHQyQ FXDQGR PDQGy OODPDU D VX KLMD D ÈXOLGH EDMR IDOVDV
H[FXVDV
3DUD VHU XQ VROGDGR R XQ FRPDQGDQWH HQ MHIH GHVSLDGDGR R
LQFOXVR XQ HMHFXWLYR PRGHUQR R XQ HPSUHVDULR XQ KRPEUH R XQD
PXMHU TXH DKRUD WDPELpQ SXHGH GHVHPSHxDU HVH SDSHO
JHQHUDOPHQWH KD GH HVWDU GLVSXHVWR D PDWDU R D UHSULPLU VXV
VHQWLPLHQWRVPiVWLHUQRVDDQWHSRQHUVXE~VTXHGDGHDSUREDFLyQR
GH p[LWR HQ HO PXQGR D VXV YtQFXORV IDPLOLDUHV (Q HO FDPSDPHQWR
PLOLWDU R HQ HO HTXLYDOHQWH FRQWHPSRUiQHR GHO PXQGR FRPHUFLDO QR
KD\OXJDUSDUDODYXOQHUDELOLGDGODWHUQXUD\ODLQRFHQFLD7DPSRFR
KD\OXJDUSDUDODHPSDWtDQLODFRPSDVLyQSRUORVHQHPLJRVHQXQ
HQWRUQRGH³PDWDRWHPDWDUiQ´RSDUDFRPSHWLGRUHV\ULYDOHVHQORV
TXH XQR JDQD \ HO RWUR SLHUGH (VWRV DWULEXWRV VRQ YLVWRV FRPR
GHELOLGDGHVTXHVHKDQGHVDFULILFDU
/RVPLWRVTXHQDUUDQODVKLVWRULDVGHORVKRPEUHVTXHHVWXYLHURQ
GLVSXHVWRV D DFDEDU FRQ VXV KLMRV \ FyPR IXHURQ UHFRPSHQVDGRV
VRQ FRPHQWDULRV PX\ VLJQLILFDWLYRV1RVKDEODQGHORTXHVHYDORUD
HQ XQD FXOWXUD SDWULDUFDO KDV GH REHGHFHU D OD DXWRULGDG \ KDV GH
KDFHUORTXHQHFHVLWDVSDUDFRQVHUYDUODDXWRULGDGTXH\DWLHQHV
(VWH VLVWHPD GH YDORUHV WLHQH FRQVHFXHQFLDV QHJDWLYDV GLUHFWDV
HQ OD UHODFLyQ HQWUH SDGUHV H KLMRV /RV SDGUHV DXWRULWDULRV
UHDFFLRQDQ FRQ LUD DQWH OR TXH SHUFLEHQ FRPR LQVXERUGLQDFLyQ \
GHVREHGLHQFLD FDVWLJDQGR D VXV KLMRV H KLMDV  SRU QR KDFHU SRU OD
FDXVDTXHVHDORTXHHOORVOHVKDQGLFKRRORTXHHOORVHVSHUDEDQ
/D QHFHVLGDG GH PDQWHQHU XQD SRVWXUD GH DXWRULGDG FRQWULEX\H
HQ HO ³SHRU GH ORV FDVRV´ D VLWXDFLRQHV GH SDGUHV DJUHVLYRV 8Q
KRPEUH SXHGH HQWRQFHV HQIXUHFHUVH FRQ XQ EHEp TXH QR GHMD GH
OORUDURFRQXQQLxRGHGRVDxRVTXHD~QVHHQFXHQWUDHQXQDHWDSD
GH GHVDUUROOR PX\ LQFLSLHQWH \ SHUFLELUOR FRPR XQ LQVXERUGLQDGR R
TXHVHHVWiULHQGRGHVXDXWRULGDG \QRHVSRUFDVXDOLGDGTXHHVWH
KHFKRWDPELpQOHKDJDVHQWLUVXSURSLDLPSRWHQFLDSDUDFRQWURODUOR
TXHVXFHGH (VWDUHDFFLyQVHFRQVLGHUDSDUDQRLFD(OSDGUHQRYHD
VX SURSLR KLMR FRPR XQ QLxR TXH HVWi PDQLIHVWiQGRVH WDO FRPR HV
TXHHVWiKDFLHQGRORTXHKDFHQORVEHEpV\ORVQLxRVGHHVDHGDG
VLQRTXHUHDFFLRQDDORTXHHVWiSHUFLELHQGR\DEXVDGHOQLxR
/R PiV IUHFXHQWH HV TXH HO QLxR LQFLWH OD FyOHUD GH XQ SDGUH
DXWRULWDULR FXDQGR VH KDFH PD\RU 3XHGH TXH QR KDJD OR TXH VH OH
KDGLFKRFXHVWLRQDUVHODVFRVDVQRHVWDUGHDFXHUGRFRQVXSDGUH
UHEHODUVH FRQWUD VX DXWRULGDG 'HVDILDU OD DXWRULGDG HV XQD SDUWH
QRUPDOGHOSURFHVRGHDSUHQGL]DMH\GHGHVFXEULUODVFRVDVSRUXQR
PLVPR
/DLGHQWLILFDFLyQFRQHODJUHVRU
'HVGH XQD SHUVSHFWLYD SVLFROyJLFD HO SUREOHPD QR HV TXH HO
SDGUHWHQJDDXWRULGDG\ODHMHUFLWH/RVQLxRVDGTXLHUHQFRQILDQ]D\
VHJXULGDG FXDQGR KD\ XQD DXWRULGDG TXH HVWDEOHFH OtPLWHV
DSURSLDGRV\ILUPHV3HURODVQHFHVLGDGHVGHILUPH]DGHOQLxRQRVH
YHQVDWLVIHFKDVVLEDMRHOGLVIUD]GHODDXWRULGDGSDWHUQDOHOSDGUH
HVWiH[SUHVDQGRVXVFHORVGHVHUVXVWLWXLGRHPRFLRQDOPHQWHRHVWi
UHDFFLRQDQGR D VX QHFHVLGDG GH GHPRVWUDUOH D VX KLMR TXLpQ HV HO
TXHPDQGD
(O SDGUH HVWi UHSUHVHQWDQGR SXHV HO SDSHO GH XQ HQIXUHFLGR \
GLVWDQWHSDGUHFHOHVWLDOTXHYHDVXKLMRFRPRXQDDPHQD]DSDUDVX
SRVLFLyQ 'DGR TXH VX UDELD HV LUUDFLRQDO HO KLMR LQLFLDOPHQWH VH
VLHQWH FRQIXQGLGR \ KHULGR (VWD VLWXDFLyQ VH WUDQVIRUPD HQ XQ
UHVHQWLPLHQWRPXWXR\XQGLVWDQFLDPLHQWRSDUDGyMLFDPHQWHWDPELpQ
D\XGDDTXHHOKLMRVHFRPSRUWHFRPRHOSDGUHFXDQGRVHDPD\RU
(Q HO SODQR SVLFROyJLFR HVWD SDUDGRMD VXUJH SRUTXH HO KLMR VH
³LGHQWLILFDFRQHODJUHVRU´HQOXJDUGHKDFHUORFRQODYtFWLPDTXHHQ
UHDOLGDG HV /OHJD D UHFKD]DU ODV FXDOLGDGHV TXH pO SRVHH TXH VRQ
ODV TXH SURYRFDURQ OD LUD GH VX SDGUH DXQTXH pVWDV QR IXHUDQ
PDODV
$XQTXHDXQKLMRSXHGDGHVDJUDGDUOHVXSDGUHTXHOHFULWLFDOH
DPHGUHQWD \ GHVFDUJD VX LUD VREUH pO OR TXH VXFHGH HV TXH DFDED
RGLDQGR WRGDYtD PiV HVH VHQWLPLHQWR GH GHELOLGDG LQFRPSHWHQFLD
WHPRU LPSRWHQFLD \ KXPLOODFLyQ /OHJD D RGLDU VX SURSLD
YXOQHUDELOLGDGSRUVHUHOEODQFRGHODFUtWLFDSXQLWLYD\GHODLUDGHVX
SDGUH/RPDOTXHVHKDVHQWLGR\ODLGHDGH³PDOGDG´VHPH]FODQ
FRQIXVLyQ TXH OD FXOWXUD SDWULDUFDO UHIXHU]D HTXLSDUDQGR OD
FRQFLHQFLD GH OD YXOQHUDELOLGDG D OD GHELOLGDG OD FREDUGtD \ HO QR
³WHQHU DJDOODV´ (O DPRU KDFLD ODV FRVDV EHOODV OD VHQVXDOLGDG \ OD
HVSRQWDQHLGDGHPRFLRQDOVRQLJXDOPHQWHUDVJRVQRPDVFXOLQRVTXH
VH KDQ GH RFXOWDU R HQWHUUDU WDQ SURIXQGDPHQWH TXH QDGLH SXHGD
SHUFLELUORV
/RV PXFKDFKRV \ ORV KRPEUHV KDQ DSUHQGLGR TXH GHPRVWUDU
FRPSDVLyQKDFLDXQDYtFWLPDSXHGHVHUSHOLJURVRHQXQSDWULDUFDGR
TXH VH DUULHVJDQ D OD SpUGLGD GH VX SURSLD SRVLFLyQ YHQWDMRVD (O
ULHVJR HV HVSHFLDOPHQWH HOHYDGR FXDQGR XQ JUXSR GH KRPEUHV
HMHUFH SRGHU VREUH RWURV \ DWRUPHQWDQ JROSHDQ R LQFOXVR YLRODQ D
XQD SHUVRQD PiV GpELO R KDFHQ GDxR D XQ DQLPDO (Q PL SUiFWLFD
FRPR WHUDSHXWD XQ KRPEUH UHFRUGy ODV EXUODV \ HO ULGtFXOR DO TXH
WXYR TXH KDFHU IUHQWH FXDQGR HUD SHTXHxR DO REMHWDU \ GHWHQHU OD
WRUWXUDDODTXHXQJUXSRGHQLxRVHVWDEDVRPHWLHQGRDXQJDWLWR(O
SUHFLR TXH WXYR TXH SDJDU SRU VX DFFLyQ IXH TXH VLHPSUH VH
PHWLHUDQFRQpO
2WURV PH KDQ KDEODGR GH VX VHQWLGR GH FXOSD \ YHUJHQ]D SRU
IDOWDUOHVHOYDORUSDUDKDEODUHLQWHUYHQLU'LFHQ©QRPRYtXQGHGRª
\GHHVHPRGRGLHURQVXFRQVHQWLPLHQWRWiFLWRDORTXHXQJUXSRGH
KRPEUHV GHO TXH HOORV IRUPDEDQ SDUWH KLFLHURQ D XQD PXMHU D XQ
KRPRVH[XDO D XQ MXGtR D XQ DVLiWLFR PHMLFDQR R QHJUR (VWRV
KRPEUHV SURFHGtDQ GH IDPLOLDV HQ ODV TXH QR KDEtDQ VLGR
YLFWLPL]DGRV \ SRU OR WDQWR QR VH LGHQWLILFDEDQ FRQ HO DJUHVRUGH OD
PLVPD PDQHUD TXH XQ PXFKDFKR TXH KD UHFLELGR PDORV WUDWRV
SRGUtDKDFHUORPiVWDUGH6LQHPEDUJRSDUWLFLSDURQHQORTXHHVWDED
VXFHGLHQGR TXH HV OR TXH VHJ~Q SDUHFH VXHOHQ KDFHU ORV KRPEUHV
FXDQGRHVWiQHQJUXSR
&XDQGR XQ PXFKDFKR TXH KD VXIULGR LQWLPLGDFLRQHV VH KDFH
PD\RU\DGTXLHUHSRGHU\VHHQFXHQWUDHQODSRVLFLyQGHVHUFDSD]
GHKDFHUOHORPLVPRDDOJXLHQTXHVHDPiVSHTXHxR\PHQRVIXHUWH
SRU OR JHQHUDO OR KDFH SRU VXHUWH KD\ H[FHSFLRQHV  /DV SUXHEDV
LQLFLiWLFDV SDUD HQWUDU HQ XQD IUDWHUQLGDG GH HVWXGLDQWHV FRQ VXV
D]RWHV \ RWUDV FRVDV SHRUHV \ HO DJRWDGRU ULWPR DO TXH HVWiQ
VRPHWLGRV ORV PpGLFRV UHVLGHQWHV>@ HQ ORV (VWDGRV 8QLGRV GXUD
SUXHEDDODTXHKDQGHVREUHYLYLU\HOPRGRFRPRVRQWUDWDGRVORV
³SOHEH\RV>@´ HQ OD DFDGHPLD PLOLWDU GH :HVW 3RLQW VRQ LQLFLDFLRQHV
KRVWLOHV SHUSHWUDGDV D OD QXHYD JHQHUDFLyQ SRU SDUWH GH OD DQWHULRU
TXH\DKDVXIULGRORVPLVPRVDEXVRV
(OOHPDSDUDMXVWLILFDUHVWRVULWRVGHLQLFLDFLyQVXHOHVHU©ORTXH
PH KDQ KHFKR D Pt DKRUD \R WH OR KDJR D WLª OR FXDO LQGLFD XQD
FODUD LGHQWLILFDFLyQ FRQ HO DJUHVRU /DV SUXHEDV LQLFLiWLFDV GH
IUDWHUQLGDG UHSLWHQ OD H[SHULHQFLD TXH PXFKRV KRPEUHV WXYLHURQ
FRPR KHUPDQRV SHTXHxRV HQ PDQRV GH VXV IXULRVRV KHUPDQRV
PD\RUHV (O KHUPDQR SHTXHxR HV HO UHFHSWRU GH OD KRVWLOLGDG \ VH
HQFXHQWUDHQODPLVPDUHODFLyQGHYtFWLPDSUHGLOHFWDGHVXKHUPDQR
PD\RU FRPR pVWH OR IXH SDUD VX SDGUH (VWD UHSHWLFLyQ VXE\DFHQWH
GHOSDWUyQ©ORTXHPHKDQKHFKRDPtDKRUD\RWHORKDJRDWLªQR
VXHOHVHUFRQVFLHQWHVLQRTXHDFW~DGHIRUPDDXWRPiWLFD
/DLGHQWLILFDFLyQFRQRWURVKRPEUHV
(V QRWDEOH HO KHFKR GH TXH KD\D DOJ~Q KRPEUH TXH OOHJXH D
DPDU \ D FRQILDU HQ RWUR HQ XQD FXOWXUD TXH SURSLFLD HO
GLVWDQFLDPLHQWR \ OD FRPSHWLWLYLGDG HQWUH ORV KRPEUHV 7DO FRPR
LQGLFDQ ORV LQIRUPHV VREUH HO HVWDGR SVLFROyJLFR GH ORV KRPEUHV OD
PD\RUtDQRVHHQFXHQWUDHQHVHFDVR
+D\ H[FHSFLRQHV PRPHQWRV HQ TXH ORV KRPEUHV HVWiQ
YHUGDGHUDPHQWH XQLGRV JHQHUDOPHQWH FXDQGR ³HVWiQ HQ HO PLVPR
EDUFR´ \ OD VXEFXOWXUD SULYDGD HQ OD TXH YLYHQ WHPSRUDOPHQWH HV
LJXDOLWDULD HQ OXJDU GH VHU SDWULDUFDO \ FRPSXHVWD VyOR GH KRPEUHV
3RUDOJXQRVKRPEUHVTXHDKRUDVRQSURIHVLRQDOHVFRQFDUUHUDRLJR
KDEODUGHXQDHUDGRUDGDGHFRPSDxHURVGHODLQIDQFLDYLQFXODGDD
KDEHUVH HGXFDGR HQ EDUULRV GH FODVH WUDEDMDGRUD D KDEHU SDVDGR
YHUDQRVHQORVTXHQDGLHVHPDUFKDEDGHYDFDFLRQHV\HOJUXSRGH
DPLJRV SRGtD HVWDU MXQWR SUiFWLFDPHQWH HQ FXDOTXLHU PRPHQWR GH
YLJLOLD(VRHUDDQWHVGHTXHODVFKLFDVIXHUDQLPSRUWDQWHVSDUDHOORV
\ DQWHV GH TXH IXHUDQ GLYLGLGRV HQ JDQDGRUHV \ SHUGHGRUHV 0iV
WDUGH WXYLHURQ TXH VHJXLU FDPLQRV GLVWLQWRV SHUR HVWD H[SHULHQFLD
VHQWy OD EDVH SDUD EXVFDU OD DPLVWDG FRQ RWURV KRPEUHV 'H LJXDO
PRGRORVKRPEUHVGHFODVHDOWDTXHHQODDGROHVFHQFLDSDUWLHURQGH
VXV KRJDUHV SDUD HVWXGLDU HQ HVFXHODV SULYDGDV D YHFHV KDEODQ GH
KDEHUIRUPDGRSDUWHGHXQJUXSRGHDPLJRVPX\XQLGRDWUDYpVGHO
FXDO GHVDUUROODURQ OD FDSDFLGDG GH OD DPLVWDG TXH VH KD PDQWHQLGR
GXUDQWH HO UHVWR GH VXV YLGDV /RV KRPEUHV TXH VH DOLVWDQ HQ HO
HMpUFLWR \ TXH OOHJDQ D GHSHQGHU HO XQR GHO RWUR HQ HO FDPSR GH
EDWDOODWDPELpQKDEODQGHKDEHUIRUMDGRHVWUHFKRVYtQFXORVFRQVXV
FRPSDxHURV
$XQTXH WRGDV HVWDV VLWXDFLRQHV GLILHUDQ ORV PXFKDFKRV R ORV
KRPEUHV VHQWtDQ TXH ³HVWDPRV MXQWRV HQ HVWR´ &RPSDUWLHURQ
VLWXDFLRQHV \ VXV VHPHMDQ]DV OHV D\XGDURQ D LGHQWLILFDUVH ORV XQRV
FRQ ORV RWURV 6H HQFRQWUDEDQ HQ XQD VLWXDFLyQ GH ³KHUPDQR LJXDO´
TXH SRU HO PRPHQWR GLVROYtD OD LQYLVLEOH GLYLVLYD \ MHUiUTXLFD
LQIOXHQFLDGHOSDWULDUFDGRTXHVXHOHVHSDUDU\DLVODUDORVKRPEUHV
/XNH6N\ZDONHU\³VXGHVWLQR´
-XVWRDQWHVGHOPRPHQWRiOJLGRGH (OUHWRUQRGHO-HGLODWHUFHUD
HQWUHJD GH /D JXHUUD GH ODV JDOD[LDV 'DUWK 9DGHU PDQWLHQH XQD
VLJQLILFDWLYDFRQYHUVDFLyQFRQVXDPRHOHPSHUDGRUTXHOHGLFH©HO
MRYHQ 6N\ZDONHU VHUi XQR GH ORV QXHVWURVª < HQ OD OXFKD D YLGD R
PXHUWH HQWUH /XNH 6N\ZDONHU \ 'DUWK 9DGHU /XNH HVWi WHQWDGR D
UHVSRQGHUFRQPLHGR\RGLR\FDHUHQUHQGLUVHDODPRUWtIHUDLUD²\
FRQ HOOR LGHQWLILFDUVH FRQ HO DJUHVRU² OR FXDO WDO FRPR OH GLFH HO
HPSHUDGRUHV³LQHYLWDEOHPHQWHWXGHVWLQR>@´
/XNH6N\ZDONHUQRVHKDFHLOXVLRQHVUHVSHFWRDOHPSHUDGRUQLD
OD (VWUHOOD GH OD 0XHUWH 1R TXLHUH IRUPDU SDUWH GH XQ LPSHULR TXH
EXVFDFRQVHJXLUHOSRGHUVREUHWRGRVORVGHPiVUHSULPLUODOLEHUWDG
\ H[LJLU XQD REHGLHQFLD FLHJD ²TXH VRQ YDORUHV H[DJHUDGRV GHO
SDWULDUFDGR²DXQFXDQGRVHOHKDSURPHWLGRXQSXHVWRGHPDQGR
3XHVWR TXH QR OH VHGXFH OD SURPHVD GH SRGHU QL OH YHQFH HO
WHPRUGHVHUXQHVW~SLGR\GHTXHVHHQFXHQWUDHQXQDVLWXDFLyQVLQ
VDOLGD /XNH SXHGH UHVLVWLUVH D VX ³LQHYLWDEOH GHVWLQR´ 3RU
FRQVLJXLHQWHQRFHGHQLVHFRQYLHUWHHQXQKRPEUHVLQVHQWLPLHQWRV
TXHGD\UHFLEHyUGHQHVFRPRVXSDGUH1RFDQMHDHODPRUSRUHO
SRGHUQLODOHDOWDGDORVGHPiVSRUXQDSRVLFLyQVHJXUDQLUHQXQFLD
DVXSURSLDFUHHQFLDHQXQWLSRGHVLVWHPDGLIHUHQWHDQWHODDSDUHQWH
LQPXQLGDGGHOHVWDGRGHODVFRVDV*UDFLDVDVXFRPSURPLVRFRQVXV
FUHHQFLDV\DVXYDORUSXHGHUHVLVWLUFRQYHUWLUVHHQRWUR'DUWK9DGHU
\JDQD
 7RGRVORVKRPEUHV\PXFKDVPXMHUHVHQODVFXOWXUDVSDWULDUFDOHV
VH HQIUHQWDQ D OD PLVPD WHQWDFLyQ ¢VH LGHQWLILFDUiQ FRQ ORV
DJUHVRUHV \ VH XQLUiQ D HOORV" /RV PRPHQWRV GH OD YHUGDG \ GH
WRPDUGHFLVLRQHVVXUJHQFRQWLQXDPHQWHFXDQGRODVXSHUYLYHQFLDGH
XQ /XNH 6N\ZDONHU ²R VX KRPyORJD IHPHQLQD OD SULQFHVD /HLD²
HVWiQHQMXHJRGHQWURGHQRVRWURV0LHQWUDVYLYLPRVODYLGDHVXQD
KLVWRULD LQWHUPLQDEOH TXH QRV SRQH DQWH HVWDV VLWXDFLRQHV GH WHQHU
TXHWRPDUGHFLVLRQHV3RGHPRVGHFLGLUQRUHVLJQDUQRVQLUHQGLUQRV
SHUPDQHFHUILHOHVDDTXHOORTXHQRVLPSRUWDDXQFXDQGRWHQJDPRV
UD]RQHV SDUD WHQHU PLHGR 3DUD VHU ILHOHV D QXHVWURV SULQFLSLRV
KHPRV GH VDEHU TXLpQHV VRPRV 'HVGH XQD YLVLyQ SVLFROyJLFD
QXHVWURV DUTXHWLSRV DFWLYRV QRV FRQHFWDQ FRQ OR TXH HV PiV
VLJQLILFDWLYR SDUD QRVRWURV GH PRGR TXH VDEHU TXp DUTXHWLSRV VRQ
ORV LPSRUWDQWHV QRV UHYHOD DOJR LPSRUWDQWH UHVSHFWR D QXHVWUD
QDWXUDOH]D PiV SURIXQGD \ QRV D\XGD D PDQWHQHUQRV ILUPHV (VWH
FRQRFLPLHQWRQRVGDSRGHU
(Q ORV FDStWXORV VLJXLHQWHV FRQRFHUHPRV ORV GLRVHV FX\RV
DUTXHWLSRVYLYHQHQFDGDKRPEUH\TXHWDPELpQVRQIDPLOLDUHVSDUD
WRGD PXMHU 3ULPHUR FRQRFHUHPRV D =HXV 3RVHLGyQ \ +DGHV ORV
DUTXHWLSRV SDWHUQRV FX\RV FDStWXORV VHSDUDGRV FRPSUHQGHQ OD
SULPHUDVHFFLyQ/XHJRSDVDUHPRVDH[SORUDUODVLJXLHQWHJHQHUDFLyQ
GH ORV KLMRV ²$SROR +HUPHV +HIHVWR $UHV \ 'LRQLVRV² FDGD XQR
GHORVFXDOHVUHSUHVHQWDXQSDWUyQGLVWLQWRGHSHUVRQDOLGDGTXHDVX
YH] HV DPSDUDGR R UHFKD]DGR SRU HO SDWULDUFDGR \ SRU VXV SDGUHV
SHUVRQDOHV
 3$57(,,
(/$548(7,32'(/3$'5(=(86
326(,'Ï1<+$'(6
 =HXV 3RVHLGyQ \ +DGHV IXHURQ OD SULPHUD JHQHUDFLyQ GH GLRVHV
PDVFXOLQRVGHO2OLPSR\UHSUHVHQWDQWUHVDVSHFWRVGHODUTXHWLSRGH
SDGUH 6H GLYLGLHURQ HO PXQGR HQWUH HOORV \ FDGD XQR JREHUQDED
VREUHVXUHLQRSDUWLFXODU&RPRDUTXHWLSRV\PHWiIRUDVHOGLRV\VX
UHLQRVHKDQGHFRQVLGHUDUHQFRQMXQWR=HXV\HOFLHOR3RVHLGyQ\
HO PDU +DGHV \ HO PXQGR VXEWHUUiQHR /D 7LHUUD HVWDED GRPLQDGD
SRU=HXVSHURQRODUHLYLQGLFDEDFRPRVX\D
=HXV JREHUQDGD VREUH WRGRV (UD HO GLRV MHIH \ VXV DWULEXWRV
SHUVRQDOHV VRQ ORV PLVPRV TXH ORV GH ORV SRGHURVRV SDGUHV UH\HV
SUHVLGHQWHVFRUSRUDWLYRVRMHIHVGHOHMpUFLWRORVYDURQHVTXHYDQHQ
FDEH]D ODV ILJXUDV GHO MHIH 3RVHLGyQ \ +DGHV VRQ DVSHFWRV GH OD
VRPEUD GH =HXV HVDV SDUWHV GHO DUTXHWLSR GHO SDGUH TXH ORV
KRPEUHV GH SRGHU UHSULPHQ R GHVFXLGDQ D OD YH] TXH VRQ GRV
SDWURQHVVHSDUDGRV
/D SDWHUQLGDG ELROyJLFD \ ORV DUTXHWLSRV SDWHUQRV QR HVWiQ
UHODFLRQDGRV3RUHMHPSORSRGHPRVOHHUVREUHORVWUHVGLRVHVSDGUH
\QRUHFRQRFHUDQXHVWURSURSLRSDGUHHQQLQJXQRGHHOORVSRUTXH
QRHVWiDOOtVLQHPEDUJRSXHGHVHJXLUHOSDWUyQGHXQRGHORVKLMRV
GHO2OLPSRFDGDXQRGHORVFXDOHVSRVHHVXIRUPDFDUDFWHUtVWLFDGH
VHUSDGUH=HXVQRJRELHUQDVREUHWRGDVODVIDPLOLDVKXPDQDVSHUR
VXLQIOXHQFLDHVWiPX\SUHVHQWHHQWRGDVRFLHGDGSDWULDUFDO
(Q ORV SDWULDUFDGRV =HXV HV HO DUTXHWLSR TXH SUHGRPLQD HQ OD
FXOWXUD WDPELpQ HV PX\ VLJQLILFDWLYR SDUD OD SVLFRORJtD HQ ODV
SVLTXHVGHORVKRPEUHV $OLJXDOTXHHOPXQGRGHODPLWRORJtDODV
SVLTXHV GH ORV KRPEUHV VH GLYLGLHURQ HQ HO UHLQR PHQWDO FRQVFLHQWH
GHO SRGHU GH OD YROXQWDG \ GHO SHQVDPLHQWR =HXV  HO UHLQR GH OD
HPRFLyQ\GHOLQVWLQWR 3RVHLGyQ TXHFRQIUHFXHQFLDHVUHSULPLGR
GHVSUHFLDGR\DYHFHVVHSDUDGRGHOHVWDGRFRQVFLHQWH\HORVFXUR\
WHPLGR PXQGR GH ORV SDWURQHV LQYLVLEOHV \ DUTXHWLSRV LPSHUVRQDOHV
+DGHV TXHDPHQXGRVyORVHSHUFLEHHQVXHxRV
$ GLIHUHQFLD GH ORV WUHV GLRVHV TXH UHSUHVHQWDQ SDWURQHV
DUTXHWtSLFRV ILMRV FDGD XQR GHILQLGR SRU VX UHLQR XQ VHU KXPDQR
WLHQHHOSRWHQFLDOGHDFFHGHUDWRGRVHVWRVUHLQRV\SXHGHPRYHUVH
FRQVFLHQWHPHQWH D WUDYpV GH HOORV H LQWHJUDU VXV DVSHFWRV HQ VX
SHUVRQDOLGDGFRQVFLHQWH
/DV FRQGLFLRQHV EDMR ODV FXDOHV QDFLHURQ HVWRV GLRVHV YDURQHV
JREHUQDQWHV WRGDYtD H[LVWHQ FRPR SDWURQHV HQ OD YLGD GH PXFKRV
KRPEUHV =HXV 3RVHLGyQ \ +DGHV WXYLHURQ XQ SDGUH GLVWDQWH FX\D
DYHUVLyQ KDFLD HOORV VH EDVDED HQ HO PLHGR GH TXH VX KLMR DFDEDUD
RFXSDQGRVXOXJDU\XQDPDGUHVLQSRGHUDOJXQRGHVFRQVRODGDSRU
QR SRGHU SURWHJHU R FXLGDU D VX KLMR 0XFKRV GH QRVRWURV KHPRV
WHQLGRIDPLOLDVVHPHMDQWHV6LQHPEDUJRVHDFXDOIXHUHODIDPLOLDGH
ODTXHSURFHGDPRVWRGRVYLYLPRVHQXQSDWULDUFDGRTXHORTXHPiV
YDORUD HV OD DGTXLVLFLyQ GH SRGHU \ IDYRUHFH D ORV KRPEUHV TXH
WLHQHQ p[LWR HQ DOFDQ]DU HVWD PHWD (VWH SDWUyQ FRPR WRGRV
SRGHPRVYHUGHVHPSHxDXQVLJQLILFDWLYRSDSHOHQODIRUPDFLyQGHOD
SVLFRORJtDPDVFXOLQD
&RQRFLPLHQWRHQHVSLUDO
/RV FDStWXORV VREUH =HXV 3RVHLGyQ \ +DGHV VLJXHQ XQ SDWUyQ
HVSLUDO OD SULPHUD FXUYD GH OD HVSLUDO HV FRQRFHU DO GLRV \ VX
PLWRORJtD OD VLJXLHQWH HV HO SDWUyQ DUTXHWtSLFR OD WHUFHUD HV YHU
FyPR HO GLRV R HO DUTXHWLSR LQIOX\H HQ OD YLGD GH XQ KRPEUH ORV
FRQIOLFWRVSVLFROyJLFRVFDUDFWHUtVWLFRVIRUPDQODVLJXLHQWH\OD~OWLPD
HV OD TXH KDFH UHIHUHQFLD D OD IRUPD FRPR SXHGH TXH FUH]FD XQ
KRPEUHTXHYLYDFRQIRUPHDOSDWUyQGHXQGLRVHQSDUWLFXODU
$O LJXDO TXH XQD FRPSRVLFLyQ PXVLFDO R XQ SRHPD OD IRUPD
HVSLUDOHVXQDFRUGHWHPiWLFRRWHPDTXHHVWiSUHVHQWHHQFDGDXQR
GHORVPRYLPLHQWRVFDGDFXUYDVHH[SDQGH\DODYH]SURIXQGL]DHQ
HOVLJQLILFDGRGHOGLRVDUTXHWLSRSDUDHOOHFWRU(QFDGDJLURVHYXHOYH
DSUHVHQWDUDOPLVPRGLRV\HQFDGDUHSHWLFLyQVXLPDJHQVHYXHOYH
DHQFDUQDU\VHYHHQPiVGLPHQVLRQHV
/DIRUPDHVSLUDOLQYLWDDWUDEDMDUDORVGRVKHPLVIHULRVGHQXHVWUR
FHUHEURODFRPSUHQVLyQTXHOOHJDDWUDYpVGHOL]TXLHUGRSURFHGHGH
QXHVWUDPHQWHOLQHDOTXHDEVRUEHLQIRUPDFLyQDWUDYpVGHODOyJLFD\
GH ODV SDODEUDV HO KHPLVIHULR GHUHFKR HVWi HQ FRQWDFWR FRQ ODV
LPiJHQHV ODV VHQVDFLRQHV ORV UHFXHUGRV \ ORV VHQWLPLHQWRV
SHUVRQDOHV\FROHFWLYRVHQHOWLHPSR\HQODHWHUQLGDGDORVFXDOHV
QROHVLPSRQHQLRUGHQQLOyJLFD(O³£DMi´OOHJDFXDQGRVHSURGXFH
XQD FRQH[LyQ GHVGH HO GHUHFKR DO L]TXLHUGR R D OD LQYHUVD \ GH
SURQWRVHQRVDFODUDXQDLQIRUPDFLyQHQWRQFHVFRQRFHPRVDOJRHQ
PXFKRVSODQRV\QRVFRQPXHYHRDIHFWDHVRTXH\DFRQRFHPRV
 =(86',26'(/&,(/2(/
5(,12'(/$92/817$'<'(/
32'(5
(UDHO6HxRUGHO&LHORHOGLRVGHODOOXYLD\FRQJUHJDGRUGH
ODV QXEHV TXLHQ EODQGLy HO UD\R 6X SRGHU HUD PD\RU TXH HO
GHWRGDVODVRWUDVGLYLQLGDGHVMXQWDV
6LQHPEDUJRQRHUDRPQLSRWHQWHQLWDPSRFRRPQLVFLHQWH

(',7++$0,/7210LWKRORJ\

(OGLYLQR=HXVTXHHQVXJORULDHVHOGLRVTXHVHSUHVHQWD
FRPR OX] \ DSRUWD OX] \ FRQFLHQFLD D ORV KXPDQRV HQ VX
RVFXULGDG VH WUDQVIRUPD HQ XQ HQHPLJR GH OD IXHU]D YLWDO
HQFHUUDGRHQVXVHVWUXFWXUDV\OH\HVFRQWHPRUHV\FRQWUDULR
DOFDPELR\DFXDOTXLHUDPHQD]DDVXVWDWXTXR

$5,$11$67$66,12328/267KH*RGVRI*UHHFH

=HXV HUD HO PiV JUDQGH \ SRGHURVR GH WRGRV ORV GLRVHV GHO
2OLPSR &RPR GLRV ROtPSLFR GHO FLHOR JREHUQDED GHVGH HO PRQWH
2OLPSR XQD PRQWDxD DOWD \ GLVWDQWH FX\DV HVFDUSDGDV DOWXUDV D
PHQXGR VH HQFXHQWUDQ WDSDGDV SRU ODV QXEHV TXH VH UH~QHQ DOOt
&XDQGR pO \ VXV KHUPDQRV 3RVHLGyQ \ +DGHV VH UHSDUWLHURQ HO
PXQGR =HXV UHFLELy HO FLHOR 3RVHLGyQ REWXYR HO PDU \ +DGHV HO
PXQGR VXEWHUUiQHR /D 7LHUUD \ HO PRQWH 2OLPSR WHQtDQ TXH VHU
SURSLHGDG FRP~Q SHUR =HXV GHVGH HO FLHOR GRPLQDED HO SDLVDMH
WHUUHVWUH\JREHUQyVREUppO
(OFLHORHVPX\GLIHUHQWHGHOPDURGHOPXQGRVXEWHUUiQHRFRPR
GLVWLQWDV VRQ ODV SHUVRQDOLGDGHV GH ORV GLRVHV TXH UHJHQWDQ FDGD
GRPLQLR 3DUD DYHQWXUDUVH HQ HO UHLQR GHO FLHOR VH KD GH GHMDU OD
WLHUUD SHUGHU HO FRQWDFWR FRQ HO PXQGR WDQJLEOH SDUD JDQDU XQD
YLVLyQPiVDPSOLDGHOWHUULWRULR'HVGHHVHYHQWDMRVRSXQWRGHPLUD
YHPRVHOERVTXHQRORViUEROHVLQGLYLGXDOHV
=HXV HUD HO GLRV GHO UHOiPSDJR \ VX VtPEROR HO UD\R +DVWD OD
IHFKD FXDQGR RVDPRV GHVREHGHFHU XQD SURKLELFLyQ SDWHUQD
³HVSHUDPRV TXH HO UD\R FDLJD VREUH QRVRWURV \ DFDEH FRQ QXHVWUD
H[LVWHQFLD´ \ UHVSLUDPRV DOLYLDGRV FXDQGR QR HV DVt =HXV FRPR
SRUWDGRU GH OD OOXYLD WDPELpQ SURSRUFLRQDED OR TXH QHFHVLWDQ ODV
FRVDVTXHFUHFHQ7DQWRVLHUDSXQLWLYRFRPRJHQHUDWLYRHOSRGHUGH
=HXVVROtDPDQLIHVWDUVHGHVGHDUULED\DGLVWDQFLD
$O LJXDO TXH WRGRV ORV JREHUQDQWHV FRQ p[LWR SUDFWLFDED OD
HVWUDWHJLD\IRUPDEDDOLDQ]DVFRQODVFXDOHVGHUURWDEDDORVWLWDQHV
(VWDEOHFLy\FRQVROLGyVXSRGHUSHURORPiVLPSRUWDQWH²WtSLFRGH
=HXV²HVTXHORJUyLPSRQHUVXYROXQWDGDORVGHPiV
&XDQGRQRVYROYHPRVFRPR=HXVDVSLUDPRVDXQDSRVLFLyQDOWD\
DO SRGHU \D VHD SDUD HVWDU SRU HQFLPD GH ORV GHPiV R SDUD
FRQVHJXLUORTXHTXHUHPRVHQODYLGD(VHOWHUUHQRGHORVKRPEUHV
SRGHURVRV FRQ SRGHU SROtWLFR \ HFRQyPLFR GHVGH HO OHJHQGDULR UH\
$UWXUR \ HO KLVWyULFR HPSHUDGRU &pVDU $XJXVWR KDVWD ORV OtGHUHV
SROtWLFRV DFWXDOHV LQFOX\HQGR D OD SULPHUD PLQLVWUD 0DUJDUHW
7KDWFKHUGH,QJODWHUUDTXHFRQVXHMHPSORGHPXHVWUDTXHHOUHLQR
FHOHVWH QR HV H[FOXVLYDPHQWH GRPLQLR GH ORV KRPEUHV VLQR XQD
RULHQWDFLyQ KDFLD HO SRGHU \ XQD FDSDFLGDG SDUD OOHYDU D FDER
DFFLRQHVGHFLVLYDV
/RPiVVLJQLILFDWLYRHQHOiPELWRSVLFROyJLFR²HVSHFLDOPHQWHDO
FRQWUDULRTXHHQORVUHLQRVGH3RVHLGyQ\GH+DGHV²HVTXHHOFLHOR
UHSUHVHQWD XQD DFWLWXG FRQVFLHQWH XQD SHUVSHFWLYD TXH H[DOWD HO
FRQWURO OD UD]yQ \ OD YROXQWDG SRU HQFLPD GH WRGDV ODV GHPiV
FXDOLGDGHV
=HXVHOGLRV
=HXV -~SLWHU R -RYH FRPR OR GHQRPLQDURQ ORV URPDQRV  HUD HO
GLRVVXSUHPRHQWUHORVGLRVHVROtPSLFRVJULHJRV(UDHOGLRVGHOFLHOR
TXH GLULJtD HO 2OLPSR \ ODQ]DED UD\RV 6X DQLPDO VLPEyOLFR HUD HO
iJXLOD$=HXVVHOHOODPDEDFRQJUHJDGRUGHODVQXEHV\SRUWDGRUGH
EXHQRV YLHQWRV DVt FRPR SDGUH GH ORV GLRVHV \ GH ORV KRPEUHV
DXQTXH HQ OD PLWRORJtD JULHJD QR HUD VX SDGUH YDULRV GLRVHV \
GLRVDV HUDQ VXV KHUPDQRV \ KHUPDQDV \ QR FUHy QL HQJHQGUy D OD
KXPDQLGDG 'LRDORVUH\HVVXDXWRULGDG\SURWHJLyVXVGHUHFKRV\
VXSRGHUPDQWXYRODVOH\HV\FDVWLJyDVXVWUDQVJUHVRUHV
=HXV IXH UHSUHVHQWDGR FRPR XQ KRPEUH SRGHURVR FRQ EDUED D
PHQXGR VHQWDGR HQ VX WURQR FRQ XQ FHWUR R UD\R /D HVWDWXD PiV
IDPRVD GH HVWH GLRV HUD XQD GH ODV VLHWH PDUDYLOODV GHO PXQGR
DQWLJXRKHFKDSRU)LGLDVFRQRUR\PDUILO\TXHIXHFRORFDGDHQHO
WHPSOR GH =HXV HQ 2OLPSLD 6X PDMHVWXRVR URVWUR HUD XQR GH VXV
DVSHFWRV HO RWUR HUD HO GH FRQTXLVWDGRU FX\DV P~OWLSOHV DPDQWHV
HUDQORVWHPDVGHLQVSLUDFLyQGHPXFKRVDUWLVWDV
6XQRPEUHSURFHGHGHODSDODEUDLQGRHXURSHD G\XTXHVLJQLILFD
³EULOODU´/DOX]\HOSRGHUHUDQVXVSULQFLSDOHVDWULEXWRVDEVWUDFWRV

*HQHDORJtD\PLWRORJtD
/DKLVWRULDGHOQDFLPLHQWRGH=HXV\DVHKDQDUUDGRHQHOFDStWXOR
GRV GH HVWH OLEUR HQ HO DSDUWDGR VREUH SDGUHV H KLMRV (UD HO PiV
MRYHQ \ HO ~OWLPR GH ORV KLMRV GH &URQRV \ 5HD /H SUHFHGtDQ WUHV
KHUPDQDV\GRVKHUPDQRVWRGRVHOORVHQJXOOLGRVSRU&URQRV
5HD VDOYy D =HXV HQJDxDQGR D &URQRV DO FDPXIODU XQD SLHGUD
HQYROYLpQGROD HQ SDxDOHV \ KDFHUOD SDVDU SRU VX KLMR OR FXDO HYLWy
TXH IXHUD GHYRUDGR =HXV IXH HVFRQGLGR HQ XQD FXHYD FUHWHQVH \
HGXFDGRSRUXQDQLQIDRXQDFDEUD VHJ~QODYHUVLyQ 
&XDQGR VH KL]R DGXOWR SHUVXDGLy D OD VDELD 0HWLV SDUD TXH OH
GLHUDD&URQRVXQHPpWLFRFRQVLJXLHQGRGHHVHPRGRTXHYRPLWDUD
DVXVKHUPDQRV\ODSLHGUD(QWRQFHVFRQVXVKHUPDQRV3RVHLGyQ\
+DGHV \ RWURV DOLDGRV =HXV OXFKy SDUD YHQFHU D &URQRV \ D ORV
WLWDQHV TXH JREHUQDEDQ GHVGH HO 2OLPSR 9HQFLy WUDV GLH] DxRV GH
JXHUUD SRU OD VXSUHPDFtD $TXt =HXV HUD XQ HVWUDWHJD \ XQ FUHDGRU
GH DOLDQ]DV TXH DO ILQDO WULXQIy SRUTXH FRQWDED FRQ ORV FtFORSHV \
FRQ ORV JLJDQWHV GH FLHQ EUD]RV TXH OH RIUHFLHURQ XQ H[WUDRUGLQDULR
SRGHUEpOLFRDOFRQWDUFRQFLHQEUD]RVSDUDOXFKDU

=HXV\VXVFRQVRUWHV
7UDV GHUURWDU D VX SDGUH &URQRV \ D ORV WLWDQHV =HXV LQLFLy XQD
VHULHGHXQLRQHVFRQGHLGDGHVIHPHQLQDVQLQIDV\PXMHUHVPRUWDOHV
DWUDYpVGHODVFXDOHVHQJHQGUyODDULVWRFUDFLDGLYLQDODPD\RUtDGH
OD VHJXQGD JHQHUDFLyQ GH ORV ROtPSLFRV \ VHPLGLRVHV +HVtRGR
HQXPHUD VLHWH FRQVRUWHV RILFLDOHV PDWULPRQLRV HQ VHULH TXH
FRQFOX\HURQ FRQ +HUD )XHURQ 0HWLV 7HPLV (XUtQRPH 'HPpWHU
0QHPyVLQH /HWR \ +HUD /D PD\RUtD GH VXV FRQVRUWHV HUDQ GLRVDV
³PiVPD\RUHV´HVGHFLUDGRUDGDVDQWHVTXHpO\FX\DVGLYLQLGDGHV
TXHGDURQVXERUGLQDGDVDGLFKRGLRV
/DSULPHUDHUD0HWLVGLRVDFRQRFLGDSRUVXVDELGXUtD\PDGUHGH
$WHQHD /D WLWiQLGH 7HPLV GLRVD GH OD MXVWLFLD \ HO RUGHQ IXH VX
VHJXQGD HVSRVD VX GHVFHQGHQFLD IXHURQ ODV SDUFDV \ ODV KRUDV R
HVWDFLRQHV (XUtQRPH VX WHUFHUD FRQVRUWH GLR D OX] D ODV FiULWHV R
JUDFLDV &RQ VX KHUPDQD ROtPSLFD 'HPpWHU HQJHQGUy D 3HUVpIRQH
FRQ 0QHPyVLQH 0HPRULD  D ODV QXHYH PXVDV 6X VH[WD FRQVRUWH
IXH /HWR RWUD WLWiQLGH TXH SDULy D VXV KLMRV JHPHORV $SROR \
$UWHPLVD

=HXV\+HUD
&RPR KLMD ROtPSLFD GH 5HD \ &URQRV SRU UDQJR GH QDFLPLHQWR
+HUD HUD LJXDO D =HXV (OOD DWUDMR VX PLUDGD HUUDQWH \ pVWH VH
SURSXVRVHGXFLUOD3DUDHOORVHWUDQVIRUPyHQXQWHPEORURVRFXFOLOOR
$OYHUDTXHOODSDWpWLFDFULDWXULWD+HUDVHDSLDGyGHHOOD\ODHVWUHFKy
FRQWUDVXSHFKRSDUDGDUOHFDORU\HQWRQFHV=HXVVHGHVSRMyGHVX
GLVIUD] H LQWHQWy VHGXFLUOD 3HUR HOOD OH UHFKD]y KDVWD TXH pO OH
SURPHWLy TXH VH FDVDUtDQ 7UDV OD FHUHPRQLD YLQR XQD OXQD GH PLHO
TXH GXUy WUHVFLHQWRV DxRV 'HVSXpV =HXV HPSH]y D VHU SURPLVFXR
/DPLWRORJtDJULHJDHVWiOOHQDGHOH\HQGDVVREUHVXVDPRUtRV\GHOD
KXPLOODFLyQ\ODLUDGH+HUDSRUVXVFHORV
$XQTXHODYHUVLyQGHO³ILQDOGHODOXQDGHPLHO´GHOPDWULPRQLRGH
=HXV \ +HUD VHD OD PiV FRQRFLGD JUDFLDV D +RPHUR  +HUD KDEtD
VLGR XQD GLRVD PX\ YHQHUDGD FRPR GLRVD GHO PDWULPRQLR (Q VXV
ULWXDOHV HUD DGRUDGD HQ OD SULPDYHUD FRPR +HUD OD GRQFHOOD (Q
YHUDQR R HQ RWRxR VH OD DGRUDED ²HQ XQ VDJUDGR PDWULPRQLR FRQ
=HXV FRPR HO SRUWDGRU GH OD SOHQLWXG R GH OD SHUIHFFLyQ² FRPR
+HUD OD UHDOL]DGD R OD SHUIHFWD (Q LQYLHUQR VH FRQYHUWtD HQ OD
DIOLJLGD+HUDODYLXGD DXQTXHHOLQPRUWDO=HXVQXQFDPXULy SRUOD
KDELWXDO RFXOWDFLyQ GH VX HVSRVR (Q SULPDYHUD VH VXPHUJtD XQD
LPDJHQGH+HUD\YROYtDDVHUODGLRVDYLUJLQDO+HUDODGRQFHOOD

=HXVHOFRQTXLVWDGRU
=HXV WXYR DO PHQRV YHLQWLWUpV GHYDQHRV DPRURVRV TXH GLHURQ
FRPR IUXWR XQD QXPHURVD \ QRWDEOH SURJHQLH HQWUH ORV TXH VH
LQFOX\HQGRVROtPSLFRV+HUPHVHOGLRVPHQVDMHURFX\DPDGUHIXH
0D\D\'LRQLVRVHOGLRVGHOp[WDVLV\GHOYLQRFX\DPDGUH6pPHOH
HUD XQD PRUWDO 6HJ~Q +RPHUR =HXV WDPELpQ HUD HO SDGUH GH
$IURGLWDFX\DPDGUHHUDODQLQIDPDULQD'LRQH
/RVDPRUtRVGH=HXVFRQODVPXMHUHVPRUWDOHVHUDQVHGXFFLRQHV
HQODVTXHDPHQXGRDGRSWDEDXQDIRUPDQRKXPDQD6HFRQYLUWLy
HQXQDOOXYLDGHRURSDUDIHFXQGDUD'iQDHFX\RKLMRIXHHOKpURH
3HUVHRFRQ$QWtRSHIXHXQViWLURVHGXMRD/HGDEDMRODIRUPDGHXQ
FLVQH\IXHHOWRUREODQFRTXHOOHYyD(XURSDHQVXVORPRV
/DV RWUDV PXMHUHV \ VXV YiVWDJRV VLHPSUH DWUDtDQ OD IXULD GH
+HUD =HXV QR HUD PX\ EXHQR HQ RFXOWDU VXV DYHQWXUDV LQFOXVR
FXDQGRFRQYLUWLyDËRHQXQDYDFD\D&DOLVWRHQXQRVR(QWRGRVORV
FDVRVVDOYyDORVKLMRVGHVXVDPDQWHVSHURDYHFHVQRSXGRVDOYDU
DODPXMHUTXHFDUJyFRQHOSHVRGHODIXULDGH+HUD

=HXV\*DQLPHGHV
=HXV²DOLJXDOTXHODFXOWXUDJULHJDDODTXHUHSUHVHQWDED²QR
FRQILQy VX VHQVXDOLGDG VyOR D ODV PXMHUHV *DQLPHGHV HUD XQ
KHUPRVRWUR\DQRTXHIXHFRQGXFLGRDO2OLPSRSDUDVHUHOFRSHURGH
=HXV\VHJ~QODPD\RUSDUWHGHORVUHODWRVWDPELpQVXDPDQWH)XH
UDSWDGR SRU XQ WRUEHOOLQR R SRU HO iJXLOD GH =HXV (QWRQFHV =HXV
PDQGy D +HUPHV D FRQVRODU DO SDGUH GHO PXFKDFKR SRU ODV WULVWHV
QRWLFLDV\OHDOLYLyVXSpUGLGDFRQXQSDUGHHVSOpQGLGRVFDEDOORV R
XQD FHSD GH RUR VHJ~Q OD YHUVLyQ  (Q 5RPD D *DQLPHGHV VH OH
VROtD OODPDU &DWDPLWD TXH HV GH GRQGH SURFHGH OD SDODEUD
FDWDPLWR>@ )XH LQPRUWDOL]DGR HQ OD FRQVWHODFLyQ GH $FXDULR FRPR
HODJXDGRU

=HXV\VXVKLMRV
=HXV HQJHQGUy PXFKRV KLMRV 6X GHVFHQGHQFLD IXHURQ GLRVHV \
GLRVDVRVHPLGLRVHVIUXWRGHQXPHURVDVXQLRQHVFRQPXMHUHVWDQWR
PRUWDOHVFRPRGLYLQDV
)XHHOSULPHURGHORVGLRVHVFHOHVWLDOHVJULHJRVHQVHUSURWHFWRU
JHQHURVR \ GH FRQILDQ]D SDUD PXFKRV GH VXV KLMRV H KLMDV &XDQGR
PXULyODPDGUHGH'LRQLVRVPLHQWUDVHVWDEDHPEDUD]DGD=HXVFRVLy
HOIHWRDVXSURSLRPXVOR\OROOHYyDOOtKDVWDTXHIXHVXPRPHQWRGH
QDFHU &RQFHGLy D VX SHTXHxD $UWHPLVD WRGR OR TXH pVWD OH SLGLy
SDUD VHU OD GLRVD GH OD FD]D VX DUFR VXV IOHFKDV VXV SHUURV \ ODV
FRPSDxHUDVTXHHOODHOLJLy&RQILULyDVXRWUDKLMD$WHQHDVXVSURSLRV
VtPERORV GH SRGHU $UUHJOy XQD GLVSXWD HQWUH $SROR \ +HUPHV
LQVLVWLHQGRFRQILUPH]DHQTXHpVWH~OWLPRGHYROYLHUDODVYDFDVTXH
OH KDEtD UREDGR D VX PHGLR KHUPDQR PD\RU FRQ OR FXDO FRQVLJXLy
TXHVHKLFLHUDQDPLJRV
(O DVSHFWR RVFXUR GHO SDGUH GHVWUXFWLYR WDPELpQ IRUPDED SDUWH
GH VX QDWXUDOH]D )XH WDQWR XQ SDGUH LQFHVWXRVR TXH VHGXMR D VX
KLMD 3HUVpIRQH FRPR HO SDGUH TXH GLR SHUPLVR SDUD TXH +DGHV OD
VHFXHVWUDUD \ OD YLRODUD \ TXH QR UHVSRQGLy D VXV JULWRV GH D\XGD
FXDQGR+DGHVODHVWDEDUDSWDQGR8QPLWRDWULEX\HD=HXVODFRMHUD
GH +HIHVWR DO TXH DUURMy GHVGH HO 2OLPSR FXDQGR pVWH LQWHQWDED
GHIHQGHUDVXPDGUHXQFDVRGHPDORVWUDWRVDXQPHQRU2WURKLMR
$UHV IXH SVLFROyJLFDPHQWH UHFKD]DGR IXH REMHWR GHO RGLR GH VX
SDGUH < WDO FRPR KHPRV FLWDGR DQWHULRUPHQWH  WHPHURVR GH TXH
0HWLVHVWXYLHUDHPEDUD]DGDGHXQKLMRTXHOOHJDUDDRFXSDUVXOXJDU
VHODWUDJySDUDHYLWDUGLFKDSRVLELOLGDG
6LQ HPEDUJR D SHVDU GH FyPR WUDWDUD D VXV KLMRV OD FDSDFLGDG
UHSURGXFWRUD GH =HXV FRPR SDGUH GH PXFKRV IRUPDED XQD SDUWH
HVHQFLDOGHVXQDWXUDOH]D
=HXVHODUTXHWLSR
6HQWDUVH HQ OD FXPEUH FRQ HO SRGHU OD DXWRULGDG \ HO GRPLQLR
VREUH XQ UHLQR HOHJLGR HV OD SRVWXUD GH =HXV /RV KRPEUHV TXH
MXHJDQDVHU³HOUH\GHODPRQWDxD´HQODYLGDUHDO\ORFRQVLJXHQ
VRQ FRPR =HXV &RPSDUWHQ UDVJRV GH VX SHUVRQDOLGDG \ VXV
VXVFHSWLELOLGDGHVHOSDWUyQVXE\DFHQWHHVHODUTXHWLSRGH=HXV

=HXVFRPRHODUTXHWLSRGHOUH\
=HXV WXYR OD DPELFLyQ \ OD FDSDFLGDG GH HVWDEOHFHU XQ UHLQR
VREUHHOTXHIXHHOGLRVMHIH\HOLPSXOVRGHSUHVLGLUVREUHHOSURSLR
WHUULWRULR HV XQ LQVWLQWR SULPRUGLDO GH HVWH DUTXHWLSR TXH PRGHOD D
KRPEUHV \PXMHUHV SDUDVHU\FRPSRUWDUVHFRPR=HXV
&XDQGR HO DUTXHWLSR SUHGRPLQDQWH HV =HXV OD QHFHVLGDG GH
³HVWDEOHFHU XQ UHLQR´ HV XQD IXHU]D PRWUL] &RPR PtQLPR VH
VXVFULEHDOGLFKRGH³HOKRJDUGHXQKRPEUHHVVXFDVWLOOR´\FRQHVH
ILQ EXVFD XQD FDVD \ XQD IDPLOLD 3RU OR WDQWR HVWH DUTXHWLSR
SUHGLVSRQHDOKRPEUHDTXHUHUFDVDUVH\WHQHUKLMRVSDUDTXHVHDQ
H[WHQVLRQHV GH Vt PLVPR (VSHUD TXH VX HVSRVD DGPLQLVWUH ELHQ HO
KRJDU\TXHVHRFXSHGHODHGXFDFLyQGLDULDGHORVKLMRVPLHQWUDVpO
VHLQYROXFUDORPHQRVTXHSXHGH
8QDIDPLOLDVyORHVXQDSDUWHGHVXPRWLYDGRUDYLVLyQPiVDPSOLD
GH HVWDEOHFHU VX SURSLR UHLQR 8Q =HXV TXLHUH DXWRULGDG \ SRGHU \
QROHLPSRUWDDFHSWDUULHVJRVSDUDFRQVHJXLUVXVPHWDV3UHILHUHVHU
VXSURSLRMHIHTXHWUDEDMDUSDUDRWUR<VLHVXQ=HXVFRQYLVLyQGH
IXWXURFXDQGRFRPLHQFHVXSULPHUQHJRFLRORYHUiWDQVyORFRPRHO
SULQFLSLR
(O UH\ $UWXUR HV XQD YHUVLyQ OHJHQGDULD GH HVWH DUTXHWLSR
&RPHQ]yFRPRXQGRQQDGLHQRUHFRQRFLGRFX\RGHVWLQRVHUtDHOGH
XQLILFDU EDMR VX HVWDQGDUWH XQD WLHUUD IHXGDO HQ JXHUUD (Q OD
DFWXDOLGDGODVEDWDOODVTXHVHKDQGHJDQDUVXHOHQVHUHQHOiPELWR
HFRQyPLFR\XQHPSUHQGHGRUMRYHQDPELFLRVRTXHVHFRQYLHUWHHQ
XQ EDUyQ GH ORV QHJRFLRV ²FRPR 5RVV 3HURW FX\D RSHUDFLyQ GH
7HMDV VH FRQYLUWLy HQ OD PXOWLQDFLRQDO (OHFWURQLF 'DWD 6\VWHPV²
SHUVRQLILFDHODUTXHWLSRGHOUH\
(VWH DUTXHWLSR WDPELpQ VH PDQLILHVWD D WUDYpV GH ORV ³UHLQRV
KHUHGLWDULRV´ HQ ORV KRPEUHV QDFLGRV HQ IDPLOLDV GH FODVH DOWD \
ULFDV TXH KDQ KHUHGDGR XQD SRVLFLyQ GH SRGHU OD IXHU]D PRWUL] HV
VXQHFHVLGDGGHDPSOLDUODVIURQWHUDVGHVXUHLQRSDUDDGTXLULUFDGD
YH]PiVSRGHUHFRQyPLFR\SUHVWLJLR
/DJUDQFDVD\HOJUDQHGLILFLRFRPHUFLDOVRQPDQLIHVWDFLRQHVGHO
PLVPR DUTXHWLSR 8QD YH] FRQVROLGDGR HO SRGHU VH KD GH FRQVWUXLU
&DPHORW

=HXVFRPRDUTXHWLSRGHODDFFLyQGHFLVLYD

(O UD\R \ HO iJXLOD VRQ ORV SULQFLSDOHV VtPERORV GH =HXV 6RQ
H[SUHVLRQHV HVSHFLDOPHQWH DSURSLDGDV GH OD FDSDFLGDG GH GHFLVLyQ
SDUDDFWXDUUiSLGDPHQWH\³GHVGHOHMRV´TXHFDUDFWHUL]DDODUTXHWLSR
GH=HXV
(OiJXLODRWHDGHVGHORDOWRODWLHUUDYHGHKRUL]RQWHDKRUL]RQWH
6LQ HPEDUJR WDPELpQ SXHGH GHWHFWDU GHVGH PX\ OHMRV ORV
PRYLPLHQWRV GH OD SHTXHxD SUHVD \ SXHGH GHVFHQGHU UiSLGDPHQWH
SDUD DWUDSDU D OD SHUGL] R DO FRQHMR HQWUH VXV JDUUDV ,JXDOPHQWH
=HXVVHHQFXHQWUDHQODDWDOD\DGHYLJtDSDUDEXVFDUORTXHTXLHUHR
QHFHVLWD3XHGHWUDWDUVHGHXQSURGXFWRHQSDUWLFXODUGHXQSRVLEOH
IXWXUR HPSOHDGR R GH XQD FRPSDxtD \ FXDQGR ORFDOL]D OR TXH
TXLHUH YD WUDV HOOR FRQ WRGDV VXV IXHU]DV 3RVHH DPEDV FRVDVXQD
SHUVSHFWLYD JHQHUDO OD JUDQ YLVLyQ \ OD FRQFLHQFLD GHO GHWDOOH
LPSRUWDQWH &XDQGR VH HQIRFD HQ HO GHWDOOH OH FRQFHGH WRGD VX
DWHQFLyQ QR WLHQH LQWHQFLyQ GH TXH VH OH SLHUGD GH YLVWD R VH OH
HVFDSHGHODVPDQRV6LQHPEDUJRDOLJXDOTXHHOiJXLODFX\DSUHVD
GHSURQWRGHVDSDUHFHGHVXYLVWDRHVDWUDSDGDSRURWURGHSUHGDGRU
DSHVDUGHWRGDODHQHUJtD\HOHVIXHU]RTXHKDSXHVWRHQHVDPHWD
HQFRQFUHWRSXHGHFDPELDUIiFLOPHQWHGHGLUHFFLyQROYLGDUVHGHVXV
SpUGLGDV\VHJXLUDGHODQWH
(O UD\R GH =HXV HUD XQ VtPEROR GH VX SRGHU SXQLWLYR eVWH
WDPELpQ SURFHGH GH OHMRV SDUD JROSHDU VLQ PLUDPLHQWRV SHUR VyOR
FXDQGRVHKDQDJUXSDGRODVRVFXUDVQXEHVGHWRUPHQWD\HOWUXHQR
KD UXJLGR LQVLQXDQGR XQD FRQFHQWUDFLyQ GH OD HPRFLyQ XQD
DFXPXODFLyQ GH LUD (O FHORVR =HXV PDWy D -DVLyQ FRQ XQ UD\R
FXDQGR VH DFRVWy FRQ OD GLRVD 'HPpWHU HQ HO FDPSR WUHV YHFHV
DUDGR2WURGHVXVUD\RVDOFDQ]yD)DHWyQFXDQGRHOMRYHQSHUGLyHO
FRQWUROGHORVFDEDOORVTXHFRQGXFtDQVXFDUURGHO6RO
(O UD\R SXHGH VHU XQ VtPEROR GHO ³SRGHU GH GHVSHGLU´ DO LJXDO
TXHHOiJXLODSXHGHUHSUHVHQWDUODFDSDFLGDGGHDGTXLULURFRQWUDWDU
FRQ GHFLVLyQ 3DUD XQ SUHVLGHQWH GH XQD FRPSDxtD FRPR /HH
,DFRFFDTXHFRPSUyOD&KU\VOHU&RUSRUDWLRQWUDVKDEHUSDJDGRVXV
GHXGDV \ VDFDUOD GH OD EDQFDUURWD OD FDSDFLGDG GH GHVSHGLU \
FRQWUDWDU HVHVHQFLDOSDUDHOp[LWR(VFLHUWRTXHXQGHVSLGRSXHGH
DFDEDUFRQXQDFDUUHUDWHUPLQDUFRQODYLGDODERUDOGHXQHPSOHDGR
OHDO \ HYLGHQWHPHQWH WLHQH XQ HIHFWR VREUH VX IDPLOLD 3DUD XQ
SDGULQR GH OD PDILD ³GHVKDFHUVH GH DOJXLHQ´ SXHGH VLJQLILFDU XQD
PXHUWHItVLFD3HURHVWDVFRQVLGHUDFLRQHVQRVRQSURSLDVGH=HXV\
ORVKRPEUHVTXHSHUVRQLILFDQHVWHDUTXHWLSRQRSLHUGHQHOVXHxRSRU
HVWRVDVXQWRV
(Q FDPELR SDUHFH VHU TXH HO H[ SUHVLGHQWH 5RQDOG 5HDJDQ QR
GHVSLGLyGLUHFWDPHQWHDQDGLH$XQTXHVHVHQWyHQXQDSRVLFLyQGH
=HXV QR GHVWDFy SRU DFWXDU FRQ GHFLVLyQ TXH HV XQ GLVWLQWLYR GH
HVWHDUTXHWLSR
=HXVFRPRFUHDGRUGHDOLDQ]DVDWUDYpVGHODVFRQH[LRQHV
HPSUHVDULDOHV
8QDILJXUDGH=HXVFRQp[LWRSXHGHWUDEDMDUHQFRRSHUDFLyQFRQ
RWURVKRPEUHVSRGHURVRV'HVWDFDHQODV³UHXQLRQHVHQODFXPEUH´
SRU VX FDSDFLGDG GH FUHDU DOLDQ]DV \ GHWHUPLQDU ODV IURQWHUDV HQ
DUUHJODUDFXHUGRV TXLGSURTXR6XSDODEUDEDVWD4XLHUHWUDWDUFRQ
ORVRWURVTXHWDPELpQHVWiQDVXDOWXUD\WLHQHQGHFLVLyQ(VSHUDTXH
ORV GHPiV FXLGHQ GH VXV SURSLRV LQWHUHVHV DO LJXDO TXH pO OR KDFH
FRQORVVX\RV3DUDFRQVROLGDUVXEDVHGHSRGHU\H[SDQGLUVHDSDUWLU
GH OD PLVPD TXH VRQ PHWDV QDWXUDOHV SDUD HO DUTXHWLSR =HXV ODV
DOLDQ]DVVRQHVHQFLDOHV
(QODDFWXDOLGDGODVDOLDQ]DVGHOKRPEUH=HXVVHUHDOL]DQFRQORV
EDQTXHURV \ SURYHHGRUHV GLVWULEXLGRUHV H LQFOXVR OD FRPSHWHQFLD R
FRQIXHQWHVGHUHIHUHQFLDEXUyFUDWDVPHFHQDVHQOXJDUGHKDFHUOR
FRQ ORV VHxRUHV IHXGDOHV R VREHUDQRV /RV WtWXORV \ UHLQRV VRQ
GLIHUHQWHVSHURODIRUPDHVODPLVPD
=HXVHOGLRVHVWDEOHFLyHQHOSRGHUDORVROtPSLFRVFRQODD\XGD
GHORVJLJDQWHVGHFLHQEUD]RV\ORVFtFORSHVVLQORVFXDOHVQRKDEUtD
GHUURWDGRDORVWLWDQHV/HD\XGDURQSRUTXHOHVKDEtDOLEHUDGR(QHO
PXQGRGHORVQHJRFLRVXQ=HXVFRQVLGHUDFXiQGRKDGH³XWLOL]DUVXV
ED]DV´¢HVHVWHHOPRPHQWRGHVROLFLWDUHOSDJRGHORVIDYRUHVTXH
KH FRQFHGLGR" 6L HV DVt XQ =HXV FRQ p[LWR OR KDUi FRQ VXWLOH]D \
VHQVLELOLGDG &RQ FDGD XQD GH HVWDV WUDQVDFFLRQHV =HXV IRUMD
DOLDQ]DV\FRQVROLGDVXSRVLFLyQFRPRWDQELHQGHPRVWUy (OSDGULQR
GH 0DULR 3X]R TXH IXH LQWHUSUHWDGR HQ OD SDQWDOOD SRU 0DUORQ
%UDQGReVHHUDHODUTXHWLSRGH=HXVYHVWLGRGHSDGULQRGHODPDILD

=HXVFRPRFUHDGRUGHDOLDQ]DVDWUDYpVGHORVPDWULPRQLRV
3DUDHODUTXHWLSR=HXVFX\DPHWDSULPRUGLDOHVODGHHVWDEOHFHU
XQ UHLQR HO PDWULPRQLR WDPELpQ HV XQ PHGLR D WUDYpV GHO FXDO VH
FUHDQDOLDQ]DV\VHFRQVROLGDHOSRGHU/RVPDWULPRQLRVUHDOHVHUDQ
DFRUGDGRV SRU ORV SULPHURV PLQLVWURV /RV PDWULPRQLRV SDWULDUFDOHV
HQ WRGDV ODV FXOWXUDV VRQ DOLDQ]DV HQWUH IDPLOLDV HQ ODV TXH OD
SURSLHGDG\ODGHVFHQGHQFLDVRQODSULQFLSDOSUHRFXSDFLyQ/RVVLHWH
PDWULPRQLRVRILFLDOHVGH=HXVUHIOHMDQHVWHPLVPRSDWUyQ
3DUD =HXV KDOODU XQD HVSRVD DSURSLDGD QR HV XQD FXHVWLyQ GH
VHQWLPLHQWRV R GH UHODFLyQ HVSLULWXDO VLQR XQD FXHVWLyQ GH HVWDGR
XQDDOLDQ]DTXHVLUYDDODPHWDGHHVWDEOHFHURFRQVROLGDUVXUHLQR
2WURVDUTXHWLSRVWDPELpQKDQGHHVWDUSUHVHQWHVVLODUHODFLyQKDGH
LQFOXLU OD SDVLyQ OD DPLVWDG X RWURV DVSHFWRV TXH VDWLVIDJDQ ODV
QHFHVLGDGHVSHUVRQDOHV
1RFDEHGXGDGHTXHHOPDWULPRQLRGH=HXV\+HUDVHFRQYLHUWH
HQ XQ PRGHOR GH FRQIOLFWR &XDQGR VRQ HVWRV GRV SRGHURVRV
DUTXHWLSRVORVTXHVXE\DFHQHQGLFKDXQLyQFDGDXQRGHHOORVHVWi
PRWLYDGR SRU LQWHQFLRQHV WRWDOPHQWH GLVWLQWDV 3DUD +HUD HO
PDWULPRQLR HV XQ FRPSURPLVR VDJUDGR \ HV OD SULRULGDG PiV
LPSRUWDQWH OD PRQRJDPLD \ OD ILGHOLGDG VRQ HVHQFLDOHV SDUD VX
ELHQHVWDU&XDQGR+HUDHVHODUTXHWLSRSUHGRPLQDQWHHQXQDPXMHU
pVWDEXVFDHOPDWULPRQLRFRPRPHGLRSDUDVXUHDOL]DFLyQSHUVRQDO
SDUDVXSHUIHFFLyQ\SDUDVHQWLUVHFRPSOHWD

=HXVHOFRQTXLVWDGRU
7DO FRPR KH PHQFLRQDGR DQWHULRUPHQWH =HXV HUD HO DUTXHWLSR
GHO FRQTXLVWDGRU VHGXMR D QLQIDV PRUWDOHV \ GLRVDV \ HQJHQGUy
QXPHURVRV KLMRV H KLMDV $ PHQXGR DGRSWDED PXFKDV IRUPDV SDUD
VHGXFLU \ IHFXQGDU D TXLHQTXLHUD TXH pO GHVHDUD 3DUD /HGD VH
FRQYLUWLyHQXQFLVQHSDUD'iQDHIXHXQDOOXYLDGHRURSDUD(XURSD
VHWUDQVIRUPyHQXQWRURSDUDËRHQXQDQXEH
3HUVLJXLy D ODV PXMHUHV FRQ XQD SHUVHYHUDQFLD ~QLFD
FDUDFWHUtVWLFDGHVXQDWXUDOH]DGH³iJXLOD´$OYHUDTXLHQOHLQWHUHVD
KDFH WRGR OR QHFHVDULR SDUD DFHUFDUVH D HOOD FDPELD VX IRUPD
PXHVWUD VX SDUWH PiV YXOQHUDEOH R VH FRQYLHUWH HQ XQ DSDVLRQDGR
DPDQWH8QDYH]KDORJUDGRVXSURSyVLWRORPiVSUREDEOHHVTXHVX
DWHQFLyQ VH YXHOYD D HQIRFDU HQ VX WUDEDMR 3XHGH TXH
LQFRQVFLHQWHPHQWH QR VH SURWHMD SDUD HYLWDU HO HPEDUD]R SRUTXH
WLHQH XQ IXHUWH LQVWLQWR GH VHU SURJHQLWRU < OR PiV QRUPDO HV TXH
³FXLGH GH Vt PLVPR´ UHVSRQVDELOL]iQGRVH HFRQyPLFDPHQWH GH VXV
KLMRV\UHFRQR]FDVXSDWHUQLGDG

=HXVHOSDGUHFHOHVWLDO
(O LQVWLQWR GH WHQHU KLMRV IRUPD SDUWH GHO DUTXHWLSR GH =HXV /R
TXHHVSHUDGHHOORVHVVLPLODUDORTXHHVSHUDGHVXVVXERUGLQDGRV
TXHVHDQREHGLHQWHV\FXPSODQVXYROXQWDG6XVKLMRVIDYRULWRVVRQ
XQD UpSOLFD GH VX LGHDO GH Vt PLVPR FRPR SHUVRQD LPSDUFLDO \
VXSHULRUTXHQRSHUPLWHTXHVH³GHVFRQWUROHQ´VXVHPRFLRQHV(VWDV
FXDOLGDGHV ODV FRPSDUWHQ VXV KLMRV $SROR \ $WHQHD \ HVWiQ
HQFDUQDGDVHQHOKLMRUDFLRQDOTXHEXVFDHOp[LWRTXHHVEULOODQWHHQ
ORV HVWXGLRV \ HQ HO GHSRUWH \ HQ OD KLMD FX\D PHQWH IXQFLRQD GH
PRGRVLPLODUDODVX\DHQOD³QLxDGHSDSi´ODDGPLUDFLyQPXWXDHV
OD TXH OHV XQH (V XQ SDGUH PHQWRU TXH JXtD OD HGXFDFLyQ \ OD
FDUUHUDGHVXVKLMRVDOLJXDOTXHVXHOHKDFHUORFRQRWURVMyYHQHVFRQ
ORV TXH WDPELpQ DFW~D FRPR PHQWRU HQ VXV QHJRFLRV R PXQGR
SURIHVLRQDO $ FDPELR HVSHUD OHDOWDG \ VH VLHQWH HQJDxDGR FXDQGR
XQVXERUGLQDGRRXQKLMR³FUHFH´\OXHJRSLHQVDGHPRGRGLVWLQWRD
pO
=HXV HV HO DUTXHWLSR GH XQ SDGUH GLQiVWLFR TXH IXQGD XQD
IDPLOLD4XLHUHWHQHUPXFKRVKLMRV\QLHWRVSDUDTXHVLJDVXOLQDMH\
SDUDFRQVHJXLUHVWHILQLQWHQWDLPSRQHUVXYROXQWDGVREUHORTXHVXV
KLMRV KDQ GH KDFHU HQ HO PXQGR QR VyOR PLHQWUDV pO YLYD VLQR
WDPELpQ FXDQGR \D KD\D GHVDSDUHFLGR 0RWLYDGR SRU VX QHFHVLGDG
GLQiVWLFD DVt FRPR SRU VX QDWXUDOH]D GH SDGUH SURYHHGRU XQ =HXV
PXOWLPLOORQDULRHVWUXFWXUDUiVXQHJRFLR\HVWDEOHFHUiFRQVRUFLRVSDUD
TXH VH FXPSOD VX YROXQWDG HQ ODV VXFHVLYDV JHQHUDFLRQHV 8Q =HXV
FRQ PHQRV SRGHU FRQ XQ UHLQR PiV SHTXHxR KDFH OR PLVPR D
PHQRUHVFDOD
8QKRPEUHTXHVHHVIXHUFHHQVHUXQSDGUHTXHSXHGHPDQWHQHU
ELHQDVXVKLMRV\TXHVHHQRUJXOOHFHGHFyPRORKDFHVXSRQHXQD
FDUDFWHUtVWLFDWtSLFDGH=HXV(OWDPDxRGHVXFDVDUHIOHMDHVWHUDVJR
DODYH]TXHH[SUHVDVXQHFHVLGDGGHSRVHHUXQWHUULWRULR(OSDGUH
SURYHHGRU VXHOH VHU JHQHURVR SHUR VX JHQHURVLGDG HVWi PRWLYDGD
SRU VX GHVHR GH FRQWURODU D VXV KLMRV \ HVWi YLQFXODGD FRQ ODV
HVSHUDQ]DVTXHKDSXHVWRHQHOORV
4XLpQ REWLHQH TXp HQ ORV SUHVXSXHVWRV GH ODV IDPLOLDV =HXV
FRPR HQ ORV SUHVXSXHVWRV SUHVLGHQFLDOHV UHIOHMD ODV PHWDV GH XQ
KRPEUHTXHHVWiHQODFLPD
=HXV DUTXHWtSLFDPHQWH HV XQ SDGUH DXWRULWDULR TXH WLHQH OD
~OWLPD SDODEUD 3XHGH TXH H[LVWD XQD YtD GH FRPXQLFDFLyQ DELHUWD
FRQ VXV KLMRV SHUR ODV GHFLVLRQHV IDPLOLDUHV \ GH ORV QHJRFLRV VH
WRPDQFRPRGHVFULEH/HH,DFRFFD©0LSROtWLFDVLHPSUHKDVLGRVHU
GHPRFUiWLFR HQ WRGR PRPHQWR KDVWD TXH VH KDQ GH WRPDU
GHFLVLRQHV(QWRQFHVPHFRQYLHUWRHQHOFRPDQGDQWHPiVGHWHVWDEOH
³0X\ELHQ\DRVKHHVFXFKDGRDWRGRV²OHVGLJR²(VWRHVORTXH
YDPRVDKDFHU>@´ª
=HXVHOKRPEUH
/D YLGD GH =HXV FRPR KRPEUH PXHVWUD FyPR HV HO SDWUyQ
DUTXHWtSLFR GH =HXV FXDQGR VH YLYH FRQIRUPH DO PLVPR (V XQ
FXDGUR FRPSXHVWR GLEXMDGR LQWXLWLYDPHQWH D SDUWLU GH P~OWLSOHV
HMHPSORV TXH SXHGH VHUYLU GH HVSHMR SDUD TXH HO KRPEUH =HXV VH
YHD UHIOHMDGR HQ pO &XDQGR YHPRV FyPR VH HQFDUQD HVWH SDWUyQ
GHVGH OD LQIDQFLD KDVWD OD YHMH] WDPELpQ SRGHPRV DSUHQGHU D
UHFRQRFHUD=HXV
/D PD\RUtD GH ORV KRPEUHV TXH VRQ FRPR =HXV WDPELpQ WLHQHQ
RWURVDVSHFWRVHQJHQHUDOKD\PiVGHXQGLRVHQWRGRKRPEUHOR
TXH VLJQLILFD TXH XQD JUDQ SDUWH GH OR TXH YLHQH D FRQWLQXDFLyQ
HQFDMDUi FRQ HO KRPEUH =HXV SHUR QR QHFHVDULDPHQWH WRGR
$GHPiV HO SDWUyQ GH =HXV DO LJXDO TXH VXFHGH FRQ ORV GHPiV
SXHGHGRPLQDUGXUDQWHFLHUWDIDVHGHODYLGDGHXQKRPEUHHQOXJDU
GHVHUODSULQFLSDOLQIOXHQFLDLQWHUQDGXUDQWHWRGDVXYLGD=HXVHVWi
FODUDPHQWH SUHVHQWH HQ HVD pSRFD SHUR HQ RWURV PRPHQWRV RFXSD
XQVHJXQGRSODQR/DSDWHUQLGDGSRUHMHPSORSXHGHSURSLFLDUXQD
IDVH =HXV HQ XQ KRPEUH VL GHFLGH FDPELDU VX WUD\HFWRULD SDUD
HVWDEOHFHUVHHQHOPXQGR\VHUHOFDEH]DGHIDPLOLDVLHPSUHTXHQR
KXELHUDPDQLIHVWDGRHVWDVDPELFLRQHVKDVWDHQWRQFHV2XQKRPEUH
R PXMHU  SXHGHQ SDUHFHUVH D =HXV HQ VyOR XQ DVSHFWR GH VX YLGD
SRU HMHPSOR HQ ORV QHJRFLRV R HQ HO iPELWR GH ODV UHODFLRQHV
SURIHVLRQDOHV
/RVSULPHURVDxRV
(OEHEp=HXVVHGDDFRQRFHUPX\SURQWRGDQGRPXHVWUDVGHXQ
IXHUWH SRGHU GH YROXQWDG 'LVWUDHUOR GH VXV LQWHUHVHV QR HV IiFLO
FXDQGR VX PHQWH HVWi HQIRFDGD HQ XQD FRVD FXDQGR TXLHUH FRJHU
DOJRRFXDQGR\DORWLHQHQRORVROWDUieVWHHVHOQLxRGHGRVDxRV
TXH WDQWR KD FRQWULEXLGR DO HVWHUHRWLSR GH ³ORV WHUULEOHV GRV DxRV´
SXHVWRTXHSXHGHGHFLU³£QR´FRQPXFKDDXWRULGDG
3DUD DWHPSHUDU HVWD QDWXUDOH]D DXWRFUiWLFD \ GHVDUUROODU VXV
GRQHV LQWHUQRV DO QLxR =HXV OH UHVXOWDUi PX\ EHQHILFLRVR DSUHQGHU
VREUH OD HFXDQLPLGDG \ OD MXVWLFLD WDQWR HQ VX KRJDU FRPR HQ OD
HVFXHOD TXH OH GHQ FRVDV SUiFWLFDV HQ ODV TXH SHQVDU \ WHQHU
MXJXHWHVXREMHWRVTXHSXHGDPDQLSXODU\GHVPRQWDU(QJHQHUDOVL
HVWiVRORFUHDUiXQPXQGRHQPLQLDWXUDHQHOTXHKDUiTXHVXFHGDQ
FRVDV&RQVWUXLUiFDUUHWHUDVSDUDVXIORWDGHFRFKHVGHVSOHJDUiVXV
UHJLPLHQWRV GH VROGDGRV GH MXJXHWH HQ HO FDPSR GH EDWDOOD R
FRQVWUXLUi XQD FLXGDG DQWHV TXH OHHU XQ OLEUR R VRxDU GHVSLHUWR
7DPSRFROHJXVWDMXJDUHQVROLWDULRVLSXHGHHYLWDUOR(VHOQLxRTXH
VLHPSUH HV HO FDSLWiQ GH VXV WURSDV HQ HO OXJDU GH MXHJR R HO QLxR
TXH TXLHUH GHVWDFDU \ FXDQGR QR OR FRQVLJXH VH VLHQWH
WHUULEOHPHQWHIUXVWUDGR

6XVSDGUHV
&RPRQLxRHO=HXVGHXQRVGRVRWUHVDxRVSRUODIXHU]DGHVX
YROXQWDG LQWLPLGD D DOJXQDV PDGUHV TXH KDQ VLGR GRPLQDGDV SRU
KRPEUHVDXWRULWDULRV(VMHIHSRUQDWXUDOH]DFXDOLGDGTXHSURYRFDD
DOJXQRVSDGUHVVREUHWRGRDORVDXWRULWDULRVTXHSXHGHQSUHWHQGHU
HQVHxDUOHTXLpQHVHOMHIHGHXQDIRUPDDJUHVLYD/RVSDGUHVSXHGHQ
³GDUVH FDEH]D]RV´ FRQ VX KLMR VH HQFXHQWUDQ FRQ HO GHVDItR GH QR
FHGHUDQWHpOQLSHUPLWLUTXHDORVGRVRWUHVDxRVVHFRQYLHUWDHQ
XQPH]TXLQRWLUDQRRGHHYLWDUPHWHUVHGHOOHQRHQOXFKDVGHSRGHU
HQODVTXHDSUHQGDTXHHOSRGHUKDFHHOGHUHFKR
 &RQHVWHWLSRGHQLxRVPiVTXHFRQQLQJ~QRWURORVSDGUHVKDQ
GHUHFRUGDUTXHHVVyORXQEHEpRXQQLxRSHTXHxRDXQTXHDFW~H
FRPR VL IXHUD /XLV ;,9 R (QULTXH 9,,, /RV SDGUHV TXH OH RIUHFHQ
RSFLRQHV DSURSLDGDV HQ OXJDU GH HQ]DU]DUVH FRQ pO HQ OXFKDV GH
SRGHU OH DQLPDQ D TXH SLHQVH \ DFW~H OR FXDO VRQ KDELOLGDGHV
SRVLWLYDV LQQDWDV GH =HXV 3UHJXQWDUOH ³¢7H JXVWDUtD WHQHU HVWR R
DTXHOOR"¢+DFHUHVWRRDTXHOOR"¢,UDTXtRDOOt"´HVPHMRUTXHHQWUDU
HQXQDFRPSHWLFLyQGHYROXQWDGFRQWUDDOJXLHQTXHSXHGHGHFLU³QR´
\ VHU VX ~OWLPD SDODEUD 7DPELpQ HV PHMRU TXH GHMDU TXH WRPH OD
GHFLVLyQHOTXHHVItVLFDPHQWHPiVIXHUWHODUHJODGHTXHODIXHU]D
PDQGD VREUH OD UD]yQ HV IiFLOPHQWH DFHSWDEOH SDUD XQ MRYHQ =HXV
+D\ TXH HVWDEOHFHU OtPLWHV HVWULFWRV \ HVSHUDU TXH ORV SRQJD D
SUXHED6LQGXGDVHQWLUiODQHFHVLGDGGHH[SHULPHQWDUXQDMXLFLRVD
FDQWLGDGGHSRGHUSRUSDUWHGHORVSDGUHVSDUDUHFRQRFHUTXHpVWRV
VLQGXGDWLHQHQDXWRULGDG\SXHGHQHMHUFHUOD
8QD YH] ORV DVXQWRV VH KDQ UHVXHOWR VDWLVIDFWRULDPHQWH SDUD pO
HVWH QLxR SXHGH TXHGDUVH PX\ DEVRUWR HQ FXDOTXLHU FRVD TXH HVWp
KDFLHQGR (Q JHQHUDO GD PXHVWUDV GH XQD GLVSRVLFLyQ SRVLWLYD \
H[WUDYHUWLGD&XDQGR\DVHKDDUUHJODGRXQDVXQWR\DSXHGHYROYHU
DUHLQDUODSD]
/DSHRUFRPELQDFLyQSDUDVXGHVDUUROORHVWHQHUXQDPDGUHGpELO
\SDVLYD\XQSDGUHGRPLQDQWH\DJUHVLYR(VWHQLxRVHLGHQWLILFDUi
FRQ HO DJUHVRU HQ FXDQWR SXHGD KDFHUOR \ WLHQH FDSDFLGDG SDUD
HVSHUDU D TXH OOHJXH HO PRPHQWR RSRUWXQR 6HJ~Q OR PDO TXH OH
KD\D WUDWDGR VX SDGUH TXH OH GHPXHVWUD ³TXLpQ HV HO MHIH´ \ VL VX
PDGUHQRSXHGHSURWHJHUOHSXHGHOOHJDUDVHUVXPLVRDQWHORVTXH
WLHQHQPiVDXWRULGDG&XDQGRVXFHGHHVWRWDPELpQHVSUREDEOHTXH
LQWHQWH GLULJLU D TXLHQHV WLHQH SRU GHEDMR D OD PtQLPD RSRUWXQLGDG
5HFRUGHPRVTXHODPDGUHWDPELpQSXHGHVHUODDJUHVRUD 
8Q KLMR =HXV GH XQ SDGUH FRQ p[LWR \ HPRFLRQDOPHQWH GLVWDQWH
WLHQH XQ PRGHOR GH URO TXH pO DGPLUD \ TXH WDPELpQ OH D\XGDUi D
GHVWDFDUHQHOPXQGR6LWDPELpQFXHQWDFRQXQDPDGUHQRGUL]DTXH
OH DPD FUHFHUi FRQ HO VHQWLGR GH WHQHU GHUHFKR D SRVHHU OR TXH
TXLHUH FRQ FRQILDQ]D HQ Vt PLVPR \ GHO OXJDU TXH RFXSD HQ HO
PXQGR /D QDWXUDOH]D \ OD FULDQ]D UHIXHU]DQ VX VHQWLGR GH ³VHU
DOJXLHQ´

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
(QODDGROHVFHQFLDVXUHODFLyQFRQODVILJXUDVGHDXWRULGDGVXHOH
VHU HO SULQFLSDO SUREOHPD &XDQGR HV XQ KRPEUH MRYHQ WLHQH
FRQILDQ]D HQ Vt PLVPR \ SXHGH SURYRFDU TXH ORV KRPEUHV
DXWRULWDULRV OH GHPXHVWUHQ ³TXLpQ HV HO MHIH DTXt´ < DXQTXH SXHGH
TXH WHQJD TXH DJXDQWDUVH \ FRRSHUDU HVSHUDUi D TXH OH OOHJXH VX
WXUQR SDUD VDOLUVH FRQ OD VX\D &RPR HVWUDWHJD VDEH TXH QR WLHQH
VHQWLGRHQIUDVFDUVHHQOXFKDVGHSRGHUTXHQRSXHGHJDQDU
1RUPDOPHQWH VXV FRPSDxHURV YDURQHV HQ HO LQVWLWXWR HQ OD
XQLYHUVLGDG R HQ FXDOTXLHU RWUR OXJDU YHQ HQ pO D XQ OtGHU SRU
QDWXUDOH]D\VXHOHVDOLUFRQFKLFDVSRSXODUHV\DFWLYDVVH[XDOPHQWH
(V XQ SUDJPiWLFR QR XQ LGHDOLVWD DFHSWD HO PXQGR WDO FXDO HV \
TXLHUH VX UDFLyQ GHO SDVWHO 3RU EULOODQWH TXH VHD QR HV XQ
LQWHOHFWXDO1RHVHVSHFLDOPHQWHLQWURVSHFWLYRQLPDOJDVWDVXWLHPSR
YLYLHQGRHQHOSDVDGRHQVXVSURSLRVVHQWLPLHQWRVRHQORVGHRWUD
SHUVRQD(QORTXHDpOUHVSHFWDHVWiVDWLVIHFKRFRQVLJRPLVPR\OD
YLGDHVDOJRFRQORTXHWHKDVGHDSDxDU

(OWUDEDMR
'HVGHHOGtDTXHUHFLEHVXSULPHUVDODULRPtQLPRHQVXWUDEDMR
IXHUDGHKRUDVHVFRODUHVREVHUYD\SLHQVDHQFyPRKDUtDODVFRVDV
VL IXHUD HO HQFDUJDGR 0XFKRV RWURV MyYHQHV GH VX HGDG YHQ HVH
WUDEDMRFRPRXQDIXHQWHGHLQJUHVRVSDUDSRGHUJDVWDUKDFHUORTXH
VHHVSHUDTXHKDJDQ\SRFRPiVSHURHOPXFKDFKR=HXVWLHQHXQD
H[WUDRUGLQDULD FXULRVLGDG SRU HO QHJRFLR FRPR WDO HYDO~D D ODV
SHUVRQDV SDUD ODV TXH WUDEDMD \ JHQHUDOPHQWH SRU Vt VROR VH GD
FXHQWD GH OR TXH IXQFLRQD \ SRU TXp 7DQWR VL VH HGXFD HQ XQD
JUDQMD FRPR HQ XQ JXHWR VX DWHQFLyQ VH FHQWUDUi HQ DTXHO
³QHJRFLR´TXHHVWpDVXDOFDQFHGHVGHHOFXOWLYRLQGXVWULDOKDVWDHO
WUiILFR GH GURJDV X RWURV QHJRFLRV VXFLRV 6XHOH YHU OD SDQRUiPLFD
PiVDPSOLD\QRGHMDGHDGDSWDUVXVSHQVDPLHQWRVDORTXHHVWiD
VX DOFDQFH 6H SUHJXQWD FyPR HV TXH ORV KRPEUHV PD\RUHV TXH
HVWiQ DO IUHQWH QR VH GDQ FXHQWD GH OR TXH SDUD pO HV REYLR \
QHFHVDULRRQRDSURYHFKDQRSRUWXQLGDGHVTXHpOQRGHMDUtDHVFDSDU
VLHVWXYLHUDHQVXOXJDU1DGLHSXHGHHQVHxDUOHORTXHHVODLQLFLDWLYD
\WUDEDMDUGXURQLGHFLUOHTXHHVWpDOWDQWRGHODVRSRUWXQLGDGHVHQ
pOHVDOJRQDWXUDO
$ YHFHV WLHQH XQ LQWHUpV HVSHFtILFR HQ DOJR VHD OR TXH VHD OD
SHUVSHFWLYD =HXV OH D\XGD D WULXQIDU HQ FXDOTXLHU FRVD TXH KD\D
HOHJLGR 3RU HMHPSOR WLHQH HO GRQ GH FRPSUHQGHU \ XWLOL]DU HO
DPLJXLVPR FRQ VXV YLHMDV DPLVWDGHV GHO FROHJLR \ OH HQFDQWD HO
FDSLWDOLVPR SRU OD RSRUWXQLGDG TXH OH RIUHFH GH WULXQIDU $GHPiV
SRVHH YDULDV GRWHV SVLFROyJLFDV LQQDWDV TXH OH GDQ YHQWDMD /D
DGTXLVLFLyQ GH SRGHU GLQHUR R SURSLHGDGHV HV XQ MXHJR TXH MXHJD
QDWXUDOPHQWHELHQSRUTXHHVUHDOLVWDHVWiVHJXURGHVtPLVPR\QR
VH WRPD OR TXH KDFHQ ORV GHPiV GH XQ PRGR SHUVRQDO 6L KD GH
UHVROYHU XQ JUDQ FRQIOLFWR HQ VX QHJRFLR TXH DUUXLQH D RWURV WLHQH
TXH GHVSHGLU D JHQWH TXH KD WUDEDMDGR SDUD pO R GDU XQ FDVWLJR
HMHPSODU SXHGH GDU yUGHQHV TXH HTXLYDOJDQ D ODQ]DU UD\RV 'HO
PLVPR PRGR XQ =HXV HQ HO 3HQWiJRQR R DO PDQGR GH XQD EDQGD
FULPLQDO SXHGH GDU yUGHQHV IUtDPHQWH TXH VH WUDQVIRUPDUiQ HQ
PXHUWHV/DGLVWDQFLDHPRFLRQDOHYLWDTXHWDOHVDFFLRQHVOHTXLWHQHO
VXHxR

/DVUHODFLRQHVFRQODVPXMHUHV
7DO FRPR GLMR HO H[ VHFUHWDULR GH HVWDGR +HQU\ .LVVLQJHU ©HO
SRGHU HV XQ DIURGLVtDFRª (O DXUD GH ³KRPEUH LPSRUWDQWH´ GH XQ
=HXVHIHFWLYDPHQWHDWUDHDDOJXQDVPXMHUHVORFXDOIRUPDSDUWHGH
VX p[LWR 3RU RWUD SDUWH WDPSRFR YD GHWUiV GH XQD PXMHU FRQ HO
FRUD]yQHQODPDQRFRQODVPXMHUHVDOLJXDOTXHHQHOWUDEDMRHV
XQ HVWUDWHJD 6L TXLHUH D XQD PXMHU SDUD VDOLU FRQ HOOD SDUD TXH
WUDEDMHSDUDpORFRPRHVSRVDVHSUHVHQWDUiHQODIRUPDTXHFUHD
PiVFRQYHQLHQWHSDUDVHGXFLUODRFRQVHJXLUOD
 &RQVLGHUDTXHVXGLQHUR\VXSRGHUVRQXQDSDUWHHVHQFLDOGHVX
DWUDFWLYR DO LJXDO TXH $ULVWyWHOHV 2QDVVLV FRUWHMDQGR D -DFTXHOLQH
.HQQHG\ OH KDFHQ VHQWLU TXH WLHQH GHUHFKR D FRQVHJXLU D FLHUWDV
PXMHUHV 1R HVSHUD TXH XQD PXMHU OH TXLHUD VyOR SRU FyPR HV \
GHVGHOXHJRQRSRUVXHVStULWXVREUHHOFXDOSLHQVDTXHQLVLTXLHUD
PHUHFHODSHQDHVSHFXODU
1R OH LQWHUHVDQ ODV UHODFLRQHV LJXDOLWDULDV FRQ XQD PXMHU \D VHD
FRQ VX HVSRVD R FRQ XQD DPLJD 7DPSRFR OH LQWHUHVD QL OH JXVWD
KDEODUVREUHORVVHQWLPLHQWRV<TXLHUHTXHXQDPXMHUKDJDORTXHpO
HVSHUDGHHOOD\TXHQROHPROHVWH

/DVUHODFLRQHVFRQORVKRPEUHV
3DUDpOORVKRPEUHVVRQORVMXJDGRUHVLPSRUWDQWHVHQ³HOMXHJR´
$OJXQRVMXJDGRUHVVRQVXVULYDOHV\RWURVVXVDOLDGRV\VDEHTXHHO
ULYDOGHKR\SXHGHVHUHODOLDGRGHOPDxDQD\DODLQYHUVD/RVRWURV
MXJDGRUHV VRQ FRPR ODV WRUUHV \ ORV FDEDOORV HQ HO DMHGUH] FX\RV
PRYLPLHQWRV FRQWUROD pO 0RYHUi XQR \ VDFULILFDUi RWUR (V XQ HUURU
SRU SDUWH GH ORV KRPEUHV TXH VRQ VXV DOLDGRV R WUDEDMDQ SDUD pO
SHQVDU TXH HOORV OH LPSRUWDQ SHUVRQDOPHQWH FXDQGR OOHJD HO
PRPHQWR GH OD YHUGDG QDGLH HV LPSUHVFLQGLEOH &RQ HVWD YLVLyQ
FRQVLGHUD TXH WRGR HO PXQGR HV SUHVFLQGLEOH \ FUHH TXH ORV GHPiV
SLHQVDQLJXDO\TXHDFWXDUtDQGHOPLVPRPRGRFRQpO$XQTXHSXHGH
VHU GHVSLDGDGR FRQ IUHFXHQFLD QR OR DSDUHQWD SRUTXH VDEH TXH QR
HV FRQYHQLHQWH FUHDUVH HQHPLJRV < QR VLHQWH VROLGDULGDG FXDQGR D
ORV GHPiV OHV FXHVWD DFHSWDU TXH VH SXHGH SUHVFLQGLU GH HOORV
GHEHUtDQ KDEHU VDELGR TXH HUD DVt SXHVWR TXH VHJ~Q pO PRVWUDU
YXOQHUDELOLGDGQHFHVLGDGRVHUPX\HPRWLYRVRQVLJQRVGHHVWXSLGH]
RGHGHELOLGDG 6LUHIOH[LRQDUDVREUHHVWRVDVXQWRVORFXDOQRVHUtD
SURSLRGHpOTXL]iVVHGLHUDFXHQWDGHORLQFyPRGRTXHVHVLHQWH\
VHSUHJXQWDUtDFXiOHVODUD]yQ 
8QD GH ODV UD]RQHV GH VX p[LWR HV VX KDELOLGDG SDUD QHJRFLDU \
OOHJDUDDFXHUGRVORFXDOKDFHFRQVWDQWHPHQWH1HJRFLDELHQSRUTXH
KDHVWXGLDGRDORVKRPEUHV\SLHQVDHQORTXHTXLHUHQ\SRUORTXH
VHUtDQ FDSDFHV GH FRPSURPHWHUVH 8Q =HXV HVSHFLDOPHQWH KiELO
VXHOH VHU PX\ VHQVLEOH \ KDVWD FLHUWR SXQWR HVWDU PX\ GLVSXHVWR D
VDWLVIDFHU ODV QHFHVLGDGHV QR H[SUHVDGDV  GH RWUR KRPEUH
LQFOX\HQGRODGHJXDUGDUODVDSDULHQFLDV
(VRV FOXEHV H[FOXVLYRV HQ ORV TXH ORV KRPEUHV VH UH~QHQ SDUD
FRPHUMXJDUDOJROIRLUDFD]DUSDWRVMXQWRVVRQEDVWLRQHVGHSRGHU
GH=HXV\SULYLOHJLRVTXHVLUYHQSDUDPXFKRVILQHV3HUWHQHFHUDXQR
GHHOORVHVXQLPSRUWDQWHLQGLFDGRUGHTXHXQKRPEUHKDOOHJDGRD
ODFLPD(QHOORVVHSXHGHQVHJXLUUHDOL]DQGRDOLDQ]DVHQSURGHORV
LQWHUHVHV IDPLOLDUHV \ GH ORV QHJRFLRV 'LFKRV FOXEHV VRQ UHIXJLRV
GRQGH XQ KRPEUH =HXV SXHGH HVWDU HQWUH KRPEUHV FRPR pO TXH
HQWUHJDQ VXV HQHUJtDV ~QLFDPHQWH D OD DGTXLVLFLyQ GH SRGHU \ SRU
FRQVLJXLHQWHKDQSHUPDQHFLGRLQPDGXURVRQRVHKDQGHVDUUROODGR
SVLFROyJLFDPHQWH 6X LGHD GH OD GLYHUVLyQ HVWi UHSUHVHQWDGD SRU HO
FDPSDPHQWR %RKHPLDQ *URYH TXH HV XQD UHXQLyQ GH ORV KRPEUHV
PiV SRGHURVRV GH $PpULFD GHVGH SUHVLGHQWHV GH FRUSRUDFLRQHV
KDVWD H[SUHVLGHQWHV GH ORV (VWDGRV 8QLGRV H LQFOXVR HO DFWXDO 6H
SXHGHQ HPERUUDFKDU \ ³HFKDU XQ SROYR´ PLHQWUDV HO %RKHPLDQ
*URYH KD HVWDGR IXHUD GHO DOFDQFH GH ODV PXMHUHV \D VHD FRPR
PLHPEURV R FRPR SHUVRQDO HV OD PHFD GH ODV SURVWLWXWDV  IOLUWHDU
GHFLUWDFRV\UHSUHVHQWDULQGLJQDQWHVREUDVHQODVTXHORVKRPEUHV
LQWHUSUHWDQSDSHOHVGHPXMHU

/DVH[XDOLGDG
8Q =HXV WULXQIDGRU HV HO HTXLYDOHQWH D XQ ³PDFKR DOID´ HQ ORV
HVWXGLRVGHORVSULPDWHV\GHODVHVSHFLHVMHUiUTXLFDV/RVKRPEUHV
DOIDHVSHUDQWHQHUp[LWRVRQDJUHVLYRVLQWLPLGDQDORVKRPEUHVTXH
WLHQHQ SRU GHEDMR \ DO PHQRV HQWUH ORV SULPDWHV  VRQ ORV TXH
HVFRJHQ D ODV PXMHUHV \ VRQ VH[XDOPHQWH PiV DFWLYRV TXH ORV
KRPEUHVVXERUGLQDGRV(OGLRV=HXVVHFRPSRUWDEDFRPRXQPDFKR
DOID HQ VX IRUPD GH FRQVHJXLU \ FRQVROLGDU VX SRGHU DVt FRPR GH
IHFXQGDU D QXPHURVDV PXMHUHV \ HQJHQGUDU PXFKRV KLMRV (MHUFHU
VXV SURH]DV VH[XDOHV SDUD XQ KRPEUH =HXV SXHGH VHU FRPR WHQHU
SRGHUSROtWLFRRHFRQyPLFRSDUDSUREDUVHDVtPLVPR\DORVGHPiV
TXH SXHGH WHQHU OR TXH GHVHH =HXV HO FRQTXLVWDGRU SXHGH YHU D
XQDPXMHUGHVHDEOHFRPRXQ³SULYLOHJLR´TXHVHSXHGHSHUPLWLUSRU
VXSRVLFLyQ3XHGHGHVHDUODFRPRDGTXLVLFLyQVH[XDOPHQWHRDPEDV
FRVDVDODYH]
$SHVDUGHWRGRVXp[LWRFRQODVPXMHUHVHOKRPEUH=HXVWLHQH
IDPD SRU HO QR WDQ ELHQ JXDUGDGR VHFUHWR GH QR VHU XQ EXHQ
DPDQWH 3DUD VHU XQ EXHQ DPDQWH WDPELpQ WHQGUtDQ TXH HVWDU
SUHVHQWHVRWURVDUTXHWLSRVHQpO=HXVHVHPRFLRQDOPHQWHGLVWDQWH
FDUHFH GH XQD QDWXUDOH]D WHUUHQDO QR LQWHQWD FRPSODFHU D ODV
PXMHUHV \ QR HV DSDVLRQDGR (V VH[XDOPHQWH DJUHVLYR \ SXHGH VHU
VHGXFWRUDXQTXHVXOLELGRWDPELpQSXHGHHVWDUWRWDOPHQWHHQIRFDGD
HQVXWUDEDMRGXUDQWHODUJRVSHUtRGRVGHWLHPSR
3XHVWR TXH HO KRPEUH =HXV HV SUREDEOH TXH VH FRQFHQWUH HQ
DOFDQ]DU HO SRGHU KD\ RWURV DVSHFWRV GH VX SHUVRQDOLGDG TXH QR
SXHGHQ GHVDUUROODUVH (V EDVWDQWH SUREDEOH TXH OR TXH PiV VH YHD
DIHFWDGD VHD VX FDSDFLGDG SDUD PDQLIHVWDU VXV HPRFLRQHV OR FXDO
UHSHUFXWLUiHQODH[SUHVLyQGHVXVH[XDOLGDG6XHOHFFLyQGHSDUHMDV
VH[XDOHV UHIOHMD VX SREUH]D HPRFLRQDO HVSHFLDOPHQWH VL D PHGLGD
TXH VH KDFH PD\RU VXV SDUHMDV SDUHFHQ KDFHUVH FDGD YH] PiV
MyYHQHV D LPLWDFLyQ GH OD LPDJHQ FOiVLFD GH XQ =HXV DQFLDQR
URGHDGRGHXQDVHULHGHMyYHQHVQLQIDV
$O PLVPR WLHPSR TXH PDQWLHQH OD FRPSDxtD GH MyYHQHV QLQIDV
SXHGH TXH WDPELpQ WHQJD IDQWDVtDV VH[XDOHV GH VHU GRPLQDGR SRU
XQDPXMHUSRGHURVD\WDOFRPRQDUUDQODVSURVWLWXWDVFX\DFOLHQWHOD
HVWi IRUPDGD SRU KRPEUHV SRGHURVRV D PHQXGR OHV SLGHQ TXH
SDUWLFLSHQ HQ UHSUHVHQWDU HVWD IDQWDVtD 6LQ HPEDUJR VL HQ VX YLGD
HUyWLFDVyORSXHGHHVWDUFRQDOJXLHQOREDVWDQWHMRYHQFRPRSDUDVHU
VXKLMDRVXQLHWDRVLVHVLHQWHDWUDtGRSRUXQPXFKDFKRLQGHIHQVR
\ GRPLQDGR HOOR LPSOLFD TXH VX FDSDFLGDG SDUD ODV UHODFLRQHV
VH[XDOHVVHKDTXHGDGRLQPDGXUDRODKDFRQIXQGLGRFRQHOSRGHU
6LHVXQ=HXVKRPRVH[XDOHOSDWUyQVHUiHOPLVPRVyORTXHHV
SUREDEOHTXHVHDPiVH[DJHUDGRKD\XQJUDQQ~PHURGHSDWURQHV
< FRPR HO =HXV TXH UDSWy D *DQLPHGHV SDUD OOHYDUOR DO 2OLPSR
SXHGHTXHFRPSDUWDVXFDVDFRQXQDWUDFWLYRMRYHQRFRQYDULRV

(OPDWULPRQLR
/D OLVWD GH TXLpQ HV TXLpQ GH ODV FRQVRUWHV GH =HXV UHYHOD TXH
VLHPSUHVHFDVyFRQXQDPXMHUVXSHULRURLJXDODpO+LVWyULFDPHQWH
HVWRV PDWULPRQLRV UHIOHMDURQ HO FDPELR GH SRGHU SXHVWR TXH ODV
GLRVDVXQDYH]SRGHURVDV\VXVDWULEXWRVSDVDURQDSHUWHQHFHUDXQ
GLRV JXHUUHUR (Q OD YLGD UHDO SDVD DOJR PX\ SDUHFLGR FXDQGR XQ
KRPEUHDPELFLRVRVHFDVDFRQXQDPXMHUGHXQDIDPLOLDLPSRUWDQWH
\ DGTXLHUH VXV DWULEXWRV ²SRVLFLyQ \ ULTXH]D² D WUDYpV GHO
PDWULPRQLR&XDOTXLHUKRPEUHDPELFLRVRTXHVHFDVHFRQODKLMDGHO
MHIH \ TXH PHGLDQWH HO PDWULPRQLR ORJUH XQD YHQWDMD TXH GH OR
FRQWUDULR QR KDEUtD FRQVHJXLGR KD KHFKR OR PLVPR TXH =HXV /D
HOHFFLyQGHXQDHVSRVDTXHOHD\XGHDDVFHQGHUSXHGHVHUFDOFXODGD
RELHQVHUXQDRSFLyQLQFRQVFLHQWH³KHFKD´SRUHODUTXHWLSR=HXV(Q
HVWH~OWLPRFDVRVHVHQWLUiWUHPHQGDPHQWHDWUDtGRKDFLDXQDPXMHU
FRQ OD TXH SXHGD KDFHU UHDOLGDG VX PLWR GH FRQYHUWLUVH HQ DOJXLHQ
LPSRUWDQWH
/DPD\RUtDGHORVKRPEUHV=HXVVHFDVDQGXUDQWHODIDVHGHVX
YLGDHQODTXHVHHVWiQHVWDEOHFLHQGR3DUDHVWHWLSRGHMRYHQFX\D
YLGDVHUiJXLDGDSRUHODUTXHWLSR=HXV DPHQRVTXHODYLGDOHKDJD
VDFDU RWURV DVSHFWRV GH Vt PLVPR  XQ PDWULPRQLR WHPSUDQR HV
HVHQFLDO 6L HVWH KRPEUH VH FDVD FRQ XQD PXMHU GH OD TXH VH KD
HQDPRUDGR HV SUREDEOH TXH =HXV QR VHD HO DUTXHWLSR GHFLVLYR
'HVGH HO SXQWR GH YLVWD GH =HXV HOOD SRGUtD VHU XQD RSFLyQ PX\
SRFR DGHFXDGD VLQ HPEDUJR VHUtD DOJXLHQ TXH OH PDQWHQGUtD HQ
FRQWDFWR FRQ XQD SDUWH LUUDFLRQDO SURIXQGDPHQWH HPRWLYD WHUUHQDO
RHVSLULWXDOGHVtPLVPRVLHPSUHTXHSXHGDUHVLVWLUFRQVFLHQWHPHQWH
ORTXHHOODUHSUHVHQWD$ODLQYHUVDODVH[LJHQFLDVGHODPXMHUSDUD
TXH VHD XQ =HXV FRQ p[LWR FXDQGR HPSH]y OD YLGD FRQ RWURV
DVSHFWRVGHVtPLVPRWLHPSRDWUiVLJXDOPHQWHLPSRUWDQWHVSXHGHQ
VHUGHFLVLYDVSDUDpO
 $SHVDUGHTXHVXHVSRVDWLHQHPXFKDLQIOXHQFLDSRWHQFLDOHQVX
GHVDUUROORVXSRGHUDFWXDOHQODUHODFLyQKDFHPXFKRPiVSUREDEOH
TXH pO OD GRPLQH D HOOD \ TXH HO VX\R VHD XQ PDWULPRQLR SDWULDUFDO
TXHJLUHHQWRUQRDVXVQHFHVLGDGHV\HVSHFLDOPHQWHDODQHFHVLGDG
GH TXH HOOD FXPSOD ELHQ FRQ VX IXQFLyQ $ PHQRV TXH HOOD VHD OR
EDVWDQWHIXHUWHFRPRSDUDFUHDUXQFRQIOLFWRTXHOOHJXHDFDPELDUOH
DEDQGRQDUiVXQHFHVLGDGGHLQWLPLGDGRVXVXHxRGHWHQHUDOJRPiV
GHORTXH\DWLHQHQ
6L HV XQ =HXV FRQTXLVWDGRU \ VL VX PDWULPRQLR HVWi UHODFLRQDGR
FRQ HVWDEOHFHU VX WHUULWRULR \ VL HOOD HV XQD +HUD DUTXHWtSLFD OD
FRPELQDFLyQ DWDFDUi VXV YDORUHV PiV SURIXQGRV \ GHVWUXLUi VX
SRWHQFLDOUHDOL]DFLyQDWUDYpVGHOPDWULPRQLR(QVXOXJDUSXHGHTXH
WHUPLQH SRVHtGD SRU HO YHQJDWLYR \ FHORVR DVSHFWR GH +HUD 6LQ
HPEDUJR VL pO OD DPD \ HVWi DIOLJLGR SRU HO GRORU TXH VX OLEHUWLQD
FRQGXFWD OH FDXVD HV SRVLEOH TXH WDPELpQ OH D\XGH D FUHFHU
HPRFLRQDOPHQWH
/D PD\RUtD GH ORV KRPEUHV =HXV ²XQD YH] KD ILQDOL]DGR HO
FRUWHMR\ODOXQDGHPLHO²QRWLHQHQWLHPSRSDUDVXPDWULPRQLRRVX
PXMHU (VWH WLSR GH KRPEUH SXHGH DOHJDU HQJDxRVDPHQWH TXH WRGR
HO WLHPSR TXH GHGLFD D VX WUDEDMR HV SDUD HOOD \ SDUD VXV KLMRV 6L
~QLFDPHQWH GHSHQGH GH pO ²\ HQ ORV PDWULPRQLRV HQ ORV TXH pO
WLHQH WRGR HO SRGHU DVt HV² OD XQLyQ QR VHUi PX\ SHUVRQDO QL
tQWLPD \ QR OH SUHVWDUi GHPDVLDGD DWHQFLyQ /D PD\RUtD GH ODV
PXMHUHV FDVDGDV FRQ XQ KRPEUH =HXV KDQ WHQLGR TXH DFHSWDU VX
GHILQLFLyQ GHO PDWULPRQLR 1R REVWDQWH HVWR HVWi FDPELDQGR \ ODV
PXMHUHV ²HVSHFLDOPHQWH VL QR VLJXHQ HO DUTXHWLSR +HUD² HVWiQ
GLVROYLHQGR HVWRV PDWULPRQLRV 3HUR VL HOOD WLHQH XQD DYHQWXUD pO
KDUi WRGR OR TXH SXHGD SDUD GHVWUXLU D VX ULYDO DO LJXDO TXH =HXV
PDWyDODPDQWHGH'HPpWHU-DVLyQFRQXQUD\R

/DGHVFHQGHQFLD
/RV KRPEUHV =HXV QR VyOR ³WLHQHQ KLMRV´ PXFKRV KDQ IXQGDGR
IDPLOLDV \ TXLHUHQ FUHDU XQD GLQDVWtD TXH HV SDUWH GH OD YLVLyQ TXH
WLHQHQSDUDVXIXWXUR8Q=HXVWULXQIDGRUSXHGHD\XGDUDDOJXQRVGH
VXV KLMRV D SURVSHUDU HQ OD YLGD DVt FRPR PDQWHQHUORV
(PRFLRQDOPHQWHHVXQSDGUHGLVWDQWH\WDPELpQSXHGHVHULQYLVLEOH
$XQTXH FRQ IUHFXHQFLD HVWi DXVHQWH HV HO SDGUH TXH HMHUFH
DXWRULGDG
/RV SDGUHV =HXV SXHGHQ PDQLSXODU ODV YLGDV GH VXV KLMRV \
DFDEDU FRQ OD FODVH GH YLGD SDUD HO TXH HO QLxR HUD DSWR DVt FRPR
IDFLOLWDU HO FUHFLPLHQWR GH QLxRV FX\DV KDELOLGDGHV QDWXUDOHV VRQ
HQVDO]DGDVSRUHODFFHVRDODHGXFDFLyQ\ODVRSRUWXQLGDGHVTXHpOOH
SXHGH RIUHFHU /D IXHU]D GH VX SHUVRQDOLGDG \ VX DXWRULGDG KDFHQ
TXH ODV FUtWLFDV D VXV KLMRV VHDQ HVSHFLDOPHQWH SRGHURVDV 6XV
SHUFHSFLRQHVGHHOORVTXHSXHGHTXHQRVHDQH[DFWDVDVtFRPRVXV
SUHMXLFLRVRYDORUHVWLHQHQXQSHVRHQRUPHFRPRORWLHQHHOGHVHR
GH FRQVHJXLU VX DSUREDFLyQ TXH HO QLxR SXHGH LQWHQWDU DOFDQ]DU D
WRGDFRVWD GXUDQWHWRGDVXYLGD RSHUGHUODHVSHUDQ]DGHUHFLELUOD
DOJXQDYH]
7RGD OD VHJXQGD JHQHUDFLyQ GH ORV GLRVHV \ GLRVDV ROtPSLFRV
YHtDQD=HXVFRPRDOSDGUH$DOJXQRVORVSURWHJLyRWURVVXIULHURQ
DEXVRVDRWURVORVFULyORVUHFKD]yRORVGHWHVWy1RVRWURVYLYLPRV
HQ XQD FXOWXUD SDWULDUFDO HQ OD TXH ORV YDORUHV GH =HXV HVWiQ SRU
WRGDV SDUWHV VHD FXDO VHD HO DUTXHWLSR GH QXHVWURV SDGUHV
ELROyJLFRV &yPR OH LUi D XQ QLxR FRQ XQ SDGUH =HXV GHSHQGHUi GH
VXSDWUyQDUTXHWtSLFR\GHODIXHU]DGHOHJRDWUDYpVGHOFXDOHOQLxR
H[SUHVHHVWHDUTXHWLSR

/DPLWDGGHODYLGD
(QDOJ~QPRPHQWRHQODPLWDGGHODYLGDHOKRPEUH=HXVKDFH
XQDHYDOXDFLyQ\FRPSUXHEDFXiQWRp[LWRKDWHQLGRHQVXFDUUHUDVL
YDDKDEHUXQOXJDUSDUDpOHQODFLPDGHODPRQWDxD\VLUHDOPHQWH
TXLHUHVXELUOD3XHGHTXHVHHQFXHQWUHWHPSRUDOPHQWHHQXQEDFKH
VLQ VX FRQRFLGR LPSXOVR PLHQWUDV VH KDFH HVWDV SUHJXQWDV FRQ
IUHFXHQFLD FXDQGR QR VH HQFXHQWUD HQ VX HVWDGR GH FRQFLHQFLD
KDELWXDO3XHGHTXHGLJDTXHHVHOPRPHQWRGHWRPDUVHVXVGXUDQWH
WDQWR WLHPSR SURPHWLGDV YDFDFLRQHV R WLHPSR VDEiWLFR R TXL]iV OH
URQGH OD LGHD GH KDFHU XQ JUDQ FDPELR 1R HV FDUDFWHUtVWLFR HQ pO
UHIOH[LRQDUVREUHVtPLVPR\VXVPRWLYRVVLQHPEDUJRSXHGHVHQWLU
DOJXQDGXGDUHFULPLQDGRUDUHVSHFWRDVLWRGDVXH[SHGLFLyQSHUVRQDO
KDFLDODFLPDKDFLDODFXDOHVWDEDWRWDOPHQWHGHGLFDGR\SDUDODTXH
KDEtD VXERUGLQDGR D ORV GHPiV \ VXV QHFHVLGDGHV  UHDOPHQWH
PHUHFtDODSHQD3XHGHTXHHQHOIRQGRVHSDTXHQRHVDVt
/D PLWDG GH OD YLGD HV HO PRPHQWR HQ TXH ORV RWURV KRPEUHV
=HXVFRQp[LWRVDEHQTXHKDQOOHJDGRDVXFXPEUH4XL]iVKXELHUD
SXHVWR VXV PLUDV HQ WHQHU VX SURSLD SHTXHxD FRPSDxtD R UDQFKR
GLULJLU VX SURSLD GLYLVLyQ SUHVLGLU XQ GHSDUWDPHQWR \ OR FRQVLJXLy
PHWDVTXHSDUDRWUR=HXVTXL]iVQRIXHUDQPiVTXHXQDSDUDGDHQ
HOFDPLQRKDFLDVXFLPDHQSDUWLFXODU3DUDVHUXQ=HXVWULXQIDGRUQR
VH KD GH VHU XQ 'RQDOG 7UXPS HO HVSHFWDFXODUPHQWH H[LWRVR
SURPRWRUPXOWLPLOORQDULR EDVWDFRQDOFDQ]DUXQORJURSHUVRQDOXQD
PHWD VLJQLILFDWLYD \ GHVFXEULU TXH WH SURSRUFLRQD XQ VHQWLGR GH
VDWLVIDFFLyQ (QWRQFHV OD PLWDG GH OD YLGD SXHGH VHU XQ PRPHQWR
SDUD³GHWHQHUVHDGLVIUXWDUGHOSDLVDMH´
3DUDXQKRPEUH=HXVODPLWDGGHODYLGDWDPELpQSXHGHVHUXQD
HWDSD GH FRQIOLFWRV HPRFLRQDOHV FXDQGR ODV SDUWHV ROYLGDGDV GH Vt
PLVPRRODVUHODFLRQHVUHFKD]DGDVVHUHDILUPDQFRQIXHU]D6XVKLMRV
DGROHVFHQWHV SXHGHQ WHQHU SUREOHPDV LPSRUWDQWHV TXL]iV OH
DEDQGRQH VX HVSRVD SXHGH WHQHU XQ LQIDUWR SXHGH KDFHU UHDOLGDG
XQD IDQWDVtD YHUJRQ]RVD 6X DUURJDQFLD SXHGH FHJDUOH UHVSHFWR D
VXVOLPLWDFLRQHV\WUDVWRGRVXp[LWRJDQDGRDSXOVRSXHGHVHQWLUVH
GHVERUGDGR \ IUDFDVDU HVWUHSLWRVDPHQWH 3RU FRQVLJXLHQWH SXHGH
VHQWLUVH UHFKD]DGR \ DPDUJDGR VLQ UHODFLRQHV FHUFDQDV R ELHQ
VHQWLUVHKXPLOGH\VHUFDSD]GHDSUHQGHUGHODVGRORURVDVOHFFLRQHV
\UHFRQVWUXLUSDUWHVGHVXYLGDGHIRUPDGLIHUHQWH
/DPLWDGGHODYLGDWDPELpQSXHGHPDUFDUFDPELRVLPSRUWDQWHV
HQ ORV REMHWLYRV GH ORV KRPEUHV TXH DXQTXH IXHURQ
SUHGRPLQDQWHPHQWH=HXVHQODSULPHUDPLWDGGHVXVYLGDVWDPELpQ
PDGXUDURQJUDFLDVDVXVUHODFLRQHV$KRUDSXHGH\TXLHUHSDVDUPiV
WLHPSRFRQODVSHUVRQDVTXHOHLPSRUWDQHLQFOXVRHQHOWUDEDMRVH
GDFXHQWDGHTXHOHLQWHUHVDKDFHUGHPHQWRUGHRWURVRSURIXQGL]DU
HQODVDPLVWDGHV&XDQGRpVWHHVHOFDVRHVEDVWDQWHSUREDEOHTXH
ODFULVLVGHDOJXLHQDOOHJDGRDpO²VXHVSRVDVXVKLMRVRVXVSDGUHV
²OHKD\DQKHFKRUHDFFLRQDU\VHUFRQVFLHQWHGHORYDOLRVDTXHHVOD
JHQWHSDUDpO

/RV~OWLPRVDxRV
6L DOJXQD YH] VH YXHOYH LQWURVSHFWLYR HO KRPEUH =HXV VH GDUi
FXHQWD GH TXH VX QHFHVLGDG GH LPSRQHU VX YROXQWDG \ GH WHQHU HO
FRQWURO VH KD PDQLIHVWDGR HQ FDGD FDPELR TXH VH KD SURGXFLGR HQ
VXYLGD(QVXV~OWLPRVDxRVVHHQIUHQWDGHQXHYRDHVWDQHFHVLGDG
HVSHFLDOPHQWH VL KD WHQLGR p[LWR ¢3XHGH VROWDU HO FRQWURO" 7DQWR VL
VH WUDWD GH OD WLHQGD GH FRPHVWLEOHV IDPLOLDU FRPR GHO &ROXPELD
%URDGFDVWLQJ 6\VWHP ²FRPR IXH HO FDVR GH %LOO 3DOH\² GHMDU HO
FRQWURORSHUPLWLUTXHVHORDUUHEDWHQVXHOHVHUXQWHPDFRQIOLFWLYR
DPHQRVTXHKD\DWUDVFHQGLGRHVWHDUTXHWLSR\VHKD\DYXHOWRVDELR
$OLJXDOTXHODVHULHGHGLRVHVSDGUHJULHJRVTXHWHPtDQTXHVXV
KLMRVOHVVXVWLWX\HUDQXQ=HXVFRQWURODGRUVHHVIXHU]DSRUHYLWDUOR
LQHYLWDEOH 3XHGH TXH KD\D LPSHGLGR TXH XQ KLMR UHDO OOHJXH D
GHVDILDUOH MDPiV DO KDEHU YLVWR D VX YiVWDJR FRPR VX RSRQHQWH
GHVGHHOSULQFLSLR3XHGHTXHKD\DUHEDMDGRWDQWRDVXVKLMRVTXHQR
WHQJD QLQJ~Q KHUHGHUR FRPSHWHQWH 6LQ HPEDUJR RWURV KRPEUHV
HQWUDUiQ HQ VX YLGD SDUD RFXSDU VX OXJDU FXDQGR SLHUGD OD IXHU]D
SDUDDVLUHOFHWURTXHVRVWLHQH<SUREDEOHPHQWHLQWHQWDUiFRQWURODU
VXV SRVHVLRQHV LQFOXVR GHVSXpV GH OD PXHUWH D WUDYpV GH VX
WHVWDPHQWR(VWDOXFKDSHUGLGDSRUPDQWHQHUHOFRQWUROHVHOGHVWLQR
GHOKRPEUHTXHVXERUGLQDWRGDVXYLGDDODUTXHWLSR=HXV
&RQIOLFWRVSVLFROyJLFRV
7RGR GLRV R DUTXHWLSR SRVHH HO SRWHQFLDO GH FUHDU WLSRV
HVSHFtILFRV GH FRQIOLFWRV SVLFROyJLFRV 3DUD HO KRPEUH TXH VHUtD XQ
=HXV HQ HO PRQWH 2OLPSR FLHUWRV SUREOHPDV \ OLPLWDFLRQHV ³YDQ
XQLGDVDOWHUULWRULR´GHOUHLQRFHOHVWH/RVFRVWHVHPRFLRQDOHVTXHVX
DVFHQVRLPSOLFDSDUDpO\SDUDORVGHPiV\XQDYH]KDOOHJDGRDOD
FXPEUH VX IDOWD GH FRQFLHQFLD MXQWR D VX SRGHU SXHGHQ VHU XQD
FRPELQDFLyQGHVWUXFWLYD

8QDFDEH]DSDUODQWHHVXQKRPEUHLQFRPSOHWR
(OUHLQRGH=HXVHUDHOFLHOR\HODUTXHWLSR=HXVSUHGLVSRQHDXQ
KRPEUH D YLYLU HQ VX FDEH]D \ GDUVH D FRQRFHU D WUDYpV GH VXV
SDODEUDV \ VX SRGHU UHDOL]DGRU 7LHQH XQD YHQWDMD QDWXUDO HQ XQD
FXOWXUD SDWULDUFDO LQGXVWULDO GRQGH XQ KRPEUH VXSHULRU VH VXSRQH
TXH HV ³XQD FDEH]D SDUODQWH´ TXH IXQFLRQD FRQ LGHDV \
DEVWUDFFLRQHV FRPRHOGLQHUR\ODVLQYHUVLRQHVRODOH\\HOSRGHU 
QR FRQ VXV PDQRV \ VX FXHUSR ²HV XQ KRPEUH VHSDUDGR GH VX
FRUD]yQ² TXH QR DFWXDUi SRU VROLGDULGDG SXHVWR TXH HOOR OH
FRQYHUWLUtD HQ XQ ³GHIHQVRU GH FDXVDV SHUGLGDV´ R HQ ³HO KHUPDQR
SREUH´ (VWH WLSR GH KRPEUH RFXSD XQD SRVLFLyQ VXSHULRU TXH OH
FRQFHGHHOSRGHUGHXVDUODVSDODEUDV\KDFHUTXHpVWDVVHDQFUHtGDV
\ REHGHFLGDV (VH SRGHU HV FRP~Q TXH VH PDQLILHVWH FRQ XQD
OODPDGD GH WHOpIRQR TXH SRQJD HQ PDUFKD VX YROXQWDG VX SDODEUD
HTXLYDOGUi D OD OH\ HQ VX KRJDU HQ ORV QHJRFLRV R HQ HO FDPSR GH
EDWDOOD R VHUi FRPR UHDOL]DU XQR GH VXV FRQFHSWRV FRPR GHFLU
©TXHVHKDJDODOX]\ODOX]VHKL]Rª
8Q KRPEUH GRPLQDGR SRU HO DUTXHWLSR =HXV TXH WDPELpQ HV HO
DUTXHWLSRTXHULJHHQQXHVWUDFXOWXUD FRQIUHFXHQFLDHVWiVHSDUDGR
GH VHQWLU VX FXHUSR FRPR XQD SDUWH UHFHSWRUD R GDGRUD GH
VHQVXDOLGDG 3XHGH VHQWLUVH RUJXOORVR GH Vt PLVPR GH YHU FXiQWRV
NLOyPHWURV SXHGH FRUUHU GH OD EXHQD IRUPD HQ OD TXH HVWi R GHVX
IRQGR (VH RUJXOOR HV VREUH HO GRPLQLR GH VX FXHUSR QR VREUH VX
JRFH 7DPELpQ HV IiFLO TXH HVWp GHVFRQHFWDGR GH VX FRUD]yQ FRPR
yUJDQRGDGRU\UHFHSWRUGHHPRFLRQHV(OKRPEUH=HXVVXHOHHVWDU
GHVFRQHFWDGR GH VX SURSLD VHQVXDOLGDG \ VXV UHVSXHVWDV
HPRFLRQDOHV OR FXDO OH LQFDSDFLWD SDUD FRPXQLFDUVH R FRQHFWDU HQ
HVWRV QLYHOHV FRQ ORV GHPiV R SDUD FRQRFHU HVWRV DVSHFWRV GH Vt
PLVPR (VWD LQPDGXUH] HPRFLRQDO FRQGXFH IiFLOPHQWH D XQD
VHQVXDOLGDG\VH[XDOLGDGGLVWRUVLRQDGDVDODYHUJHQ]D\ODFXOSD\
DODFRQGHQD\PHQRVSUHFLRGHODVSHUVRQDVTXHQRVRQFRPRpO(V
XQD SHUVRQD LQFRPSOHWD TXH QR VH KD GHVDUUROODGR HQ FLHUWRV
DVSHFWRVTXHJHQHUDOPHQWHQLVLTXLHUDHVFDSD]GHDSUHFLDU

³/DYLVLyQGHOERVTXHQROHGHMDYHUORViUEROHV´
(O KRPEUH =HXV VH HQRUJXOOHFH GH VX YLVLyQ DPSOLD GH VX
FDSDFLGDG SDUD HQWHQGHU ORV DVXQWRV OR FXDO OH D\XGD D WHQHU XQD
SHUVSHFWLYDJHQHUDO3XHGHTXHOLGHUHXQDJXHUUDFRQWUDODSREUH]D
VLQ KDEHU FRQRFLGR MDPiV D XQ SREUH \ VRQUHtU LUyQLFDPHQWH VL HV
TXH VH FRQRFH XQ SRFR DQWH OD FDULFDWXUD GHO PtVHUR SHUVRQDMH GH
&KDUOLH %URZQ TXH GLFH ©DPR D OD KXPDQLGDG HV D OD JHQWH D OD
TXH QR SXHGR VRSRUWDUª  7DPELpQ SXHGH VHU XQ H[SHUWR HGXFDGRU
GH KLMRV VLQ WDQ VLTXLHUD KDEHUVH UHVSRQVDELOL]DGR GHO WRGR GH XQR
VyORGHVXVYiVWDJRVRKDEHUDPDGRDXQRGHHOORVGHWRGRFRUD]yQ
&RQVLGHUD TXH VX YLVLyQ HV VXSHULRU \ HV HVFXFKDGR FRPR VL IXHUD
XQD DXWRULGDG SRU OR TXH QR KD\ UD]yQ SDUD TXH GXGH GH VX
SRVLFLyQ&XDQGRHVGHVDILDGRSRUDOJXLHQTXHWLHQHXQDH[SHULHQFLD
SHUVRQDO \ TXH WDPELpQ DGRSWD XQD SRVWXUD HPRFLRQDO GHVSLGH D
HVDSHUVRQDFRQHOFRPHQWDULRGHTXH³VXYLVLyQGHORViUEROHVQROH
GHMD YHU HO ERVTXH´ 6LQ HPEDUJR SXHGH SHQVDU TXH pO ³QR SXHGH
YHU ORV iUEROHV ²PXFKR PHQRV DPDU D XQR GH HOORV² SRUTXH VyOR
YHHOERVTXH´
(Q9LHWQDPSRUHMHPSORODSHULFLDGH=HXVIDOOyPLVHUDEOHPHQWH
+RPEUHVTXHKDEtDQDVFHQGLGRWDQUiSLGDPHQWHDODFXPEUHDORV
TXHVHKDEtDKHFKRUHIHUHQFLDFRPRORV³QLxRVSURGLJLR´GLULJLHURQOD
JXHUUD GHVGH :DVKLQJWRQ '& \ GLHURQ SRU KHFKR TXH HO SRGHU
PLOLWDUVXSHULRUGHORV(VWDGRV8QLGRVVHUtDGHFLVLYR1RWXYLHURQHQ
FXHQWD GH TXp PRGR VH FRPSRUWDUtDQ ODV SHUVRQDV HQ 9LHWQDP QL
FXiOHV LEDQ D VHU VXV UD]RQHV OR TXH OD FRQYLUWLy HQ XQD JXHUUD
LPSRVLEOH GH JDQDU (O VXIULPLHQWR TXH FDXVDURQ IXH LQLPDJLQDEOH
4XLHQTXLHUD TXH SHQVDUD TXH WUDV HO ERWyQ SDUD GHVHQFDGHQDU OD
JXHUUD QXFOHDU VLHPSUH KDEUtD XQ FRUD]yQ KXPDQR \ TXH HOOR
UHTXHULUtD TXH HO SURSLR SUHVLGHQWH WHQGUtD TXH WRPDU XQ IXQHVWR
FXFKLOORSDUDPDWDUSHUVRQDOPHQWHDHVDSHUVRQDDQWHVGHSXOVDUHO
ERWyQ VH GLR FXHQWD GH TXH XQ KRPEUH =HXV QR ³SXHGH YHU ORV
iUEROHVSRUTXHVyORYHHOERVTXH´\SRUHQGHKDGHVHUFRQVFLHQWH
GHOVXIULPLHQWR\GHODPDWDQ]DTXHSXHGHRUGHQDUGHVGHODOHMDQtD

/DPHQWDOLGDGGHTXH³HOSRGHUKDFHHOGHUHFKR´
=HXV HV HO DUTXHWLSR TXH SUHGLVSRQH D ORV KRPEUHV \ D ODV
PXMHUHV DEXVFDU\XWLOL]DUHOSRGHU(OSHOLJURVXUJHFXDQGRpVWHVH
FRQVLJXH /RUG $FWRQ XQ KLVWRULDGRU GHO VLJOR ;,; TXH HUD PX\
FRQWUDULR D OD GRFWULQD GH OD LQIDOLELOLGDG SDSDO HVFULELy ©(O SRGHU
WLHQGHDFRUURPSHU\HOSRGHUDEVROXWRFRUURPSHSRUFRPSOHWRª6X
DILUPDFLyQ VH KD FRQYHUWLGR HQ XQ DIRULVPR XQD IUDVH FRQFLVD TXH
H[SUHVD XQ SULQFLSLR TXH UHFRQRFHPRV FRPR FLHUWR \ TXH ORV
KRPEUHV=HXVDSHTXHxDRDJUDQHVFDODFRQILUPDQ
$ OR ODUJR GH OD KLVWRULD ORV KRPEUHV GH SRGHU KDQ FUHtGR TXH
JREHUQDEDQ SRU GHUHFKR GLYLQR OR FXDO QR HV GH H[WUDxDU GDGR HO
DUTXHWLSRTXHOHVGRPLQD/DOH\KDGHVDUUROODGRXQFRQWUDSHVRSDUD
FRPSHQVDUORVH[FHVRVGHORVSRGHURVRVSHURDXQDVtORV=HXVFRQ
IUHFXHQFLDVLHQWHQ\DFW~DQ³IXHUDGHODOH\´
(O KRPEUH TXH LPSRQH VX DEXVLYR SRGHU VREUH ORV GHPiV VH
FRUURPSHWRGDYtDPiVSRUHVWDPHQWDOLGDGGHTXH³HOSRGHUKDFHHO
GHUHFKR´ /D MXVWLILFDFLyQ GHO DXWRHQJDxR ²HO GHUHFKR D KDFHUOR²
HQHOSHRUGHORVFDVRVVXHOHLUDFRPSDxDGRGHDFWRVFRPRSHJDUD
ODHVSRVDPDOWUDWDUDORVKLMRV\HOLQFHVWR

³0HQWLUDVLQFyPRGDVUHSRVDQVREUHODFDEH]DGHOTXHOOHYD
ODFRURQD´PLHGRDOXVXUSDGRU
(OSRGHU\ODSDUDQRLDVXHOHQLUMXQWRV/RVKRPEUHVTXHHVWiQHQ
ODFXPEUHWHPHQVHUGHUURWDGRVVRVSHFKDQGHORVPRWLYRV\GHODV
OHDOWDGHVIUXVWUDQHOGHVDUUROORGHORVGHPiVSDUDTXHQRVHYXHOYDQ
GHPDVLDGR IXHUWHV \ D\XGDQ D FUHDU HVRV HQHPLJRV TXH WDQWR
WHPtDQeVWDHVODKLVWRULDGH8UDQR&URQRV\=HXV\HVHODVSHFWR
GHODVRPEUDGHODUTXHWLSRGHOSDGUH

/DYDQLGDG\ODJUDQGLRVLGDGHOWUDMHQXHYRGHOHPSHUDGRU
8QKRPEUHFRQSRGHU\DXWRULGDGTXHVHVLHQWDHQODFLPDGHVX
PRQWDxD SULYDGD HV SURSHQVR D SHQVDU TXH VHU XQD DXWRULGDG HQ
XQDVLWXDFLyQOHKDFHXQH[SHUWRHQWRGR3RUHMHPSORORVPpGLFRV
HVWiQSUHGLVSXHVWRVDLQIODUVHSVLFROyJLFDPHQWHSXHGHTXHVHGHED
D TXH VXHOHQ WRPDU GHFLVLRQHV GH YLGD R PXHUWH HQ VX YLGD
FRWLGLDQD\SRUTXHORVGHPiVWDPELpQOHVDWULEX\HQH[SHULHQFLDHQ
RWUDV iUHDV TXH QDGD WLHQHQ TXH YHU FRQ VX FRPSHWHQFLD 9tFWLPDV
GHVXSURSLDYDQLGDGORVPpGLFRVSRUHMHPSORSXHGHQFRQVLGHUDUVH
LQYHUVRUHV GHO PHUFDGR GH YDORUHV H[SHUWRV \ FRQRFHGRUHV DXQTXH
KD\DQ SUHVWDGR PX\ SRFD DWHQFLyQ D ODV ILQDQ]DV HUURU TXH FRQ
IUHFXHQFLDOHVDFDUUHDSpUGLGDV
/DYLVLyQLQIODGDGHO=HXVVREUHVtPLVPROHKDFHYXOQHUDEOHDOD
PDQLSXODFLyQ SRU SDUWH GH ORV TXH MXHJDQ FRQ pO \ D UHSULPLU D ORV
TXH VH QLHJDQ D KDFHUOR (VWR HV OR TXH VXFHGLy HQ OD IiEXOD GH (O
WUDMHQXHYRGHOHPSHUDGRU6LHOKRPEUHFUHHTXHHVPHUHFHGRUGH
KDODJRV\VHORVFUHHUHFKD]DUiDODVSHUVRQDVVLQFHUDV\VXIULUiODV
FRQVHFXHQFLDV $O LJXDO TXH OD OH\ GH *UHVKDP VHJ~Q OD FXDO OD
PRQHGD³PDOD´WLHQGHDGHVSOD]DUDOD³EXHQD´ORVKDODJRVWLHQGHQ
DGHVSOD]DUDODYHUGDG,QHYLWDEOHPHQWHORVKRPEUHVTXHHVWiQHQ
HOSRGHU³QRTXLHUHQRtUODYHUGDG´KDUiQRtGRVVRUGRVDODPLVPD

/RVSUREOHPDVSVLFROyJLFRVSDUDORVGHPiV
/D FRPELQDFLyQ GHO GLVWDQFLDPLHQWR HPRFLRQDO GH ORV GHPiV OD
IDOWD GH PDGXUH] HQ HVWH FDPSR \ HO SRGHU TXH SRVHH XQ =HXV
FUHDQXQDVHULHGHSUREOHPDVSDUDORVRWURV8QDHVSRVDTXHTXLHUD
LQWLPLGDG\FRPXQLFDFLyQGHXQKRPEUHDVtVHGHFHSFLRQDUiSRUTXH
pO VH ROYLGD GH ODV UHODFLRQHV XQD YH] ODV KD DILDQ]DGR SDUD
PDQWHQHU ODV UHODFLRQHV \ SURIXQGL]DU HQ HOODV WHQGUi TXH KDEHU
GHVDUUROODGRRWURVDUTXHWLSRV 6LHOODHVFRPR+HUD\pOHVFRPRXQ
=HXV FRQTXLVWDGRU HQWRQFHV HOOD VXIULUi PXFKR FRQ VXV WUDLFLRQHV
6X FDUiFWHU WDPELpQ SXHGH VXIULU ODV FRQVHFXHQFLDV VL VH FRQYLHUWH
HQXQDPXMHUFHORVD\YHQJDWLYD
/RV QLxRV WDPELpQ VH YHQ QHJDWLYDPHQWH DIHFWDGRV SRU OD
DXVHQFLD GH VX SDGUH \ VXV FUtWLFDV 6H VLHQWHQ DEDQGRQDGRV R
UHFKD]DGRV \ D PHQXGR WLHQHQ SUREOHPDV GH DXWRHVWLPD VL QR
SXHGHQFXPSOLUFRQORTXHVXSURJHQLWRUHVSHUDGHHOORV
/DV YtFWLPDV GH XQ =HXV YLROHQWR VXIUHQ \ WLHQHQ KHULGDV
HPRFLRQDOHVTXHODVSUHGLVSRQHQDFRQYHUWLUVHWDPELpQHQSHUVRQDV
YLROHQWDV ORFXDOHVPiVSUREDEOHSDUDXQKLMR RDKDOODUVHHQRWUDV
VLWXDFLRQHVGHDEXVR
)RUPDVGHFUHFHU
8Q=HXVQRVXHOHGDUVHFXHQWDGHTXHWLHQHSUREOHPDVKDVWDTXH
XQDJUDQFULVLVOHLPSLGHVHJXLUGHVR\HQGRVXVVHQWLPLHQWRVRORVGH
ORV GHPiV (O FUHFLPLHQWR SHUVRQDO SDUD XQ =HXV VyOR VXHOH
FRPHQ]DUWUDVKDEHUH[SHULPHQWDGRKXPLOGDG\YXOQHUDELOLGDG

¢'yQGHHVWiORTXHIDOWDGHPt"
$XQ=HXVVHOHKDGHKDFHUOOHJDUHOPHQVDMHGHTXHDOJRQRYD
ELHQ &RPR HQ OD HVFHQD PiV GHVWDFDGD FRPR DFWRU GHO GHVSXpV
SUHVLGHQWH5RQDOG5HDJDQFRPRDFWRUFXDQGRWHQtDTXHGHVSHUWDUVH
\ GDUVH FXHQWD GH TXH OH IDOWDED SDUWH GH VX FXHUSR \ HVWDED
GHVFRQVRODGR¢GyQGHHVWiORTXHIDOWDGHPt" 5HDJDQLQWHUSUHWDED
HO SDSHO GH XQD HVWUHOOD GHO I~WERO *HRUJH *LSS HQ .QXWH 5RFNQH
$OO$PHULFDQ TXH VH GHVSHUWy HQ XQ KRVSLWDO \ GHVFXEULy TXH OH
KDEtDQ DPSXWDGR XQD SLHUQD \ H[FODPy ©¢'yQGH HVWi OR TXH IDOWD
GHPt"ª 
'DGD OD IDOWD GH LQWURVSHFFLyQ SXHVWR TXH OD LQWURVSHFFLyQ
LPSOLFDGHVFHQGHUDOUHLQRGH+DGHV \DVXGLVWDQFLDHPRFLRQDOQR
HVSUREDEOHTXHVHGpFXHQWDGHTXHHVWiWHUULEOHPHQWHVHSDUDGRGH
VtPLVPR\GHORVGHPiVKDVWDTXHVXFHGDDOJRGUiVWLFR\HOGRORUOH
OOHYH D SODQWHDUVH TXH DOJR YD PDO &XDQGR DO ILQDO VH GHVSLHUWD HO
PHQVDMH VXHOH SURFHGHU GH DOJ~Q DOOHJDGR GH OD HVSRVD D OD TXH
WUDLFLRQyFRQVXVDYHQWXUDVRDODTXHGHVFXLGySRUHOWUDEDMRTXHOH
DEDQGRQD GHO KLMR DO TXH QR VH KD PROHVWDGR HQ FRQRFHU TXH VH
HQIUHQWDDpORELHQTXHOHGHPXHVWUDTXHQRKD\QDGDTXHOHVXQD
6yOR GHVSXpV GH TXH HOORV VH KDQ VHSDUDGR GH pO SXHGH VHQWLU HO
GRORUGHVXDXVHQFLD
/D FRQFLHQFLD GH KDVWD TXp SXQWR HVWi DOHMDGR GH VXV
VHQWLPLHQWRV\GHORVGHPiVSXHGHLUDSDUHFLHQGRJUDGXDOPHQWHHQ
ODSVLFRWHUDSLD3HURGHELGRDTXHQHFHVLWDFRQWURO\DFHSWDTXHWRGR
HV XQD FXHVWLyQ GH YROXQWDG =HXV QR VXHOH EXVFDU D\XGD 6X
UHDFFLyQPiVKDELWXDODOGHVFRQVXHORSVLFROyJLFRHVLQWHQWDUVXSHUDU
OD VLWXDFLyQ HQWUHJiQGRVH PiV DO WUDEDMR *HQHUDOPHQWH XQ =HXV
VyOR YD D YHU D XQ SVLTXLDWUD FXDQGR VX HVSRVD LQVLVWH HQ HOOR \ D
PHQXGR OXHJR ³YD D SRU HOOD´ 2 WDPELpQ SXHGH DVLVWLU SRUTXH HO
WHUDSHXWD GHO QLxR SLGH TXH DPERV SDGUHV HVWpQ SUHVHQWHV HQ OD
WHUDSLD

&DSWDUHOPHQVDMHXQLQIDUWR
$XQTXH HO KRPEUH =HXV SXHGD SDGHFHU FXDOTXLHU WLSR GH
SUREOHPD PpGLFR VHULR HO LQIDUWR HV HO PiV KDELWXDO (V XQD
HQIHUPHGDG GH OR PiV VLPEyOLFD \ TXH H[LJH TXH KDJD XQ FDPELR
LPSRUWDQWHHQVXYLGD/DVPHWiIRUDVDEXQGDQ³LJQRUDUHOFRUD]yQ´
TXHWUDGLFLRQDOPHQWHHVHOyUJDQRGHODHPRFLyQFDVLOHKDPDWDGR
3DUDVDOYDUVXYLGDKDGHEDMDUGHODFLPDSRUTXHHOR[tJHQRTXHVX
FRUD]yQ QHFHVLWD HV GHPDVLDGR ILQR DOOt DUULED (VWH KRPEUH SXHGH
TXHDOILQDOFDSWHHOPHQVDMHGHTXHQRVHWUDWDVyORGHXQSUREOHPD
ItVLFRVLQRTXHHVODH[SUHVLyQItVLFDGHXQSUREOHPDHPRFLRQDO

(QDPRUDUVH
6X FRUD]yQ SXHGH SHUWXUEDU VX YLGD GH SURQWR GH RWUD PDQHUD
3XHGHTXHVHHQDPRUH&RPRVLHVWXYLHUDKHULGRSRUXQDIOHFKDGHO
DPRUGH(URVSXHGHVHQWLUVHLUUHVLVWLEOH\DSDVLRQDGDPHQWHDWUDtGR
SRUVXLQFRQVFLHQWHKDFLDXQDPXMHUGHODTXHQRSXHGHSUHVFLQGLU
OD UD]yQ OH DEDQGRQD \ GHMD D XQ ODGR VXV UHVSRQVDELOLGDGHV (Q OR
TXH -XQJ GHQRPLQD XQD HQDQWLRGURPtD XQD SRVWXUD GHPDVLDGR
XQLODWHUDO VH SDVD D VX RSXHVWD HO UHLQR GH ORV LQVWLQWRV \ GH ODV
HPRFLRQHV TXH KD PHQRVSUHFLDGR \ VXE\XJDGR DSDUHFH \ OH
SHUWXUED OD UD]yQ 7LHQH OXJDU XQD FULVLV TXH GHVWUX\H HO VWDWX TXR
GH VX SVLTXH \ WDPEDOHD VX PDWULPRQLR SHUR WDPELpQ OH DSRUWD
YLWDOLGDG\YLGDDVXHQFRJLGRFRUD]yQ/DQHFHVLGDGGHHVWDUHQHO
UHLQR HPRFLRQDO TXH QR KDEtD VLGR UHFRQRFLGD DKRUD VH SUHVHQWD
FRQVFLHQWHPHQWHFRPRVXGHVWLQR

3HUGHUODFDEH]D
8QDJUDQSpUGLGDWDPELpQSXHGHFDPELDUDXQ=HXVDODWUDYHVDU
VXV EDUUHUDV HPRFLRQDOHV \ VDFDUOH GH VX FDEH]D 7HPSRUDOPHQWH
³SHUGHUi OD FDEH]D SRU HO GRORU´ \ VH VXPLUi HQ OR SURIXQGR 3RU
GRORURVRTXHUHVXOWHHOSHVDUSRUPDODTXHIXHUDODVLWXDFLyQTXHOR
KD SURYRFDGR \D QR HVWi DLVODGR GHO VXIULPLHQWR GH OD KXPDQLGDG
GHVFLHQGHGHODPRQWDxD\VH³YXHOYHPiVKXPDQR´
/DH[SHULHQFLDSXHGHFDPELDUOHDEULpQGROHDOUHLQRHPRFLRQDOGH
3RVHLGyQTXHOHSRQHHQFRQWDFWRFRQVXVSURSLRVVHQWLPLHQWRV\VX
QHFHVLGDG GH RWUDV SHUVRQDV 2 FRPR XQ MHIH GH HVWDGR
WHPSRUDOPHQWH GHUURFDGR VX DVSHFWR GH =HXV SXHGH UHDILUPDUVH
FRQVLGHUDUKXPLOODQWHORVXFHGLGR\DKRUDDQJXVWLDGRSRUTXHSXHGD
YROYHUDUHSHWLUVHDFDOODUD~QFRQPiVIXHU]DVXVHPRFLRQHV 

6DQDUORTXHOHHQIHUPD
(QODOH\HQGDGHO6DQWR*ULDOKD\XQUH\²XQDILJXUDGH=HXV²
FRQXQDKHULGDTXHQRVDQDUi0LHQWUDVHVWDKHULGDQRVHFLHUUHVX
UHLQRVHJXLUiVLHQGR\HUPR(QVXFDVWLOORVHHQFXHQWUDHO*ULDOTXH
SXHGHVDQDUOHSHURHVRVyORVXFHGHUiFXDQGRXQKRPEUHMRYHQXQ
HVW~SLGRLQRFHQWHOOHJXHDVXFRUWHYHDHO*ULDO\DOUH\KHULGR\OH
IRUPXOH XQD SUHJXQWD (Q XQD YHUVLyQ HVD SUHJXQWD HV ©¢TXp WH
SXHGHFXUDU"ª(VQHFHVDULRUHFRQRFHUTXHDOJRQRYDELHQDQWHVGH
TXH VH SXHGD LQLFLDU FXDOTXLHU SURFHVR GH VDQDFLyQ 6H KD GH
IRUPXODU\UHVSRQGHUDODSUHJXQWD©¢TXpHVORTXHSDVD"ª
 (QODOH\HQGDODKHULGDVLPEyOLFDTXHQRVDQDUiVHHQFXHQWUDHQ
HO PXVOR GHO UH\ FHUFD GH VXV JHQLWDOHV R HQ ORV SURSLRV JHQLWDOHV
(VDKHULGDDIHFWDODH[SUHVLyQGHOLQVWLQWR\GHODSDVLyQ\SHUMXGLFD
DODVH[XDOLGDGODFDSDFLGDGUHSURGXFWRUD\ODFUHDWLYLGDG1RHVGH
H[WUDxDUTXHVXUHLQRVHDXQDWLHUUD\HUPDSXHVWRTXHVXKHULGDQR
SHUPLWHTXHVHJHQHUHQXHYDYLGD
(O UH\ KHULGR SXHGH UHSUHVHQWDU HO DUTXHWLSR =HXV R HO SRGHU
FRPR HO SULQFLSLR TXH JRELHUQD HQ XQ SDWULDUFDGR (O UH\ KHULGR
WDPELpQ SXHGH VLPEROL]DU DO SDGUH SDWULDUFDO GH XQD IDPLOLD
GLVIXQFLRQDO R HO DUTXHWLSR TXH SUHGRPLQD HQ OD SVLTXH GH XQ
KRPEUH 6LHPSUH TXH XQ =HXV KHULGR JRELHUQH VH SURGXFLUtD OD
RSUHVRUDQHFHVLGDGGHPDQWHQHUHOFRQWUROSDUDVRIRFDUHOGHVDUUROOR
\ OD H[SUHVLYLGDG /D DULGH] HPRFLRQDO VH FRQYLHUWH HQ XQD HVSHFLH
GHGHVLHUWRGRQGHQDGDSXHGHFXOWLYDUVHQLPHGUDU
3DUD TXH VH SURGX]FD OD VDQDFLyQ XQ HVW~SLGR LQRFHQWH KD GH
HQWUDUHQVXSVLTXHRVLWXDFLyQ9LVWRGHVGHODSHUVSHFWLYDGH=HXV
DFWXDU FRQ LQJHQXLGDG R VHU LQRFHQWH HV VHU XQ HVW~SLGR ,QYHVWLGR
HQ VX SRVLFLyQ GH DXWRULGDG SDUD XQ =HXV LPSOLFD XQ JUDQ DFWR GH
YDORUDUULHVJDUVHDSDUHFHUHVW~SLGRUHFXUULUDORVGHPiVPRVWUDQGR
VX YXOQHUDELOLGDG R KDFHU IUHQWH D XQD H[SHULHQFLD QXHYD FRQ OD
LQJHQXLGDG GH XQ QLxR \ OD LQHSWLWXG GH XQ DSUHQGL] 6LQ HPEDUJR
HVRHVORTXHKDGHKDFHUSDUDFUHFHU\FXUDUVH
326(,'Ï1',26'(/0$5(/
5(,12'(/$(02&,Ï1<'(/
,167,172
&RQGXFLHQGRVXFDUURDWUDYpVGHOPDU3RVHLGyQGLRVGH
ORV RFpDQRV \ GH ORV FDEDOORV HQFDUQD ORV GRV DQWLTXtVLPRV
VtPERORV GHO LQFRQVFLHQWH HO FDEDOOR \ HO DJXD (O DJXD
VLHPSUH KD HYRFDGR HQ HO KRPEUH HO PLVWHULR LQILQLWR
SRVLELOLGDGHVLQILQLWDV\SHOLJURVLQILQLWRVGHQXHVWUDFRQFLHQFLD
IOXLGD $O FDUHFHU GH IRUPD SUHGHWHUPLQDGD SURSLD HVWi HQ
FRQVWDQWH PRYLPLHQWR QXQFD FDPELD \ VLQ HPEDUJR QXQFD
HV OD PLVPD HQ GRV PRPHQWRV VXFHVLYRV < HO FDEDOOR
SHUVRQLILFDHQVXSULPLWLYDSRWHQFLDORVLPSXOVRVLQVWLQWLYRVGH
QXHVWUD QDWXUDOH]D EUXWD >«@ 3RVHLGyQ HUD HO PiV SULPLWLYR
GH ORV GLRVHV HO TXH KDFLD WHPEODU OD WLHUUD HO GLRV GH ODV
WRUPHQWDV\GHORVWHUUHPRWRVGHODGHYDVWDFLyQUHSHQWLQDGH
ORV PDUHPRWRV /RV SHOLJURV VH GHVDWDQ FXDQGR EURWDQ ODV
IXHU]DV\DFHQWHVTXHHVWiQEDMRODVXSHUILFLHGHODFRQFLHQFLD

$5,$11$67$66,12328/267KH*RGVRI*UHHFH

(OTXHPXHYHODWLHUUD\HOYDFtRPDU
HOJUDQGLRVGHODJXD«HOTXHKDFHWHPEODUODWLHUUD
DTXLHQORVGLRVHVGREODQVXVKRQRUHV
HUHVHOTXHFRQWURODORVFDEDOORV
HOVDOYDGRUGHORVEDUFRV
 £+ROD3RVHLGyQ
3RUWDGRUGHODWLHUUDGLRVGHSHORRVFXUR\IHOL]EHQpYROR
HVWXFRUD]yQ

+RPHUR³+LPQRD3RVHLGyQ´ 7UDGXFLGRDOLQJOpVSRU&KDUOHV
%RHU

3RVHLGyQYLYLyEDMRHOPDUHOUHLQRTXHOHWRFyHQHOUHSDUWRTXH
KL]R FRQ VXV KHUPDQRV =HXV \ +DGHV FXDQGR GLYLGLHURQ HO PXQGR
3DUDFDSWDUODHPRWLYLGDGTXHpOHQFDUQD\HOUHLQRSVLFROyJLFRTXH
GRPLQDEDVWDFRQSHQVDUHQORVSRGHURVRVHVWDGRVGHOPDU3XHGH
VHU WXUEXOHQWR FRQ UXJLHQWHV RODV TXH DUUDVDQ LQGLVFULPLQDGDPHQWH
WRGRORTXHKDOODQDVXSDVRFRQXQDWUHPHQGDIXHU]DGHVWUXFWRUD
&RPR ODV HPRFLRQHV LQWHQVDV DIHFWDQ LQXQGDQGR OD SHUVRQDOLGDG \
KXQGLHQGRODUDFLRQDOLGDG3RVHLGyQVXUJLUiGHVXUHVLGHQFLDEDMRODV
DJXDV \ EUDPDUi \ OXHJR VH UHWLUDUi GH QXHYR D VX UHIXJLR
VXEPDULQR7DPELpQVHOHKDOODPDGRHOTXHWUDHODVLQXQGDFLRQHV\
HO TXH KDFH WHPEODU OD WLHUUD SDUD H[SUHVDU HO HQRUPH SRGHU
SHUWXUEDGRU\GHVWUXFWRUGHODQDWXUDOH]D\GHODQDWXUDOH]DKXPDQD
(O PDU HQ ORV VXHxRV \ HQ ODV PHWiIRUDV UHSUHVHQWD HO
LQFRQVFLHQWH (Q ODV ]RQDV SRFR SURIXQGDV MXVWR GHEDMR GH OD
VXSHUILFLHUHVLGHQODVHPRFLRQHV\UHFXHUGRVSHUVRQDOHVIiFLOPHQWH
UHFXSHUDEOHV PLHQWUDV TXH HQ VXV RVFXUDV SURIXQGLGDGHV H[LVWHQ
SULPLWLYDV FULDWXUDV \ PLOODUHV GH IRUPDV TXH WUDVFLHQGHQ OR
FRJQRVFLEOHHQXQSODQRSHUVRQDOORLQFRQVFLHQWHFROHFWLYR(ODJXD
\ ODV HPRFLRQHV HVWiQ YLQFXODGDV VLPEyOLFDPHQWH OR TXH KDFH GHO
PDUXQUHLQRDSWRSDUD3RVHLGyQTXHUHDFFLRQDEDFRQLQWHQVLGDG\
HPRFLyQFXDQGRVHOHSURYRFDED6XDQLPDOVLPEyOLFRHUDHOFDEDOOR
TXH FRQ IUHFXHQFLD UHSUHVHQWD HO SRGHU \ OD EHOOH]D GH ORV LQVWLQWRV
ItVLFRVXQDQLPDOGHWLHUUDTXHGDIHGHORVRUtJHQHVSUHROtPSLFRVGH
3RVHLGyQFRPRGLRV3DGUH7LHUUD
&XDQGR FRQR]FDPRV D +DGHV LUHPRV YLHQGR FRQ PiV FODULGDG
TXH HO PXQGR VXEWHUUiQHR WDPELpQ UHSUHVHQWD OR LQFRQVFLHQWH
SHUVRQDO \ FROHFWLYR HO PXQGR VXEPDULQR HV HO UHLQR GH ORV
VHQWLPLHQWRV SHUVRQDOHV UHSULPLGRV \ GH ORV LQVWLQWRV \ HO UHLQR
HPRFLRQDOTXHFRPSDUWLPRVORVKXPDQRV/DVIDPLOLDVFRQKRPEUHV
3RVHLGyQ VXHOHQ FRQRFHU HVWH DVSHFWR GHO DUTXHWLSR SDWHUQR HQ VX
IRUPD PiV WHPLEOH FXDQGR VXV VHQWLPLHQWRV EiVLFRV HVWDOODQ \ ODV
HPRFLRQHV IXULRVDV LQXQGDQ SHULyGLFDPHQWH HO KRJDU /D FXOWXUD
SDWULDUFDO SHUPLWH D ORV SDGUHV FRPR GXHxRV \ VHxRUHV GH VXV
KRJDUHV GHVDWDU VX IXULD \ HQ OD PD\RUtD GH ORV FDVRV QR OR KDFHQ
HQQLQJ~QRWUROXJDU
$XQTXH SRGDPRV KDEHU VLGR UHFHSWRUHV GH OD HPRWLYLGDG GH XQ
SDGUH3RVHLGyQ HVSHFLDOPHQWHXQSDGUHDOFRKyOLFR pVWHDUTXHWLSR
WDPELpQ SXHGH H[LVWLU HQ QXHVWUR LQWHULRU &XDOTXLHUD TXH VH KD\D
YLVWR VREUHSDVDGR LQHVSHUDGDPHQWH SRU RODV GH LQWHQVRV
VHQWLPLHQWRV TXH EURWDQ GH ODV SURIXQGLGDGHV R TXH KD\D VHQWLGR
FyPR VX FXHUSR WHPEODED \ VH DJLWDED SRU HO GRORU OD UDELD R HO
GHVHRGHYHQJDQ]DKDWHQLGRXQDH[SHULHQFLDGLUHFWDGH3RVHLGyQ
(Q HVWH PXQGR JREHUQDGR SRU =HXV HVWDPRV DFRVWXPEUDGRV D
LQIUDYDORUDU\DDFDOODUQXHVWURVVHQWLPLHQWRVHLQVWLQWRVDHFKDUOHV
XQFDQGDGRVLHVTXHSRGHPRV<VLVRPRVFRPRHOUDFLRQDO$SRORR
OD IUtD \ UDFLRQDO $WHQHD ORV KLMRV IDYRULWRV GH =HXV  UHSULPLUHPRV
PX\ ELHQ ORV VHQWLPLHQWRV KDVWD FLHUWR SXQWR $ PHQXGR VRxDPRV
FRQ ORV PDUHPRWRV R FRQ LQXQGDFLRQHV \ H[SHULPHQWDPRV PLHGRV
REVHVLYRV D ORV WHUUHPRWRV FXDQGR HO PXQGR GH 3RVHLGyQ DPHQD]D
FRQ URPSHU ODV GHIHQVDV TXH KHPRV FRQVWUXLGR FRQ QXHVWUDV
WHQGHQFLDV =HXV $WHQHD \ $SROR  SDUD QR VHQWLU QXHVWURV
VHQWLPLHQWRVQLH[SUHVDUORV
3HURLQFOXVRHQXQPXQGRGRPLQDGRSRU=HXVDOJXQDVSHUVRQDV
FRQRFHQ ELHQ HO PXQGR GH 3RVHLGyQ 6RQ FRPR PDULQHURV TXH VH
DGHQWUDQ HQ HO PDU FRQ VXV EDUFRV R SHUVRQDV TXH QR SXHGHQ
SHQVDU HQ YLYLU HQ XQ OXJDU TXH QR HVWp FHUFD GHO PDU (VWRV
KRPEUHV \ PXMHUHV  YLYHQ \ WUDEDMDQ FRQ ODV PDUHDV GH ODV
HPRFLRQHV \ HO LQVWLQWR 3RU HMHPSOR PH YLHQH D OD PHPRULD XQD
IUDVH GH XQD SRGHURVD SRHVtD HYRFDGRUD GH HPRFLRQHV GH '\ODQ
7KRPDV \ VX WXUEXOHQWD YLGD ©1R HQWUHV GyFLOPHQWH HQ HVD QRFKH
TXLHWD«UDELDUDELDFRQWUDODDJRQtDGHODOX]ª\VLHQWRVXFRQH[LyQ
FRQHOUHLQRGH3RVHLGyQ(VWDFXDOLGDGWDPELpQVHSXHGHHVFXFKDU
HQODP~VLFDGH%HHWKRYHQ\H[SHULPHQWDUHQODVREUDVGH(XJHQH
2¶1HLOO \ 7HQQHVVHH :LOOLDPV KRPEUHV TXH KDOODURQ XQ PRGR GH
H[SUHVDU \ GDU IRUPD DO WHUURU OD EHOOH]D \ HO SRGHU GH ODV RVFXUDV
HPRFLRQHVGH3RVHLGyQ
3RVHLGyQHOGLRV
3RVHLGyQ D TXLHQ ORV URPDQRV OODPDEDQ 1HSWXQR  HUD HO GLRV
JULHJR GHO PDU 6H OH UHSUHVHQWDED FRPR XQ KRPEUH SRGHURVR FRQ
EDUEDSDUHFLGRD=HXV\FRQXQWULGHQWH
6H OH LGHQWLILFD FRQ HO UHLQR GH ORV PDUHV HO QRPEUH 3RVHLGyQ
VLJQLILFDHVSRVRGH'D SRVLV'DV XQRGHORVQRPEUHVGHOD7LHUUD
6HOHDVRFLDEDDORVWHUUHPRWRV\VHOHGDEDHOFDOLILFDWLYRGHHOTXH
KDFH WHPEODU OD WLHUUD 6XV SULQFLSDOHV DQLPDOHV VLPEyOLFRV HUDQ ORV
WRURV\ORVFDEDOORV
6X FDUDFWHUtVWLFD SULPRUGLDO HV VX WHPSHUDPHQWR 7LHQH PDO
FDUiFWHUHVYLROHQWRYHQJDWLYRGHVWUXFWLYR\SHOLJURVRHVHOGLRVDO
TXHDFRPSDxDQODWHPSHVWDG\ODWXUEXOHQFLDFRPRHOPDUFXDQGR
HVWi DJLWDGR 3HUR WDPELpQ SXHGH VHU HO PDU HQ FDOPD ODV
WRUPHQWDVFHVDURQDOLQVWDQWHFXDQGR3RVHLGyQFRQGXMRVXFDUURGH
RURWLUDGRSRUVXVFDEDOORVEODQFRVGHGRUDGDVFULQHVVREUHODVRODV\
ORVPRQVWUXRVPDULQRVUHWR]DURQDVXDOUHGHGRU

*HQHDORJtD\PLWRORJtD
$O LJXDO TXH WRGRV VXV KHUPDQRV VDOYR =HXV 3RVHLGyQ KLMR GH
&URQRV\5HD IXHHQJXOOLGRSRUVXSDGUHTXHWHPtDVHUGHUURFDGR
SRU XQR GH VXV KLMRV (Q DOJXQDV YHUVLRQHV VREUH VX QDFLPLHQWR
3RVHLGyQHVFDSyGHHVWHGHVWLQRDOLJXDOTXH=HXV(QXQDGHHOODV
VH SXVR D XQ SRWUR HQ VX OXJDU \ pVWH IXH WUDJDGR SRU &URQRV (Q
RWUD HQ OXJDU GH WUDJiUVHOR &URQRV OR DUURMy DO PDU WDQ SURQWR
FRPRVDOLyGHO~WHURSDUDTXHPXULHUDDKRJDGR1RREVWDQWHHQHO
UHODWRPiVFRP~QIXHHQJXOOLGRSRUVXSDGUH\OLEHUDGRVyORGHVSXpV
GH TXH =HXV GHVDILDUD D &URQRV \ FRQ OD D\XGD GH 0HWLV SXGLHUD
KDFHUOHGHYROYHUDVXVWUHVKHUPDQDV\GRVKHUPDQRV(QWRQFHVORV
KHUPDQRV ROtPSLFRV \ VXV DOLDGRV OXFKDURQ FRQWUD &URQRV \ ORV
7LWDQHV\YHQFLHURQ'LYLGLHURQHOXQLYHUVRHQSDUWHV\D3RVHLGyQOH
WRFyHOPDU
3RVHLGyQ QR HVWDED FRQWHQWR FRQ VX SDUWH &RPSLWLy FRQWUD
$WHQHDSRUODSRVHVLyQGHODVFLXGDGHVGH$WHQDV\7UH]HQH\FRQWUD
+HUD SRU $UJRV (Q XQ FRQFXUVR SRU $WHQDV OD FRPSHWLFLyQ VH
EDVDEDHQGDUDORVFLXGDGDQRVXQUHJDOR$WHQHDVHSUHVHQWyDQWH
HOORVFRQXQROLYR\OXHJR3RVHLGyQFODYyVXWULGHQWHHQXQDURFDGH
OD$FUySROLV\FUHyXQDIXHQWHGHDJXDVDODGD&XDQGRVHHYDOXyHO
UHJDOR GH $WHQHD VH FRQVLGHUy PiV ~WLO \ 3RVHLGyQ SHUGLy WUDV OR
FXDO LQXQGy OD OODQXUD FLUFXQGDQWH 7DPELpQ LQXQGy 7UH]HQH 1R OH
IXHPHMRUHQVXHQIUHQWDPLHQWRD+HUDSRU$UJRV\FXDQGRSHUGLy
FRPR YHQJDQ]D VHFy WRGRV ORV UtRV 5HLYLQGLFy VLQ p[LWR OD LVOD GH
(JLQD D =HXV \ 1D[RV D 'LRQLVRV (Q VX GLVSXWD FRQ +HOLRV VREUH
&RULQWR WXYR DOJR PiV GH VXHUWH FRQVLJXLy HO LVWPR \ +HOLRV OD
DFUySROLV3RVHLGyQWDPELpQVHUHEHOyFRQWUD=HXVHLGHyXQFRPSORW
HQVXFRQWUDTXHWDPELpQIUDFDVy

3RVHLGyQ\ODVPXMHUHV
3RVHLGyQ SXVR VXV HVSHUDQ]DV GH FRQWUDHU PDWULPRQLR HQ 7HWLV
XQDQHUHLGDRGLRVDPDULQD\FRPSLWLyFRQWUD=HXVTXHWDPELpQOD
GHVHDED6LQHPEDUJRFXDQGR3URPHWHRUHYHOyTXH7HWLVGDUtDDOX]
DXQKLMRTXHVHUtDPiVJUDQGHTXHVXSDGUHDPERVODDEDQGRQDURQ
\ OH DUUHJODURQ XQ PDWULPRQLR FRQ XQ PRUWDO (O KpURH JULHJR
$TXLOHVIXHHOIUXWRGHHVWDXQLyQ
/XHJRVHILMyHQ$QILWULWHRWUDQHUHLGDTXHYHtDVXVFRUWHMRVFRQ
UHSXJQDQFLD /D FRQVLJXLy SRU OD IXHU]D \ OD YLROy \ HOOD KX\y D ORV
PRQWHV$WODV$OILQDO'HOSKLQXV R'HOItQ LQWHUFHGLyDPLVWRVDPHQWH
HQVXFDVR\HOODFRQVLQWLyHQFDVDUVHFRQ3RVHLGyQ&RPRPXHVWUD
GH JUDWLWXG 3RVHLGyQ FRORFy OD LPDJHQ GH 'HOSKLQXV HQWUH ODV
HVWUHOODVHQIRUPDGHFRQVWHODFLyQ
(OPDWULPRQLRGH3RVHLGyQ\$QILWULWHVLJXLyHOPLVPRSDWUyQTXH
HOGH=HXV\+HUDSXHV3RVHLGyQWDPELpQHUDXQFRQTXLVWDGRU/RV
YHQJDWLYRVFHORVGH$QILWULWHDOLJXDOTXHORVGH+HUDLEDQGLULJLGRV
D OD RWUD 8Q WHUULEOH HMHPSOR IXH FXDQGR 3RVHLGyQ VH HQDPRUy GH
(VFLOD $QILWULWH SXVR KLHUEDV PiJLFDV HQ HO HVWDQTXH GRQGH VH
EDxDED (VFLOD TXH WUDQVIRUPDURQ D OD EHOOD PXMHU HQ XQ PRQVWUXR
GHVHLVFDEH]DVTXHODGUDEDQFDGDXQDGHHOODVFRQXQDWULSOHKLOHUD
GH GLHQWHV \ FRQ GRFH SDWDV (VFLOD KDELWDED HQ HO HVWUHFKR GH
0HVLQDGHYRUDQGRDORVPDULQHURVTXHDSUHVDEDHQODVFXELHUWDVGH
ORVEDUFRVTXHSDVDEDQ
0HGXVD FRUULy XQD KRUUHQGD VXHUWH VLPLODU GHELGR D 3RVHLGyQ
3XHVWR TXH KDEtD KHFKR HO DPRU FRQ 3RVHLGyQ HQ XQ WHPSOR
GHGLFDGR D $WHQHD OD GLRVD WUDQVIRUPy D 0HGXVD HQ XQ PRQVWUXR
UHSXOVLYRFRQVHUSLHQWHVHQOXJDUGHFDEHOORVWRGRDTXHOTXHPLUDUD
VXURVWURVHFRQYHUWtDHQSLHGUD
&XDQGR'HPpWHUEXVFDEDSRUWRGDODWLHUUDDVXKLMDVHFXHVWUDGD
3RVHLGyQODHVSLy\ODGHVHy3DUDHVFDSDUGHpOpVWDVHFRQYLUWLyHQ
XQD \HJXD \ VH RFXOWy HQ XQD PDQDGD GH FDEDOORV 3RVHLGyQ
SHUVLVWLyHQVXE~VTXHGDVHWUDQVIRUPyHQXQVHPHQWDO\ODYLROy

3RVHLGyQ\VXGHVFHQGHQFLD
$QILWULWHGLRWUHVKLMRVD3RVHLGyQXQKLMR\GRVKLMDV\DGHPiV
WXYR QXPHURVD GHVFHQGHQFLD TXH HQ VX PD\RUtD IXHURQ PRQVWUXRV
HQ OD PLWRORJtD 3RVHLGyQ HQJHQGUy JLJDQWHV GHVWUXFWRUHV H KLMRV
IHURFHVGHWDPDxRQRUPDO6XVKLMRVKHUHGDURQVXYLROHQFLD\SRGtDQ
FRQWDUFRQODIHUR]OHDOWDGGHVXSDGUH
&XDQGR2GLVHR 8OLVHV FHJyDVXKLMRHOFtFORSH3ROLIHPRGHXQ
VRORRMR3RVHLGyQSHUVLJXLyD8OLVHVFRQXQDLUDLPSODFDEOH\FDVWLJy
D WRGRV DTXHOORV TXH OH D\XGDURQ 3RU HMHPSOR 3RVHLGyQ EORTXHy
FRQ XQD PRQWDxD  OD EDKtD GH XQ SXHEOR PDULQHUR TXH KDEtD
D\XGDGR D 8OLVHV \ WUDQVIRUPy HO EDUFR GH UHVFDWH HQ XQD URFD/D
2GLVHDIXHWDQODUJD\GLItFLOGHELGRDOUHQFRUGH3RVHLGyQ

/DKRVWLOLGDGGH3RVHLGyQKDFLDORVWUR\DQRV
&RPR GLRV UHQFRURVR 3RVHLGyQ QR WHQtD ULYDO 6X RGLR KDFLD ORV
WUR\DQRVHUDWDOTXHLQWHUYLQRDIDYRUGHORVJULHJRVGHVREHGHFLHQGR
HOPDQGDWRH[SUHVRGH=HXV6XRGLREURWyHQXQDpSRFDWHPSUDQD
3RVHLGyQ\$SRORKDEtDQSDFWDGRXQDFXHUGRFRQHOUH\/DRPHGRQWH
SDGUH GH 3UtDPR \ 3DULV \ DEXHOR GH +pFWRU \ TXH KDEtD PXHUWR
KDFtD WLHPSR FXDQGR FRPHQ]y OD JXHUUD GH 7UR\D  GH FRQVWUXLU ODV
PXUDOODVGHVXFLXGDGGH7UR\DDFDPELRGHFLHUWDVXPDGHGLQHUR
3HUR FXDQGR KXELHURQ FRPSOHWDGR VX WUDEDMR pVWH VH QHJy D
SDJDUOHV(QWRQFHV3RVHLGyQVHYHQJy³KDVWDODVHJXQGD\ODWHUFHUD
JHQHUDFLyQ´ OR FXDO HO $QWLJXR 7HVWDPHQWR WDPELpQ H[SRQH FRPR
PRGHORGHYHQJDQ]D 

3RVHLGyQ\&UHWDHOWRURGHOPDU
(OUH\0LQRVGH&UHWDOHSLGLyD3RVHLGyQTXHOHHQYLDUDXQWRUR
SDUD VDFULILFDUOR (O WRUR TXH VXUJLy GHO PDU HUD WDQ H[WUDRUGLQDULR
TXH 0LQRV GHFLGLy TXHGiUVHOR HQ OXJDU GH VDFULILFDUOR FRPR KDEtD
SURPHWLGR (QIXUHFLGR FRQ HO UH\ 0LQRV SRU QR FXPSOLU FRQ VX
SDODEUD 3RVHLGyQ KL]R TXH OD UHLQD 3DVtIDH WXYLHUD XQ DSDVLRQDGR
URPDQFH FRQ HO WRUR (O IUXWR GH HVWD XQLyQ IXH HO 0LQRWDXUR XQ
PRQVWUXR PHGLR WRUR \ PHGLR KRPEUH TXH IXH HQFHUUDGR HQ HO
FHQWURGHOODEHULQWRTXHVHKDOODEDEDMRVXSDODFLR

(ODVSHFWRDSDFLEOHGH3RVHLGyQ
$XQTXH3RVHLGyQGHVWDFDEDSRUVXLUDFDSDFLGDGGHGHVWUXFFLyQ
\VXSUHGLVSRVLFLyQDODYLROHQFLDWDPELpQWHQtDRWURDVSHFWRSDFtILFR
\FRPSDVLYRGHVXSHUVRQDOLGDGPHQRVFRQRFLGR(QVXVHVWDGRVGH
iQLPRPiVWUDQTXLORVSRUHMHPSORYLVLWyDVXVILHOHVHWtRSHVTXHOH
RIUHFLHURQ PDMHVWXRVRV VDFULILFLRV \ GXUDQWH XQ WLHPSR ROYLGy VX
SHUVHFXFLyQ GH 8OLVHV (Q XQ DFWR GH FOHPHQFLD \ XQ WHUUHPRWR
FRQYLUWLy7HVDOLDTXHKDEtDVLGRXQHQRUPHODJRHQXQDWLHUUDiULGD
7DPELpQFRQYLUWLyD,QR\DVXKLMRHQGLYLQLGDGHVPDULQDVFXDQGRVH
ODQ]DURQDODJXD\QRPEUyD&iVWRU\D3yOX[FRPRSURWHFWRUHVGH
ORVPDULQHURVFRQSRGHUSDUDFDOPDUODVWRUPHQWDV
3RVHLGyQHODUTXHWLSR
,PDJLQHPRV TXH HVWDPRV FRQWHPSODQGR XQ SOiFLGR PDU
FRQVFLHQWHV GH TXH EDMR VX VXSHUILFLH YLYH XQ GLRV UHQFRURVR
HPRFLRQDO \ IXULRVR TXH SXHGH DSDUHFHU H[DOWDGR \ DUUHPHWHU
FRQWUD OR SULPHUR TXH HQFXHQWUH HQ VX FDPLQR \ FRPSUHQGHUHPRV
HQ VHJXLGD DOJXQDV GH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GHO DUTXHWLSR
3RVHLGyQ(VWHDUTXHWLSRHVXQDVSHFWRGHODUTXHWLSRGHOSDGUHTXH
³VHSHUGLy´IUHQWHD=HXV\HVWiUHSULPLGRHQORVKRPEUHV=HXVTXH
VHHVIXHU]DQSRUWHQHUORWRGREDMRFRQWURO
&XDQGR HO UHLQR GH ODV HPRFLRQHV HV UHSULPLGR HVWH DUTXHWLSR
TXHGDVHSXOWDGR\QRHVWiLQWHJUDGRHQODSHUVRQDOLGDGGHOKRPEUH
/DV HPRFLRQHV VRQ HPERWHOODGDV HQ OXJDU GH SHUPLWLU VX OLEUH
H[SUHVLyQHQVXPRPHQWR6LQHPEDUJRDOILQDO3RVHLGyQ\DQRVH
SXHGH FRQWHQHU \ HQ XQ DFWR GH UDELD \ GH GRORU VH PDQLILHVWD HO
LQVWLQWR SULPLWLYR GH FDXVDU HVWUDJRV VREUH FXDOTXLHUD TXH OH KD\D
KHFKRVXIULUQRLPSRUWDFXiOHVIXHUDQODVUD]RQHV
3RVHLGyQ HV WDPELpQ HO DUTXHWLSR D WUDYpV GHO FXDO VH SXHGH
FRQRFHU XQ PXQGR SVLFROyJLFR GH JUDQ SURIXQGLGDG \ EHOOH]D (O
PXQGR VXEPDULQR GH 3RVHLGyQ QR VH SXHGH YHU GHVGH HO PRQWH
2OLPSR \ QR IXH GHVFULWR HQ OD PLWRORJtD JULHJD (O DFFHVR D ODV
SURIXQGLGDGHV HPRFLRQDOHV HV XQ DVSHFWR SRFR DSUHFLDGR HQ ODV
PHQWHV GH ORV KRPEUHV \ HVWi GHVYDORUL]DGR \ UHSULPLGR HQ ODV
FXOWXUDV SDWULDUFDOHV /RV KRPEUHV DPHULFDQRV GH PHGLDQD HGDG
QRUPDOHV \ FRUULHQWHV VH VXSRQH TXH KDQ GH FRQWURODU VXV
HPRFLRQHV DO LJXDO TXH VH HVSHUD TXH ORV LQJOHVHV GH FODVH DOWD
JXDUGHQODFRPSRVWXUD
8QDVSHFWRPHQRVFRQRFLGRGH3RVHLGyQHVHOUHSUHVHQWDGRSRU
HO DJXD VXEWHUUiQHD (V OD SURIXQGLGDG HPRFLRQDO RFXOWD EDMR OD
WLHUUDQRH[SUHVDGDQLYLVWDSHURTXHDSHVDUGHWRGRHVWiDOOtHQOD
IRUPD GH KRQGRV VHQWLPLHQWRV LQWURYHUWLGRV TXH HV QHFHVDULR
UHFRQRFHURH[SUHVDUVLVHTXLHUHQFRQRFHUGHYHUGDG

(ODUTXHWLSRGHOTXHQDGDHQDJXDVSURIXQGDV
3RVHLGyQ HUD HO ~QLFR GLRV ROtPSLFR TXH WHQtD DFFHVR D ODV
SURIXQGLGDGHV PDULQDV 6H SRGtD VXPHUJLU SURIXQGDPHQWH \
SHUPDQHFHU EDMR HO DJXD FXDQWR GHVHDUD R VXUJLU UiSLGDPHQWH D OD
VXSHUILFLH WDQ VyOR RUGHQDQGR D VXV FRUFHOHV GH FULQ GRUDGD TXH
WLUDUDQ GH VX FDUUR \ SRGtD KDFHU TXH ODV FULDWXUDV GH ORV DELVPRV
URQGDUDQ D VX DOUHGHGRU HO VXHxR GH XQ EXFHDGRU 3RVHLGyQ HV DVt
PLVPR XQD PHWiIRUD SDUD HO KRPEUH R OD PXMHU TXH SXHGH
DGHQWUDUVHPXFKRHQHOUHLQRGHORVVHQWLPLHQWRV\GHODVHPRFLRQHV
\ DFFHGHU D OR TXH VH HQFXHQWUD DOOt DEDMR HO HVStULWX \ OD WULVWH]D
JUDQ EHOOH]D \ PRQVWUXRV GH ORV DELVPRV OXJDUHV WDQ SURIXQGRV \
RVFXURV TXH OD YLVLyQ FODUD \D QR HV SRVLEOH \ XQR WDQ VyOR SXHGH
DSHQDV SHUFLELU OR TXH DOOt VH HQFXHQWUD $OOt KD\ XQ VHQWLGR GH
LQPHQVLGDG DELVPR \ SURIXQGLGDG PXFKR PD\RU GH OR TXH MDPiV
SRGUHPRVOOHJDUDFRQRFHURVXPHUJLUQRVHQpO
(OKRPEUHTXHHVDMHQRDVXQDWXUDOH]DGH3RVHLGyQKDVWDTXH
EHEH\OORUDFXDQGRHVWiERUUDFKRRVHKDOODVXPLGRHQHVWHSODQRD
FDXVD GHO GRORU R OD LUD HQWUD HQ HO WHUULWRULR GH 3RVHLGyQ \ HV
WHPSRUDOPHQWHGRPLQDGRSRUpOGHEDWLpQGRVHFRPRXQKRPEUHTXH
VHHVWiDKRJDQGR
(O DVSHFWR GHO EXFHDGRU GH IRQGR GHO DUTXHWLSR 3RVHLGyQ HV
HQFDUQDGRSRUHOSRHWDGUDPDWXUJRQRYHOLVWDFRPSRVLWRUP~VLFRR
SVLFRWHUDSHXWDTXHHVDWUDtGRXQD\RWUDYH]DDGHQWUDUVHFDGDYH]
PiV KRQGR HQHOUHLQRGH ODVHPRFLRQHVGRQGHpO RHOOD FRQHFWD
FRQ OD SURIXQGLGDG KXPDQD FROHFWLYD /DV SHUVRQDV GH SXHEORV TXH
KDQ VXIULGR D OR ODUJR GH OD KLVWRULD GRQGH VH YDORUDED HO DUWH \ OD
OLWHUDWXUD \ FX\DV QDWXUDOH]DV QDFLRQDOHV VRQ PiV HPRFLRQDOHV SRU
HMHPSOR 5XVLD H ,UODQGD  SDUHFHQ UHVSHWDU PiV HVWH GRPLQR \
SHUPLWLU D VXV KRPEUHV TXH VHDQ PiV HPRWLYRV LUUDFLRQDOHV \
H[SUHVLYRV

(ODUTXHWLSRGHOUH\
$OLJXDOTXH=HXV\KDVWDFLHUWRSXQWR+DGHV3RVHLGyQWDPELpQ
EXVFD HO SRGHU VREUH XQ WHUULWRULR \ HO UHVSHWR \ HO FRQWURO TXH
FRQOOHYDVHUXQUH\(OKRPEUH3RVHLGyQVLHQWHXQDLQFOLQDFLyQD³VHU
DOJXLHQLPSRUWDQWH´6LQHPEDUJRXQ3RVHLGyQDUTXHWtSLFRFDUHFHGH
OD LPSHUVRQDOLGDG GHO SHQVDPLHQWR HVWUDWpJLFR \ GH OD IXHU]D GH
YROXQWDG QHFHVDULRV SDUD TXH XQ SDWULDUFDGR GH SDGUHV FHOHVWLDOHV
WHQJD p[LWR \ IRUPH XQ ³UHLQR´ 6X OXFKD HQ ORV QHJRFLRV SXHGH
DVHPHMDUVH D OD GHO GLRV 3RVHLGyQ TXH SHUGLy UHSHWLGDPHQWH
WHUULWRULRVTXHHVWDEDQHQGLVFXVLyQIUHQWHDRWUDVGHLGDGHVTXHIXH
KXPLOODGRS~EOLFDPHQWH\TXHUHDFFLRQyFRQLUD
'DGD OD LQWHQVLGDG GH ORV VHQWLPLHQWRV TXH VH DVRFLDQ D HVWH
GLRV XQ KRPEUH TXH HQFDUQH HVWH DUTXHWLSR QR VXHOH VHU XQ EXHQ
SHUGHGRU 'HVGH HO SXQWR GH YLVWD GH =HXV FDGD FRQWLHQGD IXH
UHVXHOWD ³FRQ WRGDV ODV GH OD OH\´ SRU MXHFHV RSRUWXQDPHQWH
GHVLJQDGRV $O LJXDO TXH ORV KRPEUHV TXH QR HQWLHQGHQ ODV UHJODV
TXHDSDUWDQGHHOORVODSURSLHGDG\HOKRQRU\TXHQRVDEHQSHUGHU
FRQ HOHJDQFLD 3RVHLGyQ UHDFFLRQy FRQ UDELD /R PiV WtSLFR HUDTXH
SURGXMHUD LQXQGDFLRQHV GHO PLVPR PRGR TXH VX DUTXHWLSR SXHGH
LQXQGDU OD PHQWH GHO KRPEUH FRQ VHQWLPLHQWRV \ DVIL[LDU VX
SHQVDPLHQWRUDFLRQDO
6L XQ KRPEUH DVt QR HV FDSD] GH HVWDEOHFHUVH HQ HO PXQGR HO
KRJDUHVHO~QLFRGRPLQLRGRQGHpOHVHOUH\

(OSRUWDGRUGHOWULGHQWH
(OVtPERORGHOWULGHQWHXQVtPERORIiOLFRTXHMXQWRDOVLJQLILFDGR
GHVXQRPEUHHVSRVRGHOD7LHUUDOHVLW~DKLVWyULFDPHQWHFRPRGLRV
SUHROtPSLFR FRQVRUWH GH OD *UDQ 'LRVD TXH WHQtD WUHV DVSHFWRV
GRQFHOODPDGUH\DQFLDQD(OWULGHQWHGH3RVHLGyQHUDHOWULSOHIDOR
VLPEyOLFRTXHUHSUHVHQWDEDVXIXQFLyQFRPRFRPSDxHURGHODWULSOH
GLRVD$OLJXDOTXHVXVGRVVtPERORVGHOUHLQRDQLPDOHOFDEDOOR\HO
WRUR HO WULGHQWH HV XQD DILUPDFLyQ GH VX VH[XDOLGDG \ IHUWLOLGDG
DXQTXHPiVDEVWUDFWR
(O SRUWDGRU GHO WULGHQWH HV SRWHQWH VH[XDOPHQWH FDSD] GH
HQJHQGUDU(VWHHQJHQGUDPLHQWRQRHVWiOLPLWDGRHVSHFtILFDPHQWHDO
DVSHFWR IHPHQLQR GH GDU D OX] KLMRV D OD 'LRVD FRPR PDGUH  VLQR
TXH SXHGH H[WHQGHUVH D OD IpPLQD YLUJLQDO LQWDFWD H LQRFHQWH OD
'LRVD FRPR GRQFHOOD  \ D OD PXMHU VDELD OD 'LRVD FRPR DQFLDQD 
9LYLGR HQ VX IRUPD DUTXHWtSLFD PiV OLWHUDO HVWD LQGLVFULPLQDGD
SURPLVFXD VH[XDO \ SVLFySDWD PDVFXOLQLGDG HV HQFDUQDGD HQ ORV
KRPEUHV TXH QR KDFHQ GLVWLQFLRQHV HQWUH ODV PXMHUHV MyYHQHV \ ODV
PD\RUHV (Q XQD UHODFLyQ KXPDQD FRQ FRPSURPLVR HO SRUWDGRU GHO
WULGHQWHHVXQKRPEUHTXHHVHVSRVRGHODGRQFHOODGHODPDGUH\
GHODPXMHUVDELDTXHFRH[LVWHQHQVXHVSRVD&RPRVXFRPSDxHUR
HQXQDUHODFLyQGHSRUYLGDHVHOHVSRVRGHODGRQFHOODFXDQGRVH
FDVDURQOXHJRGHODPDGUHGHVXVKLMRV\HQODYHMH]GHODDQFLDQD
HQODTXHHOODVHFRQYLHUWH
(QVXDVSHFWRPiVDEVWUDFWR3RVHLGyQHVHOHVSRVRGHOD7LHUUD
FRPR HO GDGRU GH OD KXPHGDG YLWDO TXH QHFHVLWD OD WLHUUD SDUD VHU
IpUWLO 5HSUHVHQWD HO DJXD VXEWHUUiQHD \ DO LJXDO TXH 3RVHLGyQ
JROSHy OD WLHUUD SDUD KDFHU PDQDU DJXD HO WULGHQWH UHSUHVHQWD HO
SRGHUSDUDFRQHFWDUFRQHVWDIXHQWH

3RVHLGyQHOHQHPLJRLPSODFDEOH
/DKLVWRULDGHORVGLH]LQFDQVDEOHVDxRVGHSHUVHFXFLyQGH8OLVHV
HVODKLVWRULDGHODIXULDGHOSDGUHDQWHODFHJXHUDGHVXPRQVWUXRVR
KLMR GH XQ VROR RMR 1R LPSRUWD TXH 3ROLIHPR KXELHUD LQWHQWDGR
GHYRUDUD2GLVHR\DVXVKRPEUHV\TXHWDQVyORODDVWXFLDGHpVWH
~OWLPR\VXYDORULPSLGLHUDQVXIHVWtQ(VODMXVWLFLDGHO³RMRSRURMR´
TXH QR WLHQH HQ FXHQWD QDGD PiV (VWH WLSR GH ³MXVWLFLD´ HV HQ
UHDOLGDG YHQJDQ]D GHYROYHU HO GDxR TXH D XQR OH KDQ KHFKR R D
DOJXLHQ GH ORV WX\RV 3RVHLGyQ SXHGH HVSHUDU SDUD DMXVWDU YLHMDV
FXHQWDV JXDUGD UHQFRUHV TXH QR SLHUGHQ IXHU]D FRQ HO WLHPSR
3XHGHQSDVDUWUHVJHQHUDFLRQHVFRPRFRQORVWUR\DQRVSHURDOJ~Q
GtDORJUDUiVXGHVTXLWH
+D\ PXFKDV KLVWRULDV \ KRPEUHV TXH VLJXHQ HVWH SDWUyQ +D\
HVWUHOODV GH OD JUDQ SDQWDOOD FRPR &KDUOHV %URQVRQ HQ OD VHULH (O
MXVWLFLHUR GH OD FLXGDG \ *HRUJH & 6FRWW HQ +DUGFRUH TXH KDQ
UHSUHVHQWDGR SDSHOHV GH SDGUHV 3RVHLGyQ FRQ VXV YHQJDQ]DV
SHUVRQDOHV TXH VH WRPDQ OD MXVWLFLD SRU VX FXHQWD \ OOHQDQ OD
SDQWDOODGHYLROHQWDVUHSUHVDOLDV$VtPLVPR:LOOLDP+DVOH\ (O7RUR
DOPLUDQWH GH OD IORWD GHO 3DFtILFR HQ OD 6HJXQGD *XHUUD 0XQGLDO
SHUVLJXLy D ORV EDUFRV GH JXHUUD MDSRQHVHV SRU ORV YDVWRV HVSDFLRV
GHO RFpDQR FRQ HO RGLR LPSODFDEOH GH XQ 3RVHLGyQ D OD FD]D GH XQ
WUDLGRU 8OLVHV 3DUD pO ©HO ~QLFR MDSRQpV EXHQR HV XQ MDSRQpV
PXHUWRª < <DKYHK HO GLRV GHO $QWLJXR 7HVWDPHQWR TXH SURFODPy
©OD YHQJDQ]D HV PtDª HVWDED LJXDOPHQWH UHLYLQGLFDQGR \
DQXQFLDQGRDJULWRVHVWHDVSHFWRGHODUTXHWLSR3RVHLGyQ

3RVHLGyQFRPRDUTXHWLSRGHOKRPEUHVDOYDMH
5REHUW %O\ XQR GH ORV JUDQGHV SRHWDV DPHULFDQRV \ OtGHU GHO
PRYLPLHQWRPDVFXOLQLVWDKDEODGHODPDVFXOLQLGDGTXHORVKRPEUHV
²HVSHFLDOPHQWH ORV TXH PDGXUDURQ HQ ORV DxRV VHVHQWD² KDQ GH
UHFODPDU FRPR ³HO KRPEUH VDOYDMH HQ HO IRQGR GHO HVWDQTXH´ (VWD
LPDJLQHUtDHVSUHVWDGDGHODKLVWRULDGH-XDQGHKLHUURHQ.LQGHUXQG
+DXVPlUFKHQ GH ORV KHUPDQRV *ULPP pUDVH XQD YH] XQ ERVTXH
TXH WRGRV ORV KRPEUHV HYLWDEDQ SRUTXH ORV FD]DGRUHV TXH VH
DGHQWUDEDQ HQ pO QXQFD UHJUHVDEDQ 8Q GtD XQ FD]DGRU TXH QR HUD
GHOOXJDU\TXHQRWHPtDDQDGDHQWUyHQHOERVTXHFRQVXSHUUR(O
SHUUR FD]y XQD SUHVD FHUFD GH XQ SURIXQGR HVWDQTXH XQ EUD]R
GHVQXGRVXUJLyGHODJXDOHDJDUUy\OHDUUDVWUyKDFLDDEDMR&XDQGR
HO FD]DGRU YLR OD HVFHQD UHXQLy D WUHV KRPEUHV FRQ FXERV SDUD
YDFLDUHOHVWDQTXH&XDQGROOHJDURQDOIRQGRKDOODURQDXQKRPEUH
VDOYDMH FX\R FXHUSR HUD WDQ PDUUyQ FRPR XQ KLHUUR R[LGDGR \ HO
SHOROHOOHJDEDKDVWDODVURGLOODV
%O\ VHxDOD TXH HO KRPEUH VDOYDMH HV XQ VtPEROR GH OD
PDVFXOLQLGDGLQVWLQWLYDQRGRPHVWLFDGDSRUODVPXMHUHVTXHHVWiHQ
FRQWDFWRFRQODQDWXUDOH]D\IRUPDSDUWHGHHOODTXHVHUiXOWUDMDGD
ROYLGDGDHLQFOXVRWHPLGDKDVWDTXHORVKRPEUHVLQWHQWHQFRQRFHUHO
RULJHQ GH OD IXHU]D \ GH OD PDVFXOLQLGDG OOHYDUOD D XQ SODQR
FRQVFLHQWHHLQWURGXFLUODHQODFXOWXUD
9HRHOKRPEUHVDOYDMHGHOIRQGRGHOHVWDQTXHFRPRXQDLPDJHQ
GHXQ3RVHLGyQPHQRVSUHFLDGR\UHFKD]DGRXQDUTXHWLSRUHSULPLGR
HQHOLQFRQVFLHQWHFRQRFLGRDTXtEDMRRWURQRPEUH(QHOFXHQWRHO
KRPEUHVDOYDMHHVOLEHUDGRGHVXFDXWLYHULRSRUXQMRYHQ<DFDPELR
HO KRPEUH VDOYDMH OH SURPHWH DO PXFKDFKR TXH OH D\XGDUi FXDQGR
VHHQFXHQWUHHQDOJ~QJUDQDSXURHOPXFKDFKRKDEUiGHUHJUHVDUDO
ERVTXH\OODPDUOH(OKRPEUHVDOYDMHHVODIXHQWHGHODIXHU]D\GHO
SRGHU XQ DUTXHWLSR TXH HO PXFKDFKR LQYRFD FXDQGR VH OH SRQH D
SUXHED (Q HVWH SURFHVR HO PXFKDFKR VH YXHOYH YDOLHQWH \
ERQGDGRVR\HOKRPEUHVDOYDMHHPHUJHFRPRXQUH\RUJXOORVR
3RVHLGyQHOKRPEUH
/DHVIHUDGH3RVHLGyQHVHOUHLQRGHODVHPRFLRQHV\HOKRPEUH
FX\R DUTXHWLSR HV 3RVHLGyQ HVWi GLUHFWDPHQWH HQ FRQWDFWR FRQ VXV
LQVWLQWRV \ VHQWLPLHQWRV TXH H[SUHVDUi HVSRQWiQHD H
LQPHGLDWDPHQWH VL HV H[WUDYHUWLGR \ TXH SXHGH DOEHUJDU HQ VX
LQWHULRU VL HV LQWURYHUWLGR (Q FXDOTXLHUD GH ORV FDVRV VLHQWH FRQ
SURIXQGLGDG H LQWHQVLGDG < VLQ HPEDUJR VH KD GH HGXFDU HQ XQD
FXOWXUD TXH SUHILHUH TXH ORV PXFKDFKRV \ ORV KRPEUHV QR VHDQ
HPRWLYRV

/RVSULPHURVDxRV
(O QLxR 3RVHLGyQ VLHQWH FRQ IXHU]D WRGR DTXHOOR TXH OH LPSRUWD
(VSHFLDOPHQWH VL HV XQ QLxR H[WUDYHUWLGR UHVSRQGHUi GH LQPHGLDWR
FRQLQWHQVLGDG\HVSRQWiQHDPHQWHDWRGRDTXHOORTXHOHDIHFWHFRQ
ORV VHQWLPLHQWRV \ FRQ OD DFFLyQ 4XLHUH DTXHOOR KDFLD OR TXH VH
VLHQWHDWUDtGR\QRVHFRUWDSDUDSHGLU£TXHORQHFHVLWD\D7LHQHVHG
GHORTXHGHVHD\£VHODPHQWDIUXVWUDGRHLUDFXQGRFXDQGRQRSXHGH
FRQVHJXLUOR DKRUD 7RGR VX FXHUSR \ VX YR] WDPELpQ H[SUHVDQ VX
JUDQ SODFHU DO FRQVHJXLU OR TXH TXLHUH VL OR FRQVLJXH DKRUD VL HV
PiV WDUGH \D QR HV OR PLVPR (O GHVHR GHO PRPHQWR SDVD \ \D QR
HVWi FDUJDGR GHO DQKHOR TXH VXV HPRFLRQHV OH KDEtDQ FRQIHULGR
&XDQGR HVWi DWUDSDGR HQ VXV HPRFLRQHV LQWHQVDV FRPR VRQ
UHVSHFWR D XQD QHFHVLGDG HQ SDUWLFXODU VX HQIRTXH VH SXHGH
GLVSHUVDU \ FDQDOL]DU KDFLD RWUD FRVD DOJR SDUHFLGR D ODV DJXDV GH
XQDLQXQGDFLyQUHSHQWLQDTXHOXHJRVHJXLUiQGHQXHYRVXFDXFH$
GLIHUHQFLD GH VX KHUPDQR =HXV 3RVHLGyQ SXHGH SHUGHU GH YLVWD
DTXHOOR TXH HUD WDQ LPSRUWDQWH SDUD pO \ HQFRQWUDUVH GH QXHYR
DWUDSDGRHQRWUDFRVD
8Q QLxR TXH KD WHQLGR TXH UHSULPLU VXV HPRFLRQHV SRU WHPRU D
XQ SDGUH SXQLWLYR SXHGH DSUHQGHU D HQPDVFDUDU VXV VHQWLPLHQWRV
3HUR pVWRV VHJXLUiQ VLHQGR LQWHQVRV VyOR TXH HVWDUiQ HQFHUUDGRV
&RPSDUWLUi ODV FXDOLGDGHV GH ODV DJXDV WUDQTXLODV VXEWHUUiQHDV GH
XQ 3RVHLGyQ TXH SXHGH PDQWHQHU OD FDOPD HQ OD VXSHUILFLH \ VLQ
HPEDUJRDOEHUJDUWXUEXOHQWRVVHQWLPLHQWRV
6L HO PXFKDFKR 3RVHLGyQ QR KD VLGR FULWLFDGR SRU VX
HVSRQWDQHLGDG \ HPRWLYLGDG HQ VX KRJDU VHJXUR TXH HQFRQWUDUi
GHVDSUREDFLyQHQODHVFXHOD6HEXUODUiQGHpOVLOORUDOHGLUiQTXH
VHVLHQWH\VHHVWpTXLHWRFXDQGRVDOWHHVWUHSLWRVDPHQWHGHODVLHQWR
SDUDRIUHFHUVHFRPRYROXQWDULROHGLUiQTXHDUUHJOHHOGHVRUGHQTXH
SDUHFH JHQHUDU VLHPSUH VH VHQWLUi FULWLFDGR SRU QR YLYLU GHQWUR GH
ODV H[SHFWDWLYDV PXFKR PiV OLPLWDGDV VREUH FyPR GHEHUtD VHU eO
VXV HPRFLRQHV \ VXV FRVDV SDUHFHQ VDOSLFDU D ORV GHPiV \
PROHVWDUOHV

6XVSDGUHV
8Q3RVHLGyQDIRUWXQDGRHVHOTXHQDFHHQXQDIDPLOLDTXHHQFDMH
FRQVXWHPSHUDPHQWRXQDIDPLOLDTXHDFRJHELHQODVHPRFLRQHVHO
GUDPDODVOiJULPDV\ODULVD\TXHGHPXHVWUDItVLFDPHQWHVXDIHFWR
(VWH KRJDU WDPELpQ WROHUDUi HO GHVRUGHQ TXH VH SURGXFH FXDQGR
YDULRVLQGLYLGXRVKDFHQPXFKDVFRVDVGLIHUHQWHVODVGHMDQHQYDULDV
IDVHVGHILQDOL]DFLyQ\QR³OOHJDQDWLHPSR´ QRSXHGHVPDUFDUXQD
KRUDSDUDSRQHUODFRPLGDHQODPHVDRSDUDFRQWURODUODVHQWUDGDV
\VDOLGDVGHORVPLHPEURVGHODIDPLOLD 6LHVWRGHVFULEHDVXJHQWH
\VXKRJDUHQWRQFHV3RVHLGyQVHHVWDUiHGXFDQGRHQXQDDWPyVIHUD
IDPLOLDUTXHDFHSWD\DSUXHEDVXSHUVRQDOLGDG3HURHVSRVLEOHTXH
QROHD\XGHDDGDSWDUVHDODVH[LJHQFLDVGHOPXQGRH[WHULRUORFXDO
GHVFXEUHLQPHGLDWDPHQWHFXDQGRWLHQHTXHLUDODHVFXHOD
$OJXQRV QLxRV 3RVHLGyQ QDFHQ HQ IDPLOLDV TXH QR H[SUHVDQ VXV
VHQWLPLHQWRVQLVRQHVSRQWiQHDVRGDQPXHVWUDVGHDIHFWR\HQVX
OXJDUYDORUDQODVPDQHUDVODLQWHOLJHQFLDODREHGLHQFLDHORUGHQHO
ILQDOL]DUODVWDUHDV\UHFRJHUORWRGRXQDYH]WHUPLQDGDV8QQLxRDVt
HV FRPR XQ SH] IXHUD GHO DJXD R FRPR XQD SHUVRQD HQ OD TXH
GRPLQDHOKHPLVIHULRGHUHFKRHQXQPXQGRGHKHPLVIHULRL]TXLHUGR 
(Q XQ KRJDU VHPHMDQWH SXHGH TXH VLHPSUH OH HVWpQ UHSUHQGLHQGR
SRU OR TXH KDFH R SRU OR TXH QR KDFH  HO GHVRUGHQ GH VX
KDELWDFLyQ KDFHU ODV WDUHDV TXH WLHQH DVLJQDGDV FXDQGR VH VXSRQH
TXH KD GH KDFHUOR RUGHQDU RWUDV ]RQDV GH OD FDVD VRQ ORV HWHUQRV
SUREOHPDV $ILUPD TXH pO VDEH GyQGH HVWi WRGR HQ VX RUGHQDGR
GHVRUGHQ \ TXH QR SXHGH HQFRQWUDU ODV FRVDV FXDQGR DUUHJOD VX
KDELWDFLyQ  6X HPRWLYLGDG WDPELpQ VXHOH HQFRQWUDU GHVDSUREDFLyQ
VL HV DVt UHFLELUi HO PHQVDMH GH ³ORV QLxRV JUDQGHV QR OORUDQ´
FXDQGROORUD \³QRKDJDVHOWRQWR´ FXDQGRHVIHOL] 6LpOWDPELpQ
QHFHVLWD DTXHOOR TXH OH KDQ RUGHQDGR UHSULPLUi VX \R QDWXUDO \ VH
DGDSWDUiDORTXHVXVSDGUHVTXLHUHQ
(QXQDVLWXDFLyQLGHDO³VXYHUGDGHUR\R´VHUiYLVWRDFHSWDGR\
YDORUDGR \ FRQ OD SDFLHQFLD GH ORV SDGUHV \ HVIXHU]R WDPELpQ
DSUHQGHUi D VHU PiV RUGHQDGR \ D FRQWURODU PHMRU HO WLHPSR \ OD
VHFXHQFLD GH ODV FRVDV OD QHFHVLGDG GH SODQLILFDFLyQ QR HV XQ GRQ
TXHOHYHQJDGDGRSRUQDWXUDOH]D(OPHQVDMH³1ROORYtDFXDQGR1Rp
FRQVWUX\yVXDUFD´HVLGHDOSDUDFROJDUORHQODSDUHGGHODKDELWDFLyQ
GHXQQLxR3RVHLGyQ 7DOFRPRYHUHPRVQLQJXQRGHORVGLRVHVTXH
QRV FRQGXFHQ DO PXQGR LQWHULRU R DO PXQGR HPRFLRQDO SUHVWDQ
DWHQFLyQ DO WLHPSR OLQHDO SRU HVR D PXFKDV SHUVRQDV OHV LUi ELHQ
ILMDUVHHQHVWHPHQVDMH 
(QHOSHRUGHORVFDVRVHOKLMR3RVHLGyQVHSRODUL]DUHVSHFWRDXQ
SDGUHRXQDPDGUHH[FHVLYDPHQWHHVWULFWRTXHH[LJHREHGLHQFLDVH
HQIXUHFHFXDQGRpOSHUVLVWHHQVHUFRPRHV\QRHVWiOLVWRDWLHPSR
QR HV SXOFUR \ QR WHUPLQD VXV WDUHDV (O SDGUH R OD PDGUH YHQ VX
FRQGXFWDFRPRXQDLQVXERUGLQDFLyQDODTXHKDQGHSRQHUVROXFLyQ
6L VH HQFXHQWUD HQ HVWD VLWXDFLyQ HV SUREDEOH TXH VHD FDVWLJDGR R
WUDWDGRFRQGHVSUHFLRWDPELpQGHELGRDVXHPRWLYLGDG$GHPiVGH
HVWD FRQGXFWD \ SDUD FDXVDUOH WRGDYtD PiV SUREOHPDV HVWi VX
VHQWLGR GH DXWRULGDG R GH FUHHUVH FRQ GHUHFKR D DOJR OR FXDO
SURYRFDODVLWXDFLyQGH³WHYR\DHQVHxDUTXLpQPDQGDDTXt´HQOD
FXDO QR SXHGH JDQDU (O PXFKDFKR =HXV HV PiV KiELO HQ RFXOWDU
HVWRV VHQWLPLHQWRV  (Q HVWH HQWRUQR HO QLxR 3RVHLGyQ WDPELpQ
SXHGHDSUHQGHUDJXDUGDUVHODVFRVDV\DUHSULPLUODVVyORSDUDTXH
HQ DOJ~Q RWUR PRPHQWR VX LUD VH PDQLILHVWH FRQWUD DOJXLHQ PiV
GpELO

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
8QDGROHVFHQWH3RVHLGyQVXHOHVHUXQMRYHQHPRFLRQDOLQWHQVR\
DO TXH OH DIHFWDQ PXFKR VXV FDPELRV KRUPRQDOHV \ TXH YD
GHVHVSHUDGR WUDV PXMHUHV MyYHQHV VH[XDOPHQWH DWUDFWLYDV 6X
LQWHQFLyQHVFRUUHUVHODJUDQMXHUJDPLHQWUDVSXHGDQREXVFDUXQD
UHODFLyQHVWDEOH'XUDQWHHVWHSHUtRGRGHODYLGDSDUDXQ3RVHLGyQ
GHFODVHPHGLDTXHVHHVSHUDTXHYD\DDODXQLYHUVLGDGODHVFXHOD
VHVXSRQHTXHKDGHVHUVXIRFRGHDWHQFLyQSHUVRQDOSHURDpOQR
OHLQWHUHVD
$GHPiV HO WHPSHUDPHQWR \ ORV WDOHQWRV GH 3RVHLGyQ QR VRQ
DSUHFLDGRV HQ OD PD\RUtD GH ODV HVFXHODV UHDFFLRQD GH IRUPD
HPRFLRQDO\EDVDVXVGHFLVLRQHVHQFyPRVLHQWHDVtTXHHVXQSH]
IXHUD GHO DJXD HQ HO LQWHOHFWXDO PXQGR DFDGpPLFR /D EHOOH]D GH OD
OyJLFD VH OH HVFDSD OH GHVDJUDGD HO WUDEDMR DQDOtWLFR R UHSHWLWLYR
RGLD KDFHU H[iPHQHV \ OD PD\RUtD GH ORV FXUVRV OH UHVXOWDQ
DEXUULGRV 3DUD TXH OH YD\D ELHQ HQ OD HVFXHOD QHFHVLWD RWURV
DUTXHWLSRV
$XQ3RVHLGyQDWOpWLFRSRGHPRVHQFRQWUDUOHHQHODJXDMXJDQGR
DO ZDWHUSROR R QDGDQGR 2 WDPELpQ SXHGH KDOODU XQ KXHFR HQ HO
PXQGR GHO WHDWUR HQ HO TXH SXHGH FRQHFWDU FRQ VXV HPRFLRQHV
FDQDOL]DUODVHQXQSDSHO\VHUDSUHFLDGR
 1R SRQH VXV PLUDV HQ FRQVHJXLU EXHQDV QRWDV DXQTXH SXHGH
WHUPLQDUGHGLFiQGRVHFRQHPSHxRDORVHVWXGLRVKDFHUHOWUDEDMR\
WRPiUVHOR HQ VHULR FXDQGR ORV GHPiV OH KDFHQ HQWHQGHU TXH HV
QHFHVDULR\TXHWLHQHGRWHVSDUDHOOR6LQHPEDUJRSRUELHQTXHOH
YD\D ORV ORJURV DFDGpPLFRV QR VLJQLILFDQ PXFKR SDUD pO <
JHQHUDOPHQWHQRVDEHORTXHTXLHUHVHUFXDQGRVHDPD\RU
6LQROHYDELHQHQHOLQVWLWXWRFXDQGRHVHOPRPHQWRGHLQJUHVDU
HQ OD XQLYHUVLGDG R GH HPSH]DU D WUDEDMDU VLHQWH FDGD YH] PiV
UHVHQWLPLHQWRDOYHUTXHHVH[FOXLGR(VWHSDWUyQVHSXHGHUHSHWLUHQ
RWUDV HWDSDV GH OD YLGD FXDQGR VXV FRPSDxHURV RULHQWDGRV KDFLD
XQD PHWD HPSLHFHQ D FRQVHJXLU ODV SRVHVLRQHV PDWHULDOHV IUXWR GH
VX HVIXHU]R \ pO VH VLHQWD FDGD YH] PiV LQVDWLVIHFKR FRQ VX
VLWXDFLyQ

(OWUDEDMR
(QFRQWUDUXQWUDEDMRTXHOHJXVWH\TXHOHDSRUWHLQJUHVRVTXH
VHVLHQWDUHVSHWDGRSRUORVGHPiV\VLHQWDUHVSHWRKDFLDVtPLVPR
VXHOHFRVWDUOHEDVWDQWHHQQDFLRQHVFRUSRUDWLYDVHLQGXVWULDOHVFRPR
ODQXHVWUD8Q3RVHLGyQHVWiIXHUDGHVXHOHPHQWRHQODVRILFLQDV\
ODVIiEULFDV3DUDTXHOHYD\DELHQHQHVWRVOXJDUHVKDGHUHSULPLUVX
QDWXUDOH]D HPRFLRQDO GHVDUUROODU \ UHSUHVHQWDU HO SDSHO GH RWUD
GLYLQLGDG $ SHVDU GH TXH SXHGD OOHJDU D DGDSWDUVH \ WHQHU p[LWR
VLHQWH TXH VyOR HVWi WUDEDMDQGR SRU XQ FKHTXH DXQTXH KD\D
DOFDQ]DGR ODV PiV DOWDV FXPEUHV GH SRGHU \ GH SUHVWLJLR 6L QXQFD
KD GHVDUUROODGR ODV KDELOLGDGHV GHO KHPLVIHULR L]TXLHUGR TXH H[LJHQ
ORVOXJDUHVGHWUDEDMRQRKDDSUHQGLGRDFRQWURODUVXWHPSHUDPHQWR
HPRFLRQDO \ WLHQH SUREOHPDV FRQ OD DXWRULGDG WHQGUi XQ HPSOHR
PDUJLQDO \ QL GLVIUXWDUi WUDEDMDQGR QL HVWDUi VDWLVIHFKR GH OD YLGD
³PDWHULDOLVWD´TXHOHKDWRFDGRYLYLUORFXDOOHHQIXUHFHUi
(O WUDEDMR TXH VLJQLILTXH DOJR SDUD pO OH SHUPLWLUi UHDOL]DU VX
YHUGDGHUD QDWXUDOH]D D\XGiQGROH D GHVDUUROODU VX FDSDFLGDG GH
HYDOXDU \ DFWXDU GHVGH VXV VHQWLPLHQWRV PiV SURIXQGRV /DV
DSWLWXGHVGH3RVHLGyQDPHQXGRHVWiQRULHQWDGDVDWUDEDMDUFRQOD
QDWXUDOH]D LQFOX\HQGR OD KXPDQD  GRQGH HO WLHPSR HV PHGLGR HQ
FLFORV PDUHDV \ HVWDFLRQHV $Vt HV FRPR DSUHQGH D FRQILDU HQ VXV
LQVWLQWRV \ D H[SHULPHQWDU FRQ ODV SODQWDV ODV FULDWXUDV ODV
FRUULHQWHVHOWLHPSRRODVSHUVRQDV

/DVUHODFLRQHVFRQODVPXMHUHV
+D\GRVDVSHFWRVGHOKRPEUH3RVHLGyQTXHKDFHQSUREDEOHTXH
GRPLQH D ODV PXMHUHV VX DFWLWXG SDWULDUFDO \ HO SRGHU GH VX
LQWHQVLGDGHPRFLRQDO'HPRGRTXHFRQVFLHQWHRLQFRQVFLHQWHPHQWH
SXHGH DQXODU ORV VHQWLPLHQWRV GH OD PXMHU \ URPSHU VXV EDUUHUDV
'HVGH OD DGROHVFHQFLD SXHGH TXH QR DFHSWH XQ ³QR´ FRPR
UHVSXHVWD FXDQGR HVWi H[FLWDGR VH[XDOPHQWH \ \D KD JR]DGR GH
FLHUWD LQWLPLGDG ItVLFD (VWD DFWLWXG SXHGH WUDHU FRPR FRQVHFXHQFLD
YDULRV JUDGRV GH YLRODFLRQHV HQ ODV FLWDV GHVGH QR DWHQGHU D OD
QHFHVLGDGGHHOODGHTXHYD\DPiVGHVSDFLRKDVWDIRU]DUODUHODFLyQ
VH[XDOVLVHFDHQELHQ\HOODOHSHUPLWHTXHODEHVHRODDFDULFLH
(QJHQHUDOQRVHOOHYDELHQFRQODVPXMHUHVDFWXDOHVTXHWLHQHQ
XQDFDUUHUD7DPSRFROHYDELHQFRPRMRYHQXUEDQRSURIHVLRQDOVLQ
HPEDUJRDPHQXGRDFW~DFRPRVLWXYLHUDGHUHFKRSRUVXFRQGLFLyQ
GH KRPEUH D HVWDU HQ XQD SRVLFLyQ VXSHULRU D OD GH XQD PXMHU FRQ
FDUUHUD (VWD FRPELQDFLyQ OH FRQGXFH D VLWXDFLRQHV FRPSHWLWLYDV HQ
ODVTXHODPXMHUMXHJDFRQYHQWDMD\HVSUREDEOHTXHJDQH$OLJXDO
TXH $WHQHD HQ VX FRPSHWLFLyQ SRU $WHQDV FRQWUD HO GLRV 3RVHLGyQ
HOOD SXHGH SUHYHU OR TXH UHTXLHUH OD VLWXDFLyQ PLHQWUDV TXH pO QR
WLHQHHVWRHQFXHQWD\DFDEDSHUGLHQGR

/DVUHODFLRQHVFRQORVKRPEUHV
3RVHLGyQ HVWi HQ GHVYHQWDMD HQ HO PXQGR GH =HXV GH OD FXOWXUD
LQGXVWULDO RFFLGHQWDO 5HDFFLRQD GH IRUPD HPRFLRQDO HQ YH] GH
UDFLRQDO HQ XQ HQWRUQR TXH FRQWHPSOD GLFKD FRQGXFWD FRPR
QHJDWLYD$XQTXHHQJHQHUDO³QRVHPHWDQFRQpO´SRUWHQHUFLHUWD
DXWRULGDGSXHGHHQFRQWUDUVHIXHUDGHODFRPSHWLFLyQSDUDFRQVHJXLU
SUHVWLJLR\GLQHUReO³KDEODRWURLGLRPD´\DPHQRVTXHVHDGDSWH
PX\ ELHQ UHSULPD VXV HPRFLRQHV \ GHVDUUROOH XQ HQIRTXH OLQHDO
RULHQWDGRKDFLDXQDPHWDQROHLUiPX\ELHQHQHOPXQGRH[WHULRU
GRQGHWULXQIDQODHVWUDWHJLD\HOGHVDSHJR
$ YHFHV VH GHVDUUROODQ YtQFXORV GXUDGHURV HQWUH XQ 3RVHLGyQ \
RWUR KRPEUH TXH HV VX RSXHVWR SVLFROyJLFR &DGD XQR GH HOORV VH
VLHQWH DWUDtGR KDFLD OD SRVLELOLGDG GH GHVDUUROODU HVD SDUWH
LQFRQVFLHQWHGHVtPLVPR/RVKRPEUHV3RVHLGyQWLHQHQODFDSDFLGDG
GH WHQHU VHQWLPLHQWRV SURIXQGRV \ VHU OHDOHV FXDOLGDGHV QR
IRPHQWDGDV HQ XQ PXQGR =HXV GRQGH HO KRPEUH TXH EXVFD HO
DVFHQVR VXHOH VHU FRPSHWLWLYR \ GHMD DWUiV D ODV SHUVRQDV TXH QR
SXHGHQVHJXLUVXULWPR

/DVH[XDOLGDG
/D VH[XDOLGDG GHO 3RVHLGyQ FRPLHQ]D FRPR XQD IXHU]D GH OD
QDWXUDOH]D /D LQWHQVLGDG HPRFLRQDO FRPELQDGD FRQ VX SRGHURVD
QDWXUDOH]D LQVWLQWLYD KDFHQ TXH DVt VHD (O WRUR SDGUH \ HO FDEDOOR
VHPHQWDO VRQ VXV VtPERORV H LPiJHQHV TXH H[SUHVDQ VX VH[XDOLGDG
LQQDWD H LQGLVFULPLQDGD SXHGH HQFDUQDU DO VHPHQWDO OLVWR \
GLVSXHVWRDDFWXDU
(O KRPEUH 3RVHLGyQ SXHGH VHU WDQ LQVHQVLEOH FRPR HO GLRV TXH
SHUVLJXLy\IRU]yDXQD'HPpWHUGHVWUR]DGDTXHHVWDEDEXVFDQGRD
VXKLMDVHFXHVWUDGDFXDQGRpOODHVSLy0XFKDVPXMHUHVFDVDGDVFRQ
XQ 3RVHLGyQ VH KDQ GDGR FXHQWD GH TXH VX DSHWLWR VH[XDO HV OR
SULPHURVLQWHQHUHQFXHQWDORTXHHOODHVWpSHQVDQGRRVRSHVDUOR
TXH DOEHUJD VX FRUD]yQ $O LJXDO TXH 'HPpWHU SXHGH TXH LQWHQWH
HVFRQGHUVHHYLWDUOH\GLVIUD]DUVXVH[XDOLGDG\DOLJXDOTXHODGLRVD
QRWHQHUp[LWR
0LHQWUDV HVWp GRPLQDGR SRU HO DUTXHWLSR \ VH FRPSRUWH
VH[XDOPHQWHFRPRVLHVWXYLHUDEDMRODIXHU]DGHODQDWXUDOH]DVHUi
³LQKXPDQR´ \ QR HVWDUi FRQHFWDGR SVLFROyJLFDPHQWH FRQ VX SDUHMD
6HVHQWLUiGHVERUGDGR\SRVHtGRSRUVXVIXHU]DVLQWHULRUHVDODYH]
TXHpOSRVHHDORVGHPiV
 6L3RVHLGyQHVKRPRVH[XDOHVSHFLDOPHQWHDQWHVGHO6LGDVHUipO
HQPD\RUPHGLGDTXHVXKRPyORJRKHWHURVH[XDOHOTXHGHVHPSHxH
HO SDSHO GH PDFKR FRQ FRPSDxHURV SUHGLVSXHVWRV VH[XDOPHQWH 8Q
3RVHLGyQ KRPRVH[XDO PD\RU SXHGH UHYLYLU HO PLWR GH 3RVHLGyQ \
3pORSH (O GLRV 3RVHLGyQ VH VHQWtD DWUDtGR KDFLD XQ MRYHQ OODPDGR
3pORSH TXH HUD WDQ KHUPRVR TXH pVWH VH OR OOHYy DO 2OLPSR /R
PLVPR RFXUUH FXDQGR XQ KRPRVH[XDO PD\RU SRGHURVR \ ELHQ
HVWDEOHFLGRVHFRQYLHUWHHQHOSURWHFWRU\DPDQWHGHXQMRYHQDOTXH
³FRORFDHQXQDOWDU´HQVXPXQGR
7DQWR =HXV FRPR 3RVHLGyQ IXHURQ UHSUHVHQWDGRV FRPR KRPEUHV
SRGHURVRV TXH KDQ GHVHDGR D PXFKDV PXMHUHV VH KDQ FDVDGR
PXFKDV YHFHV \ HQJHQGUDGR PXFKRV KLMRV 1R REVWDQWH ORV GRV
DFWXDURQDWUDtGRVKDFLDMyYHQHV\EHOODVPXMHUHVFRPRVROtDQKDFHU
ORV KRPEUHV HQ OD DQWLJXD *UHFLD /RV ]HXVHV \ SRVHLGRQHV
FRQWHPSRUiQHRVKRPEUHVSRGHURVRVTXHVHYHQHQYHMHFHUDYHFHV
VH VLHQWHQ WXUEDGRV \ PX\ DWHPRUL]DGRV SRU VXHxRV HUyWLFRV FRQ
KRPEUHVMyYHQHV

(OPDWULPRQLR
/D KLVWRULD GHO FRUWHMR \ PDWULPRQLR GH 3RVHLGyQ \ $QILWULWH QRV
RIUHFH ORV GHWDOOHV PHWDIyULFRV LPSUHVFLQGLEOHV DQWHV GH TXH XQ
KRPEUH3RVHLGyQSXHGDFRPSURPHWHUVHFRQXQDPXMHU3RVHLGyQYLR
D $QILWULWH EDLODQGR \ VH HQDPRUy GH HOOD 6H HQDPRUy OR FXDO HV
PXFKR PiV TXH XQ VLPSOH GHVHR VH[XDO HOOD DWUDMR OD LPDJHQ
LQWHUQDGHVXDPDGDORTXH-XQJGHQRPLQDHO³iQLPD´ &XDQGROD
FRUWHMDED²ODYLROy²HOODVHDVXVWy\KX\yDXQOXJDUVHJXURIXHUD
GH VX DOFDQFH 6H FRPSRUWy FRQ HOOD FRPR HVWDED DFRVWXPEUDGR
LPSRQLHQGRVXGHVHR\VXE\XJiQGRODFRQVXLQWHQVLGDGYLROiQGROD
(QWRQFHV VLQWLy OD SpUGLGD GH HVWD PXMHU HVSHFLDO D OD TXH HQ VX
DVSHFWR KDELWXDO QR SRGtD YROYHU D FRQTXLVWDU (O 3RVHLGyQ KXPDQR
TXHVHGDFXHQWDGHPDVLDGRWDUGHGHTXHVXDPDGDVHKDDOHMDGR
GHpOVHHQFXHQWUDHQODPLVPDVLWXDFLyQ
 3DUD FRQVHJXLUOD GH QXHYR 3RVHLGyQ QHFHVLWy OD D\XGD GH XQ
GHOItQTXHHQFRQWUyGRQGHHOODVHHVFRQGtD\ODSHUVXDGLySDUDTXH
VHFDVDUDFRQHOUH\GHORVPDUHV(OKRPEUH3RVHLGyQDPHQXGRKD
GHGHVDUUROODUHO³GHOItQ´HQVtPLVPRTXHSXHGDDUPRQL]DUOHFRQOD
RWUD SHUVRQD TXH SXHGD ³HQFRQWUDUOD´ DXQTXH VH HVFRQGD  \ VHU
VHQVLEOHFDULxRVR\FRPXQLFDWLYRHQXQSODQRPiVSURIXQGR(VRHV
ORTXHKDGHKDFHUVLGHVHDSHUVXDGLUDODPXMHUTXHDPDSDUDTXH
UHJUHVH YROXQWDULDPHQWH FRQ pO VLQ TXH VH VLHQWD IRU]DGD \
GRPLQDGD
6LOHVXFHGHHVWRDXQ3RVHLGyQHYROXFLRQD\OOHJDDFDVDUVHFRQ
XQD PXMHU TXH WLHQH HVWH HIHFWR HQ pO HQWRQFHV ³YLYLUiQ HQ XQ
KHUPRVR SDODFLR VXEPDULQR´ HVWDUiQ MXQWRV HQ ORV DELVPRV
HPRFLRQDOHV
6LQHPEDUJRPXFKRVPDWULPRQLRV3RVHLGyQGLVWDQPXFKRGHHVD
SURIXQGLGDG\EHOOH]DVLHOKRPEUHQRKDHYROXFLRQDGR\VLGHVFDUJD
HQVXHVSRVDVXUHVHQWLPLHQWR\VXLUD DFDXVDGHOWUDEDMRRGHQR
WHQHUOR  /D IDOWD GH FRQWURO HPRFLRQDO ORV DVXQWRV GH SRGHU R GH
FDUHFHU GHO PLVPR HO VHQWLPLHQWR GH TXH ODV UHODFLRQHV VH[XDOHV
FRQ\XJDOHV VRQ XQ GHUHFKR WRGR HOOR FRQWULEX\H D FUHDU PDORV
PDWULPRQLRV SDUD XQ 3RVHLGyQ GH ORV FXDOHV ORV SHRUHV VRQ VREUH
WRGR DTXpOORV HQ ORV TXH DGHPiV HVWiQ LPSOLFDGRV HO FRQVXPR GH
DOFRKRORGHRWUDVXVWDQFLD
$O LJXDO TXH FRQ ORV KRPEUHV =HXV \ +DGHV HO PDWULPRQLR GHO
3RVHLGyQ HVWi UHJLGR SRU OD PHQWH (VWRV WUHV DUTXHWLSRV SDUHFHQ
SURPRYHUHOHVWDEOHFLPLHQWRGHSDWULDUFDGRVHQORVTXHVLQGXGDHV
HOKRPEUHHOTXHPDQGD

/DGHVFHQGHQFLD
'HELGRDODIiFLODFFHVLELOLGDGDVXVVHQWLPLHQWRVORVKLMRVHKLMDV
GHXQ3RVHLGyQSXHGHQOOHYDUVHPX\ELHQFRQpORMXVWRDOFRQWUDULR
8Q 3RVHLGyQ TXH IXH DFHSWDGR FXDQGR HUD QLxR GHVDUUROOy RWURV
DVSHFWRVGHVtPLVPR\RFXSDXQOXJDUFyPRGRHQHOPXQGRSXHGH
VHUXQSDGUHH[FHOHQWH(VFDSD]GHUHVSRQGHUDORVVHQWLPLHQWRV\
GDUPXHVWUDVItVLFDVGHDIHFWRVHUXQPRGHORGHKRPEUHIXHUWHTXH
VH UtH \ OORUD XQ SDGUH TXH HVWi SUHVHQWH QR HO SDGUH DXVHQWH \
GLVWDQWHWtSLFRGHQXHVWURPRGHORFXOWXUDO
6LQHPEDUJRWDPELpQSXHGHVHUWHUULEOHFRPRSDGUH\HVSRVR
JHQHUDOPHQWH HQ DPERV UROHV 6XV DWDTXHV HPRFLRQDOHV \ D YHFHV
ItVLFRVVREUHVXHVSRVDWDPELpQVDOSLFDQDVXVKLMRV6XVKLMRVHVWiQ
WUDXPDWL]DGRV SRU OD YLROHQFLD GH VX IXULD VH DFREDUGDQ DQWH pO \
OXHJR OR PiV SUREDEOH HV TXH DFW~HQ FRPR pO FXDQGR WHQJDQ OD
RSRUWXQLGDG/DPD\RUtDGHORVKLMRVGH3RVHLGyQIXHURQIUXWRGHOR
SHRUGHVXQDWXUDOH]D8QRGHHOORVHUDFRQRFLGRFRPRYLRODGRU\VH
KDFtDUHIHUHQFLDDpOFRPRDO³ViWLURGHOPDU´RWURVHUDQPRQVWUXRV
GHVWUXFWRUHVRJLJDQWHV\VDOYDMHV
/DV KLMDV GH 3RVHLGyQ QRUPDOPHQWH VRQ SHUVRQDV SRFR
GHVWDFDEOHV 6X LQIDQFLD ODV FRQYLHUWH HQ FDQGLGDWDV SDUD
LQWLPLGDFLRQHV < SXHVWR TXH VLQWRQL]DQ FRQ HO VXIULPLHQWR TXH
VXE\DFHHQODFRQGXFWDGHVXSDGUHSXHGHQDXWRDVLJQDUVHHOSDSHO
GHUHGHQWRUDV

/DPLWDGGHODYLGD
+DFLD OD PLWDG GH OD YLGD OD PD\RUtD GH ORV SRVHLGRQHV
KHWHURVH[XDOHV SUREDEOHPHQWH HVWDUiQ FDVDGRV \ KDEUiQ WHQLGR
KLMRV \ VH YHUi FODUDPHQWH VL VX YLGD IDPLOLDU KD VXSXHVWR XQR GH
HVWRV EXHQRV HMHPSORV R XQR GH ORV PDORV 7DQWR VL VX PDWULPRQLR
HVIDQWiVWLFRFRPRGHVDVWURVRODIDPLOLDVXHOHRFXSDUHOFHQWURGHOD
YLGD HPRFLRQDO GHO 3RVHLGyQ 3RU HQGH HV SUREDEOH TXH VH YHD
LQYROXFUDGRHQXQDGHODVSULQFLSDOHVFULVLVGHVXYLGDVLVXPXMHUOH
DEDQGRQD HQ HVWH PRPHQWR 6L VXFHGH HVWR ODV PDUHDV GH VXV
VHQWLPLHQWRV DOFDQ]DQ WDQWR D ORV GHPiV FRPR D pO PLVPR D
PHQXGR UHPRYLHQGR FRPSOHMRV HPRFLRQDOHV TXH KDVWD HQWRQFHV
KDEtDQSHUPDQHFLGRHQUHSRVRHQHOLQFRQVFLHQWH
/D PLWDG GH OD YLGD WDPELpQ SXHGH WUDHU GHSUHVLRQHV R
HVSHFWDFXODUHV FDPELRV HQ ORV KRPEUHV TXH KDQ UHSULPLGR D VX
3RVHLGyQ\TXHVHKDQVDELGRDGDSWDUDODVH[SHFWDWLYDVTXHOHKDQ
REOLJDGR D RFXOWDU VXV VHQWLPLHQWRV SDUD HQFDMDU HQ HO PXQGR R
FHQWUDUVH HQ WHQHU p[LWR HQ OD YLGD (O SUREOHPD HV TXH SXHGHQ
DOFDQ]DU SRVLFLRQHV GH SUHVWLJLR \ SRGHU TXH VRQ OD HQYLGLD GH ORV
GHPiV SDUD GHVFXEULU DO ILQDO TXH HO SRGHU QR VLJQLILFD QDGD SDUD
HOORV +DQ YLYLGR FRPR VL IXHUDQ RWUD SHUVRQD < HVD PDOD HOHFFLyQ
OHVSDVDIDFWXUDHQODPLWDGGHODYLGD
8Q KRPEUH DVt SXHGH TXH GLJD ©¢< TXp VL VR\ YLFHSUHVLGHQWH"
+HGHSDVDUPHODPLWDGGHODYLGDYRODQGRSRUWRGRHOSDtV0LVKLMRV
FUHFHUiQVLQPtª¢4XpKDFHHQWRQFHV"¢'HMDUHOWUDEDMRFRQHOQLYHO
GHYLGDTXHOHSURSRUFLRQD"$OJXQRVSRVHLGRQHVORKDFHQ\SURYRFDQ
XQDFULVLVPDWULPRQLDOVLHVWiQFDVDGRVFRQPXMHUHVTXHQRSXHGHQ
DFHSWDUHOFDPELRHQHODVSHFWRHFRQyPLFR
(O HVIXHU]R LQFRQVFLHQWH GH LQWHQWDU UHFRQHFWDU FRQ OD
SURIXQGLGDGHPRFLRQDOTXHXQ3RVHLGyQHVFDSD]GHDOFDQ]DUSXHGH
VHU OR TXH KDJD D XQD PXMHU LUUHVLVWLEOHPHQWH DWUDFWLYD SDUD pO
7DPELpQ VH SXHGH VHQWLU DWUDtGR KDFLD XQ KRPEUH MRYHQ TXH
UHSUHVHQWH DO PXFKDFKR ROYLGDGR TXH KD\ HQ pO R XQD RULHQWDFLyQ
VH[XDO UHSULPLGD (VWD KRPRVH[XDOLGDG SXHGH SURYRFDUOH XQD FULVLV
LQWHUQD LQFOXVR DXQTXH pO KXELHUD DFWXDGR VREUH VXV VHQWLPLHQWRV
'H WRGRV PRGRV OD LQWHQVLGDG FRQ OD TXH DO ILQDO VXUJHQ ORV
VHQWLPLHQWRVUHSULPLGRVHVSHUWXUEDGRUD\ODVDGDSWDFLRQHVTXHFRQ
WDQWD KDELOLGDG FRQVLJXLy \ FRQVWUX\y SXHGHQ GHVWUXLUVH
(VSHFWDFXODUHV FDPELRV VH SURGXFHQ FXDQGR XQD QDWXUDOH]D
3RVHLGyQ IXHUWH KD VLGR UHSULPLGD GXUDQWH OD SULPHUD PLWDG GH OD
YLGD SDUD TXH HQ OD VHJXQGD PLWDG ²FDVL FRPR VL IXHUD XQD
YHQJDQ]D²VXUMDH[LJLHQGRVXSDJR

/RV~OWLPRVDxRV
$PHGLGDTXHHO3RVHLGyQYHFyPROD~OWLPDFXUYDGHVXYLGDVH
DFHUFD D OD HWDSD ILQDO OD LPDJHQ GH HVWH VHPHQWDO VLPEyOLFR
DSDUHFH GH QXHYR ¢3HUPDQHFLy FRQHFWDGR FRQ VXV LQVWLQWRV \
VHQWLPLHQWRV D OD YH] TXH GHVDUUROODED OD KDELOLGDG GH WHQHU YLVLyQ
GH IXWXUR \ FRQVLGHUDU OD HVWUDWHJLD" ¢(UD XQR FRQ VX FDEDOOR ²VX
QDWXUDOH]DLQVWLQWLYD²\SXGRDXQPLVPRWLHPSRSHQVDUREVHUYDU\
WRPDUGHFLVLRQHV"6LHVDVtKDYLYLGRXQDYLGDDXWpQWLFD\SOHQD
¢2 ELHQ DEXVy \ PDWy DO ³FDEDOOR´ SRUTXH ORV GHPiV QR OR
YDORUDEDQ \ OH PHQRVSUHFLDEDQ SRU VHU HPRWLYR" ¢2 HO FDEDOOR IXH
FRQGHQDGR D PRULU PHGLDQWH OD UHSUHVLyQ SRUTXH DO LJXDO TXH HO
SURWDJRQLVWD DGROHVFHQWH GH OD REUD GH 3HWHU 6KDIHU (TXXV  REUy
GHVGHHOPiVSURIXQGRQLYHOGHVtPLVPR\VHPHWLyHQOtRV"(QVXV
~OWLPRV DxRV ¢HVWi GHVFRQHFWDGR GH VX IXHQWH GH SURIXQGLGDG \
VHQWLGRFRQYLUWLpQGRVHHQXQKRPEUHDOLHQDGR\VXSHUILFLDO"
¢)XHODQDWXUDOH]DGHVX³FDEDOOR´ODTXHORWLUDQL]yGHPRGRTXH
MDPiVSXGRGHVDUUROODUFULWHULR\FRQWURO"5HDFFLRQDULQVWLQWLYDPHQWH
VDWLVIDFLHQGRORVDSHWLWRVKDFHTXHDPHGLGDTXHODYLGDVHYXHOYH
PiV FRPSOHMD HO IUDFDVR OD YHQJDQ]D \ HO VXIULPLHQWR VHDQ PiV
SUREDEOHV $ PHGLGD TXH HVWH WLSR GH SHUVRQD VH KDFH PD\RU VH
YXHOYH PHQRV DWUDFWLYD PHQRV KXPDQD D GLIHUHQFLD GHO KRPEUH
3RVHLGyQTXHDORODUJRGHVXYLGDFRQVHUYDVXIHHQVXYHUGDGHUD
QDWXUDOH]D\GHVDUUROODHVHSRWHQFLDOKDVWDXQQLYHOPX\HOHYDGR
(O SRWHQFLDO KXPDQR PiV HOHYDGR SDUD HQFDUQDU HVWH DUTXHWLSR
HVWi UHSUHVHQWDGR SRU OD LPDJHQ GHO SURSLR 3RVHLGyQ HQ VX FDUUR
WLUDGR SRU VXV FDEDOORV GH FULQ EODQFD DSDFLJXDQGR DO PDU FRQ
FULDWXUDV GH ORV DELVPRV UHWR]DQGR D VX DOUHGHGRU (VWH KRPEUH
3RVHLGyQ R PXMHU  SXHGH GHVFHQGHU D ODV SURIXQGLGDGHV GHO
RFpDQRGRQGHVHHQFXHQWUDFRPRHQFDVD\H[SHULPHQWDUVXEHOOH]D
\VHUHQLGDGVLQWHPHUDORTXHRWURVFRQVLGHUDQORVPRQVWUXRVTXH
URQGDQSRUORVOXJDUHVRVFXURV
(OPLHGRFUHD³PRQVWUXRV´GHORVHOHPHQWRVTXHDSHQDVSXHGHQ
GLVWLQJXLUVH HQ ORV DELVPRV GH OD SVLTXH FROHFWLYD KXPDQD VL ORV
OOHYDPRV D OD VXSHUILFLH GRQGH VH SXHGHQ YHU FRQ FODULGDG \
UHODFLRQDUORVHQWUHHOORVFRQVHJXLUHPRVTXHVHWUDQVIRUPHQ
7RGRV VHQWLPRV OD SUHVHQFLD GH IXHU]DV LQFLSLHQWHV
WUHPHQGDPHQWH SRGHURVDV D~Q QR H[SUHVDGDV HQ QXHVWUDV
SURIXQGLGDGHV \ SXHGH TXH ODV WHPDPRV KDVWD TXH XQ 3RVHLGyQ
SRHWDHVFULWRUFRPSRVLWRUSVLFyORJREDLODUtQRDUWLVWDODVKDJDVDOLU
D OD VXSHUILFLH (VWH KRPEUH R PXMHU  TXH FDEDOJD VREUH VX
QDWXUDOH]D LQVWLQWLYD \ TXH VH VLHQWH HQ FDVD FRQ VX HOHPHQWR
HPRFLRQDO WUDGXFH QXHVWURV PLHGRV HQ FXDOLGDGHV KXPDQDV
FRQVFLHQWHV
&RQIOLFWRVSVLFROyJLFRV
/RV SUREOHPDV SVLFROyJLFRV VXUJHQ FXDQGR OD HPRWLYLGDG GH
3RVHLGyQ \ VXV LPSXOVRV LQVWLQWLYRV LQXQGDQ OD SHUVRQDOLGDG GHO
KRPEUH HVWiQ GHVFRQWURODGRV \ VLQ PHGLDGRU /DV GLILFXOWDGHV
WDPELpQ DSDUHFHQ FXDQGR VH PHQRVSUHFLDQ ODV FXDOLGDGHV GH
3RVHLGyQ\³VXYHUGDGHUR\R´HVLQDFHSWDEOH
3RVHLGyQ HV OD VRPEUD GH =HXV ²HO DVSHFWR HPRFLRQDO GHO
DUTXHWLSR GHO SDGUH TXH HV UHSULPLGR R HQWHUUDGR \ SRU HQGH QR
GHVDUUROODGR H LQDFFHVLEOH HQ XQ KRPEUH TXH FRQVFLHQWHPHQWH VH
LGHQWLILFDFRQ=HXV

'HPDVLDGDIOXLGH]LQHVWDELOLGDGHPRFLRQDO
/DV UHVSXHVWDV HPRFLRQDOHV LQVWDQWiQHDV TXH VRQ QDWXUDOHV HQ
XQ EHEp VXSRQHQ XQ SUREOHPD SVLFROyJLFR HQ XQ DGXOWR 8Q EHEp
OORUD FXDQGR OH GXHOH DOJR WLHQH KDPEUH HVWi LQFyPRGR WLHQH
PLHGR R HVWi GHVFRQVRODGR SRU DOJXQD UD]yQ $UUXOOD FRQWHQWR
FXDQGRWRGRYDELHQ\SXHGHFDPELDUGHXQHVWDGRHPRFLRQDODRWUR
HQ XQ PRPHQWR 1R WLHQH XQ \R REVHUYDGRU QL FDSDFLGDG SDUD
HVSHUDUQLFRPSUHQGHUHOGHVFRQVXHORHVGHVFRQVXHORODQHFHVLGDG
HVQHFHVLGDGODFRPRGLGDGHVWiRQRHVWi<QRLPSRUWDQDGDPiV
(O EHEp HPHUJH GHO UHLQR GH ODV DJXDV GHO OtTXLGR DPQLyWLFR SDUD
VDOLUDOPXQGRFRPRXQVHUFDSD]GHUHDFFLRQDUDODVHPRFLRQHVpO
VHUiHOFHQWURGHVXSURSLRXQLYHUVR1RSHUFLEHRWUDUHDOLGDGTXHOD
GH VX SURSLD H[SHULHQFLD VXEMHWLYD GH FRPRGLGDG QHFHVLGDG R
GHVFRQVXHOR<SDUDXQEHEpHVSHUIHFWDPHQWHFRUUHFWRVHUGHHVWH
PRGR
(O HTXLYDOHQWH HQ XQ DGXOWR HV RWUD KLVWRULD 8Q KRPEUH R XQD
PXMHU  TXH VH GHMD OOHYDU SRU VXV IOXFWXDQWHV VHQWLPLHQWRV
VXEMHWLYRV TXH QR WLHQH HQ FXHQWD D QDGLH PiV QL D QLQJXQD RWUD
VLWXDFLyQ HV XQD SHUVRQD FHQWUDGD HQ Vt PLVPD HPRFLRQDOPHQWH
LQDGHFXDGD \ FDUHFH GHO VHQWLGR GH OD SURSRUFLyQ 2WURV OH
FRQVLGHUDQ HPRFLRQDOPHQWH LQPDGXUR R LQHVWDEOH 6LQ HPEDUJR
KHPRVGHWHQHUSUHVHQWHTXHODVUHJODVVRFLDOHVSDUDXQDFRQGXFWD
PDVFXOLQDDSURSLDGDUHTXLHUHQODVXSUHVLyQGHODVHPRFLRQHVKDVWD
HO SXQWR HQ TXH GHUUDPDU DOJXQDV OiJULPDV DO VHQDGRU (GPXQG
0XVNLHFDQGLGDWRIDYRULWRDODSUHVLGHQFLDOHFRVWyHOSULPHUSXHVWR
HQODVSULPDULDV
&XDQGRGHH[SUHVDUODVHPRFLRQHVVHWUDWDORTXHVHFRQVLGHUD
³H[FHVLYR´ HV XQ FULWHULR SXUDPHQWH VRFLDO SROtWLFR \ WDPELpQ
SVLFROyJLFR\HOHVWHUHRWLSRFXOWXUDOHVIXHUWH/RVKRPEUHV3RVHLGyQ
SXHGHQ YDULDU VX IRUPD GH H[SUHVLYLGDG HPRFLRQDO KDVWD HO SXQWR
TXHXQDRYDULDVHPRFLRQHV³WRPHQHOFRQWURO´&XDQGRXQKRPEUH
HVWi ³SRVHtGR´ SRU XQ VHQWLPLHQWR R VHQWLPLHQWRV KDVWD HVH JUDGR
WDQLUUDFLRQDOVHFRQVLGHUDTXH³QRHVWiHQVXVFDEDOHV´

0DUHPRWRV\WHUUHPRWRVODVHPRFLRQHVGHVWUXFWRUDV\ORV
SHUtRGRVGHJUDQDJLWDFLyQ
3RVHLGyQ HQ OD PLWRORJtD HUD HO TXH HQYLDED ORV PDUHPRWRV \
WDPELpQVHOHOODPDEDDTXpOTXHKDFHWHPEODUODWLHUUD(QODSVLTXH
VX HTXLYDOHQWH HV XQ FRPSOHMR HPRFLRQDO GH WDO PDJQLWXG TXH
JROSHD FRQ WDQWD IXHU]D TXH VREUHSDVD \ GHVWUX\H OD SHUVRQDOLGDG
KDELWXDO /D UDFLRQDOLGDG VH GHUUXPED OD UHDOLGDG HV HQJXOOLGD R
GHVERUGDGD\²DOLJXDOTXHHOUH\/HDUEDMRODWRUPHQWD²VHYXHOYH
ORFR 6yOR FXDQGR ODV DJXDV UHWURFHGHQ R OD WLHUUD VH HVWDELOL]D GH
QXHYR SXHGH FRPHQ]DU OD FRQVWUXFFLyQ R UHFRQVWUXFFLyQ (QWRQFHV
UHLQDDOJRGHFDOPDSDUDHOHJRREVHUYDGRUTXHSXHGHVHUFDSD]GH
FRPSUHQGHU OD H[SHULHQFLD \ UHFRQVWUXLUVH D Vt PLVPR \ ODV
UHODFLRQHVTXHVLQGXGDDOJXQDGHVWUX\yDOPHQRVWHPSRUDOPHQWH
(O ³PDUHPRWR´ SXHGH KDEHU VLGR XQD YHUVLyQ DPSOLDGD GH VX
KDELWXDO QDWXUDOH]D HPRFLRQDO 3RU HMHPSOR XQ KRPEUH R XQD
PXMHU  SXHGHQ UHDFFLRQDU D XQD SpUGLGD R WUDLFLyQ DEULHQGR ODV
FRPSXHUWDV GH ODV HVFOXVDV D XQ GRORU \ UDELD FRPR QXQFD KDEtDQ
VHQWLGR DQWHV VLQ HPEDUJR HVRV VHQWLPLHQWRV QR VRQ QXHYRV VyOR
PD\RUHV
(O ³WHUUHPRWR´ GHVFULEH OD HPRWLYLGDG GHO KRPEUH TXH VH KD
JXDUGDGR VXV VHQWLPLHQWRV /RV VHQWLPLHQWRV LQWURYHUWLGRV SXHGHQ
H[LVWLULJXDOTXHHODJXDVXEWHUUiQHDHQODVFDYHUQDVIOX\HQSRUODV
SURIXQGLGDGHV\KD\FULDWXUDVFLHJDVTXHQXQFDKDQYLVWRODOX]TXH
SXHGHQ YLYLU HQ HVRV DELVPRV TXH VRQ HO HTXLYDOHQWH GH ORV
FRPSOHMRV HPRFLRQDOHV SULPLWLYRV QR GHVDUUROODGRV \ UHSULPLGRV (O
DJXD VXEWHUUiQHD VLJXH ODV IDOODV \ D PHGLGD TXH OD SUHVLyQ
DXPHQWD HQ HO LQWHULRU VH GHMDQ VHQWLU DOJXQRV WHPEORUHV VXDYHV
SHUR KDVWD TXH QR VH SURGXFH HO SULPHU JUDQ WHUUHPRWR QR VH
VXHOHQWHQHUHQFXHQWD6yORWUDVXQJUDQWHUUHPRWRUHFRUGDPRVORV
³WHPEORUHV´SUHFXUVRUHVTXHLQGLFDEDQODLQHVWDELOLGDG\HPRWLYLGDG
TXH \DFtDQ EDMR OD VXSHUILFLH 6L VX YLGD GD XQ JLUR KDFLD SHRU
UHVSHFWRDXQSXQWRHVSHFLDOPHQWHYXOQHUDEOHRXQDIDOODVtVPLFDVH
SURGXFH XQ WHUUHPRWR \ OD HPRWLYLGDG TXH KD VLGR UHSULPLGD GHVGH
OD QLxH] R LQFOXVR GHVGH OD PiV WLHUQD LQIDQFLD GHVERUGD VX PHQWH
/D UDELD SULPLWLYD FRQ OD TXH SXHGH DWDFDU LUUDFLRQDOPHQWH D ORV
GHPiV SXHGH GHYDVWDUOHV QR VyOR D HOORV VLQR WDPELpQ H LQFOXVR
PiV DOSURSLRKRPEUH3RVHLGyQ
$O LJXDO TXH KD\ SHUVRQDV TXH YLYHQ FHUFD GH XQ PDU
HPEUDYHFLGRODVKD\TXHYLYHQHQ]RQDVGHWHUUHPRWRV$PEDVKDQ
GH DSUHQGHU D LQWHUSUHWDU HO WLHPSR R ORV LQIRUPHV VLVPROyJLFRV \
FRQ OD H[SHULHQFLD DSUHQGHU TXp HV OR TXH SXHGHQ HVSHUDU FyPR
SUHSDUDUVH \ TXp FRQVWUXLU TXH SXHGD UHVLVWLU XQD ROD R WHUUHPRWR
SRWHQFLDOPHQWH GHVWUXFWRUHV /RV KRPEUHV R ODV PXMHUHV  FX\R
3RVHLGyQ SXHGH DEUXPDU VXV HJRV FRQ VXV HPRFLRQHV KDQ GH VHU
FRQVFLHQWHV GH VX VXVFHSWLELOLGDG \ KDQ GH DSUHQGHU WRGR OR TXH
SXHGDQUHVSHFWRDVXVFRQGLFLRQHV\DGYHUWHQFLDV+DQGHDSUHQGHU
D GHVDUUROODU IRUPDV GH YLYLU FRQ HVWD SRGHURVD SDUWH GH HOORV
PLVPRV,JXDOPHQWHODVSHUVRQDVTXHHVWiQDIHFWDGDVSRUHOSRGHU
GHVWUXFWLYR GH 3RVHLGyQ HQFDUQDGR HQ RWUD SHUVRQD KDQ GH VDEHU
GHWHFWDU OD DGYHUWHQFLD GH ODV VHxDOHV 7DPELpQ KDQ GH GHFLGLU VL
SUHILHUHQDOHMDUVHFRPRODVSHUVRQDVTXHVHPDUFKDQGH&DOLIRUQLD
SRUTXHQRTXLHUHQHVWDUSRUDOOtFXDQGRVHSURGX]FDHOSUy[LPRJUDQ
WHUUHPRWR

2MRSRURMR
/D PLWRORJtD GH 3RVHLGyQ KDFH KLQFDSLp HQ ORV UHVHQWLPLHQWRV \
FDVWLJRV/D 2GLVHDGH+RPHURQDUUDODKLVWRULDGHOLPSODFDEOHRGLR
GH 3RVHLGyQ KDFLD 8OLVHV SRU FHJDU D VX KLMR HO FtFORSH GH XQ VROR
RMR 3RVHLGyQ IXH HO UHVSRQVDEOH GH OD GXUDFLyQ GHO YLDMH GH 8OLVHV
SDUD UHJUHVDU D VX KRJDU \ GH ODV GLILFXOWDGHV TXH HQ pO HQFRQWUy
(VWH DVSHFWR RVFXUR GHO DUTXHWLSR GHO SDGUH EXVFD OD YHQJDQ]D HO
³RMR SRU RMR´ 1RUPDOPHQWH QR GHMD OXJDU SDUD QLQJ~Q WLSR GH
QHXWUDOLGDGHQVXMXLFLR³HOTXHQRHVWiFRQPLJRHVWiFRQWUDPt´(O
FDVWLJRQRVHEDVDHQODMXVWLFLDRHQORTXHHVFRUUHFWRQLHVFDWLPD
HQYtFWLPDVLQRFHQWHVORVKLMRVRORVKLMRVGHORVKLMRVSDJDUiQSRU
LJXDOSRUORVSHFDGRVGHORVSDGUHV
&RPR FRPSOHMR HPRFLRQDO QHJDWLYR OD YHQJDQ]D GH 3RVHLGyQ
SXHGH OOHJDU D FRQVXPLU D GHVWUXLU OD SHUVRQDOLGDG GHO KRPEUHTXH
OD OOHYD D FDER DVt FRPR GHO UHFHSWRU GH OD PLVPD 8Q KRPEUH
SRVHtGR GH HVH PRGR SXHGH SRQHU ERPEDV LQWHQWD DUUXLQDU D
DOJXLHQRSRQHWRGRVXHPSHxRHQGHVWUXLUODUHSXWDFLyQGHRWURR
VXHxD FRQ HOOR 3HUR OD VLWXDFLyQ LQWHUQD HV OD PLVPD KD VLGR
SRVHtGRSRUXQSRGHURVRDVSHFWRQHJDWLYRGH3RVHLGyQ

%DMDDXWRHVWLPD
6LHPSUHTXHODVFXDOLGDGHVLQQDWDVGHXQKRPEUHQRHQFDMDQFRQ
HOHVWHUHRWLSRGHOD³PDVFXOLQLGDG´TXHVLJXHHOPRGHORGH=HXVVX
DXWRHVWLPD VXIULUi /RV KRPEUHV 3RVHLGyQ VRQ FULWLFDGRV SRU VHU
³GHPDVLDGR HPRFLRQDOHV´ R ³LQVXILFLHQWHPHQWH UDFLRQDOHV´ \ HVWH
WLSR GH KRPEUH SXHGH LQWHULRUL]DU ODV FUtWLFDV GH PRGR TXH PXFKR
GHVSXpV GH TXH pVWDV KD\DQ FHVDGR pO VH VLJXH FXOSDQGR &XDQGR
QRFRQVLJXHODDSUREDFLyQRWULXQIDUFRQODIDFLOLGDGLQQDWDGHODTXH
JR]DQ ORV KRPEUHV TXH ³HQFDMDQ´ FRQ HO LGHDO VX DXWRFUtWLFD VH
DJUDYD \ VX DXWRHVWLPD TXHGD D~Q PiV GDxDGD 3XHGH TXH QR
HQFXHQWUH HO WUDEDMR DGHFXDGR SDUD pO \ TXH HQWRQFHV LQWHQWH VHU
RWUDSHUVRQD6LORFRQVLJXHHVWDUHSUHVLyQOHKDUiVHQWLUTXHHVXQ
LPSRVWRU R TXH HVWi KDFLHQGR DOJR TXH QR WLHQH VHQWLGR OR FXDO
DIHFWDUiDVXDXWRHVWLPD$GHPiVVLDOEHUJDVHQWLPLHQWRVGHUHQFRU
R GH YHQJDQ]D QR VH VHQWLUi ELHQ FRQVLJR PLVPR SXHV FXDQGR
HVWDPRVOOHQRVGHVHQWLPLHQWRVQHJDWLYRVHVRDIHFWDQHJDWLYDPHQWH
DQXHVWURSURSLRVHQWLGRGHELHQHVWDU\GHGLJQLGDG

'LILFXOWDGHVSVLFROyJLFDVSDUDORVGHPiV
8Q 3RVHLGyQ HV GH OD FODVH GH KRPEUHV TXH VH FDVDQ FRPR OR
VRQ WRGRV ORV KRPEUHV =HXV 3RVHLGyQ \ +DGHV  $O LJXDO TXH =HXV
SXHGH WHQHU DYHQWXUDV TXH D VX YH] SXHGHQ WUDQVIRUPDU D XQD
HVSRVDVXVFHSWLEOHHQXQDFHORVD$QILWULWHFX\RDIiQGHYHQJDQ]DVH
SDUHFtDDOGH+HUD
3XHGH VHU KRUULEOH YLYLU FRQ pO VL HV XQ 3RVHLGyQ UHVHQWLGR \
IXULRVR TXH UHDFFLRQD GHVSURSRUFLRQDGDPHQWH DQWH FXDOTXLHU FRVD
TXH OH KDJD HVWDOODU 6X GLILFXOWDG HQ FRQWHQHU VXV HPRFLRQHV H
LQVWLQWRVXQLGDDODIUXVWUDFLyQ\ODUDELDSXHGHQFRQYHUWLUOHHQXQ
HVSRVR R SDGUH YLROHQWR HVSHFLDOPHQWH VL HO DOFRKRO OH KDFH SHUGHU
HOFRQWURO
)RUPDVGHFUHFHU
&RQ 3RVHLGyQ OD SULQFLSDO LQIOXHQFLD SDUD TXH VH SURGX]FD VX
FUHFLPLHQWRSVLFROyJLFRVHUiFXDQGRVXFRQH[LyQLQQDWDFRQHOUHLQR
HPRFLRQDO KDOOH XQ PHGLR GH H[SUHVLyQ D WUDYpV GHO WUDEDMR ODV
UHODFLRQHV R OD FUHDWLYLGDG 3XHVWR TXH HV VXVFHSWLEOH GH VHU
HPEDUJDGRSRUODVHPRFLRQHVHOKRPEUH3RVHLGyQKDGHGHVDUUROODU
ODVKDELOLGDGHVGHREVHUYDUUHIOH[LRQDU\SHQVDUFRQREMHWLYLGDG

'HVDUUROODUXQ³\R´REVHUYDGRU
/D PD\RUtD VRPRV FRQVFLHQWHV GH OR TXH HV ³VHU XQR PLVPR´ R
³HVWDU IXHUD GH Vt FRQ«´ R ³QR HVWDU HQ QXHVWUR VDQR MXLFLR´
5HFRQRFHPRV TXH KD\ PRPHQWRV HQ TXH GH XQ PRGR VLJQLILFDWLYR
QR ³VRPRV QRVRWURV PLVPRV´ (Q WpUPLQRV GH SVLFRORJtD MXQJXLDQD
HVWDV H[SUHVLRQHV GHVFULEHQ OR TXH VXSRQH TXH XQ FRPSOHMR
HPRFLRQDO HPEDUJXH QXHVWUD SHUVRQDOLGDG DKRJDQGR
WHPSRUDOPHQWH DO HJR TXH VXHOH HVWDU DO IUHQWH (O HJR HV HO
HOHPHQWR FRKHUHQWH \ REVHUYDGRU TXH UHFXHUGD \ TXH GHFLGH HQ OD
SVLTXHORTXHTXHUHPRVGHFLUFXDQGRGHFLPRV³\R´8QFRPSOHMRHV
XQ SDWUyQ DUTXHWtSLFR TXH VH KD FDUJDGR GH HPRFLyQ &XDQGR
WHPSRUDOPHQWH WLHQH PiV SRGHU R HQHUJtD SXHGH GXUDQWH XQ
WLHPSR³HPEDUJDU´R³SRVHHU´ODSHUVRQDOLGDG
3RUHMHPSORXQSDGUHSXHGHFRQYHUWLUVHHQ³XQKRPEUHSRVHtGR´
\ RSWDU SRU OD YHQJDQ]D FXDQGR VH KLHUH D XQ KLMR VX\R 6H YXHOYH
FRPRXQ3RVHLGyQHQVXLQIDWLJDEOHSHUVHFXFLyQGH8OLVHVVXUDELD\
VX GHVTXLWH VRQ OR ~QLFR TXH OH LPSRUWD QL VLTXLHUD HV FDSD] GH
DSR\DUFRQVRODURD\XGDUDVDQDUDOKLMRHQFX\RQRPEUHDFW~D(VWH
PLVPR FRPSOHMR SXHGH VHU DFWLYDGR SRU OD PLVPD VLWXDFLyQ HQ RWUR
WLSR GH KRPEUH SHUR QR WHQGUi WDQWD IXHU]D SRUTXH VX HJR VHUi
PiV IXHUWH UHVSHFWR DO FRPSOHMR (VH KRPEUH SXHGH WHQHU YtYLGDV
IDQWDVtDVGHYHQJDQ]DGHWRPDUODVFDOOHVFRQXQDSLVWROD³HVSHFLDO
GHViEDGRQRFKH´SHURVHGDFXHQWDGHTXHKDGHFRQWURODUHORGLR
TXH OH URH SRU GHQWUR FRQVFLHQWH GH TXH OR TXH YHUGDGHUDPHQWH
LPSRUWDHVORTXHVXKLMRHVWiVLQWLHQGR\QHFHVLWDGHpO(VWHPLVPR
FRPSOHMR SXHGH ³HPEDUJDU´ D RWUR KRPEUH FRQ XQD SURYRFDFLyQ
PtQLPDLQFOXVRKDVWDLPDJLQDGD
&XDQGR XQ FRPSOHMR HPRFLRQDO VH DSRGHUD GH DOJXLHQ HO ³\R´
TXHGD IXHUD GH FRPEDWH /D SHUVRQD SXHGH QR VHU FRQVFLHQWH R
HVWDUFLHJDDQWHORTXHHVWiVXFHGLHQGRPLHQWUDVODJHQWHDOUHGHGRU
VX\RUHDFFLRQDGHIRUPDVGLIHUHQWHV3XHGHTXHOHVLJDQODFRUULHQWH
OH HYLWHQ OH WHPDQ R TXH VX FRPSOHMR SURYRTXH HQ ORV GHPiV XQ
FRPSOHMR LQFRQVFLHQWH HTXLYDOHQWH 2 TXH OD SHUVRQD OXFKH FRQWUD
HVH FRPSOHMR DO VHQWLU TXH VX UHDFFLyQ HV H[DJHUDGD R TXH VH
FRPSRUWD GH PRGRV TXH QR VRQ SURSLRV GH pO 7DQWR HQ OD
SVLFRWHUDSLDFRPRHQODYLGDVHSXHGHHYRFDUHOFRPSOHMR\OOHJDUD
FRQRFHUOR (O PHUR DFWR GH REVHUYDUOR WUDVODGD OD HQHUJtD DO HJR \
SDXODWLQDPHQWHDPHGLGDTXHHO³\R´YHORTXHHVWiVXFHGLHQGR\VH
UHVLVWH D GHMDUVH OOHYDU SRU HO FRPSOHMR pVWH SLHUGH HQHUJtD H
LQIOXHQFLD \ UHWURFHGH &XDQGR OD FRPSDVLyQ SRU XQR PLVPR \ SRU
ODV YtFWLPDV GHO FRPSOHMR HVWi SUHVHQWH HQ HVWH SURFHVR WDQWR HO
LQGLYLGXRFRPRVXVUHODFLRQHVH[SHULPHQWDQXQFUHFLPLHQWR
8QKRPEUH RPXMHU TXHYLYHHQHODFXRVRUHLQRGH3RVHLGyQ\
VH GHMD OOHYDU SRU ODV HPRFLRQHV KD GH GHVDUUROODU OD FDSDFLGDG GH
YHU ODV FLUFXQVWDQFLDV IUtD \ REMHWLYDPHQWH XQD SHUVSHFWLYD =HXV 
7DPELpQSXHGHQHFHVLWDUUHFRQRFHUTXHVXVHPRFLRQHVVXHOHQHVWDU
FRQHFWDGDV FRQ LPiJHQHV DUTXHWtSLFDV SDWURQHV TXH H[LVWHQ HQ HO
LQFRQVFLHQWH FROHFWLYR TXH WDO FRPR YHUHPRV HQ HO VLJXLHQWH
FDStWXORSHUWHQHFHQDOUHLQRGH+DGHV 
$SUHQGHUGHOGHOItQVXSHUDUODQHFHVLGDGGHGRPLQDU
&XDQGR 3RVHLGyQ VH HQDPRUy GH $QILWULWH SHQVy TXH SRGtD
FRQVHJXLUOD SRU OD IXHU]D \ GRPLQDUOD (OOD KX\y \ QR VH KDEUtD
FDVDGRFRQpOVLQRKXELHUDVLGRSRUODLQWHUFHVLyQGH'HOItQTXHHUD
PX\ SHUVXDVLYR &RPR VHxDO GH JUDWLWXG 3RVHLGyQ FUHy XQD
FRQVWHODFLyQGHHVWUHOODVFRQVXIRUPD
6L XQ 3RVHLGyQ DSUHQGH GH 'HOItQ ²XQD FULDWXUD TXH HVWi HQ VX
FDVDHQHOUHLQRGH3RVHLGyQ²QRLQWHQWDUiGRPLQDUFRQVHJXLUSRU
OD IXHU]D R FRPSHWLU SRU XQ WHUULWRULR TXH SHUWHQHFH D RWURV (Q VX
OXJDUTXL]iVVHFRQFHQWUHHQVXDILOLDFLyQFRQORVGHPiV&XDQGRORV
VHQWLPLHQWRV\ODVHPRFLRQHVVRQHOPHGLRQDWXUDOHQHOTXHXQRVH
GHVHQYXHOYH SRU DVt GHFLUOR HV IiFLO GHVDUUROODU KDELOLGDGHV TXH
HQVDOFHQ ODV UHODFLRQHV \ OD FRPSUHQVLyQ HPSiWLFD $GHPiV HVWD
FODVH GH KRPEUH SRVHH XQ SRWHQFLDO LQQDWR SDUD H[SUHVDU VXV
HPRFLRQHV DXQTXH WDPELpQ KD GH IRPHQWDU \ GHVDUUROODU HVWD
FXDOLGDG'HOPLVPRPRGRTXHODVDFWLYLGDGHVPHQWDOHVRDUWtVWLFDV
UHTXLHUHQ TXH VH OHV Gp XQD RSRUWXQLGDG SDUD VX GHVDUUROOR OR
PLVPRVXFHGHFRQHOWDOHQWRSDUDORVVHQWLPLHQWRV

/DH[SUHVLyQFUHDWLYD
3DUDTXHODSURIXQGLGDGHLQWHQVLGDGGH3RVHLGyQVHPDQLILHVWHD
WUDYpV GHO DUWH GUDPiWLFR OD SRHVtD \ OD OLWHUDWXUD VH KD GH
GHVDUUROODU HO DUTXHWLSR GH +HUPHV +HUPHV HV HO GLRV PHQVDMHUR
TXH WUDQVPLWtD PHQVDMHV \ JXLDED D ORV HVStULWXV  GH XQ SODQR D
RWUR 6HU XQ 3RVHLGyQ FRQ WDOHQWR PXVLFDO R DUWtVWLFR LQQDWR SXHGH
GDUFRPRIUXWRP~VLFDRDUWHH[SUHVLYR6HDFXDOIXHUHHOPHGLRHV
WtSLFR TXH HYRTXH VHQWLPLHQWRV IXHUWHV \ WXPXOWXRVRV SXHVWR TXH
ODV HPRFLRQHV GHO KRPEUH 3RVHLGyQ TXH GH OR FRQWUDULR VHUtDQ
SRWHQFLDOPHQWH SHUWXUEDGRUDV KDOODQ XQD VDOLGD FUHDWLYD /R TXH
VXFHGHHQHOIRQGRGHODSVLTXHWRPDIRUPD\VHFRQYLHUWHHQDUWH
FRQVFLHQWH
 +HIHVWR GLRV GH OD IRUMD HV RWUR DUTXHWLSR TXH SXHGH D\XGDU D
3RVHLGyQ D WUDQVIRUPDU ODV HPRFLRQHV HQ WUDEDMR FUHDWLYR +HIHVWR
D~Q PiV TXH 3RVHLGyQ IXH XQ GLRV UHFKD]DGR SHUR HQ OXJDU GH
HVWDOODUIDEULFDEDREMHWRVEHOORV\~WLOHV7UDQVIRUPyVXLUDHQOXJDU
GHGHMDUTXHpVWDIXHUDGHVWUXFWLYD

'LOXLUHOHIHFWR3RVHLGyQ
&XDQGR KD\ RWURV DUTXHWLSRV DFWLYRV 3RVHLGyQ JHQHUDOPHQWH
SLHUGH VX SRGHU GH LQXQGDU \ HPEDUJDU OD SHUVRQDOLGDG FRQ ODV
HPRFLRQHV'HPRGRTXHXQDGHODVSULQFLSDOHVIRUPDVGHFUHFHUHV
GHVDUUROODURWURVGLRVHV \GLRVDV $SRORGLRVGHOVRO$WHQHDGLRVD
GHODVDELGXUtD\=HXVVRQHVSHFLDOPHQWH~WLOHV/DVWUHVGHLGDGHV
TXH UHSUHVHQWDQ OD FDSDFLGDG GH SUHYHU ODV FRQVHFXHQFLDV GH VHU
REMHWLYR \ GH FRQVHJXLU YHU ODV FRVDV GHVGH IXHUD eVWDV VRQ
FXDOLGDGHVTXHXQ3RVHLGyQKDGHGHVDUUROODU
 +$'(6',26'(/081'2
68%7(55È1(2(/5(,12'(/26
(63Ë5,786<'(/,1&216&,(17(
$XQTXH VHD HO TXH JRELHUQD VREUH ORV PXHUWRV QR VH KD
GHFRQIXQGLUD+DGHVFRQHOGLDEORR6DWiQ+DGHVFRPRGLRV
GH OD PXHUWH HV LPSODFDEOH LQH[RUDEOH MXVWR FRQ ILUPH]D H
LUUHYRFDEOHHQVXVGHFUHWRVQRHVHOGHPRQLRHQHPLJRGHOD
KXPDQLGDGQLXQLQGXFWRUDOPDO

3+,/,30$<(5621&ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH$UWDQG
0XVLF

(O RWUR QRPEUH GH +DGHV HUD 3OXWyQ TXH HQ JULHJR
VLJQLILFD ULTXH]D SURVSHULGDG \ OD SOHQLWXG LQYLVLEOH GHO GLRV
HVWDED UHSUHVHQWDGD SRU OD LPDJHQ GHO FXHUQR GH OD
DEXQGDQFLDTXHVRVWHQtDHQVXVPDQRVUHERVDQWHGHIUXWRV\
YHJHWDOHVRGHMR\DVJHPDVRUR\SODWD
+DGHV HV HO GLRV TXH SUHVLGH QXHVWUR GHVFHQVR HO TXH
EDxD GH RVFXULGDG QXHVWUDV YLGDV GHSUHVLRQHV DQVLHGDGHV
WUDVWRUQRVHPRFLRQDOHV\GRORUFRQHOSRGHUGHWUDQVIRUPDUODV
HQLOXPLQDFLyQ\UHQRYDFLyQ

$5,$11$67$66,12328/267KH*RGVRI*UHHFH
 $OGLRVGHOPXQGRVXEWHUUiQHR\DVXWHUULWRULRVHOHVGHQRPLQD
+DGHV(VHOGLRVPHQRVSHUVRQLILFDGR\HOPHQRVFRQRFLGRHUD³HO
LQYLVLEOH´
3DUDIDPLOLDUL]DUQRVFRQVXUHLQRKHPRVGHGHVFHQGHUDpO6yOR
HQWRQFHV HV SRVLEOH GHVFXEULU TXH HQ OD SHQXPEUD OD IULDOGDG \ OD
RVFXULGDGDODTXHORVPtVWLFRVVHUHILHUHQFRPRODQRFKHRVFXUDGHO
DOPDRORTXHODVPHQWHVPiVSVLFROyJLFDVFRQRFHQFRPRGHSUHVLyQ
SURIXQGD HQ OD TXH XQR HV DLVODGR GH OD UHDOLGDG RUGLQDULD \ HV
LQFDSD]GHVHQWLURGHVRSRUWDUHVWDUDOD³OX]GHOVRO´GHWRGRVORV
GtDVVHSXHGHQKDOODUPXFKDVULTXH]DV
(O HVSHFWUR GH OD PXHUWH WH FRQGXFH D +DGHV /D PXHUWH GH XQ
SDULHQWHODPXHUWHGHXQDIRUPDGHVHUODPXHUWHGHXQSURSyVLWR
GH OD HVSHUDQ]D R GHO VHQWLGR GH OD YLGD SXHGHQ OOHYDUQRV DOOt /D
SHUVSHFWLYD GH OD PXHUWH ItVLFD YLVWD FRPR XQD SRVLELOLGDG R XQD
FHUWH]DHVXQDH[SHULHQFLDTXHQRVFRQGXFHDOPXQGRVXEWHUUiQHR
/D PD\RUtD HQWUDPRV HQ +DGHV R FRQRFHPRV D +DGHV
LQYROXQWDULDPHQWH&RPRHOKpURH$TXLOHVHQ7UR\D²HOKRPEUH R
ODPXMHU FX\RHJR\VHLGHQWLILFDFRQHOp[LWR²SXHGHPRULUDWUDYpV
GH XQD JUDQ GHUURWD HQ HO FRPSHWLWLYR FDPSR GH EDWDOOD (O
DFRQWHFLPLHQWRHVHOGREODUGHODVFDPSDQDVSRUVXKHURLFDDFWLWXG\
VX VHQWLGR GH LQPRUWDOLGDG (O GHVFHQVR LQYROXQWDULR WDPELpQ VH
SXHGHSURGXFLUSRUVHUYtFWLPD8QDPXMHU RXQKRPEUH SXHGHVHU
YLRODGDRJROSHDGDVHUYtFWLPDGHXQDYLRODFLyQVHQWLUVHLPSRWHQWH
H[SHULPHQWDUWHUURU\HQWUDUHQHOLQVHQVLEOHJpOLGR\DLVODGRPXQGR
VXEWHUUiQHR 0HGLDQWH OD YLFWLPL]DFLyQ WLHQH OXJDU XQ ³VHFXHVWUR´
FRPRHQHOFDVRGH3HUVpIRQH
7DPELpQ KD\ TXLHQ HQWUD HQ +DGHV R FRQRFH DO GLRV
YROXQWDULDPHQWH3DUD3VLTXHIXHOD~OWLPDGHVXVWDUHDV KHURtQLFDV
TXHWXYRTXHDVXPLUSRUVHUOD~QLFDIRUPDSDUDUHXQLUVHFRQ(URV
(O DPRU WDPELpQ IXH OD PRWLYDFLyQ GH 2UIHR TXH IXH D +DGHV HQ
EXVFD GH VX HVSRVD (XUtGLFH 'LRQLVRV GHVFHQGLy SDUD EXVFDU D VX
PDGUH 6pPHOH < HQ OD PLWRORJtD VXPHULD ,QDQQD,VWKDU YLDMy
YROXQWDULDPHQWH DO PXQGR VXEWHUUiQHR GH (UHVKNLJDO VX KHUPDQD
RVFXUD $GHPiV GHO DPRU OD VDELGXUtD WDPELpQ KD VXSXHVWR XQD
PRWLYDFLyQ 8OLVHV WXYR TXH DGHQWUDUVH HQ HO PXQGR VXEWHUUiQHR
SDUD REWHQHU LQIRUPDFLyQ GHO YLGHQWH FLHJR 7LUHVLDV LPSUHVFLQGLEOH
SDUD HQFRQWUDU VX FDPLQR GH UHJUHVR D FDVD /RV GHVFHQVRV
YROXQWDULRV VH UHDOL]DQ FRQ JUDQGHV ULHVJRV SXHV QXQFD H[LVWH OD
JDUDQWtDGHXQUHWRUQRVHJXUR
(O UHLQR GH +DGHV HV HO LQFRQVFLHQWH WDQWR SHUVRQDO FRPR
FROHFWLYR $OOt UHVLGHQ ORV UHFXHUGRV SHQVDPLHQWRV \ VHQWLPLHQWRV
TXH UHSULPLPRV WRGR DTXHOOR TXH UHVXOWD GHPDVLDGR GRORURVR
YHUJRQ]RVR R LUUHSURFKDEOH SDUD ORV GHPiV FRPR SDUD SHUPLWLU TXH
VHSXHGDYHUHQHOPXQGRGHODVXSHUILFLHORVDQKHORVQXQFDKHFKRV
UHDOLGDGODVSRVLELOLGDGHVTXHVHTXHGDURQFRPRPHURVHVER]RV(Q
HOPXQGRVXEWHUUiQHRGHOLQFRQVFLHQWHFROHFWLYRH[LVWHWRGRDTXHOOR
TXHHVSRVLEOHLPDJLQDUOOHJDUDVHUWRGRORTXHKDH[LVWLGRDOJXQD
YH] (V HO UHLQR TXH GHELy FRQRFHU HO SRHWD URPDQR 7HUHQFLR SDUD
SRGHUGHFLU©QDGDKXPDQRPHHVDMHQRª
+HUPHV GLRV PHQVDMHUR JXLDED D ORV HVStULWXV DO PXQGR
VXEWHUUiQHR\IXHDEXVFDUD3HUVpIRQH,ULVODPHQRVFRQRFLGDGH
ODV GLRVDV PHQVDMHUDV WDPELpQ HQWUy HQ HO PXQGR VXEWHUUiQHR SRU
YROXQWDG SURSLD 8QD YH] 3HUVpIRQH KXER FRPLGR ORV JUDQRV GH
JUDQDGD \ UHJUHVy DO PXQGR VXSHULRU YROYLy SHULyGLFDPHQWH DO
PXQGRVXEWHUUiQHR\FRPRUHLQDGHHVHUHLQRHVWDEDDOOtSDUDUHFLELU
\ JXLDU D DTXHOORV TXH VH DGHQWUDEDQ YROXQWDULDPHQWH HQ pO <
DXQTXH+DGHVSRGtDDEDQGRQDUHOPXQGRVXEWHUUiQHR\GHKHFKR
ORDEDQGRQy²DSHVDUGHTXHHQVXPLWRORJtDVyORORKL]RHQXQSDU
GHRFDVLRQHV²pVHHUDHOUHLQRTXHVHOHKDEtDDVLJQDGRGRQGHpO
UHVLGtD
(Q OD YLGD DO LJXDO TXH HQ OD PLWRORJtD DOJXQDV ILJXUDV SXHGHQ
GHVFHQGHU \ UHJUHVDU DOJXQDV SXHGHQ DFRPSDxDU \ JXLDU D RWUDV
DOPDV \ RWUDV FRQRFHQ HO UHLQR SRUTXH UHVLGHQ HQ pO R YLYHQ DOOt D
WHPSRUDGDV /RV SVLFyORJRV SRU HMHPSOR HVWiQ IDPLOLDUL]DGRV FRQ
+DGHV 7DQWR OD SVLFRORJtD HQ VX VHQWLGR RULJLQDO GH OD SDODEUD
JULHJD SV\FKpTXHVLJQLILFD³HVStULWX´ \ODWDQDWRORJtD GH7iQDWRV
HOGLRVJULHJRGHODPXHUWH VRQFDPSRVUHODFLRQDGRVFRQHOGRPLQLR
GH+DGHV
 /RV SVLFRWHUDSHXWDV KDQ GH HVWDU DUTXHWtSLFDPHQWH FRQHFWDGRV
FRQ +HUPHV 3HUVpIRQH 'LRQLVRV R +DGHV SDUD SRGHU UHDOL]DU XQ
WUDEDMR SURIXQGR HQ HO HVStULWX (VWRV DUTXHWLSRV KDFHQ SRVLEOH TXH
QRV IDPLOLDULFHPRV FRQ OR LQFRQVFLHQWH \ FRQ WRGR OR TXH DOOt VH
HQFXHQWUDLQFOX\HQGRODORFXUD(VWRVPLVPRVDUTXHWLSRVKDFHQTXH
WUDEDMDU FRQ OD PXHUWH \ FRQ ORV PRULEXQGRV WHQJD VHQWLGR & *
-XQJ HQ OD SVLFRORJtD DQDOtWLFD \ (OLVDEHWK .EOHU5RVV HQ OD
WDQDWRORJtD VH FRQYLUWLHURQ HQ JXtDV SDUD ORV GHPiV HQ VXV
UHVSHFWLYRV FDPSRV SHUR VyOR WUDV KDEHU GHVFHQGLGR HOORV PLVPRV
/DV GHSUHVLRQHV \ ODV H[SHULHQFLDV FHUFDQDV D OD PXHUWH VXHOHQ VHU
ODV LQLFLDFLRQHV PiV FRPXQHV SDUD HQWUDU HQ HO UHLQR GH +DGHV
'HVSXpVGHHVRWDOFRPRVHGLMRGHORVLQLFLDGRVHQORVPLVWHULRVGH
(OHXVLVXQR\DQRWHPHDODPXHUWH
6LQ HPEDUJR HQ HO PRQWH 2OLPSR GRQGH UHLQD =HXV +DGHV HUD
PX\ WHPLGR (O SDWULDUFDGR \ ODV UHOLJLRQHV SDWULDUFDOHV YHQ +DGHV
FRPRHOOXJDUGHOPDOGRQGHJRELHUQD6DWiQXQOXJDUTXHVHKDGH
HYLWDU HQ OD PXHUWH D OD YH] TXH HV WDPELpQ XQD GLPHQVLyQ
GHYDOXDGD HQ OD YLGD 0LHQWUDV OD FXOWXUD \ HO LQGLYLGXR VyOR VH
LGHQWLILTXHQ FRQ =HXV \ FRQ ORV GLRVHV FHOHVWHV HO PXQGR
VXEWHUUiQHRVHJXLUiVLHQGRXQOXJDUWHPLEOHHQOXJDUGHXQDIXHQWH
GH WHVRURV 6HD OR TXH IXHUH DTXHOOR HQ OR TXH QRV KHPRV GH
FRQYHUWLUH[LVWHtQWHJUDPHQWHHQHOPXQGRVXEWHUUiQHRHTXLSDUDGDV
FRQHOLQFRQVFLHQWHFROHFWLYRODVVRPEUDVTXHDOOtUHVLGHQVRQFRPR
ORV DUTXHWLSRV IRUPDV TXH QHFHVLWDQ HQHUJtD YLWDO SRWHQFLDOHV D~Q
QRGHVDUUROODGRVTXHHVSHUDQYHUODOX]
(O PXQGR VXEWHUUiQHR HQ VX DVSHFWR PiV QHJDWLYR HQ OD
GHVLJQDFLyQFULVWLDQDVHGHQRPLQDLQILHUQR\VHDVRFLDFRQHOIXHJR
\ODFRQGHQD+HOHUDODUHLQDHVFDQGLQDYDGHOPXQGRVXEWHUUiQHR\
VX QRPEUH VH WUDQVIRUPy HQ OD SDODEUD LQJOHVD ³KHOO´ LQILHUQR  (O
GLRV FpOWLFR GH OD PXHUWH WHQtD HO WtWXOR GH +HOPDQ KRPEUH GHO
LQILHUQR $OLJXDOTXHFRQ+DGHVHOQRPEUHGHODGHLGDG\HOOXJDU
GRQGHKDELWDEDSDVDURQDVHUXQDPLVPDFRVD/DLQYHVWLJDFLyQGH
%DUEDUD * :DONHU LQGLFD TXH HO ³KHOO´ SUHFULVWLDQR HUD XQ VDQFWD
VDQFWRUXP XWHULQR R FXHYD VDJUDGD GH UHQDFLPLHQWR UHSUHVHQWDGD
SRU HO KHOOLU HVFDQGLQDYR /D SULPHUD QRFLyQ GH +HO HUD OD GH XQ
~WHURFDOGHUDOOHQRGHIXHJRSXUJDWLYR(OPXQGRVXEWHUUiQHRHQXQ
SULQFLSLR XQ UHLQR PDWHUQDO VH FRQYLUWLy PiV WDUGH HQ XQ UHLQR
SDWHUQDO<GHOPLVPRPRGRTXHORVYDORUHVGHORVGLRVHVFHOHVWLDOHV
VH IXH KDFLHQGR FDGD YH] PiV IXHUWH HO UHLQR IXH FUHFLHQGR \ VH
YROYLyPiVQHJDWLYR\WHPLGR
+DGHVWDPELpQHVXQDVSHFWRUHSULPLGRGHODUTXHWLSRGHOSDGUH
(QHOSDWULDUFDGRDOLJXDOTXHHQHO2OLPSRHV=HXVTXLHQPDQGD
6X YHUVLyQ GHO DUTXHWLSR SDWHUQR HV OD TXH SUHYDOHFH (Q ODV
SHUVRQDV \ HQ OD FXOWXUD +DGHV H[LVWH FRPR XQD IXHU]D GHO
LQFRQVFLHQWHDODTXHVHFRQRFH\YDORUDVyORFXDQGRVHGHVFLHQGH
+DGHVHOGLRV
+DGHVIXHHOTXHJREHUQyHOPXQGRVXEWHUUiQHRHOUHLQRGRQGH
UHVLGtDQ ORV HVSHFWURV GH ORV GLIXQWRV \ GRQGH FLHUWRV LQPRUWDOHV
PLWROyJLFRV IXHURQ FRQILQDGRV D UDt] GH SHUGHU OD EDWDOOD FRQWUD OD
VXSUHPDFtDGH=HXV\GHORVROtPSLFRV
3URQXQFLDU VX QRPEUH VH FRQVLGHUDED TXH WUDtD PDOD VXHUWH GH
PRGR TXH IXH GHQRPLQDGR SRU XQD VHULH GH WtWXORV DOWHUQDWLYRV eO
HUD ³HO LQYLVLEOH´ $LGRQHR  R ³HO ULFR´ (VWH ~OWLPR FDOLILFDWLYR HQ
JULHJRHUD³3OXWR´ GHOFXDOVHGHULYyHOQRPEUHODWLQR3OXWyQ \'LV
GH GLYHV ³ULFR´  HQ ODWtQ 2WURV QRPEUHV PHQRV IDYRUDEOHV HUDQ
%XHQ &RQVHMHUR HO 5HQRPEUDGR HO +RVSLWDODULR HO TXH &LHUUD OD
9HUMD \ HO 2GLDGR 7DPELpQ VH OH FRQRFtD FRPR HO =HXV GHO PXQGR
VXEWHUUiQHRRHO=HXVGHORWURPXQGR
$XQTXH ORV JULHJRV YLHURQ D +DGHV FRPR PDFDEUR IUtR \
GHVSLDGDGR QXQFD SHQVDURQ HQ pO FRPR HQ HO GHPRQLR R DOJR
VDWiQLFR $O LJXDO TXH =HXV \ 3RVHLGyQ +DGHV IXH UHSUHVHQWDGR
FRPR XQ KRPEUH PDGXUR FRQ EDUED 7HQtD HO ELUUHWH GH OD
LQYLVLELOLGDG TXH OH KDEtDQ GDGR ORV FtFORSHV \ FXDQGR VH OH YHtD
FRPRHOGLRVGHODVULTXH]DVVHOHUHSUHVHQWDEDFRQXQDFRUQXFRSLD
RFXHUQRGHDEXQGDQFLD

*HQHDORJtD\PLWRORJtD
 +DGHV HUD XQ KLMR GH &URQRV \ 5HD TXH IXH HQJXOOLGR SRU VX
SDGUH DO QDFHU &XDQGR =HXV \ 0HWLV FRQVLJXLHURQ TXH &URQRV
UHJXUJLWDUDDORVKLMRVTXHVHKDEtDWUDJDGRORVKHUPDQRV²+DGHV\
3RVHLGyQ² VH XQLHURQ D =HXV SDUD OXFKDU FRQWUD &URQRV \ ORV
WLWDQHV\OHVYHQFLHURQ7UDVVXYLFWRULDORVKHUPDQRVVHUHSDUWLHURQ
HO PXQGR \ OD SDUWH TXH OH IXH DVLJQDGD D +DGHV IXH HO PXQGR
VXEWHUUiQHR
+DGHV QL HQJHQGUy KLMRV QL GHPDVLDGD PLWRORJtD 3DVy OD PD\RU
SDUWHGHVXWLHPSRIXHUDGHODOFDQFHGHODYLVWDHQODVHQWUDxDVGHOD
WLHUUD TXH WDQ VyOR DEDQGRQy HQ XQ SDU GH RFDVLRQHV 8QD YH]
VHJ~Q+RPHUR+HUDFOHVOHKLULyFRQXQDIOHFKD\IXHKDVWDHO2OLPSR
HQ EXVFD GH D\XGD LQFLGHQWH TXH QR IXH GHPDVLDGR HODERUDGR 6X
VDOLGDPiVVLJQLILFDWLYDIXHSDUDUDSWDUD3HUVpIRQH

(OUDSWRGH3HUVpIRQH
(O UDSWR GH 3HUVpIRQH HV HO ~QLFR PLWR VLJQLILFDWLYR GH +DGHV
+DGHVGHVHDEDD3HUVpIRQHFRPRHVSRVD\FRQHOFRQVHQWLPLHQWRGH
VXSDGUH=HXVUDSWyDODMRYHQGRQFHOOD(OODHVWDEDFRJLHQGRIORUHV
HQXQDSUDGHUDFRQVXVFRPSDxHUDV\ODVGHMyDWUiVDWUDtGDKDFLD
XQ KHUPRVR QDUFLVR GH FLHQ IORUHV TXH KDEtD VLGR FUHDGR
HVSHFLDOPHQWHSDUDDWUDHUOD&XDQGRVHDJDFKDEDSDUDDUUDQFDUOROD
WLHUUDVHDEULyDQWHHOOD\GHORVFXURDJXMHURTXHVHKDEtDKHFKRHQ
HO VXHOR DSDUHFLy +DGHV HQ VX FDUUR WLUDGR SRU SRGHURVRV FDEDOORV
QHJURV +DGHV DWUDSy D OD DWHUUDGD GRQFHOOD TXH JULWy SLGLHQGR
D\XGDDVXSDGUH=HXVTXLHQVDELHQGRGHVGHXQSULQFLSLRORTXHLED
DVXFHGHUGHVR\yVXVJULWRV
/RV FDEDOORV GH +DGHV VH YROYLHURQ D VXPHUJLU HQ OD WLHUUD
FRQGXFLHQGR D +DGHV \ D 3HUVpIRQH KDFLD ODV SURIXQGLGDGHV GHO
PXQGR VXEWHUUiQHR \ HQWRQFHV OD WLHUUD YROYLy D FHUUDUVH FRPR VL
QDGDKXELHUDVXFHGLGR
3HUVpIRQH ODQJXLGHFtD HQ HO PXQGR VXEWHUUiQHR PLHQWUDV VX
PDGUH 'HPpWHU HVWDED GHVFRQVRODGD \ IXULRVD SRU VX SpUGLGD $O
ILQDO 'HPpWHU VH UHWLUy SDUD UHFRJHUVH HQ VX WHPSOR &RPR
UHVXOWDGR GH GLFKD DFFLyQ QR FUHFLHURQ PiV FRVHFKDV QL KXER
QDFLPLHQWRV QL EURWy QXHYD YLGD GH QLQJ~Q WLSR /D KDPEUXQD
DPHQD]DEDDOD7LHUUD\DVXVKDELWDQWHV6yORHQWRQFHV=HXVSUHVWy
DWHQFLyQD'HPpWHU\HQYLyD+HUPHVDEXVFDUD3HUVpIRQH
+HUPHV GHVFHQGLy DO PXQGR VXEWHUUiQHR GRQGH KDOOy D OD
DIOLJLGD3HUVpIRQHGHVFRQVRODGDFRQVXGHVWLQRVHQWDGDHQXQVLOOyQ
PiVEDMRMXQWRD+DGHV&XDQGRVHGLRFXHQWDGHTXH+HUPHVKDEtD
LGR D EXVFDUOD UHERVy GH DOHJUtD 3HUR DQWHV GH TXH HOOD SLVDUD HO
FDUUR TXH OD GHYROYHUtD D VX PXQGR VXSHULRU +DGHV OH GLR XQRV
JUDQRVGHJUDQDGDSDUDFRPHU
3HUVpIRQHIXHGHYXHOWDDVXPDGUH\OOHJyODSULPDYHUDTXHWUDMR
QXHYDYLGD\YHUGRUDODWLHUUD6L3HUVpIRQHQRKXELHUDFRPLGRQDGD
HQHOPXQGRVXEWHUUiQHRKDEUtDVLGRGHYXHOWDDVXPDGUHFRPRVL
QDGD KXELHUD SDVDGR 3HUR SXHVWR TXH LQJLULy ORV JUDQRV GH OD
JUDQDGD TXH OH KDEtD GDGR +DGHV 3HUVpIRQH DKRUD WHQGUtD TXH
SDVDUSDUWHGHODxR²ORVPHVHVGHLQYLHUQRFXDQGRODWLHUUDHVWiHQ
EDUEHFKR²HQHOPXQGRVXEWHUUiQHRFRQ+DGHV$VtVHFRQYLUWLyHQ
ODUHLQDGHOPXQGRVXEWHUUiQHR

+DGHV\'LRQLVRV
([LVWHXQKLORFDVLLQYLVLEOHTXHFRQHFWDD+DGHVFRQ'LRQLVRVHO
GLRVGHOp[WDVLVHOFXDOIXHWUD]DGRSRUHOPLWyORJR:DOWHU)2WWRHQ
'\RQLVXV 0\WK DQG &XOW eO FLWD XQD OtQHD GH +HUiFOLWR ©+DGHV \
'LRQLVRVVRQXQR\ORPLVPRª\REVHUYDTXHFXDQGR'LRQLVRVYLVLWy
HOPXQGRVXEWHUUiQHRHQEXVFDGHVXPDGUH6pPHOHOHHQWUHJyHO
PLUWR D +DGHV $Vt HO PLUWR VH DVRFLy WDQWR D 'LRQLVRV FRPR D OD
PXHUWH .DUO .HUHQ\L HQ (OHXVLV $UTXHW\SDO ,PDJH RI 0RWKHU DQG
'DXJKWHU VHxDOD TXH 'LRQLVRV \ YHUVLRQHV GH +DGHV DSDUHFHQ
GXSOLFDGDV OR FXDO VXJLHUH GH QXHYR TXH GH DOJ~Q PRGR VRQ
LQWHUFDPELDEOHVRTXHH[LVWHXQDUHODFLyQHQWUHDPERV
/RVRUtJHQHVGH'LRQLVRVIXHURQFRPRGLRVGHODYHJHWDFLyQ\GH
ODIHUWLOLGDG&RPRWDOHQVXDGRUDFLyQVHKDEUtDQWHQLGRHQFXHQWD
ODV HVWDFLRQHV \ DO LJXDO TXH 3HUVpIRQH KDEUtD WHQLGR XQD YLGD
VXEWHUUiQHDXQDSDUWHGHODxR(QWRQFHV+DGHV\pOKDEUtDQHVWDGR
UHODFLRQDGRV'LRQLVRVFRQRFLyHOVXIULPLHQWRHOGHVPHPEUDPLHQWR\
HO UHQDFLPLHQWR DVt FRPR ORV SHUtRGRV GH ORFXUD 3RU FRQVLJXLHQWH
GHVFHQGLyDOPXQGRVXEWHUUiQHRDOUHLQRGH+DGHV

(OPXQGRVXEWHUUiQHR
/RVKDELWDQWHVPXHUWRVGHOPXQGRVXEWHUUiQHRTXHUHVLGtDQDOOt
HWHUQDPHQWH HUDQ FRQVLGHUDGRV FRPR PHUDV VRPEUDV GH VXV \RHV
YLYRV(UDXQOXJDUWHQHEURVR\ODPD\RUtDYLYtDQHQHO3UDGRGHORV
$VIyGHORV UHFLEtDHOQRPEUHGHHVWDIORU 6yORXQRVSRFRVHOHJLGRV
YLYtDQHQHO(OtVHR³ODV,VODVGHORV%LHQDYHQWXUDGRV´(QHOIRQGRGHO
PXQGR VXEWHUUiQHR HVWDED HO 7iUWDUR XQ OXJDU GRQGH VLHPSUH
UHLQDED OD RVFXULGDG ORV PDOYDGRV HUDQ WRUWXUDGRV \ GRQGH ORV
WLWDQHVIXHURQHQFDUFHODGRV
$GHPiV GH HVWDU XELFDGR HQ HO PXQGR VXEWHUUiQHR D +DGHV VH
OH UHODFLRQDED FRQ HO GLVWDQWH RHVWH 8OLVHV ]DUSy KDFLD RHVWH HQ
GLUHFFLyQ DO ERVTXH GH 3HUVpIRQH XQD DEUXSWD FRVWD VLQ VRO HQ HO
OtPLWHGHOPXQGRSDUDHQFRQWUDUODHQWUDGDD+DGHV
/RV PXHUWRV HUDQ HVFROWDGRV SRU +HUPHV KDVWD HO PXQGR
VXEWHUUiQHR 1HFHVLWDEDQ XQ yEROR SDUD SDJDU D &DURQWH HO
EDUTXHURTXHOHVFUX]DEDODODJXQD(VWLJLD\OXHJRHQWUDEDQSRUODV
SXHUWDV FXVWRGLDGDV SRU &HUEHUR XQ HQRUPH SHUUR GH WUHV FDEH]DV
TXHOHVGHMDEDHQWUDUVLQSUREOHPDVSHURTXHQROHVGHMDEDHVFDSDU
$O HQWUDU HQ +DGHV VH HQFRQWUDEDQ FRQ WUHV MXHFHV 0LQRV
5DGDPDQWH\eDFR
8QRV SRFRV PRUWDOHV YLYRV HQWUDURQ HQ HO PXQGR VXEWHUUiQHR \
UHJUHVDURQ +HUDFOHV IXH D EXVFDU D &HUEHUR SDUD XQR GH VXV
WUDEDMRV 3VLTXH IXH HQ EXVFD GH XQD FDMD FRQ XQ XQJHQWR GH
EHOOH]DTXHWHQtD3HUVpIRQH8OLVHVIXHDKDEODUFRQHOHVSHFWURGHO
YLGHQWH7LUHVLDV(QHDVEXVFyHOHVSHFWURGHVXSDGUH6LQHPEDUJR
DOJXQRVPRUWDOHVQRUHJUHVDURQ7HVHR\3LUtWRRIXHURQDUHVFDWDUD
3HUVpIRQH\IXHURQDSUHVDGRVSRU+DGHVFRQODVFDGHQDVGHOROYLGR
+DGHVHODUTXHWLSR
7DOFRPRKHVHxDODGRDQWHV+DGHVVHXWLOL]DEDWDQWRSDUDKDFHU
UHIHUHQFLDDOGLRVGHOPXQGRVXEWHUUiQHRFRPRDOOXJDU+D\WDPELpQ
GRV DUTXHWLSRV GH +DGHV XQ SDWUyQ GH SHUVRQDOLGDG \ XQ UHLQR
DUTXHWtSLFRV
/DV FDUDFWHUtVWLFDV TXH YLHQHQ D FRQWLQXDFLyQ VRQ LPSRUWDQWHV
SDUD GHILQLU D ORV GRV +DGHV DUTXHWtSLFRV HO GLRV OOHYDED XQ ELUUHWH
GHODLQYLVLELOLGDG\SRUHQGHHUDXQDSUHVHQFLDLQYLVLEOH5DUDYH]VH
DYHQWXUDEDDVDOLUGHOPXQGRVXEWHUUiQHR\QRVDEtDORTXHSDVDED
HQFLPD GH pO HQ HO PXQGR GH ORV PRUWDOHV R HQ HO PRQWH 2OLPSR
9LYLy HQ VX SURSLR UHLQR FRQ ORV HVSHFWURV TXH HUDQ LQVXVWDQFLDOHV
LPiJHQHV VRPEUtDV FRPR HFRV YLVXDOHV GH Vt PLVPRV FXDQGR
HVWDEDQ YLYRV VH SRGUtDQ LPDJLQDU FRPR KRORJUDPDV VLQ FRORU
+DGHV VLQ HPEDUJR WDPELpQ UHFLEtD HO DSRGR GH ³ULFR´ \ VX UHLQR
HUDXQDIXHQWHGHULTXH]DVXEWHUUiQHD

+DGHVDUTXHWLSRGHORVVROLWDULRV
(O KXPDQR VROLWDULR TXH VH UHWLUD GHO PXQGR VLQ SUHRFXSDUVH QL
HQWHUDUVHGHORTXHSDVDHQpOHQFDUQDHOPRGHORGHYLGDGH+DGHV
3XHGHTXHKD\DSHUGLGRDTXHOORTXHXQDYH]WXYRVHQWLGRSDUDpOHQ
VX YLGD \ DKRUD KD GH YLYLU FRPR ORV HVSHFWURV GHO PXQGR
VXEWHUUiQHRFXPSOLHQGRIRUPDOLGDGHV\FDUHQWHVGHYLWDOLGDGVREUH
WRGR VL WDPELpQ HVWi GHSULPLGR 3XHGH OOHJDU D FRQYHUWLUVH HQ XQ
+DGHV SDUDQRLFR \ DLVODGR FRPR OH VXFHGLy DO PXOWLPLOORQDULR
+RZDUG +XJKHV HQ VXV ~OWLPRV DxRV /D ULTXH]D GH +XJKHV OH
SHUPLWtDRFXSDUWRGDXQDSODQWDGHVXSURSLRKRWHOHQ/DV9HJDVD
OD TXH QDGLH SRGtD DFFHGHU VLQ SUHYLD DXWRUL]DFLyQ FXVWRGLDGD SRU
JXDUGDHVSDOGDVYLUWXDOPHQWHSULVLRQHURHQVXSURSLRUHLQR
+XJKHVHQVXVDxRVGHMXYHQWXGQRKDEtDGDGRPXHVWUDVGHVHU
LQVRFLDEOH QL LQFDSD] GH DGRSWDU XQD SHUVRQD DSURSLDGD FRPR
VXFHGLy PiV DGHODQWH 'LULJLy XQR GH ORV JUDQGHV HVWXGLRV
FLQHPDWRJUiILFRV XQD FRPSDxtD DpUHD FRQVWUX\y XQ DYLyQ \ VDOtD
FRJLGR GHO EUD]R GH EHOODV HVWUHOODV GH OD JUDQ SDQWDOOD (QWRQFHV
+XJKHV QR WHQtD SUREOHPDV SDUD UHVSRQGHU D HVD SUHJXQWD EiVLFD
TXH VH KDFH D ORV KRPEUHV ³¢4Xp HV OR TXH HVWiV KDFLHQGR"´ 8Q
+DGHVTXHQRSXHGHUHVSRQGHUFRQXQDUHVSXHVWDDFHSWDEOH\TXH
FDUHFH GH SRVLFLyQ \ ULTXH]D HV XQ KRPEUH VLQ SHUVRQD OR TXH OH
FRQYLHUWH HQ LQYLVLEOH HQ HO PXQGR GH ORV KRPEUHV 6L QR WLHQH
IDPLOLD SXHGH YLYLU VROR HQ OD KDELWDFLyQ GH XQ KRWHO GH SDVR HQ
FXDOTXLHU SDUWH GH OD FLXGDG GRQGH KD\D YLGD QRFWXUQD VH[VKRSV
SURVWLWXWDV FDPHOORV \ GRQGH ORV VLQ WHFKR \ ORV TXH HVWiQ HQ OD
PLVHULD GXHUPHQ HQ ORV SRUWDOHV (VWH OXJDU HV FRPR HO +DGHV
VXEWHUUiQHRDOLJXDOTXHpOPLVPRHVFRPRXQ+DGHVLQYLVLEOH6LXQ
KRPEUH QR WLHQH RWUD RSFLyQ TXH YLYLU FRPR +DGHV D FDXVD GHO
SDWUyQ GH VX SHUVRQDOLGDG \ GH VXV FLUFXQVWDQFLDV VX VXHUWH HV
EDVWDQWH WULVWH 6LQ HPEDUJR VL HVWi ItVLFDPHQWH D VDOYR \ WLHQH
FXELHUWDV ODV QHFHVLGDGHV EiVLFDV SXHGH HVWDU UHODWLYDPHQWH
FRQWHQWR FRQ VX VXHUWH 3RU QDWXUDOH]D SXHGH SUHIHULU HVWDU VyOR \
SDVDULQDGYHUWLGRRQRVHUPROHVWDGR

+DGHVFRPR3OXWyQHODUTXHWLSRGHOULFR
2WUR WLSR GH +DGHV VROLWDULR SXHGH KDEHU SUREDGR HO PXQGR
H[WHULRU \ VDEHU TXH SUHILHUH OD VXEMHWLYLGDG \ OD ULTXH]D GH VX
PXQGRLQWHULRUHO3OXWyQRHODVSHFWRGHODV³ULTXH]DV´GH+DGHV(Q
QXHVWUDFXOWXUDH[WUDYHUWLGDTXHKDFHKLQFDSLpHQODSURGXFWLYLGDG
QR VH DQLPD D ODV SHUVRQDV D TXH SDVHQ WLHPSR VRODV VLQ ³KDFHU
QDGD´ 'H PRGR TXH HO VROLWDULR LQWURYHUWLGR HV MX]JDGR
QHJDWLYDPHQWH R FRQVLGHUDGR SHFXOLDU SRU SDVDU WDQWR WLHPSR VROR
(VWHUHFKD]RHVWiFRPSXHVWRSRUVXVUHVSXHVWDVVXEMHWLYDVKDFLDOD
JHQWH ODV FRVDV R ORV DFRQWHFLPLHQWRV GHO PXQGR TXH SXHGHQ
UHVXOWDUSHFXOLDUHVSRUVXDOWRJUDGRGHVXEMHWLYLGDG
+DGHV HO 3OXWyQ VROLWDULR HV VLQ HPEDUJR XQD SDUWH ³DXVHQWH´
HQ PXFKDV SHUVRQDV TXH QR YDORUDQ ODV RSRUWXQLGDGHV TXH VH OHV
EULQGDQ SDUD VHU LQWURYHUWLGDV GH OD IRUPD TXH SXHGH VHUOR HVWH
DUTXHWLSR /RV LQWURYHUWLGRV SXHGHQ YLYLU XQD YLGD LQWHULRU TXH HVWp
HQ FRQWDFWR FRQ VXV SURSLDV UHDFFLRQHV VXEMHWLYDV D OD H[SHULHQFLD
H[WHUQD +D\ XQ WLSR GH LQWURYHUVLyQ VHQVDFLyQ LQWURYHUWLGD HQ OD
WLSRORJtDSVLFROyJLFDGH-XQJ TXHVHSXHGHH[SHULPHQWDUHQIRUPD
GHGLiORJRVLQWHUQRVYLVLRQHVRVHQVDFLRQHVFRUSRUDOHV
3XHGH VHU PX\ HQULTXHFHGRU TXH +DGHV IRUPH SDUWH GH QXHVWUD
QDWXUDOH]D SVLFROyJLFD +DGHV HO VROLWDULR HV XQD IXHQWH GH
FUHDWLYLGDG TXH VH SXHGH H[SUHVDU D WUDYpV GH ODV DUWHV D PHQXGR
ODV YLVXDOHV /DV SHOtFXODV GH )HOOLQL HVSHFLDOPHQWH *LXOLHWWD GH ORV
HVStULWXV \ )HOOLQL RFKR \ PHGLR VRQ XQD PXHVWUD GH OD ULTXH]D \
VXEMHWLYLGDGGHVXUHLQRLQWHULRU
+DGHVWDPELpQSXHGHVHUHVDSDUWHGHODSVLTXHTXHLQIRUPDGH
XQD UHDFFLyQ VXEMHWLYD KDFLD RWUD SHUVRQD FRVD R VLWXDFLyQ 8Q
VXHxR SXHGH IXQFLRQDU GH IRUPD VLPLODU 3RU HMHPSOR FXDQGR XQ
+DGHV LQHVSHUDGDPHQWH VH HQFXHQWUD FRQ XQD PXMHU TXH KDFH GRV
DxRV OH HQJDxy \ OH KLULy VH SURGXFH HO IODVK GH XQD LPDJHQ HQ
WHFQLFRORU HQ VX PHQWH OD YH FRQ FXFKLOORV TXH VH OH FODYDQ HQ HO
FXHUSR LPDJHQ VHJXLGD LQPHGLDWDPHQWH GH OD VHQVDFLyQ ItVLFD GH
WHQHUXQYDFtRHQVXFRUD]yQ(QYH]GHVHQWLUKRVWLOLGDGLUD\GRORU
HPRFLRQDOWLHQHHVDVH[SHULHQFLDVVHQVRULDOHVTXHVRQHTXLYDOHQWHV
YtYLGDVGHVXVVXHxRV
'HVGH OD SHUVSHFWLYD H[WHULRU GH HVD PLVPD SHUVRQD FRVD R
VLWXDFLyQ HVWD LQWURYHUWLGD IRUPD LGLRVLQFUiVLFD GH SHUFLELU VH
FRQVLGHUD XQD GLVWRUVLyQ GH OD UHDOLGDG (Q XQD IDVH \D PX\
WHPSUDQDHQODLQIDQFLDODVSHUVRQDVTXHKDELWXDOPHQWH\GHIRUPD
QDWXUDO SHUFLEHQ GH HVWD PDQHUD DSUHQGHQ D GHVFRQILDU GH VXV
SHUFHSFLRQHV SRUTXH QR UHFLEHQ DSUREDFLyQ GH ORV GHPiV 6L
SXHGHQ VXHOHQ HOLPLQDU HVWH DVSHFWR VX\R SRU FRQVLGHUDUOR
LQDFHSWDEOH R GHPHQFLDO \ DVt OR TXH SRGUtD VHU XQD IXHQWH GH
ULTXH]DHLQWURVSHFFLyQ\DQRHVDFFHVLEOH/DVSHUVRQDV+DGHVKDQ
GHFRQHFWDUFRQVXYLGDLQWHULRU
1R REVWDQWH VL VH FDUHFH GH XQD YLVLyQ REMHWLYD GH OD UHDOLGDG
SURSLD GH =HXV \ GH OD FDSDFLGDG GH UHVSXHVWD HPRFLRQDO GH
3RVHLGyQ TXH VRQ QHFHVDULDV SDUD HTXLOLEUDU \ GDU VHQWLGR D ODV
SHUFHSFLRQHV VXEMHWLYDV GH +DGHV OD SHUVRQD FRUUH SHOLJUR GH FDHU
HQXQDLVODPLHQWRHPRFLRQDO\UHWLUDUVHDXQPXQGRVXEMHWLYR

+DGHVHOEXHQFRQVHMHUR
%XHQ&RQVHMHURHUDRWURGHORVQRPEUHVGH+DGHVTXHGHVFULEH
XQ DVSHFWR SRWHQFLDO GH HVWH DUTXHWLSR &RPR IXHQWH GH
FRQRFLPLHQWRVXEMHWLYR+DGHVSXHGHVHUXQEXHQFRQVHMHUR+HPRV
GHPLUDUKDFLDGHQWURFXDQGRWRPDPRVGHFLVLRQHVFUXFLDOHVSRUTXH
QDGLH VDOYR QRVRWURV PLVPRV SXHGH GHFLU FXiO HV HO YDORU VXEMHWLYR
GHXQDH[SHULHQFLD8QDRSFLyQREMHWLYD\VHQVLEOHSXHGHHVWDUYDFtD
GHVLJQLILFDGRQRVHUPiVTXHXQDVDOLGDVXSHUILFLDOTXHSDUHFHELHQ
DORVGHPiV&yPRDSUHQGHUTXpRSFLyQHVODTXHPiVQRVLQWHUHVD
SHUVRQDOPHQWHHVDOJRTXHGLILHUHGHXQDSHUVRQDDRWUD+DGHVQRV
D\XGD D WUDYpV GH QXHVWUDV VHQVDFLRQHV FRUSRUDOHV QXHVWUDV
UHDFFLRQHV YLVFHUDOHV YRFHV LQWHUQDV \ IODVKHV YLVXDOHV D FRQRFHU
FXiO HV QXHVWUD UHDFFLyQ VXEMHWLYD D DOJR R D DOJXLHQ &XDQGR VH
WUDWDGHGHFLVLRQHVYHUGDGHUDPHQWHLPSRUWDQWHVHQQXHVWUDYLGDHO
IDFWRUVXEMHWLYRHVGHYLWDOLPSRUWDQFLD\HVHOTXH+DGHVQRVSXHGH
GDU

+DGHVHOKRPEUHLQYLVLEOHODSHUVRQDLQDGHFXDGD
+DGHVFRQVXELUUHWHGHODLQYLVLELOLGDGHUDHOGLRVRFXOWRLQFOXVR
FXDQGR YLDMy DO PXQGR GH OD VXSHUILFLH OR FXDO FRUUHVSRQGH D XQ
GLRVVLQGHPDVLDGDSHUVRQD /DSHUVRQDHVODFXELHUWDVXSHUILFLDOGH
QXHVWUD SHUVRQDOLGDG XQ FRPSXHVWR GH QXHVWUD LPDJHQ GH FyPR
YHVWLPRVGHORTXHKDFHPRV\GHQXHVWUDFRQGXFWDHOPDWHULDOFRQ
HOTXHVHIRUMDQODVSULPHUDVLPSUHVLRQHV $GHPiVFRPRVHxRUGH
VXSURSLRUHLQRSURGXFLUtDXQHIHFWRGHSULPHQWHHQFXDOTXLHUILHVWD
+DGHV HV HO DUTXHWLSR TXH ULJH OD YLGD LQWHULRU SURIXQGD \ HV
LQH[SUHVLYR\DVHDHQODVHPRFLRQHVRHQODVSDODEUDV&XDQGRHVWH
DUTXHWLSRHVHOTXHSUHGRPLQDHOUHVXOWDGRHVODLQYLVLELOLGDGVRFLDO
/RV GHPiV QR YHQ ODV ULTXH]DV VXEWHUUiQHDV \ FRQ IUHFXHQFLD VH
VLHQWHQLQFyPRGRVHQVXSUHVHQFLD

+DGHVFRPR³=HXVGHOPXQGRVXEWHUUiQHR´DUTXHWLSRGHO
UH\JREHUQDQWH
+DGHV =HXV \ 3RVHLGyQ JREHUQDURQ VXV UHLQRV \ FDGD XQR GH
HOORV HV XQ HMHPSOR GHO DUTXHWLSR GHO UH\ 6XV SHUVRQDOLGDGHV \
WHUULWRULRV GLIHUtDQ SHUR HVWRV GLRVHV FRPSDUWLHURQ VLPLOLWXGHV
IXQGDPHQWDOHV &DGD XQR GH HOORV HVWDEOHFLy VX DXWRULGDG VREUH VX
WHUULWRULR HQ SDUWLFXODU WRGRV EXVFDURQ XQD HVSRVD TXH VH FRQYLUWLy
HQVXFRQVRUWHRILFLDO\FDGDXQRUHSUHVHQWDEDXQDILJXUDSDWULDUFDO
DXQTXH+DGHVQRWXYRKLMRV 

+DGHVHODUTXHWLSRGHOVHFXHVWUDGRUVRPEUDLQFHVWXRVDGH
=HXV
&XDQGR +DGHV GHFLGLy TXH TXHUtD D 3HUVpIRQH QR OD FRUWHMy OD
UDSWy \ OD YLROy FRQ HO SHUPLVR GH =HXV < FXDQGR 3HUVpIRQH SLGLy
D\XGD D VX SDGUH =HXV pVWH PLUy KDFLD RWUD SDUWH (Q PXFKRV
SDGUHVLQFHVWXRVRV=HXV\+DGHVVRQYHUVLRQHVGHOGRFWRU-HFN\OO\
PtVWHU+\GH&RPR=HXVHVWHWLSRGHKRPEUHHVHOSLODUHVHQFLDOGH
OD FRPXQLGDG \ HV XQ SDGUH DXWRULWDULR \ D PHQXGR SXULWDQR  TXH
VXVWHQWD D VX IDPLOLD HV HO SDGUH TXH ³PLUD KDFLD RWUR ODGR \ QR
DWLHQGHVXVV~SOLFDV´TXHFRQVLHQWHFXDQGR FRPR+DGHV pOPLVPR
YLRODRVHGXFHDVXKLMD
(QHVWDVLWXDFLyQSVLFROyJLFD+DGHVHVODVRPEUDDUTXHWtSLFDGHO
SDGUHGHHVRTXHHVPDORHQpO\TXHUHDOL]DHQVHFUHWRFRQODKLMD
TXHQRSXHGHHVFDSDUeOPLVPRHVHOSDGUHYLRODGRUTXHVHFXHVWUDD
VXKLMDDOPXQGRVXEWHUUiQHR8QDYH]YLRODGDVXLQRFHQFLDKDVLGR
WUDLFLRQDGD \D QR HV OD YLUJHQ GRQFHOOD HQ XQ PXQGR VROHDGR \
VHJXUR VH FRQYLHUWH HQ SULVLRQHUD GHO VHFUHWR GH VX SDGUH GH VX
RVFXURPXQGR\DPHQXGRSHUGXUDWDPELpQDSDUWLUGHHQWRQFHVHQ
HOSURSLRLQILHUQRGHODKLMD

+DGHVHOVHFXHVWUDGRUFRPRHODPDQWHLPDJLQDULR
+DGHV HO VHFXHVWUDGRU SXHGH VHU WRWDOPHQWH LQYLVLEOH \ VHU XQ
DPDQWH IDQWDVPDJyULFR XQ DUTXHWLSR TXH VH KD YXHOWR DXWyQRPR
FRQ XQD ³YLGD´ SURSLD HQ OD SVLTXH GH XQD PXMHU 8Q SDUDOHOLVPR
IiFLOPHQWH FRPSUHQVLEOH HQ OD LQIDQFLD HV HO FRPSDxHUR GH MXHJRV
LPDJLQDULR $KRUD HQ OD YLGD GH XQD PXMHU DGXOWD pO HV HO DPDQWH
LPDJLQDULR eO HVWi HQ VX FRPSDxtD \ FRQYHUVD FRQ HOOD SXHGH
HVFULELUOH SRHVtDV GDUOH FRQVHMRV \ KDFHUOH SURPHVDV 6H FRQYLHUWH
HQVX~QLFRFRQILGHQWH\SXHGHFRQWULEXLUDVXUHFOXVLyQGHOPXQGR
GHELGR D VXV FRPHQWDULRV TXH OD LQKLEHQ FDGD YH] PiV GH
UHODFLRQDUVHFRQORVGHPiV
(VEDVWDQWHKDELWXDOHQODVSHUVRQDVRUGLQDULDVTXHSHUWHQHFHQDO
WLSR VHQVRULDO LQWURYHUWLGR HQ WpUPLQRV GH SVLFRORJtD MXQJXLDQD  RtU
YRFHV R VRQLGRV 0XFKRV P~VLFRV SRU HMHPSOR VXHOHQ ³DOXFLQDU´
P~VLFD \ PRQWRQHV GH SHUVRQDV HVFXFKDQ YRFHV LQWHULRUHV R KDQ
WHQLGR YLVLRQHV 3DUD GHVDUUROODU XQ DPDQWH LPDJLQDULR WLHQH TXH
H[LVWLUXQSRWHQFLDOSDUDHVWDFODVHGHH[SHULHQFLDLQWHULRUWDQYtYLGD
DGHPiVGHXQDYLGDSHUVRQDOTXHFDUH]FDGHUHODFLRQHVLPSRUWDQWHV
(OODSXHGHVHUXQDSHUVRQDFRQXQDYLGDVRFLDOPX\SREUHGHELGRD
VXSRFRDWUDFWLYRDVXLQFDSDFLGDGSDUDUHODFLRQDUVHRDVXVPLHGRV
(O ³VHFXHVWUR GH +DGHV´ HV KDFLD VX PXQGR SULYDGR GRQGH HOOD
PDQWLHQH XQD UHODFLyQ LQWHUQD FRQ VX IDQWDVPDJyULFR DPDQWH (VWR
WLHQH HO PLVPR HIHFWR HQ VX YLGD TXH VL IXHUD XQD UHODFLyQ UHDO
VHFUHWD OD DtVOD GH ORV GHPiV DXQTXH SXHGH VHJXLU WUDEDMDQGR HQ
XQSXHVWRPRQyWRQR\SDVDUGHVDSHUFLELGD
8Q KRPEUH TXH YLYH FRPR +DGHV HO VROLWDULR WDPELpQ SXHGH
WHQHUXQD3HUVpIRQHLPDJLQDULD(OODSXHGHVHUXQDSHUVRQDUHDOSRU
OD TXH VH VLHQWH DWUDtGR HQ OD GLVWDQFLD \ TXH JUDGXDOPHQWH VH YD
FRQYLUWLHQGR HQ XQD ³SUHVHQFLD´ DXWyQRPD HQ VX PXQGR LQWHULRU 6L
HVWR VXFHGH \ OD OtQHD HQWUH OD PXMHU LPDJLQDGD \ OD UHDO VH YD
ERUUDQGR HQ VX PHQWH SXHGH DFDEDU DFWXDQGR GH DOJXQD IRUPD
LQDSURSLDGDRGHPHQFLDOFRQODPXMHUUHDO
+DGHV HOOXJDU FRPRDUTXHWLSRGHOPXQGR
VXEWHUUiQHR
+DGHVHUDHOUHLQRVXEWHUUiQHRHOLQILHUQRHOPXQGRVXEWHUUiQHR
GRQGHORVHVStULWXVYDQGHVSXpVGHODPXHUWHXQOXJDUTXHDOJXQRV
GLRVHV\PRUWDOHVSXHGHQYLVLWDU\UHJUHVDUGHpO$VtSXHV+DGHVHV
XQDUTXHWLSRGHOXJDUDVtFRPRXQSDWUyQGHSHUVRQDOLGDG

+DGHV HOOXJDU FRPRLPDJHQDUTXHWtSLFDGHODGHSUHVLyQ

&XDQGR 3HUVpIRQH IXH VHFXHVWUDGD DO PXQGR VXEWHUUiQHR \
DSUHVDGD DOOt FOtQLFDPHQWH VH SRGtD FRQVLGHUDU TXH HVWDED
GHSULPLGDQRKDFtDQDGDPiVTXHHVWDUVHQWDGDQLEHEtDQLFRPtD
\ SHQVDED TXH MDPiV YROYHUtD D YHU OD OX] GHO GtD FRJHU IORUHV R
YROYHUDYHUDVXPDGUH(QWUHWDQWRHQVXDXVHQFLDWRGDODWLHUUD
VHHVWDEDYROYLHQGRiULGD\QDGDVHSRGtDFXOWLYDU
/DV SHUVRQDV GHSULPLGDV DFW~DQ \ VLHQWHQ FRPR 3HUVpIRQH
FXDQGR IXH VHFXHVWUDGD 6H VLHQWHQ DLVODGDV GH WRGR DTXHOOR TXH
VROtDWHQHUVLJQLILFDGRSDUDHOODVWRGDVODVHPRFLRQHVVRQJULVHV$
YHFHVLQFOXVRODSHUFHSFLyQGHODYLYDFLGDG\HOFRORUGHVDSDUHFHQ\
HO PXQGR VH YH OLWHUDOPHQWH JULV (VWH WLSR GH GHSUHVLyQ VH SXHGH
FRPSDUDU FRQ XQ GHVFHQVR DO PXQGR LQWHULRU GH ODV LPiJHQHV \ GH
ODVYRFHVWDQELHQGHVFULWRSRU-RDQQD*UHHQEHUJTXLHQ HQODSLHO
GH +DQQDK *UHHQ  HVFULELy VX QRYHOD DXWRELRJUiILFD , 1HYHU
3URPLVHG<RXD5RVH*DUGHQTXHWUDWDGHXQDDGROHVFHQWHTXHVH
HYDGHGHODUHDOLGDG
/RVGHVFHQVRVPHQRUHVDOPXQGRVXEWHUUiQHRVRQDOJRKDELWXDO
6RQHVRVPRPHQWRVHQORVTXHSXHGHTXHGLJDPRV©KR\QRWHQJR
XQEXHQGtDªHQHOVHQWLGRGHTXHHVWDPRVGHSULPLGRV

(OPXQGRGHODVRPEUD
(Q OD SVLFRORJtD MXQJXLDQD ORV FRQWHQLGRV GH ³OD VRPEUD´ VRQ
GREOHV/DVRPEUDFRQWLHQHHVDVSDUWHVGHQRVRWURVPLVPRVTXHVRQ
LQDFHSWDEOHV WDQWR SDUD QRVRWURV FRPR SDUD QXHVWUD LGHD GH ³TXp
SHQVDUtDQ ORV GHPiV´ VL OR VXSLHUDQ \ DVt JXDUGDPRV HVWRV
SHQVDPLHQWRV DFFLRQHV DFWLWXGHV \ VHQWLPLHQWRV RFXOWRV GH ORV
GHPiV D YHFHV LQFOXVR GH QRVRWURV PLVPRV (VWD SDUWH GH OD
VRPEUD FRUUHVSRQGH DO FRQFHSWR IUHXGLDQR GHO LG \ DO RVFXUR
7iUWDURHVDSDUWHGH+DGHVGRQGHORVWLWDQHVYHQFLGRV\RWURVTXH
KDEtDQRIHQGLGRDORVGLRVHVGHO2OLPSRIXHURQHQFDUFHODGRV
6LQ HPEDUJR OD LGHD MXQJXLDQD GH OD VRPEUD WDPELpQ LQFOX\H
VRPEUD PDWHULDO ³SRVLWLYD´ SRWHQFLDO SRVLWLYR TXH HVWi D SXQWR GH
SDVDU DO SODQR GH VHU FRQVFLHQWH TXH VLJXH HVWDQGR HQ OD VRPEUD
WRGDYtD QR HVWi D OD OX] (VWH PDWHULDO FRUUHVSRQGH D ODV ULTXH]DV
VXEWHUUiQHDVTXHHVWiQDVRFLDGDVFRQ+DGHV

(ORWURPXQGRHOUHLQRGHORVPXHUWRV
3DUDORVJULHJRV+DGHVHUDHOUHLQRGHORVPXHUWRV$OOtHVGRQGH
LEDQ ORV HVStULWXV GHVSXpV GH OD PXHUWH SDUD H[LVWLU HWHUQDPHQWH
FRPR VRPEUDV IDQWDVPDJyULFDV R ELHQ EHEHU GHO UtR GHO ROYLGR
/HWHR \QDFHUGHQXHYRVLQUHFRUGDUODH[LVWHQFLDDQWHULRU+DGHV
FRPROXJDUDUTXHWtSLFRHVHORWURPXQGRFRQFHSWRTXHSUHVXSRQH
ODH[LVWHQFLDGHXQHVStULWXTXHVREUHYLYHGHVSXpVGHODPXHUWH
/RV PpGLXP TXH FUHHQ HVWDU HQ FRQWDFWR FRQ ORV PXHUWRV ORV
WUDEDMDGRUHV GH ORV FHQWURV SDUD GHVDKXFLDGRV TXH WUDEDMDQ FRQ
PRULEXQGRV\ODVSUiFWLFDVHVSLULWXDOHVTXHVHEDVDQHQODVXSRVLFLyQ
GHTXHHOHVStULWXSXHGHQHFHVLWDUD\XGDSDUDUHDOL]DUODWUDQVLFLyQ
WRGRVHOORVIXQFLRQDQFRPR+HUPHVHOGLRVPHQVDMHURTXHVHSRGtD
GHVSOD]DU HQWUH ORV GLVWLQWRV SODQRV \ TXH JXLDED D ORV HVStULWXV DO
+DGHV

/RLQFRQVFLHQWHFROHFWLYR\SHUVRQDO
(OPXQGRVXEWHUUiQHRWDPELpQFRUUHVSRQGHVLPEyOLFDPHQWHDOR
LQFRQVFLHQWH FROHFWLYR \ SHUVRQDO 7RGR OR TXH KHPRV ROYLGDGR HVWi
DOOtHQORLQFRQVFLHQWHSHUVRQDODOJXQRVUHFXHUGRVVyORQHFHVLWDQXQ
SRFR GH HVIXHU]R SDUD TXH SXHGDQ UHJUHVDU DO SODQR FRQVFLHQWH
RWURV UHFXHUGRV PiV GRORURVRV SXHGHQ KDEHU VLGR HQWHUUDGRV R
UHSULPLGRV GHOLEHUDGDPHQWH (Q VX UHLQR JR]DQ GH DOJ~Q WLSR GH
³H[LVWHQFLD´DXQTXHQRSXHGDQVHUUHFRUGDGRV
/R LQFRQVFLHQWH FROHFWLYR HV HO UHLQR GH ORV DUTXHWLSRV R GH ORV
SDWURQHV XQLYHUVDOHV TXH SXHGHQ VHU FRQVWHODGRV SUHFLSLWDGRV R
HYRFDGRV SRU FLUFXQVWDQFLDV TXH OHV WUDQVPLWHQ HQHUJtD (VWRV
SDWURQHVKDQH[LVWLGRDORODUJRGHOWLHPSRKDQVLGRHQFDUQDGRVSRU
SHUVRQDVTXHKDQPXHUWRKDFHPXFKR(QXQVHQWLGRH[LVWHQFRPR
³HVSHFWURV´RDUTXHWLSRVTXHHQUHDOLGDGQDFHQUHSHWLGDVYHFHV
+DGHVHOKRPEUH
(O GLOHPD GHO KRPEUH +DGHV HV FyPR DGDSWDUVH ¢FyPR SXHGH
VHU ILHO D Vt PLVPR \ D OD YH] HQFDMDU HQ HO PXQGR H[WHULRU" 6X
SUHGLVSRVLFLyQVXEMHWLYDLQQDWDQRHVIRPHQWDGDSRUHOFRQWUDULRVH
OHMX]JDGHDFXHUGRFRQXQDSHUVRQDOLGDGWLSRTXHHVPX\RSXHVWDD
OD VX\D 6XHOH FUHFHU HQ XQD FXOWXUD TXH OH UHVXOWD DMHQD HVR OH
H[LJH WUDVFHQGHU ORV FRQILQHV GH HVWH DUTXHWLSR VL TXLHUH HQFRQWUDU
VXOXJDU

/RVSULPHURVDxRV
8Q QLxR LQWURYHUWLGR FRPR +DGHV QR VXHOH FDXVDU XQD JUDQ
LPSUHVLyQ/DLQYLVLELOLGDGTXHOHFDUDFWHUL]DHPSLH]DSURQWRSRUTXH
FDUHFHGHXQDYROXQWDGIXHUWHRGHXQDSHUVRQDOLGDGGHPHWHUVHHQ
MDOHRV FRPR VXV KHUPDQRV (VSRUiGLFDPHQWH SXHGH KDFHUVH QRWDU
SRUUHDFFLRQDUGHXQDIRUPD³SHFXOLDU´6HJ~QORVGHPiVDPHQXGR
UHDFFLRQD GH IRUPD LQHVSHUDGD HVSHFLDOPHQWH FRQ OD JHQWH \ ODV
VLWXDFLRQHVQXHYDV1RUHDFFLRQDDODIRUPDHQTXHDOJRRDOJXLHQVH
SUHVHQWDDQWHORVGHPiVVLQRDFyPROHDIHFWDDpOVXEMHWLYDPHQWH
3RUHMHPSORVXSRQJDPRVTXHOOHJDXQDFDQJXURQXHYDDVXFDVD
R TXH YH D VX DEXHOD SRU SULPHUD YH] (Q OXJDU GH GHYROYHUOH OD
VRQULVD D OD PXMHU GH SHOR JULV VH DSDUWD DODUPDGR \ OORUD SRUTXH
HOODOHHYRFDXQDVHQVDFLyQGHVDJUDGDEOHRHQVXURVWURSXHGHYHU
DOJR TXH OH DWHPRUL]D HQ OXJDU GH YHUOR FRPR XQDV IDFFLRQHV
RUGLQDULDV
,QFOXVR DXQTXH QR KDJD QDGD IXHUD GH OR FRP~Q SUHILHUH
UHWLUDUVHHLQWHULRUL]DUODH[SHULHQFLDHQOXJDUGHVDOLUDEXVFDUOD'H
PRGR TXH GH SHTXHxR SDUHFHUi WtPLGR \ D PHGLGD TXH YD\D
FUHFLHQGR VHULR \ UHVHUYDGR /D UHWLFHQFLD HV FULWLFDGD
HVSHFLDOPHQWH HQ XQ PXFKDFKR 'HVGH XQ SULQFLSLR HO QLxR +DGHV
QRVXHOHFRQWDUFRQPXFKDDSUREDFLyQFRPROHVVXFHGHDDOJXQRV
QLxRVH[WUDYHUWLGRV\VRFLDEOHV(OGHVDUUROORGHVXDXWRHVWLPDQRVH
SURGXFH FRQ IDFLOLGDG HQ HO PHMRU GH ORV FDVRV VH YH HQWRUSHFLGR
SHURHQJHQHUDOVXHOHGHVDUUROODUXQVHQWLPLHQWRQHJDWLYRDFHUFDGH
VtPLVPR

6XVSDGUHV
6HSURGXFHQDOJXQRVHQFRQWURQD]RVGLItFLOHVHQWUHORVKLMRV+DGHV
\ VXV SURJHQLWRUHV +DGHV VHQFLOODPHQWH QR HQFDMD HQ HO PROGH GH
FyPRVHVXSRQHTXHKDQGHVHUORVPXFKDFKRV\WDQWRpOFRPRVXV
SDGUHVVHVLHQWHQUHFKD]DGRVHLQFRPSUHQGLGRV
+D\ DOJR GH DXWLVWD HQ XQD SHUVRQDOLGDG +DGHV TXH \D VH
PDQLILHVWD HQ XQD IDVH WHPSUDQD &XDQGR HVWi GHVRODGR ODV
VHQVDFLRQHVTXHSHUFLEHRODVLPSUHVLRQHVTXHH[SHULPHQWDSXHGHQ
VHU SXUDPHQWH VXEMHWLYDV GH PRGR TXH ORV GHPiV QR OOHJDQ D
FRPSUHQGHU OR TXH OH HVWi VXFHGLHQGR (VWD SHFXOLDULGDG KDFH TXH
PXFKDV PDGUHV SULPHUR VH VLHQWDQ LQFRPSHWHQWHV \ OXHJR VH
SRQJDQIXULRVDV
/DV FRPELQDFLRQHV GH SDGUH H KLMR VXHOHQ VHU ODV SHRUHV 8Q
GHVDIRUWXQDGRHPSDUHMDPLHQWR HVSHFLDOPHQWHVLHVXQKRPEUHSDUD
TXLHQ LQWURYHUWLGR VLJQLILFD ³PDULTXLWD´  HV HQWUH XQ SDGUH
H[WUDYHUWLGR \ FDPSHFKDQR TXH UHJDOD SXURV \ FRPSUD XQ EDWH \
XQD SHORWD GH EpLVERO HQ PLQLDWXUD SDUD VX UHFLpQ QDFLGR \ HO
JHQHUDOPHQWH VHULR H LQWURYHUWLGR PXFKDFKR TXH WLHQH SRU KLMR eO
KDEtDSUHYLVWRWHQHUXQKLMRTXHIXHUDGHWDOSDORWDODVWLOODXQKLMR
GHOTXHSXGLHUDHVWDURUJXOORVRTXHIXHUDVXDPLJRXQMRYHQDOTXH
OHSXGLHUDKDFHUGHWXWRU\OOHYDUORDORVSDUWLGRV<VXKLMR+DGHVQR
HV pVH 6L DGHPiV QHFHVLWDED XQ KLMR SDUD VX SURSLD DXWRHVWLPD
HQWRQFHV OD UDELD SXHGH TXH HVWp FDVL D IORU GH SLHO HQ HVWD DIDEOH
SHUVRQD \ SXHGH LU GLULJLGD FRQWUD HO KLMR TXH QR HQFDUQD VXV
HVSHUDQ]DV
'H PRGR TXH HO QLxR +DGHV VH SXHGH VHQWLU GHVSUHFLDGR HQ HO
PXQGRSRUVHUFRPRHV\GHVFXEULUTXHSRUHOFRQWUDULRVXPXQGR
LQWHULRU HV XQ UHIXJLR 'H FXDOTXLHU IRUPD HO PXFKDFKR +DGHV
GLVIUXWDGHVXSURSLDFRPSDxtD\TXLHUHSDVDUWLHPSRVRORRTXL]iV
FRQ XQ DPLJR LPDJLQDULR 'HVGH OD JXDUGHUtD ORV GHPiV WUDWDQ GH
LQFXOFDUOH TXH KD GH VHU PiV VRFLDEOH \ SUREDEOHPHQWH FRQWLQXDUi
IUXVWUDQGR OD QHFHVLGDG TXH VX PDGUH WLHQH GH FXLGDUOH GH TXH
GHSHQGD GH HOOD \ GH TXH VHD VHQVLEOH 3RU OR JHQHUDO UHFLEH HO
PHQVDMHGHTXHKD\DOJRPDORHQpOSRUVHUFRPRHV
&XDQGRVXVSDGUHVUHVSHWDQVXLQGLYLGXDOLGDG\SXHGHQDSUHFLDU
TXH HVD FDSDFLGDG GH VROHGDG HV XQD IRUWDOH]D HQ OXJDU GH XQD
UDUH]DDOQLxR+DGHVOHLUiELHQ$~QDVtQRVXHOHUHFLELUD\XGDFRQ
VXIRUPDVXEMHWLYDGHSHUFLELU\VHODVKDGHDUUHJODUSDUDLQWHUSUHWDU
VXSURSLDH[SHULHQFLDRUHSULPLUVXVUHDFFLRQHVVXEMHWLYDV
3RUHMHPSORXQQLxRTXHYHDXUDVDOUHGHGRUGHODVSHUVRQDVVH
VLHQWHPX\UDURFXDQGRVHGDFXHQWDGHTXHORVGHPiVQRODVYHQ\
SXHGHTXHQXQFDOOHJXHDDVRFLDUORVFRORUHVTXHYHFRQLQIRUPDFLyQ
UHVSHFWRDHVDSHUVRQD,JXDOPHQWHVLWLHQHODVHQVDFLyQGHSUHVLyQ
HQ HO SOH[R VRODU HQ FLHUWRV OXJDUHV SXHGH SHQVDU TXH HVWi DOJR
LQFyPRGR \ QR VDEHU TXH HVH VHQWLPLHQWR HV VX UHVSXHVWD D DOJR
HVSHFtILFRTXHOLWHUDOPHQWHOHKDFHVHQWLUVHPDO
$XQTXH ORV SDGUHV QR HVWpQ SUHSDUDGRV SDUD D\XGDUOH FRQ HVDV
H[SHULHQFLDVVXEMHWLYDVVtSXHGHQD\XGDUOHDDGDSWDUVHDOPXQGRHQ
HO TXH YLYH 3XHGHQ SURSRUFLRQDUOH SDFLHQFLD \ iQLPR \ XQD JXtD
HVSHFtILFDXQHQIRTXHSDUHFLGRDOTXHXQRHPSOHDUtDSDUDHGXFDUD
XQQLxRGHRWUDFXOWXUDRTXHWXYLHUDXQDGHILFLHQFLDGHSHUFHSFLyQ
&RQ XQ DSR\R FDULxRVR SXHGH VXSHUDU OD LQIDQFLD VLQWLpQGRVH
FRPSHWHQWH \ VHJXUR HQ HO PXQGR 3HUR HVWR QR VXFHGHUi VL HV
ULGLFXOL]DGR SRU VXV UHVSXHVWDV VXEMHWLYDV \ IDOWD GH FRQRFLPLHQWR
HQWRQFHV VH OLPLWDUi D FDOODUVH FRPR XQ PXHUWR /D HGXFDFLyQ
WDPELpQ HV PX\ ~WLO SDUD VX GHVDUUROOR SVLFROyJLFR SRUTXH ODV
SHUFHSFLRQHV REMHWLYDV \ OD UD]yQ VH SXHGHQ GHVDUUROODU SDUD
HTXLOLEUDUVXVXEMHWLYLGDGLQWHULRU<VLHVTXHULGR\VHOHSURSRUFLRQD
VXHVSDFLRGHVDUUROODUiFRQILDQ]DHQODVUHODFLRQHV1RHVXQPRGHOR
GHQLxRFRUULHQWH\QHFHVLWDDOJXQDVFRQVLGHUDFLRQHVHVSHFLDOHV

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
8Q DGROHVFHQWH +DGHV VLJXH XQD FRUULHQWH PX\ GLVWLQWD \ WLHQH
SUREOHPDV FXDQGR LQWHQWD VHJXLU HO ULWPR GH OD FRQIRUPLGDG
DGROHVFHQWH 1R HQWLHQGH FyPR ORV GHPiV VDEHQ FXiO HV OD ~OWLPD
WHQGHQFLD SDVD GH OOHYDU OD URSD ³TXH WRFD´ \ HV SUREDEOH TXH VH
SLHUGDODPD\RUtDGHODVILHVWDV³EXHQDV´VLHVTXHOHLQYLWDQ6LKD
GHVDUUROODGR XQ DVSHFWR H[WUDYHUWLGR OR ³VXILFLHQWHPHQWH EXHQR´
FRPR SDUD SHUPLWLUOH IXQFLRQDU \ WLHQH OD VHJXULGDG LQWHUQD GH TXH
VLJXHVLHQGRpOPLVPRVDEHTXHHVXQDSHUVRQDGLVWLQWD\FRPR\D
KD SUREDGR VXILFLHQWHPHQWH OR TXH VRQ ODV UHODFLRQHV VRFLDOHV KD
OOHJDGRDODFRQFOXVLyQGHTXHSUHILHUHVXSURSLDFRPSDxtDDODGHOD
PD\RUtD GH ODV SHUVRQDV 3XHGH TXH \D HQ HVWD HWDSD WHQJD VyOR
XQRRGRVDPLJRVTXHVRQWRGRORTXHQHFHVLWD
3DUD TXH YD\D D OD XQLYHUVLGDG R HVWXGLH XQD FDUUHUD KD GH
GHVDUUROODU RWURV DUTXHWLSRV /D HGXFDFLyQ IRPHQWD HO SHQVDPLHQWR
UDFLRQDOGH$SROR\ODVSHUFHSFLRQHVREMHWLYDVHQVHxDDHVFULELU\D
KDEODUTXHVRQFXDOLGDGHVGH+HUPHV$PERVGLRVHVOHD\XGDQDVHU
PiV H[WUDYHUWLGR &RUUH SHOLJUR VL HV GHPDVLDGR EXHQR HQ HVWDV
KDELOLGDGHVHLQWHQWDVHUFRPRORVGHPiVHVSHUDQTXHVHDHOSHOLJUR
GH HQWUDU HQ XQ PXQGR ODERUDO HQ HO TXH SXHGH VHU FRPSHWHQWH
SHURTXHQRWLHQHXQVHQWLGRSURIXQGRSDUDpO

(OWUDEDMR
/D FODYH SDUD TXH SXHGD FRQHFWDU HO PXQGR LQWHULRU FRQ HO
H[WHULRU VHUi TXH HO LQWHUpV TXH VXUMD GH VX H[SHULHQFLD LQWHULRU
OOHJXH D FRQYHUWLUVH HQ XQD RFXSDFLyQ (VWH LQWHUpV OH SURSRUFLRQD
XQDLGHQWLGDGHQHOPXQGR\XQPHGLRGHJDQDUVHODYLGDKDFLHQGR
DOJRTXHWLHQHVHQWLGRSDUDpO
(VWHDUTXHWLSRQRHVGHSRGHUHQpOODDPELFLyQODFRPXQLFDFLyQ
\ OD SHUVRQD HVWiQ DXVHQWHV $ PHQRV TXH GHVDUUROOH RWURV
DUTXHWLSRV SRGUtD DEDQGRQDU ORV HVWXGLRV HQ HO LQVWLWXWR R HQ
FXDOTXLHUPRPHQWRSRVWHULRU3XHGHTXHQROHFRQWUDWHQSDUDQLQJ~Q
WUDEDMR FXDOLILFDGR \ TXH UHFLED XQ VDODULR PDUJLQDO 6LQ HPEDUJR
KDJDORTXHKDJDVXHOHKDFHUORFRQVHULHGDG(QJHQHUDOVHTXHGD
HQ WUDEDMRV UHSHWLWLYRV TXH QR RIUHFHQ QLQJ~Q UHWR SRUTXH VX YLGD
³UHDO´VHGHVDUUROODHQHOLQWHULRU
6L XQ +DGHV WDPELpQ SRVHH XQ +HUPHV ELHQ GHVDUUROODGR HO
DUTXHWLSR GH OD FRPXQLFDFLyQ TXH SXHGH GHVSOD]DUVH HQWUH ORV
PXQGRV \ OOHYDU LQIRUPDFLyQ HQWUH HOORV \ TXH FRQGXFH D ORV
HVStULWXV DO PXQGR VXEWHUUiQHR  HQWRQFHV SXHGH TXH VDTXH DO
PXQGRH[WHULRUHVHSODQRSURIXQGRDOTXHpOWLHQHDFFHVR(VWRVGRV
DUTXHWLSRV DFW~DQ MXQWRV HQ OD SURGXFFLyQ FLQHPDWRJUiILFD HQ OD
SVLFRORJtD SURIXQGD OD OLWHUDWXUD HQ HO WUDEDMR FRQ ORV PRULEXQGRV
HQORVFHQWURVSDUDGHVDKXFLDGRV\HQRWURVFDPSRV(QHOORVSXHGH
HQFRQWUDU TXH WLHQH XQ GRQ HVSHFLDO SDUD UHDOL]DU XQ WUDEDMR PX\
VLJQLILFDWLYRHOFXDOKDFHSRUYROXQWDGSURSLD

/DVUHODFLRQHVFRQODVPXMHUHV
+DGHV QR VH ODV DUUHJOD PX\ ELHQ SDUD FRQRFHU PXMHUHV HQ ODV
UHXQLRQHV VRFLDOHV (V SUREDEOH TXH WDPELpQ VHD XQ KRPEUH
LQYLVLEOH D SHVDU GH WRGR HO HQFDQWR \ OD TXtPLFD TXH JHQHUH EDMR
HVWDV FLUFXQVWDQFLDV /RV ULWXDOHV GH FLWDUVH \ GH IOLUWHDU QR HQFDMDQ
SDUD QDGD HQ VX FDUiFWHU \ VL OOHJD D UHDOL]DUORV QR OH VDOHQ PX\
ELHQ /D IDOWD GH H[SHULHQFLD FRQ ODV PXMHUHV R HO UHFKD]R GH pVWDV
HVXQDH[SHULHQFLDFRP~QSDUDORV+DGHV
6LQHPEDUJRFRPR'DQWHTXHYLRD%HDWUL]XQDYH]\VHVLQWLy
WDQLQVSLUDGRSRUVXUHODFLyQLQWHUQDFRQHOODTXHHVFULELy /DGLYLQD
FRPHGLDORV+DGHVSXHGHQTXHGDUVHSURIXQGDPHQWHDIHFWDGRVSRU
VX H[SHULHQFLD VXEMHWLYD LQWHUQD GH XQD PXMHU UHDO D OD TXH DSHQDV
FRQRFHQ8Q+DGHVWDPELpQSXHGHWHQHUXQDSURIXQGDUHODFLyQFRQ
XQD PXMHU TXH VHD VX DOPD JHPHOD TXH SXHGD FRPSDUWLU ODV
ULTXH]DV GHO PXQGR LQWHULRU (O GHVWLQR SDUHFH DWUDHU D HVWDV GRV
DOPDV SRUTXH ODV SRVLELOLGDGHV GH TXH XQR GH ORV GRV HQFXHQWUH D
RWUDSHUVRQDVRQPX\HVFDVDV
$O QR WHQHU p[LWR HQ OD YLGD VRFLDO SXHGH TXH OOHYH XQD YLGD GH
UHFOXVLyQVLQWHQHUGHPDVLDGRFRQWDFWRFRQODVPXMHUHV

/DVUHODFLRQHVFRQORVKRPEUHV
(O VROLWDULR H LQFOXVR RFXOWR +DGHV QR VDEH FyPR JR]DU GH OD
FDPDUDGHUtD FRQ ORV RWURV KRPEUHV 6H VLHQWH UHOHJDGR \ VH DEUH
SDVRHQHOPXQGRPiVELHQFRPRXQVROLWDULR/RVRWURVKRPEUHVOH
GHMDQVHUWDOFRPRHV7LHQHDOJRTXHLPSLGHTXHVHPHWDQFRQpOR
TXHOHLQFOX\DQ6HU³XQPXFKDFKRGHORVQXHVWURV´QROHLPSRUWDOR
PiV PtQLPR OR FXiO GHVSRMD D ORV GHPiV GH SRGHU UHVSHFWR D pO\
DOJR UHVSHFWR D VX RULHQWDFLyQ LQWHULRU WUDQVPLWH IXHU]D (V
³GLIHUHQWH´ SHUR QR GH IRUPD TXH LQYLWD D VHU YtFWLPD /RV SRFRV
DPLJRVTXHSXHGHWHQHUHQVXYLGDWHQGUiQTXHHQWUDUHQVXUHLQR
TXL]iVDUUDVWUDGRVSRUGLVFXVLRQHVVREUHVXVSHUFHSFLRQHV

/DVH[XDOLGDG
+D\ XQD JDPD PX\ FRPSOHMD GH VH[XDOLGDGHV +DGHV 3XHGH
OOHYDU XQD YLGD GH FHOLEDWR PRQDFDO FRQ PiV IDFLOLGDG TXH QDGLH \
SXHGHTXHORKDJDVLVHUHFOX\H6LQHPEDUJRVLXQDDILQLGDGGHVX
DOPD FRQ OD GH XQD PXMHU WHUPLQD HQ XQD UHODFLyQ VH[XDO VH
FRQYLHUWH HQ XQD SRGHURVD SUiFWLFD GH LQLFLDFLyQ TXH VHUi XQD
H[SHULHQFLDLQWHUQDPXOWLVHQVRULDODODYH]TXHXQLQWHUFDPELRItVLFR
$UDt]GHHOODSXHGHFRQHFWDUFRQXQSRWHQFLDOGLRQLVtDFRH[WiWLFR
1R REVWDQWH WDPELpQ VXUJHQ SDUDOHOLVPRV SRWHQFLDOHV FRQ OD
KLVWRULD VH[XDO GHO GLRV +DGHV TXH VHFXHVWUy \ YLROy D 3HUVpIRQH
7DPELpQPLUyFRQOXMXULDD0LQWHSHURIXHWUDQVIRUPDGDHQODKLHUED
PHQWD DQWHV GH TXH pO SXGLHUD DFWXDU DPRURVDPHQWH FRQ HOOD /D
PLVPD KLVWRULD VH UHSLWLy FRQ /HXFH TXH VH FRQYLUWLy HQ HO iODPR
EODQFR'HPRGRTXHVX~QLFDUHODFLyQVH[XDOIXHFRQ3HUVpIRQHD
TXLHQUDSWy\WDPELpQGHVSRVy7DQWR=HXVFRPR3RVHLGyQIRU]DURQ
VH[XDOPHQWHDODVPXMHUHVHQUHSHWLGDVRFDVLRQHVVLQHPEDUJRIXH
+DGHV HO TXH VH TXHGy FRQ OD PDOD UHSXWDFLyQ TXH ORV RWURV VH
KDEtDQJDQDGR/DYLGDSXHGHLPLWDUDOPLWRSRUTXHODVYLRODFLRQHV
FRQ\XJDOHV \ HQ ODV FLWDV HO LQFHVWR \ HO DFRVR VH[XDO QR VRQ
LQIUHFXHQWHV HQ ORV KRPEUHV SRGHURVRV /R FRQVLJXHQ FXDQGR OD
PXMHUHVGHSHQGLHQWHRWLHQHPHQRVFUHGLELOLGDG\SRGHUTXHHOORV
3HUR FXDQGR XQ +DGHV OR KDFH HV PiV SUREDEOH TXH VH FRQR]FD \
TXH VH OH HWLTXHWH SRUTXH QR YLYH HQ XQ FRQWH[WR GH SRGHU 3RU HO
FRQWUDULR VXV DFFLRQHV SXHGH TXH KD\DQ VXUJLGR GH XQD YLGD PX\
OOHQD GH IDQWDVtD HQ OD TXH H[LVWtD XQD PXMHU UHDO D OD TXH OOHJD D
DFHUFDUVHFRQODLGHDHUUyQHDGHTXHHOODTXLHUHWHQHUXQDUHODFLyQ
VH[XDO FRQ pO 7RGR OR TXH KDJD EDMR HVWD SHUFHSFLyQ HTXLYRFDGD
VHUiLQDGHFXDGR\HOODXRWURVORKDUiQS~EOLFR

(OPDWULPRQLR
6LHQFXHQWUDXQDPXMHUDODTXHSXHGDDPDUVHFDVDUiFRQHOOD
$O LJXDO TXH =HXV \ 3RVHLGyQ ORV KRPEUHV +DGHV WDPELpQ TXLHUHQ
IRUPDU XQ KRJDU \ JR]DU GH HVWDELOLGDG \ RUGHQ (O PDWULPRQLR HV
HVHQFLDO SDUD GHWHUPLQDU HO FXUVR GH VX YLGD 6LQ HO PDWULPRQLR
SHUPDQHFHUi VROR \ YLYLUi FRPR XQ IRUDVWHUR TXL]iV VH UHFOX\D
*UDFLDV D OD HVSRVD \ ORV KLMRV IRUPD SDUWH GH XQD IDPLOLD \ XQD
FRPXQLGDG 6X HVSRVD KDFH GH PHGLDGRUD HQWUH VX LQWURYHUWLGR
PDULGRTXHVXHOHVHULQDFFHVLEOHDORVGHPiV\ODVRWUDVSHUVRQDV
0XFKDVYHFHVWDPELpQD\XGDDVXVKLMRVDFRPSUHQGHUOH
6L IRUPD SDUWH GH XQD JUDQ IDPLOLD H[WHQVD SDWULDUFDO \
WUDGLFLRQDOGHQWURGHXQDFRPXQLGDGUHOLJLRVDRpWQLFDFHUUDGDRWURV
SXHGHQ³DUUHJODU´VXPDWULPRQLRFRQXQDPXMHUPXFKRPiVMRYHQ\
VH[XDOPHQWH LQH[SHUWD (QWRQFHV HOOD HV ³VHFXHVWUDGD´ D XQ
PDWULPRQLRPHGLDQWHXQFRUWHMRTXHQRSXHGHUHFKD]DU

/DGHVFHQGHQFLD
 $XQTXHHOGLRV+DGHVQRWXYRGHVFHQGHQFLD IXHOD~QLFDGHLGDG
SULQFLSDOTXHQRWXYR XQKRPEUH+DGHVSXHGHVHUSDGUHELROyJLFR
6LVLJXHILHODVXSDWUyQVHUiXQSDGUHSDWULDUFDOVREULRVLQVHQWLGR
GHOKXPRUTXHHVSHUDUiRUGHQ\GHEHUQRH[SUHVDUiVXVHPRFLRQHV
\ TXH SRGUi KDFHU GH WXWRU GH VXV KLMRV R KLMDV SDUD D\XGDUOHV D
WHQHUp[LWRHQHOPXQGR
8Q+DGHVTXHIXHTXHULGRGHSHTXHxRHVXQSDGUHFDULxRVRSHUR
SRFRH[SUHVLYRFX\RVKLMRVKDQGH \SDUHFHQ DSUHQGHUDWUDYpVGH
VXV HPDQDFLRQHV 3XHGH TXH WDPELpQ FRPSDUWD ODV ULTXH]DV GH VX
YLGD LQWHULRU FRQ HOORV \ IRPHQWH VX LPDJLQDFLyQ D WUDYpV GH VX
VHOHFFLyQGHOLEURVFRQLPiJHQHVHKLVWRULDVFXDQGRVRQSHTXHxRV\
OXHJR KDEODQGR FRQ HOORV VREUH VX SHUFHSFLyQ GH ODV FRVDV
1RUPDOPHQWHFRPSDUWHVXSUHVHQFLDFRQFDGDXQRSRUVHSDUDGR6X
KLMRSDVDWLHPSRFRPSDUWLHQGRHOPLVPRHVSDFLRItVLFRFRQpOHQXQ
FRQIRUWDEOH VLOHQFLR VL WDPELpQ HV LQWURYHUWLGR 8Q QLxR PiV
H[WUDYHUWLGRKDEODUi\PRVWUDUiFRVDVDXQSDGUH+DGHVUHFHSWLYR

/DPLWDGGHODYLGD
([LVWH XQD H[WHQVD JDPD GH ODV SRVLEOHV IRUPDV TXH SXHGH
DGRSWDUODYLGDGHXQ+DGHVHQODPLWDGGHODYLGD0XFKRPiVTXH
FRQFXDOTXLHURWURDUTXHWLSRVXYLGDGHSHQGHGHODVFLUFXQVWDQFLDV
H[WHUQDV \ OR TXH HV D~Q PiV LPSRUWDQWH GH GHVDUUROODU RWURV
SDWURQHVDUTXHWtSLFRV
8Q +DGHV SXUR HV XQ VROLWDULR TXH YLYH HQ VX SURSLR PXQGR
LQWHULRU (Q OD PLWDG GH OD YLGD \ VL QR WLHQH IDPLOLD R OD KDELOLGDG
SDUDGHVHQYROYHUVHELHQHQODYLGDSXHGHUHVLGLUSHUPDQHQWHPHQWH
HQVXSURSLRPXQGRVXEWHUUiQHR3XHGHVHUXQVROLWDULRTXHYLYHHQ
XQD KDELWDFLyQ GH XQ KRWHO EDUDWR XQ SDFLHQWH PHQWDO FUyQLFR TXH
YLYH UHWLUDGR HQ VX SURSLR PXQGR R XQ PRQMH R KHUPDQR GH XQD
RUGHQUHOLJLRVDFRPRORVWUDSHQVHVTXHJXDUGDQVLOHQFLR
6L FXHQWD FRQ HO DSR\R GH VX IDPLOLD \ GH OD FRPXQLGDG \
WUDEDMD HQWRQFHV OR PiV SUREDEOH HV TXH VHD XQ FDEH]D GH IDPLOLD
SDWULDUFDO\HVWDEOH6LGHVDUUROOyVXYLGDLQWHOHFWXDOSXHGHTXHVHD
XQDFDGpPLFRDEVRUWRHQDOJRTXHOHSHUPLWHWHQHUXQDYLGDLQWHULRU
ULFD6LKDGHVDUUROODGRODKDELOLGDGGHH[SUHVDUVHHQODVDUWHVRHQ
ODOLWHUDWXUDVXWUDEDMRVHUiPX\VXEMHWLYR
6LKDGHVDUUROODGR\HQFDUQDGRRWURVDUTXHWLSRVDWUDYpVGHVXV
UHODFLRQHV VLJQLILFDWLYDV \ GXUDGHUDV \ GHO WUDEDMR SXHGH TXH KD\D
HQWUDGR WDQWR HQ HO UHLQR HPRFLRQDO FRPR HQ HO PHQWDO \ GH OD
YROXQWDG DVt FRPR HQ HO UHLQR LQWHULRU 6L +DGHV QR HV HO DUTXHWLSR
SULQFLSDO XQ KRPEUH QR VH IDPLOLDUL]DUi FRQ HVWH UHLQR GH IRUPD
QDWXUDO 0XFKRV KRPEUHV QR OR FRQVLJXHQ VREUH WRGR DTXpOORV D
TXLHQHVODVWDUHDVGHOPXQGRH[WHULRUGHODSULPHUDPLWDGGHODYLGD
OHV KDQ UHVXOWDGR IiFLOHV 3RU HQGH HO KRPEUH +DGHV TXH VH KD
WHQLGRTXHDGDSWDUDODYLGDH[WHULRUVHHQFXHQWUDHQODPLWDGGHOD
YLGD PiV LQWHJUDGR HQ HVWDV WUHV HVIHUDV TXH OD PD\RUtD GH ORV
KRPEUHV

/RV~OWLPRVDxRV
(OSDWUyQTXHXQ+DGHVKDHVWDEOHFLGRHQODPLWDGGHODYLGDHV
PX\SUREDEOHTXHFRQWLQ~HHQVXV~OWLPRVDxRV6XIDPLOLDULGDGFRQ
HOPXQGRLQWHULRUGHORVVXHxRV\GHODVLPiJHQHV\VXUHODFLyQFRQ
ORLQFRQVFLHQWHFROHFWLYRDPHQXGRKDFHQTXHYHDODPXHUWHFRPR
XQD WUDQVLFLyQ D OD TXH QR WHPH /D DQDOLVWD MXQJXLDQD -DQH +
:KHHOZULJKWHVFULELyVREUHHODQiOLVLVGHXQDPRULEXQGDHQ'HDWKRI
D:RPDQGRQGHREVHUYyTXHODSVLTXHVRxDGRUDQRWHPHODPXHUWH
\ UHVDOWy HO YDORU GHO LQWHQVR WUDEDMR SVLFROyJLFR EDVDGR HQ ORV
VXHxRVFXDQGRDOJXLHQVHHQIUHQWDDODPXHUWH
&XDQGR DOJXLHQ PXHUH GXUDQWH XQ SHUtRGR GH WLHPSR
LQYDULDEOHPHQWH VH GHVHQWLHQGH GHO PXQGR H[WHULRU VXHOWD VXV
YtQFXORV HPRFLRQDOHV FRQ ORV DFRQWHFLPLHQWRV ODV SHUVRQDV \ ODV
FRVDV \ VH LQWHULRUL]D 6H YXHOYH HQWRQFHV FRPR HVH KRPEUH R
PXMHU  R HVD SDUWH GH XQD SHUVRQD TXH HV +DGHV TXH HVWi
GHVDSHJDGD GH IRUPD QDWXUDO \ TXH VH VLHQWH PiV FyPRGD HQ HO
PXQGR VXEWHUUiQHR TXH HQ HO PXQGR H[WHULRU 4XL]iV pVWH VHD HO
PLVPR SURFHVR TXH WLHQH OXJDU HQ ODV SHUVRQDV TXH SDGHFHQ XQ
DYDQ]DGR $O]KHLPHU R TXH HVWiQ HQ FRPD ¢(VWiQ HQ VX PXQGR
LQWHULRU REVHUYDQ LPiJHQHV R\HQ FRVDV VLHQWHQ HQ HO UHLQR GH
+DGHV" 4XL]iV FRPR PXFKRV PRULEXQGRV GLFHQ HQFXHQWUDQ ³ORV
HVSHFWURV´GHODVSHUVRQDVTXHKDQPXHUWRDQWHVTXHHOORV
&RQIOLFWRVSVLFROyJLFRV
/RV FRQIOLFWRV SVLFROyJLFRV TXH LQYDGHQ D XQ KRPEUH R PXMHU
FRQXQDGLVSRVLFLyQ+DGHVVRQORVTXHVXUJHQDUDt]GHSRVHHUXQD
YLVLyQVXEMHWLYDHLQWURYHUWLGD

3UREOHPDVFRQODSHUVRQDHOKRPEUHLQYLVLEOH
$ PHQXGR DO LJXDO TXH HO GLRV TXH DSHQDV GHMDED VX UHLQR \
OOHYDED D YHFHV HO ELUUHWH GH OD LQYLVLELOLGDG XQ +DGHV SDVD VLQ VHU
YLVWR SRUTXH HYLWD D OD JHQWH R VL HVWi SUHVHQWH HV PX\ GLVFUHWR
$GHPiV WDPSRFR HVWi LQWHUHVDGR HQ OR TXH HVWi SDVDQGR HQ HO
PXQGRSRUHVRQRHVWiDOGtDGHORVGHSRUWHVGHODV~OWLPDVPRGDV
GHODVQRWLFLDVSROtWLFDVQLGHORVFRWLOOHRVTXHFRUUHQHQORVFyFWHOHV
\HQODVSDUULOODGDVGHORVGRPLQJRV6XVUHDFFLRQHVVRQVXEMHWLYDV\
VRUSUHQGH D ORV GHPiV SRU VX SHFXOLDULGDG GH PRGR TXH KD
DSUHQGLGR D HVWDU FDOODGR \ D VHU LQYLVLEOH HQ YH] GH UHVXOWDU
LQDGHFXDGR

/DSHUVRQDOLGDGGHOVROLWDULRXQDSHUVRQDHVTXL]RLGH
(O KRPEUH +DGHV HVWi SUHGLVSXHVWR D HVWDU VROR 6L ODV
FLUFXQVWDQFLDV\ODVSHUVRQDVFRQILUPDQVXWHQGHQFLDDGHVFRQILDUGH
ORV GHPiV \ VHQWLUVH LQDGHFXDGR HQ XQ PXQGR FRPSHWLWLYR VH
DEVWUDHUi HQ Vt PLVPR 6H JXDUGDUi SDUD pO OR TXH SHUFLED \ VXV
UHDFFLRQHV(QVXYLGDKDEUiXQDVHTXHGDGHPRFLRQDOXQDIDOWDGH
UHODFLRQHV \ GH HVSRQWDQHLGDG /RV GHPiV OH GHMDUiQ HQ VX
HQVLPLVPDPLHQWR SXHVWR TXH VX PHQVDMH QR YHUEDO \ D PHQXGR
WDPELpQYHUEDOHV³GHMDGPHVROR´&RPRVROLWDULRSXHGHYLYLUHQXQ
PXQGR LQWHULRU FHUUDGR OOHYDQGR XQD H[LVWHQFLD HVTXL]RLGH EDVDGD
HQXQWUDVWRUQRSVLFROyJLFRHVWDEOHSHURFRQVWULFWLYR

&RPSOHMRGHLQIHULRULGDG
(OKRPEUH+DGHVHQXQPXQGR=HXVWLHQHODVPLVPDVGLILFXOWDGHV
TXHXQQHJURHQXQPXQGRGHEODQFRV(QXQPXQGRGHEODQFRVHO
KRPEUH QHJUR QR YH LPiJHQHV SRVLWLYDV GH Vt PLVPR HV WUDWDGR
FRPR VL IXHUD LQIHULRU VLHPSUH VHUi XQ H[WUDxR \ HV UHFHSWRU GH
SUR\HFFLRQHV QHJDWLYDV R GH OD VRPEUD (O PXQGR SVLFROyJLFR VLJXH
XQDGLQiPLFDVHPHMDQWH6LXWLOL]DPRVODVGHVFULSFLRQHVGHORVWLSRV
SVLFROyJLFRV GH -XQJ \ DFHSWDPRV VXV REVHUYDFLRQHV GH TXH OD
IXQFLyQ ³LQIHULRU´ VXHOH HVWDU LQIUDYDORUDGD \ TXH OD RSXHVWD OD
IXQFLyQ ³VXSHULRU´ HV OD PiV FRQVFLHQWH \ XWLOL]DGD +DGHV
UHSUHVHQWD OD IXQFLyQ LQIHULRU HQ HO PXQGR LQGXVWULDO SDWULDUFDO GH
2FFLGHQWH/RTXHVHYDORUDQVRQORVKHFKRVRODUHDOLGDGREMHWLYD\
HO SHQVDPLHQWR OyJLFR OR TXH VH UHFRPSHQVD HV OD FDSDFLGDG GH
OOHJDU D OD FLPD \ FRPSHWLU VDWLVIDFWRULDPHQWH SRU OD SRVLFLyQ HO
SRGHU \ OD ULTXH]D 'H PRGR TXH +DGHV HV SUREDEOH TXH WHQJD
VHQWLPLHQWRV GH LQIHULRULGDG EDMD DXWRHVWLPD \ IDOWD GH FRQILDQ]D
SRUTXH QR GD OD WDOOD GH FRPR VH VXSRQH TXH GHEHUtD VHU XQ
KRPEUH
(O EDMR UHQGLPLHQWR HQ HVWD FXOWXUD HV WDPELpQ XQD IXHQWH GH
EDMD DXWRHVWLPD (V GLItFLO FRPSHWLU HQ XQD FXOWXUD H[WUDxD \ VX
VLWXDFLyQHVVLPLODU/DFXOWXUDGRPLQDQWHH[WUDYHUWLGD\FRPSHWLWLYD
HVDMHQDDXQ+DGHV6LQHPEDUJRHVSRVLEOHFRPSHQVDUGHVDUUROODU
XQ VHJXQGR OHQJXDMH DGDSWDUVH ELHQ D XQD FXOWXUD GLIHUHQWH H
LQFOXVRGHVWDFDUHQHOOD6LQHPEDUJRDPHQXGRVLJXHWHQLHQGRXQ
VHQWLPLHQWR VXE\DFHQWH GH LQIHULRULGDG UHDOL]DQGR XQD FRQWLQXD
DXWRHYDOXDFLyQ\VLQWLHQGRTXHFXDQGROOHJDHOp[LWRHVXQDHVSHFLH
GHLPSRVWRU

/DGHSUHVLyQVHTXHGDGHPRFLRQDO
+DGHVHVWiVHSDUDGRGHOUHLQRGHODVHPRFLRQHV7RGRVKHPRVGH
DGHQWUDUQRV HQ HO UHLQR GH OD UHDOLGDG REMHWLYD \ GHO SHQVDPLHQWR
DXQTXH VyOR VHD SDUD FRQVHJXLU XQD HGXFDFLyQ EiVLFD \ KHPRV GH
DSUHQGHU HO OHQJXDMH GHO PXQGR H[WHULRU 1R REVWDQWH HV EDVWDQWH
SRVLEOHTXHVHDPRVHOHTXLYDOHQWHDXQDQDOIDEHWRHPRFLRQDO1RHV
QHFHVDULRTXHDSUHQGDPRVDVDEHUTXpVLHQWHQORVGHPiV\SRUTXp
QL WDPSRFR VH QRV KDFHQ H[iPHQHV R VH QRV GD XQD HGXFDFLyQ
HVSHFLDOVLWHQHPRVSUREOHPDVSDUDDFFHGHUDQXHVWURVVHQWLPLHQWRV
RDORVGHORVGHPiV(VWDVFDSDFLGDGHVROOHJDQGHIRUPDQDWXUDOR
VH GHVDUUROODQ D WUDYpV GH IXHUWHV OD]RV HPRFLRQDOHV TXH QR VRQ
SUHGLVSRVLFLRQHVLQQDWDVSDUD+DGHV'HDKtYLHQHHOSUREOHPDGHOD
DULGH]HPRFLRQDOTXHFRQWULEX\HDXQDGHSUHVLyQFUyQLFDGHJUDGR
OHYH SDUD PXFKRV KRPEUHV HQ JHQHUDO SHUR HQ HVSHFLDO SDUD ORV
+DGHV  /D VXEMHWLYLGDG LQWHUQD QR YHUEDO GH +DGHV WDPELpQ VH
SXHGHFRQVLGHUDUTXHVXUJHGHOKHPLVIHULRGHUHFKRTXHWLHQGHDORV
HVWDGRVGHiQLPRPiVSHVLPLVWDV

'LVWRUVLRQHVGHODUHDOLGDG
/D SHUFHSFLyQ LQWURYHUWLGD HVWi WHxLGD SRU ODV LQIOXHQFLDV
VXEMHWLYDVpVDHVVXQDWXUDOH]D/DPHMRUVLWXDFLyQSDUDFXDOTXLHUD
HVWHQHUSHUFHSFLRQHVREMHWLYDV\VXEMHWLYDVSHUFLELUFRQSUHFLVLyQOR
TXHHVWiIXHUD\OXHJRREWHQHUXQDUHVSXHVWDVXEMHWLYDLQWHUQDTXH
HQVDOFH HVWD H[SHULHQFLD /D H[DFWLWXG \ OD REMHWLYLGDG FRQFLHUQHQ D
ORTXHHVSHUFLELGRFROHFWLYDRFRQVHQVXDOPHQWH\ORTXHVHDFXHUGD
TXHHVOD³UHDOLGDG´
6LQHPEDUJRFRQODUHFOXVLyQ\ODGHVFRQILDQ]DODVSHUFHSFLRQHV
VXEMHWLYDV VH YXHOYHQ GLVWRUVLRQDGDV SDWROyJLFDPHQWH \ HVWiQ IXHUD
GH OD UHDOLGDG 1R HV HO JUDGR GH GLVWRUVLyQ HQ VXV SHUFHSFLRQHV OR
TXH KDFH TXH ³ORV KRPEUHV GH OD EDWD EODQFD´ OH HQYtHQ D XQ
H[DPHQ SVLTXLiWULFR VLQR OR TXH pO KDFH FRQ HVDV SHUFHSFLRQHV OR
TXHGLFHFyPRDFW~D\TXLpQVHYHDIHFWDGRSRUHOODV \VLKD\RWUDV
SHUVRQDV OR VXILFLHQWHPHQWH SUHRFXSDGDV R FRQ EDVWDQWH SRGHU
FRPRSDUDLQWHUYHQLUHQVXYLGD

7UDVWRUQRVGHOVXHxR\HOUHLQRGHORVHVSHFWURV
/DQDUFROHSVLDHVXQDFRQGLFLyQLQXVXDOHQODTXHHOVXHxRHQOD
IDVH 5(0 PRYLPLHQWR UiSLGR GH ORV RMRV  LUUXPSH HQ HO HVWDGR
FRQVFLHQWH$YHFHVVHSXHGHHVWDUGHVSLHUWRHQPHGLRGHXQHVWDGR
GHVXHxRORFXDOHVDODUPDQWH/RPiVIUHFXHQWHHVTXHODSHUVRQD
VHDDWUDSDGDSRUHOVXHxRHQFXDOTXLHUWLSRGHVLWXDFLyQLQFOX\HQGR
ORV PRPHQWRV GH HPRFLRQHV PX\ LQWHQVDV (V FRPR VL HO VXHxR R
+DGHV  DSDUHFLHUD IXUWLYDPHQWH \ VHFXHVWUDUD D OD SHUVRQD
OOHYiQGRVHODDVXUHLQR
(ODGROHVFHQWHRHODGXOWRTXHSDGHFHQDUFROHSVLDWDPELpQSXHGH
H[SHULPHQWDU TXH ORV VXHxRV LUUXPSHQ HQ VX HVWDGR GH YLJLOLD 3RU
HMHPSORSXHGHHVWDUHQPHGLRGHXQDFRQYHUVDFLyQ\HQWUDU\VDOLU
GH XQ YtYLGR HVWDGR GH VXHxR TXH LQFOX\H RORUHV \ VHQVDFLRQHV
WiFWLOHV DVt FRPR YHU \ RtU (VWR HV OR TXH H[SHULPHQWDPRV FXDQGR
HVWDPRV GRUPLGRV \ VRxDPRV SHUR HV PX\ SHUWXUEDGRU VL QRV
VXFHGHHQIRUPDGHDOXFLQDFLyQFXDQGRHVWDPRVGHVSLHUWRV\QDGLH
PiVWLHQHODPLVPDH[SHULHQFLD
/DV IDQWDVtDV \ OD LPDJLQDFLyQ DFWLYD VRQ GHVFHQVRV YROXQWDULRV
TXH SRGHPRV UHDOL]DU \ GH ORV FXDOHV SRGHPRV UHJUHVDU ,QJHULU
GURJDV SVLFRGpOLFDV VXSRQH RWUD IRUPD YROXQWDULD GH DFFHGHU DO
+DGHV < FDGD QRFKH FXDQGR QRV YDPRV D GRUPLU HQWUDPRV HQ HO
PXQGR GH ORV HVSHFWURV DXQTXH QR SRGDPRV UHFRUGDU HO VXHxR DO
GHVSHUWDUQRV /D JHQWH TXH WLHQH VXHxRV O~FLGRV QR VyOR ORV
UHFXHUGDVLQRTXHHVFRQVFLHQWHGHTXHHVWiVRxDQGR\SXHGHWRPDU
GHFLVLRQHV TXH FDPELDUiQ HO FXUVR GHO VXHxR LQFOX\HQGR HO
GHVSHUWDUVH &XDQGR PHGLWDPRV UHIOH[LRQDPRV \ KDFHPRV
DVRFLDFLRQHV OLEUHV UHVSHFWR D DOJXQD FRVD GHO PXQGR H[WHULRU
WDPELpQ HQWUDPRV HQ HVWH UHLQR 6L SRU QDWXUDOH]D WHQGHPRV D
LQWHULRUL]DU WRGD H[SHULHQFLD FRPR VXHOHQ KDFHU ODV SHUVRQDV
LQWURYHUWLGDVHQWRQFHVHOUHLQRGH+DGHVQRVUHVXOWDUiPX\IDPLOLDU
(VXQDFXHVWLyQGHFXiQGR\GyQGHGHFXiQWRYDPRVDGHVFHQGHU
VLYDPRVDSHUPDQHFHUFRQVFLHQWHV\VLWHQHPRVODRSRUWXQLGDGGH
HVWDUDOOtRQRORTXHGHWHUPLQDVLWHQGUHPRVSUREOHPDVFRQ+DGHV

/DVGLILFXOWDGHVSDUDORVGHPiV
/DVGLILFXOWDGHVTXH+DGHVFUHDDORVGHPiVVLHQGRpOPLVPRHV
SRUTXHYLYHHQVXUHLQRLQWHULRU\HOUHVWRGHOPXQGRVXHOHYLYLUHQ
RWUD SDUWH /D GLUHFFLyQ GH VX HQHUJtD SVtTXLFD R OLELGR HV KDFLD HO
LQWHULRU < ODV SHUVRQDV VLJQLILFDWLYDV TXH HVWiQ D VX DOUHGHGRU
TXLHUHQTXHDOJRGHHVDHQHUJtDIOX\DKDFLDIXHUDHQVXVUHODFLRQHVR
HQ HO PXQGR $O PHQRV TXLHUHQ TXH +DGHV OHV FXHQWH OR TXH HVWi
VXFHGLHQGR DOOt GHQWUR $PDU D DOJXLHQ TXH WHQJD XQD QDWXUDOH]D
VROLWDULD HV HVSHFLDOPHQWH GXUR SDUD ORV H[WUDYHUWLGRV TXH VH
SXHGHQ WRPDU VX UHFOXVLyQ FRPR DOJR SHUVRQDO \ SHQVDU TXH KDQ
KHFKR DOJR PDO FXDQGR VX FRPSDxHUR R KLMR LQWURYHUWLGR VH UHWLUD
(VD WHQVLyQ \ OD WHQGHQFLD D TXH VH DWUDLJDQ ORV RSXHVWRV SXHGH
KDFHU VDOLU D +DGHV R KDFHU TXH OD RWUD SHUVRQD VH YXHOYD PiV
LQWURYHUWLGD\VROLWDULD
)RUPDVGHFUHFHU
8Q+DGHVVHUiXQDSHUVRQDDLVODGDDPHQRVTXHGHVDUUROOHRWURV
DVSHFWRV GH Vt PLVPR +D GH GHVDUUROODU XQD SHUVRQD TXH VHD
DFFHVLEOH\YLVLEOH\KDOODUORVPHGLRVSDUDFRPXQLFDUVXH[SHULHQFLD
LQWHULRU

(OGHVDUUROORGHODSHUVRQD
/D SHUVRQDHVODPiVFDUDTXHOOHYDPRVHQHOPXQGR/DSDODEUD
ODWLQD SHUVRQDVLJQLILFD³PiVFDUD´\KDFtDUHIHUHQFLDDODVPiVFDUDV
TXHVHOOHYDEDQHQHOHVFHQDULRTXHKDFtDQTXHHOSDSHOTXHKDEtD
GH UHSUHVHQWDU HO DFWRU IXHUD LQPHGLDWDPHQWH UHFRQRFLEOH /D
SHUVRQDHVODIRUPDHQTXHQRVSUHVHQWDPRVDQRVRWURVPLVPRVOD
SULPHUDLPSUHVLyQTXHGDPRV8Q+DGHVTXHYLYHPiVHQVXPXQGR
LQWHULRU TXH HQ HO H[WHULRU KD GH GLVHxDU FRQVFLHQWHPHQWH XQD
SHUVRQD DSURSLDGD UHIOH[LRQDU VREUH FyPR TXLHUH SUHVHQWDUVH
3XHVWRTXHODSHTXHxDFRQYHUVDFLyQTXHSHUPLWHDODVSHUVRQDVTXH
QRVHFRQRFHQHVWDUPiVFyPRGDVQROHVXUJHGHIRUPDHVSRQWiQHD
WHQGUi TXH SHQVDU HQ OR TXH KD GH GHFLU \ HQ FyPR TXLHUH VHU
FRPSUHQGLGR 8QD SHUVRQD TXH IXQFLRQH ELHQ ²FRPR OD URSD TXH
OOHYDPRV²KDGHVHUDSURSLDGDSDUDODVLWXDFLyQDODYH]TXHKDGH
UHIOHMDU D OD SHUVRQD TXH OD OOHYD +DGHV VH KDEUi GH HVIRU]DU SDUD
VHUYLVLEOH\DFFHVLEOH
(QFRQWUDUD3HUVpIRQH
8Q +DGHV VHUi KiELO HQ HQFRQWUDU D XQD PXMHU UHFHSWLYD TXH
SXHGD PHGLDU SRU pO HQ HO PXQGR 8Q +DGHV VH LUi DEULHQGR
JUDGXDOPHQWH \ FRPSDUWLUi VXV SHUFHSFLRQHV \ ULTXH]DV GH VX YLGD
LQWHULRUSHURSULPHURKDEUiGHVHUDFFHVLEOH³3HUVpIRQH´KDFHHVWR
SRU pO \D VHD FRPR XQD PXMHU UHDO R FRPR VX iQLPD TXH -XQJ
GHVFULELy FRPR HO DVSHFWR IHPHQLQR LQFRQVFLHQWH GH XQ KRPEUH D
WUDYpV GHO FXDO H[SUHVD JHQWLOH]D HPRWLYLGDG \ VHQWLPLHQWR (VWD
H[SUHVLYLGDG VXDYL]D VXV DVSHFWRV PiV DPHQD]DGRUHV \ OH KDFH
DFFHVLEOH

$FWLYDUD+HUPHV
+HUPHVHUDHO~QLFRGLRVTXHHQWUDED\VDOtDOLEUHPHQWHGHOUHLQR
GH +DGHV &RPR GLRV PHQVDMHUR \ SVLFRSRPSRV TXH VLJQLILFD ³HO
TXHJXtDDORVHVStULWXV´ +HUPHVWUDQVPLWtDPHQVDMHVJXLDEDDORV
HVStULWXV DO +DGHV \ IXH D EXVFDU D 3HUVpIRQH 'HVWDFDED SRU VXV
DSDULFLRQHVLQHVSHUDGDVDVtFRPRSRUVXDJLOLGDGPHQWDO\IDFLOLGDG
GHSDODEUD&XDQGR+DGHV\+HUPHVHVWiQSUHVHQWHVHOVHJXQGRHV
HOPHGLRDWUDYpVGHOFXDOVHFRPSUHQGHQODVLPiJHQHVRHVSHFWURV
GHO PXQGR VXEWHUUiQHR GH +DGHV \ VH WUDQVPLWH D ORV GHPiV (VWR
HV OR TXH KL]R & * -XQJ FXDQGR GHVFULELy ORV DUTXHWLSRV GH OR
LQFRQVFLHQWH FROHFWLYR 6L OH\HQGR D -XQJ \ D RWURV SVLFyORJRV
DQDOLVWDV MXQJXLDQRV RDSRHWDVFRPR76(OOLRWXQKRPEUH+DGHV
KDOOD HO YRFDEXODULR SDUD WUDQVPLWLU ORV WHVRURV GH VX H[SHULHQFLD
LQWHULRUHQWRQFHVVHKDEUiDFWLYDGRVXSURSLR+HUPHV

5HFXUULUDORVRWURVGLRVHVVDOLUDOPXQGR
(O KRPEUH TXH HV SUHGRPLQDQWHPHQWH \ GH IRUPD LQQDWD XQ
+DGHV LQWURYHUWLGR VXHOH WHQHU XQD DPSOLD JDPD GH RSRUWXQLGDGHV
SDUD GHVDUUROODU RWURV DUTXHWLSRV TXH HV OD IRUPD HQ OD TXH
HYROXFLRQDUi7RGRVORVDxRVGHHGXFDFLyQREOLJDWRULDVRQFXDOLGDGHV
GH $SROR 9LYLU HQ XQ WLHPSR OLQHDO VHJXLU KRUDULRV HVWDEOHFLGRV HO
SHQVDPLHQWRFLHQWtILFRODVH[SOLFDFLRQHVUDFLRQDOHVVREUHODFDXVD\
HOHIHFWRGHVDUUROODQHVWHDUTXHWLSR([SUHVDUODVLGHDVFRQSDODEUDV
WDPELpQHVXQDSDUWHGHODIRUPDFLyQTXHGHVDUUROODD+HUPHV<VL
HVTXHULGRRDPDDDOJXLHQHOUHLQRGHODVHPRFLRQHVVHFRQYLHUWH
WDPELpQHQXQOXJDUGHFUHFLPLHQWRSHUVRQDO
8Q +DGHV TXH VH UHFRQRFH HQ HVWDV SiJLQDV \ VH GD FXHQWD GH
TXH VX IDPLOLD IXQFLRQy WDQ PDO TXH OH REOLJy D HQFHUUDUVH HQ Vt
PLVPR SXHGH HYROXFLRQDU SVLFROyJLFDPHQWH WUDVFHQGLHQGR D +DGHV
FRPR DGXOWR 7RGR FRPLHQ]D FRQ OD GHFLVLyQ \ HO FRPSURPLVR GH
KDFHUOR(QWRQFHVKDFHIDOWDYDORUSDUDVDOLUGHOPXQGRSURSLRHQHO
TXH KD KDOODGR VHJXULGDG \ DLVODPLHQWR 3XHGH TXH YD\D D ODV
UHXQLRQHVGH+LMRV$GXOWRVGH$OFRKyOLFRV ODFDXVDPiVFRP~QSDUD
ODV IDPLOLDV TXH QR IXQFLRQDQ  VDELHQGR TXH SXHGH HVWDU DOOt
HVFXFKDQGRGXUDQWHPXFKRWLHPSRKDVWDTXHHPSLHFHDDVRFLDUODV
H[SHULHQFLDVGHORVGHPiV\OXHJRFRQWDFWDUFRQDOJXQDVSHUVRQDV
3XHGHGHFLGLUGHYROYHUODVFRQIHVLRQHVTXHORVGHPiVOHKDQKHFKR
HQ HO WUDEDMR 3XHGH EXVFDU XQ WHUDSHXWD 6L VH GD FXHQWD GH TXH
SDVD GHPDVLDGR WLHPSR HQ VX PXQGR LQWHULRU SXHGH TXH LQWHQWH
HVWUXFWXUDU VX WLHPSR GH PRGR TXH VH SXHGD GHGLFDU PiV D VX
PXQGRH[WHULRUSXHGHWRPDUFXUVRVHQORVTXHDSUHQGDDTXHOORTXH
VLHQWH TXH GHVFRQRFH R SUDFWLFDU XQD KDELOLGDG \ FRQFHQWUDUVH HQ
HOOD
 3$57(,,,
/$*(1(5$&,Ï1'(/26+,-26
$32/2+(50(6$5(6+()(672
',21,626
 /RVKLMRVROtPSLFRVIXHURQ$SRORGLRVGHOVRO+HUPHV DTXLHQ
ORV URPDQRV OODPDEDQ 0HUFXULR  HO GLRV PHQVDMHUR $UHV 0DUWH 
GLRV GH OD JXHUUD +HIHVWR 9XOFDQR  GLRV GH OD IRUMD \ 'LRQLVRV
%DFR  GLRV GHO p[WDVLV \ GHO YLQR (VWD VHJXQGD JHQHUDFLyQ GH
GLRVHVROtPSLFRVHVODGHORVKLMRV$XQTXHQRJREHUQDURQVREUHVXV
UHLQRVVHOHVDVRFLDEDFRQXELFDFLRQHVFRQFUHWDVVLWXDFLRQHV\WLSRV
GH OXJDUHV /RV YLDMHURV VLQWLHURQ OD SUHVHQFLD GH +HUPHV HQ ODV
FDUUHWHUDV \ HQ ODV IURQWHUDV D $UHV HQ HO FDPSR GH EDWDOOD D
'LRQLVRVHQPHGLRGHXQIHVWHMRHQODVPRQWDxDV+HIHVWRWUDEDMDED
GXURHQVXIUDJXDEDMRHOYROFiQ\$SRORHVWDEDHQVXUHVLGHQFLDGH
'HOIRVGXUDQWHODPD\RUSDUWHGHODxR6HGHILQLyDORVKLMRVSRUOR
TXH KLFLHURQ TXH D VX YH] WHQtD UHODFLyQ FRQ VXV DWULEXWRV \ VX
FDUiFWHU
=HXV HUD HO SDGUH GH HVWD JHQHUDFLyQ $SROR +HUPHV $UHV \
'LRQLVRV HUDQ VXV KLMRV \ IXH SDGUH QRPLQDO VyOR GH +HIHVWR FX\D
PDGUH +HUD HVSRVD GH =HXV IXH VX ~QLFD SURJHQLWRUD =HXV
IDYRUHFLy D $SROR \ D +HUPHV UHFKD]y D $UHV \ D +HIHVWR \ IXH
SDGUH\PDGUHSDUD'LRQLVRV
/RVKLMRVSUHIHULGRV$SROR\+HUPHV
/RV KLMRV TXH =HXV IDYRUHFLy VRQ ORV PLVPRV TXH FRPR
DUTXHWLSRVD\XGDQDORVKRPEUHVDWULXQIDUHQHOPXQGRSDWULDUFDO
$SROR \ +HUPHV HQ OD PLWRORJtD HVWDEDQ FyPRGRV HQ HO UHLQR
FHOHVWLDO GH =HXV $SROR FRPR GLRV VRODU FRQGXMR VX FDUUR SRU HO
FLHOR &RPR PHQVDMHUR GH =HXV +HUPHV SRGtD YLDMDU OLEUHPHQWH \
VLQ SUREOHPDV KDVWD OD FLPD GHO 2OLPSR (VWRV GRV GLRVHV DO LJXDO
TXH =HXV HVWiQ UHODFLRQDGRV FRQ OD GLVWDQFLD HPRFLRQDO \ OD
DFWLYLGDGPHQWDO&RPRDUTXHWLSRVVRQORVTXHVHHQFXHQWUDQPHMRU
HQHOUHLQRGHODPHQWH$DPERVVHOHVDVRFLDEDFRQODVSDODEUDV
ODVQHJRFLDFLRQHV\HOFRPHUFLR\UHFXUUtDQD=HXVSDUDDUUHJODUVXV
GLVSXWDV$PERVHYLWDURQORVHQIUHQWDPLHQWRVItVLFRV\QLQJXQRWXYR
HVSRVD
/RVKLMRVUHFKD]DGRV$UHV\+HIHVWR
$UHV\+HIHVWRORVKLMRVUHFKD]DGRV²DGLIHUHQFLDGH$SROR\GH
+HUPHV² QR XWLOL]DURQ VX PHQWH R ODV SDODEUDV $PERV VH
H[SUHVDEDQ D WUDYpV GH OD DFFLyQ ItVLFD $PERV HUDQ HQ FLHUWR
VHQWLGR PiV PDQXDOHV TXH PHQWDOHV /RV GRV HVWDEDQ PRWLYDGRV
SRUVXVHPRFLRQHV$UHVSRGtDVHULQFLWDGRDOXFKDUSRUUDELDRSRU
OHDOWDG\DXWLOL]DUDUPDVFRQILQHVGHVWUXFWLYRV&XDQGR+HIHVWRIXH
UHFKD]DGR \ WUDLFLRQDGR SXVR VXV VHQWLPLHQWRV HQ ORV REMHWRV TXH
KDFtD XWLOL]DQGR KHUUDPLHQWDV FRQ ILQHV FUHDWLYRV =HXV UHFKD]y D
+HIHVWR \ GHWHVWDED D $UHV $PERV GLRVHV IXHURQ ULGLFXOL]DGRV R
GHQRPLQDGRVSRURWURVQRPEUHV\ORVKRPEUHVTXHVHOHVSDUHFHQ
HVSUREDEOHTXHSDGH]FDQIDOWDGHDXWRHVWLPD$PERVHUDQKLMRVGH
+HUDXQDPDGUHLQIUDYDORUDGDHQRMDGDHLPSRWHQWH
&RPR DUTXHWLSRV VXV FDUDFWHUtVWLFDV QR VRQ YDORUDGDV HQ XQ
SDWULDUFDGR \ SRU HVR ORV KRPEUHV TXH VH DVHPHMDQ D HVWRV GLRVHV
WLHQHQGLILFXOWDGHVHQWHQHUp[LWR
8QKLMRYLVWRGHIRUPDDPELYDOHQWH'LRQLVRV
'LRQLVRVWLHQHVXSURSLDFDWHJRUtDFRPR~QLFRROtPSLFRGHPDGUH
PRUWDO HO ~QLFR TXH IXH DOLPHQWDGR R JHVWDGR SRU =HXV \ TXH
WDPELpQ OR HQJHQGUy &XDQGR 'LRQLVRV WRGDYtD HUD XQ IHWR
GHPDVLDGRSHTXHxRFRPRSDUDVREUHYLYLU=HXVVHORFRVLyGHQWURGH
VX PXVOR TXH VLUYLy GH LQFXEDGRUD R GH VHJXQGR ~WHUR KDVWD TXH
FUHFLyORVXILFLHQWHFRPRSDUDQDFHUVLQSUREOHPDV
'LRQLVRVIXHHO~QLFRGLRVTXHSUHILULyHVWDUFRQODVPXMHUHV\ODV
PXMHUHV IXHURQ ORV SHUVRQDMHV SULQFLSDOHV HQ VX PLWRORJtD 'LRQLVRV
VDFyDVXPDGUHGHOPXQGRVXEWHUUiQHR\ODOOHYyDO2OLPSRGRQGH
SXGRRFXSDUXQSXHVWRGHKRQRU&RQRFLyD$ULDGQDWUDVKDEHUVLGR
DEDQGRQDGDVHFDVyFRQHOOD\IXHXQILHOHVSRVRROtPSLFR
'LRQLVRVFRPR~OWLPRGLRVHQXQLUVHDOSDQWHyQROtPSLFRIXHHO
KLMRTXHFDPELyD=HXV\GHVHUXQSDGUHGLVWDQWHORFRQYLUWLyHQXQ
SDGUH SURWHFWRU 'LRQLVRV HV YLVWR GH XQD IRUPD DPELYDOHQWH ORV
KRPEUHV GH SRGHU UHDFFLRQDQ DQWH 'LRQLVRV FRPR VL IXHUD XQD
LQIOXHQFLD H[WUDxD TXH QR VH GHEH LQILOWUDU HQ VX FXOWXUD R HQ VXV
SVLTXHV PLHQWUDV TXH ODV PXMHUHV \ HO DVSHFWR IHPHQLQR GH ORV
KRPEUHV HV SUREDEOH TXH DFRMDQ VX LQIOXMR /RV KRPEUHV TXH VRQ
FRPRHVWHGLRVVHGDQFXHQWDGHTXHORVGHPiVUHDFFLRQDQFRQHOORV
FRQXQDJUDQDPELYDOHQFLDHPRFLRQDO UDUDYH]FRQLQGLIHUHQFLD 
/RVGLRVHVSUHGLOHFWRVORVUHFKD]DGRVRODV
SDUWHVDPELYDOHQWHVGHQRVRWURVPLVPRV
/DFXOWXUDSDWULDUFDODPHULFDQDGLILHUHHQXQDVSHFWRSULQFLSDOGH
ODGHORVJULHJRVORVJULHJRVFOiVLFRVQRHUDQSXULWDQRV\SRUHQGH
FDUHFtDQGHXQSDGUHPtWLFRSXULWDQRFRPRHQQXHVWUDFXOWXUD\HQ
QXHVWUDSVLTXH3DUD=HXVODVH[XDOLGDGHUDXQDH[SUHVLyQGHSRGHU
XQ LQVWLQWR TXH pO SRGtD VDWLVIDFHU SRUTXH WHQtD OD SRWHVWDG SDUD
KDFHUOR ORV JULHJRV QR FRQVLGHUDEDQ HO VH[R FRPR DOJR ODVFLYR R
VXFLR$OJHVWDUD'LRQLVRVHQXQVHQWLGRPHWDIyULFR=HXVDOLPHQWy
ODSRVLELOLGDGGHUHODFLRQDUVHFRQ'LRQLVRVHQVtPLVPRFRQORFXDO
VXVH[XDOLGDGSRGtDDGTXLULUXQDGLPHQVLyQGHp[WDVLVRDWUDYpVGH
TXLHQVXUHODFLyQFRQORIHPHQLQR\FRQODVPXMHUHVSRGtDFDPELDU
$Vt TXH PLHQWUDV =HXV DOEHUJDED VHQWLPLHQWRV SRVLWLYRV KDFLD
'LRQLVRV \ ORV JULHJRV OR YHtDQ FRQ DPELYDOHQFLD OD YHUVLyQ
DPHULFDQDGHOSDWULDUFDGRMX]JDD'LRQLVRVQHJDWLYDPHQWH
9LYLPRV HQ XQ SDWULDUFDGR TXH WLHQH IDYRULWRV \ HVD WHQGHQFLD
WDPELpQ HVWi LQFRUSRUDGD HQ QXHVWUDV SVLTXHV 'H PRGR TXH
QXHVWUDV DFWLWXGHV GH DFHSWDFLyQ R GH UHFKD]R KDFLD SDUWHV GH
QRVRWURV PLVPRV HVWiQ LQIOXLGDV SRU OD FXOWXUD \ OD IDPLOLD ³eVH´ DO
TXH QRV SDUHFHPRV PiV R HO DUTXHWLSR FRQ HO TXH PiV QRV
LGHQWLILFDPRV FRPLHQ]D FRPR SUHGLVSRVLFLRQHV LQKHUHQWHV TXH VRQ
ELHQUHFLELGDVRUHFKD]DGDV
 &XDQGR DSUHQGDPRV ORV QRPEUHV GH HVWRV SDWURQHV \ FREUHQ
YLGDHQORVFDStWXORVVLJXLHQWHVSRGUHPRVUHFRQRFHUODSUHVHQFLDR
DXVHQFLD GH FDGD XQR GH ORV GLRVHV HQ QXHVWUDV SVLTXHV FRPR
LPDJLQR TXH \D QRV KDEUi VXFHGLGR FRQ ORV WUHV GLRVHV SDGUH
DQWHULRUHV &RPR OD H[FODPDFLyQ ³£DMi´ FRQ OD TXH FXOPLQD XQD
KLVWRULD GH GHWHFWLYHV TXH GHSHQGH GHO GHVFXEULPLHQWR GH OD
YHUGDGHUD LGHQWLGDG GH XQ SHUVRQDMH LPSRUWDQWH HQ OD KLVWRULD HO
³£DMi´ PiV VLJQLILFDWLYR GH HVWH OLEUR SXHGH SURGXFLUVH FXDQGR
GHVFXEUDPRV DOJR VREUH QXHVWUD YHUGDGHUD LGHQWLGDG R SRGDPRV
UHFRUGDU ³UHFRPSRQHU´ XQDSLH]DLPSRUWDQWHGHQRVRWURVPLVPRV
 $32/2',26'(/62/
$548(52-867,&,(52+,-2
35(',/(&72
&XDOTXLHUWLSRGHEHOOH]DFXDOTXLHUDUWHP~VLFDSRHVtDR
MXYHQWXG FRUGXUD \ PRGHUDFLyQ HVWiQ WRGDV UHSUHVHQWDGDV
HQ$SROR
%DMR VX DVSHFWR PiV LPSRUWDQWH H LQIOX\HQWH VH SXHGH
LQFOXLU WRGR OR TXH OH UHODFLRQD FRQ OD OH\ \ HO RUGHQ
3ULQFLSDOPHQWH UHSUHVHQWDED OD SUHIHUHQFLD JULHJD SRU OR
LQWHOLJLEOH GHWHUPLQDGR PHQVXUDEOH HQ FRQWUDSRVLFLyQ D OR
IDQWiVWLFRORYDJR\ORDPRUIR

:.&*87+5,(7KH*UHHNVDQG7KHLU*RGV

$SROR UHFKD]D WRGR OR TXH VH OH DFHUFD GHPDVLDGR

LQYROXFUDUVH HQ ODV FRVDV IXVLRQDU ODV PLUDGDV DVt FRPR OD
IXVLyQSURIXQGDODHPEULDJXH]PtVWLFD\VXYLVLyQH[WiWLFD

:$/7(5)27727KH+RPHULF*RGV

$SRORHVODHQFDUQDFLyQGHXQDDFWLWXGPDVFXOLQDTXHREVHUYD\
DFW~DDGLVWDQFLD&RPRGLRVDUTXHWLSR\KRPEUH³EULOOD´IXHHOKLMR
PiV LPSRUWDQWH GH =HXV \ VXV DWULEXWRV FRQGXFHQ DO p[LWR HQ XQ
SDWULDUFDGR 6H HQFXHQWUD PX\ FyPRGR HQ HO UHLQR FHOHVWH GHO
LQWHOHFWR GH OD YROXQWDG \ GH OD PHQWH 6LQ HPEDUJR DXQTXH
GHVWDFDSRUVXFODULGDG\VXIRUPDH[LVWHWDPELpQXQDVSHFWRRFXOWR
\RVFXURGH$SROR
$SRORHOGLRV
$SROR IXH HO VHJXQGR GLRV JULHJR PiV LPSRUWDQWH GHVSXpV GH
=HXV(UDHOGLRVGHOVROGHODVDUWHV HVSHFLDOPHQWHGHODP~VLFD 
GHODSURIHFtD\GHOWLURDODUFR(UDHOMXVWLFLHUR\HOTXHFDVWLJDEDD
ORVPDOYDGRVHOSDWUyQGHODPHGLFLQDWDPELpQSRGtDWUDHUSODJDV\
HUD HO SURWHFWRU GH ORV SDVWRUHV 7DQWR URPDQRV FRPR JULHJRV OR
FRQRFtDQ FRPR $SROR R $SROR )HER ³EULOODQWH´ ³UHVSODQGHFLHQWH´
³SXUR´ 
6H OH UHSUHVHQWDED GH SLH R FDPLQDQGR GDQGR JUDQGHV SDVRV
FRPRXQEHOORMRYHQLPEHUEHFRQIXHU]DYLULO\ODUJRFDEHOORGRUDGR
(Q VX WHPSOR GH 'HOIRV KD\ LQVFULWRV GRV IDPRVRV SUHFHSWRV
©&RQyFHWH D WL PLVPRª \ ©1DGD HQ H[FHVRª (O DUFR \ OD OLUD HUDQ
REMHWRVPX\DSUHFLDGRVSRUpO\HOODXUHOVXSODQWDVDJUDGD
$ SHVDU GH WRGR VX EULOOR VRODU WHQtD XQ DVSHFWR RVFXUR PHQRV
FRQRFLGR WDQWR OD OX] FRPR OD RVFXULGDG VH UHIOHMDEDQ HQ VXV
VtPERORV $SROR HUD FRQRFLGR FRPR HO GLRV SXUR VDJUDGR \
UHQRYDGRU FX\RV DWULEXWRV HUDQ DQiORJRV D ORV GHO VRO TXH HUD VX
VtPEROR PiV LPSRUWDQWH &LVQHV FDQWRUHV ODV DYHV VDJUDGDV GH
$SROR FLUFXQGDURQ 'HORV VLHWH YHFHV DQWHV GH TXH VX QDFLPLHQWR
IXHUDLQPLQHQWH\=HXVOHGLRXQFDUURFRQFLVQHVFXDQGRQDFLy$XQ
DVt OD FRUQHMD \ HO FXHUYR ²ORV SiMDURV QHJURV² WDPELpQ VH
DVRFLDEDQD$SRORFRPRODVHUSLHQWH\HOORER6XVFDVWLJRVSRGtDQ
VHUFUXHOHV\SRGtDDFWXDUYHQJDWLYDPHQWH
*HQHDORJtD\PLWRORJtD
$SRORHUDKLMRGH/HWR\GH=HXV\KHUPDQRJHPHORGH$UWHPLVD
GLRVD GH OD FD]D \ GH OD OXQD &XDQGR /HWR XQD WLWiQLGH GH OD
JHQHUDFLyQ JREHUQDQWH TXH SUHFHGLy D ORV ROtPSLFRV  VH TXHGy
HPEDUD]DGDGH$SROR\$UWHPLVDYDJySRUODWLHUUDHQEXVFDGHXQ
OXJDU SDUD GDU D OX] 1LQJ~Q OXJDU OD DFRJtD SRUTXH OD JHQWH WHPtD
MXVWLILFDGDPHQWHODLUDGH+HUDODFHORVDHVSRVDGH=HXV$OILQDO\D
GH SDUWR OOHJy D XQD LVOD GHVLHUWD TXH PiV WDUGH IXH GHQRPLQDGD
'HORV 'XUDQWH QXHYH GtDV \ QXHYH QRFKHV /HWR SDGHFLy WHUULEOHV
GRORUHV GH SDUWR SDUD GDU D OX] D $SROR +HUD KDEtD HYLWDGR TXH OD
GLRVD GH ORV EXHQRV SDUWRV DFXGLHUD HQ VX D\XGD  $SROR QDFLy SRU
ILQ EDMR XQD SDOPHUD HO VpSWLPR GtD GHO PHV (O Q~PHUR VLHWH HUD
VDJUDGRSDUDpO\DTXHOODSDOPHUDHUDXQDGHODVYLVLWDVIDPRVDVGH
ODDQWLJHGDG

$SROR\$UWHPLVDORVJHPHORV
$SROR\VXKHUPDQDJHPHOD$UWHPLVDHUDQDUTXHURV(ODUFR\ODV
IOHFKDVGH$SRORHUDQGHRUR\pOHUDODGHLGDGGHOVROGRUDGR/DV
DUPDV GH $UWHPLVD HUDQ GH SODWD FRPR OR HUD VX OXQD SODWHDGD
$UWHPLVD HUD OD JHPHOD PD\RU \ IXH HOOD VHJ~Q +RPHUR OD TXH OH
HQVHxy HO DUWH GHO WLUR DO DUFR $PERV WLUDEDQ GHVGH OHMRV VXV
LQYLVLEOHV\FHUWHUDVIOHFKDVTXHDSRUWDEDQXQDPXHUWHUHSHQWLQDH
LQGRORUD/RVGRVIXHURQYHQHUDGRVSRUVXSXUH]D\FRQRFLGRVSRUVX
OHMDQtDLQDFFHVLELOLGDG\SRUGHVDSDUHFHU HOODHQHOERVTXHpOHQHO
PLVWHULRVRUHLQRGHORVKLSHUEyUHRV 
7DQWR $UWHPLVD FRPR $SROR YLJLODEDQ D OD MXYHQWXG KDVWD TXH
OOHJDEDQDOXPEUDOGHODPDGXUH]\UHSDUWtDQUiSLGRV\GHVSLDGDGRV
FDVWLJRV3RUHMHPSORFXDQGRODHVW~SLGD1tREHKXPLOOyDVXPDGUH
/HWR DODUGHDQGR GH TXH HOOD WHQtD VHLV KHUPRVDV KLMDV \ VHLV
KHUPRVRVKLMRVPLHQWUDV/HWRVyORWHQtDD$UWHPLVD\D$SROR/HWR
OODPy D VXV GLYLQRV KLMRV SDUD TXH OD D\XGDUDQ \ $SROR PDWy D ORV
VHLVKLMRVPLHQWUDVVXKHUPDQDKDFtDORPLVPRFRQODVKLMDV1tREH
VHWUDQVIRUPyHQXQDURFDTXHGHUUDPDEDOiJULPDV
$UWHPLVD DPy XQD YH] D XQ FD]DGRU OODPDGR 2ULyQ (O FHORVR
$SROR OD UHWy D DFHUWDU D XQD UHPRWD PDQFKD TXH VH KDOODED D OR
OHMRVHQHOPDUSRQLHQGRHQGXGDODKDELOLGDGGHVXKHUPDQDSDUD
ORJUDUOR/DFRPSHWLWLYD$UWHPLVDDFHSWyHOUHWRHLQIDOLEOHGLRHQHO
EODQFR SDUD GHVFXEULU GHPDVLDGR WDUGH TXH KDEtD PDWDGR D 2ULyQ
TXH VH KDEtD PHWLGR HQ HO DJXD KDVWD TXH VyOR OH VREUHVDOtD OD
FDEH]D
(Q OD IDPRVD EDWDOOD GH OD ,OtDGD HQWUH ORV GLRVHV GXUDQWH OD
JXHUUDGH7UR\D3RVHLGyQUHWyD$SRORHQXQGXHOR$SRORVHQHJy
SRUQRGLJQDUVHDOXFKDUSRULQVLJQLILFDQWHVPRUWDOHV\QLVLTXLHUDVH
GHMy SURYRFDU SRU $UWHPLVD TXH IXULRVD OH UHSURFKy VHU XQ
FREDUGH

$SROR\VXVDPRUHVIUDFDVDGRV
'DIQH IXH HO SULPHU DPRU GH $SROR \ (URV WDPELpQ FRQRFLGR
FRPR $PRU R &XSLGR  HO FDXVDQWH GH VXV GLILFXOWDGHV 'HVSXpV GH
TXH$SRORVHEXUODUDGHODGHVWUH]DGH(URVFRQHODUFR\ODIOHFKD
(URV ODQ]y XQD IOHFKD GH DPRU GH RUR DO FRUD]yQ GH $SROR \ XQD
IOHFKDGHSORPRUHSHOHQWHGHODPRUDOGH'DIQH$SRORDUGLHQGRGH
SDVLyQSHUVLJXLyD'DIQH\FXDQGRHVWDEDDSXQWRGHIRU]DUODHOOD
LQYRFy D VX SDGUH HO GLRV UtR SDUD TXH OD D\XGDUD /D FRQYLUWLy HQ
XQODXUHO$SRORVLJXLyDPiQGROD$VtSXHVHOODXUHOVHFRQYLUWLyHQ
VXiUEROVDJUDGR\VXVKRMDVFRQYHUWLGDVHQFRURQDVDGRUQDURQVX
SHOR
&DVDQGUDHVODPXMHUPiVFRQRFLGDTXHUHFKD]yD$SROR\SDJy
VX SUHFLR SRU HOOR (UD OD KLMD GH 3UtDPR \ +pFXED ORV UH\HV GH
7UR\D$SRORHQVHxyD&DVDQGUDHODUWHGHODSURIHFtDDFRQGLFLyQGH
TXHVHFRQYLUWLHUDHQVXDPDQWH&DVDQGUDVHORSURPHWLySHURQR
FXPSOLy VX SDODEUD $XQTXH \D QR SRGtD TXLWDUOH HO GRQ GH OD
SURIHFtDODYHQJDQ]DGH$SRORFRQVLVWLyHQTXHQDGLHODFUH\HUD$O
LQLFLR GH OD JXHUUD GH 7UR\D &DVDQGUD QR GHMDED GH YHU ODV
FDODPLGDGHVTXHLEDQDDFRQWHFHU\GHVDFUHGLWDGDDFDEyHQFHUUDGD
SRUORFD
$SRORQRWXYRPXFKRPiVp[LWRFRQ&RURQLVXQDKHUPRVDMRYHQ
DODTXHGHMyHPEDUD]DGDGHXQKLMR(OGLRVOHDVLJQyDXQDFRUQHMD
EODQFDODPLVLyQGHTXHODYLJLODUD/DFRUQHMDOHLQIRUPyGHTXHHOOD
OHHVWDEDHQJDxDQGR/DUHVSXHVWDGH$SRORIXHFDPELDUHOFRORUGH
ODVSOXPDVGHODFRUQHMDGHEODQFDVDQHJUDV\PDWDUD&RURQLV(VWH
DVHVLQDWRIXHFRPHWLGRSUHFLSLWDGDPHQWH\OXHJRVHDUUHSLQWLy3HUR
QDGD SXGR KDFHU SRU GHYROYHUOH OD YLGD &XDQGR HOOD HVWDED HQ OD
SLUDIXQHUDULD$SROROHVDFyDVXKLMRQRQDWRGHOYLHQWUH\VHORGLR
DOFHQWDXUR4XLUyQSDUDTXHORHGXFDUD6XKLMRIXH$VFOHSLRTXHVH
FRQYLUWLyHQHOGLRVGHODPHGLFLQD\GHODVDQDFLyQ
&RQ VX DPRU SRU XQ KRPEUH $SROR WDPELpQ VXIULy 8QD YH] VH
HQDPRUy GH XQ MRYHQ -DFLQWR KLMR GHO UH\ GH (VSDUWD +DVWD WDO
SXQWROOHJyVXDPRUTXHDEDQGRQy'HOIRVSDUDSDVDUWRGRHOWLHPSR
FRQ pO 8Q GtD FXDQGR DPERV FRPSHWtDQ HQ XQD SUXHED GH
ODQ]DPLHQWRGHGLVFRHOGLVFRGH$SRORUHERWyHQXQDSLHGUDJROSHy
D -DFLQWR \ OH PDWy $QJXVWLDGR SRU OD PXHUWH GH VX DPDGR $SROR
KL]RHOYRWRGHTXH-DFLQWRVHUtDUHFRUGDGR'HODVDQJUHGH-DFLQWR
EURWyODIORUTXHOOHYDVXQRPEUH
$SROR\ODSURIHFtD
$SROR HUD OD GLYLQLGDG GH OD SURIHFtD DXQTXH pO PLVPR QR
SURIHWL]DEDVHJ~QVXPLWRORJtDeVWHHUDXQDWULEXWRGHOTXHVHKDEtD
DSURSLDGR &RQTXLVWy HO RUiFXOR GH 'HOIRV XQ OXJDU FRQ XQD ODUJD
KLVWRULDGHDGLYLQDFLyQSURIpWLFD$QWHVGH$SROR'HOIRVKDEtDVLGRHO
VDQWXDULRSUHKHOpQLFRGHXQDGLRVDSRVLEOHPHQWHXQDVHUSLHQWH(Q
OD PLWRORJtD GH $SROR pVWH PDWD D XQ JUDQ GUDJyQ R VHUSLHQWH
OODPDGD 3LWyQ SDUD FRQVHJXLU HO GRPLQLR GH 'HOIRV $ SDUWLU GH
HQWRQFHV VH OH OODPy $SROR HO 3LWLR \ D VX VDFHUGRWLVD 3LWLD R
3LWRQLVD
/DV PpGLXP GH $SROR HUDQ WRGDV PXMHUHV TXH HVWDEDQ EDMR VX
FRQWURO\VXVSRGHUHVGHDGLYLQDFLyQVHDWULEXtDQDVXFRPXQLyQFRQ
pO (Q OD SUiFWLFD HO FRQWURO OR HMHUFtD XQ H[HJHWD XQ VDFHUGRWH
LQWpUSUHWHTXHDWHQGtDDODVVDFHUGRWLVDV&XDQGROD3LWLDHQWUDEDHQ
WUDQFH HO VDFHUGRWH OH KDFtD SUHJXQWDV \ DQRWDED VXV SDODEUDV
(QWRQFHVODUHVSXHVWDVHSDVDEDDRWURVDFHUGRWHTXHVROtDSRQHUODV
HQIRUPDPpWULFD(OVLJQLILFDGRGHODVSDODEUDVDPHQXGRHUDRVFXUR
\DPELJXR\HORUiFXORVROtDXWLOL]DUVHFRQILQHVSROtWLFRV

'HOIRV
$O SLH GHO PRQWH 3DUQDVR HQ OD FiPDUD PiV RFXOWD UHSOHWD GHO
GHQVR KXPR GH ODV KRMDV GH FHEDGD FixDPR \ ODXUHO OD DQFLDQD
3LWLDVHVHQWDEDHQXQWUtSRGH\HQWUDEDHQWUDQFH
 (Q HVWD FiPDUD LQWHUQD HVWDED WDPELpQ HO yQIDOR R SLHGUD
XPELOLFDO ODSDODEUDGHOILVLJQLILFD³~WHUR´ 'HOIRVHUDFRQVLGHUDGRHO
RPEOLJRRHO~WHURGHOD7LHUUD\HOFHQWURGHOPXQGRLQFOXVRDQWHV
GHTXH=HXV²FRQXQHVStULWXGHLQYHVWLJDFLyQFLHQWtILFD²GHFLGLHUD
PDUFDUHOFHQWURGHOPXQGR6ROWyDGRViJXLODVXQDYRODEDGHVGHHO
H[WUHPR PiV RULHQWDO GHO PXQGR \ OD RWUD GHVGH OD IURQWHUD PiV
RFFLGHQWDO 6ROWDGDV DO PLVPR WLHPSR \ YRODQGR D OD PLVPD
YHORFLGDGVHHQFRQWUDURQHQ'HOIRV
(QHOVDQWXDULRLQWHULRUGHOWHPSORGH$SRORVHKDOODEDODWXPED
GH 'LRQLVRV 'XUDQWH ORV WUHV PHVHV GH LQYLHUQR FHGtD VX WHPSOR D
'LRQLVRVPLHQWUDVpOVHLEDDOOHMDQRQRUWHDODOHJHQGDULDWLHUUDGH
ORVKLSHUEyUHRV
/D JHQWH DFXGtD DO WHPSOR GH $SROR SRU GRV UD]RQHV SULQFLSDOHV
DGHPiV GH YHQHUDU DO GLRV  SDUD FRQVXOWDU VX RUiFXOR \ SDUD
FRQVHJXLU SXULILFDUVH WUDV KDEHU FRPHWLGR XQ FULPHQ /RV MXULVWDV
EXVFDEDQFRQVHMRHQ$SRORFRPRLQWpUSUHWH\RWRUJDGRUGHODOH\<
ORV HVWDGRV JULHJRV OH DWULEX\HURQ VXV FRQVWLWXFLRQHV (UD OD GLYLQD
DXWRULGDGGHODOH\\HORUGHQ
$GHPiV GH VXV GRV IDPRVRV SUHFHSWRV WDPELpQ KDEtD RWURV
LQVFULWRV HQ VX WHPSOR ORV FXDOHV WUDQVPLWtDQ ORV YDORUHV GH
PRGHUDFLyQ\DXWRULGDGSURSLRVGH$SROR

5HIUHQDWXHVStULWX
2EVHUYDHOOtPLWH
2GLDDKXEULV HORUJXOOR 
4XHWXVSDODEUDVVHDQUHVSHWXRVDV
7HPHDODDXWRULGDG
,QFOtQDWHDQWHORGLYLQR
1RWHYDQDJORUtHVGHODIXHU]D
&RQWURODDODVPXMHUHV>@

$SRORHUDXQDGHLGDGSDQKHOpQLFDFX\DLQIOXHQFLDHQWRGD*UHFLD
VyORHUDVXSHUDGDSRU=HXV1RVyORODVFLXGDGHVHQYLDEDQHPLVDULRV
D 'HOIRV HQ EXVFD GH FRQVHMR VLQR TXH ORV PLQLVWURV GH $SROR
WDPELpQ HUDQ HQYLDGRV D ODV FLXGDGHV JULHJDV FRPR LQWpUSUHWHV GH
ODVOH\HVFLYLOHV\UHOLJLRVDV
$SRORHODUTXHWLSR
$SRORSRGtDYHUFRQFODULGDGHQODOHMDQtD\REVHUYDUORVGHWDOOHV
GHODYLGDFRQXQDYLVLyQJHQHUDOSRGtDEXVFDUXQEODQFR\DFHUWDU
HQpOFRQVXDUFR\VXVIOHFKDVRFUHDUDUPRQtDFRQVXP~VLFD$SROR
FRPRDUTXHWLSRSHUVRQLILFDHODVSHFWRGHODSHUVRQDOLGDGTXHEXVFD
GHILQLFLRQHV FODUDV TXH VH VLHQWH DWUDtGR D GRPLQDU XQD GHVWUH]D
TXHYDORUDHORUGHQ\ODDUPRQtD\SUHILHUHFRQWHPSODUODVXSHUILFLH
TXHORTXHVHHQFXHQWUDEDMRODVDSDULHQFLDV
(O DUTXHWLSR $SROR SUHILHUH HO SHQVDPLHQWR DO VHQWLPLHQWR OD
GLVWDQFLD D OD SUR[LPLGDG OD HYDOXDFLyQ REMHWLYD D OD LQWXLFLyQ
VXEMHWLYD(OKRPEUHTXHPiVVHSDUH]FDDODUTXHWLSR$SRORWHQGUi
DWULEXWRV TXH OH VHUiQ ~WLOHV HQ OD YLGD 3XHGH WHQHU p[LWR HQ XQD
FDUUHUD\GRPLQDUXQDIRUPDGHDUWHFOiVLFRFRQPiVIDFLOLGDGTXHOD
PD\RUtDGHODVSHUVRQDV

(ODUTXHUR
3DUD VHU DUTXHUR VH UHTXLHUH YROXQWDG GHVWUH]D \ SUiFWLFD 8Q
DUTXHUR FRQVXPDGR SXHGH DSXQWDU D XQ EODQFR OHMDQR \ WHQHU OD
FHUWH]D GH DOFDQ]DUOR 0HWDIyULFDPHQWH HVWR HV OR TXH XQ KRPEUH
HQTXLHQSUHGRPLQHHODUTXHWLSR$SRORVHVLHQWHDWUDtGRDKDFHUGH
IRUPDQDWXUDO
/D PHQWH DSROtQHD HV OyJLFD \ VH UHODFLRQD FRQ IDFLOLGDG FRQ OD
UHDOLGDG REMHWLYD 3DUD pO ODV OH\HV GH FDXVD \ HIHFWR QR VRQ
OHFFLRQHV TXH KD\D GH DSUHQGHU D IXHU]D GH H[SHULHQFLD \ GH
UHSULPHQGDV GH ORV SDGUHV VLQR SULQFLSLRV TXH XQD PHQWH $SROR
SDUHFHWHQHUSURJUDPDGDGHVGHHOLQLFLR(VDSUHSURJUDPDFLyQHVHO
DUTXHWLSR HO QLxR SHTXHxR TXH VDEH OR TXH TXLHUH \ WLHQH OD
YROXQWDG SDUD FRQVHJXLU VX PHWD HVWi VLHQGR ILHO D VX QDWXUDOH]D
DSROtQHD
&HQWUDUVH HQ XQ REMHWLYR UHTXLHUH WHQHU XQ VHQWLGR GHO WLHPSR
IXWXURTXHXQKRPEUH$SRORSRVHH2WURVWLSRVGHKRPEUHVSXHGHQ
WHQHUGLILFXOWDGHVHQILMDUVHXQDVPHWDVSHURpVWHQRHVHOFDVRGH
XQ $SROR eO VDEH DGyQGH TXLHUH LU OR TXH TXLHUH FRQVHJXLU OR TXH
TXLHUH JDQDU 1R HV XQ VRxDGRU 6XV PHWDV VRQ UHDOLVWDV \ H[LJLUiQ
HVIXHU]R 7DPELpQ VXHOHQ VHU PHWDV YLVLEOHV SDUD ORV GHPiV 8Q
PXFKDFKRSXHGHILMDUVHODPHWDGHVHU(DJOH6FRXWRGHFRQVHJXLUHO
SULPHU SXHVWR HQ XQD FRPSHWLFLyQ /XHJR SXHGH SURSRQHUVH LU D
+DUYDUG DO 0,7 R D 2[IRUG \ OXHJR DOFDQ]DU XQD SRVLFLyQ GH
SUHVWLJLR HQ HO FDPSR TXH KD\D HOHJLGR /DV FXDOLGDGHV GH $SROR
IDYRUHFHQDOFDQ]DUUHFRQRFLPLHQWR
/RV DxRV GH LQVWLWXWR \ GH XQLYHUVLGDG TXL]iV VHDQ GRQGH HO
DUTXHWLSR$SRORH[LVWHGHXQDIRUPDPiVLPSROXWDHQHOMRYHQTXH
FODUDPHQWH HVWi PDUFDGR SRU HO p[LWR \ TXH WRGDYtD QR KD VXIULGR
KHULGDV HPRFLRQDOHV QL KD WHQLGR GHPDVLDGDV RSRUWXQLGDGHV GH
DSUHQGHU OD KXPLOGDG 3UREDEOHPHQWH SRGUHPRV UHFRUGDU D DOJ~Q
$SROR FRQVXPDGR XQ MRYHQ DWUDFWLYR HOHJDQWH LPSHFDEOH FRQ
QRWDVH[FHOHQWHVTXHWRFDEDDOJ~QLQVWUXPHQWRPXVLFDOGLHVWURHQ
DOJ~Q GHSRUWH GH FDEDOOHURV \ SUREDEOHPHQWH GHOHJDGR GH FODVH
MXVWRFRQORTXHVXHxDXQGLUHFWRUGHDGPLVLRQHVGHXQDXQLYHUVLGDG
GHOD,Y\/HDJXH>@
&XULRVDPHQWH OD PD\RUtD GH ORV DVWURQDXWDV PiV FRQRFLGRV GHO
SURJUDPDHVSDFLDO $SRORVHSDUHFHQD$SROR3LHQVRHQ-RKQ*OHQQ
(GJDU 0LWFKHOO R 1HLO $UPVWURQJ \ YHR DO GLRV $SROR (OORV \ HO
SURJUDPD HVSDFLDO HUDQ FRPR HO GLRV $SROR IXH FRQ VX SDGUH =HXV
FXPSOtDQFRQODYROXQWDGGHOSDGUH(UDQH[WHQVLRQHVGHODYROXQWDG
GHO SUHVLGHQWH \ UHIOHMDEDQ OR PiV EULOODQWH GH XQD VHULH GH
DGPLQLVWUDFLRQHV
(OKLMRIDYRULWR
$SROR IXH HO KLMR IDYRULWR GH =HXV \ GHVSXpV GH pVWH HO GLRV
JULHJR PiV LPSRUWDQWH $SROR DO FXDO VH OH GHVFULEH FRQ SHOR
GRUDGR IXH UHDOPHQWH XQ KLMR GH SHOR UXELR FX\R SURSyVLWR HUD
FXPSOLUODYROXQWDGGHVXSDGUH
(Q ORV (VWDGRV 8QLGRV HO SDUWLGR UHSXEOLFDQR HV HO SDUWLGR
SROtWLFRTXHUHSUHVHQWDORVYDORUHVSDWULDUFDOHVWUDGLFLRQDOHV*HRUJH
%XVK \ 'DQ 4XD\OH HO FDQGLGDWR UHSXEOLFDQR D OD SUHVLGHQFLD \ VX
FDQGLGDWRDYLFHSUHVLGHQWHHQHVWDEDQKHFKRVFRQHOPROGHGH
$SROR %XVK KLMR GH XQ SRGHURVR SDGUH VHQDGRU \ 4XD\OH FX\RV
SHULyGLFRV IDPLOLDUHV GRPLQDEDQ VX HVWDGR QDWDO GH ,QGLDQD HUDQ
KRPEUHVDJUDFLDGRV\SUHGLOHFWRVDFRVWXPEUDGRVDWHQHUSULYLOHJLRV
%XVK WHQtD TXH VXSHUDU XQ SUREOHPD GH LPDJHQ FRPR $SROR HO
HWHUQRVHJXQGRGHDERUGRVLTXHUtDFRQVHJXLUODSRVLFLyQGH=HXV
\ SDUD ORV YRWDQWHV HUD FDVL LQLPDJLQDEOH TXH XQ DUTXHWtSLFR
PXFKDFKR GH SHOR UXELR FRPR 4XD\OH SXGLHUD DFFHGHU D OD
SUHVLGHQFLD /RV KLMRV SUHGLOHFWRV VXHOHQ DVFHQGHU VyOR KDVWD DOOt
SRUTXH VH VXHOHQ SHUFLELU FRPR SHVRV OLJHURV PROGHDGRV SDUD
GHVHPSHxDU HO SDSHO GH KLMR R GH KHUPDQR FDUHQWHV GH XQD
DPELFLyQ SURSLD TXH OHV LPSXOVH \ GH FDSDFLGDG SDUD FRQVROLGDU HO
SRGHU\JREHUQDUFRPRILJXUDSDWHUQDFRQODRVDGtDGH=HXV
(O DUTXHWLSR GHO KLMR SUHGLOHFWR DSDUHFH FRPR DOJXLHQ TXH QR
VDEH OR TXH HV HO GRORU QL HO HVIXHU]R 6X WHQGHQFLD D GLVWDQFLDUVH
PHQWDOPHQWH GHO VXIULPLHQWR DMHQR \ GH HVWDU GHVFRQHFWDGR GH VXV
SURSLRVVHQWLPLHQWRVKDFHTXHHVWRVHDDVt6LQHPEDUJRFXDQGRXQ
KRPEUHHVSHUFLELGRSRUORVGHPiVFRPRXQ$SRORORVDWULEXWRVGHO
DUTXHWLSR VRQ SUR\HFWDGRV VREUH pO \ UHVXOWD GLItFLO YHUOR GH RWUR
PRGR

(OP~VLFR
$$SRORVHOHDVRFLDFRQGRVLQVWUXPHQWRVGHFXHUGDHODUFR\OD
OLUD &XDQGR WRFD XQR VH GLVSDUD OD IOHFKD FXDQGR SXQWHD HO RWUR
FUHDP~VLFD:)2WWRDXWRUGH7KH+RPHULF*RGVREVHUYyTXHORV
JULHJRVYLHURQRWURWLSRGHDILQLGDGHQWUHORVGRV©HQORVGRVYLHURQ
XQGDUGRTXHVHGLULJtDYHOR]PHQWHDVXPHWDHQXQFDVRXQDIOHFKD
LQIDOLEOH HQ HO RWUR XQD FDQFLyQ LQIDOLEOH>@ª /D FDQFLyQ GHO PiV
GHVSLHUWRGHWRGRVORVGLRVHVQRVXUJHFRPRXQVXHxRGHXQHVWDGR
GH HPEULDJXH] GHO DOPD VLQR TXH YXHOD GLUHFWDPHQWH KDFLD XQD
YHUGDGTXHVHKDYLVWRFRQFODULGDG
(Q VX P~VLFD WDPELpQ VH DVRFLDED D $SROR FRQ OD FODULGDG \ OD
SXUH]D $ GLIHUHQFLD GH OD P~VLFD GLRQLVtDFD TXH H[SUHVD FDRV
p[WDVLV WXUEXOHQFLD FRQIOLFWRV HPRFLRQDOHV \ SDVLyQ OD P~VLFD
DSROtQHDYDORUDHVDQRWDFODUDODSXUH]DGHODP~VLFDTXHHVFRPR
ODVPDWHPiWLFDVVXSHULRUHVTXHDSRUWDDUPRQtDDWUDYpVGHOWLHPSR
\PLGH\HOHYDHOHVStULWX/DP~VLFDFOiVLFDGH%DFKHYRFDD$SROR
4XLHQHV KDQ HVFXFKDGR DO PDHVWUR YLRORQFHOLVWD GHO VLJOR ;; 3DEOR
&DVDOV \ D <R\R 0D VXHOHQ GHVFULELU OD H[SHULHQFLD FRPR XQD
HSLIDQtDHVSLULWXDOFRPRVL'LRVVHPDQLIHVWDUDDWUDYpVGHODP~VLFD
\GLHUDLQIDOLEOHPHQWHHQHOEODQFR
/D PRGHUDFLyQ \ OD EHOOH]D IXHURQ OD HVHQFLD \ HO HIHFWR GH OD
P~VLFD GH $SROR &RQWURODED WRGR OR VDOYDMH HQFDQWDGRU H LQFOXVR
KDVWDDODVEHVWLDVGHSUHGDGRUDV&XDQGRHODWRUPHQWDGRUH\EtEOLFR
6D~O RUGHQy DO MRYHQ SDVWRU 'DYLG TXH WRFDUD XQ LQVWUXPHQWR GH
FXHUGDSDUDpODILQGHSRGHUUHODMDUVH'DYLGGHELyKDEHUWRFDGRHO
WLSRGHP~VLFDGH$SRORSDUDREWHQHUHVHHIHFWR

'HIHQVRUGHODOH\\HORUGHQ
$SROR GLR D ODV FLXGDGHV VXV LQVWLWXFLRQHV OHJDOHV LQWHUSUHWy OD
OH\ DERJy SRU HO RUGHQ \ OD PRGHUDFLyQ SURSRUFLRQy OD HVWUXFWXUD
SDUD TXH OD FRPXQLGDG WUDEDMDUD FRQMXQWDPHQWH \ ORV PHGLRV SDUD
DUUHJODUODVGLVSXWDV(OMXVWLFLHUR\HOP~VLFRH[SUHVDQHVWHLQVWLQWR
GHODUTXHWLSRKDFLDHORUGHQ\ODIRUPD$SRORVHVLHQWHLQFyPRGRHQ
HO FDRV R HQ OD WXUEXOHQFLD FRQ OD QRWD GLVFRUGDQWH FRQ OD
LQWHQVLGDG SDVLRQDO WDQWR HQ OD P~VLFD FRPR HQ OD FRQGXFWD $
WUDYpVGHODVQRUPDV\GHODVOH\HVDOLJXDOTXHPHGLDQWHODPHGLGD
\HOWLHPSR$SRORLQWHQWDSURSRUFLRQDUIRUPD\RUGHQ
(ODVSHFWRGHOH\\RUGHQGH$SRORHVWiVHJXURGHFyPRKDQGH
VHUODVFRVDV$SRORDWUDYpVGHVXVRUGHQDQ]DVGHFUHWyTXpHUDOR
TXH VH SRGtD SHUPLWLU \ TXp VH GHEtD SURKLELU 3RU FRQVLJXLHQWH HO
DERJDGR $SROR SUHILHUH UD]RQDU OD OH\ FRQVWLWXFLRQDO R FDVRV HQ ORV
TXH pO R HOOD  SXHGD DSOLFDU SULQFLSLRV \ SUHFHGHQWHV HQ YH] GH
VXSOLFDU PRWLYDFLyQ R FLUFXQVWDQFLDV HVSHFLDOHV 1R HV GH H[WUDxDU
TXH FXDQGR KRPEUHV \ PXMHUHV VRQ QRPLQDGRV SDUD IRUPDU SDUWH
GHO 7ULEXQDO 6XSUHPR GH ORV (VWDGRV 8QLGRV VXV FXDOLGDGHV
DSROtQHDVVHDQHQVDO]DGDVSRUVXVSDUWLGDULRV
7DQWR HO LGHDOLVWD TXH WLHQH XQD YLVLyQ IXWXUD GH XQD pSRFD HQ
TXHWRGDVODVSHUVRQDVYLYLUiQHQSD]EDMRHOLPSHULRGHODOH\TXH
JDUDQWL]DUi OD MXVWLFLD \ OD HTXLGDG FRPR ORV GHIHQVRUHV
FRQWHPSRUiQHRVGHO³RUGHQS~EOLFR´TXHWLHQHQODIXHUWHFRQYLFFLyQ
GH VDEHU OR TXH HV MXVWR \ EXHQR SDUD FDGD SHUVRQD UHFLEHQ HVWH
VHQWLGRGHDXWRULGDGGHODUTXHWLSR$SROR
(VH VHQWLGR DVt FRPR OD DXWRULGDG SURFHGHQ GH UHDOL]DU XQ
WUDEDMR TXH WLHQH XQD EDVH DUTXHWtSLFD (O MXULVWD R HO DJHQWH TXH
KDFH FXPSOLU OD OH\ ²LJXDO TXH HO P~VLFR R HO DVWURQDXWD² SXHGHQ
VHQWLU HVWR LQWHUQDPHQWH \ TXH $SROR FRQFHGH D VX WUDEDMR XQD
GLPHQVLyQVDJUDGD

(OGLVWDQWH
(O DUTXHWLSR $SROR SUHGLVSRQH GH PXFKDV IRUPDV GLVWLQWDV D VHU
HPRFLRQDOPHQWH GLVWDQWH (O KRPEUH $SROR SXHGH YLYLU HQ HO IXWXUR
FRPR HO DUTXHUR FRQFHQWUDGR HQ XQ EODQFR R HO SURIHWD TXH SXHGH
YHUODVLWXDFLyQGHVGHIXHUDHQOXJDUGHSHUPDQHFHUHQFRQWDFWRFRQ
VXV VHQWLPLHQWRV R WDPELpQ SXHGH HVTXLYDU VXV HPRFLRQHV \
GLILFXOWDGHV HQ ODV UHODFLRQHV YLHQGR WRGD H[SHULHQFLD FRPR XQD
OHFFLyQHVSLULWXDO TXHSRUVXSXHVWRDVtSXHGHVHU 
/DFDSDFLGDGGHYHUODVFRVDVGHXQDIRUPDUDFLRQDORHVSLULWXDO
DOHMiQGRVH GH OD UHVSXHVWD HPRFLRQDO LQPHGLDWD HV XQD
FDUDFWHUtVWLFD GHO DUTXHWLSR $SROR (VWH GRQ SUHGLVSRQH D ODV
SHUVRQDV DSROtQHDV D UHVSRQGHU D VX SURSLR VXIULPLHQWR HPRFLRQDO
GLVWDQFLiQGRVH GH HVWRV VHQWLPLHQWRV \ GLULJLpQGRVH ³KDFLD HO FLHOR´
PHGLDQWH OD FRPSUHQVLyQ LQWHOHFWXDO XQD SUiFWLFD HVSLULWXDO FRQ
DWHQFLyQSOHQDRUHSLWLpQGRVHVXVSUHFHSWRV
+DEtD XQ UHPRWR PXQGR HVSLULWXDO UHVSHFWR DO GLRV $SROR TXH
HVWi UHODFLRQDGR FRQ HO PXQGR GH ORV PLVWHULRVRV KLSHUEyUHRV (O
PLWyORJR:)2WWRREVHUYyTXHFXDQGR$SRORQDFLy=HXVOHGLRXQ
FDUURWLUDGRSRUFLVQHVFRQHOFXDOQRVHGLULJLyD'HOIRVVLQRDOUHLQR
GH ORV KLSHUEyUHRV FRQ TXLHQHV VH TXHGy XQ DxR $ SDUWLU GH
HQWRQFHV VROtD LU SHULyGLFDPHQWH D ³HVWD EHQGLWD WLHUUD GH OX]>@´
GXUDQWH XQD SDUWH GHO DxR (Q OD DFWXDOLGDG OD LPSRUWDQFLD TXH VH
GDDORVPXQGRVGHOX]HQODFRUULHQWHGHOD1XHYD(UDQRVUHFXHUGD
GHQXHYRODLPDJHQGH$SROR\GHORVKLSHUEyUHRV+R\HQGtDHVH
³UHLQR VHSWHQWULRQDO PiV DOOi GH ODV PRQWDxDV´ YLVLRQDGR SRU ORV
JULHJRV FRPR OD WLHUUD GH ORV +LSHUEyUHRV VH XELFD HQ OD
FRQVWHODFLyQ GH ODV 3Op\DGHV R HQ RWUD GLPHQVLyQ (O DVSHFWR GHO
$SRORKLSHUEyUHRVHDVHPHMDDOPXQGRGHORVLQILHUQRVGH+DGHV(Q
HOSODQRSVLFROyJLFRWDQWRVLHVHUHPRWROXJDUHVXQPXQGRHVWHODU
VXEWHUUiQHRRXQPXQGRGHPDWHPiWLFDVVXSHULRUHVHOHIHFWRHVHO
PLVPR FRQGXFH D VHQWLPLHQWRV GH DLVODPLHQWR GH ORV GHPiV \ D
GHVDSDUHFHU SHULyGLFDPHQWH GH HVWH PXQGR SDUD DGHQWUDUVH HQ HO
RWUR

/RVKHUPDQRV
(O SDSHO GH $SROR FRPR KHUPDQR HV VX GHVLJQDFLyQ PiV
VLJQLILFDWLYD GHQWUR GHO HQWRUQR IDPLOLDU HQ HO TXH VH KDFH KLQFDSLp
HQODULYDOLGDG\ODDPLVWDGIUDWHUQDOHQVXUHODFLyQFRQVXKHUPDQR
PHQRU +HUPHV HO GLRV PHQVDMHUR \ FRQ VX KHUPDQD $UWHPLVD
GLRVDGHODFD]D\GHODOXQD
+D\ PXFKRV LQFLGHQWHV PLWROyJLFRV TXH YLQFXODQ D $SROR \
$UWHPLVD $UWHPLVD QDFLy SULPHUR \ D\XGy D VX PDGUH /HWR HQ VX
SURORQJDGR SDUWR GH $SROR 0iV WDUGH /HWR DFXGLy D ORV GRV SDUD
TXH OD YHQJDUDQ GHO LQVXOWR GH 1tREH /RV FHORV GH $SROR SRU HO
DIHFWR TXH $UWHPLVD VHQWtD KDFLD HO FD]DGRU 2ULyQ FRPR \D KH
PHQFLRQDGR OH OOHYDURQ D UHWDU D VX KHUPDQD SDUD TXH HOOD VLQ
VDEHUOR OH PDWDUD /D ULYDOLGDG WDPELpQ VXUJLy FRQ VX KHUPDQR
PHQRU+HUPHVFX\RSULPHUDFWRHQHVWHPXQGRIXHUREDUHOJDQDGR
GH$SROR\GHTXLHQpVWHKDEtDUHFLELGRVXOLUD
&RPR DUTXHWLSR GHO KHUPDQR \ GHO KLMR PD\RU SUHGLOHFWR $SROR
SUHGLVSRQH D ORV KRPEUHV D IRUPDU SDUWH GH XQ HTXLSR HQ XQ
SUR\HFWR FRQMXQWR (QFDMD IiFLOPHQWH HQ HO SDSHO GH XQ KRPEUH
FRUSRUDWLYR TXH SXHGH VHU HO VHJXQGR HQ HO PDQGR VLQ VHQWLU
UHVHQWLPLHQWRRWHQHUURFHVFRPROHSXHGHVXFHGHUDOKRPEUHTXH
HV HO DUTXHWLSR GHO SDGUH R GHO UH\ TXH QHFHVLWD SRVHHU VX SURSLR
UHLQR 7DPELpQ OH UHVXOWD QDWXUDO WUDEDMDU FRQ PXMHUHV FRPSHWHQWHV
R FRPSHWLU FRQWUD HOODV $SROR FRPR FRPSHWLGRU SDUWLFLSD HQ HO
WRPD \ GDFD GH OD SROtWLFD DVt FRPR HQ ORV GHSRUWHV \ SRU OR
JHQHUDO QR JXDUGD UHQFRUHV $ FDXVD GH VX GLVWDQFLD HPRFLRQDO
SXHGH SDUWLFLSDU HQ OD SROtWLFD FRPR VL IXHUD XQ MXHJR H LUOH ELHQ
FRQWUDRWURVTXHVHKDQTXHGDGRDWUDSDGRVHPRFLRQDOPHQWHHQHOOD
6LQHPEDUJRSXHGHTXHQROOHJXHDODFLPDSRUTXHSDUHFHSUXGHQWH
\ QR SURSLFLD TXH ORV GHPiV OH YHDQ FRPR DO MHIH $SROR IXH HO
VHJXQGRGLRVPiVLPSRUWDQWHGHVSXpVGH=HXV

(ODQWLKpURH
$SRORFX\RDVSHFWRItVLFRGHYLULOLGDG\QREOH]DOHGLRHODVSHFWR
GH XQ KpURH HUD FRQWUDULR D UHSUHVHQWDU GLFKR SDSHO
&RQFUHWDPHQWH QR VH GHMDED LQYROXFUDU HQ GXHORV D GLIHUHQFLD GH
ORVKpURHVGHVXFXOWXUDHQODJXHUUDGH7UR\DRGHOSLVWROHURGHODV
SHOtFXODV GHO 2HVWH DPHULFDQR FRQ VX UiSLGR GHVHQIXQGDU $ XQ
3RVHLGyQ IXULRVR $SROR OH UHVSRQGLy FRQ VHUHQLGDG ©'HEHUtDV
KDOODUPHHQXQHVWDGRVLQPHGLGDQLSUXGHQFLDSDUDTXHOXFKDUDSRU
LQVLJQLILFDQWHV PRUWDOHV TXH DKRUD IORUHFHQ FRPR ODV KRMDV GH ORV
iUEROHV \ OXHJR VH PDUFKLWDQ \ PXHUHQª < FXDQGR VX KHUPDQD
$UWHPLVDOHOODPyFREDUGHWDPSRFRFRQVLJXLyLQFLWDUOHDOFRPEDWH
 $GHPiV $SROR HUD DQWDJRQLVWD D ORV KpURHV $SROR UHFKD]y OD
D\XGD GHO KpURH +HUDFOHV SDUD FRQVHJXLU HO RUiFXOR StWLFR < VH
RSXVR D $TXLOHV HO PiV IDPRVR \ SUHGLOHFWR GH ORV KpURHV JULHJRV
$TXLOHVPXULyFXDQGRIXHKHULGRSRUXQDIOHFKDHQHOWDOyQHQHVH
~QLFROXJDUYXOQHUDEOHTXHQRVHKDEtDVXPHUJLGRHQODVDJXDVGHOD
ODJXQD (VWLJLD +D\ YDULDV YHUVLRQHV TXH GLFHQ TXH IXH $SROR TXLHQ
OHPDWy\DIXHUDGLVIUD]DGRGH3DULVRFRQVXSURSLRDVSHFWR3HUR
QR IXH HQ XQ DFWR KHURLFR HQ XQ FRPEDWH FXHUSR D FXHUSR VLQR
PHGLDQWHHOGLVSDURGHXQDIOHFKD
$SRORYDORUDODSUXGHQFLDHYLWDHOSHOLJURItVLFRQRVHGHMDOOHYDU
SRU ODV HPRFLRQHV \ SUHILHUH VHU XQ REVHUYDGRU &XDQGR ORV
JHQHUDOHV WXYLHURQ TXH FRQGXFLU ODV WURSDV D OD EDWDOOD
SUREDEOHPHQWH QR KDEtD DSRORV HQWUH VXV JHQHUDOHV 6LQ HPEDUJR
SXHGH TXH DKRUD KD\D PXFKRV JHQHUDOHV $SROR HQWUH ORV KRPEUHV
TXH VH KDQ HGXFDGR HQ OD H[LWRVD RUJDQL]DFLyQ GHO 3HQWiJRQR
&XDQGRVHGLVHxDQORVMXHJRVGHJXHUUDWDOFRPRVRQKR\HQGtD\
VH WLHQH HQ FXHQWD D OD RSRVLFLyQ VH SLHQVDQ GLVWLQWRV SODQHV \ VH
ODQ]DOD~OWLPDDUPDGHVGHOHMRVTXL]iVWDQVyORDSUHWDQGRDOJXQDV
WHFODV HQ XQ RUGHQDGRU HO JHQHUDO GH EXWDFD HV PX\ SUREDEOH TXH
VHD XQ $SROR TXH FRQVLGHUD ODV FLIUDV HVWDGtVWLFDV HQ OXJDU GH ODV
SDVLRQHV\DOLDQ]DVTXHPRWLYDQDODVSHUVRQDVeVWHIXHHOFDVRGH
OD JXHUUD GHO 9LHWQDP FXDQGR HO 3HQWiJRQR HVWDED GLULJLGR SRU HO
VHFUHWDULR GH 'HIHQVD 5REHUW 0F1DPDUD \ VX HTXLSR GH MyYHQHV
EULOODQWHV TXH HVWDEDQ FRQ pO TXLHQHV GHVSXpV IXHURQ FRQRFLGRV
FRPRORV³MyYHQHVSURGLJLR´

&XOWLYDUD$SROR
(Q HVWD FXOWXUD ODV FDUDFWHUtVWLFDV GH $SROR VH FXOWLYDQ
YLJRURVDPHQWHGHVGHTXHHOPXFKDFKRHVXQQLxR'HVGHDQWHVGHLU
DO SDUYXODULR KDVWD OD JUDGXDFLyQ VH HVSHUD TXH ODV SHUVRQDV VH
H[SUHVHQYHUEDOPHQWH\FRQOyJLFD/DVOHFFLRQHVGHFDXVD\HIHFWR
VHUHSLWHQHQODYLGDFRWLGLDQD\HQODFLHQFLD/DVEXHQDVQRWDV\ODV
EXHQDVLPSUHVLRQHVVHFRQVLJXHQKR\SDUDVXELUXQSHOGDxRPiVHQ
HOIXWXUR(QWRGDVODVHVFXHODVVDOYRHQODVDOWHUQDWLYDVFDGDQRWD
VXHOHSURPRYHUORVYDORUHV\ODVFDUDFWHUtVWLFDVGH$SROR
$SHVDUGHOpQIDVLVHQGHVDUUROODUODVFXDOLGDGHVDSROtQHDVVLKD\
RWUR DUTXHWLSR TXH SUHGRPLQD HQ OD SHUVRQD OD QHFHVLGDG GH
GHVDUUROODU FRQVFLHQWHPHQWH D $SROR VXUJH VyOR HQ OD HWDSD DGXOWD
3DUD GHVDUUROODU ODV FDUDFWHUtVWLFDV GH $SROR XQD SHUVRQD SXHGH
EXVFDU D\XGD SDUD TXH OH HQVHxHQ D RUJDQL]DU HO WLHPSR D
DGPLQLVWUDU VX GLQHUR R VX WUDEDMR /D D\XGD QHFHVLWDGD WDPELpQ
SXHGH VHU PiV HVSHFtILFD FRPR SRU HMHPSOR VDEHU HVFULELU XQ
FXUUtFXOXP YLWDH 6HD FXDO VHD OD WDUHD HQ HO UHLQR GH $SROR OD
HGXFDFLyQ \ OD SUiFWLFD HV SUREDEOH TXH OH FRQGX]FDQ DO p[LWR 8Q
H[SHUWR VLHPSUH SDUHFH HVWDU GLVSXHVWR D HQVHxDU FyPR DSUHQGHU
DOJRVLVWHPiWLFDPHQWH
$SRORHOKRPEUH
$XQKRPEUHTXHVHDVHPHMHD$SROROHUHVXOWDIiFLOHVWDUHQHO
PXQGR 3RVHH FXDOLGDGHV TXH KDFHQ TXH FRQVLJD OD DSUREDFLyQ GH
ORVGHPiV\HVEDVWDQWHSUREDEOHTXHDOFDQFHHOp[LWR6LQHPEDUJR
HQ OR TXH UHVSHFWD D VXV UHODFLRQHV \ YLGD LQWHULRU SXHGH KDEHU
GLILFXOWDGHV\GHILFLHQFLDV

/RVSULPHURVDxRV
(O QLxR $SROR VXHOH WHQHU FRPR FRUUHVSRQGH DO PLWR  XQD
SUHGLVSRVLFLyQ EULOODQWH 6XHOH VHU H[WUDYHUWLGR \ DO VHU FXULRVR H
LQTXLVLWLYR GLVIUXWD PLUDQGR OR TXH OH URGHD /H JXVWD LU HQ DOWR HQ
XQDPRFKLODSDUDEHEpV
$SROR UHFRSLOD LQIRUPDFLyQ GH VX HQWRUQR /H LQWHUHVD VDEHU OR
TXHHVDOJRTXHWLHQHGHODQWHRORTXHHVWiKDFLHQGRXQDSHUVRQD
/H JXVWD FRQRFHU HO QRPEUH GH ODV FRVDV 1XQFD HV GHPDVLDGR
VRxDGRU QR HV PX\ IDQWDVLRVR QL WLHQH DPLJRV R PRQVWUXRV
LPDJLQDULRV
(QODJXDUGHUtD\HQHOSDUYXODULRHV³XQRGHORVQXHVWURV´R³XQR
GHODEDQGD´(VXQQLxRIUDWHUQDOTXHOHJXVWDGDU\WRPDUTXHVH
OOHYD ELHQ FRQ WRGRV \ TXH LQFOXVR SXHGH OOHJDU D VHU XQ OtGHU /RV
GHPiV VXHOHQ TXHUHU WHQHUOH FRPR DPLJR SHUR pO QR VXHOH WHQHU
QLQJ~QDPLJRIDYRULWRRHVSHFLDO
 $ PHGLGD TXH ORV GHSRUWHV GH OD /LWWOH /HDJXH>@ YDQ
SURJUHVDQGRSXHGHTXHVHDEXHQRHQHOORVRLQFOXVRTXHGHVWDTXH
6LWLHQHWDOHQWRORHQVDO]DUiPHGLDQWHODSUiFWLFD6LVXVWDOHQWRVVRQ
HQRWURFDPSRWDPELpQORVGHVDUUROODUi
3DUHFHWHQHUXQUHORMELROyJLFR\VLHPSUHVDEHORTXHKDGHKDFHU
KR\\ORTXHWRFDKDFHUPDxDQDGHPRGRTXHUHSDUWHVXDWHQFLyQ
HQWUHVXVGHEHUHV\SUDFWLFDUVXVFODVHVGHP~VLFDKDFHUXQUHSDUWR
GHSHULyGLFRVSHUWHQHFHUDORVER\VFRXWVRVHUPRQDJXLOOR
$XQTXHHQUHDOLGDGSXHGHVHUWDQEXHQRFRPRDSDUHQWD²VXHOHQ
FRQVLGHUDUOH FRPR XQD ³SHUVRQD UHFWD´² QR HV LQIUHFXHQWH TXH
WHQJDDPLJRVTXHVHPHWDQHQOtRVDSHVDUGHTXHpVWHQRVHDVX
FDVR 2WURV FKLFRV SXHGH TXH VH GHMHQ OOHYDU SRU XQD FRQGXFWD
DOERURWDGRUDGHVRUGHQDGDGHKDFHUODVFRVDVPDO\QLVLTXLHUDVH
SODQWHHQ TXH SXHGHQ HVWDUVH EXVFDQGR SUREOHPDV FXDQGR
VREUHSDVDQ ORV OtPLWHV 3HUR QR VXFHGH OR PLVPR FRQ HO PXFKDFKR
$SRORpOSLHQVDHQHVWHWLSRGHFRVDV\VHFXLGDDVtPLVPR

6XVSDGUHV
(O GLRV $SROR IXH HO VHJXQGR JHPHOR HQ RUGHQ GH QDFLPLHQWR \
/HWRHVWXYRGHSDUWRGXUDQWHQXHYHGtDV\QXHYHQRFKHVSDUDGDUOH
D OX] 7UDV JUDQGHV HVIXHU]RV FRQVLJXLy QDFHU ©\ /HWR IXH IHOL]
SRUTXHHOKLMRTXHKDEtDJHVWDGRHUDIXHUWH\DGHPiVDUTXHUR>@ª
6XVSDODEUDVGHOKRPpULFR+LPQRD$SRORGH'HORVUHFXHUGDQDHVDV
PXMHUHVTXHKDQ³WULXQIDGRHQFUHDU´XQKLMR\KHUHGHUR\TXHPiV
WDUGHVHVLHQWHQUHDOL]DGDVSRUORVORJURVGHVXVKLMRV$SROR
'HVSXpVGHVHPHMDQWHSUXHEDTXL]iVLQFOXVRXQDGLRVDVHKDEUtD
TXHGDGR H[KDXVWD \ KXELHUD VLGR LQFDSD] GH DPDPDQWDUOH /R TXH
VDEHPRVHVTXH$SROR©QRWRPyODOHFKHGHVXPDGUH(QVXOXJDU
7HPLV FRQ VXV GLYLQDV PDQRV YHUWLy >VREUH pO@ QpFWDU \ H[TXLVLWD
DPEURVtD>@ª (O SULPHU DOLPHQWR GH $SROR IXH SXHV OD FRPLGD GH
ORV GLRVHV TXH OH IXH GDGD SRU 7HPLV GLRVD SUHROtPSLFD GH OD
SURIHFtD FX\R PDQWR OOHYDUtDQ PiV WDUGH ORV RUiFXORV GH $SROR (O
SDUDOHOLVPR SDUD XQ KRPEUH $SROR HV WHQHU XQD PDGUH TXH QR
H[SUHVDItVLFDPHQWHVXVVHQWLPLHQWRVTXHQROHKDSURSRUFLRQDGRHO
DEUD]R \ OD IXVLyQ TXH H[SHULPHQWD XQ EHEp FRQ XQD ³PDGUH
WHUUHVWUH´
'HVGH HO SULQFLSLR $SROR GHVFULELy VX PLVLyQ HQ OD YLGD GHO
VLJXLHQWH PRGR ©UHYHODUp D OD KXPDQLGDG OD YROXQWDG H[DFWD GH
=HXV>@ª eVWH HV HO KLMR GH VX SDGUH TXH FUHFHUi HQ OD
FRPSODFHQFLD GH OD DSUREDFLyQ SDWHUQDO ©< XQ EULOOR VH SUR\HFWD
VREUHpOHOUHVSODQGRUGHVXVSLHV\VXW~QLFDGHOLFDGDPHQWHWHMLGD
<H[XOWDQWHVHQVXVJUDQGHVFRUD]RQHV/HWRFRQVXFDEHOORGRUDGR
\ HO VDELR =HXV PLUDQ D VX TXHULGR KLMR MXJDQGR FRQ ORV GLRVHV
LQPRUWDOHV>@ª
(O PXFKDFKR $SROR WLHQH PXFKDV SUREDELOLGDGHV GH JR]DU GH OD
UHFRPSHQVD GH OD DSUREDFLyQ SRU VHU MXVWDPHQWH FRPR HV VREUH
WRGR VL WLHQH XQ SDGUH WUDGLFLRQDO 8Q KLMR $SROR HV XQ p[LWR HQ
SRWHQFLD XQ UHIOHMR SRVLWLYR GH VXV SDGUHV XQ WULXQIDGRU HQ XQD
FXOWXUD TXH YDORUD ORV p[LWRV (VWi DFRVWXPEUDGR D VHU HO FHQWUR GH
DWHQFLyQGHODJUDGRGHVXVSDGUHVTXHHVHO©EULOORTXHVHSUR\HFWD
VREUH pOª (V OD SRVWXUD WUDGLFLRQDO GH XQ PXFKDFKR $SROR
HVSHFLDOPHQWH VL HQ XQD FXOWXUD SDWULDUFDO HV HO SULPRJpQLWR HO
HVSHUDGR\HOTXHVHUiFDSD]GHVHJXLUODWUDGLFLyQIDPLOLDUHVGHFLU
³KDFHUUHDOLGDGODYROXQWDGGHVXSDGUH´
3DUD XQ $SROR HV KDELWXDO WHQHU p[LWR \ HVWi DFRVWXPEUDGR D
UHFLELU HO DPRU \ OD DSUREDFLyQ SRU OR TXH KDFH 6LQ HPEDUJR HQ
FDGDHWDSDGHODYLGD RGHODFRPSHWLFLyQ VHHQFXHQWUDFRQRWURV
TXH WDPELpQ OR KDFHQ PX\ ELHQ (QWRQFHV VLHQWH XQD JUDQ SUHVLyQ
SRU WHQHU TXH VREUHVDOLU \ SXHGH TXH \D QR VHD HO SULPHUR GH OD
FODVHRHOMXJDGRUHVWUHOODGHOHTXLSR
(QWRQFHVVXUJHQODVSUHJXQWDVGHtQGROHSVLFROyJLFD¢KDVWDTXp
SXQWR VXV SDGUHV QHFHVLWDQ TXH pO GHVWDTXH" ¢(V DPDGR SRU Vt
PLVPR R HO DPRU TXH UHFLEH HVWi FRQGLFLRQDGR D VXV ORJURV"
¢'HSHQGH VX VHQWLGR GH DXWRHVWLPD GH VXV p[LWRV" ¢/H GHMD
GHVWUR]DGR SHUGHU" 6L HV DVt HV TXH VH WRPD OD GXGD R HO UHWR GH
XQD IRUPD PX\ SHUVRQDO DXQTXH QRUPDOPHQWH RFXOWDUi TXH VH
VLHQWH DPHQD]DGR \ OD KRVWLOLGDG TXH HVWR JHQHUD HQ pO WUDV XQD
UHVSODQGHFLHQWH\VRQULHQWHPiVFDUD
$ YHFHV XQ PXFKDFKR $SROR WLHQH XQRV SDGUHV QDUFLVLVWDV TXH
HQUHDOLGDGQHFHVLWDQTXHpOVHDXQDH[WHQVLyQGHHOORVPLVPRVTXH
VH VLHQWHQ PHMRU FRQVLJR PLVPR VL pO ³JDQD´ \ TXH OH H[LJHQ TXH
SLHQVH ELHQ GH HOORV 8Q FKLFR DVt KD GH DJXDQWDU XQD FDUJD
WUHPHQGD 6X SURSLD YROXQWDG GH JDQDU OH FRQYLHUWH HQ XQ
FRPSHWLGRUTXHQHFHVLWDJDQDUSDUDFRQVHUYDUDVXVSDGUHVRELHQ
HO DPRU FRQGLFLRQDO GH XQR GH HOORV SXHGH DxDGLU XQD DQVLHGDG
FRQWUDSURGXFHQWHDODVLWXDFLyQODFXDOOHLQFDSDFLWDUiSDUDREWHQHU
EXHQRV UHVXOWDGRV /RV GtDV GH SUiFWLFD WRGR YD ELHQ SHUR FXDQGR
OOHJDHOPRPHQWRGHODYHUGDGQRGDODWDOOD
&XDQGR HQ XQ PXFKDFKR VH UH~QHQ XQD KDELOLGDG H[FHSFLRQDO \
XQD SHUVRQDOLGDG DSROtQHD OOHJDU D VHU WRGR OR TXH SRGUtD VHU ²
MXJDGRU GH DMHGUH] P~VLFR JHQLR GH ODV PDWHPiWLFDV PpGLFR
DERJDGR DUTXHUR FLHQWtILFR \ VHU KXPDQR² GHSHQGHUi HQ JUDQ
PHGLGDGHVXVSDGUHV\PDHVWURV&RPRQLxRGHWDOHQWRH[FHSFLRQDO
\ FRQ OD YROXQWDG GH VXSHUDUVH HO QLxR $SROR SURVSHUD FXDQGR HO
DSUHQGL]DMH HV XQ MXHJR TXH VH KD GH GRPLQDU \ FXDQGR OD PD\RU
VDWLVIDFFLyQUHVLGHHQDOFDQ]DUHOGRPLQLRSHUVRQDO\HQKDFHUORTXH
OHJXVWD

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
/D GHVWUH]D GHO ³DUTXHUR´ PDUFDUi HO UXPER GH VXV SULPHURV
DxRV FRPR DGXOWR 6L HV DSWR \ QR HVWi FRQGLFLRQDGR SRU OD
DQVLHGDG GHVWDFDUi FRQVLJXLHQGR UHSHWLGDPHQWH ODV PHWDV TXH VH
KD\D SURSXHVWR /DV EXHQDV QRWDV VHU GHOHJDGR GH FODVH ORV
KRQRUHV\ORVSUHPLRVODVEHFDVWRGRVRQUHFRPSHQVDVSURSLDVGH
ORV MyYHQHV DSRORV 6L SURFHGH GH XQ KRJDU KXPLOGH VH SDUHFHUi D
+RUDWLR $OJHU 7UDEDMDUi GXUR \ HPSOHDUi ELHQ VX WLHPSR VH ODV
DUUHJODUi SDUD FRQVHJXLU EXHQDV QRWDV VREUHVDOGUi HQ ODV
DFWLYLGDGHV H[WUDFXUULFXODUHV \ DGHPiV WHQGUi XQ WUDEDMR D WLHPSR
SDUFLDO
 7HQGHUiDEXVFDUXQSDGUH=HXVVLODYLGDQROHKDSURSRUFLRQDGR
XQ SDGUH ELROyJLFR TXH SXHGD FXPSOLU HVD IXQFLyQ 3RVHH XQD
DILQLGDGDUTXHWtSLFDHOGHVHRGHVHUHOKLMRSUHGLOHFWRXQDDFWLWXGGH
TXHUHUGHVWDFDU\FRPSODFHUTXHDWUDHODDSUREDFLyQGHORVKRPEUHV
=HXVTXHOHD\XGDQDWULXQIDUHQHOPXQGR
/DVWDUHDVGHODSULPHUDHWDSDGHODYLGDTXHSDUDORVKRPEUHV
VXSRQHQ WHQHU p[LWR HQ HO WUDEDMR FRLQFLGHQ FRQ VX WHQGHQFLD GH
UHDOL]DFLyQSHUVRQDOSRUORTXHHVWDIDVHGHODYLGDHVLQXVXDOPHQWH
IiFLOSDUDXQ$SROR/DDGROHVFHQFLDQRHVXQSHUtRGRGHFRQIXVLyQ
GH UHEHOGtD FRQWUD OD DXWRULGDG QL GH PLVWLFLVPR QL VH[XDO QL GH
SUHRFXSDFLyQLQWHUQDSDUDODPD\RUtDGHORVDSRORVDOPHQRVVHJ~Q
SXHGHQSHUFLELUORORVGHPiV
/D SULQFLSDO GLILFXOWDG HQ HVWH SHUtRGR WLHQH OXJDU FXDQGR $SROR
HV LQFDSD] GH WULXQIDU GHELGR D SUREOHPDV SVLFROyJLFRV VRFLDOHV R
LQWHOHFWXDOHV R D DOJXQD GLVFDSDFLGDG 8Q $SROR GLVOp[LFR FRQ
SUREOHPDV GH DSUHQGL]DMH VH YHUi PX\ IUXVWUDGR HQ VX DIiQ GH
WULXQIDU 3XHGH WHQHU p[LWR HQ VXSHUDU VX PLQXVYDOtD SRUTXH
WUDEDMDUi VLVWHPiWLFDPHQWH SDUD FRQVHJXLUOR 6LQ HPEDUJR OD
GLVFUHSDQFLD HQWUH OR TXH TXLHUH \ VX LQFDSDFLGDG SDUD FRQVHJXLUOR
SXHGH FUHDUOH PXFKD UDELD \ IUXVWUDFLyQ LQWHULRU KDVWD HO SXQWR GH
TXH QR OH SHUPLWD FHQWUDUVH HQ XQD VROD FRVD D OD YH] \ QR SXHGD
VXSHUDUHVHSUREOHPD

(OWUDEDMR
(O $SROR JR]D GH XQD YHQWDMD GLVWLQWLYD HQ OR TXH D WUDEDMR VH
UHILHUH/HUHVXOWDIiFLOTXHOHYD\DELHQHQHOWUDEDMRSRUTXHSRVHH
ODKDELOLGDGLQWUtQVHFDGHHQIRFDUVHHQXQDWDUHDGHTXHUHUSUDFWLFDU
KDVWD TXH GRPLQD DOJR \ GH TXHUHU YHU HO SURGXFWR ILQDO GH OR TXH
HVWiKDFLHQGR'DGDVXREMHWLYLGDGUHVSHFWRDVtPLVPR\HOPXQGR
H[WHULRUHVSUREDEOHTXHVXVPHWDVVHDQUHDOLVWDV\DYDQ]DSDVRD
SDVRVHJ~QVXVSODQHV
/RVKRPEUHV$SRORDPHQXGRHMHUFHQSURIHVLRQHVTXHUHTXLHUHQ
DxRVGHIRUPDFLyQ\ODFDSDFLGDGGHILMDUVHPHWDVDODUJRSOD]R/D
PHGLFLQD \ HO GHUHFKR DWUDHQ D PXFKRV KRPEUHV FRQ PHQWH
DSROtQHD (O GHUHFKR HV HVSHFLDOPHQWH DGHFXDGR SDUD HOORV (Q HO
MXLFLR GH 2UHVWHV TXH KDEtD PDWDGR D VX PDGUH 2UHVWHV OD PDWy
LQVWLJDGR SRU $SROR SRUTXH pVWD KDEtD DVHVLQDGR DO SDGUH GH
2UHVWHV$JDPHQyQ $SRORIXHHOHORFXHQWHDERJDGRGHIHQVRU
(OKRPEUH$SRORVHDGDSWDIiFLOPHQWHDWUDEDMDUHQLQVWLWXFLRQHV
\ FRUSRUDFLRQHV 7LHQH WHQGHQFLD D GHVDUUROODU UHODFLRQHV
FRPSHWLWLYDVIUDWHUQDOHVFRQORVFRPSDxHURV\DDVXPLUHOSDSHOGH
GLULJHQWH GHQWUR GH VX JUXSR SDULWDULR %XVFD OD DSUREDFLyQ GH ORV
KRPEUHVTXHHVWiQHQSXHVWRVGHDXWRULGDG\FXPSOHVLQSUREOHPDV
FRQ VXV GLUHFWULFHV 8QD FXDOLGDG DxDGLGD SDUD QXHVWURV WLHPSRV HV
TXH HQ XQD pSRFD GH LJXDOGDG GH OD PXMHU VDEH WUDEDMDU FRQ
PXMHUHVFRPSHWHQWHVTXHVRQFRPR$WHQHDR$UWHPLVDFRPSHWLWLYDV
\FRQXQDPHWD$SRORHVHOKRPEUHLGHDOSDUDXQDRUJDQL]DFLyQ
8Q $SROR QR VXHOH OOHJDU D OD FXPEUH R WHQHU p[LWR FRPR
HPSUHVDULRSRUTXHOHIDOWDHODIiQGHTXHUHUDPDVDUSRGHURGLQHUR
ODYLVLyQGHFLVLyQXRVDGtDGHXQ=HXV(VXQKLMRDUTXHWtSLFRHQXQ
SDWULDUFDGR\DXQTXHDVSLUDOOHJDUKDVWDORPiVDOWR\VXp[LWRHQVX
FDUUHUDSDUHFHFRQGXFLUOHDOOtSRUORJHQHUDOQRORFRQVLJXHRIUDFDVD
HQFRQVROLGDUVXSRGHU\H[WHQGHUVXDXWRULGDGXQDYH]KDOOHJDGRDO
OXJDUGHVHDGR\HQWRQFHVVHGHUUXPED
&XDQGR HO KRPEUH $SROR OOHJD KDVWD GRQGH pO \ HO DUTXHWLSR
SXHGHQOOHYDUOH\QRHVORTXHpOVHKDEtDSURSXHVWRHOWUDEDMR\D
QRHVODIXHQWHGHJUDWLILFDFLyQTXHKDEtDVXSXHVWRKDVWDHQWRQFHV\
VHFRQYLHUWHHQXQSUREOHPD&XDQGRHO$SRORVREUHSDVDVXQLYHOGH
FRPSHWHQFLD\\DQRHVODHVWUHOODEULOODQWHHPSLH]DQORVFRQIOLFWRV
1RHVWiSUHSDUDGRSDUDIUDFDVDURIDOODU+DSXHVWRVXHQHUJtDHQVX
WUDEDMRKDVDFULILFDGRRWURVLQWHUHVHV\KDHVSHUDGRTXHVXIDPLOLD
WDPELpQ SRVWHUJDUD VXV QHFHVLGDGHV HQ IDYRU GH VX FDUUHUD 3XHGH
TXH QR KD\D DOWHUQDWLYDV QRUPDOHV VREUH ODV TXH DSR\DUVH TXH OH
GHYXHOYDQHOVHQWLGRDVXYLGD

/DVUHODFLRQHVFRQODVPXMHUHV
 8Q $SROR VXHOH YHUVH DWUDtGR KDFLD XQD PXMHU FRPSHWHQWH
LQGHSHQGLHQWH\DWUDFWLYDTXHVXSRQJDXQDSDUHMDYHUGDGHUDPHQWH
FRPSOHPHQWDULD HQWRQFHV FXDQGR VDOHQ MXQWRV SDUHFHQ OD
DUTXHWtSLFD MRYHQ SDUHMD XUEDQD FRQ GRV FDUUHUDV $ pO WDPELpQ OH
JXVWDWUDEDMDUFRQHOPLVPRWLSRGHPXMHU
&RQ IUHFXHQFLD OD UHODFLyQ WLHQH XQ VDERU FRPSHWLWLYR \ VX
GLYHUVLyQ MXQWRV FRQVLVWH HQ MXJDU D MXHJRV R KDFHU FRVDV TXH
FRQOOHYHQDOJXQDGHVWUH]D3XHGHTXHFRPSDUWDQXQLQWHUpVSRUODV
DUWHVRODP~VLFD8QDUHODFLyQEDVDGDHQHOWUDEDMRSXHGHIXQFLRQDU
PX\ELHQSXHVWRTXHVHUHWDQ\DSR\DQHOXQRDORWURSDUDGHVWDFDU
$OYLYLUPiVHQVXFDEH]DTXHHQVXFXHUSRRHQVXVHPRFLRQHV
$SROR QR HV XQ DPDQWH SRU QDWXUDOH]D /H FDUDFWHUL]D VX IDOWD GH
SDVLyQ HQ VXV UHODFLRQHV FRQ ODV PXMHUHV 3RU RWUD SDUWH XQD
UHODFLyQ FRQ pO QR VXHOH WHQHU XQD JUDQ SURIXQGLGDG VHQWLPHQWDO
SXHVWR TXH SUHILHUH PDQWHQHU VX KDELWXDO GLVWDQFLD HPRFLRQDO 3RU
FRQVLJXLHQWHODPXMHUGHVXYLGDSXHGHGHFLGLUTXHODVX\DHVXQD
UHODFLyQGHKHUPDQRKHUPDQD\SXHGHUHFKD]DUOHFRPRDPDQWH\D
VHDGLUHFWDPHQWHRELHQVLQWLpQGRVHDWUDtGDKDFLDRWUDSHUVRQDeVH
IXHHOGHVWLQRGHOGLRV$SROR
/D KHUPDQD FRPSHWLGRUD KD GH WHQHU FXLGDGR FRQ XQD SRVLEOH
IDFHWD GH $SROR 8Q SRWHQFLDO WRUWXRVR \ KRVWLO SXHGH IRUPDU SDUWH
GH VX SHUVRQDOLGDG RFXOWD $ OD YH] TXH FRQVHUYD XQD DFWLWXG GH
FRPSHWLGRU DPLVWRVR WDPELpQ SXHGH HVWDU WUDPDQGR DOJR EDMR
PDQR DO LJXDO TXH $SROR HQJDxy D $UWHPLVD DO VHxDODUOH HO OHMDQR
EODQFRTXHUHVXOWyVHUODFDEH]DGHVXDPDGR2ULyQ
/DDWUDFFLyQGHORVRSXHVWRVSDUHFHHMHUFHUXQDIXHU]DPDJQpWLFD
FXDQGR²DOLJXDOTXHHOGLRVTXHDPDEDD6LELOD\D&DVDQGUD²XQ
$SROR VH VLHQWH DWUDtGR KDFLD XQD PXMHU FRQ FLHUWDV IDFXOWDGHV
SVtTXLFDVTXHHVHPRFLRQDOLUUDFLRQDOSRFRSUiFWLFD\DPHQXGRQR
VH VLHQWH PX\ LPSUHVLRQDGD SRU pO /D HQFXHQWUD IDVFLQDQWH
IUXVWUDQWH H LPSUHGHFLEOH 0XFKRV KRPEUHV DSROtQHRV HVWiQ
IDVFLQDGRVSRUHVWHWLSRGHPXMHUHVDODVTXHLQWHQWDQFRQWURODU
/DVUHODFLRQHVFRQORVKRPEUHV
/RV KRPEUHV $SROR VXHOHQ OOHYDUVH ELHQ FRQ RWURV KRPEUHV
%XVFDQ \ YDORUDQ ODV UHODFLRQHV FRQ KRPEUHV PD\RUHV TXH WHQJDQ
DXWRULGDG\DPHQXGRWLHQHQPHQWRUHVTXHOHVD\XGDQDDYDQ]DUHQ
VXVFDUUHUDV/DVUHODFLRQHVGHWRPD\GDFDVRQVXVIDYRULWDV6DEHQ
QHJRFLDU\FXPSOLUFRQORSURPHWLGR
6X FRPSHWLWLYLGDG OHV KDFH YDORUDU GyQGH VH HQFXHQWUDQ HQ
UHODFLyQFRQORVGHPiVODSRVLFLyQTXHOHVUHVXOWDPiVFyPRGDHVOD
GHVHUHOSULPHURGHOJUXSRRODGHOKHUPDQRPD\RUSUHGLOHFWR\VH
HVIXHU]DQ SRU DOFDQ]DU HVWD SRVLFLyQ $ XQ $SROR OH JXVWD VHU OD
HVWUHOOD GHO HTXLSR QR OH YD OR GH VHU XQ VROLWDULR 6LHPSUH HVWi
GLVSXHVWRDHQFRQWUDUXQVLWLRSDUDORVGHPiV\DFHSWD\GLVIUXWDGH
ODFRPSDxtDGHORVKRPEUHVTXHQRVRQWDQLPSHFDEOHVFRPRpO6LQ
HPEDUJRQRVXHOHWHQHUXQDPLJRFRQHOTXHVLHPSUHVDOJDDWRPDU
XQDVFRSDV

/DVH[XDOLGDG
8Q $SROR QR HV XQ JUDQ DPDQWH 1R VH HQDPRUD IiFLOPHQWH \
HVWi WDQ FRQFHQWUDGR HQ VX REMHWLYR TXH ODV PXMHUHV EHOODV QR OH
GLVWUDHQIiFLOPHQWH(QVXYLGDFRWLGLDQDHOKRPEUH$SRORQRSLHUGH
GHPDVLDGR WLHPSR FRQ SHQVDPLHQWRV HUyWLFRV 1R GHVQXGD
PHQWDOPHQWH D ODV PXMHUHV TXH YH QL SDVD PXFKR WLHPSR FRQ
IDQWDVtDV PDVWXUEDGRUDV 6X GLPHQVLyQ LQVWLQWLYD VH[XDO \ VHQVXDO
VXHOHVHUVXDVSHFWRPHQRVGHVDUUROODGR\FRPRWDOQRVXHOHWHQHUOR
SUHVHQWH
(VSRUiGLFDPHQWH HVWD VH[XDOLGDG D OD TXH WDQ SRFR WLHPSR
GHGLFD VH SXHGH GHVSHUWDU 'XUDQWH XQ WLHPSR SXHGH VHU XQ
DSDVLRQDGR JDOiQ SXHVWR TXH VX FDSDFLGDG SDUD FRQFHQWUDUVH HQ
VXVPHWDVVHFRPELQDFRQVXGHVHRVH[XDO6LODPXMHUQRKDFDtGR
HQ HO KHFKL]R GHO DPRU OD LQWHQVLGDG GH VXV VHQWLPLHQWRV VXHOH
UHVXOWDUOH DMHQD SXHVWR TXH HV PX\ SUREDEOH TXH QR KD\DQ VLGR
SUHFHGLGRV GH OD LQWLPLGDG GH XQD FRPXQLFDFLyQ SURIXQGD
FRPSDUWLGD QL GH XQ GLiORJR VHQVXDO QR YHUEDO (V PX\ SUREDEOH
TXHHOODVHVLHQWDFRPRXQD'DIQHSHUVHJXLGD\SXHGHTXHKX\DGH
pODOVHQWLUVHPiVFRPRXQREMHWRTXHpVWHGHVHDSRVHHUTXHFRPR
XQDPXMHUFRUWHMDGD
$OYLYLUHQVXFDEH]DPiVTXHHQVXFXHUSRRHQVXLPDJLQDFLyQ
$SRORHVXQIRUDVWHURHQHOUHLQRGH(URV3RFRVDEHSRUH[SHULHQFLD
SURSLD GHO IOXMR \ UHIOXMR GH OD DWUDFFLyQ VH[XDO R GH OD FRQVWDQWH
QHFHVLGDG GH VHU WRFDGR \ GH FRPXQLFDUVH HQ HO SODQR ItVLFR R GH
FRPXQLFDFLyQ YHUEDO tQWLPD  'H PRGR TXH VL FRQVLJXH D OD PXMHU
TXH OH KD DWUDtGR \ OXHJR ³GHVDSDUHFH´ FRPR DPDQWH OR FXDO HV
WtSLFR GH XQ $SROR  HV SUREDEOH TXH HOOD OH VHD LQILHO HQ VX
³DXVHQFLD´ (VWH SDWUyQ UHFXHUGD HO PHQVDMH TXH OD FRUQHMD OH GD D
$SRORVREUHODLQILGHOLGDGGH&RURQLV
(O GLRV $SROR WDPELpQ VH HQDPRUy GH -DFLQWR HO MRYHQ TXH OH
DWUDMRKDVWDWDOSXQWRTXHDEDQGRQy'HOIRVSDUDHVWDUFRQpO(UDQ
FRPSDxHURV LQVHSDUDEOHV DPDQWHV TXH OR FRPSDUWtDQ WRGR OR FXDO
HV WtSLFR GH XQD UHODFLyQ HQ TXH ORV FRPSRQHQWHV GH OD SDUHMD VH
³SUR\HFWDQ´HOXQRHQHORWURHQODTXHXQRVHYHDVtPLVPRHQHO
DPDQWH\VHDPD1DUFLVRWDPELpQVHHQDPRUyGHVXSURSLDLPDJHQ
UHIOHMDGDHQHOHVWDQTXHSHURPLHQWUDV1DUFLVRQRVHSXGRDFHUFDUD
ODPLVPD\PXULySRUHOOR$SROR\-DFLQWRJR]DURQGHXQDUHODFLyQ
PX\tQWLPD6XUHODFLyQWHUPLQyFXDQGR$SRORPDWyDFFLGHQWDOPHQWH
D-DFLQWRHQXQDFRPSHWLFLyQFXDQGRHOGLVFRTXHHOSULPHURKDEtD
ODQ]DGRUHERWy\DOFDQ]yD-DFLQWRHQODFDEH]D
&XDQGR(URVDWUDHDKRPEUHV$SRORDUHODFLRQHVKRPRVH[XDOHV
ODSULPHUDUHODFLyQVXHOHVHUFRPRODGH-DFLQWR\$SROR(OVtPLVPR
UHIOHMDGRHQHORWURHVSXHVODSULPHUDH[SUHVLyQGHDFHSWDFLyQGH
VtPLVPR+D\XQQDUFLVLVPRHQHOVHQWLPLHQWRGHLJXDOGDGIXVLRQDGD
\FRQIUHFXHQFLDVHSURGXFHXQLQWHQWRGHOLPLWDUDODRWUDSHUVRQDD
VHU HO UHIOHMR GHVHDGR ³-DFLQWR´ SXHGH VHU DVHVLQDGR OD UHODFLyQ
SXHGH PRULU  GHELGR D OD FRPSHWLWLYLGDG VL XQR FUHFH PiV TXH HO
RWUR R VL OD QHFHVLGDG GH $SROR GH JDQDU \ GH PRVWUDU VX
VXSHULRULGDGPDWDORVVHQWLPLHQWRVHQHORWURKRPEUH
(OPDWULPRQLR
(O KRPEUH $SROR HV VLQ GXGD ³XQ EXHQ SDUWLGR´ HQ FXDOTXLHU
ORWHUtD PDWULPRQLDO &XDQGR ORV KRPEUHV GHVSXpV GH JUDGXDUVH HQ
OD XQLYHUVLGDG VH FDVDQ SRU UXWLQD FRQ PXMHUHV PiV MyYHQHV VLQ
H[SHULHQFLD VH[XDO \ VLQ DPELFLRQHV SURSLDV HO KRPEUH $SROR VXHOH
FRQVHJXLUODQRYLDTXHKDHOHJLGR(OPDWULPRQLRHVXQSDVRTXHGD
FRQ OD PLVPD UHIOH[LyQ FRQ OD TXH HOLJLy OD IDFXOWDG \ VX SULPHU
WUDEDMR /D SDVLyQ \ HO LPSXOVR QR VRQ GHFLVLYRV SHUR Vt OD
SHUVSHFWLYDGHXQDEXHQDXQLyQ
(QHOPDWULPRQLRWUDGLFLRQDOGRQGHORVSDSHOHVVHHVWHUHRWLSDQ
$SRORSXHGHGXUDQWHXQWLHPSRRGXUDQWHWRGDVXYLGDJR]DUGHXQ
PDWULPRQLR HVWDEOH \ TXH IXQFLRQD ELHQ VREUH WRGR VL VH FDVD FRQ
XQD PXMHU TXH QHFHVLWD WHQHU XQD UHODFLyQ GXUDGHUD \ UHDOL]DUVH
PHGLDQWH OD PDWHUQLGDG OD DUTXHWLSR 'HPpWHU  (VWH GHEtD VHU HO
FDVR GHO MXH] 6FDOLD GHO 7ULEXQDO 6XSUHPR GH -XVWLFLD FX\R
QRPEUDPLHQWR D OD PDJLVWUDWXUD H[LJtD XQ GXUR WUDEDMR UHODFLRQHV
SROtWLFDV GHWHUPLQDFLyQ SDUD DVFHQGHU GHQWUR GHO FDPSR GH OD
MXVWLFLD \ JUDQGHV ORJURV OR FXDO QR OH GHMDED PXFKR WLHPSR SDUD
SDUWLFLSDUHQODHGXFDFLyQFRWLGLDQDGHVXVQXHYHKLMRV
/RV $SROR WDPELpQ VRQ PX\ QXPHURVRV HQ ORV PDWULPRQLRV GH
MyYHQHV XUEDQRV TXH WLHQHQ GRV FDUUHUDV HQ ORV TXH OD HVSRVD VH
SDUHFH D OD OyJLFD H LQWHOHFWXDO $WHQHD WDQ DOHMDGD GH VXV LQVWLQWRV
FRPRpO6XPDWULPRQLR³IXQFLRQD´PX\ELHQSDUDDPERVFDGDXQR
FRQWURODODDJHQGDGHORWURFXLGDQGHOKRJDUFRQODPLVPDIDFLOLGDG
TXHORKDFHQGHODRILFLQDWLHQHQVH[RVDQR\FRQUHJXODULGDG FRQ
IUHFXHQFLD FRQ OD PLVPD LQWHQVLGDG \ VDWLVIDFFLyQ FRQ ODV TXH
GLVIUXWDQGHXQDEXHQDFHQDGHQHJRFLRVRGHXQEXHQHMHUFLFLRHQ
HOJLPQDVLR 
6LQ HPEDUJR HO PDWULPRQLR GLVWDUi PXFKR GH VHU DUPRQLRVR VL
$SROR VH FDVD FRQ XQD PXMHU TXH TXLHUH VXVWDQFLD HQ OXJDU GH
IRUPDTXHQHFHVLWDSURIXQGLGDGHPRFLRQDOHQOXJDUGHODVHJXULGDG
GHXQDUHODFLyQGXUDGHUDFX\DQDWXUDOH]D$IURGLWDVHDDSDVLRQDGD
LQWHQVD\GHOPRPHQWR\TXHSRUORWDQWRYDORUHSRFRODVPHWDVD
ODUJR SOD]R TXH OH SLGHQ TXH YLYD HQ HO IXWXUR 8Q PDWULPRQLR DVt
FRQGXFHRDOFUHFLPLHQWRRDODLQIHOLFLGDG(O$SRORLQWHQWD DYHFHV
FRQp[LWR VLWXDUVH³SRUHQFLPD´GHODGLILFXOWDGODFXDOQRYHFRPR
VX SUREOHPD $SROR SXHGH VHQWLUVH EDVWDQWH FyPRGR HQ XQ
PDWULPRQLRPDUFDGRSRUODGLVWDQFLDHPRFLRQDO\ODIDOWDGHSDVLyQ
6L HVR KDFH GHVJUDFLDGD D VX HVSRVD OD GXUDFLyQ GHO PDWULPRQLR
GHSHQGHUiGHHOOD\GHVXVRSFLRQHVUHDOHVRODVTXHHOODSHUFLEDGH
KDFHURWUDFRVD

/DGHVFHQGHQFLD
/RVKRPEUHV$SRORVXHOHQVHUEXHQRVSDGUHVRVHUQHXWUDOHVHQ
ODVYLGDVGHVXVKLMRV6RQFRKHUHQWHV\HTXLWDWLYRVHQVXFRQGXFWD
)LMDQ UHJODV MXVWDV H LQFOXVR SXHGHQ WHQHU OHPDV HQ VXV YLGDV TXH
HQVHxDQDVXVKLMRV
/D GLVWDQFLD HV OD GLILFXOWDG PiV FRP~Q SXHVWR TXH HO SDGUH
$SROR HV SUREDEOH TXH HVWp DEVRUWR HQ VX FDUUHUD \ DEDQGRQDUi HO
UHLQRGHOKRJDU\GHORVKLMRVDVXHVSRVDDPHQRVTXHHOODH[LMDVX
SDUWLFLSDFLyQ eO QR DEUD]DUi D VXV KLMRV \ VL VH YH REOLJDGR D
VRVWHQHU D VX EHEp \ GHVFXEUH TXH OH JXVWD KDFHUOR  VHUi SRUTXH
VXPXMHUVHORKDSXHVWRHQORVEUD]RVKDVWDTXHpO\HOEHEpKD\DQ
FUHDGRXQYtQFXOR
6L VXV KLMRV VH OH SDUHFHQ HQ OR TXH D LQWHUHVHV UHVSHFWD \ VL D
PHGLGDTXHVHKDFHQPD\RUHVSXHGHQFRPSDUWLUFRQpOVXVSURSLRV
SODQHV R ORV GH VX SDGUH KDFHU FRVDV MXQWRV FRPR FRPSDUWLU XQ
LQWHUpV SURIHVLRQDO R WRFDU MXQWRV HQ XQD RUTXHVWD GH FiPDUD
HQWRQFHVSXHGHTXHJRFHQGHXQDUHODFLyQPX\EXHQD\FyPRGD6L
VXVKLMRVWLHQHQVHQWLPLHQWRVRFXOWRV\SURIXQGRVTXHQRVHSXHGHQ
REVHUYDUH[WHULRUPHQWHpOQRORVGHVFXEULUi<VLHOORVHVSHUDQTXH
HQWLHQGDVXVDQKHORV\SDVLRQHVORPiVSUREDEOHHVTXHVHVLHQWDQ
GHFHSFLRQDGRV 3RU RWUD SDUWH SXHGHQ VHQWLUVH JUDWLILFDGRV SRU VX
FDSDFLGDGGHYHUORTXHHOORVHVWiQKDFLHQGR\SRUHOKHFKRGHTXH
pOHVWpSHQGLHQWHGHHOORV
/DPLWDGGHODYLGD
(OKRPEUH$SRORSXHGHHVWDUHVSHUDQGRDSDGHFHUXQDFULVLVGH
ODPLWDGGHODYLGD/DVH[SHFWDWLYDVFXOWXUDOHV\IDPLOLDUHVTXHFRQ
WDQWDIDFLOLGDGFRQVLJXLyHQFDMDUHQVXSURSLDPHWDSUREDEOHPHQWH
IXHUDQDFRVWDGHGHGLFDUVHDOWUDEDMRSDJDQGRXQSUHFLRSVLFROyJLFR
PX\ DOWR GHO TXH HV PX\ SRVLEOH TXH QL VLTXLHUD IXHUD FRQVFLHQWH
+D\PXFKRVDVSHFWRVGHVtPLVPRTXHKDDSDUWDGR\XQDIDPLOLDD
ODTXHKDPDQWHQLGRHPRFLRQDOPHQWHDGLVWDQFLD
(Q OD PLWDG GH OD YLGD OD SUHVLyQ \ HO ULWPR ODERUDO SXHGHQ
GLVPLQXLU DVt FRPR HO SUHGRPLQLR GH $SROR FRPR DUTXHWLSR < SRU
SULPHUDYH]SXHGHQVXUJLURWURVDVSHFWRVGHVFXLGDGRVUHFKD]DGRV\
QRGHVDUUROODGRVGHVXSVLTXH
(V HO PRPHQWR HQ TXH $SROR VH HQIUHQWD D VXV OLPLWDFLRQHV
3XHGH TXH GHVFXEUD TXH QR OOHJDUi D OD FXPEUH <D QR HV HO MRYHQ
GH SHOR UXELR \ OD GHSUHVLyQ SXHGH OOHJDU FRPR FRQVHFXHQFLD GH
HOOR
6XV KLMRV WDPELpQ SXHGHQ UHDFFLRQDU D XQ SDGUH $SROR DXVHQWH
UHFKD]iQGROH R UHFKD]DQGR VXV YDORUHV \ HQFDUQDQGR OR TXH pO
QXQFDIXHSXHGHQVHUUHEHOGHVDFWLYRVVH[XDOPHQWHFRQIOLFWLYRV\
GHSUHVLYRV 3XHGH TXH VH WHQJD TXH HQIUHQWDU D OD UHDOLGDG GH TXH
FRPRSDGUHKDVLGRXQIUDFDVR
6X PDWULPRQLR DSDUHQWHPHQWH EXHQR SXHGH FRPSOLFDUVH VL VX
HVSRVD UHDFFLRQD D VX GLVWDQFLD HPRFLRQDO FRQ XQD DYHQWXUD
DPRURVDRFRQXQDEDQGRQRSDUDLUVHFRQRWUR/RTXHVHVROtDGHFLU
GH*HRUJH%XVKTXHUHFRUGDEDDODVPXMHUHVVXVSULPHURVPDULGRV
HVHQUHDOLGDGDOJRTXHVHSXHGHDSOLFDUDWRGRVORVKRPEUHV$SROR
8QD HVSRVD PDWHUQDO UHVHQWLGD SXHGH SURYRFDU XQD FULVLV
PDWULPRQLDO FXDQGR VH GD FXHQWD GH TXH KD VDFULILFDGR VX YLGD
HGXFDQGRVRODDVXVKLMRV8QPDWULPRQLRHVWDEOHSXHGHOOHJDUDXQ
SXQWR PXHUWR FXDQGR OD HVSRVD SDGHFH OD GHSUHVLyQ GHO DEDQGRQR
GHO QLGR 3RU ~OWLPR XQD DYHQWXUD DPRURVD SRU SDUWH GHO HVSRVR
SXHGHVHUWDPELpQODFDXVDGHXQDFULVLVPDWULPRQLDO
 $XQTXHVHSXHGHSURGXFLUXQDJUDQFULVLVGHODPLWDGGHODYLGD
FRPR XQD GHSUHVLyQ SURIXQGD R XQ GHVDFXHUGR FRQ\XJDO KD\
EDVWDQWHV SUREDELOLGDGHV GH TXH SDVH HVWRV DxRV SHUPDQHFLHQGR
FDVLLJXDO$OJXLHQSXHGHKDFHU]R]REUDUHOEDUFRSHUR$SRORVXHOHLU
D ERUGR GH XQ EDUFR FRQ XQD TXLOOD PX\ FRQYHQFLRQDO 6XHOH WHQHU
SUHVLRQHVLQWHUQDV\H[WHUQDVSDUDFRQVHUYDUVXPDWULPRQLRLQFOXVR
DXQTXH WHQJD XQD UHODFLyQ H[WUDFRQ\XJDO TXH OH FRQPXHYD
SURIXQGDPHQWH \ OH UHVXOWH VH[XDOPHQWH PiV H[FLWDQWH \
VDWLVIDFWRULDTXHQLQJXQDRWUDH[SHULHQFLDTXHKD\DWHQLGR
3XHGH DPHQD]DU FRQ GHMDU VX WUDEDMR WUDVODGDUVH R KDFHU DOJR
UDGLFDOPHQWHGLVWLQWRFXDQGROOHJXHDXQSHUtRGRGHHVWDQFDPLHQWR
(OWUDEDMRGHMDGHOOHQDUOHSHURORPiVSUREDEOHHVTXHVLJDHQpO
LQVDWLVIHFKR \ FUyQLFDPHQWH GHSULPLGR HQ OXJDU GH KDFHU OR TXH pO
FRQVLGHUDTXHVHUtDXQFDPELRUDGLFDO(VXQDFULDWXUDGHKiELWRV\
FRVWXPEUHV TXH YDORUD ODV DSDULHQFLDV 3HUGHU HO SUHVWLJLR TXH OH
FRQILHUHVXWUDEDMRTXH\DQROHJXVWDSHUGHUVXFDVDVLWXDGDHQXQ
EXHQ YHFLQGDULR HV GHPDVLDGR SDUD TXH pO UHQXQFLH D HOOR
YROXQWDULDPHQWH HQ SUR GH KDFHU RWUD FRVD TXH OH RIUHFH OD
SRVLELOLGDGGHXQDPD\RUUHDOL]DFLyQSHUVRQDO

/RV~OWLPRVDxRV
(OKRPEUH$SRORFRQVXKDELWXDOYLVLyQGHIXWXURVHDFHUFDDOD
MXELODFLyQFRQVXVQHFHVLGDGHVHFRQyPLFDVFXELHUWDV6LHVXQ$SROR
TXHVHKDPRYLGRHQXQHQWRUQRFRUSRUDWLYRVXSODQGHSHQVLRQHV
KDEUi DXPHQWDGR JUDFLDV D VXV LQYHUVLRQHV 6L HV XQ WUDEDMDGRU OD
FDVD \D HVWDUi SDJDGD FXDQGR UHFLED HO UHORM GH RUR HO GtD GH VX
MXELODFLyQ
8QDYH]UHWLUDGRHQFRQWUDUiDOJRTXHKDFHUUHJXODUPHQWH3XHGH
FRQYHUWLUVH HQ XQ DFWLYR PLHPEUR GHO 5RWDU\ &OXE R GH VX LJOHVLD \
HVWDUFDVLWDQRFXSDGRFRPRDQWHVGHMXELODUVH
6L SHUPDQHFH ILHO D VX QDWXUDOH]D DSROtQHD SUREDEOHPHQWH
HYLWDUi OD LQWURVSHFFLyQ TXH SRGUtD KDFHUOH VHQWLUVH LQFyPRGR
DXQTXHPiVVDELR\pVDHVXQDSDUWHQHFHVDULDSDUDODPDGXUDFLyQ
SVLFROyJLFDHQORV~OWLPRVDxRV
&RQIOLFWRVSVLFROyJLFRV
/DV SHUVRQDV TXH VH SDUHFHQ D $SROR WLHQHQ GLILFXOWDGHV FRQ OR
TXH UHVSHFWD D OD GLVWDQFLD HPRFLRQDO FRPR SUREOHPDV GH
FRPXQLFDFLyQ LQFDSDFLGDG SDUD WHQHU UHODFLRQHV tQWLPDV \ UHFKD]R
/RV SUREOHPDV WDPELpQ SXHGHQ HVWDU UHODFLRQDGRV FRQ OD DOWD
SRVLFLyQGH$SRORTXHFRQWULEX\HDOQDUFLVLVPR\DODDUURJDQFLDDVt
FRPRFRQORTXHRFXOWDTXHHVKRVWLO\VHFUHWR

/DGLVWDQFLDHPRFLRQDO
$SROR FRPR GLRV VRODU HVWDED ³SRU HQFLPD GH WRGR´ FXDQGR
PLUDEDDOD7LHUUDGHVGHOHMRV(OKRPEUH$SRORVXHOHPDQWHQHUXQD
SRVWXUD GLVWDQWH HYLWDQGR ORV OtRV &XDQGR ODV HPRFLRQHV HQWUDQ HQ
FRQIOLFWRpOVHUHWLUD³QRYDOHODSHQDOXFKDU´eVWDIXHODDFWLWXGGH
$SROR FXDQGR VH QHJy D UHVSRQGHU DO UHWR GH 3RVHLGyQ SDUD OXFKDU
HQODJXHUUDGH7UR\D
6XFRPXQLFDFLyQLQGLUHFWDUHVSHFWRDVXVHPRFLRQHVHVWDPELpQ
XQSUREOHPDFDUDFWHUtVWLFR&XDQGRVHOHFRQVXOWDEDVREUHDOJRTXH
QR HQWHQGtD FODUDPHQWH HO GLRV UHVSRQGtD D WUDYpV GHO RUiFXOR GH
'HOIRV FX\RV DPELJXRV PHQVDMHV UHTXHUtDQ LQWHUSUHWDFLyQ /DV
SHUVRQDVTXHHVWiQFHUFDGHXQ$SROR RWRGRORFHUFDTXHpVWHOHV
SHUPLWH HVWDU  VH VXHOHQ HQFRQWUDU WHQLHQGR TXH LQWHUSUHWDU VXV
HVFDVDV \ D PHQXGR FUtSWLFDV SDODEUDV TXH KDFHQ DOXVLyQ D VXV
VHQWLPLHQWRV6LQRHQWLHQGHVELHQVXVLJQLILFDGRVHDLVODUiWRGDYtD
PiV ,QWHQWD VRQVDFDUOH PiV \ VH YROYHUi PiV GLVWDQWH (V
SDUDGyMLFRTXHHOGLRVGHODFODULGDG\HOKRPEUHTXHSXHGHKDEODU
FRQ WDQWD SUHFLVLyQ \ IUDQTXH]D VREUH XQ WHPD LPSHUVRQDO HO
DERJDGR$SRORSRUHMHPSOR VHDWDQSDUFRHQSDODEUDVHQORTXHD
VXV VHQWLPLHQWRV VH UHILHUH \ WDQ HQLJPiWLFR \ GLItFLO GH LQWHUSUHWDU
FXDQGRGLFHDOJRDFHUFDGHVtPLVPR
(VWiWDQSRFRGLVSXHVWRDIXVLRQDUVHHVSLULWXDOPHQWHFRQDOJXLHQ
FRPRORHVWiDWHQHUFRQIOLFWRVHPRFLRQDOHV/DVUHODFLRQHVFRQRWUDV
SHUVRQDV VRQ GXUDV SDUD HO $SROR eO SUHILHUH HYDOXDU R MX]JDU  OD
VLWXDFLyQRODSHUVRQDDGLVWDQFLDVLQVDEHUTXHVHKDGHDFHUFDU²
VHUYXOQHUDEOH\HPSiWLFR²SDUDFRQRFHUUHDOPHQWHDDOJXLHQ&RPR
KRPEUHKDGHWUDVFHQGHUHODUTXHWLSRSDUDVHUDOJRPiVTXHXQGLRV
GLVWDQWHSDUDVHUpOPLVPR

(ODPDQWHUHFKD]DGR
$SRORIXHHOPiVEHOORGHORVGLRVHVDVtFRPRUHVSRQVDEOH\GH
FRQILDQ]D HO VRO VLHPSUH DSDUHFtD VDOtD \ VH SRQtD FXDQGR HVWDED
SUHYLVWR (QVDO]y OD YLUWXG \ WHQtD SUHFHSWRV TXH JXLDEDQ VX YLGD
JUDEDGRVHQORVPXURVGHVXWHPSOR6LQHPEDUJRQRWXYRp[LWRHQ
HO DPRU IXH UHFKD]DGR SRU &DVDQGUD 6LELOD 'DIQH \ 0DUSHVD /DV
PXMHUHV D ODV TXH HO GLRV $SROR GHVHy \ SRU ODV TXH IXH UHFKD]DGR
HUDQ GHO WLSR GH PXMHU TXH WDPELpQ SXHGH UHFKD]DU D XQ KRPEUH
DSROtQHR
/D PXMHU TXH UHFKD]D D XQ $SROR JXDSR YLUWXRVR \ VHULR
JHQHUDOPHQWH OR KDFH SRUTXH FDUHFH GH ODV FXDOLGDGHV TXH VRQ
HVHQFLDOHV SDUD HOOD FRPR SURIXQGLGDG H LQWHQVLGDG SUR[LPLGDG
HPRFLRQDORHVSRQWDQHLGDGVH[XDO$YHFHVXQDPXMHUVLHQWHTXHVX
$SROR SDUWLFXODU HVWi GHPDVLDGR DSHJDGR D ODV DSDULHQFLDV \ D OD
EHOOH]DFRPRSDUDYHUODHQYHMHFHU
0DUSHVD IXH DPDGD SRU XQ PRUWDO ,GDV \ SRU $SROR \ =HXV OH
SHUPLWLy TXH HOLJLHUD HQWUH DPERV 0DUSHVD FRQVFLHQWH GH TXH HO
GLRV OD DEDQGRQDUtD FXDQGR VH KLFLHUD PD\RU \ WXYLHUD HO SHOR
FDQRVR VDELDPHQWH HVFRJLy D ,GDV (Q XQ VHQWLGR PHWDIyULFR WXYR
ODVDELGXUtDGHHOHJLUXQDUHODFLyQ³KXPDQD´FRQSRWHQFLDOLGDGSDUD
FUHFHU \ FDPELDU FRQ HO SDVR GHO WLHPSR HQ OXJDU GH XQD UHODFLyQ
FRQXQ$SRORLQPXWDEOH
7DOFRPRKHH[SOLFDGRDQWHV$SRORHQVHxyD&DVDQGUDHODUWHGH
OD SURIHFtD EDMR OD FRQGLFLyQ GH TXH VH HQWUHJDUD D VXV DEUD]RV
DPRURVRVSHURHOODQRFXPSOLyFRQVXSDODEUD6LELOD GHTXLHQKDQ
VDFDGRVXQRPEUHODVIDPRVDVVLELODV WDPELpQDFHSWyHOUHJDORGH
OD SURIHFtD GH $SROR \ OXHJR OH UHFKD]y FRPR DPDQWH $SROR
HUUyQHDPHQWH SHQVDED TXH HO DPRU HUD DOJR TXH VH SRGtD GDU D
FDPELRGHORTXHpOSRGtDSURSRUFLRQDU
/RVKRPEUHV$SRORVRQUHFKD]DGRVSRUPXMHUHVTXHDVSLUDQDXQ
YtQFXORPiVSURIXQGRFRQPiVLQWHQVLGDG\H[SUHVLyQHPRFLRQDOGH
OD TXH pO SXHGH RIUHFHU /D LQWHJULGDG FRQ OD TXH XQ $SROR SXHGH
HQFDUQDU VXV SUHFHSWRV R FXPSOLU FRQ VXV SURPHVDV GHVSHUWDED
DGPLUDFLyQ \ UHVSHWR PiV TXH SDVLyQ R DPRU /DV PXMHUHV TXH VH
GDQFXHQWDGHHVWDVSULRULGDGHVQROHHOHJLUiQHQSULPHUOXJDURVL
GHVFXEUHQORTXHOHIDOWDSXHGHQUHFKD]DUOHGHVSXpVFRPRDPDQWH

(OQDUFLVLVPR
(OKRPEUH$SRORSUHILHUHUHWLUDUVH\SHQVDUDEVWUDFWDPHQWHVREUH
VXV LGHDV \ VREUH OD IRUPD GH ODV FRVDV GHVGH OHMRV HQ OXJDU GH
LPSOLFDUVHHQHOUHLQRGHOVHQWLPLHQWRTXHQRHVWDQSDOSDEOH\TXH
HVORTXHPiVQHFHVLWDGHVDUUROODU
/DVFDUDFWHUtVWLFDVLQQDWDV\ODFXOWXUDDVtFRPRODIDPLOLDGRQGH
KD QDFLGR IRUMDQ VX SHUVRQDOLGDG (O $SROR LQWHOHFWXDO \ IUtR YLYH HQ
XQD FXOWXUD SDWULDUFDO TXH QR HVSHUD TXH ORV KRPEUHV VHDQ
SURWHFWRUHV TXH GHVDSUXHED TXH ORV KRPEUHV H[SUHVHQ ORV
VHQWLPLHQWRV GH YXOQHUDELOLGDG IRPHQWD OD FRPSHWLWLYLGDG \
UHFRPSHQVD OD DGTXLVLFLyQ GH SRGHU 6L VX IDPLOLD WDPELpQ IDYRUHFH
TXHQRVHH[SUHVHQQLVHSHUFLEDQORVVHQWLPLHQWRVYHUGDGHURVDOD
YH]TXHLQFXOFDHOFRQFHSWRFXOWXUDOGHFyPRKDGHVHUXQKRPEUH
HQWRQFHVHOHVFHQDULRHVWiSUHSDUDGRSDUDYROYHUVHQDUFLVLVWDVREUH
WRGRVLHVLQWHOLJHQWH\ELHQSDUHFLGR
&UXHOGDG\FDVWLJR
$SRORVHHQIUHQWyDXQViWLURTXHWRFDEDODIODXWDTXHFRPHWLyHO
HUURU GH GHVDILDUOH HQ XQ FRQFXUVR PXVLFDO $SROR HUD HO MXH] \ HO
MXUDGR\VHGHFODUyJDQDGRUSRUTXHSRGtDWRFDUODOLUDFDEH]DDEDMR
\0DUVLDVHOViWLURQRSRGtDKDFHUORPLVPRFRQVXIODXWD(OSUHPLR
HUD TXH HO YHQFHGRU SRGUtD KDFHU OR TXH TXLVLHUD FRQ HO SHUGHGRU
$SRORGHVROOyYLYRD0DUVLDVORFXDOIXHFUXHOHLQKXPDQR
(VWHDFWRGHFUXHOGDGHMHUFLWDGRGHQWURGHVXVGHUHFKRVOHJDOHV
SXHGHVHUXQDVSHFWRGHWHVWDEOHGHO$SRORTXHKDVLGRKXPLOODGR\
GRPLQDGR SRU RWUD SHUVRQD \ TXH DKRUD LGHQWLILFD FRQ HO DJUHVRU
&XDQGRYHQFHDXQULYDOQRGDPXHVWUDVGHFOHPHQFLD\ORGHVXHOOD
YLYR $Vt PLVPR $SROR FDVWLJy D &DVDQGUD D TXLHQ OH KDEtD
FRQFHGLGRHOGRQGHYHUHOIXWXURGHFUHWDQGRTXHQXQFDODFUHHUtDQ
(VWH FDVWLJR IXH LQJHQLRVR \ FUXHO HVSHFLDOPHQWH SRUTXH HOOD SXGR
YHU XQD VHULH GH WUDJHGLDV TXH QR SXGR HYLWDU 6XIULy SRU SDUWLGD
GREOHDOVDEHUORTXHLEDDRFXUULU\OXHJRWHQHUTXHYLYLUOR

9HQHQR
$XQTXH $SROR VHD XQ HMHPSOR GH OD FODULGDG GHO VRO \ GH OD
GRUDGD PRGHUDFLyQ WDPELpQ SRVHH XQ DVSHFWR RVFXUR PHQRV
FRQRFLGR (VWH $SROR OOHJD SRU OD QRFKH \ GLVSDUD VXV IOHFKDV
PRUWDOHV +RPHUR GHQRPLQy D HVWDV IOHFKDV ³VHUSLHQWHV DODGDV´ \
.HUHQ\L FRPSDUy VXV IOHFKDV HQYHQHQDGDV FRQ VHUSLHQWHV
YHQHQRVDV>@ 8Q WHUDSHXWD LQWHUSUHWD HVWH YHQHQR FRPR SDODEUDV
³HQYHQHQDGDV´ SURQXQFLDGDV SDUD KHULU $ PHQXGR VRQ GLULJLGDV
KDFLDDOJXLHQDTXLHQDPyRTXHWHQtDHQPX\DOWDHVWLPD\TXHOH
KDKHULGRKXPLOODGRRQRFXPSOLyORTXHVHHVSHUDEDGHpO
&XDQGRXQUDFLRQDO\PRGHUDGR$SRORGDULHQGDVXHOWDDVXLUD
GHVDWD VXV HPRFLRQHV JHQHUDOPHQWH UHSULPLGDV OR TXH VDOH HV
SULPLWLYR HV GHFLU LQPDGXUR  H LUUDFLRQDO 6H FRQYLHUWH HQ XQD
VHUSLHQWH YHQHQRVD TXH HVFXSH VX YHQHQR $XQTXH SXHGD KHULU D
DOJXLHQFRQVXKRVWLOLGDGVXSURSLR\RHVHOPD\RUDIHFWDGR
$UURJDQFLD
(O KRPEUH $SROR TXH KD VLGR HO PXFKDFKR GRUDGR GH FDEHOOR
UXELRFRQXQDYLGDOOHQDGHp[LWRSXHGHVXSRQHUTXHSXHGHWRPDU
PXFKR PiV GH OR TXH HV FDSD] GH DVLPLODU OR FXDO FRQGXFH D
UHVXOWDGRVGHVDVWURVRV6XVHQWLGRGHO\RVHLQIODVHLGHQWLILFDFRQHO
GLRV FRQ HO DUTXHWLSR 6H ROYLGD GH TXH HV KXPDQR 3XHGH
UHSUHVHQWDUHQVXSURSLDYLGDHOPLWRGHOKLMRGH$SROR)DHWyQ
$)DHWyQVXPDGUHOHGLMRTXHHUDKLMRGH$SROR\DODODUGHDUGH
HOORQROHFUH\HURQ3DUDGHPRVWUDUTXHHUDFLHUWRSDUWLyHQEXVFD
GH$SROReVWHUHFRQRFLyVXSDWHUQLGDG\SDUDFRQILUPiUVHORWRGDYtD
PiVOHKL]RODLQYLRODEOHSURPHVDGHFRQFHGHUOHFXDOTXLHUIDYRUTXH
GHVHDUD)DHWyQOHSLGLyFRQGXFLUHOFDUURVRODUSRUHOFLHOR
$O DPDQHFHU )DHWyQ VH FRORFy OD FRURQD VRODU GH VX SDGUH \ VH
VXELy DO FDUUR /RV JUDQGHV FDEDOORV GHO VRO QRWDURQ VX PDQR
GHVFRQRFLGD H LQH[SHUWD HQ ODV ULHQGDV \ DEDQGRQDURQ OD UXWD
KDELWXDO GHO VRO $ )DHWyQ OH IDOWDED OD IXHU]D R OD H[SHULHQFLD SDUD
GLULJLU VX YXHOR \ HO GHVOXPEUDQWH FDORU GHO VRO TXHPy OD 7LHUUD
+DEUtDFDXVDGRPDOHVD~QPD\RUHVVL=HXVQROHKXELHUDGHUULEDGR
FRQXQUHOiPSDJR$SRORDIOLJLGRSRUODSpUGLGDGHVXKLMRGHMyDOD
7LHUUDVLQOX]GXUDQWHWRGRXQGtDDQWHVGHYROYHUDGLULJLUVXFDUUR
KDFLDVXUXWDKDELWXDO
&XDQGR SLHQVR HQ )DHWyQ UHIOH[LRQR VREUH ORV KRPEUHV TXH
FUHHQ TXH SXHGHQ XVDU HO SRGHU QXFOHDU SDUD OXFKDU HQ JXHUUDV
³OLPLWDGDV´ (VWD SUHWHQVLyQ DFDEDUtD FRQ XQD 7LHUUD TXHPDGD FRQ
FHQL]DV HQ OD DWPyVIHUD TXH DPRUWLJXDUtDQ OD OX] VRODU \ WUDHUtDQ
FRQVLJRODRVFXULGDGGHXQLQYLHUQRQXFOHDU/DVSHUVRQDVDVXPHQHO
ULHVJRGHHVWDDUURJDQFLDFXDQGRFRVHFKDQXQp[LWRWUDVRWUR3XHGH
FRQGXFLU D XQ $SROR D VXSRQHU HTXtYRFDPHQWH TXH FRPR HV XQ
H[SHUWRHQXQDPDWHULDWDPELpQSXHGHVHUXQDDXWRULGDGHQRWUDV
RGDUSRUVHQWDGRTXHWLHQHGHUHFKR\TXHHVFDSD]GHKDFHUORTXH
OHSOD]FD
 (Q OD MHUJD FRQWHPSRUiQHD SVLFROyJLFD OD VXSRVLFLyQ GH )DHWyQ
GHTXHSRGtDFRQGXFLUHOFDUURGH$SRORIXHXQ³YLDMHGHOHJR´TXH
KLULyDORVGHPiV\SURYRFyTXHWXYLHUDTXHVHUGHUULEDGR7DPELpQ
KD\RWUDVYHUVLRQHVVREUHHVWHWHPDQRWDQFRQRFLGDV
/DVGLILFXOWDGHVSDUDORVGHPiV
/DV PXMHUHV TXH DPDQ D KRPEUHV $SROR VH HQFXHQWUDQ FRQ
GLILFXOWDGHVSRUTXHODIRUPDRODDSDULHQFLDGHODUHODFLyQVXHOHVHU
SDUD HOORV PiV LPSRUWDQWH TXH OD SURIXQGLGDG R OD LQWLPLGDG GH OD
PLVPD

/DGHVYDORUL]DFLyQGHODTXH³QRHVODHVSRVD´
3DUD ODV PXMHUHV TXH VH LQYROXFUDQ FRQ XQ $SROR HV LPSRUWDQWH
VDEHUTXHVXHOHFODVLILFDUDODVPXMHUHVHQGRVFDWHJRUtDVODVTXHpO
FRQVLGHUD HVSRVDV DSURSLDGDV \ ODV TXH QR ,QFOXVR SXHGH VHQWLUVH
DWUDtGR KDFLD PXMHUHV TXH QR HQFDMHQ HQ VX LGHDO GH ³HVSRVD
SHUIHFWD´0iVTXHQLQJ~QRWURWLSRVHVXHOHJXLDUSRUODLGHDGHOR
TXHGHEHUtDVHU
3XHVWR TXH LQIUDYDORUD HO DVSHFWR LQVWLQWLYR \ HPRFLRQDO GH OD
YLGDLQFOXVRFXDQGRPDQWLHQHXQDUHODFLyQTXHOHOOHQHSXHGHTXH
QRVHDFDSD]GHUHFRQRFHUHOYDORUGHpVWDSDUDpO3RUFRQVLJXLHQWH
OH UHVWD YDORU D OD PXMHU $XQTXH VX FRUD]yQ SXHGD HVWDU LPSOLFDGR
HQ VX HOHFFLyQ ILQDO SDUD XQ KRPEUH TXH YLYH WDQWR HQ VX FDEH]D
QXQFDHVXQDGHFLVLyQWRPDGDHQWHUDPHQWHFRQHOFRUD]yQ$OHOHJLU
XQD HVSRVD QR YH VyOR D XQD PXMHU VLQR OD LPSUHVLyQ TXH GDUiQ
FRPRSDUHMD3DUDpOHOPDWULPRQLRHVXQDLQVWLWXFLyQHVHQFLDOSDUD
ODFXOWXUD\ODFLYLOL]DFLyQTXHHQSDUWHDSRUWDRUGHQDVXPXQGR\
DOPXQGRH[WHULRU
 8Q $SROR HQ OD PLWDG GH OD YLGD SXHGH WHQHU XQD UHODFLyQ
H[WUDFRQ\XJDO TXHQRUPDOPHQWHHVVXSULPHUOtR\HO~OWLPR TXHOH
OOHJXHDOFRUD]yQ4XL]iVGHVFXEUDTXHVLHQWHPiVWHUQXUDKDFLDHOOD
TXH KDFLD VX HVSRVD \ TXH VLHQWH PiV SDVLyQ TXH QXQFD 6LQ
HPEDUJRORPiVSUREDEOHHVTXHUHJUHVHFRQVXHVSRVDDVXKRJDU
\DVXYLGDKDELWXDO>@
3DUD XQD PXMHU TXH DPD D XQ $SROR \ TXH VDEH TXH pO OD DPD
FRPRQXQFDKDDPDGRDQWHVHVGLItFLOFRPSUHQGHUFyPRpVWHSXHGH
VDOLU GH VX YLGD SDUD UHJUHVDU D VX FDVD FRQ VX HVSRVD D XQ
PDWULPRQLR YDFtR GHVSXpV GH KDEHU FRQRFLGR DOJR PHMRU 1R
REVWDQWH D PHQRV TXH VXSHUH HO SDWUyQ GH $SROR HVR HV OR TXH
KDUi /D PXMHU D OD TXH DEDQGRQD VXIULUi SRU OD UHODFLyQ 3HUR pO
FRPRWtSLFR$SRORSRGUiGLVWDQFLDUVHGHVXVSURSLRVVHQWLPLHQWRVGH
SpUGLGD\SRGUiSDUHFHUTXHQRHVWiDIHFWDGR

/DVROHGDGGHQWURGHODUHODFLyQ
2EMHWLYDPHQWHODPXMHUFDVDGDFRQXQ$SRORSXHGHSDUHFHUTXH
QR WLHQH PRWLYRV SDUD TXHMDUVH 7LHQH XQ EXHQ WHPSHUDPHQWR HV
VHULR\ILHOHLQFOXVRSUREDEOHPHQWHHFKDXQDPDQRHQFDVDFXDQGR
HVWi DOOt /D JHQWH WLHQH EXHQ FRQFHSWR GH pO SUREDEOHPHQWH OHV
SDUH]FDTXHWLHQHp[LWR\TXHHVXQEXHQKRPEUH0XFKDVPXMHUHV
FDVDGDVFRQDSRORVVHFRQVLGHUDQPX\DIRUWXQDGDV
3HUR VL OD PXMHU DQKHOD XQD UHODFLyQ PiV SURIXQGD \ SHUVRQDO
HQWRQFHV VXUJLUiQ ODV GLILFXOWDGHV 3XHGH TXH VH TXHMH GH VROHGDG
SRUTXHpOHVGLVWDQWHHPRFLRQDOPHQWH\HQUHDOLGDGFRQIUHFXHQFLD
WDPELpQ HVWi DXVHQWH GHELGR D ODV H[LJHQFLDV SURIHVLRQDOHV \ VX
HQWUHJDDOWUDEDMR
6LHOODEXVFDPiVHVSRQWDQHLGDGRSDVLyQHVWHKRPEUHQRSRGUi
SURSRUFLRQiUVHOD SDUD HOOR GHEHUi WHQHU DFWLYDGRV RWURV DUTXHWLSRV
HQ VX SVLTXH  6L HOOD GHVHD XQD FRPXQLFDFLyQ SURIXQGD VH VHQWLUi
GHFHSFLRQDGD

(OHIHFWRUHyVWDWRVXELUREDMDUODLQWHQVLGDG
 8QD PXMHU FDVDGD FRQ XQ $SROR SXHGH OOHJDU D SDUHFHUVH FDGD
YH]PiVDpODPHGLGDTXHOHVLJXHODFRUULHQWHHVSHFLDOPHQWHVLHOOD
WDPELpQ DQWHSRQH HO SHQVDPLHQWR DO VHQWLPLHQWR \ HVWi RULHQWDGD
KDFLD XQD PHWD /D GLVWDQFLD HPRFLRQDO DXPHQWD PLHQWUDV TXH OD
IRUPD GH OD UHODFLyQ FRQWLQ~D HQ FXDQWR FDGD XQR GH HOORV GHGLFD
FDGDYH]PiVWLHPSR\HQHUJtDDVXVYLGDVVHSDUDGDV0LHQWUDVHOOD
SLHUGH OD SUiFWLFD GH KDEODU GH VXV SURSLRV VHQWLPLHQWRV WDPELpQ
SXHGHLUSHUGLHQGRHOFRQWDFWRFRQORVPLVPRV\\DQRVDEHUORTXH
VLHQWH
6LHOODHVXQDSHUVRQDTXHVHUtH\OORUDFRQIDFLOLGDG\TXHVXHOH
VHUHPRWLYD\H[SUHVLYDFRQVXVVHQWLPLHQWRVSXHGHVXFHGHUMXVWROR
FRQWUDULR (Q XQ PDWULPRQLR FRQ XQ LQH[SUHVLYR $SROR HVWH WLSR GH
PXMHU SXHGH OOHJDU D FRQYHUWLUVH HQ XQD YHUVLyQ H[WUHPD GH HOOD
PLVPD3XHGHVHUFDGDYH]PiVLUUDFLRQDORKLVWpULFDHLUVHDLVODQGR
6XV LQWHQWRV VXHOHQ VHU SURYRFDWLYRV \ QRUPDOPHQWH LQIUXFWXRVRV
,QWHQWDTXHpOUHDFFLRQHFRQHPRWLYLGDGDQWHVXVOiJULPDVRVXLUD
VXVDPHQD]DVRVXVDFXVDFLRQHV3HUROR~QLFRTXHFRQVLJXHHVTXH
pOVHYXHOYDPiVIUtR\UDFLRQDO\VHDOHMHPiV\HOODYDSHUGLHQGR
SDXODWLQDPHQWHHOGRPLQLRGHODVLWXDFLyQ
)RUPDVGHFUHFHU
/D WDUHD GH XQ $SROR HV WUDVFHQGHU ORV FRQILQHV GH OD PHQWH
OyJLFD\UDFLRQDO3DUDVHUFRPSOHWRFRPRSHUVRQDKDGHFRQRFHUORV
DVXQWRV GHO FRUD]yQ \ HVWDU HQ VX FXHUSR (V SRVLEOH TXH WDPELpQ
QHFHVLWHOHFFLRQHVGHKXPLOGDG

'HMDUVLWLRD'LRQLVRV
(O GLRV $SROR KL]R VLWLR D 'LRQLVRV HQ 'HOIRV GXUDQWH ORV WUHV
PHVHVGHLQYLHUQR'LRQLVRVHUDDGRUDGR\IHVWHMDGRHQDTXHOOXJDU
'H PRGR TXH $SROR FRPSDUWLy VX UHFLQWR VDJUDGR FRQ HO GLRV TXH
HUD VX RSXHVWR 3DUD TXH XQ KRPEUH SXHGD WUDVFHQGHU VX SURSLR
DUTXHWLSRWHQGUiTXHKDFHUOHXQVLWLRD'LRQLVRVHQVXSVLTXH
3HQVDPLHQWRFODURYHUODUHDOLGDG$SRORHVXQDH[SUHVLyQPtWLFD
GHO IXQFLRQDPLHQWR GHO KHPLVIHULR L]TXLHUGR PLHQWUDV 'LRQLVRV
FRPR GLRV GH OD IXVLyQ SURIXQGD GH OD HPEULDJXH] PtVWLFD \ GH OD
YLVLyQH[WiWLFDHVXQDH[SHULHQFLDGHOKHPLVIHULRGHUHFKR(OKRPEUH
$SROR YLYH FRQVFLHQWHPHQWH VyOR HQ HO KHPLVIHULR L]TXLHUGR GH VX
FHUHEUR \ VXSRQH TXH HVWD SHUVSHFWLYD HV OD ~QLFD UHDOLGDG TXH
FXHQWD(OSUHFHSWRGHOILOyVRIRIUDQFpV5HQp'HVFDUWHV©FRJLWRHUJR
VXPª ³3LHQVR OXHJR H[LVWR´  UHVXPH HO VHQWLGR DSROtQHR GH OD
LGHQWLGDG QR HV FRQVFLHQWH GH QLQJXQD RWUD FRVD DSDUWH GH VX
FDSDFLGDG GH SHQVDPLHQWR TXH SXHGD GHILQLU D XQ VHU KXPDQR R
GDUOHVHQWLGR
 &RPR VXFHGtD HQ 'HOIRV $SROR KD GH PDUFKDUVH SDUD TXH VH
SXHGD KRQUDU D 'LRQLVRV 8Q $SROR GHEHUi SULPHUR HQWHQGHU HVD
QHFHVLGDGFRJQLWLYDPHQWHDQWHVGHKDFHUVLWLR\GHGLFDUWLHPSRHQ
VXYLGD\SVLTXHD'LRQLVRV+DGHEXVFDUODRSRUWXQLGDGSDUDYLYLUHO
PRPHQWR TXHGDUVH DEVRUWR HQ ODV VHQVDFLRQHV VHQWLPLHQWRV
LPDJLQHUtD LQWHUQD R H[SHULHQFLD H[WHULRU (QWRQFHV 'LRQLVRV SRGUi
HVWDUSUHVHQWH
3DUDWRGR$SRORODIRUPDPiVVHQFLOODGHDFFHGHUD'LRQLVRVHV
PHGLDQWHODP~VLFD\ODGDQ]DGLRQLVtDFD3XHGHTXH$SROR\DKD\D
DOFDQ]DGRDOJXQRVFOtPD[HVSLULWXDOHVDWUDYpVGHODP~VLFDFOiVLFD\
SXHGH TXH FRQR]FD HO SRGHU TXH WLHQH OD P~VLFD SDUD WUDVODGDUOH D
XQ HPEULDJDGRU HVWDGR GH p[WDVLV /D P~VLFD GLRQLVtDFD SRU HO
FRQWUDULR VH SHUFLEH FRPR XQD H[SHULHQFLD FRUSRUDO TXH LQYLWD D
EDLODU VLQ VHU FRQVFLHQWH GH XQR PLVPR GH IRUPD HVSRQWiQHD D OD
TXHVHUHVSRQGHLQVWLQWLYDPHQWHGHMDQGRTXHHOFXHUSRKDJDORTXH
OHSOD]FDVLQWLHQGRTXHHVODP~VLFDODTXHEDLODGHQWURGHXQR
'LRQLVRVKDFHHODPRUFXDQGRFRPSRQHP~VLFDDOFRQWUDULRTXH
$SROR8Q$SRORHVWiWDQHQIRFDGRHQXQDPHWD\WLHQHXQDPHQWH
WDQUDFLRQDOKDFLHQGRHODPRUFRPRHQFXDOTXLHURWURDVSHFWRGHVX
YLGD &XDQGR GHVFXEUH FyPR OOHYDU DO RUJDVPR D XQD PXMHU HQ
SDUWLFXODU VX H[SHULHQFLD VH FRQYLHUWH HQ XQD SURJUHVLyQ OLQHDO GH
XQD]RQDHUyJHQDDODRWUDKDVWDTXHVHDOFDQ]DHOREMHWLYR&RPR
DPDQWH $SROR SXHGH GRPLQDU OD WpFQLFD GH KDFHU HO DPRU GH OD
PLVPD PDQHUD TXH ORV PDHVWURV GH OD P~VLFD GRPLQDQ OD
LQWHUSUHWDFLyQ GH FLHUWDV SLH]DV PXVLFDOHV HQ VX LQVWUXPHQWR
IDYRULWRFRQODSUiFWLFDPHMRUDQRLQFOXVROOHJDQDOYLUWXRVLVPR3HUR
QR GHMD GH VHU XQD DFWXDFLyQ $XQTXH ODV WpFQLFDV DPDWRULDV
DSROtQHDV SXHGDQ VHU DSUHFLDGDV HV XQD EXHQD H[SHULHQFLD
H[SHULPHQWDURUJDVPRVUHJXODUPHQWH DPHQRVTXH$SRORGHMHVLWLR
D 'LRQLVRV HQ VX UHLQR OD H[SHULHQFLD VH[XDO GH OD SDUHMD
SUREDEOHPHQWHQRVHFRQYHUWLUiHQXQDFRPXQLyQSURIXQGDRHQXQD
IXVLyQHPRFLRQDO
$SRORQRSXHGHGHMDUTXHVHD'LRQLVRVHOTXHKDJDHODPRUVLKD
GH HVWDU SHQGLHQWH GHO UHORM R FRQWURODUVH SDUD QR KDFHU UXLGR R HV
FRQVFLHQWHGHVtPLVPRHQRWURVDVSHFWRV6LXQKRPEUHSHUPDQHFH
DWHQWRDVtPLVPR\FULWLFDVXSURSLDIRUPDGHKDFHUHODPRUHVTXH
SUHGRPLQDVX$SROR
eVWDHVODUD]yQSRUODTXHORVVH[yORJRVVXEUD\DQODLPSRUWDQFLD
GH GDUVH SODFHU D XQR PLVPR GH GHVFXEULU OHQWDPHQWH QXHVWURV
JXVWRVVHQVXDOHV

/LEHUDUDODPXMHULQWHULRU
8QRGHORVSUHFHSWRVGH$SROR©FRQWURODDODPXMHUªGHVFULEHOR
TXH HO KRPEUH $SROR KDFH D VX SURSLD ³PXMHU LQWHULRU´ (Q OD
SVLFRORJtD MXQJXLDQD VH GHQRPLQD iQLPD ²HO DUTXHWLSR GH OR
IHPHQLQR HQ OD SVLTXH GH XQ KRPEUH² TXH WDPELpQ VH SXHGH
SHUVRQLILFDUFRPRXQDGLRVD:LOOLDP6ORDQH&RIILQDQWLJXRFDSHOOiQ
GH XQLYHUVLGDG HQ OD 8QLYHUVLGDG GH <DOH XQ EDOXDUWH GH ORV
KRPEUHV $SROR  FRPHQWy XQD YH] ©OD PXMHU TXH PiV QHFHVLWD VHU
OLEHUDGDHVODTXHUHVLGHHQHOLQWHULRUGHFDGDKRPEUHª
(O iQLPD R OD PXMHU LQWHULRU HV HO DVSHFWR IHPHQLQR HQ JUDQ
PHGLGD LQFRQVFLHQWH GH ORV KRPEUHV TXH SDUD -XQJ HUD OR PLVPR
TXH HO UHLQR GHO VHQWLPLHQWR \ GH ODV UHODFLRQHV (O iQLPD HVWi
YLQFXODGD FRQ OD HPRWLYLGDG \ FDSDFLGDG GH DFHUFDPLHQWR \ GH
UHFHSWLYLGDGTXH-XQJFRQVLGHUDEDTXHHVWDEDVLQGHVDUUROODUHQORV
KRPEUHV +H GHVFXELHUWR TXH pVWD HV OD VLWXDFLyQ HQ OD TXH VH
HQFXHQWUDODLQPHQVDPD\RUtDGHORVKRPEUHVSHURQRHQDTXHOORV
FX\DIXQFLyQGHVHQWLUHVWiPiVGHVDUUROODGDTXHODGHSHQVDU
/LEHUDU HO iQLPD PHGLDQWH XQD YLVLyQ SRVLWLYD GH ORV YDORUHV
VHQWLPHQWDOHV ³IHPHQLQRV´ SHUPLWH DO KRPEUH $SROR KRQUDU D VXV
SURSLRV VHQWLPLHQWRV \ ORV GH ORV GHPiV /H DEUH D VHQWLUVH
FRQHFWDGRFRQOD7LHUUD\FRQWRGRVORVVHUHVYLYRV$OHMDDOGLVWDQWH
$SRORGHVXFDEH]D\OHOOHYDDVXFRUD]yQRDVXFXHUSR
3DUDODPD\RUtDGHORV$SRORODPXMHUHQVLPLVPD²VXiQLPD²
VHGHVDUUROODJUDGXDOPHQWHDPDQGRDPXMHUHVTXHQRYLYHQHQVXV
FDEH]DV\TXHSXHGHQKDEODUHQQRPEUHGHVXVVHQWLPLHQWRV(QWUH
HOODVSXHGHQLQFOXLUVHDODPDGUHODKHUPDQDXQDDPLJDDPDQWHR
HVSRVD 8Q $SROR VXHOH RIHQGHU R KHULU ORV VHQWLPLHQWRV GH RWUDV
SHUVRQDVSRUVHULQFRQVFLHQWHRVHUHJRFpQWULFR3HURVLVHSUHRFXSD
OR VXILFLHQWH GH ORV GHPiV FRPR SDUD QR WHQHU OD LQWHQFLyQ GH
KDFHUOHV VXIULU R HQIDGDUVH HVFXFKDUi \ DSUHQGHUi VREUH ORV
VHQWLPLHQWRV\GHHVHPRGROLEHUDUiDVXSURSLDPXMHULQWHULRUTXH
KDEODHQQRPEUHGHHVWRVPLVPRVYDORUHV

$SUHQGHUKXPLOGDG
&XDQGR XQ KRPEUH HV XQ $SROR EHQGHFLGR SRU HO VRO FRPLHQ]D
VXYLGDFRQXQVWDWXVGHKLMRSUHGLOHFWRGHQWURGHVXIDPLOLD\FRQOD
SHUVRQDOLGDGGLVWLQWLYDGHWHQHUODSHUVRQDOLGDGTXHHVPiVSUREDEOH
TXH WULXQIH HQ XQ PXQGR SDWULDUFDO (O $SROR WULXQIDGRU VXHOH
DWULEXLUVHHOPpULWRGHVXVORJURV\GDSRUKHFKRTXHVXp[LWRHVWi
ELHQ PHUHFLGR 6X KLEULV X RUJXOOR KDFH TXH VH VLHQWD SOHQDPHQWH
PHUHFHGRUGHVXVORJURV7DPELpQSXHGHFXOSDUDORVGHPiVSRUQR
WHQHU p[LWR VLQ FRQVLGHUDU VXV FLUFXQVWDQFLDV VH[R SHUVRQDOLGDG R
LQWHOLJHQFLDHVWtSLFRGHORVDSRORVQRSRGHUVHLPDJLQDUHQHOSHOOHMR
GH RWUR 3RU HMHPSOR DO 3UHVLGHQWH GHO 7ULEXQDO 6XSUHPR GH ORV
(VWDGRV 8QLGRV :LOOLDP 5HKQTXLVW \ DO PDJLVWUDGR $QWRQLQ 6FDOLD
DPERV PRGHORV GH $SROR VH OHV GHVFULEH FRPR ©KRPEUHV TXH VH
KDQ KHFKR D Vt PLVPRV TXH WLHQGHQ D VHU LPSDFLHQWHV FRQ ODV
TXHMDVGHORVTXHKDQIUDFDVDGRHQOOHJDUDVXVPHWDV>@ª
8Q $SROR SXHGH QHFHVLWDU HVWDU UHDOPHQWH HQ OD SLHO GH RWUR
VXIULU OD SpUGLGD \ HO SHVDU SDUD GDUVH FXHQWD GH OR DUURJDQWH TXH
HUD DQWHV \ FXiQWR GHVFRQRFtD R QR VDEtD DSUHFLDU 3XHGH TXH
QHFHVLWH FRPHWHU XQ WHUULEOH HUURU \ VHU SHUGRQDGR SDUD
H[SHULPHQWDUODKXPLOGDG3XHGHTXHWHQJDTXHHQYHMHFHUSDUDVHU
PiV VDELR SHUR VyOR SRUTXH OD YLGD OH PDQGD H[SHULHQFLDV GH
KXPLOGDGTXHOHGDQOHFFLRQHVVREUHVXSURSLDKXPDQLGDG\ODGHORV
GHPiV 6yOR HQWRQFHV HO KRPEUH $SROR SRGUi SHQVDU ³DVt HV SHUR
SRUFLUFXQVWDQFLDVTXHQRPHUH]FRRSRUODJUDFLDTXHKHUHFLELGR´R
SUHJXQWDUVH ³VL HVR PH KXELHUD VXFHGLGR D Pt PH SUHJXQWR VL OR
KXELHUDKHFKRWDQELHQ´
(ODPRUFRPRPRWLYDFLyQ
$SROR WLHQH XQD PDUFDGD WHQGHQFLD D KDFHU VLHPSUH OR TXH VH
HVSHUDGHpOVLQFXHVWLRQDUVHVLUHDOPHQWHTXLHUHKDFHUORTXHHVWi
KDFLHQGR&XDQGRHUDXQQLxRFRQVLJXLyHODPRU\ODDSUREDFLyQSRU
DFHSWDUODVQRUPDVORFXDOQROHFDXVySUREOHPDVSRUVXQDWXUDOH]D
DUTXHWtSLFD $ PHQXGR DO $SROR OH FXHVWD PHGLD YLGD R PiV DVt
FRPR XQD GHSUHVLyQ GH OD PLWDG GH OD YLGD FXHVWLRQDUVH VL HVWi
KDFLHQGRHOWUDEDMRTXHTXLHUHKDFHUVLHVWiGRQGHTXLHUHHVWDURVL
DPDDVXHVSRVD
8Q $SROR WUDVFLHQGH VX LGHQWLILFDFLyQ FRQ HO DUTXHWLSR TXH OH
OLPLWD FXDQGR WRPD GHFLVLRQHV EDVDGDV HQ HO DPRU (QWRQFHV
WUDVFLHQGHD$SRORFX\DVGHFLVLRQHVVHEDVDQHQODOyJLFD$KRUDVH
DGHQWUD HQ XQ WHUULWRULR GHVFRQRFLGR 6LQ HPEDUJR OD KDELOLGDG GH
$SROR GH GLVFULPLQDU \ HYDOXDU DVt FRPR GH WRPDUVH VX WLHPSR
SXHGHQD\XGDUOHDGLVWLQJXLUHOFDSULFKRGHODPRU
&XDQGR KDFH FDVR D VX FRUD]yQ $SROR VH YXHOYH KXPDQR VDEH
TXH SXHGH IDOODU \ TXH HV YXOQHUDEOH SHUR SXHGH WUDVSDVDU ODV
IURQWHUDV GH VX ³FRQRFLGR´ PXQGR UDFLRQDO 3XHGH DVXPLU ULHVJRV
$EDQGRQD OD GLVWDQFLD HPRFLRQDO TXH OH KDEtD SURWHJLGR \ OH KDEtD
PDQWHQLGRDLVODGR
+(50(6',260(16$-(52<
*8Ë$'(/26(63Ë5,786
&2081,&$'25(0%$8&$'25
9,$-(52
(V HO GLRV GH OR LPSUHYLVWR GH OD VXHUWH GH ODV
FRLQFLGHQFLDV GH OD VLQFURQLFLGDG ©+HUPHV KD HQWUDGR HQ
QXHVWUR PHGLRª GLUtDQ ORV DQWLJXRV JULHJRV FXDQGR XQ
UHSHQWLQR VLOHQFLR LQXQGDED OD KDELWDFLyQ GHVFHQGtD D OD
FRQYHUVDFLyQHLQWURGXFtDXQDQXHYDGLPHQVLyQHQODUHXQLyQ
6LHPSUH TXH ODV FRVDV SDUHFHQ ILMDV UtJLGDV ³HVWDQFDGDV´
+HUPHV DSRUWD IOXLGH] PRYLPLHQWR QXHYRV FRPLHQ]RV \ OD
FRQIXVLyQTXHFDVLLQHYLWDEOHPHQWHSUHFHGHDWRGRLQLFLR

$5,$11$67$66,12328/267KH*RGVRI*UHHFH

$TXtWHQHPRVDOPDHVWURGHODLQJHQXLGDGDOJXtDGHORV
UHEDxRV DO DPLJR \ DPDQWH GH ODV QLQIDV \ ODV JUDFLDV DO
HVStULWXGHODQRFKHGHOVXHxR\GHORVVXHxRV1DGDSXHGH
GHVFULELU PHMRU ORV DOHJUHV \ DO PLVPR WLHPSR RVFXURV \
PLVWHULRVRVHQFDQWDGRUHV\WLHUQRVHOHPHQWRVGH+HUPHVTXH
ORVPiJLFRV\GXOFHVWRQRVGHODOLUDRGHODIODXWD

:$/7(5:)27727KH+RPHULF*RGV
 +HUPHV FRPR GLRV DUTXHWLSR \ KRPEUH SHUVRQLILFD OD YHORFLGDG
GHO PRYLPLHQWR OD DJLOLGDG PHQWDO \ OD IDFLOLGDG GH SDODEUD
GHVSOD]iQGRVH FRQ UDSLGH] FRPR LPDJHQ PDVFXOLQD R PHWiIRUD
FUX]DODVIURQWHUDV\FDPELDGHSODQRIiFLOPHQWH
+HUPHVHOGLRV
+HUPHV PiV FRQRFLGR SRU VX QRPEUH URPDQR 0HUFXULR  HV HO
PHQVDMHURGHORVGLRVHVODHORFXHQWHGLYLQLGDGGHOKDEOD\HOJXtDGH
ORVHVStULWXVHQVXFDPLQRKDFLDHOPXQGRVXEWHUUiQHRHOSURWHFWRU
GH ORV DWOHWDV YLDMHURV ODGURQHV \ KRPEUHV GH QHJRFLRV UHSXWDGR
LQYHQWRUGHODOLUDORVQ~PHURV\HODOIDEHWR(UDIDPRVRSRUVHUHO
³PiVFRUGLDOGHORVGLRVHVFRQORVKRPEUHV´\SRUVHUHOGLRVGHOD
IRUWXQD
$ +HUPHV VH OH VROtD UHSUHVHQWDU FRPR XQ KRPEUH GH DVSHFWR
MXYHQLO+RPHUROHGHVFULELyFRPRDXQMRYHQSUtQFLSHHQODHGDGHQ
ODTXHHPSLH]DDFUHFHUODEDUED(QVXVPLVLRQHVFRPRPHQVDMHUR
GH ORV GLRVHV OOHYDED XQ VRPEUHUR GH YLDMH FRQ XQD DPSOLD DOD DO
TXH D YHFHV VH OH SRQtDQ GRV SHTXHxDV DODV 7HQtD VDQGDOLDV R
]DSDWRVDODGRV\OOHYDEDXQFDGXFHR*HQHUDOPHQWHVXFDGXFHRHUD
XQ VHQFLOOR EiFXOR HQYXHOWR FRQ GRV FLQWDV EODQFDV R VHUSLHQWHV 
XQD HVSHFLH GH YDUD PiJLFD VtPEROR GH OD DXWRULGDG H
LQYXOQHUDELOLGDGGHOKHUDOGRGHORVGLRVHV
+HUPHVFX\RQRPEUHVLJQLILFD³HOGHOPRQWyQGHSLHGUDV´UHFLEH
HVHDSHODWLYRSRUORVPRMRQHVGHSLHGUDVTXHVHUYtDQGHLQGLFDGRUHV
SDUDORVYLDMHURVDORVFXDOHVFDGDWUDQVH~QWHDxDGtDXQDSLHGUD$
YHFHVHVWRVPRQWRQHVGHSLHGUDVWDPELpQLQGLFDEDQWXPEDVTXHHQ
ODDQWLJHGDGVROtDQHVWDUDORVODGRVGHORVFDPLQRV0iVWDUGHORV
SLODUHVGHSLHGUDVGHQRPLQDGRV³KHUPDV´VHVLWXDEDQGHODQWHGHODV
FDVDVJULHJDVRPDUFDEDQORVOtPLWHVGHXQDSURSLHGDG
*HQHDORJtD\PLWRORJtD
+HUPHVHUDKLMRGH=HXV\0D\D0D\DHUDXQDWtPLGDGLRVDTXH
YLYLy HQ XQD FXHYD HQ OD PRQWDxD GRQGH UHFLELy OD YLVLWD GH =HXV
GXUDQWH OD QRFKH PLHQWUDV +HUD GRUPtD \ SRU XQD YH] QR HUD
FRQVFLHQWH GH ODV FRQTXLVWDV GH =HXV  0D\D HUD KLMD GH $WODV HO
WLWiQ TXH OOHYy ORV FLHORV VREUH VXV KRPEURV (UD XQD GH ODV
SOp\DGHVODFRQVWHODFLyQGHHVWUHOODVKHUPDQDVGHODQRFKH
6LHPSUH DMHWUHDGR GHVGH VX QDFLPLHQWR +HUPHV QDFLy SRU OD
PDxDQDLQYHQWy\WRFyODOLUDDOPHGLRGtDUREyODVYDFDVGH$SROR
SRU OD WDUGH \ UHJUHVy D VX FXQD SRU OD QRFKH KDFLpQGRVH HO
LQRFHQWH 6X SULPHU GtD GH YLGD IXH XQ SUHOXGLR HQ HO TXH \D VH
SRQtDQGHPDQLILHVWRODVFDUDFWHUtVWLFDVSULQFLSDOHVGH+HUPHV1DGD
PiVQDFHUVDOWyDXGD]PHQWHGHVXFXQDVHDYHQWXUyHQHOPXQGR\
VHSXVRDHVSLDUDXQDOHQWDWRUWXJDTXHSDVHDEDSRUGHODQWHGHOD
FXHYDGHVXPDGUH,QVSLUDGRSRUORTXHSRGtDKDFHUFRQODWRUWXJD
\UiSLGRHQSRQHUHQSUiFWLFDVXLGHDGHVFXDUWL]yDODWRUWXJDWRPy
VXFDSDUD]yQVXMHWyGRVFDxDVDORVODGRV\OHVSXVRVLHWHFXHUGDV
LQYHQWDQGRDVtODOLUD+HUPHVWRFDEDODOLUD\FDQWDEDFRPSRQLHQGR
P~VLFDTXHHYRFDEDDOHJUtDDPRU\XQGXOFHVXHxR
7UDVKDEHUSXHVWRODOLUDHQVXFXQDHOEHEp+HUPHVVHPRUtDGH
JDQDVGHFRPHUFDUQH8QDYH]PiVVDOLyGHODFXHYDHVWDYH]SDUD
UREDU DOJ~Q EXH\ GH VX PHGLR KHUPDQR $SROR (O MRYHQ FXDWUHUR
HQFRQWUyHOUHEDxRGH$SRORSDFLHQGRHVFRJLyFLQFXHQWDYDFDV\ODV
FRQGXMR KDFLD DWUiV GH PRGR TXH VXV SH]XxDV WUDVHUDV TXHGDEDQ
KDFLD GHODQWH \ ODV GHODQWHUDV GHWUiV 6H IDEULFy XQ FDO]DGR FRQ
UDPDV TXH GLVLPXODED VXV SURSLDV KXHOODV &XDQGR KXER FRQGXFLGR
DO JDQDGR KDVWD XQ OXJDU GRQGH SRGtD HVFRQGHUOR +HUPHV SUHQGLy
XQSRWHQWHIXHJR ORHQFHQGLyFRQ\HVFD\IURWDQGRGRVSDORVDVtVH
LQYHQWy HO IXHJR  \ DVy GRV YDFDV &XDQGR KXER WHUPLQDGR WLUy DO
UtR VX FDO]DGR HVSDUFLy ODV FHQL]DV \ UHJUHVy VLJLORVDPHQWH D OD
FXHYDGHVXPDGUH$OOt\DFtDHQVXFXQDFRQODOLUDEDMRHOEUD]R\
VHHQYROYLyDVtPLVPRHQVXVSURSLRVSDxDOHV
 $SROR GHVFXEULy TXH OH KDEtDQ UREDGR SDUWH GH VX JDQDGR \
VLJXLy ODV KXHOODV TXH SDUHFtDQ FRQGXFLU D XQD GLUHFFLyQ RSXHVWD
SHUR TXH QR FRQVLJXLHURQ HQJDxDUOH (QWUy IXULRVR HQ OD FXHYD GH
0D\D\H[LJLyTXH+HUPHVOHGLMHUDGyQGHKDEtDHVFRQGLGRODVYDFDV
(O SHTXHxR +HUPHV DVWXWDPHQWH QHJy VDEHU QDGD GHO JDQDGR
UREDGR\OHGLMR©¢7HSDUH]FRXQKRPEUHIXHUWHTXHUREDYDFDV"<R
WHQJR RWUR HPSOHR PX\ GLVWLQWR HO GH GRUPLU EHEHU OD OHFKH GH PL
PDGUH HVWDU HQYXHOWR HQ PLV SDxDOHV R WRPDU PL EDxR 1DFt D\HU
PLVSLHVVRQPX\GHOLFDGRV\HOVXHORHVGXURª<+HUPHVMXUySRU
VXSDGUHTXHQDGDVDEtDGHODVYDFDV
$SROR VRQULy DQWH HVWD PXHVWUD GH LQRFHQFLD \ OODPy D +HUPHV
³DVWXWR PHQWLURVR´ TXH KDEODED FRPR XQ ODGUyQ FRQVXPDGR 0iV
WDUGHHQSUHVHQFLDGH=HXV$SROR\+HUPHVUHODWDURQVXVKLVWRULDV
OR FXDO GLYLUWLy D =HXV TXH GHGXMR OD YHUGDG H KL]R TXH +HUPHV OH
GLMHUDD$SRORGyQGHHVWDEDHOJDQDGR
$SROR TXHUtD OD OLUD \ OH SURPHWLy FXDOTXLHU FRVD D FDPELR 3RU
HOODHOKDELOLGRVR+HUPHVUHFLELyODVFLQFXHQWDYDFDVXQEiFXORGH
SDVWRU\XQDSRVLFLyQ\DIXHUDXQEiFXORGRUDGRUHPDWDGRFRQWUHV
KRMDV TXH FRQFHGtDQ ULTXH]D GRPLQLR VREUH ODV EHVWLDV \ SRGHU GH
DGLYLQDFLyQPHQRURELHQXQFDGXFHRXQDYDUDDODGDHQYXHOWDFRQ
GRVFLQWDVEODQFDVRVHUSLHQWHVTXHOHLGHQWLILFDEDQFRPRPHQVDMHUR
\HVFROWDGHORVHVStULWXVDOPXQGRVXEWHUUiQHR
+HUPHVHVPiVFRQRFLGRFRPRGLRVPHQVDMHUR\FRPRODGHLGDG
TXHUHDOL]yPXFKRVVHUYLFLRV~WLOHVSDUDRWURVROtPSLFRV2EHGHFLyHO
PDQGDWRGH=HXVGHUHVFDWDUD3HUVpIRQHGHOPXQGRVXEWHUUiQHR\
GHYROYHUOD MXQWR D VX PDGUH 7DPELpQ UHVFDWy D $UHV GH VX SULVLyQ
HQ XQD MDUUD GH EURQFH D\XGy D =HXV D TXH GLHUD D OX] D 'LRQLVRV
TXHOOHYDEDHQVXPXVOR\HVFROWyD$IURGLWD$WHQHD\D+HUDKDVWD
HO -XLFLR GH 3DULV HQ HO TXH 3DULV HVFRJLy D $IURGLWD FRPR OD PiV
KHUPRVD 

/DGHVFHQGHQFLDGH+HUPHV
 /RVP~OWLSOHVKLMRVGH+HUPHVHUDQIUXWRGHVXSURSLDQDWXUDOH]D
$XWyOLFR\0LUWLORKDEtDQKHUHGDGRVXVSHRUHVDVSHFWRV$XWyOLFRIXH
XQEDQGLGR\XQPHQWLURVRQDWRVLQHOHQFDQWRGHXQMRYHQ+HUPHV
/D LQYHQWLYD \ VRFLRSDWtD GH 0LUWLOR SURYRFDURQ OD PXHUWH GH VX
PDHVWURHQXQDFDUUHUDGHFXDGULJDV6RERUQDGRSRUXQFRPSHWLGRU
FDPELyODVFODYLMDVGHKLHUURGHOHMHGHOFDUUXDMH\ODVUHHPSOD]ySRU
RWUDVGHFHUD
(O DPRUDO 3DQ IXH RWUR GH VXV KLMRV GH PDOD UHSXWDFLyQ PHGLR
FDEUD GH FLQWXUD KDFLD DEDMR FRQ FXHUQRV \ EDUED GH FDEUD
MXJXHWyQ LUDVFLEOH \ ODVFLYR 3DQ IXH HO GLRV GH ORV ERVTXHVGH ORV
SDVWRVGHORVUHEDxRV\GHORVSDVWRUHV6XKLMR(XGRUR ³GRQDGRU
GH ELHQHV´  KHUHGy HO DVSHFWR DIDEOH GH +HUPHV FRPR HO ILHO \
VHQFLOOR SDVWRU TXH JXtD D ORV UHEDxRV TXH HV XQD H[WHQVLyQ \
H[SUHVLyQ GHO DVSHFWR GH FXLGDGRU \ SURYHHGRU GHO GLRV
+HUPDIURGLWRVXKLMRPiVGHVWDFDGRUHIOHMDODQDWXUDOH]DDQGUyJLQD
\ ELVH[XDO GH +HUPHV \ OOHYDED ORV QRPEUHV \ ODV FDUDFWHUtVWLFDV
VH[XDOHVGHVXVGRVSURJHQLWRUHV$IURGLWD\+HUPHV
+HUPHV WXYR XQD VHULH GH DYHQWXUDV DPRURVDV $ H[FHSFLyQ GH
VXXQLyQFRQ$IURGLWDQLQJXQDVHQDUUDFRQGHWDOOH\QLQJXQDGHODV
PDGUHVGHORVGHPiVKLMRVDSDUWHGH+HUPDIURGLWRVRQLPSRUWDQWHV
HQVXVPLWRV$+HUPHVVHOHSXHGHFRQVLGHUDUXQGLRVVROWHUR

+HUPHV\ODDOTXLPLD
(Q OD DOTXLPLD +HUPHV0HUFXULR HUD ³SODWD YLYD´ HO HVStULWX
RFXOWR HQ OD PDWHULD (UD HO VtPEROR TXH XQtD WRGRV ORV RSXHVWRV
PHWiOLFR\VLQHPEDUJROtTXLGRPDWHULDSHURWDPELpQHVStULWXIUtR\
IRJRVRYHQHQR\PHGLFLQDODODYH]>@(OPHUFXULRFRPRVXVWDQFLD
VH DGKLHUH VyOR D XQ PHWDO SUHFLRVR PHWDIyULFDPHQWH +HUPHV
SXHGHPRVWUDUWHHOFDPLQRSDUDKDOODURURHVSLULWXDO
/D DOTXLPLD IORUHFLy GXUDQWH OD ,QTXLVLFLyQ PHGLHYDO FXDQGR ORV
LQWHQWRV GH EXVFDU YHUGDGHV HVSLULWXDOHV \ H[SHULHQFLDV PtVWLFDV
IXHUDGHODLJOHVLDFDWyOLFDURPDQDHVWDEDQFODVLILFDGRVFRPRKHUHMtD
\ HUDQ FDVWLJDGRV $OJXQRV GHFtDQ TXH +HUPHV LQYHQWy OD DOTXLPLD
DVt FRPR WDPELpQ HUD HO SURWDJRQLVWD GH PHWiIRUDV VH[XDOHV
DOTXtPLFDV FRPR HO FDVR GHO KHUPDIURGLWD 2FXOWR HQ ORV WUDWDGRV
DOTXtPLFRV FRPR & * -XQJ GHVFULELy HQ 3VLFRORJtD \ DOTXLPLD
+HUPHVHUDHOFRPXQLFDGRUDWUDYpVGHODPHWiIRUDHUDHOJXtDGH
ORV HVStULWXV HQ XQ YLDMH PtVWLFR \ SVLFROyJLFR TXH LQWHQWDED XQLU OR
PDVFXOLQR\ORIHPHQLQR

(OFDGXFHRHOEiFXORGH+HUPHV
+HUPHV OOHYDED HO FDGXFHR XQD YDUD FRQ XQDV DODV HQ OD SDUWH
VXSHULRU \ FLUFXQGDGD SRU GRV VHUSLHQWHV TXH OH LGHQWLILFDEDQ FRPR
HOGLRVPHQVDMHUR\JXtDGHORVHVStULWXV/DVVHUSLHQWHVGHOFDGXFHR
GH +HUPHV KDQ WHQLGR PXFKRV VLJQLILFDGRV ORV DOTXLPLVWDV
FRQVLGHUDEDQTXHODVVHUSLHQWHVHUDQORPDVFXOLQR\ORIHPHQLQRHQ
HOPLVWLFLVPRKHUPpWLFRHOHVStULWXPDVFXOLQR\HOIHPHQLQRVHXQHQ
/DV VHUSLHQWHV WDPELpQ KDQ UHSUHVHQWDGR ORV RSXHVWRV GHO
QDFLPLHQWR\ODPXHUWHPiVUHFLHQWHPHQWHWDPELpQKDQVLPEROL]DGR
OD FDGHQD GHO $'1 D WUDYpV GH OD FXDO OD LQIRUPDFLyQ JHQpWLFD
FRGLILFDGD VH FRPXQLFD D OD PDWHULD 7DQWR VL VH WUDWD GH XQ
VLPEROLVPR QXHYR FRPR GH XQD PHWiIRUD DQWLJXD +HUPHV HVWi
ILUPHPHQWHHVWDEOHFLGRHQHOSDSHOGHPHQVDMHURHQWUHORVUHLQRV
(O FDGXFHR GH +HUPHV GLIHUtD GHO EiFXOR GH $VFOHSLR GLRV GH OD
PHGLFLQDTXHWHQtDXQDVRODVHUSLHQWHHQUROODGD
+HUPHVHODUTXHWLSR
$O LJXDO TXH HO GLRV HO DUTXHWLSR +HUPHV WLHQH PXFKRV
SRWHQFLDOHV SRVLWLYRV \ QHJDWLYRV /D LQYHQWLYD HO GRQ GH OD
FRPXQLFDFLyQ\ODFDSDFLGDGGHSHQVDU\GHDFWXDUFRQUDSLGH]VRQ
ODV FDUDFWHUtVWLFDV TXH VH SXHGHQ XVDU FUHDWLYDPHQWH SDUD ORJUDU
DOJR R SDUD HQJDxDU +HUPHV VLQ GXGD HV WDPELpQ XQ DUTXHWLSR
SRVLWLYRSRUVHUHOTXHFRPXQLFDVHQWLGR\UHVFDWDDOQLxR

(OPHQVDMHUR
+HUPHV YLDMy FRQ IUHFXHQFLD \ UDSLGH] HQWUH HO 2OLPSR \ HO
PXQGR VXEWHUUiQHR HQWUH HO 2OLPSR \ OD 7LHUUD HQWUH pVWD \ HO
PXQGR VXEWHUUiQHR 6H PRYtD FRQ IDFLOLGDG GH XQ SODQR D RWUR
FUX]DQGRODVIURQWHUDVVLQSUREOHPDV
/RV KRPEUHV \ ODV PXMHUHV  TXH FRPSDUWHQ HVWD PRYLOLGDG
SXHGHQGHVHQYROYHUVHSHUIHFWDPHQWHHQHOFDPSRGHODGLSORPDFLD
GHORVPHGLRVGHFRPXQLFDFLyQ\GHOFRPHUFLR6RQFRPHUFLDQWHV\
FRPXQLFDGRUHVGHOPXQGR\OOHYDQDORVGLRVHVODLQIRUPDFLyQ\OD
FXOWXUDGHXQOXJDUDRWUR3DUD+HUPHVLUGHXQDFLXGDGDRWUDRGH
XQSDtVDRWURDWUDYHVDUHO7HOyQGH$FHURRVHUHOSULPHUYLVLWDQWH
GHDOJ~QOXJDUIXHUDGHOPDSDHVDOJRUXWLQDULR+HUPHVSXHGHYLDMDU
HQ SHUVRQD R D WUDYpV GH OD UDGLR OD WHOHYLVLyQ R GH OD HVFULWXUD
+DFHUQHJRFLRVJDQDUGLQHUR\SDFWDUDOLDQ]DVVRQUHWRVDSHWHFLEOHV
SDUDODVSHUVRQDV+HUPHV
 /RV IDPRVRV YLDMHURV GH ORV WLHPSRV DQWLJXRV FRPR 0DUFR 3ROR
TXHDEULyUXWDVFRPHUFLDOHVGHVGH(XURSDKDVWD&KLQD\OD,QGLD \
VLU5LFKDUG%XUWRQ XQKRPEUHTXHDGRSWyPXFKRVGLVIUDFHV\FX\DV
DYHQWXUDV HQ ORV SDtVHV PXVXOPDQHV FXOPLQDURQ FRQ VX HQWUDGD HQ
/D 0HFD  WHQtDQ TXH VHU FRPR +HUPHV SDUD GLVIUXWDU FRQ VXV
DYHQWXUDV \ WHQHU p[LWR FRQ OR TXH KLFLHURQ FRPR YLDMHURV \
HVFULWRUHV(VWHHUDHOFDVRGH$OH[DQGUD'DYLG1HHOTXHVHDGHQWUy
HQ HO 7LEHW \ WDPELpQ QDUUy VXV YLDMHV D ORV PLVWHULRV GHO SDtV /RV
PHMRUHV H[SORUDGRUHV GH ODV UHDOLGDGHV QR RUGLQDULDV VRQ
DFWXDOPHQWH&DUORV&DVWDxHGD\/\QQ$QGUHZVFDGDXQRKDHVFULWR
YDULRV OLEURV TXH KDEODQ GH ODV DYHQWXUDV GH ORV ULHVJRV \ GHO
FRQRFLPLHQWR DGTXLULGR HQ VXV UHVSHFWLYRV DSUHQGL]DMHV FRQ ORV
FXUDQGHURV \ FXUDQGHUDV QDWLYRV DPHULFDQRV $O LJXDO TXH +HUPHV
&DVWDxHGD\$QGUHZVSDVDQGHXQSODQRDRWURFXDQGRDEDQGRQDQ
HO PXQGR RUGLQDULR SDUD DGHQWUDUVH HQ HO PXQGR GH ORV HVStULWXV \
GHORVSRGHUHV
8Q +HUPHV GH QXHVWURV GtDV SXHGH WUDEDMDU HQ XQ VHUYLFLR
GLSORPiWLFR FRPR UHSUHVHQWDQWH GH XQD FRUSRUDFLyQ PXOWLQDFLRQDO
VHU XQ FRQIHUHQFLDQWH LWLQHUDQWH LQWHUQDFLRQDOPHQWH FRQRFLGR R XQ
JXtD WXUtVWLFR <D VHD QHJRFLDQGR XQ WUDWDGR R UHJDWHDQGR SRU XQD
FKXFKHUtD FXDQWR PiV VH SDUHFH XQ KRPEUH D +HUPHV PiV
SUREDEOH HV TXH GHVWDTXH VLHQGR SHUVXDVLYR \ TXH FRQVLJD XQD
³ILQDQFLDFLyQFUHDWLYD´
6L DOJR HV LOHJDO R QR HV FRUUHFWR QR SUHRFXSD HQ H[FHVR D XQ
+HUPHV5DUDYH]OHTXLWDHOVXHxRSHQVDUHQORTXHHVWiELHQROR
TXH HVWi PDO 3RU HVR SXHGH VHU XQ DVHVRU OHJDO GH OD 0DILD \ DO
LJXDOTXH+HUPHVFUX]DUIiFLOPHQWHODVIURQWHUDVHQWUHOROHJtWLPR\
HO PXQGR FULPLQDO VXPHUJLGR 6yOR OH SUHRFXSD TXH VX HVWUDWHJLD R
QHJRFLRIXQFLRQHVXSHQVDPLHQWRFUHDWLYROHFRQYLHUWHHQXQDVGH
ODUHVROXFLyQGHSUREOHPDV

(OHPEDXFDGRU
 (Q VX SULPHU GtD HQ OD 7LHUUD +HUPHV \D UREy JDQDGR D VX
KHUPDQR$SRORRFXOWDQGRDVWXWDPHQWHVXVKXHOODVDWiQGRVHUDPDV
DORVSLHV\GHMDQGRXQDIDOVDSLVWDDOREOLJDUDODVYDFDVDFDPLQDU
KDFLD DWUiV /XHJR LQWHQWy KDFHUVH SDVDU SRU XQ LQRFHQWH UHFLpQ
QDFLGRPLQWLHQGRDFHUFDGHVtPLVPR(VWH+HUPHVHPEDXFDGRUHV
XQ DUTXHWLSR PXQGLDOPHQWH FRQRFLGR TXH VH FDUDFWHUL]D SRU VX
LQWHOLJHQFLDLQJHQLR\KDELOLGDGSDUDFDPELDUGHIRUPDRGHDVSHFWR
3DUD ORV QDWLYRV DPHULFDQRV HO HPEDXFDGRU HVWi UHSUHVHQWDGR
SRUHOFR\RWH3DUDORVHVTXLPDOHVHVODFRUQHMDSDUDORVMDSRQHVHV
HO DVWXWR WHMyQ 7LHQH LQYHQWLYD \ WRPD OR TXH TXLHUH PHGLDQWH HO
HQJDxR R HO URER 0XFKDV YHFHV HV DGPLUDGR PiV TXH FRQGHQDGR
SRU VX LQWHOLJHQFLD VHJ~Q OR TXH UREH \ D TXLpQ &XDQGR HV 5RELQ
+RRG UREDQGR D ORV ULFRV RSUHVRUHV SDUD GiUVHOR D ORV SREUHV R
3URPHWHR UREDQGR HO IXHJR GH ORV GLRVHV SDUD HQWUHJiUVHOR D OD
KXPDQLGDGHOHPEDXFDGRUHVYLVWRFRPRXQKpURH3RUHMHPSOROD
SRSXODU VHULH GH WHOHYLVLyQ $WUDSD D XQ ODGUyQ SURWDJRQL]DGD SRU HO
DFWRU 5REHUW :DJQHU HV XQ HMHPSOR GHO +HUPHV PRGHUQR 6X
SHUVRQDMH VLJXH HO SULQFLSLR ³KD\ TXH VHU SH] SDUD VDEHU FyPR
GXHUPH XQ SH] HQ HO DJXD´ :DJQHU LQWHUSUHWD D XQ HQFDQWDGRU
H[ODGUyQ TXH DKRUD XWLOL]D VX DUWH SDUD HQWUDU \ VDOLU UiSLGD H
LOHJDOPHQWHGHORVVLWLRV\VXKDELOLGDGFDPDOHyQLFDSDUDGLVIUD]DUVH
FRQEXHQRVILQHV
6LQ HPEDUJR XQ HPEDXFDGRU HQ OD YLGD UHDO SXHGH VHU XQ
HVWDIDGRUPiVTXHXQKpURH3XHGHVHUXQYHQGHGRUVLQHVFU~SXORV
FRQFX\DVDUWHVGHYHQWDFRQVLJDKDFHUFRPSUDUDODJHQWHREMHWRV
TXH QR QHFHVLWDQ R XQ HVWDIDGRU HQ WRGD UHJOD TXH HQJDxD D OD
JHQWH+HUPHVFRPRHPEDXFDGRUHVHODUTXHWLSRHQFDUQDGRSRUXQ
VRFLySDWD HQFDQWDGRU TXH QR VLHQWH QLQJ~Q UHPRUGLPLHQWR SRU
PHQWLURFRQVHJXLUORTXHGHVHD
/DFDSDFLGDGGHSHQVDUFRPRXQHPEDXFDGRUSXHGHD\XGDUDXQ
WHUDSHXWD D FRPSUHQGHU TXp HV OR TXH SXHGH HVWDU SDVDQGR HQ OD
PHQWH GH RWUD SHUVRQD KDFHU TXH XQ GHWHFWLYH VHD EULOODQWH HQ VX
WUDEDMR R D\XGDU D XQD SHUVRQD D UHVROYHU VXV SUREOHPDV GH XQD
IRUPD~QLFD\FUHDWLYD
(OKHUPDQRPHQRUULYDO
(O RUGHQ GH QDFLPLHQWR SXHGH FRQWULEXLU DO GHVDUUROOR GHO
DUTXHWLSR GH +HUPHV /D UHODFLyQ GHO GLRV +HUPHV FRQ VX KHUPDQR
PD\RU $SROR HV HVHQFLDO SDUD FRPSUHQGHU HO DVSHFWR FRPSHWLWLYR \
DGTXLVLWLYR GH HVWH DUTXHWLSR +HUPHV OOHJD DO PXQGR PX\
FRQVFLHQWH GH VX VWDWXV GH ³FDUHQFLD´ \ UiSLGDPHQWH OH URED D VX
KHUPDQR&RPRUHVSXHVWDD+HUPHV$SRORVHVLQWLyYtFWLPDIXULRVR
DSODFDGR \ VHGXFLGR $XQTXH DPERV KHUPDQRV DFDEDURQ
DSUHQGLHQGR KDELOLGDGHV R FRQVLJXLHQGR SRGHU HO XQR GHO RWUR
PHGLDQWH HO LQWHUFDPELR HV +HUPHV HO TXH HPSLH]D FRQ ODV PDQRV
YDFtDV\DFDEDDGTXLULHQGRPXFKR
$O OOHJDU D HVFHQD GHVSXpV GH XQ KHUPDQR PD\RU HO KHUPDQR
PHQRUDOSULQFLSLRFRPSLWHXWLOL]DQGRVXHQFDQWRFRPREHEp$XQTXH
YD\DFUHFLHQGRVLJXHVLHQGRPiVSHTXHxRGHWDPDxR\WLHQHPHQRV
H[SHULHQFLDSRUORTXHVHGDFXHQWDGHTXHKDGHXWLOL]DUVXLQJHQLR
$O VHU PiV MRYHQ QR SXHGH YHQFHU D VX KHUPDQR PD\RU 6L HQ XQ
KHUPDQRPHQRUSUHGRPLQDHODUTXHWLSR+HUPHVVDEUiFyPRXWLOL]DU
ODV SDODEUDV SDUD HOXGLU ODV OXFKDV ItVLFDV HQ ODV TXH HVWi HQ
GHVYHQWDMD (PSOHD OD HVWUDWHJLD SDUD FRQVHJXLU OR TXH TXLHUH \D
VHDXQREMHWRPDWHULDORXQDSUHUURJDWLYDGHOKHUPDQRPD\RU
(O ³KHUPDQR PHQRU´ VH YH D Vt PLVPR FRPR HO VHJXQGR GH D
ERUGR TXH KD GH OXFKDU SRU XQD SRVLFLyQ +DVWD TXH -RVHSK
.HQQHG\-UHOKLMRPD\RUGHODGLQDVWtDPXULyHQVXDYLyQGXUDQWH
OD VHJXQGD JXHUUD PXQGLDO HO SDSHO GH +HUPHV HQ VHJXQGR OXJDU
SHUWHQHFtD D VX KHUPDQR PHQRU PiV SUy[LPR -RKQ ) .HQQHG\ /D
IUiJLO VDOXG GH -DFN \ VX PHQRU UHVLVWHQFLD ItVLFD OH KDFtDQ HVWDU HQ
GHVYHQWDMD SRU OR TXH WXYR TXH FRPSHQVDUOD VXSHUiQGRVH HQ HO
WHUUHQRGHODSDODEUD\HOLJLHQGRFXLGDGRVDPHQWHORVWHUUHQRVHQORV
TXHKDEUtDGHFRPSHWLU

(OJXtD
 (Q OD PLWRORJtD GH +HUPHV pVWH VROtD JXLDU D ORV GHPiV GH XQ
UHLQR D RWUR &RPR +HUPHV 3VLFRSRPSRV DFRPSDxy D ORV HVStULWXV
GHORVPXHUWRVDOPXQGRVXEWHUUiQHR7DPELpQUHVFDWyD3HUVpIRQH
GHOPXQGRVXEWHUUiQHR\VHODGHYROYLyDVXPDGUH'HPpWHU
+HUPHV HVWDED UHSUHVHQWDGR SRU OD KHUPD XQ SHTXHxR SLODU R
PRQWyQ GH SLHGUDV TXH PDUFDED ORV OtPLWHV GH XQD SURSLHGDG ODV
FDUUHWHUDVODVWXPEDV\ODHQWUDGDGHWRGDVODVFDVDV'HPRGRTXH
+HUPHV HUD HO GLRV TXH PDUFDED ODV IURQWHUDV DVt FRPR HO TXH HUD
FDSD]GHFUX]DUODV
0XUUD\6WHLQXQDQDOLVWDMXQJXLDQROODPDD+HUPHVHOGLRVGHOD
WUDQVLFLyQVLJQLILFDWLYD+HUPHVHVHODUTXHWLSRTXHVHHQFXHQWUDHQ
ODVIDVHVGHFDPELRSVLFROyJLFRHVSHFLDOPHQWHHQODVWUDQVLFLRQHVGH
OD PLWDG GH OD YLGD (V XQ GLRV OLPLQDU TXH VH HQFXHQWUD HQ HO
HVSDFLRWUDQVLFLRQDO GHODSDODEUDJULHJD OLPHQHOHVSDFLRTXHHVWi
GHEDMRGHODSXHUWDRGHOXPEUDO>@ 
&RQIUHFXHQFLDXQSVLFRWHUDSHXWDGHVHPSHxDHOSDSHOGH+HUPHV
FRPR JXtD GH ORV HVStULWXV HQWUH ORV SHUtRGRV GH WUDQVLFLyQ
VLJQLILFDWLYRV /DV SHUVRQDV EXVFDQ D\XGD GXUDQWH ORV SHUtRGRV GH
GHSUHVLyQTXHVLJXHQDODSpUGLGDGHXQDSHUVRQDRGHXQDIXQFLyQ
LPSRUWDQWHSDUDHOODVRHQORVSHUtRGRVGHLQFHUWLGXPEUH\DQVLHGDG
FXDQGR QRV HQIUHQWDPRV D DOJR QXHYR R HQ ODV WUDQVLFLRQHV HQWUH
XQD IDVH GH OD YLGD \ OD VLJXLHQWH 'XUDQWH XQ WLHPSR HO WHUDSHXWD
DFRPSDxDDODSHUVRQDHQVXYLDMHFRPRKL]R+HUPHV$YHFHVXQ
WHUDSHXWDD\XGDDXQDSHUVRQDDYHUORVSHOLJURVTXHSUHVHQWDXQD
VLWXDFLyQ \ D TXH SXHGD VXSHUDUORV DO LJXDO TXH KL]R +HUPHV FRQ
8OLVHV TXH DSDUHFLy MXVWR FXDQGR 8OLVHV HVWDED D SXQWR GH
HQFRQWUDUVHFRQ&LUFHODPDJDTXHKDEtDFRQYHUWLGRHQFHUGRVDVXV
KRPEUHV +HUPHV GLR D 8OLVHV XQD YLVLyQ SURIXQGD \ OH SURWHJLy
FRQWUDHOSRGHUGH&LUFH
(O SDWUyQ GH +HUPHV WDPELpQ JXtD D OD SHUVRQD TXH EXVFD
VLJQLILFDGR H LQWHJUDFLyQ HQ ORV UHLQRV GHO HVStULWX 2OLPSR  HQ OD
YLGD KXPDQD WLHUUD  \ HQ HO HVStULWX PXQGR VXEWHUUiQHR  \ OXHJR
FRPXQLFD R HQVHxD OR TXH KD DSUHQGLGR &RPR YLDMHUR HQWUH ORV
GLVWLQWRV SODQRV +HUPHV WUDWD GH FRPSUHQGHU LQWHJUDUVH \
FRPXQLFDUVHHQWUHHOPXQGRFRQVFLHQWHGHODPHQWH\GHOLQWHOHFWR
2OLPSR  HO UHLQR HQ HO TXH HO HJR GHFLGH \ DFW~D WLHUUD  \ OR
LQFRQVFLHQWHFROHFWLYR PXQGRVXEWHUUiQHR 

(ODOTXLPLVWD
+HUPHVKDVLGRFRQVLGHUDGRHOSDGUHGHODDOTXLPLDHVDFLHQFLD
DUFDQD TXH VH HVIRU]DED HQ FRQYHUWLU HO SORPR HQ RUR \ TXH HUD
WDPELpQ OD E~VTXHGD HVSLULWXDO \ SVLFROyJLFD GH WUDQVIRUPDU OR PiV
SULPDULRGHODSVLTXHHQRUR(O³DOTXLPLVWD´LQWHQWDKDOODUHOVHQWLGR
X ³RUR´  GH OD H[SHULHQFLD \ EXVFD H[SHULHQFLDV WUDQVIRUPDGRUDV
-XQJ KDEOD GH HVWH DVSHFWR GHO DUTXHWLSR +HUPHV FRPR HO HVStULWX
0HUFXULRXWLOL]DQGRHOQRPEUHURPDQRGHOGLRV

5HVFDWDGRUGHOQLxR
+HUPHV GHVFHQGLy DO PXQGR VXEWHUUiQHR SDUD UHVFDWDU D OD KLMD
VHFXHVWUDGD GH 'HPpWHU 3HUVpIRQH 5HVFDWy DO EHEp 'LRQLVRV DO
PHQRV GRV YHFHV VDOYiQGROH OD YLGD \ SURWHJLpQGROH GHO SHOLJUR (O
MRYHQ $UHV WDPELpQ OH GHEH OD YLGD +HUPHV HV HO DUTXHWLSR R OD
PHWiIRUDTXHVDOYDDTXHOORTXHHVLQRFHQWH\YXOQHUDEOHRGLYLQR\
VDJUDGR DSRUWDQGR VHQWLGR D OR TXH GH RWUR PRGR VHUtD XQD
H[SHULHQFLDWHUULEOH
+H VHQWLGR OD VDOYDGRUD SUHVHQFLD GH +HUPHV FXDQGR PLV
SDFLHQWHVDGXOWRVPHKDQKDEODGRGHVXVLQIDQFLDVFRQPDORVWUDWRV
R FXDQGR OHR VREUH QLxRV TXH QR VH ULQGLHURQ DO SiQLFR QL OD
GHVHVSHUDFLyQ DO SHUGHUVH HQ XQD UHJLyQ VDOYDMH R HQ VX OXFKD SRU
SHUPDQHFHU D IORWH HQ XQ QDXIUDJLR GXUDQWH KRUDV 2\HURQ XQ
PHQVDMHGHH[SOLFDFLyQTXHOHVGLRIXHU]DVSDUDFRQWLQXDU(OQLxRR
OD QLxD TXH KD VXIULGR PDORV WUDWRV UHFLEH DOJXQD H[SOLFDFLyQ SRU
HMHPSOR ³HVWRV QR VRQ PLV SDGUHV PH HVWiQ SRQLHQGR D SUXHED´
3DUDHOQLxRTXHQRVHULQGHHOPHQVDMHSXHGHVHU³DOJXLHQOOHJDUi´
R³QRSXHGRPRULUSRUTXHOHLPSRUWRDDOJXLHQ´'XUDQWHODSUXHED
HOQLxRRODQLxDVHDIHUUDDOPHQVDMHTXHD\XGDDVXHVStULWXDQR
UHQGLUVH
 +HUPHV WDPELpQ UHVFDWD DO QLxR TXH H[LVWH HQ HO DGXOWR
GHSULPLGR $TXt +HUPHV SXHGH IRUPDU SDUWH GH RWUD SHUVRQD D OD
YH] TXH HV XQD ILJXUD LQWHUQD  TXH SURSRUFLRQD OD H[SHULHQFLD
OLEHUDGRUD R OD YLVLyQ TXH OLEHUD HVD SDUWH O~GLFD FRQILDGD R
YXOQHUDEOH FDXWLYD HQ HO PXQGR VXEWHUUiQHR GHO DGXOWR RWUD
PHWiIRUDHVODGHODMDUUDFDUFHODULDODMDUUDGHEURQFHGH$UHVROD
FDPSDQDGHFULVWDOGHODSRHWD\QRYHOLVWD6\OYLD3ODWK 3RU~OWLPR
+HUPHVDFWLYDRVDOYDHODUTXHWLSRGHOQLxRGLYLQR UHSUHVHQWDGRSRU
HOQLxR'LRQLVRV TXHHVWiODWHQWHHQFDGDXQRGHQRVRWURV KDEODUp
PiVDIRQGRVREUHHVWRHQHOFDStWXORGHGLFDGRD'LRQLVRV 

&XOWLYDUD+HUPHV
,QYLWDPRV D +HUPHV D TXH HVWp FRQ QRVRWURV VLHPSUH TXH
HVWHPRV GLVSXHVWRV D DYHQWXUDUQRV HQ XQ QXHYR WHUULWRULR FRQ OD
DFWLWXGGHH[SORUDU\FRQXQDPHQWHDELHUWDDFWLWXGTXHSXHGHHVWDU
WDQUHODFLRQDGDFRQODOHFWXUDFRPRFRQORVYLDMHVDOH[WUDQMHUR(VWH
DUTXHWLSRKDFHTXHHVWDHVSRQWDQHLGDGVHDSRVLEOHHQWUHQRVRWURV\
FRQ DTXHOODV SHUVRQDV R VLWXDFLRQHV FRQ ODV TXH QRV HQFRQWUDPRV
OXJDUHV REMHWRV R SHUVRQDV +HUPHV VH DEUH D PRPHQWRV GH
GHVFXEULPLHQWR \ GH DFRQWHFLPLHQWRV VLQFUyQLFRV D HVDV
³FRLQFLGHQFLDV´TXHUHVXOWDQVHUVLJQLILFDWLYDVVXFHVRV³DFFLGHQWDOHV´
LPSUHYLVWRV TXH QRV FRQGXFHQ D DOJ~Q OXJDU TXH HUD LPSRVLEOH TXH
FRQRFLpUDPRV YDPRV DOOt \ UHJUHVDPRV PLVWHULRVDPHQWH VLQ
HTXLYRFDUQRV /DV SHUVRQDV QR HQFXHQWUDQ D +HUPHV VL VX PHQWH
HVWiILMDGDHQXQLWLQHUDULRRDJHQGDHQSDUWLFXODUVLSDUWHQ\VDEHQ
GHDQWHPDQRORTXHYDQDYHU\FXiQGRGHPRGRTXHFXDQGRQRV
YDPRV GH YDFDFLRQHV R LQFOXVR FXDQGR SDVDPRV XQ GtD VLQ
SURJUDPDV KDFLHQGR DOJR SDUD GLYHUWLUQRV FRQ XQD DFWLWXG GH
DYHQWXUD VLQ VDEHU OR TXH YDPRV D HQFRQWUDU GHMDQGR TXH HO GtD
YD\D WRPDQGR IRUPD SRU Vt PLVPR HVWDPRV LQYLWDQGR D +HUPHV D
TXHQRVDFRPSDxHDTXHIRUPHSDUWHGHQRVRWURV
7DPELpQ HVWDPRV HQ FRQWDFWR FRQ +HUPHV HO FRPXQLFDGRU \ HO
PHQVDMHUR FXDQGR WHQHPRV OD RSRUWXQLGDG GH KDEODU \ HVWDPRV
GLVSXHVWRV D ³YRODU´ +HUPHV HV OD HORFXHQFLD HVSRQWiQHD OD
FRQH[LyQ TXH VH SURGXFH HQ HO PRPHQWR TXH SXHGH RIUHFHU XQD
H[SHULHQFLD SURIXQGD R HOHYDGD WDQWR SDUD HO RUDGRU FRPR SDUD OD
DXGLHQFLD TXH WUDVODGD D ODV SHUVRQDV D RWUR SODQR &RQILDPRV HQ
TXHHODODGR+HUPHVHVWpFRQQRVRWURVFXDQGRHQOXJDUGHHVFULELU
XQD FKDUOD ELHQ HVWUXFWXUDGD \ DQRWDGD KDEODPRV
HVSRQWiQHDPHQWH FRQWDQGR VyOR FRQ XQ EUHYH UHVXPHQ PHQWDO $O
GHMDUOD YRODU FRQHFWDPRV FRQ OD LQYHQWLYD GH +HUPHV JXLDPRV OR
PDWHULDOFRQIOXLGH]TXHQRVHSUHVHQWDHQXQDIRUPDSODQLILFDGD\
SXOLGD SURSLD GH $SROR KDEODPRV VREUH OR TXH FRQRFHPRV
EDViQGRQRV HQ QXHVWUD SURSLD H[SHULHQFLD (VWR QRUPDOPHQWH
UHTXLHUH YDORU DO SULQFLSLR SHUR FRQ OD SUiFWLFD GH VHU HVSRQWiQHRV
QXHVWUDFRQILDQ]DHQ+HUPHVDXPHQWD
+HUPHVHOKRPEUH
(O KRPEUH +HUPHV WLHQH XQD PHQWH UiSLGD &DSWD HO VLJQLILFDGR
GH XQD LGHD R GH XQD VLWXDFLyQ \ DFW~D UiSLGDPHQWH VLJXLHQGR VX
LQWXLFLyQ &RQ IUHFXHQFLD SRVHH OD FXDOLGDG ItVLFD GH HVWDU VLHPSUH
KDFLHQGR DOJR D PHGLGD TXH FDPELD FRQ JUDFLD \ DFWLYDPHQWH GH
XQDSHUVRQDDRWUDGHXQOXJDUDRWURGHXQDLGHDDRWUD,QWHQWDU
UHWHQHUOH HQ XQ VLWLR SXHGH VHU WDQ GLItFLO FRPR LQWHQWDU DWUDSDU
PHUFXULR

/RVSULPHURVDxRV
(OGLRV+HUPHVIXHHOPiVSUHFR]GHORVGLRVHV'HVGHHOSULPHU
GtD GH YLGD HVWXYR DFWLYR IXH FUHDWLYR \ HQJDxRVR (O QLxR +HUPHV
SRVHH UDVJRV VLPLODUHV VXHOH HPSH]DU D KDEODU \ D DQGDU PX\
SURQWR\HQVHJXLGDHQWLHQGHODVFRVDV1RVHOHSXHGHUHWHQHUHQWUH
ODVUHMDVGHODFXQDRGHVXSDUTXHWLHQHTXHHVWDUHQHOPXQGR/R
LQYHVWLJD \ OR WRFD WRGR GHVPRQWD WRGR DTXHOOR HQ OR TXH SXHGH
SRQHUODVPDQRV\VDOHSRUODSULPHUDSXHUWDTXHYHDELHUWD$XQTXH
VHOHSLOOHFRQ³ODVPDQRVHQODPDVD´SUREDEOHPHQWHGDUiPXHVWUDV
GH XQD JUDQ LQRFHQFLD \ HQFDQWR (V LQTXLVLWLYR \ DPLVWRVR \ WLHQH
XQ LQWHUpV JHQXLQR HQ WRGR \ HQ WRGRV DVt TXH VH OOHYD ELHQ FRQ
WRGR WLSR GH SHUVRQDV GH FXDOTXLHU HGDG $O VHU XQ QLxR FXULRVR HO
PXQGROHUHVXOWDIDVFLQDQWH
 /D HWDSD SUHHVFRODU \ ORV SULPHURV DxRV GH HVFXHOD QR VRQ
WUDXPiWLFRV SDUD XQ SHTXHxR +HUPHV (Q OD HVFXHOD DSUHQGH FRQ
IDFLOLGDG\ODHQFXHQWUDFRPSDWLEOHKDVWDTXHOHH[LJHQTXHVHVLHQWH
HQVLOHQFLR\TXHDGRSWHEXHQRVKiELWRVGHHVWXGLR
$OJXQRVGHVXVSUREOHPDVSRWHQFLDOHVFRPLHQ]DQLQRFHQWHPHQWH
HQODLQIDQFLD3XHGHLQYHQWDUVHKLVWRULDV\H[FXVDV\OOHJDUDPHQWLU
KDELWXDOPHQWHDXQFXDQGRODYHUGDGVHUtDDFHSWDEOH3XHGHTXHQR
FRQR]FD HO ³VHQWLGR GH SURSLHGDG DMHQD´ WHQJD XQRV ³GHGRV PX\
ODUJRV´\WRPHORTXHOHJXVWH(VWDLQRFHQWHFRQGXFWDLQIDQWLOSXHGH
FRQYHUWLUOH HQ XQ UDWHUR 3XHVWR TXH OR TXH KDFH JHQHUDOPHQWH QR
HQFLHUUDPDOLFLDVXVIHFKRUtDVQRVXHOHQWRPDUVHPX\HQVHULR\VXV
H[FXVDV UHVXOWDQ GLYHUWLGDV OR FXDO SXHGH DIHFWDU QHJDWLYDPHQWH D
VXFDUiFWHU3RUHOFRQWUDULRWDPELpQSXHGHVXFHGHUTXHVHDMX]JDGR
FRQ GHPDVLDGD GXUH]D \ \D GHVGH SHTXHxR VHD LQMXVWDPHQWH
FDWDORJDGRFRPRPDOR

6XVSDGUHV
(O PRGR FRPR ORV SDGUHV GH XQ +HUPHV UHDFFLRQHQ D VXV
LPSURYLVDGDV KLVWRULDV \ D VXV LQQXPHUDEOHV DGTXLVLFLRQHV VHUi
HVHQFLDO6HOHKDGHSLOODUHQODPHQWLUDRHQODDFFLyQ\HQVHxDUOHD
GLVWLQJXLU HQWUH OD YHUGDG \ HO HQJDxR SRUTXH pO SXHGH SDVDU
IiFLOPHQWH GH OD UHDOLGDG D OD LPDJLQDFLyQ VLQ GHWHQHUVH D SHQVDU
GyQGHVHHQFXHQWUDQODVIURQWHUDV HQOXJDUGHSHUPLWLUOHTXHVLJD
FRQ VX FRQGXFWD TXH PiV DGHODQWH OH DIHFWDUi QHJDWLYDPHQWH R OH
WUDHUi SUREOHPDV 5HVSHFWR D OD SURSLHGDG \ OD LQWLPLGDG GH ORV
GHPiVWDPELpQKDGHDSUHQGHUDOJXQDVOHFFLRQHV
&XDQGRODPDGUHGHXQQLxR+HUPHVKDGHFXLGDUORVRODSXHGH
UHFUHDUVH OD PtWLFD KLVWRULD GH +HUPHV \ VX PDGUH 0D\D HQ OD YLGD
UHDO8QQLxREULOODQWH\GHFXQDKXPLOGHSXHGHTXHHQXQDHWDSDGH
OD YLGD PX\ WHPSUDQD \D VH Gp FXHQWD GH TXH VL pO \ VX PDGUH
TXLHUHQFRQVHJXLUDOJRKDEUiGHLQJHQLiUVHODVSDUDFRQVHJXLUOR
(Q HO +LPQR D +HUPHV GH +RPHUR +HUPHV \ VX PDGUH WLHQHQ
XQDFRQYHUVDFLyQHQODTXHpOOHGLFHFODUDPHQWHTXHQRDFHSWDUiVX
KXPLOGH VLWXDFLyQ QL WDPSRFR VXV FRQVHMRV VREUH FyPR KD GH
DFWXDU(OGLiORJRHQWUHHOORVFDSWDODHVHQFLDGHODUHODFLyQHQWUHXQ
KLMR EULOODQWH \ DPELFLRVR TXH QR SUHWHQGH YLYLU VHJ~Q ODV QRUPDV
FRQYHQFLRQDOHV GH VX PDGUH \ TXH VLQ HPEDUJR VH HVIRU]DUi SRU
SURSRUFLRQDUOHODVPHMRUHVFRVDVGHODYLGD7UDVKDEHUHVWDGRIXHUD
UREDQGR ODV YDFDV GH $SROR DTXHOOD QRFKH +HUPHV HQWUy
VLJLORVDPHQWHHQODFXHYDGH0D\D\VHPHWLyHQVXFXQDODLPDJHQ
GHXQQLxRLQRFHQWH

3HURHOGLRV
QRSXGRHQJDxDUDVXPDGUH
ODGLRVD
TXHGLMR
²¢4XpWUDYHVXUDHVWiVKDFLHQGRJUDQXMLOOD"
¢'yQGHHVWDEDVTXHOOHJDVDHVWDKRUDGHODQRFKH
FRQODLPSXGHQFLDHVFULWDHQODFDUD"
+HUPHVOHUHVSRQGLyLQJHQLRVDPHQWH
²0DGUH¢SRUTXpPHGLFHVHVWDVFRVDV
FRPRVLIXHUDXQQLxRSHTXHxR
TXHFRQRFHPXFKDVUHJODV
\TXHVHSXHGHDVXVWDU
FRQODVSDODEUDVGHVXPDGUH"
¢3RUTXpKHGHHVWDUFRPSURPHWLGR
²HQODPD\RUGHODVDUWHV²
VLHPSUHSUHRFXSDGRSRUWL\SRUVXSXHVWRSRUPt"
1RYDPRVDTXHGDUQRVDTXt
FRPRW~TXLHUHVORVGRV~QLFRVGLRVHV
VLQUHJDORV
£VLQWDQVLTXLHUDRUDFLRQHV>@

8Q+HUPHVSXHGHPHMRUDUODYLGDGHVXPDGUH \ODVX\DSURSLD 
7LHQH FRQILDQ]D HQ Vt PLVPR \ OD KDELOLGDG GH FRQVHJXLU OR TXH
TXLHUHHQODYLGDPXFKDVYHFHVSRUPHGLRVSRFRFRQYHQFLRQDOHV
 3XHVWR TXH D +HUPHV QR OH JXVWDQ ODV DWDGXUDV QR VXHOH
DVHQWDUVH HQ XQ OXJDU GH PRGR TXH VX KRJDU HVWi GRQGH HVWi VX
PDGUH /D VLWXDFLyQ TXH HQFXHQWUD PiV FRPSDWLEOH HV OD TXH OH
SHUPLWHLU\YHQLU/DPDGUHLQWURYHUWLGDQRSRVHVLYD\DPDGHFDVD
DXWRVXILFLHQWHFRPR0D\D XQDPXMHUTXHHVHODUTXHWLSRGHODGLRVD
GHOIXHJRGHOKRJDU+HVWLD HVFRQODTXHXQKLMR+HUPHVVHOOHYD
PHMRU 8QD PDGUH SRVHVLYD R TXH VLHPSUH HVWi HQ WRGR VH
HQFRQWUDUi FRQ PXFKDV GLILFXOWDGHV /RV HVIXHU]RV SRU PDQWHQHUOH
DWDGR R DWDGD VREUH WRGR VL VRQ PHGLDQWH HO VHQWLGR GH FXOSD
QRUPDOPHQWHVHUiQLQIUXFWXRVRV8Q+HUPHVVXHOHVHUXQEXHQKLMR
D VX PDQHUD \ VX PDGUH SXHGH TXH VLHPSUH VHD OD PXMHU PiV
LPSRUWDQWH GH VX YLGD HVSHFLDOPHQWH VL QR VH FDVD SHUR LQFOXVR
DXQTXHQRORKDJD
(OGLRV+HUPHVTXHHPSH]yFRPRXQODGURQ]XHOR\VHFRQYLUWLy
HQ XQ GLRV PX\ YHQHUDGR WXYR SDGUHV TXH OH D\XGDURQ HQ VX
HGXFDFLyQ 0D\D \ =HXV OH SURSRUFLRQDURQ DFWLWXGHV PDWHUQDOHV \
SDWHUQDOHVSRVLWLYDV
=HXV IXH DPRURVR \ EODQGR FRQ +HUPHV LQFOXVR DXQTXH SXGR
GDUVH FXHQWD GHO HQJDxR GH +HUPHV WUDV VX IDFKDGD GH LQRFHQFLD
FXDQGR VH OH DFXVy GH KDEHUOH UREDGR ODV YDFDV D $SROR 7UDV
HVFXFKDU HO MXUDPHQWR GH LQRFHQFLD GH +HUPHV =HXV VH OLPLWy D
RUGHQDUOH TXH ©VHxDODUD HO OXJDU ²VLQ PiV HQJDxRV² HQ GRQGH
KDEtDHVFRQGLGRDTXHOLPSRUWDQWHQ~PHURGHUHVHVª<VLQUHFKLVWDU
+HUPHVREHGHFLy
(VWD ILUPH DFWLWXG GH =HXV GH GHMDUVH GH WRQWHUtDV HV OR TXH
QHFHVLWDQ ORV QLxRV +HUPHV /RV PXFKDFKRV +HUPHV DIRUWXQDGRV \
TXH KDQ VLGR DWHQGLGRV VRQ ORV TXH KDQ WHQLGR TXH GLVFXOSDUVH \
UHVWLWXLU XQ REMHWR DO HQFDUJDGR GH OD WLHQGD GRQGH OR KDQ UREDGR
(VWDSDWHUQDODFWLWXGGH=HXVFRPRHODPRUQRSRVHVLYRGH0D\D
SXHGHQ H[SUHVDUOR DPERV SDGUHV SXHVWR TXH WDQWR KRPEUHV FRPR
PXMHUHVSXHGHQVHU³PDWHUQDOHV´R³SDWHUQDOHV´ 
/RVSDGUHVGHKLMRV+HUPHVTXHVRQGHOLQFXHQWHVMXYHQLOHVSXHGH
TXH QR VH GHQ FXHQWD GH TXH KDQ IRPHQWDGR VX SRWHQFLDO GH
FRQGXFWDDQWLVRFLDODOGDUOHVXQ³GREOHPHQVDMH´FRPRKL]R=HXVDO
SULQFLSLR&XDQGR+HUPHVPLQWLyVREUHHOURERGHODVYDFDV

=HXV VROWy XQD JUDQ FDUFDMDGD PLHQWUDV PLUDED D VX KLMR

TXH HVWDED KDFLHQGR XQD WUDVWDGD DO PHQWLU WDQ ELHQ FRQ
WDQWD WUDQTXLOLGDG UHVSHFWR D TXH QR VDEtD QDGD GH ODV
YDFDV>@

/DULVDGH=HXVHUDGHDSUREDFLyQVXUHDFFLyQDODVGHVFDUDGDV
PHQWLUDV \ IDOVR MXUDPHQWR SDUHFtD LQGLFDU TXH VX KLMR KDEtD KHFKR
DOJRTXHOHFRPSODFtD7LHPSRGHVSXpV=HXVIXHPiVILUPH
&XDQGR XQ SDGUH HQYtD D XQ QLxR R QLxD XQ ³GREOH PHQVDMH´
pVWH R pVWD UHFLEH XQ PHQVDMH HQFXELHUWR HQ OXJDU GH XQR FODUR \
DELHUWR (Q ORV HVWXGLRV GH ORV SDGUHV GH GHOLQFXHQWHV GH OD
SVLFRDQDOLVWD LQIDQWLO $GHODLGH 0 -RKQVRQ pVWH HUD HO FDVR PiV
FRP~Q>@ (O SDGUH SXHGH FRQVLGHUDU TXH OD FRQGXFWD HV PDOD H
LQFOXVRTXHVHKDGHFDVWLJDU HOPHQVDMHDELHUWR VLQHPEDUJRXQD
ULVDLQFRQJUXHQWHRXQDIDVFLQDFLyQREYLDSRUORVGHWDOOHVGHORTXH
KDKHFKRVXEUHSWLFLDPHQWHWUDQVPLWHTXHHOSDGUHHVWiFRPSODFLGR
(OQLxRGHVREHGLHQWH³DFW~D´REHGLHQWHPHQWHSDUDHOSDGUHTXHGH
IRUPDLQGLUHFWDH[SHULPHQWDODIDVFLQDFLyQRTXL]iVODSURPLVFXLGDG
VH[XDO R ORV DFWRV DQWLVRFLDOHV TXH pO PLVPR QR VH KD DWUHYLGR D
UHDOL]DUSHURTXHVHFUHWDPHQWHDSODXGH

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
(OSURYHUELR³WDOFRPRVHGREOHODUDPLWDVHGREODUiODUDPD´VH
SXHGH DSOLFDU D OD HGXFDFLyQ \ HO GHVDUUROOR GH XQ +HUPHV (Q OD
DGROHVFHQFLD \ HQ ORV SULPHURV DxRV FRPR DGXOWR XQ +HUPHV VH
FXHVWLRQD ODV UHJODV FRQYHQFLRQDOHV SDUD DOFDQ]DU HO p[LWR (VWi
LQWHUHVDGRHQFRQVHJXLUORTXHTXLHUHHQODYLGDSHURQRORHVWiHQ
OR TXH HVR VXHOH LPSOLFDU $GHPiV OD GLYHUVLGDG GH VXV LQWHUHVHV
KDFHQTXHVXFDPLQRVHDXQ]LJ]DJ
 3RQH D ³SUXHED ORV OtPLWHV´ XQD WHQGHQFLD SURSLD GH XQ MRYHQ
FX\DSHUVRQDOLGDGVHULJHSRU+HUPHVHOGLRVGHODVIURQWHUDVTXH
ODVFUX]DEDFRQIDFLOLGDG(VRVOtPLWHVSXHGHQVHU³ODIRUPDFRPRVH
KDFHQODVFRVDVSRUDTXt´XQWRTXHGHTXHGDRHOUHWRGHFRQVHJXLU
HQWUDUHQXQDUFKLYRUHVWULQJLGRGHXQSURJUDPDGHRUGHQDGRU
(V SUREDEOH TXH GHMH HO LQVWLWXWR R OD XQLYHUVLGDG SDUD SRGHU
GHGLFDU PiV WLHPSR D XQ QHJRFLR LQQRYDGRU R XQ LQYHQWR TXH VH
GHGLTXHDGLULJLU\DWRFDUHQXQJUXSRGHURFNRTXHVHFRQYLHUWDHQ
MXJDGRUGHDOJ~QGHSRUWHGHSHORWDRHQXQSURIHVLRQDOGHOJROI8Q
+HUPHV QR VXHOH HVIRU]DUVH SRU FRQVHJXLU EXHQDV QRWDV QL OD
DSUREDFLyQGHORVGHPiV SDUDHOORKDGHWHQHUFXDOLGDGHVGH$SROR
R GH =HXV  FXDQGR FRQVLJXH OR TXH TXLHUH HV SRUTXH HO WUDEDMR OH
IDVFLQD \ OH LQVSLUD VX FDSDFLGDG GH LQYHQFLyQ (O SUREOHPD TXH
UHVXHOYH QR VXHOH VHU GH WLSR SXUDPHQWH LQWHOHFWXDO R HVWpWLFR VLQR
TXH WDPELpQ VXHOH WHQHU SRVLELOLGDGHV FRPHUFLDOHV 6WHYH :R]QLDN
LQYHQWRU GHO RUGHQDGRU $SSOH GHMy OD XQLYHUVLGDG \ SRVHH PXFKDV
GH ODV FXDOLGDGHV GH +HUPHV &XDQGR VX MRYHQ H LQQRYDGRUD
FRPSDxtD FUHFLy \ VH LQVWDXUy OD PHQWDOLGDG FRUSRUDWLYD HQ OD
GLUHFFLyQ :R]QLDN VH OOHYy VX LQYHQWLYD \ VX QXHYD IRUWXQD D RWUR
FDPSR \ GHVDUUROOy XQ DSDUDWR GH FRQWURO UHPRWR XQLYHUVDO DO TXH
OODPR &RUH (O WDOHQWR OD VXHUWH \ OD SRVLELOLGDG GH KDFHU FDPELRV
HPSUHVDULDOHVVRQWtSLFRVGHXQ+HUPHVFRQp[LWR
(Q OD DGROHVFHQFLD \ HQ ORV SULPHURV DxRV FRPR DGXOWR XQ
+HUPHV SXHGH LQLFLDU VX SDXWD GH LU GH XQ VLWLR D RWUR R GH XQ
WUDEDMR D RWUR 6L QR FRQVHUYD VX LQWHUpV \ VXV WDOHQWRV SRWHQFLDOHV
QROOHJDQDGHVDUUROODUVHSXHGHWHQHUHPSOHRVPDUJLQDOHV\VHUXQ
HWHUQRHUUDQWH
'XUDQWH HVWH PLVPR SHUtRGR XQ +HUPHV VH SXHGH LGHQWLILFDU
SOHQDPHQWHFRQHOODGUyQ\HOPHQWLURVRVHJXLUXQFDPLQRGHOLFWLYR
JHQHUDOPHQWH FRPR KRPEUH GH FRQILDQ]D R FRPR DOJ~Q WLSR GH
GHOLQFXHQWHDGPLQLVWUDWLYR
$GLIHUHQFLDGHODWHQGHQFLDFRPHUFLDORGHOLFWLYDTXHXQ+HUPHV
SXHGH VHJXLU HQ VXV DxRV GH DGXOWR DOJXQRV H[SORUDQ
SURIXQGDPHQWH OD HVSLULWXDOLGDG OD ILORVRItD R OD SVLFRORJtD HQ HVWH
SHUtRGR eVWH HV HO FDPLQR TXH HO EULOODQWH MRYHQ SURIHVRU GH
SVLFRORJtD GH +DUYDUG 5LFKDUG $OSHUW WRPy FXDQGR DEDQGRQy VX
EULOODQWH FDUUHUD SDUD HQFRQWUDU D XQ JXU~ HQ OD ,QGLD $KRUD VH OH
FRQRFHFRPR5DP'DVVHVXQPDHVWURHVSLULWXDOXQ+HUPHVTXHVH
SXHGH LGHQWLILFDU FRQ HO DVSHFWR GH HVWD GHLGDG GH JXtD GH ORV
HVStULWXV

(OWUDEDMR
+HUPHVIXHHOPHQVDMHURGHORVGLRVHVHOJXtDGHORVHVStULWXVHQ
VXFDPLQRKDFLDHOPXQGRVXEWHUUiQHR\HOJXtDGHORVYLDMHURVGLRV
GHOKDEODGHORVODGURQHVKRPEUHVGHQHJRFLRV\DWOHWDVLQYHQWRU
GHORVQ~PHURVGHODOIDEHWR\GHGRVLQVWUXPHQWRVPXVLFDOHVODOLUD
\ODVLULQJD(QVXHOHFFLyQGHWUDEDMR\HQVXDFWLWXGKDFLDHOPLVPR
XQ+HUPHVUHYHODVLPLOLWXGHVFRQHOGLRVQRHVSUREDEOHTXHVHDXQ
HVSHFLDOLVWDOLPLWDGRDXQDFRVDQLTXHVHDXQHPSOHDGRIHOL]GHQWUR
GHXQDJUDQFRUSRUDFLyQ6XLQGLYLGXDOLGDG\GLYHUVLGDGGHLQWHUHVHV
KDFHQTXHQLQJXQDGHHVWDVFRVDVVHDQSUREDEOHV1ROHJXVWDKDFHU
QDGD ³VLJXLHQGR ODV LQVWUXFFLRQHV´ 6X PHQWH UiSLGD KDOOD YtDV
DOWHUQDWLYDV \ VROXFLRQHV R DWDMRV 6HD FXDO VHD VX FDPSR HV
SUREDEOHTXHVHDXQDSHUVRQDFRQFDSDFLGDGSDUDLQYHQWDUGLYHUVDV
FRVDV \ FRQ XQD DFWLWXG HPSUHQGHGRUD (V XQ RSRUWXQLVWD HQ HO
VHQWLGR PiV QHXWUR GH OD SDODEUD XQD SHUVRQD FDSD] GH FDSWDU D
XQD SHUVRQD R HO VLJQLILFDGR GH XQD LGHD \ QR GHMDU HVFDSDU OD
RSRUWXQLGDG TXH OH SUHVHQWD OD YLGD (VWR PiV VX KDELOLGDG SDUD
FRPXQLFDUVH KDFHQ GH pO XQ EXHQ YHQGHGRU R QHJRFLDGRU (V XQ
LQQRYDGRU WHQD] TXH VDEH XWLOL]DU LGHDV GH GLVWLQWRV FDPSRV \ TXH
SXHGH LU PiV DOOi GH ORV OtPLWHV KDELWXDOHV SDUD FRQVHJXLU OR TXH
GHVHD
*RUGRQ 6XPPHU FRQRFLGR FRPR 6WLQJ HV XQ +HUPHV
FRQWHPSRUiQHR TXH KD PDQHMDGR FRQ PXFKR p[LWR SDVDU GH XQD
FDUUHUDDRWUDGHPDHVWURGHHVFXHODDHVWUHOODGHOURFNFRPSRVLWRU
\ FDQWDQWH GHO JUXSR 3ROLFH FX\RV iOEXPHV KDQ DOFDQ]DGR PLOORQHV
GH YHQWDV 6\QFKURQLFLW\ WRPy HO QRPEUH GH ORV HVFULWRV GHO
SVLFyORJR &DUO -XQJ \ 7KH *KRVW LQ WKH 0DFKLQH GH ORV HVFULWRV GHO
ILOyVRIR $UWKXU .RHVWOHU  6WLQJ KD SDVDGR GH HVWUHOOD GHO URFN D
HVWUHOODGHFLQHGHDFWXDUHQJUXSRFRQ3ROLFHDDFWXDUHQVROLWDULR
HQVXiOEXP7KH'UHDPRIWKH%OXH7XUWOHV
8QSHULRGLVWDGHVFULEHD6WLQJFRPRXQKRPEUHTXH©WLHQHSULVD
9LDMD OLJHUR \ EULOOD VyOR EUHYHPHQWH >«@ PH HQFRQWUp FRQ pO WUHV
YHFHV D OR ODUJR GH WUHV PHVHV HQ WUHV SDtVHV GLVWLQWRV>@ª
1RUPDOPHQWHDXQ+HUPHVQROHJXVWDTXHOHFODVLILTXHQYDORUDVX
OLEHUWDG SDUD SRGHU PRYHUVH WDQWR HQ HO SODQR ItVLFR FRPR HQ HO
SVLFROyJLFR LQFOX\HQGR ORV DVSHFWRV ³EULOODQWH \ RVFXUR´ GH VX
SHUVRQDOLGDG(QHVWRVHPXHVWUDPX\MXQJXLDQRDSURSLDGRSDUDXQ
KRPEUHTXHSLHQVDHQFRQYHUWLUVHHQXQDQDOLVWDMXQJXLDQRFXDQGR
VHDPXFKRPD\RU
6HJ~QODUHYLVWD5HFRUG6WLQJGLMR

6L PLUDV PL KLVWRULD HQ OD SUHQVD LQJOHVD DO SULQFLSLR IXL
SURFODPDGR FRPR HO PXFKDFKR GRUDGR GH SHOR UXELR FRQ
WDOHQWR \ DWUDFWLYR $TXt WHQHPRV XQ WLSR TXH KDEtD VLGR
PDHVWUR GH HVFXHOD TXH WHQtD XQD HVSRVD KHUPRVD \ FRQ
WDOHQWR\XQQLxR(UDDWOpWLFR\QRWRPDEDGURJDV(QWRQFHV
ODSUHQVDGHVFXEULyTXHKDEtDHVWDIDGRDODJHQWH\TXHKDEtD
WRPDGR GURJDV < HQWRQFHV HPSHFp D LQWHUSUHWDU SDSHOHV GH
PDOR\PHFRQYHUWtHQXQPDOFKLFRSDUDODSUHQVDEULWiQLFD
$TXHOORIXHIDQWiVWLFRSDUDPtSRUTXHVLJQLILFDEDTXHHUDOLEUH
SDUD KDFHU OR TXH PH GLHUD OD JDQD 'H PRGR TXH DKRUD OD
SUHQVDEULWiQLFDHVWiWRWDOPHQWHFRQIXQGLGDUHVSHFWRDFyPR
VR\\ORTXHHQFDMDFRQPLJR$YHFHVVR\XQEXHQFKLFR\D
YHFHVVR\PDOReVHVR\\R>@

(VD GHQRPLQDFLyQ GH ³EXHQ FKLFR PDO FKLFR´ HV WDPELpQ

KHUPpWLFD
(O DUTXHWLSR +HUPHV WLHQH FXDOLGDGHV TXH FRQWULEX\HQ D VHU XQ
EXHQ SVLFRWHUDSHXWD $O LJXDO TXH +HUPHV TXH IXH HO JXtD \ HO
FRPSDxHUR GHO YLDMHUR XQ SVLFRWHUDSHXWD WDPELpQ DFRPSDxD D ODV
SHUVRQDVHQVXVYLDMHVSVLFROyJLFRVYDFRQHOODVDODV]RQDVRVFXUDV
\ KDFLD OD OX] HQ ODV WUDQVLFLRQHV GLItFLOHV FRPR HQ OD FULVLV GH OD
PLWDG GH OD YLGD \ ODV DFRPSDxD HQ VXV SVLFRVLV R HQ FRQGLFLRQHV
OtPLWH&XDQGRHQXQDSHUVRQDHVWiSUHVHQWH+HUPHVSRGUiYHUORV
DVSHFWRV RVFXUR KRVWLO SVLFyWLFR LQVWLQWLYR VH[XDO R DJUHVLYR DVt
FRPRHODOWUXLVWDPtVWLFRRLOXPLQDGRGHODJHQWHFRUULHQWHLQFOXVR
HQ Vt PLVPD VLQ KDFHU FUtWLFDV (VWD KDELOLGDG HV XQD H[SUHVLyQ GHO
DVSHFWR³DPLVWRVR´GH+HUPHV(Q+HUPHVDQG+LV&KLOGUHQHODXWRU
\ DQDOLVWD 5DIDHO /ySH]3HGUD]D FRPHQWD ©VL LQWHULRUL]DPRV HO
DVSHFWR DIDEOH GH +HUPHV HQWRQFHV HV HO SURSLR +HUPHV HO TXH
KDFHODVSDFHVFRQQXHVWURVFRPSOHMRVSVLFROyJLFRVHQFDEH]DGRVSRU
RWURVGLRVHV>@ª
/D FDUDFWHUtVWLFD PiV GHVWDFDGD GH OD SUHVHQFLD GH +HUPHV HV
TXHSURSRUFLRQDHOGRQGHODSDODEUD\GHODSHUVXDVLyQXQDDFWLWXG
DPLVWRVDTXHOHDEUHODVSXHUWDVSDUDFRQVHJXLUORTXHGHVHDHQHO
PXQGR XQ SRWHQFLDO GH UHDFFLRQHV HVSRQWiQHDV \ SURSLFLDV TXH OH
VRQ PX\ ~WLOHV +HUPHV IXH HO GLRV GHO FRPHUFLR SDUHFHUVH D pO
FRQWULEX\H D VHU XQ EXHQ YHQGHGRU XQ KRPEUH GH QHJRFLRV
LQQRYDGRU XQ UHODFLRQHV S~EOLFDV H[FHOHQWH \ ¢FyPR QR" XQ EXHQ
JXtDWXUtVWLFR

/DVUHODFLRQHVFRQODVPXMHUHV
(Q OD YLGD GH XQD PXMHU ORV +HUPHV HQFDQWDGRUHV DSDUHFHQ GH
LPSURYLVRpOHVWiVHQWDGRDVXODGRHQXQDYLyQHVXQDPLJRTXH
OOHYDEDPXFKRWLHPSRIXHUDGHODFLXGDGGHODQILWULyQGHXQDILHVWD
HQ OD TXH GH QR VHU SRU pO VyOR KDEUtD KDELGR FDUDV FRQRFLGDV
DSDUHFH HQ VX DX[LOLR FXDQGR HOOD HVWi WLUDGD HQ HO DUFpQ GH OD
FDUUHWHUD FRQ XQD UXHGD SLQFKDGD (V VROLGDULR \ DPLVWRVR 6X
FRQYHUVDFLyQOHIDVFLQDpOKDHVWDGRHQVLWLRVGHORVTXHHOODVyORKD
OHtGR OH HQYXHOYH XQ DLUH GH DYHQWXUD \ GH VHU XQ PDO FKLFR (OOD
FUHH TXH SRU ILQ KD FRQRFLGR DO KRPEUH GH VX YLGD SHUR pO HV
HYDVLYR
 (VWtSLFRTXHLJXDOGHLQHVSHUDGDTXHIXHODOOHJDGDGH+HUPHV
HQVXYLGDORVHDVXVDOLGD3RUHMHPSORVHYDGHYLDMHGHQHJRFLRV
\ODOODPDSDUDGHFLUOHTXHXQDFRVDKDFRQGXFLGRDRWUD\TXHYDD
HVWDUDXVHQWHPiVWLHPSRGHORSUHYLVWR\VXIHFKDGHUHJUHVRHV\D
LQGHILQLGD 4XL]iV UHFLED XQD SRVWDO < pO GHVDSDUHFHUi VLQ PiV
SDODEUDV KDVWD TXH YXHOYD D DSDUHFHU VLQ XQD GLVFXOSD &RQ ORV
+HUPHVVXHOHVXFHGHU³RMRVTXHQRYHQFRUD]yQTXHQRVLHQWH´
4XL]iV QR VHD XQ +HUPHV GH OD MHWVHW VLQR XQ FKLFR VHQFLOOR
SHUR HO SDWUyQ VHUi HO PLVPR /D DYHQWXUD TXH OH DOHMD SXHGH TXH
VHD VX LPSOLFDFLyQ HQ XQ SUR\HFWR R OD VHVLyQ GH OD OLJD GH EpLVERO
DPDWHXUFRQVXDJHQGDGHMXHJRVQRFWXUQRV\GHILQHVGHVHPDQD
6LQ WDQ VLTXLHUD SHQVDU HQ FyPR SXHGH DIHFWDUOH D HOOD XQ +HUPHV
TXHUUiHQWUDU\VDOLUGHODYLGDGHXQDPXMHUVLQUHVSRQVDELOL]DUVHGH
VXVVHQWLPLHQWRV\VLQVHUOHILHO
8Q+HUPHVHQWUDHQHOUHLQRGHODPRUFXDQGRHQHOXPEUDOGHOD
FDVD GH XQD PXMHU TXH OH HQFXHQWUD IDVFLQDQWH pVWD OH LQYLWD D
HQWUDU 3DUD pO SXHGH VHU FRPR YLVLWDU XQ SDtV QXHYR XQD PXMHU
QXHYD HV XQ WHUULWRULR YLUJHQ TXH H[SORUDU \ GLVIUXWDU WUDV OR FXDO
VLHQWHRWUDYH]ODLPSHULRVDQHFHVLGDGGHYLDMDUeVWDHVODFXDOLGDG
TXH KDFH TXH ORV KRPEUHV +HUPHV VH FRPSRUWHQ FRPR GRQMXDQHV
ORTXHOHVKDFHYHUVHFRPRDEHMDVTXHYDQOLEDQGRGHIORUHQIORU(O
DFWRU \ IDPRVR DPDQWH GH EHOODV PXMHUHV :DUUHQ %HDWW\ SDUHFH
HQFDUQDUHVWHDVSHFWRGH+HUPHV
8QKRPEUH+HUPHVVHSXHGHOOHYDUPX\ELHQFRQPXMHUHVTXHQR
WLHQHQ HVSHUDQ]DV SRFR UHDOLVWDV VREUH pO R TXH pO VLHQWH TXH QR
SXHGH VDWLVIDFHU 3XHGH TXH WHQJD DPLVWDGHV IHPHQLQDV TXH HVWpQ
HQFDQWDGDV GH YHUOH FXDQGR HVWi FRQ HOODV \ TXH QR HVSHUDQ WHQHU
QRWLFLDV VX\DV KDVWD TXH YXHOYD D DSDUHFHU 3XHGHQ HVWDU
³OLJHUDPHQWH HQ FRQWDFWR´ HQ HO LQWHUYDOR XQD OODPDGD GH WHOpIRQR
HVSRUiGLFD XQD QRWD XQD LQYLWDFLyQ DELHUWD PDQWLHQH OD SXHUWD
DELHUWD D +HUPHV /D DPLVWDG HV SUREDEOH TXH KD\D DWUDYHVDGR
DOJXQDIDVHGHPDQWHQHUUHODFLRQHVVH[XDOHVORFXDOSXHGHYROYHUVH
DUHSHWLUGHYH]HQFXDQGR
 ([LVWH WDPELpQ XQ SRWHQFLDO RVFXUR \ H[SORWDGRU HQ HO KRPEUH
+HUPHV $FWXDU SRU LPSXOVR \ WRPDU OR TXH TXLHUH FXDQGR TXLHUH
VRQFDUDFWHUtVWLFDVQHJDWLYDV6LHVXQDPXMHUORTXHGHVHDVHSXHGH
YROYHU PX\ VHGXFWRU \ PDQLSXODGRU ¢6yOR OH LPSRUWD VDOLUVH FRQ OD
VX\D\SDUDHOORQROHLPSRUWDPHQWLUVHGXFLUKDFHUWRGRORTXHFUHD
TXHYDDIXQFLRQDUVLQWHQHUHQFXHQWDODVFRQVHFXHQFLDVSDUDHOOD
R SDUD VX PDWULPRQLR VL HVWi FDVDGD \ VLQ LQWHQFLyQ DOJXQD GH
FXPSOLUFRQVXVSURPHVDV

/DVUHODFLRQHVFRQORVKRPEUHV
+HUPHV HUD HO GLRV PiV VLPSiWLFR \ HO SDWUyQ SURWHFWRU GH ORV
DWOHWDV FRPHUFLDQWHV YLDMHURV \ P~VLFRV 3DVy PXFKR WLHPSR HQ
FRPSDxtDGHXQDVHULHGHKRPEUHV/RPLVPRVXFHGHFRQHOKRPEUH
+HUPHV+DFHFRVDVFRQXQDVHULHGHDPLJRV\SRVLEOHPHQWHWHQJD
PiVFRQRFLGRVTXHOHFRQVLGHUDQXQDPLJRTXHQLQJ~QRWURWLSRGH
KRPEUH +DFH YLVLWDV LQIRUPDOHV D PXFKRV GH VXV DPLJRV SXHGH
YHUOHVHQXQDSDUWLGDGHFDUWDVRHQXQSDUWLGRGHJROIVLHVP~VLFR
DSDUHFHUi GH YH] HQ FXDQGR FRQ VX LQVWUXPHQWR SDUD SDUWLFLSDU HQ
XQDMDPVHVVLRQ(QORVQHJRFLRVSXHGHTXHFRQWDFWHFRQHOORVSDUD
XQ ³QHJRFLR´ HQ HO TXH TXLHUH TXH SDUWLFLSHQ 6XHOH VHU JHQHURVR
FRQ ODV SURSLQDV \ FXDQGR HVWi WUDV OD SLVWD GH DOJR OR FRPSDUWLUi
FRQORVDPLJRVTXHVDEHQDSUHFLDUODLQHVSHUDGDEHQGLFLyQTXHHOOR
SXHGHUHSUHVHQWDU
+HUPHV HV HQ HO IRQGR XQ VROLWDULR JUHJDULR 3RVHH HO GRQ GH OD
DPLVWDG TXH OH IDFLOLWD FRQRFHU D PXFKD JHQWH \ KDFHU FRVDV FRQ
HOOD3XHVWRTXHODPD\RUtDGHODVDPLVWDGHVHQWUHKRPEUHVVHEDVDQ
HQFRPSDUWLUXQDDFWLYLGDGPiVTXHHQUHYHODUVHWDOFRPRXQRHV
FRQODYXOQHUDELOLGDG\HOGHVYHODUGHODLQWLPLGDGTXHHOORFRQOOHYD
XQ+HUPHVFXHQWDFRQXQFtUFXORGHDPLJRVPDVFXOLQRVPXFKRPiV
DPSOLR TXH QLQJ~Q RWUR 1RUPDOPHQWH VH VDOWD ODV GLYLVLRQHV GH
FODVHV SRUTXH pVWDV UHSUHVHQWDQ OD GLYHUVLGDG GH LQWHUHVHV TXH HV
SUREDEOHTXHSRVHDXQ+HUPHV
/DVH[XDOLGDG
(Q HO FDPSR GH OD VH[XDOLGDG DO LJXDO TXH HQ PXFKRV RWURV
FDPSRVXQ+HUPHVSUHILHUHORSHUVRQDO\ORH[SHULPHQWDO&UX]DODV
IURQWHUDV HQ VXV H[SORUDFLRQHV 3RU FRQVLJXLHQWH HV SUREDEOH TXH
FXHQWHFRQXQDYDULDGDH[SHULHQFLDVH[XDOFRQPXFKDVSHUVRQDV\
HQ PXFKDV FLUFXQVWDQFLDV 'H QXHYR OD PHGLGD GH TXH VX
LPSXOVLYLGDG OH OOHYH D KDFHU OR TXH TXLHUH VLQ LPSRUWDUOH ODV
FRQVHFXHQFLDV R ORV VHQWLPLHQWRV GH ORV GHPiV GHSHQGHUi GH OD
IXHU]D TXH WHQJDQ VXV RWURV DUTXHWLSRV GH OD LQIOXHQFLD GH VX
IDPLOLDGHVXLJOHVLD\GHVXPHGLRVRFLDO
$OHPSH]DUGHMRYHQFRQ³YDPRVDMXJDUDORVPpGLFRV´RFRQ³\R
WH HQVHxDUp OR PtR VL W~ PH HQVHxDV OR WX\R´ SXHGH WHQHU PXFKD
H[SHULHQFLD VH[XDO (V SHUVXDVLYR SDUD FRQVHJXLU TXH VXV SDUHMDV
KDJDQORTXHpOTXLHUHDORVRFKRDxRVSXHGHTXHKD\DFRQVHJXLGR
TXH VX YHFLQD VH VDFDUD ORV OHRWDUGRV TXH VH OR HQVHxDUD \ GHMDUD
WRFDU $ ORV WUHFH TXL]iV FRQYHQFLy D RWURV PXFKDFKRV SDUD TXH VH
VHQWDUDQ HQ XQ FtUFXOR VHFUHWR H KLFLHUDQ XQ MDFN RII PDVWXUEDUVH
KDVWD H\DFXODU MXQWRV  R YHU KDVWD TXp GLVWDQFLD SRGtD GLULJLU VX
FKRUUR GH RULQD 3XHGH TXH KD\D VLGR HO SULPHUR GH VX JUXSR HQ
FRQVHJXLU TXH XQD FKLFD OH GHMDUD DFDULFLDU VXV SHFKRV R ³OOHJDU
KDVWDHOILQDO´&RQVXLQWXLFLyQHVWUDWHJLD\SRGHUHVGHSHUVXDVLyQ
FRQ IUHFXHQFLD XQLGRV D VXV FXDOLGDGHV GH VHU XQ ³EXHQ FKLFR´ \
VLPSiWLFR XQ KRPEUH +HUPHV GHVFXEUH TXH WLHQH XQ GRQ SDUD ODV
PXMHUHV\VXHOHFRQVHJXLUORTXHVHSURSRQHVH[XDOPHQWH
$OJXQRV GH ORV FKLVWHV VH[XDOHV PiV FRQRFLGRV VRQ ORV GHO
YLDMDQWH \ OD KLMD GHO JUDQMHUR 6RQ YLxHWDV GH XQD UHSUHVHQWDFLyQ
FRQWHPSRUiQHDGH+HUPHVGLRVGHORVYLDMHURV\GHOFRPHUFLRGLRV
HUUDQWH \ ODGUyQ TXH URED OD YLUJLQLGDG GH OD KLMD \ FRQ HOOR WRPD
DOJRGHYDORUGHOLUDFXQGRJUDQMHURFX\DKLMDDKRUD HQXQFRQWH[WR
SDWULDUFDO \DQRYDOHQDGDSRUORTXHKDKHFKR
3XHGH VHU KHWHURVH[XDO X KRPRVH[XDO (Q FXDOTXLHUD GH ORV
FDVRVHVPiVTXHSUREDEOHTXHKD\DLQWHQWDGR RIDQWDVHDGR WHQHU
UHODFLRQHVVH[XDOHVFRQXQKRPEUHRFRQYDULRVVLHVKHWHURVH[XDOR
FRQPXMHUHVVLHVKRPRVH[XDOPiVTXHQLQJ~QRWURWLSRGHKRPEUH
,QGHSHQGLHQWHPHQWHGHVXVLQFOLQDFLRQHVVH[XDOHVHO+HUPHVWLHQGH
DODELVH[XDOLGDGQRHVFUtWLFRQLOHDVXVWDREVHUYDUHQpOFXDOTXLHU
WHQGHQFLD(VWDDFWLWXGHQFDMDPLWROyJLFDPHQWHSXHVWRTXH+HUPHV
HQJHQGUyD+HUPDIURGLWRHOGLRVELVH[XDO

(OPDWULPRQLR
6L HO KRPEUH +HUPHV HV HWHUQDPHQWH XQ DGROHVFHQWH HQ HO
iPELWR GH ODV HPRFLRQHV OR FXDO HV XQD GH ODV SRWHQFLDOLGDGHV GH
HVWH DUTXHWLSR HQWRQFHV VHUi HO VROWHUR PiV HYDVLYR 6X DFWLWXG GH
HVWDU VLHPSUH KDFLHQGR DOJR \ GHO ³QXQFD WH FRPSURPHWDV´ VH
PDQLILHVWD HQ VX UHODFLyQ FRQ ODV PXMHUHV &XDQGR \D KD SDVDGRHO
SULPHUIXURUGHOURPDQFHGHVDSDUHFH/DSRVHVLYLGDGRGHSHQGHQFLD
GHXQDPXMHUOHKDFHDO]DUHOYXHOR
8Q+HUPHVPDGXURSXHGHWHQHUVHULRVFRPSURPLVRVODERUDOHV\
XQD UHODFLyQ VLJQLILFDWLYD 6LQ HPEDUJR HV PiV SUREDEOH TXH HVWp
VROR6LVHFDVDHVSHUDTXHVXPXMHUVHODVDUUHJOHHQVXDXVHQFLD
SDUDKDFHUTXHWRGRVLJDIXQFLRQDQGRHQHOKRJDUKDVWDVXUHJUHVR
eOYD\YLHQH\QRFRPSDUWHORVGHWDOOHVGHVXWUDEDMRFRQVXHVSRVD
QLHVSHUDTXHHOODOHD\XGHDWULXQIDU
&RQ XQ KRPEUH +HUPHV SXHGH IXQFLRQDU XQ PDWULPRQLR GH GRV
DOPDVLQGHSHQGLHQWHV(QORVKRJDUHVJULHJRVODKHUPD²HOSLODUTXH
UHSUHVHQWDD+HUPHV²HVWDEDGHODQWHGHODSXHUWDGHHQWUDGD\HQ
HO LQWHULRU XQ IXHJR UHGRQGR HQ HO FHQWUR UHSUHVHQWDED D +HVWLD OD
GLRVD GHO IXHJR GHO KRJDU (UD HO IXHJR GH +HVWLD HO TXH FRQYHUWtD
XQDFDVDHQXQKRJDU/DVPXMHUHVTXHHQFDUQDQHVWHDUTXHWLSRVRQ
LQGHSHQGLHQWHV HVWiQ FHQWUDGDV HQ VX LQWHULRU \ GLVIUXWDQ GH OD
VROHGDG 8Q PDWULPRQLR +HUPHV+HVWLD SXHGH IXQFLRQDU
DUPRQLRVDPHQWH SDUD DPERV (OOD SXHGH SDUHFHU XQD HVSRVD PX\
WUDGLFLRQDOSHURVHUXQDHVSRVDQRHVORTXHOHOOHQD\ORVFHORVQR
VRQXQSUREOHPD
 +HVWLD IXH XQD GLRVD YLUJHQ &XDOTXLHU PXMHU TXH HVWp FRQ XQ
+HUPHV KDEUi GH WHQHU XQD +HVWLD R DOJ~Q RWUR SDWUyQ GH GLRVD
YLUJHQ HQ VX SVLTXH SRUTXH pO LUi \ YHQGUi 3RU HMHPSOR OD
LQGHSHQGHQFLDGH-DFTXHOLQH.HQQHG\\VXDSDUHQWHFDSDFLGDGSDUD
WROHUDU ODV QXPHURVDV DYHQWXUDV GH -RKQ ) .HQQHG\ FRQ RWUDV
PXMHUHV \ OD LPSRUWDQFLD TXH WHQtDQ VXV DPLJRV PDVFXOLQRV DVt
FRPRVXGHGLFDFLyQDODSROtWLFD\DODSUHVLGHQFLDSUREDEOHPHQWHVH
GHEtDDTXHWHQtDFRPRSULQFLSDODUTXHWLSRDODGLRVDYLUJHQ$WHQHD
$IURGLWD \ +HUPHV HVWXYLHURQ XQLGRV HQ OD PLWRORJtD \ HVWD
FRPELQDFLyQ WDPELpQ SXHGH IXQFLRQDU HQ OD YLGD UHDO (Q OXJDU GH
VHU RSXHVWRV FRPSDWLEOHV FRPR +HUPHV \ +HVWLD ODV PXMHUHV TXH
VH SDUHFHQ D $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D FRPSDUWHQ
FDUDFWHUtVWLFDV FRQ ORV KRPEUHV +HUPHV (Q HO UHLQR GHO DPRU
QLQJXQRHVSRVHVLYR\HVWiQDELHUWRVDPXFKDVH[SHULHQFLDV/RVGRV
WDPELpQ SXHGHQ GHGLFDUVH GH OOHQR D FXDOTXLHU FRVD TXH HVWpQ
KDFLHQGRJHQHUDOPHQWHHQHOFDPSRGHODFUHDWLYLGDGHQHOFDVRGH
HOOD\HQHO~OWLPRSUR\HFWRGHVDILDQWHHQHOGHpO'HWRGRVPRGRVD
QLQJXQROHJXVWDQODVDJHQGDVDVtTXHODLUUHJXODULGDGHQVXYLGDHQ
FRP~QIXQFLRQDELHQ6XHOHQSUHIHULUYLYLUMXQWRVVLQHVWDUFDVDGRV

/DGHVFHQGHQFLD
(O GLRV +HUPHV WXYR YDULRV KLMRV FX\D FRQGXFWD WUDVSDVy ODV
IURQWHUDV GH OR DFHSWDEOH $XWyOLFR IXH HO PiV JUDQGH GH ORV
PHQWLURVRV \ ODGURQHV GH VX WLHPSR SHUR IXH FRQVLGHUDEOHPHQWH
PHQRV UHSUHQVLEOH TXH 0LUWLOR TXH KL]R XQD FKDYHWD GH FHUD TXH
SURYRFy OD PXHUWH GH VX PDHVWUR FXDQGR FRQGXFtD VX FDUUR $ 3DQ
GLRVGHORVERVTXHVSDVWRVUHEDxRV\SDVWRUHV OHJXVWDEDKDFHUOD
VLHVWD\DWHUURUL]DEDDFXDOTXLHUDTXHOHPROHVWDUDGXUDQWHHVHUDWR
3RGtD LQGXFLU DO SiQLFR D XQ HVWDGR GH WHUURU LUUDFLRQDO GH DKt OD
SDODEUD ³SiQLFR´ HQ HO TXH OD JHQWH VDOtD GH HVWDPStD ORV PiV
DIHFWDGRV HUDQ ORV DWHPRUL]DGRV YLDMHURV TXH VH HQFRQWUDEDQ HQ
OXJDUHV VROLWDULRV R GHVRODGRV 3DQ WHQtD FDUDFWHUtVWLFDV GH FDEUD
WDQWR HQ VX DVSHFWR ItVLFR FRPR HQ VX ODVFLYR FDUiFWHU $XQTXH ORV
KLMRV GH XQ GLRV SXHGDQ VHU PHWiIRUDV GH ODV FXDOLGDGHV TXH
³HQJHQGUD´ HO DUTXHWLSR HO PLWR WDPELpQ SXHGH VHU XQ SDUDOHOLVPR
GH OD YLGD UHDO /RV KLMRV GH XQ +HUPHV SXHGHQ HQ UHDOLGDG GHWDO
SDOR WDO DVWLOOD  WHQHU GLILFXOWDGHV SRU VXV LPSXOVRV DQWLVRFLDOHV R
VH[XDOHV
$FWXDU LPSXOVLYDPHQWH VLQ SHQVDU HQ ODV FRQVHFXHQFLDV HV XQD
FXDOLGDG LQQDWD \ OD PHQWDOLGDG GH ³WyPDOR DKRUD SDJD GHVSXpV´
WLHQH UHODFLyQ FRQ YLYLU HQ HO SUHVHQWH SRU OR WDQWR DSUHQGHU D
SHQVDU HQ ODV FRQVHFXHQFLDV UHIOH[LRQDU VREUH HO HIHFWR TXH SXHGH
FDXVDUHQORVGHPiVDSUHQGHUDFRQRFHUGyQGHHVWiQORVOtPLWHVHV
XQD SDUWH HVHQFLDO GH VX HGXFDFLyQ VL HO PXFKDFKR +HUPHV KD GH
PDGXUDU\DGDSWDUVHDORTXHHOPXQGRHVSHUDGHpO(VWDVOHFFLRQHV
VHSXHGHQHTXLSDUDUFRQOD³EXHQDSDWHUQLGDG´HQFXDQWRHOSDGUH
HVHOTXHVXHOHLQWHUFHGHUFRQHOPXQGRH[WHULRU3RUGHVJUDFLDORV
KRPEUHV +HUPHV HGXFDQ KLMRV SHUR QR HVWiQ SVLFROyJLFDPHQWH
SUHSDUDGRVSDUDVHUEXHQRVSDGUHVSDUDHOORV DPHQRVTXHWDPELpQ
WHQJDQ DOJXQRV DUTXHWLSRV SDWULDUFDOHV R HOORV PLVPRV KD\DQ VLGR
ELHQHGXFDGRV 
+HUPHV FRPR SDGUH QR VXHOH YHU ORV OtPLWHV QL FHxLUVH D HOORV
6XV KLMRV VDEHQ TXH SXHGHQ VDOLUVH FRQ OD VX\D VREUH WRGR VL
SXHGHQ SUHVHQWDU DOJ~Q DUJXPHQWR SHUVXDVLYR \D VHD HQ OR TXH
UHVSHFWD D LUVH PiV WDUGH D OD FDPD R D ³KDFHU SHOODV´ 7DPELpQ
SXHGHQ GHVFXEULU TXH SXHGHQ LQYHQWDU H[FXVDV R PHQWLU SDUD
HQFXEULU VX FRQGXFWD LPSXOVLYD \ DQWH XQ SDGUH +HUPHV QR VHUiQ
UHVSRQVDEOHV GH OR TXH HVWiQ RFXOWDQGR 3RU FRQVLJXLHQWH ORV KLMRV
GH +HUPHV DSUHQGHQ FRQ GHPDVLDGD IUHFXHQFLD TXH ODV UHJODV VH
SXHGHQ SDVDU SRU DOWR TXH ODV WDUHDV TXH VH HVSHUD TXH KDJDQ VH
SXHGHQSRVSRQHUGDQGRXQDH[FXVDTXHVHSXHGHQOLEUDUGHKDFHU
ODV FRVDV 1R FRQVLJXHQ DSUHQGHU HO UHVSHWR SRU OD DXWRULGDG \ D
PHQXGRWLHQHQXQDLGHDSRFRFODUDGHOELHQ\GHOPDO
/D GHVFHQGHQFLD GH XQ +HUPHV QR HVWi ELHQ SUHSDUDGD SDUD HO
PXQGRGHORVHVWXGLRVRGHOWUDEDMR6DEHQPX\SRFRGHGLVFLSOLQD
(VSHUDQTXHVHSRGUiQOLEUDUGHUHQGLUORPtQLPRVLQSHQDOL]DFLyQ\
PiVWDUGHVHGDQFXHQWDGHTXHQRHVDVt
 (QHODVSHFWRSRVLWLYRHOSDGUH+HUPHVVDEHMXJDUFRQVXVKLMRV
H KLMDV \ GLVIUXWD OOHYiQGROHV D DYHQWXUDV DSUHFLD \ HVWLPXOD VX
LPDJLQDFLyQ\DPHQXGRpOPLVPRVXHOHVHUFRPRXQQLxRFRQHOORV
/RVSDGUHV+HUPHVIXHURQPX\WtSLFRVGHODJHQHUDFLyQKLSS\²RORV
QLxRVGHODVIORUHV²GHORVDxRVVHVHQWD$GLIHUHQFLDGHORVSDGUHV
WUDGLFLRQDOHV TXH SUHSDUDQ D VXV KLMRV SDUD SURGXFLU XQ SDGUH
+HUPHVLQIOX\HHQVXVKLMRVSDUDTXHYHDQODYLGDFRPRXQDVHULHGH
DYHQWXUDV
$GHPiVGHQRHVWDEOHFHUOtPLWHV\GHVHULQFRKHUHQWHXQSDGUH
+HUPHVWDPELpQSXHGHHVWDUDXVHQWH3XHGHTXHKD\DDEDQGRQDGR
DVXIDPLOLD\VHKD\DPDUFKDGRDRWUROXJDU7DPELpQSXHGHHVWDU
PXFKR ³HQ OD FDUUHWHUD´ SRU VX SURIHVLyQ GH YLDMDQWH R GH KRPEUH
GHQHJRFLRV\HQGR\YLQLHQGRVLQTXHGDUVHPXFKRWLHPSRHQFDVD
<DVHDGHELGRDVXDFWLWXGQRSDWHUQDOGHFRPSDxHURGHMXHJRVGH
VXV KLMRV FXDQGR HVWi HQ FDVD R D TXH UDUD YH] HVWi HQ HOOD VXHOH
GHMDUODHGXFDFLyQGHVXSUROHHQPDQRVGHODPDGUH

/DPLWDGGHODYLGD
6L XQ KRPEUH HV XQ +HUPHV PDGXUR FRQ XQ WUDEDMR TXH OH
VXSRQHXQUHWR\DGHPiVOHUHFRPSHQVDPDWHULDOPHQWHODPLWDGGH
OD YLGD OH RIUHFHUi PiV SRVLELOLGDGHV TXH QXQFD +DOODUi
RSRUWXQLGDGHVSDUDFUHFHUYLDMDUSDUDODGLYHUVLILFDFLyQ+HUPHVHQ
PD\RUPHGLGDTXHORVRWURVWLSRVGHKRPEUHHQFRQWUDUiHOPXQGR
H[WHULRUJUDWLILFDQWHSHURSXHGHTXHWDPELpQHPSLHFHDH[SORUDUVX
PXQGRLQWHULRUDOFXDOWDPELpQVHDGDSWDUiIiFLOPHQWHHQHVWDIDVH
GHODYLGD
6LQ HPEDUJR VL HQ OD PLWDG GH OD YLGD VLJXH VLHQGR XQ
DGROHVFHQWH TXH YD GH XQ OXJDU D RWUR GH WUDEDMR HQ WUDEDMR \ GH
PXMHUHQPXMHUHVRVDxRVVHUiQLQHVSHUDGDPHQWHGXURV(OHQFDQWR
\DQRIXQFLRQDSDUDFXEULUVXIDOWDGHVXVWDQFLD(VHYLGHQWHTXHHV
XQ IUDFDVDGR (V XQD pSRFD HQ TXH DOJXQRV +HUPHV WLHQHQ
DFFLGHQWHVPRUWDOHV\RWURVHQWUDQHQJUDYHVGHSUHVLRQHV
 (O GHVWLQR GHO +HUPHV DQWLVRFLDO R VRFLySDWD HQ OD PLWDG GH OD
YLGD SXHGH VHU PX\ YDULDGR 3XHGH WHQHU p[LWR HFRQyPLFDPHQWH
DXQTXHVLJDHVWDQGRPX\SRFRUHIRUPDGRRELHQSXHGHKDEHUFDtGR
HQGHVJUDFLDHVWDUHQODFiUFHORKX\HQGRDUDt]GHVXVDFFLRQHV

/RV~OWLPRVDxRV
(O KRPEUH +HUPHV HQ VXV ~OWLPRV DxRV SXHGH VHU SHFXOLDU QR
VHUiXQMXELODGRQRUPDO\FRUULHQWHTXHVHUHWLUDGHODYLGDDFWLYD6L
VLJXHVLHQGRHOHWHUQRDGROHVFHQWHLQFOXVRFXDQGRHVPD\RURVLKD
FRQVHUYDGRVXLGHQWLGDGPDUJLQDOFRPRODGUyQSXHGHDFDEDUVLHQGR
XQYDJDEXQGRVLQWHFKRTXHYLDMDGHXQOXJDUDRWURVHJ~QHOFOLPD
\ ODV RSRUWXQLGDGHV FRQVLJXLHQGR DOJR GH GLQHUR DTXt \ DOOt
VREUHYLYLHQGR FRQ VX LQJHQLR \ FRQYHUVDFLyQ 8QD YDULDQWH
FRQWHPSRUiQHDGHHVWDYHUVLyQGH+HUPHVHVODTXHKDQREVHUYDGR
ORVSVLTXLDWUDVGHORVKRVSLWDOHVSDUDORVYHWHUDQRVHVWRVSDFLHQWHV
+HUPHVKDQDSUHQGLGRDFRQVHJXLUVHUDGPLWLGRVKDOODQXQFRELMR\
OXHJRVHPDUFKDQGHQXHYR
3RU HO FRQWUDULR HO +HUPHV TXH KD HYROXFLRQDGR SRVLWLYDPHQWH
SXHGHVHUXQVDELRJXtDSDUDORV³YLDMHURV´TXHUHFRUUHQHOFDPLQRD
WUDYpVGHOFXDOpOKDDGTXLULGRXQDH[SHULHQFLDSURIXQGD\XQDYLVLyQ
JHQHUDOGHVXVLJQLILFDGR3XHGHVHUXQDVWXWRKRPEUHGHQHJRFLRV
FRQ PXFKDV OHFFLRQHV TXH HQVHxDU XQ H[SORUDGRU GHO WHUUHQR
SVLFROyJLFR TXH SXHGH JXLDU D ORV GHPiV R XQ SROtWLFR TXH SXHGH
PHUHFHU VHU FRQVLGHUDGR FRPR XQ SUHVWLJLRVR FRQVHMHUR 6HD FXDO
IXHUHVXFDPSRSXHGHVHUXQEXHQRUDGRURDXWRUTXHFRPXQLFDOR
TXH KD DSUHQGLGR HQ VXV ³YLDMHV´ 8Q +HUPHV HV QRUPDO TXH HVWp
H[SORUDQGR XQ QXHYR WHUULWRULR KDVWD HO GtD GH VX PXHUWH
FRQRFLHQGR JHQWH QXHYD R LQYHVWLJDQGR LGHDV QXHYDV <
SUREDEOHPHQWHKDVWDYHDODPXHUWHFRPRVXSUy[LPDDYHQWXUD
&RQIOLFWRVSVLFROyJLFRV
&XDQGR+HUPHVHVHODUTXHWLSRSUHGRPLQDQWHHQODSHUVRQDOLGDG
GHXQKRPEUHVXFRQGXFWD²ORTXHKDFHVXLPSXOVLYLGDGDODFWXDU
VLKDSHQVDGRHQODVFRQVHFXHQFLDV²HVORTXHFXHQWD/RVDVSHFWRV
GHODVRPEUDGH+HUPHVVRQORVGHIHFWRVGHVXFDUiFWHU

/DLPSXOVLYLGDG\ODDXVHQFLDGHOtPLWHV
'HVGH HO GtD GH VX QDFLPLHQWR HO GLRV +HUPHV GHPRVWUy VHU XQ
DVWXWRODGUyQ\XQPHQWLURVRFRQYLQFHQWH1RWDQSUHFR]PHQWHSHUR
Vt EDVWDQWH SURQWR VXUJH HVWH WLSR GH SUREOHPDV HQ HO PXFKDFKR
+HUPHV (V YLWDO SDUD VX HGXFDFLyQ TXH DSUHQGD D UHVSHWDU ODV
SRVHVLRQHV GH ORV GHPiV VXV VHQWLPLHQWRV \ VXV GHUHFKRV VLQ
OLPLWDUVHDWRPDUORTXHTXLHUHDKDFHUORTXHOHSOD]FD\FDUJDUFRQ
ODVFRQVHFXHQFLDV$XQPXFKDFKR+HUPHVVHOHKDQGHHQVHxDUORV
OtPLWHV²ORTXHHVXQDFRQGXFWDDFHSWDEOH\ORTXHHVLQDFHSWDEOH\
H[SOLFDUOHSRUTXp²SDUDTXHSXHGDGHVDUUROODUXQVHQWLGRGHORTXH
HVWi ELHQ \ OR TXH HVWi PDO TXH SXHGD PRGLILFDU OR TXH SLHQVD
KDFHU 'H OR FRQWUDULR HO +HUPHV WtSLFR DFWXDUi LQPHGLDWDPHQWH
VLJXLHQGR VXV LPSXOVRV FHQWUiQGRVH HQ VX PHQWH LQYHQWLYD SDUD
FRQVHJXLUORTXHGHVHD3XHGHTXHWRGDYtDWHQJDTXHDSUHQGHUVXV
OHFFLRQHV GH DGXOWR D WUDYpV GH UHODFLRQHV LPSRUWDQWHV SRUTXH HV
LPDJLQDWLYR /R PiV QRUPDO HV TXH XWLOLFH HVWH GRQ FRQ HO
SHQVDPLHQWR SHUR WDPELpQ SXHGH KDFHUOR SDUD GHVDUUROODU OD
HPSDWtD \ OD FRPSUHQVLyQ VL ODV SHUVRQDV TXH OH LPSRUWDQ TXH VH
VLHQWHQ KHULGDV SRU VX FRQGXFWD QHJDWLYD OH H[SUHVDQ FyPR VH
VLHQWHQ\FXiOHVVXHVWDGRPHQWDO

(O+HUPHVVRFLySDWDHOHPEDXFDGRU
&XDQGRXQPXFKDFKR+HUPHVFUHFHHQXQDVLWXDFLyQGHDEXVRV
GRQGH ORV DGXOWRV LPSRUWDQWHV DFW~DQ SRU LPSXOVRV \ VRQ DJUHVLYRV
FRQpOQRDSUHQGHUiDGLVWLQJXLUHQWUHHOELHQ\HOPDOQLWDPSRFR
VDEUi FRQWURODUVH $FWXDU IXUWLYDPHQWH UREDU \ PHQWLU VXHOH VHU HO
UHVXOWDGR PiV FRP~Q TXH FRQGXFLUi D XQD FRQGXFWD DQWLVRFLDO \ D
XQSDWUyQGHSHUVRQDOLGDGVRFLySDWD
(QWRQFHVVXUJHQORVFRQIOLFWRVHQWHpO\TXLHQHVGHVDSUXHEDQVX
FRPSRUWDPLHQWRRVHYHQDIHFWDGRVSRUHOPLVPR$PHGLGDTXHVH
KDFHPD\RUVLORTXHKDFHHVLOHJDOSXHGHTXHOOHJXHQDDWUDSDUOH
DXQTXH VX DJLOLGDG PHQWDO \ KDEOD SHUVXDVLYD OH RIUH]FDQ DOJXQD
YHQWDMD1RXWLOL]DODIXHU]DQLODYLROHQFLDDOLJXDOTXHKL]R+HUPHV
FXDQGR KXUWy HO JDQDGR GH $SROR WRPD OR TXH QR OH SHUWHQHFH
JHQHUDOPHQWH GH XQD IRUPD EDVWDQWH DXGD] &RPR HPEDXFDGRU HV
XQ³DUWLVWDGHOWLPR´TXHVHJDQDODFRQILDQ]DGHVXYtFWLPD\OXHJR
OD GHVSOXPD R HV XQ ODGUyQ LPDJLQDWLYR \ VHOHFWLYR R HO WtSLFR
LPSRVWRU 3RU HMHPSOR OHHPRV VREUH KRPEUHV +HUPHV TXH VH KDQ
KHFKR SDVDU SRU PpGLFRV HQJDxDQGR DO SHUVRQDO GHO KRVSLWDO
GXUDQWHPXFKRWLHPSRDQWHVGHVHUGHVFXELHUWRV
6LQ HPEDUJR D YHFHV VH OHV FRJH FRQ ODV PDQRV HQ OD PDVD <
HVWDU HQ SULVLyQ HV DOJR HVSHFLDOPHQWH GXUR SDUD HVWH WLSR GH
KRPEUH(VWiIXHUDGHVXHOHPHQWRFRQODVDODVFRUWDGDVVXIULHQGR
ORTXHSDUDpOHVPiVGXURHOFRQILQDPLHQWRODUXWLQD\ODIDOWDGH
OLEHUWDG

(OHWHUQRMRYHQHOKRPEUHTXHQXQFDFUHFH
$ XQ +HUPHV OH FXHVWD VHQWDU OD FDEH]D /H JXVWD H[SORUDU
SRVLELOLGDGHV\RSFLRQHVQXHYDV3HURHVWDDSHUWXUDHVXQREVWiFXOR
SDUD VHJXLU FRQ DOJR KDVWD TXH OOHJD D GHVDUUROODUVH KDVWD TXH pO
PDGXUD 6LHPSUH HQFXHQWUD SDVWRV PiV YHUGHV OR TXH OH LQYLWD D
UHYRORWHDUGHXQDVLWXDFLyQRSHUVRQDDRWUD
/RV FRPLHQ]RV OH UHVXOWDQ IiFLOHV &RQ VX HQFDQWR KDFH DPLJRV
FRQIDFLOLGDG&RQVXUDSLGH]PHQWDOSDUDFDSWDUXQDVLWXDFLyQSXHGH
LPSUHVLRQDU D ORV GHPiV $ PHQRV TXH pO PLVPR R OD VLWXDFLyQ OH
KDJDQTXHGDUVHHQXQVLWLRKDVWDDSUHQGHUDOJRHQSURIXQGLGDGVyOR
WHQGUiXQDFRPSUHQVLyQRKDELOLGDGVXSHUILFLDOHV³DSUHQGL]GHWRGR
PDHVWUR GH QDGD´ (VWD VXSHUILFLDOLGDG HV XQ DVSHFWR GHO SXHU
WHUQXVGHOHWHUQRDGROHVFHQWH
(O HWHUQR DGROHVFHQWH YLYH HQ HO UHLQR GH OD SRVLELOLGDG QR HVWi
GLVSXHVWRDFRPSURPHWHUVHFRQQDGDQLFRQQDGLHSRUTXHQRTXLHUH
DEDQGRQDU OD VLJXLHQWH RSRUWXQLGDG TXH VH OH SUHVHQWH
1RUPDOPHQWH KDVWD TXH \D HV GHPDVLDGR WDUGH SLHQVD TXH HV
LQPRUWDO FRPR VL WXYLHUD WRGR HO WLHPSR GHO PXQGR \ QR HV DVt
0LHQWUDVRWURVKRPEUHVVHHVWDEOHFHQHQVXVFDUUHUDVRIRUPDQXQD
IDPLOLD pO SXHGH TXH HVWp EXVFDQGR OD DYHQWXUD R VHQFLOODPHQWH
SDVH GH KDFHU XQD FRVD D RWUD SDUD TXH DO OOHJDU D OD PLWDG GH OD
YLGDVHGpFXHQWDGHTXHODYLGDOHHVWiSDVDQGRGHODUJR\TXHVH
HVWiKDFLHQGRYLHMR+DVLGRXQ3HWHU3DQTXHKDYLYLGRHQHOSDtVGH
1XQFD-DPiVKDVWDFDVLORVFXDUHQWD\HQWRQFHVFXDQGRVHPLUDHQ
HOHVSHMR\FRQWHPSODVXYLGDGHVSLHUWD\VHGDFXHQWDGHTXHHV²
R SXHGH TXH VHD² GHPDVLDGR WDUGH SDUD pO \ HO UHVXOWDGR HV OD
GHSUHVLyQGHODPLWDGGHVXYLGD

)DOWDGHFRPSURPLVRHPRFLRQDO\GHLQWLPLGDG
(O KRPEUH +HUPHV SDUHFH PiV LQPXQH TXH ORV GHPiV DO
HQDPRUDPLHQWR(QVXVP~OWLSOHVHQFXHQWURVVH[XDOHVVXJXVWRSRU
OD YDULHGDG \ OD QRYHGDG HQ OXJDU GH OD SDVLyQ HV OR TXH PiV OH
DWUDH HQ VXV UHODFLRQHV \ IXHUD GH HOODV 6L VH HQDPRUD SXHGH
GXUDUOH OR VXILFLHQWH FRPR SDUD TXH OH FRQGX]FD DO DPRU \
SURIXQGL]DUHQpOVLDQVtDXQIXHJRGHOKRJDUDOTXHSRGHUUHJUHVDU
\VLHQWHTXHSRGUiLU\YHQLUFRQOLEHUWDGSXHGHTXHVHFDVH\TXH
FRQHOSDVRGHOWLHPSRVXUHODFLyQVHYXHOYDPiVSURIXQGD3HURHO
FRPSURPLVR \ OD LQWLPLGDG QR OOHJDQ IiFLOPHQWH (VWi GHPDVLDGR
RFXSDGRSDUDVHQWDUODFDEH]DVXSHQVDPLHQWRHVGHPDVLDGRDFWLYR
HQRWURVDVXQWRVFRPRSDUDGHGLFDUPXFKRWLHPSRDODUHODFLyQXQD
YH] OD KD LQLFLDGR \D \ HV GHPDVLDGR SUREDEOH TXH OD DEDQGRQH HQ
FXDQWRVHVLHQWDDWUDSDGR
'LILFXOWDGHVSVLFROyJLFDVSDUDORVGHPiV
/RVKRPEUHV+HUPHVSXHGHQDIHFWDUQHJDWLYDPHQWHDORVGHPiV
DOHYLWDUVXVFRPSURPLVRVDEDQGRQDUOHVRQRPDGXUDQGR

(ODPDQWHHYDVLYR
/RV KRPEUHV +HUPHV SXHGHQ KDFHU PXFKR GDxR D ODV PXMHUHV
TXHVHHQDPRUDQGHHOORV8Q+HUPHVVXHOHVHUHQFDQWDGRUORFXD]\
SHUVXDVLYR3DUDpOODUHVLVWHQFLDHVXQUHWR\SXHGHDEDQGRQDUDOD
PXMHU FXDQGR \D KD FRQVHJXLGR UREDUOH HO FRUD]yQ \ HQWUDU HQ VX
KDELWDFLyQ
6XHOH VHU GLItFLO SDUD XQD PXMHU GHVFXEULU DO YHUGDGHUR +HUPHV
3XHGHTXHpOQRVHDORTXHHOODSHQVDEDSRUTXHVyORYLRRpOPRVWUy
XQDVSHFWRGHXQKRPEUHFRQPXFKDVIDFHWDVHQVXSHUVRQDOLGDGHO
GRQ GH OD SDODEUD \ HO HOHPHQWR GHO HPEDXFDGRU 8Q +HUPHV VXHOH
DGRSWDUPXFKRVGLVIUDFHVSDUDHPEHOOHFHUXQDSDUWHGHVtPLVPRVLQ
SUHRFXSDUVHGHODVGHPiVORFXDOKDFHTXHSDUH]FDXQFDPDOHyQ
6X FDSDFLGDG GH HYDVLyQ \ HYLWDFLyQ GHO FRPSURPLVR SUHVHQWDQ
SUREOHPDVSDUDODPXMHUTXHGHVHDPDWULPRQLR\VHJXULGDG3DUDpO
HOFRPSURPLVRHVFRPRXQRVJULOOHWHVYHUEDOHV\FXDQWRPiVHVSHUD
OD PXMHU R GHSHQGH GH pO SDUD VDWLVIDFHU VXV QHFHVLGDGHV PiV
SUREDEOH HV TXH pO GHVDSDUH]FD /H JXVWD LU \ YHQLU SUHILHUH DFWXDU
SRU LPSXOVR D KDFHU SODQHV SDUD HO IXWXUR \ OH JXVWD VDOLU FRQ
PXFKDV PXMHUHV 3DUD OD PD\RUtD GH ODV IpPLQDV XQ +HUPHV HV HO
WtSLFR FDQDOOD XQ KRPEUH HQFDQWDGRU TXH OD HQJDxD SULPHUR
KDFLpQGROHFUHHUTXHHOODHVPX\LPSRUWDQWHSDUDpO\OXHJR KDVWD
TXH DO ILQDO VH GD FXHQWD R pO GHVDSDUHFH GH VX YLGD  KD\ PXFKRV
GHVHQJDxRVFXDQGRQRFXPSOHFRQORTXHHOODHVSHUDEDGHpO\FDGD
YH]WLHQHODH[FXVDSHUIHFWD

(OSDGUHLQDGHFXDGR
6HUSDGUHQRHVDOJRTXHWRGRVORV+HUPHVKDJDQELHQ6LQRHV
XQD SHUVRQD HQ OD TXH VH SXHGD FRQILDU \ HV LQFRKHUHQWH VX
GHVFHQGHQFLD FUHFHUi GHVFRQILDQGR GH pO \ FRQ UHVHQWLPLHQWR \
HVWRVVHQWLPLHQWRVFRQWDPLQDUiQRWUDVUHODFLRQHV/DVPiVDIHFWDGDV
VRQ ODV KLMDV HQ VXV UHODFLRQHV FRQ ORV KRPEUHV 6L pO IUDFDVDHQ HO
WUDEDMR SRUTXH OH IDOWD DXWRGLVFLSOLQD \ DXWRULGDG VXV KLMRV VXHOHQ
HVWDU HQ LQIHULRULGDG GH FRQGLFLRQHV FXDQGR KDQ GH VDOLU DO PXQGR
HVSHFLDOPHQWH VXV KLMRV YDURQHV TXH WHPHQ TXH VXV LQFDSDFLGDGHV
WDPELpQVHDQODVVX\DV3DUDTXHXQ+HUPHVFXPSODXQPRGHORGH
UROSRVLWLYRSDUDVXVKLMRV\VHDXQSDGUHDGHFXDGR\FRKHUHQWHKD
GHWUDVFHQGHUVXLGHQWLILFDFLyQFRQHOHWHUQRDGROHVFHQWHGH+HUPHV
)RUPDVGHFUHFHU
(QODPLWRORJtDKD\RWURVGRVGLRVHVTXHIXHURQLPSRUWDQWHVSDUD
+HUPHV \ TXH OH D\XGDURQ D FUHFHU VX KHUPDQR $SROR \ VX SDGUH
=HXV(VWRVDUTXHWLSRVVRQWDPELpQORVGRVPiVLPSRUWDQWHVSDUDXQ
KRPEUH+HUPHV3DUDSRGHUIXQFLRQDUHILFD]PHQWHHQHOPXQGRKD
GHWUDVFHQGHUVX+HUPHVGHVDUUROODQGRODVFDUDFWHUtVWLFDVGH$SROR
\GH=HXV$OLJXDOTXH$SROR\=HXV+HUPHVRSHUDHQHOiPELWRGH
ODPHQWHWDPELpQFRPRHOORVKDGHGHVDUUROODUVXYLGDHPRFLRQDO\
VHQVXDO

'HFLUOHTXHQRDXQ+HUPHV
(O KRPEUH TXH WUDVFLHQGH VX LGHQWLILFDFLyQ FRQ +HUPHV OR KDFH
FRQRFLHQGR ODV YHQWDMDV \ OLPLWDFLRQHV GH HVWH DUTXHWLSR
(VSHFLDOPHQWH KD GH VHU FRQVFLHQWH GH VX SRWHQFLDO QHJDWLYR GH
HVWDIDGRUKDGHDFWXDUFRQVFLHQWHGHODVSRVLEOHVUHSHUFXVLRQHVGH
VXVDFFLRQHVHQORVGHPiV\GHFLUOHTXHQRDHVHDVSHFWRVX\R

/DD\XGDGH$SROR
$SRORGLRVGHOVROYHFRQFODULGDG\SRUORWDQWRQRVHOHSXHGH
HQJDxDU (Q VHJXLGD GHVFXEULy ODV PHQWLUDV GH +HUPHV 6L XQ
KRPEUH GHVDUUROOD OD FODULGDG GH YLVLyQ \ HO UD]RQDPLHQWR DSROtQHR
QRSXHGHGHMDUTXHVXWHQGHQFLDKHUPpWLFDDUDFLRQDOL]DU>@FRQVLJR
PLVPR \ FRQ ORV GHPiV VH VDOJD FRQ OD VX\D $SROR WDPELpQ
UHSUHVHQWD HO SHQVDPLHQWR OLQHDO \ OD FDSDFLGDG SDUD HQIRFDUVH HQ
XQDPHWDOHMDQD7LHQHXQFODURVHQWLGRGHOSURJUHVRHQHOWLHPSR\
ODYLVLyQSDVRDSDVRTXHVHQHFHVLWDSDUDOOHYDUDFDERXQWUDEDMR
GLVFLSOLQDGR$$SRORWDPELpQOHSUHRFXSDQORVSUHFHSWRVpWLFRV\HO
ELHQ \ HO PDO (VWDV FDUDFWHUtVWLFDV VRQ PX\ QHFHVDULDV SDUD XQ
+HUPHVVLGHVHDFRQVHJXLUDOJRHQHOPXQGR
$IRUWXQDGDPHQWHSDUDODPD\RUtDGHORV+HUPHVHVSHFLDOPHQWH
ORVGHFODVHPHGLDDPHULFDQRVHOSDWUyQDSROtQHRHVLQHYLWDEOH(VWH
SDWUyQ GRPLQD OD FXOWXUD DPHULFDQD 7RGD LQVWLWXFLyQ LPSRUWDQWH ²
LJOHVLDHVFXHODER\VFRXWV²OHHQVHxDORTXHQHFHVLWDVDEHU
&RPR DGXOWR +HUPHV SXHGH GDUVH FXHQWD GH TXH KD GH KDOODU
XQDIRUPDGHFRQYHUWLUVHDOPHQRVSDUFLDOPHQWHHQXQ$SRORKHFKR
D Vt PLVPR \ TXH SXHGH KDFHU SRVLEOH VX p[LWR FRPSOHWDQGR VXV
SUR\HFWRV 3XHGH WULXQIDU FXDQGR VH Gp FXHQWD GH OD QHFHVLGDG GH
WHUPLQDUORTXHKDHPSH]DGRGHDSUHQGHUTXpHVORTXHVHUHTXLHUH
SDUDKDFHUDOJR\SURSRQHUVHVHJXLUFRQHOORKDVWDHOILQDO

(QEXVFDGH=HXVHOSDGUH\HOPHQWRU
=HXV VLQ GXGD WHQtD DXWRULGDG VXILFLHQWH FRPR SDUD GHFLUOH D
+HUPHV TXH GHMDUD GH GHFLU PHQWLUDV \ TXH GHYROYLHUD ODV YDFDV
UREDGDV 1R GLR SLH D OD DPELJHGDG QL GHMy OXJDU SDUD H[FXVDV
+HUPHVUHFRQRFLyVXDXWRULGDG\VLQPiVSDODEUDVKL]RORTXH=HXV
OH GHFtD (O KRPEUH +HUPHV VXHOH QHFHVLWDU UHFRQRFHU \ UHVSHWDU OD
DXWRULGDG \ KDFHU OR TXH VH HVSHUD GH pO *HQHUDOPHQWH HVWD
LQWHUYHQFLyQ WLHQH OXJDU FXDQGR XQD ILJXUD H[WHUQD DFW~D FRPR
SDGUH DOJXLHQ TXH SRVHH OD DXWRULGDG GH =HXV \ TXH LPSUHVLRQD D
+HUPHV 6L WLHQH XQD UHODFLyQ SRVLWLYD FRQ XQ =HXV TXH OH KDFH GH
PHQWRU HQ HO PXQGR +HUPHV WDPELpQ VH EHQHILFLDUi GH OD UHG GH
DPLVWDGHV GH VXV WLHPSRV GH HVWXGLDQWH (Q HVWD UHODFLyQ FRQ HO
WXWRU +HUPHV VH YXHOYH XQ DSUHQGL] \ VH OH DQLPD D TXH XWLOLFH VX
GRQGHODFRPXQLFDFLyQ\VXLQWHOLJHQFLDSDUDDVFHQGHUGHFDWHJRUtD
/RV YDORUHV SDWULDUFDOHV VRQ ORV GH =HXV \ $SROR \ HO DSUHQGL]
+HUPHVHVIiFLOTXHORVDVLPLOH(QXQSDWULDUFDGRDXQ+HUPHVVH
OHDSR\DUHFRPSHQVD\DQLPDDHYROXFLRQDUPiVTXHDQLQJ~QRWUR
WLSR DSDUWH GH ORV ]HXV \ DSRORV /RV WUHV FRPSDUWHQ XQD DILQLGDG
SRU HO PXQGR PHQWDO ORV KRPEUHV =HXV \ $SROR DGPLUDQ ORV
UHFXUVRVGH+HUPHV\VXGRQGHODSDODEUD
8Q +HUPHV TXH VH GD FXHQWD GH TXH HO HWHUQR PXFKDFKR KD
GLULJLGR GHPDVLDGR VX YLGD D YHFHV SXHGH FDPELDU HO FXUVR GH VX
YLGD EXVFDQGR DFWLYDPHQWH XQ WXWRU \ SURSRQLpQGRVH WRPDUVH HQ
VHULRHOWUDEDMR&XDQGRVHHVIXHU]DSRUFRQWURODUDVXSURSLRHWHUQR
DGROHVFHQWH TXH SUHIHULUtD GHMDUOR WRGR SDUD LU D MXJDU HVWi
LQYRFDQGRDVXSURSLR=HXV

+DOODUVX$IURGLWD
+HUPHVQRVHFDVyQLWXYRXQDFRPSDxHUD6XSULQFLSDODPRUIXH
$IURGLWD TXH VH FDVy FRQ +HIHVWR \ TXH WXYR RWURV DPDQWHV KDFLD
ORVTXHVHVLQWLyDSDVLRQDGDPHQWHDWUDtGD+HUPHVODGHVHDED\HOOD
DOSULQFLSLRQRTXHUtDVDEHUQDGDGHpO=HXVVHDSLDGyGHpO\HQYLy
D VX iJXLOD D TXH UREDUD XQD GH ODV VDQGDOLDV GRUDGDV GH OD MRYHQ
FXDQGRVHHVWDEDEDxDQGR(QWRQFHV+HUPHVOHGHYROYLyODVDQGDOLD
DFDPELRGHVXVIDYRUHV\HOODDFHSWy
8QDGHODVSULQFLSDOHVIRUPDVGHHYROXFLRQDUSDUDXQ+HUPHVHV
HQDPRUiQGRVH GH XQD PXMHU TXH VH FRQYLHUWD HQ VX $IURGLWD
3UHIHULEOHPHQWH HOOD KDEUi GH VXSRQHU XQ UHWR XQD PXMHU D OD TXH
GHVHD \ TXH QR SXHGH FRQVHJXLU LQPHGLDWDPHQWH DOJXLHQ TXH OH
KDJDSURIXQGL]DUHQVXYLGDHPRFLRQDOKDFLpQGROHFRQVFLHQWHGHVX
YXOQHUDELOLGDG IUHQWH D HOOD TXH OH DSDUWH GH VX YLVLyQ PHQWDO \ OH
KDJDGHVFXEULUODVHQVXDOLGDGGHVXFXHUSR /DIRUPDGHFUHFHUGH
XQ $SROR GHVDUUROODQGR D VX 'LRQLVRV WDPELpQ VH SXHGH DSOLFDU D
+HUPHV$OLJXDOTXH$SRORHOFUHFLPLHQWRSXHGHOOHJDUDWUDYpVGH
ODUHODFLyQFRQVXiQLPDRPXMHULQWHULRU 

/DHYROXFLyQHVSLULWXDO
 +HUPHVSRVHHXQSRWHQFLDOLQQDWRSDUDFRQYHUWLUVHHQJXtDGHODV
DOPDV \ HQ XQ EXVFDGRU GHO VHQWLGR GH OD YLGD ,QVSLUDGR SRU HO
HVStULWX \ FHQWUDGR HQ pO EXVFD OD FRPSUHQVLyQ GH ODV YHUGDGHV
HVSLULWXDOHV \ VH DGHQWUD HQ ORV DELVPRV GHO +DGHV (O KRPEUH R
PXMHU TXHHVWiHQFRQWDFWRFRQHVWHDVSHFWRGH+HUPHVVHVLHQWH
DWUDtGR KDFLD OR VDJUDGR KDFLD ORV PLVWHULRV GH OD PXHUWH \ GH OD
YLGD GHVSXpV GH OD PXHUWH \ QR VH FRQWHQWD FRQ VHJXLU VyOR XQ
FDPLQR<DOLJXDOTXH+HUPHVHOFRPXQLFDGRUWRGRORTXHDSUHQGH
HVPX\SUREDEOHTXHORHQVHxH\ORWUDQVPLWD
(QHOPLWRGHOUDSWRGH3HUVpIRQHTXHVHHQFXHQWUDHQHO +LPQR
D 'HPpWHU GH +RPHUR +HUPHV GHVFLHQGH DO PXQGR VXEWHUUiQHR
SDUDGHYROYHUDODGRQFHOODDOPXQGRH[WHULRUMXQWRDVXPDGUH(Q
HVWH PLWR VH EDVDQ ORV PLVWHULRV GH (OHXVLV FX\RV LQLFLDGRV ³\D QR
WHPtDQ OD PXHUWH´ /RV PLVWHULRV GH (OHXVLV VRQ DQWHULRUHV DO
FULVWLDQLVPR \ FHOHEUDEDQ HO UHWRUQR GH 3HUVpIRQH GHO PXQGR
VXEWHUUiQHR DO LJXDO TXH -HV~V 3HUVpIRQH UHJUHVy GHO UHLQR GH OD
PXHUWH(QODPLWRORJtDGH'LRQLVRV+HUPHVGHVHPSHxDXQSDSHOGH
VLPLODU LPSRUWDQFLD YLWDO HVWD YH] VDOYDQGR DO QLxR 'LRQLVRV
3HUVpIRQH SXHGH UHSUHVHQWDU HO DOPD TXH HQ OD PD\RUtD GH ORV
KRPEUHV\WDPELpQHQPXFKDVPXMHUHVVHHQFDUQDHQORIHPHQLQR
PLHQWUDV 'LRQLVRV VLPEROL]D DO QLxR GLYLQR +HUPHV FRPR DUTXHWLSR
HVWi SUHVHQWH HQ ODV SHUVRQDV TXH HVWiQ HQ FRQWDFWR FRQ HVWRV
DVSHFWRVGHHOODVPLVPDV\FRQODVTXHEXVFDQXQVHQWLGRHVSLULWXDO
HQVXVYLGDV
 $5(6',26'(/$*8(55$
*8(55(52%$,/$5Ë1$0$17(
$UHV FRPR HQFDUQDFLyQ GH OD DJUHVLYLGDG KD VLGR XQD GH
ODV IXHU]DV PiV SRWHQWHV TXH KDQ DFWXDGR D OR ODUJR GH OD
KLVWRULD GH OD KXPDQLGDG (V HO ³KRPEUH GH DFFLyQ´ GHO
2OLPSR GLRV GH OD JXHUUD \ ODV WHQVLRQHV HO DPDQWH
LQFDQVDEOH \ WXUEXOHQWR TXH SURVSHUD HQ HO FRQIOLFWR \ VH
UHJRFLMD HQ OD EDWDOOD (Q $UHV YHPRV QXHVWUD DJUHVLYLGDG
EUXWD\VDQJULHQWDDQWHVGHTXHODFLYLOL]DFLyQODDWHPSHUDUD
RUHSULPLHUD

$5,$11$67$66,12328/267KH*RGVRI*UHHFH

(QODOLWHUDWXUD\HQHODUWH$UHVHVFRQRFLGRSRUORVGRV
SDSHOHV TXH +RPHUR OH DVLJQy JXHUUHUR \ DPDQWH %DMR VX
QRPEUH URPDQR GH 0DUWH HV SUiFWLFDPHQWH XQ VLQyQLPR GH
JXHUUD \ SDUD WRGR DTXHO TXH GLVIUXWH FRQ VXV VDQJXLQDULRV
DVSHFWRV

3+,/,30$<(5621&ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH$UWDQG
0XVLF

$UHV FRPR GLRV DUTXHWLSR \ KRPEUH HV XQD LPDJHQ GHO SRGHU
ItVLFR PDVFXOLQR GH OD LQWHQVLGDG \ GH OD DFFLyQ LQPHGLDWD 6X
FRUD]yQ H LQVWLQWRV OLWHUDOPHQWH OH LPSXOVDQ D DFWXDU \ D UHDFFLRQDU
FRQ VX FXHUSR VLQ WHQHU HQ FXHQWD ODV FRQVHFXHQFLDV $ VX SDGUH
=HXV QR OH DJUDGDED \ VH SXVR HQ VX FRQWUD DO LJXDO TXH HO
SDWULDUFDGRGHVYDORUL]DVXVDWULEXWRV
$UHVHOGLRV
$UHV D TXLHQ ORV URPDQRV OODPDURQ 0DUWH HUD HO GLRV GH OD
JXHUUD(OPHQRVUHVSHWDGR\KRQUDGRGHORVGRFHROtPSLFRVGHORV
JULHJRV SRU VX LUUDFLRQDOLGDG \ IUHQHVt SRU OD JXHUUD $UHV
UHSUHVHQWDEDHOGHVHRYHKHPHQWHHLQFRQWURODGRSRUODEDWDOOD\SRU
HO GHUUDPDPLHQWR GH VDQJUH $ GLIHUHQFLD GH ORV JULHJRV ORV
URPDQRV WHQtDQ D 0DUWH HQ JUDQ HVWLPD \ VyOR OH DQWHFHGtD HQ
LPSRUWDQFLD -~SLWHU =HXV  3DUD HOORV HUD HO SURWHFWRU GH OD
FRPXQLGDG\HOSDGUHGH5yPXOR\5HPRORVJHPHORVTXHIXQGDURQ
5RPD
6H OH UHSUHVHQWD FRPR D XQ KRPEUH YLJRURVR \ YLULO D PHQXGR
FRQ EDUED DXQTXH QR VLHPSUH JHQHUDOPHQWH FRQ FDVFR \ HVFXGR
HVSDGD \ ODQ]D D YHFHV FRQ SHWR SHUR UDUD YH] FRQ DUPDGXUD
FRPSOHWD

*HQHDORJtD\PLWRORJtD
$UHV IXH HO ~QLFR KLMR GH +HUD \ GH =HXV 6LQ HPEDUJR DO LJXDO
TXH FRQ +HIHVWR HO RWUR KLMR ROtPSLFR GH +HUD HQ XQD YHUVLyQ
URPDQD OD GH 2YLGLR  HOOD FRQFLELy D $UHV SDUWHQRJHQpWLFDPHQWH
PHGLDQWH XQD KLHUED TXH FRQ VyOR WRFDUOD SRGtD KDFHU IpUWLO D OD
PiVHVWpULO1RWHQHPRVGHWDOOHVGHVXQDFLPLHQWR
/RV JLJDQWHV JHPHORV GHQRPLQDGRV DOyDGHV FDVL FRQVLJXLHURQ
PDWDUD$UHVSUREDEOHPHQWHFXDQGRpVWHWRGDYtDHUDXQQLxRFRPR
HOORV /H FDSWXUDURQ \ OH HQFHUUDURQ HQ XQD MDUUD GH EURQFH $UHV
HVWXYRSULVLRQHURGXUDQWHWUHFHPHVHV\KDEUtDPXHUWR DXQTXHHUD
XQGLRV\SRUHQGHLQPRUWDOORFXDOHVSHFXOLDU VLVXPDGUDVWUDQR
VH OR KXELHUD GLFKR D +HUPHV &XDQGR +HUPHV OH OLEHUy HVWDED
PHGLRPXHUWRSRUHOWRUPHQWR
+HUDHOLJLyD3UtDSRFRPRWXWRUHOGLRVIiOLFRGHIRUPDGR3UtDSR
HQVHxy SULPHUR DO PXFKDFKR D VHU XQ H[FHOHQWH EDLODUtQ \ OXHJR D
VHUXQJXHUUHUR

(QHOFDPSRGHEDWDOOD
/D YLVLyQ TXH +RPHUR QRV GD GH $UHV HQ OD ,OtDGD HV OD TXH KD
SUHYDOHFLGR$UHVHVWDEDGHSDUWHGHORVWUR\DQRVFRQWUDORVJULHJRV
\+RPHURORGHVFULELyFRPRVHGLHQWRGHVDQJUHGHVSUHFLDEOHFRPR
XQIDQIDUUyQSODxLGHURTXHVLHPSUHHUDYHQFLGRKHULGRLQVXOWDGRR
DYHUJRQ]DGRSRUVXKHUPDQDVWUD$WHQHD&XDQGRPDWDURQDXQRGH
VXV KLMRV \ FRQWUDGLFLHQGR ODV yUGHQHV GH =HXV HPSUHQGLy OD
EDWDOOD $WHQHD OH UHSUHQGLy OODPiQGROH ]RTXHWH \ PDQtDFR SRU
SHUGHU OD UD]yQ \ HO FRQWURO YLUWXGHV GH $WHQHD H LGHDOHV GH ORV
JULHJRV 6HGHFtDGHpOTXHQRVDEtDGLVWLQJXLU©ORTXHHVWDEDELHQª
SRU IDOWD GH FDUiFWHU SRUTXH DKRUD ©UHFXUUH D XQR \ OXHJR D RWURª
$UHV UHDFFLRQDED HPRFLRQDOPHQWH VXV VHQWLPLHQWRV OH FRQGXFtDQ D
ODV EDWDOODV GHO ODGR GH ORV KRPEUHV FRQ ORV TXH VHQWtD DOJXQD
UHODFLyQJHQHUDOPHQWHVDQJXtQHD/DOHDOWDGRODYHQJDQ]DHUDQVXV
PRWLYDFLRQHV \ HVWDEDQ SRU HQFLPD GH RWUDV FRQVLGHUDFLRQHV 3DUD
ORV RWURV ROtPSLFRV OD JXHUUD GH 7UR\D HUD FRPR YHU XQ GHSRUWH
GHVGH OD JUDGD OD PLWDG GH HOORV DSR\DED D ORV JULHJRV \ OD RWUD
PLWDG D ORV WUR\DQRV /RV SURSLRV ROtPSLFRV SDUWLFLSDEDQ
HVSRUiGLFDPHQWHHQODEDWDOODSHURFXDQGRORKDFtDQHUDVHJ~QODV
UHJODVGH=HXV$UHVSRUHOFRQWUDULRQRYHtDHVWRFRPRXQMXHJR
&XDQGR GLRVHV \ KRPEUHV OXFKDEDQ HQWUH HOORV HQ RWUD EDWDOOD
$WHQHDJXLyDXQRGHVXVKpURHVIDYRULWRV'LRPHGHVSDUDKHULUDO
GLRVFRQXQDODQ]D$UHVVROWyXQUXJLGR\VHTXHMyD=HXVVREUHOR
TXH $WHQHD KDEtD KHFKR =HXV VH SXVR GH SDUWH GH $WHQHD \ OH
UHFKD]y \ KXPLOOy WRGDYtD PiV GLFLpQGROH ©1R YHQJDV D Pt D
TXHMDUWH1RKD\QDGDTXHWHJXVWHPiVTXHSHOHDUWH\OXFKDUTXH
HVSRUORTXHWHRGLRPiVTXHDQLQJ~QRWURGLRVGHO2OLPSRª
6LQ HPEDUJR +RPHUR UHFRQRFLy TXH $UHV DOHQWy D ODV IXHU]DV
WUR\DQDV \D TXH UHSHWLGDV YHFHV DFXGLy HQ VX D\XGD DFRPSDxDGR
SRUVXVKLMRV'HLPRV PLHGR \)RERV WHUURU 

(ODPDQWHGH$IURGLWD
$UHV \ $IURGLWD GLRVD GHO DPRU IXHURQ FRQRFLGRV DPDQWHV (OOD
WXYRYDULRVKLMRVGH$UHVORVKLMRV'HLPRV PLHGR \)RERV WHUURU 
TXH DFRPSDxDURQ D VX SDGUH HQ HO FDPSR GH EDWDOOD XQD KLMD
$UPRQtD FX\R QRPEUH VXJLHUH DUPRQtD SRWHQFLDO HQWUH ODV GRV
JUDQGHVSDVLRQHVHODPRU\ODJXHUUD\TXL]iV(URVGLRVGHODPRU
(URVWLHQHGRVRUtJHQHVPLWROyJLFRVFRPRKLMRGH$UHV\$IURGLWD\
FRPRIXHU]DSULPLJHQLDJHQHUDWLYDSUHVHQWHGHVGHHOSULQFLSLRGHORV
WLHPSRV
(VWRVGRVDPDQWHVFRPSDUWLHURQPXFKDVKLVWRULDVHQORTXHIXH
HO URPDQFH PiV FRPSURPHWLGR HQWUH ORV ROtPSLFRV (Q OD ,OtDGD
FXDQGR $WHQHD GHUULEy D $UHV FRQ XQD SLHGUD $IURGLWD LQWHQWy
D\XGDUOHDVDOLUGHOFDPSRGHEDWDOOD\IXHDJUHGLGDSRUHOSXxRGH
$WHQHD $PERV WXYLHURQ PXFKRV DPDQWHV &XDQGR $IURGLWD VH
HQDPRUy GH $GRQLV $UHV VH FRQYLUWLy HQ XQ MDEDOt YHQJDWLYR TXH
PDWyDOEHOORMRYHQ
&XDQGRHOHVSRVRGH$IURGLWD+HIHVWRGLRVGHODIRUMDVHHQWHUy
GH OD DYHQWXUD GLVHxy XQD IRUPD GH DWUDSDU D ORV DPDQWHV HQ HO
DFWRGHFRPHWHUDGXOWHULR&RQVWUX\yXQDUHGLQYLVLEOHHLUURPSLEOH
TXHDWyDOUHGHGRUGHORVSLODUHVGHODFDPDFROJDQGRGHVGHODVYLJDV
GHOWHFKR(QWRQFHVILQJLyTXHVHPDUFKDEDKDFLDVXIRUMDTXHHUD
OD VHxDO SDUD TXH $UHV HQWUDUD HQ VX FDVD \ HQ VX FDPD +HIHVWR
ODQ]y VX UHG VREUH ORV DPDQWHV \ OXHJR FRQYRFy D ORV GLRVHV SDUD
TXH IXHUDQ WHVWLJRV GH VX SHUILGLD /RV GLRVHV HQ OXJDU GH HVWDU
LQGLJQDGRV\VROLGDUL]DUVHFRQ+HIHVWRVHULHURQDFDUFDMDGDVDQWHOD
HVFHQD
3DGUHGHPXFKRVKLMRV
$UHVHQJHQGUyPXFKRVKLMRVDOPHQRVWUHVRFXDWURGHORVKLMRV
GH $IURGLWD \ FRPR GLRV URPDQR 0DUWH WDPELpQ HQJHQGUy D
5yPXOR \ 5HPR  $GHPiV GH HVWRV KLMRV GHVWDFDGRV WDPELpQ WXYR
FDVL RWURV YHLQWH KLMRV H KLMDV GH VXV XQLRQHV FRQ QXPHURVDV
PXMHUHVYDULDVGHODVFXDOHVGLHURQDOX]DPiVGHXQKLMRVX\R$O
PHQRV WUHV GH VXV KLMRV IXHURQ DUJRQDXWDV \ XQD GH VXV KLMDV IXH
3HQWHVLOHDODUHLQDGHODVDPD]RQDV
$UHVIXHXQSDGUHPX\HPRWLYR\TXHDFWXDEDHQQRPEUHGHVXV
KLMRV&XDQGRXQRGHORVKLMRVGH3RVHLGyQYLROyD$OFLSHXQDGHVXV
KLMDV$UHVOHPDWyHQHODFWR3RVHLGyQOHFRQYRFySDUDVHUMX]JDGR
SRUDVHVLQDWRDQWHXQMXUDGRGHGLRVHVIXHMX]JDGRHQHOOXJDUGHO
FULPHQ \ IXH DEVXHOWR HQ XQD FROLQD GH $WHQDV FHUFDQD D OD
DFUySROLVTXHDSDUWLUGHHQWRQFHVVHOODPy$UHySDJR ODFROLQDGH
$UHV  /D PXHUWH GH XQ KLMR WDPELpQ SURYRFy D $UHV GXUDQWH OD
JXHUUD GH 7UR\D FXDQGR VH HQWHUy GH TXH VX KLMR $VFOHSLR KDEtD
PXHUWR HQ OD EDWDOOD $UHV LPSHWXRVDPHQWH HQWUy HQ OD FRQWLHQGD
SDUD YHQJDUOH DXQTXH =HXV KDEtD SURKLELGR D ORV GLRVHV TXH
WRPDUDQSDUWHHQODPLVPD
&XDQGR +HUDFOHV IXH GHVDILDGR SRU &LFQR XQ EDQGROHUR TXH
DVDOWDEDDORVYLDMHURVTXHOOHYDEDQRIUHQGDVD'HOIRV\RWURGHORV
KLMRVGH$UHVpVWH~OWLPRVHSXVRGHSDUWHGHVXKLMR$WHQHDDFXGLy
HQ D\XGD GH +HUDFOHV \ FRQ VX FRODERUDFLyQ KLULy D $UHV \ PDWy D
&LFQR
7RGDYtD KD\ RWUR GH VXV GHVFHQGLHQWHV XQD VHUSLHQWH VDJUDGD
TXH YLJLODED OD IXHQWH GH 7HEDV &XDQGR &DGPR OD PDWy WXYR TXH
VHUYLU D $UHV GXUDQWH RFKR DxRV WUDV ORV FXDOHV VH FDVy FRQ
$UPRQtDKLMDGH$UHV\$IURGLWD\IXQGyODFLXGDGGH7HEDV

$QiOLVLVYDULRV
/DYLVLyQQHJDWLYDGH$UHVTXHSUHYDOHFHHVODGHOSRHWD+RPHUR
$UHV IXH OD PiV IRUPLGDEOH GH ODV GHLGDGHV TXH HVWDEDQ DO ODGRGH
ORVWUR\DQRVTXHSHUGLyODJXHUUD\HOGHUHFKRDHVFULELUVXKLVWRULD
:DOWHU 2WWR FRPR PLWyORJR GHVWDFD GH $UHV ©FRQWUD HVWH WHUULEOH
HVStULWX GH PDWDQ]D \ GHUUDPDPLHQWR GH VDQJUH GHVWDFD OD IRUPD
EULOODQWHGH$WHQHDFRPRXQDGPLUDEOHFRQWUDVWH\HVWHFRQWUDVWHHV
LQWHQFLRQDGRSRUSDUWHGHOSRHWD>@ª
(QFDPELRHQHO +LPQRD$UHVGH+RPHURVHDODEDQODVYLUWXGHV
GH$UHVFRQIUDVHVFRPR©$UHVWLHQHXQSRGHURVRFRUD]yQª©$UHV
SDGUH GH OD YLFWRULDª ©$UHV HO TXH IDYRUHFH OD MXVWLFLDª ©$UHV
FDEHFLOOD GH ORV KRPEUHV PiV MXVWRV $UHV OOHYD HO EiFXOR GH OD
HVSHFLH KXPDQDª 6H OH OODPD ©HO TXH D\XGD D OD KXPDQLGDG
GLVSHQVDGRUGHOGXOFHFRUDMHGHODMXYHQWXG>@ª(VWDYLVLyQGH$UHV
TXH WDPELpQ IRUPD SDUWH GH OD WUDGLFLyQ JULHJD FRLQFLGH FRQ OD
YLVLyQ SRVLWLYD URPDQD GHO GLRV GH OD JXHUUD D TXLHQ HOORV OODPDURQ
0DUWH
&XDQGR VH FRPSDUD FRQ OD UDFLRQDOLGDG \ $WHQHD VH YH D $UHV
EDMRXQDYLVLyQQHJDWLYD\KRVWLOGHFDUQLFHURHQDMHQDGR&XDQGRVH
OH YH SRVLWLYDPHQWH HV SRU VXV FXDOLGDGHV GHO FRUD]yQ \ GHO FRUDMH
GHO IUDQFpV FRHXU TXH VLJQLILFD ³FRUD]yQ´  HV XQD GHLGDG TXH
UHDFFLRQDLPSXOVDGDSRUVXVHPRFLRQHV(QXQDIDPLOLDHQFDEH]DGD
SRU =HXV ORV GHVFHQGLHQWHV TXH PHUHFLHURQ VX EHQHSOiFLWR IXHURQ
ORVTXHGHVWDFDEDQSRUVXIULDOGDGHPRFLRQDO
$UHVHODUTXHWLSR
(O DUTXHWLSR $UHV DO LJXDO TXH HO GLRV HVWi SUHVHQWH HQ ODV
UHDFFLRQHV DSDVLRQDGDV H LQWHQVDV &RQ $UHV HV SUREDEOH TXH XQD
ROHDGD GH HPRFLRQHV SURYRTXH XQD DFFLyQ ItVLFD LQPHGLDWD (V XQ
DUTXHWLSRTXHUHDFFLRQDDTXt\DKRUD(ODUTXHWLSR$UHVVLQOXJDUD
GXGDV SUHGLVSRQH D XQ KRPEUH R PXMHU  D HVWDU HQ FRQWDFWR FRQ
VXVVHQWLPLHQWRV\FRQVXFXHUSR6LQHPEDUJRFXDQGRODUDELD\OD
LUD DSDUHFHQ UHDFFLRQD LQVWLQWLYDPHQWH \ D PHQXGR VH PHWH HQ
VLWXDFLRQHV TXH YDQ HQ GHWULPHQWR VX\R \ SHUMXGLFDQ D ORV GHPiV
(Q FXDOTXLHU FDVR QR FRQVLGHUDU D TXLpQ VH HVWi UHVSRQGLHQGR \
FXiOHVVHUiQODVFRQVHFXHQFLDVFRQGXFHDFRQIOLFWRV

(OJXHUUHURFRPRKpURHRFDPRUULVWD
$UHV SHUVRQLILFD OD DJUHVLYLGDG OD UHVSXHVWD LPSHWXRVD D OD
EDWDOODHVHLQVWLQWRTXHKDFHTXHDOJXQRVKRPEUHVVHPHWDQHQOtRV
\DWDTXHQFRQXQDUPDRFRQHOSXxRVLQSHQVDUOR6LXQKRPEUHHV
VROGDGRSXHGHFRQYHUWLUVHHQXQKpURHFRQGHFRUDGRFRQFLWDVTXH
UHFHQ ©VLQ SHQVDU HQ ODV FRQVHFXHQFLDV TXH SRGtDQ H[LVWLU SDUD VX
SURSLDLQWHJULGDGpOǻ
/DVSHOtFXODV\ODWHOHYLVLyQUHSUHVHQWDQHVHPRPHQWRHQTXHHO
DUTXHWLSR$UHVHVSURYRFDGR\HOKRPEUHVHFRQYLHUWHHQXQDIXHU]D
IXULRVDHLPSDUDEOH(QODVVHULHVGHWHOHYLVLyQYHPRVDXQFLHQWtILFR
GH WHPSHUDPHQWR WUDQTXLOR TXH EDMR OD SURYRFDFLyQ GH OD LUD VH
WUDQVIRUPD HQ XQ PXVFXORVR JLJDQWH GH FRORU YHUGH OODPDGR +XON
TXHWLHQHXQDIXHU]DVREUHKXPDQD\TXHHVLPSDUDEOHHLUUDFLRQDO
(Q OD SHOtFXOD GH 6\OYHVWHU 6WDOORQH 5RFN\ \ VXV VHFXHODV OOHJD XQ
SXQWR HQ TXH HO ER[HDGRU HVWi H[KDXVWR \ VDQJUDQGR \ HV FXDQGR
OXFKDFRQVXLQVWLQWRSXUR\JDQD(QFDUQDDXQ$UHVPXFKRPHQRV
HVSHFWDFXODU TXH +XON SHUR WDPELpQ HV SRVHtGR SRU OD DJUHVLYLGDG
LQFRQWURODGD/DSHOtFXOD5DPERHQFDUQDLJXDOPHQWHDXQKpURH$UHV
TXHDOLJXDOTXHHOGLRVHVWiPRWLYDGRSRUODOHDOWDGHOXOWUDMH\OD
YHQJDQ]D
(QODPLWRORJtD$UHVUHSUHVHQWDEDHOGHVFRQWUROODLUUDFLRQDOLGDG
\ HO IUHQHVt GH OD EDWDOOD (VWDED HPEULDJDGR SRU HO WXPXOWR (Q OD
YLGDUHDOODHPEULDJXH]DPHQXGRWDPELpQHVXQDGHODVFDXVDVGH
TXH $UHV Gp ULHQGD VXHOWD D VXV LQVWLQWRV ODV SHOHDV GH ORV EDUHV
VXUJHQ FXDQGR VH SURYRFD D $UHV $UHV QR OXFKD SRU JDQDU XQ
FRQFXUVR R SRU UD]RQHV HVWUDWpJLFDV HV XQD UHVSXHVWD HPRFLRQDO D
XQDSURYRFDFLyQ
(O DUTXHWLSR $UHV UHSUHVHQWD HO JXVWR SRU OD JXHUUD +RPHUR
UHSUHVHQWyD$UHVFRPRHOGLRVTXHDPDEDODJXHUUDSRUVtPLVPD
TXH VH GHOHLWDED HQ HO HVWUpSLWR \ EUDPLGR GH ODV EDWDOODV \ HQ OD
PDWDQ]D\ODGHVWUXFFLyQ(VWHDVSHFWRGH$UHVSXHGHKDFHUTXHOD
OXFKDUHVXOWHHVWLPXODQWHSDUDHOFDPRUULVWDGHOEDU\TXHDFDEHHQ
FRQGHFRUDFLRQHVSDUDHOKpURHGHJXHUUD
3DUDORVROtPSLFRVTXHHUDQLQPRUWDOHVODVEDWDOODVFRPRODVGH
OD JXHUUD GH 7UR\D HUDQ MXHJRV (Q HVD JXHUUD ²PLHQWUDV ODV RWUDV
GHLGDGHVHUDQPHUDVHVSHFWDGRUDVDOJXQDVGHSDUWHGHORVJULHJRV\
RWUDV GH ORV WUR\DQRV² GH YH] HQ FXDQGR DOJXQDV GHLGDGHV
SDUWLFLSDEDQ HQ OD UH\HUWD 8Q $UHV FRQWHPSRUiQHR HV IHOL] HQ XQ
FDPSR GH MXHJR HQ PHGLR GH ORV JULWRV \ OD DOJDUDEtD QR HQ ODV
JUDGDV R DSRVWDQGR SRU HO UHVXOWDGR VLQR H[SUHVDQGR pO PLVPR OD
DJUHVLYLGDG SXUD 8Q GHIHQVD GH I~WERO R XQ MXJDGRU GH KRFNH\
LPSXOVDGRSRUHODUTXHWLSR$UHVHVSUREDEOHTXHVHDSHQDOL]DGRSRU
VHU GHPDVLDGR YLROHQWR SRU KDFHU DOJXQD PDQLREUD LOHJDO R SRU
SHOHDUVH FXDQGR VH HQFLHQGHQ ODV SDVLRQHV eVWRV VRQ ORV GHSRUWHV
GH FRQWDFWR FRQ ORV TXH $UHV HQFXHQWUD UHFRQRFLPLHQWR GRQGH
SXHGH VHU SHQDOL]DGR SHUR GRQGH QR HV GHQLJUDGR SRU VX
WHPSHUDPHQWR6LQHPEDUJRHQORVGHSRUWHVPiVVHOHFWRVFRPRHO
WHQLV GRQGH OD IRUPD \ OD PDHVWUtD VRQ OR PiV LPSRUWDQWH
UHDFFLRQDU FRQ LUD HV VLQ GXGD XQD PXHVWUD GH PDORV PRGDOHV 8Q
FDPSHyQ GH WHQLV VH HVSHUD TXH DFW~H FRPR $SROR \ WDO FRPR
REVHUYy-RKQ0F(QURHVHUiDEXFKHDGR\VLVHDGRVLUHDFFLRQDFRPR
$UHV

(ODPDQWH
$UHV\$IURGLWDIXHURQXQRVDPDQWHVDTXLHQHVHOHVSRVRGHHOOD
+HIHVWR OHV GHVFXEULy LQ IUDJDQWL SXHV VRVSHFKDED TXH pO HQWUDED
HQ VX FDPD WDQ SURQWR FRPR VH PDUFKDED DO WUDEDMR eVWD IXH XQD
ODUJD UHODFLyQ UHFtSURFD HQWUH LJXDOHV $UHV HQJHQGUy FXDWUR KLMRV
FRQ$IURGLWD2WUDVPXMHUHVDPDQWHVVX\DVWDPELpQOHGLHURQPiVGH
XQ KLMR 3RU HO FRQWUDULR OD PD\RU SDUWH GH ODV DYHQWXUDV ROtPSLFDV
HUDQVHGXFFLRQHVGHXQVyORGtDJHQHUDOPHQWHHQWUHXQGLRV\XQD
PRUWDO ,QFOXVR HQWUH GRV GHLGDGHV OD VHGXFFLyQ R OD YLRODFLyQ HUD
DOJR QRUPDO OD PXMHU VROtD VHU IRU]DGD HQJDxDGD R VHFXHVWUDGD
5DUDYH]VHKDFtDHODPRUFRQHOOD
/D DSDVLRQDGD QDWXUDOH]D GH $UHV VX PDWHULDOLVPR \ OD SOHQLWXG
FRQ OD TXH VH TXHGD DWUDSDGR HQ VXV HPRFLRQHV GHO PRPHQWR VRQ
ODVFXDOLGDGHVGHODPDQWH$UHV(VWHDPDQWHQRVHSUHRFXSDGHODV
FRPSDUDFLRQHVFRQODVGHPiVFXDQGRKDFHHODPRUFRQODGLRVDPiV
H[SHUWDHQDVXQWRVGHOVH[R/DVX\DHVXQDVH[XDOLGDGOXMXULRVDVLQ
OD GLPHQVLyQ H[WiWLFD WUDQVSHUVRQDO GH 'LRQLVRV (Q (O DPDQWH GH
ODG\ &KDWWHUOH\ ' + /DZUHQFH FUHy D 0HOORUV XQD SHUVRQLILFDFLyQ
GH ILFFLyQ GH XQ DPDQWH $UHV TXH DO LJXDO TXH HO GLRV HUD
FRQVLGHUDGRLQIHULRUSRUVXWHUUHQDOLGDG\RFXSDFLyQ

(OEDLODUtQ
(QODPLWRORJtDJULHJD$UHVDSUHQGLyHQSULPHUOXJDUDEDLODUFRQ
VX WXWRU 3UtDSR DQWHV GH VHU XQ JXHUUHUR $XQTXH HVWH DVSHFWR GH
$UHV QR VH KD GHVFULWR PXFKR HQFDMD FRQ HO SDWUyQ DUTXHWtSLFR GH
XQ KRPEUH TXH YLYH PiV HQ VX FXHUSR TXH HQ VX PHQWH FX\DV
HPRFLRQHV \ FXHUSR DFW~DQ DO XQtVRQR 0X\ ELHQ SXGR VHU XQ
EDLODUtQ \ VH SRGUtD SUHGHFLU TXH IXH FRQRFLGR SRU VX SDVLyQ H
LQWHQVLGDG PiV TXH SRU VX WpFQLFD &XDQGR HO S~EOLFR YH EDLODU D
0LMDLO %DULVKQLNRY SRU HMHPSOR OD H[SHULHQFLD QR HV XQD IUtD
DSUHFLDFLyQ GH OD EHOOH]D \ GH OD IRUPD DXQTXH SRVHH DPEDV /D
FDULVPiWLFD HVWUHOOD GHO EDOOHW %ROVKRL TXH GHVHUWy D 2FFLGHQWH \
WLHQHXQDUHSXWDFLyQGHJDOiQSRVHHXQIXHUWHLPSDFWRHPRFLRQDO\
ItVLFRVREUHVXS~EOLFR
(OMRYHQ&DVVLXV&OD\TXHVHFRQYLUWLyHQHOFDPSHyQPXQGLDOGH
ORV SHVRV SHVDGRV \ TXH GHVSXpV FDPELy VX QRPEUH D 0RKDPHG
$Ot  WDPELpQ WXYR OD JUDFLD \ OD IRUPD GH $UHV HO EDLODUtQ DGHPiV
GHVXVLQVWLQWRVDJUHVLYRV
(QODVFXOWXUDVWULEDOHVORVJXHUUHURVVRQEDLODULQHVDQWHVGHOD
OXFKD ORV KRPEUHV EDLODQ /RV WDPERUHV \ OD P~VLFD OHV DQLPDQ D
FRQYHUWLUVHHQ$UHV

(OKLMRUHFKD]DGRGHXQSDGUHFHOHVWLDO
(ODUTXHWLSR$UHVDOLJXDOTXHHOGLRVHVPHQRVSUHFLDGRSRUORV
KRPEUHVTXHHMHUFHQHOSRGHUDGLVWDQFLDTXHVRQIUtRVHVWUDWHJDV\
D YHFHV HQJDxRVRV HPEDXFDGRUHV FRPR ORV TXH VH GHGLFDQ DO
WUiILFR GH LQIOXHQFLDV \ ORV DPDQWHV  0LHQWUDV $UHV VH UHEDMDUtD DO
JUDGR GH XQ VROGDGR UDVR HQ HO FDPSR GH EDWDOOD =HXV SUHILHUH
ODQ]DU XQ UD\R GHVGH OR DOWR \ +HUPHV UREy HO JDQDGR GH VX
KHUPDQR $SROR HQ YH] GH PDQLIHVWDUOH GLUHFWDPHQWH VX ULYDOLGDG
/RVJULHJRVLGHDOL]DURQHOSHQVDPLHQWR\ODUDFLRQDOLGDG\GHVGHHVH
PRPHQWR KLVWyULFR KDVWD OD IHFKD pVWRV KDQ VLGR ORV YDORUHV GHO
SDWULDUFDGR =HXV RGLDED D $UHV 3VLFROyJLFDPHQWH $UHV UHSUHVHQWD
ODVRPEUDGH=HXVHVDSDUWHGHVtPLVPRTXHpOGHVSUHFLDEDSRUTXH
QRODKDEtDGHVDUUROODGR\HUDFRQWUDULDDODLPDJHQLGHDOTXHWHQtD
GHVtPLVPR
(Q QXHVWUD FXOWXUD $UHV HV LJXDOPHQWH PHQRVSUHFLDGR \
UHFKD]DGR /DV SHUVRQDV GH FRORU VH KDQ FRQYHUWLGR HQ SRUWDGRUDV
GH ORV DWULEXWRV GH $UHV \ VRQ UHFHSWRUDV GH OD GHQLJUDFLyQ \
GHVSUHFLRTXHUHFLELy$UHVSRUSDUWHGHVXSDGUH/DVH[XDOLGDGOD
YLROHQFLDHLQFOXVRHODVSHFWRGHEDLODUtQGH$UHV HQORVHVWHUHRWLSRV
UDFLVWDV VRQDWULEXWRVGHOKLMR³LQIHULRU´
(Q ODV IDPLOLDV EODQFDV VH VLJXHQ SHUSHWXDQGR HVWRV PLVPRV
YDORUHV \ MXLFLRV $ PHQXGR ORV KRPEUHV TXH YLHQHQ D KDFHUVH
SVLFRDQiOLVLV H[SOLFDQ OR LQYLVLEOHV \ PHQRVSUHFLDGRV TXH VH VLHQWHQ
SRUTXH VXV LGHDOL]DGRV \ WULXQIDGRUHV SDGUHV KDQ IDYRUHFLGR D VXV
KHUPDQRV R KHUPDQDV TXH VRQ PiV PHQWDOHV \ FRQ PiV GRQ GH OD
SDODEUD 8QR GH HOORV VH VHQWtD HVW~SLGR \ TXH QR VDEtD TXp GHFLU
FXDQGRSDUDKDFHUOHSDUWLFLSDUHQODFRQYHUVDFLyQVXSDGUHOHKDFtD
SUHJXQWDVGHODQWHGHORVLQYLWDGRVTXHMDPiVIXHDQLQJXQRGHORV
SDUWLGRV QL SUHJXQWy SRU QLQJXQR GH ORV GHSRUWHV HQ ORV TXH pO
VREUHVDOtD6LQHPEDUJRDSHVDUGHWRGDODIDOWDGHDSR\RDOPHQRV
WXYRODSURIXQGDVDWLVIDFFLyQGHHQFDUQDUHVWHDVSHFWRGHODUTXHWLSR
$UHV 0XFKRV KRPEUHV DFHSWDQ HO PHQRVSUHFLR R DEDQGRQDQ ORV
DVSHFWRVVLJQLILFDWLYRVLQQDWRVGH$UHVSDUDDGDSWDUVHRWHQHUp[LWR
\ QXQFD FRQRFHQ OD GLFKD GH KDFHU ELHQ OR TXH HV SURSLR GH VX
DUTXHWLSR

$UHVHOSURWHFWRU
8QD SHUVRQD SUXGHQWH QR DWDFDUtD D DOJXLHQ UHODFLRQDGR FRQ
$UHV SRUTXH HOOR LQYLWDUtD D OD UHSUHVDOLD LQPHGLDWD eO FXLGy GH Vt
PLVPR GH VX KLMD \ GH VXV KLMRV 'H KHFKR $UHV IXH HO ~QLFR GLRV
TXH OR KL]R $O LJXDO TXH 0DUWH GHVSXpV SURWHJLy D ORV FLXGDGDQRV
GH5RPDFRQODPLVPDILHUH]D
&RPR3URFXUDGRU*HQHUDOGHORV(VWDGRV8QLGRV%REE\.HQQHG\
WHQtDXQDVSHFWR$UHVTXHWDQWROD0DILDFRPRORVVLQGLFDWRVREUHURV
FRUUXSWRV WHPtDQ SRUTXH SDUD pO GHYROYHUOHV HO JROSH QR HUD XQ
MXHJROHJDOVLQRXQDDSDVLRQDQWHEDWDOOD&RQRFLGRSRUVXOHDOWDG\
SDUWLGLVPRSRUVXVUHDFFLRQHVYLVFHUDOHV\SRUVHUSDGUHGHPXFKRV
KLMRVIXHHOPiV$UHVGHWRGRVORVKHUPDQRV.HQQHG\
 $UHV VH XQH D OD EDWDOOD FXDQGR DOJXLHQ TXH OH LPSRUWD HV
DWDFDGR HVSHFLDOPHQWH VL HVD SHUVRQD HVWi VXIULHQGR ODV SHRUHV
FRQVHFXHQFLDV $UHV FRPSDUDGR FRQ HO LUDFXQGR 3RVHLGyQ  QR HV
UHQFRURVRHQHOVHQWLGRGHTXHWLHQHTXHDUUHJODUVXVFXHQWDVFRQ
DOJXLHQ DXQTXH HOOR LPSOLTXH DxRV GH SHUVHFXFLyQ ,QFOXVR FXDQGR
UHVXOWDKXPLOODGR$UHVSXHGHODPHUVHODVKHULGDV\VHJXLUDGHODQWH

&XOWLYDUHO$UHV
+R\HQGtDHQXQPXQGRSDWULDUFDOTXHWRGDYtDVLJXHHOSDWUyQ
GH =HXV $UHV VLJXH VLHQGR XQ DUTXHWLSR GHO TXH QR VH DSUHFLD VX
YDORU TXH HV PiV SUREDEOH TXH VH UHSULPD TXH QR TXH VH FXOWLYH
HVSHFLDOPHQWHHQORVKRPEUHVTXHEXVFDQHOp[LWR
3HUR VL HO DUTXHWLSR $UHV HVWi UHSULPLGR HQ OD SVLTXH GH XQ
KRPEUHQRWHQGUiDFFHVRDORVVHQWLPLHQWRVTXHHQFDUQD7RGRHVWH
DVSHFWR SHUPDQHFH SRU GHVDUUROODU \ HPERWHOODGR OD LPDJHQ GHO
PXFKDFKR$UHVHQFHUUDGRHQODMDUUDGHEURQFH
(V SRVLEOH UHVFDWDUOH SHUR VyOR VL HO KRPEUH VLHQWH HO GHVSHUWDU
GHO PXFKDFKR TXH KD\ HQ pO TXH XQD YH] IXH HVSRQWiQHR \
H[SUHVLYRItVLFDPHQWH(OPXFKDFKR$UHVHQFHUUDGRHQODMDUUDHVVX
DQKHOR GH FRQWDFWR ItVLFR FRQ HO SDGUH TXH QXQFD OXFKy FRQ pO
MXJXHWRQDPHQWHQLOHDEUD]yFRQIXHU]DHVHOLPSXOVRTXHQRSXHGH
H[SUHVDUGHSDVDUHOEUD]RSRUORVKRPEURVGHXQDPLJRGHVHUXQ
FRPSDxHURHVHOQLxRTXHJLUDEDFRQODP~VLFDRGHVHDEDKDFHUOR
HOPXFKDFKRTXHXQDYH]MXJyDOEpLVEROHQXQDFDOOHGHODFLXGDG
HVOR]DQtDWHUUHQDOLGDG\VXGRU(VQRVHUFRQVFLHQWHGHXQRPLVPR
+DEUi PRPHQWRV R VXUJLUiQ RSRUWXQLGDGHV HQ ODV TXH XQ KRPEUH
VHQWLUi TXH TXLHUH H[SUHVDU D $UHV ¢OLEHUDUi DO PXFKDFKR HQ HVH
PRPHQWRROHPDQWHQGUiSUHVRHQODMDUUD"
&XDQGR $UHV KD HVWDGR HPERWHOODGR GXUDQWH PXFKR WLHPSR OD
UHDFFLyQItVLFDDODVSHUVRQDV\ORVDFRQWHFLPLHQWRV²ODVUHVSXHVWDV
HPRFLRQDOHV LQQDWDV² SXHGHQ HVWDU WRWDOPHQWH DSDUWDGDV GHO
HVWDGRFRQVFLHQWH8QKRPEUH RXQDPXMHU SXHGHSDUHFHUTXHYLYH
VyORHQVXFDEH]D\VLQHPEDUJRVXFXHUSRVLJXHUHDFFLRQDQGRFRQ
WHQVLyQ R UHODMDFLyQ ItVLFD 3RU HMHPSOR SXHGH TXH QR VLHQWD LUD QL
PLHGR SHUR VXV P~VFXORV VH WHQVDQ R VXV PDQRV VH DSULHWDQ HQ
SXxRV FHUUDGRV 1RUPDOPHQWH QR VH GD FXHQWD GH HVWD UHDFFLyQ
ItVLFD KDVWD TXH DOJXLHQ VH OR FRPHQWD $~Q PiV LQFRQVFLHQWH HV HO
$UHV TXH VyOR VH PDQLILHVWD HQ OD KLSHUWHQVLyQ R D WUDYpV GH ORV
LQWHVWLQRVHQIRUPDGHHVWUHxLPLHQWRRGLDUUHD
&XDQGR$UHVHVGHVSUHFLDGRFRPR=HXVUHFKD]yDVXKLMRHVWH
DUTXHWLSR SXHGH SHUPDQHFHU ODWHQWH R UHSULPLGR HVSHFLDOPHQWH VL
QR HV HO DUTXHWLSR SUHGRPLQDQWH $QWHV GH TXH HO $UHV HQFHUUDGR
SXHGDVHUUHVFDWDGRROLEHUDGRODSHUVRQDKDGHVHUFRQVFLHQWHGH
HVDVLWXDFLyQ/DD\XGDSXHGHOOHJDUDWUDYpVGHRWUDVSHUVRQDVVLD
ODV SHUVRQDV VLJQLILFDWLYDV HQ VX YLGD UHDOPHQWH OHV LPSRUWD OR TXH
XQ KRPEUH R PXMHU  VLHQWH \ SXHGHQ OHHU VX OHQJXDMH FRUSRUDO R
LQWXLUORVVHQWLPLHQWRVGHORVTXHpOPLVPRQRHVFRQVFLHQWHSUHVWDQ
DWHQFLyQ D VXV FRPHQWDULRV \ ORV YDORUDQ HQWRQFHV pO HPSH]DUi D
DSUHQGHU7DPELpQSRGUiREVHUYDUVXOHQJXDMHFRUSRUDO(VWRHVVyOR
HOFRPLHQ]ROXHJRKDGHWHQHUXQDH[SHULHQFLDWHUUHQDDWUDYpVGHO
FRQWDFWRItVLFRFRQORVGHPiVRPHGLDQWHDFWLYLGDGHVHQODVTXHHVWp
HQ VX FXHUSR SDUD SRGHU FXOWLYDU \ OLEHUDU D $UHV \ SHUPLWLUOH TXH
HYROXFLRQH
$UHVHOKRPEUH
(O KRPEUH $UHV HV XQD SHUVRQD GHFLGLGD DFWLYD LQWHQVDPHQWH
HPRFLRQDO \ H[SUHVLYD TXH QR SLHQVD DQWHV GH UHDFFLRQDU 6XV
FDUDFWHUtVWLFDVLQQDWDVOHRFDVLRQDQSUREOHPDV\ODVUHDFFLRQHVGHORV
GHPiVUHVSHFWRDpOVRQGHJUDQLPSRUWDQFLDSDUDPRGHODUVXYLGD

/RVSULPHURVDxRV
8Q PXFKDFKR $UHV HV DFWLYR HPRFLRQDO \ H[SUHVLYR GHVGH HO
SULPHU GtD (V PX\ SUREDEOH TXH Gp OD SULPHUD PXHVWUD GH VX
SHUVRQDOLGDGFXDQGRODQ]DVXSULPHUDODULGRGHSURWHVWD(VHPLVPR
OODQWR VDOXGDEOH SURQWR VH YXHOYH IDPLOLDU SXHV VL DOJR HVWi PDO
WLHQHKDPEUHHVWiPRMDGRROHGXHOHHQDOJXQDSDUWHVXOODQWRHV
LQFRQIXQGLEOH ³£+D] DOJR DKRUD´ &XDQGR VH ODPHQWD WRGR VX
FXHUSRSDUWLFLSDGHODSURWHVWDGHVGHODURMH]GHVXURVWURKDVWDOD
WHQVLyQGHVXVSHTXHxRVPLHPEURVHOLQFRQIXQGLEOHPHQVDMHHV³0H
GXHOH DOJR´ R ³£(VWR\ HQIDGDGR´ < FXDQGR OOHJD HO ELEHUyQ R HO
SHFKRRHOHUXFWRDOLYLDODEXUEXMDGHDLUHHOFDPELRHVLJXDOPHQWH
HVSHFWDFXODU 6L HV XQ WtSLFR $UHV VHUi XQ EXHQ FRPHGRU \ WHQGUi
XQD SHUVRQDOLGDG DWUDFWLYD \ VHQVLEOH FXDQGR WRGR HVWi ELHQ /H
JXVWDQ ORV HVWtPXORV \ GHVGH OD LQIDQFLD VH UtH DOHJUHPHQWH FRQ OD
GLFKD ItVLFD TXH OH SURSRUFLRQD HO MXHJR R VH HQWUHJD HQ FXHUSR \
DOPD D XQD UDELHWD 6L OH KDFHQ GDxR R OH VREUHVDOWDQ VX SURWHVWD
VHUiLJXDOPHQWHSDVLRQDO
 $PHGLGDTXHVHYDKDFLHQGRPD\RUVLDOJROHDWUDH\HVWiDVX
DOFDQFH DSHQDV SDVD XQ VHJXQGR GHVGH TXH VX DGPLUDGRU RMR VH
WUDQVIRUPD HQ VX SUHQVLO PDQR (V PX\ LPSRUWDQWH TXH HO EHEp
H[SORUHODFDVDHVHOQLxRTXHVHFDHSRUODVHVFDOHUDV\TXHUHFLEH
XQD GHVFDUJD HOpFWULFD FXDQGR PHWH HO GHGR HQ XQ HQFKXIH TXH
URPSH XQD MDUUD R OH DUDxD R PXHUGH XQ DQLPDO GH FRPSDxtD
HVSDQWDGR (V LQWUpSLGR FXDQGR TXLHUH DOFDQ]DU DOJR TXH DWUDH VX
LQWHUpV 1HFHVLWD PiV WLULWDV TXH XQ QLxR QRUPDO SRUTXH VLHPSUH
SDUHFH TXH DSUHQGD SRU H[SHULHQFLD SURSLD OR TXH OH FRQGXFH D
JROSHV\PRUDGRVURGLOODVFRQFRVWUDV\DUDxD]RV
6X DXWRHVWLPD HQ FLHUQHV WDPELpQ UHFLEH JROSHV \ PRUDGRV
SRUTXH VX FRQGXFWD LPSXOVLYD OH OOHYD D WHQHU URFHV H LQYLWD D OD
FUtWLFD\DOFDVWLJR(QJUDQPHGLGDpVWDGHSHQGHUiGHODSDFLHQFLD
FRKHUHQFLD\FDSDFLGDGGHSDGUHV\SURIHVRUHVSDUDDSUHFLDUTXHVH
WUDWD GH XQ PXFKDFKR LPSXOVLYR HVSRQWiQHR \ HPRFLRQDO GH XQ
QLxRLQWHQVRTXHUHDFFLRQDGHVSURSRUFLRQDGDPHQWHDODVFRVDV

6XVSDGUHV
3XHVWR TXH XQ QLxR $UHV WLHQH WDQWD HQHUJtD \ D PHQXGR HV XQ
SHVDGRH[LJHQWHTXHFDUHFHGHWiFWLFD\QRSLHQVDDQWHVGHDFWXDU
QR VXHOH VHU XQ EHEp R XQ QLxR IiFLO 3RU OR WDQWR QHFHVLWD
HVSHFLDOPHQWH DPRU ILUPH]D \ SDFLHQFLD SRU SDUWH GH ORV SDGUHV
$XQTXH QHFHVLWD PiV JXtD TXH RWURV QLxRV VXHOH VXFHGHUOH OR
FRQWUDULR3XHVWRTXHSDUDpOHVQDWXUDOTXHOHDWUDSHQ LQIUDJDQWL\
OXHJR ROYLGDU OR TXH OH KDQ GLFKR VX ROYLGR SURYRFD D ORV SDGUHV
VREUH WRGR D ORV DXWRULWDULRV \ OHJDOLVWDV /R GHILQHQ FRPR
GHVREHGLHQFLD R LQFDSDFLGDG SDUD FXPSOLU ORV DFXHUGRV 1R HV OR
VXILFLHQWHPHQWH FDXWHORVR UHVSHFWR D PXFKDV FRVDV LQFOXLGR HO
PRUGHUVH OD OHQJXD \ HQ HO IXURU GH OD LUD SXHGH GHFLU FRVDV TXH
SURYRTXHQDXQSDGUHDJUHVLYR
$ODLQYHUVDODVPDGUHVFRQXQDSHUVRQDOLGDGGyFLOSXHGHQWHQHU
SUREOHPDVGHDILUPDFLyQIUHQWHDXQ$UHVH[LJHQWH\IXULRVRTXHODV
LQWLPLGD DXQTXH WHQJD SRFR PiV GH WUHV DxRV XQ $UHV GH FXDWUR
DxRV SXHGH WLUDQL]DU D DOJXQDV PDGUHV ,GHDOPHQWH VX PDGUH
GHEHUtDVHUIXHUWHDPRURVDH[SUHVDUItVLFDPHQWHVXVVHQWLPLHQWRV\
PDUFDUOH FRQVWDQWHPHQWH ORV OtPLWHV GHMiQGROH HO VXILFLHQWH PDUJHQ
SDUDVHUpOPLVPR'HEHDEUD]DUOHDPHQXGR\VDEHUFyPRFDQDOL]DU
VXHQHUJtDHQDFWLYLGDGItVLFDTXHDXPHQWHVXVHQWLGRGHH[FHOHQFLD
\OHD\XGHDVHUSDFLHQWH\GLVFLSOLQDGR
$YHFHVODYLGDLPLWDDOPLWR\XQPXFKDFKR$UHVWLHQHSRUPDGUH
D XQD +HUD IXULRVD \ D XQ SDGUH =HXV TXH OH UHFKD]D (Q ODV
YHUVLRQHV FRQWHPSRUiQHDV HO SDGUH SXHGH VHU XQ KRPEUH FRQ
PXFKR SRGHU TXH VHUi XQ SDGUH GLVWDQWH HQ HO PHMRU GH ORV FDVRV
LQFOXVR SDUD ORV KLMRV D ORV TXH DSUXHED TXH UHFKD]DUi D VX KLMR
$UHVSRUVHUHPRFLRQDOUHDFWLYR\ItVLFRPiVTXHLQWHOHFWXDO2ELHQ
VL VH WUDWD GH XQ KRPEUH IXULRVR FX\D UDELD HV GHVSURSRUFLRQDGD
FRQORTXHOHLQVWLJDXQKLMRLPSXOVLYRVHFRQYLHUWHHQHOEODQFRGHO
DEXVR ItVLFR \ YHUEDO TXH D VX YH] KDFH TXH OH UHVXOWH PiV GLItFLO
FRQWURODUVH \ VH SURGXFH HO SDWUyQ WtSLFR GHO PXFKDFKR TXH KD
VXIULGR DEXVRV \ TXH GH PD\RU VH FRQYLHUWH HQ HO KRPEUH TXH ORV
SUDFWLFD
7HQHUD+HUDFRPRPDGUHVLJQLILFDTXHHOSULQFLSDOYtQFXORGHOD
PDGUH HV FRQ HO PDULGR HOOD HV HPRFLRQDO \ DUTXHWtSLFDPHQWH ³OD
HVSRVD´ HQ OXJDU GH ³OD PDGUH´ 6X KLMR $UHV D PHQXGR QR WLHQH
PDGUHOHPROHVWDVXVHQVLELOLGDG\YXOQHUDELOLGDG\HVSHUDTXHVHD
XQ ³KRPEUHFLWR´ 0XFKDV YHFHV HV OD LUDFXQGD PDGUH GH XQ $UHV OD
DJUHVRUD YHUEDO \ ItVLFD (O QLxR UHFLEH VX UDELD KDFLD VX PDULGR VL
HOOD VH VLHQWH KXPLOODGD H LPSRWHQWH \ VLQ HPEDUJR HVWi WRGR OR
DSHJDGD D VX HVSRVR TXH VH SXHGD HVWDU 8Q QLxR PiV LQWURYHUWLGR
SXHGH TXH FRQVLJD DOHMDUVH GHO FRQIOLFWR \ KDFHUVH D Vt PLVPR FRQ
ORVPLVPRVSDGUHVTXHWDQGHVDVWURVRVVRQSDUDXQ$UHV&yPRVHUi
GHPD\RUGHSHQGHUiGHODFDOLGDGGHODHGXFDFLyQTXHUHFLED

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
/D DGROHVFHQFLD HV XQ SHUtRGR FUXFLDO OD DSDULFLyQ GH ODV
KRUPRQDV PDVFXOLQDV \ OD SXEHUWDG UHDO]D FXDOLGDGHV FRPR OD
LPSXOVLYLGDG DJUHVLYLGDG VX SODQR ItVLFR HPRFLRQDO \ VH[XDO (O
JUXSRSDULWDULRHVHVSHFLDOPHQWHLPSRUWDQWHSDUDXQ$UHV¢VDOGUiD
MXJDU DO I~WERO R DO UXJE\ \ DSUHQGHUi GLVFLSOLQD FDQDOL]DUi VX
DJUHVLYLGDGHQORVGHSRUWHVGHFRPSHWLFLyQ\UHFLELUiUHFRQRFLPLHQWR
\DGPLUDFLyQDUDt]GHHOOR"¢2UHFXUULUiDODVEDQGDV\DODVJXHUUDV
HQWUH SDQGLOODV" ¢+DUi QRYLOORV R GHMDUi OD HVFXHOD" ¢'HVRLUi OD
DXWRULGDG VH YROYHUi DQWLVRFLDO \ VH PHWHUi HQ YHUGDGHURV OtRV" ¢2
VXDVHUWLYDHQHUJtDTXHVHFUHFHHQHOPRPHQWRSUHVHQWHVHFHQWUDUi
HQ XQD DILFLyQ FRPR ODV FDUUHUDV GH FRFKHV R HVFDODU PRQWDxDV"
¢6HUiQ OD P~VLFD HO EDLOH \ ORV DPRUtRV VXV SULQFLSDOHV
GHVFXEULPLHQWRV \ IXHQWHV GH SODFHU" ¢2 VX VH[XDOLGDG VHUi XQD
IRUPDGHPDQLIHVWDUVXDJUHVLYLGDG"
(OLQVWLWXWR\ODXQLYHUVLGDGRIUHFHQDXQ$UHVODSRVLELOLGDGGHXQ
IUDFDVRWHPSUDQRRGHXQp[LWRSRWHQFLDO6LQRSLHQVDHQHOIXWXUR\
UHVSRQGH D DOJXQD RSRUWXQLGDG R D DOJXQD VLWXDFLyQ HPRFLRQDO GHO
SUHVHQWHLQPHGLDWRSXHGHTXHDEDQGRQHSURQWRODHVFXHOD$XQTXH
OR TXH SURPXHYH HO FDPELR R SURYRFD XQ WUDVODGR SXHGH UHVXOWDU
ELHQ XQ $UHV SXHGH UHFRUWDU VXV SRVLELOLGDGHV DO GHMDU SURQWR VX
YLGDDFDGpPLFDPXVLFDORGHSRUWLYD

(OWUDEDMR
3RUWHPSHUDPHQWRXQ$UHVVHVLHQWHDWUDtGRKDFLDODDFFLyQ\OD
LQWHQVLGDG OH JXVWD XWLOL]DU KHUUDPLHQWDV \ GLVIUXWD VLJXLHQGR
DGHODQWH(VLQTXLHWR\VHDEXUUHFRQHOWUDEDMRDGPLQLVWUDWLYR\ODV
PHWDV D ODUJR SOD]R \ QR HQFDMD HQ OD MHUDUTXtD FRUSRUDWLYD /DV
RFXSDFLRQHV TXH SUHVHQWDQ DOJXQRV ULHVJRV OH LQWHUHVDQ \ VXV
KDELOLGDGHV SXHGHQ GHVDUUROODUVH HQ HO SURFHVR GH DFHSWDU XQ VyOR
SUR\HFWRDODYH]/HJXVWDWUDEDMDUFRQRWUDVSHUVRQDV\RIUHFHXQD
OHDOWDGIUDWHUQDODORVRWURVKRPEUHV
$O LJXDO TXH $UHV HO JXHUUHUR SXHGH TXH VH DOLVWH HQ HO HMpUFLWR
GHWLHUUDRODLQIDQWHUtDGHPDULQD\ELHQSXHGHWHQHUXQH[SHGLHQWH
GLVFLSOLQDULR LUUHJXODU 3XHGH FRQYHUWLUVH HQ XQ VXERILFLDO R VHU
DVFHQGLGRSRUVXVPpULWRVHQHOFDPSRGHEDWDOOD6LWDPELpQFXHQWD
FRQRWURVDUTXHWLSRVSXHGHOOHJDUDVHUXQRILFLDOFRQUHSXWDFLyQGH
EXVFDU OD DFFLyQ /RV PHUFHQDULRV ORV VROGDGRV TXH VH FRQWUDWDQ
SDUD OXFKDU TXH HQ HO SDVDGR SXHGH TXH KXELHUDQ OXFKDGR FRQ OD
/HJLyQ ([WUDQMHUD IUDQFHVD HV PX\ SUREDEOH TXH WDPELpQ HVWpQ
HQFDUQDQGRSDSHOHVGH$UHVHOJXHUUHUR
6L VH FRQYLHUWH HQ XQ DWOHWD SURIHVLRQDO SXHGH TXH VH HQWUHJXH
SRUFRPSOHWR\TXHWHQJDGLILFXOWDGHVSDUDFRQWURODUVXDJUHVLYLGDG
HQ PHGLR GH XQD VLWXDFLyQ DFDORUDGD $SUHQGHU D GRPLQDU VXV
UHVSXHVWDV LQPHGLDWDV D XQD OODPDGD D OD GLVSXWD R D XQD
SURYRFDFLyQ OR FXDO SXHGH FRQGXFLUOH D XQ iUHD GH SHQDOW\ R D OD
FDVHWD OHVHUiPX\~WLOHQWRGDVODViUHDVGHVXYLGD&RPRMXJDGRU
GH KRFNH\ R GH I~WERO TXH QR SXHGH FRQWHQHU VXV LPSXOVRV
SHUMXGLFDUi D VX HTXLSR \ D Vt PLVPR FRQ ORV SHQDOWLHV SRU VX
LQQHFHVDULD EUXVTXHGDG FRQGXFWD DQWLGHSRUWLYD R GLVSXWDV FRQ ORV
iUELWURV 3XHGH TXH WDPELpQ VHD XQ DUWLVWD XQ DFWRU EDLODUtQ
P~VLFR IDPRVR SRU HO VHQWLPLHQWR TXH SRQH HQ VX DUWH \ SRU VX D
YHFHVHUUiWLFDDFWXDFLyQGHQWUR\IXHUDGHOHVFHQDULR 
/RVQHJRFLRVGHODFRQVWUXFFLyQ\ORVFDPSRVGHSHWUyOHRDWUDHQ
D KRPEUHV FRQ SHUVRQDOLGDG $UHV TXH VH VLHQWHQ DWUDtGRV SRU OD
DFFLyQ \ ORV ULHVJRV 6L HVWiQ ELHQ SDJDGRV WLHQGHQ D VHU
GHUURFKDGRUHVFRPSXOVLYRVFXDQGRWLHQHQGLQHUR
6Xp[LWRGHSHQGHHQJUDQPHGLGDGHVXVXHUWHSRUTXH$UHVQR
VLJXH XQ SODQ D ODUJR SOD]R eVWH SXHGH OOHJDUOH D UDt] GH TXH XQD
FRVD OH FRQGX]FD D RWUD 7DPELpQ SXHGH GHSHQGHU GH TXH KD\D
GHVDUUROODGRKDELOLGDGHVLQQDWDVODVFXDOHVKDSXOLGRQRPHGLDQWHOD
SUiFWLFDGHOLEHUDGDVLQRSRUTXHKDSHUVHYHUDGRHQKDFHUDOJRTXHOH
JXVWDED
&XDQGR WULXQID VXHOH VRUSUHQGHU D WRGR HO PXQGR LQFOXVR D Vt
PLVPR (Q HO FDPLQR VLQ GXGD VH HQFXHQWUD FRQ SUREOHPDV FRQ OD
DXWRULGDG\OHKDQGHVSHGLGRSRUKDEHUSHUGLGRODSDFLHQFLDRSRUQR
SUHVHQWDUVHHQHOWUDEDMR6LVXYLGDODERUDOOHYDELHQVHUiSRUTXH
KD DSUHQGLGR DOJXQDV OHFFLRQHV KDELOLGDG \ KD WHQLGR XQ JROSH GH
VXHUWH
/DVUHODFLRQHVFRQODVPXMHUHV
(QODPLWRORJtD$UHV\$IURGLWDIXHURQDPDQWHV\VXUHODFLyQHV
HO SDWUyQ PiV FRPSDWLEOH SDUD XQ KRPEUH GH QDWXUDOH]D $UHV eO \
ODVPXMHUHVTXHVHSDUHFHQDODGLRVDGHODPRU\GHODEHOOH]DWLHQHQ
XQ WHPSHUDPHQWR DItQ HQ OR TXH UHVSHFWD D OD LQWHQVLGDG \
VHQVXDOLGDGGHVXQDWXUDOH]D$PERVVRQSHUVRQDVGHODTXt\DKRUD
/D SUREDELOLGDG GH TXH KD\D IXHJRV DUWLILFLDOHV GHELGR D ODV OODPDV
HUyWLFDV \ D VX IXJD] LUD SXHGH KDFHU TXH VX UHODFLyQ VHD
WXUEXOHQWD OOHQD GH OXFKDV \ GH UHFRQFLOLDFLRQHV 6LQ HPEDUJR SRU
WRGD HVD H[SUHVLYLGDG VX UHODFLyQ HV D YHFHV EDVWDQWH DUPRQLRVD
FRQ XQD PD\RU WROHUDQFLD PXWXD \ DFHSWDFLyQ GH OD TXH VH SXHGH
KDOODU HQ RWUDV SDUHMDV 6LQ HPEDUJR FXDQGR XQ $UHV TXH KD VLGR
KHULGR HQ VXV VHQWLPLHQWRV WLHQGH D HQFROHUL]DUVH \ HV ItVLFDPHQWH
DJUHVLYR VH MXQWD FRQ XQD PXMHU FRQ EDMD DXWRHVWLPD \ TXH KD
WHQLGRXQDLQIDQFLDHQODTXHVXIULyDEXVRVHVWDFRPELQDFLyQSXHGH
VHUXQDGHODVPiVGHVWUXFWLYDVSDUDDPEDVSHUVRQDV
/DVPXMHUHVTXHVHSDUHFHQD$WHQHDODGLRVDFRQODPHQWDOLGDG
GHXQH[SHUWRHVWUDWHJDTXHGHVSUHFLyODHPRWLYLGDGHLPSXOVLYLGDG
GH$UHVVXHOHMX]JDUGHOPLVPRPRGRDWRGRVORVKRPEUHVTXHVRQ
FRPR pO /DV PXMHUHV TXH YDORUDQ HO IXWXUR HFRQyPLFR GH XQ
KRPEUH TXH VH VLHQWHQ DWUDtGDV SRU HO SUHVWLJLR \ TXH TXLHUHQ
HVWDELOLGDG\VHJXULGDGHYLWDQDORV$UHVFRPRSRVLEOHVFRPSDxHURV
$OJXQDV PXMHUHV LQFOXVR VH GHVDQLPDQ DQWH OR TXH HOODV SHUFLEHQ
FRPRXQDVXQWRGHPDVLDGRSHUVRQDO'HPRGRTXHORV$UHVVXHOHQ
VHUMX]JDGRVODVPXMHUHVQROHVFRQVLGHUDQDSWRVSDUDHOODV\DVX
YH]HVWiQUHVHQWLGRVKDVWDTXHORH[SUHVDQFRQVXLUDORFXDOHVPiV
DOLHQDQWH
/RV KRPEUHV $UHV WLHQGHQ D VHU DPLVWRVRV FRQ PXFKDV PXMHUHV
FRQODVTXHVRQFDULxRVRVFRQVXVJHVWRV\FRPHQWDULRVVHDFXDOVHD
VX HGDG SHUR HQ JHQHUDO ODV PXMHUHV QR VH HQFXHQWUDQ HQWUH VXV
PHMRUHVDPLVWDGHV1RFRPSDUWHQLQWHUHVHVRDVXQWRVODERUDOHVFRQ
ODVPXMHUHV
 8Q$UHVWLHQGHKDFLDODVPXMHUHVFRQODVTXHOHJXVWDHVWDU\FRQ
TXLHQHVSXHGHVHUHVSRQWiQHR\ItVLFRHQVXVDIHFWRV\DFFLRQHV<D
VHD KDFLHQGR HO DPRU R EDLODQGR GLVIUXWDQGR GH OD FRPLGD R
SUDFWLFDQGR GHSRUWHV HVWi WRWDOPHQWH LQYROXFUDGR \ VH VLHQWH GH OR
PiVFyPRGRFRQPXMHUHVTXHWDPELpQVHLPSOLFDQGHOPLVPRPRGR

/DVUHODFLRQHVFRQORVKRPEUHV
$ XQ $UHV OH JXVWD SDVDU WLHPSR FRQ VXV DPLJRV YDURQHV
KDFLHQGRFRVDVMXJDQGRKDFLHQGREURPDV\PLUDQGRRSUDFWLFDQGR
DOJ~QGHSRUWH1ROHLQWHUHVDQODVFRQYHUVDFLRQHVSURIXQGDVRKDEODU
GH ILORVRItD VX FKDUOD VH FHQWUD HQ ODV PXMHUHV ORV GHSRUWHV \ HQ
FXDOTXLHU FRVD TXH pO \ VXV DPLJRV HVWpQ KDFLHQGR 6H YLQFXOD
PXFKRFRQVXVDPLJRV\DFXGHHQVXD\XGDVLORQHFHVLWDQ
&RQ IUHFXHQFLD VXV UHODFLRQHV PiV SURIXQGDV VRQ ODV TXH KD
HQWDEODGR FRQ RWURV KRPEUHV GH XQLIRUPH HQ XQ FRPEDWH R HQ XQ
FRQIOLFWR FRPR VROGDGR HQ XQ HTXLSR R LQFOXVR HQ XQD EDQGD
GRQGHpOKDVLGRDJUHVLYRItVLFDPHQWH\KDWHQLGRTXHOXFKDUFRQWUD
RWURV SDUD JDQDU  (Q HVWRV HQWRUQRV VX DJUHVLYLGDG HV YDORUDGD DO
LJXDOTXHVXH[SUHVLYLGDG(QHVDVVLWXDFLRQHVWDPELpQSXHGHOORUDU
VLQ TXH OH OODPHQ PDULTXLWD R GDU XQ FDOXURVR DEUD]R VLQ GHVSHUWDU
VHQWLPLHQWRVKRPRIyELFRV
4XHVXVFRPSDxHURVOHUHKX\DQROHFRQYLHUWDQHQXQFDEH]DGH
WXUFR²ORFXDOELHQSXHGHVXFHGHUOHDXQPXFKDFKRXKRPEUH$UHV
²HVDOJRTXHOHUHVXOWDH[WUHPDGDPHQWHGRORURVRHLQWROHUDEOH1R
VyOR VH VLHQWH KHULGR VLQR WDPELpQ GHVSURYLVWR GH HVD FDPDUDGHUtD
TXHWDQWRQHFHVLWD

/DVH[XDOLGDG
8Q$UHVSXHGHDPDUDODVPXMHUHVRPDOWUDWDUODVHVRGHSHQGHUi
GH OR TXH OH KD\D VXFHGLGR HQ VX LQIDQFLD 6L HVD LQIDQFLD IXH OR
EDVWDQWHEXHQDFRPRSDUDTXHVHGHVDUUROODUDHVHDPDQWHTXHKD\
HQpOVHUiXQKRPEUHDOTXHOHHQFDQWDUiKDFHUHODPRUXQKRPEUH
TXH DGRUDUi ORV FXHUSRV GH ODV PXMHUHV TXH SRGUi SDVDU KRUDV
KDFLHQGR HO DPRU TXH SUHIHULUi D XQD PXMHU PDGXUD VH[XDOPHQWH
OLEHUDGDTXHGLVIUXWHGHOVH[RWDQWRFRPRpO1RHVXQDPDQWHFRQ
WHQGHQFLD PtVWLFD HQ EXVFD GHO p[WDVLV FRPR 'LRQLVRV QL KD
FRQTXLVWDGR VX PHQWH KDFH HO DPRU FRQ H[XEHUDQFLD SRU HO SXUR
SODFHUItVLFR(QODSHOtFXOD7RP-RQHVEDVDGDHQODQRYHODLQJOHVDGH
+HQU\)LHOGLQJ$OEHUW)LQQH\LQWHUSUHWyHOSDSHOGHSURWDJRQLVWDFRQ
HOPDWHULDOLVPRDPRUDOLGDGGHOHLWH\DSHWLWRGHXQDPDQWH$UHV
8Q $UHV QR HQFDMD ELHQ HQ XQD FXOWXUD SXULWDQD H KLSyFULWD
3XHGHFRQVLGHUDUVXSURSLDOXMXULDFRPRSHFDPLQRVDSHURVHQWLUTXH
GHpOGHSHQGHFRQGHQDUOD\UHSULPLUODHVSHFLDOPHQWHVLVHFDVDFRQ
XQDPXMHULQKLELGD\SXULWDQD\VLWLHQHSHQVDPLHQWRVDG~OWHURVRORV
SRQH HQ SUiFWLFD 6L DFW~D UHVSHFWR D HVWRV VHQWLPLHQWRV
QRUPDOPHQWHQRHVOREDVWDQWHEXHQRFRPRSDUDERUUDUVXVSLVWDVR
SUHYHU ORV SUREOHPDV 'H PRGR TXH DO LJXDO TXH HO GLRV $UHV OH
DWUDSDQLQIUDJDQWL\WRGRHOPXQGRVHHQWHUD
$O $UHV KRPRVH[XDO OH IXH EDVWDQWH ELHQ FRPR DPDQWH ²DO
PHQRVKDVWDODHSLGHPLDGHO6,'$²GHELGRDVXLPSXOVLYLGDGWRWDO
DEVRUFLyQ HQ HO PRPHQWR SUHVHQWH DPRUDOLGDG \ OD EXHQD
GLVSRVLFLyQ GH FRPSDxHURV VH[XDOHV HQ ORV EDUHV \ HQ ODV VDXQDV
3RU RWUD SDUWH OD DFHSWDFLyQ HQ OD FXOWXUD JD\ GH ODV UHODFLRQHV QR
PRQyJDPDV SURSLFLD HO WLSR GH UHODFLyQ GH OD TXH JR]DURQ $UHV \
$IURGLWD HQ OD TXH DPERV WXYLHURQ RWURV DPDQWHV \ VLQ HPEDUJR
PDQWXYLHURQ XQD ODUJD \ VLJQLILFDWLYD UHODFLyQ VH[XDO 8Q $UHV
KRPRVH[XDOSXHGHTXHVHYLVWDFRQSLHOXQDYHUVLyQFRQWHPSRUiQHD
GHODDUPDGXUDGHOJXHUUHUR\TXHKDJDPXVFXODFLyQSDUDSDUHFHUVH
DOGLRV

(OPDWULPRQLR
8Q$UHVQLSLHQVDHQFDVDUVHQLSUHWHQGHHYLWDUOReOVHLQYROXFUD
DIRQGRHQODVFRVDV\QRSLHQVDHQHOIXWXURQRVHSUHJXQWD³¢VHUi
HVWD PXMHU XQD EXHQD FRPSDxHUD"´ ³¢VHUi XQD EXHQD PDGUH"´
³¢PHD\XGDUiDSRWHQFLDUPLFDUUHUD"´³¢GHERFDVDUPHFRQHOOD"´
 6LORVGHPiV²ODPXMHUODIDPLOLDGHHOODRODGHpO²SLHQVDQHQ
HO PDWULPRQLR SXHGH TXH pVWH VH OOHJXH D SURGXFLU 4XL]iV VH FDVH
QDGDPiVJUDGXDUVHGHOLQVWLWXWRVREUHWRGRHQODVFRPXQLGDGHVGH
FODVHREUHUDHQODVTXHVHHVSHUDHVWHSDWUyQGHFRPSRUWDPLHQWR
'DGD VX QDWXUDOH]D VHQVXDO \ PDWHULDOLVWD HV IiFLO TXH SURQWR GHMH
HPEDUD]DGD D VX PXMHU 6L pO OD DPD \ GLVIUXWDQ GH XQD EXHQD
UHODFLyQVH[XDOVLWLHQHXQWUDEDMR\SXHGHLUDMXJDUDOEpLVERORDO
EDORQFHVWRFRQVXVDPLJRV\VLVXHVSRVDHVWiFRQWHQWDFRQVXYLGD
MXQWRV OD YLGD HVWi ELHQ SDUD pO eO VH DSR\D HQ VX IDPLOLD \ HQ OD
HVWDELOLGDGGHVXYLGDWLHQHDXWRHVWLPD\DSUHFLDDORVGHPiV
&XDQGR ODV FRVDV VRQ DOJR PiV FRPSOLFDGDV VXUJHQ ORV
SUREOHPDV3RUXQDSDUWHVXQDWXUDOH]DUHDFWLYDHLPSXOVLYDSXHGH
FRQGXFLUOHDXQDLQHVWDELOLGDGODERUDO\DODLQILGHOLGDGTXHSRQHD
SUXHED VX PDWULPRQLR R DFDED PDORJUiQGROR 3RU RWUD LQIOXLGR SRU
ORV DVSHFWRV QR DUHVLDQRV GH VX SHUVRQDOLGDG XQ $UHV TXH VH FDVD
MRYHQ TXH GHVDUUROOD DPELFLyQ GHVFXEUH VX LQWHOHFWR R FRQRFH D
KRPEUHVRPXMHUHVTXHOHKDFHQDVSLUDUDPiVSXHGHGHVFXEULUTXH
ODV PXMHUHV TXH DQWHV DWUDtDQ D VX QDWXUDOH]D ItVLFD VRQ GHPDVLDGR
OLPLWDGDV SDUD pO 6L OD TXtPLFD ItVLFD LQLFLDO HQWUH DPERV VH KD
SHUGLGR R OD UHVSXHVWD GH VX HVSRVD D VX DUGRU \ FRUWHMR \D QR HV
JHQXLQD R LQWHQVD \ VH GHVYDQHFH R VL HOOD HV PiV DPELFLRVD R
FHORVD OD WHQVLyQ TXH VH SURGXFH MXQWR D OR TXH pO KDFH SXHGH
SURYRFDUHQIUHQWDPLHQWRVHQWUHHOORV

/DGHVFHQGHQFLD
/RV KRPEUHV $UHV VXHOHQ HQJHQGUDU KLMRV VLQ SUHWHQGHUOR VRQ
UHVXOWDGR GH VX QDWXUDOH]D GH ³YLYLU HO PRPHQWR VLQ SHQVDU HQ ODV
FRQVHFXHQFLDV´ XQLGD D VX VH[XDOLGDG 6L OD PXMHU QR SRQH QLQJ~Q
PHGLRGHFRQWUROGHODQDWDOLGDGODSDWHUQLGDGVHUiXQDFXHVWLyQGH
D]DU
6L HVWi SUHVHQWH HQ OD YLGD GH VX SUROH QRUPDOPHQWH RFXSD XQ
OXJDULPSRUWDQWHHQODPLVPD6LODYLGDOHKDVRQUHtGR\VLVXIDPLOLD
HV HO FHQWUR GH VX JUDWLILFDQWH YLGD SDVDUi WLHPSR KDFLHQGR FRVDV
FRQ VXV KLMRV H KLMDV (QVHxDUi D VXV KLMRV D MXJDU DO EpLVERO \ DO
I~WERO OHV OOHYDUi D YHU SDUWLGRV OXFKDUi FRQ HOORV \ OH JXVWDUi
WHQHUORVFHUFD%DLODUiFRQVXKLMDSHTXHxDODFRJHUiHQEUD]RV\OD
OOHYDUi VREUH VXV KRPEURV FXDQGR VH YD\D D YHU D VXV DPLJRV
3XHGH SURSRUFLRQDU D ORV KLMRV H KLMDV OD VHQVDFLyQ EiVLFD GH WHQHU
XQ SDGUH /RV FRQIOLFWRV VXHOHQ VXUJLU FXDQGR ORV KLMRV VH KDFHQ
PD\RUHV VL VRQ LQWURYHUWLGRV R LQWHOHFWXDOHV \ QR FRPSDUWHQ VXV
LQWHUHVHVRVLHQWHQTXHWLHQHXQDSHUVRQDOLGDGLQWUXVD6LVHWUDWDGH
XQD IDPLOLD GH FODVH WUDEDMDGRUD \ ORV KLMRV DVSLUDQ D DOJR PiV
SXHGHQVXUJLUFRQIOLFWRV\VHQWLPLHQWRVGHIUXVWUDFLyQ
6XVKLMRVWDPELpQSXHGHQSDGHFHUPDORVWUDWRVVLpOHVXQ$UHV
HQRMDGR \ UHFKD]DGR LQHVWDEOH HQ VX WUDEDMR \ HQ VXV UHODFLRQHV
6XVKLMRVTXL]iVUHDFFLRQDUiQFRQPLHGR\WHUURUDODUDELDTXHOOHYD
GHQWUR \ TXH VH GHVDWD D OD PHQRU SURYRFDFLyQ 3XHGH OOHJDU D OD
DJUHVLyQItVLFDHVSHFLDOPHQWHVLEHEH
2WURV QLxRV GH SDGUHV $UHV VRQ LJQRUDGRV VREUH WRGR VL ORV
HQJHQGUyFXDQGRWRGDYtDHUDXQDGROHVFHQWHHPRWLYR(O$UHVSXHGH
KDEHUSODQWDGRPXFKDVVHPLOODVVDOYDMHV4XL]iVQRHVWpFDSDFLWDGR
WHPSHUDPHQWDORHFRQyPLFDPHQWHSDUDFXLGDUGHWRGRVORVKLMRVTXH
KDHQJHQGUDGRGHQWUR\IXHUDGHOPDWULPRQLR\SXHGHVHUXQSDGUH
DXVHQWH6LQHPEDUJRVLWLHQHSRVLELOLGDGHVSDUDFXLGDUGHVXVKLMRV
VXHOHKDFHUOR&XDQGRWLHQHDOJRTXHGDUHVJHQHURVR

/DPLWDGGHODYLGD
/D SRVLFLyQ GH XQ $UHV HQ OD PLWDG GH OD YLGD HVWi tQWLPDPHQWH
UHODFLRQDGDFRQODFODVHVRFLDOHQODTXHKDQDFLGR3RUHMHPSOROD
JUDQWUDJHGLDSDUDXQ$UHVHVKDEHUQDFLGRHQXQDIDPLOLDDPELFLRVD
TXHVHHVIXHU]DSRUDVFHQGHUHQODHVFDODVRFLDO\HQODFODVHPHGLD
DOWDSRUTXHYDORUDQODGLVWDQFLDHPRFLRQDORODIULDOGDGHOLQWHOHFWR
ODKDELOLGDGSDUDPDQLSXODUDORVGHPiV\FRQVHJXLUGLQHUR\SRGHU
(O GHVWLQR GH WDOHV KRPEUHV LPLWD DO GHO GLRV $UHV TXH DO VHU HO
EODQFR GHO GHVSUHFLR GH =HXV IXH FRQVLGHUDGR QR PHUHFHGRU GH
DSUHFLR \ IXH UHFKD]DGR 0XFKRV KRPEUHV $UHV TXH WLHQHQ SDGUHV
FRPR=HXV\TXHKDQQDFLGRHQHOHTXLYDOHQWHFRQWHPSRUiQHRGHOD
FODVHVRFLDOROtPSLFDVLJXHQORVSDVRVGHOGLRV$UHVVRQKXPLOODGRV\
GHQLJUDGRVSRUVHUXQIUDFDVRHQHOFDPSRGHEDWDOODFRUSRUDWLYR
3DUDTXHXQ$UHVGHXQDIDPLOLDTXHWLHQHQHJRFLRVRFDUUHUDVVH
VLHQWD ELHQ HQ OD PLWDG GH OD YLGD KD GH KDEHU VLGR FDSD] HQXQD
HWDSDWHPSUDQDGHVXYLGDGHUHFRQRFHUTXHVLJXLyRWURVSDVRVTXH
QR IXHURQ ORV GH VX SDGUH R FODVH VRFLDO 3XHGH TXH KD\D UHFLELGR
DSR\RHPRFLRQDOSDUDSHUVHJXLUVXVSURSLDVPHWDV\GHVDUUROODUVXV
WDOHQWRV DVt FRPR SDUD VHQWLUVH ELHQ FRQ VX FDUiFWHU TXH WLHQGH D
FDOLHQWH\DUGLHQWHPiVTXHDIUtR(ODSR\RHPRFLRQDOSDUDTXHVHD
pOPLVPRHVHVHQFLDO8QDVYHFHVODSVLFRWHUDSLDRWUDVODVSHUVRQDV
VLJQLILFDWLYDV FRQ IUHFXHQFLD ORV SDGUHV TXH OH KDQ DPDGR \ TXH
VXSLHURQYHUOHWDOFRPRHVVRQORVTXHKDQKHFKRSRVLEOHVXp[LWR
'H WRGDV IRUPDV SDUD KDEHUVH HVWDEOHFLGR HQ OD PLWDG GH OD YLGD
KDEUiWHQLGRTXHHVIRU]DUVHSRUHQFRQWUDUVXOXJDUHQHOPXQGR6X
p[LWRHVPX\LQGLYLGXDOLVWD\SRUHQGHORKDEUiJDQDGRFRQHVIXHU]R
3DUD XQ $UHV HV PiV VHQFLOOR DOFDQ]DU XQD VLWXDFLyQ HVWDEOH \
VDWLVIDFWRULD HQ OD PLWDG GH OD YLGD VL KD QDFLGR HQ XQD IDPLOLD GH
FODVH WUDEDMDGRUD GHQWUR GH XQD FRPXQLGDG PX\ XQLGD +D\ PiV
PHGLRV SDUD TXH SXHGD GDU ULHQGD VXHOWD D OD H[SUHVLyQ GH VX
WHPSHUDPHQWR \ QDWXUDOH]D ItVLFD WDQWR HQ HO iPELWR ODERUDO FRPR
HQHORFLR/DFDPDUDGHUtDHQWUHKRPEUHVORVGHSRUWHVHLQFOXVRXQD
SHOHD GH YH] HQ FXDQGR VLUYHQ GH PHGLRV SDUD FDQDOL]DU VX
DJUHVLYLGDG \ QHFHVLWD TXH ORV GHPiV KDJDQ FRQFHVLRQHV H LQFOXVR
TXHDSUHFLHQVXOXMXULDWRGRHOORIRUPDVGHGHVDKRJRTXHQRHVWiQ
SHUPLWLGDV D ORV KRPEUHV XUEDQRV TXH DVSLUDQ D DVFHQGHU (Q OD
FODVH WUDEDMDGRUD ODV RFXSDFLRQHV TXH FRQOOHYDQ XQ WUDEDMR ItVLFR
VRQUHVSHWDGDVGHPRGRTXHODDFHSWDFLyQ\ODDXWRHVWLPDVRQPiV
YLDEOHV
0iV TXH QLQJ~Q RWUR DUTXHWLSR HO VLQR GH XQ $UHV SDUHFH HVWDU
VHOODGR HQ OD PLWDG GH OD YLGD (VWi PiV SUHGHWHUPLQDGR SRU ORV
IDFWRUHVH[WHUQRVFRPRODFODVHVRFLDO\ODIDPLOLDSRUTXHODFXOWXUD
HQVtPLVPDQROHDSR\DFRPRpOHV
/RV~OWLPRVDxRV
+DFLDODPLWDGGHODYLGDHOSDWUyQGHFyPRYDDVHUHOUHVWRGH
OD YLGD GH XQ $UHV \D HVWi EDVWDQWH GHILQLGR /D HVWDELOLGDG \
DXWRHVWLPD R IDOWD GH OD PLVPD  TXH KD FRQVHJXLGR SDUD HQWRQFHV
HVORTXHPDUFDVXV~OWLPRVDxRV
0XFKRV$UHVQROOHJDQDYLHMRV/DPXHUWHOHVUHFODPDDQWHV\D
VHD D WUDYpV GH OD YLROHQFLD ORV DFFLGHQWHV R OD JXHUUD 3RU VX
WHPSHUDPHQWR \ RFXSDFLyQ VXV YLGDV FRUUHQ PiV SHOLJUR
ItVLFDPHQWH<VLHOSDtVHVWiHQJXHUUDODSRVLELOLGDGGHXQDPXHUWH
WHPSUDQD HV D~Q PD\RU /RV $UHV DEXQGDURQ SULQFLSDOPHQWH HQWUH
ORV VROGDGRV \ ODV EDMDV PLOLWDUHV HQ OD JXHUUD GH 9LHWQDP FRQ VXV
H[FHSFLRQHV \ DOWHUQDWLYDV /DV FRQGLFLRQHV UHODFLRQDGDV FRQ HO
HVWUpVItVLFRWDPELpQVHFREUDQODVYLGDVGHORV$UHVFXDQGRODLUD\
ODLPSRWHQFLDFRH[LVWHQVXHOHVHUORPiVFRP~Q&XDQGRODUHFHVLyQ
FDH VREUH XQ SDtV \ ODV HPSUHVDV \ ODV IiEULFDV VH FLHUUDQ OD
VHJXULGDG SXHGH WHUPLQDU \ VH UHIOHMD HQ OD YLROHQFLD \ OD
LQHVWDELOLGDGIDPLOLDU
6LQ HPEDUJR DOJXQRV $UHV YLYHQ IHOL]PHQWH VXV ~OWLPRV DxRV
TXL]iVPiVTXHQLQJXQDRWUDpSRFDGHVXYLGD(OKRPEUHGHFODVH
WUDEDMDGRUDHVDIRUWXQDGRSRUTXHVHMXELODDQWLFLSDGDPHQWHWLHQHD
VX IDPLOLD FHUFD VH LQWHUHVD SRU HYHQWRV GHSRUWLYRV SDVDWLHPSRV \
FXHQWD FRQ DQWLJXRV DPLJRV FRQ ORV TXH GLVWUDHUVH MyYHQHV D
TXLHQHV KDFHU GH WXWRU TXL]iV XQD FDVD DO ODGR GH XQ ODJR \ OD
FDSDFLGDGLQQDWDGHYLYLUHQHOSUHVHQWH
8QD VDWLVIDFFLyQ JDQDGD D SXOVR HV WtSLFD GH ORV $UHV TXH KDQ
OXFKDGRFRQWUDFRUULHQWH(QVXVYLGDVQRKDQUHFLELGRPXFKRDSR\R
GH OD FRPXQLGDG \ VXV VROXFLRQHV KDQ VLGR PX\ LQGLYLGXDOLVWDV (O
OXJDU GRQGH YLYHQ FRQ TXLpQ YLYHQ \ OR TXH KDFHQ HV IUXWR GH VX
HOHFFLyQ SHUVRQDO EDVDGD HQ RSFLRQHV SHUVRQDOHV VREUH UHVSXHVWDV
DXWpQWLFDV\SURIXQGDVTXHVHKDQGDGRDVtPLVPRV+DQDSUHQGLGR
DDGDSWDUVH\DVHUILHOHVFRQVLJRPLVPRV\VHHQFXHQWUDQHQWUHORV
KRPEUHV PiV IRUPDGRV \ HYROXFLRQDGRV OD WHUFHUD HGDG HV XQD
pSRFDGHUHFRJHUJUDQGHVFRVHFKDV
&RQIOLFWRVSVLFROyJLFRV
'HO PLVPR PRGR TXH HO GLRV $UHV IXH HO PiV YDSXOHDGR GH ORV
ROtPSLFRV \ VXIULy KXPLOODFLRQHV \ KHULGDV WDPELpQ PXFKRV $UHV
VXIUHQDJUHVLRQHV\VRQUHFKD]DGRVGHQLxRV\DGROHVFHQWHV$UDt]
GH HVWRV UDVJRV GH OD SHUVRQDOLGDG \ GH ORV PDORV WUDWRV KD\ XQD
VHULHGHGLILFXOWDGHVTXHSHUWXUEDQDORVKRPEUHV$UHV

/DLGHQWLILFDFLyQFRQHOGLRVGHODJXHUUD
8QKRPEUHTXHHV³VyOR$UHV´VHLGHQWLILFDFRQHVWHDUTXHWLSR\
QXQFDOOHJDDGHVDUUROODUODKDELOLGDGGHREVHUYDU\UHIOH[LRQDUVREUH
VXV DFFLRQHV /H IDOWDQ DOWHUQDWLYDV \ HV XQ DPDVLMR GH UHDFFLRQHV
LPSXOVLYDV 8Q HMHPSOR H[WUHPR HV HO GHO OXFKDGRU FDOOHMHUR TXH QR
SXHGH UHVLVWLUVH D XQD SURYRFDFLyQ $OJXQDV YHFHV ILJXUDV GH
+ROO\ZRRGDSDUHFHQHQORVWLWXODUHVGHORVSHULyGLFRVSRUWHQHUHVWH
WLSRGHFRQGXFWD8QIRWyJUDIRKDFHXQDIRWRQRGHVHDGD\ULGtFXOD
RVHOHKDFHXQDEXUOD\²DSHVDUGHORVWLWXODUHVGHODUUHVWR\GH
OD GHQXQFLD SRU GDxRV \ SHUMXLFLRV TXH YHQGUi D FRQWLQXDFLyQ
FXDQGR DOJXLHQ OH SURYRFD FRQ DOJ~Q WLSR GH DFFLyQ² HO HQDMHQDGR
GLRVGHODJXHUUDH[SORWD\VHPHWHHQXQDSHOHDFRQORVSXxRVFRQ
WRGRVORVIODVKHVGLVSDUiQGRVHDVXDOUHGHGRU

(OPDOWUDWDGRDJUHVRU
 &XDQGR VXV SXxRV \ VX LUD VH GLULJHQ KDFLD ODV PXMHUHV \ ORV
QLxRV HO $UHV VXHOH VHU XQ PDOWUDWDGR TXH VH KD FRQYHUWLGR HQ
DJUHVRU TXH FXDQGR HUD QLxR IXH JROSHDGR \ KXPLOODGR 6XV
HPRFLRQHV GHVHQFDGHQDQ XQD UHVSXHVWD ItVLFD 8Q QLxR PDOWUDWDGR
DWHUUDGRRKXPLOODGRPRUDHQHOFXHUSRGHHVWHKRPEUHTXHDKRUD
IXVWLJD R JROSHD D RWUD SHUVRQD FXDQGR QR VH VLHQWH ELHQ 'H HVWH
PRGR ORV SHFDGRV GH ORV SDGUHV VH SHUSHW~DQ GXUDQWH
JHQHUDFLRQHV,QWURG~FHWHHQXQJUXSRGHKRPEUHVDJUHVLYRV²TXH
SDUHFHQVHUFRSLDVGHORVGH$OFRKyOLFRV$QyQLPRV²\JHQHUDOPHQWH
GHVFXEULUiVTXHHVWRVKRPEUHVWDPELpQIXHURQQLxRVPDOWUDWDGRV
3DUD VREUHYLYLU D VX LQIDQFLD OR PHMRU TXH SXGR HVWH KRPEUH
UHSULPLy VXV VHQWLPLHQWRV GH WHUURU H LPSRWHQFLD $ UDt] GH HOOR QR
VHSXHGHSRQHUHQHOOXJDUGHODYtFWLPDeOPHMRUTXHQDGLHGHEHUtD
SRGHULPDJLQDUVHORTXHHVTXHWHSHJXHDOJXLHQTXHHVWiIXHUDGH
FRQWURO\TXHItVLFDPHQWHHVFDSD]GHKDFHUWHPXFKRGDxRSRUTXH
HVR OH VXFHGLy D pO 3HUR QR SRGUi VROLGDUL]DUVH KDVWD TXH VH
DUULHVJXHDUHYHODUDHVDYtFWLPDTXHKD\HQpO
(O KRJDU SXHV VH FRQYLHUWH HQ HO FDPSR GH EDWDOOD GHO $UHV
GRQGH SXHGH ODQ]DUVH D PDOWUDWDU D ORV PLHPEURV GH OD IDPLOLD
FXDQGR QR VH VLHQWH ELHQ (O DUTXHWLSR GHO GLRV LUDFXQGR DFW~D HQ
QRPEUH GH VX SURSLR QLxR LQWHULRU HO PXFKDFKR KXPLOODGR \
PDOWUDWDGRTXHKD\HQpO\TXHDKRUDHVOREDVWDQWHSRGHURVRFRPR
SDUDDUUHPHWHUFRQWUDDOJXLHQ

&DEH]DGHWXUFR
&RPR QLxR \ DGROHVFHQWH $UHV SXHGH VHU HO PXFKDFKR
SURYRFDGR HQ HO SDWLR GH OD HVFXHOD SRU XQ JUXSR GH QLxRV \ TXH
UHDFFLRQD FRQ UHQFRU \ FRQ UDELD FXDQGR PHMRU KDEUtD VLGR
FRQVHUYDU OD FDOPD \ OD VHUHQLGDG /D YLGD SXHGH VHU XQD LPLWDFLyQ
GHOPLWRVLOHDWDFDQHQJUXSR\OHKLHUHQ FRPRFXDQGRORVHQRUPHV
JHPHORV HQFHUUDURQ D $UHV HQ XQD MDUUD  7DPELpQ SXHGH VHQWLUVH
KHULGR HPRFLRQDOPHQWH VL HV UHFKD]DGR \ DSDUWDGR GHO JUXSR (VWH
UHFKD]R VXHOH VXFHGHUOH D XQ $UHV SRUTXH DFW~D VLQ SHQVDU \ KDFH
YLVLEOHVVXVHPRFLRQHV3RURWUDSDUWHVLWDPELpQKDVLGRYtFWLPDGH
DEXVRVRGHQLJUDFLyQHQHOKRJDUHVHOPiVYXOQHUDEOHDORVWUDFLVPR
HQODHVFXHOD
(Q OD IDPLOLD SXHGH HQFRQWUDUVH FRQ GLILFXOWDGHV QR VyOR FRQ ORV
SDGUHV VLQR WDPELpQ FRPR HO SHUGHGRU HQ OD ULYDOLGDG HQWUH
KHUPDQRV FRPR OH VXFHGLy UHSHWLGDV YHFHV D $UHV FRQ $WHQHD  $
PHQXGRVHPHWHHQOtRV\SDUHFHVHUHOPDOR\DVHDSRUVtPLVPRR
SRUTXH KD VLGR HQJDxDGR SURYRFDGR LQFLWDGR \ OXHJR OH SHVFDQ \
³OH FDH XQD EXHQD´ GH XQR GH ORV SURJHQLWRUHV DXWRULWDULRV TXH \D
GHVSUHFLDDHVWHQLxRSRUVXVLQDFHSWDEOHVFXDOLGDGHV
(QODFODVHXQ$UHVVHSXHGHHQFRQWUDUHQHVWHPLVPRSDSHOGH
FDEH]DGHWXUFR$OSRUWDUVHPDOSXHGHTXHOHHFKHQGHODFODVH\OH
PDQGHQDOMHIHGHHVWXGLRV7DPELpQHVHOFDEH]DGHWXUFRFXDQGRHO
SURIHVRU OH WLHQH PDQtD /RV GHPiV QLxRV DO FRQRFHU VX SDSHO OH
GHMDQDVXPLUODFXOSD
8QD YH] TXH VH KD HVWDEOHFLGR HVWH SDWUyQ GH VHU FDEH]D GH
WXUFR VXHOH FRQWLQXDU FRPR DGXOWR GRQGH VLJXH VLHQGR DO TXH
SURYRFDQSDUDTXHDFW~HPDO\OXHJRHVFRQGHQDGRDORVWUDFLVPR(V
SUREDEOHSXHVTXHKDJDDVXIDPLOLDORTXHOHKDQKHFKRDpO

(OWUDEDMR\ODEDMDPRUDOSRUHOGHVHPSOHR
8QKRPEUHTXHUHDFFLRQDFRQDJUHVLYLGDGVLQSHQVDUORGRVYHFHV
WLHQH SUREOHPDV HQ HO WUDEDMR 6H HQFLHQGH \ OH GHVSLGHQ $UHV
WDPELpQ WLHQH YHUGDGHUDV GLILFXOWDGHV HQ VHJXLU ODV UHJODV ODV
GLUHFWULFHV R SULQFLSLRV HQ OXJDU GH KDFHU OR TXH VLHQWH TXH KD GH
KDFHU HQ HO PRPHQWR 3XHGH WHQHU GLILFXOWDGHV SRU GHFLU OD YHUGDG
FXDQGR QR KD VLGR QL GLSORPiWLFR QL SUXGHQWH 4XL]iV VLJXLy ODV
GLUHFWULFHV GH VX FRUD]yQ H KL]R XQD H[FHSFLyQ FXDQGR ODV UHJODV
LQGLFDEDQ OR FRQWUDULR (QWRQFHV LQFOXVR DXQTXH OD LUD QR VHD HO
SUREOHPD $UHV QR VXHOH GXUDU PXFKR HQ OD EXURFUDFLD R HQ ORV
QHJRFLRV
3UHYHUODVFRVDVWDPELpQHVXQDGHVXVFDUHQFLDV$UHVQRHVXQ
HVWUDWHJD\QRWLHQHYLVLyQGHIXWXURORFXDOWLHQHHIHFWRVQHJDWLYRV
HQ VX YLGD ODERUDO 3XHGH TXH KD\D GHMDGR OD HVFXHOD GHPDVLDGR
SURQWRRTXHQROHKD\DLGRELHQSRUTXHQRKDSRGLGRSHQVDUHQHO
PDxDQD

(ODOFRKRO\$UHV
$UHVHVGLVXDGLGR\UHSULPLGRFRPRHODPDQWHEDLODUtQJXHUUHUR
\ DJUHVRU GHO PRPHQWR SUHVHQWH \ VH OH RSRQHQ RWURV DUTXHWLSRV\
XQD FXOWXUD TXH TXLHUH TXH ORV KRPEUHV YLYDQ HQ VXV FDEH]DV HQ
OXJDUGHHQVXVFXHUSRV$PHQXGRHODOFRKROOLEHUDD$UHVWDQWRGH
IRUPD SRVLWLYD FRPR QHJDWLYD $ YHFHV HO DOFRKRO GLVXHOYH ODV
LQKLELFLRQHVHQSURGHODHVSRQWDQHLGDG\HODIHFWRHVWHVWLJRGHOD
FDPDUDGHUtD HQWUH ORV KRPEUHV TXH VRQ FRPSDxHURV GH HTXLSR R
VROGDGRV TXH OXFKDQ MXQWRV \ TXH OXHJR EHEHQ MXQWRV 7DPELpQ
SXHGHGHVDWDUDOKRPEUHDJUHVLYRFX\DYLROHQFLDVHPDQLILHVWDFRQ
PiVIDFLOLGDGFXDQGRHVWiEHELHQGR

(VSHUDQ]DVQRFXPSOLGDV
(OGLRV$UHVIXHXQDPDQWHQRXQHVSRVR6XSDGUH=HXV HOWLSR
GH SUHVLGHQWH FRUSRUDWLYR  RGLDED OD FRQGXFWD GH $UHV $UHV FRPR
DUTXHWLSRFDUHFHGHODVFXDOLGDGHV\ODHQHUJtDTXHOOHYDQDXQDYLGD
PDULWDO UHVSRQVDEOH R D XQD FDUUHUD FRQ p[LWR &RQ IUHFXHQFLD XQ
$UHV QR FXPSOH OR TXH RWUD SHUVRQD HVSHUD GH pO \ DO TXHGDUVH
FRUWRVHVLHQWHPDOFRQVLJRPLVPR6LHVWROHVXFHGHFRQGHPDVLDGD
IUHFXHQFLDVLHPSUHVHVLHQWHGHUURWDGR\VHFRQVLGHUDXQSHUGHGRU
(VWHSUREOHPDSXHGHVXUJLUFXDQGRDOSULQFLSLRHVDPDGRSRUORTXH
HV\OXHJRVHHVSHUDTXHVHDWRWDOPHQWHGLIHUHQWH3RUHMHPSORXQD
PXMHU SXHGH VHQWLUVH DWUDtGD KDFLD VX VHQVXDOLGDG \ YLYDFLGDG R
KDFLD VX LQWHQVLGDG \ DWUDFWLYR VH[XDO 4XL]iV VX FRUD]yQ VH KD\D
ILMDGR HQ HO PXFKDFKR KHULGR \ UHFKD]DGR TXH HOOD KD SHUFLELGR HQ
pO 6LQ HPEDUJR XQD YH] LQLFLDGD OD UHODFLyQ HOOD SXHGH LQWHQWDU
UHIRUPDUOH SDUD FRQYHUWLUOR HQ XQ SURIHVLRQDO GH FLXGDG FDVDGRTXH
EXVFD DVFHQGHU \ OXHJR HQIDGDUVH FRQ pO SRU QR VHU FDSD] GH
FRQVHJXLUOR
/RVSUREOHPDVSDUDORVGHPiV
6L ORV FHORV VRQ XQ SUREOHPD SDUD OD SDUHMD GH XQ $UHV VX
UHODFLyQVHUiWXUEXOHQWD3DUDXQ$UHVODILGHOLGDGVXHOHVHUXQORJUR
TXHVHKDFRQVHJXLGRFRQPXFKRHVIXHU]RTXHVXUJHGHVXDPRU\
OHDOWDGTXHQRHVDOJRTXHYLHQHGDGR+DGHDSUHQGHUDGHFLU³QR´
D OD DWUDFFLyQ TXH H[LVWH HQ HO PRPHQWR \ ³QR´ D VX VH[XDOLGDG
SXUDPHQWH LQVWLQWLYD \ DPRUDO GH OR FRQWUDULR VX SHQH GHFLGLUi OR
TXHYDDKDFHU/DVFRQVHFXHQFLDVSRVWHULRUHVVRQYDJDVSDUDpOHQ
FRPSDUDFLyQ FRQ OD VLWXDFLyQ LQPHGLDWD LQFOXVR DXQTXH pVWD VH
UHSLWD 6X SDUHMD SXHGH VHQWLUVH KHULGD ²³¢&yPR KDV SRGLGR"´² \
OOXHYHQ ODV DFXVDFLRQHV 1RUPDOPHQWH $UHV KD GH DSUHQGHU FRQ OD
H[SHULHQFLD \ SXHGH TXH QR DSUHQGD OD OHFFLyQ KDVWD TXH pVWD VH
UHSLWDPXFKDVYHFHV
&XDQGRHOSUREOHPDVRQORVFHORVLQIXQGDGRVGHXQDPXMHU$UHV
ORVGHVSHUWDUiSRUTXHQRFRQWURODELHQVXWLHPSR4XL]iVVHSDUyHQ
XQ EDU \ VH TXHGy FKDUODQGR R MXJDQGR FRQ DOJXLHQ R VH TXHGy
DEVRUWR KDFLHQGR DOJXQD FRVD \ SHUGLy OD QRFLyQ GHO WLHPSR 6L ORV
FHORV VRQ HO SUREOHPD XQD PXMHU QR SXHGH FRQWDU FRQ VX
FRPSDxHUR$UHVSDUDUHVROYHUOR6LQHPEDUJRDOHQIUHQWDUVHDHOOD\
YHU HO GRORU TXH VLHQWH SRGUi DSUHQGHU D GHFLU QR R D OODPDUOD
FXDQGRYD\DDOOHJDUWDUGH2WURWLSRGHKRPEUHTXHVHFRPSRUWDGH
ODPLVPDPDQHUDSXHGHHVWDUH[SUHVDQGRLQGLUHFWDPHQWHKRVWLOLGDG
RUHVHQWLPLHQWRSRUTXHVtTXHVHDFXHUGD\GHFLGHYROXQWDULDPHQWH
QROODPDUODSHURXQ$UHVSRUORJHQHUDOVHQFLOODPHQWHVHHQFXHQWUD
LQPHUVRHQHOPRPHQWRSUHVHQWH

'HVFHQGHQFLDLOHJtWLPD
$O LJXDO TXH HO GLRV $UHV HQJHQGUy PXFKRV KLMRV FRQ PXFKDV
PXMHUHVXQKRPEUH$UHVSXHGHUHSOLFDUHVWHSDWUyQ$OYLYLUHODTXt
\DKRUDGHODVHQVXDOLGDG\HOHURWLVPR$UHVQRSLHQVDHQHOFRQWURO
GH OD QDWDOLGDG DGHPiV OH JXVWDQ ORV QLxRV \ OD LGHD GH WHQHUORV
DXQTXH SXHGH TXH QR OH JXVWH OD GHO PDWULPRQLR 8QD PXMHU TXH
WLHQH XQD UHODFLyQ VH[XDO FRQ XQ $UHV KD GH WRPDU GHFLVLRQHV
UHVSRQVDEOHV \ UHDOLVWDV UHVSHFWR DO FRQWURO GH OD QDWDOLGDG \ OD
SRVLELOLGDG GH VHU XQD PDGUH VROWHUD 6HUtD XQ HUURU VXSRQHU TXH
WHQHU XQ EHEp VX\R QHFHVDULDPHQWH VXSRQGUi PDWULPRQLR 3RU RWUD
SDUWHDPHQXGROD~QLFDUD]yQTXHSXHGHYHUSDUDFDVDUVHHVODGH
WHQHUKLMRV

(O$UHVDJUHVLYR
/DDJUHVLyQItVLFDHVODVLWXDFLyQH[WUHPDTXHSXHGHQSDGHFHUODV
PXMHUHV\ORVQLxRVTXHYLYHQFRQXQ$UHVTXHVHHQIDGD\GHVFDUJD
VXUDELDFRQHOORV(VWDPXMHUKDGHVDEHUTXHODVDJUHVLRQHVItVLFDV
QR FHVDUiQ VL SHUPLWH TXH VLJDQ VXFHGLHQGR \ TXH PDQWHQHU XQD
VLWXDFLyQ HQ OD TXH HOOD \ VXV KLMRV UHFLEHQ PDORV WUDWRV ItVLFRV QR
KDUi PiV TXH DJUDYDUOD \ TXH HV PX\ SUREDEOH TXH WDPELpQ VH
WUDQVPLWDDODVLJXLHQWHJHQHUDFLyQ(OODKDGHPDUFKDUVHROODPDUD
OD SROLFtD FXDQGR VH SURGXFH OD DPHQD]D R HO DFWR DEXVLYR SDUD
DXWRSURWHJHUVHSURWHJHUDVXVKLMRV\D\XGDUOHDpODFRQWURODUVH6L
QR DFW~D GH HVWD PDQHUD OD SULPHUD YH] TXH VH SURGXFH HVWD
VLWXDFLyQ KD\ PXFKDV SUREDELOLGDGHV GH TXH VH FRQYLHUWD HQ XQD
PXMHUPDOWUDWDGDTXHSURQWRQHFHVLWDUiD\XGDGHOH[WHULRU
)RUPDVGHFUHFHU
(OFUHFLPLHQWRSVLFROyJLFRVXFHGHFXDQGR$UHVSXHGHHOHJLUVLYD
DUHVSRQGHUDXQDSURYRFDFLyQ\FyPRYDDKDFHUORFXDQGRGHMHGH
VHU XQD SHUVRQD SXUDPHQWH UHDFWLYD 3DUD HOOR KD GH GHVDUUROODU HO
DXWRFRQWURODVtFRPRRWURVDUTXHWLSRV

$SUHQGHUHODXWRFRQWURO
/D SHUVRQDOLGDG GH $UHV TXH VH FDUDFWHUL]D SRU VX UiSLGD
UHVSXHVWD HPRFLRQDO VH HQFLHQGH \ UHDFFLRQD FRQ DJUHVLYLGDG D OD
SURYRFDFLyQ GH PRGR TXH HO DSUHQGHU D FRQWURODUVH HV OD OHFFLyQ
PiVGLItFLOSDUDXQ$UHV$XQTXHHVPHMRUDSUHQGHUODWHPSUDQRFRQ
SDGUHVFRKHUHQWHVSDFLHQWHV\DPRURVRVVHUiXQDOHFFLyQTXHVHOH
UHSHWLUiXQD\RWUDYH]KDVWDTXHODDSUHQGD
3RU HMHPSOR KDFH YDULRV DxRV D 6HDQ 3HQQ XQ DFWRU GH
+ROO\ZRRG TXH KD VLGR OOHYDGR UHSHWLGDV YHFHV DQWH ORV WULEXQDOHV
SRUYHUVHHQYXHOWRHQYLROHQWDVOXFKDVFXDQGRWHQtDYHLQWLRFKRDxRV
XQ MXH] OH FRQGHQy D VHVHQWD GtDV GH SULVLyQ &RQVFLHQWH GH VX
QHFHVLGDGGHDSUHQGHUDFRQWURODUVHVXDERJDGR+RZDUG:HLW]PDQ
SUHVHQWyVXVLWXDFLyQ©eOKDGHDSUHQGHUTXHODJHQWHYDDLQWHQWDU
DWUDHUOH D VLWXDFLRQHV HQ ODV TXH VH YHUi WHQWDGR D UHDFFLRQDU
LQDSURSLDGDPHQWH +D GH FRPSUHQGHU \ FRPSUHQGH TXH LQFLGHQWHV
FRPR pVWH SHJy D XQ KRPEUH TXH SHQVDED TXH HVWDED LQWHQWDQGR
EHVDU D 0DGRQQD OD HVWUHOOD GHO URFN TXH HUD VX HVSRVD SRU DTXHO
HQWRQFHV VRQLQHYLWDEOHV>@ª
(O DQWLJXR FDPSHyQ GH WHQLV -RKQ 0F(QURH FRQ VX
WHPSHUDPHQWR $UHV VXVSHQGLy OD PLVPD OHFFLyQ &RQRFLGR SRU VXV
DUUDQTXHVGHQWUR\IXHUDGHODFDQFKD0F(QURHIXHFDWDORJDGRSRU
ODSUHQVDFRPRXQPDOGHSRUWLVWDTXHVHFRPSRUWDEDFRPRXQQLxR
3DUD DSUHQGHU HVWD OHFFLyQ FUXFLDO XQ KRPEUH R PXMHU  KD GH
HVWDUPRWLYDGRSRUHOFDPELR\OXHJRFRQODSUiFWLFDSRGHUUHWHQHU
HO LPSXOVR GH YHQJDQ]D R GH UHDFFLRQDU /D H[SORVLYLGDG FRQWHQLGD
HQXQ$UHVVHSXHGHGHVDFWLYDUVLHOHJRSXHGHHOHJLUXQDUHVSXHVWD
GLIHUHQWH HQ HVH PRPHQWR VL VH SXHGH UHFXUULU D OD D\XGD GH RWUR
DUTXHWLSR

+HUPHVDOUHVFDWH$SRORFRPRDOLDGR
3RUVXHUWHWRGRVORVDUTXHWLSRVHVWiQSRWHQFLDOPHQWHSUHVHQWHV
HLQFOXVRVLXQRSUHGRPLQD²HVSHFLDOPHQWHVLVHWUDWDGH$UHV²ORV
GHPiVWDPELpQVHSXHGHQGHVDUUROODU(QODPLWRORJtD+HUPHVIXHD
VRFRUUHUD$UHVFXDQGRGHSHTXHxROHHQFHUUDURQHQXQDJUDQMDUUD
'HO PLVPR PRGR HO DUTXHWLSR +HUPHV WDPELpQ SXHGH DFXGLU HQ OD
D\XGD GH XQD SHUVRQD TXH GH RWUR PRGR UHDFFLRQDUtD FRPR $UHV \
TXH LQVWLQWLYDPHQWH VH YHQJDUtD FXDQGR VH OH SURYRFD
FRQYLUWLpQGRVH GHVSXpV HQ FDEH]D GH WXUFR SDUD VHU FDWDORJDGR \
UHFKD]DGRFRPROHVXFHGLyD-RKQ0F(QURH
+HUPHV UHSUHVHQWD OD FDSDFLGDG GH FRPXQLFDUVH \ GH SHQVDU
WRFDQGR GH SLHV DO VXHOR JHQHUDOPHQWH GH XQD IRUPD LQYHQWLYD \
DVWXWD+HUPHVSXHGHVDFDUD$UHVGHXQDVLWXDFLyQGHVWUXFWLYD8Q
DGXOWR$UHVDFRVDGRSRUIRWyJUDIRVLQGHSHQGLHQWHVTXHTXLHUHQXQD
IRWR VX\D HQ XQ DFWR HVFDQGDORVR R XQ QLxR $UHV D TXLHQ HQ HO
SDWLRRWURQLxROHHPSXMDGHOLEHUDGDPHQWHSDUDSURYRFDUXQDSHOHD
VH PHWHUi HQ OtRV VL UHVSRQGH &DWDORJDGR FRPR SUREOHPiWLFR OH
FDUJDUiQFRQODVFXOSDV\VHFRQYHUWLUiHQHOFDEH]DGHWXUFR3HUR
HVWHSDWUyQFDPELDFXDQGR+HUPHVOHD\XGDDGHFLUORTXHSLHQVDD
GHFLUDOJRTXHGHVYtHODOXFKDRFDOPHODVLWXDFLyQ
 $YHFHVVXIDPLOLDOHD\XGDDGHVDUUROODUHODXWRFRQWURODSHQVDU
DQWHVGHDFWXDUDXWLOL]DUODSDODEUDDQWHVTXHODDFFLyQ6LVXIDPLOLD
QR OH D\XGD OD RSRUWXQLGDG GH DSUHQGHU GHVSXpV HQ OD YLGD SXHGH
TXHOOHJXHGHXQWXWRURXQWHUDSHXWDRGHDOJXLHQTXHVHSUHRFXSH
SRU pO \ TXH YH VX QHFHVLGDG GH DXWRFRQWURO \ GH WHQHU XQD IRUPD
HILFD]GHH[SUHVDUVHHQOXJDUGHTXHOHFXOSHQROHWHPDQ
(OWUDEDMRDFDGpPLFR\VDOLUGHFDVDSDUDSUDFWLFDUDOJ~QGHSRUWH
VRQSURSLRVGHODUTXHWLSR$SRORRWURGHORVJUDQGHVSRWHQFLDOHVGH
$UHV $SROR HV HO DUTXHWLSR GH OD GLVFLSOLQD GH OD GLVWDQFLD
HPRFLRQDOGHODXWRFRQWURO\GHORVREMHWLYRVDODUJRSOD]R&RPSDUWH
FRQ +HUPHV OD FDSDFLGDG GH YHU ODV VLWXDFLRQHV GHVGH IXHUD \ GH
SHQVDU HQ ODV FRQVHFXHQFLDV $GHPiV UHSUHVHQWD OD KDELOLGDG GH
XWLOL]DUHILFD]PHQWHODYROXQWDG\HOLQWHOHFWR
%REE\.HQQHG\FX\R$UHVOHFRQYLUWLyHQHODSDVLRQDGROXFKDGRU
TXH IXH SRGtD KDEHU VLGR HOHJLGR SDUD SUHVLGHQWH GH ORV (VWDGRV
8QLGRVGHQRKDEHUVLGRDVHVLQDGR.HQQHG\IXHXQKLMRDPDGRHQ
XQD IDPLOLD SROtWLFD GRQGH FRPXQLFDU ODV LGHDV IRUPDED SDUWH
HVHQFLDO GH OD FHQD ODV FRPSHWLFLRQHV GHSRUWLYDV HUDQ XQ DFWR TXH
WHQtD OXJDU FDVL D GLDULR \ OD XQLYHUVLGDG \ OD IDFXOWDG GH GHUHFKR
HUDQ OD SUHSDUDFLyQ SDUD XQD FDUUHUD S~EOLFD 'HVGH VXV SULPHURV
DxRVODLQWHQVLGDGHPRFLRQDOGHO$UHV.HQQHG\IXHDWHPSHUDGDSRU
+HUPHV\$SRORSRUHVRFRQVLJXLyVHUHILFD]\JR]DUGHXQDEXHQD
UHSXWDFLyQ

+DFHUXQDSDXVDSDUDUHIOH[LRQDU\WRPDUGHFLVLRQHVOD
LQIOXHQFLDGH$WHQHD
(OKpURHJULHJRGHODJXHUUDGH7UR\D$TXLOHVIXHXQIDYRULWRGH
$WHQHD DXQTXH SRU WHPSHUDPHQWR VH SDUHFtD PiV D $UHV TXH D
$WHQHD &XDQGR $JDPHQyQ FRPDQGDQWH GH ODV IXHU]DV JULHJDV
HMHUFLy VX DXWRULGDG IXHUD GHO FDPSR GH EDWDOOD \ VH OOHYy D VX
DPDQWHOHMRVGHpO$TXLOHVSXVRVXPDQRHQODHVSDGD\ODVDFyGH
VX IXQGD +DEUtD FRPHWLGR XQ DFWR GH UHEHOGtD \ DVHVLQDWR GH QR
KDEHU VLGR SRU OD LQWHUYHQFLyQ GH $WHQHD ,QYLVLEOH SDUD ORV GHPiV
HOODGHVFHQGLyGHOFLHOROHDJDUUySRUVXUXELRSHOR\OHGLMR

+HYHQLGRDDSODFDUWXLUDSHUR¢YDVDREHGHFHUPH">«@
9HQJDHQWRQFHVQRHPSXxHVODHVSDGDHQWXPDQRHYLWDOD
OXFKD DXQTXH SXHGHV LQVXOWDUOH FRQ WXV SDODEUDV >«@ $OJ~Q
GtD WUHV YHFHV PiV WH VHUiQ GDGRV HVWRV EULOODQWHV
UHJDORV>@

$WHQHD UHSUHVHQWDED HO PRPHQWR GH UHIOH[LyQ OD YR] LQWHULRU OD

SDXVDTXHFDPELDXQDUHDFFLyQHPRFLRQDOHQXQDRSFLyQGHDFWXDU
3DUD XQ $UHV HVWR SXHGH VHU FRPR RWUR \R GHQWUR GH Vt PLVPR XQ
FRQVHMHURDOTXHDSUHQGHDOODPDU3DUDDOJXQRVKRPEUHVHVXQDYR]
IHPHQLQD LQVSLUDGD SRU XQD PDGUH UDFLRQDO \ DPRURVD PiV TXH
RWURDVSHFWRPDVFXOLQRGHHOORVPLVPRV

/DLPDJLQDFLyQDFWLYDOODPDUDORVDUTXHWLSRV
/DLPDJLQDFLyQDFWLYDVHSXHGHLQYRFDUHQEXVFDGHD\XGD8QD
YH] pO FRPSUHQGH HO SUREOHPD GH UHDFFLRQDU VLQ SHQVDU XQ
PXFKDFKR R XQ KRPEUH SXHGH OODPDU PHQWDOPHQWH D $WHQHD
,PDJLQiQGROD R LQWX\pQGROD SXHGH LPDJLQDU XQ GLiORJR (OOD OH
DFRQVHMD TXH JXDUGH OD FDOPD HQ XQD VLWXDFLyQ HPRFLRQDO D TXH
SLHQVH HQ ODV FRQVHFXHQFLDV DQWHV GH KDFHU QDGD 6L $TXLOHV QR
KXELHUD HVFXFKDGR D $WHQHD ORV JULHJRV KDEUtDQ SHUGLGR OD JXHUUD
GH7UR\D\OD,OtDGDKDEUtDWHQLGRXQFDStWXORHQYH]GHYHLQWLGyV 

5HFXSHUDUORVUHFXHUGRV\HOGRORUGHODLQIDQFLD
6L XQ KRPEUH VXIULy PXFKRV DEXVRV GH SHTXHxR \ FRPR VXHOH
VXFHGHU KD ³ROYLGDGR´ R UHSULPLGR OD H[SHULHQFLD GHELGR DO GRORU
HPRFLRQDO TXH pVWD FRQOOHYD HQWRQFHV OD SVLFRWHUDSLD R OD
SDUWLFLSDFLyQ HQ XQ JUXSR GH KRPEUHV TXH OH DSR\HQ SXHGH
D\XGDUOH 3RFR D SRFR SXHGH DFFHGHU D ORV UHFXHUGRV \ D OD LUD
SHVDU H LPSRWHQFLD HQWHUUDGRV GXUDQWH WDQWR WLHPSR TXH GH OR
FRQWUDULRVHJXLUtDQHQXQSODQRLQFRQVFLHQWHDXQTXHVXSXVLHUDQXQD
IXHUWHLQIOXHQFLDHQVXFRQGXFWD&RQORVDEXVRVORVSHFDGRVGHORV
SDGUHV D PHQXGR VXHOHQ PDQFLOODU D ODV VLJXLHQWHV JHQHUDFLRQHV
KDVWD TXH HO SDWUyQ VH GHWLHQH FXDQGR DOJXLHQ QR VyOR DFFHGH D OR
TXH VH KD UHSULPLGR VLQR TXH HQ HO SURFHVR WDPELpQ GHVFXEUH VX
FDSDFLGDG GH FRQILDQ]D \ FRPSDVLyQ (VWD WDUHD HV OD TXH VH
SUHVHQWDDORV$UHVTXHUHFRQRFHQTXHVHFRPSRUWDQFRQODPLVPD
DJUHVLYLGDGFRQODTXHHOORVIXHURQWUDWDGRV

(YROXFLRQDUGH$UHVD0DUWH
$O LJXDO TXH $UHV HO GLRV JULHJR GH OD JXHUUD DPDQWH GH OD
EDWDOOD FRQ HO WLHPSR \ HQ XQD FXOWXUD GLVWLQWD HYROXFLRQy 0DUWH
HQWUHORVURPDQRV\HQODWUDQVLFLyQVHFRQYLUWLyHQHOSURWHFWRUGH
OD FRPXQLGDG GHO PLVPR PRGR SXHGH HYROXFLRQDU \ FDPELDU HO
DVSHFWR$UHVGHXQKRPEUH(OMRYHQ$UHVTXHKDEtDMXJDGRDOI~WERO
R DO KRFNH\ FRQ EUXWDOLGDG \ DUWLPDxDV \ TXH KDEtD DPDGR
OXMXULRVDPHQWHSXHGHTXHQRKXELHUDSHQVDGRHQVHQWDUODFDEH]D
DXQTXH OD PD\RUtD GH ORV $UHV OR KDFHQ < VL QR KD VLGR XQ QLxR
PDOWUDWDGR\QRIXHUHFKD]DGRFXDQGRVHFRQYLHUWDHQXQSDGUHGH
IDPLOLDSXHGHVHUXQSDGUHWHUUHQDOFRPSURPHWLGRTXHGLVIUXWDGHOD
FRPSDxtD GH VXV KLMRV H KLMDV \ TXH HVWi PX\ XQLGR D HOORV (V XQ
SURWHFWRU QDWR FXDOTXLHUD TXH VH PHWD FRQ VXV KLMRV VH YHUi
HQIUHQWDGRFRQXQSDGUH$UHVTXHOXFKDItVLFDPHQWHVLHVQHFHVDULR
(VWD FODVH GH KRPEUH D\XGD D VXV KLMRV D VHQWLUVH HPRFLRQDOPHQWH
VHJXURV &XDQGR VH KDFH PD\RU SXHGH FRQYHUWLUVH HQ XQ FDEHFLOOD
GHVXFRPXQLGDGGLVSXHVWRDEDWDOODUSRUODVHJXULGDG\ORVGHUHFKRV
GHORVGHPiV
 +()(672',26'(/$)25-$
$57(6$12,19(1725
62/,7$5,2
(O GRQ FUHDWLYR GH +HIHVWR HVWi ILUPHPHQWH HQUDL]DGR HQ
ODWLHUUD\HQORTXHSURGXFHKD\PDJLD\PDJQLILFHQFLD(Q
VX WDOOHU HV VXSUHPR QR WLHQH ULYDO SHUR DO LJXDO TXH HO
KRPEUH PRGHUQR TXH VH LGHQWLILFD FRQ VX WUDEDMR HVWi
WRWDOPHQWHSHUGLGRIXHUDGHpO

$5,$11$67$66,12328/267KH*RGVRI*UHHFH

8QDIDQWDVtDKHIpVWLFDHOUHFKD]DGRGHODWLHUUDJUDFLDVD
FX\R WUDEDMR \ VXGRU KD HYROXFLRQDGR OD FLYLOL]DFLyQ FRQ
FRQFLHQFLD GH FODVH \ EXOOHQGR HQ UHVHQWLPLHQWRV \ UHQFRUHV
SLUyPDQRV VLHPSUH FUHDWLYR \ RULJHQ GH OD PD\RUtD GH ORV
JHQLRV GHO PXQGR LQFDQVDEOH YROFiQLFDPHQWH H[SORVLYR \
GLVSXHVWR D WRPDU ODV DUPDV FRQWUD ORV DPRV WLUiQLFRV
DXQTXHQRVHDQDPDQWHVGHODJXHUUD\HOFRQIOLFWRVLQRPiV
ELHQ SDFLILVWDV \ KXPDQLWDULRV QDWRV VLPSOH FRPR HO SURSLR
IXHJRHLJXDOPHQWHHQpUJLFR

0855$<67(,1³+HSKDLVWRV$3DWWHUQRI,QWURYHUVLRQ´

+HIHVWR FRPR GLRV DUTXHWLSR \ KRPEUH HQFDUQD XQD QHFHVLGDG

KXPDQD SURIXQGD GH KDFHU FRVDV FUHDU REMHWRV IXQFLRQDOHV \
ERQLWRV 5HFKD]DGR \ H[SXOVDGR GHO 2OLPSR +HIHVWR QR IXH
DSUHFLDGR HQ HO DUURJDQWH UHLQR GH =HXV GRQGH HO SRGHU \ OD
DSDULHQFLDHUDQORPiVLPSRUWDQWH3RUHOFRQWUDULRWUDEDMyVRORHQ
VXIRUMDEDMRODWLHUUD6XVDWULEXWRVVRQLJXDOPHQWHPHQRVSUHFLDGRV
HQXQSDWULDUFDGR\ORVKRPEUHVTXHVHSDUHFHQDHVWHGLRVWLHQHQ
GLILFXOWDGHVHQDOFDQ]DUHOp[LWR
+HIHVWRHOGLRV
+HIHVWR GHQRPLQDGR9XOFDQRSRUORVURPDQRV IXHHOGLRVGHOD
IRUMDHODUWHVDQR\KHUUHURGHORVROtPSLFRVFX\DIRUMDVHDOLPHQWDED
FRQ ORV IXHJRV YROFiQLFRV 6XV DGRUDGRUHV OH LQYRFDEDQ SDUD
FRQWURODUODVIXHU]DVGHVWUXFWRUDVGHOYROFiQ)XHFRQVLGHUDGRHOGLRV
GHO IXHJR VXEWHUUiQHR \ VX QRPEUH JULHJR WDPELpQ VLJQLILFDED
³IXHJR´HQXQVHQWLGRJHQHUDO
6H OH UHSUHVHQWDED FRPR D XQ KRPEUH PXVFXORVR UREXVWR \
JUDQGHFRQXQFXHOORIXHUWH\SHORHQHOSHFKRFX\RSLHGHIRUPHHUD
HO UHVSRQVDEOH GH VX EDODQFHR DO DQGDU (O PHQRV EHQGHFLGR \
SUREDEOHPHQWH HO PHQRV IHOL] GH ORV GLRVHV IXH WXOOLGR \ QR HVWDED
VHJXUR GH VX DVFHQGHQFLD UHFKD]DGR \ GHVDIRUWXQDGR HQ HO DPRU
3HURWDPELpQIXHXQJHQLRFUHDWLYR\HO~QLFRGLRVTXHWUDEDMy

*HQHDORJtD\PLWRORJtD
(QODYHUVLyQPiVFRQRFLGDVREUHVXRULJHQXQD+HUDUHVHQWLGD
GLRDOX]D+HIHVWRSDUWHQRJHQpWLFDPHQWHSDUDSDJDUFRQODPLVPD
PRQHGD XQD YHQJDQ]D GH ³\R WDPELpQ SXHGR KDFHUOR´ GHVSXpV GH
TXH =HXV KXELHUD FUHDGR D $WHQHD GH VX FDEH]D \ VH UHFRQRFLHUD
FRPR VX ~QLFR SURJHQLWRU 6LQ HPEDUJR PLHQWUDV $WHQHD HVWDED
SHUIHFWDPHQWH IRUPDGD +HIHVWR QDFLy FRQ XQ SLH GHIRUPH (VWH
GHIHFWRKXPLOOyD+HUDTXHDOYHUORUHFKD]yDVXKLMRUHFLpQQDFLGR
\ORWLUyGHVGHHO2OLPSR(QRWUDYHUVLyQXQ=HXVIXULRVR²IXULRVR
SRUTXHHOMRYHQ+HIHVWRKDEtDGHIHQGLGRDVXPDGUH+HUDHQXQDGH
VXV SHOHDV GRPpVWLFDV² IXH HO TXH OH GHVSHxy GHO 2OLPSR
TXHGiQGRVH FRMR DO JROSHDUVH HQ OD WLHUUD GH OD LVOD GH /HPQRV (O
KLMR SDULD IXH UHVFDWDGR SRU GRV QLQIDV PDULQDV 7HWLV \ (XUtQRPH
TXH OH FXLGDURQ GXUDQWH QXHYH DxRV (Q VX FRPSDxtD +HIHVWR
DSUHQGLy D VHU DUWHVDQR H KL]R KHUPRVDV MR\DV SDUD VXV PDGUHV
DGRSWLYDV

+HIHVWRHODUWHVDQR
+HIHVWRHVHOLQYHQWLYRDUWHVDQRGHO2OLPSR3RUHMHPSOR+HIHVWR
FUHyXQKHUPRVRWURQRGHRUR\VHORRIUHFLyD+HUDTXHVHVHQWy
HQFDQWDGD VREUH pO 3HUR OD VLOOD HUD XQD WUDPSD H[TXLVLWDPHQWH
IRUMDGD SRUTXH XQD YH] VH KXER VHQWDGR HQ HOOD TXHGy DWDGD SRU
OD]RV LQYLVLEOHV \ OXHJR OHYLWy +HUD VH HQFRQWUy PRUWLILFDGD H
LPSRWHQWHLQFDSD]GHPRYHUVH\VXVSHQGLGDHQVXWURQRHQPHGLR
GHO DLUH SDUD TXH WRGRV OD YLHUDQ 6HJ~Q XQR GH ORV PLWRV +HIHVWR
KL]R HO WURQR GRUDGR SDUD DWDU D +HUD SRUTXH pO GHVFRQRFtD VX
SDUHQWHVFR'LVHxyHVWDWUDPSDFRPRPHGLRGHVDFDUOHLQIRUPDFLyQ
(Q RWUDV YHUVLRQHV +HIHVWR H[LJLy D $IURGLWD R D $WHQHD TXH VH
GHVSRVDUDQFRQpODQWHVGHOLEHUDUD+HUD
1DGLHVDOYR+HIHVWRSRGtDOLEHUDUOD\pOVHQHJyDDEDQGRQDUODV
SURIXQGLGDGHVGHOPDUGRQGHYLYtDFRQVXVGRVPDGUHVDGRSWLYDV6X
KHUPDQR$UHVGLRVGHODJXHUUDGHVFHQGLySDUDVDFDUD+HIHVWRSRU
OD IXHU]D SHUR pVWH ~OWLPR OH H[SXOVy ODQ]iQGROH IXHJR (QWRQFHV
'LRQLVRV HO GLRV GHO YLQR \ GHO p[WDVLV FRQVLJXLy HPERUUDFKDUOH
+HIHVWR TXH QXQFD KDEtD YLVWR QL SUREDGR HO YLQR DQWHV \ VH
DSUHVXUy D EHEHUOR SURQWR VH KDOOy UHJUHVDQGR DO 2OLPSR FRQ
'LRQLVRVERUUDFKR\PRQWDGRVREUHXQDVQR
$GHPiV HQ OD 7HRJRQtD GH +HVtRGR D +HIHVWR VH OH DWULEX\H OD
FUHDFLyQ GH 3DQGRUD OD SULPHUD PXMHU KXPDQD FRPR LQVWUXPHQWR
GH OD YHQJDQ]D GH =HXV (Q HVWD YHUVLyQ SDWULDUFDO JULHJD OD
KXPDQLGDG HVWDED RULJLQDOPHQWH FRPSXHVWD VyOR SRU KRPEUHV D
TXLHQHV =HXV OHV QHJDED HO IXHJR (QWRQFHV 3URPHWHR UREy XQD
FKLVSD GH IXHJR \ VH OD HQWUHJy D ORV KRPEUHV (VWR HQIXUHFLy D
=HXVTXHKL]RTXH+HIHVWRFUHDUDDXQDKHUPRVDPXMHUPRGHODGDD
LPLWDFLyQ GH ODV GLRVDV LQPRUWDOHV SDUD TXH OOHYDUD PLVHULD \
FRQIXVLyQDORVKRPEUHV6HODYLVWLyFRQH[TXLVLWH]VHOHHQVHxyOD
GHVYHUJHQ]D\HOHQJDxRHVWDEDGRWDGDGHDWUDFWLYRVH[XDO\WHQtD
XQDMDUUDRFDMDTXHDODEULUODGHVDWDEDHOVXIULPLHQWRHOPDO\OD
HQIHUPHGDGHQHOPXQGR
+HIHVWR WDPELpQ FRQVWUX\y SDODFLRV SDUD ORV ROtPSLFRV FUHy ORV
UD\RV\HOFHWURGH=HXVIDEULFyHOFDUURDODGRGH$SRORGLRVGHOVRO
YLDMyDWUDYpVGHOFLHORKL]RIOHFKDVSDUD$SROR\$UWHPLVDXQDKR]
SDUD'HPpWHUDUPDVSDUD$WHQHDXQDDUPDGXUDSDUD$TXLOHV\XQ
FROODU SDUD TXH $UPRQtD OR OOHYDUD HO GtD GH VX ERGD 7DPELpQ FUHy
VLUYLHQWDV GRUDGDV PDUDYLOODV GH VX LQJHQXLGDG TXH HUDQ FRPR
KHUPRVDVPXMHUHVTXHSRGtDQKDEODU\KDFHUKiELOPHQWHORTXHVH
OHVRUGHQDED

(ODPDQWHHQJDxDGR\UHFKD]DGR
+HIHVWRIXHHOFRUQXGRHVSRVRGH$IURGLWDGLRVDGHODPRU\GHOD
EHOOH]DFRQRFLGDSRUVXVP~OWLSOHVDYHQWXUDVFRQGLRVHV\KRPEUHV
PRUWDOHV $O VRVSHFKDU TXH VX DPDQWH OD YLVLWDED FXDQGR pO VH
PDUFKDED DO WUDEDMR +HIHVWR FRORFy XQD WUDPSD GH UHGHV LQYLVLEOHV
DWDGDVDORVSRVWHVGHODFDPD\VXVSHQGLGDGHODVYLJDVGHOWHFKR
$VtDWUDSyD$IURGLWDHQODFDPDFRQ$UHV&XDQGR+HIHVWRFRQYRFy
D ORV GLRVHV SDUD TXH IXHUDQ WHVWLJRV GH VX LQILGHOLGDG HQ OXJDU GH
VROLGDUL]DUVHFRQpOVHHFKDURQDUHtUDFDUFDMDGDVDQWHODYLVLyQGH
ORVDPDQWHV
+HIHVWR XQD YH] VH HQDPRUy GH OD GLRVD YLUJHQ GH OD VDELGXUtD
$WHQHD OOHQR GH SDVLyQ LQWHQWy KDFHUOH HO DPRU (OOD OH DSDUWy
SXHVWR TXH pO LQWHQWDED IHFXQGDUOD \ VX VHPHQ FD\y D OD WLHUUD
IHFXQGDQGR D *HD OD 0DGUH 7LHUUD  HQ VX OXJDU (O IUXWR IXH
(ULFWRQLR HO IXQGDGRU GH OD FDVD UHDO GH $WHQDV TXH IXH HGXFDGR
SRU$WHQHD
+HIHVWRHODUTXHWLSR
$O LJXDO TXH +HIHVWR IXH DUURMDGR GHVGH OR DOWR GHO 2OLPSR GHO
PLVPR PRGR HVWH DUTXHWLSR HV PHQRVSUHFLDGR \ UHFKD]DGR HQ XQD
FXOWXUD HQ OD TXH VH YDORUD OR KHURLFR HO LQWHOHFWR ORV YDORUHV
HVSLULWXDOHVQREOHVHOSRGHU\ODFDSDFLGDGGHDGDSWDUVHDORTXHVH
HVSHUDGHXQR\DSUHYHUHOVLJXLHQWHPRYLPLHQWR(QXQDFXOWXUDGH
XQ GLRV FHOHVWLDO FRPR OD GH ORV SDWULDUFDV OR ³WHUUHQR´ HV
PHQRVSUHFLDGR X RSULPLGR OD 0DGUH 7LHUUD ORV VHQWLPLHQWRV
DSDVLRQDGRVHOLQVWLQWRORVFXHUSRVODPXMHUHV\ORVKRPEUHVTXH
VRQFRPR+HIHVWR
+HIHVWR GH SHTXHxR IXH UHFKD]DGR SRU VX SDGUH =HXV TXH
JREHUQDEDGHVGHHO2OLPSRFRQVXVUD\RV\SRUVXPDGUH+HUDOD
UHLQDGHORVFLHORV(O2OLPSRHUDLQDFFHVLEOHSDUD+HIHVWRWDPELpQ
FRPR DGXOWR (Q ORV PLWRV FXDQGR VH DWUHYtD D HQWUDU DOOt HUD HO
EXIyQULGtFXORHOERUUDFKRRHOPDULGRFRUQXGR6LQHPEDUJRHQVX
SURSLR HOHPHQWR HQ VX WUDEDMR HQ OD IRUMD +HIHVWR HUD HO PDHVWUR
DUWHVDQRTXHXVDEDHOIXHJR\ODVKHUUDPLHQWDVSDUDWUDQVIRUPDUOD
PDWHULDSULPDHQKHUPRVRVREMHWRV
(VWH SDWUyQ GH YLGD HV HO DUTXHWLSR GHO WUDEDMR FUHDWLYR WUDEDMR
TXHVXUJHGHODVPHWiIRUDVGHOIXHJRYROFiQLFR\GHODIRUMDWUDEDMR
TXH VH SURGXFH D UDt] GH KDEHU VLGR H[SXOVDGR GHO 2OLPSR \ KDEHU
FDtGRDODWLHUUDWUDEDMRTXHUHGLPH\PHGLDQWHHOFXDOVHH[SUHVDHO
FUHDGRUKHULGR(ODUTXHWLSR+HIHVWRUHSUHVHQWDHOLQVWLQWRSURIXQGR
GHWUDEDMDU\FUHDULQVSLUDGRSRUHO³KHUUHURGHODOPD´PHWiIRUDTXH
-DPHV-R\FHXWLOL]yHQVX5HWUDWRGHODUWLVWDDGROHVFHQWH
&XDQGRHVWHDUTXHWLSRHVWiSUHVHQWHODEHOOH]D\ODH[SUHVLYLGDG
TXH GH RWUR PRGR SHUPDQHFHUtDQ RFXOWDV HQ HO LQWHULRU GH XQ
KRPEUH RGHXQDPXMHU VHSXHGHQOLEHUDUPHGLDQWHHOWUDEDMRTXH
GDXQDIRUPDWDQJLEOHDHVWRVDVSHFWRVGHVtPLVPR(VWDIRUPDGH
KDFHUVH FRQVFLHQWH HV OD YLVLyQ RSXHVWD D DTXpOOD HQ OD TXH OD
H[SHULHQFLDH[WHULRUVHWUDGXFHHQXQVLJQLILFDGRLQWHULRU(QVXOXJDU
DOJR TXH HVWi SUHVHQWH LQWHULRUPHQWH VH YXHOYH OLWHUDOPHQWH YLVLEOH
WUDVORFXDOVHSXHGHDGTXLULUODFRQFLHQFLDGHORTXHHOORVLJQLILFD
(O SURSLR 0LJXHO ÈQJHO VH YHtD OLEHUDQGR D VXV PDJQtILFDV
HVWDWXDV GH ORV EORTXHV GH PiUPRO HQ ODV TXH KDEtDQ VLGR
³HQFDUFHODGDV´ 0H SUHJXQWR VL DOJXQD YH] VH YROYHUtD DWUiV SDUD
FRQWHPSODU XQ WUDEDMR UHFLpQ DFDEDGR \ GDUVH FXHQWD GH TXH pO
KDEtD KHFKR YLVLEOH DOJR HQ Vt PLVPR &XDQGR HO DUTXHWLSR GH
+HIHVWRIRUPDSDUWHGHXQKRPEUH RXQDPXMHU ORTXHVHVLHQWH
SURIXQGDPHQWH\QRHVWiH[SUHVDGRHQODSVLTXHDGRSWDXQDIRUPD
FXDQGRpOFUHD\IDEULFDDOJR

(OIXHJRVXEWHUUiQHR\ODIRUMD
(OIXHJRDVRFLDGRFRQ+HIHVWRHVHOIXHJRVXEWHUUiQHRHVDPDVD
IXQGLGD SURIXQGD TXH VXUJH GH ODV HQWUDxDV HQ IRUPD GH ODYD
YROFiQLFD(OIXHJRVXEWHUUiQHRHVXQDPHWiIRUDGHORVVHQWLPLHQWRV
DSDVLRQDGRVGHODVH[XDOLGDGLQWHQVD\GHOIXHJRHUyWLFRFRQWHQLGR
GHQWURGHOFXHUSRKDVWDTXHVHPDQLILHVWDGHODLUD\ODUDELDTXHVH
UHWLHQHRVHLQWHQWDDSDJDURGHODSDVLyQSRUODEHOOH]DTXHVHDJLWD
\VHVLHQWHHQHOFXHUSR RODWLHUUDGHODSHUVRQD 
(VWRVVHQWLPLHQWRVTXHUHVLGHQEDMRODVXSHUILFLHHQXQDSHUVRQD
PX\LQWURYHUWLGDSXHGHQHQWUDUHQHUXSFLyQGHUHSHQWH&XDQGRVRQ
UHYHODGRV D RWUD SHUVRQD HQ XQ PRPHQWR GH FRQYHUVDFLyQ tQWLPD
FDVLVLHPSUHHVDSHUVRQDVHVRUSUHQGH©QRWHQtDODPHQRULGHDGH
TXHVLQWLHUDVHVWRWDQIXHUWHª
 (O DUTXHWLSR +HIHVWR SUHGLVSRQH DO KRPEUH R D OD PXMHU  D QR
KDEODU VREUH VXV VHQWLPLHQWRV R QR PDQLIHVWDUORV 3UHILHUH FUHDU VX
SURSLD YHUVLyQ GH OD IRUMD \ GHO WUDEDMR HQ VROHGDG $OOt R ELHQ
VXEOLPD VXV VHQWLPLHQWRV R ORV H[SUHVD PHGLDQWH VX WUDEDMR 3RU
HMHPSORHODUTXLWHFWRTXHDQVtDWHQHUXQKRJDUWUDQTXLOR\RUGHQDGR
SXHGHSODVPDUHVWRVVHQWLPLHQWRVHQORVSODQRVGHODFDVDTXHHVWi
GLVHxDQGR HQOXJDUGHFRPXQLFDUDVXIDPLOLDORPDOTXHVHVLHQWH
FRQHOGHVRUGHQ HODEVWUDFWRSLQWRUH[SUHVLRQLVWDFUHDHQVXOLHQ]R
OD DWPyVIHUD TXH DQKHOD R ELHQ SXHGH H[SUHVDU OD LUD \ HO GRORU DO
VHQWLU TXH VXV QHFHVLGDGHV HVWiQ WDQ GHVDWHQGLGDV QR H[SUHVDGDV
RHQHOPHMRUGHORVFDVRVPDOFRPXQLFDGDV 
/D IRUMD VH HQFXHQWUD GRQGHTXLHUD TXH UHDOLFH VX WUDEDMR GH
WUDQVIRUPDURWUDGXFLUORTXHVLHQWHHQSURIXQGLGDGHQDOJRH[WHUQR
DpOPLVPR0XFKDVEXKDUGLOODVRVyWDQRVGHDUWLVWDVVRQYHUGDGHURV
OXJDUHV DGRQGH ORV KRPEUHV YDQ SDUD HVWDU VRORV FRQ HO DUTXHWLSR
+HIHVWR XQ OXJDU GRQGH SXHGHQ VHU HO +HIHVWR GH OD IRUMD
VXEWHUUiQHD
(O DPRU QR FRQVXPDGR XQD PXMHU LQDOFDQ]DEOH R XQ DPRU QR
FRUUHVSRQGLGR SXHGHQ DYLYDU HO IXHJR GH OD IRUMD WUDQVIRUPDGRUD
FXDQGR +HIHVWR HV XQ DUTXHWLSR DFWLYR (O IXHJR GH OD IRUMD HV OD
SDVLyQQRH[SUHVDGDTXHLQVSLUDHOWUDEDMRFUHDWLYR

(ODUWHVDQRFRMR
7DOFRPRKHPRVYLVWR+HIHVWRIXHHO~QLFRROtPSLFRItVLFDPHQWH
GLVPLQXLGR OD ~QLFD GHLGDG SULQFLSDO LPSHUIHFWD )XH UHFKD]DGR GHO
2OLPSR SRU KDEHU QDFLGR FRQ XQ SLH GHIRUPH OR FXDO RIHQGLy D VX
PDGUH +HUD R SRU KDEHU HQIXUHFLGR D =HXV TXH OH ODQ]y SRU OD
PRQWDxD\OHGHMyFRMR
/DGHIRUPLGDGItVLFDGH+HIHVWRQRVHSXHGHVHSDUDUGHODKHULGD
HPRFLRQDO FDXVDGD SRU VXV SDGUHV $ UDt] GH VX FRMHUD \ GH VX
UHFKD]R+HIHVWRVHFRQYLUWLyHQHOGLRVGHODIRUMDHODUTXHWLSRGHO
LQVWLQWRGHWUDEDMDUFRPRPHGLRGHHYROXFLyQ\GHVDQDUODVKHULGDV
HPRFLRQDOHV+HIHVWRHVHODUTXHWLSRGHODUWHVDQRFRMR RGHODUWLVWD
HVFULWRU VDQDGRU LQYHQWRU IDEULFDQWH KHULGR  FX\D FUHDWLYLGDG HV
LQVHSDUDEOHGHVXVKHULGDVHPRFLRQDOHV
+HIHVWRHODUWHVDQRVHSDUHFHPXFKRDOVDQDGRUHQIHUPRFX\D
PRWLYDFLyQ GH VDQDU SURFHGH GH VXV SURSLDV KHULGDV ODV FXDOHV VH
FXUDQ FXDQGR pO FXUD D ORV GHPiV +HIHVWR WHQtD XQ SLH GHIRUPH \
FDPLQDED EDODQFHiQGRVH OR FXDO GLYHUWtD D ORV RWURV ROtPSLFRV TXH
OH ULGLFXOL]DEDQ 1R SRGtD VHU KHUPRVR SRU HVR FUHDED EHOOH]D VX
SLH QR VH PRYtD FRPR GHEtD SHUR OR TXH pO KDFtD IXQFLRQDED
SHUIHFWDPHQWH 0HGLDQWH VX WUDEDMR +HIHVWR \ ORV KRPEUHV \
PXMHUHV  FRPR pO SXHGHQ YHUVH D Vt PLVPRV UHIOHMDGRV LQWDFWRV \
IXQFLRQDQGR FRUUHFWDPHQWH D WUDYpV GH HVWD SUR\HFFLyQ IOX\H OD
DXWRHVWLPD \ HO UHVSHWR KDFLD XQR PLVPR DVt FRPR OD HVWLPD \ HO
UHVSHWR KDFLD ORV GHPiV 'H HVWH PRGR VH FXUDQ ODV KHULGDV TXH
PRWLYDURQHOWUDEDMR
7DO FRPR HO HVFULWRU MXQJXLDQR -DPHV +LOOPDQ FRPHQWD
©1XHVWURVSDGUHVVRQORVTXHQRVKLHUHQ7RGRVOOHYDPRVXQDKHULGD
GH QXHVWURV SDGUHV \ WHQHPRV XQ SDGUH R XQD PDGUH KHULGRV /D
LPDJHQ PtWLFD GH OD KHULGD R GHO SDGUH R OD PDGUH KHULGRV VH
FRQYLHUWH HQ OD DILUPDFLyQ SVLFROyJLFD GH TXH HO SDGUH R OD PDGUH
VRQORVKHULGRV>@ª/LWHUDOPHQWHKDFHPRVUHVSRQVDEOHVDQXHVWURV
SDGUHVSHURHVDPLVPDIUDVH³HOSDGUHRODPDGUHVRQORVKHULGRV´
SXHGH VLJQLILFDU PHWDIyULFDPHQWH TXH QXHVWUDV KHULGDV WDPELpQ
SXHGHQKDFHUQRVODIXQFLyQGHSDGUHV1XHVWUDVKHULGDVVHSXHGHQ
FRQYHUWLUHQORVSDGUHV\ODVPDGUHVGHQXHVWURVGHVWLQRV
&XDQGR HO DUTXHWLSR +HIHVWR HV XQR GH ORV SULQFLSDOHV
FRPSRQHQWHVGHODSHUVRQDOLGDGGHXQKRPEUHHQWRQFHVSXHGHTXH
pVWH VLJD HO SDWUyQ GHO DUWHVDQR FRMR \ VX UHFKD]R \ VX KHULGD
SXHGHQ³DSDGULQDU´VXFUHDWLYLGDG3HURHVWRVyORVXFHGHVLDOLJXDO
TXH +HIHVWR TXH WXYR GRV PDGUHV DGRSWLYDV  HV OR EDVWDQWH
DIRUWXQDGRFRPRSDUDUHFLELUDSR\R\WLHQHODRSRUWXQLGDGGHKDOODU
XQ PHGLR SDUD GHVDUUROODU ODV KDELOLGDGHV TXH OH SHUPLWHQ H[SUHVDU
VXFUHDWLYLGDG
$O VHU ODQ]DGR GHVGH HO PRQWH 2OLPSR \ ³EDMDU D OD WLHUUD´ HV
FRPR$GiQ\(YDFXDQGRIXHURQH[SXOVDGRVGHO-DUGtQGHO(GpQ(Q
DPERVPLWRVHOVXIULPLHQWR\ODQHFHVLGDGGHWUDEDMDUYLHQHQDUDt]
GHOD³FDtGD´

5HFRQFLOLDGRUGHODSD]IDPLOLDU
+HIHVWR VXIULy PDORV WUDWRV GH SHTXHxR FXDQGR IXH DUURMDGR
GHVGH HO PRQWH 2OLPSR SRU VX SDGUH R VX PDGUH \ VH TXHGy FRMR
SDUD VLHPSUH D UDt] GH HOOR (Q ODV IDPLOLDV FRQIOLFWLYDV FRQ
IUHFXHQFLD HO QLxR VXHOH DGRSWDU HO SDSHO GH SDFLILFDGRU 0XFKDV
YHFHV HV XQ QLxR YXOQHUDEOH TXH HV H[WUDRUGLQDULDPHQWH VHQVLEOH D
ORVSULPHURVVLJQRVGHOFRQIOLFWRLQPLQHQWHHQHO2OLPSRHVWHQLxR
IXH+HIHVWR
8QDGHVFULSFLyQGHORVDFRQWHFLPLHQWRVDOSULQFLSLRGHOD,OtDGDHV
OD GHO FRQIOLFWR TXH WLHQH OXJDU HQ OD PHVD HQWUH ORV SDGUHV \ TXH
DPHQD]D FRQ LU HQ DXPHQWR VL QR IXHUD SRU OD LQWHUYHQFLyQ GH
+HIHVWR HO SDFLILFDGRU GH OD IDPLOLD (VWD H[SHULHQFLD HV PX\
IUHFXHQWHHQPXFKRVKRJDUHV³£1RKDJDVHQIDGDUDSDSiSRUTXHVH
PHWHUiFRQWRGRVQRVRWURV´HVODDFWLWXGGH+HIHVWR

/RVGLULJHQWHVHVWiQHQGHVDFXHUGRHOVHxRUGHORVFLHORV
KDSURPHWLGRD7HWLVTXHFRQFHGHUtDKRQRUHVDVXKLMR\TXH
KXPLOODUtD D TXLHQHV OH FRQWUDGLMHUDQ (QWRQFHV HPSLH]D OD
SHOHDHQHOFLHOR+HUDODQ]DYLJRURVRVUHSURFKHVDVXHVSRVR
\ pVWH OD UHSUHQGH FRQ IXHU]D (OOD UHWHQLHQGR VX LUD VH
VLHQWD HQ VLOHQFLR \ OD UHEHOLyQ HPSLH]D D FRFHUVH HQWUH ODV
ILODV GH ORV GLRVHV (QWRQFHV VX KLMR +HIHVWR VH OHYDQWD SDUD
UHLQVWDXUDU OD SD] 'LFH TXH HV LQWROHUDEOH SDUD ORV GLRVHV
SHOHDUVH SRU ORV KRPEUHV \ HVWURSHDU HO SODFHU GHO EDQTXHWH
ROtPSLFR WRGRV HVWDUtDQ ELHQ VL VX PDGUH VH UHFRQFLOLDUD FRQ
VXSDGUH\OHKDEODUDDPLVWRVDPHQWHDVtpOQRVHHQIDGDUtDQL
OHV KDUtD VHQWLU VX SRGHU VXSHULRU < +HUD VRQUtH &RQWHQWD
DFHSWDODFRSDTXHOHRIUHFHVXKLMR>@
+HIHVWR\$IURGLWDXQLUHOWUDEDMRFRQHODPRU\ODEHOOH]D
(QOD 2GLVHD$IURGLWDODGLRVDGHODPRU\GHODEHOOH]DVHFDVy
FRQ +HIHVWR \ WXYR PXFKDV DYHQWXUDV &DGD XQD GH HOODV GLR FRPR
IUXWR XQ KLMR R KLMD 6yOR FRQ +HIHVWR QR WXYR GHVFHQGHQFLD HQ VX
OXJDUVXPDWULPRQLRVHYHtDFRPRXQDSHUVRQLILFDFLyQGHODXQLyQGH
OD DUWHVDQtD \ OD EHOOH]D TXH GD D OX] D KHUPRVRV REMHWRV (Q OD
,OtDGDGH+RPHUR+HIHVWRVHFDVyFRQ&DULVR*UDFLDHQOD7HRJRQtD
GH+HVtRGRVXHVSRVD$JOD\DHUDODPiVMRYHQGHODVJUDFLDVR HQ
XQDYHUVLyQPHQRU XQDGRQFHOODGH$IURGLWD&DGDXQDGHpVWDVHV
XQDYHUVLyQGHOPDWULPRQLRGHODEHOOH]DRODJUDFLDFRQODDUWHVDQtD
+HIHVWR EXVFD OD XQLyQ FRQ $IURGLWD HQ PXFKRV SODQRV HQ ODV
UHODFLRQHVSHUVRQDOHV\HQHOWUDEDMRHODUTXHWLSR+HIHVWRVHVLHQWH
DWUDtGRKDFLDODEHOOH]D\HODPRUHVRTXHOHKDVLGRQHJDGR\TXH
VLQHPEDUJRDQVtDWHQHU/RVVHQWLPLHQWRVSURIXQGRV\DSDVLRQDGRV
GHXQ+HIHVWRSXHGHQVHUDWL]DGRVSRUXQDKHUPRVDPXMHUTXHVHD
FRPR$IURGLWDHQVXLQWHQVLGDG\VHQVXDOLGDG(OODSXHGHLQVSLUDUVX
WUDEDMR\HQFHQGHUVXVVHQWLPLHQWRV
(QHVWHSURFHVRORVSDSHOHVGHKRPEUH\PXMHUHVWiQLQYHUWLGRV
SXHVWRTXHHVHOODODTXHSVLFROyJLFDPHQWHOH³IHFXQGD´IHUWLOL]DQGR
VXFUHDWLYLGDGJUDFLDVDODFXDOVXUJLUiXQQXHYRWUDEDMRHQpO

+HIHVWR\$WHQHDODXQLyQGHOWUDEDMRFUHDWLYR\OD
LQWHOLJHQFLD
&RPR \D KH GLFKR DQWHV +HIHVWR XQD YH] SHUVLJXLy D $WHQHD
GLRVD GH OD VDELGXUtD \ GH OD DUWHVDQtD H LQWHQWy IRU]DUOD (OOD VH
UHVLVWLy D VX LQGHVHDGR DEUD]R \ VX VHPHQ FD\y VREUH HO VXHOR \
IHFXQGy D OD 7LHUUD *HD $ VX GHELGR WLHPSR QDFLy (ULFWRQLR FX\R
QRPEUHVLJQLILFDED³KLMRGHOD7LHUUD´\VHOHHQWUHJyD$WHQHDSDUD
TXH OR FXLGDVH 7LHPSR GHVSXpV HQJHQGUy HO OLQDMH GH UH\HV
OHJHQGDULRVGH$WHQDV
$WHQHD TXH DGRSWy DO KLMR TXH +HIHVWR OH KDEtD HQWUHJDGR
UHSUHVHQWDHOLQWHOHFWRTXHVDEHFyPRKDFHUDOJR6XVDELGXUtDHUDOD
GHO JHQHUDO GH FDPSR FX\D HVWUDWHJLD WLHQH p[LWR R FRPR OD GHO
WHMHGRU TXH SXHGH YLVXDOL]DU XQ WDSL] GLVHxDUOR \ OtQHD D OtQHD
PDWHULDOL]DUOR/DVDWHQHDVFRQWHPSRUiQHDVSXHGHQKDFHUSODQHVGH
QHJRFLRVHQOXJDUGHGLVHxDUSODQHVGHEDWDOOD\FRQVLJXHQYLFWRULDV
HQHOPHUFDGR
/D XQLyQ GH +HIHVWR FRQ $WHQHD GHQWUR GH OD SVLTXH GH XQ
KRPEUHOHSHUPLWHVDEHUFyPRSODVPDUVXWUDEDMRHQHOPXQGR/D
SHUVHFXFLyQ GH $WHQHD SRU SDUWH GHO DUTXHWLSR +HIHVWR SXHGH
FRQGXFLU D XQ KRPEUH D FDVDUVH FRQ XQD PXMHU TXH SRVHD HVWDV
FXDOLGDGHV/DWDUHDGHDSR\DUHOWUDEDMRFUHDWLYRGHVXHVSRVRRGH
KDOODU XQD IRUPD SDUD TXH pO JDQH GLQHUR VL pO QR GHVDUUROOD HVWH
DVSHFWR GH Vt PLVPR  UHFDH VREUH HOOD SRU GHIHFWR (O DSR\R GH OD
FUHDWLYLGDG GH +HIHVWR DO HVWLOR GH $WHQHD WDPELpQ VH SURGXFH HQ
SDUHMDVGHOPLVPRVH[R

&XOWLYDUD+HIHVWR
/D ~QLFD IRUPD GH FXOWLYDU HVWH DUTXHWLSR HV GHGLFDUOH WLHPSR
DSDUWDUVHGHODFRPSDxtDGHORVGHPiV\TXHGDUVHDEVRUWRKDFLHQGR
DOJXQD FRVD PDQXDO DOJR TXH FRQR]FDPRV LQWXLWLYDPHQWH TXH
GXUDQWH HO SURFHVR GH FUHDFLyQ FDPELH H[SUHVH \ WUDQVIRUPH DOJR
UHSULPLGRHQQRVRWURV
'HVDUUROODUODLQWURYHUVLyQGH+HIHVWRHVDOJRYDOLRVRTXHHQVHxDU
DORVQLxRVH[WUDYHUWLGRV\TXHVLHPSUHGHSHQGHQSRWHQFLDOPHQWHGH
ODV RWUDV SHUVRQDV SDUD TXH KDJDQ FRVDV FRQ HOORV /RV SDGUHV
SXHGHQFXOWLYDUD+HIHVWRHQORVKLMRVDFHQWXDQGRODLPSRUWDQFLDGH
ORVSHUtRGRVGHVLOHQFLRGHDSUHQGHUDHQWUHWHQHUVHHOORVVRORV VLQ
GHSHQGHUGHODWHOHYLVLyQTXHHVXQSDVDWLHPSRSDVLYR /RVMXHJRV
GH FRQVWUXFFLRQHV \ OD DUFLOOD VRQ ORV FRPLHQ]RV KD\ XQD VHULH GH
SRVLELOLGDGHV GRQGH OD LPDJLQDFLyQ \ HO WUDEDMR PDQXDO YDQ MXQWRV
3HUPLWLU D ORV QLxRV HO SULYLOHJLR GH XQLUVH D HOORV HQ XQD DFWLYLGDG
FUHDWLYD SDUDOHOD \ VLOHQFLRVD PLHQWUDV HO SDGUH R OD PDGUH VH
FRQYLHUWHHQXQ+HIHVWRWUDEDMDQGRHQODIRUMDWUDQVPLWHDOQLxRHO
YDORU GH HVWD IRUPD GH SDVDU HO WLHPSR (V LPSRUWDQWH GHVWDFDU OD
LPSRUWDQFLDGHHVWDUDEVRUWRHQXQWLHPSRFUHDWLYR/RVDGXOWRVTXH
TXLHUHQ GHVDUUROODU HVWH DVSHFWR GH +HIHVWR KDQ GH DQLPDUVH GH OD
PLVPDPDQHUDTXHORKDUtDQFRQXQQLxR
&XDQGR -XQJ IXH UHFKD]DGR SRU )UHXG SRU QR HVWDU GH DFXHUGR
FRQ pO H[SXOVDGR GH OD FXPEUH SVLFRDQDOtWLFD GRQGH XQD YH] KDEtD
RFXSDGR HO SXHVWR GH SUtQFLSH HQWUH ORV VHJXLGRUHV GH )UHXG
DWUDYHVy XQR GH VXV SHUtRGRV PiV RVFXURV 6H TXHGy DLVODGR \
SDGHFLy XQ SHUtRGR GH LQFHUWLGXPEUH LQWHULRU \ GH SUHVLyQ LQWHUQD
FRQVWDQWH FRQYLUWLpQGRVH HQ XQD ILJXUD GH +HIHVWR ULGLFXOL]DGD \
UHFKD]DGD 6LQ HPEDUJR KDOOy XQD IRUPD GH H[SUHVDU VXV IXHQWHV
FUHDWLYDVDOLJXDOTXHKDUtD+HIHVWR
-XQJHVFULELy

/RSULPHURTXHDFXGLyDPLPHQWHIXHXQUHFXHUGRGHOD
LQIDQFLDTXL]iVGHFXDQGRWHQtDGLH]XRQFHDxRV3RUDTXHO
HQWRQFHV PH HQFDQWDED MXJDU FRQ MXHJRV GH FRQVWUXFFLRQHV
5HFXHUGR SHUIHFWDPHQWH FyPR FRQVWUXtD FDVLWDV \ FDVWLOORV
XWLOL]DQGRERWHOODVSDUDIRUPDUORVODWHUDOHVGHODVYHUMDV\ODV
EyYHGDV $OJ~Q WLHPSR GHVSXpV HPSHFp D XWLOL]DU SLHGUDV
QRUPDOHV \ EDUUR FRPR PRUWHUR (VWDV HVWUXFWXUDV PH
IDVFLQDURQ GXUDQWH PXFKR WLHPSR 3DUD PL DVRPEUR HVWH
UHFXHUGRVXUJtDDFRPSDxDGRGHXQDEXHQDGRVLVGHHPRFLyQ
³£$Mi ²PH GLMH D Pt PLVPR² HQ HVWDV FRVDV KD\ YLGD (O
FKLTXLOORWRGDYtDHVWiSRUDTXt\SRVHHODYLGDFUHDWLYDTXHD
Pt PH IDOWD 3HUR ¢FyPR SXHGR FRQVHJXLUOD"´ SXHVWR TXH
FRPRKRPEUHDGXOWRPHSDUHFtDLPSRVLEOHVDOYDUODGLVWDQFLD
GHVGH HO SUHVHQWH KDVWD PLV RQFH DxRV 6LQ HPEDUJR VL
TXHUtD UHVWDEOHFHU HO FRQWDFWR FRQ DTXHO SHUtRGR QR WHQtD
PiV UHPHGLR TXH UHJUHVDU D pO \ UHDQXGDU DTXHOOD YLGD GH
QLxR FRQ PLV MXHJRV LQIDQWLOHV $TXHOOR VXSXVR XQ PRPHQWR
GHFLVLYR HQ PL GHVWLQR SHUR VyOR FHGt D pO WUDV LQFRQWDEOHV
UHVLVWHQFLDV \ FRQ UHVLJQDFLyQ SXHV IXH XQD H[SHULHQFLD
GRORURVDPHQWH KXPLOODQWH GDUPH FXHQWD GH TXH QR KDEtD
QDGDPiVTXHKDFHUTXHMXJDUDMXHJRVGHQLxRV
 $Vt SXHV FRPHQFp D UHXQLU SLHGUDV DSURSLDGDV TXH
UHFRJtDHQSDUWHGHODRULOODGHOODJR\HQSDUWHGHGHQWURGHO
DJXD 'HVSXpV HPSHFp D FRQVWUXLU FDVDV GH FDPSR XQ
FDVWLOOR\OXHJRWRGRXQSXHEOR«
&DGDGtDGHVSXpVGHFRPHUPHSRQtDDFRQVWUXLU>«@HQHO
WUDQVFXUVR GH HVWD DFWLYLGDG PLV LGHDV VH DFODUDURQ \ SXGH
FDSWDU ODV IDQWDVtDV FX\D SUHVHQFLD HQ Pt PLVPR DSHQDV
SHUFLEtD
&RPRHVQDWXUDOUHIOH[LRQpVREUHHOVLJQLILFDGRGHORTXH
HVWDED KDFLHQGR \ PH SUHJXQWp D Pt PLVPR ³¢4Xp HVWiV
KDFLHQGR UHDOPHQWH" £(VWiV FRQVWUX\HQGR XQD FLXGDG HQ
PLQLDWXUD \ OR KDFHV FRPR VL IXHUD XQ ULWXDO´ 1R WHQtD
UHVSXHVWD SDUD PL SUHJXQWD VyOR OD FHUWH]D LQWHUQD GH TXH
HVWDEDHQYtDVGHGHVFXEULUPLSURSLRPLWR3XHVHOMXHJRGH
FRQVWUXFFLyQ HUD VyOR HO FRPLHQ]R eVWH GHVDWy XQD VHULH GH
IDQWDVtDVTXHIXLDQRWDQGRDFRQWLQXDFLyQ
(VWHWLSRGHFRVDVPHKDVHJXLGRVXFHGLHQGR\PiVWDUGH
HQ PL YLGD VLHPSUH TXH PH TXHGDED HQ EODQFR SLQWDED XQ
FXDGURRHVFXOStDXQDSLHGUD&DGDXQDGHHVWDVH[SHULHQFLDV
GHPRVWUy VHU XQ ULWH G¶HQWUpH SDUD LGHDV \ WUDEDMRV TXH VH
IXHURQVXFHGLHQGR>@
+HIHVWRHOKRPEUH
8Q+HIHVWRHVXQDSHUVRQDLQWHQVDHLQWURYHUWLGD(VGLItFLOSDUD
ORV GHPiV VDEHU OR TXH HVWi SDVDQGR HQ VXV DGHQWURV R SDUD pO
H[SUHVDU VXV VHQWLPLHQWRV GLUHFWDPHQWH 6H SXHGH FRQYHUWLU HQ XQ
WXOOLGR HPRFLRQDO HQ XQ YROFiQ ODWHQWH R HQ XQ KRPEUH PX\
FUHDWLYR

/RVSULPHURVDxRV
8Q QLxR +HIHVWR SXHGH VHU GLItFLO GH HGXFDU SRUTXH SRVHH XQD
LQWHQVDHQHUJtD\VHQVLELOLGDGUHVSHFWRDORTXHHVWiSDVDQGRHQVX
LQWHULRU7LHQHXQDWUDQTXLOLGDGTXHHVFRPRPXHOOHSUHVLRQDGRTXH
SXHGH VROWDUVH GH UHSHQWH \ DJLWDUVH FRQ UHVHQWLPLHQWR H
LQGLJQDFLyQDXQTXHVyORVHPDQLILHVWHFRPRXQDEXUEXMDGHDLUHR
GHXQFyOLFR1RVXHOHVHUXQEHEpSOiFLGRPLPRVRHQFDQWDGRFRQ
ORTXHHVWiSDVDQGRDVXDOUHGHGRU\TXHVHGLYLHUWDFRQIDFLOLGDG$
YHFHV VX FXHUSHFLWR VH VLHQWH FRPR VL IXHUD PiV GHQVR TXH HO GH
RWURQLxRFRQXQDSHUVRQDOLGDGPiVOLYLDQD7LHQHPHQWHSURSLD\VH
TXHGDDEVRUWRHQORTXHOHIDVFLQDQRHQORTXHRWUDSHUVRQDTXLHUH
TXHSUHVWHDWHQFLyQ
6LORVSULPHURVDxRVVRQGLItFLOHV\pO²DOLJXDOTXH+HIHVWR²HV
UHFKD]DGRSRUVXPDGUHSRUQRHQFDUQDUVXVHVSHUDQ]DVGHORTXH
GHEHUtD VHU XQ EHEp R VL WLHQH OD GHVJUDFLD GH QDFHU HQ XQ KRJDU
YLROHQWRHQWRQFHVHVWRVUDVJRVGHODSHUVRQDOLGDGVHLQWHQVLILFDUiQ
1R HV XQ EHEp FRQ XQD SHUVRQDOLGDG QDWXUDOPHQWH DOHJUH TXH VH
SXHGHJDQDUDODVSHUVRQDV3RUORWDQWRVLQRHVDFHSWDGR\DPDGR
WDOFRPRHVVHSXHGHFRQYHUWLUHQXQQLxRUHWUDtGR\REVHVLYR
(QODHVFXHODSXHGHVHUXQVROLWDULRXQQLxRTXHREVHUYDGHVGH
ODSHULIHULDTXHQRHQFDMD\TXHQXQFDSDUHFHHVWDUHQHOFHQWURGH
ODVDFWLYLGDGHV(VWiPiVLQWHUHVDGRHQODVFRVDV\HQODVPiTXLQDV
TXH HQ ODV SHUVRQDV QHFHVLWD D ORV GHPiV SDUD TXH VH UHODFLRQHQ
FRQ pO D WUDYpV GH OR TXH HVWi KDFLHQGR D PHQXGR MXJDQGR HQ
VROLWDULR (O SURIHVRU R OD PDGUH TXH OH VDFD GH VX PXQGR VXHOH
KDFHUOR LQWHUHViQGRVH SRU OR TXH KD FDSWDGR VX LQWHUpV SUHVWDQGR
DWHQFLyQ FXDQGR pO R HOOD OHV PXHVWUD \ H[SOLFD FyPR IXQFLRQD R
FyPRORKDKHFKR
3XHGHFRQVHJXLUDXWRHVWLPDVLVHOHDSUHFLDSRUVXLQGLYLGXDOLGDG
VLVHOHDPDSRUVHUpOPLVPR\VHOHDQLPDDFWLYDPHQWHDVHJXLUVXV
SURSLRVLQWHUHVHV HQOXJDUGHIRU]DUOHDVHJXLUHOULWPRGHOJUXSR 
(VWHDSR\ROHSHUPLWLUiYLYLUVLQDJRELRV\GHVDUUROODUVXVKDELOLGDGHV
FUHDWLYDVHQXQDHWDSDSRVWHULRUGHODYLGD

6XVSDGUHV
(O+HIHVWRPLWROyJLFRIXHXQKLMRUHFKD]DGR\HOUHFKD]RWDPELpQ
SXHGHVHUHOGHVWLQRGHXQPXFKDFKR+HIHVWR6LVXPDGUHHVFRPR
+HUDTXHTXLHUHXQEHEpTXHUHDOFHVXDXWRHVWLPD²FRPRXQORJUR
RXQDFWRFRPSHWLWLYRXQDPXHVWUDGH³PLUDORTXHSXHGRKDFHU´²
\VLWLHQHXQKLMRTXHQRFXPSOHORTXHHVSHUDGHpO TXHHVRTXH
VXHOHVXFHGHUFRQHVWHWLSRGHPXMHUQRPDWHUQDO\QDUFLVLVWD HOOD
OHUHFKD]DUiSRUQRVHUSHUIHFWR
6L OD YLGD LPLWD DO PLWR HQ FXDQWR D TXH HO UHFLpQ QDFLGR WHQJD
DOJ~Q WLSR GH GHILFLHQFLD HQWRQFHV HO UHFKD]R WRWDO HV EDVWDQWH
SRVLEOH 3DUD XQD PDGUH TXH QHFHVLWD D XQ KLMR FRPR PHGLR GH
DXWRDILUPDFLyQ XQ KLMR FRQ DOJXQD GHIRUPLGDG DVHVWD D VX HJR XQ
VHYHUR JROSH \ VH FRQYLHUWH HQ XQD IXHQWH GH KXPLOODFLyQ 3XHGH
UHDFFLRQDU GHVSURSRUFLRQDGDPHQWH DQWH FXDOTXLHU GHIRUPLGDG \
HVWDUUHVHQWLGD\UHFKD]DUOHSRUFRPSOHWRFUHDQGRGHHVWHPRGRXQ
WXOOLGRHPRFLRQDO6LHOLQWHUQDPLHQWRHVSRVLEOHLQPHGLDWDPHQWHVH
GHVKDUiGHpO\ORDEDQGRQDUiHQDOJXQDLQVWLWXFLyQ
(O UHFKD]R GH VX SDGUH \ VXV DEXVRV WDPELpQ SXHGHQ GHMDUOH
WXOOLGR FRPRHQHORWURPLWR 3XHVWRTXH+HIHVWRQRVHJXtDSRUOR
TXH RWUDV SHUVRQDV HVSHUDQ GH pO QR HV GLSORPiWLFR \ WLHQH
VHQWLPLHQWRV LQWHQVRV SXHGH SURYRFDU OD UDELD GH XQ SDGUH
DXWRULWDULR HVSHFLDOPHQWH VL WDPELpQ HV DOFRKyOLFR  8Q SDGUH DVt
SXHGH SHJDUOH TXL]iV LQFOXVR SRU GHIHQGHU D VX PDGUH TXH IXH OR
TXHSURYRFyD=HXV(VWRVDEXVRVSXHGHQDFDEDUHQOHVLRQHVItVLFDV
SHUPDQHQWHVDVtFRPRGHMDUFLFDWULFHVHPRFLRQDOHV
,QFOXVR HQ ODV IDPLOLDV QRUPDOHV \ FRUULHQWHV XQ KLMR +HIHVWR
SXHGHVHUHOPHQRVIDYRUHFLGRHOTXHHVGLVWLQWRSRUVHU³GHPDVLDGR
VHULR´ ³GHPDVLDGR LQWHQVR \ VXVFHSWLEOH´ ³GHPDVLDGR UHWUDtGR´ R
³GHPDVLDGR LQVRFLDEOH´ 6XHOHQ FULWLFDUOH SRU VX IDOWD GH p[LWR \ GH
DPELFLyQ \ OR FRPSDUDQ GHVIDYRUDEOHPHQWH FRQ ORV GHPiV 8Q
+HIHVWRSDGHFHGRVYHFHVSRUHVWHUHFKD]R\GHVDLUHVSULPHURSRU
OD H[SHULHQFLD QHJDWLYD \ OXHJR SRU JXiUGDUVHOD HQ VXV DGHQWURV \
GDUOHYXHOWDVDODPLVPD
6LQ HPEDUJR HQ XQD VLWXDFLyQ LGHDO GH FUHFLPLHQWR XQ
PXFKDFKR +HIHVWR WLHQH SDGUHV TXH HVWDUiQ FRPSODFLGRV FRQ OD
IRUPDHQTXHIXQFLRQDQVXVPDQRV\VXPHQWH/HYDORUDQ\DQLPDQ
DFUHFHUFRQVXVWHQGHQFLDVQDWXUDOHV\OHD\XGDQDDGDSWDUVHDOD
VRFLHGDGDODYH]TXHYDORUDQVXQDWXUDOH]DLQWURYHUWLGD

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
6L HO MRYHQ +HIHVWR KD VLGR OR EDVWDQWH DIRUWXQDGR FRPR SDUD
GHVFXEULUORVPHGLRVSDUDVHUFUHDWLYR\VHKDODQ]DGRDGHVDUUROODU
VXV KDELOLGDGHV \ VX YLVLyQ DUWtVWLFD HQWRQFHV OD DGROHVFHQFLD \ OD
MXYHQWXGVXSRQGUiQHOSULQFLSLRGHFRQYHUWLUVHHQpOPLVPRDWUDYpV
GHO WUDEDMR FUHDWLYR 3XHGH FRQVHJXLU HVWH p[LWR LQLFLDO VL WLHQH
PHFHQDV DUWtVWLFRV TXH IRPHQWHQ VX WDOHQWR OR UHFRQR]FDQ \ OH
SURSRUFLRQHQ ODV KHUUDPLHQWDV \ KDELOLGDGHV SDUD TXH ORV SXHGD
GHVDUUROODU 3XHGH HQWUDU HQ XQ PXQGR GLIHUHQWH HQ XQD JUDQ
HVFXHOD GH DUWHV \ RILFLRV GH XQD JUDQ FLXGDG SRU HMHPSOR GRQGH
SRUSULPHUDYH]WLHQHXQOXJDUHQXQHQWRUQRHVFRODU\JUDFLDVDVX
WUDEDMRFXHQWDFRQXQPHGLRGHH[SUHVLyQ\GHKDFHUDPLVWDGHV
&RPR QLxR HO LQWURVSHFWLYR +HIHVWR SXHGH KDEHU VHQWLGR XQD
IXHUWHVHQVDFLyQGHQRSHUWHQHFHUDVXIDPLOLD$KRUDFRPRMRYHQ
SXHGH DEDQGRQDU HO KRJDU HQ EXVFD GH VX ³YHUGDGHUD´ IDPLOLD
SHUVRQDV TXH VH SDUHFHQ PiV D pO TXH WUDEDMDQ OD WLHUUD FRQ VXV
PDQRV DUWHVDQRV R DUWLVWDV 6L KD VLGR UHFKD]DGR \ KD VXIULGR
DEXVRVSXHGHVHUXQDGROHVFHQWHREVHVLYRIXULRVR\GHSULPLGRTXH
IDQWDVHD VREUH OD UHYDQFKD +HIHVWR QR GHYXHOYH HO JROSH FRQ VXV
SXxRV VLQR TXH LQJHQLD HODERUDGRV SODQHV SDUD KXPLOODU D VXV
RIHQVRUHV7DPELpQSXHGHFRQYHUWLUVHHQXQDUWLVWDGH JUDILWWLHQODV
SDUHGHV GH ORV PHWURV \ HQ ODV GH ORV HGLILFLRV &RPR SHUVRQD
VROLWDULDTXHHVQRVXHOHSHUWHQHFHUDQLQJXQDEDQGD
6L HO MRYHQ +HIHVWR DWUDYLHVD XQD FULVLV GH FUHFLPLHQWR \ VL QR
HVWi FRQWHQWR \ HVWi IXULRVR SXHGH HPSH]DU D LQWLPLGDU D ODV
SHUVRQDV HVSHFLDOPHQWH VL OHV VREUHSDVD HQ HVWDWXUD  DXQTXH HQ
JHQHUDO QR OR KDFH LQWHQFLRQDGDPHQWH 3XHVWR TXH UHSULPH VXV
LQWHQVRV VHQWLPLHQWRV SXHGH HVWDU UHVHQWLGR \ OOHQR GH UDELD
FRQWHQLGD /DV SHUVRQDV TXH SHUFLEHQ HVWD UDELD SXHGH TXH YD\DQ
FRQFXLGDGRFRQpOSHURORPiVWtSLFRHVTXHpOUHSULPDVXLUDROD
GHVFDUJXHFRQWUDVtPLVPRHQOXJDUGHKDFHUORVREUHRWUDSHUVRQD
/RTXHLQLFLDOPHQWHVXHOHVDOYDUDORVMyYHQHV+HIHVWRUHFKD]DGRV
GHSDGHFHUJUDYHVGHSUHVLRQHVVHDFXDOIXHUHHOJUDGRGHDOLHQDFLyQ
\ UDELD TXH DOEHUJXHQ HV HO WUDEDMR ItVLFR GXUR 3XHGHQ GHVFXEULU
HVWH DOLYLR UHSDUDQGR XQ FRFKH R GHVFXEULHQGR DOJ~Q WUDEDMR
DUWHVDQDOTXHOHVIDVFLQH3RUFRQVLJXLHQWHHOWUDEDMRJUDWLILFDQWHOHV
D\XGDDFUHFHU²HOWUDEDMRHQHOTXHSXHGHQHPSOHDUVXFUHDWLYLGDG
\HQHUJtDSVLFROyJLFD²LQFOX\HQGRVXLUD

(OWUDEDMR
+HIHVWRIXHHO~QLFRGLRVTXHWUDEDMy(QVXIRUMDTXHHTXLYDOHD
XQ HVWXGLR XQ WDOOHU XQ ODERUDWRULR GH SUXHEDV WUDEDMy
SURGLJLRVDPHQWHSDUDFUHDUREMHWRVKHUPRVRV\IXQFLRQDOHVDUPDV\
DUPDGXUDV YHKtFXORV \ VLUYLHQWDV GRUDGDV TXH SDUHFtDQ UHDOHV
LQFOXVRD3DQGRUD
1LQJ~Q RWUR KRPEUH HVWi WDQ DEVRUWR QL VH GHGLFD WDQWR D VX
WUDEDMR FRPR XQ +HIHVWR TXH KD HQFRQWUDGR VX RILFLR (Q ORV DxRV
TXHSDVpHQORVFHQWURVPpGLFRVKDFLHQGRSUiFWLFDVSDUDFRQVHJXLU
PLWtWXORGHPHGLFLQDFRQRFtDPXFKRVKRPEUHVFX\DSDVLyQSRUHO
WUDEDMR\DOJXQDVKDELOLGDGHVOHVFRQYHUWtDHQKHIHVWRV$OJXQRVHUDQ
FLUXMDQRV DGPLUDGRV SRU ORV UHVLGHQWHV GHELGR D VXV KDELOLGDGHV
TXLU~UJLFDV \ VXV LQYHVWLJDFLRQHV DVt FRPR SRU VX HQHUJtD TXH
DJRWDED D LQWHUQRV \ UHVLGHQWHV TXH HUDQ YHLQWH DxRV PiV MyYHQHV
TXHHOORVRLQFOXVRPiV
&RPR HVWXGLDQWHV GH PHGLFLQD QRV SUHJXQWiEDPRV FyPR HVWRV
KRPEUHV SRGtDQ OOHYDU XQD YLGD TXH VH SDUHFLHUD D OD GH XQ PRUWDO
RUGLQDULR 8Q QHXURFLUXMDQR KDFtD KDELWXDOPHQWH VHLV RSHUDFLRQHV
GLDULDV \ XQD YH] QRV GLMHURQ TXH KL]R XQD RSHUDFLyQ TXH GXUy
YHLQWH KRUDV DJRWDQGR D YDULRV WXUQRV GH D\XGDQWHV $OJXQRV
FLUXMDQRV FDUGLyORJRV HVSHFLDOPHQWH HQ ORV SULPHURV DxRV GH OD
HWDSD GH SHUIHFFLRQDPLHQWR SDUHFtD TXH YLYLHUDQ HQ HO KRVSLWDO OR
FXDODKRUDHVDOJREDVWDQWHFRP~Q&XDQGRQRHVWDEDQRSHUDQGRR
YLVLWDQGRSDFLHQWHVSRUHOKRVSLWDOVHGHGLFDEDQDODFLUXJtDDQLPDO
SDUDHQVD\DUQXHYDVWpFQLFDVRSUDFWLFDEDQDXWRSVLDVSDUDDYHULJXDU
OR TXH OH KDEtD VXFHGLGR D XQ SDFLHQWH DO PRULU 7HQtDQ XQD SDVLyQ
SRU HO WUDEDMR TXH IiFLOPHQWH VH SRGtD REVHUYDU SHUR TXH GH RWUR
PRGRQRKDEUtDQH[SUHVDGR
$OLJXDOTXHHOGLRVTXHFUHyD3DQGRUD\DODVVLUYLHQWDVGRUDGDV
HO FLUXMDQR WUDEDMD SDUD TXH HO FXHUSR KXPDQR IXQFLRQH eO R HOOD
HVXQKiELODUWHVDQRXQDUWHVDQRPX\GHVDUUROODGRSUHVHQFLDUXQD
RSHUDFLyQGHXQFLUXMDQR+HIHVWRHVREVHUYDUDXQDUWLVWD6LDOJXLHQ
DVtVHSDUHFHD+HIHVWRHQVXSHUVRQDOLGDGWDPELpQHVXQDSHUVRQD
LQWURYHUWLGD FRQ SRFDV DUWHV VRFLDOHV R SROtWLFDV VyOR UHFLEH
UHFRQRFLPLHQWR SRU VX WUDEDMR $SROR HV HO RWUR GLRV TXH WDPELpQ
HVWiGHGLFDGRDODPHGLFLQDTXHVHHQFDUQDHQHOPpGLFRORFXD]TXH
SRVHH JUDQGHV GRWHV GH GLDJQRVLV \ WHRUtD TXH VH VDEH FRPXQLFDU
ELHQ$SRORHVHODUTXHWLSRTXHSHUPLWHDVFHQGHUGHQWURGHOVLVWHPD
MHUiUTXLFR GH OD PHGLFLQD VLQ HO FXDO OD KDELOLGDG \ OD SDVLyQ GH
+HIHVWR SXHGH TXH QR OOHJXHQ D H[SUHVDUVH WRWDOPHQWH HQ HO
WUDEDMR 
8Q HQWRUQR PiV WtSLFR SDUD +HIHVWR HV HO GHO FDPSR FUHDWLYR
GRQGH PXFKRV KRPEUHV VH FRQVLGHUDQ ³H[WUDxRV´ SRVHHQ XQD
LQWHQVD SDVLyQ SRU HO WUDEDMR \ UHDOL]DQ XQD ODERU TXH OHV
SURSRUFLRQD XQ PHGLR SDUD H[SUHVDU VXV LQWHQVRV VHQWLPLHQWRV 8Q
SLQWRU XQ DUTXLWHFWR \ XQ HVFXOWRU GH PHWDO VRQ ORV HMHPSORV TXH
DFXGHQ D PL PHQWH GH KRPEUHV +HIHVWR FRQ ORV TXH KH WUDEDMDGR
FRPRSVLTXLDWUD7RGRVYHQtDQDPLFRQVXOWDGHELGRDVXDQVLHGDG\
DVXGHVHRGHVHUPiVFRQVFLHQWHVGHVXVIXHUWHVVHQWLPLHQWRVTXH
HUDQ LQFDSDFHV GH H[SUHVDU $O LJXDO TXH ORV FLUXMDQRV +HIHVWR
HVWDEDQ PX\ GHGLFDGRV D VXV WUDEDMRV VXV KRUDULRV ODERUDOHV HUDQ
LJXDOPHQWHKHURLFRVSHURQRORVFRQVLGHUDEDQGHHVHPRGR%XVFDU
ODPDQHUDGHKDFHUORTXHFUHtDQSRVLEOHWDPELpQOHVPDQWHQtDOHV
DEVRUEtD \ DO LJXDO TXH FRQ HO FLUXMDQR TXH SDVDED KRUDV HQ HO
ODERUDWRULR FRQ ORV DQLPDOHV HVWRV KRPEUHV SDVDEDQ KRUDV
FRQVWUX\HQGR\H[SHULPHQWDQGRUHDOL]DQGRHOWUDEDMRTXHVXUJtDGH
VXVLPiJHQHV
3DUDXQ+HIHVWRHOWUDEDMRHVPiVTXHXQHPSOHRXQDIRUPDGH
DOFDQ]DU SRVLFLyQ VRFLDO R GH JDQDUVH OD YLGD (V XQ PHGLR SDUD
UHDOL]DU HO LQVWLQWR TXH OH SUHVLRQD D WUDVFHQGHU FXDOTXLHUD GH VXV
~OWLPDV VROXFLRQHV FUHDWLYDV HQ SUR GH XQ QXHYR HVIXHU]R TXH OH
DEVRUEDSRUFRPSOHWR(OWUDEDMRGDDVXYLGDSURIXQGLGDG\VHQWLGR
ORTXHVDEHDFHUFDGHOGLRVTXHKD\HQVXLQWHULRUORH[SHULPHQWDHQ
ORVPRPHQWRVGHFUHDWLYLGDG
(O +HIHVWR TXH VDEH TXH HVWi KDFLHQGR HO WUDEDMR GH VX YLGD HO
WUDEDMR TXH FRQWLQ~D GHVDILiQGROH \ GiQGROH SODFHU FDGD YH] TXH
FRPSOHWDXQDSDUWHVLJQLILFDWLYDGHOPLVPRHVWiUHDOL]DQGRODWDUHD
TXH OH JXVWD HVWH WUDEDMR VXHOH KDFHUOH VHQWLUVH tQWLPDPHQWH
UHODFLRQDGRFRQVXSURSLDHYROXFLyQHVXQDH[SUHVLyQGHVXSVLTXH
TXH VH KD KHFKR WDQJLEOH 6L DGHPiV OH SURSRUFLRQD ORV PHGLRV
SDUD YLYLU ELHQ \ WHQHU UHFRQRFLPLHQWR HQWRQFHV VHUi UHDOPHQWH
DIRUWXQDGR
8QDJUDQSDUWHGHKHIHVWRVQRVRQWDQDIRUWXQDGRV3DUDUHDOL]DU
XQ LQVWLQWR ODERUDO SURIXQGR XQ KRPEUH HQ SULPHU OXJDU KD GH
GHVFXEULUTXpHVORTXHOHJXVWDWHQHUODRSRUWXQLGDGGHGHVDUUROODU
ODV KDELOLGDGHV QHFHVDULDV \ SRU ~OWLPR WHQHU OD SRVLELOLGDG GH
SRQHUODV HQ SUiFWLFD 7UDEDMD PHMRU HQ VROLWDULR VLQ HVWDU PRWLYDGR
SRU HO SURYHFKR QL LQIOXLGR SRU OD FRPSHWLWLYLGDG (O PXQGR
FRUSRUDWLYR OH HV DMHQR \ FDUHFH GH VHQWLGR SDUD pO 1R VH VDEH
YHQGHUDVtPLVPRQLDVXVSURGXFWRV&XDQGRWLHQHp[LWRHVSRUTXH
VXVREUDVKDEODQSRUpO\SRUTXHKD\RWUDSHUVRQDXRWURDUTXHWLSR
HQpOTXHWLHQHVHQWLGRGHORVQHJRFLRV'DGRVWRGRVORVUHTXLVLWRV
SUHYLRV QHFHVDULRV SDUD KDOODU XQ WUDEDMR TXH OH OOHQH QR HV GH
H[WUDxDU TXH OD IDOWD GH XQ WUDEDMR VLJQLILFDWLYR GHVPRUDOLFH D XQ
+HIHVWR TXH VXIULUi XQD SURIXQGD GHSUHVLyQ UHODFLRQDGD FRQ HO
WUDEDMRRFRQHOGHVHPSOHR

/DVUHODFLRQHVFRQODVPXMHUHV
/DVPXMHUHVVRQPX\LPSRUWDQWHVSDUDXQ+HIHVWRSXHGHQWHQHU
HO SRGHU GH ³FRQVWUXLUOH R GHVWUXLUOH´ 3XHGH TXH QHFHVLWH D XQD
PXMHU TXH FXLGH VX ELHQHVWDU SHUVRQDO TXH VHD OD IXHQWH GH VX
LQVSLUDFLyQ FUHDWLYD PHQWRUD GH VXV KDELOLGDGHV VRFLDOHV \ TXH
UHSUHVHQWHVXWUDEDMRDQWHORVGHPiV/DVSHUVRQDVLPSRUWDQWHVHQ
VXYLGDTXHWLHQHQSRGHUVREUHpODPHQXGRVRQPXMHUHVODPDGUH
SURIHVRUDVMHIDVGHHVWXGLRVGLUHFWRUDVGHJDOHUtDVGHDUWH\MHIDV
'DGDVXDGPLUDFLyQJHQXLQDSRUODVPXMHUHVLQWHOLJHQWHVVHJXUDVGH
Vt R SRU OD EHOOH]D VH VLHQWH DWUDtGR KDFLD PXMHUHV FRQ HVWDV
FXDOLGDGHV\SXHGHOOHJDUDFRQFHGHUOHVSRGHUVREUHpO
6LXQDPXMHUHVFDSD]GHSHUFLELUVXSURIXQGLGDG\VHQVLELOLGDG\
D VX YH] HVWLPXODU VX LPDJLQDFLyQ VH FRQYHUWLUi HQ HO PD\RU
DFRQWHFLPLHQWR GH VX YLGD 6LQ HPEDUJR DXQTXH OD UHODFLyQ VHD
EUHYHRODUJDpVWDGXUDUiDxRV TXL]iVSDUDVLHPSUH HQVXPXQGR
LQWHULRU3DUDODPD\RUtDGHORVKHIHVWRVODVUHODFLRQHVVLJQLILFDWLYDV
VRQSRFDV\VHSDUDGDVHQWUHHOODV
/D LQWHQVLGDG GH VX QDWXUDOH]D LQWURYHUWLGD OH KDFH VHQWLUVH
LQFyPRGR6XFRQGXFWDSXHGHOOHJDUDVHULQDSURSLDGD\QRHVPX\
EXHQR LQLFLDQGR UHODFLRQHV HQ ILHVWDV VRFLDOHV (O MXHJR GH ODV FLWDV
HVDOJRTXHVXHOHHYLWDU
(O KRPEUH +HIHVWR R OD SDUWH GH +HIHVWR GH XQD SHUVRQD  HV
FDSD]GHKDFHUXQWUDEDMRLQVSLUDGRTXHVXUMDGHODVSURIXQGLGDGHV
GH VX YLGD LQWHULRU GH OD FXDO H[WUDLJD LPiJHQHV \ HPRFLRQHV GH OR
LQFRQVFLHQWH FROHFWLYR GH OD KXPDQLGDG /D LQWHQVLGDG GH VXV
VHQWLPLHQWRV HVSHFLDOPHQWH KDFLD XQD PXMHU FRQ OD TXH QR SXHGH
WHQHUXQDUHODFLyQGHWRGRVORVGtDV\SRUHQGHDODTXHQRSXHGH
FRQYHUWLU HQ XQD PXMHU RUGLQDULD SXHGH FRQGXFLUOH DO WUDEDMR
FUHDWLYRTXHVXUJHGHODVSURIXQGLGDGHVGHVXDOPD(VWHSDUHFHVHU
HO FDVR GHO GHVWDFDGR SLQWRU $QGUHZ :\HWK KRPEUH GH HVWXGLDGD
UHFOXVLyQTXHHQUHYHOyORTXHODUHYLVWD 7LPHGHVFULELyFRPR
VX ³VRUSUHQGHQWH VHFUHWR>@´  REUDV UHDOL]DGDV GXUDQWH TXLQFH
DxRVGHGLFDGDVWRGDVDODPLVPDPXMHUGHODTXHVyORUHYHODEDVX
QRPEUH +HOJD (V HYLGHQWH TXH HOOD LQVSLUy OR PHMRU GH pO \ IXH OD
PXVDGHVXREUDPiVSUROtILFD

/DVUHODFLRQHVFRQORVKRPEUHV
8Q +HIHVWR QR HV GH HVD FODVH GH SHUVRQDV TXH VH VXHOHQ
LQWHJUDU HQ DOJXQD IUDWHUQLGDG HVWXGLDQWLO OH UHSHOH OD FDPDUDGHUtD
VXSHUILFLDO H[WHUQD \ ORV FRPSDxHURV GH HVWXGLRV TXH SHUWHQHFHQ D
IUDWHUQLGDGHV TXH WLHPSR GHVSXpV VH FRQYLHUWHQ HQ PLHPEURV GH
FRUSRUDFLRQHV \ RUJDQL]DFLRQHV SURIHVLRQDOHV  OH HQFXHQWUDQ
GHPDVLDGRGLIHUHQWHDHOORV6LWDPELpQWLHQHRWURVDUTXHWLSRVFRPR
$SROR R +HUPHV TXH KDFHQ SRVLEOH TXH VH SXHGD LQWHJUDU VX
QDWXUDOH]D +HIHVWR OH LPSHGLUi VHQWLU TXH SHUWHQHFH D DOJXQD GH
HOODV
/DV UHODFLRQHV FRQ ORV KRPEUHV TXH HVWiQ MXQWRV SRU FXHVWLRQHV
GH QHJRFLRV QR IXQFLRQDUiQ FRQ pO 6H HQFRQWUDUi FRQ OD PLVPD
GLILFXOWDG TXH WLHQH FRQ ORV HQFXHQWURV VXSHUILFLDOHV HQ XQD ILHVWD
'H PRGR TXH VH VLHQWH ²R HV² XQ H[WUDxR 1RUPDOPHQWH KD VLGR
UHFKD]DGRSRUORV³DQWLJXRVFRPSDxHURVGHHVWXGLRV´SRUORWDQWROR
PiV IUHFXHQWH HV TXH OH DVLJQHQ HO SDSHO GH IRUDVWHUR R TXH VH OR
DVLJQHpOPLVPR
0XFKDV YHFHV WLHQH SUREOHPDV HVSHFtILFRV FRQ ORV KRPEUHV GH
DXWRULGDG <D VHD VX SDGUH SURIHVRU R VXSHUYLVRU 4XLHQTXLHUD TXH
LQWHQWHFDPELDUVXIRUPDGHVHU²GHODIRUPDFRPRORV PDULQHVGH
ORV (VWDGRV 8QLGRV ³KDFHQ KRPEUHV´ GH VXV UHFOXWDV² VXHOH
IUDFDVDUHQVXLQWHQWR\HQIXUHFLGRSRUQRFRQVHJXLUORHVSUREDEOH
TXHOHH[SXOVH+HIHVWRQRHVWiPRWLYDGRSRUODVH[LJHQFLDVH[WHUQDV
GHDGDSWDUVH\YLYLUVHJ~QORTXHHVSHUDQGHpOORVGHPiVHQSDUWH
SRUTXH HVWi PX\ HQIRFDGR KDFLD GHQWUR \ HQ SDUWH SRUTXH ODV
FUtWLFDV\ODLUDTXHUHFLEHSDUDTXHVHDPROGHGHVSLHUWDQXQDFyOHUD
LQWHQVD TXH HQWRQFHV UHSULPH (VWD LUD GLILFXOWD PiV TXH SXHGD
KDFHU OR TXH VH HVSHUD GH pO /DV SHUVRQDOLGDGHV DXWRULWDULDV
UHDFFLRQDQGHVSURSRUFLRQDGDPHQWHDQWHFXDOTXLHUFRVDTXHSDUH]FD
XQD LQVXERUGLQDFLyQ R XQD IDOWD GH UHVSHWR OR FXDO HPSHRUD ODV
FRVDV
$UHV HO GLRV GH OD JXHUUD LQWHQWy XQD YH] LQIUXFWXRVDPHQWH
OOHYDU D +HIHVWR DO 2OLPSR SRU OD IXHU]D +HIHVWR OH ODQ]y WL]RQHV
DUGLHQGR \ VH PDUFKy $O LJXDO TXH HO GLRV HO KRPEUH +HIHVWR VH
UHVLVWHDODIXHU]DTXHFXDQGRVHXWLOL]DFRQWUDpOOHKDFH³DUGHU´HQ
KRVWLOLGDG 1L VLTXLHUD HO GLRV FRQRFLGR SRU VX LQFRQWURODGR SRGHU \
VHGGHFRPEDWHSXGRREOLJDUD+HIHVWRDKDFHUDOJRTXHQRTXHUtD
\ WDPSRFR VXHOH IXQFLRQDU HVWH VLVWHPD FRQ XQ KRPEUH +HIHVWR
DXQTXHVHDMRYHQ
6LQ HPEDUJR 'LRQLVRV OH FRQYHQFLy FRQ HO YLQR \ OH SHUVXDGLy
SDUD TXH OH DFRPSDxDUD PRQWDGR VREUH XQ DVQR 'LRQLVRV QR
UHFXUULyDODIXHU]DVXDYL]yODWHVWDUXGH]GH+HIHVWR\FRQVLJXLyOR
TXH $UHV QR SXGR FRQVHJXLU 6H UHODFLRQy FRQ pO HQ VX SURSLR
WHUUHQR FDPELDQGR VX SRVWXUD GXUD FRQ HO DOFRKRO TXH KL]R GH
+HIHVWRXQVHUPiVIOH[LEOHHQOXJDUGHEHOLFRVR
 /D YLGD VH DVHPHMD DO PLWR HQ OD DPLVWDG HQWUH +HIHVWR \
'LRQLVRV &RQ IUHFXHQFLD VyOR RWUR IRUDVWHUR TXH KDFH XQ HVIXHU]R
SRUFRQRFHUD+HIHVWRWLHQHp[LWRHQVXLQWHQWR%HEHUMXQWRVSXHGH
VHU XQ ULWXDO GH XQLyQ HQWUH KRPEUHV FRQ +HIHVWR QR IXQFLRQD
FRPRLQLFLDFLyQHQXQFODQSHURVtFRQRWURKRPEUHTXHDSUHFLHOD
EHOOH]D \ FRQR]FD HO VXIULPLHQWR \ TXH QR WHPH GHPRVWUDU VXV
VHQWLPLHQWRV FRPR HV HO FDVR GH XQ 'LRQLVRV (O 'LRQLVRV PiV
H[WUDYHUWLGR\H[SUHVLYRSXHGHH[SUHVDUH[WHULRUL]DURUHSUHVHQWDUOR
TXH HVWi RFXOWR \ VLQ PDQLIHVWDU HQ +HIHVWR (VWD
FRPSOHPHQWDULHGDG RIUHFH XQD EDVH FRP~Q SDUD ODV SRFDV
DPLVWDGHVSURIXQGDV\GXUDGHUDVTXHSXHGHWHQHUXQ+HIHVWR

/DVH[XDOLGDG
/DLQWHQVLGDG\ODLQWLPLGDGFDUDFWHUL]DQWRGRVORVDVSHFWRVGHOD
YLGD GH XQ KRPEUH +HIHVWR HVSHFLDOPHQWH VX VH[XDOLGDG (V
PRQyJDPR \ ILHO \ HVSHUD TXH VX SDUHMD OH FRUUHVSRQGD 0XFKDV
YHFHVVXIUHHOPLVPRGHVWLQRTXHHOGLRVGHVFXEUHTXHODPXMHUGH
VX YLGD OH KD WUDLFLRQDGR eO FRQWULEX\H D VX LQILGHOLGDG
GHVSUHRFXSiQGRVH GH HOOD DXQTXH VLHPSUH FRQVHUYH VX LPDJHQ HQ
VX PXQGR LQWHULRU 8Q +HIHVWR WtSLFR VH LQYROXFUD HQ H[FHVR HQ VX
WUDEDMR QR HVWi PXFKR FRQ HOOD QR HV FRPXQLFDWLYR \ WDPELpQ
SXHGHSDVDUPXFKRWLHPSRVLQPDQWHQHUUHODFLRQHVVH[XDOHV
3XHGH VXEOLPDU HO IXHJR VH[XDO HQ VX WUDEDMR \ SDVDU ODUJRV
SHUtRGRV GH FHOLEDWR LQFOXVR GHQWUR GH XQD UHODFLyQ 6X WUDEDMR VH
FRQYLHUWH HQ XQD HVSHFLH GH DPDQWH TXH OH H[LJH VX WLHPSR \ VX
VH[XDOLGDG
&XDQGR XQ +HIHVWR KDFH HO DPRU HV SRVLEOH TXH VX H[SHULHQFLD
LQWHULRU VHD PiV SURIXQGD TXH OD SURSLD VHQVXDOLGDG GHO DFWR
$XQTXH SXHGH TXH QR FRPSDUWD OD H[SHULHQFLD FRQ VX SDUHMD FRPR
XQDFRPXQLFDFLyQRFRPXQLyQHQWUHDPERVVLQHPEDUJRHVWDSDUHMD
HV OD IXHQWH GH VX H[SHULHQFLD LQWHULRU \ YHUGDGHUDPHQWH SXHGH
FRQVLGHUDUODFRPRXQWHVRUR
 1RUPDOPHQWH QR YH HQ VX YHUGDGHUR FRQWH[WR D OD PXMHU
$IURGLWDTXHVHVLHQWHDWUDtGDSRUVXLQWHQVLGDG\DODTXHOHIDVFLQD
VX FUHDWLYLGDG FRPR XQD PXMHU DWUDFWLYD FRQ PXFKDV UHODFLRQHV
&XDQGRGHVFXEUHTXHHOODWLHQHRWURVDPDQWHVVHVXHOHVHQWLUPX\
WUDLFLRQDGR DXQTXH QR OR H[WHULRULFH $ YHFHV HVWH WLSR GH PXMHU
VLPSOHPHQWHOHVHGXFH\OXHJROHHQJDxD
8Q 'LRQLVRV KRPRVH[XDO SXHGH VHGXFLU \ WUDLFLRQDU GHO PLVPR
PRGRDXQ+HIHVWRKRPRVH[XDO\HODOFRKROSXHGHGHVHPSHxDUXQ
SDSHOLPSRUWDQWHHQODVLWXDFLyQ6LQHPEDUJR+HIHVWRQRHVWiELHQ
UHSUHVHQWDGR HQ OD FXOWXUD VRFLDO JD\ QR OH YDQ ODV UHODFLRQHV
VXSHUILFLDOHVQLODLGHQWLILFDFLyQFRQXQJUXSRORTXHKDFHTXHSDUD
pOODVIUDWHUQLGDGHV\ODYLGDFRUSRUDWLYDQROHUHVXOWHQDWUDFWLYDV<D
VXYH]HVUHFKD]DGRSRUORVJUXSRVJD\SRUQRHQFDMDUHQHOORV

(OPDWULPRQLR
3DUD HO +HIHVWR HO PDWULPRQLR HV WDQ LPSRUWDQWH FRPR
SUREOHPiWLFR VX ELHQHVWDU HQ HO PXQGR H[WHULRU WDQWR FRPR HQ HO
LQWHULRU GHSHQGHUi GH FRQ TXLpQ VH FDVH \ GH FyPR OH YD\D HO
PDWULPRQLR 'H OR FRQWUDULR VH VHQWLUi HPRFLRQDOPHQWH DLVODGR
7UDGLFLRQDOPHQWH \ HVWHUHRWtSLFDPHQWH  SDUD OD PD\RUtD GH ORV
KRPEUHV SHUR PX\ HQ HVSHFLDO SDUD HO LQWURYHUWLGR +HIHVWR ODV
UHODFLRQHV VRQ DOJR GH OR TXH VH RFXSD VX PXMHU (OOD LQYLWD D ORV
DPLJRV KDFH SODQHV SDUD ODV YDFDFLRQHV PDQWLHQH HO FRQWDFWR FRQ
ODIDPLOLD\UHFXHUGDODVIHFKDVLPSRUWDQWHV
/D HVSRVD GH XQ +HIHVWR WDPELpQ SXHGH VHU FUXFLDO SDUD
HVWDEOHFHUVH \ FRQVHUYDU VX WUDEDMR HQ HO PXQGR (O DUWLVWD R HO
DUWHVDQR +HIHVWR TXH FUHD VX REUD HQ VROHGDG VXHOH QHFHVLWDU D
DOJXLHQ TXH OH KDJD GH DJHQWH (V QRUPDO TXH VX PXMHU YHQGD VXV
REUDV R HQFXHQWUH DO DJHQWH OD JDOHUtD R HO PHGLR TXH OR KDJDSRU
HOOD
(QVXPLWRORJtD+HIHVWRVHFDVyFRQ$IURGLWD\pVWDOHSXVRORV
FXHUQRVeOWDPELpQLQWHQWyIHFXQGDUD$WHQHDVLQp[LWRSRUTXHVHOH
UHVLVWLy\FUHyD3DQGRUD DVtFRPRDODVVLUYLHQWDVGRUDGDV (VWDV
WUHV UHODFLRQHV PtWLFDV UHIOHMDQ WUHV WLSRV GH PDWULPRQLR SDUD
+HIHVWR

+HIHVWR\$IURGLWD
/DV PXMHUHV TXH VH SDUHFHQ D OD GLRVD GHO DPRU VH VLHQWHQ
DWUDtGDV SRU OD LQWHQVLGDG HQ ODV UHODFLRQHV TXH +HIHVWR SXHGH
SURSRUFLRQDU 6L FUHD KHUPRVRV REMHWRV GH DUWH OD VHQVXDOLGDG
HVWpWLFD GH HOOD WDPELpQ VH VLHQWH DWUDtGD KDFLD VX WUDEDMR $GHPiV
ODYHFRPRVX$IURGLWDSHUVRQDO\SUR\HFWDVXLPDJHQHQHOOD(OODVH
VLHQWHFRPRXQDGLRVDHQVXSUHVHQFLD
$PERVSRVHHQODLQWHQVLGDGGHOPRPHQWRSUHVHQWHpOVHSXHGH
UHWUDHU \ YLYLU OD UHODFLyQ FRPR XQD H[SHULHQFLD LQWHULRU OR FXDO HOOD
QR VXHOH KDFHU 1RUPDOPHQWH XQ +HIHVWR ³GHVDSDUHFHUi´ GH HVWD
IRUPD \ GLULJLUi HVD LQWHQVLGDG KDFLD VX WUDEDMR HVSHUDQGR TXH
PLHQWUDV WDQWR HOOD SHUPDQH]FD PRQyJDPD $ PHQRV TXH FDQDOLFH
VXHQHUJtDHQXQWUDEDMRFUHDWLYRRXQRGHVXVSULQFLSDOHVDUTXHWLSRV
VHDHOGHODHVSRVD+HUDHOODWHQGUiXQDDYHQWXUDPLHQWUDVpOHVWp
WUDEDMDQGR

+HIHVWR\$WHQHD
'HWRGDVODVGHLGDGHVGHO2OLPSR$WHQHDGLRVDGHODVDELGXUtD\
GHODDUWHVDQtDIXHODTXHWXYRODPHQWHPiVFODUD3RGtDGLVHxDUXQ
SODQSDUDVLWLDUXQDFLXGDGGHOPLVPRPRGRTXHGLVHxDEDXQWDSL]
/DV PXMHUHV $WHQHD HYDO~DQ PX\ ELHQ ODV VLWXDFLRQHV IDYRUHFHQ D
ORV KRPEUHV TXH WLHQHQ p[LWR R TXH WULXQIDUiQ FRQ VX D\XGD /RV
FHORVQRVRQXQSUREOHPDSDUDHOODV/RVKRPEUHV+HIHVWRDGPLUDQ
DSUHFLDQHLQFOXVRVHPDUDYLOODQGHFyPRODVPXMHUHV$WHQHDSXHGHQ
KDFHUVH FDUJR GH ODV ILQDQ]DV \ GH ODV DOLDQ]DV TXH QHFHVLWDQ SDUD
WULXQIDU
$QGUHZ \ %HWV\ :\HWK SDUHFtDQ WHQHU HVWH WLSR GH XQLyQ %HWV\
HVODPDQDJHUGH$QGUHZ&XDQGRVHUHYHOyHOVHFUHWR GH :\HWK \
VXDSDUHQWHREVHVLyQSRUSLQWDUD+HOJDODUHVSXHVWDGH%HWV\IXHOD
GH OD WtSLFD $WHQHD VHJXUD GH Vt PLVPD ©(V XQD SHUVRQD PX\
UHVHUYDGDeOQRVHPHWHHQPLYLGDQL\RQRPHPHWRHQODVX\D\
YDOHODSHQD0LUDORVFXDGURV£RK'LRVORVFXDGURVVRQLQFUHtEOHV
£<FXiQWRVKD\>@ª
(OOD YHQGLy OD FROHFFLyQ SRU PiV GH GLH] PLOORQHV GH GyODUHV
VHJ~QORVLQIRUPHV

+HIHVWR\3DQGRUD
+HIHVWRIXHHO~OWLPRFUHDGRUFXDQGRDLQVWDQFLDVGH=HXVFUHy
D3DQGRUDODSULPHUDPXMHUPRUWDO1RIXHOD~QLFDPXMHUTXHFUHy
+RPHUR REVHUYy TXH KDEtD UHVXHOWR VX SUREOHPD GHO VHUYLFLR
GRPpVWLFR FUHDQGR VLUYLHQWDV GRUDGDV TXH SDUHFtDQ PXMHUHV GH
YHUGDG \ TXH QR VyOR SRGtDQ KDEODU \ XVDU VXV PLHPEURV VLQR TXH
HVWDEDQ GRWDGDV GH LQWHOLJHQFLD \ HQWUHQDGDV SDUD UHDOL]DU WUDEDMRV
PDQXDOHV
$VtPLVPRFXDQGRXQ+HIHVWRPD\RU\DPHGUDQWDGRUVHFDVDFRQ
XQDPXMHUPiVMRYHQTXHVHSDUHFHDODGLRVDYLUJHQ3HUVpIRQHTXH
HV UHFHSWLYD \ GyFLO SXHGH PROGHDUOD KDVWD FRQYHUWLUOD HQ XQD
HVSRVDTXHVHFRPSRUWHFRPRXQDVLUYLHQWDGRUDGD
3XHGH TXH QR OD PROGHH WDQ LQWHQFLRQDGDPHQWH 6X IDOWD GH
GHILQLFLyQ WtSLFD GH XQD 3HUVpIRQH  \ VX DVSHFWR SURSRUFLRQDQ OD
³SDQWDOOD´ VREUH OD FXDO UHFDH VX LPDJHQ ³SUR\HFWDGD´ 6X
UHFHSWLYLGDG SDUD VHU OR TXH pO TXLHUH TXH VHD HV FRQVFLHQWH HOOD
TXLHUH DJUDGDUOH \ DVt WHQGUi HQ FXHQWD VXV SUHIHUHQFLDV  H
LQFRQVFLHQWH FRQVXUHFHSWLYLGDGSVtTXLFDHOODWUDQVIRUPDHODVSHFWR
GHVtPLVPDSDUDTXHHVWpPiVSUy[LPRDODLPDJHQTXHpOWLHQHGH
HOOD 
(OOD WDPELpQ SXHGH VHU XQ ³LQYHQWR´ GH VX SURSLD PHQWH \
FRUD]yQTXHOHFRQGXFLUiDGHVDWDUWRGRWLSRGHLQIRUWXQLRVVREUHpO
,QWURYHUWLGRFRPRHVDPHQXGRFRQPX\SRFDSUiFWLFDHQFRQRFHUD
ODVPXMHUHVSXHGHTXHVHHQDPRUHGHODLPDJHQTXHWLHQHGHHOOD
D OD YH] TXH VXSRQH TXH HOOD VLHQWH OR PLVPR SRU pO FRQ OD PLVPD
LQWHQVLGDG'DGDVXLQWHQVLGDG\VXPRQRJDPLDTXHSXHGHLUXQLGD
D XQ DQKHOR GH LQWLPLGDG \ DFHSWDFLyQ TXH QXQFD KD WHQLGR VX
HUUyQHDVXSRVLFLyQGHTXHHOODHVFRPRpOKDEtDLPDJLQDGRDFDEDHQ
XQ GHVDVWUH SHUVRQDO (OOD VH SXHGH FRQYHUWLU HQ XQD 3DQGRUD SDUD
pO GRWDGD FRQ VXV PLVPDV FDUDFWHUtVWLFDV DVWXFLDV IHPHQLQDV
DWUDFWLYR VH[XDO \ GHVYHUJHQ]D SDODEUDV LQJHQLRVDV PHQWLUDV \
HQJDxRV

/DGHVFHQGHQFLD
(O GLRV QR WXYR KLMRV \ PXFKRV KRPEUHV +HIHVWR SUHILHUHQ QR
WHQHUORV HVSHFLDOPHQWH VL VX LQIDQFLD QR IXH IHOL] /D UHVSXHVWD GH
+HIHVWR D VX SURSLR KLMR QR HV IiFLO GH SUHGHFLU (O KHFKR GH TXH
OOHJXH D YLQFXODUVH DO QLxR VHUi GHFLVLYR (VH YtQFXOR VHUi PiV
SUREDEOH VL HVWi HQ HO TXLUyIDQR HQ HO PRPHQWR GHO SDUWR  6L VH
YLQFXODDpORDHOODVXDSHJRVHUiSURIXQGRFDVLYLVFHUDO/HJXVWDUi
WHQHUDVXKLMRRKLMDFHUFDDXQTXHQRMXHJXHRKDEOHPXFKRFRQpO
RHOOD
/RV KLMRV R KLMDV SXHGHQ VHQWLUOH GLVWDQWH TXH HV XQD SHUVRQD
UHIOH[LYD H LUULWDEOH FXDQGR DOJXLHQ OH LQWHUUXPSH TXH VH HQIDGD
FXDQGRKDFHQUXLGR\TXHQRHVFRQVFLHQWHGHTXHORTXHHVSHUDGH
HOORV QR HV OR DGHFXDGR SDUD VX HGDG 8QD KLMD GH XQ +HIHVWR PH
FRQWy TXH FXDQGR VyOR WHQtD VHLV DxRV VX SDGUH OH SLGLy TXH OH
SUHSDUDUDFDIp\VHHQIXUHFLyFXDQGRYLRTXHQRVDEtD
+D\ DOJXQRV SUREOHPDV SUHGHFLEOHV HQWUH ORV SDGUHV +HIHVWR \
VXV KLMRV TXH HPSHRUDQ SRU VX LUD \ GHSUHVLyQ FUyQLFDV \ VX
QHFHVLGDGGHFRQWURODUVH3RUHMHPSORUDUDYH]HVGLUHFWR\H[SOtFLWR
DODKRUDGHFRPXQLFDUVH/RVKLMRVDPHQXGRDSUHQGHQDDQGDUGH
SXQWLOODVLQWXLU\GHGXFLUVXVUHDFFLRQHV
0XFKDV YHFHV VXV KLMRV VH RSRQGUiQ D VX DXWRULGDG SRUTXH VXV
UD]RQHVSDUDORTXHKDFHVRQVXEMHWLYDV\QRVHVDEHFRPXQLFDU3RU
RWUDSDUWHQROHJXVWDHOFDPELR\ORVQLxRV\ORVDGROHVFHQWHVHVWiQ
VLHPSUHFDPELDQGR$UDt]GHHOORVHSURGXFHQIULFFLRQHV
/RVSDGUHV+HIHVWRFROpULFRV\FRQWURODGRUHVFRQKLMDVPDOHDEOHV
ODVFRQYHUWLUiQHQ³VLUYLHQWDVGRUDGDV´TXHKDFHQORTXHVHOHVGLFH
(VWDUiQ DSODVWDGDV EDMR VX SLH &RDUWDUiQ VX DXWRQRPtD \ H[LJLUiQ
REHGLHQFLD UHSULPLpQGRODV \ FRQYLUWLpQGRODV HQ YtFWLPDV
SURSLFLDWRULDVSDUDFDHUEDMRHOGRPLQLRGHRWURKRPEUH/RVKLMRVD
PHQXGRVHUHEHODQFRQWUDXQSDGUH+HIHVWRIXULRVR\GRPLQDQWHODV
KLMDV UHEHOGHV WDPELpQ VH UHEHODQ JHQHUDOPHQWH IXHUD GH VX
WHUULWRULR
7DQWR KLMRV FRPR KLMDV VH SLHUGHQ HO KDEHU WHQLGR D VX SDGUH
FRPR PHQWRU \D TXH HV GHPDVLDGR LQGLYLGXDOLVWD H LQWURYHUWLGR
FRPRSDUDD\XGDUDORVKLMRVHKLMDVDDEULUVHFDPLQRHQHOPXQGR
(OSURSLR+HIHVWRVXHOHHVWDUIXHUDGHODFRUULHQWHSRUORTXHODUHG
GH UHODFLRQHV FRQ ORV DQWLJXRV FRPSDxHURV GH HVWXGLRV UDUD YH] OH
VLUYHGHUHFXUVRSDUDVXVKLMRV\pOQRVXHOHVHUXQPRGHORGHUROD
VHJXLUSDUDDOFDQ]DUHOp[LWR
$XQTXHPXFKRVQLxRVWLHQHQGLILFXOWDGHVFRQVXVSDGUHV+HIHVWR
WDPELpQHVSRVLEOHXQDUHODFLyQHVSHFLDOPX\SRVLWLYDVLHOSDGUHQR
HVXQDSHUVRQDTXHVHHQIXUHFHFRQIDFLOLGDG\VHVLHQWHYLQFXODGRD
VXVKLMRV$OLJXDOTXHHOSDGUHDUWHVDQRFX\RWDOOHUGHWUiVGHODFDVD
HVXQFiOLGRVDQWXDULRSDUDTXHVXVKLMRVGHVDUUROOHQVXFUHDWLYLGDG\
HVWpQFRQpOORVQLxRVTXHWLHQHQUHODFLRQHVSRVLWLYDVSDVDQWLHPSR
FRQVXVSDGUHV+HIHVWR6XFUHDWLYLGDGFRQILDQ]D\DXWRHVWLPDFUHFH
D UDt] GH OD H[SHULHQFLD GH HVWDU FRQ pO GH KDFHU FRVDV MXQWRV GH
TXHVXSDGUHOHPXHVWUHFyPRVHKDFHDOJR\GHFUHDUDOJRSRUHOORV
PLVPRV

/DPLWDGGHODYLGD
/DSULPHUDPLWDGGHODYLGDHQJHQHUDOOHUHVXOWDGLItFLOSRUTXHQR
VH DMXVWD D OR TXH OD VRFLHGDG HVSHUD GH ORV KRPEUHV QR HV XQ
KRPEUHFRPSHWLWLYROyJLFRH[WUDYHUWLGRTXHGLVIUXWDFRQORVUHWRV\
TXHWULXQIDHQHOPXQGR$XQTXHODPD\RUtDGHORVKRPEUHVKDFHQ
ORTXHVHHVSHUDGHHOORVDOHVWDEOHFHUVXFDUUHUD\XQDIDPLOLDHQOD
SULPHUD PLWDG GH OD YLGD \ GHMDQ HO YLDMH LQWHULRU SDUD OD VHJXQGD
PLWDG HO KRPEUH +HIHVWR KD HVWDGR VLHPSUH RULHQWDGR KDFLD VX
PXQGR LQWHULRU \ KD QHFHVLWDGR H[SUHVDU VXV FDOODGRV H LQWHQVRV
VHQWLPLHQWRV
 6LDSHVDUGHLUGHSRUOLEUHKDSRGLGRHVWDEOHFHUVHHQHOPXQGR
SURIHVLRQDO \ HQ OD YLGD IDPLOLDU OD VHJXQGD PLWDG GH OD YLGD VXHOH
VHU PiV IHOL] TXH OD SULPHUD 3RU SULPHUD YH] HQ FRPSDUDFLyQ FRQ
VXV KRPyORJRV GH OD PLVPD HGDG +HIHVWR SXHGH HQWUDU HQ HVWD
QXHYDIDVHGHODYLGDFRQYHQWDMD+DWHQLGRTXHOXFKDUSDUDVHUpO
PLVPR\FXPSOLUFRQODVWDUHDVH[WHUQDV\KDSRGLGRKDFHUDPEDV
FRVDV &XDQWR PiV H[WUDYHUWLGR HV HO KRPEUH PiV VH DGDSWD VLQ
GHPDVLDGR HVIXHU]R D KDFHU OR TXH VH HVSHUD GH pO HQ OD SULPHUD
PLWDGGHODYLGD6XLQGLYLGXDOLGDGVXIUH\H[LJHFRVDVTXHOHFDXVDQ
FRQIOLFWRV\GHSUHVLyQHQHVWDHWDSDGHODYLGD 
6LQ HPEDUJR HO HQRMDGR \ FUyQLFDPHQWH GHSULPLGR +HIHVWR TXH
HV DQWDJyQLFR FRQ ODV SHUVRQDV ODV LQWLPLGD R VH DSDUWD GH HOODV
SXHGH OOHJDU D OD PLWDG GH OD YLGD VLQ LQWLPLGDG QL WUDEDMR
JUDWLILFDQWH (O SDWUyQ SXHGH TXH HVWp GHPDVLDGR DUUDLJDGR SDUD
FDPELDU VDOYR SDUD HPSHRUDU 6L KDFH LQYHQWDULR \ VH FRPSDUD FRQ
RWURVKRPEUHVSXHGHTXHHQWUHHQXQDFULVLVGHODPLWDGGHODYLGD
HQ OD TXH SRGUi UHDOL]DU XQ FDPELR LPSRUWDQWH 9pDQVH VHFFLRQHV
SRVWHULRUHVVREUHFRQIOLFWRVSVLFROyJLFRV\IRUPDVGHFUHFHU 

/RV~OWLPRVDxRV
(Q ORV ~OWLPRV DxRV GH VX YLGD VH YH FODUDPHQWH ³HO ILQDO GH OD
KLVWRULD´ ORV KRPEUHV +HIHVWR SXHGHQ WHUPLQDU VDWLVIHFKRV \
WUDEDMDQGRFUHDWLYDPHQWHHQVX³IRUMD´HOHJLGDVRQDUWHVDQRVFX\DV
KDELOLGDGHVKDQPDGXUDGR\VHKDQSHUIHFFLRQDGR6LQHPEDUJRORV
+HIHVWR WDPELpQ HVWiQ DPSOLDPHQWH UHSUHVHQWDGRV HQWUH ORV TXH
KDQIUDFDVDGR\KDQTXHGDGRPDUJLQDGRV
&RQIOLFWRVSVLFROyJLFRV
/D PD\RUtD GH ORV KRPEUHV +HIHVWR KDQ WHQLGR TXH VRSRUWDU HO
VHQWLUVHLQDFHSWDEOHVHOQRVHUFDSDFHVGHHQFDMDUHQHOHVWHUHRWLSR
RODVH[SHFWDWLYDV GHFyPRGHEHUtDVHUSULPHURFRPRQLxR\OXHJR
FRPR DGXOWR 6L WLHQH XQD YLGD IDPLOLDU FRPSOLFDGD R HQ OD TXH
SDGHFH DEXVRV \ DGHPiV HV XQ QLxR UHFKD]DGR HVWD H[SHULHQFLD
JHQHUDOPHQWH OH YROYHUi PiV VROLWDULR GH OR TXH \D KDEUtD VLGR GH
WRGRV PRGRV &RQ VX DFWLWXG FHUUDGD LQWURYHUWLGD QR VXHOH
FRPSHQVDUODIDOWDGHDPRURGHDSUREDFLyQHQHOKRJDUPHGLDQWHOD
SRSXODULGDGRHOp[LWRHVFRODU DPHQRVTXHWDPELpQVHHQFXHQWUHQ
RWURVDUTXHWLSRV 
&RPR KRPEUH VHJXLUi KDOODQGR GLILFXOWDGHV HQ HQFDMDU \
DGDSWDUVH (Q VX WUDEDMR SXHGH GHVFXEULU TXH HV XQD SHUVRQD
SURGXFWLYD YDORUDGD \ FUHDWLYD SHUR OH IDOWDQ DSWLWXGHV SROtWLFDV
VRFLDOHV \ GH FRPXQLFDFLyQ GH PRGR TXH HVWD YtD WDPSRFR VH OH
DEUHFRQIDFLOLGDG3RUFRQVLJXLHQWHVHSXHGHQSUHYHUORVSUREOHPDV
SVLFROyJLFRV

&RMHUDHPRFLRQDOODFRQVHFXHQFLDGHOUHFKD]R
+HIHVWRIXHUHFKD]DGRDOQDFHUSRUVXQDGDPDWHUQDOPDGUH+HUD
FXDQGRGHVFXEULyTXHQRHUDSHUIHFWR$YHUJRQ]DGDSRUVXDVSHFWR
OR DUURMy GHVGH HO 2OLPSR XQ GHVWLQR OLWHUDOPHQWH FRPSDUWLGR SRU
HVRVEHEpVUHFLpQQDFLGRVTXHVHHQFXHQWUDQHQORVFRQWHQHGRUHVGH
EDVXUDFX\DVPDGUHVORVWUDWDQFRPRVLIXHUDQYHUJRQ]RVRVHUURUHV
TXH KXELHUDQ GH VHU HOLPLQDGRV (VWH VLQR WDPELpQ OR FRPSDUWH
PHWDIyULFDPHQWHXQJUDQQ~PHURGHEHEpVTXHQRFXPSOHQFRQODV
H[SHFWDWLYDV\VRQUHFKD]DGRVHPRFLRQDOPHQWH
/RV EHEpV D ORV TXH QR VH FRJH HQ EUD]RV QL VH OHV DFDULFLD QR
OOHJDQ D FUHFHU HPRFLRQDOPHQWH \ WDO FRPR VH GHVFXEULy HQ
,QJODWHUUD HQ WLHPSRV GH JXHUUD  VLQ HO FRQWDFWR KXPDQR TXH
HTXLYDOH DO DPRU  XQ EHEp PRULUi DXQTXH VH OH DOLPHQWH FRQ
UHJXODULGDG \ HVWp HQ XQ HQWRUQR OLPSLR 0XFKRV EHEpV EDMRV GH
SHVR DSiWLFRV ³TXH QR OOHJDQ D SURVSHUDU´ HUDQ LQJUHVDGRV HQ ODV
XUJHQFLDV GH ORV GRV KRVSLWDOHV HVWDWDOHV GHO GLVWULWR HQ ORV TXH \R
HVWDED GH SUiFWLFDV VX SULQFLSDO SUREOHPD SDUHFtD VHU HO UHFKD]R
PDWHUQR\ODIDOWDGHDWHQFLyQ
,QFOXVR DXQTXH XQ EHEp UHFKD]DGR VREUHYLYD ItVLFDPHQWH HO
GDxR SVLFROyJLFR VLJXH SURYRFDQGR XQD FRMHUD HPRFLRQDO $ HVD
FULDWXUD OH IDOWD OD FRQILDQ]D EiVLFD GH TXH HO PXQGR HV XQ EXHQ
OXJDU\SDGHFHDQVLHGDG\GHVFRQILDQ]D&RPLHQ]DVXYLGDFRPRXQ
VROLWDULRSRUTXHQRWLHQHDTXLpQYLQFXODUVH
(QRWUDYHUVLyQGHOUHFKD]R+HIHVWRIXHODQ]DGRGHVGHHOPRQWH
2OLPSR\KHULGRSRUXQLUDFXQGR=HXVFXDQGRVHSXVRDOODGRGHVX
PDGUHHQXQDSHOHDHQWUH+HUD\=HXV(VWDYH]HUDODFRQGXFWDGHO
QLxRODLQDFHSWDEOH\ODFDXVDGHOUHFKD]RSDWHUQR(QHVWDYHUVLyQ
+HIHVWR VH FRQYLUWLy HQ XQ WXOOLGR D FDXVD GH ORV PDORV WUDWRV 'H
QXHYR OD YLGD LPLWD OLWHUDOPHQWH HVWH PLWR FRQ PXFKD IUHFXHQFLD
FXDQGRXQDPXMHUFRQXQKLMRSHTXHxRYLYHFRQXQKRPEUHTXHQR
HVHOSDGUHGHODFULDWXUD\DTXLHQOHPROHVWDODSUHVHQFLDGHOQLxR
\D VHD SRUTXH OH FRQVLGHUD VX ULYDO R SRUTXH OH SRQH QHUYLRVR \ OR
PDOWUDWD $O TXHGDUVH GHVSURWHJLGR SRU OD PDGUH \ VXIULU PDORV
WUDWRVSRUSDUWHGHXQDILJXUDSDWHUQDHVWHQLxRSXHGHVREUHYLYLUD
ORV DEXVRV ItVLFRV SHUR TXHGDUi HPRFLRQDOPHQWH DIHFWDGR \ HO
WHPRU\ODLUDHVWDUiQODWHQWHVHQVXLQWHULRU
8QQLxR+HIHVWRTXHVHYXHOYHHPRFLRQDOPHQWHFRMRSXHGHYLYLU
XQD VHULH GH H[SHULHQFLDV FRQ VXV SDGUHV GHVGH ORV H[WUHPRV GHO
DEDQGRQR PDWHUQR R ORV DEXVRV SDWHUQDOHV KDVWD ORV HIHFWRV PiV
VXWLOHV GHO GLVWDQFLDPLHQWR GH OD PDGUH \ ODV FUtWLFDV GHO SDGUH (O
JUDGRGHDIHFWDFLyQQRWLHQHSRUTXpHVWDUGLUHFWDPHQWHUHODFLRQDGR
FRQHOJUDGRGHGLILFXOWDGDOTXHVHHQIUHQWDVLQRPiVELHQFRQVX
H[SHULHQFLD VXEMHWLYD 3XHGH OOHJDU D REVHUYDU PXFKR GHVSXpV TXH
FRQVLGHUDGD REMHWLYDPHQWH DTXHOOD H[SHULHQFLD ³QR KDEtD VLGR WDQ
PDOD´ SHUR HVWD VHQVLELOLGDG DO UHFKD]R XQLGD D VX LQWURYHUVLyQ
LQQDWDSURGXFHIXHUWHVUHDFFLRQHV\VHQWLPLHQWRVGRORURVRV$HVWH
QLxRVHOHSXHGH³KHULU´IiFLOPHQWHORTXHDXPHQWDODVGLILFXOWDGHV
6XV FDUDFWHUtVWLFDV LQWHQVLILFDQ ORV HIHFWRV GH ODV H[SHULHQFLDV
GRORURVDV8QQLxRPiVH[WUDYHUWLGRRLPSXOVLYRTXHSDGHFHDEXVRV
SXHGH FRQYHUWLUVH HQ XQD SHUVRQD YHQJDWLYD \ TXH LQWLPLGH D ORV
GHPiV R SXHGH H[SOLFDUOH D DOJXLHQ VX VLWXDFLyQ \ DFDSDUDU OD
DWHQFLyQ KDFLD HOOD +HIHVWR QR KDUi QLQJXQD GH HVWDV FRVDV \ VH
UHWUDHUi VLQ UHYHODU KDVWD TXp SXQWR HVWi KHULGR IXULRVR \ WLHQH
PLHGR QR KDEOD FRQ QDGLH GH OR TXH OH SDVD \ SXHGH TXHGDU
HPRFLRQDOPHQWH WUDVWRUQDGR FRQ GLILFXOWDGHV SDUD FRPXQLFDUVH \
DOLHQDGRGHORVGHPiV&RPRKRPEUHSXHGHUHSHWLUVXVH[SHULHQFLDV
GH OD LQIDQFLD VHU UHFKD]DGR SRU ODV PXMHUHV HQ ODV TXH EXVFD HO
DIHFWR\VHUMX]JDGRQHJDWLYDPHQWHSRUORVKRPEUHV

'LVWRUVLyQGHODUHDOLGDGSUREOHPDVFRQODHPRFLyQ
LQWURYHUWLGD
$ODOEHUJDUVHQWLPLHQWRVRFXOWRV\VHUIiFLOGHKHULUKDFHTXHVHD
SUREDEOHTXHGLVWRUVLRQHOR³TXHUHDOPHQWHKDSDVDGR´ORFXDOHVXQ
SUREOHPDWDQWRSDUD+HIHVWRFRPRSDUDTXLHQHVOHURGHDQ(OHIHFWR
HPRFLRQDO TXH WLHQH VREUH pO PiV TXH OD LQWHQFLyQ GH OD RWUD
SHUVRQD R ORV KHFKRV GH OD VLWXDFLyQ VRQ OR TXH GHWHUPLQD VX
SHUVSHFWLYD
3HTXHxDVKHULGDVTXHDRWURKRPEUHOHVSDVDUtDQLQDGYHUWLGDVD
pOSXHGHQFDXVDUOHHVWUDJRV<DOQRPHQFLRQDUORRQRSRGHUDFHSWDU
OD YHUVLyQ GH RWUR FXDOTXLHUD TXH IXHUH HO LQFLGHQWH SDUD pO VH
FRQYLHUWH HQ ³OR TXH KD VXFHGLGR´ 6L PHVHV R LQFOXVR DxRV PiV
WDUGHDOILQDOKDEODGHHOORODRWUDSHUVRQDSXHGHTXHQRUHFXHUGH
HOLQFLGHQWH\VHVLHQWDDWDFDGDWULVWHFRQVWHUQDGDRIXULRVDFRQpO
SRUVHQWLUGHHVHPRGRUHVSHFWRDHOOD
/RV VHQWLPLHQWRV SRVLWLYRV WDPELpQ SXHGHQ GHVSHUWDU FRQ
SHTXHxRV JHVWRV XQD WHUQXUD TXH OH FRQPXHYH \ OH GD PRUDO
GXUDQWHDxRV<HVWRVJHVWRVSXHGHQKDEHUVLGRRQRXQDH[SUHVLyQ
VLJQLILFDWLYDSRUSDUWHGHODRWUDSHUVRQD
&RQ HO VHQWLPLHQWR GH LQWURYHUVLyQ OD UHDFFLyQ LQWHUQD DO
DFRQWHFLPLHQWR H[WHUQR TXHGD UHWHQLGD (O UHFXHUGR GH OD SHUVRQD
QR HV GH ORV KHFKRV VLQR GH ORV DFRQWHFLPLHQWRV WHxLGRV SRU ODV
HPRFLRQHV7RGRHOPXQGRORKDFHKDVWDFLHUWRSXQWRSRUVXSXHVWR
SHUR+HIHVWRPXFKRPiV

)DOWDGHp[LWRHQHOPXQGR
+HIHVWRIXHDUURMDGRGHVGHORDOWRGHO2OLPSRTXHHVHOSLQiFXOR
VLPEyOLFRGHOSRGHU<FXDQGRYLVLWyHO2OLPSRHUDHYLGHQWHTXHQR
SHUWHQHFtD DO JUXSR GH JHQWH ULFD \ EHOOD GH OD FLPD /R PLVPR
VXFHGHFRQORVKRPEUHV+HIHVWR/DLPDJHQGH+HIHVWRHQVXIRUMD
UHFXHUGDDOREUHURVLGHU~UJLFRDOVRSODGRUGHYLGULRRDOKHUUHURHQ
HO KRUQR HO DULVWyFUDWD WUDEDMDGRU TXH \D QR JR]D GH PXFKR
SUHVWLJLRHQXQPXQGRGRPLQDGRSRUDPDVDGRUHVGHGLQHUR1RVH
FRQILHUHQ GHPDVLDGRV KRQRUHV D ORV KRPEUHV TXH WUDEDMDQ FRQ VXV
PDQRVHQOXJDUGHFRQVXVPHQWHVWDQWRVLVRQH[SHUWRVPHGLRFUHV
R WUDEDMDGRUHV UDVRV /DV FLPDV ROtPSLFDV HVWiQ SREODGDV GH
KRPEUHV TXH QR KDFHQ QDGD WDQJLEOH SRU Vt VRORV VRQ KRPEUHV GH
QHJRFLRVHLQYHUVRUHV
/D UDELD VH HVFRQGH HQ PXFKRV KRPEUHV +HIHVWR TXH HQ VX
DGROHVFHQFLD VH GDQ FXHQWD GH TXH QXQFD VHUiQ ³DOJXLHQ´ 8Q
KRPEUHSXHGHVHQWLUHVDPLVPDUDELDFXDQGRVHGDFXHQWDGHTXH
XQD PXMHU QR OH PLUDUi FRPR XQ SRVLEOH FRPSDxHUR SRUTXH HV GH
FODVH WUDEDMDGRUD R FXDQGR QR SXHGH GDU D VXV KLMRV DOJR TXH
QHFHVLWDQ \ TXH HVWi IXHUD GHO DOFDQFH GH VXV PHGLRV 6L QXQFD
HQFXHQWUDXQWUDEDMRJUDWLILFDQWH\VL GHDFXHUGRFRQVXQDWXUDOH]D
KHIHVWLDQD  VX IRUPD GH PDQHMDU VX UDELD HV FRQWHQHUOD VH
GHSULPLUi \ DPDUJDUi (Q HVWR QR HV FRPR $UHV \ 3RVHLGyQ TXH
EDMR FLUFXQVWDQFLDV VLPLODUHV H[SORWDQ GHVFDUJDQGR VX UDELD FRQWUD
ORVGHPiV

(OSDSHOGHEXIyQSUREOHPDVFRQODEDMDDXWRHVWLPD\
VHQWLUVHLQDGHFXDGR
)XHUD GH VX WDOOHU +HIHVWR VH FRQYLUWLy HQ XQ EXIyQ /RV GLRVHV
GHO 2OLPSR VH SDUWtDQ GH ULVD FXDQGR YHtDQ D +HIHVWR FRQ VXV
SHFXOLDUHVDQGDUHV\HQGR\YLQLHQGRDIDQRVDPHQWHSRUODVVDODVGH
SDODFLRVLUYLpQGROHVQpFWDUTXHH[WUDtDGHXQJUDQFXHQFR6HULHURQ
FXDQGROHVLQYLWyDFRQWHPSODUODHVFHQDGHYHUDVXHVSRVD$IURGLWD
\$UHVDWUDSDGRVHQVXUHGLQYLVLEOHHQOXJDUGHVROLGDUL]DUVHFRQpO
3KLOLS 6ODWHU DXWRU GH 7KH *ORU\ RI +HUD HQ VX LQWHUSUHWDFLyQ
SVLFROyJLFDGHODPLWRORJtD\GHODIDPLOLDJULHJDYLRHQHOSDSHOGH
+HIHVWRFRPRSD\DVR³VXUHVLJQDFLyQDODKXPDQLGDG´

+HIHVWR WUDQVPLWH HO PHQVDMH LQWHUSHUVRQDO ³1R WHQpLV

QDGD TXH WHPHU GH Pt WDPSRFR KD\ QDGD HQ Pt TXH SXHGD
GHVSHUWDU HQYLGLD R UHVHQWLPLHQWR 6R\ ~QLFDPHQWH XQ SREUH
SD\DVRFRMRGLVSXHVWRDVHUYLURV\DKDFHURVUHtUFRQFKLVWHV
VREUHPt>@´

(O+HIHVWRTXHVLJXHHVWHSDWUyQVHFRQYLHUWHPXFKDVYHFHVVLQ
GDUVH FXHQWD HQ XQ SD\DVR &RQ VX ³GHVFRPSDVDGD´ SHUVRQDOLGDG
LQWURYHUWLGDVLHPSUHHVWiKDFLHQGRDOJRLQDSURSLDGRTXHSURYRFDOD
ULVD R HO ULGtFXOR (V HO QLxR FX\R DWXHQGR HVFRODU LQFLWD D ORV
FRPHQWDULRVGHVSHFWLYRVGHORVGHPiVRTXHQRVDEHTXpGHFLUDOD
FKLFD PiV SRSXODU GH OD FODVH \ OH GLFH DOJR PHPRUDEOH \ TXH
SURYRFD OD ULVD GH WRGRV (V HO PXFKDFKR TXH UHDFFLRQD
GHVSURSRUFLRQDGDPHQWHDXQDEXUOD\TXHDUDt]GHHOORUHFLEHXQD
SDOL]D GHVSLDGDGD 4XL]iV DSUHQGD TXH VX KXPLOODFLyQ VLHPSUH HV
SHRU VL VH RSRQH D HOOD \ VH Gp FXHQWD GH TXH VL KDFH GH EXIyQ
VXDYL]D OD VLWXDFLyQ (Q HO 6XU SURIXQGR FXDQGR D ORV KRPEUHV GH
FRORU VH OHV OODPDED ³QHJURV´ \ VH OHV SRGtD OLQFKDU XQ KRPEUH GH
FRORUSRGtDVDOYDUVHGHODDJUHVLyQFRQYLUWLpQGRVHHQHODUUDVWUDGR\
PRGHVWR+HIHVWR(OKRPEUH+HIHVWRTXHDFW~DGHHVWHPRGRVXHOH
HVWDUHQXQDSRVLFLyQVLPLODUSRUVHQWLUVHXQUHFKD]DGRVROLWDULRVLQ
QDGLHTXHOHUHVSDOGH
3HURHVWDVROXFLyQVXHOHVHUDXWRGHVWUXFWLYD&DGDLQFLGHQWHTXH
WLHQH OXJDU HV D H[SHQVDV GHO UHVSHWR KDFLD Vt PLVPR \ KDFLD ORV
GHPiV $ PHQXGR LQFLWD D DOJXLHQ TXH GLVIUXWD KXPLOODQGR D ORV
GHPiVDTXHVHPHWDFRQpO
8QD SHUVRQD R ³URVWUR S~EOLFR´ PXFKR PiV VXWLO TXH DOJXQRV
+HIHVWRXWLOL]DQHVHOGHODDIDELOLGDGHOHWHUQR³VHxRU%XHQFKLFR´
TXH EDMR VX PiVFDUD DOEHUJD LUD R GHSUHVLyQ SRUTXH IXH UHFKD]DGR
GH DOJXQD IRUPD VLJQLILFDWLYD SRU VXV SDGUHV 8Q SDWUyQ EDVWDQWH
FRP~Q HV HO GH OD UHODFLyQ GH +HIHVWR FRQ =HXV \ +HUD HV XQ KLMR
³VLQ SDGUH´ GH XQ SDGUH DXVHQWH R GLVWDQWH TXH WDPELpQ HVWXYR
³KXpUIDQRGHPDGUH´SRUVHUpVWDHJRtVWD\QDUFLVLVWD

/DUDELDYHUWLGDKDFLDGHQWURSUREOHPDVGHGHSUHVLyQ
/D GHSUHVLyQ SXHGH VHU XQ JUDYH SUREOHPD FUyQLFR SDUD ORV
+HIHVWR FX\D QDWXUDOH]D LQWURYHUWLGD KDFH TXH VHD PiV IUHFXHQWH
TXH UHSULPDQ VX GRORU \ VX LUD D TXH H[SUHVHQ H[WHUQDPHQWH HVWRV
VHQWLPLHQWRV (O UHFKD]R OD IDOWD GH DFHSWDFLyQ \ GH p[LWR ²ODV
VXVFHSWLELOLGDGHVGHHVWHSDWUyQ²VRQIXHQWHVHYLGHQWHVGHLUD\GH
GRORU WLHQH UD]RQHV SDUD HQIXUHFHUVH SHUR QR OR KDFH &XDQGR VH
UHSULPH\VHHQFLHUUDHQVtPLVPRODGHSUHVLyQHVHOUHVXOWDGR

/DVDGLFFLRQHV
/RV KRPEUHV +HIHVWR SXHGHQ UHFXUULU DO DOFRKRO SDUD DFDOODU VXV
VHQWLPLHQWRV \ VHQWLU FRQ PHQRV LQWHQVLGDG (O DOFRKRO WDPELpQ OHV
SXHGH D\XGDU D VHU DIDEOHV FRQ ORV GHPiV HV XQ PHGLR SDUD VHU
PiV GXOFHV 0XFKRV KRPEUHV GH FODVH WUDEDMDGRUD FX\R WUDEDMR HV
GXUR ItVLFDPHQWH \ FX\D VHQVLELOLGDG HVWi HQWHUUDGD \ UHSULPLGD SRU
QDWXUDOH]D \ SRU FXOWXUD VH HPERUUDFKDQ GHOLEHUDGDPHQWH FXDQGR
WUDWDQGHVREUHSRQHUVHDDOJXQDSHQD%HEHUGHPDVLDGRVHJXLGRGH
XQD UHVDFD HV XQD IRUPD DFHSWDEOH GH SHUPDQHFHU LQVHQVLEOH \ GH
VXIULU XQD VHPDQD GHGLFDGD D VXSHUDU DOJR GH HVWH PRGR WDPELpQ
VHFRQVLGHUDFRPRXQDFRVDGHKRPEUHV
/DVFRSDVGHOILQDOGHOGtDGHGHVSXpVGHOWUDEDMRFXDQGR\DQR
KD\ QDGD TXH KDFHU TXH VH WRPDQ SDUD DFDOODU HO GRORU TXH
SURGXFHQ ORV VHQWLPLHQWRV QR FRPSDUWLGRV R H[SUHVDGRV VLUYHQ GH
DQHVWpVLFR HPRFLRQDO (O DOFRKRO XWLOL]DGR D PRGR GH GURJD VH
SXHGH FRQYHUWLU HQ HO SURSLR SUREOHPD /D WHOHYLVLyQ VH XWLOL]D GH
PRGR VLPLODU SDUD DSODFDU ORV VHQWLPLHQWRV \ DSDUWDUVH GH OD
LQWLPLGDGSDVDQGRKRUDVGHODQWHGHODSDQWDOOD

3DJDUXQSUHFLRPX\DOWRSRUODSD]
&XDQGR XQ QLxR PDOWUDWDGR \ HPRFLRQDOPHQWH WUDXPDWL]DGR VH
FRQYLHUWHHQHOPHGLDGRUGHODIDPLOLD²SDSHOTXHSXHGHGXUDUWRGD
XQDYLGD²VXHOHKDFHUDOJRSDUDFDOPDUODVLWXDFLyQHQFXDQWRQRWD
TXHODWHQVLyQYDHQDXPHQWRSDUDHYLWDUDWRGDFRVWDXQHVWDOOLGR
GHO WHPLGR SDGUH R PDGUH 0XFKDV YHFHV HO QLxR R HO KRPEUH QL
VLTXLHUDVHGDFXHQWDGHHVDSHUFHSFLyQQLHOLJHFRQVFLHQWHPHQWHOR
SUy[LPR TXH YD D KDFHU (O SRWHQFLDO H[SORVLYR GH OD VLWXDFLyQ QR
KDFH PiV TXH FUHFHU \ pO VH YD SRQLHQGR FDGD YH] PiV DQVLRVR
KDVWDTXHVHYHREOLJDGRDKDFHUDOJRDSDFLJXDGRU
3DUD DSDFLJXDU D XQ SDGUH R PDGUH WHPLEOHV XQ +HIHVWR SXHGH
OOHJDUDVDFULILFDUHVDVSDUWHVGHVtPLVPRTXHOHSRQHQHQSHOLJUR
6XHOH UHSULPLU OR TXH VLHQWH FRQGXFLHQGR VX SURSLD LUD \ KRVWLOLGDG
FDGDYH]PiVKDFLDGHQWUR(OSUHFLRTXHSDJDSRUVHUFRQFLOLDGRU\
WUDQTXLOL]DQWHHVPX\DOWRVHGHVFRQHFWDGHORTXHUHDOPHQWHVLHQWH
\WDPSRFRSXHGHWROHUDUODLUDHQORVGHPiV&RPRDGXOWRHOSUHFLR
HVVXSURSLDDXWHQWLFLGDG\ODIDOWDGHWROHUDQFLDSRUODH[SUHVLyQGH
ORV VHQWLPLHQWRV DMHQRV OR FXDO SDVD IDFWXUD HQ FXDOTXLHU WLSR GH
UHODFLyQ

/DVGLILFXOWDGHVSDUDORVGHPiV
 /DFRPXQLFDFLyQFRQXQ+HIHVWRHQODYLGDGHXQDPXMHUSXHGH
UHVXOWDUSUREOHPiWLFDVLHOODTXLHUHRQHFHVLWDTXHpOKDEOHGHORTXH
HVWi VLQWLHQGR R GH OR TXH SLHQVD KDFHU UHVSHFWR D DOJXQD FRVD
(QFDMDHQHOHVWHUHRWLSRGHOKRPEUHIXHUWH\VLOHQFLRVR3XHVWRTXH
VLHQWH ODV FRVDV FRQ PXFKD LQWHQVLGDG OD DWPyVIHUD SXHGH UHVXOWDU
SHVDGD D VX DOUHGHGRU \ VLQ HPEDUJR VL VH OH SUHJXQWD TXp HVWi
SDVDQGRQRGLFHQDGD
&XDQGRHOODOHKDEODGHVtPLVPDQXQFDVDEHH[DFWDPHQWHFyPR
VH OR YD D WRPDU $xRV PiV WDUGH SXHGH GHVFXEULU TXH OH DIHFWy R
FRQPRYLy PXFKR DTXHOOD FRQYHUVDFLyQ D OD TXH SDUHFtD QR
UHVSRQGHUHQDTXHOHQWRQFHV
/RVLQWHQWRVGHFDPELDUOH\GHKDFHUOHPiVFRPXQLFDWLYRSXHGHQ
IXQFLRQDU R QR JHQHUDOPHQWH QR IXQFLRQDQ 8QD PXMHU FDVDGD FRQ
XQ+HIHVWRDPHQXGRKDGHSODQWHDUVHVLDEDQGRQDVXVLQWHQWRVGH
KDFHUTXHpOVHFRPXQLTXH

5HODFLRQHVGHDEXVRV
(O IXHUWH VLOHQFLRVR \ IXULRVR KRPEUH TXH VH VLHQWH LPSRWHQWH
EHEHGHPDVLDGR\HVWDOODFRQORVTXHWLHQHPiVFHUFDHVHOSDGUHHQ
HOFDVRGHPXFKRVKLMRVGHDOFRKyOLFRVTXH\DVRQDGXOWRV$XQTXH
+HIHVWRVXHOHUHSULPLUVXLUDFXDQGRHPSLQDHOFRGRSXHGHDEULUVH
OD WDSDGHUD GH HVD UDELD 6XV KLMDV D PHQXGR KDQ REVHUYDGR OD
VHQVLELOLGDG \ HO GRORU GH VXV SDGUHV R FRQRFLGR KDELOLGDGHV TXH
QXQFDKDQGHVDUUROODGRRKDQVLGRUHFRQRFLGDV&UHFHQFRQXQSXQWR
GpELOHQVXFRUD]yQUHVSHFWRDHVWRVKRPEUHVFRQODHVSHUDQ]DGH
KDFHU TXH VX YLGD WHQJD VHQWLGR \ FRQ XQD JUDQ FDSDFLGDG SDUD
WROHUDU ORV DEXVRV (VWDV PXMHUHV VRQ VXVFHSWLEOHV GH HQWDEODU
UHODFLRQHV HQ ODV TXH VH DEXVD GH HOODV FRPR KLFLHURQ DQWHV VXV
PDGUHV

,QYHUVLyQGHORVSDSHOHV
6L XQ +HIHVWR WLHQH SUREOHPDV HQ JDQDU GLQHUR SRUTXH HV XQ
DUWHVDQR DO TXH QR OH SDJDQ SRUTXH ORV TXH OH FRQWUDWDQ QR
QHFHVLWDQ VXV KDELOLGDGHV R QR DSUHFLDQ VX SHUVRQDOLGDG HQWRQFHV
XQD PXMHU TXH OH DPH SXHGH VHU OD TXH PDQWHQJD OD IDPLOLD /RV
SDSHOHV WDPELpQ SXHGHQ FDPELDU FXDQGR VXUJHQ WDUHDV HQ ODV TXH
XQRGHHOORVKDGHQHJRFLDUDOJR6LHVHOODODTXHSRVHHXQDPHQWH
PiVOyJLFD\PiVKDELOLGDGHVVRFLDOHVVHUiHOODODTXHOHVUHSUHVHQWH
DORVGRVHQHOPXQGR
(QODLQYHUVLyQGHSDSHOHVHOODSXHGHFRPSODFHUVHHQVXSURSLD
FRPSHWHQFLD\DFHSWDUODVLWXDFLyQRSXHGHHVWDUUHVHQWLGDFRQWUDpO
eVWH D VX YH] SXHGH VHQWLU UHVHQWLPLHQWR R JUDWLWXG 'DGR HO SRGHU
GH³ORTXHGHEHUtDVHU´XQDUHODFLyQTXHYDHQFRQWUDGHODWUDGLFLyQ
VXHOHVHUHVWUHVDQWHSDUDDPERV
)RUPDVGHFUHFHU
6L HO KRPEUH +HIHVWR HV UHFKD]DGR R LQIUDYDORUDGR SRU QR LU DO
VRQ GH ORV GHPiV \ D UDt] GH HOOR VLHQWH TXH KD\ DOJR TXH HVWi
EiVLFDPHQWH PDO HQ pO HO FUHFLPLHQWR FRPLHQ]D FXDQGR VH GD
FXHQWDGHTXHKDEtDDOJRTXHQRIXQFLRQDEDHQODIRUPDHQTXHIXH
WUDWDGR $ FRQWLQXDFLyQ YLHQH HO GHVFXEULPLHQWR \ OD YDORUDFLyQ GH
³TXLpQ´ HV PHGLDQWH OR TXH KDFH FXDQGR HV YHUGDGHUDPHQWH pO
PLVPR \ OXHJR KDEUi GH WUDVFHQGHU HO DUTXHWLSR GH +HIHVWR SDUD
GHVDUUROODURWURVDVSHFWRVGHVtPLVPR(VWDVGRV~OWLPDVWDUHDVVRQ
ORTXHWRGR+HIHVWRKRPEUHRPXMHUKDGHUHDOL]DU

³&RQyFHWHDWLPLVPR´
8Q +HIHVWR QHFHVLWD DSOLFDU HO GHFUHWR GH $SROR ³&RQyFHWH D WL
PLVPR´3XHGHHPSH]DUSRUFRPSUREDUFXiQWRVHSDUHFHD+HIHVWR
\TXpHVORTXHHVRKDVXSXHVWR+DGHUHYLVDUKDVWDTXpSXQWRKD
FXPSOLGR R QR OR TXH ORV GHPiV HVSHUDEDQ GH pO FyPR KD VHQWLGR
TXH HUD XQ EXIyQ VRFLDOPHQWH LQHSWR FXDQGR KD LQWHQWDGR DFWXDU
FRPRXQDSHUVRQDFRQIDFLOLGDGGHSDODEUDVRFLDO\FRQXQDPHQWH
UHFUHDWLYD ³ROtPSLFD´ \ KD GH UHFRUGDU VX GHGLFDFLyQ \ PDHVWUtD HQ
DOJXQD GH VXV FUHDFLRQHV JHQHUDOPHQWH PDQXDOHV (O FRQRFLPLHQWR
REMHWLYR UHVSHFWR DO DUTXHWLSR \ HO FRQRFLPLHQWR VXEMHWLYR VREUH Vt
PLVPRSXHGHQD\XGDUOHDGHVFXEULUORTXHOHFRQILHUHXQVHQWLGRGH
FRPSHWHQFLD\VLJQLILFDGR
 6L H[LVWHQ VLWXDFLRQHV WUDXPiWLFDV R DEXVLYDV HQ VX YLGD
HQWRQFHV OD SVLFRWHUDSLD VHUi LPSUHVFLQGLEOH SRUTXH SRU QDWXUDOH]D
WLHQGHDJXDUGiUVHORWRGRSDUDVtPLVPRDDSDUWDUVHGHODJHQWH\D
ODGHSUHVLyQSRUHQFHUUDUVXUDELDGHQWUR$GHPiVGHQHFHVLWDUXQD
FDWDUVLVQHFHVLWDODHPSDWtD\ODSHUVSHFWLYDGHRWUDSHUVRQD(QHO
SURFHVR WDPELpQ GHVDUUROOD VX KDELOLGDG GH FRPXQLFDUVH \ GH
H[SUHVDUPiVODVFRVDVYHUEDOPHQWH

&RQRFHUDORVGHPiV
+DVWDXQ+HIHVWRPX\LQWURYHUWLGRVXHOHWHQHUDOJXQDVSHUVRQDV
LPSRUWDQWHVHQVXYLGD$GLIHUHQFLDGHO+DGHVTXHVHVLHQWHDJXVWR
HQ VX UHFOXVLyQ +HIHVWR WLHQH VHQWLPLHQWRV SURIXQGRV \ UHDFFLRQD
LQWHQVDPHQWH D ODV SHUVRQDV TXH WLHQHQ DOJ~Q HIHFWR HQ VXV
HPRFLRQHV3RUHQGHKDGHDSUHQGHUDVDEHUHVWDUHQODVUHODFLRQHV
GH XQD IRUPD PHQRV VXEMHWLYD (V HVSHFLDOPHQWH LPSRUWDQWH TXH
VHSD TXH ³HVWR TXH \R VLHQWR´ QR QHFHVDULDPHQWH HV ³OR TXH
UHDOPHQWH KD SDVDGR´ /D IXHU]D \ OD LQWHQVLGDG GH VXV UHDFFLRQHV
VXEMHWLYDVGLVWRUVLRQDQODUHDOLGDGGHORTXHYHUGDGHUDPHQWHKL]RR
GLMRODRWUDSHUVRQD6yORDWUDYpVGHOGLiORJRTXHDPHQXGRHYLWD
VHSXHGHQDFODUDUORVPDOHQWHQGLGRV\ODVPDODVLQWHUSUHWDFLRQHV(O
GLiORJRRIUHFHHOPHGLRSDUDDSUHFLDUODVGLIHUHQFLDVHQWUHSHUVRQDV
TXHVHLPSRUWDQ(VWDREMHWLYLGDGHVHVSHFLDOPHQWHLPSRUWDQWHSDUD
+HIHVWR TXLHQ GH RWUR PRGR SXHGH UHSUHVHQWDU HTXtYRFDPHQWH VX
SURSLD LPDJHQ VXEMHWLYD FRPR VL IXHUD XQD UHDOLGDG 8QD SHUVRQD
PiV H[WUDYHUWLGD VXHOH SDUWLU GH XQD EDVH FRQ PiV LQIRUPDFLyQGH
PRGR TXH HO FRQWH[WR GH OD VLWXDFLyQ QRUPDOPHQWH IRUPD SDUWH GH
WRGD VX YLVLyQ 6LQ HPEDUJR HO VHQWLPLHQWR VXEMHWLYR LQWURYHUWLGR
VXHOH QHFHVLWDU OD YLVLyQ GH RWUD SHUVRQD \ VyOR HO GLiORJR SXHGH
SURSRUFLRQDUOD

'HVDUUROODURWURVDUTXHWLSRVFRPRD\XGDQWHV
6L XQ PXFKDFKR +HIHVWR SHUPDQHFH HQ HO VLVWHPD HGXFDWLYR
KDVWD OD XQLYHUVLGDG SUREDEOHPHQWH GHVDUUROODUi KDELOLGDGHV GH
FRPXQLFDFLyQ +HUPHV  YLVLyQ REMHWLYD $SROR  \ SHQVDPLHQWR
HVWUDWpJLFR $WHQHD  TXL]iV KDVWD OOHJXH D GHVDUUROODU DPELFLyQ
=HXV  (O GHVDUUROOR GH HVWRV DVSHFWRV D\XGD VREUHPDQHUD D XQ
+HIHVWR LQQDWR D HVWDU PRWLYDGR \ D IXQFLRQDU FRQ HILFDFLD HQ HO
PXQGRODERUDO/HSHUPLWHQDSUHQGHU\GHVDUUROODUODVKDELOLGDGHVD
WUDYpVGHODVFXDOHVSXHGHKDFHUHOWUDEDMRTXHTXLHUHGHVHPSHxDU
QHJRFLDU SDUD TXH OH SDJXHQ DGHFXDGDPHQWH UHFLELU
UHFRQRFLPLHQWR EXVFDU XQD SRVLFLyQ R YHQGHU VXV FUHDFLRQHV (Q
UHVXPHQ OH SHUPLWHQ UHDOL]DU HO WUDEDMR SUiFWLFR TXH SRQGUi GH
PDQLILHVWRVXQDWXUDOH]DKHIHVWLDQD6LQHPEDUJRHOPXQGRQRVXHOH
DFODPDU D +HIHVWR \ ORV RWURV DUTXHWLSRV PiV UHFRQRFLGRV SXHGH
TXH QR OOHJXHQ D GHVDUUROODUVH (O KRPEUH R OD PXMHU  +HIHVWR
SXHGH HQWRQFHV WUDEDMDU GXUDQWH WRGD XQD YLGD HQ DOJR TXH QXQFD
VHUi QDGD PiV TXH XQ WUDEDMR SRU PiV TXH SURJUHVH SRUTXH QR
HVWi SURIXQGDPHQWH VDWLVIHFKR QL HV OR EDVWDQWH FUHDWLYR R
VLJQLILFDWLYR HQ HO iPELWR SHUVRQDO 3DUD pO R HOOD VHU XQ DUWHVDQR
PX\ KDELOLGRVR HV PiV JUDWLILFDQWH TXH WUDEDMDU HQ XQD RILFLQD GHO
FHQWURGHODFLXGDGKDFHUWUDEDMRGHLQYHVWLJDFLyQHQXQODERUDWRULR
HV PXFKR PiV VDWLVIDFWRULR TXH HVWDU HQ XQD RILFLQD GH YHQWDV
SUDFWLFDU OD FLUXJtD HV PXFKR PiV IDVFLQDQWH TXH VHU HO MHIH GHO
GHSDUWDPHQWRGHFLUXJtD

&RQYHUWLUVHHQDOJRPiVTXHXQ+HIHVWR
&XDQGR XQ +HIHVWR HQFXHQWUD HO WUDEDMR TXH OH JXVWD HO
SUREOHPDHVTXHVHSXHGHTXHGDUWDQDEVRUWRHQHOPLVPRTXHQR
OOHJXH D GHVDUUROODU QLQJXQD RWUD IDFHWD GH Vt PLVPR R KDFHU VLWLR
SDUDTXHFRH[LVWDQRWUDV2WURVSRWHQFLDOHVSHUPDQHFHQHQFHUUDGRV
HLQFOXVRDXQTXHVHLGHQWLILTXHFRQODVFXDOLGDGHVSRVLWLYDVGHHVWH
DUTXHWLSR pVWH OH OLPLWDUi (VWH KRPEUH KDEUi GH GDUVH FXHQWD GH
TXHKDGHVHUDOJRPiVTXHXQ+HIHVWRSDUDSRGHUOLEHUDUWLHPSR\
HQHUJtD\WRPDUGHFLVLRQHVTXHOHSHUPLWDQHYROXFLRQDU

6HUHOHJLGRSRU$IURGLWD
 $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D HOLJLy D +HIHVWR FRPR
HVSRVR pO QR FRPSLWLy SRU HOOD \ OD FRQVLJXLy SHUR WDPSRFR OD
FRUWHMy'HOPLVPRPRGRHOJXVWRSRUODVFRVDVEHOODVSXHGHHVWDU
SUHVHQWH HQ OD SVLTXH GH XQ KRPEUH WUDEDMDGRU DXQTXH QR KD\D
UHDOL]DGR QLQJ~Q HVIXHU]R HVWXGLR R KD\D HVWDGR HQ FRQWDFWR FRQ
FRVDVEHOODV(VXQGRQGHODGLRVDGHODPRU\GHODEHOOH]DTXHSRU
HVROH³HVFRJH´(QWRQFHVFXDQGRpOKDFHFRVDVSRUIXQFLRQDOHVTXH
VHDQ VX DUWHVDQtD HVWi XQLGD D OD EHOOH]D \ DO DPRU \ VH SRQH GH
PDQLILHVWRHQODIRUPDHQHOHTXLOLEULR\HQORVPDWHULDOHV+DFHUOR
GH RWUR PRGR LUtD HQ FRQWUD GH VX LQWHJULGDG DUWHVDQDO \ HVWpWLFD
3DUDVHUILHODVXVH[LJHQFLDVLQWHUQDV\SDUDTXHVXWUDEDMRSUROLIHUH
KDGHUHVSHWDUHVWDXQLyQ/RVGHPiVTXL]iVQRDSUHFLHQVXWUDEDMR
DUWHVDQDO R HO HOHPHQWR HVWpWLFR GH VX REUD \ TXL]iV VH VLHQWD
SUHVLRQDGR R WHQWDGR D LQIUDYDORUDUOD 3HUR VL OR KDFH SHUGHUi OD
GLFKD \ OD VDWLVIDFFLyQ TXH GH RWUR PRGR KDEUtD GLVIUXWDGR &XDQGR
HOWUDEDMROOHJDSRUVXXQLyQ+HIHVWR$IURGLWDVHVLHQWHLQVSLUDGRSRU
ORGLYLQRFXDQGRFUHD(VXQLQVWUXPHQWRGHLQVSLUDFLyQDWUDYpVGHO
FXDOODEHOOH]DVHPDQLILHVWDHQODPDWHULD

'DUOHXQRVQXHYRVSDGUHVD+HIHVWR
6L OD YLGD LPLWD DO PLWR +HIHVWR QHFHVLWDUi HQFRQWUDU XQRV
³SDGUHV DGRSWLYRV´ R ILJXUDV SDWHUQDV R PDWHUQDV VXVWLWXWDV TXH
SXHGDQ DILUPDUOH YDORUDUOH H LQFOXVR KDVWD HQVHxDUOH R KDFHUOH GH
PHFHQDVPLHQWUDVLQWHQWDDEULUVHFDPLQRHQVXPXQGR6LDOJXQRGH
ORV SDGUHV ELROyJLFRV OH UHFKD]y SRU QR FXPSOLU FRQ OR TXH VH
HVSHUDED GH pO VX KHULGD VHUi SURIXQGD SHUR VH SRGUi FXUDU VL VH
UHODFLRQD FRQ SHUVRQDV PDWHUQDOHV R SDWHUQDOHV TXH OH DSUHFLHQ WDO
FRPR HV $ PHQXGR QHFHVLWDUi SDGUHV ³WLHUUD´ TXH OH HQVHxHQ D
KDFHUFRVDVWDQJLEOHVTXHUHTXLHUHQKDELOLGDG\HVIXHU]RItVLFRSDUD
VXEVWLWXLUDVXVSDGUHV³FHOHVWLDOHV´TXHOHUHFKD]DURQ\TXHKDFtDQ
KLQFDSLp HQ ORV ORJURV \ HQ TXH DVFHQGLHUD HQ OD HVFDOD VRFLDO GHO
p[LWR
 3RU ~OWLPR KD GH GHVFXEULU \ GHVDUUROODU DFWLWXGHV GHQWUR GH Vt
PLVPRTXHOHDSR\HQ\OHDFUHGLWHQFRPRSHUVRQD\HQORTXHHVWi
KDFLHQGR < HQWRQFHV FXDQGR WUDEDMH HO GHVDUUROOR GH VXV WDOHQWRV
FUHDWLYRV OD SURPHVD HQ HO PLWR GH +HIHVWR HV TXH VXSHUDUi OD
DGYHUVLGDGODVKXPLOODFLRQHV\ORVGHIHFWRV
 ',21,626',26'(/9,12<
'(/e;7$6,60Ë67,&2$0$17(
9$*$%81'2
$ILUPDU OR GLRQLVtDFR HV UHFRQRFHU \ DSUHFLDU HO FHQWUR GH
GRORU \ PXHUWH TXH H[LVWH HQ OD YLGD \ WROHUDU WRGD OD JDPD
GHVGH OD PXHUWH D OD YLGD \ GHVGH HO GRORU DO p[WDVLV
LQFOX\HQGR OD KHULGD FRQ OD TXH XQR HV ³OLEHUDGR´ GHVGH HO
PRQyWRQR KDVWtR GH DGRUPHFHGRUD FRQIRUPLGDG KDVWD ODV
H[SHFWDWLYDVFXOWXUDOHV\IDPLOLDUHV

7200225(HQ-DPHV+LOOPDQHG3XHU3DSHUV

'LRQLVRV IXH HO GLRV GHO p[WDVLV PiV EHDWtILFR \ GHO DPRU
PiVHQDUGHFLGR3HURWDPELpQIXHHOPiVSHUVHJXLGRHOGLRV
TXHVXIULy\PXULy\WRGRVDTXHOORVDTXLHQHVDPDEDWRGRV
ORVTXHOHVHUYtDQWXYLHURQTXHFRPSDUWLUVXWUiJLFRGHVWLQR

:$/7(5)2772'\RQLVXV0\WKDQG&XOW

'LRQLVRV FRPR GLRV DUTXHWLSR \ KRPEUH HVWDED SRU QDWXUDOH]D

PiVSUy[LPRDODVPXMHUHV(OUHLQRPtVWLFR\HOPXQGRIHPHQLQROH
HUDQ IDPLOLDUHV $ PHQXGR HUD XQ HOHPHQWR QR GHVHDGR \
SHUWXUEDGRUFDXVDGHFRQIOLFWR\ORFXUDHQODPLWRORJtDDOLJXDOTXH
SXHGHVHUORHQODSVLTXHGHOKRPEUH
'LRQLVRVHOGLRV
'LRQLVRV FRQRFLGRHQWUHORVURPDQRVFRPR%DFR IXHHOGLRVGHO
YLQR \ ©HO GLRV GHO p[WDVLV \ GHO WHUURU GHO GHOLULR \ GH OD OLEHUDFLyQ
PiV EHDWtILFD>@ª )XH HO PiV MRYHQ GH ORV ROtPSLFRV \ HO ~QLFR GH
PDGUH PRUWDO /D YLG OD KLHGUD OD KLJXHUD \ HO SLQR HUDQ VXV
SUHIHULGRV6XVVtPERORVDQLPDOHVHUDQHOWRURODFDEUDODSDQWHUD
HO FHUYDWR HO OHyQ HO OHRSDUGR HO WLJUH HO DVQR HO GHOItQ \ OD
VHUSLHQWH 6X GRPLQLR ©VH H[WHQGtD D WRGD OD QDWXUDOH]D \
HVSHFLDOPHQWH D VX IOXLGR VHPLQDO RWRUJDGRU GH YLGD OD VDYLD TXH
UHFRUUHXQiUEROODVDQJUHTXHIOX\HSRUODVYHQDVHOIXHJROtTXLGR
GHODXYDHOIOXMR\UHIOXMRGHWRGDVODVPLVWHULRVDVHLQFRQWURODEOHV
PDUHDVGHODQDWXUDOH]D>@ª
(Q VX PLWRORJtD \ ULWXDOHV 'LRQLVRV HVWDED URGHDGR GH PXMHUHV
GH PDGUHV \ QLxHUDV GHO MRYHQ 'LRQLVRV FRPR QLxR GLYLQR R GH
HQDUGHFLGDV DPDQWHV ODV HQDMHQDGDV PpQDGHV R EDFDQWHV TXH
HVWDEDQSRVHtGDVSRUHOGLRV6HOHUHSUHVHQWyFRPRDXQQLxRRPiV
FRP~QPHQWHFRPRDXQKRPEUHMRYHQFRQXQDJXLUQDOGDGHKLHGUD
X KRMDV GH YLG HQ OD FDEH]D OOHYDQGR XQD SLHO GH DQLPDO DOUHGHGRU
GHO FXHUSR \ FRQ XQ EiFXOR GHQRPLQDGR ³WLUVR´ FX\D SXQWD HVWDED
FRURQDGDSRUXQDSLxDGHSLQR\DPHQXGRHVWDEDHQYXHOWRFRQXQD
SDUUDXKRMDVGHKLHGUD

*HQHDORJtD\PLWRORJtD
 'LRQLVRV HUD KLMR GH =HXV \ 6pPHOH XQD PXMHU PRUWDO KLMD GH
&DGPRUH\GH7HEDV6pPHOHKDEtDDWUDtGRHODPRUGH=HXVTXHOD
IHFXQGy FXDQGR LED GLVIUD]DGR GH PRUWDO /D FHORVD +HUD OR
GHVFXEULy\VHSURSXVRYHQJDUVHGH6pPHOH\GHVXKLMRQRQDWR6H
DSDUHFLy D 6pPHOH EDMR OD IRUPD GH VX DQFLDQD QRGUL]D %HURH \
SHUVXDGLyDODLQFDXWDMRYHQGHTXHVHDVHJXUDUDGHODGLYLQLGDGGH
VXDPDQWH\OHLQVLVWLySDUDTXHpOODYLVLWDUDFRQHOPLVPRHVSOHQGRU
FRQTXHVHSUHVHQWDEDDQWH+HUD
$TXHOOD QRFKH FXDQGR =HXV DFXGLy D VX ODGR 6pPHOH OH SLGLy
TXH OH FRQFHGLHUD XQ IDYRU \ =HXV OH MXUy SRU OD (VWLJLD ²OR FXDO
KDFtD TXH VX SURPHVD IXHUD LUUHYRFDEOH² TXH KDUtD FXDOTXLHU FRVD
TXH HOOD OH SLGLHVH 6pPHOH HQJDxDGD SRU +HUD OH SLGLy TXH VH OH
DSDUHFLHUD FRQ WRGD VX PDMHVWXRVLGDG FRPR GLRV SULQFLSDO GHO
2OLPSRHOODQRVDEtDTXHHVROHSURYRFDUtDODPXHUWH2EOLJDGRSRU
VX SDODEUD =HXV VH WUDQVIRUPy HQ HO GLRV GHO UD\R DQWH FX\D
SUHVHQFLD QLQJ~Q PRUWDO SXHGH VREUHYLYLU (O IXHJR GH ORV UD\RV GH
=HXVPDWyD6pPHOHSHURVXKLMRQRQDWRVHFRQYLUWLyHQLQPRUWDO(Q
HO PLVPR PRPHQWR GH VX PXHUWH =HXV VDFy D 'LRQLVRV GHO YLHQWUH
GH VX PDGUH \ VH OR FRVLy HQ HO PXVOR TXH VLUYLy GH LQFXEDGRUD
KDVWDTXHIXHHOPRPHQWRGHQDFHU ³'LRQLVRV´SXHGHVLJQLILFDU³OD
FRMHUDGH=HXV´QRPEUHTXHGHVFULEHHOPRGRFRPRFDPLQDED=HXV
FXDQGR OH OOHYDED HQ VX PXVOR  +HUPHV DFWXy GH FRPDGURQD HQ
HVWHSHFXOLDUQDFLPLHQWR
'LRQLVRV IXH HQWUHJDGR D OD KHUPDQD GH 6pPHOH \ D VX FXxDGR
SDUDTXHIXHUDHGXFDGRFRPRXQDQLxDSHURQLVLTXLHUDHVWHGLVIUD]
OH SURWHJLy GH +HUD eVWD KL]R TXH VXV FXLGDGRUHV HQORTXHFLHUDQ H
LQWHQWDUDQ PDWDUOH 'LRQLVRV IXH VDOYDGR XQD YH] PiV GH OD PXHUWH
SRU=HXVTXHOHWUDQVIRUPyHQXQFDEULWR\OHOOHYyDODVQLQIDVGHO
PRQWH 1LVD XQ SDtV PRQWDxRVR PtWLFR \ GLYLQR KDELWDGR SRU
KHUPRVDVQLQIDV /HHGXFDURQHQXQDFXHYD TXHH[SOLFDRWURGHORV
VLJQLILFDGRVGHVXQRPEUH'LRQLVRVRHO³GLYLQR1LVRV´ 
$OOt VX WXWRU 6LOHQR OH HQVHxy ORV VHFUHWRV GH OD QDWXUDOH]D \ D
KDFHU YLQR 6LOHQR VXHOH UHSUHVHQWDUVH FRPR XQ DPDEOH DQFLDQR D
YHFHVXQSRFRERUUDFKtQTXHWDPELpQHUDPHGLRFDEDOOR
/DORFXUD\ODYLROHQFLD
'H MRYHQ 'LRQLVRV YLDMy SRU (JLSWR \ GHVGH OD ,QGLD KDVWD $VLD
0HQRU FUX]DQGR HO +HOHVSRQWR KDVWD 7UDFLD \ GH DOOt D VX OXJDU GH
QDFLPLHQWR 7HEDV HQ *UHFLD 'RQGHTXLHUD TXH LED HQVHxDED HO
FXOWLYRGHODYLG/DORFXUD\ODYLROHQFLDOHDFRPSDxDEDQ(QDOJXQRV
PLWRV VH GLFH TXH IXH +HUD TXLHQ OH HQORTXHFLy \ TXH FRPHWLy
DVHVLQDWRV HQ RWURV PLWRV ODV SHUVRQDV TXH OR UHFKD]DURQ VH
YROYLHURQ ORFDV \ YLROHQWDV 3RU HMHPSOR GHVSXpV GH TXH HO UH\
/LFXUJRUHFKD]DUDD'LRQLVRVVHYROYLyORFR\PDWyDVXKLMRFRQXQ
KDFKD FUH\HQGR TXH HVWDED FRUWDQGR XQD FHSD /DV PXMHUHV TXH
UHFKD]DEDQ D 'LRQLVRV FRUUtDQ OD PLVPD VXHUWH ODV KLMDV GHO UH\
3UHWR\GHOUH\0LQLDVTXHOHKDEtDQUHFKD]DGRHQORTXHFLHURQ\HQ
VXIUHQHVtPDWDURQDVXVSURSLRVKLMRVKDFLpQGRORVSHGD]RV
7UDV VX UHJUHVR GH OD ,QGLD OD GLRVD &LEHOHV R 5HD DPEDV
JUDQGHVGLRVDVPDGUHSUHROtPSLFDV OHSXULILFDURQGHORVDVHVLQDWRV
TXHKDEtDFRPHWLGRHQVXORFXUD\VLJQLILFDWLYDPHQWHOHHQVHxDURQ
VXV PLVWHULRV \ ULWRV GH LQLFLDFLyQ $Vt 'LRQLVRV VH FRQYLUWLy HQ HO
VDFHUGRWHGHODVJUDQGHVGLRVDV\HQXQGLRV

0DWULPRQLRFRQ$ULDGQD
$ULDGQD KLMD GHO UH\ 0LQRV GH &UHWD VH HQDPRUy GHO KpURH
DWHQLHQVH7HVHR&RQVXD\XGD7HVHRHQWUyHQHOIDPRVRODEHULQWR
PDWy DO 0LQRWDXUR \ YROYLy DWUiV VREUH VXV SURSLDV KXHOODV SDUD
HQFRQWUDU OD VDOLGD 7HVHR \ $ULDGQD ]DUSDURQ SDUD $WHQDV SHUR pO
GHVSLDGDGDPHQWHODDEDQGRQyHQODLVODGH1D[RVGRQGHVHSRGtD
KDEHU VXLFLGDGR GH GHVHVSHUDFLyQ GH QR KDEHU VLGR SRU 'LRQLVRV
TXH OD VDOYy \ OD FRQYLUWLy HQ VX HVSRVD 3RU 'LRQLVRV =HXV KL]R
LQPRUWDO D $ULDGQD (OOD HVWDED tQWLPDPHQWH UHODFLRQDGD FRQ
$IURGLWDODGLRVDGHODPRU\GHODEHOOH]D\HQ&KLSUHIXHDGRUDGD
FRPR$ULDGQD$IURGLWD(QVXPLWRORJtDORVJULHJRVKDEtDQKHFKRGH
$ULDGQD XQD YH] GLRVD OXQDU FUHWHQVH XQD PRUWDO YLFWLPL]DGD \ D
WUDYpVGH'LRQLVRVODYROYLHURQDGHLILFDU
/DUHVXUUHFFLyQGHVXPDGUH6pPHOH
'LRQLVRVGHVFHQGLyDO+DGHVHQEXVFDGHVXPDGUH6pPHOHSDUD
GHYROYHUOD D OD YLGD -XQWRV DVFHQGLHURQ DO 2OLPSR GRQGH HOOD VH
KL]RLQPRUWDO$OLJXDOTXH$ULDGQDODPRUWDO6pPHOHHQORVDQWLJXRV
WLHPSRVSUHKHOpQLFRVKDEtDVLGRDGRUDGDFRPRGLRVDDVRFLDGDFRQOD
/XQD\FRQOD7LHUUD(QODPLWRORJtDJULHJD'LRQLVRVHVHO~QLFRGLRV
TXHUHVFDWD\UHVWDXUD HQOXJDUGHGRPLQDURYLRODU DODVPXMHUHV
TXH UHSUHVHQWDQ DQWHULRUHV GLRVDV UHGXFLGDV FX\RV VHJXLGRUHV \
DGRUDFLyQKDEtDQVLGRFRQTXLVWDGRV

/DDGRUDFLyQGH'LRQLVRV
/RV DGRUDGRUHV GH 'LRQLVRV SULQFLSDOPHQWH ODV PXMHUHV GH OD
DQWLJXD *UHFLD VH FRPXQLFDEDQ FRQ HVWH GLRV HQ ORV VLWLRV PiV
VDOYDMHV GH ODV PRQWDxDV $OOt WDPELpQ HQWUDEDQ HQ HO UHLQR GH OR
HPRFLRQDO\ORLUUDFLRQDOGHMiQGRVHOOHYDUSRUHOFDXWLYDGRUSRGHUGH
OD GDQ]D DO FRPSiV GH XQD P~VLFD HPRWLYD HQ VXPR JUDGR \
SRVHtGDV SRU HO GLRV $OWHUQDU HQWUH HVWDGRV GH SDQGHPyQLXP \ XQ
VLOHQFLR VHSXOFUDO HUDQ ODV FDUDFWHUtVWLFDV SULQFLSDOHV GH OD DGRUDFLyQ
D'LRQLVRV
/D FHOHEUDFLyQ GH 'LRQLVRV VH GHQRPLQDED ³RUJtD´ GHO GLRV GH
GRQGHSURFHGHODSDODEUDRUJtD &RQHOYLQRRFRQRWUDVVXEVWDQFLDV
VDJUDGDV\ODVGDQ]DVUtWPLFDVDFRPSDxDGDVGHP~VLFDIUHQpWLFDGH
FDUDPLOORV WDPERUHV \ FtPEDORV ORV FHOHEUDQWHV HQWUDEDQ HQ XQ
HVWDGRGHp[WDVLV\VHVHQWtDQ³XQRFRQ´HOGLRV
/D RUJtD OOHJDED DO FOtPD[ FXDQGR GHVSHGD]DEDQ \ FRPtDQ OD
FDUQHFUXGDGHXQDQLPDOTXHVHKDEtDRIUHFLGRHQVDFULILFLRTXHVH
FUHtDTXHHUDXQDHQFDUQDFLyQGHOGLRV(VWRHUDXQDFWRVDFUDPHQWDO
GHFRPXQLyQDWUDYpVGHOFXDOODGLYLQLGDGGH'LRQLVRVHQWUDEDHQHO
FHOHEUDQWH
(Q'HOIRV$SRORHQWUHJyVXVDQWXDULRD'LRQLVRVGXUDQWHORVWUHV
PHVHV GH LQYLHUQR (O IHVWLYDO GH 'LRQLVRV HQ 'HOIRV IXH RUJLiVWLFR
SHUR HVWDED OLPLWDGR D ODV PXMHUHV RILFLDOHV UHSUHVHQWDQWHV GH ODV
FLXGDGHV JULHJDV \ VH FHOHEUDED ELHQDOPHQWH $OOt QR VH UHSULPtD D
'LRQLVRVHUDUHFRQRFLGRPRGHUDGRHLQVWLWXFLRQDOL]DGR7DPELpQHQ
'HOIRV ODV PXMHUHV FHOHEUDQWHV LQLFLDURQ XQD GDQ]D DQXDO VDJUDGD
FRQHOGHVFXEULPLHQWRULWXDO\HOGHVSHUWDUGHOEHEp'LRQLVRVHQXQD
FXQD
(QHOIHVWLYDOGHODVIORUHV DQWHVWHULDV TXHPDUFDEDHOFRPLHQ]R
GH OD SULPDYHUD HQ HO 0HGLWHUUiQHR VH OOHYDED YLQR QXHYR \ HUD
FHUHPRQLRVDPHQWH EHQGHFLGR GHODQWH GH XQD PiVFDUD GH 'LRQLVRV
/RVRMRVGHODPiVFDUDPLUDEDQILMDPHQWHDODGRUDGRUSDUDTXLHQHO
SURSLRGLRVVHHQFDUQDEDHQODPiVFDUD
'LRQLVRVRFXSRXQOXJDULPSRUWDQWHHQHORUILVPR VLJOR,9 TXH
WRPy VX QRPEUH GHO SRHWD PtWLFR 2UIHR (Q OD WHRORJtD yUILFD HO
EHEp'LRQLVRVHUDGHVFXDUWL]DGR\GHYRUDGRSRUGRVFHORVRVWLWDQHV
SHUR $WHQHD SXGR VDOYDU VX FRUD]yQ \ YROYLy D QDFHU D WUDYpV GH
=HXVHQDOJXQDVYHUVLRQHVFRPRKLMRGH6pPHOH)XHDGRUDGRFRPR
=DJUHRHOQRPEUHyUILFRGHO'LRQLVRVGHOPXQGRVXEWHUUiQHR

(OGHVWLQRGH'LRQLVRV
/D YLGD \ OD PXHUWH HVWiQ LQWHUFRQHFWDGDV HQ OD PLWRORJtD \ OD
DGRUDFLyQGH'LRQLVRV6XWXPEDHVWDEDHQHOVDQWXDULRGH$SRORHQ
'HOIRV GRQGH VH OH DGRUDED DQXDOPHQWH FRPR XQ EHEp TXH VH
DFDEDED GH GHVSHUWDU )XH XQ GLRV DGXOWR TXH PXULy XQ GLRV TXH
SDVyXQWLHPSRHQHOPXQGRVXEWHUUiQHR\XQGLRVUHFLpQQDFLGR
'LRQLVRVHODUTXHWLSR
(ODUTXHWLSR'LRQLVRVWLHQHSRWHQFLDOHVSRVLWLYRV\QHJDWLYRVPX\
SRGHURVRVTXHGHVSLHUWDQORVVHQWLPLHQWRVPiVHWpUHRV\EiVLFRV\
FUHDQFRQIOLFWRVHQODSVLTXH\HQODVRFLHGDG(VXQDUTXHWLSRTXH
HVWi SUHVHQWH HQ DOJXQRV PtVWLFRV \ DVHVLQRV (Q HO PHGLR VH
HQFXHQWUD HO DUTXHWLSR HQ KRPEUHV \ PXMHUHV  TXH H[SHULPHQWDQ
PRPHQWRVGHp[WDVLVHLPSXOVRVLQWHQVDPHQWHFRQWUDGLFWRULRV

(OQLxRGLYLQR
8QDGHODVLPiJHQHVFRQODVTXHVHUHSUHVHQWDD'LRQLVRVHVOD
GHOQLxRGLYLQR(ODUTXHWLSRGHOQLxRGLYLQROOHYDFRQVLJRXQVHQWLGR
GHFDUiFWHU~QLFRGHXQDSHUVRQD\GHVXGHVWLQR(QORVVXHxRVGH
ODVSHUVRQDVGHQXHVWUDpSRFDHODUTXHWLSRVXHOHHVWDUUHSUHVHQWDGR
SRU XQ QLxR SUHFR] TXH KDEOD DO VRxDGRU R TXH GH DOJXQD RWUD
IRUPD HYLGHQWHPHQWH QR HV XQ QLxR RUGLQDULR (O VHQWLPLHQWR
SHUVRQDO GH TXH ³PL´ YLGD WLHQH XQ VHQWLGR VDJUDGR R GH TXH KD\
HOHPHQWRV KXPDQRV \ GLYLQRV HQ ³PL´ SVLTXH WLHQH OXJDU FXDQGR
XQDSHUVRQDHQWUDHQFRQWDFWRFRQHODUTXHWLSRGHOQLxRGLYLQRTXH
DPHQXGRSUHVDJLDHOFRPLHQ]RGHOYLDMHHVSLULWXDOGHXQDGXOWRRHO
FDPLQRGHODLQGLYLGXDFLyQ
6LQ HPEDUJR GHELGR D OD LQWHQVLGDG LQVWLQWLYD GHO DUTXHWLSR
'LRQLVRVXQHJRHVPX\VXVFHSWLEOHGHVHQWLUVHGHVERUGDGRSRUpO
6LVHLGHQWLILFDFRQHODUTXHWLSRGHOQLxRGLYLQRDpORHOODDPHQXGR
OHV FRVWDUi DGDSWDUVH D OD YLGD RUGLQDULD eO HVSHUDUi XQ WUDWR R
UHFRQRFLPLHQWR HVSHFLDO \ DOEHUJDUi UHVHQWLPLHQWRV FXDQGR VX
FDOLGDG GH ~QLFR QR VHD UHVSHWDGD \ VH HVSHUD TXH FXPSOD FRQ VX
SDUWHGHWUDEDMRPXQGDQR6LKDEODPRVHQWpUPLQRVSVLFROyJLFRVVH
LQIODFRQXQGHVERUGDGR\QRPHUHFLGRVHQWLGRGHVXLPSRUWDQFLD
6LHODUTXHWLSR'LRQLVRVHVUHSULPLGR\FRQpOHODVSHFWRGHOQLxR
GLYLQR YLHQHQ RWUDV GLILFXOWDGHV QR VHQWLUVH DXWpQWLFR HVWDU
GHVFRQHFWDGRFRQXQDYDJDVHQVDFLyQGHQRKDFHUDOJRLPSRUWDQWH
R VHQWLU TXH VX YLGD QR WLHQH VHQWLGR (O DUTXHWLSR 'LRQLVRV HVWi
DFWLYDPHQWHUHSULPLGRHQORVKRPEUHV'HVGHODLQIDQFLDDORVQLxRV
VH OHV GLVXDGH SDUD TXH QR WHQJDQ QLQJ~Q UDVJR ³DIHPLQDGR´ SDUD
TXHQRVHDQ³VRxDGRUHV´ HODVSHFWRPtVWLFRGH'LRQLVRV´RSDUDTXH
QRVHDQVHQVXDOHV\VHOHVGLFHTXHQRKDQGHWRFDUVH

(OHWHUQRDGROHVFHQWH
'LRQLVRV\+HUPHVVRQORVGRVDUTXHWLSRVTXHPiVSUHGLVSRQHQD
XQKRPEUHDVHUVLHPSUHMRYHQ RFRPR-XQJORGHQRPLQy DOSXHU
WHUQXV LQGHSHQGLHQWHPHQWHGHVXHGDGUHDO/DYHUVLyQGLRQLVtDFD
GHODGROHVFHQWHDUTXHWtSLFRHVODGHXQDSHUVRQDLQWHQVD\HPRWLYD
TXH VH TXHGD DEVRUWD HQ FXDOTXLHUD GH VXV SDVLRQHV GHO PRPHQWR
TXH ROYLGD ODV REOLJDFLRQHV GHEHUHV R FLWDV TXH SXGLHUD WHQHU 3RU
FRQVLJXLHQWH QR SDUHFH TXH VH SXHGD FRPSURPHWHU D WUDEDMDU GH
XQD IRUPD HVWDEOH SDUD DOFDQ]DU XQD PHWD D ODUJR SOD]R 7DPSRFR
SDUHFH SUREDEOH TXH VH FRPSURPHWD SDUD PDQWHQHU XQD UHODFLyQ
HVWDEOH/DUHJXODULGDG\ODFRQVWDQFLDOHVRQDMHQDVSXHGHLUGHXQ
OXJDUDRWURDWUD\HQGRDPXMHUHVLQWHUILULHQGRHQVXVYLGDV\OXHJR
GHMiQGRODV
3XHGHWHQHUXQKXPRUPX\FDPELDQWHDKRUDSXHGHSDGHFHUXQD
GHVHVSHUDFLyQSURIXQGD\DOPRPHQWRVLJXLHQWHGHMDUVHWUDQVSRUWDU
HQ p[WDVLV D XQ QXHYR SODQR HOHYDGR SRU DOJR R DOJXLHQ 6H VLHQWH
DWUDtGR KDFLD FXDOTXLHU FRVD TXH LQWHQVLILTXH XQD H[SHULHQFLD /H
DWUDHQ ODV GURJDV DOXFLQyJHQDV TXH DOWHUDQ HO iQLPR DVt FRPR OD
P~VLFD
 (Q ORV DxRV VHVHQWD HO PRYLPLHQWR KLSS\ IXH XQD H[SUHVLyQ GH
HVWH DVSHFWR GHO DUTXHWLSR GLRQLVtDFR FRQ HO FRQVXPR GH /6' \GH
PDULKXDQD HO OOHYDU SUHQGDV GH FRORUHV \ PDWHULDOHV VHQVXDOHV
SHUWHQHFHU D ORV ³KLMRV GH ODV IORUHV´ KDFHU ORYHLQV>@ FHOHEUDU OD
UHYROXFLyQ VH[XDO \ DEDQGRQDU ORV HVWXGLRV R HO WUDEDMR (VWD
LGHQWLILFDFLyQ FRQ 'LRQLVRV SXHGH KDEHU VLGR XQD IDVH SDUD OD
PD\RUtD SHUR SDUD DOJXQRV TXH KDQ SHUPDQHFLGR FRPR HWHUQRV
MyYHQHV HVWH HVWLOR GH YLGD FRQWLQ~D $KRUD VRQ ³KLSSLHV TXH
HQYHMHFHQ´FRQFDQDVHQVXVEDUEDVSXHGHTXHWHQJDQYDULRVKLMRV
SHURHOSDWUyQSURVLJXH
(O DUTXHWLSR GLRQLVtDFR GHO MRYHQ HWHUQR IXH HQFDUQDGR SRU ODV
HVWUHOODV\ODFXOWXUDGHOURFN-LP0RUULVRQGHOJUXSR7KH'RRUV\
0LFN -DJJHU GH ORV 5ROOLQJ 6WRQH HQFDUQDURQ HVWH DUTXHWLSR HQ ORV
DxRVVHVHQWD'DYLG%RZLHDGRSWyHOSDWUyQGHVGHODGpFDGDGHORV
VHWHQWDKDVWDORVRFKHQWD\3ULQFH\0LFKDHO-DFNVRQOHVLJXLHURQHQ
ORVRFKHQWD/DPD\RUtDGHHVWDVHVWUHOODVKDQFXOWLYDGRXQDVSHFWR
DQGUyJLQR \ PXFKDV KDQ WHQLGR VX ODGR RVFXUR TXH VH DFHQWXy HQ
ORVURTXHURVSXQN

(OKLMRGHODPDGUH
/DPDGUHGH'LRQLVRVPXULyFXDQGRpVWHWRGDYtDHUDXQIHWR(Q
VX PLWRORJtD \ VX DGRUDFLyQ HVWi URGHDGR GH PDGUHV DGRSWLYDV \
QLxHUDV TXH IXHURQ LQFRKHUHQWHV H LQHVWDEOHV HQ VX HGXFDFLyQ
3RVWHULRUPHQWH'LRQLVRVGHVFHQGLyDO+DGHVHQEXVFDGHVXPDGUH
$ PHQXGR ORV KRPEUHV TXH VH LGHQWLILFDQ FRQ HVWH DUTXHWLSR
WDPELpQ SDUHFHQ EXVFDU D XQD PXMHU LGHDOL]DGD TXH HV PDGUH \
DPDQWH D OD YH] \ EXVFDQ LQIUXFWXRVDPHQWH HQ XQD VHULH GH
UHODFLRQHVSDUD³KDOODUOD´(VWHFDVRVHGDHVSHFLDOPHQWHFXDQGRKD
H[LVWLGRXQDVHSDUDFLyQItVLFDRHPRFLRQDOHQWUHODPDGUH\HOKLMR
(O DUTXHWLSR WDPELpQ SXHGH SUHGLVSRQHU D XQ KRPEUH D WHQHU
XQDUHODFLyQLQWHUQDSVLFROyJLFDFRQOD*UDQ0DGUH/XHJRVHVLHQWH
FRQHFWDGR FRQ HO PXQGR PDWHUQDO SRVLEOHPHQWH DWUDtGR KDFLD OD
H[SUHVLyQ GHO ³LQVWLQWR PDWHUQDO´ D WUDYpV GH RFXSDFLRQHV GH
FXLGDGRU H LQWHUHVHV GRPpVWLFRV TXH WUDGLFLRQDOPHQWH VRQ PiV
IHPHQLQRV /D UHODFLyQ FRQ OD *UDQ 0DGUH SXHGH VHU GH tQGROH
HVSLULWXDO HVSHFLDOPHQWH DKRUD FRQ HO UHWRUQR GH OD 'LRVD FRPR
SULQFLSLR HVSLULWXDO HQ OD FXOWXUD  TXH TXL]iV VH PDQLILHVWH
FRQYLUWLpQGRVH HQ XQ VHJXLGRU GH XQD FDULVPiWLFD PXMHU OtGHU
HVSLULWXDO
7DPELpQ SXHGH VXFHGHU TXH VHD XQ KRPEUH TXH VH VLHQWD
tQWLPDPHQWH OLJDGR D ODV PXMHUHV TXH SUHILHUD OD FRPSDxtD GH ODV
IpPLQDVTXHHVXQDPDQWHGHODPXMHUTXHVHIXQGHFRQHOODHQHO
p[WDVLVGHODFWRGHKDFHUHODPRU\TXHLQWXLWLYDPHQWHFRPSUHQGHOD
H[SHULHQFLDIHPHQLQD'+/DZUHQFHDXWRUGH (ODPDQWHGH/DG\
&KDWWHUOH\GH+LMRV\DPDQWHV\GH0XMHUHVHQDPRUDGDVHQXQRGH
HVWRVHMHPSORV
/DVPXMHUHVDPHQXGRVHVLHQWHQDWUDtGDVDFXLGDUGHXQKRPEUH
'LRQLVRV GHO PLVPR PRGR TXH pO EXVFD TXH HOODV OH KDJDQ GH
PDGUH(QVXQHFHVLGDGSDUHFHXQPXFKDFKR³KXpUIDQRGHPDGUH´
TXHHYRFDVHQWLPLHQWRVPDWHUQDOHVVLHVWH³QLxRGHPDPi´QRHVWi
FDVDGR ²SRU HMHPSOR SRUTXH HV VDFHUGRWH X KRPRVH[XDO²
HQWRQFHV VH SXHGH URGHDU FRPR KL]R 'LRQLVRV GH WUHV R FXDWUR
PXMHUHVPDWHUQDOHV

(OFKDPiQPHGLDGRUHQWUHGRVPXQGRV
(Q OD VRFLHGDG WULEDO GH ORV QDWLYRV DPHULFDQRV HO FKDPiQ HV
PX\LPSRUWDQWHFRPRPHGLDGRUHLQWHUFHVRUHQWUHHOPXQGRLQYLVLEOH
\HOPXQGRItVLFR(OKRPEUHTXHVHFRQYLHUWHHQFKDPiQVXHOHHVWDU
\DPDUFDGRGHVGHODLQIDQFLDSRUVHUGLIHUHQWHGHVXVFRPSDxHURV
1RUPDOPHQWH VXHOH HVWDU HQ FRPSDxtD GH PXMHUHV \ PiV WDUGH
LQFOXVRVHYLVWHFRPRHOODVH[SHULHQFLDFRPSDUWLGDSRU'LRQLVRVTXH
IXHHGXFDGRFRPRXQDQLxDGXUDQWHXQSHUtRGRGHVXLQIDQFLD
/D SVLTXH FKDPiQLFD FRQ IUHFXHQFLD HV OD GH XQ DQGUyJLQR XQ
KRPEUHPXMHU WDO FRPR VH GHVFULEtD D 'LRQLVRV FRPR ³KRPEUH
DIHPLQDGR´\VHOHOODPD³HODIHPLQDGR>@´/RVFXUDVFDWyOLFRVFX\D
IXQFLyQ VDFUDPHQWDO HV OD GH PHGLDU HQWUH HO PXQGR LQYLVLEOH \ HO
YLVLEOHKDVWDODIHFKDFRQIUHFXHQFLDWRGDYtDOOHYDQSUHQGDVTXHVRQ
YHVWLGRV /D DSDUHQWH DQGURJLQLD SVLFROyJLFD OD H[SHULHQFLD LQWHULRU
GHODSHUFHSFLyQPDVFXOLQD\ODIHPHQLQDHVODFODYHSDUDHQWUDUHQ
VXUHLQR
/DYLVLyQFKDPiQLFDHVODGHODUHDOLGDGQRRUGLQDULDHVHOHVWDGR
DOWHUDGR GH FRQFLHQFLD GHO TXH &DUORV &DVWDxHGD \ /\QQ $QGUHZV
KDEODQ HQ VXV OLEURV VREUH VXV SURSLDV LQLFLDFLRQHV SRU FKDPDQHV R
FXUDQGHUDV(QODSVLFRORJtDMXQJXLDQDGRQGHVHYDORUDHOGHVDUUROOR
GH OR IHPHQLQR HQ ORV KRPEUHV HO PXQGR LQYLVLEOH HV HO PXQGR GH
ORVDUTXHWLSRVGHORVVXHxRV\GHODLPDJLQDFLyQDFWLYD
'LRQLVRVVDFDEDDODVPXMHUHVGHVXVYLGDVRUGLQDULDVSDUDJR]DU
HQ OD QDWXUDOH]D \ GHVFXEULU XQ HOHPHQWR H[WiWLFR HQ HOODV PLVPDV
(VHQFLDOPHQWHODVLQLFLDEDHQODH[SHULHQFLDFKDPiQLFD'LRQLVRVIXH
XQGLRVLQLFLDGR\XQVDFHUGRWHGHOD*UDQ'LRVD(QHOPRYLPLHQWR
FRQWHPSRUiQHR GH OD HVSLULWXDOLGDG GH OD PXMHU 'LRQLVRV HVWi
SUHVHQWH HQ DOJXQDV PXMHUHV TXH HQFDUQDQ HO DUTXHWLSR GH OD
VDFHUGRWLVD FRPR PHGLDGRUD HQWUH GRV PXQGRV 0HWDIyULFDPHQWH
IXQFLRQDQ FRPR OD 0RUJDQD GH 0DULRQ =LPPHU %UDGOH\ HQ 0LVWV RI
$YDORQ XQ VDFHUGRWH R VDFHUGRWLVD GH OD 'LRVD SXHGH DWUDYHVDU ODV
EUXPDV KDVWD OOHJDU D $YDOyQ \ FRQGXFLU D RWURV DO UHLQR GH OD
HVSLULWXDOLGDGIHPHQLQDODLVODGHOD'LRVD
6HU XQ KRPEUH FRQ XQD SHUVRQDOLGDG FKDPiQLFD HQ XQD FXOWXUD
TXH YDORUD HO ³WULXQIDU HQ OD YLGD UHDO´ LPSOLFD QDGDU FRQWUD
FRUULHQWH (O PtVWLFR UHOLJLRVR DGROHVFHQWH TXH WLHQH XQD YLVLyQ
H[WiWLFD GH OD 9LUJHQ VH VLHQWH WDQ LQDFHSWDEOH FRPR HO TXH WRPD
DOXFLQyJHQRV $ ORV GHPiV OHV SDUHFH TXH DPERV ²DO LJXDO TXH
'LRQLVRV²UR]DQODORFXUD
6L 'LRQLVRV HV XQR HQWUH YDULRV DUTXHWLSRV IXHUWHV GHQWUR GH XQ
KRPEUH QR VH LGHQWLILFDUi WRWDOPHQWH FRQ HVWH DVSHFWR FKDPiQLFR
SHUR WHQGUi XQD SUHGLVSRVLFLyQ KDFLD ORV HVWDGRV DOWHUDGRV GH
FRQFLHQFLD (O iPELWR GHO PXQGR LQYLVLEOH OH UHVXOWD IDPLOLDU \
IDVFLQDQWH \ SXHGH FRQGXFLUOH D SURIXQGDV LQWURVSHFFLRQHV 3XHGH
OOHJDUDVHUXQ³PtVWLFRGLVIUD]DGR´TXHPLHQWUDVDFW~DHQHOPXQGR
FRQQRUPDOLGDGGHVFXEUHTXHVXHOHPHQWRGLRQLVtDFROHSURSRUFLRQD
XQDIXHQWHRFXOWDGHVHQWLGR

/DSHUVRQDOLGDGGXDOLVWD
'H WRGRV ORV DUTXHWLSRV PDVFXOLQRV 'LRQLVRV HV HO DUTXHWLSR GH
ORVRSXHVWRVLQWHQVRV7DOFRPRORGHVFULEHHOHUXGLWR:DOWHU)2WWR

6X GXDOLGDG VH QRV KD PDQLIHVWDGR HQ OD DQWtWHVLV GHO
p[WDVLV\HOKRUURUODLQILQLWDYLWDOLGDG\ODGHVWUXFFLyQVDOYDMH
HQHOSDQGHPyQLXPHQTXHHOVLOHQFLRVHSXOFUDOHVLQKHUHQWH
HQ OD LQPHGLDWD SUHVHQFLD TXH HV D XQ PLVPR WLHPSR OHMDQtD
DEVROXWD>@

&XDQGR HVWH DVSHFWR GHO DUTXHWLSR GLRQLVtDFR VH LPSRQH OD

SHUVRQDSXHGHFUX]DUUiSLGDPHQWHODIURQWHUDHQWUHHVWRVRSXHVWRV
/RV JUDQGHV FDPELRV HPRFLRQDOHV VH SUHFLSLWDQ FRQ FXDOTXLHU
SHTXHxR DFRQWHFLPLHQWR 7HQHU XQD UHODFLyQ FRQ XQ KRPEUH R FRQ
XQD PXMHU TXH HVWi VLHPSUH FUX]DQGR D XQR \ RWUR ODGR GH HVD
IURQWHUD VXSRQH VHU WUDWDGR FRPR XQD SHUVRQD YDOLRVD \ PX\
DSUHFLDGD \ DO PRPHQWR VLJXLHQWH FRPR VL IXHUDV XQ WHUULEOH
PRQVWUXR $O PLVPR WLHPSR SXHGHV IOXFWXDU HQWUH VHU XQ DPDQWH
DSDVLRQDGR \ XQ IUtR H[WUDxR 0DQWHQHU XQD FRPXQLyQ H[WiWLFD FRQ
XQ KRPEUH TXH OXHJR DUUHPHWH FRQWLJR \ WH KDFH SHGD]RV HV
FRQRFHU\SDGHFHUHVWHDVSHFWRGXDOLVWDGH'LRQLVRV
/DV PXMHUHV WDPELpQ SXHGHQ HVWDU SRVHtGDV SRU HVWH DUTXHWLSR
/DV PpQDGHV ²ODV PXMHUHV DGRUDGRUDV TXH EXVFDEDQ DO GLRV HQ OD
FLPDGHODVPRQWDxDV²SRGtDQVHUDGRUDEOHVPXMHUHVPDWHUQDOHV\
DOPRPHQWRFRQYHUWLUVHHQGHYDVWDGRUDVPpQDGHVVLQSLHGDG
/D EHOOH]D \ HO SHOLJUR PRUWDO HUDQ ODV FDUDFWHUtVWLFDV GH HVWD
GXDOLGDG /D SDQWHUD HO OHRSDUGR \ HO OLQFH HUDQ VDJUDGRV SDUD
'LRQLVRVUHIOHMDEDQHVWHDVSHFWRVX\R(VWRVJUDQGHVIHOLQRVVRQORV
DQLPDOHVPiVJUiFLOHV\IDVFLQDQWHVSHURWDPELpQORVPiVVDOYDMHV\
VDQJULHQWRV
 /D IRUPD HQ TXH HVWD WHQGHQFLD GLRQLVtDFD SRU ORV VHQWLPLHQWRV
H[WUHPRV H LQWHQVRV SHUWXUEH KDELWXDOPHQWH VX YLGD \ DIHFWH D ORV
GHPiVGHSHQGHUiGHORIXHUWHTXHVHDHODUTXHWLSR\GHORHVWDEOH\
IXHUWH TXH VHD VX HJR 3RU HMHPSOR XQD SHUVRQD FRQ XQ HJR VDQR
SXHGHGHFLUVLQWLpQGROR©VyORSRUTXH\RTXLHUDPDWDUWHRFRUWDUPH
ODVYHQDVQRVLJQLILFDTXHYD\DDKDFHUORª6LHOHJRHVLQHVWDEOH\
KD VXIULGR YDULRV WUDXPDV HPRFLRQDOHV SXHGH VXUJLU XQ DVHVLQR HQ
VHULH FRPR &KDUOHV 0DQVRQ TXH HUD XQ PtVWLFR XQ DPDQWH \ XQ
DVHVLQR6LQHPEDUJRFXDQGRQRVHQFRQWUDPRVFRQXQHJRIXHUWH\
HVWDEOH HO DUTXHWLSR 'LRQLVRV DSRUWD DPSOLWXG \ SURIXQGLGDG D ORV
VHQWLPLHQWRV \ DXPHQWD OD SRVLELOLGDG GH WHQHU H[SHULHQFLDV
HPRFLRQDOHVFXPEUHDODYH]TXHLQWHQVLILFDODVUHDFFLRQHVHUyWLFR
HVSLULWXDOHV\ItVLFDV

(OYDJDEXQGRSHUVHJXLGR
/DVJUDQGHVSHUVHFXFLRQHV\KXLGDVIRUPDQSDUWHGHODPLWRORJtD
GH'LRQLVRV\GHVXVVHJXLGRUDV3RUHMHPSORGHELGRDODKRVWLOLGDG
GHOUH\/LFXUJR'LRQLVRVIXHJROSHDGR\REOLJDGRDDUURMDUVHDOPDU
PLHQWUDV ODV PXMHUHV TXH OH DGRUDEDQ IXHURQ DSDOHDGDV VLQ SLHGDG
FRQPRFLRQDGDVDQWHHOKRUURUGHVXKXLGD
(Q VX PLWRORJtD 'LRQLVRV YLDMy SRU HO FRQRFLGR PXQGR GH ORV
JULHJRVHQFRQWUiQGRVHDPHQXGRFRQKRVWLOLGDGHVDPHGLGDTXHpO
LED OODPDQGR D ODV SXHUWDV GH ODV PXMHUHV \ ODV VDFDED GH VXV
KRJDUHV\WHODUHVSDUDTXHOHVLJXLHUDQDODVUHPRWDVPRQWDxDVDILQ
GH H[SHULPHQWDU HO JRFH GHO p[WDVLV 'HVGH HO PRPHQWR GH VX
FRQFHSFLyQ +HUD GLRVD GHO PDWULPRQLR IXH VX HQHPLJD PRUWDO OR
TXHQRHVGHH[WUDxDUWHQLHQGRHQFXHQWDHOFKRTXHGHYDORUHVTXH
UHSUHVHQWDQHVWDVGRVGHLGDGHV+HUDKRQUDHOPDWULPRQLRGXUDGHUR
FRQVXVREOLJDFLRQHVVRFLDOHVODFRQWLQXLGDG\ODILGHOLGDGPLHQWUDV
TXH 'LRQLVRV HYRFD OD SDVLyQ SHUWXUEDGRUD H LQFLWD D ODV PXMHUHV D
TXHROYLGHQVXVUROHVWUDGLFLRQDOHV

(ODUTXHWLSRGHVPHPEUDGR
 /D FDXVD GH VX GHVPHPEUDPLHQWR HVWi HQWUHWHMLGD HQWUH ORV
PLWRV GH 'LRQLVRV TXH FRPSDUWHQ HO PLVPR GHVWLQR TXH 2VLULV XQ
GLRV HJLSFLR DQWHULRU 6LJORV GHVSXpV -HVXFULVWR FUXFLILFDGR
UHSUHVHQWyHOSDSHOGHOKLMRGLYLQRTXHPXHUH\UHVXFLWD(ODUTXHWLSR
GLRQLVtDFRSUHGLVSRQHDXQKRPEUH RPXMHU DODSRVLELOLGDGGHXQ
GHVPHPEUDPLHQWR SVLFROyJLFR R FUXFLIL[LyQ SURYRFDGR SRU VX
LQFDSDFLGDG SDUD UHFRQFLOLDU ORV SRGHURVRV RSXHVWRV TXH KD\ HQ VX
LQWHULRU ³(VWDU HQ OD FUX] HO FUXFH ´ HQWUH GRV WHQGHQFLDV RSXHVWDV
HV XQD DIOLFFLyQ FRP~Q SDUD XQ KRPEUH 'LRQLVRV 3RU HMHPSOR
SXHGHTXHUHUIXVLRQDUVHFRQVXDPDGD\GHMDUODDOPLVPRWLHPSR(O
³GHVPHPEUDPLHQWR´ ²PHWDIyULFDPHQWH WHQHU GLILFXOWDGHV HQ
³PDQWHQHU XQD XQLGDG´ R VHQWLUVH GLYLGLGR HQ PXFKDV SDUWHV² HV
EDVWDQWHQRUPDOHQHVWRVKRPEUHV
(ODVSHFWRGHOGHVPHPEUDPLHQWRHVHVSHFLDOPHQWHIXHUWHFXDQGR
HODUTXHWLSR'LRQLVRVVHHQFXHQWUDHQXQHQWRUQRUHOLJLRVRTXHSRQH
pQIDVLVODFXOSDFRPRHQODVUHOLJLRQHVMXGHRFULVWLDQDVTXHGLFHQ
©VLWXPDQRL]TXLHUGDWHRIHQGHFyUWDODª'DGRTXHHOPLVWLFLVPR\
OD VHQVXDOLGDG VRQ GRV DVSHFWRV GH 'LRQLVRV XQ MRYHQ SXHGH
VHQWLUVH DWUDtGR KDFLD HO PLVWLFLVPR FDWyOLFR SRU HMHPSOR \ VLQ
HPEDUJRVHQWLUTXHHVXQWHUULEOHSHFDGRUSRUVXVHQVXDOLGDGRVXV
IDQWDVtDV HUyWLFDV /RV VXHxRV GH GHVPHPEUDPLHQWR TXH LQFOX\HQ
HVSDGDVFXFKLOORV\DXWRPXWLODFLRQHVORVWLHQHQKRPEUHV\PXMHUHV
FX\RV FRQIOLFWRV LQWHUQRV VXHOHQ VHU LUUHFRQFLOLDEOHV GHQWUR GH VX
UHOLJLyQ

&XOWLYDUD'LRQLVRV
0XFKRV KRPEUHV QR GLRQLVtDFRV SDGHFHQ DULGH] HPRFLRQDO \
HVWiQ GHVFRQHFWDGRV GH VXV HPRFLRQHV PiV SURIXQGDV $ DOJXQRV
OHV IDOWD VHQVXDOLGDG \D QR GLJDPRV p[WDVLV  DXQTXH SUDFWLTXHQ HO
VH[R D PHQXGR 3DUD HOORV FXOWLYDU D 'LRQLVRV SRGUtD VXSRQHU XQD
IRUPD GH HQVDO]DU VX YLGD /D DWHQFLyQ GLRQLVtDFD VH FHQWUD HQ HO
PRPHQWRSUHVHQWHQRHQDOJXQDRWUDPHWDTXHHVWpPiVDGHODQWH
7LHQH OD FDSDFLGDG SDUD FRQPRYHUVH SRU OR TXH VXFHGH HQWUH ODV
SHUVRQDVRGHQWURGHVtPLVPRHQUHVSXHVWDDORVDFRQWHFLPLHQWRV
%DLODU \ KDFHU HO DPRU VRQ WHUUHQRV HQ ORV TXH 'LRQLVRV HV
HVSHFLDOPHQWH LPSRUWDQWH SDUD SHUPLWLU OD LQWHQVLGDG
HVSRQWDQHLGDG \ IXVLyQ FRQ OD P~VLFD R FRQ HO DPDQWH 7HQHU XQD
³WpFQLFD´VHJXLUPHQWDOPHQWHXQRVSDVRVHVSHFtILFRVHQXQDGDQ]D
RXQPDQXDOGHVH[XDOLGDGHYLWDTXHXQKRPEUHHVWpUHDOPHQWHHQ
ORTXHHVWiKDFLHQGR6LHPSUHTXHHVWpSHQGLHQWHGHOUHORM'LRQLVRV
QRHVWiSUHVHQWH6LHPSUHTXHKD\DRWURVSHQVDPLHQWRVTXHDSDUWHQ
D XQ KRPEUH GH OD LQPHGLDWH] GHO PRPHQWR 'LRQLVRV OH KD
DEDQGRQDGR &XDQGR HO KRPEUH QR HV FRQVFLHQWH GH WHQHU XQ
FXHUSRQRHVWiVLQWRQL]DGRFRQ'LRQLVRV
,QYLWDU D TXH 'LRQLVRV HVWp SUHVHQWH SXHGH LPSOLFDU VDOLUVH GHO
HQWRUQRKDELWXDOGHMDUGHOOHYDUODURSDGHVLHPSUHDEDQGRQDUDOD
SHUVRQD R HO URO HO UHJDOR GHO YLQR OD P~VLFD TXH WUDQVSRUWD DO
EDLODUtQ D XQD VHQVXDOLGDG HVSRQWiQHD XQ EDLOH GH PDUWHV GH
&DUQDYDORGHPiVFDUDVFXDOTXLHUFRVDTXHDIORMHODULJLGH]PHQWDO\
ODQRFLyQGHOWLHPSRKDFHTXH'LRQLVRVHVWpPiVFHUFD
6LDEDQGRQDPRVODFLXGDG\QXHVWUDSUHRFXSDFLyQSRUHOWUDEDMR
\ODVUHVSRQVDELOLGDGHVTXHGHMDPRVDWUiVHQEXVFDGHODFRPXQLyQ
FRQ OD 0DGUH 1DWXUDOH]D WDPELpQ SRGHPRV FRQHFWDU FRQ 'LRQLVRV
'LRQLVRVSXHGHOOHJDUFXDQGRHVWDPRVHQFRQWDFWRFRQODQDWXUDOH]D
\ VRPRV XQR FRQ HOOD &XDQGR GHMDPRV QXHVWUD FRQFLHQFLD KDELWXDO
GHO WLHPSR R GH OD GLVWDQFLD SDUD PDUFKDUQRV \ SHUGHUQRV HQ OD
H[SHULHQFLD QRV WUDQVSRUWDPRV D RWUR UHLQR H[WiWLFR TXH VH VLHQWH
HQXQSODQRVXEMHWLYR
'LRQLVRVHOKRPEUH
&RPR HQ WRGRV ORV FDStWXORV DQWHULRUHV HVWD VHFFLyQ RIUHFH XQD
EUHYHYLVLyQGHFyPRHVODYLGDGHXQKRPEUHTXHVHLGHQWLILFDFRQ
XQ GLRV HQ SDUWLFXODU 6LQ HPEDUJR HVWD LPSUHVLyQ FRPSXHVWD QR
IXQFLRQD LJXDO GH ELHQ FRQ 'LRQLVRV SXHVWR TXH HVWH DUTXHWLSR VH
FDUDFWHUL]DSRUODVWHQGHQFLDV\H[WUHPRVRSXHVWRV
$XQTXH UHVXOWH GLItFLO GHVFULELU FRQ FHUWH]D FyPR VH PDQLIHVWDUi
'LRQLVRV HVD SHUVRQD JHQHUDOPHQWH WHQGUi DOJXQRV UDVJRV
UHFRQRFLEOHV TXH ORV GHPiV VXHOHQ UHFKD]DU R SURYRFDUOHV
GHVFRQILDQ]D6HJ~QODRSLQLyQGHORVDQWLJXRVDPLJRVGHODHVFXHOD
HO KRPEUH 'LRQLVRV WLHQGH D VHU GHPDVLDGR IHPHQLQR PtVWLFR
FRQWUDFXOWXULVWDDPHQD]DGRURDWUDFWLYR\IDVFLQDQWHSDUDTXHHOORV
VHHQFXHQWUHQFyPRGRVFRQpO'LRQLVRVWUDVWRUQDODYLGDPXQGDQD
QR VyOR LQFLWDQGR D ORV GHPiV D GLYHUWLUVH VLQR KDFLHQGR TXH pVWD
VHDGLItFLORLPSRVLEOHSDUDpO

/RVSULPHURVDxRV
(O GLRV 'LRQLVRV WXYR GRV H[SHULHQFLDV WHPSUDQDV LQXVXDOHV TXH
QRV GDQ XQD YLVLyQ GH OR TXH VRQ DOJXQDV H[SHULHQFLDV SVLFROyJLFDV
DQiORJDV SDUD DOJXQRV KRPEUHV TXH VH LGHQWLILFDQ FRQ 'LRQLVRV (O
GLRV IXH HGXFDGR FRPR XQD QLxD \ VXV PDGUHV DGRSWLYDV
HQORTXHFLHURQ\VHFRQYLUWLHURQHQDVHVLQDV
 6L XQ SDGUH R XQD PDGUH WLHQH HVSHUDQ]DV HVWHUHRWLSDGDV
UHVSHFWR D OR TXH KD GH LQWHUHVDU D XQ PXFKDFKR ²DUPDU MDOHR OD
PHFiQLFD\ORVGHSRUWHV²HQWRQFHVDOQLxR'LRQLVRVTXHYD\DDVX
DLUH SUREDEOHPHQWH OH GLUiQ GH XQ PRGR X RWUR TXH VH HVWi
FRPSRUWDQGRFRPRXQDQLxD(OSHTXHxR'LRQLVRVVHVLHQWHDWUDtGR
KDFLD OR TXH KDFHQ ODV PXMHUHV SRUTXH OH JXVWD XVDU VXV FLQFR
VHQWLGRVTXLHUHTXHVXPXQGRHVWpFDUJDGRGHH[SHULHQFLDVHQVXDO
/H JXVWD HO WDFWR GH OD VHGD \ GH OD SLHO OH JXVWDQ ORV FRORUHV \
SXHGH GHMDUVH OOHYDU SRU OD P~VLFD /D FRFLQD FRQ VXV RORUHV \
VDERUHV HV PXFKR PiV LQWHUHVDQWH SDUD pO TXH HO JDUDMH (O WHDWUR
HV LQILQLWDPHQWH PiV IDVFLQDQWH TXH HO HVWDGLR OD URSD HV PXFKR
PiV FDXWLYDGRUD TXH HO RUGHQDGRU (VWRV LQWHUHVHV QDWXUDOHV
JHQHUDOPHQWH LQYLWDQ D ORV GHPiV D OODPDUOH ³PDULTXLWD´ SRU
FRPSRUWDUVHFRPRXQDKHUPDQDXQDFKLFD
6LVXVLQWHUHVHVQROHDSDUWDQGHORTXH³VHVXSRQHTXHOHKDGH
LPSRUWDU´ VX HPRWLYLGDG Vt OR KDUi 8Q MRYHQ 'LRQLVRV UDUD YH] HV
FDSD] GH VHU HVWRLFR DXQTXH VH HVSHUH TXH OR VHD +D\ PXFKDV
SUREDELOLGDGHV GH TXH OH KD\DQ GLFKR TXH ³ORV QLxRV PD\RUHV QR
OORUDQ´SHURpOOORUDFRQIDFLOLGDGDXQTXHWDPELpQUtHDOHJUHPHQWH
/H FXHVWD ³FRQWURODU´ VXV HPRFLRQHV OR TXH SDUD OD PD\RUtD GH ORV
FKLFRV VXSRQH DSUHQGHU D VRIRFDUODV (VWR GH QXHYR OH KDFH
SDUHFHUVH³PiVDXQDFKLFD´
+DFHU TXH VXV FXLGDGRUHV HQORTXHFLHUDQ \ VH YROYLHUDQ DVHVLQRV
IXH RWUD GH ODV FDUDFWHUtVWLFDV GH OD LQIDQFLD GH 'LRQLVRV /D
SVLFRDQDOLVWD$OLFH0LOOHUHQVXOLEUR 3ULVRQHUVRI&KLOGKRRGGHVFULEH
FyPRXQKLMREULOODQWH\SHUFHSWLYRDSUHQGHDHVWDUHQHOODGREXHQR
GH XQRV SDGUHV QDUFLVLVWDV JHQHUDOPHQWH OD PDGUH TXH VH YROYHUi
KRVWLO FRQWUD pO D PHQRV TXH pO DFW~H FRPR HOOD TXLHUH eO SUHVWD
DWHQFLyQ D ODV SLVWDV HPRFLRQDOHV \ DSUHQGH D FRPSODFHU TXH HV
XQD GH ODV IDFHWDV GH ³VHU HGXFDGR FRPR XQD QLxD´  6L ODV
UHDFFLRQHV HPRFLRQDOHV GH VX PDGUH R VX SDGUH  VRQ H[WUHPDV
GHELGR D XQ HVWDGR SVLFROyJLFR OtPLWH WDQ SURQWR VHUi VX ³WHVRUR´
FRPRGHVFDUJDUiVXLUDFRQWUDpODORTXHVHJXLUiHOUHFKD]RKRVWLO²
ODLUDDVHVLQD
 &RQ XQ SDGUH R XQD PDGUH TXH DFWXDED GH HVWH PRGR OD
PD\RUtDGHORVSDFLHQWHVGH$OLFH0LOOHUDSUHQGLHURQGHSHTXHxRVD
DQXODUVXVUHVSXHVWDVHPRFLRQDOHV ODVFXDOHVQXQFDGHVDUUROODURQ \
DYLYLUHQVXVPHQWHV6LQHPEDUJRFXDQGRHODUTXHWLSRSULQFLSDOHV
'LRQLVRVXQQLxRQRVXHOHVHUFDSD]GHHVWR3XHGHTXHKX\D\VH
FRQYLHUWD HQ XQ GHOLQFXHQWH ODQFH HVSHFWDFXODUHV DPHQD]DV R
GHVDUUROOHVtQWRPDVItVLFRV

6XVSDGUHV
/D EXHQD LPDJHQ TXH HO SHTXHxR 'LRQLVRV WHQJD GH Vt PLVPR
GHSHQGHUi PiV GH VXV SDGUHV TXH HQ HO FDVR GH ORV RWURV WLSRV GH
PXFKDFKRVSRUTXHQRHQFDMDHQXQPROGHSDUD³WRGRVORVFKLFRV´\
SRU OR WDQWR HO PXQGR IXHUD GH VX IDPLOLD QR OH DSR\DUi 6LQ
HPEDUJR OD IDOWD GH DSUREDFLyQ GH ORV SDGUHV HV XQD H[SHULHQFLD
EDVWDQWHFRP~QSDUDXQQLxR'LRQLVRVTXHDOVHUpOPLVPRQXQFD
SDUHFHFRPSODFHUDVXSDGUH(VEDVWDQWHFRP~QTXHLQWHQWHVHUHO
KLMRTXHVXSDGUHHVSHUDGHpOORFXDOSURGXFLUiYDULDGRVUHVXOWDGRV
(O SURSLR 'LRQLVRV WLHQH XQ SDGUH SRGHURVR TXH VH SUHRFXSDED
SRUpO(QVXPLWRORJtD'LRQLVRV²PiVTXHORVRWURVKLMRVGH=HXV²
IXH FXLGDGR SRU VX SDGUH TXH HPSH]y SRU VHU XQD PDGUH \ XQ
SDGUH SDUD pO \ FX\D SURWHFFLyQ SURVLJXLy WUDV VX QDFLPLHQWR 0iV
WDUGH =HXV KL]R TXH $ULDGQD OD HVSRVD PRUWDO GH VX KLMR IXHUD
LQPRUWDO7HQHUXQSDGUH=HXVFDULxRVRTXHOHDSUXHED\DSR\DVXV
GHFLVLRQHV HV LGHDO SDUD XQ 'LRQLVRV FX\D SHUVRQDOLGDG \
PDVFXOLQLGDGVHDILUPDQGHHVWHPRGR
$GHPiV 'LRQLVRV IXH HO KLMR PHQRU GH =HXV H
LQGHSHQGLHQWHPHQWHGHORUGHQUHDOGHQDFLPLHQWRXQQLxR'LRQLVRV
VHFRPSRUWDVLHPSUHFRPRHOKLMRPHQRU(VMXJXHWyQSXHGHYLYLUHO
SUHVHQWH\QROHSUHRFXSDHOp[LWR
/D PD\RUtD GH ORV 'LRQLVRV SDUHFHQ VHU ³QLxRV GH PDPi´ VRQ
PiVFRPRVXVPDGUHVTXHFRPRVXVSDGUHVHQORTXHDLQWHUHVHV\
D SHUVRQDOLGDG UHVSHFWD 6L WLHQHQ XQ SDGUH HPRFLRQDOPHQWH
GLVWDQWHTXHOHVUHFKD]DRIXHURQHGXFDGRVSRUPDGUHVVROWHUDVD
PHQXGR VH LGHQWLILFDQ HQ H[FHVR FRQ VXV PDGUHV \ VH VLHQWHQ
DOLHQDGRV GH ORV RWURV YDURQHV \ GH VX SURSLR VHQWLGR GH OD
PDVFXOLQLGDG
/D DOLHQDFLyQ PDGUHKLMR WDPELpQ VH SXHGH GDU FXDQGR pO QR
FXPSOHORTXHHVSHUDVXPDGUHDFHUFDGHFyPRGHEHUtDVHUXQQLxR
(VWR HV EDVWDQWH SUREDEOH FXDQGR VX PDGUH HV XQD $WHQHD
DUTXHWtSLFDODPiVOyJLFDGHODVGHLGDGHV\ODGLRVDSDWURQDGHORV
KpURHV (V XQD PDGUH WXWRUD TXH SXHGH D\XGDU D VX KLMR HQ HO
PXQGRSHURQRHVHVSHFLDOPHQWHPDWHUQDO6HVLHQWHGHFHSFLRQDGD
\ IUXVWUDGD SRU VX IDOWD GH DPELFLyQ \ pO HQFXHQWUD D IDOWDU XQD
PDGUHPDWHUQDOTXHEXVFDUiHQRWUDPXMHU

/DDGROHVFHQFLD\ORVSULPHURVDxRVFRPRDGXOWR
/DDGROHVFHQFLDVXHOHVHUXQSHUtRGRGHFULVLV7RGRORTXHSDVH
HQ HVWD HWDSD VH YHUi LQWHQVLILFDGR SRU 'LRQLVRV 6XV DOWLEDMRV
HPRFLRQDOHV VRQ PiV DJXGRV TXH HQ RWURV DGROHVFHQWHV 6XV
SUHJXQWDVUHVSHFWRDVXLGHQWLGDGVH[XDOVRQPD\RUHV\VHHQDPRUD
GH FKLFDV R FKLFRV ²R GH DPERV² FRQ XQD LQWHQVLGDG DODUPDQWH
/DV GURJDV VRQ XQ ULHVJR LPSRUWDQWH SDUD pO (V SUREDEOH TXH VH
YLVWD GH IRUPD QDGD FRQYHQFLRQDO /DV QRWDV HQ VXV HVWXGLRV QR OH
LPSRUWDQ \ HVWD LQGLIHUHQFLD DXPHQWD D PHGLGD TXH WRGR OR GHPiV
VHLQWHQVLILFD
6XVSDGUHVVHDODUPDQ\ODVDXWRULGDGHVHVFRODUHVSXHGHQHVWDU
LJXDOPHQWH SRODUL]DGDV 6X IDOWD GH FRQIRUPLGDG R GH VHJXLU OD
FRUULHQWH TXH VLHPSUH HVWXYR SUHVHQWH SHUR TXL]iV QR GH XQD
IRUPDWDQHYLGHQWHVHYXHOYHSDWHQWH
$ YHFHV HO FRQIOLFWR VH HQFXHQWUD HQ HO LQWHULRU GHO PXFKDFKR
'LRQLVRVPiVTXHHQWUHpO\ORVGHPiV6XHVIXHU]RSRUDGDSWDUVH\
UHSULPLUHVDSDUWHGLRQLVtDFDGHVtPLVPRDKRUDVHGLILFXOWDPiV/RV
FKRTXHVHPRFLRQDOHVVHSXHGHQSURGXFLUDPHGLGDTXHHOPXFKDFKR
VH VLHQWH PiV LQFyPRGR FRQVLJR PLVPR KHFKR SHGD]RV $ UDt] GH
HOORVSXHGHSDGHFHUJUDYHVWUDVWRUQRVPHQWDOHV&XDQGRXQDUHOLJLyQ
\ XQD IDPLOLD UHSUHVLYDV FRQGHQDQ HO PHUR KHFKR GH WHQHU
³SHQVDPLHQWRV LPSXURV´ HQWRQFHV VX VHQWLPLHQWR GH FXOSD \ GH
SHFDGRSXHGHVHUSURIXQGDPHQWHSHUWXUEDGRU
$SDUWHGHOKRJDUHQWUHODDGROHVFHQFLD\ORVSULPHURVDxRVFRPR
DGXOWRHOWRUEHOOLQRHPRFLRQDO\ODVH[SHULHQFLDVGHODDGROHVFHQFLD
FRQWLQ~DQ %XVFDU OD H[SHULHQFLD H[WiWLFD HQ HO FDPSR HVSLULWXDO
VH[XDORDWUDYpVGHODVVXVWDQFLDVLQWR[LFDQWHVVXHOHLQWHUIHULUHQVX
HGXFDFLyQ \ HQ TXH OOHJXH D LQLFLDU XQD FDUUHUD eVWD VXHOH VHU XQD
pSRFD GH PHWHUVH HQ SROtWLFD TXH DFRVWXPEUD D VHU
H[WUDRUGLQDULDPHQWHDUULHVJDGD
7DPELpQ HV SRVLEOH TXH H[SORUH \ H[SUHVH ORV HOHPHQWRV
GLRQLVtDFRVGHVXSHUVRQDOLGDGVLQOOHJDUDH[WUHPRVDUULHVJDGRVVLHV
TXHOHYLHURQ\OHDFHSWDURQWDOFRPRHUDPLHQWUDVFUHFtD\WDPELpQ
VL UHFLELy DOJXQD JXtD 3RU HMHPSOR SXHVWR TXH 'LRQLVRV YLYH HQ HO
PRPHQWRSUHVHQWHVHOHKDGHHQVHxDUSDFLHQWHPHQWHDSHQVDUKR\
HQ OR TXH OOHJDUi PDxDQD DVt FRPR TXp \ FyPR DSUHQGHU GH ODV
H[SHULHQFLDV GHO SDVDGR OHFFLRQHV TXH GH RWUR PRGR QR VXHOH VHU
FDSD]GHDSOLFDU 

(OWUDEDMR
6LODE~VTXHGDGHOp[WDVLVOHOOHYDDOPLVWLFLVPR\ODUHOLJLyQXQ
MRYHQ'LRQLVRVVHFRQYHUWLUiHQXQVDFHUGRWHDWUDtGRSRUHOULWXDO\
HO PLVWLFLVPR GH ORV VDFUDPHQWRV \ ODV FHUHPRQLDV 7DPELpQ VH
SXHGH LU D XQ DVKUDP GRQGH VH VXHOHQ XVDU ORV WDPERUHV \ ORV
FDQWRV SDUD DOWHUDU OD FRQFLHQFLD 0iV GLRQLVtDFDV VRQ D~Q ODV
H[SHULHQFLDV GHO \RJD WiQWULFR R ODV SUiFWLFDV VH[XDOHV GH ORV
VHJXLGRUHV GH %KDJDZDQ 6KUL 5DMQHVK (Q HVWH HQWRUQR VX WUDEDMR
TXHGDUi GHILQLGR SRU OD FRPXQLGDG UHOLJLRVD TXH HQFDMD PX\ ELHQ
FRQHO'LRQLVRVQRFRPSHWLWLYR
8Q KRPEUH 'LRQLVRV QR VH VLHQWH DWUDtGR D VHJXLU XQD FDUUHUD
FRPSHWLWLYD LPSXOVDGD SRU OD DPELFLyQ SHUVRQDO QL WDPSRFR OH
LQWHUHVD HO PXQGR DFDGpPLFR GH ODV LGHDV 'HVDUUROODU XQD
FRPSHWHQFLD HQ DOJR TXH LPSOLTXH DxRV GH HVWXGLR YD FRQWUD VX
QDWXUDOH]D &RQVHJXLU SRGHU \ SUHVWLJLR QR HV HVSHFLDOPHQWH
VLJQLILFDWLYRSDUDpO1RHVGHH[WUDxDUSXHVTXHHOPXQGRODERUDO
VHDXQSUREOHPDSDUDPXFKRV'LRQLVRV
+D\PXFKRVSDUDGRVTXHQRKDQWHQLGRp[LWR\XQRVSRFRVFRQ
XQp[LWRHVSHFWDFXODUHQHOPXQGRODERUDO$OJXQRV'LRQLVRVWULXQIDQ
HQODVHVIHUDVFUHDWLYDVGRQGHHOWDOHQWR\ODH[SHULHQFLDGHDIURQWDU
VX ODGR RVFXUR R VXV FRQIOLFWRV GLRQLVtDFRV SXHGHQ LU XQLGRV HQ VX
WUDEDMR/DREUDGH(XJHQH2¶1HLOO 9LHQHHOKRPEUHGHOKLHORUHIOHMD
ORV DxRV GH LQFRQWURODEOH DOFRKROLVPR GHO DXWRU 2WUR GUDPDWXUJR \
JDQDGRUGHOSUHPLR3XOLW]HU6DP6KHSDUGXWLOL]DSDUHVGHKHUPDQRV
SDUD GHVFULELU OD SRODULGDG GH VX SURSLD SHUVRQDOLGDG 7DPELpQ
SRGHPRV KDOODU KRPEUHV GLRQLVtDFRV HQWUH ODV HVWUHOODV GH URFN ORV
P~VLFRV \ ORV DFWRUHV DOJXQRV GH ORV FXDOHV KDQ WHQLGR TXH OXFKDU
FRQWUDVXDGLFFLyQDODOFRKRO\ODVGURJDV

/DVUHODFLRQHVFRQODVPXMHUHV
(O GLRV 'LRQLVRV HVWXYR URGHDGR GH PXMHUHV \ OR PLVPR VXFHGH
FRQ HO KRPEUH /DV PXMHUHV PDWHUQDOHV VXHOHQ YHUOH FRPR XQ
KRPEUH DWRUPHQWDGR \ YXOQHUDEOH DO TXH KD\ TXH FXLGDU <D VHD
MRYHQ R GH PHGLDQD HGDG VX MRYLDOLGDG KDFH TXH DOJXQDV PXMHUHV
GHVHHQ FXLGDUOH 3XHGH KDEHU VLGR WUDWDGR FRQ GXUH]D R KDEHU VLGR
UHFKD]DGR \ YHU FyPR VH ODPH VXV KHULGDV HPRFLRQDOHV DWUDH D OD
PDGUHTXHKD\HQDOJXQDVPXMHUHV
6XVHQVXDOLGDG\DSUHFLRSRUODEHOOH]DDWUDHDODVPXMHUHVKDFLD
pO DOJXQDV FRPR DPLJDV RWUDV FRPR SRVLEOHV DPDQWHV &XDQGR
KDFHHODPRUFRQXQDPXMHUHVSHFLDOPHQWHVLKDVWDHVHPRPHQWR
HOOD QXQFD KD KHFKR HO DPRU FRQ XQ KRPEUH SDUD HO TXH HVH DFWR
VHDXQDH[SHULHQFLDH[WiWLFDGHIXVLyQHOODTXHGDUiSURIXQGDPHQWH
DIHFWDGD8QDSXHGHTXHGHVSLHUWHDVXSURSLDVH[XDOLGDG\VHQWLUVH
PX\ DJUDGHFLGD RWUD SXHGH TXH VH YXHOYD DGLFWD D pO RWUD SXHGH
YROYHUVH IHUR]PHQWH FHORVD &XDQGR pO HV LPSRUWDQWH SDUD XQD
PXMHUHOGUDPD\ORVSUREOHPDVVXHOHQDSDUHFHUWUDVVXHQWUDGDHQ
ODYLGDGHHOODSXHVWRTXHDKRUDGHEHUiVHJXLUVXVWtSLFDVVXELGDV\
EDMDGDV
 (O KRPEUH 'LRQLVRV DPD VLQFHUDPHQWH D ODV PXMHUHV \ GHVGH OD
JXDUGHUtDSUREDEOHPHQWHKDWHQLGRPiVDPLJDVGHODOPDFRQODVTXH
FRPSDUWLUVXVLQWHUHVHVFRQILGHQFLDV\XQDDPLVWDGSURIXQGDTXHOD
PD\RUtDGHORVKRPEUHVTXHJHQHUDOPHQWHQXQFDOOHJDQDHQWDEODU
HVWHWLSRGHUHODFLyQFRQODVPXMHUHV

/DVUHODFLRQHVFRQORVKRPEUHV
8Q 'LRQLVRV VXHOH VHJXLU VX SURSLR ULWPR GLVWLQWR DO GH VXV
FRPSDxHURV 1R VH VLHQWH HQ VX DPELHQWH HQ HO YHVWXDULR GHO
JLPQDVLR R HQ OD VDOD GH MXQWDV SRUTXH ODV UHODFLRQHV HQ HVWRV
HQWRUQRV VRQ PX\ LPSHUVRQDOHV (V GHPDVLDGR LQGLYLGXDOLVWD SDUD
VHU XQ MXJDGRU GH XQ HTXLSR HVWi PX\ SRFR LQWHUHVDGR HQ OD
FRPSHWLFLyQ \ HV GHPDVLDGR LQFRQIRUPLVWD SDUD VHU ³XQR GH ORV
PXFKDFKRV´
3DUDGyMLFDPHQWHSXHGHWHQHUDPLVWDGHVPDVFXOLQDVPiVtQWLPDV
TXHODPD\RUtDGHORVKRPEUHVTXHHQFDMDQHQORVSDWURQHVGHVXV
FRPSDxHURV 7HQHU XQD VHULH GH DPLJRV YDURQHV SXHGH VHU PX\
LPSRUWDQWH SDUD pO GH GLYHUVDV IRUPDV &RQ XQ DPLJR +HUPHV
DOFDQ]D QLYHOHV SURIXQGRV GH FRQYHUVDFLyQ \ XQ +HIHVWR GHVFXEUH
TXH'LRQLVRVUHDOPHQWHDSUHFLDORTXHpOFUHDTXHWRFDVXVREUDVGH
DUWH FRQ HO PLVPR UHVSHWR TXH VLQWLy +HIHVWR DO FUHDUODV $SROR
WDPELpQVHVLHQWHDWUDtGRKDFLD'LRQLVRVTXHHVVXRSXHVWR
'LRQLVRVIXHXQGLRVTXHSRGtDOORUDUHQHOKRPEURGHXQDPLJR
FRPRWDPELpQSXHGHKDFHUORXQKRPEUH'LRQLVRV&XDQGRVXDPLJR
ÈPSHORVPXULy'LRQLVRVOORUyVREUHVXWXPED\HQSDUWHVHFRQVROy
FRQODFHSDGHYLG\HOYLQRTXHEURWyGHVXVOiJULPDV

/DVH[XDOLGDG
/D H[SUHVLyQ GH XQD VH[XDOLGDG LQQDWD H LQWHQVD HV XQ WHPD
HVHQFLDOSDUD'LRQLVRV'LRQLVRVSXHGHVHUKHWHURVH[XDOKRPRVH[XDO
R ELVH[XDO 7DQWR VL HV XQD HVWUHOOD GH URFN H[WUDRUGLQDULDPHQWH
SURPLVFXD FRPR XQ VDFHUGRWH FpOLEH OD VH[XDOLGDG HV XQD GH VXV
SULQFLSDOHV SUHRFXSDFLRQHV 'H QDWXUDOH]D VHQVXDO VX SHUVRQDOLGDG
HUyWLFD VH GHVSLHUWD IiFLOPHQWH eO SXHGH FDQDOL]DU WDQWD HQHUJtD
SVtTXLFD HQ HO WHUUHQR VH[XDO FRPR RWUR KRPEUH HQ VX FDUUHUD
3XHGH WHQHU H[SHULHQFLDV GH p[WDVLV VH[XDO D YHFHV PiV
LQWHQVLILFDGDV SRU OD P~VLFD R SRU VXVWDQFLDV LQWR[LFDQWHV TXH SRU
HVWDU LQYROXFUDGR HQ XQD UHODFLyQ SHUVRQDO SURIXQGD 8QD SDUHMD
VHQVLEOH SXHGH GDUVH FXHQWD GH TXH HVWi WDQ DEVRUWR HQ KDFHU HO
DPRU SDVDQGR D XQ HVWDGR GH FRQFLHQFLD DOWHUDGR TXH HO DFWR
UHVXOWHDOJRLPSHUVRQDO(QHVHPRPHQWRSXHGHHVWDUWHQLHQGRXQD
H[SHULHQFLDGLRQLVtDFDDUTXHWtSLFDQRXQDFRPXQLyQSHUVRQDO
3XHGH VHQWLUVH YHUGDGHUD \ UHSHWLGDPHQWH DWUDtGR KDFLD JUDQ
YDULHGDGGHPXMHUHVRDUHSHWLUXQDH[SHULHQFLDFRQODPLVPDPXMHU
VL HOOD WDPELpQ SXHGH DPDU HQ HO PRPHQWR FRPR OR KDFH pO /D
FRQTXLVWDQRHVVXPRWLYDFLyQVLQRODH[SHULHQFLDHQVt

(OPDWULPRQLR
/DPXMHUWUDGLFLRQDOQRFRQVLGHUDD'LRQLVRVXQ³EXHQSDUWLGR´OR
FXDOHVXQDYDORUDFLyQPX\SUHFLVD1RVHSXHGHFRQWDUFRQpOFRPR
VXVWHQWDGRUGHODIDPLOLDTXHSDVHWRGDVXYLGDHQXQWtSLFRWUDEDMR
GH QXHYH D FLQFR QL TXH OOHJXH D OD FLPD GH ORV QHJRFLRV R GHO
PXQGRSURIHVLRQDO\OHSXHGDRIUHFHUSUHVWLJLRSRVLFLyQ\VHJXULGDG
/D YLGD FRQ pO VHUi LPSUHGHFLEOH WDQWR HFRQyPLFD FRPR
HPRFLRQDOPHQWH
/RV SUREOHPDV VXUJHQ FXDQGR XQD PXMHU VH HQDPRUD GH XQ
'LRQLVRV \ DO FDVDUVH FRQ pO HVSHUD TXH FDPELH FRPR ORV KRPEUHV
FRUULHQWHV \ SUHYLVLEOHV KDFLD ORV TXH QR VH VHQWtD DWUDtGD \ TXH
DKRUD HOOD HVSHUD TXH pO VHD &RQWUDHU PDWULPRQLR SUREDEOHPHQWH
IXH LGHD GH HOOD SXHVWR TXH OR PiV SUREDEOH HV TXH pO YLYD HO
PRPHQWR \ QR SLHQVH HQ FRPSURPLVRV GH SRU YLGD (VSHUDU TXH HO
PDWULPRQLR OH FRQYLHUWD HQ PRQyJDPR HV RWUR HUURU TXH SXHGH
KDFHUODVXIULU
< GH QXHYR SDUDGyMLFDPHQWH \ DO LJXDO TXH HO GLRV HQ DOJ~Q
PRPHQWRGHVXYLGDSXHGHFDVDUVH\KRQUDUHOPDWULPRQLRDPDU\
DSUHFLDUDVXHVSRVDDODTXHFRQRFHHPSiWLFDPHQWH
/DGHVFHQGHQFLD
8Q 'LRQLVRV PXFKDV YHFHV HV WDQ ³QLxR JUDQGH´ TXH HV XQD
UHYHODFLyQFRQORVKLMRVGHORVGHPiV6LQHPEDUJRVXVSURSLRVKLMRV
DPHQXGRWLHQHQH[SHULHQFLDVTXHOHVGHMDQGHVWUR]DGRV3XHGHVHU
LQFUHtEOHPHQWH LQWHUHVDQWH FXDQGR HV MXJXHWyQ LPDJLQDWLYR \
JHQHURVR \ VXV HVWDGRV DOHJUHV VRQ FRQWDJLRVRV  R WHUULEOHPHQWH
GHFHSFLRQDQWH FXDQGRKDSURPHWLGRKDFHUDOJRHVSHFLDOFRQHOORV\
QR VH DFXHUGD R KD SHUGLGR VX DQWHULRU HQWXVLDVPR SRU DOJR TXH
GHEtD KDEHU VLGR XQD H[SHULHQFLD FRPSDUWLGD  7HQHU XQ SDGUH
HQFDQWDGRUTXHFUHHHQORTXHGLFHHQHVHPRPHQWR\HQTXLHQQR
VH SXHGH FRQILDU FRQ TXH FXPSOD OR TXH KD GLFKR SXHGH UHVXOWDU
GHVJDUUDGRU 6XV LQFRKHUHQFLDV \ OD IDOWD GH FRQILDQ]D HQ pO
DXPHQWDQ VL VH WUDWD GH XQ SDGUH GLYRUFLDGR \ KD\ PXFKDV
SRVLELOLGDGHVGHTXHHVRVXFHGD
(O KRPEUH 'LRQLVRV QR VXHOH OOHYDU PX\ ELHQ ODV
UHVSRQVDELOLGDGHV WUDGLFLRQDOHV GH OD SDWHUQLGDG HO SDSHO GHO
VXVWHQWDGRUGHODIDPLOLDGHGLVFLSOLQDULR\PHGLDGRUHQWUHVXIDPLOLD
\HOPXQGRH[WHULRUGHWXWRU\HOUROPRGHORSDUDWHQHUp[LWRHQOD
YLGD6LQHPEDUJRFXDQGRVXVKLMRVQDFLHURQSXHGHTXHSDUWLFLSDUD
PX\ DFWLYDPHQWH HQ HO SDUWR GH VX HVSRVD TXH HVWXYLHUD SUHVHQWH
HQ WRGR HO SURFHVR HPRFLRQDO \ ItVLFDPHQWH (O SDUWR SXHGH KDEHU
VLGR SDUD pO XQD H[SHULHQFLD PtVWLFD R H[WiWLFD FRPSDUWLGD TXH OH
YLQFXODDVXVKLMRV\DVXHVSRVD$XQTXHXQKRPEUH'LRQLVRVQXQFD
VHUiSRUWHPSHUDPHQWRXQSDGUHFHOHVWLDOWUDGLFLRQDOGLVWDQWH\TXH
HVWpHQHOPXQGRH[WHULRUHVSRVLEOHTXHVHFRQYLHUWDHQXQSDGUH
WLHUUDTXHHVWpHQHOKRJDUHLQVWLQWLYDPHQWHFHUFDGHVXVKLMRV

/DPLWDGGHODYLGD
'LRQLVRV KRPEUH SXHGH DWUDYHVDU XQD FULVLV HPRFLRQDO HQ OD
PLWDGGHODYLGD6LHOH[FHVRRODIDOWDGHGLVFLSOLQDVHKDQFREUDGR
VXSUHFLRSXHGHTXHWHQJDTXHHQIUHQWDUVHDXQDDGLFFLyQDODOFRKRO
RDODVGURJDVRELHQDIUDFDVRVODERUDOHVRHQVXVUHODFLRQHV/DV
GHILFLHQFLDV HGXFDWLYDV R SURIHVLRQDOHV R XQD YLGD ODERUDO HUUiWLFD
DKRUD VH YXHOYHQ HYLGHQWHV 6X VLWXDFLyQ PDWULPRQLDO QR VXHOH VHU
PXFKR PHMRU 0XFKDV ILJXUDV GLRQLVtDFDV S~EOLFDV QR VXSHUDQ OD
PLWDGGHODYLGDSRUHMHPSORODPXHUWHSRUVREUHGRVLVVHFREUyOD
YLGD GH OD HVWUHOOD GH URFN -LP 0RUULVRQ GHO JUXSR 7KH 'RRUV \ GHO
DFWRU-RKQ%HOXVKL
/R PiV QRUPDO GH WRGRV PRGRV HV TXH OD FULVLV VH DODUJXH
GXUDQWH DxRV \ HO DOFRKROLVPR VHUi HO SUREOHPD PiV HYLGHQWH (O
SRHWD '\ODQ 7KRPDV \ HO DFWRU 5LFKDUG %XUWRQ WXYLHURQ TXH OXFKDU
FRQWUDVXDGLFFLyQDODOFRKROLVPRODH[SUHVLyQFUHDWLYD\VXVGLItFLOHV
UHODFLRQHVFRQODVPXMHUHVeVWDVVRQODVFOiVLFDVOXFKDVGLRQLVtDFDV
GH OD PLWDG GH OD YLGD \ 7KRPDV \ %XUWRQ ODV WXYLHURQ WRGDV XQ
KRPEUH'LRQLVRVWDPELpQRTXL]iVVyORDOJXQDVGHHOODV
1R REVWDQWH JUDFLDV D KHURLFRV HVIXHU]RV SRU PDQWHQHU XQ
WUDEDMRTXHWHQJDVHQWLGR\SRUWUDEDMDUORVWHPDVGHODLQWLPLGDG\
HO FRPSURPLVR HQ ODV UHODFLRQHV XQ 'LRQLVRV SXHGH FRQYHUWLUVH HQ
XQ KRPEUH PDGXUR \ SURIXQGR TXH VHJXLUi VLHQGR LQWHQVR H
LQWHJUDUiVXVPRPHQWRVGHp[WDVLV\FUHDWLYLGDGHQVXYLGD

/RV~OWLPRVDxRV
(OSDVRGH'LRQLVRVSRUODPLWDGGHODYLGDGHWHUPLQDFXiOGHORV
WUHVSDWURQHVVHJXLUiHQVXV~OWLPRVDxRV
8QSDWUyQFRP~QHVODFRQWLQXDFLyQGHODOXFKDGHODPLWDGGHOD
YLGD FRQWUD OD DGLFFLyQ DO DOFRKRO ODV GLILFXOWDGHV ODERUDOHV R ORV
SUREOHPDVFRQVXVUHODFLRQHV VLQTXHOOHJXHDXQDUHVROXFLyQKDVWD
ODPXHUWHTXHVXHOHVHUSUHPDWXUD
8Q VHJXQGR SDWUyQ LPSOLFD OD FRPELQDFLyQ GH XQ DUTXHWLSR
'LRQLVRV \ OD ULTXH]D KHUHGDGD TXH SUHGLVSRQH D XQ KRPEUH D VHU
HWHUQDPHQWHMRYHQDSHVDUGHVXDYDQ]DGDHGDG6HDFXDOIXHUHVX
RULHQWDFLyQVH[XDOVXHOHWHQHUSDUHMDVVH[XDOHVPiVMyYHQHV\WUDV
KDEHUORSUREDGRRKHFKRWRGRODYLGDOHUHVXOWDUiPRQyWRQD
8QD YLGD LQGLYLGXDO OOHQD GH VHQWLGR \ SURIXQGLGDG HV OD WHUFHUD
SRVLELOLGDG JDQDGD D SXOVR $O KDEHU LQWHJUDGR D 'LRQLVRV HQ XQD
SHUVRQDOLGDG PDGXUD VHUi FDSD] GH YLYLU SOHQDPHQWH HO PRPHQWR
HVH PRPHQWR TXH IRUPD SDUWH GH XQ WDSL] GH XQD YLGD
HPRFLRQDOPHQWHULFDTXHWLHQHXQDFRQWLQXLGDG\FRPSURPLVRV/DV
H[SHULHQFLDV GH p[WDVLV OH SURSRUFLRQDQ XQ VHQWLGR GH XQLGDG
HVSLULWXDOVXE\DFHQWHDODUHDOLGDGGHIRUPDUSDUWHGHODQDWXUDOH]D
\ GH OD KXPDQLGDG (VWD LQWHJUDFLyQ HVSLULWXDO KDFH TXH OD PXHUWH
VHD OD VLJXLHQWH H[SHULHQFLD TXH GHVHH DEUD]DU SOHQDPHQWH FXDQGR
OOHJXH
&RQIOLFWRVSVLFROyJLFRV
&XDQGR 'LRQLVRV GHWHUPLQD ODV HPRFLRQHV \ OD FRQGXFWD GH XQ
KRPEUH HQ TXLHQ PRUD HO DUTXHWLSR VX SRWHQFLDO SDUD SDGHFHU
JUDYHV WUDVWRUQRV SVLFROyJLFRV HV PXFKR PD\RU TXH FRQ FXDOTXLHU
RWURDUTXHWLSR(OJUDGRGHSHUMXLFLRTXHVHSURGX]FDGHSHQGHUiGHO
SRGHUGHODUTXHWLSRGHORIXHUWHTXHVHDHQUHODFLyQFRQODGHELOLGDG
GHVXHJR6yORXQKRPEUHFRQXQHJRIXHUWH\VDQRSXHGHUHSULPLU
DSURSLDGDPHQWH OD LQIOXHQFLD GHO DUTXHWLSR \ HOHJLU FyPR FXiQGR
FRQTXLpQ\EDMRTXpFLUFXQVWDQFLDVHQFDUQDUiDVX'LRQLVRV
$GHPiVXQDVRFLHGDGPRUDOLVWD\SXULWDQDPDQGDPiVPHQVDMHV
IXHUWHV \ QHJDWLYRV D 'LRQLVRV TXH D FXDOTXLHU RWUR DUTXHWLSR RWUD
GH ODV UD]RQHV SRU ODV TXH pVWH SDGHFH SUREOHPDV SVLFROyJLFRV
3XHGH WHQHU SUREOHPDV GH DXWRHVWLPD DVt FRPR FRQVHFXHQFLDV
QHJDWLYDVSRUUHSULPLUHODUTXHWLSR

'LVWRUVLRQHVHQODSHUFHSFLyQGHVtPLVPREDMDDXWRHVWLPD
\RUJXOOR
1XHVWUR HVWHUHRWLSR FXOWXUDO GH FyPR GHEHUtD VHU XQ FKLFR R XQ
KRPEUHOHGLFHDXQMRYHQ'LRQLVRVTXHDOJRQRIXQFLRQDELHQHQpO
$SUHQGH PX\ SURQWR TXH HV GHPDVLDGR HPRWLYR LQWHQVR R
LQWHUHVDGR HQ FRVDV TXH VyOR OHV SUHRFXSDQ D ODV FKLFDV &RPR HV
QDWXUDOVXDXWRHVWLPDVHUHVLHQWH
 3RURWUDSDUWHHODVSHFWRGHQLxRGLYLQRGHODUTXHWLSROHRWRUJD
XQVHQWLGRGHVHUHVSHFLDO\XQSULYLOHJLRQRUHDOLVWD&RQIUHFXHQFLD
IOXFW~DGHXQH[WUHPRDRWURWDQSURQWRVLHQWHTXHQRHVDGHFXDGR
SDUD UHDOL]DU OD WDUHD TXH WLHQH GHODQWH FRPR TXH OR TXH HVWi D
SXQWRGHKDFHUOHKDUiIDPRVRDOLQVWDQWH
/H IDOWD FRQVWDQFLD HQ VX SHUFHSFLyQ GH Vt PLVPR \ DO EDVDUVH
WDQWR VX DXWRHVWLPD HQ VHQWLPLHQWRV SXUDPHQWH VXEMHWLYRV SXHGH
UHVXOWDUOHLPSRVLEOHFRQVHJXLUWHQHUXQDYLVLyQUHDOLVWDGHVtPLVPRR
GH VX YDOtD /D UHDFFLyQ GH ORV GHPiV UHVSHFWR D pO HV LJXDOPHQWH
LQFRKHUHQWH /D JHQWH UHDFFLRQD GH IRUPD SRVLWLYD R QHJDWLYD
UHVSHFWRDpOSHURFDVLQXQFDGHPDQHUDQHXWUDO

6HUHOHWHUQRMRYHQ
'LRQLVRV IXH XQ GLRV MRYHQ (Q XQD IDPRVD GHVFULSFLyQ TXH VH
KL]RGHpOVHOHSUHVHQWDFRPRXQMRYHQHOHJDQWHFRQSHORODUJRTXH
OHFDtDVREUHORVKRPEURVYHVWLGRFRQXQDW~QLFDGHFRORUS~USXUD
(Q HVWH PLWR IXH VHFXHVWUDGR SRU ORV SLUDWDV TXH SHQVDURQ TXH HUD
XQ KLMR GH XQ UH\ SRU HO TXH SDJDUtDQ XQ UHVFDWH /D LPDJHQ HV
HVHQFLDOPHQWH OD GH XQ MRYHQ HWHUQR SULYLOHJLDGR < FXDQGR HVWH
DUTXHWLSR YD DFRPSDxDGR GH ULTXH]D HO UHVXOWDGR HV XQ VHQVXDO
SOD\ER\ HO MRYHQ $Ot .KDQ SRU HMHPSOR 0XFKRV KRPEUHV TXH VH
LGHQWLILFDQ FRQ 'LRQLVRV FRPR HO HWHUQR MRYHQ GH KHFKR JXDUGDQ
DOJXQD VLPLOLWXG FRQ VXV KRPyORJRV ULFRV \ IDPRVRV HQ FXDQWR D
TXH SXHGHQ YLYLU VyOR SDUD OD SUy[LPD ILHVWD R LQWHQVD DYHQWXUD
DPRURVD/DSRVLELOLGDGGHVHUHOHWHUQRMRYHQHVWiSUHVHQWHVLHPSUH
TXH'LRQLVRVVHDHODUTXHWLSRGRPLQDQWH

/DOXFKDFRQWUDORVRSXHVWRV
/RV KRPEUHV FRQ SHUVRQDOLGDGHV GLRQLVtDFDV OXFKDQ FRQWUD OD
SDUDGRMD \ ORV RSXHVWRV TXH H[LVWHQ SRU XQ LJXDO HQ VX LQWHULRU (Q
HOORV²GHOPLVPRPRGRTXHHQHOGLRV²ODHPEULDJXH]H[WiWLFD\OD
GHVWUXFFLyQ OD SDVLyQ \ OD IULDOGDG OD LQPHGLDWH] \ OD GLVWDQFLD
SXHGHQH[LVWLUWRGRVDODYH]
 (OGUDPDWXUJR\JXLRQLVWD6DP6KHSDUG²TXHHVXQHMHPSORGH
KRPEUH 'LRQLVRV² GHVFULELy OD WDUHD GH KDFHU IUHQWH D HVWRV
RSXHVWRV
(Q DOJ~Q OXJDU H[LVWH HO PLWR GHO ORER \ ORV FRUGHURV >«@ < HO
SURFHVR GH VHJXLU YLYR HV LQWHQWDU TXH DPERV SXHGDQ YLYLU MXQWRV
LQWHQWDU OOHJDU D XQ HTXLOLEULR HQWUH HVWDV GRV SDUWHV SRUTXH XQR
VLHPSUH HVWi LQWHQWDQGR GHYRUDU DO RWUR (O TXH TXLHUH GHYRUDU²HO
ORER²DFW~DSRULPSXOVR\HVEDVWDQWHLUUDFLRQDO1RFDEHGXGDGH
TXH KD\ XQD OXFKD FRQVWDQWH D OD TXH VH UHVSRQGH GH GLVWLQWDV
IRUPDV$OJXQRVORKDFHQEHELHQGRRWRPDQGRGURJDV/DGLILFXOWDG
HV LQWHQWDU DFHSWDU TXH pVWD HV OD FRQGLFLyQ FRQ OD TXH KHPRV GH
FRQYLYLUODFRQGLFLyQGHHVWDVGRVSDUWHVTXHFKRFDQHQWUHHOODV\HO
WHPRUFRQVWDQWHGHVHUYHQFLGRSRUODRWUD>@

/DSVLFRVLVFRPRSRWHQFLDO
'LRQLVRV IXH FRQRFLGR FRPR HO GLRV ORFR \ TXH HQORTXHFLy D VXV
VHJXLGRUHV +DFtD WDPEDOHDU OD PHQWH &XDQGR GH SURQWR DSDUHFtD
VXVPpQDGHVHUDQWUDQVSRUWDGDVSRUHOp[WDVLV\ODHQDMHQDFLyQWDQ
SURQWREDLODEDQIUHQpWLFDVFRPRVHHQFROHUL]DEDQ
$OJR GLRQLVtDFR GHEH SDVDU HQ ORV FRQFLHUWRV GH URFN
HVSHFLDOPHQWHFXDQGRODHVWUHOODDSDUHFHGHSURQWRHQHOHVFHQDULR\
OD DXGLHQFLD HQORTXHFH (VWi HO IUHQHVt ODV GURJDV HO EDLOH \ ORV
URVWURV GH ORV DVLVWHQWHV H[SUHVLRQHV GH p[WDVLV \ HPEULDJXH]
(VSRUiGLFDPHQWH FRPR HQ HO FRQFLHUWR GH ORV 5ROOLQJ 6WRQHV HQ
$OWDPRQWWDPELpQKD\YLROHQFLD\WHUURU
&XDQGR 'LRQLVRV VH DSDUHFtD DQWH VXV VHJXLGRUHV HVWDOODED OD
FRQIXVLyQ VHJXLGD GH XQ VLOHQFLR VHSXOFUDO R XQD SURIXQGD
PHODQFROtD FXDQGR GHVDSDUHFtD GH SURQWR (VWH DUFR GHVGH ODV
FXPEUHV GHO p[WDVLV \ OD FRPXQLyQ FRQ HO GLRV KDVWD OD PHODQFROtD
GHVFULEH HO SURFHVR SVLFROyJLFR LQWHQVR GH ³SLOODU XQ JORER´ WUDV HO
FXDO YLHQH XQD DSiWLFD GHSUHVLyQ R XQ SHUtRGR GH DOXFLQDFLRQHV \
FRQGXFWDGHOLUDQWHVHJXLGDGHKRUURU\GHFXOSD
 )UHGHULFN 1LHW]VFKH HO ILOyVRIR DOHPiQ TXH HVFULELy $Vt KDEOy
=DUDWXVWUDSDGHFLyRQFHDxRVGHHQIHUPHGDGPHQWDOGHJHQHUDWLYD
(TXLSDUy VX ORFXUD \ OD GLVROXFLyQ GH VX SVLTXH FRQ HO
GHVPHPEUDPLHQWR GH 'LRQLVRV 1LHW]VFKH VXEUD\y ORV DVSHFWRV
H[WiWLFRV H[FHVLYRV EiUEDURV WLWiQLFRV H LQFOXVR FULPLQDOHV GH
'LRQLVRV>@

/RVHIHFWRVVHFXQGDULRVGHOUHJDORGHODYLGSUREOHPDVFRQ
HOFRQVXPRGHVXVWDQFLDV
/DDGRUDFLyQGH'LRQLVRVLPSOLFDEDEHEHUYLQRXRWUDVVXVWDQFLDV
HPEULDJDGRUDV SDUD DOFDQ]DU XQ HVWDGR GH FRPXQLyQ FRQ HO GLRV
6XVVHJXLGRUHVVHQWtDQTXHHVWDEDQLQJLULHQGRDOGLRVHQVXLQWHULRU
\HVWDEDQSRVHtGRVSRUpO
6LXQ'LRQLVRVFRQWHPSRUiQHREXVFDp[WDVLVRHVWDGRVDOWHUDGRV
GH FRQFLHQFLD D WUDYpV GH ODV GURJDV VHUi XQ EXHQ FDQGLGDWR SDUD
WHQHU SUREOHPDV GH GURJDGLFFLyQ 3XHGH SRQHU HQ SHOLJUR VX VDOXG
ItVLFDVLWRPDGURJDVDOXFLQyJHQDVRTXHDOWHUHQHOiQLPR
&XDQGR HVWDED HQ XUJHQFLDV SVLTXLiWULFDV FRPR UHVLGHQWH HQ HO
+RVSLWDO *HQHUDO GH 6DQ )UDQFLVFR HQ ORV DxRV VHVHQWD D PHQXGR
WUDtDQ SHUVRQDV TXH HVWDEDQ EDMR OD LQIOXHQFLD GH GURJDV
DOXFLQyJHQDV\GHHVWLPXODQWHVTXHKDEtDQFRPSUDGRHQODFDOOH/DV
GURJDVTXHWRPDEDQSDUDVHQWLUVHPHMRUOHVSURYRFDEDQSDUDQRLDV\
WHUURU OHV SRQtDQ HQ SHOLJUR ItVLFDPHQWH SXHVWR TXH QR WHQtDQ HQ
FXHQWD ODV VHxDOHV GH WUiILFR R ODV DOWXUDV R DPHQD]DEDQ OD
VHJXULGDG GH ORV GHPiV VL DFWXDEDQ EDMR ODV DOXFLQDFLRQHV R IDOVDV
SHUFHSFLRQHV LQGXFLGDV SRU ODV GURJDV TXH KDEtDQ WRPDGR 8QD
GpFDGD PiV WDUGH R PiV ODV GURJDV DOXFLQyJHQDV GH ³GLVHxR´ TXH
GLILHUHQ SRU XQD VROD PROpFXOD GH ORV IiUPDFRV GH SUHVFULSFLyQ
IDFXOWDWLYD VRQ FUHDGDV SRU H[SHUWRV TXtPLFRV LQWHUHVDGRV HQ HO
GLQHURSDUDLUSRUGHODQWHGHFXDOTXLHURWURSURGXFWRTXHVHRIUH]FD
HQ HO FDPSR GH OD LOHJDOLGDG (O ULHVJR OR FRUUHQ DKRUD ORV MyYHQHV
SURIHVLRQDOHV GH FLXGDG /DV GURJDV TXH VH YHQGHQ FRPR XQD
³EXHQDH[SHULHQFLD´HQDOJXQRVFDVRVFRQGXFHQDODPXHUWH
 /RVFRQVXPLGRUHVFRQWHPSRUiQHRVGHVFXEUHQTXHODVGURJDVTXH
VH WRPDQ SDUD TXH OHV SURSRUFLRQHQ XQ HVWDGR HOHYDGR SXHGHQ LU
VHJXLGDVGHUHVDFDVGHVHVSHUDFLyQ\DGLFFLyQ&XDQGRODVSHUVRQDV
EXVFDEDQ OD FRPXQLyQ FRQ 'LRQLVRV pVWH OHV LQGXFtD D p[WDVLV
Pi[LPRV VHJXLGRV GH PHODQFROtD \ GHSUHVLyQ R GH DOXFLQDFLRQHV
KRUULEOHV\GHVHQWLGRGHFXOSDQRHVGLIHUHQWHGHKR\HQGtD
/D FRPXQLyQ FRQ 'LRV SXHGH VHU XQD PRWLYDFLyQ LQFRQVFLHQWH
SULPRUGLDO SDUD EHEHU TXH OXHJR SRGUtD OOHJDU D FRQGXFLU DO
DOFRKROLVPR %LOO : FRIXQGDGRU GH $OFRKyOLFRV $QyQLPRV WXYR XQ
LQWHUFDPELR GH FRUUHVSRQGHQFLD FRQ -XQJ TXH DFODUD HVWD FRQH[LyQ
HQWUH HO DOFRKROLVPR \ OD HVSLULWXDOLGDG %LOO : OH HVFULELy SDUD
FRQWDUOH OD LPSRUWDQFLD GH XQD FRQYHUVDFLyQ TXH -XQJ KDEtD WHQLGR
HQORVDxRVWUHLQWDFRQ5RZODQG+TXHGHVHPSHxyXQVLJQLILFDWLYR
SDSHO HQ OD IXQGDFLyQ GH $$ 5RZODQG + HUD XQ DOFRKyOLFR \
DQWLJXR SDFLHQWH GH -XQJ D TXLHQ pVWH ~OWLPR HQ VX FRQYHUVDFLyQ
OHGHFtDTXHQRSRGtDD\XGDUOH>@ 
©&XDQGR pO 5RZODQG +  OH SUHJXQWy VL KDEtD DOJXQD RWUD
HVSHUDQ]D XVWHG OH UHVSRQGLy TXH TXL]iV Vt VLHPSUH TXH SXGLHUD
FRQYHUWLUVHHQREMHWRGHXQDH[SHULHQFLDHVSLULWXDORUHOLJLRVDª
5RZODQG + WRPy HQ VHULR ODV SDODEUDV GH -XQJ \ HQWRQFHV
EXVFy\KDOOyODH[SHULHQFLDHVSLULWXDOTXHOHD\XGy 
-XQJ UHVSRQGLy ©VX DQVLD SRU HO DOFRKRO HUD HTXLYDOHQWH HQ XQ
SODQR PiV EDMR D OD VHG HVSLULWXDO GH QXHVWUR VHU SRU OD SOHQLWXG
H[SUHVDGDHQHOOHQJXDMHPHGLHYDOFRPRODXQLyQFRQ'LRVª
©&RPRYH²HVFULELy-XQJ²³DOFRKRO´HQODWtQHVVSLULWXV\XVWHG
XVD OD PLVPD SDODEUD>@ WDQWR SDUD OD H[SHULHQFLD UHOLJLRVD PiV
VXEOLPHFRPRSDUDQRPEUDUHOYHQHQRPiVPRUWtIHUR/DIyUPXODHV
SXHVVSLULWXVFRQWUDVSLULWXPª
/D IUDVH VSLULWXV FRQWUD VSLULWXP VH WUDGXFH HQ HO SULQFLSLR GH
XWLOL]DU OD FRPXQLyQ HVSLULWXDO FRQWUD OD DGLFFLyQ GH ORV HVStULWXV
DOFRKyOLFRV TXH VXVWLWX\HQ D 'LRV HQ FXDOTXLHU IRUPD TXH WHQJD
VHQWLGRSDUDODSHUVRQD SRUHODOFRKRO&XDQGRHOXVRGHODOFRKROR
GH FXDOTXLHU RWUD VXVWDQFLD HV PRWLYDGR SRU 'LRQLVRV XQ KRPEUH R
XQD PXMHU HVWi EXVFDQGR OD FRPXQLyQ HVSLULWXDO D WUDYpV GH HVWRV
PHGLRVFXDQGRHVWRHVDVtQRHVH[WUDxRTXHXQDUHODFLyQFRQ'LRV
OHD\XGHDUHFREUDUODVREULHGDG

6tQWRPDVSVLFRVRPiWLFRV
6HFUHtDTXH'LRQLVRVHQWUDEDHQHOFXHUSRGHVXVDGRUDGRUHVGH
IRUPD SDUHFLGD D FRPR HO DOFRKRO UHFRUUH ORV YDVRV VDQJXtQHRV
DIHFWDQGR ORV VHQWLGRV LQIOX\HQGR HQ HO FXHUSR \ HQ OD PHQWH
&XDQGR'LRQLVRVHVXQDUTXHWLSRIXHUWHHVHKRPEUHVHFRQYLHUWHHQ
XQDHQFDUQDFLyQVX\DHVGHFLUUHDFFLRQDFRQVXFXHUSRTXHSDUDpO
HVVXyUJDQRVHQVRULDO\VLHQWHODVHPRFLRQHVHQHOPLVPR$OHVWDU
WRWDOPHQWH HQ VX FXHUSR FXDQGR EDLOD R KDFH HO DPRU HV OD
H[SUHVLyQ SRVLWLYD GH HVWD HQFDUQDFLyQ (O KHFKR GH TXH VX FXHUSR
UHDFFLRQHSVLFRVRPiWLFDPHQWHHVHODVSHFWRQHJDWLYR(VVXVFHSWLEOH
GH WHQHU VtQWRPDV GH FRQYHUVLyQ SRU HMHPSOR SDUiOLVLV R FHJXHUD
KLVWpULFD /D DQRUH[LD HV RWUD H[SUHVLyQ GH VX VXVFHSWLELOLGDG D OD
HQIHUPHGDGFXHUSRPHQWH
7DPELpQ SXHGH WHPHU TXH D VX FXHUSR OH SDVH DOJR SRUTXH
H[SUHVDHPRFLRQHVDWUDYpVGHOPLVPR\HVPX\FRQVFLHQWHGHVXV
VHQVDFLRQHV FRUSRUDOHV /H PROHVWDUi XQ GRORU R XQD PROHVWLD TXH
RWURKRPEUHTXHYLYDHQVXFDEH]DQLVLTXLHUDQRWDUi

/DVGLILFXOWDGHVSVLFROyJLFDVSDUDORVGHPiV
6LXQ'LRQLVRVHVXQKRPEUHLPSRUWDQWHHQODYLGDGHXQDPXMHU
QL TXH GHFLU WLHQH TXH VX YLGD QR VHUi DEXUULGD /R WXPXOWXRVD
GLFKRVD R GRORURVD TXH VHUi VX UHODFLyQ GHSHQGHUi GH pO GH FyPR
VHD HOOD \ GH OD HVWUXFWXUD GH OD PLVPD ¢6H WUDWD GH XQD DPLVWDG
SRFRFRUULHQWHRGHXQDQXHYDDYHQWXUD"¢8QDUUHJORGHFRQYLYHQFLD
RXQPDWULPRQLR"<ORTXHHVLJXDOPHQWHLPSRUWDQWH¢TXpHVORTXH
VHHVSHUDGHHOODHQHVWDUHODFLyQ"
6L VH WUDWD GH XQD +HUD FRQ SUR\HFWRV GLRVD GHO PDWULPRQLR
HVSRVD DUTXHWtSLFD  TXH HVSHUD TXH XQ DSDVLRQDGR URPDQFH VH
FRQYLHUWD HQ XQ PDWULPRQLR PRQyJDPR \ GXUDGHUR OD UHODFLyQ
SXHGHVHUGHVDVWURVDSDUDHOODH[SRQLpQGRODDORVSHRUHVDVSHFWRV
GHVXVVRPEUDVXVFHORV\VXVYHQJDQ]DV
6LQ HPEDUJR 'LRQLVRV VXHOH VHU XQD ILJXUD VLJQLILFDWLYD HQ XQD
pSRFD GH WUDQVLFLyQ LPSRUWDQWH 3XHGH HQWUDU HQ OD YLGD GH XQD
PXMHU H ³LQFLWDUOD D DEDQGRQDU VX KRJDU SDUD JR]DU´ \ FRQ HOOR pO
SXHGHGHVWUXLUVXKRJDU\VXPDWULPRQLR\DFWLYDUODSDVLyQ\ODLUD
TXH HOOD KD HVWDGR UHSULPLHQGR GXUDQWH WRGD VX YLGD SULPHUR
FXDQGRWHQtDTXHVHUXQDEXHQDFKLFD\OXHJRDFWXDQGRFRPREXHQD
HVSRVD/RVSULQFLSDOHVSHUMXGLFDGRVSXHGHQVHUORVKLMRV
(OSHUtRGRWUDVODILQDOL]DFLyQGHOPDWULPRQLRGHELGRDODEDQGRQR
GHO HVSRVR HV RWUR SHUtRGR GH WUDQVLFLyQ HQ HO TXH VXHOH HQWUDU XQ
'LRQLVRV HQ OD YLGD GH XQD PXMHU (Q HVWH FDVR YXHOYH D VHU XQ
LQLFLDGRU XQ KRPEUH VHQVXDO TXH GHVSLHUWD VX HURWLVPR \
HPRWLYLGDG 3XHGH TXH OD LQWURGX]FD HQ HO FRQVXPR GH GURJDV DO
ULWPRSDOSLWDQWHGHODP~VLFDRDXQDSUiFWLFDGHp[WDVLVPHGLWDWLYR
8Q DPDQWH 'LRQLVRV WDPELpQ SXHGH SUHVHQWDUVH FXDQGR KD
GHVDSDUHFLGRODFKLVSDHQODYLGDGHXQPDWULPRQLR
5HFRUGHPRV TXH HO GLRV 'LRQLVRV WUDQVIRUPy D ODV PXMHUHV HQ
GHOLUDQWHV PpQDGHV TXH FRPSDUWtDQ VX GHVWLQR \ TXH SRGtDQ VHU
GHVWUR]DGDV GHVPHPEUDGDV R FUXHOPHQWH SHUVHJXLGDV pVWH HV HO
SRWHQFLDO PiV RVFXUR GH LQYROXFUDUVH FRQ XQ KRPEUH 'LRQLVRV /DV
PXMHUHV TXH VRQ FRPR 3HUVpIRQH HQ FXDQWR D TXH VRQ YtFWLPDV
SURSLFLDWRULDV SDUD VHU VHFXHVWUDGDV DO PXQGR VXEWHUUiQHR ²FRPR
PHWiIRUDGHGHSUHVLyQJUDYH\SpUGLGDGHODUHDOLGDG²VRQODVPiV
YXOQHUDEOHV 7DPELpQ GHELGR D VX FDSDFLGDG GH DGDSWDFLyQ
FDPDOHyQLFD D XQD SRGHURVD SHUVRQDOLGDG VH SXHGHQ FRQYHUWLU HQ
GyFLOHV VHJXLGRUDV GH XQ &KDUOHV 0DQVRQ R FRPR OD VHFXHVWUDGD \
YLRODGD 3DWW\ +HDUVW SXHGHQ FDHU EDMR HO GRPLQLR GH XQ 'LRQLVRV
DVHVLQR$GHPiVDXQTXH'LRQLVRVIXHUDXQGLRVYDUyQTXHOODPDED
D ODV PXMHUHV HVWH DUTXHWLSR SXHGH HQFDUQDUOR XQ KRPEUH R XQD
PXMHU\ORVTXHUHVSRQGHQSXHGHQVHUWDQWRGHORWURVH[RFRPRGHO
PLVPR
)RUPDVGHFUHFHU
(OWUDEDMRSVLFROyJLFRTXHKDGHUHDOL]DUXQKRPEUHRXQDPXMHU
SDUDFUHFHUHVPiVFRPSOHMRTXHRWURVSRUTXHHODUTXHWLSRHVPiV
FRPSOLFDGR6HUHTXLHUHXQHJRREVHUYDGRU\DFHSWDGRU6HKDQGH
GHVDUUROODU RWURV DUTXHWLSRV QR VyOR FRPR PHGLR SDUD QR VHU WDQ
SDUFLDO VLQR FRPR PHGLR GH VXSHUYLYHQFLD +D\ GRV WDUHDV
SULQFLSDOHVTXHVHKDQGHOOHYDUDFDER²XQKHURLFRHQFXHQWURFRQ
HOLQFRQVFLHQWH\XQDUHODFLyQFRPSURPHWLGD²SDUDTXHSXHGDWHQHU
OD YLGD RUGLQDULD TXH HVWi EXVFDQGR DXQTXH QR HV SUREDEOH TXH
OOHJXHDVHUDOJXQDYH]XQDSHUVRQDRUGLQDULD

'HVDUUROODUXQHJRREVHUYDGRU\DFHSWDGRU
8QD SHUVRQD SXHGH WHQHU R DFRJHU D HVWH DUTXHWLSR VLQ
UHSULPLUOR HQORTXHFHU UHDOL]DU DFWRV YLROHQWRV R VHU UHFKD]DGR SRU
FRPSDxtDV RUGLQDULDV VL SRVHH XQ HJR PX\ REVHUYDGRU TXH DFHSWH
FXDOTXLHUSHQVDPLHQWRHLPDJHQTXHSDVHSRUVXFDEH]DFXDOTXLHU
VHQVDFLyQ GH VX FXHUSR FXDOTXLHU SDVLyQ TXH VXUMD VLQ FUtWLFD QL
YHUJHQ]D R VLQ DFWXDU DO UHVSHFWR 6L 'LRQLVRV HV XQ DUTXHWLSR
SRGHURVR HQ QRVRWURV GHVFXEULUHPRV TXH HO PHUR KHFKR GH
FRQRFHUORHVODDFWLWXGTXHKHPRVGHORJUDUSDUDTXHQRVVHD~WLO/D
SVLFRWHUDSLDHVXQPHGLRGHDFHSWDFLyQGHVtPLVPRHVSHFLDOPHQWH
VL HO UHFKD]R \ OD FUtWLFD IRUPDURQ SDUWH GH QXHVWUD H[SHULHQFLD
LQIDQWLO
'HVDUUROODUDOLDGRV=HXV+HUPHV\$SROR
(Q OD PLWRORJtD GH 'LRQLVRV KXER YDULRV GLRVHV TXH OH SUHVWDURQ
XQD YDOLRVD D\XGD =HXV +HUPHV \ $SROR VXV DOLDGRV VRQ
DUTXHWLSRVTXHXQ'LRQLVRVKDGHGHVDUUROODU
=HXVOHVDOYyGRVYHFHVODYLGDD'LRQLVRVSULPHURVDFiQGRORGHO
YLHQWUHGHVXPDGUHPXHUWD\FRVLpQGRORDVXPXVOR/XHJRFXDQGR
+HUD YROYLy ORFRV D VXV SDGUHV DGRSWLYRV YROYLy D UHVFDWDUOH 8Q
DUTXHWLSRSDGUHSRVLWLYR²HQFDUQDGRHQXQ=HXVIXHUWH\SURWHFWRU
²VLQGXGDSXHGHD\XGDUD'LRQLVRVDDFHSWDUTXHVLJXHXQFDPLQR
GLVWLQWRDOGHVXVFRPSDxHURV\DYLYLUFRQSHQVDPLHQWRVLUUDFLRQDOHV
RVHQWLPLHQWRVLQWHQVRVVLQUHSULPLUORVQLUHFKD]DUVHDVtPLVPR8Q
'LRQLVRV SXHGH GHVDUUROODU XQ DUTXHWLSR =HXV SDGUH SRVLWLYR HQ Vt
PLVPR GH IRUPD QDWXUDO VL VX SDGUH ELROyJLFR OH DPD \ OH DFHSWD
(VWH GHVDUUROOR WDPELpQ VH SXHGH SURSLFLDU PHGLDQWH XQD UHODFLyQ
SRVLWLYDFRQXQDILJXUDSDWHUQDTXHHMHU]DGHWXWRURWHUDSHXWD
+HUPHV IXH FRPDGURQD HQ HO QDFLPLHQWR GH 'LRQLVRV R HO GLRV
TXH OH OOHYy FRQ VXV SDGUHV DGRSWLYRV +HUPHV FRPR GLRV
PHQVDMHUR YLDMDED FRQ IDFLOLGDG HQWUH HO PXQGR VXEWHUUiQHR OD
7LHUUD \ ODV FLPDV GHO 2OLPSR /D FDSDFLGDG SDUD LU GHVGH ODV
SURIXQGLGDGHVKDVWDODVDOWXUDVVLQTXHGDUDWUDSDGRHPRFLRQDOPHQWH
HV XQD KDELOLGDG TXH KDQ GH FXOWLYDU ORV 'LRQLVRV 8Q 'LRQLVRVYLYH
HQHOSUHVHQWHTXHHVOD~QLFDUHDOLGDGSDUDpO3RUFRQVLJXLHQWHVL
GHVFLHQGH ³DO SR]R´ \ VH GHSULPH OH UHVXOWD LQWHUPLQDEOH \ HWHUQR
(VWDGHVHVSHUDFLyQSXHGHFRQGXFLUOHDSHQVDPLHQWRVVXLFLGDVFRPR
³~QLFD VDOLGD´ +HUPHV VLQ HPEDUJR VDEH TXH HQ FXDOTXLHU OXJDU
GRQGHVHHQFXHQWUHHVWDUiVyORWHPSRUDOPHQWH
+HUPHVIXHWDPELpQHOGLRVFRPXQLFDGRU$ODSUHQGHUDH[SUHVDU
VXV VHQWLPLHQWRV HQ SDODEUDV \ FRPSDUWLUORV FRQ ORV GHPiV XQ
'LRQLVRV GHVDUUROOD HVWH DVSHFWR GH +HUPHV /RV GHPiV D PHQXGR
SXHGHQD\XGDUOHVDDGTXLULUXQDSHUVSHFWLYDPiVDPSOLDTXHOHVHUi
PX\~WLO
 (OUDFLRQDO$SRORHVHOWHUFHUDOLDGRDGHVDUUROODU(QVXVULWXDOHV
'LRQLVRVFRPSDUWLy'HOIRVFRQ$SROR$PERVGLRVHVIXHURQDGRUDGRV
HQ 'HOIRV 'LRQLVRV GXUDQWH ORV WUHV PHVHV GH LQYLHUQR $SROR
GXUDQWH HO UHVWR GHO DxR (VWRV GRV GLRVHV VRQ ORV RSXHVWRV
WUDGLFLRQDOHV$SRORHVHOSHQVDGRUOLQHDOTXHYDORUDODFODULGDGTXH
FRPRGLRVVRODUSXHGHYHUORWRGRGHVGHXQDGLVWDQFLDREMHWLYD(VOD
SHUVRQLILFDFLyQGHODIXQFLyQGHOKHPLVIHULRL]TXLHUGR'LRQLVRVHVHO
GLRVLUUDFLRQDOHPRFLRQDOHQFDUQDGRTXHHVVXEMHWLYRHQTXLHQORV
RSXHVWRV\ODVFRQWUDGLFFLRQHVYDQDODSDUUHSUHVHQWDHOKHPLVIHULR
GHUHFKR$PERVKDQGHHVWDUSUHVHQWHVHQODSVLTXHGHXQKRPEUH
8QD EXHQD HGXFDFLyQ HV HO PHGLR D WUDYpV GHO FXDO 'LRQLVRV VXHOH
GHVDUUROODU OD KDELOLGDG GHO DUTXHWLSR $SROR SDUD SHQVDU
UDFLRQDOPHQWH

/DWDUHDGHOKpURHHOYLDMHDOPXQGRVXEWHUUiQHR
6L KD GH FUHFHU SVLFROyJLFDPHQWH 'LRQLVRV KD GH GHMDU DWUiV VX
LGHQWLILFDFLyQ FRQ HO QLxR GLYLQR \ HO HWHUQR DGROHVFHQWH \
FRQYHUWLUVH HQ HO KpURH (O SVLFyORJR (ULFK 1HXPDQQ HQ VX
GHVFULSFLyQ FOiVLFD GHO RULJHQ \ FUHFLPLHQWR GH OD FRQFLHQFLD
PDVFXOLQD KDEOD GH OD QHFHVLGDG GHO KLMRDPDQWH DQGUyJLQR GH
FRQYHUWLUVH HQ KpURH 3DUD HOOR GLFH 1HXPDQQ KD GH H[SRQHUVH
GHOLEHUDGDPHQWHDOLQFRQVFLHQWH\DOQRHJRTXHHVODRVFXULGDGOD
QDGD HO YDFtR HO SR]R VLQ IRQGR HO PXQGR VXEWHUUiQHR HO ~WHUR
SULPRUGLDO GH OD *UDQ 0DGUH GRQGH HO HJR VH SXHGH GLVROYHU HQ HO
LQFRQVFLHQWH \ VHU GHYRUDGR R SRVHtGR SRU PLHGRV LUUDFLRQDOHV ORV
PRQVWUXRV \ GLDEORV GHO LQFRQVFLHQWH (O KpURH KD GH DIURQWDU ORV
SHOLJURV GHO PXQGR VXEWHUUiQHR \ HPHUJHU FRQ VX HJR LQWDFWR \
IRUWDOHFLGRSRUHOHQFXHQWUR>@
(Q OD PLWRORJtD GH 'LRQLVRV OR ~OWLPR TXH UHDOL]y DQWHV GH
FRQVHJXLU VX SXHVWR HQ HO 2OLPSR IXH VX SDSHO GH KpURH 7RPy OD
GHFLVLyQGHUHVFDWDUDVXPDGUHPRUWDO6pPHOHTXHKDEtDPXHUWR\
TXHVHHQFRQWUDEDHQHO+DGHV8QDFFHVRDOPXQGRVXEWHUUiQHRHUD
D WUDYpV GHO ODJR VLQ IRQGR HQ HO SDQWDQR GH /HUQD 'LRQLVRV VH
VXPHUJLy\DVXGHELGRWLHPSROOHJyDODRVFXUDFDVDGH+DGHV$OOt
FRQVLJXLyODOLEHUWDGGHVXPDGUH\ODFRQGXMRGHQXHYRDOD7LHUUD\
OXHJRDO2OLPSR
(QHOSODQRSVLFROyJLFR'LRQLVRVVHSDUyVXPDGUHSHUVRQDOGHOD
*UDQ 0DGUH VXSHUDQGR VX PLHGR D OR LQFRQVFLHQWH \ HO WHPRU GHO
HJR PDVFXOLQR DO GHYRUDGRU IHPHQLQR &XDQGR XQ KRPEUH SXHGH
DPDU \ UHDFFLRQDU FRQ VX PDGUH DO LJXDO TXH XQD PXMHU  FRPR VL
IXHUD XQD PXMHU GH WDPDxR QDWXUDO TXH QR WLHQH WHUULEOHV SRGHUHV
VREUHpO TXHQRSXHGHGHELOLWDUOH KDUHDOL]DGRXQDFWRVLPLODU+D
OLEHUDGRDVXPDGUHSHUVRQDOGHOD*UDQ0DGUH6XHJRDGROHVFHQWH
VHKDFRQYHUWLGRHQXQKpURHKDPDGXUDGR

$PRUSHUVRQDOFRQFRPSURPLVRKDOODUD$ULDGQD
(QXQRGHVXVYLDMHV'LRQLVRVVHHQFRQWUyFRQ$ULDGQDHQODLVOD
GH 1D[RV 7HVHR TXH OD KDEtD XWLOL]DGR SDUD PDWDU DO 0LQRWDXUR \
KXLU GH &UHWD OD KDEtD DEDQGRQDGR DOOt $ PLWDG GH FDPLQR GH
$WHQDV 7HVHR ]DUSy GH OD LVOD PLHQWUDV HOOD GRUPtD HQ XQD SOD\D
VROLWDULDTXHIXHGRQGHODHQFRQWUy'LRQLVRVeVWHODKRQUy\ODDPy
*UDFLDV D 'LRQLVRV =HXV OD KL]R LQPRUWDO FRQFHGLpQGROH YLGD \
MXYHQWXGHWHUQDV
/DV UHODFLRQHV HUyWLFDV GH XQ 'LRQLVRV HV SUREDEOH TXH VHDQ
LQWHQVDV \ H[WiWLFDV HO VHQWLGR GH IXVLyQ TXH IiFLOPHQWH FUHD
FRQGXFH D DPERV D VHQWLU TXH HVWiQ H[WUDRUGLQDULDPHQWH XQLGRV \
VLQHPEDUJRIDOWDUFRQH[LyQSHUVRQDO/DH[SHULHQFLDHVLPSHUVRQDO
RWUDQVSHUVRQDO DOLJXDOTXHODVPXFKDVUHODFLRQHVGH'LRQLVRVFRQ
VXVPpQDGHV KDVWDTXHVLHQWHFRPSDVLyQ\HPSDWtDSRUXQDPXMHU
HQ SDUWLFXODU FRPR OH VXFHGLy DO GLRV DO HQFRQWUDU D $ULDGQD
DEDQGRQDGD \ WUDLFLRQDGD 6yOR FXDQGR FUHD XQ YtQFXOR FRQ XQD
SHUVRQDDODTXHWDPELpQDPDFXDQGRQRKDFHHODPRUFRQHOODHO
KRPEUH 'LRQLVRV SXHGH GHMDU GH VHU HO DPDQWH DUTXHWtSLFR SDUD
HQWDEODUXQDUHODFLyQSHUVRQDO
 3$57(,9
+$//$518(675260,726
5(&25'$5126$12627526
0,6026
 &XDQGR VDEHPRV TXLpQHV VRQ ORV GLRVHV pVWRV SXHGHQ GHFLUQRV
PiV VREUH QRVRWURV PLVPRV (Q DOJXQRV GH HOORV SRGHPRV YHU
UHIOHMRVQXHVWURVSXHVWRTXHSUR\HFWDQODJUDQGH]DHOVHQWLGR\ODV
OLPLWDFLRQHVGHORVDUTXHWLSRVTXHHQFDUQDPRV2WURVGLRVHVDFW~DQ
VREUHQXHVWUDPHPRULD\UHFRUGDPRVTXHXQDYH]OHVFRQRFLPRV(Q
RWUR GLRV SRGHPRV YHU HO URVWUR GHO GLRV TXH UHFKD]DPRV HVH
DUTXHWLSRTXHWHPtDPRVTXHQRVKLFLHUDLQDFHSWDEOHV
7UDV OHHU VREUH ORV GLRVHV ¢FXiO KD VLGR FRQ HO TXH PiV QRV
KHPRVLGHQWLILFDGR"$KRUDSXHGHTXHVHSDPRVSRUTXpQRVUHVXOWy
IiFLOWHQHUp[LWRHQODYLGD\DTXpSUHFLRRSRUTXpKDVLGRWDQGXUR
FRQVHJXLUOR
/RVYLDMHURVTXHLEDQD$WHQDV²PHWDIyULFDPHQWHHVRVKRPEUHV
\ PXMHUHV  FX\D PHWD HV WULXQIDU EXVFDQ HVWDU HQ HO FHQWUR GHO
SRGHUGHOFRPHUFLRRGHORVORJURVDFDGpPLFRV²HUDQDWUDSDGRVSRU
3URFXVWR FRORFDGRV HQ VX FDPD \ DODUJDGRV R FRUWDGRV SDUD TXH
HQFDMDUDQ FRQ VXV PHGLGDV ³3URFXVWHDQR´ KD SDVDGR D VLJQLILFDU
GHVFRQVLGHUDFLyQ DUELWUDULD \ GHVSLDGDGD GH ODV GLIHUHQFLDV
LQGLYLGXDOHV /D FRQIRUPLGDG HV HO DFWXDO OHFKR GH 3URFXVWR HO
HVWHUHRWLSRGHORTXHVHHVSHUDGHXQKRPEUHSURYRFDYLROHQFLDHQ
VXSVLTXH(QWRQFHVXQKRPEUHTXHGDDLVODGRGHHVDVSDUWHVGHVt
PLVPRTXHQRHQFDMDQRODSDUWHTXHVtVHDGDSWDVHHQVDQFKDSDUD
RFXSDUPiVHVSDFLR
(O PXQGR WDO FRPR OR FRQRFHPRV HV XQ OXJDU GRQGH HO
SDWULDUFDGR PROGHD D ORV KRPEUHV SDUD VHU KpURHV VROLWDULRV 6H
HVSHUD TXH ORV KRPEUHV DEDQGRQHQ D VXV PDGUHV \ UHQXQFLHQ D
FXDOTXLHUVHPHMDQ]DTXHWHQJDQFRQHOODV/RVSDGUHVVRQGLVWDQWHV
\VHFRQWLHQHQ/RVKRPEUHVFRPSLWHQFRQRWURVKRPEUHVQLHJDQOD
YXOQHUDELOLGDG UHFKD]DQ OR LQDFHSWDEOH VH VHSDUDQ GH ORV
FRPSDxHURVPHQRVFRPSHWHQWHV\VLJXHQDGHODQWH
(O GHVPHPEUDPLHQWR SVLFROyJLFR WLHQH OXJDU FXDQGR KRPEUHV \
PXMHUHV  VRQ VHSDUDGRV GH VXV DUTXHWLSRV TXH QR HQFDMDEDQ HQ HO
OHFKR GH 3URFXVWR DVt FRPR GH VXV DSHJRV D ODV SHUVRQDV TXH VH
HVSHUD TXH DEDQGRQHQ D PHGLGD TXH YDQ DYDQ]DQGR $GHPiV
GHELGRDTXHHOFRQWUROGHODVHPRFLRQHVIRUPDSDUWHGHOHVWHUHRWLSR
PDVFXOLQRXQKRPEUHWDPELpQVHDOHMDGHVXVSURSLRVVHQWLPLHQWRV
(O VLJXLHQWH FDStWXOR ³+DOODU QXHVWURV PLWRV UHFRUGDUQRV D
QRVRWURV PLVPRV´ WUDWD GH UHFRQHFWDU FRQ DTXHOOR GH OR TXH QRV
KHPRVVHSDUDGR\GHKDOODUHOFDPLQRGHYXHOWDDFDVD(OUHJUHVRDO
KRJDUHVWiUHODFLRQDGRFRQVHUDFHSWDGRV\DPDGRVVHUDFRJLGRVWDO
FRPRUHDOPHQWHVRPRVDGRSWDGRVHQQXHVWUDWRWDOLGDG
³(OGLRVDXVHQWH´HVHO~OWLPRFDStWXORGHHVWHOLEUR(VHOKLMRTXH
VH KDEtD DQXQFLDGR TXH LED D VXSODQWDU D =HXV \ TXH OOHJDUtD D
JREHUQDUHQWUHGLRVHV\VHUHVKXPDQRVeVWHHVHODUTXHWLSRTXHVH
SXHGHFRQYHUWLUHQHOSULQFLSLRTXHULMDODSVLTXHGHXQKRPEUH\VL
DVtVXFHGLHUDHQVXILFLHQWHVKRPEUHVWDPELpQFDPELDUtDODFXOWXUD
 +$//$518(675260,726
5(&25'$5126$12627526
0,6026
3DUD ORV KRPEUHV OD YLGD HV XQD VHULH GH VHSDUDFLRQHV \
GHVLGHQWLILFDFLRQHVFRPHQ]DQGRSRUODPDGUHDODTXHKDQGHGHMDU
\ D OD TXH QR VH KDQ GH SDUHFHU 6H HVSHUD TXH VHDQ KRPEUHFLWRV
TXHQROORUDQYDQDODJXDUGHUtD\GHDOOtDxRWUDVDxRWLHQHQGRV
FXOWXUDV D ODV TXH HQIUHQWDUVH 'HQWUR GH OD FODVH HO PXQGR ²
HVSHFLDOPHQWH DO SULQFLSLR² HVWi JREHUQDGR SRU ODV PXMHUHV /D
PDHVWUD VXHOH VHU XQD PXMHU TXH JUDWLILFD OD FRRSHUDFLyQ \ OD
OLPSLH]DHORUGHQ\HOWUDEDMRHVFRODU
(QHOSDWLRORVQLxRVPiVPD\RUHVVRQORVMHIHV\VHUDFHSWDGR
SRU XQ JUXSR SDULWDULR PDVFXOLQR HV HVHQFLDO SRUTXH VH SXHGHQ
PHWHU FRQ XQ QLxR VROLWDULR R VHU XWLOL]DGR GH FDEH]D GH WXUFR /D
FRQIRUPLGDG FRQ ODV QRUPDV GHO JUXSR HV EiVLFD SDUD OD
VXSHUYLYHQFLD HQ HO SDWLR GH UHFUHR \ OD GLQiPLFD GH LGHQWLILFDFLyQ
FRQ HO DJUHVRU VH UHSUHVHQWD DOOt IXHUD 8Q QLxR KD GH QDGDU HQWUH
GRV DJXDV OD GH OD HVFXHOD \ OD GHO SDWLR \ SXHGH TXH IUDFDVH HQ
XQD GH HOODV (O EULOODQWH PXFKDFKR DWOHWD VXHOH VHU HO TXH HV PiV
FDSD]GHMXJDUOLEUHPHQWHHQDPERVPXQGRVVXGHVWUH]DDWOpWLFDHV
XQDIXHQWHGHUHVSHWRTXHOHIDFLOLWDODWDUHD
$ YHFHV RLJR KDEODU GH pSRFDV GRUDGDV HQ OD LQIDQFLD \ OD
DGROHVFHQFLDGHDOJXQRVKRPEUHVWLHPSRVHQORVTXHSRGtDQDFWXDU
FRQ QDWXUDOLGDG FRQVLJR PLVPRV \ FRQ ORV GHPiV PXFKDFKRV <R
RSLQRTXHHVWRVPXFKDFKRVWXYLHURQODVXHUWHGHVHUXQDH[FHSFLyQ
(UDQ SUHDGROHVFHQWHV R DGROHVFHQWHV TXH SDVDEDQ PXFKR WLHPSR
FRQVXVFRPSDxHURV\WXYLHURQPXFKRVPRPHQWRVOLEUHVFRVDTXHD
ORV QLxRV GH FODVH PHGLD VH OHV KD DFDEDGR 3XHGH TXH IXHUDQ
PXFKDFKRV TXH VH KLFLHURQ JUDQGHV DPLJRV HQ HO LQWHUQDGR (O
YHUGDGHUR DPRU KDFLD RWUD SHUVRQD VH JHQHUy ~QLFDPHQWH HQ HVRV
SHUtRGRV GRUDGRV /XHJR OOHJy HO PRPHQWR GH OD VHSDUDFLyQ FRPR
VXHOH SDVDUOHV D ORV KRPEUHV (Q FDGD SDVR GHO FDPLQR WUDGLFLRQDO
TXH VH VXSRQH TXH KDQ GH VHJXLU ORV KRPEUHV H[LVWH DOJXQD
YDULDFLyQFXDQGRVHVHSDUDHOJUDQRGHODSDMDORVPXFKDFKRVGHORV
KRPEUHV R ORV WULXQIDGRUHV GH ORV IUDFDVDGRV /RV KRPEUHV TXH
WLHQHQ p[LWR HQ HO PXQGR KDQ GH VXIULU WRGD XQD VHULH GH
VHSDUDFLRQHVGHORVFRPSDxHURVTXHQRSXGLHURQVHJXLUVXSDVR
3XHVWRTXHHOPXQGRSDWULDUFDOUHTXLHUHXQDVHSDUDFLyQWUDVRWUD
SDUD ORV KRPEUHV FDGD DPSXWDFLyQ WLHQH XQ HIHFWR GREOH HO
PXFKDFKRTXHVHVHSDUDGHVXPDGUHORKDFHHPRFLRQDOPHQWH\VH
GHVFRQHFWDGHHVDSDUWHLQWHULRUVX\DTXHHVWDEDSUy[LPDDHOOD(O
PXFKDFKRTXHYDDODHVFXHOD\GHVFXEUHTXHQRSXHGHPRVWUDUVX
LQRFHQFLDRVXLJQRUDQFLDSRUTXHVHUiREMHWRGHOULGtFXORVHDGDSWD
LPLWDQGR XQD DFWLWXG DFHSWDEOH (QWRQFHV VH DOHMD GHO PXFKDFKR
LQRFHQWH TXH KD\ HQ pO (O QLxR FX\R PHMRU DPLJR QR SXGR VHJXLU
VXVPLVPRVSDVRVQRVyORFRUWyFRQVXDPLVWDGVLQRTXHFRUWyXQD
SDUWHGHVtPLVPRTXHHVWDEDGHGXHORSRUVXDPLJR(OPXFKDFKR
TXHSRGtDOORUDUFXDQGRHVWDEDWULVWH\DSUHQGLyDQRKDFHUORGHWXYR
VXVOiJULPDVSRQLHQGRXQDEDUUHUDHQWUHpO\VXVHPRFLRQHV<KD\
XQPRPHQWRHQHOTXH³VHKDQGHVHSDUDUORVKRPEUHVGHORVQLxRV´
FXDQGRDOJRTXHWRGDYtDHVWiWLHUQRHQXQMRYHQVHKDGHVDFULILFDU
SDUDTXHSXHGDXQLUVHDODVILODVGHORVKRPEUHV
(Q XQ PXQGR =HXV SDWULDUFDO GRQGH ODV UHFRPSHQVDV
HFRQyPLFDV GHWHUPLQDQ TXp HV OR TXH YDOH OD PD\RUtD GH ORV
KRPEUHV FRQ p[LWR WUDEDMDQ FRQ VXV KDELOLGDGHV PHQWDOHV HQ
RILFLQDV $OJXQRV GH HOORV HVWiQ HQ VX HOHPHQWR \ PHGUDQ HQ HVWH
HQWRUQR 8QD JUDQ PD\RUtD QR $ DOJXQRV OHV HQFDQWDUtD FXOWLYDU OD
WLHUUD KDFHU FRVDV FRQ VXV PDQRV FRPSRQHU P~VLFD HQVHxDU D
QLxRV R KDFHU XQD VHULH GH FRVDV \ QR ODV KDFHQ VH DPSXWDQ HVD
SDUWHGHHOORVPLVPRVSDUDWUDEDMDUHQXQGHVSDFKR
/DV SpUGLGDV VH YDQ VXPDQGR KDVWD TXH HQ DOJ~Q PRPHQWR HQ
OD PLWDG GH OD YLGD VH LQVWDXUD OD GHSUHVLyQ \ FRQ HOOD OOHJDQ ORV
VHQWLPLHQWRV GH WULVWH]D VROHGDG XQD VHQVDFLyQ GH TXH QDGD WLHQH
VHQWLGR
5HPHPEUDU
+D\ XQD DOWHUQDWLYD ²TXH QR VH VXHOH SUHVHQWDU KDVWD OD PLWDG
GHODYLGD²DODTXHORVKRPEUHVTXHYHRHQPLSUiFWLFDVHDFRJHQ
SRU QHFHVLGDG FXDQGR OD YLGD VH YXHOYH GRORURVD \ YDFtD SDUD
GHVFXEULUVXVVHQWLPLHQWRV\KDOODUHOVHQWLGRGHVXYLGD3XHGHTXH
VHDQ KRPEUHV TXH KDQ OXFKDGR SRU FRQVHJXLU VX SXHVWR HQ XQ
PXQGR FRPSHWLWLYR \ TXH FRQWURODQ JUDQ SDUWH GH VXV YLGDV 6LQ
HPEDUJR OD GHSUHVLyQ OD DQVLHGDG ODV ~OFHUDV OD KLSHUWHQVLyQ ORV
LQIDUWRV ODV SHVDGLOODV R XQD JUDQ FULVLV HQ VX UHODFLyQ VHQWLPHQWDO
OHV LQGLFD TXH DOJR QR IXQFLRQD \ OHV HQYtDQ D XQ YLDMH GH
DXWRGHVFXEULPLHQWRSDUDGHVFXEULUTXpOHVKDVXFHGLGRHQHOSDVDGR
\ TXp HV OR TXH OHV HVWi SDVDQGR DKRUD 3DUD WRGRV ORV KRPEUHV
HVWH SURFHVR HV XQ GHVFHQVR JUDGXDO SDUD HQFRQWUDU VHQWLPLHQWRV
HQWHUUDGRVSDUDGHVFXEULUVXPXQGRLQWHULRUGRQGHSXHGHQYROYHUD
HPSXxDU ODV ULHQGDV GH VX KLVWRULD SHUVRQDO /D KLVWRULD VLHPSUH
HPSLH]D FRQ OD LQIDQFLD ¢TXLpQ HUD HQWRQFHV" ¢TXp OH
SURSRUFLRQDED SODFHU" ¢TXp OH HQFDQWDED" ¢HQ TXp SRGtD SDVDUVH
KRUDV"¢TXLpQOHDPDED"<SRUHOFRQWUDULR¢TXpOHDYHUJRQ]DED"
¢TXpHVORTXHORVGHPiVQRSRGtDQDFHSWDUGHpORGHVXIDPLOLD"
¢TXLpQ LQWHQWy VHU" ¢GH TXLpQ EXVFy HO DPRU \ OD DSUREDFLyQ"
¢FyPRIXHWUDWDGR\SRUTXLpQ"
'HVFXEUH TXH D ³TXLHQTXLHUD´ TXH HQWHUUy \ H[SXOVy GH VX
PHQWH FRQVFLHQWH \ DEDQGRQy HQ HO SDVDGR ²HO QLxR TXH IXH HQ
GLIHUHQWHVHGDGHVDVXVSDGUHVFRPRILJXUDVHWHUQDVDXQFXLGDGRU
D XQ DQLPDO GRPpVWLFR D ORV KHUPDQRV WDO FRPR HUDQ HQWRQFHV D
ODVSHUVRQDVTXHXQDYH]DPyRWHPLy²WRGDYtDHVWiQYLYDVHQVX
LQWHULRU < ³FXDOTXLHU FRVD´ TXH WDPELpQ IXHUD HQWHUUDGD VLJXH YLYD
DOOt GHQWUR OD LQRFHQFLD OD WUDLFLyQ HO PLHGR OD GLFKD OD FXOSD OD
YHUJHQ]DHODPRU\ORVDUTXHWLSRVTXHQHJyIRUPDEDQSDUWHGHpO
+D\GHVPHPEUDPLHQWRVDGROHVFHQWHV\FRPRDGXOWRORVSULQFLSDOHV
DPRUHV \ DPLJRV GH ORV TXH VH VHSDUy XQ KLMR TXH SRGtD KDEHU
HQJHQGUDGR XQ DPLJR KRPRVH[XDO DO TXH UHFKD]y XQD ³HVSRVD´
DVLiWLFDTXHGHMyHQ&RUHD-DSyQR9LHWQDPXQDPXMHUTXHHUDHO
DPRUGHVXYLGDSHURFRQODTXHQRSXGRFDVDUVHODVSHUVRQDV\ODV
SDUWHV FRUUHVSRQGLHQWHV GH Vt PLVPR TXH QR ³HQFDMDEDQ´ \ TXH
IXHURQ³GHVPHPEUDGDV´
7RGR DTXHOOR TXH VHD GHVPHPEUDGR \ HQWHUUDGR D WUDYpV GH OD
UHSUHVLyQ HV ³HQWHUUDGR YLYR´ FXDQGR HV GHVFXELHUWR VLJXH
H[LVWLHQGRWDOFRPRHUD(VWDYHUGDGHVHVSHFLDOPHQWHHVSHFWDFXODU
FXDQGRFRPRVXHOHVXFHGHUORTXHXQDYH]VHHQWHUUyHUDHOGRORU
QR H[SUHVDGR &XDQGR VH YXHOYH D FRQHFWDU FRQ pO HV FRPR VL OD
SpUGLGDKXELHUDVLGRD\HUQRKDFHGpFDGDVRLQFOXVRHODxRSDVDGR
/D UDELD FRQWHQLGD HV PXFKR PiV DFFHVLEOH DO LJXDO TXH EUDVDV
DUGLHQGR FXELHUWDV SRU XQD FDSD GH WLHUUD HQ XQD KRJXHUD OD LUD
UHVLGHEDMRODVXSHUILFLHHQPXFKRVKRPEUHVTXL]iVHQODPD\RUtD
DXQTXH HVWp WDQ SURIXQGDPHQWH UHSULPLGD FRPR OR HVWi HO
VXIULPLHQWRHQDOJXQRVGHHOORV
,QFOXVR D~Q PiV LPSRUWDQWH TXH GHVFXEULU ORV VHQWLPLHQWRV HV
UHVXFLWDU R UHPHPEUDU  ³TXLpQ´ IXH ³HQWHUUDGR YLYR´ HO QLxR
VDFULILFDGRTXHIXHDSDUWDGRFXDQGRQRHUDDFHSWDEOHRGHVHDGRR
IXH PDOWUDWDGR R DYHUJRQ]DGR HO DGROHVFHQWH LQVSLUDGR TXH IXH
ULGLFXOL]DGR \ GHVDSDUHFLy TXLHQTXLHUD TXH SDUHFLHUD LQDSURSLDGR
HVRVDUTXHWLSRVQHJDGRVTXHDKRUDSXHGHQUHYLWDOL]DUVXYLGD
'HVFXEULUORTXHVXFHGLy\SRUTXpFRQWLQ~DHQHOSUHVHQWH&DGD
XQR GH QRVRWURV WHQHPRV XQD KLVWRULD SHUVRQDO FRQ XQ UHSDUWR GH
SHUVRQDMHV\XQSDSHOTXHQRVIXHDVLJQDGRSRUQXHVWUDIDPLOLDXQD
KLVWRULD TXH FRQWLQXDPRV YLYLHQGR LQFRQVFLHQWHPHQWH UHFOXWDQGR D
RWURV SDUD TXH UHSUHVHQWHQ ORV SDSHOHV IDPLOLDUHV KDVWD TXH QRV
GDPRVFXHQWDGHODVWUDPDV\VXEWUDPDVVXE\DFHQWHV
/DSHUVRQDTXHLQWHQWDVWHVHU\FyPRWHYLHURQORVGHPiVSXHGH
TXHVHDPX\GLVWLQWDGHWXVSURSLRVDUTXHWLSRV\SRUORWDQWRGHWX
SURSLRPLWR
+DOODUWXPLWR
6L FRQRFHPRV D ORV GLRVHV FRPR DUTXHWLSRV SXHGHV YHUWH D WL
PLVPR \ D ORV GHPiV FRQ FODULGDG 7H SXHGHV LGHQWLILFDU FRQ TXLHQ
PiV WH SDUHFHV YHU FXiO GH HOORV KDV LQWHQWDGR VHU \ FXiO QR KDV
DFHSWDGR&XDQGRWHOOHJDHOFRQRFLPLHQWRGHODGLPHQVLyQPtWLFDWH
SXHGH D\XGDU D GHVFXEULU WX RULHQWDFLyQ \ XQD VHQGD TXH VHD
DXWpQWLFDSDUDWLTXHUHIOHMHTXLpQHUDVHQUHDOLGDGTXHKDJDTXHOD
YLGDWHQJDVHQWLGR
6L KDV WHQLGR UHDFFLRQHV ³£DMi´ FRPR ODV TXH KDV OHtGR HQ HVWH
OLEUR WX LQWHOHFWR \ WXV VHQWLPLHQWRV VH IXVLRQDQ \ VH PDQLILHVWDQ
FRPRODYHUGDGLQWXLWLYD7XFRUD]yQRWXFXHUSRDILUPDURQORTXHWX
FDEH]D KD HVWDGR DSUHQGLHQGR 6LQ HPEDUJR VL HO FRQRFLPLHQWR GH
ORV GLRVHV KDVWD DKRUD VyOR KD VLGR LQWHOHFWXDO \ ORV PLWRV QR VRQ
PiV TXH YLHMDV KLVWRULDV HQWRQFHV WRGDYtD QR KDV DSUHQGLGR \ WH
HVWiVSHUGLHQGRODHVHQFLDGHOPHQVDMHGHHVWHOLEUR&RQRFHUDORV
GLRVHV HV VyOR XQ PHGLR SDUD GDU IXHU]D D OD DXWHQWLFLGDG VX YDORU
UHVLGHHQKDFHUTXHSRGDPRVGHFLU³£HVWRPHLPSRUWDª\DFWXDUHQ
FRQVHFXHQFLD
3DUDGyMLFDPHQWHWRGDYtDHVQHFHVDULRKDOODUQXHVWURSURSLRPLWR
DXQTXHQRVORVKD\DQFRQWDGRWRGRV\QRQRVKD\DPRVUHODFLRQDGR
SHUVRQDOPHQWH FRQ QLQJXQR 3HUR QR KHPRV GH FRQRFHU FXiO HV
QXHVWURPLWRVLQRYLYLUOR
¢&yPR"
 (Q HO VLJXLHQWH GLiORJR HO PLWyORJR -RVHSK &DPSEHOO QRV OR
H[SOLFD
²¢&yPR SXHGH KDOODU XQD SHUVRQD VX SURSLR PLWR" ²SUHJXQWy
XQKRPEUHHQXQDFRQIHUHQFLDD&DPSEHOOTXLHQUHVSRQGLyFRQRWUD
SUHJXQWD
²¢'yQGHUHVLGHWXVHQWLGRGHDUPRQtD\EHDWLWXGPiVSURIXQGD"
²1RORVp1RHVWR\VHJXUR²UHVSRQGLy
²'HVF~EUHOR²UHSOLFy&DPSEHOO²\OXHJRVtJXHOR>@
+DOODUDUPRQtD\M~ELOR
/D DUPRQtD HV HVWDU HQ HO FDPLQR FRUUHFWR VHU XQR FRQ pO
UHDOL]DUXQWUDEDMRFRWLGLDQRSDUDJDQDUQRVODYLGDTXHQRVJXVWH\
VHD FRKHUHQWH FRQ QXHVWURV YDORUHV SHUVRQDOHV HV KDFHU DTXHOOR
SDUD OR TXH KHPRV QDFLGR /D DUPRQtD HV HVWDU FRQ XQ VRFLR
FRPSDxHURVRVRORFRQDQLPDOHVRFRQODQDWXUDOH]DHQXQDFLXGDG
SDtVROXJDUHQSDUWLFXODU\WHQHUODVHQVDFLyQGHTXH³HVWiVGRQGH
GHEHV HVWDU´ /D DUPRQtD HV H[SHULPHQWDU XQ SURIXQGR SHVDU TXH
FRUUHVSRQGD D XQD JUDQ SpUGLGD /D DUPRQtD HV HVSRQWDQHLGDG
GHVLQKLELGD \ QDWXUDO OD LQWLPLGDG GH OD ULVD HO EURWDU GH ODV
OiJULPDV /D DUPRQtD VXFHGH FXDQGR OD FRQGXFWD \ OD FUHHQFLD VH
XQHQ FXDQGR OD YLGD DUTXHWtSLFD LQWHULRU \ OD H[WHULRU VRQ XQD
H[SUHVLyQODXQDGHODRWUD\HVWDPRVVLHQGRVLQFHURVFRQTXLHQHV
VRPRV < VyOR SRGHPRV GHFLU \ VDEHU ³DTXt PH VLHQWR FRPR HQ
FDVD´³HVWR\WRWDOPHQWHDEVRUWRKDFLHQGRHVWR´³HVWRPHJXVWD´³WH
TXLHUR´³HVWRHVGLFKD´
/D EHDWLWXG \ OD GLFKD OOHJDQ HQ ORV PRPHQWRV HQ TXH YLYLPRV
QXHVWUD YHUGDG PiV HOHYDGD FXDQGR OR TXH KDFHPRV HVWi HQ
DUPRQtDFRQQXHVWUDVSURIXQGLGDGHVDUTXHWtSLFDV(VFXDQGRVRPRV
PiV DXWpQWLFRV \ GH FRQILDQ]D \ VHQWLPRV TXH FXDOTXLHU FRVD TXH
KDJDPRV DXQTXH VHD EDVWDQWH RUGLQDULD HV LJXDOPHQWH VDJUDGD
(VWR HV FXDQGR VHQWLPRV TXH IRUPDPRV SDUWH GH DOJR GLYLQR TXH
HVWiHQQXHVWURLQWHULRU\HQWRGDVSDUWHV
(OYDORUGHDFWXDU
6DEHU OR TXH UHDOPHQWH HV LPSRUWDQWH SDUD QRVRWURV WHQHU XQD
YLVLyQ UHDO GH TXLHQHV VRPRV \ GH OR TXH QRV UHVXOWDUtD
SURIXQGDPHQWH VDWLVIDFWRULR \ FRQIRUPH D QXHVWUR DUTXHWLSR QR HV
VXILFLHQWH7DPELpQKHPRVGHWHQHUHOYDORUGHDFWXDU7DOFRPRKH
GLFKRDQWHVQXHVWUDSDODEUD³FRUDMH´SURFHGHGHODSDODEUDIUDQFHVD
FRHXU ³FRUD]yQ´ FRUDMH HV OD YROXQWDG GH DFWXDU GHVGH HO FRUD]yQ
GHMDU TXH VHD pO TXLHQ WRPH ODV ULHQGDV VLQ VDEHU OR TXH VH QRV
SHGLUiDFRQWLQXDFLyQQLVLSRGUHPRVKDFHUOR
+D\ HQFUXFLMDGDV HVHQFLDOHV \ FDPLQRV VHFXQGDULRV HQ WRGDV ODV
VHQGDV ¢4Xp KDV GH KDFHU FXDQGR OD FRPSDVLyQ SRU XQ H[WUDxR
HQWUD HQ FRQIOLFWR FRQ XQ JUXSR SRU HMHPSOR" 3DUD ORV KRPEUHV OD
FRQIRUPLGDG FRQ HO JUXSR HV XQD SRGHURVD IXHU]D \ HO SUHFLR GH
RSRQHUVH HV DUULHVJDUVH D TXH OHV HFKHQ D TXH OD KRVWLOLGDG GHO
JUXSRVHYXHOYDHQVXFRQWUDDVHUHYLWDGRRDTXHOHYLQFXOHQFRQ
DOJXLHQDTXLHQHOJUXSRGHVSUHFLD
&RQ HVWH SRVLEOH FDVWLJR ¢VLJXHV OOHYiQGRWH ELHQ FRQ HO JUXSR
FXDQGRpVWHYDHQFRQWUDGHXQDSHUVRQDRSULQFLSLRTXHWHLPSRUWD"
'H WRGRV PRGRV VH KD GH SDJDU DOJ~Q SUHFLR 0XFKRV KRPEUHV VH
VLHQWHQFXOSDEOHVKR\HQGtDSRUDOJRTXHKLFLHURQHQJUXSR3XHGHQ
RFXOWDUXQVHFUHWRVXFLRPXFKRVORUHSULPHQHQVXPHQWHSXHGHQ
OOHJDUDVHUIyELFRVRSDUDQRLFRVRODH[SHULHQFLDSXHGHGDUOHVYDORU
SDUD DFWXDU GH RWUR PRGR OD SUy[LPD YH] 7DO FRPR XQ KRPEUH PH
GLMR XQD YH] ©1R PRYt XQ GHGR \ VyOR REVHUYDED OR TXH HVWDED
SDVDQGR1XQFDORROYLGDUpQLSHUPLWLUpTXHYXHOYDDSDVDUª
&XDQGR XQ KRPEUH GHFLGH DFWXDU VHJ~Q VXV SULQFLSLRV \
VLJXLHQGRORVLPSXOVRVGHVXFRUD]yQHVWiDVXPLHQGRXQULHVJR(V
LJXDOPHQWHXQULHVJRSDUDpOGHMDUVXWUDEDMRTXHOHSURSRUFLRQDXQ
EXHQVXHOGRSDUDEXVFDUODSURIHVLyQTXHOHJXVWDTXHQROHRIUHFH
JDUDQWtD DOJXQD 3URSRQHUVH KDFHU UHDOLGDG XQ VXHxR 2 SRU DPRU
DEDQGRQDU XQ SXHVWR VHJXUR HQ HO PXQGR (Q HVWDV VLWXDFLRQHV VH
HQFXHQWUD HQ XQD HQFUXFLMDGD DEDQGRQD OD FDUUHWHUD JHQHUDO SRU
GRQGH YLDMDQ ORV GHPiV SDUD YLYLU VX SURSLR PLWR $O DFWXDU FRQ HO
FRUD]yQ \ KDFHU OR TXH VLHQWH SUREDEOHPHQWH YLDMDUi DO PHQRV DO
SULQFLSLR VLQ RWURV FRPSDxHURV SHUR HV PX\ SUREDEOH TXH QR VH
VLHQWD VROR SXHV HO HJR \ ORV DUTXHWLSRV HVWiQ FRQHFWDGRV ORV
³GLRVHV´HVWiQFRQpO
&XDQGRXQKRPEUH RPXMHU VLJXHVXLQVSLUDFLyQ\DFW~DGHVGH
HO FRUD]yQ \ VX DXWpQWLFR \R HVH FRPSURPLVR SDUHFH WUDQVPLWLU
HQHUJtD DO PXQGR 7HQJR XQD WDUMHWD SHJDGD D XQD HVWDQWHUtD FRQ
XQDFLWDGH*RHWKHTXHGLFHDOJRTXH\RPLVPDKHH[SHULPHQWDGR
TXH HQ PXFKDV RFDVLRQHV KH FRPSUREDGR TXH WDPELpQ HUD FLHUWR
SDUDRWURV5H]DDVt

+DVWD TXH XQR QR VH FRPSURPHWH KD\ GXGDV H[LVWH OD

SRVLELOLGDG GH YROYHU DWUiV VLHPSUH LQIUXFWXRVD UHVSHFWR D
WRGRVORVDFWRVGHLQLFLDWLYD \FUHDFLyQ (OPRPHQWRHQTXH
XQR VH FRPSURPHWH GHILQLWLYDPHQWH HQWRQFHV OD 3URYLGHQFLD
WDPELpQ OR KDFH 7RGD XQD VHULH GH DFRQWHFLPLHQWRV WLHQHQ
OXJDU D SDUWLU GH HVD GHFLVLyQ &XDOTXLHU FRVD TXH SXHGDV
KDFHU R VRxDU SXHGH HPSH]DU (O DWUHYLPLHQWR WLHQH JHQLR
SRGHU\PDJLD
/DJHRJUDItDGHOYLDMH
(QFDGDXQRGHORVFDStWXORVVREUHORVGLRVHVODVVHFFLRQHVVREUH
ODVGLILFXOWDGHVSVLFROyJLFDV\ODVIRUPDVGHFUHFHUKHSURSRUFLRQDGR
LQIRUPDFLyQ HVSHFtILFD VREUH HO GLItFLO WHUUHQR SVLFROyJLFR DVRFLDGR D
XQGLRVRDUTXHWLSRHQSDUWLFXODU/DVGLILFXOWDGHVSVLFROyJLFDVVRQODV
iUHDVGHODVRPEUDGHXQDUTXHWLSR6LVRPRVWUDQVSRUWDGRVDOODGR
RVFXUR GH XQ DUTXHWLSR pVWH QRV SRVHHUi KDVWD TXH SRGDPRV
GLVWLQJXLUOR\OLEHUDUQRVGHVXLQIOXHQFLD
/RV GHPiV SXHGHQ D\XGDUQRV 3XHGH TXH VHDPRV LQFRQVFLHQWHV
GHORVHIHFWRVQHJDWLYRVGHDOJRTXHKDFHPRVHLQFOXVRUHVLVWLUQRVD
GDUQRVFXHQWDKDVWDTXHXQDVHULHGHFRQIURQWDFLRQHVORVDFDQDOD
OX] 3XHGH TXH VHDPRV GHPDVLDGR FUtWLFRV R QRV IDVFLQHQ ODV
DFFLRQHV R DFWLWXG GH RWUD SHUVRQD TXH DFDEDQ SHUWHQHFLHQGR D XQ
DUTXHWLSRTXHKHPRVGHUHFRQRFHUFRPRSDUWHGHQRVRWURVPLVPRV
(Q OD VRPEUD FRPR OR GHILQHQ ORV MXQJXLDQRV  UHVLGH WRGR
DTXHOOR TXH QR KD QDFLGR R TXH WRGDYtD QR HV FRQVFLHQWH HQ
QRVRWURV TXH LQFOX\H XQ SRWHQFLDO SRVLWLYR GH DUTXHWLSRV TXH
WRGDYtD QR KDQ YLVWR OD OX] GHO GtD DVt FRPR FXDOTXLHU DFWLWXG
FRQVFLHQWH TXH QRV SDUH]FD LQDFHSWDEOH \ VH RFXOWH DOOt TXH HV OR
PLVPRTXHORVFRQWHQLGRVGHOLGGHOSVLFRDQiOLVLV 
/DSUHVHQFLDIHPHQLQDDXVHQWH
/DV GLRVDV SRGHURVDV HVWiQ PX\ DXVHQWHV HQ OD PLWRORJtD
SDWULDUFDO R WHRORJtD DO LJXDO TXH ODV PDGUHV \ ODV HVSRVDV FDUHFHQ
GHSRGHURQRVRQLPSRUWDQWHVHQODVKLVWRULDVGHORVGLRVHVJULHJRV
(Q OD PLWRORJtD JULHJD HO GLRV SDGUH HV VXSUHPR \ OD OXFKD HQWUH
SDGUHVHKLMRVVRQHOFRQIOLFWRLPSRUWDQWH$XQTXHQRVHDQHOWHPD
GH HVWH OLEUR ODV PDGUHV UHDOHV VRQ SUHVHQFLDV LPSRUWDQWHV HQ ODV
YLGDV GH ORV KRPEUHV PRUWDOHV UHDOHV \ ODV PXMHUHV WLHQHQ XQ
HQRUPHVLJQLILFDGRHQVXVYLGDV$~QPiVLQYLVLEOH\QRUHFRQRFLGD
HVODLQIOXHQFLDGHOiQLPDTXH-XQJGHVFULELyFRPRHOIHPHQLQRGH
XQKRPEUHTXHVXHOHVHULQFRQVFLHQWHTXHDIHFWDDVXVHVWDGRVGH
iQLPR YtQFXORV HPRFLRQDOHV \ D VX SHUFHSFLyQ GH ODV PXMHUHV /RV
KRPEUHV TXH VRQ SVLFROyJLFDPHQWH SHUFHSWLYRV \ TXH OH\HURQ /DV
GLRVDVGHFDGDPXMHUYLHURQDODVGLRVDVHQVXLQWHULRUGHVFXEULHURQ
TXH XQ DUTXHWLSR IHPHQLQR FRUUHVSRQGtD D HVD SDUWH IHPHQLQD GH
HOORV PLVPRV R TXH OD LPDJHQ GH XQD GLRVD HQ SDUWLFXODU HV OR TXH
EXVFDQ HQ ODV PXMHUHV /DV GLRVDV \ VX LQIOXHQFLD HVWiQ
PD\RULWDULDPHQWH HQ OD VRPEUD GH ODV SVLTXHV GH FDGD KRPEUH DO
LJXDO TXH OR TXH pVWDV UHSUHVHQWDQ FRPR DOJR TXH KD SHUGLGR VX
LPSRUWDQFLDRKDVLGRPHQRVSUHFLDGRHQODFXOWXUD\HQODPLWRORJtD
8QDJXtDSDUDHOYLDMH+HUPHV
(Q OD DQWLJXD *UHFLD ORV YLDMHURV RUDEDQ SDUD TXH HO GLRV
+HUPHVHOPHQVDMHURGHORVGLRVHVOHVDFRPSDxDUD/RVGRQHVGH
+HUPHVGHODFRPXQLFDFLyQGHOSHQVDPLHQWRUiSLGRGHODLQYHQWLYD
GH OD DPLVWDG H LQFOXVR GH VHU XQ SRFR ODGUyQ D\XGDEDQ D ORV
YLDMHURV /RV KRPEUHV \ PXMHUHV  FRQWHPSRUiQHRV FX\DV
RFXSDFLRQHV OLWHUDOPHQWH OHV OOHYDQ D OD FDUUHWHUD SXHGH TXH
FRQR]FDQVyORHVWDSDUWHGHODUTXHWLSR3HURSDUDORVTXHYHQODYLGD
FRPRXQYLDMHHVSLULWXDO+HUPHVHVFRQRFLGRSRUVHUHOJXtDGHORV
HVStULWXV
(VWH +HUPHV JXtD GH ORV HVStULWXV KDEOD SRU ERFD GH -RVHSK
&DPSEHOOFXDQGRQRVUHFRPLHQGDTXH³VLJDPRVQXHVWUDGLFKD´(VWH
+HUPHV HV <RGD HQ /D JXHUUD GH ODV JDOD[LDV HO VDELR JHQWLO \
DQFLDQR VHU TXH D\XGy D /XNH 6N\ZDONHU D GRPLQDU VXV SURSLRV
WHPRUHV\DQRVHUHQJDxDGRSRUODVLOXVLRQHV(VWH+HUPHVHV-XQJ
FXDQGRHVFULEHVREUHORVDUTXHWLSRVGHOLQFRQVFLHQWHFROHFWLYR\OOHYD
WRGR HVWH PXQGR LQWHULRU D OD FRQFLHQFLD LQWHOHFWXDO (VWH +HUPHV
YLQFXOD ORV PXQGRV FRQ VX FRPSUHQVLyQ \ QRV WUDH OD SDODEUD GHO
UHLQR GHO HVStULWX 6DEH TXH HO HVStULWX VLJXH H[LVWLHQGR WUDV OD
PXHUWH 9LDMD SRU HO PXQGR VXEWHUUiQHR \ SRU ODV PiV DOWDV FLPDV
GHOPXQGRFHOHVWLDO\FRQRFHORTXHKD\HQWUHPHGLR(VWH+HUPHV
SXHGH GLVFHUQLU OD SXUH]D GH XQD H[SHULHQFLD DO LJXDO TXH OD
VXEVWDQFLD PHUFXULR VyOR VH PH]FODUi FRQ ORV PHWDOHV SUHFLRVRV (V
XQJXtDHQODVHQGDGHODLQGLYLGXDFLyQTXHQRVD\XGDDFRQRFHUOR
TXH HV DXWpQWLFR SDUD QRVRWURV \ DSR\D QXHVWUR SRWHQFLDO GH
FUHFLPLHQWR \ SOHQLWXG &XDQGR HVFXFKDPRV D HVWH +HUPHV
UHFRQRFHPRVODYHUGDGGHORTXHGLFH
3XHVWRTXH+HUPHVHOJXtDGHORVHVStULWXVHVXQDUTXHWLSRHV
XQD SDUWH GH FDGD XQR GH QRVRWURV TXH HVWi SRWHQFLDOPHQWH D
QXHVWURDOFDQFHVREUHWRGRFXDQGRFRQWHPSODPRVHQTXpOXJDUGH
QXHVWUR YLDMH QRV HQFRQWUDPRV \ QRV LQWHULRUL]DPRV SDUD EXVFDU
KDFLDGyQGHGLULJLUQRV$+HUPHVVHOHFRQRFHSRUPXFKRVQRPEUHV
/DV SHUVRQDV FRQ XQD YLVLyQ HVSLULWXDO D YHFHV OH OODPDQ HO ³JXtD
LQWHULRU´ R OD ³YR] LQWHUQD´ (Q OD OLWHUDWXUD SVLTXLiWULFD VREUH ODV
SHUVRQDOLGDGHVP~OWLSOHV+HUPHVHVRWURQRPEUHSDUDORTXH5DOSK
$OOLVRQ XQ SVLTXLDWUD TXH KD UHDOL]DGR XQ H[WHQVR WUDEDMR SLRQHUR
FRQHVWDVSHUVRQDVGHQRPLQDHO³DXWRD\XGDGRULQWHUQR´
/DSHUVRQDOLGDGP~OWLSOHKDDOFDQ]DGRSRSXODULGDGFRQORVOLEURV
/DVWUHVFDUDVGH(YDGH&+7KLJSHQ\6\ELOGH)ORUD6FKUHLEHUGH
PRGRTXHPXFKDVSHUVRQDVSXHGHQVDEHUTXHHQXQDSHUVRQDOLGDG
P~OWLSOH SXHGH KDEHU PXFKDV SHUVRQDOLGDGHV VHSDUDGDV GH DPERV
VH[RV\GHWRGDVODVHGDGHVFRKDELWDQGRHQXQPLVPRFXHUSR(VWDV
SHUVRQDOLGDGHV HVWiQ VHSDUDGDV HQWUH Vt \ HQ JHQHUDO SRVHHQ XQ
FRQRFLPLHQWR OLPLWDGR R QXOR GH ODV GHPiV OR FXDO QR HV
VRUSUHQGHQWHSXHVWRTXHFDGDXQDGHHOODVVHKDGHVDUUROODGRFRPR
XQPHGLRSDUDROYLGDU\HVFDSDUGHXQGRORURXQDEXVRLQWROHUDEOH
(Q FDPELR OD SHUVRQDOLGDG TXH GHVFULEH $OOLVRQ FRPR HO
³DXWRD\XGDGRU LQWHUQR´ FRQRFH WRGDV ODV SHUVRQDOLGDGHV \ SXHGH
SURSRUFLRQDULQIRUPDFLyQVREUHFDGDXQDGHHOODV\VREUHORTXHKD
SDVDGR HQ OD YLGD GHO SDFLHQWH 'HVFXEULy TXH HO DXWRD\XGDGRU
LQWHUQR HUD DQGUyJLQR VyOR VHQWtD DPRU \ EXHQD YROXQWDG \ VH
GHVFULEtD FRPR SUy[LPR D 'LRV &RQ VX D\XGD HQ SVLFRWHUDSLD ODV
P~OWLSOHVSHUVRQDOLGDGHVIUDJPHQWDGDVVHYXHOYHQFRQVFLHQWHVGHODV
GHPiV WUDV OR FXDO SXHGHQ LQWHJUDUVH YROXQWDULDPHQWH HQ XQD
SHUVRQDOLGDG
(Q XQ PHQRU JUDGR GHELGR D TXH HO GDxR FDXVDGR HV PHQRU
SHURHQXQFRQWLQXRTXHYLQFXODODVSHUVRQDOLGDGHVP~OWLSOHVFRQOD
SHUVRQDUD]RQDEOHPHQWHELHQDGDSWDGD XQDWDUHDPX\VLPLODUGHEH
UHDOL]DUVH FDGD YH] TXH VH LQLFLD XQ YLDMH GH LQGLYLGXDFLyQ
JHQHUDOPHQWHHQDOJ~QSXQWRGHODPLWDGGHODYLGD/DWDUHDQRHV
XQLU ODV SHUVRQDOLGDGHV VHSDUDGDV VLQR UHFRQHFWDUODV FRQ HVDV
SDUWHV DPSXWDGDV GH QRVRWURV PLVPRV (O ³GHVPHPEUDPLHQWR´
SVLFROyJLFRWLHQHOXJDUHQODSULPHUDPLWDGGHODYLGDGHODPD\RUtD
GHORVKRPEUHVTXHVHKDFHQDVtPLVPRVORTXH3URFXVWRKDFtDD
ORV KRPEUHV TXH VH GLULJtDQ D $WHQDV FRUWDU WRGR DTXHOOR TXH QR
HQFDMDUD 3DUD FXUDUVH \ YROYHU D HVWDU FRPSOHWR HV QHFHVDULR ³UH
PHPEUDU´ 3DUD HOOR KHPRV GH LU KDFLD DEDMR R KDFLD GHQWUR SDUD
KDOODUODVSLH]DV\GHYROYHUODVDODOX]eVWDHVODWDUHDGH+HUPHV
)XH +HUPHV TXLHQ VDFy D 3HUVpIRQH GHO PXQGR VXEWHUUiQHR
TXLHQUHVFDWyDOSHTXHxR'LRQLVRVTXHHUDHOGLRVGHVPHPEUDGR\
HV HVH DUTXHWLSR HQ QXHVWUR LQWHULRU HO TXH SXHGH GHYROYHUQRV DO
SODQRFRQVFLHQWHORIHPHQLQRUHSULPLGRRDOQLxRGLYLQRTXHKD\HQ
FDGDXQRGHQRVRWURV$VtSXHVVXWDUHDQRHVVyORGHVFXEULUTXpHV
R TXH KHPRV UHSULPLGR SHUVRQDOPHQWH VLQR WDPELpQ UHVXFLWDU ORV
DUTXHWLSRVTXHKDQVLGRHQWHUUDGRVFXOWXUDOPHQWH
0LHQWUDV GHLGDGHV FRPR +HUPHV \ +HVWLD GLRVD GHO IXHJR GHO
KRJDU HUDQ UHSUHVHQWDGDV MXQWDV FRPR SDUWH GH OD HVWUXFWXUD GHO
KRJDUXQDKHUPDRSLODUGHSLHGUDTXHUHSUHVHQWDEDD+HUPHVVH
FRORFDED GHODQWH GH OD SXHUWD GH WRGDV ODV FDVDV GHQWUR \ HQ HO
FHQWUR GH OD PLVPD HVWDED HO IXHJR GH +HVWLD (VWDV GRV GHLGDGHV
XQD FRPR JXDUGLDQD \ JXtD OD RWUD FRPR IXHQWH GH FDORU H
LOXPLQDFLyQVLPEROL]DQDVSHFWRVGHODUTXHWLSRGHO6tPLVPR
+HVWLDHOIXHJRVDJUDGRHQORVWHPSORVGHORV
GLRVHV
(Q OD DQWLJHGDG HO YLDMHUR SXHGH TXH IXHUD D YLVLWDU HO WHPSOR
GHXQGLRVRGLRVDHQSDUWLFXODUSDUDLQYRFDUVXD\XGDRSUHVHQWDUOH
VXV UHVSHWRV D OD GHLGDG FXDQGR HO FDPLQR TXH KDEtD WRPDGR
FRQGXFtDDXQWHPSOR(QHOYLDMHGHQXHVWUDYLGDVRPRVFRPRHVWRV
YLDMHURVTXHOOHJDEDQDORVWHPSORVGHGLVWLQWRVGLRVHVHQGLIHUHQWHV
HWDSDV GHO FDPLQR /DV YLFLVLWXGHV GH OD YLGD FRQVWHODQ VLWXDFLRQHV
DUTXHWtSLFDV GH PRGR TXH HQ XQD SDUWH GHO YLDMH QRV HQFRQWUDPRV
FRQXQGLRVRDUTXHWLSR\HQRWUDYLVLWDPRVHOWHPSORGHRWURGLRV
6L WXYLpUDPRV TXH HQWUDU HQ HO WHPSOR GH XQ GLRV WDPELpQ
KDOODUtDPRV HQ pO D XQD GLRVD LQYLVLEOH eVWD VHUtD +HVWLD OD PiV
DQWLJXD GH ODV ROtPSLFDV TXH HVWDED SUHVHQWH HQ ORV WHPSORV GH
WRGDVODVGHPiVGHLGDGHV+HVWLDHUDODGLRVDGHIXHJRGHOKRJDU\
GHOWHPSOR(UDHOIXHJRHQHOFHQWURGHXQKRJDUUHGRQGR²LPDJHQ
TXH HV XQ PDQGDOD WULGLPHQVLRQDO VtPEROR GHO DUTXHWLSR GHO 6t²
PLVPRTXH-XQJFRQVLGHUyHOFHQWURGHODSHUVRQDOLGDGHODUTXHWLSR
GHOVHQWLGR\GHODSOHQLWXG
/D SUHVHQFLD GH +HVWLD KDFtD TXH FDVDV \ WHPSORV IXHUDQ
VDJUDGRV 8QD QRYLD OOHYDED HO IXHJR GHVGH OD FDVD GH VXV SDGUHV
SDUD HQFHQGHU HO GH VX QXHYR KRJDU \ VyOR HQWRQFHV TXHGDED
VDQWLILFDGR (O IXHJR GH ORV WHPSORV QXHYRV VH OOHYDED GHVGH HO
WHPSORGHOKRJDUSDUDVDQWLILFDUHOQXHYRHGLILFLR(OIXHJRGH+HVWLD
IXHSXHVHOFHQWUR\HOYtQFXORGHFRQH[LyQ
+HVWLD IXH XQD GLRVD DQyQLPD HQ FXDQWR D TXH FDUHFtD GH
SHUVRQDRDVSHFWRVItVLFRV3RUORWDQWRQRKDEtDSLQWXUDVQLHVWDWXDV
GHHOOD(UDXQDGLRVDYLUJHQORTXHVLJQLILFDTXHWHQtDXQDFXDOLGDG
GHVHU³XQDHQVtPLVPD´QRQHFHVLWDEDDQDGLHSDUDVHQWLUVHSOHQD
HtQWHJUD
&RPR GLRVD HV XQ DUTXHWLSR HQ ODV PXMHUHV 3HUR WDPELpQ HV
FODUDPHQWH XQD SUHVHQFLD HQ ODV SVLTXHV GH PXFKRV KRPEUHV TXH
QHFHVLWDQ HO RUGHQ ItVLFR TXH QR KD\D GHVRUGHQ QL UXLGR SDUD
VHQWLUVHFHQWUDGRV+RPEUHVTXHQHFHVLWDQ\GLVIUXWDQGHODVROHGDG
TXHGHVFXEUHQTXHOHVGDHQHUJtDDRWURVDVSHFWRVGHVtPLVPRVXQ
VHQWLGRGHSOHQLWXG\GHGLJQLGDG
+HVWLDHUDHOIXHJR\HOFHQWURGHXQKRJDUUHGRQGRHQHOWHPSOR
GH WRGDV ODV GHLGDGHV LPDJHQ TXH FRUUHVSRQGH D OD GLPHQVLyQ
VDJUDGDGHFDGDDUTXHWLSR&XDQGRORTXHKDFHVWLHQHVHQWLGRSDUD
WL\KDFHTXHWHVLHQWDVSOHQDPHQWHFRQHFWDGRFRQTXLHQUHDOPHQWH
HUHVHVWiDFWLYRXQDUTXHWLSRTXHVHUHODFLRQDHVSHFtILFDPHQWHFRQ
OD DFWLYLGDG \ FRQ HO 6tPLVPR 8Q KRPEUH R PXMHU  TXH HVWi
WRWDOPHQWHDEVRUWRFUHDQGRDOJRHQVXHVWXGLRRWDOOHUSRUHMHPSOR
HVWi HQ XQ HVSDFLR SVLFROyJLFR TXH PHWDIyULFDPHQWH FRUUHVSRQGH D
HVWDU HQ HO WHPSOR GH +HIHVWR &XDQGR XQD FXDOLGDG GHO p[WDVLV VH
PDQLILHVWD HQ HO DFWR GH KDFHU HO DPRU \ KD\ XQ VHQWLGR GH
FRPXQLyQ HO DPRU VH UHDOL]D HQ HO WHPSOR GH 'LRQLVRV &XDQGR XQ
DWOHWDHVWiHQHOFDPSRHQWUDHQXQPRPHQWRHWHUQR\VLHQWHFRPR
VLWXYLHUDWRGRHOWLHPSRGHOPXQGRSDUDKDFHUXQSDVHDXQTXHORV
RWURVMXJDGRUHVHVWpQFDUJDQGRFRQWUDpOHVXQ$UHVFHQWUDGRTXH
HVWi HQ PHGLR GH OD DFFLyQ \ VLPXOWiQHDPHQWH WDPELpQ HVWi HQ
FRQWDFWRFRQVXSURSLRFHQWURGHTXLHWXGUHSUHVHQWDGRSRUHOIXHJR
HQHOFHQWURGHOWHPSORGH$UHV
&XDQGR ORV PRUWDOHV FRQRFtDQ D ORV GLRVHV \ GLRVDV IXHUD GHO
WHPSOR \D QR HVWDEDQ GHQWUR GHO UHFLQWR GHO IXHJR GH +HVWLD
(QWRQFHVHOHQFXHQWURFRQHOGLRVFRPRFRQHODUTXHWLSRSXHGHVHU
EHQHILFLRVR SHUR WDPELpQ DUULHVJDGR FRQ SRVLELOLGDGHV QHJDWLYDV R
GHVWUXFWLYDV /RV GLRVHV D PHQXGR FRJHQ D ODV SHUVRQDV SRU
VRUSUHVD \ ODV GRPLQDQ ,PSRQHQ VX YROXQWDG VREUH ORV PRUWDOHV
VHGXFLGRV VHFXHVWUDGRV R FDVWLJDGRV $Vt PLVPR XQ DUTXHWLSR
SXHGHVHGXFLURIRU]DUDXQKRPEUH RPXMHU FXDQGRVXFHGHHVWR
SVLFROyJLFDPHQWHHVDSHUVRQDVHLGHQWLILFDFRQXQGLRVTXHVHKDFH
FDUJR GH pO (O KRPEUH GH QHJRFLRV TXH KD VLGR DEVRUELGR SRU HO
DUTXHWLSR=HXVSRUHMHPSORVHGHGLFDGHOOHQRDFRQVHJXLUSRGHU\
SUHVWLJLR FDUHFH GH YLGD SHUVRQDO \ QDGLH SDUHFH LPSRUWDUOH /D
LGHQWLILFDFLyQ FRQ ORV DWULEXWRV SRVLWLYRV R QHJDWLYRV GH XQ GLRV
DFUHFLHQWDODLPSRUWDQFLDGHHVWHDUTXHWLSRLGHQWLILFDUVHFRQXQGLRV
WDPELpQ WH KDFH VHQWLUWH LPSRUWDQWH (VWD H[DOWDFLyQ SHUVRQDO HV OR
TXHKDFHDWUDFWLYDODLGHQWLILFDFLyQFRQXQGLRV
(Q FDPELR FXDQGR VLHQWHV JUDWLWXG SRU ODV H[SHULHQFLDV GH
DUPRQtD \ EHDWLWXG TXH VXUJHQ FXDQGR KDFHV HO WUDEDMR TXH WH
JXVWDHVWiVFRQSHUVRQDVTXHVRQHVSHFLDOHVSDUDWLRGLVIUXWDVGH
ODVROHGDGHUHVFRQVFLHQWHGHTXHKD\SURIXQGLGDG\VHQWLGRHQWX
YLGD 6HU FRQVFLHQWH GH HOOR \ VHQWLU JUDWLWXG HTXLYDOH D ODV YLVLWDV
TXHORVPRUWDOHVKDFtDQDORVWHPSORVGHVXVGLRVHV
8QPRUWDOHQWUDEDHQ XQWHPSORSRUHOHFFLyQ SURSLDFRQVFLHQWH
GHORTXHHVWDEDKDFLHQGR'HQWURGHOWHPSORVHHQFRQWUDEDFRQXQD
LPDJHQ JHQHUDOPHQWH OD HVWDWXD GH XQ GLRV 6HQWtD OD SUHVHQFLD R
HQHUJtD GH DTXHOOD GHLGDG HQ SDUWLFXODU $XQTXH VH HQIRFDUD HQ OD
GHLGDG HQ FX\R WHPSOR VH HQFRQWUDED +HVWLD WDPELpQ HVWDED
SUHVHQWH HQ HO IXHJR \ HQ OD SXOFULWXG GHO WHPSOR eVWD HV XQD
PHWiIRUD SDUD HO KRPEUH R PXMHU  TXH YLYH FRQ DXWHQWLFLGDG
SRUTXHPDQWLHQHXQDUHODFLyQFRQVFLHQWHFRQXQRRPiVDUTXHWLSRV
DFWLYDGRVDWUDYpVGHORVFXDOHVVHVLHQWHFHQWUDGR\OHDSRUWDQFRQ
FODULGDG\FHUWH]DTXHH[LVWHXQDGLPHQVLyQVDJUDGDHQVXYLGD
/OHJDUDFDVD
(Q XQ YLDMH XQ YLDMHUR SXHGH HQWUDU HQ ORV WHPSORV GH PXFKRV
GLRVHV \ GLRVDV SXHGH SDVDUORV GH ODUJR R GHWHQHUVH VyOR HQ ORV
WHPSORVGHDOJXQDGHLGDGHVSHFLDO6HSXHGHFRQVLGHUDUDIRUWXQDGR
\ GH KHFKR OR KD VLGR VL +HUPHV OH KD DFRPSDxDGR FRPR JXtD \
JXDUGLiQ6LQHPEDUJRSRUOHMRVTXHOHKD\DOOHYDGRVXYLDMHWRGR
YLDMHURVLHPSUHDQKHODXQUHJUHVRDOKRJDU
+HUPHV SXHGH KDEHUOH DFRPSDxDGR KDVWD OD SXHUWD GRQGH VH
HQFXHQWUDODKHUPDRSLODUGHSLHGUD(QWRQFHVHOYLDMHURKDFUX]DGR
HOXPEUDOSDUDHQWUDUHQVXKRJDU(OKRJDUHUDVDJUDGRJUDFLDVDOD
SUHVHQFLD GH +HVWLD HQ IRUPD GH IXHJR HQ HO FHQWUR GH XQ KRJDU
UHGRQGR (O IXHJR GHO KRJDU GDED OD ELHQYHQLGD DO PLHPEUR GH OD
IDPLOLDTXHUHJUHVDEDRDOUHFLpQQDFLGR
(Q OD DQWLJXD *UHFLD XQ UHFLpQ QDFLGR VH FRQYHUWtD HQ XQ
PLHPEURGHODIDPLOLDFXDQGRWHQtDFLQFRGtDV\PHGLDQWHXQULWXDO
(QHVWHULWRVXSDGUHOOHYDEDDOEHEpHQEUD]RVDOUHGHGRUGHOKRJDU
\ VH OR SUHVHQWDED D +HVWLD \ D VX IDPLOLD (VWH ULWXDO GH
UHFRQRFLPLHQWR \ ELHQYHQLGD ²GH OOHJDGD DO KRJDU² HUD XQ
UHFRQRFLPLHQWR FRQVFLHQWH GH OD QXHYD YLGD FRPR SDUWH GH OD
WRWDOLGDG
(VSRVLEOHOOHJDUDOKRJDU
³+RJDU´ HV XQ GHVWLQR SVLFROyJLFR GRQGH FRQHFWDPRV FRQ XQ
FHQWURHVSLULWXDODOLJXDOTXHHQODDQWLJXD*UHFLDHOKRJDUHUDXQ
OXJDU VDJUDGR DO TXH UHJUHVDU SRUTXH +HVWLD HVWDED DOOt &RPR
VtPERORGHO6tPLVPRRFHQWURGHODSHUVRQDOLGDGH[SHULPHQWDPRVD
QXHVWUD SURSLD ³+HVWLD´ FRPR HVH FHQWUR LQWHULRU GH TXLHWXG TXH VH
DVRFLDFRQHOVHQWLGRGHSOHQLWXG(QFRQWUDPRVD+HVWLDVLHPSUHTXH
HQWUDPRVHQXQVDQWXDULR\KDOODPRVXQIXHJRDFRJHGRU3XHGHVHU
OLWHUDOPHQWHHOKRJDUXQOXJDUGHSD]\VROHGDGORVEUD]RVGHRWUD
SHUVRQD XQ GHSRUWH HO WUDEDMR XQ OXJDU GH DGRUDFLyQ R OD
QDWXUDOH]D 'RQGHTXLHUD TXH HVWHPRV \ HQ FXDOTXLHU PRPHQWR HQ
TXH QRV HQFRQWUHPRV ³HQ FDVD´ WDPELpQ KDOODPRV DUPRQtD \
EHDWLWXG\HVWDPRVYLYLHQGRQXHVWURSURSLRPLWR
 (/',26$86(17(
+D\ XQ GLRV DXVHQWH HQWUH ORV ROtPSLFRV HO KLMR GH 0HWLV \ GH
=HXV FX\R QDFLPLHQWR IXH DQXQFLDGR \ TXH VH VXSRQtD TXH KDEUtD
GH VXVWLWXLU D VX SDGUH =HXV SDUD JREHUQDU FRQ DPRU 3DUD TXH
SXHGD QDFHU 0HWLV ²VDELGXUtD IHPHQLQD² WHQGUtD TXH YROYHU D
UHVXUJLUHQODFXOWXUDRFFLGHQWDO\HQQXHVWUDFRQFLHQFLD8QKLMRGH
0HWLV \ =HXV KDEUtD WHQLGR XQRV SDGUHV H[FHSFLRQDOHV &XDQGR OD
*UDQ 'LRVD HQ VXV GLVWLQWRV DVSHFWRV HUD OD 'LRVD 0DGUH OD
SDWHUQLGDG QR HUD LPSRUWDQWH SRVLEOHPHQWH QL WDQ VLTXLHUD
UHFRQRFLGD &XDQGR ORV GLRVHV SDGUH FHOHVWLDOHV HVWDEOHFLHURQ OD
VXSUHPDFtDSDWULDUFDOHOSpQGXORVHGHFDQWyKDFLDHORWURH[WUHPR
ODV GLRVDV \ ODV PXMHUHV IXHURQ VXE\XJDGDV TXH HV OD FRQGLFLyQ
KLVWyULFD \ WHROyJLFD TXH GXUD \D YDULRV PLOHV GH DxRV /RV GLRVHV
PDVFXOLQRV WLHQHQ HO GRPLQLR \ QLQJXQR GH HOORV QL HQ OD PLWRORJtD
JULHJDQLHQHOMXGHRFULVWLDQLVPRKDWHQLGRXQDPDGUHIXHUWH\VDELD
\XQSDGUHSRGHURVR\FDULxRVR3RFRVKXPDQRVORVWLHQHQ
=HXVDUTXHWLSRSDGUHHQWUDQVLFLyQ
(Q VX PLWRORJtD FRPR SDGUH FHOHVWLDO =HXV FDPELy (PSH]y
FRPRXQSDGUHDPHQD]DGRTXHVHWUDJyD0HWLVSDUDTXHDERUWDUD
DXQKLMRTXHWHPtDTXHOHGHUURWDUD\TXHRFXSDUDVXSXHVWR FRPR
VX SDGUH &URQRV KDEtD WHPLGR \ DVt VH KDEtD WUDJDGR D VXV KLMRV
PLHQWUDV HO SDGUH GH &URQRV 8UDQR HO SULPHU SDGUH KDEtD
HQWHUUDGRDOVX\R =HXVVHFRQYLUWLyHQWRQFHVHQSDGUHGHPXFKRV
KLMRV ORV ROtPSLFRV GH GHLGDGHV PHQRUHV \ VHPLGLRVHV )XH XQ
SDGUHGLVWDQWHTXHDSUREyDDOJXQRVGHVXVKLMRV\UHFKD]yDRWURV
\DPHQXGROHVSURWHJLyGHVGHOHMRV1RIXHSXHVFRPRVXSDGUH\
VXDEXHORpVWRVQRWXYLHURQVHQWLPLHQWRVSDWHUQDOHVSRVLWLYRV\QR
TXHUtDQ KLMRV 3HUR FRQ VX KLMR 'LRQLVRV HO PiV MRYHQ GH ORV
ROtPSLFRV\HOQLxRDOTXHUHVFDWyHLQFXEy=HXVKL]RRWURFDPELR
/D PLWRORJtD GH ORV GLRVHV FHOHVWLDOHV 8UDQR &URQRV \ =HXV
UHIOHMD FDPELRV HQ HO DUTXHWLSR GHO SDGUH TXH WLHQH SDUDOHOLVPRV
EtEOLFRV ²HO 'LRV GHO $QWLJXR 7HVWDPHQWR HUD XQ GLRV FHORVR \
YHQJDWLYRTXHVHIXHWUDQVIRUPDQGRHQHO'LRVDPRURVR\FDSD]GH
SHUGRQDU GHO 1XHYR 7HVWDPHQWR² 'LRQLVRV IXH HO ~QLFR ROtPSLFR
FRQ XQD PDGUH PRUWDO FRPR -HV~V $PERV IXHURQ SHUVHJXLGRV
VDFULILFDGRV \ YROYLHURQ D QDFHU R UHVXFLWDURQ /DV LPiJHQHV GH
'LRQLVRV FRPR QLxR GLYLQR D YHFHV VH FRQIXQGHQ FRQ ODV GH -HV~V
FXDQGR HUD SHTXHxR HO QLxR TXH HVWi VHQWDGR HQ OD IDOGD GH OD
9LUJHQ QHJUD GH 0RQWVHUUDW SRU HMHPSOR VRVWLHQH DOJR TXH SDUHFH
XQDSLxDGHSLQRRXQDSLxDWURSLFDOERFDDEDMRHOWLUVRXQVtPEROR
GH'LRQLVRV
(O DUTXHWLSR SDGUH HVWi FDPELDQGR \ D PHGLGD TXH KD\ PiV
KRPEUHV TXH FDPELDQ HQ HVWD GLUHFFLyQ XQ QXHYR DUTXHWLSR SDGUH
HVWiHQWUDQGRHQQXHVWUDFXOWXUD&DGDQXHYDJHQHUDFLyQGHSDGUHV
VH XQH D DTXHOORV TXH HQ HO ~OWLPR WHUFLR GHO VLJOR ;; HVWXYLHURQ
SUHVHQWHV HQ ORV SDUWRV GH VXV HVSRVDV (VWRV KRPEUHV VXHOHQ
YLQFXODUVH PiV FRQ VXV EHEpV \ VHU SDGUHV PiV DFWLYRV HQ VX
FULDQ]D QR VRQ WDQ GLVWDQWHV HPRFLRQDOPHQWH R LQDFFHVLEOHV FRPR
ORV SDGUHV FHOHVWLDOHV 5HIOHMDQ OD HYROXFLyQ GHVGH XQ =HXV GLRV
FHOHVWLDO GLVWDQWH KDVWD XQR TXH KD FUHDGR XQ HVSDFLR XWHULQR SDUD
VX KLMR HQ VX SURSLR PXVOR $O KDFHU HVR HO SDGUH FHOHVWLDO =HXV
DGRSWyXQDVSHFWRWHUUHVWUHFRPRKDFHQWDPELpQORVSDGUHVGHKR\
HQGtD$OJXQRVKRPEUHVVHFRQYLHUWHQHQ3DGUHV7LHUUD
(Q (DUWK )DWKHU6N\ )DWKHU $UWKXU \ /LEE\ &ROPDQ GHVFULEHQ DO
3DGUH7LHUUDFRPRXQKRPEUHTXHLQWHUDFW~DFRQVXIDPLOLDWRGRVORV
GtDV 3RU HMHPSOR SDUD XQ 3DGUH 7LHUUD VX IDPLOLD HV OR PiV
LPSRUWDQWH,QFOXVRFXDQGRHVWiIXHUDGHFDVDSLHQVDHQVXVKLMRV
(QHOKRJDUVXVDFWLYLGDGHVVHUiQSURGXFWLYDVHLUiQHQFDPLQDGDVD
HVDVFRQGXFWDVGHODFULDQ]DGHORVKLMRVTXHVRVWLHQHODVUHODFLRQHV
GHQWURGHODIDPLOLD/RV&ROPDQKDFHQKLQFDSLpHQHOYDORUGHHVWH
WLSRGHFXDOLGDGHQODFULDQ]D\HQODGLILFXOWDGGHOOHYDUHVWRDFDER
HQXQSDWULDUFDGR

'HWRGDVODVLPiJHQHVGHFULDQ]DODGHOSDGUHWLHUUDHVOD
TXH PiV VH KD HOLPLQDGR GH ORV YDORUHV \ DPELFLRQHV
LPSXHVWRV HQ OD HGXFDFLyQ GH ORV PXFKDFKRV HQ $PpULFD
3XHGH TXH SDUD XQ KRPEUH VHD OD LPDJHQ PiV GLItFLO GH
DFHSWDUSDUDVHQWLUVHYHUGDGHUDPHQWHHQULTXHFLGRSRUHOOD\
VLQ HPEDUJR UHSUHVHQWD XQR GH ORV QLYHOHV PiV
IXQGDPHQWDOHV GH OD FULDQ]D (Q OXJDU GH VHU XQ KpURH XQ
GLVFLSOLQDULRXQSXHQWHSDUDHOPXQGRH[WHULRURXQDIXHU]DD
YHQFHUHOSDGUHWLHUUDDVXPHODWDUHDGHSURYHHUDVXVKLMRV
FRQODFRQILDQ]DEiVLFD\ODVHJXULGDGLQWHUQDTXHOHVD\XGDUi
 D FUHFHU H LQGHSHQGL]DUVH GH OD IDPLOLD SDUD DGRSWDU XQD
LGHQWLGDG~QLFD>@

(QPLSUiFWLFDKHRtGRDSURIHVLRQDOHVFX\DSRVLFLyQHQHOPXQGR
OHVKDVLWXDGRHQXQOXJDUFRPRHOGH=HXVHQODFXPEUHGHFLUTXH
GHVHDUtDQHVWDUHQFDVDFRQVXVKLMRV0HFXHQWDQORIHOLFHVTXHVH
VLHQWHQFXDQGREDxDQDVXVKLMRVROHVFXHQWDQXQFXHQWRDQWHVGH
LUVH D OD FDPD (VWRV SDGUHV QR HVWiQ UHVHQWLGRV FRQWUD VXV
SHTXHxRVKLMRVVLQRTXHOHVDPDQFRQWRGRVXFRUD]yQ$OJXQRVQL
VLTXLHUD WHUPLQDUiQ FRQ XQ PDWULPRQLR LQIHOL] SRUTXH SHUGHUtDQ HO
FRQWDFWRGLDULRFRQVXVKLMRV
3RUORWDQWRHQOD$PpULFDFRQWHPSRUiQHDPRGHUQDHODUTXHWLSR
GHOSDGUHHVWiFDPELDQGR$XQTXHHOSDGUHFHOHVWLDOSDWULDUFDOVLJXH
GRPLQDQGR XQR D XQR ORV KRPEUHV HVWiQ HYROXFLRQDQGR
3RVLEOHPHQWH VHD UHIOHMR GH XQD WUDQVLFLyQ VLPLODU HO KHFKR GH TXH
ORV OtGHUHV SROtWLFRV \ UHOLJLRVRV QR WHQJDQ OD DXWRULGDG TXH KDEtDQ
WHQLGR DQWHV <D QR VRQ FRQVLGHUDGRV LQIDOLEOHV QR OHV UHVXOWD WDQ
IiFLOFRPRDQWHVPDQGDUDORVMyYHQHVDTXHHQWUHJXHQVXVYLGDVHQ
ODVJXHUUDV1RVHSDUHFHQWDQWRD=HXV
0HWLVHOUHVXUJLUGHODUTXHWLSRGHODPDGUH
VDELD
3RFD HV OD LQIRUPDFLyQ TXH VH GD VREUH 0HWLV HQ OD PLWRORJtD
JULHJD&DEtDHVSHUDUHVWHVLOHQFLRVHODHQJDxySDUDTXHVHYROYLHUD
SHTXHxD \ SXGLHUD VHU WUDJDGD GH PRGR TXH TXLHQTXLHUD TXH
KXELHUD VLGR XQD YH] IXH PLQLPL]DGD KDVWD HO SXQWR GH VHU
SUiFWLFDPHQWH GHVFRQRFLGD 6yOR KHPRV RtGR TXH D\XGy D =HXV D
OLEHUDUDVXVKHUPDQRV\KHUPDQDVTXHKDEtDQVLJRHQJXOOLGRVSRU
&URQRV(UDHOODTXLHQVDEtDFyPRKDFHUOR\ODTXHOHSURSRUFLRQyHO
HPpWLFRSDUDKDFpUVHORVYRPLWDU0HWLVHUDXQDGLRVDGHODVDELGXUtD
XQD GLYLQLGDG DGRUDGD PXFKR DQWHV TXH =HXV \ ORV ROtPSLFRV
7DPELpQ VDEHPRV TXH IXH VX SULPHUD FRQVRUWH \ VH KDEtD SUHGLFKR
TXHHOODWHQGUtDGRVKLMRVXQDKLMDFRQXQYDORU\FODULGDGLJXDOHVD
XQ KRPEUH \ XQ KLMR ©XQ PXFKDFKR FRQ XQ FRUD]yQ FDSD] GH
FRQTXLVWDU D WRGRV TXH VH FRQYHUWLUtD HQ UH\ GH GLRVHV \ GH
KRPEUHV>@ª (QWRQFHV FXDQGR 0HWLV TXHGy HPEDUD]DGD =HXV
WHPLyTXHHOEHEpTXHHVWDEDJHVWDQGRIXHUDHOKLMRDQXQFLDGRTXH
OHVXVWLWXLUtDeVWDHVODUD]yQSRUODTXHODHQJDxySDUDTXHUHGXMHUD
VXWDPDxR\HQWRQFHVVHODWUDJy
5HVXOWy TXH HO KLMR TXH HOOD HVWDED JHVWDQGR QR HUD XQ YDUyQ
VLQR VX KLMD $WHQHD TXH QDFLy GH OD FDEH]D GH =HXV FRPR XQD
PXMHU SOHQDPHQWH GHVDUUROODGD UHYHVWLGD GH XQD DUPDGXUD $WHQHD
QRUHFRUGDEDDVXPDGUH\FRQVLGHUDEDD=HXVFRPRVX~QLFRSDGUH
 0HWLV FRPR VDELGXUtD GLYLQD IHPHQLQD IXH WUDJDGD SRU HO
SDWULDUFDGR \ GHVDSDUHFLy GHO PXQGR RFFLGHQWDO (O PLWR UHIOHMD OR
TXHVXFHGLyKLVWyULFDPHQWH SUREDEOHPHQWHHQWUHORVDxRV\
  ODV VXFHVLYDV ROHDGDV GH LQYDVRUHV LQGRHXURSHRV FRQ VXV
GLRVHVJXHUUHURV\WHRORJtDVEDVDGDVHQHOSDGUHVXE\XJDURQDORV
SXHEORVGHODYLHMD(XURSDTXHGXUDQWHDxRVKDEtDQVHJXLGR
UHOLJLRQHV PDWULDUFDOHV \ GHVDUUROODGR XQD FLYLOL]DFLyQ SDFtILFD \
FXOWXUDOPHQWH DYDQ]DGD TXH QR HVWDED HVWUDWLILFDGD HUD DJUtFROD H
LJXDOLWDULD3XHVWRTXHVXVFLXGDGHVQRHVWDEDQIRUWLILFDGDVHVWDEDQ
LQGHIHQVDV\FDUHFtDQGHOFRQRFLPLHQWRGHODUWHGHODJXHUUDIXHURQ
FRQTXLVWDGDVSRUMLQHWHVLQYDVRUHVTXHDGRUDEDQDGLRVHVFHOHVWLDOHV
\ TXH LPSXVLHURQ VX FXOWXUD \ VX UHOLJLyQ SDWULDUFDO D ORV SXHEORV
GHUURWDGRV
/D'LRVD FRQRFLGDSRUPXFKRVQRPEUHVGLIHUHQWHV VHFRQYLUWLy
HQODFRQVRUWHVXE\XJDGDGHORVGLRVHVLQYDVRUHV\VXVDWULEXWRV\
SRGHUHV IXHURQ DEVRUELGRV WUDJDGRV  R TXHGDURQ EDMR OD
GRPLQDFLyQGHXQDGHLGDGPDVFXOLQD,QFOXVRHOSRGHUGHGDUDOX]R
GHFUHDUYLGDTXHKDEtDVLGRSDWULPRQLRQDWXUDOGHODVPXMHUHV\GH
ODV GLRVDV VH FRQYLUWLy HQ XQD RSFLyQ FRQMXQWD \ ORV GLRVHV
FHOHVWLDOHV DKRUD FUHDEDQ YLGD PHGLDQWH VXV SDODEUDV \ YROXQWDG R
GDEDQDOX]DWUDYpVGHVXFDEH]D
/DVPXMHUHVODROYLGDURQHQORTXHVHSDUHFLHURQD$WHQHDTXH
QDFLy \D GHVDUUROODGD GH OD FDEH]D GH =HXV VLQ WHQHU UHFXHUGR
DOJXQR GH VX PDGUH 0HWLV $O LJXDO TXH $WHQHD OD PD\RUtD GH ODV
PXMHUHV VRQ KLMDV GHO SDWULDUFDGR TXH KDQ UHFRQRFLGR VyOR OD
GLYLQLGDG HQ HO 'LRV 3DGUH /DV PXMHUHV QR KDQ UHFRUGDGR KDVWD
KDFH SRFR  XQ WLHPSR HQ TXH ³'LRV HUD PXMHU´ 3HUGLGD GH OD
PHPRULD HVWi OD H[LVWHQFLD GH 'LRV 0DGUH OD 'LRVD HO URVWUR
IHPHQLQR GH 'LRV (Q OD ~OWLPD GpFDGD ³0HWLV´ HVWi UHVXUJLHQGR \
VLHQGRUHFRUGDGD(QXQGLDULRFRQWHPSRUiQHRGHPXMHUHV :RPDQ
RI3RZHUVHGHVFULEHHVWHUHQDFLPLHQWR

/DDQWLJXDYR]HVSLULWXDOGHXQDPXMHUTXHDKRUDKDEODHV
ODVDELGXUtDGXUDQWHWDQWRWLHPSRHVFRQGLGD\VHFRQYLHUWHHQ
 XQD IXHU]D RFXOWD SDUD OD HYROXFLyQ GH OD FRQFLHQFLD GH
QXHVWUR PXQGR >«@ (VWD YR] TXH HVWi VXUJLHQGR KDEOD GHO
UHFRQRFLPLHQWRGHODLQWHUFRQH[LyQHQWUHWRGDIRUPDGHYLGD
GHGDUQRVFXHQWDGHTXHWRGRSRVHHFRQFLHQFLD\HVVDJUDGR
ODUHPHPEUDQ]DGHQXHVWURVVtPLVPRVFRPRVHUHVVDJUDGRV
\HODPRUDQXHVWUDVSVLTXHVFXHUSRV\HPRFLRQHVHOSRGHU
GHODVPXMHUHV\GHWRGRVORVSXHEORVRSULPLGRVODFUHDFLyQ
GH OD SD] PXQGLDO GH OD MXVWLFLD VRFLDO \ GH OD DUPRQtD
PHGLRDPELHQWDO OD DFWLYDFLyQ GH ORV SRGHUHV SVtTXLFRV \
HVSLULWXDOHVHOKRQUDUODGLYLQLGDGIHPHQLQDHOUHVSHWRSRUOD
7LHUUD\ODFHOHEUDFLyQGHVXVHVWDFLRQHV\FLFORVDVtFRPRORV
GHQXHVWUDVYLGDV>@

/D HVSLULWXDOLGDG IHPHQLQD HVWi UHVXUJLHQGR HQ QXHVWUD FXOWXUD

FRPRXQDGLPHQVLyQGHOPRYLPLHQWRIHPLQLVWD\HVWHUHQDFLPLHQWR
FRLQFLGHVLQFUyQLFDPHQWHFRQQXHYRVGHVFXEULPLHQWRVDUTXHROyJLFRV
PX\ VLJQLILFDWLYRV TXH RIUHFHQ SUXHEDV GHO SHUtRGR KLVWyULFR
PDWULDUFDO (VWH ODUJR SDFtILFR SHUtRGR GH OD KLVWRULD HQ TXH VH
DGRUDED D ODV GLRVDV HVWi GHVFULWR HQ 7KH *RGGHVVHV DQG *RGV RI
2OG (XURSH GH 0DULMD *LPEXWDV HQ :KHQ *RG :DV D :RPDQ GH
0HUOLQ 6WRQH \ HQ 7KH &KDOLFH DQG WKH %ODGH GH 5LDQH (LVOHU /RV
UROORV GH 1DJ +DPPDGL PiV FRQRFLGRV FRPR ORV (YDQJHOLRV
*QyVWLFRV²VREUHORVFXDOHVWUDWDHOOLEURGH(ODLQH3DJHOVTXHOOHYD
HVWH WtWXOR² UHYHODQ TXH 6RItD R XQ DVSHFWR IHPHQLQR GH 'LRV HUD
FRQRFLGR \ KRQUDGR SRU ORV FULVWLDQRV JQyVWLFRV /RV FULVWLDQRV
RUWRGR[RV GH 2ULHQWH DGRUDEDQ D 6RItD 6X PD\RU VDQWXDULR +DJLD
6RItD ODLJOHVLDGH6DQWD6RItDRGHOD6DJUDGD6DELGXUtD)HPHQLQD 
VH FRQVWUX\y HQ &RQVWDQWLQRSOD DKRUD (VWDPEXO  /RV FULVWLDQRV GH
OD LJOHVLD GH 5RPD GLMHURQ SRVWHULRUPHQWH TXH HVWDED GHGLFDGD D
XQDYLUJHQPiUWLUPHQRU(QHOPLVWLFLVPRMXGtRHOQRPEUHGH6RItD
HUD 6KHNLQD 0HWLV 6RItD \ 6KHNLQD VRQ QRPEUHV GLVWLQWRV SDUDHVD
PLVPDVDELGXUtDIHPHQLQDROYLGDGDTXHXQDYH]IXHGHLILFDGD
'XUDQWH PXFKRV VLJORV OD VDELGXUtD IHPHQLQD EDMR FXDOTXLHU
QRPEUH KD VLGR ROYLGDGD \ KD SHUPDQHFLGR LQYLVLEOH VL VH YHtD HQ
DOJ~QOXJDUQRHUDGHILQLGDFRPRWDO3RUHMHPSORFXDQGROOHJDEDHO
PRPHQWRGHWRPDUGHFLVLRQHVpWLFDVVHVROtDGHFLUTXHODVPXMHUHV
HUDQPHQRVpWLFDVTXHORVKRPEUHV&DURO*LOOLJDQHQVXOLEUR ,QD
'LIIHUHQW 9RLFH VXJHUtD TXH OD PD\RUtD GH ODV PXMHUHV SXHGHQ
SHUFLELU XQD VLWXDFLyQ pWLFD GH IRUPD GLIHUHQWH D ORV KRPEUHV
YDORUDQGR D OD SHUVRQD \ D ODV UHODFLRQHV SRU HQFLPD GHO SULQFLSLR
DEVWUDFWR \ TXH HVWD RSFLyQ QR UHIOHMDED XQD pWLFD LQIHULRU VLQR
YDORUHV GLVWLQWRV &XDQGR ORV YDORUHV GH DILOLDFLyQ VRQ FRQVLGHUDGRV
LJXDOHV DO SULQFLSLR HQWRQFHV OD FRPSDVLyQ \ OD MXVWLFLD SXHGHQ
FRH[LVWLU \ DPEDV VH FRPSOHPHQWDQ PXWXDPHQWH &DURO *LOOLJDQ
H[SUHVy DTXt XQD SRVLFLyQ 0HWLV FRQ HO FRUDMH \ OD FODULGDG PHQWDO
SDUD OD FRQIURQWDFLyQ \ OD EDWDOOD DFDGpPLFD XQD $WHQHD
FRQWHPSRUiQHDTXHKDUHPHPEUDGRD0HWLV
$KRUD YHPRV FRQWLQXDPHQWH D ODV PXMHUHV KDEODQGR GH VXV
SHUFHSFLRQHV \ YDORUHV HQ VXV YLGDV SHUVRQDOHV \ HQ HO PXQGR
DFDGpPLFRRSXHVWRGHWUDEDMR<TXL]iVSRUSULPHUDYH]VHDSRVLEOH
SDUD ODV PXMHUHV FRPR JUXSR ²SXHVWR TXH VLHPSUH KD KDELGR
SHUVRQDV H[FHSFLRQDOHV² FRQYHUWLUVH HQ PDGUHV IXHUWHV \ VDELDV
FX\DVPHQWHVRYROXQWDGHVQRVHUiQHQJXOOLGDVSRUVXVHVSRVRVTXH
QR VH HQFRJHUiQ SDUD GHFLU HQ YR] DOWD VXV YDORUHV \ TXH VL HV
QHFHVDULRLQWHUYHQGUiQSDUDSURWHJHUDVXVKLMRVHKLMDV
(OKLMRGH0HWLVFRPRQXHYRDUTXHWLSR
$XQTXHHODUTXHWLSRGHOKLMRGHEXHQFRUD]yQKDHVWDGRSUHVHQWH
HQ2FFLGHQWHHQODILJXUDGH-HV~V\HQODGH.ULVKQDHQ2ULHQWHVX
SUHVHQFLDHQODFXOWXUDQRFDPELyODHVWUXFWXUDGHSRGHUEiVLFDGHO
SDWULDUFDGR=HXVHQODFLPDGHODPRQWDxDFRQVXUD\RKDVHJXLGR
VLHQGRHOSULQFLSLRUHJLGRUGHODFXOWXUD\VHJXLUiVLpQGRORPLHQWUDV
EXVTXHPRV XQD IXHU]D R DUPD VXSHULRU SDUD QXHVWUD VHJXULGDG \
SHQVHPRVTXHDLVODUQRVGHORVGHPiVHVSRVLEOH\GHVHDEOH
'XUDQWHPXFKRWLHPSRODSRVLFLyQGH=HXVKDSDUHFLGRFRPRHV
QDWXUDO LQDOFDQ]DEOH 3HUR DKRUD TXH KHPRV YLVWR FyPR ODV
SDUWtFXODV UDGLRDFWLYDV GH XQ DFFLGHQWH QXFOHDU HQ &KHUQRE\O FHUFD
GH/HQLQJUDGRFRQWDPLQyODOHFKHGH+RODQGDFyPRODGHVWUXFFLyQ
GHODVHOYDWURSLFDOGH%UDVLOSXHGHFDPELDUODDWPyVIHUDGHOD7LHUUD
\FyPRXQDJXHUUDQXFOHDUFRQGXFHDXQLQYLHUQRQXFOHDUHQWRGRHO
SODQHWD VRPRV FDGD YH] PiV FRQVFLHQWHV GH QXHVWUD
LQWHUGHSHQGHQFLD GH FyPR FRPSDUWLPRV HVWH SODQHWD \ VX GHVWLQR
=HXVWRGDYtDHVHOSRGHUJREHUQDQWHSHUR¢TXpOHVXFHGHUiD=HXVD
PHGLGD TXH QXHVWUD FRQFLHQFLD HYROXFLRQH \ YHDPRV TXH QR
SRGHPRVXVDUVXUD\RVLQGHVWUXLUODYLGDHQOD7LHUUD"
/DFRQFLHQFLDJOREDOORVWHPDVPHGLRDPELHQWDOHVODHFRORJtDOD
HVSLULWXDOLGDG IHPHQLQD \ HO GHVDUPH QXFOHDU VRQ H[SUHVLRQHV GHO
UHVXUJLU GH 0HWLV FRPR PHWiIRUD GH OD VDELGXUtD GH TXH WRGRV
HVWDPRVUHODFLRQDGRVORVXQRVFRQORVRWURV\FRQHODUTXHWLSRGHOD
PDGUH(VXQPRPHQWRGHWUDQVLFLyQFXOWXUDOWLHPSRGHUHPHPEUDU
D 0HWLV FRPR OD VDELGXUtD IHPHQLQD FRPR OD 0DGUH 1DWXUDOH]D
FRPRODVDFUDOL]DFLyQGHOD7LHUUDRODGLYLQLGDGGHO'LRV0DGUHTXH
UHJUHVDDQXHVWUDFXOWXUDDODYH]TXHHODUTXHWLSRSDGUHWDOFRPR
YHPRVHQORVKRPEUHVDFWXDOHVHVWiFDPELDQGR
1XHYRVDUTXHWLSRV\FDPSRVPyUILFRV
(Q$1HZ6FLHQFHRI/LIH7KH+\SRWKHVLVRI)RUPDWLYH&DXVDWLRQ
  5XSHUW 6KHOGUDNH XQ ELyORJR WHyULFR SURSXVR XQD WHRUtD
UDGLFDOPHQWHQXHYDVREUHFyPRODVFRVDVYLYDVDSUHQGHQ\DVXPHQ
QXHYDVIRUPDV6XWHRUtDRIUHFHXQDH[SOLFDFLyQVREUHFyPRSXHGHQ
OOHJDU H[LVWLU ORV QXHYRV DUTXHWLSRV \ SRU HQGH VREUH FyPR SXHGH
FDPELDUODQDWXUDOH]DKXPDQD
/D KLSyWHVLV GH 6KHOGUDNH HV OD VLJXLHQWH FXDQGR VH UHSLWH XQD
FRQGXFWD OR VXILFLHQWH pVWD IRUPD XQ ³FDPSR PRUIRJHQpWLFR´ R
FUHDGRU GH IRUPD  (VWH FDPSR TXH 6KHOGUDNH DKRUD GHQRPLQD
³PyUILFR´ SRVHHXQDHVSHFLHGHPHPRULDDFXPXODWLYDEDVDGDHQOR
TXHOHVKDVXFHGLGRDODVHVSHFLHVHQHOSDVDGR7RGRVORVPLHPEURV
GH ODV HVSHFLHV QR VyOR ORV RUJDQLVPRV YLYRV VLQR WDPELpQ ODV
PROpFXODV GH SURWHtQDV ORV FULVWDOHV H LQFOXVR ORV iWRPRV  HVWiQ
DUPRQL]DGRVFRQHVHFDPSRPyUILFRHQSDUWLFXODUTXHVHH[WLHQGHD
WUDYpV GHO HVSDFLR \ GHO WLHPSR PHGLDQWH XQ SURFHVR GHQRPLQDGR
³UHVRQDQFLDPyUILFD´
(Q HO UHLQR GH ORV FULVWDOHV SRU HMHPSOR VHJ~Q HVWD WHRUtD OD
IRUPD R HVWUXFWXUD GHO FULVWDO GHSHQGH GH VX FDPSR FDUDFWHUtVWLFR
$GHPiV XQ QXHYR FRPSRQHQWH VHUtD GLItFLO TXH FULVWDOL]DUD SRU
SULPHUD YH] SHUR GHVSXpV GH OD PLVPD OH UHVXOWDUtD FDGD YH] PiV
VHQFLOOR FULVWDOL]DU GHELGR D OD LQIOXHQFLD GHO FDPSR PyUILFR R
³PHPRULD´  GH FDGD FULVWDOL]DFLyQ DQWHULRU (VWH KHFKR HV ELHQ
FRQRFLGRHQWUHORVTXtPLFRVVHxDOD6KHOGUDNH
 $SOLFDGDDQRVRWURVODWHRUtDGH6KHOGUDNHH[SOLFDGHTXpPRGR
ORV FDPELRV IXQGDPHQWDOHV R DUTXHWtSLFRV  WDPELpQ VH SXHGHQ
SURGXFLUHQORVVHUHVKXPDQRV$OSULQFLSLRXQFDPELRHQODDFWLWXGR
HQ OD FRQGXFWD WDPELpQ HV GLItFLO SHUR D PHGLGD TXH FDPELDQ PiV
LQGLYLGXRV VH YXHOYH SURJUHVLYDPHQWH PiV IiFLO SDUD ODV GHPiV
SHUVRQDV UHDOL]DUOR \ QR VyOR PHGLDQWH OD LQIOXHQFLD GLUHFWD 6HJ~Q
6KHOGUDNH OD JHQWH VLQWRQL]D FRQ HO QXHYR SDWUyQ GHQWUR GH XQ
FDPSR PyUILFR D WUDYpV GH OD UHVRQDQFLD PyUILFD \ VH YH DIHFWDGD
SRU OD PLVPD OR FXDO H[SOLFD FyPR HO FDPELR VH YXHOYH
SURJUHVLYDPHQWHPiVIiFLO(QDOJ~QPRPHQWRVHDOFDQ]DHOQ~PHUR
GH LQGLYLGXRV QHFHVDULRV SDUD KDFHU LQFOLQDU OD EDODQ]D KD\ XQ
QXHYRDUTXHWLSRHQORLQFRQVFLHQWHFROHFWLYR
(OSURSLR6KHOGUDNHHTXLSDUyODVGRVLGHDV

/DLGHDTXHHVWR\H[SRQLHQGRHVPX\VLPLODUDODLGHDGH
-XQJGHOLQFRQVFLHQWHFROHFWLYR/DSULQFLSDOGLIHUHQFLDHVTXH
OD LGHD GH -XQJ IXH DSOLFDGD SULQFLSDOPHQWH D OD H[SHULHQFLD
KXPDQD \ D OD PHPRULD FROHFWLYD KXPDQD /R TXH \R HVWR\
VXJLULHQGRHVTXHKD\XQSULQFLSLRPX\VLPLODUTXHRSHUDSRU
WRGRHOXQLYHUVRQRVyORHQORVVHUHVKXPDQRV>@

(OFHQWpVLPRPRQRXQPLWRFRQWHPSRUiQHR
(O FHQWpVLPR PRQR HV HO QRPEUH GH XQ QXHYR PLWR (V XQD
KLVWRULDTXHKDVXUJLGRVHKDUHSHWLGR\VREUHODTXHVHKDHVFULWR
WDQVyORHQODVGRV~OWLPDVGpFDGDV(VGHRULJHQPX\UHFLHQWH\VLQ
HPEDUJRDOLJXDOTXHORVPLWRVJULHJRVTXHKDEODQGHODJXHUUDGH
7UR\DQRHVWiFODURGyQGHWHUPLQDHOKHFKR\HPSLH]DODPHWiIRUD
/DKLVWRULDVHEDVDHQREVHUYDFLRQHVFLHQWtILFDVVREUHODVFRORQLDVGH
PRQRVHQ-DSyQ/DYHUVLyQPiVOHtGDHVFULWDSRU%HQ.H\HV-UHVOD
TXHUHVXPR\SDUDIUDVHRDFRQWLQXDFLyQ
)UHQWH D ODV FRVWDV GH -DSyQ ORV FLHQWtILFRV KDQ HVWDGR
HVWXGLDQGR ODV FRORQLDV GH PRQRV HQ PXFKDV LVODV GXUDQWH PiV GH
WUHLQWDDxRV3DUDSRGHUVHJXLUODSLVWDDORVPRQRVGHMDEDQEDWDWDV
HQ OD SOD\D SDUD TXH VH ODV FRPLHUDQ /RV PRQRV VDOtDQ GH ORV
iUEROHV SDUD FRJHU ODV EDWDWDV \ VH OHV SRGtD REVHUYDU FODUDPHQWH
8QGtDXQDKHPEUDGHGLHFLRFKRPHVHVOODPDGD,PRHPSH]yDODYDU
OD EDWDWD HQ HO PDU DQWHV GH FRPpUVHOD 3RGHPRV LPDJLQDU TXH
VDEUtD PHMRU VLQ OD WLHUUD \ OD DUHQD TXL]iV HVWDED XQ SRFR VDODGD
,PRHQVHxyDVXVFRPSDxHURV\DVXPDGUHDKDFHUOR\DVXYH]VXV
DPLJRVVHORHQVHxDURQDVXVPDGUHV\FDGDYH]KDEtDPiVPRQRV
TXHHPSH]DURQDODYDUVXVEDWDWDVHQOXJDUGHFRPpUVHODVOOHQDVGH
WLHUUD\DUHQD$OSULQFLSLRVyORORVDGXOWRVTXHLPLWDURQDVXVKLMRV
DSUHQGLHURQSHURSRFRDSRFRORVRWURVWDPELpQORKLFLHURQ8QGtD
ORVREVHUYDGRUHVYLHURQTXHWRGRVORVPRQRVGHXQDLVODODYDEDQODV
EDWDWDV
$XQTXH HVWR IXH VLJQLILFDWLYR OR PiV IDVFLQDQWH IXH TXH FXDQGR
VHSURGXMRHVWHFDPELRODFRQGXFWDGHWRGRVORVPRQRVGHOUHVWRGH
ODV LVODV WDPELpQ FDPELy WRGRV ODYDEDQ VXV EDWDWDV D SHVDU GHO
KHFKRGHTXHODVFRORQLDVGHPRQRVGHODVGLIHUHQWHVLVODVQRWHQtDQ
FRQWDFWRGLUHFWRHQWUHHOODV
(VWRIXHXQDFRQILUPDFLyQGHODWHRUtDGHOFDPSRPRUIRJHQpWLFR
SRGtD H[SOLFDU OR TXH KDEtD VXFHGLGR (O ³FHQWpVLPR PRQR´ HUD HO
KLSRWpWLFRPRQRDQyQLPRTXHKL]RGHFDQWDUODEDODQ]DGHODFXOWXUD
DTXpO FX\R FDPELR GH FRQGXFWD PDUFy HO Q~PHUR FUtWLFR GH PRQRV
TXH KDEtDQ FDPELDGR WUDV HO FXDO WRGRV ORV PRQRV GH ODV GHPiV
LVODVHPSH]DURQDODYDUVXVEDWDWDV
(OFHQWpVLPRPRQRHVXQDDOHJRUtDGHOD1XHYD(UDTXHRIUHFHOD
HVSHUDQ]DDODVSHUVRQDVTXHKDQHVWDGRWUDEDMDQGRHQFDPELDUVHD
HOODVPLVPDV\HQVDOYDUDOSODQHWDSUHJXQWiQGRVHVLVXVHVIXHU]RV
LQGLYLGXDOHV VHUYLUiQ SDUD DOJR (O PLWR GHO FHQWpVLPR PRQR HV XQD
SUXHED TXH DILUPD XQ FRPSURPLVR GH WUDEDMDU HQ DOJR FRPR
HUUDGLFDU ODV DUPDV QXFOHDUHV GH OD 7LHUUD DXQTXH HO HIHFWR QR VH
SXHGD YHU HQ PXFKR WLHPSR 6L KD GH KDEHU XQ FHQWpVLPR PRQR
WDPELpQKDGHH[LVWLUXQHTXLYDOHQWHKXPDQRGH,PR\VXVDPLJRV
DOJXLHQKDGHVHUHOPRQRYLJpVLPRVpSWLPRRFWRJpVLPRSULPHUR\
QRQDJpVLPR QRYHQR DQWHV GH TXH SXHGD IRUPDUVH HO QXHYR
DUTXHWLSR
/DKLSyWHVLVGH6KHOGUDNHQRVRIUHFHXQDQXHYDYLVLyQGHFyPRHO
FDPELR GH XQD HVSHFLH SXHGH OOHJDU D SURGXFLUVH JUDFLDV DO FDPELR
HQORVLQGLYLGXRVTXLHQHVXQRDXQRKDFHQDOJRQXHYR6LHOKLMRGH
0HWLV KD GH VXVWLWXLU D =HXV HQ QXHVWUD FXOWXUD HVH FDPELR VyOR
SRGUi SURGXFLUVH FXDQGR KD\D XQD VHULH GH LQGLYLGXRV TXH FRQItHQ
HQ HO DPRU PiV TXH HQ HO SRGHU \ EDVHQ VXV DFFLRQHV HQ HVWH
SULQFLSLR6HJ~QODKLSyWHVLVGH6KHOGUDNHFXDQWDPiVJHQWHORKDJD
PiVIiFLOVHUiKDVWDTXHDOILQDOXQGtDDOJXLHQVHUiHOFHQWpVLPR
PRQRDQyQLPR
6LQ HPEDUJR OD PD\RUtD GH ORV KRPEUHV \ GH ODV PXMHUHV QR
VLHQWHQQLODQHFHVLGDGGHFDPELDUHOPXQGRQLWLHQHQODIHGHTXH
SXHGHQ FRQVHJXLUOR $ DTXHOORV TXH Vt OR LQWHQWDQ OD WHRUtD GHO
FHQWpVLPRPRQROHVDQLPDSRUTXHHVXQPLWRTXHGHVFULEHHVRTXH
VLHQWHQ TXH KDQ GH KDFHU GH WRGRV PRGRV 6LHPSUH TXH QRV
UHFRQRFHPRVHQXQPLWRREWHQHPRVIXHU]D8QPLWRTXHHYRFDXQ
³£DMi´ QRV D\XGD D VHU ILHOHV D DTXHOOR TXH QRV FRQPXHYH
SURIXQGDPHQWHDVHUQRVRWURVPLVPRV
$GHPiVGHKDEODUGHDTXHOORVTXHHVWiQLQWHUQDPHQWHPRWLYDGRV
DFUHDUXQFDPELRHQHOPXQGRH[WHULRUHOFHQWpVLPRPRQRHVXQD
PHWiIRUDGHORTXHHVWiVXFHGLHQGRHQODPHQWHGHXQDSHUVRQD(Q
HO PXQGR LQWHULRU KDFHU HV WUDQVIRUPDUVH 6L UHSHWLPRV XQD
FRQGXFWD PRWLYDGRV SRU XQD DFWLWXG R XQ SULQFLSLR HO VXILFLHQWH
Q~PHURGHYHFHVDOILQDOQRVFRQYHUWLPRVHQORTXHKDFHPRV
(OKLMRGH0HWLVFRPRDUTXHWLSRSHUVRQDO
(Q ODV SHOtFXODV GH /D JXHUUD GH ODV JDOD[LDV /XNH 6N\ZDONHU
FRQItD HQ OR TXH VX FRUD]yQ VDEH R HVSHUD TXH KD\ XQ SDGUH
DPRURVR HQ 'DUWK 9DGHU 6DEH TXH pO HO KLMR QR VH KD GH GHMDU
WHQWDU SRU OD GHVHVSHUDQ]D \ HO PLHGR TXH QR KD GH UHQGLUVH \
FRQYHUWLUVHHQXQRGHHOORVFRPRHO(PSHUDGRUOHKDEtDDVHJXUDGR
D 'DUWK 9DGHU TXH OH RFXUULUtD (Q VX OXFKD D YLGD R PXHUWH FRQWUD
'DUWK9DGHU/XNHPDQWXYRVXIHHQVXLQWXLFLyQGHTXHSRGtDVHJXLU
H[LVWLHQGRXQSDGUHDPRURVRGHQWURGHVXRVFXUDILJXUD\DFWXDQGR
VHJ~Q HVD FUHHQFLD FRQVLJXLy GHVHQPDVFDUDUOH $O LJXDO TXH ODV
ILJXUDV PtWLFDV FRQWHPSRUiQHDV HO (PSHUDGRU \ 'DUWK 9DGHU VRQ
YHUVLRQHVDFWXDOL]DGDVGH8UDQR\&URQRVSDGUHVKRVWLOHVUHVHQWLGRV
FRQWUD VXV KLMRV R TXH ORV WHPHQ /XNH HV HO KLMR FRQ HO FRUD]yQ
ERQGDGRVR TXH YHQFH DO SDGUH QHJDWLYR SDUD OLEHUDU DO SDGUH
DPRURVRTXHKD\HQpO
/DSHOtFXODGHp[LWRH[WUDRUGLQDULRGH6WHSKHQ6SLHOEHUJ (7HV
RWUR PLWR FRQWHPSRUiQHR VREUH XQ QLxR TXH FRQItD HQ VX SURSLR
FRUD]yQ 'H QXHYR ORV KRPEUHV GH SRGHU VRQ ORV TXH VH HQFDUJDQ
GH OD VLWXDFLyQ HVWD YH] YHVWLGRV GH FLHQWtILFRV UDFLRQDOHV (7 HO
LQRFHQWH H[WUDWHUUHVWUH HV DSUHVDGR FRPR HVSpFLPHQ \ FXDQGR
SDUHFH TXH KD PXHUWR GH VROHGDG ²FRPR ORV QLxRV TXH QR VRQ
DPDGRVQLDFDULFLDGRV²HODPRUGHOQLxROHGHYXHOYHDODYLGD
'HO PLVPR PRGR XQ QLxR KpURH )URGR HV HO SULQFLSDO
SURWDJRQLVWDGHODWULORJtDGH-557RONLHQ (OVHxRUGHORVDQLOORV
)URGR HV XQ KREELW ORV KREELWV VRQ GHO WDPDxR GH ORV PXFKDFKRV
SUHDGROHVFHQWHV FRQ SLHV SHOXGRV \ EXHQDV FXDOLGDGHV FRPR OD
OHDOWDG OD FRQILDQ]D /D WDUHD TXH HPSUHQGHQ )URGR \ VXV
FRPSDxHURV ²\ TXH FRQVLJXHQ UHDOL]DU FRQ p[LWR² HV IRUPLGDEOH
GHVWUXLUHODQLOORGHOSRGHU\QRGHMDUVHVHGXFLUSDUDSRQpUVHOR
(Q HVWDV SHOtFXODV \ OLEURV ORV SURWDJRQLVWDV OOHJDQ D XQ
PRPHQWRGHYHUGDGLQWHULRURGHIHGHOTXHGHSHQGHHOUHVXOWDGRGH
OD KLVWRULD /RV KRPEUHV \ ODV PXMHUHV GH XQ SDWULDUFDGR WRPDPRV
HVWDV PLVPDV GHFLVLRQHV ¢QRV LGHQWLILFDUHPRV FRQ HO DJUHVRU TXH
UHSUHVHQWD 'DUWK 9DGHU" ¢FRQILDUHPRV ORV XQRV HQ ORV RWURV FRPR
SDUWHVGHXQDKHUPDQGDGRQRVGHMDUHPRVVHGXFLUSRUHOSRGHUGHO
DQLOOR" ¢FRQILDUHPRV HQ QXHVWURV FRUD]RQHV \ FUHHUHPRV R
DFHSWDUHPRV TXH DOJR R DOJXLHQ QR WLHQH UHPHGLR SRUTXH ORV
H[SHUWRV DVt OR DILUPDQ" ¢QRV SUHRFXSDUHPRV VyOR GH QRVRWURV
PLVPRVRD\XGDUHPRVWDPELpQDQXHVWURVFRPSDxHURV"
(Q ORV PLWRV FRQWHPSRUiQHRV DVt FRPR HQ OD PLWRORJtD JULHJD
0HWLV²ODVDELGXUtDIHPHQLQD²HVWiDXVHQWHSHURVXV³YDORUHV´TXH
HQVDO]DQ OD DILOLDFLyQ FRQ ORV GHPiV \ OD XQLyQ FRQ OD 7LHUUD \ FRQ
WRGD IRUPD GH YLGD HVWiQ UHVXUJLHQGR < D PHGLGD TXH KRPEUHV \
PXMHUHV YXHOYHQ D FRQHFWDU FRQ OD VDELGXUtD IHPHQLQD FRPR HVWiQ
KDFLHQGRDKRUDPXFKDVPXMHUHVYROYHPRVDFRQHFWDUFRQHOSDGUH
R OD PDGUH DXVHQWH \ GHVFXEULPRV DO GLRV SHUGLGR TXH KD\ HQ
QRVRWURV
<R RSLQR TXH WRGRV YHQLPRV DO PXQGR FRPR QLxRV R QLxDV HQ
EXVFD GH DPRU \ VL QR SRGHPRV FRQVHJXLUOR EXVFDPRV HO SRGHU
&XDQGR UHFRUGDPRV D 0HWLV UHFRUGDPRV TXH HO DPRU HV OR TXH HQ
UHDOLGDGVLHPSUHKHPRVTXHULGR
(Q XQ SODQR SHUVRQDO XQD YH] HO SRGHU VH FRQYLHUWH HQ HO
DUTXHWLSR GRPLQDQWH HQ OD SVLTXH GH XQD SHUVRQD pVWD WRPD
GHFLVLRQHVFRQHOILQGHFRQVHJXLUSUHVWLJLRPDQWHQHUHOSRGHUWHQHU
EXHQ DVSHFWR \ SRVHHU HO FRQWURO /DV GHFLVLRQHV TXH VH WRPDQ HQ
SURGHOSRGHUQRVHKDFHQSRUDPRU²SRUHODPRU RM~ELOR DHVD
FRVDSRUHODPRU RGLFKD GHKDFHUORSRUDPRUDDOJXLHQRDDOJR
R SRU HO DPRU R ELHQ  TXH VH JHQHUD² &XDQGR QRV YROYHPRV
FRQVFLHQWHVGHTXHQXHVWUDVRSFLRQHVWLHQHQUHODFLyQFRQGHFLGLUHQ
TXp SULQFLSLR QRV EDVDUHPRV SRGHPRV GHFLGLUQRV SRU VHJXLU
DGHODQWH FRQ OR TXH DPDPRV SRU DTXHOOR TXH WLHQH VHQWLGR R HV
DXWpQWLFRSDUDQRVRWURV
/DYLGDQRVHVWiSUHVHQWDQGRFRQWLQXDPHQWHRSRUWXQLGDGHVSDUD
WRPDU GHFLVLRQHV &XDQGR GHFLGLPRV DOJR FRQVFLHQWHPHQWH TXH VH
EDVDHQHODPRU\ODVDELGXUtDUHFKD]DQGRDVDELHQGDVXQDRSFLyQ
TXH SRGUtD UHDO]DU QXHVWUR SRGHU OD SULPHUD GHFLVLyQ YDOHURVD
VLHPSUHVXHOHVHUODPiVGLItFLO&DGDYH]TXHVHYXHOYDDSUHVHQWDU
RWUDRSRUWXQLGDGQRVUHVXOWDUiPiVIiFLOKDVWDTXHORTXHXQDYH]
IXH GLItFLO VH FRQYLHUWD HQ DOJR QDWXUDO (QWRQFHV HO DPRU VH
FRQYLHUWHHQHOSULQFLSLRTXHUHJLUiQXHVWUDSVLTXH
(O ~OWLPR SiUUDIR VH VXSRQtD TXH KDEtD GH VHU HO ILQDO GHO OLEUR
SHUR DQWHV GH TXH HO PDQXVFULWR VH HQWUHJDUD HQ OD LPSUHQWD PH
SXVH D UHIOH[LRQDU VREUH SRVLEOHV ILQDOHV \ UHFRUGp XQDV OtQHDV GH
)RXU 4XDUWHWV GH 7 6 (OOLRW TXH SDUD Pt KDQ VLGR XQ FRQVXHOR Vp
TXH VRQ FLHUWDV \ TXH VRQ DOHQWDGRUDV 3XHGH TXH SDUD YRVRWURV
WDPELpQ

/RTXHOODPDPRVHOSULQFLSLRFRQIUHFXHQFLDHVHOILQDO
\KDFHUXQILQDOHVFUHDUXQSULQFLSLR
(OILQDOHVSRUGRQGHHPSH]DPRV>@

0LDPRUSDUDWRGRV
 $3e1',&(48,e1(648,e1(1/$
0,72/2*Ë$*5,(*$
ł  $IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D FRQRFLGD FRPR
9HQXV SRU ORV URPDQRV (VSRVD LQILHO GH +HIHVWR GLRV FRMR GH OD
IRUMD WXYR PXFKDV DYHQWXUDV DPRURVDV FRQ GLRVHV \ PRUWDOHV OD
PiVGHVWDFDGDIXHFRQ$UHVGLRVGHODJXHUUD

ł  $SROR FRQRFLGR WDPELpQ SRU HVWH PLVPR QRPEUH HQWUH ORV

URPDQRVHOKHUPRVRGLRVGHOVROMXVWLFLHURDUTXHUR\SDWUyQGHODV
EHOODV DUWHV KLMR GH =HXV \ /HWR KHUPDQR JHPHOR GH $UWHPLVD $
YHFHVWDPELpQVHOHOODPD+HOLRV

ł$UHVR0DUWHFRPROROODPDURQORVURPDQRVHUDHOGLRVGHOD
JXHUUD JXHUUHUR DPDQWH \ EDLODUtQ DUTXHWtSLFR (UD KLMR GH =HXV \
+HUDTXHIXHGHVSUHFLDGRSRUVXSDGUHGHELGRDVXDIiQGHOXFKD
)XHHODPDQWHGH$IURGLWDFRQTXLHQWXYRXQDKLMD$UPRQtD\GRV
KLMRV 'HLPRV PLHGR  \ )RERV WHUURU  TXH VH XQLHURQ D pO HQ HO
FDPSRGHEDWDOOD

ł$UWHPLVDTXHORVURPDQRVGHQRPLQDURQ'LDQDHUDODGLRVD
GHODFD]D\GHOD/XQD+LMDGH=HXV\/HWR\KHUPDQDJHPHODGH
$SRORGLRVGHOVRO

ł  $WHQHD FRQRFLGD EDMR HO QRPEUH GH 0LQHUYD HQWUH ORV

URPDQRV GLRVD GH OD VDELGXUtD \ GH OD DUWHVDQtD SDWURQD GH OD
FLXGDGTXHOOHYDVXQRPEUH$WHQDV\SURWHFWRUDGHPXFKRVKpURHV
*HQHUDOPHQWHVHODUHSUHVHQWDFRQDUPDGXUD\HVIDPRVDSRUVHUOD
PHMRU HVWUDWHJD HQ OD JXHUUD 6yOR UHFRQRFLy D XQ SURJHQLWRU D VX
SDGUH =HXV SHUR WDPELpQ IXH KLMD GH OD VDELD 0HWLV OD SULPHUD
FRQVRUWHGH=HXVDTXLHQpVWHVHWUDJy

ł&URQRVR6DWXUQRSDUDORVURPDQRV8QWLWiQ\HOKLMRPiV
MRYHQGH*HD\8UDQRTXHFDVWUyDVXSDGUH\VHFRQYLUWLyHQHOMHIH
GH ORV GLRVHV (VSRVR GH 5HD \ SDGUH GH VHLV GH ORV ROtPSLFRV
+HVWLD'HPpWHU+HUD+DGHV3RVHLGyQ=HXV VHWUDJyDORVFLQFR
SULPHURVDOQDFHUSHURIXHGHUURWDGRSRUVXKLMRPHQRU=HXV

ł  'HPpWHU FRQRFLGD FRPR &HUHV SRU ORV URPDQRV 'HPpWHU

HUD OD GLRVD GHO FHUHDO \ PDGUH GH 3HUVpIRQH D TXLHQ +DGHV
VHFXHVWUyDOPXQGRVXEWHUUiQHR

ł'LRQLVRV%DFRSDUDORVURPDQRVGLRVGHOYLQR\GHOp[WDVLV
+LMR GH =HXV \ 6pPHOH DO FXDO VX SDGUH LQFXEy HQ VX PXVOR 6XV
SDSHOHV DUTXHWtSLFRV VRQ ORV GH RWRUJDGRU GHO p[WDVLV DPDQWH
YDJDEXQGR\PtVWLFR

ł*HDODGLRVD7LHUUDPDGUH\HVSRVDGH8UDQR FLHOR PDGUH

GHORVWLWDQHV\DEXHODGHODSULPHUDJHQHUDFLyQGHROtPSLFRV

ł  +DGHV R 3OXWyQ URPDQR  JREHUQDQWH GHO PXQGR

VXEWHUUiQHR KLMR GH 5HD \ &URQRV HVSRVRVHFXHVWUDGRU GH
3HUVpIRQH+HUPDQRGH=HXV\3RVHLGyQ\XQRGHORVWUHVDVSHFWRV
GHO DUTXHWLSR GHO SDGUH *REHUQy HQ HO UHLQR GH ORV HVStULWXV \ GHO
LQFRQVFLHQWHFROHFWLYR

ł+HIHVWRFRQRFLGRFRPR9XOFDQRSRUORVURPDQRVGLRVFRMR
GHODIRUMDHO~QLFRGLRVROtPSLFRTXHWUDEDMy)XHHOPDULGRFRUQXGR
GH$IURGLWDHOKLMRUHFKD]DGRGH+HUDTXHHUDVX~QLFDSURJHQLWRUD
\WDPELpQIXHUHFKD]DGRSRU=HXVVXSDGUHQRPLQDO6XVIXQFLRQHV
DUTXHWtSLFDV VRQ OD DUWHVDQtD ORV RILFLRV PDQXDOHV OD FRMHUD \ OD
VROHGDG
 ł  +HUD FRQRFLGD WDPELpQ FRQ HO QRPEUH GH -XQR SRU ORV
URPDQRV GLRVD GHO PDWULPRQLR &DVDGD FRQ =HXV TXH HUD XQ
FRQTXLVWDGRUVHODUHSUHVHQWyFRPRXQDHVSRVDFHORVD\YHQJDWLYD

ł+HUPHVPiVFRQRFLGRSRUVXQRPEUHURPDQR0HUFXULR(O
PHQVDMHUR GH ORV GLRVHV HO GLRV SDWUyQ GHO FRPHUFLR GH OD
FRPXQLFDFLyQ GH ORV YLDMHURV \ GH ORV ODGURQHV &RQGXFtD D ORV
HVStULWXVDO+DGHVUHVFDWyD'LRQLVRV\VDFyD3HUVpIRQHGHOPXQGR
VXEWHUUiQHR7XYRXQDDYHQWXUDFRQ$IURGLWDFRQTXLHQHQJHQGUyD
+HUPDIURGLWR

ł  +HVWLD HV WDPELpQ OD GLRVD URPDQD 9HVWD 'LRVD GHO IXHJR
GHOKRJDU\GHOWHPSORODPHQRVFRQRFLGDGHORVROtPSLFRV6XIXHJR
KDFtDGHOKRJDU\GHOWHPSOROXJDUHVVDJUDGRV(QFDUQDHODUTXHWLSR
GHO6tPLVPR

ł3HUVpIRQHFRQRFLGDWDPELpQSRUORVJULHJRVFRPR&RUpROD
GRQFHOOD \ GHQRPLQDGD 3URVHUSLQD SRU ORV URPDQRV /D KLMD
VHFXHVWUDGDGH'HPpWHU3HUVpIRQHVHFRQYLUWLyHQUHLQDGHOPXQGR
VXEWHUUiQHR

ł  3RVHLGyQ GLRV GHO PDU \ HO TXH KDFH WHPEODU OD WLHUUD XQ
ROtPSLFR PiV FRP~QPHQWH FRQRFLGR SRU VX QRPEUH URPDQR
1HSWXQR&RPSLWLyFRQWUD$WHQHDSRU$WHQDV\SHUGLy+HUPDQRGH
=HXV\+DGHVXQRGHORVWUHVDVSHFWRVGHODUTXHWLSRGHOSDGUH

ł5HDKLMDGH*HD\8UDQRKHUPDQD\HVSRVDGH&URQRV0DGUH
GH+HVWLD'HPpWHU+HUD+DGHV3RVHLGyQ\=HXV

ł  8UDQR HO SULPHU GLRV FHOHVWH KLMR GH *HD \ HVSRVR GH pVWD
3DGUH GH ORV WLWDQHV IXH FDVWUDGR \ GHUURFDGR SRU VX KLMR PHQRU
&URQRV

ł  =HXV HO -~SLWHU R -RYH URPDQR GLRV MHIH GH ORV ROtPSLFRV
GLRVGHOUD\R\HOWUXHQRHOKLMRPHQRUGH5HD\&URQRV'HUURWyD
ORV WLWDQHV \ HVWDEOHFLy OD VREHUDQtD GH ORV ROtPSLFRV FRPR
JREHUQDQWHV GHO XQLYHUVR )XH HO FRQTXLVWDGRU HVSRVR GH +HUD
DQWHULRUPHQWH KDEtD WHQLGR PXFKDV RWUDV HVSRVDV PXFKDV
DYHQWXUDV \ QXPHURVD SURJHQLH GH HVDV XQLRQHV $OJXQRV GH HOORV
IRUPDURQ OD VHJXQGD JHQHUDFLyQ GH ORV ROtPSLFRV RWURV IXHURQ
KpURHVGHODPLWRORJtDJULHJD
&XDGURGHGLRVHV
 5()(5(1&,$6<127$6
(QSULPHUOXJDUKHFLWDGRODVSULQFLSDOHVIXHQWHVTXHKHXWLOL]DGR
HQ FDGD FDStWXOR VHJXLGDV GH ODV QRWDV QXPHUDGDV SDUD ODV FLWDV
GLUHFWDV
7RGDVODVUHIHUHQFLDVDODVREUDVFRPSOHWDVGH-XQJ GHVLJQDGDV
FRQODDEUHYLDWXUD&: KDQVLGRH[WUDtGDVGH &ROOHFWHG:RUNVRI&
*-XQJHGLWDGDVSRUVLU+HUEHUW5HDG0LFKDHO)RUGKDP\*$GOHU
WUDGXFLGDV SRU 5 ) & +XOO HGLWRU HMHFXWLYR :LOOLDP 0F*XLUH
%ROOLQJHQ 6HULHV  3ULQFHWRQ 1XHYD -HUVH\ 3ULQFHWRQ 8QLYHUVLW\
3UHVVYDULDVIHFKDVGHSXEOLFDFLyQ 
&LWD GHO IURQWLVSLFLR GH -RVHSK &DPSEHOO FLWDGD SRU .HLWK
7KRPSVRQ ³0\WK DV 6RXO RI WKH :RUOG´ 1RHWLFV 6FLHQFHV 5HYLHZ
LQYLHUQR SiJ

+$<',26(6(172'26/26+20%5(6

%ROHQ -HDQ 6KLQRGD ³:KLFK *RGGHVV *HWV WKH *ROGHQ $SSOH"´

*RGGHVVHVLQ(YHU\ZRPDQ6DQ)UDQFLVFR+DUSHU 5RZSS
9HUVLyQHQFDVWHOODQR³¢4XpGLRVDFRQVLJXHODPDQ]DQDGH
RUR"´ /DVGLRVDVGHFDGDPXMHU%DUFHORQD.DLUyVSS

-XQJ & * ³$UFKHW\SHV RI WKH &ROOHFWLYH 8QFRQVFLRXV´  
&:YROSDUWH,  SS
-XQJ&*³7KH&RQFHSWRIWKH&ROOHFWLYH8QFRQVFLRXV´&:YRO
SDUWH,  SS
 /HYLQVRQ 'DQLHO 7KH 6HDVRQV RI D 0DQ¶V /LIH 1XHYD <RUN
%DOODQWLQH%RRNV0F*LOO0LFKDHO(7KH0F*LOO5HSRUWRQ0DOH
,QWLPDF\1XHYD<RUN+DUSHU 5RZ3HUHQQLDO/LEUDU\
0LOOHU -HDQ %DNHU ³'RPLQDWLRQ6XERUGLQDWLRQ´ 7RZDUG D 1HZ
3V\FKRORJ\RI:RPHQ%RVWRQ%HDFRQ3UHVVSS

3$'5(6(+,-26

&ROPDQ$UWKXUDQG&ROPDQ/LEE\(DUWK)DWKHU6N\)DWKHU7KH
&KDQJLQJ &RQFHSW RI )DWKHULQJ (QJOHZRRG &OLIIV 1XHYD -HUVH\
3UHQWLFH+DOO
'DYLV -RKQ + 7KH .HQQHG\V '\QDVW\ DQG GLVDVWHU 
1XHYD<RUN0F*UDZ+LOO
'LQQHUVWHLQ 'RURWK\ 7KH 0HUPDLG DQG WKH 0LQRWDXU 6H[XDO
$UUDQJHPHQWV DQG +XPDQ 0DODLVH 1XHYD <RUN +DUSHU &RORSKRQ
%RRNV
+HVtRGR 7HRJRQtD 7UDGXFFLyQ >DO LQJOpV@ H LQWURGXFFLyQ GH
1RUPDQ2%URZQ,QGLDQiSROLV%REEV0HUULOO7KH+RO\
%LEOH5HYLVHG6WDQGDUG9HUVLRQ 569 1XHYD<RUN1HOVRQ
-XQJ&*0HPRULHV'UHDPV5HIOHFWLRQV5HFRSLODGRSRU$QLHOD
-DIIH WUDGXFFLyQ GHO DOHPiQ GH 5LFKDUG \ &ODUD :LQVWRQ 1XHYD
<RUN 3DQWKHRQ %RRNV  9HUVLyQ HQ FDVWHOODQR 5HFXHUGRV
VXHxRV SHQVDPLHQWRV %DUFHORQD 6HL[ %DUUDO %LEOLRWHFD %UHYH

/XFDV*HRUJH/DJXHUUDGHODVJDOD[LDV SHOtFXOD 
/XFDV*HRUJH(OUHWRUQRGHO-HGL SHOtFXOD 
0DVVRQ -HIIUH\ 0RXVVDLHII 7KH $VVDXOW RQ 7UXWK )UHXG¶V
6XSSUHVVLRQ RI WKH 6HGXFWLRQ 7KHRU\ 1XHYD <RUN )DUUDU 6WUDXV
*LURX[
 0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG
0XVLF1XHYD<RUN:LOH\
0LOOHU$OLFH )RU<RXU2ZQ*RRG+LGGHQ&UXHOW\LQ&KLOG5HDULQJ
DQG WKH 5RRWV RI 9LROHQFH 7UDGXFFLyQ GH +LOGHJDUGH \ +XQWHU
+DQQXP 1XHYD <RUN )DUUDU 6WUDXV  *LURX[  0LOOHU $OLFH
7KRX6KDOW1RW%H$ZDUH6RFLHW\¶V%HWUD\DORIWKH&KLOG7UDGXFFLyQ
GH+LOGHJDUGH\+XQWHU+DQQXP1XHYD<RUN1HZ$PHULFDQ/LEUDU\

6DPXHOV $QGUHZ 7KH )DWKHU &RQWHPSRUDU\ -XQJLDQ
3HUVSHFWLYHV (GLFLyQ H LQWURGXFFLyQ GH $QGUHZ 6DPXHOV 1XHYD
<RUN1HZ<RUN8QLYHUVLW\3UHVV

=(86

%ROHQ -HDQ 6KLQRGD ³+HUD *RGGHVV RI 0DUULDJH &RPPLWPHQW

0DNHUDQG:LIH´ *RGGHVVHVLQ(YHU\ZRPDQ6DQ)UDQFLVFR+DUSHU
 5RZ  9HUVLyQ HQ FDVWHOODQR ³+HUD GLRVD GHO PDWULPRQLR
DUWtILFH GHO FRPSURPLVR \ HVSRVD´ /DV GLRVDV GH FDGD PXMHU
%DUFHORQD.DLUyV
&ROPDQ $UWKXU \ &ROPDQ /LEE\ (DUWK )DWKHU 6N\ )DWKHU 7KH
&KDQJLQJ&RQFHSWRI)DWKHULQJ1XHYD<RUN3UHQWLFH+DOO
*UDYHV 5REHUW 7KH *UHHN 0\WKV YRO , 1XHYD <RUN 3HQJXLQ
%RRNV
*XWKULH : . & 7KH *UHHNV DQG WKHLU *RGV %RVWRQ %HDFRQ
3UHVV
+DPLOWRQ(GLWK0\WKRORJ\%RVWRQ/LWWOH%URZQ
+HVtRGR 7HRJRQtD 7UDGXFFLyQ H LQWURGXFFLyQ GH 1RUPDQ 2
%URZQ,QGLDQiSROLV%REEV0HUULOO
,DFRFFD /HH FRQ :LOOLDP 1RYDN ,DFRFHD $Q $XWRELRJUDSK\
1XHYD<RUN%DQWDP%RRNV
 .HUHQ\L & ³=HXV DQG +HUD $UFKHW\SDO ,PDJH RI )DWKHU
+XVEDQG DQG :LIH´ 7UDGXFFLyQ GHO DOHPiQ GH &KULVWRSKHU +ROPH
%ROOLQJHQ 6HULHV /;9 YRO  $UFKHW\SDO ,PDJHV LQ *UHHN 5HOLJLRQ
3ULQFHWRQ1XHYD-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV
.HUHQ\L & ³6WRULHV RI WKH 7LWDQV´ ³=HXV DQG KLV 6SRXVHV´ 7KH
*RGV RI WKH *UHHNV 7UDGXFFLyQ GHO DOHPiQ GH 1RUPDQ &DPHURQ
,QJODWHUUD7KDPHVDQG+XGVRQ
0D\HUVRQ 3KLOLS ³%DWWOHV RI WKH 7LWDQV DQG 7KH 5LVH RI =HXV´
³7KH *RGV RI 0RXQW 2O\PSXV =HXV´ &ODVVLFDO 0\WKRORJ\ LQ
/LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\
6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³=HXV´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPVSS
6WHLQ0XUUD\³+HUD%RXQGDQG8QERXQG´ 6SULQJ=XULFK
6SULQJ3XEOLFDWLRQVSS

326(,'Ï1

&ROPDQ $UWKXU \ &ROPDQ /LEE\ (DUWK )DWKHU6N\ )DWKHU

(QJOHZRRG&OLIIV1XHYD-HUVH\3UHQWLFH+DOO
*UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUWDOV LQ &ODVVLFDO
0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
*UDYHV 5REHUW 7KH *UHHN 0\WKV YRO  ³ 3RVHLGRQ¶V 1DWXUH
DQG'HHGV´0LGGOHVH[,QJODWHUUD3HQJXLQ%RRNV
*ULPP %URWKHUV ³,URQ +DQV´ 6L[W\ )DLU\ 7DOHV RI WKH %URWKHUV
*ULPP ,OXVWUDGR SRU $UWKXU 5DFNKDP WUDGXFFLyQ >DO LQJOpV@ GH
(GJDU /XFDV 1XHYD <RUN :HDWKHUYDQH %RRNV &URZQ 3XEOLVKHUV 
SS
0D\HUVRQ 3KLOLS ³3RVHLGRQ 1HSWXQH ´ &ODVVLFDO 0\WKRORJ\ LQ
/LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\SS
6KDIIHU3HWHU(TXXV1XHYD<RUN$YRQ%RRNV
 6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³3RVHLGRQ´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPVSS
:DONHU %DUEDUD * ³7ULGHQW´ 7KH :RPHQ¶V (QF\FORSHGLD RI
0\WKVDQG6HFUHWV6DQ)UDQFLVFR+DUSHU 5RZ

+$'(6

*UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUWDOV LQ &ODVVLFDO

0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
*UDYHV5REHUW³7KH*RGVRIWKH8QGHUZRUOG´ 7KH*UHHN0\WKV
YRO0LGGOHVH[,QJODWHUUD3HQJXLQ%RRNVSS
.HUHQ\L & (OHXVLV $UFKHW\SDO ,PDJH RI 0RWKHU DQG 'DXJKWHU
7UDGXFFLyQGHODOHPiQDOLQJOpVGH5DOSK0DQKHLP6FKRFNHQ%RRNV

0D\HUVRQ3KLOLS³7KH+RXVHRI+DGHV*RGVRIWKH8QGHUZRUOG´
&ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH$UWDQG0XVLF1XHYD<RUN:LOH\
SS
2WWR:DOWHU) 'LRQ\VXV0\WKDQG&XOW7UDGXFFLyQ>DOLQJOpV@H
LQWURGXFFLyQ GH 5REHUW % 3DOPHU %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\
3UHVV
6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³+DGHV´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPVSS
:DONHU%DUEDUD*³+HO´\³+HOO´ 7KH:RPHQ¶V(QF\FORSHGLDRI
0\WKV DQG 6HFUHWV 6DQ )UDQFLVFR +DUSHU  5RZ  SS 


$32/2

)RQWHQURVH -RVHSK 3\WKRQ $ 6WXG\ RI 'HOSKLF 0\WKV DQG LWV

2ULJLQV%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
 *UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUWDOV LQ &ODVVLFDO
0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
*XWKULH : . & 7KH *UHHNV DQG WKHLU *RGV %RVWRQ %HDFRQ
3UHVV
+RPHUR ³7KH +\PQ WR 3\WKLDQ $SROOR´ \ ³7KH +\PQ WR 'HOLDQ
$SROOR´ 7KH +RPHULF +\PQV 7UDGXFFLyQ DO LQJOpV GH &KDUOHV %RHU
,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
.HUHQ\L .DUO $SROOR 7KH :LQG WKH 6SLULW DQG WKH *RG
7UDGXFFLyQ GHO DOHPiQ >DO LQJOpV@ GH -RQ 6RORPRQ 'DOODV 6SULQJ
3XEOLFDWLRQV
0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG
0XVLF1XHYD<RUN:LOH\
2WWR :DOWHU ) 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQ

+(50(6

%URZQ1RUPDQ2+HUPHVWKH7KLHI(YROXWLRQRID0\WK1XHYD
<RUN9LQWDJH%RRNV5DQGRP+RXVH
*UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUWDOV LQ &ODVVLFDO
0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
*XWKULH : . & ³7KH 'LYLQH )DPLO\ 6HFWLRQ  +HUPHV´ 7KH
*UHHNVDQGWKHLU*RGV%RVWRQ%HDFRQ3UHVV
+LOOPDQ -DPHV ³1RWHV RQ 2SSRUWXQLVP´ HGLFLyQ GH -DPHV
+LOOPDQ3XHU3DSHUV,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
+LUVKH\ *HUUL ³6WLQJ )HOOV WKH %XUQ´ 5ROOLQJ 6WRQH VHSWLHPEUH
SiJ
+RPHUR³7KH+\PQWR+HUPHV´7KH+RPHULF+\PQVWUDGXFFLyQ
>DOLQJOpV@GH&KDUOHV%RHUVHJXQGDHGLFLyQUHYLVDGD,UYLQJ7H[DV
6SULQJ3XEOLFDWLRQV
-XQJ&*³3V\FKRORJ\DQG$OFKHP\´&:YRO
-XQJ&*³2QWKH0\WKRORJ\RIWKH7ULFNVWHU)LJXUH´ &:YRO
SDUWH,,SS
.HUHQ\L.DUO³0DLD+HUPHV3DQDQGWKH1\PSKV´ 7KH*RGVRI
WKH*UHHNV,QJODWHUUD7KDPHVDQG+XGVRQ
.HUHQ\L .DUO +HUPHV *XLGH RI 6RXOV =XULFK 6SULQJ
3XEOLFDWLRQV
/ySH]3HGUD]D 5DIDHO +HUPHV DQG KLV &KLOGUHQ =XULFK 6SULQJ
3XEOLFDWLRQV
0D\HUVRQ3KLOLS³+HUPHV´&ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH$UW
DQG0XVLF1XHYD<RUN:LOH\
1HHGOHPDQ -DFRE 7KH :D\ RI WKH 3K\VLFLDQ 6DQ )UDQFLVFR
+DUSHU 5RZ
2UWR :DOWHU ) 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQ
3HLVFK-HIIUH\³6WLQJ´5HFRUGVHSWLHPEUHGH
6PLWK %HWW\ ³7KH :D\IDUHU *RG´ & - -XQJ ,QVWLWXWH RI /RV
$QJHOHV/HFWXUH6HULHVFLQWDV
6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³+HUPHV´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPV
6WHLQ 0XUUD\ ³:RUOG RI +HUPHV *RG RI 6LJQLILFDQW 3DVVDJH
5HIOHFWLRQV RQ WKH 0LG/LIH 7UDQVLWLRQ´ & * -XQJ ,QVWLWXWH RI 6DQ
)UDQFLVFR 3XEOLF(YHQWV/HFWXUH6HULHVGHIHEUHURGHGH
PDU]RGH
9RQ )UDQ] 0DULH /RXLVH 3XHU (WHUQXV =XULFK 6SULQJ
3XEOLFDWLRQV
 :DONHU %DUEDUD * ³$OFKHP\´ \ ³+HUPHV´ 7KH :RPHQ¶V
(QF\FORSHGLD RI 0\WKV DQG 6HFUHWV 6DQ )UDQFLVFR +DUSHU  5RZ


$5(6

*UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUWDOV LQ &ODVVLFDO

0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
+DOO -DPHV 'LFWLRQDU\ RI 6XEMHFWV DQG 6\PEROV LQ $UW 1XHYD
<RUN+DUSHU 5RZ
+DPLOWRQ(GLWK0\WKRORJ\%RVWRQ/LWWOH%URZQ
+RPHUR ³+\PQ WR $UHV´ 7KH +RPHULF +\PQV WUDGXFFLyQ GH
&KDUOHV%RHU,UYLQJ7H[DV6SULQJ3XEOLFDWLRQVSiJ
.HUHQ\L & 7KH *RGV RI WKH *UHHNV 7UDGXFFLyQ GHO DOHPiQ GH
1RUPDQ &DPHURQ ,QJODWHUUD 7KDPHV DQG +XGVRQ  SULPHUD
HGLFLyQ 
0H\HUVRQ3KLOLS³$UHV 0DUV ´ &ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH
$UWDQG0XVLF1XHYD<RUN:LOH\
0LOOHU$OLFH )RU<RXU2ZQ*RRG+LGGHQ&UXHOW\LQ&KLOG5HDULQJ
DQG WKH 5RRWV RI 9LROHQFH 7UDGXFFLyQ GH +LOGHJDUGH \ +XQWHU
+DQQXP1XHYD<RUN)DUUDU6WUDXVVDQG*LURX[
0LOOHU $OLFH 7KRX 6KDOW 1RW %H $ZDUH 6RFLHW\¶V %HWUD\DO RI WKH
&KLOG7UDGXFFLyQGH+LOGHJDUGH\+XQWHU+DQQXP1XHYD<RUN1HZ
$PHULFDQ/LEUDU\
2WWR :DOWHU ) 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQ
3HUHUD 6\OYLD %ULQWRQ 7KH 6FDSHJRDW &RPSOH[ 7RURQWR ,QQHU
&LW\%RRNV
 6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³$UHV´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPV
7ULSS (GZDUG 7KH 0HULGLDQ +DQGERRN RI &ODVVLFDO 0\WKRORJ\
3ULPHUD HGLFLyQ FRQ HO WtWXOR &URZHOO¶V +DQGERRN RI &ODVVLFDO
0\WKRORJ\1XHYD<RUN1HZ$PHULFDQ/LEUDU\

+()(672

%ROHQ -HDQ 6KLQRGD ³$SKURGLWH DQG +HSKDHVWXV´ *RGGHVVHV LQ

(YHU\ZRPDQ 6DQ )UDQFLVFR +DUSHU  5RZ  SS 
9HUVLyQ HQ FDVWHOODQR ³$IURGLWD GLRVD GHO DPRU \ GH OD EHOOH]D
PXMHU FUHDWLYD \ DPDQWH´ /DV GLRVDV GH FDGD PXMHU %DUFHORQD
.DLUyVSiJ
&RUOLVV5LFKDUG³$QGUHZ:\HWK¶V6WXQQLQJ6HFUHW´ 7LPHGH
DJRVWR
+LOOPDQ -DPHV ³3XHU :RXQGV DQG 8O\VVHV¶ 6FDU´ HGLFLyQ GH
-DPHV +LOOPDQ 3XHU 3DSHUV ,UYLQJ 7H[DV 6SULQJ 3XEOLFDWLRQV

-XQJ & * ³&RQIURQWDWLRQ ZLWK WKH 8QFRQVFLRXV´ 0HPRULHV
'UHDPV5HIOHFWLRQV5HFRSLODGRSRU$QLHOD-DIIHWUDGXFFLyQDOLQJOpV
GHO DOHPiQ GH 5LFKDUG \ &ODUD :LQVWRQ 1XHYD <RUN 3DQWKHRQ
%RRNV  9HUVLyQ HQ FDVWHOODQR 5HFXHUGRV VXHxRV
SHQVDPLHQWRV%DUFHORQD6HL[%DUUDO%LEOLRWHFD%UHYH
.HUHQ\L & ³,9  $SKURGLWH $UHV DQG +HSKDLVWRV´ ³9,, 
$WKHQHDQG+HSDKLVWRV´³,;+HUD$UHVDQG+HSKDLVWRV´ 7KH*RGV
RI WKH *UHHNV ,QJODWHUUD 7KDPHV DQG +XGVRQ  SULPHUD
HGLFLyQ 
0D\HUVRQ3KLOLS³+HSKDHVWXV´ &ODVVLFDO0\WKRORJ\LQ/LWHUDWXUH
$UWDQG0XVLF1XHYD<RUN:LOH\
6ODWHU3KLOLS³6HOI(PDVFXODWLRQ+HSKDLVWRV´ 7KH*ORU\RI+HUD
%RVWRQ%HDFRQ3UHVV
 6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³=HXV´ 7KH *RGV RI
*UHHFH1XHYD<RUN$EUDPV
6WHLQ 0XUUD\ ³+HUD %RXQG DQG 8QERXQG´ 6SULQJ  1XHYD
<RUN6SULQJ3XEOLFDWLRQV
6WHLQ0XUUD\³+HUD%RXQGDQG8QERXQG´ 6SULQJ=XULFK
6SULQJ3XEOLFDWLRQV
6WHLQ 0XUUD\ ³+HSKDLVWRV $ 3DWWHUQ RI ,QWURYHUVLRQ´ \
³3RVWVFULSW RQ +HSKDLVWRV´ (GLFLyQ GH -DPHV +LOOPDQ )DFLQJ WKH
*RGV,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV

',21,626

&ROPDQ $UWKXU \ &ROPDQ /LEE\ /RYHDQG(FVWDV\ 1XHYD <RUN

6HDEXU\3UHVV
)UHHGPDQ6DPXHO*³:K\$UWLVWV3D\WKH:DJHVRI&UHDWLYLW\´
6DQ)UDQFLVFR&KURQLFOH'DWHERRNGHGLFLHPEUHGHSS

.HHQ6DP7KH3DVVLRQDWH/LIH6WDJHVRI/RYLQJ6DQ)UDQFLVFR
+DUSHU 5RZ
.HUHQ\L&³'LRQ\VRVDQG+LV)HPDOH&RPSDQLRQV´ 7KH*RGVRI
WKH*UHHNV,QJODWHUUD7KDPHVDQG+XGVRQ SULPHUDHGLFLyQ
 
+LOOPDQ -DPHV ³3XHU :RXQGV DQG 8O\VVHV¶ 6FDU´ HGLFLyQ GH
-DPHV +LOOPDQ 3XHU 3DSHUV ,UYLQJ 7H[DV 6SULQJ 3XEOLFDWLRQV
SS
+LOOPDQ -DPHV ³'LRQ\VXV LQ -XQJ¶V :ULWLQJV´ 6SULQJ 
1XHYD<RUN6SULQJ3XEOLFDWLRQV
+LOOPDQ-DPHV³'LRQ\VRV´(GLFLyQGH-DPHV+LOOPDQ)DFLQJWKH
*RGV,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
 /XNRII 'DYLG \ (YHUHVW +RZDUG & ³7KH 'LDJQRVLV RI 0\VWLFDO
([SHULHQFHV ZLWK 3V\FKRWLF )HDWXUHV´ -RXUQDO RI 7UDQVSHUVRQDO
3V\FKRORJ\
0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG
0XVLF1XHYD<RUN:LOH\
0RRUH 7RP ³$UWHPLV DQG WKH 3XHU´ (GLFLyQ GH -DPHV +LOOPDQ
3XHU3DSHUV
,UYLQJ 7H[DV 6SULQJ 3XEOLFDWLRQV  1HXPDQQ (ULFK 7KH
2ULJLQVDQG+LVWRU\RI&RQVFLRXVQHVV3UyORJRGH&*
-XQJ WUDGXFFLyQ GHO DOHPiQ GH 5 ) & +XOO %ROOLQJHQ 6HULHV
;/,,3ULQFHWRQ1XHYD-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV
2WWR:DOWHU) 'LRQ\VXV0\WKDQG&XOW7UDGXFFLyQ>DOLQJOpV@H
LQWURGXFFLyQ GH 5REHUW % 3DOPHU %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\
3UHVV

+$//$518(675260,726

$OOLVRQ 5DOSK % ³$ 1HZ 7UHDWPHQW $SSURDFK IRU 0XOWLSOH

3HUVRQDOLWLHV´ $PHULFDQ -RXUQDO RI &OLQLFDO +\SQRVLV   SS

$OOLVRQ 5DOSK % 0LQGV LQ 0DQ\ 3LHFHV 1XHYD <RUN 5DZVRQ
:DGH
%ROHQ -HDQ 6KLQRGD ³+HVWLD´ *RGGHVVHV LQ (YHU\ZRPDQ 6DQ
)UDQFLVFR +DUSHU  5RZ  SS 9HUVLyQ HQ FDVWHOODQR
/DVGLRVDVGHFDGDPXMHU%DUFHORQD.DLUyV
'DPJDDUG-DFTXHOLQH$³7KH,QQHU6HOI+HOSHU7UDVFHQGHQW/LIH
:LWKLQ/LIH"´1RHWLF6FLHQFHV5HYLHZ LQYLHUQRGH SS
&*-XQJ³&RQFHUQLQJ0DQGDOD6\PEROLVP´&:YRO3DUWH,
SS
(/',26$86(17(

&ROPDQ$UWKXUDQG&ROPDQ/LEE\(DUWK)DWKHU6N\)DWKHU7KH
&KDQJLQJ &RQFHSW RI )DWKHULQJ (QJOHZRRG &OLIIV 1XHYD -HUVH\
3UHQWLFH+DOO
(LVOHU5LDQH7KH&KDOLFHDQGWKH%ODGH6DQ)UDQFLVFR+DUSHU
5RZ
*LOOLJDQ &DURO ,Q D 'LIIHUHQW 9RLFH 3V\FKRORJLFDO 7KHRU\ DQG
:RPHQ¶V 'HYHORSPHQW &DPEULGJH 0DVVDFKXVHWWV +DUYDUG
8QLYHUVLW\3UHVV
*LPEXWDV0DULMD7KH*RGGHVVHVDQG*RGVRI2OG(XURSH0\WKV
DQG&XOW,PDJHV%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
*RGDYLWDUQH3LD0³6WDWHPHQWRI3KLORVRSK\´:RPDQRI3RZHU
Qž LQYLHUQRGH SiJ
.H\HUV -U .HQ 7KH +XQGUHGWK 0RQNH\ &RRV %D\ 4UHJyQ
9LVLRQ%RRNV
7KH 1DJ +DPPDGL /LEUDU\ 7UDGXFFLyQ >DO LQJOpV@ GH ORV
PLHPEURV GHO 3UR\HFWR GH OD %LEOLRWHFD *QyVWLFRFRSWD GHO ,QVWLWXWR
SDUDOD$QWLJHGDG\HO&ULVWLDQLVPRHGLWRU-DPHV05RELQVRQ6DQ
)UDQFLVFR+DUSHU 5RZ
3DJHOV(ODLQH7KH*QRVWLF*RVSHOV1XHYD<RUN5DQGRP+RXVH

6KHOGUDNH 5XSHUW $ 1HZ 6FLHQFH RI /LIH 7KH +\SRWKHVLV RI
)RUPDWLYH&DXVDWLRQ/RVÈQJHOHV7DUFKHU
6KHOGUDNH 5XSHUW ³0LQG 0HPRU\  $UFKHW\SH 0RUSKLF
5HVRQDQFH DQG WKH &ROOHFWLYH 8QFRQVFLRXV´ 3V\FKRORJLFDO
3HUVSHFWLYHVQž 
6KHOGUDNH 5XSHUW ³6RFLHW\ 6SLULW  5LWXDO 5HVRQDQFH DQG WKH
&ROOHFWLYH8QFRQVFLRXV´3V\FKRORJLFDO3HUVSHFWLYHVQž  
 6WRQH 0HUOLQ :KHQ *RG :DV D :RPDQ 1XHYD <RUN +DUFRXUW
%UDFH-RYDQRYLFK
 %,%/,2*5$)Ë$
(VWDELEOLRJUDItDHVWiGLYLGLGDHQFXDWURVHFFLRQHV

0LWRORJtD
3VLFRORJtDDUTXHWtSLFD SVLFRORJtDDQDOtWLFDMXQJXLDQD 
3VLFRORJtDPDVFXOLQD DSDUWHGHODMXQJXLDQD \
3VLFRORJtD JHQHUDO WHRORJtD \ UHOLJLyQ UHODFLRQDGD FRQ HVWH
OLEUR 

0,72/2*Ë$

%URZQ 1RUPDQ 2 +HUPHV WKH 7KLHI (YROXWLRQ RI D 0\WK 1XHYD
<RUN9LQWDJH%RRNV5DQGRP+RXVH
%XOOILQFK¶V0\WKRORJ\0LGGOHVH[,QJODWHUUD+DPO\Q
%XOOILQFK¶V 0\WKRORJ\ 7KH *UHHN DQG 5RPiQ )DEOHV OOOXVWUDWHG
5HFRSLODGR SRU %U\DQ +ROPH FRQ LQWURGXFFLyQ GH -RVHSK
&DPSEHOO1XHYD<RUN9LNLQJ3UHVV
&DPSEHOO-RVHSK7KH+HURZLWKD7KRXVDQG)DFHVHG%ROOLQJHQ
6HULHV  3ULQFHWRQ 1XHYD -HUVH\ 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
 >9HUVLyQ HQ FDVWHOODQR (O KpURH GH ODV PLO FDUDV
3VLFRDQiOLVLVGHOPLWR0p[LFR'))RQGRGH&XOWXUD@
)RQWHURVH-RVHSK 3\WKRQ$6WXG\RI'HOSKLF0\WKVDQGOWV2ULJLQV
%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
*LPEXWDV 0DULMD 7KH *RGGHVVHV DQG *RGV RI 2OG (XURSH 0\WKV
DQG &XOW ,PDJHV %HUNHOH\ 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV 
>9HUVLyQ HQ FDVWHOODQR 'LRVDV \ GLRVHV GH OD YLHMD (XURSD
0DGULG,VWPR@
*UDQW 0LFKDHO \ +D]HO -RKQ *RGV DQG 0RUDOV LQ &ODVVLFDO
0\WKRORJ\$'LFWLRQDU\1XHYD<RUN'RUVHW3UHVV
*UDYHV 5REHUW 7KH *UHHN 0\WKV  YROV 1XHYD <RUN 3HQJXLQ
%RRNV   3XEOLFDGR RULJLQDOPHQWH HQ   >9HUVLyQ
HQFDVWHOODQR/RVPLWRVJULHJRV0DGULG$OLDQ]DYROV@
*XWKULH:.& 7KH*UHHNVDQGWKHLU*RGV%RVWRQ%HDFRQ3UHVV

+DPLOWRQ(GLWK 0\WKRORJ\%RVWRQ/LWWOH%URZQ>9HUVLyQHQ
FDVWHOODQR/DPLWRORJtD%DUFHORQD'DLPRQ@
+DUULVRQ -DQH (OOHQ 0\WKRORJ\ 1XHYD <RUN +DUFRXUW %UDFH
-RYDQRYLFK 3XEOLFDGRRULJLQDOPHQWHHQ 
+HVtRGR 7KHRJRQ\ WUDGXFFLyQ >DO LQJOpV@ 5LFKDUG /DWWLPRUH $QQ
$UERU8QLYHUVLW\RI0LFKLJDQ3UHVV>9HUVLyQHQFDVWHOODQR
2EUDV\IUDJPHQWRV7HRJRQtD0DGULG*UHGRV@
+HVtRGR 7KHRJRQ\WUDGXFFLyQ>DOLQJOpV@HLQWURGXFFLyQGH1RUPDQ
2%URZQ,QGLDQiSROLV%REEV0HUULOO
+RPHUR 7KH,OLDGRI+RPHUWUDGXFFLyQHLQWURGXFFLyQ5/DWWLPRUH
&KLFDJR 8QLYHUVLW\ RI &KLFDJR 3UHVV >9HUVLyQ HQ
FDVWHOODQR,OtDGD0DGULG*UHGRV@
+RPHUR 7KH +RPHULF +\PQV WUDGXFFLyQ GH &KDUOHV %RHU ,UYLQJ
7H[DV6SULQJ3XEOLFDWLRQV>9HUVLyQHQFDVWHOODQR +LPQRV
KRPpULFRV0DGULG*UHGRV@
.HUHQ\L .DUO 7KH +pURHV RI WKH *UHHNV ,QJODWHUUD 7KDPHV DQG
+XGVRQ
.HUHQ\L .DUO 7KH *RGV RI WKH *UHHNV 1XHYD <RUN 7KDPHV DQG
+XGVRQ  3XEOLFDGR RULJLQDOPHQWH HQ   >9HUVLyQ HQ
FDVWHOODQR /RV GLRVHV GH ORV JULHJRV &DUDFDV 0RQWH ÈYLOD
@
.HUHQ\L & =HXV DQG +HUD $UFKHW\SDO ,PDJH RI )DWKHU +XVEDQG
DQG:LIH7UDGXFFLyQGHODOHPiQDOLQJOpVGH&KULVWRSKHU+ROPH
%ROOLQJHQ 6HULHV /;9 YRO  3ULQFHWRQ 1XHYD -HUVH\ 3ULQFHWRQ
8QLYHUVLW\3UHVV
.DUO .HUHQ\L $SROOR 7KH :LQG WKH 6SLULW DQG WKH *RG 7UDGXFFLyQ
GHO DOHPiQ >DO LQJOpV@ GH -RQ 6RORPRQ 'DOODV 6SULQJ
3XEOLFDWLRQV
.HUHQ\L .DUO +HUPHV D *XLGH RI 6RXOV 7UDGXFFLyQ >DO LQJOpV@ GH
0XUUD\6WHLQ=XULFK6SULQJ3XEOLFDWLRQV
0D\HUVRQ 3KLOLS &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG 0XVLF
1XHYD<RUN:LOH\
2WWR :DOWHU ) 'LRQ\VXV 0\WK DQG &XOW 7UDGXFFLyQ >DO LQJOpV@ H
LQWURGXFFLyQ GH 5REHUW % 3DOPHU %ORRPLQJWRQ ,QGLDQD
8QLYHUVLW\ 3UHVV  >9HUVLyQ HQ FDVWHOODQR 'LRQLVLR PLWR \
FXOWR0DGULG6LUXHOD@
2WWR :DOWHU ) 7KH +RPHULF *RGV 1XHYD <RUN 7KDPHV  +XGVRQ
 3XEOLFDGRRULJLQDOPHQWHHQ 
6WDVVLQRSRXORV $ULDQQD \ 5RORII %HQ\ ³=HXV´ 7KH *RGV RI *UHHFH
1XHYD<RUN$EUDPV
7ULSS (GZDUG 7KH 0HULGLDQ +DQGERRN RI &ODVVLFDO 0\WKRORJ\
3ULPHUD HGLFLyQ FRQ HO WtWXOR &URZHOO¶V +DQGERRN RI &ODVVLFDO
0\WKRORJ\1XHYD<RUN1HZ$PHULFDQ/LEUDU\
:DONHU%DUEDUD*7KH:RPHQ¶V(QF\FORSHGLDRI0\WKVDQG6HFUHWV
6DQ)UDQFLVFR+DUSHU 5RZ
=LPPHUPDQ - ( 'LFWLRQDU\ RI &ODVVLFDO 0\WKRORJ\ 1XHYD <RUN
%DQWDP%RRNV 3XEOLFDGRRULJLQDOPHQWHHQ 
36,&2/2*Ë$$548(7Ë3,&$ 36,&2/2*Ë$$1$/Ë7,&$
-81*8,$1$

%ROHQ -HDQ 6KLQRGD *RGGHVVHV LQ (YHU\ZRPDQ $1HZ 3V\FKRORJ\

RI :RPHQ 6DQ )UDQFLVFR +DUSHU  5RZ  >9HUVLyQ HQ
FDVWHOODQR/DVGLRVDVGHFDGDPXMHU%DUFHORQD.DLUyV@
&ROPDQ $UWKXU DQG &ROPDQ /LEE\ (DUWK )DWKHU 6N\ )DWKHU 7KH
&KDQJLQJ &RQFHSW RI )DWKHULQJ 1XHYD <RUN 6SHFWUXP %RRN
3UHQWLFH+DOO
+HQGHUVRQ -RVHSK / ³$UFKHW\SH )DWKHU´ ,QWHUQDWLRQDO
(QF\FORSHGLD RI 3V\FKLDWU\ 3V\FKRORJ\ 3V\FKRDQDO\VLV DQG
1HXURORJ\
+LOOPDQ -DPHV ³'LRQ\VXV LQ -XQJ¶V :ULWLQJV´ 6SULQJ  ,UYLQJ
7H[DV6SULQJ3XEOLFDWLRQV
+LOOPDQ -DPHV (GLFLyQ GH -DPHV +LOOPDQ )DFLQJWKH*RGV ,UYLQJ
7H[DV6SULQJ3XEOLFDWLRQV
+LOOPDQ-DPHV )DWKHUVDQG0RWKHUV)LYH3DSHUVRQWKH$UFKHW\SDO
%DFNJURXQG RI )DPLO\ 3V\FKRORJ\ 1XHYD <RUN 6SULQJ
3XEOLFDWLRQV
+LOOPDQ-DPHV³3XHU:RXQGVDQG8O\VVHV¶6FDU´HGLFLyQGH-DPHV
+LOOPDQ3XHU3DSHUV,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
+LOOPDQ -DPHV 3XHU 3DSHUV (GLFLyQ GH -DPHV +LOOPDQ ,UYLQJ
7H[DV6SULQJ3XEOLFDWLRQV
-RKQVRQ5REHUW$ +H8QGHUVWDQGLQJ0DVFXOLQH3V\FKRORJ\1XHYD
<RUN +DUSHU  5RZ  >9HUVLyQ HQ FDVWHOODQR +H FyPR
FRPSUHQGHUODSVLFRORJtDPDVFXOLQD%XHQRV$LUHV(UD1DFLHQWH
@
-XQJ & * 7RGDV ODV UHIHUHQFLDV D ODV REUDV FRPSOHWDV GH -XQJ
GHVLJQDGDV FRQ OD DEUHYLDWXUD &:  KDQ VLGR H[WUDtGDV GH
&ROOHFWHG :RUNV RI & * -XQJ HGLWDGDV SRU VLU +HUEHUW 5HDG
 0LFKDHO )RUGKDP \ * $GOHU WUDGXFLGDV >DO LQJOpV@ SRU 5 ) &
+XOO HGLWRU HMHFXWLYR :LOOLDP 0F*XLUH %ROOLQJHQ 6HULHV 
3ULQFHWRQ 1XHYD -HUVH\ 3ULQFHWRQ 8QLYHUVLW\ 3UHVV YDULDV
IHFKDV GH SXEOLFDFLyQ  >9HUVLyQ FDVWHOODQD HQ SURFHVR GH
SXEOLFDFLyQSRU(GLWRULDO7URWWD@
-XQJ & * ³7KH 6LJQLILFDQFH RI WKH )DWKHU LQ WKH 'HVWLQ\ RI WKH
,QGLYLGXDO´ &: YRO    SS  >9HUVLyQ FDVWHOODQD
LQFOXLGD HQ 2EUDV FRPSOHWDV 9RO ,9 )UHXG \ HO SVLFRDQiOLVLV
0DGULG7URWWD@
-XQJ&*³$UFKHW\SHVRIWKH&ROOHFWLYH8QFRQVFLRXV´   &:
YRO  SDUWH L   SS  >9HUVLyQ HQ FDVWHOODQR
$UTXHWLSRVHLQFRQVFLHQWHFROHFWLYR%DUFHORQD3DLGyV@
-XQJ&*³7KH&RQFHSWRIWKH&ROOHFWLYH8QFRQVFLRXV´ &:YRO
SDUWHL  SS
-XQJ & * ³2Q WKH 0\WKRORJ\ RI WKH 7ULFNVWHU )LJXUH´ &: YRO 
SDUWHQSS
-XQJ & * ³3V\FKRORJ\ DQG $OFKHP\´ &: YRO   >9HUVLyQ
HQ FDVWHOODQR 3VLFRORJtD \ DOTXLPLD %XHQRV $LUHV 6DQWLDJR
5XHGD@
-XQJ & * 0HPRULHV 'UHDPV 5HIOHFWLRQV 5HFRSLODGR SRU $QLHOD
-DIIHWUDGXFFLyQGHODOHPiQDOLQJOpVGH5LFKDUG\&ODUD:LQVWRQ
1XHYD <RUN 3DQWKHRQ %RRNV  9HUVLyQ HQ FDVWHOODQR
5HFXHUGRV VXHxRV SHQVDPLHQWRV %DUFHORQD 6HL[ %DUUDO
%LEOLRWHFD%UHYH>9HUVLyQHQFDVWHOODQR 5HFXHUGRV
VXHxRVSHQVDPLHQWRV%DUFHORQD6HL[%DUUDO@
.HUHQ\L & (OHXVLV $UFKHW\SDO ,PDJH RI 0RWKHU DQG 'DXJKWHU
7UDGXFFLyQ GHO DOHPiQ DO LQJOpV GH 5DOSK 0DQKHLP 6FKRFNHQ
%RRNV
.HUHQ\L & =HXV DQG +HUD $UFKHW\SDO ,PDJH RI )DWKHU +XVEDQG
DQG:LIH7UDGXFFLyQGHODOHPiQDOLQJOpVGH&KULVWRSKHU+ROPH
 %ROOLQJHQ6HULHV/;9YRO$UFKHW\SDO,PDJHVLQ*UHHN5HOLJLyQ
3ULQFHWRQ1XHYD-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV
/ySH]3HGUD]D 5DIDHO +HUPHV DQG KLV &KLOGUHQ =XULFK 6SULQJ
3XEOLFDWLRQV  >9HUVLyQ HQ FDVWHOODQR +HUPHV \ VXV KLMRV
%DUFHORQD$QWKURSRV@
0RQLFN (XJHQH 3KDOORV 6DFUHG ,PDJH RI WKH 0DVFXOLQH 7RURQWR
,QQHU &LW\ %RRNV  >9HUVLyQ HQ FDVWHOODQR 3KDOORV VtPEROR
VDJUDGR GH OD PDVFXOLQLGDG 6DQWLDJR GH &KLOH &XDWUR 9LHQWRV
@
0RRUH7RP³$UWHPLVDQGWKH3XHU´(GLFLyQGH-DPHV+XOPiQ)XHU
3DSHUV,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
3HUHUD 6\OYLD %ULQWRQ 7KH 6FDSHJRDW &RPSOH[ 7RURQWR ,QQHU &LW\
%RRNV
6DPXHOV $QGUHZ 7KH )DWKHU &RQWHPSRUDU\ -XQJLDQ 3HUVSHFWLYHV
(GLFLyQ H LQWURGXFFLyQ GH $QGUHZ 6DPXHOV 1XHYD <RUN 1HZ
<RUN8QLYHUVLW\3UHVV
6KHOGUDNH5XSHUW³0LQG0HPRU\ $UFKHW\SH0RUSKLF5HVRQDQFH
DQGWKH&ROOHFWLYH8QFRQVFLRXV´3V\FKRORJLFDO3HUVSHFWLYHVQž
  SS
6KHOGUDNH 5XSHUW ³6RFLHW\ 6SLULW  5LWXDO 5HVRQDQFH DQG WKH
&ROOHFWLYH 8QFRQVFLRXV´ 3V\FKRORJLFDO 3HUVSHFWLYHV  Qž 
 SS
6WHLQ 0XUUD\ ³+HSKDLVWRV $ 3DWWHUQ RI ,QWURYHUVLyQ´ \ ³3RVWVFULSW
RQ +HSKDLVWRV´ (GLFLyQ GH -DPHV +LOOPDQ )DFLQJ WKH *RGV
,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV
6WHLQ 0XUUD\ ³+HUD %RXQG DQG 8QERXQG´ 6SULQJ  =XULFK
6SULQJ3XEOLFDWLRQVSS
6WHLQ 0XUUD\ ,Q 0LGOLIH $ -XQJXLDQ 3HUVSHFWLYH 'DOODV 6SULQJ
3XEOLFDWLRQV
9RQ )UDQ] 0DULH /RXLVH 3XHU (WHUQXV =XULFK 6SULQJ 3XEOLFDWLRQV


36,&2/2*Ë$0$6&8/,1$ $3$57('(/$-81*8,$1$

)UHXG 6LJPXQG /D HGLFLyQ HVWiQGDU GH ODV REUDV FRPSOHWDV

SVLFROyJLFDV 7UDGXFFLyQ GHO DOHPiQ DO LQJOpV EDMR OD VXSHUYLVLyQ
HGLWRULDO GH -DPHV 6WUDFKH\ 9RO  (DUO\ 3V\FKR$QDO\WLF
3XEOLFDWLRQV   >9HUVLyQ HQ FDVWHOODQR 3ULPHUDV
SXEOLFDFLRQHV SVLFRDQDOtWLFDV %XHQRV $LUHV $PRUURUWX @
9RO  $Q,QIDQWLOH1HXURVLVDQG2WKHU:RUNV   >9HUVLyQ
HQ FDVWHOODQR 'H OD KLVWRULD GH XQD QHXURVLV LQIDQWLO \ RWUDV
REUDV%XHQRV$LUHV$PRUURUWX@
/HYLQVRQ 'DQLHO 7KH 6HDVRQV RI D 0DQ¶V /LIH 1XHYD <RUN
%DOODQWLQH%RRNV
0DFFRE\ 0LFKDHO 7KH *DPHVPDQ 7KH 1HZ &RUSRUDWH /HDGHUV
1XHYD<RUN6LPyQ 6FKXVWHU
0F*LOO 0LFKDHO ( 7KH 0F*LOO 5HSRQ RQ 0DOH OQWLPDF\ 1XHYD <RUN
+DUSHU 5RZ3HUHQQLDO/LEUDU\
7LJHU /LRQHO 0HQ LQ *URXSV 1XHYD <RUN 9LQWDJH %RRNV 5DQGRP
+RXVH
9DLOODQW*HRUJH($GDSWDWLRQWR/LMH%RVWyQ/LWWOH%URZQ
:K\WH -U :LOOLDP + 7KH 2UJDQL]DWLRQ 0DQ *DUGHQ &LW\ 1XHYD
-HUVH\ 'RXEOHGD\ $QFKRU %RRNV  >9HUVLyQ HQ FDVWHOODQR
(OKRPEUHRUJDQL]DFLyQ0p[LFR'))RQGRGH&XOWXUD@

36,&2/2*Ë$*(1(5$/7(2/2*Ë$5(/,*,Ï1
5(/$&,21$'$&21(67(/,%52

'LQQHUVWHLQ 'RURWK\ 7KH 0HUPDLG DQG WKH 0LQRWDXU 6H[XDO

$UUDQJHPHQWVDQG+XPDQ0DODLVH1XHYD<RUN+DUSHU&RORSKRQ
%RRNV
(LVOHU 5LDQH 7KH &KDOLFH DQG WKH %ODGH 6DQ )UDQFLVFR +DUSHU
5RZ>9HUVLyQHQFDVWHOODQR (OFiOL]\ODHVSDGD6DQWLDJR
GH&KLOH&XDWUR9LHQWRV@
*LOOLJDQ &DURO ,Q D 'LMIHUHQW 9RLFH 3V\FKRORJLFDO 7KHRU\ DQG
:RPHQ¶V 'HYHORSPHQW &DPEULGJH 0DVVDFKXVHWWV +DUYDUG
8QLYHUVLW\3UHVV 7KH+RO\%LEOH5HYLVHG6WDQGDUG9HUVLyQ
569  1XHYD <RUN 1HOVRQ  >9HUVLyQ HQ FDVWHOODQR /D
PRUDO\ODWHRUtD3VLFRORJtDGHOGHVDUUROORIHPHQLQR0p[LFR')
)RQGRGH&XOWXUD@
.HHQ 6DP 7KH 3DVVLRQDWH /LIH 6WDJHV RI /RYLQJ 6DQ )UDQFLVFR
+DUSHU 5RZ>9HUVLyQHQFDVWHOODQR /DYLGDDSDVLRQDGD
HOQXHYRDUWHGHDPDU0DGULG*DLD@
/XFNRII 'DYLG \ (YHUHVW +RZDUG & ³7KH 'LDJQRVLV RI 0\VWLFDO
([SHULHQFHV ZLWK 3V\FKRWLF )HDWXUHV´ -RXUQDO RI 7UDQVSHUVRQDO
3V\FKRORJ\Qž  
0DVVRQ -HIIUH\ 0RXVVDLHII 7KH $VVDXOW RQ 7UXWK (UHXG¶V
6XSSUHVVLRQRMWKH6HGXFWLRQ7KHRU\1XHYD<RUN)DUUDU6WUDXV
*LURX[  >9HUVLyQ HQ FDVWHOODQR (O DVDOWR D OD YHUGDG
%DUFHORQD6HL[%DUUDO@
0D\ 5ROOR 7KH &RXUDJH WR &UHDWH 1XHYD <RUN %DQWDP %RRNV
SiJ
0LOOHU $OLFH 3ULVLRQHUV RI &KLOGKRRG 7KH 'UDPD RI *LIWHG &KLOGUHQ
DQG WKH 6HDUFK IRU WKH 7UXH 6HOI 7UDGXFFLyQ >DO LQJOpV@ GH 5XWK
:DUG1XHYD<RUN%DVLF%RRNV>9HUVLyQHQFDVWHOODQR (O
GUDPD GHO QLxR GRWDGR \ OD E~VTXHGD GHO YHUGDGHUR \R
%DUFHORQD7XVTXHWV@
0LOOHU$OLFH)RU<RXU2ZQ*RRG+LGGHQ&UXHOW\LQ&KLOG5HDULQJDQG
WKH 5RRWV RI 9LROHQFH 7UDGXFFLyQ >DO LQJOpV@ GH +LOGHJDUGH \
+XQWHU +DQQXP 1XHYD <RUN )DUUDU 6WUDXVV DQG *LURX[ 
>9HUVLyQ HQ FDVWHOODQR 3RU WX SURSLR ELHQ %DUFHORQD 7XVTXHWV
@
0LOOHU $OLFH 7KRX 6KDOW 1RW %H $ZDUH 6RFLHW\¶V %HWUD\DO RI WKH
&KLOG 7UDGXFFLyQ >DO LQJOpV@ GH +LOGHJDUGH \ +XQWHU +DQQXP
1XHYD<RUN1HZ$PHULFDQ/LEUDU\
0LOOHU -HDQ %DNHU ³'RPLQDWLRQ6XERUGLQDWLRQ´ 7RZDUG D 1HZ
3V\FKRORJ\RI:RPHQ%RVWRQ%HDFRQ3UHVVSS
7KH 1DJ +DPPDGL /LEUDU\ 7UDGXFFLyQ >DO LQJOpV@ GH ORV PLHPEURV
GHO3UR\HFWRGHOD%LEOLRWHFD*QyVWLFRFRSWDGHO,QVWLWXWRSDUDOD
$QWLJHGDG \ HO &ULVWLDQLVPR HGLWRU -DPHV 0 5RELQVRQ 6DQ
)UDQFLVFR+DUSHU 5RZ>9HUVLyQHQFDVWHOODQR%LEOLRWHFD
GH1DJ+DPPDGLWH[WRVJQyVWLFRV0DGULG7URWWDYROV
\@
1HHGOHPDQ-DFRE 7KH:D\RIWKH3K\VLFLDQ6DQ)UDQFLVFR+DUSHU
5RZ
3DJHOV (ODLQH 7KH *QRVWLF *RVSHOV 1XHYD <RUN 5DQGRP +RXVH
 >9HUVLyQ HQ FDVWHOODQR /RV HYDQJHOLRV JQyVWLFRV
%DUFHORQD*ULMDOER@
6KHOGUDNH 5XSHUW $ 1HZ 6FLHQFH RI /LIH 7KH +\SRWKHVLV RI
)RUPDWLYH &DXVDWLRQ /RV ÈQJHOHV 7DUFKHU  >9HUVLyQ HQ
FDVWHOODQR 8QD QXHYD FLHQFLD GH OD YLGD /D KLSyWHVLV GH OD
FDXVDFLyQIRUPDWLYD%DUFHORQD.DLUyV@
6ODWHU3KLOLS7KH*ORU\RI+HUD%RVWyQ%HDFRQ3UHVV
6WRQH0HUOLQ:KHQ*RG:DVD:RPDQ1XHYD<RUN+DUFRXUW%UDFH
-RYDQRYLFK
-HDQ6KLQRGD%ROHQ (VWDGRV8QLGRV HVGRFWRUDHQPHGLFLQD
SVLTXLDWUD DQDOLVWD MXQJXLDQD DVt FRPR HVFULWRUD \ FRQIHUHQFLDQWH
LQWHUQDFLRQDOPHQWHFRQRFLGDTXHH[WUDHIXHQWHVGHH[SHULHQFLDGHOD
HVSLULWXDOLGDGHOIHPLQLVPR\ODSVLFRORJtDDQDOtWLFDODPHGLFLQD\OR
SHUVRQDO
(V 'LVWLQJXLVKHU/LIH)HOORZGHOD$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ\
DQWLJXD SURIHVRUD GH SVLTXLDWUtD HQ OD 8QLYHUVLGDG GH &DOLIRUQLD HQ
6DQ )UDQFLVFR DVt FRPR DQWLJXR PLHPEUR GH OD MXQWD GH OD 0V
)XQGDWLRQ IRU :RPHQ \ GH OD ,QWHUQDWLRQDO 7UDQVSHUVRQDO
$VVRFLDWLRQ
5HFLELy HO 3LRQHHUV LQ $UW 6FLHQFH DQG WKH 6RXO RI +HDOLQJ $ZDUG
GHO,QVWLWXWHIRU+HDOWKDQG+HDOLQJV\HVGLSORPDGDSRUHO$PHULFDQ
%RDUGRV3V\FKLDWU\DQG1HXURORJ\
$SDUHFLy HQ GRV DFODPDGRV GRFXPHQWDOHV OD FLQWD GH
DQWLSUROLIHUDFLyQ QXFOHDU JDQDGRUD GHO SUHPLR GH OD DFDGHPLD
:RPHQIRU $PHULFD )RU GH :RUOG \ *RGGHVV UHPHPEHUHG GH OD
1DWLRQDO)LOP%RDUGRI&DQDGD
1RWDV
>@
 'DQLHO /HYLQVRQ 7KH 6HDVRQV RI D 0DQ¶V /LIH 1XHYD <RUN
%DOODQWLQH%RRNVSiJ
>@
 0LFKDHO ( 0F*LOO 7KH 0F*LOO 5HSRUW RQ 0DOH ,QWLPDF\ 1XHYD
<RUN+DUSHU 5RZSiJ
>@
-HDQ%DNHU0LOOHU 7RZDUGD1HZ3V\FKRORJ\RI:RPHQ%RVWRQ
%HDFRQ3UHVVSS
>@
:LOOLDP%UR\OHV-U³3XVKLQJWKH0LGOLIH(QYHORSH´(VTXLUHMXQLR

>@
 (O FRQFHSWR SVLFROyJLFR GH H[WUDYHUVLyQ H[WUD HQ ODWtQ VLJQLILFD
³IXHUD´  H LQWURYHUVLyQ \ ODV SDODEUDV H[WUDYHUWLGR X LQWURYHUWLGR
IXHURQ LQWURGXFLGDV SRU & - -XQJ 7DQWR OD WUDQVFULSFLyQ FRPR HO
VLJQLILFDGR KDQ VLGR OLJHUDPHQWH PRGLILFDGRV SRU VX XVR
JHQHUDOL]DGR ³([WURYHUWLGR´ HV OD IRUPD PiV KDELWXDO DXQTXH
HUUyQHDGHHVFULELUHVWDSDODEUDTXHVHHPSOHDSDUDGHVFULELUDXQ
LQGLYLGXRFRQXQDSHUVRQDOLGDGDJUDGDEOH\VRFLDEOH
-XQJ XWLOL]y ³H[WUDYHUWLGR´ SDUD GHVFULELU XQD DFWLWXG TXH VH
FDUDFWHUL]DED SRU XQ IOXMR GH HQHUJtD SVtTXLFD KDFLD HO PXQGR
H[WHULRURKDFLDXQREMHWRTXHFRQGXFHDXQLQWHUpVSRUORVKHFKRV
ODV SHUVRQDV \ ODV FRVDV DVt FRPR D XQD GHSHQGHQFLD HQ ODV
PLVPDV 3DUD HO LQWURYHUWLGR HO IOXMR GH HQHUJtD SVtTXLFD HV KDFLD
GHQWUR \ OD FRQFHQWUDFLyQ VH GLULJH D IDFWRUHV VXEMHWLYRV \ D
UHVSXHVWDVLQWHUQDV
>@
 5ROOR 0D\ 7KH &RXUDJH WR &UHDWH 1XHYD <RUN %DQWDP %RRNV
SiJ
>@
0HJXVWyFRQRFHUXQDKLVWRULDFRQILGHQFLDOTXHWXYROXJDUWUDVHO
H[WUDRUGLQDULRp[LWRGHVXVSURGXFFLRQHV/XFDVFRQ VWDWXVGHJUDQ
FHOHEULGDG DXQTXH FRQ HO DVSHFWR GH XQ JUDGXDGR VH LQWURGXMR
VLOHQFLRVDPHQWH SRU OD SXHUWD GH VHUYLFLR SDUD FRQRFHU D -RVHSK
&DPSEHOO FXDQGR pVWH VH HQFRQWUDED HQWUH EDVWLGRUHV HQ HO 3DODFLR
GH %HOODV $UWHV GH 6DQ )UDQFLVFR HQ XQ DFWR SDWURFLQDGR SRU HO
,QVWLWXWR-XQJXLDQR
>@
 +HVtRGR 7KHRJRQ\ WUDGXFFLyQ H LQWURGXFFLyQ GH 1RUPDQ 2
%URZQ,QGLDQiSROLV%REEV0HUULOOSiJ
>@
+HVtRGRSiJ
>@
 & * -XQJ ³6LJPXQG )UHXG´ 0HPRULHV 'UHDPV 5HIOHFWLRQV
5HFRSLODGR SRU $QLHOD -DIIH WUDGXFFLyQ GHO DOHPiQ GH 5LFKDUG \
&ODUD:LQVWRQ1XHYD<RUN3DQWKHRQ%RRNVSS
>@
$OLFH0LOOHUSVLFRDQDOLVWDFRQWHPSRUiQHDHQ 7KRX6KDOW1RW%H
8QDZDUH 6RFLHW\¶V %HWUD\DO RI WKH &KLOG VH FHQWUy HQ HO FRQWH[WR
TXH FRQGXMR D (GLSR D PDWDU D VX SDGUH 3DUWLHQGR GHO PLWR \ GH
RWUDVSUXHEDV0LOOHUGHVFULEHHOSDWUyQGHDWULEXLUDQLxRVLQRFHQWHV
PRWLYDFLRQHV EiVLFDV R XQD QDWXUDOH]D PDOYDGD D OD TXH VH KD GH
KDFHU IUHQWH D PHQXGR FRQ GXUH]D 'H DKt TXH VH UDFLRQDOLFH HO
PDOWUDWRDORVQLxRV
>@
 $OLFH 0LOOHU 7KRX 6KDOW 1RW %H $ZDUH 6RFLHW\¶V %HWUD\DO RI WKH
&KLOGWUDGXFFLyQGH+LOGHJDUGH\+XQWHU+DQQXP1XHYD<RUN1HZ
$PHULFDQ/LEUDU\SiJ
>@
0LOOHUSiJ
>@
%UXFH2JLOYLH³,QWHUYLHZ´ 2PQL VHSWLHPEUHGH SiJ

>@
 *pQ  7KH +RO\ %LEOH 596 1XHYD <RUN 1HOVRQ  
SiJ
>@
*pQ
>@
*pQ
>@
 /RV PpGLFRV UHVLGHQWHV HQ ORV (VWDGRV 8QLGRV WLHQHQ TXH
VREUHYLYLU D XQ SHUtRGR GH WUHV DxRV GH WXUQRV DJRWDGRUHV GH D
YHFHVKDVWDWUHLQWD\VHLVKRUDVVHJXLGDV 1GHOD7 
>@
/RV³SOHEH\RV´VRQORVDOXPQRVGHSULPHUFXUVR 1GHOD7 
>@
*HRUJH/XFDV(OUHWRUQRGHO-HGL SHOtFXOD 
>@
-RYHQTXHVHGHVWLQDSDUDILQHVSHGHUDVWDV 1RWDGHOD7 
>@
 /HH ,DFRFFD FRQ :LOOLDP 1RYDN ,DFRFHD $Q $XWRELRJUDSK\
1XHYD<RUN%DQWDP%RRNVSS
>@
 : . & *XWKULH 7KH *UHHNV DQG WKHLU *RGV %RVWRQ %HDFRQ
3UHVVS
>@
/D,Y\/HDJXHVRQGLH]GHODVXQLYHUVLGDGHVPiVSUHVWLJLRVDVGH
ORV(VWDGRV8QLGRV\GHODVPiVFDULVPiWLFDV+DUYDUG IXQGDGDHQ
  <DOH   3HQVLOYDQLD   3ULQFHWRQ   &ROXPELD
  %URZQ   'DUWPRXWK   \ &RUQHOO   (VWDV
XQLYHUVLGDGHVVHFDUDFWHUL]DQSRUVXHVSHFLDOLGDGHQKXPDQLGDGHV\
VHVXSRQHTXHORVPHMRUHVKXPDQLVWDVHVFULWRUHV\SURIHVLRQDOHVGH
ODVOHWUDVKDQHVWXGLDGRHQHOODV 1GHOD7 
>@
 :DOWHU ) 2WWR 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQSiJ
>@
2WWRSiJ
>@
/DOLJDGHEpLVEROLQIDQWLOSDWURFLQDGDSRUHQWLGDGHVFRPHUFLDOHV
1GHOD7 
>@
 +RPHUR ³7KH +\PQ WR 'HOLDQ $SROOR´ 7KH +RPHULF +\PQV
7UDGXFFLyQGH&KDUOHV%RHU,UYLQJ7H[DV6SULQJ3XEOLFDWLRQV

>@
+RPHURSiJ
>@
+RPHURSiJ
>@
 .DUO .HUHQ\L $SROOR 7KH :LQG WKH 6SLULW DQG WKH *RG
7UDGXFFLyQ GHO DOHPiQ DO LQJOpV GH -RQ 6RORPRQ 'DOODV 6SULQJ
3XEOLFDWLRQVSiJ
>@
 .DUO .HUHQ\L $SROOR 7KH :LQG WKH 6SLULW DQG WKH *RG
7UDGXFFLyQ GHO DOHPiQ DO LQJOpV GH -RQ 6RORPRQ 'DOODV 6SULQJ
3XEOLFDWLRQVSiJ
>@
³$3DLUIRUWKH&RXUW´1HZVZHHNGHMXQLRGH
>@
 -XQJ & * ³3V\FKRORJ\ DQG $OFKHP\´ &: YRO   SS

>@
 6WHLQ 0XUUD\ ³:RUOG RI +HUPHV *RG RI 6LJQLILFDQW 3DVVDJH
5HIOHFWLRQVRQWKH0LG/LIH7UDQVLWLRQ´&RQIHUHQFLDHQHO&*-XQJ
,QVWLWXWH RI 6DQ )UDQFLVFR  GH IHEUHUR GH   GH PDU]R GH
&LQWD
>@
+RPHUR³+\PQWR+HUPHV´ 7KH+RPHULF+\PQVWUDGXFFLyQ>DO
LQJOpV@ GH &KDUOHV %RHU ,UYLQJ 7H[DV 6SULQJ 3XEOLFDWLRQV 
SiJ
>@
³+\PQWR+HUPHV´SiJ
>@
 $GHODLGH 0 -RKQVRQ ³6DQFWLRQV IRU 6XSHUHJR /DFXQDH RI
$GROHVFHQFH´ 6HDUFKOLJKW RQ 'HOLQFXHQF\ 1HZ 3V\FKRDQDO\WLF
6WXGLHV HGLWDGR SRU . 5 (LVVOHU 1XHYD <RUN ,QWHUQDWLRQDO
8QLYHUVLW\3UHVVSS
>@
 *HUUL +LUVKH\ ³6WLQJ )HOOV WKH %XUQ´ 5ROOLQJ 6WRQH VHSWLHPEUH
GHSiJ
>@
-HIIUH\3HLVFK³6WLQJ´5HFRUGVHSWLHPEUHGH
>@
 5DIDHO /ySH]3HGUD]D +HUPHV DQG KLV &KLOGUHQ =XULFK 6SULQJ
3XEOLFDWLRQV
>@
 (Q SVLFRORJtD HV HO PHFDQLVPR LQFRQVFLHQWH GH GHIHQVD SRU ODV
TXHVHMXVWLILFDQDFWLWXGHVLQWROHUDEOHV 1GHOD7 
>@
 2WWR :DOWHU ) 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQSiJ
>@
 +RPHUR ³+\PQ WR $UHV´ 7KH +RPHULF +\PQV WUDGXFFLyQ GH
&KDUOHV%RHU,UYLQJ7H[DV6SULQJ3XEOLFDWLRQVSiJ
>@
 $VVRFLDWHG 3UHVV ³6HDQ 3HQQ 6HQWHQFHG± 'D\V LQ -DLO´ 6DQ
)UDQFLVFR&KURQLFOHGHMXQLRGH
>@
 +RPHUR 7KH ,OLDG RI +RPHU WUDGXFFLyQ H LQWURGXFFLyQ 5
/DWWLPRUH&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV/LEUROtQHDV
SiJ
>@
 -DPHV +LOOPDQ ³3XHU :RXQGV DQG 8O\VVHV¶ 6FDU´ HGLFLyQ GH
-DPHV +LOOPDQ 3XHU 3DSHUV ,UYLQJ 7H[DV 6SULQJ 3XEOLFDWLRQV
SS
>@
 :DOWHU ) 2WWR 7KH +RPHULF *RGV 7KH 6SLULWXDO 6LJQLILFDQFH RI
*UHHN 5HOLJLRQ 7UDGXFFLyQ >DO LQJOpV@ GH 0RVHV +DGDV ,QJODWHUUD
7KDPHV +XGVRQSiJ
>@
 -XQJ & * 0HPRULHV 'UHDPV 5HIOHFWLRQV 5HFRSLODGR SRU
$QLHOD -DIIH WUDGXFFLyQ GHO DOHPiQ DO LQJOpV GH 5LFKDUG \ &ODUD
:LQVWRQ 1XHYD <RUN 3DQWKHRQ %RRNV  SS  9HUVLyQ
HQ FDVWHOODQR 5HFXHUGRV VXHxRV SHQVDPLHQWRV %DUFHORQD 6HL[
%DUUDO%LEOLRWHFD%UHYH
>@
&RUOLVV
>@
&RUOLVV
>@
3KLOLS6ODWHU³6HOI(PDVFXODWLRQ+HSKDLVWRV´ 7KH*ORU\RI+HUD
%RVWRQ%HDFRQ3UHVVSiJ
>@
 : ) 2WWR 'LRQ\VXV 0\WK DQG &XOW 7UDGXFFLyQ >DO LQJOpV@ H
LQWURGXFFLyQ GH 5REHUW % 3DOPHU %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\
3UHVVSiJ
>@
 3KLOLS 0D\HUVRQ &ODVVLFDO 0\WKRORJ\ LQ /LWHUDWXUH $UW DQG
0XVLF1XHYD<RUN:LOH\SiJ
>@
(QORVDxRVVHVHQWDHUDQODVPDQLIHVWDFLRQHVSDFtILFDVHQODVTXH
LPSHUDEDHOOHPD³+D]HODPRUQRODJXHUUD´ 1GHOD7 
>@
2WWRSiJ
>@
2WWRSiJ
>@
6DPXHO*)UHHGPDQ³:K\$UWLVWV3D\WKH:DJHVRI&UHDWLYLW\´
6DQ)UDQFLVFR&KURQLFOH'DWHERRNGHGLFLHPEUHGH
>@
 +LOOPDQ -DPHV ³'LRQ\VXV LQ -XQJ¶V :ULWLQJV´ 6SULQJ 
1XHYD<RUN6SULQJ3XEOLFDWLRQVSiJ
>@
³7KH%LOO:&DUO-XQJ/HWWHUV´5HYLVLRQ  3XEOLFDGR
RULJLQDOPHQWHHQ*UDSHYLQHHQHUR
>@
(QLQJOpVHOOLFRUVHOODPD³VSLULW´ 1GHOD7 
>@
 (ULFK 1HXPDQQ 7KH 2ULJLQV DQG +LVWRU\ RI &RQVFLRXVQHVV
3ULQFHWRQ1XHYD-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVVSS

>@
 .HLWK 7KRPSVRQ ³0\WKV DV 6RXOV RI WKH :RUOG´ %RRN 5HYLHZ
,QQHU5HDFKHVRI2XWHU6SDFHGH-RVHSK&DPSEHOO 1RHWLF6FLHQFHV
5HYLHZ LQYLHUQRGH SiJ
>@
&ROPDQ$UWKXUDQG&ROPDQ/LEE\(DUWK)DWKHU6N\)DWKHU7KH
&KDQJLQJ &RQFHSW RI )DWKHULQJ (QJOHZRRG &OLIIV 1XHYD -HUVH\
3UHQWLFH+DOOSiJ
>@
+HVtRGR 7HRJRQtDWUDGXFFLyQ>DOLQJOpV@5LFKDUG/DWWLPRUH$QQ
$UERU8QLYHUVLW\RI0LFKLJDQ3UHVVSiJ
>@
 *RGDYLWDUQH 3LD 0 ³6WDWHPHQW RI 3KLORVRSK\´ :RPDQ RI
3RZHUQž LQYLHUQRGH SiJ
>@
 6KHOGUDNH 5XSHUW ³0LQG 0HPRU\  $UFKHW\SH 0RUSKLF
5HVRQDQFH DQG WKH &ROOHFWLYH 8QFRQVFLRXV´ 3V\FKRORJLFDO
3HUVSHFWLYHV  SiJ
>@
 (OOLRW 7 6 )RXU 4XDUWHWV ³/LWWOH *LGGLQJ´ OtQHDV  
1XHYD<RUN+DUFRXUW%UDFH-RYDQRYLFK